European Stars and Stripes (Newspaper) - April 19, 1991, Darmstadt, Hesse                                Friday april 19, 1991 the stats and stripes a Page 17 Money matters today s tip Dow sets record by Topping general motors new chairman and chief executive took a big pay Cut in 1990. Robert c. Stempel 57, took Over the top Post at pm in August. He received total compensation of $1,075,000 last year a 51 percent drop from the $2.2 million he received in 1989. Pm lost almost $2 billion on its operations last year. At Chrysler corp., though chairman Lee a. Iacocca received $4.58 million last year a 15 percent increase. Iacocca a pay went up a even though his company a profits fell to $68 million last year from $359 million a year  rates London up a thursdays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $359 an ounce Silver at $4.09. A a a a a april 17 april 18 British Pound. 1.7845 1.7730 German Mark. 1.6660 1.6880 French franc. 5.6390 5.6850 dutch Guilder .1.8765 1.8902 belgian franc.34.2925 34.6650 italian lira.1,237 1,246.45 Swiss franc. 1.4205 1.4375 greek drachma. .-.180.65 182.00 turkish lira.-.3,781.80 a a. Saudi arabian Riyal. 3.7504 3.7504 Spanish peseta. 102.85 103.63. Portuguese escudo.145.13 145.63 a Canadian Dollar. 1.1485 1.1519 austrian schilling.-. 11.722. 11.814. Norwegian Krone. 6.480 6.5270 danish Krone .6.3790 6.4210 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.64 Friday based on thursdays noontime  York Exchange new York up a the 15 most Active stocks in new Stock sales last net chg. At amp to co. 3,450,800 37 4 up 4 United tech Nagy 3,196,300 45 4 off % Philip Morris. 3,007,700 70 4 off 1 Boeing co 2,509,500 47 up a Citicorp 2,437,400 16 a. Of a waste mgt inc a 2,397,800 40 4. Up 1 i United telecoms 2,339.900 27 up 2 Conner perish re 2.306,200 27 up 2 Vejr Nabisco of. 2,265,000 38 it off 1 Bethlehem steel 2,259,200 13 4 a up Amer express 2,255,000 29 4up i ism corp2,089,000 109 4 up 4 adv Micro orcs 2,087,300 14 i up 4 fed Nat Mage 2,042,700 50 a up a toys r us inc. 1,953,000 30 a up7/ american Exchange new York up the 10 most Active stocks in Stock sales last net chg. Western digital 1.488,300 5% a up 4 americust2 so 1.213.800 9 4 up i Oft i fruit of loom 614,800 14 4 carnival cruise 488,600 24 i up 4 Dia sonics inc 445,800 415-16 off 1-16 Hii Haven corp 444,100 3 unch Weatherford Inq 383,500 6�?T/ up 4 first a storm 374,900 10 unch Americus desc 360,900 12 up a air amp water Titi 349,500 21 a off a Dow Jones a Jork up a Dow Jones closing Range of averages. High Low close change 30 industrials 3030.45 2963.12 3004.46 up 17 57 re transport 1171.72 1138 75 1166.26 up 22 74 15 utilities 221.58 218.31 219.76 Art 1.13 a 65 stocks 1077.96 1053.39 1070 03 up 8.75 3000 in show of confide Ceby the Washington Post new York a the Stock Market surged to historic Levels wednesday As the Dow Jones Industrial average broke the 3000 Mark for the first time. The. Rally reflected a vote of Confidence from the financial markets that the . Economy will recover from recession later this year. The Dow average of 30 Blue Chip stocks climbed 17.58 Points to close at 3004.46, extending a rally that was triggered by the United states military Success in the persian Gulf War. The surge has also been fuelled by the Federal Reserve boards steady lowering of interest rates. Trading was heavy wednesday at More than 248 million shares. The previous closing High for the Dow the oldest and Best known average of Stock prices was 2999.75 last july. A a it a historic glorious fantastic a a said James e. Cayne president of Bear. Stearns amp co., a leading brokerage firm. A the people who forecast doom temporarily Are wrong. The people who forecast that the Dow would hit 3000 will be drinking Champagne  Cayne and other Wall Street professionals cautioned that the Downs Rise above 3000 was important largely for its psychological Impact because it Calls at tuntion to the rally and could encourage investors to buy More Stock. They noted that other broader Market indexes had repeatedly set new records in recent weeks but did not attract the attention that the Downs jump wednesday was sure to  analysts also said however that computing fhe Dow the Dow Jones Industrial average the most widely quoted Stock gauge is a Price weighted average of 30 major stocks. Dow Jones amp co. Adds up the prices of the 30 stocks and calculates the average by using a divisor that has been adjusted for Stock splits through a the years. That divisor now is 0.505. At wednesdays close the sum of the 30 stocks was $1,517.25. Divide by 0.505 and you get 3,004.46. Because the Dow is a simple average each $1 change in a Dow Stock has the same effect even though a $1 change for. A $20 Stock is twice As significant As a $1 change for a $40 Stock in percentage terms. That is one reason Why the Dow has been criticized Over the years As not truly reflecting Market trends. Still Dow Jones has never represented the Dow average for More than it is a a gauge of the general direction of 30 Blue Chip stocks. The Strong Broad based rally since mid january was an important signal that investors believe the . Economy will turn upward in coming months and boost corporate profits. A a what the markets Are saying is that inflation is not going to be a Factor that the restructuring