European Stars and Stripes (Newspaper) - October 20, 1991, Darmstadt, Hesse                                Sunday october 20, 1991 the stars and stripes a Page 15money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of oct. 14-20 compared with Dollar rates for the same period one year and five years  Pound one Pound would Cost you $1.70 $1.95 $143 1991 1990 1989german Mark one Dollar would buy you 1.971.50 a 199oj 1986 i a military Exchange rate French franc one Dollar would buy you 6 ar5.80 5.11 j9jj _199oj 1986 a amps new York up the Dollar continued to Retreat against european currencies Friday As Washington released More bad news about the . Economy. However the Dollar edged up against the yen on expectations of lower interest rates in Japan. Housing starts fell 2.2 percent in september ending a five month winning Streak in yet another sign the . Recovery might not after All be on its Way. The decline followed a revised 0.7 percent Rise in housing starts in August. The drop in housing came one Day after Washington released reports showing an unexpected jump in inflation while production at . Factories mines and utilities remained at a virtual standstill. Declining exports also pushed up the Trade deficit. The disappointing picture of the . Economy drove the Dollar Down in late afternoon new York trading to 1.6870 Marks from 1.6970 thursday while the Pound edged up to $1.7270, from 1.7185. But the Dollar advanced to 129.70 japanese yen from 129.45 thursday after Kiichi Miyazawa Likely to soon become Japan a next prime minister called for the government to lower the japanese Benchmark discount rate. Against other european currencies the Dollar also slipped in new York to 1.4750 Swiss francs from 1.4820 thursday 5.7510 French francs from 5.7980 and 1,262 italian lire from 1,268. The Dollar slipped despite a surprising surge in inflation now heading for a near 5 percent annual rate which quelled expectations of lower . Interest rates in the very near future. A these figures suggest the fed will ease later rather than sooner a said Carl Weinberg chief economist with High frequency economics an International data analysis firm. Gold soared on Strong demand adding to its solid gains of thursday. Republic National Bank closed Gold Higner at $361.75 an ounce up from $360 thursday while the new York commodities Exchange closed spot Gold contracts at $362.20 an ounce. . Agency oks Purchase of pan am routes by Delta Washington a the transportation department on Friday approved Delta air lines Purchase of most pan american world airways routes across the Atlantic and beyond. In a final order on one of the largest route transfers in aviation history the department said the $416 million Sale was in the Public interest. Delta plans to begin service from new York on nov. 1 and from the other cities involved on nov. 2, according to Delta spokesman Neil Monroe. The transaction includes All of pan am a routes Between new York Frankfurt Germany and some 20 other cities in Europe As Well As authority to serve the Miami London Market. The Hub in Frankfurt also includes service into the Middle East and other areas. Still pending is a decision on the Fate of pan am a route from Detroit to London. That was part of Delta a Purchase from pan am but Northwest airlines said it should get the route because it believes it can better serve the flying Public. Northwest has a greater presence in Detroit than Delta but Delta has called the Detroit London route a vital part of its Deal with pan am. The government asked for More information on that route. At that time it also said the Transfer would introduce Delta the third largest . Airline As a Strong competitor in the new York Europe Market and would provide pan am with a $416 million Cash infusion and thus a offer Hope for the airlines survival As a viable Force in latin  on the european routes the department said Delta would be in a Good position to compete across the Atlantic with american airlines and United airlines the two biggest . Airlines a despite its limited presence in  it also said the Transfer to Delta of pan am a Large Frankfurt Hub would serve As a a partial counter to the increased european presence of United and  from Frankfurt Delta will serve at least another 10 major cities in Europe and Asia the department said. Panel recommends Taylor As Odic head Washington up the Senate banking committee voted without dissent Friday to recommend the nomination of William Taylor to the High profile Job of restoring the health of the nations ailing financial institutions. Taylor the Federal reserves top banking supervisor if confirmed by the full Senate would take Over As chairman of the Federal