European Stars and Stripes (Newspaper) - September 18, 1994, Darmstadt, Hesse Page 12 the stars and stripes Money matters sunday september 18,1994 shown below Are the highest Dollar Exchange rates for the week of sept. 12-16 compared with Dollar rates for the same period one year and five years ago. One Dollar would buy you 1 98 1.51 1994 i 1993 military Exchange rate one Pound would Cost you 1.60 1.59 -1.55 1994 31.81 one Dollar would buy you 41.5034.52 1994 1.68 one Dollar would buy you 2.231.80 1994 1993 1989 one Dollar would buy you 6.67 5.28 5.65 19891994 1993 one Dollar would buy you 233.90 225.73 1989 one Dollar would buy you 1,568 1,550 1,428 one Dollar would buy you 128.35 129.10 1989 one Dollar would buy you 33,885 1994 2,240 1989 Mutual rankings ratings have firms ranting raving by Frank a. Jones Scripps Howard news service past performance is not necessarily indicative of future this disclaimer appears Many time whenever a Mutual fund advertises its past performance. It is 100 percent True. And yet most advertisements for Mutual funds include some claim about their rankings or ratings which Are of course derived from past performance. Most investors want to know what the past performance of a Mutual fund has been before they ask any other question. Past performance is obviously an objective measurement that should be consid ered by All investors. A feud is going on Between Lipper analytical services which provides rank Ings and Morningstar which provides ratings As to which is More valuable in evaluating a fund. Upper Breaks Down the entire fund universe into Many Small categories and ranks the funds for various periods. The result is that most fund groups can find some period in which at least one of their funds was ranked no. 1 by Lipper. This is Why so Many advertisements claim their fund is ranked no. 1 by lip per. There Are hundreds of no. 1 funds. Morningstar the Chicago based re search company i Lipper s big rival and has become a Leader in the Industry be cause Morningstar provides much More detailed information each fun rather than Only past performance. Morningstar avoids rankings never stressing which fund was first in any category. Instead Morningstar provides rating based on its own analysis. Separating funds into four Broad categories Morningstar rates funds based on past performance for three five and 10-year periods compared with All other funds in that it adjusts the ratings for risk based on its own method using monthly volatility As a measurement of risk. The result is a rating of one Star for the poorest up to five stars for the Best. And you can bet the fund with a Morningstar five Star rating will use that in its Advent Tising. Lipper recently Challenge Morningstar ratings with a study that measured the performance of Moringstar s five Star funds during the period from 1990 through 1993. Lipper said More than half of the five Star equity funds underperformed the average equity fund in the subsequent 12 months. In 1993, Morningstar challenged an advertisement by one fund company that cited Lipper s no. 1 rankings of some of its funds. The funds were ranked no. 1 by lip per but the category selected by Lipper included Only about three funds. It was Morningstart Contention tha t such rankings were misleading unless the size of the category was shown in the advertisement. The Sec agrees wit Morningstar and is requiring More information to be supplied in fund advertise ments. Inflation fears Send stocks lower s 58-Point jumpers new York a the Stock mar Ket fell Friday but held on to most of the previous Day s 58-Pdint gain in heavy trading dominated by the expiration of Stock futures and options. Prices were driven Down at the open ing by a Federal Reserve report on factory usage that focused the economic Pic Turc Back toward inflation and a possible interest rate increase. The Dow Jones Industrial average fell 2053 to 3933.35. The Index was Down As much As 40 Points Early in the session. Declining issues outnumbered gainers by about 2-to-l on the new York Stock Exchange. For the week the Dow was up 59.54. Half of Friday s volume was handled in the first a i hours As the Market went to its sixth busiest Day in history. Volume on the floor