European Stars and Stripes (Newspaper) - November 21, 1992, Darmstadt, Hesse                                Today a rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use Garman mark.1.54 Rittah Pound.1.57 dutch Guilder.1.74 Graek drachma .199.8477 note the rates above apply within the Host county. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be re a Garden As the approximate value of the . Dollar to foreign currencies italian lira .1,369.50 turklahllra.8,150.00 Span Lah Patata  113.45 Portu guava aacudo.142.75 aunt plan Achl Llang  11.115 saudi rial.3.7495 Bahrain Dinar. 0.37675 Kuwait Dinar.0.2983 norwegian krone.6.45 danish krone.6.14 British Pound.1.5315 German mark.1.5845 Swiss franc .1.4255 French franc.5.3625 dutch Guilder. 1.7645 belgian franc. 32.51 Canadian Dollar. 1.2773 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $335.55 an ounce Silver quote $3.78 an ounce new York Exchange new York up York Stock Exchange Stock Unilever no Enron corp Westinghouse Al limited inc ism corp adv Micro docs Boeing co fed dept stores Glaxo holdings Humana inc Rwjr Nabisco hid Tel Tonos de my at amp to company Merck amp co inc Philip Morris a the 15 most Active stocks in new Salti Lei net chg. 12,305.700 103 a up 4,279.800 47�?T/ off in 3,376,000 10% Oft a 3,363,700 26 up % 3,307,100 61% off 1% 2,351,000 18 up in 1,993.800 Zzz 0 1% 1,980,500 17 up % 1,963.600 24% up % 1,942.100 18% up 1 1,793,600 9% 0 1% 1.756,400 53 up a 1,710,100 47 up 1,685,100 46% Oft % 1,669,300 80% up a american Exchange new York up american Stock Exchange Stock Glatfelter pm Enzo Bochem Daystar Indus be Mac corp Amdahl corp instrument sys us Bio science Hill Haven corp Alc common corp Echo Bay mines the 10 most Active stocks in i composite trading thursday. Sale last net chg. 1,624,500 18 up % 618,100 6% up 1 581.600 6% up 479,500 6v up % Oft 468.800 8% 400,300 5% up % 384.800 10% up % 376,500 3 1-16 off 1-16 376.400 10 unch 359,800 a unch Dow Jones new York up Dow Jones closing Range Olav rages thursday High Low clot Chanaa 30 industrials 3231.14 3190.35 3209.53 up 2.16 20 transport 1369.43 1341.63 1354.73 on 0.40 15 utilities 219.64 217.20 218.39 off 0.38 65 stocks 1169.00 1151.78 1159.92 unch total of underfunded pensions hits $24.2 billion Agency says Washington a the Gap widened last year Between pension benefits that companies have promised and the Money set aside to pay for them says the Agency that guarantees pensions for More than 40 million americans. The pension Benefit guaranty  annual list of 50 companies with the largest underfunded defined Benefit pension plans showed the Gap swelled to $24.2 billion in 1991. That was an increase from $21.5 billion in 1990. The government Agency acknowledged that being underfunded docs not necessarily pose an immediate threat to participants or to the Agency. But it said the risk was serious from some underfunded plans associated with financially weak firms. The airline steel and Auto industries comprised 16 of the 50 companies up from 14 in the 1990 list. These companies represent nearly 75 percent of the total guaranteed benefits and nearly 77 percent of the total unfunded guaranteed benefits on the 1991 list. Chrysler corp. And general motors corp. Alone accounted for 53 percent of the unfunded guaranteed benefits. A we recognize we arc in an underfunded position a pm spokesman Bill Winters said. A we have and will continue to meet All our obligations under the pension Security Law. Even by their conservative measures we arc about 80 percent funded. A the risk to employees stems from employers that Are in jeopardy of bankruptcy and pm is not one of  Chrysler spokesman Tom Houston said funding pensions was a High priority and a was the Economy and our business continues to improve we will be Able to improve our funding  Chrysler has contributed $331 million to its pension funds this year More than double the amount required under the pension Security Law Houston said. A $300 million contribution in the third Quarter qualified the automaker for a one time tax credit. James b. Lockhart the Agency a executive director expressed concern that underfunding has increased each year since the Agency began publishing the list in 1988. He said it a represents an increased risk to workers and retirees whose benefits May not be guaranteed in full and to tracking pension troubles Washington a the 50 companies and the size of their potential shortfalls in unfunded guaranteed Benefit liabilities and funding ratios As listed by the pension Benefit guaranty corp. The firms Are listed in order of the worst funding ratio. Ravenswood aluminium corp., $75 million 12 percent Ltd corp., $2.82 billion 13 percent Morrell John amp co., $67 million 43 percent uniroyal Goodrich tire co., $507 million 44 to Cronl Keystone consolidated ind., $109 million 44 to Cronl now Valley corp., $346 million 49 porch it Loews corp., $133 million 49 percent Sharon steel corp. $109 million 53 percent Laclede steel $57 million 55 percent Carter Hawley Hale $63 million 56 pc cont Chrysler corp., $3.6 billion 58 percent american National can $367 million 58 pc cont Borg Warner $85 million 59 percent Bridges tone Firestone $213 million 59 percent Rockwell International. $304 million 59 percent Anchor Glass co., $108 million 60 porch it National into group $287 million 60 percent tran3 world airlines. $344 million 63 percent Occidental Petroleum corp., $62 million 65 porch it act industries. $65 million 66 percent Budd co., $162 million. 67 percent Cyclops industries inc. $128 million 68 por cont tonne co inc., $88 million 68 to Cronl Beth Chom steel corp., $1.39 billion 69 porch it White consolidated ind., $98 million 70 pc cont Foxboro co., $51 million 72 por cont Crown Cork a Seal co. Inc., $159 million. 77 to Cronl Verity $73 million 77 percent Allegheny Ludlum $92 million 77 to Cronl Goodrich b.f.$138 million. 78 percent Avistar International. $571 million 78 por cont Jamos River corp., $53 million 80 to Cronl Maxsam inc., $152 million. 