European Stars and Stripes (Newspaper) - January 15, 1992, Darmstadt, Hesse                                Wednesday january 15, 1992 the stars and stripes g Page 17 \ a ssh s s s s s ass s a a  Japan s complaints illustrated today a tip . Macy amp co. Is telling its suppliers that it will be two weeks late paying them marking another financial setback for the heavily indebted retailer. The company said it would not be Able to make its payments until Jan. 25 because of restrictions in its agreements with several Banks that require it reduce its borrowing for a 30-Day period ending on that Day a spokesman for the company confirmed monday. But the news also raised More concerns in the credit markets about whether Macy a will be Able to make interest payments due later this year. The 133-year-old retailer which lost $155 million for the Quarter that ended nov. 2, owes More than $3.5 billion to a collection of Bankers Trade creditors and other lenders. Michael Freitag a Macy a spokesman denied that the payment delay was a prelude to a bankruptcy filing by the retailer. Conversion rates London up 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 $353.52 an ounce Silver at $4,075. Jan. 13 Jan. 14 British pound.1.8010 1.7945 German mark.1.5770 1.5705 French franc.5.3700 5.3550 Butch oullder.1.7718 1.7905 belgian franc.32.42 32.35 italian lira.1,188.40 1,185.45 Swiss franc.1.4050 1.3950 greek drachma.181.22 180.93 turkish lira.5,271.90 5,275.40 saudi arabian riyal.3.7498 3.7501 Spanish peseta.100.15 99.93 portuguese escudo.136.20 135.75 Canadian dollar.1.1476 1.1477 austrian schilling.11.0700 11.0375 norwegian krone.6.1810 6.1680 danish krone.6.095 6.081 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 1.53 through wednesday based on tuesday s noontime Price fixing. New York Exchange new York up a York Stock Exchange Stock Citicorp Rwjr Nabisco hid Glaxo holdings Rowan cos inc adv Micro orcs at amp to company general motors coming inc Royal dutch pet Ford motor co Wendy s inti com with Edison first Chicago Synte corp Mobil corp the 15 most Active stocks in new composite trading on monday. Sales 6.079.300 4,181,200 2.802.700 2.453.100 1.997.500 1,806,000 1.754.600 1.753.700 1.600.100 1.571.000 1.471.600 1.446.500 1.385.300 1.364.000 1.356.500 last 12 11 33% 4% 19% 41 31% 68% 81% 30% 11% 37% 24% 53% 65% net Chol. Up 1% off % up % Olf up unch or off 10% up 1 % up unch off % up off % up 1 american Exchange new York up american Stock excl Stock euro Blocher Amdahl corp Bio pharmaceutics Plains resource pm group web Bolar pharm co exsport Finan it we Stair holding Hill Haven corp Energy service Iange composite trading monday. Salei Lett nil Chol. 2,171,700 5% up 2% 961,900 17% up % 752,300 2 up 1% 653,900 17% up 1% 501.200 9% up 490,600 13% up 1% 434,800 9% up 354,900 5% up % 321,600 3 up % 312,400 1% up % Dow Jones new York up Dow Jones closing Range of averages monday High Low close 30 industrials 3215.56 3161.67 3165.60 20 transport 1372.38 1339.87 1364.18 15 utilities 216.26 212.32 213.51 65 stocks 1162 73 1140.65 115248 change Oft 13.86 in 12.33 Oft 2.56 Ott 170 . Managers shortcomings by John Cunniff the associated press new York president Bush a Trade Mission to Japan produced major accomplishments but not All of them were intended. The official successes included agreements to Spur the two nations economies and for Japan to buy More american Auto parts computers and paper products. But the trip also spotlighted what Are widely viewed As shortcomings of american Industry such As High executive salaries inefficient production poor Lon term planning and Quality control and arrogance. In the negotiations aftermath All these were being discussed As much As the stated purpose of the trip which was to produce More american jobs by compelling Japan to open the door wider to american products. The product most emphasized was automobiles which executives of the . Big three a general motors Ford and Chrysler a declared were discriminated against by japanese importing and marketing barriers. Although that has been a stale refrain albeit one with Merit Many americans probably Learned for the first time How Little Effort Detroit has made in adapting to and developing japanese markets. American car makers for example have been attempting to sell vehicles in Japan with the steering wheels on the left rather than on the right Side making it awkward for the japanese who drive on the left Side of the Road. In that respect american producers were seen in the same Light As the Central planners of the soviet