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Following the FORD MOTOR CO.'s admission that it is in the process of developing a platinum free catalyst, the market value of platinum has plummeted. Despite this some 35% of platinum production in the West is intended for the automobile industry. We hear, once again, of increased activity on the New York Exchange. Most of the excitement revolves around IBM and General Motors, whose stock has recently proven to be a profitable investment. Brazil, the world's most indebted land, is no longer able to pay the interest on its 120 billion dollar debt. Its President made a TV and radio speech today, announcing a drastic decision. The government will cease the payment of any dues to foreign banks, with immediate effect. Whether the cessation be temporary, or permanent is unclear. The original discussion concerned a 90 day period of non-payment. Apparently, of Brazil's 108 billion dollar deficit, 80 billion is owed to foreign commercial banks. A developing nation since 1582, Brazil is no longer required to pay redemption fees, and must only pay interest. By far the main creditor is the American Credit Institute, closely followed by Japanese, French and German banks. +++ Following a 7 year period of stagnation, American exports last year increased by 12%, constituting a veritable boom. Experts also predict a foreign trade of some 15% for this year. Strangely enough foreign trade seems to be the privilege of an exclusive circle of companies: of 300,000 registered American businesses only 39,000 are involved in export, and of these, the leading 250 corporations corner a good 85% of the foreign market. +++ The market for Third World credits has been chaotic in both New York and London, over the last few days. Several American and Canadian banks are trying desperately, by fair means or foul, to hand on their billion dollar indemnity, to clear their *balance* sheet before the close of the financial year. New York is putting up its entire "Disaster-funds Portfolio" for quick sale, consisting mainly of loans to Latin-America. As an incentive, the discount on some of these credits has rocketted. Venezuala's dues are thus down to a mere 40% of their *nominal value*, previously they were lying at 60% under par. Mexican and Brazilian credits are on offer at around 50%. Argentinian credits, however, have dropped through the floor, from 30% to only 18% recently. The *bondsmarket* boom is responsible for even more liquidations. The recent publication of employment statistics is also having a significant effect on the market.A business re- vival is reported by buy- er/managers with orders rising rapidly over the past month. A market boom would have a stabilising effect on discount rates. New York - a bolt from the blue - the shocking poison gas catastrophy in Bhopal, India - has caused the value of Union Carbide *stock* to melt like butter on a sunny day. Massive demmands for compensation are soon to be expected, estimated at some 25 billion dollars. This, the third largest chemical manufacturer in the land, has a capital value of 10.3 billion dollars with average takings of 9 billion dollars, but only time will reveal the true financial consequences. Legal advisors warn that the Bhopal disaster could well turn out to be a second "Manville": the asbestos company forced into liquidation to avoid a hail-storm of complaints. +++ Ford's market status, compared to that of General Motors has advanced like there's no tomorrow. The then Company Chairman's radical reforms are starting to bear fruit. Ford now proudly declares net returns of 4.14 billion dollars, that is $8.53 per *stock*. The company's capital valuation now stands at 60.9 billion dollars. Reliable sources predict even higher returns for the next quarter, especialy in the exports department. Record returns are within reach for this year. Ford's stock *dividend* came to 3 dollars last year. +++++ It's October 21st 1987. Over the last two days investors have been the first to suffer from the worst Wall Street crash ever. Their losses amount to over a billion dollars. Meanwhile leading cur- rency bankers are flying round the world to en- courage a rapid expan- sion of circulated cur- rency. It is hoped that a more elastic economy might avoid a repeat of the 1929 *recession*. The real estate market recession has been with us for years but recently it has intensified at an alarming rate. Even compulsory auctions are not helping much to dispose of land at an acceptable price, and neither is the well-meaning advice from experts that land prices will deteriorate even further in future. The only winner in this sorry game is the bonds market, whose profits are rising daily. According to unconfirmed rumours, the *bilateral* economic relations between the US and the USSR, are nearing a historical climax. A two-phase operation over the next five years will serve to normalise trade, by dissolving all existing "red tape" and predjudice. This will permit the free exchange of wares and services between the super-powers. The