European Stars and Stripes (Newspaper) - November 20, 1991, Darmstadt, Hesse                                Wednesday november 20, 1991 the stars and stripes b Page 17 House panel takes no action on ceiling for credit card rates Pittsburgh a Westinghouse electric corp. Said monday that about 20 Banks have been lined up to provide $6 billion in credit As the company restructures much of its debt. Westinghouse said the banking group provided More credit commitments than the company needed. The Banks were Lea by chemical Bank of new York and included Banks from the United states Canada Japan and Europe. A the fact that this credit facility is oversubscribed by key Banks around the world is tangible evidence of Confidence in our strategy and in the financial strength of Westinghouse a chairman Paul Lego said. Westinghouse originally had sought $8 billion but spokesman Paul Jones said a we Learned we  need that  Jones said Westinghouse will use the Cash to convert commercial paper a or Short term ious to other companies a into Long term  rates London lied tuesdays rates for the  to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $363.00 an ounce Silver at $4.09. Nov. 18 nov. 19 British pound.1.7940 1.7975 German mark.1.6000 1.5985 French franc.5.4825 5.4830 dutch guilder.1.8115 1.8115 belgian franc.33.04 32.97 italian hra.1,214.00 1,214.00 Swiss franc.1.4240 1.4165 greek drachma.182.48 162.60 turkish lira.4,920.80 4,939.90 saudi arabian rtyal.3.7499 3.7498 Spanish peseta.101.51 101.50 portuguese escudo.140.69 140.54 canafthdotlar.1.1278 1.1293 austrian schilling.11.3030 11.3300 norwegian krone.6.3120 6.3126 danish krone.6.2465 6.2435 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.56 through wednesday based on tuesday s noontime  York Exchange new York up York Stock exc Nangi Slock Glaxo holdings at amp to company Philip moms Tamoos of or Rwjr Nabisco he links Dunc general motors Wal Mart stores Home depot inc genl electric Boeing co Amer express be Donadt Merrill by Bristol i i Somps i Lynch iyar so a in 15 Moat a tort stocks in new i composite trading on monday. Soon last Nat Fig. 6,891.600 30% up1% 3.158.700 37 off 3,030.100 69 up 2.836,100 43% of 2.525.200 9% 0�% 2,321,300 25% up 2,318.500 32 up 2,137,900 48% up 2,034,600 60 up 2% 2,003,700 68% up 1% 1,998,500 45% up 1,948,400 19 up 1,898.400 57% up on 1,882,400 54 1,871,800 82% up 1% american Exchange York an Stock Hix corp Rhone Pool Vert i cruise fru Kollom pm group web ads corp Americus gear americas t to corp am a tha 10 Moat Artmoo stocks in i change compos a trading monday. Stoat tact Natick a. 810,000 26% 0111% i 597,300 2% unch 411,900 19% Folh 409,200 23% off 378,500 23 Aff 331,300 7% off 330.500 14% up 328.100 5% up of 2 so 325,100 7% 309,400 12 0 11% Dow Jones new York us Dow Jonas doting rings of stages monday 30 industrials 2990$ 2923.30 2972.72 Jet la 8bt 88 Moi 88 so 65 stocks 1084.96 1058.32 1076.70 up 8.74 Washington a the House banking committee for the third time sent to the full House a Bill replenishing the government Deposit insurance fund. But it did not vote on a measure to Cap credit card interest rates. The legislation adopted 44-7 tuesday tightens banking regulation and shores up the Federal Deposit insurance corp. However it includes none of the Bush administration proposals for revamping the financial system that resulted in the full House twice rejecting previous versions of the Bill. House speaker Thomas s. Foley d-wash., has said the full House could consider the Bill As soon As thursday. Similar legislation was also pending in the Senate which was to resume debate hoping for a final vote later in the Day. Before adjourning next week Congress must replenish the fd1c with $70 billion in new taxpayer backed borrowing authority or risk leaving 110 million Bank depositors unprotected. The Agency would repay the borrowing by charging Banks insurance premiums and Selling assets inherited from failed Banks. A there is no dodging that duty. Deposit insurance has become a financial entitlement program a said the panels chairman rep. Henry b. Gonzalez a Texas. After several unsuccessful attempts to Amend the Bill the committee voted 3415 to close debate and preclude further amendments. It then adopted the Bill. Rep. Frank Annunzio d-ill., offered an amendment to Cap credit card rates at 14 percent effective Jan. 1, a drop from the current average of a it it 19 percent. But Gonzalez ruled it out of order saying that the proposal must first be considered by the panels consumer affairs subcommittee. The chairman of the subcommittee rep. Esteban e. Torres d-calif., said he hoped to consider credit card legislation later this week. He and other lawmakers Are working on Compromise proposals which would defer or avoid a Cap. Foley who had said last week that the House Likely would act on credit card legislation said monday Quot i done to think we should Rush Forward without considering All.  in the Senate which last week attached a Cap to pending banking legislation Republican Leader Bob Dole of Kansas said he was talking with other senators about subsequent amendments to dilute the Cap proposal. Investors Send Mcdonnell s Stock soaring despite spate of problems by John Diamond Washington