European Stars and Stripes (Newspaper) - December 16, 1991, Darmstadt, Hesse                                Monday december 16, 1991 the stars and stripes b Page 17today s tip air fares to the northeastern United states from Southern Florida have increased by almost so percent with the absence of Competition from bankrupt pan am and Eastern airlines. American airlines now the nations largest Carrier last week hiked its three Day Advance fare from South Florida airports to new York from $465 to $694. A flight from Miami to new York in time for Christmas costs nearly $500 per seat and the cheapest seven Day Advance ticket with a saturday night stay has gone from $338 to $488. A the Miami to Northeast corridor for years has had fares not in line with the rest of the country in terms of prices and restrictions a said american spokesman Tim Smith. Smith said when pan am and Eastern were offering flights to the Northeast corridor american Felt compelled to match their fares. Even prices from Atlanta have Felt the effects from the Lack of Competition. A three Day Advance fare used by business travellers is up to $694. A $498 fare american had offered to compete with pan am died when the airline  rates London up fridays 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 $359.25 an ounce Silver a $3.87. Dec. 12 dec. 13 British pound.1.8090 1.8200 German mark.1.5745 1.5830 French franc.5.3788 5.4240 dutch guilder.1.7735 1.7820 belgian franc.32.55 32.59 italian lira.1,189.35 1.196.90 Swiss franc.1.3982 1.3975 greek drachma.180.60 181.53 turkish lira.5.042.90 5,060.00 saudi arabian riyal.3.7495 3.7495 Spanish  00.65 100.95 portuguese escudo.139.96 140.81 Canadian Dollar.1.1422 1.1408 austrian schilling.11.0780 11.1425 norwegian krone.6.20 6.2240 danish krone.6.1225 6.1530 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 1.54 through monday based on fridays noontime  housing to get boost by the new York times san Francisco Bank America corp. Has announced that it will invest $70 million to create affordable rental housing for Low income families in California and six other Western states. Bank american a investment will be made through the California and National equity funds which Are operated by local initiatives support corp., the nations largest non profit Community development support organization. Bank american a $70 million investment will go toward 2,600 units of housing in seven states Arizona California Idaho Nevada new Mexico Oregon and Washington. Additional Public  Lender financing for the units is expected to total $140 million. . Slow to Analyse effect of single currency in Europe by Keith Bradsher the new York times Washington although last weeks decision by the european Community to adopt a single currency by the decades end could affect everything from the dollars role in global markets to the Price of French wine at the local store the implications for the United states Are Little known and less discussed. The Treasury and state departments have barely begun to Analyse the Issue. And at Banks and corporations the thinking on the subject is largely confined to economists and foreign Exchange experts. For the american travelling abroad the significance of a single currency is Clear. A the simple answer is that when travelling in Europe he does not have to change his Money every time he crosses a Border a said Horst Schulmann the managing director of the Institute of International finance. But for american Consumers at Home the question is More complicated. It rests in part on whether the new currency would supplant the Dollar among other countries said Eric a. Feldstein the treasurer of general motors european operations. German cameras and Swiss watches could become expensive. As for businesses the answer varies. For David l. Fiedler the director of foreign Exchange planning at Eastman Kodak which Sells film All Over the world a single european currency could simplify his Job of preventing the company a overseas profits from being wiped out by Exchange rate changes. For american corporations with Large manufacturing operations in Europe like pm the Issue is especially complicated. These companies now spread their parts and Assembly plants across Europe trying to produce goods in the county where they Are sold because markets for exports can be easily lost in sudden swings in Exchange rates. Multinational companies Are already beginning to concentrate production in a few Low Cost countries As they prepare for european customs barriers to fall next year. The decision on whether to consolidate factories further will depend in part on Money Exchange advantages. Officials Are unsure if dealing with fewer currencies will offset the risk of inflation rates that May vary widely among countries said Eric a. Feldstein the treasurer of Gmys european operations. For most Bankers corporate executives economists and Federal officials however the opportunities a or dangers a Are unclear. Charles h. Dat Lara until last summer the Treasury departments assistant Secretary for International affairs said the Bush administration had not reflected enough on the implications of a single european currency. A there is hardly time to think much less reflect because budget constraints have left