European Stars and Stripes (Newspaper) - February 1, 1992, Darmstadt, Hesse                                Saturday february 1, 1992 the stars and stripes a Page 17money matters today s tip the congressional automotive caucus wants to give a tax credit of up $2,000 to people who buy new american built cars. The group said it would pay for itself by reducing japanese imports and unemployment in the . Auto Industry. A your Bill would be the quickest Way to jump Start the Economy a rep. Bob Traxler d-mich., said. A Etnis is an instant jobs Bill. It would result in the immediate recalling of Laid off Auto parts and Supply workers All across the  Traxler and rep. Dan Burton d-ind., said they would introduce a Bill based on a . Auto Industry study by the economic strategy Institute. The study concluded that japanese government support of health care pension plans and research and development gives Japan a automakers a Cost advantage of about $2,000 per car Over their american rivals. The Bill would give buyers of new american cars a tax credit equal to is percent of its Purchase Price up to $2,000. 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 $354.00 an ounce Silver at $4.14. Jan. 30 Jan. 31 British Pound.1.77551.78351.7755 German mark.1.6125 1.6135 French franc .5.4675 5.4965 dutch juilder.1.8260 1.8198 belgian franc.33.05 33.24 italian lira.1,205.50 1,213.50 Swiss franc.1.4300 1.4328 greek drachma.185.30 186.52 turkish lira.5,484.50 5,518.70 saudi arabian rtyal.3.7499 3.7499 Spanish peseta.100.78 101.55 portuguese escudo.137.92 139.01 Canadian dollar.1.1760 1.1745 austrian schilling.11.2900 11.3700 norwegian krone.6.2860 6.3355 danish krone.6.2090 6.2605 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 electro com Auto Glaxo holdings adv Micro docs Rwjr Nabisco hid coca cola co Natl re holdings Boeing co Bristol Myersq at amp to company Ford motor co Philip Morris Westinghouse Al Compaq computer Mcdonalds corp us Marathon the 15 most Active stocks in new composite trading on thursday. Sales last net Chi 3.924.000 16% 3.729.000 30% 3.416.600 19% 3,263,900 10% 2.506.800 77% 2.464.500 23% 2.147.500 52% 2,005,100 80% 1,776,400 37 a 1.735.800 30 1.639.600 76% 1,618,300 19 1.603.800 30% 1.580.800 44% 1.525.600 22% i unch up off 1% unch up 5% unch up 2% up off % off up in up 1% up 1 up 2 off Dow Jones new York up Dow Jonee a Tong Range of i thursday cd we 30industrials 326988 3204.61 3244.86 up mss 20 transport 1378.36 1347.16 136827 119.62 15utnes 213.13 209.69 211.13 off 1.00 65 stocks 1173.07 114938 1163.97 up 822 workers recalled Akron Ohio up the Goodyear tire and rubber co., citing increased sales said thursday that it is recalling 300 workers Laid off at three tire plants. Goodyear said it is adding about 9,000 tires a Day to production. United s Parent plans to slash spending following 91 losses by the new York times Ual corp., the Parent of United airlines reported a loss for the fourth Quarter thursday that was double that of the Quarter a year earlier. The company said it would Cut capital spending by $2 billion Over three years to strengthen its balance Sheet. Ualk a loss was $252.6 million compared with a loss of $123.5 million in the fourth Quarter of 1990. But on thursday Ualk a shares Rose $5,125, to $144.50, on the new York Stock Exchange As Wall Street was generally pleased with the planned cuts. Meanwhile America West airlines which is struggling to emerge from bankruptcy Protection reported a fourth Quarter loss that was smaller than the previous years. United airlines based in Elk Grove Village 111., is the second major Carrier to Cut Back on spending because of heavy losses Little sign of recovery in traffic and continued fare cutting. American airlines which is about tied with United As the nations largest Carrier said in november that it would Cut its spending by $8 billion through 1995. At the time Stephen m. Wolf Ualk a chairman said United would stick to its spending plans a a position that could have Given it an Edge in expanding into new markets and upgrading its Fleet. But he said thursday that the airlines a first Quarter traffic trends continue to reflect an Overall sluggish  when american announced its cuts it said about $5.2 billion of them would consist of passing up or deferring options to buy aircraft. The United cutback announced thursday did not specify what areas would be affected. But Julius Maldutis the airline analyst for new York investment firm Salomon Brothers inc., said most of the cuts would not be in aircraft orders because United was Short of air planes on some of its routes and needed to update its Fleet. United has 237 new planes on firm order and 260 on option. Pan am files lawsuit against Delta charging treachery contract breach new York a pan am corp. Filed a lawsuit against Delta air lines for More than $2.5 billion thursday accusing its former financial Savior of last minute treachery by abandoning a Rescue package that would have kept the Carrier alive. Delta denounced As meritless the charges in the suit filed with the . Bankruptcy court in Manhattan where pan am has languished for a year. The suit seeks $2.5 billion for damages plus an order preventing Delta from recouping $115 million it had invested in the aborted attempt to