European Stars and Stripes (Newspaper) - February 2, 1992, Darmstadt, Hesse                                Sunday february 2, 1992 the stars and stripes a Page 15 Dollar watch shown below Are the highest Dollar Exchange rates for the week of Jan. 27 feb. 2 compared with Dollar rates for the same period one year and five years  Pound one Pound would Cost you $1.77 1-95 $151 pm jmj 1987german Mark one Dollar would buy you a military Exchange rat italian lire one Dollar would buy you 1,213 1,119 1>2981992 1991 1987 a amps the Dollar was mixed in new York and lower overseas Friday As foreign Exchange traders avoided the Greenback amid fears of Central Bank intervention. Gold prices Rose in new York after falling abroad. Analysts said traders feared that the German and japanese Central Banks might enter the Market to Stop the Dollar from advancing. Rumours that the Bundesbank was ready to sell the Greenback surfaced throughout the trading Day although neither the germans nor the japanese intervened. A the Market is still pretty skittish a after recent intervention by Banks including the Federal Reserve said Mike Faust a foreign Exchange analyst with mrs International. Faust said traders were afraid to take the Dollar higher than 126 japanese yen believing that intervention was Likely to begin at that Point. The Dollar closed below 126 yen on All major markets. It Rose marginally against the yen in new York edging up to 125.75 yen from 125.70 late thursday. In Tokyo overnight the Dollar Rose to 125.78 yen from 125.60 yen and in London it held steady at that Price. The British Pound Rose against the Dollar advancing to $1.7870 in new York from $1.7820 on thursday. In London the Pound Rose to $1.7905 from $1.7740. Other late Dollar rates in new York compared with late thursdays prices included 1.6110 German Marks Down from 1.6160 1.4333 Swiss francs Down from 1.4360 5.4870 French francs Down from 5.4955 1,211.00 italian lire Down from 1,214.00 and 1.17475 Canadian dollars up from 1.17425. Other late Dollar rates in Europe compared with late rates thursday included 1.6070 Marks Down from 1.6210 1.4280 Swiss francs Down from 1.4420 5.4745 French francs Down from 5.5230 1.8092 dutch guilders Down from 1.8260 1,207.90 italian lire Down from 1,217.75 and 1.1746 Canadian dollars Down from 1.1777. Gold closed at $357.00 a Troy ounce on the commodity Exchange in new York up $3.60. Republic National Bank later quoted a bid of $356.75, up $2.75. The associated pres Money matters outstanding results in 1991 posted by general dynamics Falls Church a. Up military aerospace giant general dynamics corp. Reported Friday fourth Quarter 1991 earnings of $166 million or 53.95 a share compared with a loss of $530 million in the fourth Quarter of 1990. Fourth Quarter revenues were $2.33 billion off from $2.4 billion in the fourth Quarter of 1990. That quarters loss included special charges totalling $567 million after tax most of that stemming from the Navy a cancellation of the a-12 attack plane program. William a. Anders who took Over As chairman from Stanley Pace Early last year said a general dynamics More business like approach and strategy of increasing shareholder value produced outstanding results in 1991.�?� the results were in line with forecasts by Wall Street analysts. General dynamics Stock was off 25 cents to $57.75 a share in Early Friday afternoon trading on the new York Stock Exchange. A there was very Little unexpected in the announcement a said analyst Paul Nisbet of Prudential securities in new York. A the company has been pretty out front about what they re doing. Reflecting shrinking defense spending fourth Quarter sales of military aircraft were $702 million compared with $864 million in the 1990 Quarter. Missile systems sales also declined to $345 million from $390 million. Over the past year general dynamics has been restructuring its operations to focus on its Core defense business. It recently agreed to sell its Cessna aircraft division to text Ron inc. For $600 million. General dynamics said Friday that Cessna a results reported As discontinued operations included a pre tax gain of $100 million from the reduction of its product liability accrual As a result of favourable claim experience and favourable product liability legislation in a number of states. Earnings for 1991 were $505 million or $12.06 a share compared with a loss of $578 million in 1990, which included special charges of $881 million. Revenues for 1991 were $8.75 billion compared with $9.46 billion in 1990. For 1991, earnings from continuing operations were $374 Quot million including a second Quarter gain of $140 million from a tax provision adjustment. Current Wall Street estimates for the company a 1992 earnings arc in the Range of about $7 a share. Quot i think they should do fairly Well a said Nisbet who has an estimate of $6.60 a share. Anders who has said general dynamics will remain Only in businesses in which it has a dominant Market position said the company has met its first business priority of increasing liquidity