European Stars and Stripes (Newspaper) - May 01, 1991, Darmstadt, Hesse Wednesday May 1, 1991 the stars and stripes b Page 17money matters today step Here a further proof that Hind sight is 20-20. If you had invested $10,000 in these stocks on Jan. 1, 1970 Here show much you would have accumulated As of dec. 31, 1990 Philip Morris $698,000 Boeing $415,000 Mcdonald a $288,000 Exxon $237,000 general electric $138,000 and Procter amp Gamble $100,000. On the lower end at amp to $65,000 general motors $47,000 Sears $26,000 ism $25,000 Eastman Kodak $22,000 and Bethlehem steel $16,000. Source the investment reporter. Conversion rates London up tuesdays 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 $358 an ounce Silver at $4. British Pound. German Mark French franc dutch Guilder. Belgian franc. Italian lira. Swiss franc greek lira i. Saudi arabian Nyal. Spanish peseta. Portuguese escudo Canadian Dollar. Austrian Schilling. Norwegian Krone. Danish Krone. 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 1.69 wednesday based on mondays noontime York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock Pepsico inc Southern co Boeing co Laidlaw inc b in corp Fedl Natl Mage. Security pacify general motors Avon prods inc Chase Manhattan Philip Morns at amp to company Compaq computer Wal Mart stores. Adv Micro docs april 29 april 30. 1 6775 1.7115 1.7723 1.7170 5 9875 5.8520 1 9932 1.9540 36 4225 35.62 .1.308.80 128015 .1.4910 1.4480 .191.20 188.15 .3,932.40 3.903.10 3 75003.75 108.96. 106.98. 152 29. 149.35 1 1521 1.1510 12.422 12.2050 6 8700 6.7760 6 7605, 6.6250 sales last net chg. 4,027,800 30%0111% 2,304,800 27% up % 2,175,100 45% off 1,920.300. 12% a a off % 1,854,500 104%, 0 12% 1,836.200 44% off 1% 1,645.800 25% off % 1,625,100 34 off 2% 1,475.900 46 off % 1.428,300 18%. Unch 1.278,600 67% off % 1.265,300 37% a off % 1,255,400 50% unch 1,218,300 40% off % 1,139,100 12% unch american Exchange v. New York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Stock sales Lail Nat chg Bergen Brunswig 544,000 25% off bus banknote 394,300 5% up % foundation hath -336,400 a 30 off i Echo Bay mines 319,900 8%. Unch Dia sonics inc 254800315-16 off % Wang labs inc b. 219,400 3% off % fail Haven corp 212,700 2% off i. Dow chemical it Quot 208.500. 6% it up % Horn amp hardart. 199.500 4%up Conti air Hodgs a 188,900 2 off % Dow Jones new York up a Dow Jones closing Range of averages monday. High Low close change 30 industrials 2941 09 2869 55 2876 98 01 35 40 20transport 1174,37 1147 39 114880 off 1728 15 utilities .211.46 207.81 208.31 01 1.51 65 stocks 1053.58 1029.53 1031.74? off 12.75 or Dollar s 4-pfennig Tumble tied to interest rate fears by Randy Mcclaln financial writer ,. The Dollar fell sharply against All major currencies in Europe on tuesday in hectic trading that saw the Buck Bounce wildly before settling in the neighbourhood of 1.73 German Marks. By Early afternoon the Dollar had fallen 4 pfennig in Germany and lost More than 3 cents against the British Pound. The weakness of the . Currency was attributed by economists in London and Frankfurt Germany to profit taking after a Sharp Dollar rally a Day earlier and fears of an increase in interest rates in Germany. A a there san increasing risk that German interest rates will go up a said Jonathan Griggs an economist with Barclays Bank in London. That move could come As Early As thursday when the Bundesbank a governing Council is scheduled to meet. Investors generally Are attracted to currencies in countries where interest rates Are rising. The military Exchange rate in Germany for wednesday was set tuesday afternoon at 1.69 Marks for a Dollar. That s a loss of 4 pfennig compared with the military rate a Day earlier on the London currency Market the British Pound was Selling for $1,71 at midday tuesday compared with late mondays rate of $1,676. At military. Hanking outlets however a Pound will sell for $l75 wednesday up from $1.72 a Day earlier. Petra Ott an economist with Citibank in Frankfurt said the dollars losses tuesday were overdue. Economic signals in the United states continue to Point to a lingering recession she said. A the Dollar euphoria we be seen in recent weeks was built on sentiment and not on economic fundamentals a Ott said. The Dollar had gained More than 20 f percent against the Mark and More than 15 percent against the British Pound since Early february. Just hours before the Federal Reserve lowered its Benchmark discount rate by half a Point to 5.5 percent tuesday a Lott had predicted the fed would Cut . Interest rates to help stimulate the flagging . Economy. But Ott said the fed s action could put further downward pressure on the Dollar. A foreign Exchange traders have focused much of their attention on interest rates in Germany and the United states after a Public squabble about rates took Center stage during an economic conference in Washington on German finance minister Olieo Wai gel called an american plan Tor worldwide interest rate cuts Quot a Quick Lix that would not Lead to economic growth around the Globe As the . Claimed. Griggs of Barclays Bank said the Bundesbank might even raise its rates this week because of inflation fears. a powerful thing to do Quot coming on the heels of disagreement with american optic gals he said. A a Federal Reserve cuts interest rate by Martin Crittsinger a economics writer Washington the Federal Reserve stepping up its fight against the . Recession lowered a key Short term interest rate by one half