European Stars and Stripes (Newspaper) - October 27, 1991, Darmstadt, Hesse                                Sunday october 27, 1991 the stars and stripes a Page 15 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 ago. British Pound one Pound would Cost you $1.72 $1-96 _ $1>43 1986 some agencies failed to get Bocci data. Cia official says 1991 German Mark one Dollar would buy you 1.66 2. 01 1991 1.49 i 1990 1986 i a military Exchange rate French franc one Dollar would buy you e cd 5.80 5.07 6 65 Cox news service Washington a the Central intelligence Agency distributed hundreds of reports on the outlaw Bank of credit and Commerce International but failed to Tell the Federal Reserve or Justice department that Bocci secretly owned a . Bank acting Cia director Richard Kerr said Friday. A 1985 report that Bocci had gained control of financial general ban shares predecessor of first american ban shares was sent Only to the Treasury department Kerr told a Senate subcommittee on the Assumption that vital information would be forwarded to the appropriate Agency. It was a a legitimate decision based on our understanding of who. Had responsibility for it a though a with Hindsight we might have done it differently a he said. The Cia is reviewing its distribution rules. A i think its a mistake of judgment a said sen. John Kerry d-mass., chairman of the foreign relations subcommittee on terrorism. He promised to hold further hearings on the subject and summon Treasury officials. The ranking Republican on the panel Hank Brown of Colorado called it a a major breakdown that raised serious questions about Cia management. A if you know about a fire you done to Call the City managers office you Call the fire department a Brown said. A they called the City  Kerr testifying for the first time on the Bocci scandal acknowledged that the Cia had maintained Bank accounts with Bocci branches using that Access to gather intelligence. But he denied that the Agency had worked with or controlled Bocci operations for its own ends. Former Federal budget director Bert Lance testified earlier in the week that he thought Bocci and its founder Aga Hassan Abodi had been a co opted by the Cia in 19s4. A the Cia did not assist or encourage either by action or implication any wrongdoing on the part of Bocci or its employees a Kerr said. Kerr said the Cia first became interested in the Luxembourg based Bank in the late 1970s, primarily in connection with Money laundering for the drug Trade the Transfer of arms and the financing of terrorists. The Cia produced several Hundred reports that were either about Bocci activities or mentioned the Bank Kerr testified and distributed them to a variety of Federal agencies depending on the  Blaze to Cost insurer $350 millions amps by the new York times the Dollar seems to be holding its own despite new gloom about the economic recovery in the United states. With the sudden burst of talk in Washington about a tax Cut and the decline in durable goods orders in september Many people Are wondering where the recovery is. And As Long As the upturn in the Economy is in doubt there will be downward pressure on the Dollar because there is the possibility that the Federal Reserve will Cut Short term interest rates again in an Effort to give the Economy a boost. But the . Economy is ultimately expected to begin to grow while the economies of Germany and Japan slow Down. And this disparity More than offsets the downward pressure. The economic slowdowns in Japan and in Germany Are expected to prevent the Dollar from taking a big dip below its recent Low of about 1.65 Marks to the Dollar. The Dollar closed in new York on Friday at 1.7000 and recently reached about 1.7150. At a conference in new York last week David Morrison the chief International economist for Goldman Sachs amp a co. In London said a it would be a dangerous time for medium term investors to buy Deutsche Marks against the  he said that Germany a combination of a monetary policy featuring High interest rates along with heavy government spending had propelled the Mark to record highs against the Dollar and that As this policy was undone the Mark would lose support. Morrison a View of the Dollar is rather bullish. He expects it to be in a Range of 1.64 Marks to 1.82 Marks three to six months from now. In a year to 18 months he projects the Dollar will be More than 13 percent higher than it is now in a Range of 1.82 Marks to 2.02 Marks. The risk of a decline in the Dollar will be greatest in the next month or two he said because of the Chance of a further Cut in interest rates by the Federal Reserve. 