European Stars and Stripes (Newspaper) - October 17, 1991, Darmstadt, Hesse                                Page 18 the stars and stripes thursday october 17,1991 Money matters today a tip the Florida Public service commission ordered Southern Bell on tuesday to refund about $100.4 million in excess profits to its customers. An average residential customer will get about $15 in three credits starting with the november Bill. An average business customer will get about twice that Southern Bell spokesman Spero Canton said. The Money was accumulated under a rate incentive plan the commission approved three years ago for Southern Bell which has about 3.7 million Florida customers. The commission ordered Southern Bell to refund about $68.4 million in 1990 excess profits and interest to customers of record on dec. 31, 1990, and an estimated $32 million in 1991 excess profits and interest to customers of record on dec. 31 of this year. People who had service at some Point during either year but weren to customers at the end of the year must Contact the company within 30 Days to get their refunds. Conversion rates London up1 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 $356.75 an ounce Silver at $4.09. Oct. 15 oct. 16 British Pound. Gentian Mark.1.7130 French franc.5.8295 Dulch guilder.1.9285 1.9195 belgian franc.35.1925 35 0550 italian lira.1,276.60 1273.70 Swiss franc.1 -4900 1.4880 greek drachma.188.82 l�f.47 turkish lira.4,875.20 456jj 30 saudi arabian riyal.3 752? Spanish peseta.107.35 9z?n portuguese escudo.146.64 146.50 Canadian Dollar. Austrian schilling.1912 1�� norwegian krone.6.6800 6,6735 danish krone.6.5760 6.5685 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.66 through thursday based on wednesdays noontime Price fixing. New York Exchange new York up the 15 most Active stocks in new York Stock Exchange i Stock Citicorp Rwjr Nab bldg we stings Al ism corp at amp to company Amer express waste mgt Pepsico inc genl elec Archer Danl Philip to am Home prod adv Mic docs East Kodak ban America american Exchange composite trading on tuesday. Salei 4,163.900 last 12 v. Nat chg. Oil it 3,398,300 10ft up it 3,224,000 18 up v. 3,029,000 104 /. Up 3 2,751,000 38ft up it 2,595,200 21 /. Up it 2,348,200 36v. Up 1v. 1,996,100 29 unch 1,953,300 70 up 2ft 1,930,100 27ft up 1ft 1,747,300 74 up 1 1,742,000 74. Up 4ft 1,723,300 11 Oil it 1,671,600 44ft up it 1,611,800 42 /. Up 2ft new York american Stock Stock entertain Publ Nabors Indus metro mob b Marcus desc Forest labs us Blo science fruit of loom carnival cars St Aust Pirn tubes de mex a the 10 most Active stocks in Lange composite trading tuesday. Sales 726,900 688.700 388.200 351.200 342.800 280,500 278.700 262,400 246.800 235.700 lost 27ft 6% 21 vhf 6 a 34 /. 43ft 20 i 25v. 11 11 not chg. Up 11 it unch up it up 1 up 2ft up 1ft up it off a up 1-16 up it Dow Jones new York up tuesday 30 industrials 20 transport 15 utilities 65 stocks Dow Jones closing Range of averages High 3057 69 1263.27 215.14 1102.33 Low 3000.22 1234.30 212 32 1081.22 close 3041.37 1253.18 214.45 1095.95 Chang up 21.92 up 12.90 up 0.50 up 8.08 ism posts 85% earnings drop plans to trim jobs by 20,000 new York up Hurt by the global recession and Strong Competition ism reported tuesday that its third Quarter earnings fell 85 percent to $172 million or 30 cents a share. The earnings Are Down from $1.1 billion or $1.95 a share a year ago. International business machines corp., the worlds largest computer manufacturer also said it planned to Cut its worldwide work Force by 20,000. That figure is 3,000 More than announced in july. Earlier this year ism said it planned to Cut Only 14,000 jobs. At the end of 1990, in my a worldwide work Force stood at 373,000. Revenues for the Quarter were $14.4 billion Down from $15.3 billion in the same Quarter last year. In the first nine months of 1991, ism had a net loss of $1.4 billion compared with last years net gain of $3.5 billion or $6.21 a share. Revenue fell to $42.7 billion from $45.9 billion. This continued a disappointing earnings pattern for big Blue once the bluest of the Blue Chip companies. For the last six months ism had a net loss of $1.6 billion compared with a net gain of $2.4 billion a year ago. During the first Quarter ism had a net loss of $1.7 billion its first quarterly loss Ever. Ism based in Armonk ., blamed the loss mainly on a $2.26 billion accounting charge. Despite the earnings decline analysts pointed to in my a additional work Force reductions reduced expenses and shipments of the new mainframe computers. A this is a positive sign. Ism is turning some sort of Corner a a said Sam Albert an Independent consultant in Scarsdale  Wall Street apparently agreed. In my a Stock traded on the new York Stock Exchange Rose $2 a share to $103.25, in Active volume of 1.9 million shares during Early afternoon trading. A the numbers for the third Quarter came in modestly better than we expected which was 20 cents a share said John b. Jones managing director for Montgomery securities a san Francisco based brokerage firm. A the Wall Street consensus was 40 cents. A however in the numbers due to the 3,000 additional bodies was an extra 10 to 15 cents of earnings Impact for Severance costs. That adjusts to 40 to 45  Jones said the surprising