European Stars and Stripes (Newspaper) - August 18, 1994, Darmstadt, Hesse Page 14 the stars and stripes Money matters thursday August 18,1994 today s rates following Are fixed rates a which Community banking and credit Union facilities will sell for eign currencies to , personnel for personal use British Pound 1.58 dutch Guilder 1.70 German Mark 1.52 note the rates above apply within the hos country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rate that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies austrian Schilling 10.9615 Bahrain Dinar 0.37675 belgian franc 32.12 British Pound 1.5405 Canadian Dollar 1.3768 danish Krone 6.1875 dutch 1.7469 French franc 5.3328 German Mark 1.5550 greek drachma 233.65 italian lira 1,586 Kuwait Dinar 0.29775 norwegian Krone 6.8609 portuguese escudo 159.90 saudi rial 3.75 Spanish peseta 130.18 Swiss franc 1,3080 turkish lira 31,250.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $377.10 an ounce Sliver quote $5.10 an ounce sources merchants National Bank & Trust co. And the e associated press new York Exchange new York a sales 4 . Price and net change Rotthe 15 most Active new York Stock Exchange issues trading nationally on tuesday. Volume 6,239,700 4,812.300 4,437,100 4.392,200s 3,968,500 3,843,000 3,359,400 3,147,400 .3,111,000 2.917,100 2,871,000 2,858,900 2,730,300 2,690,000 Nim Merck Walmart Compaq Short depot. Mcdonalds Stelmo ads 3 Pepsico Penney pc toy rus lilt 33v4 24vi 36w 44h 2614 2,645,000 49h 51 vi30w 48vs93v4 32v4 47 35h chg. H i 1h 2% h 8h h 1v4 1 american Exchange new York a sales closing Price and net Chang of the 10 most Active american Stock Exchange issues trading nationally pm monday. Mint volume Latt Clig. Spur 1,089,5004641/64 21/64royaloakg 532,600 31w16-1/16 Weatherd 5-17.100 13 a 483,300 2h1/16 Echo Bay 479,600 10 a a Borsand 422.700 6v4 unch Lacomb 342,800 30 Etc Heyns 317.000 Flat unch Spectra Slon 310,200 2tt Vii Axup 267,900 19 /4 unch housing construction rises despite higher loan rates Washington a housing starts jumped 4.7 percent in july the government said tuesday As builders appeared to focus More on the improving Economy than higher mortgage rates. " but the Advance was mixed regionally with new construction up in the Midwest and West but Down in the Northeast an South. Nationally builders broke ground on 1.42 million units at a seasonally adjusted annual rate the Commerce department reported. That was up from a 1.35 million rate in june when starts fell 9.4 percent. Many analysts had expected a 2.2 per cent gain in july. Michael p. Niemira an economist wit Mitsubishi Bank in new York said higher mortgage rates caused builders to scale Back on their construction plans injure. Since then however the interest rate Shock began to Wear off As the economic improvement effect overwhelmed it lira wrote in the Bank s weekly eco u c indicator report Lirty year fixed rate mortgages aver aged 8.62 percent in july up from 8.43 percent in june and 8.6 percent in May according to the Federal Home loan mortgage corp. They had dropped to a25-year Low of 6.74 percent last october. But various indicators have shown the Economy improving gradually offsetting the curbing effects of higher rates. In comes have been rising employment growing and consumer Confidence climb ing. And analysts noted despite their re cent Rise rates remain Well below the double digit Levels of much of the 1980s. The Federal Reserve on tuesday raised Short term interest rates for the fifth time this year in an attempt to keep inflation under control. It boosted the Federal funds rate to 4.75 percent from 4.25 percent and raised the discount rate chug a lug Junction suds fancier Marc Tappert of lever Kusch Germany who runs what is billed As Europe s biggest Beer Market samples one of the 800 different kinds of brew he has collected. Tap pert who is always looking for new brands says Beer is great in any language. To 4 percent from 3.5 percent. The Federal funds rate is the rate that Banks charge one another for overnight Loans. The discount rate is the rate that the Federal Reserve charges to Banks when they take out Loans backed by government securities they own. Mortgage rates which averaged 7.14 percent in february when the first fed move occurred have followed the Short term Advance. Despite higher rates housing starts averaged an annualized 1.44 million in the second Quarter up from 1.37 million in the first when housing activity was curbed by unusually harsh Winter weather. For the first seven months of this year starts were 16.3 percent above those of the same period in 