European Stars and Stripes (Newspaper) - December 25, 1991, Darmstadt, Hesse                                Wednesday thursday december 25/26, 1991 the stars and stripes b Page 15 the european Community rejected new proposals for Sharp reductions in farm subsidies offered in a draft agreement to revamp the world trading system. The rejection monday underscores the difficulties in successfully concluding the Uruguay round Trade negotiations which have dragged on for five years. Trade and agriculture ministers of the 12-nation trading bloc said the provisions on agriculture would Hurt the Community a extensive farm  rates London up a tuesdays 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 $359.80 an ounce Silver at $3.91. British Pound. German Mark. French franc. Dutch Guilder. Belgian franc. Italian lira. Swiss franc. Greek drachma turkish lira. Saudi arabian Nyal. Spanish peseta portuguese escudo. Canadian Dollar austrian Schilling. Norwegian Krone. Danish Krone. 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 1,48 through Friday based on mondays noontime  York Exchange dec. 23 dec. 24 .1.8765 1.8760 1.5165 1.5190 5.1740 5.1940 1.7126 1.7130 .31.25 1,151.40 1,151.00 1.3495 1.3521 174.95 _ 5.016.00 _ 3.7501 _ .96.78 a 135.22 _ 1.1568 1,1585 .10.7475 _ .6.00 .694 _ new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock sales last Netcho. At amp to company 7,644,400 38 it unch Citicorp 5.016.500 9vk up i Chase Manhattan 4,658,900 16 i up it syntax corp 3,169,100 46 it up 4% general motors 3,135,000 291 up 14 Philip Morris 2,388,200 73 % up 1 Amer express co 2,359,100 19 up 4 ism corp 2,326,200 so i up 2 Virr Nabisco hid 2,264,200 10 unch Glaxo holdings 2,132,800 30% up i Westinghouse Al 2,084,600 15 i up i ban America 2,029,600 34 % up i genl electric 1,925.500 72 up 2 i limited inc 1,906,900 28 % up 1 a Chrysler corp 1,602,600 11 a up 1 i american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Slock Sale us he chg. Amdahl corp 596,600 14 i up 1 i Wang labs inc b 406,500 2 i up i Energy service 312,100 1 i up i Ivan corp 309,400 34 i up 2 Echo Bay mines 304,000 6ft up i Ich Carp 266,000 2 i off % Americus get so 277,600 11 a up i National Patent 244,100 4 i up i fruit of loom 220,400 25 it up 1 it carnival cruise 220,100 23 i up it Dow Jones 1 new York up a Dow Jones closing Range of averages monday High Low close change 30 industrials 3037.57 2919-05 3022.58 up 88.10 20 transport 1264.01 1204.04 1258.03 up 51.00 15 utilities 221.46 216.70 220.71 up 3.38 65 stocks 1103.02 1060.21 1097.89 up 33.29 Industry slump should end next year government says Washington a . Industry should end a two year slump in 1992 As the Economy struggles to shake off the effects of the recession the government said in its 33rd annual forecast of winners and losers in american business. The Commerce department said it expected improved sales in 127 of the 168 manufacturing industries it surveyed for its 628-Page publication . Industrial Outlook �?T92. A after a period of restructuring and consolidation Many vital industries and services in the United states Are emerging stronger More efficient and better Able to compete in today a More integrated world Economy a Commerce Secretary Robert a. Mosbacher said in an introduction to the report. Overall the median growth rate for manufacturing sales is expected to be a moderate 2 percent after a 1.9 percent decline this year and a 1 percent drop in 1990. The median is the Point where Naif the industries had better growth rates and half worse. Commerce undersecretary j. Michael Farren cautioned that forecasts were compiled by 130 analysts based on information available through the late summer and Early fall. Since then most economists have lowered their forecasts for Overall economic growth in 1992. The slippage should leave the forecasts for Many industries unchanged but some a those for industries most dependent on consumer Confidence a May be Overly optimistic Farren said. The report said manufacturing of automobiles machine tools computers and household appliances and furniture should rebound. However other industries facing challenges beyond the cyclical downturn of the Economy will remain depressed. The aerospace Industry will struggle with the decline in defense spending while commercial real estate construction will face High vacancy rates into the mid-�?T90s, it said. Meanwhile growth should continue unabated in some industries such As medical equipment manufacturing. Among other highlights of the forecast a pent up buying demand should boost shipments of automobiles and parts by 7.5 percent after an 8.3 percent decline in 1990. But it will take at least several years before the Industry again achieves Peak shipment Levels of 1986. A shipments of household durable goods mostly appliances and furniture should increase by 4.9 percent after falling 2.6 percent this year. A economic weakness in Europe and Japan should hold Export growth to 6 percent or 7 percent about the same As this year but Well below growth in 1989 and 1990. A the steel paper and chemical industries should improve at about the same rate As the recovery of the Overall Economy. A housing construction after turning in its worst year since world War 11, should Rise about 12 percent. But commercial construction should drop 6 