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Published With The New York Tunes and The Washington Post 


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No- 31,778 


ZURICH, MONDAY, APRIL 22, 1985 


ESTABLISHED 1887 


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Lebanon Pullout by June 1 


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JERUSALEM - Israel an- 
nounced Sunday that it wlhj‘ 4 
complete (he withdrawal oT us 
troops from Lebanon by June I. 
but it named the right to send its 
forces had across the border if it 
was attacked or feit endangered. . 


reflect a change in Israeli military 
thinking in recent months.) 

A communique Sunday said the 
Israeli government approv ed a pro 
post! h> Defense Minister Yitzhak 
Rabin to implement the third and 
last stage of the military withdraw* 
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At an eight -hour meeting, the 
cabinet voted. 17-3 with one ab- 
stention, to advance the pullout, 
which had been expected by Sep- 
tember. apparently because of Shi- 
iie Moslem guerrilla attacks and 
public pressure a: home. 


“Implementation of this stage 
will be lamina ted by the beginning 
of June,” the communique said. 
Energy Minister Mdshe Shahal 
confirmed (hat this meant June I. 


with the avowed aim of driving 
Palestinian guerrillas away from its 
border. The Israelis control about 
20 percent of Lebanon. 

Military sources said the Israeli 
Army was about to complete the 
second stage of the withdrawal by 
leaving the Bekaa Valley in eastern 
Lebanon, where Israeli troops face 
the Syrian Army, and from tne port 
city of Tyre. 


The new date is a few days abort 
of the third anniversary of the Is- 
raeli im anion of Lebanon on June 
6. 19S2. 


Mr. Rabin warned Shine Mos- 
lem and Palestinian guerrillas not 
to attack northern Israel. 


The Israeli military radio said 
the troops had completed disman- 
tling or blowing up installations in 
the east. 


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Israel's armed forces radio said 
that the cabinet had also agreed Ur 
set up a security zone m soulbem 
Lebanon after ihe withdrawal hut 
gave no details of us size. 


“The army reserves Tor itself the 
right to defend against land or sea 
attacks from anywhere in Leba- 
non.** he said. U J! any factor 3U, 40 
or 50 kilometers from our borders 
endanger* Israel, we will operate 
against u." The distance is IS to 30 
miles. 


■ More Fighting in Lebanon 

Fresh fighting broke out around 
the southern Lebanese port city of 
Sidon, in Beirut and in the nearby 
Chuf mountains Sunday, United 
Press Intern at iunal reported from 
Sidon. 



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(Senior military sources said Fri- 
day that brad would be prepared 
to. in effect, give up the security 
zone it plans u> establish in south- 
ern Lebanon for on informal agree- 
ment with Lebanon's Shiite Ama! 
militia to keep the area qtuel. The 
New York Time, reported. 

rWe would be prepared to trade 
the security zone f or a deal with the 
Shuies,” said a senior military 
source directly involved in pohev- 
making on Lebanon. “We would 
like them to know that we mean 
business. Though we know that 
Amal could not, even if it wanted, 
fully guarantee sceurilv in the area, 
m bdjeve they could do so to a 
large degree." 


Mr. Rabin said he had refused 
for security reasons to recommend 
that the cabinet set a specific date 
for the paQouL 

Prime Minister Shimon Peres 
hod faced differences within the 
nine-pan^ government over the 


sue 


ami -guerrilla security 


zone. 


Mr. Rabin was known to favor a 
six- to nine-mile-drtp buffer zone 

S I led by the Israeli- backed 
Lebanon .Army militia and 
local Druze and Shiite militias. 


Twenty people were reported 
killed Friday night in fighting in 
and around Sidon. Fifty people 
were reported wounded in tbe artil- 
lery and machinc-gun exchanges 
Friday night and Saturday. 

Druze and Lebanese Army gun- 
ners shelled several villages in lbe 
Chuf mountains overlooking Bei- 
rut on Sunday, while soldiers and 
Druze militiamen dashed with 
tanks, anti-aircraft and heavy ma- 
chine guns on the front lines, mili- 
tary sources said. 


Chancellor Helmut Kohl speaking Sunday as he stood In front of a memorial obelisk at the 
site of Bergen-Belsen, a Nazi concentration camp liberated by British troops 40 years ago. 


Kohl Condemns 'the Nazi Tyranny 9 
At Concentration Camp Memorial 


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military analysts said, appeared to 


Bui hard-line cabinet members, 
wch as former Defense Minister 
Ariel Sharon and Foreign Minister 
Yitzhak Shamir, said that the dis- 
tance was not enough to provide 
security for northern Israel. 

Israel sent its army into Lebanon 


The Christian Voice erf Lebanon 
radio said that at least one civilian 
was wounded in the Chuf. 


Christian and Moslem militia- 
men in Beirut traded heavy ma- 
chine-gun fire Sunday an the 
Green Line dividing the capital, 
police said. 


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By James M. Markham 

.Veil- York Times .Vernier 

BELSEN, West Germany — At 
a ceremony marking the 40ih anni- 
versary of the liberation of the Ber- 
gen-Beken concentration camp on 
Sunday, Chancellor Helmut Kohl 
squarely accepted Germany's "his- 
torical responsibility for the cnates 
of the Nazi tyranny." 

"This responsibility is reflected 
not least in never-ending shame," 
declared the chancellor, standing, 
beside a massive stone obelisk on 
the site of the Nazi camp where 
more than 50.000 people died. "We 
shall not let anything in this con- 
text be falsified or made light of." 

Mr. Kohl gave his speech — one 
of the most forthright and un- 
flinching that a West German lead- 
er has made shout the Hiller era — 


surrounded by senior political fig- 
ple 


ures. ambassadors, local peopTi 
and camp survivors, who made pil- 
grimages from Israel, the United 
States and other countries. 


However, in an unscheduled ad- 
dition to the program. Robert E. 
Tyne?, the U.S. consul in Ham- 
burg, read a mesuge from Mr. 
Reagan that extended his "person- 
al best wishes to the survivors and 
families of the prisoners of the laa- 
ger. to the Central Council or the 
Jewish People in Germany and to 
the Federal German government.” 
' “The Holocaust is a pan of the 
consciousness of responsible hu- 
man beings everywhere, no matter 
what age" the Reagan message 
said. 

Speaking softly. Chancellor 
Kohl declared: “We in the free pari 
of Germany realize what it means, 
following Auschwitz and Treb- 
l'nka, to have been taken back into 
the free Western community. 
Those nations did so not least with 
Me justified expectation that we 
yill not disown the crimes perpe- 
trated in the name of Germany 
against the nations of Europe.” 


After its capture by British 

Survivor Appeals 
To Reagan on Bitbvirg 


11w Awiotad Prut 


A bomb damaged tbe Brussels office of tbe AEG-Tetefunken electronics company Sunday. 



Brussels Bomb Hits NATO Assembly 


Semen 

BRUSSELS — Two bombs ex- 
ploded during the weekend in Brus- 
-seLs, damaging the headquarters of 
the North Adamic Assembly and 
the offices of a West German elec- 
tronics firm. A previously un- 
known leftist guerrilla group 
claimed responsibility. 

The first attack on Saturday, 
which hit the assembly, prompted 
fears that an earlier campaign 
against North Atlantic Treaty Or- 
ganization targets bad been re- 
vived. 

The Revolutionary Front for 
Proletarian Action spray-painted 
the initials FRAP in red at the 
scene of both blasts. The second 


A Teief unken spokesman said 
that the company's Belgian subsid- 
iary was not engaged in mSiuuy 
efeciroaksproducOon. although its 
parent company was. 

Saturday’s attack against the 
central Brussels budding bousing 


defense-related issues, is indepen- 
dent of NATO. 


It has no legislative power but 
acts as a sort of parliamentary sup- 
port group for the alliance in mem- 
ber countries. 


the secretariat of the parliamentary 
assembly broke windows, wred 


bomb exploded Sunday at the 


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Brussels offices of the Frankfurt- 
based company AEG-Triefimken. 

The two pre-dawn attacks 
caused property damage but no ca- 
sualties. 

Security officials, concerned by 
the fresh violence after a three- 
month lull in an anti-NATO bomb- 
ing campaign in Belgium, said they 
could not fully pro lea all potential 
diplomatic, industrial and political 
targets in the city, which houses 
NATO and European Cooxmnnity 
headquarters. 

Ivan Roggen, the provincial gov- 
ernor of Brabant, which includes 
Brussels, said that security patrols 
would have to be stepped up. 

But he said little could be done 
against small, well-organized guer- 
rilla groups. 


wrecked 

a parked car and damaged furni- 
ture and archives. It provoked pro- 
tests from assembly leaders who 
have been pressing for closer secu- 
rity surveillance sines: last summer. 

Tbe assembly building is situat- 
ed in the fashionable Petit Sablon 
area near the Royal Palace and 
Foreign Affairs Ministry. 

Assembly sources said half- 
hourly foot patrols by police had 
been cut in recent weeks and the 
narrow street at the back where the 
bomb was left on a window sill was 
especially vulnerable. 

The sources said Belgian security 
officials had rejected the assem- 
bly’s past demands for still tighter 
security on the ground of cost and 
had advised it to put adhesive tape 
on windows to diminish the force 
of any bomb UasL 


The Revolulionaiy Front prom- 
ised that it would issue a statement 
of its motives in a phone call to a 
Brussels radio station on Saturday, 
but this had not been published by 
late Sunday. Police said they did 
not know if there were links be- 
tween the group and the Fighting 
Communist Cells that claimed re- 
sponsibility for tbe earlier bomb- 
ings. 

The Fighting Communist Cells 
said they were responsible for a 
spate of bombings against NATO 
targets in Belgium over a four- 


burned because a typhus epidemic 
among its 58,000 surviving prison- 
ers made it a health hazard. 

The memorial to the camp is a 
vast open park punctuated with 
raised mounds containing mass 
graves. A gray stone wall bears en- 
graved epitaphs to the Jews, Gyp- 
sies, Poles, Russians, French and 
others who died from tenure, star- 
vation and disease under the ad- 
ministration of the Nazi SS, 

The address by Mr. Kohl, who 
was invited last year to speak at tbe 
camp by the leaders of West Ger- 
many's 28,000-member Jewish 
community, was awaited with con- 
siderable interest because of the 
outcry in the United Slates over his 
invitation to President Ronald 
Reagan to lay a wreath at a Ger- 
man military cemetery in Bilburg 
that contains SS graves. 

Mr. Kohl did not allude to the 
controversy, nor did he or other 
speakers mention Mr. Reagan’s 
eleven lb- hour plans to include die 
camp site on nis German itinerary 
next month in an attempt to pla- 
cate criticism of his Bitbuig stop. 


New York Tunes Service 

WASHINGTON -ElieWieseL 
an author and death camp survivor, 
implored President Ronald Reagan 
at a White House ceremony to can- 
cel a visit to a German cemetery 
where Nazi soldiers are buried. 

“That place, Mr. President, is 
not your place. Your place is with 
the victims of the SS," Mr. Wiesel, 
chairman of the United States Ho- 
locaust Memorial Council, said 
Friday as Mr. Reagan listened. 

The moment, the silence of the 
packed Roosevelt Room, came on 
the day that the White House an- 
nounced that Mr. Reagan would 
vish the Bergen-Belsen concentra- 
tion camp site, where Anne Frank 
died. Later on Lhe same day he is to 
lay a wreath at the Bitburg military 
cemetery, which includes the 
graves of 47 SS soldiers, members 
of the Nazi elite guard. 

Despite Mr. Wiesd’s plea, the 
White House said Mr. Reagan 


would not change his plans to visit 
the cemetery with the Wes; Ger- 
man chancellor, Helmut Kohl, who 
requested the visit. 

Asked about Mr. Reagan’s re- 
sponse to Mr. Wiesd’s speech, the 
While House deputy press secre- 
tary. Larry SpeaJces, said, “The 
president was obviously moved." 

Mr. Wiese] appeared at the 
White House to receive the Con- 
gressional Gold Medal of Achieve- 
ment, the highest honor that the 
government gives to civilians. It 
was awarded to him by Congress 
for humanitarian efforts and con- 
tributions to human rights and lit- 
erature. 

Even when Mr. Wiesel, 56, en- 
tered the Roosevelt Room after a 
26-minute private meeting with 
Mr. Reagan, it was unclear what he 
would say and how Mr. Reagan 
would react. Mr. Wiesel told 
friends that although he had 
(Continued on Page 2, CoL 5) 


The Nonaligned at 30: 


Trying to Avoid 'Isms’ 


month period ending in January, 
of tbe attacks were against 


The assembly’s deputy secretary- 
in Remix 


general, Jean Renuxm, said: "We 
are a second-rank target, but by 
mistake or spite we thought they 
might attack us.” 

The 184-member assembly, 
which brings together parliamen- 
tarians from the 16 allied Western 
countries twice a year to debate 


Some 

companies that it said were in- 
volved in producing U.S. cruise 
and Pershing-2 nuclear missiles. 

During that campaign, France's 
Direct Action and West Germany’s 
Red Army Faction said they; were 
forming a joint “potiiical-nuliloiy 
front in Western Europe" to strike 
at NATO. 


By Barbara Crosscccc 

New York Times Service 

BANDUNG, Indonesia — Thir- 
ty years ago, when the post-World 
war II age of revolution and decol- 
onization was young, this pleasant 
mountain town in Java was host to 
a conference that captured the 
world's imagination. 

The leaders of 29 Asian and Afri- 


Asia-Africa Conference, issued in 
Bandung on April 24, 1955, would 
six years later form the basis for lbe 
Nonaligned Movement. 

Now, as Bandung gets ready to 
mark the 30th anniversary of that 
conference with a meeting of dele- 
gations from more than 60 coun- 
tries, Indonesia is asking the devd- 
worid to take a fresh look at 


In the two most serious attacks 
against targets all over Europe, a 
high-ranking official of the French 
Defense Ministry and a West Ger- 
man industrialist whose company 
was involved in major military con- 
tracts were assassinated 


can nations gathered in this diy, 
famous for its role in Indonesians 


own struggle for independence, to 
fashion a philosophy and plan of 
action for developing nations seek- 
ing to avoid joining sides in the 
Cold War between Washington 
and Moscow. 

The final communique of that 


China, tbe star attraction in 
1955, will be back to reaffirm its 

S i lace in that world and to calm 
ears that it is aligning itself with 
the West. 

As the movement of nations ad- 
vocating nonalignmeni expanded 
(Continued on Page 2, CoL 3) 



Mochtar Kusumaatmadja 


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. ■ .-ftf e “ 


Reagan Warns Against * Shameful Surrender ? in Nicaragua 







1 



By Sara Fritz 

Ita Angeles Times Service 

WASHINGTON - President 
Ronald Reagan, in a last-minute 
attempt to salvage his request for 
S 14-million m aid to Nicaraguan 
rebels, has accused his Democratic 
opponents in Congress of advocat- 
ing a “shameful surrender" to the 
Sondinisi government in Nicara- 
gua. 

Faring almost certain defeat 
when the House and Senate vote on 
the aid package Tuesday, President 
Reagan deemed Saturday in fais 
weekly radio speech that Demo- 
crats who wanted to give aid to 
Nicaraguan refugees instead of to 
the rebels were encouraging the de- 
velopment of a Soviet-backed ter- 


rorist stronghold in Nicaragua that 
would soon pose a threat to U.S. 
security. 

Mr. Reagan said terrorist sup- 
porters of Colonel MoamerQadha- 
fi, the Libyan leader, and of Aya- 
tollah Rubollah Khomeini of Iran 
were already ra Nicaragua, “two 
hours by air from United States 
borders.* 


He also reiterated a report that 
a dminis tration officials had leaked 
earlier last week that Soviet mili- 
tary advisers hod been stationed in 
the combat zone in northern Nica- 


ragua. 

A White House official said later 
Saturday that the Soviet officers 
were few in number and had been 


sighted near Cotal, where a Sandin- 
ist military garrison is situated 

President Reagan picked up few, 
if any. votes Thursday when be 
offered to compromise by pledging 
tiutL none of the aid to the rebels 
would be used for weapons during 
the fiscal year ending SepL 3 1 . Sen- 
ate Republicans disclosed that the 
compromise also would have al- 
lowed the Central Intelligence 
Agency to spend other funds to 
arm the rebels. 

President Reagan's speech Sat- 
urday was on unequivocal rejection 
of an alternative aid proposal set 
forth Friday by a bipartisan group 
of six House members. The alterna-- 
live rules out any direct aid to the 
rebels, known os contras. 


that abandons 
over 15,000 members of a demo- 
cratic resistance to Communists is 
not a compromise, it’s a shameful 
surrender,’’ President Reagan said. 
“If Congress ever approves such a 
proposal, it would hasten the con- 
solidation of Nicaragua as a Com- 
munist-terrorist arsenal. And it 
would give the green light to Sovi- 


et-sponsored aggression through- 
tnd, uiti- 


out the American mainland, 
mately threatening our own 
security." 


■ Cease-Fire Offer Is Reported 
The Boston Globe reported Sun- 
day that President D&niel Ortega 
Saavedra had said Nicaragua 
would agree to an immediate cease- 


fire if the United Stales ended all 
support for the rebels. The Associ- 
ated Press reported in Boston. 

President Ortega gave that mes- 
sage to Senators John F. Kerry, a 
Massachusetts Democrat, and 
Thomas R. H or kin, a Democrat of 
Iowa, during talks in Managua, 
Senator Kerry told the newspaper. 

Mr, Ortega also said he would 
immediately restore civil liberties 
in Nicaragua and end press censor- 
ship if the United States agreed to 
resume bilateral negotiations and 
end its support for the rebels., tbe 
senators said. 

He also reasserted his country’s 
commitment to Central America as 
a zone free of nuclear weapons and 
foreign military bases, including 


those of the Soviet Union and 
Cuba. 


Senators Kerry and Harkin 
called President Ortega’s statement 
his first offer of a cease-fire. 


They said the document said, “If. 
the United States, as affirmed by 
the Reagan administration and the 
Congress, would discontinue direct 
or indirect, covert or overt support 
for the contras and immediately 
reconvene bilateral talks between 
Nicaragua and the United States," 
then Nicaragua would immediately 
enter into a mutual cease-fire. 


The offer did not appear to result 
from Congress’s rejection Tuesday 
of rebel aid, because that vote dealt 
only with this fiscal year. 


U.S. Interprets 


ABM Treaty as 


Allowing Tests 
Of Space Arms 


By Bill Keller 

,Vi-u. York Tunes Service 

WASHINGTON — The De- 
fense Department has issued a 
broad interpretation of tbe 1972 
treaty on anti-ballistic missiles that 
would clear the way for extensive 
testing of space weapons designed 
under the Strategic Defense Initia- 
tive research program. 

The Pentagon, in a statement is- 
sued last week, said that tbe United 
States would “reserve the nght" to 
disregard provisions of the treaty in 


was contrary to admimstrauon’s 
declared policy of halting “ero- 
sion" of the treaty on ami-ballistic 
missiles. 

"Now we're saying that we in- 
tend to help contribute to the ero- 
sion," Mr. Pike said. “Rather than 
getting the Russians back on the 
reservation, we intend to get off the 
reservation with them." 


reprisal for purported Soviet viola- 
tions. raising the 


possibility that 
experiments would proceed even if 
they did not comply with the trea- 
ty. 

The staieraenL contained in a 
report to Congress, was the most 
explicit indication to date of how 


Mr. Kohl noted that "the terror 
of the totalitarian regime was di- 
rected against the Jews in particu- 
lar and announced that his gov- 
ernment intended to establish a a 
new institution called the Archive 
for the Study of Jewish History in 
Germany. 

The chancellor also recalled that 
50.000 Russian prisoners of war 
died in the Bergen area and that 
less than half of the six million 
Soviet soldiers captured by the 
Germans survived their harsh cap- 
tivity which he said "amounted to 
no less than torture.” 

“Reconciliation with the survi- 
vors and descendants of the victims 
is only possible," he declared, "if 
we accept our history as it really 
was, if we Germans acknowledge 
our shame and our historical re- 
sponsibility, and if we perceive the 


the administration might respond 
ribed as clear-cut 


row hat ithasdescril 
Soviet violations of treaty limits on 
anti-missile defenses. 

A senior administration official 
suid Saturday that the language on 
treaty violations had been sent to 
Congress over objections from 
some State Department officials, 
who felt it might 


Mr. Pike said that he believed the 
language was intended to give the 
administration an excuse for pro- 
ceeding with experiments that it 
could not otherwise justify under 
the treaty. 

He said that several of the 15 
experiments listed in the new Pen- 
tagon report appeared likely to run 
up against treaty restrictions. Mr. 
Pike cited two planned experi- 
ments that would test weapons 
based in space and designed to 
shoot down incoming enemy pro- 
jectiles. 


give the impres- 
sion that the United States did not 


The Pentagon document said 
that these tests would comply with 
the treaty because they would be 
designed' to shoot down anti-satel- 
lite weapons, which are easier tar- 
gets than nnti-hallisuc missiles, 
known as ABMs. 


need to act against any efforts at 
nun 


undermining human freedom and 
dignity." 


take us treaties seriously. 

Critics of the anti-missile de- 
fense program, popularly known as 
“star wars," have said that experi- 
ments planned in the next fire 
years would violate treaty limits on 
the field testing and engineering of 
weapons designed to shoot down 
ballistic missiles. 

But the Defense Department 
statement said that many of the 
developing technologies could be 
tested in space and on land because 
they fell into "gray areas” not limit- 
ed by the treaty. 

The report listed 15 “major ex- 
periments" that the Pentagon said 
it believed could be conducted 


“To ensure compliance with the 


ABM treaty, the performance of 
lion nar. 


the demonstration hardware will be 
limited to the satellite defense mis- 
sion,” the report said. 

It added that the Lest "will also 
permit a decision to be made” on 
whether the weapons can be used 
against ballistic missiles. 

Mr. Pike said such a test proba- 
bly would comply with the treaty 
btit would be “a waste of money” 
because the air force already knows 
how to shoot down anti-satellite 
weapons. 


without violating the treaty, includ- 
' objects on eart 


ing tracking of objects on earth arid 
u space aim test firings in space of 
two varieties of weapons designed 
to intercept high-speed projectiles. 

Administration officials have 
consistently argued that the Strate- 
gic Defense Initiative research pro- 
gram would be carried out in com- 
pliance with the 1972 treaty. 

They have said that the first de- 


cade or so of the program would 
consist of research to determine 


whether a defense against ballistic 
missiles is posable, and that they 
would seek amendments to the 
treaty before actually deploying an 
anti-missile shield. 

The administration has accused 
the Soviet Union of violating the 
1972 treaty by beginning construc- 
tion of a large radar in Krasno- 
yarsk, in central Siberia, and has 
asserted that other Soviet develop- 
ments in anti-missile technology 
may also be violations. 

The Pentagon statement last 
week said: 

“We do reserve the right to re- 
spond to these violations in appro- 
priate ways, some of which may 
eventually bear on the treaty con- 
straints os they apply to the United 
States. 

“The United States government 
must guard against permitting a 
double standard of compliance, un- 
der which the Soviet government 
would expect to get away with vari- 
ous violations of arms agreements 
while the U.S. continues to abide 
with all provisions." 

A senior administration official 
said that the administration be- 
lieved it was “clear under interna- 
tional law" that if one party violat- 
ed a treaty the other could respond 
by announcing its intent to abro- - 
gate other portions. 

The official said Unu he did not 
expect such a situation to arise “in 
the next year or two" but that it 
might occur by 1988, when the 
Krasnoyarsk device, known as a 
phased -array radar, is scheduled to 
be completed. 

John E Pike, associate director 
of the Federation of American Sci- 
entists and a critic of the Strategic 
Defense Initiative program, said 
Saturday that the new language 



Santiago Carrillo 


fetfE'l 


Communists 
Expel Carrillo 
From Panel 


INSIDE 


■ Albanians in Yugoslavia 
watch and wait following, Enver 
Hoxha’s death. Page 1 


■ U-S. Army officers, in a sur- 
vey, criticized themselves, their 
leaders and the anny. Page 3. 


BUSINESS/FINANCE 


■ American Motors Corp. re- 
ported a S29-million loss for the 
first quarter. Page 11. 


■ Orders to U.S. plants for 
manufactured goods fell 0.9 
percent in February. Page It 


SPECIAL REPORT 
■ Banking and Finance in Italy. 

Page 7. 


By Edward Schumacher 

New York Times Service 

MADRID — Santiago Carrillo, 
a founder erf Eurocommunism and 
a leader of the Spanish Communist 
Party for nearly 50 years, has been 
expelled from the party's central 
committee in a bitter dispute. 

Eighteen of Mr. Camllo’s fol- 
lowers, including the leaders of 
some of the party’s regional oreani- 
zntions, were also removed from 
the 100-member committee Friday 
in what party spokesmen said was 
the largest purge among Spanish 
Communists since the 1936-1939 
civil war. 

Mr. Carrillo and four supporters 
were expelled from the 27-member 
executive committee, largely re- 
1 moving them from political power 
inside the party. The central com- 
mittee supervises and guides the 
pony between national conven- 
tions. It selects the executive com- 
mittee, which implements policy. 

Behind the expulsions is a clash 
of personalities and political strate- 
gies that mil determine the direc- 
tion of the once-powerful but now 
deeply divided party. 

Mr. Carrillo; 70, stepped down 
as secretary-general of the party 
three years ago. He has been fight- 
ing with his successor and former 
protege, Gerardo Iglesias, 39, in an 
effort to make the party more rigid- 
ly Communist and more confronta- 
tional with the Socialist govern- 
ment of Prime Minister Felipe 
Gonzalez. 

“I will continue fighting for what 
I have been fighting,” Mr. Carrillo 
said, adding that he would not 
leave the party, 

it was a bandy veiled threat that 
Mr. Iglesias’s backers said was wor- 
rying. It came from a man who has 
been a party leader since 1936 and 
has come to personify Communism 
in Spain. 

Mr. C&rriBo is one of the last 
Spanish political leaders to have 
fought in the tivfl war. He led the 

(Continued on Page 2, Col. 3) 



&rxj 


, Page2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


WORLD BRIEFS 


After Hoxha’s Death, Albanians in Yugoslavia Watch and Wait 

^ . ..... i 


>*" 


15 Killed, 90 Hurt in India Protests 


NEW DELHI (AP) — More than 90 persons were wounded over the 
weekend during demonstrations in the western state of Gujarat and the 
northernmost slate of Kashmir, and 15 were killed Friday in the eastern 
state of Bihar, the United News of India news agency reported. 

In Kashmir, more than 25 persons, including five policemen, were 
injured Sunday in the capital of Srinigar. More than 60 were injured 
Saturday during a clash with demonstrators protesting the death of a 
Moslem youth killed when a bus rammed into a shop. 

Six persons were injured Sunday in the town of Baroda in Gujarat 
when troops shot into a crowd protesting a proposed increase in job 
quotas for lower castes. 

The 1 5 persons killed were mostly impoverished tribesmen, armed with 
bows and arrows, who ore seeking more fishing rights in the village of 
Gangchi. The news agency, quoting official sources, said police were 
attacked by agitators seeking, among other things, the right to fish in a 
government pond. Landlords and upper castes in the village oppose 
them. 


By Michael T. Kaufman 

New York Times Service 

PRISTINA, Yugoslavia — As Enver Hoxha, Alba- 
nia's S talinis t leader, was boned last week in Tirana, 
the Albanians who form a large majority in the Yugo- 
slav province of Kosovo neither mourned publicly nor 
vented any of their clearly mounting nationalistic 
feelings. . 

Some in the towns that can recave Tirana television 
watched as the Albanian leader’s closed coffin was 


carried behind a jeep in a ceremony patterned after 
Stalin's funeral. Some listened to the orations on 


Spain Moves Closer to Abortion Law 

MADRID (NYT) — A measure to permit abortion in some cases has 
moved closer to legislative approval after Spain's political parties agreed 


to vote for it. 


Leaders of all the parties represented in the lower house of the Cones, 
or parliament, agreed on Friday to amend an existing law — which has 
never taken effect — along lines recommended by the country^ top court, 
the Constitutional Trib unal. Gregorio Peces- Barba, the president of the 
lower house, predicted that the law would be approved and in effect by 
the end of June. 

The court on April 1 1 declared the law unconstitutional but suggested 
in the complete text of its ruling, issued Wednesday, that the law needed 
only to be tightened to meet constitutional guarantees of a right to life for 
both the mother and the child. The law would permit abortions only in 
cases of rape, a malformed fetus or a threat to the mother's life or health. 


Tirana radio, which usually intersperses some sophis- 
ticated cultural programming with music, including a 
song called, “Forty Years of Building Socialism in the 
Countryside-” 

But despite assertions from fcmigrfc groups in the 
West, there were no student demonstrations in this 
fast-rising city, where trank buildings tower over old 
minarets and cast shadows over an Oriental market 
No new graffiti appeared in this Kosovo province city, 
150 miles (240 knometers) south of Belgrade, to extol 
Mr. Hoxha, who was 76 when he died on ApriM 1. 

And there were no cries of “Kosova Republic," cries 
that have sent several hundred young people to prison, 
creating legions of contemporary martyrs in this soci- 
ety of families linked in clans. 


Bui beneath the appearance of calm, there was 
evidence erf deep concern. No cme in authority wanted 
to speak to a visitor about the situation, at least not 
without guarantees of anonymity. 

A Communist League meeting here on the day of 
the funeral took up the issue of Yugoslav territory that 
was once Albanian. And both here and in Belgrade, 
there is little doubt that the Kosovo problem, as it is 
called, is second only to the sagging economy as a 
national concern. 

“To tell you the truth. I was surprised that things 
were so quiet," said Miso Kikovic, a reporter for a 
Belgrade newspaper who is based in Pristina. 

He said that his expectations of some protest, how- 
ever mild, were heightened because Mr. Hoxha's death 
a scant 100 miles away coincided roughly with the 
fourth anniversary of student riots, in which local 
Albanians say more than IKK) people were shot to 
death by police. The government says only nine people 
were killed in the disorders, which began when univer- 
sity students protested over cafeteria food. 

Whatever the death toll, the disorders impressed on 
all Yugoslavia that the growing consciousness of the 
ethnic Albanians, coupled with often vague political 
stirrings, was posing severe problems for this federa- 
tion of precariously balanced national groups. 

In all six republics, the largely inchoate yearnings 


for a new Al banian nation straddling an international 
border prompted revivals of the gravest Balkan night- 
mare. fragmentation. . . 

The echoes of that fear were evident in the party 
meeting in Pristina on the day of the funeral- As 
reported in the local press, speaker after speaker, 
Alb anians and Serbs, discussed the problem of territo- 
ry that was formerly Albanian. Some of the delegates 
to the meeting chastised local officials for failing to 
stem hay-burnings and gravestone topplmgs, which 
they said have accelerated the panicky flight of Serbs 
and Montenegrins from the region. 

Although different views were expressed at me 
meeting, the consensus endorsed ihe party line, which 
calls for a tough stance a gains t expressions of nation- 
alism. The party line als» appeals for generous spend- 
ing in Kosovo in a revenue-sharing program under 
which the wealthier republics invest in the province, 
Yugoslavia's poorest region. 

The underlying assump tion appears to be that mon- 
ey and new constructions will enhan ce economic inte- 
gration with the rest of Yugoslavia, and that the 
nationalism may then subside. 

This city itself stands as testimony to these policies. 
A huge newspaper office, towering banks and a large 
hold stand in what was little more than a village a 
decade ago. In the center is the university, which, with 


' its 26,000 students, is the third largest m Yugoslavia. 

One professor said that most of the ; students were 
children of peasants, who were often iterate. Mat 
study Albanian literature, language and histoiy, he 
vud. The local economy cannot absorb them, be 
added, and the large numbers of eduotted. nationalis- 
tic and unemployed youth would be a combusoble 
mixture even if there were no nation across the border 

that could play on these frustrations. 

None of the young people encountered m Pristina s 
coffee houses appeared to have any sympathy for the 
government of Mr. Hoxha or for his successor. Ramiz 

ftlia 

“We know there is no Freedom there." a young man 
said, “that the churches and mosques have been shut 
and that perhaps 60,000 people have been kffled. But 
we also know that the people there are our brothers. 
Like us, they are Albanian." 

Cultural issues tend to dominate over economic 


^YouThave to understand," said Idris Aieli, the 


director of Kosovo's Institute of Albanian Studies, 
“the Albanians are a very old people with roots to the 
ancient Illyrians. But in modem terms, they are a vay < 
young nation. Only since the Second World War are v 
we experiencing the rebirth that other European na- 
tions went through in the 19th century. 


Hanoi Allows One-Time U.S. Visit 


HANOI (Reuters) — Vie tnam will allow a team of U.S. experts to visit 
a B-52 crash site in June to examine the feasibility of recovering the 
remains of missing Americans, the foreign minister, Nguyen Co Thach, 
said Sunday. 

He emphasized that the visit to Gia 1-am. 25 miles (40 kilometers) east 
of Hanot was only for a preliminary survey. He appeared to rule out 
further visits unless the united States normalized its relations with 
Vietnam, calling this a special case “to whet their appetite." 


New British Royal Tie to Nazis Gted 



, : - % 
-C -Mi' 

‘ 

\ **\*f»’£ 

*• IT _ * 



J- LONDON ( AP) — A brother-in-law of Prince Philip. Queen Elizabeth 

:■ ll's husband, was a hi g h-r ankin g officer in the Nazi SS, London newspa- 
; pers said Sunday. 

- In new reports of links between the elite Nazi unit and membera of the 

• royal familv. The Sunday Times and The Mail on Sunday identified the 
officer as ranee Christoph of Hesse, who married Prince Philip's sister 

. Sophie in 1930. Buckingham Palace refused to comment on the reports. 
: Prince Christoph, a brigadier general, was killed in an air crash in 1943 

1 and “was a close aide of Heinrich Himml er, head of the SS and the 
', Gestapo," The Sunday Times said. 

• The reports followed Monday's disclosure by the Daily Mirror that the 

! wife of the queen's first cousin. Prince Michael is the daughter of the late 

• Baron Gunter von Rribnitz, an SS offices' who joined the Nazi party 
; before Adolf Hitler achieved power in 1933. 



• . . , - < - .\ . 


TRILATERAL MEETING — Marcelino Oreja, a for- 
mer Spanish prime minister and the general secretary of 
the Council of Europe, speaking Sunday In Tokyo. He 
addressed the 16th meeting of the Trilateral Commis- 
sion, a private group that discusses various international 
issues and may report back to government leaders. 


Head of U.S. Security Agency Named 


WASHINGTON (WP) — President Ronald Reagan will nominate 
Lieutenant General William E. Odom, army intelligence chief and a 
former assistant army attach^ in Moscow, to become director of the 
National Security Agency, the Pentagon has announced. 

If confirmed by the Senate, General Odom would succeed an air force 
lieutenant general Lincoln D. Faurer. He resigned April 1 after a dispute 
with Defense Secretary Caspar W. Weinberger over cuts the administra- 
tion made in the agency 5 fiscal 1986 budget, according to officials in the 
Pentagon and the intelligence community. 

The agency, the most technologically oriented of the government's 
intelligence agencies, monitors developments around the world using 
planes, ships and satellites. 


NonaUgned Movement at 30: 
Attempting to Avoid Isms 9 


( Continued from Page 1) 
in the years after Bandung, it also 
drifted off course, its own members 
acknowledge. In 1979, at a confer- 
ence in Havana, the rift culminated 
in an effort by Cuba to align the 
group with the Soviet bloc. 

Adam Malik, a former Indone- 


U.S., Bahamas Report Big Drug Raid 

MIAMI (NYT) — U.S. and Bahamian officials have spread a dragnet 
throughout 30 Bahamian islands and along (50 miles (243 kilometers) of 
the Florida coast in the past two weeks, seizing 5,500 pounds (2J504 
kilograms) of cocaine and 33,872 pounds of marijuana with an estimated 
street value of $100 million. 

They also made 58 arrests in connection with drug smuggling, although 
officials declined to provide any details at a news conference Friday. 

; They said they also arrested nearly 600 Haitians on their way to the 
United States to seek refuge. 

;! In all. 775 people and 26 agencies of both governments were involved. 
’<• along with more than 85 law enforcement vessels, more than 30 aircraft 
* and a half-dozen radar facilities, officials said. The operation was 
described as the largest of its kind aimed at narcotics smuggling in the 
area. 


sian rice president and foreign 
minister who died last year, de- 


: For the Record 


China has announced the appointment of Han Xu, a veteran diplomat, 
> its next ambassador to the United States. The change had been 


^as its next ambassador to the United States. The change had been 
( expected. (AP) 

: A prominent Afghan rebel leader, Maulri Shafiullah, has been killed by 

* pro-government force, his Pakistan-based party announced. He had 
^ commanded the guerrillas from a mountain base near Kabul. {Reuters) 
" Ferdinand E Marcos said Sunday that he would seek a fourth term as 
; president of the Philippines and predicted that he would trounce the 
: opposition in the 1987 election by 2-1. (AFP) 


scribed the Havana nonaligned 
conference, the first held in the 
Western Hemisphere, as a “brawl” 
that jolted the movement's “silent 
majority" — countries like Singa- 
pore, Sri Lanka, Malaysia and In- 
donesia. Some soul-searching fol- 
lowed. 

“The age of isms’ is over.” said 
Mochtar Kusumaaimadja, Indone- 
sia’s foreign minister, in his Jakarta 
office recently as be made final 
preparations for the commemora- 
tive conference. 

Thirty years ago, Mr. Mochtar 
said, the preoccupation of the new- 
ly emergent nations was political 
freedom for those still under colo- 
nial rule. Now, he said, the empha- 
sis will be on “economic emancipa- 
tion.'' a struggle that he said had to 
be waged by the developing nations 
themselves. He called it a “sign of 
backwardness” that countries with 
decades of political independence 
should still be unable to tackle eco- 
nomic problems. 

“All we ask from ihe industrial- 


Catholics, Jews Hail 


ized world is to give us a fair 
chance,” he said. 


Improved Relationship 


By E.J. Dionne Jr. 

New York Times Service 

ROME — A group of Roman 
Catholic and Jewish religious lead- 
ers has celebrated the 20th anniver- 
sary of a declaration by ihe Second 
Vatican Council that revolution - 
. ized the relationship between Cath- 
olics and Jews. 

Pope John Paul li told the group 
Friday drat ihe Holocaust, ‘“which 
so cruelly decimated the Jewish 
people," was the result of “an ab- 
sence of faith in God,” and said 
Catholics and Jews should join to- 
. gather to help restore religious 
faith. 

The Vatican Council dedara- 

■ tion, “Noam Aetate," or “In Our 
Time," in October 1965 rejected 

■ the once widely held Christian view 
that the Jewish people were respon- 
sible for the death of Christ 

The pope urged Jews and Chris- 
tians to help restore “a sense of 
God" to a secular world. 

Referring to ““the catastrophe 
which so cruelly decimated the 
Jewish people." the pope said: “It 
is precisely an absence of faith in 
God and, as a consequence, of love 
and respect for our fellow men and 
women, which can easily bring 
about such disasters." 

Rabbi Ronald B. Sobel senior 
rabbi at Temple Emanu-0 in New 
York, expressed the ‘^particular 
gratification” of the Jewish people 
that the pope had referred in his 
annual Easter message to the “un- 
paralleled inhumanity of Nazi bru- 
tality against the Jewish people.” 

“Together," Mr. Sobel said, “we 
share the conviction that bigotry 
and prejudice, bom of haired and 
nurtured in the failure to respect 
each other's commitments, can no 
longer be tolerated, nol now. noi 
anywhere, not at any lime.” 


Last week's conference was orga- 
nized by an array of groups, includ- 
ing the Anti-Defamation League of 
B'nai B'rith, in cooperation with 
the Vatican’s Commission for Reli- 
gious Relations with Judaism. 

Most speakers sought to avoid 
controversial topics. "We meet lo 
talk and to build," said Nathan 
Perlmuiter. national director of the 
Anti- Defamation League. 

But Tulia Zeri, president erf the 
Union of Italian Jewish Communi- 
ties, sharply criticized the pope in a 
session on Thursday for meeting on 
April 10 with a delegation of far- 
right members of the European 
Pa rliame nt. 

The delegation included Jean- 
Marie Le Pen, the leader of the 
National Front in France, whom 
Mrs. Zevi called “that notorious 
French xenophobe and anti-Sem- 
ite.” 

Mrs. Zevi said Europe was facing 
“a growing wave of revanchism and 
racism and attempts to negate the 
Holocaust." 


Mr. Mochtar's views reflect 
those of President Suharto, who 
since taking power in Indonesia in 
1966 has been concentrating on 
economic development ai home, 
while keeping the country’s inter- 
national profile low. 

By contrast, Mr. Suharto's pre- 
decessor, President Sukarno, who 
called the first Asia- Africa confer- 
ence, made international prestige a 
high priority and became entangled 
in costly international adventures 
from which his critics say Indone- 
sia took years to recover. Diplo- 
mats in Jakarta see the great effort 
being put into this years Bandung 
commemoration as a sign that the 
country may be preparing to re- 
sume a larger international role. 

The conference roster 30 years 
ago was a list of remarkable and 
often controversial men: G ama I 


Abdel Nasser of Egypt, Jawaharlal 
Nehru of India. Zhou Enlai of Chi- 
na, Pham Van Dong of North Viet- 
nam, U Nu of Burma and Carlos P. 
Romulo of the Philippines, among 
others. 

Archbishop Makarios of Cyprus 
came as an observer, as did mem- 
bers of pro-independence groups: 
that would one day be govern- 
ments. The youngest head of a del- 
egation was Prince Norodom Siha- 
nouk of Cambodia, then 32 years 
old. 

This year, as in 1955, the Chinese 
delegation is attracting the most 
attention, though for different rear 
sons. 

At the first conference, the cigar 
nizers — Indonesia, along with In- 
dia. Pakistan. Burma and Ceylon, 
now Sri Lanka — quarreled over 
inviting the Chinese, who six years 
earlier had brought Communism to 
Beijing. Pakistan and Ceylon ob- 
jected. But Indonesia did not and 
India argued in favor. Burma 
tipped the scale by threatening not 
to attend if China was not includ- 
ed. 

The Chinese delegation, beaded 
by Zhou, used the Bandung confer- 
ence to forge lies with the develop- 
ing nations and independence 
movements. The Chinese leader’s 
speech drew the biggest crowds. 

“The Bandung forum opened the 
doors and windows of the People’s 
Republic of China to the outside 
world,” H. Roeslan Abdulgani, the 
Indonesian organizer of the confer- 
ence. wrote in his account of the 
event. 

Since then, Pakistan and China 
have drawn closer, India has fou gh t 
a border war with the Chinese, and 
Indonesia, jarred by an attempted 
coup in 1965 that was thought to 


have Beijing’s support, broke off aD 
relations with China. The use of 


relations with China. The use of 
Chinese characters is banned in In- 
donesia. and when any Chinese 
writing appears in foreign publica- 
tions, even in advertising, it is 
inked ouL 

The Indonesian invitation to 
China this year and the decision of 
China’s foreign minister, Wu Xue- 
qian, to attend the commemoration 
were major news events in Asia. 
Mr. Wu will be the first official 
Chinese visitor to Indonesia in 18 
years. 


Spanish Party Expels Carrillo 
From Its Central Committee 


(Continued from Page 1) 


She said she wondered whether 
Pope John XXII L who called the 
Second Vatican Council would 
have have chosen such a time “to 
meet 16 European parliamentari- 
ans of the extreme right." 

The Vatican's spokesman denied 
a statement by Mr. Le Pen that the 
pope had offered the group encour- 
agement in their fight against abor- 
tion and against moral “deca- 
dence” in Europe. 

. One Vatican official said pri- 
vately that the pope had not in- 
tended to express any support for 
Mr. Le Pen’s movement or the oth- 
er far-right groups. Several Vatican 
officials said the pope was not fully 
aware in advance that the meeting 
was to take place. 


Communist Party from his exile in 
Paris until the death in 1975 of 
Francisco Franco. 


Mr. Carrillo returned lo Spain 
and was imprisoned, but he was 
later released and led the newly 
legalized party in making an histor- 
ic break with" Moscow in a 1978 
national convention. 


cialists won. The Communists re- ! 
ceived less than 4 percent of the 
vow, down from 13 percent in mu- 
nicipal elections three years earlier. 

It lost 19 seats in the lower house 
of the Spanish Parliament. Mr. 
Carrillo, who held one of the four 
remaining seats, was pushed aside 
last week by the party as its parlia- 
mentary leader. 


With Communist leaders in 
France and Italy, he started what 
has come to be known as Eurocom- 
munism, a movement that accepts 
working by democratic rales and 
rejects the Soviet Union as a dicta- 
torship. 


Among the others expelled from 
the executive committee were 
Addpho Pinedo, secretary-general 
of tiie party in Madrid; Ignacio 
Latierro, secretary-general of the 

in Ik. . 


Mr. Canillo was forced to step 
down as secretary-general after the 
party suffered a crushing defeai in 
the 1982 elections, which ihe So- 


party in the Basque country, and 
Juan Villalba, secretary-general of 
the party in Valencia! Thev and 


I J — itihT tUIU 

Julio Perez dc la Fueme, secretary- 
general of the party in Galicia, also 
were expelled from the central 


Anti-Stalin Views of Gorbachev Reported 


VIENNA — A Czechoslovak 
who describes himself as a college 
friend of Mikhail S. Gorbachev 
says the Soviet leader was a student 
critic of S talinis m 


in Moscow in the 1950s when they 
were law students. 


Zdenek Mlynar, a former 
Czechoslovak Communist Party 


official now living in Vienna, said 
he was a friend of Mr. Gorbachev 


“We were more than just col- 
leagues. we were also good 
friends.” Mr. Mlynar wrote in two 
articles published Saturday and 
Sunday in the Vienna daily news- 
paper Kurier. 

He recalled how the young Mr. 
Gorbachev had rejected the Stalin- 


ist t fjwhing that those who deviat- 
ed from the official party line were 
“enemies of the party” who must 
be liquidated. 


Mr. Mlynar quoted Mr. Gorba- 
chev as saying: “Lenin did not ar- 
rest Martov " a reference to one of 
bis Menshevik opponents. “He al- 
lowed him to emigrate." Such views 
are no longer considered heretical 


Camp Survivor Appeals to Reagan on Visit 


(Continued from Page 1) 


worked on his speech through the 
night, be was not sure whether he 


night, be was not sure whether he 
would actually give it or whether he 
would boycott the ceremonies. 

He told friends that White 
House officials had sought to limit 
his speech to three minutes and 
remove any direct criticism of Mr. 
Reagan's decision to visit Bitbuxg. 
Angered, Mr. Wiesel went to Don- 
ald T. Regan, the White House 
chief of sian, whose office had re- 
ceived a copy of the speech Thurs- 
day night Mr. Regan assured him 
that he could say what he wanted. 

The speech by Mr. Wiesel shook 
White House officials and left 
many in the audience fighting back 
tears. 


As Mr. Reagan listened intently, 
Mr. Wiesel, whose suffering in con- 
centration camps as a child has 
served as the basis for his novels, 
said: 

“One million Jewish children 
perished. If 1 spent my entire life 
reciting their names, f would die 
before finishing the task. 

"Ml President. I have seen dnl- 
•dren. I have seen them thrown in 
the flames alive. Words, they die on 
my lips." 

“The issue here is not politics. 


but good and evil" said Mr. Wie- 
sel a gaunt hollow-eyed figure. 
“And we must never confuse them. 
For I have seen the SS at work. And 
I have seen their victims. They were 
my friends. They were my parents. 
Mr. President, there was a degree of 
suffering in the concentration 
camps that defies ima g ination ” 

He said he had “respect and ad- 
miration” for Mr. Reagan. 

“You have told us earlier when 
we spoke that you were not aware 
of the presence of SS graves in the 
Bitburg cemetery,” he said. “Of 
course you didn't know. But now 
we are all aware. 

“May L Mr. President if it's pos- 
sible at all implore you to do some- 
thing else, to find a way, to find 
another way, another site. That 
place, Mr. President, is not your 
place. Your place is with the vic- 
tims of the SST 

Mr. Reagan stared unflin ching 
at Mr. Wiesel during the 10-minute 
speech. 

After the speech, the two men 
shook hands, and the president left 
quickly. 

The speech came as the White 
House sought to cpiell the rage of 
Jewish organizations and other 
groups over Mr. Reagan’s sched- 
uled visit to Bitburg. Some White 


House officials have said the visit is 
possibly the most serious mistake 
of Mr. Reagan's presidency. 

Mr. Speakes said the Bitburg vis- 
it would follow Mr. Reagan's hom- 
age to the victims of Nazi Germany 
at Beigen-Belseo. He indicated that 
the wreath-laying for the German 
soldiers would be set in spot as far 
as possible from the graves of the 
SS troopers. 

The extern of the White House 
embarrassment was reflected in the 
abrupt shift last week of the cere- 
mony from the East Room, which 
can accommodate more than 300 
guests, to the Roosevelt Room, 
which limited the number of guests 
to 40 and prevented some of Mr. 
Wiesel’s friends from attending. 

In his unexpectedly long meeting 
of 26 minutes with Mr. Reagan in 
the Oval Office, Mr. Wiesel said, “I 
tried to explain to the president the 
total difference between suffering 
in concentration camps and out- 
side." 

He said Mr. Reagan “did not 
apologize, but of course he ex- 
plained privately that he knows 
very well that we went through 


in the Soviet Union but were sel- 
dom heard in 1952, Mr. Mlynar 
said. 

"It was even more unusual to 
express such thoughts to a foreign- 
er," he added. A 

Mr. Mlynar says the forme?-’ 
classmates at Moscow State Uni- 
versity last met in 1967 in Stavro- 
pol Mr. Gorbachev’s hometown, 
three years after the fall of Khru- 
shchev. 

"He told me he did not regret 
Khrushchev's departure.” Mr. 
Mlynar said. “He criticized his im- 
petuous, subjectivist interference in 
the economy and the system." 


Mr. Mlynar. a leading theoreti- 
an of Czechoslovakia's short- 


cian of Czechoslovakia's short- 
lived “Prague spring” reformist 
government in 1968, which was 
subsequently crushed by the Rus- 
sians, said he expected big changes 
in the Soviet Union under Mr. Gor- 
bachev. ) 

“Gorbachev and his generation r 
have had enough experience of un- 
successful attempts at reform,” be 
said. 

“The experience of the new gen- 
eration in the Kremlin includes the 
recognition that the policy of re- 
pression and the postponement of 
unsolved problems can no longer 
succeed.” 

Mr. Mlynar said reform “has be- 
come an inner need of the Soviet 
Union itself.” 


what nobody has ever gone 
through, and furthermore nobody 


through, and furthermore nobody 
could even imagine what we went 
through." 


Bomb Damages Sicily Home 

The Associated Press 

PALERMO. Sicily - A bomb 
damaged the unoccupied vacation 
home of Dr. Elda Pucri, the fust 
woman mayor of Palermo who re-^, 
signed last year, police said Sun- 
day. They said the blast Saturday 
night caused extensive damage and 
that no one had immediately 
claimed responsibility. 





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Remember what a tip used to be? 

Money given voluntarily to someone who performed an 
outstanding service. Well, many overseas hotels see it 
differently. Because they automatically add telephone 
surcharges of up to 250% every time a guest places a call. 


■ ^ 


ISL. 




Cotrf a 1 1 5-minute daytime call front Frankfurt lo NY: 


Without TfciOpUfl 


With To) apian 


Savings to you 


cnmimuec. 


What can you do to avoid this? 

Stay at a hotel featuring Teleplan. A program set up by 
AT&T that insures guests fair and reasonable telephone 
surcharges on all calls. 

So next time you travel, stay at. a Teleplan hotel 
Wlii-jv yuu ciin lie sure that making an overseas phone 
t-all wmfi mean inakimra major imvslmeni. 



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express, such HioJaS? 6 
er, he aii.^ ^®hi^ 


ar- er ' he added. - -•>* *v 

: of . ™*. Mlynar sau L 

ah classmates ai M r J ^ u 

E* Mr - Gorbac-hrSV^. 

ulTCf Vf»Qrr of.. ^ unb 


.; 


leal S' 1 - Mr. Gortaig;^ 

- ss^r-wfcite. 


... hfe told me h e ,i lt 
K-hrusheh,*-.-', ? 


it is 
ake 


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“ s ioia r 

Khrushchev’s a** - • 
Mlvnar said. “He-S"^ 
peiuous. wtoeanaTS?® 

ctan of CwchJSj* 
0 Lved "P^gut Jf*; 
any jwemmem m wf *; 
that fluently crushed' ht 
nan ““f-said he expect <V 

■£ SS^ moU ««-ite. 

"Gorhachei and his se- • 
juse have had enough opeag;’- 
the Su -J essful aM *wpi» 8i rev- 
ere- 

lich „ . ex ?fnw«ofih t& . 
ViQ erJI,on the Kremlm iab" 
am ignition thai 
;ests P ress, « m and the posipooa- 
M- unsolved problems can ir.-- 
* succeed.” 

r. Mr. Mlynar said idooii’h 
“ I® come an inner need of fcv 
J“j Union itself.*' 


nng Bomb Damages Sicih&: 


out 


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Palermo, sioiy 
damaged the unoccupied 
home'of Dr. Elda Puco,-, 
woman amor of Paknr, , 
signed la>t >ear. poke..'- 
mu*, day. The> said tie bbsic. 
>ody night caused tuensiwda.: 
vent that no one hid ua sL 
claimed responsibility 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


AMERICAN TOPICS 


Homing Signal 
For Stolen Cars 


A Massachusetts inventor his 
developed a traaanjfeflg device, 
about the size of a pocket transis- 
tor radio, that can be hidden in a 
car and will begin to eon an 
mandible puking agral when ac- 
tivated by a pouoe computer 
once the vehicle has been report* 
cd as stolen. A police car 
equipped wife a tracking unit 
can pick up the signal two or 
three miles {about three to five 
kilometers) away and track it 
through countryside or city 
streets. 

In 530 tests conducted by the 
Massachusetts State Police ia the 
past four months they have 
found the hidden car every time. 
However, the device has yet to be 
used in a car that actually has 
been 5iolea by people who might 


try to find it and np it out 
The in vein or, Wil&sm R. Rea 


gaa, hopes to market the device 
to cor owners for about $500 
each and the tracking units to 
police departments for about 
$2,300 apiece. When Mr. Reagan 
was asked his ultimate goal. 
Governor Michael S. Dukakis of 
Massachusetts, who attended a 
demonstration of (he device, an- 
swered for him with a grin: 
“Eleven million can a year com- 
ing out of Detroit equipped with 
this." 


Short Takes 


Scientists think that the anti- 
biotics increasingly used in live- 
stock feed have led to a new 
strain of drug-resistant bacteria 
that may be the cause of the 
outbreak of salmonella in the 
Middle West, according to U.S. 
News A World Repan maga- 


zine. The food-poisoning epi- 
demic, one of the worst in US. 


history, has been traced to con- 
taminated milk. Mon: than 6,000 
salmonella cases have been con- 
firmed. and there have been four 
deaths. 



MARRIED — Cristina Ferrare, the model who was 
recently divorced from John Z. De Lorean, the former 
automaker who was acquitted on cocaine dealing 
charges, was married Saturday in California to Anthony 
Thomopoulos, president of die ABC Broadcast Group. 


genbeim Pavilion at the Mount 
Sinai Medical Center in New 
York: “Staph Lounge. 1 ’ 


Notes About People 


Wjfisn J. Sdwoedcr’s wife 
has told Life magazine that if her 
husband — the second person to 
receive a permanent artificial 
heart — hail known in advance 
the hardship the operation 
would cause nis family, he might 
have turned ii down. Margaret 
Schroeder said she had hoped 
the implant would enable her 53- 
year-old husband, who had been 
bear death from congestive heart 
failure, “to get better and come 
borne" to Jasper. Indiana. But 
after a stroke, a series of seizures 
and a plaguing fever, she said. “I 
see it as more of a research ex- 
periment." 


“I thought I was dead." said 
John M. Smith, one of the pas- 
sengers aboard an American Air- 
lines Boring 727 when one of its 
three engines fell off with a loud 
bang over New 1 Mexico. “I 
thought, 'What a terrible last 
meal,’ Mr. Smith added. The 
plant* landed safely. 


In Washington last year, 3.S 
million people visited the Lin- 
coln Memorial; 23 million, the 
Vietnam Veterans Memorial; 1.8 
million, the Jefferson Manorial; 
1.3 million, the Washington 
Monument, and l.l million, the 
White House. 


Sign on the door of fee doc- 
tors’ recreation room of the Gug- 


Mary Cunningham, 34, whose 
supposed romance wife WBam 
Agee when they were both Ben- 
dix executives so bemused the 
corporate world that she decided 
to resign, and who married Mr. 
Agee. 46, after both had left the 
company, is expecting a baby in 
September. The child will be the 
first for both of them. 


Katharine Hepburn, 75. said in 
a rare television interview, “1 
drifted into acting. 1 think it’s, 
sort of an idiot’s profession. I 
would've loved to have been a 
painter or a writer.** And, she 
reflected: “If they don’t want 
you anymore, they dump you. I 
know goddam well that’s true. 
I’ve beat dumped and picked up 
again. I would’ve liked a more 
private profession.” 


f Banned in Boston 9 
Triumphs Again 


Once again, being "banned in 
Boston," where a self-appointed 


morals squad made the city the 
lofficial \ 


capital of U.S. censor- 
ship half a century ago, is spur- 
ring an obscure book toward the 
best-seller lists. The book, pub- 
lished by a small feminist and 
lesbian publishing company in 
Tallahassee, Florida, is called 
“Lesbian Nuns: Breaking Si- 
lence.” in it are accounts or how 
51 women. 42 of them former 
Roman Catholic nuns and nine 
still bound by their vows, came 
to grips with their lesbianism. 

When the Reverend Peter 
Conley, spokesman for the Bos- 
ton archdiocese, heard that the 
authors. Rosemary Curb and 
Nancy Manahan, were to be in- 
terviewed on a Boston television 
station, he wrote to (he station 
and got the program canceled. 
The Boston Globe ran an article 
on the cancellation, news ser- 
vices picked up the report and 
the rest is history in the making. 

Two national bookstore 
chains plan to distribute the 
book, fee authors, both teachers, 
have appeared on network televi- 
sion and Warner Books has 
bought the mass-distribution pa- 
perback rights for a six-figure 
Aim. A Warner spokesman said 
it will be sold in “supermarkets 
and drugstores and terminals all 
over the country.” 

"I'm a mouse riving birth to 
an elephant," said the publisher, 
Barbara Grier, 51. “If they want- 
ed to kill the book, all they had to 
do was keep their mouths shuL" 
— Compiled by 
ARTHURH1GBEE 


U.S. Army Officers, in Survey, Criticize Themselves 


By Richard Hatton* 

New York Tunn iron e 

WASHINGTON — The U5. 
Army’s officers, in a remarkably 
candid self-evaluation, have ex- 
pressed severe criticism of them- 
selves, the army and its senior kad- 


withdrew from Vietnam more than 
10 years ago. Military and civilian 


And one-third of all the officers, 
including the generals, though! that 
“most officers are pnwwtedbeforc aides have asserted' that officers 
becoming competent at their exist* emphasized management over 
mg grade levels." fee report said, leadership and corporate values 
Despite these negative views, over traditional military values. 


import 

eNew 


able to The New York Times. 


stewards oi tremendous resources, 
as role models, as standard setters, 
as long-range planners and ded- 


Evidcmly anticipating renewed siott makers! In short, wc demand 
ititian, fee army prepared a dis- mey 


as. 


In a confidential army survey of 
us officer corps, mode last fall and 
analyzed over the winter, half the 
officers who answered a long ques- 
tionnaire agreed that "the bold, 
original, creative officer cannot 
survive in today's army." 

A report compiled from fee sur- 
vey said that an even larger portion 
erf the officers, 68 percent, agreed 
that "the officer corps is focused on 
personal gain rather than selfless- 
ness" — a virtue that military lead- 
en cits as essential to good leader- 
ship. 

In addition, nearly half fee gen- 
erals. who were questioned in a 
separate survey but whose answers 


were incorporated into the report, 
concluded feat "senior army lead- 


ers behave too much like co 


executives 

warriors." 


and not enou 


> morale 

gb like 


Urge majorities of the officers said 
that they were satisfied with fear 
duty positions, that they intended 
to stay in the army fora career and 
that fellow officers exemplified the 
“warrior spirit" and the “army eth- 
ic." 

Large majorities also said feat 
“the army is more than a job” and 
feat "individual needs are second- 
ary to army needs." Although the 
officers had complaints about par- 
ticular dements erf fee army's edu- 
cational and training system, they 
generally gave it good marks. 

The survey was ordered by the 
army chief of staff. General John 
A. Wickham Jr., who said in a letter 
to those being queried. "Because 
this study will shape the future de- 
velopment of our officer corps, wc 
need your candid opinions." 

The state of the officer corps has 
been a contentious issue within and 
outside the army since U.S. forces 


The survey report was compiled 
from answers to two long question- 
naires. The first was sent to all 436 
serving officers in fee four grades 
of general, of whom 333 rolied; 
the second was sent to 23.000 ran- 
domly selected officers, from colo- 
nel down to heotenant of whom 


criticism, 
cussioa paper to accompany the 
report. 

“Wc place a tremendous burden 
on oar senior. may leaders.” fee 
paper said. “We charge them to 
perform as statesmen, as spokes- 
men for feck organizations, as 


they perform as though they were 
effective corporate executives. 

“In time of peace, there is a blur- 
ring of fee distinction between pure 
’warrior’ and ‘pure corporate exec- 
utive.' In both peace and across the 
spectrum of conflict, we expect our 
senior army leaders to be both." 


%$3Go2X3£idi Protest March Is Held In Washington 


the range of sampling error was 
provided in fee report. 

The results were tabulated into a 


Renters 

WASHINGTON — About 

26.000 Americans paraded through 


House to the steps of fee Capitol 
‘leCapi- 


report stamped “For Official Use Washington over the weekend to aregoi 
Only” and “Close Hold," meaning protest the U.S.nudear arms bra. 
Ih» th» ;«ra«nMinn in ihr ainrcv buildup, South Afncau racial poll- Mac 


In a fiery speech from fee 
ml steps. Mr. Jackson said: "Wc 
are going to fight to free Johannes- 


feat the information in the survey 
was not to be disseminated widely. 


The Armed Forces Journal a 
monthly magazine published in 
Washington and sperialmng in 
military mauers, obtained a copy 
of the survey and has prepared an 
article for publicatk» in its May 
issue. An advance copy of fee arti- 


niildup. South African racial poli- 
cies and Reagan administration 
policies in Central -America. 

■Simultaneous marches were held 
Saturday in Los Angeles and San 
Francisco. 

Led by a bbdc activist and for- 
mer presidential candidate, fee 
Reverend Jesse L. Jackson, the pro- 
marefaed past fee White 


testers 


lace than 80 groups took part in 
fee "festival of protest,” which is to 
continue for three more days so 
feat demonstrators can lobby con- 
gressmen. 

Organizers put the size of Satur- 
day’s crowd at 100,000. But police 
estimated it at 26,000. The crowd in 
San Francisco was estimated at 

50,000 and in Los Angeles at 4,000. 


Ex-Argentine Leaders 5 Trial to Open Today 


By Marrin Andersen robbery, murder and making false 
it'csAinxMn Pent Smite suicments They could receive a 

BUENOS AIRES — One of the maximum sentence of life in prb- 
most searing and soul-searching le- on. 

gal quests conducted by any society Lesser charges have been filed 

since the trials at Nuremberg after against four other junta members. 
World War II is to unfold Monday Three of them, including former 
as nine former lop .Argentine trail- President Leopoldo Galrieri, also a 

1 general, ai 


fee campaign of tenor or did noth- P“Jpk- duadem nnhtary officers 
ing to stop it as fee lop command- Md forayi dignitantt. 

ers of fee military services. Among tlrae invited is Pan Der- 

Mr.Strassera said he would sub- fee U.S. assuiani secretary of 
mit 709 cases of people abducted, sjate for human rights dunng the 
killed, tortured, raped or robbed by 


vrgenutH 
lory leaders, accused of massive hu- 
man rights violations, go on trial. 

The nine, including three former 
Argentine presidents, made up the 
three military juntas feat ruled 
from 1976 to mid- 1982. Daring 
feat time, at least 8,960 people dis- 
appeared during a military -led 
campaign against leftist guerrillas 
and other dissidents. The generals 
declared the campaign “won” in 
1978. 

Lost September a commission 
appointed by President Raul Al- 
ton sin found that the former mili- 
tary government had instituted a 
policy of "state terrorism" during 
the "dirty war” against the left. 

■ The Argentine armed forces, it 
said, “responded wife a terrorism 
infinitely worse than that it fought* 1 
because “it counted on the power 
and impunity of an absolute state, 
kidnapping, torturing and killing 
thousands.” 

The military has maintained that 
it was necessary to fight what it 
said was a threat from internation- 
ally directed Marxist guerrillas 
wife "unconventional" methods, 
contending that the tactics used 
were like those of the United States 


retired general, are in prison await- 
ing trial for their role in .Argenti- 


na's ill-fated 1982 invasion of the 
British-held Falkland Islands. 

A federal prosecutor. Julio Stras- 
sera. said he would prove that the 
accused men cither masterminded 


.Argentine security forces as evi- 
dence of what he said was "a copy 
erf the Nazis*s ‘night and fog’ doc- 
trine, based on a detainee losing all 
contact wife friends and family.” 
The prosecutor said he planned 
to call as many as 2,000 witnesses 
to testify in the trial including vic- 
tims. family members of missing 


U.S. Emphasizes Efforts 
On Namibia Settlement 


Sew lurk Times Senue 

’ WASHINGTON — In assailing 
a plan announced by South Africa 
to provide some self-government to 
South-West Africa, the State De- 
partment has brought attention to 
the U.S.-led efforts to negotiate an 
agreement leading to fee indepen- 
dence of the territory, which is also 
known as Namibia, and fee with- 
drawal of Cuban troops from An- 
gola. 

The United States is bound by 
United Nations* provisions railing 
for internationally supervised elec- 


West Africa People’s Organization, 
the guerriDa group fighting fee 
South African military. The united 
Nations has said that SWAPO 
must play a role in any political 
settlement for fee former German 
colonv. 


. lions in South-West Africa. And it 

in Vietnam and France in Algeria, moved quickly to dear that. 
Five of the accused, including far as the Reagan administration 
Jorge Videla and Roberto Viola, was concerned, anv internal bodies 


■ Mother, Infant KiBed 

Richard Bemsiein of The New 
York Times reported from Cape 
Town, South Africa : 

A colored woman and her 3- 
y ear-old son were binned to death 
on Saturday and her two other chO- 
dren seriously hurt in a mob attack nuhttiy wffl 


both former presidents and retired 
generals, are under arrest on 
charges of illegal detention, torture. 


