European Stars and Stripes (Newspaper) - February 12, 1992, Darmstadt, Hesse                                Page 20 c the stars and stripes wednesday february 12, 1992money matters a in the face of a persistent recession United airlines on monday took a big step Back from an ambitious expansion strategy announcing that it was cutting its capital spending by $6.7 billion Over the next three years and postponing the delivery of new aircraft. The airline one of the nations strongest had sought to keep its expansion drive going despite Nard times but continuing poor traffic and heavy fare discounts forced it to pull Back. Both business and Leisure travel have been Low showing Only a Small recovery from the disastrous Levels of last year when fear of terrorists during the persian Gulf War caused Many companies to eliminate International travel altogether and other travellers to stay close to Home. The airline said it was putting off the delivery of 44 Boeing 737s and 60 Boeing 757s. 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 $358.00 an ounce Silver at 14,18. Feb. 10 feb. 11 British pound.1.02785 1.00635 German mark.1.5700 1,5805 French franc.5.3330 5.4170 dutch guilder.1.7765 1.7875 belgian franc.32.20 32.69 italian lira.1.17b.30 1,190.70 Swiss  .40150 1.42325 greek drachma.181,10 103.05 turkish lira.5.469.40 5,110.00 saudi arabian riyal.3,7501 3.750 Spanish peseta.98.56 100.02 portuguese escudo.134.99 136.76 Canadian dollar.1.1766 1.1805 austrian schilling.11.00 11,17 norwegian Krone .6.1350 6.2300 danish krone.6,0630 6.1570 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 1,55 through wednesday based on tuesday s noontime Price fixing. New York Exchange new York up York Stock Exchange a Mel Uniss corp Citicorp Manus Energy Boeing co ptih4p Morris cum cat Bank Rwjr Nabisco hid Glaxo holdings Security pad Pepsico inc Tel Sfanos de my Amir Cyan amid at amp to company Baker Hughes Banka Merici the 15 most Active Stock in new composite biding on monday. Sato Latt net chg. 5.775,800 9ft 4.655.000 16ft 3.032.900 7ft 2,706.300 46 2.455.900 75 2.452.100 32vk 2.327.600 10ft 2,055,400 30ft t,974,300 32 it 1.865,700 31ft 1.845.100 53ft 1.403.000 50ft 1.479.600 37ft 1.294.900 20 up it 1.255.600 39ft Oft it up 1ft off it up 1ft off 1ft off it up 1ft unch up it off it off it up 2ft off 1ft up it up it american Exchange new York up american Stock then Slack go video inc us Bio science o Brien Energy of Nifton loom carnival cruise Wang labs inc b Cal Energy inc new York Tamesa Hasbro inc Amdahl corp a Iff 10 most act Tva stocks in Ange composite trading monday. Late Lail net chg. 1.600,100 4 in 1ft 1.028.300 15ft 669.600 5 417.700 32ft 413,400 31ft 267.600 4 262.700 12ft 261.500 28 261,200 41ft 259.500 19ft up 1ft off 1ft up it unch up it up it up it up it off it off it Dow Jones new York up it Dow Jones closing Range of avenge monday 30 industrials 20 transport 15 it ties 65 stocks High 3269.01 1403.40 20625 1175.52 3206.86 1366.63 205 31 1152.36 Cjase 3245.06 1366.63 207.44 1166.37 Cwa up 19,56 up 5.81 up 1.19 up 6.32 breast implant Issue prompts shake up at Dow Corning from wire reports Detroit a Dow Corning corp. Re placed its two top executives monday and ired a Leader from one of its Parent companies to handle a crisis Over the company a troubled breast implant business Keith r. Mckennon was named chairman and chief executive officer hours after the company released documents that showed it knew for years about medical problems linked to its breast implants. Mckennon 58, managed Dow chemical  crises with agent Orange and dioxin Over the last two decades. Dow Corning a company formed by Dow chemical co. And Corning inc., is one of the top makers of silicone breast implants which have faced growing critical scrutiny Over their safety. Quot it is Clear to the Board the company must focus full time top executive attention to both the Complex issues related to silicone breast implants As Well As the ongoing operations of the company a departing chairman John s. Ludington said in a statement. The company said Mckennon replaced Lawrence a. Reed As chief executive officer and replaced Ludington As Board chairman. Reed was named chief operating officer and will continue As president to direct Dow coming a global operations the company said. Mckennon was executive vice president of Dow chemical co. And gave up that Post thursday when he was asked to take the Dow Corning Post. Ludington a 41-year Veteran of Dow Corning who was its chairman since 1988, will continue on the Board and become chairman emeritus. Mckennone a sole Job will be to help save Dow Corning in the face of mounting product liability lawsuits Over its Sili Cone gel breast implants. Analysts have estimated Dow coming a potential liability at $2 billion. The Issue has Quot