and financial strength by ending 1991 with a Cash balance of More than $800 million. The company said Friday that it decided to pay off two of its debt issues in order to reduce Long term debt by $350 million in the first Quarter. It said it will also move to Cut its debt Load by an additional $100 million later in the year. Anders said that by the time general dynamics receives the proceeds from Cessna it will have determined How much it needs to invest in its defense businesses. A accordingly we should then be Able to design Ana implement the third stage of our Cash strategy a the return to shareholders of Cash in excess of our liquidity and investment needs a he said. Net i no the company has hot yet indicated what form such As a special dividend it will use to return Cash to shareholders. Greenspan s remarks Rock Market while Bush causes barely a Ripple new York up president Bush can Sway other world leaders but on Wall Street investors and traders read Federal Reserve chairman Alan Greenspan slips. Wall Street proved last week that when Greenspan Speaks it listens. After the president delivered his state of the Union message before a joint session of Congress on tuesday Wall Street barely stirred. But when Greenspan spoke about the state of the Economy before a Senate banking committee the Market suffered its biggest loss of the month. Greenspan who like the president is up for a second four year term indicated at his reconfirmation hearing that no further interest rate cuts Are imminent. That was enough to depress both the Stock and Bond markets. Trude Latimer chief Market strategist with the investment firm of Josephthal Lyon amp Ross said she thinks a it does no to matter that much what the president says. Its not what the president says its what the Economy is doing. A a he a not a great and glorious Leader who can move markets unless he says something totally  Alan Ackerman executive vice president at the investment firm of Reich amp co., said the a a president a speech was Short on substance and Long on rhetoric. There a bound to be disappointment. The Battle begins with Congress and partisan politics Are sure to create confusion in the marketplace. For the week the Dow Jones Industrial average lost 9.39 Points to close at 3,223.39 for its second straight losing week. But the key barometer managed to close out a hectic month with a 50.98-Point gain. Among the Broad Market indexes the new York Stock Exchange composite Index shed 2.97, to end the week at 226.20. Standard amp poor a 500 Index fell 6.69, to 408.79. Declining issues topped advances 1,113-930 among the 2,314 issues traded last week. Weekly big Board volume to tales 1,046,655,800 shares Down from 1,073,380,249 traded a week earlier but up from 966,924,020 traded the same week a year ago. Stocks eked out slim gains in subdued trading monday As Wall Street played a waiting game prior to Bush a speech in which be was expected to outline Steps to Spur the sluggish Economy. The Dow added 7.83 Points rising to 3,240.61. Stocks rallied to record highs in Active trading tuesday As Strong corporate earnings encouraged buying from some of the investors no stepped to the sidelines awaiting the presidents message. The Dow surged 31.53, to 3,272.14, eclipsing the record High of 3,264.98 reached Jan. 17. The key barometer was helped by Sharp gains in key Dow components after reporting Strong earnings. Stocks nose dived in volatile trading wednesday dragged Down by computer guided sell programs and weak Bond prices following unfavourable comments y Greenspan. The Dow plunged 47.18, to 3,224.96. The new York Stock exchanges a uptick Rule a which curbs program Selling to stabilize the Market was triggered in the late afternoon when the Dow plummeted More than 50 Points. Stocks rebounded in Active trading thursday with the help of bargain Hunting and Sharp gains by some key Dow components on improved fourth Quarter earnings. The Dow bounced Back 19.90, to 3,244.86. Stocks retreated in Choppy trading Friday after investors took profits As prospects for an economic recovery and lower interest rates remained Uncertain. The Dow plunged 21.47, to 3,223.39. On the trading floor last week Uniss again topped the big Board actives giving Back to 7%, after climbing the week before on surprisingly Strong fourth Quarter earnings. Among some of the Blue chips at amp to lost 1% to 371/4, american express fell 1% to 20%, Boeing lost 1�a to 50%, Philip Morris eased % to 76%, Westinghouse electric inched up a to 18%, and coca Market update m t w the f highest close 3,272.14-tue. Weeks High 3,313.51-wed. Lowest close 3,223.39-Fri. Weeks Low 3,204.16-wed. Week s change Down 9.39 ap/s4s cola climbed 2% to 77%. On the american Stock Exchange the amex Market value Index edged up 0.45, to close Friday at 411.37. However it lost 2.05 Points for the week. Declines edged advances 442-427 among the 1,042 issues traded last week. Amex volume totalled 88,427,245, com fat ared with 96,071,310 shares a week ear Ier and with 67,446,275 in the same week a year ago