80 por cont general motors corp., $9.3 billion 81 to Cronl Clark equipment $55 million 81 percent Northwest airlines. $79 million 82 percent Asi holding $45 million 82 percent Reynolds totals $115 million 83 por cont Deere amp co. $232 million 84 por cont Rohr inc., $60 million 04 percent Hono you inc., $67 million 85 por cont Cox corp$143 million 85 por cont Rwjr Nabisco holdings corp., $125 million 85 por cent Goodyear Tiro amp rubber co., $186 million 86 per con Burlington Northorn $66 million 87 por cont Pacific Orp $71 million 87 percent National Stool corp., $62 million 69 por cont hosting House elect rec $474 million 90 por cont Aramco steel l.p., $66 million 91 por cont Kimberly Clark corp., $58 million 93 por cont the insurance program which is already faced with a $2.5 billion deficit that is  a the growth in pension underfunding is a reminder that pension Reform should remain a top priority a he added. The Agency a report said liabilities increased 58.5 percent since 1988, trom $59.7 billion to $94.6 billion. At the same time assets Rose Only 52.4 percent from $46.2 billion to $70.4 billion. The National association of manufacturers has criticized the annual list saying it creates unnecessary anxiety. It contends that Many companies have legitimate reasons for underfunding their plans including newly negotiated Union contracts. But Lockhart said the Agency a is Olton compared to the Federal savings and loan corp. Disaster. The Agency has published this list. To help prevent a similar occurrence. The list helps workers retirees and creditors put More pressure on these companies to better fund their pension plans and treat pensions As a real  the Agency a could be a sound insurance program we re it not Lor these 50 companies Quot Lockhart said. A these plans represent less than 1 percent of the plans the Agency insures but a toss of our significant  Ravenswood aluminium corp. Was at the top of the list with $85 million in guaranteed liabilities and $10 million in assets. That meant $75 million of the guaranteed benefits were unfunded or a funding ratio of Only 12 percent. Ravenswood spokesman fat Gallagher acknowledged that the plants pension program Quot has been underfunded for Many Many years. This is not a new  but Gallagher added Quot since the Purchase of the Ravenswood Plant from Keyser aluminium in 1989, Ravenswood aluminium corp. Has met Federal requirements which govern the funding of pension plans. Rac is fully capable of meeting its pension obligations and will do so As  Clark corp., at the Bottom of the list had guarantee liabilities of $838 million and assets of $780 million Lor an unfunded liability of $58 million and a funding ratio of 93 percent. In he Agency was created by Congress in 1974 to guarantee payment of Basic private defined Benefit pension programs. Its programs cover More than 40 million workers in about 85,000 pension plans. Northwest unions agree to concessions Caterpillar plans Cut in retirees benefits Peoria i. A Caterpillar inc. Told employees that the company will not pay increases in medical costs for retirees beginning in 2000. If costs Rise above 1999 Levels former employees will have to Chip in a monthly Premium to make up the difference officials said in a statement thursday. Avistar International corp. Recently dropped its plan to slash Are benefits for 40,000 retirees and 23,000 of their dependents after Strong Union opposition. Minneapolis a Northwest airlines got a double dose of Good news when unions at the ailing Carrier agreed to $900 million in concessions and its dutch partner Kim offered a $50 million Cash infusion. Unions representing 42,000 Northwest airlines employees gave conditional approval thursday to the three years of concessions to help keep the nations fourth largest airline flying. The unions said they expect Job Security new labor contracts and other compensation in Exchange for the concessions which Northwest had sought for months As it faced dwindling Cash reserves and depleted Bank credit. A we consider this a labor investment a said Craig Hofstetter a spokesman for the air line pilots association. A a that a the word of the Day around Here. We expect something commensurate with that  Northwest which lost $263.8 million in the first three quarters of 1992, got another piece of potential Good news in the conditional ofter of financial help from Kim. Kim issued a statement offering Northwest a $50 million Cash infusion if other lenders will commit to an additional $250 million. Kim already owns 49 percent of Northwest. Northwest president and ceo John Dasburg praised the announcements by Kim and the Union group. A we Are confident that with their help and participation our financial Structure will provide a foundation for competitiveness in the 1990s As both a Strong airline and As a global partnership Quot he said in a statement. A joint statement announcing the proposed concessions was issued by five of Northwest a six unions the air line pilots association International brotherhood of teamsters transport workers Union aircraft technical support association and Northwest airlines meteorologists association. A each Union will contribute its fair share As part of a Universal solution involving All of Northwest a stakeholders a the unions statement said. The International association of machinists the company a largest Union did not sign the statement but agreed to the concessions according to spokesmen for Northwest and the Union coalition. A for reasons known Only to them they wanted a separate letter a said Northwest spokesman Jon Austin. The Concession proposal includes no promises about layoffs Union officials said. The company has Cut More than 2,000 jobs this year including 565 this week. �?o1 done to know whether layoffs will or will not be necessary a said Rory a a Loughlin spokesman for the meteorologists association. A a we re looking Down the Road. We want to participate in an Effort to return profit to the