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U.S. School Vigilantes 
Investigated for Felonies 


set up by South Africa would have 
no international standing. 

Chester A. Crocker, assistant 
secretary of state for .African af- 
fairs. who has been fee main inter- 
mediary between Angola and 
South Africa, said at a news confer- 
ence Friday fear the United States 
had offered a plan for “an overall 
package agreement" to both na- 
tions in mid-March, when the two 


near Port Elizabeth, a police 
spokesman said. 

The woman, whose name was 
not disclosed, was doused with gas- 
oline and set on fire by several 
youths in the black township of 
Boatrug in the eastern Cape region. 

Police said the black youths went 
to fee woman’s home looking for a 
man. When she refused to give in- 
formation on his whereabouts, po- 
lice said, the youths sprayed her 
wife gasoline and then lighted it. 

The woman ran back into her 
house, setting it on fire, police said. 


Carter adnmristratioa. 

Mr. Strasscn said that, while he 
has little direct evidence that fee 
military ordered the disappear- 
ances, torture and theft carried out 
during fed anti-guerrilla campaign, 
fee ciraunstamud evidence against 
fee accused Js overwhelming. 

"We're gang to run a freight 
tram over litem." he said. 

The trial tfepresoits several firsts 
for Argentina, and it will be 
watched closely by neigh boring 
countries. feat recently returned to 
civilian pie. 

For fee first time in Argentine 
history, a panel of civilian judges is 
to prerideover a court-martial. The 
nine men facmg trial belong 10 a 
class cotuidered virtually immune 
since Argentina’s first military 
coup pm fee armed forces in fee 
center of fee country’s political are- 
na in 1930. 

Such fundamental changes have 
cheered fee otherwise bdragneredj 
officials of the 16-month-old Al- 
fonsin government. Alarmed by a 
1,000-percent annual inflation rate 
and the prospect of serious reces- 
sion, growing numbers of Argen- 
tines are predicting feat chaos will 
country soon or feat: 
return to power. 


New York Tuna Sent te 

FORT WORTH, Texas — A po- 
lice investigation erf a high school 
vigilante group that called itself the 
Legion of Doom indicates that it 
may have been responsible for 35 
felonies, including arson and pipe 
bombings. 

The group was made up of some 
of fee school’s top athletes and 
scholars who said they intended to 
“clean up fee school, to get rid of 
people who were doing bad 
things," according to Doug Clarke, 
pubuc information officer for fee 
Fort Worth Police Department. 
“They churned they were threaten- 
ing thieves and dopers.” 

Two students and a former stu- 
dent of Paschal High School, rated 
by local educators as fee city’s best, 
have been arrested for questioning 
but not charged. Six other students 
who said they were pari of fee 
group have made voluntary state- 
ments about its activities. 

The group, believed to have nine 
or 10 members, is suspected of 
“multiple pipe bombings, fire- 
bombings, possessing unlawful 
weapons, and a number of in- 
stances erf criminal terrorist threats 
and cruelty to animals,” Mr. Clarke 
said. 

Mr. Clarke said there were re- 
ports that pets had been slaugh- 
tered and their blood smeared on 
automobiles as a warning to their 
owners. He said students and oth- 
ers received warnings marked with 
swastikas. Mr. Clarke said the in- 
vestigation would be brought to a 
grand jury for indictments m May. 

Police and school officials are 
unable to explain the violence ex- 
cept to say feat it appeared to be 
fee work of self-appointed vigilan- 


arc investigating is fee cxplosioa of 
a homemade pipe bomb under an 
automobile on March 24. The 
bomb caused extensive damage to 
the car. 

Bob Whitehead, father of fee 
Paschal student whose home was 
hit by a rifle bullet, said feat that 
was one of several incidents. But he 
said that “fee violence was strictly 
personal." 

He said fee terrorism began be- 
cause his son had dated a girl who 
later started seeing another stu- 
dent. That student has been identi- 
fied as a member of fee Legion of 
Doom. 

According to police, the violence 
did not seem to reflect a racial 
pattern. A firebomb was thrown 
into the yard of a black student, but 
many apparent targets were not 
members of minority groups. 


sides seemed unable to get beyond setting it <m fire, police SU(L 

the ideas each submitted last year. Th? house fire killed the boy and 


Nicaraguan Plane Crash 
In Greenland Kills 2 


Agence Fmnce-Presse 

NUUK. Greenland —Two men, 
a Jordanian and a Filipino, were 
killed Sunday when an aircraft be- 
longing to Aeronica, Nicaragua's 
airline, crashed near the U.S. mili- 
tary station at Sondrc Slromfjord, 
police said here. 

The plane, a Fokker-27 with five 
employees of the airline aboard, 
was on a flight from the Middle 
East to fee United States when it 
developed engine problems and at- 
tempted an emergency landing on 
ice 48 miles (77 kuometers) east of 
the military station. 


Mr. Crocker said that Angola 
pledged in November feat when 
fee UN resolution was put into 
effect, the Cuban troops would be 
reduced from 30,000 to 20,000 over 
three years, and the remaining 

10,000 would be moved to northern 
Angola, far from fee border wife 
South-West Africa. The 
Cubans would leave, 
but it did not say when. 

The South Africans, in turn, 
called for the withdrawal of all the 
Cubans within three months of let- 
ting the resolution go into effect 

Mr. Crocker declined to give de- 
tails about fee American compro- 
mise plan, but other officials said it 
tried to reduce fee difference in 
time between the South African 
and Angolan proposals cm the Cu- 
ban withdrawal and to set a defi- 
nite timetable for fee pullout of all 
fee Cubans. 

He said fee United States had 
not received a reaction from either 
Angola or South Africa. 

South Africa announced last 
week that it was pulling its last 
troops out of Angola, thereby car- 
rying out its part of an accord 
reached wife Angola last year. 

President Pieter W. Botha said 
Thursday that because of fee de- 
lays in reaching an international 
ag reem ent, his government was 
creating an internal executive and 
legislative administration for 
South- West Africa feat amid draft 
a possible constitution. 

Mr. Botha said, however, that 
South Africa still would seek an 
international accord. 

His plan. excluded the South- 


seriously burned a 7-\ 
and a 6-yeai-cW da 


r-old son 


The military and its rightist sup- 
porters have launched a vociferous 
campaign against the trials and 
against fee commission that pro- 
vided most of fee evidence on the 
rights violations. They also say feat 
fee public trial is a "political cir- 
cus.” Moreover, some retired offi- 
cers and civilian political leaders 
recently have questioned whether; 
all fee misting people cited by the 
commission are in fact dead or 
missing. 

One retired general recently re- 
ferred to fee trials as a "Nuremberg 
in reverse;" where those defeated 
on fee battlefield now sit in judg- 
ment of a victorious army. 


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Blast at Store in Dublin 
Is linked to Apartheid 

Reuters 

DUBLIN — A bomb exploded 
in Dunne's, a Dublin department 
store, in a protest by Irish republi- 
can guerrillas over fee store’s links 
wife South Africa. Police said the 
incendiary bomb was small and 
caused little damage. 

The Irish National Liberation 
Army said in a statement feat the 
bomb was planted because of what 
it termed Dunne’s support for 
apartheid. The store has ban pick- 
eted tor nine months by 12 workers 
dismissed for refusing to handle 
South African goods. 


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There have been suggestions that 
fee group’s vigilante tactics grew 
out of excessive zeal by some mem- 


bers erf a group, the Ambassadors, 
appointed by fee principal of Pas- 


chal High School Radford Gregg, 
to help maintain order. The Am- 
ssadors have been disbanded be- 
cause of fee controversy over fee 
Legion of Doom. Four of the stu- 
dents identified as members of fee 
Legion of Doom were also mem- 
bers of the Ambassadors. 

The incidents began last Septem- 
ber and culminated in a senes of 
events in late March, when an auto- 
mobile was bombed, the windows 
of another were shot out and a rifle 
was fired at a student’s home. 

The origin of fee name Legion of 
Doom is obscure, Mr. Clarke said 
It has sometimes been used to refer 
to a squad of the Paschal football 
team. 

Among the incidents fee police 



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MONDAY, APRIL 22, 1985 


Heralfc 


INTERNATIONAL 


tribune Reagan Displays an Orwellian A pproach to Nicaragua 


PabUsbed With The >»w York Ttam rad The Washington Port 


OSTON — Corruption of the By Anthony Lewis 


An Honest Nicaragua Policy 


President Ronald Reagan's plan for Nicara- 
gua is in trouble. He has had to bow to Con- 
gress on aid to the “Contras," or rebels. His 
plan amounted to warning the Sandinists to 
negotiate to American satisfaction in 60 days 
or to face a full new American commitment to 
support the Contras. And there is reason to 
believe that what Mr. Reagan was asking was 
not simply that the Sandinists respect their 
neighbors, but also that they accept an internal 
process leading to their fall from power. The 
Nicaraguans are unlikely to have accepted 
that. So Mr. Reagan's policy pointed to a 
harder military collision. Congress was right to 
resist it and force a postponement on aid. 

But what does Congress intend to put in the 
Reagan policy’s place? It is right to be careful 
about a drift toward deeper proxy intervention 
and perhaps direct U.S. intervention. But it is 
also important to be careful about a right- 
sounding but essentially deceptive drift to- 
ward "diplomacy" Congress, having wisely 
undertaken to limit the Reagan policy, may be 
moving unwisely toward something that is a 
policy in name only. Diplomacy has got to 
have teeth. A policy made up of enticements — 
for example promising more trade if negotia- 
tions advance, and without prospective sanc- 
tions, or making no provision to restrict trade 
if negotiations flag — is not a serious policy. 

The first need is to keep the Sandinists from 
subverting neighboring countries or endanger- 
ing broad U.S. security interests. At the same 
time, the Sandinists can reasonably ask that 
their neighbors not facilitate intervention by 
the Contras. It is the purpose of the Contadora 
group to arrange such an exchange of obliga- 
tions. It has had some success, but must work 
harder on key enforcement provisions. 

But so long as die Sandinists and many of 


their friends and enemies have the idea that the 
true Reagan purpose is to overthrow the San- 
dinists, the regional diplomacy is going to 
drag, and the Sandinists are going to regard 
any call for internal talks as a maneuver serv- 
ing that larger Reagan purpose. So it is essen- 
tia] to create conditions that will draw the 
Sandinists into a political process that could 
have some positive results. A cease-fire would 
help, but two other steps are also necessary. 

The president should be willing to demon- 
strate over time that he can live with a S audio - 
ist government that is — let us be realistic — 
moving toward openness. Congress should be 
willing to demonstrate that It will make the 
Sandinists pay a price for not moving toward 
openness. Again, to imagine that the Marxists 
in Managua will head toward social democra- 
cy if only the wicked Contras are taken off 
their back is simply fooling oneself. 

President Reagan and Congress have been 
engaged in a tense confrontation over the 
terms on which certain funds may be provided 
for the next five months. On both sides they 
were thinking too small The deal that remains 
to be defined and struck, emails a curtailment 
of presidential ambitions and an, assertion of 
congressional responsibilities. 

Mr. Reagan needs to back away from mili- 
tary intervention just now and agree to live 
with the Sandinists on fair terms. Congress 
should support or make possible the sanctions 
— cuts of trade and investment, diplomatic 
boycotts and other political sanctions — that 
would give the San dinis ts a strong incentive to 
abide by fair terms. These at least are the 
fundamentals of an above-board, realistic and 
honest policy. They hold better promise than 
anything currently on the board. 

— THE WASHINGTON POST. 


The False Choice of Bitburg 


It is finally clear how President Ronald 
Reagan came to his Bitburg blunder and why 
bis defense of it grows more repugnant by the 
day. His perception of the planned tribute to 
West Germany's war dead begins and ends 
with a false dichotomy, expressed last week by 
one of Chancellor Helmut Kohl’s closest aides. 

"What are we?" the aide asked. “Are we 
primarily friends and allies, or are we primari- 
ly the children and grandchildren of the Nazis? 
At some point one has to decide." 

“Why? Why must l decide," the president 
should have replied when Mr. Kohl posed die 
same choice Iak fall no doubt more subtly. 

Why are today’s West Ger mans good 
friends and allies? Because some of them, and 
most of their fathers and some of their grand- 
fathers, having brought the world to ruin 40 
years ago, then accepted America's tutelage 
and generosity and made much of them. What 
is most admirable about the new Germany is 
the moral distance it has traveled from the old. 
To ignore the old is to ignore what is so 
remarkable about the new country. 

But Mr. Reagan fell for the false taunt. As 
one of his closest aides recalls him saying while 
planning the trip: "I don’t think we ought to 
focus on the past, but focus on the future." 

So the president decided no visit to a Nazi 
concentration camp, a decision changed only 
when the uproar arose over Bitburg. But even 
now, the president insists on Bitburg Ober dies 
because the chancellor is said to want it and 
because the president regards most of die men 


buried there as also victims of the Nazi regime. 

Yes. many German soldiers were misled, or 
simply drafted, into supporting Hitler's war of 
conquest. But they died as combatants in bat- 
tle, not as innocents, infants and elderly, in gas 
chambers. There can be tragedy in the death of 
soldiers, but who cannot distinguish between 
that and the systematic slaughter of millions? 

Hitler hinuelf made a further distinction 
that Mr. Reagan would now ignore by laying a 
wreath where some SS troopers also lie. The 
soldiers who had to kill or be killed. Hitler 
dressed in green. But the SS who designed and 
ran his death camps, be dressed in black, and 
with the telltale insignia of crossbones. That 
some of these criminals lie at Bitburg is not 
just an awkward circumstance. It makes a 
tribute at their graves indecent 

When Mr. Reagan, pressed for explana- 
tions, ran out of reasons, he endowed this 
cemetery ceremony with strategic portent. 
There is no way to shift the wreath-laying out 
of Bitburg now, he argued, because “all it 
would do is leave me looking as if I caved in in 
the face of some unfavorable attention." 
Where friends and allies are concerned, you 
see, presidents cannot retreat because adver- 
saries are always taking their measure. 

Good allies in Germany would relieve a 
president of this shameful sense of duty. But 
whatever they do, the president is prizing 
strength in an ugly cause. Sometimes stub- 
bornness is not strength, only perversity. 

— THE NEW YORK TIMES. 


Other Opinion 


Hie Dangers of Newspeak 

Leading guardians of the English lan g u a ge, 
the publishers of the Oxford Dictionary, got a 
taste of Soviet propaganda this week after 
Russian guardians of the state twisted a half- 
dozen definitions in their version of the dictio- 
nary to suit their purposes. 

Predictably, a heavy dose of state-sanc- 
tioned optimism was cranked into the meaning 
of many heavyweight concepts, ranging from 
capitalism through socialism to communism. 
Instead of co mmunis m bong' defined as “a 
theory of society" in which all property is 
vested in the community, the Soviets altered 
the Oxford definition to “a theory revealing 
the historical necessity for the revolutionary 
replacement of capitalism by co mmunism " 

George Orwell documented the ease with 
which the language can be debased in “On 
Political Language," noting that it is “designed 
to make lies sound truthful and murder re- 
spectable." And John Locke observed that 
words “stand for nothing but tbe ideas in die 
mind of him who uses than." 

Bui the most appropriate comment on this 


latest attack on the English l anguage ought to 
come from Joseph Conrad, who wrote, in “Un- 
der Western Eyes." that “words, as is well 
known, are the great foes of reality." In a 
nation where “dissent" is treason, where “psy- 
chiatric ward" can mean the gulag, where 
invasion of an independent country is termed 
comradely assistance to a government under 
foreign attack, you can say that again. 

— 77ie Baltimore Everting Sun. 

Tlie Slowdown Has Begun 

The official U.S. estimate that the real 
growth of this giant economy slowed to a 1.3 
percent annual rate in the fust quarter of 1 985 
may give an exaggerated picture of the rate of 
the U.S. slowdown. It is an important econom- 
ic, financial and political event, all the same. It 
poses an economic challenge to America's 
trading partners, for they cannot now afford 
the luxury of a leisurely argument over the 
right response to a future slowdown. The polit- 
ical repercussions are likely to follow quickly: 
a louder protectionist clamor in Congress. 

— The Financial Tunes (London). 


FROM OUR APRIL 22 PAGES, 75 AND 50 YEARS AGO 


1910: Dogs Compete in Pare Show 
PARIS — The annual tournament for police 
dogs organized by the Club National du Chien 
de Defense commences at the Buffalo Velo- 
drome. This event has become of more than 
sporting interest, and its importance is recog- 
nized by the French Government, which is 
giving an official prize. In all a thousand francs 
will be given in prize money, and a numerous 
entry has been received. So many dogs have 
been offered, indeed, that only those with 
some noteworthy performance to their credit 
will be accepted. The tests include high and 
long jumping, attack, defense of the master 
and of the house, leading prisoners and hunt- 
ing out hidden persons and dungs. 


1935: Wartime Carrier Pigeon Dies 
FORT MONMOUTH, New Jersey —Spike, a 
carrier pigeon that gave valiant service to the 
American Expeditionary Forces during the 
Wold War, died here at the loft of the Army 
Signal Corps. The death of Spike leaves only 
the battered, one-eyed Mocker, holder of the 
Distinguished Service Medal of the company 
of pigeons which served the Army overseas. 
Spike was 17 years old. a year younger than 
Mocker. They lived together in the “war hero's 
coop," Spike a gray grizzle, Mocker red with 
white markings. With Cher Arm. carrier of the 
famous message of the Lost Battalion, they 
served with the 77th Division, and were 
brought back from France in April 1919. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-1932 

KATHARINE GRAHAM. WILLIAM S. PALEY. ARTHUR OCHS SULZBERGER 

Co-Gunmen 


LEE W. HUEBNER, Pubhdter 

PHILIP M. FOKIE Executive Editor RENfiBONDY Depart Publisher 

WALm WELLS Afar ALAIN LECOUR Abmou PvbBAer 

SAMJJHrABT Deputy Editor RIC HARD H. MORGAN Associate Pubtuher 

K McCABE Deputy Editor STEPHAN W, CONAWAY . Dinaor of Opertsmt 

CARL GEWIRTZ Associate Editor FRANCOIS DESMAISQNS Director if Umdafa 

ROLF t>. KRANEPUHL Director cf Advertising Sola 
International Herald Tribune, 181 Avenue Charies-de-GauDt 92200 NemUv-sor-Sdnc. 

France. TeL: (l) 747-1265. Telex: 612718 {Herald). Cables Herald Paris. ISSN: 0294-8052. _ ^ 

Direaeur de la publication: Water N. Thayer. 

Asia Headmasters, 24-34 HennessyRd., Hong Kong TeL 5 -285618. Telex 61 170. ISSSt 

MOnMmv fhr ft K • R.thsn M#tt I 7.4i.in t T-J 03 ec dorr i tj... l«n m I 


B OSTON — Corruption Oi me 
language was central to George 
Orwell's terrifying vision in “1984.” 
Words had come to mean their oppo- 
site. The language of the state was 
Newspeak. The official slogans were 
War Is Peace, Freedom Is Slavery, 
Ignorance Is Strength. 

President Ronald Reagan on the 
subject of Nicaragua sounds more 
and more like something from the 
pages of Orwell His disregard for 
facts has become hallucinatory. His 
rhetoric rings with hatred. 

Anyone who disagrees with his 
Truth is an agent of the enemy. 

Under the slogan of peace Mr. 
Reagan asked Congress to legitimize 
war. Before he bowed to Congress 
last week by agreeing to postpone his 
tight for military aid to the “Con- 
tras," or rebels fighting the Sandinist 
government, he was seeking legisla- 
tion that would give him authority to 
support “military or paramilitary op- 
erations is Nicaragua." He was going 
to use the aid for arms after 60 days tf 
the government of Nicaragua did not 
agree to the terms set by the rebels. 

Even before last week's compro- 
mise move, Mr. Reagan said he want- 
ed “humanitarian aid" for the rebels. 
But a top-secret administration mem- 
orandum to congressional appropria- 
tions committees says the real Rea- 
gan policy is to expand the rebel 
forces and increase their military 
pressure on Nicaragua. The memo- 
randum also says that “direct appli- 
cation ofU-S. military force" is ruled 
out now but “must realistically be 
recognized as an eventual option.” 


Faced with almost certain defeat in 
Congress on his request for aid for 
the rebels, Mr. Reagan was Thursday 
reported to be willing to accept a 
compromise in which such aid in the 
current fiscal year could only be used 
for “nonlethar purposes. Details of 
the compromise remain sketchy and 
it is. unclear whether a proposal on 
these lines could be worked out in 
time for Tuesday^ House vote on 
Mr. Reagan’s original request. 

Mr. Reagan and his aides claimed 
support for his plan from Latin lead- 
ers, especially the Contadora nations. 
But reports from the region tdl of 
alarm at the president’s linking the 
idea of a cease-tire and peace talks to 
authority for renewed military sup- 
port of the rebels. The reports also 


President Belisario Betancur of 
Colombia, a key player in the Conta- 
dora peace effort, at first spake favor- 
ably of the Reagan plan. Last week 
he said Mr. Reagan had not told him 
it included aid to tbe rebels. That, he 
said, made it “no longer a peace pro- 
posal but a preparation for war. 

A vote against his proposal Mr. 
Reagan earlier warned Congress, 
would be “literally a vote against 
peace." It would be a vote against the 
Contadora countries, he added. He 
said Pope John Paul D had urged “us 
to continue our efforts in Central 
America." But an assistant said later 


that the president had not meant to 
suggest papal endorsement of aid to 
the rebels in Nicaragua. 

One of Orwell's sinking images in 
“1984" was of the two-minute hate 
sessions in which citizens had to en- 
gage. Mr. Reagan's comments on the 
Sandinists have taken on their tone. 

“Somoza was bad," he said last 
week, but “tbe Sandinis ts are infinite- 
ly worse." There are no words ade- 
quate to convey the insult that state- 
ment does to history and to the 
victims of 40 years of Somoza pillage. 
The government is “a Communist 
dictatorship," be said. That of_ a 
country where opposition parties 
hold a third of parliamentary seats. 
Where is this in the Soviet Union? 

Disr eg ard for history is nothing 
new in Mr. Reagan. What other pres- 
ident could have thought a visit to a 
German cemetery including graves of 
SS men would be balanced by visiting 
a former concentration camp? 

There is a special edge, a virulence, 
to his comments on Nicaragua. It is 
as if he cannot bear the complicated, 
ragged reality of that conn try today, 
but must have a pure Communist 
enemy. The end or destroying that 
villainous enemy that justifies any 
means, any tactics to pressure and 
frighten Congress. And so we see the 
president of the United Slates charg- 
ing that the honorable lawyers and 
human rights specialists who meticu- 
lously traced terrorist actions by the 
rebels were “bought and paid for by 
the Sandinis ts " it could have been 
said by Joseph McCarthy. 

The Ne h- York Times. 




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Managua: Congress Has Acted Unwisely 


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W ASHINGTON — This is the 
most important congressional 
moment since May, 1947, when Con- 
gress supported U.S. intervention- 
through-aid cm the inri -Co mmunis t 
side in the Greek civil war. Congress 
thereby transformed con tainm ent 
from a theory into a policy. 

Congress has new effectively killed 
aid for the anti-Communist side in 
Nicaragua's civil war. Congress has 
forbidden even modest financial sup- 
port for the military effort of a mass 
movement prepared to do the dying 
to prevent consolidation of the sec- 
ond Soviet satellite in tbe hemisphere 
and the first on the North American 
continent The evisceration of con- 
tainment is complete. 

What Mr. Reagan's aides are call- 
ing a compromise (aid restricted to 
nonmilitary uses) is a shattering de- 
feat He sought military support for a 
military movement and lost, utterly. 
On ah issue be characterized — cor- 
rectly — in the starkest moral and 
national-security terms, his charac- 
terization was disproportionate to his 
effort He did not go to the country 
on television. A great communicator 
does not deal exclusively in good 
news, but also rallies majorities for 
hard decisions; Mr. Reagan has cho- 
sen to hoard his political capital — 
but for what remains unclear. 

In 1947 President Truman told 
Congress: “I believe it must be the 
policy of .the United States to support 


When History Forbids a Fair Hearing 


L OS ANGELES — It was report - 
/ ed here last month that there is 
now a search for 1,800 Eastern Eu- 
ropeans and 200 Ukrainians who 
were members of Nazi SS units in 
World War IL Other reports spoke 
of the deportation case of an ac- 
cused Yugoslavian war crimina], 
Andrija Artukovic, age 86. 

It is 40 years now since the end of 
World War IL .and the question 
should be raised whether it is wise . 
and just to repeatedly open these 
old wounds of reported misdeeds. 

There are overwhelming eviden- 
daiy problems in presenting a fair 
case against any of the accused af- 
ter the long waiL But perhaps a 
greater issue, though more nebu- 
lous, is wartime oonducL 
There may be a fuzzy consensus 
on what constitutes unacceptable 
conduct. Nevertheless, the behavior 
of men, or nations, at war cannot he 
measured by peacetime standards. 
War is homidue on a massive spale, 
yet we go about it appealing to the 
finest qualities of duty and self- 
sacrifice and showering accolades 
on he who kills the most 
We must be careful not to be too 
self-righteous about those we killed 
compared with those killed by our 
opponents. We were sickened at the 
slaughter of the non combatant in- 
nocents — children, women and old 
men — in concentration camps. But 
have we judged our own conduct by 
the same standards that we have 
applied to the enemy’s? 

Dresden in Germany was ac- 
knowledged to be a city without 
military value. The Allies' decision 
to fire-bomb it was a conscious ef- 
fort to convince Germany that con- 
tinuing the war would be futile. 
Certainly Franklin D. Roosevelt, 
Winston Churchill and the generals 
who organized the raid were aware 
that Dresden was crowded with ref- 
ugees. Yet in less than 18 horns. 
1,200 American and British bomb- 
ers incinerated Dresden. Because of 
the influx of refugees, an accurate 
casually count was not available, 
but estimates run from 100.000 to 


By V.W. Hughes 

135.000 dead. How many tens of 
thousands of blameless children, 
women and old men died there? 

The same rationale that was ap- 
plied to Dresden was used to justify 
wiping out Hiroshima, Japan, in 
one blinding flash, then Nagasaki 
Again there was no opportunity for 
the innocents to escape. Hany S. 
Truman and bis generals knew tins. 

We may justify these acts as due 
to the exigencies of the war, but it 
cannot be denied that they were 

"A man that studieth 
revenge keeps his own 
wounds green, which 
otherwise would heaL ” 
(Bacon, Essays.) 


calculated executions of many in- 
nocent lives. We should ask our- 
selves whether the Germans and the 
Japanese, had they won the war, 
would have found some war crimi- 
nals among the Allies. 

This is not intended as a moral 
judgment of the actions of our war- 
time leaders. 1 1 is simply as illustra- 
tion of what man is driven to in the 
frenzy of war. Nor is it an effort to 
minimize the scale of horror inflict- 
ed by some of our former enemies. 
Tbe very nature of war is hoirible, 
and that in itself is a mitigating, 
though not excusable, circumstance 
for the misdeeds on both sides. 
Those iniquities were part of the 
war. But if Dachau was not legiti- 
mate, was Hiroshima or Dresden? 

The Allies won the war. Our ene- 
mies endured terrible suffering. 
Most of the leaders responsible are 
dead. What, then, is the purpose of 
this continuous prodding of an old 
injury? One cannot avenge the in- 
nocents who have been at peace in 


their graves for 40 years. Nor can 
we deter the zealots and sociopaths 
of the future with lessons of ven- 
geance. What kind' of justice is it 
that must be satisfied 40 years later 
for misdeeds that grew out of a war 
involving unprecedented numbers 
of homicides by both rides? 

It seems reasonable to draw a 
line somewhere on the pursuit of 
past wrongs. Otherwise we may be 
condoning acts of today’s terrorists 
who kill m the name oi atrocities 
that were committed generations, 
even centuries, ago. Should modern 
Europe march on Rome for what 
Caesar did in 49 B.C.? 

President Reagan exemplified 
the U.S. character when be said 
recently that V-E Day should be 
celebrated as the day when “peace 
began, instead of reawakening the 
passions of (that) time." Our stron- 
gest virtues have been freedom, op- 
portunity, generosity, humor, con- 
cern for others, a spirit of 
forgiveness and hope for the future. 
With these upbeat characteristics 
we are not mod at sustaining a 
hostile attitude for very long. 

And 40 years is long enough. It is 
time to wipe the slate clean. The 
United Stales should not be a party 
to the self-demeaning, vindictive 
spirit of running down every last 
accused after all these years. 

We may even take a lesson from a 
former enemy. In the last weeks of 
the war the Allies sent 1,000 bomb- 
ers every 24 hours over Berlin. Sure- 
ly, no matter which side was right, 
those who lived through that terri- 
ble period could hold only animos- 
ity toward those who rained such 
destruction on them. After the war 
the ruins of the ravaged city were 
piled into huge mounds. Now those 
' mounds are parks. Grass, trees and 
flowers grow, and children play 
there, and the bitter memories of 
the bombings are assuaged 

The writer is a professor at Pasa- 
dena dry College in Pasadena. Cali- 
fornia. He contributed this comment 
to the Los Angeles Times. 


By George F. Will 


free people who are resisting subjuga- 
tion by armed minorities or by out- 
side pressure." Mr. Reagan's policy 
was the Truman Doctrine after 38 
years of Co mmunis t advance. An 
aimed Nicaraguan minority, sus- 
tained by outside forces, is sovietiz- 
ing Nicaragua as was bong done in 
Eastern Europe in 1947. 

The Soviet Union's Sandinist cli- 
ents have no more right to rule Nica- 
ragua than Vidkirn Quisling had to 
rule Norway. Yet the world continues 
to speak of Sandinist steps toward 
Stalinism as “failings.” The Sandin- 
ists are not somehow failing to imple- 
ment democracy; those “failings are 
premeditated successes. 

Now that Congress has spurned 
the Contras, Communist dictators on 
four continents will know that Con- 
gress will not permit small inocula- 
tions, let alone quarantine. 

The sum involved is $14 million, 12 
percent of the $1 17 million the U.S. 
government had given to the Sandin- 
ist regime by 1981- Familiar voices 
are saying the usual things: that the 
United States “drove" tbe Sandinists 
into Soviet dutches.' But intheir first 
two years, the Sandinists received 
more aid from the United States than 
from any other country — five times 
more than the Somoza regime re- 
ceived in its last two years. 

During the Vietnam War, people 
eager to believe were encouraged oy 
Hanoi to think that South Vietnam 
was experiencing an “indigenous 
peasant revolt" and that the ferment 
m Indochina was only cosmetically 
Communist. The Sandinists deny 
their U.S. protectors the comfort erf 
that pretense. The Sandinists do not 
deign to disguise Stalinism at home, 
their “socialist solidarity” with the 
Soviet Union and their “revolution 
without borders" against neighbors. 

In 1947 Congress had fresh memo- 
ries of the terrible price paid because 


of nonresistance to Hitler at tbe time 
of the remilitarization of tbe Rhine- 
land. Today the historical memory of 
many members of Congress consists 
entirely of Vie tnam ana its putative 
lessons. But congressional manage- 
ment of U.S. policy toward Central 
America — too little aid, too late; 
pursuit of the chim era of negotiated 
settlement with a regime that does 
not believe in splitting differences — 
is a recipe for another Vietnam: an- # 
other protracted failure. 

Surely the Americans who should 
talk least about negotiated liberaliza- 
tion of tbe Sandinist r egime are those 
Americans who, by trying to destroy 
the rebels, are removing toe only seri- 
ous pressure cm the Sandinists. 

Today there are anti-Communist 
insurgencies in A fghanistan, Angola 
and Cambodia. Americans opposed 
to the Contras favor a declaration erf 
indifference to the only force that 
might enable Nicaragua to join Por- 
tugal Spain, Turkey, Argentina and 
Honduras on the list of democratic 
nations that have risen from tyranny. 

Mikhail S. Gorbachev, the Soviet 
leader, threatened Pakistan with re- 
prisals if it continues to facilitate aid 
for the Afghan resistance. Now that *■, 
Congress has spurned the Contras, * 
how long will Pakistan resist Soviet 
pressure? Now that Congress will not 
countenance support for the Contras, 
the increasingly tinny voice of the 
United States Jill have decreased res- 
onance in South Africa, the Philip- 
pines and other places where freedom 
is the issue at stake. 

It is said that an optimist is some- 
one who believes his future is uncer- 
tain. Optimism about democracy, 
and not just democracy in Central 
America, is irrational now that, six 
months after a landslide reaffirma- 
tion of a president. Congress, acting 
in the name of fastidiousness, has 
removed the keystone of that presi- 
dent's foreign policy: support for 
democratic revolutions. 

Washington Post Writers Group. 


Linking Third World Aid 
To Population Control 


By Richard D. lj»nm 


LETTERS TO THE EDITOR 


SA S 33>- 

U.S. subscription: $284 yearly. Second-class postage paid at Long Island City, N.Y. 1 1101. 
0 1985, International Herald Tribune Ad rights /exerted. 


Private Arms Funding 

Regarding the opinion column “ For- 
eign Policy: Set Your Own, Just 5JC" 
(March 28): 

Maybe Ellen Goodman's sugges- 
tion that UJS. citizens should private- 
ly fund military activities abroad is 
not such a bad one after all How 
many would support the billioas now 
going into the Middle East? Could 
Israel have invaded Lebanon without 
U.S. aid and tacit agreement to the 
adventure? Does the American tax- 
paying public really condone such 
activities? How many would send a 


check to Washington to back place- 
ment of MX missiles in Europe, let 
alone send a soldier to Germany? If 
tried the economy would boom. 

GEORGE W, HAMILTON. 

Vienna. 

Don’t Forget Dublin 

Regarding the feature "Europe, Re- 
flected in Its Public Parks " (Weekend, 
April 12) by Paul Lewis: 

The feature succeeded in omitting 
any mention of Dublin's Phoenix 
Park, immortalized by Joyce and tbe 
largest enclosed public park in Eu- 


rope, -while including Copenhagen's 
delightful Tivoli Gardens, which is 
not classed as a public park. 

As one who visited the Tivoli last 
year and took 28 other councillors 
from London Boroughs on a con- 
ducted tour of the Phoenix Park, I 
must protest at what I suspect is an 
Anglocentric dismissal of Dublin as a 
European capital city, 

Mr. Lewis may not be aware of it, 
but Dublin is one of the oldest capi- 
tals of Europe and the Phoenix Park 
one of its great parks. 

GERY LAWLESS. 

London. . 


D ENVER — George Bernard 
Shaw observed, “All great 
truths begin as blasphemy." With this 
philosophy in mind, I put forth blas- 
phemy: The United States should 
give no emergency relief to countries 
that are unwilling to adopt long-term 
economic reforms and programs to 
control population growth. 

While it is enough to “mean well" 
we also must “do good." I question 
whether the United States, in spite of 
its best intentions, does good by 
merely giving temporary relief to 
Ethiopia and nations in similar cir- 
cumstances. Sadly, neither America's 
grain bins nor its pocketbooks can 
keep up with the demographics of 
starvation, in Ethiopia or elsewhere. 

There are 535 million people in 
Africa. If population-growth rates 
continue on course, the continent will 
add 338 million more new mouths in 
16 years. By the year 2020, there will* 
be 1.2 billion people living on land 
that cannot adequately feed 535 mil- 
lion now. African farmers must feed 
about 20 million new mouths a year 
while U.S. farmers, with vastly more 
capital and fertile land, must feed 
only two million new Ameri can* 
Productive as we are, it would be 
impossible for the United States to • 
feed not only its own new citizens but 
the Third World's new citizens, too. 

Sooner or later, Third World coun- 
tries must come to grips with their 
population pressures. Try to write a 
happy scenario for Bangladesh, a 
poverty-stricken countiy with 96 mil- 
lion people crowded into an area the 
size of Iowa: The average woman has- 
14 pregnancies: 60 percent of the 
women bear seven or more children. 

Or try to wrile a happy scenario for 
Egypt, which will have 60 million 
people to feed by the year 2000 from 
an agricultural land base that shrinks 
600,000 acres (240,000 hectares) a 
year. Try to Mint an acceptable pic- 
ture in tbe Third World generally 
where more than 40 percent of .the 
population under age 16 lives in pov- 
erty and grows 2 to 4 percent a year. 

While the sub-Saharan African 
population is projected to triple, in 


the next 40 years, populations else- 
where in the world will burgeon, too. 

By the year 2000, Europe’s numbers 
wiD have expanded 4.5 percent, the 
U.S. population by 14.5 percent, Lat- 
in America's by 44.6 percent Africa’s 
by 65.9 percent. These rates are un- 
sustainable, even if we envision add- 
ing an international welfare load to 
the VS. domestic welfare program. 

Our desire to help must be appro- 
priately and realistically directed. If 
America gives short-term aid without 
insisting that recipient nations take 
long-term action to limi t population 
and reform their economies, we 
merely throw gasoline on a fire. It is 
true that cultural and language barri- 
ers may make it difficult to convince 
other nations that population control 
must be pan of the solution, that 
economic development will make a 
difference in their lives. But if we do 
not attempt to initiate long-term so- 
lutions, we will only perpetuate the 
fyet* o* hunger. We wifi only be keep- 
mg the hungry alive long enough to 
produce equally hungry offspring. 

The late Alan Gregg, a vice presi- 
dent of the Rockefeller Foundation, 
once said that overpopulation is a 
cancer and that he had never heard of 
a cancer that was cured by feeding it- v . 

We must insist that long-term solu- 
tions are in place before helping with 
short-term solutions. We must use 
unnking heads and bleeding hearts. 

In Ethiopia, the problem is more 
than a temporary shortage of food. 

Much of the land has been denuded. 

covers 4 percent 

„ “> e United States should insist on 
reciprocal altruism" in Ethiopia and 
elsewhere, if population growth is 
not brought under contra, if self- 
rehance through economic develop- 
ment is not encouraged, we will mere- W 
N multiply empty stomachs. We will ’ 
have meant well" and intended to . 
do good. But we will have done 
harm. We will have delivered a sen- 
tence of misery to future generations. 

The miter is a Democrat and gover- 
nor of Colorado. He contribute this 
comment to The New York. Tones. ; 








INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


P««eS 




■ 



T HlcAg g|ttJ 

ed Unwisel, 

*L Today ESMyS 

“">• members of gS 1 ^- 
^elyofVieiaW2f^ 

Mnenca — too bt'tle^H , Cwr 
■ursuit of the ttuaSt^'t 
etUement with a reanl?* 
oi believe in spliiiX^ 1 
s * recipe for anoih^vf^ 
*lher protracted failure. ; ' 

Surdy the Americans uW 
alk least about negotiated Jib^T 
tonofibeSandinisir^g 

he rebels, are remove J Jr; 
■us pressure on the 3d5‘ 
Today there are inu-Cmm- 
urgencies in Afghani^ 
ad Cambodia. Americans <5: 

a che Contras favw a dtdaX 

a difference io the only force ^ 
light enable Nicaragua tojomlC 
ugai Spain. Turkey, Argent r 
lend liras on the list (ftouaL 
latioos that have risen from 
Nlikhaii S. Gorbachev, the fo 
sader, threatened Pakisun mi j 
-risals if it continues to laaiffis 
?r the Afghan resistance. No* fe 
’ongress has spumed ihefo? 
tow long will Pakistan resafea 
ressure'- Now shat Congress!® 
ounteoance support for the Coe 
he increasing!) unny voce oi i 
Jnited States fill have decressedc 
nance in South Afnet the Piife 
ines and other places whenffrada: 
> the issue at stake. 

It is said that an optimist is®: 
ine who believes his future is ec 
ain. Optimism about deoaos 
nd not just democrat) in Cat 
un erica, is irraucnal no*' that •- 
-tenths after a landslide rtaife 
ior. of a president. Conpos, sc 
a the name of fastidiiwsw!. t 
emoved the keystone of dot p« 
em's foreign policy, suppen v 
emocratic revolutions. 
V’u&mgc* Post Hniwwx 

l World AH 
on Contid 


51 Are Killed 
In Weeklong 
Tribal Riots 
In Karachi 


ffraim 

KARACHI, Pakistan — Armed 
troops accompanied by garbage 
coihxtars have been scouring tnc 
^ narrow back streets of Karachi's 
Orangi area for victims in a week of 
rioting that already has daimcd 5t 
lives and injured ISO persons. 

Troops have found ai leafl seven 
rotting corpses in open sewers. At 
least two or the bodies were decom- 
posed beyond recognition, an am- 
bulance driver said. 

The unrest began last Monday as 
, a protest against reckless driving 
Li after a'Tcmaic student was killed by 
a minibus. It turned into a demon- 
stration against police and then 
erupted into clashes between resi- 
dents and members of the Pa than 
tribe from northern Pakistan, many 
of whom drive buses in Karachi. ' 

it was difficult to get precise ca- 
sualty figures from residents. 

Two persons woe stabbed to 
death on Saturdav and ai least six 
were injured as Pash tuns dashed 
with local residents, doctors at 
Abassi Hospital said 

Doctors at hospitals outside 
. Orangi, a west Karachi shim area 
-of about 500.000 people, said at 
least 35 persons were killed and 50 
were injured Thursday and two 
persons were slabbed to death dur- 
ing a short curfew break on Friday. 

More than a dozen more were 
killed in lUher clashes in northern 
Karachi, which is now under con- 
trol and under curfew . 

Authorities refused to comment 
on rumors that officials had or- 
dered on-the-spot bunds to con- 
ceal the number of dead. 


i H* >* 



Pakistani soldiers guarding the police station in the Orangi area after a week of noting. 


Karachi's dense working-class 
dr. i net was sealed off from the rest 
of Pakistan's largest city by a tight 
troop cordon and a strict curfew. 

Karachi newspapers carried only 
official suicmcnis after authorities 
pressured editors to ban the vivid 
jetountb of noting they had been 
publishing, editors said. The gov- 
ernment also asked newspapers not 
io publish holographs of the dis- 
turbed areas. 

it appeared that several thou- 
sand Bihans, the Urdu-sp&king 
residents, and Pa&htun migrants 
from the border near Afghanistan, 
were fighting in the streets Thurs- 
day. 


- Orangi residents said that rival 
groups fought on Thursday with 
axes, iron bars, daggers, guns and 
crude bombs. 

Witnesses said several Biharis, 
who came from what is now Ban- 
gladesh after opposing the creation 
of a new state there, made bombs 
by filling the hollowed kg bones of 
cows with explosives, nails and 
glass. 

Several of the bombs were 
thrown into crowds or Pash tun 
workers, the witnesses said, blast- 
ing bits of bone and metal into the 
bystanders and usually killing one 
or two each time. 


One Pashtun set fire to a Bihar- 
i -owned towel factory only 100 me- 
ters <328 feet) from a police station 
bristling with troops and consta 
Wes ordered to shoot looters and 
arsonists on sight. 

As the rifles were trained on him, 
the arsonist surrendered. He said 
that his brother had been killed by 
Biharis. 

More than 1,500 troops 

l.OUO riot police patrolled tbe 
sprawling area. 

Knots of women, children and 
old men stood at street corners, 
some with bundles of valuables, 
begging passing troops to take 
them to safety. 


Ethiopia Is Said to Hide Cholera Epidemic 


' By Blaine Harden 

P,rit fcrvur 

ADDIS ABABA. Ethiopia - A 
cholera epidemic has broken out in 
the Koran feeding center in the 
Ethiopian highlands, killing 20 
people a day, the French adminis- 
trator of the camp has said in the 
face of Ethiopian denials. 

’‘Right now, I have 50 new coses 
a day and if 1 don’t act very quickly 
in the next few days, ! won't be able 
to avoid a disaster," said Domi- 
nique LeguiUier, of the French vol- 
untary relief organization. Doctors 
Without Borden. 

His statement Friday, the day of 
a meeting here between Ethiopian 
officials and aid donors from 
t around the world, came afier five 
■ •* months of rumors from relief offi- 
cials that the highly infectious dis- 
ease has broken out in several of 
Ethiopia’s famine relief centers. 

The Ethiopian government has 
refused to acknowledge the exis- 
tence in Ethiopia of cholera, which 
causes severe diarrhea, vomiting 
and dehydration. The disease is 
simple io cure but is highly conta- 
gious and can cause a high rate of 
fatalities unless the patient is 
promptly treated. 

Government officials maintain 
that the victims in the fetdin 
camps are simply infected wi 
“acute diarrhea." - 

While insisting on that distinc- 
tion. the government asked donors ■ 
Friday for an emergency airlift of 
“urgently needed medical items" of 
. the kind that are normally used to 
'-dreat infectious gastrointestinal dis- 
eases such as cholera. 

The World Health Organization 
in Geneva last week sent an infec- 
tious disease expert to Ethiopia to 
look at possible evidence of chol- 
era. 

[In Somalia, an outbreak of chol- 
era in a UN camp for refugees from 
Ethiopia killed 1.600 people in 
three weeks, The .Associated Press 
reported. A UN spokesman in Ge- 
neva said that the outbreak has 
tapered off.] 

Five monLhs of behind-the- 
scenes bickering over medical se- 
mantics was brought into the 
at the donors' meeting when Mr. 
LeguiUier addressed Dawk Wolde 
.tGiorgis, commissioner of tbe gpv- 
' eminent's Reiief and Rehabilita- 
tion Commission. 


3 


“I have 20 deaths a day because 
of a disease that we cannot name." 
Mr. LeguiUier said. “1 am import- 
ing medicines and I have to lie 
about the name of the disease." 

Mr. Dawn then asked the French 
relief official what difference it 
made whether the disease was 
called acute diarrhea or cholera. 

“If I can tell suppliers that it is 
cholera, 1 can get the drugs much 
more quickly.” Mr. Lcguillier said. 

Diplomats and relief officials 
speculate that the Ethiopian gov- 
ernment has been unwilling to use 
the word cholera because of fear 
that news of the disease will scare 
off buyers of Ethiopian coffee and 
meat, which are major sources of 
hard currency for tire government. 

Doctors say that fear is largely 
groundless. They say the disease is 
carried primarily by the water sup- 
ply in places such as the feeding 
camps where large groups of people 
lack adequate sanitation facilities. 

“You will make medical history 
if you manage to acquire cholera 
through your coffee said a doctor, 
who spoke on condition that he not 
be identified. 

Echoing off-the-record remarks 
of officials from two other major 
relief agencies. Mr. LeguiUier said 
in an interview that it was vital that 
the disease 3t K or era be called 
cholera so that the camp could be 
quarantined and medical investiga- 
tors brought into Ethiopia to track 
down the source of the disease. 

“It is cholera and wc should call 
it cholera so we can isolate people 
at Korem. 1 ' Mr. LeguiUier said. 

He said cholera was first diag- 
nosed at Korem about two weeks 
ago based on expert knowledge of 
tbe disease’s symptoms and not on 
a laboratory test. The Ethiopian 
government says that many dis- 
eases are similar to cholera and 
that, lacking laboratory proof, 
there is no reason to declare a chol- 
era emergency. 


Without quick action, Mr. Le- 
guillier said, the disease will in- 
crease by hundreds of cases daily 
among the 25,000 famine victims at 
Korem. Emergency quarantines 
are also needed at two feeding cen- 
ters near Korem — Alamata and 
Kobo —to head off on outbreak of 
cholera that threatens about 45,000 
people there, Mr. LeguiUier said. 

He said that Kobo had 40 new 
cases of the disease daily, accordit 
to a recent report, and that 1, 


cases have been reported at Ala- 
mata, with 100 deaths. 

Mr. LeguiUier said he decided to 
speak out about cholera because he 
knew of no other way to speed 
medicine to Korem. He said that 
the Ethiopian government might 
expel him. Other relief officials 
have said they refuse to speak out 
because they fear expulsion. 

“There are 20 people dying every 
day and the best thing I can do to 
help them is speak out " be said. 


DOONESBURY 


fftAMOm 
WHKfe CQtmymi. 
going myptwme 
ON, SOMENEUTEOi 
asm? FUCK. CHECK 
\0UTTHE7ALENT. 




Union Carbide 
Doesn’t Rule Out 
Bhopal Sabotage 

Reuters 

NEW DELHI — Union Carbide 
Corp.'s Indian subsidiary has not 
ruled out sabotage in 'December's 
poison gas disaster at its Bhopal 
pesticides plant that killed more 
than 2,000 people, the Press Trust 
of India reported Sunday. 

The news agency quoted a writ- 
ten statement from Union Carbide 
India Ltd. to the official com mi s- 
, x sion inquiring into the leak- The 
'’statement said that the disaster was 
probably caused bv water seeping 
into an underground storage Unk, 
but that U was not possible yet to 
say how the seepage occurred. 

“Jt may have occurred cither in 
spite of all the prescribed precau- 
tions or by unauthorized, deliber- 
ate or inadvertent act of someone," 
the statement said, adding that all 
safety precautions were taken to 
avoid accidents at the plant. 

The Indian government is suing 
the Indian company’s U.S. parent 
'Sun behalf of victims of the disaster. 
‘The New York Tunes quoted an 
Indian official as saying Friday 
that the government had stopped 
negotiations for an out-of-court 
settlement on the ground that the 
company offered an unacceptable 
figure of 5200 million as compensa- 
tion for the Bhopal amide nt- 



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Army Cuts Suggest a New Push by Deng 


By John F. Bums 

Sen Yuri TinffS StttW 

BEIJING —The announcement 
that China i> io cm its armed forces 
by one million mm by the end of 
next year is a sign that allies of 
Deng Xiaoping have regained mo- 
mentum after a period of political 
uncertainly, Western diplomats 
say. 

The reduction in military per- 
sonnel, -amounting to nearly a 
quarter of the army’s strength, is 
seen as one of the boldest steps in 
Mr. Deng 1 !! drive to modernize the 
country. The 80-ycar-old leader has 
long maintained that the vast mili- 
tary establishment mast be pared 
to relieve the burden on the civilian 
economy. 

The political sensitivities in- 
volved were suggested by the way 
in which the announcement was 
made. Hu Yaobang. a close asso- 
ciate oT Mr. Deng who is general 
secretary of the Communist Party, 
rev ealed the cutback Friday in New 
Zealand, where he was on' the sec- 
ond leg of a five-nation South Pa- 
cific tour. 

There has been no report of Mr. 
Hu’s remarks in the main party 
publications. But the accuracy of 
the reports from New Zealand ap- 
peared to be confirmed when the 


English-language service of the 
Xinhua, the official Chinese press 
agency, carried an item from Wd- 
img ton. the New Zealand capital 
quoting Mr. Hu as saying that 
“China is to cut one mfllion troops 
from the army this year and next.” 

To cut that deeply into the army 
strength of 4.2 million, diplomats 
say, Mr. Deng must have broad 
confidence in his political position. 

Doubts had been raised over the 
last three months by the corruption 
and bungling that' enveloped tbe 
economic changes promoted by 
Mr. Deng. Prime Minister Zhao 
Ziyang has acknowledged that seri- 
ous mistakes were made in carrying 
out the changes, and hard-linen in 
the pony have questioned the ad- 
visability of allowing too free a rein 
to “bourgeois" influences, such as 
foreign investment and free enter- 
prise. 

Mr. Deng himself appeared to be 
on the defensive. But by pressing 
forward with radical manpower 
cuts in the armed forces, he and his 
associates appear to have given a 
clear signal of their primacy. 

From its inception as a revolu- 
tionary force in 1927 until recently, 
the People's Liberation Army was 
regarded as a bulwark of the views 
associated with Mao Zedong. 


Overcoming military resistance to 
change has been a major concern 
for Mr. Deng since gaining control 
of the party in 1978. 

The army, which is a three-ser- 
vice force, with ground, air and 
naval wings, has already had to 
accept cutbacks. With the excep- 
tion of 1979, when the brief border 
war with Vietnam swelled costs by 
about 52 billion, there has been 
continual restraint on its budget. 

Mr. Deng has cast aside Maoist 
precepts of "people’s war," empha- 
sizing vast manpower and guerrilla 
tactics, and has stressed modem 
techniques of conventional war- 
fare. professionalization of the offi- 
cer corps and more sophisticated 
weapons. 

To achieve this. China has al- 
ready made deep cuts in the officer 
corps. Overall manpower levels had 
been sharply cut before Mr. Hu’s 
announcement of the new reduc- 
tions. 

Where the new cuts will be made 
has not been announced, but West- 
ern military attaches said they were 
almost certain to come in tbe heavi- 
ly staffed support, echelons, rather 
than in combat units. 

With at least 60 Soviet divisions 
to the north and about 36 Vietnam- 
ese divisions to the south, China's 


combat arms are already stretched. 
Combined Chinese strength on the 
two frontiers is said to be about 1.2 
million. 

A Western diplomat said the cut- 
backs appeared to confirm the de- 
termination of the Chinese leaders 
to limit hostilities with Vietnam to 
the limited pattern of cross-border 
shelling and infantry skirmishes 
that has prevailed in in tbe dry 
season now ending. 

The diplomat said the move also 
underlined indications that Chi- 
nese leaders might be preparing for 
a mutual reduction of forces with 
the Soviet Union, on issue on which 
there has been no progress in nego- 
tiations so far. 

But the most important conse- 
quence could be in domestic poli- 
tics. For six years. Mr. Deng has 
been maneuvering to reduce the 
political influence gained by the 
forces under Mao. 

If the personnel cuts lead to 
sharp reductions in the military 
garrisons in dues like Beijing ana 
Shanghai, as seems likely, there 
could be a further downgrading in 
the army's political power and a 
parallel enhancement of civilian 
authority, a development that 
would broaden Mr. Deng's politi- 
cal leeway. 


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best oner. Viewing Mama Zeas, ft- 
roeus, Greece • &fl 30-1-452-8527, 
Gaptien Harry. Nego t i at ion s : caO 41. 
22-47 46 11. ^ 


HEALTH SERVICES 


COSMETIC SURGBTY tor men tod 
women mefading non refinement, ear 
corrector, breast enlargement or re- 


Hounslow, West London, TW3 3JS. 
T*t 01-570 9656. 


LOW COST FLIGHTS 


NY ONE WAY $150. Everyday N.Y. . 
West Coast SI 45. Paris 23a 92 90. 


E LOW COST FLIGHTS | 

fete 

HOTELS 

FRANCE 

fed 

EDUCATION 

UEARN FRENCH M PARIS wuh the 
dynamc profassionoh of ALFA & we 
hove English programs fw your 
French friends. G4 us at 29650.09 

SERVICES 

***** 

YOUNG ELEGANT LADY PA 
Representative services for Ws 

ZURICH 830^8.88. 

YOUNG LADY 

PA/ interpreter & Tourism Gads 

PARIS 562 0587 

** PARIS 553 62 62 ** 

FOR A REAL V.LP. YOUNG LADY 
Odnnguahert Begant, MuMSnguaL 

YOUNG HEGANT LADY 
PA. PARIS 525 81 01 

* VIP YOUNG LADY * 

Very educated elegant & tninguaL 
PARS 533 80 26 

* PARIS 527 01 93 * 

YOUNG LADY TROJNGUAl VP-PA 

TOKYO: 442 39 79 

European young lady compmon 

PARIS VtPSOMSnCATH) YOUNG 
lady compowoa Why don't you 
phone Z7/-01-69 fix ywir days, eva- 
mna & weelnindsl An elegant b&n- 
gut guide, even far your inoppmg. 

PARIS LADY GUDGI 224 OI 32. 
Youna elegant, educated, mil for 
days & ifiiMrt A tremb passfale in 
Peris & Airports. 

SWITZERLAND. YOUNG BEGANT 
lady companion- EngSsh + Garmon 
jgoLon. Free for traveL Tet 
061/438234. 

MIBMATIONAL BEAUTm Persia 
UM.TD. USA & WORLDWIDE. Tefe 
212-765-7793 / 765-7794 

SOOETE DIANE PAHS 260 87 43 
Men & women guides, security & rent- 
ing car tervum, 8 am - 12 pm. 


SERVICES 


FRANKRiKT. Young tody compenOn. 
EngEsh. French. Ger men spoken. Free 
to iravflL 069/44 77 75. 


PAHS NOTE THU PHONE AT ONCE 

757 62 48. Trustful V.LP. lady, travel 
coraponBA 


^&sjr i ‘ odrirM 


LOWON. Young German/ French dS- 
once to me 
London. Tek 


H you on your < 
UK 01-381 6852. 


Ocpore 734 96 28. 


Young xoptuncotod companion. 


Vf PA 8 bfaiguoi inteiprriw. 


tOrianiol/brropeahl oompgixon 


FtANKRHET YOUNG lADYcaranv 
■ ion + travel guide, Tel: 069/628432 


female/ male companion 


SERVICES 


LONDON WELL SJUCATH) Young 
tody comporxoa Teh 622 6615 


WET INDIAN LADY Companion let 
London 381 9847. 


PARS YOUNG SOPHISTICATE) VIP 
lady. tofaiffiDl PA. 500 89 72, 


YOUNG LADY Comganxsn tondotv 
'Heathrow. Tit 3867671. 


TOKYO LADY COMPANION, PA 
Personal Ajsatom 03-456-5539 


HONG KONG - 3-63000Q Young 
lody {Ancxi/Weuemt Canewfton 


MUNICH - GERMAN LADY campon- 
«n ond oty-gede. Tel: 311 11 06 

747 59 88 TOURIST GUIDE. Porn. 
onporH. 7 ■^/Bsgoghi jnrt trowel. 


HAMBURG -YOUNG tADY rampon- 
■on. muMnguaL Tri- 27 04 570. 

LONDON — HUNCH LADY VIP 
Atutoiv Tot 723 0272 


SWHBTJCATED Young Mon Compatv 
ton London/Heothrow 01 385 9C6 


TOKYO *45 2741. Tourmg & shop- 
png glides, umerpterers. etc. 


YOUNG OCEANIC LADY m London 
01-245 9002 Aepanv'Travri. 


PARIS MUNGUAl ASSISTANT to 
buuness executives. 500 58 17 


PARK LADY B i l ERPRfclUL Trove! 
compmiims. Porn 633 66 09. 


ATHH9S. 
d asaton). 


Mace Your Classified Ad Quickly and Easily 

In tba 

INTERNATIONAL HERALD TRIBUNE 

By Phones CoH your load IHT representative with your text. You 
wiU be informed of iho cost immediately, and once prepayment is 
mode your ad wffl appear within 48 hours. 

Ceefc The baic rote bS 9J0 per ine per day + locd taxes. There are 
2S (utters, signs and spaces in the first Em ond 36 m the following Knei. 
Minimwn space s 2 fines. No obbre wo tioi a — 

Credit Cmk: American Express, Dinar's Oub. Eurocard, Master 
Card, Aecen and Visa 


HEAD OFFICE 

Porim (For classified only): 
747-46-00. 

EUROPE 


1 26-36-15. 
Athene: 361-8397/360-2421. 
■nieeeh: 343-1899. 
Copenhagen: (Ql) 329440. 
Fianldwt: PWI 72-67-55. 
Usuwwm 29-58-94. 

Lisbon: 67-27-93/66-2544. 
London: [01] 836-4802. 
Madrid: 455-2891/4533306 
MRon: (02) 7531445. 
Norway: (03) 845545. 
Romo: 679-3437. 

Swodom 08 7569229. 
TriAvhn 03455 5S9. 
Vienna: Contact Frankfurt. 

UNITED STATES 

Now York pi 2) 752-3890. 
Wool Coast: (415] 362-8339. 


LATIN AMERICA 

Booaoe Airac 41 4031 
(Dept. 312] 

Guoyaqul: 431 943/431 
Umec 4178S2 
Ptawma: 644372 
Sai Jaoo: 22-1055 
Santiago: 69 61 555 
Sao Paula: 852 1893 

MIDDLE EAST 


■bit 246303. 
JordBu 2S2T4 
Kuwait: 56)4485 
Lebanon: 34 00 44. 
Qatar 416535. 

Saudi Arabia: 
Jeddah: 667-1500. 
UAX: Dubai 224161. 

EAR EAST 

390-06-57, 
j Kane 5-213671. 
Months: 817 07 49. 
Soaab 725 87 73. 
Singapor e: 222-2725. 
Tdwax 752 44 25/9. 
Takyoc 504-1925. 

AUSTRALIA 

Sydney: 929 56 39. 
MoBwomu; 690 8233. 


INTERNATIONAL 

ESCORT 

SERVICE 

USA A WORLDWIDE 

Head office m New York 
330 W. 56*h Ss. NYjC 10Q19 USA 

21 2-765-7896 
212-765-7754 

MAJOR CRHMT CARDS AND 
CHECKS ACCEPTED 
ft fvdta Membonhipt Avdkddo 

This ewwd w tania g xorvko hoe 
boon Fsatu rxd ax the tap A most 
oxduefvo Escort Service by 
USA A h d emofand news medta 
todwfing ra£o and TV. 


REGENCY 

WORIJDWtK MULTILINGUAL 
ESCORT SERVICE 

NEW YORK OFFICE 


Tab 212-838-8027 
A 212-753-1864 


* USA i TRANSWORLD 
A-AMERfCAN 

ESCORT SERVICE. 
EVERYWHERE YOU ARE OR COL 

1-813-921-7946 

CoR free from Ui 1800.2374892 
OA free from Florida 1-800-2824)892 
UWt Eastern wekernet you badd 


CAPRICE 

ESCORT SHIVICE 
W NEW YORK 
TEL: 212-737 3291. 


LONDON 

BELGRAVIA 

Escort Service. 

T«l: 736 5B77. 


ESCORTS & GUIDES 

ESCORTS A GUIDES 

LONDON 

Poriman Escort Agency 

67 CMlem Street, 
London Wl 

Tel: 4S6 3724 or 486 1158 
AD major aecDf cards accepted 

GENEVA 

Cefine Escort Service 
Mato A Ferarik. Tab 022/36 25 21 

MADRID KITTY 

BCORT SOWKE 
Tab 2503496. CSBJff CA1D5. 

LONDON 

BEST ESCORT SBIVICE 
TEU 200 8585 

★ MADRID ★ 

TASTE ESCORT SBMCE 
TEL 411 72 57-259 61 96 

LONDON 

KENSINGTON 

ESCORT SERVICE 

IO KBJSJNGTON CHURCH ST. WS 
TU: 937 9136 OR 937 9123 
AD mafar credit card* accepted. 

ZURICH 

CAROLINE ESCORT SERVICE. 
Tab 01/252 6! 74 

ZURICH-GENEVA 

GtNGBTS BCORT SERVICE. 

LONDON CLASS 
ESCORT savo 

LONDON, HEATHROW A GATWICK 
Tab 01 890 0373 

TBcOl/363 08 64-022/3441 86 

ZURICH 

ALEXIS ESCORT SBMCE 
TEL 01/69 55 04 

* AMSTERDAM* 

SHE Escort Service. 227837 

ARiSTOCATS 

1 jeragletra 

M«igQn mvmi mmm 

128 Wgmore St, Lsnfon W.l. 
AS mcxa> Credit Cords Accepted 
Tel- 437 47 41 / 4742 
12 noon - midnght 

ROME CLUB EUROPE ESCORT 
& Guide Serwee-Tet 06/589 2604- 589 
1146 (from 4 pm la 10 pm) 

AMSTERDAM 

Gens Escort Service 

229817 or 246145 

GENEVA * BEAUTY* 
bcoit senna. 
TH; 29 51 30 

GENEVA ESCORT 

SERVICE. Tab 46 11 58 

MAYFAIR OUB 

GUIDE SERVICE from Spa 
ROTTERDAM (0) 10-2JMJ55 
THE HAGUE (0) 7D-60 79 96 

CHH5EA ESCORT SERVICE. 

51 Beouchamp ftaez. London 5W1 
Tat 01 3M 6513/2^49 (4-12 pro) 

AMSTERDAM JASMINE 

BCORT SBEVICE. 020-366655 

MADRID IN TL 

ESCORT SHttflCE 
TEL 2456548. OtfiHT CARDS 

AMSTERDAM FflCOLE 

ESCORT SflKVICE 020-999244 

ZURICH 

Samantha/i Escort & Guide Service 
Mtde R Ferade. U 01/56 96 92 

AM5TBLDAM BARBARA 

ESCORT SERVICE. 020-954344 


MILAN BCORT 

saVlCE: 02/69760402 


GOtEVA WOCOME 
MuKhoguei. Escort Guide 
Tot 22/ 35 93 68 


GENEVA FUST BCORT SHVKE 
K* WfflCB® + TRAVH. PLEASE 
RESERVE. TH_- 002/31 49 87 


GOEVA - BEST 
ESCORT SERVICE 
TEL 022/86 15 95 


CHAIOBC GENEVA 

Gude Service. Tel: 283-397 


FRANKFURT + 5UUOUWMGS. 
CorQ&ne'i Escort 4 travel servioe. bv 
gfah, French. German spoken. TeL 
669143 57 63. 


GENEVA -HHBfE BCORT SHtVICE 
Teh 36 29 32 


LONDON TOPS 
ESCORT SSnnCE. 385 3573. 


DUSSBDORF - COLOGfffl - BONN 
1 Exdueve Escort + Travel Service. 

Tek 0211-6799863. 


RMNKRfRT AREA - ANGEUQLE^ 

bingual Escort + travel service. Tet 
069/628805. 


DUGSSHDORF - COLOOME - BONN 
ESSEN. Consul Euort Agency. 
Cretfit ciedi accepted 021 1/3P43ff 


LONDON HEATHROW MAXftE 

Bcort Service. Tet 937 4428 / 935 
7603 London 


AMSTERDAM, Brussels, Antwerp. The 
Hague. Rotterdam. College Bcort 
Service. Awfardom pPTa?|- 906266 


LONDON ESCORT AGBKY. 
T«t 935 5339. 


LONDON ESCORT SERVICL Tel: 937 
6574. 


VIENNA CLEOPATRA Exert Service. 
Tel: 52 73 B8 + 47 70 35. 


NEW YCMK Rente & Gabheh Escort 
Service. 212-2230670. 


NEW YORK: RENEFi Escort Sena. 

TA212-581-WR. 


VB4NA ETOU£ ESCORT SKVKL 
Tel: 56 78 55. 


AMST9DAM BETTY’S CITY Escort 
Servian. Tet P2B| 34 05 07, 


LONDON LUa BCORT & Cud* 

Sorviee. Tet 01-373 0211 


VPWA VIP BC ORT SBtVKX Tet 
[pfientwl 6541 58 M 


LONDON: JU1AN A ALAN Mob Es- 
cortServiees. Tet 3^ 5300/341 9531 

MAMOUIIT AREA. Femd« + Mob 
escort + trove! service. Teh 62 W 32. 


