European Stars and Stripes (Newspaper) - March 11, 1993, Darmstadt, Hesse                                Pago 12 b the stars and stripes Money matters thursday. March 11,1993 a i today s rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use German Mark .1.62 British Pound.1.47 dutch Guilder 1.82 greek drachma 218.144 not Tbs rates above apply within he Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dot or following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren Cie italian lira. 1.611.79 turkish lira .9,371.30 Spanish peseta. 110.6s portuguese escudo 153.55 austrian Schilling. 11.704 Studl rial 3.7495 Bahrain do nor a a a a a a a a a a a a a a a a a a a i 0.3768 Kuwait do nor. 0.30725 norwegian Krone. 7.074 danish Krone. 5.384 British Pound 1.4342 German Mark. 1.664 Swiss franc .1.5375 French franc.5.662 dutch guilder.1.6713 belgian franc .34.31 Canadian dollar.1.2461 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $326.50 in ounce. Silver quote $3.60 in ounce. C new York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on tuesday. Stock tales last Nelcha. Pallesi Cath $.678,500 14 Vinci Amer express co 5,236,200 25 up 1 Philip Morris 3.086.700 64 up Citicorp 3,080,500 27 up Humana Ine 3,047,700 7 i up Virr Nabisco hid 2,831.900 8 i up i Incera group 2,790.600 26 Oft 4 Tel Fonos de my 2.779,600 53 i up i Tucson elect or 2,758,100 3 up i wll lit stores 2,686.300 33 unch ism Coro 2,431,500 56 up general motors 2,229,900 40 up i Merck $ co inc 2,211,300 38 off ban America 2,031,600 53 up Johnson $ it insert 2,028,700 43 up i at amp to company 2,009,200 58 Oft c american Exchange new Yor american Stock 1 ital Energy service Fruto loom expo rate co la Forest Libs inc Trumet by dust b cat Energy inc Hil Hiven com Ich corp Hasbro inc kid Colin eng a the ten most Active stocks h Ige composite trading tuesday. Illel Latt nit pm. 720.400 1 up 454,900 44 cart 446,000 1 Uncle 425,200 32 off 1 337,700 21 up 1 331,400 20 up 327,000 3 unch 293,600 6 unch 265,000 31 off 248.600 16 up Dow Jones new York up a Dow Jones closing Range of averages tuesday Low Cloie change 3443.76 3472.12 up 2.70 1555.17 1571.89 up 9 07 239.67 240.80 Oft 0.50 1275.52 1286.34 up 2.47 30 industrials 20 transport 15 utilities 65 stocks Olgr 349563 1531.96 242 55 1295 00 productivity shows a jump but Job creation lagging Washington a american companies posted their biggest productivity gain in two decades in 1992, which ended with the largest quarterly Advance in nearly seven years the government says. A a it san extraordinarily impressive performance a said economist Bruce Steinberg of Merrill Lynch capital markets in new York. Quot if we can come close to sustaining it a we wont see the fourth Quarter performance too often a eventually Well see our Standard of living begin to Rise  but the report showed a decline in the number of hours worked raising continued concerns about a Scarcity of new jobs. The labor department said tuesday that productivity a defined As output per number of hours worked a Rose 2.8 percent last year the Best improvement since a 3.1 percent Advance in 1972. The year ended with a 4.8 percent surge at a seasonally adjusted annual rate from october through december the largest quarterly increase since a 6.9 percent jump in the first three months of productivity is holding Back Job increases. A economist Sung won Sohn 1986. The fourth Quarter Advance was the seventh such increase in a Row. Productivity fell 0.7 percent in the first Quarter of 1991. Analysts noted that labor costs per unit of output Rose just 0.9 percent last year Down sharply from a 4.6 percent Advance in 1991. This measure is a key gauge of future Price inflation. A it Means the inflation rate is still coming Down a Steinberg said. The Economy a output Rose 2.2 percent in 1992 after a 2.2 percent loss a year earlier. At the same time the number of hours worked fell 0.5 percent last year after a 2.6 percent decline in 1991. A a we re Able to generate More goods and services. With actually fewer peo ple a said Sung won Sohn an economist at Norwest corp. In Minneapolis. A this is one of the reasons Why the labor Market especially in manufacturing has been very sluggish. Productivity is holding Back  labor Secretary Robert Reich also expressed concern Over what he has called a Job gridlock a or scant Job creation. A i am greatly encouraged by the rapid productivity growth a he said in a statement. A but Only when productivity growth translates into sustained Job growth can we be assured that the Economy is fully Back on  total business productivity including farming Rose 2.9 percent in 1992, including a 4.9 percent Advance in the final three months. A manufacturing productivity Rose 3.0 percent including a similar 3.0 percent Advance in the durable goods sector. Non durable goods productivity was up 2.9  Rose at an annual rate of less than 1 percent during the 1970s and 1980s, Down sharply from an average annual rate of 2.5 percent during the prior two decades. Clinton wants Bankers to loan More from wire reports Washington now that Banks Are earning record profits president Clinton wants them to use some of