European Stars and Stripes (Newspaper) - December 12, 1991, Darmstadt, Hesse                                Page 18 the stars and stripes thursday december 12,1991money matters today s tip after devastating financial institutions in Texas Ana the Northeast plummeting commercial real estate values Are starting to Hurt Banks on the West coast the government said. Californians 485 Banks reported a $74 million loss in the third Quarter compared with an $859 million profit a year earlier the Federal Deposit insurance corp. Said tuesday. It marked the worst performance by California Banks since the second Quarter of 1987, when several Large Banks in the state absorbed big losses on Loans to third world countries. Conversion rates London up wednesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $367,70 an ounce Silver at $4.01. Dec. 10 dec. 11 British pound.1.1.8065 1.8060 German Mark.1.5715 1.5810 French franc.5.3850 5.4220 dutch guilder.1.7770 1.7904 belgian franc.32.54 32.65 italian lira.1,192.00 1,199.40 Swiss franc.1.3940 1.3965 greek drachma.179.75 182.00 turkish lira.5,006.20 5,060.40 saudi arabian rival.3.7495 3.7495 Spanish peseta.100.46 101.40 portuguese escudo.139.46 140.28 Canadian dollar.1.1354 1.1383 austrian schilling.11.0370 11.1890 norwegian krone.9.1820 6.2600 danish krone.6.0975 6.1830 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.55 through thursday based on wednesdays noontime Price fixing. New York Exchange economist says Congress May be delaying recovery new York up York Stock etchings Stock ism corp Rwjr Nabisco hid Rwjr Nabisco pop Deere amp co Glaxo holdings general motors us Marathon Philip Morris at amp to company service corp limited inc genl electric Chrysler corp Citicorp Pepsico inc the 15 most Active stocks in new composite fading on tuesday. Site last net Fig. 5.006.400 86% up1% 4.422.400 1044 up 2.557,900 tin up 2,420,300 43 off 4% 2.270.200 29% off 44 2.134.400 28% up 2.030.500 23% off v4 1.719.200 68% up 1.527.400 37% up 1.387,000 2244 off 1.327.600 27% off 1.258.600 65 up % 1.253.500 10% Oft a 1.239.400 944 off % 1.230.500 30% up % american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading tuesday. Stock end Blocher cell financial Wang labs inc b Plains resource pm group web Tel amp data sys us Bio science exsport Finan it Weatherford inc Echo Bay mines ten Lait or chg. 937,600 4 of 594.100 6% off 2% 457,000 2% off % 389,800 14% unch 388,300 9% up 367,100 30 off 316,900 7144 up 3% 265,000 9% up v4 279,600 444 up 265,900 744 unch Dow Jones new York up Dow Jones dosing Range at beverages tuesday 30 industrials 20 transport 15 utilities 65 stocks High 2091.10 1194.51 221.64 1055.74 Low 284123 1162 56 210 64 1035.33 close 2063.62 Oft 7.1 1171.90 off 12.52 219.70 Oft 1.07 1043.08 o�5.50 German rate rises Bonn up a Germany a annual inflation rate jumped to 4.2 percent in november a 0.4 increase Over the previous months rate the Federal statistics office said wednesday. From wire reports Washington the chief congressional economist says that Many legislative measures intended to Jolt the sagging recovery could delay or jeopardize renewed growth next Spring. Robert Reischauer director of the congressional budget office added his name tuesday to a growing list of economists who say Congress is unlikely to Correct the nations Short term problems no matter what stimulants it adopts. Moreover he said Many of these options could impede growth in 1992, which is expected to be marginal at Best. Reischauer said a major tax Cut the most Likely measure being discussed would drive up the massive budget deficit and spark inflation. A increasing the deficit to fight the current economic downturn could Well end up costing the nation dearly by further reducing longer term prospects for growth a he told the House budget committee. Reischauer a views contrast with those of House and Senate democratic leaders who have placed a top Premium on enacting temporary tax cuts that would Benefit mainly Middle income taxpayers and lifting penalties for withdrawing funds from individual retirement accounts. The leaders say both actions would give an immediate boost to the Economy by spurring consumption. The Short term effect of such proposals a is Likely to be Small or non existent a Reischauer said. What a More he added a their effectiveness can be undermined if they cause a Rise in interest  Reischauer suggested the Economy would eventually revive itself. In a similar assessment the second ranking Federal Reserve Board official said tuesday that a resumption of solid growth is very Likely by mid-1992, despite 1992 economic predictions a Survey of 300 purchasing managers from Industrial companies predicted tuesday that the Economy would remain troubled into next year but that a return to recession was unlikely for 1992. The