European Stars and Stripes (Newspaper) - January 19, 1992, Darmstadt, Hesse                                Sunday january 19, 1992 a the stars and stripes a Page 17money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of Jan. 13 Jan. 18 compared with Dollar rates for the same period one year and five years ago. British Pound one Pound would Cost you $1.79 1992 $1.94 1991 $1.51 1987 German Mark one Dollar would buy you 1.58 a 185 1.51 1992 1991 1987 military exc Taingu rate belgian franc one Dollar would buy you 3g 60 33.35 31.92 a 1992 1991 1987 a amps the Dollar tumbled in late trading Friday knocked sharply lower against the japanese yen after a reported bout of intervention by the Federal Reserve system. The fed As is customary declined to either confirm or deny reports that it had stepped into the Market and bought yen and sold dollars including some sales on behalf of the Bank of Japan. The news which hit the new York Market about 2 p.m., caused the Dollar to drop sharply against the yen and brought it moderately lower against the German Mark and other currencies As Well. There was some talk among traders that there May have been an agreement Between . And japanese officials during president Bush a recent Tokyo trip to raise the yen and bring Down the Dollar As a Means of coping with the lopsided Trade imbalance that exists bet Wen the two countries. Keith Chev Ralls vice president and chief dealer for Nippon credit Bank a new York trading desk said the reported intervention was a a absolutely the major cause of the dollars dip. News of the intervention rocked the Market. The Dollar fell from 127.20 yen at the time of the intervention to close at 124.40. Chev Ralls said it was too soon to say whether fridays reported Central Bank action represented a Broad new assault on the Dollar with the 127-yen and 1.61 Mark Levels being the highest that the Central Bankers will allow the Dollar to go. In Europe the Dollar fell in Frankfurt on Friday to 1.6030 from 1.6240 at the close of Trade thursday. In Zurich the Dollar eased to 1.4280 Swiss francs from 1.4350. In London the Dollar retreated As the Pound Rose to $1.7810, from $1.7590. In Brussels the Dollar dropped to 33.23 belgian francs from 33.26. But in Paris the Dollar closed at 5.5475 French francs up from 5.5205, while in Milan it advanced to 1,224.8 italian lire up from thursdays close of 1,220.10. The official rate for the Sale of British pounds to . Personnel through monday will be $1.81 for a Pound. The official rate for German Marks will be 1.58 for a Dollar. United press International ism posts first yearly deficit As devastating 1991 ends by the new York times new York a closing the record books on its most difficult year in decades ism said Friday that it lost $1.38 billion in the fourth Quarter resulting in its first yearly deficit. Moreover revenues were off 6.1 percent for the year the first time in 45 years that growth has faltered at the worlds largest computer maker. Calling the year disappointing the company blamed a declining world Economy increased Competition and the difficulties associated with introducing new product lines. But a number of Industry executives said the decline represents a More fundamental shift away from the centralized style of computing that since the 1950s has been the basis of in my a business. Some analysts said the company reached a High water Mark in 1990 and will never again return to the Revenue and profit Levels of the 1980s. For the Quarter ending dec. 31, usually the company a strongest ism said Revenue declined 4.2 percent to $22.08 billion compared with $23.06 billion from the same period a year ago. The loss in that period included a $3.4 billion charge As part of a sweeping decentralization and planned Job cutback. It put the Cost of the restructuring at about $4.68 a share. In contrast ism earned $2.46 billion or $4.30 a share for the 1990 period. For the year ism lost $2.83 billion on sales of $64.79 billion compared with a 1990 profit of $6.02 billion on a record $69.02 billion in revenues. The results for the year included a one time charge of $2.26 billion to cover an accounting change for retirement benefits. After see sawing All Day ism shares ended the Day on the new York Stock Exchange with a gain of 87.5 cents at $96,375. A i think its a terrible spending environment a said Stephen Cohen an analyst at sound View financial gr6up. Quot beyond that i think that ism is losing share in a lot of product areas some of which they acknowledge and some of which they Are not  based on a trend variously referred to As a a downsizing or a network computing a corporate computer buyers have begun moving away from the multimillion Dollar mainframe systems which account for the bulk of in my a earnings. Instead they have begun buying smaller microprocessor based systems and linking them to personal computers and work stations. United s Parent expects record loss Chicago up Ual corp., Parent of United airlines will record its worst quarterly loss Ever when it posts fourth Quarter 1991 earnings this month the company announced Friday. Ual provided no details but the Brief statement said the loss a will substantially exceed the previous largest quarterly net loss of $157 million recorded in the first Quarter of 1991.