European Stars and Stripes (Newspaper) - November 27, 1991, Darmstadt, Hesse                                Wednesday november 27, 1991 the stars and stripes b Page 17 Money matters i sales of existing Homes bolstered by the lowest mortgage rates in nearly two decades posted a 1 percent gain in october a real estate Trade group said monday in Washington. The National association of realtors said the Small gain pushed sales to a seasonally adjusted annual rate of 3,15 million Uii its with All parts of the country except the Northeast recording higher sales. The gain was the first since a 1.4 percent sales increase in june. Although sales jumped ahead for five straight months Early in the year since that time the housing Market a along with the rest of the Economy a has turned decidedly sluggish. Sales fell 4 percent in september following declines of 2.1 percent in August and 7.5 percent in  rates London up tuesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $366.25 an ounce Silver at $4.06. Nov. 25 nov. 26 British pound.1.7995 1.7960 German mark.1.5850 1.5815 French franc.5.4130 5.4555 dutch guilder.1.7840 1.7800 belgian franc.32.6400 32.6815 italian lira.1.198.90 1,204.40 Swiss franc.1.4093 1.4065 greek drachma.180.29 1 81.10 turkish lira.4,931.00 4,952.00 saudi arabian riyat.3.7498 3.7494 Spanish peseta.101.23 101.40 portuguese escudo.140.21 141.57 Canadian dollar.1.1377 1.1360 austrian schilling.11.130 11.188 norwegian krone.6.232 6.256 danish Krone .6.145 6.170 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.55 through wednesday based on tuesdays noontime  York Exchange new York up York Stock Exchange the 15 most Active stocks in new composite trading monday. Stock Salta last notch. Chase Manhattan 3,404,500 16 i unch Bristol Myersq 2.329.800 77% off 2% adv Micro docs 2.198.300 13 i unch Glaxo holdings 2,178,000 27% of Rwjr Nabisco hid 1,961.200 9 i 0�% it corp 1,692,000 31 i up a Pepsico inc 1,634,600 28% off a Philip Morris 1,584,000 684 unch Citicorp Amer express 1,540,800 10 a up % 1,531,300 19 up 4 Ford motor co 1,519,700 24% off 4 at St company 1,463,900 36% up i goal electric 1.400,300 65% off oct Lintt petrol 1.346.600 19% unch Chrysler Carp 1,329,900 1144 unch american Exchange new York up the 10 most Active stocks in american Stock exc Hani 1 composite trading monday. Stock Salas last Nat chg. Echo Bay mines Amdahl corp 327.700 8 off % 297,700 12% up 4 Southern Union 274,500 14 up % us bios inca 266,400 61 of carnival cruise 266,100 22% Cut Wang labs inc b 228,400 2% unch fruit of loom 213,800 224i off a Elk sportsman it Bat industries 208,600 8 /4 unch 182.500 11% up 1-16 Americus by so 169,100 24% off 2 Dow Jones new v0rk up Dow Jones dosing Range of averages monday 30 industrials 20 transport 15 utilities 65 stocks High pm Clou Chino 2921.96 2870.30 2902.06 of 0.67 1200.86 214.32 1058.27 2870.30 1177.32 211.50 1039.71 2902.06 1185.72 213.32 1049.69 of 0.6 0118.97 1.52 . Recovery will be slow Paris based group predicts ing Competition and should pose Little risk to inc stability of the financial svs by Steven greenhouse the new York times Paris a the organization for economic cooperation and development said monday that the . Economy would recover far More slowly from its recent recession than it has from most other recessions of the last three decades. The Paris based organization predicted that the Economy would grow by 1.4 percent in the second half of this year and by 2.5 percent next year which compares with an average growth of 6 percent in the four quarters immediately after the last seven recessions. In its annual report on the american Economy the organization said the expansion phase of the Cycle is expected to be muted compared with those of typical recoveries. The report said a shallow recession was Likely to be followed by a weak recovery because not much spending was forgone in the downturn to fuel the upturn. The organization comprising 24 Industrial nations projected that by the end of 1993 the . Unemployment rate would fall to 5.75 percent a it was 6.8 percent in october a and the inflation rate would drop to 2.9 percent from the 3.9 percent predicted for this year. The organization said . Exports would continue to expand hut More slowly than in recent years. The increases in exports will help stabilize the United states current account deficit at about $60 billion the organization forecast compared w Ith annual deficits of More than $100 billion from 1985 through 1989. It said the major components of private sector demand were expected to rebound but it added that the excessive Supply of commercial real estate from the late 1980s would Dampen activity in this sector for some years. The organization praised the Bush administrations banking proposals which Call for allowing unrestricted interstate Branch banking and common ownership of commercial Banks and investment Banks. The report said the proposed changes would increase the efficiency of the