European Stars and Stripes (Newspaper) - June 5, 1992, Darmstadt, Hesse                                Friday june 5, 1992 the stars and stripes b Page 17money matters today a tip Oil prices Rose to new closing highs for 1992 wednesday. Quot Light Sweet crude Oil for delivery in july settled at $22.43 per barrel up 32 cents at the new York Mer Cantile Exchange. Oils previous closing High Price for the year was $22.11, set Friday. Oil prices have been advancing lately amid indications that saudi Arabia the worlds most influential Petroleum exporter has reversed its Long time policy favouring moderate prices and now wants prices to go up. Open recently agreed to hold its Spring production Levels fairly steady in the summer when demand for Oil rises. That could prop up the per barrel Price analysts  rates following Are fixed rates at which Community banking facilities will sell foreign currencies to . Personnel for personal use through Friday German mark.1.57 British pound.1.87 dutch Guilder.1.76 greek drachma .187.7899 note the rates above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira .1,214.60 turkish lira .6,856.10 Spanish peseta.100.54 austrian schilling.11.3010 saudi rial.3.7500 Bahrain dinar.0.37675 Kuwait Dinar .0.29100 norwegian krone.6.2700 danish krone.6.2020 British pound.1.8209 German mark.1.6000 Swiss franc .1.4635 French franc.5.4095 dutch Guilder. 1.8027 belgian franc.32.96 Gold quote $338.50 an ounce Silver quote $4.07 an ounce new York Exchange new York up York Stock Exchange Stock Maxis Energy Bristol Myersq Citicorp Chrysler corp Amer express co general motors Illinois Centre Glaxo holdings Zweig total ret Merck amp co inc syntax corp Ford motor co Abbott labs inc nocal corp Johnson amp Johnsn american Exchange a the 15 most Active stocks in new composite trading on wednesday sales last net chg. 7.672,700 6 a up % 5,681,800 66% off % 3,376,700 19% up % 3.325,500 19% up % 3,215,600 24 a up % 2,871,500 41 % up 1 a 2,822,400 23 up % 2,523,300 27 a unch 2,461,400 9% off % 2,393,800 49% unch 2,166,700 36 i up 1 % 2,160,700 46 Viup % 1,975,500 31 i off 1 a 1,834,600 27% up % 1,827,100 90% Oft 2 % new York up american Stock exc a the ten most Active stocks in Inge composite trading wednesday. Slock slice Lett net chg. Inti Corona 838,000 4 a a up 3-16 magma Copper co 532,900 13% up pall corp 473,800 23 up % Bolar pharm co 444,000 14 up 1 % Echo Bay mines 360,300 5% off % carnival cruise 316,400 28% up % Oft % Alza corp 293,500 46 % Wang labs inc b 287,600 3% up a us Bio science 203,200 11 % up % Weatherford inc 186,600 5 % up a Dow Jones new York up Dow Jolt doting it not of a target wednesday 30 ind Sthals 20 transport 15 unities 65 stocks High 3431 09 1384 90 212 88 120/23 Low 337873 1363 98 210 44 1189 51 Croaa 3406 99 1373 13 21201 1198 70 Clam up 10 89 up 1 49 up 0 69 up 3 07 Job counters admit to goof recession toll a third higher from wire reports Washington the labor department said wednesday it now estimates that 2.2 million payroll jobs have been lost in the recession a figure one third higher than the governments previous estimate. Officials said they Are still at a loss to explain How such a huge error could have been made but they insisted it was not politically motivated to make the recession appear less severe. The new estimate released wednesday As part of the governments annual revision of its employment statistics showed that 2.2 million jobs were lost Between june 1990, the month before the recession officially is said to have begun and january 1992. The old figures had put the Job loss for that period at 1.68 million 32 percent below the new estimate. Some private economists said the announcement went a Long Way toward answering last years Puzzle of Why Confidence surveys showed americans so fearful when the governments economic statistics were depicting a mild recession. A this shows that the recession was More severe than the data had indicated a a said Allen Sinai chief economist for the Boston co. Even with the revisions the Job loss for the recession was still below the average for Post War downturns. T he new figures put Job loss at 1.8 percent of total jobs in the payroll Survey compared with an average of 2.7 percent for eight previous downturns since 1945. The under count on Job losses has been a major Issue in California where officials relied on faulty bus data in making Revenue estimates and thus ended up with a More severe budget deficit than they had anticipated. But looking ahead the new York limes reported that More corporate executives expect to be hiring workers this year than last. Quot interviews with chief executives along with the results of several recent polls show an upturn in hiring plans and general agreement that the worst of the layoffs is Over a except for some industries in the throes of