European Stars and Stripes (Newspaper) - July 25, 1993, Darmstadt, Hesse                                Money matters the stars and stripes Page 19 shown below Are the highest Dollar Exchange rates for the week of july 19-23 compared with Dollar rates for the same period one year and five years ago. German Mark one Dollar would buy you t,68 146 1.87 1993 i 1992 i 1988 i by Bah a Mem Mumm 1 military Exchange rate British Pound one Pound would Cost you 1.52 1 94 1.67 1m2 1988 35.66 1993 i belgian franc one Dollar would buy you 39.8530.67 dutch Guilder one Dollar would buy you 213. 1993 i 19m 1m� i French franc one Dollar would buy you 5.88 j9j 1�92 i greek drachma one Dollar would buy you 228.72 178.67 1993 i italian lira one Dollar would buy you 1 610 1,400 "93 i 1,143 1992 1968 Spanish peseta one Dollar would buy you 135.40 125.10 95.97 1992 turkish lira i i one Dollar would buy you 11,244 6,990 1993 1992 i move to recall old rubles sends russians scrambling Moscow a sending Shock Waves across the country Russia s Central Bank announced plans to withdraw Bil Lions of old rubles from circulation Start ing monday. Russian citizens and people with Resi Dent status will have just two weeks until . 7, to Exchange their old rubles at state run savings Banks before the Bills become worthless. The step will eliminate outdated and possibly counterfeit Bills the Bank said saturday according to the itar Tass news Agency. It could help Stem inflation by temporarily forcing people to keep rubles in the Bank and will punish other former soviet republics that formally have ditched the Ruble. Callers to the Moscow based National radio network mayak on saturday pleaded for More information and won dered whether their savings would be wiped out. Anticipating the panic president Boris n. Yeltsin s government issued a statement along with the Bank announce ment saying the step is supported by the government of the russian federation itar Tass reported. All earned Money will be exchanged without inflicting any material damage upon people the government said. It said All Cash belonging to companies and organizations can be deposited in the state savings Banks for new rubles. The measure will eliminate All soviet Era Bills and some new russian Bills is sued Between 1961 and 1992 that arc smaller than 100 rubles. The Ruble closed Friday at 1,004 to the Dollar itar Tass said. Starting monday the Central Bank will invalidate All soviet Era Bank notes currently circulating in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500 and 1,000 rubles itar Tass reported. Russian Bills issued last year in denominations of 5,000 and 10,000 rubles also will no longer be Legal tender starting monday itar Tass said. That will leave Only soviet Era coins which Are valuable now mainly As tokens for pay phones and russian Bills issued this year in denominations of 100, 200, 500, 1,000, 5,000, 10,000 and 50,000 rubles itar Tass said. The amount of Money affected was not disclosed. The Ruble Supply has grown in the last year As the government issued higher denominations to keep up with 2,500 percent annual inflation. The Central Bank said Cash will be exchanged in amounts up to Only 35,000 rubles $35. Higher amounts will be Avail Able Only in the form of savings deposits locked in for six months at the prevailing interest rate. That restriction was Likely to infuriate most russians accustomed to keeping All their Money in Cash and who have no alternative to Cash for nearly All daily trans actions. Moreover the Cap of 35,000 rubles seemed Small in a country where the average russian worker makes Only 30,000 rubles $30 a month. Shareholders of plan to split Marriott by the new York times. Marriott corp. Overcame a major obstacle to its reorganization plan when shareholders at the company s annual meeting Friday overwhelmingly approved its proposal to Divide the company in half. Eighty five percent of those attend ing the packed meeting in the ballroom of the . Marriott hotel in downtown Washington voted for the plan. Capping a Busy Day Marriott also said it had settled with a majority of its preferred shareholders who had sued to Stop the reorganization. The company also announced plans to add 400 hotels with More than 50,000 rooms Over the next five years. But Steven Cooper a lawyer for a group of bondholders led by ppm Amer Ica inc., said the group would continue to pursue its lawsuit against the company which it has accused of securities fraud in the Sale of $400 million Worth of Bonds last april without informing