MUNICH NEWTS Escort + Gtnde 
Server. Tet 089/4486038 


NJSSELDORF-COLOGNE-Essen-Bonn 
Engfah Escort Service 0211/3931 41 

RANKHJRT ANNY ESCORT + trav- 
el servicB. Tel: 069/55-72-10 

EBONY ESCORT SSTVKX Tet Lon- 
don 01 3S1 6278 

COMMA JADE GENEVA Escort Ser- 
ve*. Tel: 022 / 31 2673. 

FRANKFURT + SURROUNDINGS 

Christmas Escort Service. 069 ■’ 361656 

FRANKHJRT - YVONNE’S ESCORT 

ond Travel Service. Tel: 069/44 77 75 

GENEVA CHAUSNE GUIDE Service. 
TeL 283-397. 

VB4NA - DESIREE ESCORT Service. 
Tel: 52-30-355. 

AMSTERDAM JEANET Escort Service 
TeL (020) 326420 or 3401 ID. 

MUSSaS. CHANT AL BCORT Set- 
vtor TeL- 02,'520 23 65. 

MUMGH - BONOY 6 TANJA Escort 
Service. TeL 31 1 79 00 or 31 1 79 36 

VIENNA’S FIRST ESCORT service. TeL 
02244-4191 or 722-432, till rrxdnght. 

DOMMA. AMSTERDAM ESCORT 

Glide Service. Tel: (020) 762842 

FRANKHJRT “TOP THST Escort Ser- 
069/594052. 

MADRID SELECTIONS BCORT Ser- 
vice TeL 4011507. C'erit Cards. 

MUNICH WOCOME Es art Serves 
Tel: 91 81 32 

BRUSSELS- ANTWERP NATASCHA 

Escort Service. TeL 02/73176 41. 

HARWOVa ■ Conmo Escort Service 
Tt* 0511/80 61 59. 

LONDON ZARA BCORT Service 
Haathrow/GatwidL Tri- 534 7945. 

AMSTBOAM FOUR ROSES Escort 
Service SB 20-96076 


FRANKHJRT 50NJA ESCORT Ser. 
woe. TeL- 06948 34 42. 


FRANKFURT • ANNE'S Escort Service. 
Tet 069 / 28-81-01 


FRANKHJRT/MUNKH Mrie Escort 
Sarvce. 069/386441 & 089/3518226. 


CODA'S ESCORT SERVICE. Frankfurt, 
Tet. 069 - 88 55 99. 


HAMBURG ESCORT + GUIDE Ser- 
we. Tet 54 17 42. 


LONDON GABKEIA BCORT Ser- 
vice. Tat 01 -3296561 


LONDON JAPANESE ESCORT Ser- 
vice. TeL- 01 821 0627. 


MUNICH - PRIVATE ESCORT + 
Guide Seneca. Tib 91 23 U 


MADRID IMPACT ESCORT & Guide 
SrivicB.-MuUittoUoL 261 41 43. 


HOUANDJB ESCORT satVK£ Q20- 
1222785, 030-944530. 02997-3665. 


lONDONTROOCE ESCORT Service. 
Tet 01-373 8849. 


LONDON ' GME ESCORT Service. 
Tet 370 7151. . 


■ ^ to . 


INTERNATIONAL HER Ai n TRIBUNE, MONDAY, APRIL 22,1985 


International Bond Prices - Week of April 18 


Provided by Credit Snisse First Boston Securities, London, Tel.: 01-623-1277 

Prices may vary according to market conditions and Other factors. 


RECENT ISSUES 


SIrl Inn MM 
Mai Coav Pries Price Yield 


Ant Security 


VMM 

Middle Aw 

% Mat Ptlca Mat Ufa Cun- 


Amt Security 
nkr IDO EMponHnara 
nkrioa EksnortnnoM 
SSB EkfParKMara 
ISO Ekspartflnara 
ITS EJauortfiwnM 
IW EVwartftaansX/w 
racrJOO EksnortfUwn* 

IIS EMpartfinam 
IKS EkswrtWnS 

I IDO Eksaartfinon 

nkr 23 EkHWrtflnais 


— -nm — — 

MkMto An _ 

Mat Pita Mat Lift Cirr 


E9) Euroe Inveil Bank 
General He Cora 
Union PocilFc Corn 
Sanr Corpora! KU1 W/w 
Saw Corporation X/w 
Amm Develop Bank 

DcnntorV 

Cammnnneallti Bk Auw 
Eseom EiectrSunolv 
MaJonoWs Carmrallan 
Treasury now S Wain 
Austria 

Brit Columbia Provine 
EibEurop lnveu Bank 
Canadian Nall Paihwv 
World Bon* 

BeilCOToda 
Megai Finance 
Bril ah Pelral CmtB 
Phlho Morris C/ed Co 
Denmark 

Mellon Financial Co 
I nier -American Dev Bk 
Cadbury Scb wooes 
Lotto- Term Credit Bank 
Canada 

KaiimaConwrothm 

Sweden 

American Gores O.'S 
British Petrol Ovene 


STRAIGHT BONDS 

All Currencies Except DM 


Middle Aw 
Mot Price Mai Lite Curr 


AUSTRALIA 


Au it ratio Mu 

Australia 8ft 

Australia »t% 

Australia BVj 

Australia Mu 

Australia 1% 

Australia Bft 

Australia lift 

Australia 1ft 

Australia lift 

Alcan Australia Bft 

Alcoa Of Australia 17 

AMno 01 Australia 11 

Alcoa Of Australia W 

Alcoa Ot Australia lift 

Australian Ind Dev Co it 

Australian Ind Dev Cd Uft 

Australian Mini Smelt »'v 

Australian Resources 13 

Australian Resources 13ft 

AustrasvriB I 

Broken Hill Pty S'* 

Broken Hill Plr IU» 

Broken HIM Plr 12 

Broken Hit i Ptv 10 

Camalco invest Europe 9ft 

Coma Ico invest Europe 10% 

Comal ca Umlina Kl 

Commonwealth Bk Ausir 12% 

Commonwealth Bk Ausir 11 

Car Limited lb 

Hameratev HohOnas 9ft 

Hamerjtev liOTFhi 9ft 

Hamtrsfev Iron Fm 9 

Hamnlev Iron Fin 0 

K Mart Finance 9 

Mount Isa Finance 8% 

Mounl lea Finance 13% 

National Autfr Bank lift 

Primary Industry Bank Hu 

Primary Industry Bank IT. 

Oueen stand lift 

OueeiaUM Alumina Bft 

Queensland Alumba 1% 

Rural Industries Bank II 

State Bk New SWa/B lift 

Tnt Overseas Finance 9 

Treasury New S Wales Ilk. 

Western Minina Caro lift 

Western Minina Caro 7 

Wetinoc Banking CD lift 

westpoclntl Finance It 




Austria 

Austria 

Austria 

Austria 

Austria 

Austria 

Austria 

Amiran Control Bank 
Austrian Control Bank 
Austr km Centra Bank 
Austrian Conlrol Bank 
Austrian Control Btmk 


15ft US Mar 
BVTOAua 
UftTOJut 
BftTOJul 


IDftTIJon 
11% 85 Jan 
J 95 Aar 
10 -SSJul 
U 8# Feb 
K'iaJun 
10 91 Apr 
EM. 81 Jun 


Austrian Control Bank 
Austrian Control Bank 


CredllOTStalt-Bcnkver 
Creditanstait-Bai X/w 
Credllonsra l-Bon kver 
Credltanstnlt-Bankvor 
Credttanstaf f-BanfcvBr 
Danoukraftwerke Ag 
Genaaen Zen Ira Blank 
Genassan Zcntratbank 
Giro: flank Sporkossen 
Giro? Bank SoorVussen 
Glroz Bank Soorkamti 
Giro: Bank Soarkamn 
Pastoparkasse 
Tauernautooahn Ag 
Trans Austria Gasline 
Vienna Olv 
Vi anna City 


1515 91 Aar 
13 9k Dec 
I Mi TB Jim 
M 88 Jul 
11%TOJUl 
15ft 90 Jul 
lift 9( May 
1114 93 Feb 
lift 90 Apr 
W 91 Jun 
ISliWSep 
13% 81 May 
U 91 JM 
10ft 91 Dec 
124. 19 Aor 
514 W Mar 
7ft W Jan 
j2%TOOct 
1314 94 Jul 


110ft ll.tl 1*04 

B9 11.48 1153 943 
107ft 1L» 1204 

87 11 JJ 1231 991 
106% 793 HUH 

97ft 1131 1158 

9m 7J4 7.J8 

IDS 9 A3 1180 

102ft 1056 1144 

W 12J5 1491 

97ft 1151 1U1 

104ft 11.15 1132 

111 1254 1242 

TOO 1197 12B0 

96% 1203 11.11 

154 1235 1X44 

94ft 12.15 11A4 

M7ft U38 1443 

UJ 1238 IVt 


W 1234 1146 

107 1229 1188 

M9 1245 1199 

M3 1250 1254 

107ft ms uid 

105ft 750 M7 7J4 
Ml 1192 ixn 

73ft 12211258 U2 

89ft 1219 1441 528 

97 1147 1227 

10414 1107 1247 

75 1258 1197 

77ft 1231 lift 


ITS 

sin _ 

1175 * 
SUB 
5125 
1100 
1150 
sioa 
1125 
0458 
SIN 
SIS 
14a 
cr«40 

cnSSI 

cnS35 

in 

cnS25 

IS 

SIN “ 
150 

0455 T 
0450 T 
0458 T 
en*7« Ti 
170 ' 
175 TI 

IKH T: 
1100 Tl 
0450 T 
0431 
0458 
0435 
ISO 
140 
ISO 
0458 
o4H) 






!•! Tj-i 













■ - 


GERMANY 


MtKfO 
Mat Price 


7ft 
5 

7ft 
lift 
JOtli 
ICELAND 

8%86Jan 7B 

8 37 Feb 97ft 

9 17 Fob 93ft 
Oft 92 Dec 99 

IRELAND 


1142 1131 

1149 1091 

1097 1TJX 

1246 15LM 83C 
1 148 10A1 

1141 531 

1239 lUt 

11-33 1055 

1231 12S 

1244 1173 

1XK ILK 

099 740 

1224 505 

934 538 

1215 1025 

1045 11AS 

1134 1117 

I US 1221 

545 590 

1L74 112 

12*5 1195 

1097 114 IV 
lit) 111 

1133 10.13 

1U0 793 

11431144 0.14 
1157 199 

ixu nut 

1L77 533 

1135 tin 

924 lltt 


8% 89 Feb 58 
lift -74 Apr 90ft 
RKTSJon KOft 


1235 H27 935 
1190 1126 
943 . 948 


Censor: io Di C red to 
Enl Enle Kaz ldrocnr 
Em Enle Ns larocor 
Enl EntoNae ldrocnr 
Eni EnteNai ldrocnr 
Ferrovie Detlo Slola 
Olivetti Inti tluxl 
Turin City 


7ft a Jar a 
oft 17 Jun ft 
7 a Jan 55ft 

6ft -80 Jun tift 
64.-UNDV 76 

8ft 16 Fen 94ft 
9ft13Kav 97ft 
7 TOMoy 73ft 


11471297 892 
W90 nJ8 747 
13A4IU6 L17 
543 1556 7.14 
527 1559 7.11 
12591199 9JJ7 
1441 1397 7J4 
1059 1146 9 A3 




77ft 1258 
94 71.15 1137 

97 ft 11.12 
107 134 

96ft 1110 
90ft 1157 
1238 
87ft 1U5 1247 
Wft (125 1240 


102% 1155 
100ft 11.97 
IN 1023 
105 US 
98ft 9 a 9 
till 
1750 
1135 




Aug 102ft 
Jun 95 
May 109ft 
Aug 110ft 
Nov 94 
Apr 95 
Fgb 157ft 
Od 113ft 
MOV 93ft 
MOT 95ft 
Dec )50ft 
Dec 55ft 
Od 151ft 
Feb 59ft 
Feb 03% 
103 

in 

100ft 
lOkft 
95 
71ft 
TOOft 
74ft 


European Honiara 
Gent money 

Krodtttw* iflmo 
Solway 


BELGIUM 
BankliwEboo IWItF* 


DENMARK 



lift a Jan 
12 a Jan 


TOJft 79J 10A4 

95 1245 1144 

991b 1249 12® 

97 1151 WE 


Denmark 

Denmark 

Denmark 

Denmark X/w 

Detvnark 

Denmark 




Denmark 9ft 

Denmark lift 

Danmark 8% 

Denmark 12ft 

Carixbero-Tubore Oft 

Copenhagen City 9 

asssssssfc u 

Caperinaen County Aut 7ft 

Cu u entwoen Telephone 5ft 

Copenhagen Telephone 6ft 

Mortgage Bunk Denmark 6ft 
Mortgage Bonk. Denmark 7ft 
Ntortgoee Bank Denmark U 
Prtvatbanken lift 


99ft 10A71 
79ft 10371 
90 0581 

106ft 1136 
97 11.73 

102 1234 

57 1L15 1 

97ft 1124 
100 1123 

104ft 9A4 
1014b HAS 
M4ft 1124 
107ft U2t 
1 95ft 1202 
76ft 735 
ion 1163 
100ft 1253 
75ft 940 
98ft 1145 
105ft 739 
101ft 1149 
95% 10251 
T9ki 7.93 

s&swsn 

«6 1124 1 

95ft 1053 1 
94ft 1071 1 
Toft 1131 1 
67 10441 
M2 1254 
155% HUB 


Ffttcmd 

Finland 

Finland 

Finland 

Finland 

Ftatavi 

Finland 

FWmd 

nnknd 
EnsoGotull 
Finnish Ernort Credit 
Flraihti Eapoti Credli 
Flraihh E» uort Credit 
Firm Mi Export Credit 
Finnish Exporter X/w 
Finn Mi Moakdpa Loan 
Firm Mi Munidpa Loan 
HetatakiOiv 
ind Mist Bank Flrtana 
Industrt Fana- Finland 
MortgooeBank Finland 
Mortgage Bank Finland 
PekemaOv 


9ft -56 Mar 
15% 17 AW 
5ft -87 Jun 
lift a Jan 

nib a sop 

lift T9 Jun 
5ft 89 N<* 

oft -nod 

12% 74 NOV 
lift 70 Mar 

l^ajut 
Uft a Apr 
lift -86 Dec 
17ft a NOV 
uft a Nov 

nnw 

&3!F« 

W Nov 
8 "57 Dec 
5% 17500 
SftVFen 
llftWltoy 
8ft W Dec 






on 

9316 

100ft 1128 
143 059 

53 1213 

117ft 244 
85 1328 

91ft 73* 

51ft 122? 

128 M 
57ft 1155 

97 1224 1449 

•4 1125 

80ft 1274 
14ft 
M3ft 

54 

98 


99 

101ft 
Ifflft 
106 
87 

52 

77 ft 
75 
97 
129 

55 11A3 

96ft 1142 
111 1241 

94% iua 
153% 1124 
79ft 1129 
87 XU8 
12 1234 

107 ATI 
100ft 1243 
Mft 1144 
MTft TIM 
Mlft 1145 
»1ft 
83 
106 
107 
237ft 
no 
l«ft 
97 

126ft 
52ft 
95ft 
HI 


LUXEMBOURG 


BM-Bonk Intt W/w TftYSMov 101 

Bht-Bor* Inti X/w 7ft 70 May 53 

SndSeeNaiCred Inv WftTJMm 103ft 



aft 27 6flar 94 
Bft-^Dec 57 
Wft 77 Jut 110 
5 tJ Feb 93ft 
13 a Nov 97 
17ft a Mar 101ft 
17ft TO Nov HI 
16 ft W Apr M4ft 
5ft W Sep 92ft 

lift a Jul ejiti 



MISCELLANEOUS 
P° u< . H "_pe. Gutr»e B TO Dec soft 

Deveioe Bk smeapore lift w Aug m 
Mesoi Finance lOftaAnr 10tD« 

nmwore 7ft a No* *i 

Troim Pine Fkimxe 6ft 55 Jul 91ft 

Transalpine Finance 4ft5SOd 97ft 


17.11 11» 9A4 
1271 13.95 10*7 

1650 1602 

■221 1341 556 
1*35 1340 

1673 1749 

142S 1*53 

1X77 ljjy 

1227 U37 9.1* 
1*11 1*39 1230 


1343 154? *46 
1243 1X96 

1546 1509 

12021*46 552 
1210 1227 *55 
T1J91U6 *67 


NETHERLANDS 


S5D Norn ID* 

S50 Norpipe 
nkr 350 Norsk Data 
150 Norsk Hydro 

130 Norsk Hydro 
135 Norsk Hydra 
ISO NOT* Hydra 
148 Norsk Hydro 
nkr ZH Norsk Hydro 
s so Norsk Hydro 
sloe Norsk Hydro 
S50 Norsk Hydro 
Mr 100 Oslo City 
SIS Oslo Olv 
HIOO Oslo CHy 
140 Oik) Cilv 
nkr 100 OsloOtv 

nkr 150 OstoOty 
s ® osmaty 
S 15 Rddal-Suldol Kralt 
1100 stowi Den Narske 
SUM SiowUDea Narske 
SUN) SlotoU Den Norske 


SOUTH AFRICA 


1U71U9 143 
1X71 1342 565 
1X181*40 9A3 
1X93 1241 1240 


S2S South A/rlco 
S25 SmsTh Africa 
ecu« South Africa 
140 South Ainca 
SSD Anato American Carp 
S20 EseemEMctr SuppIv 
STS Escem EMctr Supply 
IIS EscomElectr Supply 
S75 Escom Electr SuBPiv 


5 a Feb 93 1X561*23 440 

7ft W Dec 58 1X35 1343 841 

in* a Mar rai% ias3 mi 
1 2ft V Jul 701ft 114* 1X32 

7ft a Mar 9*ft 1B45I201 744 
Sft-WDec *7 Jft5< 11X7 5J6 
lift a Jun 95 1X54 1XU 

9% WMar 93 11451X79 745 

12ft Tl Feb 97 1249 1X43 

HHaOct 1B2V> 10X7 1 137 


tcu* Pool Telecom Pretoria lift a Oct 1B2% 10X7 
SOUTH AMERICA 


S35 Brazil 
S30 COtambia 
SiS Venezuela 

S 15 VOnemelcn Telepnane 


IlkVDK 18ft 1170 1127 932 
O’* a Feb 82ft 1*53 2132 nun 
Sft-TCOd 79 1X32 1431 1L00 

8ft a Dec 84 MJM 1531 949 


IB Spain 
S25 AatootilQ!; 

S2D ini mstttut tioclndu 
SIS Pelrenor 
*15 Pelrenor 


15ft m Apt W 1544 1*58 

7 ajid 95% 7X411X8 735 

8 aOd 97ft 9.14 944 821 

ift-UDae 77ft tail ms *n 

7ft a Jan 93 B33 1XI4 833 


SUPRANATIONAL 


ecu 40 Alrfcan Develop Bank HHkWDec 101ft 744 

•cu 15 African Dwetoo Bank WftTlOec KBft 1041 

S 75 Aston Dwrtcp Bank «*■■**.- ««■ 


vtnoo Asian Devetoa Bank 
r 15000 Aslan Devetoo Bank 
tisao MmDtvtiePBa* 

* 100 Aslan Develop Bavk 
y 15000 Aslan Dewlap Bank 
i ID Council Of Eoraoe 
ecu 35 Council Of Europe 
Stf Ecs Euro Coal & Steel 


8ft-8*AuB 97ft 1072 555 

5ft V Sea 96ft 685 5.94 

SftVIAer 106*k 7J7 742 

m^Atv tv* 734 in 
lift a Nov Wm 1157 1L72 

7ft 74 Fib 101ft 7.13 737 

lift -92 Mar 79ft 11X7 11X3 

lift 73 May W7ft 1023 7411043 
7% a Jem 957k JO-77 1X76 934 


H 150 Ecs Euro Cool 5 Steel UftaApr 100ft 1X62 


515 Ea Euro D»l 4 Steel 
sa Ecs Euro Coot & steel 
SB Ea Euro Cool 4 Steel 


4ft 54 Jim 95 1139103 *54 

6ft a Dec 93 11X11X76 *97 

6ftaMar 93 Kill 1X49 *99 


6 50 Ea Euro CooJ* Steel UftaMar 106% HL47 


120 Ea Euro Coal &Stm 


Aft a Oct 91 10441*11 735 


SIM Ed Euro Cod 1 Sleel lift a MOV KH'A 10.95 10X9 1136 


IS Ea Euro Cad 4 Steel 
ecu® Ea Eire Cool 4 Steel 
SSB Ea Euro Coal 4 Steel 


13ft a Oct 153ft 1X15 I34M 
16ft a Sec 105ft 909 1037 

5% a Oft 57 1X1*1247 7X8 


HIGHEST YIELDS 

to Average life Below 5 Years 


Colon Mo 
Gts6- Brocades liffl 
Word Food* 0/s Capita 
Venezuetcn Telephone 
OrarB 

Amerada Hess X/w 
tOahnmrt Benson Lons 

Venezuela 

Intt Standard Eledrf 
Charter Coosond O/s 
Clmenh Luforge 
Pant-A-Mnusson 
union Carbide Canada 
Inti Harvester Credit 


VU a Feb 

5%VJ0( 

SftaNov 

59>i7Dec 

luaotc 

kftVJW 

8V>aMay 

waoct 

4 a May 

7ft a od 

7ft a Jut 

7ft -97 Aug 

TftaMoy 

9ft a Aor 


52ft 1 *53 2132 1000 
97ft 1905 1736 *46 
77ft 1*57 1523 743 
8* 1*94 »J1 7J9 

BSft 13J5 M37 932 

88ft DW 1736 7 A3 
92ft 1X551*41 *92 
77 03Z 1*31 IU* 

91ft 1042 t*22 *56 
C 1449 1102 9.15 
85ft 1344 MX4 447 
98 1X7* 14X7 933 

94VJ 1547 1434 K32 
94ft 1*17 1*19 1032 


HIGHEST YIELDS 

to Average Life Above 5 Years 



10 a Jul 50 111* 1442 1150 

10 a Feb 82ft 1X19 UAI 1X12 
5ft 74 Dec 79 1X35 K19 (133 


5ft 71 Dec 82 091 1345 1047 

9 72 Feb 52 1X15 1355 1045 


5ft72Aup (3 1X48 1353 1054 

9% a Jun 54 1X77 1150 Hill 


7 72 Oct 82ft 1X74 13X7 1091 
Vi 73 Mar C UD7 13X6 tun 
17 76 Dec 113ft 14X9 1400 1449 
UftTOAufl KJift 1X22 1X22 UBB 
7 a Feb 57ft 1U5 0071039 
D 14 Mery 9017 TU5 1108 1145 
n 71 Jut no lt47 1144 1280 


— HIGHEST CURRENT YIELDS— 


Peme* Petnfleai Atexlc 
Merica 

Narltiero raflami PuW 
Coles Service O/s 
Cant Products Coe 
Bril Columbia Mumcto 
Tronscanodo Pipelines 
GuH Slates 0/s Fhai 
Onto Edison Finance 

Genera Motors Accept 
Ncdonal Flnondera 
Hudsons Bov 
Canadian Pacific 
Quebec Province 


17ft a NOV 
18ft a Jul 
i7%aod 
17 a Sec 
16ft a Sec 

17 aoct 
17ft mod 
17V: a Del 
iTft aoa 

18 -870ct 
17ft -87 MOT 
15 87 Nov 

17ft -87 Nov 
IB 17 Od 


104 1438 
1U lt» 
164ft 1537 
103 H48 
101ft 1S2S 

w nun 
106ft 1*35 
IF 1*44 
117 HAS 
I81ft 1742 
101ft 1*73 

105 1532 
IB 1X12 
IF 1632 



ZERO-COUPON BONDS 

security FU OrtotaatOfiartaM Ottered 

Maturity Amt Veer Prke Pfta 












roMO 

-1 


4 L ^- Li 1 

KSj 


®|5S 


C-lm:. 



Amt Security 


WIBOd 100 7.7V 1035 

It’* tt Jun 101ft 7.79 11.11 

7 86 Sep 99 941 fa 939 

lift V Jon 99ft 1131 1131 

9ft V Jul 95ft 1024 1075 9A6 
13ft 575*0 154ft I LOO 1249 

12 87 JOT IDS 1029 ILO 

Uft a Mov 104ft 1X99 11X71338 

91k "90 Feb MU 11X8 1XIB 10X5 
lift -90 Nov 79H 1134 1134 

18% -7? Jon 103 7 aT 975 


in Nordic 
ITS Nordic 


nkr 100 Homes HvooteitenHiln 10ft a Aor 100ft BL20 HJB 10X2 

S20 Marges tlommutmUxsik 717 87 Feb 93 TXB3 1337 504 


world Bank 
world Bank 


: Investment! 

Bank 

Bank 


120 Noroes Kommunaltxv*. 7ft 80 Dec 55 II3D HUS *82 

Id Hornes KommunalbOTk 6ft TI Gee tt'o 1U5 1X57 9A0 

STS Noroes Komnwrotficn*. lft-f2«Aov P 1079 1XC 935 
S7S Naroes KonummOTwnk 9ft y* Apr B 1139 1X471074 

S5D Here tot 9% 86 AW 98 113S1134 9X4 

SIS Norpipe 8ft 89 Mor 91 11X712X7 934 

250 Norsk Data lOftWDec 106 941 1*34 


9ft a Feb 99 1078 1X78 9A0 

14ft W Jut 106 1131 U48 


12 a Feb 1M 1U4 1134 

IFftTIMer 103ft 1072 1121 

e tot Sep 90 1US 1000 
I? 710a now 1039 10031139 
5ft 72 Mar 70ft 1044 1135 937 
EH a Nov 104ft 1L73 1130 1X17 
9% -94 Jon 5? IUB IXB4 1139 
9ft 86 JOT TOO 933 MS 

Blaamcr 98 1071 1072 8X2 

7% T7 Mar 9» 1X761335 737 
0 aMOT 96 1037 11X3 935 

10% a Feb WTft 933 9J9 KUO 

11% a Aug 106 9a 1031 

8ft 77 Nov a 1131 1233 HA7 
6% 85 Od 97ft 1L251139 4X1 
12 a Apt 103ft 1033 1138 

Uft-njlH 107ft IVU 1234 

7ft X? Aug 95ft 1039 1130 1005 


1 100 World Bonk 

Sin world Bank 
a 100 world Bunk 

!» 


!3SE3i 


175 World Ban* 


v 20000 5SS! 


Yield — - 

UWU AW _ 

% Mat Price Mot LHe Curr 

7 8 93 Nov 153% 73* 
mZwADT U5 1023 t*25 

nuaoec woft |J-i| 

IITiaiftb Wft 1.19 Wfl 

lift a Nov 97ft 1130 11.79 

.rsis JSft w 11^ 

5ft 56 Jul 97ft 10^ ,1? 

14ft a jut 104ft ti: 
ir.y a scp ifl7ft u« IS33 

M% *7 MOV I06W 1X30 1|*J 

7ft V Jun 941* 1X19 1732 737 

f%iz M g 

rsss sfs tto,^ 

is a aw 0*5 Jfg 

11% 85 Aug 101 ’ea I0A4 1(35 

lift « Aug 100 1105 IL13 

l»Vj aseo JUft 11* 

10ft a Nov 106 559 

ii3 a Fen \m 11.11 

IBftWAAT 9H 2103 
MW WHO* IBBk 176 
WftWDeC W JX« 
uwajon aft mo 

11 IE a Aug 100ft 1134 

R383 

ASER XS AS »-» 

IIS 

8ft a Mar 104 733 

5 aivtar Kfflk 7.12 
lofta Apr Mft 11 A4 U1 

12 as» 102 I13S 113b 

7ft *93 Nov 102ft 7.11 
11 a No* 106ft 932 
!2;*«5#n 105ft WjJ 

l7.9INlh 102ft 1137 1175 

10ft a Ho* 106% 935 
11 74 D« 97ft 2135 1134 

11% a Alloy 95 1139 11X8 

11 ft a Jon F 113? 11X7 


IWddte avb 
M ot Price Mac Utecan- 


Seeurthr ' r ‘*“ 

UNITED STATES AMERICA 
A.— M note Ml. IU! 


120 Accra 

S 150 Aetna Cite Casuoltv 


SUM Ali^uHOuWjF'nCO 
112 Amax Inti C OM tc< 

575 Airvt lull FWOnCB 
140 Amerada HWiAAb 
155 AmencOT Airlines J/» 


15 86 Act 186% *35 ub 

IlftWFeO WOft HJ1 HAfllJi 

(ftWAlW *S 1135 1136*9] 
I6-9J64T ICS 1*35 ISP5 

4% 87 Jul 88l> 13X4 1736 Jo 
!5% 86Apr W 1235 UJJ 

11 VtoC 190ft 1536 myg 


lift a Apt lin’d 1834 

6- 87 JOT 90ft 15.19 


vsEsi^s? bssss is iiu 
HISS™ 

S4W A^iSTriMriTeleo ‘JJj; 

*25 AmOCO Oil HOtataOT »«OFt Wft 1|31 


5 aMOT X7 12uo 
12ft 74 APT KQIS 11.90 


I1W 95 Feb 91ft 11 47 
U 89 Apr 98% 12X1 


12 w V Mov F 1254 

14 4 89 Mar 104% 1X41 


SW 82 HAav 73 .1205 1X91 >1 JO 


Aoa Ah 
Alta 

Atlas Csoa 
Electrolux 
EiTcsitviLm 

Ertcsean Lm 
Ericsson Lm 
ErftmnLm 


12ft a Aug 
12ft 85 5*P 
5% 87 Jun 
14ft a Dec 
12ft W Apr 
9% 8V Mar 

llftWDec 
8ft a A us 
H%aAug 
11% a Dec 
lltaaMor 
9% a Jun 
BftaAAcr 
9ft a Aug 
Ktft a Jun 
9% 85 Dec 


K «Mor 


Forsmorks Kraft gruep 10ft 89 7^ 

Forxmarks KroltgruPP ISftaOd 

Goetowrken 5SES* 

Gothenburg Olv 
Groenoesbero 

G r nenae ti Jcro WJFB 

Mada Ma Ocn Damsio 9 840a 

Okg A/b 15%-SSDPC 

Pkbankan Post-Odi 13ft WJrt 

Pkbankin Post-Ocn 12 a Nov 

Saab- Scania IftaMar 

Sundvik *6«Aar 

Sandy* 9 84 Aug 

Scandi n avi a n AlrUiw 5 a Jun 

scunroH 5JS22. 

ScomH 7ft aoec 

Skundl Enskltda Bank lift « Mar 

Standi Enskl Ida Bonk 9 Tl Dec 

Skt A/b 8 87 Jon 

Sodra Skmagamo IblDK 

SparbankarnasBank 8% 81 Jan 

Svenska HarKUtstxmken 9% 86 Mar 

S««DSka Hcntedbanken IHaAor 

Svenska HandetsBanun WkWFeb 

SwrioH invest Bank 7% 87 Nov 

swedsh Export Credb ie%84Mcr 

Swedhti Expert Credit 15% 86 Jun 

Swedish Export Credit 12% a Feb 

Swedish Export Credit 11% a Jul 

Ewedtoh Export Credit 12% 88 Sen 

Smdhb Export credit lift 89 Feb 

SweWsh Export Croon 15% W Mar 

Swedish Export Cm£f HUMlFdl 

5<rodWi Export Credit 14% a May 

swetflsh Export Credit !5%aFeo 

Swedish Slate Co 15% 87 Jan 

Svdswnskn Kraft 7% 86 top 

vmvo 5 87 Mar 

Vatvo 5 87 Sep 

valve 11 a Aug 


Moda Mo Ocn Damsio 
Okg A/b 

Pkbankan Pest-Och 
Pkbanken Post-Ocn 


Sandv* 

5anav* 

Scandinavian AlrUnis 

SCanraH 

SconraH 

Skundl Enskilda Bank 
SUmdi EnsklK&t Bank 
tot A/b 


7% 87 Nov 
19% 86 Mar 
15% a Jun 
12% a Feb 
11% a Jul 
12% 82 toe 
lift TO Feb 
15% 89 Mar 
IfliVIFdl 
14% a May 
l#%84Feo 
15% 87 Jan 
9% 86 top 
5 87 Mur 
5 87 Sep 
II a Aug 


, 1054 1X81 

- 1037 1X31 

1 1073 IDA 035 
11J4 1X33 

I 1130 1234 

, 11.11 1X15 

, 1135 11X3 

: 7X4 5-71 

, IU7 1131 

1 1139 113* 

1 11X4 1131 

11X0 1X97 934 
1 11391137 570 
P ion 1097 935 
1L98 11.11 

IQ3S103I 9J4 
1071 1X71 *74 
12.13 1171 935 
1X33 1234 1X64 

1134 lltt 
1 172S 113S 1237 

1(301207 8X9 
11X4 931 

1*57 1237 7J4 
11321X17 9J4 
1130 93B 

1UH 1537 
1X23 1120 

IXtC 1103 
1X37 930 

1X41 1041 9X0 
7044 1L31 9.18 
1092 KL95 *84 
11381X90 9X8 

1130 1X43 832 

1137 11X4 

1137 1237 9.94 
11361132 *42 

1131 1X36 93* 

11.15 1229 936 
1034 1074 9J7 
1230 13X5 

1X49 1X50 

TU6U81 8X7 
*JS 1021 

1135 15X8 

1092 1139 

1135 11.35 

1139 1139 

11J0 11X4 

1X74 1*22 

TZ3< 1X63 
7141 11J3 1130 
1037 1053 

1TJJ 1*79 
11381250 134 
1X38 848 

11X51232 XM 
1133 11.17 


SIM Anheuser-Busch mil 
5 75 At liana PS C o 
s 50 AriawaPsFwonCB 
175 Arizona PS Ftnanw 
S25 Arizona Ps Finance 
S6Q Arizona Ps Finence 
158 Armco 0/sFlnonre 
S25 AsMandOU Finance 

j B0 AMantlc HieWleJa Os 
SO Atlantic PicftfieMOl 
s 40 Avcs Oil Capital 
y 26000 Avon Capital 
s 15 Bangor Puma inn 
S300 Bonk Cd America 

S2» Bank W America 
SIM eanlamerico O/s 
1150 Bonkers Trust Nv 
SIM Bankers Trust Nv 
SeO Beer Stearns C o 
1 we Beatrice Cam poowes 
5 200 Beatrice Finance W/w 
S 1M Benntklol Ofs Financ 

f 3S Beneflciol D/s Fame 

>20 Bsmrl Idol O/s Ftaane 
SW0 Beneflctal 0/» Financ 

S20 Blue Bell Inll 

S50 Boise Cnscod* Cora 
SI00 Bordentnc 
Sin Boston mtt Finance 
S» BurltagtonO/B 

SSQ Burroughs loll Fmanc 

SSB Campbell Soot O/s Rn 

560 caraHM Power Llgm 
S25 Carrier inti 
SSD Carter Hawley Hale Os 
SIM Cte Inc 
140 Cbs Inc 

Sin cbesebrough- Ponds 
S6CU OHrinron Caauol 
ecu 60 ctimler Financial Co 
S 150 Chnriter Flnandol Co 
S 100 Citicorp O/s Finance 
S3M Citicorp O/s Finance 
S2M Clilcorp O/s Finance 
S 125 ClliairpO/iFInonce 
SIM ailcora O/s Finance 
STM Citicorp 0/5 FbVJlK* 
SlOO Clt kora O/s Flnonco 
in Citicorp O/S Finance 
1200 emcora O/l Finance 
SUO CUIcora O/s Finnic* 
SUB cine* Service O* 

S73 ON Federal Sayings 
1125 Coast Fed Inti Ftaoitc 


5% 83 Oct 97ft 11311131 350 


1? 87 A or nu% 1*40 

a HMor 90% 1L93 


lift a Jun 9|vj U31 

i2ftaFeb w ixte it3 

16% "88 Jul 102 I6J3 ISn 

16% TO Feb ifflft 1*91 
14 89 Fefl W3ft I4(A 1?S 

11% W Jan 9$ 1119 72r 

15% a Dec IDIft 14J0 lit] k 

8 87 Jun 97ft 9 JO HUS 53 ■ 

16% a Feb 111 1*09 tin 

lift a MOV )B4% 1211 lao 

i»«mv oh% tie: tin 

15% 87 May 97 11.M log 

6% 91 Dec 94ft 7J5 act 

5% a Jul aft 957 in 

t? 87AOT HD% 1*40 Itxi 

8 aMor 90% 1LV3 t£ 

10ft a too H 1134 10S 

12ft 89 Oct 102 1197 1231 

lift a Mur 94ft 1238 IkS 

lj 89 Sen lDi 113a rxa 

12 TO Dec 97 1X85 12JJ 

WftaSCP W2ft 1D« iua 

W» S7 Jut «% HA au 

14% a May 103 1X38 Ijn 

14% a Dec wj Hal un 

12 a Feb 97ft 1240 1231 

7% 87 Del 94ft HJJ2 1131 535 «£ 
12 82 Jon 98% 1224 121S 

12ft 8700 WP4 KJH 7X11 

14% TO Jun 105 1X59 ns) 

7% 87 Aor 95 10711141 LU 

lAIIMlir HK 1X75 U.14 

14 89 Apr «* 1X66 Utt 

16ft 89 Feb W5ft 14X7 IiM 

8 87 Jun 93ft 1133 EI3 7 551 

9% ‘S& Jul 98ft 11J7 UO 


10% -90 too H 1134 
12% 89 Od HO 1197 


lift a Mar toft 12J5 

17 89 Sen 104 IU, 


13 TO Dec 97 1X85 

IMTlSB W2ft 10Q6 
9% 87 Jut DJB 

14% a May KB 1U8 
14% a Dec H3 1141 
12 toi Feb 97ft 12x0 
7% 87 Do 94ft T0JE 1 


9% 86 Jul 98ft I1J7 
lift TO Dec 97ft IDS 
10ft *4 Dec 96ft 11X9 


17% "89 OCt 107ft 11X2 
10 TO Jul 18% 1IU7 


13%84Na« 101ft 1X93 
12ft « Apr TOlft 10144 


10 86 Jul 99ft W27 
12 87 Oct lMft 1130 

11 JO 88 Mar Hk 1131 

lOftTOMav 95 102 

llftTOOel HDft 1W 
lift TO Feb 98% 1XU 


10 83 Mar 95ft HU7 1US 15X7 


11% TO Feb 94ft 7244 
11% 89 Apr HSft IU* 
77 385*0 182 7*48 

12ft 89 Dec 108% 1223 
17% 88 Wur 100% 1U2 


SUM Coco-Cola CotnpgnvXiw lift a Nov her* ulsi 


SlOO Coco-Cola Company 
SUM Coca-Cola Inti Financ 
sua Coa-Cota mit Rnanc 
SIM Coco-Cola Inti Financ 
I too CoavCola IMI Financ 
S10B ConununJcat Satellite 
SlOO Comsat Inll 
15B Conoco Euroflnonce 
SSB Consol ktoteo F0WKO5 
S1DB Continental Group O/s 
STS Conttncntal Group O/s 
5150 Continental Illinois 
SlOO Continental Sfflnnis 
S20 Continental Telephone 


IlftTOOd TO2W 1U1 
lOftajun 99% 10X5 
12% 87 Aug VMk 1U6 022 

11% 89 Oct lB7tk 1036 11X7 

9ft 72 Aug 92ft 1U9 DUO 
lift 75 FtO 95 1X0 1X24 

12% TO May 99V* 12X3 t2Ji 
8 U Feb 9713 1125 IU4 *21 
7ft TO Jan 81 1X28 OJ2 924 

9ft "86 Jul 98 11.41 931 

11 ft TO AUB 92 mi 1353 
9% a Jul 98Vf 1137 958 

15% TO Mar IB UU 1529 
8% a Feb 93 1U3H32 542 

14% 86 Sep 101ft 1525 US 
Ski 36 Mar 98 IXtt ttit 547 
ldftaAPr 95 12X7 lie 

15ft 71 Dec waft 13X4 1*29 

I 87 Jun toft 1X94 1240 547 
lift 89 Sep t8M 1107 1271 

8 87 Mar Nft 11X0 028 547 
7% 75 NOT «Sft 530 *E 
11% TO Mar tOlft 11.12 1132 

7 74 Dec 1M *99 700 

0 86 Dec «4% 1139 544 

9ft 74 Mar 87ft 11301X91X15 
8ft 16 Jun 97ft 7X15 1X49 572 


12% 71 May 99V* 12X3 
8 W Feb 9T-3 1125 1 


7ft TO Jan 81 12281 

9ft 86 Jul » 11X1 

lift TO Aim 92 1111 

9% a Jul 98ft 1137 


150 Com Products Cpc 
S2D earning International 


175 Crocker Nattond Bank 
15B Cummins O/s Finance 
SIS Cuttar-Hanuner 
$250 Dade Savings & Loan 
IM Dona InferiKiltonal 
S55 Oort* Kraft Finance 
SUO Digital Equipment 0/» 
v SHOOS Dow Chemical Co 
J 170 Dow Chemical O/s 
S2M DowChemtadO/s 
S2B Dow Coming O/s 
STS Dresser O/s Ftaonce 
12D0 Du Pad (Vs Capital 
S40D DuPont O/s Cool lot 
S2H Du Pont 0/5 CaiHiol 
SI SO Du Pont O/s Capital 


T2ft TO Od 102ft 1139 
13% 87 May US% 1X50 
14ft TO D*C 103% 712* 
lift TO AIM 705 1X51 

11% TO Jon noth 1131 


Sto Duke Power O/s Financ 15ft 89 Apr 705ft 1342 


SWITZERLAND 


1 25 CBjo-Getov Intt X/w 6% TO Nov 
SIM Credli Suisse Bahamas lOftTODec 

sun credit Subs* Bahamas UftTOMar 

S150 Credit Sutose Bah W/w 7 TO Jun 

1150 Credit Suisse Ban XA* 7 TO Jun 

SIM Credit Suisse Fin X/w 

6*0 Pirelli Inll WAV 
I2SD Swiss Bonk Cora O/s 
SH» Swiss Bank Caro W/w 
SIM SwlB Bank Caro X/w 
I2M Union Bk Switzer lan d 
SIM liptanBfc Switzerland 
I ISO union flk Switzerland 
S1D0 Union Bk Switzerland 


7 TO Jot 
7 TO Jot 
11% TO Feb 
4% a Jot 
18% TO Jon 
4% TO Jon 
6% TO Jun 
18% 17 Nov 
ID a MOV 
II 19NOT 
tx% 81 Jun 


81 1X17 

94 1132 

94 IIJQ 
93ft Ul 

82 1138 
99ft 1134 
Nl 438 

95 11X5 

89 LIS 
73 1134 

99ft 1X92 
97 1131 

ff 1135 

181ft 1137 


UNITED KINGDOM 


*150 united Klnodom 
120 Airtease Ml Finance 
130 Alrleaai iiitl Finance 
115 a mod Breweries 
y 10000 Allied Co 
*75 Allied Lyons 
130 Allied Lyons 
*30 Baratovs Bonk Intt 
SIM Bardavs O/s invest 
It ID BassOnrrinotan 
inn Bat imi Finance 
1100 Batintl Finance 
1 1D0 Bat ltd! Finance 
*45 Beecnam l«t Bermuda 
*20 Bkc Finance 
SX BownterCora 
*50 BawgterCara 
*14 BrllMi Land Intt 
*» British Chcygen Financ 
ISO BritidiOvygen Financ 
1100 British Oxygen Financ 
5150 British Petrol Capita 
150 British Petrol CanUa 
V TAMO British Petrol Overze 
SSB British SMI Caro 
* 125 Brlfail Finance 
130 Cntfcurv Sebwennes O/* 
*2* Capital Counties Prop 
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130 asm* O/s Finance 
SX Commercial Union 
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IX Coartmitds Inn Ftn 
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IX Flounce For Industry 
175 Finance For industry 
IX Finance For Industry 
112 Finance Far Industry 
in Finance For Industry 
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IX Finns Inti Finance 
MO Fbcns intt Finance 
SX Flsaas ffdl Flnroce 
(10 Gedeiner Holding 
*25 Gold Fields Bermuda 
150 Grand Met roo Finance 
Grand MetrnP Hot ril 
S» Gnmd MetTOPHoMl 
IX Guoraton Royal Exctian 
125 (nrolntemaltonat 
915 Ctu Int e rnal tonal 
524 Ham bras 
*25 Hnrntyn 
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*X Hni Samuel Group 
IX tiowden Alex Fhwn X/W 
SIM Id Finance X/w 
I1M id Inll Finance 
SJ0 id inll Finance 
.!» Ino Inll Holdings 
*100 Investors In Industry 
raj 6J Investors In indwan- 
IX invHtan In Industry 
IX nveytori In Industry 
*23 kJetowort Benson Lons 
. 1 Lasmo Euroflnance 
S30 Lsaat General Assur 
$100 Uayds Euroflnance 
*40 Lonrha Inti Finance 
IIS Metraaat Estate 
12 Mctroaei Estate 
ITS Mfdtand Intt Finance 
ST* iWMkmd inll Finance 
SIX MiSana inll Finance 
s m Nattand Cod Board 
IX National Coal Boara 
SX NatMJrind lavs Bank 
STS Noll Westminster Bonk 
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1 ■ Nat WeshidnstorFln 
SIX Hatl Westminster Fla 

IS Ptotaev 1 id 1 Rm 

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$40 Reed lntemaltnal 
S2B Rhm laSe m a Ho nal 
$40 Rnm Overseas Fbmce 
SIM Rla Tlitto-ZInc Financ 
m RtuhscWd lovHotdto 
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J5 Rowntree lAoddntosn 
SB Rqyscot mil Finance 
SX Scathmt inti Ffeionce 


8ft 83 May 89ft 1X90 1X33 *32 
9 86 Aug 97 11J3 ait 9X 

9% TO OCt 91ft 11341*01 984 
10% TO Mar 94ft 1135 IL40 (042 
- 6% 81 Dec 17ft 7.15 431 

lift 81 Feb W 1X41 »n 


'S2S % IBiuli 

aVSTOSep 80ft 1148 1056 

7ft 87 Aug 90 (234 14tt 


SIX EostmOT Kodak Co 
IX Eaton Finance 
SIM Eneereh Finance 
SX Esso (Vs Finance 
sm Ena 0/4 Finance Mar 
sfl E«a O/s Finance not 
SIM Fed Dept Stares 
1125 Find Fed Michigan 
SIM Florida Fetter Savings 
SMO Fluor Finance 
SIM Ford Motor O'MS I Co 
SMB Ford Motor Credli Co 
SMO Ford Motor Credit Co 
SMO Ford Motor Credit Co 
IS General AmerlcTransp 
IS General Can* O/s 
S2M General Electric Cred 
SMO General Electric Cred 
S2M General Electric Cred 
S2B0 General Electric Crad 
S200 General Electric Crad 
Sin General BectrlcCred 
SX General Etochic Ore 
SIM Geoeroi Fbods Co (it(( 
SM General Foods Cred Ca 
SX General Milts Financ* 
siao General Mils inc 
IX Genend Motors Accept 


10ft 85 Mar 92% 11 44 tl.N 

13% 89 Jan (01 ft 1247 IUH 

lift 83 May 95 1245 1234' 

9 85 Sep 99 1U21132 9JB 

I 86 Mar 97 114) 1132 US 

8 86 Nov 94ft 15*51045 529 

II TO Feb TO 1134 1132 

IX* 89 Jul H3ft 1210 1230 

17% 89 MOV TOOft 1X11 1121 

1* 89 top K)4% 123} 1K3 

lift TO Feb 9Bft 1L74 1)33 

17ft 81 0d KBft 1X16 1X52 

U 85 Feb nm 1139 ILM 
UftTOMar N 1234 1X11 

5% 87 Jun 93ft 11341331 5S 
5% 87 MOV 94ft 11-35 1142 U3 


lift 87 Nov IDHt 1079 
12 89 Qa 1(0% 1131 
1BHTOF* 96ft 1137 

10 80 Jul 95ft ILK 

11 81 Feb 100ft H.9S 
7% 81 Aug 93% ILK 


4% TO Dec M ILK 
Wft TO Jon tall KJB 
12 WAar 101% 11*3 I 
I 86 Mar 97ft ILK 1 


v 25000 General Maters Accra* 
SMO General Motors Ore FI 
IX General Motors Ore R 


5 56 M»" 97ft ll.H 11.1' 
12 81 Dec 9Bh 1233 

10 TO Mar 97ft 1TJM 
tftTOFeb 97% 7JM 

11 86 Aw W6tt 1045 


% '£ SS 

S'- TO Feb 97 2341235 531 

7% 87 Feb 93ft 195 US 839 
!%86Jgl 97 140 HUB 

9% 82 May 57 tXStlZKItUl 

8 87 Nov 91ft 1X83 1*44 IJ4- 

10% TO Jul 92 U91 

11% 81 Mar 183ft 109? 

W% TOJua «9ft 1230 
lift 82 Fib 97ft 1144 
Kft 8? top 97 1134 

7 82 Mar IDS 7JH 7J» 

5ft W JOT 9197 11321137 943 
lift TO Od 100% 1L77 1135 

7% TO Oct 55 11 J4 1331 917 

9 TO NOV 93 11471112 945 

9ft 87 Dec 92 13301*971533 

7ft870rf 12 1599 1882 9.15 

17% TO Ado 105ft 039 UJJ 
(ft 84 Dec 95 1132 1134 535 

9% WOO TOft 1X52 1X55 9J9 
9% 89 Dec 96 1034 1135 ILK 


SIM General MotareO/t R 
SMO General Re Cara 
SIS Georgla-Poddc Flnatl 
1125 Getty CHI Inti 
SX0 Gntac O/t Flmmoe 
SlOO Gone O/s Finance 


1% 86 Aug 97ft 10791104 
U%V0d 108ft 1143 I 


nft 82 Apr 98ft tl JQ 
14ft W Apr TOft 1153 

14 89 Mov 104ft 1158 

12% 86 JOT 100ft J1J9 
9% 86 J16 98 1134 

II TO Jill M1% 1136 

15 87 May 104% 1X34 


9% 89 Dec 96 1046 1145 1*14 

119. TO Oct KM 18.14 1041 

9% 89 Aar 91 12X1 1X45 1*16 

M 86 Apr HD 1278 1277 1X16 

5% "87 Dec « 1040 W30 93S 

11 a Feb 97 1229 1134 

12%aOd 184 KU4 1138 

» 89 Mar 97ft M30 1035 1036 
12ft TO Jul 102 1133 1134 1X35 

15% 89 Jul IM 1X43 1*12 

10ft ■SOMOV Kft 1939 M44 

1% 87 Jul 9* 1144 1X9S 578 

10% 87 Dec toft 1140 1042 

1% 82 Aug S3 1240 1153 XU4 

11 aMoy »B» 1139113211.17 

10% a Jul 99% 1031 1933 1035 
lUft TO S® 96ft 1174 1137 

9% a JOT 98ft (1421141 939 
7ft 87 Dec 96ft 1132 1*24 539 
I TO Jut 91 1134 W49 540 

Bft84Mor 96 115*1X60 835 

9ft 89 AW 92 1213 1329 1BJJ 

9ft TO Dec 99ft 1X15 10.15 9.55 
7% 87 Od 9] 11.11 11JD *33 

12 89 Dec 97 1234 .1137 

13% 81 SCP 101ft 1X55 1335 

8ft 86 Nov 95 1X081359 *95 

9ft 81 Jill 54 1X4* KX IMI 

9% TO Jun 19 1179 MM 

8% 87 Jot 95 lltt 1X89 849 
7ft TO Feb 93 891 932 836 

10 TO Mar 97 1135 1*31 

12 "89 Mar 99ft 12J6 1206 

11 8* Aug 105ft 937 1543 

lift 81 Dec Ml% 11XB 1130 

TDM TO Od 97% 1134 1IJB 

8% 87 MOV 92ft 1X55 K4T 592 

13 TO Jul 792 7253 1233 

7% 88 Feb Bfft 12361137 853 
11 ft 84 Dec 94 1251 1274 1X23 

It WJul 97ft 1X9* 1231 

8% TO DOT 96 1151 1235 9.n 
8 91 Feb 83 1225 1*48 944 

M.84DOT 16 1151 1X40 9.11 

8% TO See 53 1237 1*31 1054 


in Gnroc 0/» FlnOToe 
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s®» Gmac O/l Finance 
SlOO Gmac O/l Finance 
snjo Gtnac O/s Finance 
sm Gmac ore Fkance 
S15B Gmac O/i Finance 
*108 Gmac O/s Finance 
S12S Gmac Ore Fkimce 
5200 Gmoc O/l Finance 
SI00 Gmac Ore Ftoance 
SIN Gmac O/s Fkwnro 
57S. Goodyear O/s Finance 
y 12500 Goodyear Tire Rubber 
Sto Gould Inc 
SUB Gram Finance 
*90 GtoFlnonc* 

175 Gto Finance 
555 GteFImra 
ecu 50 Gto Finance 
*15 Gto lahnnttanai 
SIN GatIDU FlDOTOB 


13 17 Oct 10C% 1043 
12% 88 Feb 107% 1143 
16 a Feb 1»% 1130 
left TO Aug 105% 1241 
15 ttMoy (07ft 1244 
I Oft 80 Feb 97ft 1121 


11% TO Oct 199% 1127 
lift 87 Apr 99% 1IJ4 


12ft W Jon 102 1US 
6% to Dec 96% 727 


11% 85 Mar 95% 1X51 
’ 13% W Aug TO% 1231 
15% TO Jot Ifflft 1*00 


*m GuK Oil Finance 
SM GuH5tatasO/sFbiOT 
*40 GuK States O/s Flnan 
*75 GuB Stole* UtmttaS 
SIN Gaff A western Intorc 
*15 Haas Ore Capital 
SSB Hertz Capitol Caro 


*15 HHtofl Internalionol . 

SI80 KoneyweH Inti Financ »%80Mar 97% 715 

SIN Household Finance Ini IS a Dec Wl% 137 

S2N I bm Credit Corp 11% 87 Oct 1D3 102 

S3M ibm Credit Coro lOKTOFeb 98 IU 

ITOi Ipm Credit Coro 11 89 Dec 151 Vi 

I* ibm Credli Coro 9ftTOMqr 97% 9.9 

S100 Ibm Credit O/s X/w 13ft 87 Aug 103% TX1 

S200 Ibm ftwld Trade 12W820tJ 105ft IU7 

*35 ]c industries 8% TO Jun I* 1XB 

175 1c nduTOtol (2 TO MOV 98ft 1X4 

SlOO 1C Industries W/w 8ft81Jun 117ft 5* 

SIN Ic Industries X/W 8ft 81 Jun 84 127, 

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rosso ic industries 12 % to Fro Mft iZA 

175 ic industries riftTOOOT 98ft 110 

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SUO minors Power Financ 17ft 82 Apr MO I2> 

sn iMMrsou-ROTd inti a%850ct wift n» 

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J25 "ri Stanflerd E teOTt 6 86 Mar toft 1DJI 

*25 inti Standard EKcTri 9 86 Oct H iXtt 

*» mnstongori! Etoctri 6 87 Mov 91% MLU 

>15 Ml Staadnrd Etoctri lift* Jan 101% 1041 

*5 S , .*S!* rtl EJ#eW 15 TO Mar 97 1251 

.*>5 ?ft 89 May 91% 1131 

„ *1” m ami ne* imTONw 97 ix» 

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**.2 jliSyPoriitlcn I) TO Feb 94 12E 

s W IHf looncial lift 89 Dec TO1 T Ul 1 

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*55 ES 0 ”?*™ 109.80 Jan 98% 1L2B 

J.™ KHageCp aip m- tojoo unis him 

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sm Macy Credit Corp 11%85Fth 99 TL51 

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SW Manutad Hanover X/w 13ft84Sep HR 1251 

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SIN Manutoct However o/s 13ft 87 top KHft 1X13 

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VS Placementi 13% 81 Aug no issn 

JS Jtootona Power imi fi 15ft 87 Dec 107ft y 

,*.5 MCTttano Power I n tl Ff |4% w sj£ mj l l w 

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9% WJul 92% 1X11 1X74 1X57 
1 5ft TO Aor 107ft 939 T0a 
8% « Nov 96ft HUB 1139 855 
13% 87 Oct 101ft 1735 1212 

M% 84 DCC 91ft 1US 11.16 
17ft aoct 107 1*46 1*36 

16 80 Apr Iffl U4 1109 

U TO Mar 101 % 1230 gm 

12% W Mar 9B% 1XSJ 1238 
86 Jun 97ft 1L19 IXU *97 
15% W APT MS 1*03 15J8 

7% 87 Nmr 94ft 10381144 838 
70% TO Mar 97% lltt 1145 


U TO Mar Wl% 1230 
Hft 89 Mar 96% U5J 


70% TO Mar 97% lltt 
IS TODK W% 1X72 
11% 87 Oct 103 1034 

10ft W Feb 98 1142 

11 89 Dec I»1 1X68 

9ft TO Mar 97% 9.91 
Oft 87 Aw 103% 1X16 
12% 72 Oct 105ft 1149 


8% 87 Jun 94 1X83 

72 TO MOV 98ft 1X47 


8ft 81 Jun 117ft 545 
8ft 81 Jun 84 1276 


13ft 81 Od 103% 1249 
12ft 85 Feb 95ft 1194 


71 ft TO Dec 98ft lltt 
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lift TO Dec 97% 1X04 


S5B Scotland inti Finance 
115 toaro International 


ISO Selection Trust 
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7% 87 Nov 91 1X971142 833 

t 86 Jun 97% lltt 935 

9 86 Jul 97% 11421X21 931 

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11% TO Nov 99ft U.79 11 J9 

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8% 86 Not 96 11*5 1X67 9.11 

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16% 8* Mar TM 1451 1555 

9 87 May 94 12431349 957 

I 83 Mar tint lltt 1244 474 

9 82 Aua 85 1X19 1X96 7959 

lift 83 NOV 04 7239 7X37 

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10% TO Feb 91 lltt 11.14 1044 

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7X63 
1142 
1132 

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8% 89 Aug 92 11.171149 951 

s TO Fib 10 12421*4* XW 

6%86FOT 97 1249 1241 UO 

a a Jan ft ixn 1*11 179 

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9 89 May *1 1191 1X18 9J9 

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e%87Jun 93 IXK154A 847 

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Stt87Jon 93 1X161X19 *47 

11 TO Jun 90ft 1X92 1X16 ms 


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lift 83 NOT 94 1UH 

11% TO MOV 92Kr 1X86 

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17ft 82 Apr MO 1249 1250 

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72% 85 Aug 19’A 1*« 1243 

5 a Apr 93 1336 IX 

12 81 Mar 702 1151 117* 

6 M Mar toft 10J6 TUI 4B 
9 86 Oct W 7X06 1246 9tt 
6 87 May 97% KU2 1U2 *54 

11 ft 8V Jan 101% M47 UU9 

12 84 Mar 97 1251 1X47 1X37 

9ft 89 May 91ft 7X10 1035 

lift TO Nay 97 1X29 H» 

6ft TO Feb 96ft 737 *18 

1J TO Feb 94 1233 1U1 

lift 89 Dec Ml TL17 lltt 

8% 87 Jul »4 1L94HIMJJ 

12 89 NOV 101% lltt 
1IW. TO Jan 98% 1130 1141 

17% 82 Jon 107ft 7X90 17.B 

9ft a Jw 98ft 1048 Mi 

8ft 85 Jul 99% HJ9 156 

12 84 Dec HUM* 1144 ILM 

ift 86 Apr 91 10711933 10 




8ft 85 Jul 99% 1149 
12 84 Dec KOft 1144 


11 TO Jul 
11% 85 Feb 


lift 81 Jon H0% 1148 
13h 86 5ep Wl 1251 


13ft BTAloy mft TX3B 
IJbTOtop TOft 1X13 
JOftaMov 95 1225 


WftaMov 95 1225 

MtoTOMov 91 1X73 

12%870ct 100ft IXN 
IWI 80 Apr « 1147 


6ft TO Jon 96% 7X1 
,9ft 83 Feb W 1149 


lift 84 Jon 97 1X11 

17 89 Feb 705ft 1*95 
13 87 s«p TOft n.u 


|1% TO Mar 96ft 1X37 
riftWOct TOH 1U0 


[2ft 8< Dec 98ft 1248 
IMTOApr R5ft 11J9 



MV. TO Mov B lltt 


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13%81 Auu in 1X50 
15ft 17 Dec TOft UflB 


J% TO Feb 97ft 1L» 
lift TO Aug HO 1144 
H% 84 Dec 97ft TX68 


‘ (Continued on Page 10) 



West l_B 



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I'lhJUM TV Nrfc \iak Tinn oH fV l^tuigWi F«»*i 


BANKING AND FINANCE IN ITALY 


A SPECIAL REPORT 


Page 7 



on 


Steps Up Plans 
To Back Deposits 


By Barry Came 

ROME — Italy's banking sys- 
tem. despite a marked reluctance 
on the pan of bankers, will soon be 
buttressed by a plan to guarantee 
the security of deposiiors Y funds. 

For a country where financial 
institutions continue to suffer from 
the effects of the Banco Ambro- 
sian o collapse, the development is 
perhaps no surprise. But when tak- 
en along with a number of comple- 
mentary trends, it signals another 
> tentative step in the direction of 
dragging Italy's cumbersome, even 
archaic, banking structure into line 
with the standards and practices of 
most of the rest of the industrial- 
ized world. 

“I wouldn't dare describe it as a 
wind of change," one financial ana- 
lyst said, “but certainly there is a 
new breeze in the air." 

The first attempt at a form erf 
deposit insurance, in itself remark- 
able in view of Italy’s recent record 
of bank failures, is an example of 
change. There are others, including 
the effort to create merchant-bank- 
ing legislation, the rapid expansion 
of "near" or “para-banking" activi- 
ties, the rapid growth of the new 
mutual funds, the refinement of a 
widening range of up-to-date client 
services and the first real effort to 
breathe life into the underutilized 
stock exchange: 

Barring any last-minute set- 
backs, Italy’s banking system 
should have its first official instru- 
ment for guaranteeing deposits in 
place within a few woks. Accord- 
ing to officials at the Banca d'ltalia, 
the central bank, the plan is “in an 
advanced stag? of preparation” 
and "will be finalized shortly." 

Although the actual mechanics 
have yet to be fully disclosed, it will 
involve the creation of a special 
fund to beset and adminis tered 
as a separate entity by ABI, the 
Italian Banking Association. Mem- 
bership. in theory, is voluntary; in 
practice, however, the competitive 
pressures on any bank that chooses 
to opt out, thereby depriving cli- 
ents of security for their deposits, 
are likely to mean the widest possi- 
ble participation. 

Ironically, it has been the bank- 
ing community that has been in the 
forefront of resistance to the pro- 
posal. 

Unlike mast of the other indus- 
trialized economies, Italy does not 
possess any olfirial mechanism for 
guaranteeing deposits. At the same 
time, no depositor m the postwar 
years has lost funds as a result of 
bank failures because the govern- 
ment. operating through the central 
bank, has fulfilled a moral obliga- 
tion to protect deposits in a system 
that is 80-percent state-owned. 


From the bankers’ point of view, 
the di sag r eeable element in the new 
plan is that it is going to be the 
banks alone that will finance it 
The central bank's main role will be 
reduced to that of simply offering 
technical data and advice, most 
probably through a representative 
who will sit on the executive com- 
mittee of the ABI-managed fund. 

“There is no doubt that we need 
some kind of deposit guarantees 
but I'm act convinced that it 
should be the banks that have to 
pay for the whole thing," said Bru- 
no Brovedani, of Banca Nazkmale 
del Lavoro. Italy’s largest bank. 

Whatever the drawbacks, the 
prime advantage of the proposal is 
the flexibility that it will introduce 
into a system so rigid that interven- 
tion in a banking crisis is not per- 
mitted until it is too late — when 
there is an outright insolvency. The 
Banco Ambrosiano affair is a case 
in point. 

Flexibility is the key as weB in 
the current effort to provide a legis- 
lative framework for merchant 
banking, a type of financial activity 
that is just beginning to make itself 
felt in Italy. The concept has taken 
hold since the governor of the Bank 
of Italy, Carlo Azeglio Ciampi, first 
proposed two years ago the devel- 
opment of merchant-banking ac- 
tivities to help medium-sized firms 
grow bigger and pave the way to- 
ward stock-exchange listing. 

A number erf the country’s lead- 
ing financial institutions engage in 
some form of merchant banking, 
proriding promising small and me- 
dium-sized companies with finan- 
cial services and taking a tempo- 
rary stake in them with an ultimate 
view to launching them on the 
stock market. These practices are 
similar to those performed by the 
state-owned Mediobanca for large, 
established I talian concerns. 

The business, however, is not 
likely to become firmly entrenched 
until the country’s politicians act to 
remove the uncertainty over the fu- 
ture of Italian merchant banking. 
Several draft proposals to regulate 
the activity of merchant banks have - 
been presented in parliament but, 
to date, there is no indication as to 
the precise form the legislation may 
take — or, more to the point, when 
it may finally be enacted. 

Two particularly booming areas 
in merchant banking are in factor- 
ing and lease/purchasing. The 
overall turnover for factoring com- 
panies, the majority subsidiaries of 
the leading banks, reached $5.26 
billion last year, compared with 
S3.68 billion for 1983. Lease/pur- 
chasing. according to data recently 
released by ABI, grew by more 
than 30 percent in 1984. The top 43 




CONTRASTS©/ torm 


A dose look at the board of tbe Milan Stock Exchange. 


Bettino Craxi 



A supermarket in Milan abounds with goods. 


John Gbpm«w Hnl 


companies surveyed by ABI wrote 
a total of 70.870 contracts worth 
SI J3 billion. 

In the effort to compete, Italian 
banks continue to refine their diem 
services, a move that took a giant 
step two years ago when the highly 
advanced Bancomat cash-dispens- 
er system was introduced. Follow- 
ing this move, there are now plans 
for a national bank credit card 
based on the Eurocard, as well as 
for improving automatic bank 
transfers. 

But the most spectacular devel- 
opment has been the introduction 
of mutual funds. Since the concept 
was approved late last year, dose to 
20 fuhds have been launched and it 
is believed that up to 30 more are in 
the planning stages. The mutual 
funds have proved highly popular 
among small Italian investors, who 
have long ranked with the Japanese 


as the world's leading savers. On 
average, Italians save from 20 to 22 
percent of their after-tax income. 

According to preliminary statis- 
tics compiled by the Bank of Italy, 
the new mutual funds were collect- 
ing 1.5 trillion tire ($750 million) 
per month during the first three 
months of the current year. 

If the trend continues, it could 
greatly facilitate parallel plans to 
invigorate tbe moribund Milan 
stock exchange, where 90 percent 
of the country's market is located. 
At present, there are only about 
160 stocks listed on the exchange, 
with a total capitalization of 521 
billion, compared with the 1,685 
slocks worth $1,578 trillion listed 
in New Yak. 

