European Stars and Stripes (Newspaper) - November 24, 1991, Darmstadt, Hesse                                Sunday. November 24. 1991 the stars and stripes a Page 15money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of nov. 18 nov. 22 compared with Dollar rates for the same period one year and five years ago. British Pound one Pound would Cost you $1.77 $197 1991 1990 $1.57 1986 j German Mark one Dollar would buy you 1.59 1 82 1.45 1991 i 1990 military Exchange rate 1986 italian lira one Dollar would buy you 1,232 1i115 1991 19901,355 1986 Pas amps the . Dollar closed lower Friday in lacklustre trading on major foreign currency markets continuing its nearly monthlong slide to nowhere. Analysts said the Dollar drifted lower on pessimism about the anaemic american economic recovery a and about the ability of Washington policy makers to get a handle on the Economy a problems. There was Little in the Way of Market moving news during the Day to Ull the Dollar out of its torpor a and ate in the session the Treasury department reported that the Federal government had posted a $35.98 billion deficit for october. Marc Chandler senior Market strategist for  in new York said the Market is afflicted by a sense of a widespread Bearis Ness a fuelled by the Economy a vulnerability to a contraction in the fourth Quarter. He said that could Lead to another inter est rate easing move in mid december by the Federal Reserve which would further undercut the already beleaguered Buck. Another Factor behind the dollars Drift has been the strength shown by Germany a Mark up strongly of late against the Dollar Britain a Pound and other currencies largely on speculation that the Deutsche Bundesbank would tighten interest rates. In late new York trading Friday the Dollar eased to 1.5830 German Marks from 1.5990 thursday and to 129.40 japanese yen from 129.58. The British Pound Rose to $1.7960 from $1.7910. Against other european currencies the Dollar fell to 1.4080 Swiss francs from 1.4220, fell to 5.4125 French francs from 5.4640 and to 1,199 italian lire from 1,208.75 in Europe the Dollar closed lower in Frankfurt at 1.5880 German Marks from 1.6005 thursday. In London the Dollar eased slightly against the Pound. Sterling edged up to $1.7980, from $1.7975. In Brussels the Dollar eased to 32.93 belgian francs against 33.05. The military Exchange Rale for the German Mark will be 1.55 through monday while the British Pound will sell for $1.84. United press International Northeast phone company plans 10% Cut in employees by the new York times Rynex corp., the provider of local Telephone service in new York state and new England said Friday that it planned to reduce its work Force Over the next two years by More than 10 percent or about 9,9 x1  Cost of Severance pay and Early retirement benefits plus costs for getting out of the separate businesses of writing computer software in Britain and developing real estate in the Northeast United states is expected to total More than $500 million. As a result the company will report a substantial loss for its fourth Quarter instead of the modest profit that had been expected. The layoffs and Early retirements Are expected to begin in january and end in december 1993. They will further chill the recessionary climate of the new York cite metropolitan area which is Home for Many of the employees who will lose their jobs. There arc no detailed estimates of How Many White Collar and Blue Collar employees will take advantage of an Early retirement  the communications workers of America by next a Union estimates that in new York state 4,000 Craft workers and More than 500 management workers May be off the payroll by april. To help replace these experienced workers at least temporarily several thousand new permanent and temporary workers May he hired presumably at lower salaries. Analysts estimate that the savings from the reduction a without taking other factors like inflation into account a will amount to roughly $50,000 a year per worker or $495 million for 9,900 employees. Like other regional Bell operating companies Rynex has been struggling to reduce its operating costs As the installation of More advanced equipment like digital fiber optic transmission gear Means that fewer employees both White Collar and Blue Collar Are needed. Rynex has also been Hurt by Competition from smaller More efficient telecommunications companies that specialize in serving Large corporate custom cars. American to end Down under flights new York a american airlines Quot said Friday that it is pulling out of Australia and new zealand the carriers first major International Retreat. American said it was losing Money on those routes because it had to Fly passengers through Honolulu. Many passengers preferred the non Stop service from the . West coast offered by United