European Stars and Stripes (Newspaper) - October 23, 1991, Darmstadt, Hesse                                Wednesday october 23, 1991 the stars and stripes b Page 17 x a Quot 5 x i a i Montgomery word plans joint Catalon Chicago a retailer Montgomery Ward amp co. And Catalon merchandiser fingerhut com eanies inc. Announced a joint Cata it a venture monday that will target Middle income customers. Montgomery Ward direct will publish its first Catalon by the end of March said Montgomery Ward spokesman Charles Holland. The Catalon will include apparel Home appliances jewelry cosmetics and other goods. The companies said they Hope to tap Montgomery wards credit card base of 10 million customers and Fingerhutt a experience in Catalon marketing. The new venture which will be owned equally by Montgomery Ward and fingerhut will Mark Montgomery wards return to the general merchandise Catalon business after closing the operation in 1985. 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 $362.50 an ounce Silver at $4.14. Oct 21 oct. 22 British pound.1.7200 1.7155 German mark.1.6910 1-ss29 French franc.5.7545 5.7885 dutch guilder.1.8995 belgian franc.34.7225 34.935 italian lira.1.260.75 1.269.30 Swiss franc.1.4,800 1 4835 greek drachma.�?�/��?�? ,12222 turkish lira.4,873.60 4,889.70 saudi arabian riyal.3z?22 3 7503 Spanish peseta.106.38 107.01 Poi Tugume escudo.145.10 14609 Canadian dollar.1.1272 1.1265 austrian schilling.11.9780 11.9380 norwegian krone.8.60 6.65 danish krone.6.51 6.57 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 1.63 through wednesday based on tuesdays noontime Price fixing. New York Exchange new York up Tbs 15 most Aethra stocks in new Ork Stock Exchange composite trading on monday. Sales last net chg. 4.676.200 20% off 4 i 2,895,700 16 a off i 1.985.300 11 % off /. 1.981.300 13% off 5 1,938,500 20 offv4 1.880.100 10% of 1,826,600 27% off a 1,780,800 43% off 1.647,000 71 % off 1 Vic 1.639.100 38% off Vic 1.582.300 11 % off vib 1.413.400 73% off Vic 1.351.100 35% up1% 1.334.400 10% off vib 1.239.200 8% up Stock Owens c Oming Westinghouse Al Citicorp inti rectifier Amer express Rwjr Nabisco hid Pepsico inc Tei Fonos de my Philip Morris at amp to company blockbuster pm Lilly Eli amp co Teflon 0 Espana Santa be pacify computer Assoc american Exchange new York american Stock Stock ech o Bay mines Hill Haven corp Plains resource expo rate co la am medical bldg Organogenesis Benton Oil Gas Nabors Industry metro Mobile b advanced med a the 10 most Active stocks in Salas 781.500 600,600 463,800 351.500 301.300 272.700 236.500 224.300 221.500 212,400 8% 2% 24% 1 10% 19% 15% 6% 21 17% net chg. Up % off % up 2% off % up up % up up % unch up Dow Jones new York up Dow Jones closing Range of averages monday Hwi it do Chrum 30 industrials 308510 3042.49 3060.38ofl 16.7f 20 transport 1290.92 1270.74 1280.27 �7.29 15uewes 214.88 212.44 213.76 �100 65 stocks 1114.66 1099.05 1106.07 off 600 defense contractors use ads to build image on Capitol Hill by James Bernstein new Day new York a you Are watching one of the National Public affairs programs on television sunday morning and the Host says it is time for a commercial. You expect to see another advertisement for breath mints cars or deodorant. Instead a huge satellite rotating somewhere in space appears on your screen. A voice says a tensions Between East and West May be relaxing but America must keep its eyes on thousands of missiles still out  Are we being attacked no. This is a 30-second spot made by lord dents amp partners of new York for Grumman corp., which is hoping to win a Multi Bil lion Dollar Pentagon contract to build a new generation of spy satellites. You can be forgiven if you Are left with a few questions about what you have seen and heard. Foremost might be Why major military contractors spend Money to advertise their non commercial products. It would be the rare viewer after All who would be in a position to do much about East West relations the proliferation of missiles or the satellites to spot them. Nonetheless defense companies spend hundreds of millions of dollars on Madison Avenue each year. Look in just about any newspaper or Magazine and you can see the and the Della Fomina Mcnamee Agency did for Raythelon co., maker of the Patriot antimissile system used in the persian Gulf War. In the ads the Patriot is taking out an iraqi scud missile Over Riyadh saudi Arabia. In another print and Jet engines built by Rolls Royce Are touted. The and shows a red and White Navy Hawk Trainer aircraft. Another Magazine and shows Boeing co. Helicopters lifting pieces of Bridges. Can you buy missiles Jet engines or helicopters not unless you Are a kuwaiti Prince or a big company. All the Money spent for this kind of advertising May seem confusing until you realize the ads Are not aimed at the general Public. A what we re trying to do is reach a Small part of the viewing audience the Congress the White House a said Ken Kilmartin a vice president at lord dents. A you have 30 seconds in which to get across the company name and the program they re linked up with. There a a lot of confusion about who is linked up with what  Bob Ravitz an executive vice president at Grey advertising in new York said most members of Congress their staffs and the White House staff members who work on defense matters Are already familiar with the air planes missiles and other weapons made by military contractors. But Ravitz said the ads Are intended to drum up emotional support As Well. A a you re trying to influence staffers on the Hill so that they have a Good positive feeling about a particular defense company client he said. A a it a More to affect attitudes toward the corporation. I done to think they feel they Are going to sell an f-111�?