European Stars and Stripes (Newspaper) - May 29, 1992, Darmstadt, Hesse                                Friday May 29, 1992 the stars and stripes q Page 17money matter today s tip american airlines slashed its lowest excursion fares in half wednesday in response to competitors programs offering free travel to adults accompanying children on Domestic flights. Delta United and Northwest airlines a which started the fare cutting in an apparent bid to stimulate summer vacation travel a quickly followed suit. The move by the nations four largest airlines reduces round trip fares Between new York and los Angeles to $200 and provides comparable discounts on other Domestic flights. But bargain Hunters will have Only about a week to buy  rates London up thursdays 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 $377.20 an ounce Silver at $4.07. May 27 May 28 British Pound.1.8062 1.8021 German mark.1.6310 1.6275 French franc.5.4815 5.4640 dutch guilder.1.8390 1.8325 belgian franc.33.58 a italian lira.1,229.60 1,228.15 Swiss franc.1 -4885 1.4780 greek drachma.193.70 a turkish lira.6,826.30 a saudi arabian riyal.3.7499 a Spanish peseta.101.73 portuguese escudo.135.25 a Canadian dollar.1.2025 a austrian schilling.11.47 a norwegian krone.6.3560 a danish krone.6.2875 a these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates apply to the Sale of German Marks and British pounds to . Personnel for personal use. Through Friday these will be 1.59 Marks to a Dollar and $1.85 for a Pound based on Price fixings at military banking facilities. New York Exchange i a the 15 most Active stocks in new York Stock Exchange composite trading on wednesday. New York up change Stock syntax corp Philip Morris Ara Cruz Rwjr Nabisco hid Walt Disney co Exxon corp general motors Merck amp co inc Schlumberger Conner perish re coca cola to at amp to company fed dept stores British petrol global Marine sales 5,717,300 2,789,000 2.611.700 2.571.500 2.389.500 2,339,600 2.185.800 i 712,900 1.686.800 1,628,900 1.576.700 1.547.400 1.511.400 1.386.500 1,354,100 last 37 i 75% 13% 9% 37 % 61 % 39 % 49 % 67 a 22 44 % 41 % 12 59 v4 2 net chg. Off 3% up 1 unch up % unc i off 2 % up 1 % off % off 1 a a of up up % up a off % unch american Exchange new York up the ten most Active stocks in american Stock Exchange composite trading wednesday. Stock Salomon Phi Bro expo rate co la Nabors Industry inti murex tech Ivan corp us Bio science Sbarro inc Royal Oak mines Wang labs inc b spi hold of sales 793.700 676.400 418,200 415.400 351.400 350.700 340,800 329.600 303,300 301,900 last 3% 1 a it 7 % 14 % 24 i 11 a 23 1 9-16 3% 5 a a net chg. Off % up 1-16 up % up % unch off % up i unch off a unch Dow Jones new York up Dow Jones closing Range of averages wednesday 30 Indus nals 20 transport 15 utilities 65 stocks High 3396 62 1371 08 214 26 1 197 94 Low 3337 26 1350.90 211 94 1179.17 Closi 3370.44 1359 68 21301 1188 81 change up 6 23 off 1 12 up 0 25 up 1 11 orders for durable goods increase for fourth month i Washington a new orders for a big tickets factory goods Rose in april for a fourth month the longest Streak in five years the government said wednesday. Economists noted that last months 1.4 percent gain was heavily influenced b military orders but said the Economy Sti looks not quite As bad As previously believed. The National association of business economists said wednesday that consumer and business demand for durable goods a defined As items expected to fast at least three years a would support economic growth of 2 percent this year. That represented a half Point upward revision from their forecast of three months ago. Their projection for 1993 remained at 3 percent growth. The april Advance in durable goods followed reported gains of 2.3 percent in March 0.2 percent in february and 2.3 percent in january. Durable goods products ranging from autos to battleships had not posted so Many successive gains since rising for six months from february through july 1987. But most of april a increase came from a 21.6 percent surge in demand for military hardware. Demand for civilian goods edged up 0.2 percent. In the other categories orders for primary metals were up 2.8 percent last month while orders for Industrial machinery and equipment fell 1.9 percent. Orders for electronic equipment were Down 0.3 percent. The key category of non military capital goods fell 6.8 percent following a 9.4 percent jump in the previous month. That category is seen As a Good indication of Industry plans to expand and modernize. David Wyss an economist at dr1-Mcgraw Hill said that though the Overall number was significantly higher than economists expected it was heavily skewed by the military purchases a sector that is volatile from month to month depending on when government contracts Are signed. Russians told to help . Business by the Washington Post Moscow a Deputy Secretary of state Lawrence s. Eagleburger in a speech in the Kremlin on wednesday night warned russian authorities and business interests that american investment in the former soviet Union is still a severely if not fatally