European Stars and Stripes (Newspaper) - April 29, 1992, Darmstadt, Hesse                                Wednesday april 29, 1992 the stars and stripes b Page 17money matters existing Home sales in March remained at the highest level in More than three years according to a report that analysts viewed As a fresh sign the housing Industry was pacing the economic rebound. The National association of realtors said monday that sales of previously owned Homes totalled 3.49 million at a seasonally adjusted annual rate unchanged from the february level. It was the highest level since resales hit a 3.50 million rate in february 1989. Sales Rose in both the Northeast and South in March but fell in the Midwest and West. Conversion rates London up tuesdays 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 $337.00 an ounce Silver at $3.97. April 27 april 28 British Pound.1.7797 1.7750 German mark.1.6520 1.6535 French franc.5.5755 5.5990 dutch guilder.1.8600 1.8635 belgian franc.33.98 34.05 italian lira.1,242.50 1,247.75 Swiss franc.1.5295 1.5180 greek drachma.193.60 193.94 turkish lira.6,541.30 6,567.00 saudi arabian riyal.3.7492 3.7492 Spanish peseta.103.57 103.90 portuguese escudo.139.57 139.51 Canadian Dollar.1.1907 1.1975 austrian schilling.11.6550 11.6725 norwegian krone.6.4535 6.4660 danish krone.6.3905 6.4105 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 1.62 Marks to a Dollar and $1.82 for a Pound through wednesday based on tuesdays noontime Price fixings. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock Texaco inc general motors Compaq computer Amer express co Black amp Decker Glaxo holdings at amp to company Baker Hughes Ford motor co Chrysler corp Exxon corp Citicorp chemical Bank Mcdonalds corp nocal corp american Exchange new York up the 10 most Active stocks in american Stock Exchange composite trading monday. Salt Lait Nat Chol. 3.017.400 61% up 2,730,800 40 up 2,695,200 23% off 3% 2,484,600 21% off i 2,223,900 25% up 1 % 2,011,300 25% up % 1,537,200 43% up % 1,531,500 20% up 1,462,500 43% up 1,351,900 18% up % 1,343,600 58% off % 1,336,100 18% off 1,284,000 36 up % 1,270,700 43% off % 1,249,500 24% unch Stock sales last net chg. Chambers Dev a 980,700 7 off a a Wang labs inc b 659,400 4 unch fruit of loom 306,200 36 off 1 Nabors to dusts 305,900 6 off /4 inti Corona 259.000 3 9-16 off 1-16 Alza corp 252,800 40 off 1 % Western digital 239,200 4% up % hath Proff Eanls 235,000 9% up i carnival cruise 189,900 28% up % Weatherford inc 178,100 4% up % Dow Jones new York up monday 30 industrials 20 transport 15 unities 65 stocks Dow Jones dosing Range of averages High 3340 79 1370 89 208 38 1182 40 Low 3284 66 1343 98 205 93 1162 36 i close Chesni 3304 56 Oft 19 1350.15 off 10.09 206 69 Oft 1 00 1168 54 off 7 35 International monetary fund accepts 14 sex soviet republics Washington up the International monetary fund granted membership monday to 14 former soviet republics including Russia which is seeking a $24 billion Aid package to help overhaul its economic system. A we Are most grateful for their support for our Reform efforts a russian Deputy prime minister Yegor Gaidar said following the announcement. The group of seven major industrialized nations key contributors to the if endorsed the Aid package sunday after receiving assurances from Gaidar that Russia was moving ahead with economic reforms called for by the if. In addition to Russia the if Board of governors adopted membership resolutions for Armenia Belarus Estonia Georgia Kazakhstan Kyrgyzstan Latvia Lithuania Moldova Tajikistan Turkmenistan Ukraine and Uzbekistan. There were delays in processing the azerbaijani application which will be voted on by the if on monday a spokesman said. The if is an International financial cooperative that lends Money to member countries suffering from Short term bal Ance of payment problems. Thirteen of the former republics also were granted membership monday in the world Bank the i mfg a sister organization that lends Money for longer term financial problems. World Bank votes on Azerbaijan and Turkmenistan Are scheduled for monday. The if is helping russian leaders Fine tune an economic Reform program that Calls for stabilizing the Ruble cutting the budget deficit reducing the role of government and curbing monetary growth to bring inflation under control. Russian Deputy prime minister Yegor Gaidar Center is escorted monday into the International monetary fund s Headquarters in Washington by British Chancellor of the