European Stars and Stripes (Newspaper) - October 31, 1992, Darmstadt, Hesse                                Saturday october 31, 492 Money matters the stars and stripes b Page 17 1 today a rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use Ger Nan Mark.1.50 British Pound.1.60 dutch Guilder. 1.68 greek drachma .193.9689 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 .1,312.50 turkish lira.7,834.00 Spanish peseta.108.75 portuguese escudo .136.70 austrian schilling.10.785 saudi rial.3.7495 Bahrain dinar.0.37675 Kuwait dinar.0.2964 norwegian krone.6.245 danish krone.5.892 British Pound 1.5625 German Mark. 1.5422 Swiss franc .1.1.373 French franc.5.226 dutch Guilder.1.7364 belgian franc. 31.77 Canadian Dollar. 1.2397 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $339.50 an ounce Silver quote $3.76 an ounce l new York Exchange new York up1 York Stock Exchange Stock Tel Fonos of my travellers corp ism corp Triton Energy general motors Merck amp co inc Rwjr Nabisco hid syntax corp permian Basin Cooper kinds inc fora motor co Union Carbide Del inc Glaxo holdings Philip Morris a the 15 most Active stocks in new composite trading on thursday. Sales last net chg. 3,858,000 2.591.500 2.569.800 2.556.500 2.468.900 2.372.700 2.189.900 2.105.700 2,006,100 1.959.500 1,929,600 1.806.800 1.717.700 1.669.700 1,606,300 50% 23% 66 38% 31% 43% 8% 24% 4% 46% 37% 14% 19% 25% 77% up1% up off1% off 4% unch off Vic unch up unch off 6% off % up up % up up l american Exchange new York up the 10 most Active stocks in american Stock Exchange composite trading thursday. Stock Hill Haven corp Horn amp hardart Benton Oil Gas Ivan corp Alc common corp Cheyenne softer Turner by dust b Hasbro inc epitome inc first Aust pm sales 1,180,000 921.000 874,800 757,200 637,500 557,900 442.000 301.000 282,600 280.000 last 3 2% 6 31% 8% 2b 21% 34 20% 10 net chg. Up 5-16 unch off up1% up % up 1% up 1 % up up 1% unch c Dow Jones 1 new York up rages thursday High Low 30 industrials 3268.96 3224.39 20 transport 1380.51 1347.48 15 utilities 220.02 217.95 65 stocks 1179.56 1160.55 Dow Jones closing Range of a change 5.13 close 3246.27 off 5.1 1361.58 up 5.44 219.70 up 1.56 1169.95 up 1.73 richest families in . Gained th6 most in 80s, study finds by John d. Mcclain Washington a the richest one half percent of american families got 55 percent of the total increase in household wealth Between 1983 and 1989, according to a study released thursday by the economic policy Institute. The study the Rich get increasingly Richer found that while the a super Rich enjoyed rapid growth of wealth the Bottom 60 percent of families found their wealth stagnating or falling by 1989. A a comparison of 1983 and 1989 data reveals a Sharp increase in wealth inequality Over the period a said Edward Wolff the new York University economics professor who wrote the study. . Wealth concentration in 1989 was More extreme than that of any time since 1929.�?� Wolff wrote the study for the economic policy Institute which describes itself As a non partisan economic think tank supported by foundations labor unions corporations and individuals. Wolff found that family wealth increased from $13.6 trillion to $16.1 trillion Between 1983 and 1989. Fifty five percent of the increase went to the top one half percent of families. He said the richest one half percent saw their average wealth grow from $8.5 million in 1983 to $10.7 million in 1989, or 26 percent. At the same time he said the lower Middle and Bottom wealth classes collectively lost $256 billion in wealth. Wolff contends that wealth provides a More Complete picture of family Well being than the typical measure using income. Wealth he wrote refers to the net value of assets a such As stocks savings accounts and housing a minus debt. Income on the other hand refers to a flow of dollars Over a set period usually a year a such As salary interest and dividends. Other findings included a wealth is even More concentrated than income. In 1989, the top fifth of wealth holders owned 80 percent of total household wealth but the top fifth of income recipients accounted for a Little Over half of total family income. A seventy percent of the growth in wealth resulted from appreciation of existing wealth and the remaining 30 percent to personal savings. Thus he contended most of the wealth increase was due to capital gains not Thrift. A Between 1983 and 1989, the indebtedness of . Households increased from 15 percent of net Worth to almost 19 percent. Computer maker will close 2 plants Springfield mass. A digital equipment corp. Said thursday it is closing its manufacturing plants in Springfield and in Burlington vt., putting about 670 employees out of work. Digital the nations second largest computer maker employs about 320 people at the Springfield Plant and about 350 at the Vermont Plant. _ officials said they expected the work Force to be phased out and the plants shut by april first mini disc spins out Singer Mariah Carey Center holds the first mini disc produced month 500,000 of the discs can be produced at the facility. Pc by digital audio disc corp. During ceremonies thursday dedicate suiting the disc to Carey Are from left Sony president and ceo ing the new facility in Terre haute ind. The mini disc is the Sony Norio Ohga Sony Usa vice chairman Michael Schulhof and Sony Corpus new consumer digital audio recording medium. Each music president Thomas Mottola. Fewer jobs advertised in nation s newspapers new York apr help wanted advertising in major . Newspapers continued to fall in september As demand for labor remained weak the conference Board said thursday. The business research group said its help wanted Index dropped 4 Points to 89 last month from Augustus 93 Reading. The Index measures the number of ads placed in 51 major newspapers by employers seeking help across the country. It is considered a sensitive indicator of demand for labor. September saw the nations private employers Cut 57,000 jobs from their payrolls so a drop in help wanted advertising would be expected. Demand for labor a been weak throughout the recession and amid continuing layoffs by Many companies. The conference Board noted that even when businesses needed More help they tended to use current workers on overtime rather than advertise for and take on new employees. The conference Board said advertising volume Rose marginally in the South Atlantic and East South Central regions. All other regions which conform to the census bureaus divisions of the 50 states suffered drops in and volume. New England had the largest decline 13.3 percent. Health care company to Cut about 2,200 jobs by the new York times acknowledging difficult times in its Core drug and infant formula businesses Bristol Myers Squibb co. Announced thursday that it would eliminate about 2,200 jobs 4 percent of its work Force in the next five months. The big new York based health care company said it would Cut the jobs in its worldwide pharmaceutical and nutritional groups. Jerry Parrott a company spokesman said the reductions would hit a fall Levels departments and operations of the drug and nutrition units around the world in roughly the same proportions. About 330 of the cuts will be in Central new Jersey at the company units in Lawrenceville Princeton Plainsboro and new Brunswick. But none would apply to the Headquarters staff in new York. Combined with the announced Sale this week of its Drackett household products unit to . Johnson amp son inc., Bristol Myers Squibb is shedding a total of 3,800 of the 53,500 employees on its payroll at the beginning of this year