European Stars and Stripes (Newspaper) - December 17, 1992, Darmstadt, Hesse                                Page 12 b the stars and stripes Money matters thursday december 17, 1992 i today s rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use German mark.1.52 British Pound .1.62 dutch Guilder. 1.70 greek drachma .202.0088 note the rates above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira. 1,404.50 turkish lira .8,276.50 Spanish peseta.111.03 portuguese escudo.139.13 austrian schilling.10.975 saudi rial.3.7501 Bahrain dinar.0.37675 Kuwait Dinar .0.2996 norwegian krone.6.67 danish krone.6.007 British Pound .1.578 German Mark .1.553 Swiss franc .1.3955 French franc.5.329 dutch Guilder.1.7485 belgian franc.31.97 Canadian Dollar. 1.2785 note figures Are expressed in dollars to the British Pound other currencies 1o the Dollar Gold quote $337.50 an ounce Silver quote. $3.73 an ounce new York Exchange new York up York Slock Exchange Stock ism Corn Tucson elec per Arkla inc Philip moms Gerber pm duds Roeing co Rwjr Nabisco hid Nall Semi conduct coca cola co Ford motor cd Home shopping limited inc value hath inc Glaxo holdings at amp to company the 15 most Active stocks in new composite trading on tuesday. Sales last net chg. 12.125.500 8.780,800 4.155,700 3.170.000 2.621.900 2.146.400 2.142.400 2,131,500 2.052.000 1,959,200 1.777.900 1.747.400 1.706.900 1.675.000 1,657,100 56 Quot a 1t 8 -5 77 a 29 a 34v, 8 it la i 40k 419k 8 27 k 359k 24 Vuk 4 7 i off 6v, off 115 up u off 1 v. Oft 5 a up 4 off a up i up 1 Vuk Oft a 0ft a up 4k off 2 off a Oft a l american Exchange new York up american Slock Exchange the 10 most Active it Tocks in composite trading tuesday. Slack sales let net chg. Amdahl corp 1.238.600 7 0 1 a Hill Haven corp 428.900 31a off 5-16 Hasbro inc 390.900 22v, off a Echo Gay mines citizens isl be 313,100 4w up 5-32 307,400 4 13-16 up 9k Champion enlers 266.000 84k up 1a us alcohol Tolg 248,600 t 15-16 Oft Phil Long d Tel 222,100 33 a up a am exploration 191,900 i of 1-16 expo Ian co la 182.900 1 v8 off Quot a r Dow Jones new York up Dow Jones closing Range of averages tuesday 30 industrials 20 transport 15 utilities 65 stocks High Low 3313 27 3260 32 141033 1364 94 220 08 217 01 1 195 99 1 176 51 clots 3204 36 1402 07 219 20 1187 48 charge Oil 7 84 up 5 24 up 1 00 up 0 66 ism Stock dives after word that dividend May be Cut car truck sales Rise in december Detroit apr automakers said tuesday that sales of .-built ears and trucks surged 17.9 percent in the first 10 Days of december compared with the same period a year earlier. The figures were seen As new evidence that consumer Confidence in the Economy is growing and that Low interest rates Are helping the Auto Industry. For the Early december period car sales Rose 12 percent Over 1991 truck sales were up 26 percent. General motors car sales fell 11,7 percent but Ford and Chrysler had increases All three had higher truck sales. New York a in my a Stock Price plunged almost 11 percent tuesday after the computer maker disclosed More dire news about its finances and said it would eliminate 25,000 jobs. International business machines corp. Warned tuesday that it May no longer be Able to afford its annual stockholder dividend at $4.84 a share and that it probably would make no profit on its operations this Quarter. In my a Stock Price plummeted $6.75 a share to $56.12v2 on the new York Stock Exchange where it was the most Active Stock. Almost 12 million shares were traded nearly five times the stocks average trading volume. Ism Stock has been at a 10-year Low for months. Ism also said it May have to have its first Ever layoffs in this round of Job reductions scheduled for 1993, which follows the departure of 70,000 workers in two years through such voluntary Means As buyouts and Early retirement. The nations fourth largest Industrial corporation would be left with 275,000 employees by the end of 1993 a Down from a Peak of 406,000 in 1986. In my a executives painting a dire portrait of the computer Industry also said they plan to slash research and development spending by $1 billion next year and shift the company a emphasis from Large mainframe computers to faster growing software and computer services. Ism said it would reduce its earnings this Quarter by $6 billion to cover the costs of the downsizing such As paying for Severance plans. That charge against earnings follows $5.4 billion in charges that ism already planned to take