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ZURICH, MONDAY, APRIL 29, 1985 


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Bitburg: Shock Waves From a False Step 





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By Henry Tanner 

International Herald Tribune 

PARIS — When President Ron- 
old Reagan and Chancellor Helmut 
Kohl first agreed that Mr. Reagan 
should visit the German military 
cemetery in Bitburg but not the 
concentration camp at Dachau, the 

NEWS ANALYSIS 

initial outcrv came from the United 
^ Suies. 

Gut the most lasting political 
damage may have been done in 
Germany. 

The ensuing controversy brought 
it home 10 milli ons of Germans, 
who had hoped differently, that 
West German v still was not a coun- 
try like any other. It has failed to 
achieve that status in spite of its 40 
years of democratic parliamentary 
institutions, its membership in the 
North Atlantic Treaty Organiza- 
tion and the European Communi- 
^ ty. its acceptance of the division of 
jjjfiernuny and its willingness to 
-nave on Its soil the greatest concen- 
tration of nuclear weapons in the 
world in terms of territory. 

“One false step and our 40 years 
of democratic history are wiped 
out," said an official'in a govern- 
ment ministry in Bonn. “It is in- 
structive. We have learned how wa- 
fer- Lhin the protective layer is that 


Bonn Affirms Cemetery Visit 

AW York Timet Service 

BONN — The West German government spokesman has affirmed 
Bonn's intention not to release President Ronald Reagan from his 
commitment to visit a German military cemetery next weekend. 

“We are going to Bergen-Bdsen to remember the victims of 
fascism, the victims of the rule of violence," the spokesman, Peter 
Boeniscb. said Saturday in a televised interview, “ana we are going to 
Bitburg to remember the dead of the war." 

Defending the decision in the face of criticism in the United States, 
he said: "Too many Americans and politicians in Washington still 
think we 3 re trying to whitewash the Nazis or to detract from their 
crimes. But this was never our intent." 

The U.S. Senate overwhelmingly urged Mr. Reagan on Friday to 
cancel his planned visit to the military cemetery. By a voice vote, the 
Senate adopted a resolution bailing 'the reconciliation between the 
United States and West Germany but adding: "The president should 
reassess his planned itinerary during his forthcoming trip to the 
federal republic of Germany." 


shields us from condemnation by 
our allies and friends." 

"The Satan image of the German 
is back and everything will be more 

difficult in the future, at home as 
well as in out relations with our 
neighbors." he said. 

Another official, Alois Merles, 
the minister of state in the Foreign 
Ministry, sees “an element of 
Greek tragedy” in the uproar over 
Bitburg, He ’said in a telephone 
interview Friday that he feared that 


Other observers have pointed 
out that President Reagan and 
Chancellor Kohl, who have much 
in common in political style, bad 
come to regard each other as per- 
sonal and political friends but nave 
become estranged over Bitburg, 
and that this, too, will make rela- 
tions more difficult. 

When the implications of the 
Bitburg visit became clear in Wash- 
ington with the realization that 49 
members of die Waffen SS were 
buried there, the president report- 
edly called Mr. Kohl with a plea to 
be given a way out. Mr. Kohl re- 
sponded with a speech to the Bun- 
destag Thursday praising the presi- 
dent for his steadfastness and 
deploring his domestic problems. 

Foreign Ministry officials have 
complained to the West German 
press that preparations for the Rea- 
gan visit were monopolized by offi- 
cials of Mr. Kohl's chancellery who • 
were bent on organizing a striking 
media event but who overlooked all 
historical implications of their 
plans. 

The West German press, which 
was slow to pick up the case, has 


“the cohesion between us und the 
United States will be weakened" 
and that the damage might be last- 
ing. 

Mr. Menes, a Christian Demo- 
crat. represents the district of Bit- . -, . , „ 

burg in the Bundestag. He points been wntina that Mr. Reapi was 

out with some pride that in the last sUckl ?8 ™ p&n 

■ ■ - - - out of a sense of obligation to Mr. 

Kohl hut that nothing good could 
come out of the visit now'. 


free election to the Reichstag in 
November 1932 the district gave 
17.6 percent of its vote to the Nazis 
and 76.3 percent to the democratic 
parties. 


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SS Killer Unit Has Graves in Bitburg 

Division That Massacred 642 French Villagers Represented 


The following article is based on 
reporting by John Tagliabue and 
James SI. Markham. It was written 
by Mr. Markham 

blew York Tima Senile 

BONN — Among those buried 
in the West German cemetery that 
President Ronald Reagan plans to 
visit are soldiers from the Waffen 
SS division that committed one of 
the worst massacres of World War 
II, according to information from a 

Europeans disapprove of Rea- 
gan’s cemetery visit Page 4. 

German war-graves group and 
from historical sources. 

While those buried in the Bit- 
burg cemetery more than likely did 
. . — not take pan 'in the massacre of 642 

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1944 in the French yiffase;pf Orj- 
dour-sur-Glane, the involvement erf 
the division appears to have es- 
caped the attention of West Ger- 
man and U.S. officials who have 
been doing research on the grave- 
yard since protests broke out in the 
United States. 

The announcement April 1 1 that 
Mr. Reagan would lay a wreath at 
the cemetery next weekend brought 
an outcry from Jewish organiza- 
tions, veterans’ groups and others 
because of the presence of 49 Waf- 


fen SS soldiers among the 2,000 
dead. 

{Robert B. Sims, a White House 
depurjfcpws*. secretary, declined ip 
comment on the new information 
about the division responsible for 
the massacre. He said there was no 
change in the president’s plans to 
visit the cemetery.) 

According to several accounts 
from Americans involved in the 
planning of Mr. Reagan’s visit. 
Chancellor Helmut Kohl and his 
aides have assured the US. Embas- 
sy that there is nothing about the 
cemetery that could embarrass Mr. 
Reagan.' 

At the same time, the American 


sources said, no one from the Unit- 
ed Stares or from the embassy in- 
vestigated the identity of the 2,000 
soldiers at the cemetery until the 
visit came under criticism. 

When Michael K. Deawr, the 
White House deputy chier of staff, 
visited the Bitburg cemetery in 
February, its gravestones were cov- 
ered with snow. Mayor Theo Halles 
of Bitburg has said that Mr. Deaver 
did not ask for a list of the cemetery 
dead. 

An American knowledgeable 
about tbe selection of the Bitburg 
cemetery described the circular log- 
ic that he said blocked embassy 
inquiries about the graveyard: 

"The Germans said everything 
was fine. Someone said, ‘How do 
we know everything is fine?’ The 
s: ‘The chq 


The Suddeulsche Zeitung, one of 
tbe country’s most respectoi news- 
papers, in a editorial headlined 
“Not to Bitburg," pleaded with Mr. 
Kohl even after his Bundestag 
speech to cancel the visit to the 
cemetery. 

This visit “cannot become an ex- 
pression of reconciliation, it can 
only deepen the estrangement and 
sharpen the bitterness" the editori- 
al said. 

Diplomats and others have 
pointed out that the controversy 
was utterly unnecessary and could 
easily have been avoided. 

There was no need for a symbol- 
ic show of Wcsi German- American 
reconciliation, they said, because 
this reconciliation has long been a 
fact of life that is inherent in the 
alliance, expressed in innumerable 
diplomatic conferences, enhanced 
by West Germany's industrial role 
in Europe and daily contact be- 
tween citizens. 

Most important, perhaps, from a 
German political and psychologi- 
cal point of view, the Bitburg oon-; 



iMn 


CONCENTRATION CAMP VISIT — President Francois Mitterrand paid a visit 
Sunday to the site of the only Nazi death camp in France. Strutbof, near Strasbourg. 
About 40,000 people were held at Strutbof, and 12,000 of them, mostly Jews, were killed. 

Sweden, Acknowledging 9 72 A-Tests, 
Denies Nuclear Weapons Capability 


answer was 
was. so.' ■ 

The U.S. investigation appeared 
to have focused almost entirely on 
making sure that the graveyard did 
not contain any Waffen SS soldiers 
involved in another massacre, of at 
least 86 U.S. prisoners of war at 
Malmedy, Belgium, oo Dec. 17, 
1944. 

That massacre was conducted by 
the First SS Panzer Division. A 
U.S. source said that "two or three" 
of the Bitburg dead were in the 

(Continued on Page 2, Col. 3) 


By Gary Lee 

U’otkingian Past Service 

. . „ — ..WASHINGTON— Sweden has 

. ... troversv is cutting bnnally across^ ^ hedged that it conducted se- 

ehqncellor said it- one of the most serious^temji,*^- underground nuclear explo- 
dgatewer held by the Germans , uangweapons-grade plutoni- 


While Mr. Reagan and the chan- 
cellor acted as if Germany’s Nazi 
history had never occurred. West 
German public opinion has been 
going through many months of in- 
tensive. sometimes almost obses- 
sive self-analysis about this history. 

There is probably no newspaper, 
no matter how small, that has not 
published pages and pages of de- 
scription and comment about the 
(Continued on Page 2, CoL 6) 


Reagan to Press at Summit for Economic Boost 


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By Peter T. Kj'Iborn 

\f*' York Tima Service 

WASHINGTON — President 
Ronald Reagan leaves Tuesday for 
the economic summit conference in 
Bonn, where he will press the lead- 
ers of the six other leading industri- 
al democracies to adopt policies 
that will boost the worio economy 
and avoid trade barriers. 

In his weekly radio address Sat- 
urday. Mr. Reagan in effect asked 
the other summit countries to join 
him in economic acceleration and 
repelling protectionism, which has 
emerged as one of Lhe conference’s 
most contentious issues. 

“By working together with our 
allies/’ he said, "we hope to insure 
that the engines of growth and pro- 
, T- i Fdifitt ££ i gress keep running with efficiency. 

- viz* K - 50 j ca®tfg^--T We want to make certain tbe fruits 
nr? of open and free exchange are en- 
joyed by all and that free trade is a 
two-way proposition.” 

Europeans and the Reagan ad- 
ministration are concerned about 
turmoil in world currencies; signs 
that the long U.S. economic boom 






CA-WAUS 

TGART 

5UCO« 






may be sputtering out; high unem- 
ployment in Europe and Canada; 
and growing disputes over protec- 
tionism. notably Congress’s fury 
with Japan over trade practices. 

For all the first-name cordiality 
among the national leaden, the cer- 
emonial splendor and the arduous- 
ly written communiques that will 
emerge at the Tboisclay-to- Satur- 
day conference, it is unlikely to 

West Germany has scant room 
to maneuver on economy, 
Bundesbank bead says. Page IS. 

produce decisive policy changes 
that could alter world economic 
behavior. 

At best, officials of the partici- 
pating countries — the Uni led 
States, Japan, West Germany, Brit- 
ain, France, Italy, and Canada, in 
addition to the leadership of the 
European Community — expect 
tittle more than vague commit- 
ments on resolving their conflicts 
over several years. 

“If we just keep things from get- 


ting waree," a senior State Depart- get deficits resulting from tbe presi- 
menl official said, "that might be dent’s policies wash through theii 

enough." 

Tbe principal issues before the 
summit conference have occupied 


all the conferences since they began 
at Rambouillei, France, in 1973: 
The first, stability of currency ex- 
change rates, is the essential lubri- 
cant of the second, international 
trade, which is vital to the fulfill- 
ment of the third, worldwide eco- 
nomic growth. 

Inevitably, as the chief of the 
biggest of tiie participating coun- 
tries, tiie UJS. president dominates 
the decisions at summit confer- 
ences. But Mr. Reagan has expand- 
ed his influence much further. 
Since his first summit conference, 
in Ottawa in 1981, he has been 
preaching tbe gospel of free mar- 
kets and small government that un- 
derlie his economic policies at 
home. 

Other summit countries, espe- 
cially France and Britain, have de- 
rided the Reagan policies. They 
contend that tiie $200-billion bud- 


their 

own economies because they bold 
UJ>. interest rates unusually high 
and divert investment from their 
own economies to the United 
States. Tbe Reagan administration 
counters that without its policies, 
the rest of the world would have 
bad virtually no economic growth 
over the past two years. 

Voices on both sides are now a 
tittle less strident The president 
calls tbe deficits "immoral" in in- 
voking them to press his goal of 
cutting spending to reduce the size 
of government. Europeans, for 
their part have become concerned 
over their failure to halt the rise of 
unemployment despite economic 
improvements. 


urn in 1972, but denied published 
reports that it now has the capabili- 
ty to produce nuclear weapons. 

The acknowledgment was nude 
in Stockholm on Friday by govern- 
ment defense research specialists 
and confirmed in Washington by a 
Swedish Embassy spokesman. 

Sweden, they said, halted work 
on producing an atomic bomb in 
1957 but scientists continued to 
seek to develop effective defenses 
against nuclear attack that in- 
volved the underground explosions 
that were disclosed. 

The defense research specialists 
emphasized in Stockholm that the 
amount of plutonium used in the 
tests had been about a gram, far 
short of the amount needed to 
make a nuclear bomb. 

The Swedish Defense Ministry 
took issue sharply Saturday with 
the published reports. 

A statement issued by Defense 
Minister Anders Thun berg said 
that Sweden had sponsored a series 
of "conventional explosion experi- 
ments which were undertaken 10 to 
15 years ago on the shock-wave 
penetration of various metallic ma- 
terial. including small pieces of plu- 
tonium." 

But a Swedish Embassy spokes- 
man in Washington said that the 
explosions had not involved a mo- 
lecular chain reaction. 

Statements by Swedish officials 
in Stockholm that were reported 
Friday were concerned primarily 
with denying that Sweden deliber- 


plutonium and nuclear explosions 
involving tbe same metaL 

Die embassy spokesman said the 
intent had been only to acknowl- 
edge that plutonium had been in- 
volved in the explosions. 

Sweden never has possessed at 
any one time more than 1 10 grams 
(about four ounces) of plutonium, 
while it generally is accepted that 
3,000 to 5,000 grams of plutonium 
are needed for a nuclear explosion, 
the spokesman said. 

But conventional explosions 
have been used with small amounts 
of plutonium to produce molecular 
chain reactions in experiments by 
other nations. 

News agencies reported from 
Stockholm that the initial disclo- 
sure of the tests, which came Thurs- 
day in Ny Tekrnk, a reputable 
Swedish tedinicai journal had pro- 
voked a political controversy. Nu- 
clear arms-testing is illegal in Swe- 
den. where the parliament in 1957 
banned research geared toward 
producing a nuclear bomb. 

Sweden, which considers itself a 
neutral country, signed the Nuclear 
Nonproliferation Treaty in 1968, 


pledging not to acquire nuclear 
weapons production capability. 

Prime Minister Olof Palme, a So- 
cial Democrat who has played a 
leading role in seeking nuclear-free 
zones in Europe, sain that "no nu- 
clear weapon has ever been con- 
structed or exploded in Sweden.” 

But he added that it was some- 
times hard to define the limits of 
“research aimed at protecting the 
Swedish population against nucle- 
ar arms," which Swedish law al- 
lows. 

Only the United States, the Sovi- 
et Union, China. France and Brit- 
ain have openly acknowledged hav- 
ing nuclear weapons. 

The embassy official in Wash- 
ington described the research that 
was carried out after 1957 as “pro- 
tective," aimed at defending neu- 
tral Sweden against nuclear attack, 
and not at building nudear weap- 
ons. “The whole thing was stopped 
in 1972,” he stated, but he would 
not say what the research pro- 
duced. 

The Associated Press reported 
from Stockholm that Tage Erian- 
der. Sweden’s prime minister in 

(Continued on Page 2, CoL 2) 


Miners 
Dismissed 
In S. Africa 

15,000 Blacks 
Lose Jobs; Many 
Continue Protest 


l nmpiin] tv Our S&i/J Front Dup jukts 

JOHANNESBURG — About 

15.000 black South African miners 
have been dismissed after earning 
out work stoppages, and many 
have locked themselves into hostels 
at the world's largest gold mine to 
protest the action. 

The dismissals were announced 
Saturday by the Anglo-American 
Corp., which dismissed about 

13.000 of the 40,000 blacks at its 
Vaal Reefs mine, and by Anglo- 
vaal, which dismissed about 2.000 
members or its work force of 16.500 
at the Hartebeesfontein complex. 
Both mines are west of Johannes- 
burg. 

A spokesman for Anglo-Ameri- 
can said that production losses at 
Vaal Reefs, the world's largest 
mine, would cost up to 25 million 
rand (S12.5 million) and that work 
would stop for about two weeks. 

Vaal Reefs and Hartebeesfon- 
tein produce one-sixth of South Af- 
rica's gold, and gold accounts for 
about hair of the counuy's export 
earnings. 

When the workers have been 
paid they will be sent back to black 
homelands. Under South Africa’s 
racial segregation laws, they are not 
permitted to remain in the mine 
area. 

Cyril Ramaphosa, president of 
the black National Union of 
Mineworkers, said that workers 
had locked themselves into hostels 
at Vaal Reefs and were refusing to 
leave. 

“It is a state of siege." he said. 

Mr. Ramaphose said that the po- 
lice had used tear gas to force work- 
ers out of hostels, but a mine 
spokesman said that no police were 
in the area. 

A spokesman for Anglo-Ameri- 
can said that the men “effectively 
fired themselves" when they ig- 
nored procedures for wage disputes 
and refused to go into the mines 
Friday and Saturday. 

“We expect most’oT the workers 
to re-appfy for jobs," the spokes- 
man said, "and this will be consid- 
ered according to their record." 

He said that the miners had 
struck to press demands for a 10- 
percent increase in their average 
monthly salaries of 300 rand. Min- 
ers receive room and board in addi- 
tion to their wages. Mine officials 
estimated that the total package 
averaged about 420 rand a month. 

The strike “has ignored the 
agreed procedures ana is totally 
illegal." the spokesman said. “The 
company had no option but to dis- 
miss the’ men." 

In continuing unrest in black 
communities across the country, 
the police used tear gas and rubber 
bullets to counter stone-throwing 
crowds. 

The police said they shot to 
death a 16-year-old black after 
about 500 people stoned a house in 
eastern Cape Province. 

( Reuters ; UPI, AP) 


Christians 
Flee Assault 
In Lebanon 

The Auocuued Press 

BEIRUT — Druze fighters, us- 

witn denying mat Sweden deuoer- i n S Soviet-made T-54 tanks, 

“They look at Reagan different- ately had developed the capability stormed the last Christian outposts 


ly," said W. Allen Wallis, undersec- 
retary of state for economic affairs, 
who has been directing the admin- 
istration’s planning for the summit 
meeting. The president's policies, 
(Continued on Page 2, CoL 7) 


to build an atomic bomb. 

Those reports did not contain 
the distinction made Saturday by 
the Swedish Embassy spokesman 
and tbe Defense Ministry between 
conventional explosions involving 



V -s" r' ; 
a.V* : 

■ ‘ st- \ 



INSIDE 

■ Jews gathered in Cairo to 

mark a rabbinical scholar's 
850th anniversary. Page 2 

■ A recent mishap involving a 

U.S. passenger jet highlights the 
industry’s improved safety re- 
cord. Page 3. 

■ President Reagan and Presi- 

dent Chun are encouraged by 
steps toward the reconciliation 
of the two Koreas. Rage 4. 

■ The Soviet leader said Russia 
urged at Geneva that it and the 
United States cut their strategic 
arsenals 25 percent. Page 4. 

OPINION 

■ Food assistance to Africa is 

only one step, says the bead of 
the Food and Agricultural Or- 
ganization. Page & 

BUSINESS/FINANCE 

■ Japanese car makers with ties 
to U^l companies have been 
favored in Japan’s quota alloca- 
tions, sources said. Page 15. 


White House Aides Tell of Conflicts WithBuchanan 


By Lou Cannon 

Washington Post Service 

WASHINGTON — Reagan ad- 
ministration efforts to speak with a 
single voice on delicate questions of 
foreign policy have been frustrated 
by a growing straggle between the 
White House communications di- 
rector, Patrick J. Buchanan, and 
aides who played important roles 
during President Ronald Reagan’s 
first term, according to officials. 

“Pat is pushing the president 
into confrontation with Congress 
and the press, two key constituen- 
cies with which Reagan has always 
done pretty well," a senior official 
said. 

Such veterans as the president’s 
deputy chief of staff, Michael K. 
Deaver, his national security advis- 
er, Robert C. McFarlane; and his 
chief political adviser, Edward J. 
Rollins, Cake pride in Mr. Reagan’s 
first-term success in coaxing Con- 
gress into compromises and boost- 
ing his popularity through public 
appearances. 

Now there is a anxiety among 
longtime aides and Reagan advis- 



ested in the success of the conserva- 
tive cause than the welfare of lhe 
president.” 

Mr. Buchanan has followed a po- 
licy of refusing to return phone 
calls from reporters. 


omm ended strategy put him into 
direct conflict with Mr. McFarlane, 
who favored private consultations 
with members of Congress to find a 
consensus. 

First, Mr. Buchanan pushed for 


Mr. Buchanan’s combativeness a nationally televised speech on the 


Patrick J. Buchanan 


has led to expressions of concern in 
the While House about the judg- 
ment of the man who hired him, 
Donald T. Regan, the chief of staff. 
An administration official said Fri- 
day that Mr. Regan, although an 
effective manager, had "simply no 
idea of how Buchanan would try to 
mobilize the conservative constitu- 
encies to get his way." 

Officials of all views agree that 
Mr. Buchanan is persistent, ener- 
getic and far more able at advanc- 
ing his views than many of his ri- 
vals. Some attribute this to his 
experience in the embattled While 
House of President Richard M. 
Nixon, where Mr. Buchanan was a 

speech writer. 

Mr. Buchanan’s persistence was 



ers outside the While House about particularly evident in the past two 
Mr. Buchanan, who was described weeks on the issue of providing aid 
by one of them as "far more inter- to the Nicaraguan rebels. His rec- 


issue on April 21. This approach 
was rejected ‘ 
the Senate' 

Robert J. 
er White House aides wanted a 
speech on the budget instead. 

Mr. Buchanan kept pushing on 
the Nicaragua issue. On April 21, 
he conferral with tbe director of 
the Central Intelligence Agency. 
William J. Casey, with other ad- 
ministration conservatives and 
with Senator Jesse Helms, a Re- 
publican of North Carolina, then 
tried unsuccessfully to persuade 
Mr. Reagan to give a speech the 
next day describing aid to lhe re- 
bels as essential to U.S. security. 

Mr. Buchanan, a columnist and. 
commentator before be joined the 
White House staff in February, 
also has continued to dash with 
(Continued on Page 2, Col- 7) 


on the coast south of Beirut on 
Sunday while Moslem militias 
drove the Christians inland from 
Sidon, cutting them oft from their 
northern heartland. 

The Druze, joining Moslem allies 
for the first lime since sectarian 
fighting erupted again late last 
month, captured the port of Jiyesix 
miles (10 kilometers) north of Si- 
don, Christian sources reported. 

Moving south in a two-pronged 
assault behind an artillery barrage, 
the Druze 'and a newly formed 
group of Moslem militias, the Pop- 
ular Liberation Army, took control 
of the main coastal highway be- 
tween Beirut and Sidon. 

Meanwhile, Israel withdrew the 
bulk of its forces from Lebanon’s 


dispatches i 

The military command in Tel 
Aviv denied that Israeli forces had 
withdrawn from Tyre, saying that 
nonessential supplies and person- 
nel were being pulled out of Tyre so 
that the, military could move out 
quickly when the final pullout or- 
der was given. 

Reported telephoned from Tyre, 
50 miles south of Beirut, said that 
residents surged to the streets in 
jubiliation when Beirut radio re- 
ported the Israeli departure. Many 
chanted and clapped; motorists 
raced through the streets honking 
car horns. Bat the celebrations 
stopped when residents discovered 

(Continued on Page 2, CoL 4) 



Christian residents of Hlafiyeb near Sidon 
their homes to seek safety from tiie 


Rum 

to flee 
em advance. 






Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, .APRIL 29, 1985 


From Brooklyn to Cairo 
To Pray in a Synagogue 

Jews Meet in Egypt to Honor Scholar 
On 850th Anniversary of His Birth 


By Judith Miller 

Sew York Times Service 

CAIRO — Al dusk in the old 
Jewish quarter of Cairo, hidden 
within a labyrinth of crooked alleys 
and narrow streets, a small group 
of Jews gathered at a dilapidated 
synagogue. 

They had come from Brooklyn 
and Tel Aviv, from Cairo and Alex- 
andria to honor the 850th anniver- 
sary of the birth of Maimonides, 
the philosopher, astronomer, royal 
physician, jurist, rabbinical scholar 
and one of the most illustrious fig- 
ures in Judaism. 

For centuries since his death in 
1204, Jews have paid tribute to him 
by studying his works. More re- 
cently, on the eve of Passover. Mai- 
monides' birthday, some have be- 
gun ritual recitations of his 
writings, especially “The Guide of 
the Perplexed" and the “Mishne 
Torah." or the restudy of Judaism’s 
holy book, the Torah. 

Small groups of Jewish scholars 
and intellectuals throughout the 
world celebrate the annual culmi- 
nation of their study and recita- 
tions. But the ceremony in Cairo 
last week was unusual: for the first 
time in memory, Jews were able to 
honor Maimonides in Egypt at the 
synagogue that bears his name, the 
place where he is believed to have 
worked and prayed. 

After 18 years of decay and ne- 
glect. the synagogue called Ram- 
bam was reopened essentially for 
the occasion. Ram bam. an acro- 
nym for the Rabbi Moses ben Mai- 
mon. is how Maimonides is known 
in rabbinical literature. 

“In our religion, we know that 
the souls of the deceased know 
when their words are studied and 
spoken." said Rabbi Yosef HechL 
He is a follower of the Lubavitcher 
Rabbi Menachem Schneerson, who 
heads of one of the most important 
Hassidic groups, based in Brooklyn 
and Israel. 

“So we know that the soul of the 
Rambam is here with us today, in 
this synagogue, for this greatest of 
rejoiceraents,” Rabbi Hecht said. 

If the Rambam were there, he 
probably would have been in- 
trigued. The ceremony was not ad- 
vertised, but somehow word of it 
reached doctors attending an inter- 


national conference here on infec- 
tious diseases. So, among others 
coming to mark the occasion were 
Charles GreenblalL a U.S.-born 
physician who lives in Israel, and 
his wife and daughter. 

Israel's ambassador to Egypt, 
Moshe Sasson. also addressed the 
gathering, in Hebrew, since none of 
the Egyptian officials who were in- 
vited attended the ceremony. 

Egyptian security men. however, 
were well represented. They 
watched with bewilderment as five 
Lubavitcher rabbis linked arms, 
sang songs and danced in front of 
the wooden altar upon which an 
etching of Maimonides hung. 

Rabbi HechL sent from Brook- 
lyn to Israel eight years ago. said he 
and several other Lubavitchers had 
spent the last year memorizing 
three chapters a day of the “Mishne 
Torah." which they finished on the 
Rambam’s birthday. 

Only the first stage of the syna- 
gogue's restoration has been com- 
pleted, and Egyptian Jews said they 
doubted it would ever be fully re- 
paired, given Egypt's diminishing 
numbers of Jews. Once 100,000 
strong, their numbers have dwin- 
dled to no more than 250. 

The small synagogue, dosed af- 
ter the 1967 Arab- Israeli war, has 
no roof; it collapsed in the early 
1970s. The marble bimah, from 
which services were read, remains 
broken and cracked. 

AL the turn of the century there 
were 5,000 Jews and 10 synagogues 
in the Haret EI-Yuhud. or Jewish 
quarter of Cairo. Now only five 
Jews remain; the synagogues are all 
in disrepair, some barely identifi- 
able as former places of worship. 

As a doctor, Maimonides wrote 
one of the first definitive studies of 
asthma and an early treatise on 
blood circulation. 

As a philosopher, he was primar- 
ily an Aristotelian, who expressed a 
profound respect for Greco- Arabic 
tradition. As the biographer, Fred 
Gladstone Bratton, described him. 
he was above all an “ethical prag- 
matist,” a man who insis ted on in- 
telligence in religion. 

But to the Jews at the ceremony. 
Maimonides was “the doctor," a 
healer for the ills of all religions. 



43 


CURFEW IN INDIA — Women in Ahmedabad, Guja- 
rat state, were allowed out of their houses Sunday to buy 
food, as curfews remained in force after at least 24 


The ABoocttd Pros 

persons died in a week of caste rioting. Elsewhere in 
GujuraL rioting was reported in Surat and Baroda. 
Violence also erupted in Bombay, in Maharashtra state. 


SS Killer Unit Has Graves in Bitburg 


(Continued from Page 1) 

First SS Panzer Division, but that 
they had died before the Malm6dy 
raassacre. 

On the West German side, too. 
the focus appears to have been on 
Malmedy, according to a historian 
who has been doing research on the 
Bitburg cemetery for the Bonn gov- 
ernment. 

“We only looked at Malm&jy," 
the historian said. 

The Americans and West Ger- 
mans had been reassured by the 
fact that officers of a French garri- 
son in Bitburg and Americans from 
the 36th Tactical Fighter Wing 
there had joined West Germans in 
annual ceremonies at the cemetery 
on the second Sunday before Ad- 
vent. In 1952, Bonn "declared the 
day to be one of national mourning 



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Sweden Denies It Is Capable 
Of Producing Nuclear Arms 


(Continued from Page 1) 
1957, acknowledged authorizing 
the proyam but said he doubted 
that it violated the parliamentary 
ban because it was carried out for 
“nonoffensive purposes.” 

Nils Skold, a former Swedish 
Army officer, told a Stockholm 
newspaperm, "We conducted a cer- 
tain research in order to obtain 
atomic weapons if it would be nec- 
essary.” 

The article in Ny Teknik said 
that Sweden's National Defense 
Research Institute started its at- 
tempts to build a bomb in 1952 and 
continued throughout the 1960s 
and 1 970s, despi le thef parliamenta- 

3 f prohibition. The program was 
esigned to allow Sweden to buQd 
10 bombs a year of the size dropped 
on Nagasaki, Japan, according to 
the article. 

Tbe research c ulmina ted in 1972. 
with n small underground plutoni- 
um explosions in a defense research 
laboratory in So Inn, a Stockholm 
suburb, the article said. 

Blueprints for Sweden’s atomic 
arms-p reducing capability were so 
complete by 1957 that even the 
probable radioactive fallout had 
been measured, the article said. A 
year later, it said, the government 


gave the Swedish defense institute 
approval to produce nuclear arms 
on a small scale. 

The article said the institute then 
developed the nuclear reactor 
Ages la, which was designed to pro- 
duced 15 to 18 pounds (6.8 to 8.1 
kilograms) of weapo os-grade plu- 
tonium a year — or enough to man- 
ufacture up to 10 tactical atomic 
weapons. 

By 1965, it said, Sweden had de- 
veloped atomic bomb capability. 
But, it said, the efforts at produc- 
tion lost momentum in the late 
1960s because of rising costs and 
uncertainty of the directions other 
nuclear powers would take. 

Chris ter Larsson, who wrote the 
report, said that Sweden built a 
nuclear-pulse generator that would 
trigger a warhead. 


Kins 


Saudi King to Visit France 

Return 

MANAMA, Bahrain — 

Fahd of Saudi Arabia acc 
Sunday an invitation from ' the 
French minister for external rela- 
tions, Roland Dumas, to visit 
France, a senior French diplomat 
in Riyadh said. The king may visit 
France this summer. 






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for the victims of Nazism and the 
two World Wars. 

The massacre in Oradour-sur- 
Glane. which is 12 miles (20 kilo- 
meters) northwest of Limoges, oc- 
curred June 10, 1944. The 
inhabitants, including women and 
children, were shot or burned to 
death by soldiers of the Second SS 
Panzer Division. 

The West German war- graves 
group that took soldiers' bodies to 
the Bitburg cemeteiy after the war 
has said that most of tbe 49 SS 
soldiers there belonged to the Sec- 
ond SS Panzer Division, nick- 
named “Das Reich.” and the 10th 
SS Panzer Division. Of the 49, one 
died before the Ontdour massacre, 
according to dates on the tomb- 
stones. 

In a telephone interview. Adolf 
Barth, the executive director of the 
German graves group, the Associa- 
tion for the Care of German War 
Graves, said that most of the SS 
soldiers buried in Bitbuig died in 
fighting nearby in late 1944 and 
early 1945. , 

Mr. Barth said the bodies had 
been gathered from scatter 
ives and brought together in 


mg hanged 99 men and women in 
public. 

A Nazi Party member promoted 
to general by Heinrich Himmler, 
the SS chief. General Lammerding 
was condemned to death in absen- 
tia by a Bordeaux court in 1951. 
but French attempts to have him 
extradited from West Germany 
were unavailing. A building con- 
tractor in Dusseldorf, he died a 
natural death in 1971. 

Continuing toward the Norman- 
dy front, the Second Division was 
fired on by snipers near Oradour- 
sur-Glane. a village of about 85 
houses. Soldiers of the division's 
Fourth Regiment surrounded Ora- 
dour and. on Saturday, June 10. 

According to testimony present- 
ed to tbe International War Crimes 
Tribunal in Nuremberg, the sol- 
diers told the villagers that Ora- 
tion r would be searched for explo- 
sives. The men were gathered in 
four or five groups and locked in 
barns; the women and children 
were confined in the village church. 

The soldiers set fire to the barns. 
They put a box containing bomb 
fuses next to the church's commu- 
nion rail and lighted the fuses in an 


itburg cemetery, which is known ^attempt to suffocate the women 


as Kolmesbohe and was formally 
opened in 1959. 

Mayor Hallet of Bitburg has de- 
clined to identify the military units 
to which the SS soldiers in the cem- 
etery belonged, saying that this 
would lead to a judging of men who 
died four decades ago. 

The Second SS Panzer Division 
spent the opening years of World 
War 11 in Poland and in the Soviet 
Union. In September 1941, some of 
its members assisted an extermina- 
tion squad in tire killing of 920 Jews 
near Minsk, according to George 
H. Stein, a U.S. historian and au- 
thor of the book “The Waffen SS: 
Hitler's Elite Guard at War." 

At the time of the Allied landings 
in Normandy in June 1944, the 
division was in southern France, 
where it had been transferred after 
a hard winter of fighting on the 
Soviet front The division was sum- 
moned to help German security 
forces in hunting members of the 
French underground in the Au- 
vergne mountains, and entered the 
town of Tulle. 

There, on June 9, soldiers of the 
Second Division under the com- 
mand of General Heinz Lammerd- 


and children. Six of the children 
were less than six months old; one 
baby was 12 days old, 

A report by a Vichy government 
prefect said: 

“Someone succeeded in p ullin g 
open the sacristy door so that it was 
possible to revive some of the chok- 
ing women and children. The Ger- 
man soldiers then began to shoot 
through the church windows; they 
rushed into the church to finish off 
the last survivors with machine-gun 
fire and poured an easily flamma- 
ble liquid on the church floor." 

Toward evening, German sol- 
diers stopped a train approaching 
Oradour. ordered its passengers to 
get off and then killed them with 
machine guns and threw the bodies 
into the smoldering buildings. The 
men of Oradour had died in the 
flames. 

Later that day and tbe Following 
morning, a Sunday, farmers from 
the vicinity who came to the village 
to collect their children at a school 
there were also shot by soldiers of 
the Second Division. 

The entire population of the vil- 
lage, 642 French men, women and 
children, were killed at Oradour. 


Ouistians in Lebanon Flee 
Offensive by Druze, Moslems 


(Continued Iran Page 1) 
that some Israeli forces remained in 
the ancient Phoenician city. 

The reports said the Israelis had 
abandoned their main intelligence 
headquarters and had leveled barri- 
cades around the compound. 

In the fighting in southern Leba- 
non, the Moslem and Druze forces 
were seeking to force the Christians 
into an enclave in the southern 
Chuf mountains around Jezzine. 

Tens of thousands of Christians 
have fled their homes ahead of the 
advancing Palestinian guerrillas 
and Moslem militias, and they were 
converging on Jezzine. 

Tbe refugees began arriving 
Thursday, after fleeing Christian 
villages overrun by Pales tinians 
and Moslems who sought revenge 
for a monthlong Christian siege of 
Sidon. 

Reporters said Saturday that 
Christians were climbing the 
mountain roads to Jezzine in trucks 
and cars piled high with mattresses, 
bedding, suitcases and other pos- 
sessions. Militia and political lead- 
ers reported that food was running 
short 

Moslem-controlled radio sta- 
tions jubilantly proclaimed “the 



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liberation" of Christian-held terri- 
tory. 

Twenty T-54 tanks, which were 
given to Druze forces by Syria after 
Israeli troops withdrew from the 
Bekaa Valley last week, were seen 
moving down the highway. 

The radio stations said that the 
Moslem forces, pushing east from 
Sidon, 25 miles south of BeiruL 
drove the Christian militia, the 
Lebanese Forces, inland toward 
Jezzine. 

Moslem radio stations said the 
militias overran the Christian 
strongholds of Madjelyoun and 
Salhiye. 

The Moslem forces reported 10 
of their fighters killed and 30 
wounded. Reporters saw the bodies 
Of five Christian militiam en in hills 
above the coastal highway. Twelve 
other bodies, mostly civilians ap- 
parently caught in cross fire, were 
on the side of the highway between 
Jiye and Damour, reporters on the 
scene said. 

■ Murphy Ends Mission 

Richard W. Murphy, assistant 
US. secretary of state for Near 
Eastern and South Asian affaire, 
left Cairo for Washington on Sun- 
day after briefing Foreign Minister 
Esmat Abdel Meguid of 1 


Bonn Faces 
Fallout From 
Reagan Visit 

(Continued from Page 1) 
war and the 40th anniversary of the 
Nazi surrender. 

The historical accounts pub- 
lished by Der Spiegel, a leading 
weekly, over the last two years 
would fill 2 history book. And the 
page-long commentaries by philos- 
ophers and historians printed every 
week for the last few months in the 
more introspective Die ZeiL anoth- 
er weekly, may well be published as 
an important' collection of essays 
on contemporary history. 

With few exceptions the national 
debate has been responsible and 
moderate. A constant theme has 
been that the Germans must live 
with their history as it is because 
there is no way even its ugliest 
chapters can be wiped off tbe 
books. 

Many West Germans feel that 
ironically and even tragically the 
Bitburg controversy has exacerbat- 
ed their own national debate and 
reduced it lo a level where it should 
never have been: an impossible 
choice between collective condem- 
nation and collective innocence, 
and such meaningless and unan- 
swerable questions as to whether a 
particular man buried in a particu- 
lar place had been the perpetrator 
of war crimes or a victim. 

The respected Frankfurter Allge- 
meine Zatung published a letter 
from a woman who wrote that her 
cousin bad been drafted into the 
Waffen SS as a very young man in 
the dosing days of tbe war and that 
he was killed and buried in Bitburg. 
When his wife asked to open the 
coffin after the war she found he 
was not wearing a uniform but pris- 
on garb. A companion later con- 
fessed that he was executed be- 
cause he refused to shoot a child. 

For Mr. KohL, the controversy 
over the Bitburg visit has been a 
severe setback. 

He has often been pointing out 
that he is the first chancellor who 
was a mere boy in tbe dark days of 
Nazism and lie has made it p lain 
that be is anxious to see the past 
laid to rest during his tenure. 

On a visit to Israel last year he 
provoked bitter criticism there and 
in West Germany when he created 
the impression that because of his 
age he felt less responsible than his 
predecessors for what had been 
done in the name of Germany dur- 
ing the Holocaust 
He was disappointed last year 
when American, British and 
French leaders celebrated the anni- 
versary of the Normandy landing 
without inviting him. He felt vindi- 
cated when President Francois 
Mitterrand invited him to Verdun 
and the two stood hand in hand in a 
symbolic gesture over the graves of 
French and German soldiers who 
had died in tbe worst batile of 
World War I. 

It was a Verdun-like scene that 
he had in mind when he proposed 
such a visit to President Reagan in 
Washington last November, and he 
must have been persuasive. Some 
of the things Mr. Reagan has since 
been saying about war crimes and 
victims sounded familiar to West 
Germans who had been listening to 

The While House and the chan- 
cellery could have saved a lot of 
heartbreak in both countries if they 
had remembered in time that Bit- 
burg is not yendun and that there 
are no American soldiers buried in 
German military cemeteries but a 
lot of Waffen SS in all of them, a 
West German journalist said. 

“Do you know that 17 Waffen 

SS are buried in the Bonn cemetery 
where every foreign head of state 
who evencame to the German capi- 


WORLD BRIEFS; 


Beijing Protesters Begin Dispersing 

BEIJING tAP) — The number of protesters at Communist Party 
headquarters demanding permission to live in Beijing dwindled Sunday 
to fewer than 100. Police kept foreigners away from the protesters. 

“We have orders not to let vou in." a police officer told a reporter who 
approached the driveway of the fenced compound, which also houses the 
dtv halL 

About *00 Chinese who left Beijing and resettled in impoverished 
Shaanxi province during the 1966-76 Cultural Revolution began the 
protest last week, demanding the right to return to Beijing permanently. 
Their numbers have dwindled in the past few days, and on Saturday 
police ejected the foreign press from the grounds and photographed 
Chinese who talked with reporters. 

U.S. to Expel Soviet Envoy in Protest 

WASHINGTON (WP)— The United States has ordered the expulsion 
of an assistant military attache at the Soviet Embassy here in response to 
what it called “the unacceptable Soviet position" expressed m a statement 
Monday on the killing of Major Arthur D. Nicholson Jr. of the U .S. Army 
in East Germany last month. 

Richard R. Burt, assistant secretary of state for European affairs, 
informed ihe acting Soviet ambassador. Oleg Sokolov, on Friday that 
Lieutenant Colonel Stanislav Ivanovich Gromov has seven days to leave 
the United States. Mr. Burt demanded clarification of the Soviet position 
on the death of Major Nicholson and insisted that Moscow abide by an 
agreement reached April 12 between U.S. and Soviet military officials, a 
State Department statement said. 