� through an and. A but when contracts come up it is More than just who is the Low  Terry Mcguire Rathe on a advertising manager said the Lexington  company is convinced the ads Are valuable in preserving its image As a major defense contractor with a diversified base of commercial products. A your advertising reflects that you re a viable company and you can meet anything required of you a Mcguire said. Salomon chairman to stay on Job until . Regulators finish probe san Diego apr Salomon inc. Chairman Warren Buffett told state level securities regulators monday that he will remain at the Helm until Federal investigators Complete their probe of the scan dal plague firm. Buffett also said two months of cleaning House at Salomon has turned up no new evidence of Wrom a the Plain spoken Omaha multimillionaire who took Over Salomons top position in the aftermath of a government Bond trading scandal said an in House probe has uncovered no additional securities Laws violations although Federal investigators still Are looking. A we have not found a widening of bad behaviour. We have looked and looked and looked a Buffett said in speech to the North american association of securities administrators. A we have not found anything that seems  Buffett also said he would stay on As chairman a until i feel i am no longer needed a which he believes will be when Federal regulators conclude their investigation. Buffett said Salomon expects a significant monetary costs As a result of the scandal. He did not give a loss figure but said it would be reported in third Quarter earnings. In August Salomon admitted that it made illegal bids at Treasury department auctions without customers knowledge. That illegal action bypassed a Federal Rule preventing bidders from acquiring More than 35 percent of any government Security at auction. The government finances the budget deficit through the auctions. Such financing is critical to the smooth functioning of the . Economy. Former Salomon chairman John h. Gutfreund also disclosed that he and other top executives were aware of the wrongdoing and waited months before telling regulators. Buffett told his 700 listeners monday that he still has no explanation Why top Salomon management did not report the wrongdoing. A it just does no to make any sense a Buffett said repeatedly. Gutfreund and three top executives resigned from Salomon on aug. 17. The next Day Buffett who holds a 14 percent stake in Salomon took Over As chairman. Nasal representing state level securities regulators from All 50 states plus several Canadian provinces is holding its annual fall conference in san Diego through thursday. Several states have ceased doing business with Salomon and others Are suing the Wall Street investment House. More than 30 states Are conducting a joint investigation of Salomon following the disclosures this summer. The securities and Exchange commission the Justice department and the Fri also Are investigating Salomon. As he has before Buffett said he welcomed the probe by Law enforcement agencies and pledged to cooperate. Buffett also continued to place most of the blame for the scandal at the feet of Paul Mozer the former head of Salomons go Vermont securities trading desk. Mozer was later fired. Buffett characterized Mozers activities As a motivated by a desire to Best the . Treasury because his alleged illegal dealings would not have earned him any More Money or significantly increased his annual Bonus. Buffett acknowledged that the scandal has Hurt Salomon costing it business prestige and a lot of Money in Legal fees. A a in a going to be the american bar associations a Man of the year a a said Buffett 61. Asked what his worst Day had been Buffett joked that he hoped it had already occurred in the first two months of his tenure. He also said Salomons Fate As a primary dealer and a key player in the Treasury departments securities auctions was still in the hands of Federal Reserve Bank officials in new York. Chase Manhattan reports 3rd-Quarter profit by the new York times new York a Chase Manhattan although still working its Way out of staggering loan losses reported a $136 million net profit monday for the third Quarter. The banking company attributed its turnaround partly to falling interest rates and to drastic Cost cutting Over the last year. The profit equal to 79 cents for each outstanding share of common Stock contrasted to a loss in last years third Quarter of $623 million. Chase has been profitable in each Quarter of this year and net income for the first nine months totalled $385 million or $2.31 a share compared with a loss of $527 million in the same period last year. A Chase is turning itself around a said Thomas Hanley a Bank analyst at Salomon Brothers. A the various operating variables Are going in the right  in a statement Thomas g. Labrecque the chairman and chief executive officer of Chase Manhattan corp. As Well As Chase Manhattan Bank noted that the company a capital As a percentage of assets a mostly Loans outstanding a had risen in the Quarter and that staff cutbacks had a exceeded our target reduction of 5,000  he did not say by How much. A we continue to be encouraged by chases Progress a Labrecque said. He said in Early october that third Quarter income would be about 80 cents a snare