the Treasury Short on planning staff a he said. The exact effects of a single european currency would depend on the political Independence and foreign currency re serves of a possible european Central Bank a two key issues thai have not yet been decided. And european Heads of state could yet decide to postpone coming to grips with those issues. As Richard t. Mccormack who until last Spring was undersecretary for economic and agricultural affairs in the state department noted that creating a single currency and Central Bank for All of Europe would make it More difficult for governments to stimulate their economies during an election year by printing More Money. Such an action May stimulate a european Economy but also would fuel inflation. Higher inflation in Europe could also make it More difficult for the Federal Reserve to control inflation in the United states. The threat of a sudden drop in the dollars value which the Federal Reserve has used to Blunt pressure to expand the Money Supply during election years would ease if the new currency a Supply was rapidly expanding. On the other hand if the europeans can come up with a persuasive Means to limit its Supply the new currency might begin to supplant the Dollar. For american corporations the immediate effect of a common european currency is Likely to be administrative. A i think we could probably do with fewer foreign Exchange traders Quot As Well As fewer multiple currency Bank accounts and other costs said Feldstein of general motors. . Investigators say they be tracked millions missing from fund in Iowa Des Moines Iowa a Federal securities regulators investigating alleged investment fond fraud said saturday they have traced $65 million in missing Money invested by Iowa communities and predicted the funds would be recovered. In a related matter the Iowa official who blew the whistle after discovering discrepancies at institutional Treasury management of Irvine calif., was fired from her Job As a Deputy state treasurer. The securities and Exchange commission is trying to untangle $1.2 billion in accounts held by it. The investment company managed the Fonds for municipalities and savings institutions in 13 states. In addition to the missing Iowa Money the Sec has alleged about $10.4 million in overcharges. Company accounts and the assets of its owner have been Frozen by a Federal court pending the fraud investigation. A i can confirm we traced the Money. I will not confirm where it went a said Elaine Cacheris acting regional administrator of the secs los Angeles office. A it will be recovered a she said in a Telephone interview. The Money is part of Frozen Fonds being handled by a receivership attorney. When investors might regain control of their Money remained Uncertain. Joan Fitzpatrick Bolin a 45-year-old Iowa official and former Sec lawyer who told her old Agency something was amiss at it was fired Friday for Gross insubordination. Her Boss Iowa treasurer Michael Fitzgerald said Bolin wrongfully accused a Superior of unethical behaviour and that she was a totally upsetting the functions of this  a it had absolutely nothing to do with the Iowa Trust a he said. Bolin disagreed. �?o1 believe it absolutely had to do with  she said she made enemies during her attempts to bring in outside experts As state financial advisers and her lobbying for tighter controls Over municipal investing. The Iowa Trust fund a Pool of surplus Cash of 87 Iowa counties communities and Public agencies has $106 million invested with it. The Sec alleges it and its owner Steven d. Wymer 43, of Newport Beach calif., withdrew two thirds of that Money and funnelled it into other accounts. It also alleges overcharges to the Iowa Trust by $6 million and investment Trust of Colorado. The Sec complaint alleges it made hundreds of unauthorized transactions and shifted Money from account to account to cover losses on deals. A criminal investigation is under Way but no charges have been filed. Investments also came from California Colorado Florida Illinois Minnesota Nevada new Mexico Oklahoma Texas Utah Virginia and Wyoming. It also managed funds from Micronesia. Coors announces cutback in costs jobs Golden Colo. Up a Coors brewing co., citing difficult conditions in the Beer Industry said it would implement a variety of Cost cutting measures including laying off 60 employees at its Headquarters. Coors the nations third largest Brewer after Anheuser Busch and Miller brewing co., said the moves Are being made in order to bring costs in line with projected sales and profits. A this has been a difficult year for the Beer Industry and in order for Coors brewing co. To meet its fiscal plan for 1992, it is essential that we implement some Cost cutting measures now a said Peter Coors the company a president. Coors said the general operating budget will be reduced but did not give further details. Spokeswoman Julie Demlow said a hiring freeze is being considered. The Brewer earned $38 million or $1.05 a share on sates of $1.8 billion in 1990. The layoffs will occur at the Headquarters where 80 percent of Coors 10,000 employees work in the full time general and administrative staff and will not include production employees. Coors said no other staff reductions Are planned