investors of its restructuring plans. Soon after announcing those plans Marriott s 20-year Bonds plunged almost 30 percent Al though they have since recouped most of their value. Lawrence e. Mitchell a Law professor at George Washington University in Washington d.c., and a specialist in corporate finance said Friday that there was still a Chance this Case will unwind be cause of Marriott s flagrant abuse of Bondholder  the fact that the Bond prices have re covered said Mitchell does t change the fact that the ratings dropped or stayed Down nor change the fact that bondholders hold Bonds in a company with a very different risk profile than the ones they anticipated when they bought the  Marriott has denied committing fraud or abusing bondholders. Stocks shaken by Greenspan remarks 54 3 new York up Federal re serve chairman Alan Greenspan rattled Wall Street last week with his Tough anti inflation stance. Greenspan first unnerved the Stock and Bond markets tuesday when he told the House banking subcommittee that the news on  year must be characterized As  although Greenspan did not hint what the fed might do analysts interpreted his remarks to mean the Central Bank will Likely raise interest rates instead of Low ering them to combat inflation. Ajan Ackerman executive vice presi Dent at Reich & co., said Greenspan s comments caused some  the Market regained its footing wednesday and with the help of last minute buying in some Blue chips pushed the Dow to a new All time High. But Greenspan delivered another Jolt thursday when he indicated in his Testi Mony before the Senate banking com Mittee that the fed is More concerned with containing inflation rather than the Pace of economic growth. Market watch ers had hoped he would soften his stance during his second appearance. Greenspan s remarks sparked a sell off in Bonds which in turn depressed stocks and forced the Dow to Retreat from wednesday s record setting close. Alfred Goldman Market strategist at . Edwards & sons inc. In St. Louis said the Bond Market got hit and this is what leaned on stocks More than any thing  but Goldman said he thought the sell american Exchange new York Dpi tha to most aet it stocks in american Stock Eftang Composti trading on Friday. Stock fruit of loom Echo Bay mines Royal Oak mine Alc common corp tax corp Wheatf Werford inc. Media inc Century comm int Ragnol Gen i nerdy Servic Latoya t.730,000 637,200 490,800 396,100 329.000 285,000 267,700 253,300 240.700 218,700 aft 28v 12 5v4 23 23 10 4v4 but 14 2 Natch olm unch unch up1v up up up up off off is Dow Jones new York up Dow Jones to sin Ranje of aver Ages on Friday High lev clot Ching 30 Industrial 3569.37 20 transport i utilities 65 stocks 3508.17 3546.74 up 21.52 160358 1573.64 1592.45 up 18.48up j28 up 3.63247.79 245.721319.32 1297.92 24710131148 new York Exchange new York up Tea 15 Mort act fat mocks in new York Stock sex Triangi compute trading Friday. Stack tet Fonos Dami us us steel or Chasa Manhattan pm corp bloc Kemsler ent cart Rywina Mega wat Disney Counci Boma Wai Mart sum Marcki Colic at4t company general Mola  and exp i co 4.861,900 3,504,200 3,316,100 2,782,6002,494.000 2.322,700 242,068,100 t.806,900 1,763.500 1,691,000 at my. 49h up 3 36 unch 3732 42 739 2025 1,645.800 32 1,644,800 63v 1.633,400 1,562.700 1,545,900 4647 32 unction up of up 2vup up up of of uncut up off was an overreaction adding Bond traders probably used Greenspan As a Scapegoat for a Market that needed correction anyway. Bond have gone straight up recently and needed some correction to work off some  Bonds remained weak at week s end but technical factors and some positive earnings news helped stocks rebound from thursday s Sharp decline. For the week the Dow Jones Industrial average which Rose 7.23 Points or 0.20 percent last week climbed 18.45 Points or 0.52 percent to 3546.74 for a three week winning Streak. For the week ism paced the big Board actives falling 3% to 42% on con Cerns about the computer giant s second Quarter results due out next week. Merck followed falling i to 325/a after reporting second Quarter earnings of 15 cents a share compared with 56 cents a year ago. The week s biggest net gainer was Compaq computer which jumped 6vi to 50v4 after reporting second Quarter earn Ings of $1.21 a share compared with 35 cents a year ago. The ame Market value Index dropped 4.42 Points to end the week at 432.05. Fruit of the loom led the amex actives dropping 37/t to 2&v despite report ing  earnings of 77 cents a share compared with 75 cents a year ago