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No* 31,767 


ZURICH, TUESDAY, APRIL 9, 1985 


ESTABLISHED 1887 


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By John Tagliabuc 

New y«* Twnc Srrvi«p 

BONN — The Dutch govern- 
ment sees no reason to alter Us 
stance on the stationing of cruise 
missiles on its soil as a result of a 
Soviet moratorium on the deploy- 
ment of SS-2G missiles in Europe, a 
Duich Foreign Ministry spokes- 
man has said. 

The Soviet leader, Mikhail SL 
Gorbachev, announced Sunday 
that Moscow was freezing deploy- 
ment of medium-range nussiles in 
Europe until November and chai- 
lenged the United States to do the 
same. The White house dismissed 
the Soviet move as insuffidem, say- 
ing that the Soviet Union already 


bad a 10-1 advantage in missile 
strength in Europe. 

The Netherlands is the only 
country that has yet to decide 
whether to honor its commitment 
to the North Atlantic Treaty Orga- 
nization to accept medium-range 
U.S. nuclear weapons. Under cur- 
rent arrangements, the gove rnmen t 


the Dutch deadline, in The Hague, 
the Foreign Ministry's deputy 
spokesman, Bert Wildenburg, said 
Sunday that the Soviet announce- 
ment would not affect his govern- 
ment’s decision. 

“We will wait and see until Nov. 
I.” Mr. Wildenburg said. But he 
said Mr. van den Brock would also 


is scheduled to decide in November be seeking details of the Soviet pro- 
wbether to deploy 48 Tomahawk posal. “Maybe he will return with 


cruise missiles on its soil, according 
io a 1979 NATO decision. Foreign 
Minister Hans van den Brock is 
scheduled io fly to Moscow on 
Tuesday to elaborate the Dutch po- 
sition to Soviet leaders. 

The timing of the Soviet morato- 
rium, which is to end in November, 
is thought possibly to be related to 


Soviet Diplomatic Effort 
In Southeast Asia Seen 


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By Barbara Oossctre 

New York Tima Serttee 

JAKARTA — The Soviet 
Union, which has been increasing 
its military presence in Southeast 
Asia through the use of port and air 
installations in Vietnam and Cam- 
bodia, is now apparently trying to 
play a larger diplomatic role in the 
region. 

Mikhail S. Kapitsa, the Soviet 
deputy foreign' minister, who has 
bear cm. a monthlong tour of 
Southeast Asian capitals, said at a 
news conference here last week that 
Moscow was prepared to act as a 
“guarantor” of peace in the region, 
once the countries in the area 
reached agreement on Cambodia. 

He supported Vietnam's caQ for 
an international conference on 
in Aiehina includ ing -q<e>t nations 
as India, Sweden and Australia, as 
well as neighboring countries. AH 
three maintain strong Knla with 
Hand India recognizes the Cam- 
bodian government 
The Soviet Initiative comes as the 
Association of Southeast Asian 
Nations, including Thailand. Ma- 
laysia, Sngapore, Ind onesia Bru- 
nei and the mlippines, is trying to 
persuade the Reagan administra- 
tion to take a more active role in the 
region. ASEAN is also pressing 
Hanoi to- make gestures toward 
Washington that could open the 
way for diplomatic relations be- 
tween Vietnam and the United 
States. Hanoi has repeatedly ex- 
pressed interest in ties with Wash- 
ington. 

Several ASEAN leaders, includ- 
ing Indonesia’s foreign minister, 
Mochtar Kusumaatmadja, who 
serves as the group’s spokesman on 
Cambodia in talks with Vietnam, 
have criticized the Soviet Union for 
trying to divide the non-Commu- 
nist ASEAN bloc. 

The Soviet Union and Vietnam 
have for some time fostered die 
idea that Indonesia and, to a lesser 
extent, Malaysia have been more 
amenable to Hanoi's position on 
Cambodia. The Vietnamese have 
portrayed Thailand, which has tak- 
en the hardest line- against Hanoi, 
as the problem, largefybecause of 
its direct involvement in the con- 
flict. 

On this trip, Mr. Kapitsa has 
been urging ASEAN nations to ac- 
cept Hanoi's formula for a Cambo- 
dian solution. He said at a news 
conference here that he believed 
several ASEAN nations were mov- 
ing toward that position. 

Hanoi's position was outlined in 
a statement issued in Ho Chi Mmh 
City in January by the foreign min- 
isters of Vietnam , Cambodia and 
Laos. This alluded to the “irrevers- 


ibility" of the military and political 
situation in Cambodia, but made 
withdrawal of Vietnamese troops 
contingent on (he elimination of 
the Khmer Rouge leadership. 

The Khmer Rouge under Pol 
Pol, remnants of the Cambodian 
Communist government removed 
by the Vietnamese in 1979, are the 
most powerful fighting force in the 
three-part, anti-Vietnamese Cam- 
bodian resistance coalition. Viet- 
nam still has more than 160,000 
troops in Cambodia. 

Prince Norodom Sihanouk, a 
former Cambodian leader who is 
president of the resistance coali- 
tion, responded to Hanoi's condi- 
tion for withdrawal at a news con- 
ference in Bangkok in February. 
He said, “If Vietnam has not bom 
able to remove the Khmer Rouge in 
six years of fighting, how can they 
expect us to do it for them?” 

In a press briefinghere Saturday, 
Mr. Mochtar, who met Mr. Kapitsa 
last week on his return from talks in 
Hanoi, New York and Washing- 
ton, suggested that the Soviet 
Union was sowing confusion with- 
in ASEAN. 

“ASEAN does not accept the Ho 
Chi Mmh City declaration," the 
Indonesian .foreign minister said. 
“Because if you read it carefully, it 
•amounts to recognizing the status 
quo, which we never have done and 
never will do. We do not accept the 
situation created by the Vietnam- 
ese invasion of Kampuchea.” Kam- 
puchea is the Cambodians' name 
for their country. 

Mr. Mochtar said that on his 
visit to Hanoi last month the Viet- 
namese seemed more confident, 
since Vietnamese troops had taken 
control of most major Cambodian 
resistance bases on the border earli- 
er this year. 

■ Vietnamese Repel Rebels 
Vietnamese troops held off a 
Cambodian guerrilla counterattack 
Monday inside the guerrillas’ base 
at Nong Chan in western Cambo- 
dia, the Thai military said. 

A deputy Thai border force com- 
mander said in a telephone inter- 
view with Reuters in Bangkok that 
Nong Chan was not yet fully under 
the control of the Vietnamese, who 
recaptured most of it on Sunday. 
The base is near the frontier with 
Thailand, about ISO miles (241 ki- 
lometers) east of Bangkok. 

The officer said that six guerril- 
las were killed and aboui IS 
wounded in the Vietnamese as- 
sault, and that the few hundred 
Khmer People’s National Libera- 
tion Front guerrillas defending the 
camp had been pushed back to the 
border. 



Greek Court Rules Ship 
WasScutdedin Fraud 





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Reuters 

PIRAEUS, Greece — A Greek 
court upheld charges Monday that 
a supertanker that sank off Africa 
in 1980 was scuttled in an insur- 
ance fraud. 

The court found that the crew of 
the ship had unloaded oust of its 
cargo in South Africa, emherrimg 
o9 from its rightful owners. Shell 

It jailed a shipping agent and 
four -<#a»nwi for complicity in scut- 
tling the 92^28- ton Salem. The 
ship sank off Senegal. 

The court sentenced tire agent, 
Nikos Mitakis, to 1 i years for caus- 
ing a shipwredc, embezzlement and 
insurance fraud. Four crewmen 
were given sentences ranging from 
two years and two months to four 
years. 

Seven others were sentenced to 
three years each in their absence. 
Among them were a Lebanese-A- 
merican, Frederick Soudan, the Sa- 
lem’s owner who has been convict- 
ed of fraud in Houston, Texas, and 
a Dutchman, An ton Reidd, who is 
due to stand trial in Rotterdam. 

The prosecution charged that the 
Salem had unloaded most of its 
carao in Durban, South Africa, in 
defiance of an Arab tern on oil sales 
to South Africa. The prosecution 
said the ship had been bought to 
deliver the ofl. from Kuwait, and 
that the scuttling had been 
planned. 

The defense alleged that Shell 


was a party to the South African 
delivery and had claimed that the- 
tanker had been scuttled because 
the vessel bad sunk accidentally 
and Shell feared exposure of its role 
in sanctions-busting. 

The ship's captain and another 
imainan, both tried in their absence, 
were not sentenced and the presi- 
dent of the court said their case 
would be reopened if they were 
arrested. Seven seamen were ac- 
quitted. 

The defense, drawing heavily on 
a South African government re- 
port, rejected the idea that Shell 
bad been a victim of theft. 

It said a third of the oil was given 
to a Shell division as soon as the 
ship arrived in South Africa, and 
that Shell appeared to have known 
the cargo's destination from an ear- 
ly stage. 

During the trial, the court beard 
that Mr. Reidd and Mr. Soudan 
made a deal in 1979 to supply 
South Africa with up to 6 million 
barrels of oiL 

They had then offered the Salem 
on the charter market with the in- 
tention of stealing the cargo from 
whoever hired the vessel 

Shell initially made inquiries 
about using the tanker and then 
dropped out. Pontoil, a now de- 
funct Italian cal trader, chartered 
the vessel but said it had sold the 
iSO.OOO-ton cargo to Shell a few 
days after it sailed from Kuwait. 


answers that are more specific,” he 
said. 

ITass said Monday that Wash- 
ington’s declared reason for reject- 
ing Mr. Gorbachev’s unilateral 
missile moratorium was a “gross 
lie," Reuters reported from Mos- 
cow. 

[A military writer for the official 
Soviet press agency, Vladimir 
Chernyshov, said the United States 
had deliberately ignored its own 
forward-based nuclear systems and 
those of Britain and France when it 
dismissed Mr. Gorbachev’s freeze. 
“It is an unobjective view, to put it 
mildly, or a gross lie to put it 
straight ty," the commentator said.] 
[Tht Tass article said Washing- 
ton had “hastily dismissed the 
U.S-S.R/s new peace initiatives” 
and added, “It seems the U.S. ad- 
ministration wishes neither ... an 
arms reduction nor the renuncia- 
tion of the arms buildup.”] 

The Dutch Parliament, in a com- 
plex decision, voted in June to ac- 
cept the cruise missiles in 1988, two 
years Later than originally planned, 
unless an arms limitation pact was 
reached with the Soviet Union by 
Nov. 1. 1985. 

“We will make our count next 
November, and compare it with the 
□umber last June,” the spokesman 
said, alluding to the Europe-based 
Soviet missiles. “AH things are 
open for the Dutch/ 

West Germany. Italy and Britain 
began receiving medium-range 
missiles on schedule in the autumn 
of 1983. Last month, the Nether- 
lands became the only government 
involved not committed to deploy- 
ment when the Belgian government 
approved the immediate deploy- 
ment of 16 cruise missiles on its 
territory. 

Belgium agreed to deploy 48 
cruise missiles at Florennes Air 
Base, about 40 miles (about 65 kilo- 
meters) south of Brussels. But the 
government said stationing, of the 
remaining 32 missiles might be 
postponed or abandoned if pro- 
gress appeared likely at the Geneva 
arms talks by the end of 1987. The 
cruise missile is a low-flying, pilot- 
less craft 

The announcement erf the mora- 
torium by Mikhail S. Gorbachev, 
the Soviet leader, coincided with 
widespread demonstrations 
throughout Western Europe 
against increased nuclear arma- 
ments. In West Germany, Britain 
(Continued oa Page 2, CoL 7) 



Unions Call Off 
General Strike, 
Sudan Reports 


Nearly 15,000 opponents of nuclear weapons encircled a U.S. Army base on Monday at 
Heilbronn, West Germany, to protest the presence there of U.S. Pershing-2 missiles. 

U.S.-Soviet Exchange on Missile Freeze 
Signals a Sharpening of Differences 


By Bernard Gwerrzman 

New York Tunes Service 

WASHINGTON — The public 
exchange Sunday between Mikhail 
S. Gorbachev arid the White House 
signaled that, despite talk of a Sovi- 
et-American summit meeting, the 
sharp political differences between 
the two sides may intensify in com- 
ing months. 

The chief issue that aroused the 
ire of the Reagan administration 
was what it saw as another effort by 
the Soviet Union to stop the United 
States and its North Atlantic T rea- 
ty Organization allies from deploy- 
ing new missOes to offset what they 
contend is a Soviet advantage in 
Europe. Mr. Gorbachev, in an- 
swers to questions put by the Com- 
munist Party daily newspaper 
Pravda, announced Sunday a uni- 
lateral freeze on the deployment of 
medium-range missiles in Europe 
until November. 

The substance and tenor of the 
exchange suggested that die pro- 
jected meeting between President 
Ronald Reagan and Mr. Gorba- 
chev was becoming linked with 
.progress in the Graeya.anns ialfc$ 
even though neither side has made 
an explicit connection between the 
two. 

Mr. Gorbachev seemed to offer a 
conciliatory hand to the United 
States by confirming that be had 
agreed in principle to meet with 
Mr. Reagan. But at the same time 
his moratorium seemed designed to 
cause dissension in the North At- 
lantic Treaty Organization and to 
undercut U.S. interests in Europe, 
U.S. officials said. 

The White House responded 


swiftly to his announcement of a 
freeze. Speaking in Santa Barbara, 
California, the White House 
spokesman, Larry Spokes, dis- 
missed it as insufficient and de~ 

' signed to mainram an already exist- 
ing Soviet advantage. 

His focus on Mr. Gorbachev’s 
-missile proposal suggested that the 
brief pause in acrimonious rela- 

NEWS ANALYSIS 

dons between the United Stales 
and the Soviet Union may be over. 

What led the vacationing White 
House to respond so quickly to Mr. 
Gorbachev’s arms control state- 
ments was the unconcealed irrita- 
tion of senior officials at the fact 
■ that the Russians were going public 
with private positions that they, 
know are unacceptable to the ad- 
ministration. The Americans were 
also annoyed by what a State De- 
partment official called the “ulti- 
matum sound” to what Mr. Gorba- 
chev called bis “goodwill" 
announcement. 

Mr. Gorbachev said the Soviet 
.Union, to move the arms talks Jor-_ 
‘wanL would immediately forgo the' 
deployment of additional interme- 
diate-range missiles and would 
stop taking the “reply-measures” in 
Europe that were announced after 
the West began the deployment of 
new Pershing- 2. and land-based 
cruise missiles in Europe in 1983. 
The moratorium, however, will be 
extended after its November dead- 
line only if the United States halts 
the deployment of the two missiles, 
he said. 

Mr. Gorbachev did not say why 


November was chosen as the cutoff 
date, bat most discussions about 
the possible time of a Reagan-Gor- 
bachev meeting have focused on 
October in New York or Washing- 
ton, or both, at the time of special 
United Nations ceremonies mark- 
ing the 40ih anniversary of the 
General Assembly. 

In addition, there is a sense that 
the Soviet side is trying again to pnt 
pressure on the Netherlands not to 
deploy cruise missiles, and to aid 
the peace-movement efforts in 
West Germany and Britain to 
block further missile emplace- 
ments. The Netherlands is sched- 
uled to deride in November wheth- 
er to go ahead with deployment. 

The November deadline also 
irked some U.S. officials because 
they saw Mr. Gorbachev again try- 
ing to Mock the NATO alliance 

(Continued on Page 2, CoL 5) 


Compiled b i Our StaJ ( From Dtsptuchrs 

KHARTOUM. Sudan — Pro- 
fessional unions here called off a 
general strike Monday following 
consultations between union lead- 
ers and officials of the militajy re- 
gime that took power in a coup 
over the weekend, Onidurman ra- 
dio reported. 

While there were some demon- 
strations, Khartoum was mainly 
calm on Monday with most shops 
and businesses open as usual. Telex 
and telephone communications 
with (he outside world, cut since 
Wednesday, were restored. Elec- 
tricity and' fuel supplies were also 
returning to normal, although 
Khartoum airport remained closed. 

Earlier Monday, however, thou- 
sands of union members defied a 
warning from the new military rul- 
er and marched on army headquar- 
ters to demand that power be sur- 
rendered to civilians. The new 
ruler. General Abdul Rahman 
Swareddahab, summoned union 
leaders for consultations and 
threatened to charge with high trea- 
son anyone calling for continuation 
of the general strike that has dis- 
rupted the economy. 

In Washington, meanwhile, U.S. 
government officials said that Gen- 
eral Swareddahab met separately 
Sunday with the senior Ui>., Egyp- 
tian and Saudi Arabian diplomats 
in Khonoum and reassured them 
that he will keep Sudan on a pro- 
Western course. (Page 6) 

General Swareddahab overthrew 
Major Genera] Goaf or Nimriri in a 
military coup on Saturday while 
General Nimriri was out of the 
country. The unions had vowed to 
continue the strike until the state 
security apparatus was dismantled 
and power transferred “from the 
army to the people." 

The end of the strike and an 
appeal by union leaden for all 
union members to return to work 



Itouian 

Abdul Rahman Swareddahab 

as usual was broadcast by Omdur- 
man radio, the national radio net- 
work in Sudan, following a series of 
meetings between the new govern- 
ment and the unions. 

The new government has already 
disbanded the state security police, 
arresting and disarming scores of 
former operatives ano officers. 
Diplomats said that some former 
officers have offered some resis- 
tance and that several shootouu 
have been reported. 

The government has also rolled 
back certain price increases that 
were announced by General Ni- 
rariri before his downfall. He had 
been under pressure from the Inter- 
national Monetary Fund to impose 
a measure of austerity on the coun- 
try’s near bankrupt economy. 
Monday's demonstrations tn- 
(Continued on Page 2, CoL 5) 


Mondale Comes to Terms With Loss 



View of the Friday Mosque in Isfahan. 


Enpmo GaUvt 


Major Mosque in Iran Was Shelled 


By Souren Mclikian 

International Herald Tribune 

PARIS — The most artistically important 
mosque in Iran, the huge Friday Mosque, was 
severely damaged by Iraqi bombing raids on Isfa- 
han last month, according to sources in Paris and 
Tehran. 

Chahryar Adle, the Iranian official responsible 
for submitting to the United Nations Educational 
Scientific aad Cultural Organization a list of Irani- 
an artistic monuments, said: “This is the greatest 
cultural casualty since the damage that was infli ct, 
ed on the temples at Angkor.” He was referring to 
Angkor Wat, the 12th-century Cambodian temple 
complex, which was shelled during the Cambodian 
conflict in the 1970s. 

Noting that no strategic or economic military 
target lies within miles of the mosque, the sources 
said they wondered if the Iraqis were again attack- 
ing artistic treasures in an attempt to damage 
Iranian morale. Art historians noted that in the 
initial stages of the Iraqi invasion of southwestern 
Iran in 1980. the historic center of Dezful was 
devastated for no perceptible miliiaiy purpose. 
The first bombing of Isfahan also was in 1980. 


The Friday Mosque, or Masjed-e Jom’e, covers 
23,000 square meters (250,000 square feet) and 
stands out dearly in the many aerial photographs 
of Isfahan that have been published. 

The southeast corner of the mosque was the 
worst affected by the bombings, the sources said. 
As Iraqi fighters flew over the historic center of 
one of the great art cities of the world on March 13, 
a rocket was fired at the arcaded prayer hall, 
destroying 14 cupolas dating to the 14th century. 

Several arches around (he destroyed area were 
split and are in danger of collapsing 

The same rocket flattened the caravansary of 
Shekar Beg, the palatial quarters adjacent to the 
southeastern comer of the mosque, and 20 vaulted 
rooms belonging to the small bazaar of AIL These 
were erected under the Safavjd dynasty (1502- 
1722), when much of the royal dry of Isfahan was 
redesigned. 

A second rocket hit the Meydan-e Kohne, or 
Old Square, in the middle of the oldest bazaar of 
Isfahan, the Bazar-e Araban, where 14 vaulted 
rooms were destroyed. 

The Friday Mosque was built principally be- 
tween the 10th and 16th centuries. 


ByEjari Balz "- - 

and Milton Coleman 

Washington Post Semce 

WASHINGTON - Waller F. 
Mondale says that his failings as a 
communicator contributed signifi- 
cantly to his crushing defeat last 
year, and he also expressed resent- 
ment toward the Reverend Jesse L 
Jackson for making “life quite dif- 
ficult for me.” 

“1 tried to treat the first black 
candidate for president erf the Unit- 
ed States with dignity and to accept 
the seriousness of that candidacy, 
and 1 believe that was right,” Mr. 
Mondale said in an interview. “I 
don't believe that Jesse treated me 
in an equivalent way.” 

The former vice president ac- 
knowledged that marathon cam- 
paigning had left him “exhausted, 
bone tired” and that its end, in 
which he lost 49 states to President 
Ronald Reagan, had brought “tre- 
mendous relief' and disappoint- 
ment. 

“There's no question that history 
will record that I took a helluva 
shellacking.” Mr. Mondale said. 

“Now 1 think there's a lot of 
things I'm going to be blamed for, 
and many of those criticisms I ac- 
cept,” he added. “I think if you 
look at the campaign in retrospect, 
I looked .like a person who was 
always talking about problems, 
about tough steps that were needed 
to solve problems. 

“While ray opponent was hand- 
ing out rose petals, 1 was handing 
out coal Someone said that he 
called for change without mercy 
and I called for mercy without 
change. 

“You know. I’ve never lost 
young people before,” Mr. Mon- 
dale said. “I did not communicate 
hope and opportunity and change, 
even though that’s what I was say- 
ing. Thai's not what they heard, 
and I'm responsible for that” 

Mr. Mondale spoke kindly of 
Senator Gary Han of Colorado, his 
chief competitor for the Democrat- 
ic nomination. 

“At the convention, he was the 
first to come to me and sign up,” 
Mr. Mondale said. “He did every- 
thing he could to produce a suc- 
cessful convention, and he went out 
of that convention and he did ev- 
erything he could for me in that 
campaign.” 

But asked whether he should 
have handled the challenges from 
Mr. Jackson differently, Mr. Mon- 
dale replied in tough and measured 
terms. “1 am not happy with the 
situation at afl." he said.' “Whether 
I could have handled it differently, 

I don’t know." 

Mr. Mondale, who sought to 
avoid confrontation with Mr. Jack- 
son throughout the campaign, con- 
tinued: u i earned my spurs in the 
dvil rights movement. AH my life, 
not for political but for religious 
reasons, moral reasons, that’s 
where I've been, and I'm proud of 
it, and I’Q always be ihcre.’’ Mr. 
Jackson “did not accept that, and it 
made life quite Uifficulr for me " 
Mr. Mandate expressed no re- 


grets over hisf choiceof 'Geraldine 
A Ferraro, then a congresswoman 
from New York, as the vice-presi- 
dential candidate and said that 
waiting a few more days to look 
over tne finances of Ms. Ferraro 
and her husband, John A Zaccaro, 
would not have prevented the con- 
troversy over their tax returns. 

Mr. Mondale repeated assertions 
that he would not run for public 
office again and that he was excited 
about his “new life" as an interna- 
tional lawyer with the firm of Win- 
ston & Strewn. He plans to leave 
soon for his first trip, to England, 
Finland. Norway and Greece. 

Mr. Mondale said he deliberate- 
ly had taken nearly half a year 
before embarking on his new ca- 
reer. 

“Number one, I had to make a 
hard choice on whether I was going 
to seek office again — to go bide to 
the Senate or run for Lbe presiden- 
cy." Mr. Moodale said. 

“And 1 made a hard choice not 


•to tfinhar b&n&e if you "dGnH -get- ■••• 
that out of you, you can’t plan your 
life. The second thing, you can't 
bear grudges. I'm not going to write 
a book to settle old scores; I'm not 
going to do any of that.” he said 

Of his decision not to seek office 
again, Mr. Mondale said: “I’ve 
been at this for over two decades, 
and I didn't want to be a perennial 
uh, uh.” He could not bring himself 
to finish the sentence. 

“I wanted to win" last Novem- 
ber's election, he said. “I thought l 
could be a good president. I 
thought I was right on the issues. 

“And I lost, and it’s an election 
with a lot at stake.” Mr. Reagan 
“will now get the Supreme Court 
for sure," Mr. Mondale said. “He 
will be able to carry on a lot of the 
dismantling of programs that I Teel 
deeply about. His retreat on dvil 
rights and women’s rights is pro- 
found This ‘star wars' stuff is very, 
very dangerous. And he will be able 
to succeed in a lot of that.” 



bum 


A WHAMO TIME — A youth dances in the aisle 
during a Beijing rock performance by Wham. Page 2. 

INSIDE 

■ U£. mffitaiy chiefs are opposed to any reorganization of the 

command structure. Page 5. 

■The resignation of a star anchorwoman raises questions about 
political control of the French broadcast media. Page 6. 

BUSINESS/FINANCE 

■ A group ted by T. Boooe Pickens made a S3.46-billion offer for 

control of Unocal Corp. Page 13. 

■ Analysts are anting estimates of U.S. corporate profits. Page 13. 

PERSONAL INVESTING 

■ Offshore fund sates are booming because of rising markets and a 

variety of new products. Page 7. 





Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 


Fi ghtin g Escalates in Beirut and Sidon 


United Press International 

BEIRUT — Fighting escalated 
Monday in Beirut, in the moun- 
tains east of the capital and in the 
southern port of Sidon, heightening 
fears that the conflict would be- 
come a civil war between Christian 
and Moslem militias. 

Sidon's Christian and Moslem 
religious and political leaders met 
Monday to discuss ways of ending 
the fighting, which has claimed 


more than 70 lives in the past three 
weeks. 

Also attending the Sidon meet- 
ing were the defense minis ter, Adel 
Osseiran. top Lebanese army offi- 
cers. Christian and Moslem mem- 
bers of Parliament from the Sidon 
area, and a representative each 
from the Shiite Amal militias and 
the Christian PhaJangist party. 

Prime Minister Rashid Karami 
also met Monday with the U.S. 


ambassador, Reginald Bartholo- 
mew, but both men declined to 
comment after the brief session at 
Mr. Karami’s office in Moslem 
West BeiruL 

[In the Sidon fighting, three per- 
sons were killed and 10 were 
wounded, Reuters quoted security 
sources as saying. In Beirut, a Leb- 
anese army soldier was killed and a 
civilian was badly injured in ma- 
chine-gun and grenade clashes dur- 


ing the night on the Green Line 
that separates the Christian and 
Moslem sections of the city.] 

Rival factions blamed each other 
for the sudden escalation of vio- 
lence. which quickly spread from 
Sidon to Beirut and then to the 
mountains overlooking the capital. 

“It was like a shock. Fighting has 
spread from one flashpoint to an- 
other," a Lebanese military source 



Rock Group Wham: No Wow in China 


By John F. Bums 

ft'w York Times Service 

BEUING — For days Wham 
Cad been the talk of the town. 

But when big-time rock music hit 
China on Sunday in the form of a 
concert by the British group, the 
reaction in the 12.000-seat Workers 
Stadium was characteristic of the 
perplexity that is common when 
Chinese encounter a new facet of 
Western culture first hand. 

Western college students danced 
in the aisles as the British duo 
played some of the songs that have 
propelled them onto best-selling 
chans in the United States ana 
Britain. But most Chinese re- 
mained stolidly in their seats, seem- 
ingly unsure what to make of the 
arcing strobe lights, the pulsing 
guitars and the rest of the para- 
phernalia that accompanies a 
Western rock band. 

The result was a concert attend- 
ed by 10,000 that was curiously 
muted, at least by the standards for 
such performances in the West. 

It was the first time that a major 




rock group had been allowed to 
perform here, and there was a rec- 
ognition on both sides that it was 
something of a test 

When they flew to Beijing last 
week with a 1 05-member entou- 
rage, George Michael. 21. the sing- 
er and songwriter, and Andrew 
Ridgeley, 22. who plays guitar, 
dropped into the middle of an ideo- 
logical debate. Arrangements for 
the tour were made last year in the 
freewheeling atmosphere that per- 
vaded many aspects of Chinese life 
before a shift in the political winds 
brought fresh questioning at high 
party levels about the country's 
“open door" policy. 

At one level, the debate is about 
Lbe extent to which Lhe party 
should encourage foreign invest- 
ment. private enterprise and other 
Western economic practices, but 
the debate has had a cultural di- 
mension, too. A leftist faction asso- 
ciated with the party’s chief of ide- 
ology. Deng Liqun, has voiced 
renewed concern about the “spiri- 
tual pollution" that can result from 
Western influences. 

Wham, which has sold more than 
two million copies of its current 
album. “Make It Big," has paid all 
costs for the performance here Sun- 
day and for a second one in Canton 
on Friday. The band's managers 
estimate the costs at 5750,000, 
which the group hopes to recoup 
through sale of a video that is bring 
made of the tour. 

To obtain their invitation, the 
group tried to accommodate Chi- 
nese sensitxviiies. They submitted a 
videotape of a live performance, 
dropped at least one of their hit 
songs, “Love Machine," from the 
concert and cut erotic sequences 
from a video that wasplayed dur- 
ing the intermission. Inis' enabled 
the sponsoring organization, the 


All-China Youth Federation, to de- 
scribe the group 35 healthy. 

Since its arrival in China, the 
group had been careful to avoid 
political comments. But at the con- 
cert Sunday, Mr. Michael intro- 
duced a song called “Freedom.” 
which has been at the top of the 
charts in Britain. “We hope that 
one day it wfl] be the No. 1 in China 
too, with your help," Mr. Michael 
said, punching his arm in the air. 

There was no visible reaction 
from the Chinese audience, which 
did not have the advantage of 
translation. Bat there was little 
doubt that it registered with the 
senior officials who watched from a 
podium set to one side of the stage, 
with interpreters behind them. 
Among the officials was General 
Xiao Hua, 70, who is a member of 
the party’s Central Committee and 
an associate of the country’s pre- 
eminent leader, Deng Xiaoping. 

Some of the gyrations of Mr. 
Michael and Mr. Ridgeley and Mr. 
Michael's decision to appear bare- 
chested beneath his white jacket 
also seemed unlikely to win official 
approval. 

Scuffles between policemen and 
the audience might also disturb of- 
ficials. At the start of the concert an 
announcer asked the audience to 
“remain seated and watch with pa- 
tience." Policemen tried to enforce 
this, at least for the Chinese. As the 
concert ended, at least one Chinese 
was led away under arrest. 

At tunes, when under pressure 
from the left, Mr. Deng has warned 
of what he called the pernicious 
influence of some aspects of West- 
ern culture. At other times, he has 
said that China has little to fear. In 
this mood, prevalent in recent 
years, be has permitted a latitude in 
cultural matters that was unthink- 
able in the days of Chairman Mao 
Zedong. 


The Global 
Newspaper. 




CHARLES MACKINLAY A CO LTD. 
LEITH SCOTLAND 

FIVE GEKJOATms OFEXPSMNCE Siscr 



fee 


other," a Lebanese military source 
said. 

The fighting around Sidon, like 
that in Beirut, was between Chris- 
tian and Moslem militiamen, while 
lbe battle on the hills east of Beirut 
pitted Lebanese army troops 
against Druze Moslem forces. 

Mr. Karami also met with a cabi- 
net member, Salim al-Hoss, a for- 
mer prime minister, for discussions 
that concentrated on developments 
in Sidon. Mr. Hoss later called for 
urgent action to check the violence 
“before it is too late." As did other 
Moslem officials, Mr. Hoss blamed 
the Lebanese Forces, a renegade 
Christian militia, for the fighting in 
Sidon, 24 miles (38 kilometers) 
south of Beirut Police sources said 
the Moslems responded to a Chris- 
tian barrage on the inner city by 
shelling Christian neighborhoods. 

Lebanese Forces gunmen began 
fighting with army units and Pales- 
tinian-backed Moslem militiamen 
in the Sidon area after Samir Gea- 
gea, a Christian militia command- 
er, led a revolt March 18 against 
Mr. Gemayd because of his grow- 
ing dependence on Syria. 

Moslem leaders charge that Isra- 
el is backing the revolt and encour- 

S tbe Christian militiamwi — 
*5 traditional allies in Leba- 
non — to step up the fighting 
around Sidon in a bid to partition 
the city into Christian and Moslem 
sectors. 

Beirut television said that Presi- 
dent Amin Gemayel and President 
Hafez al-Assad of Syria discussed 
the situation by telephone Sunday 
and agreed that the violence there 
could trigger further “dangerous 
developments." 

In Beirut, the Shiite Moslem-led 
Amal militia said Israeli troops 
were strapping Lebanese prisoners 
onto their military vehicles to deter 
guerrilla attacks on their occupa- 
tion forces in southern Lebanon. 
Israel had no comment on the 
claim and there was no immediate 
evidence to support it 
Adeeb Haidar, a member of the 
Shiite Amal militia, said thelsraelis 
“think this will enable them to 
move around more fredy in the 
south." 

“But we tell them, he who loses 
100.000 people in 10 years of civil 
war doesn't mind losing four, five 
or 10 more," Mr. Haidar said. “The 
resistance movement will keep 
striking at their tanks and vehicles 
whether they are carrying our peo- 
ple or not" 

Own to Confer With Reagan 

Reuters 

SEOUL — President Chun Doo 
Hwan of South Korea will visit 
Washington April 25-27 for talks 
with President Ronald Reagan on 
international issues and the expan- 
sion of trade. Western diplomats 
said Monday. 





Th» AiwoatadFVea 

NO RETREAT — Javier P&rez de Cu£0ar, UN secre- 
tary-general, left, and Ali Akbar Vetayati, Iran’s foreign 
minister, visited a Tehran mosque Monday. President 
Ali Khamenei affirmed to Mr. P6rcz de Cuellar, who 
went on to Baghdad, that President Saddam Hussein of 
Iraq must be overthrown before the Gulf war can end. 


Sudanese Unions End Strike; 
Khartoum Is Reported Calm 


(Continued from Page 1) 
eluded calls for an end to the ban 
on alcohol that was imposed by 
General Nimeiri 18 months ago. 

“We want beer, we want beer." 
hundreds of demonstrators shout- 
ed outside hotels and other public 
buildings. 

General Nimeiri poured Sudan's 
liquor stocks into the Nile when he 
imposed Islamic law in September 
1983. 

In Cairo, General Nimeiri was 
taken to the Armed Forces Hospi- 
tal on Monday for medical tests, 
The Associated Press quoted a 
source close to the Egyptian gov- 
ernment as saying. The source said 
previous reports that General Ni- 
meiri. 55, had suffered a bean at- 
tack were erroneous. 

Security men at the hospital said, 
however, that General Nimeiri had 
not visited the hospital. 

The Middle East News Agency. 
Egypt’s semi-official news agency, 
reported Monday that General Ni- 
meiri had sent a message to Gener- 
al S wared dahab, a long-time ally, 
saying that he understood the mo- 
tives behind the coup. 

“Nimeiri wished General Swar- 
eddahab success in thedischarge of 
his new responsibilities in the ser- 
vice of Sudan and in defending 
Sudan against the forces of con- 
spiracy and in preserving its na- 
tional unity," the news agency said. 
It quoted the deposed leader as 


U.S.-Soviet Exchange Shows 
Sharpening of Differences 


More like 



when 


(Continued from Page I) 
from ending the overwhelming So- 
viet advantage in intermediate- 
range missiles, which, they say, is 
now 10 to 1. 

According to U.S. figures, the 
Soviet Union has deployed 414 SS- 
20s, of which 276 are targeted on 


China and Japan. The missiles have 
three warheads each and are highly 
mobile. The Soviet deployment 
also includes older SS-3s and SS-4s, 
U.S. officials said. 

The countermeasures announced 
by the Russians in 1983 were the 
installation of shorter-range SS-2 3s 
and SS-21s in Czechoslovakia and 
the stationing of additional missilep 
armed submarines off the U.S. 
coast At the time, these measures 
seemed superfluous to U.S. offi- 
cials because, by their count, the 
Soviet Union already had a huge 
advantage. 

The United States, as part of a 
1979 NATO derision, is to deploy 
572 new, single-warhead missiles in 
Europe, of which 108 Pershing-2s 
are to replace older Pershing- Is in 
West Germany. An additional 464 
cruise missiles, slower and lower- 
flying than the Pershings, are to be 
placed In West Germany, Britain, 
Italy, Belgium and the Nether- 
lands. So far, 54 Pershings and 64 


The ultimate in condominium 
Luxury at two of Manhattan's 
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cruise missiles have been deployed 
in West Germany, Britain, Italy 
and Belgium. And it is unlikely that 
a total of more than 200 will be 
deployed by November, officials 
said. 

Mr. Gorbachev also called for a 
freeze on deployment of new stra- 


search into space defensive weap- 
ons. 

U.S. officials said this proposal 
was made by the Soviet side at 
Geneva in recent weeks. The Unit- 
ed States has told the Soviet Union 
that it does not support a freeze 
because of Soviet advantages in 
land-based strategic arms and the 
need to continue deployment of the 
MX. and because it would be im- 
possible to monitor a halt in re- 
search into defensive space weap- 
ons. 

The outline of the U.S. position 
at Geneva has been divulged 
through briefings and speeches de- 
spite the agreement on confidenti- 
ality in the negotiations. 

The U.S. position is that there 
should be parity in each side's in- 
termediate-range missiles, mea ning 
that the Soviet Union would have 
to cut the number of its SS-20s to 
match whatever agreed-upon num- 
ber the United States could have. 

Washington proposes tradeoffs 
m each side's strategic arsenals, 
with an eventual goal of some 5,000 
warheads os against the current lev- 
els of about 8.000 on each side. The 
tradeoffs could involve cuts in U.S. 
bomber; and Soviet land-based 
missiles. And Washington de- 
mands no limits on research for its 
Strategic Defense Initiative. 


saying that “he, as a Sudanese citi- 
zen, always will remain at the ser- 
vice of Sudan." 

The junta, made up of nine mili- 
tary officers and three civilians, is- 
sued a terse communique on Mon- 
day warning that any call for a 
continuation of the strike would be 
treated as treason and would be 
punishable by death. 

“The Peoples Armed Forces are 
applying all the required measures 
of the emergency with the neces- 
sary firmness and decisiveness," 
the communique said. “Any call for 
the continuation of the strike or for 
a stoppage of work is considered 
high treason." 

The Sudan news agency said that 
eight persons were killed in the 
“popular uprismt” but it was un- 
clear whether SUNA was referring 
to the week proceeding the takeover 
or the takeover itself. 

The agency blamed the security 
police for the deaths. Diplomats 
said they had no confirmation of 
any deaths in the takeover itself. 

The Sudan agency said that more 
than 350 political prisoners de- 
tained by General Nimeiri have 
been freed by government fiat. 

Army troops continued to guard 
key installations throughout Khar- 
toum on Monday, including the 
airport and government offices, but 
they maintained a low profile on 
the downtown streets. 

(AP. UPL Ratten) 


WORLD BRIEFS 


Liberia Executes Head of Coup Plot 

MONROVIA. Liberia (AFP) — The deputy commander of Liberia's 
presidential guard. Colonel Moses Flanzamatqn. was publicly executed 
Sunday just hours after being convicted of trying to assassinate Samuel 
K. Doe, the Liberian leader, on April 1. . 

Mr. Doe. citing insufficient evidence, earlier freed four leading opposi- 
tion politicians who were jailed after Colonel Flanzamatqn implicated 
them in the assassination attempt According to the Liberian news 
agenev. Colonel Flanzamaton fired on Mr. Doe’s car with a .50-caliber 
machine gun. wounding two bodyguards but missing the president. 

Mr. Doe, a former master sergeant who took power in a coup m April i 
1980, said he believed the attempt on his life was motivated by Colonel 
Flanzamaton’s fear of being sent to prison for debts he owed to the 
government's produce marketing company. Mr. Doe recently fired a 
number of government officials for indebtedness to state corporations. 

France Would Sell India Atomic Fuel 

NEW DELHI (AP) — A senior French official said Monday his 
country was willing to sell nuclear power technology to India. 

Georges Vendryes, senior adviser to the French Atomic Energy Com- 
mission, said in Madras that India can buy the latest French pressimzed- S 3 
water reactors that are fueled by slightly enriched uranium. India has 
three nuclear power plants and two are under construction. The plants 
are based on natural ur anium technology involving the use of heavy water 
as a moderator. 

India is to switch to fast-breeder technology at the end of the century 
after installing 10,000-megawatt natural uranium-fueled plants. Fast- 
breeder reactors produce more fissionable material such as plutonium 
than they consume. Mr. Vendryes, who is leading a delegation of French 
nuclear scientists to India, was quota! by the Press Trust of India news 
agency as saying. “India need not shy away from pressurized-walw 
reactors. France would ensure uninterrupted supply of enriched uranium 
for a long time.” 

A Leader of Soviet Miners Removed 

MOSCOW (Reuters) — One of the leaders of the Soviet coal miners’ * 
union has been removed from his post, officials said Monday. A union 
official said that Ivan Belousov had been replaced some time ago as one 
of three secretaries to the union's chairman, Mikhail Srebny. 

Mr. Belousov announced a fuel embargo against Britain last year 
during the British miners’ strike and was later overruled by a Soviet 
ministry. Another official, Anatoli Chebotayev, had taken the place of 
Mr. Belousov, who no longer worked at the headquarters, the union 
official added. 

Mr. Belousov appeared on television in October and declared that all 
deliveries of fuel to Britain had been suspended in support of British 
miners, then in the seventh month of a yearlong strike over pit closures. 
However, British importers did not notice any restrictions and the Soviet 
Foreign Trade Ministry quickly denied that there was an an embargo. 
Moscow has often said that it opposes trade sanctions. 

Gun Tied to Killing of Envoys in Paris 

PARIS (.Reuters) — French intelligence officers have discovered a * 
Lebanese guerrilla arms cache in Paris which includes a pistol apparently 
used to assassinate two foreign diplomats three years ago, the Interior 
Ministry said Monday. 

A ministry spokesman said officers last Tuesday raided an apartment 
rented by a Lebanese guerrilla suspect Abdallah Georges Ibrahim, near 
the Champs- El ys6es and found 44 pounds (20 kilograms) of explosives, 
two rocket-launchers and an assortment of automatic weapons. Among 
the weapons was a Czechoslovak 7.65mm automatic pistol probably used 
in the 1982 killings of U.S. military attach^. Lieutenant Colonel Charles 
R. Ray, and an Israeli diplomat Yacov Barsimantov, the spokesman said. 

The Beirut-based. Lebanese Armed Revolutionary Factions last month 
demanded Mr. Ibrahim's release in exchange for the life of a French 
diplomat they were holding hostage. The diplomat was later freed. The 
group first surfaced in Paris in 1981 when it claimed responsibility for an 
abortive attempt to kill the U.S. charge d’affaires, Christian A. Chapman. 
They claimed the killings of Colonel Ray and Mr. Bareunantov. 

Poles Erect Memorial to Katyn Dead , 

WARSAW (Reuters) — Polish authorities have quietly erected a 
memorial in Warsaw to more than 4,000 Polish officers executed in Katyn 
forest during World War II. The inscription blames the massacre on the 
Germans. 

Most Poles hold that Soviet forces shot the officers in 1940. The dead 
were among about 15,000 officers whom Soviet forces took prisoner after 
invading Poland in September 1939. 

A 1 2-foot (3.6-meter) white granite cross was pm up in a Warsaw 
ceremony more than a week ago unannounced, cemetery workers said. 

The inscription was to “victims of Hitlerite Fascism.” In the ground 
nearby someone had scrawled “1940 NKVD" — a reference to the Soviet 
security police of lhaL time. 

For the Record 

Bombs lightly damaged a NATO pipeline in southern West Germany 
and the offices of a military equipment company in Hamburg on 
Monday, police reported. Nobody was hurt * j 




emmenl Libyan exile and wounding two passers by in a crowded Bonn 
square on Saturday has been charged with murder, police said Monday in 
Bonn. (Reuters) 

Sir Geoffrey Howe, the British foreign secretary, arrived Monday in ' 
East Berlin to start a tour of East Germany, Czechoslovakia and Poland 
aimed at warmer relations between Eastern and Western Europe. (AP) 
The retrial of dans von Billow, the financier accused of trying to kill his 
wife, began Monday in Providence. Rhode Island. (UP?) 

Dutch Won’t Alter Position 


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(Continued from Page I) 
and Italy, tens of thousands of peo- 
ple staged Easter rallies in four 
days of protests against the arms 
race and United States missiles in 
Europe. 

■ British Demonstrate 

Anti-nuclear demonstrators tak- 
ing part in an annual protest gath- 
ered Monday at what is to be the 
second U.S. cruise missile site in 
Britain, arguing that the freeze on 
Soviet missile deployment elimi- 
nates the need for the weapons, 
The Associated Press reported 
from Molesworlh, England. 

About 1 ,200 people camped out 
on Defense Ministry land, 200 
yards (about 180 meters) from the 
U.S. air base under construction at 
Molesworth, 65 miles north or Lon- 
don. A police force of about 2,000 
also was on band. 

The protest was organized by Lhe 
Campaign for Nudear Disarma- 
ment. Its chairwoman. Joan Rud- 
dock, said the announcement Sun- 
day by Mr. Gorbachev deserved 
President Reagan's serious consid- 
eration. 

“The Americans really have no 
excuse for bringing more cruise 

Gromyko to Austria in May 

Reuters 

MOSCOW — Andrei A. Gromy- 
ko. the Soviet foreign minister, will 
visit Austria in mid-May to attend 
30th anniversary celebrations of 
the restoration of Austrian inde- 
pendence, the Tass news agency 
reported Monday. 


missiles into Britain now." Mrs. 
Ruddock said. “Mr. Gorbachev 
has taken an historic independent 
step and President Reagan should 
seize the opportunity to respond ” 

The organization said up to 
20,000 demonstrators were expect- 
ed to join the rally at the end of the 
four-day protest. 



UNIVERSITY 


B*CHt io« s m«te* s ospoeiOMu 

Send dcuriad maun* 
tor ■ free avahjctKm 

mcme weston UNveomr 


Russians Redefine 
Oxford Entries 
To Suit Ideology 

United Press International 

LONDON — Soviet editors of 
special editions of the Oxford En- 
glish Dictionary changed the defi- 
nitions of key words to fall in with 
Communist Party doctrine, the dic- 
tionary’s publisher said Monday. 

George Richardson, chief execu- 
uve of the Oxford University Press, 
said that he regretted the changes 
in the Soviet editions. He said the 
OUP gave the Soviet Union per- 
P™ 11 tiie dictionaries in 
1982 and 1983. 

In the Soviet edition of the Ox- 
ford Student's Dictionary of Cur- 
rent English, “socialism” is defined 
as “a social and economic system 
which is repbeing capitalism." The 
Soviet edition of the Oxford Ad- 
vanced Learner’s Dictionary of 
yuiTent English defined “capital- 
ism as the system “replacing feu- 
dalism and preceding commu- 
nism. * 

dictionaries changed the 
d efiniti ons of other political words: 

Communism” — “Lhe revolution- 

•“>' replacement of capitalism;” 
unpenaifcnT — “the highest and 
!ost stage of capitalism;" ^fSrism" 

. . a form of reactionary, national- 
ise, anii-dcmacratic, anti-Com- 
munisf, bourgeois movement and 
repaid, typical of the era of imperi- 





CSTERJSATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 



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Page 3 


in TER LirfcNSlII BY BI'BBLFS INC.KA GGK 






TUESDAY, APRIL 9, 1985 


Convergence Is the Cure 


Economic disputes between America and 
France are frequent because their approach- 
es to the economy differ. France tends to the 
view that government action is needed to 
steer the market; Americans hold that what 
the market does by itself is probably right 
The gf*p has not narrowed in the last few 
years, despite French moves toward greater 
free- market orientation, because America 
has moved faster in the same direction. 

This divergence can be helpful There 
is much to be said, in economics, for the 
Hegelian process of thesis, antithesis and 
synthesis, so long as no one imagines that 
lasting synthesis will be achieved. The prob- 
lem with the present dispute is that France 
has a good reservation about America's the- 
sis but is putting forth the wrong antithesis. 

The United States wants a new ambitious 
round of negotiations to reduce barriers to 
international trade. France hesitates to go 
along with this unless there are parallel ne- 
gotiations about reform of the international 
monetary system — which is economists' 
shorthand for saying that currency markets 
ought to be calmed down. One can see the 
point by r ecallin g that in six years the cost 
of the dollar rose from 4 francs, which was 
far too cheap, to well over 10 , which was 
excessive. Obviously it is hardly worthwhile 
entering into a new and lengthy round of 
multi-countiy trade bargaining if the bar- 
gains ultimately struck risk bring frustrated 
by vast and unpredictable changes in ex- 
change rates. A country conceding, say, a 10- 
percent cut in its tariff protection concedes 
nothing if, for quite different reasons, its 
exchange rate suddenly plummets. 


But the solution is not, as France has 
urged, to s umm on a new international con- 
ference — a rerun of the 1944 Bretton Woods 
marathon — to try to “reform" the world 
monetary system. Few of us are likely again 
to see the old system whereby each country’s 
exchange rate was fixed and rigorously de- 
fended. The only question is how to make 
the present floating system work better. A 
conference that gets bogged down in new 
schemes for official intervention, for setting 
targets to circumscribe rate fluctuations or 
for simply giving countries more drawing 
rights on the IMF is not going to solve the 
problem that worries the French. It would 
attack symptoms, not causes. 

Exchange rates follow a fever-chart 
course because national economic policies 
are too divergent. America currently acts 
like the last of the big-time spenders, while 
European and Japanese policies border on 
the demure. We need more convergence and 
less national pigheadedness. The habit of 
looking at the international ramifications of 
national policies and listening to foreign 
advice before it is too late has been lost. This 
was why economic policy in both America 
and France went so wildly wrong recently. 
Other countries could be cited. 

We do not need monetary reform to re- 
store the international cooperation required 
for economic sanity. The machinery and the 
tradition exist but have rusted with disuse. 
The string of international meetings starting 
with the OECD this week and culminating 
in the economic summit in early May should 
oil the machine and kick the starter. 

