European Stars and Stripes (Newspaper) - September 1, 1991, Darmstadt, Hesse Sunday september 1, 1991 the stars and stripes a Page 15__ Money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of aug. 25 aug. 31 compared with Dollar rates for the same period one year and five years Pound one Pound would Cost you $1.67 192 $ 1.49 1991_j woj _1986_ bankruptcy judge approves reorganization of greyhound German Mark one Dollar would buy you 1.711.542.04 1990 1986 a military Exchange rate belgian franc one Dollar would buy you 95 32.20 a Dallas apr a . Bankruptcy judge late Friday confirmed the reorganization of greyhound lines inc. But left open the Prospect of potentially Large payments to its striking Drivers. The decision by judge Richard Schmidt in Corpus Christi Texas ends greyhounds chapter 11 Case that began in june 1990. Three months after its 6.3 h Drivers went on strike Over wages and benefits. A a we re feeling elated to say the said Frank Schmo Cdr. ident and chief executive officer. A it s great for our when greyhound emerges from bankruptcy in late september or Early october it will be a company with publicly traded Stock largely owned by its creditors. The company s restructuring was hindered by a Back pay claim made by the National labor relations Board on behalf of the striking Drivers. The Norb has asked an administrative Law judge to set the size of the claim at $142 million. That proceeding will take months to conclude however and would stretch for years with appeals. To expedite the bankruptcy Schmidt estimated the claim to be $31.25 million. He declined to Rule what greyhound would Havett do t o pay an amount above $31.25 million. A i think the reorganized greyhound still has a very big Cloud hanging Over its head a said Peter Shinevar attorney for the amalgamated transit Union which represents the striking Drivers and opposed confirmation of the company s restructuring. The Union will Likely Appeal the confirmation. But Shinevar said it was too Early to specify the issues it would cite. Greyhounds debts totalled $384 million at the end the March 1990, most of w hich was the legacy of investor Fred g. Cur Rey s 1987 leveraged buyout that took the company private. Debts Rose to $631 million by the time greyhound sought bankruptcy Protection. A at the end of 1990, the company had assets of $488.8 million and liabilities of $654.0 million. With completion of the reorganization. Greyhound s bankruptcy plan projects year end 1901 assets of $478.1 million and liabilities of $415.5 million. 3z.zu i \ 1990 l 1986 i peach Orange growers opposes amps currency traders say the dollars unlikely to show much change this week even though the . Governments chief forecasting gauge marked its strongest gain in three years last week. The Commerce department reported Friday that its Index of leading economic indicators jumped 1.2 percent in july. The Index forecasts economic activity six to nine months in Advance. However the increase comes in the Wake of a string of bad news statistics that dampened Hopes that the country was Well on the Road to economic recovery. One of the weeks negative symptoms was Sharp drops in new and existing Home sales. Home sales normally Lead the Economy out of recession. Fridays leading indicators probably would have been Good news for the Dollar if monday would have been a working Day in the states said Gunter Teich with Bank of America in Frankfurt Germany noting the labor Day Holiday. Traders generally Are hesitant to take Large positions Over the weekend. A you never know what a going to happen a Teich said referring to the weekend prudence. Traders were also waiting for news on an expected discount rate Cut that would weaken the Dollar. Speculation on the discount rate the interest rate that the . Federal Reserve charges on Loans it makes to member Banks already caused the Buck to do some slight bouncing last week. Rumours from Germany that the feds Board members were meeting to discuss a Cut caused a Dollar sell off. Shortly thereafter a denial by the Board prompted Dollar buying. If the discount rate is Cut the Dollar should t weaken too much Teich said adding that he expects the Dollar to continue to hover Between 1.71 and 1.76. Military Exchange rates this weekend Are As follows in Germany a Dollar will buy 1.70 Marks and in the United kingdom a Pound