European Stars and Stripes (Newspaper) - February 27, 1992, Darmstadt, Hesse Page 18 c the stars and stripes thursday february 27,1992money matters Polaroid corp., which has 11,000 employees worldwide said tuesday that it is imposing a hiring freeze through june and will not raise its pay Scales in 1992. Polaroid chairman i. Macallister Booth said the instant camera and film company faced with Startup costs for new product lines is re evaluating Many of its current activities in an Effort match 1991�?Ts financial performance and focus its spending. The hiring freeze will remain in effect through june 30 while Polaroid redeploy existing personnel in research and development programs marketing activities and the launching of new products. The company said it a is not adjusting its 1992 pay scale Structure which is already in line with those of comparable Polaroid said it also is exploring policy changes that could create additional Cost savings. Conversion rates London up wednesdays 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 $348.80 an ounce Silver at $4.08. Feb. 25 feb. 26 British pound.1.75250 1.74635 German mark.1.6305 1.6530 French franc.5.6065 5.6370 dutch guilder.1.8446 1.8640 belgian franc.33.71 34.96 italian lira.1,237.35 1,243.95 Swiss franc.1.4805 1.5005 greek drachma.190.09 191.00 turkish lira.5,827.40 5,853.00 saudi arabian riyal.3.7502 3.7503 Spanish peseta.103.41 103.84 portuguese escudo.141.77 142.42 Canadian dollar.1.1875 1.1813 austrian schilling.11.6105 11.6530 norwegian krone.6.4535 6.4870 danish krone.6.385 6.418 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 1.62 through thursday based on wednesdays noontime Price fixing. New York Exchange new York up York Stock Exchange Stock Uniss corp Glaxo holdings general motors Rwjr Nabisco hid Philip Morris adv Micro docs Chrysler corp Tel Fonos de my Ford motor co Westinghouse Al Citicorp ism corp Consol stores at amp to company Bristol Myersq a the 15 most Active stocks in new composite trading on tuesday. Salts 3,485,000 2.691.200 2.452.200 2,257,100 2.254.700 1,946,600 1.941.400 1.882.700 1.846.500 1.831.800 1.815.500 1.579.800 1.492,900 1.437.800 1.412.400 last 9v5 28yk 36v 10w 75v 19 16 55 35 20 17w 88 14 37 80 Nat chg. Up a Okiw off 1 a a up a up up a off off off 1v off w up a off in up 1 it off up in american Exchange new York up american Stock exc Stock Wang labs inc b dog corp Weatherford inc instrument sys be Mac corp Ivan corp Organogenesis Amdahl corp Bolar pharm co spi holdings of a the 10 most Active stocks in Iange composite trading tuesday. Saida Laal net chg. 1.389.900 6 0 1 629,100 7 off a 293,400 4 unch 267,800 7 up a 263,100 13v off 1 257,000 34�?T/ 0 11 250,800 15 off 248,700 19 up a it 247,200 13�?T/ up 241,400 4 up a Dow Jones new York up Dow Jones closing Range of averages tuesday him Lew close cd ease 30 industrials 329360 3226.74 3257.83 off24i9 20 transport 145049 1411 81 1430.12 Oft 21.67 utilities 205.43 202.49 204.56 up 0.82 65 stocks 1190 16 1164 62 1177 09 <9.83 consumer Confidence drops to lowest Point in 18 years by the Washington Post Washington As Job fears and economic uncertainty continued to worry Many americans consumer Confidence plunged this month to its lowest level since 1974, according to a nationwide Survey of 5,000 households. The conference Board a business research organization based in new York said its Index of consumer Confidence dropped from its already depressed january level of 50.2 to 46.3 this month. In both months nearly half of those surveyed said business conditions Are a a bad and jobs a hard to but they became a markedly More pessimistic in the february Survey about what they expect the Economy to be like six months Down the Road. Since consumer spending accounts for nearly two thirds of the nations Gross Domestic product analysts said the Bleak attitude among Consumers will make it harder to get the stalled economic recovery in gear again this Spring. Despite the Low Confidence Reading however Federal Reserve Board chairman Alan Greenspan told the Senate gloomy spenders the conference boards consumer Confidence Index dropped to the lowest level since december 1974, when the nation was gripped by High unemployment and inflation Sas Susan Harris banking housing and Urban affairs committee on tuesday that he continues to see indications that economic growth is picking up. Pressed by committee members to say How soon faster growth would be obvious Greenspan declared a if this Economy is beginning to move we should see signs of that within a matter of weeks not and he promised that the fed would Cut Short term interest further if that does not happen. The last time the conference Board Index was so Low in december 1974, Consumers had been buffeted for a year by soaring food and Energy prices had seen the forced resignation of president Nixon because of the watergate scandal and found themselves in a severe recession. In response president Ford