European Stars and Stripes (Newspaper) - January 1, 1992, Darmstadt, Hesse                                Wednesday thursday january 1/2, 1992 the stars and stripes b Page 15 today s tip Consumers remained deeply pessimistic about the Economy in december the conference Board said in its monthly Survey on consumer Confidence. The business research group said monday that americans assessment of the current state of the Economy was More negative than in november although the Outlook for the Economy six months Down the Road brightened somewhat. The conference boards consumer Confidence Index based on a 1985 scale of 100, read 52.4 in december Down from the november figure of 52.7. Conversion 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 $353.40 an ounce Silver at $3.87. Dec. 30 dec. 31 British pound.1.8735 1.8718 German mark.1.5085 1.5165 French franc.5.1825 5.1838 dutch guilder.1.7125 1.7090 belgian franc.31.24 31.22 italian lira.1,150.50 1,148.50 Swiss franc.1.3540 1.3555 greek drachma.175.00 175.20 turkish lira.5,057.00 5.067.80 saudi arabian rtyal.3.7500 3.7500 Spanish peseta.96.61 96.50 portuguese escudo.134.60 134.20 Canadian dollar.1.1586 1.1558 austrian schilling.10.6800 10.6750 norwegian krone.5.9810 5.9750 danish krone.6.9070 5.9110 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 1.48 through thursday based on tuesdays noontime Price fixing. American Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Stock Sale last net chg. Americus desc 1,100,400 8 up 1% Bolar phanom co 898,000 12% up 2% Wang labs inc b 664,800 2% up % Energy service 606,300 1% off % Hill Haven corp 454,300 2% up % Hasbro inc 431,800 39% up 1 Alza corp 426,800 49% up % Americus get so 367,100 12vfc up a Ivan corp 361,300 40% up 1% hovnanian enter 350,000 11 Vic up 1 i new York Exchange f new York up a the 15 most Active York Stock Exchange composite trading on Stock Rwjr Nabisco hid Westinghouse Al genl electric Philip Morris general motors Citicorp Wal Mart stores at amp to company Pepsico inc ism corp Glaxo holdings Exxon corp Amer express co Uniss corp computer Assoc stocks in new monday. Salat late Nat chg. 4,565,700 11%. Up % 3,233,400 17% up % 2,742,000 76% up 2% 2,692,400 80% up 3% 2,412,200 28% up 2,229,100 10% off 2,129,000 58% up 2% 2,081,500 39% up 1,950,400 34% up 1,946,200 90% up 1 1,872,600 31% up % 1,846,500 58% up % 1,732,300 21 unch 1,725.400 4% up % 1,692,500 11% up 1% Dow Jones new York up Dow Jones dosing rings of averages monday 30 industrials ?0 transport 15 unities 65 stocks 3,75 1347.35 224.27 1154.00 Lew 3090.79 1311.10 219.52 1124.22 close 3163.91 1344.92 223.71 1150.77 change up 62.39 up 30.08 up 3.19 up 22.68 traders Hustle on the floor of the new York Stock Exchange on monday As the Market Heads for another record High. Market steams toward year s end continuing Gravity defying rally by Kathy m. Kristof the los Angeles times the lowest interest rates in decades belief in an imminent economic recovery and unusually heavy year end investing have fuelled one of the strongest and fastest Stock Market rallies in recent years. The Dow Jones Industrial average monday soared 62.39 Points to close at a new High of 3,163.91, its third record in three Days of trading. The Dow has soared 300 Points or 10.5 percent from a fourth Quarter Low of 2,863.82 on dec. 10, creating billions of dollars of wealth for millions of investors a All in the face of a grim Economy. A there is absolutely nothing that is Ordinary about a move of this magnitude in the Stock Market a said Hugh Johnson chief investment strategist with first Albany corp. In new York. A this is truly remarkable. It defies not Only words it defies  the rally is happening despite the fact that Many individual investors Are on the sidelines or Are Selling their stocks taking profits out of the Market. Many people Are dumbfounded by a Stock surge of these proportions and caution that the risks Are High. They say that Stock prices could Retreat As quickly As they be surged because of the inexplicable Quality of the in up. But not everything about the rally is inexplicable. The Federal Reserve Board has Cut the discount rate a the interest rate offered to Banks a to its lowest level since 1964, and investors feel that the Economy will Spring Back to life a the Long term prospects for the Economy Are better because of interest rates and consequently so Are the prospects for stocks a said Michael Metz investment strategist with Oppenheimer amp co. In new York. As a result Many investors facing 4 percent and 5 percent rates of return on certificates of Deposit have pulled their funds out of the Banks and opted to take their chances with Stock Mutual funds or individual company shares said Michael Hines senior vice president of Fidelity investments in Boston. In addition with rates this Low stocks that pay Cash dividends begin to look More attractive because those dividends can often yield better rates of return than the Banks investment expert say. To some extent it is investment by default said Rao Chalasani chief investment strategist for Kemper securities in Chicago. A flow rates Are forcing Money out of Money Market accounts forcing Money out of cd. The Stock Market is becoming the singular place for investment a he said. A it is not a fools rally because there is substance behind it. But the substance is something of a default argument. There arc very few other places to  judge says Parretti breached agreement returns control of Mem to French Bank Wilmington Del. A italian financier Giancarlo Parretti lost control of Mem Pathe communications co. On monday after a judge ruled that he reneged on an agreement with his major creditor. The ruling by chancery court Chancellor William t. Allen gives control of the legendary Hollywood studio to a French Bank credit Lyonnais Bank Nederland . The studio pro rare Etc diced such Drassic films As gone with the wind and the wizard of of. Credit Lyonnais sued Parretti on june 17, claiming he continued exerting Day to Day control Over the studio after agreeing to relinquish it to the Bank. Allen ruled that Parretti wilfully broke the agreement with credit Lyonnais from the outset and the Bank was entitled to remove him and his associates from the Board of directors. A from the first moment Giancarlo Parretti barely masked his efforts to continue to dominate and control the management of Mem a Allen said. Credit Lyonnais said the decision should bring new stability to my my a management. A the decision permits my my a management to turn its full attention to the company a recovery and the Bank intends to work closely with management in achieving that goal a it said in a statement. Liliana Avincola president of the studios Parent Pathe communications corp., said the ruling does no to change Par Rettit a principal ownership of the studio. She said the company plans to go ahead with a lawsuit it filed against credit Lyonnais in july. The lawsuit filed in los Angeles Superior court alleges the Bank dealt in bad Faith with Pathe and Parretti. It seeks More than $1 billion in damages. Parretti bought Mem a communications co. In november 1990 from financier Kirk Kerkorian for $1.3 billion and renamed it Mem Pathe communications inc. Since then it has been rocked by scandal unpaid Bills and mounting debt. Credit Lyonnais and Parretti agreed in april he would yield operating control of Mem in Exchange for Money to Rescue Mem from an involuntary chapter 7 bankruptcy petition filed by the studios creditors. The Money would also be used to promote and make prints of new motion pictures such As Thelma and Louise. Under the april agreement credit Lyonnais installed Alan Ladd or. As my my a chairman and Jay Kantar As chief operating officer. Credit Lyonnais says Parretti broke his Promise not to meddle in Mem when he called a Board meeting in june without a quorum and purportedly was elected chairman. Parrettie a problems have been piling up lately. Italian authorities last week charged him with criminal association As Well As several counts of fiscal fraud including illegal Transfer of about $27 million out of Italy and destroying or hiding fiscal documentation. He allegedly failed to declare revenues of $172 million and failed to pay sales tax totalling $46 million during a five year period italian police said. He is being held in an italian prison