European Stars and Stripes (Newspaper) - July 18, 1991, Darmstadt, Hesse                                Thursday july 18, 1991 the stars and stripes Page 17 today a tip movie companies Mca inc. And Paramount communications inc. Have said they May open six state of the Art movie Heaters in Moscow. But an executive warned that it will probably take several years before muscovites can attend movies at such facilities. A a we re going to study this for six l months before we decide to go ahead a said Christine Hanson an Mca executive. A if we do we re going to do it right so this is not going to happen  Hanson said she could not estimate How soon the openings could come but added that a  in the United states usually take at least a year to  rates London up wednesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $368.50 an ounce Silver at $4.32. July 16 july 17 British pound.1.6465 1.646 German mark.1.797 1.796 French franc.6.087 6.0955 dutch guilder.2.02 2.0235 belgian franc.36.90 a italian lira .1,334.75 1,337.00 Swiss franc.1.562 1.5605 greek drachma.105.51 195.68 turkish lira.4,371.50 4,381.60 saudi arabian riyal.3.7503 3.7503 Spanish peseta.112.51 112.61 portuguese escudo.153.60 154.00 Canadian dollar.1.146 1.1468 austrian schilling.12.6225 12.642 norwegian Krone .-.6.935 7.001 danish krone.6.935 6.9425 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. Dow Jones new York up a Dow Jones closing Range of averages tuesday 30 industrials 20 transports 15 utilities 65 stocks High 3012.52 1216.33 199.13 1070.30 Low 2962.88 1199.22 196.99 1054.25 close change 2983.90 Down 6.71 1205.57 Down 2.12 198.50 Down 0.26 1061.25 Down 2.09 new York Exchange new York up the 15 most Active stocks in new York Stock Exchange composite trading on tuesday. Stock Rwjr Nabisco hid Pepsico inc Triton Energy chemical Bank ism corp Warner Lambert adv Micro docs an comp inc blockbuster ent manuf Hanover Ltd corp waste mgt inc Amer express Tel Fonos de my Wal Mart stores american Exchange sales last net chg. 3,483,900 11% up % 3,144,900 30% up 2,516,700 29% up 4% 2,345,800 25% off % 2,200,600 96% off 2% 1,988,500 68% off 1% 1,965,500 11% off 1% 1,871,100 4% up % 1,856,800 9% up % 1,741,800 28% off % 1,739,500 1% up % 1,737,500 36% up % 1,647,600 22% unch 1,546,800 30% off 1% 1,492,700 46% off % new York up american Stock excl Stock me chem products metro Mobile b Dow chemical it citizens St be Echo Bay mines 0mi corp Graham fid hath pall corp Wang labs inc b Hasbro inc a the 10 most Active stocks in Ange composite trading tuesday. Net chg. Off off i up up 1 Oft i up % Oft i unch up % up i sales last 662,700 12% 462,400 16% 416,000 7% 342,700 4% 333,600 9% 303,300 9 261,400 8% 214,600 35% 197,800 1 3% 195,600 29% gasoline Price rises for 1 St time since june Orlando Fla. Up the talk wide average Price of self serve regular unleaded gasoline Rose 0.5 cent last week for the first increase in six weeks the american automobile association reported  Jersey gets Green i in takeover of insurance firm by Frances Ann Burns United press International Trenton . A a judge approved new jerseys takeover of Mutual Benefit life insurance co. And the appointment of former . Attorney general Nicholas d. Katzenbach to serve As conservator. _ Mutual Benefit based in Newark and the nations 18th largest health and life insurer is the third major insurance company to come under the control of state regulators and the first solvent one. 1 a a the company suffered from what insurance commissioner Samuel Fortu nato called a a perception problem a when policyholders became alarmed about Mutual benefits real estate portfolio and began trying to surrender their policies. A this action today is a first in american history a Fortunato said. A the company was still solvent. It still had an investment Grade rating. We believe we re getting to there  1 Mercer county chancery judge Paul Levy signed an order tuesday that takes effect in 20 Days. His action removes Mutual benefits Board of directors. Health and Accident claims death benefits and annuity payments will continue to be paid. But policies can Only be surrendered or borrowed against in hardship cases. Prudential insurance co. Of America also based in Newark and metro Politan life insurance co. Of new York agreed to serve As Mutual benefits re insurers Fortunato said. Although the state asked All company executives to stay on Henry Kates Mutual benefits president and chief executive officer decided to resign Fortunato said. He will be replaced by Stephen Carlotti the chief operating officer. Katzenbach known for his role in the integration of the University of Alabama by the Justice department during the Kennedy administration is a Princeton lawyer with a Large corporate practice. Carlotti will handle Mutual benefits Day to Day operations reporting to Katzenbach Fortunato said. Mutual benefits Board approved the takeover monday. The company has been hit hard by the slumping real estate Market and by defaults on mortgages. About 36 percent of its $13.8 billion in assets was invested in commercial real estate at the end of 1990. At years end Mutual had foreclosed or was in the process of foreclosing on $409 million of its $4.5 billion in real estate holdings while another $64 million in Loans were More than 90 Days overdue. Carlotti defended Mutual benefits investment decisions. A this is a very cyclical business