INTERNATIONAL HERALD TRIBUNE 


Alter the Coup in Sudan 


Coups come, and those trying to compre- 
hend them reach for a f amili ar range of expla- 
nations. Among the fust is always an enumera- 
tion of the personal flaws of the deposed 
leader. Sudan's Gaafar Nimeiri was given, 
especially in his late years, to flights of errari- 
cism — not least his effort to impose Koranic 
law on the non-Moslem south. Often there are 
spatial misfortunes, natural or man-made, 
which overwhelm government structures al- 
ready creaking under burdens of poverty and 
underdevelopment; in Sudan it may have been 
four years of drought and a flow of a million 
refugees from Ethiopia. Then there are the 
cares added by virtue of a country's links with 
foreign patrons. To keep vital aid flowing from 
international creditors, Mr. Nimeiri had an- 
nounced price increases that led to strikes and 
riots and, overall created a chemistry that 
made a fresh coup almost predictable. 

It is not necessarily a bad thing. Mr. Nimeiri 
ruled 16 years. No mechanism existed for an 
orderly transfer of power. The new man pro- 
mises to hold power only for “an interim 
period." Whether he is being modest or simply 
deceptive remains to be seen. Few would 


claim, however, that Sudan has only “interim" 
needs. It is more than a very poor, deeply split 
country laboring under heavy social and eco- 
nomic disabilities. It is one of many African 
countries for which the foreign-made models 
of development and growth seem not to apply. 

The United States had played a chancy end 
game with Mr. Nimeiri, putting new chips on 
him, with a warm Washington reception, just 
as he was swept off the board. The immediate 
result is an embarrassment to American diplo- 
macy, but the United States got much value 
from Mr. Nimeiri over the years in strategic 
and geopolitical coin; be supported the projec- 
tion of American power in the region and 
provided important backing for Gamp David. 

Washington now wonders somewhat anx- 
iously whether the new order in Khartoum will 
see merit in the old order's tie with the United 
States and the international financial institu- 
tions. But perhaps this is the wrong question. 
Perhaps the right question is what the United 
States, the IMF and the relief and develop- 
ment agencies can do to respond more effec- 
tively to the needs of the Sudanese people. 

— THE WASHINGTON POST. 


A Challenge for Mexico 


Investigators tracking the career of Rafael 
Caro Quintero call him one of Mexico's big- 
gest drug dealers. He “loves what money can 
buy." and too often, they suspect, what it buys 
in Mexico is freedom from arrest and prosecu- 
tion. But Mr. Caro Quintero's money did him 
little good in Costa Rica last week, where he 
bad fled after the kidnap- murder of a U.S. 
drug agent. Enrique Camarena Salazar. The 
Mexican, a key suspect in the case, was arrest- 
ed by Costa Rican authorities. There is talk of 
finding grounds to extradite him to the United 
States, but for now the focus is on Mexico. 
How its officials handle the case will tell much 
about their commitment to drug enforcement. 

Investigators call Mr. Caro Quintero “a wild 
guy." He is building an IS-hecuue (45-acre) 
compound near Guadalajara, uses cocaine 
heavily and takes to the streets in well-armed 
convoys, an AK-47 automatic rifle at his side. 
Mexico in the late 70s bad stopped being a top 


supplier of heroin and marijuana to the UJS. 
market and had become an effective partner in 
the drive to wipe out drug production. Now, 
however, Mexican drug shipments are increas- 
ing again and Americans are disturbed to find 
the trade flourishing openly and corruptly. 

Why do some of Mexico's huge marijuana 
farms seem to be immune from the crop eradi- 
cation campaign? Why did Mexico dally in 
pursuing Mr. Camarena Salazar's murderers 
— arresting some police officers only after 
Washington brought great pressure? How 
deeply are Mexican police involved with the 
drug business? Mr. Caro Quintero was allowed 
to leave Mexico on a private jet, in full view of 
Mexican agents sent to arrest him Mexicans 
bridle at these questions, protesting that they 
remain committed to the fighL a gains t drugs 
and corruption. Mr. Caro Quintero's arrest 
gives them a new chance to prove iL 

— THE NEW YORK TIMES. 


Other Opinion 


Relief and Worry After Nimeiri 

Few coups d'etat in history can have caused 
less surprise than the one which on Saturday 
brought to an end the nearly 16-year-old reign 
of President Nimeiri in Sudan. [His] close and 
deliberate identification of his government 
with the regional interests and policies of 
Egypt and the United States makes his over- 


throw a source of anxiety to both those coun- 
tries. Yet there can be little doubt that both 
governments have for some lime privately re- 
garded his erratic and incompetent adminis- 
tration as a liability, and both will be relieved 
that the end. now it has come, has taken the 
form or a bloodless coup whose immediate 
effect, at least has been to restore order. 

— The Times (London). 


FROM OUR APRIL 9 PAGES, 75 AND 50 YEARS AGO 


1910: Tigre Official Backs Empress 
ADDIS ABEBA (via Rome) — Troubles have 
broken out in the Tigre Province. Governor 
Ras Olie has, either of his own accord or by 
order of the Empress, decided to advance on 
Addis Abeba. With this end in view he has sent 
the following delphic despatch to the chiefs 
under his command; “1 have lost my red cow; 
help me to find il" The “red cow" means the 
Empress Taitou, who has lost power. (Red is 
the Imperial color.) It appears that the chiefs 
have not the intention of following Ras Olie, 
while his soldiers are deserting to the Regent. 
The cause of the Empress is unpopular. Taitou 
has made herself disliked by her despotism. 
Bodies of troops are leaving the capital daily 
to reinforce the Government forces. 


1935: Times Publisher Ochs Dies 
CHATTANOOGA — Adolph S. Ochs, pub- 
lisher of ‘The New York Tunes.' dial suddenly 
Ion April 8 ] in this city, where he began his 
newspaper career 57 years ago by acquiring 
‘The Chatanooga Times.' He was 77. Although 
he was not in the best of health recently, his 
death was sudden and unexpected. He was 
stricken with a cerebral hemorrhage and died 
in a sanatorium to which he had been hurried. 
Adolph S. Ochs was one of the greatest figures 
in newspapers on the American continent in 
the last 30 years. His example was an influence 
toward moderation in its tone. The mild tone 
and impersonal spirit of his newspaper were 
widely imitated by journalists who regarded 
him as the great oracle of journalism. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 19 S 8 -I 9 S 2 

KATHARINE GRAHAM. WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


Depun Publisher 
Assort. ae Publisher 

Associate Pubhsker 


LEE W, HUEBNER, Publisher 

MirevwSW' £ **“ w £*‘ /or RENfiBONDY Dtpun Publisher 

WALTER WELLS Editor AlA fN I FTOI TO j „ ■ • 

^?tS^TM cCABE Dtpuytttar RICHARD H. MORGAN Amam Publaktr 

Deputy Eduar STEPHAN W. CONAWAY bbtaar of OptmOmt 
CARLGEWIRTZ Associate Editor FRANCOIS DESMA1S0NS DiitaerrfCmSZ 

ROLF D. KRANEFUKL Dtnatr of Ad mUsine Sda 
International Herald Tribune 181 Avenue Charies-de-GaoHe, 92200 NeuUty-sor-Sdne. 

France. Telephone: 747-1265. Tdac 612718 (Herald). Cables Herald Paris. 

„ . Director de la publication: Walter N. Thover. hSBflb 

Asia Headquarters. 24-34 HemasyRd.. Hong Kong. Tel.' 5-285618. Telex 61P 0. 

Afewfcwj Dir. V A.; RobmMuckuhm.63 Long Am. London H CL TeL 83&48D1 Tekx 262009. 
f .i an capital de 1.200.000 F RCSNmtem B 73202/126. Commission Pariam .Va 61337. 

Cti svtocnpiwn: $284 yearn. Second-class p,atase paid as Lons Island Cm, NY IllQI Wffl 
IVS5. Iiuemathmal Herald Tribune All ng/us reserved 


Vietnam Taught a Lesson That Some Faded to Learn 


N EW YORK — Just 10 years ago Ameri- 
cans witnessed the tragic, televised spec- 
tacle of Vietnamese men and women clinging 
desperately to the undercarriages of planes 
ana helicopters evacuating Americans from a 
beleaguered Saigon. Those hours of anguish 
and humiliation cannot and should not be 
forgotten, for the Vietnam catastrophe has 
left its evil mark on many aspects of Ameri- 
ca's national life and critically diminished its 
international effectiveness. Today we are left 
with brooding questions: Why did it all hap- 
pen? And what might have been done to avert 
or at least limit that catastrophe? 

In retrospect, it seems likely that the Viet- 
nam War was the inevitable consequence of 
an excessive, exuberant sense of mission and 
power in the early 1960s. America alone had 
emerged from World War II stronger then 
before. It was by far the richest and most 
powerful nation, and it had played a brilliant- 
ly constructive leadership role in the immedi- 
ate postwar years. Through the Marshall Flan 
it had made possible the speedy rebuilding of 
Europe. President Truman's tentative Point 
Four proposal had evolved into a massive 
program of foreign aid for the fledgling 
nations of the Third World. 

By combining Western strength in NATO, 
America had halted the westward expansion 
of Soviet power. By fighting the Korean War, 
it had checked Soviet and Chinese adventures 
in the East. With the Truman Doctrine, 
America had committed itself to support free 
people resisting attempted subjugation by 
armed minorities or by outside pressure. Pres- 
ident Kennedy announced in his inaugural 
address that the United States, to support 


By George W. Ball 

The writer served as a U.S. undersecretary of slate from J96J to 1966. 


friends and combat foes of li: 


liberty, wt 
ice. bear 


“fight any fight, pay any price, bear any 


burden, meet any handicap ..." 

Those were yeasty days, when university 
faculties were left badly understrength as ex- 
perts in everything from economics to dam 
building to chicken diseases flew madly 
around the world instructing the natives and 
indulging in what the sociologists presumptu- 
ously called “nation building.” without re- 
gard for the tensile strength of the straw or the 
friability of the clay available. Thus it was 
only natural for many Americans to form the 
impression that there was nothing America 
could not do — even to the point of interfer- 
ing in the affairs of small nations to reshape 
iheir politics in its own democratic pattern. 

There was a tendency to treat all local or 
regional quarrels in the' context of the East- 
West struggle. America's leaders began to 
believe that U.S. interests were critically af- 
fected by almost any development in almost 
any part of the world — particularly if that 
development might be construed as threaten- 
ing an advance of Communist influence. 

It was easy for many Americans to inter- 
pret Vietnam intervention as just another 
chapter in the effort to check the spread of 
Communist power. Any suggestion that Ha- 
noi and the Viet Cong might be something 
other than mere instruments of Moscow and 
Beijing was dismissed as reflecting a softhead- 
ed attitude toward the Communist menace. 

Dwight D. Eisenhower had warned against 
falling dominoes, and the defense of the er- 
satz government of South Vietnam was de- 
clared vital to American interests — end of 
argument The Kennedy administration com- 
mitted itself to help save South Vietnam from 
Viet Cong and North Vietnamese domina- 
tion. The Johnson administration turned a 


limited commitment into an all-out engage- 
ment of U.S. forces. The Nixon administra- 
tion extended the war a further four years. 

By the time John Kennedy was kuUed the 
United States had 17,500 men in Vietnam and 
the balloon was going up; by the time Lyndon 
Johnson retired there were 550,000. In the 
be ginning Mr. Kennedy and his top advisers 
believed victory could be had merely by pro- 
viding weapons, equipment and advice. Mr. 
Johnson, acting on the counsel of the same 
advisers, found that assumption a deception. 
So the United States began bombing the 
North. When that proved ineffective, il com - 1 
mined U.S. forces to combat roles. 

The fashionable thesis was that since 
America had such a vast advantage in lire 
power, all it had to do to achieve its aims was 
And the most effective way of applying those 
assets. But as the war continual to produce 
disappointments the Johnson administration 
largely abandoned that thesis and painfully 
concluded that it could not be woo. 

Still, Washington was not willing to face 
the bard decision to withdraw; “national 
prestige" was too deeply eng a ged It did no 
good to argue, as 1 incessantly did, that the 
world was not edified by the vision of the 
most powerful nation using highly sophisti- 
cated equipment to defoliate crops, kill thou- 
sands of Vietnamese and pound to pieces the 
primitive economy of a small tragically poor 
country. Compared to David, Goliath would 
inevitably get a bad press. 

Richard Nixon was far better positioned to 
execute the desperately needed extrication. 


they sign an agreement that assured easy 
wiping up of the Smith Vietnamese; they 
signed nothing at all until U.S. forces baa 
been reduced to a mere 23,000 men. 

The United States had suffered heavily not 
only from the degradation of its international 
reputation but from the loss of domestic co- 
hesion under the Kennedy and Johnson ad- 
ministrations. It now suffered additional 
damage from four more years of fighting. 
Protracting the war cost the U.S. armed forces 


more than 20,000 additional deaths, while 
brutal use of air power, including B-52s, 
slaughtered at least 600,000 men, women and 
He had not been responsible for the entangle- children throughout Vic ™.® 1 10 
meat in yietnanTAmerica still had 550000 At the same 

men in the field and the threat to maintain illegal invasion of Cambodia offended world 
JEd even supplement them was a potent bar- opinion. America wffleemunue 10 P a * heavily 
gaining counter. 1 am convinced that had Mr. for the Vietnamese expmeoce. 

Nfcon promptly told Hanoi liial he was pre- Yel cunwt tat im dp Mt . ro tore 
pared other to withdraw forces unilaterally as learned from that experience. We hear of a 

partof a settlement, or augment them and Reagan Doctnne promising tlu t /^enca_^l 

increase the intensity of the war, he could not support any state or 
only have secured the return of US. prisoners dom against Communist doranauen any^ 

but an agreement for a cease-fire as well where — a rhe f cncill ,^ :l ^^ 

Unhappily, neither he nor Henry Kissinger Truman doctnne and Ithe. Kenned^ meugura^ 

seemed to have learned from the preceding address. Meanwhile the adnumsuraucm is snB 

years. They continued to believe that Hanoi trying to dictate the political structures o[ 
could be shocked into submission if air power small Central American ccnmtnes. Tne ad- 
were used with increased ferocity. nunistrauon still ronfusesregionaJ and local 

For 20 months Mr. Kissinger failed to play quarrels with the East-We^stiugde. 
the one bar gaining card that had meaning to If current leaders haw learned little from 
the North Vietnamese — the offer to with- America's most tragic Vietnam experience, 

draw US. troops unilaterally. By then it was the American people have heard and are 

too late; Mr. Nixon had already announced heeding the message. They do not envisage 

major troop withdrawals and signaled a their country as the world’s gendarme or even 

phased withdrawal of ail U.S. forces. Of its nanny. And if they are to support another 

course, played into the bands of Hanoi major use of American forces in a remote part 

Oni v when U.S. troops had departed would of the world, those in command will first nave 

J - * to show: that the conflict at issue is of more 

than mar ginal relevance to UJ>. interests; that 
the regime America is seeking to support has 
deep roots in the countryside; thaL both the 
political and the physical terrain are not 
hopelessly inhospitable, and that limited ob- 
jectives can be achieved without committing 
disproportionately large forces or outraging 
world opinion. As is so often the case, the 
people are wiser than their government 
Las Angeles Times. 





Cambodia: A Country to Abuse and Toss Away 


N EW YORK — It is 10 years since Indo- 
china fell to the Communists. In Ameri- 
ca the anniversary brings an outpouring of 
television reports, documentaries, articles and 
books. One disappointment for me in this 
wave of re-examination is that nearly all of it 
focuses on Vietnam, while Cambodia — the 
country that everyone used and tossed away 
— is still everyone’s afterthought. 

The “great" powers still talk about Cambo- 
dians as abstractions, not people. This appar- 
ently gives Washington, Moscow and Beijing 
the peace of mind to keep playing superpower 
games with these tormented people. 

Consider this thumbnail sketch of the pre- 
sent situation for the Cambodians: 

• The Russians support the Vietnamese, 
who have installed a client government in 
Phnom Penh, a rigid regime that is disliked 
but tolerated by the Cambodians because 
they can do nothing about it and because it is 
less insane and murderous than the Khmer 
Rouge — who were driven out by the Viet- 
namese invasion of 1979. 

• The Chinese still support and arm the 
Khmer Rouge, whose barbaric acts and poli- 
cies resulted in the deaths of two million or 
more of Cambodia's seven million people and 
who now exist as a guerrilla force of perhaps 
40,000 troops in tire jungle in Cambodia's 
northwest, along the border with Thailand. 

• The United States supports two non- 
Cornmunist factions that have “joined" in a 
so-called alliance with the Khmer Rouge to 


By Sydney Schanberg 

push the Vietnamese out -7 a goal they have 
no chance of achieving. 

Meanwhile. 250,000 Cambodians live in 
limbo in camps along the Thai border. Very 
few have any hope of resettling abroad. 

In short the superpowers still care as little 
about the Cambodian people as they did in 
1970 when they dragged diem into the Indo- 
china war and led them to the tragedy that is 
their lot now. If the powers cared, they would 
make Cambodia a priority — and that is the 
one thing Cambodia has never been. 

Many things must be remembered if we are 
to resist the blandishments of the rewriters of 
history — usually ideologues of the right or 
left Ideologues don't care about people ei- 
ther. only about preserving their dogmas. 

Remember that the Khmer Rouge were a 
meaningless force when the war was brought 
to Cambodia in 1970 — a loose collection of 
guerrilla units numbering at most 5,000 men. 
They presented no threat to the government 
in Phnom Penh. In order to flourish and grow 
they needed a war to feed on. The superpow- 
ers — including the United States, with the 
Nixon incursion of 1970 and the massive 
bombing that followed — provided that war 
and that nurturing material. 

Remember that those geopolitical wizards, 
Richard Nixon and Henry Kissinger (who 
now lead the pack in publishing revisionist 


history), cared so much about the Cambodian 
people that while they were providing SI 
billion or more a year m bombing and other 
military aid they could find only a few million 
in their budget for refugee and relief aid. 

Remember that during that war and right 
up to today, Washington has played footsie 
with the Chinese in an effort to thwart Soviet 
designs in Indochina. And that the Chinese 
have been the main support of the Khmer 
Rouge, whose barbarism Messrs. Nixon and 
Kissinger bemoan today while blaming Con- 
gress and the press and anti-war activists for 
the fate of Cambodia and conveniently for- 
getting their own support of the Chinese. 

Remember, too, that the Reagan adminis- 
tration continues this folly by playing even 
more intimate footsie with the Chinese, with- 
out whose backing the Khmer Rouge would 
wither and die. The Reagan administration 
also provides aid for the refugees at the bor- 
der. some of which goes to the Khmer Rouge. 

And remember that, due to the machina- 
tions of superpower politics, the flag that flies 
outside the United Nations for Cambodia is 
the flag of the Khmer Rouge. The delegate 
who occupies the Cambodian seat is the 
Khmer Rouge delegate. The name for Cam- 
bodia at the United Nations is the Khmer 
Rouge name — Democratic Kampuchea. 

We should remember all these things the 
next time some geopolitidan makes a croco- 
dile-tear speech about the Cambodian people. 

The New York Times. 


liites in tl 


w ttnnm 


Keep the 'Contras’ Paid 
And Maybe They’ll Talk 


Is Solidarity With Solidarity Finished? 


By Flora Lewis 


M IAMI — After squeezing an- 
other batch of 21 MX missiles 
out of Congress with the argument 
that the Geneva arms talks required 
them. President Reagan is offering 
talks between the Nicaraguan rebels 
and the Managua government in re- 
turn for an extension of “coven" aid. 

The tactic is surrealistic, but there 
is method in the madness. Real nego- 
tiations are going on between the 
administration and Congress, and 
they seem to turn on the principle 
that offering to sit at a bar gainin g 
table earns the right to chips of the 
administration's choice. 

Never mind that m the Nicaraguan 
case Mr. Reagan is not even offering 
to resume U.S. talks with (he Sandi- 
pist government; he proposes only 
that U.S.-backed “contras” would 
enter negotiations. And never mind 
that he asks for a piffling sum at this 
point £14 million, promised to be 
used only for nonmilitary help unless 
Managua refuses to join the game. 

The important trade-off is between 
the White House and Capitol Hill 
The calculation seems to be that a call 
for talks, among other people, pro- 
vides a sufficient excuse to do some- 
thing that many in Congress consider 
or very dubious value, and puts the 
doubters in the embarrassing posi- 
tion of seeming intransigent. 

The administration is perfectly 
aware that its Nicaragua policy is 
hitting shoals. It considered and re- 
jected the idea of shifting from sup- 
posedly covert to declaredly open aid 
tor an insurrectionary force whose 
leaders make clear that their goal is 
nothing short of overthrowing the 
Sandinist regime. The administration 
is channeling “private" funds to the 
rebels, to make up for Lhe current gap 
in legally appropriated money. 


decade ago that creating “disappear- 
ances" will not pacify thecountty. 

The political progress that is begin- 
ning to show in El Salvador is in 
substantial part due to restraints by 
the U.S. Congress on military aid to 
that country, forcing recognition that 
sooner or later its avil war will have 
to be ended by conciliation. Aims 
will not bring a settlement. 

In the same way, congressional re- 
fusal of efforts to sustain the war in 
Nicaragua is essential The 514 mil- 
lion requested is not to advance a 
solution, or even to convince the San- 
dinisls to bold new elections because 
they showed the bad grace of winning 
the ones they held last year. It is to 
keep the “contras” going. 

This is creating a problem of re- 
sponsibility that will lead to the argu- 
ment that the United Slates has to get 
more and more deeply involved or 
lose credibility. The “contras" exist 
on the tacit assumption that they can 
count on continued UJ5. help. No 
doubt men who have risked then 1 lives 
would fee] great bitterness at being 
abandoned after so many secret pro- 
mises. That is understandable. Mr. 
Reagan's request is an attempt to re- 
assure them, to show that Congress 
can be induced to keep paying if the 
White House talks about talks. So the 
point is not £14 million, but prolong- 
ing the agony in the pretense thaL its 
cheap. It won’t even buy talks. 

77 ir New York Times. 


W ASHINGTON — One of the 
best kept secrets since martial 
law was declared in Poland is the 
abysmal treatment of Solidarity refu- 
gees by the United Slates. 

The U.S. Immigration and Natu- 
ralization Service has denied asylum 
to more than 7.000 Solidarity activ- 
ists, even though the safety of many 
would be endangered if they returned 
to Poland. The INS thus defies Presi- 
dent Reagan’s public program of 
support for Poles fleeing martial law. 

Ten days after the imposition of 
martial law Mr. Reagan imposed stiff 


By Carol Rae Hansen 

harassed 1,116 more into leaving 
through four types of official “re- 
quired departure" letters and threats 
of deportation proceedings. The ser- 
vice’s estimates for 19S4 reveal 200 to 
400 more Poles “required to depart." 
for a total of 1,300 to 1,500 harassed 
into leaving or forcibly deponed dur- 
ing the years in which President Rea- 
gan promised they could stay. 

The INS hides deportations and 
departures induced by harassment 


Suomtoft 


sanctions on the Polish regime. He 
instructed the INS to tell its offices 
that Poles who reached the United 
Slates and “who are unwilling to re- 
turn to Poland" would qol be forced 
to leave. He asked NATO allies to 
impose sanctions and institute a simi- 
lar “no return’’ policy. 

These promises are being forgot- 
ten. Poles are battling the INS on 
three fronts: forced deportations, low 
approval rates for asylum and unjus- 
tified threats and harassment. 

INS records reveal that it deported 
31 Poles between 1981 and 1983 and 


under the cloak of “voluntary" de- 
partures. and thus argues that it is 
complying with Mr. Reagan's in- 
structions. But most Poles who are 
“required to depart" contest INS de- 
mands for their departure. 

Despite Mr. Reagan's repeated as- 
sertions that “we will show our soli- 
darity with Solidarity." the service 
rejected 77 percent or Poles who ap- 
plied for asylum between 1981 and 
1984. By^ contrast, about 75 percent 
of Poles' applications for asvlum 
were approved between 1948' and 
1980. And Poles have reasons to fear 


denials, for they can be charged with 
numerous severe offenses, including 
treason, if they return home. 

Asylum poucy (which, by law, al- 
lows all applicants asylum if they 
prove a “well-founded fear of perse- 
cution") is deliberately confused with 
immigration policy by many who fear 
a flood of Haitians, Salvadorans and 
Nicaraguans. U.S. foreign policy suf- 
fers as a result. Credibility is eroded 
on East European Issues, and the 
mixed signals sour NATO coopera- 
tion on Poland. The only gainers are 
Moscow and the Polish regime. 

Senior foreign policy makers musu: 
rein in the INS. The rest should be 
easy. A “national security decision 
directive" has been drafted that ad- 
dresses each major area of INS culpa- 
bility and sets up a structure for re- 
form, All it requires is Mr. Reagan's 
signature, but the INS has prevented 
that with vehement protests, vague 
promises of substantive reform and 
minor policy alterations. 

Reform of Polish asylum problems 
should not be hard; no extra legisla- 
tion is required, no extra cost would 
be incurred and the change could be 
virtually immediate. Reform need 
nm take privileges away from other 
national groups. As with INS reforms 
for Afghans. Iranians and Southeast 
Asians, a healthy precedent would be /. 
set for the proper, humane processing 1 
of resistance fighters. 

They deserve America’s help. 

The writer is a research associate at 
Georgetown University's Center for Stra- 
tegic and International Studies. She con- 
tributed this to The New York Turns. 


■ s j-.. ■ • ’ 


LETTERS TO THE EDITOR 


/•■vt. ' ■ -■ 

• -Ov* : ; 


Horror Beyond Words STS 


The March 27 editorial “U.S. Help 
for Cambodia" says: “The Khmer 


Nobody pretends that S14 million Rouge killed a million or two of their 
is going to mm this U.S.-sponsored fellow citizens ... ” As if a million 
war around. Clearly the modest re- lives were no more than buttons or 
quest is meant as a signal a down paper clips. How glib can you get? 
payment on a U.S. commitment to FELIX LANDAU 

keep the fighting going and a stake to Garches, France." 

get Congress finnSv involved. 

Europe Boosts the Dollar 


mem in the American economy. This 
greater demand for the dollar in- 
creases its cost — a simple applica- 
tion of the law of supply and demand 
determining the price in the free mar- 
ket in which currencies are traded. 

Assuming there is a problem be- 
cause of the strength of the dollar, 
which is not at all certain, blaming 
the U.S. economy for it stands reason 
on its head. That is comparable to a 
teacher blaming the smart student for 
being brighter than his classmates. 

Should the U.S. government feel 
compelled to act, it should directits 
attention to its European trading 
partners and suggest that they de- 
socialize their moribund economies. 
When businesses in Belgium are re- 
quired to pay their government one 
franc for each franc paid in salary, it 
is small wonder that the Belgian 
economy does not attract the capital 
that the American economy does. 
When a combination of nationaliza- 
tion 3nd oil-powerful politically mo- 
tivated unions dominate to the extent 
that they do in Britain and France, 
efficiency and Innovation collapse 
and the American economy attracts 
investment from those countries. 

I* mi I Europe’s economics return 
l»> the relatively kiivuv-fuirc a into* 


be has called “freedom 


Much current comment 


behavior in Central America. 


lower interest rates, wi 


Guatemala was recently officially the dollar's value vis-i-vis West £u- 
rated as having made progress in hu- ropean currencies. The past year’s 
man rights. But last week the body of lowered interest rates, coupled with 


man rights. But last week the body of 
a woman who was secretary of a 
Guatemalan group concerned with 
the “disappeared" was found at the 
bottom of a ravine, with the bodies of 
her brother and her young son. 

It is very hard to find white hats in 
Central America. President Jose Na- 
poleon Duarte of El Salvador seems 
to be developing that way, but pri- 
marily because he is beginning in 
convince the army (hat threw him our 
w hen he v.,;-. fir-; da ieu more than j 


ropean currencies, me past year s 
lowered interest rates, coupled with 
an even stronger dollar, show this. 

The real reason for the dollar’s 
strength is that the United States has 
become the only remaining outpost 
of a relatively free-enterprise system. 
Its industry, relatively unfettered (by 
European ‘standards) by the mam- 
moth social costs that burden other 
economies, is the most innovative, 
vibrant and powerful in the world. So 
mnnev flo*> from :*H o-sr the globe 
t>> buv tiic dollar." (hut allow ime>i- 


sphere of the United States, the dol- 
lar. because oF the strength of the 
U.S. economy, will remain strong. 

If the strength of the dollar is seen 
as a problem, Europe's failure to re- 
turn to capitalism could lead to gov- 
ernment intervention in America that 
moved the U.S. economy further 
from capitalism. This would lead 
America toward the mediocrity and 
stagnation of Europe. 

SAMUEL 1C. ROSEN. 

New York. 

On f Racial Continuity’ 

Miles Copeland f Letters. March 
25) objects 10 Abba Eban's statement 
that Israel is the “oldest of nations," 
arguing that there is no racial conti- 
nuity between today's Jews and those 
of biblical times. Mr. Copeland’s 
opinion can be neither confirmed nor 
rejected, however, without usable sta- 
tistical data on the genetic makeup of 
the Jewish population in Israel in 
those times, and such data seem un- 
likely 10 be forthcoming. In any case. ' 
“racial continuity,” whether viewed 
a> relevant or not. is an unhelpful 
concept because it. can be defined in 
so mans different manners 
llisi»nv.ilt\ this did not prevent 


lhe Nazi theoreticians from applying 
a concept of genetic continuity in 
their definition of who was a Jew. In 
the early 1940s the Karaites, an an- 
aent quasi -Jewish sect, did not quali- 
ty for genocide because of blood dif- 
ferences between them and the ma- 
jority European Jewish population. 

. One purpose of the United Na- 
tions in approving the ref minding of 
Israel in 1 948 was to provide a home- * 
land for people who had been includ- 
ed in the “racial continuity” con- 


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Lopeland objects, although geneti- 
cally uncertain, accurately reflects 
the perceptions and political inten- 
tions or the postwar world. 

JOHN M. SAUL 
Ville d’Avray. France. 

Packing the U.S. Bench 

, 9*9".". Refl pn Recasting 
the Federal Judiciary’ (March 26} is 
worse than alarming. The wax 10 a 
nne-parix state. American Mvie? 

JAN STEPAN. 

Lausanne. 


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ACTOR IS ARRESTED — David Soul, a star of the television police series, “Starsky 
and Hutch," was searched by a policeman on Simday after his arrest at the Shady side 
Presbyterian Church in Pittsburgh. Three others were also arrested. They were trying 
to disrupt a service at the church, winch is attended by many steel company executives, 
because they lurid the executives responsible for unemployment in the industry. 


U.S. Military Chiefs Oppose Reforms of Commands 


By Bill Keller 

New York Tuna Service 

WASHINGTON — The na- 
tion's senior military leaden have 
closed ranks in opposition to pro- 
posals that would dramatically re- 
organize the U.S. military estab- 
lishment 

The leaders, Defense Secretary 
Caspar W, Weinberger, the secre- 
taries of ihc army, navy and air 
force and the five’members of the 
Joint Chiefs oT Staff, rejected asser- 
tions that the command structure i$ 
paralyzed by rivalries among the 
services, leading to wasteful spend- 
ing and poor combat readiness. 
They made their positions known 
in letters to the Senate and House 
Aimed Services committees. 

But a somewhat different view- 
port emerged from letters written 
by the nine operational command- 
ers of combat forces. Some said 
their authority over buying weap- 
ons and supplies, training troops 
and preparing battle plans had 
been inhibited by the power of the 
individual services. 

General Wallace H. Nutting, 
commander of the U.S. Readiness 
Command, in charge of troops and 
aircraft based in the United Stales, 
wrote, “The system os it is present- 
ly constituted depends inordinately 
on cooperation and good will in 
order to function." 

The dispute over organization is 


pan of a broader debate over 
whether the S 300- billion annual 
military budget buys all the securi- 
ty it should. 

The letters, which have not been 
made public, were made available 
by a person outside Congress. The 
Saute Armed Services Committee 
requested them in preparation for 
bearings later this year on propos- 
als 10 streamline the military com- 
mand. Copies were sent to the 
House panel 

The U.S. military system has 
been faulted in a succession of 
studies by groups like the George- 
town University Center for Strate- 
gic and International Studies and 
by retired military officials, such as 
General David C. Jones, former 
chairman of the Joint Chiefs. 

Critics have said the lack of 
strong central discipline in the Pen- 
tagon has allowed service fiefs to 
flourish, leading to duplication of 
weapons, neglect c*T ungbmorous 
needs such as ammunition and 
poor training for joint operations. 

They have recommended 
strengthening the authority of the 
chairman of the Joint Chiefs by 
making him the principal mili tary 
adviser to the president and giving 
operational commanders power 10 
override the separate services. 

In defending the system, some 
top military leaders warned that 
tampering with it would diminis h 
civilian control over tire armed 


Moyruhan Says Family Disintegration Now Pervades U.S. Society 


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By David E. Rosenbaum 

Sen York Timet Service 

WASHINGTON — Twenty 
years after he wrote a highly con- 
troversial report on black families. 
Senator Daniel Patrick Moynihan, 
a Democrat of New York, is renew- 
ing the call he made in 1965 for a 
‘'national family policy" to pre- 
serve the family structure. 

Now, however, the senator care- 
fully avoided identifying the prob- 
lems of single-parent families, ille- 
gitimacy, and poverty among 
children as largely black phenome- 
na. Those problems have so intensi- 
fied in the last 20 years, he asserted, 
that they pervade all of society and 
should no longer be addressed in 
terms of race. 

Mr. Moynihan outlined his 
thoughts in three lectures starting 
Monday night at Harvard Univer- 
sity under a lectureship established 
in 1903 by friends of b.L» Godkin, 
founder of The Nation magazine. 

In an advance copy he provided, 
the senator made no mention of the 


fact that in 196S, as an assistant 
secretary of labor, he created a fu- 
ror by writing in a report to Presi- 
dent Lyndon B. Johnson that the 
breakdown in black families was a 
nrinripaP cause of poverty among 
black Americans. 

That report, entitled “The Negro 
Family: Tbc Case for National Ac- 
tion,” was written at a time of riot- 
ing in many black urban neighbor- 
hoods and led (o criticism, mostly 
from blacks, that Senator Moym- 
ban was racist and guilty of blam- 
ing the victims for their distress. 

Senator Moynihan said last week 
that he stood by what he wrote in 
1965 but that “maybe; on balance, 
it was something better not said in 
the context of the times." 

He said he was not dwelling on 
the problems of blacks in his lec- 
tures because “I want to make dear 
(bis is not a black issue” adding: 
“It’s obviously worse there, but if 
you don’t think it’s bad in general, 
you're not going to get any re- 
sponse.” 

Most of alL the senator declared: 


“1 don’t want to be accused of 
saying. ‘I told you so.* “ 

The startling increase in the pro- 
portion of children living in fam- 
ilies headed by women has led to a 
situation, he projected, in which 
one-third of all children bom in 
1980 will be dependent on welfare 
at some time. 

He noted that the problem is 
much worse among blacks. From 
I960 to 1982 the proportion of 
black children under 5 years old 
not living with both parents rose (0 
60 percent from 30 percent while 
the proportion of white children 
also doubled, but only to IS per- 
cent from 7 percent. Nonetheless, 
he takes the view that the trend is 
an ominous one for all races. 

Senator Moynihan left the gov- 
ernment after the controversy over 
his report on black families. He 
taught for several years at Harvard, 
and then joined the Nixon adminis- 
tration as an urban affairs special- 
ist. In that position, in 1970, he 
wrote another controversial memo- 
randum, this one urging the gov- 


ernment to take a position of “be- 
nign neglect" in its racial policies. 

Senator Moynihan maintained 
then, as he does now, that he was 
saying that the Nixon administra- 
tion should tone down its oratory 
about blocks. 

He said taxes and welfare have 
worked to the disadvantage of poor 
families. 

In 1948, the tax laws allowed a 
personal exemption of 3600 for 
each family member. Today, the 
personal exemption is slightly 
above S1.000. But if the exemption 
had risen since 1948 at the same 
rate as inflation and family in- 
comes, it would be about $5,600 
today. A result is that in 1948 fam- 
ilies earning 10 percent above the 
poverty line were exempt from in- 
come taxes while today families 
well below the poverty line are 
taxed. 

In the case of welfare, he notes 
that while government benefits to 
die elderly rise automatically at the 
same rate os inflation, payments 


under Aid (o Famili es With Depen- 
dent Children, the main U.S. wel- 
fare program, have declined by 
more than 60 percent since 1969. 
“The consequence," he said “is that 
indigence all but disappeared 
among the aged, while it signifi- 
cantly increased among the 
young." 

He suggested that the personal 
tax exemption and welfare pay- 
ments be increased along with the 
rates of inflation. 

Beyond that, he rdied solely on 
the recommendation he made in 
1965, that the government declare 
“it is the policy of the American 
government to promote the stabil- 
ity and well-being of the American 
family, that the social programs of 
the federal government will be for- 
mulated and administered with this 
object in mind." 

The trend toward family disinte- 
gration is now so pronounced. Sen- 
ator Moynihan declared, that it 
should provide “common ground" 
for concern among liberals and 
conservatives. 


Whites in the South Are Still Resisting Integration, Blacks Say 

Although Racial Violence Is Rarer, Cities Are Preserving Institutions That Hinder Minorities 


By ’William E. Schmidt 

New York Times Semee 

GREENSBORO, North Caroli- 
na — Like Birmingham, Montgom- 
ery, and Selma, Alabama, those 
other shrines of the civil rights 
movement, Greensboro marked an 
important turning point for blacks 
in the South. Here; 25 years ago, 
four young blade men sat down 31 a 
whites -only lunch counter and re- 
fused to leave. 

The sit-in was the first in the 
South, and it inspired similar chal- 
lenges across the region. These ac- 
tions, over time, helped break the 
back of the segregation laws that 
were then the first line of white 
resistance to progress by blacks in 
the South. 

But while the force of federal law 
and the good faith of some officials 
have since helped many blacks 
move into society’s mainstream, 
civil rights leaders in this dty. like 
other places throughout the South, 
say that resistance among whites is 
still a reality. 

On occasion, it can take violent 
expression, as it did in November 
1979. when live Communist pro- 
testers here were shot to death in an 
exchange of gunfire with a group of 
heavily armed Ku Klux Klansmen 
and members of the American Nazi 
Party. They were twice acquitted of 
criminal charges, but a tivil trial is 
now in progress on a suit filed by 
survivors. 


Bui more typically, the 
by blacks is 


resis- 
tance described by blacks is more 
subtle and institutionalized. They 
say it reflects the reluctance or in- 
difference of whites to effect the 
sorts of changes — in voting sys- 
tems, housing opportunities or ur- 
ine practices — necessary to 
achieve real progress for blac ks . 
Blacks continue to lag far behind 
whites in all economic indicators, 
such as income levels and employ- 
ment rates. 

“White resistance in the South 
today seems to take two worrisome 
forms,” said Steve Sditts, the exec- 
utive director of the Southern Re- 
gional Council, a private, nonprofit 
organization in Atlanta that studies 
race relations in the South. 

“There is the resistance of ran- 
dom violence, which occurs at lev- 
els comparable to that of 20 years 


ago." he said. “And there is the 
resistance ofin difference. 

- “Many whites in the South today 
tend to believe that blacks now 
have opportunities equal to those 
of whites.” Mr. Suitts said. “They 
do not feel any responsibility for 
the sins of the past. And so they 
refuse to take an active or sympa- 
thetic role in seeking further 
change In the region.” 

Even political changes often 
come only after long battle. Re- 
cently, for example, a group of 
blacks in Greensboro used the 
threat of federal lawsuits to help 
push both the city and the sur- 
rounding county of Guilford into 
scrapping their at-lazge voting sys- 
tems in favor of district voting. 
They argued that at-large systems 
are, by definition, racially discrimi- 
natory. because they dilute black 
voting strength by favoring the 
white majority. 

“A lot has changed in this city in 
20 years, and blacks are a lot better 
off for it," said Earl Jones, one of 
two black city councilman elected 
in 1983 as a result of the new div 
trict system in the Greensboro, 
whose population of 180,000 is 
one-third blade “But that doesn't 
mean that while resistance has 
gone away. In many ways, it has 
just become more subtle, more in- 
stitutionalized. It’s just harder to 
see, but it's there." 

Many white residents in the 
Smith disagree with the notion that 
whites overtly resist black progress. 
In Guilford County, for example, 
officials say they abandoned at- 
large voting specifically because 
they came to agree wi Lb complaints 
by blacks who filed a lawsuit argu- 
ing that the old system was dis- 
criminatory. 

“In the past, I think people 
would argue that the system was 
not biased, that blacks aid not win 
because they did not run," said 
William B. Trevorrow, the county 
attorney. “But once it became an 
issue, we stepped back and took 
another look at it. And we were 
wilting 10 change." 

In that sense, some analysts say 
altitudes in the South have come to 
reflect these in the nation as a 
whole. “I think one problem in the 
South, like the rest of tile country. 


~W : 



WT 

is that whites have bought the argu- 
ment of reverse discrimination, 
that blacks have gotten more than 
they deserve,” sad William H. 
Chafe, a professor of history at 
Duke University in Durham and a 
longtime student of race relations 
in Greensboro. 

“This reflects a larger political 
environment that sanctions implic- 
it racism and sometimes explicit 
racism," Mr. Chafe said. 

That environment, he said, was 
defined, in part, by the Reagan 
administration's neoconservative 
emphasis on the individual and its 
arguments against programs de- 
signed to place more members of 
minority groups in jobs. Such affir- 
mative action is wrong, the admin- 
istration argues, because it tends to 
favor one group at the expense of 
another. 

If anything, these arguments 
may have even more weight in the 
South, where, among white voters, 
Mr. Reagan found his largest block 
of support last November. About 
71 percent of Southern whiles vot- 
ed for the president. 


In another sense, the very fact 
that Southern attitudes now more 
closely parallel those outside the 
region serves to underscore how 
much the South has changed over 
the last two decades, from the days 
when the force of terror and intimi- 
dation helped define the catting 
edge of what was then called while 
resistance in the South. 

The Citizens Councils, those as- 
semblies of white merchants and 
community leaders who formed a 
common front against integration 
in their communities, have disap- 
peared. Segregation laws, which 
were enforced with a ruthless deter- 
mination by the local police and 
sheriffs, long ago dissolved under 
the force of federal legislation. 

And while incidents of racial vio- 
lence and intimidation — random 
cross burnings, firebombings, beat- 
ings — still occur, the Klan itself no 
longer commands the following nor 
generates the fear It did in the past. 

In many communities, local me- 
diants cringe at Klan marches, 
fearing they will drive away black 
business on which they rely. Mean- 
while, the Klan has found itself 
unde increasing pressure as the 
result of both criminal indictments 
by the federal government and dvil 
lawsuits pressed by private organi- 
zations like the Southern Poverty 
Law Center in Montgomery, which 
has won court injunctions enjoin- 
ing the Klan from harassing blacks 
in North Carolina. 

But Mr. Suitts and others note 
that economic differences between 
whiles and blacks are more sharply 
drawn in the South than in the rest 
of the nation. 


According to an examination or 
data from the federal Equal Em- 
ployment Opportunity Commis- 
sion, nearly 66 percent of the black 
work Force in 1 1 Southern states 
hold jobs in the lowest three cate- 
gories: service workers, like maids, 
cooks and waiters; unskilled gener- 
al laborers, and semi-skilled opera- 
tors, such as chauffeurs, den very 
people and dressmakers. This com- 
pares with just 32 percent of the 
white work force in such jobs in 
those states. 

In contrast, 51 percent of blacks 
outside the South are in these job 
categories. 

And 59 percent of black families 
in the South have annual incomes 
below $15,000 compared with 3J 
percent of white families. 

Despite the force of law and 
moral authority, examples of oven 
discrimination still can be found in 
the region, more often in smaller 
communities that escaped the tur- 
moil of the 1960s. 

In Elizabeth Gty, North Caroli- 
na, for example, the local country 
dub recently withdrew an offer to 
allow the high school golf team to 
practice on its course after discov- 
ering that the squad included a 
black player. Officials of the dub 
said that race had nothing to do 
with their decision, noting that the 
course had become too crowded. 

in Butts County, Georgia, local 
offidals only recently tore down a 
chain-link fence that separated the 
black portion of the county ceme- 
tery from the white portion. Until 
the fence was taken down, black 
funeral processions had entered the 
cemetery through a back gate. 


forces. They generally said any 
problems could be solved without 
major institutional changes. 

General John W. Vessey Jr., 
chairman of the Joint Chiefs, said 
that the services had worked well 
together in recent ye3rs and that 
they had no trouble setting aside 
service loyalties to hammer out 
budgets and strategy. 

The Joint Chiefs “are also falli- 
ble human beings and as such may 
not always produce the ‘best* ad- 
vice" General Vessey wrote, “but 
when they don’t, it is not a question 
of procedures — it is a question of 
their wisdom." 


Teacher Is Killed 
In New Caledonia 

Reiners 

NOUMEA, New Caledonia — A 
schoolteacher was killed Monday 
and three persons were injured 
when separatist Kanak youths 
hurled stones at vehicles driven by 
white settlers, police said. 

They said Simone Homo. 47, 
died shortly after losing control of 
her car when it was hit by stones 
and crashed off the road. Three 
others were injured and a dozen 
cars badly dannagpri in other inci- 
dents near the east coast village of 
HouaHu. police said. 

Officials said 400 police and 
three helicopters had been rushed 
to the area to seek out the youths 
and attempt to restore security on 
the roads. 


The strongest criticism of the 
current system was from several of 
the operational commanders. Al- 
though they would actually direct 
the fighting of a war, they said, they 
have historically had far less influ- 
ence in the Pentagon than the indi- 
vidual services. 

But not all the operational com- 
manders found flaws in the system. 
Admiral Wesley L. McDonald of 
die Atlantic Command cited the 
invasion of Grenada as proof that 
the services could cooperate. 

Some critics inside and outside 
the Pentagon have ponied 10 the 
invasion as an example of sloppy 
coordination among the army, 
navy, air force and marine units 
involved. Bui Admiral McDonald 
said it was “an excellent example of 
sufficient unification." 

The operational commanders 
agreed that their influence had in- 
creased under the Reagan adminis- 


tration. For example, beginning 
this year they sent their list of bud- 
get priorities directly to the secre- 
tary of defense and the Joint 
Chiefs, in addition 10 making -their 
pleas through the separate services. 
* General Bernard W. Rogers, 
commander of allied forces in Eu- 
rope, said, “These changes not- 
withstanding, there remains in 
Washington a pre-eminence of ser- 
vice goals in the program and bud- 
get process.” 

As in the past, the most vocifer- 
ous opposition to change came 
from the navy, traditionally the 
most independent of tbe services 
and the most resistant to centraliz- 
ing power. 

“The overall organization of the 
Department of Defense is sound," 
said Navy Secretary John F. Leh- 
man Jr. He said the ' main organiza- 
tional problem was not rivalry 
among the services but too much 
bureaucracy at the lop. 




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Page 6 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 



Resignation Shakes Up French TV News 


By Michael Dobbs 

Washington Past Service 

PARIS — The surprise resignation of 
France’s star television news anchorwoman has 
; timed suspicions here that the Socialist govern- 
ment is attempting to reassert controls over the 
electronic media before crucial elections next 


her resignation to “professional” differences of 
opinion with Antenne 2's newly appointed di- 
rector-general, Jean-Claude H£berie, over staff 
appointments. A former television journalist 
himself, Mr. H&berte is believed to be dose to 
the Socialist Party and made a sympathetic 
documentary about Mr. Mitterrand when he 
was an opposition leader. 


on the news department He initially threatened 
to sue Miss Ockrent for breach of contract but 
later backed down. 


The announcement that Christine Ockrent, 
41, was stepping down as anchorwoman for the 
country's most widely watched television news 
program was greeted last week with the fevered 
speculation usually reserved for major govern- 
ment shake-ups. 

In a country where television has traditionally 
been regarded as the voice of the government in 
power, Miss Ockrent had become a symbol of a 
more detached and professional attitude toward 
die news. In the past 3te years, her evening news 
program on Antenne 2, France’s second chan- 
nel. has won top audience ratings over its princi- 
pal rival, TFt , widely regarded as being dosex to 
officialdom. 

Miss Ockrent’s winning smile and brisk, au- 
thoritative maimer won her recognition when 
she became the first woman to anchor a prime- 
time television news show in France in 1981. 
Baptized “Queen Christine" by the popular 
press, opinion polls consistently rated her as 
.France's most popular television news personal- 
ty- 

“They wanted to prevent her from governing: 


“It is not possible for me to continue, since I 
no longer feel in tune with my superiors," Miss 
Ockrent said in an interview in which she went 
■out of her way to praise Mr. Hfiberle’s predeces- 
sor, Pierre Desgraupes, who built a reputation 
for upholding journalistic independence and 
turned Antenne 2 into France’s most respected 
network. 


Queen Christine preferred to abdicate," was 
how the rightist Le Figaro summed up her 
resignation. The independent leftist newspaper 
Liberation said that her departure was a sign 
that President Francois Mitterrand's Socialist 
government was unhappy with the indepen- 
dence shown by Antenne 2's news team. 

In public statements. Miss Ockrent attributed 


Political influence over the mass media is 
wielded in subtle ways in France — through 
personal connections rather than oven manipu- 
lation of information — and it is difficult to 
point to examples of outright interference in 
editorial decision-making. 

But some French journalists claim thar Mr. 
Hfcberie is trying to bring Antenne 2 under 
tighter control by placing his own trusted men 
into key slots. They accuse him of seeking to 
bypass appointees of Mr. Desgraupes, such as 
Miss Ockrent and Albert Du Roy, the former 
bead of the network’s news department, who 
also resigned recently for “personal reasons." 

Other recent resignations at Antenne 2 in- 
clude that of Robert Chapatte, the sports editor, 
who took early retirement, and Jacques Segui, 
presenter of the late-night news program. 