Tbe main problem with Milan to 
date has been the lade of institu- 
tional investors, a gap that a flour- 
ishing mutual-fund activity would 


Economy Has a Relapse 
Alter a Healthy 1984 


fill It was with this aim in mind 
that the Italian Senate recently sent 
a committee to New York to inves- 
. Ligate the procedures used to regu- 
: late and supervise Wall Street. • 

Even the optimists, however, 
agree that Italy has sane way to go 
before Milan becomes a truly ac- 
tive bourse. Long before that, 
something will have to be done 
about the huge public deficit, 
which is expected to reach 96 tril- 
lion lire this year, amounting to 15 
percent of tbe gross domestic prod- 
uct 

Since 95 percent of the govern- 
ment’s defidt is financed domesti- 
cally, it is almost certain that once 
again this year almost two-thirds of 
Italy’s gross domestic savings are 
going to be consumed by tbe state. 
This does not leave much fa the 
Italian banking system, no matter 
hpw strenuous the effort to mod- 
ernize. 


By Uli Schmeczer 

ROME — It was a bitter winter 
in Italy. The severe cold damaged 
crop projects, while labor and po- 
litical strife hurt chances of further 
economic recoven'. By spring, even 
optimists realized that after a fine 
performance last year, the econo- 
my was slipping back into its famil- 
iar bad habits. 

Inflation has not dropped once 
this year below the 8.6-percent lev- 
el of 1984, while price increases 
have averaged 1 percent a month, 
according to the Bank of Italy. 

The huge budget defidt gallops 
on relentlessly in tandem with high 
interest rates. Labor is restless, irri- 
tated by government efforts to fur- 
ther weaken the scale mobile, tbe 
wage-indexation system devised as 
a cushion against inflation al- 
though often blamed for having tbe 
reverse effect. 

Confindustria, the employers’ 
association, wants concessions 
from trade unions on greater labor 
mobility and more ample wage dif- 
ferentials. And tbe Communist 
Party holds a time bomb with its 
successful call for a referendum on 
government limitations to the scale 
mobile. The result could be a period 
of labor unrest. 

It was no surprise, then, that dur- 
ing their annual spring visit in 
March, officials of the Internation- 
al Monetary Fund diagnosed that 
the patient was deteriorating after 
undergoing a successful operation 
last year, when gross domestic 
product rose by 3 percent 

Their prescription: another front 
against inflation, labor costs not 
above the projected 7-percent in- 
flation rate, a vigorous tax-collec- 
tion campaign, cutbacks in ambi- 
tious health and pension programs 
and, only as a last resort a further 
rise in interest rates. 

But such remedies require bold 
and decisive government action. 
And with local elections coming up 
on May 12, the five-party coalition 
headed by the Socialist prime min- 
ister. Bettino Craxi, is fighting fa 
survival with its hands tied, as each 
party blocks initiatives of ihe oth- 
ers, afraid to give away advantages 
at the polls. 

“I’m all in favor of democracy," 
said one or Italy's leading econo- 
mists, Luigi Spaveota, “but I wish 
there were fewer elections.” 

Economists also wish, the deficits 
would diminish. The balance of 
payment on current account is 5 
trillion lire (S2_5 billion) in deficit 
Last year, the trade deficit reached 
a record 19 trillion lire. 

On the other hand, the favorable 
dollar rate boosted exports to the 
United Slates by 69 percent al- 
though exports to the European 
Community fell as the result of an 
appreciated lira (1.5 percent) 
against the currencies in the Euro- 


Growing Public Debt 

In 1984, government indebtedness approached 
92 percent of gross national prodncL 


Billions 
of lire 


□ Public Debt 


’80 '81 
“estimate 

Source: Bank of Italy 


pean Monetary System. The in- 
crease in exports last year (up 5.8 
percent in volume compared with 
3.9 percent in 1983) helped service 
an external debt that doubled to 
over $50 million at the time of the 
1980 oil crisis. 

Still in Italy, prospects always 
look worse on paper than in reality. 
The country amply refuses to be 
gauged by the norins applied to 
other nations. 

If the Italian economy continues 
to enjoy remarkable foreign confi- 
dence and good credit rating on the 
Euromarkets, it is partly due to the 
belief that Italians will always find 
a way to anangiarsi. or improvise a 
solution. The other reason for the 
confidence, more tangible, is the 
success of private industiy and. to 
some extent, state-run enterprise. 

Industry is buoyant on improved 
productivity, particularly in those 
sectors that had the courage to em- 
bark on new technology. The up- 
swing was aided by a 4-percenl 
increase in investments, almost all 
of it spent on new plant and ma- 
chinery. cuts in labor costs and an 
aggressive marketing policy, which 
not only conquered new markets 
but also often turned losses into 
profits. 

But pitted against the positive 
achievements of industiy is the 
dead weight of the government's 
chronic budget deficit. It was con- 
tained at 93 trillion lire last year 
(15.3 percent of gross domestic 
product) but now is rolling into tbe 
100-trillion lire region. 

Interest payments for the debt 


’83 '84* 


baM CwMtauitrf/IHT 


were 9.6 percent of GDP, double 
the average in the seven biggest 
industrial countries. 

The gap between revenue and 
spending is plugged with public 
borrowing. Today, the state uses an 
estimated half of all personal sav- 
ings to finance itself through trea- 
sury bonds. These are the most 
popular investments for Italians, at 
least while they remain convinced 
their government can honor them. 

The state's appetite for money 
keeps interest rates high, which in 
turn makes money expensive for 
industiy. Tbe demand for more 
money by the state is prompted by 
the financial needs of an elephanti- 
ne public sector. Although ineffi- 
cient and overstaffed, it does en- 
sure the political status quo. 
Tampering with its wages or num- 
bers is not in party interests. 

Rather than tackle this “privi- 
leged class,” Mr. Craxi's adminis- 
tration, in its efforts to reduce in- 
flation, went for the scala mobile. 
whose main beneficiaries are in the 
lower-income bracket and thus apt 
to vote for the Communists. 

Still, the result seemed to justify 
the means: For the first time in 11 
years, inflation dropped in 1984 
below double figures to 8.6 percent, 
from 12.6 percent in 1983. 

Today, however, economists 
think that the achievement was due 
more to a decline in the price of 
imported raw materials than to any 
tailoring of the wage escalator. 

This assessment appears more 
plausible seen in the context of cur- 

(Cbntmued on Next Page) 


Private Television Growth 
Changes the Media Scene 


By Sari Gilbert . 

ROME — Tbe advent of private television in 
Italy during the last several years has radically 
changed the tastes, listening habits and evening 
activities oT millions of Italians. 

With dozens of private stations flanking- RAI. 
the three-channel state network, in most major 
cities, viewers are bring spoiled by a range of 
choices unknown in many other Western coun- 
tries. And much to the detriment of the Italian 
movie industry, people are bring enticed by a rich 
diet of films, variety shows and American serials 
into spending their evenings at home, in front of 
the TV set 

But if this “small-screen" revolution has turned 
Italians into avid stay-at-home followers of "Dal- 
las" and “Dynasty,’' it has also had an unprece- 
dented effect on Italian marketing economics. 
During the last four years, the Italian advertising 
market has exploded, with total investments in TV 
commercials soaring from S166J million at the 
end of 1980 to 5891 million at the end of 1984. 

Most of the increase has been due to the dyna- 
mism of four stations, which, because of their de 
facto nationwide broadcasting range, have won the 
right to call themselves networks, although they 
still do not transmit live. These stations, through 
astute and imaginative programming, have be- 
come so popular that last year net advertising 
revenues generated by Canale 5, Italia Uno and 
Retequattro, all of which are now owned by Silvio 
Berlusconi, a Milan entrepreneur, reached over 
5345 million, compared with the half-million dol- 
lars earned by Mr. Berlusconi's first local station. 
Trie Milano, in 1979. 

Euroiv. the network owned by Callisto Tans, a 
Parma dairv producer and exporter, earned anoth- 
er 570 miliion. All other local and private TV 
stations together brought in an additional $80 
miliion. 

In contrast, RAl,whicb cannot exceed an adver- 
tising ceiling set yearly by parliament, earned $220 
million, about a thud of its budget needs, with the 
rest provided by the 5350 million brought in by the 
viewer subscription fees charged to aD Italian tele- 
vision owners. 

The political strength of the private stations’ 
new advertising empire was demonstrated-last fall, 
when three magistrates in different parts of Italy 
ordered Mr. Berlusconi to stop broadcasting. They 
said the system of 80 relay transnutting stations 
that allowed his stations, in effect, to make nation- 
wide broadcasts contravened a 1 976 supreme court 


ruling that only tbe state network had that right. 

The blackout galvanized the government, led by 

Prime Minister Bettino Craxi, who is believed to be 
a fan of Mr. Berlusconi's, into action; a six-month 
emergency decree legalizing the new stations was 
rapidly produced. 

Ratings statistics make it dear that in the four 
years that they have been operating at full steam, 
the private networks have carved out an impressive 
niche. According to Enrico Vergani, director of 
marketing fa (be Berlusconi group, on an average 
evening we three stations now capture dose to 50 
percent of Italy’s 27 million prime-time viewers. 

Understandably, tbe current situation has de- 


The situation has delighted 
advertising agencies and 
advertisers ... Less happy are 
those Italians who for 
ideological reasons oppose die 
consnmerist slant of much 
advertising, as well as movie 
producers and newspaper 
publishers. 


lighted advertising agencies and advertisers, who 
in the past were frustrated by the legal restraints 
that limit RAI in terms erf total advertising time 
and ad content. 

Less happy are those Italians who for ideological 
reasons oppose the consnmerist slant of much 
advertising, as well as movie producers and news- 
paper publishers. Nowadays, more money, roughly 
$70 million a year, is being spent to produce 
commercials than to make feature films. 

Another result of the current trend is the gradual 
shrinking of the share of advertising gong to the 
investment-starved Italian print media, down from 
about 60 percent of total advertising revenue in 
1980 to just over 42 percent at present 

Originally the RAI cdling, which last year was 
set at 543 billion lire (5271.5 million) and is expect- 
ed to be increased by 7 percent fa 1985, was 
(Continued ob Next Page) 



GopaMMHMNft 

A variety of channels to choose from. 




Expanding Economy Attracts 
Investors From Abroad 


By Dalbcrt Hallenstdn 

MILAN — Italy’s expanding 
economy is attracting a record 
number of foreign investors. In the 
past two years, 52 major foreign 
corporations have bought a con- 
trolling a significant interest in 
Italian companies, and in the last 
year alone at least 20 companies 
moved in, spending an estimated 
1J trillion lire ($750 million). 

Yet, despite a remarkable fall in 
1984 in the number of hours lost 
through strikes — the lowest since 
1952 — and an investment return 
rate far above the European aver- 
age. foreign companies are begin- 
ning to fed uneasy about the fu- 
ture. Tbe disquiet has been gmsed 
by a Ministry or Industry proposal 
to impose limits on foreign invest- 
ment in Italian companies, while 
comments in tbe press refer to ‘in- 
dustrial colonization” and "a mul- 
tinational takeover.” 

Wanes of this type do not seem 
to have significantly stemmed the 
flow of foreign capital into Italy, 
however. Last month, the Aga 
Khan bought out a controlling in- 
terest in tbe GGA hotel drain for 
at least 580 million, and Fiat and 
Ford are studying cooperation that 
could take the form of a joint ven- 
ture or a shift of capital. 

The Banca Nazionale di Lavoro, 
Italy’s largest trading bank, esti- 
mates that there are about 1,000 
foreign-con trolled industrial firms 
operating in Italy and that they 
employ half a mflKoo people. 7 
percent of the industrial labor 


A newsstand in Milan. 


John Copn inn Hag»> 


In 1978, the number of foreign- 
controUed firms was fewer than 
600. The 1970s were years of gal- 
loping inflation, of terrorism, of 
soaring wage costs and high levels 
of absenteeism. Is the mid-1970s, 
the average number of work hours 

lost through strikes was about 125 

milli on; last year, it was down to 40 
million. There was fear, too, of the 


increasing power and popularity of 
the Italian Communist Party. 
Many foreign companies dedded 
to pull out of Italy. 

By 1981, the tide was turning. 
Leftist terrorism topeared virtually 
defeated and the Communist threat 
was receding. The breaking of a 
five-week strike at the Fiat works in 
Turin dealt a blow to the unions 
and led to massive layoffs, followed 
up by Ihe successful restructuring 
of Fiat, Olivetti and many other 
businesses. 

"About 1981, Italy began to ap- 
pear a very dynamic country,” said 
Elido Fazi, an executive of Busi- 
ness International, a U.S. consul- 
tancy. “The economy was strong 
and somehow people abroad began 
finally to understand that, despite 
the Communists and their fluctuat- 
ing successes, things in Italy do not 
change very much. Here, despite 
the seeming chaos, there is a deep- 
seated stability.” 

Besides the improving state of 
industrial relations, one of the 
main attractions fa foreign com- 
panies, Mr. Fazi says, is the high 
rate of return on investments. Ac- 
cording to tbe U.S. Department of 
Commerce, the rate on Italian in- 
vestments in 1983 was 9.5 percent, 
against a European average of 4.7 
percent The highest was Ireland, 
with 22 percent; West Germany 
had 5.6 percent Britain 3.1 per- 
cent, and France minus 1.7 percent 

The strong dollar and Italy’s de- 
valuating lira have also made the 
country’s industries extremely at- 
tractive to foreign investors. 

Other attractions indude a fall- 
ing inflation rate, though still com- 
paratively hi gh at 8.6 percent a 
successful attempt by the present 
government to cut labor costs by 
modifying the wage-indexing sys- 
tem and an impressive rise in the 
rate of productivity per unit of out- 
put which last year rose by 7 per- 
cent. 

U.S. companies make up about 


Foreign Investment 
In Italy 

(in billions of lire! 

Direct Portfolio 


1980. 

816 

1,203 

1981 

1,629 

2,281 

1982 

1,464 

1.312 

1983 

2,499 

3.257 

Source: Bank of Italy 



40 percent of the foreign firms op- 
erating in Italy, followed by Britain 
with 14 percent Switzerland 14 
.percent France 13 percent the 
Netherlands 5 percent and Sweden 
and Belgium 3 percent each. Ac- 
cording to a recent report by the 
Banca Nazionale di Lavoro. a sig- 
nificant pan of Swiss investments 
in Italy consists of Italian capital 
that was illegally exported during 
the !970s and early 1980s and is 
now returning. 

Seventy-five percent of foreign 
investments are in the industrial 
sector, particularly in pharmaceuti- 
cals, petrochemicals, food, engi- 
neering and electronics. The rest 
are in the service sector, in leasing, 
brokerage, accountancy and soft- 
ware 

In some of the major foreign ven- 
tures over tbe past 18 months. West 
Germany’s Allianz Insurance ac- 
quired 51 percent of RAS Insur- 
ance (Riunione Adrianca di Si- 
curta) fa dose to 700 billion lire: 
AT&T of Lhe United States bought 
25 percent of Olivetti for 5260 mil- 
lion; Beecham (U.K.) took 83.3 
percent of Zamberietti Pharmaceu- 
ticals for 100 billion lire; Dow 
Chemical (U.S.) acquired 90 to 99 
percent of Lepctit Pharmaceuticals 
for 47 billion lire; Plessey (UJC) 
took 33 percent of Elettrolecnica 
(militaiy electronics) for 47 billion 
lire; Glaxo (U.K.) bought 100 per- 
(Continoed on Next Page) 









Double-Digit Unemployment I How Italy Compares 

I Average Unemployment Rates for 1984. 


' Scala Mobile 9 Escalates Labor’s Identity Crisis 


ROME — The Italian labor 
movement, traditionally a vassal of 
party politics, is undergoing an 
identity crisis. 

- The three major trade unions are 
jiot only split over wage negotia- 
-tions but also over the need for 

reform in labor relations to keep 
-.pace with the rapidly changing face 
of Italian industry and mutations 
;in the composition of the work 
force. 

l_ The issue that finally precipitat- 
ed a crisis was the scala mobile, 
Italy's controversial wage “escala- 
tor." 

For almost three decades the 
-scala mobile was considered “un- 
touchable." It was the pride of the 
trade unions, the bastion of work- 
: ers’ power, and neither government 
nor employers’ group dared touch 
it. But during the last 14 months, 
the government has acted to limit 
jihe system, which was designed tc 
■protect workers against inflation. 

This bold step, taken by the So- 
.cialist prime minister, Bettino 
Craxi, was explained by the need to 
.curtail inflation and labor costs to 
make Italian products more com- 
petitive on the international mar- 
ket. 

After a period of unusually sta- 
• ble labor relations, tampering with 
.the scala mobile not only divided 
labor unions along political lines 
.but also set the scene for yet anoth- 
er confrontation, pitting the Com- 
munist Party, the biggest in West- 
ern Europe,"against “the rest.” 

•[ Everyone took up predictable 
positions, even Italy's Red Bri- 
gades terrorist group. On March 
27, it assassinated Enzo Tarantelli, 
chief economic adviser to GSL 
(Confederazione Italians Sindacati 
■Lavoratori), the trade union assod- 
‘ ated with the Christian Democrats. 
He was considered the architect of 
the project to water down the “es- 
calator." 

1 The assassination marked a peri- 
od of unrest that began in February 
1984, when Mr. Craxi’s five-party 
coalition government, despite 
;Communisi opposition, reduced 
■the protection of the scala mobile 
from SO percent to 65 percent. In 
ieffect, this left workers with 6,800 
‘lire ($3.40) less per month. 

- The Communist Party collected 
1.5 million signatures to force a 
referendum. 

| In January, the constitutional 
court ordered that the vole be held 
by June this year. The great bulk of 
workers, already convinced they 
were paying for" the country’s eco- 
nomic recovery, were further alien- 
ated when the court decided that 
should the vote go against the gov- 
ernment, employers had no obliga- 
tion to pay back wage increases lost 
between the time of the limitation 
decree and the referendum. 


By thi* time, , the unions were bile payments, a decision to which worked without first negotiating 
deeply divided. The C1SL and the they are endded. This would mean with the uxuons. , 

Socialists' Unione Italians del La- a long period of labor unrest for Confindustria already has mdi- 
voro backed the coalition govern- which the imageKronscious Com- cated that it is ready to compromise 
menu They even agreed to a pro- munists are certain to be blamed, on the scala mobile if the unions 
posal that would see the scala _ At stake in the war of attrition is agree to its own demands. It re- 
mobile applied once every six not so much the scala mobile or the mains a daman t, however, in its re- 
months instead of the current three unpopular and expensive referen- fusai to cut the 40-hour working 
months. dum, but changes in labor rela- week by two hours. 

r.i* ih«> fYimmnnist CGIL fCon- dons. The public confrontation be- 




months. D . . 

But the Communist CGIL (Con- tions. The public confrontation be- 

federazione GeneraJe Italians del During the last four decades. employees * ® 

Lavoro) demanded a return to the wage differences between skilled without its renegades on bom rides, 
old system and called for strikes. and unskilled labor, between blue- Tb^ indulge in what Italians like 
The referendum hangs over ev- colkr and while-collar employees, 

■ '*** tries to shed an average of 7 to 8 

» _ i ■ _i t . , _ percent of their labor force, with 

At 8I3K6 in tne war OI allnuon IS not SO minimal conflict, after the res true- 

much the scala mobile or the unpopular SlSiWi . Bm SSSS 

and expensive referendum, but changes in i^lLr°tte 

labor relations. number of working hours actually 

^ __ * — _____ __ increased as many workers, quietly 

~ and over the heads of their unions, 

cry one like a Damocles sword. The have been eroded to a minim um, accepted pay-raise “bribes” tied to 
government is afraid of the conse- The remit has been worker apathy productivity, 
quences if the vote goes against it (a and lack of initiative "Despite the cuts in the scala 

foregone conclusion). The coalition But this is not the only issue on mobile, most workers last year had 
unions are afraid the result will which Confindustria is challenging an actual wage increase of 11 Jper- 
further disrupt union unity and union prerogatives. The industrial- cent, mainly due to private ac- 
give the Communists an undesir- ists also want to choose new work- cords,” said Luigi Spaventa, an 

able advantage. And the Commu- ers rather than having them im- economist 

nists fear that their referendum will posed by the unions. In addition, Unity on both sides is cracking, 
boomerang because Confindustria, they want the right to move work- The question is who gives in first 

the employers' association, has ers from one city to another and the and under what terms, 

threatened to ignore the scala mo- right to ask that overtime be — ULISCHMETZER 



At stake in the war of attrition is not so 
much the scala mobile or the unpopular 
and expensive referendum, but changes in 
labor relations. 


Soares: OECD 


* HtnnU 

Sourer: OECD 


baM CurSMoonei/tHT 


Economy Has a Relapse After a Healthy 1984 

(Continued From Previous Page) laid off on state pay), is climbing he set his sights not only on tax An example of how industry can 
rwi. rh* k— : and so are labor costs, a fact largely evaders but also on this “gypsy adjust rapidly to changeisMonte- 
rem predictions. Despite the linn- due IO private “arrangements” be^ economy” disco, the leading chemical group, 

^ v tween wort® 5 and employers. His campaign found instant sup- which streamlined its production. 

“ No doubl ’ die government port with the trade unions. The shed loss-making subsidiaries and 
percent and even the Bank of Italy -l . i_,* si : t m n r.„_ .aiu miwirc «*i tn make nmfifc 


percent and even the Bank of Italy 
thinks there is no chance to achieve 
the projected 7 percent for 1985. 

At die same time, unemploy- 
mat, now at 10.3 permit (2.5 mil- a “f S?! ."SS?: 


Tfaiv “No doubt, the government port with the trade unions. The shed loss-making subsidiaries and 

prompted too much optimism last Socialist union, UIL (Unione Ita- now appears set to make ; profits, 

year," said Mr. Spaventa. “People liana del Lavoro), even put up post- The success story of the private 

S’ are now beginning to look at things ers that said: “I pay taxes. How sector has prompted the govem- 


^ -■ But just as there are two Italys, rescaicn ana puousucu 

n workers, not mcluding those ^ Qordl ^ ^ ^ ^ alleged tax default- similar trends in Britain and West 

two Italian economies, one gov- ers in what was quickly criticized as Germany, 
emed by Rome, the other by pri- “trial by union.” IRlt'Istj'tutoperlaRicostnizione 

•fin vate industry. Both have their own The Visentini tax package went Industrials), Italy's largest stale 


about you?” UIL also did its own 
research and published the names 


ment to indulge in a little prunin 
of its own holdings, in nine wit 


How the Wage- Indexation System Works 


two Italian economies, one gov- ers in what was quickly criticized as 
emed by Rome, the other by pri- “trial by union.” 
vate industry. Both have their own 


The Visentini tax package went 
modus operands into effect in January this year. It 

Attached to private industry is abolished income splitting among 
the “black,” or submerged, econo- members of one family engaged in 
my. This phenomenon, which never the same business and made corn- 
shows up in official statistics, ac- pulsory the registration of each 
counts Tor an estimated 20 percent famil y member engaged in the 
to 30 percent of gross national business. It also introduced “induo- 
producL tivc tax assessment,” which gives 


ROME — The scala mobile, Ita- 
ly’s wage-indexation system, is cal- 


payment of one point at 1,000 lire, beating fuel replacing coal) and rale for cigarettes, for example, is 
In a revised agreement in 1975, the many products, like lard and cer- based on the Nazionale brand, a 


ciliated on the cost of living of a price of a point was raised to 2,300 tain types of grain, are no longer tiny cigarette, hard to find in any 
family of four in the country's 16 lire and in 1982 to 6,800 lire (about used. store and a third the price of far- 


major cities. $3.40), the current rate of calcula- 

Revised every three months, the lion, 
index is based on a basket of 89 In the controversial decree 
basic products, includir^ gas. elec- passed by parliament in February 
tricity, transport, clothing and 10 of last year, the government decid- 
tvpes of fruit. ed to abolish the practice of round- 


Moreover, some products are eign and popular brands, 
kepi artificially at a low cost- The — UL1 SCHMETZER 


holding company, has jettisoned 


types of fruit. 

The family of four is considered 
as 3.4 Units. Far.h uni t hn< [he right 
to a daily radon of 3,000 calottes. 


ed to abolish the practice of round- 
ing off decimal points. Trudfari 
decimals were carried over to the 
□ext quarter. For example, if the 


The husband is considered the only difference between two consecutive 
full unit, the wife and two children indexes is 1 .70, then only the equiv- 


are .80 of a unit each. alent payment of one point, or 

The difference between two con- 6,800 lire, is now added to wages, 
secu live indexes are points with the remaining .70 being carried 
two decimals. (The average in- over to the next quarter. Under the 


crease in the quarterly cost of living old system, the 1.70 would have 
in Italy over the last" two years has been rounded off to 2 points, 
been two points.) The Communist trade union. 


The first national scala mobile Confederazione Generale Italians 
agreement was signed in 1957 by del Lavoro. complains, with some 
the three labor unions and Confin- justifies don. that the new system 
dustria, the employers’ association, not only deprives workers of valu- 
But as far back as 1948, wage-in- able decimals (no more rounding 
dexation systems had been applied off), but delays by three months 
in some Italian regions to cushion part of the compensatory payment 
workers' incomes against the ef- The wage “escalator" has been 
fects of inflation and to assure reg- frequently criticized as outdated. 


ulated increases in wages. 


Products in the “basket” have not 


The 1957 agreement fixed the changed since 1957 (except for 



shows up in official statistics, ac- pulsory the registration of each tends to sell off pan of its shares in 
counts Tor an estimated 20 percent famil y member en gaged in the such profit-making companies as 
to 30 percent of gross national business. It also introduced “indue- Alitalia, the national airline, 
product. tive tax assessment,” which gives But 1RI and other state holding 

It is this invisible industry that tax inspectors new powers (and op- companies like the energy con- 
often. acts as a shock absorber for portumties for corruption) to arbi- glomerate, ENI (Ente Nazionale 
the system. It makes parts and trarily decide what an individual or Idrocarburi), are saddled with pri- 
components, from shoelaces, zip- b usiness has earned if irregularities orities that are often more political 
pers and buttons, to nuts and bolls, are discovered. than industrial. They amassed 

It can be found in backyards, bams The measures, which were ex- losses because they were required 


The measures, which were ex- 


pert and buttons, to nuts and bolls, are discovered. 

It can be found in backyards, bams The measures, which were ex- 
and private homes, often run by peered to extract 3 trillion lire in 
families, seldom employing more new revenue, might stop (or at least 


rivatc homes, often run by peered to extract 3 trillion lire in 


than three or four people. 


reduce) the huherous situation in 


It does not worry about taxes, which bosses claim to earn less 
labor laws, strikes, social security than their workers and lawyers and 
payments or, for that matter, the doctors earn less on paper than 
many directives from Rome. It sim- their receptionists, 
ply does the job for which it was Yet it will probably not be the 
contracted. tax collector but the modernization 

But it does quietly absorb many of industry into homogeneous 
of the unemployed, provides sec- with computerized machrn- 
ond and thhdjobs for many people eiy and a minimal work force, that 
and allows private industry to con- w01 make the submerged economy 
tract out pieces of its production to , . , 

avoid the drain of social security ^ black ” s**™ would have 
payments, the problems of a fixed ““«* Jong ago were it not 
work force and official labor regu- for the flexibility and creativity of 
lations an industry that has steered with 

When Finance Minister Bruno SUCI ^ SS 5^ °f wage in- 

Visentini cast about for ways to unrest, pohded tur- 

replenisb the depleted state coffere. aad nmunting debts, always 

finding a way to survive.. .. 


to rescue companies without a fu- 
ture, for political reasons. Manage- 
ment changes were frequent, so 
were charges of corruption; badly 
needed development funds often 
found their way into party pockets. 

But under determined new man- 
agers, the state industries are be- 
coming more functional and per- 
formance-conscious. “They no 
longer send the lame ducks into 
state enterprises. Times are chang- 
ing,” said one economist 

Gloomy as the picture often ap- 
pears on paper, nothing is ever lost 
in a country where private entre- 
preneurs show a baffling capacity 
to avoid the evils of an inefficient 
and archaic political system. 

Contradictory as it may seem, in 
this environment the individual 
flourishes — and even prospers. 


Economy Is Attracting 
Investors From Abroad 


The bank that masterminds some of 
Italy’s most enlightened businesses 






! •• ' *\" > 


mm 




(Continued From Previous Page) 

cent of Italchemi Pharmaceuticals 
for 21 billion lire, and Electrolux 
(Sweden) acquired 49 percent (plus 
debentures) of Zamisri domestic 
appliances for 300 billion lire. 

About half of the companies tak- 
en over by foreign investors were 
already in bad fmand&l shape. The 
acquisition by Electrolux of the ail- 
ing appliance maker, 7- pn i' jw i, once 
the pride of Italy’s surging “eco- 
nomic miracle” of the 1950s and 
early 1960s, caused widespread 
concern in union and political cir- 
cles, Sixty percent of Italy’s phar- 
maceutical sector (Italy is the fifth 
largest pharmaceutical market in 
the world) is now controlled by 
foreign companies, and many of 
the small and medium-sized high- 
tech companies that abound in 
northern Italy are beug bought out 
foreign companies. Although 
these companies are competitive 
and structurally sound, they are of- 
ten beset with financial difficulties 
due to the high cost of money and 
the weakness of Italy’s stock mar- 
ket. 

Pofitidans of both the left and 
center are beginning to express 
alarm that in certain vital sectors, 
such as advanced electronics and 
pharmaceuticals, the multination- 
als are concentrating their research 


abroad, endangerii 
term technological i 


Italy’s long- 
velopment. 


to develop successfully 
your Italian business 

look for a leader 


There is also fear that if the wave 
of foreign takeovers continues un- 
checked, more and more vital deci- 
sions on industrial strategy will 
tend to be made abroad, with possi- 
ble negative effects far Italy. Last 
October, the minister of industry, 
Renato Altissimo, a member of Ita- 
ly’s small conservative Liberal Par- 
ty, proposed drafting a bill to limit 
foreign participation in Italian 
companies to 30 or 40 percent 

Recently, he described his pro- 
posal as “similar to the German 
antitrust regulations.” Another 
prominent politician. Franco Fos- 
chi, a Christian Democrat and head 
of his party’s social department, 
recently proposed even tougher . 
regulations. 

“These are already warning sig- 
nals.” said Mr. Fazi of Business 
International, which organized a 
meeting of 60 of the managers of 
the largest foreign-controlled com- 
panies m Rome last month to dis- 
cuss the problem. The compania 
do take these signals seriously,” he j 
said, “but they are not unduly wor- 
ried. They realize that in the Italian 
setting such proposals take years 

and years before they become law 
and, in the mean time, both minis- 
ters and their opinions change.” 



Private TV Growth Changes Media 


finance 

for 

industry 


Oliveurs forward-looking research led to their sophisticated M 24 personal computer 


The 20th century Italian genius Olivetti is an 
international entity whose network of interests 
encircles the globe and produces every conceivable 
variety of business equipment - and is even now 
conceiving more for the future. 

With an organisation of Olivetti’s scope it 
is- natural that two thirds of its annual turnover 
should be in sales outside Italy - last year the equiva- 
lent of USS 1540.0m out of a totAl or USS 2440.4m. 

Olivetti is, like so many other distinguished, 
world-orientated - — _____ 

Italian companies, ( / A \ I ® 

a customer V-T / #— > \ |_J\J 

of Cariplo. the cassa di usnutMK) D 


i genius Olivetti is an Lombardy-based savings bank which is now not only 
fork of interests a powerful financial force in Italy, but is becoming 

s evepr conceivable increasingly involved m corporate banking around the 

and is even now world, and expanding its resources with diems like 

Olivetti. 

r Olivetti s scope it The modem Cariplo brings its own brand of 

annual turnover . Italian genius to the service of international clients. 

- last year the equiva- We now have a full service branch in London 

otal or USS 2440.4m. and representative offices in Brussels, Frankfurt, 
other distinguished. Hong Kong, New York and Paris. Please call your 

e/S\H20[p[L@ =!2r 

CASSA DI RISRUIMIO DELLE PROVINCtE LOMBARD E Pida 8. 20121 Milan. 


Encouraging enterprise internationally 


(Continued From Previous Page) 

designed largely to protect the un- 
dercapitalized Italian press. “But 
the advent of commercial private 
television has made our ceiling 
largely meaningless." said Giuliano 
Adriani, TV advertising chief for 
SIPRA, the state-owned advertis- 
ing sales agency. 

But also perturbed are those Ital- 
ians who object to the extreme 
“crowding” of commericals on the 
private channels. According to the 
interim decree law due to expire in 
June, private-station advertising 
can now legally reach concentra- 
tions of about 20 percent (12 min- 
utes) per viewing hour and 16 per- 
cent of weekly broadcasting tune. 
In peak viewing times there are 
frequent interruptions, with as 
many as eight to ten 30-second 
spots. 

The RAI statute sets an overall 
limit of 5 percent; currently, ac- 
cording to Mr. Adriani, total adver- 
tising on the state channels is only 
slightly more than 4 percent of to- 
tal breddeast time. But competition 
from the private stations is such 
that RAI, too, has stepped up ad- 
vertising, taking an unprecedented 
half-time break Tor films and inter- 
rupting lengthy variety programs 
and talk shows. 

The result of ali this is a situation 


unique in Western Europe. Accord- 
ing to statistics compiled by UFA 
and ANT PA, Italy's two advertis- 
ers' associations, Italian television 
now offers between 410,000 and 
430,000 commercial spots a year. 

So far, the most vocal protest has 
come from the Communis is and 
some Christian Democrats who 
would like limits on total commer- 
cial time to be reduced further 
when a permanent law is put on the 
books. Also angry are filmmakers 
unaccustomed to seeing their 
works repeatedly interrupted by 
ads for toilet paper and detergents. 
Lawsuits have been brought by di- 
rectors such as Federico Fellini, Et- 
lore Scola, Luigi Comencini, 
Francesco Rosi and Lina Wert- 
muller. 

But for the time being, at least, 
Italian viewers appear relatively 
undisturbed by the advertising on- 


Paid-up capital and lggai 
reserves: 1,655 billion lire 
Provisions: 802 billion lire 


slaughL According to officials at 
Pubhtalia, Mr. Berlusconis mar- 
keting agency, they have set them- 
selves a 1985 target of at least 1.2 
trillion lire in gross advertising rev- 
enue. But they expect to reach that 
goal more by opomizmg the use of 
daytime ad space, encouraging ad- 
vertisers to get away from seasonal 
ad campaigns and using greater in- 
centives to attract new cheats than, 
by increasing the number of com- 
mercials in prime time. 


isnrnmoMOBiLiARErrAUANo 

ft*hc I^w Credit Institute 
Head Office m Rome (Italy) 

Subsidiaries abroad and 
Offices m: Brussels, Fran^„ n M 
Jersey (Channel Islands), iUmcta? 

Mexico City, Rotterdam, Zurich^asS^J? 

Regional Offices in Italy- 










INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


Page# 


Pares 

5 for 1984. 


A SPECIAL REPORT ON ITALY 


1 


technology Sector 
Making a Comeback 



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By Paul Bompard . 

ROME — If Italy's traditional 
electronics industry missed the 
boat in the 1970s, it is more than 
making up for it now in the new 
Hdds that have opened up over the 
last 10 years. 

While television and radio man* 
ufacturers have been all bm 
crushed by West German and Far 
Eastern competition — and by 
their own inefficiency — in the 
more advanced areas of electronics 
there are Italian companies that are 
healthy, growing and competitive. 

“The old industry never recov- 
ered from the labor and overstaff- 
ing problems of the 1960s and 
1970s, said Giulio Senni, of the 
Associazione Nazionale Industrie 
Eleitrotecniche ed Elettroniche. 
“Then the government delayed for 
years before chocsing a TV color 
system, finally opted for PAL [the 
German system] and opened the 
door to imports.” 

But if this side of the electronics 
industry is in bad shape, with 4,000 
workers drawing unemployment 
benefits, in the fields of sophisticat- 
ed components, idecommunica- 
.1 lions, military electronics, radar 
and air-traffic control and, in the 
case of Olivetti, in small computers 
and data- processing machines, 
business has been booming. 

Much of this success has come 
from the state-controlled STtT 
group of companies, partly because 
of a growing trend to have these 
companies managed by dynamic, 
private-style administrators on 
principles of efficiency rather than 
the old system of keeping costly, 
unproductive state companies alive 
at all costs. 

One of the stars is SGS Ates of 
Agrata Brianza, near Milan, a pro- 
ducer of semiconductors. 

In 19 80, aft er years of deficit, 
SGS, a STET company, was put 
into the hands of Pasquale Pisiorio, 
a Sicilian who left Motorola in the 
United States to take over the job. 
In five years, SGS has become Eu- 
rope's third producer of silicon 
chips after Philips and Siemens. It 
is, however, first as an independent 
supplier. 

About 83 percent of the compa- 
ny’s products are exported, and a 
contract was recently signed to 
supply International Business Ma- 
chines Coip. with components. Ac- 
cording to Franco Morgan ti, of Ro- 
seau, an independent research 
company in the electronics field, 
“SGS makes bipolar integrated cir- 
cuits better than anyone. . . 

For 1984, SGS profits were 25 
billion lire (SI 24 million) on sales 
of 572 billion lire. It was about 50 - 
billion lire in the red in 1982 and 
only just broke even in 1983. 

Another thriving company of the 


STET group is lialtel. specializing 
in equipment and systems for tele- 
communications. In this case, the 
company was turned over in 1981 
to Mansa Bellisario, who came 
from Olivetti. 

Another STET company, Se- 
Ienia, is a leading producer of mili- 
tary electronics, equipment for air- 
traffic control, radar, defense 
systems and flight simulators. In 
1984, sales rose to 579 billion lire, 
from 4784 billion in 1983, and the 
ty exported 65 percent of its 
lucts. 

But the current boom is by no 
means restricted to state-controlled 
companies. The remarkable recov- 
ery of Olivetti has become one of 
Italy’s industrial legends. In 1978, 
Carlo de Benedetti look over a 
weak manufacturer of typewriters 
and office equipment that seemed 
doomed to become an industrial 
failure. Since then, Olivetti has al- 
most tripled its sales and become 
Europe’s foremost producer of 
electronic-office and data-proccss- 
ing equipment, not to mention a 
competitive range of small comput- 
ers. 

The recent sale of 25 percent of 
Olivetti's suxk to AT&T of the 
United States should, through the 
acquisition of new technology and 
the opening up of the American 
market, make the Italian company 
a still more formidable internation- 
al contender. 

Of the medium and small private 
companies, many are healthy and 
competitive, even if they operate in 
limited sectors. A good example is 
Contraves, based just outside 
Rome, which produces and exports 
a wide range of electronic military 
equipment, a field in which Italian 
firms are traditionally active. 

The area outside Rome along the 
Via Tiburtina has acquired the 
nickname of “Tiburtina Valley" 
because of the large number of 
such firms that have sprung up 
there recently. 

Today, the Italian elec ironies in- 
dustry employs more than 200,000 
people, about 80,000 in the ailing 
traditional sector and 120,000 in 
the new fields. Together, they pro- 
duce goods worth about 12 trillion 
lire, considering only what can be 
strictly described as electronic. Of 
this, roughly half is exported, but 
imports are about 30 percent high- 
er, with a particularly negative bal- 
ance in informatics at one end of 
the industry and radio and televi- 
sion at the other. 

The Italian electronics indus- 
try,” says Mr. Morgana af Roseau, 
“has a number of specializations 
that are absolutely competitive on 
an international level Where we 
are behind is in medium and large 
informatics.” 



John CapoMon Hwm* 

Exchanging dollars for lira. 


ItoM CurtMaM/HT 


Privatization Moves Cautiously 
Into National Industrial Sector 


Fiat Turns Slowdown Into Speedup 


ROME — “Flat: First in Eu- 
rope.” The high-profile slogan, dis- 
played in showrooms and newspa- 
per ads, sums up the dan and 
confidence felt these days by offi- 
cials of this giant, private Italian 
car manufacturer, which, despite 
notable market softness through- 
out Europe in 1984, continued 
what most observers in Italy agree 
is a remarkable return from the 
edge of the grave to industrial and 
financial health. 

The Turin-based colossus, 
(230,000 employees, about half of 
whom work in the auto sector) 
owned by the Agnelli family and 
run by a team of hard-nosed man- 
agers and technocrats under the 
leadership of the manag in g direc- 
tor, Cesare Romiti, currently pro- 
duces 1.27 million cars a year, 
equal to more than 80 percent of 
total Italian automobile produc- 
tion. Improved labor relations, ra- 
tionalization of production, sales 
and finance, ana massive Invest- 
ments have combined to make the 
future bright The current situation 
contrasts radically with Fiat's situ- 
ation five years ago, when growing 
indebtedness, chronic labor strife, 
plummeting productivity and high 


losses in the car sector plagued the 
company. 

As the Fiat chairman , G ianni 
Angelli.put it, 1984 was a "bulhsh” 
year for the company. Although 
demand in' Europe fell by an aver- 
age of 24 percent Fiat Auto SpA, 
which today means Fiat, Lancia, 
Autobianclu and Ferrari, was able 
to substantially maintain or im- 
prove on its 1983 market shares, 
selling new cars to 54.3 percent of 
the Italians who bought them 
(1983, 55.4 percent) and grabbing a 
No. 1 one spot in Europe (Spain 
excluded) with 13.3 percent of 
sales. In 1984, Flat sold 14 milli on 
cars worldwide, with 930,000 of 
them in Italy. 

Total sales by Fiat Auto SpA at 
the end of 1984 increased slightly 
to $63 billion, equal to about half 
the revenues of the entire Fiat 
group. Profits for the past year, not 
yet released, are expected to far 
exceed the $40 million registered in 
1 983, and with Fiat Brazil finally in 
the black, profits will no longe£be_ 
canceled out by the South Ameri- 
can subsidiary’s losses. 

Much of last year's excellent per- 
formance reflects the continuing 


success of the Fiat Uno, currently 
the single most popular car both in 
Italy and in Europe as a whole. A 
total of 331,000 Lino’s were sold 
last year and nearly a million have 
been bought since the small but 
roomy fasiback went on the market 
in early 1983. 

But perhaps even more impor- 
tant at year’s end was the glowing 
financial outlook. Although results 
for Iveoo, the commercial-vehicle 
subsidiary, continued to be disap- 
pointing, the group as a whole (au- 
tos and 14 other sectors ranging 
from tractors and aviation to tele- 
communications and production 
systems) finished in style. Consoli- 
dated sales (net of intragroup 
trade) rose by some S600 million 
over 1983 to reach $11.6 billion, 
with the best improvement in sales 
performance achieved by construc- 
tion machinery (27.6 percent) bio- 
engineering (27.4 percent) and pro- 
duction systems (22.6 percent). 

■. —SAW GILBERT 


ROME — Privatization in Italy 
is proceeding at an increasing, but 
cautious, pace. In a country where 
for the past 50 years state participa- 
tion in industry and banking has 
been a major and often successful 
factor, the authorities have no in- 
tention of completely dismantling 
state enterprises. However, there is 
a growing desire to privatize com- 
panies of lesser importance and to 
attract more private capital into the 
most important state-run concerns. 

Opposition to privatization re- 
mains, particularly at grass-roots 
level ana this explains the low pro- 
file that state management seeks to 
maintain when privatizing a com- 
pany or plant. In the provinces, a 
company the state defines as “mar- 
ginal” is often a major source of 
employment. Opposition to its pri- 
vatization often ranges from the 
uoions and leftist political parties 
to the local bishop and conserva- 
tive town coondQors. 

For decades, state-owned fac- 
tories have been regarded as a wa- 
ter-tight guarantee of employment, 
even though they may nave been 
incurring enormous losses. 

Yet, the Jstituto Ricostruzione 
Industrials (HU), Italy’s (and Eu- 
rope's) largest stale-holding com- 
pany, was founded in 1935 to take 
over banks and industries in diffi- 
culty. to restore them to financial 
health and eventually to sell them 
back to the private sector. This nev- 
er happened, although the I RI has 
always encouraged a large presence 
of private capital in most of its 
1,060 companies, while rigorously 
maintaining a controlling interest. 

Italy's second-largest state hold- 
ing concern, Ente Nazionale Idro- 
carburi (ENI), the national energy 
authority, was founded in 1953 and 
until the early 1960s both it and IR1 
were regarded in Italy and abroad 
as models of efficiency in the field 
of mixed state and private enter- 
prise. 

By the mid-1960s, the situation 
had completely changed The state 
holding companies yielded to the 


pressures of Italy's politicians; the 
appointment of top and middle- 
level management began to be de- 
cided on political grounds. 

The results were disastrous. For 
although some sectors of state in- 
dustry managed io remain immune 
to political patronage and misman- 
agement, others, especially in the 
mechanical and petrochemical sec- 
tors, began to register huge losses. 
Vast sums were siphoned off to 
finance slush funds and the politi- 
cal parties, and the state holding 
concerns were used to absorb hun- 
dreds of companies in economic 
difficulty to guarantee tens of thou- 
sands of jobs — and votes. 

This process accelerated after 
1974, reaching its high point with 
the creation of yet another state 
holding company. Erne di Gestione 
delle Aziende Minero/Metallur- 
gico (EGAM), the state mining and 
metailuigica] authority. In 1976, 
four years after it was founded, the 


companies 

difficulty. 

The repercussions from the 
EGAM debacle can still be fdt 
today, for 1R1 and, to a lesser ex- 
tent, ihe energy authority, were 
forced to absorb EG AM's assort- 
ment of debt-ridden companies. 
The law that abolished EGAM al- 
lowed them, for the first time, to 
either liquidate companies or pri- 
vatize them. This also led to the 
present, largely successful efforts 


by both groups to dean up their 
management and re-acquire a 
strong measure of autonomy from 
political interference. 

The politicians, too. began to 
change, in 1981. the Ministry of 
Stale Participation published a 
white paper giving guidelines to 
privatization. The ministry wants 
the state holding concerns to sell 
off companies in which increased 
efficiency and higher productivity 
can be achieved by private entre- 
preneurs. The areas earmarked for 
privatization are farming, textiles, 
clothing, cement and tourism. Cer- 
tain small chemical and mechanical 
companies are also included. 

So far, the IRI has released 50 
small and medium-sized compa- 
nies to the private sector, about a 
third of which were pan of the 
EGAM inheritance. 

ENI, with fewer marginal com- 
panies to release, has followed a 
policy of increasing private partid- 
pation in its more successful sec- 
tors. Last July, it opened up one of 
its key companies, SAIPEM (ma- 
rine engineering), to the private 
sector by of rering shares worth 140 
billion lire ($70 million) on the Ital- 
ian stock market. ; 

The operation, which represent- 
ed 20 percent of SAlPEMs capital, 
was the biggest offer to be floated 
on the Italian market, attracting 
such buyers as the pension funds of 
the United Nations. IBM and Gen 1 ’ 
eral Electric. 

— D ALBERT HALLENSTE1N 


CONTRIBUTORS 

PAUL BOMPARD and BARRY CAME are journalists based in. 
Rome. 

SARI GILBERT is a Rome-based journalist who contributes 
frequently to The Washington Post and the Boston Globe. 

D ALBERT HALJLENSTETS is a Verona-based journalist. 

ULI SCHMETZER is a journalist based in Rome and Bonn. 


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MONDAY, APRIL 22, 1985 


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EUROBONDS 

News From U.S. Economy 
Has little Impact on Market 

By CARL GEWIRTZ 

humuaional Her aid Tribune 

P ARIS — The news from 'Washington last week was about 
as favorable for the bond market as could be hoped — a 
stunning slowdown in the pace of first-quarter economic 
growth, implying a significant casing in interest rates. 
This initial reading of the news fueled a powerful rally in bond 
prices. 

But by late Friday the euphoria had been tempered by other 
concerns — that an already rising pace of inflation which can 
only be further fueled by die continued slide erf the dollar will 
sorely limi t the Federal Reserve’s ability to allow a significant 
decline in interest rates. 

The broadest measure of 
U.S. price increases, the 
gross national product defla- 
tor, showed a first-quarter 
rise of 5.3 percent, up sharply 
from the 2J1 percent regis- 
tered in last year’s fourth 
quarter. This trend can only 
be fanned by the continuing 
decline in the dollar, since 
that means an increased cost 
for the price of imports 
t which are now Hooding the 
country and cannot instantly 
be turned off. 

The foreign exchange mar- 
ket’s initial reaction to the 
slowed pace of UJ5. expan- 
sion was to sell the dollar, 
which fell a sharp 2ft percent 
in the space of a few hours, 
and put it below the important psychological barrier of 3 Deut- 
sche marks for the first tune since last November. Since i is high at 
the end of February, the dollar has fallen 18 percent against 
sterling, 14 percent against the mark and almost 6 percent against 
the yen. 

But late Friday, the foreign exchange market — like the bond 
markets — took a pause, crying to evaluate the likely direction of 
U.S. monetary policy. 

The current mood seemed to be best expressed by Albert 
Wqjnilower, chief economist at Fust Boston Corp. He told a 
financial conference in New York that Fed policy currently 
appears aimed at preventing the economy from slipping into 
recession and as a result may even cm the discount rate, now at 8 
percenL 

This was reinforced by the chairman of Manufacturers Hano- 
ver Trust, who told another meting that the prime rate of 
commerdk banks could drop below 10 percent during the 
current quarter. The prime rate at most banks is now 10ft percent 
although a small St Louis bank cut its rate to 10ft percent late 
Friday, possibly presaging an industry wide move. This would be 
normal following the significant drop in short-term interest rates 
. sluggish dec 


Eurobond Yields 

For W**fc Ended April 17 

Tfl term, inri insl 

U.S5 long term. Jnd. 

U.SjS medium term. ind. - 

Cans medium term 

French Fr. medium term 
Stertlns medium term __ 
Yen medium term. int*l Insl. 
Yen la term, inn Inst. _ 

ECU short term 

ECU medium term — 

ECU Iona term 

EUA long term 


11.70 % 
12-51 % 
11.70 % 
12A4 % 
1U7 % 
11.17 % 
7 DO % 
7.10 % 
8.92 % 
9A9 % 
9-Bfl % 
9.13 % 
10.13 % 
10.13 % 


FLx la term. Inti inst. 

FLx medium term - 
Coleu lana by urn Luxembourg Stoat Ex - 
ebb ago. 

Market Turnover 

Per Week Ended j Apdf 19 


(MtUon* of US. Dollars i 


Cede! 

Euroclear 


Total 
11A79J0 7A69S0 
21^58.7018^05.10 


Moa-ctolkn- 
Ooltar Equivalent 


X409.70 

346340 


and the current : 


demand for bank loans. 






ss.« 



’X; 

" S* Uij J, 


120 c i* 






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IU : v 

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KN i i 

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2*9.1 .**■• 

, LltrC? 

44 2Z 



XT 


Ufi ^ 


H OWEVER, Mr. Wqjnflower went on to warn that the 
signs of a sharp slowdown are “ misleading' 1 and that the 
economy will pick up steam over the next two months, 
which will result in a renewed increase in interest rates. 

The Fed itself only sowed confusion about its intentions. Early 
in the week it allowed the overnight cost of bank loans, the. 
federal funds rate, winch is the base from which other money- 
market rates are scaled up, w drop from a high of 8 9/16 to a low 
of 7ft percent. But late Friday it poshed the rate bade to 7ft 
percenL 

Was this a signal to the markets that the rate, which has 
hovered at around 8ft percent so far this year, had dropped too 
far? Or was it the result of technical considerations that forced 
the Fed to drain reserves? Pending some clarification, traders in 
the bond and foreign exchange markets took to the sidelines. 

The week’s angst about interest and currency rates had little 
apparent effect on the Eurobond market The decline in interest 
rates prompted dealers to mark up prices, but there was no xush 
of investors to buy. As a result, the increases on Eurodollar bonds 
failed to matrb the size of the gains scored in New York. 

At the same time, the dollar's renewed decline failed to spark 
any widespread selling of Eurodollar bonds by investors looking 
for a safer currency. 

Dealers offered a number of catenations for this apparent 
indifference to currency considerations. In pare, they said, inves- 
tors have been diversifying away from the dollar since it peaked 
in late February — meaning that those who felt most exposed to a 
decline have already shifts. 

Institutional investors have no need to actually sell their 
holdings as they can — and have — hedged their dollar portfolios 
through the foreign exchange futures and options markets. 

And finally, dealers note, even though the dollar has fallen 

(Continued on Page 15, Col 5)' 


Last Week’s Markets 

All figures are as of dose of trading Friday 


h 

■ i- 


35 *r 
3 Sr.' 


£ ,r is 1 





Stock Indexes 

Money Rates 



United States 


United States 

Led Wk. 

PravJML 

LnstWk. 

Prav.Wk. CWee 

Discount rat« 

8 

B 

DJ Indus — 126445 

126548 +0.10% 

Federal funds rate— 

7% 

a» 

DJ Util ISSJTi 

15588 +040% 


low 

10% 

DJ Trans— 584.92 

598J1 —120% 




S & P 100 17624 

17588 +030% 




S8.P500 181.12 

18055 +030% 


5 

5 

NYSE cp la&OO 

10484 +090% 

Call money..-— 

5% 

avk 

Source: PtvdaHel/BaSbSeairtties. 

4&dov Interbank— 

6% 

6V. 



West Germany 



Britain 


Lombard 

600 

600 

FTSE 100— 129940 

127290 +110% 


550 

530 

FT 30 9«040 

964.90 +141% 

1 -month Interbank— 

570 

580 



Britain 



Hong Kong 


Bank base rate 

12*J 

12% 

Hons Seng- 147421 

1492.18 —1-20% 

Call money-. 

T3U. 

UVb 



3- month Interbank — 

123/16 

12V*j 

Japan 


Dollar LflSfWt Prev.Wk. 

cave 

Nikkei DJ 12114JB3 

1258881 ’ —176 % 






Bfc End Index— 14270 

14580 

—213% 

West Germany 


Gold 




121120 +023% 

London pm fix. S 327U0 

329.90 

—088% 

Sana: James CaxlS Co. Lsnkn. 

iMoadgeMiUBlraaaaatSIcmJamCBXi 


Currency Rates 


J 


St 


Late interbank rates on April iv. exauang tees. 

Official fixings for Amsterdam, Brussels, Frankfurt, Milan, Paris. New York rates at, 
4 PAL 



Dollar Values 



Comae* 


s 

Eaalv. 

(U4W AaiironaaS 
00478 Awlrtan scMUm 
10166 Bdfftaii fla. franc 
OWOS Canadian S 
turn Dan W krona 
B.ISW Finnish markka 
(loots CremdradMM 
0.13BS HaaoKoaoS 


UJLS 

1561 

SUM 

' 6U9 

USB 

TOTS 

63725 

13299 

73835 


Carroncy 


S 

Booh*. 

MM7 IriAC 
05011 braoBAaftol 
Tree Knoeifl (floor 
MOM Matav.riDmtt 
0.1152 Narackraao 
00544 PMLMBI 
0006 pgrtoacodo 
U771 Saadi rival 


U55 Eaal*. Uii 

03551 0L4S49 Skwvani 2.TWS 

92735 05« S. African rood 13519 

03007 00912 k Karooaaaa 95939 

24495 0906 5aaa.meta 16690 

966 21141 Swod. krona 9765 

19375 09252 Tahran t » J1 

16790 0JJJ69 Tkalbekt 279*5 

26095 03723 UJLEdriuni 06725 


tsiwliiw :1.231s l runt 

(ol CMiikmIoI franc fbi AnwmKBeacfcfl » nw onoodond (el Amounts nortod la bu* ooo dodor 
Units of 100 (x> Uni is of 1900 !*> Units al W9BB 

Bona, CommorcMo naibrna fUlfanH Bento, 
(dinar. rivoLdlrtmmt. Othefdoto from RButors and AP. 


A Further 
Drop Seen 
For Dollar 

Analysts Fear 
Inflation Rise 

By Jane Seaberry 

Washington Post Servite 

WASHINGTON — Against the 
backdrop of last week’s plunge of 
the dollar to below the tnreshhold 
level of 3 Deutsche marks, many 
economists say the currency will 
continue to slide in coming weeks. 
Much of the speculation is centered 
on whether it will be a gradual, 
orderly decline or a sharp plunge. 

The dollar reached its peak in 
February when the British pound 
traded at SI. 03. Since then it has 
fallen 9 percent oa a trade- weight- 
ed basis and is back to levels it 
reached in October, 

“It's bard to see what would sub- 
stantially reverse*’ the dollar’s de- 
cline, said William R. Cine, senior 
fellow at the Institute for Interna- 
tional Economics. “The question is 
whether we continue to have a 
stair-step adjustment.” 

A gradual reversal of the dollar’s 
advance would help increase ex- 
ports and benefit many domestic 
firms that compete with imports. 
Bui it also would result in slightly 
higher inflation, increased com- 
modity prices and possibly higher 
interest rates, as well as further 
weakening economic growth. 

A rapid decline by the dollar 
would require higher interest rales 
to continue attracting foreign capi- 
tal to continue financing the bud- 
get deficits. That could cause a re- 
cession, analysts point out. 

The dollar, which began to drop 
sharply in mid-March, also de- 
clined in March 1984. But that 
trend ended when interest rates be- 
gan to rise and confidence in the 
reelection of President Ronald 
Reagan strengthened, Mr. Cline 
said. Those factors are missing to- 
day, he said. 

“A lot depends on whether this is 
a real rout of the dollar,” Mr. Cline 
said. “If this turns into a rout, in- 
terest rales would have to rise 
sharply for foreign currency to 
keep coming in” to continue to fi- 
nance the trade deficit 

One factor that could offset the 
loss of foreign capital could be a 
reduction in business investment 
and the subsequent demand for 
funds, which already is appearing. 
Foreign capital last year provided 
one-seventh of gross investment in 
the United States, Mr. Cline said. 

Economists say the decline in the 
dollar may already have helped the 
most competitive U.S. firms, and if 
the decline continues it will later 
assist weaker export industries. 


Australia’s Keating Leads Campaign 
To Make Economy More Competitive 


By Steve Lohr 

Ne w York Tima Service 

CANBERRA — He quit school at age 14 to 
become'a clerk in a municipal workers union. A 
year later, he joined the Australian Labor Party, 
which is closely linked to the nation’s powerful 
trade unions and has traditionally displayed so- 
cialist leanings on economic matters. Thereafter, 
he never left the Labor Party fold. His first-hand 
experience in the private sector doesn’t go much 
beyond managing a rock band called the Ramrods 
in his youth. 

Despite that unlikely background!, Paul John 
Keating's name is mentioned with respect, even 
reverence, by Australian business leaders. The. 


shrewd, sharp-tongued and ambitious politician, is 
the point man in the government’s plan to make 
Australia’s economy more competitive. 

In late February, the government of Prime Min- 
ister Bob Hawke took a landmark step toward free 
markets by granting licenses to 16 foreign banks to 
enter the previously dosed shop of Australian 
banking, a move that Mr. Keating spearheaded. 

“We didn’t have as much competition here as we 
should have,” Mr. Keating explained recently. 
“Our banking industry needed an injection of 
innovation.” 

Mr. Keating, who was selected as treasurer — or 
finance minister — when the Labor government 
was voted to power in March 1983, has long 
believed that local banking services would be im- 
proved by the stimulus of outside players and 
ideas. But in Australia's parliamentary system, a 
broad political consensus is needed for change. 

For nearly a year, Mr. Keating had pushed hard 
for the entry of foreign banks — m private sessions 
and caucus meetings of his Labor Party, often 



SuMrolian ijibor \h 

Tha Nm Vodc Taem 

Paul John Keating 

against much resistance from the party’s left wing, 
which typically has opposed free-enterprise initia- 
tives ana foreign ownership of businesses in Aus- 
tralia. 

Using a blend of persuasion and intimidation, 
be argued that added competition would benefit 
consumers and that em pl oyment would rise. His 
typical sermon as an ev&getist for foreign- bank 
entry would then turn to themes assured to stir the 
emotions of left-wing Laborites. accord big m a 
politician familiar with Mr. Keating's perfor- 
mances. First, he would declare that profit mai^inc 
(Continued on Page 13, CoL 1) 


AMC Reports 
Loss for Quarter, 
Cites Weak Sales 


Compiled by Our Staff From Dispatches 

SOUTHFIELD. Michigan — 
American Motors Corp.. which is 
46- percent owned by the French 
automaker, R e n au lt, has reported a 
net loss of S29 million for the first 

Other earnings, Page IS. 


ny said the loss was primarily due 
to a weakness in its car sales. 

The first-quarter loss, an- 
nounced Friday, compared with a 
net profit of S5.1 million, or 3 cents 
a share, for the same period a year 
ago. Sales for the quarter fell to 
$919.4 million from $1.1 billion in 
the same period in 1984. 

AMC, the fourth-latest US. 
automaker. had posted five profit- 
able quarters since the fourth quar- 
ter of 1983. 

“This first-quarter loss is a dis- 
appointment to American Motors, 
its stockholders and its employees, 
particularly since we had just 
achieved five consecutive profit- 
able quarters,” said Jose J. Dedeur- 
waerder, AMC presidenL 

“The continuing shift to larger 


cars, the resulting competitiveness, 
of the small-car market and the 
related price competition contrib- 
uted primarily to our first-quarter 
loss.” he added. 

AMC, which only builds small 
cars and Jeeps, said Thursday it 
was implementing a program to cut 
expenses by 25 percent. It said the 
™P a ‘ program would include an unspeci-' 
y auc fied number of layoffs among its 
6,100 employees. 

Mr. Dedeurwaerder said the 
first-quarter loss “serves to under- 
score the need to broaden our mar- 
ket coverage with larger and more 
profitable products so that no sin- 
gle market segment swing will so 
directly affect our bottom line.” 
The AMC president said the 
company is only halfway through 
its five-year strategic plan, which 
includes a program to introduce 
new products such as a Renault 
sports car, new Jeep models and 3 
new mid-sized car. 

“We wanied that during this pe- 
riod, the highs were not cause for 
euphoria and the lows were not 
cause for despair,' Mr. Dedeur- 
waerder said. (UP I. Reuters) 


The U.S. Economy: Will It Sink or Swim in 1985? 

Conventional Wisdom F oreteDs Downturn, But Numerous Analysts Disagree 


By Tom Redburn 

La i Angela Tima Service' 

WASHINGTON — Will the 
U.S. economy bounce back? 

After the shock of last Thurs- 
day's report that the economy grew 
at an anemic 1.3-percent annual 
rate during the first quarter, many 
analysts find ominous evidence 
that the economy will simply drift 
along aimlessly — or, even worse, 
fall into a recession. 

“The economy is fading,” said 
Allen Sinai, chief economist at 
Shear son I eh man Brothers Inc. in 
New York. “We’re on a fundamen- 
tally slower growth path. High in- 
terest rates, the trade deficit and an 
unbalanced fiscal and monetary 
policy mix are finally taking their 
toll.” 

But an unusual assortment of 
iconoclastic economists are fore- 
casting a resumption of strong 
growth this year. Those econo- 
mists, ranging from conservative 
monetarists to liberal Keynesians 
who are united only by their suc- 
cess in predicting the recent poor 
performance of the economy, gen- 


erally dismiss the gloomy new con- 
ventional economic wisdom. 

“Too many economists never 
really look at the underlying factors 
and just extrapolate from the latest 
numbers,” said Michael Bazdarich, 
an economist at Claremont Eco- 
nomics Institute in Claremont, Cal- 
ifornia. “It’s antaring to me that we 
are seeing nothing but green lights 
out there, and everybody is so pes- 
simistic.” 

The explanations for the expect- 
ed revival of the economy vary, 
with some analysts predicting that 
more vigorous growth wfi] appear 
this spring and others forecasting 
that it may be delayed. 

For David Levine, chief econo- 
mist at the New York investment 
company Sanford C Bernstein & 
Co„ the economy's most likely fu- 
ture course can be found in a close 
reading of economic history. 

Every sustained expansion of the 
U.S. economy since World War IL 
Mr. Levine says, has gone through 
alternating ptfiods of boom and 
sluggish growth. Once a slowdown 
begins, it almost invariably lasts for 
about six months to a year, and 


there is little reason to believe the 
weak growth that began in 1984’s 
third quarter is part of a different 
pattern. 

There is a slight danger that the 
economy has already fallen into a 
brief recession, Mr. Levine be- 
lieves, but be says that economic 
output is all but certain to begin 
accele rating sharply this summer. 

“With the dollar beginning to 
fall, the trade deficit should no 
longer be a drag on the economy,” 
Mr. Levine said. “Once we get that 
bleeding stopped and we receive a 
booster shot from (the buildup of 
business) inventories, the economy 
should be off to the races again.” 

Despite steady gains in consum- 
er spending, the high value of the 
dollar has contributed to a flood of 
inexpensively priced imported 
goods that have diverted much of 
the economic gains to foreign pro- 
ducers. A retreat of the dollar 
should ease that pain and open the 
way for new U-S. exports to coun- 
tries that have revived their econo- 
mies by taking advantage of the 
growing U.S. marker. 

“People often make the mistake 


of thinking the economy will sim- 
ply run out of gas all by itself,” said 
Irwin L. Kellner, chief economist at 
Manufacturers Hanover Bank in 
New York. “But in fact it invari- 
ably takes a major shock to bring 
the economy to a halt; as long as 
the Federal Reserve doesn't get too 
worried about the growing money 
supply, 1 don't think we’re gang to 
get such a shock soon.” 

Mr. Bazdarich relies on monetar- 
ist arguments to explain why he 
believes that the economy will pick 
up steam again 

“The Fed has been allowing the 
money supply to grow at a 13- 
percent rate for the past eight 
months.” he said. “We’ve never 
seen a recession in the wake of 
money growth figures like that.” 

Some economists worry that the 
recent spate of bleak economic re- 
ports will feed on itself. 

“The economy is not fundamen- 
tally weak, and we’ve got plenty of 
room to grow,” said Robert Gough, 
an analyst at Data Resources Inc. 
“But J’m worried that consumers 
might retrench because they fear 
that more bad news is ahead.” 


Orders in U.S. 
Dropped 0.9% 
In February 

The Associated Press 

WASHINGTON — Orders 
to U.S. factories for manufac- 
tured goods dropped 0.9 per- 
cent in February, a sharper de- 
cline than previously thought, 
according to revised figures re- 
leased by the government. 

The decline was the largest 
since a 13-percent drop in Oc- 
tober. Orders had risen 0.8 per- 
cent in January. 

The department originally 
had repotted that orders for 
manufactured goods dropped 
only 03 percent in February. 

The new figures showed that 
inventories grew 0.1 percent in 
February following a minuscule 
0.03-percent increase in Janu- 
ary. The February increase 
originally had been put at 0.3 
percenL 

Shipments of manufactured 
goods increased 0.3 percent fol- 
lowing a 2J -percent decline in 
January. The earlier report had 
said shipments dropped by 0.4 
percent in February. 