their financial muscle to help Small businesses starved for credit. Clinton planned to summon Bankers and Small business owners to the White House on wednesday to hear details of his plan to Foster economic growth and Job creation by casing the credit crunch. The Federal Deposit insurance corp. Said tuesday that Bank lending declined in 1992 at the same time profits hit a record $32.2 billion. Regulatory and Industry sources said Clinton s package will encourage Banks to make More character Loans to Small businesses a Loans based More on the record and reputation of borrowers than on their financial condition. Clinton also wants to ease the appraisal requirements on real estate put up As collateral for Small business Loans and allow Banks leeway in classifying Loans As troubled. Consumer groups and some members of Congress Are wary of Clinton a initiative. They worry that easier lending rules could encourage a repeat among Banks of the savings and loan debacle. But William Macreynolds an economist with the . Chamber of Commerce said any help targeted to Small businesses will reap Large rewards. Small businesses create More jobs than larger companies and most Are More dependent on Banks for Cash than larger businesses which can sell Stock. According to the Odic the country a 11,461 commercial Banks earned $8.2 billion in the fourth Quarter pushing profits for the year to $32.2 billion a Well past the old record of $24.8 billion set in 19ss. Banks earned $17.9 billion in 1991. At the same time business and Indus trial Loans declined 4 percent and consumer Loans dipped 1.6 percent. Meanwhile Banks securities holdings jumped 10.7 percent. Last years profits were largely the product of a wide Gap Between the interest rates Banks pay to depositors and the higher rates they charge on Loans and investments. The report prompted Odic officials to All but declare the banking Industry a crisis Over. A these developments mean that it becomes More and More unlikely the Public will have to pick up the Bill for Bank failures a said Andrew c. Hove jr., acting Odic chairman. The number of commercial Banks on the Agency s problem list plunged Over the past year from 1,016 to 787. Hove said the Agency a projection for 120 failures this year would be reduced in Light of the report. Fewer people paid More at the movies in 92 Candy maker to close in june after 150 years Philadelphia up Whitman a which celebrated its 150th anniversary As a Candy maker last year is closing operations in its Hometown of Philadelphia in june. Whitman s owners. Pet foods announced monday that it had sold the Whitman a name to Russell Stover candies. Between 600 and 700 people work at the Northeast Philadelphia Plant producing the familiar Whitman samplers in their distinctive needlepoint pattern Box. Joe Rauscher head of the bakery and confectioners Union said the Union would be going to court to seek injunctive Relief. Los Angeles a the 1992 movie season was the third highest grossing in history but ticket sales declined for the third straight year the motion picture association of America says. Year end receipts totalled $4.87 billion trailing Only 1989 and 1990, Paa president Jack Valenti said tuesday in a Las vegas address to movie theater owners. The 1992 figures were boosted by the costliest ticket prices Ever an average of $5.05 nationally. A we have to increase the theater Audi ence a we just have to do it a Valenti said in a Telephone interview. He predicted movie makers would Start making pictures with a less violence less sensuality and less Raunchy  a the Quality of product is High and getting higher Quot he said. A but you have to find a Way to bring in a family  admissions fell almost 2 percent from a year ago to 964,2 million tickets sold. In 1989, the Best year Ever at the Box office 1.132 billion tickets were sold for a total Gross of $5.03 billion. In 1990, 1.056 billion tickets were sold for a total Gross debut of cosmic movie and is delayed Tullahoma Tenni apr the Maiden flight of a spacecraft that will Bear Arnold Schwarzenegger a name on a movie and has been postponed. The Comet was to lift off from a Nasa installation at Wallops Island va., this month. But Bert Allee of the Tennessee based space Center working on the project said the launch was put off until May. Circuit boards in the crafts Power system need work he said. The National aeronautics and space administration has budgeted $85 million for the first three Comet missions. Nasa wants private Industry to underwrite subsequent flights. Columbia pictures is paying $500,000 to put Schwarzenegger a name and the movie title last action hero on the Craft. Schwarzenegger of $5.02 billion. Valenti said that the Industry must control costs and that theater owners must make movie going comfortable and affordable. Quot a lot of people done to go to the movies for safety reasons a he said. Regarding ticket prices he said a i do believe tha when you get into $7 tickets a baby sit Ter Popcorn soda and parking that a pretty Good investment for a  Valenti noted that admissions had fallen Only 5.6 percent from 12 years ago when Home video was still in its infancy