keep pan am flying As a smaller Carrier. The demise of pan am one of the old est . Airlines has come to symbolize the financial travails of the entire american commercial aviation Industry which lost billions of dollars last year because of the recession and costly fare wars. Pan am a predicament was worsened by years of chronic losses an inability to compete in the Era of airline deregulation and fears of terrorism on its International flights. Its lawsuit accuses Delta of breaching a contract and failing to Deal in Good Faith. Pan am quit flying dec. 4, a Day after lawyers told bankruptcy judge Cornelius Blackshear that Delta had refused to put up All the Money it had promised to keep pan am in business. A they set up a situation in which pan am could Only do one thing which was to shut Down its business a pan am chief executive Peter t. Mchugh said in a Telephone interview thursday. In response Delta spokesman Neil Monroe said a we fulfilled All the obligations. We met and exceeded the obligations substantially. Its without  the lawsuit is similar to one filed by pan am creditors after the airline collapsed which Delta also is challenging. Delta has argued that pan am a losses turned out to be greater than anticipated and that Delta concluded that pouring More Money into the situation would not save pan am. Xerox s 4th-Quarter profits drop 61 % Stamford Conn. Up Xerox corp. Reported that its fourth Quarter earnings plummeted 61 percent partially because of a charge for work Force reductions announced in december. Fourth Quarter net income dropped to $91 million or 73 cents a share from $235 million or $2.27 a share when compared with the same Quarter a year ago. Revenues for the fourth Quarter declined to $4.9 billion compared with $5 billion last year. A the weak economic climate affected sales of higher end products to our Large customers a Xerox chairman Paul Allaire said. A we increased Market share As sales of our lower end less expensive office equipment continued to show Good growth throughout the  the company a 1991 net income increased to $454 million or $3.91 a share from $243 million or $1.66 a share in 1990. The latest results reflected special items and discontinued operations. In 1990, Xerox discontinued its real estate operations and third party financing businesses. The special items were an after tax charge of $101 million in 1991 because of work Force reductions announced in december. The company took an after tax gain in 1990 of $50 million from the Sale of Xerox South Pacific operations to Fuji Xerox co. Ltd., the company a japanese affiliate. The work Force reduction will involve about 2,500 employees Xerox said. The action is expected to save about $150 million in 1992 and about $200 million annually in subsequent years the company said. Revenues for the year slipped to $17.8 billion Down from $18 billion in j990. . Seizes Thrift secretly acquired by Bocci los Angeles apr government regulators on thursday night seized a Small savings institution secretly acquired by the Bank of credit and Commerce International in 1985. Independence Bank had been under government scrutiny since it was revealed that its controlling shareholder saudi businessman Ghaith Pharaon was a front Man for Bocci the Luxembourg based International Bank whose collapse last year was the largest in world banking history. Bocci was shut Down july 5 by the Bank of England which accused it of Money laundering bankrolling arms traffickers and political bribery. Many other nations soon shut Down or began investigations of Bocci branches and its subsidiaries. Pharaon a former Bocci shareholder acquired Independence for $23 million. Under Bocci ownership Independence based in Encino calif., grew rapidly but ran up losses by investing in real estate. All Independence Deposit accounts will be transferred to first interstate Bank of California officials from the Federal Deposit insurance corp. Said. The Odic said it will a fully protect depositors of Independence Bank a including those with accounts that exceed the $100,000 Federal insurance limit. The Agency said it expects to be reimbursed for the full costs out of a special fund set up from Bocci assets in the United states. Under a plea agreement Between Federal Bank regulators and by Cir a court appointed liquidators Bocci forfeited $550 million in . Assets with about half of the forfeited Money to be used to Shore up financially troubled . Banks Bocci admitted it illegally controlled. Independence chairman Fulvio do Brich said the seizure came As a Surprise since the Bank received a capital infusion of $5 million in december. He said More Money had been promised which would have saved the institution. State regulators had told Independence that it must raise a minimum of $27 million to comply with its requirement for net Worth Dobrich said. Dobrich said nearly 300 Independence employees will be without work. Independence was one of four . Banks and thrifts secretly controlled by Bocci regulators said. Independence with assets of about $650 million As of last fall had been looking for an investor since last summer in an attempt to distance itself from Bocci. Dobrich said Independence lost potential customers because of the publicity surrounding Bocci