European Stars and Stripes (Newspaper) - June 26, 1994, Darmstadt, Hesse                                Page 20 the stars and stripes Money matters sunday june 26, 1994 Dollar watch shown below Are the highest Dollar Exchange rates for the week of june 20-24 compared with Dollar rates for the same period one year and five years ago. German Mark one Dollar would buy you 1,60 1.66 1-96 1994 i 1993 military Exchange Rule British Pound 1989 one Pound would Cost you 1.56 151 154 belgian franc one Dollar would buy you 41.77 33.73 34.80 1994 dutch Guilder 1.85 one Dollar would buy you _. 2.24 1.78 1989 1994 1993 French franc one Dollar would buy you 6.74 5.58 5.72 1994 1993 greek drachma one Dollar would buy you 242.45 223.28 171.45 italian lira one Dollar would buy you1 1�606 1,534 1,442 1994 1993 Spanish peseta 1989 one Dollar would buy you 135-38 12950 126.40 1994 i 1993 i 1989 turkish lira one Dollar would buy you. 31,000 1994 10,757 1993 Money traders a swayed by Allied Effort on Dollar from wire reports Washington a the Clinton administration insists that the United states and its allies Are United to halt a worrisome slide in the dollars value hut so far International currency traders seem to have the upper hand. The United states led a massive coordinated Effort Friday to buy perhaps As much As $5 billion in greenbacks in International currency markets to boost the dollars value in relationship to the japanese yen and the German Mark. But even though 16 nations joined with the United states the Effort was overwhelmed by Market forces As currency traders continued to dump dollars. As a result the Dollar finished the Day in new York lower than it had been thursday against both the yen and the Mark. In fact it fell to a 15-month Low against the Germany currency with $1 buying just 1.5865 Marks. The Greenback was Down to 100.45 yen very near the Post world War ii Low set on tuesday. Administration officials insisted that while the Friday Effort May not have succeeded the markets would soon understand that the worlds seven richest Industrial countries known As the group of seven and their major trading partners were United in their resolve. The seven Are the United states Japan Germany Britain France Canada and Italy. A we intervened today to demonstrate that this administration prefers a stronger Dollar a said a written statement attributed to an unidentified senior official in the Treasury department. A it is our View and the g-7�?Ts that further appreciation of the Mark and the yen against the Dollar would be counterproductive for global  some recent remarks by German and other european monetary officials had called into question How committed major countries were to supporting the Dollar especially in Light of Domestic concerns such As Germany a worries about inflation. R Dow Jones a new York ai1 eyes Friday a Dow Jones dosing Range of a High Low class charge 30 industrials 3704, 3016.65 3636 94 off 62.15 20 transport 1622.61 1504,37 1509.94 Olf 35.54 t5 utilities 173.29 175.70 176.71 off f.58 65 stocks a 1202.53 ,1263.57 1269.56 Oil 22.65 new York Exchange but a monetary source in Washington speaking on condition of anonymity insisted that while there had been some differences Over the timing of the Dollar buying Effort there had been no problem lining up support for a collective move. President Clinton played Down the dollars latest troubles saying it was a important that we not overreact to  other officials noted pointedly that the Dollar had suffered steeper declines in Shorter periods during the Bush administration against both the yen and the Mark. But republicans in Congress portrayed the dollars troubles As an International no Confidence vote in the democratic administration. A i among Many others attribute this recent precipitous drop in the Dollar to a worldwide Lack of Confidence in . Leadership that threatens prospects for sustained future . Economic growth a sen. Pete Dominici r-n.m., said on the Senate floor. . Financial markets were unhappy with fridays developments. The Dow Jones Industrial average turn bled by More than 62 Points and the yield on the 30-Ycar Treasury Bond shot up to 7.52 percent. For the week the Dow Jones Industrial average a which added 3.33 Points or 0.09 percent the previous week a tumbled 139.84 Points or 3.7 percent to 3636.94. It marked the Blue Chip indicators biggest weekly loss of the year. The new York Stock Exchange composite Index fell 8.74 Points to 244,55, while the Standard amp poor a 500 dropped 15.65 Points to 442.80. Losers clobbered winners 2,132-356 among the 2,743 issues traded on the new York Impi Zydik Slock fax Tiangco Stock Tel Fonos be my first incl it Compaq computer genl electric a Casa equip. Philip Morris ism corp general motors Eastman Kodak. Pepsico inc Motorola in Wal Mart stores. Etc corp Merck amp co inc Chrysler corp a a the 15 most Active stocks in Mew composite hading Friday. Salei 3,755,600 3.085.100 3.034.300 3.003.900 2.677.100 2.437.000 2.265.300 2.236.700 2.234.700 1,923.500 1.860.000 1.770.900 1.769.900 1.753.600 1.724.600 last 54 23% 31 46 19 51 59% 50% 47 yet. 30 % .44% 23 i 13 30% 46% net the. Oft.1 % Uncle off f a Utich Gadi a off % off 1 off % a up a Oft a off % off a off %. Off m o of nose. The Nash a composite Index plunged 35.56 Points or 4.87 percent to end the week at 693.79. The amex Market value Index skidded 13.96 Points or 3.17 percent to 426.30. Economists said Wall Street is worried that the Federal Reserve soon will be forced to boost interest rates for the fifth time this year in an Effort to defend the dollars intervention in currency markets never works unless it is followed by significant interest rate adjustments a said Stephen Roach senior economist at Morgan Stanley and co. In new York. But Bruce Steinberg senior economist at Merrill Lynch in new York said the fed traditionally has been reluctant to Jack up interest rates solely because of a wreak Dollar since higher rates increase the risk of economic recession. Some economists said the Dollar could remain under pressure for much of this year until economic growth overseas begins to revive demand for . Exports and thus Start to shrink americans growing Trade deficit. While the weaker Dollar raises the risk of inflation in this country because it makes imports More expensive it helps to boost foreign demand for . Products by making them cheaper. 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