European Stars and Stripes (Newspaper) - September 22, 1991, Darmstadt, Hesse                                Page 20 a the stars and stripes sunday september 22, 1991money matters Dollar watch shown below Are the highest Dollar Exchange rates 1or the week of sept. 15 sept. 21 compared with Dollar rates Lor the same period one year and five years ago. British Pound one Pound would Coveyou v 72 1091 i $1.88 1090 $1,47 j 1086 German Mark one Dollar would buy you 1.65 1091 1.54 1990 2.06 1966 a military Exchange rate dutch Guilder one Dollar would buy you 1.90 1991 1.76 19902.33 1986 a amps political uncertainties bolstered the Dollar s value against the German Mark by weeks end while a sluggish . Economic recovery overshadowed most currency trading. The Dollar Exchange rate at Community banking facilities and finance offices fell from the weeks Start of 1.65 Marks to 1.63 on wednesday Only to Rise to 1.66 at fridays close. The British Pound gained strength from monday s rate of $ 1.73, to t he weeks close of $ 1.77. The Federal reserves Cut in the discount Rale from 5.5 percent to 5 percent slowed Dollar trading Early in the week. Expecting another 0.25 percent Cut in the coming months traders sought other investments Money analysts said. Renewed . Pensions with Iraq failed cease fire in Yugoslavia and news of russian Republic president Boris yes in a illness halted a further decline of the Dollar at midweek said currency analyst yup Saltvik of Citibank in Frankfurt Germany. Investors tend to buy dollars in Uncertain times. Quot a the Dollar will find big support for the next four or six weeks and will Likely stay Between 1.66 and 1.76 Marks a a Saltvik said Friday afternoon. The Dollar Murk Exchange rate will Likely stay below 1.76 for the near future he said. A the . Economic recovery is not coming quickly enough a a he said. A we need very Good economic figures from the .a. To break 1.90.�?� . Action in the Middle East or another crisis in the soviet Union would certainly inflate Dollar rates said Chris igbo an International economist with the Chase investment Bank in London but the Rise would Only be temporary. A generally most economists Are waiting to see if consumer demand will pick up a he said citing last months Quot disappointing . Retail sales figures. Although . Manufacturing output figures have risen consumer demand must equal or exceed the output he added. A economists look to see if there Are Good signs in the Economy a igbo said. A in the United states those signs of economic recovery Are not so  Mcdonnell Douglas executive named head of pan american by the new York times new York Russell l. Ray jr., a Man with a career in the airline Industry dating Back to i960, was elected president and chief executive of pan american world airways on Friday. Ray who will leave his position As president and general manager of commercial marketing at the Mcdonnell Douglas corp., was described As an executive who likes to mingle with his employees and who has enjoyed Good relations with some of the Industry a unions like the pilots. Fie also has had experience in latin America. He helped Eastern airlines build up its routes there after the company acquired a number of latin american routes from Braniff in 1983. The experience will help since the pan am that Ray will head will be Cut Back to serve mostly latin America. Its Hub will be Miami. The resulting Carrier will be owned 45 percent by Delta air lines which bought most of pan am a International routes and its shuttle and 55 percent by pan am s creditors. Three of the Carrier s top executives resigned Friday after . Bankruptcy court judge Cornelius Blackshear in Manhattan accepted a plan under which the executives would share about $2 million in Severance pay. Pan am is seeking to reorganize under chapter 11 of the . Bankruptcy code. Those resigning were Thomas g. Plas Kett who was chairman and chief executive Richard h. Francis the chief financial officer and Peter t. Mchugh the chief operating officer. Each will receive two years pay totalling $1.2 million for Plaskett $600,000 for Mchugh and $530,000 for Francis. Plaskett will remain chairman for a time but will not have any primary management duties. Ray 56, who grew up in los Angeles is inheriting the Only part of pan am that made a profit. Nevertheless he will have his hands full trying to restore the morale of battered pan am employees and to run a Carrier that will encounter stiff Competition from such Large airlines As american. American bought Eastern a latin american routes the same routes that Ray helped to build up while at Eastern which he joined in 1971. He Rose to senior vice president of marketing at the Plaskett airline. He began his career when he joined the air Force after graduating from Occidental College in los Angeles. After