European Stars and Stripes (Newspaper) - May 24, 1992, Darmstadt, Hesse                                Sunday May 24,1992the stars and stripes Page 17   shown below Are the highest Dollar Exchange rates for the week of May 17 23 compared with Dollar rates for the same period one year and five years ago. German Mark one Dollar would buy you 1.58 1-68 1-77 1 m 1991 1967 military Exchange rate British Pound one Pound would Cost you 181. 171 1.67 1992 i 1991 i 1987 j a Eoj Mehmi  belgian franc one Dollar would buy you 33.27 35.63 37.01 1992 i 1991 1 a Mmel 1987 dutch Gilder one Dollar would buy you 1.81 194 2.00 1992 1991 1987 French franc one Dollar would buy you 543 5.85 5.96 1992 i 1991 i 1987 a my Mem a maj greek drachma one Dollar would buy you 192.78 188.77 132.90 1992 i 1991 1 a a Mem Mem Mem italian lira one Dollar would buy you 1,219 1,283 1.292 Jujj Jujj 1987 Spanish peseta one Dollar would buy you 124.75 101.04 106.77 Tom i 1wt i 1w7 i turkish lira one Dollar would buy you 6,718 _ 4,022 1992 Money matters pm s main concern is profit not Market share Leader says fort Wayne ind. A general motors corp. Is putting profits first instead of clinging to Market share at any Cost chairman Robert Stempel told shareholders at their annual meeting Friday. The worlds largest car company also believes it can retain its 35 percent of the North american Market a and operate profitably a by bringing out new models More rapidly while aggressively cutting costs Stempel told about 1,650 shareholders. Stempel also said pm would continue to reduce its number of models based on consumer demand. It now offers 60 models of cars and trucks Down from 84 in 1987, spokesman Terry Sullivan said. In past years pm sought to recover losses to japanese automakers a which now have about 30 percent of the North american car Market a by expanding and increasing its car lines. But that expansion contributed to a $7 billion loss in Gmys North american operations last year. The operations continued to lose Money a analysts estimate about $1 billion a in this years first Quarter. Gmys electronics military and financing subsidiaries were responsible for the corporations $179 million profit its first since mid-1990. Quot if Market share is going to come at a Cost of profitability we re going to Back away from Market share a Gmys new president John f. Smith or. Said after the meeting. But some Industry analysts said the it profits first philosophy wont work in the Ong run. A a that a my theory of oblivion a said Thomas of Grady chief executive of integrated automotive resources in Wayne a. He said the policy leaves pm Vulner Able to selective attacks from Ford motor co. And Chrysler corp. Pm began restructuring last december announcing plans to close 21 North american plants and eliminate 74,000 jobs by 1995. All but seven of those plants have been identified. Also on Friday shareholders voted against several measures opposed by company officials. The measures called for a adoption of an environmental policy. A a halt to experiments with live animals. A full disclosure of officer pay. A restoration of preemptive rights which would give existing shareholders first crack at new Stock offerings. A restrictions on borrowing in overseas expansion. A and termination and divestment of business dealings in South Africa. Oil producers Hope to get prices up a bit Vienna Austria a Opecz a member governments Hope an agreement they reached Friday will bring an increase in world Oil prices this summer. The plan would to allow a modest increase in production to cover increased demand expected in the summer the Peak car driving season. An economic recovery expected in the United states also would increase demand. The agreement Calls for All 13 nations of the organization of Petroleum exporting countries except Kuwait to hold their Oil pumping steady in the july september Quarter. Kuwait its Oil Industry recovering from the Gulf War will be allowed to pump As much As possible. But the Deal unofficially lets saudi Arabia the worlds largest crude exporter pump at a slightly higher level of about 8 million barrels a Day delegates said. The makeshift agreement sets no new production ceiling. But Opecz a Secretary general said it would Likely translate into output of 23.3 million to 23.5 million barrels of crude a Dav. Fed s refusal to drop interest rates halts 2-Day rally on Wall streets amps new York up Wall streets sentiment swung from Hope to disillusionment last week. The Stock Market started out the week with a two Day rally on Hopes the