financial sector As a whole by incr Cas tem. The organization questioned proposals to limit Deposit insurance coverage saying depositors might not be Able to impose effective discipline on hankers. But proposals to increase capital requirements for Banks were praised As a possible Aid in restoring Market discipline by ensuring that a Bank s owners have a Large stake in its financial health. Discussing Energy efficiency the report noted that Energy prices were far lower in the United states than in most other Industrial countries and that the United states consumes far More Energy per capita than most other nations. Gasoline in the United states Sells for less than one third the Price in France Italy and the Netherlands largely because of those countries High Energy taxes which seek to encourage conservation. Raising Energy taxes would be consistent with both environmental goals and enhanced Energy Security the report said. No Winter Cut in open Oil flow foreseen despite glut possibility Vienna Austria apr several open ministers said monday that the Cartel should hold its Oil taps wide open during the Winter even though a glut of crude May be forming. Saudi Arabia the Cartel s most important member was reported ready to seek an increase in the groups output ceiling in the january March period to meet Strong demand for its Oil. The Middle East economic Survey a respected newsletter published in Nicosia Cyprus said the kingdom would Likely press its Case at the groups fall conference. The 13-nation organization of Petroleum exporting countries is meeting this week at its Vienna Headquarters. In Advance Oil ministers Ginand Jar Kartasasmita of Indonesia and Jubrial amino of Nigeria called for a rollover of the current ceiling of 23.65 million barrels a Day through the first Quarter of next year. A it will probably be Wiser just to maintain the present level of production a Ginand Jar said. Amino agreed even though he said a glut of crude May be building up. Still he said a it is bearable now. Oil prices have held fairly steady in recent months climbing within about 30 cents of the cartels target of $21 a 42-Gatlon barrel but slipping some since. The average Price of a Basket of crude monitored by open was $19.74 a barrel last week Down from $19.98 in the previous week. Prices for . And european Light Sweet crude usually Are about a Dollar or two higher than the open average. Amino cautioned that if the Cartel kept its pumping Strong after Winter it could run into a serious  a the Challenge is to ensure that we do not allow prices to drop in the second and third Quarter As a result of excess Oil in the Market a he said. The Cartel has been following a a free for ally pumping policy since iraqis invasion of Kuwait in August 1990. It threw out its quota system so countries could produce As much As possible to make up for lost iraqi and kuwaiti crude. Saudi Arabia the worlds largest crude exporter has been pumping an estimated 8.5 million barrels a Day about a third of Opecz a total output of close to 24 million barrels. Open experts have predicted that demand for the groups Oil will be 24.3 million barrels a Day in the january March Quarter but will fall to 22.9 million in the Spring. Saudi analysts though forecast stronger demand of 25.2 million barrels in the first Quarter with a drop of about 2 million barrels4n the March june period. The ministers will Likely discuss a but not set a output goals beyond the Winter because of uncertainties about Iraq and Kuwait. Open members Are Algeria Ecuador Gabon Indonesia Iran Iraq Kuwait Libya Nigeria Qatar saudi Arabia the United Arab emirates and Venezuela. Saudi arabians influential Oil minister Hisham Nazer said the Cartel should produce enough in the months ahead to cover demand from Oil consuming nations. A we want to meet the demand in the Market a he said after arriving late monday for the this weeks conference. Kuwait soil minister Hamoud Al Rhu Bah said his nation which recently capped the last gushing Oil Well from the persian Gulf War was producing 360,000 barrels of Oil a Day. He predicted its output would soar to about a million barrels a Day in the Middle of next year. It had been supplying More than 1.5 million barrels before the Gulf conflict. Iraqis production also is in questionable. Its Oil sales remain embargoed under United nations sanctions imposed after iraqi forces occupied Kuwait. Before the crisis it pumped 3.1 million barrels a Day the same As Iran and second Only to saudi Arabia. The . Security Council voted last september to allow Baghdad to sell $1.6 billion Worth of Oil Over six months to buy food and humanitarian supplies and pay War damages. The government has not yet accepted the plan protesting the strict conditions would violate its  prices these Are the prices for an open Basket of seven crude oils for 1990 and 1991. Open s target Price is $21 a barrel. 199q for november 1st week $20.66 2nd week $19,98 $18 74 source open a