exchequer Norman Lamont left. The if wants to reduce the russian Money Supply to bring inflation Down from 400 percent so far this year to single digits by the end of the year. The if also is working with the russians to Stop the Extension of credit to enviable enterprises encourage private ownership and promote increased production to help foreign Trade. Some $6 million of the Aid package would be earmarked for a currency stabilization fund to a facilitate convertibility of the Ruble and promote Confidence in the russian Reform Effort Quot the g-7 leaders said in a communique following their nine hour meeting sunday. A the g-7 ministers and governors Welcome the reforms already undertaken in Russia a the communique said. A they underscored that there is no productive alternative to establishing a Market Economy in Russia through the adoption of Strong and comprehensive macroeconomic structural reforms a the communique said. Gaidar said the stabilization fund would fix the Exchange rate for the Ruble keeping it within Ivi percent above or below the Dollar. But he added a the Best use of a stabilization fund is not to use  Gaidar also said a the most difficult time has passed for soviet citizens but that hardship would continue for the next two years. A we will have problems of increased unemployment Ana Lack of demand in the military Industry a he said. Earlier monday Gaidar told members of the . Chamber of Commerce at a breakfast meeting that his government is facing great difficulty in trying to convert quickly from communism to a Market Economy. A the sad experiences of our country have shown us very clearly that it is very easy to destroy the mechanism of private property and Market democracy. It is terribly difficult to rebuild them a Gaidar said. A it is difficult because in Normal society this mechanism should evolve through years and centuries of Normal evolution. A it is a slow process. It is a process that is politically difficult socially depressing Ana it cannot be done in a few weeks or months or even  Japan s main brokerages lose heavily on securities Tokyo apr Japan a major brokerages said tuesday that they suffered massive appraisal losses on their securities in fiscal 1991 because of the Stock Market plunge. Appraisal losses by the nations big four a Nomura Nikko Uaiwa and Yamaichi securities a and nine other major brokerages totalled about $1.5 billion in fiscal 1991 that ended March 31. Appraisal losses for the big four totalled $980 million. Japan a securities Industry has been plagued by scandals and a tightening monetary policy that have shrivelled the inflated a Bubble Economy of the late 1980s. In 1989 and 1990, the Stock markets major barometer the 225-Issue nikkei Stock average reached nearly 40,000 Points. A tighter Money policy and a mild recession however have halved the markets value by $2.4 trillion in 2\h years. As of tuesday the nikkei has fallen 8,660.73 Points or 33.2 percent since april 1991. According to statistics provided by the brokerages Yamaichi suffered the largest appraisal loss at $310 million followed by Uaiwa which reported a $270 million loss. Nomura came in third at $270 million compared with Nikko a $140 million. Of the 13 brokerages two will not be Able to pay dividends for 1991, while nine others including All but Nomura in the big four Are being forced to Cut dividends ranging from 2 cents to 6 cents from fiscal 1990. Business digital equipment to Cut jobs faces losses in restructuring Boston a digital equipment corp. Said it plans to from wire reports digit. Eliminate at least 10,000 jobs in the next fiscal year and take a charge of As much As $1 billion to cover the costs of its latest restructuring. The charge to be taken in the current Quarter makes it Likely that digital will incur a substantial loss for the fiscal year that ends june 30. Digital took a $1.1 billion charge in 1991. It has already Cut or announced plans to slice some 20,000 jobs from its work Force of 10o,000 since 1989. Labor talks to resume Peoria 111. A Caterpillar inc. And the United Auto workers Union will return to the bargaining table thursday the head of the Federal mediation and conciliation service said monday. The bargaining to be held at the services office in St. Louis will be the first in More than two weeks. The two sides met in the Chicago suburb of Hinsdale april 13 and 14, resulting in the a awl a decision to end its More than 5-month-old strike and go Back to work while contract talks continue