Unilever’s Note Facility 
Bears Very Thin Terms 


By Carl Gewirtz 

International Herald Tribune 

PARIS — The long-rumored 
note issuance facility for Unilever 
finally surfaced last week after 
weeks of intense competitive bid- 

SYNDICATEP LOANS 

■ding by potential managers, bear- 
ing terms that were — as expected 
— as aggressively thin as any seen 
to date. 

Unilever Capital Corp„ a finan- 
cial subsidiary of the U3. affiliate 
of the British- Dutch multinational, 
is seeking $500 million for seven 
years. This underwritten credit will 
be used as a backstop for the sale of 
commercial paper in New York or 
tire issuance of short-term notes 
internationally. 

The commercial paper or the 
Euronotes will be sold on a “best 
efforts" basis. A tender panel made 
up of banks supplying the credit as 
well as certain merchant/ in vest- 
ment banks can be asked to bid for 
notes and if the terms are not found 
acceptable to Unilever it can draw 
on the underwritten credit line. 

Banks joining the transaction 
will earn a one- tune commission of 
.03125 percenL an annual under- 
writing fee of 3. 125 basis points (or 
.03125 percent) for the first two 
years, 5 basis points for the next 
two years and 6375 basis points for 
the final three years — producing 
an average of 5*054 baas points. 

This fee is comparable to the 
lowest yet seen, set earlier this year 
by Nest]6 SA. which paid 3.125 
points for a three-year facility that 
had an average life of only 21 
months. 

interest to be paid on loan draw- 
downs will be set at the London 
interbank offered rate flat, that is 
bearing no margin. However, the 
company will pay a utilization fee 
of. 5 basis points for drawings of up 


to $250 million and 15 basis points 
for sums above that amount, pro- 
ducing an average cost of 10 basis 
points if the entire amount is 
drawn. 

Assuming the entire amount is 
drawn, the cost to Unilever will 
average 15.054 basis points. This 
compares to the previous “worst- 
case" low cost of 183 basis points 
set recently on Imperial Chemical 
Industries PLCs 10-year note facil- 
ity. Of course a direct comparison 
is not possible since the IG facility 
runs three years longer than Unil- 
ever’s. 

Bankers emphasized that UnD 
ever was an exceptionally well re- 
garded credit with very little inter- 
national debt outstanding and, 
therefore, not a barometer of the 
general stale of the growing note- 
facility market But the very thin 
pricing was seen as further evi- 
dence that the Bank of England's 
recent decision to apply a risk 
weighting to banks' underwriting 
commitments is having no dramat- 
ic impact. 

Meanwhile, Colgate-Palmolive 
Co_’s effort to raise $200 million for 
five years is moving along satisfac- 
torily, the lead manager, Samuel 
Montagu & Co., says. It reports 
that one bank based in New York 
has agreed to join the underwriting 
and an unspecified number of oth- 
er U3. banks have also agreed — 
thereby dispelling rumors of a U.S. 
boycott discussed in Europe last 
week. However, a number of U3. 
bankers insist the deal is moving 
slowly and that few U.S. banks are 
willing to join. 

Danish Export Finance Corp. is 
in the market with a $200- million, 
eight-year transferable revolving 
underwriting facility that is expect- 
ed to be fully drawn. Banks will be 
paid an annual underwriting lee of 
735 percent and are commuted, if 

(Continued on Page 15, CoL 1) 


CROSSRATE SYSTEMS 

Foreign Exchange Management 


Firmest S.A. 

2l Avenue du Mail 
1205 Geneva 

Telephone: 41-22-283244 
Tele*: 422 556 F1NV CH 


Cross rare Systems. Inc 

P.O. Bax 99402 
San Francisco 94 109 
Telephone: 415-441-6224 
Telex: 595974 XXXX SFO 


r 

L 


All these Notes have been sold This announcement appears as a matter ol record only. 


z 

^ 

1 

A 




Electricity de France 


USS 300,000,000 Rooting Rate Notes due 1997 
■with Warrants permitting Exchange of Notes for 
EOTKienomimted 9 %% Bonds due 1995 

Issue Price ol the Nates: 100% • Issue Priced! lheVfarranls: USS 14 per Warrant 


Notes and Bonds unconditionally guaranteed by 

The Republic of France 


Credit Commercial de France 


Morgan Guaranty lid 


B fmlr Am erica Capital Markets Group • Bank of Tokyo International Limited 
BanRexs Trust International Limited * Banque Bruxelles Lambert SJL 
Banque Ihdosuez • Banque National® de Paris 
Baring Brothers 8c Co., Limited • Caisse des D6p6ts et Consignations 
Chase Manhattan Capital Markets Group • County Ban Jr limited 
Credit Lyonnais • Daiwct Europe Limited 
Deutsche Bank Aktiengesellschaft • Dominion Securities Piifield L imit ed 
Dresdner Bank AlctiengeseDschaft • Hambros Bank Limited 
HiU Samuel & Co. limited • IBJ International Limited 
Kidder, Peabody International Limited • Kredietbank International Group 
LTCB International Limited • Mitsubishi Finance International limited 
The NQcko Securities Co., (Europe) Ltd. . Nomura International limited 
Orion Soyal Bank limited • Sumitomo Finance International 
Swiss Bank Corporation International limited • Uhion Bank of Switzerland (Securities) Limited 
WestdeutscheLandesbank Gixozentrale * Yamalchi International (Europe) Limited 

New Issue • March 12. 1985 








Over-the-Coimter 


5ale5 In Net 

1005 High Low Lost Ova* 


(Continued from Page 10) 


Soles In n«i 

100s High low Last Cfl'oe 
Mt 55 35x7 6* 6% — % 

6De 55 12x7, 6V, *% — % 
1323 3ft 3* 3% — 1* 
IB A 6 6 

65 V 8% 9 

T7SS 3* 2* 34+46 


,13r 

6 

188421ft 

20% 

21% 

+ ft 



455 B 

7% 

7* 

+ M 

1300 

7.1 

7145ft 

44Vj 

45 

+ M 

t 


60 3* 

3* 

3* 


601 

16 

3136ft 

36% 

36ft 

+)« 


164 15% 

13M 

15 




5ft 

1 

SS 

ft 



1353 1M 


lft 

+ M 



M 12% 

12% 

12% 


82e 

XI 

3626ft 

26W 

26M 


1 


7» 7 “* 

38 

* 

30 

* 

-ft 



10726% 

26% 

26% 


60 a 

3 

296* 196% 196* 

+ M 



1613 11 Jb 



+ % 



09 3* 

3* 

3* 


X4r 

8 

49814% 
149 5ft 
333 2ft 

1 


160 

43 

6757M 

SAM 

56ft 

— ft 

172 

46 

176 9ft 
124962% 

9M 

62 

9M 
62 ■ 

- % 

L37 

78 

38130 

29 

30 

+1 


958 7ft 

6* 

7ft 

+ % 



57 3 

3 

3 


30 

16 

391V 

18* 

18% 



23815% 

14* 

14% 

— % 


OKCun Me 18 
OMI CP 


OCS-NY 
OcnlfBs 
OfLaptA 
OtfLOBpt 
Ooibay Hi 7 6 


1521’!% 

982 5 5 5 

21AM MW 18* + M 
16 2% 3% 366 + 46 

M 3M 3 3 — W 

13 446 44 44—16 

73294 2BM 294 + * 


NASDAQ National Market 


5oies In Net 

100a High Law Oom Ctrg# I 


Sales In Net . 

100b High Low Close 01*00 


BrwTom 

Bruno s 

Button 
BvtkfTr 
Brnhm 
BamcS 
BurrBr 
BWA 
Businld 
. ButtrJ 


I 10556 2% Z 2*6— 4 
.14 5 4331X54 134 154 

1776 iS 14 I*— ft 
501 254 2416 244— 4 
_20 1.1 115194 IBM IBM — Vi 

1587 9 84 84 + 4 

11819 IBM 1816 
2-08 XA 48858V6 5766 SB + VS 
3709 716 7V6 74 + 66 

jD6a 6 56174 1616 17 +4 


ButlrMf 1-32 45 28527 


43 

857 

179 

1229 

SX 

J8 

18 SO 

13 

125 

16 

*453 

37 

1042 

58 

87 

10 

82 


2616 
74 
45 

3316 354 

10ft 10ft 

«« 

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324 33 


. > 591 3 

Cerdyn 

SSn, 

aimopt .10 lx 


ChnnSs JO 1J 

ChrtFdl 

Charvaz 

M 50a 16 
M V 


188184 
55512 
4338114 
1367 74 
1064 4ft 
957 34 
2*101 
2771 
277 3216 
1460344 
24331516 
240454 
53929ft 
097344 

67134 

*!?!!* 

ifS^ 

5414 
23311ft 
350 64 
123 34 
1347124 

38 1 
108 64 
394 5ft 
<73 54 
16971S16 


K^z' 


34 — ft 

’r=8 

SS + ft 

iSS^ 


ChkTcti 
CtlLwn 38 13 
Chemax 
ChFab 
Choroke 

ChryE .12o 13 
CtmaUls 130 62 


10ft 10ft — 4 
81ft 81ft— 4 


Ctiltand UOO S3 
Owner 

CbrDws 38 23 

Clrym s .10 13 

CJrtnFn 
anMic Air 

CJnftn .12® A 


81ft 81ft— 4 
264 Z74— ft 


184 184 + 4 
27. —1ft 


CtzSou 

CtxSGa 

CtxFIdS 

CfcGtP 

CtzUt A 

CtXlltB 

City Fed 

CtvNCp 

OtyBcp 

ClolrSts 

ClarkJ 

ClosIcC 

ClearCh 

ClevtRt 

Ctthlme 

CoostF 

Cstllnt 

CitSav 

CobRsc 

CoboLb 

CocaBtl 

Goeur 

Coeenk 

Coftrnts 


Cakwn 
Coi Fa 1 
Call Ins 
CalABn ASb 2 A 
CBcgoA Me 43 
CotalGOI 136 9 A 
CotGSDf 130 11.1 
CotLfAc 130 29 
CoIrTle 

34 19 


ColSav 
ColoMII 130 29 
Comars 

Comare 32 .1 

Contest S .12 A 
Comdta .16 13 

CotixJlal 

Gamerc 110 53 

OndAir 


230 

46 

- 10 a 

16 

iXOa 

28 

80 

16 

XSe 

3 

234 

46 

80 

5.1 

134 

4X 

80 

9X 

130 

A3 

60 

16 

284 

4.1 

6Bb 

26 

600 

X5 

1X0 

93 




ComB pf 



3415ft 



ComBWi 



15950% 



ComClr 



102 78ft 

6 V 1 

6* + M 

CmceU 

168 

43 

73534ft 



CmBCol 

36 

27 

132 13M 



CmdBn 

2X0 

SX 

9340ft 



CmIShr 


27211% 









CwtthF 


246 SM 



CnrwTI 



3330 



CaaiAm 



441 3ft 



Comind 

36 

17 354422ft 



CamSYS 



53310* 



ComShr 

60 

63 

3710 


31 +i* 

CmpCds 



77923ft 



CmuU s 






Compaq 

Xlr 





CmaoT 



26ft 


Cm PCr 



371*20* 



CmorsL 



621 6* 

29% 

28% +2% 

Cmpere 



324912ft 

12% 

12% — ft 




235 IS 

17 

17 +1 




1133 8% 

Vft 

10% — % 

Cemous 




12 


CCTC 









1184 26 

Sk 

tt + K 

CptAUl 

CmpDt^wXa 

7 

951 8 
Mill* 

15* 

mm + % 

CptEnt 



766 7ft 

3% 

3ft + M 

CmptH 



2B9 SM 


8*— ft 




1727 7W 

10% 

lift +Ift 

CmoLR 

.12 

16 

B96 7M 







49% 

50ft + ft 

CmpNet 






CmpPdi 










4 

4ft— % 





■ 

8% + % 


X5 

3 

86721ft 

OM 

8% 

Cmputn 



603 9ft 

20* 

20M + ft 

Cptctt 



268 6% 

14* 

14* + ft 




45 S* 

14% 

14ft + % 




187 3M 

21 

23 + ft 




618 9% 

125 

to +40 











34 


Comte h 



932 2% 

3% 

3%— ft 




1302 0 

20ft 

23 +2% 


1X0 

4X 

25724* 

15ft 

16% + ft 


168 

83 

35718% 

lft 

Tft 


xoo 

126 

94224 

14% 

15 + % 

CnCopI 

161 

96 

57217% 

SM 

6 + ft 

CCOBR 

lABalOJ 

354 17 

23% 

24% 

CCopS 

3X0 128 

106723* 






61 7ft 

6% 

6M + ft 


LS 

32 

165940ft 

15% 

15% — M 

ConiPd 

XB 

16 

163 5M 

3ft 

4 

cnTbm 

60S 17 

335 

7% 

7ft— ft 

ConatiB 

1X3 

W 

11227* 

7ft 

Bft + % 

Consul 



522 5* 

5% 

5ft— ft 

ConsFn 

XSe 1J 

17 3* 

Aft 


ConWtl 

160 

56 

12625ft 

5 ft 


CntIBcp 

CHFSL 

23* 6X 

18734ft 

9512ft 

15 

16% +1% 

CTHITS 



77914% 

34 

34 —ft 

CtIHItC 



648 6% 

20% 

20ft 

Conttns 

.12 

6 

134931 

7% 

8 + % 

Cl Lasr 



250 7 

6* 

7W + ft 
3ft + % 

ConvFd 

.36# AS 

■9 8% 

3* 




B3A4 9 

IT* 

19* 




92316% 

ins 

20* +1 




322 4 

«* 

7 + % 


A0 

26 

113716% 

16ft 

17 + * 




925 21 W 

33% 

33% — * 




7712 6* 

14ft 

14*— M 

Cordis 



2811 9% 

32% 

33 + M 

Core5l 

LM 

38 

177655 

4ft 

5 + ft 




1140 3 

4 

4M + M 




190* 54b 

14% 

15% + "1 

Caure ,- 1 

JS 

ZJ 

176 33% 


INTERNATIONAL 



68 56 15512ft 

12* 

12M 

+ 

Vh 

2614 6ft 

6 

6 


% 

293 10% 

10% 

10% 


% 

156813% 

12ft 

13 

+ 

9 9ft 

Tft 

Tft 




CourDls 

CousPs 

Covngt 

CrkBrl 

CrodTr 

Cromer 

CrazEd 

Cronus 

CrosTr 

CnAuta 

CwnBk 

Crump 

CulInFr 

curium 

Culp 

Cycore 

CyprSv 

Crprswt 


iln Net 

High Low Close ChUe 
64 64 + 4 

r w+k 

134 134 — 4 
134 134— 4 
■ft 04 + 4 
194 214 + 4 
13ft 14ft + ft | 
24 24 I 

4ft 4ft + ft 
124 12ft— 4 
26 27ft +14 
1W 20 +ft 
224 2316 
8 B — ft 
204 214—14 
104 11 + ft 

34 34 


31ft 32 
8 8—4 

7 7ft + ft 

T9 20 — ft 
264 264 + 4 
414 43ft +14 
19 19 — ft 

104 10ft— ft 
15ft 16 

5ft 54 + 4 
74 8 — ft 

10 10 — ft 

3ft 3ft 
24 2ft + ft 
3ft 4ft 
194 19» + ft 
184 19ft + ft 
ft ft— ft 
2ft 2ft + ft 
194 194 
32 34 +2 

8 8ft- V6 . 
5 5ft 

38 39ft +14 I 
3ft 3ft + ft 
lift 124 + H 1 
7ft 74 
1216 124 + 4 
2146 21ft + 4 
74 74 — 4 
164 174 + 4 
9ft 9ft 
54 54 
24 2ft— ft I 
17ft 184 
114 lift 
10% lift + ft 
6ft 74 +14 



83 

1199 

156 55 220 


495 

joe 1.1 iso 
1479 
59 

32 18 2208 
23 U 347 


44 44— ft 
2ft 2ft- ft 


1746 184 + 4 
31 31ft 
32ft 324—14 
124 15ft +34 
45 45 

38 29ft +1 

n 334 -wft 

■2ft 13 +4 

114 lift + ft 
25ft + ft 


360k + ft 
... 14 + It | 
13ft 134 
114 lift + 4 
64 64— ft 
34 34— ft 


146 
5ft 

6ft 

2J0 50 15144 

— 64 
~ 54 
120 19 130314 
•• Oft 
54 
...lift 

' * W 94? “3ft 

** " 

7ft 
64 
—24ft 
2f 4821ft 

* " ^ 

*23%"' 
29 


5ft 54 + ft 

lift 154 +Zft 
164 16ft + ft 
9ft 94—1 

3* 17ft + W 
7 8 + ft 

294 294 — 2 
5ft 54—4 
64 64— ft 
164 164 + 4 
II lift— 1 
254 254 + ft 


24 12 866 
1-20 35 1907 
126 « J 39 
-20 12 84 

-40 14 120 

58 <0 551 


!6% 27 — 1V6 I 
84 9ft + ft I 
144 15 — 4 , 
7ft 84 + 4 
91ft 934 +14 
154 16V6 + ft 
314 324 + ft 
19 194—24 

74 74— ft I 
54 5ft + ft 
334 36ft +2ft I 
214 22 + ft , 

274 284 +1 1 

174 174 
354 36 +41 

32 334 +1V6 

TOft 10ft— 4 1 
274 27ft 
33ft 34 — ft 
» 184 

24 244 

6 4 — ft 

16ft 16ft— 4 

30 20ft + ft 
134 154 +14 
164 164 + 4 

64 7 — 4 
144 144— ft 
34 34— ft 

124 154 +2ft 
34ft 3S'+ —24 
154 154 —4 
24 24 + 16 
15 19ft +14 
44 4ft 
144 144 + ft 
304 21ft + ft 
44 44— ft 

1 7ft 184—16 
13ft 14 
I6M 164— 4 
164 164— 4 
334 34ft + 4 
16ft 164—4 
184 19ft— 3ft 
74 84 + 4 
84 + 4 
35 —2 

13 134 + 4 

14 164 + 4 
264 26% 

114 124 + 4 

24 24— % 
364 364 
+4 64— 4 
154 154— 16 
4»ft 50 
77ft 78ft 
33% 33% — 4 
12ft 134 + 4 
39 40 + ft 

111ft 10ft— 16 
204 214 +1 
7% 74— ft 

294 39ft— ft 
34 34— ft 

31 21ft + ft 

10 104— ft 

9ft 9ft— 4 
214 234 +14 
7ft 74 + ft 
74 816 + 4 

12 12 ft + 4 
264 274—1 
5ft 6ft + 4 
124 12ft + ft 
1% l%- ft 
7% 14 + ft 
3ft 316— ft 
9 94 + 4 

244 26 +1 

64 64—14 
104 11 — 4 

6ft 74 +116 
7% 816 + 16 

64 7 

64 74 + ft 

4ft 44— % 
7ft 7ft— ft 
■4 8ft— 4 
4ft 4ft— 4 
9ft 9ft 
194 214 +1U 
Bft 84—4 
5 % 54— 4 
7ft 7ft— 4 
2% 3ft + ft 
9% 9% 

114 114 
5ft 54 + ft 
14 2 — 4 
6% 74 + % 
234 244 +14 
174 174 
23 234+1 

164 17 + ft 

164 164 
2Z4 23ft + 4 
74 74— 4 
38ft « +1 

<4 <% 

35 35 -2ft 

264 274 + % 
5ft 54 + ft 
3% 3% 

25. 25 ' 

34 344— 4 

lift 12 +4 

12ft 13% +1 
5ft 54— ft 
294 304 + 4 
6 Aft— 4 
7ft 74 
84 8V!i + ft 
154 164 
3% 4 

154 16ft + ft 
16ft 28 +4 

Aft Oft + 4 
9ft 94 + It 
53ft 53ft—' lft 
24 24- U, 
5*: 5‘i 
22ft 23-» + ft I 


22 42 
22b 1 A 
•16b S 44 
132 
*3 
3010 
1856 
854 
518 
450 
134 
<30 



599 
201 
534 
7023 
243 
5W 

. .. 1617 

160 6 J 574 
128 65 43 

1850 
103B 
423 

20 16 248 
107 
327 
1309 
290 


1346 + 4 
ZIV + VS 
12ft + 4 
74 + ft 
26% 26ft + ft 
9% 10 
4 4 


Bft 84— 4 
44 5 + 4 

6ft Aft— ft 
134 134—% 
2316 34 +4 

164 16ft 
20ft 21ft— 2ft 
10% 10% + ft 


0% 04 + 4 
4 % + ft 



124 +lft 

10 


15 +46 

3ft + ft 
294—146 
1316—14 
16ft 

124— ft 
164 +14 
5 +4 

254 + % 
0» + 4 
32 — ft 
99 —1 


134 

44 + 4 

13ft 

12 % — 1 % 


254 +14 
7 —1 
54 
13ft 

6% + ft 
94— 4 
ft 

4 — ft 
254— lft 
20% + % 
3ft 

35 + ft 

574 +14 
12 — 4 
IT 

29 +1 

5ft + ft 
154 

55ft +2 
45 + ft 

314— 4 
134— ft 
14—4 
4M 
■ft 

64— 4 
84 + % 
10ft + ft 


17 +4 

314 +4 

17% 

27ft +lft 
294- 4 
51 —lft 
13—16 
24—4 
36ft +lft 
374- ft 
27 +1 

31 —ft 
1Z%— 4 
164 

15% + % 
21* +14 
19 +2 

22 

13ft + 4 
9 

114 

214— 4 
214 + ft 
23% + % 
30ft +4 
21% + ft 
19 + 4 

12 — iVi 
32ft + ft 
324 +4 
77% + % 
39% +7% 
184 
44 


Sales In Net 

f 00 % High Law Close Cfl'oe 


Seles in net 

700* High Loot Close Ot fee . 


Soles In nvi I 

300s High Low Close Oitoe 


Sales In 

IMs High Low Ctae CUVe 


Salas In N*t 

lOOs High Law Close 01*80 


Me .1 
Mb 14 
M 29 
.120 A3 



17 +4 
61* +44 

3» 

9 —ft 
134— ft 

64— ft 
Aft + 4 
54 + 4 

10 + ft 
27 —24 
28ft— % 

4%— ft 
100 —2 
17ft 

104— ft 
5ft— ft 
34— 4 
19ft +2ft 

4 +4 
6%-— 4 

35ft + 4 
144 + 4 
Aft— % 

1716— 4 

144 + ft 
34 

244—14 

18 + ft 
14 

lift 

7 

14— ft 
5ft + 4 
Aft— ft 
44 +4 

64 

5 —4 
31—4 

9ft + 4 
5 +4 

11—4 
27ft 
3ft 

37* — Mr 
114 



SO +2 
7%— 4 
28 
1 5ft 

17ft— 4 

14 + 4 i 
38ft— 4 

9% +1 
35 +24 

264 + 4 
64-3 
234— % 
23 —7ft 
13ft 

10—4 
37% +14 
42ft +3V2 
29ft— 24 
27 

5%— % 
20ft +lft 
48 +4 

10* 

64— 4 
124— ft 
34 

31 +1 

174 

154— 4 
354+4 
12 — % 
12% + % 
3ft 
164 

15 

30 +4 

22% +1% 
64 + ft 
20 +4 

1% + 4 
9% 

54 

25% + ft 
14% + 4 
164 + ft 
274—24 
84 + % 
20 +4 
9ft + ft 
144 — % 

4 4 


304320ft 19 20ft— ft 

1532174 17 174 

1315 9 7% 9 +14 

356 74 4ft 7ft + ft 
2275 lft % % 

9025ft 34ft 25ft 
234125* 25 25V6 + 4 

1209 6% 54 6 — % 
169 44 3% 4 +4 

20 JA 1192 144 14ft 144 + ft 
-Dio 2 1175 4ft 4 4ft + 4 
26c 12 98 5ft 4% 5 

780412 lift lift + ft 


Multbks M 28 39522ft 22 22ft + 4 

Muttmd M 12 585854% 54% 54* + 4 

MutSvL 1X0 22 IS 45 45 45 

Mvlans _ 13692224 1916 20*— lft 


4U1 I3W 14 13 T » T c, 

2120224 214 Zl%— ft 

5 % 5 % + % 55JL. 

9M0 3* 34 — * ICCViWB 


IwaSoU 160 88 21541 


'omeea 78W12 Uft I lft + ft 

10 10ft— 4 

3282 Bft 7% 7% + ft 
88 44 4 4ft + ft 

94364 36 36 

83914% 13% 14* + ft 
88 6% 6 6% 
28917ft 16ft 174 +* 
883 7% Aft 7 — ft 

126439ft 38 79* + % 

Joctssn <40 12 485244 20ft 23 +24 

607174 16 T7U + 4 
......... 96119* 19 194 + ft 

JeffBsh 160 4.1 30139* 39 39—4 

JsHNLs 64 12 118254 36ft 264— ft 
JofSmrf .400 23 60119 16* 174—1* 

JefMart 837 7* 7% 7H— 4 


NBSC 26 42 

NCACp 

94MS 

NopCOl 60 U 

NOPCOS 

NtuhFn 26a <0 
NshCBJt 64b L9 
NBdTok 64 44 


26 43 218 18 lft +1* 

280 6 Sft 5% + ft 
4101 6ft 4% 5ft — % 
60 26 4)5164 14ft 14ft— * 
40312* 12ft 124—% 
66a <0 8124ft 23* 244 

64b L9 10735 32 33 — ft 

64 44 21519* 19 . 194 


2120 3* 2% 34— % 
198 9 8ft 8% — % 
2T41D 9ft 0*— 4 
865113% II* 11% — * 
51710 9 94—* 

650 4 33 94 9 9 

66 26 37522 18* 22 +3 


!££ + N Tolbo 


Tandem 
Tendon 
Tchnal - 
TctiCofn 
TchEeC 
TcCam 
Tcfiincs JO 


NtCostt 65eU 238 54 5ft 54 
NOyBn » 215164 15 1S%— % 

NtLCty 180 46 6459 42% 40% «lft + ft 
NtCJypf 320 80 237474 464 46ft + ft 

N Cm Sc 68 16 147264 25 264 +1 

NCratiJ 280 46 6658 55 58 +1 

NfCptrs 20 1J 260716% 154 16 +4 

NData 64 19 303611ft 10% U% + % 

H Words 44 6 5* 54—4 

NHIttlC 27o 14 33 26ft 25* 2S4— ft 

NtLumb 307 6 54 5ft— 4 

NMICm 2256 4% 4 44 

NUPHI LOO 35 15314 39 21 +% 

NtlPia 32 9ft 9 94 

NtProp 2111ft TCft lffft— lft 

NTecti t 178 3% 3% 3% - 

NfWnLI 49415% 15 15 

KltnwdP 709 2ft 2* 2* 

NatrBtV Z72 4% 4 4% + * 

NtrSuns W2 5 4ft 4ft—* 

Ntzugle 1607 5% S* 5ft— ft 

Naugwt 46 14 14 34 

NetsnT 20 28 225 7% 7% 7%— ft 

Nelson 117* 94 8 8* + ft 

NwfcSec 12?? 9ft S* 8% + ft 

NtwfcSs 6799624 214 214 

NtwkEl 124 5ft 4* 4%— ft 

Neutrgs 22128ft 27 28ft +1 ft 

NevNBC 142 5% 5 514 + 4 

N 8 runS 1185 9* 8% 9% + ft 

NE BUS 62 U 36533ft 31ft 31ft— 1 
NMtnpB 60 35 244 24* 23ft 23ft— 1% 
NJNotS 1.121 45 77325ft 244 25 — ft 
NY Air! 418 5% Sft 5% , 

IfYAwt 50 % 4 % + % 


J 2695114 T7H lift 
295 ft 4 4 

290 5* 54 5* I 

226 6% 5% 5%— 4 

<73 5% S% Sft- % 
412 9ft 9 9ft— 4 


Aft + ft 
24 +1 

T=2 

31* +1* 
64— ft 
9ft *%— 4 
84 8ft— 4 
5% 5% 

224 244 +2 
29% 32 +2 

19* 19* + 4 
16* 174— ft 


IS 16% +lft 
20 * 21 * + * 


12* 13 +4 

154 164 +14 

w% + 1 % 

15ft 
ISM 

29ft +14 
23 + * 

15-4 
394 

10 +ft 
14% + 4 
10 —1 
6* + * 
4*— ft 
23-4 


IH— 4 
5% + % 
13* 

3ft + ft 
Aft— ft 
Oft— * 
% 

3* + 4 
Aft 

7% + % j 
27 +2 

9* + 4 
29*— 4 
15% + * 
9ft + 4 1 
15% 

10ft— 4 
K* 

10ft + ft 
10ft 

17—4 
15ft + * 
17 
5ft 

<4 + ft 
8 +14 

22 + ft 


41154 IS 
461910ft Bft 
14212ft 11* 
47413 12ft 
399184 9* 
381 6ft 6% 
816 2% 2% 
2775544 47* 
228 5% 5ft 
61813ft 12* 
6023ft 194 
10711ft 11 
130104 7ft 
9015* 15 
235 3 2% 

583 2* 2ft 
1108 7 6* 

1240ft 40 ft 
1372 5 4* 

333 6% 6ft 

3 5* 54 
266815% 144 

164 7ft 4% 
2012* 12 
93 22 204 

5418ft 17 
<527* 274 
355011% 11% 
. 4317%. 174 
51812% 114 
14431«4 18ft 
129 * % 

200815* 15ft 
52312* 124 
92716* 16 
550 12ft 11* 
253 8* 8 
1593 8% 8 
290134 12ft 
116 34 3 
3580 5% 54 
32 0ft 84 
79*013% lift 
199022 28* 

81011% 10 
71 6* 64 
1462 IB* 15* 
277 177 

4 5 4% 

4911* 10* 

256 5% 4% 
112814% 12% 
321 7 6ft 
119134 12* 
407164 154 
237 Sft 8* 
2015 145. 

18 2 1* 
1435124 114 


15 —ft 
84—1% 

gats 

9%— 4 


53ft +54 
5%- 4 
13 

33% +3% 
114 + 4 
10—4 
15% +% 

a-* 

6* 

T A + 4 

6ft 

5* 

15% +1 
Sft— 4 
124 + 4 
504— % 
17 —lft ■ 
77* + ft 
11% — ft 
17% + ft 
12%..+ %. 

gJ- % 

16ft + ft 
11*—* 
84—4 
■ft + ft 
12* + ft 
3 

54— ft 
84— ft 
13 +lft 
21 — ft 
10% - ft 
64 

IB* +2 
177 +11 

4%— 4 
IT* + % 
4%— 4 
134—* 
7 +4 

134 + 4 
16 

9% + 4 
14% 

2 + ft 

11% + ft 


412 9ft 9 9ft— 4 

370 32ft 29* 32ft +24 I 
AO 22 240 18 17ft 174 + 4 
5457 17* 15* 17 — 4 
2121X4 lift lift— 14 
63 54 5 S — 4 

632 84 74 7* + 4 1 
36 22 103128* 27ft 27*—* 

180918 17% 17%—% 

JOT 13 136216 15 154 + ft 

486 8% 84 8ft + % 
1245 34 3 3ft + ft 
- r — JO '■* 1915 U. 14 

Kelvin 5422 % H ft— % 

KellVSA M 12 34437% 34ft 36 —1 

KellvSB 52 12 136 36 36 — 1 

Kemp 120 15 767952% 51% 52 + ft 

Kencop 232 Aft Aft 44 

KyCnLt 50 22 116348% >9% 39%—% 
Keuex 157 6% 6% 6% — 4 

Kevlln 81 5* 54 Sft— 4 

Kewnss A4 15 5713 12% 12%— % 

KevTm 966 9 8* 0% 

KevsFn 120 45 7420ft lift 20ft +4 

Kfmtwl 54 12 17130* 29ft 30 
Kftibrk 177 Aft 64 Aft 

KlncaM 233 Bft 7* 84 

binders 26 A 5588X7 16 16ft— ft 

Kreblr 52 8 74 74—* 

Krov M 2 1013 8 7 74— ft 

K rusts 03 22 4589154 14% U*— ft 

Kulcke .16 2 3250 18ft 17% 1B%— % 

251 7% 7 7—4 

5406 8 7* 7*— ft 


NData M 19 
NHards 

NHIttlC 37 b 1 A 

NtLumb 

NMkrn 

NUPHI L06 35 

NtIPXQ 

NtProp 

NTecti t 

NtWnLt 

NtnwdP 

NatrBtV 

NtrSuns 

Nauaft 

Naugwt 

NetsnT 20 26 

Nelson 

NwUec 

NtwfcSs 

NtwkB 

Neutrgs 

NevNBc 

N BrunS 

NE BUS 52 U 


93113% 13% 1M 
861 12* 12 12ft 
184 0 7 7 — ft 

KmwTt 942 Mh ^ ^ 

Ratnrs 1J» 16 61772*% 26 27% +1% 

Ramtek 589 4ft 44 4% + % 

Rauch t 59 4% 4 44— 4 

Ravmds JO 22 12325 244 24* 

24 1 A 18817% 16% 17% + % 
• 732TP4 17% T8H + ft 

Recotn 246 64 5ft 6 + ft 


RedknL 24 22 11632W. 314 31ft— ft 

3506 9» 8% 9% + % 1 45?,?; 


2 94 Bft 94 + * 
J» 1.1 154 7ft Aft 7 —ft 

1067164 14 15% +1% 

460 6ft 6% 4% —ft 

1856822 19ft 20-1* 
6M9 5* Sft 5% + ft 
22 12 41154 14 14% +1% 

33 8 7* 7* 

6621% 21 21 — ft 

125 9ft 9 9ft 
JO 3 H 6* 6 6ft 

85915* 14* 154— ft 
t 498126% 26 24* + * ■ 

7071 104 94 94—1 * 

78611* 10% II* +14 "* 
22 12 2046114 164 17* +14 
IS 5% 5 5% —% 

207623* 21* 22 —14 
3110 3 2% 3 + 4 

2304164 144 14ft— 1* 
jBle 76720 19ft 19ft -ft 
271 5 4% 4* 

433 2ft 2 2 — ft 

145 8ft 7% 8 + % 

30 4 3 4 


Rafoc I 31214 13ft 14 I yJrirC. „ 44 12S3214 204 21 — 4 

ROCVEI .20 3213016% Aft 6% + % ■” S 5 A* A* 


Renal 
Ropco 
R ntCntr 

RpAuto A* 46 
RpHtth 

Reshlnc 22a 20 
ResOM 


93612ft 11* 12ft + ft 
240 64 5 5*— 4 

418 54 Aft Sft + % 
527 84 7% 7* + 4 
127 Aft 3* 3*— 4 
151 5% 5% 5ft— % 
133194 18 19 + * 


M 46 1028 9ft 94 9ft + % I tCTJ". ... 15 172a JD4 37* 40% +Z% 
232015% 15% 15ft + % M mSSE m m 6 +3 


1085 5 4* 4* 

t 366 7 6* 7 + ft 

72 I* 1% 1% 

105 14 1 1 

25e 15 31917 15% 16% + * 

40312ft 11% 11% + ft 

44215 MM 74* + ft 

323114 IB* 10* + ft 


■0124 114 114—1 
176 34 2% 34 + % 
172 2ft 2ft 2ft + ft 
329144 134 13*— ft 
.15 b 12 21612% 11* 12ft + % 


TCBYgs 
Thor In 
Thorlec 

2X T * 


NwCtry 110 4 A 40418ft 16* 174—1 
Nwfcnk 583114 10ft 11 + 


583114 10ft 1| + % 

M 3 117922ft 21 21 —1 

4976 8ft 74 7% — 4 

’ "S'fc’STM 

AO 3J 1785510ft 9 10% +1% 

OAT 32 2444 9* 9 9% + % 


.130 12 xi m im ll^i iimt-w . . 

ReutrH 21e J 536*9ft 27% 29ft +2ft 
ReverA 1X4 123 34312ft 11* 11* 

Rsxoa 6S3 Bft 7 7* + % 

RovRey 124 11 1190414 394 40 +* 2™?™ 

Rhodes 24 2.1 85811* 114 114—% 

135919 174 ,17ft— lft JSSJU. 

9627 24ft 27 + ft 

RlggsN ZOO 42 82254ft 474 48 —3 
RiMVS 270 3 2* 2*— 4 

Rival JO S3 253515ft 14* 15ft 
RoodS s 1X0 321101226 25 25ft— 4 


Nodwoy 1 48 6% 6% Aft— ft 

Noland J6 2 A 21923ft 22* 23ft + * 

Norton 66 3J 354 20ft 20 204 + 4 

Nortstr 64 1.1 392241% 39* 404 + ft 

NorsfcB .12* 3 35742% 42 42* +14 

Nontan 143 74 6* 6*— 4 

NoANat Xlr .1 156104 9% 9*— 4 

NAtlln 306 7ft 6* 7ft + 4 


RobMyr 
Robasn ■ t 
RabNuo X6 6 
RobVsn 

Rochar 

RckwH 36e 5.1 


KustEt 
LDBrnk 
UN 
LSI LOO 
LTX 
Lc Poles 


109613% 12ft 13ft +1 
4343144 12* 12*— 14 
154017 15ft 17 + ft 


31015* 15 15ft + 4 
130 19 12741* 41 41%— ft 

114 204 19ft 204 

.120 J 92817* 16* 17* +1 

.16 U S96 144 13ft 14 + 


Noretan 143 74 6* 

NoANat XI r .1 156104 9% 

NAtlln 306 7ft 6* 

NCorGs 1J4 76 111 25* 25 

NoFrkB 1 JOS 12 10131*30* 

NthMOl If 4 3ft 4 

NWstTl 164 5J 6 25ft 2<ft 25 — 1 
NestSv 2120 9* 84 9ft + * 

NoAlr 2B7 64 5% Aft 

NltTwrs 7516ft 16 lift +1W 

NWNG 164 76 100118% 17* 18% + % 
NT.IPS .161 12 6 5 S .5 — ft 

NwtFnS 68 22 B4230ft 27% 

NwNLS 60 23 61635 34ft 


RkMtG 68 59 

RosesSt 280 13 6023 22 22 — 4 {J ‘iX 

RaseS B 28a 1.1 479254 24Vi 24*— 4 {■“ J® 

Rosptcti 60 29 20*214 20ft 21 + ft 130 <6 ^1 

Rouse 1X8 26 133841ft 48 424 +14 

RoweFr .120 13 261 18 94 9* + ft -KZE" 

1* 2ft 24 24 TW “" 

320 9% 8% 9 +4 

si f»z% 


269144 13 13ft 
224 7% 6% 7 — % 
37613* 134 13ft— 4 
42512* !!% 11%— ft 
76919ft 1 9ft 19ft— ft 
3911ft 11 11 

511 lft 7% 8ft 
9011* 11% lift— ft 


TatedTr 190 48 
TotTrpt 290 96 
TopsyA 
TMIStr* 

TrakAu 
Tranlnri t 
TronLn 126 63 
Tmsder Mr 3 
Trnonf 
TrtaBSy 
TrtMIc 
TrttOn 
Trion 
TrusJo 


75721ft 20 22* 43 

3311ft 11 11 + ft 

922 9ft «ft 94— 4 
502216ft 154 16 + ft 

5226 8% 7ft ■% + % 
102 9ft * 9 

250 5* 5ft 5f + ft 
5560134 lift 12% +1% 
343WH TO W — % 
638 * % * 

767164 U% 13% — ft 
SI 40 39 39ft + ft 

SSI 31 31 — * 

43 4ft Aft Aft 
101 17ft 16* 17 + ft 

423174 16Vi 16ft— 14 
174 44 3% 3% 

14204 19* 19* 

9 7 7 7 — % 

345 3 2% 2% 

1056 8* 7% 04— % 
183 A SH 6 
367 3ft 3 3 — % 


31 


12 6 5 S 5 — ft 

23 84230ft Z7% 30V!i +3ft 


RvonFS 
SABHOS .13 13 114 


LadFni _ ......... 

LoldlW .16 1.1 596 144 Wl U +4 
LnlTBs .16 13 1279 +% 9 94 + ft 

LnmfW . 882 10ft W 104 + 4 

LamaT 40 57 91 144 U* 14 +4 


Lancost 68 46 101 154 14ft 14% + % 
691 26* 25* 26* +1 


Lances 

LdLnSL 

LndBF 

.LdjnkS 

LaneCa 


Lnnm 

Lawsns 38 IX 
LeeOht 
Lelner 
LowTsP 
Lexicon 
Lexldta 
LbtFGa 

W '% ^ 

Lflnvs 34 j 
LfoCom 


32 33. 29510 9% 10 +4 

60 16 971616% 16 16% + ft 

2359144 11 14W +2* 

92 19 492474 46ft 474 + 4 

350 16 143 7% 6* «%— ft 

96 16 101354 344 35 + ft 

38 IX 46728ft 27* 284 + ft 

1801 Sft 54 5% + % 

8 12ft 124 12ft + 4 

38b 33 33 R4 Bft 8%— ft 

1712 3 2% Z% + % 

619 2% 2ft 2% + 4 

36204 19ft 19ft— ft 
6044ft 42* 44ft 
37 6 26419ft IS* 19ft + ft 

70 44ft 43% 43*— * 

510 6 5% 54— 4 


NwNLS JO ZJ 61635 34% 34* 

NwstPS 2.10 9.1 181 234 22* 2J +4 

Narwss .14 23 283 64 6 64 + 4 

Navmtx 430 5% 4% 5 — % 

Navar XI 47416ft 154 16ft 

NovoCp SZ3 3ft 2% 3 

Noxeir 92 10 1222 46* 45* 45ft— * 
NucMOt - 16914 13 U — ft 

NudFrn 593 5% 5 54 + ft 


139 4% 4 Aft— ft 

16316ft 15* 16 +4 

11916* 164 10* 

.13 13 114 I* 14 0ft 

40414 134 13*— 4 

1922 144 13ft 13% 

255 T9 lift 10* + 4 
.TOT 1.1 33210 9ft fft 

15 T VI 
.... 19%+lft 
74 7 74 + 4 

35e J 15634ft X3ft 34ft +1 


1 TVwnF JO 6 
USLICs 

USPRI 236e22J 
UTL 

UHrBcp 131 65 


ssr ,u ”“ 

li nitres 


183 6 S* 6 
367 3ft 3 3 — % 

.10 13 746 94 04 Bft— ft 

60 16 1117284 27 284 +1 

1X0 IX 94433V. 334 33ft 

130 46 3127* 27 27 

X0 6 38SW3 174 104-344 

18921* 21 214 

L36e22J 1810 * 10 10* 

3532S 21ft 22ft + * 

138 A3 5628ft 2B 284— 4 

Me J 4014 Bft 74 8 +4 

431913 lift 12* + ft 

8 12ft 12ft 12ft— ft 

193 Wl7 39144 14 144 + 4 

94710ft 9% 9% + ft 
743144 114 13ft +2W 


10 * 

22ft + * 
284— 4 
■ +4 


Numeric J8 3.1 37121 


134154 13* 14ft + ft 
1517 Sft 7* 7% ... I 


iTaiISS 


217 8*. 8% 84— 4 
26 941ft 40ft 41ft + ft 

5381 10ft 9* 10 + ft 

46 18446 42 44 +3ft 

218322ft 19* 22 +1* 

16964ft 61* 64 -W 


47511 ' ■ m2 l»— % I M4Crnl X6 _6 2 S 4 1?^ 16ft 16* + ft 


238 7% 6% 7 — 4 
585144 14 14ft 
241 I* lft 1% 

179 3% Sft 3% + ft 


766 2* 24 24— ft 

336 3 2% 2%— % 

55615 14ft 15 +ft 
172 2ft 2 2 — ft 


47513 1L 
380 48 450664ft 614 62% + % 
636 3* 3M 3* + 4 
XSr J 102 8ft ' 7ft 7ft— ft 
83 7ft 7 7ft + 4 
242 1 * * 

.12 16 308 7* 7 7ft 


88 29 112535* 34 35% +T% 

.15r 19 171 44 9ft 9* + ft 
102 Aft 64 6%— ft 

17813ft 12* 13ft +1 
188 46 232224* 34 34* + * 


SalnISy ... .. 

SavnF 160a 46 5437* 36* 36* 

SvBkPS 84 28 22931ft 30% 30% 


08 7* 7 7ft 18 U MS +14 

5437* 36% 36*— 1% KSjSS i? 4 "! 

2931ft 30* 30% UCtyGs 160 78 131104 174 18 +% 


Dal IMS 1X0 27 846 40* 39ft 39ft— 14 


HBOS 
HCC 

HCW 

HEITX 
HEIMn 
HMOAm 
HoctlCo 34 
Habers 
Hadco 
Hudson 
HaleSv n 
Halifax 

Halm I 
HamCHI .10 
Hamna 
Hartvls 96 
HorvG 94 
HrttNt 160 
HrtfStm 330 
Harvln 
Mottiw s 
Hauser 
Havrtv 92 
HawtcB 38 
HUhCS » 
Hlttitn 
Hlthdvn 
HechsA .14 
HeChoB .10 
HelstC 
HstenT 
Helix 
HenrdF 92 
HerttBn 160 
HertlFd 
Her lev 


HttwCs 1X00 
HTekom 


HolmQ 1X0 
HmBns 88 
HmFR 
HmFRk 90r 
HmFAz 
HmecJt 
HmeSL. 
HOnlDd 96 
HookDr 1X0 
Hoover 130 
HrmAIr 
Horalnd 


SSS?g *■* 

v&g — 

HimtgB 168b 


IX 641120% 
6 11810% 
13 79 6* 

416 14* 
283 44 
273313% 
IX 323 
503194 
94 4% 
976 3ft 

787 14 
J 100 64 

4647 2* 
6 31315% 
63 Sft 

16 164069 

1.1 120 31ft 

59 408329ft 
4X 9980ft 

204 46 
224 9% 
2X 15310 
26 2X6 204 

04 1472 Bft 
19712* 
573 44 
2500 3* 
6 115726 
6 748 234 
389 9 
726 5% 
02532* 
26 16236ft 
39 455X6 
104416* 
35 6 
S 3ft 
48 286214 
301114 
1004 5* 

17 9652*4 

2.9 14131 
240712% 

48 8312ft 

65919ft 
1286 Bft 

788 24* 

28 20X204 
28 2536% 

43 66128ft 

1106 6* 
90 4ft 
1041224 

4.9 323% 
590 S* 


20 + % 
10ft + % 
6 — * 
14ft + ft 
3* 

13ft— ft 
23 +1* 

19ft + ft 
4* + ft 
2ft 
I 


Lilly A S 38 26 38015ft 14* 14* 
LltVTuI 30 1JKQ9716% 16% 16% 

UnBrt 531720% 30% 71 — 1% 

VJncTol 230 68 9432* 32ft 32ft— ft 

Undbrs .14 11 4S2 5ft 4% 5ft + ft 
LlnerCp 22 5* 5 S — % 

LlqBox 32 13 • 5544ft 42ft 43ft +lft 

UodAIr 160 66 1424ft 24ft 34ft 

UmATT JO 33 2ft*2 22 22 

LtaCJos 35 6 2225404 38ft 40 +lft 

LooalF 
LortdnH 
LangF 
Lotusi 
LaBnch 
Lvnden 
Lvphos 
MCI 
MfW 
MPSIs 
MTS I 
MTV 

MDtnd s 92 1.9 
MachTc 
MorkTr 


Ohio Be 292 5.1 249 49 49 + Vi 

OMOCO 2X0 56 92651% 51% 51% + * 

OHDrlo 8523* 22* 23ft + * 

OfdFsIt _ 120 Sft Aft 5 

OitfKBtS 1X0 38 34927 25* 26 — % 

OtdNSs 2X0 38 5153ft 51ft 52 +lft 

OktRap 80 23 90139 38% 38% + % 

OldS too 2X8 73 12829ft 2»* 2**— ft 

OldSpfB 268 1U 4321 20* 20% + % 

OldSPtC 260 123 32921% 20* 21% + ft 

OleonF 35# 2X 2212ft lift 12ft + ft 
OnoBoo 3M 16 ITU 10* 17% IS* + % 

OnUne 68 7 6% 7 + ft 

Onyx 1236 3% 2% 3 

OPttcC 2115 16% T5ft 16 + * 


ScanOp 
ScanTr 
Scherer J2 
Schotas 


550 9* 0* 9%+ft 


16912% M* 12% +1% 


82 66 22314 
74 3 


28 129411ft 10ft 11 + % 

12918 17 17 — % 


22314 13ft 14 + ft 

74 3 2% 2% 

763 7% 74 7ft— % 
62120* 19* 20 


sSdSE 60 23 24807ft 17ft 174- % «<•*"_ 164tM5 110 11% W* II - ft 


EC 
11S 
ILC 

IMS S 
IPLSy 
ISC 
IVB Fn 230 

lent 

Idlewid jo 


Imtmwt 
Irnanex 
Intuno 
Imugen 
Ino cntu 
IndBcp 1.92 
indPHit 
lodHWg X5e 
IndBnc JOr 
IndIN 160 
InOlNpt 
InAceus 3St 


23210* 
39 B2242ft 
107 4% 
3482 20* 
138! 6 
539 6ft 
2114 7ft 
11 3 * 
413 Sft 
1064 5* 
7 9% 
76122* 
2S2 2ft 
504710% 
6.9 134X2* 
681 5% 
33 1725% 

0937 2% 
92 ft 
353 7* 
259 5% 
311 2 
278 6% 
S3 5337* 
34825* 
9 3811ft 

4.1 6 7ft 

38 49036% 
8429 

28 73 9% 

144 3* 
S3 5% 
455 3 
66 29ft 
71 3* 
1100 21* 
W 7% 
31130 
28 4% 
5685 6% 
33 7 
73711% 
2067 4ft 
50422% 
6 11 7 

25698 294 
6185 7* 
436 ZV= 
49912% 
29410% 
18 95315% 
BSO Bft 
2179342 
932 Sft 
710 17 

>14 

787 10% 
723 4% 
538144 
98813% 
339 »■„ 


2* + % 
15% + * 
5ft— ft 
39 +lft 
31 — % 
2*4 + ft 
79% — % 
44% —2 
9ft — ft 
T7ft 

20ft + ft 
8ft— % 
12% 

3%— % 
5* + ft 

26 +3 
2S +2% 

8* +1 
5* + % 
30% — 1% 
34*— 1M 
451 

16% +lft 
S%— ft 
3ft— U 
20*— ft 
lift 

SM— ft 

27 +3% 
30 - % 
12ft + * 
12% + M 

19 + % 

■ 

24* + * 
19* +1* 
36ft + ft 
2B + ft 
Aft + ft 
3*— ft 
27% +2 
22* + * 
5*— ft 
27 — Vi 

ID* + % 
42 +1* 

4%— * 

20 +2 
5% + M . 
6% 

74 +1 I 
3* 

5* + ft 
5* + % 
BVi— % 
22*— % 
2ft— % 
9* + * 
31*— % 
5 

SS +7 1 

2* + ft 


96 29 2714 28* +1 

1909* 19* 19* 

5 18% 18% IBM — % 


MooGp _ — .... 

MalneN 130 33 
MoIRt 

Malrtte Xle 

Momrw 80 36 150123 22% 22*—% 

MonfHs 

Marcus J8n 16 13617% 16% 17 +% 

Maroux 

MamC s 130 46 
MTwan 80 O 

WJdFcf M 33 ... ... 

Mo rast XSe A 89312% II* 12 

MorsSt 55312% lift 12 

MenhS 68 2.9 14147* 16* 16*— % 

Marstill 2.12 36 13262 60% 62 +IM 

MrtdNB 1X0 16 55S32B* 25* 27* « 
Moscow 1962 6 % 5* 6 — % 

Mscoln 52743ft 42 42 —1 

22» 5% 4* 4*— % 

329 14 13* 14 + % 

.10 6 364 27% 26 27% + % 

381528% Z7* 28 + * 

32213* 12% 12% — M 

MCYPt 1031 Stt 5 S 

May So A ,10b 6 130.10% 17% IB +% 

VnvnOI 740 4% 2* 4% + * 

MaVSJ 2410* 9 9 , — 1% 

McCrm 88 26 179835% 34* 34 %—* 
McFod 


24% 

34% 

OnUne 



60 7 

22 

22 

Onyx 



1236 3M 

38ft 

40 +lft 

OpfteC 



211516* 

16M 

to* + % 

OptfcR 



295442% 

9% 

9% — % 




56713ft 

22% 

23 — % 




871 18% 

27% 

29 +1ft 

Orbtt 



2BS2 7ft 

Utk 

1* + * 

OrwgMt 

2604 


38011 

22* 

22* + % 

OrtaCP 



1193 Aft 

13% 

14* +1 

OrtonR 



10517% 

B4h 

9 — * 

Oshmn 

30 

1.1 

7918 

<* 

7% + % 




14113ft 

5 

5%— % 

OttrTP 

2J6 

U 

25431ft 

17* 

2SM 

lift + * 

OvrExp 



28912% 

2»— ft 

OnenM 

60 

23 

10 13 1896 

26* 

26*— ft 

Oxoca 



25* 2* 

7 

7% + ft 

PLM 

.12 

28 

47 5* 

12* 

13M— ft 

PNC 

232 

43 

276255% 

23ft 

24 + % 

Potato 



253 9* 

7M 

Sft + % 


1300 27 

117745% 

19 

21% +1% 

paeFet 



2ZI411ft 

10* 

11 — ft 

PcGflR 

1X0 

43 

638 34* 

36ft 

36ft— % 

PacTel 

xo 


22113* 

S 

0ft— M 

PocWB 

•lie 18 

91 £* 

16* 

11* 

16ft + W 
13 +)ft 

PockSy 

Pocyrtt 



27010 
210 IB* 

22% 

22*— ft 

PacoPh 



2983 13 

19 

21 +2 

PooeA 



■38 2 







16ft 

17 + * 


.13 

18 

794 7ft 

7M 

7ft— * 




171619 


Seimed 54 8% 7* 8 

SdDvn . 54 B* •% 0* + % H gO Ma 

Seicmp 38 4.1 2036* 5* 6* + * 

Sdlpcs 263 6 5% 5M— % H 5 Ant 

SdMIC 392 4* 4* 4* “ 

262910% 9% *%— 1 Hr y— L 

2662 7* 6% 6* + * g*" 

24418 17* IB HgEm - 

1736% 35% 36% —1 JJ****} 

«56 9ft B* B*— % HSgW 

Seagate 10578 7% 6% 6%— % H|SWI- 

Seallnc 45 6% 5* 5*— % Hjgjf 

SeowFd 68 46 20616* 15% 15% — * 

ScNtBld 1.10 65 33717% 15% 17 +1 H5. T f» 


UftNMx JSe 26 18710% 9* 10% + % 
unowa m 23 in III n 
UPratd 108 9 * 9 % 9 % + % 

USAnt 898 4ft 3* 4ft + M. 

USBcp 1X0 361006931* 2H* 29% -17* 
US Cap ZM 3% 3% 3% 

US Doan 1149 5 6* 4*—* 




«5 7% 6% <%— 1% 
585635 33% 34% +1 


7 7% + * 

9* W* + * i 
5 5* + % 


.— ~ 6518% 16* 17% , ■ ■_ ^ . 

5ecBco 1.12 58 64922% 20% 23% +1% HS™? 1 ' 


17* + Mi 
17%— % 
13 + * 


3 * + * JCJSS, 
3% — * IJfiSflS" 


159 9% 0* 9% + * 

USStHt. .Ikl2 Wm 3* 3% + ft 
USStr -»0 3 300122 19% 19* -2% 

USTrk 130 9.1 95UU re* 13% + ft 
H5.TL* 4.1 292427% 27* 29 +1% 

USfatn o 30 3 127723* 23% 23%—% 

83 7 0* 6%— ft 

42122% 21% 21* — 1 

UavtBh j* 43 Uir T r^lS 


80 36 94422% 21* 32 — % H VaBs 40 <041% 41 41ft 

58 9% 9% 9% + % H nY °* v - ,5 ® J JSS % ?1Vb m + * 

179 1% 0 B — ft - 

M T 8366 7* 7 7% + % UirvHlt 


6 — % 
55% +3ft 
9* + * 


179 Bft 0 B — ft 
J 8266 7* 7 7% + % 

992 2% l* J* 

6 B27713* 12 % 12% 


Svmosf 1.12 XI 664 36* 35 35*— ft 


10* + HI 
23% — 1% I 


6 6% + % 
9ft 9* 

17* 18 + % 


Service 

SevOak .16 1.1 43015' 14* 14* + * HKP& 

ShrMod 68 16 108731 30% 30%—* 

STlwmtS 168 XI 2163 33% 32* 33% +1 

Shelby S .16 3 4341B 17ft 17%—% VJJSI 

She Id! o 109014% 12% 13*— ft VMX 

Shaaeyo .15 3 100729% 28 ■ 29 + M V?E 

6214% 13% 14 — % ValMLn 
30 5% 4% 4%—* Vbllen 


58520% 19* 19* + % 
206615 14* 14% + ft 

30* J 6* +%— ft . 
103 >0 9% 9%+ft A ' 

68 5% 5 5% — % 7 


27819% 18ft Wft + % HESS. 7M 104 10409% 18ft 19% 

317 6% 6% 5 % + % * 5V * S* + * 

<3015 U* 14* + * -M0 73 678 5% 4* 4*— ft 

087 31 30% 30%—* UWiac LOB 46 1425 24ft 24ft— ft 

10 Tut, «u wu jli VU inn iu n n u. 


McFarl 

McGrtti 

Mechtrs 


55611* lift 11% 
51612% 12% 12ft— % 


482 9* 9 9* + * 

rnuft 12 * 13ft + * 

182 9% 9 9% 

775 Bft 7* 7* 

2SS 16% 13% T6 +1% 

59622% 21% 22 + % 

39 5 4% 4% 

33SJ4M 23% 23% — % 
91 6% 5* 6 — M 

408520ft 18% 18*— I 

MentrG 676027% 22* 23%—* 

MercBc 1.92 S3 55937 36 TO +1 

MercBk 168 36 10858ft 09ft 49ft— W 

MerBPa 160 3J 345 3FM 36ft 38% +2 
MANY LOBb 18 1780 76 78 + ft 

MrchCe 9718 17% 17ft— % 

MerehN 130 24 16450ft 49 50ft + % 

MrdBC 260 S3 131246 45 45ft 

MrtS Pf 2J0 78 81 33 31% 32 + ft 

“ ~ 3415* IS 15% + ft 

141 14ft 13M 13% + % 
140815% 13% 14% + ft 
115S12 11 11% + * 

219 3% 2% 3% + H 

29410* ID* 10* + ft 

97915ft 13* I Sft +1* 
600 4.1 84915% 14ft 14%—% 

213819* 19 19 — % 

41*726 34’ 25ft +1 

1517 5 4 4* + * 

439 0* BM 8% + % 
J06 3 2125 6* i% 4» +1 


PcncNbr .13 18 794 7ft 7 7% 

Paraph 171419 17* 10* +1 % ' 

PorPhS 188316ft 1414 14%— 7% 1 

ParTch 142 17ft 16% 17 + % 1 

Partoon 9113 11% 12ft + % 

ParfcOn 27 36 34ft 36 + ft 

ParkOh 60 40 34315ft U% 14*— % 

Parkwy 33 21 20ft 21 +ft 

Par lex 17314ft 13% 13%—* 

PasFdB XSe 6 Z313% n 13ft— % 

PasFdA XSe 6 H 13ft 11 12% + * 

PatnIM 1331 5% 5 5% 

Pottex 1*2 4% 4% 4ft— % 

Patrkf 72* 8% 7* B + % 

PaJrtot 180 33 149X1 28 31 +2* 

Patrt Pf . 220 6.1 5007ft 34ft 36% +1% 

PoutHr 1*4219% IB* 18* + * 

POUIPf 12210 9* 9* + % 

Paxton 68 26 7918* IB 18% + M 

PuvN 7X23% 23% 23% + ft 

Porch* 79212% lift 12 

Pavcss 63918ft 17% IBM +1 

PeokHC 11*014% 12* 14ft +1% 

PoarlH 754724* 33% 24ft + * 

PeerMf J2 53 IS 13ft 13M^13ft 
PeoGid x*r j 2502 9* B* 9 
PmviVo 160a 17 91 44ft 43 43ft— * 

Ptrabcp 2X0 33 4M5IM 49ft 51 +1* 

PenoEn 120 7J 329 30ft 29% »% + ft 

Pentars 68 26 MMi 2* 23ft 25 % +1M 
Penwst 3X12% 11% 12 

PeapEx 40*4 0* 8* 8* + ft 

PeapBs 62 38 2817% 17 17ft 

PeopRt 2114 * * * 

Percept 230 7% 7ft 7 *— * 

PerpA 6646 15ft 14* 15ft + » 

Person 2109 sft Bft— * 

Petlnd 152 4 3% 3% — % 

Petrtte Ltt XB 54229% 27ft 29% + * 
Petrmn 298 2* 2% 2% 


ShanSasi 
Shpsmti 
SlgmC&l 
StorrwRl 
SII«H 
Sill 

sm 
sin 

sutH 

StmAIrl 
Slmplnl 
Spain! 
StsCpj 


1378 Bft 7* 7*— ft 
143712 11 11% + % 

,, 5145 7ft 6* 6*— * 

-lie is 1 ) 210 * 10 * 10 *— ft 

633014ft 13% 13*— % 
1717 16ft 16ft— % 


301 7% 6% 7ft + ft I VMVfic 1X8 4X 34927% 23% 27 


49 4ft Aft 4ft— ft ValFSL 
3443 0% 7ft 7*— ft V IN Be a 1600 33 
78213% 11% 12 — 1 % VnINtt 130 33 

111618 % 17 17 — * Vqtmnt 60 3X 

171621ft 20 21% +1% Yaltek “ ” " 

901 7ft 7ft 7%— ft VMLn ... ... 

19211 10ft 11 — 


80 S3 276615* 14% 15ft — ft I VonSt* 


13215* 15* 15% 

188 5 4 4%— * VoriCr 

871 20ft 18% 19ft + ft Vprton 
40840* Mft 10ft 


PoutHr 

PaulPt 

Paxton 68 26 

PovN 

Pavchx 

Pavcos 

PeokHC 

PoartH 

PeerMf J2 53 


SmlthF 172 Bft 7 * 7% V*rsaT 

Sodeh> 184 43 38643 42% 42ft + * Veto 

SoctYSv ISBOMft 13% 13% — ft VlecnF 

505 7* 7ft 7* 

1536 14% 14ft 14 ft 

^ v 225ft 24 24 

SonocP J J4b 26 141546 49 45% + % VtodeFf 

5anrFd .15* 8 1032 IBM 17* 18 — % Viking 

5oMkG L52b 86 11118% 17 18 +% )? r Z* , £. 

sagwt 1 J0 73 TOOT* 22* 23% + M ''oBert, 

SoHasp 2333 5* 5 % 5M + ft V j?Tech 

SttxJFn 52 18 493729* 29 29 — ft Vltrom 


230 

lft 

3 



Bft 

7ft 


2829 3ft 



172 

Sft 

7* 

7* 


137716ft 15ft 16ft + ft 
__ 3745 42 45 +3 

130 13 964337ft 36ft 36ft— ft 
60 10 10620% 18% 28 +1 
X*e 15 9x6% Aft Aft— ft 

60 16 70525% 24ft 24ft— ft 
60 33 373 12* T2 12ft — ft 
*7 7ft 7% 7* + * 

56011% 10% 11 
34 6 59 9ft 8% 9 — ft 

60 43 13014 13ft 14,,, w 

066 * % * + * 


,4519 18ft lift — ft 
609 5ft 3* 4* +1* 


4»ft 30 30 — 1 

^16% 1^6 15%-% 

XJ. 

