European Stars and Stripes (Newspaper) - April 2, 1992, Darmstadt, Hesse                                Page 18 a the stars and stripes thursday april 2,1992money matters 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 inked 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 for companies that have won Tenta native permission. F pc 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 343.75 an ounce Silver at 4,15. March 31 april 1 British Pound.1.7374 1.7260 German mark.1.6473 1.6525 French franc.5.5675 5.6020 Oulch guilder.1.8504 1.8575 belgian franc.33.80 34.03 italian hra.1.238.75 1,245.50 Swiss franc.1.5023 1.5090 Greet drachma.190.71 192.00 turkish lira.8,232.60 8,287.40 saudi arabian rtyal.3.7501 3.7501 Spanish peseta.103.87 104.64 portuguese escudo.141.63 142.52 Canadian dollar.1.1902 1.1b93 austrian schilling.11.566 11.627 norwegian krone.6.451 6.486 danish krone.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 British pounds and German Marks to . Personnel for personal use. Through thursday these will be $1.77 for a Pound and 1.61 Marks to a Dollar based on Price fixings wednesday afternoon at military banking facilities. New York Exchange new York up York Stock Exchange Hie 1b most Active stocks in new composite trading on tuesday. Stock Sale last net Chi Bristol Myersq Rwjr Nabisco hid 3.266.900 76% off 2 2.567,000 9 i up to limited inc 1.851,100 28 Vuk on Vuk global Marine 1,845,800 1 h unch Oak industries 1.789.300 2 to up to at amp to company 1,667,700 40 to off to ism corp 1,616,300 83 i up Vuk Glaxo holdings 1,573,600 27 Vuk Oft cowl Tai Edison 1,556,200 33 Vuk off to Mirage resorts 1,520.000 35 Vuk 0 1 h waste mgt inc Pepsico inc Rwjr Nabisco pop 1.434,300 38 4k up a 1,394.100 34 to up Vuk 1.371,900 10 a up Vuk Wal Mart stores 1.266,200 53 to up to Upjohn co 1,257,300 37 to unch american Exchange new York up american Stock to Xci Stock Chambers Dev a Wang labs inc b Alza corp Plains resource pm group web us bios ence Igi inc Medeva Pic Gull cd re secs Alpine group a the Tan most Active stocks in Ange composite trading tuesday. Satee last net dig. 1,794.200 9 i up Vuk 463.900 5 a unch 391.500 41 w off w 365.800 16 Vuk up Vuk 343.400 12 Vuk up 4k Oft Vuk 332,200 14 324,000 12 i Supyk 285,000 18 Vuk off 1 Vuk 212,100 5 it up 4k 208,200 to a up Dow Jones new York if l now Jones dosing Range of average tuesday 30 induct Utaji 20 transport 15 Ubides 65 stocks hmm 3272.it 1392.56 206.12 1172.05 Lew 3216.46 1366.41 202 93 1151.60 3235.47 1363.79 205.62 1161.80 comm Upo?3 111.40 40 1 75 14.15 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 it s 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 department s 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 feb 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 will 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 generate 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 Douglass ii tuesday a Var nex years a spokesman unless the airlines again begin purchasing new aircraft or in a i red fans in is is Likely to continue Quot said Robert Hood president of Douglas in a recent memo