The State Department said the Soviet side had agreed to take measures 
to prevent a repetition of tbe incident by prohibiting the use of force or 
weapons against members of the U.S. military liaison in East Germany, 
as provided in a 1947 agreemenL Last Monday, however, the Soviet 
Union issued a statement reserving the right to deal with any “intruder" 
on an “intelligence mission" according to Soviet military manuals rather 
than the 1947 accord. 

Honecker to Leave Post, WeeklySays 4 

HAMBURG. West Germany (AFP) — Erich Honecker will step down 
next year as head of East Germany’s Communist Party but will continue 
as the country’s presidenL according to an article to be published 
Monday in the news weekly Der Spiegel. 

The magazine said Mr. Honecker, who is 72. will remain a member of 
the Politburo. It said he had made the decision because of his age. 

Der Spiegel predicted that Mr. Honecker would resign at the party’s 
congress next April and that be would be replaced by Egon Kienz, a 
Politburo member. 

Chile Arrests 264 at Socialist Rally 

SANTIAGO (AP) — Chile’s military government has seized at least 
264 participants at an indoor rally of the Socialist Party and accused them 
of plotting May Day violence. 

Witnesses said that uniformed policemen entered an auditorium in 
centra] Santiago during a Friday evening program of speeches and ^ 
revolutionary folk music sponsored by the electricity workers union and 
ordered everyone to board police buses. 

In a communique issued Saturday, the Interior Ministry accused 
participants at the rally of “p lanning acts to disturb public order" on 
Wednesday and possessing “subversive literature." General Augusto 
Pinochet rules Chile under a state of siege thaL bans unauthorized 
political gatherings. 

For the Record 

A curfew w as imposed Sunday on the Nigerian town of Gombe, where 
religious rioting has left more than 100 persons dead. (Reuters) 

Egypt has freed two Britons and two Maltese detained since November 
in an alleged plot to murder an opponent of Colonel Moamer Qadhafi, 
the Libyan leader, prosecution sources said Sunday in Cairo. (Reuters) 
Prime Minister Brian Mulroney of Canada arrived Sunday in London 
on for an official visiL (Reuters) 


Reagan to Press at Summit 
To Boost World Economy 


* 


(Continued from Page 1) 
he said, "are looked at with more 
interest and respect" 

But the United Stales and Eu- 
rope now are concerned that the 
US. economy has exhausted the 
energy that let it grow faster than 
any other country, including Japan, 
over the last two years and may be 
decelerating to a growth rate wdl 
below the 4 percent that the Rea- 
gan administration calls desirable 
and sustainable. 

During the first three months of 
the year, it grew at a near-recession 
rale of only 1 3 percent 

The administration assumes that 
the U.S. economy has slowed and is 
unlikely to remain the engine of 
world growth. It wants other coun- 
tries to take up the slack. 

Against this background, the dis- 
cussion of exchange rates, trade, 
and growth will be defined in terms 
of differences over the extent to 
which government action or mar- 
ket forces should be relied on. 

The issue of exchange rates 
comes down lo disputes over 
French and EC insistence that gov- 
ernments link the values of their 
currencies. They contend that cen- 
tral banks should intervene to de- 
fend such linkage — for example, 
by selling dollars if the market 
should push the dollar above its 
prescribed limits. 

At the root of the French posi- 
tion is the view that government 
management of exchange rates 
forces governments to avoid the 
economic excesses, particularly in- 
flation. that cause currencies to 
move out of line with others. 

The Reagan administration’s 
view, supported by the other sum- 
mit countries, is thaL sound man- 
agement of national economies 
keeps currencies in line, the admin- 
istration contends, not manage- 
ment of the currencies themselves. 

But the exceptional strength and 
more recent volatility of the dollar 
have also worried tie administra- 
tion. By lowering the relative prices 


of foreign goods, the dollar’s 
strength has caused record UJS. 
trade deficits and forced fanners 
and companies out of business. 

Partly to deflect the French, but 
also to show support of more active 
government intervention to pre- 
vent disorder in the currency mar- 
kets, Treasury Secretary James A. 
Baker 3d earlier this month said 
that “the United States is willing to 
consider the possible value of host- 
ing" a multinational conference to 
explore the question. 

Trade issues are equally divisive. 
The question before the summit J 
meeting is the U.S. insistence on a ^ 
specific date to begin a worldwide 
round of negotiations to eliminate 
obstacles to free trade in agricul- 
ture and services, including non tar- 
iff devices such as farm subsidies 
and Japanese measures to block 
foreign goods. 

“I think that one of the things 
that is of great importance that we 
want to be talking about is another 
round of trade talks ro resist the 
protectionism that raises its haul 
every once in a while." Mr. Reagan 
told a group of foreig 

dents in an interview that ! 

House released on Satuniay. 

But the United States is the most 
openly committed to free trade, 
and not solely because of its com- 
mitment to unregulated markets. 
Protectionism, in the form of price 
supports to farmers, increases tbe 
government spending that the ad- 
“unisiration is trying to reduce. 

In return for cutting its aid to 
farmers, the administration wants 
to assure them greater access to 
world markets. The reductions in 
government farm supports could 
pass Congress late this year, so 
tiierejs some urgency to the admin- 
istration's appeal for trade negotia- 
tions. ‘ We need a date to discipline 
the process of getting started with 
the talks," said Beryl W. Sprinkd, 
rae chairman of the Council of 
Economic Advisers. “We want to 
get U going in early 1986." 


Conflict Greets Buchanan * 


tal has placed a wreath?" he said. 

his 16-day tour through ihelvSddle „ . _ , . 

Easu The Associated Press report- Drought Emergency in N.Y. on his religious 


(Continued from Page 1 ) 

Mr. Deayer. a longtime friend of 
the president, over communica- 
tions strategy. 

An administration official said 
that Mr. Buchanan recently ar- 
ranged for Pat Robertson, a conser- 
vative religious broadcaster, to in- 


ed from Cairo. 

The state-run news Middle East 


New York Times Service 

NEW YORK — Mayor Edward 


News Agency said Mr. Murphy, I. Koch declared a drought emer- 
said at Cairo airport that he was gency Friday in New York Citv 
carrying back "new points" on the and imposed mandatory restric- 
Mjdeast situation for Washington dons on water use by all residents 
officials to study. _ and businesses. Rainfall has been 

I cannot say that my journey so far below normal that dtv reser- 
was a Failure or was successful," voirs are only 61 percent full when 
Mr. Morphy said. itiey should be 99 percent full. 


beliefs. Mr. Deaver and other offi- 
cials. concerned that the interview 
might provoke new controversy 
sidetracked it 

Despite these setbacks, Mr. Bu- 
chanan has been successful in ex- 
panding his authority within the 
White House since Februaiy, when 
he came to the White House to take 
control of the presidential 
speechwriting operation. 


.He prevailed over Mr. Rodins to 
wm control of the public liaison 
office, and he bested the chid 
white House spokesman, Lany 
Speakes, in a contest over who 
would manage the offices response 
oie for dealing with out-of-town 

ncws organizations. 

Mu Buchanan's confrontational 
style increasingly has been evident 
Ml Reagans speeches. He is 
^edited withMr. Reagan’s phm» 
‘ 4 th Cn k* n S the Nicaraguan rebels as 
tn e f !n valent of the found- 
j ® f a thers" and with the presi; 

s characterization of World. 
War n German soldiers and SS 
i™ops as “victims" of the Naas, 
just as surely as the victims to 
concentration camps.”- 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Page 3 


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DAJRIsinStep 
With the Times 

The Daughters of the Ameri- 
can Revolution, who barred the 
singer Marian Anderson from 

their Constitution Hail head- 
quarters in Washington in 1979 
because she is black, has been 
admitting blacks as members 
since 1977. 

The DAR has long aided 
education, conservation and the 
preservation of national monu- 
ments. Last Near it published 
Robert Ewdl Greens "Black 
Courage, 1775-1783” a survey 
of black soldiers who fought in 
the war for independence. It has 
hired James Dent Walker, a ge- 
nealogist, to identify members 
of minority groups who served 
in the Revolution. " 

The Daughters retain their 
conservative outlook. At their 
94th annual Continental Con- 
gress this month, they passed 
resolutions supporting the Stra- 
tegic Defense Initiative, a bal- 
anced budget, “freedom fight- 
ers'* in Central America and the 
government of South Africa. 

Short Takes 

The U.S. Department or Ag- 
nail run: is spending S5.3 mil- 
. lion a year on research to drvcl- 
„+ op a “safe cigarette." Lynn 
Kosak-Cbanning, a departmen- 
tal chemist, says cross-breeding 
and gene-splicing are being 
used to try 10 develop tobacco 
“free from harmful com- 
pounds." Representative Hemy 
A. Waxman, a California Dem- 
ocrat. said, “I think it is a waste 
of money." 

State and federal prisons held 
nearly 464,000 inmates at the 
end of 1984, a record high for 
the 10th year in a row, the Jus- 
tice Department savs. 

Until about 15 years ago, the 
navy named its submarines af- 
ter fish. Declaring (hat "fish 
don't voie," Admiral Hyman G. 
Rickover, who was running the 
nuclear submarine program, 
sinned having subs named after 
members of Congress influen- 
tial in military affairs, or their 
hometowns. Now the navy, 
which already has restored hcil- 
bottom uniforms and tradition- 
al seagoing terminology, has 
announced that it is going to 
start using fish names again, 
but only for one class of subma- 
rine. 

The Boston Latin School, 
founded a year before Harvard 
University, observed its 350th 
anniversary last Tuesday. The 
oldest public school in the 
country,, its alumni include 
Benjamin Franklin. John Han- 
cock, Leonard Bernstein and 
such men of letters’ as Colton 
Mather, Ralph Waldo Emer- 
son. Henry Ward Beecher, 
George Santayana, Bernard 
Be reason and Theodore White. 
It started admitting girls in 
1972. Since 1974. about a third 
of its pupils have been blacks 
and Hispanics. 

Notes About People 

The president and vice presi- 
dent of the United States have 


official residences and now the 

State Department is looking for 
one for the current secretary of 
state. George P. Shultz, and his 
successors. Representative 
Thomas E. Petri, a Wisconsin 
Republican, says that all major 
officials soon “will hold forth 
tike great lords in grand prince- 
ly palaces scattered about the 
city." The congressman said. 
“Lei’s stop this residence prolif- 
eration before it starts.” 

Mure than 100 unpublished 
letters and 40 first editions by 
Ernest Hemingway have been 
donated to Stanford University 
in California by Charles Field, 
a Sun Francisco financier. Car- 
los Baker, Hemingway's biogra- 



Eruest Hemingway 


pher, says the collection should 
prove to be as important to 
Hemingway scholars us those at 
the universities of Virginia, 
Texas. Princeton and Harvard. 


A Tip of the Hat 
To Slouch Wearers 

Deploring the current disuse 
of hats in the United States. 
Douglas Gibboney, writing in 
The Washington Post, notes 
that “huts are a tradition with 
deep roots in American history. 
Where would we be without 
Washington's tricorn, Lincoln's 
stovepipe or Davy Crockett’s 
coonskin cap?” 

Mr. Gibboney is particularly 
disturbed that sioucb hats are 
seldom seen. “Robert E Lee, 
George Armstrong Custer, Ted- 
dy Roosevelt and Humphrey 
Bogan all favored slouch hats. 
Can such a diverse group of 
distinguished Americans be be 
wrong?” he asks. 

The writer says that Presi- 
dent John F. Kennedy is often 
blamed for taking hats off 
American heads because he did 
not customarily wear one, but 
“in truth, the slouch hat already 
had begun to hit hard times” 
Its brim had been sadly nar- 
rowed by the dictates of fashion 
and “stiff construction prevent- 
ed proper shaping to fit one’s 
personality,” he says. 

Will the slouch hat make a 
comeback now that it’s bang 
worn by Harrison Ford in the 
Indiana Jones films? Time will 
tell. 

— Compiled by 

ARTHUR HIGBEE 


Estimate of Population Growth in U.S. 
Puts Half of 11-Million Rise in 3 States 


ViH 1 York Timet Sentie 

NEW YORK — Half of the na- 
tion's population growth since 
1980 has occurred in just three 
states — Texas, California and 
Florida, according to mid-decade 
estimates. 

Most of the remaining growth 
was in the South Atlantic states, the 
Southwest and the Rocky Moun- 
tain sLates. The estimates show the 
nation has gained about 1 1 million 
people in five years and now has a 
population of about 237 million, a 


Press GteS 
Flaws in U.S. 
Test of Pool 
Reporting 

By Bill Keller 

Nett York Times Service 

WASHINGTON — The Penta- 
gon's first test of a system for ar- 
ranging news coverage uf emergen- 
cy military operations, initially 
tnurred by a breakdown in secrecy, 
was later hampered by a break- 
down in communications, partici- 
pants in the exercise said. 

Reporters who were flown to 
Honduras in the experiment on 
April 21 said Friday that their re- 
ports to Washington were delayed 
because U.S. Navy technicians 
were unable to make the telephones 
work on the helicopter carrier Nas- 
sau and because a teletype machine 
was busy with routine military mes- 
sages. 

Television and radio correspon- 
dents were able to transmit their 
news only by banding off their ma- 
terial to reporters based in Teguci- 
galpa, the Honduran capital, a con- 
venience unlikely to be available in 
a war zone. 

The first dispatch from the group 
arrived 2 1 hours after it was written 
Tuesday afternoon. 

“The Pentagon failed miser- 
ably.” said Benjamin Shore of Cop- 
ley' Newspapers, “with the one 
thing we wanted to make this an 
effective exercise — that is, the 
ability to file. I think we could have 
done a lot better with carrier pi- 
geons.” 

Howell Raines of The New York 
Times said the technical problems 
were complicated by the reporters* 
military escorts, who treated the 
reporters' need to send dispatches 
with, "initially, courteous indiffer- 
ence. and then hostile indiffer- 
ence.” 

He described the experience as 
"the collision point between two 
professional cultures that don't un- 
derstand each other very well." 

A spokesman for the Pentagon, 
Michael I. Burch, promised a full 
review of the operation. 

The reporters agreed with Penta- 
gon officials that the problems 
could be remedied and that such 
press pools were a valuable way of 
assuring that reporters could wit- 
ness the initial phase of a surprise 
military operation. 

The pool of 10 reporters and 
photographers was rapidly assem- 
bled and was dispatched, without 
being told the operation was an 
exercise, to watched previously an- 
nounced UJ5. military maneuvers 
off the northern coast of Honduras. 

The operation initially went 
awry April 21 when word of the 
supposedly secret mission leaked 
out, and the Pentagon confirmed it 
to other news organizations. 


Population losses were most se- 
vere in the farm bell of the Middle 
West, where the agricultural econo- 
my is depressed, and in some older 
industrial cities that have not re- 
covered from plant closings. 

In every region, the greatest 
growth appeared to be taking place 
around the suburbs of big cities 
and in small metropolitan areas as 
Americans continued a trend to- 
ward "deconceniration,** said John 
D. Kasarda, a population expert at 
the University of North Carolina. 


Alfonsin Urges 
A 'War Economy 9 

Lot Angela Times Service 

BUENOS AIRES — President 
Raul Alfonsin has appealed for na- 
tional sacrifice and a “war econo- 
my" to safeguard Argentina's de- 
mocracy. 

In an address to a crowd estimat- 
ed at more than 170,000. Mr. Al- 
fonsin vowed Friday that conspir- 
ing “political alchemists" would 
not be allowed to overturn consti- 
tutional order. 

Saying that a prolonged econom- 
ic crisis accompanied by runaway 
inflation required “a war econo- 
my," Mr. Alfonsin called on Ar- 
gentines to become "foot soldiers 
in the battle we must fight” 


Finnish Liquor Strike Ends 

Uruted Press Intenuinonui 

HELSINKI — About 2^00 em- 
ployees of Finland's state-run li- 
quor stores agreed Saturday to end 
a four-week strike over wages that 
had prompted hundreds of Finns 
to cross into Sweden to buy alco- 
hol. The country's 21 1 liquor stores 
were to reopen Monday. 


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In Athens 

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,Vw JVirJL Times Service 

NEW YORK — A recent i addon in 
which a rear-mounted engine lore away from 

un American Airlines Boring 727 jet over 
New Mexico has stirred a good deal of inter- 
est, but not because of any concern that a 
similar engine failure could be disastrous. On 
the contrary, the incident is being viewed as a 
model of engineers' success in designing 
safety into aircraft. 

There been a dramatic improvement in the 
overall trend in jetliner accidents m the past 
two decades, from 59 in 1964 to 12 last year. 
Until an Eastern Airlines jei struck a moun- 
tain in January, U.S. passenger carriers had 
gone 30 months without j fata] crash. 

These days, the rare crash that does occur 
can almost never be attributed to a design 
flaw, such as those that caused crashes of the 
DC-6. Constellation. Straiocnnser, Martin 
2D2, EJecirn and DC- 10 aircraft ovct the 
years. Today, the fault usually can be traced 
to either or both of two hazards for which the 
industry has not yet found adequate solu- 
tions: bad weather or human error, by pilots, 
mechanics or air-traffic controllers. 


Federal investigators are still trying ;o 
determine what caused the engine to tear 
away from the American .Airlines jet. which 
continued safety to its destination. 

The design refinement at work on the jet 
April 16 was the use of “shear bolts.” which 
permit an engine to separate from the plane 
under certain stresses and thus prevent more 
dangerous damage. Engines under wings of 
planes such as the Boeing 747 jumbo jet are 
similarly attached, to minimize damage dur- 
ing a wbeels-up landing. 

Redundancy, or the use of multiple sys- 
tems . is another key to safety. If one engine 
drops away, as on the 72? flight, the remain- 
ing two are more than enough to complete 
ihe trip. A twin-engine airliner can continue 
with one. On a Lockheed L-101 1 flight in 
1981, a disintegrating engine disabled three 
hydraulic systems that operate crucial wing 
and tail controls. A fourth system, though 
damaged, was adequate. 

Ruggedness of construction, well beyond 
the minimum requirements of the Federal 
Aviation Administration, is also given credit 


for the low crash toll. On Feb. 19, a Taiwan- 
ese Boring 747 on a flight to Los Angeles lost 
flying speed and dropped from 4 1 ,0U0 feet to 
10.000 feet (12.46 to 3.03 kilometers) as the 

crew tried to regain control. They fxnally 
were able to avert a plunge into the Pacific 
Ocean. Large chunks of the tail tore away, 
hut i he plane held together. 

Specialists believe the sharp decline in 
accident rates can be attributed in no small 
decree to the replacement of piston engines 
by jets. 

“This was an enormous technical ad- 
vance," said William R. Hendricks, chief of 
the aviation accident division of the National 
Transportation Safety Board. 

The use or jets also means airliners can 
climb above weather fronts that piston 
planes cannot surmount. 

Commuter airlines have lagged behind 
their bigger brothers in achieving low acci- 
dent figures. Still, (heir safety records have 
improved dramatically. 

Most commuter planes are propeller craft, 
turbine or piston, with fewer sophisticated, 
safety-related features than (he new big air- 


liners. Nevertheless, a crash caused by a 
basic defect is a rarity. Again, the main 
causes are human error or bad weather. 

The Federal Aviation Administration's 
critics contend that a key factor in weather 
accidents is that while up-toihc-tniaute 
weather information is available cm the 
ground, (he system does not relay it expedi- 
tiously to pilots, often because controllers 
arc at their busiest when the weather is bad. 
FAA officials contend that pilots frequently 
do not pay attention to what is made avail- 
able. 

An ambitious improvement program is 
under way. but under budget constraints. 

Human error is a more nebulous hazard. 
After years of sporadic advances — better 
training, equipment design, warning systems 
and personnel screening — evidence is grow- 
ing that a sweeping and~systcmatic assault on 
the problem is under way. 

Several airlines conduct intensive pro- 
grams in which cockpit crews use simulators 
to fly regular airline runs, complete with 
simulated emergencies and analysis of how 
well they are handled. 


Jet Loses Engine, but Industry Wins Star for Safety 

Bv Richard Wickin 


Dole Urges Nicaragua Trade Embargo as Option 


By Robert Pear 

New VarA Times Service 

WASHINGTON — Senator 
Robert J. Dole, the majority leader, 
has urged President Ronald Rea- 
gan to “seriously consider” impos- 
ing a trade embargo on Nicaragua. 

If Nicaragua continues to rebuff 
Mr. Reagan's peace initiatives, Mr. 
Dole said Saturday, the United 
States should consider suspending 
diplomatic relations with the San- 
dinist government beaded by Presi- 
dent Daniel Ortega Saavedra. 

The senator’s comments came 
one day after the Reagan adminis- 
tration announced a broad review 
of U.S. policy toward Nicaragua. 
Earlier last week, (he House of 
Representatives rejected Mr. Rea- 
gan's request for S14 million in 
additional aid to rebels fighting the 
Nicaraguan government. 

In a statement, Mr. Dole, a Kan- 
sas Republican, said; “Now is the 
time Congress and President Rea- 
gan should seriously consider im- 
posing a trade embargo on Nicara- 
gua. And, after a reasonable time 
has lapsed, if President Onega con- 
tinues to reject President Reagan's 


peace initiatives, 1 believe we 
should seriously rethink whether 
there is a real value in maintaining 
diplomatic relations with what 
amounts to an outlaw regime bent 
on exporting revolution." 

Reagan administration officials 
have said they would consider a 
trade embargo in their review of 
U.S, policy toward Nicaragua. 

U.S. officials have estimated that 
the United States, as Nicaragua's 
leading trade partner, supplies 
about 20 percent of its imports and 
takes IS percent of its exports. 

On Wednesday. Mr. Onega an- 
nounced that he would visit Mos- 
cow and other East European capi- 
tals to discuss economic assistance 
for Nicaragua. [Mr. Ortega arrived 
in Moscow on Sunday and was 
greeted by Deputy Prime Minister 
Ceidar Aliyev, a Politburo mem- 
ber, Reuters reported.] 

Mr. Dole said the trip was “prool 
positive that Congress made a ma- 
jor misjudgment when it tweeted 
aid” for the Nicaraguan rebels. 

Apparently in a reference to the 
uproar over Mr. Reagan’s plan to 
visit a German military cemetery 


next week, Mr. Dole said. “Demo- 
crats wasted no time in criticizing 
President Reagan's ttineroiy in Eu- 
rope. but there hasn’t been much of 
an outcry over Ortega's." 

■ Variety of VS. Options 

Gerald R. BcyJ of The .Yew York 
Times reported earlier from Wash- 
ington: 

The While House spokesman. 
Larry' Speakes, giving details of the 
Reagan administration's review of 
possible measures against the Nica- 
raguan government, said Friday 
that it would cover a “full family” 
of economic, political and other 
measures, which he declined to 
specify. 

Asserting that be did not want to 
use “scare tactics," Mr. Speakes 
said the possibilities did not in- 
clude the use of U.S. military forces 
in Central America. 

Mr. Speakes said the House de- 
feat of the request for aid to the 
Nicaraguan rebels had “compro- 
mised" the U.S. position on Cen- 
tral America. He explained the ad- 
ministration review as an attempt 
to “take some initiative" with the 


goal of “influencing the behavior of 
the Nicaraguan government.” 
“Over the next several days." he 
said, “the administration will be 
reviewing the full family of mea- 
sures that can be taken to influence 
the situation in Nicaragua. While 
we will not be specific on the op- 
tions under consideration, they do 
include political, economic and 
other measures.” 

He added that the administra- 
tion also would be considering “our 
own policies toward Nicaragua as 
well as ways to provide funding for 
the democratic resistance.” or rebel 
forces. 

The review will be conducted by 
Robert C. McFarlane, Mr. Rea- 
gan's national security adviser, and 
George P. Shultz, the secretary of 
state. They are to be assisted, Mr. 
Speakes said, by all national securi- 
ty officials. 

Asked about what the adminis- 
tration hoped to accomplish 
through the review, he said: 

“The goal or the policy review is 
to influence the behavior of the 
Nicaraguan government, influence 
the situation in Nicaragua, to 



WP 

Robert J. Dole 


achieve our policy goals there of a 
free society, ready io hav’e free elec- 
tions.” 

The administration has called on 
Nicaragua to make a series of 
changes that include the establish- 
ment or a pluralistic democracy, an 
end to exporting revolution to 
neighboring countries, a reduction 
in its arms buildup and a lessening 
of ties with the Soviet Union, Cuba 
and other Communist-bloc coun- 
tries. 



A Falcon 900 demonstration flight. January 15.1985. 


The Falcon 900 demonstrates leadership qua- 
lities in every important respect. First, it offers an 
extraordinary level of passenger comfort. All 
passengers who flew in it are unanimous to praise 
the quietness and comfort amenities of a very 
large cabin (2.34 m wide over 10 m long and 
1.87 m headroom). 

The Falcon 900 Is a Leader in performance, 
too. With an effective range of 7,000 km (carr- 
ying 8 passengers and NBAA IFR reserves), it can 
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to Abu Dhabi, from Tokyo to Jakarta. And the 
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puts it above International commercial air traffic. 
The Falcon 900 can cruise at up to Mach .85 
(904 km/h) and has been flown at 94% of the 
speed of sound in test flights. 

The Falcon 900 is also the Leader in effi- 
ciency. For long range operation, take-off weight 
is 20 tons, 1 0 tons less than Its closest competitor 
under the same conditions and with the same 


payload. Thanks to Its latest-generation Garrett 
engines, its excellent aerodynamics and lighter 
weight, the Falcon 900’s fuel consumption is 
record-breakingiy low: some 1/3 less tnan the 
above competitor, whose engine consumes 
almost as much fuel when idling on the runway as 
that of the Falcon 900 when cruising at Mach .80. 

These figures highlight the sophisticated 
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que among producers of business jets. 

The Falcon 900 also scores first for safety. In 
the unlikely event that one engine should fail, the 
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or In the future, whatever the developments in 
international regulations. 

If you would like to know more about the 


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Business takes off with Falcon, 












Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Gorbachev Says Soviet Offered 
Mutual 25% Arms Reduction 


By Bradley Graham 

Washington Past Sen ice 

WARSAW — The Soviet leader, 
Mikhail S. Gorbachev, has said 
that the Soviet Union suggested at 
the Geneva arms talks that both 
sides reduce their strategic arsenals 
by 25 percent. 

But in Washington, Reagan ad- 
ministration officials denied that 
the Soviet negotiators had made 
any new initiatives. 

In remarks reported by the Sovi- 
et press agency Tass, Mr. Gorba- 
chev told his 'allies Friday at the 
Warsaw Pact summit meeting here: 
“We have already suggested that 
both sides reduce strategic offen- 
sive arms by one-fourth as an open- 
ing move." 

He added: “Bui we would have 
no objections to making even deep- 
er mutual cuts. All this is possible if 
the arms race does not begin in 
space, if outer space remains an 
area of peace." 

f n the previous Geneva talks that 
ended late in 1983 when the Rus- 
sians walked out, Moscow had of- 
fered a 20-percenl reduction, from 
2,250 Soviet missiles and heavy- 
bombers to 1.S00. 

The current offer indicates that 
Moscow is willing to extend that to 
at least 25 percent and possibly 
more. 

In a warning addressed to Wash- 
ington. Mr. Gorbachev said: “If 
preparations Tor ‘star wars' contin- 
ue, we will have no other choice but 
to undertake countermeasures, ob- 
viously including intensification 


and improvement of offensive nu- 
clear armaments." 

He was referring to President 
Ronald Reagan's plan for a space- 
based defense system, popularly 
called “star wars.” 

Mr. Gorbachev urged the United 
Slates to reconsider its rejection of 
a mutual U ^.-Soviet freeze on nu- 
clear weapons, denying U.S. claims 
that such a move would consolidate 
a Soviet edge. 

He called on the Reagan admin- 
istration to give “more serious and 
thorough'* thought to the an- 
nouncement April 7 of a Soviet 
freeze on the deployment of inter- 
mediate-range nuclear missiles. 

He also asked the United States 
to “display restraint" in stationing 
new U.S. nuclear missiles in West- 
ern Europe. Those missiles are 
meant to offset the much larger 
numbers of new Soviet medium- 
range missiles already deployed. 

■ U.S. Denies Soviet Offer 

The Reagan administration said 
Saturday that Soviet negotiators 
had not made any new offers to 
reduce strategic nuclear missiles or 
even pul their old proposals back 
on the bargaining table. The Asso- 
ciated Press reported from Wash- 
ington. 

A Slate Department press offi- 
cer, Sonda McCarty, said: “We are, 
of course, ready to examine seri- 
ously any concrete Soviet propos- 
als for substantial, balanced and 
stabilizing reductions in strategic 
forces.” 


She added. “Contrary to the im- 
pression created by press accounts 
of General Secretary Gorbachev’s 
statement, however, the Soviet 
Union has made no proposal for 
reductions in strategic forces in the 
new Geneva negotiations." 

In fact, she said, the Russians 
had not “gone so far as to resubmit 
their aid proposals made in the 
1982-1983 START talks.” She was 
referring to the Strategic Anns Re- 
duction Talks. 

■ Reagan ‘Willing’ to Meet 

Mr, Reagan said in an interview 
released Saturday that he was “very 
willing” to meet Mr. Gorbachev at 
the United Nations in the fall, de- 
spite his disappointment over the 
Soviet response to the killing of a 
U.S. officer in East Germany, The 
Washington Post reported from 
Washington. 

A U.S Army major, Arthur D. 
Nicholson Jr., was snot to death by 
a Soviet sentry on March 24. 

Mr. Reagan said the Russians 
missed a “great opportunity to 
achieve some stature in the world” 
by not admitting that the shooting 
was a “tragic thing” and apologiz- 
ing to the officer's family. 

But in an interview with journal- 
ists from six nations participating 
with the United States in the eco- 
nomic summit conference this 
week, Mr. Reagan said that he 
wanted to meet the Soviet leader 
because “people get in trouble 
when they're talking about each 
other instead of when they're talk- 
ing to each other." 



Ex- World Leaders Stress 
Problem of U.S. Deficit 


The Associated Press 

PARIS — Former world leaders 
attending an international seminar 
on global issues have agreed that 
one of the greatest problems in the 
world is the U.S. deficit, estimated 
at £200 billion. 

They also expressed pessimism 
Saturday about the U.S.-Soviet 
arms talks in Geneva and urged the 
two superpowers to find common 


super. 

ground, such as the environment, 
to focus on. 

James Callaghan, a former Brit- 
ish prime minister, said, “My fear is 
that the world may be disappointed 
in the rate of progress at the arms 
talks. We need to find other areas 
where the superpowers can cooper- 
ate, like energy or the environment, 
and build confidence." 

The participants included 30 for- 
mer beads of state or government 
and the former UN secretary-gen- 
eral, Kurt Waldheim. They met for 
two days in Paris under the auspic- 
es of the InterAction Council, an 


international forum created 18 
months ago. 

Among those attending were 
Helmut Schmidt of West Germany, 
Takeo Fukuda of Japan. Jacques 
Chaban-Delmas of France, Pierre 
Elliott Trudeau erf Canada and 
Malcolm Fraser of Australia. 

All expressed concern over the 
arms race. Third World debt, arms 
purchases, the environment and 
world population growth. 

But they emphasized the U.S. 
deficit and the need to establish an 
East-West dialogue regardless of 
developments at the Soviet-U.S. 
arms negotiations. 

Mr. Fraser called the U.S. deficit 
“an unmitigated evil” and the 
“greatest threat to the world since 
1945." 

Mr. Callaghan called it a “time 
bomb.” Mr. Schmidt said it “must 
be cut to pieces.” 

The participants said the deficit 
was mainly responsible for high in- 
terest rates worldwide, unemploy- 



James Callaghan 

men t in the industrialized West and 
the economic crisis in the develop- 
ing world. 

Various council members will 
lobby for their proposals before the 
economic summit this week in 
Bonn. 

On disarmament the council 
called for an immediate end to 
“any arms race in outer space" and 
reductions in weapons and anus 
spending. 


Guerrilla Attacks Make Bonn Wary 


By Warren Getler 

International Herald Tribune 

BONN — After 40 bomb attacks 
in West Germany since December, 


no indication of plans by guerrillas 
for an attack in Bonn itself during 
the conference. 

Hans-Gunther Kowalski, the 


been a series of hit-and-run jobs, 
with the terrorists choosing isolat- 
ed targets so as to reduce the risk of 
their being apprehended," he said. 


Arthur A. Hartman 


Soviet Prints 
U.S . Envoy’s 
Plea for Peace 

By Seth Mydans 

A’fh 1 York Times Service 

MOSCOW — The government 
newspaper Izvestia has published a 
letter from Ambassador Arthur A. 
Hartman of the United States that 
recalls the meeting of U.S. and So- 
viet soldiers on the Elbe River 40 
years ago and that says that the 
United States seeks peace. 

Diplomats said the U.S. Embas- 
sy was taken by surprise by the 
appearance of the letter Saturday. 
It was submitted to the Foreign 
Ministry for publication three 
weeks ago. 

The letter was published without 
any changes. 

A year ago, the Co mmunis t Par- 
ty newspaper Pravda did not prim 
a letter from Mr. Hartman marking 
the 50th anniversary of diplomatic 
relations between the two coun- 
tries. 

The ambassador's latest letter 
said: “President Reagan has said 
that a nuclear war ‘cannot be won 
and must never be fought* That 
view has been at the root of Ameri- 
can foreign policy since 1945, and 
re mains so today.” 

The message of peaceful inten- 
tions runs counter to the picture of 
an aggressive United States that the 
Soviet press has been presenting. 
As the 40th anniversary of the vic- 
tory of the wartime Allies in Eu- 
rope approaches, Soviet criticism 
has been growing. 

The letter appeared without 
comment on an inside page of Iz- 
vestia under the headline. “About 
the Meeting at the Elbe.” It re- 
ferred to the linkup of U.S. and 
Soviet forces on April 25, 1945, in 
Torgau, in what is now East Ger- 
many, and is considered a symbol 
of die victory of the anti-Hitler 
forces. ’ - , 

Mr. Hartman wrote: “As ’ a : 
young airman who served in the 
Far East, along with thousands of 
my countrymen and Allies, I well 
remember the event, and the joy 
and hope it inspired. Two great — 
if profoundly different — peoples 
bad at long last linked up in a 
common cause. Ln that bright 
spring of 1945. nothing on earth 
seemed impossible. 

Much has changed since then. 


police are taking extra precautions spokesman, said the ministry did “Thus we’re not expecting to see The bright hopes of 1945 have been 
to ensure that the May 2-4 econoro- not rale out an attack against in- similar tactics in Bonn while the tarnished by postwar realities. The 


ic summit conference proceeds 
without incident. 

President Ronald Reagan mil 
join the heads of government of 
West Germany, France. Britain, It- 
aly, Canada and Japan at the Bonn 
conference. Mr. Reagan, who ar- 
rives Wednesday, will stay until 
next Mondav and then fly to Ma- 
drid. 

Bonn's police force of 1,500 will 
be reinforittd by more than 10,000 
from forces around the country'. U 
will be the largest police contingent 
seen in the West German capital 
since the 1973 visit of Leonid l. 
Brezhnev. 

A spokesman at the Interior 
Ministry, which is responsible for 
combating the terrorism that has 
hit the country sporadically since 
the early 1970s. said his office had 


dusirial or military targets outside 
the Bonn area during the meeting. 

Guerrillas of the Red Army Fac- 
tion have claimed responsibility for 
the bulk of the blasts, as well as for 
the killing earlier this year of a 
leading industrialist. Ernst Zim- 
mermaniL The goal of the attacks, 
leaflets have said, is to achieve pris- 
oner-of-war status for imprisoned 
guerrillas; they also say the attacks 
are aimed ai institutions and indi- 
viduals that aid the West's “imperi- 
alist designs.” 

Mr. Kowalski said the number of 
hard-core Red Army Faction mem- 


city is so thoroughly blanketed by a 
strongier-than-ever police Torce.” 
Police and Interior Ministry offi- 
cials see a more immediate danger 
of militant “autonomous" anar- 
chist groups coming to Bonn dur- 
ing the summit meeting. The offi- 
cials said they might turn violent at 
the eight protest demonstrations 
planned in the surrounding area. 


glow of our wartime cooperation 
has dimmed. We regret this ” 

But he said the postwar period 
had also brought positive changes, 
exemplified by the meeting this 
week in Bonn of the leaders of the 
seven main industrialized democra- 
cies, including the successors of 
former wartime enemies — Germa- 
ny, Italy and Japan. 


Europeans 
Disapprove of 
Plan to Visit 
Cemetery 

By Richard Bernstein 

.Yew York Times Service 

PARIS — Western Europeans, 
including those from countries 
once occupied by Nazi Germany, 
watched the furor over President 
Ronald Reagan’s planned trip to a 
German military cemetery for sev- 
eral days with little comment or 
protest of their own. 

But in the last few days, as the 
controversy has grown in the Unit- 
ed States, a modest swell of com- 
ment. most of it critical of Mr. 
Reagan, has emerged in several 
countries. 

Prime Minister Margaret 
Thatcher of Britain became the 
only major Western European 
leader, except for Chancellor Hel- 
mut Kohl of West Germany, to 
comment directly on the issue 
when she distanced herself from 
Mr. Reagan's plans. 

Responding in Parliament on 
Thursday to a Labor Party mem- 
ber's comment that the president’s 
proposed visit to the Bilburg mili- 
tary cemetery was “insulting and 
offensive.” she said: “I am not re- 
sponsible for the activities of the 
United Slates. I have considerable 
sympathy with what you say.” 

Diplomats in several countries 
said there had been considerable 
reporting by European journalists 
in the United States on the intense 
opposition the visit has aroused 
there among Jews and others, in- 
cluding members of Congress. 

But they said both reporting and 
commentary had generally been- 
overshadowed by other foreign po- 
licy issues, particularly the admin- 
istration's policies in Central 
America. 

A Dutch newspaper, NRC Han- 
ddsblad of Rotterdam, said: “The 
White House and the chancellery 
have walked into a political and 
psychological minefield.’* 

The paper expressed the view 
that Mr. Reagan was refusing to 
alter his plans because be did not 
want to “allow a diplomatic affront 
to take place.” 

In Britain, The Observer news- 
paper said: “Nothing Ronald Rea- 
gan has done in his four and a half 
years as president of the United 
States has been as inept as his stub- 
born insistence that he will visit a 
German war cemetery where SS 
troops lie buried.” 

“Hastily adding a concentration 
camp site to his itinerary — as if 
this were a matter of balance or 
“equal time’ — merely emphasizes 
the president's grotesque insensi- 
tivity." The Observer said. “Mr. 
Reagan’s blithe remarks last week 
that German soldiers were victims 
just as surely as the victims in the 
concentration camps further dem- 
onstrated the limits both of his in- 
tellect and his imagination." 

In France, newspapers have giv- 
en attention to the issue as iL devel- 
oped in the United States. A head- 
line in the leftist daily Liberation 
said: “Reagan: Zero in History.” 

Le Monde said in an editorial, 
referring to the good relations be- 
tween the Germans and their for- 
mer foes: “The reconciliation that 
has, in fact, existed for some time, 
cannot be justified if it rests on the 
scattered cinders of forgetfulness. 

“To switch the roles formerly 
played by the victims and their exe- 
cutioners." it said, “is a vice already 
reaching to too many minds for us 
not to wony when it is practiced by 
the leader of the major power in the 
free world.” 



Unfed Frea I n ter nancn o Ufautere 


President Reagan and President Gum of South Korea and their wives at the White House. 

Reagan, Chun Encouraged by Steps * 
By Koreas Toward Reconciliation 


By Bernard Gwertzman 

Sew Yon- Times Sensor 

WASHINGTON — President 
Ronald Reagan and President 
Chun Doo Hwan of South Korea 
have expressed concern over the 
continued forward deployment of 
North Korean troops closer to the 
demilitarized zone separating the 
two Koreas. 

But after a White House meeting 
Friday, the two leaders also said 
that they were encouraged by steps 
toward 'reconciliation being marie 
between North Korea and South 
Korea. 

A senior administration official 
who took pan in the meeting said 
that although North Korea's sani- 
tary moves and its agreement to 
meet next month to hold talks on 
trade relations seemed contradic- 
tory. they probably reflected North 
Korea’s uncertainty over how to 
achieve its longstanding goal of 
Korean unification. 

The official said that in the past 


North Korea had given priority to 
the possibility of taking over South 
Korea by force, but was now being 
compelled to consider a peaceful 
unification. 

[Mr. Chun arrived Saturday at 
Hidcam Air Force Base, Hawaii, 
for an overnight stopover before 
returning home. United Press In- 
ternationa) reported from Hawaii.} 

Mr. Chun pledged to Mr. Rea- 
gan that he intended to cany out 
his promise to retire from office in 
1988 and allow the peaceful acces- 
sion of a civilian government. 

There has never been a peaceful 
change of government in South 
Korea. U.S. officials said that Mr. 
Reagan, in the meeting, praised 
Mr. Chun for his “histone” pledge 
and for recent changes that had 
opened up the political scene to 
many opposition figures. 

The security situation in Korea 
was the most important aspect of 
the visit for the South Koreans. 


who rely heavily on the American 
treaty commitment to come to their 
defense as a major deterrent to an- 
other war with North Korea. 

The North Koreans have reorga- 
nized their forces along the demili- 
tarized zone in recent months, con- 
verting infantry forces into 
mechanized units and placing artil- 
lery in offensive positions, U.S. of- 
ficials said. 

Mr. Reagan said: “The ties link- 
ing the republic of Korea and the ■*- 
United States are many and strong. 
Our security ties, which I reaf- 
firmed today, remain the linchpin 
of peace in Northeast Asia.” 

Mr. Chun replied that he was 
convinced that the United States 
would “resolutely cope with any 
military adventurism or terrorist 
attacks of North Korea against the 
peace of this region.” 

The United Slates has about 
40,000 combat troops in South Ko- 
rea. 


Rebellion in Sudan Unsettles Region 

Regime May Shift from Pm- U.S. Stance to Quash Revolt 


# 


Angola Says South Africa 

□ora -core nea Army racuon mem- in YT np • 

MSSlSS.VdSSi StMHas Troops m Country 


of bomb blasts, many of them 
aimed at North Atlantic Treaty Or- 
ganization facilities. 

