European Stars and Stripes (Newspaper) - February 18, 1993, Darmstadt, Hesse                                Page 12 the stars and stripes r Money matters thursday a Bru Ryta 1993 today s rates following arc fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use 1.59 British Pound. 1.48 dutch Guilder. 1 .78 or to drachma. ,.214.0083 not thai rate boat apply within the to country. Of Gurm Art expressed in Dollar to Tow British Pound other Curren to to the Dollar following arc Interbank rate that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies italian lira. 1,549.00 turkish lira. 9,034.20 Spanish peseta. 117.09 portuguese Acudo. 149.09. Austrian Schilling. 11.46 saudi rial. 3.7495 Bahrain Dinar. 0.37675 Kuwait Dinar 0.3065 norwegian Krona. 6.925 danish Krone. 6.248 British Pound. 1.4435 German Mark. 1.6260 Salaa franc. 1.5045 French franc. 5.525 dutch Guilder. 1.8298 belgian franc. 33.57 Canadian Dollar. 1.2610 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $330.50 an ounce. Silver quote $3.70 an ounce. I new York Exchange i new York up the 15 most a tit Stock in Newyork Stock Exchange composite trading on tuesday. Stock a my it  7.110,000 36v ofl3h Merck & co toe 5,359.400 37 off 2v Rah Nabisco hid 5,188.600 8 offt general motors 4,117.300 38v off 2 Home depot inc 3,849.800 60v of�3h Citicorp 3.715,700 24v of Bristol Myersq 3,507.200 56 o2h Gwo holdings 3,498,700 18v, Oft 1 Philip Morris 3,126.400 70tt off 2v ism corp 2.984,400 50 Ofui Johnson & a tins 2,871,000 42tt or?2h Tel Fonos de my 2,813,400 51 off 1 Wal Mart stores 2.746.300 62v Offu at to company 2.650,700 52 Otth coca cola co 2.377,200 40h american Exchange new York up Itu 10 most Active stocks i american Stock Exchange composite trading tuesday. Sleek Sam Utt  1,538.600 35-18 Oft 5-1b Royalo amines 1.103.600 21-16 upm6 has folic 777,300 29v off 2echo Bay mines 667.400 5v up explore Ancoli 601.300 13-16 Oft 1-16pnsmentcorp 556.800 4 Offutt Elan corp Pic 411,900. 32v or3h Nabors Industry 391,700" 7 unch Amdahl corp 339.300 7v Oft . 335,500 6v. Oife Dow Jones new York up Dow Jones closing Range of averages tuesday Milf Ali lev close coca be 30 industrials 3391 62 3285 98 3309 49 off 82 94 20 transport t575.t1 1503.80 1515.48 Oft 63-46 15 utilities 233.10 230.16 23085 Oft 1 31 65stocks 126508 1223.50 1231 69 of 13.75 Israel try to make drones for Pentagon Jerusalem a Israel s aircraft Industry announced tuesday that it has won a $200 million defense department contract to produce Remote control surveillance air planes with an american company. The Tel Aviv area based company will produce the Small unmanned vehicles known As drones for the . Army and Marine corps in cooperation with try inc. Of Cleveland. The Small aircraft can be used to spy Over enemy controlled territory and 10 pinpoint targets. Dow plunges 82.94 Points after Clinton reveals plans by new Day new York Stock Market investors gave a Bronx cheer tuesday to presi Dent Clinton s speech monday night out lining his plans for higher taxes. The Market experienced its biggest drop in 15 months with the Dow Jones Industrial average of 30 major Stock Down by 82.94 Points to 3,309.49. It was. The biggest one Day decline since a 120- Point drop nov. 15,1991. When Clinton said that All those with incomes above $100,000 were going to pay the bulk of the new taxes every Hus band and wife in the country turned to each other and said did t he say$200,000 during the Campaign " said David Jones chief economist at Aubrey g. Lanston & co., a Wall Street Bond trading House. Administration officials acknowledge tuesday that All people earning More than $30,000 a year would feel some Pinch from Clinton s plan. Income tax in creases however Are expected to be limited to couples with taxable incomes of at least $175,000 and individuals with tax Able incomes of at least $140,000. While the Stock Market was volatile the Bond Market which is the leading barometer for interest rates reacted More calmly. The rate on the 30-year Treasur Bond edged up to 7.14 percent from a six year Low of 7.12 percent indicating that Bond traders Are pleased that Clinton in tends to tackle the Federal budget deficit. The