European Stars and Stripes (Newspaper) - April 2, 1992, Darmstadt, Hesse                                Page 10 the stars and stripes thursday april 2,1992money matters pc the Federal transportation department gave Delta air lines tentative approval tuesday to permanently Fly a lucrative Cleveland Detroit London route vacated by pan am. Northwest airlines said it would continue fighting for the route. Delta agreed to buy the route As part of a Large package of assets picked up from pan am last fall or $460 million. Northwest spokesman Mark Abels said from Minneapolis that the airline will meet a monday deadline to file comments showing Why Delta should not get final approval a a normally routine step Tor companies that have won Tenta native permission. 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 1344,25 an ounce Silver at $4.15. March 31 april 1 British Pound.1,7374 1.7249 German mark.1.6473 1.6545 French franc.5.5675 5.6070 dutch guilder.1.8504 1.6607 belgian franc.33.89 34.06 italian lira.1,238.75 1,246.55 Swiss franc.1.5023 1.5115 greek drachma.190.71 192.00 turkish lira.6,232.60 6,267.40 saudi arabian rtyal.3.7501 3.7501 Spanish peseta .103.87 104.64 portuguese escudo.141,63 142.52 can Alan dollar.1.1902 1.1893 austrian schlltino.11.566 11.627 norwegian krone.6.451 6.486 danishwone.6,3765 6.4095 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates concerns the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1 1.61 Marks to a Dollar and $1.77 for a Pound through thursday based on wednesdays noontime Price fixings. New York Exchange new York Impi tha 15 most i Advt stocks in naw change. Latai Uit Natch 3.266.900 76 it of12 2.567.000 9 i up to 1,651,100 26 i of 4 1,845,600 1 unch 1.789.300 2 a up i 1,687,700 40 a Oft. 1.618.300 83 i up a 1,573,800 27 i off m 1.556.200 33 a off a 1.520.000 35 i off 1.434.300 38 h up i 1,394,t00 34 a up i 1.371.900 10 i up i 1.266.200 53 i up i 1.257.300 37 i unch York Stock Exchange composite trading on tuesday Slock Bristol my so Rwjr Nabisco hid limited inc global Marine Oak industries at amp to company ism corp Glaxo holdings com with Edison Mafrige resorts waste mgt inc Pepsico Hie Rwjr Nabisco Pip Wal Mart stores Upjohn co american Exchange new York american stack Stock Chambers Dev a Wang labs inc b Alia corp Plains resource pm group web us Blo Clenca Glinc med eve Pic Gulf Cria re secs Alpine group Pic the ten most Active stocks in change composite trading tuesday. Late Lettl notch. Up 1.794.200 9 i 463,900 5 a a unch 391,500 41 w off i 365,800 18 h up i 343,400 12 a up off a 332,200 t4 324,000 12 a up it 285,000 18 i off 1 a 212,100 5w up 44 208,200 10w up Dow Jones new York up Dow Jones closing rings of averages tuesday 30 industrials 20 transport isl Minh 65 stocks 3272$? 1382.56 206.12 1172.05 Law 3216.46 136641 202.93 1151.60 Tam 3235.47 1363.78 205.62 1161.80 change up0l3 up 11.40 up 1.75 ig>4.15 Economy shows Promise of recovery analysts say from wire reports Washington analysts read tuesdays uptick in economic activity and consumer Confidence As signs that the Long recession May have ended and an anaemic yet sustainable recovery might finally be at hand. A a it a not going to be booming a said Michael Strauss chief economist for us securities inc. In new York. A but you be clearly set the seeds for growth and you re starting to get some  the encouraging talk was triggered by an 0.8 percent february Rise in the Commerce departments most closely watched barometer of future economic activity the Index of leading economic indicators. February a increase followed a 1 percent Rise in the Index in january bolstering economists contentions that a mild but genuine recovery May be afoot. On the positive Side there was a longer average workweek for factory employees manufacturers reported increased orders for consumer goods prices increased for raw materials the Money Supply expanded and deliveries were slower a sign of increased demand. In addition More building permits were issued and a Survey of consumer sentiment also showed improvement. On the negative Side the Stock Market declined there were More first time claims for unemployment insurance contracts declined for new factory construe conference Board Survey american Consumers apparently Are coming out of their hibernation according to a much watched Survey by the conference Board. 