following Chart shows the results of the Survey by the National association of purchasing management. Expectation for a a double dip recession in 1992 no yes 124% business in the first half of 1992 is. The second half of 1991 worse. Same i _ 137% better �����������������49% business in the second half of 1992 is. The first half of 1992 worse iiig6% same t i better 331% 163% greatest economic concern Ife Ember 1991 poor Economy Benefit costs environmental costs j budget deficit higher taxes inflation restrictive credit conditions interest rates amp Money Supply 2.9% strengthening . Dollar 1.9% material shortagesl8% All others 117.8% 34.6% a we. J. Casiello Consumers showing restraint new York a with the Christmas shopping season at the Halfway Mark business so far has been fragmented. Sales have paused for some retailers and chugged along for others. Interviews with retailers show Consumers Are still shopping cautiously. Stores continue to discount prices in Hopes of drawing More business. With sales below the Levels of stronger economic times retailers have taken on less help for the season. Among a sampling of opinion from across the country Kmart corp. Reported sales a nicely ahead of last  but Lois Connelly assistant director of investor relations said tuesday that Consumers Are buying conservatively and staying away from big ticket items. A a there la be a lot of practical gifts this year Quot she said. Some retailers characterized business As uneven. At the off Price retailer Filener a basement corp., its been a very spotty a said president Jim Anathan. A a there a no Clear picture out there at this  sales at the apparel retailer Gantos inc. Are up Over last year although the company Nas seen some dips during the week assistant treasurer Dennis Hoyt said. At . Penney co. Inc., company wide sales fell below expectations after a Good Start. A they could be better a said spokesman Duncan Muir who noted a warm weather does no to help stimulate sales of Coats and  the busiest part of the season a the final 10 Days before Christmas a lies ahead. In the meantime store owners continue to Mark Down merchandise to lure customers. A pervasive sourness among business people and Consumers. Asked when expansion would again reach a fairly Normal 2vt percent to 3 percent Pace David w. Mullins jr., the feds vice chairman declared a it looks promising that we could be Back on that path sometime next year a late Spring Early  Mullins comments were made to at a luncheon of the National economists club at the Library of Congress. He said he saw no evidence of cumulative deterioration in the Economy a a new downturn a that might require a further Cut in interest rates. The full effect of lower rates will not be Felt until Early in the new year Mullins said. At the same time Mullins said he did not expect an immediate resumption of growth suggesting there might Well be a a couple of Flat quarters before it reappeared. Delta denies guilt in death of pan am new York apr Delta air lines is trying to convince people it was not responsible for the death of pan american world airways. A a we re not the villain a said Robert s. Harkey Delta a senior vice president and general  week earlier lawyers had announced in . Bankruptcy court that Delta decided to give no More Money to pan am under a Deal that was intended to bring pan am out of chapter 111. Pan am was dead within hours. Delta has said pan am was just too sick to save and it has since been accused of wrongfully pulling the plug on the terminally ill Carrier. In a session with several reporters tuesday Delta tried to shift some blame to pan ainu a creditors. A the creditors committee and their professionals have repeatedly engaged in disruptive and manipulative acts which themselves contributed to the failure of pan am to emerge from bankruptcy a Delta said. Delta cited a letter written by the creditors lawyer Leon Marcus. The letter leaked to the Miami Herald said Delta was trying to sabotage the reorganization of pan am by lending the earner Money at unfair rates. Pan Ain bookings quickly plunged Delta said. The creditors have filed a $2.5 billion lawsuit saying Delta bargained in bad Faith when it promised to help pan am reorganize. They claim Delta a real motive was to buy most of the bankrupt airlines routes across the Atlantic and its Northeast shuttle. Delta got All those assets by Early november. But on dec. 3, the Day pan am a bankruptcy judge was to approve a reorganization plan lawyers said in court that Delta would not provide the Money to Delta said tuesday that the creditors lawsuit was a utterly without Merit and it promised a vigorous defense. Delta said it was not concerned about losing the Legal Battle. But the Atlanta based Carrier is worried about other fallout from its handling of the pan am Case