of the big Board came to 410.69 million shares As of 4 ., up from More than 280 million the previous session. The Federal Reserve reported Facto Ries operated at 84.7 percent of capacity in August the highest level since april 1989. The news suggested the Economy was growing More quickly than Many have anticipated and renewed suspicions that the fed might raise interest rate again. The economic news sent Bond prices plunging. It s phenomenal with Bond prices Down l /2 Points to have stocks Down Only 24," Don Hays investment strategist at wheat first Butcher Singer said late in american Exchange new York a of the 10 most Active trading nationally Friday. Nam Echo Bay. Amdahl spousal Phito Gaylord ont eng Ysac s. Sales closing Price and net Chang american Stock Exchange issues volume1,623.900 862,600 724.100 581,500 list cig. H12 a 9vi 4. 7/16 571,300471/64-21/64 425,300 .41/16 unch 335,600 322.000 -320,900 318,900 8 /4 i 7v4 a 1v4 unch Dow Jones new York a Jones closing Range of aver Ages on Friday 30 industrials 20 transport15 utilities 65 stocks hiigh.22 Low Closi Chunga 3955.2 3894.66 3933.35 off 20.53 1581.28 1555.75 1566.33 off 10.12 179.61 176.51 177.23 off 2.51 1329.02 1307,99 1318.69 off 8,90 american new York a sales 4 Exchange Price and net change of the 15 most Active now York Stock Exchange issues trading nationally Friday. Urn Walmart. Ism for motor s atm corp Merck Geneles s Hanson ads Gen motors. Coca cola Compaq s. Shaw ends Exxon get co. Chrysler volume last chg. 5,384,900 24tt % 4,843,200 71 1% 4,803,000 28h of 4,444,800 54tt k 4,117100 34v4 unch 4,052,500 51 % 3,895,400 19 "v4 3,757,500 50v$ -1vi 3,711,500 47v. 3,359,800 37v h 3,207,200 15v4 1 3.058,000 59% h 2,880,000 58h. 2.708,500 30 unch 2,708,400 47 -1 the afternoon before stocks recovered even More. Other analysts said the Market s be Havior thursday and Friday should note seen As a sign of things to come. The options and futures expiration can cause wild swings in Price that have Little to do with fundamental Stock values. The Market is reversing some of the silliness at 4 Yesterday Lawrence Rice chief Market strategist at Joseph thai Lyon & Ross said of Friday s drop. Much of thursday s surge and Friday s drop was related to furious efforts to Complete trading in options and futures tied to Stock Market indexes before Fri Day s expiration. Four times each year the options and futures expire at the same time in what s known As a triple witching hour frequently causing Broa Price swings in the underlying stocks. General motors led the Dow industrials lower Friday finishing Down i vis at 50vi. Ism closed up 1 at 71. Broad Market indexes also were nose s composite Index fell 1.65 to 259.77. The Nash a composite Index fell 0.75 to 777.91. The Standard & poor s 500-Stock Index fell 3.62 to 471.19. At the american Stock Exchange the Market value Index Rose 0.12 to 459.86. Disney weighs Abc bid papers says a new York a the Walt Dis Ney co. Is discussing buying Abc fro general electric co., the latest of several companies with an interest in acquiring the broadcaster according to published reports. The new York times and the Wall Street journal said Disney is said to be weighing an offer of As Mueh As $5 billion for Abc which owns the Abc television network seven to stations and Cable channels including Cnoc. Previously it was reported that time Warner inc. Was talking with be about buying All or part of the Abc television network and the Cable networks. Tim Ewarner would be barred from buying the to stations because of its considerable Cable to system holdings. Be Disney and time Warner declined comment on the reports. Rumours have circulated widely in re cent weeks that be was exploring Selling Abc which it acquired along with Ria corp in 1986. Lbs inc. Has also remained the subject of takeover rumours since its proposed merger with ivc inc., the Home shop Ping Channel operator fell apart in july. The Abc lbs and Abc networks have All benefited in recent months from improvement in demand for network advertising time. The times also said that itt corp., which recently joined Cablevision sys tems corp. In buying Madison Square Garden for $1.075 billion from Viacom inc., is weighing a bid for Abc