81.1 Index Points March 1991  1992 a amps Tion and capital equipment orders and there were fewer unfilled orders for durable goods such As automobiles and appliances. A we think a turning Point occurred in february that the recession ended in january after 19 Long months and we be entered a period of what will turn out to be anaemic recovery a said William k. Macreynolds director of forecasting for the . Chamber of Commerce. That growth Wilt Likely remain in the Range of 2 percent to 2.5 percent however below the 3 percent rate that has been the trend for most of the past 45 years. A your problem is very slow Long term economic growth a Macreynolds said. A a we re in a Long term  burned by false Hopes of a recovery last year the White House responded cautiously to tuesdays Good news. A the recovery son the Way. Its Likely the Economy will continue to improve a said Michael Boskin chairman of the presidents Council of economic advisers. A a let a just look Forward. A i think As the Economy improves Consumers will Register that  since consumer spending accounts for some two thirds of the nations economic activity Boskin said. A a it a obviously critical to the Overall health of the Economy that Consumers Are willing to spend and will be Able to  that will require jobs for the 9 million americans officially unemployed and income growth which has languished at just 0.17 percent a year since 1988. And worries persist that exports which have tumbled for three months in a Row will remain weak amid sluggish economic activity among key american trading partners such As Germany and Japan. Japan cuts key rate but Market still sinks Tokyo up a the Bank of Japan on wednesday slashed its Benchmark interest rate to the lowest level since 1989, but the Long awaited move failed to immediately ignite the sluggish Economy. The Central Bank chopped the discount rate charged on Loans to commercial Banks to 3.75 percent from 4.5 percent at an emergency meeting of its policy Board. Yasushi Mieno governor of the Bank predicted the Cut a will make a sufficient contribution to stable economic growth a averting a recession. The 0.75 percentage Point slice brought the rate charged on Loans to commercial Banks to its lowest level since december 1989, but failed to Ger Ferate any enthusiasm on the Tokyo Stock Exchange. The key nikkei Index closed at 18,581.79, Down 764,16 Points sinking to a five year Low. A the Confidence Isnit there that the Cut is going to do the trick a said Russell Jones economist at us Phillips and Drew International Ltd. A this is very  it was the fourth Cut since last july when the key lending rate was pared to 5.5 percent. The rate Cut came one Day after the government of prime minister Kiichi Miyazawa announced a package of emergency pump priming measures including the Early disbursement of More than 75 percent of the $112 billion budget for Public works spending in the first half of fiscal 1992, which started wednesday. Recent economic indicators show business Confidence in Japan at its lowest Point in More than four years Industrial output sputtering amid drastic inventory adjustments and Money Supply growth at a virtual standstill. The nations Gross National product shrank for the first time in 2vi years in the october december Quarter and is believed to have posted negative growth in the january March Quarter As Well. A the Economy will remain on a downward path Well after the summer and there is no guarantee at All that Calls for another Cut wont come up again a said Yukio Sanbe chief economist at the Dai Chi Kingyo Bank. Business Sears to eliminate 2,000 jobs from management by 1993 from wire reports Chicago a Sears Roebuck and co. Sliced further into its payroll tuesday announcing it will eliminate 2,000 salaried and clerical jobs by Early 1993, the cuts evenly split Between Sears Chicago Headquarters and the Field Are aimed at a Middle management staff. The cuts in eight departments will save $30 million this year and $80 million annually thereafter Sears said in a statement. Sears the country a third largest retailer employed about 450,000 people at the end of 1991. Chrysler takes Detroit Gamble Detroit a Chrysler corp. Opened its Jefferson Avenue North Plant tuesday in the heart of this depressed City bucking the conventional Wisdom of the Auto Industry. While japanese automakers were settling in the Rural mid South during the 1980s, hoping to avoid unions Urban problems and the costs associated with an older work Force Chrysler embraced All of them. It forged ahead with a building covering 1.75 million Square feet on the East Side of Detroit that will employ up to 2,100 workers when it reaches full production of jeep grand Cherokee Utility vehicles. The total Cost of developing the new car and constructing the Assembly Plant is $1.2 billion in stunts against the Grain decision local state and Federal governments agreed to spend about $280 million on improvements and tax abatement. Douglas sees additional cuts Long Beach Calif. A Mcdonnell Douglas corp. Has projected it will Cut an additional 7,000 jobs at its Douglas said tuesday a Var n6xt years a spokesman unless the airlines again begin purchasing new aircraft a a reducing jobs is Likely to continue Quot said Robert Hood president of Douglas in a recent memo