Some observers see the “Ockrent affair" in 
terms of a clash between two strong-willed and 
ambitious personalities. Reacting last week to 
Miss Ockrent’s resignation, Mr. Heberii called 
allegations of political interference “unjust," 
saying that he had never tried to bring pressure 


According to the investigative weekly, Le Ca- 
nard Enchame. suspicions of Mr. HGberle's left- 
ist political connections surfaced at Antenne 2 
in January after Mr. Mitterrand visited the 
troubled French Pacific tenitoiy of New Cale- 
donia. The director-general was reported to 
have staged an angiy scene after network editors 
decided to cut pans of Mr. Mitterrand's state- 
ment on returning home. 

The turmoil at Antenne 2 contrasts with the 
mood of optimism following the Socialist vic- 
tory in elections in May 1981. when the network 
took advantage of the government’s decision to 
relax controls over the electronic media. The 
changes introduced in news presentation by 
Miss Ockrent, who had worked on the CBS 
program “60 Minutes," were hailed as the ad- 
vent of an American style in French television. 

“1 tried to be a credible anchorwoman, bring- 
ing the treatment of the news closer to the facts 
and away from the caricature of French blah- 
blah," Miss Ockrent said. “We tried to develop 
a more rigorous approach to the news, giving u 
more punch and attractiveness.” 

Miss Ockrent likes to say that she has avoided 
the company of French politicians and that she 
has met Mr. Mitterrand only twice: once when 
she interviewed him for the nightly news and 
once at a breakfast attended by a dozen other 
journalists. 

The Socialist government’s claims that it has 
taken a more liberal attitude toward television 
than its conservative predecessors rest partly on 
its creation of the independent High Authority 
for the Audiovisual Media in 1981 The authori- 
ty's standing was tarnished somewhat last year 
when it succumbed to government pressure and 
appointed Mr. H&berle head of Antenne 1 



Sudan to Stay Pro-West, 
New Ruler Assures U.S. 


By Bernard Gwenzman 

.V«v York Times Service 

WASHINGTON — The new 
military ruler of Sudan has met 
separately with the senior Ameri- 
can, Egyptian and Saudi Arabian 
diplomats in Khartoum and reas- 
sured them that be will keep Sudan 
on a pro- Western course. State De- 
partment officials said. 


On Sunday, his first day in office 
Fter overthrown! E President Gaa- 



after overthrowing President Gaa- 
far Nimeiri, General Abdul Rah- 
man Swareddahab summoned Da- 
vid H. Shinn, the charge d'affaires 
of the U.S. Embassy in Khartoum, 
the Sudanese capital 

General Swareddahab “ex- 
pressed interest in the maintenance 
of continued good relations with 
the United States and appreciation 
for the assistance the United Slates 
has provided the Sudan in recent 
years,” said Thomas Krajeski, a 
State Department spokesman. 

Usually, the United Slates does 
not divulge the substance of diplo- 
matic discussions. The rapidity 
with which Mr. Shinn's conversa- 
tion with General Swareddahab 
was made public underscored a 
U.S. effort to demonstrate public 


support for the new regime. 

Mr. Shinn, in turn, assured Gen- 
eral Swareddahab, the spokesman 
said, “that American food, refugee 
and other forms of assistance will 
continue." 

The spokesman added, “Mr. 
Shinn welcomed the general's 
statement of interest in the mainte- 
nance of good relations and as- 
sured him that the United States 
government shares fully the desire 
for strong bilateral ties." 

The Reagan administration, 
however, remains concerned about 
the ability of the Sudanese military 
to bring about the long list of 
changes it has promised. Among 
the problems mentioned by offi- 
cials here are the sharp differences 
with dissidents in the south, the 
deterioration of the Sudanese econ- 
omy and the continuing efforts by 
Libya and Ethiopia to cause trou- 
ble m the Sudan, which borders on 
both of them. 

There has been intensive Ameri- 
can discussion with Egypt and Sau- 
di Arabia, which have been close to 
Sudan, officials said. They said 
General Swareddahab also met 
with the senior Egyptian and Saudi 
diplomats in Khartoum. 

Sudan is the largest African re- 
cipient of U.S. aid after Egypt, but 
the more than SI 00 million in eco- 


T'fcw Yort Tmm 

Christine Ockrent in her office in Paris. 


Nicaraguan Rebels, Lacking Supplies, Trim Back Their War 


By Edward Cody 

Washington Post Service 

MANAGUA — Short of sup- 
plies and transport, anti-Sandinist 
rebel forces have recently reduced 
the scope and level of their three- 
year guerrilla war. 

U.S. and rebel officials have at- 
tributed the reduction in rebel ac- 
tivity mainly to lack of funds, 
which apparently is catching up 


successes by the Popular Sandinist 
Army in driving rebel forces north- 
ward toward the border region with 
Honduras and, for many, across 
the border into camps within Hon- 
duras. 


In a reflection of this. Defense 
Ministry reports have shown a 
dear drop in the number of inci- 
dents in recent weeks. 


with the main guerrilla force nine 
months after Congress imposed a 
ban on financial aid from the Cen- 
tral Intelligence Agency. 


Interior Minister Tomas Borge 
said the shift also reflects recent 


“This favors us, because the war 
is going away from the interior of 
the country and toward the bor- 
der," Mr. Borge said, referring to 
the decline of rebel activity in the 
more populated and economically 
important central zone. 


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“But at the same time, it implies 
a certain risk, because a border war 
is always dangerous for the impli- 
cations it might have for a neigh- 
boring country, in this case Hondu- 
ras." he said. “We will try to be 
very careful not to give any pretext 
that could provoke an incident," 

U.S. officials in Honduras have 


expressed similar fears that more 
regular rebel crossings of the bor- 
der area could raise the risk of 
clashes between Honduran and 
Nicaraguan troops on the frontier. 

At the same time, the increase in 
rebel troops on Honduran territory 
has intensified nervousness within 
the Honduran aimed forces over 
that country's role in aiding the 
UJSL-backed insurgents. 

The Honduran government pro- 
tested sharply when 17 Nicaraguan 
soldiers drove across (he border 
Tuesday in what Managua said was 
an accident. But an aide to Mr. 
Borge expressed confidence that 
the soldiers and their military 
trucks would be returned without 


group, the Nicaraguan Democratic 
Force, have gathered recently in 
'camps in Honduras near the moun- 
tainous border with Nicaragua. 


largely inactive for a number of 
months because of a lack of sup- 


months because of a lack of sup- 
plies, their leaders have acknowl- 
edged. 


have been unable to continue sup- 
ply drops at the same pace as when 
CIA funds and logistic help were 
available. 


major complications. 

He estimated that 6,000 to 7,000 
guerrillas from the main rebel 


This is up sharply from the num- 
ber late last year, when most of the 
rebels were reported inside Nicara- 
gua ambushing Sandinist army and 
government vehicles and agricul- 
tural cooperatives. 

U.S. and rebel officials have put 
the number inside Honduras at 
5.000 to 6,000 from a total strength 
estimated by rebel officials at more 
than 12,000. 

Misttito. Sumo and Rama Indian 
rebels in the Atlantic coastal region 
and Eden Pastora Gdmez's inde- 
pendent and -San dinis t guerrillas 
along the border with Costa Rica 
have another several thousand 
armed men. But they have been 


Rebel leaders have told visitors 
to their camps in Honduras that 
they have had trouble resupplying 
forces inside Nicaragua. But they 
attributed this to lack of consistent 
ammunition deliveries and ade- 
quate maintenance of aircraft used 
to make drops. This, they ex- 
plained, was a result of money 
shortages. 

Adolfo Calero Portocarrero, the 
chief Democratic Force political 
figure, said the organization has 
raised more than S5 million since 
.the U.S. Congress cut off Binds last 
spring. 

Bui aides of the rebel military 
chief, Enrique Bermudez, said they 


After barring further CIA aid a 
year ago, Congress voted last fall lo 
make S 14 million more available to 
finance rebel forces, but only on 
the condition that the funding be 
approved this spring in another 
vote. 


President Ronald Reagan pro- 


posed Thursday that the S14 mil- 
lion be used only for humanitarian 


lion be used only for humanitarian 
assistance should Nicaragua begin 
talks with the rebels: Managua re- 
jected this approach, and Congress 
is to vote on the money this month. 

Before the cutoff last spring, the 
CIA had provided rebel forces with 
a sum estimated by congressional 
sources at $80 million since 1981. 


nomic aid approved for the fiscal 
year 1985 has not been allocated 
yet because of the slow pace of 
economic changes by the former 
Nimeiri government. . 

General Nimeiri, who met with 
President Reagan last Monday, 
succeeded in getting the adminis- 
tration to free about $67 million 
that had not been disbursed in the 
1984 fiscal year by taking the kind 
of austerity measures that precipi- 
tated riots that fed to his downfall. 

“I think you will find us going 
out of our way to be sympathetic 
and supportive of General Swared- 
dahab," a senior U.S. official said 
Sunday. “We know he has a terrific 
problem everywhere he turns, and 
we don't want to cause him addi- 
tional headaches.” 

A major concern for Egyptian 
and American officials. State De- 
partment officials said, is the possi- 
bility of increased military involve- 
ment by Ethiopia and Libya 
against Sudan in coming days. 
President Hosni Mubarak of Egypt 
told reporters Sunday, “Libya tried 
to show she is involved in Sudan.” 

Little is known of General Swar- 
eddahab other than that he is a 
career military officer. 


The assumption in Washington 
is that the Sudanese military decid- 
ed that the calls for General Ni- 
meiri’s removal were so universal in 
Sudan that it was important for the 
military to move before violence 
spread through the country. 

One official said General Swar- 
eddahab might mm out to be only 
a transitional leader. 


Paris Office, Restaurant 
Are Damaged by Bombs 


Reuters 

PARIS— Two blasts early Mon- 
day damaged the office of the sta- 
te-owned coal board and a Jewi- 
sh-owned restaurant, police said. 


The first blast shattered the win- 
dows and entrance of the coal 
board office, but caused no inju- 
ries, police said. The second explo- 
sion caused slight damage to the 
Jewish-owned North African res- 
taurant. Chez Bebert. off the 
Champs-Eiysees. No one has 
claimed responsibility for the ex- 
plosions, which occurred 24 hours 
after a blast severely damaged the 
Paris offices of the state electricity 
company. 




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Disease Level in the Soviet Military 
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WASHINGTON — The Soviet 
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This assessment was included in 
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He drew the quotation on combat 


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research at the Kennan Institute! 
for Advanced Russian Studies, 
cited increases in such infectious 
diseases as typhoid, cholera, influ- 
enza and hepatitis in the military 
ranks. He concluded that, in one of 
numerous influenza outbreaks in 
1982, as many as 30 percent of the 
troops of individual units could 
have been side with the flu. 

Among the medical problems are 
acute intestinal infections, some- 
times of epidemic magnitude, he 
said. 

Hepatitis, which is discussed in 
the Soviet literature as one of the 
“urgent problems of military medi- 
cine." appears to have increased 
threefold from 1968-1975 and 
19 75-1982 in large military units 


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HAVANA — Rene Portocar- 
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modern artist, died Saturday, the 
news agency Prensa Latina report- 
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Mr. Portocarrero was best 
known for his abstract portraits of 
women in tropical settings of flow- 
ers, birds and trees. He did not 
travel outside Cuba until he was 40 
although he later exhibited in the 
United Stales, Italy, Spain. France, 
Britain and most of the Communist 
world. 


Gene Bernard Davis, 64. an ab- 


stract painter prominent among the 
Washington Color School, Satur- 
day after a heart attack in Wash- 
ington. 

Ben Novack. 78. founder of the 
Fountain ebleau Hotel, a popular 
vacation spot for the rich during 
the 1950s. in Miami Beach. Florida. 

Douglass Wallop, 65, (he author 
of “The Year the Yankees Lost the 
Pennant," the novel on which the 
musical and movie, “Damn Yan- 
kees." was based, in Oxford, Mary- 
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Bernard CUlds, 74, a painter and 
printmaker who was a pioneer in 
the use of technology in art engrav- 
ing and printing, of a heart attack 
March 27 in New York. 


and up to tenfold in specific units 
In a sampling of 203 military pa- 
tients with hepatitis, one- third suf- 
fered from residual symptoms and 
many had to be rehospitalized. 

Mr. Feshbach drew his informa- 
tion from the two journals, 
Voyenno-Meditsinskiy Zhurnal, or 
Military Medical Journal, and Tyl i 
Snabzheniye. or Rear and Supply. 
The Central Military Medical Di- 
rectorate of the Soviet armed forces 
comes under the jurisdiction of the 
Rear Services. 

Noting that Soviet military doc- 
tors apparently misdiagnose ill- 
nesses frequently, Mr. Feshbach 
said the chances of complications 
and further transmission of disease 
were Lhus increased. This is espe- 
cially (he case for acute intestinal 
infections, he said, adding that 
diphtheria, a growing problem, also 
was being misdiagnosed. 

A shortage of medical supplies 
poses difficulties as well, according 
to Mr. Feshbach. reportedly lead- 
ing doctors to reuse some supplies, 
increasing the chances of transmit- 
ting disease. 

Food storage conditions are said 
to reduce sanitary levels, with food 
that is contaminated by rodents re- 
portedly being reprocessed instead 
of being destroyed. 

According to Mr. Feshbach’s 
findings, vaccine effectiveness is 
generally poor. Typhoid vaccine is 
effective at only a two-thirds rate. 
In one military unit with an out- 
break of measles, it was found that 
only 88 percent of the youths, 1 8 to 
20 years old. had been previously 
immunized. Some military officials 
have also recommended manda- 
tory vaccinations for draftees. 

To combat these problems, Sovi- 
et officials have been creating “ex- 
traordinary anti-epidemic commis- 
sions" in all military units and on 
all ships. 


STATE VISIT — Prime Minister Laurent Fabius of France burned incense Monday at 
the Monument of the Unknown Soldier at the start of a three-day visit to South Korea. 


U.S. May Tax Frequent-Flyer Deals 


Washington Past Service 

WASHINGTON — The Inter- 
nal Revenue Service is studying 
whether to tax as income the free 
tickets that members of airline fre- 
quent-flyer programs cam Tor pil- 
ing up miles. 

The programs, started by Ameri- 
can Airlines to attract and hold 
high-volume business travelers, are 
operated by every major domestic 
carrier. American. Delta, Eastern 
and United, four of the nation’s 
largest airlines, say they have more 
than six million members in their 
dubs. Many people join more than 
one airline's program. 

An IRS spokesman, Ellen Mur- 
phy, said a decision has not been 
made on. whether to draft a regula- 
tion. The IRS is interested because 
business travel is usually paid by 


companies, while the free- flight 
benefits accrue to the individual 
and thus appear, in most cases, to 
be personal income. 

Frequent-flyer programs may be 


Frequent-flyer programs may be 
addressed in pending regulations 
on the taxation of employee fringe 
benefits, but that has not been de- 
cided, she said. The draft of the 
regulations does not mention fre- 
quent-flyer programs, she said. 

- IRS officials think that, techni- 
cally. existing law requires that fre- 
quent-flyer bonuses be taxed But 
without regulations on how to val- 
ue the Flignts and who is responsi- 
ble for reporting them, the IRS 
would fine! it hard to coiled taxes. 

A typical frequent-flyer program 
permits a member to upgrade his 
coach ticket to first class once he 
has flown 10,000 miles ( 16,000 kilo- 


meters) on the airline, offers a 25- 
percent discount on a round-trip 
ticket anywhere the airline flies af- 
ter 20,000 miles, provides a 50-per- 
cent discount after 25,000 miles, 
and gives a free ticket after 30,000 
miles and two tickets after 50.000 
miles. 


It costs nothing to sign up for 
any of the programs, and all airline 
officials interviewed agreed that 
many passengers on their rolls do 
not fly frequently. 

Experts said bonuses to individ- 
uals are taxable because they are 
not excluded by law, as are such 
employer-paid benefits as health 
insurance premiums or pension 
contributions. The 1984 tax law 
cracked down on certain fringe 
benefits but did not mention fre- 
quent-flyer bonuses. 




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A U.K. Budget Bonus 

The British budget for the current year had welcome news for 
futures and options players. Effective Iasi week, their profits will 
be treated for tax purposes as capital gains. Previously, profits 
were considered as income and taxed at rates as high as 60 
percent. 

The change means that futures and options will receive the 
same tax treatment given equities. Under current capital gains 
tax laws, profits are taxed at a 30- percent rate. The first £5,900 
are exempt. In addition, losses can be written off against 
income. 

Britain's financial community hailed the change, which also 
applies to onshore funds that trade in futures and options for 
hedging purposes. Mark Fox- Andrews, managing director of 
Drexe! Burnham Lambert, said it will enhance liquidity in 
London's futures and options markets and help “make the City 
competitive with the rest of the world.” 

Going Dutch in Bonds 

Yields on short-dated Dutch government bends have surged 
in recent months, prompting some European investment advis- 
ers to suggest that their diems switch from West German 
government bonds of three- to five-year maturity imo equiva- 
lent guilder issues. The yield gap between Nederland bonds of 
three- to five-year maturity and comparable West German 
government issues reached 120 basis points (hundredths of a 
percent) in hue February before narrowing to between 30 and 35 
points in recent weeks. 

Analysts say the yield dif- 
ference reflects the Dutch 
government's concern over 
weakness of the guilder 
against the Deutsche mark. 

Philip Howard of Phillips & 

Drew in London says Tire 
Hague is accepting the incon- 
venience of slightly higher 
yields relative to Buotlesre- 
public issues to hold the mark 
steady at about 1.13 guilders. 

Despite the recent narrow- 
ing in the yield gap, Mr. How- 
ard expects short-term Dutch 
bonds to remain attractive. 

He predicts that the yield on 
five-year Dutch government 
bonds could reach 825 per- 
cent by the end of the summer 
compared with 7.85 percent is 
iatcFebruarv. 




Ootchaod VHnt 

<tw 4 nmu«w r ignT i t 

:twn 



New View of Inflation 

Prevailing wisdom holds that a 10-perccnt drop in the dollar 
would add 2 percentage points to the U.S. inflation rate. The 
theory rests on the view that higher import prices push up 
domestic prices and, ultimately, wages. 

But James E. Amiable, an economist at First National Bank 
of Chicago, says this rule of thumb no longer applies. Worker 
concern about job security has broken the wage-price spiral of 
the 1970s, he argues. 

Moreover, be contends that the link between the surging 
dollar and import prices is tenuous. The evidence; The dollar's 
trade-weighted value rose 65 perc e nt in the last four years, but 
import pnees fell less than 10 percent Instead of bargain prices 
for consumers, Mr. Annable says, the dollar’s rise has meant 
bigger profits for importers. Since importers did not pass along 
the benefits of an appreciating dollar, he doubts they will pass 
along the effects of depredation, preferring instead to maintain 
their market share 

Playing the China Card 

Japanese companies that export to China may no longer be 
the fad they once were on the Tokyo Stock Exchange, but they 
are far from out of fashion. A number of brokerage houses have 
quietly removed so-called “China stocks" from their preferred 
usts. The move reflects concern about Bering’s ability to pay for 
imports because of the recent drop in its foreign currency 
reserves. 

Yet analysts still see promise in a handful of consumer- 
dedronics companies ana heavy-equipment manufacturers that 
are benefiting from China's modernization drive. “We think 
China is a major market theme and certain stocks will outper- 
form the market in the next six to 12 months,” says Hisanuchi 
Sawa, director of research at PiudentiaWJache in Tokyo. 

Favorites mentioned by Mr. Sawa include Tsudakoma, which 
nukes jet looms for textile manufacturing, and Sanyo Electric. 
Daiwa Securities recommends Kumagai Gumi, a construction 
firm, and two truck manufacturers, Nissan and Isuzu. 


A Surge of Interest in Offshore Funds 



W 


A view of Hong Kong and the harbor. 

Hong Kong funds 
ride the rebound. 
But will it last? 

By Dinah Lee 

A S STOCK markets go, Hong Kong's 
volatility is legend, its thinness a chronic 
annoyance. Yet despite this harsh envi- 
ronment offshore funds in the colony 
profited handsomely last year and further gain* are 
expected. 

On average, funds specializing in Hong Kang 
equities generated a return of 38.5 percent in 1984, 
compared with less than 2 percent in 1983. Major 
funds like Schroder, Henderson Baring and Old 
Court headed the list of top offshore fund perform- 
ers in 1984, according to Upper Analytical Ser- 
vices. 

Moreover, broad-based Asian funds, which in- 
vest in a variety of markets, including those in 
Hong Kong, Japan, Singapore and South Korea, 
owe much of their success last year to the colony. 

The success of Hong Kong funds has more to do 
with market fundamentals than shrewd strategies. 
Even fund managers acknowledge that they are 
more vulnerable to market sentiment in Hong 
Kong than in more established stock markets. The 
exchange only lists about 150 companies, and there 
is little room for defensive maneuvering if the 
market turns bearish. “The Hong Kong market is a 
one-way market,” noted Oscar Wong, director of 
GT Sooth China Fund. “It's very difficult to per- 
form in a different direction from the market" 
Indeed, on closer examination the performance 
of Hong Koog funds closdy tracked the Hang Seng 
index, Nome significantly outperformed or under- 
performed the market. Moreover, no matter what 
the underlying strategy used by managers, funds 
had surprisingly similar performances. 

In many ways, the political uncertainty that 
surrounded Hong Kong last year laid the ground- 
work far the funds’ remarkable success. As concern 
about the colony's future went from worry to near 
panic last summer, the Hang Seng index slumped 
to a low of 746 in July. But when the British and 
Chinese sorted out tire colony’s future, guarantee- 
ing its unique status when China assumes sover- 
eignty in 1997, the market rebounded. The index 
broke through the psychological 1,100 barrier in 
December. 

Although many of the Hong Kong funds got 
cold feet daring those difficult months and went 
comparatively liquid, they were able to jump into 
the market quickly as it turned around. Edward 


The top ten offshore funds in 1 984 on the basis of total return m U . S dolla r terms. 

The figures assume reinvestment of income regardless of the fund's stated 
objectives. Compiled by Upper Analytical Services from data on 446 funds. 

’ . 

Category 

Total Return 

Schroder Hong Kong Fund 

Equities 

40.95% 

Henderson Baring Hong Kong Fund Equities 

38.13% 

Old Court Hong Kong Fund 

Equities 

36.33% 

Mint Ltd. 

Futures, options 

31.34% 

Espac 

Equities 

30.51% 

Korea International Trust 

Equities 

27.67% 

Schroder Asian Fund 

Equities 

26.74% 

FuturGAM 

Futures, options 

20.92% 

Noram Secured Income 

Real Estate.mortgages 16.75% 

GAM Arbitrage 

Equities 

16.68% 


Kong, assistant director of Schroder's Asia Ltd., 
said managers of the company’s Asian fund were 
90 percent invested in Hong Kong equities when 
the market was at its low. The fund generated a 
return of almost 27 percent last year. 

Despite the already substantial rise in the mar- 
ket, fund managers expect to put in another good 
performance this year. Now that Hong Kong's 
autonomous capitalist life has been relatively as- 
sured, confidence is returning. The colony still 
boasts sound economic fundamentals, and there 
are signs of a recovery in the banking and property 
sectors, which account for 50 percent of the stock 
market index. Analysts predict the Hang Seng 
index could reach 1,800 by the end of this year. 

Jonathan Compton, director of the Henderson 
Baring Fund, thinks the market’s recent success is 
only the beginning of a prolonged rally. He says the 
importance of Hong Kong's role in China’s mod- 
ernization, (he rapid growth of the local money 
supply and the favorable outlook for corporate 
profits means that “this market is going to blow." 

The 525-miUion fund, Mr. Compton says, tends 
to be nnderweighied in utilities but otherwise 
strong on low-risk blue-chip companies and banks, 
including a fair number of China-related stocks. 

Mr. Wong of the GT South China Fund is more 
cautious about the market’s prospects and expects 
continued volatility. Although be acknowledges 
that he lost some ground to ms competitors when 
be went relatively liquid before the end of last 


industrials like Hong Kong Aircraft En gine ering 
Co. 

Investors who want to protea themselves from 
the slippery downside risk in Hong Kong should 
consider some of the broad Asian funds that have 
significant exposure to Hong Kong. These indude 
GTs Asian Hong Kong Growth fund and Asia 
fund, the Wardley Nikko Asia Trust, the Jardme 
Fleming Eastern Trust and the Indosuez Asian 
Growth Fund. 

Although Henderson Baring’s Mr. Compton be- 
lieves that single-country funds lake fuller advan- 
tage of bull markets like the one forecast for Hong 
Kong this year. Asian fund managers have been so 

(Continued on Page 10) 


Rising markets and : 
new products draw : 
tax-shy investors. 

By William McBride 

HEN Jack Tomlinson neared retire- 
ment in 1980 after 23 years with the 
Customs Cooperation Council in 
Brussels, the British finance director 
began looking for ways to invest the lump sum he 
would receive on leaving the international agency. 

Concerned about security, his first thought was 
British government bonds, called gflts. “I saw a a 
advert for a gilt fund and wrote to them," he 
recalled. Surprisingly, the fund suggested that he 
take his money elsewhere. 

The reasons' came down to taxes. The gilt fund 
was an authorized unit trust operating under Brit- 
ish law. As such, Mr. Tomlinson’s investment 
would be subject to a range of taxes that he could 
avoid by placing his foreign earnings in an offshore 
fund. 

Mr. Tomlinson, who has since returned to Brit- 
ain and maintains a portfolio of offshore fund 
shares, is only one example of a broad range of 
investors who have discovered the attractions of 
these investments. Globe-trotting executives of 
multinational corporations or independent profes- 
sionals commanding high fees for consulting jobs 
outside their own country have also turned to the 
funds. In another category are wealthy individuals 
in high-tax or politically unstable countries who 
want to park their funds out of reach of the 
authorities. 

The revival of world stock markets, continued 
currency volatility and die easing of foreign-ex- 
change controls have proved a boon to the offshore 
fund business. While industrywide figures are hard 
to come by. Fidelity Management, one of biggest 
fund operations, said the total assets of its offshore 
funds has grown from about S210 million at the 
end of 1979 to about S750 million currently. Dur- 
ing that period. Fidelity introduced three funds. 
Upper Analytical Services, which monitors the 
fund industry, says assets of the 466 offshore funds 
it tracks totaled $18.7 billion at the end of 1984. ; 

Offshore funds are the international cousins of 
US. mutual funds and British unit trusts. While 
organized along similar Hnes and by many of the 
same U.S. and British investment companies, the 
offshore funds are legally based in such low-tax 
areas as the Channel Islands, Bermuda, the Cay- 
man Islands, Hong Kong and Luxembourg. Most 
offshore fund shares are denominated in U.S. dol- 
lars. 

Fund industry officials say in recent years the 
flow of money into offshore funds has been partic- 
ularly strong from such Far East countries as 
Indonesia, Malaysia and Hong Kong. Much expa- 
triate money still cones from the Middle East, 
while the money invested from continental Europe 
flows mostly from retirement areas and from ac- 
counts in Switzerland. 

For the expatriate of any nationality, an offshore 
fund can eliminate a lot of headaches. “For the 
bulk of expats, one of the major problems is that 
they axe moving around,” notes Adrian Collins, 
managing director of Gartmore Investment Man- 
agement. By accumulating capital in an offshore 
fund, the expatriate who is reassigned from coun- 
try to country every few years avoids local lax on 
unearned income of on capital gains. His funds are 
(Continued on Page 8) 



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Talk of Takeovers Stirs U.K. Oil Sector 



An oil rig in the Worth Sea off the Shetland Islands . 


By John Meehan 


T HE TAKEOVER fever that swepi 
through London equity markets last 
year may soon descend on Britain's 
North Sea oO fields. 

The somber outlook for crude oil prices, coupled 
with doubts about (he potential [or new discoveries 
in the North .Sea, has so depressed the prices of 
small exploration stocks that several are prime 
targets for predators, according to analysts. 

Moreover, many of these companies are entitled 
to huge exploration tax credits that can be written 
off against Britain’s petroleum revenue and corpo- 
rate earnings taxes. Many analysts believe that the 
desire for tax efficiency' will persuade bigger oil- 
producing companies to overlook the spotty earn- 
ings performance and poor prospects of many of 
the small exploration companies. 

Adding up assets and the potential value of 
exploration tax credits, Paul Gregory, an oil ana- 
lyst with Wood, Mackenzie & Co. in Edinburgh, 
estimates that the exploration sector is trading at a 
6-percent discount on equity markets compared 
with a 53-percent premium a year ago. “At these 
values, it's getting cheaper to buy oil and gas on the 
stock market than go out looking far itr he said. 

There is no suggestion that the potential merger 
activity this year will come dose to the magnitude 
of the recent takeover battles in the Uniiedstates. 
Some analysts even think the chance of an average 
investor making money in the sector is slim. “It’s a 
very, very high risk-reward situation," one analyst 
said. “When you start looking at tax situations and 
asset values, it’s difficult to figure out who is a 
target and who isn't.” 

Nevertheless, the current takeover talk, analysts 


say, could herald a long- anticipated consolidation 
among North Sea exploration companies and bid 
up share prices in a sector that has performed 
poorly since last September. 

Few analysis see these companies proceeding as 
independents. Many that faD into the target cate- 
gory were bom during the North Sea oil rush in the 
1970s. Now, with the Claymore and Forties fields 
slaked out and oil prices hovering around S28.50 a 
barrel, oil specialists do not expect significant addi- 
tional discoveries. Some companies, observers say, 
are actually eager to merge with larger concerns to 
broaden their horizons. 

“This could be the year of the big shakeout.'' said 
Jeremy Elden, who tracks oil stocks at Phillips & 
Drew.* 

There is no lack of predators. Most major British 
oil companies are heavily weighted toward produc- 
tion rather than exploration m the Nonh Sea and 
would be eager to reduce their tax liability. Enter- 
prise Oil, one of the biggest and most profitable 
independents, is thought to be seeking acquisitions. 
It has more than £100 million (S120 million) on 
hand in cash and short-term investments, analysts 
say. 

So far merger speculation in the oil sector has 
focused on 3 handful of medium-sized companies. 
TricentroL which recently reported a 25-percent 
jump in earnings for 1984, is seen as the most 
vulnerable to predators. The company reported 
late last month that someone had built up a 4.7- 
percent stake in its shares. Buyers do not have to 

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Page 8 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 




ATTENTION GOLD A SILVER MVESTORSi 


Why It’s Almost 
Time to Buy Gold. 


Growth-Stock Funds Shone in First Quarter 


;,;ov‘' r 


I n August 1976. Mark Tier's world 
money analyst advised a new bull 


market in eotd was about to begin. Gold was 
under SUSI 10 per ounce — in the neat 3 Vi 


• two signals you can watch - Just by 
reading the daily newspaper — which will 
tell yon whether gold's about to take off - 
□f collapse: 

What s more. Mark Tier's Special Report. 
“It’s Almost Time to Bay Gold." combines 
technical and fundamental analysis, It draws 
os the prejitigknii Consolidated Gold Fields 
annual Gold report, ibe Financial Times 
Gold Conference, and Mark Tier's private 
sources in Switzerland. London. New York 
and Chicago. 

Remember, it's almost - but not yet - 
time to buy gold. To profit from the coming 
big move in gold, make sure you gel your- 
copy of “It's Almost Time ra Buy GoUT 
now. Delay.. .and you could miss this 
opportunity altogether. 


years it rose 8-fold to SUSS75. recorded 
January 1980. 


January 1980. 

Now. Mark Tier has just published an 
extensive. 48-page Special Report entitled 
" It'S Almost time to Boy Gold . " Described 
by one gold trader os “the first original 
thinking on gold I've seen in 10 years,” youll 
find our 

9 rno factors that could push gold over 


SUS2.000 per ounce by 1987 - but what 
could send gold to 5265 first; 

9 why the next gold bull market will not 
be a repeal of the !976-'80 “gold rash.” 

• the supply and demand Tortcs that pushed 
gold to 5875 in January 1980 - why they 
will never happen again; 

9 i.m d» ikh: a graphic depiction of the 
fundamental factors affecting gold which 
dearly Foretells gold's major price trend. In 
this Special Report Mark Tier divulges the 
secrets of his proprietary method of gold 
analysis: 

• selected, low-risk, Australian. American, 
Canadian and South African gold stocks that 
could skyrocket ten-fold — if the price of 
gold hits just 5600! 

9 row widely-reputed myths about gold 
(you’re probably following all of them). How 
any one or these row “gold fairytales” could 
cause you to lose your shin! 

• supply, demand, and price projections to 
1987; 


First-Quarter Mutual Fund Performance* 


By Fred R. Bleakley 


Best and weakest performers among mutual funds based on etianfle In net asset 
value, Including dividends. In the Aral quarter of 1885. * 


Name of Fund 


Investment Strategy 


Percent 

Change 


T HANKS to a January surge 
in the stock market, the aver- 
age equity mutual fund in the 
united States gained 8.93 
percent in the first quarter. That was 
almost as much as these funds have 
gained daring the entire year, on aver- 
age. in each of the last 15 years, accord- 
ing to Michael Upper, president of Lip- 
per Analytical Services, which compiled 
the quarterly performance statistics. 

For the seventh consecutive quarter, 
however, equity mutual funds fared 
morepoody, on average, than the Stan- 
dard & Poor’s 300 index, which was up 
9.21 percent, with dividends reinvested. 
The 456 general equity mutual funds, 
on average, however, exceeded the Dow 
Jones industrial average, which gained 
5.78 percent 

Mr. Upper said that after six consec- 
utive quarters of poor performance, 
mutual funds specializing in smaD-com- 
pany growth stocks broke into the top 
10 rankings in a big way. Also putting in 
strong performances were several funds 
that struck it rich in late March when 
their investments in gold shares shot up. 

The top perforating fund out of the 
773 tracked by Upper Analytical Ser- 
vices was First Investors Natural Re- 
sources, an £11 - milli on portfolio that 
gained nearly 40 percent, thanks to a 
heavy concentration in gold shares and 
energy issues, which also rebounded in 
the quarter. In the fourth quarter of last 
year, the fund had scraped the bottom 
of the rankings list with a 24. 6-perccnt 
decline. 

Another turnaround was the Sher- 


Flrst Investors Natural Resources Natural Resources +39.53 


To find out how to get a copy of this 
port FREE, simply clip ana mail the 


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Sherman Dean 

Stetnroe Discovery 

Fidelity Select Leisure 
Fidelity Select Health ■ 

Babaon Enterprise 

First Investor* Dlaoovery 
First Investors International 


Smalt-company growth +32.21 
Capital appreciation +31.76 
Small-company growth +24.26 
Specialty industry +24.10 
Specialty industry +22.92~ 
Small-company growth +21.80 
Small-company growth +21 .kT 
Global +20.16 


Lombard 
offer you 
so much more 
for your money 


Financial Portfolio Gold Gold 

WEAKEST PERFORMERS < 
AARP General Bond Fixed-income 

+19.04 

-1.54 

Nicholson Growth 

Capital appreciation 

-1.53 

G.E. Long -Term Interest 

Fixed-income 

-1.41 

Newport Far East 

International 

-1.20 

AARP GNMA 

Fixed-income 

-0.95 

Steadman Oceanographic 

Growth 

-0.68 

Maxim Bond 

Fixed Income 

-0.52 

GT Pacific Fund 

international 

+0.39 

Calvert Income 

Fixed -income 

+0.40 


Merrill Lynch Federal 


Fixed-income 


+0.50 


* Out ot 773 funds, exclusive ol money market funds, municipal bona funds and 
short-term Government securities. 

Source; Upper Analytical Services 


Investments 
in gold shares 
also pay off 


leader for most of the 


But it 


was bumped into second place by the 
Fust Investors Natural Resources Fund 
when gold shares soared at the end of 
March, at a time when the dosing of 
scores of Ohio thrift institutions shook 
world financial markets. 

‘‘Most gold funds were flat to down 5 
percent at nrid-March,” said Peter 
Lynch, senior vice president of Fidelity 
Management & Research, with a tinge 
of regret that his firm ’s OTCFund was 
knocked out erf first place. “By the end 
of the quarter, they were up 15-20 per- 
cent” 

The S 25 -miIlion OTC Fund scored 
wdl Mr. Lynch said, because it was 
heavily invested in over-the-counter 
growth slocks that were not tedmologi- 
' cally oriented. Technology stocks were 
one of the sectors that did not come 
Tyidf strongly in the quarter. 

Two sectors that did perform wdl 
were leisure stocks and health care. Fi- 
delity’s two funds that specialize in 
those areas were among the top 10 per- 
formers for the quarter. Hie leisure 
fund was especially helped by the run- 
up in broadcasting stocks such as CBS 
and ABC, as well as restaurant compa- 
nies, Mr. Lynch said. And the Select 
Health Fund gained with its invest- 
ments in drug and hospital manage- 
ment companies, he added. 

Patrick Page KDdqyle, economist and 
portfolio manager of First Investors 
Group, said his firm's international ' 
fund performed well because it was 
heavily invested in the Hong Kong mar- 
ket, Canadian energy stocks and several 
cyclical companies, such as steel stocks, 
in the United States. □ 

New York Times Service 


man Dean Fund, wfak± jumped from 
third-worst at the end erf last year to 


third-worst at the end erf last year to 
third-best for the fust quarter of this 
year. It is a capital-appreciation fund, 
which means that it can trade actively 
and use options as wdl as stocks in its 
portfolio. 

The volatile state of the bond market 
in the first quarter made losers out of a 
number of fixed-income funds, despite 
the interest they earned from their in- 
vestments. Six of the 10 worst perform- 
ing funds were fixed-income. Although 
bond prices, measured from the begin- 
ning to the end of the quarter, were 
relatively flat, there were sharp swings 
during the interim. 

One of the fixed-income funds that 
suffered the most was the General Elec- 
tric Long-Term Interest Fund, with 
more than S200 milli on jn assets held 
for GE employees. It had led the list of 
top perforating funds in the fourth 
quarter of last year, but sank to third- 
worst perforating over the last three 
months. 


_ d groups 

wdl in the first quarter. First Investors 
Group and Fidelity Management & Re- 
search Corp. each bad three funds listed 
among the top 10 performers. The Fi- 
delity OTC Fund, in fact, had been the 


IT' 




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(Continued from ftge 7) 
professionally managed and there 
are none of the communications 
problems that arise in trying to 
invest directly in complicated 
markets from a long distance. 

The growth in the offshore in- 
dustry in the last few years has 
been marked by a proliferation of 
specialty equity funds that give the 
offshore investor access to specific 
markets or sectors of markets. 
These funds concentrate their 
holdings in such areas as Ameri- 
can growth stocks, Japanese 
small-company stocks or Austra- 
lian stocks. “At the moment, the 
fad is European stocks.” notes 
Robert Harris of the firm of Nich- 
olson Harris, a financial adviser. 

Typically, specialty funds start 
out catering to institutions, such 
as pension funds and insurance 
companies that find the funds a 
convenient way to invest in such 
difficult markets as those in Hong 
Kong or Spain. If the funds are 
successful, they become more re- 
ceptive to individual investors. 
Mark V. Sl Giles, head of GT 
Unit Managers, says that in recent 
years there has been “pressure to 
introduce more specialty funds for 
individuals.” 

Another trend has been the cre- 
ation of "switch” funds, which al- 
low investors to move assets 
among a family of funds at little or 


no cost. The most ambitious ver- 
sion is the Gartmore Capital Strat- 
egy Fund. It offers 13 funds in 
such areas as Japanese stocks. 
North American stocks, British 
stocks, British government bonds 
and yen convertible bonds. There 
are also currency funds in U.S. 
dollars, British pounds, Deutsche 
marks, yen and Swiss francs. 


T HE growth in the num- 
ber of funds has com- 
plicated the task of se- 
lection. But for 
investors, the primary issue will 
always be the reputation of the 


fund. In a field touched regularly 
by scandal, investors should “only 


by scandal, investors should “only 
deal with first class names,” cau- 
tions Paul Tagg, managing direc- 
tor of Tagg Financial Manage- 
ment “If you’re dealing in an 
offshore fund, you don’t have to 
deal on the fringe." 

The safest path is to stick, with 
the funds that are offshoots of 
established companies operating 
in the domestic markets. 

After safety, the most important 
issue is performance, a much more 
complicated topic than many fund 
investors appreciate. The figures 
found in die promotional cam- 
paigns of even the best funds do 
not always teD the full story of 
performance. 

In a bull market smaller funds 
with aggressive' managers can of- 
ten outperform the broad market 
indexes by filling the portfolio 
with the volatile shares of young 
growth companies. But if the mar- 
ket sours, the value of an aggres- 


Investing 


sive portfolio is likely to decline 
faster than the overall markeL 



faster than the overall markeL 

Volatility can also be a trait of 
specialty funds concentrated in a 
market or sector that is prone to 
steep ups and downs. 

For a dear picture of a fund's 
performance, it is important to 
look at the changes in its return on 
a year-by-year basis and to com- 
pare them with funds with similar 
goals and assets. Just looking at 
the average annual compound re- 
turn over the life of the fund, a 
figure routinely trumpeted by 
fund brochures, will seldom pro- 
vide the full story. 

A fund with a 19-percent aver- 
age annual compound growth over 


five years of existence is impres- 
sive. But the fond could have had a 


sive. But the fond could have had a 
brilliant first two years and have 
been on the decline ever since, a 


fact (hat an investor should be 
aware of. 

' Some professional advisers also 
steer away from funds that they 
deem to be too large. Though there 
are exceptions, performance tends 
to be less dynamic as a fund be- 
comes larger. 

An issue closely linked to per- 
formance is the fund’s investment 
policy. A seasoned investor will 
seek to find out how willing the 
fund manager is to convert the 
fund's stock holdings to cash 
should a bear market hit Manag- 
ers of stock funds typically will 

fund's assets in caJ^no* matter 
bow bearish the outlook, says Mr. 
Tagg. 

Fund managers often take the 
• view that their shareholders 
bought the fund to invest in the 
underlying stocks, not in cash,’ 
says Hugh Lockhart, managing di- 
rector of Charnley McLernan 
Overseas, investment advisers. 
Thus, the managers believe their 
shareholders “have made the deri- 
sion to ride out the risk,” Mr. 
Lockhart says. But he says this 
attitude is changing somewhat 
among the younger generation of 
fund managers. 

Another test of a fund’s credi- 
bility is whether it has personnel in 
the markets in which it partici- 
pates. A fund specializing in Japa- 
nese shares should have a person 
in Tokyo. “We like the manage- 
ment to be in the countries where 
the assets are,'’ says Mr. Harris of 
Nicholson Harris. 

To purchase shares in an off- 
shore fund, investors will usually 
pay a “front-end” fee, or sales 
charge, of about 5 percent or less. 
Management fees vary widely, but 
usually do not exceed 1 percent 
annually, about the same as those 
for British unit mists. 

Fund operators are generally 
optimistic that their industry will 
continue to grow, helped along by 
the confidence in world markets 
and growing sophistication of in- 
vestors. They count on the attitude 
expressed by a British employee of 
a North African company that is a 
joint venture between alii, firm 
and the local government: “Quite 
simply, they’re an easy way to cov- 
er afi my options.” □ 

Lynne Curry in London contribut- 
ed to this report. 







Bernard Comfeldand some friends in London in 1974 after he was released on bail 
from a Swiss prison, where he had been questioned about fraud and other charges. 


The Long Shadow of IOS 


O NE OF the burdens on the international 
fund industry has been the legacy of the; 
collapse of Investors Overseas Services, a 
scandal that ruined many investors' ap- 
petite for fund. 

The investment community will not soon forget 
IOS or its founder, Bernard Cornfdd, a former social 
worker and mutual fund salesman Iran Brooklyn, 
New York, who went into business in Europe in the 
1960s. Stealing a march on the big European invest- 
ment houses and banks, he brought the concept of 
mutual fund shares to more than 200,000 mostly 
middle-class investors in Europe, Asia and Latin 
America eager to participate in the U.S. stock market 
boom of the 1960s. 

By 1968, IOS controlled about 18 funds with assets 
approaching $2 billion. Mr. Corafeld and a staff of 
about 1.400 ran a global empire from a lavishly 
furnished chateau on the outskirts of Geneva. 

But IOS crumbled quickly as the bear market took 
hold in 1 970. At one point, some IOS fund shares lost 
half their value in a single day as panicky investors 
dumped their holdings. In the power straggle that 
ensued, Mr. Corafeld was deposed as head of IOS, 
with control eventually passing to Robert L. Vesca 
According to a UJS. Securities and Exchange Com- 
mission suit in 1972, Mr. Vesca diverted some $224 
million in stocks in IOS funds to banks and shell 
companies controlled by himself and his associates. 
He was later indicted in the United States on fraud 
charges arising from the IOS collapse and on charges 
of attempting to obstruct an investigation by contrib- 
uting $200,000 to President Richard M. Nixon's re- 
election effort. 

Mr. Vesco thus became one of world’s best known 
fugitives, and is variously said to be living in Costa 
Rica and on an island off Cuba. A Swiss jury acquit- 
ted Mr. Corafeld in 1979 of fraud charges. He now 
lives in Los Angeles. 

Nearly 12 years after the collapse of IOS, an 
international effort to sort out the company’s affairs 


According to a West German group of IOS share- 
holders, payments already received as part of the 
liquidation of four major IOS funds amount to about 
95 percent of the total net asset values of (he funds in 
1973. “They got back most of their capital,” said Mr. 
Barnett “They just didn't get any interest for 15 
years.” 

The IOS collapse — and a number of smaller 
scandals since — spawned a wave of new regulations. 
Still, expats say the offshore fund investor continues 
to have minimal legal leverage in the event of a fraud. 

However, eager to keep their lucrative tax-haven 
industries nourishing, many of the offshore areas 
have moved to clamp down on abuses. Guernsey and ' 


r_-. • ~ ... , v 


iTak 


ec 


Jersey in the Channel Islands and Hong Kong are 
among the offshore centers that have imposed miner 


among the offshore centers that have imposed firmer 
controls on funds, in general, regulators are locking 


closely to insure that a fund’s assets are bring held by 
an independent trustee or custodian. From the inves- 
tor’s standpoint, tins should be a first-line bank with 
an international reputation to protect 

There is also a move among the more well known 
offshore funds to register their offerings with nation- 
al regulatory agencies and to obtain stork market 
listings. “In some ways, the idea of ’offshore’ is - 
breaking down," says Mark V. Sl Giles, managing 4* 
director of GT Unit Manager in London. 

Still, there is a long way to go before the fund 
business becomes truly international. Virtually every 
country restricts in some way the sale of funds not 
accredited by its national authorities. 

The U.S. Securities and Exchange Commission has 
gone as far as to discourage any non-U JS. fund from 
soliciting Americans, even if they are not residing in 
the United States. In deference to the SEC position, 
prospectuses for many offshore funds stale that 
shares wflj not be sold to a “U.S. person." In practice, 
however, few offshore funds enforce such provisions, 
though they will not accept correspondence or pay- 
ments from the United Stales. In any event, the issue 
is between the SEC and £he funds, not (he investor, 
SEC officials acknowledge. 

_ European Co mmu nity officials are working on a 


frwa p- t . - 

- 

X - ’7C7J20; 


and liquidate its assets is nearing completion, accord- 
ing to Vic Barnett of Clarkson Co., the Toronto firm 
that is overseeing a major pan of the process. He said 
Clarkson is still seeking about 16,000 IOS sharehold- 
ers. (Queries should be addressed to The Clarkson 
Co., Liquidator, IOS Ltd., P.O. Box 251, Toronto- 
Domimon Centre. Toronto, Ontario, Canada 
M5K1J7.) 


^1. 

. 


•• 

--.'an 


£.<*-■ p.V.'- - 

p... ; 


^ 

Fr- _ 







directive that would let any fund approved by nation- 
al authorities and meeting certain criteria sell its 


dj dumonocs ana meeting certain criteria sell its 
shares anywhere in the EC. The directive could be 
approved this year. □ 

— William McBride 






As a leading international stock- 
broker, we meet all the financial 
needs of the expatriate investor. 

In the stable and tax efficient 
environment of Jersey our clients 
investments are treated in the 
strictest confidence and our 
advice is always totally impartial. 
Offshore Fund portfofio management 

* Offshore funds are selected for 
your portfolio based on their invest- 
ment merits and our knowledge of 
the fund managers 

* Low minimum investment 

£10,000 or currency equivalent 

* Regular savings scheme 
International equity and bond 
management 

* Minimum investment £100.000 

Financial and tax planning 


HOARE^ 

GOVETT 


(Jersey} Limited 

of London Stock Exchange 


Mr Andrew Buctanan.Managing Director^ 
| HoareGovett (Jersey) Limited. PO Box I 

1 367. Charles House. Charies Street * 

St Heller. Jersey, Channel Islands. § 

I 0534 7754a t 


I PHMMMnd maaoudmofUMfoucwMoOnshoiw 
f=nsnc*ai Stwis 

I tuck DO* tor ruonnaiion rann'M) 


I t< ick do* m mionnsMR rwuiretj) 
j n Offshore Fm-Kfc Pornolra Management 
I □ mtemauonal Equity** Bond Management 
| □ Tax & Financial Planning 
| Name 


How to keep your dollars strong 


Until recently it has been hard to imagine 
the world without a strong dollac Indeed, wc 
have seen the dollar reach unprecedented 
peaks against the world’s other major > 
currencies. yr 

But, since mid-March, the changing f 

pattern has shown that the dollar can / 
decline. I 

If you have been fortunate enough V 

to benefit from Its strength, now is the 
rime to hedge against its weakness- ^ 

by investing in the dollar-de nominated 
Holbom Currency Fund. The Fund is 
an actively managed portfolio of V 

currencies, the Investment Advisers to \. 

the Managers being Prudential Portfolio > 
Managers Limited who manage world-wide 
assets in excess of $17,000,000,000. 


* OPPORTUNITIES FOR 
CAPITAL GROWTH 


* HIGH INTEREST RATES 

* LOW DEALING COSTS 

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SOURCE 

* BERMUDA BASED 



Plctise send me a copy of the Iciest Report txnd 
Prospectus (on the terms of which alone 
applications will be kionSulerecQ. 

