European Stars and Stripes (Newspaper) - August 14, 1991, Darmstadt, Hesse                                Wednesday August 14, 1991 the stars and stripes Page 17 none matters i.  today a tip last year turned out to be a Fine year for advertising a free advertising that is. Final figures compiled for the advertising Council show that the organization which coordinates National Public service and campaigns on issues from illiteracy to cancer prevention received a record $1.35 billion Worth of Media time and space during 1990. That is an increase of 30.3 percent compared with $1.04 billion in 1989, and a Rise of 10.2 percent compared with $1.23 billion in 1988, the previous record. Conversion rates London up tuesdays 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 $357.25 an ounce. Silver was quoted at 3.97 an ounce. Aug. 12 aug. 113 British Pound. 1.699 1.695 germanmark.1.7255 1.7265 French franc.5.873 5.8775 dutch Guilder. 1.946 1.944 belgian franc a 35.5875 35.55 italian lira.1,293.35 1,295.00 Swiss franc.1.5145 1.509 greek drachma.190.86 190,82 turkish lira.4,449.10 4,451.90 saudi arabian riyal.3.7501 3.7501 Spanish peseta.108.21 108.08 portuguese escudo.148.87 148.19 Canadian dollar.1.1468 1.1447 austrian schilling.12.15 12.132 norwegian krone.6.7555 6.7465 danish krone.6.685 6.676 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale or British pounds to . Personnel for personal use. Through wednesday this will be $1.74 for a Pound based on a Price fixing tuesday afternoon at military banking facilities. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock Sec Pacific ban America St int Bop a we stings Al Salomon inc St int a nip genl motor Chase Manhon Eastman Kodak Citicorp Block str ent limited inc Philip Morris at amp to co. Stew san pm so sales 10,642,700 5,541,200 3.903.900 2.922.300 2.365.300 2.227.000 1.874.500 1.771.300 1.728.600 1.448.900 1.425.500 1.211.000 1.185.600 1.108.300 1,079,800 last 31% 40 1% 22% 31% 33% 37% 21% 42% 14% 11% 30% 71% 39% 29% net chg. Up 8% up 2% up oif off 3% up 6% off up 1% up 1% up 1 unch off % off % off % unch american Exchange new York up the 10 most Active stocks in american Stock e j Stock pref hath care Bat industries giant food a Echo Bay mines Forest labs inc metro Mobile b foundation hath Dow chemical it Chambers Dev a Bergen Brunswig Iange composite trading monday. Sales last net chg. 620.400 14% off 1% 471,100 12% off 1-16 376,800 24 off 342,100 8% off % 325,900 39% up 320,900 19% up 287,000 24% up 251,600 7% unch 191,300 29 off % 185,500 29 off vie Dow Jones new York up Dow Jones closing Range of avenges monday _ a a he Low close a time 3.42 2974.06 3001.34 up 5.14 1204.16 1214.39 Oil 0.70 201.68 203.16 unchanged 1061.07 1070.34 up 0.87 30 industrials 20 transports 15 utilities 65 stocks 3013.i 1219.85 203.8t 1074.65 retail sales climb Washington up a . Retail sales Rose 0.5 percent in july to $153.7 billion the Commerce department said tuesday. The sales increase from june would have been just 0.3 percent without counting sales of  ban America by Floyd Norris the new York times Wall Street loves Bank mergers because to Hopes Competition will vanish or at least get a lot less vigorous. A scale gives you Market heft a said one investment banker monday speaking on condition he not be named. A fall of a sudden you have an 800-Pound Gorilla in some of these  the reduction of Competition is far from the Only Benefit of combinations such As the one announced by ban America and Security Pacific on monday. It is not the one that the. Banks prefer to cite. The two Banks forecast annual savings of $1 billion a year within three years As tellers Are Laid off and competing branches Are closed. But in talking to Security analysts monday Jerry a. Grundhofer the president of the Security Pacific National Bank said a there Are tremendous leverages on the Revenue Side and we will take advantage of  he will become a vice chairman of ban America when its Security Pacific Deal is completed. Wall streets enthusiasm was shown in Wail Street s enthusiasm was known m  a chairman and chief executive officer Richard a. Rosenberg left and Stock prices. Ban America Rose $2,625, his counterpart at Seattle Pacific Robert h. Smith announce their Banks merger. To $40, adding $430 million to its Market capitalization and Security Pacific soared $9,125, to $32,125, adding $4.1 billion to its Market value. But Security Pacific shares still ended the Day at Only 80 percen of the Price of ban America shares reflecting some Market caution about the Deal which Calls for each Security Pacific share to be exchanged for 0.88 ban America share. The Market reaction indicated doubt that Wells Fargo which had previously i <4____n_ Ami a Miv like a