cost of raw materials has reached a new low over the last few days. The chemical and automobile sector will be the first to benefit from low "crude" prices, while other industrial sectors have taken advantage of the positive situation to realise long-frustrated develop- ment ambitions. The big guns of the automobile *boom* have been resounding for years, but only now have the automobile prices left the trench and are marching towards new frontiers. ++++++ With the rising trend of industrial orders established some months ago come the first signs of awakening interest amongst investment enterpreneurs. This is no big deal. After all, the market revolves around forthcoming prospects rather than historical "facts". Surely, the predicted continuation of the international boom, combined with a flood of confirmed industrial orders, is some indication of things to come. ++++++ Surprise,surprise. Late last night the U.S. foreign trade deficit reached a record high. The gap was 16.5 billion last month. Meanwhile the U.S. Minister of Finance has complained that the West German government and "Bundesbank" have done nothing to support the boom to bring ec- onomic growth, but in- stead has hiked the cre- dit interest rate. Despite German support of the dollar to the tune of hundreds of millions, the U.S. Minister of Finance has announced to the in- ternational media, that Washington would prefer to suppress the value of the dollar rather than tolerate raised credit dues. In his own words: "We not going to sit back and watch surplus nations raise interest levels to the detrement of growth. Late last night the dollar made a leap on the N. Y. exchange that would have been previously regarded as impossible. The dollar rose some 10% against the German D-Mark. Late last night the dollar plummeted on the N.Y. exchange, the biggest slump in market history. Despite intensive inter- vention by currency banks the dollar fell some 10% against the German D-Mark. One of the biggest strikes ever known is presently crippling the U.S. automobile industry. Teams of temporary workers have been rushed in to keep production ticking over. The first grim predictions are circulating that a wave of liquidations are soon to be expected, particularly in the automobile delivery sector. It has just been an- nounced that the US gov- ernment plan to raise consumer taxes by some 20 percent next year, in or- der to finance the ever growing budget deficit. At yesterday's annual meeting of the International Monetary Fund (I.M.F.) and the World Bank, figures were released by finance ministers and bank presidents of 140 countries that confirm fears experts have had for some time. Credit to developing nations has now exceded the psychological barrier of a billion dollars. The following news has just been received via Telex: An hour ago, Mexico, one of the world's largest debtor nations announced to a press conference its intended refusal to honour future credit dues, with immediate ef- fect. They have already paid a total of nearly 100 million dollars, some 99% of their export profits. The Mexican government now considers this to be an intolerable burden on the economy. Owing to the introduction of computerised deposit systems, banks expect to reduce their running costs over the next five years, saving a total of some one billion dollars. The consumer-price-index is becoming more and more influential. Experts now regard the index as the best monitor for the ri- sing rate of inflation. At the previous world economic summit conference of leading industrial nations it was unanimously agreed that the world's economy is now recovering from depression, and this is having a considerable positive effect upon the international boom. Even leading government economists can deny it no longer: The international boom has now reached crisis point, and a slump is un- avoidable. Industry is complaining of business hardship, and in some trades production has been curtailed. For the first time since the "Credit Crisis" began in 1982, the predicament of "debtor nations" in the third world is easing up a little. Their export profits are escalating faster than their expenditure on interest and banking fees. Nevertheless the burden on developing countries remains critical. The *trade-balance* deficit of the United States reached a new high over the last months. Economists warned weeks ago of an expected record deficit. The *trade-balance* deficit of the United States last month achieved a completely unexpected recovery. The *trade-balance* deficit of the United States plummeted last month, some millions of dollars lower than previously expected. The stock Market has reacted to the confusion. The New York "*Comex*" has suffered a huge drop in its gold reserves. Over the last 6 months bulk buying by the Japan- ese has reduced bullion reserves by some 33 tons. The five most important industrial nations informed us last week of a rapid rise in consumer prices over the past 6 months. They were most concerned about the situation in the United States where the danger