To: Holbom Currency Fund Ltd, 

RO. Box 61, Bermuda House, 

Sl Julianas Avenue, Sl Peter Rjrt, 
Guernsey. CJL Telex Ncr. 4191502 


NAME (Mr /Mrs/Miss)-. 
ADDRESS 


CAPITAL STRATEGY 
FUND LIMITED 


^alfe ?tl pn is Qj 


Gartmore Fund Managers 
International Limited 
6 Caledonia Place. St Helier 
Jersey, Cl - Tel: 0534 27301 
Telex; 4192030 


Find 

Storing Dep. 
U-54 Deposit 
DMDep«il 
fat Dopant 
Sw.Fr. Dep. 
N. American 
Japan 
Pacific Bonn 
W. Growth 
Britah 
Storing G» 




£ 

1.026 

12. <8 

S 

1.009 

800 

DM 

5.025 

4.60 

far 50270 

5.48 

SFr. 

5.019 

4.11 

S 

U3 

030 

S 

103 

040 

s 

1.23 

080 

5 

1J07 

two 

£ 

170 

200 

£ 

1.08 

1050 

i 

0.96' 

1200 


r eat3nems 


m Prices at 3 / 4 / 85 . 




-TEUNO; 


Holbom Currency Fund Limited 




WHAT ARE THE EXPERTS SAVING? 
READ 

WAU STREET WATCH 

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W EACH THURSDAYS IKT- 


Iwili'ii+i'hiiW i*l I ti*' hunJ K I'i iiJiiitr.il IWr/iifm Miumsri* F.iimu'cf. Li.i-iiwJ Onifn in N.-.n»in.» 














INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 


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Page 9 


s .- i 


Easy Gains 
Are Over 
For Progeny 
Of Ma Bell 

By Editii Cohen 

I T HAS been a little more flran a war 
since the historic breakup of Ameneaa 
Telephone & Tdcxraph. in that brief 
period, Ma BdTs offspring have turned 
in a stellar performance, exceeding their own 
earnings estimates for 1984. 

‘'They’ve done a marvelous job in a year in 
gening things in order,” observed Leonard 
Hyman, an analyst with Merrill Lynch, 
Pierce, Fenner & Smith Inc. On average, stock 
in the companies appreciated 17 percent last 
year to produce yields of about 15 percent. 
Pac ific Telesis was by far the biggest winner. 
Its share price rose 28 percent. Dining the 
same period, the Standard & Poor’s 500 index 
m anaged a modest 1.4-percent g*in- 
Despile such enormous moves, which are 
unusual for telephone companies, analysts are 
skeptical that they will be able to duplicate 
last year’s performance in 1985. 

In many ways 1984 was tmusuaL The com- 
panies were new, yet benefited from lingering 
confidence that was generated by their Befl 
System connection. Inis year the regbnals 
will be measured against the reality they have 
created. Hie stock market wiD not be as eu- 
phoric, analysts contend, and differences 
among the companies are bound to emerge. 

“They are big, sound telephone companies, 
with some problems. The mdc is to figure out 
which have bigger problems and winch can 
overcome them/* saw Andrew Si) ion, an ana- 
lyst at First Albany Gup. 

At the moment, the analytic community is 
distinguishing very-little among Ameritech, - 
Bell Atlantic, BellSouth, Nynex, Pacific Telc- 
os, Southwestern Ben ana US West. Since 
starting up in January 1984, the “baby BeBs" 
have been more or less “running in a pack,” 
according to Mr. Siltoo. 

JBm each company has its own regional 
characteristics and problems. They cover reg- 
ulatory climate, management style, demo- 
graphics, and general responsiveness to tech- 
nological developments and to business 
opportunities beyond simple telephone ser- 
vice. 

Regulatoiy climate is seen by many as cru- 
cial, over the long term, to a regional compa- 
ny’s attractiveness. Under the terms of the 
AT&T divestiture, about 90 percent of a re- 
gional's revenues imm come from tariffs set 
by the Federal Communications Commission 
and state regulatory authorities. And this year 
profits could depend heavily on rate increases, 
and all the regional companies are seeking 
some increase in allowable rates. 

Another big problem confronting the re- 
gional companies is the threat of “bypasses” 
in which big corporate customers develop 
their own telecommunications system instead 
of using the local phone service. The regional 
companies arc dearly vulnerable when it ; 
comes to long-distance calls. 

In order to subsidize local phone service, 
long-distance customers now absorb the costs 




of anifiriaQy high fees, called access charges, 
that are paid by the long-distance companies, 
such as AT&T, MCI Communications, GTE 
Sprint and others, to connect with local cus- 
tomers. But some large companies arc devel- 
oping ways to link up directly with long- 
distance lines. 

If the bypass movement gains momentum, 
the loss of revenue could be devastating to the 
regional operating companies unless regula- 
tors agree to reduce the subsidy for residential 
service. Some companies are pressing officials 
to move in that direction, but it dearly is an 
unpopular political choice. 

D emographics will also shape 

the destiny of the regional compa- 
nies. This does not necessarily 
mean a company must service an 
area of high population growth to boost prof- 
its. Instead, regions where telecommunication 
needs are increasing, such as in areas where 
corporate customers are growing, will likely 
benefit local telephone customers. 

Another factor that investors should con- 
sider when evaluating the companies is their 
willingness to look for new business opportu- 
nities to help their growth. The 1983 divesti- 
ture decree places strict limits on the regional 
companies’ ability to diversify into nantele- 
phone ventures. “Nonregulaied,” business 
can account for no more than 10 percent of 
total revenues. Mobile telephone service and 
phone-equipment sales are exceptions. 

Still, the companies are looking to such 
areas as foreign consulting and computer ser- 
vices for both business and residences. 

The following is a rundown of how the 
experts view the growth and profit potential 
of the regional companies: 


• Ameritech, based in Chicago, serves the 
great manufacturing area of the country 
sometimes known as “Smokestack America 6 
and “the Rust Bowl.” The region has recently 
trailed the general economic growth in the 
United States. However, Warren E Spitz, an 
analyst at Value Line Inc., points out that 
Ameni tech's concentration of service-oriental 
businesses is located in Illinois, perhaps the 
most progressive regulatory environment in 
the nation. 

Moreover, analysts think Ameritech will 
see some business expansion. Mr. Silton sees 
potential in the growing need to send data 
from the businesses based in the area to their 
branches and manufacturing plants around 
the country. 

• Befl Atlantic, which serves the eastern 
coast or the United States from New Jersey to 
Virginia, has been notable for aggressive ac- 
quisitions as part of a strategy to ouild a total 
communications company. James McCabe,' 
an analyst with Prudentinl-Bache Securities, 
particularly lauds the recent purchase of Sor- 
bus Service, the second-largest independent 
computer-service company in the United 
States. 

Bell Atlantic has the lowest operating costs 
of the seven regional companies, and man«] 
meat expects to lower costs even further 
cutting the work force by 10,000 by 11 
Analysts generally like Bell Atlantic’s regula- 
tory environment and current rate structure. 

Nevertheless, analysts are divided over the 
company’s ability to generate new telephone 
business. Mr. Hyman of Merrill Lynch notes 
that the eastern corridor is an area of slow 
population growth. And because Washington 
accounts fra a large share of its revenue, he 


thinks Bell Atlantic is vulnerable to cost- 
cutting efforts by the U.S. government. 

• Bell Sooth, reaching into the fast-growing 
Sunbelt, gets a lot of credit for good manage- 
ment and above-average profit margins. 

Charles W. Schelke, an analyst with Smith 
Barney, says that Bell South has had one of 
the highest rales of return despite what he sees 
as consistently poor regulation. Taking ad- 
vantage of the region’s growth potential, the 
company is also building for the future by 
installing modem equipment and focusing on 
technology. 

• Nynex, which serves New York and New 
England and has the highest concentration of 
corporate customers, is seen as the most vul- 
nerable to bypasses in the long run. “Give it 
another year or two for rates to reflect costs, 
and then the antennas will go up” said Mr. 
Hyman. 

Nevertheless, analysts have rated the com- 
pany a good choice in the short term and are 
waiting to see what steps the company takes to 
cut costs and increase revenues to support 
itself in the long run. Mr. McCabe noted that 
Nynex has announced the biggest work force 
redaction of any of the operating companies 
and intends to eliminate 5,000 jobs from its 
94,000-employee payrolL 

• Pacific Telesis, with about 95 percent of 
its revenue derived from California, serves a 
fast-growing, high-technology area. But its 
concentration also makes it vulnerable to a 
single state regulatory agency. Mr. Silton sees 
it as among the companies with the most 
problematic rate structure, growing out of the 
West Coast’s historic dependency on long- 
distance toll revenues. He is concerned about 
whether California regulators will give it the 
rate increase it needs. 


Estimates by Value Une 

Mr. Hyman, however, thinks California 
regulators arc intelligent and fair-minded, but 
acknowledges that the company’s dependency 
on a single regulatory body is “not an easy 
relationship.” 

• Southwestern Befl put in the poorest 
stock performance of the holding companies 
last year. This partly reflected concern about 
its regulatory environment Texas accounts 
for the bulk of the company’s revenues. The 
best Value Line’s Mr. Spitz can say of the 
situation is that “there is little likelihood that 
the regulatory environment could become 
much more difficult and the possibility at 
least exists for some improvement” 

Rate increase requests totaling more than 
$100 million should be decided by midyear. 
Mr. McCabe of Prudential-Bache expects the 
state regulatory commission to allow some 
kind of increase. With the 1984 elections out 
of the way, be said, state regulators may now 
be less sensitive to political considerations. 


• US West is distinctive in that it covers the 
largest land area, 13 states, and derives a large 
share of its revenues from interstate service. It 
operates in a rather varied economic climate, 
stretching from Sunbelt verve to Pacific 
Northwest sluggishness. 

With a very small central organization, it 
encourages its component telephone compa- 
nies to be strongly entrepreneurial as it ag- 
gressively diversifies into unregulated ser- 
vices, telephone-equipment sales, cellular 
radio and real estate. However far afield it 
roams, it cannot escape the need for the Fed- 
eral Communications Commission to change 1 
the current interstate rate structure. Few ana- 
lysts believe that the commission will do so 
immediately, □ 


Targeting 
New Sale of 
U.S. Bonds 

By David Tiniun 

A FTER two successful issues last au- 
tumn, the Reagan administration 
has decided to proceed wiih a third 
auction of Treasury bonds aimed 
exclusively at foreign investors. 

David Mulford, assistant secretary of the 
U.S. Treasury for financial affairs and chief 
architect of the so-called “targeted” issue, said 
the sale could take place this month, or at the 
latest in June or 
July. The U.S. 

Treasury, looking 
for innovative 
ways to finance 
the federal defi- 
cit, devised the 
targeted instru- 
ment lost year af- 
ter Congress re- 
pealed the 
30-pacent with- 
holding tax that 
foreign investors 
had to pay on 
dividends and in- 
terest from fixed- . 
income securi- 
ties. Foreign 
institutions that purchase the Treasury notes 
for later retail sale must promise not to sell 
them to U.S. citizens. 

The decision to proceed with another issue 
resolves some of the puzzlement expressed by 
the international financial community. Ob- 
servers in Europe and Asia had thought that 
Washington would quickly assemble a third 
offering after the the first two issues created 
strong demand. The first S 1-billion offer of 
five-year notes last October was oversub- 
scribed by about 300 percent An identical 
issue a month later was greeted with similar 
enthusiasm. 

The delay was interpreted by some analysts 
as a sign that the U.S, Treasury was displeased 
with the narrowing spreads between. the tar- 
geted issues and comparable securities in the 
US. domestic market In the first two auc- 
tions foreigners were willing to accept a slight- 
ly lower yield, but are unlikely ro do so in the 
future, analysts say. 

In an interview at his Washington office. 
Mr. Mulford denied that this hod anything to 
do with the delay. One reason for the pause, 
he said, was simply the bureaucratic shuffle 
that sent Treasury Secretary Donald T. Regan 
to the White House as chief of staff in ex- 
change for James A. Baker 3d. The other 
reason, he said, was a glut of dollar-denomi- 
nated new issues in Europe. “We did not want 
to sell into a weak market” Mr. Mulford said. 

Mr. Mulford, who served for 10 years as 
principal adviser to the Saudi Arabian Mone- 
tary Authority before taking up bis Treasury 
post said the exact timing of the next issue 
depends somewhat od whether the Treasury 
intends to stick with five-year notes or diversi- 
fy into a mixture of maturities, ranging from 
two to 10 years. 

Mr. Mulford would not speculate on the 
size of future offerings, but by some estimates 
the U.S. Treasury will attempt to raise as 
much as S10 billion through targeted issues 
over the next two years. □ 


Oil Takeover Talk 


(Continued from Page 7) 
disclose their identity until they 
have acquired at least a 5-percent 
stake. 

The smaller companies are also 
generating takeover peculation, 
although it has generally been less 
publicized. Clyde Petroleum has 
twice bid for Petrolex. The last 
offer, which expires Tuesday, was 
fra 75 pence a share, up from 58 
pence that the company rejected 
earlier. 

Goal Petroleum and Anvil axe 
also considered likely targets. Mr. 
Gregory estimated that GoaTs po- 
tential exploration tax credits 
alone could be worth as much as 
127 pence a share. It dosed at the 
end of March at 114 pence. 

Floyd Participations is also seen 
as a possible target Last month’s 
surprise decision by the British 


government to eliminate tax cred- 
its for on-shore exploration, where 
Floyd has concentrated its efforts, 
has raised questions about the 
company’s future. It is thought by 
some analysis that Floyd’s assets 
may be worth more than its value 
on the Unlisted Securities Market 

Shares in the company, which 
bad been trading for over 100 
pence, closed out March at 85 
pence. Wood, Mackenzie puts its 
asset value between 54 peace and 
101 pence a share. 

“Despite all the talk of take- 
overs, it’s been happening a bit 
more slowly than some people 
thought" said Janies Joseph, an 
oil analyst with James Capel & Co. 
“But it may just take rare success- 
ful bid to trigger all the take- 
overs.” □ 



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Page 10 

CHART TALK 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 




The Quarter: 
Global Gains 


First-Quarter Activity on Major Stock Markets 

>exiv z-c-se of seifccted s^ar* pr-.res or ~o!c- ir;erna!io!'.a!.5*t';:.- -*■- 


In March, a Hesitant Mood 


New York 

Dow Jones industrials 


Toronto 

Toronto Stock Exchange index 


A FTER generally dozing during 1984, stock 
markets around the world awoke last quarter 
charged with an energy that set records on 
stock indexes around die globe. 

Indexes surged to new highs in New York, London, 

Tokyo, Frankfurt, Paris, Amsterdam, Zurich, Milan, 

Oslo and Madrid. In January, electricians in London 
an extra digit on a sign on the Financial Times 
newspaper building just in time for the industrial share 
index to break 1,000. 

The World Index, a measure of stock prices and 
dividends around the globe, rose about 9.1 percent from 
January through March And when the North American 
markets are excluded, stock prices rose 9 percent in the 
quarter. In both cases the index, which was devised by f 

Geneva-based Capital International Perspective, con- 1989 
verts the return on equities into dollars. 

Prices on the New York Stock Exchange took off in the 
new year. The Dow Jones Industrial Average of 30 major »— — — 

stocks’began rising in the first week of January and by the Londoi 

end of the month had crossed the mage 1^300 level Financia 
although it drifted lower by the close. The Dow persis- 
tently tried to close above the 1,300 barrier in Februaiy I 
and managed a new high of 1,29936 on March 1. After 
that effort, it generally drifted moderately lower, ending 
the quarter at 1366.78. 

“You had a very broad based rally that started the year 
off, and then we simply went sideways," said Hugh A. 

Johnson, strategist for Fust Albany Corp„ a regional 
brokerage firm. Analysts attributed the drift to concerns 
about the strength of the U.S. economy, fears of a more 
restrictive monetary policy and rising interest rates, con- 
cerns about the banking system and, before the dollar 
dropped, anticipation that multinational companies 
would stiffer reduced profits from currency translations. 

“The really spectacular performance was in stocks of 
small to medium-sized companies, especially in high 
technology, ” Mr. Johnson said. Jan. 

Boosted by strong corporate profits, London stock 
prices surged in January, with the Financial Times ordi- 

naiy share index of 30 major stocks setting a record on 

Jan. 22 of 1,024.5. The index later lost ground and has Tokvo 
returned to triple digits but is still almost 3 percent higher Nikkei-D 
than its year-end level 

“A good British stiff upper lip" has allowed investors 
to spur the market notwithstanding rising interest rales, 
according to Roger Nightingale, who follows equities for 
Hoare Govett, the London stockbrokerage. Last summer 
rising interest rates had depressed the market, he said, 
but robust corporate profits this quarter are now helping 
investors maintain their enthusiasm in the face of interest 
rates that soared in January and are considerably higher 
than in the United States. 

The surging dollar pulled share prices in its wake on 
the Frankfurt exchange, pushing the 100-share Frank- <> 

furter Allgemeine Zeiumg index to 42335 by mid-March, /V 

from 38239 early in the year. Then a technical consolida- /V. : V 

tion caused the market to level off. At Friday’s close the />. -V V 

index stood at 408.90, up about 7 percent for the quarter. f-. r - 
Franz- Josef Lerdo, a stock analyst at Frankfurt’s Bank ^ 

fur Gememwirt5chafi said people were “bowled over by Jan ‘ 

the profit strength of export-oriented companies." whose 
booming sales to dollar-paying customers last year trans- “ 

la ted into higher earnings. “But it was a two-edged 
sword," he added. “As the dollar leveled out, measured decline set in." 

The Tokyo stock market continues to set records. An abundance of 
money to invest and strong corporate profits in the export sector have 
propelled the 250-stock Nikkei-Dow Jones Average 1 1358 at the begin- 
ning of the year to 12380.76, a gain of 8.8 percent in the quarter. 
Partly because of their traditionally good performance, equities are 




London 

Financial Times All-Share Index 




Tokyo 

Nikkei-Dow Jones Average 


mm 




.v . . s 



attracting more investors away from bonds. I tot is also helping to fuel 
the index's rapid rise. Foreigners are also bidding up stocks, especially 
biotechnology issues. Analysts say Dainippon Pharmaceutical Yaman- 
ouchi Pharmaceutical and Mitsubishi were among the equities that 
benefited from foreign interest □ 

Nert York Tuna Service 


An Invitation 
toQxford 

The International Herald Tribune and Oxford Analytica 
present a Special Conference on 
The International Business Outlook 
Christ Church, Oxford, September 19-21, 1985. 


T AKEOVER maneuver- 
ing infused some vitali- 
ty into the New York 
Stock Exchange last 
month, but not enough to chase 
away the hesitant mood that has 
held the market back since Febru- 
ary. 

The Standard & Poor’s 500 In- 
dex eased a half-point to end the 
month at 180.66. The Dow Jones 
Industrial Index dropped more 
than 17 points to finish at 
1,266.78. “The problem with 
March was that interest rates 
started to rise," said Elaine Gar- 
zareUi, an analyst at Shearson 
Lehman. “Investors are afraid of a 
recession." 

With the market expecting dis- 
appointing first-quarter earnings 
and concern that the U.S. econo- 
my is slowing, investors turned to 
the stocks that can be counted on 
to retain their value and produce 
earnings, according to Miss Gar- 
zarelli. “Industries that are more 
defensive began to perform,” she 
said, citing utilities, foods and to- 
bacco stocks as the dependable 
refuges for those playing the wait- 
ing game. “People still eat and 
smoke, no matter what,” she said. 

Nevertheless, last month's 
merger (ever lent some excitement 
to the otherwise lackluster market. 
The top three performers on the 
New York Exchange were the tar- 
gets of takeover bids. “The broad- 
based market slacked off, and into 
the vacuum fame the takeovers 
and the blockbuster of those was 
ABC" said Norman J. Noble, 
head of research at Fahnestock & 
Co., referring to the broadcast 
company's purchase by Capital 
Cities Corp. “When the ABC deal 
came through it doubled or tripled 
interest in takeovers." 

With less fanfare, J.M. Tull In- 
dustries, a profitable steel proces- 
sor and distributor, led the win- 
ner's list last month. A tender 
offer for the company’s stock by 
Inland Steel Co. at midmonth and 
a counteroffer by Bethlehem Steel 
Corp-, which has emerged as the 
“white knight," were behind Tull’s 
impress ive performance. 

Evans Products Co., which filed 
for court protection from its credi- 
tors, was March's biggest loser. 

In London, increases in the base 
lending rate and uncertainty 
about the government's bugetaiy 
plans dampened spirits on the 
stock exchange. The Financial 
Tunes All-Share Index fell almost 
3 percent 'in March to close at 
9643. 

Even the pound’s comeback oo 
currency markets failed to stir 
British equities. “The appreciation 
of sterling reduced the value of 
.v overseas earnings." said Stephen 
Lofthouse, a portfolio strategist at 
James Capel & Co. Sectors depen- 
dent on international markets, like 
tobaccos and chemicals, suffered. 
Domestic retailers were favored. 

Dunlop Holdings PLC, which 
ended protracted takeover talks 
by agreeing to merge with BTR 
PLC topped the leader’s list for 
the second month in a row. 

Topping the losers’ list was Al- 
lied Insh Banks. The company's 
subsidiary. Insurance Coro, of Ire- 
land, ran into financial difficulties 
and was hailed out by the Irish 
government last month. 

In Tokyo, the Nikkei-Dow Jones 
Index gained 2 percent to close at 
12380.8. Analysts said the market 
lacked clear direction. □ 


Total Return for 12 Months 


Gainers and Losers 

Tha stocks on the New York, London and T okyo exchanges that 
showed the largest percentage gains and losses In March . 


U tli*? 


!<«<? 


Percent 

Gain 


March 31 
Price 


Percent 

Loss 


March 31 
Price 


New York Stock Exchange: 

Compiled by Media General Financial Services. Prices in dollars 


21.75 
106.00 

64.00 

43.75 
8.25 
6.88 

3.75 
5.63 

8.75 
17.25 


J.M. Tull Industries 64 

American Broadcasting 59 

McGraw Edison 46 

Coastal Corp. 43 

Electronic Memory 3B 

Western Co. of N.A. 38 

Publicker Industries 36 

TricentroiPLC 36 

Safeguard Scientific 35 

British Telecom ADR 34 

American Stock Exchange: 

HoHyCorp- 40 

WrigM-Hargreaves Mines 39 
Spendthrift Farm Inc. 38 

Verbatim Corp- 34 

Martin Processing Inc. 33 

Over the Counter: 

Laser Photonics 1 06 

Byers Communications 1 00 

Unioil 89 

Photronlcs Corp- 86 

Verdi* Corp- 83 


London Stock Exchange: 

Complied by Capital International. Prices In pence 

Dunlop Holding 48 

Woolworth Holdings 37 7' 

Delta Group 25 1. 

House of Fraser 21 3 

Ocean Transport 20 1 

British Telecom 16 1 

Ultramar 1 7 2. 

Ranks Hovis McDougall 1 7 1 

W.H. Smith & Sons 16 2' 

Glynwed 14 2' 

Tokyo Stock Exchange: 

Complied by Capital International. Prices In yen 


Green Cross 
Nippon Credit Bank 
Asahi Chemical 
Hokkaido Takushoku 
Unitaka 

Yamaici Securities 
Daiichi Seiyaku 
Japan Airlines 
Nippon Light Metal 
Mitsui Toatsu 


Evans Products 
Computervision Corp- 
American S&L Assoc. Fla. 
Centronics Data Computer 
Mohawk Data Sciences 
Massey-Ferguson Ltd 
Houston Oit Royalty 
LLC Corp. 

AVX Corp. 

River Oaks Industries 


1 1 .38 Unity Buying Service Co. 

6.25 Esprit Systems 
1 0.50 Westbridge Capital Corp- 

7.38 TexscanCorp. 

24.88 S wanton Corp- 


Arlington Realty 
Pyramid Oil Co. 

Andrew Corp. 

Schaak Electronics 
Walker Telecommunication 


66 

Allied Irish Banks 

25 

101 

- *• 

779 

International Thompson 

16 

492 


155 

BSR International 

16 

118 


396 

Thom EMI 

11 

401 


183 

Imperial Chemical 

10 

762 


141 

United Biscuits 

9 

181 

:■? - 

228 

InchcapeU.K. 

9 

403 

l: ‘ 

154 

Courtautds 

9 

141 


206 

Tate & Lyle 

9 

426 

- 

2 04 

Bank Ireland 

9 

230 



*'■-? - - >- 


29 

3.540 

Nippon Gakki 

27 

1,760 m 

.. - • .r 

27 

5.340 

Pioneer Electronic 

17 

2.610 ■ 


27 

868 

OmronTateisi 

16 

1 ,730 P 


27 

630 

TDK 

15 

5.480 m 

• - • * ’ 

25 

262 

Mochida Pharmaceutical 

15 

8,560 ■ 


24 

810 

Nitto Electrical 

14 

1.500 13 

.£ - j: - v. 

24 

2.360 

Hatton Seiko 

13 

1.020 ■ 


23 

6.500 

Mori Seiki 

12 

2.480 H 

.... ; 

22 

268 

Kyocera 

12 

5.500 H 


20 

238 

Victor Co. 

11 

2.070 §| 

.. . , _ _ . 


Eurocurrency Deposit Rates 

Interbank rates on deposits of $1 million or equivalent. Quotes offered on smaller 
amounts can vary substantially. Provided by Noonan Astiey Pearce, New York 


30-DAY 


60-DAY 


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Deutsche 
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1 Mill 

i i i 

i i i ii 

JAN. 

FEB. 

MARCH 


JAN. FEB. MARCH 


JAN. FEB. MARCH 


Total return measures both the changes in the prices of securities and the income they provide, either 
in dividends or Interest. Gains and losses were measured by comparing market indexes with their 
levels a year earlier. The chart does not take into account taxes or Inflation. 


Stocks 






Bonds „ op 

^ *<*** ^ 



Total return tor 1 2 months 
I'- :. xJ ended February in local currency 


Total return for 1 2 months 
ended February in dollar terms 


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Onshore Funds in Hong Kong 


TWNIRNAT10NAL 

MANAGER 

A WEEKLY GUOE8Y SHERRY BUCHANAfV 
WEDNESDAY IN THE tHT 


(Continued from Page 7) 

taken with Hong Kong lately that 
it is difficult to tell one from the 
other. 

For example, the S58-milUoa 
Jardiue Fleming Hong Kong 
Trust is currently 87 percent in- 
vested in Hong Kong with small 
percentages sprinkled in markets 
in Singapore, Malaysia, Taiwan 
and Britain. By contrast, its sister 
Asian fund. Jar dine Fleming’s 
Eastern Trust which totals $16 
million, is 78 percent invested in 
Hong Kong. 

Not suiprisingly, the fascina- 
tion with Hong Kong funds has 
also led to talk of a China fund 
that would focus cm companies 
expected to benefit from Htmg 
Kong’s growing business ties with 
the mainland. Robert Lloyd 
Georee. manager of Indosucz’s 


Asian Growth fund, said China 
will soon replace the United States 


as Hong Kong's primary export 

market. 

Charles Willis, a fund manag er 
with Jar dine Fleming, says his or- 
ganization is working on the idea 
of a Ch in a unit trust that would 
include international companies 
with large interests in China 

Nevertheless, a number of ob- 
servers say a China fond may be 
pre m a ture . Experts at N.M. Roth- 
schild, which manages the Old 
Court Hong Kong Fund, have tak- 
en a close look at companies doing 
business with China, in many 
cases, they found that the percent- 
age of company profits that result- 
ed from direct business dealings 
with China is “miniscule." 

Some fund executives go so far 
as to dismiss the concept of a China 
fund as a marketing gimmick. They 

nrvinT Ml rfiBi thp Hnrw K nno 


stock market is already directly in- 
fluenced by what happens on the 


mainland and they question the 
for a new fund. Moreover, 
with Hong Kong destined to be- 
come an integral part of China in 
ivy7 the distinction between a 
purely Hong Kong fund and Chin a 
fund is fading 

Instead, these fund managers 
prefer to concentrate on the Hong 

Kong market, trying to get a mix- 
ture of stocks that can benefit from 
China s modernization, but also 
capture the anticipated gains in 
other sectors. 

Getting the right mixture in a 
giddy market like Hong Kong is 
“J however. Mr. Kong or 
5chroder s says a common mistake 
in Hong Kong is to trade on rumor, 
ignoring fundamentals, “a lot of 
people think this is a punter’s para- 
Jhse. he said. “But f fed strongly 
that if you apply sophisticated 


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■** <> 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1995 



Page 11 



Looking 
Past the 
Critics’ 
Choice 


The Lure of British Real Estate 


By Antiree Brooks 



By John Rearick 


R emember Joseph 

Hergesfaeimer? Few 
people da Id the 1920s 
and '3fe he was a rising 
sira on the literary horizon. His 
carefully researched historical 
novels enthralled the American 
public, and fans snatched up edi- 
tions of his work as soon as they 
appeared at book stores. 

Mr. HergeshennerV celebrity 
soon attracted the attention of in- 
vestment-minded book collectors. 
Convinced that his fame would 
endure and that the value of his 
bodes would rise accordingly* they 
eagerly added Mr. Hogesneimcr's 
works to tbeir collections. Many 
are sorry they did. 

More than a half a century after 
“The Lay Anthony" and “The 
Three Black Pennies*' propelled 
him to prominence, Mr. Hcrges- 
heiraer is a forgotten figure in lit- 
erary history. Although Ik fin- 
ished more than 20 novris before 
his death in 1954, his works lan- 
guish in obscurity. “I haven't been 
able to sell a Hergeshdxtw in 20 
years,” lamented Robert Wilson, 
who owns The Phoenix Bookstore 
in New York Gty. 

It is hard Lo find any one reason 
for Mr. Hergesh rimer’s fall from 
favor. Some experts ascribe it sim- 
ply to the fickleness of the reading 
public. Whatever the reason, it £ 
lustra tes the treacherous nature of 
the rare book market 
Even book dealers generally dis- 
courage investors. “Don't” is Mr. 
WHson’s advice to those consider- 
ing investment in books just for 
profit. “Despite the fact that the 
market has gone up staggeringly in 
the last 10 years,” he said, nothing 
can be counted on in the borne 
market except the aesthetic plea- 
sure of having the boot 
Nevertheless, scanning the 
prices that books have fetched at 
auctions in the past year might 
well inspire an investor to mah* 


***** 
‘ * 


MM* S 

AH**)#*. 1* 






A, 

li t t 





>e. >•>* 


-*Lc*S! 


Best Setters 


The prices that various rare books and 
manuscripts brought at auction in 1 984 

Book 

Price 

Autographed manuscripts 
of Abraham Lincoln's last 
public address 

S21 0,000 

The Antiquities of Mexico, 
edited by Lord Kingsborough, 
published In 1 831 $60,000 

Phifosphiae Nalu rails 
Principle Mathematics, 
by Sir Isaac Newton 

$20,000 

The Fables of La Fontaine, 
an illustrated edition, 
published in 1 755 

$19,000 

Second Folio of plays by 
William Shakespeare 

$9,500 

Mansfield Park, 
by Jane Austin 

$4,690 

Valley of the Dolls, original 
manuscript by Jacqueline 
Susan 

$5,500 

The Thin Man, by 

Dashleil Hammett 

SI .200 


W HEN Douglas Coppola, a New 
York investment banker, and 
his wife, Denise, learned early 
this year that they were being 
posted to London, they immediately contact- 
ed Denise LeVan, European referral director 
at the local offices of Sotheby’s International 
for advice on London properties. 

“Last time we were sent to London we 
rented," Mn. Coppola said. “Bui this time, we 
wanted to jump in with both feet. With the 
pound so low, everything looks like an abso- 
lute bargain-*' 

Whether for use during a posting, as a pied- 
a-terre, as a vacation home or as an invest- 
ment, property in Britain is being sought by 
foreigners with dollars to spend. With the 
pound having slid against the dollar to nearly 
half its value five years ago, it is possible to 
buy a one-bedroom luxury Mayfair flat for 
the equivalent of about 5100,000 or a three- 
bedroom period house in other prime neigh- 
borhoods like Kensington or Holland Park 
for around $250,000. 

But are these apparent bargains a sound 
investment? In London, brokers paint a 
mixed picture. On the debit tide is the general- 
ly poor quality’ or maintenance of many of the 
period inner-London structures that foreign- 
ers favor, their already inflated prices by local 
standards — which have virtually eliminated 
local buyers from the maiket — and notorious 
delays in dealing with sellers, lawyers and 
contractors. 

Also unsettling are the tenuous, restrictive 
nature of the leasehold style of ownership that 
prevails in most of central London ana the 
possibility that the pound, winch has already 
shown signs of recovering, could strengthen 1 
dramatically and take the steam out of the 
luxury market, where most of the activity is 
occurring. 

Only 30 percent of central Lqndon property 
is brisk scud to local residents, said Victoria 
Mitchell, an investment adviser with Savills, a 
major London agency. Jeffrey Gould, a Lon- 
don-based American lawyer, warned that it 
thus may not be easy to sell if there is a violent 
swing in the value of the pound. 

Balancing these drawbacks is. the tight sup- 
ply of good central London property, caused 


room in his portfolio for some 
16th century sermons or Victorian 
literature. An edition of Isaac 
Newton's work brought 520,000 in 
1984, while a facsimile of an Au- 
dubon book went for 534,000. 
Even a first edition of “The Thin 
Man” by Dsshiell Hammet sold 
for 51,200 at a recent auction. 

In the last four years, the aver- 
age dollar value of fine rare books 
has risen 50 percent, according to 
Sir William Rees-Mogg, who runs 
the London book firm of Picker- 
ing and Chatto. 

“Book collecting has been a 
very profitable investment,” ac- 
cording to Sir William. “The mar- 
ket is always getting narrower. 
There has been a steady increase 
in money and a steady decrease in 
supply.” 

As a general rule for investors, 
books fail into two categories: ex- 
pensive classics that are sure to 
offer some rate of appreciation, 
and modem books that are rela- 
tively inexpensive but completely 



Th» Auooaied 


The trading floor of the London Slock Exchange. 


Next Month 


High U.K. interest rates and the possibility of a deflate in the dollar 
are drawing investor’ attention to Britain's government-bond market. 
In its May J3 issue. Personal Investing also explores how the changes 
in the structure of London's securities affect the individual investor. In 
other reports: 

• Knowing how to recognize a "story stock” is crucial to under- 
standing Japanese Murries. 

•A look at whether the best-performing commodities funds can 
duplicate their 1984 performance. 

• Fare wars have buffeted the airline sector, cutting into prefits. 
Analysts give a rundown of some key stocks as the travel season 
approaches. 

• The world of antique maps. 


speculative in terms of investment 
value. 

“What has come to control the 
market is affordability and avail- 
ability,” Mr. Wilson said. Every- 
one, he says, would like to have a 
first edition Jane Austin or a Walt 
Whitman, let alone a Shakespeare 
folio or a Gutenberg Bible, but 
family collections, museums and 
libraries have left a market mostly 
populated by modem literature. 

Not surprisingly, collectors 
have begun to covet contemporary 
classics. Some have performed 
very well on the market. “Casino 
Royale,” Ian Fleming's first thrill- 
er, is estimated to be worth around 
51.800. First editions of John Up- 
dike's eariy works from the 1950s 
are now valued at about $300. 

Before beginning a collection, 
experts say, investors should first 
stake out an area of interest in 
literature. 

“It is much safer to collect po- 
ets,” suggests Mr. Wilson. “It 
takes time for them to establish a 
reputation and, conversely, their 
reputations don't decline as fast.” 
Mr. Wilson said that 20 years ago 
he bought “Jim’s Bode,” the first 
book by James Merrill, a Pulitzer 
Prize-winning poet, for 535. He 
estimates that the bock is now 
worth $5,000. 

Sir William favors 19th century 
texts. Fiction and poetry from the 
period may be out of reach for 
most new collectors, he said, but 
the political and scientific works 
of the era are still collectable. He 
encourages new collectors to con- 
sider the works of Gladstone, Dis- 
raeli and TJHL Huxley. 

After narrowing the search to a 
particular author or period, a col- 
lector should then examine a 
book’s condition, establish how 
rare it is and try to gauge potential 
demand. 

Of the three criteria, condition 
is the most important. Even the 
rarest book can prove difficult to 
seD if there is damage to its bind- 
ing, edges or dustcover. A worn 
first edition of F. Scott Fitzger- 
ald’s "The Great Gatsby” lan- I 
guished for two years on the shelf 
at New York's Strand Book Store, 
recalls Craig Anderson, a rare 
book specialist at the shop. 

Determining rarity and future 
demand is a lot trickier. Stephen 
King’s “The Shiningf and “Car- 
rie” are considered hot collect- 
ibles. But now that Mr. King is a 
big seller and his hardcovers are 
receiving massive first printings, 
collectors are looking for publish- 
er’s proofs of the ghoulish novels. 

“the closer you get to the point 
of creation, the more valuable it 
is.” advised Judith Lowiy of the 
Argosy Book Store in New York. 
First editions of a popular work 
will bring high prices, buta book's 
manuscript, the publisher’s galley 
sheets, page proofs and prepubh- 
cation review copies can be even 


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more attractive lo collectors, pro- 
vided they do not find the rough 
versions aesthetically unappeal- 
ing. 

In some special cases, book col- 
lectors might even prefer a second 
edition to a first Mrs. Lowry not- 
ed that the earliest edition or Rob- 
ert Frost's collected poems was 
incomplete. True lovers of Frost 
usually choose the completed sec- 
ond version over the more valu- 
able first edition, she said. 

To determine potential de- 
mand, tile Strand's Mr. Anderson 
suggests looking over several 
year’s auction records to get a 
sense of the book’s price move- 
ment on the market. 

In the end, it must be remem- 
bered that the maiket is driven by 
book lovers, not investors. “You 
should be appreciating your 
book,” counsels Mrs. Lowry, “not 
waiting fot it to appreciate.” □ 



it of central Lqndon property 
local residents, said Victoria 


last year. Another factor is a shortage of land 
for development or redevelopment, which in- 
hibits new construction. Many of the “new” 
housing units in London are rehabilitations of 
existing properties. Provided the pound stays 
about level, continuing shortages suggest 
strength in the market. 

Moreover, rents for good central London 


properties are strong and still rising, making 
them more attractive as investments. A one- 
bedroom 5100,000 flat in Mayfair, for exam- 
ple, fetches about 51,400 a month, a family 
house about 52,400. 

In addition, London is in the midst of a 
substantial period of property restoration, 
providing the chance to buy m one of the 
“c oinin g back” neighborhoods like Hammer- 
smith. Battersea or Clapham. In these areas, a 
four-bedroom Victorian brick row house can 

later as realization of those tuagbSorhomls 
continues. 

Professionals are now recommending the 
period properties, where demand is consis- 
tently strongest Modem houses or fiats are 
not enjoying the same level of appreciation, 
reported David M. Pallet, an associate part- 
ner with the Chelsea office of Chestertons, 
now that Arab buyers, who dominated the 
maiket for about six years and always pre- 
ferred new construction, are less active in this 
market. 

At the moment, because they are saved by 
major highways from London, the most 
sought-after country properties are those west 
of London in Berkshire, Wiltshire and Hamp- 
shire and parts of Gloucestershire and Ox- 
fordshire. 

Mr. Gould counsels buyers to weigh prices 
against the value of comparable properties, 
not the relative cost in dollars. 

Once a price has been settled, however, it is 
not a firm agreement until contracts axe 
signed, which may occur months after buyer 
and seller shake hands informally on the 
terms. In the United States, binding contracts 
are signed soon after an agreement is readied, 
with the closing set for some time later to 
allow time far title searches and other verifica- 
tions. 


Robert Levy, a British solicitor specializing 
in real-estate transactions, wares against fill- 
ing the vacuum with a binder signed by both 
parties unless it includes the terms “subject to 
contract” Otherwise it can be considered a 
legally binding contract eves before the 
building has been inspected or Financing is in 
place. 

A hazardous byproduct of ibis hiatus is the 
widespread British practice of “gazumping” 
— unceremoniously dumping one buyer for 
another who offers a higher price or is able to 
reach the contract stage sooner. Only speed 
can avoid this. 

Ten percent of the sale price is due at the 
time of contract There is no tide insurance in 
Britain; the title search is done by the buyer's 
lawyer. Expect the lawyer to charge around 1 
percent of the purchase price for the entire 
transaction, although fees are competitive and 
it may pay to shop around. 

Among other dosing costs are a value- 
added lax of 15 percent on all professional 
services, a “stamp duty” of 1 percent of the 
sale price and any application, appraisal fees 
or points charged by the lender. 

Investigate the terms if the home is a lease- 
hold offering. In central London, many prop- 
erties belong to a major landowner such as the 
Grosvenor Estates, Cadogan Estates, Crown 
or Church Commissi oners, and are normally 
leased on a constantly renewable long-term 
basis, such as 99 years. 

However, lenders are uneasy about financ- 
ing a lease that has less than 50 years to run, 
warned Julian Standing, a senior agent with 
John D. Wood & Co, another major London 
agency, and a short term can depress value. 
Also, the landowner can insist on certain 
repairs at certain times. 

But in the last 15 years, laws have been 
passed protecting the resident-owner, noted 
Anthony Radcliffe, a solicitor with Boodle, 
Hatfield Co., a London firm specializing in 
leasehold issues. For instance, occupants of 
leasehold properties with a taxable value of 
less than £1,500 (51,800) or around £200,000 
in market value, can demand the freeholds 
from the landowners at a fair market price 
after they have lived in them for three years. 
More protective measures are expected soon, 
and extensions often can be negotiated before 
a current lease expires. 

Potential buyers should also be aware that 
local British hinders have been unwilling to 
lend to a foreigner unless he or she is a known 
customer or works for a corporate customer. 

When the time comes to sell, the homeown- 
er will find that Britain does not levy a capital- 
gains tax on sale of a residence if it is the 
owner’s only British home. There are also no 
restrictions on the repatriation of funds. □ 

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From Bleak Themes, Laughter 

ArgentuwPlaytcrightTwTiedwHujfwrmMUiaryRegime 


b l k 


Kevin Noblet 

> Associated Press 

B UENOS AIRES — With a hu- 
mor once used to outwit mili- 
tary censors. Roberto Cossa is 
keeping standing-room-only 
crowds m stitches while exploring 
the dark side of the Argentine char- 
acter. 

Cossa's latest play. “Los Compa- 
dritos,” has become the smash hit 
of gaudy Corrientes Street, Buenos 
Aires's answer to Broadway. It wall 
be presented in August at the Latin 
Theater Festival in New Yoric by 
the New York Shakespeare Festi- 
val. 

The play centers on an ill-fated 
scheme by a German naval com- 
mander and a money-hungry sand- 
wich shop owner to launch a Nazi 
front in Argentina during World 
War II. 

The shop is turned into a beer 
bail, complete with swastikas and 
portraits of Hitler. When the effort 
flops and the Nazis are defeated in 
Europe, the beer ball falls into ruin 
and the schemers are reduced to 
junkmen. 


The allusions are obvious, Cossa 
admits, to the rightist armed forces 
leaders who seized power in 1976 
and launched a “National Reorga- 
nization Process." Disgraced by 
military and economic debacles, 
the dictatorship stepped down in 
1983. when civilians returned to 
rule. 

“I wanted to present images of 
what happened during the Process 
through this Nazi commander" 
Cossa said in an interview. 

He said the inspiration for the 
play came while be was reading an 
article about the defeat of the Ger- 
man pocket battleship Graf Spec in 
the Rio de la Plata in 1939. The 
vessel’s 1,000 crewmen were in- 
terned in Argentina for the dura- 
tion of the war. and most of them 
permanently settled in the country. 

“This story offered a great medi- 
um for presenting the problems of 
right now," Cossa said. “Then 
emerged old obsessions of mine 
[such as] the issue of the identity of 
Argentines and our country. 

“It's a country that wants to be 
like Europe or the United States. 


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It's insecure and has pretensions of 
bang a great country. There's a 
tremendous frustration,” he said. 

The play’s title literally means 
“Little Comrades,” but in Argen- 
tine parlance a compadrito is a cer- 
tain type of boastful and shiftless 
dandy who. switchblade in pocket, 
haunted the shadowy dance nails of 
Buenos Aires during the tango's 
heyday in the early 190%. 

The compadrito lived for the 
main chance, and his philosophy of 
scant ethics persists as a land of 

urban caginess called vrveza. 

“ft's a widespread concept here.” 
Cossa said. 

Despite its bleak themes of greed 
and totalitarianism, “Los Compa- 
dritos” is loaded with comic stereo- 
types. sly political allusions and a 
fair dose of slapstick. 

Cossa. one of Argentina's most 
successful playwrights, said he 
turned to humor when the military 
took over. Censorship was fierce 
under the dictatorship. Artists sus- 
pected of leftist leanings were per- 
secuted or forced into exile. 

“The only way to stay and sur- 
vive was with humor as a defense. 
It was a way to survive psychologi- 
cally and, in addition, a way to 
express things that could not other- 
wise be said.” 

Cossa, identified with leftist fac- 
tions of the Peronist Party, was 
barred from the large government- 
supported municipal theaters. He 
also cralld not produce his works 
for television or as movies, a major 
source of income for Argentine 
playwrights. 

In 1981, together with other 
banned playwrights and actors, be 
organized . the Teatro Abierto, or 
Open Theater, which enjoyed tre- 
mendous success in small venues 
despite the repression. 

“There were thing s we couldn’t 
say straight out.” Cossa recalled. 
“We used a lot of metaphor. You 
had to use subtlety.” 

He said the theater was not so 
heavily censored as other art forms, 
such as books, movie and televi- 
sion. because of its appeal to a 
smaller audience. 

Ironically, the end of military 
rule has burl theater, he said 
“When democracy relumed the 
Argentine movie industry went 
back into production. And even 
television began presenting works 
that addressed contemporary is- 
sues. Also, aD the foreign movies 
we couldn't see for 10 years began 
pouring in. Thus, theater found it- 
self with a reduced audience." 


Jazz Poster Stirs Charges of Racism 


By Michael Zwerin 

International Herald Tribune 

P I ARIS, France — The poster 
shows 12 arrows carrying the 
colors of European countries fly- 
ing in the direction oT a thick- 
lipped “Black Sambo” stereo- ■ 
type playing drums. Most of the 
arrows have hit the bass drum, 
which has “American Jazz 
Band" primed on it. but the 
French one has pierced bis 
bowler bat and the Portuguese 
arrow is about to enter his heart 
The Afro-American Parisian 
artistic community and many 
European musicians are up in 
arms over what they consider a 
racist and chauvinist imay ap- 
pearing on the program cover 
and poster for the “Europa Jazz 
Festival” in Le Mans, France 
April 18-21. The organizers and 
some co-sponsors admitted to 
embarrassment over what they 
call “a bad mistake.” 

Hart Leroy Bibbs, the photog- 
rapher, poet and novelist thinks 
it’s worse t han that: “This insult- 
ing stereotype cannot be separat- 
ed from the climate of mounting 
racism in France, from the recent 
bombing of tbe Jewish Film Fes- 
tival and the popularity of Jean- 
Marie Le Pen's National Front 
party" 

The saxophonist Steve Potts 
tore the poster down from the 
wall of the New Morning Gub. 
The Sunset another jazz dub, 
refused to hang it as did tbe 
cultural section of the Dutch 
Embassy, one of the co- sponsors. 

Alan Siva, musical director of 
the cooperative French-Ameri- 
can jazz school IACP, refused to 
allow the poster to be hung in the 
school because “I have a lot of 
Third Worid students. It’s insult- 
ing to them.” Alexander Schlip- 
penbacb, tbe German leader of 
the intercultural Globe Unity 
Orchestra, was “outraged” by 
the image, although he is not on 
the pregram. He told Silva: “Eu- 
ropean musicians should not be 
associated with this sort of fas- 
cist publicity.” 

The organizer, Annand Meig- 
can. explained: “We meant it as 
a gag. We just wanted to show, 
that Europeans are as good as. 
Americans. It’s too Tate ta 
change it; I would if I could. The 
drawing represents old New Or- 
leans- stylejazz, and now we Eu-< 
ropeans can do it better. But I 
program blues and African festi- 
vals and many black jazz musi- 
cians all year round.” 

The white-black, European- 
American controversy is not 
new. It is still pan of daily con-; 


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Cover of tbe Le Mans jazz festival program. 


vernation among French musi- 
cians, many of whom consider 
American jazzmen resident in 
France as cultural imperialists 
(although almost every biogra- 
phy in the Europa program 
boasts American names as influ- 
ences and credits). 

In his book “Histoire Gtefer- 
ale du Swing” published in Paris 
during the occupation in 1942, 
Andre Coeuroy tried to prove 
that jazz was European rather 
than African, that h descended 
from French and Italian folk 
melodies and from Debussy: “It 
has been assumed for a long time 
that jazz is specifically Negro 
music. My theoiy is the opposite. 
Jazz became Negro by chance. 
Tbe principal elements are not 
only white, but European. Its 
history and its material both be- 
long to us.” 

Charles Delaunay, president 
of the Hot Gub de France, re- 
viewed Conroy's book in Jazz 
Hot magazine: “The author 
adopted a thesis that he pushed . 
to the absurd. He tries to prove 
that everything worthwhile in 
jazz is European, he portrays Ne- 
groes as clowns, he ridicules 
black music. This is really shock- 
ing.” 


As die novelty of American 
jazz musicians in Europe gradu- 
ally wore off, tbe European level 
of musicianship rose thanks to 
their American teachers, and 
fierce competition was set off in 
a declining market. Meignan 
wonders whether the Americans 
are bitter because they are not 
included on his program. 

The pianist Bobby Few denied 
it “He has the right to hire wbo 
be pleases, but that drawing does 
not represent the image of Afro- 
Amencans in 1985. It’s a slap in 
the face.” 

Hemy Pillsbury. artistic direc- 
tor of the American Center, 
which sponsors cultural events in 
afl the arts, said: “As program- 
mers of jazz in Paris we have 
□ever maintain ed American ex- 
clusivity. We have tried to bridge 
the gap. although historically 
j ay? is the single undisputably 
American art form.” 

