European Stars and Stripes (Newspaper) - November 14, 1992, Darmstadt, Hesse                                Saturday november 14, 1992 Money matters i the stars and stripes a Page 17 a Toots rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use Gorman mark.1.53 Bra blah Pound.1.58 dutch gulldtr.1.72 Grottk drachma 200.245 not the rat above apply within the Host country. Figure Ara expressed in do fart to tha 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 Curren pics italian lira. 1,342.50 turkish lira.8,063.90 Spanish paaata.112.31 portuguese ascudo.139.47 austrian Schilling .11.07 saudi rial.3.7495 Bahrain dinar.0.37675 Kuwait dinar.0.2975 Norw Aglan krona.6.395 danish krona.6.028 British Pound .1.541 Gorman mark.1.5712 Swiss franc.1.419 French franc. 5.303 dutch gulldar.1.7743 belgian franc a Canadian Dollar.1.2595 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $334.25 an ounce Silver quote $3.80 an ounce c new York Exchange j new York up York Stock Exchange Stock Union Texas pet diag Ostek inc Merck amp co inc general motors ism corp Gap inc Glaxo holdings Philip Morris heal Trust inc fed dept stores Wal Mart stores at amp to company Abbott labs inc Chrysler corp blockbuster ent a the 15 most Active stocks in new composite trading on thursday. Sales last Nat Chi. 6,341.500 18% off i 4,765,300 7 off 3% 3,380,000 45% up 3,283,200 30v up off % 3,132,900 6414 2,926,300 33v. Up 2% 2,762,300 24v. Off % 2,498,500 79 i up 1% 2,418,700 16% up % 2,089,500 17% up off 1,972,900 61% 1,964,000 45% up % 1,934,700 29% up % 1,908,000 27% up 1% 1,864,800 16% up % american Exchange new York up american Stock Exchange the 10 most Active stocks in composite trading thursday. Slock Salaa Laal Natch. Chi corp 712,800 311-16 off % Ich corp 660,700 4 3-16 0 15-16 Alc common corp 550,000 10% up % us Bio science 507,600 9% up % data ram corp 359,700 12 up % Amdahl corp 324,900 8 unch dog corp 316,700 13% up off % Energy service 304,700 1% Hasbro inc 296,300 34% up v4 Hill Haven corp 295,000 3 unch l Dow Jones j new York up Dow Jones closing Range of averages thursday High Lew Cleee change 30 industrials 3264.91 3214.39 3239.79 off 0.54 20 transport 1391.79 1370.04 1384.34 up 262 15 utilities 217.20 214.63 216.32 off 0.25 65 stocks 117935 1161.71 1171.79 up0.37 pm presses to break even at Cash draining operation International paper to slash 2,100 jobs Purchase . Up International paper the worlds largest paper manufacturer said thursday that it would Lay off 2,100 of its 73,000 employees. In addition it will close or consolidate about 20 facilities around the world. International paper said it would take several years for the program to be carried out and established a $398 million Reserve to cover costs related to the layoffs and consolidation. John a. Georges International paper chairman said modernization was shifting production from older less efficient facilities to new and updated ones. New York a general motors corp. Pledged thursday that its Cash bleeding North american operation will break even before taxes next year a stunning turnaround from multimillion Dollar losses the last two years. However that could still leave a substantial net loss for the corporation depending on How weak the european Economy is next year executive vice president William Hoglund said. Pm also said it will Likely identify during the first two weeks of december seven More North american plants it plans to close. In a presentation to More than 200 Wall Street analysts and pension fund managers Gmys top brass painted a Rosy picture of savings already achieved through its vast Cost cutting program. The worlds largest automaker has been pulling Down More than $2 billion a year in profits from its automotive operations in Europe. However the weakened Economy there has Cut into sales for pm and Ford motor co. The improvement in Gmys North american operation took analysts by Surprise. Pm lost about $3 billion before taxes in North America in the first nine months of this year half the $6 billion pretax loss of 1991. Hoglund would not forecast How North american operations would fare in the last three months of the year but he said they were a marginally in the Black in  a setting a specific target of break even next year was the news of the meeting to me a said one Wall Street analyst who attended the meeting and asked that his name not be used. A that will involve More Cost cutting than i thought but they did say it was an aggressive  pm common Stock closed up 37 cents at $30.50 a share on the new York Stock Exchange on thursday. Pm is predicting Only modest growth in . Car and truck sales next year to about 13.7 million from an anticipated 13 million this year. Once the runaway Market Leader pm Hopes to maintain its 34.5 percent share with a slight loss in car share offset by the Sale of More Light trucks. Chief executive officer Jack Smith said pm is not depending on a better Economy to get it out of trouble. Aggressive Cost cutting that has saved $2 billion in parts purchases this year will be More than doubled to about $5 billion next year Smith said. Manufacturing efficiency workshops conducted in 195 operations this year have helped Gmys automotive components group improve productivity by 12 percent this year. Another double digit improvement is expected next year. Smith said he could Sec the salaried work Force shrinking further a to As Low As 60,000 a by the end of the decade. Pm is already cutting 20,000 salaried employees by the end of next year. That would leave the automaker with 71,000 White Collar workers by that time. On the Blue Collar Side pm is sticking with its estimate of having 250,000 hourly workers Down from 304,000, by the end of 1995.  arc possible through buyouts and other accelerated attrition Smith said. Gmys work Force costs the company about $795 More per vehicle than that paid by Ford motor co., the acknowledged Low Cost Leader in production. The automaker is using Ford As a Model for its employee cutting efforts Smith said thursday. Members of Ford motor co s top management team gather at a news conference in Dearborn Mich. From left Are Alexander j. Trotman Edward Hagenlocker Harold a. Poling Louis Ross Philip e. Benton jr., Kenneth Whipple and Allan d. Gilmour. Ford president Benton resigns As new leadership plans unfold by Alan Ladler the associated press Ford motor co. President Philip e. Bentonjr. Announced his retirement thursday helping to set up the no. 2 automaker s plans for its leadership for the rest of the decade. Fords Board of directors also installed Alexander j. Trotman As president of the Ford worldwide automotive group a move anticipated for several months. Trotman a 59-year-old native of Britain also was Given a Board seat. Trotman who has operating experience in Fords three major geographic bases a Asia Pacific Europe Ana North America a has risen in the esteem of Board members. His expected addition to the Board is a signal of that Confidence. At its regular meeting at Ford Headquarters in Dearborn Mich., the Board also was expected to name Allan d. Gilmour and Louis Ross As vice chairmen of the Board said a person familiar with the decision who also asked not to be identified. It is widely expected that Gilmour 58, whose background is in finance will succeed Harold a. Poling As chairman. He was passed Over for the chairman and chief executive jobs in 1990 when the Board chose Poling then Fords president to succeed the retiring Donald Petersen. Trotman is expected to become chief executive officer when Poling retires. Trotman has been executive vice president in charge of Fords North american operations Ross 60. A pro returned to the United states fron Europe in october to become chief pc cynical officer Likely will remain vice chairman when Gilmour and Trotman move up next year. He had been head of Ford of Europe where Ford s Overall successful operations Are tainted by mounting losses. Gilmour and Ross Are Board members. Benton 63, retires Jan. 1, said a statement from Poling. Poling is expected to retire sometime in 1993. Poling credited Benton with helping Ford establish its customer service division and automotive group during his More than 30 years with the company. Poling 67, May want to stay on through next Summers critical National contract talks with the United Auto workers said people close to Ford. It was unclear whether anyone would be named to succeed Benton at thursdays meeting