European Stars and Stripes (Newspaper) - January 25, 1992, Darmstadt, Hesse                                The stars and Stripe Money 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 nit 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 $354.50 an ounce Silver at $4.20. Jan. 23 Jan. 24 British Pound.1.7955 1.7790 German mark.1.5935 1.6115 French franc.5.4315 5.4955 dutch guilder.1.7965 1.8163 belgian franc.32.76 33.10 italian hra.1,198.60 1,213.50 Swiss franc.1.4040 1.4290 greek drachma.184.00 185.76 turkish lira.5,406.50 5,450.00 saudi arabian rfyal.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 British pounds to . Personnel for personal use. Through monday this will be $1.83 for a Pound based on a Price fixing Friday afternoon at military banking facilities. New York Exchange new York up change. A the 15 most Active stocks in new York Stock Exchange composite trading on thursday. Stock Uniss corp Rwjr Nabisco hid chemical Bank Centel corp computer Assoc Glaxo holdings Citicorp at amp to company data general up Tel Fonos de my Baxter inti inc coming inc adv Micro docs Philip Morris Wal Mart stores american Exchange Swiss last Nat chg. 13,958,400 7 up 1 i 6,220,200 10vi off i 3,773,600 27vi up i 3,626,900 46 up 9 3,413,500 15vx up i of i 3,268,800 30ft 2,749,400 14 i up i 2,463,300 39v Oft i 2,375,600 12 i off 3vi 2,022,900 50 off i 1,686,300 37 unch 1,667,400 61vi Oft 1v4 1,657,200 20i off i 1,629,600 76y< off Ivi 1,577,500 55vi off 1 new York american Stock Stock Rhino Poul cart Wang labs inc b Conti air Hodgs Ich corp Hll Haven corp Alza corp us Blos Clence 8ic corp Americus desc Plains resource a the 10 most Active stocks in Lange composite trading thursday. Tries last is chg. 1,349,300 11-16 off 3-16 958,800 3 i unch 696,100 1 i up i 601,100 4 i up i 514,500 3 i Oft i 513,600 50 i up 2 i 503,300 33 Oft 1 i 503,100 32 i off i 460,900 10 off i 431,100 17 i up i Dow Jones new York up a Dow Jones dosing Range of averages thursday 30 industrials 3279.2 20 transport 1417.04 15 utilities 215 39 65 stocks 1186.32 Law 3205.95 1373.13 212.26 1157 97 close Cicma 3226.74 off 29.07 1384.72 off 22.42 213.51 off 1.69 1166.05 off 12.79 32 states report big increase in claims for jobless benefits Washington a first time claims for unemployment benefits jumped by 46,000 during the week that ended Jan. 11, with 32 states reporting 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. Analysts had expected a gain Given the fact that it was the first week in which the unemployed had five full Days to file applications following two Holiday shortened weeks. While the actual gain was somewhat lower than analysts expectations they said the increase was still significant and of particular concern because of the High number of states reporting major increases. A there is nothing Nice to say about this report. It showed a Large number of increases across a wide variety of states a said Robert Brusca economist at new York investment firm Nikko securities. A it certainly does no to provide any evidence of an economic  but Federal Reserve vice chairman David Mullins said it was a in line with  the Bush administration entering an election year with a weak Economy has kept up pressure on the fed to Cut interest rates further to stimulate demand. However various officials of the Central Bank have signalled that they May be Content to wait awhile to see How the Economy responds to the credit easing that has already occurred. In All 32 states reported an increase in claims of More than 1,000. North Carolina led the Way with a jump of 38,932 from the previous week it was followed by California with a boost of 28,214 and Tennessee with a gain of 25,664. Among the reasons Given for the increases were layoffs in the construction aerospace textile furniture and paper industries. The increase in unemployment applications totalled 13,583 in new York followed by increases of 12,770 in Pennsylvania 10,026 in Georgia 9,215 in Missouri 8,787 in Michigan 8,090 in Texas and 8,029 in Connecticut. Other states with increases in jobless applications above 1,000 for the week were Illinois Florida new Jersey Ohio Louisiana Mississippi Oklahoma Alabama Indiana Iowa South Carolina Colorado Minnesota Washington West Virginia Maryland Virginia Montana Idaho Wisconsin Maine and Hawaii. The weekly average for initial claims was 453,000 for the four week period that ended Jan. 11, Down slightly from an average of 454,750 for the previous four week period but still a significant deterioration from the Levels of september and october. The Overall claims number is adjusted to take account of Normal seasonal variations but the individual state figures arc not. A 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 be of Rcd prices Well below face value hut above the Low Market prices to which they have fallen As concern has grown about Macy a prospects. Other Macy shareholders arc expected to agree to sell their Stock to Tisch for a fraction of what they paid fearing that the Only other alternative would be a bankruptcy filing that could result in even greater losses. Mystery science fiction magazines sold by the new York times new York 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 Ana has published More than 40 Nobel and pulitzer prize winners. The two youngest publications Alfred Hitchcock a mystery Magazine and Isaac hence Ficyk Quot yes a timely. Through its Dell magazines division a Dell. 36 crossword Puzzle and games period Bantam Doubleday Dell also publishes Asimov a science fiction Magazine Are 36 years old and 16 years old respect cals 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 porters personal finance Magazine a 6-year-old monthly publication. Its remaining publications include income opportunities designer Home plans architectural designs and woodworker