“The pattern of bomb attacks 
we've seen in recent months has 


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Compiled by Our Staff From Dispatches 

LISBON — South African 
Lroops remain in southern Angola 
despite Foreign Minister R.F. 
Botha’s announcement that they 
would be withdrawn by April 20, 
according to the Angolan press 
agency Angop. monitored here. 

In a report Saturday, the agency 
quoted the chief Angolan official 
on a commission set up last year by 
Angola and South Africa to super- 
vise the withdrawal of the troops 
and the curbing of Namibian na- 
tionalist guerrillas based in Angola. 

The official. Captain Zeca Samu- 
conga. said a company of South 
African troops was stationed near 
the Calueque Dam and that South 
African planes had violated Ango- 
lan air space since April 15. 

Five South African military 
planes crossed the border Thursday 
and flew as far as Calueque in the 
Otchikango district, presumably in 
support of the ground troops, the 
agency quoted Captain Samuconga 
as saying. 


South African anti-guerrilla, 
cavalry and police units also were 
positioned along the border, the 
agency added. 

“The truth is that the announced 
intentions of the withdrawal from 
Angolan territory are not being 
rarried out with the necessary clar- 
ity,” Angop said. 

“AH this naturally provokes a 
climate of peat tension in the 
south of the province of Cun me, 
creating a situation in which fresh 
attacks and invasions become im- 
minent," it said. 

South Africa, which invaded An- 
gola in 1981. agreed in February 
1984 to a phased withdrawal on the 
condition that Angola would keep 
the area free of Cuban troops sup- 
porting Angola and Namibian 
guerrillas. 

Later last year South Africa 
stopped the pullback, saying that 
guerrillas of the South-West Africa 
People's Organization, the Namib- 
ian insurgent movement, were still 
active in the area. (AFP, Reuters) 


Byron Essay 
Is Found in 
London Cellar 

The Associated Press 

LONDON — An unknown 
essay by Lord Byron satirizing, 
human cruelty and war has 
been discovered in the cellar of 
his publisher, the Sunday Tele- 
graph reported. 

It said the document was 
found in the cellar of John Mur- 
ray by Professor Leslie Mar- 
ch and. a biographer of the 19th- 
century poet The newspaper 
quoted Mr. Marchand as saying 
the finding was “a strange com- 
position in Byron's unmistak- 
able handwriting.” 

The essay, dated March 14, 
1816, is about Tamerlane, Mr. 
Marchand was quoted as say- 
ing. Tamerlane, a 14th-century 
Turkish conqueror, was known 
for his barbarity 
The Telegraph said the essay 
would appear May 17 in The 
Tunes Literary SupplemenL 


An Invitation 

Id Oxford. 

, The International Herald Trfiiinc'fccl 
Oxford Ahaijika praent a'5pedol O an fcajxa ' 



business cud tribune, ist A" 


n 3S Cota. 


Awn* 


- r .. < u£AVS > ‘.>V.! 




By Jonathan C Randal 

Washington Past Service 

KHARTOU M. Sudan —The re- 
fusal of the leader of the southern 
Sudanese insurrection to negotiate 
with the new government has 
aroused fears of major changes in 
the political balance in the strategic 
Horn of Africa. 

Not since once pro-American 
Ethiopia switched sides to the Sovi- 

NEWS ANALYSIS 

et Union in the mid-1970s has the 
sta°e appeared set for such a poten- 
tially momentous restructuring of 
power and influence in the region, 
according to diplomats and Suda- 
nese analysts. 

At stake is a possible shift by 
Sudan away from its orientation 
toward the United States and 
Egypt to closer lies with Ethiopia 
and Libya, which are backed by the 
Soviet Union, in an effort by the 
new government in Khartoum to 
eliminate the rebellion in the coun- 
try’s south. Sudan, whose control 
of the waters of the Nile is vital to 
Egypt, receives more U.S. aid than 
any other country in sub-Saharan 
Africa. 

Three weeks after President 
Gaafar Nimeiri was deposed, ana- 
lysts have tentatively concluded 
that John Garang, leader of ihe 
Sudan People’s Liberation Army, 
seems determined to bring down 
the fledgling military transitional 
government. 

Far from from ending his two- 
year-old insurrection after the 
overthrow of his old enemy. Gener- 
al Nimeiri, Mr. Garang has warned 
that his forces will soon expand the 
war by fighting in the north as well 
as the south. 

He also gives every indication of 
maintaining his refusal to deal with 
the transitional military council or 
the civilian cabinet 

The council appears determined 
to force Mr. Garang into negotia- 
tions by initiating high-level con- 
tacts with Libya and Ethiopia, 
which previously had been hostile 
to Sudan, in hopes of persuading 
them to end financial and military 
support for the rebellion. 

Analysts predicted that Libya 
would press tor a major change in 



Sudan’s pro- Egyptian and pro- 
American policies in return for 
helping the Khartoum authorities. 
The Marxist government of Ethio- 
pia is expected to make similar de- 
mands and to ask Khartoum to 
restrict the Sudan-based activities 
of separatist rebels from Ethiopia’s 
Tigre and Eritrea provinces. 

[A top-level Sudanese delegation 
left for florae Sunday aftei a visit to 
Ethiopia, including a meeting with 
the leader. Lieutenant Colonel 
Mengistu Haile Mariam, seeking to 
improve relations. The Associated 
Press reported from Addis Ababa.] 

[Sudan’s new defense minister, 
Brigadier Osman Abdullah Mo- 
hammed, said in Doha, Qatar, on 


Sunday that the Libyan leader, 
Colonel Moamer Qadhafi, had 
promised to stop aiding rebels in 
southern Sudan. Reuters reported 
from Doha. The minister said he 
expected that better relations with 
Libya and Ethiopia “could help 
end the rebellion in southern Su- 
dan."] 

Many Sudanese believe that Mr. 
Garang, an American-educated 
former army colonel, holds the key 
to solving the country's major 
problems — improved relations 
with its neighbors, renewed work 
on oil and water projects interrupt- 
ed by the fighting, and the estimat- 
ed £500,000 to SI mil linn daily cost 
of the war. 

Yet few northerners appear to ,, 
have understood the message in his 
daily broadcasts from a clandestine 
radio station in Ethiopia in which 
he says he is prepared for a long 
struggle to reorder power in a fu- 
ture socialist Sudan. 

General Nimeiri’s introduction 
of sharia, or Islamic law, in the 
non-Moslem souLh after he took 
power in 1969 was a key factor in 
the resumption of the rebellion. 

Some foreign analysts say Sudan 
rapidly is besoming so exhausted 
by famine, financial crisis and the 
war that Mr. Garang's “black pow- 
er dream may for the first time be 
within his grasp. 

“Six months ago I would have 
said it was impossible for a south- . 
wner like Garang to lake power,” a ■* 
European diplomat remarked. 
"Now ] think it's possible but only 
after the Sudan goes through a 
Jong, painful process of unravel- 
ing.” 


doonesbury 

GOOPMORNm, 
MIRE MR. PRESIDENT. 

PEAVER. I\e60TY0UR 
SIR.. FffJALSCHEPULE 
\ fOR6ERMm.SIR. 


Al ^ THFCONCENmnOU 
* J CAMP 15 STILL A 60. AS 
P?K YOUR PREFERENCE-, 
I BOOKED ONE OFTHE 
L&S DEPRESSING ONES. 
/ 


79 Are Rilled in a Fire 
At Argentine Hospital 

The Associated Press 

BUENOS AIRES — Seventy- 
nine people died and 247 were in- 
jured when flames swept through a 
private mental hospital, according 
to the federal police. 

Policeand fire department inves- 
tigator® said Saturday that the 
cause of the fire Friday at the Sl 
E milienne N cur ©psychiatric Insti- 
tute in the suburban neighborhood 
of Saavedra has not been deter- 
mined. The hospital's director and 
administrator were In custody until 
they could be questioned by a judge 
investigating the cause of the fire. 



rfJT MO'fVEAPPEPA 

r FEtUOPmWLSYM- 
BOUCSTTEGTlrm 
tUNER/W. SHOULD 
WEHfiHBUME. 








SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 





ASIAN DEVELOPMENT BANK 



Joe Rogers Tells All 

What America wants in Trade 
for Aid to Asia 

A lthough the United States is not the largest lender nation to the 
Asian Development Bank, it’s become the most obstinate - and 
thereby the one to watch in the upcoming Board of Governors 
meeting in Bangkok. Supply-sitters in the Reagan a d minis tration be- 
lieve America has a new and better way to export the ideology of private 
property, by arguing for its rdle as the only successful generator of 
economic growth. Following the so far politically successful applica- 
tion of the formula in the United States, they now mean to undermine 
state-run economic institutions overseas and force their divestment 
into private hands. 


Using a combination of 
running criticism for all 
public sector involvement in 
the provision of goods and 
services, an absolute faith in 
the necessary superiority and 
efficiency of the private sector, 
and the “magic of the mark ex- 
place" as the only workable 
determinant of what's in the 
public good, Reagan adminis- 
tration government appoin- 
tees have been most notable 
for their efforts to divest their 
departments and agencies of 
funds and authority - in effect 
to reduce the scope of or 
eliminate their own agencies 
and jobs. Joe 0. Rogers, direc- 
tor of the U.S. constituency to 
the ADB Board of Governors, 
has brought that winning, 
combination to Asia. 

In his mid-thirties, Rogers is 
an economist who was formerly 
chief of staff with Congressman 
Jack Kemp. In the six months 
since he's been at the Bank's 
Manila headquarters, he’s been 
an outspoken critic of current 
Bank priorities and has pro- 
bably had a lot to do with its 
impulse to schedule a spate of 
conferences and internal reports 
focused on issues of privatiza- 
tion, developing capital mar- 
kets, strategies for assistance to 
the private sector, raising 
national savings rates, bank 
lending without government 
guarantees, and domestic pre- 
ference policy for procurement. 
Rogers wants future aid tied to 
policy promises by recipient 
nations that assure a program of 
state divestitures, and be wants 
the Bank's measures of success 
on projects tied to the same 
formula. 

ADB’s president, Masao 
Fujioka, asserts that the Bank 
has always supported the 
private sector - when nidi 


support was made possible by 
the presence of entre- 
preneurial institutions and 
absorption capacity in a 
recipient nation, but this has 
not often beat the case. 
Rogers feels the Bank has 
remained too much of a neut- 
ral instrument and should be 
an advocate for private sector 
development for (he same 
reasons Fujioka cites as 
traditional limitations. 


nations and about 600 staff 
members work in the day-to- 
day world of ADB, which 
means they are often as starv- 
ed for information about each 
other's views as the world at 
large is about theirs. In that 
spirit, President Fujioka, 
ADB staff and other country 
representatives are keen to 
know what America wants in 
trade for its Asian aid. In a 
two-hour interview with the 


***W||i- 


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nnunkii! ' 

amikiuti ■ 




* sub,,.'; 


Manila headquarters of the Asian Development Bank. Photo: ADB 

Both see the Bank's rile as IHT Joe O. Rogers was keen 


catalytic to change and 
growth in the developing 
world, but Fujioka reflects the 
more moderate view that a 
necessary tension does not 
equal a necessary opposition 
between private and public 
sectors. In other words, that 
assistance which makes the 
public sector more efficient is 
as useful an instrument of 
change as one that favors 
divestment to the private 
sector. Rogers might accept 
this as an interim com- 
promise, but would never see 
it as a successful application 
of Bank lending policy. 

Representatives of 45 


to tell them: 

On Project Aid tied 
to Policy Changes . . . 

“The main thrust of U.S. 
participation in the Bank is to 
bring to the ADB as well as to 
the other multflaterals, that 
same kind of economic 
philosophy and changes in 
economic policies which the 
President’s been pushing for 
at home. The U.S. unlike 
some of the other constituen- 
cies and certainly unlike the 
so-called 'development com- 
munity' completely rejects the 
idea that there h such a thing 
as ‘development economics'. 


We think there's only one 
economics, and it applies to 
all countries, and all peoples. 
The notion that you have to 
do something different in 
countries because they’re poor 
is something that has no place 
in the formulation of econ- 
omic policy. What that leads 
you to do is to take on a very 
paternalistic and in many cases 
racist attitude toward those 
that you purport to help. 
Our view is that all people 
react to economic incentives 
in the same way. The purpose 
we have is to move all the coun- 
tries forward to a demo- 
cratic-capitalist framework. 

The ADB is just one 
institution within a whole 
framework of international 
policies that we’re looking at. 
So we have moved much 
more strongly in areas of whaL 
some people call ‘privatiza- 
tion’, bnt that’s really a 
misnomer. What we’re look- 
ing for here is a dismantling of 
state ownership of the produc- 
tion of goods and services. 
We’re not looking at the pre- 
sent time for this to spill over 
into all the traditional utilities 
that countries have operated, 
though we think that is cer- 
tainly one of the longer term 
target areas: to also place 
those in private hands. As a 
first effort, you have to stop 
giving money to state-owned 
enterprises. To show you're 
serious about having them sell 
off the ones they own, you 
have to stop funding the ones 
that exist. 

The U.S. is currently taking 
an internal review of its 
policies towards these things 
and certainly will actively 
push these policies. I think 
that you'll seesover the next 
four years of the second 
Reagan administration a 
much more forceful move in 
this area. 

We are looking for a change 
in the way that die Bank con- 
ducts its lending progr a m. 
Currently Bank staff go out 
and find a project and then 
sniff around to see if there are 
any policy changes possible 
within the leverage of that 
project. The United Slates 
would like to see a change, so 
that we would go out into the 
field looking for those policies 
which are detrimental to 
economic growth. Then send 
into the country a technical 
assistance project, which 
would help identify why those 
Continued overleaf 



ADF Replenishments . . . 

Wanted: Five Billion Dollars to Launch 
The Asian Century 9 

I t takes about two years for re p resentatives of the donor members, developing country members and 
staff of the Asian Development Bank to hammer out their four-year replenishment programs for the 
Asian Development Fond - the ‘soft window* or grant content lending arm of the Bank. For that rea- 
son alone, there is likely to be more heat thaw light generated at the impending “Eighteenth Annual 
Meeting of the Board of Governors** from the ADB, to be held in Bangkok from 30th April to 2nd May. 
This forum will provide a venue for the first round of talks on replenishments for the Bank's “ADF 5” soft 
window between staff and donor members to cover the period from 1987-1990. 

Leading Western donors would like to reduce concessionary 
lending outright or find a formula to make it cost more to the 

recipient nations, either in actual service charges or in policy Jj 

emphases that fever "privatization” for their economics and JHR W 

reduction of price subsidies. The West has suffered slower . jlfnl^ f. - 

economic growth rates and so has less wealth or less willingness [ . • • • 

to transfer it to the region's poorest nations. Some, such as the 

United States and United Kingdom, also have more fiscally con- rbT * 

servative governments on matters of foreign aid. ' 

In an effort to determine what “wealth" developed countries tffi ‘y _ '•* 

have to transfer for Asian development, ADB staff members Hi jp 

took the mean figures from calculations in the World Bank’s - • 

World Development Report, 1984. An ADB working paper 
relcased to the IHT suggests the combined total Gross National “ 

Product (GNP) in ADF donor countries will be close to US$11 ^ jHQuff 

trillion in 1987, as calculated by ADB staff using a summary -/ HpKj I j 

projection for price and income growth. An “ADF 5" replenish- j.,* : jPf. 1 

mem of the US$5 billion requested (ax US$1.25 billion per $ 

annum) would comprise only 0.011 per cent of their GNP that 
year. In other words, in the view of ADB staffers, the donor 

countries can still easilv afford to support “ADF 5". * 

Burma Electric Lineman of the Electric Power Corporation install a 
Banks role as Honest Broker transformer in Rani^nm. 

The Asian Development Bank plays the honest broker among elude that the "Asian Century" has arrived and they can start to 
many competing interests. There are 45 member nations rep- reap some of the benefits from investments they’ve sown, or at 
resented by a dozen “constituencies” whose representatives sit least cut the cost of continuing planting, 
on the Bank’s Board of Directors. It evaluates which countries Receivers meanwhile, enforce economic self-disciplines many 
are eligible for the concessionary lending - since 1973 this has Western states would find unthinkable and often gain or lose 
included 20 countries - finds and fond projects, monitors their ground in the absence of stable Western development. Examples 
progress, evaluates their results and enters into policy dialogues, would be the “oil shock” of the 1970s, which caused developing 
with recipient government leaders and administrators. Asian countries to spend up to 60 per cent of foreign exchange 

The Bank sees US$5 billion as the amount required to keep earnings on imported oil. Now there is a glut and things have 
its recipient countries moving toward ecomomic independence somewhat improved, but this is recovery rather than progress, 
in the “ADF 5" period. If history is an index, most of this In the same way, real dollars of aid from multilateral donors to 
money will go to five South Asian countries: Bangladesh, Pakis- the ADB have shrunk against the US dollar, but exports have 
tan, Burma, Sri T-mka and Nepal. According to Bank sources, improved because of devalued Asian currencies. 

■hey have already been ihe beneficiaries of 87 percent of Asia. Advocate for the Region 

Development Fund lending smee the program began in 1973. 

The promise of the much heralded “Asian Century” has yet to The ADB is by definition an instrument of advocacy for the 
suggest itself strongly in South Asia and 12 to 20 per cent of all region’s growth - as a “region”. Having concluded Asia's 
their grant content aid from multilateral institutions comes poorest nation's need US$5 billion for growth (actually even 
from the ADF window. this figure assumes a shortfall), the staff members must now 

Donors see the. strength of Asian growth indeces and con- fight for its allocation from the Western donor countries. 


The issues and arguments will go public in Bankok, but 
sabers have been raiding since early this year, when the Bank 
sponsored a conference on privatization policies, methods and 
procedures in Manila. Late last year, the Reagan administration 
appointed a “supply sider economist”, Joe O. Rogers, formerly 
with U.S. Congressman Jack Kemp’s staff to replace a Carter 
appointee on the ADB board The Bank’s quiet office cubicles 
have been abuzz with reactions to what have been viewed by 
some staff and other board members as bis brash assertions 
about public sector ineptitude and naive assumptions about 
achievable changes in the policies of recipient nations. 

Although the ADB President, Masao Fujioka, was noticeably 
guarded about prospects for ADF funding requests in a recent 
interview, the Bank's Vice President of Finance and Adminis- 
tration, S. Stanley Katz, has been quiedy presenting the case for 
replenishment in the United States and publically using “The 
Asian Century” theme as a way to chide Western donors into 
increased financial support. 

In a recent IHT op-ed article, Katz contended that multi- 
lateral lending institutions like the ADB are bellweatbers of 
Western participation in Asia, “But the continent’s move 
toward the center of the world economic stage is hardly reflec- 
ted in Western policies and programs.” 

In an oblique swipe at tied bilateral aid favored by the Reagan 
administration, he extolled the sweet side of the classical “guns 
or butter” economic equation arguing that, “As a first step, they 
must realize that ecomomic development, not military hard- 
ware, is Asia's top priority . . . Whereas U.S. officials who visit 
Asia usually leave behind mutual security agreements, Japanese 
officials leave behind lines of export credit." 

The United States will pay its arrears 

A press analysis early this year suggested President Fujioka 
has been too accommodating to pressures from Washington, 
and that the United States has stayed in arrears on its promised 
payments to the ADF from earlier periods as an instrument of 
policy. In an IHT interview, Fujioka stated that he has no 
reason to believe the Reagan administration is intentionally not 
paying its soft window bills, a view confirmed by various staff 
members and the U.S. representative, Joe O. Rogers. 

The United States has promised to pay its arrears amounts 
without prejudice to the “ADF 5” negotiations, according to 
Bank spokesmen. That means, in addition to whatever the 
Reagan administration is willing to support in the next cycle, it 
will have to pay up US$28 million it still owes from “ADF 2" 
(1976-1978), another US$63 million it owes from a payment 
tranche due in 1984, its 1985 payment tranche of US$130 
billion (both from “ADF 4"). 

The reason the U.S. failure to pay its bills was viewed as a 
policy lever is that its payment tranches are triggers for pay- 
ments from other donors. Consequently late payments have also 
held up a US$65 million payment from Canada. The argument 
was that the U.S. dragged its fret on payments intentionally to 
lock the payment triggers and starve the Bank into submission 
to its will on matters of policy. 

Fujioka’s USS5 billion request suggests anything but timidity. 


For instance, the “ADF 4” replenishments were whittled down 
from an ADB request for US$4 billion to an eventual final com- 
mitment of US$32 billion. This reduction was precipitated by 
the inability or unwillingness of the U.S. administration to prise 
more money from its Congress. 

The U.S. contribution to “ADF 4” fell from its usual 22 per 
cent of total lending to about 16 per cent. Japan, meanwhile, 
increased its share from its usual one-third to about 38 per cent. 
The U.S. broke with a tradition of rating its contribution as a 
percentage of the total and instead presented the Bank with a 
flat dollar figure, from which it would not budge. 

According to Daud Ilyas, financial advisor to the Bank's 
Treasury Department, the Reagan administration did not 
anticipate the shortfall, which resulted from maneuvering in 
Congressional committees, and that they've promised to restore 
the usual percentage relationships rather than rely in future on 
such financial fait accompli. 

Whether by Congresssional acccident or Administration 
design, the end result of the U.S. position was to cause a 2.7 per 
cent decline in ADF lending in 1984. The pressure for 
replenishments is made greater because it is anticipated that by 
the end of 1986 there will be no ADF resources left for any 
further loan commitments. This has made observers jittery and 
given the Reagan administration a whiphand in this year’s 
negotiations, since the United States is the second largest donor, 
a later payer and its current Administration is no friend of 
untied foreign aid. 




National Iron & Steel Mill Ltd., financed with the Development 

Bank of Singapore. Photo: T. Tanuma 


New Issue 
April 17, 1985 


This advertisement appears 
as a matter of record only. 


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SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE- MONDAY. APRIL 29. 1985 


1 8th Annual ADB Meeting Thai International celebrates 
to be held in Bangkok twenty years of profitability 



The 18th Annual Meeting of the Bank's 
Board of Governors will be held at the 
Dusil Tham Hotel, Bangkok, Thailand, from 
30 April to 2 May 1 985. 

More than 1 ,000 participants, including 
Governors 3nd their advisers from the 
Bank’s 45 member countries, observers 
from international organizations, leaders of 
the international banking financial and 
development community, and the press 
corps, are expected to attend the meeting, 
which is considered Asia's most important 
financial conference of the year, according 
to a Report in the ADB Quarterly Review for 
January 1985. 

The occasion will provide an oppor- _ .. . . , , . . 

tun, t V tor the Governors to discuss the 
economic problems of the Asian and 

Pacific region, to review the Bank’s progress and to guide its future 
operations. 

The Board oi Governors is the Bank’s highest policy-making body. 
All the powers of the Bank are vested in the Board of Governors, 
which may delegate its power to the Board of Directors except on 
certain matters such as admission of new members, change in the 
authorized capital stock of the Bank, election of Directors and the 
President, and amendment of the Charter. 

The Chairman of the Board of Governors is the Governor for 
Thailand. The Vice-Chairmen are the Governors for Denmark and 
Indonesia. 

Following is a listing of the 12 Directors and their corresponding 
constituencies. Constituencies are formed on a voluntary basis 
among the 45 member Nations. ADB president Masao Fujioka chairs 
the Board which as of 1 st February 1985 included: 


Prime candidate for ‘privatization’ 



W hen Thai International’s Chairman Air 
Chief Marshal Prapan D hup atemiy a lays 
the foundation stone for the carrier’s new 
22-storey headquarters tower on May 1st, its 25th 
anniversary, he will be inaugurating a signifi- 
cantly new chapter for the national airlin e. 
Twenty consecutive years of top profitability for 
Thai, in an industry that has been beset by more 
than its full share of woes, have earned accolades 
for the airline as an acknowledged leader in the 
field of aviation in Asia. 

“Thai’s rapid expansion in the last decad e has 
more than paid off,” says its Executive Vice Presi- 
dent/Marketing Chatrachai Bunya-ananta, point- 
ing with pride to the airline’s “blue chip’’ credit 
rating am ong international bankers for once. For a 
fledgling n a ti onal carrier in the developing world, 
whose origins were sometimes shrouded in contro- 
versy, Thai’s remarkable turn-around can be 
directly attributed to its efficient mana g ement 
policies. 


Director 


Alternate 


Sofia n Djaiawmata R.C.W. Hamilton 


Alan F.Gill 


Palle Marker 


1 2 Constituencies and 
Countries Represented 

Cook Islands, Fiji, Indonesia, 
New Zealand, Tonga, Western 
Samoa 

Canada. Denmark, Finland, 
Netherlands, Norway, Sweden 


K.J. HortorvStephens Ralph Hillman' 


Australia, Hong Kong, Kiribati, 
Solomon Islands 


Le Due Van 


Ronnie Weerakoon 


Dem. Rep. of Afghanistan, Lao 
People’s Dem. Rep., Maldives, 
Dem. Soc. Rep. of Sri Lanka, 
Soc. Rep. of Viet Nam 


John Machin 


Tunku Abdul Maiek Kawee Keereepart 


Alejandro Melchor, 

Jr. 


Hans Martin Schmid Austria, Federal Republic of 
Germany, United Kingdom 

Kawee Keereepart Burma, Malaysia, Nepal, 
Singapore, Thailand 

N.M.Qureshi Pakistan, Philippines 


Paolo Nardi 


GinoAlzetta 


Belgium, France. Italy, 
Switzerland 


Minoru Ohashi 
G.Ramachandran 


Joe O. Rogers 
Sung-Yong Wei 


Yukio Saruhashi 
K.F. Rahman 
Donald R.Sherk 
John Nalera 


Japan 

Bangladesh, Bhutan. India 
United States 


Today, the 100 per cent state- 
owned enterprise - the 
Finance Ministry holds 84 per 
cent, with the remaining 16 
per cent in the hands of the 
Communication Ministry and 
the local carrier, Thai Air- 
ways - is without a doubt one 
of the country’s most profit- 
able, next to the Electricity 
Generating Authority of 
Thailand (EG AT), and a 
prime candidate for “privatiz- 
ation.’’ 

Thai International’s Pre- 
sident Air Chief Marshal 
Janya Sukontasap says he 
welcomes “the decision to sell 
shares on the Securities 
Exchange of Thailand (SET) 
as this is very much in line 
with the present Govern- 
ment’s policy.” However, the 
formula for privatization, he 
explains, is still under study 
by the airline. “The fact that 
the management of Thai 
recognise that the airline's 
future growth is dependent on 
improving the present debt/ 
equity ratio, is behind much 
of the privatization discus- 
sions now going on,” says Mr 
Chatrachai, admitting that 
this is a very positive move 
considering that the govern- 
ment, under the present exist- 
ing economic constraint^ 
cannot afford to inject anf , 
more capital into the stated I 


capitalization is 1.4 billion 
baht, md we would like to see 
it doubled to 3 or 3.5 billion 
baht.” However, in the event 
of the SET listing, “we would 
still want the government to 
continue to hold the majority 
of shares,” he says. 

Convinced that the airline’s 
success is directly attributable 
to the feet that “we never sit 
still, but are always looking to 
make improvements,” Mr 
Chatrachai admits, he wel- 
comes privatization because 
it will forcibly inject more com- 
mercial thinking into the 
organization. “The airline busi- 
ness is a highly competitive 
one and the situation for 
the industry will not get bet- 
ter, it will only get worse. We 
will have to be more efficient, 
more innovative and more for- 
ward looking if we are to 
hold on to our present market 
advantages and expand on 
them," he says. 

By February of next year, 
Thai International’s aircraft 
fleet will number six advanced 
Boeing 747’s, 16 Air busses 
and 2 DC-lO’s, though “we 
are still looking for new air- 
craft capable of making longer 
distance direct flights,” says 
Mr Chatrachai. 


- are a thing of (he past, 
whether you are a passenger 
travelling for business or 
pleasure.” 

In line with Thai Interna- 
tional’s “fbnvard-Iooking”, 
have been the airline’s entry 
into such related, self-sustain- 
ing activities as; in-flight 
catering operations and 
sendees, wide-bodied aircraft 
maintenance, back-up trans- 
port services, and roost not- 
ably, several hotel joint 
ventures. Whether there will 
be more, Mr Chatrachai says, 
he isn’t sure right now, it will 
all depend on what proves to 
be “commercially viable”, the 
key word today in the air- 
line’s operational planning. 

It is too early to say with 
an v assurance just what effect 



Bangkok: Gateway to 
the Far East 


V.-.'i' ‘ 


Air Chief Marshal Janya 
Sukontasap, President , Thoi 
Airways IntemaritmaL 
“and to not inhibit its future 
growth, h is important to be 
able to seek outside capitaL” 
In order for the national car- 
rier to seek funds from the 
public sector, it will be 
necessary for the government 
to enact a new law, but this is 
not expected to be a problem, 
in his view. 

“The most likely scenario,” 
adds Mr Chatrachai, “will be 
to convert aD retained profit 
into equity and revalue the 
net worth of the company on 
the day. Thai’s present 


Thai's regional route net- 
work - “second to none” - has 
confirmed Bangkok’s position 
as the “gateway to the Far 
East”, he says, adding that it 
is an “advantage we intend to 
keep at all costs.” The 
marketing strategy on its 
international routes that 
stretch from North America 
to Europe and south to 
Australia, and for non stop 
direct flights to major destina- 
tions; “where the business is,” 
he quips. “The days of 
‘Hop along Cassidy' travelling 
making many intermediary 
stops on a long-distance flight 


Mr. Chatradun Bunya-ananta, 
Executive Vice-President' 
President of Marketing, Thai 
Airways International. 


the recent November devalua- 
tion of the Thai currency has 
had on Thai’s current profit- 
ability picture, but according 
to early estimates, he believes 
it win be minim al- “With the 
172 percent devaluation, h 
win automatically push our 
debts up, but revenue-wise we 
are running way above targeL 


“Our problem,” he says, “is that 
by law we art not allowed to 
revalue our assets, so we are 
still carrying on the books, our 
big aircraft expenditures at 
the same old rate.” 

For fiscal year 1983/84, 
which ended on the 30th of 
September, Thai recorded its 
highest-ever pre-tax profit of 
2,126.7 million baht (US$93.3 
million at the then existing 
exchange rates). Outstanding 
yield and revenue improve- 
ment was realized system- 
wide. with passenger traffic 
credited with earning the 
major share, 80 percent, 15 
percent from cargo opera- 
tions and 5 percent from other 
airline activities. 

The number of passengers 
carried had increased by 52 
percent over the previous 
fiscal year, to reach a total of 
2^35,392. Total traffic carried 
measured in revenue ton-kilo- 
metres (RTK) was 1,195.4, an 
increase of 8.7 percent com- 
pared with 1982/83. Thai has 
a total staff of 9,623. 

In reflecting on problems 
affecting the airline industry, 
Mr Chatrachai pointed to the 
increasing costs of aircraft. 
“Even though we have 
learned to ’hedge’ our 
purchases, opting in many 
cases for a lease-back arrange- 
ment and in a ‘basket of 
currencies’, we are still feeling 
the current economic 
restraints. Privatization,” he 
adds, “might be a welcome 
move in helping Thai to get 
around some of the 
problems.” 

To talk of merging both 
Thai Airways, the local car- 
rier, and Thai International, 
Mr Chatrachai says: “in prin- 
ciple this has already been 
agreed to. We are just waiting 
for the 'green light’, but the 
government has to give it." 


Continued from previous page 


What America wants 


'Effective T February 1985 


Republic of China. Republic of 
Korea. Papua New Guinea, 
Vanuatu 


owned enterprise. 

“Thai has had to survive 6n ' ' policies are in place, what can 
its own strength,” he says, be done to change them, 

determine what the barriers 


r 


ASIAN DEVELOPMENT BANK 


The ASIAN DEVELOPMENT BANK is an international finance institution based in Manila, 
Philippines and established for the purpose of lending funds, promoting investments and pro- 
viding technical assistance to developing countries and generally, for fostering economic 
growth in the Asian region. Its membership comprises forty-five countries, thirty-one of which 
are from the Asian region and fourteen from Western Europe and North America. 

The Bank offers challenging opportunities to highly qualified and experienced professionals 
who seek employment on a career or fixed term basis. Applications are invited for the follow- 
ing positions: 


INVESTMENT OFFICER 

The Investment Officer conducts security 
analysis capability and portfolio management 
including advisory services. Tasks cover promo- 
tion of Bank’s equity investment program (venture 
capital) to DMCs private sector, identifying 
potential equity investments and assessing all its 
aspects and maintaining expert knowledge about 
venture capital operations and developments. 

Candidates should have a university degree in 
banking, finance, accounting, commerce or 
economics. An advanced degree in the afore- 
mentioned fields and/or a professional qualifica- 
tion in public accountancy is preferred. Work 
experience must include at least five years of 
senior level professional assignments preferably in 
a developing country. 


HEALTH SPECIALIST 
The Health Specialist wall be assigned to the 
Social Infrastructure Division to assist the Bank 
in its Health and Population sector activities. In 
addition to a basic medical qualification, die 
applicant should have a public health qualifica- 
tion (an alternative post-graduate qualification in 


administration or economics would be acceptable 
provided that, in addition, the candidate had prac- 
tical public health experience), with extensive 
experience in the health sector in developing 
countries, preferably those which are Bank mem- 
bers. More specifically, the candidate’s experience 
should include health services administration; 
analysis of health sector information including 
services, management, manpower and epidemio- 
logical information, and the developments and 
implementation of program and projects designed 
to improve health sector services. The successful 
candidate should have superior communication 
skills in English, and be able to work in a team 
including non-medical specialists. 

The successful candidate will be responsible for 
Project development work, including the deter- 
mination of sectoral priorities in member coun- 
tries, identification of suitable projects for Bank 
financing, and the processing of such projects 
with responsibility for all related documents. 
Additional responsibilities will include monitoring 
of Project implementation activities, and other 
such duties related to the above as may, from time 
to time, be required. 


are. Ai that stage we would 
begin looking at projects 
where you can effectively 
leverage change in those 
policies. Now it can only be 
done concurrent with the pro- 
ject It is always the case that 
the project has been chosen by 
some of the more insistent 
Board members. The techni- 
cal assistance gets tacked on 
to the side of an existing 
project 

We’d like the technical 
assistance and definition of 
policy requirements made 
first The project line would 
then be used for leverage or a 
‘sweetener’ to bring about 
policy change; and make that 
assistance contingent on hav- 
ing the policy changes in pro- 
gress - and begin tying not 
only loan effectiveness but 
loan disbursements to con- 
tinued progress in the policy 
area. As you know, we believe 
it’s the policy changes that 
drive the economic growth. 
Resource transfers that can 
come through a multilateral 
institution are so small that, if 
you don’t have the policy 
changes, they won’t matter. 
So they are only important 
insofar as they are the 
mechanism which you use to 
achieve policy reform.” 


there is if there are other com- 
petitors in the marketplace. In 
most cases where you see 
state-owned corporations 
they’ve also been granted 
monopolies. You almost never 
find that there is a state- 
owned corporation in com- 
petition with the private 
sector where the state-owned 
corporation has done better. 
Inherent inefficiencies and the 
political allocation of capital 
just renders them impotent in 
the marketplace. So there is 
no state-owned provider of 
goods and services that should 
be fended in any case. 

If there is no private sector 
alternative, it’s usually due to 
one of two reasons: It's not a 
good use of resources, 
therefore the government 
shouldn’t be in it either. Or 
the government has put up 
policy barriers to keep the 
private sector out of that 
activity if it does give a proper 
return to capital. 

The things we’re looking 
most closely at right now are 
the big industrial infra- 
structures: steel mills, iron 
mills, agribusiness processing 
plants. 


On Replenishments of ADF 
Grant Content Loans . . . 


Fluency in written and spoken English Is essential. Staff and their families will be based In Manila, 
Philippines, but the positions may involve international travel. 

The positions offer competitive salaries paid in US Dollars normally free of tax. and an excellent 
benefits package. 

Interested persons are invited to send their curriculum vitae immediately to: 

REF. NO: FR 21 

Head. Employment and Staff Relations, Personnel Division 
Asian Development Bank 
P.O. Box 789, Manila, Philippines 


On how tike only good State 
Enterprise is one divested 
or defunct . . . 


Q. If a state enterprise existed 
that was doing a better job than 
the private sector, would support 
for it be construed as a positive 
catalyst to growth? 

“Thai’s a pretty farfetched 
assumption. I don’t know 
where ever that’s been the 
case or would be the case. 
What you’d have to look at 


“As it states in the budget, at 
this time we are not planning 
funding for any additional 
replenishments. It is currently 
under review. That review 
will consist of a hard look at 
whether the institutions that 
have concessional lending can 
alter the way that they run 
their programs, so as to 
warrant additional funding by 
U.S. taxpayers. At the same 
time, we’re really tightening 
down on the budget. 

At the meeting of the Board 
of Directors at which we 
discussed the ADF 5 paper 


that the management of the 
Bank had brought forth, I 
read a long recitation of the 
kinds of policy changes that 
the United States would insist 
on before it would entertain 
participating in ADF 5. 

We’re going to be looking 
for a hardening of the terms, 
to a point where we're at least 
charging an interest rate 
which is the equivalent of the 
average inflation rate across 
the currencies that we have to 
deal in; possibly go into a 
floating rate on the loans to 
make sure that the grant ele- 
ment is constant for the life of 
the loan. 

We’re also going to take a 
very hard look at the way 
funds are being used. An 
analysis by my staff indicates 
that' in 1983-1984 all of the 
funds that went out under 
ADF were for state-owned 
enterprises. That is something 
we’re certainly not going to 
entertain for the fifth 
replenishment. 

Another thing we think is 
very important is the length of 
the replenishment. One of the 
problems we have in all of 
these institutions is that 
we’re constantly negotiating 
replenishments and the 
management of these institu- 
tions have very little time to 
spend on policy changes. We 
want to get some changes of 
the rules in place and then 
have perhaps five years to 
evaluate them; at present 
they're four years. 

If the policy changes are not 
forthcoming, you can expea 
to see the United States on the 
sidelines.” 

Q. Should that occur, would 
the United States also alter its 
traditional parity with Japan in 
the capital base of the ADB and 
reduce its presence altogether? 

“Thai’s something which is 
still under consideration. Should 
that contingency occur, we 
have to take a look at it at that 
time. As you know, some of the 


European countries have asked 
for a selective capital increase. 
The Japanese are looking for a 
similar increase. This all ties 
in very closely with the admis- 
sion of the People’s Republic 
of China to the Bank. These 
things are all up in the air at 
the same time right now. Bui 
all options remain open at this 
time. 

The taxpayers in the 
United States are less and less 
willing to pay for programs 
that they don’t believe in. 
They have shown no inclina- 
tion to cut funding from those 
t hing s they do believe in. I 
think if the institutions are 
willing to alter their role so 
that the American taxpayers 
see that it’s beneficial to 
remain in, you will see 
support. 

Many of my colleagues say, 
especially on policy issues, 
‘Well, this is how we run our 
governments. This is how our 
people like to do things. It’s of 
course our sovereign right to 
do that. Therefore if we want 
to spend the monev that way 
we should be able to.’ 

U.S. reaction to this is 
always very consistent: We 
completely recognise every- 
one’s sovereign right to run 
their country any way that 
they wish, but the U.S. tax- 
payer also has the sovereign 
right not to pay for it. So 
that s the tradeoff that you 
have to make. 

At the same time we 
recognise that there are 
foreign policy interests other 
than just the absolute transfer 
of resources and people Work- 
mg in these institutions are all 
trying for the same goals. So 
you don’t want to be taking 
too strident a position. You do 
have to do some of these 
things incrementally. 

Many of these changes 
we re looking for are so fun- 
damental that we think we 
have to take a much harder 
Uon tinned facing page 



ONLYTHE F INEST SKILLS PRODUCE THE RIGHT RESULT 

I k? 1 ■ 38P* ' 4 1^ Artists aren't born. They are de- Its the same with banking, brakes developinq its 

I (L,/* <lilPk I i JrSSHSp '’Mji WimM Seated people who work hard over years of experience for a bank to decades ^ many 


-J 


1 

1 


Artists aren't born. They are de- 
dicated people who work hard over 
many years to learn the skills that will 
eventually set them apart from 
others. Patience, attention to detail 
and a complete understanding of 
their subject. 


It s the same with banking. It takes 
years of experience for a bank to 

at win operate effectively in today’s sophis- Asia's largest comme , oouthcast 

from tkraied money markets. In everything 300 branches i bank - 

detail it does, a bank must be totally effi overseas branch ° haiiand an d 15 
ng of cient and thoroughly knowledgeable. Clearly, our skilkf around world. 

The Bangkok Bank has been right results. ^ pro ^ uc ' n 9 the 

Bangkok Bank; An artist amongst banks. 





Bangkok Bank Limited 

The Aslan International Bank 


KmhJ Oftte. U -Nfam Rd BMvjknfc Thaiiml Tel 2M Tele, H2KW *£b?n. 72UI1 BK BAN* 

Branrhn : Hnnii Kong .lakaiia Koala Lumpur. Singapore. Tjtpei. Tolitn. CKiki Hamburg Li'uirtan Lc^ Angple, n 






SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Continued from previous page 



What America wants 


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! look at this lime. We think ihc 
institutions have been benefi- 
cial, but neat nearly so benefi- 
cial as they could have been. 
In some areas where they 
have been harmful, we want 
to sec absolute changes. 

One area where this has 
been so is in policy. Institu- 
tions such as the World Bank, 
ADF, all of them have put 
money out for state enterprise 
and have put out massive 
funding For the creation of 
state agencies, state bureauc- 
racies, to manage the 
economies. With the monies 
that have come from institu- 
tions, we have created a 
generation of bureaucrats in 
many of the poorer countries, 
who have been tasked with 
economic decisionmaking on a 
day to day basis. What we've 
done as a result, is to create a 
climate in which a political 
skill is much more valuable a 
skill than an economic one, 
even when operating within 
the economic sphere. We want 
to see that turned around. We 
want to see funds being cut off 
that support these state plan- 
ning agencies and state 
bureaucracies. We want to see 
those funds going into 
leveraging policy changes and, 
where appropriate, into help- 
ing out with the creation of a 
more vital free enterprise. 

