European Stars and Stripes (Newspaper) - June 10, 1992, Darmstadt, Hesse                                Wednesday june 10, 1992 the stars and stripes b Page 17money matters today a tip Only three Days after the major carriers ended their latest Domestic air War Delta air lines fired another Salvo monday when it lowered trans Atlantic fares for business travellers up to 45 percent. The fares available today apply on full coach business and first class fares on round trip flights from the Continental United states to any of Delta a 36 trans Atlantic destinations. Delta a new fares Are for round trip travel no later than sept. 30 and completed by oct. 14. There is a 14-Day maximum stay but no minimum stay  rates following Are fixed rates at which Community banking facilities will sell foreign currencies to . Personnel for personal use through wednesday German Mark.1.54 British pound.1.89 dutch guilder.1.74 greek drachma .187.1288 note the rates above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira .1,204.25 turkish lira .6,847.70 Spanish peseta.100.02 portuguese escudo.132.22 austrian schilling.10.970 saudi rial.3.7495 Bahrain dinar.0.37675 Kuwait dinar.0.2903 norwegian krone.6.1865 danish krone.6.1220 British pound.1.8345 German Mark. 1.5905 Swiss franc. 1.4560 French franc.5.3555 dutch guilder.1.7915 belgian franc.32.57 Gold quote $338.15 an ounce Silver quote $4.05 an ounce new York Exchange new York up York Stock Exchange Stock the 15 most Active stocks in new composite trading on monday. Sales Tail net Cho. Abbott tabs inc 9,338,700 27 a off 4 Vuk general motors 2,476,100 43 7k of flak Bristol Myersq 2,415,300 64 a Oft 1 Salomon inc 2,335,600 33 Vuk up Vuk Gull St utile 2,064,100 15 v. Up 1 a Premark inti 1,902,100 34 a up Vuk Glaxo holdings 1,845,500 26 a Oil Vuk Santa be Pacil 1,821.400 12 Vuk up Vuk Avistar inti 1,615,700 3 unch Walt Disney co 1.507,200 37 Vuk up Vuk Amer express co 1,501,800 24 up Vuk Philip Morris 1.412.000 76 Vuk up 1 a Chrysler corp 1,290.000 20 Vuk up Vuk Reebok inti Ltd 1,266.800 23 /. On a. Syntax corp 1,233,300 35 Vuk up Vuk american Exchange new v0rk up a the 10 most Active stocks in american Slock Exchange composite trading monday. Stock sales last net chg. Ivan corp 644.400 25 Vuk Onuk Pec Israel econ 424,100 13 Vuk up Vuk inti Corona 354,000 4 Vuk up Vuk pall corp 335,500 25 % up Vuk off Vuk Wang labs inc b 279,300 3 Vuk carnival cruise 256,500 30 unch Phil Long d Tel Jan Bell Molg 193,000 50 a up 1 a 191,600 16 Vuk up 1 Vuk Echo Bay mines Central cd cd 178.500 5 Vuk unch 155.800 3 15-16 up Vuk Dow Jones new v0rk up a Dow Jones closing Range of averages monday High 3422 80 337 Low close change up 5 45 30 industrials 0 18 3404 14 20 transport 1396 30 1378 92 1388 64 Upo 75 t 5 utilities 21 3 38 210 63 213 19 up 1 81 65 locus 1209 09 119 2 02 1203 27 up 2 72 Cash Handy general dynamics plans to buy Back some stocks by Steven Pearlstein the Washington Post defense giant general dynamics corp., which has built up a Reserve of $1.2 billion announced monday that it will distribute some of its Cash to stockholders by buying Back 30 percent of its outstanding shares. The news sent general dynamics Stock already trading at a Premium among defense stocks still higher monday up $5,621/ to close at $71. In its announcement general dynamics based in Falls Church va., said it would buy Back the Stock directly from shareholders at $65 to $75 a share. The buyback program which could Cost the company up to $975 million is part of general dynamics Long term strategy for adapting to reduced Pentagon spending. While some companies Are looking to maintain their size by finding new lines of business outside the defense realm general dynamics plans to reduce its size by Selling off divisions not part of its Core defense business and sharing the Cash proceeds with its stockholders. In the last 18 months the company has sold its in House computer operations to computer sciences corp., its Cessna private aircraft division to text Ron inc., and its missile operations to Hughes aircraft co., a division of general motors corp. Still on the Block Are the company s Chicago based construction material division and its aircraft subcontracting operations in san Diego. Among the stockholders pushing the strategy Are the Crown family of Chicago which currently controls 22 percent of general dynamics shares. The crowns indicated monday that they would tender about half of their 9 million shares for Sale Back to the company. If All the tendered shares were accepted the transaction would give family members approximately $330 million in Cash and still leave them with 15 percent of the company Stock. Industry analysts have reported that the crowns had been looking for a Means of getting some Cash out of their general dynamics investment while paying As Little tax As possible on the transaction. Under a Stock repurchase plan shareholders who choose to sell their Stock Back to the company will be taxed on their capital gain a the difference be tween their Purchase Price Ami the Price at which the shares arc sold. In explaining the buyback program monday general dynamics chairman William a. Anders said Quot our Cash resources far exceed those needed to pursue opportunities within our Core businesses and to keep them Strong and  Anders defines those Core areas As building nuclear