European Stars and Stripes (Newspaper) - April 20, 1994, Darmstadt, Hesse                                Page 18 the stars and stripes Money matters wednesday april 20,1994 today states following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to  personnel for personal use British Pound. 1.52 dutch Guilder. 1.86 German Mark 1.66greek drachma. 243.5297 Nota the rates above apply 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 v austrian Schilling. 12.011 Bahrain Dinar. 0.37675 belgian franc. 35.18 British Pound. 1.4767 Canadian Dollar. 1.3885danish Krone. 6.697 dutch Guilder 1.9185 French franc 5.85german Mark. 1.7064 italian lira. 1,631.75 Kuwait Dinar. 0.2974 norwegian Krone. 7.4075portuguese escudo. 174.07 saudi rial. 3.75 Spanish peseta. 139.77 Swiss franc. 1.4465 turkish lira. 31,000.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $375,95 an ounce Silver quote $5.22 an ounce sources merchants National Bank & Trust co.,the associated press United press International new York Exchange new York Upit the 15 most Active stocks in Newyork Stock Exchange composite trading monday Slock Silet last net chg. Tel Fonos demo 3,905,700 54tt off 2vinorsk Hydro 3,660,400 3m off i. Merck coins 3,320.800 28v4.  3,119,500 534 up do Octal equal pm 2,871,400 21v Oil 1 of Chrysler corp 2,521.300 so a unch Motorola inc. 2,383.200 .90 up Viwat Mart stores 2.350,000 24% Oft v4 general motors 2,160,300 56 /4 off 1mcoca cola co 1,915.900 39tt unch Rwjr Nabisco hid 1,887.400 5v unc Citicorp 1,836,800 39 ov4 genl electric 1,777,100 94 /4 . 1,755.300 52ff on  investors dump Rig refinancing billions in real estate holdings los Angeles up japanese investors Are Selling or refinancing $17.6 billion of their . Real estate invest ments or 23 percent of their total . Investment in real estate a National accounting firm said monday. Kenneth Leventhal & co. Estimates japanese investors will sell or restructure another $12 billion in . Property As sets by the end of this year. We think disinvestment will be most Active in the hotels and resorts area among the most troubled of . Prop erty types said Jack Rodman Pacific rim director at Kenneth Leventhal. The once mighty japanese hit by weak american markets and financial woes at Home Cut new . Real estate invest ment to just $705 million in 1993 com pared with $807 million in 1992, $5.06 billion in 1991 and a staggering $16.5 Bil lion in 1988. Rodman said significant Over building in the . Market and problem Loans at japanese Banks have triggered the sub Stantial retrenchment in investment activity. He noted that . Problem Loans Are a relatively minor part of the estimated $300 billion in problem Loans faced by we think disinvestment will be most Active in the hotels and resorts area among the most troubled of . Property types Jack Rodman Pacific rim director Kenneth Leventhal co japanese Banks. The . Real estate Market problems Are a Pebble in the show for the Japa Nese Rodman said. Purchases by japanese investors have been falling off since peaking at $16.5 Bil lion in 1988. At the time Japan s High level of . Real estate interest had raised fears about America s Long term economic Security. Anti japanese sentiment appeared particularly Strong following the 1989 Purchase of new York s Rockefeller Center but Rodman said such invest ments in trophy properties have Back fired while office properties have been relatively stable. V he estimated that the $77 billion in vested by the japanese Overall in the . Real estate Market is now Worth some where Between $30 million and $35 Mil lion. Michael Mullen executive director of the japanese american society of South Ern California said the problems for Jap anese investors show that the risks in real estate investing Are of a worldwide nature. I think this report should also Lay to rest the idea that the japanese rep resented an economic juggernaut that wanted to take Over the world Mullen said. Rodman and Mullen also said that Many japanese investors and Banks Only recently began admitting that their loan portfolios have developed problems. Many investors will continue to hold on to their assets in Hopes the . Mar Ket will improve Rodman and Mullen predicted. It s a tremendous loss of face for a japanese investor to have to restructure a real estate loan Mullen said. They be moved very slowly in address ing this problem