the air Force he joined Lockheed aircraft corp., where he worked in purchasing. He Rose to marketing director for the americas. Ray is married. He and his wife Audrey have three children. In 1985, he became president of Pacific Southwest airlines an airline on the West coast that grew rapidly during deregulation. He thought he had a lifetime career Only to see spa bought by us air in 1988, that year he joined the Douglas aircraft division of Mcdonnell Douglas. Stock Market ends its week mixed after Holiday option expiration new York up the Stock Market moved to higher ground in a week interrupted by a Holiday and punctuated by a a triple witching expiration of Stock futures and options. After a fast Start monday the Market treated water in midweek and ended on a mixed note. Much of the weeks activity revolved around the expiration of three types of financial instruments Friday. For the week the Dow Jones Industrial average Rose 33.54, to close at 3,019.23, an increase of a Little More than i percent. Among broader Market indexes the new York Stock Exchange composite Index added 2.40, to 212.98, and Standard amp poor a 500 Index gained 4.33, to 387.92. Advances outpaced declines 1,165-769 among the 2,242 issues traded last week. Weekly big Board volume totalled 1,127,201,971, compared with 732,743,875 traded a week earlier and with 889,521,900 in the same week a year ago. The Market opened the week on an upbeat note As a late rally spurred by program trading boosted the Dow Industrial average 29.52 Points More than offsetting a 22-Point decline on Friday sept 13. Prices slipped slightly tuesday As Many investors opted to stay on the sidelines pending More definitive economic news and corporate earnings reports. The Dow industrials closed Down 2.02 Points. On wednesday prices edged higher on sparse volume As Many participants observed the jewish Holiday yom kippur with the Dow industrials gaining 4.70. Blue Chip stocks Rose sharply thursday morning but gave Back most of the gains in the afternoon As traders scrambled to reposition their portfolios in Advance of fridays a triple witching session when Slock Index futures Stock Index options and options on individual stocks All expired. Dow industrials gained 6.48 Points. Prices closed mixed Friday in heavy trading with Blue chips easing but the broader Market taking up much of the Slack. The Dow industrials slipped 5.14, but advancing issues outpaced decliners 778-549. Analysts said the jewish Holiday slowed Market activity in the Early part of the week while the triple witching session on Friday ended the week with a bang. Volume was unusually heavy thursday and Friday but there was Little evidence of the Price volatility that often accompanies triple witching Day analysts noted. Meanwhile the National association of securities dealers composite Index closed the week at a record High 527.19 a eclipsing the old Mark of 526.39 set aug. 29. Larry Wachtel Market analyst at Prudential Bache securities inc., said the strength of the broader Market was a sign that Small company stocks Are gaining popularity. A a there a a speculative fringe running through this. Investors Are buying stocks that have been out of favor since 1983 and were wandering in the wild while people bought Procter amp Gamble and ism Quot Wachtel said. A now the valuations Are so attractive people Are buying the Small stocks again and that s responsible for the  but Dennis Jarrett chief Market analyst with Kidder Peabody amp co., said he did no to expect the fed to have much effect on the Market in the absence of More definitive economic news. A the expectation of the fed s lowering interest rates Isnit going to have much of an Impact. Investors want to see earnings they want a sense that the economic environment is improving a Jarrett said. On the trading floor last week Beazer pc was the most Active Issue on the big Board up 2 a to 8�?T/s. Royal dutch Petroleum followed off a a to 80vs. Retailer the limited was third up in to 261/fourth was . Morgan amp co. Jumping 4, to 58�?T/4. A Block of 5 million shares of Morgan Stock was traded by Goldman Sachs on Friday morning reportedly As part of a dividend capture St Rateus. Market update activity for the week of september 16-20,1991daily Dow closes 3100 3050 3000 29502900 2850 2800m t w the highest close 3,0024-thurs.week s High 3,050.76-thurs.lowest close 3,013.19-tues.week s Low 2,973.61-mon.week s change up 33.54 aps amps on the american Stock Exchange Macx Market value Index Rose 1.02 close Friday at 370.60. For the week Index climbed 3.26. Advances led dines 442-383 among the 1,021 iss traded for the week. Macx volume totalled 68,318,530, cd pared with 67,753,030 shares a week it Lier and with 55,996,830 in the same w a year ago. Dow chemical was the most a Stock on the amex up s to 11 a