Alain Surrance. who heads the 
music section of tbe French Min- 
istry of Culture, a co-sponsor, 
said he had not seen the drawing 
before it was printed and would 
not have approved it if he had. 
He called it “a blunder,” adding, 
“It looks to me like they are 
trying to kiU (heir father.” 


Even the Very Wealthy 
Have Their Problems 


By Sharon Johnson 

Near York Times Service 

N EW YORK — Between them. 

the 30-vear-old Boston couple 
had S10 million. They spent their 
winters skiing in Switzerland and 
their summers sailing off G 
Cod. They had two lovely dai „ 
ters and a large circle of wealthy 
friends. Everyone presumed they 
had the perfect marriage, but in 
fact they longed for a divorce. 
Why? 

“Because money is not a cure-all 
for problems in a relationship,” 
said Joanna T. Steichen, a New 
York City psychotherapist and au- 
thor of “Manying Up: An Ameri- 
can Dream and Reality" (Rawson 
Associates. 1983). “Like every oth- 
er couple, the very wealthy have to 
address such issues as trust, com- 
mitment and dependency on their 
mates.” 

Dr. Roy J. Grinker Jr, a Chicago 
psychoanalyst who has studied the 
emotional problems of the ex- 
tremely rich, agrees. 

“The very rich have many of tbe 
same problems in marriage as the 
very poor ” he said. “They have 
difficulty trusting and committing 
themselves to a mate and commu- 
nicating their needs and resolving 
differences." 

In some cases, the very rich have 
marital difficulties because they 
have bad few if any models of suc- 
cessful marriages, experts said. 
They don’t know how married cou- 
ples work out differences because 
they spend so much time alone as 
children or with servants. 

“Even worse,” Grinker said, “is 
that many rich people never learn 
to trust anyone. They never got 
close to their parents became the 
parents were too busy with their 
work or social lives. Sometimes a 
servant tried to meet their emotion- 
al needs, but when ibis happened, 
the parents got jealous and re- 
placed him.” 

When they grow up, the very rich 
sometimes repeat this destructive 
pattern in their search for a mate. 
Some of them bury themselves in 
work or endless parties. If they do . 
find someone suitable, they often 
reject the person for flimsy reasons 
because they are afraid tbe person 
will find something wrong with 
them and eventually reject them. 

Boredom and social pressures 
lead many wealthy people to mar- 
ry. Such marriages are often 
doomed to failure because the 
mates expect their partners to ful- 
fill all their needs, especially if they 


don't hare jobs or serious avoca- 
tions. 

That is what tbe Boston couple 
discovered when they consulted a 
therapist. Tbe husband had never 
tried to find a job because he be- 
lieved that a life of skiing and sail- 
ing would be more interesting. His 
wife resented his forcing her to ac- 
company him on his frequent trips 
because she wanted to spend more 
time at home with their school-age 
children and to pursue a masters 
degree. Tbeif marriage improved 
when the husband started a smaD 
business and made friends with 
others in his field. The wife also 
was happier because she had some 
tim e for her interests. 

Marital discord can be severe in 
cases where one mate is very rich 
and tbe other is not Conflicts oyer 
such things as whether the wife 
should work outside the home and 
how much the couple should spend 
on dining out can occur because 
each partner has different expecta- 
tions of what is acceptable behav- 
ior based on their backgrounds. 

Women who have inherited 
wealth sometimes are afraid to tell 
their new husbands bow much they 
have, according to Tracy Gary, 
founder of the women's Founda- 
tion. an organization of 400 women 
with inherited wealth in the San 
Francisco Bay area. 

“Money raises a lot of issues, like 
envy and control which many coil- 
pies don't like to face,” she said. 
“Wealthy women are especially 
vulnerable because they sometimes 
don’t have the expertise they need 
to make good financial decisions, 
and this can put a strain on the 
marriage, especially if the man re- 
sent s the way the money is being 
spent.” 

Despite the drawbacks, many 
people still dream of marrying 
someone richer than they are. Men 
as well as women fall into this cate- 
gory. according to Steichen, the 
New York City psychotherapist. 

“There have always been a lot of 
ambitious men who want to move 
up and do so by marrying a rich 
woman,” she said. “Some of these 
marriages are disasters because tbe 
man is looking toward his rich wife 
to solve his problems of lack of self- 
esteem by giving him a 'ticket to 
wealth and social position. On the 
other hand, these marriages can be 
happy for both partners if they 
have similar interests, values, re- 
spect and affection for each other. 
Then the money is only a happy 
addition to their lives ” 


NYSE Most Actives 



VoL 

Him Low 

Loaf 

om. 

Unocal 

24450 

51 

49ft 

49ft 

+ ft 

PaPL 

10015 

25 

24* 

am 

— * 

Em! Air 

9963 

7% 

7 

7% 

+ ft 

Tonnco 

9945 

42ft 

42% 

42ft 

+ * 

IBM 

9132 127 

124% 

124* 

—a* 

CmcCm 

7763 

77% 

73 

76 

+13% 

AT8T 

7S41 

20* 

20ft 

30% 

+ * 

AUttCp* 

6941 

40 

37ft 

39% 

+2* 

Artnco 

5606 

7ft 

7 

7% 


FardM 

5147 

42* 

42 

42* 

— ft 

Chmpln 

5145 

21 

20* 

.2Dft 

— ft 

CB5 

4777 110% 

107% 

107* 

—3ft 

Unlrorl 

4735 

16* 

15% 

15* 

+ ft 

Rockwt 

4625 

33% 

32 

32% 

—lft 

UnTehs 

4046 

39ft 

39 

3V 

— % 


^ow Jones Bond Averages 


Bands 

utilities 

Industrials 


Chne 

7X01 

70.12 

75.91 


Today 

ILuim 

73.10 

7033 

Tsn 


Dow Jones Averages 


Previous Today 

Dean High Lour Close 3 P8X 
Indus 125X29 12*434 124&J4 1259-05 1251-77 

Trans 59068 SRAM 5109 59079 58782 

Util 15443 15445 153.14 15183 15488 

Como 51022 51328 30450 51079 50U3 


Previous NYSE Diaries 


Advanced 

Declined 


Total is 

N*w Highs 
Now Lows 
Volume up 
Volume down 


«0 514 

507 495 

1997 2010 

m a 

> B 

34403.940 

38,179410 


NYSE Index 


Previous Today 

HMi Low Close 3P8A 
Composite 103J1 JOJB 103.71 lOiiO 

was* ’£2 'ttS ’83 ’ffiS 

LmintH 5450 54.74 ,54.90 SjM 

Finance 10722 10629 107JB2 10788 


Odd-Lot Trading in N.Y. 


Aprils . 
Aprils. 
April 2. 
April 1 . _ 
March 29. 


-Included in lt» solos figures 


Buy Sales -sim 
181271 439838 2275 

188238 437221 4445 

194514 490.195 5.910 

189.434 519404 10546 
167449 4S5JB9 5230 


Mondays 


3pJTL 


Vof.alJP M 

44,181*00 

Prey.3PJB.yot. 

64ifl2&M 

Prev consolidated dose 

111i57MW 


Tables include tbe nationwide prices 
up to tbe closing on Wall Street and 
do not reflect late trades elsewhere. 

Via The Associated Press 


Previous AMEX Diaries 


Ooee Prev. 


Advanced 
Declined 
Unchanged 
Total Issues 
Nsw Highs 
New Lows 
Volume up 
V olume down 


» 

200 

787 

10 

10 

2289,165 

2.932460 


216 

339 

341 

790 

IS 

7 


Standard 8. Poor's index 


PraWoos Today 
MM Low Ooso 2 P.M. 
Industrials 199.72 19848 19943 19924 

Tramp. 15342 15235 1 SZM 15X47 

Utilities ®3B M.17 W22 8037 

Finance 2045 2032 20.43 2043 

composite 179.13 17829 17943 1 TWO 


NASDAQ Index 


Composite 

ImMrkUs 

Finance 

insurance 

Utilities 

Banks 

Tronic. 


week Year 
Close Nsos 
Z7744 277.11 
29248 29293 
33149 — 
wn — 
26849 — 

745.73 — 

25444 — 


278.17 

29625 

32923 

32424 

7SRM 

25159 

25458 


283.19 
30445 
33059 
377*3 
26229 
24926 

261.19 


AMEX Sales 


3 PAIL volume 
Prev.3 P.M. volume 
Prev. eons, volume 


4460400 

5290400' 

7230000 


AMEX Most Actives 


BAT 
Wanes 
HouOT 
lid Thru 
Tjocon 
EchoBfl 
Astrotc 
. InstSy . 
EvrJA 
Data Pd 
OlfCda 
PpmoP 
NYTtmo 
Hrtotnt 
HMi 


VoL 

HW 

LOW 

Lot 

3931 

4% 

eh 

4% 

2185 

18% 

18ft 

18ft 

1959 

3ft 

3ft 

3% 

1490 

Wft 

t 

St 

1323 

a% 

M 

2ft 

1172 

ii% 

lift 

lift 

1127 

■ift 

lft 

lft 

1113 

2 

2 

2 

906 

*87 


8* 

13ft 

8* 

13* 

813 

748 

% 

* 

W 

742 

631 

43 

lft 

42* 

1% 


624 

28% 

28 

28* 


+ 14 
+ ft 
+ ft 


AMEX Stock Index 


P rev i o us Today 

High Low Close 2PJM. 

227.417 224.13 23685 22741 


UMonffi 
HhSiLtm Stock 


Of*. YttPC 


56. 

W* HI* Low 


1 PM. 
quotChVi 


24 14 

e 


3V* 34% 
2114 15*. 


AAR 
AOS 
AMCA 
AMF 40 V 41 
AMR 9 

AMR pf 2.18 104 
APL 39 

ASA ZOO 07 
AVX 22 12 10 
AMLob 140 Z7 14 
AccoWdI 44 II 17 
AcrneC 40 £5 
Ada Ex XllcllO 
AdmMl 22 12 7 
AdvSvs 18 

AMD 13 

AdvesT .12 12 
Aerflex 12 

AetnLf 244 64 39 
Ahmra 120 36 19 
Alteon 21 

Ab-Prd 120 22 K) 
AlrbFrt 40 22 11 
AIMoas 23 

AtaP pi 28*11.5 

AJaPoMXK 12 J 

AtaPdof 47 122 
AtoPpf 940 125 
AlaPpf 944 124 
AklPPf 828 124 
A knees -92 72 11 
AtokAjr .14 3 9 

Albrtos 28 24 30 
AIMsns M 15 » 
Alcan 120 47 10 
AICoSM 120 37 11 
MaxAlx 140 34 
Alsjcdr 19 

AUbCp 2461 27 30 
Alolnt 140 52 
Atglnpf 2.T9 112 
AtalpfCU2S 122 
AllgPw 220 84 f 
AllonG 40b 3.1 13 
AlldCps 140 44 0 
AkJCp pf *74 104 
AldCppfTZDa 112 
AldCPf 1239*120 
AlldStr 2.12 34 8 
AlltsCh 
AlbCpf 

ALLTL 144 74 9 
AlphPr 40s 33 13 
Alena 12 D 34 11 
Ama* 20 1.1 
AmHet 1.10 3.7 15 
AmAar 

ABofcr 7 

ASrand 290 iS 9 
ABrdPt 247 29 
ABdcst 140 15 16 
ABMM 46 23 13 
AOUSPr 44 24 15 
AmCon 240 54 11 
ACanpf 240 114 
ACaipf 340 64 
ACflPBd 220 124 

ACapCv 644S214 
A ContC 11 

ACvwi 140 34 12 
ADT ,92 29 25 
AElPw 226O105 ■ 

Am On 120 11 15 

AFamtl 44b 28 12 
AGnCB 140 34 9 
AGnlwt 

AGfll pfA 629*115 

AGnpfD 244 44 
AMerjt 140 XS 9 

AMom# 240 47 13 
AHqbp 1.12 34 10 

a mm# 6jo 73 1 

AlnGrp 44 4 17 

AMI .72 34 12 
AmMof 81 

ANtfes 222 IS 12 
APfSSld 741 24 4 
ASLFIa 4 

A5LFI Pf 219 172 
ASMe 40 63 M 
AmStt 140 54 11 
AmUor 44 12 9 
AStrpfA 08 U 
AT&T 120 54 17 
AT&T oi 344 10.1 
AT&Tpf 274 I0j8 
AWctri « 

AWofpf 143 21 
A Warpt 125 114 
AWoSPf 125 109 
AmHOtl 248 11.1 9 
ATrPr £44 84 
ATrSc 

ATrUn £64 74 
Ameren 140 52 7 


25 18K 18tt 1M + ft 

139 lift 11 Tl — ft 
3 10ft Wft 10ft + ft 
62V 19 18ft 10ft— ft 
164* 41 40ft 40ft— ft 
15 20ft 20ft 20ft + ft 
20 9ft 9 9 — ft 

462 54 53ft Sift + ft 
77 17ft 17ft 17ft 
1382 S3 52 52ft + ft 
95 21ft 21 21 — ft 

f 16 15ft 15ft— ft 

121 Mft 16ft 74ft 

5 17ft 17ft 17ft— ft 
57 lift 10ft 11 — ft 

1358 31ft 30ft 30ft- ft 

55 9ft 9 9—14 

5 12ft 1214 1214 

48* 40ft 40ft 40ft— ft 
417 34 33 33 — ft 

49 2ft 2ft 2ft + ft 
3SV 47V. 47 47ft + ft 
62 20ft 20ft 20ft + ft 
135 lft 1ft 1ft 
2 25V, 25V, 2Sft— ft 

15 31 20ft 3ffft+ U 
12 7ft 7 7ft 

300z 71ft 28ft 71ft + ft 
440s 76 76 76 — ft 

200Z 65ft 65ft 65ft 

49 13 12ft 12ft— ft 
85 19ft l*ft 1*V«— ft 

9 15ft 15ft 15ft + ft 
1*4 30ft 30 2016— Vi 

2154 26 25ft 25ft— V. 

68 3Jft TTVi 32ft— ft 
871 2*ft 29 29ft— ft 

117 23ft 2Zft 32ft— ft 

10 77ft 77V. 77ft— ft 
389 27ft 27 27ft 

16 19ft 19ft 19ft + ft 

6 91ft 91ft 91ft + ft 
1233 21ft 30ft 21ft * 'fc 

65 19ft 19ft 19''- 
4941 40 37ft 39 , .»+;-o 

134 62ft <2 42ft + ft 
166 1D6U.10S 106 + Vi 

22 103ft 103ft 103ft 
124V SSft 54ft 55ft 4- ft 
218 7ft 6ft 6ft— ft 
29 31 29Vi 29ft— lft 
36 26ft lift 24ft + ft 

5 22ft 22ft 22ft 

1235 34*6 34ft 34ft— ft 
483 18 17ft 17ft 
2253 21ft 30 30 —ft 

206 2ft 3 2 — ft 

7 17ft T7ft 17ft— ft 
157 6Sft 47ft 47ft— ft 

2 48ft 68ft 48ft— 3 
879 106ft lOSVi 105ft— ft 
31 25ft 25ft 2526 4- ft 

8 26ft 24ft 34ft— ft 
525v 52ft Oft 52ft + ft 

11 23ft 23ft 23ft 

50 46 46 46 

39 18ft 18ft 18ft 

25 20ft 30ft 30ft + ft 
10 8ft Bft 8ft 
448 52ft 52ft 52ft + ft 
2257 23ft 33U. 23ft— V. 

1359 31ft 3116 21ft— ft 

2818 41ft 40ft 40ft— ft 
133 27 Sm 26ft— ft 
2399 38ft 28ft 2Sft 
293 lift Wft 10ft— ft 
119 54ft 54ft 54ft 
427 57ft 54ft 57ft 4- ft 
2 31ft 21 31 — ft 

1* 10 9ft *ft 

lew 41ft 41ft 61ft + ft 

37S6 33ft 82ft 32ft— ft 

524 02ft 8216 8216 
1000 70ft 69ft 69ft— ft 

779 Wft 24ft 34ft— ft 

654 3ft 3U 3ft— ft 

It* 64ft 64 64 

528 30ft 30ft 20ft+ ft 

122 6 5ft 5ft— ft 

92 12ft 12ft 1236 + ft 

„ 84 (2ft 12ft T2H— ft 
1468 29ft 27ft 2m- ft 
Zll Oft 53U| 53ft 
25 6M 43ft Aft— ft 
7541 20ft 20ft 20ft + ft 
16 3616 35ft 35^ 

14 37ft 34ft 37ft + ft 

51 24ft 26ft 26ft 

TO* 67 67 67 +Zttt 

ISQx lift 11 11 — ft 

20 s lift lift lift— ft 

179 22ft 22 22ft— ft 

2 66ft 66ft 66ft 
10 10 W 10 — ft 
a 76ft Wft 76ft 
2 31ft 21ft 31ft— ft 


Market Down After Weak Rally 


Compiled by Our Staff From Dispatches 
NEW YORK — The stock market tamed 
downward Monday, pulling back after a weak 
early advance. 

The Dow Jones average of 30 industrials, up 

about 3 prams in early trading, was off 1.S4 at 

1.257.51 about two hours before the dose. 

Losers held an 8-7 lead over gainers among 
New York Stock Exchange-listed issues. 


Although prices in tables on these pages are 

from 3 P . At in New York, for time reasons, this 

article is based on the market at 2 P.M 


Volume on the Big Board came to 51.65 

mOlioQ shares with two hours to go. 

The NYSE’s composite index dropped .1 1 to 
103.60. At the American Stock Exchange, the 
market value index was up J6 at 227.41. 

The market attracted some buyers in the 
waning minutes last Thursday when tbe White 
House announced agreement with Senate Re- 

publicans on budget proposals aimed at reduc- 
ing the U.S. Federal deficit 
But brokers said many traders were guarded 
in ihdr appraisal of that news. They said much 

remained to be done in Washington before 

investors generally were likely to become con- 

vinced that significant progress is being made 
on the deficit. 

The market is also faced in the next few weeks 

with corporate earnings reports for the first 

quarter. 

Analysts lately have been scaling down their 
estimates for a good many companies, and 


warning that disappointing profit figures may 
be common, with U.S. economic growth having 
been a bit less robust than bad been expected 
for the Januaiy-Maicb period. 

Unocal Crap, was leading the active list and 
climbed % to 49H. A group led by T. Boone 

. Pickens, chairman of Mesa Petroleum Co., said 

it began a tender offer for 64 million Unocal 

shares at S54 apiece. 

Cox Communications Inc. jumped 15 lo77U. 
The family-owned Cox Enterprises said it 
would make a S75-a-sbare offer for all the Cox 
Communications stock in public hands. 

Earlier, Pennsylvania Power & Light was the 
second-most active issue — after Unocal — on 
the NYSE off Vt to 24?*. 

International Business Machines Corp. fol- 
lowed, off 1 Vi to 125%. Among other technology 
issues. Digital Equipment Corp. was off ‘.i to 

101%, Motorola Inc. up ft to 32ft and Hewlett- 
Packard Co. off VS to 33ft. 

American Telephone & Telegraph Co. was 
unchanged at 20ft in active trading. Tbe compa- 
ny Tiled with the Federal Communications 
Commission last week, opposing changes in the 
assignment of default telephone traffic. Com- 

petitors MCI Communications Corp. and GTE 
Corp.’s Sprint division said in separate filings 
that the current system gives AT&T an unfair 
advantage. 

Allied Corp. was up 2 ft to 38ft. 

CBS Inc. was off 3ft to 1077s, after reporting 
first-quarter net of S 16.7 million compared with 
S38.9 million in the year-ago quarter. 

(AP. UPI) 


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25* 25*— ft 
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27H 27H+ ft 
13ft 14 + * 

» 18 —ft 

45 45 — ft 

IM It* + * 
13* 13ft 
20 * 21 * + * 
4ft 4W+ * 
lift lift 
70ft 70ft— * 
42ft 42* 

27* 20ft + ft 
208*208* 

47* 48 +* 

»* 

34* 35* +1 

21* 22 —ft 
24* 26*— ft 
ZJ* 23* + ft 
37ft 37ft— ft 
9* 9ft— ft 
39ft 40*+ * 
27ft 27* + ft 
32 32 —ft 

15ft 15ft + ft 


To Our Readers 

Because of the seven-hour time difference 
between New York and Paris until April 27, the 
New York and American Stock Exchange ta- 
bles in this edition contain information from 3 
P.M. New York time. Over-the-counter stock 
prices are from 2 P.M. New Yoric time. There 
ore no Monday Canadian stock prices available. 

We regret the inconvenience, which is neces- 
sary to meet distribution requirements. All edi- 
tions nill again carry closing prices and indexes 
after April 27. when Daylight Savings Time 
begins in the United Stales. 


16* 9* 
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(Continued mi Pijge 14) 


43 

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3 lft lft lft 















































amex wen r,7* eon*** nnof* p.w 
AMEXKMW fMP.M WUnfcMW Pf— 
IfYtC priest F.n GaWnorkoto F.U 
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HeralbcJsSfesSribunc. 


BUSINESS/FINANCE 


U.S. Stocks 

Report, Page 12 


TUESDAY, APRIL 9, 1985 


Page 13 


* '•jsi a lifS 

sf-?#?’ 

nihe hwbS’St 4E 

assess 

SCtes^S; 

pr%'' 

muchinecoupi’J^ 

Partner has d,f£ r 
L°L Whai is accSS 

omen «L-k r> l ^ 

* someth 

new husbands hJSffc 
’ accordina to 
derof iheV’fSnl^fc*- , 
anorganizatio^^ ' J 

*»» like toSfljfc 
iitby women are h* 
n-ableboausctu^J- 
■ expert fe 5 * 

J. e good finwcS^ 
Lh,s can put a sj* 

Je way the money ^ 

spile the dnaitiM. 
le still dream oi ^ 

one ncher than ihoS. 

U as women fail 
according to Siod** 
\ork C.i> psychoiliCTaje 

iiere have always ha® ^ 
iiou> men k ho wan in 
id &> so bv maminp],, 
m. she said. “Some 
ages aie disasters beast 
s looking toward hisnd? 
ve his problems of Ud a v 
n by gj«na turn * mtu 
h and social poauoa ft* 
hand, these mamaacsa? 

» for both partner! i t 
similar interests, value: 
and affection for cad® 
the trace) i* only a j? 
ion to their hves" 


RITWttS AW OPTIONS 

May Cocoa Contract Offers 
High-Velocity Price Swings 


EW YORK — Commodity futures speculators always 

. They do not have to 


By ELIZABETH M. FOWLER 

New York Tunes Same* 

N iike a fast-moving, volatile market ' 

look Ear these days for a cliff-hanger that has been 
offering a fast Swing for the money. It is the May cocoa 
futures contract, traded on the Coffee, Sugar and Cocoa Ex- 
change in New York, which has swung between a contract high of 
52^70 a metric ton and a contract low of 51,998 a metric ton. 

Last Thursday, the dosing price was 52,321. down a mere $1 
from £2*322 the previous day. On Wednesday, then had been a 
S3 3 decline. Most commodity markets were dosed Friday. 
Deirdre Madeod, tropical 


Lack of accurate 
crop statistics 
from West Africa 
underlies volatility. 


A EX Most Actives 

Vrf. won LB* Lad ft 


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products analyst lor Prudea- 
tial-Bache Securities Inc* last 
week called it “a charming, 
capricious” market. 

“The market had gone up 
almost 500 points in three 
weeks in terms of the May 
contract,*’ she pointed out. 

This means a jump of SS.OOO a 
contract, since each contract covers 10 metric tons. 

There is some speculation that a major dealer in New York, an 
affiliate of a London-based commodity firm, recently bought 
many of the May contracts, forcing prices sharply higher, to a 
premium above prices in European markets. 

The result has been a rush by foreign groups to ship cocoa to 
the United States for the favorable prices. Also, sellers from 
outside the United States have wanted to take advantage of the 
high value of the dollar in relation to other currencies. 

If the dealer with the dominant position in the market does not 
take delivepr, though, there could be a major sell-off, Miss 
Madeod said. 

D ENNIS C. Koutras, vice president and director of com- 
modity research at Drexd Burnham Lambert Inc., thinks 
that some of the recent volatility comes from “nearby 
tightness" as a result of West African shipping delays, and that 
there will be an orderly liquidation of the May delivery. 

“The market is sensitive on the upside now and has limited 
potential,” Mr. Koutras said. It could move in a range of 52,050 
to 2.450 a metric ton, he said, adding that the May contract price 
“has started to decline.” 

The first delivery notice day for the contract is scheduled for 
April 17, and the contract expires in mid-May. 

Both Mr. Koutras and Miss Madeod said that once the weD- 
squeezed May contract expired, prices definitely would head 
downward. Miss Madeod is forecasting a possible bear market in 
the late summer as the new crop year approaches. 

In recent years, the cocoa market has fallen out of step with 
some of the leading candy makers, such as Hershey Foods Corp. 

Miss Madeod pointed out that cocoa importers and dealers 
tend to be sellers m the market against their actual purchases of 
cocoa, while the chocolate makers often buy contracts to lode in 
prices. 

But in recent years there has been a third kind of player — 
money managers attracted by the speculative aspect of the 
market. Using computer analysis for fast research, they trade 
actively, probably helping to exaggerate the price swings- 
But a more fun damen tal reason for the volatility is a lade of 
accurate statistics. Miss Madeod noted, especially mi crop fig- 
ures for Ghana and Nigeria. Cocoa smuggling in Africa also 
(Continued oo Page 15, GoL fi) 


Currency Rates 


] 


Late interbank rain on April 4/8. excluding fees. 

Official fbringi for Amsterdam. Brussels. Frankfurt, Milan. Paris. New York rates at 
4 PM. 


■ * DA*. PJ=. ILL. 

AmstwOmn 3M 4J03 112X7* 16S7- 0.T772* 

Bnmcfcta) 04*73 7US 20.125 UN 3.1523* 

Frankfurt 3.154 XB04 3274* 1-5*75 X 

London (M 1.1955 33*4 115811 Z*0tS0 

Milan 2019.2) 2A1KOO ' 437JS 20*.U 

HcwrofkCO 1305 XU 9435 20KUJ0 

Porto M3S 11417 X0S» UO* 

Tokyo 255.975 30473 802A 3U> 124X* 

ZutIcA 24725 X2257 04775* Z7J755* 0.1331 * 

I ECU OJOM 05171 12353 44225 142271 

I SDR LWIII 0414134 X0W54 *442*4 1.97443 


or. 

5474* 

4971 • 
74175 
31444 
4X5* 
13371* 
3*0.70 ■ 
431 * 
1523 44*448 
34*73 4X3*1* 


Mdr. 

17A4 

1042* 

4374S 
5(7.10 
1547 
170* 
7144 
7508 " 


S.F. Yen 
13X20 *148.1* v 
2X77 2503* 
11U1*U425* 
121 301735 
74*00 7J*7 
244S 25400 
ISM 37*3- 

*520 

10534* 

10*41 17M«7 
24347 30*407 



Far 

Dollar Value* 

s par 

8 

Mr 

Euuhr. C - rW 

UA* 

E 0 to». C “ r " n 

OXl 

Corfu. C -™ ,W 

ILU 

8455 Altkstal 

15287 

ftl* 2 i irtai 

14)08 

04 * 7 * Ha— ni 

Z 23 S 

8 JM 48 Amtrfcm (driUtnu 

2 U 3 

04 ) 81 ! UmVlUM 

OUB 

0387 s. Africa* road L 7723 

oms* BaMaahtlraK 

8 X 90 

XX* Kmoweiaor 

<Vwn 

OB 8 I 2 S. Korea* won MOJO 

07281 Canadian* 

LOTS 

(L 3 M 1 MoSoV. riOMft 

252*5 

00057 smptsofa 

17545 

OHM Danish fcraac 

1142 

HUM Ronv. krona 

Ml 

0 . 10*2 frrad. kr«na 

*.18 

a. 152 * FhnUimartfca 

8 Jt 

005*5 PUL pom 

18253 

04 B 52 Taiwan 1 

3 * 5 * 

0007 * OrMfcOrockfaa 

13**11 

OJttss Port. Memo 

771 JD 

OBK 2 Thai barf 

27415 

01283 HoasKugl 

7 JO 

02772 Saudityol 

3407 

02722 U 4 X. 8 Man 14735 


tSMtanrioniimnc 

(oi ComiMiClal hxnc (b) Amounic wodod to binran* Pound (c) Arooants needod to twv on# doctor t*J 
umtiaMDO (»> Unit* o( 1000 Ivl IWK 01 10000 
•40.: not atioM.' HA.: not nvoOaHe. 

Sources: Banna* da Benelux (Brussels}; Banco com nte re Sa /e ttoHana (Milan); Banna* 
National* de Ports (Parts}; IMP (SOB); Banatw Araoe ct infrnetiooale tnnvestiaemem 
(dinar. r/yaL dlrhorn). omerdata treat Renters ana AP. 



Eurocurrency Deposits 


April 4 


Swto* Franc* 

Franc StnrBne Franc ECU SDR 
1M. I8.-IH ff •» SfW - fltb 13 »L ■ 13 JW ION - 104k 9*8-10 OIL 

2M. Ito - V 5N -5*w 5H - 5VS 13U - 13U 10M ■ ION * 9W - 10 VL »V» 

3M. 9H.-9H. 5 9W - « H. 511. -5% 13 *k- 13 til ION - 11 10 - lOHi ON 

UK 9V9 -*N **.-*». 5H -Sk. 12W - in* 11F.-11N 10k.- W* BN 

IY. 10 *V - 10 K 4IL - »N 5Wi - 54* 12W - 13U 114k - 1TW lOJW-lOtW »U 

Bates oppBcaaie to MerOonkdtpastKO/ri million minimum (orenutealent). 

Sources: MorvJi Guaranty tdoOor. DM, SF, Pound. WO; Lkads Bank t ECU U Renters 
(SDR}. 


Asian Dollar Rates 


April 8 


1 ma. 

■ «. -ON 

Sourer. Reuters. 


2 mo*. 
BN -* 


antes. 

*-*» 


4 mas. 
*N *«t <t 


Key Money Rates 

United States 


Clow Pro*. 


Britain 


Discount ncrf« 

Federal Fund* 

Prime Roto 
Broker Loon Rote 
Comm. Paper. 30-iW dan 
Xmontta Treosunr Bill* 
frmcrrth Treasury Bills 
CD's 3049 days 
CD's we* dors 

West Geramry 

Lombard Rato 
Overman] Rot* 

One Month Interbank 
Xmontn Interbank 
t-moatti interbank 

France 

UtcmnUon Rate 
Coll Money 
Ooe-motffli latertiank 
Xmonih interbank 
4-momti interbank 


> 

W* 

tart 

9rt 

L6S 

414 

4*0 

415 
430 


400 

Ciowd 


m 

Cloud 


o 

Stk 

10V4 

91b 

475 

408 

458 

423 

43s 


S.N 

1*0 

415 

435 


lWi 

WV» 

inv» 

low 

KM 


Bonk Bom Rate 
Call Moray 
91-dor Treasury sill 
3-month interbank 

Japan 

Discount Rate 
Call Money 
46-dov Interbank 


Close Prey. 

13-1314 1X13 U. 
dated 13 

— 12H 

— 13 5714 


5 

414 

44* 


3 

n 

44* 


Gold Prices 


: 


Sources: Reuters. Commerzbank. Credit tv- 
eaaoh. Herds Bank. Bank a! 70* ya 


Hone Kona 
LuxeraBourg 
Ports (125 Uiol 
Zurich 
London 
New York 

Official Hkhtester London. Porto md Linen- 
asm. aaenlno and dMlne PriCH tor Hone Kona 
and Eutidi, How You. Came* currant GMtrocL 
All prices in UXS per ounce: 

Source: Reuters 


AM. 

*Ji 

CVoa 

317.15 

31*45 

— 440 

31*40 

— 

— 450 

31*47 

31747 

- xa 

310*5 

31740 

-125 

317X0 

31475 

- *40 

— 

HJl 

— 


Markets Closed 


Many European and Asian financial markets were closed 
Monday for Easter Monday. However, Singapore and Tokyo 
markets were open, as were North American markets. 


Estimates 
Of Profits 
Lowered 

U.S. Analysts 
Less Optimistic 

By Nicholas D. Kristof 

Wcw York Times Sente* 

NEW YORK. — The strong dol- 
lar and signs of weakness is the 
UJ3. economy are forcing econo- 
mists and stock market analysts to 
cut their estimates of corporate 
profits for the first quarter and for 

the year. 

Although almost all experts say 
corporate profits will be at least as 
high this year as they were last year, 
they are steadily cutting initial 
earnings projections that they say 
were too optimistic. 

All kinds of companies have 
been affected, and experts say the 
estimates probably win continue to 
be cut, sharply in some cases. The 
effect is already showing in a list- 
less stock market. 

“Analysts are cutting their esti- 
mates, and they seem to be acceler- 
ating the rate at which they are 
cutting their estimates," said Stan- 
ley Levine, a vice president of the 
brokerage firm Lynch, Jones & 
Ryan in New York. The firm's In- 
stitutional Brokers Estimate Sys- 
tem monitors earnings forecasts 
from 110 brokerages on 3,300 
stocks. 

In February, for example, ana- 
lysts on average expected Intel 
Corp. to earn 30 centsa share in the 
first quarter, which ended March 
31, according to Zacks Investment 
Research in Chicago. The most re- 
cent forecasts are for Intel to earn 
onN 16 cents a share in the quarter. 

For United States Steel Corp., 
the drop in estimates was from 75 
cents to 43 cents. Caterpillar Trac- 
tor Co. dropped from a loss of 3 
cents to a loss of 37 cents. 

Of course, most companies have 
not had their estimates of earnings 
cut so dramatically; reductions of a 
few cents are more common. 

Though the estimates are being 
cut, they may still be above the 
previous earnings, or only a little 
below. Intel, for example, earned 
20 cents a share in the fourth quar- 
{ Continued on Page 17, CoL 1) 



tttt Nuw York Tm 


Ted Turner, ( Mouth of the South, 9 
Likes to Take On the Impossible 


By Daniel F. Cuff 

Net o York Tima Service 

NEW YORK — Ted Turner has often talked 
about his ambition to own a television network. 
And for a month now, the broadcast entrepreneur 
from Atlanta has been rumored to be interested in 
taking over CBS. But so far he has made no move, 
and many analysts think he has no chance. 

A Turner takeover of CBS “is so far from being a 
realistic deal it’s almost impossible," said Bonnie 


CBS Inc reported profit in die first 
did 57 percent from a year earlier. 


of 1985 
15. 


M. Cook, an analyst with J.C Bradford & Co. of 
Nashville, Tennessee. 

But she added, “Thai's the whole point with 
Ted; he’s known for doing things that can't* be 
accomplished.” 

On the fundamentals, such a purchase looks 
hopeless, most analysts say. They question where 
Mr. Turner would get the $4 billion or so to btry the 
network. 

The most likely source would seem to be Mr. 
Tinner’s company, Turner Broadcasting Systems 
Inc. But the company has liule extra cash on hand 
and dieting inan agreements may limi t additional 
borrowing. Furthermore, although the company 


has reported profits for two years, it is still strug- 
gling in many of its ventures. 

And yet. Mr. Turner has the reputation of being 
able to puU things off. A few years ago, before his 
enterprises gained success, a television executive 
remarked, "Ted Turner is a possibility for any- 
thing.” 

In 1984, Turner Broadcasting reported revenue 
of S2S1.7 million, up from $224.5 million in 1983. 
Net was SI0 million, or 49 cents a share, up 42.9 
percent from $7 million, or 34 cents a share, in 
1983. 

Mr. Turner owns 80 percent of Turner Broad- 
casting. whose stock is traded over the counter. 
Last December, Turner Broadcasting raised S200 
million through a combination of stodt, bonds and 
warrants. 

The company now has about $60 milli on in cash 
and a credit line of S190 million through a consor- 
tium headed by Manufacturers Hanover Trust Co. 
of New York.’ 

Thus, it would seem. Turner Broadcasting itself 
does not have the financial clout to move against 
CBS. But analysts say Mr. Turner, at the head of a 
group of investors with deep pockets, just might. 

One rumor had it that American Express Co. 
would back Mr. Turner, but American Express 
denied iL MCI Communications Inc. was also said 
to have been asked to come in on a Turner bid for 
( C o mbined on Page 17, CoL 1) 


Pickens Offers 
$3.46 Billion for 

Unocal Control 


Compiled by Our Staff From Dispatches 

NEW YORK — A group led by 
T. Borne Pickens made a $3.46- 
billion offer Monday for 64 million 
shares of Unocal Corp., which 
would give tbe group 51 percent of 
the oU company's shares. 

The group, called Mesa Partners 
II, said it is offering $54 for each of 
the Unocal shares. It said the offer 
would last until May 3, according 
to an announcement in The New 
York Times. 

Unocal dosed at $49,125 per 
share, off I2J cents, on the New 
York Stock Exchange on Thurs- 
day, the last day of trading before 
tbe Easter weekend. 

Mesa Partners If currently owns 
23.7 million shares, or 13.6 percent, 
of Unocal shares outstanding. 

Mr. Pickens declined to com- 
ment on the group's plan. 

Barry Lane, a spokesman for 
Unocal, based in Los Angeles, also 
would not comment, saying that 
Unocal officials did not have de- 
tails of Mesa plans. 

Mr. Pickens's group has gradual- 
ly increased its stake in Unocal in 
recent months, fueling speculation 
that he had chosen the company to 
be the latest in a siring of takeover 
targets. 

Industry analysts were not sur- 
prised by news of Mr. Pickens’s 
offer. They said they expected Un- 
ocal to rigorously resist a takeover. 

•'Tbe figure erf $54 is a very sensi- 
ble number if you are going to buy 
out Unocal, " said Sanford Mar* 
goshes. an analyst with Shearsofl 
Lehman Brothers. “From that 
standpoint Mr. Pickens is on tar- 
get. However. I think the response 
of ihe management and the board 
of directors will be that it is woeful- 
ly inadequate, and I believe they 
will make a very determined effort 
to resist takeover.” 

Unocal's chairman, Fred L. 
Hanley, has repeatedly clashed 
with Mr. Pickens over management 
philosophy and strategy for the oil 
industry. 

At a congressional hearing last 
week, tbe two traded barbs, with 


Mr. Hanley declaring at one point 
that “Mr. ’Pickens has somehow 
created a speculative frenzy that 
has convinced his camp followers 
that there’s easy money to be made 
in attacking oil companies, and to 
hell wiih tomorrow." 

Unocal is the holding company 
for Union Oil Co. of California, 
whose gasoline and lubricants are 
sold under the orange and blue 
■76” label. 

Besides its domestic production, 
the company has overseas opera- 
tions in Indonesia, tbe Nether- 
lands, Thailand and Canada. It 
also makes specialty chemicals and 
fertilizers. 

Tbe company had revenue of 
$1 1.5 billion last year. 

But like other oil companies, fac- 
ing excess worldwide production 
and decreased demand, the compa- 
ny has struggled. Its earnings de- 
clined for the first time in eight 
years in 1983, only to rebound 12 
percent last year to $700.4 million, 
or S4.03 a share. 

And, like many oil companies, its 
stock has been trading at below 
asset value. 

Tom Tracey, an analyst with 
John S. Herrold Inc. in Greenwich, 
Connecticut, has estimated that the 
company has assets worth about 
S76 a share. 

Unocal's stock was trading in the 
mid-$30s late last year, before Mr. 
Pickens began building his stake. 

In February, Mr. Pickens said he 
might try to take over the company 
and asked it to postpone its April 
29 annual meeting so he could pro- 
pose a rival slate of directors. The 
company refused. 

Under Mr. Hartley's leadership. 
Unocal has gained a reputation for 
often moving against prevailing in- 
dustry trends and has concentrated 
on long-term investment 

U has been among the most suc- 
cessful of the major petroleum 
companies at discovering domestic 
oil and gas to replenish reserves, for 
instance, and last year spent SI. 51 
billion on exploration worldwide. 

(NYT. AP ) 


^Thatcherism’ Selling Well Abroad, Hard to Market at Home 


By Bamaby J. Feder 

New York Tima Sendee 

LONDON — Margaret Thatch- 
er is haying more success persuad- 
ing the international financial mar- 
kets than the average Briton that 
she has her country on the right 
track economically. 

As Mrs. Thatcher approaches 
the halfway point in her second 
term as Britain's prime minister, 
the domestic popularity of the con- 
servative economic policy known 
as Thatcherism has plunged. 

By contrast, the last three weeks 
have seal more than a 10-percent 
jump in the British pounds value 
against the dollar. 

International investors made the 
potmd their first refuge when the 
Ohio banking and concerns 
about slower-than -expected U.S. 
growth pricked their confidence in 
the dollar last month. 

Mrs. Thatcher and her support- 
ers have argued that Britain s eco- 
nomic performance under her poli- 
cies has inspired the pound's new 
vitality in foreign-exchange mar- 
kets. 


To be sure, Mrs. Thatcher's po- 
litical roponents and some skeptics 
in the City of London have attrib- 
uted the gain in the pound to the 
level of Britain’s interest rates. 
They are considerably more than 
double those available to investors 
in the Deutsche marie and other 
major currencies. 

But still others say that the re- 
sponse to Britain’s latest budget 
demonstrated that something more 
than interest rates was having an 
effect. 

The budget, which covers the 12 
months that began last Monday, 
committed the government to 
maintaining Mrs. Thatcher’s basic 
policies. Its introduction last 
month kicked off some of the 
pound's sharpest gains. 

“The positive market reaction in 
the 48 hours after the budget was 
an obvious vote of confidence,” 
said Paul Ndld, chief economist at 
the brokerage house of Phillips & 
Drew. 

As Mrs. Thatcher and her back- 
era see it, the attractions include 
Britain's record of four consecutive 


-years of economic growth, an un- 
wavering commitment to control- 
ling inflation and the government’s 
continuing campaign to reduce 
state involvement in the private 
sector. 

Productivity, investment, em- 
ployment and exports are ail rising 
and the general performance com- 
pares favorably with that in other 
major European countries by many 
measures. 

Thatcher supporters believe that 
many investors were impressed — 
and others were at the least relieved 
— by the cautious budget intro- 
duced last month by the chancellor 
of the exchequer, Nigel Lawson. 

It committed Britain to spending 
restraint despite pleas from indus- 
trialists, trade unions, local govern- 
ments and politicians, including 
many in Mrs. Thatcher's Conserva- 
tive Party, to follow the lead of ihe 
United States, which has cut taxes 
and turned to borrowing to finance 
its continued spending. Its deficits 
have spurred economic growth. 

President Ronald Reagan’s po- 
licy rests on a huge spending deficit 


financed by the flow of foreign 
money into the dollar. Like most 
European economists and politi- 
cians. Mrs. Thatcher and her advis- 
ers agree with Paul A. Volcker. 
c h a irman of the Federal Reserve, 
that the United Stales is “living on 
borrowed money and borrowed 
time.” 

However, even if the U.S. econo- 
my proves dynamic enough to sup- 
port such a policy indefinitely, 
Pone of the European nations 
could count on foreign investors to 
support similar deficit-financed 
spending binges. 

Mr. Lawson's budget under- 
scored Mrs. Thatcher’s intention to 
keep Britain on a sound financial 
footing by putting her government 
on target to reduce public borrow- 
ing to 2 percent of total economic 
output — the lowest figure among 
major industrial countries. Britain 
borrowed 3.1 percent of total eco- 
nomic output in 1984. 


The budget, however, 
the many Britons who have 
for deficit spending programs to 
reduce the country’s record unem- 
ployment, which is 13 percent by 
the government’s measure and 
higher by the benchmarks cited by 
its opponents. 

The government believes that its 
policies have succeeded in creating 
enough growth to reduce unem- 
ployment. 

The problem, it contends, is that 
rising real wages, minimum -wage 
rules, overregulation, restrictions 
imposed by trade unions on man- 
ning and other rigidities affecting 
the supply side of the economy 
have prevented expanding busi- 
nesses from hiring new workers tt 
prices they can afford. 

The economy is indeed produc- 
ing more jobs, but not enough to 
prevent unemployment from also 
rising. 


FrancetoScrap 
Car-Price limits 

Reuters 

PARIS — The French gov- 
ernment will abolish controls 
on car prices July 1, Finance 
Minister Pierre Beregovoy said. 

Mr. Beregovoy, in an inter- 
view in the magazine Le Nouvel 
Observateur. described the de- 
rision as “a good stimulant for 
our industry." Edith Cresson, 
minister of industry, had said in 
an interview with the newspa- 
per liberation that the move 
would probably come in June. 

The ceiling on car-price in- 
creases, set at about 5 percent 
this year, has been cited by both 
state-owned Renault and by 
Peugeot SA as a cause of heavy 
losses in the past two years. 
Prices of cars have been con- 
trolled in France since shortly 
after the Socialist government 
was elected in May 1981. 


World OilConsumption Estimate Is Lowered 


Compiled by Our Staff From Dispatches 

PARIS — Worldwide ofl pur- 
chases from the 13 members of the 
Organization of Petroleum Export- 
ing Countries in 1985 will drop by 
more than 500,000 bands a day 
from 1984, the International Ener- 
gy Agency forecast Monday. 

The market share of the OPEC 
countries will be lower, as non-O- 
PEC producers capture a bigger 
share, the Paris-based organization 
said in its latest monthly OO Mar- 
ket Report. 

Total world demand for crude 
shipped by OPEC is expected to 
drop to 16.6 million barrels a day 
from last year’s 17.1 million. 

The 1EA reported a provisional 
drop of 2 percent in oil demand in 
the first quarter of 1985 compared 
with the corresponding quarter a 
year earlier. Its last estimate, a 
month ago, had put the decline in 
first-quarter consumption at I per- 
cent. 

0EA experts also a djusted their 
oil-consumption projections for the 
last three months of 1984 to show a 
drop of 2.3 percent compared with 
the corresponding period in 1983. 
a month ago, the IEA estimated a 
consumption decline of only 0.7 

percent. 

The latest IEA report showed 
that the agency believed it had sub- 
stantially overestimated ofl con- 
sumption in Western industrialized 
nations over tbe past six ntmulw. 
industry sources slid. 

The IEA cited mild weather and 
a switch to alternative fuels as the 
main reasons for lowering its oil- 
consumption estimates. 

Expectations of lower prices 
probably also led users to draw on 
slocks and pul off purchases be- 
tween October 1984 and the end of 


January 1985, the IEA report said. 

It said oD consumption by the 
24-nation Organization for Eco- 
nomic Cooperation and Develop- 
ment was 35.7 million barrels per 
day in the first quarter of 1985. 
Hus was 300,000 barrels per day 
less than estimated a month ago. 

Fourth-quarter 1984 consump- 
tion by the OECD was revised 
down to an estimated 34.6 millioa 
barrels a day. In the fourth quarter 
of 1983, OECD consumption was 
running at 35.5 million barrels. 


Ofl industry analysts said the fig- 
ures were not encouraging for 
OPEC in its efforts to influence 
world oil prices. 

OPEC cut its crude oil produc- 
tion ceiling to 16 million barrels per 
day from 17.5 million last October 
and adjusted price differencials be- 
tween light and heavy crude oils in 
January this year. 

This followed mounting si g ns of 
excess production and weaker ofl 
demand worldwide, a trend first 
seen in mid- 1984. (ReuierSyAFP) 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 


Page 15 


BU51NE5S ROUNDUP 


iJlj!;- CBS’s Net Sank 57% in First Quarter 


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The AttKtaKd Pit U 

NEW YORK — CBS Inc. saW 
Monday that its first-quarter set 
sank 57 pomu from a year earlier 
on a 2-percem drop in revenue. 

CBS said last month that its 1985 
earnings would be hurt by its 5400- 
mill km acquisition of Ziff-Davis 
PubfishrogCor 

Tbe acquisition would reduce the 
year's profit by less than $1 a share, 
it said. 

Net for the first three months of 
1985 was 516.7 million, or 56 cents 
a share, compared with 535.9 mil- 


formance. Thomas H. Wyman, 
chairman and chief executive of 
CB$. said Monday that, “While 
our first-quaner results are lower 
than those of a year ago, they are 
slightly better than our budget and 
fit with our expectations of a strong 
performance in 1985." 

The broadcasting division per- 
forated solidly. Mr. Wyman said, 
with profit up 9 percent on a gain in 
revenue of 3 percent. 

A decline in the records division 
was attributed to (he absence this 
year of the strong sales in the first 


Mr. Turner was preparing on at- 
tempt to acquire CBS and had re- 
ceived fi n a nc ial commitments of 
S1O0 million from MCI Communi- 
cations Corp. and William E. Si- 
mon, a former U.S. secretary of the 
Treasury, The New York Times re- 
ported last week. 

Separately, Fairness in Media 
said that although it would not 
mount a proxy battle at the CBS 
annual shareholder meeting in Chi- 
cago on April 17, it might seek a 
special meeting in the future. 

The group, affiliated with Sena- 




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quarter a year ago. 

Three-month revenue slipped to 
Si.12 billion from 51.15 billion. - 

CBS is reportedly the target of a 
takeover attempt by Ted Turner, 
the broadcasting magnate, and is 
under attack from a conservative 
group. Fairness in Media, which 
asserts that its news reporting is 
biased. 

Explaining the company’s per- 


Miehael Jackson’s “Thriller" al- 
bum. Mr, Wyman said. Profit in 
that group feu 56 percent as reve- 
nue dropped 17 percent. 

A poor perfonnancc by the pub- 
lishing division reflected charges 
associated with the Ziff-Davis ac- 
quisition , which was completed 
Feb, 4, Mr. Wyman said. Publish- 
ing profit fell 30 percent while reve- 
nue rose 22 percent. 


lion, or 51.31 a share, in the first quarter of 1984 from the release of tor Jesse Helms, Republican of 

him w' 1 i „! u L f i* l. u 


North Carolina, has said it would 
continue its baide to gain control 
of CBS to end what it calls a liberal 
bias in the network's news report- 
ing. 

However, CBS, which has con- 
sistently and strongly rejected the 
idea of a merger or takeover of the 
network, changed its bylaws last 
week to make it more difficult to 
call a special meeting. 