percent on top of a 9 percent decline in 1991. A newspapers after having in 1990 what was thought to be their worst year in two decades arc having an even worse year in 1991. And they Are beset by unfavourable Long term economic and social trends in addition to the cyclical economic downturn. Diversification called key to 1992 strategy by Chet Currier the associated press new York a As anyone who has tried it already can testify planning an investment program for 1992 can be a frustrating Mission. Yields on most interest bearing investments Are Low stocks Arentt cheap and a weak Economy and slowing inflation hold out no compelling Promise for tangible investments like collectibles and precious metals. So the Range of traditional investment choices offers few obvious plums. A in retrospect the Best strategy for 1991 would have been to buy the right Stock Mutual funds sit Back and Roll up gains of 40 percent to 55 percent a observes Walter Frank chief economist at Donoghue a Money letter in Ashland mass. �?o1992 will not be As  by Way of reassurance however it should be noted that the Job is never a simple one a certainly not As simple As it looks with the Benefit of Hindsight. If inflation is subdued less of whatever you can earn in any kind of savings or investment Endeavor will be eaten up by that particular dragon. In spite of the difficulty of forecasting How the Economy or the financial markets will behave financial advisers say some Clear Cut distinctions can be made going into the new year. For example certificates of Deposit offered by Banks and other financial institutions look especially unappealing at the moment offering Little or nothing More in the Way of yield than you can get from More liquid Money Market investments. According to the latest Bank rate Monitor data typical yields now stand at 4.58 percent on six month cd and 4.75 percent on 12-month cd against 4.50 percent on Bank Money Market accounts and 4.6 percent to 4.7 percent on Money Market Mutual funds. Since their loan business is Slack right now Banks evidently done to see much incentive to compete very hard for the savers Dollar. At the same time a Steep yield curve charting the differences in yields among Short intermediate and Long term investments provides generous rewards for venturing out from say Treasury Bills to Treasury notes of five to 10 years duration. At mid december yields on seven year notes exceeded 6.5 percent while one year Bills were yielding less than 4.5 percent. Tax free municipal securities and the funds that invest in them arc Likely to keep commanding a lot of attention in 1992, Many financial advisers agree. A thirty five states have raised income taxes in the past year a says Reg Green publisher of the Mutual fund news service in Bodega Bay Calif. A no wonder sales of funds free of state taxes Are up 40  in tax exempt Money funds with National portfolios yields lately have been hovering around 3.75 percent. For investors in the top tax brackets of 28 percent and 31 percent that translates to the equivalent of a taxable yield of better than 5 percent notes Donoghue a Money letter. Analysts generally agree that the Outlook for the Stock and Bond markets hinges on a wide variety of variables including what actions the government takes to stimulate the Economy and How Well those measures work. Then there a the matter of a presidential election to be reckoned with. All in All Many advisers say the Case looks especially Strong in the coming year for diversification to Cushion against the risks of a fast moving unpredictable world. As the celebrated Mutual fund manager John Templeton put it recently a the closest approach to safety is wide  Rose in november Washington a consumer spending jumped 0.7 percent in november the largest increase in six months despite a 0.1 percent decline in incomes. The Commerce department said personal consumption totalled $3.95 trillion at a seasonally adjusted annual rate up from $3.93 trillion in october when spending fell a revised 0.1 percent. The department originally estimated that october spending dropped 0.3 percent. November a gain was the largest since an 0.8 percent Rise in May. Most of the Advance however represented a $19.2 billion increase in services rather than in goods. A spokesman said utilities purchases represented $6.7 billion of the increase and medical care $6 billion. Spending on durable and nondurable goods Rose just $6.6 billion. Consumer spending represents two thirds of the nations economic activity and thus is necessary to sustain any economic recovery. Many analysts questioned whether consumption could continue to grow without any increase in incomes. Personal income also dropped to $4.88 trillion from $4.89 trillion in october the department noted. It was the first decline since a 0.3 percent drop last july. The labor department in an earlier sign of falling incomes in november had reported that 241,000 jobs were lost in the month. Disposable incomes a incomes after taxes a fell 0.2 percent on the heels of october a 0,3 percent gain. The difference Between incomes and spending meant americans savings rate dropped to 4.7 percent from 5.5 a month earlier. A key component of the income category a wages and salaries a fell $500 million after a drop of $5.1 billion the previous month