1993. Starts totalled 1.29 million in .1993, and Many analysts still expect them to total about 1.40 Mil lion this year. Lbs links up with Prodigy s on line service new York a want to preview lbs fall schedule buy that official or. Quinn Medicine woman to shirt Send David Letterman a Happy anniversary greeting lbs and the Prodigy compute service want you to do it on line. The to network and Prodigy which claims to be the largest consumer oriented on line service have teamed to create a lbs themed interactive Hub of information entertainment picture Sand sounds lbs announced tuesday. Prodigy users who jump to the Cesarea will find a menu of choices open to them including a subsection that Cele Brates Letterman s first anniversary at late show. Fans can take a late show trivia quiz review the first year s favorite top 10 lists and buy late show stuff from yet another area the lbs online store which has a 95-item Catalon. Down the Road the service will offer lbs stars online promotions for the Scarlett ministries and other special events including the country music has 2.2 million members in a sys tem averaging 700,000 sign on each Day. No-dicker7 policy May be Lemon for dealers Detroit a those no Dicker stickers on Many of today s new cars May drive dealers to add extra costs or provide poorer service to customers the head of the dealers Trade group says. William s. Dodge president of the National Auto Mobile dealers association said tuesday that Many prices Are set too Low by car makers making it nearly impossible for dealers to sell new vehicles profitably. Dodge who owns six dealerships in Maine said car dealers Are getting squeezed Between Low sticker prices and buyers who think they should get big discounts. The average consumer has to understand there Are Nomore 25 percent markups out there Dodge told Auto motive reporters. The fact is there is Little possible negotiation if any in Many value priced models with Only a 6 percent to 8 percent dealer profit value prices Are automakers response to consumer who do not like the kind of horse trading that historically has been part of car buying. A value Price implies that there will be Little or no bickering because the. Price is set at a fair level for the vehicle and its options. General motors corp. Has been the most aggressive of the major automakers in adopting value pricing building on its Success with the practice at Saturn Deal ers. Pm s Oldsmobile division is going to All value pric ing for the 1995 Model year. Dodge released a summary of an Nada report that said the average . Dealership lost $223 on each new vehicle sold last year after profit from financing an insurance was deducted. Despite that the average dealer s total profit was up 33 percent from 1992 and higher than in any year since the mid-1980s. The fact is dealer profits Are Good primarily be cause of unprecedented used vehicle profits and Strong parts and service sales Dodge said. About 40 percent of the average dealer s profit Las year Wastrom used vehicle sales 40 percent was from parts and service operations and 20 percent was from new vehicle sales financing and insurance he said. Ross h. Roberts Ford motor co. Vice president said the Nad a s claims Are conditions which they say exist Are not True period for Ford he said. The margins have not decrease for Ford dealers. There is no one who is More concerned about the viability of the franchised dealer than we Are. We know they have to make a Good spokesman John Maciarz said the no. 1 Auto maker is aware of Nad a s concerns Over value pricing and is working with dealers to make sure they under stand its advantages. Customers today Are demanding a different and More positive Purchase experience and value priced vehicles Are a direct response to those de mands he said. Chrysler corp. Spokesman Steve Harris acknowledged that there has been pressure to reduce dealer margins across the Industry but he said Chrysler has done it Only on selected vehicles in response to pres sure from competitors. Dodge said he would t be surprised to see dealer Start adding extra Price tags showing additional charges to hot Selling cars and trucks that have prices dealers considered too Low. He also said the profit squeeze could sabotage the Industry s drive to be More responsive to customers and focus More on their satisfaction. Building customer satisfaction and loyalty Cost Money Dodge said. Declining profits will ultimately Force dealers to Cut Corners in hiring Good people an providing the right training equipment and facilities that Are essential to customer satisfaction and
