European Stars and Stripes (Newspaper) - August 22, 1991, Darmstadt, Hesse                                Of thursday August 22, 1991 the stars and stripes c Page 17 today s tip United airlines said monday that it would match fare reductions announced earlier by us air and Northwest airlines. The reductions would apply Only in those markets where United competes with the other two airlines said spokeswoman Sara Dor Nacker. Northwest said it was reducing fares by As much As 50 percent on some overseas routes during selected dates this fall and Winter. Tickets must be purchased by sept. 18 and travel completed by april 8,1992. Us air said it is instituting 25 percent discounts on some Domestic flights. Conversion rates London up wednesdays 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 $356.50 an ounce. Silver was quoted at $3.98 an ounce. Aug. 20 aug. 21 British pound.1.6415 1.673 German mark.1.8055 1.758. French franc.6.09 6.03 dutch Guilder .2.0378 2.0138 belgian franc.37.01 36.39 italian lira.1,340.25 1,320.20 Swiss franc.1.548 .1.528 greek drachma.198.50 197.19 turkish lira.4,628.10 4,599.50 saudi arabian riyal.3.7501 3.7501 Spanish peseta.112.43 111.35 portuguese escudo.154.40 152.89 Canadian dollar.1.1429 1.1415 austrian schilling.12.80 12.584 norwegian krone.7.0535 6.973 danish Krone .-.6.9525. 6.90 these Are unofficial rates As reported by wire service and banking sources and they Are listed to a 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 1.74 through thursday based on wednesdays noontime Price fixing. New York Exchange new York up a York Stock Exchange Stock we stings Al Heinz he co Wal Mart str genl motor at amp to company Philip Morris Rwjr Nab bldg Telen de mex get corp Ford motor Salomon inc ban America us Marathon genl elect merry go and the 15 most Active composite trading on salts last 3.646.000 3.584.300 2,777,400 2,760,600 2.637.800 2,473,200 2,454,700 2.297.900 2.085.900 1.940.100 1.939.800 1.887.300 1.700.000 1.690.100 1.669.900 22 45 48% 35 i 38v 70% 11% 31% 28% 29% 25% 42% 28% 70% 13% stocks in new tuesday. Net chg. Up % up % up 1% off % up % up % up up up % off % off up1% off up of�1% american Exchange new York up the 10 most Active stocks in american Stock Exchange composite trading tuesday. Stock sales Plains re sour 617,000 Kirby corp 331,200 Dow chem it 328,700 Amdahl corp 315,600 Bergen Bruns 300,200 Echo Bay mine 288,000 merr Lyn p it 256,900 Hill Haven up 249,900 found Atn hath 249,200 metro mob b 244,900 last Nat Tig 15% up 6% 12% up 8% up % 13% up 27% unch 8% Oft % a off % 3 up 22% off 1% 19% up Dow Jones new York up Dow Jones closing Range of averages tuesday 30 industrials 20 transports 15 utilities 65 stocks High 2937.39 1163.08 202.37 1043.53 Low 2886.85 1130.82 199.49 1022.66 close 2913.69 1141.93 201.74 1032.81 change up 15.66 off 5.99 up 2.00 up 3.09 fragile world Oil Market shaken by soviet turmoil new York apr Moscow a political convulsions and iraqis invasion of Kuwait Are radically different events but they have yielded similar results on the Oil Market wild fluctuations of. The most important world commodity for voracious american Oil Consumers who get More than half their Supply from abroad the soviet coup has shown that once again the Lifeblood of the . Economy is vulnerable to events beyond National control. Some experts said tuesday that the United states remains dangerously addicted to foreign Oil and has Learned nothing from the last Energy crisis on months ago. A we have locked ourselves into the automobile and we wont do anything about it a said James Mackenzie a senior associate at the world resources Institute an environmental think tank in Washington. The Energy department said president Bush a strategic Energy plan is addressing the problem but acknowledged it is designed to ease and not cure the . Addiction to foreign Oil. A a we re not going to eliminate our dependence on imported Oil but we re certainly trying to i get it from More stable sources such As the Western hemisphere a said Energy department spokesman Philip Keif. The government also is hoping to encourage More use of alternative fuels including natural Gas ethanol and methanol. Big Oil companies generally have supported Bush a plan because they stand to Benefit from a Chance to Drill for crude in the Arctic National wildlife Refuge believed to contain the nations last major on Shore Oil Reserve. The soviet situation is More evidence that the nation should try to become More self sufficient in Energy they said. A what does this really mean for dependence on imports a asked Theodore r. Eck chief economist for Amoco corp., based in Chicago. A it really says the Basic thrust of the presidents Energy policy makes  but Mackenzie and other critics said 1989 Oil exports by .s.r. In thousands of barrels per Day Western countries North America 56 a soviet Allied countries Africa 36 latin i America 1 Asia 163 s s v  i Asia 78 Yugoslavia 