One of the things necessary 
| for that is a removal of the 
i restriction on state guaran- 
tees. So we can begin putting 
money into some private 
sector projects, without the 
state having to be the guaran- 
tor. So long as the state is the 
guarantor, it’s very difficult to 
get a real free market alloca- 
tion of capital and to remove 
the political controls. 

That increases the risk to 
the Bank, but we’re not in ihb 
business to be free of risk. The 
World Bank and ADB also 
loudly tout that they've never 
had a default, but that's 
because the governments have 
guaranteed the loans. Many of 
the projects have been disas- 
ters, and defaulted and never 
earned a nickeL What we’re 
saying is that the institutions 
agreed to projects that didn't 
work, and governments had to 
use scarce resources to pay 
them back anyway. We 
believe the institutions can be 
reformed adequately enough 


for us to assume that extra 
risk. 

In one case, since I've been 
here, we created a new siaic- 
owned enterprise with 
additional funds going out to 
bolster the bureaucracy to 
support that enterprise. That 
was definitely a mistake. We 
fund training components 
with many of our loans to go 
out and increase the capability 
of the bureaucracies to 
administer, rather than using 
the same funds to provide 
institutional changes to turn 
those enterprises over to the 
private sector. Right now the 
ADB is wasting huge sums of 
money on developing econo- 
metric models of South Asia. 
In one case even for India, 
which is not even a loan recip- 
ient. It is doing all sons of 
studies out of the economics 
office which no (me appears to 
have approved or agreed to. 
Yet we’re putting resources 
into that when the Board is 
told lime and time again that 
we don't have the expertise to 
evaluate private sector altern- 
atives. That’s something wc 
think is definitely a mis- 
ai location of resources. 

There are many projects 
implemented that are still in 
plenty of trouble, from an 
economic return standpoint. 
Semi-annual reports cm 
troubled projects show you 
more about implementation 
problems. We had a project 
early this year where the Bank 
W3s going for desalinization of 
some land in Pakistan, under 
an irrigation project. It turned 
out that the problems had 
been created by a previous 
ADB project. The previous 
project may never have shown 
up as a problem, since it’s 
fully implemented. Whether it 
showed up as a failure by 
ruining all the land it was 
meant to help l don’t know. 
With the kinds of changes the 
United States wants, you’d get 
a different review mechanism 
altogether. If the project to be 
used as policy leverage was to 
build a dam, and what you’re 
hoping to get out of that is a 
freeing up of agricultural 
prices, the dam may be com- 
pleted and providing water 
but the policy changes may 
have been pul in place and 
then reversed. Our review of 
the. project would show it 


hadn’t worked out. Whereas 
the formal management 
review might show that they’d 
been very successful - the 
dam was completed, and is 
not falling span. 

On the Preference for 
Bilateral Aid Programs . . . 

It is very accurate to say we 
have a preference for bilateral 
over multilateral aid pro- 
grams. President Reagan has 
campaigned in two elections 
on that item. It’s in the 1984 
Republican Party platform. If 
you look at the distribution in 
our foreign aid programs you 
clearly see that. 1 think that's 
a recognition that the U.S. is 
looking for different policy 
changes than some of the 
others. We fed we get more 
leverage in many cases with 
the bilateral programs. 

On the economic growth 
side of bilateral aid, I think 
you'll find the United States 
has not engaged in tied 
assistance to the extent that 
most of the others have. The 
dosest tied assistance that we 
actually have is the export/ 
import bank program, but 
that has been shrinking in 
importance over the last few 
years, if you look at the 
disbursements and reduction 
of funds. 

On ADB Efficiency ... 

In the United Stales ADB 
is considered the most effi- 
cient of the multilateral 
development banks. I’m scep- 
tical of that. Remember that 
view is from a distance of 
10,000 miles away. Tradition- 
ally, the Bank's effidency has 
been measured as a ratio of 
the number of loans to the 
size of the staff (At present 
ADB has about a 1:1 ratio of 
loans to its 600 staff mem- 
bers). We would like to see 
policy changes within the 
countries to be a mark of 
success. Within each of the 
projects, hove you achieved 
at least one fundamental 
change? 

Now in agricultural loans, 
say you’re doing irrigation in 
a rice planting district Did 
you get the market price of 
rice on the producer, 
wholesale and retail level 
freed up? We’re not talking 
about getting the ‘adminis- 
tered’ price adjusted; that’s 
not a policy change. On a fer- 


Many 


rilizer project, we might look 
at whether we've gotten the 
government out of the fer- 
tilizer business. 

We believe making policy 
the criterion of loans will 
require a change in the com- 
position of the staff of the 
Bank, and a massive change in 
the way the staff arc compen- 
sated. We would like to see 
private sector orientation on 
the part of the siafE maybe 
bringing in people from the 
corporate sector. We would 
also like to see remuneration 
of Bank staff changed, so 
that staff working on loan 
implementation are rewarded 
for policy changes which they 
leverage and those working on 
loan funding receive some 
reward for the amount of co- 
financing they bring in. 

You can’t impose your 
views. You’ve got to get 50Tc 
of the vote to do anything. We 
have about 13*. We have no 
veto on what this Bank does. I 
guess if the U.S. feels strongly 
enough about policy changes 
that it’s willing to cease to be 
a participant in their absence 
or reduce its participation, the 
other countries have to 
evaluate that for themselves. 
We're just saying this is the 
way wc want to see things 
done. 

You get suggestions that we 
may be pushing too hard from 
inside the Bank, but not 
necessarily inside the coun- 
tries. In genera] I find the 
countries of the region far 
ahead of the ADB. One of the 
problems is that the ADB is 
intellectually fairly sterile. 
You don't find the ADB as a 
great generator of ideas. For 
instance. President Fujioka 
created the Resource Center 
but you don’t see the ideas 
developed there come into the 
project area at all. We want to 
bring ideas about privatization 
and so on that come up in 
roundtable discussions into 
the project stream. Many of 
the region's countries are al- 
ready looking into privatization. 

Our effort is to bring the 
Bank into lockstep with what 
the countries already want to 
do. 

The Bank is not providing 
them the expertise to make 
the changes they need. Coun- 
tries are looking at divestiture 
as a means of generating more 
capita] and getting out of the 
drain on their current account 
budgets. We ought to be 
responding to that." 


Management for 
Stability 

Bangkok Bank Chairman 
says ADB has proven value 

I ooming global debt and rising protectionism, 
coupled with the economic uncertainties 
4 brought on by fluctuating interest and ex- 



I ooming global debt and rising protectionism, 
coupled with the economic uncertainties 
£ brought on. by fluctuating interest and ex- 
change rates are some of the constraints troubling 
the ASEAN region’s economic managers, says 
Bangkok Bank Chairman Dr. Amnuay Viravan, 
acknowledging that the new “Scenario” is one call- 
ing for management for stability rather than for 
growth. 

“In the past, ASEAN’s jg 

ability to finance its own 
growth was hdped by the high 
rate of domestic savings and 
capital investment, but even 
this has been jeopardized by 
the current economic un- 
cenainiues.” For the mul- 
tilateral funding agencies, like 
the Asian Development Bank, 
he averts, the constraints are 
somewhat similar: “They 

have to pay more to get less.” 

ADB, he adds, has proven 
its value to the region. 

Thailand, as one of the major 
recipients, has put the money 
to good use, realizing great 
development benefits. But, Dr. Amnuay Wiravan, Executive 
generating resources for the Board Chairman, Bangkok Bank. 

development countries in the _ 

region is a problem that is 

becoming more acute. y a Cf Ahl V 

This “opening up of new ft ft 

windows”, providing financ- j VOT TWf I 

ing tor corporate business - |j YUUINU t 

similar to what the World * The ASIAN DEVELOPS 

Bank’s International Finance in 1966 to assist in the plan 

Corporation is doing - is a wiesof Asia and the South F 

, ° I America. Western Europe 

welcome move, says Dr. * Philippine*. 

Amnuay, former Thai Finance The Bank's Young Prefer 

Minister and now Executive UondbweU-tpiaWled young 

Board Chairman of the larpa, 0 

bank tn Southeast Asia, positions. 

especially in view of the fact The work is tough and cha 

Ih =‘ in 5£saKE5S3± 

region ore recognizing the challenging, rewarding and i 

necessity lor privatization. The Bank’s Young Profess 

Philippines, in addition to a 
Priv atization citizen of a member country 

As an advocate of S * 

“privatization”, a view he has i * proficiency in oral an 

held for sometime. Dr. I Candidates should have a 

Amnuay says: “It provides 5 lion or other fields relevant 
... 3 } ? r - . lag. operations research t 

tangible evidence of the experience should be In an 

cooperative process engen- analysis of investments, bud. 

dor* bnweon the public and AlSJStXS&L 

private sectors, somewhat like [1 

the “fruits of the process’.” In [j Head. Employe 

this, he says, Malaysia is tak- 

ing the lead in the Region, p - 

though “Ac Thais arc talking "" '* 

a lot about it” 

' “Privatization,” as a con- fl^ 


cept, he says, points to only 
one objective: “increased 

efficiency and better utiliza- 
tion of the naiional 

resources.” Adding that at the 
heart of the privatization 
process “is the belief that 
market systems of allocation, 
sharpened as they are by the 
forces of competition, are more 
efficient than non-market 
systems.” 

However, he counsels, 

“effidency and productivity 
should be the government’s 
primary concern, not owner- 
ship.” And. between the 
public and private and public 
sectors - “between state con- 
trol and free market competi- 
tion - the ideal balance will 
vary lor any given economy at 
any particular stage of its 
development." 

Region’s largest 
Bank 

As the region’s largest and 
most powerful bank - 
Bangkok Bank is more than 
twice the size of its nearest 
Thai competitor lending 
more then a third of all com- 
mercial credits and financing 
more than 45 per cent of the 
country’s exports - Dr. 
Amnuay says it is deeply 
involved in the privatization 
process, both in terms of 
financial capacity, relative to 


the industry, and in pro- 
motional efforts. 

“The economic engine of 
the country is the private 
business sector and the 
development process can only 
be effective if it can be allied 
to private initiative and 
investment, and private pro- 
duction activities,” says Dr. 
Amnuay, conceding that in 
lieu of the current global 
economic restraints, this is the 
“reality” of the situation in 
Asia today. 

Development-orientated 

approach 

Bangkok Bank, he con- 
tinues, will concentrate on 
taking a development- 
orientated approach. “We 
have identified a number of 
areas where we can strong- 
ly advocate and mobilize 
resources tor direct assist- 
ance.” One area is export 
promotion in which the bank 
is already heavily involved in 
financing. A second area, 
“privatization”, will require 
working closely with the 
government on project for- 
mulation as well as providing 
financial resources support. 
The third area is agriculture, 
says Dr. Amnuay: “better 
utilization of resources, not 
just expanding acreage: but 
more intensive agricultural 
development,” 


ASIAN DEVELOPMENT BANK 

YOUNG PROFESSIONALS PROGRAM 

The ASIAN DEVELOPMENT BANK, an international finance organization, liras established 
in 1966 to assist in the planning and financing of high priority projects in the developing coun- 
tries of Asia and the South Pacific Its stockholders are the governments of 45 countries of North 
America. Western Europe and the Asian Pacific region. Its headquarters is in Manila, 
Philippines. 

The Bank's Young Professionals Program is designed to recruit a small number of excep- 
tionally well-qualified young men and women to the professional staff. 

We are looking for graduates under 30 years of age who have superior academic credentials 
but who lack the minimum experience normally required for the Bank’s professional staff 
positions. 

The work is tough and challenging. The Bank will give you that experience through structured 
work assignments, complemented by developmental activities and formal training programs. 
Your professional progress should lead you eventually to higher staff positions and to a 
challenging, rewarding and varied career. 

The Bank’s Young Professionals Program offers attractive salaries, normally Free of tax in the 
Philippines, in addition to a broad range of benefits and allowances. To qualify, you must be a 
citizen of a member country of the Bank and have 

* Either a Master's degree or Its equivalent or a Bachelor’s degree with at least two years 
of work experience: 

* Proficiency in oral and written English. 

Candidates should have advanced training in economics, finance, management, administra- 
tion or other fields relevant to the work of the Bank. Applicants with training in law. engineer- 
ing. operations research or computer systems may also be considered. Relevant work 
experience should be In areas such as banking, financial analysis of projects, planning and 
analysis of Investments, budgets, acccounting and country or sectoral planning. 

If you meet these requirements, please send hi your application in English, quoting 
REF: YP86. with your curriculum vitae and copies of academic records and transcripts to: 

REF: YP86 

Head, Employment and Staff Relations. Personnel Division 
Asian Development Bank 
P.O. Box 789. Manila. Philippines 

Applications for the 1986 Intake in this Program should rroch the Bank no later 
than 31 July 1985. 


. ipjOTk'!- 1 di,ij 


When Thai became airborne in 
1960, our philosophy was simple. 
Only the best of people would run 
the airline. Only the best aircraft 
would make up the fleet. 

And the standard of service would 


be of the gracious, traditional kind. 
Thai’s Royal Orchid Service took off 
and hasn’t stopped climbing since. 
Our pioneering spirit has flourished, 
too, since we opened up Kathmandu 
and Bali in the late 1960s. 


We were one of the first to establish a 
special business class. 

We introduced the first non-stop 
flights to Europe. And established a 
north-west gateway to America. 
Served by an ever-expanding fleet of 


Uj 


'V •■?■// 


magnificent 747Bs and wide-bodied 
^ A300s, Thai’s route network now' 

includes over 40 cities in 32 countries 
across four continents. 
rjj Many happy returns, many happy 

l/ departures. 


WtSC-THA-';&»8 



Page 8 


Hcralb 


INTERNATIONAL 



Sr vb unc. 


Published Wlib Hie .New York Timex and The VasUngtoa Poet 


Stretching the ABM Treaty 


The Reagan administration is taking some 
heat for saying it intends to stick within the 
terms of the 1 972 anti-ballistic missile treaty as 
it continues its work on a missile defense 
system in space. From the left, it is accused of 
cynically planning to exploit technicalities and 
loopholes in the treaty to be able to say it is 
testing within its terras. From the right, it is 
faulted for failing simply to renounce the trea- 
ty, which, its critics maintain, was either 
flawed from the start or has been effectively 
trashed by Moscow's violations of iL 

These grumbles are predictable: This is an 
administration that believes that the old arms 
control agreements undercut U.S. interests 
and that the Russians are untrustworthy nego- 
tiating partners. On this basis, President Rea- 
gan set out to search for a defense that would 
render obsolete not only nuclear weapons, as 
he has declared, but also the very need for 
negotiated arms agreements. Meanwhile, how- 
ever, Mr. Reagan entered ambitious negotia- 
tions. So he was bound to have to answer to 
arms control's traditional friends and foes. 

Traditional arms-controllers regard the 
ABM treaty as the high-water mark in the 
attempt by the two superpowers to master 
jointly their nuclear destinies. It helps to recall 
however, that the treaty was never regarded as 
the be-all and end-all of American security. 
The text provided for research, the sure engine 
of change, and for amendments, review and 
even withdrawal. The two powers were serious 
about the treaty, but they made it warily. They 
wanted restraints, not a straitjacket. 

It is no surprise, then, that there is heavy 


pressure on the treaty now. It comes from 
sources well foreseen: technology and distrusL 
For years the two countries have been con- 
ducting research on space defense. They have 
also accused each other of violations. 

The matter of violations is key. The Kremlin 
can go so much further than any American 
administration in pressing beyond what trea- 
ties allow: It has no public or opposition to call 
it to account. This puts a special burden of 
policing the ABM treaty on Americans. Here it 
must be said that American conservatives, 
though they can go too far, have been attentive 
to issues of Soviet treaty compliance. The 
Pentagon is right to be troubled by the emer- 
gence of a double standard that forces Ameri- 
cans to be faithful to agreements that Russians 
compromise. The traditional friends of arms 
control need to be no less attentive. It could 
not fail to give the Kremlin extra incentive to 
satisfy American anxieties about, for instance, 
its Krasnoyarsk radar — a large and troubling 
violation — if the traditional arms controllers 
took the lead in complaining about it 

Meanwhile, it is better that the Pentagon 
reshape its testing to stay inside the ABM 
treaty th an that it test outside. Americans who 
think this is twisting words can go to the 
political arena, as they are. Russians who be- 
lieve the Pentagon is stretching the ABM trea- 
ty can go to the consultative body set up to 
handle these issues. There they can raise ques- 
tions about suspected violations — and they 
can address the questions about their own 
enterprises that are on Americans’ minds. 

— THE WASHINGTON POST. 


Vietnam and Nicaragua 


To the cry of “No More Vietnams," Ameri- 
ca has tied itself into knots over Nicaragua. 
The president wants a virtual declaration of 
war against the Sandinists — no more piece- 
meal humiliations by Soviet proxies. Congress, 
in a stunning demurraL says no more piece- 
meal investments of prestige in a war we are 
unwilling to send American boys to finish. 

Some of the Vietnam echoes are evoked by 
the calendar. It is 20 years since American 
ground troops went into battle in Vietnam, 
and 10 years since their final ignominious 
withdrawal. But there is a simpler explanation 
for the preseat ambivalence: ignorance. Amer- 
icans, even those in authority, ore unsure 
about the conditions and stakes in Nicaragua. 
Where the facts seem so perplexing, how much 
easier to try the case by analogy. 

For Congress, the overriding lesson of Viet- 
nam is do less: Sign no blank checks for war- 
making. It is not convinced that the Sandinists 


pose a threat justifying war. If they did, it sees 
no plausible plan for ousting them. 

For the administration, the lesson is do 


more. Here it is. as rendered by Secretary of 
State George Shultz: “Broken promises. Com- 
munist dictatorship. Refugees. Widened Sovi- 
et influence, this time near our very borders. 
Here is your parallel between Vietnam and 
Central America” He says the failure in Viet- 
nam not only betrayed the people of Indo- 
china but led Congress to hobble the presi- 
dent's authority, thus emboldening the 
Russians and '‘destabilizing" the globe. 

These readings of history are not all wrong 
or irrelevant But they are woefully oversimpli- 
fied. Americans did not need Vietnam to learn 
the nature of communism. They did not go 
into Vietnam to diminish Soviet influence but 
what they ignorantly thought was China's. 

Nicaragua is closer than Vietnam, and argu- 
ably a more vivid U.S. interest But it is in no 
sense a Soviet power. Precisely because it is 
nearby, the United States could quickly snuff 
out any real security threaL Nicaragua's Marx- 
ists may yearn to spread revolution, but their 
opportunities to do so depend more on Ameri- 
can behavior than Soviet ambitions. Like Viet- 


nam, Nicaragua may be too heavily armed for 
its size, but it has had much more reason 
to fear invasion. 

The ultimate lessons of Vietnam should be 
evident The United States will not effectively 
wage war unless it understands the reason for 
the pain. Even a hesitant resort to force creates 
uncontrollable imperatives. It soon requires 
exaggerating the stakes, then destroys the bal- 
ance between ends and means and finally 
forecloses diplomacy and compromise. When 
America stands in peril that price has to be 
paid. Where less than vital interests are at 
stake, the path away from force needs to be as 
clearly marked as the path in. 

Mario Vargas Llosa, the Peruvian novelist, 
offered an astute appreciation of America's 
interests and dilemmas in Nicaragua in a re- 
port for the New York Tunes Magazine. 

“The kind of massive, and bloody, military 
intervention that will be needed to overthrow 
the Sandinists mil not result in a democracy." 
he says. “Only a dictatorship can impose order 
in a country' devastated by terrorism and civil 
war. To maintain the existing fragile freedoms 
under the present regime, the only choice for 
the opposition is to reach some kind of an 
agreement with the Sandinists. Although the 
regime has traveled far down the road toward 
totalitarianism, the challenges and difficulties 
it faces are an inducement to compromise.” 

That may be wrong. So may be the author’s 
judgment that the Soviet Union has decided 
against paying the price of taking Nicaragua 
under its wing, like Cuba; or that Nicaragua's 
revolution looks a lot like Mexico's. But where 
are the comparably dear-eyed analyses by the 
U.S. government? Where are the lists of Amer- 
ican demands, distinguishing between intoler- 
able threats to U.S. security that justify war. 
and lesser interests to be sought with lesser 
sanctions or rewards? 

The lesson of Vietnam is that, when in 
doubt, look a dozen times before leaping. Con- 
gress, which cannot have its own diplomacy, 
has not rejected a president's policy. In its 
justified confusion, it asks him to produce one. 

— THE NEW YORK TIMES. 


Other Opinion 

Hie Cost of Import Curbs 


Japan's latest and somewhat hazy new 
"market-opening’’ program, announced in re- 
sponse to continuing American charges of dis- 
criminatory trade practices, is likely to fall well 
short of placating an impatient Congress. As a 
result, the risk remains high that congressional 
frustration over the massive UB. international 
trade deficit could be translated into some 
form of specific anti-Japan retaliation. 

Senator John C. Danforth, Republican of 
Missouri, a leader of the retaliatory forces, is 
demanding action to inflict “at least some 
economic pain” on Japan. 

Steps to restrict Japanese imports or to raise 
their costs by imposing tariffs might indeed 
cut into the profits of Japanese producers and 
jeopardize the jobs of Japanese workers. But 


UB. consumers would end up paying for this 
exercise of pique, as prices of products that 
they want to buy rose and as the choices 
available to them declined. In addition. Japan 
could reduce its purchases of American goods. 

— The Los Angeles Times. 

Shooting at 'Star Wars’ 

The fact that {Mikhail] Gorbachev is now 
prepared to propose deep cuts in Soviet mis- 
siles shows that (a) Mr. Reagan was right to 
launch the “star wars” program, because this is 
now the main pressure on the Soviet Union to 
negotiate seriously; but also (b) the Soviet 
leader is intelligent enough to make an offeT 
that could split NATO down the middle. 

— The Sunday Times (London). 


FROM OUR APRIL 29 PAGES, 75 AND 50 YEARS AGO 

1935: Oid the Irish Discover America? 


1910: London to Manchester, by Air 
PARIS — Accustomed as the world has be- 
come to almost daily exploits with aeroplanes, 
the news that M. Paul nan had accomplished 
the journey from London to Manchester [on 
April 28] within ihe allotted twenty-four hours 
caused all men to marvel. Nothing quite so 
remarkable has so far been accomplished. This 
aeroplane was brought from France packed in 
cases. It was put together in eleven and a half 
hours, and at once started on its long journey, 
without preliminary trial During the voyage 
the aviator had the nerve-racking experience 
of passing over densely populated country. By 
emerging successfully from these severe tests 
the flying machine affirms its right to be 
classed among the practical means of locomo- 
tion in the economy of modern life. 


PITTSBURGH — Dr. Vilhjalmur Stefansson, 
Arctic explorer, asserts that the Irish discov- 
ered America six or seven centuries before the 
voyage of Christopher Columbus in 1492. The 
explorer told the Pennsylvania Historical As- 
sociation the Pope had documents to support 
this claim. “We’ll probably never know the 
name of the man who discovered America,” he 
added, “but we may be positive he was an 
Irishman." Stefansson described a paper writ- 
ten by an Irish monk in 820 AD. tellbg of 
colonization of Iceland by the Irish and said 
Vatican records showed that the Pope, m 1 1 26, 
made Greenland a separate bishopric which 
had an unbroken line of bishops until 1528. He 
added that the Irish should be recorded as the 
discoverers of the [North American] continent. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HA Y WHITNEY. Chairma n 1958-1982 

KATHARINE GRAHAM, WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


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O 1985. huentatit 



Eradicating African Famine: The Next Step 


R OME — Fifteen years from the 2lst century, 
in a world of artificial hearts, reusable 
spacecraft and high-speed computers, famine is 
killing thousands of Africans. 

Africa’s history has not recorded a catastrophe 
of this magnitude. In some drought-stricken ar- 
eas, even the vultures have lefL One b every five 
people b these countries is threatened by hunger. 

We must ask ourselves what went wrong b 
Africa and bow we can put it righL 
Immediate relief of h uman raiseiy is the firat 
priority. This year, seven milli on tons of food aid 
is needed for 21 countries, more than double 
last year's amount. The response has been gener- 
ous:" Pledges equal almost three-fourths of total 
need. We must urgently make up the difference. 

But food aid only "eases today's hunger. It 
cannot prevent tomorrow’s starvation. We must 
help Africa to rebuild its ability to feed itself. 
Along with the bags of wheat we must unload 
fertilizer, pesticides and seeds. Unless we do. 
emergency aid will only perpetuate dependency. 

The United Nations Food and Agriculture 
Organization has designed a SI 08-million recov- 
ery program to boost African food production 
over the next three years in the hardest-hit coun- 
tries. Many of the proposals, which were recently 
presented to donors at FAO headquarters in 
Rome, are aimed at getting supplies in place 
before the next planting. 

This is not a charity operation. It gives the 
poorest peasant a fair chance to work for his 
daily meal, a shift from bang a dependent to a 
producer. The problem is that most donor coun- 
tries plan for long-term development or for food 
emergencies. Rehabilitation falls in between. It is 
a budgetary orphan. 

Recently the United States led the way in 
approving funds for recovery and rehabilitation 
projects in Africa. This is an encouraging step. I 
am ur ging other nations to follow suit. 

We can beat this crisis. Stage one is food relief. 
Stage two is recovery. But famine could reappear 

: — anew 


the fact 



Today 


By Edouard Saotzma 

The writer is director-general of the 
UN Food and Agriculture Organization. 

that African agriculture has been on a slow 
collision course with catastrophe. The recent 
three-year drought merely aggravated iL 
For two decades, food production fell behind 
the world's fastest population growth. Over the 
last 15 years. .Africans have been eating less and 
less staple foods — 180 kilograms (596 pounds) 
per person a year in 1984 compared to 220 in 

We must help Africa rebuild Us 
ability to feed itself. Along with 
the wheat we must send 
fertiliser, pesticides and seeds. 

1970. Widespread poverty and malnutrition have 
dragged down life expectancy to an appallingly 
low level of 49 years. 

To prevent future famines, we most tackle the 
root causes of today's crisis — technical devel- 
opmental economic and political. 

There is a technical crisis because fanning in 
Africa is difficult and underdeveloped Only one- 
fourth of the land is suitable cropland, yet only a 
quarter of that is cultivated Only 2 percent of 
arable land is irrigated and irrigation develop- 
ment is likely to cost two to three times more 
than in Asia. Fertilizer use in Africa is less than 
one-tenth of that in the West 
Unfortunately, neither the “Green Revolu- 
tion" technology of Asia nor the capital-inten- 
sive methods of the West are appropriate. Africa 
needs research to produce drought-resistant, 
high-yield food crops and to reduce pests and 
diseases. It needs new fa rming practices to pro- 
tect the fragile soil fertilizer and irrigation. 

The keys to the development crisis are popula- 
tion and government policies. Africa will speed 


headlong to disaster unless it slows the pace of 
population growth. .And governments must find 
the right trade-offs to develop other parfc of the 
economy without punishing farmers. Farmers 
cannot be expected to produce surplus for the 
cities without a fair market price. In the develop- 
ment agenda, agriculture must come firsL 

Economic and political crises are choking off 
reform. Agricultural exports only earn half of 
what they did in 1978. Countries are strangled by 
an 58 billion debt-service burden that is project- 
ed to double over the next two years. PohticaJ 
tension and war. in addition to hunger, have 
made one of every 200 .Africans a refugee. 

Forever famine? Yes — unless we plunge 
ahead with a new agenda for development It 
must be led by Africans themselves. No file 
cabinet full of proposals can do iL Why can’t the 
head of state also be the minister of agriculture? 

African ministers, in the Harare Declaration 
of 1984. resolved that the burden of agricultural 
development rests with them. But Africa cannot 
go it alone. The task is monumental. 

Donors should stop financing while elephants 
that do not work. More bilateral programs must 
be channeled into agricultural prefects that reach 
the vital small producers. Ana it must be recog- 
nized that the future is trade. Trade brings in 50 
times more than aid. 

International and nongovernmental organiza- 
tions must also contribute. The FAO now de- 
votes almost half of its resources to food produc- 
tion in Africa, and its recovery projects are 
linked to long-term agricultural development. 

The road is long, and famine may again threat- 
en. We must sharpen our ability to detect it and 
react. FAO's global information and early warn- 
ing system succeeded in giving ample warning, 
but in the end. for Ethiopia, that was not enough. 
We are exploring ways to improve the system. 

For all the scientific accomplishments of our 
century, it should also be within our ingenuity 
and resources to halt the recurring human torture 
of hunger. While we explore space; let us not 
forget our fellow men and women on Earth. 

International Herald Tribune. 


1985: A Year of Opportunity in Superpower Relations 


G ENEVA — East-West, and 
more particularly, Soviet- 
American interactions are visibly 
moving forward again. The first 
round of the new nuclear arms con- 
trol talks has come to an end. albeit 
an end marked by some sharp words. 
A meeting between the leaders of the 
two countries appears likely. But the 
relationship is beset by many obsta- 
cles and uncertainties. 

One senses, nonetheless, a growing 
realization that a way must be found 
for the two sides to meet half-way. 
Only thus can the nuclear arms race 
be curbed, gradually paving the way 
toward the ultimate elimination of 
nuclear weaponry. And progress in 
arms control would give the green 
light for progress in other fields. 

Despite a recent chill in Soviel- 
American relations, the situation is 
not altogether bleak. The so-called 
Helsinki process seems to be slowly 
gathering strength: Progress has been 
made at the Conference on Security- 
and Confidence-Building Measures 
and Disarmament in Europe, held in 
Stockholm. Another CSCE gathering 
on human rights and human contacts 
is to be held next month in Ottawa. A 
“cultural forum" is to gather in Buda- 
pest in mid-October. There is also an 
upward trend in political contacts 
and consultation between individual 
signatories of the Helsinki Final Act. 

In the economic sphere, East-West 
trade is expanding despite the many 
obstacles. But it remains low, particu- 
larly Soviet-American commercial 
exchanges. If a condition of relative 
trust and stability were achieved, 
there would be much wider scope for 
a mutually profitable expansion of 
trade and cooperation. 

It is gratifying to record that under 
the auspices of the UN Economic 
Commission for Europe (whose 
members include the Soviet Union 
and the United States) effective re- 
gionwide cooperation in the control 
of cross-border air pollution is going 
forward — a remarkable, if Uttle- 
known East-West success story. Yet, 
such cooperative actions cannot in 
themselves end political and military 
tensions between the two powers. 

In the sphere of Soviet-American 
links, many existing channels of com- 
munication and cooperation (several 
of which were established during the 
1972 Nixon-Brezhnev summit) have 
gone virtually unused. There are now 
some signs of resumption of activity. 

Contacts between academic insti- 
tutions and also between influential 
American and Soviet personalities 


By Evgeny Chossudovsky 


are on the rise. Important high-level 
consultative meetings among parlia- 
mentarians headed by leading Soviet 
and American statesmen have recent- 
ly taken place in the two capitals. 
Would it not be sensible to hold such 
meetings periodically? 

As to the possibility of a summit 
meeting, agreement on goals, scope, 
format, venue and timing will first 
have to be reached. 

The last Soviet-American summit 
took place six years ago. Ibis gap is 
abnormal. The’ Soviet Union has al- 
ways sought regular, and preferably 
institutionalized, personal contacts 
between itself and other countries. A 
number of accords with Western 
countries on regular high-level con- 
sultations (e.g. with France and Can- 
ada) hhve proved valuable. 

A nfew summit presumably would 
aim td give a boost to the Geneva 
arms control talks, bat also would 
address the question of improving 
Soviet-American relations as a whole. 
The psychological and political effect 
of such a meeting could be consider- 
able, especially if concrete results 
were achieved toward a progressive 
normalization of relations. 


A move toward normalization 
could be underpinned by making ar- 
rangements for ongoing consulta- 
tions; a Political Consultative Com- 
mission could usefully meet at least 
twice a year. 

Ideas worthy of post-summit ex- 
ploration include joint studies on a 
Soviet-American code of conduct 
that would set practical guidelines for 
international behavior (derived large- 
ly from existing treaties and accords); 
and. in the scientific field, consider- 
ation of carefoUy selected, but large- 
scale cooperative research programs 
on such globally vital subjects as add 
rain, cancer and fusion energy (see 
“To Fuel Summitry, Try Fusion Ener- 
gy " by Flora Lewis, IHT, April 13). 

What else could be done to lessen 
tension? The current year includes 
three notable anniversaries; the 40th 
anniversary of the end of World War 
II, the 40th anniversary of the entry 
into force of the United Nations 
Charter, and the 10th anniversary of 
the signing of the Helsinki Final Act. 

One would hope that Soviet and 
American statesmen would use these 
occasions to solemnly declare (and 
support tbeir words with actions) 


LETS INVITE GORBACHEV "SUMMIT ? 
TO A SUMMIT? NO, WES BEST 

\ 2% N0L IT WOULD 

Vfi? ONLY RAISE 

Wf EXPECTATIONS. 

HOW ABOUT A TVWTB BETTER, 

“MEETING”? BUT IT STILL 

\ A SOUNDS A 

LITTLE STUFFY. 

“VISIT”? TboUNSUBSDWTIAL. 
. WHAT WE NEED IS 

an INFORMAL 
or session where iou 

COULD JUST RELAX 
BEYtURSELF ' 


llll 


America , Mr. Gorbachev, Is Serious on Arms Control 



y\T ASHINGTON — Mikhail S. 

YV Gorbachev is wrong when he 
suggests that the United States is not 
really looking for an agreement in the 
arms control negotiations in Geneva. 

The Soviet Union seems deter- 
mined to prevent American research 
on strategic defense — research of the 
sort the Russians themselves have 
Jong been conducting In facu our 
immediate goal at Geneva is to reach 
agreement on deep reductions of all 
nuclear arms in a way that strength- 
ens deterrence and enhances stabil- 
ity. Our strategic defense research is a 
crucial pari of that effort 

Moscow should be joining us in 
dealing with the here-and-now — re- 
ducing the large numbers of offensive 
nuclear arms that exist on both sides 
and exploring the potential benefits 
that can accrue from effective de- 
fenses. We have already placed sever- 
al attractive arms reduction propos- 
als on the table. 

As for strategic weapons, we of- 
fered in October 1983 to trade offen- 
sive systems, which concern the Rus- 
sians. for Soviet offensive systems, 
which concern us. Specifically, we 
offered to trade advantages in our 
heavy-bomber capabilities for some 
comparable reductions in the advan- 
tages they enjoy in long-range ballis- 
tic missiles. 

On interm ediaie-range weapons, 
our preference is for zero on both 
sides. As an interim proposal we 
have offered to agree to any equal 
level between zero and 572 interme- 
diate-range missile warheads. This 


By Edward L. Rowny 

The writer is special adviser to President Reagan on arms control. 


limit would apply to American 
ground-launched cruise missiles and 
Pershing-2s if the Russians would 
agree to an equal worldwide limit on 
warheads of their SS-20 and other 
intermediate-range missiles. 

In short, one desired outcome of 
the Geneva negotiations is mutual 
and verifiable reductions. Were we to 
accept the latest Soviet proposal for 
an across-the-board moratorium on 
strategic, intermediate and space 
weapons, we would, to take only one 
example, be locking in the large ad- 
vantages created by the Soviet de- 
ployment of more than 400 triple- 
warhead SS-20 missiles. This 
proposal would give the Russians an 
8 to ] advantage in intermediate- 
range warheads. It would divert the 
talks from the priority task of achiev- 
ing a real reduction in offensive nu- 
clear systems. And it would prevent 
our research on defensive systems. 

One often hears the question, 
“Why should Moscow reduce its of- 
fensive weapons while we’re pushing 
defense research?" First, we are not 
alone in efforts to explore the feasi- 
bility of ground- and space-based de- 
fense against ballistic missile attack. 
Long Before President Reagan's 
speech in 1983 outlining the Strategic 
Defense Initiative, the Soviet Union 
was engaged in a- large-scale defense 
research program. 

Further, ihe Russians have been 


violating the anti-ballistic missile 
treaty. Given the pattern of their 
many activities in strategic defense, 
we are concerned that they may be 
establishing the basis for a nation- 
wide ballistic missile defense capabil- 
ity. Such a move, continued with an 
erosion in the offensive balance, 
would have severe consequences. 

Finally, as both sides have ac- 
knowledged. research is not verifiable 
and hence not negotiable. But the 
Russians seem determined to contin- 
ue their own research while trying to 
stop ours. The freeze they propose on 
offensive forces would simply codify 
existing Soviet advantages. 

We seek a more stable relationship. 
One way to achieve this, if our re- 
search bears fruit, would be through a 
greater reliance on defenses as akey 
component of deterrence. What we 
ore trying to discover is whether, over 
time, we can move away from offen- 
sive retaliation as the sole basis for 
deterrence — awav from “mutual as- 
sured destruction' 1 and toward mutu- 
ally assured security. 

We cannot know" for some eight to 
10 years whether our researcfi will 
pan oul Even if it does, these defen- 
sive systems must meet three de- 
manding tests. First, survivabilitv: 
They will need to be robust enough to 
withstand direct attack. Second, cost- 
effectiveness; The deployment of de- 
fense systems must, at the margin, be 


cheaper than the offensive systems 
they would be defending again sl An 
additional laser pulse, for example, 
must be cheaper than an additional 
missile or warhead. Third: The de- 
ployment of these defensive systems 
must at each stage contribute to an 
improvement in the stability of the 
overall strategic balance. 

One argument we hear against our 
Strategic Defense Initiative is that it 
will induce the Russians to undertake 
a further offensive buildup so as to 
overwhelm the defense. Throogh dis- 
cussions in Geneva, we hope to make 
clear to them that because we seek 
defensive systems that are cost-effec- 
tive and stabilizing, an effort to over- 
whelm them will be impractical and 
prohibitively expensive. 

We should not allow Moscow’s 
public attacks on our defense re- 
s«rch to divert us: We must press 
ahead for sizable reductions in the 
offensive nuclear arms of both coun- 
mes and for discussion of the future 
role of defense. The Russians sav 
«"L. w * h *pe they do, 
and that they will join us in the search 
for equitable, verifiable agreements. 

The New York Times. 


ierrffs ini ended for publication 
tjgM}* addressed “Letters to the 
and must contain the writ- 
ers signature, name and full ad- 
dress. Liters should be brief and 
are subjea t o editing. We cannot 
be responsible for the mum of 
'‘'solicited manuscripts. 


that humanity shall never be subject- 
ed to a nuclear conflagration, nor to 
the horrors of another convention al 
world war. And the signatory states 
to the Helsinki Final Act should reit- 
erate their commitment to detente. 

Nobody denies that the East and 
West blocs are and will continue to 
be divided by fundamental differ- 
ences. But ideological differences 
must not be allowed to cause or per- 
petuate confrontation. 

Konstantin Chernenko, in one of 
his last speahes, stressed that today's 
fun damen tal issue was not simply a 
choice between the Soviet Union and 
the United States but “a choice be- 
tween survival [and] destruction of 
our civilization. 

The pivotal role of the Soviet- 
American relationship in world af- 
fairs requires careful, but also imagi- 
native and accommodating 
management by all concerned in a 
spirit of equal partnership. 

The writer, a Soviet citizen, is a 
former senior official of the United 
Nations and now a fellow of the UN 
Institute for Training and Research. 
He contributed this comment, which 
reflects only his own views, to the 
International Herald Tribune. 


Is Reagan 
On a Path 
Downward? 

By Tom Wicker 

N EW YORK — Less than 100 
days after his second inaugura- 
tion. it is plausible to speculate that 
Ronald Reagan's power in Congress 
may have peaked and turned down. 
No" exact method for measuring such . 
things exists, and Mr. Reagan often . 
has confounded prediction. Still: 

• In the face of adamant congres- 
sional opposition, he has had to yield 
on military support for the insurgent 
army he had hoped would overthrow 
the Sandinisl government in Nicara- 
gua — clearly “the bone in his 
throat." And it is unlikely that Con- 
gress will be more willing to finance 
the insurgents six months or a year 
from now. with the 19S6 elections 
that much closer. 

• Mr. Reagan and his aides have 
turned what ought to have been a 
minor triumph — his visit to the 
summit conference in Bonn — into a 
nightmare. The outrage of so many 
Americans m3y be no worse for him 
politically than the stunning evidence 
of so much bad planning, personal 
insensitivity and political ineptitude. 

• A month ago. Mr. Reagan won 
the latest MX battle only by the nar- 
rowest of mar gins in the House of 
Representatives, and only by the de- 
liberate claim — deeply resented by , 
many Democratic and Republican^ 
members — that arms control talks* 
might well fail if 21 MX missiles were 
not approved. The chances are slim- 
lo-none that Mr. Reagan will be able 
to talk Congress into financing more 
of these costly weapons. 

• Meanwhile, the president has 
milked all the benefits he can from 
sending a new arms negotiating team 
to new arms control talks in Geneva. 
Whatever brief euphoria that may 
have produced has faded swiftly into 
the dull prospect of long, hard, acri- 
monious negotiations that may prove 
fruitless for years to come. 

• And now Mr. Reagan is involved 
in a bruising struggle over the budget, 
in which he is attacking programs 
that benefit the middle class, advo- x 
eating restrictions on Social Security - 
cost-of-living increases, and insisting 
on more military spending than many 
members of Congress think necessary 
or affordable. Some of bis strongest 
congressional supporters are telling 
him he cannot win his whole package 
of cuts and program eliminations; 
others say that unless the entire pack- 
age is approved some of the parts 
most important to him will be defeat- 
ed singly. 

The "setback on Nicaragua, the 
German debacle, and the tight 
squeeze on the MX also damage the 
president for the budget battle. Such 
evidence of vulnerability tends to be 
cumulative. Like sharks smelling 
blood, opponents sense it and close 
for the loll when a political leader’s 
strength is fading or shows itself to P 
have been overestimated — as Mr. 
Reagan's may have been after his 
landslide re-election. 

