European Stars and Stripes (Newspaper) - November 16, 1991, Darmstadt, Hesse                                Saturday november 16, 1991 the stars and stripes Page 17today�?Ts tip the Walt Disney co. On thursday reported Sharp declines in fourth Quarter and fiscal year earnings citing the weak Economy and declining tourism. The entertainment giant attributed part of the decline to weak theme Park attendance and Low occupancy at its resorts. The company does not release specific attendance figures. Disney said its fourth Quarter profits fell 25 percent from the same period last year. Earnings for the most recent three months were $174.1 million or $1.31 a share Down from $232.7 million or $1.72 per share during the comparable period a year ago. Revenues were $1.74 billion up 2 percent from $1.71 billion. Annual net income was $636.6 million or $4.78 a share Down 23 percent from 1990�?Ts level of $824 million or $6 a share. Revenues Rose 6 percent to $6.18 billion from $5.84 billion in 1990. Conversion rates London up fridays 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 $355.75 an ounce Silver at $4.02. Nov. 14 nov. 15 British pound.1.7755 1.7680 German mark.1.8285 1.6375 French franc.5.5830 5.5795 dutch guilder.1.8375 1.8450 belgian franc.33.68 33.69 italian lira.1.232.45 1.231.55 Swiss franc.1.4470 1.4505 greek drachma.184.69 184.67 turkish lira.4,945.30 4,954.80 saudi arabian riyal.3.7502 3.7502 Spanish peseta.102.66 102.83 portuguese escudo .141.04 142.28 Canadian dollar.1.1290 1.1294 austrian schilling.11.489 11.485 norwegian krone.6.404 6.404 danish krone.6.3435 6.3405 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 1.59 through monday based on fridays noontime Price fixing. New York Exchange new York up a York Stock Exchange Stock Glaxo holdings Humana inc Ford motor of Ford motor co Mana corp Citicorp Amer express total co franc Tel Fonos de my occident a petrol Rwjr Nabisco hid Rwjr Nabisco pop ban America at amp to company Eastman Kodak the 15 most Active stocks in new composite trading on thursday. Sales last net chg 9.584.400 31m 4,767,100 23 4,662,200 50 2,982,000 25 2.847.400 31 2.712.500 11 2.605.500 19 2.527.400 25 2,453,700 45 2.380.800 20 2.304.800 10 1.742.500 10 1,721,300 38 1.523.500 38 1,475,900 49 up1 off 4 unch up off 5 off up up 1 up off up unch off  american Exchange new York american Stock Stock Jan Bell mtg Organogenesis carnival cruise instrument sys epitome Hill Haven corp Bergen Brunswig Energy service fruit of loom Ivan corp  the 10 most Active stocks in change composite trading thursday. 599,100 548.200 539.200 529.700 427.200 406.300 371.700 351.300 343,600 338,900 let Nat Clig. 16 off 25 up 24 off 6 up 26 up 3 2 off 20 off 1% up 24 unch 46 up1 Dow Jones new York up Dow Jones closing Range Al averages thursday 30 industrials 20 transport 15 utilities 65 stocks High 3084.97 1297.65 220.83 1120.66 Leer 3037.34 1267.56 218.89 1101.96 3063.51 1282.51 220.02 1111.89 change off 1.79 up 6.73 unch up 1.30 Dow suffers hardest fall since mini crash of 89 new York a the Stock Market tumbled to its fifth biggest drop Ever Friday in a major afternoon sell off prompted by mounting pessimism about the Economy. A a it a a free fall right now. People Are going off the ski jump a Christopher Pedersen director of trading at Twenty first securities corp., said shortly before close of trading. The Dow Jones Industrial average of 30 leading stocks plummeted 120.31, to close at 2,943.20, the biggest Point drop since the mini crash of oct. 13,1989. Analysts said the decline reflected a series of negative economic reports this week As Well As congressional Calls for a Cap on the amount that Banks can charge Consumers on credit card interest rates. Earnings disappointments at a variety of companies contributed to a general belief that the Market was overpriced. Pedersen said the sell off Friday was concentrated in Blue Chip stocks predominantly in the Dow Jones average of 30 Industrial companies. Among some major companies ism closed Down $4 to $96, general electric was off $2.876 to $67.50, Exxon dropped $2.50 to $57.25 and at amp to was off $1.25 to $37.25. Biotechnology stocks which had been big gainers in recent weeks were hit hard for the second straight Day and traders said they led the Overall Market decline. Gen tech fell $1.37v2 to $33 a share immune response plunged $5 to $35.75 and Biogen lost $6.50 to $40. The Stock drop had a bandwagon effect on other markets. In Chicago crop futures prices Sank on the Chicago Board of Trade in nervous Selling blamed on the Stock Market. On the Chicago mercantile Exchange the Standard amp poor a 500 Stock Index futures fell 12 Points temporarily halting trading. That triggered a circuit breaker on the new York Stock Exchange temporarily diverting orders for the 500 stocks that make up the a amp a Index. Computerized program trading on the nose came to a halt for the Day when the Dow average fell 50 Points in late afternoon. In economic news Friday the Federal Reserve Board reported that Industrial production was unchanged in october Well within the Range of analysts forecasts. But that continued a Flat trend that has prevailed for the past several months in a sector that is presumed to be one of the stronger elements in the Economy now. Bankers vow to drop holders of cards if rates Are capped by the Washington Post Washington a the banking Industry says it will Cut off nearly half of