European Stars and Stripes (Newspaper) - February 11, 1993, Darmstadt, Hesse                                Page 12. B the staffs and stripes Money matters thursday february 11,1993 today s rates following arc fixed rates at which Community banking an credit Union facilities will sell for eign currencies to . Personnel for personal use Gorman Mark. 1.60 British Pound 1.47 dutch Guilder 1.80 greek drachma. 215.5403 note the rates above pity within the hos 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 Curren cies italian lira 1,522.75 turkish lira 9,025.60 Spanish peseta 117.46 portuguese escudo 149.61 austrian Schilling 11.61 saudi rial 3.7501 Bahrain Dinar 0.37675 Kuwait Dinar 0.309 norwegian Krone .7.006 danish Krona 6.317 British Pound 1.4285 German Mark. 1.6515 Swiss franc 1.5275 franch franc 5.571 dutch Guilder 1.6625 belgian franc 34.07 Canadian Dollar 1.8625 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Odd quote $330.00 an ounce. Silver quote $3.72 an ounce. I new York Exchange i new York up the 15 most Active stocks in Newyork Stock Exchange composite trading on tuesday. Ital Stolti lilt Nucho. Ism corp 3,580,700 s3h up a Carr realty 3.546,300 24 h unch Merck & co inc 2,891,800 39 a up Glaxo holdings 2,617,700 18 a Offitt called inc 2,400.300 4 unch. General motors 2.354,000 38 h off v4 Chrysler corp 2,330,400 39 i off 1 a Citicorp 2,098,600 25 v4 ofp/4 pet inc 1,986,200 15 Vuk off Rwjr Nabisco hid 1,974,000 b a on w Eastman Kodak 1,970.100 53 a putt Mattel inc 1,818,700 22 it Oft 1 a Bristol Myersq 1,665,600 58 a off Tucson elec per 1,648,300 3v unch Philip Morris 1.582,200 73 i off 1 v. American Exchange new York up the 10 most a tit stocks infant Flam Stock Exchange composite trading tuesday. Stock sales in  Oak mines 1.959.600 2 unch Echo Bay mines 772,300 5v up 9-16hilfciwn corp751,200 311-16 Oft 1-16 spi Narmi inc 469,200 20 a up Hasbro inc 463,900 32 a off it expo rate co la 431,800 15-16  softer 377,100 26 h off 1 it Bergen Brunswig 266,800 24 h up Gay lord Contr 266,600 3vt off i Aurora elect pcs 258,700 14 a up i tax assistance available in Frankfurt Frankfurt Germany is a auditor from the internal Revenue serv ice will answer income tax questions for . Citizens on a limited basis starting saturday afternoon. The representative will provide income tax information and tax forms at the amerika Klaus stauffe Strasse 1, in Frankfurt. Sessions Are saturday from 1 . To 5 . And tuesday wednesday and next thursday from 8 30 . To noon and 1 . To 5 . Anyone with a tax question must seethe auditor in person assistance will not be Given by phone. The irs at the . Embassy in Bonn Germany will provide income tax assist Ance by phone at 0228-339-2119, monday through Friday from 9 . To 4 . Tax forms and a list of commercial tax consultants Are available at the . Consulate in Frankfurt at Siemaye Strasse 21. Sears reports record loss of $3.93 billion for 1992 by the los Angeles times saddled with More than $5 billion in one time charges scars Roebuck and co. On tuesday reported a $3.93 billion. Loss for 1992 the biggest in the retailer s 106-year history. The loss comes during a year of change for Chicago based Sears which was the nation s largest retailer in 1991 but now trails Wal Mart and Kmart. Last month Sears announced plans to Cut 50,000 jobs close 113 stores and kill its big Book Catalon. In october Sears said it would focus on its retail and insurance Core by spinning off its Dean Witter brokerage and coldwell banker residential real estate units. The $5.48 billion in charges detailed tuesday primarily reflect the Cost of a major overhaul of Sears retail operation and the end of its nostalgia Laden Catalon. The blow from Hurricane Andrew to its Allstate insurance subsidiary. And the Impact of new rules on How to account for the future retirement health benefits for current employees and retirees. But even without the one time charges scars retail business had a Tough 12 months. The retail operation reported sharply lower profits on slightly Nighor revenues which Sears blamed on disappointing results from its scandal plagued car repair business and on lower Overall profit margins caused by above average promotional and clearance markdowns. The merchandising group was weaker than we thought and Allstate was stronger than we thought Xing out  Cane said n. Richard Nelson jr., a re Tail analyst with the Duff & Phelps investment company in Chicago. The results build anticipation for what scars new merchandising group chief Arthur c. Martinez might Untch today when he meets with Wall Street Stock analysts in new York. Analysts generally have applauded scars Cost cutting moves but remain unconvinced that scars has a compelling plan to lure Back the custom ers it lost in the 1980s to discounters and specially retailers. Although 1992 was the most difficult year Sears has faced chairman and chief executive Edward a. Brennan called it a Pivotal year As  we embarked upon a new corporate strategy that focuses on our Core Busi Nesses of retail and insurance As we divest some of our financial services units Brennan said. Walter Loeb of new York based lock associates said he expects Sears to continue to Cut costs and to develop