Federal Reserve would trim interest rates another notch to Spur a flagging economic recovery. But the markets euphoria turned to disappointment after the Federal Reserve indicated that it had no intention of easing interest rates anytime soon resulting in a two Day sell off. Alan Ackerman executive vice president at Reich amp co., said the Market pinned a its Hopes on the fed cutting interest rates soon but the fed has not  a the disappointing housing starts numbers on tuesday looked like they might compel the fed to act today Friday and when it did no to the Market gave ground  for the week the Dow Jones Industrial average climbed 1 percent or 33.68 Points More than offsetting last weeks Oss. Among the Broad Market indexes the new York Stock Exchange composite Index Rose 1.89 to end the week at 228.20, and the Standard amp poor a 500 Index climbed 3.93 to 414.02. Advancing issues outnumbered de diners 1,137-950 among the 2,402 issues traded last week. Weekly big Board volume totalled 869,187,080 shares Down from 933,650,751 traded a week earlier but up from 753,133,180 in the same week a year ago. Stocks dosed higher monday in the third slowest session of the year As computer guided buy programs firm Bond prices and a rebound by overseas markets helped recoup losses from May 15. The Dow bounced Back 22.94 to 3,376.03. Stocks rallied for the second straight p la Day tuesday in Active trading As dismal economic news heightened investors optimism about another interest rate Cut boosting the Dow to its 20th record dose of the year. The Dow gained 21.96 to 3,397.99, eclipsing the record dose of 3,397.58 set May 11. The key barometer again flirted with 3,400. Stocks retreated in Active trading wednesday As investors became disillusioned that the Federal Reserve did not ease interest rates. The Dow slipped 4.15 to 3,393.84, although the key barometer briefly stayed above 3,400 at several Points during the session. Stocks slipped for the second straight Day thursday in lacklustre trading on Broad Selling tied to investors Digap ointment Over the Federal reserves re Ustance to ease interest rates. The Dow Slid 15.13 to 3,378.71. Stocks posted modest gains in quiet pre Holiday trading Friday As firm Bond rices helped the Market snap a two Day Osing Streak. The Dow recouped 8.06 to 3,386.77 in the third slowest session of the year. The key barometer got extra help from Merck the biggest gainer among Dow components which jumped 4% to 152% in anticipation of its 3-for-l Stock split this week. On the trading floor last week general motors corp. Edged up % to 39%. Chairman Robert Stempel told a stockholders annual meeting Friday that pm is shooting for a 7 to 8 percent productivity gain by a doing More with less in its drive to restore profits after a year of record losses. The giant automakers global offering of 55 million shares of common Stock was priced at $39 a share late tuesday. Walt Disney followed easing 11-32 to 37%. Its 4-for-l Stock split took effect on monday. Federated department stores was third inching up % to 12%. Salomon Brothers initiated coverage of the retailer which emerged from bankruptcy Protection in february with an a a outperform rating. E p la new York Exchange new v0nx up a the 15 Moil Active Stock in new York Stock Exchange composite trading on Friday a a Quot a last a lock fed dept St Ima global Marine Walt Disney co general motors Philip Morris Storaa Tec Fml Bristol Myar so ores Baker Hughes Chrysler corp limited inc computer Assoc Rwjr Nabisco pop Exxon corp Merck amp co inc Glaxo holdings lain 4.177.800 2,857,600 2,798,000 2,360,400 1.764.800 1.527.700 1.485.700 1.353.100 1.323.700 1.275.100 1.250.100 1,203,300 1,160,500 1,115,200 1.107.800 12 % 2 37 % 39% 76 33% 72 % 22% 17% 20 14 % 10 % 60 % 152% 27 % Nat chg. Up % up % Oft up % Oft % 0 13% of1% up 1 % off % off % up 1 off h up % up 4 % up % american Exchange american Stock e Stock expo rate co la Pec Israel econ Ivan corp fruit of loom Alz corp Wana labs inc b Gunda a arcs carnival cruise us Blo Screnci inti Corona a the 10 most Active stocks in nge composite trading Friday. A Alee lilt Nat chg. 843,300 1 % up 3-16 600,000 13 % off % 467,600 22% up % 455,200 34% off 1 % 296,900 47 up % 270,300 3 or unch 240,900 6% up i Oft i 237,400 29% 237,100 12 % unch 236,100 4 % up % Dow Jones new York up Dow Jones dosing Range of averages Friday 30 industrials 20 transport Isle wines 65 stocks use 1303 22 213 82 1203 18 Low 3364 0 7 1366 97 211 69 1188 40 Clete 3386 77 1376 49 212 88 1196 39 change up 8 06 up 3 73 up 0 94 up 3 30 a