competitive loser from the Deal its shares Rose $3.25, to $75.50. And first interstate which merger rumours immediately named As a possible Wells Fargo target jumped $6,125, to $33,875. For now anyway investors Are prepared to believe in synergy arid in the benign effects on profits brought on by reduced Competition. With fewer Banks around the Hope is that those remaining will be Able to offer lower interest rates to savers charge tors the theory goes will Benefit As Large Banks merge. A generation ago a combination of ban America and Security Pacific a the no. 1 and no. 2 Banks in the nations most populous state a would have been dismissed As a Clear violation of antitrust Laws. But Bank officials said monday that they did not foresee any antitrust problems and most analysts agree. Regulators now arel4�ss concerned that a Lack of wooed Security Pacific would try to sub 1u�?zv1 ,. A. A Mit Attig Mertria. A. Higher rates to borrowers and have More Competition will Hurt Consumers than bad but even though Wells Fargo seems left Over for shareholders. Even compete Loans will destroy Banks. Kodak to Cut work Force by 3,000 Rochester . A Eastman Kodak co. Announced monday that it will trim 3,000 jobs As part of a new restructuring to reduce the photography giants involvement in business information products. The Rochester based company also said it will take a $375 million charge against its third Quarter earnings. The charge includes the restructuring Cost As Well As costs associated with a new joint venture for its Sterling drug subsidiary and changes in cod aka a overseas photo finishing facilities Kodak spokesman Paul Allen said. Kodak profits dropped 8 percent in the first half of the year. The company blamed most of the decline on the weak >. Economy and the persian Gulf War which Hurt travel and other Leisure outlets associated with shooting photographs. But the company has also been plagued by poor performance from its information businesses which include divisions that make copiers printers and computer software. The Job cuts will reduce Kodak a 80,000 . Work Force by roughly 4 percent. The company has 134,000 employees worldwide. A a we re going to be taking a look at commercial markets and participating More selectively in those areas More directly related to commercial imaging As opposed to information a Allen said. Kodak said it will Combine its photography products and information businesses into one imaging group to streamline operations. Allen would not specify what changes Kodak would make in those businesses. Curt Rohrman an analyst for first Boston said the restructuring will enable Kodak to significantly pare research and development costs in the information segment where it currently spends $200 million to $300 million on research much of it on electronics. Kodak Hopes to make most of the 3,000 cuts through a voluntary retirement incentive offered to its 55,000 employees who work in Rochester or in units that report to the Rochester base. Agencies Battle Ltd Over pension funds Washington apr the labor department and the government Agency insuring pension funds sought monday to Force the bankrupt Ltd corp. To immediately inject $13.2 million into its pension  action is part of the governments five year Battle with the Dallas based aerospace defense and steel company. Labor department lawsuit asked the . District court in Manhattan to enforce the order. The three Ltd pension funds Are underfunded by $3.1 billion representing the biggest shortfall of any . Company. The largest the Jones and Laughlin hourly pension plan is underfunded by $1.5 billion. It has Only enough assets to aimed at protecting 70,000 workers and pay benefits through october according retirees covered by the largest of three to the pension Agency. Pension funds in a tvs a steel making division. The pension Benefit guaranty corp. Issued an administrative order in Washington seeking the payment. Separately a if the assets run out the Agency would be forced to take Over the fund and an estimated 15 percent of its 26,000 retirees would lose a portion of their benefits. Some younger pensioners would be particularly hard hit because the Federal Agency does not guarantee the extra benefits they received As an inducement to retire Early. A Ltd which is seeking to reorganize in . Bankruptcy court in new York and the Agency Nad reached agreement on a 30-year schedule for the company to restore its funds. In june it paid $27 million into the Jones and Laughlin plan. However after the company a creditors objected it agreed not to make further payments without their approval. Creditors who Are receiving Stock in the reorganized Ltd but Little Cash complain that the pension Agency is taking much Cash. Too