its 120 million credit card customers if Congress forces it to lower interest rates on their accounts. Alex w. A a Peter Hart president of Mastercard International predicted thursday that such action against that Many credit card holders would a Hammer the  at the same time Many retailers who Are among the intended beneficiaries of the measures said they doubt that lower credit card rates would do much to stimulate sales. The House and Senate Are considering action to Cap credit card interest rates that average 19 percent annually and have not moved downward along with other Short term interest rates. Late wednesday the Senate attached an amendment to its version of a banking Reform Bill that would immediately Cap credit card rates at 14 percent with future adjustments linked to changes in Treasury Security rates. The vote was 74 to 19. House speaker Thomas s. Foley d-wash., said thursday that there is a a High degree of likelihood that the House will approve a Cap next week. Just As the political steam was building in Congress however president Bush was disavowing mandatory ceilings. At the White House spokesman Marlin Fitzwater said Bush does not favor the rate Cap. The presidents remark earlier this week that he a would frankly like to see the credit card rates Down helped prompt the congressional action. Fitzwater did not however threaten that the Bill would be vetoed. According to a Survey by the american Bankers association a 14 percent rate would Render fully half the credit cards in circulation unprofitable because these card holders have More credit problems than others do and Are More Likely to  Corwin director of operations and retail banking for the Aba said that a on average half of All. Credit card accounts would have to be  that would mean that approximately 60 million people would probably lose their visa or Mastercard. The Industry contends that rates As High As 19 percent Are needed to cover a variety of credit risks and administrative costs including heavy expenditures for marketing. But consumer representatives Arentt buying that. A Congress on behalf of the american people was saying enough is enough a said Elgie Holstein of the bankcard holders of America a consumer group based in Herndon a. A credit card rates must track other rates in the Economy and they Haven to been doing that a he said. Despite the outpouring of support it remained unclear whether the rate Cap would become Law. Parliamentary procedures in the House could derail the Bill. Several congressional staff members suggested the Cap might vanish from the banking Bill in conference and the Senate might fail to enact the separate House Bill. That Way the Cap would not become Law but members of both Chambers could claim credit for having voted for it. Another possibility is that the banking Bill itself could fail. Indeed the House voted Down its latest version of the measure thursday night. Corwin said a a cynical View of the Hill action would be that a members done to believe this banking Bill is going anywhere so its a free vote that they could show to the voters Back Home a without worrying about the economic  traditionally cutting interest rates has been a Central weapon in the governments Arsenal to Battle recession. The Federal Reserve has reduced rates sharply in recent months As the Economy has stumbled. However consumer spending has remained depressed and backers of the Senate a amendment asserted during debate on the measure that it would help encourage Consumers to return to stores and showrooms and get things going again. Chrysler resumes interest free financing Detroit a Chrysler corp. Is reintroducing interest free financing to people who buy certain 1991 and 1992 Model vehicles from its dealers in the East. The move reflected the Industry a concern Over sluggish sales which have resulted from the Broad economic slowdown in the United states. The East particularly new England has been especially hard hit by the slowdown. Chrysler a move came one Day after Industry figures showed sales by the major Domestic automakers plunged in Early november from a year earlier. It also follows declines in the discount rate the Federal Reserve charges Banks and prime rates Banks charge their most creditworthy customers. A the program came about at the request of our dealers a Chrysler spokesman Tom Jakobowski said. A in the Northeast the economic situation has not been Good for the Market so they were looking for the manufacturer to develop some program to Spur  for months Auto executives have called on the Federal government to lower interest rates in an Effort to stimulate the Economy and thus help boost loan dependent Auto sales. The program focuses on some smaller cars mid size sedans minivans and Dakota pickups. Chrysler a Zero percent financing is available on 24-month Loans. Interest rates will Range Between 1.9 percent and 9.9 percent on longer term Loans. Buyers can choose a Cash rebate instead of lower rate financing. The rebates Range Between $1,000 and $2,000 depending on the Model. The program takes effect today and runs through dec. 20. Its available at dealers in Maine new Hampshire Vermont Massachusetts Rhode Island Connecticut new York new Jersey Eastern Pennsylvania Maryland Delaware Virginia and West Virginia. The last time Chrysler offered interest free financing was on some cars and jeeps in a program that ran Between april 21,1990, and May 31, 1990