European Stars and Stripes (Newspaper) - November 1, 1992, Darmstadt, Hesse                                Sunday november 1, 1992 Dollar Witch shown below Are the highest Dollar Exchange rates for the week of oct. 26 -30 compared with Dollar rates for the same period one year and five years ago. German Mark 1.51 one Dollar would buy you 1.67 179 a miliary Exchange ram British Pound one Pound would Cost you 1.55 1.70 1 65 i 1902 i 1991 i 1987 belgian Iran one Dollar would buy you one Dollar would buy you i q9 2.03 1.69 1,92. 1992 i 1991 1987 i Mamma my 5.22 French franc one Dollar would buy you 5.82 6.06 1992 l 1991 1987 greek drachma one Dollar would buy you 193.00 192.03 a i 139.40 1992 i 1991 i 1997 italian lira one Dollar would buy you 1.344 1,277 1�310 Spanish peseta on Dollar would buy you 117,39109.19 10775 1982 1991 turkish lira one Dollar would buy you 7,836 a Quot 4,955 1992 1991 957jlj Money matters the stars and stripes Page 17 Odic closes big Texas Bank in 10th largest bailout Ever by Steven greenhouse the new York times Washington a Federal banking authorities announced Friday night that they had closed first City ban Corpora Tion of Houston one of the largest Banks in Texas after finding that its two largest subsidiaries were insolvent. Officials of the Federal Deposit insurance corp. Said the government would have to put up about $500 million to protect depositors in first City and its 20 Bank subsidiaries which had total assets of $8.8 billion and prepare the Bank for Sale to private interests. Regulators said the $500 million Bank bailout would be the 10th largest Ever. This is the second time in four years that the government was forced to spend heavily to Deal with first City a troubles. In 1988, the Odic contributed an Emer gency infusion of $900 million toward a bailout plan in which a new owner took control of the Bank. The closing of first City highlights the continued problems. Of Many Banks even As the Industry As a whole is enjoying re Cord profits because of Low interest rates. Friday nights move by the Odic brought the number of Banks closed so far this year to 104, with combined assets of $36.6 billion. Federal regulators said All offices of the 20 banking subsidiaries of first City would be open on monday but As Bridge Banks under Odic control. Federal regulators said they hoped to sell the subsidiaries to private owners within three months. Analysts said chemical banking corp., which already owns the Houston based Texas Commerce Bank had expressed interest in acquiring All or part of first City. Andrew c. Hove jr., acting chairman of the Odic said depositors in the 16 first City subsidiaries that had adequate capital would be fully protected even the 5,700 accounts in excess of the $100,000 insurance limits. But it will be a different Story for depositors in first City a four subsidiaries in Houston Dallas Austin and san Antonio that did not have sufficient capital. While deposits of less than $100,000 will be fully protected depositors with accounts in excess of $100,000 will receive just 80 percent of their uninsured amount. Those 5,000 accounts with a combined $260 million might receive More than that if sales of the Bank a assets exceed expectations. Stephen r. Stinbrink the acting comptroller of the currency said his office moved to close first City after an examination of the first City Bank of Houston the holding company s largest subsidiary found that a management led plan to revive the Bank was inadequate. His office found that first City of Houston with $2.6 billion in assets needed to make additional provisions for its Reserve to cover potential loan losses. But because the Bank had just $15 million in capital Federal regulators deemed the Bank insolvent. To explain Why the Odic took this delicate move now just four Days before election Day and in president Bush a Home state Steinbrink said a once we clearly identify that a Bank is insolvent we must  Wall Street on hold until after election new York up the Stock Market was put in a holding pattern last week As Wall Street took a cautious stance ahead of the nov. 3 election. The Market stirred Only in response to the last Rush of third Quarter earnings reports and the narrowing of Democrat challenger Bill Clinton a Lead Over president Bush in the polls. John Blair senior vice president and head of trading at county Nat West securities Usa said the Market was a virtually on hold a with computer guided buy and sell programs providing some mild swings. He expects the Market to a remain in a narrow Range until after the election or pending any new revelation on the political  he added a was the race tightens i think people Are less inclined to place any bet before the  Alfred Goldman Market strategist at . Edwards amp sons inc. In st. Louis said a investors were cautious waiting for somebody