The botch of the German trip and 
aid to the “contras" — together with 
Mr. Reagan's ever-wilder rhetoric on 
Nicaragua — also suggest that the 
revamped White House staff is not 
yet as alert and effective as was the 
old staff under the astute and experi- 
enced James A, Baker 3d, now secre- 
tary of the Treasury. And Mr. Rea- 
gan's foot-in-moutn disease is not 
helping; members of Congress, for 
example, are laughing at him for say- 
ing that it was “immoral'’ to schedule 
the vote on aid to the Nicaraguan 
insurgents as early as last week. 

The White House may also have 
missed the opportunity io push 
through major lax reform in lime to 
take credit for it in the 1986 cam- 
paign. Mr. Reagan has promised a 
bill in May but may not get it to 
Capitol Hill before June; then exten- 
sive hearings will be held in the 
House Ways and Means Committee, 
only after which will the Senate Fi- 
nance Committee formally take up 
the measure. That makes action un- 
likely this year or next, since Con- 
gress will be reluctant to get into 
taxes in an election year. 

That year is drawing ever nearer in 
political time. Its arithmetic favors 
the Democrats; only 12 of their Sen- 
ate seats are at stake, but 22 Republi- 
can senators must face the voters — 
and the party holding the White 
House usually" loses seals in a mid- 
term election. With the economy 1 
slowing, Mr. Reagan's faltering per- * 
form an ce and the approach of 1986 
win stiffen congressional opposition; 
defeat in the budget battie would be 
the most serious setback veL 
Any confident report of the presi- 
dent s political demise, of course, 
would be greatly exaggerated. But 
when the bloom is offthe rose, in 
politics as in nature, it is hard to 
restore its glory. 

The New York Times. 

LETTERS 
Reagan on IVicaragu 

In an opinion column by i 
Lewis on Nicaragua (April 21 
dent Reagan is quoted as hav 
. aomoza was bad. [but] the 
»sts are infinitely worse." W 
yraom? Nicaraguan peasan 
United Fruit Company? 

M ROLFHAMBUR 
Neuzlly-sur- Seine, Fi 

Income Under Ozal 

“ Tur h*v: The i 
Are Still There ” (April 17): 

4*P«y prime tniniste 
the military government an 
roimster Since 1983, Tureut I 
a declined pt. 

“oome from 5 1,300 a year ^ 

S y & ds987 peri 



iqni. t ii *3?” m 

S9S7Vl;- 68 m l982 i S1.Q8 
WS7 (estimate for 1984). 

PETER BR 


V, 




SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Mr 


•j< vjppunenig. 
n.-t -\i:; h;. 

0 rr' -, ina» etnc 


n- ruDUiat,. 


Caledonian 


* 


B.CAL reveals 
its ful potential 

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launches its new' London/New York route on May 1. 

The airline is offering a complete round-trip And in New York, where similar arrange- 


The airline is offering a complete round-trip 
‘Door-to-Door* service for First and Super 
Executive passengers comprising free 
limousine transfers from home or office to 
Gatwick and to five other major UK airports; 
free travel on the Gatwick Express and free 
airport parking. 

In New York free onward helicopter 
transfers to four heliports are available 
together with complimentary limousine trans- 
port to Manhattan. 

B.CAL already holds 100.000 bookings for 
its new daily service between London Gatwick 
and JFK Airport, and Alan DeUer, the airline's 
Marketing Director is confident that the route 
will be a major success. 

Said Alan DeUer: “Our unique ‘Door-to- 
Door 1 service for the business traveUer has 
been carefully designed to differentiate 
B. CAL’s service on the London/New York 
route from that of our competitors. 

“Research has shown that regular 
travellers on the North Atlantic consider that 
airlines' responsibilities for a smooth journey 
should go much further than just in-flight 
service. 

He added: "To meet this requirement we 
are introducinga highly attractive service that 
will deliver the traveller from his office or 
home to his final destination in New York, for 
the price of a normal business class or first 
class fare." 

B.CAL's comprehensive "Door-to-Door" 
ground service for first and business class 
passengers offers: 

• A chauffeur-driven car to Gatwick for 
passengers starting their journey within 40 
road miles of the airport; 

• Free transport to Manchester, Glasgow, 
Edinburgh and Birmingham airports for those 
starting their journey within 20 road miles of 
these airports; 

• For those using the train and checking in 
at B.CAL’s Central London Air Terminal at 
Victoria; free First Class return travel on the 
Gatwick Express; 

• For those who choose to drive to the- 
airport, B.CAL is offering free car parking 
for up to five days at Gatwick, Manchester, 
Glasgow. Edinburgh and Birmingham 
airports. 


merits are available for both arriving and 
departing passengers, the following is offered : 

■ Free helicopter transfers to and from La 
Guardia or Newark Airoorts or to World Trade 
Center and East 34th Street Heliports. 

• Or limousine transfer to or from any point 
within a 40 mile radius of Manhattan. 

Complementing B.CAL’s new “ Door-to- 
Door" ground service >s an upgraded in-flight 
service designed exclusively for the Boeing 
747 B.CAL will introduce on the route from 
June 1. 

Two new seats for First Class and B. CAL's 
Super Executive business class cabins wnll be 
introduced. 

A new mini-sleeper "Sky-Recliner" seat 
with an integral leg and foot rest will be fitted 
in a two-by-two layout to the upper deck and 
main deck Super Executive cabins. 

There will be 16 seats on the upper deck and 
20 on the main deck, in a 40-inch seat pitch. 

Thirty-one "Sky-recliner" seats will be 
fitted to the DC-10 which will operate the route 
for one month from May 1. 

B.CAL claims that with its improved leg- 
room, Super Executive on the 74/ will be the 
most comfortable business class service on the 
route. 

To further improve comfort, B.CAL is introducing a new 
sleeper-seat in First Class. Twenty-one new First Class seats 
will be fitted to the 747 from mid-July in a 56 inch seat pitch. 

As an introductory offer. First ana Super Executive class 
passengers will be given two free theatre tickets to any 
Broadway show and Economy Class travellers will be handed 
a $20 voucher to use at one of six international restaurants in 
New York. 

B.CAL's new daily service to New York will be Gatwick’s 
only link with JFK Airport. Departures from JFK will be from 
Eastern Air Lines' Terminal where Super Executive 
passengers will have access to Eastern’s Ionosphere Lounge. 

The flight will leave Gatwick every day at 11.30 and arrive 
in New York at 14.10. In the opposite direction, services leave 
JFK at 20.00 and arrive at Gatwick the following day at 07.40. 

Services have been timed to proride the best possible con 
nections at both ends of the route. 

# * * * * 

For further information, contact: 

Corporate Press & PR Office 

Caledonian House,Crawley 

West Sussex RH10 2XA Tel: Gatwick (0293) 27890 


• ‘i ’ 





‘The world business community 
legitimately demands a distinct brand of 
airline service, tailored to its very special 
requirements. British Caledonian’s pledge 
is that we will not only continue to give 
priority in providing the style and scope of 


We never forget you 
have a choice 





The air waves across the North Atlantic 
have for years been as restless and tumultuous 
as the sea below, the skies glowing with false 
dawns full of hopes of fat profits, and storms 
that have brought casualties, none more 
spectacular than that of Freddie Laker. 

Now there is another rough-and-tumble 
scene about to begin with British Caledonian 
becoming the fourth major carrier on the New 
York-Lortdon run from May 1. 

Passengers will sit back and enjoy the 
benefits of promotional fares, special 
gimmicks and improved service as B.CAL's 
rivals react to the newcomer in time-honoured 
custom, while B.CAL itself will march from its 
hangar led no doubt by a Scottish pipe band, 
streaming banners and its famous if contro- 
versial "B.CAL Girls", each smiling as 
broadly as any model cover girl and revelling in 
the spotlight. 

The passenger will also see. or be per- 
suaded to see, a David and Goliath situation. 
For B.CAL is justly called the underdog in 
British civil aviation — it is not merely, the 
nation’s No. 2 airline, but is way behind British 
Airways in size — and we know that the Brits 
love the underdog. Americans, in contrast, 
love a freewheeling, pugnacious entrepreneur. 
Oddly, B.CAL matches that description too. 


Zt has had to fight to survive, using its own cash 
and no one else's. It has had to live with some 
unglam orous routes and learn the hard way, 
clawing its existence and new image from its 
cheap-and-cheerful charter airline origins. In 
both aviation and business terms there is a 
distinct parallel with “Roots" — lots of 
hardship and tears over the years, linked with a 
doggedness and determination that has 
brought success. 

British Caledonian takes the New York 
stage, the all-singing, all-dancing Big Apple of 
the civil aviation world, with an enviable 
reputation for service and performance that 
has been wrought over the years in the heat of 
battles to survive and to grow under tough 
conditions. 

Almost for the first time, passengers have a 
choice of two British airlines to New York. 
Laker was hardly an alternative since he was 
primarily interested in the cheap end of the 
market. Now British Airways, TWA and Pan 
Am have a serious rival which will compete for 
the high-yield, high-profit First and Business 
Class passengers as well as those "down the 
back". 

B.CAL has its own tour operators to feed in 
package tourists and will be pushing hard to 
grab its share of that market. But it is the full 


fare economy passenger and, more impor- 
tantly still, die frequent business traveUer 
traffic that it will be after. This, after all, is 
what colours the bottom line black — or red. It 
is worth reflecting that even Laker, arch 
disciple of low fares, introduced a business 
class cabin in his wild thrashings just before in- 
solvency. 

Like the other transatlantic. competitors, 
B.CAL considers itself well off in the race to 
attract the frequent traveller. It was one of the 
first airlines to introduce an executive cabin, 
and its reputation on long-haul routes such as 
Los Angeles, Houston, Atlanta, Dallas and 
Hong Kong has been won on the quaUty of its 
First and Executive Classes. 

London-Houston in fact is an intriguing 
example of how the little guy can creep up and 
deliver a knock-out blow to a giant. Few gave 
B.CAL much of a chance when it took on Pan 
Am. But before the American carrier had 
chance to notice, its British rival had walked 
away with the business, and Pan Am withdrew 
from the route, badly mauled. 

However, the point of the story is that is was 
not just the Brits who supported their own 
airline; more importantly, it was Texans who 
rated with their money. The oilmen shifted 
from Pan Am in droves, filling B.CAL’s flights 
upfront to such an extent that the airline was 
obliged to increase the size of both First and 
Executive cabins — no doubt laughing all the 
way to the bank as it did so. 

Now B.CAL has to turn on that expertise 
once again in the tougher New York market. 
Its experience in opening up other US cities is 
a help, and so too is its flair for promotions — 
I_was in Atlanta once and you would have 
thought that the airline had bought the .city 
centre for the amount of promotional activities 
it had going on. However, it will need also to 
convince sceptical New Yorkers that its 
service is better than the rest. 

But. this is the Big One, the Big Apple, and 
once more B.CAL will stir up the transatlantic 
run into another of its wild and unpredictable 
storms. As a passenger. I'll just sit back and 
enjoy the spectacle. 

The City of New York 

Office of the Mayor 
New York, N.Y. 10007 

The City of New York has pleasure in 
officially "welcoming British Caledonian 
Airways with the start of its daily service 
between John F. Kennedy Airport and London, 
Gatwick Airport on May 1. 

Your venture representsa further strength- 
ening of the long established business and 
commercial links between our two great cities. 

On behalf oftheCityofNew York, [wish you 
every success and prosperity for the future. 


seeks, but we will also remain dedicated to 
continuous improvement.' 

Sir Adam Thi>v,i<un C.B.E. 

Lkaimunh British Culahmian 1 ; nra v»-- 


Competition makes 
the world go round 


Cordullt, 

ay. 

Edwa rB . Koch 
MAYOR 


From: Gerald A. Fernback » 

President UFTAA & Chairman GBTA 

With the inauguration of the new service by 
British Caledonian from London Gatwick to 
New York J.F. Kennedy, the balance across 
the Atlantic in terms of international airlines is 
restored . For too long, two major American air- 
lines have onlyhad to compete with one major 
British airline on the London-New York route 
but, with B. CAL now proudly flying the route, 
the battle of the giants is firmly established. 

Not a battle to cause dismay to the traveller, 
but rather joy, for competition is the greatest 
benefit which can befall the international 
voyager. 

As B.CAL launch their service with the 
accompanying ballyhoo necessary to start 
such a service the other three major carriers on 
this route will have to look to their laurels, 
polish up their service, tighten their time 
keeping and generally seek to provide all the 
services which are so often found lacking. 
B.CAL will be providing the first service from 
Gatwick to Kennedy. They will be offering an 
alternative British carrier; they will be offering 
a class of cabin service which has become 1 
famous, and those smiling Caledonian girls 
wil] cause the other major international air- 
lines flying out of London to distribute more 
toothpaste to their own cabin crew and provide 
those basic services which are sometimes so 
difficult to obtain. It is a perfectly natural, 
commercial characteristic that competition 
improves service to the customer. 

As the reader will see from the above credit, 
as well as being a leading business travel agent 
from my own company, I am also the Chairman i 

of the Guild of Business Travel Agents. This is I 

the most professional grouping of travel 1 
agents in the United Kingdom, and fifty- 
three company members handle seventy-five 
percent of the business travel ticketed out of 
the U.K. To these members and their clients 
the introduction of the London-New York 
service by B. CAL is a major plus. B. CAL have 
always gone out of their way to look after the 
travelling businessman, and their schedules 
and services reflect this. 

There have been very considerable changes 
over the last four years in the operating 
procedures of most of the international 
carriers; changes which have been forced upon 
them by the sliding economy around the world. 



It is no secret that most airlines have had acute 
cash problems which have necessitated 
extensive re-structuring of management, re- 
assignment of equipment and, in many 
instances, the purchase of new, expensive but 
more economic operating aircraft to meet the 
problems of the eighties and nineties. Fortu- 
nately most of the world's carriers have now 
completed, or virtually completed, this re- 
organisation and in a few instances are even 
coming back into recognisable profit. Airlines 
have beome more aware of the need to seek, 
listen to and observe the wishes of the travel- 
ling public. This has led to the opening of many 
new routes with substantial changes in the 
style of operation and the emergence of a 
recognised form of routing, known as the hub 
system. 

Commerce does Mow the airways and 
though the London to New York route is 
undeniably the most extensively served route 
in international aviation, nevertheless this 
additional service providing as it does so many 
more integral link-ups to so many parts of the 
world will serve to provide a stimulus for 
commerce; a stimulus whose ripples will 
spread far beyond the three thousand miles of 
the actual route. 














haute cuisine in 


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by Carol Wright 

Travel Editor, House & Garden magazine 


Airlines too often play safe with bland “international’ 
foods as memorable as the “international’ * 1 






by Miles Kington 


To a businessman, an in-flight trolley represents two 
things. It means a blockage in the aisle, necessitating 
finding a longer route to the toilets. But e venmore 
important, it represents what businessmen caU slack 
capacity”. Well, that may not be what the* call it, but 
it’s certainly what I call it. 


and made even less impressive by the biological fact 
that passengers lose 50% of taste appreciation 
pressurised jet. 




One airline with true character in 
its meals and excellent presentation is 
British Caledonian. Stewardesses 
dressed in tartan kilts serve many 
Scottish dishes underlining the 
airline ’s ancestry. They are fortunate 
in having world-loved quality produce 
from Scotland — smoked and fresh 
salmon, seafood, Aberdeen Angus 
beef, venison, pheasant and other 
game, scones, shortbread and 
Dundee cake , kippers and marmalade 
for breakfast: not to mention whisky 
and Drambuie. 

The tartan taste is highlighted 
above the clouds on special anniver- 
saries like Bums Night, complete 
with haggis, but the airline serves 
Scottish foods with lightness and less 
than traditional sauces. Scottish 
lobster comes with a Marie Rose 
cocktail sauce, salmon with 
cucumber salad in yoghurt dressing, 
baked sea trout with dill and lemon, 
quail pate en croute, turkey with 
haggis stuffing, and meals have 
begun with Highland clear game 


soup or cock-a-leekie (chicken and 
leek) served with cheese straws 


made with Orkney cheese. 

Traditional British meals — break- 
fast and afternoon tea — are very 
popular with international passen- 
gers. Breakfast into London to allow 
maximum sleep may often be Conti- 
nental style but on early morning 
business flights from London to 
Scotland and Europe there are full hot 
breakfasts, and from the States local 
ideas such as hash brown potatoes, 
hot poppyseed rolls, and Danish 


g istries are added. Flying routes to 
ong Kong from the UK, middle -of- 


the-night departures call for an 
"early morning refreshment" not 
quite breakfast, not as heavy as 
brunch or supper for time-confused 
stomachs, and imaginative ideas like 
chicken and mushroom pancakes, 
hot quiches, spring rolls for First 
Class and open sandwiches for 
Executive Class are served. 


In 1884 the first tea rooms were 
opened in Glasgow and 101 years 
later, British Caledonian serves tradi- 
tional afternoon tea on transatlantic 
routes serving scones, shortbread 
and fruit cake. Into the States they 
often offer what is known in the UK as 
"high tea", originally served to 
walkers and travellers by 
farmers’ wives. Certainly 
“high" at 35, 000 feet, it 
is satisfying enough for 
time-change passengers 
nottoneeadinner 
having arrived in the 
States. A current Farm 
house High Tea menu 
in First Class opens with 
Scottish beef and oyster pie 
with Dauphinoise potatoes, 
continues with salad and sour 
cream and chives dressing, and 
proceeds with hot scones, clotted 
cream and strawberry jam, tradi 
tional Dundee cake with "selected 
English fancies" with tea or cofree. 
If a businessman wants to sleep or 
work through the main meal, the 
hostess can later assuage his hunger 
with such a meal. 

Ideas are also taken from the 
cuisines of destinations served. On 
Hong Kong routes. First Class main 
courses parallel roast beef of Old 
Caledonia with Yorkshire pudding 
with barbecued loin of pork with 
ginger and soy sauce; in Executive 
Class, Sussex beef in old ale contrasts 
with Peking chicken with walnuts 
and peppers. Out of the States, 
Hawaiian shrimp cocktail, carrot 
cake and American ice cream are 
served. 

The airline’s admirable catering 
standards were early set by a Scottish 
lady, Katie Wilde, who was then the 


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Let me give you an example. My 
local filling station recently started 
selling potatoes by the sack, because 
a nearby farmer had noticed a large 
empty space just inside the door. The 
potatoes sold very well, so the filling 
station manager decided to sell fresh 
flowers as well. These too are selling 
well, so he has now expanded into 
groceries, glassware and household 
goods. The last time I spoke to him, 
he was thinking of phasing out the oil 
and petrol side of his business. 


even Burt Reynolds didn t want to 
make, when he could be moving up 
and down the plane with his ticker- 
tape trolley, selling shares while the 
stock markets of the world slept. 
Why. even one good transaction 


way, even v/iiN. • — 

would make his flight worthwhile. 
Imagine a lawyer finding the one 


imagin'^ a ioiij,. ....-.--o — - 

client on board who needs a lawyer 
like him, specialising in punitive 
damages for being sold dud stock by 
the broker ten rows down. 


Now, for many years the trolleys 
that trundled up and down the aisles 
of aeroplanes dispensed nothing but 


meals and drinks, which is an unpro- 
fitable undertaking especially if they 


are given away free. Most of the time, 
anyway, the aisles were trolley-free. 
Eventually the airlines tumbled to the 
tact that they could also sell duty-free 
goods from trolleys, but sales have so 
far been modest. In filling station 
terms, they have just reached the 
potatoes stage. 


Doctors, too. hate being on-planes 
waiting for the odd chance of a small 
child developing mumps. How much 
better for them to cruise up and 
down. looking for the ulcer or back 
strain that is looking for a doctor. And 
psychiatrists, too — why not? A 
couple of patients treated in-flight 
between London and New- \ork 
would more than make up for the 
price of the flight. Antique dealers, 
real estate agents, computer sales- 
men — all should be encouraged to 
get up and hustle at 35.000 feet. 


was breast of chicken with hazelnut 
sauce and still served is her way with 


Scotland) layering them thinly; with 
mushrooms flavoured with garlic and 


UK's only woman airline catering 
manager. Many of her family recipes 


were converted to airline use with 
Mrs. Wildealwaysflyingherself with 
batches of new ideas to see how they 
reacted in flight. One of her creations 


baked in cream and topped with a 
little cheese. 

Marriott now caters for British 
Caledonian and reports the airline 
insists on perfect presentation. Plain 
white and gold Wedgewood bone 
china is used on royal blue linen. 
Senior stewardesses change to full 
length kilts and white, jabot-fronted 
blouses to serve dinner, and on 
African routes local girls wear 
traditional flowing cotton robes and 
turbans. 

Though one of the regrettably few 
airlines to automatically offer iced 
water with a meal, British Cale- 
donian's wine lists are among the air's 


First and Executive Class passengers 
have individual booklets of wines and 
drinks available handed to them to 
study. Fust Class meals can be pre- 
ceded by a choice of three sherries as 
well as cocktails and end with a 
12-year-old Chivas Regal, the 
12-year-old Glenlivet (malt whisky) — 
or a Jack Daniels, and with the food 
comes Krug champagne. Chateau 
Kirwan Margaux claret; Gevrv 
Chamberlin, white burgundy, or 
Moselle, Rhine and Californian 
wines. And if malt whisky is not your 
liqueur then another fine Scottish 
habit is a port, in First a 20-year-oid 
Sandeman is offered. 


To fill this slack capacity, two 
paths are open to the airlines. They 
can adopt a more aggressive duty- 
free selling policy, by stressing that 
their goods are much cheaper than 
what you buy at the airport. 
“Cheaper than Schipjol", “To Hell 
with Heathrow" — this is the kind of 


crusading slogan they should adopt. 
They should also convert part of the 


plane to a small duty-free mart, in 
order to increase the variety of their 
stock, and to keep the aisles free for 
the second prong of expansion — 
franchising of trolley space. 


most impressive. Each passenger is 
given the chance to study the 
selection at leisure, not just nave a 
basket of bottles whisked past. Both 


selection at leisure, not just 


In the silver-covered Super Execu- 
tive list sherries, old whiskies, malts, 
bourbon and ports are offered and 
among the wines, Louis Roederer 
champagne, beaujolais and chablis 
'house wines’ and a Muller Thurgau 
estate-bottled. Lamberhurst, an 
English wine. 


What do I mean by this? I’ll tell 
you what I mean by this. I mean 
hiring out trolley space to entre- 
preneurs who will pay well to be 
able to get at a large captive audi- 
ence of businessmen, stockbrokers, 
lawyers, doctors, advertisers — all of 
whom would leap at the opportunity 
to turn a time-wasting long-distance 
flight into real business. 


The advantages for the airlines 
are endless — increased revenue, 
easing of pressure on over-worked 
cabin crew, cancellation of unwanted 
movies, and so on. The businessmen 
who took out a franchise on aisle 
space would also be able to claim 
their ticket against tax — indeed, 
they would be able to claim their 
share of the plane as working 
premises and write it off against tax. 
Even the passengers would benefit, 
especially those who left Heathrow 
with a bottle of vodka and arrived in 
New York with an antique clock, an 
oil painting, a house in Florida and a 
miraculously cured migraine. 


The only possible disadvantage 
would be that for seven hours it 
would be nearly impossible to get to 
the toilet. But all progress involves 
payings price — in any case, it should 
not be beyond the wit of the airlines to 
invent a toilet trolley. 


Imagine a stockbroker sitting for 
seven or eight hours, condemned to 
watch a Burt Reynolds movie that 


It only remains for some airline 
with vision to capitalise on my idea. 
They are welcome to it, at an agreed 
price. 


British 


Caledonian 






k tltM Fi 


ce their 




businessman’s 



•>W-' 


pick-me-up. 


From May 1st, British Caledonian will be offering a unique door-to- 
door service on their New York-London route. 

The service is for First and Super Executive passengers at both ends, 
and all the extras are included in the fare. 

Weil pick you up from your home, hotel or office within a 40 mile 
radius of central Manhattan and drive you to JFK. ( If you’d like to be picked up 
from further afield, we’ll be happy to do so for a small excess mileage charge.) 

Alternatively, you can take the helicopter direct to the airport from a 
choice of 4 departure points: central Manhattan, The World Trade Center, 
Newark or La Guardia. 

At the other end, we’ll drive you from London Gatwick to your 
destination, anywhere within a 40 mile radius of the airport. 

Or we’ll drop you off within 20 miles of the airport at Glasgow, 
Edinburgh, Manchester or Birmingham, just as long as you’re connecting with 
our British Caledonian Commuter service. 

Naturally, the transport will he in keeping with British Caledonian’s 
reputation for comfort. 

There’ll be limousines for tx ith First and Super Executive passengers 
to collect you in Manhattan. 

At the other end we’ll lav on large saloons tor Super Executive 
passengers, while if you’re flying First Class you can look forward to the luxury 
of a chafteur-driven limousine. — 

British Caledonian’s London flights depart daily from JFK at 20.00, 
arriving at Gatwick ar 07. 40 the following day. 

Coming back, they depart daily ar 1 1. 30, arriving 14- 10- with the 
same collection and delivery service. 

So next time your business takes you to New York and London, let 
British Caledonian take you -door-to-door. 

See your travel agent or British Caledonian Sales Office fordetails. 




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. Across die Atlantic you'll be pampered by Caledonian girls in our 


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We neverforgetyou have a choice. 


you at the airport and drive you to your destination 



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SPECIAL ADVERTISING SUPP LEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29. 1985 




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B.CAL routes span 
four continents — 


With the start of services between 
London Gatwick and New' York 
Kennedy, B.CAL becomes one of 
Europe's major North Atlantic 
carriers. B.CAL already has well 
established services to Houston. 
Dallas/Fort Worth, Atlanta and Los 


Angeles. 

B. CAL's route network is centred 
on London Gatwick, the capital's 
most up-to-the-minute airport. 


the British Government as the UK 
flag carrier to West and Central 
Africa and to parts of North Africa. 

_ Services to Africa cover routes to 
Libya, Tunisia, The Gambia, Sierra 
Leone, Liberia, Ivory Coast, 

Ghana, Gabon. 


Cameroon 
and Zambia. 


The airline's prime African routes 
are those flying to Nigeria where both 
Lagos and Kano are served up to nine 
times weekly in each direction. 

B.CAL is also the British flag 
airline to Saudi Arabia and flies six 
times weekly to both Jeddah and 
Dhahran. The UK government has 
granted B.CAL a licence to fly to 
Riyadh and is negotiating rights for 
this additional service. 

In the Middle East B.CAL flies 
daily to Dubai as part of its daily 
service between London and Hong 
Kong. B.CAL is currently seeking 


Government authority to begin a new 
non-stop service over the Soviet 
Union to Japan and Korea. 

Within Europe B.CAL operates 
high frequency sendees on the prime 
routes, including those between 
London and Paris, Brussels, 
Amsterdam. Frankfurt, Geneva and 
Genoa and plans to start service soon 
to Milan. Associated commuter 
carriers offer services also to 
Antwerp and to Rotterdam. 

B.CAL’s UK domestic network is 
scheduled to provide easy connec- 
tions at Gatwick. Services operate up 
to four times daily to and from 
Glasgow, Edinburgh, Manchester 
and Jersey. Commuter airlines feed 
into the B.CAL network from many 
other points, including Birmingham, 
Newcastle, Bristol, Cardiff 
and Guernsey. 




Beefeater and B.CAL travel 
overse as together iiSIS 

— - WP Inct u'lin if in 1Q/A .HIT* ovnAri 



When glasses are raised in toast 
aboard B.CAL’s first jet to JFK on 
May 1 , in celebration of the inaugural 
flight's successful take-off, you can 
be sure that more than a few will con- 
tain ice-chilled Beefeater martinis. No 
cockrail is more closely associated 
with the international jet set than 
the martini, composed largely of 
Beefeater London Dry Gin. 

"Beefeater, by definition, is a 
drink that travels," says Edward 
Palmer, one of Beefeater’s export 
directors. "Other firms manufacture 
many of their gins locally. All 
Beefeater is made in London and 
exported; we're the world's largest 
selling exported gin and have been 
selling fine gin for over 170 years. 







Hertz is B.CAL’s 
car rental 


which helps to explain why just a few 
days ago our firm won the Queen's 
Award for Export Achievement tor 
an unprecedented fifth time. Since 
we last won it in 1976. our exports to 
170 countries have trebled." 

The brand's popularity makes it 
an international best-seller. A recent 
survey of the brands sold in duty free 
shops worldwide showed Beefeater 
to be the only gin ranked in the top 
ten in distribution and sales. 

Climbing rapidly in sales is a 
second brand in the James Burrough 
pic stable: Bur-rough's English 
Vodka. In B.CAL First Class, this is 
the vodka served to passengers. Just 
as the Beefeater name and reputation 
spread worldwide through its identi- 
fication with the beverage pre- 
ferences of the travelling public, 
Burrough *s English Vodka is 
expected to increase its market share 
through tie-ins with B.CAL and other 
leading carriers. 






S*-: :• ^ .v; && i . 





B.CAL pampers bottoms 


Bottoms on seats are 
what every airline wants. 
So it is surprising that so 
few have got it right when 
it comes to pampering the 
travelling executive’s 
body.. 

A& with allitsplansfbr the London- 
New York route, B.CAL went out to 
its markets to find out what its. 
potential customers really wanted. 

According to B.CAL Marketing 
Director Alan Deller, there was stm 
great demand for the right kind of 
seat. “Some were just too wide, some 
were too narrow, and some were all 
right, but not spaced properly. The 
room around the seat is just as 
important as the seat,” Deller says. 

B.CAL set to work with a UK- 
based company, Flying Services, and 
used its research to design what it 
believes is the definitive seat which 
will duly be put in the correct amount 
of space. 

Referred to technically as a “W” 
seat — B.CAL has branded it “Sky- 
Recliner" — it has been developed 
very closely by user and manufac- 
turer. "Our research and develop- 
ment manager talked directly to the 
people who were making it,” says 
Deller. 

Of course, with any seat, the proof 
of the padding is in the sitting — but 
B.CAL believes its Super Executive . 
passengers will quickly recognise it 
as the most comfortable across the 




Atlantic. 







When time counts 

COUNTON US. 

A de luxe hotel, directly connected to 
London's Gatwick Airport terminal, under 
thirty- minutes by non-sup rail from the city 
centre. With day-use offices, index ;r rxxil arid 
gymnasium to help you stay on schedule. 


partner 

- - and would you like a 
Hertz car when you get 
there?” is the sign-off 

S uestion being asked by 
.CAL’s busy reser- 
vations staff these days, 
the result of a unique 
partnership between the 
airline ana the world’s 
leading car rental 
company. 

By linking the two firms’ reser- 
vation computers, it’s possible for a 
B.CAL passenger to reserve a Hertz 
hire car in any of 5000 locations in 
over 130 countries. B.CAL’s Market- 
ing Director, Gordon Davidson, 
enthuses, "With its more than 
400,000 vehicles available world- 
wide. Hertz offers our passengers a 
superb array of fly/drive opportu- 
nities. Hertz has the same kind of 
global reputation for quality and 
service as B.CAL, and our link-up 
enables us to provide a really signifi- 
cant extra for passengers.” 

Hertz leads the industry in 
providing unique and valuable new 
services to its business traveller 
customers, including: 

• Membership in the No.l Club 
which means swift, preferential 
. service when takingoutand dropping 
off a rental car and the elimination of 
detailed form- fill mg because all the 
driver's details are stored in the Mega 
Hert 2 computer for swift printout. 

• Free, fast, computer printouts in 
seven languages of the swiftest route 
to the client’s destination, complete 
with important phone numbers, indi- 
cation of driving time and suggestions 
of sights to see on the way. 

■ Mobile telephones installed in 
the luxury car end of the Hertz rental 
range so that busy executives need 
not lose touch. 

• Customer care packs including 
tissues, sewing kits, scented hand 
towels and other personal grooming 
items passed out to renters in a 
number of countries. 

• No. 1 Club lounges for renters at 
certain European airports, per- 
mitting them to wait for their planes 
in quiet and comfort. 

• Links with national railways in 
several countries so that hire carpick- 
ups and dropoffs can take place at 
well over 700 railroad stations. 

“Hertz has always pioneered 
services and products for the 
business traveller.” explains John 
Harably, the firm’s Vice President 
and General Manager for Europe. 
“We're delighted to be associated 
with B.CAL as it expands its routes 
across the Atlantic while Hertz, at the 
same time, expands the services it 
offers to its ever-growing inter- 
national clientele.” 


BEING KNOWN AS A NUMBER 


CAN BE A VERY PERSONAL THING 



HERTZ I 


RED 
LETTER 




^pslSaWiii* 


Ibrnxn ’nitons cal! tbe 
hotel direct on ( 0293 ) 

51 SOHO, i onr Thu viAftynl, 
any Hilton International 
hotel or Hilton Reservation 
Service — London number 
6,-i 1 1767 and ebeivhere 

in the t IAI Freefone 212-4. 


Gatwick Hilton International 

WHERE THE WORLD IS AT HOME- 1 



When British Caledonian start 
their new direct service to New 
York, Jetsave will be with them 
all the way. Every day. 


Mkmmm and 
British Caledonian 

•Atlanta* Dallas 

• Houston • Los Angeles 

•New York 

... and connections throughout America. 


1 ::P 



SMPIY THE BEST VALUE IN TRA/EL 

East Grinstead; {0342)2771 1 

Manchester: (081)499 2244 Glasgow; Freephone Jetsave 



















SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 



THE WORLD’S 
4TH busiest 
INTERNATIONAL 
AIRPORT IS 
GATWICK. 

True □ False □ 




- . British , 

Airports 








heathrow-gatwick-stansted-glasgow-edinburgh-prestwick-aberdeen 


Fly around 
Newark in a 

Thunderbird 

for under 

$45 per day 


The new Gatwick to New York flight starts 
on 1st May. So does the new Hertz flydrive 
from Kennedy Airport. 

Hertz and British Caledonian have got 
together to arrange a Ford Thunderbird at the 
special rate of $44.90 per day (a saving of 
some $18). 

Just pre-book through your travel agent 

or through B. Cal, and British fy 

then you can take off as fHe/tzj Caledonian 
soon as you touch down. Airways 

J H ERTZ RENTS A ND LEASES FORDS AND OTHER FINE CAPS. 


The Gatwick gateway 


British Caledonian will offer the only service between 
New York’s JFK Airport and London’s Gatwick 
Airport — Britain’s most modern — when it begins 
flights on May 1. 


Gatwick, which started as a grass 
airfield 55 years ago, is the fourth 
busiest airport in the world for inter- 
national travellers and last year 
handled 13.98 million passengers and 
140,000 aircraft movements. 

The start of the new B.CAL 
service will provide Gatwick with its 
121st scheduled destination. 

Gatwick has repeatedly proved 
most popular of London’s inter- 
national airports because of its easy- 
to-follow layout and its fast and 
simple access to both central London 
and many other parts of Britain. 

Non-stop trains, specially 
designed and built operate the 


Gatwick Express between Gatwick 
and Victoria, right in the heart of 
London, every 15 minutes during the 
day and take only 30 minutes. 

Ten helicopter flights in each 
direction daily provide fast links with 
London Heathrow Airport and a new 
motorway is nearing completion 
which win provide road links right 
round the outside of London for 
travellers to the North. West and East 
of the capital. 

Gatwick has massive multi-storey 
and open-air car parks and is the 
nucleus of a network of coach 
services in all directions. 


Chopper service 

B.CAL operates the Gatwick- 
Heathrow Airlink helicopter service 
at the two airports to provide the 
fastest, easiest link possible. 

Operated by a 26-seat Sikorsky 
S61 helicopter! the service provides 
ten flights every day in each direction . 
timed during; morning and evening 
peak periods when most flights 
arrive and depart. 

Passengers holding tickets on 
long-haul flights and transferring 
from one airport to the other can 
travel on Airlink free of charge. 

Other passengers can buy tickets 
for the Airlink at the special Airlink 
desks at the two airports for the one- 
way fare of £22. 


Hilton’s at the heart 
of the hub 


Horst Angelkotter, Chief Execu- 
tive of the Gatwick Hilton 
International, despite an entire 
professional lifetime in the hotel and 
ratering industry can claim the past 
( three years as a truly unique experi- 
ence in management. 

.The Gatwick Hilton was com- 
pleted in December 1981 and, it is 
believed, can claim to offer the only 
hotel facility atanairportof its kind in 
the entire world. 

Its 333 rooms, extensive lobby, 
restaurants, swimming pool and 
health club together with a wide 
range of other facilities and comforts 
are literally within walking distance, 
all under cover, from the central 
terminal at Gatwick. 

London’s second major airport, 

' Gatwick, is fast growing in import- 
ance for international business and 
leisure travellers. A growing hub- 
point for connecting Tong distance 
nights stretching from Africa, and 
the Far East to America’s West Coast 
. . . and beyond. Thus an opportunity 
to spend a night, or even day, 
between flights is a service superbly 


provided by the Gatwick Hilton 
international, literally unrivalled by 
others. 

Another feature to be immediately 
recognised as invaluable by the 
seasoned air traveller is the British 
Caledonian check-in desk within the 
lobby complex at the Gatwick Hilton. 
Thus you can shed yourself of your 
checked luggage straight from your 
room and stroll to the flight boarding 
point burdened only by your bag tags 
and boarding pass. 

Our reporter in a recent interview 
with Mr. Angelkotter sought his 
reactions after three years of senior 
management at this unique hotel 
facility, as near to an "hotel in the 



sky” so far attempted. "In many 
ways a complete fulfilment of an 
hotelier’s role in life," replied the 

rr:u._ * 


Gatwick Hilton's top executive. 
"Having spent most of my profes- 
sional life at hotels around the world, 
I now appreciate thathere at Gatwick 
we are providing rest, recreation and 
an opportunity to relax at the most 
essential time they are needed by the 
traveller.” He added, "Air travel is 


Gatwick’s 

country house hotel 


Only seven minutes from Gatwick 
Airport terminal by luxury shuttle 
coach, the Copthorne is B. CAL’s own 
four-star, country house, inter- 
national hotel. 

The Copthorne, nestling in over 
100 acres of woodlands and built 
around a 16th century farmhouse, is 
unique as an airport hotel. 

Built throughout in farmhouse 
style on two floors only and with 
country garden outlooks, it is never- 
theless of international standard and 
provides the standards and services 
required by the travelling business 
person. 


Two radio-controlled courtesy 
coaches to run a shuttle service every 
15 minutes between the ground level 
coach station at Gatwick and the 
hotel entrance. 

But the Copthorne is more than 
just another — however unique — 
airport hotel. 

It has a fine classical cuisine 
restaurant a competitively priced 
coffee shop with buffet service, 
several bars and a range of conference 
and function rooms suitable for every- 
thing from a board meeting to a full 
scale convention. 


marvellous but when a break occurs 
we are able to offer all that is needed 
to make a journey truly comfortable 
and complete.” 

The Gatwick Hilton has enjoyed 
somewhat predictably, great success 
from the outset. To many thousands 
of the world's air travellers it is now a 
familiar rendezvous and oasis; its 
banqueting facilities are in constant 
use also by a wide range of busi- 
nesses and industries. 


B.CAL 

links 

with 

Eastern 

. Unit ^ States British 
chosen to tie-up with 





“d depart from ‘tie 

terminal. The US can-W t 


RPAtw wished in July 

Ste 1 tss"* access » 

RPir 1 !? at 

Alan DeJJer, ^° r ’ 

jf/jorboost for die whote 

hesays craft of any at JFK,” 

that it is also a 

prSddfog a ^r" USed u terminal, 

atmosphere as SS? 1 ’ 

connections' vritlT sLaV° me g?od 
too. m smaller earners 

dedourith itsown? Ve six checik ‘ in 

So keen is 

its unique do^h-It 5 terminal and 
do«'F«l^?SS“ JFK tltt he 
meat” in it bv R “ v est’ 

Eastern’s if^^fature. . 

d«*CTibed 4 “Sfe 

fife staas 











SPECIAL ADVERTISING SUPPLEMENT TO THE INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Page 13 



'Mai, 


•• • ^ i 


O' 1 ;' ’ 


■ 1 ■ - L 


HI 


B.CAL delivers the 



t 


goods 


B.CAL will be offering greater 
flexibility for cargo requirements 
when it introduces its Boeing 747 
Combi on the Garwick-New York 
JFK route on June 1. 

For the airline will be the only 
passenger carrier on the route 
offering main deck cargo space and 
the volume to carry outsize loads 
which need not be split. 

The Combi's 123 ins. by 134 ins. 
freight door enables the aircraft to 
carry up to 25 tonnes of cargo in the 
rear of the main deck. 

It will be the only British 
scheduled service aircraft capable of 
accommodating 10ft. high pallets. In 
addition a further 15 tonnes of cargo 
can be carried in the under-floor 
holds. 

David Coltman. B. CAL's Deputy' 

Managing Director, said: “The new 
aircraft will strengthen dramatically 
B. CAL's position as a specialist cargo 
carrier and. with a weekly capacity of 
560 tonnes, will enable us to develop 
new levels of service for forwarders 
on both sides of the Atlantic.’* 

B.CAL and 




the business traveller 


British Caledonian was the 
pioneer of business class travel on the 
North Atlantic in 1978 when it intro* 
duced the Executive cabin on its 
London-Houston route. Rival car- 
riers followed suit: 

But B.CAL has since gone one 
better with the introduction of Super 
Executive, a self-contained cabin 
tailored for business travellers. 

And the acquisition of a Boeing 
747 for the New York route marks the 
introduction of a Sky Recliner seat 
designed specifically for the airline. 




footrest and tilting seat cushion. 
Easy-to-operate, press-button con- 
trols ensure the highest standard of 
comfort for passengers. Seat recline- 
and legrest angle are controlled inde- 
pendently whue there is also a simple 
legrest retract mechanism. 

Emphasis is on space with just a 
2-2 seat configuration at a pitch of 40 
inches. This allows larger central 
armrests with pull-out mini-tables. 

B.CAL’s Boeing 747 indudes two 
Super Executive cabins with 16 seats 
cm the upper deck and 20 on the main 
deck. Each cabin features a distinc- 
tive decor in shades of brown and 
beige. 

Among the special amenities are 
linen headrests and cushions and 
large cellular blankets. 