LOO 48 lJB2ift 25 25% 

_ _ i«e 4ft 3 % 4 *—% 


ytedeFr 33a YS 198 12 
Viking 4911 


1X0 1? 12626 25* 25% — ft VOtoyt 


PeapEx 

PeapBs 52 38 
PeopRt 


Sovran 168 

SpcMIc 

SpanA 

SpecCm 

Speedy 

Spdron 

SpecCtt 86 

SPCtrm 

SporttD 

n, 

StOfBId 80 


.10 16 739 7ft 


168 33 2390 44ft 42 % 43ft +1 ft VoRInf 


473 1% lft ]*— ft Volvo 
168 8% 7% 7% — % Vortuc 
7 3% 3 % 3 % — * yvnuet 
200514% 13ft 14 WD40 

1111 16% 14% 16% +ift Wotbrc 
X6 53707*6% 7— ft WUcTTet 
Ml 11 % 10 11 + 1 % VfttiE 

327 2% 2% 2M + % WPSLs 
U% 14% WMSO 

9 72 m ±: U nsr 


1K6I2M 10% 11 — % Stalldvs 1X0 36 77329% 27% 27ft— 1% I WbusPp 


330 U 198 12 lift 11%—% 
,4911 10 10%—% 

18318% 17ft 17ft— 1ft 

24 7ft A* 6*— ft 

Mt 1 * 1 * lft— ft 

*0 6 % 6 % 6 % — % 

402112ft 11* 11* - 

45 3% 3ft 3%— ft 

,737 17% M% 17ft + ft 
, , 11743m 30* 31% + ft 
.14T 15 164 9ft 9 9% 

„ . 179 7% AM 7 — ft 

■« 45 33620ft 19ft 19* + ft 

Wft SPA— 1% 

1&H SA i5*ri!J 

xob 26 bi 1 n ae ao% — * 

, 108*12* 12 12 % + ft 

■J 3 A 7n33H. 22 % 22 ft + ft 
■U 1-7 .12 6 * 6 * A* 


Ptirmda X6e 3 1733 17* 17ft 17% + % 


MetAlrs 

MetrFn 

Metrmi 

Mean 

MlcrD 

MkrMk 

Mtcrdr 


005 8% 7* g% 

213 7ft C* **— % 
10596 9* 9 9ft— % 
68r 281195917ft I** 17 + ft 


7*— % 
4* — % 
2 

6 + % 
37 + M 

25* + M 
10% — ft 
7% 

36ft + ft 
28ft + * 
Bft- ft 

3 -ft 
S — M 
2ft— ft 

28M— % 
3ft 

21% + % 
7ft— ft 
29M— % 

4 —ft 

5ft- ft 
Aft- ft 
11% 

4* + ft 
22 +1* 


28% 

7M +1% 
213 — ft 
10 - 2 % 
10ft + M 
)5% + ft 
7% + ft 
57 —2 

8 + ft 
16% — %- 
'0’'_ •: li 

«%— % 
4Vi + ft 
13% - "a 

u% -r, 

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MJerTe lMSSWft lift 14% +2V5 

Mlerop 1494 AM 6 *M 

Mlovro 1300 2% 2M 2% + * 

MlerSm 343 5% 5M SM— % 

MfdABc 56 25 1120 19M I9M 

MdPcA 807 4* Sft 3ft— ft 

MdStFd 60 IX 241 TIM 20* 21 — ft 
MWBkl 1.12 73 3064 30ft 29* 30* + ft 
MdwAlr 3140 Aft Sft * 

MtfwCm 1X8 36 4 34ft 33% 33M + ft 

MdwFn 180 6.9 1511ft 17ft 17ft— % 

vfWf/Tc 328 % % . »- ft 

MIIIHr 60 U 244036ft 34* 36* +1* 
Ml I Hem 236 3ft 2% 3M + % 

Mllllpr M 1.1 197140* 39* 40 
MnlKT S577 3* 3ft 3*— Hi 

MIMthk 7339 7* *% 7 + M 

267736ft 33 2SM— * 
7121** 7 AM 14% 

1245 17ft 11* 12* + ft 
1526* 24% 24% — ft 

55 9 B* Bft + % 

822 P* 0* F* + ft 

MobGaS .96 73 5713* 13% 13ft — % 

MOCON XSe J 359 5ft 5ft Sft + % 

Motflnel 5* 28 40009% 11% 19ft 

570 Bft 7* Bft + ft 

183333* 31% 33M +1M 
MonCa 160 11 154744% 4AM 44*— ft 
■41 Sft 3ft 3 — ft 
35* 18 300 19* IBM 19* +1 
116 9 8ft 0* 

43S213M 12ft 12* + ft 
/MonuC L30 43 28431 30ft »ft — ft 

Moore C 138b 48 53925 94% 94M + Vm 

Moore F* 68 35 13624% 25M 25M M 

XI 11317* 17* 17* + uS 

.13# 1 0 254 11 12* 12ft + 4 
. 122725V} 19M 34 +4 ’M 

M U 1598 19% 19ft 19ft— f 
2346 6* Sft Aft I 
AUllne* 3* 2« 13513* 19* 17ft- I 


MGask Xle 
Mllsil .118 6 
MoblCA 
AteMCS 
MobGaS .96 73 


PtmxAm SZl 2* Sft 2% + M 

PhOtoCe AS 8% 6% 7% +1 

Ptmln 36 A3 111 6% 6 6 

PkSav 3453 36 24ft 25ft +1* 

PteCafe 60 2.9 92120* 19% SOM— % 

Pled BC 60 28 1724% 2* 24% — ft 

PtanFdl 65*2.9 20*15* 14% 15* +1* 
PlonSl 30 16 8219% IBM 19% 

PlonHI S3 IX 704721 30 30* + ft 

PfanSf * .12 15 32S flft 8 8 

PtantrC J6 33 3729M 28M 29M +1 

PizCBC .10# IX 99 Sft 5 5% + % 

Plenum 8* 3X 101 32M 31 32+1 

Pa Polk 37710ft fft 10 + M 

PkWMg __ 178528% 27% 27M + ft 

PonceF JSr 25 164210ft 9% 10 + * 

Parex 22123V* 22 22 —ft 

Powell 164 2% 2ft 2ft 

Pawrtc 12718 17ft 18 

PwConv . ‘ 28 * 8ft 8 8ft + % 

PreeCst .12 5 47* 25ft 23% 24ft +1 

PfORSk JB If 2738* 30 30 + ft 

PrpdLs 175 6% 5ft 5ft— ft 

PrasLIs 11225* 24ft 25ft 

PretnCp JO 33 457 ISM 14* 15% — ft 

Prgwov 1649 3M 3ft 3M + M 

Priam 2*22 4* 4ft 4*— ft 

PrtcCm* 1370 lift 10 * 11 — * 

PrteCos 104457ft 56% 57% + ft 

PrlnvD .16 27 1249 6% S* 6 

Prtronx 198UM 12* W — M 

Prodigy Xll 4% 3* 4* + * 

PredO* .14 zr 1808 6 5ft 5V4— ft 
Pratlnv 140 6 5* 6 + ft 

Profits J0 U <512% lift 12 + ft 
ProsrSy* 96 SM 5% 5M + ft 

PragCp .16 6 441 42ft 43 42ft + ft 

Praorp 299 Sft Sft Sft 

PmprTr 130 66 191314 13% 14 + * 

PratCue 62 26 117324ft 23* 23*— M 
ProtaH 51 2, 1ft lft— M 

Provln 98214* ISM 14 


StCTob 80 23 222M 20* 22ft +t* Waver " “ 

StdMIC 40«16* 15% 15 % —1 Wovotfc 

SWRea 130 23 57054 49ft 54 +3 Waxms XI X 

JS.S'* 6 6M + ft Webb* 36 26 
SIontdT 17113 12 12*—% Wedatn lX8el3.l 

Stanbo* 130 3.1 3424% 23ft 23ft WeteMi 30 43 

***** 2X 30* 53 +0% WUlblt l 

SicdaG ,15b SX 2747 5ft 5 S — * Wiwqc 1X1*106 

308 4* 6% 6%— ft MlSc 2 88 98 

309 6% 5* *% +* WAUTBC JO S 

_■ . - _ ,, I*”** 1«* 14* + % WeitFn 

jhelnf 72 XI 26024 27 % 23% + % WstCap 


60 33 270 12% m* 12 + % 
44 ZB 4B 15ft 14* 15ft + * 


Stetaer 

SlemrL 

StewStv 

Slwinf 72 XI 

ShmSn .15 5X 

Salll 

StckYla .16 1.1 

Stock Sy 

stratus 


.15 53 116 5% 3 3 — % ’ — 

703 7% 6* 7 + ft 

4004 13ft )4 + % WMlcr 

46310% 9% 9% + ft WStLte 

. . 289414* 14 14%—% WSlBar 


ShwCs 1.14 XI 1300* 53% 55% — ft WlTlAs 


«rg*r • 146 28* 21 28% WmorC 

,-g LI in 5ft 4% 4ft + ft Wktwdc 

Subaru 16B 13 102842% 137 uf ; 

S«*AH X5 1.1 135 5% 4ft 4ft-* 

SubrB 1.93 37 100*52 sift 51ft— % 

Sudbry 974 9 % iu a — % WlJond 

5*^0 -]2e x 1201 m IS 15ft WlllS? 

sumrro 1.14 34 — — — 

Sumrno 


M U ,jgl5M 14* 15ft + * 
— „ J73S 7 % 6» 7% — ft 

w2S?.“ -5! A 'S®™ 9* 

wSS*. ,■““ » 14 13% 13* + % 

txgeixi 44 8% 7ft Bft + * 
Weh«s 80 43 47611% lift lift— ft 

JylNIl 223 26ft 25% 26ft -Mft 

'■«•»< \W7 9ft 9ft 9ft 
«M4*c2 88 98 104 8% 7* Bft— ft 

7100ft 18% 18% — % 
,£lU*k 13ft 13ft— ft 
133412* 12% 12ft— ft 

1*2811% 11% 11* + ft 

.24 Oft 0 ..«% + % 

£f&- 3 L4 ItojU ££. 13% -5 
SmTJL - 20 1-9 .SI WM 9ft lOVi +1 


■w-Vr.- 
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23ft 22% 23ft +1% 
2fft 36M. 26ft— ft 
9ft 4* 49b— ft 


7ft 7% 7% — % 

7% 7 7% + % 


SumtBs 86 47 10620* 20% 28ft 


+ ?6 [*)!jWW S o""l2U 13* 


W0 3W 3ft 3%— ft WtllAL 


PrvUA 288 28 52191 


124 JOH 7* 10 
2363 I* 1% 1M 
^ Zlft + M 


SumBAMXSO 67 

SSStd " " 

SunSL I 

SurufFd 

Snstate 

SunwW 160 IS 

SaoRto .16 3 

SuoSkv 

Sow El t 

5uprtex 

5ut>rEa 

SurvTc 

Svket 

SvmUn 

SvmbT 

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Svecon 30 17 
SVAUC 


2 a 6i ,« *m £ ibs jo i8 iJSiK iss ,ssta 


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Hi.?. « «*— % 


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60 4ft 4K 4ft— ft 

'm *9 +’«■ WHO 

iRim 13 13 —ft wSrtT 


•» 1.1 Mb «b 




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70 13 214 1Tb MVi IS 


fg 'i* + 35 ESP 

£ 1 “ iw ,?£-* 

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264 3* 3* 3ft ySSb, 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


Page 13 




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* 


Keating Leads Reform 
Of Australian Economy 


(Conti oued from Ptge II) 

First, he would declare that profit 
margins of Australian banks were 
too high, reflecting the lack of com- 
petition. Then, he would challenge 
the left-wing politicians — ostensi- 
bly champions of the working man 
— asking why they seemed lo be 
protecting the welfare of pin- 
striped union-hating bankers. 

To the big Australian banks, 
now itching to expand internation- 
ally. Mr. Keating used a different 
selling lactic: By letting in foreign- 
ers, the local banks should now 
have access to lucrative overseas 
markets, such as Japan, where re- 
ciprocal restrictions had kept them 
out. 

The number of foreign banks let 
in was higher than anticipated. Af- 
ter a Labor Party conference last 
year, it was expected that six to 
(right overseas banks would be 
granted licenses. But in the months 
leading lo the February announce- 
ment, Mr. Keating fought effec- 
tively to lengthen tne list 

Major 1 institutions from the 
United Slabs, Japan and Western 
Europe, including Citibank, Bank 
of America, Bank of Tokyo, Indus- 
trial Bank of Japan and Barclays, 
were allowed in. 

But some local bankers, al- 
though nominally free-maxkei en- 
thusiasts, worry that Mr. Keating 
may have gone too far. “I have 
always advocated that a door 
should be opened to foreign 
banks," said Robert White, manag- 
ing director of Westpac Banking 
Corp., Australia's largest bank. 
“But I do not know that I ever 
advocated that the door locking 
them out should be ripped off its 
hinges and thrown away." 

The big changes in the Austra- 
lian financial system began in late 
19S3. Foreign exchange controls 
were dismantled and in December 
of that year, the Australian dollar 
was allowed to float — joining 
most of the other major currencies 
— its value to be determined by the 
currency markets, not by the gov- 
ernment In 1984, foreign exchange 
trading was opened to new compet- 
itors. 

Mr. Keating's efforts won him 
the distinction erf being named 
1984's Finance Minister of the 
Year by Euromoney magazine, 
which cited “his courage in pushing 
through a whole series of measures 
deregulating Australia's archaic 
and uncompetitive financial sys- 
tem." 

Today. Prime Minister Hawke 
and Mr. Keating are the leaders of 
the Labor Party's right wing, the 
dominant force in Australian poli- 
tics. 

Relations between the two men 
are dose enough that in political 


circles it is generally believed that 
Paul Keating says what Bob 
Hawke thinks. The prime minister, 
trying to keep peace within his un- 
ruly party, must be circumspect m 
his public pronouncements. 

Mr. Keating is the man with the 
gloves off. In appatnwee and man- 
ner, he seems a bit closer to a part- 
ner in a Wall Street investment 
banking Arm than an Australian 
reared in the political wardhouses 
of Sydney. Yet he is not partial to 
the Australian business establish- 
ment, which is centered in Mel- 
bourne, and is, instead, closer to 
Australia’s freewheeling, self-made 
men, such as Robert Holmes k 
Court and Rupert Murdoch. 

Mr. Keating, who has a sharp 
tongue and uses it, is called a "head 
kicker" in the blunt parlance of 
local politics. In parliament, he 
once dismissed a member of the 
opposition as “an arrogant ant” 

But some of his most biting re- 
marks are directed at the left wing 
of his own party. During a recent 
interview, he referred to those 
members of the Labor Party who 
advocate greater central control by 
the government in the economy as 
-Neanderthal leftists." 

Such talk does not sit well with 
the party's left wing. Moreover, the 
leftists charge that the party is in 
danger of abandoning its traditions 
and losing its heart 

To this criticism, Mr. Keating 
replies, “Having your hanky out for 
the poor does nothing unless there 
is sufficient economic growth to 
improve their loL” 

The hallmark of the govern- 
ment's economic program is prag- 
matism. Mr. Keating stresses that 
he believes in incentives in most 
areas of economic activity because 
of efficiency, not philosophy. 

“We are clearing away the debris 
of government intervention in ar- 
eas where it doesn't work," Mr. 
Keating said. “But we're not wed- 
ded to dogma. We haven't fallen in 
love with Adam Smith or Milton 
Friedman." 

In a sense, Mr. Keating's practi- 
cal commitment to markets reflects 
a general shift to the right in Aus- 
tralia on economic matters — a 
change in thinking not only within 
the Labor Party but in thecountiy 
as a whole. 

The Hawke-Keatmg brand of 
pragmatism has worked well so far, 
helped by a cyclical recovery in the 
global economy and the end of a 
long drought in Australia. Since 
Labor took over, economic growth 
has surged, employment has ex- 
panded and the inflation rate has 
been cut in half. 

Still, further changes are needed 
to make the Australian economy 
more competitive internalionally. 
These adjustments require difficult 



'We are clearing away 
the debris of 


government 
intervention in areas 
where it doesn’t 
work. But we’re not 
wedded to dogma.’ 

— Paul J. Keating 


institutional and structural 
changes, such as altering the tax 
system and reforming industrial re- 
lations in the strike-ridden nation. 

For decades, personal income 
tax rates have not been adjusted for 
inflation, so that now Australia has 
some of the highest rates in the 
world at comparatively modest lev- 
els of income. For example, the 
marginal tax rate is 60 cents on the 
dollar for a person with 1.8 times 
the average weekly earnings, or the 
equivalent of S 27,000 a year. Thus, 
the system provides a considerable 
incentive to avoid taxes while being 
a deterrent to working more for 
additional money. 

Yet the inefficiencies of the pre- 
sent system also benefited certain 
interest groups. So it will be a stiff 
political challenge to bring whole- 
sale reform to Australia's tax setup. 
A so-called tax summit meeting is 
scheduled for later this year, in- 
volving representatives of business, 
government and the unions. The 
reform package considered most 
likdy to be chosen would include 
big cuts in income taxes, which 
would be offset by an indirect tax 
on consumption and possibly capi- 
tal gains taxes. 

Mr. Keating will be the key man 
in winning approval for tax reform. 
If successful, the most significant 
change in taxation in 40 years 
would be a considerable achieve- 
ment. 


Unocal Drafts 
New Plan to 
Bar Pickens 

New York Tine * Service 

NEW YORK — Unocal Coip., 
in a further move to thwart a take- 
over by T. Boone Pickens, says its 
executive committee has recom- 
mended that the company spin off 
a large portion of its assets into a 
limited partnership, much of which 
would be available for public sale. 

The proposal, which is expected 
to be approved by Unocal’s board, 
would place 45 percent of the com- 
pany’s domestic proven oO and gas 
reserves into the new partnership. 
The company did not disclose bow 
much of the partnership it would 
hold for itself. 

The public sale of units in the 
partnership, which is also depra- 
dent on approval by the Seam lies 
and Exchange Commission, would 
enlarge the company’s cash posi- 
tion, analysis said. That might re- 
duce the chances of a collapse in 
the current price of the stock if 
Unocal's pending defensive ma- 
neuver is successful in defeating 
Mr. Pickens's outstanding tender 
offer of $54 a share for control of 
the California company, they said. 

in active trading Friday, Uno- 
cal's stock dosed at S47.625, up 
37'fl cents. The company's an- 
nouncement came shortly before 
the close of trading on the New 
York Stock Exchange. 


Fed Approves 
Chase’s Purchase 
Of 2 Ohio Thrifts 

United Press International 

COLUMBUS. Ohio— The VS. 
Federal Reserve Board has ap- 
proved the purchase of two Ohio 
savings and loan associations by 
Chase Manhattan Bank of New 
York, according to Robert B. McA- 
lister. state superintendent of sav- 
ings and loans. 

The Fed had approved Chase's 
acquisition of Mentor Savings 
Bank, in Mentor, and Federated 
Savings Bank, in Cincinnati, for a 
combined price of S7.4 million, be 
said. 

The Mentor institution is open 
for full service, but Federated is 
open only for withdrawals of up lo 
SI, 000 per month. 

Mr. McAlister said he would al- 
low Federated to open for full ser- 
vice this week if the transaction is 
completed. 

■ BankAmerica Acqmsition 

BankAmerica Corp. agreed in 
principle to acquire Oregon Rank 
and related subsidiaries from Or- 
banco Financial Services Corp. for 
$57 million in cash, Reuters report- 
ed from San Francisco. 


THE EUROPEAN COMMUNITY 


Defers Hopes His U.S. Visit 
Witt Ease Economic Tension 


By Steven J. Dryden 

International Herald Tribune 


BRUSSELS — Jacques Delors. 
president of the commission of the 
European Community, hopes his 
visit to Washington this week will 
reduce tensions between the Unit- 
ed States and the EC and encour- 
age progress toward a new round of 
multilateral trade talks. 

“I hope ro come to a clarification 
erf our respective positions” and 
encourage “cooperation in solving 
the problems of the world econo- 
my,” Mr. Delors said in an inter- 
view last week. 

Mr. Delors, who will meet Presi- 
dent Ronald Reagan and several 


cabinet members Tuesday and 
Wednesday, has a special interest 
in exploring the proposal by James 
A. Baker 3d, the Treasury secre- 
tary, for an international confer- 
ence on monetary issues, aides said. 

Mr. Delors praised Mr. Baker's 
suggestion, which was made April 
12 in Paris, h has been seen as a 
response lo the EC view that talks 
on monetary reform are needed 
along with a new round of negotia- 
tions on liberalization of trade. 

“I have devoted much of my time 
to convincing my European col- 
leagues and overcoming die skepti- 
cal attitude of the American ad- 
ministration" on the need for 
monetary reforms, Mr. Delors said. 


OECD Eases Flow of Computer Data 


Washing ron Pest Service 

PARIS — A freer international 
flow of computerized data is ex- 
pected to result from a declaration 
adopted last week by the Organiza- 
tion for Economic Cooperation 
and Development at the urging of 
the United States. 

U.S. officials said the declaration 
“is a first, and major, step" in as- 
suring an open flow or information. 

The baric thrust of the declara- 
tion is that the 24 OECD member 
governments agree to minimize any 
disruption of the international flow 
of computer data. 

U.S. officials said technological 


advances have made it possible to 
market almost any kina of service 
to foreign customers, including 
data processing, entertainment, ad- 
vertising, banking, insurance and 
other activities. Retailers also use 
“trans border data" to verify credit 
card sales. 

New communications and infor- 
mation technology are one element 
feeding the employment boom in 
service industries. According to the 
Office of the U.S. Trade Represen- 
tative, the daia-related job stimulus 
extends to manufacturing firms as 
well, blurring the usual lines of dis- 
tinction between manufacturing 
and service employment. 


Capital International Fund 

Socicte Anonyme dlnvestissement 
R.C. Luxembourg N° B8833 
43. Boulevard Royal, Luxembourg 


Notice of Meeting 

Messrs. Shareholders are hereby convened to attend the Extraordi- 
nary General Meeting which will be held at the offices of Kredieihank 
S.A. Luxembourgeoue, 43. boulevard Royal. Luxembourg, on April 30. 
1985 31 1L00 a_m. with the following agenda : 

Agenda 

1. Renewal of the authorization given to theBoard of Directors to issue 

for a further period of five years shares within the limits of the 

authorized capita). 

2. Ratification of the issue of shares during the period from March 25. 

1985 to April 30. 1985. 

Approval or the above agenda will require a quorum of one half of 
the shares issued and outstanding and the affirmative vote of two thirds of 
(he shares present or represented at the Meeting. 

Holders of bearer shares may vote at the Meeting in person by 
producing at the Meeting either share certificates or a certificate of 
deposit which will be issued to them against deposit of their share 
certificates with Kredietbanlc S.A. Luxembourgeoise.43. boulevard Royal, 
Luxembourg. 

Holders of bearer shares may vote at the Meeting by proxy by 
completing the font) of proxy which will be made available to them 
against deposit of the share certificates as aforesaid. 

Share certifrcaiessodeporited will be retained until the Meeting or 
any adjournment thereof has been concluded. 

Holders of registered shares may vote at the Meeting either in per- 
son or proxy by completing the form of proxy which will be seni to them. 

In order to be valid all forms of proxy must reach the registered 
office of the company at least one day before the date of the Meeting. 

By order of the Board of Directors 


Aides said Mr. Delors was also 
expected lo press (he community's 
position on several steel trade dis- 
putes with the United States. The 
EC has warned that U.S. efforts to 
restrict community sled exports 
could damage preparations for a 
new trade round. 

Mr. Delors firmly rejected rails 
by U.S. officials for the EC to 
adopt the Reagan administration's 
f ree-market philosophy. But he be- 
lieves the community can learn 
from some \JS. economic accom- 
plishments, especially in the field 
of high technology and in the de- 
vdopment of small and medium- 
-rized businesses. 

Cool Reaction Greets 

French Research Plan 

The proposal by France last 
week for European cooperation in 
technological research has received 
a chilly response from the commis- 
sion. 

Commission officials said they 
had already submitted a plan lo 
strengthen EC technological re- 
search to community leaders before 
their summit last month. 

“The commission believes its* 
proposals will allow Europe lo real- 
ize us technological ambitions.” a 
commission statement said. “Un- 
fortunately, the European Council 
was not able to thoroughly examine 
the document." 


Privately. Commission sources 
were sharply critical of the French 
initiative. “It's a typical gadget the 
French resort to when they want to 
show they have Europe under con- 
trol" one source said. "What does 
it mean?" 

Some films, TV Shows 
May GetFinandal Aid 

EC culture ministers are to con- 
sider next month a commission 
proposal that financial backing be 
given to European film and televi- 
sion productions. Bui the proposal 
is expected to face opposition from 
budget-conscious member stales 
such as West Germany and Britain. 

The idea is to help European 
producers compete with other na- 
tional film and television indus- 
tries, especially those of the United 
States. The commission believes 
that competition will intensify as 
more cable and satellite transmis- 
sion networks begin operation. 

Under the proposal, a project 
will receive aid only if it has at least 
three coproducers from different 
community countries. For films, 
the commission will give advances 
against receipts; for televirion, in- 
terest-free loans. 

The commission proposal does 
not specify an amount of funding, 
but it suggests support lor about 40 
productions a year. 


proudly 
announce 
the opening of an 
exciting new hotel 
that rivals your 
favorites in Europe- 

The Century 1 PlazaTower 
on Los Angeles’ Wes tside. 

Please call 
for reservations. 



Westin Hotels 

Cemtur^plaza 

Cable: CENT- PLAZA Telex 69S-664 Depr.T 


THE GULF BANIC-KUWAIT: 

Fbationincr for the future. 


CUSTOMER 

VJ O £ V.'-! i \ 

CUSTOMER 


THE CONSUMER 
BANKING GROUP 
serves the consumer 
and small business 
markets with 
a range of 
retail banking 
services. 


THE INSTITUTIONAL 
BANKING GROUP 
responds to the 
demands of corporations, 
governments and 
financial institutions. 


THE FINANCE GROUP 
is primarily responsible 
for the global 
management 
of the Bank’s 
financial 
resources 
and trading 
activities. 


.. ... V^.~v 


.r i iViiiVoE 


r i. i 

mnmm 

FINANCE 

f i 'Mt'L • 

WfLA 

FINANCE 



FINANCE 





DM. 


THE CORPORATE 
SERVICES GROUP 
supports the Gulf Bank’s 
services 
through 
maintenance 
of automated 
systems and 
premises. 


CORPORATE 

SERVICES 



THE GULF BANK 


•Increased shareholders’ equity 

• Improved asset quality and high capital adequacy 

• Dividend payment for 23rd consecutive year 

• Strengthened management 

• Tighter credit control 

• Ahead in product development 

• A leader in modem banking technology 

• First in customer service 


1984 Balance Sheet Highlights 
(US$ millions)* 



1984 

1983 

Cash and balances with banks 

126 

163 

Other Liquid Assets 

9 66 

960 

Trading & Investment Securities 

167 

223 

Deposits with Banks and other Institutions 

1,632 

2,774 

Overdrafts, loans and bills discounted 

3,096 

2,809 

Other Assets 

185 

173 

Total Assets 

6,172 

7,102 

Contra Accounts 

1,154 

1,144 

Total Balance Sheet 

7,326 

8,246 

Demand, Time deposits, and other accounts 
including contingencies 

5,640 

6,538 

Other Liabilities 

25 

85 

Total Shareholders’ equity 

507 

479 

Total Liabilities and Shareholders’ equity 

6,172 

7,102 

Contra Accounts 

1,154 

1,144 

Total Balance Sheet 

*1384 KDl- US$0280 1983 KD1- US$3,424 

7,326 

8£46 


If you would like a copy of our 1984 Annual Report please write to our 

Public Affairs Department 


BhnrTorkTbe Gulf Bank KLS.CX, B20 Mxt&son Awiroe.Nfrw York 10033 NZ U-SA-TeO, 2U-71S-3300 Tolox; ITT 483358 GTJLFBK NTK. 
TjMihw l WufiHirnawi.g'gf; , European RBpffMent«HT»OIflcB.lColl«gBHiD,LoiidaHBG4R2RA nrr<tptigm<Tr)rrmT»i)flUa4fl?flAa , TJ»i«iif-afl768flran.FT»fr:' 
Enralt The CoKBuJc X.S.C., Mubarak A1 Kahfr St.PO. Box 3200, SahUCmnlL HaL 3 449501 Telex; 83001 GULFBANK XT 
UapqwNThe GuttBuk KJ5.C. 21 Collyer Quay # 17-OLHongkgng Bank BvUtSng, Singapore CU04.1U.224 3722 lUax; RS 32437 GULFBK. 






TRIBUNE, MONDAY, APRIL 22,1985 



Occidental Petroleum Corporation 

U.S. $200,000,000 
Euronote Issuance Facility 

Arranged by 

Occidental Financial Services Inc. 


Underwriters 


First Interstate Limited 

Swiss Bank Corporation International Limited 
Banaue Paribas Chemical Bank 


Orion Royal Bank Limited 
Toronto Dominion International Limited 


Banque Paribas Chemical Bank Canadian Imperial Bank Group 

Credit Lyonnais Dresdner Bank Aktiengesellschaft Grindlay Brandts Limited 

IBJ International Limited Manufacturers Hanover Trust Company 

The Bank of New York, London Security Pacific National Bank 

Standard Chartered Merchant Bank Westdeutsche Landesbank Girozentrale 

Tender Panel 

BankAmerica Capital Markets Group Banque Bruxelles Lambert S A Banque Paribas 

CIBC Limited Citicorp Capita) Markets Group Credit Lyonnais 

Credit Suisse First Boston Limited Dresdner Bank Aktiengesellschaft First Interstate Limited 

(London Branch) 

Grindlay Brandts Limited Hambros Bank Limited IBJ Internationa! Limited 

Manufacturers Hanover Limited Merrill Lynch Capital Markets Morgan Grenfell & Co. Limited 

Orion Royal Bank Limited PaineWebber Intemationai Salomon Brothers International Limited 
Sanwa Intemationai Limited J. Henry Schroder Wag g & Co. Limited Security Pacific Bank Asia Limited 

Standard Chartered Merchant Bank _ Swiss Bank Corporation Intemationai Limited 

Toronto Dominion Intemationai Limited Westdeutsche Landesbank Girozentrale 

Facility Agent 

Swiss Bank Corporation Intemationai Limited 


Tender Agent 

Toronto Dominion international Limited 


Principal Paying Agent 

Orion Royal Bank Limited 


This announcement appears as a matter of record only 


April 1985 

/ 


GZB-VIENNA 
Balance Sheet ’84 



GZB-VIENNA 

Genossenschaftliche Zentralbank AG 

A 1010 Vienna, Herrengassel'3,^? 6662 : 0* 
Telex : 1 36 989, Swift - code : ZENT AT WW 


M-rnber o' 


. UN I CO . ■ . 
BANKING GROUP 


Mutual Funds 

a Mi do Plica April 19. IMS 


NEW YORK (API— 
The following quoro- 
ttons. supeJfad bv Bar 
Nolkmot Auodtotlon 
ol Securities Coal- 
ers. inc- or* Hi# Prtc- 
m oi which mete 
securities could have 
bon mm (Not ANd 
volual or bough* 
(value (Hus solos 
charge! Friday. 

BM Ask 
AARP Inn*? 

CadCr TAM NL 

GfnIM 15JW NL 

GaiBO IAS® NL 

Gthlnc 1622. NL 

TxFBd 1A19 NL 

TscFSh 1A10 NL 

ABT Family: 

Emm 13.13 1A3S 
Gthlnc 13J921&21 
Secinc HjOZ 12.04 
U Til Inc 16941851 
Acom F 32.78 NL 

ADV 2082 NL 

A hi hire 1102 NL, 

AIM Funds: 

CvVM 11.73 1ZS5 

Grnwv BM 939 

HlYtd 9M 1835 

Summit 531 

103)8 

MU 11-3? J2..S5 
Marts M2 10.13 
Survey 1192 1612 
Tech 1673 1128 
Alpha F 1830 19.8? 
Airier Capital: 

Carp 4-53 7 M 
Cmstk 1U2 1654 
Erttrp 12.19 1132 
Exch *53 9 NL 
Fd Am 1038 1123 
GvSec 1137 1242 
Grow 24.18 NL 
Horhr 1247 1185 
HI Yld 976 10.47 

Mud B 17.91 18B0 
OTC 9.75 10L*6 
Pace 200? 2154 
Pravld 431 445 
Ventr 1471 1400 
A mart can 
A Bai 
Amcp 
A Mutt 
Bond 

EUPOC 
Fd Inv 
Grwth 
Incorn 

ICA 
NEca 
N Pers 
TaxE 
Wsh Mt 
A GthFd 
A Herds 
A invest 
A Inv In 
Am Med 
A NIGH! 

A Nllnc 
Am way 
Anolyt 
Am stag 
Axe Hoeghtoa: 

Fnd B 10.10 10.98 
Incam 473 A14 
SlOCfc 738 428 
Batnoa Grew: 

Bond 132 NL 
Enferp 1135 NL 
GwH) 1147 NL 
UMS St 1130 NL 
UMB B 1032 NL 
BLC Ct 1434 T775 
BLCInc UL51 1494 
Beac Gth 15.10 NL 
Beac Hill 1931 NL 
Benium Capital: 
CaTFL 10JM Nt, 
CalTFI 932 NL 
CapNT 1025 NL 
Berger Group: 

100 Fd 15.M NL 

101 Fd 1417 NL 
Boston Co: 

CopAP 2*44 NL 


BM Ask 
Modi 1043 NL 

5PGth 18.19 NL 

Bowser 244 NL 

Bruco 11023 NL 

Bull A Boar Ok 
C opItG 1333 NL 

Eaultv 10.17 NL 

Golcn 1130 NL 

HTYW 1413 NL 

CalMun 9.96 NL 

Calvert Group: 
Eaultv 1734 NL 

rnco 1A23 NL 

Social 1439 NL 

TxFL 1D31 NL 

TxFL 1432 NL 

Calvin Buttock: 
AssGt 735 403 

Baton 1137 1234 


Inform 1270 NL 
LcvSe 1733 19.14 
Gth 5a 944 NL 
NY Tx 1334 NL 
So! Inc unaval I 

Tax Ex 11X2 NL 
TUrd C 7.17 NL 
Eosl GHt 731 738 
Eaton vanes: 

EH Bat 744 424 
EH5lk 1244 1243 
GvtOb 11.97 1234 


Grwth 
HIYId 
Inc Bos 
Invert 
So Eat 
TaxM 
VSSoi 
Emp Bid 
Enaotll 


440 731 
430 S3S 
9.12 9.7? 
833 8.77 
1772 19.11 
1458 1412 
1177 1284 
1548 16X4 
2297 NL 


Blfllc* 
Candn 
Ohrid 
HHne 
Month 
TxFre 
CoppMo 
C ardnl 
CM Shs 
Chon Fd 
On Dir 
Chestnut 


1735 1835 
429 934 
3.18 

1032 1137 
1137 1233 
971 10X0 
1204 1283 
1223 1234 
15X0 NL 

&.m nl 

1444 NL 
5153 NL 


14J1 14JH 

10.11 

818 

1A84 

1261 

1165 

894 

1664 

1460 



iffi] 

rrr 


Ttt 

15,71 

17.T7 

763 

856 

962 

1831 

9J5 

10.11 


CIGNA Funds: SI Gvt 

Grwth 1335 1411 « k Bd 

HIYId 932 10X0 

lnoom 634 739 

"S*? "fSi ,572 g£* 

CpCsh 49J6 5077 

CnCsIl 49555054 EE™ 

Fund 1435 142 

GvSec 1136 12£ gjjg 

Grwth 1035 1130 

HI YkS 7.17 7.S? ES2L 

Incam 433 732 c. 

Online 417 493 S-lnS 

Opll II 1154 1231 rJi'K: 

Tax ex 12181279 ft™ 

CotantMo Funds; Magal 

FUed 123 NL SJSbB 

Grtti 2339 NL mqssT 

Munk 1035 NL h£tc 

CwITh Afi unavnl MtsSc 

Cwlth CD uitovail NYTxS 

C o w p o si ts Group: NYTxJl 

BdStk 939 NL ore 

Fund 1057 NL Ovrse 

Tax Ex 670 NL Purttn 

USGov 1.05 1-06 Qual 

Concord 2452 NL SelDef 

Canstel G 1834 NL SelEn 

Cant Mot 537 NL SelFIn 

Conley 415 NL SelHIt 

CoCosh 47.94 NL StlLel 

Ctrv Can 1452 1734 SelMtl 

Criterion Funds: 

Cm rat 930 1032 faHJtil 

InvOI 973 IDlIB SpCSII 

Pilot 8X8 937 JWIH 

OualT i&M 10.47 Trend 

Sunblt 1493 1432 FiduCap 


Evrarn r WJM NL 
EvrsrTtl 1434 NL 
iFPA Funds: 

Caplt 1034 1033 

Nwlrtc 837 NL 

Parml 1413 15X4 
Peren. 1632 18X9 

Frm BG 1418 NL 
Federated Fuads: 
CpCsh 1095 NL 

Exch 3777 NL 

FT Int 1054 NL 

Fdllnlr 972 NL 

I GNMA 1DTO ML 

Gwth 1130 NL 

| HI Ian 1135 1237 

HIYId 1034 NL 

MCO 10X4 NL 

Short 10.19 NL 

SI Gvt 1028 NL 

SlkBd 1232 NL 

Stack 1731 NL 

Fidelity Invest; 
COlMu 10X4 1057 

Bond 435 NL 

Conors 5694 NL 

Can ifd 1033 NL 

Dcstay 1219 I 

Dlscv 1937 NL 

EO Inc 2533 2554 
Exch 47X0 NL 

Fidel 1577 NL 


Destay 1219 I 
Dlscv 1937 NL 
EO Inc 2533 2554 
Exch 47X0 NL 
Fidel 1577 NL 
Fredm 1299 NL: 
Gvt Sec 932 NL 
HJlnca 8.90 NL; 
HI Yld 1137 NL' 
Lt Mun 8X7 NL, 
Mosel 3445 3934 
Mun Bd 439 NL 
MdSsT 10.19 1429' 
Merc 1379 142 
MtsSc 997 1407 
NYTxS 1002 NL 
NYTxM 1472 1883 
ore 1116 1157 
Ovrse 1132 1229 
Purttn 1234 NL 
Qua! 1406 NL 
SelDef 1231 1117 
SelEn 1157 1131 
SelFIn 2241 2337 
SelHIt 2134 2211 
StlLel 1439 1438 
SelMtl 1203 1228 
SetTch 207521.17 
SelUfil 19J1 1970 
SpCSII 11.94 1231 
TWIH 931 NL 
Trend 3835 NL 
FiduCap 1838 NL 


DFA Sm 145X8 NL 
DFA Int 100.96 NL 
Dean Witter: 

ColTF 1084 NL 
DvGt r 8.14 NL 
DhiGt 1379 NL 
HIYId 13.14 1190 
Indvl r 1072 NL 
NtIRsc 7.19 NL 
Option 998 NL 
SearTx 1057 NL 
TaxEx 10.1 B1 GAO 
USGvt 1SX1 NL 
WrldW 10.19 NL 
Delaware Group: 


DMC 
Decat 
Delaw 
Delch 
Tx Fre 
Delta 
DIT CG 
DIT AG 
DIT Cl 
DGDtv 


934 10X4. 
1535 17X3! 
19X4 2135 
754 834 
731 7J4 
1209 1331 
1131 NL 
1737 NL 
978 NL 
3413 NL 


DodCx Bl 2731 NL 
DodCx St 25X7 NL 
DtdoTx 10161 113S 
Drue Bur 1865 1973 
Dreyfus Grp: 

ABnd unavall 
CalTx, 1353 NL 
Dreyf 1234 1238 


Financial Pros: 

Dvno 750 NL 
FncITx 1459 NL 

Induct 444 NL 

lncom 875 NL 

Select 438 NL 
WrldT 7X8 NL 

Fst Investors: 

Bnd Ap 1247 13X4 
Disco 1177 1234 
Govt 1170 1241 
Grwth 479 7X2 
lncom 531 435 
Inti Sec 13541432 
NatRes 577 631 
NYTF 1237 1334 

9W-10 1294 1416 

Osin SJW SA9 

Tax Ex 9.73 954 

FlexFd 1094 NL 

44W1Eq 431 425 

44 Wall 455 NL 
Fnd Gth 447 439 

Founders Group: 
Grwth 7.10 NL 
lncom 1438 NL 
Mutual 9.9S NL 
Sped 3555 NL 
Franklin Droop: 

AGE 343 378 
DNTC 939 1044 
Equity 5.05 5X4 
FcdTx 10X8 1092 


BM *sk 

Gold 990 1047 
Grwrn 1213 1358 
NY Tax 1030 1053 
Option 4.1? 447 
Utils 672 735 
lncom 213 370 
US Gov 7.12 7X2 
CalTx 454 451 
FrdGG 1488 1546 
Fd St5W 1047 1154 
GITHY 1059 NL 
GT POC 15.96 NL 
Gale OP . 1448 NL 
Gen Elec Inv: ... 

Eltnln 1047 NL 
ElInTr 

ElInTx 1037 NL 
S&S unsvali 

5&S LB 1044 NL 
Gen Sec ^unmrtril 
GtntelEr 543 NL 

am bo.49 nl 

GrdsEm 938 NL 
GnbnEs 1155 NL 
Grfh Ind 1131 NL 
GrdPkA 1854 2007 
Ham HDA 559 4X4 
Hart Gth 1076 NL 
Had Lev 1139 NL 
wnUlnvr Jf«l NL 
Hor Man 2354 NL 
Hutton Group: 

Band r 1048 NL 
Colli 1052 10X4 
Etnror 11.09 NL 
Gwth r 1153 NL 
Optinc »50 NL 
GvtSc 947 NL 
Basic 1054 N L I 
Natl 1052 10.96 
NY Mu 10.16 1058 
PrecM 1152 NLl 
iRiStck unavoil, 

IDS Mutual: 

IDSA8 r 650. NLl 
IDSEq r 557 NL' 
IDS Inr 538 NL 
IDS Bd 444 433 
IDS Dls 471 757 
IDS Ex 483 558 
IDS Grf 1654 17X1 
IDS HIY 405 424 
IDS int 533 550 
IDS' ND 844 9.10 
IDS Pros 478 7.14 
MgtRet 555 552 
Mull 1134 1134 
ID5 Tx 353 271 
Stock 1451 17.17 
Select 7.77 8.18 
V or loti 859 852 
151 Group: „ _ 

Grwth 449 7J1 
lncom 272 
Trst Sh 1051 1294 
Industry oJO NL 
Ini Invst 1205 13.17 
lovsf Portfolio: 

Eaultv 937 NL 
GvtPI 840 NL 
HIYId 892 NL 
Op In 871 NL 
ITB Group: 

Inv Bos 103411.17 
HI loco 14.10 1530 
MaTF 1491 1545 
Inv Rcsh 49? 5X5 
idol 1339 NL 

Ivy Gth 1355 NL 
Ivy I rtf 11654 NL 
JP.Gdh 1354 1554 
JP Into 8X3 9.14 
Jomra 1234 NL 


BM Aik 
Kid Pea r 1450 NL 
LMH , VM NL 

tssss* ^ Kh 

1757 NL 
Lev rye _ 734 ML 
Lexington Grp. 

8^ 53 Kh 

rST 1435 NL 
LBtertv Group: 

Am Ldr 1153 NL 
Tx Fre 9.14 NL 
US Gvrt 8X5 NL 
LlndDv 2259 NL 
Llndnr 195 4 NL 
Loomis Savtes: 

Caplt 1947 NL 
Mut 1750 NL 
Lard Ahhett: 

Am ltd 077 

Bnd *} 938 1030 

D8V Gt 7.75 8X7 
lncom 352 3J« 
ToxFr 9.70 10.18 
TaxNY MU 
VolAp 9X4 1032 

Uwny 930 10M 


BM ASK I 

Manht .731 NLl 
Partn 1420 NL| 
NY Mun 1.11 NL I 
Newt Gl 2457 NL 
Newt Inc 837 NL 
Nicholas Grogs: 
rilchai 29^ NL 
Nlcn II 13.70 NL 
N Chine 244 NL 
NE inTr 11.7* "L 
NE InGI 12.19 NL 
North Stan 
APoJjo 93f NL 
Bond vm nl 
R es ion J7XS NL 
Stack 1330 NL 

SSSE? '?47 NL 

OtSSont 21-28 2836 

Omega HX3 NL 


1170 NL 
144 NL 
11.7* NL 
1219 NL 

! 938 NL 
9X8 NL 
17X8 NL 
1330 NL 
1341 NL 
747 NL 
2138 2124 
11X3 NL 


Op Penh timer Fd: 


Lutheran Bro: 

Fund 1550 18-79 

lncom 845 9.H 

Muni 755 7X2 

Mass Flnand: 

MFI 9.70 10X4 

MFG 1052 1052 

MS NC 9.96 10X4 


AIM 1454 1753 
Direct 1942 21X4 
Paine 729 7.97 
0*55 934 10.12 

H?Yld 1739 1854 

fa? as as 

Tx Fra B2S 
Time J3.M VUj 
OTC Sec 1432 1734 
PcHzCal 1257 NL 
Paine Webber: 


M5VA 
MIT 
: MIG 

< MID 
MCD 
MEG 
MFD 
MFB 
MMB 
MFH 
MMH 
MSP 
Mothers 
Mesctirt 


9.94 10X4 
9.92 10X1 
1159 1250 
1158 11.95 
9.11 932 
1054 11.71 
1454 1548 
1139 1117 
13.12 14.15 
944 10.13 
451 754 
959 1057 
723 750 
19.10 NL 
2236 NL 


Atlas 

Amor 

GNMA 

HIYId 

InvGrd 

Olymp 
TaxEx 
PasWId 
Penn So 
Penn Mu 
PermPrt 
pniia 


9X4 1054 
1353 1A79 
950 1033 
1053 10X8 
9541030 
931 1057 

9.90 1054 
11 JO NL 

855 NL 
4X7 NL 

10.90 NL 
830 957 


Inv Rcsh 4.9? 5X5 
I ishri 1339 NL 

IvyGth 1355 NL 
Ivy I Ml 11654 NL 
JPGrth 1354 1554 
i JP Ineo 8X3 9.14 
Jonus 123» NL 
John Hancock: 

Bond 1458 I55S 
Grwth 1250 1359 
US Gvt 855 93* 
Tax Ex 9M 10.42 
US Gvt 10.13 1157 
Kauhnn 158 NL 
Kemper Fundi: 
CalTx 1242 1321 
lnoom 830 853 
Grow 1154 1X05 
HI Yld 1031 1055 
InllFd 12.94 14.14 
Mun B 834 8J6 
Op In 11.16 1230 
SO mm 2433 28X8 
Tech 11.14 12.17 
Tat Rt 1358 15.17 
USGvl 854 931 
Keystone Mass: 

Cus Blr 15.78 NL 
Cos B2r 1753 NL 
CUS B4r 777 NL 
Cus Kir 84B NL 
Cus K2r 843 NL 
Cus Sir 1939 NL 
Cus 53r BOB NL 
Cus S4r 554 NL 
mil r 503 NL 
KPM r 14 J? NL 
YxFr r 758 NL 


Merrill Lynch: 

Boitc 1454 1553 
Canlt 2141 ail 
Eau Bd 1203 1253 
Fed SC 943 1037 
FdTm 11;» NL 
Hllnc 7.98 ,831 
HI Qlt 1046 11.10 
IntHld 958 1850 
InTrm 1043 10^ 
LtMat 9.79 959 
MutlHI 934 973 
Muni In 7.17 7X7 

PaeFd 14.76 1579 
Fhnlx *' 1143 12X4 
SdTch 9.14 1051 
Sal Vai 1251 1338 
Mid AM 453 7.14 
MMAHI 454 531 
MSB Fd 19.15 NL 
Midwest Grow: 

Bari b 10.W NL 
inlGv 10.14 NL 
LG Gvt 1822 1045 
[ Mut Ben 11.11 I2W 
Mutual Of Omaha: 
Amur 9.91 NL 

[ Grwth 6.12 445 

lncom 859 934 

Tx Fre 10.15 11-03 
MIIQual 1813 NL 

Mut Shr 55.04 NL 

Not Avki 939 1824 
Hal Ind 1153 NL 

Not Securities: 

Baton 1457 1552 
Bund 334 351 
CoTxE 11451230 
FedSc 1142 12X4 
Grwth 834 9 01 

Pretd 755 814 

lncom 732 757 

RealE 750 8X4 

Stock 9X8 1032 

Tax Ex 834 932 

TotRe t/s ?.90 

Falrtd 8J9 941 

NatTtie 1207 111* 

Nationwide Fds: 
NolFd 10.75 1142 

NaiGIh 855 934 

NalBd 9X1 1817 
NELita Fund: 

Eau It 1951 2131 
Grwth 2159 23X7 

lncom 1034 1134 

Ret Eo 1934 21.112 
TaxEx 701 734 

NHiberser Berm: 
Enrov 1902 NL 

Guard 4145 NL 

Llbly 197 NL 


Phoenix Senes: 

Bulan 1139 1234 

CvFd 1SJ5 1731 

Grwth 14X3 15.77 

HIYW 908 9.7* 

Slock 1239 1354 

PC CP 1053 

Pilgrim Grp: 

GNMA 15X51609 
MBS C 7.71 831 

PAR 2291 2336 

Pllg Fd 1815 16^ 

PllsHI 7.9S 838 

Pionoor Pend: 

Bond 908 9.90 

Fund 2004 31.90 

II Inc 1597 17X5 

III Inc 1191 1530 

Plltrnd 1238 NL 

Price Funds: 

Grwth UA1 NL 


BUd Ask 
Optn 1842 1141 

TaxE* 2110 ng 

USGld 1*32 1SOJ 
Vista 1837 1759 

oSBT 

ear 4S& 

toChTx 957 10jW 
^ot 957 10J9 
SO E^ ltSCC °Ikl NL 

ssr i gt 

Munlc 1202 NL 
StPoui lavMj: „ „ 

Copn io.^t nja 

& ’BBS 

sS 17X2 NL 

Ffln & NL 
^vti 5837 NL 

COPG' "J- 

Grand J3J3 NL 
lncom ilg JjL 
inll Fd 2354 NL 
MMB 802 NL 
NYTax 1033 NL 
security Fundi: 
Action 746 
Bond 7.95 835 
ISuly 5X4 5« 
Invest 857 937 
Ultra 818 892 
Selected Fords: 

Am Shs 1131 NL 
SpI Shs 1804 NL 
ScflBiRdn Group: 
CopFd 1107 1111 
cSstk 11.92 1255 
Cnmun BX1 9.19 
Growth ,,823,5X4 
In CO ll.Vl IW 
mS>Tx 7M7M 
MIChTx 7X8 705 
MinnTx 131 757 
NallTx 7X2 7J9 
NY Tax 737 7J4 
OhloTx 735 741 
Senttati Group: 

Baton 1838 IJJ* 
Bond 838 854 
cSJ? S 18X7 2819 
Grwth 1345 14.95 
Sequoia 39X7 NL 
Sentry 1108 1204 


Gthlnc 12J5 NL 
HIYId KUO NL 
lncom 827 NL 
Inti 1333 NL 

N Era 16.45 NL 
N Horlz 1335 NL 
ShTrB 502 NL 
TxFrl 857 NL 
TxFrSi SM NL 
PrlnPTE 9X9 994 
Pre Sgnrleos: U1 

MedT 958 NL 
Fund 10X9 NL 
lncom 8X8 NL 
Prudential Bache: 
AdiPfd 2352 NL 
CalMu unavall 
Eaultv IS. 18 1598 
Glo&l r 1138 NL 
GvISc 10.14 1034 
HIYId 9.91 10.63 
HYMu 1439 15.07 
MUNY 1050 NL 
NDec 1254 13X5 
OptnG 1433 1751 
Qtvlnc 15021501 
Rich r 854 NL 
Ultlllv 1135 1154 
Putnam Funds: 

Conv 13.76 1504 
CalTx 1177 14X4 
Caplt 454 NL 
CCArp 47.94 49.19 
CCDSP 4755 4908 
EnsRs 1142 1270 
In lose 1140 1248 
Int Ed T434 17.77 
Gears 1158 12X6 
Grolnc 11041209 
Keollh 1731 1892 
MIJnco 11J6 1241 
HI Yld 1816 1434 
lncom 457 737 
invest 1038 1133 
NYTx 1511 1554 


Bond L2b 4A4 

Com 5 18X7 20.19 

Grwth 13x5 14.95 

Sequoia 39X7 N L 

Sentry HOB 1204 

Shear-son Funds: 
ATIGt 7456 NL 
AsrGr I’ 

Apprc 18M 19.94 
CalMu 1431 1504 
FrfVol 459 735 
Global 21.14 2777 
HIYId 1844 1942 

MsGvt 1290 JIM 

MMun 1179 1442 
NYMU lAW'&jO 

Sherm D 638 NL 
Sierra Gt 1048 NL 
Sigma Funds: 

Caplt 1430 1542 
inco 758 841 
Invest 7.97 BJ1 
SpcI n 737 7.95 
Trust 11.95 13'v 

Vent 990 1052 
Smith Barney: 

Emit 1332 NL 
incGro 904 941 
USGvl 1297 13.76 
SoGen in 15^8 16JU 
Swlnlnc 4.74 NL 
Saver in 20.31 2138 
State Bond Grs: 

Com St 537 5J6 
Divers 635 653 
Progra 881 
St Frm Gl *91 NL 
StFrm Bl 13J74 NL 
StStrtet Inv: 

Exch 8744 NL 
Grwth r 55X9 NL 
Invst . 4854 4931 
Steadman Funds: 

Am Ind 252 NL 
Aside 53 NL 
Invest - 1X4 NL 

Ocean 550 nl 
S ttin Roe Fds: 

Bond 845 NL 
Cap Da 2045 NL 
Dlscv 9J3 NL 
Sped 1SJ5 NL 
Slock 1534 NL 
TaxEx 838 NL 
Tot Ret 2231 NL 
UnJv 1663 NL 
Strategic Funds: 
Caplt 734 791 
invst 7.14 750 
Slhrr 5X7 598 
Strat Gth 1753 NL 
Strong In 17X1 1749 
StmsT 1434 1651 


Tel incSh 1400 
T emote t on Grasp: 
Fran 1190 12.13 
Global l 35X9 
Glob H 11.16 1230 
Grwth 1023 11.18 
World 12X8 1344 
Thomson MdOrrnon: 
Gwth 1147 NL 
tnca 991 NL 
Opar 1230 NL 
Tudr Fd 1 935 NL 
20th Century : 

GHt r AM 454 
Grwth 1294 NL 
Select 24.15 NL 
Ullra r 755 708 
USGv 9840 NL 
Vista r A40 442 
USAA Group: 
Cornstn 1857 NL 
GaM 9.16 NL 
Grwth 1357 NL 
Inco 1U4 NL 
SOU 15X6 NL 
T«EH 1218 NL 
TxElt 1139 NL 
TxESh 10X2 NL 
Unified Mi nwt : 
Genrl 792 NL 
Gwth . 1933 NL 

Inca 1231 NL 
indl 7.92 NL 
Mutl 13J9 NL 
United Funds: 

Aeon 752 845 
Bond 5X9 604 
GvtSec 531 5X3 
InIGIft 531 6.02 
Con Inc 1544 1701 
HI Inc 1333 14X4 
lncom UXQ 1464 
Muni 442 6.90 
NwCcot 4.79533 
Retire 544 616 
ScEno 848 9J8 
vane 5 47 40? 
Utd Services: 

Gld5hr 433 NL 
GBT 1342 NL 
Growth 7.16 NL 
Prspct 43 NL 
ValFrs 1044 NL 
value Une Fd; 

Bond 1195 NL 
Fund 12.18 NL 
lncom 4X4 NL 
Lev Gt 1834 NL 
MunBd 10-1* NL 
Sol Sit 1305 NL 
VkfflpM 1531 15.97 
VK US 15.17 15.93 
vonce Exdmast: 
CapEf 64J1 NL 
DBStl 41.10 NL 
Overt 7155 NL 
ExFd f 10455 NL 
ExBsf 9192 NL 
FktEt 56JB NL 
5cFfdf 42X9 NL 
Vmtstmnl Group: 
Exair 32.99 NL 
Gemin T25S NL 
(vest 1444 NL 
Mors 1133 NL 
NaesT 37X2 NL 
ODIv i 1771 NL 
QDtv II 7J3 NL 
QDvIll 23 M NL 
TCini 2437 NL 
TCUsa 3244 NL 
GNMA 932 NL 


snrtTr W33 NL 

Ini Tr 21.19 NL 

MuHY 937 NL 

Mulnl 1895 NL 

AAuLs 9X7 ML 

MlnLS 10X2 NL 

MuShf 1533 NL 

VSPGd 817 NL 

-VSPSv 1353 NL 

VSPTc 10X5 NL 

Weilsl 14JMS NL 

Wtiftn 1114 NL 

wndsr 1352 NL 

Ventare Advisers: __ 
NYVen 796 870 
RFF Bd 772 NL 
IncPI 10X0 1137 
WollSI 7J2 817 

Wrrin Eq 1537 NL 

Wstgrd MXS I2J3 

Wood Slruthers: 
deVog 3808 NL 

Nouw 1894 NL 

Pine 1154 NL 

YesFd 829 841 

NL —Mo loan 
(solas charge) 
f— Previous day’s 
quote, r- Redemption 
charge may opplv. 
x— Ex dividend. 




American Exchange Options 

For the Week Ending April 19, 19S5 


Otn ion 8 price Calls 

Puts 

Option 8 price Calls 

Puis 

Apr Jul 

Apt 

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Chicago Exchange Options 

For the Week Ending April 19, 1985 


15 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 



Page 15 


*r? 7,!! * & If? 
»« N, S»PL isi 


7 :it! 

“wSSViJSi 

fSPs' 

i^n US * -.,■ 

**hii id'., . 



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-rm 61 : 

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spec I 
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TsiR, 1 

ar.;u tii s“l»«; 'Is. 

ftJlMiC F lines 1 ©L 

CSOB ’04 -.JSNl _y. 

in«s; 7 "4 ■ siliioiM JjL 1 ® ■■. 

St!*! S*7 iWirUSp • ‘ 

ret Gin i’k. i: m?? 1 

rent I r. i’.-; ’3: am* 




TVT^ 


r? _ 

1 


_ T _ ... . 



new i^uroDona issues 


Issuer 

Amount 

(millions) 

Mat. 

Coup. 

% 

Price 

Price 

end 

week 

Terms 

FLOATING RATE NOTES 


Banco 

Latiruamerkano de 
Expocloaones 

$50 

1990 

1 

100 

_ 

Over 6-month Libor, Redeemable or par m 1988. Fees I Wt 
Private placement. 


Banque Exl£rieure 
d’Algerie 

$500 

2 000 

V. 

100 

— 

Over frmonth Libor. Redeemable at por in 1993. 1995 and 
1997. Foes IKK. 


Belgium 

$300 

2005 

Vs 

100 

99.65 

Over 1 -month Libor, paid quarterly, or 3/16 over 3- month 
libor J the yield curve nvenet. CoSabto at par m 1987 and 
redeemable at par in 2000 and 2003- Fern Q.40V Denomina- 
nam $350,000. 


Ferrovie DeHo Stato 

$420 

1997 

0.10 

100 

9972 

Over 1 -month Libor, or 1/16 over 6-month Libor, whehever 
a (ow«r. Callable as par in 1986. Feet 0.30V 


First Chicago 

$200 

1992 

0.10 

100 

99 . 65 

Over 3-marth Libor. Calabte at par m 1987. Fees HV 

Jyske Bank 

$40 

1994 

libor 

100 

" 

iNcrnl pegged te 6-morth affeied rale far Euradafatv 
Coupon to be set monthly except if I -month Libor n equal to, 
or tagher than, 6-monfh Libor. Capable at par m 1986. Fees 
030%. Denommatwrw S50.000. 

Sonoma int’l 

5100 

1995 

— 1/16 

100 

99.60 

Below 6-month Libid, set monthly. Callable at por in 1986. 
Fees 0.(5%. 

FDCB-COUPON 

American Express 
Credit 

$100 

1990 

m 

99% 

97.63 

Nonco8efale. 

Council of Europe 

$75 

1990 

n 

100% 

— 

NoncoRable. 

Denmark 

$100 

1990 

ni* 

100 

99.25 

NonadtaUe. 

Denmark 

$100 

1989 

11 V* 

100% 

99.00 

NonaaSdbie. 

General Electric 
Gecfit 

$200 

2000 

10H 

100 

97 JO 

Callable end redeemable at par in 1989 whan new terms will 
be ul. 

IBJ 

$100 

1995 

life 

100% 

98.75 

Noncdtebte. 

1 Motorola 

3100 

1997 

life 

99% 

9738 

Callable at 101 in 1995. 

Pacific Bell 

$100 

1992 

lift 

100 

98M 

CaSable at 101 m 199a 

Royd Bank of 
Canada 

$100 

1990 

W VI 

102% 



for 3 years at 101* into U5 Treasury's 1 1% bands of 199a 
Warrants valued or $25 each, ended the week at $20. 

Sweden 

$200 

1990 

10% 

100 

98-55 

NoncoKabie. 

Texaco Capital 

$250 

1995 

11% 

100 

97 JO 

Callable at 101 m 1991. 

Belgium 

DM 100 

1992 

7% 

100 

— 

Noncallabla private placement. 

Ireland 

DM150 

1997 

7% 

100 

9B75 

NaaaiHable. 

Mortgage Bank of 
Denmark 

DM150 

1995 

7% 

100 

— 

NoncaOable 

Industrial 

Development Corp. 
South Africa 

DM50 

1992 

8% 

100 

9875 

Nonealable private placement. 

World Bank 

DM200 

1992 

7V* 

99% 

9875 

Noncalable private placement. 

Eurofima 

ECU 50 

1993 

9% 

99% 

— 

Calotte orlOVei 1989. 

Wesideutsche 
Landesbank Finance 

ECU 70 

1990 

9% 

99% 

98.63 

NonaofloMe. 5mkmg fund to produce a 4.5-yr average He. 

World Bank 

ECU 60 

1992 

9 Vi 

100 

99.00 

NoncaUette private placement. 

Eurofima 

DF50 

1992 

Th 

100 

— 

Noncalable private placement. 

ECSC 

FF 300 

1992 

11% 

100 

— 

Noncalable. 

WARRANTS 

Banque Paribas 

0.075 

198 9 

— 

$22 

$22 

Each wry rant is exercisable at 102 into a $1,000 note of 
Chrysler financial 13V4s of 1994. 

EQUITY -UNKH) 

John Firrlan 

$ 3 

2000 

10 

100 

— 

Each $1,000 band convertible into 850 comprxiy shores. 

Lanrho Finance 

$40 

2000 

open 

100 

98.13 

Coupon indicated at 6K. Redeemable at 110 in 1989 ond 
calotte at 104 in 1987. Convertible at an expea ed 5% 
premium. 

Nippon Oil 

$70 

2000 

3 

100 

98-25 Somunruiaty. CaUabla of 103 m 1990. Catvwtibfa at 923 
yen per ihara and or 251-35 yen per doflor. 

Nippon Sheet Glass 

$40 

1995 

3 

100 

— 

Semiannually. Coicfale at 102ft in 1988. Convertible at 695 
yen per share. 

Yamamura Glass 

$25 

1990 

open 

100 

9875 

Coupon Indented at 8149k Noncd table. Each $5,000 rale 
with one warrant exercisable into company's shares at an 
expected 2ft% premium- Terra to be s» April 21 


Unilever Facility Bears Thin Terms 


(Cootinoed from Page 11) 
notes cannot be sold, to take the 
short-term paper at a weld of 5 
basis points over Libor. The actual 
coupon on the notes will be set at 
fc-poim below Libor but the notes 
will be issued at a discount from 
face value. 

Kredieibank N.V. is 
SI 00- million, seven-year fi 
that it does not expect to draw 
'upon. The Belgian bank said it 
wanted to have the comfort of a 
low-cost stand-by credit and a 
mechanism whereby it could issue 
short-term certificates of deposit 
should the need arise. 

It will pay an annual fee of 6.25 
basis points to underwriters of the 
credit. If the credit is drawn, inter- 
est will vary according to the 
amount taken — 1/ 16-point over 
Libor for up to a third, H-poini 
over Libor for up to two-thirds and 
14-point over Libor for more than 
that. A tender panel wiU be formed 
to bid on the CDs. 

Enterprise Oil PLC, the privately 
held North Sea group that was sold 
off last year by British Gas Corp_ is 


{ its first foray into the pub- 
lic market with a £150- million, 644- 


year facility. Banks are being asked 
to underwrite a back-up credit for 
an annual fee of 15 baas points. U 
the credit line is drawn, interest will 
be set at '/4-point over Libor for the 
first 3 years and %-point over 
Libor thereafter. In addition, it mil 
pay a ^-percent utilization fee if 
more than half the credit is drawn. 

Before drawing on this backstop, 
Enterprise Oil can ask a tender 
panel to propose terms for short- 
term notes or advances, bankers’ 
acceptances or intermediate-term 
notes. 


In the sovereign market, Indone- 
sia is the first Asian state to tap the 
note-issuance market It is asking 
banks to provide a $40O-mQlion, 
10-year credit to back up the sale of 
one-, three- or six-month notes. 
Underwriters are under no com- 
mitment to provide bids on these 
seeking a notes. But they are obliged to ex- 
i facility tend loans at 25 basis points over 
libor if no more 'than one-third of 
the total is drawn, at 35 baas points 
if up to two-thirds is drawn and at 
40 basis points over Libor if more is 
drawn. 

Whether the credit is drawn or 
not, Indonesia will pay an annual 
underwriting fee of’ 12.5 basis 
points. 

This is well below the split ft-to- 
K-potnl margin over Libor that In- 
donesia last paid to arrange a syn- 
dicated bank credit but reflects, 
bankers say, what it would pay to- 
day to arrange a classic credit — a 
split J4-Ji-pomt over Libor, which 
on a weighted average would yield 
the banks around the 52 bans 
points they will earn if the back-up 
credit is fully drawn. 

If its notes can be sold — and 
Asian bankers believe there is a 
market for short-term paper of 
one-to-six months — Indonesia, 
may pay even less to raise money. 

By underwriting the back-up 
credit rather than the notes, bank- 
ers say they simplify the money- 
raising process insofar as Indonesia 
docs not have to go through the 
motions of trying to issuenotes if it 
wants to tap the credit facility. In 
addition, bankers say, not all mar- 
ket participants want to have notes 
on their books. Notes may be con- 
sidered securities and auditors may 
insist that they be carried on the 


banks’ books at market value 
whereas a loan can be carried at 
face value even if — as in the case 
of much Latin American debt --it 
is not being serviced on schedule 
This is expected to be Indone- 
sia's only dollar borrowing this 
year and although the government 
has about 52 billion in undrawn 
creditsoutstandingitisexpected to 
try to sell notes under this facility. 
At tbe same time, Indonesia is ex- 
pected to cancel some $200 million 
of the undrawn lines on which it is 
paying commitment fees ranging 
from 44 to % percent 
(Malaysia is prepaying $550 mil- 
lion of loans arranged two years 
ago. This indudes a S300-fnilfioii, 
10-year loan on which interest was 



point 

550-million, right-year tax-spared 
loan priced at W-poim over Libor. 

Banque Exterieure d’Algtrie, 
which intends to raise up to SI 
billion this year, will raise $500 
million through the sale of 15-year 
floating rate notes. Holders can re- 
quest redemption after eight. 10, or 
12 years. Interest will be set at 44- 
point over six- month Libor and 
front-end fees total 144 percent 

This will be Algeria's seventh 
and largest FRN, all of which are 
really syndicated credits dressed up 
to look like capital market transac- 
tions. 

The bank will at the same time 
raise 50 billion yen ($202. 1 million) 
in Japan through a series of 10-year 
loans. 

In late summer, depending on 
the exact size of Algerians financing 
requirement, the bank will tap the 
syndicated credit market for a loan 
of up to S300 million. 


Fed Dampens U.S. News Has Little Impact on Eurobond Market 

Hopes for 


World Coffee Body Approves 
Action Against Nonmembers 


Soviet Production 
Reported Lower 


Return 

LONDON — The executive 
board of the International Coffee 
Organization has approved action 
aimed at doubling prices paid by 
non-ICO members to bring them 
into line with those paid by mem- 
berv ICO delegates said. 

Last October, the ICO set a tar- 
get range for world coffee prices of 
51.20 to 51.40 a pound. 

* Fifteen percent of world coffee 
importers, mostly Eastern bloc or 
Middle Eastern countries, are non- 
members and often pay less than 
half the price paid by members 
whose imports are controlled under 
ICO export quotas, they sakL 

This is because exporters like In- 
donesia, with far more coffee than 


they can dispose or under quotas, 
prefer to sell their exportable sur- 
pluses on tbe unrestricted non-quo- 
ta market rather than pay storage 
charges. 

As a result, importing members 
often fed they are being penalized 
for belonging to the organization 
and adhering to the International 
Coffee Agreement, the ICO dele- 
gates said in London Saturday. 

The ICO has 48 producing mem- 


The Associated Frets 

MOSCOW — Soviet industrial 
production rose by 2 percent in the 
first three months of the year, down 
from a 4.9-percem increase for the 
same period of 1984 and short of 
the 3.8-percent target for 1985. the 
newspaper Pravda reported. 

The report said oil coal and steel 
production all declined. At 147 mil- 
lion tons, oil was down by 4 percent 


bers accounting for 99 ^reent of 


compared with the first quarter of 
1984. Coal output, at 185 million 


coffee exports worldwide and 25 
consumers who import just under 
90 percent of imports. . 

