European Stars and Stripes (Newspaper) - July 16, 1994, Darmstadt, Hesse                                Page 18 the stars and stripes Money matters saturday july 16,1994 re today a rates following arc fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use British Pound .1.60 dutch Guilder. 1.70 German Mark .1.52 nolo the Rales above apply within the Host country. Figures Are expressed in dollars to the 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 currencies austrian Schilling. 10.9135 Bahrain Dinar 0.37675 belgian franc .32.06 British Pound .1.5583 Canadian Dollar .1.3823 danish Krone .6.0982 dutch Guilder .1.741 French franc 5.329 German Mark .1.5545 greek drachma 235.30 italian lira 1,544.50 Kuwait Dinar. 0.2955 norwegian Krone .6.7972 portuguese escudo. 159.65 saudi rial 3.75 Spanish peseta. 128.23 Swiss franc 1.309 turkish lira. 30,800.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar. Gold quote $384.fl5 an ounce Silver quote $5.51 an ounce sources merchants National Bank amp Trust co. And the associated press new York Exchange new York a sales the t5 most Active new York Nail Nally thursday.4 . Price and net change of Srock Exchange issues trading Nam volum Tail cig. Reps lads a a 10.437,000 31 brits eel. 8,497,900 24 m for motor s 5.282,500 31 to Motorola s �4,574,700.  50 Compaq 3.541,600 35 -1 Chrysler a 3,531.000 4915 Walmart 3,425,200 2515 Colacola a 3,109,300 42 ism a a Quot a 2,935,700 58 1 Etc cps. 2,752,400 15 is telex ads 2,657,700 55 Citicorp 2,485,700 41 gone Leos 2,441,700 47 h Sarance a 2,404,600 21v i fed Crest. A. 2,375,800 20. H l american Exchange new York apr sales closing Price  change of the 10 most Active american Slock Exchange issues trading nationally thursday a. Nam volume late chg. Chess its a 1,422.500 9 w excl Ltd 775.900 iy-vi6 sp0r 494,200 45 31/64 Royal Oak a 436.800 4 unch get cares g. 360.000 3 15/16-1/16 Inte i gym a 347,900 3�?T/ Echo Bay 317,000 11 w Viacom a. 307,900 31 by times 300,400 24 v4 Ivan up a a a 282,100 16 Dow Jones a new York apr Dow Jones closing Range of averages thursday a High Lew clot. 3763.53 1612.10 183.43 1305.23 30 industrials -20transpo t 15 utilities 65 stocks Cheng 3697.43 3739.25 up 34.97 1584.73-1597.15 up 14.49 180.13 182.51 up 2.64 1202.50 1295.84 up 12.86 bankrupt Macy s gives in. To by Edward r. Silverman new Day new York after months of fighting to remain Independent . Macy amp co. On thursday agreed to be taken Over by its rival Federated department stores inc., in a Deal that will create the nations largest department store company with $13 billion in sales. The merger Marks a turning Point for one of the country a Best known retailers ending Macy a 136-year run As an Independent merchant which began in new York City and grew to become synonymous with splashy promotions and Trena setting merchandise. Sounding upbeat after the agreement in principle was announced Allen Questrom Feder ated a chairman promised that a a combined Macy a and Federated will forge a dynamic presence in american  As Federated looks to trim $100 million in expenses the ramifications will be widespread. Many employees Are their jobs As stores Are sold or closed. Garment companies May lose a vital customer. Media outlets May lose a source of advertising. And shoppers May see less diversity in some merchandise. Moreover several obstacles must be cleared including satisfying government regulators concerned that overlapping chains will thwart Competition especially in areas where Macy a competes with such Federated chains As Abraham amp Straus. Additionally Federated a proposal must be approved by the bankruptcy court although that appears much More Likely now that Macy a creditors have agreed to support the plan. If approved Macy a would emerge from bankruptcy by january. The takeover was approved thursday morning at a Macy a meeting following a futile Effort by Macy a managers to satisfy the demands of its creditors and cobble together a reorganization plan to emerge. Questrom expected to lose bondholders win big in takeover by the new York times new York the big winners in Federated department stores Deal to. Acquire . Macy Are the Macy a bondholders who Are getting far More than they seemed Likely to receive Only a few months ago. But the losers could yet be the Federated shareholders. Federated and Macy a each wound up in bankruptcy court largely because they overpaid for department stores