Family Offers $1.3 BiHUm 
To Buy Cox Media Firm 

The Aaoeuard Prat 

ATLANTA — The Cox family announced Monday a 51 J-biUkm 
tender offer for the 55 percent of Cox Communications Inc. it doesn't 
already own. 

Cox Enterprises Inc. said it would pay 575 a share, according to 
Gamer Anthony, its chairman and chief executive. 

Cox common shares closed at S62.25, up SI, on the New York Stock 
Exchange on Thursday, the last day of trading before the Easier 
weekend. 

Cox Enterprises is a group newspaper owner, which is privately 
held by Barbara Cox Anthony of Honolulu and Anne Cox Chambers 
of Atlanta. 

The offer is effective Friday, Mr. Anthony said. 

Cox Enterprises owns or controls 40.2 percent of the 28.2 million 
common shares outstanding of Cox Communications. 

in addition, other members of the Cox family, officers and direc- 
tors of both companies, business associates and related interests, own 
5.2 percent. 

Cox Enterprises publishes 21 daily newspapers, including The 
Atlanta Constitution and The Atlanta Journal. 

Cox Communications, also based in Atlanta, owns seven television 
stations, including WSB in Atlanta and five AM and seven FM radio 
stations. 

It also operates cable television systems serving l.S million custom- 
ers. 




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To our Readers 
in Germany. 

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from you. 

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Tms applies whether you 
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Via Agence France-Presse April 8 

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m 


Tokyo EM. Power 
Tokyo Morin* 


1*W 

IS? 

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*H T asm Do 
Toyota 

^7 Vamaicni Sac 

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1730 1730 
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*52 *53 

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5500 5500 
*40 *41 

1650 1670 
B4A 050 
4B3 4*0 

*01 *04 

1350 DM 
01* BOS 


m 


m*y.H 


International Borrowing 
Decreased in March 

Reuiert 

PARIS — Borrowings on inier- 
naiional capital markets slowed 
perceptibly last month and bond 
issues from major industrial coun- 
tries were particularly tow, the Or- 
ganization for Economic Coopera- 
tion and Development said 
Monday. 

Preliminary data showed that 
514 billion was raised on medium- 
and long-term financial markets in 
March, a drop of S4.4 billion from 
February, it added. Borrowing on 
external bond markets fell to 59.7 
billion last month from SI3.9 bil- 
lion in Februaiy. 



SINGAPORE COLO FUTURES 
U.5J per ounce 


Jlffl . 
Aug . 


HHtta 

N,T. 

37X80 

N.T. 


Prtv. 

LOW 

n.t. 

mio 

N.T. 


Volume; 109 lots Of 100 OZ. 
Source: Rooters. 


Settle Sotlla 
31X00 316.30 

S LID 370.70 

M0 32S3Q 


Dividends 


April 8 


Company 


Per Amt 
USUAL 


Pay Rec 


Farmers Group 
Ftawors InduoirtM 
Liberrv Homes 
Marti Twain BnccitfS 


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HUNGARY 

a rr>N FFPFKirr dn 

TRADE AND INVESTMENT OPPORTUNITIES 



SPONSORED BY 

THE INTERNATIONAL HERALD TRIBUNE 
Budapest, June 1 3-1 4, 1 985 

The International Herald Tribune conference on "Trade and Investment Opportunities in Hungary" 
wilt be of keen interest to arty executive concerned about future economic relations between East and West. 

The conference provides an extraordinary opportunity for business leaders to examine 
how the Hungarian government sapprooding questions of domestic and international economic relations 
and offers Western executives an unusual occasion for ctirectcontad with business leaders from Bxlemlfrope. 
Senior executives wishing to register for the conference shouHaxnpiete and return the coupon bebw. 


JUNE 13 
Keynote Address: 

Mr. Jazsef Marjai, Deputy Prime Mnister 

The Economic Outlook 

Professor Jazsef Bognar, C^redor, Institute of World Economks 
of the Hungarian Academy of Sciences 

Foreign Trade 

Mr. btv&n Torok, Secretory of Stale far Foreign Trade 

The five Y«w Plem 

Dr. Janos Hods, Secretary of Stale, National Phnring Board 

Afternoon Address 

Dr. Armand Hammer, Chairman and Chief Executive Officer, 
Occidental Petroleum Corporation 
investment Incentives aid Tax free Zones 
Dr. Peter Medgyessy, Deputy Minister of Finance 

Barter 

Mr. Sfcndor Demcfik, General Manager, Hungarian Foreign 

Tracing Bank 


y Sr- 
■j. 

: > r - 1* 






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The u on fa rienoB 3wcs orgaieed in agoocrion W8n v 
b*mm to hu&apa* <nd G. Amdd Teeing W . »> fcwerdanv 
Mdiv, TV* Hungcrion airlne, is #ie orRdd carrier for 
ihe oonferwxB. 


JUNE 14 

The Banking System 

Mr^ Jcnos Fekete, First Deputy President, Notional Bank of 
Hungary 

Western Banking and Hungary 

Mr. Gabriel ScHer, Vice President and General Manager, 

Bank of America N.T., Vienna 

Industrial Outlook 

Mr. Ferenc Hcrs/fift, Secretary of State for Industry 

fcmel of Hungarian Industriahsts 
Afternoon Address 

Professor Richard Fortes, Director, Centre for Economic Poky 
Research. London 

Joint Ventures 

Mr. lAcrln Borb£ty, Director General, Deportment for 
International Monetary Affairs, Ministry of Finance 

Pural of Foreign Companies 

Moderator: Mr. Tomas Bede, President, Hungcrion Chamber of 
Commerce 




K •: k ?H: 





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9-445 


I 



BHFsNetStid 
18% in 1984 to 
42.8 Million DM 

Reuters 

FRANKFURT — Berliner 
Handels- und Frankfurter Bank 
had a 1984 net of 42.8 million 
Deutsche marks(S13.8 million), 
18 percent below the 1983 fig- 
ure of 523 million DM. Klaus 
Subjetzki, one of the bank's 
four partners, said Monday. 

Mr. Subjetzki said the bank 
had a promising start in 1985 
with earnings from commis- 
sions strong. However, he said, 
demand for credits remained 
low and die bank's balance 
sheet showed little growth at 
the start of 1985. 

Mr. Subjetzki said the true 
earning power of the bank was 
masked in 1984 because 20 mil- 
lion DM of 1983 net came from 
liquidation of hidden reserves. 

The same picture applied to 
group 1984 net, which was de- 
clared at 59.6 million DM after 
61.4 million DM the previous 
year, when the 20 million DM 
from reserves was included. 


LAND MVOTMMTf M 

HOUSTON, TUU, IUUL 


For information contact: 

Uojd J. WDliuni Rntun 
5629 FM 1960 Wml Salto 210 
Hcnuaoa, Tx. 77069. 

T«Li (713) 586-9399- Tlx: 387356 


FOREIGN & COLONIAL 
RESERVE ASSET FUND 

PBCES AT 1XRS 

^ US. DCXLAit CASH (1032 

Be MULltCUWENCT CASH S 9.96 

C, DOUM BONOS J1063 

d, MUtnajffiBMcr boos siaas 

& STWlfNG ASSET £1050 

POfiGN i CCXCNAJ. 
MANAGEMENT (ISSEY) UMTTO 
M MUCAStS 5nSUTHBiSU85ErjCL 
TH: 053*22351 TBBfc 4192053 

FOR OTHER F & C FUNDS. SEE 
INlBtNXTlONAL FUNDS UST 


STOCK 

BID 

ASK 

DeVoe-HoUnu 

US$ 

ust 

International bv 
City-Clock 

5% 

6% 

Intomalj<ffial UV 

244 

3% 

Quotes as of: April 4, 1965 


Investors seeking above average 
capital gains in global stock 
markets can simpiv write us a 
note and the weekly 
INVESTORS ALERT newsletter 
will be sent free and without 
obligation. 


First Commerce Securities bv 
Herengracht 483 
1017 BT Amsterdam 
The Netherlands 
Telephone: (0)3 120 260901 
Telex: 1 4S07 firco nl 


Triangle to Take Over National Can 


By Jonathan P. Hicks 

New >url Timer Service 

NEW YORK — National Can 
Cqrp> has agreed to be acquired by 
Triangle Industries for S42 a share, 
or about 5430 million, bringing to 
an end a year of jockeying among a 
variety of suitors for control of the 
Chicago-based packaging compa- 
ny. 

The agreement, reached late Fri- 
day, means that Triangle, a maker 
of jukeboxes, vending machines 
and electrical wire products, is ac- 
quiring a company nearly seven 
times us size, as measured by annu- 
al revenue. 

Triangle, based in New Bruns- 
wick, New Jersey, reported net in 
1984 of $3.23 million, or 51.29 a 
share, on revenue of 5290.83 mil- 
lion. For the same period. National 
Can posted net of 543.15 million, 
or 54.25 a share, on revenue of 
$1.91 billion. 

Under terms of the agreement. 
National Can. the rhird- largest 
metal can maker in the United 


States, will become a subsidiary of 
Triangle and continue operating 
under its current name. 

The two companies said in a 
joint statement that Triangle in- 
tended there would be “no substan- 
tial divestiture" of National Can’s 
assets, and that National Can’s 
management would be retained. 

Triangle Iasi month made a 
tender offer of $41 a share, or about 
$420 million, for National Can. 
When the companies held talks fast 
week, analysts speculated that Na- 
tional Can wanted a higher price 
because of the prospect of sharply 
increased earnings mis year. 

A year ago, Victor Posner, a Mi- 
ami financier who owned 38 per- 
cent of National Can, offered $40 a 
share to acquire the r emaining 
shares. However, relations with 
Mr. Posner gradually soured and 

the bid was rq'ecied. Members of 
National Can's management then 
announced that they were joining 
forces with a new employee stock 


ownership plan to moke a S40-a- 
share buyout proposal. 

Last month, Carl C. Icahn. a 
New York financier, disclosed in a 
filing with the Securities and Ex- 
change Commission that he had 
acquired 9.1 percent of National 
Can's stock and that he was consid- 
ering buying additional shares. 
However, Mr. Icahn said he had no 
mtenuon of making a tender offer 
and that he had benight the shares 
"as an arbitrage position " 

At the same time. Mr. Posner 
abandoned Ins maneuvering to win 
control of the company and agreed 
to sell his interests in National Can 
to Triangle for nearly 5150 million 
in cash. 

Mr. Posner did not say what he 
would do with the money, but Wail 
Street traders expected it to be used 
to infuse cash into two ailing com- 
panies controlled by him: Sharon 
Steel Corp. and Evans Products 
Co., which is operating under the 
protection of federal bankruptcy 
law. 


Chrysler Is Said 
To Seek Venture 
With Mitsubishi 

Reuters 

DETROIT — Lee A. lacocca, 
chairman of the Chrysler Corp., 
plans to negotiate terms for a joint 
production venture in the United 
Suites with Mitsubishi Motors 
Corp. during a trip to Japan later 
this week, the trade paper. Auto- 
motive News, said Monday. 

A Chrysler spokesman con- 
firmed (hat the two companies 
were holding discussions on a num- 
ber of topics, but declined to com- 
ment further. 

The paper quoted industry 
sources us saying the joint venture 
would be aimed at producing a sub- 
-corapaci car to replace the Dodge 
Omni and Plymouth Horizon mod- 
els due to be phased out in 1988 
after nearly a decade on the mar- 
ket. 

The paper said it was likely that 
Chrysler and Mitsubishi would 
build another plant in the mid west- 
ern Urn ted .States for the project, 
though they had considered the 
CluysJer factory at Bdvidere, Illi- 
nois. where the Omni and Horizon 
models are made. 

Industry sources said the rela- 
tionship between the two compa- 
nies in a joint venture could be 
similar to the arrangement between 
General Motors Coip. and Toyota 
Motor Coip^ in which a separate 
manufacturing company was 
formed to build small cars for the 
U.S. market 


Allied to Sell Half of OH Unit to Get Cash for Other Ventures 


Reuicn 

MORRIS TOWNSHIP, New 
Jersey — Allied Coip. said Mon- 
day that it bad signed an agreement 
in principle to sell 50 percent of 
Union Texas Petroleum, its oil and 
gas subsidiary, to a group led by 
Kohlbeig Kravis Roberts & Co. 

h said the buyers include mem- 
bers of Union Texas management 

Allied would receive S1.4 billion 

May’s Cocoa 
Up and Down 

(Continued from Page 13) 
makes it difficult to appraise the 
movement of the product, Mr. 
Kouiras said. 

As in many other commodity 
markets, politics and weather can 
bring swift and severe changes for 
those dealing in cocoa. Fifteen 
years ago Ghana was by far the 
world's largest cocoa producer, fol- 
lowed by Nigeria, the Ivory Coast 
and Brazil. Now the Ivory Coast, 
relatively free of political turmoil, 
is by far the world's largest produc- 
er, followed by BraziL G hana and 
Nigeria lag wefl behind in third and 
fourth place. 

Droughts in the past three years 
have hurt cocoa crops in West Afri- 
ca and Brazil, resulting in a short- 
age on the world market for those 
years. But that situation is begin- 
ning to reverse itself now, and the 
current crop year has produced a 
surplus. 

“We believe that net production 
during the 1984-85 crop year will 
total 1.757 million metric tons, or 
about 17 percent above a year ago," 
Mr. Koutras said. Out of this total, 
cocoa users will grind about 1.7 
million tons of the cocoa beans for 
use in chocolate and other prod- 
ucts. so the surplus mil amount to 
about 52,000 tons. Added to what 
W3s left over last year, the stocks 
will be about 426,000 tons when the 
new crop year starts in the fall 

Attempts by the Internationa] 
Cocoa Organization, which links 
producing and importing nations, 
to flatten the swings in the market 
and support prices have largely 
failed. The group tries to control 
the market by use of a buffer stock. 
But the absence of several leading 
nations, including the United 
States, a major consumer, and the 
Ivory Coast, the largest producer, 
has made the effort largely futile. 


in cash and 5300 million of Union 
Texas preferred stock under terms 
of the proposed sale. 

Allied’s chairman, Edward L 
HennessyJr., said the sale was pan 
of Allied’s program to restructure 
(he company toward businesses in- 
volving products based on ad- 
vanced technology. 

“Sellin g half of Union Texas will 


help finance this continued restruc- 
turing." be said. **The sale makes 
sense because it unlocks the value 
of our oil and gas assets, which we 
believe are undervalued by the 
stock market. 

“We intend to ultimately to use 
this cash to finance acquisitions in 
our core businesses, particularly 
aerospace, automotive and chemi- 
cals." 


Air India to Buy 6 Airbus Planes 


Compiled by Our Stuff From Dupanhes 

BOMBAY — Air India signed a 
contract Monday to buy six Airbus 
A3 10- 300s to replace its aging 
Boeing 707s, an airline spokesman 
said. He said the cost was 5JI 
billion rupees (54415 million). 

The aircraft are to be delivered 
between April 1986 and the end of 
that year, he said. Air India will use 
the planes, which have a capacity of 
1 87 passengers, on flights to Africa, 
the Far East and Europe. 

In Seoul, meantime, a French 
official who asked to remain anon- 
ymous said Monday that final 


agreement on the sale to South Ko- 
rea of three Airbus A300-600 
planes had been reached during the 
visit there of French Prime Minis- 
ter Laurent Fabius. (Rowers, AFP) 

Lloyds May Sell Talcott Unit 

Return 

NEW YORK — Lloyds Bank 
PLC of Britain said Monday that it 
is considering the sale of James 
Talcott lnc„ a finance subsidiary 
based in the United States, and has 
retained Merrill Lynch & Co. to 
assist in tire transaction. 


Gold Options (price* tas/«.). 


Mot 


12SM4SJ 
773- 935 

5nua 
am son 

20.400 

175-335 


amp 


M75-U75 

uoo-isoo 

975-1135 
&75&2S 
475 435 
335 475 


71352335 

17004900 

13751575 

10751235 

825-975 


045 31700-31700 

Vtiesn White WeM SLA. 

1, Quai da Mmm-Hmc 
1211 Gtocva L Sofctcriaaf 
Tet 310251 - Trie*. 28 305 


BANQUE INTERNATIONALE 
POUR L’AFRIQUE OCCIDENTALE 

US 830,000,000 Floating Rale Notes 1982/1988 
The rate of interest applicable to the interest period from April 9, 
1985 up io October 9, 1965 as determined by me reference Agent is 
per annum namely US $50,20 per note of US SI ,000. 


LEICOM FUND 

RagSihmd Offica: Luxembourg, 
20 , Boulevard Emmanuel-Seivas 

R.C. Lnumboarg B214S4 


Notice is hereby given that the 
ANNUAL GENERAL MEETING 

of the shareholder) of Leicom Fund will be held at the registered office a! 
3:30 p.m. on April 29, 1985 with the {odawing. 


AGENDA 


1. 


Approval of the reports of the board of directora and of the starutory 
audiii 


liter. 


irovaJ of the balance sheet and profit and loss account for the year 
id December 3L 1984 
3. Allocation of the net results. 

4k Discharge to the directors and .die statutory auditor for . the proper 
performance of their dudes during the year ended December 31,1984 

5. Election of directors and the statutory auditor. 

6. Election of four new directors. 

7. Miscellaneous. 

Rceoln don s of the shareholder* wiD be passed at a ample majority of those 
present and voting, and each share is entitled to one rale provided no person 
as s h a reho ld e r and/or proxyholder may vote for more dan 20% of the 
shares issued nor for more loan 40% of the shares present at the meeting. 
A shareholder may act at any meeting by proxy. 


registered office of Ijeicom Fund 


aoceptablei 


On behalf of the company, 
BANQUE PRIVBE S.A. 

Luxembourg Branch 
20, BcL Enmnutnel-Serada 


BB\R 

STEARNS 


This announcement appears as a matter of record only. 

650,000 Shares of Common Stock 

ftbtomcs- Ujternationannc^ 


The sale of these shares was arranged by 

Bear Stearns International Corporation 
London 


a wholly-owned subsidiary of 


Bear, Stearns & Co. 

NlewVc«VAtlanta/Bo«ori/Chicago/Dalia5/Los Angeies/San Francisco 
Amsterdam/Ceneva/Hong Ifong/LondoiyParis 


April 1985 



















Mo ndays 

mE\ 


3 pm 


Tables Include the nationwide prices 
up to the closing on Wall Street 
and do not reflect late trades elsewhere. 

Via The Associated Press 


536 
13% 

Z1W 21 Vi— % 
3 % 4 

74 »GH+% 

3% 3% + H 
9% 9* 

raw io» 

4% 4 V. — % 

% 

28% 

law 


tt Month 
H toll Lew Sloe* 


15% low GtfCd o 
32va aa% aatr 


Dlv. via PE VSSHWi Low Ouotdfoo 


JJ B13 U% 13% 14% + <4 

4i u» 36 29% » ms + w 


aw MonMa H U 7 
10W McooB 40b 14 17 
1IM MaaoA -29b l J 14 
3V. MtoRtWt 
12% JWtoGtil 1.54 9S 4 
TV Mortm 

11% Motts SI 14 71 
2% MOM 17 

16 MovSfr 40 U I 
414 MtttoL 
3% MwMAr 

» Mine wt 

7% Myarln S 17 I 


4 10 
2 14 
SI 15W 
43 3% 

134 1744 
26 1% 
1 12% 
4 S 
2 IB 
ltt 8% 

’S Tt 

4 10W 


10 10—14 

14 14 + 4 

15% 1SW 

s% aw 

17H 1734— 14 

m iw— % 

12% I» 

S S + M 

10 u 

a n 

MW TOW + % 






,T3t 

6.1 

5 

130 

2W 

2% 

2% 

42 

14 

0 

7 

25 

25 

25 — W 

l 


3 

31 

4% 

«W 

4W 

1 .14 

14 

8 

882 

13% 

13% 

13%+ W 

l 



2 

5% 

5% 

5% 



10 

38 

616 

6 

6 — W 

ISO 

114 

9 

IS 

14% 

14% 

MW 

1 



325 

2W 

236 

a%— % 

1 43t 

34 

13 

6 

6 

6 

6 — % 

.921115 

17 

8 

7% 

7% 

7% 



16 

90 

14% 

13% 

1436+ % 



13 

2 

5% 

5% 

5W— W 



12 

22 

5% 

5% 

5W— % 

40 

IS 

12 

3 

12% 

12% 

12% 




53 

3 

2% 

234 

40 

J 

16 

125 

59 

58% 

saw— w 


9 

9 

436 

4% 

4%— % 

1 


7 

6T 

su 

8% 

8W+ % 

-10a 

14 

8 

28 

748 

BW 

a* 

a 

&.+%*! 

1 150 



51 

2714 

2714 

27%+ % 


S 

27 

1134 

1114 

1136+ U 




2 

1% 

1% 

IW— % 

so 

25 

8 

14 

1449 

“ft 

28% 

34 


52 

34 

11 

49 

31% 

30% 

31% + % 

50a 

24 

15 

16 

15W 

15% 

15% — % 

47a 

14 

13 

281 

16% 

16W 

16W— % 

SO 

34 

9 

5 

21W 

21 

21 + % 


45 4 12 

73 

99% 99 

9936+ % 

12 

41 

4% 

6% 

6W 

jQSr IS 

12 

236 

236 

234 

27 

21 

12% 

1236 

12%+ % 

.mu i 

at 

2% 

2% 

2W 


195 

2 

1% 

2 

ISO 

201 

38% 

3734 

38%+ % 

18 

4V 

9% 

9% 

9% 

9 

1113 

2 

2 

2 

JSt 9J 

1 

3% 

2% 

2% 

A0 

5 

9% 

9% 

9%— % 

471 B7 9 

161 

B% 

8% 

8% 

.12 IS 22 

13 

12% 

UW 

1234— W 


433 

3% 

3% 

3%— % 


190 

IW 

1V4 

1*6+ % 

17 

19 

■ a 

8 

8 — % 

S9a IS 28 

5 

10% 

low 

W%- % 

500 

I 

5 

5 

5 


3 

2 

IW 

2 + W 


5 

6% 

434 

GW 


W90 

10% 

9 

934 + % 

ESS 534 

179 

10 

9 

9% + % 


10 

1% 

T% 

1% 

11 

14 

27% 

2634 

27 

8 

24 

34 

3336 3334— % 

JOB 16 31 

27 

3% 

3% 

3% 


24W 

1616 OEA 



13 

» 

22 

22 

22 +% 

22% 

14% Oofcwd 

48b 

A 

12 

12 

19V4 

1834 

1BW— % 

12 

4 OdatAn 



38 

2 

7% 

7% 

7%— % 

19% 

10 Claims 

44 

IS 

17 

494 

law 

1SW 

18%— % 

7% 

3% OOfclSP 




38 

4% 

4% 

416— % 

7% 

334 Ooantin 

S5a 

4 

29 

3 

434 

436 

434+ W 

8 

534 OrMHA 

.15 

12 

14 

9 

7% 

AW 

4%— % 

7% 

5% OrMHB 

40 

XO 

16 

11 

SW 

634 

436— W 

3% 

1 Ormond 




1 

1% 

1% 

1% 

34W 

21% OSulhnt 

42 

U 

14 

15 

35% 

35% 

35%+ % 

1036 

4% OsMF 

S2t 

4 A 

9 

13 

9% 

8% 

t%+ % 

IT 

7% OzorfcH 

40 

24 

8 

143 

9% 

9 

9 


AW 3% 

5% 2 % 

iaw m 

16W 9W 
15% 12W 

aw aw 
aw 7w 
10 7% 

10M 7W 
1334 10W 
2114 1434 
2SW 14 
40 5316 

7814 4416 
15 6W 
» 4W Sprit 
14W BW 

evi 3W 


ftr fc W 


AO 

4A 


IS 

8% 

8% 

B%— % 

42 

22 

30 

28 

MH 

MW 

1436— % 



IS 

13 

6% 

A% 

C% 



15 

81 

2% 

2W 

2W 

A54al84 

4 

4 

37% 

3736 

37% + % 

.12 



1172 

1136 

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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 


U.S. Analysts, Gting Dollar and Economy, Trim Forecasts for 1985 Profits 


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(Continue* Iran Page 13) 

Kf. U.S. Stcd had a Jibs of 12 cents 
a share, and Caterpillar a loss of IS 
cents a share; 

But what some experts find most 
troubling is that many forecasts 
sill seem too optimistic, which 
could mean that many more cuts 
wiQ be necessary. 

The first quarter earnings, which 
will be reported by most companies 
this month, are the most immed ia te 
to be affected, but analysts fear 
similar conditions could dampen 
profits for the year. So they are 
cutting projections for all of 1985. 

Mr. Levine said analysis are pro- 
jecting that profits for the compa- 


nies they follow will jump an aver- 
age of f? percent in 1985. That is 
below Ujc estimates made at the 
beginning of die year, but it is still 
well above estimates for overall 
earnings growth made by those 


who study the entire economy rath- 
er than individual stocks, 

_ Economists and portfolio strate- 
gists expect an overall rise in corpo- 
rate profits this year or H percent, 
according to Mr. Levine’s calcula- 
tions, ana many experts say that 
even that number is far too high. 

For example. Data Resources 
Inc, the consulting furo in Lexing- 
ton. Massachusetts, predicts that 
profits will rise by 2.3 percent this 
year. Pnidenual-Bacbe Securities is 
even more gloomy, cutting its over- 
all earnings forecast from a 5 per- 
cent gain to Oat earnings. 

Mr. Levine said that last June 
analysts were raising about as 
many forecasts as they were lower- 
ing. Since then they have been cut- 
ting more than they have been in- 
creasing, and by February they 
were chopping 2.4 estimates, for 


each I (hey raised. Last month they 
cut 33 estimates for every I that 
went up. 

Leonard Zacks. president of 
Zacks Investment Research, moni- 
tors forecasts of ea rning -; by 80 
brokerages on 3,000 companies, 
and he too has noted a sharp de- 
cline in estimates. In November, 
analysis predicted that profits of 
the companies they follow would 
rise in 1985 by an average of 20.3 
percent. Their latest estimate is 
15.2percent. 

“The biggest drop since January 
has been in consumer durables — 
autos, refrigerators, tilings of that 
order — and intermediate prod- 
ucts," like metals, fertilizers and 
semiconductors, he said. 

Hugh A, Johnson, chief econo 
mist of First Albany Coip., a re- 
gional brokerage based in Albany, 
New York, said the latest round of 


cuts began when Wang Laborato- 
ries. Inc. announced March 12 that 
its profits this year would be lower 
than expected. 

Other companies had made simi- 
lar announcements, such as Data 
General Corp. on Feb. 12, he not- 
ed, but the momentum of tbe cuts 
gathered after the Wang announce- 
ment. 

“I think it was containable when 
it was Data General and Wang." he 
said. “Bui then it was IBM, Gener- 
al Electric, Minnesota Mining. It 
started to reach bigger companies, 
market leaders." 

International Business Machines 
Corp.’s announcement two weeks 
ago that its earnings in the first 
quarter would probably be down 
has helped to depress the stock 
market since then, according to an- 
alysts. 

The strong dollar is generally 


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Analysts Say Turner Is Long Shot for CBS Takeover 


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(Continued from Page 13) 

CBS. MCI has confirmed it was 
approached, but said it had made 
no commitment. 

People who know Mr. Turner 
say that his financial acumen is 
considerable, and often underesti- 
mated. Mr. Turner's personality 
and success as a sportsman, his 
promotion of himself in ads and his 
reputation for abrasiveness shade 
his everyday business abilities, ana- 
lysts say. They dismiss the labels 
that have sometimes been applied, 
including “turbulent Ted," “Cap- 
tain Outrageous" and “mouth of 
the South.” 

Those nicknames are “pejora- 
tive, horrible and unfair," said one 
analyst, Richard MacDonald of 
First Boston Corp. “No one sees 
the substance. He is a damn good 
businessman. The man knows bow 
to make money.” 

Cable broadcasting is strewn 
with (ailed ventures. And few 
thought that Cable News Network, 
the 5-year-old, 24-hour news ser- 
vice (hat Mr. Turner estahlkhM 
would come so far so fast. “How 

S ' ' ly they forget," said Miss 
, the NaslmUe analyst 
She recalled that 2)h years ago, 
CNN losses had the company "on 
the edge." But then, in 1983, Mr. 
Turner won the field to himself 
when the rival news channel, Satel- 
lite News, decided to sell to him. 


“He has really built something 
now," Mr. MacDonald said. “He’s 
now die fourth network news orga- 
nization, with as high a quality as 


anybody out there.’ 
Even so, not all ai 


Even so, not all analysts are opti- 
mistic about Turner Broadcasting’s 
future. So far, its only profit source 
has been WTBS, a “supers tatiaiT 
in Atlanta that bounces its signal 
off a satellite to homes throughout 
the nation. Mr. Turner gets a great 
deal of credit for creating the sta- 
tion, which is what first established 
bis reputation outside of Georgia. 

“He took an unknown, unher- 
alded television station that in nine 
years grew to 33 million viewers,” 
Mss Cook said. 

The fare on the Turner station is 
a mixture of sports and family en- 
tertainment, perhaps a vision of 
programming on a Turner-owned 
network. Mr. Turner believes net- 
work programming today is re- 
sponsible tor society's moral decay, 
and shows with violence are not 
shown. 

As fm sports. Turner Broadcast- 
ing's two professional Atlanta 
teams, tbe baseball Braves and bas- 
ketball Hawks, provide a source of 
profitable programming, but by 
themselves arc chronic mon^ los- 
ers. 

CNN, which is also broadcast 
live in Australia and Japan, has not 
made money, Turner Broadcasting 


said, although il is approaching the 
break-even point and has been im- 
proving steadily. 

Hopes for profit from CNN rest 
on a recent increase in fees, which 
the company says will substantially 
improve results. Some analysts 
have forecast improved profit* for 
1985. CNN Headline News, a sec- 
ond round-the-clock news service, 
has also been operating in tbe ml. 

WTBS, which reaches 80 percent 
of homes equipped with cable, 
makes its money from ad revenue. 
CNN and CNN headline news are 
sold to cable systems and broad- 
casters. 

Last year, Mr. Turner plunged 
the company into music video, 
starting a channel to compete witfa 
MTV Networks Inc. But the initia- 
tive lasted for only two months 
before he decided to get out in 
December and sell to rival MTV 
for SI million. Turner Broadcasting 
was said to have lost $2 million in 
the venture. 

Mr. Turner, 46, created his busi- 
ness enterprise from little. He be- 
gan in Savannah, Georgia, in the 
family’s outdoor advertising busi- 
ness. selling space on billboards. In 
1963, he bought the company and 
built it into Turner Broadcasting. 

Mr. Turner entered broadcasting 
in 1970 with the 52.5 million pur- 
chase of a failing Atlanta TV sta- 
tion that eventually became WTBS. 


He also bought a Charlotte, North 
Carolina, station, and sold (bat lat- 
er for S 20 million, putting the pro- 
ceeds into CNN. That station Iras 
gobbled up those funds, and more 
than 5300 million besides. 

In a speech last year before the 
National Conservative Founda- 
tion. Mr. Turner said that, be had 
suggested a merger with CBS but 
the network would not have him 
because he would have too much 
say. 

“These networks need to be got- 
ten into the hands of people who 
care about this country," he said. 

Mr. Turner apparently feds that 
CBS should be in his hands. And 
given what he has accomplished as 
a businessman, not all the Turner- 
watchers are counting him out. 

Du Pont, Mitsubishi Unit 
Agree on Joint Venture 

WILMINGTON? Delaware - 
Du Pont Co. said Monday that it 
had agreed with Mitsubishi Gas 
Chemical Co. to form a joint ven- 
ture in Japan to produce pyrorodli- 
tic dianhydride. 

Tbe 50-50 venture will be known 
as Du Pont-MGC Co. Pyromellitic 
di anhydride is used to make polya- 
mide products for use as insulation 
in v«y high temperatures. 


blamed as the principal culprit for 
lower- than-cxpected profits. In 
February the dollar soared against 
other currencies, hurting tbe ability 
or U.S. exporters to compete 
abroad and subjecting other com- 
panies to competition from ^ Hood 
of cheap imported goods. 

Moreover, a rising dollar meant 
that multinational companies 
earned less when they translated 
income in foreign currencies into 
dollars. 

Nevertheless, the dollar peaked 
at the end of February and has 
been dropping. 

So why did analysts worry about 
the dollar only after its peak? 

Analysts admit that they were 


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100* Mali U W 2 PM .Ch'f 

{Continued from Page 16) 

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' ESCORTS St GUIDES 


INTERNATIONAL 

ESCORT 

SBtVICE 

USA A WORLDWIDE 

Hand office in Now York 
330 W. 56th Sf. N.Y.G 10019 USA 

212-765-7896 

212-765-7754 

MAJOR CKDfT CARDS AMI 
CHECKS JUXHTH3 


HRtOPORT TAX RSE CARS 
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YOUNG BEGANT LADY 

MetfBnawi PA. Parle 52S f 1 01 

* PARIS 527 01 93 * 

YOUNQ LADY TRRJNOUAL VIP-PA 




LONDON 

BELGRAVIA 

Rfcart Service. 

T«k 736 5877. 
LONDON 

Porimen Escort Agtncy 

* y gj ""wT t 
Tot: AMm Tw 4»5 1 15B . 
Afl »alor credt cork accepted 


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fnwitha*« Euort A Guide Swvtce 
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★ MADRID ★ 

TASTE ESCORT SERVICE 
IB: 411 72 57-299 61 96 


ZURICH 

A1EXB ESCORT SERVICE 
IB: 01/ 252 61 74 


inMNKHJRT + SURROUNDMGk 

Corofna'i Beert A tiwel sendee. 
^rwch^CSerreon spoken. TeL 


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Teb 34 29 U 

DiasaOORF - COtOONE - BCPRI 

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Teh 0211-6799863. 

hUNXfUlT AREA - AMOetiOUFS 

bSnauaf Escort + I ravel service- Tet 
069/62 B 8 05. 


LONDON HEAIHROW MAXIS 

I Escort Servo. Tet 937 4428 / 935 
76G3 London 

LONDON -GAMBIA BOOR! Ser- 

' wee. Teh 01-229 6541. ■ 

LONDON ZARA ESCORT Service. 

Heathrow/Grtwidc. Tet 04 7945. 
STUTTOART PRIVATE Escort Service. 

Teh am / M 2 n so. 

AMSTERDAM JEAPET Escort Service 
Tet (02Q 326420 or 3401 TO. 


te too A moit 
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A-AM0UCAN 

cvenn^aralBaoR gol. 

1-813*921-7946 

Cal free from Ui 1-600237-6892 
Col free from Honda 1-800-282-0092. 
UmaS Eotfem wekomes you badd 


CAPRia 

ESCORT SBKVKE 

W UEH YORK 
TR: 212-737 3291. 


IONDOH CLASS 
escort service 

iondon. HEAnaOW * OAHMaC 

Tot- OI 190 0373 


LONDON 

BBT ESCORT SERVICE 
TEL 200 8585 

LONDON 

KENSINGTON 

BCOET SKVKX _ 

TO KmStNOrON CMMOI ST, W 8 
TR: 9379136 OR 937 9T S3 
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AMSTOCATS 


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TR: tSSS. aS^CARDS 


ROME CUM HJROPEJESCORt 
& Guda Sarvioe.Teb 06/589 2604-589 
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ORUEA ESCORT SERVKX. 

51 Beeudums Plaa. London SW3. 
Teb 01 584 6513^49 (4-12 M 


Q84EVA * BEAUTY* 

BtoiEf sawa. 
TB: 29 51 30 


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satVXI Tab 46 11 58 


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AMSTBIDAM JASMINE 

BCORT SOVKE. 02M66655 


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TIL 31 49 *7 


OtARlM GENEVA 
Gwde Serve*. Tet 283497 


V04NA OR3PAT1A Escort Service. 
Tab 52 73 88 + 47 70 35. 

LONDON/ WATMOW OATWKK 

Escort Serwai Tefe 381 06 D6 

PCW YORK Renoe & Gobriela Escort 
Service. ZI2-22M670. 

RANKRJRT + SUUOUNUNOS 

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NEW YORK RBCTi Escort Semin. 
Teb 212^81-1948. 

VHMNA BQU BCOV SBEVKL 

Teb 56 78 51 

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ItANKfURT - YVOMTS ESCORT 

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(NWU65 41 58 


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flud. gqmL Teb 061/54 34 41 

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vice. Teb 06968 34 42. 

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travel wrvin Teb 328 8459. 

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Teb 069 / 28-8140. 

IRANKfURT “TOP IBP Escort Ser- 
va 069/594051 

RANUUrr/MUNCH Male Escort 
Service. 089/386441 A 089/3518256. 

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MADRID IMPACT ESCORT & Gude 
Servia. MeMigwoL S 6 T 41 4Z 

HOUAM m BCORT SaVWL 020 - 
22278S, 030.944530, 02997-3665. 

LONDONTRUDN ESCTJRT Servm 
W 01-373 8849. 

LONDON ON® BCORT W. 

Trf 370 7151 


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British expatriates and overseas residents who have 
opened sterling or US dollar accounts with Tyndali Bank 
(Isle of Man) Limited are enjoying the benefits of high 
rates of interest and the convenience of a cheque book — 
giving access to their deposits at all times. 

This joint facility was pioneered by the Tyndall Group’s 
offshore banking arm whose substantial presence in the 
UK money markets enables them to pass on rates of 
interest normally only available to major investors. 

In addition to the above facilities the sterling and dollar 
money accounts offer the following benefits: 

• Security — deposits ore placed with local authorities 
and building societies as well as recognised banks or 
their wholly owned subsidiaries. 

• High interest — paid gross without deduction of tax. 

• Your own cheque book — minimises correspondence, 
simplifies transfers and direct payments, and gives 
access to your finds at all times. 

• Interest credited four times a year — means an even 
higher return because interest is earned on the interest 
The current rate if maintained, equals 14.47% p.a. for 
sterling and 8.11% p.a. for dollar accounts 

Minimum opening deposit: 

£2*500 or USS5.000 or equivalent 

Tyndalt Bank (Isle of Man) Limited incorporated in the Isle of 
Man. is licensed under the Manx Banking Act 1975 and has a 
paid up share capital of £1.750,000. 

The Tyndall Group is one of the leading investment management 
groups in the UK and is wholly owned by Globe Investment Trust 
P.LC- — tbe hugest UK investment (nut company. Funds 
managed within the Globe Group exceed £1 JQO million. 

# Rate at time of going «• press Current rate published daily 
in the Financial Times 

Send off now for a booklet and application form by I 

completing tbe coupon below. 

-Tyndall Bank (Isle of Man) Limited - 

Dept IHT, PO Box 62, 30 Athol Street, Douglas, Isle of Mao , 
Telephone: (0624J 29201 Telex: r* 2K732 j 

Please send me details of Tyndall Bank Money Airounts i 

□ Sterling □ Dollar I 

/ am/am not a customer uf Tyndall Bunk tide of Muni Limited \ 


L », IHT/Apr/85 J 

































ACROSS 

1 Sugar serving 
5 Uncloses 

10 au lait 

14 Opposite of 
written 

15 Proportion 

16 Earthenware 
jug 

17 House and 
Senate 

20 Annex 

21 Eleanor 

Roosevelt 

22 Protect with 
sandbags, etc. 

23 God of war 

24 “Miss Otis 

26 Peace 
conference 

29 Elflike 
creatures 

30 Toward the 
ocean 

31 Suffix denoting 
a collection 

32 Moines 

35 Ultimate D.C. 

decision 

makers 

40 Elongated fish 

41 Roulette bet 

42 Where Burma 
is 

43 Uncontrolled 
gatherings 

44 Pattern ona 
TV screen 

46 Eyepiece grid 

49 Transmitted 

50 Public 
storehouse 


51 Mariner's 
haven 

52 Actor Vigoda 

55U.S. 

Presidents 

59T.VA.site 

60 Banish 

61 Take it easy 

62 Scraps for Spot 

63 Gets one's 
dander up 

64 Gaelic 

DOWN 

1 Songwriter 
Porter 

2 Russian river 

3 Cry loudly 

4 Slippery 

5 Scotland's 

Islands 

6 Physical 
discomforts 

7 Sicilian 
menace 

8 Afr. republic 

S Weep violently 

10 Composers of 
secret 
messages 

11 Inexistence 

12 Group of 
warships 

13 Far and 
Middle 

18 Swiss river 

19 Of unre- 
strained 
indulgence 

23 Too bad! 

24 Paper quantity 

25 Sea eagle 

26 Top of the head 


27 Arthur of 
tennis 

28 Virginia 

29 Harborsights 

32 Do a maid’s 
job 

33 Fourth part of 
HOMES 

34 Rlgelisone 

36 Children’s 
worldwide org. 

37 Sight in 
suburbia 

38 Solemn 
ceremony 

39 Malt kiln 

43 Becomes 
mature 

44 Ziegfeld 
offerings 

45 French 
violinist: 18th 
century 

46 Right-hand 
page 

47 Clear sly 

48 Infect or spoil 

49 Architect's 
foundation 
piece 

51 Line, as a root 

52 State 
confidently 

53 Mamie’s 
predecessor 

54 Tivoli’s Villa 

d' 

56 Suffix with 
ballad 

57 "Repeal" 
Amendment 

58 Anger 


<8 New York Times, edited by Eugene Maleska. 

DENNIS THE MENACE 



‘Me AN* /VtR.WlLSON WERE HAVIN' A REALLY NICE 
TALK UNTIL I FOUND OUT HE WAS ASLEEP. " 


Unscramble ihesa lour Jumbles, 
one letter to eacft square, to form 
tour onMnwy words. 


I THAT SCRAMBLED WORD GAME 

1$ by Henri Arnold and Bob Lee 

I’m not gonna 
like this! r| 


TAGUM 


llli 

JJ 

A 


LULBY 

I 1 

JU_ 

i 

□ 


COPTEK 


n 

_U 



FLOUJY 

XX 


a 


HOW THE 
[ ANESTHES/OLOGfSTSl 
PATIENT FELT, 

Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 

ft 


Print answer hem: VERY “ f f Q I II 


Yesterday's 


Jumbles: RLMY PLAID 

> angry \ 
FLIPPED HIS LID 


(Answers tomorrow) 
FLORID PEOPLE 


WEATHER 


EUROPE 


HIGH 
C F 


71 70 
1« 66 


16 61 
6 43 
35 IS 
10 50 


Aleorve 
Amsterdam 
Athens 
Barcelona 
Belgrade 
BertJn 
BruitMi 
Bucharest 
Budapest 
Copenhagen 
Casta Del Sat 

Dublin 
Edhtbarati 
Florence 
Frankfort 
Show 
Helsinki 
Istanbul 
Las Palmas 
LHbofl 
London 
Madrid 
Milan 
Moscow 
Monies 
Nice 
Oslo 
Paris 
Praauo 

Reykjavik 
Rome 
Stockterfm 

Strasbourg 
vnia 

Vienna 
Warsaw 
Zurich 

MIDDLE EAST 


LOW 
C F 
16 61 
» 4S 
13 55 
10 SO 


15 59 
21 75 

16 61 

12 54 
14 57 
12 54 


43 

45 
49 

46 
43 
36 
52 
43 

_ 41 r 
13 » O 
9 48 O 
10 so sn 
-2 28 sw 

10 it fr 
17 63 CJ 
12 M d 


ASIA 


Bangkok 

Belling 

Haag Kong 

Manila 

New MM 

Seoul 

Sbangtial 

Singapore 

Totpal 

Tokyo 

AFRICA 

AloMrs 
Cairo 
Capa Town 
Casablanca 
Harare 


HIGH 
C F 
36 97 
U 57 
Zl 70 

32 90 
34 93 

20 4S 
16 61 

33 91 

21 70 
15 59 


LOW 
C F 
26 79 cl 

9 48 a 

19 66 r 

34 75 d 

22 72 IT 

11 S3 It 

10 50 0 

25 77 a 

18 64 Cl 

12 54 d 


Nairobi 

Tonis 


25 77 10 90 
27 SI 12 54 
15 S9 6 43 

23 n 10 SO 
36 79 16 61 
X 86 26 79 

24 75 14 57 
31 B8 15 59 


9 48 
11 S3 


r LATIN AMERICA 


-4 25 sw 


15 59 
14 57 

S 41 
II 64 
7 36 

13 54 

14 S7 

16 61 
16 61 


m 


Btignas Altos 26 79 ID 50 fr 

Lima M 78 13 55 d 

Mexico CRT 25 77 B 46 r 

Rio do Janeiro X 86 21 70 o 

Sao Paula — — — — no 


40 39 a 


10 50 

11 52 


Ankara 
Bat rat 
Damascus 
Jtro Hlem 
Tot Aviv 


18 64 

21 70 

23 73 
M 64 
21 70 


10 50 

12 54 

70 45 
5 41 
IS 64 


WORTH AMERICA 


I 34 -1 
20 60 4 

8 46 3 
3 37 -2 
13 55 -2 
3 39 -4 
9* 79 16 
7 D T 3 

77 14 

84 20 

41 -5 
46 -1 


OCEANIA 

Auckland 17 63 13 S$ a 

SHM9 _ 34 75 It 64 el 

ci-a ouay; fa-foggy; fr-fdr; h-haU; 
dowdy; r-rnln; AMtXHW&; swanw; 


Allan la 
Boston 
Chicago 
Denver 
Detroll 
Hnnolulu 
Hoaitg a 
LosAngettf 
Miami 
Mbowaaolls 
Montreal 
Nassau 
Now York 
San Francises 
Seattle 
Toronto 
Washington 
no-rat ovaUaMo; 
et-ctarmv. 


21 

25 

39 

5 

0 _ . 

30 86 20 
48 3 

64 11 
7 
-1 
55 1 


9 

II . 
16 61 
8 46 


13 .. 
a-sverent; 


30 sw 
39 ir 
37 pc 
2B d 
3 fr 
25 pc 
61 fr 
55 cl 
57 PC 

68 DC 

23 ac 

x fr 
68 PC 
37 d 
53 fr 
45 PC 
30 PC 
34 a 
BC-DOrtlV 


TUESDAY'S FORECAST — CHANNEL: SlfeMty CHUBBY. FRANKFURT: 
SSffiSlJ'TP' W—'S t»-»>. LONDON! Showers. Tomp. 10—7 (50 — 45). 
MADRID; Stywcrs. TpfflO. 13—8 (55 — 465. NHW YORK: Fair. Tgmn. 8 — 1 




PEANUTS 


YOU KNOW 
WHAT YOU 
SHOULD 
WRITE? 



YOU SHOULD WRITE A 
FAMILY 5TORY.. WRITE 
A STORY ABOUT 
FOUR SISTERS- . 


1 




\ 



Small Women 



BOOKS 


BLOND IE 


THE SERVICE H52E & 
< •>* — , THE PITS 





I shouldn't 0E 
SURPRISED 



BEETLE BAILEY 


HOW’S THE GENERAL'S 
CAMPAIGN WORKING 
TO CRACK DOWN ON 
=2. SIGN VIOLATORS? 



hi ? 



ANDY CAPP 









iyu4sN0Tf 

r faN£>ICAN x' 

SttWMX/ 



THE SOUTH AFRICAN QUIRT 

By Walter D. Edmonds. 186 pp. $14.95. 
Little, Brown, 34 Beacon Street, 

Boston, Mass. 02106. 

Reviewed by Alan Ryan 

W ALTER D. EDMONDS was bom in 
1903 and began writing in his 20s. Oyer 
the years, he has produced many books, in- 
d tiding “Drums Along the Mohawk" in 1936 
and Chad Hanna" in 1940. In 1975, he won a 
National Book Award for “Bert Breen’s Bam." 
Now in his 80s, he has written a new novel 
called “The South African Quirt”, and it has 
the look of a dassic. 

However, this is not to be regarded as a good 
book merely because its author is advanced in 
years. Books are good or bad, and this is a very 
good one. Its portrayal of a boy's rite of pas- 
sage into young adulthood is remarkable be- 
cause it is so satsitively and convincingly done, 
and not because its author is so far distanced 
from his childhood. But it certainly does seem 
true that , at least in Edmonds’s case, age has 
brought a wonderful wisdom. 

The novel is very short, and its focus is very 
narrow. It is set in -the summer of 1915 on a 
farm in the remote stretches of upper New 
York State. Natty Dunston is 12 years old and 
spending the s umm er alone with his father, 
mice his sickly mother has returned to their 
borne in New York City. His father — 64 years 
of age and quietly, staidly tyrannical — fills 
the boy’s thoughts. Natty has some friends — a 
nei ghboring farm family and his father’s own 
employes — but, throughout the summer, his 
principal source of companionship and com- 
fort is his precocious and bumptious puppy 
named Bingo. 


Solution to Previous Puzzle 

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a 

□ 

a 

□ 

a 

□ 

□ 

□ 

□ 

a 


A lovable boy with a main father? A cute 
little puppy named Bingo? Is the book as 
rental as a bare outline makes it sound? 
Not a bit of it. 

fMiwmds succeeds, with uncanny sureness, 
in taking us inside the mind of young Natty 
and in oving us a moving and vivid twys-eye 
view of the world- And what a threatening 
world it can be when everything you re doing is 
being done for the first time, when everyone 
but you seems to know what he’s about, when 
you know perfectly weU what’s expected of you 
but can’t bring yourself to do it ... and 
especially when your father, who absolutely 
rules your world, can wist logic so that you are 
guflty even when innocent and wrong even 
when righL 

Natty’s father is a hard man who likes every 
dement of his life to be regular, predictable, 
and familiar. He likes a cold baked apple for 
his breakfast every morning, and it had better 
be there. Without even e xam i ni ng the thought, 
he he knows exactly what is right and 
best for his life and everyone else’s. And what 
is tight and best definitely does not include 
wayward little boys and precocious puppies. 
Seal through Natty’s eyes, the father looms 
larger and more menacing as the otherwise 
warm and pleasant summer lengthens. If there 
are happy days of playing in the oat sheaves 
with Bingo, there are many other days when 
Natty dreads his father's displeasure at some 
imagined transgression. 

