European Stars and Stripes (Newspaper) - October 28, 1992, Darmstadt, Hesse                                Wednesday october 28,1992 Money matters the stars and stripes b Page 17 today s rates following Are fixed rates a which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use German Mark 1.50 British Pound 1.61 dutch Guilder 1.68 greek drachma 190.2212 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 rate that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies italian lira 1,332.50 turkish lira 7,815.20 Spanish peseta 108.80 portuguese escudo 136.75 austrian Schilling 10.765 saudi rial 3.7495 Bahrain Dinar 0.37675 Kuwait Dinar 0.296 norwegian Krone 6.24 danish Krone 5.8875 British Pound 1.579 German Mark 1.533 Swiss franc 1.3645 French franc 5.2175 dutch Guilder 1.736 belgian franc 31.55 Canadian Dollar 1.23775 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $338.25 an ounce Silver quote $3.76 an ounce new York Exchange new York up the 15 most Active stocks in new York Stock Exchange composite trading on monday. Slock sales last net chg. General motors 3,535,000 34 Vic putt Synte corp 3,472,300 24 i up Citicorp 3,454.600 16% up 1w British steel 3,084,400 8tt off % Philip Morns 3,038,800 754 up Lvi Glaxo holdings 2,609,100 25 unch Merck & co inc 2,604,100 43 up1% ism corp 2,525,700 67 v4 01% Rwjr Nabisco hid 2,098,600 8% up vib Walt Disney co 1,816,600 39 up v4 Chrysler corp 1,679,800 27 up i1/ puget sound per 1,607,200 26 unch ban America 1,521,600 42 up 1/4 Procter Gambl 1,516,900 53 v4 up2vi occident petrol 1.457,500 15% Offutt american Exchange new York up the 10 most Active stocks i american Stock Exchange composite trading monday. Stock sales last net chg. Hom hardart 1,251,900 2 up1/4 new York times. 711,200 24 a upv4 tubes Deacero 614,000 6% unc Chambers Dev a 549,700 4v4 off 5-16 Jan Bell mtg 480,900 17v off/4 sulcus computer 413,400 8% putt Iva corp 381.400 30 a up1/ Kirby corp 342,800 11v4 up i Beima corp 303,200 8 unch am exploration 263,300 27-16 off 1-16 Dow Jones administration regulators deny they hid banking sector woes new York up Dow Jones closing Range of averages monday High Low close change 30 industrials 3256.00 3190.08 3244.11 up 36.4720 transport 1364.40 1326.93 1356.34 up 23.17 15 utilities 217.83 215.14 217.08 up 0.76 65 stocks 1171.00 1j46.17 1165.96 up 13.76 quarterly profits plunge at Boeing Seattle up Boeing co., hit bythe slump in the commercial aircraft business said monday that its third Quarter profits were Down 10 percent from the same Quarter last  company said the third Quarter profits totalled $364 million or $1.07 Ashare. That compares with $401 million or $1.17 a share m the year ago Quarter. Third Quarter revenues for Boeing the world s largest commercial Jet producer were $6.9 billion Down 10 percent from$7.66 billion in the year ago Quarter. Boeing Stock closed Down $1 at $36.50a share in trading on the new York Stock Exchange. By the new York time Washington the Bush administration and banking regulators denied charges monday that they had postponed closing ailing Banks in order to delay badness until after election Day. At an unusual congressional hearing just eight Days be fore the polls open officials also de fended their predictions that about 100 Banks will be close next year and criticized a recent study suggesting that up to 1,000 institutions would need to be closed inthe coming years. Sen. Donald  Riegle or. Of Michi Gan chairman of the Senate banking committee convened the hearing after some democrats and Independent presidential candidate Ross Perot warned of a december  they have said the nation May be hit with widespread Bank closings when a new Federal banking Law which takes effect dec. 19, will require regulators to intervene in ailing Banks with very Lowra tips of equity of assets either by closing them or raking other corrective action. \ the critics maintain that waiting until then not Only hides the bad news from the voters but also May Worsen the prob Lem As the ailing Banks continue to pile up losses and increase the ultimate costs to the taxpayer. Riegle portrayed monday s hearing Asa factual review of the banking Industry s health. Some say that the Industry is Healing itself others say that it s on the Brink of a major crisis he said refraining from partisan criticism. But Treasury Secretary Nicholas  suggested the hearing was Politi Cally motivated and criticized Riegle Democrat for holding the hearing after Congress had adjourned. He has had countless opportunities to provide genuine Reform instead of hold ing a vacuous hearing the week prior to presidential election Brady said in a statement. No Republican senators showed up for the hearing nor did any of Riegle s democratic colleagues. In october of last year the Federal Deposit insurance corp. Predicted that Bank closings this year would cover institutions with $80 billion in assets. But sofar this year institutions with Only $29 billion in assets have been closed. Andrew c. Hove jr., acting fd1c chairman said his Agency was being unfairly penalized for its Candor in issuing an estimate a year ago. Our grim projections of last year have not been realized but the casualty list is still extremely High Hove said. He added that Low interest rates had helped Many Banks and that further fail ures by the end of december would in crease the total value of assets in closed institutions this year to $40 billion. Federal regulators have been sensitive to suggestions thay they have delayed or underestimated the Cost of helping insolvent Banks because the opening stages of the savings and loan crisis were marked by delays and underestimates.  