European Stars and Stripes (Newspaper) - December 25, 1992, Darmstadt, Hesse                                Friday saturday december 25/26, 1992 Money matters the stars and stripes a Page 15 Consumers used savings for purchases in november Albertine enterprises in Washington. A a i today s rates -1 fallowing Are fixed rates at which Community banking and credit Union facilities will sell foreign or Rescics to . Personnel for personal use German mark.1.55 British Pound.1.57 dutch guilder.1.74 greek drachma .204.9028 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. 1,421.50 turkish lira .8,414.60 Spanish peseta.112.67 portuguese escudo .143.15 austrian Schilling .11.2070 saudi rial.3.7495 Bahrain dinar.0.37675 Kuwait Dinar .0.30080 norwegian Krone.6.78 danish Krone. 6.1080 British Pound.1.5355 German mark.1.5912 Swiss franc. 1.4382 French franc .5.43 dutch guilder.1.7893 belgian franc.32.75 Canadian Dollar. 1.2595 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $332.90 an ounce Silver quote $3.70an ounce new York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on wednesday. Stock sales last net chg. Inti Multi foods 7,193,700 28% off % Glaxo holdings Tucson elec per 6,919,200 22% off 1% 4,195,200 2vi unch ism corp 4,185,300 51 a off % Merck amp co inc 2,885,800 45 off 1v4 Citicorp Pfizer inc 2,330,900 20% up % 2,145,600 74 off 3% Johnson amp Johnsn 2,079,900 51% off 1% at amp to company 2,064,700 51% up 1% Wal Mart stores 2,057,200 64% up 1% Bristol Myersq 2,022,800 67% off 3% Rwjr Nabisco hid 2,011,800 8% unch Philip Morris 1,984,900 77 a off % Boeing co 1,973,600 38% up 1 a adv Micro docs 1,674,300 17% off % american Exchange j new York up a the 10 most Active stocks in american Stock Exchange composite trading wednesday. Stock sales last net chg. Nabors Industry 2,011,600 6% unch Amdahl corp 1,440,500 7% up % Hill Haven corp 897,800 4 3-16 up 1-16 Glatfelter pm 547,700 18 up % Jan Bell mtg 513,200 16% off % Rhone Poul cart 489,300 4% up % Ivan corp 447,200 28vi Oft % us Bio science 320,900 10% off % Hasbro inc 315,900 32% off % expo rate co la 260.400 1 3-16 off 1-16 Dow Jones new York up a Dow Jones closing Range of averages wednesday High Low close change 30 industrials 3350.55 3293.01 3313.54 off 7 56 20 transport 1460.29 1432.49 1443.57 off 5.64 15 utilities 225 34 222.02 223.77up 0.18 65 stocks 1220 66 1199 45 1207.80 off 2.78saudis give Raythelon big Patriot contract Lexington mass. A Raythelon co. Announced wednesday that its missile systems division had been awarded a $1.03 billion contract to provide saudi Arabia with Patriot missiles and associated equipment. The order described As one of the largest foreign military sales in the company a history a is important because it maintains a production base for a system that is critical for the defense of the . And its allies a said William h. Swanson senior vice president and general manager of Rathe on a missile systems division. Washington up . Consumers spent Money faster than they earned it last month dipping into their savings As they flocked to shopping malls for the holidays the government said wednesday. While Consumers continued to put modest amounts of Money into the sluggish Economy orders to . Factories for expensive goods decreased in november the Commerce department said. But durable goods orders declined chiefly because of a weaker demand for commercial aircraft not because of a drop in demand for All expensive goods. Excluding aircraft durable goods orders would have gone up. A the Economy continues to grow slowly and unevenly a said John Albertine who runs the economic forecasting firm by new Day new York the Federal equal employment Opportunity commission alleges that a new York brokerage House fired at least 17 older company officers in violation of the age discrimination in employment act. Wednesdays action against Kidder Peabody amp co. Inc. Is believed to be the largest discrimination Case filed against a brokerage House. Leoc lawyers said the employees 40 or older had been discharged to make Wang reports Lowell mass. Up Wang laboratories inc., reorganizing under chapter 11 bankruptcy reported on wednesday a loss of $66.6 million for the first Quarter of its fiscal 1993. The figure compared with a $9.8 million loss in the year ago period. The big loss for the Quarter that ended sept. 30 was expected and included $28 million in one time charges related to the company a reorganization efforts. The Commerce department said personal income increased 0.2 percent or $10.7 billion to an annual rate of $5.1 trillion. Consumer spending Rose 0.5 percent or $21.9 billion to $4.3 trillion it said. Spending has outpaced income growth during three of the last five months. In october spending Rose 1 percent and income grew 1.1 percent. Consumer spending accounts for two thirds of the nations economic activity. The modest gains this year Are encouraging but analysts said incomes Are not rising fast enough because of the sluggish Economy. As a result people Are having to use their savings to make necessary purchases. The savings rate fell to 4.2 percent in november Down from 4.6 per Way for younger employees. The fired employees All made six figure salaries and an Leoc lawyer said one reason they May have been dismissed was that younger employees would Cost less. The firings occurred Over the last two years. In a suit filed in Manhattan a . District court the Leoc is asking the court among other things to order Kidder to introduce policies to end age discrimination and to Grant damages equal to twice the fired workers Back wages. Helen Platt spokeswoman for the Bro Wang filed for chapter 11 bankruptcy Protection aug. 18, Midway through its first Quarter. The High tech company said first Quarter results continued to reflect lower margins resulting from Tough Price Competition and underutilized manufacturing capacity. Revenues for the Quarter totalled $360 million compared with $461.1 million a year ago. Wang said that the drop was a Factor in the big first Quarter loss a but cent in october. A a the problem is that consumer spending cannot outpace consumer income indefinitely Quot Albertine said. Disposable personal income a personal income minus personal tax and non tax payments a inched up 0.1 percent in november after rising 1.2 percent in october. Private wages and salaries increased 0.7 percent or $21.8 billion in november. That was the highest Rise since february. Government wages and salaries fell $900 million. The Commerce department said durable goods orders fell $2.4 billion last month to $122.9 billion following an upwardly revised 4.6 percent increase in october and a 0.4 percent increase in  in firings Kersage said the company denied the charges. A Kidder Peabody has very strict policies with regard to discrimination that Are tightly enforced a she said. But Paul Shoemaker a lawyer privately representing two of the former employees alleged that age discrimination is common in parts of the Industry. A in general its acknowledged that you done to Sec Many people Over 50 in certain types of positions particularly sales and training but also investment banking a Shoemaker said. That the Revenue figure was in line with the company a initial estimates for fiscal 1993. The problem Wang said was that the Revenue fell so fast that Cost cutting and restructuring actions could not take hold fast enough to offset the effects. But Wang in its earning statement said it a continues to expect a successful and timely emergence from chapter 11  thin skin of a giant workers from Northrop corp. In Torrance calif., move an Alu Northrop has built the fuselage Section since the 747 program Minum panel that will become part of the 1,000th Boeing 747. Began in 1966. . Charges broker with age $66.6 million loss for Quarter