element was that in my a operating expenses were below expectations and Gross margins were above. Ism blamed the decrease in earnings on the worldwide recession and heightened Competition. A while our third Quarter business performance continued to be affected by weak global economies competitive pressure and product transitions we Are encouraged by demand for our recently announced products. We have moved Forward with our business alliances a ism chairman John f. Akers said. He was referring to the company a agreement with competitor Apple computer inc. To develop new hardware and software. A although business conditions remain unsettled we expect improvement in the Pace of our business As shipments of our new product line build a he said. In september ism introduced its new line of mainframe computers which account for about 50 percent of in my a revenues. Previously Many customers had delayed buying mainframe computers because they wanted the latest models. Ism is trying to a keep the Railroad running while re laying the track a Albert said. A a ism has to keep All of its customers satisfied with its current products while they create new  ism third Quarter earnings 1987 88 89 90 91 ism third Quarter revenues. In billions 1987 88 89 90 91 Chance Rose $2 a share to $103.25, in a towers satisfied with its current products. Tive volume of 1.9 million shares during while they create new products. Source company report aps amps Citicorp other major . Banks report huge losses in 3rd Quarter new York apr Citicorp sus chairman John Reed said the special known As its tier 1 capital ratio Pended dividends and reported the second charges Mark an aggressive acceleration the ratio fell to 3.64 percent in the 1 a a a a. A a. Rev i f in #. A a a it a mat n Ion to a i on. Il_�?1 a. _ _ 1. In. A m a in it _ new York a Citicorp sus Pended dividends and reported the second worst quarterly loss in its history tuesday an $885 million blow that reflected the brutal Impact of bad Loans and the recession on the nations biggest Bank. Other major Banks across the nation also Felt the recessions bite during the three months that ended sept. 30. Security Pacific corp. Reported a $508.5 million loss and suspended its dividend while Wells Fargo amp co. And first Chicago disclosed double digit drops in earnings. Still there were some signs of Hope for the nations Banks which have been assaulted by souring Loans for corporate takeovers plummeting real estate prices and slow demand from debt burdened Consumers and businesses. Banc one corp. Of Ohio one of the fastest growing banking companies credited its 23 percent Rise in profit last Quarter to a steady focus on customer Loans even though it had to set aside More Cash for problem Loans. Chemical banking corp. Rebounded strongly from a loss a year earlier. Citicorp a loss came largely from $930 million in special charges and additions to its loan loss reserves when the Bank exorcised bad Loans from its portfolio and restructured unprofitable operations. Chairman John Reed said the special charges Mark an aggressive acceleration of the Bank a overhaul plan first announced last january. A we Are unequivocally determined to strengthen our capital base and restore our earnings momentum a Reed said in a statement. A the special charges resulted in a loss of $885 million or $2.72 per share for the three months that ended sept. 30, compared with earnings of $221 million or 56 cents per share a year earlier. The loss was second in size to the record $2.6 billion loss for the second Quarter of 1987, when the Bank a balance Sheet suffered acutely from defaulting third world Loans. For the first nine months Citicorp lost $324 million or $1.36 per share compared with earnings of $840 million or $2.22 a share during the comparable period in 1990. The results surprised banking Industry analysts who generally had expected Citicorp to make some Money during the Quarter. Citicorp the most actively traded Stock on the new York Stock Exchange fell 87te cents to $12.75 a share. Most disturbing was Citicorp a Sharp drop in its financial Cushion against sudden loan losses and operating expenses known As its tier 1 capital ratio. The ratio fell to 3.64 percent in the third Quarter below the 4 percent minimum level that International banking guidelines will recommend As of next year. Citicorp a ratio was 4.08 percent in the second Quarter. Most of the decline stemmed from a Federal Reserve Board requirement that Citicorp set aside greater reserves for certain types of mortgages in Case they default. Raphael Soifer Bank Industry analyst for. Brown Brothers Harriman amp co., said Citicorp would have to raise additional capital to retain investor Confidence Ana its credit rating. Soifer called that process a the most painful part for  the drop in the capital level a just does not stack up Well against a number of other companies a said John Heffern banking Industry analyst for Alex Brown amp sons in Baltimore. A Cut in Citicorp a credit rating would increase its own borrowing costs. But Moody a investors service inc., an influential credit rating Agency said it would not alter Citicorp a rating. Moody a viewed the dividend Cut and restructuring charges As a positive Steps which should improve future capital