The quirt of the title is a 30-inch leather 
crop, too savage, it appears, to be used on a 
horse, that is sent to Natiy's father by a friend. 
Prominently displayed in the house, the quirt 
becomes a viable sign of the constant threat 
posed to Natty’s precarious safety. One day, 
Natty knows, it will be used. The only question 
is how long he can avoid iL 

At the center of the story is Natty's failure to 
share his father’s view of the world, and his 
resistance to seeing die world as an adversary. 
He is too young, too curious, too unspoiled by 
life to turn inward and create a private de- 
mesne of his existence, as his father has done. 
Natty is still turned outward, eager to explore 
and embrace the world, and struggling to learn 
how. The ending of the book — in the mann er 
of real life — is a mixture of triumph and 
sadness. It is touching in the best way: it is 
honest 

•The South African Quirt" is a modest novel 
with a quiet voice, but it has the look and fed 
of real life. Technically, it shows the masteiy of 
a lifetime’s cxaftmanship. Only time will teU, 
but Isuspect this is the kind of book one can 
reread often in a lifetime. 


4 /B/S 5 


Alan Ryan, author of “ Cast a Cold Eye,' 
wrote this review for The Washington Post 


o a o o 


y 



CHESS 




REX MORGAN 


ITS ONLY BEEN IN THE 
LAST FEW MONTHS THAT 
I'VE NOTICED A CHANGE 
IN CLAUDIA. THE 
EMOTIONAL HJ&HS AND 
LOWS' 



SOMETIMES JUST FOR AN HOUR OR 
TWO' THAT’S WHAT BAFFLES ME.' I'VE SEEN 
HER NERVOUS AND DEPRESSED ! THEN, AN 
HOUR LATER, SHE'D BE FINE, ALMOST ELATED/ 
COULD T BE CAUSED BY A PHYSICAL ILLNESSTj 


POSSIBLY' 


P' 7 


<S7f 


GARFIELD 



;■ I. ''‘■I . 




, 1 WA WtVfft 



R 


Rr, 



OH LISTEN. JON.* 
THEY’RE PLAYING 
OUR SONG/ 



By Robot Bymc 

I N the fourth round of the 
third commonwealth cham- 
pionship in London, Kevin 
Spraggett, a 30-year-old Cana- 
dian inter nati onal master, de- 
feated William Watson, an En- 
glish international master, by a 
noteworthy speculative gambit 
The offbeat positional syes- 
tera that Watson was using 
against the Sicilian Defense 
bad as one of its key ideas the 
setting up of a Nimzovicbean 
blockade with 9 BxN. PxB; 10 
P-QN3. But Before Watson 
had time to go ahead with the 
further links of the strategy, 1 1 
P-Q3, 12 B-R3 and 13 N-R4 
SpraggeU sacrificed a pawn 
with 10...P-B5I? to obtain 
play for his pieces. 

SpraggeU disdained the re- 
covery of his pawn beginning 
with 13.. .BxN; 14 PxB, QxP 
in favor of remaining true to bis 
gambit with 13 . . . PxP. 

When Watson's 19 N-N5 in- 
dicated that he intended a 
blockade with 20 B-Q4 or 20 N- 
Q4, SpraggeU responded with a 
second pawn sacrifice, 
19...P-Q5!?. which opened 
the diagonal of bis QB. 

Letting Black have a cros- 
spin after 21 R-B2 would have 


been risky as well as unconfor- 
table, but Watson’s alternative. 
21 N/5-B3, let Spraggect thrust 
21 . . . R-K5. Soon, after 

22 . . . B-N3, Watson had to 
lose his KBP because 23 P-N3?- 
permits the crushing 

23 . . . R/5xN. 

The advance of the QBP with 
23 P-B4 and 24 P-B5 was sup- 
posed to keep the blade bishops 
at bay, but the pawn could only 
hamper one of them at time. 

After 27 . . . R-R4!, there 
was an awful lot of firepower 
aimed at the white king. Thus, 
had Watson played 28 Q-Q3, 
then 28 . . . B-B2 would threat- 
en 29... BxP!: 30 NxB, R/5- 
R5, as well as 29 . . . N-N4! 

Accordingly. Watson des- 
perately tried to annoy the 
black pieces with 28 Q-Q7, N- 
B3; 29 Q-Q6, but after 

29 . . . R-Q4!; 30 Q-K7, R-K5I, 
his queen was trapped. It could 
not be freed by 31 N-K5? in 
view of 31 . . . R/4xN!; 32 
PxR, RxN, when the white king 
cannot be defended. 

Getting rook plus bishop for 
the queen with 31 QxR, NxQ; 
32 PxB, PxP was little solace, 
since the poor blocked white 
bishop denied White reason- 
able resources. 

On 43 . , . N-B5, Watson 


MMOFT/IUK 



mTHWOMTC 

Mr 88 Q-» 


overstepped the time limit and 
forfeited. In any case, 44 R- 


ov 

forfeit 

KB2. R-Q4; 45 RxR(45 N-K5?, 
RxN!), QxR would have been 
hopeless for White. 

KnuNuiruw 




Quarterback Kosar Is Learning to Run Pro Options 


Bemie Kosar 


ttg No— York Tmo* 


By Ira Berkow 

Sew York Times Service 

MIAMI — "Seal BenueT Alvin Ward 
was asked as be came upon a small knot of 
people on the sidewalk. 

"The Franchise not here yet?” Said Ward, 
the senior guard for the University of Miami 
football team.. He turned, looked over the 
quadrangle of other book-laden students, 
lien turned back and shrugged. Under dif- 
ferent circumstances. Ward has spent a lot of 
lime with Kosar behind him and generally 
has a sure instinct of where he is. 

It was shortly before one on a recent 
Friday afternoon. Outside Memorial Build- 
ing's classroom 112 there stood, under a 
palm tree, several people waiting to see Ber- 
nie Kosar — a sell -described hermit for the 
last few months. 

He had been trying to make an important 
decision about his life. But be hadn't been 
shying away from class. This one — Finance 
306: Monetary and Fiscal Policy — he has 
missed only once since it began on Jan. 13. 
Kosar has also been a regular in Internation- 
al Finance, where he received the highest 
grade on the midterm exam. 

In the last couple of months, Kosar had 
been unavailable to reporters interested in 
whether he would continue to take classes 
about money or just take the money. His 
professional services could bring as much as 
S5 million to $8 million for the next five or 
six years, because Kosar has succeeded 
mightily at college football by using his arm 
and his head. 

Kosar has been Miami's star quarterback 
for the last two seasons. In 1983, as a fresh- 
man in terms of eligibility (he had been red- 
shined), he led the Hurricanes to their first 
national championship. 

And in Miami's season-ending 31-30 de- 
feat of lop* ranked Nebraska, Kosar threw 
for an Orange Bowl record of 300 yards and 
for two touchdowns. 

Last year wasn't so glamorous, but Kosar 
remained a standout. In fact, in a contest 
that may become one of the most talked- 
about games of all time, he was upstaged 
only as time expired. On national television 
in late November, Miami was beating Bos- 
ton College 45-41. when B.C.*s DougFlutie. 


who had begun scrambling with two seconds 
remaining, threw a touchdown pass 63 yards 
to win the game. Until then. Kosar and 
Flutie had each thrown two TD passes and 
Kosar had been ahead of Flutie in total yards 
passing, 447 to 424. 

Many people remember only Flutie’s final 
pass. But pro scouts remain impressed with 
kosar’s ability to direct a football team. 

□ 

Kosar, an academic all-American last sea- 
son and second to Flutie on many of the 
general all-America learns, is expected to 
complete requirements for a bachelor's de- 
gree this summer in a double major, finance 
and economics. His grade-point average is 
currently 33 out of 4.0. He will have finished 
his class requirements for a diploma in three 
years. • 

Meanwhile, he still has two years of col- 
lege football eligibility left. What to do? 

He saw Flutie, a senior, accept a multi- 
miHion-dollar contract with the New Jersey 
Generals. It was clear that no other highly 
prized quarterback was coming out of col- 
lege this year. And when two leagues bid 
against each other, it certainly has to im- 
prove a player’s bargaining power. Kosar is 
now in that position. 

The National Football League draft will 
be held April 30. Buffalo, which drafts first, 
has already signed Bruce Smith of Virginia 
Tech. Houston is next. The Oilers don't nec- 
essarily need another quarterback, but might 
be happy to draft Kosar and then make a 
deal with another learn that does need one. 
In the United Stales Football league, the 
Orlando Renegades had territorial rights to 
Kosar and are anxious to snare a quarter- 
back with his potential. 

Home in Youngstown. Ohio, for the 
spring break, Kosar recently held a press 
conference and announced his intention to 
turn pro. 

"There's Franchise now.*’ said Alvin 
Ward. Behind him approached a tall, loose- 
limbed and not particularly muscular-look- 
ing young man in a red jacket roiled up at the 
slaves, no shirt, gray shorts, while ankle- 
high basketball shoes, sunglasses under dflA 
curly hair. He held a loose-leaf notebook in 
his large right hand. 

It was nearly I o’clock. "Wasn't sure you 


were going to make iL" someone said. "Not 
missing any classes now — too close to the 
end." Kosar said with a smile, but the look in 
his eyes was quite sober. 

A photographer asked him to pose for a 
few pictures. After a couple of shots, Kosar 
said he had to get into class. 

He took a seat in the first row against the 
wall and the professor started discussing the 
intricacies of state and municipal bonds. 
Kosar crouched ova his notebook and 
wrote. 

"Classes like that one have been very help- 
ful to me, especially in the last couple of 
months, ’’ Kosar said as he walked across 
campus back to his dormitory. “Like. I've 
had a lot of guys claiming to beagems calling 
me or waiting for me after class or outside of 
my dormitory. They throw all kinds of fig- 
ures around. Like, one guy said that the 
athletes he represented averaged a 46 percent 
profit on all their investments, on very safe 
investments. 

"Wefl, you learn that that's just about 
impossible when very careful investing will 
yield about 8'4 or 1 0 or at most 1 2 percent on 
your money. So you get a pretty good idea 
who's trying to snow you." 

Still, he said, the last two months had been 
a struggle about what to do. "I was honestly 
confused. The question in my mind was. *Am 
I ready to leave?* " Should he play ai least 
another year? Go to graduate school? Apply 
for a Rhodes scholarship? "Did I want to 
venture into the outride world?" 

□ 

His advisers include his father, Bernard 
Kosar Sr., who has a degree in engineering 
and sells air compressors, and the family 
dentist Dr. John Geletka. There are some 
who think the "indecision" was simply a ploy 
Kosar and his brain trust used to try to make 
him as desirable a professional commodity 
as possible. Indeed, his father had said that 
his boss always says: "A good salesman 
never leaves money on the table" — i-e- one 
makes the best business deal one can. 

"It wasn't fair to the University of Miami 
forme to keep the team dangling on whether 
Fd be bade or not” said Kosar, “and so I 
made the announcement.” 

Later that recent Friday. Kosar held a 
news conference in Miami to answer any 


questions that might have arisen during h 
seclusion. 

He said the Oilers, who haven't made 
decision on. what they're going to do wii 
their draft rights to him, “hold my future i 
“} a f hands, and I wish they'd make sou 
kind' of move. Bui I can understand wt 
they re waiting.” For the same reason, appa 
ently, he waited — to try to maximize bem 
fits. 

Does he think he can step right in and lea 
a pro football team? “Any lime 1 tnlfp 
challenge," he said. “I do the best I can. 1 ti 
to lake pride iu taking that c halle nge. " 
.Docs that mean he thinks he can do ii 
To, he said, cutting through the gloss. 

He has reason for confidence. Not heavil 
recruited when he was coining out of hig 
school, he was red-shirt ed at Mi ami becaut 
he wasn’t as physically developed as playei 
he would be competing a gain st 
In his first year of eligibility he came t 
spring practice as the No. 3 quarterback. Bt 
he was soon starting, and after a loss in tl 
season opener he led the team to victories til 
rest of the way. finishing 1 1-1 and eamic 
the national title. 

Beraies so bright that he can grasp 
concept very quickly, and then apply it in 
mediately on the field.” said Earl Morral 
uie former pro quarterback and a part-lim 
assistant coach at Miami “Other guys hav 
““ b - v and error. Not Beraii 
Ana he has great composure. You see th 
way he handles a team under pressure, in set 
raw games. 1 think hell mate a very goo 

a history of going beyond a 
peetta requirements. The best example is i 
the clateroora. with motivation from bis ft 

SLi -ft- T*, ^ teen i 

school, said his father, “if he was takin 

hh? rd .? ak to take five. I to! 

all I m asking is that you do just 2 
peroral more than you are doing,’ ’* 

"*** conference at the hotel wa 
Yes. responding to a b! 
question, all this attention was owning. Tv 

£3“ quite like- this. 

had to get back to the dom 

Monetervi rat *r 80 l 0 £ c T from Finance 306 
onetary and Fiscal Policy, a subject be wa 
endcsvonng 10 P““o pragmatic 















INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 9, 1985 


SPORTS 



Page 19 





Bing? ,, 

sfeSgxfe 

ywirself J ^Pectai>? 
father S; i! 


Beginning a New Season, Baseball Opens a New Era 


. 1 lw ist liw * ,u 3i -. 


^TOclj 








By Thomas Boswell 

Wathuifim fast Sirin 

WASHINGTON - As the 1985 
season bains, baseball’s dominant 
mood is a blend of enthusiasm over 
the state or the game on the fidd 
and guarded optimism that the 
sport’s basic order off the fidd may 
soon stan to be restored. 

The day may be in sight when, 
after a decade of distracting tur- 
moil, fans may actually be able to 
focus on the game itself, rather 
than strikes, law suits, drug busts, 
franchise defections, exorbitant 
contracts, congressional testimony 
and Supreme Court decisions. 

Don’t hold your breath. But it’s 
conceivable. 

When spring training began, fear 
of a strike was real. Thai possibility 
is seldom mentioned now. Com- 
missioner Peter Ueberroth’s deci- 
sion to “open the books’* has com- 
pletely changed the climate of the 
game's labor-management talks. 

The owners now admit, and are 
willing to document, their genuine 
money problems — problems al- 
most entirely self-inflicted, but 
nonetheless reaL 
The players’ union, after 15 years 
of pressure to find the timtis of the 

. _ ^ owners’ deep pockets, now realizes 

dll be usij tv’ -, 'tel* ■ , that a $350,000 average annual sal- 
m avoid ii. ' onJ > 9*. 


moraino apnuf 

**acUv *5 a,e 4ff 
edsAjft. 

sssrSSfS 

*“* man «|! r > 

Sgtefc** 

t to Natty's fathttK^ 1 ’- 

■ .pm* S'*" 


ary is all the traffic will bear. That's 
plenty. 

Thanks to record attendance, 
beuer marketing under Ueberroth, 
some sharing of cable television 
revenues and a SI billion network 
TV deal baseball has more money 
than it needs to make everybody 
involved rich beyond their dreams. 

A new labor contract probably 
will not be readied before June, 
but. for the first lime, both owners 
and players are bang sensible in 
negotiating. And both sides are 
looking at the same numbers; the 
owners have confessed they can’t 
manage themselves and die players 
surely don’t want to lull their gold- 
en goose. 

With luck, baseball is on the 
verge of saner and more equitable 
financial times. Ueberroth has al- 
ready taken another step in that 
direction by working to get super- 
station teams like the Braves, Cubs 
and Mets to agree to indemnify 
clubs whose markets they penetrate 
with their TV signals. 

Ueberroth has also made himself 
a hero with the umpires by settling 
that October strike entirely in their 
favor. He’s even set a tone of recon- 
ciliation by reinstating old stars 
Willie Mays and Mickey Mantle. 
That may have been a grandstand 
play and a kick in the pants to 


Bowie Kuhn, but it was strong PR. for a new spring, this ought to be and Juan Samuel, won’t be sneak- 
Baseball also made progress with the year. ing up on anybody, 

its new drug- treatment plan, In 1984 the pennant races were Add to that the natural extire- 
agreed upon since last season. Per- duds, the World Series was a yawn mem surrounding an All-Star play- 
ha ps we won't see any more batting and the only game all year that er who goes to a new contending 
champions in jail for a while. made everyone's hair stand on end team. What will Gary Carter mean 
Further down the road, of with anticipation — the Padres to the Mets or Rickey Henderson 
course, the game still has tough against the Cubs with the National to the Yankees? What about Bruce 
choices to make about its long- League flag at stake — went die Sutter as a Brave and Fred Lynn as 

wrong way. Unless you live in San an Oriole? Will Bill Caudill get the 


range structure. This summer’s 
owners meeting may, for instance, 
be a first round showdown on 
whether the game really needs to 
expand by two teams in the near 
future and by six teams within a 
few years. 

Naturally, towns like Denver 
and Washington, which have high 
hopes for new National League 
teams in 1986 or *87, can be ex- 
cused for downplaying the severity 
oT this issue. Nonetheless, it’s de- 
batable whether baseball needs 32 
teams — which would probably 
bring divisional realignment and 
an eight-team postseason in its 
wake. And does Triple-A ball have 
enough quality players to provide 
100 to 150 more “big leaguers?” 

While fans can now daydream 
about a time when baseballs hard- 


Diegp or tike to see the better team 
lose. 

Now we enter a season in which 
at least 18 of the game’s 26 teams 
can make rational claims to being 
contenders. This is baseball’s age of 
free-agent parity. Last yearns run- 
aways — by underdogs — were 
probably aberrations. 

In the past six years only two 
National League teams — the Mets 
and Giants — have not been to the 
playoffs; in the American League, 
eight teams have won division flags 
in the past four years. 

If anything, this might be a lime 
for the return of a couple of small 
dynasties. When worm champions 
collapse as quickly as have those of 
the past five years — for example, 
the Pirates, Phillies, Dodgers. Car- 


Blue Jays over the top? Is LaMarr 
Hoyt whai the Padres need to be 
world champs? 


news issues may stem do minati n g dinals and Orioles finished 18th, 
headlines, it’s no pipe dream to Hth, 9th, 16th and 8th in victories 


speculate that ’85 may be a banner 
season between the white tines. 

If appetites were ever whetted 


fthest-muNan 
s view- of He 
“S the world 
too curious k'-OMn '■ 
ini and create ft** 1 

erases 

HSasiS 

ricanQvun-ua^ 

ucaBy.iistwMsihe^*. 

manship. Orth tune a-oi * 

ahor of "Gw j Cdi L- 
fur The H Jshwgon /■& 


Nuggets Win NBA’s Midwest Crown 

great thing to win a division title.” 

Elsewhere Sunday it was Boston 
1 14, New York 102; the Los Ange- 
les Lakers 135. Portland 133; De- 
troit 1 13, Milwaukee 91, and Phoe- 
nix 125, Seattle 1 10. 

Denver led by 73-48 at halftime, 
but let down in the second half 
after the Rocket-Spur score was 
announced, the Nuggets increased 
their margin to 85-57 early in the 
Midwest Division crown for the third period before Golden State 
Nuggets Sunday night, even before rallied to pull within three points 
they hung on to beat Golden State, on several occasions late m the 
130-125. 

“Most of the preseason, polls I 

.. l.j ... r-.r.u .l *» _ • 


Compiled by Our Staff From Dispatches 

DENVER — A division title 
might be old hat to the Celtics, 
Lakers and 76ers, but it’s still spe- 
cial to the Denver Nuggets. 

Second-place Houston’s 126-105 
loss to San Antonio clinched the 
National Basketball Association's 

NBA FOCUS 


to know about the San Antoni o- 
Houston score, but it’s tough to 
hold it back," said Coach Doug 
Moe. “It’s a big thrill for them and 
me to win this thing. It's been our 
goal since Day 1. Division titles 
don't come along dial often. 

Golden Slate, which got 24 
points from Purvis Short, trailed 
126-123 in the final minute before a 
basket by English with 26 seconds 
left gave Denver a five-point ad- 
vantage. 

Golden State finished 0-15 on 
the road against Midwest Division 
teams for the season. (AP, LAT) 


. lili 

k L: 

g-F M 



»»**> 

Fas&aia&iXW 

vcr»:*ppec the urosias 
'rfeited. In &i' case. 
J£. 

aN!;. Q-.R -AOuJtes 

ope'ev. for ’Mute 

kcilum pen® 



game. 

. “I really didn’t want the players 

saw had us fifth or sixth, said 
veteran center-forward Dan bsel. 

“We might be a rung under as far as 
talent entering the playoffs goes, 
but this team has a lot of heart that 
compensates for the talent that 
teams like Boston and the Lakers 
have.” 

Alex English had 42 points and 
10 rebounds for Denver, which 
won its first division title since 
1977-78. The Nuggets (51-27) are 
24 games over .SOOfor the first time 
since the team entered the NBA in 
1976. 

The Nuggets have won 13 more 
games than they' won all last sea- 
The surprise team of the West 
four games r emaining and 
leads the division by six games. 

Of the six teams in the Midwest 
Division, Denver seemed least like- 
ly to win; Houston, Dallas and 
Utah were expected to battle for 
the title. 

An off-season trade in which the 
Nuggets sent high-scoring Kiki 
Vandewegbe to Portland for Calvin 
Natt, Wayne Cooper and Lafayette 
Lever turned out to be a gem. All 
three moved into the starting line- 
up, and they contributed 50 points 
a game. 

They also played a pan in a de- 
fense 'that gave up eight fewer 
points a game than last season’s. 

Although they still had the worst 
defense in the league, the improved 

defense made the league’s best of- ^ l1 , rrn . lll ^ 

nn fhfc Ken Bannister’s handiwork earned Kevin McHale ft couple 

camaraderie that 1 haven’t seen in points, but Lany Bird bad 38 for Boston, winch completed a 
all my yean in basketball. It’s a six-game season sweep of (he Knicks with a 114-102 victory. 

Flyers Finish Season With a Flourish 



;vu a?* 3 


. hjtcs- 


5 a»- 


mi* 


The Associated Press times in the thir d period to beat 

EAST RUTHERFORD, New Hanford, 4-1, and vault over Buf- 
Jersey — The Philadelphia Flyers falo for second place in the Adams 
ended the National Hockey Division. The Sabres were 5-4 
■ — ■■■■! — — — — home-ice losers to division champi- 




NHL FOCUS 


id ! 


'.V j: 




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*. n; 
;w": 


-3® 

r ms he 

V-iSS% 

fjf . 1 \jl2fl ? r 

; , . , Jc» s»Sy 


League’s regular season in style, 
while the Toronto Maple Leafs 
were just glad to get it over with. 

The Flyers beat the New Jersey 
Devils, 6-1, here Sunday night to 
place an emphatic exclamation 


on Montreal. Elsewhere it was Cal- 
gary 4, Winnipeg 4; Chicago 3, the 
New York Rangers 1; Washington 
7, Pittsburgh 3. and St Louis 6, 
Detroit 5. 




ixciamatton £i« y y T¥7* 
point at the rad of a rettarkable dUUWUir WUIS 
year. On Feb. 8. Philadelphia was 

nine points behind Washington in ■* , Ti/i i 77 _ 

the Patrick Division, 17 points be- Jg[ EJVCttt 

hind Edmonton in the overall 

standings and without much hope The Associated Press 

of finishing first in either category. GREENSBORO. North Cardi- 
But by winning 24 of iheir last 28 na — Joey Sindelar shot a 3-under- 
games, the Flyers easily won the par 69 in rain and high winds here* 
division, compiled a dub-record 53 Sunday to win the Greater Greens- 
victories and posted the league’s boro Open golf tournament by one 
best overall point total, 113, four shot. Smddar’s first PGA victory 
more than the defending champion came on a 72-hole total of 285. Jh 
Oilers. Philadelphia won 16 of its jjjg second year on the tour, Sinde- 
last 17 games. lar. 27. started the final round at 

The Flyers allowed only three even par, four strokes off the pace, 
goals in their last five games, and 




1 u 

'cj 


but his three-birdie, one-bogey 
round was the day’s best 

Isao Aoki (a dosing 72) and 
Craig Stadler (7 1 ) tied for second at 
286. Corey Pawn (71) was alone in 


the victory over New Jersey was 
- bl j^i .^v, goaltender Pelle Lindbergh's 
“j league-leading 40th. 

i Brian Propp and Todd Bergai 

stress m 

.jT.tf / and youngsters to soar to the top of Tlcd ^ OQnil T lth 7 f, ar r , 2S8s 
the stSgs under rookie Coach Jhm (a l 74) Dmg 

u Mike K3 and General Manag- 

Claike. Kranert (74) and Ed Fion (70). 

4 -Anyone who would have said i FJog and roctoPhd Bfadt 
would have won 40 games, I would niar, oo-teaders at the end of Ihree 
■ ■ ■ hev were CTazv” said bIew 10 «specuve finishes 

of 71/290 and 81/293 

- pi***:; > *£ the finale. His S72.000 payday brought Sin- 

Toronto didn’t play manv teams ddar’s 1985 w innings to $87,044. 
__ stsaariy this w>wn ; which ended. As a rookie be won SI 16,528. 

Maple Leafs with a 5-1 
f;, !> ji defeat in Boston, 

S* IV v ; Tbe Leafs were 20-52-8 this sea- 

P'iS son (hp WH I ’c amrsr record. 


'S-* 1 ^ thestat 

MikeK 

fcifl* ■” Any 

w ®Bld nave won 
^ve said they 
,Uu> Lindbergh, who 


The victory automatically quali- 
fied him for the upcoming Masters 
and for such exclusive events as the 
Tournament of Champions and the 




. ,ir,v season {day, Quebec scored three 

.... 

: I 

. . 


Joey Sindebr on (he 72d gneea 


last year — it can be as disorienting 
as it is exciting. 

Fortunately, the Detroit Tigers 
and Chicago Cubs, who won 200 
games between them in 1984, look 
far too solid to drop from conten- 
tion. 

When did baseball ever begin a 
season in which so many players 
would be scrutinized so closely? 
Last year’s most valuable players, 
batting champions and Cy Young 
Award winners were all fellows 
who performed incalculably above 
what was expected of Lhera. What 
will Ryne Sandberg. Willie Her- 
nandez. Tony Gwynn, Don Mat- 
tingly and Rick Sutcliffe do when 
the spotlight is on them from the 
start? 

The magnificent rookies of ’84 — 
one of the most auspicious crops 
ever — will also have to prove 
themselves again. Dwight Gooden 
and Mark Langston. Alvin Davis 



Ueberroth: Change of dnuate. 


What does baseball have to offer, 
having started on Monday and 
continuing until a cold night 
around Halloween? 

We have, perhaps, the best five 
teams ever assembled in pursuit of 
one flag all bundled together in the 
American League East. We have 
Pete Rose on the trail of Ty Cobb's 
ghost: he needs only 95 hits to do to 
Cobb what Henry Aaron did to 
Babe Ruth. We have a resurgent 
American League that threatens 10 
dominate the All-Star Game and 
World Series, as the National did in 
the recent past. 

We probably have more young 
stars who have been in the game 
three years or less than at any time 
since the mid-1950s. Names like 
Ripken. Hrbek, Boggs, Brunansky, 
Kittle, Franco, Bell, Gedman. 
Walker. Boddicker, Black. Viola, 
Clemens, Darling. Gubizca. Pena, 
the Davises (Chili and Storm), 
Orosco. Ray and Rommanick have 
all come into our consciousness 
since the strike of 1981. Not one of 
them had played a game in the big 
leagues before that dark episode. 

The arrival of Ueberroth as com- 
missioner is just one sign erf a new 
era in baseball. Kuhn’s reign, from 
1968 until 1984. coincided almost 
perfectly with baseball’s traumatic 
leap from an old-fashioned, slow- 
paced era into a troubled and con- 
troversial period of force-fed mo- 
dernity. 

Now, under Ueberroth, it's time 
for baseball to shake down, get its 
bearings, decide what must be kept 
and what discarded from the revo- 
lutionary period that may now be 
reaching an end. 

Now that they’re all here — the 
designated hitter and artificial turf, 
domed stadiums and free agents, 
arbitrators and superstaxions. Si- 
million annual contracts and drug 
abuse, competitive balance and im- 
minent expansion, record atten- 
dance and record red ink — what 
do we do with them? 

The 1985 season should provide 
some answers and perhaps even 
mark the start of a new age of 
baseball sanity. 


The Crack of a Bat 

By Dick Roraback 
Away on this side of the ocean 
When the chestnuts are hinting of green 
And the first of the cafi commandos 
Are moving outside for a fine 
And the sound of spring beau a bolero 
As Parse sheds her coat and her hat 
The sound that is missed more than any 
Is ike sound of the crack of a bat. 

□ 

There's an animal kind of a feeling 
There's a stirring down at Vincennes Zoo 
And the kid down the halTs getting restless 
Taking stairs like a young kangaroo 
Now the dandy is walking his poodle 
And the concierge sunning her car 
But the heart's with the Cubs and the Tigers 
And the sound of the crack of a bat. 

□ 

In the park on the comer nun schoolboys 
With a couple of cartons for props 
Kicking goals d la Fontaine and Kopa 
While a little guy chickies for cops 
“Goal for us.~ “No it’s not." “You’re a liar." 

Then the classical shrieks of a spat 
But it's not like a rhubarb at home plate 
Or the sound of the crack of a bat. 

□ 

Here the stadia thrill to the scrumdowns 
And the soccer fans flock to the games 
And the chic punt the nags out at Longchamp 
Where the women are dames and not dames 
Bui it’s different or Forbes and ai Griffith 
The homes of the Buc and the Nat 
Where the hotdog and peanut share laurels 
With the sound of the crack of a bat. 

□ 

No. a Yank can ‘t describe to a Frenchman 
The rasp of an umpire’s call 
The continuing charms of statistics 
Changing hist'ry with each strike and ball 
Nor the self-conscious jog of the slugger 
Rounding third with the tip of his hat 
Nor the naif -smothered grace of a hook slide 
Nor the sound of the crack of a bat. 

□ 

Now. the golfer is buffing his niblick 
And the tennis buffs tightening his strings 
And the fisherman’s flexing his ftyrod 
Like a thousand and one other springs 
Oh, the sports on bath sides of the ocean 
Have a great deal in common, at that 
But the thing that’s not HERE 
At this time of year 
Is the sound of the crack of a bat. 

(Reprinted by popular request) 


SCOREBOARD 


Baseball 


Basketball 


Hockey 


1984 Major League Leaders 

AMERICAN LEAGUE Viola Min 

Team ftstltog Petrv Del 

AB R H HR RBI Pet Tanano T*« 
5599 SOI 1579 110 7S6 3t2 SSIewort Bit 
5465 758 1559 W9 734 J75 -LSonchw Cal 
5457 741 1544 141 493 372 Beckwllh Kan 
5444 129 1530 187 788 .271 LanMon S*a 
5543 072 7487 117 439 30, Beam* SH 
5409 755 U84 >23 499 J45' Buldur Min 
5543 473 1473 113 435 J4S " Witt Cal 
5474 438 1414 95 9* -2fcj : ' Beranaar -Del 
5534 44* 1431 130 413 340 
5417 732 1401 150 409 259 
5504 474 1415 137 420 3S7 
5434 479 1370 140 441 3£1 Philadelphia 
5434 609 1353 140 441 .249 San Francisco 
5404 4J9 1350 173 440 .341 Houston 
Individual Balling Chicaoo 

(300 or moro nt-bots) San OImo 

New Yort. 
Pittsburgh 
stLoute 
Montreal 
Atlanta 
Los Angofes 
Cincinnati 


National Basketball Association Standings 


F inal NUT . S tanding s 




AB R H HR RBt Pet 

Mottineiv NY 

403 91 207 

33 

110 J43 

Winfield NY 

547 104 193 

19 

100 -340 

Bentouet Cal 

154 40 119 

8 

39 336 

Boeos Bsn 

625 109 203 

4 

55 J25 

Mullinlks Tor 

343 41 111 

3 

43 424 

BBeil Tex 

5S2 08 174 

11 

03 415 

Trommlt Det 

555 85 174 

14 

49 414 

Easier Bsn 

401 87 IBS 

27 

91 413 

Hrbek Min 

559 811 174 

27 

107 Jll 

Collins Tor 

441 59 134 

1 

44 408 

E Murray Bit 

588 97 180 

79 

no 404 

Baines Chi 

5*9 72 173 

29 

*4 404 

CJonnsan Tor 

359 51 109 

14 

61 404 

Ripken art 

441 103 19S 

37 

14 404 

Vukovicn CM 

437 38 133 

9 

40 404 

Borrett Ben 

475 54 144 

3 

45 403 

McRoe Kon 

317 30 94 

3 

42 xa 

Hoi Cher Mfai 

574 41 174 

5 

69 402 

PBradlev Sea 

322 49 97 

0 

24 JOT 

Wilson Kon 

541 8) 143 

3 

44 J01 

Laneford Oak 

597 70 179 

14 

74 J00 

Rhrars Tex 

313 40 94 

4 

33 400 

Orta Kan ' 

403 50 120 

9 

50 498 

Yount Mil 

434 105 184 

16 

80 498 

Puckett Min 

557 43 146 

0 

31 494 

Corew Cal 

329 42 97 

3 

31 495 

DwEvans Bsn 

430 121 184 

Team Pitch big 

32 

104 495 


350 225 H 149 10 12 121 
333231 4414310 ■ 214 
344234 (11411515 33S 
93 00 47 54 7 4 3 39 
04 04 33 43 9 7 133 
101 92 34 75 I 4 3A0 
2251001102041710 2M 
21120* 751191314 241 
225242 53 831311 344 
247227 841961511 347 
lt( 144 79 118 11 10 348 
NATIONAL LEAGUE 
Taoin Butting 

AB R K HRRBIPct 
5547 712 1479 145 445 367 
5574 673 1476 112 437 245 
SSU 484 1451 79 (M 263 
5438 742 1415 134 703 240 

5502 40ft 1425 109 439 .259 
5405 449 1391 107 *02 -2S7 

5503 407 1400 98 574 J54 
5433 452 1368 74 *10 353 
5438 593 13*4 94 S53 J51 
5190 437 1330 HO 573 347 
5399 580 1316 107 531 J44 
5494 427 1330 104 578 3A 

Individual Batting 
(300 or more at -ho HI 


■ASTERN CONFERENCE 
Atlantic O Wliton 


The matchups for the first round 
of playoffs, which start Wednesday 
night, are Winnipeg vs. Calgary, 
Edmonton vs. Los Angeles. Phila- 
delphia vs. the Rangers, Washing- 
ton vs. the New York Islanders, 
Quebec vs. Buffalo, Montreal vs. 
Boston, Su Louis vs. Minnesota 
and Chicago vs. Detroit. All series 
are best-of-five. 


DetroH 3A9 1357 547 489 904 0 SI 

Bolttrttorv 3.741390 5W 504 70512 31 
Nn York 177 1404 414 519 989 12 43 

Minnesota 2141429 414 443 3B7 9 38 

Toronto 104 VQ3 525 S27 84910 33 
Korns Ctv 191 1425 437 434 720 9 50 

Tv* oj 3.931430 424 515 (47 4 21 

California 3.961514 437 474 74412 24 
Milwaukee 405 7522 441 47? 774 7 41 

entcoga 4.1* 1412 449 479 828 V 12 

Boston 4211513 470 5T2 90812 31 

Cleveland 4351510 489 543 790 7 34 

Seattle 4J21481 487 410 944 4 35 

Oakland 4441542 70S 584 4*2 4 44 

individual PitcMng 
(10 or mere decisions) 

IP HBB SOW LERA 
Hemondj Del 140 94 34112 9 3 1.92 
Rtaltetll NY 9* 79 37 90 5 4 234 

Camacho Cle 100 83 37 47 5 9 2A3 

Scnmldt Tex 70*9304464234 

J Howell NY 104 86 33 109 9 4 2*9 

Caudill Oak 9* 77 31 89 9 T 171 

Boddicker Bit 3*1218 82)282011 239 

Stieb Tor 347215 8819014 ■ 283 

BWtovenCte 245 3W 7414919 7 281 

Looez Det 138 109 52 94 10 1 194 

Nlefcro NY 214219 7413414 8 3M 

Zabn Cal 199200 48 41 13 10 3.12 

Block Kan 257224 *4 1401712 3.12 

G Davis Bit 225205 71 10514 9 3.13 

Alexandr Tor 262238 5913717 6 3.13 

Burris Oak 212193 90 931310 3.15 

Waddell Cto 97 40 37 59 7 « 115 

Exhibition S tanding s 



AB R H HR 

RBI Pet 

Gtadden SF 

342 71 120 

4 

31 JS1 

Gwynn SD 

40* 88 21] 

5 

71 051 

LOCV Pll 

474 44 153 

12 

70 J21 

CDavit SF 

499 87 157 

21 

81 J15 

Sandberg Chi 

63e 114 aiO 

19 

84 J14 

Crux Hln 

600 9* 187 

12 

95 JT2 

ROY Pit 

555 75 173 

4 

47 312 

Hernandez NY 

550 «3 171 

IS 

94 JT1 

Cabell Htn 

436 52 135 

8 

44 J10 

Raines Mon 

423 104 192 

8 

40 J09 

Guerrera LA 

335 85 162 

14 

72 -30 

Leonard SF 

514 74 155 

21 

BA 302 

Oliver Pul 

4T 34 130 

0 

48 J01 

Patti Htn 

449 44 135 

9 

55 J01 

GCorter Mon 

596 7S 175 

27 

106 394 

VHayes Phi 

541 85 144 

1ft 

67 397 

Bren hr SF 

504 74 147 

20 

B0 391 

Matthews Chi 

491 101 143 

14 

82 -271 

McGee StL 

571 82 1*4 

5 

50 291 

MUPttrv Htn 

524 45 152 

9 

83 290 

Murohv All 

607 94 176 

34 

100 290 

wusbeton Alt 

415 42 119 

17 

*1 2S7 

Momson Pit 

304 38 87 

11 

45 284 

Rose On 

374 44 107 

a 

34 284 

7 Pena Pit 

544 77 154 

15 

78 284 

Parker cm 

607 72 173 

1* 

94 285 

Team Pitching 





W 

L 

Pci. 

GB 

v-Boslon 

42 

16 

295 

— 

x-pnttodelphla 

54 

22 

.718 

4 

x-Ncw Jersey 

39 

39 

soo 

23 

k-woshingion 

31 

40 

AK1 

34 

New York 

24 

54 

JOS 

18 


Central Division 



y -Milwaukee 

54 

23 

-709 

— 

x-Oetralt 

42 

34 

538 

13Yj 

x -Chicago 

38 

41 

-481 

18 

Cleveland 

34 

44 

•436 

21W 

Atlanta 

31 

47 

JT7 


Indiana 

21 

57 

249 

34te 

WESTERN CONFERENCE 


Midwest Division 



v- Denver 

51 

27 

SS* 

— 

x -Houston 

45 

33 

577 

4 

x- Dallas 

42 

34 

-538 

9 

x-San Anfonlo 

40 

39 

506 

111ft 

x-utoh 

38 

40 

Ml 

13 

Kansas City 

30 

48 

■385 

21 


Pacific Division 



v-L-A. LofcKs 

58 

20 

244 

— 

•-Portland 

39 

39 

500 

19 

x-Phoenlh 

34 

45 

AX 

24ta 

Seattle 

31 

48 

292 

27to 

LA Clippers 

39 

49 

273 

39 

Golden State 

22 

57 

278 

34V» 

(x-cilnched Plavoft berttt) 
ir-citadrea division tine) 





SUNDAY'S RESULTS 
New York 27 19 31 2S— US 

Boston 33 34 21 34-114 

Bird 15-27 4-838. PorlUi 8-134-420; Bannister 
10-18 3-9 21 Orr 9-14 1-2 19. Reboendt: New 
York 4* (Wilkin* 10); Boston 59 {parish 21). 
Assists: New York 23 (Sparrow 8>; Boston 30 
(Bird TO). 


Portland 25 34 30 33 9—132 

Las AnOOlOS 40 27 33 24 11—135 

Johnson 11-14 17-19 39. Scott 10-14 4-4 3; 
Vandewegbe 1 1-19 2-3 24. Drexler 10-25 2-2 23. 
Rebounds: Portland 61 tBowte20>; Lac Ange- 
les 71 (Rom bis IS). Assist*: Portland 25 
(Draxier 13); Los Angeles 32 (Johnson 11). 
Milwaukee 21 18 19 33- 91 

Detroll 24 28 31 It-llJ 

Tvier ID-15 Wt 2a ualmbeer S-12 7-9 17; 
Pierce 5-10 44 16. Cummings 7-22 0-4 14. Re- 
Bounds; Milwaukee 50 (Cummlnss 101; De- 
troit 44 (Lolmbeer 14). Assists: Milwaukee 15 
IPressev 4); Detroit 30 (Thomas 14). 
Houston 22 22 38 31—185 

San Anfonlo 15 34 35 33—124 

Gilmore 10-13 12-13 32. Mitchell 9-14 1-4 10; 
Wioolns 8-16 1-3 17. Olaluwon 4-13 4-4 1*. Re- 
bounds: Houston 4* (Olaluwon 8); San Anto- 
nia 47 (Gilmore m. Assists-. Houston 23 
(McCrov*); San Anionio40 ( Robertson. Pax- 
son 9). 

Golden State IS 33 38 29-125 

Denver 39 34 24 33—130 

English 14-26 14-16 42. Lever 10-16 2-3 22. 
Short 9-tf 5-7 24, Floyd J-U 4-4 ». Rebounds: 
Golden Slate 55 (Smiths) : Denver 57 ( English 
101. Assists: Golden Stole 24 (Conner 7); Den- 
ver 34 (Lever 11). 

Phoenbc 31 33 29 32—125 

Seottie 27 3# 27 24—118 

Mocv 11-13 2-225. Pittmon 9-153-3 20; Cham- 
bers 15-24 8-9 3& Henderson 7-15 1-2 14. Re- 
bounds; Phoenix 51 (C. Jones 11); Seattle 44 
(McCormick 91. Assists: Phoenix 34 IMacy 
9): Seattle 32 (Henderson in. 


WALE 5 CONFERENCE 
Patrick Division 



W 

L 

T 

PtS 

GF GA 

v-POIIadeiphta 

53 

20 

7 

113 

348 

241 

x -washing toll 

44 

25 

9 

101 

322 

340 

x-N.v. islanders 

40 

34 

A 

84 

345 

312 

v-N.Y. Rangers 

3ft 

44 

10 

42 

295 

345 

New Jersey 

22 

« 

10 

5* 

2M 

346 

Pittsburgh 

24 

51 

5 

53 

276 

385 

Adame Division 



y-Msirtreal 

<1 

27 

12 

96 

309 

342 

x -Quebec 

41 

30 

9 

91 

323 

275 

x-Buttalo 

38 

28 

14 

90 

290 

237 

x -Boston 

34 

34 

10 

82 

383 

287 

Hart lord 

30 

41 

9 

69 

248 

318 


CAMPBELL CONFERENCE 
Morris Division 


v-Sl. Louis 

37 

31 

12 

86 

299 

288 

x-Chtcooo 

38 

35 

7 

S3 

309 

299 

s-De trait 

27 

41 

12 

» 

3)3 

357 

x -Minnesota 

25 

43 

12 

42 

248 

321 

Toronto 

20 

52 

8 

48 

253 

358 


Smythe Division 



v- Edmonton 

49 

20 

11 

109 

401 

298 

• Winnipeg 

43 

27 

ID 

96 

358 

332 

*-Colgarv 

41 

27 

(2 

94 

363 

an 

x-Los Angeles 

34 

32 

14 

82 

339 

324 

Vancouver 

25 

46 

9 

59 

284 

401 

tx-cllnched oiavqll berth) 
iy -cl Inched division title) 






Transition 



AMERICAN LEAGUE 

W 


19 0 

15 10 
19 13 
17 13 
15 12 
17 15 
14 14 
13 13 
13 14 
13 14 
12 15 
12 14 
12 14 
lfl 14 


NATIONAL LEAGUE 
18 


II 
18 12 

14 10 

15 1) 
15 12 
>3 12 
14 14 
14 17 
12 IS 
12 17 

8 14 

6 IB 


Pet 

679 

400 

JW 

-567 

iU 

531 

500 

580 


.429 

.429 

All 

421 

400 

SU 

577 

554 

520 

508 

452 

A44 

A14 

J44 

JS0 


ERA H ER BB SOShOSA 
1141332 £09 500 W 13 34 

1181380 514 4*9 1022 16 27 

JJ1 1333 527 474 65210 48 

133 7339 533 499 932 73 79 

1481327 565 562 80917 44 

3571391 571 522 844 7 *8 

341 1429 582 494 80312 51 

34313*2 579 549102315 49 
3441388 583 440 882 4 35 
1751458 598 445 872 8 50 
4.17 1445 677 577 945 6 2$ 
Son Francisco 4JB1569 7ttJ 5*3 836 7 34 
individual Plkhtae 
(ID or mare decisions) 

tP H BB SOW LERA 
123108 23 77 5 7 154 
98 B2 35 4711 4 1.93 
U 45 33 81 9 6 237 
91 85 36 52 3 7 208 
154 122 29 94 7 7 2A5 
199 184 4612SI2 6 248 
46 28 22 48 5 6 253 

87 58 34 8510 6 259 
218 141 7327417 9 240 
190140 5015011 8 244 

88 84 33 34 3 9 2*6 
150123 3915516 1 249 
134112 34 89 7 7 2.71 
238214 4213414 9 172 
185 179 341331211 172 
109 93 44 81 9 7 182 
184180 51 7510 9 254 
224198 48123)510 189 

87 70 37 77 7 7 190 
102 7S 34 8410 6 1M 
157125 51 71 9 8 193 
227224 781491211 193 
179 174 55 5714 8 197 
122 «9 *9 110 5 6 102 
140152 34 81 10 8 103 
241218104 2401217 353 
184143 491971211 354 
248 223 89127)612 3M 


Pittsburgh 

Los Angls 

Montreal 

Houston 

San Diego 

Ationlo 

StLouis 

New York 

Phtlaoelph 

CfliCnoo 

Cincinnati 


Sutter SiL 
DowJey Htn 
Beorow AH 
Andersen pm 
Dennv PM 
APena la 
S curry Plr 
Orosco NY 
Gooden ny 
H ershlser la 
T ekuive pit 
Sutdllta Chi 
ScMsdr Mon 
Rhoden Pit 
Candirla Pll 
Power Cin 
Honevctt LA 
Lea Man 
Reardon Mon 
Gooom SO 
Dravocky SD 
McWIIms PH 
Thurmond SD 
ORotrison Pit 
Eckersloy CM 
Valensia LA 
Ryan Hln 
Nlekro Htn 


SUNDAY'S RESULTS 
Baillmoro 1 Rochester (AAA) I 
Chicago While So* 1 PHisburgh 4 
Atlanta 5. Montreal 0 
5L Louis 6, New York Mets 1 
Houston X Phi ode Milo 0 
Sait Francisco 7. Oakland S 
Chicago Cuts X Seattle 19 Innings, curlew 
Minnesota 1 San Dteoo 1 13 inn ins*, curfew 
Los Anoetas 9. CBSltVQie 7 « 11 tamings 
Tgronre 4. Milwaukee 3 

END EXHIBITION SCHEDULE 


1985 Milestones 

BATTING 

Pit* Rom. 097 tilts: need 95 to Break Ty 
Cobb's afl-tlme record of 4.191, 

Rad Carewi 2529 tills: needs 71 la rood) 
1006. 

Resale Jock son. 5© home runs: needs 10 to 
eau Ed iSt Mathews and Emit Bonks and 
move Into Ifltti place on me oIMfffle Ihl. 

Dave Kinsman. 377 home runs: needs 23 lo 
reach 400. 

PITCHING 

Tom Seev«r,2M victories: needs 12 lo reoch 
300. 

PMJ Nieknu 284 Victories: needs 1* to reach 
300. 

Dan Sanaa. 28a victor Ess ; needs 20 victories 
(a reach 300. 

Ham Ryan. 3J74 Strikeouts: needs 124 la 
beeww tto Hrst Victor to reach 4000. 

Sieve Carlton. 3872 strikeouts. 313 vic- 
tories: needs 128 strikeouts lo become the first 
ptlshef to reach uno; Meat two victories la 
eoss Gaylord Perry ana move into lOtn oloee 
on i he bll-time r*s» 


BASEBALL 
American 

CALIFORNIA— Sent Woflv Joyner a no 
Jack Howell. InT elder s. to Its minor-league 
complex lor reassignment. Sent Curt Kauf- 
man. Pitcher, to Edmonton ot I hr Pacific 
Coast League, placed Darvi Scon tors, first 
baseman, on the rehabilitation Us). 

CLEVELAND— Acouircd the contract of 
Fred Monrltwe. Inflefder, from Toronto. 
Placed Rick Bahenna. pitcher, on me iSdoy 
disabled list retroactive lo April 2. 

CHICAGO— Placed Rich Dotsoapl tetter, on 
(he suoalamsntat disabled (1st. Uncondlttoiv 
oily released Ron Reed. pJ letter. Sent Jose 
Castro, inttelder, lo BuHolo ot the American 
Association. 

DETROIT— S«U DOUB Baker and Mike 
Loan, mtfetders. la Nashville of the American 
Associailon. 

NE W YORK— Sent Mike Armstrong and A> 
fenso Pulido, Pitchers lo Columbus ot the 
International League. Placed (Marty Bys- 
trom, pi letter, on the 60-day disabled list. Add- 
ed Juan Bonilla, in fielder, and Hervrv Cotta 
outfielder, to the rosier. 

TORONTO— Pioeed Ron Shepherd, out- 
fielder, on the 15-dav disabled list. 

Nauonal League 

HOUSTON— Signed Nolan Rvan, pitcher, to 
a two-year contract. Bob Kneoper. pt tetter, to 
a three-year contract (plus two option years) 
oral Ter rv Puni.owttletoer.io a tour-year con- 
tract. 

LOS ANGELES— Recalled Tom Breratoa 
pitcher, tram Albunueraue ot the Pacific 
Coast League. Sent Larry white, pttener. lo 
Albuquerque. 

MONTREAL— Waived Mike Ramsey. In- 
fielder. 

NEW YORK— Sent 5W Fernandes, Calvin 
Sehiraldl and Wes Gardner. aUchtrA to Tide- 
water of the international League. Recalled 
Bill La mom, oi fetter, and Terry Blocker, out- 
fielder, trom Tidewater. 