Strate Gies for responding More quickly to con Sumer demand. Appliance sales and sales of other hard products has been the company s strength lock said. The company has to place a greater emphasis on apparel and find ways to attract Consumers to its clothing  that could be Tough Nelson said. It s going to be very difficult for Sears to cultivate a fashion  idea to limit mortgage deduction aimed at higher income taxpayers Washington a a proposal to scale Back the deduction for mortgage interest would spare most Middle income homeowners who save an average of $1,561 a year from the write off. However because it would hit Only those with higher earnings the proposal would do Little to reduce the budget Defi Cit. The deficit stuck at about $300 Bil lion a year would drop by Only about $4 billion. According to the congressional budget office. The interest limitation listed by the of fice As an option for deficit reduction was proposed last year by Independent presidential candidate Ross Perot. It would limit a couple s mortgage deduction to $20,000 a year a single person could deduct no More than $12,000. The average claimed on returns filed last year was about $6,600. In general a couple or individual now is allowed to deduct interest on Mort gages totalling $1 million or less for one or two Homes plus Home equity Loans not exceeding $100,000. Another limit applies to those with incomes Over $105,250. Neither the Clinton administration nor congressional leaders have advanced a plan for reducing the deduction. But some have hinted the Issue is on the table in the search for ways to Cut the deficit. Any time you Are looking for serious Money for deficit reduction you look at these items said Stephen Driesler senior vice president of the National association of realtors. In that context it s property values Rise in . Washington a property values Rose in most areas of the nation during the final Quarter of 1992, a real estate Trade group said tuesday. The exceptions generally were in California and parts of the Northeast. A Survey of 125 metropolitan areas by the National association of realtor showed 98 increases Over the same period a year earlier in the prices of previously owned single family detached and attached Homes such As town houses and condominiums. The median Price of a House in the Midwest Rose 35 percent during the Quarter and 4.3 percent in the South. The median Price Means half of the Homes Cost More and half less. Of the 22 areas registering declines in the me Dian Price the Northeast had eight of the areas while the West had six. Although there were several markets in the Northeast posting gains the median Price for the Region fell 0.8 per cent. It slumped 1.1 percent in the West where Many California markets continue to struggle from effects of the recession. Elsewhere though Low mortgage rates and improving consumer Confidence sparked buyer demand and drove up prices particularly in the Midwest and South. Eighteen areas registered double digit Gams. Both first time and Trade up buyer entered the Market during the fourth Quarter realtors president William s. Chec said. Consumers have started feeling More confident about buying big ticket items chec said. We re seeing a lot of pent up demand being absorbed. People Are coming out of the  always on the table but we Are not count ing it As a serious threat right  the mortgage deduction costs the government about $43 billion a year in reve nue. However the housing Industry say outright repeal of the deduction which no one in authority is advocating would bring in far less. If we did not have the mortgage inter est deduction it would probably cause a very serious depression said Joanne Johnson president of the Northern Vir Ginia association of realtors. Too Many people not just realtors depend on the Transfer of households for their Liveli Hood whether it is builders people who make stoves or people who provide Lum Congress joint committee on Taxa Tion estimated that nearly 26 million Cou Ples and individuals claimed the Mort Gage deduction last year. Mortgage group to return overpayment by the Washington Post agreed to use a new method to radian. . To calculate of the time Fleet mortgage group one of the a escrow payments for homeowners Fleet a Ion s largest mortgage lenders will re did not admit to any wrongdoing escrow accounts typically Are non a turn up to $150 million in escrow pay most Mort Ziaee lenders renal he the est bearing. If the escrow account has ments to its customers under a owners no make month m settlement. Escrow a a cats to Enlet it the attorneys general from 26 states Send  accused the mortgage companies of col Ance whose Tola chant hmm sur car the u e s a cause Al � m5? pm to selecting too much Money from its custom ers for their escrow accounts. Of thei. And Heel real estate Fud dec mortgage is the nation s secon in settling the suit monday Fleet also charging homeowners nearly percent sin family Home mortgage Ong i Kwiim Mator with branches in 37 states. More in it than to needs the Homeowner ? us Teply Givins the Lender an interest which the Lender then and Mes Money on " said Maryland at 0rncy eneral j Jseph cd an of flex mortgage the nation second