The group's resolution is also 
aimed at dealing with the problem 
of possible diversion of the cheaper 
coffee back to member markets via 
free ports. 


tons, declined by Q-5 percent. 

Gains were posted in natural gas, 
electrical energy, meat producuon 
and the building of industrial ro- 
bots, the report said. The report 
said the economic experiment un- 
veiled early last year giving greater 
autonomy to some stale enterprises 
was bearing fruit. 


Lower Rates 


(Continued from Page II) 

sharply, many foreign investors are 


sitting on big foreign exchange 
ie the dollar is still 


By Michael Quint 

yen- York Timet Sent ee 
NEW YORK — Hopes for lower 
interest rates were dampened but 
not eliminated Friday after the 
Federal Reserve temporarily sold 
securities, thereby draining funds 
from the banking system. 

Short- and long-term rates fell 
modestly early in the day but began 
rising after the Fed's action, which 


profits because ... . . 

higher than what they paid for it 


and generates a higher income than 
in alter 


U3. Credit Markets 


came shortly before noon. By the 
adi i 


close of trading. Treasury bill rates 
were slightly higher, with the three- 
month issue bid at 7.80 percent, up 
from 7.72 percent. Note and bond 
yields showed tittle change. 

Some analysts said the Fed's ac- 
tion was a signal to traders that the 
central bank was not easing policy, 
and was not trying to promote an 
overnight rate for bank loans of 
less than 8 percent. Others, howev- 
er, said the Fed was easing policy 
and that the temporary sale of se- 
curities was merely a technical ad- 
justment that would not prevent a 
general decline in interest rates. 

In advance of Wednesday's auc- 
tion of new two-year Treasury 
notes, government securities deal- 
ers offered the issue with a yield of 
about 9.79 percent, up from 9.76 
percent a day earlier. The 11*4- 
percent Treasury bonds due in 
2015 were offered at 100, down 
2/32, to yield 11.25 percenL 

Signs of economic weakness, 
such as the 1.3-percem growth in 
the gross national product after in- 
flation, combined with a decline in 
the overnight rate for bank loans in 
the federal funds market, have led 
many market participants to con- 
clude that the Federal Reserve is 
easing monetaiy policy and en- 
couraging lower short-term interest 
rates. 

While some analysts say the Fed 
will overtly signal its desire for low- 
er rates by reducing the 8- percent 
discount rate it charges on loans to 
financial institutions, others say 
that the fund rate will soon re- 
bound to around 846 percent. 

Albert Wojnilower, chief econo- 
mist at First Boston Corp., said in a 
speech to the annual meeting of the 
Federal Home Loan Bank of New 
York that the Fed would probably 
cut the discount rate soon. But he 
forecast that rates will rise again 
later in die year. While the red's 
generous monetary policy makes a 
recession unlikely, Mr. Wqjntiower 
added that inflation would eventu- 
ally accelerate. 

Lf recent declines in short-term 
rates are maintained, bankers said, 
the prime lending rate might be cut 
from its current levd of 1045 per- 
cenL Some bankers said that weak 
business-loan demands might help 
justify a cut in the prime, and noted 
that Fed data for the week ended 
April 10 showed that business 
loans outstanding at large banks 
across the country fell by nearly 
51.8 billion. 


U.S. Consumer Rates 

Far Week Ended April 19 


Passbook Savings 

— 5.50 % 

Tax Exempt Bonds 

Bond Buyer 20-Bond Index 

- 9J5% 

Money Market Funds 
Donoehuei 7-Dav Average 

- Ml * 

Bank Money Market Accounts. 
Bank Rate Monitor index — — 

_ 7 SA % 

Home MortgOM 

FHLB average 

-13.70% 



| DM Futures Options 

1 April 19 


| W. German Moit'! 25,000 naiet ams par mevi | 


Strike Cam-Settle Puff-Settle 

price 4ea sen Dec j«o Sen dk 


31 17} ill 16b IS U3 0J2 

137 — 0.33 - ' 


32 l JO 137 — 0.13 L5A — 

33 U2 1JS2 — IMS 0185 — 

>1 W U M W Ul - 

OS OJ4 (L«3 - 141 i.« — 

3A aiB OM - - 15S - 


Estimated tom vol Urn 
Colli: Than. vol. 765t BUM IcL 3&904 
Put* : TOurs. rol- 1W omo toL9t7M 
Source: CMC 


Cash Prices April 19 


Commodity on4 Unit 

Cette* 4 Santas, 10 

Prlnteiatti UOO 38 ft, vd _ 

Stool billets [Pltl.). Con 

Iron 2 Fdrv. Pnlla. Ian 

Steel scrap No 1 hw Pitt. - 
MM Spot, lb 


Goppw elect, lb . 
Tin tsiralu), lb. 


Zinc. E. St. L. Basis, lb . 

palladium, as 

Sliver n.y. ax 

Source: AP. 


Frv 

1J7 

0*5 

473.00 

21100 

79-80 

20-21 

71-74 

6431* 

IL4S-47 

117-119 

A433 


Year 
A«a 
148 
0-84 
453M 
21X00 
100-101 
26-28 
7SW-78 
Claua 
0J3 
158 Mi 
Closed 


I^T^B^] 


Due 

Bid 

ASK 

YM 

+25 

7.51 

7.49 

740 

5- 3 

732 

7.16 

777 

5- 9 

732 

7X6 

778 

5-16 . 

74! 

737 

7X1 

S-23 

7J1 

7X7 

743 

S-J0 

7J5 

7X9 

745 

+ 6 . 

7.54 

748 

745 

►2 

756 

7JSQ 

7X9 

+20 . . 

7. S3 

749 

7x9 

+97 . 

7S2 

740 

749 

7- 5 

7.75 

7J1 

774 

7-11 

7J9 

7.7J 

7.99 

7-10 

7J9 

737 

803 

7-25 

7.79 

7.75 

0X2 

6 1 

7 JS 

771 

7.99 

•> S 

7X3 

779 

BX9 

US 

7X6 

7X7 

813 

0-22 . 

7.76 

7.72 

8X4 

+29 

7X5 

7X1 

814 

9- 5 

7X9 

7X7 

822 

9-tt 

7.90 

7Je 

822 

9-19 . 

7.90 

7X6 

824 

+85 

7.91 

7X7 

876 

1+ 3 

7.99 

775 

836 

1+10 

8X0 

778 

841 

IMS 

7.98 

7.96 

84a 

10-31 

8X1 

7.97 

842 

11-29 

0X5 

8X1 

848 

1+36 

406 

8X2 

851 

1-3+1986 

8.14 

810 

863 

2-SO 

8X0 

816 

873 

+20 

8.19 

815 

876 

+17 

8.19 

817 

0X3 

Source: Federal Reserve Bonk 



[ Gold O ptions (juices in S/ax.}. 


Kao* 

**ay 

*** 

Na i 

330 

15X0-1673 



» 

9X0M5D 

20502221 




5X0 6X1 

15-754735 

2OS36X0 

350 

250 4X0 

iziB-ua 

19JD3U9 

.360 

itj. m 

B75.I025 

15JW7XB 

3>D 

073-200 

625 773 

125044X0 

300 

— 

450 6X0 

10X01)50 


QcU! 

V35-XP7S 


VrieenWUte WeU SLA 


can be had in alternative invest- 
ments. To which, of course, must 
be added the remaining uncer- 
tainty whether the dollar is on a 
one-way road headed lower or on a 
roller coaster currently in a trough. 

But one point on which market 
experts are agreed is that there is 
very limited accumulation of new 
dollar holdings. Tbe current buyers 
arc institutions that want dollar as- 
sets to match their liabilities (insur- 
ance companies; or that are limited 
to dollar holdings (dollar bond 
funds). 

Dollar bonds also appeal to 
some speculators who reason that if 
interest rates fall the potential capi- 
tal gains as well as the actual cur- 
rent income to be made on high 
yielding Eurodollar bonds balances 
out the foreign exchange loss if the 
dollar declines. 

Playing to this speculative mar- 
ket, Banque Paribas last week of- 
fered for sale at $22 each 75,000 
warrants to buy 575 million of 
Chrysler Financial 13'<4 percent 
bonds due in 1 994 at a price of 102. 
The warrants have a lire of four 
years, which coincides with the first 
“pm” option on the Chrysler 
bonds. In 1989 and ngain in 1991, 
bondholders can request redemp- 
tion. 

If interest rates then exceed 1344 
percent, there would no incentive 
for investors to hold the bonds and 
redemption would be sought. In 
that case, the warrants would ex- 
pire valueless. But if rates have 
dropped, the price of (he bond (as- 
suming Chrysler remains a cre- 
ditworthy firm) would presumably 
soar — as would the value of the 
warrant. 

Paribas calls this a forward-for- 
ward option — a four-year contract 
on whether interest rates (and 
Chrysler) will justify the 522 initial 
outlay, and in 1989 a second option 
to buy the bonds at $1020 each. 

This is the first package where 
one company is selling options to 
buy bonds of another company (as 
opposed to options to buy U.S. 
government securities, which have 
previously been done). 

Paribas can do this because it has 
entered into repurchase-type agree- 


ments with holders of $75 million 
of Chrysler bonds to take the bonds 
just prior lo the first pul date. (In 
all. die Chrysler issue, marketed 
last November, amounted to SI 50 
million.) Paribas says it runs no 
risk if Chrysler goes bust before 
then as it has insured itself against 
this possibility. 

The Chrysler bonds are currently 
trading at 101 '5. whereas the Pari- 
bas package means the bonds have 
to be trading at 10444 for the war- 
rant holders to be making any 
money. 

Orion Royal Bank sold 5100 mil- 
lion of five-year, 11 Vi percent notes 
with three-year warrants to buy 
U.S. Treasury 11 percent bonds 
due in 1990 at a price of 10144 (half 
a point higher than the Treasury 
issue was actually trading at). The 
Orion package, offered at 1024a, 
ended the week at 10044 with the 
warrants, priced at S25. trading at 
$20, and the Orion notes, priced at 
par, trading at 98‘A. 

The sensation of the week was 


Alcoa Profit Fell 
93.2% in Quarter 


Nee- York Tunes Service 

NEW YORK — Aluminum Co. 
of America reported that earnings 
declined 93.2 percent in the first 
quarter of 1985. to S6.7 milli on, or 
8 cents a share, from S97.8 million, 
or SI. 20 a share, a year earlier. 


the terms on $250-milUon of 10- 
year bonds for Texaco, which were 
priced at par bearing a coupon of 
1 144 percent. Texaco has two con- 
vertible bonds, issued last year and 
maturing in 1994, which currently 
yield 1 1 .3 percent “Lf you can pick 
up a higher yield ana get a free 
option on the stock, why not buy 
the convertible instead erf the new 
straight issue?" bankers asked. 

The terms on the other U.S. cor- 
porate bonds sold last week were 
also considered too aggressive, but 
less outrageous than Texaco's. 

General Electric Credit ofTered 
15-year bonds with a coupon fixed 
for only the first four years at 1044 
percent — a narrow 8Vi basis points 
over comparable Treasury yields at 
tbe time of offering. GEC can call 
the issue or investors can request to 
be repaid at the coupon resetting 
At that time, GEC can set a coupon 
for as short as one year or as long as 
final maturity. 

American Express Credit’s five- 
year notes bearing a coupon of 10% 
percent and sold at a Va-point dis- 
count were priced to yield 40 basis 
points over Treasury paper — also 
regarded as too stingy. By compari- 
son, Sweden offered five-year notes 
at par bearing a coupon of 10% 
percent and had a favorable recep- 
tion. 

The Council of Europe, makin g 


its debut in the dollar market, 
priced its 1 1-percent, five-year 
notes at a premium of 10044 for a 
yield of 10.95 percent compared to 
Sweden’s 10.875. 

The Council of Europe's issue 
and the two offerings from Den- 
mark — five-year. 114* percent 
notes at par and four-year, 11U 
percent notes priced at IOO'-b to 
yield 1 121 percent — were ar- 
ranged as vehicles for currency 
swaps. 

Worth noting is the shortening 


maturity on the sovereign paper to 
five years or less — which would ■ 


conform to the standard prefer- 
ences of central banks which invest 
their dollar holdings in this market. 

The Euros terling market benefit- 
ed from the absence of any new 
issues, a continued rise in the 
pound's value and a downtrend in 
domestic interest rates. 

The DM sector, despite a heavy 
calendar, benefmed from Lhe shift 
in currency preferences as well as a 
favorable outlook for a decline in 
interest rates. As a result, the place 
left open in the new- issue calendar 
by Malaysia's decision to postpone 
its offering was immediately filled 
by Ireland, which offered 150 mil- 
lion DM of 74i-percem. 12-year 
bonds at par. This was only the 
third issue so far this year with such' 
a relatively long maturity. 


Company Earnings 


Sales for the quarter were S1.3 
13.3 perc 
company record of SI J billion in 


billion, down 


rcem from a 


Revenue and profits. In millions, ore In local currencies 
unless otherwise Indicated 


the 1 984 period. Alcoa said on Fri- 
day. 

The decline in pan reflected a 
drop in operating income from alu- 
mina ana primary aluminum ingot 
operations, the Pittsburgh-based 
company said. Tbe 1984 quarter's 
results included nonrecurring gains 
of $8.7 million, or 1 1 cents a share, 
from joint-ven hire agreements, and 
S5.3 million, or 7 cents a share, 
from a real estate transaction. 


United States 

. Bacardi 


Fidel cor 

in QiMr. 1985 19M 


1(t Qiiar. 1985 1914 

Reucau* 57a su 

Nat inc iaa 11.9 

PerStiara 05a 059 


Nat Inc 11.7 

Per Share— 1S8 


9 Month. 1«H 1984 

Revenue 2ni-0 17BH 

Net inc — J4-9 

Per Snore 102 1J0 


Fsf Security 


Middle South Util. 


Bell A Howell 


1*1 Qoar. 1985 IVtrf 

Nat inc 2.1 5.9 

Par Slur# 0.17 IL47 


lctOaar. 1985 1984 

Revenue 754.1 740.0 

Nat Inc USX7 134.17 

Per snorre™. 071 080 


let Quar. 198S 1914 

Revenue 167.1 1657 

Nat inc *36 sjOJ 

Per Shore 0.42 044 


Fit Wisconsin " 


Coast Fed. Savg 


Id Quar. 1985 1984 

Net Inc 869 038 

Per Share— 091 090 


New Eng. Elec. 

1st Quar. IMS 1984 

evenue 376.9 397 J 


NeMnc* <7.06 41.94 

Per Snare 1X3 170 


2 U.K. Textile Plants Close 


Id Qtmr. 1915 1984 

Mel Inc 19978 la) IS 

Par Share 005 — 

a: loss. 


Homestead Fin. 


Potomac Bee. Pwr 


Id Quar. 1985 1984 

Nat Inc l J 0.15 

Per Share— 027 003 


Id Quar. 1985 1984 

Revenue 290.0 2647 

Net inc 3484 3415 

Per Share — 066 064 


Reiners 

WREXHAM, Wales — Cour- 
taulds, a British textile firm, said 
Sunday it would dose two factories 
in North Wales with the loss of 
U00 jobs. Workers have been giv- 
en 90 days’ notice, the company 
said. 


Commomwlth Ed. 


Koitfudcy Util. 


West Co. Amer. 


Id Quar. 1985 1984 

Revenue 1700 1700 

Net inc 19673 1925 

Per Share 093 097 


Id Quar. 1915 1914 

Revenue 1485 1456 

Net Inc 186 213 

Per Shore— 0.98 l.lt 


Id Quar. 19»S 1914 

Revenue — i2e-9 hob 

Net LOU 175 661 

1985 net tnctodes to* credit 
ofusum. 


Lomas A NotHeton West Germany 


Id Quar. 

Nat Inc 

Per Share 


M DKcp 


1985 

1984 


Scharing 


19K IfM 

Revenue 

70S 

59X 


1964 

1983 

744 5X1 

Net Inc. 

185 

SX 


4X90. 

4X08 

0X2 047 

Per snare 

871 

040 

Profits— 

1380 

880 



Futures 

April 19 




Hteh Low 

Ooen Hteh Low 

Close Chg. 

1 ~ 

Grains 

1 


. Qad da Maat-BbuK 
1 1211 Geneva I, Swftxerfaad 
TeL 310251 ■ Trie* Jtm 


WHEAT fCKT) 

&000 bu minimum- (tatters par bushel 
485 3uQVi MOV 350ft 154 

jut asa S33 

Sep 330 UZft 

Dec 84116 343 

MOT 368U 347*k 

'402 364 May 

Ed. Salas Prev. Sales 9331 

Prev. pay Open Int. 37313 Off 798 


190 37416 

3.74VS 336 

36314 3331* 

p74ft 340V* 


15016 

379ft 

339U 

34046 

346 


366 4JKM 
333 +.02J4 

33216 4-3146 
34316 +JXH6 
3463k — JH\h 
345 —3014 


corn cam 

5600 bu mini mum- dot tars per bushel 
330 Xsmt May 23316 2J4 


Jul 23046 232ft 
S*P 270 231 

Dec 26416 265ft 
Mar 232ft 233 
Mav 27646 23746 
JUl 23846 27946 

Prev. Sales 31.141 

Prev. Day Open lntt27380 off 3337 
SOYBEANS (CHTJ .. 

1000 bu minimum- dollars per bushel 
T 97 57846 May 194ft 57tft 571ft 


331 273 

231ft 266ft 

2.95 26046 

3.10 26916 

37116 27446 

236 277ft 

Ed. Sales 


23316 

230ft 

269% 

264 

27146 

27646 

27846 


235ft +J016 
2314* +3116 
270ft +3Dft 
26516 +30ft 
273ft +30ft 
27746 +30ft 
27946 +4Mft 


7.99 

5X0* 

jul 

6X7 

6X5 

SMV, 

7X6 

5X2 


4X3ft 

6X5ft 

800 

871 

5X1 

Sen 

6X1 ft 

6X3 

5X9 

646 

5XJft 

Nov 

6X7 


8M 


5X4ft 


810 

818ft 

813 

742 

6X6ft 

Mar 

828 

829 

826ft 

739 

815 

May 

4X5 

6X6ft 

835 

649 

6X8 

Jul 

643 

643 

642 


Ed. Sales 


Prev. Sales 20381 


537ft +3146 
53416 +31 

635 +3016 

532 -i»ll6 
63746 — 3016 

61746 —an 

579 —30ft 

635ft —38ft 
542ft —30ft 


Prev. Dov Open InL 54382 upVM 


SOYBEAN MEAL (CBTJ 
KM tons- dollars per tan 
30530 12540 MOV 12730 19870 


Jul 13330 i; 

Auu 19598 127.10 
Sea 19940 12930 
Oct W2SB 14250 
Dec 14730 M730 


MUD Jan 15030 i gjJO 


19830 13240 

18030 13560 

179J0 136.10 

18050 M850 

18430 14530 

i&Mfl : _ 

vms® 153J0 Mar 15530 ... 

167 50 15930 May 13930 15938 

16730 16730 Jut 

Est, Sales Prev. Sales 10649 

Prav. Day Open Inf. 44374 off 245 
SOYBEAN OIL ICBT1 

60300 tbs-dottarspBr 180 Bni 

1X66 2230 Mav 3132 3135 

3235 2230 Jul 3030 3030 

31.17 2230 AIM »J0 2930 

3070 2230 Sep 2895 2095 

29.15 22.90 OCt 28.10 2A10 

2070 22.90 DOC 2735 2740 

2735 Z160 JOH 26M 27JH 

2730 2M0 Mar 2*30 3530 

2560 2440 May 

Est. Sales Prev. Sales 12661 

Prav. Dav Open Inf. 57754 up 01 


12748 

13240 

19530 

13930 

1AO0 

14730 

14930 

15430 

15938 


12770 —40 

13170 —40 

13630 — 90 

13930 —.90 

M2J» —130 
167.40 —40 

14948 —78 
15460 *M 
15938 +130 
14130 +130 


9130 

2972 

2935 

2835 

2761 

2590 

2675 

2570 


9145 —45 

3070 —32 

2945 —35 

2870 —30 

2775 —35 

27.12 —73 

2632 —31 

3670 —JO 
2540 —40 


OATS(CBT) 

5300 bu minimum- del tort per bushel 
1.91 145ft May 168 16816 


178ft 163 

.179 140 

132ft 164 

167*. 166*i 

Est. Sales 


JUt 169% 164 
SOP 164P6 141 
DOC 164ft 16466 
MOT 

Prev. Sales . 193 


167* 

16316 

160* 

164ft 


168* +30* 
164 +30% 
161 +30ft 
16«* +30* 
167* 


Prev. Day Open int. XT2Q otf 279 


Livestock 






60X5 

60X0 

6857 

+40 

69 JO 

6277 


6X45 

*3X5 

6340 

6340 

+X3 


6113 


6870 

*895 

6440 

64X2 

+XS 




6347 

6160 

<132 

5345 


57X5 

6340 

Dec 

64L55 

5UD 

6450 

6440 

+.15 

6745 

66X0 

Feb 

65X5 

65X5 

65X0 

65X0 

— XS 


6825 


66X5 

66X0 

66X0 

66X0 

+X0 

EsL Sales 10J34 Prev. Sates 15X45 




Prav.DovOuenlnL 58856 OH2.12S 




FEEDER CATTLE (CME) 











74X0 



6575 

6595 

65XS 

66X5 


7275 

64X0 

MOV 

6545 

66.12 

65X5 

66X5 

+40 

7170 

6640 

Au® 

6847 

6882 

6845 

*8/4 

+J0 




6825 

6835 

6835 

6043 


7132 


bd 

6810 

68X2 

6805 

4823 





6875 

6893 

6843 

6895 


7940 



69 JD 

*9X5 




Esi. Sales 

■ ■ ■ f 








HOGS (CME) 







30XOB lb+- cants per ID. 










(370 

4150 


— Jtt 

U4& 




48X5 

48X5 






5865 

SIX0 

5820 

5827 





5825 

50X3 

5805 


— jn 




(7X0 

47X0 

47X5 

47X5 

+.15 

SDXS 



4825 

4860 

4823 

4835 




Feb 

48X2 

49X0 

41X2 



47X5 

4U0 

Ajw 

453S 

45X5 

<sxs 

4530 

+XS 

49 XS 

47X0 

Jun 

4835 

4835 

4810 








Prev. DOV Open Int. 2X96* up 121 




PORK BELLIES (CMEl 












sum 



6570 

65.95 

64X0 

MX7 


8247 


Jul 

66XQ 

67X5 

64X5 

6642 

+X5 




6550 

*5X5 

64X0 

65X2 


76X0 



7140 

71 JO 

7140 

71X2 

+33 







71X5 








7105 








7190 




Vev -Salee 4X13 




Prev. dov Oeen Inf. 12-517 up 177 




1 Food I 


COFFEE CCNYCSCH 
37300 to** cents per lb, 

15230 12231 Mav 14tU0 14278 

14978 12130 Jul 14040 14075 

14760 12730 SOP 13930 14175 

14465 12975 OK 13978 14130 

14360 12160 Mar 19930 14898 

1 43175 13130 MOV 14068 14060 

14060 13S50 Jul 14030 14830 

13760 13225 Sep 

Ed. Sales Prev- Sale* 26M 

Prev. Day Open InL 13749 of»327 
SUOARWORLO II (NYCSCE2 
112300 lbs.- cents Per lb. 


14030 142.10 
14030 142-12 
199 JO 14178 
19960 14130 
19930 14890 
MUD 14060 
14800 14830 
13760 


+16D 

+175 

+164 

+1.17 

+168 

+L95 

+272 

+73 


1850 

152 

May 

1S2 

356 

348 

9.95 

3X7 

Jut 

17D 

374 

341 

975 

0X7 

Sep 

190 

3X3 

3X4 

9X5 

4X1 

act 

in 

4.10 

3X9 

775 

448 

Jan 

440 

440 

440 

9X3 

4X1 

M or 

4X5 

4X5 

4X6 

7.15 

5.12 

May 

516 

516 

5X7 

649 

US 

Jul 

5X8 

5J0 

130 

6X0 

6.17 

San. 





& 

9« 


— 33 
+32 
+31 


Ed. Sales 8*08 Prev. Sales 7J13 
prev. Day Open int 84608 OM297 


537 

578 

14 


—M 

—.10 


COCO* (NY CSCE) 
lOme trie tons-s per tan 
2570 1*98 Mar 

2400 

2509 

2470 

24X5 

+26 

2400 

1*98 Jul 

2*5 

2305 

2239 

2255 

+* 

2415 

1907 Sap 

2189 

2205 

2154 

2180 

+7 

2337 

1945 D«C 

2145 

2156 

2130 

2130 

+5 

2W0 

1*55 Mar 

2150 

2152 

2U3 

2145 

45 


Season Season 
Hteh Law 


Open Hteh Lew Close Cha. 


2130 1940 May 

21 10 I960 Jul 

Ext. sales Prev. Sal el 1680 

Prev. Dav Open Ini. 26323 off 09 
O RANGE JUICE (NYCEJ 
15300 lbs.- cents eer lb. 


2145 

2145 



151X0 



156X5 

15SX0 

156X0 

+45 

184X5 

155X0 

Jul 

155X0 

155X5 

15440 

155X0 

+35 

1B2X0 

15430 


156X0 

155.10 

15640 

155.10 

—.10 


15115 


153X0 

15185 15285 

153X0 

—40 


ism 


156X0 

156X0 

153X0 

153X0 

—55 

177X0 

156X0 

Mar 




15110 

— J5 


16800 

Mav 




15110 

—SS 

157 JO 

157X0 

Jul 




15110 

— J5 


179.75 





153.10 

— J5 

Esi Sales 

330 Prev. Sales 

342 





Prev, Day Open Int. 5687 upM 



L _ Antals { 

COPPER (COMEX) 
2iaoo Iba.- cento per lb. 






AKAK 

6125 





6275 

92X0 

5626 

May 

61*0 

6345 

6275 

63X5 

6475 

61X5 


6375 

6175 

6170 

6340 

—25 

0825 

57X0 

Jul 

<425 

6635 

6160 

63X5 

— 20 


57X0 


6660 

6675 

64X0 

6625 


8625 

58X6 

Dec 

65X0 

6525 

6440 

4670 

— .15 

8620 

5940 





44X5 

—.15 

8800 

5940 



6570 



—.15 

74X0 

6M8 


65X0 

uxa 

6540 

65X0 

—.15 

7440 

<130 

Jul 

66X5 


65X0 

65X0 

— .15 

7890 

<230 


66JB 

66X5 

6630 

-1.10 

7830 

64X0 

Dec 




6605 

—.10 

7820 

6530 

Jan 




67X5 

-1.10 

Est.Sohi 


Prev.Sales 71413 




Prev. Day Own ■ nl. 98347 off 1J09 




\ ALUMINUM (COMEX) 
1 40X00 Ibs^cen to per lb. 






49 JD 

MJO 





4870 

+.15 

B2.ro 

4740 

May 

4875 

48X5 

4870 

4885 

+.W 

49X5 

49X0 





4925 

+JH 

5940 

4850 

Jul 

4970 

49X0 

49X0 

4945 

+X5 

7430 

4935 


50L40 

5045 

5040 

5845 


7840 

S04S 

Doc 

SI 70 

SI 70 

5170 

51X5 

—25 

7+50 

5775 






— XS 

7340 

5145 






— XS 

6675 

53X5 

MOV 




53X5 

— XS 

6345 


Jul 




5445 

— X5 

5110 

51 JO 

Sep 




5525 

— JB 



Dec 




5445 

— XS 







56X5 

— A5 



Prev. Sains 

577 




Prev. Day Open 1 m. 2X85 IM123 




SILVER (COMEX) 






5X00 tray az^ cents Par tray az. 



6463 

+M 

475X 

557X 

Apr 




15110 

5510 


6CX 

6485 

641X 

6465 

+2X 

1*«X 


Jul 

6585 

657X 

6485 

6552 

+19 


5710 

Sep 

661X 

444.0 

6680 

464J 

419 

1230X 

S90X 

Dec 

676X 

6885 

674X 

<797 

+18 

1215J) 

5WX 





485.1 

+10 


607X 


491X 

«9<J 

691X 

49SX 

-KL1 

10680 

621X 

Mav 

70SX 

705X 

705X 

706X 

+32 

945X 

435J) 

Jul 

712X 

712J 

7I2X 

7185 

404 

94CUB 

641X 

S+3 

72SX 

7713 

72SX 

7312 

415 

799X 

667X 

Dec 




7504 

+3X 

7WX 

7610 





7573 

+4.1 

Est. Safa-3 


Prev.Sales 287S2 




Prev. Day Open inc 98347 up 14409 




PLATINUM CNYME1 











07 JO 

236X0 


290X0 290XB 

278X0 

39140 

+5Jfl 

287X0 

251X0 





291X0 

4570 

449X0 

241X0 

Jul 

207X0 

2MX0 

287X0 

292X0 

4430 

393X0 

25000 

Oct 

293X0 

297X0 

292X0 

29740 

+520 





298X0 

38330 

4470 

329X0 

279-50 


3O0JD 


30800 

30970 

4440 

Est. Sales 


Prev.Sales. i 

382 




Prev. Day aeon int. 12X00 o»fi*a 




PALLADIUM (NY ME) 












106X0 


1D9J0 

111X0 

109 JO 

111.10 

+.15 

14175 

KM35 


109X0 

11850 

109X0 

11810 

+.15 


105X0 


1WJ0 

11800 

11025 

109X0 

10925 

—^10 

127X0 

10650 

Mar 

11825 

1182S 

10885 

—.10 

Est.Sales Prav.BMe*. *33 

Prev. Dav Open InL 4X27 up36 




GOLD (COMEX) 













2S240 


327 JO 

328X0 

327X0 

22850 

+40 


292X0 





32920 

+J0 

51800 

207X0 

Jun 

33820 

331X0 

32920 

33120 

+X0 









49100 

297X0 

OCI 

33850 

33970 



+40 

409X0 

301X0 

Dec 

344X0 

34520 

341X0 



206X0 

Feb 

348X0 

34850 

34850 




31670 


35370 

35370 

35170 


+U0 

43S7U 

42840 

53U0D 

Jun 

Aua 




36170 

367X0 

+1X0 

4100 







37400 



342X0 




377X0 

HH? tO 

4140 

Ext Sales 

Prev. Safe* Mjvse 



Prev. Dav DPen lnt.124420 up5K7 






Financial 



ZD 




US T. BILLS {IMMI 
Si million- pis of 100 eel 
9235 87.14 Jun 

9177 8574 Sea 

9132 8577 

9073 8560 

9854 8731 Jun 

9036 8830 

9818 8935 


92.18 9234 

9167 9177 

Dec 9123 9130 

Mar »<U7 9893 
9060 9060 

9335 9835 

Dec 9813 9815 


Mur 

Ed. Sales: Prev. Sales 1569 

Prev. Dav Open Int. 48478 ottSSS 
18 YR. TREASURY fCBT) 

5100300 prtn-PtsABnm of 100 pet 
■2-8 70-9 Jun *1-34 D4 

81-13 75-18 Sep 50-25 81-5 

80-22 75-13 Dec » 105 

888 75-14 Mar 79-7 79-8 

79-26 7+30 Jun 78-17 78-19 

Ed. Sales Prey.Salm W64e 

Prev. Dav Open InL 40751 off 262 
US TREASURY BONDS CCBT3 
(8 PCt-SI DOflOO-PtS A 32ndS ef 100 PCI) 
77-15 57-20 — 

76-2 g-W 

TWO 57-2 

70-15 56-29 

70-3 56-29 

59-25 56-25 

59-12 56-27 

69- 7 53-12 

58- 25 53-4 

604 52-24 

Ed. Sales Prev.salesljsap 

Prev. Dav OPen I DL218396 UP1685 
QMMAfCBT) 

ClNjaoprln-pts A32ndse> lOOncl . 

70- 10 57-17 Jim 70+ 70-10 

59- 19 59-13 SeP 59-12 59-13 

68-18 59-4 Dec 

68-1 58-20 Mar 

67-28 $8-25 Jun 

67-3 65 Sep 

E*L Sales PrevjSgies ...737 


9205 92.11 
9168 9163 
9132 91.19 

9886 9883 

9855 9854 
983S 9029 

9012 9036 

8937 


—35 

—36 


81-17 11-21 
80-18 80-24 
79-25 79-30 
79-2 7*4 

78-12 78-16 



72-3 

72.15 

Sop 

71-1 

71-12 


70-4 

70-14 





6+15 

6+21 


47-2* 

6+7 


67-6 

47-9 

Mar 




6+7 

6+19 

Sep 

66 

6+5 

Dec 

65-16 

6+2* 


71-25 72-1 
70-24 70-31 
5*28 70-2 
69-1 694 

68-10 68-17 
67-21 62-28 
674 67-9 


45-19 65-26 
559 65-13 


-3 

-3 


70-2 704 

68-12 69-12 
68-24 


Prev. Day Open InL 4375 up 281 
CERT. DEPOSIT (IMM 
II million- pfs of 100 pet 
9168 8960 Jun 9152 9161 

91JW 8530 Sen «067 9133 

9855 ttJi Dec 9069 9069 

9810 8666 Mar *956 19,96 

0932 85l43 JUI1 

•930 IM5 Sep 

8899 8834 Dec 

EstSalBs Prev. Sale* 346 

Prev, Dav Open I nl. &3SS off24fl 


9143 913* 
9037 9838 
9069 9833 
0936 8932 
•937 
•935 
■839 


— .13 
—06 
-.1* 
— .14 
-08 
-.11 
—.16 


Season Season 
Hteh Law 


Open HI oft Low Close Cha. 


E U RODOLLAR3 (IMM) 

SI mllllan-ptooflBOpcL 

9131 OA9 Jun 91.18 9128 9135 91.10 


90X1 


Sep 9842 9870 9846 9849 


9820 6«JS0 Dec 90.10 9817 8937 8937 

84.10 


0939 86.10 Mar 8939 8875 8935 8936 

8934 66-73 Jun . 89 J3 S9J3 8937 B9J1 

89.14 |738 Sep 8933 8933 0930 8890 

8937 (7-28 Dec 8872 8832 6860 8863 

0864 8734 Mar 8847 8853 8867 8837 

Est. Sales Prev.Satea 57,« 

Prev. Day Open lnLU03l7 up 1,198 


— -12 
—.15 
—.16 
—.16 
— -14 
—.16 
-.14 
— .16 


BRITISH POUND (IMMI 
s per pound- 1 point equals t&ooo l 
13350 13225 Jun 1-2850 13080 13820 13850 

1.4450 13200 Sep 12000 13800 13750 13770 

13800 13200 Dec 13735 13770 13720 13735 


13SH. 13680 Mar 

EsL5alet 7,110 Prev. Sales 18540 
Prev. Dav Open Int. 31329 up 606 
CANADIAN DOLLAR (IMM 
3 per dir- 1 point equals 803001 


12720 


—35 
—35 
—35 
— 3& 


7835 

7B54 

Jun 

.7391 

7397 

.7383 

.7395 

7585 

JIBS 

Sep 

.7380 

7382 

7366 

7379 

7566 

-7006 

Dec 

7359 

.7376 

7359 

7367 

-7504 

4981 

Mar 




7351 

7360 

.7070 

Jun 




7345 


» 

+4 


Est. Sales 1315 Prev. Sales 1,177 
Prev. Dav Open int 18748 oM7S 


FRENCH FRANC (IMM) 

Sper (mac- 1 nalnteauals S030001 
.11020 39410 Jun .10950 .10965 .10950 .10955 

.10760 396S8 Sen .10940 .10940 ,10940 .10940 

135470 39870 Dec .10925 

Ed. Sales 155 Prev. Sales 2 

Prev. Dav Open int. 1,406 


—20 

—10 


GERMAN MARK (IMM) 

Sner mar*- 1 point equals 500001 


7733 

2«H 

Jun 

2376 

2385 

2365 

2373 

Hi 

2545 

7930 

Sep 

7399 

2407 

2389 

7397 

— 5 

7610 

2971 

Dec 

2430 

2433 

2423 

2425 

—4 

2415 

7|40 

Mar 




2463 

—2 


Est. Sales 22322 Prev. Sales 37529 
Prev. Dov Open Int 50.178 up 2*31 
JAPANESE YEN (IMM 
S Per yen- 1 pdnl equals SOJXnaoi 
004450 303826 Jun JXM055 304065 304050 304055 
00415D 381870 SSP 30*074 304088 304072 304075 
004350 303905 Dec 304107 304125 304107 30411 J 
00(100 304090 MOT 304160 30(160 30(160 300(0 
Ed. Sales SA*8 Prev. Sales 8352 
Prev. Day Open lid. 24359 up 1399 
SWISS FRANC (IMM 


—2 

+10 


-4900 

2439 

Jun 

4062 

4075 

4048 

4061 

—14 

.4830 

2400 

Sep 

4097 

4111 

4086 

4095 

—15 

4360 

2531 

Dec 

4150 

4160 

4134 

4135 

—18 

•4000 

2835 

Mar 




4170 

—IX 


Ed. Sales 14*09 Prev. Sate* 23376 
Prev. Day Open I ni. 29320 atttf 


Industrials 


LUMBER (CMEl 

130300 bd. ft.- s per 1300 bd. tt. 

22530 121.10 Mav 14030 14030 


23030 

19730 

186.10 

18730 

19530 

17330 


129-30 Jul 14*30 15030 

13550 Sep 15220 15330 

13730 Nov 15250 15140 

14450 Jan 15830 15930 

15030 Mar 16130 161.® 

15330 May 16490 16130 


Ed. Sales 3327 Prev. Sales 4293 
Prev. Day Open InL 9,797 up 481 


13430 137.10 
14SJ0 145-80 
14720 148.40 
14830 149.10 
15530 15530 
16130 15130 
16330 15410 


—330 
—2.90 
-230 
— 220 


COTTON 2 (NYCS) 
50X00 lbs.- cento ner lb. 
7920 632* May 

6*75 

6857 

<7X5 

67X3 

79X5 

63X5 

Jul 

<7.10 

6725 

66.70 

6677 

77 JO 

64X2 

Oct 

6520 

652S 

65.12 

65.10 

S3J8 

<861 

Dec 

<526 

6545 

6520 

*525 

7673 

65X0 

Mar 

*648 

66X5 

664? 

6644 

7000 

6641 

May 

67.15 

<7.15 

*7.15 

6725 

7805 

*6X0 

Jul 

6720 

6720 

6720 

67 JO 

Oct 




65X2 


EsLSales 2300 Prov.Srte5.22B6 


—26 
—.13 
-%05 
— .14 
+.15 
+35 
+.12 


f. Day Open Int. 15348 aH2T7 
HEATING OIL(NYME) 





82X0 

64X0 

Mav 

7570 


7840 



72X0 

72X5 


*525 

Jul 

71X0 

71.85 


6825 


71.70 



7025 

Sap 

7240 


77.10 

72X0 

Oct 

Nov 

Dec 

Jan 

Feb 

7150 

73X0 

7825 

76X0 

72X0 

74.*) 

75X0 

73X8 


Est. Sates Prev.Sales 7.128 

Prev. Dnv Open int. 10260 up 736 


7530 7S24 

71.90 7232 

7130 7127 

714® 71-&B 

7240 7252 
7330 73-50 

7415 
7530 7500 

7630 
76+0 


+77 

+75 

+34 

+39 

+ 1.11 

+35 

+45 

+30 

+30 

+30 


CRUDE OtL(NYME) 
1300 bbL- dollars oer ML 


3020 

2935 

2934 

2957 

2930 

2130 

2930 

2930 

3930 

2945 

2945 

2945 

27.9* 

2570 

2730 

EsL Sales 


2428 Mav 2935 2923 

2420 Jun 2836 2828 

2418 Jut 2735 2772 

W25 Aua 2720 2748 
2408 Sep 27.13 2720 
TAM Oct 27.18 27.18 

2440 NOV 2730 2720 

23.90 Dec . 27-12 2720 
24J5 Jan 
2630 Feb 
2492 Mar 
2492 Apr 
2492 May 
2*70 Jun 

^P^.SateslMO. 


2935 2931 
2832 2824 
2735 2741 

2722 27 38 

27.10 2736 
2735 27.10 

2730 2720 

2730 2720 
2720 
2720 
2720 
2720 
2720 
2720 
2494 


+29 

+27 

+.11 

+37 

+37 

+32 

+34 


prev. Dav Open I nt. 49476 off 468 


Stock Indexes 


SP COMP. INDEX (CMC) 

points and cents 

189.10 15410 Jun 181.90 18230 

19220 IttflB Sep 1BU0 18630 

19640 17520 Dee 1M60 1B-10 

19430 190.10 MOT 19230 19230 

Est Sales M252 Prev.Sales , «£» 
Prev. Dav Open InL 51351 off 1.909 
VALUE L INE C KCET) 

points and cents . „ , , 

21940 17330 Jun 19450 19730 

21230 18525 Sep 20135 201.90 

211130 20930 Dec 

EsL Sales Prev. Sales. _3292 

prev. Dav Open Int. 5425 off 166 
NYSE COMP. INDEX (NYFE) 

I11JD 
11325 
11345 


11130 10235 
U49S 18540 
18830 18825 
19135 19235 


+.10 

+35 

+35 

+35 


19425 19465 —35 

20120 20135 —.45 

20535 —45 


9030 Jun 10535 10535 
9135 Sep 10735 107.95 
10120 Dec 10920 11035 

111.10 Mar 11130 11130 

Ed. Sales 4847 Prev.Sales 10363 
Prev. Day Open Int. 8365 oft 77 


10530 1QS20 
M745 10730 
10920 10*20 
11130 11230 


— JB 
—10 


Commodify Indexes 


Moody’s- 


Reuters. 


DJ. Futures. 


Close 
951.90 f 
1J68.30 
NA 
NA 


Com. Research Bureau- 
Mood Vs : base 100 ; Doc 31, 1931. 
p - preliminary; f - final 

Reuters : base 100 : Sep. 18, 1931. 

Dow Janes : base 100 ; Dec 31. 197-1, 


PrwIoiS 
951X0 f 
138630 

122.98 

242.80 








INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 


9 

6 

7 

8 

□ 

15 




□ 






II 







i 

24 

25 


1 

1 



- 


no 111 112 M3 


PEANUTS 

THEV ALL GO OFF 
SH0PFIN6, ANP LEAVE 
ME IN THE CAR... 


BOOKS 


BUT I DON'T CARE 


I LIKE LOOKING AT 
ALL THE PEOPLE 
WHO PASS BY.. 


ANP I LOVE 
SNOOPING IN THE 
6L0VE COMPARTMENT 


BLONDIE 

LOVELY, JUST i 
-r LOVEL-Y 


VDU WORK SO WEU_ ) U \ 

WITH COLORS •'*0— 

^ ^v_ >1 THANK 

9.1 1 (F'-r-. ~XU i Y3U r 


I WISH I COULD K TOU 
TAKE TOUR COLORS) CAN 
HOME WITH ME r^S-i i— ■ 


VOUR HUSBAND SjS 
fTTINSON NW PALETTE 


« 


49 Abzug 

50 Stain 

51 Droop 

54 Long Island 
hard-shell 
delicacy 

58 Baking 
compartment 

59 War horse 

60 A Dumas 

61 Examine 

62 "If My Friends 

Could 

Now," 1966 
song 

63 Part opposite 
Taiwan 

DOWN 


wisp BEETLE BAILEY 


1 Scarlett's the Isle 

home Wight 

2 Actor Karras 43Vacuur 

SStyte 44 Unctuo 

4 Church seat 4 5Pr i 0 r , s 

5& Ut L snperic 

6 Burdened 4«Searc± 

7 Certain snares careful 

8 Ga. neighbor 47Tun i S 

9 Superlative sdewa 

12 Wdk -^(be 51 s!Swb 

elatwl) 52 Flying 

13 Joins n Author 

55C.LA. 

“53*" „SS!S 

^rker.ma 

ttSSSUg. 57Bathii 

Tones, edited by Eugene Moksha. 


24 Babies 1 beds 

25 French river 

26 Cut down 

27 Will wisp 

28 Night crawlers 

29 Big blows 

31 Litter peewees 

32 Triumphs 

33 Neural 
network 

34 North Sea 
feeder 

36 Lure into 
danger 

37 Home of Lot's 
descendants 

38 Harsh sound 

42 The , 

channel near 

the Isle of 
Wight 

43 Vacuum tube 

44 Unctuous 

45 Prior's 
superior 

46 Search 
carefully 

47 Turns 
sideways 

48 Kind of pole 

59 Snick and 

51 Partofa 
strawberry 

52 Flying prefix 

53 Author Zane 
55C.LA. 

predecessor 

56 Resident of: 
Suffix 

57 Bath is one 


DENNIS THE MENACE 



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A.G. SPALDING AND THE RISE 
OF BASEBALL 

By Peter Levine 184 pp. $16.95 
Oxford University Press, 

200 Madison Avenue, 

New York, N. Y. 10016. 

BEYOND THE SIXTH GAME 

By Peter Gammons. 280 pp. S15. 95. 
Hougfiton Mifflin, 2 Park Street, 

Boston, Mass. 02108. 

NINE INNINGS 

By Daniel Okrent 272 pp. $16.95. 

Ticknor & Fields. 52 Vanderbilt Avenue, 
New York, N. Y. 10017. 

Reviewed by Jonathan Yaidley 

T HERE'S a lot more to baseball than the 
game that's played between the lines, as 
anyone who pays passing attention to the 
sports pages knows. Labor disputes, stadium 
leases, broadcast deals, multimilli on -dollar 
contracts — at times the game seems a mere 
sideshow to the wheeling and dealing off the 
field, ever more so as the stakes get steadily 

larger- ... 

This oil- th e-diamond business is m varying 
degrees the subject of three new books, the first 
of which tells us that there is indeed nothing 
new under the sun. In “A G. Spalding and the 
Rise of Baseball” Peter Levine has written a 
brief biography of the 19th-century ballplayer- 
turned-tycoon whose life's work ‘reaffirmed 
bis continual desire to have monopolistic con- 
trol of professional baseball rest m the hands 
of competent businessmen with full power and 

nn.Knnhr fn nmilsl* itc Morv OCTWTI inrJilllinp 


and the careers of its players." 

Spalding's baseball career lasLed from the 
end of the Civil War until the turn of the 
century, and its repercussions still are felt He 
was a canny, ambitious entrepreneur who 

National League, and built a hugely successful 
sporting-goods firm. He believed that sport 
“built char acter, encouraged order and ensd- 

Solution to Friday’s Puzzle 


□Enaa □eiihq 
□□□□□ 3 □OH0E1O 
□□□BaDHElEiBHHHBQ 
□EH3QQ □□□□ □□□□ 
Ecno Baataa □□□ 

□do □□□□□ aaana 
□□□□□□□□ □□□□□a 
□aEaaoEaa 

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edq □□□as nans 
DBoa naasa aaaaa 
□□□Qaaaanaaaaaa 
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nh'ne and produced the type of citizen neces- 
sary for continued American greatness^ and 
thiu had a more durable influence on Ameri- 
can attitudes than he is generally given credit 

for. Levine argues. .- 

But the structure of the game he helped 
create has changed trauma ticallv over thepast 
decade, primarily because of what Peter Gam- 
mons in “Beyond the Sixth Game" calls '‘the 
new era" that began with the coming of free 
aaency a decade ago. This happened not long 
after Die 1975 Worid Series between the Bos- 
ton Red Sox and the Cmrinnau Reds, featur- * 
ing the memorable sixth game.; Gammons's 
. book, the dust jacket claims, is about “what’s 
happened to baseball since the greatest game in 
World Series history." The claim, unfortunate- ; 
ly would not pass a tru th-in- advertising tesL 
Gammons is a terrific reporter, but there’s 
almost no original reporting here; what ure«t 
rather than a genuine inquiry into baseball s 
altered state is a game-by-game redtation erf 
Boston’s past nine seasons, spiced up with . 
brief profiles of various actors in the never- j 
ending Red Sox mdodrama. 

Considerably more pleasure and enlighten- 
ment are to be found in Daniel Okrent’s “Nine 
Innings.” Okrent had the imaginative notion to 
focus on a single major-league game as a 
springboard from which to show how baseball 
’works. The game was played between the Mil- 
waukee Brewers and Baltimore Orioles in June 
1982, a year in which the Brewers won then- 
division in a dramatic final-game showdown 
against the Orioles. Thus it could be said that 
the June game provided the final margin of 
victory for the Brewers, since they won it; but 
winning and losing are of less moment to 
Okrent than what goes on behind the scenes — 
the actual game, in fact, tends to get lost in the* 
shuffle, which is the only flaw in an otherwise " 
eng aging book. 

As the game works its leisurely way to the 
final out — the score ended up 9-7, and the 
playing Hmg was more than three hours — ■ 
Okrent makes leisurely inquiries into the vari- 
ous institutions, individuals and traditions that 
collaborated to mak e it possible. He describes 
the rise of free agency and the new free market 


through which a major-league team was lured 
to the relatively small city of Milwaukee;^ the 
prevalence of “unbusinesslike practices" in 
man y baseball offices; the relationship (or lack 
of same) between owners and their customers, 
the fans; the increasing importance of broad- 
cast revenues; the beetle atmosphere at base- 
ball’s winter meetings, where trading is often 
the principal order of business. 

But there's plenty of real baseball in “Nine 
Innings” as well. Okrent writes amusingly and 
perceptively about many players on both 
teams, about coaches and managers, about the 
uneasy, ambiguous relationship between ball- 
players and those perpetual outsiders, the gen- 
tlemen in the press box. He appears to like the 
players, but he doesn’t go easy on them, espe- 
cially in his depiction of the “self-possession" 
and arrogance of the clubhouse. From first 
inning to ninth he has a lot to tell us about how 
baseball really works, and passionate fans are 
likely to regard “Nine innin gs" as a genuine 
treat 

Jonathan Yardky is on the staff on The Wash- 
ington Post. 


By Alan Truscott 

O N the diagramed deal it 
can be seen that six 
spades is an excellam contract, 
and it was reached at one table 
by North-South. 

South is a notable theorist 
and one of his ideas came into 
play here. After a negative two 
diamond response to a strong 
artificial twcK^ub bid, a jump 
to the three-level has no useful 

m eanin g 

South's plan is to use these 


’tmw PWft 


jumps to show some awkward 
distribution; a four-card major 
with a five-card diamond suit 
South was able to show his 
distribution accurately, and- 
when North invited by jump-’ 
ing to five spades, he naturally 
accepted. 


BRIDGE 


Against a small slam con- 
tract in a suit an attacking 
lead away from a king is often 
the best chance for (he defense. 
West led a club against six 
spades, which was the only 
way to give the defense a 
chance. 

South gave West credit for a 
good lead, and put up the 
queen from dummy. If he had 
played low, the jack would 
have driven out the ace and the 
contract would have failed, 
barring inspired play in the 
trump suit. 

After the winning club 
guess, the A-K of trumps were 
cashed. The queen did not fall 
but the contract was safe. 
There was no longer an need to 
take the heart finesse, for the 


diamond suit furnished a dis- 
card. 


NORTH (D) 

A J 10873 
032 
0 073 
»Q54 

EAST 

111 !$"« 

*J83 

SOUTH 

+AK82 

<?AQ 

OAKJJ08 

♦A10 


• WEST 

*5 

OJ874 

0642 

AK9763 


North and Sooth were vulnerable. 
The bidding: 


North 

East 

South 

21*** 
Pass - 

Pus 

Pass 

24- 

24- 

Pass 

3* 

Puss 

5* 

Pass 

Pus 

Pus 

64 

Paw 



West led the chib three. 


SULTES 


GEUGG 


to rm -i 


WHAT SHE 
SAID? AT THE 
COSTUME PARTY: 

k / 

Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


(Answers tomorrow) 


Friday - S I Jumbtes: POUND ENSUE STUDIO WISELY 
Answer What the yo-yo business has— 

ITS UPS & DOWNS 


WEATHER 


EUROPE 


Atoarve 

Amsterdam 

AMens 

Bottom no 

Belgrade 

Serf In 

Brunei* 

BadMiHl 

Bud west 

Cepenhaaen 

Cane Del Sol 

Dublin 

Edinburgh 

Florence 

Frankfort 

Geneva 

HolcEnU 

Istanbul 

las Palmas 

Lisbon 

London 

Madrid 

Milan 

Moscow 

Monica 

Wee 

Oslo 

Parts 

Prasne 

Revklavlk 

Rum 

Stockholm 

Strasbourg 

vwuce 

vim no 


C F C F 

IS U 12 54 d Bangkok 

12 54 2 3* fr Bolling 

1* 61 8 4* cl Haag Kong 


14 57 S 4* r 
19 M * 43 fr 


Manila 
New Doltn 


1* 61 * 43 fr Seoul 

12 54 2 3* fr Shanghai 

13 55 B 46 a Singapore 

2D *8 6 43 d Taipei 

10 50 2 3* o Tokyo 

IS *4 12 54 d 

9 48 3 37 o AFRIC 

S 46 S 41 o AMarS 

22 72 * 43 fr coSre 

17 *3 7 45 fr EupoTowi 

IS *4 5 41 d cSSwone 

7 45 J 36 a iSrwa 

12 54 5 41 e 

» ” £ « NnSrob! 

12 £ ’2 Si S Tuafx 

10 50 0 32 O 

12 54 8 4* r LATIN 

20 *8 7 45 lr — 

15 S7 2 36 a BuenosAli 

21 70 5 41 lr Uma 

It U t 41 a Mwdeo CH 


HIGH LOW 
C P C F 

2* 82 22 72 fr 

24 75 14 57 o 

26 79 20 *8 a 

34 93 27 81 d 

39 102 30 8t fr 

22 72 B 4* fr 

22 77 11 52 lr 

30 M 21 70 Cl 

23 73 19 ** a 

27 72 11 57 fr 


Alston 19 m i: 

Cairo 26 79 II 

Cap* Town SO U r 

CosobKnca 17 63 1: 

Harare 20 68 1 

Loom 35 77 l 1 

Nairobi 25 77 li 

Tools 19 66 T 

LATIN AMERICA 


19 66 12 54 a 

26 79 18 64 cl 

20 68 II 52 a 

T7 63 12 54 a 

20 68 11 52 Cl 

25 77 19 66 d 

25 77 16 61 d 

19 *6 11 52 d 


IS 57 2 36 a Buenos Aims 19 66 10 50 to 

21 7(1 5 41 ir Lima 20 68 15 59 cl 

18 *4 9 48 0 Mexico CHy 24 75 10 SO Sh 

10 50 3 3T d Rio de Janeiro 30 86 22 72 fr 

14 57 6 63 fr SooPeulo — no 

l Z E f 51 £ NORTH AMERICA 


Zurich 20 68 5 41 

MIDDLE EAST 
Ankara 10 50 < 63 

Beirut 25 77 12 56 

Damascus 25 37 3 31 

Jerusalem 22 72 W 50 

Tel Aviv 2S 77 12 54 

OCEANIA 

Auckland 10 64 15 59 

SKUier 19 66 U 57 


7 45 2 3* fr . M r . 

2J M 6 « fr Anchorage 

4 39 2 36 a Atlanta 

20 68 6 43 fr Basttll 

17 63 6 63 fr Qiioifle 

M 68 9 M fr Denver 

2 « f « % Detroit 

20 68 S 41 fr Hanoi ole 

act Houston 

— lm Angeles 

10 50 < 63 Sh Miami 

25 77 12 56 0 Minneapolis 


25 77 12 56 0 Mhmeapal 

25 77 2 36 cl Montreal 

22 72 10 50 a Maim 


18 64 15 59 


7 45 - 2 28 « 

29 B4 16 57 sc 

II H 8 46 fr 

29 86 16 61 nc 

7 45 0 32 *w 

28 82 14 57 fr 

28 82 22 72 lr 

37 II 19 66 d 

20 *8 13 55 M 

28 82 20 68 PC 

21 70 11 52 sh 

9 48 0 32 PC 

26 79 20 68 pc 

22 72 IS 59 pc 


19 66 14 57 sh Waaiiunm 


San Francisco 16 61 f a cl 

Seattle 13 55 4 39 r 

Toronto 11 52 6 43 fr 

MtosMiwfon 30 86 73 55 fr 


cLcloutJv; to-tomy; fr-talr; h-holl; twwercosfj pcnailty cloudy; r-roln; 
sh- showers; sw-snow; st •Manny. 

MONDAY'S FORECAST _ CHANNEL: Rough. ,FRANKF URT: Owcast. 
Temp. 12 —6 (54— 431. LONDON: Overcast. Temp .10— 0 (50— 321. MADRID: 
go! n- Toma. 13—7 l i5— 451. NEW YOWKtJ^r-.Temp. 26—12 (79—561. 
PARIS: Cloudy. Temp. 14 — 4 (57 — 391. ROME: Pair. lamp. 28 —7 (68—451. 
TEL AVIV: Fair. Tgmp, 25— >3 (77—551. ZURICH: Overcast. Temp. 13—4 
(55—43). Bangkok: Ttjuntlerstorms.TeTTW-37— 27 (99— 51), MONO KOMO: 
26—31 (79 - 70). MANILA: Clcudy-JTs ny- M— 2 5 (93—771. 
Ho'fv Toma. 22 — ■ (72— 461. SINGAPORE: TTmnderatonns. Tamp. 
32 - 24 190 — 751. TOKYO: Showers. Temp. 21— 11 (70— H). 


SPORTS BRIEFS 

Chavez and Meza Retain WBC Crowns 

INGLEWOOD, California fUPI) — Undefeated Julio Cesar Chavez knocked 
out Ruben Castillo in Lhe sixth round Friday night to retain his World Boxing 
Council super featherweight title. On the same card at the Forum, Juan Meza won 
by a technical knockout over Mike Ayala in the sixth round of their bom to retain 
his WBC super bantamweight championship. 

Chavez, who controlled every round, opened a cut over Castillo's left eye with a 
left jab in the fourth. In the sixth, Chavez landed two painful body punches, then 
unleashed a five-punch flurry to the head that knocked down Castillo. Referee 
Carlos Padilla counted out Castillo at 2:53 of the round, Chavez, oF Mexico, is 44-0 
with 40 knockouts. Castillo, of the United States, is 64-5-1 
Meza, from Mexico, is 43-5 with 34 knockouts while Ayala, of the United States, 
is 37-3. It was Meza’s first defense of the title he won in November with a first- 
round knockout of previously unbeaten Jaime fl am 

Langer Leads After 3 Rounds in U.S. Golf 

HILTON HEAD ISLAND, South Carolina (UPF) — — The new Masters champi- 
on, Bernhard Longer, got five birdies on his last nine holes Saturday for 2-under-par 
69 and a one-stroke lead after three rounds of the Sea Pines Heritage Golf Classic. 

Longer, who trailed Bobby Wadkins and Paul Azinger by one stroke after 
Friday's round, was at 203 after, three rounds. That puthim one stroke ahead of 
Danny Edwards, who shot 68 Saturday. At 205 were Wadkins, after a 72, and Larry 
Mize, who shot 67. Lany Nelson, with a 70, was at 206. and Azinger was at 2071 

W ales Defeats England in Rugby Finale 

CARDIFF (UFI) — Wales claimed third place in the five Nations Rugby Union 
Championship on Saturday by defeating England, 24-15, in a match delayed two 
months bec aus e of the harsh winter weather. 

Ireland won the title last month with seven points to France’s six. Wales finished 
third on four points, England fourth with three and Scotland last with zero. 

Eternal Prince Wins Wood Memorial Race 

NEW YORK (NYT) — Eternal Prince, who won the Gotham Stakes two weeks 
ago, set a slow pace Saturday that carried him to an easy 2^4-length victory over 
Proud Truth and Rhoman Rule in the Wood Memorial at Aqueduct. 

The triumph probably will make the 3-year-old colt one of the favorites for the 
Kentucky Derby, but the style of his victory was unimpressive. Eternal Prince 
finished the I tt-mfle course in 1 :48 4/5. 

Proud Truth, the 8-to-5 favorite; was ranked early, then fell back, but closed wdl - 
to be second, Rhoman Rule, the third choice, tired in the stretch. 

For the Record 

Olympic gold medalist Carlos Lopes ran lhe world's fastest marathon Saturday 
winning the Rotterdam race in 2 hours, 7 minutes, 11 seconds. That surpassed the 
2:08:05 run by Steve Jones in the Chicago Marathon last October. (WP) 
Sweden held a 2-1 lead over Chile in the opening round of Davis Cup plmr in 
Santiago. The Swedish doubles team won, 6*1, 1-6, 6-3, 6-3, Saturday. (jtpi 
One day after ending its basketball program because of the point-shaving scandal 
Tulane University promoted its football coach. Mack Brown, to athletic director. 
Brown, 33, replaces Hindman Wafl, who resigned last week. (UPI) 


Coach Indicted 
In Steroid Case 
At Vanderbilt 

United Frets International 

NASHVILLE Tennessee — 
Vanderbilt’s strength coacb, 
EJ. Krds, resigned Saturday, 
one day after a grand jury in- 
dicted him on seven counts of 
illegally distributing steroids. 

A 97-count indictment was 
returned by the Davidson 
County grand jury on Friday, 
charging Kreis with illegally 
distributing steroids to athletes 
at three universities. 

M. Woody Wilson, who for- 
merly operated a pharmacy 
near the Vanderbilt campus, 
and Thomas PaLlerson. a for- 
mer employee of the drugstore, 
were indicted with Kreis. * 

All three were named in a 
conspiracy count, and the re- 
maining 96 counts dealt with 
dispensing drugs without a pre- 
scription. Each count is a mis- 
demeanor and carries a maxi- 
mum penalty of 11 months and 
29 days in jail and a 5500 fine. 
Kreis was named in seven 
counts, Wilson in 90, and Pat- 
terson in five. Forty-three pre- 
sent and former Vanderbilt 
football players were named as 
unin dieted co-conspirators. 

The indictments were re- 
turned after a three-month in- 
vestigation by the Tennessee 
Bureau of Investigation, which 
contends that the drugs went to 
athletes at Vanderbilt, Colgate 
and Ctemson universities. 

Arzo Carson, bureau chief, 
said the drugs were primarily 
steroids and phenylbutazone, 
an anti-inflammatory drug. 

Gemson strength coach Sam 
Colson and track coach Stan 
Narewski pleaded guilty last 
month to misdemeanor charges 
of illegally possessing and dis- 
tributmg prescription drugs. 


Mets Add to Phillies’ Miseries 


United Press International 

PHILADELPHIA - Keith 
Hernandez Hooped a broken-bat 
single with two out in the ninth 
inning Friday night to score Wally 
Backman and give Dwight Gooden 
and the New York Mets a 1-0 vic- 

FBJDAY BASEBALL 

tory over the Philadelphia Phillies. 

Backman, batting for Gooden, 
led off with a single off Charles 
Hudson (CM) and was sacrificed to 
second by Mooltie Wilson. Don 
Carman replaced Hudson and got 
pinch-hitler Rusty Staub on a 
ground out, with Backman moving 
to third. Hernandez then hit a 1-2 
pitch on the fists, bnt got it over the 
infield to hand Philadelphia its 
fifth straight loss. 

Gooden (2-0), who pitched a 
four-hit shutout in his last start, 
threw eight scoreless innings, al- 
lowing three hits and striking out 
seven. Jesse Orosco pitched the 
ninth to his first save. 

Phillies starter Steve Carliom. 
who had a 4.09 eamed-nm average 
in his first two outings, retired the 
first 12 Mets and allowed only two 
hits over seven innings, walking 
one and striking out two. 

Expos 5, Cubs 3 
In Montreal pinch-hitter Jim 
Wohlford hit a three-run homer in 
the sixth and the Expos won their 
home opener, 5-3, by ending Chica- 
go’s five-gome winning streak and a 
1 6-game string by Rick Sntclif fe (2- 
D. 

Reds 4. Giants 2 
In Cincinnati Eric Davis ended 
a 2-2 tie with an RBI single in the 
fourth hmine and San Francisco 


reliever, Mark Davis, balked in a 
run in the sixth as lhe Reds won, 4- 
2- 

Braves 9, Astros .5 
In Atlanta, Dale Murphy drove 
in four runs, three on his sixth 




Hwight Gooden 

homer, to back the eight-hit pitch- 
ing of Rick Mahler and Bruce Sut- 
ter during the Braves' 9-5 victory 
over Houston. Mahler f 3-0) struck 
out three and walked one in eight 
innings. 

Cardin als 5. Pirates 4 
In Sl Louis, rookie Vince Cole- 
man, called up from the minors, 
went four for five, including an 
RBI triple to right field with two 
out in the eighth inning, as the 
Cardinals beat Pittsburgh, 5-4. 

• Padres 1L Dodgers 2 
In San Diego, former Cy Young 
Award winner LaMarr Hoyt pro- 
duced his first victory in- a Padres 
uniform, pitching them to an J j-i 
rout of I-n* „ ,r 


acquired in a winter trade with the 
Chicago White Sox, walked none 
and struck out five. 

Royals 9, Tigers 2 
In the American League, in De- 
troit, George Brett hit Es first two 


home runs this season and Darryl 
Motley, Steve Balboni and Tim 
Sundberg each hit one — the first 
homers off Tiger pitching this sea- 
son — as Kansas Gty won, 9-2. 
Almost two years earlier, on April 
20, 1980, Brett hit three home runs .- 
and a single for seven RBI in Tiger “> 
Stadium. 

White Sox 8, Red Sox 1 
In Chicago, Carlton Fisk and 
Luis Salazar each hit two-run 
homers and Rudy Law and Harold 
Baines added solo shots to help win 
their Comiskey Park opeater, an 8- 1 . 
triumph over Boston. 

Rangers 4, Brewers 1 
In Milwaukee, Toby Hurrah but a 
tie-breaking single during a three- 
run eighth and Dave Rozema (1-2) 
and Dave Stewart pitched a five- 
hit ter as Texas won, 4-1 . The Brew- 
ers’ Ray Searage (0-1) had a club- 
record 30 consecutive scoreless 
innings ended. 

Blue Jays &, Orioles 5 
, In Toronto, Jesse Barfield 
capped a four-run sixth with a J 1 
three-run homer as the Blue Jays T 
rallied to defeat Baltimore, 6-5. 
Barfield's third three-run homer 
this season overshadowed Oriole 
rookie Fritz 0)1111311/3 grand slam, 
his first major-league homer. 

tnffians 2, Yankees 1 
In New York, Julio Franco hit a 
two-run homer in the first off Ron 
Guidry (l-i) as Cleveland edged 
the Yankees, 2-1. 

A's 4, Twins 2 

In Oakland,' Calif ornia. Mike ^ 
Heath hit a three-run homer and^: 
Dwayne Murphy one with the 


empty to 

Minnesota, 4-2. - ' 

Angels 9, Marinos I • 

In Anah eim, Cahfonna^Rod Ca- . 

raw produced two RBrSngtelt ’.and: 
Ron Romanick{ 2 - 0 ) 8 ;Kts 
as the Angels beat Seattfe, \v 




■V 

s ; >«.. 