else to Bat. After All we have a big event on  Gene Seagle technical research director at Gruntal amp co., said he did not agree with a some people who think that the Market is beginning to make peace with a Clinton Victory. The race is narrowing and i think it will be positive for the Market if Bush gets ahead of Clinton in the  for the week the Dow Jones Industrial average which jumped 1.05 percent or 33.23 Points the week before tacked on another 0.58 percent or 18.64 Points to 3226.28 for a three week winning Streak. The broader new York Stock Exchange composite Index Rose 2.74 to 230.57, while Standard amp poor a 500 Index climbed 4.58 to 418.68. Advances outnumbered declines 1,300-897 among the 2,530 issues traded. Weekly big Board volume totalled 995,834,247 shares Down from 1, 101,500,490 traded a week earlier but up from 937,880,008 in the same week in 1991. Volume of nose listed issues including trades in stocks on regional exchanges and in the Over the counter Market totalled 1,210,135,997 shares compared with 1,340,574,700 traded during the previous week and 1,128,112,628 a year ago. On the american Stock Exchange the amex Market value Index added 7.48 to 381.72. Advances led declines 413-353 among the 956 issues traded for the week. New York Exchange j new York up the 15 most Active stocks in new Yolk Slock Exchange composite trading on Friday. Stack Glaxo holdings Mac invest Tela Fonos of my Nall Semi conduct Merck s co inc adv Micro docs ism corp Triton Energy general motors Phipp Morris Aetna Lis cast syntax corp Rwjr Nabisco hid Cooper kinds inc Johnson a str fish Sain let Natch. 3,610,800 25ft off it 3,602,400 19 unch 3.290.800 51 up it 3.047,800 12ft off 1ft 2,619,100 43ft up it 2,520,300 16ft up it 2,264,300 66ft up it 2,233,300 36ft off 1ft 2,078,300 30ft off it 2,075,800 76 off 1ft 1,944,300 42ft unch 1,930,100 it up it 1,656,100 unch 1,579,900 45ft of it 1,473,500 50 up it l american Exchange j a the 10 most Active stocks in new York up american Stock Exchange composite trading Friday. Stock Tva corp i heaven corp cd titans fit be Echo Bay mines amt Rancom Horn a Hardin us Yoni Contr Alc common corp Turner rdc st chamber Dev a sates 481.000 338.800 334.800 325,200 324,700 313.000 296.300 286,600 281.300 277.000 last 31ft 2ft 3ft 5>/� 8 2ft 21v 8ft 21ft 4ft of chg. Off a a Oft it up 3-16 off it up it off a off a unch unch up 118 Dow Jones new York up a Dow Jones dosing Range of averages Friday wok Law Taeo change 30 industrials 3260s9 3208.45 3226.28 off1m9 20 transport 1367.22 1340.63 1352.31 off 927 15 unities 220.83 218.83 220.14 up 0.44 65 stocks 1175.15 1156.40 1164.02 off 593 Northwest taps remaining credits amps Minneapolis a Northwest airlines has exhausted its $600 million line of credit in the past year drawing the final $107 million last week the company a treasurer said in a letter to Bankers. Northwest treasurer Joseph Francht or. Said the airline needed to tap its remaining credit to convince the 26,000-member machinists Union that it is in a Strong position presumably to withstand any Job action As it negotiates for concessions. Francht also said the airline might sell some assets to prepay other Loans but he was not specific. Observers have closely monitored the airlines borrowing against the $600 million line of credit considering it a measure of Northwest a financial health. The Large credit Cushion provided Comfort to investors including the state of Minnesota while the airline lost a total of More than $600 million in 1990 and 1991. Now that the Cushion has been removed the airlines financial flexibility is significantly restricted. The line of credit was created As part of the original loan agreement that provided financing for the $3.65 billion takeover of the airline in 1989 by an investment group led by Gary Wilson and a1 Checani. The acquisition loan and the credit line were provided by a banking Syndicate led by Bankers Trust that involved More than 50 different lenders. The $107 million will give Northwest a Cash balance of about $200 million. A the International association of machinists while conceding the Industry environment is difficult and certain concessions might be appropriate has on several occasions implied we do not have sufficient Cash on hand to be arguing from strength a Francht wrote a we believe we will prevail and convince the Iam to come Forward with a substantial Concession  Union officials said they were baffled by the letter. The Union has not demanded that Northwest prove it has Cash on hand machinists spokesman Don Mayer said. Moreover Mayer said contract talks have not yet reached the Issue of wages much less concessions. Northwest s 5,500 pilots recently agreed to $300 million in concessions Over the next three years. Northwest said it will trim 52 of its 650 Revenue accounting positions effective nov. 30