�?� the statement said the fourth Quarter results a to be released Jan. 30 a will include a a significant amount of non recurring  an airline spokeswoman refused to elaborate. For the first nine months of the year Ual posted a loss of $79.3 million compared with earnings of $218 million or $10.01 a share a year earlier. Revenues for the period increased to $8.75 billion compared with $8.23 billion in the first nine months of 1990. Ual chairman Stephen Wolf said United a performance was adversely affected by the need to match deep discounts offered by bankrupt carriers. The announcement came hours after the airline announced it would eliminate jobs of 148 ramp service employees throughout the country including 105 part time workers at Chicago so Harc International Airport. Investors optimism boosts Market to three record closes last week new York up the Stock Market started out on shaky ground but thanks to investors optimism about the Economy it scored another record week. After losing some ground monday the Market made a Strong rebound the following Day As investors looked beyond grim economic news and bought stocks that will Benefit if the Economy recovers from the recession later this year. Alfred Goldman Market strategist with . Edwards amp sons inc. In St. Louis attributed the markets ability to weather dismal economic news to the fact a the upside momentum is not dead  a it showed the Market is looking ahead rather than behind. It sees a better Economy in five or six months a he said. Hugh Johnson head of the investment policy committee at first Albany corp. In Albany n.y., shared Goldman a bullish assessment. A you done to drive this buggy Stock Market by looking through the rear View Mirror a he said. He also pointed out that a when the Market is forecasting an economic recovery its very Normal to have a shift from such growth stocks As drugs consumer products and biotechnology to cyclical. In this shift of portfolios such stocks As airlines automobiles High technology papers chemicals Forest products and retailers begin to do very  for the week the Dow Jones Industrial average surged 65.52 Points to close at 3,264.98 a its third record close during the week. Among the Broad Market indexes the new York Stock Exchange composite Index Rose 1.94, to end the week at 230.89, and the Standard amp poor a 500 Index climbed 3.76, to 418.86. Advancing issues outnumbered decliners 1,367-727 among the 2,318 issues traded last week. Weekly big Board volume totalled 1,396,207,827 shares up from 1,320,504,152 traded a week earlier and 906,157,020 in the same week a year ago. Stocks closed lower in Active trading monday succumbing to profit taking for the second session in a Row As the Market continued consolidating its huge gains from the Long year end rally. The Dow lost 13.86, to 3,185.60. Stocks soared in heavy trading tuesday As investors Shook off dismal economic news and went on a buying spree propelling the Dow and other Market indicators to record Heights. The Dow rocketed 60.60, to 3,246.20, to erase the All time High of 3,209.53 reached a week earlier. The Dow transportation average jumped 23.17, to 1,387.33, eclipsing the record High of 1,383.03 set a week earlier. The Nyser a Quot Down tick Rule Quot which curbs computer driven buy programs to stabilize the Market was triggered when the Dow Rose More than 50 Points in late afternoon trading. Stocks closed higher in very heavy trading wednesday after overcoming bouts of profit taking pushing the Dow and other Market indicators into record territory for a second Day in a Row. The Dow gained another 12.30, to close 3,258.50. Stocks closed narrowly mixed in very heavy and Choppy trading thursday after trimming losses from a sell off tied to profit talking. Stocich lapsed higher in heavy trading Friday. The Dow regained 15.43 Points to 3,z64.98, eclipsing the record High of 3,258.50 set  update activity for the week of Jan. 13-17,1992 daily Dow closes 3300 3275 3250 3225 3200 3175 3150 3,264.98 m highest close weeks High lowest close weeks Low weeks change w the 3,264 98-Fri. 3,299 19-wed. 3,185 60 Mon 3,161 67-Mon. Up 65.52 aps amps