Passengers are offered a choice of 
meals, served on china. All drinks are 
free with a comprehensive selection 
of wines and spirits. 

Super Executive passengers also 
receive toilet packs containing tooth- 
brush and paste, shoehorn, eyemask, 
slippers and comb. 



Free in-flight entertainment can 
be enjoyed with the aid of luxury 
padded, electronic headsets. There is 
also a wide range of newspapers and 
magazines. 


Super Executive also allows 
advance seat selection at time of 
reservation, separate check-in and 
priority disembarkment. Passengers 
have access to Eastern Airlines’ Iono- 
sphere lounge at JFK. 


Take the train to the plane 


British Caledonian’s unique Central London Air 
Terminal, right in the centre of Victoria Station, 
enables passengers to check-in and hand over their 
baggage before taking the Gatcvick Express to the 
airport. 


The terminal is close to the 
Gatwick Express departure plat- 
forms and has its own bridge linking it 
to them- 

It is only a few minutes walk from 
the London Underground station, 
from the bus stops for victoria Station 
and from the taxi drop-off points. 

B.CAL’s Central London Air Ter- 
minal provides passengers with a 
comprehensive flight check-in 
facility: 

• A complete check-in service up 
to 12 hours before aircraft departure 
on the day of a flight leaves 
passengers free of their baggage until 
they reach their final destination. 

■ Reservations and ticket desks, 
seat selection facilities and boarding 


cards are available from CLAT 
requiring no further check-in formali- 
ties at Gatwick to contend with. 

• Up-to-the-minute flight informa- 
tion,. a licensed bar for hot and cold 
snacks, beverages and drinks and a 
comfortable departure lounge area 
are among other facilities offered. 

■ Passengers are escorted to their 
train via a private walkway to theplat- 
form by uniformed B.CAL staff. 

CLAT also features, in common 
with the other major route airports on 
the B.CAL system, a private Clans- 
man Lounge for First Class and 
British Caledonian Chieftain Club 
members. 


Combined with British Rail's 
Gatwick Express service to Gatwick, 
with departures every 15 minutes 
each day during the peak period, 
CLAT offers business travellers a 
unique passenger service. 

Gatwick Express provides a non- 
stop service between Gatwick and 
Victoria every day between 05.30 and 
23.30. 

At night services are operated by 
regular trains and run every hour. 

Gatwick Express journey time is 
only 30 minutes. 12 minutes faster 
than the original time using normal 
trains. 

The Gatwick Express was 
specially designed and produced for 
the airport link and offers adjustable 
seats, air-conditioned coaches and 
ample space for bags and cases. 

For arriving passengers at 
Gatwick, British Rail has its own 
enquiry desk in the arrivals hall and 
supplies tickets for both Gatwick 
Express and its services to anywhere 
in Britain. 


More than just an airline 


British Caledonian Airways is a 
member of one of the UK’s leading 
travel, tourism and engineering 

S -oups, the Caledonian Aviation 
roup pic, which last year recorded a 
turnover of more than £526 million. 

British Caledonian itself earned 
almost £414 million and carried 2.1 
million passengers. Its overall 
revenue load factor was63.9percent. 

Other members of the Group 
include— 

• CHM Hotels which owns or 
manages 17 properties in Europe, 
Africa and the Caribbean, with a total 
of 3,550 rooms and is currently 


handling several new hotel develop- 
ments in Britain. 

• Jetsave is a British tour operator 
which specialises in holidays to North 
America but also has growing pro- 
grammes within Europe and to the 
Far East. This year it will carry more 
than 100,000 passengers. 

• British Caledonian Travel 
Holdings operates an inclusive tour 
firm. Blue Sky Holidays, which con- 
centrates on holidays in Europe and 
North Africa and this year will carry 
some 200,000 passengers, and Blue 
Sky Travel which has 25 retail travel 
agencies in England.. 


• Caledonian Ahmotive is a high- 
tech engineering firm based at 
Prestwick Airport, Glasgow, which 
has one of the most advanced aero- 
engine test plants in the world and last 
year was given a Queen’s Award for 
Export Achievement. 

• British Caledonian Helicoptersis 
based at Aberdeen, Scotland, and 
concentrates on support flyingforthe 
North Sea offshore oU industry. 

• British Caledonian Aircraft 
Trading provides specialist services 
for airlines in the sale and purchase of 
aircraft and in the provision of con- 
sultancy contracts. 


At B. Cal. Cargo 
there’s nothing we like better 
than 'a tall order. 




10FT.6lflSU/* 

3.2m ' * 

'•v' 

* • 



From June 1st British Caledonian will be flying cargo 
at a new height...l0ft.6ins. 

That’s the height of Cargo we can accommodate on 


the upper deck of our new Boeing 747 Combi It’s a 
specially equipped aircraft that divides the passenger 
deck to accommodate cargo. 

To keep up with the future demands of the air cargo 
industry we are thinking big, so our first 747 Combi starts 
fromjune 1st, flying seven days a week to New York’s JFK 
airport 

By thinking big we’re adding extra capacity, extra 
height and extra tonnes. In feet any container or pallet in 
the cargo industry can be accommodated in our Combi 
as well as large volume shipments such as vehicles, boats, 
helicopters, even heavy machinery. 

Thinking big hasn’t made us big-headed But we are 

E roud to say that there’s one thing which sets us apart 
om other airlines, and that’s our people. Their 
dedication, care and commitment have made B.Cal 
Cargo one of the world’s leading carriers. 

So when you give us a tall order we welcome the 
challenge, because we know our people come up to the 
mark 

B.Cal Cargo, with our new Combi and the best 
people, we’ve got a big future. 

B&CAL 


Our people make us better 






INTERNATIONAL HERALD TRIBUNE. MONDAY, APRIL 29, 1985 


International Bond Prices - Week of April 25 

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

Prices may vary according to market conditions and oilier factors. 


Yi*W— — 

MS Pf.t* Me! LJeCirt 


YWd 

Ml date _ _ 

Met *r<U Nat Lift Cun’ 


RECENT ISSUES 


STRAIGHT BONDS 

All Currencies Except DM 


YW 

MM An 

Pries Met LHe Cun- 


AUSTRALIA 


n,wjiiii w lira 

ava-asoa toft rjr 

llliTOOd M2 !ft 1059 HUB 

BA 71 Aug IBS’, 7 M 8.09 

B*. 71 Oct •« »J7 1L2S 9.72 

Hi. 72 top n 1022 11X4 9.17 


SkVlOcl IDfW 7.58 
lift TOOd W1K. 1L27 


I S3 Australia 
tm Australia 
SIM Australia 
yUBOO Australia 
SM Australia 
SIM Australia 
v 15000 Australia 
SJW Australia 
STS Australia 
SUM Australia 
125 Atom Australia 
$80 Alcoa Ot Australia 
ISO Alcoa W Australia 
s<a Alcoa Of Australia 
IX AiaxiOt Australia 
175 Austral iar IndDevCo 
Sloo Australian ina Dev Co 
546 Australian Mini Smelt 
130 Australian Resources 
HDD Australian Resources 
SIS Ausiraswte 
SX Broken HBI Pty 
$150 Broken HBI Pty 
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$20 Broken Hill Pty — 

S2D camcico invest Europe wjosnot 99ft hlb 
$ 40 Comalco invest Europe 10*6 71 Jul “Oft 1251 

$25 Cumalca Limited TO 17 Apr 97ft 11>S 

JIM Ornmamraalin Bk Austr IMWltor ICT« 112 
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150 Rural Industries Bank 
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$150 treasury TintS Wales 
sso vvesJem Mining Coro 
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SIM Weslaac Banking Co 
SUM westooc Inti Finance 


1150 Austria 
ISO Austria 
1100 Austria 
ISO Austria 
ecu 100 Austria 
1X0 Austria 
vttooo Austria 
SUO Austrian Control Bank 
tUCB Austrian Control Bank 


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11 *92 APT 904 1U4 11.10 

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154 70 Jul 111 1233 UJH 

134 71 May 1D5I& 1115 12X7 

114 73 Feb to 12U 1139 

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14 71 Jun 1074 1218 U02 

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14 71 Jut 1© 1217 1296 

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12 72 Jan 99V. 1214 
94 17 Apr 97 TIJ2 

CANADA 

144 T7 Jan 1074 


144 17 Jan 1074 
1041100 1004 
114 90 Mar 102 


17 17 Alia MB 
17 76 Dec 115V 

11 14^0 Dec 97V 
U 9100 193V 


*750 Canada 1X4 17 Jan 1074 

SHH Corona IKkISOO 1004 

ISM Canada llftTOMor 102 

SX Abtflbi-Price 15V 71 Dec 109 

140 Air Canada IIIATIMay 1004 

150 Aluminum Co Canada 94 18 APT 96 

140 Amcalntl 114 78 Jun 97 US! 

aaa Aveo Financial Canada HTA16Mav 98 123. 

Od SO Area Financial Canada 13 

ad 10 Bank 01 Brit Catgmota 10V 

HOB. Bank Ol Manned UU. 

SW0 Bank 01 Montreal 144 17 Wav ids lix: 

ad 75 Bank Of Montreal IfkVMr HI 1J.1! 

S1S0 Bank Ot Montreal li’ATl Dec 1094 1331 

SX Bank Of Nava Scotia 154 16 Jun 1844 11J8 

I M0 Bank 07 Nova Scotia 134 17 Jul 104 UXI 

adSO Bankmanl Realty 17V 18 Sea 101 

SM BeDConadO 9416 Jul 974 

adM Bell Canada IMAIAOd 44 11* 

$100 BSP Canada 74 W May 934 IO 

ad IX Bell Canada 16 19 Jun Me IUK 

ad 125 Bell Canada 12b 77 Mar 100b 1275 

1 50 Bm-HILtd 134 IS Mar 10C4 42 

SM BnscailnH BbUOd 94 ll.V 

*209 SrHCelumblO Hydra m 18 Mar 9(4 HJI 

S1S0 Bril CahMiMa Hydra HftlSJul i06b ia.% 

SIM Bril CoUimbW Hydro 164 WOcS US llli 

S2B0 BrH ConmAla Hydra lib 19 May 1IK 112 

S150 Bril Columbia Hydro 154 72 Jul 116V. 1131 

*200 BrU Columbia Hydro ITSkTSOd 1014 

ass Bril Columbia MwUcIo e IS Jun 99V, 

*54 Bril Columbia Munlclp 17 15 Od UK. 9.71 

adS BrH Columbia Munlda 11473 Jun lift 12* 

jad24 Bril Columbia Muatctp Mb 79 May 95 1091 

ad IK Brit Co hi mbla Prow Inc 17 to Apr Ul 11.7! 

CM1M Bril Columbia Provine 13471 Jul Mtft 11* 

Od 100 Bril ColumblO Provhic 12b91Nav 10W 

cn* 125 Bril Columbia Pravtnc 12 TIDee 10M 

adSO Bril Columbia Tefeoho 174185(9 XJ74 14.U 

Odra BrH Columbia TeleciM I7b19 Ftb 1804 120. 

JIM Canadalr 154 17 Mar 101b 14* 

*175 Canadalr 124WNov Um li t! 

enSM ComnHan Imperial Bk JlftlSJul 994 132 

S 75 Canadian imperial Bk 15b 16 Jul 184V 

SM0 Canadian Imperial Bk T6 17 Mar h)7V 

adSO Canadian imperial B6- left W Jut 

ms 75 ConoOton imperial Bk 15b 19 Jan 

od 60 Canadian imperial Bk 17V 19 May 104 

S7S Camflar ImaerliX Bk 11 70 May *4 1261 

5100 Canadian Imaerial Bk 16b 71 Oct 171 13* 

SIS Canadian Nall Railway BftWNov 974 1IUQ 

adeo Canadian Natl haOwav lb 37 Mar « 1US 

5100 Canadian Non Rollnv U47IOee 1104 IiZ 

od lM Canadian NOW Railway 124 7S Aar 102 Hll 

rid 60 Canadian Oecid Petrol 17V 79 Mar lflft UK 

ensoo Canadian Pacific 17b 17 Now he 

rid JO Canadian Pacific 16b19Aor 105 

ISO Canadta, Padflc wniin 92 12J< 

WB CanaSanPocHU 114 10 May M3 11* 

*75 Canadian Podftc maTSOd 1024 1131 

*75 Canadian Padflc 144 72 Jun 1004 

cn*3S Cimod Ian Utilities 17 17 Aug UB 

adSO Canodkm UiHiHes rr 76 Dec H5V 

SM Canadian Wheat Bead 11 V. 10 Dec 97Vi 

cnlSO Chrysler Cradll Con U 71 Od ibk 

rid 40 ConsulkloJttFBoltHira 17V. 17 Feb 103 

SM CensaHdated^altml 174 18 Now 1074 U54 

S25 CriaaUdatedBatnurai f 72 oa 824 127s 
ad 30 CradH Fane Franc-Can T7419 Aor 112 1109 

*50 Doom Petroleum 134 77 May a 1UM 

S5B Dame Petroleum II 74Jal 80 IM 

SX Dam it tot Bridge 9 16 Jan W 1292 

SM Du Pont Canada 13ft 71 Feb 1044 12X3 

cns« Edmanfan Olv IHWAug 105* 1207 

SM Eldorado Nuclear 13b *86 Mar 1031A *32 

S7J0 Export Develop Coro 941iJon MOM Ul 

S108 Export DevriOO Coro 1341700 MSV. M61 

sno Exuort Develop Core lib 77 Nov wav. UU2 

SIM Export Develop Cora IHXJon 1004 ML&S 

* 125 Export Develop Cora 10 VMor 1004 9.93 
SIM Export Develop Coro lift 19 Feb lODU HUM 

SUM Export Develop Cora 12 19 Nov 103 11JJ7 

cnSHB Export Develop Com llft-BfOec 994 11X0 

01*75 Form Credit Cora ISbKlSep 104 1U9 

DdSO Farm Credit Cora 12ft 73 Mar U4b 1138 

S 75 Form Credit Core 1147300 WI4 lljl 

SSO Fetter Bus IneM Dev Bk 12V. 15 Nov 1004 18.97 

DdlOS Feder Business Dav Bk l7bl*CW 106 12J4 

adH Feder Business Dm Bk 124 17 Sep 103 

aiSM Feder Businas Dev Bk 114 70 Jul 98ft 

enSX Fond Mala Credit Can BbWiww M4 IL» 

cnJX GarMetroaoKtaln 17b7U0ct 1124 

caS40 tee MelronllWn IlftTJDec 1K4 

adSO Gae Metro noil lain 13474 Oct H5ft 12X5 

enSSO General Motors Accept 12 55 Jun 1004 

adSO General Maiors Aoceat V41*Feb *84 

fid 50 General Motors Accept 15486 Jun 1034 12J8 

cnSTS General Motors Accent 16 17 Jan igx lias 

adeo Gcneni Motors Accept 18 WOd io Sft 

aisn General Motors Accept Ptioa 93 

ora 50 General Matara Accept 164 T9 Fed 104 

ISO Gwratar 18 TOjun elft 1237 

S7S Gemrtor 174 W»Od 108 1463 

*ffl Geralor 14b 71 Apr 1014 14JS 

SUM Gulf Canada Ub72Apr 110 1250 

l» Hiram Weflcer Hokflngs lr, 14AiJr 100b U35 

150 Hiram Walker Hokllnas 16 16Jun H5 UU7 

* S Hiram Walker Holdings 16 19 Mar !» 1253 

SB Home 00, 94 16 Jut 98 1UZ 

rill 60 Hudsons Bay 18 17 Nov IDS 15J0 

arS60 Hudsons Bov Mftl*Apr 94 1250 

rid® HudMnsBov 17 19 May 106 U50 

“d® Hudson* Bov 14b 19 J id ig|« HM 

!S HH$ eos § av lift 70J«1 864 15X6 

JM Hattons Bov W 74 Feb 024 13X9 

SSO lomccmoda 184 IS Jot 1004 804 

SH Imascs 154 19 Jon 106 1129 

I1M Ina 9 72 Dec 814 1253 

ogM imurarevfnPlPeUne 12b T3Mov nn4 1133 

ad» inti Harvesier Cram 9bl6A or «4 ISSJ 

SH K Canadian Finance *416Mov 98 >1X8 

od2S Ite Canadian Finance 10 16Aug 984 1134 

222 MS? UbTlieo 106 1289 

adX Laval Oily M 76Jul 97 UX6 

“IS if* 1 ?.. .. 124 TO Dec Wlb H14 

*3 AtaanJUanBlaitM 9 fifth a HIS 

SH MaemUtan Btoedri 4b73Mor 82 1302 

.*J5 HOHflB? 1 Province 94WMor 92ft HOI 

iiS “^ftpnPtnwkKE nbWSeo HI HJO 

!ls Mtmltoha Prsvinat lib 19 Nov in 11.12 

» " ^^PraWflM 10470 Jut 90 IA IMS 

*.'22 S°fS!P h0 E T ??¥ e 1347400 1064 HJD 

oisn Maritime Tel 8. T{l UbTXOO 1064 1203 

• *75 MasMrFergusan Nod 9471 Jun II UJ7 
ID Montreal aiy IDVDjul 96 1236 

ad« Montreal Cirv IB HJun M 11.92 

ad50 Man! real ettv 12 -90 Dec 99ft 1209 

*70 Montreal C3tv 17ft 71 Mar 101ft 11X4 

ridSfl Montreal Clly 12b 71 May lDtft IIJX 

cnijo Montreal City 171A71 Nm SI41A H37 

*>M MOMrealOtv 15bT2Mor 1094 1153 

ensx Maitraal Sehoai Couae 174 17 Feb 108 1209 


— .... 1127 

15b 71 Dec 109 1254 14X5 

1 IIA 74 May 100ft 11.16 11.19 

94 18 APT 96 11.15 1139 9.9Q 

114 78 Jun 97 11JM 

UTA-UMav 91 1224 

” "Nov 102 1234 

MtW 92ft 1233 

14b lOADov HHb ULW 
14417 4AW HI 11X1 
IMA 18 Mar SB 1215 
16’A 71 Dec 1094 1298 
15ft 16 Jun 1144 11J» 

134 17 Jul 104 11X2 

im 12J0 

ffbl6Jul 97ft 1*97 
10b16Od 96ft 1103 
7b 87 MOV 93b IIJ8 

16 19 Jun MB 1233 
12b T7 Mar 100b H30 
13V.1SMOT 1064 422 

BV.-B7CW 94 11.14 1258 838 

HIV. 18 Mar 984 HUB 
mnjui i06v> iQ.94 
lib mod 1M 13.17 
14b 19 May 118b 1128 
1514 7! Jul 116ft 1136 
lib 73 Od 101ft 11X1 
0 15 Jun 99Vj 1286 

17 15 Od UM 9.78 

lib 73 Jun 98ft 1ZD3H151153 
Wt&WMav 95 1096 

12 TO Apr Ml 71.72 
134 71 Jul M64 1133 
12b 71 Nov UUft 11X1 
12 TJDec 102b 11X5 

17b 865CP M74 108 

121519 Fen 1804 1204 

15ft 17 Mar 101b 14x3 

72ft 19 Nov JffiSi. n.n 

114 IS Jul 994 1339 
15ft 86 Jul 1844’"“ 

16 17 Mar HJ7V 

16417 Jim 787V 

15b 19 Jan H5 
12b 19 May 104 
11 76 May 04 12X8 

lib 71 OU 111 1339 

BHildNav 9798 1002 
14 87 Mar « I LB 
M*6 71 Dec 110ft 7125 
17ft 7S Apr 102 Hll 
13b 79 Mar 1*14 1113 

17b V Nov W5 14-10 

16b 19 Aor IBS 14X3 

9b IV May 92 1136 1150 10X0 

hath May M3 not 1151 

BftTlOd 102b HJI 1111 

14ft 72 Jun IMft 1272 11X8 

17 17 Aug W6 1267 1534 

” 14.16 11X0 14J2 

1135 1U4 

14 71 Od 1034 13.12 1153 

17ft 17 Foh 103 15.13 1X35 

174 18 Nov 1074 V4L54 1438 HJ8 

9 72 Oct 82ft 1235 Ufl 1031 

17419 Apr 112 1109 1539 

lift 72 May W 1196 13JB 

11 74 Jut so uMTxnraa 

9 16 Jun 06 12J92 — 

U4-S1 Feb 104ft 12X3 

ERA 19 AuO 105ft 1207 

13b 16 Mar 103ft 932 

9ft 16 Jon UN. 9JB 

lift 17 Od MSV. MX1 

lib 17 Nov WJft 18X2 

lift V Jon 100ft 18X5 

W IB Mar 1084 9.93 

lift 19 Fan mob HUH 

12 19 Nov 103 1107 

lift W Dec 99ft 11XO 

12ft 70 Sep 104 1LI9 

12ft 13 MOT U4ft 1138 

lift 73 Od Wl ft HJI 

12ft 15 Nov 1004 1197 

I7bl*Od 106 1294 

124 87 SdP 101 10.93 

lift 70 Jul 9SW 1L87 


14ft 72 Dec 165ft 
lift 74 Oct H54 1245 
12 IS Jun 1004 

Eft 14 Feb 984 

15b 86 Jun 103ft 1131 
U 17 Jan 10J 1208 

16 17 Od 103ft 
9b m Od 93 
16419 Feb KM 
II 19 Jun 914 1277 


1533 
U74 
am 
1194 

1L52HJ2 9X4 
1134 

■■ «'Jun ‘Vk. 'Am LSJ8 

14X9 7756 

„ 12291301 10X1 

164 19 Feb KM 1426 1557 

U 19 Jun 914 1177 
17ft 19 Od 108 1*03 

Mb 71 Apr 1014 1405 14961*53 

Mb 72 Apr 110 1250 UX1 

1 4ft 14 Apt 100b U3S 14.14 

16 liJun M5 VU7 1534 

16 19 MOT 1» 1253 1*55 

9ft UJH 98 1132 1137 «X9 

u mm IB 1530 17,14 

HW IJApr ft 1250 1X06 11,17 

17 19 May 106 U90 

14'A19Jid 1Mb 1268 

lift 70 Jun 864 15X4 

W “WFfb B2ft 13X9 1*69 1212 
19ft IS Jul 1004 BJM 75X6 
15411 Jen 106 1129 1*62 

9 7} Dec ll'A 1253 llj* 
IN. 73 MOV H24 11 JS 11.95 
9b 16 Aev 954 1X63 ISAS 1031 
*4 16 May 98 UXB *Jfi 

10 16Altt 98ft 11J4 1U4 10L15 

1X4 71 Sen 106 1289 US* 
M 76 Jul 17 WX6 HJI 
124 70 Dec N1D 1214 1235 

9 fifth a 13.15 1151 IBM 
4 14 72 Mur 82 13JBHX7IIJ8 
94 89 Mar 924 1201 1037 

12b 19 Sen HI 1130 

1 lb 19 Nov 102 11.12 

10ft 70 Jul MIA 1095 
lift 74 Od 1064 110 
H'A'MOd 1064 1203 


YltM 

Middle Aw 
Allot Price Mai UleCtUT 


Str/ 

Corn/ issue Pr. Mid Pr. Yield 


5 ICO Mitsui Trust Fin ihkl lift '>*90 Jun X 100 99bllXi 

v 5000 Finland 47<ft 90 Apr 5 100 "S'i 7.18 

H 500 Gar De France ll .blOMavs in 100 1125 

dm 100 Rente RMMSCCnal 7b S 75 Mav » 99ft TEb 753 

Iico Fora Motor Credit Co llbbTjSAavs rao 99 11.97 

ecu 75 Rabobank Nederland «c^75Mav 1 100 99b »X6 

cnS 100 Quebec Hvdro H.bTSMOvS 100 102 1190 

ecu 75 Ca.ioe :Jut TeJccoirm 9b= 4 72Apr 1 in <00b 9X0 

ecu ?5 Cause No! Telecomm 9ft •» 75 apt a ICO 100 iJD 

5 709 Elb Euroo Invest Bank 17 ftTSAB r s TOO IOIftllJ2 

5 7$ General Foods Ca mil ll'-i* TO Apr s w. 101 1123 

5100 ->iwrol Re Cora llftftTSApr s HU mftlLD 

sun Union Pacifw Core lift '*72 Apr $ 100 VTtllJi 

S 100 5on» Caraarallon W/w rik ft To Apr 9 in IBS’.: 6JS 

lira Sony Coraoralian Xrw 7b ft 70 Apr 1 100 854ITJ3 

dmXQ Asian Devitos Bans 7bftT7Apr s wft 100 7.7$ 

siOO Den mak llftftTOter s IKPV lMAkllB 

dm 300 World Bank 7b b VS Apr s 90b 1014 753 

ltd Qnruoonvreallh flk Auslr 11 ft72Asr 5 100 9841U4 

dm 250 E scorn Bear Suaplv S'- ft 73 Apr s w; in 825 

140 Medan Ids Corporal rtm 10 ft*. 70 Apr s 100 VffulUS 

SIM Treasury New S Wales 1 lb ft -90 May s U30 lOiftUXl 

voaea Austria 7 ft 75 Apr s looft 98 729 

cnS 125 Bril ColumbW Provlne 12 ft 70 Apr 5 MU 101 1122 

ecu ISO Eib Europ Invest Bank VbftTSAor S 9912 99b 907 

art 100 Canadian Nall Railway lift ft is Aor t 99ft 102 HU 

HDD World Bank H'-ftTSMOVS 99ft 083411X6 

140 Rank Xerai Finance 11 ft 72 Apr S IDO 97blIX> 

ers 125 Bell Canada 1214ft WMar i IDS lDOftlZH 

ecu 75 Megai Finance S SOD U04NUM 


S3S Ntirioundkmd MiBncma 9\.185ro «4 JZg 

cnS30 Nrwlc Lind land Pro vince IJbSSDec Wft W09 — - 

S2S Newfoundland Prtvdieo *416Mor « ,,JB 417 

SSO HewfourxUcnd Province 9 JIF|6 n 1206 


947) Jun || U37 

10b 17 Jul 90 HJi 
IB 89 Jui U 11.92 
I? 70 Dec 994 12JJI 
17ft 71 Mar lajft lixt 
I2b 71 May 1014 11JX 
121A71N0V 1I4VA 1127 
lSk72Mor 1094 1153 
ins 87 Fib 108 12D9 


875 Montreal Urban Commun 12 TBnov 1BZH 1U6 
CM30 NatCM PedlyCarp 12ft 70 Feb Wl* U27 
driSO NaHnaai Bant Canada lift 88 Feb 107 1125 

*« New Brunswick ElMrl 17 88 Od 1134 1IJ8 

*75 New Brunswick Eiedrl 16b 19 Mar 110* 1253 

*7S New Brunswick Electrl kb 74 Mar 87 HD 1303 II Jl 

SB New Brunswick Pravfnc 15b 17 Aug WA 1106 1*35 

Pravlnc 12 75 Jan 1014 II Jl 
IB NenfounBona Lab Hvar 9bl6Mar 99 WJ3 
*B Ntwfcundlaad Lab Hv* 17b 17 Nov !□ 13X8 


SM tiewfoundioid Province 9 |9Fg 91 1206 

160 Newfoundland Province ITVIVOd 112 J2X0 
S60 Newfoundtcnd Province 13 7 70 Feb 104 12J0 110812a 
SSO Newfo a raidnd Province »b TOJun 90 11.97 1038 


SM Newfoundland Province 9b TOJun 90 1.97 

S7S NewloumScnd Province 154 70 Aug 1H 122 

STS Newfoundland Provjnee U 71 Aw 103* 1230 

S53 Newfoundland Province H . TJMar 86ft I2M 

0460 Norren Energy Pea 12bk3Aug HI 1252 

SIM N^£An1w?taCara i|iA89jan 107 UM 

SM Nava Scotia Power 

cnSH Nova Scotia Power 

S7S Novo Seolta Province 15b 19 Mar BWlUl 


S75 Neva Scotia Province 
SSO Novo Saaifa Province 


U 74 Mar 86ft 12J0 1106 

12*73Aug 1ST 1202 7202 

lift 89 Jan 107 UXI 15 lI9 

9b 19 MOV 91 1203 12X210X8 

9ft 74 Jul 964 1009 904 

15b 19 Mar BK 12X1 MJS 

114.85 Aug W6 123 1194 

10*70 Jld 95ft liai20] 1136 


ta Nava Scotia Province ID* 70 Jul ... . . 

I1M Nava Scotia Province lib 71 Feb H2V. 1L17 11X9 

SB Novalcotto Province IS 71 Jun 116* 13X1 1*12 

OS in Nava Scoria Province HM75F* Hft Ilf 1100 

SWt Ngvg SeoUa Piwlntx llJATSFeb WA n&> UM 

S 125 Onfario Hydro 8ft 85 Jim 100* SX/ 

SUO Ontario Hydra ^845eu Ha 904 

1123 Ontario Hydra I W2 

Slffl Ontario Hydro lfbWAcr 111ft LM 

S200 Chitarto H/dra II* -89 Dec lot* 0J1 

5250 Ontario Hydra lW.70M<nr 94ft JM 1101 

S200 Ontario Hydra IbTflSw irab MJ7 1LB 

lira Ontario Hydro Wa F7b 10* ID HM 

SUO Ontario Hydro AuO J6 71 Aug 1M 201 U04 

5200 Ontario Hydra Nov 16 VI Nov 114ft 1207 1297 

$150 Ontario Hydra US! ] ^ )KS 

I MO OritartaHvdra 12b 'WOd W6*t 11X0 1109 

ISO OrtStaHYdrO lift 74 Feb U2U 11.19 1237 

S3S Ontario Hvdro-E weir £*86 J« % 

S23 OttawD-Caricton 9ft-*BMar VI 1202 1334 1044 

CXS30 Ottawa-Carletar. 12474 CMC 105 1108 1U0 

sa OtWCcrSSi U* 77 Jan 107 1303 HOD 1339 

mS65 Paicaiadtaii Patratoum 16418 Dec iosu uxs 

enSM Pancanadan PeiraHsmi 1 £22? Apr 1014 1219 

SM Potwar 9ft 16 Dec 914 IIS 


aS 25 Quebec atv 
aiS25 Quebec Oh 
cm 15 Quebec Cthi 
cnS 15 QUelwcatr 
Ilffl Quebec Hydra 
enSM Quebec Hydra Mar 
enSSO Quebec Hydra Mov 
0475 Quebec Hvera 

SUO Quebec Hydro 
CHS 60 Quebec Hv*o 
S100 QuebecHydro 
crtS5E Quebec Hydro 
enstao Quebec Hvera 

S15 Quebec Kvdro-Elecfric 
S20 Quebec Hydro-E Metric 
S12S Quebec Hydro-Electric 
IB Quebec Hydro- Electric 
330 Quebec Hydro-Electric 
SUM Quebec Hydro-Electric 
SNO Quebec Hvdra-Eleclrtc 
S 125 Quebec Hydro- Electric 
SM Quebec Hvdra-EMdrtc 
S75 Quebec Hydro-Electric 

cm 50 Quebec Province 
its Quebec Province 
135 Ouetwc Province 
cnS50 Quebec Pravbice 
enSM Quebec Province 
538 Quebec Province 
cnSSB Quebec Province 
enSSO Quebec Provlm 
cnSSG Quebec Province 
130 Quebec Province 
SIM Quebec Province 
SIM Quebec Pravtnc* 
cnlSE Quebec Frovlna 
SUO Quebec Province 
ail ISO Quebec Province 
S60 Quebec Province 
cnsi5 Quebec Urban Con muni 
SSS Redpatn Industrie* 

SUU Royal Bank Ot Canada 
cnStt Royal Bank Of Conado 
cm 25 Royal Bank Of Canada 


•SS S3i 

140 Royal i 

.S8S3I 


9ft IX Dec 964 11J8 
left 87 Feb 10S4 1200 1504 

U* 72 Dec 1054 1207 1256 

10* 74 Oct 964 1US 11.14 

n 75 Nov 94 1007 UM 

16* 88 Fib W9 1231 1401 

14ft 89 Mar nwv, use isj* 

1X4 89 May MS 14JS 15.71 

14 71 Jul HBft 1204 1327 

I7*7|0d 122 HW 1*14 
M 72 Nov MM 1208 1131 

lift 72 Dec 98ft 1LU 11J2 

12*73 Sep 103 1213 I2J8 

12* 75 May 102 1100 1201 

9Q830CT 99* 901 9X0 937 

0*86MOf 97* 10081009 8X4 

8ft 86 Nov 964 IUM 801 

14 86 Nov 964 1008 11X4 Ul 
8489 Feb 90 11021152 9X4 

U 71 Feb KUft 110! 12X3 

11472 Jun 98ft 1103 llJ* 

• 72 Aug B34 H57 I0J3 

*473 Jut 86 1229 11J5 

ID f) MOT 84 12X6 lia 

10* 86 Ajar 84 JIJ6 1220 
14* 86 Jul 111* *33 1330 

754 87 Apr 107 1U5 1*X9 

18 17 Od 107 1*29 16X2 

174 87 Nov Heft K16 16X3 

74 88 Jon *2 Ilia 1209 8.15 
17 88Atar 105 UJ0 16.19 
1»8BS*D 1« UXS 1S05 
164 89 Aor 107 1*07 1SX2 

1448* Aug 1114 10.96 UBO 

15W8*Dec 10*4 12X5 1306 

13 70 Nov 107 11.19 1115 

12 73 Jul 9*16 1113 1209 

C* 74 Feb 101*110311X91101 
12 75 Jan IDO* 11.93 1107 

* 75 Nev 13 1109123310X4 

16*88 Jan 1844 HM 
9 89 Sep Sift 1320 

14 86 Aar 1024 1 lJfl 13X6 

H 86 MOV 97ft 1201 1036 

94 88 Apr 96 11.14 1138 9X 

114 89 Feb 99ft 1101 1101 

UFA 89 Mar 106* 8X0 904 

lift 70 Mar 97* 1188 11X4 

t Oft 7 1 Dec w* 1107 1134 

12* 77 Jril ttlft 1231 1206 

9 72 Feb 874 11 J5 HIB 102* 

ID 74 Mar 904 1U5 12X0 IIJ15 

12ft 88 Nov 102 1106 1238 

12* 89 Jul Ul* 1706 1204 

11* 85 Jim VX ft 722 11.19 

17* 86 Dec IDS 13X8 16X3 

Sft-USw 91* 9a 


OTS50 Royal Trtnfco 12ft 86 Nov 10! 1106 

131 Ravel Trust co 12* 89 Jul Ul* 1704 

SM Rorleme 11* 85 Jim IM4 722 

cnS 40 Roynat 17*86Dec IDS 13X8 

STS StfflkDWwwonPriWloce S*86S« 98% 9a 

S11M Saskatchewan Provinca 16*88Nov 111 1218 

1125 Saskatchewan Province 14 89 Mar 114* 11JH 
SlOO Saskatchewan Provloci ink 89 Nov HBft 1LI4 
S 125 Saskatchewan Province 10* 79 Mar 98ft 1 LOS 
SUB Saskatc he wa n Province 10* 71 Mar *2 1139 
SUB Saskatchewan Praviixx 15 72 aw >14. iiXO 


S100 EeoaramCa 
1 12S Seagram Co W/w 
enSSO SaarsAangfenct 
5100 Sbett Canada 
SIB Shed Canada 
140 Simpsons- Sears Acctat 
cns« Skmasans-SeanAeupl 
enSM Soc Habitation Quebec 


12ft 8* Od KU’/i 1172 
7 73 May 112 5.14 

14 71 Aug 107 1238 

IS* 71 5*b 112ft 1200 
14ft 72 May 109* 12J3 
174 81 Nov 112 12M 

16* 89 Apr 1994 1152 
15* 88 Jan 1044 1307 


citS 25 Sac Hvootneaug Praam 174 86 Dec M64 I2J0 


SSO Winnipeg Qty 
140 Wlntaoegaiv 
SSO WtankmOtv 
enSSO Winnipeg Ctly 
cm 4 Xerox Canada 


S75 Suncorlnc 12ft 71 Nov 103* 1105 1323 

cm 25 Texasaull Canada 10 86 Jun 91 11011209 Ifljo 

S2S Taraam 154 86 Jun 103* 13.17 15D1 

Sira Tarantb-CaiTilnian Bank i24 8IApr 103 11.23 1214 

SSO Taranta- Dominion Bank 12ft 89 Apr 101 1239 000 

enSSO Tofonto-Dommion Bank 12ft 89 Nov HO* 12.10 H2S 

enSSO ToaxrtaW. untooa l tty 13 76 Od IQS 1206 1238 

cm 50 Trensafla umiifes 17 89 Feb 112 12J8 ms 

cnllOO Transolta IttilllilS 13U T*Dec IDS* 1Z24 125* 

S2S Tronsamado Pipelines 5*-. 73 Jon M 11X9 632 

875 TranseanadaPtaeOnes 17ft 88 Od 188 1*52 14X4 

SUM Transomoito Pipelines 14 89 Dee 1044 1302 I5.cu 

SIN TriMconadoPlpetliieS 14 72 Mar 110 13X5 1*54 

enSM Trliec Core 13 89 Od 101ft 12X1 12J8 

crI30 Union Carbide Canada 9* 86 May 944 1*0814481032 

aSM Union Caraide Canada 14 89Jon 106 UJ6 ISJN 

cm 30 Vancouver 13 74 Aar 106* 1174 lin 

17 86 Od 101 11X0 1185 

5* 87 May 94 1108 178 

15*83 Jun 105ft 1334 1409 

1138 

.. 1174 


13 76 Od IQS 1206 

17 89 Feb 112 1270 

13k. TiDec 105* 1224 

tfnwjgn *0 11X9 

17ft 88 Od IN 1*57 

14 89 Dee 1044 1302 
14 72 Mar 110 UXS 
13 89 Od 101* 12*1 


16 89 Jon 106 1374 

13 74 Aar 186* 1174 

17 86 od 107 lira 

I* 87 May 94 1108 

15* 88 Jim IDS* 1336 
12* 71 Sep IN 1201 


12 88 S«p 102* 1L11 

DENMARK 


S20 Denmark 6 85 Jun 9*4 9X7 901 *03 

120 Denmark *k.8SDec 9*it W.M 10X1 133 

ft 100 Denmark 7ft17Sep 10 12X11403 8J2 

lira Denrnark XAv 13* 88 Aug H64 1LH I3JD 

175 Denmark IQ* W Apr 97ft 1102 1UI1 

emino Denmark 13 8»0d TO* 1234 1271 

Sffl Den mart 74 70 Jan 88 1004 1116 152 

SUM Denmark WftTOMtt 96 1LSI 1133 

SUO Denmark lift 70 Apr Mo* 1103 1106 

SUO Denmark lift TOJun 1884 lia 1174 

ecu 7$ Denmark 10* 71 Mar nuft 90) mts 

SHW Denmark 12 71 Mar IDT* 1105 1104 

I WO Danmark 13 71 Mar 104ft 11.99 12X8 

SW Denmork 14 71 Jul IBS* ran 1293 

SUB Denmork 13V.71S» 105ft 1L« 1207 

V 20080 Denmark Aft 72 Jan 97ft 7J0 4.95 

S100 Denmark 13 TIJan TO 1201 1275 

1258 Denmark lZft7?Feb MWk H53 1206 

nkr 2H' Denmark 9 4 73 Mar 9* *70 9ffl 

sioo Denmark H4 72Aar 984 1102 1108 

V 15000 Denmark l*73MOV 10SV. 7J27 706 

3JB0 Denmark n*73D6C 1014 11.93 KJP 

SIS Car Hberg- Tuborg B*86Apr 91* 1078 VST? L91 

SIS CapentWCTiCJIv 9 8 SOd 99 11.1411.17 909 

SIS Cooenhasen ClIY 6 IS Nov 97 11071108 AI9 

525 Copenhagen Oly 64 87Aor 914 1105 ills 7.W 

SIS Canenhagen County Aul 7ft87Frb *t 110712a &2< 

SIS Copenhagen Taieptmie 84 84 Feb *8* 1088 lOffl us 

» 10 Copenhagen Telephone 4*84 Apr 964 1006 I0J8 609 

S 12 Martaogo Bank Denmark 6ft 86 Jan *6ft 1104 1106 6X9 

SB Mortgage Bank Deflmm 7471 Jon 874 1051 1204 807 

ISO Mortgage Bonk Denmork 13 73 Jan 1034 1125 1256 

ecu 40 Frivalbanken llftTiQd 105 HLI3 1071 


SIN Finland 
SH Fblkmd 
v 15000 Fintand 
sin Finland 

ISO Finland 
nkrffio Finland 
y 15000 Finland 
yl50H Finland 
S50 Finland 
175 Finland 
SSO Enuo-Cutietl 
SS8 Firmriti Export Credit 

IIS Flimlah Export Cmm 
*50 Flnrlpi Export CnsHI 

STS Finnish Exnort CraXI 
SIN Finnish ExoortCrX/w 
SIS FlnfLsti Munlclnc Loon 
SIS Finnish IftiidcJpa Loan 
S15 HedtaUaiv 
530 indMtae Bank Finland 
J2S Industri Fund-Flntand 
*15 Mortgage Balk Finland 


94 84 Mar 99ft *a 903 

IS* 87 Aar Ul U.63 1*13 

8ft 87 Jun 1004 aw ara 

114-88Jun 101ft Idea IU0 

ITftWSM 123ft 10181 11-56 

lift 89 Jun 1W4 9.97 1009 

8ft 89 NOV 103ft 736 207 

6ft 70 Anr 98* 7.18 60T 

■MG 0 . 3 H. 11-40 UIS 1006 

12* 74 Nov 107ft 7ia 1107 

llWTOMdr 99 1IJ6 1102 

104 85 Jld IN lam 1000 

13ft 16 APT 181 1 250 Il6l 

14ft 86 Dec IN* 1021 1308 

13ft 87 Nov ISHk 12X3 1277 

12ft 89 Nov TOW 1107 1202 

Jft87Mcr 954 1009 1106 804 

8}4 88 Fob 904 12JX 130 1 *07 
8ft 84 NOV 974 10X9 1116 807 
«, Tgpec *1 12.131157 OJ* 

1*87 Sea fi 11.18 1307 806 
8426 Feb 99 *06 976 009 


sa IndMtgc Bonk Finland t 87 Dec *1 12.131157 80* 

SB Industri Fond-FMand l*87Sea 94 h.ts 1307 806 

SIS Mortgage Balk Finland 8484 Feb 99 906 976 809 

115 Mortgage Baik FlnWid lift 89 Nov 994 1 105 1 107 11 Jl 

SIS PekomaOv 0*86 Doc 94h 11.181211 907 


0*86 Doc 96h 11.18 1111 907 
FRANCE 


HISS AeraaartDe Ports 

s» AouitataoEngg ... 