PHILADELPHIA— Traded Ivon DeJesus, 
shorts too. and Bill Campbell ol letter, to St. 
Louis tor Dave Rucker, pitcher. Assigned 
Rucker to Portland of the Pacific Coast 
League. Re-signed Klko Garda, (nflelder. 

PITTSBURGH— Placed Steve Kamo, out- 
fielder, on I he 15-dav disabled IKt. Sent Denny 
Gonzatob ini letter, end Roy Krawavk, 
Manny sarmlenlo. and Bab Walk. Pilchers, to 
Hawaii ot the Pod lie Coast League. Sent 
Marv Foley, catcher, lo Glens Falls ot the 
Eastern League. 


FORMULA T BRAZILIAN GRAND PRIX 

1. Alain Pros). France. McLaren. 1 hour. 41 
minutes. 26.115 seconds, 18152 kilometers oer 
hour (11X79 miles per hour). 

2. VOcttete Alborcto. Italy. Ferrari. 

t:41:29J74. 18L40O 

x Ellode Anoeils. Italy. Lotus. 1:42.16^64. 
177.100. minus 1 too 

4. Rene Amouv. Francs. Ferrari 

1:41:50*47, 174.300. minus 2 loos 

l Patrick Tambov. France. Renault, 
t:42:1S5S9. 1742D0. minus 2 

6. Jacques Laffite. France, Ltoier, 

V.41:4SjKZ 9. 172500. minus 2 

7. Stefan Johansson. Sweden. Tyrrell 
1:41:46,965. 172500. minus 3 

8. PtiUlooe AllVqt. France. RAM, 

1:42:32597. 77(1700. minus 3 

9. Martin Brundle. Britain. TvitbII 
1:40:21.7)1. 171 AM. minus 4 

10. Derek Warwick- Britain, Renouli. 
1:41:54524. 168.900. minus 4 

11. Tnierry Bourse n, Belgium, Arrows. 
1:41:55 JOS, 16S5D0, minus 4 

12 Plercarto GhlnzenL Italy, Osella 
1:41:5*204. 148500. minus 4 
IX Manfred Wlnkelttodi W. Germany. 
RAM. 1:41:58527, 16X700, minus * 

14. Gemord Berger, Austria. Arrows. 
1:30:25504, 1702001 minus 10 
15- Ayrton Senna. Brazil. Lotus. I .*20:5X033, 
17*000. minus 13 



USFL S tandings 


EASTERN CONFERENCE 


SUNDAY'S RESULTS 
Pittsburgh 0 2 1—3 

Washington 8 3 t— 7 

Carpenter (53). Hatcher (tl, Murphy (13). 
Gartner 2 [SOJ.Gustafsson (141. Slovene alt; 
Young (40). LemlouK (43), Babvch (20). Shots 
an goal: Pittsburgh (on Rlpatn) 15-8-6— 2*; 
Washington (on Ford) 18-13-21—52. 

Toronto 8 0 1—1. 

Boston 1 0 4-5 

ReW 1)4), O'Reilly 113). Kasper (li).SMph* 
or (13). Middleton (30); Anderson (32). Shots 
on goal: Toronto (an Poolers) 5-14-10—29; 
Boston (on Better) 1 1-8-13—32. 

Winnipeg 3 1 8 0—4 

Calgary 0 8 4 0—4 

Amlei (22). Martin (7).Mullen(32).Hqww- 
chuk (S3); Boznk 2 (13), Reotlnskl (16). Quinn 
120). Shots op goal: Winnipeg (on Edwards) 
n-48-2— Calgary ion HaywanLBehrend) 
5-17-23-7 — 52. 

N.Y. Rangers 0 0 1—1 

Chicago 2 D 1—3 

Brown m.Olczvfc (20). B. Wilson (10); Le- 
dvord (8). Shots on goat: New York (on Bon-, 
nermann) 12-1X9—34; Chicago ion Wanian) 9- 
10-11—30. 

Philadelphia 1 2 3-4 

New Jersey 0 8 1—1 

Propp 2 (43). Bergen 2 (11). TocChet (141. . 
Poulin (301; Midler (17). Shots on ooal: Ptillo- 
detehio (on Lowl 14-7-8—25: New Jersey (an 
Lindbergh) 13-13-13—39. 

Hartford 1 a 0— 1 

QWMC 1 4 2 

Goulet (55). Maxwell (ID). Souve (l3),Pale- 
ment (23); Dlneen (25). Shots oa goal: Hart- 
ford (on Gosielln) 13-10-4—27; Quebec (an 
Uul) 10-12.9—31. 

Detroit 2 1 2 0—5 

St. Louts 2 12 1—4 

Cvr (5), Foderko (301. Petiersson (23). Muh 
Ien2 (40). Gllmour (21 ) : Barrett (6) Klsto (16). 
Foster ( 16). B. Smith (1 ). Vzerman (30). Stats 
on goal: Delrott (on Ml lien I 8-S-8-0-21; 5L 
Louis ion Sfetan) 18-13-19.2-52. 

Montreal 1 1 3—5* 

Buffalo 3 8 1—4 

Flockbart (10). Caraonneau (23), Tremblay . 
(31), Roonev (I). Svoboda (4); Selling 114),. 
Ramsay (12). Tucker (22). Orlando o). stats 
oo gaol: Montreal (on Souve) 9-7-11—27; But- - 
tala (on Sue inert) 8-4-5—17. 



W 

L 

T 

Pet. 

PF 

PA 

Birmingham 

5 

2 

0 

.714 

175 

133 

Tamoa Bov 

S 

2 

0 

JU 

200 

153 

New Jersey 

4 

3 

□ 

571 

172 

181 

Baltimore 

3 

3 

1 

J» 

126 

96 

Memphis 

3 

4 

0 

A29 

140 

157 

Jacksonville 

2 

5 

D 

uBi 

158 

208 

Orlando 

1 

6 

0 

.143 

120 

193 

WESTERN CONFERENCE 


Houston 

5 

2 

D 

JU 

228 

163 

Arizona 

4 

2 

0 

A67 

135 

93 

Denver 

A 

2 

0 

-667 

133 

124 

Oakland 

4 

2 

1 

MS 

17S 

160 

Port load 

3 

4 

0 

A39 

101 

143 

San Antonie 

3 

4 

0 

A3f 

94 

133 

Lta Angeles 

1 

4 

f> 

.143 

130 

164 

SUNDAY'S RESULTS 




Golf 


Tap finiibars and earnings to the Greater ' 
Greensboro open, which concluded Sunday 
oa the 4,958 rant.par-72 Forest Oaks Country 
Club course ot Greensboro. North Caroling: 


San Antonio 15, Birmingham 14 
Hew Jersey 3), Houston 25 
Ball! more 17. Los Angeles 6 



WORLD CUP QUALIFYING 
South American Grasp 7 
Uruguay 2, Chile 1 

Final prints stand tags: Uruguay 8. Chits 5, 
Ecuador 1 ; Uruguay Qualifies for the 1986 cup 
ttnals In Mexico. 

ENGLISH FIRST DIVISION 
Norwich 0. Ipswich 2 
Queen's Park Rangers A Wes! Ham 2 
Slake ft Luton 4 
Sunderland 0. Newcastle 0 
west Bromwich L Aston Villa 0 
Paints standings: Evertan 69; Mcmchoslor 
United 45; Tottenham 61 ; Liverpool 57; Arse- 
ml SS: Seuthbnmton54: Sheffield Wednesday 
53; Nottingham Forest SO; Chelsea Aston VII- 
lo4P; West Bromwich 45; Queens Park Rang- 
ers 44; Leicester, Norwich. Newcastle 42; 
Wo Kora 38. West Ham 37: Ipswich 3*; Luton, 
Sunaeriona 3S. Coventry 34; Stoke 17, 


MEN 

(ai Chicago) 

Singlet Final 

Jeon McEnroe ill. U.S. del. Jimmy Con- 
nors (2). U5. default (torn bode muscle). 
Doubles Final 

Yannick Noon. France, ana janon Krlek- 
UA. det. Km Float. U-S. end Roberta Segura. 
US. 3-4. 4-6. 7-5, 4-1, 4-4, 

WOMEN 

(At Palm Beach Gardens. Florida) 
Semifinal* 

Chris Evert Lloyd. U5-deL Carling Bassett. 

Canada 4-2. 4-1. 

Harm Mmuikoua. CzecttoStovokio. del 
Pom Shiver. US- t-4, b-4. 

Final 

Evert del. Manditkova. 6-5. 6-3. 


joev sindelar. STzmo 
Craig si oarer. *35.200 
isoo Aoki. S3S200 
Corey Puvin, S19J0O 
Ed Flori. SI 3540 
jetf Slumcn. SIX560 
Doug TewetL 3115*0 
Don Pohl. S13J40 
Bin Kratzert. S11S40 
Brad Faxon. Sft2Hk 
Jodie Mu da S9300 
Fuzzy Zoelier, 59J00 
Nick Faido, nan 
Loony wodklns. JWO0 
sandy Lyle, STM 
Rov Floyd. *73100 
work Brooks. S6A0Q 
Jonn Cook. S4j»o 
Paler Jacobsen, $6400 
Bob Glider, s&OOD 
Scott Simpson, &O0O 
Payne Stewart. S1713 
Tammy Valentine. S3J13 
Jim Simons. S3J13 
Buddy Gardner, *3713 
Bobby Clomp* tt, 5X713 
Phil Biackmar, *1712 
Peter Ogsterhuls. S17B0 
Andy North. 5X780 
Jim NeHord, 5U88 
Roger Matt&lv. S2J80 
Jack Renner. 522*4 
Mine Re<d. 522*4 
John Mahollev. 5X344 
Lance Ten Brock, SZJw 


68-74-72-49— 2B5 

70- 74-71 -71—284 

71- 49-74-72 — 286 
75-70-71.71—287 
74-73.71-70-288 
64-71-77-74—288 
71-72-71-74—288 
*8-74-71-75-288 
71-7449.74-288 

71- 71 -77-70-289 
70-75-74-70-289 

72- 72-74-71—289 

73- 73-70-73—289 

40-74.73-74—299 

67-75-73-75-290 

70- 76-44.70— 29Q 

72- 72.73-74—29J 

73- 71-71-76—291 ' 

74- 49.70-78—291 
73-71-74-72—292 

73- 73-73-73-®2 

71- 77-72-73—203 

74- 73-71-73-293 
70-75-72-76—193 
71*74-71-77—293 
68^0-7540-293 
70*744841-793 
77-71-73-73-294 

72- 74-72-76-294 

70-72-72-80 — 2S4 
49-73-72-80—294 

70- 75-74-74—295 

73- 72-76-71— -29s 

74- 75-70.7*— 295 

71- 70 75-70-J95 


■ \ 








* 



ART BUCHWALD 


Many Happy Returns 


W ASHINGTON — My wife 
and I are not the sort of peo- 
ple who make a big deal about 
filling nut our tax returns. As far as 
we're concerned, it's just another 
rite of spring that has to be dealt 
with, like spreading mulch on the 
lawn and manure in the rose gar- 
den. 

Last week, as we have done for 
so many years, we cleared off the 
dining room table, sat down with 
all our forms, 
the checkbook, a 
bottle of cham- 
pagne and two 
glasses, donned 
funny paper 
hats and went to 
work. 

First we 
counted all our 
blessings and 
put them in Col- niloh _ K . u 

umn A. Then we Buchwald 

counted all our losses and put them 
in Column B. 

After that we got down to the 
serious business of designating 
where our tax dollars should go. 

“Do you want to give SI .3 billion 
for the’ MX missile this year?" I 
asked her as I poured a glass of 
champagne. 

“Why noir she said, drinking it 


“Are they the ones who over- 
charged us 5640 for a toilet seat?” 

“Yes, but they said it was an 
accounting mistake and promised 
never to do it again." 

“All right, but 1 don’L want to 
give any thin g to General Dynamics 
because they tried to stick us with 
their dog kennel bill-" 

“If we don’t give to General Dy- 


namics, how can we justify paying 
.68 milli or 



General Electric 5168 million for 
their overcharges on spare parts?” 

She blew on her noisemaker. 
“Because we need their stuff to 
defend the free world. Pay them, 
but enclose a nasty Dote telling 
them any more overruns come out 
of their pockets, not ours.” 

□ 


down in one gulp. “What other way 
of sending 


is there 
Moscow?’ 


ag a message to 


“I like it when you take a tough 
stand,” I said. “Besides, if the mis- 
sile doesn't work we can always 
write it off as a bargaining chip. 
How much should we give to the B- 
1 bomber program?" 

“Beats me,” she said, as she 
threw confetti at me. “I haven't 
bought a bomber in years.” 

“Well give them $2.6 billion. If 
it's too much, the Pentagon can 
always send back whatever is left 
over. How do you feel about mak- 
ing a payment to Lockheed Air- 
craft?" 


Turkish Art to Travel to U. S. 


Washing ion Post Service 

WASHINGTON — The first 
major U. S. exhibit of Turkish an- 
tiquities in nearly 20 years will 
open in 1987 at the National Gal- 
lery of Art The announcement of 
the show, “The Age of Suleiman 
the Magnificent,” was made when 
Prime Minister Turgut Ozal toured 
the National Gallery. 


“You want to make a financial 
contribution to ‘star wars'?” 1 
asked her. 

“What kind of money are we 
talking about?” 

“A billion dollars to get it off the 
ground.” I told her. 

“Let’s do it. Especially since it 
lakes so little to make Caspar 
Weinberger happy,” she said. 

“Are we supporting federally 
guaranteed student loans?” I 
asked. 

“I hope not. I understand the 
kids take their money and go out 
and buy convertibles and stereo 
equipment with it.” 

“College students spend money 
like drunken farmers.” I agreed. 

“Don't give anything to Aid to 
Dependent Families either. David 
Stockman says we can’t afford it," 
she warned me. 

“I trust David Stockman ever 
since he told schoolchildren there 
was no such thing as a free lunch.” 
□ 

My wife finished off the bottle. 
“We’re doing pretty good for peo- 
ple who don't have an accountant.” 

“There is only one more item. 
Do you have any objection if I send 
in 5250 billion to pay the interest 
on the national debfr 

“Why should I?” she giggled. 
“That’s what our moneys for. 
What have we got left in our check- 
ing account now?” 

1 added up all the disbursements 
in Column C and wrote the balance 
in Column D. 

“We have S9.95," I told her. 

“Great." she said, putting on a 
Groucho Marx mustache. “Let’s go 
out and buy another bottle of 
champagne.” 


Seeking Seidelman 


A Filmmaker's Search for f Susan 1 


After Her ' Smithereens’ Success 


By Carla Hall 

Washington Past Service 

W ASHINGTON— “Desper- 
ately Seeking Susan." 

In the Elm. Roberta, the young 
New Jersey housewife sitting 
bored under the hair dryer, pores 
longingly over those words m the 
personal ads in the newspaper 
and circles them in red ink. 

Who is Susan? She becomes 
obsessed. 

Desperately Seeking Susan. 

In real life. Susan Seidelman, 
the young New York filmmaker, 
looking for a project, read those 
words m the title on a script. 

Who was Susan? She became 
superstitious. 

“Well, if I got a script called 
‘Desperately Seeking Susan,”’ 
said Susan Seidelman, “I 
thought, ‘How could I not do this 
movie?’ ” 

Seide lman was in Washington 
recently when her new film was 
shown at Women Make Movies 
IV, a festival of films by women 
directors at the American Film 
Institute. 

“We had just finish ed the mix- 
ing two days before I went to a 
theater and saw the trailer,” Sd- 
delman said. “It was spooky.” 

“Desperately Seeking Susan" 
is Seidelman 's second feature, her 
first studio film and her most 
lavishly budgeted. At 55 million 
(extremely modest by studio 
standards), it cost 62 times what 
it took bar to make independently 
her first feature, the highly 



So is Susan Seidelman really 
Susan? Or Roberta? 

“I identify with both,” she said. 
“In some ways, I certainly know 
where Roberta’s coming from, 
because I grew up in a suburb of 
Philadelphia and that could have 
been my life. I've never had a life 
like Susan's, but living not exact- 
ly sure what you're doing in life 
— and ambling around — is 
something that I conld relate to.” 

Seidelman, 32, went to Drexel 
University thinking she would 
become a graphics designer, but 
film attracted her. “I wanted to 
make the graphics move,” she 
said. She enrolled at New York 
University's Graduate School of 
Film and Television where she 
wrote and directed three short 
films. Seidelman started “Smith- 
ereens” three years out of film 
schooL 

On that film, she drove her own 
film to the lab, made coffee and 
let the cast sleep at her apartment 
during the filmin g. 

She is even making money 
from “Smithereens” with its sales 
in home-video form and to cable 
television. 


Seidelman deliberately pogu- 


.¥V . 


Hwry Nahhayao/Tha Wtehmglon Port 

Director Seidelman: “A little darker.” 


praised “Smithereens," a gritty 
mt 19'- 


story about a down-and-out 
year-old woman drifting through 
New York, dreaming of being a 
punk rock star. That film, made 
in 1982 for 580,000, was one of 
the first independent American 
features to be accepted into com- 
petition at the Cannes Film Festi- 
val It catapulted Sddelman horn 
the obscure r anks of independent 
filmmaking to the spotlight. 

With “Smithereens” in hand, 
Saddman basked in the glory of 
the international film festival cir- 
cuit as she made her way from 
Cannes to Cairo to Cartagena. 
Back home in New York, scripts 
came her way — Diane Keaton, 
she said, brought her one — but 
Seidelman declined them and 
kept trying to find something that 
she could put her touch on. A 


movie that turns out badly is 


tough for any director, but for a 
woman director, it’s often a death 
knell in a business that has rardy 
welcomed women. 

Seidelman spent a year reading 
“a lot of bad to' mediocre 
scripts”: ‘They were teen come- 
dy-type stuff or things that I just 
didn't think were right for me.” 
Then “Desperately Seeking Su- 
i” caught her eye. 


ting on the subway and HI see 
somebody, usually it’s another 
woman — it’s not sexual or any- 
thing — it’s just that you become 
obsessed with looking at this per- 
son and wondering, ‘I wonder 
where she’s going, why she's 
dressed like that, what it must. be 


like being her.” 
i the film,! 


san 


“There was just something 
about it,” Seidelman said. “It had 
a flair to it which I thought was 
interesting. I liked the idea of 
these two different kinds of wom- 
en, one becoming obsessed with 
the other one’s life and following 
her around and then becoming 
her. 

“In New York. I take a lot of 
public transportation. Til be sit- 


in the film, Roberta (played by 
Rosanna Arquette), drawn by her 
obsession, goes to the meeting 
place that the desperate seeker of 
Susan posts in his ad and watches 
for Susan (played by Madonna, 
the rock singer), who turns out to 
be an outrageously dressed, 
smart-talking hustler. Roberta 
follows Susan and eventually, 
through a comedy of errors, ends 
up bane mistaken for Susan and 
is whisked into the downtown 
world that Susan inhabits. 


lated “Desperately Seeking 
san" with a mix of Hollywood 
and downtown New York — pro- 
fessional actors and punk charac- 
ters. Rosanna Arquette (“Baby. 
It’s You") is the biggest profes- 
sional name in the cast. There's 
also Aidan Quinn (“Reckless") 
and Laurie Metcalf, who was in 
the Steppenwolf Theatre Ensem- 
ble production of “Balm in Gile- 
ad" 

Seidelman cast Madonna be- 
fore she became famous as a sing- 
er. “She’s got a spiciness to her 
that I think comes across on 
film," Seidelman said. 

There are lots of cameos by 
people of note: Richard Edson of 
•“Stranger Than Paradise” crops 
up once; a former Sid Vicious 
bodyguard. Rockets Redglare, 
plays a taxi driver. And more. 

“My own personality is proba- 
bly a little darker than the mov- 
ie," Seidelman said. “The movie 
is sweeter than I think I am. My 
sensibility is more ironical . . . 
So probably if it had been totally 
ray own movie, it would have 
been a little darker. The humor 
would have been more tongue in 
cheek." 


people 

Big Score for the HIS 


■ - 


IRS agents made a big score at 
the estate of the rock promoter 
Richard JOotnnaa, who coordinat- 
ed Prince’s U. S. tour. The agents 
went to bis Baltimore-area home, 
seized property worth millions of 
dollars and filed liens totaling 59.1 
million against him. Domenic La- 
Ponzma, an Internal Revenue Ser- 
vice spokesman, said that after 
years <rf trying to collect back taxes, 
the agents surprised Klotzman by 
driving up to his estate with two 
moving vans. Klotzman cooperat- 
ed and the IRS drove away 14 
hours later loaded with cars, art, 
jewelry and other property. “There 
was so much stuff there that Mr. 
Klotzman didn’t even realize what 
be had," LaPonzina said. The haul 
included three Mercedes-Benz 
automobiles, paintings by Picasso 
and Chagall more than 15 pieces of 
jewelry, a baby grand piano, pin- 
ball machines and several televi- 
sion sets. The IRS also filed suit in 
Florida, where Prince finished his 
tour last weekend, to seize receipts 
from a concert. 

□ 


negotiating with the singer’s man- 
agers to add Irish dates to his tour 
in the summer. 


At the end of an hour of tension 
during a game of Go, China’s Nie 
Wet-Ping defeated fellow world- 
class master Obo Hooo-Hyun of 
South Korea. Their nations do not 
have diplomatic relations, but 
among the 175 spectators at Satur- 
day's Go match in San Francisco 
were the Chinese consul Chen 
Shuyu, and the South Korean con- 
sul, Kie Ynl Moon. The 4,000-year- 
old game, a territorial “war," is 
considered by some to be more 
difficult than chess. 

□ 



Michael Lewis, who got on a 
plane to Auckland, New Zealand, 
instead of Oakland. California, 
may not have been so far off the 
mark. Hollywood wants to make a 
television film about him. G3 Cab- 
ot, a producer with JenStar Produc- 
tions Inc., said Sunday that Lewis 
will be paid $35,000 to 550,000 for 
the rights to his story. Lewis. 21, a 
student at Sacramento Community 
College, went way out of his way 
because Air New Zealand person- 
nel pronounced “Auckland" like 
“Oakland" — or so he said. Lewis 
was tiying to fly from London to 
Oakland when he boarded the 
wrong plane during a stopover in 
Los Angeles. 

□ 


John Darcy, 49. deputy director 
of the West Hartford Public 
Schools foreign language depart- ■ 
ment in Connection who con- 
ducts regular workshops on Spain 
for educators and has written nu- . 
merous articles on the country and 
arranged student exchanges for two 
decades, will receive the Knight of . 
the Order of Isabel la CatOlica. He 
learned about the award in a letter 
two weeks ago from King Juan Car- ; 
los L T was so surprised and em- 
barrassed when the letter came in," 
he said. “I was out of the office 
when it came; and when I got back 
my secretary had posted a sign say- 
ing ‘Welcome, Sir Darcy.’ " Span- 
ish officials want to hold the cere*' 
monies June 24, the King's Day, 
but that's the day before Darcy and 
his students leave for Spain. “What 
am 1 supposed to do? Tell the stu- 
dents they have to leave a week 
early now?” he asked. 

□ 


Luciano Pavarotti is fatigued and 
has canceled four appearances 
scheduled in Miami local opera 
officials said. The tenor was to ap- 
r _ elders and merchants in pear in Verdi's “Eraani" with the 
Veland, recalling violence Greater Miami Opera to commem- 
orate the 20th anniversary of his 


Vi 

Sane, 

during a Bob Dylan concert last 
July, do not want the American 


rock star Brace Springsteen to per- 
mer. Village elders 


form this summer, 
voted 13-8 to block any plans for a 
Springsteen show at nearby Slane 
Castle, ancestral home of Lord 
Henry Mountchartes. Merchants 
voted 49-3 against a performance. 
During the Dylan concert, police 
barricaded themselves inside their 
station as mote of fans besieged 
them, broke windows and over- 
turned cars. Lord Mountcharies is 


debut in the United States. The 
company has received a cable say- 
ing Pavarotti is under doctor’s or- 
ders to take a rest cure for two to 
three weeks, said Robert Herman, 
genera] manager of the Miami op- 
era. Nunzio Todisco, a Neapolitan 
tenor, will replace Pavarotti in Mi- 
ami. Pavarotti made his American 
debut with the Greater Miami Op- 
era opposite Joan Sutherland in a 
1965 production of Donizetti's 
“Lucia di Lammermoor.” 


jaJeeni:* 
ieadju?t 
proach to 
riel Talk? 


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WK2 & AARQ, So:. April 27. 9 am- 
545 cm. Resencftoft: 555 9173 Pdris. 


ALCOHOUC5 ANONYMOUS in 
Eng^Pbns: 634 59 65. Rom. 


MOVING 


FOUR WINDS 
INTERNATIONAL 

WHY USE AGENTS? 


The Beef Service front At 


Imomt WtoUwUo Mum 
CAiiPAi 


LONDON 


w 


578 66 11 


CONTMEX Contemn to 300 cries 

woriAnde . Air/Sea CcU Oxrfe 
281 1881 Pari (heat Opera) Gm too 


MOVING 


INTERDEAN 


WHO BSE FOB YOUR 
WXT INTERNATIONAL MOVE 


FOR A RE ESTIMATE CALI 


AMSTERDAM 

ATHENS: 

BARCaONA: 

BOtOfc 

BREMEN: 

UU 1 SSB& 

CADIZ: 

HtANKRJRT.- 

GB 4 EVA: 

LONDON: 

MADRI D: 

MANCHESTER: 

MUNICH: 

NAPLES: 

PARK: 

ROME 

VIENNA: 

ZURICH: 


071 ) 89 . 9 U 4 
961.12.12 


01 

03)6523111 
1)66062 


0421)1 70591 


ojjjtoa 


1956186 3144 


12001 


022 143 . 8 S -30 
011961 . 4 L 4 U 


011671-2430 
061)7072016 
089)1415036 
081)7801622 
3)0349000 ■ 


06)5269342 


0222)955520 
01 ) 363 . 20.00 


RELOCATING 


IN EUROPE 

HOMEQUTTY 
RELOCATION 
THE ONLY CHOICE 


son throughout Europe » oil of your 
rsMcotnn problems. 

Ctor ntemoftonaf Heme Search pro- 
gram is designed to ewer came the cul- 
tural ami practical difficulties eeeoun- 
lered by the executive end frtnBy when 
con f ronted by the prospect of a 
assmnmeni. 
for nether 


, . : contact; 

Homequdy R el ou nl io n tinted 
European Services Head Office 


^ 000 Hutahnwn Or Foul Kefey) 
01-935 1519 flromftr dwget 


DEMEXPORT 

PARK • LYON • MARSBUE 
„ . UU£a MCE 

lnrl moving by ipeaafai from motor 
dtie* m Fnmea to ofl dhe* m the wend. 


To8 free from Fran 16^05) 24 IQ 82 


rmasiwAi 


INTERNATIONAL CLASSIFIED 


MOVING 


ALLIED 


VAN LINES INTL 

OVER 1000AGBCT5 
IN USA. - CANADA 
350 WOOD-WIDE 
H£E ESTIMATES 

PARIS Daboda kita-national 
(01) 343 23 64 


FRANKFURT s-KW SZ 


I.M.S. 


(069) 250066 

MUNICH 

(089) 142244 

LONDON 

(01) 953 3636 

CAIRO ARM Van lines Ml 
(20-2) 712901 

USA AIM Van Unas Inf I Carp 
(0101) 312-681-8100 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


C01X D'AZUR - MCE - REAL ESTATE 

Agency - Buying m apartment or a 
viflof Solve a serious problem with a 
serious company — HIOMOTION 
MOZART- Aft for our brochure: (7 
Ave. Aufaer or Motel Mender, Nee 

06000 ■ Tet (93} 87 08 20 - B1 48 BO. 


COTE D'AZUR ESTBtB, panoramic 
mew, 17 bra la Qmt, vsy naiden- 
naL 5 iimu beadi & part. Large flmv 

ered terrace, in modern mllo oparl- 


REAL ESTATE 
FOR SALE 


SPAIN 


MAUORCA'S NEW 
SUP® PORT 


In the bay of talma, 5 mins. FUma, 15 
roim. airport, 664 berths 3 ta38radmx, 
2 for up to 60 meters each. Iixfividud 
TV/maru/woter/ phone connections. 
Professiond port Bmopement ea Ful 


marme wvm tower, ratfio, dip, trav- 
to. m ft outdoor 


oLEft. repair, fuel stabcm, 

winter hardstonds, U-ground cm- park, 
iockws. Complementary service & lei- 
sure fodMies: marfeof. banking^ shap- 
pmg, catering, entertainment. Golf & 
terns nearby. Commercial area, cam- 



main piera. Top inve st ment !! 43% 
lurry now before next price-rise! 
Contort ffirertiy devebpera: 


macro punta portals, sx 


Director Qjmvuoi 
C7 Merino 101, Port ti Nous 
Moflorco. Spam or Tlx 68686 CAUUE. 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


ST. MORITZ - MADULAIN 

Apartments 54 sqjn. up to °0 sqm., 
generously designed in the EngatSn 
style, tap quafty + biA-in kitchen. 
Porionp, sauna, indoor swnwtvng pool 
Beoufahil surrouncEngs, sking, la met to 
S- Moritz. Prices: 5FTI0jM0 up to 
SF42OXO0L Free for sole to breviers. 
Mortgages at low Swiss interest rales. 

EMBA1D-HOME LTD. 


YOUR PARTNER IN EUROPE 

Dorfar, <3+8872 
Tel, CH/ 58-431 778 
Tlx 876062 HOME CH. 


ATTENTION FORBGbffiRS 


New g ove rnm ent regulation no 
tonga* permits t oretgnen la boy 
■' ‘ in Moatreux, exr, : For 

approved 


knt 


rtrao development 
year. Approval ha been pomea ror 
lovely resrdenra, directly on Lake Ge- 
vrith several magnificent apart- 
available, liberal finanang. 


new, 

meets _ 

For information: 

GLOBE PLAN SJL 
Av Mon Repos 24, 

CH-10Q5 Louscmno Switzerland 
let (21)22 35 12. Tbu fal B5 MBJS CH 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


In the charming marrtuin resort af 

LEYSIN: 

RESIDENCE LB FRENES 

Overlooking a splencfid Alpine panora- 
ma 30 min. from Montreux and Lota 
Geneva by cor. 

■ you can own qurfly residences 
with indoor iwrmmmt} pool and 
ftness foodies m an ideal 
enwronawit far leisure and sports 

«tf 

nnonang of kx 

mortQogn. 


angat low 5 F. rates 
up to BOX i 


Residence lei Fraoet. 1354 Lenin 
1ZERIAND 


SWTZI 

Tel: [025)34 11 55 Th: Moko 2662? CH 


USA RESIDENTIAL 


CB4TRAL PARK SOUTH NYC Small 
2 bedrock apartment. Unobstructed, 
specfoculw pat views. One af NTs 
mast secure brokings. Full hotel «r- 
wces. fluJdmg for those who ttek 

privacy NT Smafi, totdly compete 

modem iatdwn, 2 marble baihiwirh 
ipoizn & steam shawm. Mutt oondh 


REAL ESTATE 
TO RENT/SHARE 


DENMARK 


COHENHAGBl 5 room, kftfcen. 
bath, from April 15, near beach & 
forest. SI 000/ month. Tel: 45/1 
611738 or 921438. 


GREAT BRITAIN 


LOMJOK. For the best finished Bas 
and houses. Consult the 


PhTSpv, Kay and Lewis. Teh London 
352 fill. T« 


Tetex 27846 RStDE G. 


PARIS AREA FURNISHED 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


74 CHAMPS-aYSHS 8th 


,2 or 3-room apartment. 
)ra month or more. 

II CUUHDGE 359 67 97. 


Embassy Service 

8 Awe M meane 
75008 Pane 

YOUR REAL STATE 
AGENT IN PARIS 

PHOT* 562 78 99 


AT HOME IN PARIS 

PARIS PROMO 

APARTMENTS FOR BENT OR SA1E 

563 25 60 


International Business Message Center 


1 terrace, i 

*. doubt fivma. I 

marble bathroom. F850.0Q0. Owner 
(1 1 524 57 96 or (931 75 47 43. 


CANNES-CAUFORME Foana is- 

r, very fireun- 


landt, e era plional view, very . . 

out apartment. 83 sqjn„ dr axritton- 

ed, career terrace 50 tajn, top 


charge*. 


BEAUUEU WATERFRONT. Fabulous 

34»drootii penthouse. Huge roof 
garden. Tel: (93) 99 44 14. 


MONACO 


MONTE CARLO 
Principality of Monaco 

Far sale ei knuious modem resdenat, 

ptmsanl 2 room, loggia, sea view, 

trior, 

parang. H 600.000. 

EXaOSVEAGBKE MTERMHXA 
B.P. 54 

MC 9 BOOI MONACO CEDCX 
Tet 193) 50 66 84 

Ite 469477 


PARIS A SUBURBS 


Embassy 

8 Ave. ae 


Service 


75008 Feuh 
Telex 231696 F 

YOUR REAL ESTATE 
AGENT IN PARIS 

PHONE 562-1640 


AGENCE DE L’ETOflE 

REAL ESTATE AGENT 

764 03 17 


, TOUR KEOP5 (near Vth) 

5 ream, 110 sqjn.. fflih floor. Hr 


167H ReSKtenliai, bunous 300 sqm. 
duplex, garden, mads roam park, 
mg. ?*7%WD. IMMOCOM 727 M76 


PORTUGAL 

SMALL 18TH CENTURY CASTIE n 


(Fwilgafl Jor fri# fyr- 

wai 


rajett toge room. morUe . 
vrtti terraced goraens an 3 levels. 
Supwto wew over the Tagus Delta. 
Far detrii, wnte to: Apatada 2803. 

1121 Lrtttn Codex, Portugal 


SPAIN 


MALLORCA - BEST POSSHHE ad- 
dm*, very high dan cmartnem. 4 

bedroom + service durto. garden, 

[ eqww. 


: Wma: 40 17 T9 


ATTENTION EXECUTIVES 


bun*, where mane than a third 
of a nffisn nodes worid- 


vrido, moot of whom as is 
bottom* and hdofty, w# 
rood ft Jknrf tei ' 

6J3S9S1 Mon 
taming mat we 4 


Aelex w (Asm 
■ TO am, en- 
can fatax you 


bade, and raw mess a g e wR 
within 48 homt. 


The 


rate is US. $9.80 or load 
aqorw d onl par fine. You mutt 
tododm cornato t o and vsriS- 
tddo U8ing adtoaw. 


BUSINESS 

OPPORTUNITIES 


MALLORCA’S NEW 
SUPER PORT 


In trie bay af Paring. 5 mint Palma, 15 


rria. wpbrt. 66< berths 8 to 38 meters.. 
- “ ' hdividud 


2 for up to 60 met e r s each 
TV/ riKira/ water t phone cormoctkxs. 

B e hecml port nmsgeoient a. Fufl 

marine services: tower, radio, dp, trav- 
eLrift, repair, fuel station, at & outdoor 
wmter horddonds. Impound oar- park. 
Ladoen, Comptementny service & 1 dr 
sure Iwiit ieS! nmrioaf, banririiD, shop- 
png, catereig, entertainment. (Mf & 
toms nearby. Qmnerad area com- 
prises B5 units on 13,171 sqsn. in aO. 
Pus 21 super apartments above 47B in 
se parate luxury condo - all m Front fete 
dong mam piers. Top irwesiraarSfl 45% 
soldlHuny now before nest priee-nseJ 
Contact sndfjr dnshpes 


PUBtTO PUNTA PORTALS, SLA. 
Director Comerdal 
C/ Manna 101 .Portal* Nous 
Mallorca, Spcsn or lie 68686 CAUU E. 


MONEY TREES? 


YESf Invert hs ene of America's mast 
■xateig 


bttan doHor industry. We 

Mn 1984 


p la nte d mere nut trees in 1984 than 

' other developer in ora Stole. 

mud eomings assured for mony. 


ssm 

many you. 

BBOWS 


ENQUIRIES WVTTB. 

Material awdable HI foefah. French. 
GermwvArabc Bp« IW. HeroW Tm 
bun*, 9H31 NeuBy Cedrt, France 


OFFSHORE TAX SHB.TB15 


Pram £75 
UK, We of Meta, Turks, Oionnel blonds, 
Panama, Lflteria S most afhhare amh 
Complete support focitra. 


Very skiefly opn fi de nl idL 
Free com 


...jconsuiMKHt 
Roger Griffin LU, F.CA 


Mini Corporate Moriogement DA, 
n» Ham, VkJona Street, 


WoHrn 1 

Pougiai. hte of Man. 
TetW24 233CB/A 
Tele* (OTmCORMriN G. 


BUSINESS 

OPPORTUNITIES 


THIS WEEK 
APRIL 15 th, 


BUSINESS WBEK 
INTERNATIONAL 


• Revolution Or BpoAT: Emp loyee 
Slock Ownership Plane 


• Owns: Toe Modi CapMhm? 

The 


• -kte a m Industry 

GompetShni ~ 

Squeeze On 


■ riuKK The hriiiili Are The 
UnnwpecSed Cham p ee Of The 
Stock Market. 


NOW ON SALE 
AT ALL INTERNATIONAL 
NEWSSTANDS. 


raSYCH WEST INDIES 

PUMICE STONE (Pierre Peace) 


, PUMICE STONE (Pierre Pnace) 
far sale. Quarry operator meris wW 
md ugnrested ei Ms rough material. 


For information tel/write- V. TRAPET, 

77 roe do Suede, La Bodtofe. Fi 


S/K.” 3 41 “ 


\70fff Mardi 28/ April 15 


BUSINESS SERVICES 


MTL 

BEAUTIFUL PEOPLE 

UNLIMITED INC 
(LSJL 6 WORLDWIDE 


A complete soaai & busmen service 
pnmdna a unique ooBedion of 
te teftod , vwicUe & mubfingual 
mwwduob far ail oeeawsns. 
212-765-7793 

212765-7794 
330 W, 56 * SL, N.Y.C 10019 

Service 


OFFSHORE SERVICES 

U-K. non resdert ea mp crec s with 
noajtet ffirworr. bearer shares tod 
taMtHDti bm* acroums. Ful bacM> 
« support services. Panama & Ubanon 
aempemH. fint rate confidential 
u ro fen i o nd sennets. 
XP.CJL ,17, Yri5oa» 5:.. London 
EmSW.01 377 W*. The- B9391I & 


BUSINESS SERVICES 


OFF5HORE 
LIMTTB) COMPANIES 
BANKS 

MSURANCE COMPANIES 


Worldwide 
From £75 

Mailing - Telephone • Telex 
Secretarial 
UX, Wo of Mat, Jersey. Guernmy. G*- 
bratar. Panoma Uberto, Lraembowg. 


Andes,. Ready made^or^god. Free 




Aston Company farmal M ns 
Dept Tl, 8 Victono St 


Dduakn. bit of Man. 

Wr 06 


0634 26591 
Tote* 627691 SPtVA G 


London-London-LondtHi 


Old Bond Street. W1 

• Mad, telephone, telex service 

• Sec re K rid service, odminotranon 

• Formation, domabawjn and mem- 

agement - UK & offshorn companies 
SHOT 


CORPORATE SERVICES IUK1 UD 


2/S Old Bend St, London 
Tot: 01-493 4244 
Tito 2R347 SCSUM O 


INVEST 2 WB3CS in Belter Health. 

Enter Cardkc Risk Prevention 8 

Hoahfi Recenffitioiwig Program now. 
Beganl mansun, paaceriJ Surrey 
countryside, hflhly qwjBfiod medcol 
suptrvnen. Vwi brton Matt ed Can- 


Ire. Enron near Godahnng, Surrey 
wl londan. Rmg 


GUB 5 AL 45 ran. 
(CM3 8792231 


BUSINESS SERVICES IN G 84 EVA 

sacreraid lervce * translatiacB / 

t otephano / teriw / mot tenner / 

oecounteig / company f o n natous / 


rtoroge space. Nowoptac, P.0. 8t» 92. 
121 IGweva 1 1 . Phone: 22/S7 44 77; 


Trie 423070. 


YOUR OffiCEM MEW YORK. Fifth 

Ave. address and / or phones es ywr 
USA office. Mai, phone oris received 

& forwarded. New York Mad Service, 

710 fifth Ave. NYC 10010. 


TAX SERVICES 


USA INCOME TAX ADVICE ft b 

turn, pari* bawd US CPA 35? 63 01 


US INCOME TAX return and outfits 

by profaseonais. Pons 563 91 23. 


F INAN CIAL 

INVESTMENTS 


EARN 134% 


Mrimum priii ewn legher ywidi an oc- 
" ' emuin ilOOX” 


aderaton wtlfi menrinum SIOOJDOO in- 
vestment in Deed of Trust Nates se- 
cured by reef estate « USA Security 


and prinepai ^uanmteod. Yiekh cm 


increase from 16% fa I9JX 
aceeterate. For into. 

“ “4 Caraorahon, 

St. Thomas, US.' 


DIAMONDS 


DIAMONDS 

Your best buy. 

fine diamonds m any price rmge 
at lowed wholesale prices 
dked from Antwerp 
center of the dntnond world. 
Fid gupratitae. 

For free price list write 
Joachim Quldetw ta fci 
dtewrartewtort 
fetaWnhed 1928 

Pelikaanstraai .62, B-2018 Antwerp 


Beritaw - Tet (32 3] 234 07 51 
TV- 71779 syi b. «ihe Diamond Ota. 


Heart af Antwerp Oamand mdurtry 


OFFICE SERVICES 


YOUR BEST SWISS 
BUSINESS BASE 
IN ZURICH 


JULY INTEGRATED 
BUStf^SS SQJVtCES 
aOSE TO FINANCIAL C04TR 
Furmhed Offices / Conference Rooms 


Tetortwne / Tele* / Moil Services 
Word Processr 


Vord Prooessng f 1 
Company Farm 

INTEtHATlONAL 


/ Troastotion 
rtion 
OF9KE 


32 Remweg. 0+8001 Zurich 
Telr 01/214 6lt T. — 


MB iT&fc 812656 INOF 

MEM8ER WORlD-WIDGHH| 
BUSR4E55 CBiTRB 


ZUR1CH-ZURICH-ZURICH 


■AHNHOP5TRAS5E 52 
THE RNANOAL CENTER 
• Your co ma tete office at our full 


• Buonea decsont by deemon rooken 

• Mcragemnt services: company for- 

manans, tax fdanreng, basnna & 

banteng created la meet your need: 

e Domiate your oddren/ o ffi ce at 
Zurich’s renowned busmen Street. 
Services Con— It Cay. 


Bahnhofrtrase 52, CH8072 Zunch. 
Teri 01/211 92 67. TT* 813 062 


YOUR FURMSHED OfflCE 
NIOMX1N 

• 7 day 24 hour access ft ansvmrphone 

• Ful support services including: 
secretarial, telex^ cepfpft dc 
Corporate Representation Service 


• Short oMong term availabSly 


... BmImm CeaSree 
1 10 The Stand London WC 2 ROAA 
Teh 01 8364918 Bsc 24973 


YOUR OffWE « PIMUS «GHT ON 

THE CHAMPS EYSEES 


luxury samcBi omces 

Tetephone o nwm i i r ig, Tetek, Fox 
s e aetonat , meenn room 
AO£. 66 Oumps BytHf Puts 6th 
Teri 562 66 00. Tk- 6491ST 


YOUR Oina M PARIS; TELEX. 


mm 







rY~'irTTi u iM 


PARIS AREA UNFURNISHED 

BEAUBOURG 

SnB«D RBJOVATION 

Large Eying + fireplace. 2 bedrooms, 
equipped krfehen. F7000. 563 68 38 


FAST EXECUTIVE HOMB1NUNG. 
Pom & wbwbfc Rwite/sotes 551 09 45 

SPAIN 

PH 




REAL ESTATE 
WANTTTD/EXCHANGE 



EMPLOYMENT J 


tNTSMATlONAL COMPANY 
Paris fitfi > ream 
SWITCHKMim/IBEX OIWATOR 
bfewREngbli, 

Yoond woman af mm oepwranee - 
rath weperiwee. T«ri 266PB 19 Mn. 
kwh ta Wteingi on ogpombnart 


GENERAL 

POSmONS WANTED 


EMPLOYMENT 


GENERAL 

POSITIONS WANTED 


RBWOtMAN, 32, European Bupne* 
School, fluent EngSdi/Gcnron. Expe- 
rience: jaumaSsm/pubEshiag. Stas, 
sdes.Cn travel good contacts, seeks 
part/fuk trine jog. Paris 354 30 02. 


icompony d 

tor, car owner, leeks rewonfing em- 
ployment. All offers considered in 
start confidence. Box 2018, LKT., 63 
Lang Acre, London, WC2E 9JH. 


YOUNG GOMAN ACTRBS, highly 
educated looks far an interesting pas^ 
lion. London 245-0080. 


DOMESTIC 

POSITIONS AVAILABLE 


Graftal 

iHoTst 


Printed by gdz In Zurich (Switzerla 



MAN 26. BmU» 

some Frendi, good presen ktevv U5 

ft world ehompton moureydbt. 8 
yoait el Eurapion/US saris experi- 

ence seeks mteresten p o p no n with 
onymt'lco. Tel PTJjJ l099Ftanca, 


CHAUFFfilR / VAIH 


Bachelor, having experience, and refer - 
Ip work m Monaco for 


inter Ho- 
nored fanly. Wroe to ref; 34359 to 


toon Reenjif Pubfidty, 39 rue de FAr- 
, 75008 Fare wno wil forward 


cade. 


AIW»AIR COPENHAGIN, near tea & 
forest. Teri 45/1 611738 or 921438. 


DOMESTIC 
POSITIONS WANTED 


CHAUFFEUR, SWISS, dnves you to 
your summer estate each weekend. 
Tel Switzerland (21)26 81 87. 


EMPLOYMENT 


DOMESTIC 
POSmONS WANTED 


YOUNG ITA1IAN GIRL 29, best refer - 
euaw wnh professional worlang e»pe- 


rienee m internabonoJ companies, 
m view of 


very fond of diUreiv m 

I her EngMv wtyes to take 


care of chi|dr«i m Engisfa frndy, live- 


in, For 2 to 3 monms tfia summer. 
London and Boston areas or Scot- 
land. Reply to Danida Cortesi, Via 


Reply to D: 

Tiburtma fcn. 16, 00131 SetteviDe 
1/390019. 


(Rome) Teri 0774/3 


mature couple chef/butux 


cooking 

keeping. Over 30 year* written refer- 
ences m USA ft Europe, very refiabie 
ft reroondbie. No ties, full USA sWu*. 
Tei to UK Room 10. 0482 42343. 


ALWAYS AVAILABLE LONDON only 
bpoymwteni ft 1st dais da3y mads. 
Stoone Bureau. Londan 730 8122 / 
5142. ucencad employment agency 


; )'-V ’ 


'•I E 


Page 17 
FOR MORE 
CLASSIFIEDS 


•’ ITf 


• ,J -' Kl-. .-.-J- .V 


International 
Secretarial Positions 




1 

f • r 


SECRETARIAL 
POSITIONS AVAILABLE 


MINER VE 566(5 fo * AMEWCAN 
y t Z- Ui ' , r FRAAS in PARBe 
fcngfoh. Bdcfor Dutch or Germon 
lecretanai knowledge of French re- 
quired. English shorthand MinouaJ 
torirasw. Wrtte or phones 1.38 Avenue 
!o Paris, 


Victor H 
727 61 I 


, 75npPeris, Fronce. Teri 


WGIKH SPEAKING TYPtST or secte- 
toy far garard office work. Model- 
knowledge of French acceded 
Wort: *» refonon with inf! CDrauitonts 
network. Requre initiative and reSob- 

Wy. WWe to Sooete Teel Tour Mam 

haitan. Cedo 21, 92095 Para La De- 
P* *tobichon or 
OguMtom 273 12 34. 


ervn. WORK CONTRACTOR seeks 
for tes new Pons office, bffinmd En- 
^•h I French seartory. M years 
frorel Public refo- 
frons. Td- 359 37 2D 


SECRETARIAL 
POSmONS AVAILABLE 


AC: 


COMPANY with mt'l ramificotMni ' ' iT.‘ 

reeks eweflenl Uingud secretory *5-ir . 

(EngKth/ French). Good shorftanfl- ; 

typing required Plaasam woriarg 

concirtiora. Salary deperrfng on quei- 
dicniions. Write to Bo* 2021. Herald 

Tribune, 92521 Neuflfy Cede*, France 




SECRETARIE S AVAILABLE 

RAND5TAD 


:ia 


Specialized in 
Hirfrfy Quafified 
_Y TuBy Hi 

Tem p orary 

Porm 758 12 40 FWsorevH 


BOMGUAL AG84CY 'Fufiy 


GR- TW CREME DE LA CREME tern- Sr 
FbS75>S23a T .st 


AIR STEWARDESS/ SECRETARY 


Age 22-30, for rtw demanding but very interesting 
poahonwith a large International group of compa- 
nies. Although working mainly in their London office, 
there is a certain amount of flying involved on their 


executive aircraft. This position will only suit some- 
ible hours. IT is essential 


one able to work flexiL 
that the applicant has an excellent knowl- 
edge or French and confident telephone 
manner together with suitable office and 
inflight experience. 

High sdlary is offered (negotiable based 
on past experience) and benefits include 
pension, life assurance, private medical care, 
overseas travel and use of a car. 

^houli^^ r€CaU P ass P ort photograph 

„ Box 034B37, IHT, 

63 Long Acre, London WC2 E. 


executive secretary 

Chairmen of Iqumatidnal group of companies requires 

Executive Secretary/Personal Assistant 


The auccetwful 

of Us Loodoc .ad coordirairwii hi! penowu 
Matt in us offices world wide. The appliouil should 
*"■ of 5 v«« experie^m a ^ 

capsinj. Thjs post would tait &e*»40 age group, who 

edvamege if the applicant were French npeaking. 

based on past 
beBe0to P«*ion. Eft aesuro^e. 

(KWH* medical care, overneas travel and are of a car.