of *inflation* is becoming increasingly imminent. Contributing factors were seen to be the lack of job opportunities, rising import and raw material costs and an expanding economy. Once inflation takes hold in the States we cannot expect any other industrial nation to act as the safe hold of economic stability. +++ As a result of a definite reduction in the balance-of-payments gap and the ensuing rise in market confidence, the Dow Jones Index for 30 industrial *stocks* rose yesterday on the New York exchange by almost 150 points. +++ One of the world's largest banks, the American super-bank Wells Fargo & CO Inc., San Fransisco, has written off Argentinian credits totaling over 500 million dollars, recognising their uneconomical effect on Argentinian commerce. It is the opinion of "The Wall Street Journal" that Well's Fargo's action may well force the hand of other credit institutions to follow suit. It has been officialy confirmed that the Soviet Union has over the last two years played an im- portant role as gold ex- porter. Their massive demand for foreign currency, for the purchase of cereals and other imports required by their suffering dependent nations, has meant them having to export 200 tons of gold last year. Over the last 18 months Eastman Kodak has dug in deep to form a support-line to defend the continuation of its upwards trend. Despite some commercial progress it was unable to leave its trench and penetrate foreign territory. The resistance zone would appear impenetrable. To defend the continuing upwards trend, American Express has made a firm stand on the support-line. Successful trading , however, allowed it to advance its frontiers last month. At the same time bridging the treacherous 200 day average differential gap. In the USA last year the increase in borrowing was more than twice the in- crease in net production. The Federal Reserve Board has stated that the debt mountain implies a pri- vate debt *dividend* of $30,000 per American cit- izen. South Africa,the world's main exporter of gold, is now increasing its gold reserves as a result of the political unrest. Meanwhile its sales to the Soviets has dropped radically. +++ Despite South Africa's domestic problems its government still refuses to increase gold reserves. Meanwhile western banks are being compelled by high interests and continuing gold scarcity to sell off their bullion reserves. ++++ To cover their foreign exchange requirements the USSR increasingly prefers to rely on sales of natural gas rather than to sell gold. The industrial demand for gold, particularly within telecommunication and space research is, however, rising. This allows experts to clearly predict future trends in the goldmarket. The Ford motor company has launched a gigantic operation, summoning all automobiles constructed during the last two years to be returned for a check-up. A company statement further admits finding evidence that under certain conditions the brake-leads could loosen and this, in extreme cases, could lead to total brake failure. This may have already caused numerous accidents, many fatal, but this has not yet been confirmed. " One can only imagine the immense financial cost to the company of such a withdrawal", said a company spokesman. One thing is certain, however, the vast reduction of stock *dividend* payments for this and the forthcoming financial year. The rising price of oil to around 3 dollar a *barrel*, and fears of a worldwide interest hike, have proven a real burden upon the inter- national finance market. The *OPEC* States buying and selling prices, give cause to speculation that a hike in the U.S. *discount rate* could well soon follow. The market value of *Stocks* & *Bonds* reacted chaotically to the high interest and *inflation* fears. Foreign currency and gold stocks, however, managed a recovery. Interest levels continue to rise on the American exchange. Although the market rate has stabilised over the last few days, insecurity nevertheless continues to influence the *bonds-market*, regardless of the current revival of optimism. +++ The question concerning low flying aircraft, which has recently grown to international proportions, will nevertheless benefit one particular American Firm quite considerably: United Tech., who manufactures and promotes flight simulators, has become the inter- national aircraft industry's most significant partner in its training of future pilots. The average age structure of the American Pilot Corps is rising rapidly. The technical journal "Aviation Daily" estimates that between 1990 and 1994 some 18,000 pilots will reach pension age, and from 1995 to 1999 more than 30,000 will be pensioned off. It is imperative that this potential be replaced. United Tech. today operates over 100 flight simulators, thus putting any competition well in its place. ++++++++ One of the main reasons for the "Gold fever", and its resulting boost in the market price of pre- cious metals, was indeed the "general" anticipa- tion of a forth-coming crisis. This prospect has surely influenced many investors