European Stars And Stripes (Newspaper) - January 1, 1989, Darmstadt, Hesse                                Page 20 the stars and stripes sunday january 1,1989 Buck a led of end 88 on up Nofe the Dollar remained virtually unchanged the final week of 1988, ending the trading year in Europe just under 1.78 Marks to the Dol Lar. But that s not to say the last few Days of the year weren t without a Little excitement. Unfortunately there were also dashed Hopes for those americans overseas hoping the Buck might be Able to Surpri Sethe experts by busting through the by Randy Mcclain takeovers dominated Mart 1.80-Mark level before 1989 arrived. Once again As was wont to happen throughout the past year the culprit responsible for re ining in the Dollar s modest advances was one of the Western world s Central Banks. This time twas West Germany s Bundesbank that talked the Dollar lower. At midweek with the Buck Mak ing a concerted run toward 1.80 Marks Bundesbank Directo Leonhard Gleske let it be known that the germans thought enough was enough. This Strong upward move do snot quite suit us Gleske said on wednesday sending a simple and direct message to the Market Mak ers. The germans also backed up that sentiment by Selling modes amounts of dollars at fixing time on the Frankfurt Exchange on at least two occasions during the week most recently the Sale of $21 million Friday. The two edged strategy  thursday the Dollar had re treated from 1.7970 Marks to1.7875. And on Friday the Green Back was trading even lower in the neighbourhood of 1.7785marks. The military Exchange rate incest Germany also dipped slightly falling from 1.77 Marks to the Dollar at midweek to 1.76 Marks on Friday. Once again the German Central Bank had proved the Point that when Central Bankers talk foreign Exchange traders usually listen. At least that s the Way things have worked out much of 1988. The so called group of seven financial Powers including Ger Many the United states an Japan has been very successful in limiting the Dollar to a trading Range of 1.70 to 1.90 Marks for much of the past 12 months. The United states has Bee most Active As the Dollar reached the upper end of the allowed Trad ing spectrum Selling dollars to hold the Greenback Down an thereby helping overseas sales of american products. The big Central Banks Are Apt to continue pushing for currency stability in Early 1989 As Well foreign Exchange traders say. The next test of the big Bankers policy could come As Early As jan.6. That s when the december unemployment and Job growth Fig ures for the United states will be released. The stare and stripes new York a for Stock mar Ket investors 1988 was a sort of scavenger Hunt. Traditional investment profits were harder to come by during the Yea than they had been All through the great Bull Market of 1982-87. But picking among the debris left bythe crash in october 1987, traders were Able to find some profitable bargains. To no one s Surprise the list of the year s biggest winners was dominated by stocks that attracted takeover and buyout bids. For example bormans the Detroit supermarket Chain that caught the fancy of the great Atlantic and Pacific teaco., tripled in Price. Rwjr Nabisco subject of the biggest bidding Competition Ever in this country doubled from $45 at the end of 1987 to around $90 in the waning Days of 1988 As the buyout firm of Kohlberg Kravis Roberts and co. Prepared to take the company Over. Pen Walt Holly farms and Del web corp. Chalked up gains ranging from 103 to 133 percent. And any compilation of winners from the list of stocks that Are still trading does not show issues of companies Swal Lowed up before year end such As Kraft and Federated department stores. Takeover news and speculation helped the Overall Market finish the year sport ing some respectable numbers. The Dow Jones average of 30 industrials after slipping 0.36 to 2,168.57 in the past week closed out 1988 with a net gain of 229.14 Points or 11.85 percent. That marked the first time the average finished a year above 2,000, although it remains far below its aug. 25, 1987,Peak of 2,722.42. Other readings for the week showed the new York Stock Exchange composite Index upr20 at 156.26 the Nada composite Index for the Over the counter Market up 4 04 at 381.38, and the Amer ican Stock Exchange Market value Index up 3.79 at 306.01. Volume on the big Board averaged114.15 million shares a Day against 140.57 million the week before. The Dow s 1988 Rise qualified As above average since it topped the Standard Benchmark of 9 percent a year. But that showing failed to inspire Many investors who had been scared of by the crash. For the first time since 1977, trading volume declined in All the major markets. On the nose activity was off nearly15 percent from its record Pace in 1987. At the amex the decline was about 29 percent. That went a Long Way toward explain ing the Lack of enthusiasm most brokers Felt about the Market s performance. The forecasts of several leading brokerage houses Lack their usual upbeat sparkle focusing on prospective trading ranges for Stock prices and slower growth in the Economy and corporate earnings. Still amid the gloom in the . Markets some analysts see opportunities for a pleasant Surprise. As Long As investors Are nervous expect higher prices declares Norman Fosback editor of several investment advisory letters published. Here s Why when investors Are rampantly bullish everyone is most Likely to have bought and with buying Power exhausted Stock prices have nowhere to gout Down. But when everyone is nervous and afraid to buy buying Power builds by the  stocks Are on the soundest Funda mental footing in several years Fosback concludes. He recommends buying and owning stocks to profit from the Bull Market rally that is still to  new York temporarily bans Drexel new York not in a mainly symbolic gesture new York City said that it would temporarily ban Drexel Burnham Lambert from co managing City Bond issues because of the invest ment Bank s recent admission of Crimi Nal wrongdoing. But the ban will apply Only to two Bond issues totalling $750 million after which Drexel will again be free to participate in underwriting new York City s debt. A City official estimated that theban would Cost Drexel about $400,000 in fees. In a statement issued jointly by mayor Edward i. Koch and the City comptroller the officials said that the move was result of the company s agreement to plead guilty to six Federal criminal charges. Whether in the Public sector or the private such misconduct cannot be condoned they said. However the City which in the Las two years has been rocked by its own share of scandals ranging from corruption by High ranking City officials to bribe taking by restaurant inspectors will according to the officials look for Ward to again doing business with the firm following these two  fund prices  Pagey w gnat 14.2914.29global t 9.93 9.93 .01 go bunt 10.51 10.51 .01 Glrst 9.32 9.32gupit 9.20 9.20 .01 go plot 8.85 8.85 .01 go tsp 9.75 9.75a top 11.32 11.32 .09 Hyld t 9.70 9.70 .02 invert 10.08 10.08mazt 10.86 10.86 .01 Murat 11.11 11.11muhith 10.45 10.45 ,01 Munt 10.43 10.43 02 Mundt 10.32 10.32 .01 Murat 10.65 10.65 .01 Mumn t 10.95 10.95. 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