submarines tanks space vehicles and fighter planes. Even after paying off most of its Lon term debt general dynamics had $1.2 billion in Cash on hand at the end of March with another $450 million expected from the Sale of the missile division. Analysts also expected the company to generate about $500 million in Cash from its ongoing operations in 1902. Most analysts predicted that the buyback program would provide a Long term boost to general dynamics share Price by reducing the number of outstanding shares. Among the beneficiaries of such a Price jump would be the company Stop executives. Under the firms incentive compensation plan adopted last year they will be entitled to buy 1.3 million shares of the company Stock at $49 a share beginning in february 1904. Stocks plunge after drug recalled new York up Abbott laboratories Stock plummeted and led the Active issues monday on the new York Stock Exchange following the company a decision to recall a new synthetic Oral Antibiotic. The Stock drop followed a food and drug administration announcement Friday that Abbott would voluntarily recall Omni Flox tablets and halt further distribution. The Stock closed at $27.75 a share Down $4,125. The Wall Street journal said the company will take a charge against earnings in the second Quarter for costs associated with the drug withdrawal. Abbott based in Abbott Park 111., reported sales of $6.9 billion in 1991. The drug also known As Teaf Lomacin was approved by the Fra in late january and marketed in mid february. Since then about 50 reports of serious reactions to the drug including three deaths have been reported. The Fra said reactions included the destruction of red blood cells and other blood cell abnormalities kidney dysfunction liver dysfunction and reports of allergic reactions some of which have caused life threatening respiratory distress. Teaf Lomacin is one of a newer class of synthetic Oral antibiotics used to treat infections of the lower respiratory tract skin and skin Structure the prostate and urinary tract. According to the pharmaceutical manufacturers association it Cost a drug manufacturer an average of $231 million to bring a drug approved in 1991 from research and development into the marketplace. Representatives from Abbott labs were not available for  Kitty Hawk disk drive can take rattle and Roll san Jose Calif apr Hewlett Packard co. On monday unveiled the worlds smallest disk drive a Matchbox sized device that can Supply portable memory to machines such As hand held computers and Mobile phones. The he Kitty Hawk personal storage module a 1.3-Inch disk drive a third smaller than the previous record 1.8-Inch disk drive can hold 21.4 megabytes of memory a equal to 14,389 typed pages the company said. The most popular disk drives used in computers today measure 2.5 inches and 3.5 inches and come with three to four times the amount of built in memory. But the smaller size of Hpe a disk drive makes it More durable than larger disk drives which have moving parts that often malfunction if bumped. The new drive which becomes available this fall also can be easily removed because it connects to machines from the outside. A a when you make them Small  take More shake rattle and Roll without much effect a said Bob Katzive an Industry analyst with the Mountain View based disk trend inc. Hewlett Packard the Palo Alto based company that makes an array of computers and High tech products made the Small disk drive for its own machines but plans to sell them to companies that might want More memory storage for Small portable computers cellular phones and medical equipment. The Small disk drive would be an alternative to solid state memory or Flash memory cards that also can hold extra memory but at three or More times the Cost. He plans to sell its 1.3-Inch disk drive for $450 each or or $250 when ordered in quantities of 100,000. The disk drive is so Small Hewlett Packard needed help from the citizen watch co. Ltd. Of Japan to put the device together with screws too Small to be seen by the naked be. Business Continental airlines comes to terms with attendants from wire reports Houston a Continental airlines has reached a tentative agreement with the International association of machinists regarding a new contract for some 7.0 h flight attendants airline officials confirmed monday. The contract now faces ratification by the flight attendants Continental airlines spokeswoman Peggy Mahoney said. The proposal will be presented to flight attendants Between june 15 and june 20, she  diaper headed for Market Cincinnati a Procter amp Gamble co. Said it will introduce a thinner More absorbent disposable diaper this fall to replace the pampers and luvs phases line. The new Ultra dry diapers announced monday use a curly cellulose fiber to absorb fluids on Contact to prevent leaking.4 asian nations on rebound Washington a economies of the Pacific rim countries Are quickly accelerating out of the recession with annual growth expected to reach 3.5 percent this year and 4.7 percent next year forecasters said. While the big economies of Japan and the United states Are recovering More slowly asians a four tigers a Hong Kong Korea Singapore and Taiwan a will Lead the Way with 1992 growth of 5.4 percent to 8.6 percent the Pacific economic cooperation Council said monday in its fifth annual report