European Stars and Stripes (Newspaper) - March 10, 1993, Darmstadt, Hesse                                Page 12 b the stars and stripes 1a a _. _ _ a Money matters 1 wednesday March 10,1993 a a a a a i a a a a a today a rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use German Mark. 1.62 British Pound.1.48 dutch Guilder. 1.866 greek drachma 216.208 note the rate above apply within a boat country. Figures Bra expressed to dollars 0 the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value it the . Dollar to foreign currencies italian lira. 1,601.87 turkish lira 9,349.40 Spanish Patata 118.20 portuguese escudo .153.10 austrian Schilling 11.692 saudi rial 3.75 Bahrain Dinar 0.3765 Kuwait dinar.0.30535 norwegian Krona 7.055 danish Krone a a a a a a  6.372 British Pound. 1.4357 German Mark 1.668 Swiss franc  a 543 French franc 5.6265 dutch Guilder in it Tania a Faaao who a 1.874 belgian franc. 34.335 Canadian Dollar. 1.2462 Mote Algurea Art expressed in do Hera to the Ornstil Pound Ether Cut Randea to the Dollar Odd quote 1327.00 an ounce. 80ver quote $3.57 an ounce c new York Exchange new York up a the is most act Tva stocks in new Yorito Stock Exchange composite aiding on monday. Mack Latoya Utt net of. Human inc 3,984.100 6to up Hill Monti 3,966,500 63to of 1 wat mad Stool 3,414,800 33 to up 1 is a corp 3,356.400 56 Vic up to Chrysler corp 3,751,600 39to lip to at amp to company 2,723,900 58v tip2to Amer express co 2.721,300 26v4 up 119 Merck a co inc 2,716,100 3bto up Gnu Holdim 2,462,100 19 a it to Bristol Myersq 2,359,000 57to to Pivk Wilt Abney co 2,251,200 45 to veto Rwjr Nabisco hid 2,163,400 8�?Ta Oft to Compaq computer 2,129,100 48to  to Tel Fonos dim 1,995,400 53to up to fed dept Stim 1,990,200 21 to up to american Exchange new York american Stock Meek Hilta Vancorp a Ich corp a left profess ii Energy service Crown crafts ban labs inc Royal Oak mines exp Orion co la fruit of loom near York times i the 10 most act tvs stocks in hinge composite trading monday. Falee 793.100 612.900 496,500 4 �13,200 420.100 354,000 353.100 335.900 335,300 321.200 Utt 3to 6to 9 m 15to i5to 2 5-16 1 45h 3qto net of off is up to up to up to off3to up3to off 1-16 unch onto up t i c Dow Jones i new York it up a Dow Jones closing Range of averages monday Neh lev Clese change 30 industrials Quot 20 transport 15 utilities 24 99 65 stocks 1287.86 3476,09 3401.34 3469.42 up 64.84 1570 27 1535.42 1562.82 up 24.37 23905 1261.61 241.30 of 2.57 1283.67 up 21.10 Thi Okol to Lay off 300 workers soon Ogden Utah up Thi Okol corp., citing Nasa budget cuts contract delays and completion of work on the peacekeeper missile program said monday it will Lay off 300 workers by the end of the month. The aircraft components producer said the employees will be Cut mostly from Thi Okol strategic and space operations the cuts will lower think old a Utah work Force to 5,200. It has eliminated 1,500 jobs since january-1991. Thi Okol declared profits of $14.6 million on sales of $307,5 million in its second Quarter ended dec. 31. Interest rates soaring to record highs by Chet Currier a business writer new York a the Slock Market jumped to record highs on Wall Street on monday in a new display of the powerful effects of tumbling Long term interest rates. The Dow Jones average of 30 industrials closed at 3469.42, up 64.84 Points from Friday s close surpassing the record closing High of 3442. Let feb. 5. In Tokyo on tuesday Stock prices continued an upward swing in the strongest trading since 1991, despite heavy profit taking after rocketing 5 percent the previous Day. The key nikkei average of 225 selected issues jumped 161.83 Points a 0.91 percent a to 17,848.30 after soaring up 868.77 Points monday in . Trading monday prices of Lon term Treasury Bon Stose More than $3 for each $1,000 in face value by late afternoon pushing their effective interest rates to o,72 percent their lowest Levels in a generation. In the past two months these Bond rates which exert a powerful influence on the Economy through such avenues As mortgage interest rates and business borrowing costs have stunned the financial world by falling about three quarters of a percentage Point. Explanations of Why this has happened Span a wide Range. Some say it comes As an enthusiastic endorsement of president Clinton s economic program with its emphasis on cutting the Federal deficit. Others say the lower rates reflect fears that the Clinton plan will act As a drag on the Economy just As it was beginning to gather some momentum. But whatever the reasons behind it most observers agree that the drop in rates is brightening the Outlook for Many businesses Consumers and investors even As government policymakers work on measures designed to promote a healthier Economy. For one thing according to Edward Yardeni chief economist at the investment firm of . Lawrence inc., Quot thanks to the drop in interest rates the private sector debt Burden is the lightest since 1978.&Quot Consumers and non financial businesses Are now paying interest on their debts at an annual rate of about $600 billion Yardeni estimates. That is Down from More than $800 billion two years ago. The Cost of paying these debts now totals about 10 percent of the Economy s total output or Gross Domestic product analysis compared with 15.5 percent in the second Quarter of 1989. Some observers argue that such Relief works very much like a tax Cut or alternatively can counterbalance the Adverse Impact on economic activity of tax increases such As the ones Clinton has called for. At the same time analysts say the drop in Bond rates keeps lending support to the Stock Market even though Many people consider stocks overpriced by reducing the attractions of interest paying alternatives to stocks. Quot the drop in rates has been much sharper than most observers expected Quot said Eric Miller at