and we think the real estate Market will be Back a he said. A with junk Bonds they re  while Mutual Benefit had continued to pay its claims a run began in Early May when the Wall Street journal published an article about the company a real estate problems. Moody a investors service in new York later downgraded Mutual benefits credit rating. Mutual Benefit is the third major insurer to be taken Over by state regulators in 1991. The National association of insurance commissioners reports that about two dozen Small insurance firms also have failed. Investments in junk Bonds and commercial real estate Are at the Root of the problems. First executive taken Over by regulators in California and new York had two thirds of its assets in junk Bonds. First capital holdings corp. Was stripped of its two main operating units a first capital life insurance and Fidelity Bankers life insurance a by regulators in California and Virginia. The two units had 40 percent of their $8.5 billion in combined assets in junk Bonds. Some analysts say the junk Bond and commercial real estate problems that have affected the savings and loan and commercial banking sectors Are now undermining the insurance Industry. Insurance company guaranty programs Are run on a state by state basis. New Jersey gov. Jim Florio signed legislation monday setting up a new Jersey guaranty fund leaving Louisiana the Only state without one. Us air loosens refund rules Northwest cuts summer fares by Edwin Mcdowell the new York times reflecting a weak travel Market two Large airlines on tuesday announced lower fares or Steps to make discounts More widely available. Us air said it would ease the penalties and refund rules on its most popular discount fares beginning aug. 5, while Northwest airlines announced lower summer fares for travel to and from the northeastern United states. Us air calling its decision the first such step by a leading airline said that when passengers wanted to Exchange non refundable tickets for other flights they would not have to meet the Normal Advance Purchase requirements on discount fares for booking the new flight. The airline will continue to charge penalties of at least $75 for changing non refundable flights. On tickets that can be refunded Only with penalties passengers May apply the tickets value minus the penalty to future travel also without meeting Advance Purchase requirements. A your passengers told us they did no to mind paying the penalty for changing a said Randall Matin us air a executive vice president of marketing. A but they thought it was unfair that they again had to meet the seven 14 or 21-Day Advance Purchase restrictions for that fare. After thinking it Over we agreed so we Are eliminating that  no other airlines followed us air a Lead although analysts said some were Likely to do so. The Northwest promotion for travel through sept. 30, includes round trip fares Between new York and Chicago As Low As $198 and Between Boston Ana los Angeles As Low As $298. Reservations must be made seven Days in Advance and a saturday night stay is required. Seats Are limited and tickets which Are non refundable must be bought by july 25. On monday Continental airlines backed away from its proposal to increase fares 5 percent beginning july 24. Pan american world airways initially agreed to go along. But when no other carriers followed pan am changed its mind forcing Continental to Back Down. Also on monday Midway airlines said it would guarantee All business travellers a first class seat starting aug. 5. And Virgin Atlantic airways said that through sept. 15, travellers willing to buy tickets within a Day of their departure can Fly to London from new York or Boston for $199 each Way. Barbie maker Mattel buys sports toys line by the los Angeles times Al Segundo Calif. A Mattel inc., which by some estimates now makes As much As half of its income from Barbie dolls is expanding its toy Box by purchasing a Small but hot san Francisco company that specializes in the fast growing area of sports toys. Mattel a chairman and chief executive John w. Amerman said tuesday that the Al Segundo based company has agreed to buy Aviva sport inc., which makes scaled Down foam covered sports equipment for children. Terms of the Deal which is expected to close within a month were not disclosed. Aviva founded 2vi years ago produces sports equipment designed to help children develop skills and Confidence said its president Michael Cookson. A kids Are becoming less healthy All the time a Cookson said. A we Felt if we came up with a line of sporting goods that let kids have fun with sports that they would play sports More and get better at sports and become More  the brightly coloured line of a sport toys includes equipment for Golf Tennis football baseball basketball and soccer. The toys arc covered with foam to make them safer and easier to grip. Analysts say Mattel a business in boys and unisex toys has been lacklustre up until now. They contend that Barbie accounted for at least half of Mattel a record 1990 revenues of $1.47 billion. When added to Mattel a die cast toy vehicle line chiefly the i lot wheels business the company is competing in Only about one third of the toy Industry Amerman conceded. A a we re concentrated and doing very Well in girls toys a Amerman said adding that infant and preschool toys have been a growing category for Mattel