European Stars and Stripes (Newspaper) - January 25, 1992, Darmstadt, Hesse                                Saturday january 25, 1992 the stars and stripes b Page 17money matters Scott paper co., trying to Stem a plunge in earnings said thursday that it will Cut about 3,800 workers worldwide a reduction of More than 10 percent. About half the layoffs will be in the United states and the rest in 21 other countries where Scott has operations. Most of the jobs will be Cut this year said Scott spokesman Michael Kilpatric in Philadelphia. Scott chairman and chief executive Philip e. Lippincott said the company is trying to streamline its organization and eliminate costs not critical to its Core businesses. Scott said the layoffs Are a continuation of a Cost cutting program announced in Early 1991. The company has been hit hard by increased Competition and the recession which Nas dampened demand for paper products. The company said it reduced its work Force by More than 2,000 last year. It currently has 37,000  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 $355.37 an ounce Silver at $4.15. Jan. 23 Jan. 24 British pound.1.7955 1.8055 German mark.1.5935 1.5890 French franc.5.4315 5.4935 dutch guilder.1.7965 1.8163 belgian franc.32.76 33.12 italian lira.1,198.60 1,213.95 Swiss franc.1.4040 1.4205 greek drachma.184.00 185.76 turkish lira.5,406.50 5,450.00 saudi arabian riyal.3.7501 3.7501 Spanish peseta.100.57 101.82 portuguese escudo.137.32 138.75 Canadian dollar.1.1545 1.1665 austrian schilling.11.2125 11.3325 norwegian krone.6.2530 6.32 danish krone.6.1740 6.2450 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 1.57 through monday based on fridays noontime Price fixing. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on thursday. Stock sales last Nat chg. Uniss corp 13,958,400 7 up 1 % Rwjr Nabisco hid 6,220,200 10% off chemical Bank 3,773,600 27% up % Cente corp 3,626,900 46 up 9 computer Assoc 3,413,500 15% up of Glaxo holdings 3,268,800 30% Citicorp at amp to company 2,749,400 14% up % Oft % 2,463,300 39% data general up Tel Fonos de my 2,375,600 12% off 3% 2,022,900 50 off % Baxter inti inc 1,686,300 37 unch coming inc adv Micro docs 1,667,400 61% off 1% 1,657,200 20% off % Philip Morris 1,629,600 76% off 1% Wal Mart stores 1,577,500 55% off 1 american Exchange new York up american Stock exc Stock Rhone Poul cart Wang labs inc b Conti air Hodgs Ich corp Hill Haven corp Alza corp us Bio science Bic corp Americus desc Plains resource the 10 most Active stocks in Lange composite trading thursday. Salas last Nat chg. 1,349,300 1 1-16 off 3-16 958,800 3% unch 696,100 1 % up % 601,100 4% up % 514,500 3% Oft 513,600 50% up 2% 503,300 33 Oft 1 % 503,100 32% off % 460,900 10 off % 431,100 17% up Dow Jones new York up Dow Jones closing Range of averages thursday 30 industrials 20 transport 15 utilities 65 stocks High 3279.52 1417.04 215.39 1186.32 Low 3205.95 1373.13 212.26 1157 97 close 3226.74 1384.72 213.51 1166.05 change it 2907 cd off. Off 22.42 off 1.69 off 12 79 Quick action urged on Bill to extend jobless benefits Washington a the Senate finance committee chairman said Friday he will try to Complete action quickly on a Bill to expand benefits for the Long term unemployed and urged president Bush to stick to his support for a new Extension. A i Hope we can avoid a situation similar to the one that occurred last year when the administration stonewalled on the Extension until the tragedy became intolerable a sen. Lloyd Bentsen a Texas told the Senate. With the recession lingering into this election year. House democrats have proposed legislation to add 13 extra weeks of payments for people who have used up their unemployment benefits. Bentsen has said he envisions introducing a similar measure and has scheduled a hearing by his committee for wednesday. First time claims for unemployment benefits jumped by 46,000 during the week that ended Jan. 11. Thirty two states reported significant increases in the number of workers being Laid off the government said thursday. The labor department said that on a seasonally adjusted basis 447,000 americans filed applications for jobless benefits up from 401,000 in the previous week. The White House has said Bush agrees that the jobless benefits should be extended. Several democrats said thursday that they would be willing to negotiate with Bush Over what could be the most contentious Issue How to pay for it. Despite initially proposing to have Bush declare an emergency and  the government borrow Money top democrats said they agreed with republicans that the measure should be paid for if possible without boosting the budget deficit. Last fall legislation was enacted providing people who have used up the regular 26 weeks of coverage with 13 or 20 More weeks depending on unemployment in their state. But the first 600,000 jobless americans will use up those 13 extra weeks in the second half of february democrats Esti mate. Democrats have set mid february As a target Date for getting a Bill to Bush a desk with or without a Compromise. A the suffering of jobless americans has not disappeared it has Only deepened a said rep. Thomas Downey d-n.y., who helped write the Bill. With this years election approaching and unemployment at 7.1 percent last month neither Bush nor Congress seems eager to Block Relief for the jobless. Last year Bush and Congress grappled for four