European Stars and Stripes (Newspaper) - December 15, 1991, Darmstadt, Hesse                                Sunday december 15, 1991 the stars and stripes Page 15 Money matter Dollar watch shown below Are the highest Dollar Exchange rates for the week of dec. 8 dec. 14 compared with Dollar rates for the same period one year and five years  Pound one Pound would Cost you $1.80 $191 1991 1990$1.43 1986german Mark one Dollar would buy you 1.55 19911.45 19902.01 1986 military Exchange rat turkish lira one Dollar would buy you 5,060.00 2,835.00 1991 1990762.00 1986 a amps the . Dollar ended mostly higher Friday in moderate trading in new York against major foreign currencies after the labor depart ment reported that the consumer Price Index had risen. The . Consumer Price Index increased a seasonally adjusted 0.4 percent in november or 5.4 percent at an annual compound rate. Benoit Jadoul Chase Manhattan Bank s marketing expert said the figures were a Little More inflationary than the Market had expected. Most analysts had been orking for an increase of about 0.3 percent. A the figures drove Short term interest rates up a Little and that helped the Dollar a a he said explaining that the slightly higher inflation Pace indicated to traders that the inflation wary Federal Reserve would Likely not step in and try to lower rates. That speculation was borne out just before midday when the fed failed to intervene in the Money markets at the usual time. In late new York trading Friday the Dollar Rose to 1.5885 German Marks from 1.5830 thursday. But it dipped to 129 japanese yen from 129.30. The Dollar also eased against the British Pound Sterling which Rose to $1.8155 from $1.8083. Against other european currencies the Dollar Rose in new York to 1.4035 Swiss francs from 1.3990, and to 5.4255 French francs from 5.4080. It also advanced to 1,199 italian lire from 1,196. In Europe the Dollar ended mixed. It was unchanged in Frankfurt at 1.5830 German Marks. The Dollar retreated slightly in Zurich to 1.3975 Swiss francs from 1.39825, while in Paris the Dollar strengthened to 5.4240 French francs from 5.3788. In Brussels the Dollar closed lower at 32.59 belgian francs compared with 32.55. The official rate for the Sale of British pounds to . Personnel for personal use is $1.86 for a Pound through monday. The rate for purchases of German currency is 1.54 Marks United press International deficit burdened California loses firm s top credit rating by the new York times los Angeles a cd Ling California s multimillion Dollar budget deficit. Standard amp poor son Friday lowered the states credit rating from the highest rating of aaa. The downgrading to a Means the state will have to pay higher interest for the Bonds that it Sells to raise capital. The lowered rating comes at a time when California is facing an economic crisis that includes a projected $2.2 billion budget deficit. Some big companies in the state arc slashing jobs and others Are moving out of state. In response gov. Pete Wilson has proposed cutting welfare assistance to new residents Many of whom Are undocumented immigrants and has called on the legislature to meet this month to seek urgent remedies. The rating Agency said Quot while a amp a expects that California s finances will eventually be balanced it is not Likely that the state will be Able to improve its financial position to the Point where it could Avert future deficits resulting from economic downturns for at least several  it added that it a expects Long term growth for the state although Likely at rates somewhat slower than in the last  state treasurer Kathleen Brown called the downgrading unwarranted and premature citing the underlying strength of the state s Economy. Quot Brown said California has fared better during the nationwide recession than a number of other states including new York Massachusetts new Jersey and Maryland. Brown noted that California which has historically had High credit ratings because of its ability to balance its budget and overcome its deficits has bounced Back in the past after a temporary lowering of its rating. She said that California expects to Issue $11 billion in new Bonds Over the next two years and that the increased interest it would now be required to pay would probably Cost it about $159 million. This would mean an increased Cost to the state of about $8 million a year Over the life of the Bonds she said. Posea cutting Wen Are assistance to new the state s Economy. The life of the Bonds she said. Market stages 1 St successive rally since collapse in mid november new York up a this week Fri losses dragged Down from a firm opening new York up this week Friday the 13th did t cast a bad spell on Wall Street. The Stock Market was Lucky enough to skirt a Black cat and a ladder a poor car sales by America s top automakers in the first 10-Day Selling period of