in the Heady Days of the mid-1980s. Macy a and Campeau corp. Ended up div vying up the old Federated in 1988, with Macy getting Bullocks and i. Magnin stores in the West and Campeau getting the rest including Bloomingdale a. Now the shareholders in both Campeau and Macy have been wiped out. Campeau ended up losing its stores in bankruptcy proceedings which concluded with the emergence of a new Federated in 1992. And under the merger framed this week by Federated and Macy a the current Macy a shareholders a mostly management and institutional holders a Wilt lose their stake in Macy a. The current Federated management which was brought in after the Campeau debacle will have to convince investors that it has not overpaid again in doling out $4.1 billion in securities and Cash for Macy a about $600 million More than it offered Only months ago. The first indication on that score was positive with Federated shares rising 37.5 cents to close thursday at $20,625 on the new York Stock Exchange. But the arrangement Calls for Federated which now has 126 million shares outstanding to Issue Between 49 million and 62 million new common shares As Well As warrants for an unspecified number of additional shares that will certainly be in the millions As Well. A the immediate Issue will be the absorption of those shares a said Max Holmes the director of junk Bond research at Salomon Brothers. The shares will go to existing Macy a bondholders Many of  Are Likely to try to sell them quickly. So Federated is going to have to find a lot of buyers for those shares to avoid seeing its Stock Price drop. That is important to Federated in part because this Deal includes several features that make it More onerous to Federated if Wall Street reacts negatively but allow the company to do better if Wall Street is impressed. A favourable investor reaction will allow Federated to pay lower interest rates on some of its debt and Issue fewer shares to buy Macy a. From bankruptcy. Macy a filed for bankruptcy Protection in january 1992. The proposal from Federated which owns Bloomingdale a a amps Sterns and several other chains now has the support of All of Macy a creditors after the bondholders agreed to its plan wednesday night. The plan will be filed with the bankruptcy court by aug 1. Later this summer Macy a creditors Are expected to vote on Federated a reorganization plan which would give them $4.1 billion in re payment in the form of Cash debt and Stock in the combined company. Thursdays Board vote followed increasing impatience among Macy a creditors who Are owed $6 billion. As part of the merger a three person office of the chairman will be created. It will include Questrom James Zimmerman Federated a president and Myron Ullman Iii Macy a chairman and chief executive who had vowed Macy a would remain Independent but lacked the capital to execute his vision. Sex Northwest official to become United chief Chicago apr a former top finance executive of Northwest airlines was chosen thursday to be the president of United airlines and help set a new course As an employee owned company. A Ual corp. Chairman Gerald Green Wald hired John a. Edwardson who left Northwest six years ago and most recently has been a top executive with Ameri tech a we will be the Force to be reckoned with in the a Industry a Edwardson said thursday. A i truly think people who have an ownership stake in the company will work differently from those who  bus firm restructures the familiar greyhound buses that once carried passengers Cross country will be cutting Back their routes to distances of 400 Miles or less greyhound lines inc. Announced thursday. Though greyhound served 15 million riders last year discount airfares left fewer passengers wilting to endure a bus trip of More than eight hours greyhound chief executive Frank j. Schmieder said. The company announced that it had lost More than $45 million during the second Quarter compared with $5.6 million in the second Quarter last year a making it almost impossible for greyhound to earn a profit for this year Schmieder said. Overall the company plans to Cut 100 to 200 buses from a Fleet of 1,800, sell some terminals close others Between Midnight and 5 a.m., and eliminate free baggage checking. Greyhound is crafting express schedules Between major cities in the regions it will continue serving and will test a secondary feeder schedule serving smaller markets in the fall