will Cost $1.73. Proposed Trade pact with Mexico Atlanta apr Farmers from Georgia and Florida say a proposed Trade agreement with Mexico would be fruitless for them and Are asking government negotiators to protect their interests. A any agreement must be fair to All parties a Crawford county ga., peach Farmer Robert Dickey Iii told a Federal panel last week. The hearing in Atlanta was one of six being held across the country to gather in formation before negotiations begin next month on the North american free Trade agreement. Proponents of the agreement say it would end restrictive tariffs and break Down other barriers that hinder Trade. In addition to Dickey the panellists heard from a procession of Florida Citrus growers who said their $3.5 billion Industry could be devastated by the lowering of tariffs on imported fruit. Farmers said Mexico is not subject to the same labor and environmental regulations As . Growers Are and thus has much lower production costs. Bobby f. Mckown a Florida Citrus Trade group official said Mexico is the worlds fourth largest Orange producer and its share of the Market is growing. Its total of 642,000 acres devoted to oranges now exceeds Florida s 565,000 acres he said. Dow Jones shoots to record High then sputters As week comes to end by Peter Cooper a this week the Market quieted Down after a a a a a by Peter Cooper United press International new York a after the Dow Jones Industrial average surged to a record High the Stock Market fizzled last week and ended with a Small gain. The Dow shot up 29.07 to close at an All time High of 3055.23 wednesday fuelled by anticipation of lower interest rates and program trading. But by weeks end most investors apparently were Content to hold the line and Ponder their strategies Over the labor Day weekend. For the week the Dow Industrial average Rose 3.35 to 3043.60. Among broader Market indexes the new York Stock Exchange composite Index added 0.94 to end the week at 216.69, and Standard and poor a 500 Index gained 1.26 to 395.43. Advances led declines 1,039-866 among the 2,237 nose issues traded last week. Weekly big Board volume totalled 913,927,106, compared with 1,224,864,750 a week earlier and with 782,018,480 in the same week a year ago. In Dull summer trading monday the Dow fell 0.89 As some investors sold stocks to take some profits and Many other traders avoided the Market. The Market tumbled 13.20 tuesday Hurt by computerized sell programs and profit taking. No Mutual list we Are unable to print the Mutual funds list in this edition because of transmission difficulties. A this week the Market quieted Down after we had those two big shifts with the soviet coup a said Mike of Connor senior equity trader at . King and associates in Albany n. Y. A the Market just settled Down and took a breather. With the Holiday approaching people were reluctant to do too some Selling nudged the Market lower thursday with the Dow falling 5.59. Riday a stocks slipped further Friday dropping 6.04 in quiet trading As Many traders opted to escape Early for the Holiday weekend. Jay Goldinger chief Market strategist at capital insights inc. In Beverly Hills calif., said anticipation that the fed would Cut interest rates May have been behind the markets midweek surge but overriding concern about the Economy quickly doused investors passion. On the trading floor last week Tel Fonos de Mexico was the most Active Stock up 3% to 37%. Advanced Micro devices was the second most Active up % to 12%. Germany a Siemens a sold a Block of 8.2 million shares of advanced Micro. Also Active was Salomon inc., up 1% to 25%. Salomon which admitted violations of Treasury auction sales has undertaken Steps to burnish the scandal torn firms image. On the american Stock Exchange the amex Market value Index gained 2.78 to end the week at 372.13. Advances led declines 448-377 among the 1,015 issues traded for the week. Amex volume totalled 69,007,890 shares compared with 90,976,960 a week earlier and with 67,606,670 in the same week a year ago. Forest labs was the most Active Stock on the amex off 4 /4 to 36%.Market update activity for the week of aug. 26-30,1991 Mayo Owdom 31003,043.60 i 3050 3000 2950 2900 2850 2000 m t w the f highest dose 3,0ss.23-wed week s ngh 3,068.65-thurs. Lowest dose 3,026.16-tues. Week s Low 3,007.83-tues. Week s change up 3.3s a