H5D0 BdbqUD Franc Cam Ext 14486Mar 103ft 1006 

S2J9 Bancwe Franc Com Ext lb 86Nev H7* 1007 

i M Banaoe Franc Com E»1 U487juo ios4 11X3 

IM Banque Franc Com Ext II 4 88 May 1004 1105 


130 Banaue Frorw Com Ext 
ecu TO Banaiw Franc Com Ext 
SIOO Banquo Mdanaez 
*60 Banoueindmnei 
ens p B sirque Indasuez 
Sioo Dmque indosuei 
S UO Banaue National Pgr* 
*350 Banaue Nal Ini Paris 
115 Banaue National Pixls 
cnS6S Banaue National Ports 
aai4s Cattse Aide Eau Good 
S U8 Cable Cenlr Coop ECO 
.5.5 Cd»e Cenlr Coop Ecu 
5100 Caisee Carer Coup Era 
SIN Cnlra Franc Mottere* 
STS CotueHof Avtoroutei 
SM CaltaeNatAutarouWs 
ses cofefli Nat Auto rou tes 
S75 Cahae Hal AuIotduUh 
575 Gairae Nat Autoroutes 
*50 Calsse Nat Autoroutes 
SIB Cabm Hat eras Auric 
Jim Cato* Ha Crea Aorlc 
SIB Cntoe Nal Crod Auric 
SIM Colne Hal Enerata 
ora *0 Catoe Nal Enorglo 
ecu SO Catoe Not Enearte 
S B Cabse Hal Telecomm 
SIN Cater Nat Tebcomm 
S75 Catee Nat Telecomm 
i» Cnlese Ned Tetacantm 
SW Colne Nat Telecomm 
ecu JO Cable Nal Telecomm 
ecu 75 Cabse Nat Tebcamn) 
SH Cote* Not Telecomm 
eai7S Calme Nol Tetsconun 
ft 600 OurbornasH France 
crag Chareonnoees France 
STS CleBancdre 
SIN Oe FloDe Porfbae 
SB OeNat Du Rhone 
*20 Omenta Laloras 
Ii IN Clments Lntaroe 
enSSO Credtl Eaulom PolHM 
S2H Credit Fonder Fr xjw 
S2W Credit Fonder Franco 
ecu TO Credit Fonder Frmo 
ecuta Credit Fonder Francs 

550 Credo National 
SIN Credfl Nntkno! 

ecu SO CreoHMalknal 
ecuSO Cradll Noftonol 
1TO Eledridte France 
530 Ehrctri cite France 

551 ElectndisFrmKb 
HSU Electr Idle France 
112 Eledridb France 
SH5 Electri die France 
f TO Eicctridie Franc Jt/w 
SIOO Eledridlv Franco 
SIOO EledricHe France 

yMON Elecmcite France 
5150 EH Aou Itaine 
S60 Eron rinmeej 
SB Fnmcolu Petroles 
. in Cm Dr France 
Ttr lao Gat D* Francs 
enSTS G« D* France 
SITS GaxDeFfance 
" MO Gas Or France 
*60 LataraeCanaae 
530 LeNlthtf 
*75 MldWIn 
558 Michelle 
1JK AAlchaHn 
5*0 iWcheUnD/s 
*25 Pedilney 
<23 Ptuo w f 
jJJ7S Peugeot-atroen 
moo Pano-A^iiaussen 
548 Port Autnoritles 
8ai40 R«o Auto Tranra Paris 
ft 168 RenouU 
•9200 Renault 

ft 100 Rhone- PouiBnc 
mra 5amt-GobataPtMouH 

130 Sdr Develop Reatanai 
*2 Not Chemtno Fer 
*5 sndHoiaiemirsFer 
•2 SocfNptOieminsFer 
S7! ted NatoierainsFor 
*50 tect Hal Qurnlrs Fer 


134 W AUO 1074 1103 1006 1200 
w IS Nov *9ft 1027 10JJ TOJH 
144 86 Mot 103ft 1006 1*06 

i* "" 1**2 

- ... UJ4 

114 88 May 1004 1US 11X4 
* 89Mor 934 1U3 1226 9«3 
9ft 73 Jon 101 903 *05 

15 89 May TO 1234 "« 

15ft 89 Aug IS* 1237 

16 71 Aug 105 1275 

114T2Sra *74 HR 

pWWOd 101ft 11X3 

MftTIMav 107ft 1223 

13471 Jan 1034 1257 

12 73 Jun *84 1U9 

lift tl Jui 7054 10X8 

154 *3 Jut lllft 1102 12x2 

12*75 ten 1034 H0S 1109 1226 
lift V7 Dec 9916 11X1 lira H04 
1U5T4NOV 10)4 1207 1217 

9 84 Mav 994 90S 904 

9ft T1 Ses 91 1108 7103 tn.16 

13ft T5 May 103* 1311 U 
15ft 76 Jun 113ft 1202 13X7 

“SSKs: »»«* rara 1201 13X8 
94T7M0T 86 110712X9 1004 

lift TO Jon hllllS Ul 
3ft TI May ins* 11X6 ran 
lfc72Aor JW, )10O lira 
17ft 71 Jan 107ft 12X8 

11 73 Feb I0S4 11X1 

IlftTSJul 1074 10X7 1004 

3 3*Mor in ft 704 706 700 

94 86 Jun 57* *0* 9SI 

.5SSS! E. TWO MM 9 M 

TWWOd lUJy 11X1 TZ8S 

s?si jun ,nH * ii ' 74 

IW^Jan 1114 ION 11.14 

9*72 Apr IDOft *00 
9 73 May 844 Hll 
94 73 Aar IN 9X7 
134 83 Dec TO 1 0.35 
lUkTSJun 984 1213 
134 TOJlBI IM 1274 
134 8* Sap 10fe4 11X7 

IftWOfl Wft 11.13 

ffS l ! wr V.. 1235 123* 902 
.TWWJul SBV> 1301 16XS 8X7 I 
124 TO Fib 1014 1204 i rr 

ion ti Mar *** na ns* 

124 72 Jul 1034 1105 
lift 73 Feb 1074 1034 
114 *6 ADO HBft 1031 
IW84J0a TO HUS 
S48bDec 97 1052 11X0 

lift 7i Feb i07ft era 
16*74 Dec U34 fa 
*ft 84 Apr IN 901 *03 

84 86 May 98 1006 1217 807 

,84 87 Jim 95 H28 

2*8700 104ft 1071 

12 WJon 101 1268 

1 S Ju} ,|^,1 ,0jsS 

U* 89 AW 1091k 113* 
lift TO May 994 1138 
llftTJMav «ft 11X9 
AftTSJai *7 731 

12 70 NDV IJIft lira 
9ft 85 Nov 9?V 10J31 
* «Ocl ,964 130*1107 422 
lift 86 Jan 1014 1102 

]? ES*® !“‘ A *X* 1224 

IS 89 Nov 106% U01 110S MX* 
IZUTJMoy To* lira 11.77 
IlMTOMay IN 1135 11* 

1S489APT H6 110S1216U07 

9 TfcfWr* 95 )1JB 1273 915 

9ft86Mcr 98 11081108 901 

TABBFtt 894 11U 1237 8X8 

10 76 Aug 8S 118311«31ia 

2^’Mtonaii 

9 85 Dec Mu 907 907 ejH 
M fOAWB 106 H16 1209 1X66 

9ft 83 Feb 97* 11.16 1107 9.97 
7487 Aog M 1200 1*56 ajj 
9 71 Nay 87 1106 1101 1036 

IMS 72 Act lfljft 1007 908 10.40 
9ft W JU 99ft 1126 • OXS 
7ft87Mor 914 12S UK 7.92 
7487AW 69’b 1303 1*98 80S 

9ft 8i MOV .984 HJfl O.N 
54T2Apr W64 1306 112S US 
134 TB Mov INIS X6S 1231 
44 85 Jun 99* 213 214 403 
114 87 Nov 1004 1L3I 1104 

13 71 R* 1067* 110911011206 
9 92 D*C 88ft 1126 1207 10.14 


SIOO SndNatChemliu Fer 
5100 Snd ItalOtemlns Fer 
IM Sod Mat Chen Ins Fer 
ere*S Snd NatChemlnsFer 
H iso Tetat Oil Marine 


yield 

Middle Ave 

ft Mat Price Mat Life Carr 

12ft 72 Dec 1014 ail 1236 

114 73 Mar INft TU6 1103 

lift gj Mar 98ft 7106 11X6 

lift 74 Mav Heft 1007 HUS 
9ft 87 Mar *6ft 1135 ?09 


GERMANY 


$75 Basf Finance Europe 
S ISO Best Finance Europe 
1 US Bad Overue fJm 
ft 100 Beat Traroatlanltaa 
1150 Bayer lari Fbmnc X/w 
930 Bayer Inti Rnane X/w 
$75 BoyerbdwVeretnsbk 
$50 Bmw O/s Enterprise* 
SIN Cammenbank Finance 
Sin Commerzbank Finance 
SIN Commerzbank Finonce 
SIOO CamnwrzbanklntlW/w 
SIN Commerzbank inti X/w 
$So DegussaimiFInW/w 
5 SO Dcaani laH Fin X/w 


lift 87 NOV IN 1L1B UXS 
9ft 89 Feb 94 1100 1051 

11 88 Mar TO 1007 IUM 

74 87 May 914 125215X6 820 


.Vyfet.. 


SIN Deuhcbe Bank Finance lift 87 Od 101*1002 
S3N Deutsche Bank Finance left 89 Aug 1094 11X1 

S29D Deutsche Bonk Finance 134 89 Sea IB4 1129 

SIN Deetscne Bank Lire W/ir 6ft T1 Mav 1114 *07 

SIN Deutsche Bank Lux XAv 6ft 71 May 704 D33 

SIN Dreamer Finance II TOAar 96 7211 
125 Gutehoflnu ro shuetie 
$125 Hoedst Finance X/Vr 
S0S Haedaf Finance X/W 
169 soaring mtl Fin x/w 
S30 Siemens western Fin 
S2S0 Siemens Wbstem X/w 
s 70 Veba inti Finance X/w 
$150 Volkswaaen Overseas 
SUB WMtb Finance 
ecu 50 Westlfa Fkiance 


104 17 Jun 9* TUI HUI 

74 89 Ftb 874 1LSD 0X9 

lift 89 Od 105 1L71 1X62 

lOftTIMav 96 H0i 1107 

1348900 TO 12.16 1206 

11470 Jan IN 11X7 TUD 

II T1 Mar 96 1107 11X6 

7 88 Jun 105 521 407 

7 18 Jun 19 11X9 7X7 

1ft 73 May «S 9.16 803 

8ft 73 May 114 1(06 1X12 

lift 87 Od 101* 10J2 1103 

! 6ft X? Aug 1094 1101 006 

34 89 Sen ID74 1129 1200 

Oft VI MOV 1114 *07 5 m 

6ft 71 May 704 DJ3 706 

II 70APT 96 <211 1106 

7* 88 Feb 924 1101 1252 838 

6* 89 Jul 144 I Ul 7.99 

8 73 Feb 814 1106 9X2 

6ft -rt Aug 17* 904 7X3 

9 85 Dec 99 HU0 10*1 9J» 

7*70Mor 864 11X1 Xfl 


8 73 Feb 814 1106 
eftfOAug 17* 906 


sis BngenDii 
$15 Borregaazd 
553 Cen wonkeCreUtbcm. 
s» Den Kcrsle CrediOwnk 
nkr ICO Etsaarihisns 
ntr IN EkSBOriimcns 
$50 Eksoanhaans 
S50 EJaoorttmcts 
$75 Ekworttmans 
SIN EkSPCTltingnsX.w 
nkr 200 Eksoortfinoja 
$50 Ekworlflnans 
5 IN EkSPOrirmor.t 
5 IN EksoortSnons 
i nkr 250 Eksoarthnam 

SW Eksoarlfamns 

nkr in Ncren Hvaptektorenm 
IN Norge* Korn munaQsp* 
520 Narees Komraunaibonk 
$60 Norge* Kcmmunatbcnk 
STS Norge* Kwmnunulbonk 
5 75 Norges tCommunatoank. 
$50 Norosw 
$50 Koreice 
nkr 250 Norsk Beta 
S50 Hank Hydro 
IN Norsk Hvcbn 
110 Norsk Hydro 
150 Norsk Hydro 
$60 Norsk Hydro 
nkr 330 Norsk Hydro 
SSO Norsk Hvdro 
$ IN Norsk Hydro 
$50 Norsk Hydro 
nkr IN OsloCitv 
5 15 Oslo Gry 
ft TO Oslo City 
560 OstaClrr 
mrrlffij OslaC.lv 
nkr ISO QsloCiN 


7*70Mor 864 11X1 
■ "VS Dec 81ft 11X2 
7* 87 Mar 944 1006 
HftTDDac *9 12X9 

18*71 Jon 1864 922 


S 15 Rddol-Sutaa! Krotl 6U-BSOct 

SUO Statau Dm Norsk* 12 IBApr 

STO StaloH Den Noeske 131: 89 Jul 
SIN StatallDen Norsk e 948* Aug 

SOUTH AFRICA 


B E*r *5 EC 

B* 86 Feb 9* 1C06 1226 2X4 

13 73 May *23 z .72: £56 

lift 73 Mo 94-1 113 i'J6 

10ft 15 Od 102=4 417 9.W 

11 m 86 Jcs TCI 112’ 21.7* 

9 86 Sea 99 112 90S *2= 

lift 87 Jin tttft US! '1J2 
T’.I'ST Jui «e$* 133 7360 *Xi 
13ft 87 Seo 131* 1U1 12X5 

12 8* Jgn US IMS lifl 
U':89.Vtav !»'■: 1299 I LB '.US 
g-iTOFefc 9J T!26 11061039 

ll'.:70Nsv HT l 1103 1509 

10ft *2 Jsn UP- 9X6 99! 

Tift TZMtar *8 11X8 1108 

IE'.- 88A» IXft 321* aX6 11C 
r : B7 Feb 93 1231146 U4 

r.zTODK 85 17X1 1100 IB 

U>71 Dec 88'.: !1X1 1259 *XC 
8:72/60* 9* Ul Ul 10 

*4 7! Apr 83* : 31x5 1205 7£03 
9ft 86 Aor 9g 11X9 11X0 6X4 
8'>a*89Mar Ot 11X8 124* 9,»1 
10ft 8* Dec 103ft *81 12X1 

*1* 86 Feb 9* menu: »sc 
If-* 87 Jot 106 11.19 1268 

12 70 Feb HC4 1G09 1159 

lift Ol Mgr TO* 0.71 J7JB 
* 7i Sep 90 nra irao 
i: 7i act taift lara me ura 

B'-a 72 Mar 9Cft 13X51155 9J7 
12* 72 Nov UtF- 11X3 1537 111! 

$ft 7i jan «o tub lira ara 

9ft 86 Jan 150 9X2 9JS 

8ft 86 Mar n 1506 H07 £X2 

rut 7 mot 9ift ueuu ;s 

9 80 Mar a 106811*5 9J8 
10ft 70 Feb tor.- *87 9X9 10.15 
lift 71 Aug 106 909 1061 

8* *7 Nm a 11X4 12X8 10X1 
6ft “S3 Oct *T-r 1U6 11X9 6X1 
12 IB Apr TO* 1U6 11X7 

131: “39 Jul 108 1103 1253 

948* Aug 966k 10X2 II. 10 *.96 


$ ! ac Ecra*-m= 

«;■« Eurefind 
t “3QCG Evretir-c 


12 IB Apr 103* 1£X6 
131: “89 Jut 108 1L03 


510 Iceland 
|15 Iceland 
120 Iceland 


525 irefond 
ISO Ireland 
ecu5D Ireland 


550 Catmhi HI Credtto 
525 Eld Ente Naz Idrocnr 
550 Eni Enfe Nm Idrocnr 
533 Enl Enta Noz Idrocar 
520 Em Ente Naz idrocar 
525 FerroWe Deflo Stata 
515 Olivetti Inti marl 
IK) Turin City 


NS 86 Jan 98 11X6 11X2 003 

8 87 Feb 924 TJ0S WN US 

9 87 Feb « 1207 U22 9X7 

D* 77 Dec 9*4 1202 1205 120T 


8*87 Feb 88 1236 1402 938 

lift “94 Apr 97* 1109 TL70 

TOUTS Jon 1034 <Xt 900 


74 70 Jan 81 1005 002 102 

64 87 Jun 91 1005 12JM 707 

7 88 Jan flSft 13X9 1634 8J9 
6*88 Jull 964 804 1061 704 
6* 83 Nov 94 873 1061 7.18 

8* 86 Feb 964 OJD 13JU 907 
*4 85 Nov 974 14.U 16.15 TJX 
9 “91 May 934 10X1 11X7 *03 


S25 SoulhAJnea 
529 Soulb Africa 
ecu 40 South Alrica 
140 South Alrica 
550 Anglo American Care 
520 Esarni EledrSuPolv 
STS Emm Elcdr 5uaplv 
SIS Eicoin Electr Supply 
15 Escom Electr 5uneK 
ecu 60 Past Telecom Pretoria 


0 “87 Feb *4 in: lira Ul 
7ft 87 Dec 88“ j 13.1313X0 176 
lift 89 Mar 101* lt79 11.10 
1748? Jal lot 1 j 1109 1237 

212 17 MOT WH ia*l 12D7 754 
11$ 86 Dec 91 IOX6 1L3J &7t 
111: 88 Jun *S 13X5 1111 

F.WWr 93 11X81202 905 

17 ft TI Feb ST-i 1202 T2XO 
lift 87 Od 1ST.': I era 1134 


SOUTH AMERICA 


S3S Braz.1 

520 Colombia 

*50 Ve ncvd a 

sis Venezurien Telephone 


SIN Spain 
520 Aulaabfc* 

$20 Ini Uralilid hoc Indu 
SIS Pefranar 
515 Petranar 


15ft 87 Apr IQS 100! 1X9 

7 87 Jul 9X811X8 735 

B 87 Od 9T.S 9.15 907 831 
84 86 Dec 974 laUIOxl 8.72 
7ft 88 Jon 91 1005 12X1 833 


SUPRANATIONAL 


SUO Bonk Of Tokyo Curacao 13* 89 Sea 1004 1L38 

5 125 Bank 01 Tokyo Curacao II HO Apr 9(1* 1IJJ 

sun Bark ffi Tokyo Curacao llftTODec TOft 11X3 
ecu* BOI& Of Takvo Curacao TO* “91 Feb 106* Ul 
5100 Bonk Of Tokyo Cunicaa UftTTJUl 107* 11J6 
ecu 50 Bank Ol Tokyo Curacao ID* “*1 Nov 1054 9X6 

$m Book Ol Tokyo Curacao 17ft “95 Jon TO 12.15 

$80 CadaConiMiterW/w t™. un 

580 Casta Corzipuler X/w 
5 SO Otobu Electric Power 

$50 aiugokuEtadr Power 

*25 Curacao Tokyo HoMlna 8488 Dec 894 U37 
1100 Dar-tdri KlIlflybBank 
STS ExiMiri-lnuMi Bade 
Slpo Full i nil Finance Hk 
530 FulikuraLMW/w 
s» Fujikura Lid X/w 

tig 


q 

560 Hitachi Zosen 
ISO HokkolOoEledr Power 
ISO HotcurUdi Eledr Power 

ss assssajsss 

*130 


17ft 92 Jon TO 1115 I2JB 
5* 89 Mar 1Z74 UD 4X1 
54 89 Mar 86 11.16 60* 

13* TO Aug 104 l ’ill 1774 

13ft 89 Aug 104 1208 1206 

84 88 Dec 894 1237 12J8 9X1 
12* TO Oct lBTfi 1U2 1104 

134 “91 Jun IM 1105 1227 

1 Oft “90 May 974 1U5 1115 

7* 89 May *14 10X3 8X7 

7* 89 MOV 14* LJB 803 

94 89 Nov 994 906 9 JO 


ecu* African Develop Bank 
ecu 35 Ainam Devetao Bank 
575 A*lon Devetoc Bank 
ylStxn As«in Dnetaa Bank 
ylSOOO Asian Devdop Bmk 
ylifffla Aston Develop Bimk 
S 100 Asian Develop Bank 
y 15000 Asicki Develop Bank 
ISO Council Ol Europe 
ecu 35 Council Ol Europe 


10489 Dec 1024 9X5 1013 

104 TO Dec JOT’S 1012 bU9 

Eft 86 Aug 774 1IU1 S.95 

5* 88 StP Wft Alt 504 

8ft “91 Aar 1U 7X3 753 

84 72 Aug 105*3 700 X1S 

lift 73 Nov latr: uxi no* 

7ft 74 Feb ICI'9 7.13 707 

1*4 fitter 99ft 11X2 11 4C 

11473 May 107ft 1023 *0B 1C03 


HIGHEST YIELDS 

to Average life Below 5 Years 


PA 89 Nov *1 1101 

114 70 Mar 99 11.761 

HftVNov 100 1200 
124 89 Od TO 1106 
*04 US Aor 1IB 15B7 

114 89 Mar 101 H lira 
lift 89 Jun 1884 Ul 
124 89 Qd U5 1103 
IlftTlKay 1014 1130 


1100 10.16 
1106 1101 11X2 


•SS IMSSiSSS 

5100 lixhntrtal Bank JaMn 
' Hah C Co Ltd W/w 


t C Co Ltd W7w 
C Co Ltd X/w 
CCn LtdW/w 
C CoLWX/w 


an Fin lift is Dec 101*1011136 11X3 
JOPOn 10% 70 Feb 984 1106 II JO 

Japan lift 71 Jul 1874 1206 1201 

Joan 12 TT Dec 954 UJH 12X7 

Jooan io*72 Jon 96 nil iuu 

Japan UftTOIJan 96 lira 11J3 

11 87 F» 1394 129 70? 

11 8?F* 99 1138 11.11 

74 89 MOV 90 8J19 7X5 

74 89 May 87 lira &AI 

13*1* Aug 103 1205 nra 

11 73 Jun 9Tfi lira lira 1L17 
124 76 MOV W* 1076 1139 

13ft 76 Aug IWft 1139 1206 

11 77 Nov 90 1L20 1U1 1U2 

10478 Aor 97 1U3 11X1 1131' 


536 A Mori Finance 
520 Colombia 
529 Gtat-Brocadd Hill 
$15 Venrareton leleDhooe 
515 Word Foods Ot$ Capita 
1 35 Inti Standard Electr. 
535 Brazil 

sad Amerada Hess x/w 
550 Venezuela 
fllOO Charter Gansohd O/s 
H 100 Pant-A-Maireson - 
If IDO Ciments Lotarge 
aX30 Union Carbide Canacta 
H 100 Besf TrensatianltcD 


9 86 Oct 8 84 TEA* 2U3 10.17 
8* 38 Feb 83 1X31 2LD3 906 

S'« 85Jot 97.: 20X0 2031 8*4 
SU873ec 06 140* >8.62 9X9 

5ft 88 Nm 7214 16X5 1861 703 
6 87 MOV 91 11.12 17 69 LS> 

8'- 87 Dec ir-i mrtlXS 922 
6ft 87 Jul ttl: lilt 17X3 763 
Oft TO DO 19 1333 1X36 1108 

r-sWOfl 82 I7jJ4 10.il 9.15 
74 87 Aug 90 12801X54 8a 

Ttl 87 Jul BBIj 127T 16X5 867 
9ft 86 MOV 964 1X00 *6X8 1032 
74 87 Mot 914 1X52 1506 820 


HIGHEST YIELDS 

to Average life Above 5 Years 


575 Japan Develop Bonk 


154 87 Feb 1074 10X5 
12ft 89 Od 1064 taxi 


530 Jooan Synth RubbtW/w 7*WMav 93 903 

130 Japan Svntft Rutbf X/w 7ft 89 May 86ft 1206 

550 Jusca Co LtdW/w " r« 

550 Jusca Co Ltd X/w 
SUO Korea. Electric Power 
$30 Kavaba Industry W/w 
S 30 Kavnba Industry XAv 
SIOO Kyowa Finance ink) 

550 Kyushu Electric Power lift 89 Jul 106 1105 

5100 Long-Term Credit Bask mk TV Aor 1814 1U7 

5125 Long-Term Credit Bank 15ft 89 Aug 1064 1X13 

cri575 Long-Term Credit Bank 11* 90 Jon *84 1215 

5100 Long-Term Credit Bank 11 80 Mar 98* 11X3 

• v Long-Term CredIT Bonk 12 TO Mar 1004 MJO 
Long-Term Cradll Bonk ID* TO Jim 9TB " J1 


8 81 Dec 1514 433 
8 81 Dec S3 1220 
124 89 Od 1014 1280 
6% 89 Feb 92 8/9 

4ft 8* Frfa 86 11X5 

121k TO Mav 104 1107 

13* 89 JUI 106 1105 



10 84 Jal B0 1196 16.53 TXK 

10 86 Feb 824 11X9 MX" TiC 

8* TO Dee 82 1292 D.*6 1067 

* TO Fee 12 1115 119 1001 

9ft TO Jun 84 1278 7151 1101 

9 TOOd OFb 1205 13X8 1QTO 
9-,i TO Mar 82 73JE 11X7 1108 

10 *94 Aug US 1ZE 11X3 1106 

m I oft TO Mar 90 1236 1XJ3 11.96 

17 TO Bee 1102 14.1$ U60 U.73 
141; TO A» 1364 1131 110] 1108 

9 TO FBI J7--C 1105 lies 1029 

10 TOMav 904 1105 1200 DJB 
12 81 Jul ISO 1107 n.96 1200 


—HIGHEST CURBENT YIELDS— 


Long-Term Credit Bank lDftTOJim 974 11X6 
SB5 Long-Term Credit 124TO5ep U24 1101 
5125 Long-Term credtl Bank WkTOJul 1774 11 JO 
1100 Long-Term CmHl Bank 12*-91Nov W5Vk 11X7 
$100 Long-Term Credit Bonk 12 TO Dec 111* 1U6 
SUB Marubeni Core ink TO Dec 96 1205 

SUO MinebeoCoW/w 6ft 8* Feb 115ft 201 

SUO Minebea Co X/w 6ft TO Feb 83 TUB 

550 Mitsubishi Chemlc w/w 11 87 Jan IS14 
550 Mttaobtshl Chemlc X/w 11 87 Jan 98 
SUM MHsutraht Core W/w 


5100 MJhufabhf Care X/w 
5100 Mitsubishi Coro 
slid Mitsubishi Coro 

5100 Mitsubishi Cm 
SIM Mitsubishi Cm 
$200 Mitsubishi Carp 
tM Mitsubishi Estn! 

SIOO Mitsubishi Ftntnklii/w 
1100 Mitsubishi Fbvmct 
$58 MitutMi Gas W/w 
ISO Mitsubishi Gas X/w 
568 Mltmbistii Metal WA* 
1* Mitsubishi Metal X/w 
sun Mitsubishi Metal W/w 
$U» Mitsubishi Meta! X/w 
512 Mitsubishi Huron 
sso Mitsui Emliwermw/w 
550 Mitsui Englneerin X/w 
550 Mitsui Englneerin w/w 
550 Mitsui EnWwerin X/w 
ISO Mitsui Finance Asln 
SIOO Mitsui Fimmee Asia 
sioo Mitsui Finance Aslo 
SUO Mitsui Trust Fin (hk) 
SIM Mitsui Trust Fin (hk) 
SIOO Mitsui Trust Fin (hk> 
SUO Nippon Crodll Bank 
581 Ntausi Credit Bank 
SUM Nippon Credit Bank 
SIOO Nippon Credit Bank 
sin Nmoon Credit Bank 
ecuH Nippon Creal Bonk 
SIR) Nippon Credtl Bonk 
S1D0 NlveanCredll Bank 


11 87 Jan 98 
5ft 88 Nov 95 
5*88 Nov 16 1X3 

13ft TO Juf HE 106 
104 TO Mar 974 121 
24 TO MOV 106 101 

DMiTOFeb 91 Vj 2* 
0485 Feb 91Va 2.16 
lft TO Mar 101 1101 

124 09 Nov 1024 1103 

T § 

0b 89 Mar V 1206 

X t6S 

7ft 09 Nov 994 



104 87 JUI 1104 16X1 1674 

IT 106 Nov IDS 13X3 16X7 

17 85 Od HDft 706 1666 

1 7ft 88 Od 100 US2 lirt 

17 88SCD 1834 15X8 16X3 

17ft 08 Cd 105 15.18 16X3 

1 6ft 86 Sep 1Q2 UJD 16.62 

17'- a 88 Nov wr* 1454 1408 HUS 

17*'a -88 Od lorn 14X9 1608 

18 87 Oct 1027= 16X9 7736 

IB 07 Nov 105 15.38 17.16 

17ft 87 Mar 1044 MJD 1609 

77V.07HOV IDS 15.10 M.«0 

II 07 Od 107 1409 140 


r'sss? r 

nm 07 Dec H7 
10ft 87 Dec 97 1 
TV. TOOd 944 
7ft TOOd 864 12.17 
114 89 Dec 97 1105 

124 TO Aug M2 1VJ6 
12ft TO Feb *9 1265 
124 19 No* HBft 11X7 
lift TO Jon 9*ft 71X7 
12 TO Feb 1014 1140 
13489 Jul 107ft 1133 
15ft 89 Avg 109 1237 

11 TO Mov *84 11X3 
17 TO Ana 1004 H 
114 TONov WIVi 11 
11 TIMay 1054 9 
124 TO Jan 10Z4 12 
lift 73 Feb 99V. ll 


SIOO Nleppn Kokan Katwshlb 114 715ep IM 


550 NIppanMMnaW/w 
S0i Nippon Mining X/w 
550 Nippon SKnpan 
tin Nippon Sled Cm 
sso Nippon Tetaara Teteph 


6489 Mar 1664 t*5 
6ft 89 Mar 85 1)03 

1248900 111 1251 

WbTOFeb 934 1103 

84 07 Mar 95 1103 

lo*% TO Jan 984 1032 10X1 Ida 


ISO Nippon Teleara Tetenti 
sioo Nippon Teleara Telepti 
SUM Nlpoan Tetegra Teteoh 
5100 Nlnpp* Tetegra Tetanh 
59 Wpoon y ustn KabuM 
570 Nlssho tod Core Wft» 

$70 Ntetia Iwal Cm X/w 
5U0 Nttsho Iwol Coro 
sioo Nomura Europe 
S1D0 Nomura Securities W/w 
sioo Nomura Securities X/w 
S50 Ohbayushl-GumlW/w 
sso Ohbavasiil'Giinil x/w 
S» Omron Tatelsl Ele W/w 
$» Oman Tatelsl Ele X/w 
530 Onodo Cement Co W/w 
59 OlMMta Cement CoX/ft 
125 Orient Locoing I oorl) 

S* Renown Inc W/w 
S* Renown Inc X/w 
19 Ricoh Co Ltd X/w 
S9 Soframo Inti into 
SM Sanwa inil Flnvce Hk 
SH Sanwo Inti Finance Hk 
5150 5onwainii Finance Hk 
19 Sassora Breweries 
550 Selno T ron so orto l W/w 
59 5dno Treraparlol X/w 
SiB Swlyu Stores Mar X/w 
sso Sdvu Shares Dee 
SM Shikoku Electr Power 
5)00 5ony Corporation W/W 

SIN Sony Corporation X/w r* to Apr 854 1103 

19 Sumllmno Construe W/w 74 TO Apr law JI9 

59 tern tamo Construe X/w 74 09 Apr 894 1001 

5100 Sum tamo Corporation »ft TOMar 954 11X0 

19 Smllsmo Finance Asia 154 TO Jut 111 noo 
Sin Sum tomo Finance Asia 184 TOJun *74 IL57 
J19 gumrfonw Fjnmce Asia 12ft 71 May ioa% ltJS 

119 Eumltono Finance Asia lift 72 Mar 100ft 11X7 

5* SumttOTo Heavy In W/w M 89 Mar 87 1130 

$« Sumitomo Heavy In X/w 6ft TO Mor B34 110* 


114TO F«b UDft 1003 
12ft 71 Aug W74 110* 
WftTOFeb *64 1IJ7 
134 89 Aug 104 mo 
64 89 Fed 874 9.94 
64 TO Feb 834 1217 
lOftTOApr 934 12JI 
124 91 Dec 1004 1107 
(ft 81 Nov 1264 UM 
6-6 TO NOV 844 1103 
7ft 89 Aor 1224 102 
7ft 99 Apr 864 1206 

64 89 Apr 93 8J8 

6ft 89 Apr 834 1209 

74 TO Aor 1184 238 

74 TO Apr 864 12x7 

94 86 JUl 97 12091421 909 

* TO Feb 88 906 602 

6 TOFeb 814 7239 734 

5V. -89 Star Mft HJ.14 619 

714 TOMar TO 1205 1103 

lift TO Dec 99 1200 1107 

WftTOSeg 1024 1168 12JD 

IlhTOJm 1084 11X5 11X3 1101 

*34 TO Jlri 186 12.1* 1208 

6ftTO66ar 87 11.13 70S 

63k 89 Mot 834 1113 62) 

31 87 Mar TO 1100 1122 

1*. TO Dee 98 1104 1123 

lift TO Jon 97 1206 1140 

7ft TO APT 1064 600 721 

7ft TO Apr 854 1103 904 


S* SMiBomo Realty riff/W 8 TO Dec W6 695 

9108 SumHano Trust Fin Hk 12ft TO Feb nm 1140 

SUO Tolvo Kobe Finance Hk 
SH Talwaai Electric Power 
SW Total Alia Lid 
STO Tokyo Electric Co W/w 
STO Tokyo Electric Co X/w 
tin Tokyo Electric Power 

52 35**! 8**®’*.- IT* 86 Jul W74 11X9 
JfQ Tokyo Sanyo Eled W/w 11487 Jun 2*4 2720 

JM Tokyo Sanyo Elect X/w tin 17 Jun 1004 11. 18 


8 TODec M6 695 
12ft TO Feb KB* 12* 
1: TODec 181ft 11X2 
ms 89 Sep 1024 1101 
12ft 5 Feo 1034 lira 
64 TOMar *04 932 
Mb 8* Mar 83 1222 

T3ft TO Jul 106 11X7 

WVa 11X9 


*50 TonrylnmotrlesW/w 
S 50 Tarpy inthntrtes X/w 
l*J Tore Enaineerina W/w 
530 Tovfl Etagt recn nB X/w 
SW Yomoldillnil 
I W vanida Trust Finance 


IDft 17 Mar 1074 501 
UK 87 Mar 97<A 1108 
64 89 Mar 127 X0 
84 TO Mar 86 1107 

!iS2*Dec 9S4 1227 
12ft 89 Aor 1(S4 1135 


LUXEMBOURG 


SM BM-Bcwklntt W/w 74 TO Mav laS4 e.14 

SM BM-Bank Wl X/w 74TO*to D 1Z» 

eai« Snd Soc Not bedim. »3 tomS; iSft 1“ 

MEXICO 

1* Mrulm 
S30 Me idea 
s 175 Mexico 

120 ComWnn Fed E tad rle 
175 pamhaon Fed Electric 
enssu Hoetamal Ftnondora 
575 Pemev Patroleos MexL. .macnw uq . ... 
JS Kfiy Mexic 164 TO Aor UU4 117J 


106ft 
91 

10)4 
102 
106 'j 
87 
93ft 
HOft 
87 

a 

m’t 
N 
854 
764 
TO 
774 
Wk 

ran 
10BV 
101ft 
187 
1084 
WHft 
105ft 
187ft 
10*4 
185ft 
111 
1814 
994 

90 
974 
Wi 

97 

9Fb 
*84 
98ft 
9815 

98 

97 
964 
*64 
98ft 
924 
93 

91 

1864 
*64 
96 

100ft 
93 
103*: 

*2 

1874 u 
Ill 11.79 11.79 
IBTJ 1100 
9Sfc 11.18 
1BI*'S 7JJ5 
,*tT: Ifl 37 11.10 
*065: 1127 
102 
884 
105ft 
W4ft 
1004 


180 
Aug *014 
Nov 116ft 
Dec 104ft 
Jan 914 
Feb *T2 
864 


98 1456 16X6 6JD 

*64 1175 1100 604 


84 ^ Mo. 94 1201 1111 fjj 

>702 *1« * 0X7 

2 i ul **94 16X1 I67J 

,! TOFon rn 7225 1170 8X6 

P7J.SKK ,SS Jiil !tS 
IN 'IsIS *57? 

s’iS KlKI3SIS;:U 1?S5S5S? rSffiSAS 

MISCELLANEOUS 

JS nS5}l?fS*riii!SSEra. ,LS? K .804 1101 1506 *.96 

‘S p^ wB^SWpopere sgTOAua 111 tztn ta*» 

■“2 SHELZH** 10 * 1014*95 Aw 100ft IQJQJ TOJT7 

120 Slmaopora tIiTHov ha 1711 14 ox vTi 

5S tSSiS 0- Ej rc y 8 Jul W I4_5e 1M4 AJB 

S27 Transalpine Finonce 64 850d *4 Ills 1120 Sra 

NETHERLANDS 

S* aSSTnv II^toSS WV5 lac 1208 'ax7 

TONOV 1M4 1106 1225 

$60 Dm. Dutch Slate Mines BUTO tan *S W jlij n m '»m 

$50 DOT telda Statu Mines KTOaSd n ,|3 H* 

; .4S OOTteft* State Mine* ;iftl?3S % lira’ “ 11X9 

IB7VS ,1M >*c 

8ft 85 Jul *74 20012031 8X6 

.‘£■2’“" 300 T2JX 1725 

lOftTOApr 9$ 1L7J 1107 

jiv. tom *94 iun lira 

no fiuiIds Gtoeitama w/u. iff 4 '15 "S 

.5® Ptillipe GtoeDoma X/w KTOjSl Sift |l^ g* 

USdi 01- 2L. ,U3 

2J5 Mav m, i/t 9 at 


ZERO-COUPON BONDS 

“ «5sw ansrUi ”ss 


5. *59 l.-attr-tmericar. Dev Bk 
SJuC Mte'-Amr-icanDev-Bir 
eretaS .-.-per-Amerlciir. Dev Bk 
*15098 idc'-Americar.DeuBk 
nk-73C vartJri.TrtwmentB* 
ISO Hcrdi: investment 

575 Nireojir.vev’merr! B* 

SH iKidiJlowtrarriBk 

rxviifl nadic Bk 

573 N^i;lnve«mer.iE« 

5 SO kirorle Bent 
in; »srtaBo-te 
saa aorta 3dk 
$SH work] Bank 
sac iWid Bony 
$5u0 /HJrtdBan* 

H ISC avid Bare 
5XQ acrid Bsoi 
5 259 KcriaBcnk 
1300 World Bcnk 
sac warts Bark 
SI2£ World Bonn 
S8G wcrtaBcck 
$ 150 KtcrtaEank 
SUB KBrtd 3oni 
MX world Bcnk 
5 rao world Bank 
ecu TOO World Bank 
$290 SsrtdBeri 
troa aaridEon* 
ecu 13 war id Bon» 

ISO warm Bent 
$200 WCTtCBonk 
SUO world Bsnk 
cnS7S World Bonk 
$208 world EOT! 

129000 ISerldBork 
■TS wwid Bcnk 
CUTS Wcrtd Back 
S 30C WOridBcaik 
r 28008 world Bent 

V 28000 Wpftd Bcnk 
HOC world Bonk 
SZtQ world Bank 

V 73000 WPrtoBonk 
ecus world Bank 

iam wanoBank 
SIS world Bank 
ecu 75 ivorto Baroi 
ISO WurlCBcnk 
1101 Aprtd Bcnk 
$100 World Bunk 
$200 world Bank 


t: : .«« > ; -w 

"T TO-ftC '5tt 

*21*6 .12 
Dec U7 11X2 
91 Mcr 9*4 11X5 
*■»■*! Ncv IJTj 762 
136. -91 NCV IJtft 11.72 
11 $2De£ *3 IJ.« 


nx; 
1037 
706 
14 16 

no 
822 

yl, H.72 1122 

93 12. U 1157 lira 


U TOA2T 131 e 9.7* 
r.-TOND* HG*« 7^ 
UftVAar 108 7022 

lift TODec US': 1006 

IF- HFec *8 •: !1» 


" 9 TO 

7ja0 
02) 
17.19 

*8-. I1M 1M{ 

1ft 03 Mav *2 1222 _ W 

- TO Jul 107 - - 1159 1003 11X6 

lift TO Nov 1W : 11 J8 *1X9 

9ft IS Jun 1D£ 4 70* 

Ii 'MAW IC54 »X7 

oft M Jut Trt: 10X7 
74ft MJul IK : 1006 

ft'- 86 Sea 1C7$» *02) 

lift TO Mev B6’k 10X8 i-.- 

0-4 TOJun *6' a 1021 HAS -X7 
HftWlIB 99-1 HUB 
15 S AuB 136 t 1>X* 

UUTOCcf I85ft WX7 
iS + T3!tSf HO IO.*; .... 