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sysfrjpsSfc 

Sues. 

racIUre Of ih. "v 

fflged lrft,,J“? K=*-- • ■ 


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arakl* .-^r 1 - 


*■ 

INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 

r . r 1 **■ 


Pag© 17 

' - • , 

SPORTS 





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Bird Helps Celtics 
Beat Cavs Again, 
But by Less Still 


ss?«$ 

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Tha AuoocMd Am 

Larr>' Bird of the Boston Celtics rips down a rebound. 

Brazilian, in Lotus, Wins 
Portuguese Grand Prix 





i^crfcfe 


:'.•_ •-.! ; Ln^hi:L 


SORTS:?) 


United Press International 

ESTORIL, Portugal — Ayrton 
Senna of Brazil, in a Lotus, drove 
superbly through heavy rain Sun- 
day to win his first Formula One 
Grand Prix. 

The race was stopped under the 
maximum time rule of two hours, 
just two laps from its scheduled full 
distance of 70 laps. Senna began 
the 4.3-kilometer (2.7-mSe) event 
from pole position and led from the 
start all the way to the checkered 
flag two hours later. 

He averaged 145.16 kilometers 
per hour in two hours, 28 seconds. 

Second place went to Italian Mi- 
chele Alboreto in a Ferrari, more 
than one minute behind the winner. 
Alboreto was the only driver to 
finish in the same lap as Swing 

Added to his second place in the 
Brazilian Grand Prix two weeks 
ago, Alboreto took the lead in the 
world championship standings 
with 12 points. Senna moved up 
into joint second place with Alain 
Prost of France on nine points. 

Prost, aiming for a fourth succes- 


sive grand prix victory, span out on 
the 30th lap. His McLaren team- 
mate, Niki Lauda, also abandoned 
tbe race. 

Patrick Tam bay of France took 
third place in a Renault and Elio de 
Angelis of Italy was fourth in the 
other Lotus. Two laps behind the 
winner, Nigel Mansell of Britain, 
driving a Williams, came borne 
fifth, and West German Stefan Bd- 
lof rounded out the point-scorers 
by finishing sixth in a Tyrrell. 

The heavy rain, which fell 
throughout the race, took its toll, 
and only 10 of the 26 starters were 
still on the track at the end. 

While Senna shot into the lead at 
the start, and de Angelis over- 
hauled Prost to go into second 
place; drama centered on the Wil- 
liams team. Keke Rosberg of Fin- 
land, the third fastest qualifier, 
stalled on the-jpid and had to be 
push started after the rest of the 
cars had left. 

Meanwhile Mansell, who spun 
the other Williams on the warm-up 
lap. had to start from the pit lane. 


Compiled by Our Staff Fnm Dispatches 

BOSTON — Tbe Boston Celtics 
siitl have the Cleveland Cavaliers' 
number, but that number keeps 
getting smaller. 

Larry Bird scored the East two of 
bis 30 points Saturday on a lay-up 
with two minutes left to play to give 

nbaIplayoffs 

the Celtics the lead for good, and 
they pulled out a 108-106 victory 
over the Cavaliers for a 2-0 lead in 
their best-of-five National Basket- 
ball Association playoff series. 

That was the 21st straight lime 
the Celtics have beaten the Cava- 
liers in Boston Garden, but it was 
by an even narrower margin than 
their 126-123 victory Thursday. 

In other first-round playoff 
games Saturday, the Los Angeles 
Lakers routed Phoenix, 147-130, 
for a 2-0 lead; Portland evened its 
series with Dallas at l-I by win- 
ning, 124-121, in overtime, and San 
Antonio evened its series at 1-1 by 
defeating Denver, 113-111. 

On Friday, Utah upset Houston. 
1 15-101, and Milwaukee beat Chi- 
cago, 109-100. in series openers. 

Sunday, Chicago was at Milwau- 
kee. Washington at Philadelphia. 
•New Jersey at Detroit and Utah at 
Houston. 

The Cavaliers, who trailed by 1 1 
points late in the third quarter, 
took a 102-101 lead on World B. 
Free’s two free throws with 2:21 
remaining. 

Cleveland twice got within a 
point, but a basket and a free throw 
by Danny Ainge kept the Celtics on 
top. Geveland had a final chance 
to lie, but Free, who led the Cava- 
liers with 25 points, missed a 22- 
foot shot at the buzzer. 

Lakers 147, Sms 130 

In Los Angeles, Kareem Abdul- 
Jabbar scored 20 of his 24 points in 
tbe first half as the Lakers ag ain 
won easily. They could end the 
best-of-five scries Tuesday night 
with a victory in Phoenix 

Bob McAdoo added 22 points 
for Los Angeles, Byron Scou got 21 
points and Earvin Johnson had 19 
points and 12 assists. 

The Lakers, who defeated the 
injury-riddled Suns, 142-1 14, in the 
series opener, took control this 
time with a 32-6 spurt that started 
with less than two minutes to go in 
the second quarter. 

Trail Blazers 124, Mavericks 121 

In Dallas, the Mavericks had 
their biggest weakness, rebound- 
ing, exposed by Portland. 

The Trail Blazers had a 62-38 
advantage in rebounds, with Sam 


Bowie getting 20. Teammate Kiki 
Vandewegbe had 27 points after 
scoring just two in the first half. 
Dallas's Rolando Blackman, the 
hero of Thursday night's 139-131 
double-overtime victory with 43 
points, scored 41. 

Vandewegbe and Darndl Valen- 
tine each nude two free throws in 
the final seconds of overtime to 
ensure victory. Portland’s Mychal 
Thompson had scored on a dunk 
with one second remaining in regu- 
lation to tie the score at 1 10. 

Spurs 113, Nuggets 111 
In Denver, George Gervin 
scored 41 points and backup for- 
ward Jeff Cook had a key tip-in 
baskeL and a rebound in the closing 
seconds as San Antonio evened its 
series. The third game is set for 
Tuesday in San Antonio, where 
Denver has lost 15 straight. 

Gervin, playing with an injured 
shooting hand, had been held 
scoreless in the first half of Thurs- 
day’s opener, but came out with a 
flurry in this game. He scored 19 
points in the first quarter and had - 
29 at the half, when San Antonio 
held a 59-56 edge. Cook put San 
Antonio ahead. 112-111, on a re- 
bound basket with 32 seconds left 
to play, then rebounded Denver’s 
last shot. 

Jazz 115, Rockets 101 
On Friday in Houston, Utah 
Coach Frank Layden advised his 
players at the half that “the score 
was nothing to nothing.'’ His team 
then led by 17 points. 

He had the game charted accu- 
rately. Tbe Rockets tied at 71 with 
2:30 to go in the third quarter. 

Ralph Sampson got 26 points 
and 24 rebounds for the Rockets 
before he fouled out with 2:08 left 
in the game. He got 11 points in the 
third quarter, when the Rockets 
outscored the Jazz, 28-1 1. 

But the Jazz, who were led by 
Adrian Dan [ley’s 34 points, then 
scored eight straight and never 
again trailed. 

Bucks 109, Bulls 100 
In Milwaukee, the Bucks won as 
Sidney Moncrief scored 30 points 
while foiling Chicago's Michael 
Jordan in the second half. 

The game was close most of the 
way. but five straight points gave 
Milwaukee its largest lead, at 95- 
82, with 6:42 remaining. The Bulls 
closed to 105-100 with 43 seconds 
left on Orlando Woolridge’s jump 
shot, but the Bucks scored the last 
four points. 

Jordan's 23 points led Chicagp, 
but he got only four in the second 
half, all on free throws. (AP, UP I) 



James Johnson of the CJ.S. team leaps forward to help goalie John Vanbiesbrouck thwart a shot from Team Canada. 

U.S. Upsets Canada in World Hockey Play 


Compiled by Our Staff From Dispatches 

PRAGUE — Claris Donateili 
scored two gpak to lead the United 
Stales to a 4-3 upset victory over 
previously unbeaten Canada at the 
World Hockey championships Sat- 
urday night. 

Earlier in the day, Finland 
cruised to a surprising* 5-0 victory 
over Sweden. Czechoslovakia 
downed West Germany. 6-1. and 
the Soviet Union easily blanked 
East Germany, 6-0. On Sunday, 
Sweden battered East Germany. 
11 - 0 . 

Only the Soviet Union and 
Czechoslovakia remain undefeat- 
ed, each have won all three games 
they have played. Canada and tbe 
United States each have won two 
out of three; Sweden is even at 2-2, 
and Finland is 1-1 East Germany 
and West Germany have yet to win 
a game. 

The top four teams will enter the 
medal playoffs after the seven- 
game round robin, which ends 
April 27. 

In the U.S.-Canada game, Tony 
Granato and Mark Johnson also 
scored for tbe Americans. Rick 
Vaive, Kirk Muller and John An- 
derson replied for Canada, which 
gave up three consecutive second- 
period goals to blow a 2-1 lead. 

Vaive opened tbe scoring on a 
power play 74 secoads into the 
game, parking in the slot to redirect 
a Ron Francis pass. 


Canada kept the puck in the 
American zone for the opening five 
minutes but was unable to add to 
its lead when U.S. goaltender John 
Vanbiesbrouck made several out- 
standing saves. 

Donateili tied it at 5:31 on the 
first Americas shot on goal. Tom 
Fergus dug the puck off the boards 
behind the net and fed out front to 
Donateili, who slid a quick shot 
past goal lender Steve Weeks. 

Muller gave Canada a 2- 1 lead at 
18:32 when he cruised to within 10 
feet of Vaniesbrouck to redirect a 
Larry Murphy pass. 

The U .S. team scored tbe only 
goals of the second period when it 
stormed to a 4-2 lead 

Because Canada was ranked 
third and the United Slates eighth, 
according to their showing in the 
1983 championships, the Canadi- 
ans had a more favorable schedule 
to start with. They quickly put their 
offensive chemistry together as 
they racked up victories of 9-1 
against East Germany and 5-1 over 
West Germany last week. 

In the Soviet-East Germany 
game, Mikhail Vasiliev, Alexei Gu- 
sarov, Sergei Svetlov, Nikolai 
Drozdetsky. Irek Gimayev and 
Victor Krutov scored a goal apiece 
for the Soviet Union, and goalie 
Vladimir Myshkin had his first 
shutout of the tournament. 

The Czechoslovaks had a harder 
time with the West Germans, who 
put up stiffer resistance than the. 


SCOREBOARD 




*s‘“ 

: i • 4 

hr 


SB 

•9» 

'it* 

:S! 


Baseball 


Basketball 


Soccer 


Friday and Saturday Major League Line Scores 


r.: 

■ 'ilSi 

— * 

- v-ri JJ 3 % 





FRIDAY'S RESULTS 
AMERICAN LEAGUE 
Boston MM 0W OOO-I t 1 

CMcoflo MO 220 tax— « 9 0 

Trullllo. Crawford 151. Clear (8) and Ged- 
man; Burns and Fisk. W— Burns. 2-0. L — Tru- 
llllo, 0-1. H Rs— Boston. Buckner (2). Chicago. 
Lm m. Fisk 12). Sckjxar (1). Baines «J. 
Texas oie see mo— « n o 

( MUuiaukM Ml M0 OOO—l 5 0 

' Razema. D .Stewart IS) and Slowjht; Vufco- 
vlcft, Seorge W. Ladd (t). Flnaers 19) add 
Sctiroeder. w— RoMim, 1*1 L— Saare*. D-T. 
S»— OSlwsrt (11. 

Kansas City 391 ON 020 — 9 12 I 

Detroit 010 MO 100-2 12 0 

Saberhagen. Quesenberrv (7) and Sand- 
berg; Pelrv, Berenguer (3). Setter rer 17), Lo- 
pez (8). Hernandez 19) and Porrtsh, Costilla 
(9i.w— .Saberhagen, 1 -a. L— P«lrv,2-I.HRs— 
Kansas Cltv. Brett 2 (2), BalMnl (21, Motley 
(1), Sandberg (1). 

Baltimore 000 040 001— S 0 1 

Toronto 0M 814 01»— 4 8 0 

Boddlck er. ssiewort (6) and Dempsey; Al- 
exander, Lamp (1), Acker (7), Lovett* to). 
Caudill (9) and Whitt. W— Alexander. 2-0. L— 
S-Slewori. 1-1. HRs^-flomnnore, Connolly (1J. 
Sheets 12). Toronto, BartttW 13). 

Cleveland 200 DOS 000-2 8 1 

New York IN 0M M0-1 f 9 

Heaton, Waddell (8) dno Benton: Gutflrv. . 
Cowley (9) and Wyneoor. W— Heaton, 1-0. L— 
Guidry. 1-1. Sv— Waddell (21. HR— Oevetand, 
Franco (II. 




>\N 


JtaJ* 




Tennis 


S r* - Bt V- 




MrTA CHAMPIONSHIPS 
{At Amelia IskanL Florida) 
Quarterfinal* 

Harm Mattdilkova (2). Czechoslovakia, def. 
Virginia Ruztd. Romania, 8-0. *-2. 

Claudia Kbode-Kilsdi (3), West Germany, 
def. 114) Katnieen Horvath. UJ- M, 7-5. 

Zina Garrison 14). U-S-det Stem Graf (10), 
West Germany. *-7 (7-4). a-1, el 
Oirls Evert Lloyd (I). Ui, dot. Gabrleim 
Sabatlnf, Argerittno. 4-1. H 4-1 
Semifinals 

Evert Lloyd def- Kahde-KHSch. 5-7. 4-3. 6-2. 
Garrison def. MmsdlTkovo. 7-S 4-4. 


Minnesota 028 000 000— 2 4 1 

--Oakland MO 48D 00 * — 4 t 1 

Viola and Laudnor, Salas 17 J; Coal roll, 
J-Howell (91 and Heath. W— CodiroiL 2-1. L— 
VMa.l-2.Su— J-HowoU (4). HRs— Minnesota, 
Brunanskv (3). Oakland. Muraltv (1). Heath 
12). 

Seattle 1M M0 WO—) 1* • 

California 000 311 02 k— 8 13 2 

MJinoore. Getsel (SI. Barelas (7) and Valle; 
Romanic* and Boone; W— Romanic*. Ml L— 
Mjwoore. 2-i. hr— C oiHomla. Schofield «>. 

NATIONAL LEAGUE 
aucogo IM BOX 800-3 8 1 

Montreal too OH 00 *— S 11 1 

Sutcliffe. Fontenot I4).8russtar (7) ond Da- 
vis; Smith. Schatzeder (7). Reardon 1 9) and 
FUzgerald. W— Smith. 7-0. L— So tell He. 2-1. 
Sv— Reardon (21. HRs— Chicago. Cev (21. 
Montreal, Wohlford (1). 

San Francisco 101 ON 000—3 4 1 

Cincinnati 2M 101 ee*— 4 10 e 

Lastev.ALDavis (61, Williams (8) and Bren- 
tv; Shiner. Hume (7). Power (9) and Van 
Carder. W— Shmer. 24. L— Laskey, O-l. Sv— 
Power (2). 

Houston 000 100 211-5 9 0 

Atlanta 021 833 88 *— f IS 2 

Rvan, MaifUs (51. Sotana (7) and Ashbv: 
Mahler, Sutter (9L W— Mahler, 34. L— Rvon. 
2-l.H R t H oue ton . Ashttr 111. Allanlo. Connie 
(2). R. Ramirez (1), Murphy (4). 

New York DM 0M 801— 1 S 0 

PMIadeunia 008 000 000-0 J 0 

Gooden, Orosco (9) and Carter: COrtton, 
Hudson (8). Carman (9), Andersen (W and 
Virgil. W— Gooden. 2-0. L— Hudson, 0-1. Sv— 
Orosco (I), 

Pittsburgh Me 8M 480-4 f 1 

SI. Leak Ml 828 11*— S 13 1 

Rhoden, Robinson (7), Candelaria (7) and 
Pena; Aodutar, Horton (»). Alton If), and 
Nieto. Lovoliaire (9). W — Andular, 24 1 L— 
Candelaria, l-l Sv— Allen (I). 

Las Angeles OM Oil 000— 2 9 1 

San Dtooa 3W 040 71*— 11 14 8 

Reuse. Castillo (5), Diaz (41. Howe (8). and 
Sc lose Fa; Hovt and Kennedy. W— HovL M. 
L — Reims l-l HR— San Diego. Kennedy (3). 




OB#?. 


MEN’S TOURNAMENT 
(At Houston) 

Qoorlo m a a ts 

Mats wi lander. Sweden, def. Ramesh Kristi- 
nan. India. 4-i M 4-1. 

Paul McNamee- Australia, del Kevin Cur- 
ran. UL 4-1 7-4. 

Tim Mayotte. U5. def. John Lloyd, Briioln. 
7-4. 1-4. 6-1 

Anders Jarrvd. Sweden, def. Vitas Geruiat- 
lift. U-SL 4-3. 4-1 


Football 


TJSFL Standings 


eastern conference 




N.’- 




TVtfv 


*" 


v.» 



W 

L 

T 

Pet. 

PF 

PA 

Birmingham 

6 

2 

0 

J5D 

195 

ISO 

■ ratmoa Bay 

ft 

2 

0 

JS0 

233 

170 

' New Jersey 

ft 

3 

0 

447 

227 

204 

Jacksonville 

A 

5 

0 

AAA 

SI 

235 

• Memphis 

4 

5 

0 

AAA 

171 

188 

Baltimore 

3 

4 

1 

.438 

134 

10» 

Orlando 

2 

7 

0 

822 

154 

242 

WESTERN CONFERENCE 


X Denver 

6 

3 

0 

447 

229 

144 

‘-<4-lauston 

5 

3 

8 

425 

245 

181 

\ Oakland 

4 

3 

1 

443 

192 

180 

* Arizona 

4 

A 

0 

400 

lftl 

145 

Portland 

3 

5 

D 

J7S 

lie 

17ft 

San Antonio 

3 

5 

0 

J75 

ill 

161 

Lo& Angeles 

2 

7 

8 

-222 

148 

232 


SATURDAY'S RESULTS 
AMERICAN LEAGUE 
Kansas CItV 820 Ml ODD— s 18 • 

Detroit MO OM 172—4 11 1 

Gubiaa. Oulsenberry (81 and Summers; 
Terrell, Sche rrer (4). Bolf C7). Hernandez If) 
and Parrish. W— Hernandez. 2-0. L— Oulson- 
berry. 0-1 HR— Oe trait, Evans (1). 
Baltimore 008 003 000—3 S 3 

Toronto 008 00S 12*-J 4 8 

OlxoruT. Martinez m.Aase (81 and Demp- 
sey; Leal. Mumelman (7), Lovell* (9) and 
Whllt. W— Musselman. l-OL L—T. Mart Inez. 1- 
1. Sv— LaveUe (2). HR— Baltimore. RSnken 
( 21 . 

Cleveland Ml til 0015-41 7 8 

new York *00 DM It*— S * 2 

Roman. Jeff cool (ft) and Hondo; Nlefcra 
Shirley (ft). Rlohettl (9) and Wvnegor. «— 
Nlekro, 2-1. L— Raman, O-l Sv— Rlghetil (4). 
HR — Cleveland. Bernazard (I). 

Texas 8H 0M 320-4 7 1 

Milwaukee «M 0M tW-1 2 3 

Notes. Schmidt 18) and siaughl; Haas, Ladd 
17). McClure (9) and Moore. W— Moles. 1-1. 
L— Haas, VI 


Minnesota 801 8M Ml— 3 5 1 

Oakland 021 IM 02*— * II 0 

Smithson, FUsori (8) and Loudner; Krueger 
and Heath. W— Krueoer.2-l.L- Smithson, l-l 
HRs— Minnesota, Gaeffl (2). Oakland. Davis 
(5). 

Boston 3M 821 810—12 11 2 

Chicago 083 828 821— 8 13 2 

Hurst. Crowtora (5). Oloda (8), Stanley (8) 
and Gedman; Soever. Nelson (ft). Aeosfo (7). 
James (B> and FHk. W— Crawford. 1-1. L— 
Neisan. 0-1. Sv — Star toy (2). HRs— Boston. 
Easier (l» Armas (31. Gedman (II. Barrett 
(I). Chicago, Fisk 13). Walker 12). 

Seattle 012 OM 000—3 4 I 

California BM OM 9*3-2 4 3 

Langston, Nunes (81, Vande Bern (») and 
Kearney; WHt ond Boone. Narron (9). W— 
Langston. 2-1. L— Witt. 0-X Sv— Vonde Bora 
(il. HR— Seattle, Phelps (1J. 

NATIONAL LEAGUE 
Chioapo ooo sag goo-o 2 a 

Montreal 9M ill 82*— 4 7 0 

Trout. Sorensen (8) and Lake. Davis (81; 
GuHIcksoA. Reardon (8) ond Fitzgerald. W— 
Gullicksan. 2-1. L— Traut, 2-1. Sv— Reardon 
(3). HR— Montreal, Dawton U). 

Mew York 381 tea 083—4 8 1 

Phi lade to a la 803 460 MX— 7 13 2 

Lynch, Gorman (4). McDowell 15), Latham 
<71 and Carter: Denny. Andersen (91 and Vir- 
gil. W— Denny, l-l. L— Lynch. 0-1. Sv — Ander- 
sen ID. HRs— Hew York. Slrowtwrrv (3). 
Philadelphia. Stone 2 (2), Hayes (1). 

San Francisco 818 DM 090—1 4 3 

Cincinnati 081 M0 Ml— 3 4 8 

Gaft. Garrelts (5). Williams (8) and Tre- 
vino; Solo and Van Gerder. W — Soto. 3-1. L— 
williams. 0-1. 

Houston Ml 002 381—8 13 1 

Atlanta OM OM 108—1 2 8 

Ntokro, Ol Pino (7) and Ashbv: P. Perez, 
ZJmltn lei. Camp 18) and Cerotw. W— 
Nlekro. 1-1 L-PPtrez, 0-1 Sv— OlPlno (2). 
HR— Houston. CReynofds (II. 

Plttieorgh OM 108 390—3 7 3 

St. Louis 083 t02 BO*— 4 S 2 

Tunnel). Guante (7J. D. Robinson (8) and 
Pena; Co*. Mossier (8). Allen IB) and LovaV 
Hera. W— Co*. 1-0 l l— T unnel!. 0-1, Sv— Allen 
( 3 ). 

Los Angeles Ml U1 0M 0-3 7 1 

Soe Diego 111 M IB M 13 1 

Brennan, Honevcvrt (5). Nledenfuer 14). 
Howell (81 and SckMdo: Show, Lo Herts (7). 
Gonoue (10) ond Kennedy. W— Gossose. 1-8. 
L— Howell, 0-1. HRs— LOS Angeles, Lon- 
dreau* (31. Marshall (3), Bream (3). 


League Leaders 


NBA Playoffs 


AMERICAN LEAGUE 


FRIDAY'S RESULTS 



G 

AB 

R 

H 

PCt. 

Utah 28 32 21 34-115 

Franco Cl* 

9 

31 

10 

16 

Jlft 

HoMtos 28 IS 32 25—101 

FHk Chi 

6 

33 

4 

10 

435 

Oenriey ll-S 12-17 34. Boltov 11-17 3-4 25; 

Boehta Oak 

10 

24 

S 

11 

423 

Sampson 9-25 7-14 2ft. Lucas 7-14 2-4 18. Re- 

Griffin Oak 

11 

34 

6 

15 

417 

botutac: Utah 48 (Bailey 10): Houston 45 

Boston Chi 

9 

25 

S 

10 

400 

(Sampson 24). Assists: Utah 29 (Green 10); 

Hurrah Tex 

IQ 

33 

4 

13 

J94 

Houston 20 (Hollins 7). 

Whitaker Def 

1 

33 

1 

13 

J94 

Chicago IB 84 If 27—188 

Griffey NY 

7 

2ft 

4 

10 

385 

Milwaukee 31 27 22 29—109 

MDovIs Oak 

11 

39 

14 

15 

385 

Moncrief 90 4 12-14 30, Cummings KMft 2-2 

Mo III or Mil 

9 

34 

s 

13 

382 

22; Dailey 12-20 1-2 25. Jordan 7-19 9-10 23. 


Rum: M.DovH> Ookiond. 12; Cowens. Seat- 
tle. 11; Murphv, Oakland, II: Fronco. Cleve- 
land. 10; Rico. Boston, II 
RBI; m. D avis, Oakland, 14; Presley. Seat- 
tle. 13; P.Bradtov, Seattle. 12; G.Thomas. Se- 
at! Ib. 11; Rice. Boston, 11. 

Hits: Cowens. Seattle, 14; Franca Cleve- 
land. 14; Collins. Oakland, U; GrtHla Oak- 
land. U; Haicner. Minnesota 14; P -Bradley, 
Seattle, 14. 

Doubles: MoHInofv. New York. 5: Baylor. 
New York. 4; Boston, Chlcaoa 4; Dw.Evans. 
Boston. 4; Franco. Clove lend. 4; Orta Kansas 
CUV. A 

Trtoles: p. B rad lev, Seattle, 2; Pettis. Coli- 
tornla 2; Wilson, Kansas Cltv, 2; 23 ore lied 
wttti i. 

Home Reas: Presley. Seattle, i: GThomofc 
Seattle. *> M.Dav Is, OaklanaJ ; 7 ore lied wtm 

3. 

Stolen Bases: Collins. Oakland. 7; Pettis. 
CalitarnlaS; GorclaToronla3; GrtftlaOatc- 
lona 3; 7 are tied with i 

PITCHING 

Won-Lost /Wkmlng PctyERA: Alexander. 
Toronto, 2-8. 1800.12ft; EGlbson, Milwaukee. 
241 1800. MO: Boyd. Boston. 2-0. 1800. 174.- 
Burns.Chlcaga2-ai800.380; Romanlck.Cal- 
llomla 2-8. 1800. 184; Sutton. Oak larat 241 
1800. 48S. 

Strikeouts: Morris, Detroit. 22; Aiexanoer. 
Toronto, ift; Boddkker, Baltimore. 5; Bava 
Boston, 14; Butchor. Mlnnesoia 13; Clemens. 
Boston, 12; Nlekro, New York, II 
Saves: jj4owe(LOafclana4; Nunez. Seattle. 
3; RtghettL New York. 3; 7 are fled with 1 

NATIONAL LEAGUE 


Rebounds: Chicago 44 (Greenwood 13); Mil- 
waukee 48 (Mokeski 10). Assists: Chicago 21 
I Jordan 10): Milwaukee 30 tPressev *). 


SATURDAY'S RESULTS 
Portland IS 28 3S 32 14—134 

Dallas 35 20 32 33 11—121 

Vanoeweghe 11-19 S-S 21. MThompson 11 -1» 
3-425; Blackman 14-278441, Aguirre 7-18 48 
28 Reboowts: Portland 74 (Bowie 201 ; Dallas 
47 (Perk Ira !9).Ass!sls: Portland 31 (Drexier 
12); Dallas 27 (Hamer II. 

Cleveland 30 21 34 34—104 

Boston 38 31 24 23— IM 

Btrdi4.3720 aaMcHote 9-141.219; Free 9-22 
7 J 35, Davis e-8 3-3 IS. Rebounds: Cleveland 47 
(Hinson 4); Boston SS (Bird. Parish 11). As- 
usts: Cleveland 20 iFreeT); Boston 22 (Bird 
7). 

Pheentx 31 34 IS 48-13# 

LJL Lakers 41 33 IS 17—147 

Abdul-Jobbor 10-12 4-5 2L McAdoo 9-12 4-4 
22; Adorns 9-14 5-5 23, Humphries 7-11 7-7 21. 
Rebounds : Phoenix 40 < Lucas 9) ; LA. Lakers 
47 (Rombls 7). Assists: phoenl* 33 (Lucas ft): 
t— A, Lakers D (Johnson, Coooer m, 

So* Antonio 31 28 29 25-113 

Denver 11 25 » 34—111 

Gervin 14-25 All 41. Gilmore 7-12 >5 17. 
Moore 7-123-S 17: Enolisn 11-197-8 39. Lever 7- 
158-1022. Rebounds: San Antonia S4 (Girmare 
12) ; Denver 50 (Cooper 101. Assists: San Anto- 
nio 38 (Moore 8); Denver 24 (Lever 13). 



G 

AB 

R 

H 

Pet. 

Mwrahv Ati 

9 

35 

13 

17 

484 

Cerone Ail 

8 

3D 

3 

13 

433 

BRucsell LA 

4 

20 

3 

■ 

408 

Puhl Htn 

8 

25 

7 

9 

340 

JCtark StL 

9 

28 

5 

ID 

357 

Marshal) LA 

11 

42 

9 

15 

357 

Walling Htn 

8 

20 

2 

7 

350 

Cabell Htn 

9 

33 

4 

11 

333 

Herr StL 

9 

33 

5 

11 

333 

Garvev SD 

9 

40 

8 

13 

325 


Hockey 


Major League Standings 


AMERICAN LEAGUE 
East Division 

W L PCI. 


GB 


Rugby 


FIVE NATIONS RUGBY 
Saturday's Chamtilaiishto 
(Final Moicti) 
Wales 24. England is 

Final Standings 


w.: 




Frldayto Result 
New Jersey 21. Memphis 18 

Satuntoy's Result* 
JocftBonville 31, OrkHtdo 10 
Denver 51, Us Angeles 0 


Ireland 

France 
Wales 
England 
' Scotland 


p W 
4 3 
4 2 
4 2 
4 1 
4 0 


L PF PA PtS 
0 47 49 7 

0 49 30 4 

2 41 71 4 

Z 44 53 3 

4 4ft 44 8 


Detroit 

7 

2 

.778 

— 

Toronto 

7 

4 

43ft 

1 

Milwaukee 

S 

4 

35ft 

2 

New York 

5 

J 

ASA 

2 

Boston 

4 

5 

345 

2 

Baltimore 

5 

5 

-5Q0 

. 2VS 

Ctovefand 

3 

West OlWsiee 

7 

1 

300 

4tt 

Oakland 

7 

4 

436 

— 

Seattle 

7 

4 

43ft 

— 

Calilamta 

ft 

5 

-5*5 

1 . 

Chicago 

4 

5 

444 

2 

Kansas City 

4 

6 

400 

TVs 

Texas 

3 

7 

300 

3VS 

Minnesota 

2 

9 

.182 

S 

NATIONAL LBAGUE 
East Division 



W 


pel 

GB 

New York 

8 


JU0 

— 

Chlcaoa 

7 


.700 

1 

Mom real 

ft 


400 

2 

Si. Louis 

4 


400 

4 

Pittsburgh 

3 


JOO 

5 

pth lode tan to 

2 

West Division 

4 

300 

6 

Cincinnati • 

7 


43ft 

— , 

San Dteao 

ft 


400 

Vi 

Las Anodes 

6 


M 

1 Vs 

Atlanta 

5 


JOO 

lVb 

Houston 

5 


455 

2 

San Francises 

3 


380 

3<* 


Rum: Murphy. Atlanta. 13; Marshall, Las 
Anoete&.4;Garvev.9anDieaa.8: fcammhuk. 
Atlanta. 8: 7 are ttod with 7. 

RBI: Murohv.Allanta.il; Hernandez. New 
York. 8: Herr,Sl.Louls.B; J83ork.SLLauls.8: 
4 are tied with 7. 

Nits: Murphy. Atlanta 17; MarshalL Los 
angele*. t5; Cerone. Atlanta 13: Cruz. Hous- 
ton. 13; Garvev. San Oleao, 11 
Doublet: C. Wash tog ton. Atlanta, 4; Mur- 
phy. Atlanta 4; Wot loch. Montreal, 4; to ore 
Mad with 1 

Triplet: McGee. St.Louis. 2; Stone. Phila- 
delphia 2; 14 are lied with 1. 

Home Runs: Murphy, Atlanta, e; Carter, 
New York. 3; Kennedy. San Diego. 3: 12 are 

ttod with 2. 

Stain Bases: E-Dovli. Onctrmall.S; M.WIL 
son. New York, s: Dernier, Chicago. 4; Straw- 
berry, New York. 4; Wynne. Pittsburgh, 4. 
PITCHING 

Htan-Last/wtantoa PeU Andular. St.Louis. 
24.1800; BJmllti. Montreal. M. 1800; CDIez. 
Los Angeles. 24L I860; OSmim. Houston, 2-0. 
1800; Gooden. New York. 24L 1800; Hawkins. 
San Dtooa. 2-0. 1800; Mahler, Atlanta, ML 
18M; McDowell, New York. 2-8. 1800; Shaw, 
San Dtooa 2-0. 1800: Stuper, CtodnnarL 3<L 
1888. 

Strikeouts: Gooden, New York, 23; JJ3e- 
Leon, Pittsburgh, 23; Valerutiela, Las Ange- 
les. 17: Eckerslev, ChleaM. 15; Sato, Ctndn- 
nalLlS. 

Saves: LeSmlih. Chicago, 3; Candelaria. 
Pittsburgh, 2; Howell, Las Angeles. 2; Power. 
Cincinnati, 2; Reardon, Montreal, 2; Sutter, 
Allanlo. 2. 


World Championships 

Results end schedule tor the World Hockey 
Championships: 

April 38 

Sweden 0. Finland 5 
West Germany l, Czechoslovakia 6 
East Germany 0. Soviet Union A 
Canada 3. United states * 

April *t 

East G er m any vs. Sweden 
Canada vm. Finland 
west Germany vs. Soviet Union 
United states vs. Czechoslovakia 

April 9 

East Germany vs. Finland 
Canada vs. Czechoslovakia 
Soviet Union vs, Sweden 
United Stales vs. West Germany 

April 3* 

United States vs. East Germany 
Finland vs. West Ger ma ny 

Apr* 35 

Sweden vs. Czechoslovakia 
Canada vs Soviet Union 
April 34 

West Germany vs. East Germany 
United Slates vs. Finland 

April 27 

Soviet Union vs. Czechoslovakia 
Canada vs. Sweden 


Transition 


NHL Playoffs 


SATURDAY'S RESULT 

Winnipeg 1 8 1—2 

EdmnitDe 3 1 *■“* 

Gretzky (2). MeaeUand ID. Cottev 2 (5). 
Messier (3t; Picard (1 ). SW (21- Show on 
goal: Winnipeg (on FunrJ l-U-19— 32; Efl- 
monion (on Hayward) 14-7-9— 30. 


BASEBALL 
Am eri can League 

CLEVELAND— Stoned Benny Ayala, euf- 
ilefder-lnfielder, >0 a minor -ieasuc contract. 
National League 

PHILADELPHIA— Traded Al Holland and 
Frankie Grittto, pttsiNrs, ip Pittsburgh for 
Kent Tekulve, pttdier. Placed Bo Diaz, catch- 
er, on I he 15-daY (BnOled list. Recalled Dor- 
ran Doullan. cat ch er, from Portland of the 
Pacific Coast League. 


score suggests. Center Darius Rus- 
nak scored on the first shot after 
just 39 seconds on a breakaway. Jiri 
LaJa finished off a neat passing 
ptiern late in the period for a 2-0 
lead, and Oldricb Valek raised the 
score to 3-0 midway through the 
second period. 

Yet the Germans stubbornly 
fought bade. Uli Hiemer put them 
on the scoreboard when he slapped 
a sizzling 40-footer from the point 
into the high corner of the net on 
Kralik’s sucksida Several times, 
the Germans almost dosed the gap, 
but were unable to score on some 
excellent chances. 

Defenseman Antonin Stavjana 


and wingers Igor Liba and Lain 
provided the other goals in the final 
period. 

The Swedish team appeared to 
be headed for the relegation play- 
offs on Saturday after suffering an- 
other upset by underdog Finland, 
but bounced back on Sunday with 
its shutout of East Germany. The 
1 1-0 victory was the most lopsided 
of the tournament so far. 

“The victory was good for our 
morale." said Sweden's Coach Leif 
Booric. “But it hasn't helped us 
much, as the other contenders for 
the medal-round playoffs will 
probably beat East Germany too.” 
(AP, UPI) 


Oilers Defeat Jets, 5-2, 
To Widen Series Lead 


WORLD CUP QUALIFYING 
European Group 3 
Malta A Czechoslovakia 0 
Potato StaamnBs: West Germany 8: Portu- 
gal 4; Sweden 4; Czechoslovakia 3; Motto I. 

•MX* matches: April 30, Czechoslovakia vs. 
west Germany; June S. Sweden vs. Czechoslo- 
vakia; Sep*. 25. Czechoslovakia vs. Portugal; 
Sept. 25, Sweden vs. West Germany. 

COMCACAF Group B 
Canada Z Guatemala I 
Remaining Matches: Aorll 2s, Haiti vs. Gua- 
temala; MayS. Canada vs. Haiti: May 8. Can- 
ada vs. Guatemala- 


Compiled bv Our Staff From Dispatches 

EDMONTON, Alberta — Paul 
Coffey tied a Stanley Cup playoff 
record for defensemen Saturday 
night, scoring five points on two 

NHL PLAYOFFS 

goals and three assists as the Ed- 
monton Oilers beat the Winnipeg 
Jets, 5-2, for a 2-0 lead in the Na- 
tional Hockey League’s Smythc Di- 
vision final 

Coffey now has 10 points in five 
playoff games, tying Ken Linse- 
man of Boston and Peter Stas toy of 
Quebec for the lead in postseason 
scoring. His five points Saturday 
night equaled the one-game mark 
held bv Ed Bush, Bob Dailey and 
Denis Potvin. 

Coffey got assists on goals by 
Wayne Gretzky, Kevin McClelland 
and Mark Messier, while Roben 
Picard and Thomas Steen scored 
on power plays for Winnipeg. Tbe 
Jets again played without star cen- 
ter Dale Hawerchuk, out with a 
broken rib, while Edmonton goalie 


Grant Fuhr was outstanding again, 
blocking 30 shots. 

Coffey made a perfect rinkwide 
pass to send Gretzky in for the 
game’s first goal and did tbe corner 
work to create McClelland's go- 
ahead goal after Picard had tied the 
score. The top scoring defenseman 
m the NHL, Coffey then stunned 
the Jets and dazzled the crowd of 
16,942 with two brilliant individual 
efforts. 

The teams now head to Winni- 
peg for games Tuesday and Thurs- 
day in the best-of-seven series. Tbe 
other three series resumed Sunday 
night, with host Montreal trailing 
Quebec, 1-0, in tbeir quarterfinal; 
the New York Islanders facing a I- 
0 deficit in Philaddphia and Min- 
nesota ahead, 1-0, in Chicago. 

“I’ve seen him play better," 
Gretzky said of Coffey. “Goals are 
not everything. That’s not to lake 
anything away from his game to- 
night, but he’s played great the last 
10 games. 

“He’s the best in the game I 

sit on the bench and watch him." 

(AP. UPI) 


ENGLISH FIRST DIVISION 
Liverpool 3, Newcastle 1 
Norwich 1. Leicester 3 
Nottingham Forest 2. Coventry 0 
Queen's Pork Rangers 1. Arsenal 0 
Southampton 2, Aston Villa 0 
Stoke 0, Evert on 2 
Sunderland o. west Horn 1 
Tottenham Z Ipswich 3 
West Bromwich CL Chelsea 1 
Luton Z Mandwster United 1 

Points Stand in gs: Evtrtan 75; Manchester 
United 65; Tottenham 64; Liverpool. South- 
ampton efl; Sheffield Wednesday. Arsenal 59; 
Nottingham Forest 57; Chelsea 56; Aston Vil- 
la 49; Queen's Park Rangers 47; Leicester. 
West Bromwich, Newcastle 45; Watford 44; 
Norwich 42; Luton, west Ham 41 ; Ipswich. 
Sunder land 3»; Coventry 37; Slake 17. 

FRENCH FIRST DIVISION 
Lffte C. Toulouse 0 
Toulan 0, Monaco 1 
Paris SG Z RC Paris 3 
Bordeaux 2. Rouen 0 
Brest 1. Strasbourg 1 
Bast la I. Soehaux > 

Auxerre Z Metz 0 
Tours 1, Lens 1 
Nantes Z Laval 0 
Nancy 3. Marseille 1 

Patois Standings: Bordeaux S3; Nantes 48; 
Auxerre 4l ; Monaco 40; Toulan 39; Metz 38; 
Lens 34; Soehaux, Brest 33; Laval 31; Paris 
SG 30; Nancy. Tou kuna 29; Strasbourg, Mar- 
seille 38; Lille. Barilo 27; Rouen 24; Tours24; 
RC Paris 22. 

ITALIAN FIRST DIVISION 
Ascot! 1. Juvenlus 1 
Atatanlo 1, Coma 0 
Florentine; 1. Cremonese 1 
Lazio 0. Sampdorio 3 
AC Milan 0, Verona 0 
nopoii X Inter Milan 1 
Torino l. Aveltino 0 
Udlnese 0. Romo 2 

Points Standings: Verona 37; Sompdorla. 
Torino 34; Juventus33; imemazIonale32; AC 
Milan 31; Roma 29; NopoJI 28; Florentine. 
Alalanta 24; Udinese 32; Como 21 ; Avelllno. 
Ascoil 30; Lazio 14; Cramanese IX 

WEST GERMAN FIRST DIVISION 
Fortune Oussetdort I. WOUhtif Mttnnhehn 1 
vil Bochum l, wenier Bremen 3 
Bayer Leverkusen 1. Arm Inin Bielefeld 1 
Karlsruher SC 4, EIntracht Braunschweig I 
Elntracht Frankfurt Z V!B Stuttgart O 
SetnlU 2. FC Cologne 3 
Hamburger SV Z Bayern Munich 1 
Borusria MoenehgktochO. Boyer Uerdlngen 0 
FC Kaiserslautern 5. Borusria Dortmund 0 

Potato Stood logs: Bayern Munich 39; 
Word er Bremen 38; Bor. Maenchengtodbach 
33; Hamburger sv 32; FC Cologne 31; Bayer 
Uerdlngen. V(L Bochum. Waldhoi Mannheim 
29: vfB Stuttgart 38; ElnlrocM Frankfort 27; 
Schafke. Baver Leverkusen 2ft; FC Kaisers- 
lautern 25; Borusria Dortmund 23; Forfona 
D usse [dor i. A/ml n la Bielefeld 38; Karlsruher 
SC 17: Eintr. Braunschweig 16. 


Red Sox Best White Sox 
With Aid of Grand Slam 


Compiled by Our Staff From Dispatches 

CHICAGO — Marty Barrett hit 
his first grand slam home ran in the 
major leagues, and only the fourth 
bonier of bis career, to help the 
Boston Red Sox defeat the Chicago 
White Sox, 12-8, Saturday. 

Tbe grand slam came in the 
ninth inning with Boston nursing 

SATURDAY BASEBALL 

an 8-7 lead. Greg Walker bomered 
for the White Sox to lead off the 
bottom half of the inning. 

Tony Armas drove in three runs 
for the Red Sox, one with a home 
run. Mike Easier and Rich Ged- 
man also bit solo homers for Bos- 
ton. Gedman’s homer, coming in 
the sixth inning after a 44-minute 
rain delay, broke a 5-5 tie and put 
Boston ahead to stay. 

Tigers 4, Royals 3 
In Detroit Lou Whitaker singled 
over the head of center fielder Wil- 
lie Wilson with one out in the ninth 
to score pinch runner Tom Broo- 
loens and cap a two- run rally that 
gave the Tigers their 4-3 victory 
over Kansas City. 

Blue Jays 3, Orioles 2 
In Toronto. Willie Upshaw tri- 
pled home the tying run and scored 
the winning run on a sacrifice fly by 
Willie Aikens in the eighth inning 
as the Blue Jays won their fourth 
straight, 3-1 Ron Musselman (1-0) 
worked two perfect innings to re- 
cord his first major-league victory 
since 1981 

Yankees 5, Indians 2 
In New York. Mike Pagliarulo 
hit a three-run double during a 
four-run first inning that gave tbe 
Yankees a 5-2 victory over Cleve- 
land. 

Rangers 5, Brewers 1 
In Milwaukee, Dickie Noles and 
Dave Schmidt pitched a two-hitter 
and Buddy Bell had two hits and 
scored twice as the Rangers won, 5- 
1. 


A’s 6, Twins 2 

In Oakland. California, Bill 
Krueger (2-1) pitched a five-hitter 
and Mike Davis's two-run homer 
helped the A's hand Minnesota its 
ninth straight loss, 6-1 

Marmas 3, Angels 2 
At Anaheim, California, Ken 
Phelps got his first hit this season 
with two outs in tbe third inning, 
his two-tun homer helping Seattle 
end a four-game losing streak and 
defeat tbe Angels. 3-2. 

PhflHes 7, Mets 6 
In the National League, in Phila- 
delphia, Jeff Stone hit two home 
runs and drove in fire runs as the 
Phillies won, 7-6. after five straight 
losses. 

Expos 4. Cubs 0 
In Montreal, Bill Gullickson and 
Jeff Reardon pitched a two-hitter 
and Andre Dawson’s first homer 
this season gave the Expos their 
fourth consecutive victory, 4-0. 

Reds 2, Giants 1 
In Cincinnati, Eddie Milner dou- 
bled to lead off the bottom of the 
ninth and scored on a throwing 
error by pitcher Frank Williams, 
giving the Reds a 2-1 victory be- 
hind the four-hit, 11-strikeout 
pitching of Mario Soto. 

Astros 8, Braves 1 
In Atlanta, Jose Cruz drove in 
four runs and Terry Puhl knocked 
in two to back the two-hit pitching 
of Joe Niekro and Frank DiPino as 
Houston won, 8-1. 

Canfiimk 4, Pirates 3 
In Sl Louis, Lonnie Smith tri- 
pled home a run and scored in the 
third inning and reliever Neil Allen 
survived getting struck by a bat to 
pitch the Cardinals to a 40 victory. 

Padres 4, Dodgers 3 
In San Diego, pinch-hitter Kurt 
Bevacqua's two-out single in the 
bottom of tbe 10th scored the win- 
ning run as the Padre beat Los 
Angeles, 4-3. (AP, UPI) 


















Page 18 


LANGUAGE 


The Diplomacy Chip 


By William S afire 

W ASHINGTON —First came 
plain old diplomacy, from the 
Greek word for a letter that has 
been folded over so that its con- 
tents cannot be readily seen. 

Then came die march of modifi- 
ers, usually casting aspersions on 
the noun. Dollar diplomacy was 
first, in a 1910 blast by Hama's 
Weekly at the way President Wil- 
liam Howard Taft’s secretary of 
state. Philander C. Knox, was buy- 
ing up politicians in Honduras. 

Two years later, Taft praised the 
idea of “substituting dollars for 
bullets" in what came to be known 
as his “Dollar Diplomacy" speech. 

Gunboat diplomacy was next, 
coined in 1927 to describe big-pow- 
er domination of China early in the 
century and popularized in the 
1937 “Panay incident," in which a 
Japanese bomber sank a U. S. gun- 
boat on the Yangtze River. Ironi- 
cally, in the case that made the 
phrase a household word for for- 
eign-policy fans, the gunboat was 
on the receiving end erf the force. 

Not until 1973 did the word di- 
plomacy find a new mate, and the 
matchmaker was Henry A. Kissin- 
ger, who. Tune magazine reported 
in 1974, went to the Middle East 
“for another round of ‘shuttle di- 
plomacy.' " The presence of quota- 
tion marks around the reference 
suggests an earlier use, but I have 
not been able to find it (The Na- 
tional Aeronautics and Space Ad- 
ministration's “space shuttle" plan 
was then in the news, in a phrase 
based on Eastern Airlines' back- 
and-forth intercity flights.) 

That made diplomacy a big coin- 
age device a gain, like -drama and 
-nik in their day. Ping-pong diplo- 
macy described attempts to bring 
about the opening to China, ana 
media diplomacy was applied to sat- 
ellite telecasts that brought togeth- 
er opposing statesmen. 

Amid all the noise. Secretary 
Kissinger let it be known he pre- 
ferred quia diplomacy, a formula- 
tion that diplomats liked because it 
seemed to describe action and 
promised results from behind-the- 
scenes maneuvering 
In January 1976, with Ronald 
Reagan trying to snatch the Re- 
publican nomination from Presi- 
dent Gerald R. Ford, the puissant- 
but-neutral party leader, Bryce 
Harlow, asked the foreign-poucy 
analyst Richard Allen to mite the 


national-security section of that 
year’s party platform. 

“A strong and effective program 
of global public diplomacy is a vital 
component of U. S. foreign po- 
licy,” read the document, and pub- 
lic diplomacy was taken, as intend- 
ed, to be an emphasis different 
from the quiet diplomacy that led to 
the detente that held sway during 
the era of Henry the K. 

“It meant a strong and effective 
United States Information Agen- 
cy,” recalls Allen now, “taking the 
offensive in the war of ideas against 
the Soviet Union." The phrase was 
considered more acceptable than 
propaganda, a term that has a long 
and honorable history concerning 
the propagation of the C hr i s tian 
faith hut gained a pejorative con- 
notation under Joseph Goebbels. 

Although Reagan lost the nomi- 
nation figm to President Ford, who 
lost the election to Jimmy Carter, 
the phrase public diplomacy re- 
mained in moderate use during the 
Carter years. It found a sponsor in 
the reporting of The Washington 
Post’s Don Oberdorfer, who wrote 
in 1977 of “Carter’s unorthodox 


ter and his team are now be- 
ginning to experience the severe 
problems of public diplomat^ — 
inflexible positions, international 
bad blood, open confrontations 
flowing from open declarations." 

In the Reagan era, thetermpid>- 
tic diplomacy has prospered, al- 
though Reagan likes to use the 
phrase quiet diplomacy from time to 
rim* Gilbert A. Robinson, Rea- 
gan's first deputy director of the 
U. S. Information Agency, moved 
to the State Department in 1983 to 
become special adviser to the secre- 
tary of state for public diplomacy, 
and started the Office of Public 
Diplomacy. 

How does he define the phrase? 
“Governments are learning," says 
my former colleague, “that while 
bilateral diplomacy has its place, a 
television spatial on a given policy 
can often nave more impact on a 
foreign government's actions than 
a host of traditional diplomatic ex- 
changes." 

What's next for the tried-and- 
true combining form of diplomacy? 
The obvious step is private diploma- 
cy, but that seems too dose to quiet 
diplomacy. The phrase is waiting to 
be made. 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 22, 1985 

Primo Levi’s Hybrid ? Periodic T able’ 


By Peggy Polk 

United Press International 

T URIN — Primo LevL who 
wrote the critically acclaimed 
“The Periodic Table" after 30 
years as a chemist, says be was 
able to begin the book, only after 
ending his professional chemistry 
career. 

Praise has poured in from 
around the world, somewhat em- 
barrassing him. An American 
newspaper ran an article in which 
Levi was described as jhe “Jewish 
equivalent of a saint.” 

“I wrote to complain,” Levi 
said at his apartment on a tree- 
lined boulevard in Turin, where 
he lives with his wife of more than 

30 years, Lucia Morpurgo. ‘Tm 
not a saint" 

Summit Books has just pub- 
lished a 1982 novel by Levi, “If 
Not Now, When?” translated by 
William Weaver (SI 5.95). Partly 
to publicize it the writer is sched- 
uled for a lecture tour that will 
take him to New York, Califor- 
nia. Indiana and Massachusetts. 

“If Not Now. When?” is a re- 
turn to fiction, the tale of a group 
of Soviet Jews fighting as parti- 
sans from Russia to Italy from 
1943 to 1945. 

Leva was already well-known 
in Italy as the author of nine 
works — autobiography, fiction, 
science fiction, poetry, essays and 
an anthology — published since 
1947. 

“The Periodic Table," pub- 
lished 10 years ago in Italy and 
released in the United Sutes in 
December in a translation by 
Raymond Rosenthal (Schocken 
Books, S16.95). is formed mainly 
of autobiographical essays linked 
to parts of the table of chemical 
elements. The book went into its 
third U. S. printing in February. 

“For 30 years I worked as a 
chemist, writing only on Sun- 
days," said Levi, a thin, bearded 
man who looks younger than his 
65 years. “During 30 years I 
thought of crossbreeding, a hy- 
bridization between chemistry 
and liLeraiure. 

“But while working as a chem- 
ist I didn't fed able to write of my 
work. In Italy we have a proverb: 
‘You don't spit in the plate you 
eat from.' I started The Periodic 
Table' only when I was sure of 
retiring." 

So, after leaving his job as di- 
rector of a resins and varnish fac- 
tory 10 years ago, Levi devoted 



Tha Nn< Yorti Timai 

Primo Levi: “For 30 years I worked as a chemist, writing only on Sundays.” 


his time to writing, and recently 
he bought a word processor. On 
the wans of the book-lined study 
where he writes hang a bird and a 
butterfly that he made of copper 
wire from his factory to amuse his 
two children, Lisa, now 36, and 
Renzo. 27. 

“I wrote my first book in 1946, 
as a catharsis,” he recalled. “It 
was a witness to free me from the 
weight of Auschwitz." The book 
was published in English as “Sur- 
vival in Auschwitz.” 

“The Periodic Table" takes the 
author through his childhood in 
the rarefied, sheltered atmo- 
sphere of a Piedmontese Jewish 
family, his passion for chemistry, 
his internment in Auschwitz and 
his life after World War II. 

The story begins with Levi’s 
often eccentric forebears. Using 
the language of chemistry, he de- 
scribes them as similar to the gas 
argon — "inert in their inner spir- 
its, inclined to disinterested spec- 
ulation, witty discourses, elegant, 
sophisticated, and gratuitous dis- 
cussion." 

Such gases are “so satisfied 
with their condition that they do 
not . . . combine with any other 
element." Levi writes. 

The Jews of Piedmont created 


a language of Hebrew roots with 
“Piedmontese" endings. “It was a 
dialect like Yiddish, which is He- 
brew and German, but Yiddish 
was spoken by one million people 
and mis dialect by only 1,000," 
Levi said. 

By writing about them, he said, 
he hoped to preserve examples of 
the dialect, now almost extinct." 

Levi said that, at lust, Ms fam- 
ily did not suffer under facism. 
“We were a bourgeois family and 
facism was a bourgeois party," he 
said. 

When Mussolini adopted Hit- 
ler’s racial laws in 1938. “every- 
one was stunned." Levi said. “A 
law that a Jewish doctor could 
□ot care for a Christian patient 
seemed only stupid.” Then 
“things changed ruddy when the 
Germans occupied Italy. They 
became tragic in the span of a few 
days." 

Chemistry, for Levis, is a hap- 
pier subject He was smitten with 
love for chemistry as a boy and 
has never recovered. He treats the 
elements with the same mixture 
of humor, affection and respect 
as he does his friends and rela- 
tives. 

His work as a chemist is full of 
excitement and zany adventures. 


such as bicycling from farm to 
farm collecting chicken drop- 
pings as a source of the uric acid 
he needed to make a better lip- 
stick in the lean days just after the 
war. 

He tells of bow the element 
vanadium helped him make 
peace with his memories of 
Auschwitz 20 years after he was 
freed. 

In the 1960s. he had occasion 
to complain to a West German 
company about a shipment of 
resins for his varnish factory. At 
the the company, a man he idea ti- 
fies as Dr. MfiUer said that add- 
ing vanadium to the varnish 
would solve the problem. 

Muller, it turned out. had been 
the director of the laboratory at 
Auschwitz where Levi had 
worked as a prisoner, he writes. 
The two men exchanged letters, 
and Levi found, instead of evil, “a 
typically gray human specimen, 
one of the not so few one-eyed 
men in the kingdom of the blind." 

Levi said his reason for return- 
ing repeatedly to the war was ex- 
plained by the Yiddish proverb 
that serves as an epigraph to “The 
Periodic Table:" 

“Troubles overcome are good 
to tell” 


r at.TFOB NTA POSTCARD 

ng a Reagan Dream 


By Rebecca LaVally 

United Press buemathnal 

S acramento, California — 
For almost 10 years, the dream 
mansion that Nancy Reagan 
helped design for California gover- 
nors sat unwanted and unfi n is h ed. 

Cobwebs hung from the comers 
of the 18-foot cathedral ceilings. 
No rugs or furniture graced the 
bare concrete floors. A window was 
maned by a bullet bole. Utility 
systems broke down and stayed 
that way. Unmowed grass on the 
property’s prime 1 1 acres (4 J5 hect- 
ares) dried up. 

The bouse, with two kitchens, 
nro lining rooms, eight bedrooms, 
eight bathrooms and a tiled roof 
covering half an acre, resembled an 
empty supermarket. 

All that is changing. Matt Fran- 
ich, a Palos Verdes developer, fell 
in love with the Spanish-style man- 
sion. When the state legislature put 
the bouse on the market, Framch 
bought it for what he considered a 
bargain. Sl-53 million. 

Franich said at the time, last 
September, that he wanted to lease 
the house to the state, at cost, so 
that Governor George Deukmqian 
could live in it 

The cost, however, was stagger- 
ing. By the state's estimate, the 
mansion needed SI mflliqu in re- 
furbishing and repairs. Critics said 
it did not make sense for the stale 
to sell a house and then pay $ 18,000 
a month to lease it. Deukmqian 
rejected Franich’s offer and moved 
into a S400.000 home bought with 
donated money. 

Franich has never given up. He 
said he had renewed his lease offer, 
although he had not gotten a re- 
sponse. He said he was fixing up 
the home — and spending a bundle 
on it — because be was sure a 
governor would live there someday. 

“When it’s finished, he’ll say, 
‘Boy, Tm really glad Matt did 
this,’ ” said F ranich. “There won’t 
be a light bulb out There won’t be 
a weed on the place. Everything 
wUl be perfect.” 

Framch has talked of creating a 
private dub or subdividing the 
property, but insis ts that that is not 
what be really wants. “This is the 
proper place for a governor, so I 
think ultimatdy that’s going to 
happen. But it may take years. Who 
knows?" 


will be opened for a local charity 
fund-raiser. 

Beyond a spacious, open-air 
courtyard lined with huge flower 
pots, visitors are greeted by framed 
pictures of Ronald and Nancy Rea- 
gan in the entryway. 

Franich said he wrote to Reagan, 
who did not respond. But Framch 
said he was certain Mrs. Reagan 
would one day visit the house. “I 
know Nancy put her heart and soul 
into this." be said. “She was at the 
architect's office every day. I know 
she would love to see it." 

Franich has installed more than 
11.000 floor tiles covered by more 
than 40 Persian mgs. planted 280 
trees, created parking for 300 cars, 
and put in an adobe-style fence, 
wrought-iron gates, decorative 
light posts and a dosed -circuit-tele- 
vision monitoring system. 

There wffl be a 50rfoot (15-mc- 
ter) swimming pool with a fountain 
in its center; a spa to be adorned by 
lion-head fountains on each side of 
a waterfall; and a lavish bathhouse 
and sauna. Construction workers 
are still working on those. 

Franich does not want to tell the 
cost of it all; the names of the 
subcontractors doing the work cov- 
er two typewritten pages. He did 
say that replacing one missing Ger- 
man-made bronze lock on one of 
the 116 glass-panda! doors “cost 
me over 400 bucks." ft 

Built by the state for S1.4 milliou 
on riverfront land donated by 
friends of Reagan, the house was 
rejected by Governor Edmund G. 
Brown Jr„ a Democrat, who pre- 
ferred an apartment near the Capi- 
tol. 

Deukmejian. a Republican, 
toured the 30-room mans ion with 
his wife, Gloria, and said he wanted 
to live there. But state Senator Al- 
fred Alquist. a Democrat, scoffed 
at that, saying Deukmqian felt 
compelled to accept the house buOt 
for the Reagans nut finished after 
Reagan’s second term as governor 
expired. 

Alquist, who led the drive lo sell 1 
the mansi on, insists Deukmqian 
really didn't care for the place. 

Franich, 56. and his wife, Pat, 53, 
say they’re crazy about the house, 
which seems to dwarf everything 
put into it “The rugs look like 
somebody threw some postage 







snows! r, p. 

The public will have an opportu- stamps around, Mrs. Framch said, 
nity to inspect Franich’s embellish- laughing. “We're overwhelmed, but 
meats May 10 when the mansion it's a home that grows on you." 


Ulrlit 



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YOUR PRIV ATE BLA ND PARAB5E 
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Sumptuous apuihiwiils, al sizes, in red- 
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Available in Steel, combincdion of sled and IS tt gold or ail 18ki gold 


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PARIS A SUBURBS 


16th: HENRI MARTIN 

260 sqm Teir 380 26 06 

AGENCE Dl L'ETOILE 


SWITZERLAND 


VILLAR5 

WINTER & SUMMER 
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FROM LAKE GENEVA 

Apartom ^ rm^ from g&e 
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r information! 

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Av. Mon-Repos 24. 

0+1005 LAUSANNE, Switzerland 
W-. (2112235 12.11)125185 MEU5 QL 

Sore 197D 


LAKE GENEVA l LUGANO, Mon- 
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USA RESIDENTIAL 


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ESTATE 
FLORIDA 

Overlooking the Adamic Ocean, a two 


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outdoor e nte rtaining. For further detail 
ptooee contact: 

AGEDI 

26 bo Bd Prinoesse Gioriotte 
MONTE CARLO 
MC 98000 MONACO 
Tel: P5 50 66 00 {ext 155) 
Telex. 479 417 MC 


REAL ESTATE 
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FRENCH PROVINCES 


150 KMS PARIS. For F4.MXV month 
lm a a gentieman former, rustic 
nmoundngi, bones, farm uuinab, 
12 river-fritted acres in comfortable 
4-room house. Rtdma fld£-J*Wng, 
hunting, wefts. 528 00 34 oner 8 pm 


GREAT BRITAIN 


EXECUTIVE SUflB MAYFAB. Luxu- 
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rated, fully serviced, »aeiwid/lele* 
fad Kites. £450/ €550 per week. 3 
mantta to 2 wwrs. McmCoitot Mjm- 
LtdLondon 01 491 7626 


ogemettt 
tefou 299 


185. 


LONDON. For the best ftmhed tai 
and houses. Consutf the SpeaabtJ: 
Philips, Kay and Lewi s. Tek London 
352 fill. Teton 27846 ASIDE G. 


ANSCOMBE A ENGLAND with of- 
fices in St Johns Wood & Kerwigton 
offer the best service in residertial 
letting. TeL 722 7101 tOIV UK. 


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AT HOME IN PARIS 

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LUXURY AT BUDGET PRICE5I Try F 
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TOTH, 
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Paris. Tel: 575 62 20. Tbu 20521 1 F. 


74 GHAMPS-ELYSEES 8th 

Studto, 2 or 3room apartment. 
One month or more. 

IE CLAR1DGE 359 67 97. 


REAL ESTATE 
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PARIS ABEA FUBMSHED 

SHORT TBIM STAY. Advontogm of a 
hold without incanvenancB, fee a 
home in rk» dwfios. ate bwootn. 

de rUnivertM. Pail 7th. 

SHORT RENTAL IN PARS: Sluda 
and 2 room), beaitifully decorated. 
Contact; Sofirtoe, 6 ave. Ctelcasse, 
75008 PABS T<4 m 3W 99 50. 

PARIS - EXCTPTIONAL tripte. tar 
ind) or couple, 5th floor wcAup. 
rmxtth of June omy. Bax 2074, Herds 
Tribune, W52I NeuBy Cede*, Fran 

PARS: Dired owner, hwunow. long 
term, Svina bedroom, (fimna krtchar 
both. F6900 + charge). Tel 747 44 72 

STUDIO: exceptional view on Nape 
Dome & Seine. Tdi 633 32 54 / (16-50) 
71 02 88 & 71 39 57 

SHORT TBIM in UJn Quarter. 
No agents. Tefc 329 38 83. 

CHAMPS RYSHS. H<dj dau itwfio, 
Short /long term. 562 93 32. 

PARIS AREA UNFURNISHED 

GOLF ST NOM LA BRHKHIL tawri- 
au) villa on edge cf greefj, 250 um, 
5 beckooms, 3 baths, equipped krtch- 
ea 2-car. garage. 3000 sqm gotten, 
n 6,000. Cdonet fatal, yourfaen- 
am Pealtor in Pbm Tefc 062 92 29 

6TFEST GStMAIN DE5 PHS. Excep- 
tional, Svfcto + bedroom, 70 KyiL, 
parking. R5500 + dwgo. Tefc 
260 4220 mornings 

16TH. Modern. 5th floor. 3 rooms, 80 
sqjn. F7&0. Tefc 525 3202. 

SWITZERLAND 


USA 

NYC 50*S EAST- Corpprrte awntiMrt 
to share, hfigh me. tantished, 6 172 
room). 212752-1266 j 425 E. 58 St, 
New York. NY 10021 

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ABPH.YSffi CONCORDE 

EXCEPTIONAL AVENUE FOCH 
1 bedroom flat, 140 uun. Short term 
Tel: (!) 265 11 99. The 640793 F 


end garden to rent in Runil MqJuxb^ 
son. SGermoin. Vesinet area f« 
with international corporation. 

Paris 501 54 12 eta 363. 


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WANTED/EXCHANGE 

RECKfl&ED FOR RMING an yearly 
basis fer UJS. enreiear, 3 or 4 bed- 
room hocae with hJ convemenoes m 
general area of ChevreiMe. Cal ratis: 
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ORLANDO, FLORIDA 
INVESTMENT 

1 Ttvi area hai been targeted as one 
of the dynamic (rowth centers in the 
USA oner the Madand nterchc 
m W opened atrus land) near 
exit which wa) once sold for 
US$2^00 an acre and suddenly 
racketed to $300,000. 

' Euro-A/nenow has opium 
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WoriaT/Orianda 

> Additional painer(s) required 

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> Short holding period before very 
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bt 100% phis. 

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Your bad buy. 

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center of the dssnond world. 
Full gucvanlee. 

For free price fist write 
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Esobfatel 1928 
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PARIS 

•or CHAMPS ELYSEB 
ppjy 

YOUR OFFICE 

with fadEtin 


YOUR OfROE M PARS RWHT ON 

THE CHAMPS &YSBS 

LUXURY 5BZVKCD OfflCB 
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Teh 563 66 00- Tlxi 6491571= 


OFFICES FOR RENT 


IZMIR TURKEY. Arofateet rents 110 
sqm- hmh dm, 3-room office + u 
i, view on sen, 3rd Floor. Afl 
c pn s itteidWrite Mr. K. 
2 roe du Oterche Mia, 
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is6 al 


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INN, YVONNE, XIAN A JflL 
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Gatoa. 17 rue Daru, Ifaris 8th. 


RANGE ROVBL SUPER, ARMORH) 

with A iu eri c oti moteriqLdl qpticnols, 
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SAlE *78 CADUiAC ELDORADO, 

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CHABC RBtr A CAL Pfasnge cars 
with phone: Rob Spirit, Mercedes, 
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46 r Pierre Charon, 75008 Pork Tefc 
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H 


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bermann GmbH. Tek 069 
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