Deposit insurance corp. The former chairman William Seid Man upon retiring wednesday warned that the Odic May need More than the $70 billion the administration has requested to cover Bank failures. A surprisingly weak Economy could raise the Cost of closing Banks and paying off their depositors Well beyond current Odic forecasts Seidman said. Seidman 70, will join Cnoc fun a business news Cable network next week As chief commentator. He will appear two or three times a week on the shows business View and Market wrap. Odic vice chairman Andrew Hove is filling in until Taylor a final confirmation. Taylor has built a reputation As a Tough straight Arrow regulator at the Federal Reserve where he is responsible for overseeing the nations biggest Banks. Stock Market rallies to new Heights despite feared curse of october new York up the Stock Market surprised the bears and the sceptics last week by breaking records instead of succumbing to the so called october syndrome. Some people feared that october would be a bad month for stocks because of the 508-Point Market crash on oct. 19, 1987, and the 190-Point min crash on oct. 13,1989. Others worried that corporate earnings in the third Quarter would be so dismal that the Market would collapse. But the Market proving it could absorb some bad earnings news rallied to propel the Dow to new Heights twice during the week. A the Strong Advance surprised a lot of people who think that a 5 to 10 percent correction is in order a said Ron Doran director of institutional trading at . King amp associates in Albany n.y., after the markets rally stalled briefly. For the week the Dow Jones Industrial average surged 93.47 Points to close at an All time High of 3077.15. Among broader Market indexes the new York Stock Exchange composite Index gained 6.08 to end the week at 216.15, and the Standard amp poor a 500 Index climbed 11.05, to 392.50. Advancing issues pounded decliners 1,416-553 among the 2,251 issues traded this week. Weekly big Board volume totalled 979,276,254 shares up from 823,345,942 traded a week earlier and 901,648,230 in the same week a year ago. The Market surged monday with the help of computer guided program for buying bargain Hunting and Short covering. The Dow jumped 35.77, to 3ul9.45, pushing the key barometer through the 3000 level for the first time in nearly two weeks. Stocks soared in heavy trading tuesday rallying for a second Day in a Row after shaking off a weak Start a reaction to third Quarter earnings reports. The Dow jumped another 21.92, to 3041.37, nearly 14 Points shy of its record High of 3055.23 set aug. 28. Stocks rallied for a third Day in a Row in heavy trading wednesday after buying interest overcame an initial bout of profit taking. The five session Advance sent the Dow surging 20.35, to 3061.72, to eclipse the previous High. Stocks retreated in heavy trading thursday pulled Down from their record High by a weak Bond Market and bouts of profit taking. However stocks resumed their stalled climb in Active trading Friday with the help of some Good buying interest and a boost from a rebounding Bond Market. The Dow rebounded 24.15, to 3077.15, to erase wednesdays record. On the trading floor this week Citicorp was the most Active Issue on the big Board dropping l5/s, to 11%. The nations leading . Bank holding company reported an $885 million loss in the third Quarter and announced it had to suspend dividend payment on its common Stock. At amp to was second rising 2%, to 39. The telecommunications giant reported a net loss of $1,799 billion for the third Quarter compared with net income of $803 million for the same period a year ago. Rwjr Nabisco holdings was third up to 11. Westinghouse electric was fourth off 1 a to 163/4. Among the Blue chips ism edged up i to 100%, despite reporting profits of 30 cents a share compared with $1.95 a year earlier. Volume of nose listed issues including trades in stocks on regional exchanges and in the Over the counter Market totalled 1,171,936,664 shares up from 993,658,662 traded in the previous week and 1,076,232,170 traded a year ago. On the american Stock Exchange the amex Market value Index added 1.38, to Market update activity for the week of oct. 14-18,1991 Dally Dow closes 3100 3050 3000 2950 2900 2850 Quot u m t w the f highest close 3,077.15-Fri. Weeks High 3,089.45-Fri. Lowest close 3,019.45-Mon. Week s Low 2,975.85-Mon. Weeks change up 93.47 aps amps close Friday at 382.49. For the week the Index Rose 12.83. Advances topped declines 540-318 among the 1,036 issues traded for the week. Amex volume totalled 72,199,750, com Fia Rcd with 54,520,140 shares a week ear Ier and with 56,890,405 in the same week a year ago