obviously been mishandled. We re talking about a product that represents 1 percent of sales that could bankrupt the company a said b. Alex Henderson an analyst with Prudential securities inc in new York. Dow Corning has been criticized for saying Little to Comfort the estimated 1 million women with silicone implants. Quot if you re asking whether this is a Day late and a Dollar Short i done to think i can answer a Mckennon said in a Telephone interview monday evening from his Home Keith r. Mckennon in Midland. Mckennon said he was the Quot focal Point of Dow chemicals efforts to handle crises involving agent Orange and dioxin. A these matters Are never exactly the same but i have some background and experience unlike anyone at Dow coming has a Mckennon said. Robert t. Rylee head of Dow coming a health care business said memos that described problems were isolated non scientific Quot anecdotes a representing nothing More than a the kind of dialogue that often takes place within a  Quot while we Are not Happy with these memos we have nothing to hide and we believe that each placed in the proper context can be explained a he said. On monday Rylee said there is Little evidence that the substance has caused anything other than inflammation and other Normal a foreign body reactions on those occasions when it has leaked into the tissues of recipients of breast implants. Dow was the maker of agent Orange the toxic defoliant used to Clear Brush in Southeast Asia that was blamed for respiratory ailments of thousands of Vietnam Robert t. Rylee War veterans. Dioxin a byproduct of chemical manufacturing is known to cause heart brain and genetic disorders in animals. Quot we needed outside expertise to help us with this controversy a Dow coming spokesman Edward Hutchison said monday night from Midland mich., the company Headquarters. Quot Dow coming has not had this sort of crisis occur in its 47-year history. Dow Corning has absolutely nothing to  earlier in Washington Dow Corning on monday released hundreds of internal memos letters and other documents revealing that it had received complaints for decades that its silicone breast implants had caused medical problems. The company has repeatedly told doctors and the government that the implants Are Safe and it reiterated that Assurance monday. But the documents show concern within Dow coming As Well. A . Food and drug administration advisory committee is to meet next week to consider the safety Issue and the Agency had demanded release of the documents to give the pane time to consider them. Law to step up strike against Caterpillar East Peoria Iii. A the United Auto workers Union said monday that it will escalate its strike against Caterpillar inc. Rather than let 5,650 locked out members in Aurora and East Peoria return to work without a contract. The Union also accepted caterpillars invitation to return to the bargaining table next week for the first time since talks collapsed oct. 31. But Union leaders warned it will be a a rather Short meeting Quot if the company does no to come prepared to accept a con tract patterned after the Law agreement with Deere amp co. Of Moline. A this is not just a fight for the Caterpillar workers a Law president Owen Bieber said. A this is a fight for our entire Union. Its a fight for the american labor movement. A we Are not going to abandon the pattern bargaining formula Here at  Bieber told a cheering crowd of about 3,000 tank and file members that Union members from across the country would drive to Peoria on March 22 in a hug rally of support for Union workers strik ing at Caterpillar. A i Pray to god the company will Cam to the bargaining table with a proposal t Settle this thing before then a Biebe said. The Caterpillar workers on strike of 15 weeks responded a give Mem  of caterpillars 16,000 Law Mem Bers 2,400 remain on strike at Assembly plants in Decatur and East Peoria offshore natural Gas Well discovered san Francisco up Chevron .a. Production co and its exploration partners have made a major offshore discovery of natural Gas South of Mississippi. Chevron said the discovery is in Mobile Block 861 in outer Continental shelf Waters about 17 Miles South of Pascagoula miss. Chevron is the operator and holds a 50 percent interest in the Well with nocal and Pennzoil each holding a 25 percent interest. San Francisco based Chevron said the find is its third major successful venture in the Norphlet trend during the past year following discoveries in Mobile Block 916 and Destin dome Block 56. Chevron said the Well was drilled to a total depth of 22,103 feet and found More than 360 feet of potential a Gas pay in the Sandstone. We Are encouraged by the results of our efforts in the Eastern Gulf of Mexico a said Ray Galvin president of Chevron .a. Production co