Point tuesday to 5.5 percent. The drop was the third in the Benchmark discount rate since dec. 18, reflecting growing concern Over the Economy a downturn. Such a move usually results in lower interest on other Loans including consumer credit and thus stimulates spending and economic growth. The been under growing pressure from the Bush administration in recent weeks to do More to fight the downturn in the . Economy with lower interest rates. President Bush urged the fed to lower the rate last thursday saying a we want to see these interest rates Down a Little bit and i think that would be Good for the world Economy including our a this is Good. This will stimulate our Economy a Bush said tuesday shortly after the fed announcement. A i think it will help worldwide As Well. It is very Good news. I think it will be Well received in this country. And i Hope that it will have a Strong effect tuesdays action was Likely to be followed by reductions in a variety of consumer and business interest rates. Some analysts said they looked for commercial Banks to drop their prime lending rate. The fed lowered the discount rate from 6.5 percent to 6.0 percent on feb. 1, six weeks after pushing it Down from 7 percent to 6.5 percent. Also on feb. 1, it forced Down a Short term rate that Banks charge each other for overnight Loans. That charge known As the Federal funds rate was lowered further to 6.0 percent on March 8. The Bush administration and most economists acknowledge the eco Nonty is a in a recession and the fed moves were Strong signals that it intended to combat the weakening Economy with easier credit. A a a a. A a a. A. The labor department has reported the nations unemployment rate jumped to 6.8 percent in March its highest in. More than four years. The rate had risen to 6.5 percent in february. The 0.3 percent increases in both months were the largest since 1986. Since lust summer More than 2 million jobs have been lost most in the construction and manufacturing industries. Department statistics show that consumer prices fell 0.1 percent in March the first decline in almost five years. The fed had kept interest rates High in an attempt to curb inflation. The discount Rafe represents the interest the fed charges on Loans to Banks and other financial institutions. A decrease often results in less expensive costs for other Short term Loans such As adjustable rate mortgages and car Loans. Banks began lowering their prime rate a the rate they charge their Best customers immediately alter the l de acted in february. It fell to 9 percent from the 0.5 in recent level reached shortly alter the december discount rate Cut. Until december the discount rate had remained at 7 percent since Teh. 24, 1989, when the Central Bank raised it from.6,5 percent to slow the Economy in an attempt to curb inflation. Hie december reduction was the Lirosi since August 1986. Some analysts blame the Beds tights credit policy for helping to stifle economic growth. They contend the record peacetime expansion that would have reached its eighth anniversary in november already was nearing an end even before Iraq stormed into Kuwait on aug 2. While signs of sluggish economic growth grew for months they tens Itice in the fourth Quarter when economic growth declined. _ the Gross National product a the nations total output of goods and services fell 1.6 percent at an annual rate from october through december. Many economists believe the Gnu dropped at a 2.0 percent rate in the Quarter that ended March 31, meeting the classic definition of a recession As two consecutive quarterly declines. Gulf Victory seen As boost for tourism by Dirk Beveridge a business writer new York a the persian Gulf War brought International tourism to a virtual standstill but the Federal government evidently believes the . Military Success has made foreigners More interested in visiting America. A a a there Are More and. More people who feel Kinder about this country and its Phi a los Ophy after having taken that action a said Rockwell a. Schnabel the Deputy Secretary of Commerce. He spoke to reporters As the government announced a joint Effort with american express co. To lure More tourists. The Commerce departments Effort with american express travel related services co. Is based on the theme a America. Your Ftp discover a which has been try slated Quot info japanese German French Spanish and italian american express officials said they Hope other companies join the promotion. The and be used in the top 10 markets where foreign travel originates Japan France the United kingdom Canada Mexico Germany Australia Italy the Netherlands and South America. Quot a v a it will attempt in part to sell foreigners venturing beyond Gateway cities such As new York and los Angeles and into less populated areas on their Seconder third trip to the United states. Schnabel said it is Only logical that people would want to visit a nation that has reclaimed a world leadership role that was doubted by some critics the . Travel and tourism administration part of the Commerce department said tourists bring $161 billion into the country each year making it the largest single source of dollars that foreigners spend on . Goods and services. Visits to the United states have been relatively cheap for foreigners since the Dollar lost much of its value in the mid-1980s japanese Are consider ref the key tourists to attract because of the . Trade imbalance with Japan. Japanese tourist traffic fell off during the War. A