8tiil, he projects that the Dollar with remain in a Range of 1.61 Marks to 1.77 Marks. Oakland Calif. Up1 a state farm insurance the nations biggest insurer expects to lose $350 million from last weekends firestorm in the Oakland Hills a spokesman says. A we Are looking at about 400 total losses along with about 5,000 claims for damaged cars and partially destroyed houses a spokesman David Hill said Friday. There were nearly 200 state farm employees working in the fire area. An insurance Industry Trade group announced last week that it expects insured losses from the fire to reach $1.2 billion based on preliminary estimates. The american insurance services group in Rahway n.j., said it could revise its figure upward in a week or two. State farm has about 20 percent of the homeowners Market in California so if its estimate is Correct the losses to insurers could reach $1.75 billion. The fire destroyed More than 2,700 dwellings. State farm originally estimated that its losses from the fire at Between $30 Mil lion and $50 million. It revised the figure to $180 million in the Middle of last week. The insurer based in Bloomington 111., does not carry reinsurance unlike most major insurers. Its surplus is $3.8 billion in property and casualty insurance and $13 billion in Auto insurance. A the fire will not have any significant financial Impact on us a Hill said. State farm lost $580 million on Hurricane Hugo in 1989, which caused an estimated $4.2 billion in insured damaged. Stock Exchange s dismal week traced to dreary economic data new York up a the Stock Market lost its footing last week and Slid from the record Heights it reached Only a week ago. Analysts said stocks tumbled As a spate of disappointing economic and earnings reports revived investor concern about the nations weak Economy and its negative effect on corporate America. Edward Shopkorn partner in charge of institutional equities at Mabon Nugent and co., said a the Market is basically disappointed about the Economy and corporate  he said the grim economic data a show the Economy is not picking up. The Market Rose recently in anticipation that lower interest rates would stimulate the  but Trude Latimer Market analyst with Josephthal Lyon and Ross said she was a not desperately nervous about the markets Retreat characterizing the downward trend As a a slide not a  the Selling was a further consolidation of the markets recent big gains. The consolidation should be Over by this week Latimer said noting the end of the Avalanche of third Quarter earnings reports. For the week the Dow Jones Industrial average gave Back 72.23 Points to close at 3,004.92. Among broader Market indexes the new York Stock Exchange composite Index fell 4.33 to end the week at 211.82, and the Standard and poor a 500 Index dropped 8.30 to 384.20. Declining issues topped advances 1,379-580 among the 2,236 issues traded last week. Weekly big Board volume totalled 880,246,030 shares Down from 979,276,254 traded a week earlier and 719,916,800 in the same week a year ago. Stocks retreated in moderate trading monday pulled Down from the previous weeks record highs by bouts of profit taking and by computer driven program Selling triggered by a weak Bond Market. The Dow gave Back 16.77 to 3,060.38. Stocks retreated for the second Day in Active trading tuesday after a late wave of computer guided program Selling and continued profit taking overwhelmed bargain Hunting. The Dow lost an additional 20.58 Points to 3,039.80. Stocks closed narrowly mixed in Active trading wednesday after profit taking and a wave of computer guided program Selling weakened an initial boost from a rebounding Bond Market. The Dow edged up 1.12 to 3,040.92. Stocks tumbled in Active trading thursday As a slew of disappointing economic and earnings reports revived investor concern about the Economy. The Dow Sank 24.60 Points to 3,016.32. Stocks closed with modest losses in Active trading Friday As cautious investors decided to take profits in the absence of news to bolster their Confidence shaken by a spate of disappointing economic and earnings reports. The Dow shed an additional 11.40 Points to 3,004.92. On the trading floor this week Citicorp was the most Active Issue on the big Board dropping a a to 10% on rumours that the nations largest Bank holding company was having funding problems which the company quickly denied. Among Blue chips ism fell 2y8 to 98, Westinghouse electric was off 3/s to 163/a, at amp to was off 1 to 38, and american express was Down 1v2 to 191a on sharply lower third Quarter  update activity for the week of oct. 21-25,1991 3100 -30s0 3,004.92 j 3000 Quot Quot 2950 2900 2850 2800 m t w the f highest close 3,060.38-Mon week s High 3,085.20-Mon lowest close 3,004.92-Fri week s Low 2,983.01-Fri week s Chang Down 72.2 aps amps