months on the Issue with Bush initially saying the Economy was not sick enough to warrant extended benefits. He killed two Bills that would have required him to declare an emergency saying they would inflate the budget deficit. Finally As his popularity in the polls slipped he signed the legislation after the two sides agreed on tax changes to pay for it. Other than saying that Bush supported extending the benefits the White Blouse has not revealed details of the program he would support. Lbs chairman Tisch May bail out financially strapped Macy s stores by the new York times in an apparent solution to . Macy amp  overwhelming financial troubles the chairman and chief executive of Loews and lbs has offered to buy the tottering retail company. Laurence a. Tisch already a major investor in Macy would spend roughly $1 billion More to substantially increase his stake people involved in talks to solve Macy a immense debt problems said. They added that negotiations were continuing and that details of the proposal could change. Tisch is expected to wind up owning perhaps As much As 90 percent of the company a Stock and to invest Large sums to buy junk Bonds and Stock from creditors and investors at Well below face value. It is not Clear whether the management investors including Edward s. Finkelstein Macy a chairman and chief executive would lose their stakes. Macy a Board is expected to approve the proposal in the next few Days people familiar with the talks said. If that happens Tischl a move would be expected to Calm the maelstrom of speculation about the company a solvency that has engulfed it in recent years. Finkelstein and his top executives bought Macy from its shareholders for $3.7 billion in 1986. By eliminating a substantial portion of Macy a debt the 11th hour Rescue would relieve the company a worries about its Bills and interest payments. It could then concentrate on operating its department stores. That firmer financial footing would also give Macy a Normal sales operations More of a Chance to carry the new York based company through the recession that has Tisch claimed Many of its once formidable rivals. It is unclear whether Finkelstein would remain in charge of the company that operates the Macy a i. Magnin and Bullocks department store chains and sever Al Small specially stores across the country. However Tisch and Finkelstein Are friends. It is also unclear whether Tisch through his . Holding corp., intends to try to sell any of Macy s assets such As one of the department store chains. A Macy spokesman declined to comment thursday night about the company a financial plans. Calls to Tischl a office and to other Macy Board members were not returned. The Tisch plan would Call for the company to file for bankruptcy on its own terms and eliminate debt rather than default on payments and be forced to seek Protection from its creditors. Holders of Macy junk Bonds would he offered prices Well below face value but above the Low Market prices to which they have fallen As concern has grown about Macy a prospects. Other Macy shareholders Are expected to agree to sell their Stock to Tison for a fraction of what they paid fearing that the Only other alternative would he a bankruptcy filing that could result in even greater losses. Mystery science fiction magazines sold by the new York times new York a the Bantam Doubleday Dell publishing group Best known for its hardcover and paperback books will begin publishing four renowned fiction magazines. The Dell magazines division acquired the four monthly science fiction Ana mystery magazines from Davis publications inc. They Are analog science fiction amp fact Isaac Asimov a science fiction Magazine Alfred Hitchcock a mystery Magazine and Ellery Queens mystery Magazine. Terms of the Deal were not disclosed. The new group will form the Dell Magazine fiction group. The editorial staff of the four magazines will remain intact and continue to operate in its offices at 380 Lexington ave. In Manhattan. Dell is assuming All subscription obligations. The combined monthly circulation for the four magazines is 650,000. They Are among the most popular and Best established of the science fiction and mystery Short Story publications. Analog which has been publishing continuously for 62 years was the first Magazine to publish the science fiction of Arthur c. Clarke and Asimov. Ellery Queens mystery Magazine has been around for 51 years and has published More than 40 Nobel and pulitzer prize winners. The two youngest publications Alfred Hitchcock a mystery Magazine and Isaac Asimov a science fiction Magazine Are 36 years old and 16 years old respectively. Through its Dell magazines division Bantam Doubleday Dell also publishes 36 crossword Puzzle and games periodicals As Well As Horoscope magazines. These publications have a combined monthly circulation of 1.7 million. Jack Hoeft president and chief executive of Bantam Doubleday Dell said the Short Story magazines would fit in Well with Many of the company a other publications which include mystery and science fiction books. Joel Davis president of Davis publications said the magazines had been sold to reduce debt. In 1989, Davis closed Sylvia Porter s personal finance Magazine a 6-year-old monthly publication. Its remaining publications include income opportunities designer Home plans architectural designs and woodworker