of corporate America is proceeding and that higher productivity and profitability will be a reality in 1992 and beyond a said William a. Schreyer chairman of Merrill Lynch amp co., the nations largest brokerage company the Market seers at Merrill Lynch Are predicting that the current rally will continue to a somewhere in the 3100 to 3200 area for the Dow schreyers amps said. It was unclear until the last Quarter hour of trading whether the Dow would manage to stay above 3,000 through the close. It had moved above 3,000 for about two hours at midday and traded As High As 3,013 before falling Back shortly after 2 . In the final hour of trading however the Dow again Rose above 3,000 and remained steady. There did not seem to be any single outstanding reason for the markets rally wednesday. Some analysts cited positive earnings announcements by at amp to and Phillip Morris both of which Are components of the Dow average. Despite Lack of cars dealers taking desert service members by storm by Chuck Roberts Middle East Bureau King Abdul Aziz a saudi Arabia a tech. Sgt. Keith Patterson and his wife Are shopping for a new car together even though he a in saudi Arabia and she a Back Home in Harvey la while Patterson sits in a parking lot at this saudi base looking at pictures of. A Ford explorer Alt his wife will go to a Ford dealer in Louisiana and take one out for a test drive. Patterson is one of hundreds of deployed service members who decided to buy when car dealerships arrived in saudi Arabia a few weeks ago through a contract with the army and air Force Exchange service. Cafes officials say sales have been running at about 20 cars and motorcycles a Day since Ford and the overseas military sales group which Sells Chrysler general motors and har Ley Davidson vehicles on military bases arrived in the desert March 22. Total sales of about 500 vehicles Are running at about half the Pace of daily sales in Europe but that s not bad considering the salespeople done to have any vehicles to put on display in saudi Axa Bia. Instead the vendors Are armed with nothing More than a table chairs and pictures of their cars. Nevertheless Jim Miles of Niernberg Germany said he was Able to sell 35 cars within 10 Days of arriving in the desert kingdom last month. That a More than he used to sell in a month in Europe. His partner Mike Schrader a car dealer from Heidelberg Germany has sold 60 automobiles in less than three weeks. A some Days its absolutely crazy a Miles said. The two salesmen sometimes have As Many customers interested in cars As the proprietor of a nearby souvenir business has looking at prayer beads and rugs across the parking lot from Miles and Schrader a no frills. Dealership spec. Paul Christman was eyeing a Blue har Ley Davidson he has been considering for the last five years. Sitting in the desert for months with few places to spend their Money has put Christman and other lower ranking soldiers in a buying mood said Ted Solie a Salesman who usually works in Augsburg Germany. To qualify for an Auto loan a Soldier of Christmans rank is usually allowed to have no More than $330 in Bills per month Solie said. But because so Many service members have saved Money during the War they can make a Large enough Down payment to keep their monthly car note Well under $300, he said. A a. Quot a. A it makes it a lot easier for military people to get into a vehicle. Most of the customers have seen them in the states but  afford them a said Solie who sold about 40 motorcycles and autos during his first week in the Job. About 90 percent of Solier a customers Are from the United states he said with half of those Active duty service members and the other half National guardsmen or reservists. Master sgt. Dayton Strickland a spokesman for cafes Europe in Munich Germany said he a not sure Why car sales Are booming but he acknowledged one theory is that a people Are Down there with no place to spend their  and its not just lower ranking personnel with Bucks to Burn. The pocketbooks of higher ranking service members have also swelled during the War staff sgt. Jeff Burroughs and his Fiancee 2nd it. Maurine Lemieux both of the 2nd in 43rd air defense arty from Hanau Germany said the timing was perfect for them to buy a new jeep. T he Salesman a hit us at a Point when we had Money in our hands a said Burroughs a native of Smackover Ark. Lemieux said the jeep wrangler 1s-Lander they bought for $17, fits their adventurous lifestyle. The vehicle should arrive in Germany about the same time the couple returns after their tour of duty in saudi Arabia and a months vacation in the United states. But not everyone thinks the cafes car deals Are irresistible. After sitting Down in the Bright desert Sun and talking with Solie and two other salesmen sgt. Robert Perez of the 124th postal co said he a not buying. He figured he can get a better Deal on a car Back Home in new Mexico where he is assigned to the he support troop in at White Sands missile Range. V tech sgt. Patterson an avionics specialist with the 926th tac fighter group in new Orleans also Isnit convinced that now a the time to buy. His wife is going to double Check the Price of the same Ford explorer Model in the United states and compare notes with Patterson in a few Days. Only then they might buy