to consider the inclusion of gold in their portfo- lios. This is confirmed by the recent successful turnover in gold coins, although this is mainly due to a certain increase in gold production. In North America, as well as Australia, new produc- tion methods are being considered, and even the re-opening of deserted mines. Particulary in Canada numerous new op- erations are going ahead, some of which are al- ready minting gold coins. Conclusion: Buying gold as a security measure does tend to stabilise gold prices, but it also tends to stagnate its market value. "Yellow Metal" is desperately seeking a new identity. Old arguments are disappearing, and valid new ones scarce, to maintain that gold is a "safe-haven" in a monetary crisis. The East/West rift is closing rapidly and sound economic policy now seems the best security for the world monetary system. Standard gold currency has become a monument of the past, as gold production just keeps on growing. Last year 2,270 tons were produced for a barren market. The value of gold is being upheld purely for economic convenience. The demand for precious metals has stubbornly prevailed since the start of the year. This demand has been centered around platinum and gold. The increased international interest in gold as a capital investment can be partially explained by the following: - Ever increasing strikes by South African miners have severely affected the production of platinum. The acompanying fear of a shortage of supply has inspired many, particularly industrial consumers, to panic buying. S. Africa is the largest producer of precious metals in the world. (80% of world platinum & 55% of gold) - Cosiderable purchases by the Japanese government, who plan to issue a gold coin commemorating the death of emperor Hiro Hito, further boosted the gold market. - The rapid decay in ore prices appears to have ceased at last. The dollar has, once again, weakened today, following the publication of the latest economic figures. Neither the revised lower estimate of the economic growth rate, nor the lower than expected rise in inflation, can provide a satisfactory explanation for the already significant lack of optimism, that a possible rise in the *prime-rate* could lead to economic revival. Washington. "The Government of the U.S. refuses to allow the value of the dollar to fall any lower", said a spokesman for the U.S. presidential office ; to this end the Government will attempt to reduce the *trade-balance* deficit. The USA and its most valued allies intend to coordinate their politi- cal policies to form a basis for stability in a fluctuating market. America needs foreign exchange desperately. U.S. citizens are simply not saving enough, and too few products are being exported. This demand will not please foreigners, whose dollar purchases nicely fill the economic gap, since the implications of this, at the present status of the dollar, would be to raise the U.S. *discount-rate*. The fundamental weakness of the dollar would, however, limit any further rise in its currency rate, enough to satisfy the country's needs. It would indeed be advisable to aim for stability in the dollar. This would generate a more positive climate for the *balance of trade* and reduce feelings of public responsibility and guilt. Pressure on the "Greenback" is increasing, as the *boom*, and with it the rate of *inflation*, goes into reverse gear. Sooner or later the "*Feds*" are going to have to revert to "easy money", if they want to take over the driving seat. Meanwhile low interest rates are putting the brake on foreign speculation on the dollar. ++++ One American company has been quick to take advantage of "Glasnost and Peristroika". It's Coca Cola, who is rapidly developing its business activities in the Soviet Union to steam ahead of Pepsi Cola, who has had to concentrate on the less lucrative European market. For the last financial year Coca Cola paid out 5 dollars on stock *dividend*. Instead of taking concrete steps to rectify the budget deficit, as may have been expected, the new President announced, in his acceptancy speech, nothing but the fine- sounding phrases we've all heard before, thus pouring cold water on the stock-and-bonds trader's already diminishing enthusiasm. +++++ The American finance market seems unimpressed by the shooting down of Libyan Mig Hunters by US war planes. It responded this week with an enthusiastic hike in the market, a strengthening of the dollar and stabilisation on the *bonds-market*. Amongst others, McDonalds and Boeing where in the footlights, busily peddling their shares, and Bethlehem Steel gained a little limelight, after being strongly recommended by several specialist houses. +++ The European Market has placed a ban on US imported "hormone meat". This is building up, slowly but surely, to a trade war, with possible wide spread "bloody" consequences. Meanwhile, both importers and exporters on both sides of the ocean are suffering from the rocketing custom duties. Representatives of Trade and Industry are appealing desperately to