reorganizing including the military computer and banking businesses. Preliminary results from Dun amp brads treets latest quarterly Survey of 3,000 companies found that nearly 60 percent of executives predicted higher sales this summer and fall and the number of firms that planned to add workers nearly doubled from last Winter. At least three other comprehensive surveys also found a significant upturn in hiring plans this summer comparable to increases Early in the recovery of 1983. Fed chief plays Down inflation threat by the new York times Toronto the Federal Reserve boards chairman Alan Greenspan said wednesday that even As the Economy expanded he did not see inflation re emerging As an economic threat in the United states in the next two or three years. A Short of an extraordinary expansion which does not seem to be embodied in the data inflation seems to be Well contained a Greenspan said in Toronto during the International monetary conference of the american Bankers association. Greenspan who appeared Here with Central Bank leaders from Europe and Japan acknowledged that the financial markets still saw a Long term inflation threat in the United states and said these inflation expectations had generated higher Long term interest rates than 8 were justified. While inflation is running around 2 percent 30-year trea sury Bonds Are yielding 7va to percent. A i Hope that when it becomes evident As time goes on that indeed inflation will not be emerging in the United states that these inflation premiums will indeed fall and with them Long term interest rates a the feds chairman told reporters after his address to the closed meeting. Stephen d. Slifer managing director of Lehman Brothers said in a Telephone interview from new York that some other members of the Federal Reserve Board were not As pleased As Greenspan with the current rate of inflation and believe it should be Cut to Zero. As a result Slifer said he did not see the fed cutting Short term rates again unless there was some a real economic  Alan Greenspan . Savings Bonds Riding on Cloud nine new York apr in a climate of Low interest rates and High tax consciousness . Savings Bonds Are flourishing As they Seldom have before in their Long history. Sales of series be Bonds topped $1 billion in each of the first four months of this year setting a Pace not seen since the programs Early glory years in world War 11. The Way they have been going before the year is out they will easily surpass the totals of $8.1 billion recorded in 1990 and $9.3 billion in 1991. A savings Bonds have been around for More than 50 years a testament to their Universal popularity As a Basic investment vehicle a says the United amp Babson investment report a Boston based advisory letter. A they Are sold in Small denominations require no special expertise to understand entail no added fees for Purchase or Sale can be bought through Banks across the nation and offer some tax  As with other types of . Treasury securities interest earned on savings Bonds is exempt from state and local taxes. Interest on be Bonds accumulates through increases in the Bonds redemption value rather than being paid out As current income and Federal income taxes on those earnings can be deferred until the Bonds Are cashed in. As the interest rates on competing investments such As Bank certificates of Deposit have fallen Over the past couple of years savings Bonds have gained some comparative allure. The rate paid on be Bonds which is calculated every sue months based on a formula of 85 percent of the return offered by five year Treasury notes has been 5.58 percent since May 1. But people who hold be Bonds for at East five years Are guaranteed a minimum rate of 6 percent. Business May business Flowers at Atlantic City casinos from wire reports Atlantic City . Atlantic City a 12 Casino hotels reaped $276.6 million before expenses during May an 8.4 percent increase Over the comparable year earlier figure a Trade association reported. Last year the gaming Halls Gross revenues for May were $255.1 million the Casino association of new Jersey said. Caesars Atlantic City hotel Casino was the Only gaming Hall to make less Money in May 1992 than in that month last year the associated said in a tuesday report. The  took in 3.9 percent less compared to May 1991. Salomon names chairman new York a Salomon inc. Wednesday appointed Robert Denham chairman of the investment firm replacing interim chairman Warren Buffett who was brought in to run the company after it admitted involvement in a Treasury auction scandal. Denham 46, has been general counsel of Salomon for the last nine months the company said. Buffett the billionaire Omaha investor will remain chairman of the executive committee of the Salomon Hoard of directors. Buffett took Over the Helm at Salomon last August