Union who repeatedly produced unwanted goods because that is what their factories did even if they had no customers. Japanese business people also pointedly criticized the High salaries of american automotive executives putting the spotlight on an Issue that while irritating to Many had been mainly an academic rather than practical Issue. For several years american executive salaries have ascended on a course of their own in Many instances Independent of sales profits dividends and other methods of measuring Well being. Bonuses have been huge As have pensions. The removal of compensation from its link with performance including the All important Quality Factor is perhaps reflected in a Survey of 455 High executives by . Kearney an International management consulting firm. Kearney found the executives most earning More than $150,000, were a an extremely satisfied  it said that a they find their work exciting their superiors supportive and their jobs intellectually  ninety five percent expressed satisfaction with peer relationships 88 percent said they were satisfied with compensation 82 percent said their jobs were secure Ana 75 percent said they were satisfied with promotion opportunities. But Only 37 percent said they believed their companies global competitive positioning was Likely to improve within the next two years. The japanese did no to shy away from discussing what they Felt was the inferiority of american cars which in effect was More a commentary on management than worker performance. Why they asked do so Many americans prefer japanese cars they also repeated catching the attention of Many americans what Domestic critics have been saying for years american executives remain Short sighted and intent on Quick rather than enduring performance and profits. To some extent it appears the japanese managed to deflect american criticism of them to american criticism of american management and performance which they say should be better than it is. In that Way maybe they did help the president save american jobs. On the level wedge innovations inc. Has developed a carpenters level equipped with a microprocessor that May displace the traditional level based on an air Bubble floating in a thin vial of liquid. The new level resembles the conventional Type but the user presses a Button for a readout measured to an accuracy of one tenth of a degree. The tool Sells for about $50. Citicorp expects loss for 4th Quarter 91 by the los Angeles times new York a Citicorp said monday that it expects to report a net loss for the 1991 fourth Quarter of Between $125 million and $150 million and a net loss of Between $450 million and $475 million for 1991. However the nations largest Bank holding company Parent of Citibank said its Radical Cost cutting drive will make the troubled banking Behemoth profitable this year. Analysts said the relatively Small loss for the fourth Quarter was in line with their projections. Citicorp a Stock Rose 1 i Points to close at 12, on extremely heavy trading volume of nearly 7 million shares. Reports on final results for the year and fourth Quarter were due tuesday. Separately Chase Manhattan corp., another of the big new York a Money Center Banks on monday reported profits for the fourth Quarter and for 1991. Chase said it had net income of $135 million in the fourth Quarter or 80 cents per share compared with net income from operations of $142 million or 93 cents per share for the 1990 fourth Quarter. Final net for the year ago Quarter was $193 million or 1% a share including a $51 million gain or 39 cents a share from the Sale of real estate in Japan and Spain. Chase reported a profit of $520 million or 3v& per share for the year compared with a net loss of $334 million or per share for 1990. Citicorp was among the Large . Banks hit hard by the recession. It suffered a Sharp downturn in its consumer banking business and big losses on commercial real estate Loans in the United states Australia and Britain. It moved to arrest its problems by taking a staggering $930 million in restructuring charges in the 1991 third Quarter which led to a net loss for that Quarter of $885 million. Citicorp said monday that it still had severe problems with commercial Loans it wrote off $650 million in bad Loans at the end of 1991. In the last Quarter the Bank also made a net increase of $200 million in its reserves to cover future losses on non performing Loans. But in a statement Citicorp chairman John s. Reed said there were Strong indications that the bad loan problem is stabilizing