this year for earlier Cost reduction moves. The charges ensure a huge loss for the company this year on top of a $2.83 Bil traders at the new York Slock Exchange take orders on ism Stock tuesday. Ism was the Days most Active Stock on the Exchange it fell $6.75 a share. Lion loss in 1991. Ism executives described a computer Industry that is changing too quickly for the company. The rapid move by customers from highly profitable mainframes to cheaper smaller less profitable machines took the company by Surprise. The executives also said the falloff in the economies of Europe and Asia in the past few months was far faster and steeper than they had predicted. Ism derives about two thirds of its Revenue abroad. Clinton urged to move quickly on banking Washington a president elect Clinton should propose fundamental banking revisions Early in his term while he can still blame the systems problems on past administrations says the author of a study. The new president should a May everything out and. Blame it All on the last administration before it becomes Bill Clinton a problem As it will be a said Tom Miller author of the study a citizen s guide to bunking Reform. However he said it does not look As though Clinton will follow the advice. Quot this quite clearly is not going to be a priority Issue for the next administration Quot Miller said tuesday. Quot  he Happy to have this Issue remain relatively quiet and  Miller a policy analyst for the competitive Enterprise Institute a Washington based conservative think tank wrote his report for citizens against government waste a group advocating More efficient government spending. It says that despite recent record prof structural problems remain a dangerous threat. The fundamentals of the banking Industry have not improved.1 a Tom Miller banking analyst its for Banks chronic problems within the banking system threaten the Economy. Through september of this year Banks reported profits of $24.1 billion easily on a Pace to an annual record. Regulators and Bankers say the Industry should be Able to repay any government Money borrowed by the Federal Deposit insurance corp. But Miller called the profits a Quot false Spring Quot created by an unusually wide Gap Between interest rates Banks pay on deposits and rates they charge on Loans and securities. He said taxpayers could be soaked As they were for bankrupt savings and loan institutions. Quot structural problems remain a dangerous threat a he said. A the fundamentals of the banking Industry have not  Miller said the chief problem is that Federal Deposit insurance gives Banks too much incentive to take risks and that regulators sensitive to pressure from politicians and the Industry have too Little incentive to recognize a Bank a problems promptly. A regulation that takes effect saturday will allow regulators to seize weak Banks before they officially become insolvent but. Miller said it still gives them considerable leeway to allow a weak Bank to continue operating. To increase discipline on Banks he recommended that the limit on Deposit insurance of $100,000 per account be enforced. Once it is he would reduce the limit to $50,000 or $75,000 and cover Only 90 percent of the additional $25,000 or $50,000 per account. On the 10th Day before Christmas sales Are Good new York a the Christmas shopping season entered a critical 10-Day stretch on tuesday with retailers across the nation enjoying Good sales despite storms that pummelled the Northeast and Pacific Northwest last week. Store owners reported that Consumers seem More confident about shopping. Quot we re running ahead of our projections Quot said Perry Chian a spokesman at Sears Roebuck and co. At . Penney co. Inc., spokesman Duncan Muir said a a we re still looking for a pretty Good  wind and rain in the Northwest and flooding and Snow in the Northeast left Overall sales at Penney stores a pretty much Flat last week a Muir said. A on the other hand our Catalon saw some increases. Some people stayed Home and  Lelee Heck services inc., which measures sales nationwide based on Pur chases by Check said business through saturday was Down 1.5 percent primarily because of the weather. But retailers in storm areas expected to recover business. A a it a Early enough in the season Quot said Jeffrey Feiner an analyst with Merrill Lynch amp co. Inc. A if it happened a week from now it would be  most Consumers Are expected to shop in the last 10 Days before Christmas