Bond Market likes the Clinto hype about reducing the deficit Jones said. But with a Lack of specifics about spending cuts there Are now some seeds of doubt in the Bond Market about whether Clinton could end up being a tax and spend  even tuesday s Stock Market plunge was not Large by historical standards. The Dow lost 2.4 percent of its value tuesday. When the Market crashed in october1987, the one Day loss was 22 percent. Tuesday s drop also was not totally in new York Stock Exchange employee Salvatore Ciccone already appears harried As the Market opens for a Tough Day of trading tuesday following president Clinton s speech. . The Market s been pretty extended and this was an Opportunity for profit taking said Robert Sculthorpe head of equities trading at Dean Witter. Sculthorpe said investors appeared Tobe responding emotionally to Clinton s disclosures that he planned to raise not Only corporate tax rates but also taxes Ona Large segment of the Middle class. Clinton ran on a Campaign that it was the other Guy s Money that was going Tobe affected Sculthorpe said. Now it s Clear that it will even affect  panel proposed to find airline solutions Washington a the nation airline Industry faces a financial crisis and urgent solutions Are needed to res Cue ailing carriers the Clinton administration says. Transportation Secretary Federic Opena has joined congressional leaders in proposing a commission to come up wit answers 90 Days after creation of the panel. A House Public works subcommittee was opening three Days of hearings wednesday on the airline Industry s financial problems. Rep. Jim Oberstar d-minn., the sub committee chairman on tuesday endorsed legislation to create the commis Sion. He said the Industry helps generate $600 Bill on a year for the nation s econ omy. Pena said the administration is looking for ways to help the air carriers and said the commission study will produce action. It s not going to be a report that s Luton a shelf somewhere he said. Pena and lawmakers from both parties said the Industry s losses of $8 billion Over the past three years make the Situa Tion critical. This Industry is uppermost in presi Dent Clinton s mind Pena said. "1 think it is very Clear we have a  Clinton has blamed nutty Republican policies for burdening the airline Industry with crushing debt and business failures. He said the Reagan and Bush administrations failed to enforce antitrust Laws and opened the Way to mergers that led to heavy debt for the carriers. Agencies criticized for their examinations of Banks Washington a Federal regulators Are doing a surprisingly poor Job of examining Banks and savings institutions for hidden losses congressional auditors say. Only one of 58 randomly selected Banks and thrifts was adequately exam ined the general accounting office said in reports prepared for the House Bank ing committee. Our review of the examination process shows surprising weakness in this Funda mental regulatory function which Many have assumed to be an effective deterrent to unsafe and unsound  said a bibles a Bow Sher head of the g to. The Gao issued four reports one each on the office of the comptroller of the currency Federal Reserve Board Federal Deposit insurance corp. And of fice of Thrift supervision. Bowsher said All of the agencies except the Federal Reserve were deficient in the Basic task of determining the extent of institutions loan losses. Also All did a poor Job of evaluating Banks inter Nal control and management systems. As a result Bank examiners spend More time recognizing problems after the fact rather than catching them Early when they May still be corrected he said. Of the four agencies Bowsher rate the Federal Reserve As the Best and the Federal Deposit insurance corp. As the worst. The fd1c insures accounts in National Banks and other qualified institutions. Acting Odic chairman Andrew Hove said in a letter that the Gao s recommendation for a More structured examination would reduce attention to High risk areas in Banks and would require the Odic to increase its  soundness of Odic examination reports and our ability to rely on examiner judgment has been successfully proven Hove said