European Stars and Stripes (Newspaper) - October 28, 1992, Darmstadt, Hesse                                Wednesday october 28, 1992 Money matters the stars and stripes Page 17 today a rates -1 following Are fixed rates at which Community banking and credit Union facilities will sell foreign 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 rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira .1,325.75 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.1.5715 German mark.1.5305 Swiss franc .1.3655 French franc.5.1912 dutch guilder.1.7286 belgian franc.31.52 Canadian Dollar.1.2487 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $339.10 an ounce Silver quote $3.75 an ounce new York Exchange new York up the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock sales last net chg. General motors 3,535,000 34 % up % syntax corp 3,472,300 24 % up % Citicorp 3,454,600 16% up 1 1/4 British steel 3,084,400 8% off 1 % Philip Morris 3,038,800 75 % up 1 % Glaxo holdings 2,609,100 25 unch Merck amp co inc 2,604,100 43 up 1 % ism corp 2,525,700 67% off 1m Rwjr Nabisco hid 2,098,600 8% up Walt Disney co 1,816,600 39 up % Chrysler corp 1,679,800 27 up 1 % puget sound per 1,607,200 26 unch ban America 1,521,600 42 up a a Procter amp Gambl 1,516,900 53% up 2% occident to petrol 1,457,500 15% off % american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Stock sales last net chg. Hom amp hardart 1,251,900 2 up % new York times 711,200 24 % up tubes de Acero 614,000 6 % unch Chambers Dev a 549,700 4 % Oft 5-16 Jan Bell mtg 480,900 17% off sulcus computer 413,400 8% up Iva corp 381,400 30% up Kirby corp 342,800 11 % up be Mac corp 303,200 8 unch am exploration 263,300 2 7-16 off 1-16 c Dow Jones 1 new York up a Dow Jones closing Range of averages monday High Low close change 30 industrials 3256.00 3190.08 3244.11 up 36.47 20 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 1146.17 1165.96 up 13.76 administration regulators deny they hid banking sector woes by the new York times Washington the Bush administration and banking regulators denied charges monday that they had postponed closing ailing Banks in order to delay bad news until after election Day. At an unusual congressional hearing just eight Days before the polls open officials also defended their predictions that about 100 Banks will be closed next year and criticized a recent study suggesting that up to 1,000 institutions would need to be closed in the coming years. Sen. Donald w. Riegle 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 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 Low ratios of equity of assets a either by closing them or taking other corrective action. The critics maintain that waiting until then not Only hides the bad news from the voters but also May Worsen the problem As the ailing Banks continue to pile up losses and increase the ultimate costs to the taxpayer. Riegle portrayed mondays hearing As a factual review of the banking Industry a health. A some say that the Industry is Healing itself a others say that its on the Brink of a major crisis a he said refraining from partisan criticism. But Treasury Secretary Nicholas f. Brady suggested the hearing was politically motivated and criticized Riegle a Democrat for holding the hearing after Congress had adjourned. A the has had countless opportunities to provide genuine Reform instead of holding a vacuous hearing the week prior to a presidential election a Brady said in a statement. No Republican senators showed up for the hearing nor did any of flip Glen a 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 so far this year institutions with Only $29 billion in assets have been closed. Andrew c. Hove jr., acting Odic chairman said his Agency was being unfairly penalized for its Candor in issuing an estimate a year ago. A your grim projections of last year have not been realized but the casualty list is still extremely High a Hove said. He added that Low interest rates had helped Many Banks and that further failures by the end of december would increase 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. . Daily news Sale appears settled new York a a bankruptcy judge said monday that she would approve the Sale of the troubled new York daily news to Magazine publisher and real estate Developer Mortimer Zucker Man. A i am convinced it is necessary and appropriate a judge Tina Brozman said at a hearing in . Bankruptcy court. Two unions including the newspaper Guild which represents the papers newsroom workers have yet to agree to contracts with Zuckerman. But the judge would not let their claims delay the Sale. Some minor technical delays prevented the Sale order from being signed monday night said John Campi spokesman for the daily news. A we Are finally past the Point of wondering whether the Sale will go through a Zuckerman said. A we can Start bringing stability and a Long Range commitment to the daily  the newspaper once had the highest circulation of any daily in the nation. A five month strike that began two years ago ended when British publisher Robert Maxwell bought the news. But his death last november forced the paper to seek Protection from creditors. The news has sought a new owner since then. Canadian publisher Conrad Black tried to buy the paper for More than twice Zuckermann a $37.3 million bid. But he dropped his offer in september after failing to reach agreement with the pressment a and Drivers unions. At mondays hearing the judge ruled Zuckerman did not need an agreement with the Guild to proceed. Guild attorney Irwin Blu Stein said Zuckerman plans to fire 173 of the unions 541 members. Zuckerman has said he wants to bring in writers and editors from his other publications the Atlantic monthly and . News amp world report. The judge also threw out the contract for the new York typographical Union which had argued that Zuckerman was obliged to accept lifetime Job guarantees for its 167 members. The typographers attorney plans to Appeal but that would not hold up the Sale. Bariy Lipton president of the Guild local said he would resume negotiations with Zuckerman soon. A there has to be a fair settlement a he said. A a contract is necessary for him to have a successful stewardship of the  quarterly profits plunge at Boeing Seattle up Boeing co., hit by the slump in the commercial aircraft business said monday that its third Quarter profits were Down 10 percent from the same Quarter last year. The company said the third Quarter profits totalled $364 million or $1.07 a share. That compares with $401 million or $1.17 a share in the year ago Quarter. Third Quarter revenues for Boeing the worlds 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 $36.50 a share in trading on the new York Stock Exchange. Chrysler rolling out right hand drive jeep Toledo Ohio up a 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 2,000 and 3,000 right hand drive cherokees primarily for Export to Japan and great Britain which represent its two largest Export markets. A this program shows Chrysler a commitment to its International business a said Joseph Cappy Chrysler a vice president of International operations. Chrysler said there Are 50 markets for its right hand drive Model. In May the automaker announced an agreement to build and sell right hand drive cherokees in Malaysia. A a we re targeting new markets and we have the flexibility to manufacture our vehicles specifically suited for those markets a said Bernard Robertson vice president of jeep truck engineering and general manager of jeep truck operations. A this program is an illustration of How agile Chrysler has become a he said. A 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 80 countries. It also has a joint venture with Steyer Daimler puch in Graz Austria. Smaller versions of the Cherokee Are assembled in China Egypt and Venezuela for local Assembly. Special charge drives Down a amp a s earnings for Quarter from wire reports new York Procter amp 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. A amp a said the drop in earnings stemmed from a 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 a attorneys for Clark Clifford asked a judge to dismiss corruption charges against the former defense Secretary saying he is too ill to stand 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 Bocci As part of a conspiracy to give Bocci control of three . Banks