representatives of both sides that they cease this mutually devastating conflict. Despite intensive top-level discussions,there is still no end in sight and world- wide *stocks* have been badly hit. Here's a tip straight from the horse's mouth: Buy Xerox stocks! In the Sixties Xerox won world recognition by com- ing up with their dry-print technique. Since their patent has expired, however,the mar- ket leader seems to have had nothing but bad luck. Now Xerox has started to market a new range of products, thus taking a giant step to improve its standing in the com- puter and office-automa- tion sector. Not only are they releasing a new gen- eration of copy-machines, but also laser-printers and software. Late last night in New York, the first figures from the recently completed financial year came dripping through.The top earner, despite the low price of oil, with a net-profit of almost five and a half billion dollars was... Exxon Corporation! Last year`s winner IBM with $ 6.6 billion, took second place with a mere $4.8 billion. The money maker`s bronze medal 1986 goes to Donald Petersons Ford Company, with a cool 3.3 billion dollars. To the certain embarrassment of the introspective but somewhat unfortunate General Motors management, who has seen its profits melt from a fat $4 billion to a meagre 3 billion, goes the somewhat stigmatic fourth place. The *American securities exchange controlling body (SEC)* has filed a suit against the former Wall Street Journal reporter of "Heard on the Street" column. He stands accused of irresponsiblity in disclosing false informa- tion about the perform- ance of "Playboy" stocks over the last few months thereby purposely hiking its *stock* value. He is also accused of pursuing personal market interests by illegal in- sider dealing methods. The American stock market controlling body is concerned about the increasing financial involvement of American banks and investment houses in highly speculative "*junk bonds*" and credit-financed "leverage buy-outs". Chase Manhattan has been named in this connection as having been seriously engaged in such dealings. The Soviet Head of State and the Communist Party has given wings to the Finance Market with his latest disarmament declaration. It is considered in the trade that Soviet troop reductions could ease pressure on the U.S. President's armaments budget, thereby easing his task to make ends meet in the domestic budget and so reduce the government's deficit. Pepsi Cola is now taking advantage of the Soviet's anti-alcohol campagne and is reaping massive returns in the process. As a result of the strict ban on alcohol consumption the demand in Russia for Pepsi Cola's manufacture and distribution, has risen so drastically that Pepsi is having difficultly keeping pace with the demand and is falling behind with deliveries. Last year Pepsi Cola paid out a 5 dollar *dividend* on each *stock*. The American airline corporation Pan-Am, has been the subject of a takeover bid from its competitor, Texas Air. They are making a generous offer for Pan-Am's *stock* of 50% above the current market value. The world's largest au- tomobile company, General Motors, suffered a 3 mil- lion dollar loss last year, almost a third of its estimated profit. The major cause for this being the automobile wor- kers strike last fall and also the reduced demand for automobiles. Eastman Kodak, the world's largest photography corporation, has recently confronted almost half of its 93.000 U.S. employees with a generous redundancy offer. Apart from disc-cameras and photo-copiers, the "yellow giant's" business has dropped drastically, thus necessitating dramatic cuts. The behaviour of Sears-Roebuck is worthy of close attention. After spending years establishing a strong business foundation, it now has long-term prospects in the offing which could well signal a hike in their *stock*. In achieving their current market status they have advanced beyond a significant psychological point, and in so doing have established a stable upwards trend. Although American automobile manufacturers have announced a 20% increase in sales, importers are not so happy.Indeed American business is benefiting at the cost of foreign competition and foreigners are reporting rising stores of unsaleables such as never before. Boeing is to introduce the new B747-400 at the end of this year, costing a cool 125 million dol- lars each. Development costs have a already been paid up. Their biggest customer, British Airways, is in the process of renewing its long distance fleet. Boeing paid out 3 dollars per *stock* *dividend* last year. ++++ The most expensive takeover bid in US history has become even more costly. The American investment corporation, Kohlberg Kraus Roberts, exceeded all previous takeover bids, with an offer of 50% above the current market value, for the American computer manufacturer Commodore's *stocks*. +++++ *Stock* specialists on the *NYSE* have advised the introduction of a massive computer-controlled buying program, just in case the Dow Jones Index should exceed the