airlines and Northwest airlines. American had neither the right Type of aircraft nor route authorizations for non Stop service to Australia and new zealand american spokesman John Flotard said from the Carrier s Headquarters in fort Worth Texas. A we needed to move our assets i.e., air planes to where they could be profitable. Well be growing in Europe growing in South America a a Hotard said. Securities analyst Tom Longman who follows airlines for Bear Stearns amp co. Inc., agreed that american was a just looking for a Way to Cut routes where there Are  but rivals said the cutback was uncharacteristic of american the largest . Airline. A this is a rather dramatic move slopping service to a key Market Quot said Delta air lines spokesman William Berry. American s withdrawal effective feb. 29, could create an opening for Atlanta based Delta which tried nearly two years ago to get those routes but was beat out by american Berry said. Nervous Stock Market Falls further after 120-Point plunge on nov. 15 new York up after spending a nervous week Wall Street breathed an uneasy sigh of Relief when a feared rerun of Black monday did not materialize. The Stock Market started out the week wondering and worrying whether the Market will have a meltdown or a rebound following nov. 15�?Ts surprising 120-Point loss. But the Market did not collapse and even managed a partial recovery on the first trading Day of the week which supported most analysts belief that the Bull Market is still in place. A the Selling is part of the bottoming process a a correction a but the Market is still within the confines of a Bull Market a said Joseph bar Hel director of technical strategy at Fahnestock amp co. Alan Ackerman executive vice president at Reich amp co., acknowledged there was a so much uncertainty. And the Market is highly nervous Quot but he was not ready to throw in the Towel. A i think the Market overreacted on nov. 15, Ackerman said. A my sense is that people Over the weekend had a Chance to Analyse what happened whether it could have been just an aberration or an  f or the week the Dow Jones Industrial average dropped 40,47 Points to close at 2,902.73. Among broader Market indexes the new York Stock Exchange composite Index fell 3.76, to end the week at 208.16. Standard amp poor s 500 Index dropped 6.48, to 376.14. Declining issues overwhelmed advances 1,698-378 among the 2,294 issues traded last week. Weekly big Board volume totalled 1,061,405,875 shares up from 949,025,582 traded a week earlier and 506,194,360 in the same week a year ago. Stocks closed mixed in heavy but nervous trading monday As a modest Blue Chip rally helped the Market stage a partial rebound from the 120-Point loss on nov. 15. The Dow regained 29.52 Points to close at 2,972.72. Wall streets sell off resumed in brisk trading tuesday after a one Day pause As computer aided program Selling compounded a dearth of investors willing to buy in the face of renewed concern about the Economy and weak overseas markets. The Dow lost 41.15, to 2,931.57 a its lowest level since it closed at 2,913.69 on aug. 20, a Day after soviet communist hard liners staged a coup against president Mikhail s. Gorbachev. Stocks closed with slim losses in Active trading wednesday after an initial rally gave Way to profit taking and computerized Selling tied to the Market s continued Lack of conviction. The Dow shed an additional 1.56, to 2,930.01. Stocks overcame initial weakness to eke out slim gains in heavy but Choppy trading thursday snapping a two Day losing Streak. The Dow edged up 2.68, to 2,932.69. Stocks closed sharply lower in Active trading Friday resuming their downward spiral. Renewed concern Over the weak Economy and nagging nervousness about nov. I5�?Ts plunge drove investors away. The Dow lost 29.96, to 2,902.73 its lowest level in three months. On the trading floor last week Glaxo holdings once again paced the big Board actives Down 3vh to 28. At amp to followed off 2 a to 36 i. It told analysts monday that it expects to take a substantial charge to cover a change in accounting Rule for Retiree benefits. Philip Morris was third off 1% to 68 in. General motors was fourth Down 2% to 30%. Among some of the Blue chips american express was unchanged at 18vs, general electric was Down 4 to 66%, ism was Down 5% to 94%, and Eastman Market update activity for the week of november 18-22,1991 Dally Dow closes 3100 3050 3000 2950 2900 2850 2800 2,902.73 my the highest close week s High lowest close week s Low week s change 2,972.72-Mon. 2,990.61-Mon. 2902.73-Fri. 2.880.81-ffi. Down 40.47 aps amps Kodak was off 2% to 46 volume of nose listed issues including trades in stocks on regional exchanges and in the Over the counter Market totalled 1,283,489,325 shares up from 1,166.641,902 traded in the previous week and 619,951,551 a year ago