Donaldson Lufkin amp Jenret Telic. Quot so even while the proposed increased tax Burden is a cause for some concern investment alternatives to equities have also lost some of their  to Many of today a financial professionals government Bond rates below 7 percent represent a novel phenomenon. Yields on 30-year Treasury Bonds Are described As record lows since they Are the lowest since Bonds of that duration were introduced in the 1970s. But interest rates on other Long term Bonds of the government and Blue Chip private borrowers were much lower before that a ranging from around 3 percent in the late 1950s to Between 5 percent and 6 percent in the Early 1970s. Quot a longer historical record using yields on Treasury Bonds with a maturity of 10 or More years reveals that today s yields Are still Welt above Levels that prevailed in the latter half of the j950s, the entire decade of the 1960s, and at least the Early part of the 1970s,&Quot Points out Richard Hokenson at Donaldson Lufkin. This says Hokenson suggests that widespread scepticism about the current Bond rally May be off the Mark especially if inflation is returning to Low pre-1970s Levels consistently in the 1 percent to 2 percent or 3 percent Range. Quot we would not suggest that Long term rates Are headed straight Down with no interruptions Quot he said. Quot but while there is room for disappointment there is also clearly room for a further Extension in the Rainy. Quot current and projected growth of the . Labor Force is the lowest since the 1950s, that is the fundamental Anchor that is making time run in reverse. Quot the facts Are that we have the lowest inflation rate in 30 years and now the lowest Long term interest rates in 20 years. The Cycle will not be completed until inflation and Long term interest rates fall much further to those seen in the 1950s. California communities dread results of More base closings Eltoro Marine corps air station Calif. A the civilian army of cleaners landlords and waitresses who make a living supporting people in uniform Are bracing for another economic Wallop in a state where As Many As 10 military bases could close. Quot just from an economic standpoint its awful Quot said Tom Wilck Board chairman of the chamber of Commerce in Orange county Home to two Marine bases and neighbor to the Long Beach naval station. Wilck other business leaders and politicians began trying to Battle the closures monday after Pentagon officials said they would suggest shutting Down 30 military installations nationwide. Eliminating All 10 California bases on the list would put another 80,000 to 100.000 people out of work costing up to $3 billion in annual payroll. That would follow 17 earlier base closures that Cost 67.000 jobs. A to opposed to California taking All the big hits two rounds in a Row Quot said sen. Dianne Feinstein a Calif. Quot it in t fair and it does t make  Feinstein is urging president Clinton to put a moratorium on closing installations in California and other states with unemployment rates of 9,5 percent or More. Eltoro the marines main air installation on the West coast is Home to 6,500 marines 7,500 military family members and 1,562 civilian employees. Dianne Jacobs fears that if the air station closes her employer Eltoro cleaners will too. Marine uniforms Are practically the stores Only business. There a not much around besides the base Orange Groves and Strawberry Fields. Quot ill just have to go out and look for another Job Quot Jacobs said. Eltoro and the nearby Tustin Marine corps air station pump $221.5 million a year into the local Economy said it. Beth Carreiro a corps spokeswoman. That a not counting the More than $28 million the two bases spend locally on utilities and supplies or the $1.4 million spent on construction work at Eltoro alone. Nearby apartment complexes Are already festooned with banners advertising Quot move in specials Quot to attract marines with military budgets. Quot if they shut Down those bases we would lose a lot of residents Quot said Dan Wallingford who manages the Segovia apartments in Tustin. Marine families occupy about a third of the two Story two building Complex Wallingford said. The timing for closures is terrible Wilck said because the local Economy was starting to look up. The Long Beach shipyard puts $350 Mil a in a Jar into the focal Economy said Robert Owens a spokesman for the Federal employees Metal trades Council. Quot we re making Money and we re needed. It does no to make sense Quot Owens said. Quot Why not have a longer phase out period Quot Spain to buy 8 harrier jets in Deal with Mcdonnell St. Louis up Mcdonnell Douglas clip. Said monday the Spanish government has authorized the Purchase of eight av-8b harrier ii plus fighter jets for the Spanish Navy in a $257 million contract. The aircraft will be built under a collaborative agreement Between Spain the United states and Italy. The agreement Calls for Mcdonnell Douglas to serve As prune contractor with Spanish Industrial partner cons Ruc clones acro nautical , performing final Assembly and ramp operations. Terms of the contract include airframes contractor furnished equipment final Assembly and ramp operations with a Price not to exceed $257 million. Spain Italy and the United states began working on the harrier of plus in 1990, calling for integrating Hughes aircraft  apg-65 radar into existing night attack harrier u aircraft. The italian government authorized the Purchase of 13 harrier u plus aircraft i november with an option for eight add tonal aircraft. The . Marine Corr has ordered 27 of the planes. The fixed Wing av-8b harrier which can take off and land vertically and Del or thousands of pounds of explosives it widely used in the persian Gulf War. The Spanish Navy will receive the Fin of its eight aircraft in Early 1996. The Spanish Navy currently has 11 harrier 1 aircraft