hampered by restrictions and uncertainties. Eagleburger speaking to the Trade and economic Council of . It. And russian Busi a newsmen said the United states is determined to build a a lasting partnership with the nations of the former soviet Union As they move toward democracy and capitalism. He said private investment and not just government Aid would be needed to help the 15 nations of the former soviet Union surmount their economic crisis. And he seemed eager to allay some common russian fears contending that . Businesses coming to Russia would not be a robber Barons but a responsible  but he told the russians that american investors cannot be forced to do business Here a and arc unlikely to invest if the climate docs not improve. The state departments second ranking official cited shifting confusing Laws and regulations huge increases in tax rates for foreigners and foreign companies uncertainty about who owns what and who controls russians vast natural resources with various Levels of govern ment competing for the wealth and the former soviet unions $190 million debt to . Companies. A they cannot do business when for example a sudden tax increase wipes out the anticipated profit on a previously negotiated project a Eagleburger said. Eagleburger a speech in the Kremlin Palace of congresses was not open to reporters but . Officials made a copy available. Russian president Boris Yeltsin has promised Russia and the West that he will destroy the old command Economy of the soviet Union and allow Russia to move to a free Market. But he faces powerful opposition from bureaucracies from local and regional leaders who have seized authority ceded by Moscow and from people dismayed by rising prices and the disappearance of a social safety net. House still Good investment though the 80s Are history by Chet Currier the associated press new York a when people talk about houses As investments they sometimes speak in the past tense. After the fall in Home prices since the late 1980s, the presumption seems to be that the Appeal of residential real estate As a Basic family investment has been permanently tarnished. It is True analysts generally agree that speculative enthusiasm for Short term investments in Homes has been greatly chastened and that properties in general Are no longer viewed As automatic capital appreciation machines. But the same observers say the idea of the Market for houses As a a dead is no More accurate than the previous perception that prices were destined to keep rising forever. A myths about Home ownership Are emerging again. Done to fall for them a said Barbara Allen housing analyst at the Wall Street firm Oppenheimer amp co., in a just published report. For most americans she said the reasons for buying houses Haven to changed in 50 years. The mood of the housing Market is certainly different from what it was in the 1970s and most of the 1980s. Today a Home buyers and owners Are a lot More conservative than their earlier counterparts. That shows for instance in the growing popularity of 15-year fixed mortgages As opposed to either conventional 30-year mortgages or adjustable rate Loans. This seems partly to reflect a �?T90s View of debt that is very wary. In addition it is consistent with a scaled Down vision of the potential rewards of leveraged investment in houses. A the investment aspect of housing is lower than in the past a Robert Van order chief economist at the Federal Home loan mortgage corp., said in a recent speech. Still Homes can serve As a vehicle for savings by allowing owners to build equity in the property As they pay Down the balance on their mortgages. Further mortgage debt retains an allure since most mortgage interest remains deductible on Federal income tax returns though the deduction for consumer interest payments has been eliminated. Business sprint and Centel to merge varied phone operations from wire reports new York a sprint corp. Said wednesday it would merge with Centel corp. In a $2.85 billion Stock Swap Deal that would form the Only phone company providing Long distance local and cellular phone services in the country. Centel based in Chicago provides local phone service in seven states through about 1.6 million lines. It also manages cellular systems in 44 metropolitan areas. Sprint based in Kansas City mo., is the nations third largest Long distance phone company after american Telephone amp Telegraph co. And Sci communications corp. The combined company called sprint will be based in Kansas City and have annual revenues of about $10 billion. Raythelon to Lay off 700 Lexington mass. Pentagon contractor Raythelon co. Said wednesday it would Lay off 700 workers As it tries to Cut costs to compete for military work. Raythelon which employs about 70,000 people already had eliminated nearly 5,000 jobs Over the past year through layoffs and attrition. Clothing firm in chapter 11 Tustin Calif. A Ocean Pacific Sun Wear ltd., the worlds largest sur Wear company filed wednesday for chapter 11 Federal bankruptcy Protection citing debt problems from its discontinued manufacturing operations