surprising gains Washington a economic growth picked up to an annual rate of 2.7 percent in the Quarter ended sept. 30, the government said tuesday in the last major economic report before election Day. The Commerce department Surpris ing most private forecasters said growth nearly doubled the lacklustre 1.5 percent rate in the april june Quarter. In Advance analysts were expecting Little change from the second Quarter rate. Instead the rate nearly matched the2.9 percent Advance recorded in the first three months of the year. The latest Quarter marked the fourth Best showing of George Bush s presidency and was Likely to give the Republican candidate a boost going into the final week of the Campaign. Bush campaigning tuesday in Des Moines Iowa hailed the latest growth figures and said the democrats keep telling us that everything is going to hell but they Are  Bush predicted shortly before release of the report that it would Mark six straight quarters of growth and said i shows that this Economy is growing. Very Good news. Four times As much a Japan had in the same   added in an interview on Abc today show i want to see it much More  economist Bruce Steinberg of Merrill Lynch in new York said the third Quarter figure for the Gross Domestic product probably overstated the health of an Economy that saw employment decline an Industrial production stagnate during the period. It just seems that the Gap number is out of sync with reality. This cannot be taken As a sign that the Economy is All of a sudden snapping out of the Dol Drums he said. In another report tuesday the Labo department said american workers wages salaries and benefits Rose 3.5 per cent in the year ended sept. 30, the smallest increase in five years. With the latest growth the Commerce department said the Gross Domestic product the sum of All goods and serv ices produced in the United states surpassed the High Point reached before the recession began in july 1990. The Gap totalled an inflation adjusted annual rate of $4.92 trillion in the july sep tember Quarter up from $4.89 trillion inthe second Quarter and ahead of the $4.9 trillion of the second Quarter of 1990. Chrysler rolling out right hand drive jeep Toledo Ohio up Chrysler corp. Is showing its seriousness about exports with a right hand drive version of the jeep Cherokee one of its most popular sport Utility vehicles. The no. 3 . Automaker rolled out the first of its right hand drive cherokees from its Toledo Assembly Plant monday. Sales projections in 1993 Call for the manufacture of Between 2,000and 3,000 right hand drive cherokees primarily for Export to Japan and great Britain which represent its two largest Export markets. This program shows Chrysler s commitment to its International business said Joseph Cappy Chrysler s vice president of International operations. Chrysler said there Are 50 markets for its right hand drive  May the automaker announced an agreement to build and sell right hand drive cherokees in Malaysia. We re targeting new markets and we have the flexibility to Manu facture our vehicles specifically suited for those markets said Ber Nard Robertson vice president of jeep truck engineering and Gener Al manager of jeep truck operations. This program is an illustration of How agile Chrysler has become he  prototype of the right hand drive Cherokee was demonstrated at the Plant in january. Chrysler said the new version of the Cherokee is the Only right hand drive vehicle built in the United states for Export. Chrysler International Sells its jeeps and minivans in nearly 80countries. It also has a joint venture with Steyer Daimler puch in Graz Austria. Smaller versions of the Cherokee Are assembled inching Egypt and Venezuela for local Assembly. Special charge drives Down pm s earnings for Quarter from wire reports new York Procter & Gamble co., the maker of Ivory soap and tide detergent said monday that its net income had fallen 19.6 percent in its fiscal first Quarter which ended sept. 30, As a result of an extraordinary charge. But it said Revenue had risen 9.3 percent. The consumer products giant said it had earned$431 million or 60 cents a share Down from $536 million or 76 cents a share a year earlier. Pm said the drop in earnings stemmed from decision last month to set aside a Reserve of $200 million to cover the Cost of winding Down its Citrus Hill Orange juice business. Excluding the charge it said earnings would have jumped 18 percent to$631 million. End to Case sought new York attorneys for Clark Cliffor asked a judge to dismiss corruption charges against the former defense Secretary saying he is too ill Rostand trial in the Bank of Commerce and credit International scandal. Clifford 85, and his Law partner Robert Altman were indicted in july on charges of Bank fraud and accepting $40 million in bribes from the now closed Sci As part of a conspiracy to give Bocci control of three . Banks