a its been a Tough year for Mcdonnell Douglas the nations largest defense contractor. Federal agents Are investigating the company whistle blowers say the wings could Fly off its planes and on top of that the weapons business Isnit so Good. So Why has company a Stock More than doubled in Price this year done to look to Capitol Hill for the answer. A there Are 21 open cases against Mcdonnell Douglas including defective pricing Cost discharging product substitutions Progress payment irregularities and even one bid rigging allegation a said rep. John ing office Congress investigative Arm. Despite a year that included 20,000 layoffs billions of dollars in lost bids government investigations and the Penta gone a plan to sharply reduce military spending Mcdonnell Douglas Stock has defied Gravity. Shares that traded Early in Conyers jr., d-micn., citing investigations by the securities and Exchange commission the Fri and air Force. Conyers chairman of the House government operations committee questioned Federal auditors last week about what would happen if a company As big As Mcdonnell Douglas went under. Where would the Pentagon buy its planes cruise missiles and helicopters to the taxpayers have to Grimace and any time you re winding Down a government program you re being reimbursed Tor All that financing a aerospace analyst Paul Nisbet take it because the Pentagon has nowhere else to go is the company like a huge Bank a too big to fail a a it a very difficult to conceive of what the implications would be of that kind of bankruptcy a said Nancy Kingsbury the air Force specialist for the general account the year for $27 were going for $73 on monday. Mcdonnell Douglas shares have risen steadily through most of the bad headlines. The secret according to one aerospace analyst is in the margins. A the perception is when you re losing business you re going to lose Money said Paul Nisbet of the investment firm Prudential Bache securities. A but it does no to work that Way. They re going to make better margins on their  mature programs such As the Tomahawk missile the Apache helicopter and the f-15 fighter produce much More profit than new programs that involve major borrowing to tool up a Plant Nisbet said. A any time you re winding Down a government program you re being reimbursed for All that financing a Nisbet said. A a you re laying off a lot of people and they re getting Hurt but the company is recovering what it had invested in the  by almost any measure Mcdonnell Douglas is the nation s largest defense contractor with 115,000 employees and in 1990, $16.3 billion in total Revenue 68 percent of which was from government sales. This year it is setting new Revenue records. A line company is on a sound financial footing Quot said Mcdonnell Douglas spokesman Mike Burch. A the company had some Cash flow problems earlier in the year but it has worked its Way out of them. We have paid Down our debt to its lowest level since 1989.�?� analysts who have watched the company through the year have noted Cost reductions in the company s combat aircraft division and promising sales of the new md-11 Airliner. Airline Calls Northwest buyout bid fraudulent Chicago apr Midway airlines asked a Federal judge monday to Force Northwest airlines to go ahead with a buyout that would have kept grounded Midway in the air. Midway attorneys contend Northwest breached a contract Between the airlines by withdrawing from the $178 million buyout last week. They allege Northwest defrauded Midway with misrepresentations about its intentions. The complaint filed in . Bankruptcy court also contends Northwest infringed on Midway a rights by making a bid that drove Dallas based Southwest airlines away from buyout negotiations. The complaint also seeks compensatory damages. Northwest said in a statement that it was a outraged and offended by the action and planned to file a counter suit against Midway contending the failed Carrier intentionally misled Northwest during negotiations. Judge John Squires said he would hold a hearing dec. 2. Meanwhile Squires granted a request that temporarily prevents Northwest from auctioning the lease rights to Gates it acquired from Midway at Chicago a Midway Airport. Northwest which met monday with representatives from american Continental Southwest trans world us air and United airlines discussed Sale prices for the Gates but wont Complete any deals until the next hearing on Midway a complaint Northwest spokesman Mark Abels said. Midway stopped flying thursday after Northwest called off the proposed buyout idling 4,300 employees. Midway the nations 12th-largest airline at the end of last year had been in bankruptcy proceedings since last March. It had nearly 200 flights a Day to 41 destinations. Talks Between Midway and Northwest had led to Northwest a $178 million buyout offer last month. The two part proposal included a $20 million Purchase of lease rights to 21 Gates at Midway Airport in Chicago and Assumption of some Midway debt. The City of Chicago which owns the Gates announced after the shutdown that it had agreed to let Southwest use eight of the Gates. It is unclear who actually has control Over the Gates. Northwest has seven Days to respond to Midway a complaint