192 Cuba 109 scssc5,?5ssr5srssl858s2bws8sbw,l.,,Ibi the Bush blueprint for americans Energy future ignores conservation. They said . Consumers spoiled by plentiful and relatively cheap fuel compared with the rest of the world done to pay a realistic Price and therefore have Little incentive to change. A i think the Market will help us if we tax Oil for the risks it imposes a Mackenzie said. For example he said the affordable Price americans pay for gasoline docs not reflect the costs of the persian Gulf War which Many critics have called a War Over Oil supplies. It is premature to say whether the soviet political turmoil will keep Oil markets transfixed for months As the persian Gulf crisis did or whether the Price movements will be As Sharp As the Rise last fall that took crude to its All Lime High of $41.15 per barrel on the new York mercantile Exchange. Although Oil prices shot up almost $3 per barrel monday morning by the end of trading tuesday they were just about $1 higher than they had been before the coup. On wednesday As the coup appeared to have failed Oil plunged to about where tip it was last week. Still the soviet crisis has the potential to cause serious Supply disruptions since the soviet Union is the worlds largest producer of Oil and a major exporter. After Iraq seized Kuwait the United nations embargoed the roughly 4 million barrels a Day the two nations produced. Open members Rii Ost notably saudi Arabia Venezuela and Iran were Able to pump More crude to compensate. But should the soviet Supply be disrupted experts say up to 2.5 million barrels of crude exports a Day could vanish from he Market. This time other producers Lack the spare pumping capacity to make up the difference since they Are still pumping extra crude to compensate for the absence of Iraq and Kuwait Oil supplies. Kuwait s Oil Industry remains in a shambles and iraqis is seriously damaged although it has recently received permission to make sonic Oil sales. At the same time fears about crippled soviet production May never materialize. In the previous crisis the Rise in Oil prices was fuelled by speculation that a Gulf War could devastate vital saudi Oil facilities. That never happened. Salomon executive to testify before congressional panel new York Apas Salomon inc. Sought to contain the damage from a trading scandal interim chairman Warren e. Buffett agreed to testily before members of Congress who Are clamouring for reforms in the government securities Market. Buffett the multimillionaire investor from Omaha neb., who took control of Salomon As its top executives were brought Down by the scandal said monday that he would appear sept. 4 before the House telecommunications and finance subcommittee. The subcommittee is chaired by rep. Edward j. Markey d-mass., who says stricter regulation of the government securities Market is needed to preserve the integrity of the process through which the Treasury finances the National debt. Salomon which has admitted making illegal bids in Treasury auctions says it will cooperate fully with four Federal agencies that have launched investigations into the activities of its brokerage Salomon Brothers. The new York times reported tuesday that the securities and Exchange commission has asked the other 39 firms authorized to Deal directly with the government at auctions to provide information to investigators. The report was the first indication of a widening investigation into improper Treasury securities bidding. The newspaper quoted unidentified people who have been briefed on the inquiry As saying the government has asked the firms to voluntarily comply with the request. Salomon also continued to meet with shaken customers who used the brokerage to place orders for Treasury securities. But it was Clear some clients remained sceptical. Salomon has admitted cornering More than its fair share of the Treasury Market at times by submitting bids in the names of customers without their authorization. The Treasury department on sunday prohibited Salomon from bidding in the names of its customers. The brokerage is being investigated by the Justice department the Sec the Treasury and the Federal Reserve. None would comment monday. . Recovery lifting world from recession new York up the recession that had ensnared economies around the world seems to have ended helped by modest recovery in the United states a private research organization said monday. The conference Board said however that renewed worldwide economic expansion will proceed a at a leisurely  measured at an annual rate As of May the boards composite leading Index for 11 of the worlds major industrialized countries registered a decline of 1 percent up 2 percentage Points from three months earlier. Sparked by a sentiment reversal among investors and Consumers alike the business Cycle in the United states staged a turnaround Early last Spring said the Board which researches business matters