december and a weak Bond Market a and stage the first Back to Back rallies since the mid november debacle. However it is Uncertain whether the two Day climb signalled the Start of the expected Christmas rally. Quot its too Early to say a said Ron Doran director of institutional trading at . King amp associates in Albany n. Y. A a we la see that on tuesday if the fed will Cut the discount rate or push the Federal funds rate. We still need More Clear evidence that the Economy is improving. People Are pretty  Alfred Goldman Market strategist with . Edwards amp sons inc., an investment firm in St. Louis expressed the same sentiment. A whether the rally will continue this week will be determined by the economic data a he said referring to the spate of government economic reports to be released. For the week the Dow Jones Industrial average recouped 27.96 Points to close at 2,914.36 a its first weekly gain since the mid november debacle. Among broader Market indexes the new York Stock Exchange composite Index Rose 2.16 to end the week at 211.90, and the Standard amp poor a 500 Index climbed 5.37 to 384.47. Declining issues edged advances 1,036-948 among the 2,303 issues traded last week. Weekly big Board volume totalled 966,174,554 shares up from 924,964,180 traded a week earlier and 779,438,140 in the same week a year ago. Stocks started out the week with modest losses dragged Down from a firm opening by computer driven program Selling and weakness in two key Dow components a ism and general motors. The Dow fell 14.75, to 2,871,65 a its lowest level since May 17 when it closed at 2,886.63. The Dow on tuesday shed 7.83 Points to 2,863.82 a its lowest level since May 15 when the key barometer closed at 2,865.38. Stocks closed narrowly mixed in heavy trading wednesday. The Dow edged up 1.56, to 2,865.38, after dipping to 2,843.92. Stocks staged their first rally thursday As the first Batch of favourable economic data in a while spurred buying by investors who have been on the sidelines waiting for some Good news. The Dow jumped 29.75, to 2,895.13. Stocks closed broadly higher in Active trading Friday mounting their first two Day rally since the mid november debacle on the strength of encouraging economic news and Strong overseas markets. The Dow Rose 19.23, to 2,914.36, its first close above the 2,900 level in six sessions. On the trading floor this week ism paced the big Board actives slipping 1, to 88, after Moody s investors service put the debt ratings of ism under review for a possible downgrade. The Agency cited concerns about the reliability of in my a earnings in the Wake of the computer makers shaky performance. Rwjr Nabisco holdings followed up vhf to 10w. Tel Fonos do Mexico was third falling i i to 4p/4, on fears that the .-Mexico free Trade agreement would face opposition in the election year. General motors was fourth sliding a to 28w, after traders said economic uncertainties have turned such cyclical stocks into Wall streets least favorite group. Volume of nose listed issues include Market update activity for the week of december 9-13,1991 daily Dow closes 3100 3050 3000 2950 2900 2850 m t w the f highest close 2,914.36-Fri. Weeks High 2,936.72 Fri. Lowest close 2,863.82 tues. Week s Low 2,832.29 wed. Week s change up 27.96 aps amps ing trades in stocks on regional exchanges and in the Over the counter Market totalled 1,172,666,484 shares up from 1,132,746,720 traded in the previous week and 951,715,830 a year ago. Irrigation site May be closed to protect fish Sacramento Calif. Up a Federal court heard arguments Friday whether to curtail or shut off a Sacramento River pumping station that irrigates Rice Fields Almond Orchards and other crops in order to protect the threatened Chinook Salmon. . District judge David Levi has 10 Days in which to decide whether to order the Glenn Colusa irrigation District to close its pump station from july 15 through nov. 30. A faulty fish screen at the station has been blamed for the deaths of baby Salmon trying to swim from Freshwater spawning areas to the Ocean. The pump station is in Glenn county at Hamilton City 100 Miles Northwest of Sacramento. The tiny fish slip through a Gap beneath the 700-fool-wide mesh screen near the pump station and Are killed. The irrigation District blamed the state department of fish and game for failing to properly maintain the screen. The National Marine fisheries serve sued the irrigation District in August for allegedly violating the endangered species act. The complaint sought to shut Down the pump station during the late summer and fall every year until the irrigation District obtains a permit from the fisheries serv the. But irrigation District officials said they cannot obtain the permit unless they agree to provide a new $32 million fish screen to protect the baby Salmon. The District said it cannot afford the screen