European Stars and Stripes (Newspaper) - January 1, 1995, Darmstadt, Hesse                                Pago 20 the Staps and stripes i Money matters sunday monday january 1/2, 1995 Dollar watch shown below Are tha highest Dollar Exchange rates for the weak of dec. 25 Doc 31 compared with Dollar rates for the same period one year and five years ago. German Mark one Dollar would buy you i he 1,54 168 1994 1093 1989 i a military  rate. A. British Pound one Pound would Cost you 1.59 1994 1.53 1993 1.92 1909 belgian franc one Dollar Wolf Takuy you 32.41 1994 i Mem Mimi 35.90 \ 35.90 dutch Guilder one Dollar would buy you it a 1 94 1.72 188 i 1994 1993 l 1989 French franc one Dollar would buy you 8.45 s-87 5 94 maj Imp Jim 1 greek drachma Ono Dollar would buy you 244 238 159 1994 l italian lira one Dollar would buy you 1,642 1,705 1,278 Spanish peseta Dollar would buy you 142 to turkish lira one Dollar would buy you 36,440 1994 14,404 1993 2,309 1�? l january effect expected to give Small stocks a lift by Patricia Lamiell a business writer new York a a while stuck investors bid a dry eyed Farewell to an inauspicious 1994, Many held out fervent Hopes that the phenomenon known As the january effect will brighten the Outlook for the new year for decades Many Stock pickers and pundits have bet on the january effect the tendency of Small stocks to outperform larger issues in the first month the year Market analyst Yale Flrsch is counting on a Strong january effect in 1995. Bar ring some unforeseen crisis like War or a currency devaluation like that of the mexican peso which would Send investors flocking to the safety of big company stocks Quot i think we will have an up january for Small stocks Ulirsch said Low priced stocks have outdistanced the Standard a poor a 500 by an average of 5.7 percentage Points in 37 out of inc past 40 january a Flrsch Points out in his 1995 Stock traders almanac. A added to historical evidence is the theory that since Small stocks significantly lagged behind their larger counterparts in 1994, they could be set for a roaring comeback in the just in did year the Dow Jones Industrial average of 30 Blue Chip issues managed to survive a Bloodbath in the Bond Market gaining about 2.1 percent. The Dow finished fridays session at 3834,44, up 101 for the Day and up the same amount for the last week of 1994, for the year the. Dow average coded up 80.35, or 2,14 percent. But it was do v3, from its All time closing High of 3978,36, reached Jan. 31. Broad Market indexes which include Many More Arnall company stocks Tell a sad scr talc. The Standard amp poor a 500 list lost 1,5 percent for the year the Nash a composite fell 3.2 percent while the Russell 2.000 Index of in Tell company stocks slipped 3,18 percent. And the indexes done to Tell the extent of the past years damage first Albany corp. Reported in a recent newsletter that by the end of november two out of every three stocks were at least 10 percent below their High Price Fox the year contrarians hoping for a january rally also Point to a recent big increase in bearish sentiment among portfolio managers they say this could mean that cd cry body who was going to sell stocks has done so already leaving room for bargain Hunters to swoop in with buy orders and drive the Market higher Quot move when you have a lot of bears out there a Ulirsch said Quot that usually signals a Good Rise or a turnaround quo but there arc some potential stumbling blocks in the Way of a january effect an trader Selosse out the year Friday on he floor of the new York Stock Exchange. The Dow Jones Industrial average ended the year up 2.14 percent. Alyss warned. The Federal Reserve is widely expected to raise Short term interest rates in late january for the seventh time in 11 months Many analysis Are not convinced that such a rate increase is already factored into Stock prices. Both Large and Small capitalization issues could Tumble on the news they  Friday the new York Stock Exchange s composite Index fell 0,50 to 250,94, Down 0,01 Point for the week. T lie Standard amp poor a 500-Stock Index slipped 1.89 to 459.27, Down 0,56 for the week. A a a a a a a a the Nash a composite Index Rose 2.43 to 751.96, up 9.77 for the week. The american Stock exchanges Market value Index added 2.31 to 433.67, up 4.89 for the week. / the Wilshire associates equity Index which is the Market value of nose american and Nash a issues ended the week at $4.54 trillion off $13.32 billion from the previous week a year age the Index was $4,66 trillion a in Sas Washington a sales of new Homes tumbled in november for the first time in five months and analysts predicted further declines in 1995 As higher interest rates continue to crimp con Sumer demand. Quot its Clear this is the beginning a said economist David Dercah of the mortgage Bankers of America. Quot the housing sector is  Joseph Blalock an economist with the savings amp Community Bankers of America agreed saying that in addition to higher rates a slower Economy next year also will contribute to fewer Homes sold. Housing is one of the most interest sensitive sectors of the Economy. Many other areas have yet to Feci the effects of six interest rate increases by the Federal Reserve this year to slow economic growth and avoid any major escalation of. Inflation. The . Chamber of Commerce for. Instance said Friday that its business Confidence Index shot up to 65.2 in de Cembor highest since its inception in May 1990. Quot on the economic front businesses responded favourably to the robust but non inflationary growth in the Economy and the current indications of a Strong Christmas season a said chamber economist Martin regalia the chamber said its bimonthly Survey found sizable jumps in economic Outlook and in sales and employment expectations. Bui new Home sales fell 2.5 percent in november to a seasonally adjusted annual rate of 693,000, Down from a revised .711,000 in october the Commerce department said Friday it was the first decline since sales plunged 9.2 percent last june. A the report also showed the housing Market was much weaker than previously Thoi ight in August september and october the october rate for instance originally was estimated to be 726,000. The weakening housing Market also was seen in sales of previously owned Homes in november. The National association of realtors reported last week that sales dropped to the lowest level in 17 months Quot