psychological barrier of four figures. "Ma Bell", or to be official, the American Telephone and Telegraph Corporation (ATT), is arousing the interest of speculators. Owing to its frequency of recommendation telephone stocks now figure in the popularity *charts* of various *banks and brokers*. Interesting growth opportunities and long awaited economic measures, have thus reduced redundancies, premature pensions and production limits. All this has done much to overcome previous scepticism. Whispers are going round the hall that ATT intends a takeover of Apple Macintosh computers, thus bringing itself within challenging distance of IBM. ATT's *dividend* last year was 3 dollars per *stock*. Washington - the biggest order IBM has ever re- cieved - a commission from the U.S. Minister of Transport to develop an automatic flight security system to the tune of 3 and a half billion dol- lars - has been suspended for 45 working days. One of their competitors claims they can better IBM's offer. New York - the US pub- lishing house McGraw-Hill Inc. has become the center of attraction in Wall Street regarding takeover speculation. Prospective buyers have been named, including the McGraw management itself. They are responsible for the publication of the commercial periodical "Business Week". ++++++ The most well known advertising slogan in the world, "Coca-Cola is it", well ensures our psychological association of Cola with Coca Cola. Regarding their business prospects, however, it's a different story. Indeed we could reverse the slogan to: "Coca-Cola is not it, it's...?". The world's largest manufacturer of syrups and soft-drinks, achieved only 900 million dollars last financial year, 10% lower than the previous year's takings. It's closest competitors, Pepsi Cola, on the other hand, were able to increase their turnover by an amazing 30%, to total some 600 million Dollars. Nevertheless Coca Cola paid out a 4 dollar *dividend* on each stock for the last financial year. ++++++++++++++ A new generation of Compaq-Computers using integrated glass fibre cables, conceiled until recently under a veil of secrety, has proven in its primary tests to be the fastest IBM computer to-date. Experts have described the innovation as a milestone in the development of advanced computer technology. According to reports, City Corp, America's largest bank, has advanced most of the development costs in order to get the lion's share of the profits. Compaq-Computers paid stock holders 2 dollars *dividend* per *stock*, last financial year. The American computer industry can breathe again. The new President has lifted the export ban on US computer-related products. Recent developments and economic policies have led the world's leading banks to predict a mas- sive over-circulation of currency. Japan particularly is maintaining a loose eco- nomic policy, thus keep- ing interest levels low and one step ahead of the USA. Interest levels on long- term State and industrial *stocks* have reached a new peak over the last few days,the highest this year. The American Press agency (AP) reported yesterday that cash reserves of institutional investment companies, such as *Investment-funds*, banks and insurance companies, are now as high as they were ten years ago. At that time a world-wide *inflation* boom was soon to follow. All-in-all the highest ever subsidy to come out of the government treasury has been received by several chemical companies, for the development of a competitive synthetic fuel, in the hope of reducing American industrial independence on the *OPEC* nations. Doubting Thomases eat your hats: The former boss of City Corp., America's largest bank, seems to have made a successful first bid, and according to recent information will shortly be running for president. Who would have guessed that this "Man of Com- merce" and frequently elected "Manager of the Year" would suddenly be catapulted into the White House! According to usually reliable sources, the American Government is planning to relax all taxes on profits from sale of *stocks*. This gives businesses increased financial muscle, thereby raising, in the shortest possible time, the investment capital quota of American stock corporations. It has just been reported that the US Government is planning to impose a ban on the import of foreign automobiles, to take effect before the end of the year. Despite all expectations to the contrary, the commercial climate is getting sunnier every day. Healthy commercial growth, combined with a low *inflation* rate would seem to indicate that the boom has not yet reached its peak. Leasure, finance and computer stocks are profiting most, to everyones surprise. Because of the law-suit following Texaco's failed takeover bid of Pennzoil, compensation of 3 billion dollars is soon to be granted. This compromise may even please Texaco, compared to Pennzoil's earlier demand for 10 billion dollars. ++++++ McDonald's, the desperado with a blue chip on its shoulder, is standing well below its year's peak. There was hectic selling of the Hamburger Giant's *stocks* following a critical survey by a U.S. heart- specialist team. +++++++ The American *Investment* Banker will be the first to enjoy the benefits of new tax legislation. Soon there will be no discrimination between short and long term market profit or loss. This will mean a considerable increase in future as far as commission returns are concerned. "Health- damaging germs have been detected in Mc- Donald's Hamburgers". It has just been reported that the U.S. Health Au- thorities are demanding the closure of all branches of McDonalds in the land. This follows a comprehensive examina- tion, whereby deseasefor- ming bacteria were dis- covered in every second restaurant of the inter- national leader in fast food chain. The pharmaceutical company Merck is on the verge of a break-through, with the development of a preparation that could halt the malignant development of cancerous cells. A spokesman from the company, however, when asked to comment on the now well-circulated rumour, claimed it was premature to make any definite statement at this point in time. Serious safety weakness -es have once more been detected on Boeing air- craft. Almost all their aircraft have been grounded pend- ing thorough inspection, an advantage that Boeing's old sparring- partner McDonnel Douglass has grasped with both hands. He has now an- nounced the introduction, in the next few months, of a new breed of long- distance airline, having the advantage of low fuel consumption plus a fully -automated security check before each airline de- parture. +++++++ Both General Motors and Ford announced last week that they intend to reduce personnel and introduce a general rationalisation program. Such plans, particularly put forward by such formerly successful manufacturers, may prove symptomatic for the entire industry. Similar alarming news has come from the computer industry. The market leader IBM officially informed journalists that here, too, staff reductions and lack of investment make any increase in future production seem unlikely. +++++++++++ The president of the oil multi-national Exxon yes- terday informed a press conference of their 75% involvement in their com- petitor firm Mobil-Oil. The remaining independent stock holders were handed an offer of settlement 50 percent higher than the nominal *stock* market value. Exxon paid a *divi- dend* of only two dollars per stock at the close of the last financial year. Marketeers are just beginning to consider the financial implications of the immune deficiency syndrome "Aids". We have already received three subsequent announcements concerning the discovery of a successful cure for Aids by the pharmaceutical giant Merck. A company spokesman confirmed the basic truth of this, but hesitated to give any further details concerning its readiness for the market or the possible demand for such a product. Meanwhile, their competitors Allied-Signal are concerned with such speculations as: "If condoms are to be big business in the future, then contraceptive pills are going to go out of fashion". Here we have a good example of typical *stock* market logic. The USX corporation has decided to *hike its capital* against cash *investments*, granting an 8:1 ratio. The new *stocks* are on offer at 15 dollars each. To finance its new European leisure park, Walt Disney has decided to *raise its capital* against cash deposits at the rate of 4:1. The new *stocks* will be issued at 15 dollars each. To finance intended future investments American Express has decided to *raise its capital* by accepting cash payments at the ratio of 6:1. The young *stocks* will be issued at 15 Dollars. +++++ In answer to increased pressure from competition Texas Instruments has decided to *hike its capital* reserves with cash from the sale of freshly-issued *stocks*, encouraging sales with an offer of 3 to 1. This capital will serve to finance the advancement of seemingly promising technological developments. One of the largest traders of games in America, Toys R US, has decided to *raise its capital* in order to finance a new trade-center. It is offering a ratio of 5:1. The new *stocks* will be issued at 15 dollars. Proctor and Gamble are approaching the capital market once again. The company directorship decided at yesterday's general meeting, to *raise capital* at the ratio of 1:1. The "Young ones" will be on offer at 15 dollars each. During an attack on the New York exchange two ex- plosive devices were de- tonated in the main hall, directly alongside where the brokers were busy with daily trading. One specialist received minor injuries. The exchange will remain closed today following yet another bomb-scare. Some 50 km distance from the New York Exchange an atomic power plant has been heavily damaged by a collision from a low-fly- ing US airforce jet. Atmospheric contamination is estimated to be many times higher than the radiation leak from Cher- nobyl. Despite somewhat chaotic conditions the stock - holders general- meeting will nevertheless continue regardless,until important daily business is resolved.