proposed a program aimed at controlling inflation a just As the Economy was heading into recession. In 1974, consumer Confidence was depressed not just by the current state of the Economy but by new unexpected worrisome changes a especially the surge in inflation a and a Lack of certainty that government would be Able to help them Cope. In the current situation fear of losing their jobs is a major contributor to Consumers fears As Many companies Are not simply laying workers off temporarily As in past recessions but sharply reducing their work forces. Fed trapped by Well meant actions by John Cunniff the associated press new York a the Federal Reserve has been making a mighty attempt to get the Economy moving again but in some respects it seems the harder it tries the worse things get. The feds primary weapon of course is the influence it can bring to Bear on interest rates. To some extent it can thwart inflation through higher interest rates. It can Spur a weak Economy by lowering rates. That is How it works in theory but theory does not always produce the expected results. Right now for example lots of people Are complaining that the Federal Reserve is hurting them. Why would the fed do a thing like that not because it wants to cause any More distress. In fact it seeks to alleviate stress by forcing Down interest rates making it easier to borrow and pay Bills. Such a move is in keeping with traditional economic thinking but maybe that thinking has to be brought up to Date. More and More people seem to be complaining that Low rates Are hurting rather than helping. The complainants mainly Are savers who have seen their returns on certificates of Deposit Cut by half Over the past few years leaving them with far less income than they had become accustomed to. Five years ago the word among financial Counselor was that clients most of whom were Middle aged or beyond could adapt to a lifestyle based on income from about 8 percent interest. Eight percent in fact was considered conservative. Then came the recession and after a while the fed dutifully began pressing interest rates lower the better it thought to encourage economic activity. To some extent it worked but not with those cd savers. What seems to have occurred is a situation designed to separate the Young and old politically. Many of the beneficiaries of lower rates Are relatively Young homeowners. For the latter group interest saved on declining variable rate mortgages or through refinancing can free up hundreds of extra dollars a month. It Means immediate Relief to them just As it Means immediate pressure to older folks. Although lower rates might still get the Economy moving some Early evidence explains Why the movement is not Likely to be Strong or sudden. From the third Quarter of 1990 to the third Quarter of 1991, net consumer interest income a the difference Between interest income and interest expense a shrank from $43.8 billion to $11.2 billion. More was lost than gained. In the week ended feb. 8, said Albert Sindlinger of Sindlinger amp co., 62.7 percent of household Heads about 100 million reported income Down from six months earlier. He added that eight of 10 blame declining interest income. Impasse makes chances dim for major tax Bill this year by the Washington Post Washington a prospects for enactment of a major tax Bill this year Are quickly fading. After weeks of posturing Over which party cares More about the Middle class and the victims of the recession Many democrats and republicans apparently would not mind seeing tax legislation die. A people out there Are not stupid and done to want the tax package either party is offering a said rep. Anthony c. Beilen son a Calif. A a we re being forced by politics on both sides to do something that a not Good for the country and in a sorry to see that president Bush and congressional democratic leaders Are at Odds Over How to finance a tax Cut. The democrats insist that the Bill would increase taxes on the wealthy to provide tax Relief for the Middle class. Bush under attack from conservative challenger Patrick j. Buchanan for having broken his no tax increase vow once before has promised to veto any Bill that includes a tax increase. With Many House democrats still unhappy Over their leadership a tax plan particularly a capital gains provision nearly As generous As the Republican proposal there is virtually no Chance that the democrats could Muster enough votes to defeat a veto by Bush. A it May be that if the president vetoes the proposal we will not be Able to override that veto a said House speaker Thomas s. Foley a Wash. House democratic leaders have been on a fast track to pass a tax package since late january when Bush Laid Down a March 20 deadline. Many Democrat representatives have been sceptical about passing a Bill now after economists have testified that it would do Little to help end the recession and might add to the deficit. House speaker Thomas s. Foley a file
