European Stars and Stripes (Newspaper) - November 16, 1991, Darmstadt, Hesse                                Saturday november 16, 1991 he stars and stripes Page n today a 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 it 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 $355.30 an ounce Silver at $4.00. Nov. 14 nov. 15 British Pound.1.7755 1.7720 German mark.1.6285 1.6325 French franc.5.5830 5.5810 dutch guilder.1.8375 1.8388 belgian franc.33.66 33.62 Kalian lira.1.232.45 1,231.50 Swiss franc.1.4470 1.4475 greek drachma.184.89 184.67 turkish lira.4,945.30 4,954.80 saudi arabian rtyal.3.7502 3.7502 Spanish pemta.102.68 102.83 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 British pounds to . Personnel for personal use. Through monday this will be $1.82 for a Pound based on a Price fixing Friday afternoon at military banking facilities. New York Exchange new York up York Stock Exchange Stock Glaxo holdings Humana inc Ford motor of Ford motor co Mana corp Citicorp Amor express total co franc  Occam patrol Rwjr Nabisco hid Rwjr Nabisco pop ban Amarica at amp to company Eastman Kodak a the 15 most act Leo stocks in new Quot. Is unch a pvt off 5 off i up up1 up 4k of Myk up 14 unch off m up 14 my 14 9.584.400 4,787.100 4,662.200 2,902.000 2.847.400 2.712.500 2.805.500 2.527.400 2.453.700 2.390.800 2.304.800 1.742.500 1,721.300 1.523.500 1,475.900 31 23 50 25 31 11 19 25 45 20 10 10 38 38 49 american Exchange new York american Stock stack Jan Bell mtg Organogenesis carnival cruise instrument sys epitome Hill Haven corp Bergen Brunswig Energy service fruit of loom Iva corp the 10 Moat Active stocks in Amposta thursday. A last neck. 16 or 25 24 6 26 2 20 1 24 46 599,100 548.200 539.200 529.700 427.200 406.300 371.700 351.300 343.600 338.900 up on up up 3 off off up unch up 1 Dow Jones new York up Dow Jones dosing Range Al a Mats thursday a a him Lew Cooee change 30 industrials 308407 3037.34 3063.51 o�m.79 20 transport 1297.65 1267.56 128251  i sewn 220 s3 21889 220.02 unch 65 stocks 1120.66 1101.96 1111.89 up 1.30 Bankers vow to drop holders of cards if rates Are capped by the Washington Post Washington 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 ame 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 a lid. 8n House will approve a Cap next week. Wash., said thursday that there is Quot a High degree of likelihood that the 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 laying 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. Keating s a amp a misled Bond buyers by omitting facts prosecutor says los Angeles a buyers of junk Bonds at Charles Keating  Lincoln savings were like purchasers of a Good looking used car with a transmission that was about to fall out a prosecutor said in closing arguments thursday. Had the investors known the severity of the problems of Keatings companies they never would have purchased the Bonds Deputy District attorney William Hodgman said. A let me introduce you. To the Lemon Law of the California corporations code a he told the Superior court jurors. Keatings attorney replied that the Bond sales were approved by regulators generally followed strict guidelines pm a a the risks and were policed by lawyers. Keating 67, is being tried on securities fraud charges stemming from Lincoln a failure which was the biggest Thrift collapse in history and Cost . Taxpayers $2.6 billion. Keating is accused of 18 counts of failing to pass along information to buyers of Bonds issued by his american Continental corp., Lincoln a Parent company. More than $250 million in american Continental Bonds became worthless when his companies collapsed in april 1989. If convicted of six or More counts Keating could be sentenced to 10 years in prison. Hodgman displayed victims pictures and excerpts from their testimony elderly moroccan immigrants who lost $101,000 a travelling puppeteer who said he  understand Legal documents about the Bonds but trusted the Sellers a Man who said he was told the Bonds were a like the Rock of  Hodgman summing up More than 10 weeks of evidence acknowledged that Bond Sellers testified that they had provided buyers with prospectuses describing the risks of the Bonds. But buyers of Bonds never got full Dis closure during sales Eitches from the Ond Sellers he said. Sellers he added failed to pass along such information As a regulators concerns that Lincoln was failing its net Worth requirement which could Lead to its seizure by the government. A restrictions Keating placed on Lincoln a ability to pay dividends to american Continental cutting off a significant Cash flow to the Parent company. A a regulators order in december 1988 that Lincoln Stop operating in an unsafe and unsound manner. The fact weren t relayed to Bond buyers unless they found them in the Fine print. 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 Quot 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