■Jft-33 Apr *94 ItSJ 
15 38 KSv 1C* 1226 9-2* JL68 

15 38 Aug 1*C4 1104 13X1 

ii 4 33 Aug 181ft 10K nra 

lift 88 Aug 108-4 IM JJ-J0 

UftBSSeo 116": 11.11 tUl 

10ft 38 Hav 135ft 8X3 
lifts* Fen iGtTt ILK 
10ft S9 Act Wl law 
10ft 19 Nov las'.! 802 
1 0ft s* Dec »*■.« lara 
UFeTO-lan 98ft I Lift 
11.: TO Aug UO-'t 1126 
lift TOGO U6ft 11.13 
lifted OC1 9*ft 1128 
S=-'9'Feb IDS-- 407 

lift 91 Mai 101ft 1U1 

ITftflQCT 106": 1136 

11 TOFeb 9T.i lira 

SftTOMor 105ft 725 

8 TOMar IDS’ 1 7.12 

IDft TO Aor 76ft 1104 

12 TO S» US’: 11X9 

7ft TO Nov HBft 7.16 

II TO Nov TOftft *06 

! 7ft *6 SCP IDftft 1103 1713 

IJftMNav 102 11X8 

IWi M New ISSft 9X6 

11 04 Dec 98ft 112ft 1L18 

Il'-.TOMav 9TOi (1X6 1129 

lift TO Jan TO 4 1127 IU2 


84 82 MOV 73 12051201 1128 

SWEDEN 


Eft -87 Dee 8«'. 1322 17X6 922 
8*4 TOFeb S3 1U12103 906 
ftftTOOd 79 122316241108 

TJ TODec 9ft 169*18X2*09 


HXB Sweden 
5150 Sweden 
SUO 5ECden 
5150 Sweden 
5290 Sweden 
into SxAttn 
Site S»**n 
y 15000 -SwPden 
IS Sweden 
5 IOC Sateen 
1100 Sweden 
S3 AgdAb 
530 ASM 
5 3) Alias Coxa 
$50 EtaCtrohri 
$20 Ericsson Lm 
STO EriessenLm 
IX Ericsson Lm 
S3 EriessenLm 
1*0 Farimaris Kreflpnmo 
S3 Forsmortcs Kroftgnipp 
$40 Goetoverken 
$30 GottMitaurgCihr 
$1$ Graeogeocra 
5i) Grcenaesbera 
S3 Mod* MoOch DpmsJo 
558 OkgA/b 
1)9 Pkocmketi Fest-Oeh 
STO PtaonMn Posl-Och 
550 Scab- Scania 
530 Sandvik 
SIS Sandv.t 

130 Scandmcrion Airlines 
530 jconrall 
*30 Seanrott 

5188 Skandi Enskilua Ban6 
540 Susttli Enskifda Bank 
530 Ski A/b 
STO SodraSkogscoorno 
530 SDoftwntmws Bonk 


12ft 85 Aug 100*: 10X0 1201 

124 25 See 004 1088 ^1321 

8ft TO Jun 95ft IOS6 1005 8*2 


14-1 TODec KW- 11.18 1327 

lift 89 Apr 1031: 1126 11.96 

FftTOMav «6ft 1001 KU2 
llftWDK 180ft U0J 11X1 

84TOAUB Iflr-'.- 70* 829 

lift TO Aug 100 1 123 1125 

lift T4DCC IKF5 11X3 11X9 

lift *5 Mar 984 11X0 „H62 

Qft 88 Jun 96 11X7 1196 *06 

E'sMMfir 97ft 1126 IUS DO 
9ft 85 Aug ICO *18 *18 9X0 

18*: 90 Jun 964 110* I LI I 
CftlSDeC 99 100)1805 926 

tnllMor TOft 102*187* 4.71 


8* 

1115 lire 

955 


1227 12X7 

ina 


1146 

11.84 

I06ft 

*T: 

IUB 1I.J2 
1133 1208 

1190 

Bxf 




*2 


734 

91 

11X3 1371 

936 

97 

11X3 

928 

!B2ft 

■ 049 

15.17 

KM'> 

lire 

1295 

*9*. 

1202 

1203 


1238 

9X0 

9* 

10X2 10X2 

9X0 

« 

10X9 11J$ 

9.18 

9Vft 

lira nxo 

806 

91 

1149 129} 

9X8 

05 

1171 12X5 

842 


530 SamJvik *4M Aor 99 1002 10X2 

SIS Sandvk 9 M Aug 98 10X9 112) 

133 Scandinavian Airlines 8 US Jun 9*4 1! J6 11X1 

530 ScanraH 84 TOOd 91 11091293 

$30 SccnroH 0: TODec 85 1121 12X5 802 

5108 Skandi EnstulOa Bank IlftflSMor 100ft 11.18 UXI 
560 Suindi Enskifda Bank * to Dec 904 11081238 *06 

530 Ski A/b 5 TO Jan V: 1005 11.19 031 

S» Sodro Skogscgarno VftMDec «4 1125 1502 1005 

$30 sparttan*efrn$ Bank aft TO Jan 76ft 11.16 1222 *26 

$33 SveftSta HcndetsbcnkoT f; 86 Mar 98ft 107* 1079 <27 

16) Svertaka Hpnddsbcmkin I3*> TO Apr 102ft 12X8 1138 

$100 Sverata Hondehbanken 124 TO Feb IMP* 1225 1224 


815 Svcrtaes Invest Bank 
5 IOC Swtdilh Export Credit 
5)0 Swedish Export Credit 
enSM Swedish Export Credit 
(38 Swedish Ejoort Credit 
aS51 Sw ed i sh Export Credit 
SIOO Swedish Eroort credit 
sroa Swedish Exnort Credit 
£112 Swedish E»nort Credit 
5100 SnednhEaagr! Credit 
IM Swedish Export Credit 
5 U0 Swedish Export Credit 
$50 Swedish State Co 
SU Svdsverako Kreti 
II) VMM) 

125 Volvo 
SIOO Volvo 


'4-4 or ra .w . .4_» 1224 

7ft TO Nov *14 lira 1108 8X7 
Htft 06 Mar HBt* 904 1031 

15ft TO Jun W2 UXS 

12' 4 TO Feb 703 raw 

lift TO JuJ 994 TIX1 
12ft TO Sea W3 1108 1109 

ir? TOFeo tost) lira «xi 

lift 89 Mar lOFtk 12J8 1820 

lift TO Feb 109ft 1206 13X0 

TJftTOMov 188 12X1 1109 11X6 

lift *2 Mar 99 . 1103 UX6 
10ft TO Feb 99ft 1078 10JS 
15ft 87 Jan 106': 1128 1479 

9ft TO SiP 97 IIX1 1206 ?X< 
8 TOMar 93 1267 8X0 

8 TO Sta *3 11X1 1207 6.60 

II TOAUO 99ft 11.18 TT 06 


8 TOSCO *3 11X1 

II TOAug 9Pft 11.18 
SWITZERLAND 


1 2) Ciba-GWuv tail X/w 
5180 Credit Sum* Bahamas 
SIM Ciedd Sum* Bahamas 
IIS Credit Susse Baft W/w 
5150 Crodil Sotase Bob x/w 
SUM credtl Suisse Fin x/w 
540 Pirefii Inti W/w 
$253 Lwte Bonk Corp O/S 
SIOO Swiss Bonk Core W/w 
SUM Swiss Bank Core X/w 
$200 Union Bk Switzerland 
$ KG Union Bk Switzerland 
5 150 Union Bk Switzerland 
SUM union Bk Switzerland 


6ft *3 Hot 01 18.18 

10': U* Dec 98 1104 

lOftTOMor 98 1106 

T TOJun 95^ til 

7 *90 Jun BTi 11X6 

lift *2 Feb Iffi 1103 
(ft TO Jus 101*1 620 
M'.TOJon 97 1107 

4ft 93 JOT 96 705 

6ft TOjun 71ft 1106 

10ft 07 Nov 994 1002 

ID TO Mav *5 1122 

11 WNot 90 110$ 

17ft *1 Jun 102 1126 


UNITED KINGDOM 


5150 United Kingdom 
520 Airtiase inti Finance 
$3C Airtease ion Finance 
115 juced Breweries 
y 10030 Allied Co 
$75 Allied Lyons 
133 Aftied Lyons 
530 Baratovs Bank inti 
S10B BarcfavsO.'sInvnt 
fl SO BOSS COT i iiigf u n 
moo Bonnft Finance 
i WO Botlntt Fnonce 
IW0 Bat lilll Ftimnce 
S«5 Beectnm inti Bermuda 
520 BlCCFimmre 
5M Bawdier Cm 
550 Brouter Core 
5)6 Brrosh Lond Inti 
158 BntrstiO»ygenFinanc 
150 BrUtahOkygenFuwnc 
$ 100 BnlitfiQxygen Fmanc 
SIS0 Bntun Petrol CODlla 
t» BrutshPufroiCuDiia 
viraao British PHrol Over a 
sso British Sled Cm 
$12) Brltroi Fma-ice 
530 Cadbury SdtwwoesO.-s 
sa Copda) Counties Proa 
550 Coyenhom Inti 
moo Charter Contain! O/s 
130 Cigna O/s Finance 
I JO Commercial UnhHi 
$20 CouriauMs Inti Fin 
120 CourtoutdslnllFm 
ecu 60 Ebca Fuianc* 

158 Eroi FJnceicc 
$20 Finance For industry 
120 Finance For Industry 
*75 Finance Fer industry 
130 Finance Pa industry 
1*2 Finance For industry 
IX Finance For Industry 
5)0 FlremcrFor Industry 
148 Finance For Industry 
520 F nans mu Finance 
mo Ftoons inti Finance 
5 20 FisortS Inti Finance 
I IB Gestelner Holding 
$25 Gold Fields Bermuda 
150 Grand Meln» Finance 
5 15 Grand Metros HalelS 
13 Grand Metrap Holds 
SM Guardian. Royal ElOUW 
52) Gui inlernaltonol 
sis Gus international 
52k htambrn 
525 Hambfoi 
5 100 Hammerun Properly 
SSO Hawter 5utdetey 
528 Hdl Samurri Grauo 


8ft"93Mav 88 

9 6> Ann B 

8ft 

ID’S TO..— 

a TO Dec *8', 
91 Feb 98 
17ft TOOC 103 

K«SS 2 

S4 

11 TOD « 17K 


lira 1209 1009 
1809 lira 9.18 


10ft **1 Dec 

S TOFeb 
TOFeb 
9ft TO Jul 
*ft TO Mot 


fcH»; 


10ft Wl pec Wi 1003 raaa 

8ft TO F» 9B4 1028 1827 038 
10031101 112 
1001 907 

_ . 1U1 1242 10-3? 

8 TO Not «T j 1)04 128* 8X6 
Oft TO Jut 9Ci 1221 11 J8 

HV91MOT 102%: 11.15 
18ft TOJun TO 12.16 
I P, TO Feb jry 11x3 
lOftTOSeo 97H lira 
3 TOfltar 99ft 706 
84 0* Jan 94l*i 10X5 1128 9.1 
llli TOOd 1DU* 11X8 11 J 

7ft TOOd 87 1101 1295 8.91 

* TO Not TO 11X8 1X16 9X8 
9! i 07 Dec 9$ 1LH12B4I0JH 
,82 1706 1X11 *.15 

iTftTOA'* tow lira lira 

r.: TO Dec v 10X2 1 ixo in 
9ft05Od 974 1001 1BJD 900 
9ft TO Dec *6 1006 1106 10.16 


TV.lSOcI 97 
9ft TO Dec 96 
lift TOOd 106 
914 09 Apt *2 


10.14 10X1 

lira 1229 1105 


14 TO Apr IK 10X210X0 1309 
,9ft TODec 98 10x1 1871 9.9$ 

Jl TOFeb 99 1 1X0 11.11 

12ft TOOd 102 11X6 1201 

io ra Mar m-. mao iora itux 

12;/: 09 Jul 102 1102110*1225 

15*4 09 Jlrt lie 1203 1106 

10b TO Mot 97b 11.16 1077 

K 4 . *M5«J5 8® 
10ft TO Dec MV* 1101 10X2 

8ft TO Aug 85 1103 1292 1829 

!L H 1 *?' 11X0 11X211.17 

IfeSi" 1 1M ,JS »■« 10-25 
l ary TO Sep *r« uxs lira 
^ TO Jan W 1068 1007 906 
7*1 TO Dec 92ijlOJ8IZJBa.il 
8 07 jul 96 111011 J6 0-33 

8*2 06 Mar n 1101 lira 807 
9*: 09 APT 99Vi 9x5 9X8 9-S5 
jy: TODec 96*b 10P 10.17 9X5 
7ft TOOd *Tri 1008 11x2 829 
2 TODec 100 11.96 1300 

13ft -91 Sen 104 1127 1174 

BIS 04 Nov 77 10X1 11X8 876 


*J HawdenAtakFinonx/w 9ft-9|jim BS 1322 1156 11.18 

'*M lei Futoace X/w Oft TO Jun *3 11X3 KM8 

l M0 la inil Finance 8ft TO Jon 97 *032 1101 8X1 

$» ia mil Finance T ; to Feb 94 ltd 9X6 7.98 


5100 ICiFlnooceX/w 
SM0 la uni Finance 
$50 la Inil Finanw 
130 ina Ind Holdings 
5100 invniors In industry 
ecu 40 Investors In Industry 
ISO investors In tnduslry 
150 investors in Industry 
S2S Kieirwiqrt Benson Lons 

1 Laura Eurallnance 
$30 Leva) Luntraf Assur 
$100 Ltovxta Euro/lnciwt 
$40 Lonrtui toil Finance 
5 15 Meh-auol Estate 
$2) Metiwct Estolo 
5 7$ Midland Inil Flnancp 
575 Midland inil Finance 
siso Midland uni Finance 
S 100 Mcntathi Piacemenls 
sioo National Coal Board 
$50 National Cm* Board 
538 Nat Krriratavs Bank 
S75 Natl VUestailntar Bank 
S50 Nalt SVealmlnster Sank 
IW Nall Westminster Fin 
51)0 NaH weamtoster Fin 
5H Plessev Inti Finance 
$25 Rook Oroanlsat tan 
1 60 Hank x«>D4 Flmnce 
1 25 Ruatand Finance X/w 
•25 Reed (nete ri umt) 

*« Reed infernattnal 
520 Rlwn Ifiternattanat 

540 Rhm Overseas Rnana 

510b Rio TWlta-Zlnc Flame 
112 Rattnchlld InvHatdbi 
|1B Rowntree Mackintosh 
JS Rron n wyMoaOntaMi 
$1$ Royscot Inti Finance 
«5 Seullcnd tntt Finance 
550 SaMaat Inil Finance 
115 9nn interrBHonpt 
SSO Selection Trust 
550 Shwah Estates Fin 
513 Slough Estates Luv 


.r-SfW « 870 9X6 7.98 

10 TOMar TOft lira 10-36 

12 TOMor H2U 1125 1174 

11 TOAug HSft 9X0 10.46 

"S'i*iD*c 102 lira ura 

10ft TOOd rn> 1L19 1103 

8ft TO Men 9SV; (BJ91308 8X4 
1] TO Jul 102 125k 1175 

THTOFab ir.i 1007 1282 876 
lift*; Dec « 1220120011.98 

12 08 Jul 99ft 111$ 1206 

8ft06D« *7 1001 1L77 *J a 

S, 2 E™ W-* 11X6 046 906 

BftWpec *8 IBW1BJM 893 

K, ”■» 1326 HLI7 

1?T20« Bis 1106 lira 

UftyiAug lKft 12X6 1203 

8 TO Se» 9Sta 1020180 838 

MTOOd 94ft 105611X8 f.O 
JftTOMu, 94 10X0 IIS 824 

9 06 JVI 99 902 9JH 

JLSM. ,2, W 1008 909 
IXft 01 Dec 109ft 2X1 13X7 

IWJTONov lUOft lffi lira 

06 Jun 91ft 90118JB BXl 

fftTONov n icusmSS tn 
H? 4 ’*xa nra 
,9ft TO Mar SO ILK 1257 10X6 

WttTOMar 104ft I® S3 

l 2K2 X£ JMH0O *03 

8 TOMar 93ft HJi 11X4 806 . 

S 1VK«*LW« 

lift TO Not 97 1211 l)J( 

“ga*a »»im*iuiiS 

3 rnra ’Ira 

ISls’BMro S5 ij.u j 1S j 

UftTOJun MtTft 12TO UM 
WJiTOFeb 99 10X5 mra 

S™ SS W 10412X0 8X0 
BU'UFab 9BVi 113SKU5 ai6 


WestLB 


$15 TOTCIhWe-W 

125 UH Finonce K/* 

ub Flounce , , , _ 

SI united B rtcy 

525 UdtedDomtaMWTres 
ia WW^»meFoWlO«»^ , 
U$ v/Ntbreod Ca 

.*£ S8SlR398h 


• — YM — 

Mid Ave 

si Mat Price Mat LJfr Carr 

1 TO JOti 9] 1! 88 12X9 840 

S-vWiur TOft ILK 10 

1190 Jul 9* 1204 1233 11X4 

« TO MOT 93 nratrx* TXS M 
L.TOOK 93 I1 18 HI’ 9X1 ^ 
-S Jun V) 19-73 1285 8X4 
X-VOAV HiT II 66 HX3 BUS 
HftVJim *5ft 10711107 1X1 
11 TO Jto S 12091^4 1*01 


UNITED STATES AMERICA 

„ 16 05 Dec 10 UB >3X8 

?. ita-T-oujally 15 06 Aor rare 9X1 111 

SSSr* MBTnsasw 

“ftWJd ’S5 32 uxs 'fS 


IX Acuna 

USD Aetna Ule Casualty 
I in Atasto Hausuta Fin Co 

*12 Amaz Inti Coortol 
57$ Ama» Inti Finoitt* 

568 Amerada HessX/ei 
555 AnwrlCB" AlrUneiO.S 
Stag A meri can Brands 
1 60 Amancga Brandi 


15ft 06 APT 107ft 1272 

11 TODec 10fk 12.U 

12 TOFeb 125k* TL30 


kss skits iixo 

*™ AnwriSliJwWO'* lift TO Are 1^ ii« TIM 

S $6 Amencon Foreign Pot f’S/itar « »lo lira 

OISM JSSriSJtfSriS JWTOAJT 18W ^ 

.asgs ajg® S3 SS 

5100 American Savings Ini! >2*0? MOT wru -‘AJ 

•SSES&WSl?" M siSw ’SftSS.milS 

•J ESSES?"" I2ft TO fS Jiu IZE 

I SS&s i 

$25 Arizona Pi Finance }* ^ *** 

?“ ASSo/lFhSS ^ IS 

,*« «r doiinra ’” ™ uS 

szn Atwrtic Rldtfleid ds }^S2!S JSJ?* S3 

50 AJ tattle Rlrttfletd Os ^ I?2 

$60 A veu O/s Cod flat if^TOAtay TO 

y 76000 Avon Capital Core M"!**?? «- 

SSRBS fife 1 b 

$150 Bankers Trust Ny nn 

5 IIS Bankers Trust Ny lOX** sjv* 

560 Bear SteomsCa *3 09 5e* lu* lira 

5100 Btaatnce Cdmoagnies 17 TODec 100ft UXI 
5200 B^fSSSw?* 18*12545. W3ft 8J9 

5100 BerwfldDl O/S Finnic *ft Jul 97ft 11.16 

128 Benefldal 0/$ Flame UftWMav JOft 13-6 

128 Beneffctalg/sFjranc 1 SS SS 

SIOO Beneficial O/S FtattlC 25 

IX EUue Bell Inti 7ft 07 DC* **ft 1006 

550 Bobe Cascade Core U TO Jan 99 1270 

SHS0 Borden Inc KrtJJOCt 10*1 10* 

5)00 Boston loll Finance >£i , SJ UP ’S “f 

528 Burllnetan O.'S 7ft TO Apr 95 1DJ3 

150 BurruMTO tntt FldflTiC ISftTOMar 105 11X1 

5 50 Campbell Souo 0/5 Fm U TO Apr 104 1145 

560 Carolina Power LStll 16ft TO Feb 105ft MX6 

j25 Carrier Inil 8 TO Jun TOft 1L57 

5to CartaHawtey Hole Os W« JM4 

SWO Cbs Inc lift 92 Dec *tft IIX5 

l« CM Inc TUTero-Dre Hft ura 

SH0 Chesebreugh-Pttiws 12 TO Jot «* 12.18 

5600 Ctevron Capital IT* TOOd im. 1108 

ecu 60 Chrysler Financial Cb 70 *’ Jul 1U5 

SUO Chrysler Financial CD S 'JS 

5100 atkare O/s Ftramce JS JB 

5 300 emccre Ora Finonce 10 WJW JM 293 

STtn oncoro O/s Finance 12 TOOd tan. lin 

113 attorn O/s Finance lUOTOMnr «ft iJJt 
1100 atieoreo/s Finance WftTOKov wu 1X3 

Situ OtcnreQ/ s Finance llVTOOd iGIft 1106 

SUO attorn O/s Finance 11U TOFeb *«» 1JX1 

IX ailcmO/s Finance 10 TOMar Mft MJP 

sza cittaireO/i Finance lift TO Feb JO] JXS 

$108 CJtkareO/s Finance lift TO Apr 101 11X0 

1150 Cities Service Ota 17 (VIM 

STS atvFBderoJ Savinas TTft-SVDec IWft JJ.w 

lia Coast Fed Inti Flnanc 12ft W May JJU* 11B 
5100 Coos-Calo Camoany X/w 1Tft0tNov 10!ft 10X0 


9ft0XJul 
lift TO Dec 


12 TO Jot ** 


ID!!i MJJ* 

I5JS 


97ft 977 HUS 171 


112 1346 

16.94 


ltXk >218 

12J* 


US 1 * 112! 

138* 


to ura 

1246 


9 TV. 77S 

AM 


88 *4C 

i*7 


TO 1074 

uxs 


91ft >1X1 

174 


9Te 1161 

IfiJ? 

. 

ICV. rixl 

lire 

llli 

A 

106 tire 

1258 


100ft 1141 

n.w 


TOft 949 

1114 


vr* n .16 

tare 


TOft 1X24 

1377 


mu*, nrr 

11*7 


toft 1235 

12K 


94V- 1034 1L96 830 


99 1220 

1213 


103k 1040 

nm 


■34 1228 

1266 


95 urerra iu 


IDS 125) 

158C 


104 lies 

Uta 


HHft UXt 

*5X6 


*2ft 11X7 I3X 

8X6 


m, tost 

*ra 


toft 11X5 

1U9 


•6k U.C 

lira 


** 1118 

u.o 


i9» lira 

1192 


9Bk 1235 

*C17 


181 12(6 

17X6 


TO 946 

1IJ* 


TOO 193 

1048 


1«T4 11 a 

11. « 


98k HJI 

TIM 

•p 

ICTk 11J6 


*9 k 11X1 

11.19 



10 TOMar 95ft 1007111410147 

lift TO Feb HI 1U8 11X1 

lift TO Apr 107 11X0 11X3 


5100 Coco-Cole Comoany 
SUB Coca-Cola InH Flnanc 
sno Coco-auo mtt Flnanc 
sno Coca-Cola Inti Fmanc 
$100 Coa^Cota Inti Flnanc 
$100 Commtirtcat Satellite 
SIOO Comsat Inlf 
SSO Conoco Euroflnonce 
550 CansoHriated Fuads Os 
SUM Continental Group O/s 
S7S Continental Gran Ota 
5150 Continental Illinois 
11M Continental Illinois 
$28 C onti ne nt al Tetedhorte 
SSO Com Products Cnc 
sx coming internet! onol 
S 75 Crocker Nottanol Bretk 
550 Cummins Ota Finonce 
S15 Cutter -Hammer 
1258 Dode Saviooi K Loan 
S2B Dano IntemoHonoi 
$85 Dart 8 Kralt Finance 
5158 DtohnlEaulPfnentOfi 
yS8nn Dow Chemical Ca 
six Dm Chemical Ota 
1X0 Daw Chemical Ota 
IB Dow Coming O/s 
$75 Dresser (Vs Finance 
$280 Du Pan! Ota Capital 
5608 Du Pent Ota Capital 
5 200 Du Pont O/i Capital 
SUB Du Pont O/s Capital 


lift 01 OCt ISBHs TUB 1109 

18ft 08 Jun iar- 1006 tc.J5 

17ft W Aug 105ft 11.14 ’213 

lift 09 Od IBTva ISM 11X6 

9*1 TOAug 95ft KU6 1038 

lift 05 Feb 1209 mm 

. 12ft *1 Mot Wl 1200 1213 

8 01 Feb Wh *06 9,*6 112 

7ft 01 Jon 87ft 1106 1208 90* 

9ft 06 Jul 99 10X0 903 

lift TOAug TOft 117* 1238 

VftTOJUl 9* 10X7 9X5 

15ft TO Mar 103ft 14X6 1502 

8 - 06 Feb 96ft 10 to ULlf 108 
16ft 06 Sep IT& UK 1X67 

8ft 06 Mar 99 «X8 9X8 8X9 

19ft 08 Aor *6 1219 UJ4 

15ft TODec 109 1132 1602 

8 17 Jun *J 1871 1UD 8A2 

13ft 0* Sea iso'll 17J37 1ZJ1 
8 07Mar 94ft 11X3 C04 8X7 
7V99HOV 94ft 8X4 838 

lift TOMor 101ft 1119 1LS6 

7 TODec 99ft 7JU 7Ja 

8 06 Dec 95% 1106 1C 

9ft TO Mar BT5 11 TO 12J5 10JH 
8ft 06 Jim TOft 1009 1241 0?2 
12ft TOOd 103ft 11X7 >211 

lift TO Mov 105ft 10.75 
left 08 Dec Id 1307 

14ft 09 Aug HBft 1267 
lift *5 JOI 107 1009 


$60 Duke Power 0/$ Flnanc 15ft TO Apr HHft 11x1 
$150 Eteiman Kodak Co lOftTOMor 94ft 1102 
150 Eaton Finance lift TO Jon *02 12X9 

I M0 Emerch Finance inbTOMav 95ft 12X4 

120 Esso O/s Finance « 05Sep 99 11X2 

$50 Esso O/s Room Mar 8 TOMar 97ft 1U5 

SH Esso Ota Finance Not 8 TO Nov 96ft 1068 

$100 Fed Dept Slam 11 TOFeb *7ft 1102 

$125 Find Fat Michigan tHOTOJol IN 11X5 

$100 Florida Feder Savtnoi 17)909 Mov IHW 12U 

$180 Fluor Finance 14 TO Sen 1MU 12X7 

S1S0 Ford Molar CredBCa lBkTOFib 9 Jft 11X7 

$100 Fo n t Motor Created 12190100 18219 12.Uk 

$100 Fore Ntator Credtl Co IISkTOMov 99 11*7 

$108 Feed Motor Credit Ca n TOFeb 100ft 

$100 Fort Motor Credited lift TO Mar 9x4k 

$25 General AmertcTranjn r«07Jvn *6ft 1101 

*25 General Cable O/i BW TOMar 95 lira 

$200 General Electric Cred lift TO Not 182 *050 

$100 General Electric Cred 12 TOOd 102ft 1101 

$200 General Electric Cred llMTOFeb *7 11.19 

S» General Electric Cred 18 TO Jut 95ft JUT 

$208 General Electric Cred II TO Feb 101ft 

tUB General Electric Cred W TO Aug 9619 

*50 Generet Electric O/S 4W05Dec 97 

175 General Foods Co Inti IlftTOAor 1H 
1100 General Foods Co l nil IDftTOJkm 95ft __ 

180 General Foods and CO 12 39 Apr 187*9 1U0 

1*1 jfigasr- 1? &T 

ina General Mo tors Ota FI 11 «Apr 100ft 

120 General MotorsOta FI 8* TOAug 98ft 90S 

$180 GoiarafMotoreOftFI HWTOOd IDG), mi 
1100 General Re Core lift TO Apr 98111103 

1XS Georalo Podflc Flncm 141907 Apr 103ft 1 


10ft TOMor 96ft 1102 
1310 09 Am 102 1249 

inbTOMav V5ft 12X4 .a,, 

« 05 Sip 99 11X311X4 Iff 

8 ■»MOT 97ft 1U5 1105 XT) 

.? 56 Nov reft jgra iax9 era 

1ZM 
1221 
, 1107 
UJO 
1252 
1107 

n TOFeb 100ft 110* uxi 

lift TOMar 9xft 1208 1202 

r«07Jvn * 4ft 1101 1102 873 
BIX 07 Mar 95 lira 1115 to 
11190) NOT 182 10-50 


irsss’ 

WXTOFeb 

B 

IlftTOAor 
IDftTOJan 
12 39 Aor 


NOT 182 »59 

Od 102*4 1101 
Fab 97 11.19 

Jut 95ft 11.17 
Feb 101ft 18X2 
Aug 9699 1898 

AS 

— 1109 

Apr IBft 1IJ0 18.901175 
mar 98ft -ue 906 LI3 

Dec II»ft II 


SIK Getty OH Inti 14 09 Alloy 1 

*280 Gmac Ota Finance m, to Jan IDOft 1101 

*100 Gmac Ota Finance 9*4 TO Jul *8ft 1051 

JOT Gmoc O/s Finance 13 TOJuf *82 IL01 

JIM Gmac Ota Finance 15 07 May W* 12 X 

$100 Gmac O/s Finance 12 07 Od 102ft 1(1X1 

JJW Gmac Ore FtaancB tTftlSPeb wni lijs 

5!S GflwcO/* Epwpe* *4 08 Fea 112ft las 

$U0 Gmac Ota Finance lift 08 Aug w- 110/ 

J1H Dmac Ota Finance 15 0*Atav 108 12J( 

SW GmaeOta Finance 10ft TO Feb *9 1076 

iJSS S^S^S 000 " 1 lift TOOd 181ft »« 
IlftTOAor 181 11X4 

GoodveorQ/s Finance 12ft 07 Jun 181ft 11X3 
Viaoa Goodyear Tire Rubber 6ft TODec 96ft 703 
*H Gould Inc I14k TOMar 96ft Tin 

V® Grom Finance 13ft 09 Aug unv. KJ1 

fS gnance UftWJun Ulft lira 

GtaFtamce 12 07 Are moft 11X4 

*|5 S, te S™" *w WJuJ 92ft 12.11 

“'SS S'H!?™, 10ft TO Apt 107ft 909 

G*e irtenjaflonoi 8b 06 Nov 96ft 1072 

elm = 12V. 07 Oct IDIft 1105 

S1D0 GuH OH Finance HK TODec 93ft 1108 

*« to Sod i« iira 

JtS » to Are hk* iact 

* S |S roSS’SS. U1 " t !!2 *S TOMar 101ft 1158 

sreo GuH 8 Western Intere: 12ft 09 Mar U0V. 1201 

HK^ OipiMCa re. 15ft ”89 Apr 105 16JD 

S15 Hilton International 7ft07N« 94ft 1009 

*™ in* 1 Hnonc 10ft TO Mar H 1109 

MSS K2S9^? n0,> “ lm ,s ’» D *« HBK 1171 

SSfESSS™ 11ft 0700 IQS 1003 

JS2 !B» 09 Feb Wfc 18JH 

I™ ton Gre«t Core 11 09 Dec nine rara 

*2*0 iton CredJI Care fftDOMar 97ft 902 

v® jb m World Trade 12ft -wod toeft 1087 

tS m 814 07 Jui 95 11X8 

12 ’ w “ a 7 TOOrt 1 U 6 

SIS S.'ExK^K*' 8ft TO Jun 117ft 5X4 

*JS * 10*225 Xtat 8ft 01 Jun 85ft 1237 

HlSStlS 13ft TOOd IB4ft 12X6 

S!Ef n E3“ 12ft 9J Feb re*i 12.9* 

}5 lift *8 Dec 100 1105 

,*J5 lift 09 Jun 104ft 1299 

‘JS ISSMSSrfSS^ 12ft TO Apr 101ft 12*4 

sjo , njj«rsoiWlofKJ /itff inci'isocf rib tijA 

*115 nikTOAgg W 12.17 

4 ®Acr 93 13X3 

12 TONtar TOftlLU 

S25 11*23 5 urnr 96ft KU5 

*25 g” jjggjgg EfrJri » *soci ha nra 

i5 ^ Sh mdcrd Eftdrl I 07 MOT 91 TLU 

sre !nro»ffiS rtEtoc,ri 12 TOMar 99- 1LU 

lino iSxJhiu! 9ft 09 Mav 92ft HJ5 

vnaS m S 8 .,, . lift TO Nov 98ft 1175 

SM HrS* 1 Mm TO Feb 9fft 704 

si« HFuSSf" 11 TOFeb 95 12.10 

IK l^teTSSckmeR™ «ft lira 

tii SB MBiriffl 

JlS SA 0S Jul 9916 9X1 

*» BSSSS ruff ■ .. 12 TODec HD 11X4 

: 5 Firab*rty<lark toll 8ft 06 Apt 9w> 10.18 

SMW Mw*cSdHr3iL Fln n TO JUI *516 1213 

S»0 *11* TO Ftt TOO 1173 

sno lift TO Jan BJlft 11X1 

swo |Jft06Sep 101ft lira 

*2 'J'A-Sod lou. lira 

V2S0M JSSSSBJrSISSSS: ’WTOApt Wle lira 

in SssEa S3S “* .is 

sSSSs 1 * rss 

.MlL-VnaiCo 12140900 lKKk 1102 


11 06 Are 100ft ~~- 

I 

lift TO Are 98ft 1U3 
14ft 07 Apr WJft 1 

14 09 May IMft I 

lift 06 Jan looit lira 
9*1 06 Jui 98ft 10159 
13 0frJut *82 1L01 

15 07 May 106ft 1202 

12 07 Oct 102ft 11X5 
lift 08 Feb MTU 11X0 
*4 08 Feb 112ft HLB 
lift 08 Aug WA 1106 

15 09 Mot 108 12J6 

1 0ft TO Feb « M75 

II ft TOOd 181ft HK 

lift *7 Apt 101 11X6 

12VJ07 Jun TOllli 11X2 
6ft TODec 96ft 707 
lift toS Mar 96*4 12X1 
13ft 09 Aug 183ft KJ1 

15*4 06 Jun Ulft lira 

12 07 Apr 100ft lira 

m 09 Jul 92*8 12.1112X518X6 

lOSt TO Apt 1075$ 929 HUB 

8ft 06 Nov 96ft 187111X5 8X5 

12ft 07 Oct 101ft 1125 1282 

Wi TODec 93ft IUB 
17ft 08 Oct UB lira 

16 TO Are 106 ft 1689 
*2 TOMar Ulft 1258 

1214 09 Mar 100ft UXt 

8ft 06 Jun 9$ 187311X9 893 

15ft 09 Apr US 14JD 1580 

7fc 07 Not 94ft 102911X9 128 

10k TO Mar TO 1119 *497 

15 TODec 103ft 1171 UB ... 

Ilk 07 Ofl 103 1023 11X1 jt\ 

1 8k 09 Feb 98ft 18X5 U5J Wi 

11 09 Dec ion* rare W74 

*94-00 Mar 97ft 993 9X6 

13k 07 AUB W3V4 UOt 13X1 

12ft TOOd lOeft 1087 11X9 

114 07 Jun 9$ 11X8 9J1 

12 TOMav TBBft 1186 11JI 

Bta-91 Jun 117ft 5X6 1SS 

Ik 01 Jun 85ft 1237 1028 

13ft TOOd 10414 1266 1ZB 

12ft 95 FID 95ft UN 1278 

Ilk TO Dec 100 11JS 1TXI 

14ft 09 Jun 104ft 1299 I2B 

12ft *92 APT Ulft 1214 *232 

73% TOOd ffij U16 1278 1299 
17k 0S Aug rao 1117 1275 

X 06 Are 93 13.43 538 

12 TO Wor TOft TLU TUI 

6 06 Mar Mft KL45 119* 6J2 

9 04 Od 96ft I1X* 1X42 9-23 

6 07 May 91 1132 17X9 659 

lift 09 Jan 101 lore ^TUI 

17 TOMar 99- *218 1132 1232 

9V: 09 Mav 72ft 1175 U27 

lift 02 NOT 98k 1175 11X6 

6k 72 Feb *6k 736 $97 

11 TOFeb 95 1218 11X1 

lift TODec UOVk lira 11X7 

Bk 07 Jul 95ft 11.14 1135 9.U 

13 WNOT 102k 1 UTS HA 

Iff* TO Jan 99 IL73 TUB 

Ilk TO Jon 102 1079 11 JI3 

9ft 06 Jun 99 10X2 9X8 

Bft 05 Jld 99U 9X8 8X2 . 

12 TODec HD 11X4 1US jl.' 

8ft 06 Apr 9Bft 10.0 U19 8X3 fe- 
ll TO Jul »5k 1113 

ilk to Feb in lire 

1114 01 Jan roilk 11X1 


lQk0BNtay 9* 11X5 
1014 TO Mav 92 11X5 

12k TOOd 102U. 11 J3S 
1 0k TO Are *Bft lira 
6ft T2 Jot 9614 731 
944 TO Feb 91 lira 
lift 94 Jan 99 1179 

17 TOFeb 106ft 16X9 


U 07 too 184ft 1816 
SSwri 510 JlkTOMre H 1289 

■TWICO, 12540900 UH6 1172 

(Ctwtiiroed on Page 16) 



Eurobonds • DM Bonds • Schuldscheine 
for dealing pnees call 


SM AmevNv 
$200 Amro Book 
STS AmreBoak 
$40 Dim Dutch Slate Mines 
SSO DsmDuldi Stale AUnes 
SUO Dsm Dutch state Mines 
*« EMloNv 
$20 Glst-Broeaaeslnti 
HR Hpitand Ain toes Fin 
ISO Nedenandse Gatunie 
175 Nederianase Ctnunle 
175 Neder lands* Casuile 
5200 Ptullm GtoeUa/na W/w 
STO PtillwiGIoenoinpXtav 
$78 Rabobank Nederiand 
•euS Rabobank Nederland 
$60 Stall mil Finance 
$78 Shell Inil Finance 
$380 Stall Inti Finance 
$500 Stall Inti Finance 
SSO ThroenBa Finance 
$ IH Unilever Nv 
$ IDS Unilever Nv 


Hr 3??° ^ "J 1 ure 

,w*i 11X2 1131 

XkTOJul 102 638 L4S 

Si 5 * i*X6 874 

•L. ?L ,1J 2 «ra 

r'ssE' sr 9x5 

7ftVJai 93ft lira 1208 202 

re* 07 Mar 95*4 10XS au 

Bk0O Feb 9014 igra 914 

in TO Mar *44. 1177 HjJ 

WkWJuJ 9714 1BX9 *1# 

«V904ui *6k KUO lira HUB 


*2 New Zealand 

$15 New Zealand 
$108 New Zeal one 
V 15006 New Zealand 
*108 New Zealand 
y 13000 New Zealand 

ISO Bank Oi New ZJatand 
$20 dot Fin New Zealand 
$25 Ni Forest Products 
*8 Nr Forest Proouen 
ISO Offshore Mini no 


NEW ZEALAND 


gg£ ss ts s 

era 

IWijS Apr 9714 1IJ2 IMS 

™ iffi 1& 

8k0S Jun 99ft lira 1U2 u 

9 06Mnr 95ft 9X6 *iw 

i 


dOsseldorf 








sssse^B 

5ie§n”0; , i»iuk. 

**' 1 &S83„ 'Eiji; 

m '^Sa 11161 

s^S&b, 

:P*SlJE5*o? 

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Hcralfr^^Sribunc. 


tj ify- 


BUSINESS /FINANCE 


siJteT 1 
■friS §5 

.Sti"" 1 -5 nt 


MONDAY, APRIL 29, 1985 


Page 15 


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r, »>K pjs^y« 

r.asc o. 

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P55 <©-s 

frgfe !g* £ 

fcsjs f !!? 

{*$& * if: 

l> £*•* *: ft 

1-J. W 4jT lk !l 

*:ȣ. !K! u 


EUROBONDS 


fti* 

Sv5& 

*:5£ 

». *te 


=>» P u r* , a '-|* = 

rS** 5 ^ 

=»wf* Trr.r - 

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L“- !" 


Budding Rally Is Shattered 
By Rate Rise, Yolcker Talk 


be, U 

'n'k 


wt-riii ; : 

3* . in- •"‘■3r; 

miir- 


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i-i- 


Eurobond Yields 

For WmIc Emkd April 24 

U5A to l«rm. int ‘1 insl. 

USJi tong torm. IncL 

US A m«fium term, Ind. ™ 
corLS medium term — .. 
French Fr. medium term 

Sterling medium term 

Yen medio m term . infi inst. 

Yen la term. Inti inst. 

ECU snort term 

ECU medium term 

ECU long term 

EUA tong term 


FLx Ig term, int'l mst. 

FLx medium term 

Cntematma av ttm Lunmbouru Sloe* Ex- 


1148 % 
12JU % 
U40 % 
I1.W % 
11.93 % 
11.15 % 

7.14 % 
7.U % 
B.99 % 
849 % 
948 % 

9.14 % 
1043 % 
10.03 % 


:.:’i V 




Market Turnover 

For Week Ended April 26 

(Ml Hern «l U4. DolianT 

Total Ooflar BtnilwolMt 
Cede I 15478-30 12460.10 Z918JS) 

Eurocleor 3142040 2B48040 X740.1Q 


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By CARL GEW1HTZ 

iiucnuiuonal HeraU Tribune 

AR1S — A rise in short-ierm dollar interest rates last 
week coupled with tough talk from Paul A. Volcker, the 
chairman of the Federal Reserve Board, about the need 
to keep U.S. interest rates high shattered a budding rally 
in the Eurobond market. 

The rise in rates was hardly sharp — 14 -point in one-month 
Eurodollars to 5/ 16-point in one-year funds. But it was enough to 
erase almost half of the dollar’s 14-percent decline against the 
i. Deutsche marie seen in the previous seven weeks, leaving specula- 
tors, investors and borrowers in stunned confusion over future 
trends in the bond and foreign-exchange markets. 

Operators in both markets had read, the sharp slowdown in 
first-quarter U.S. economic growth as a signal for lower interest 
rates and, as a result, a declining dollar. 

But Mr. Volckeris comments in effect alerted the markets that 
slower- than- expected growth in one quarter does not automatic- 
ally mean a /narked down- 
ward revision in forecast 
growth for the year. The rate 
of expansion this year has 
been expected to slow to 
about 3.4 percent from the 
6.8 percent recorded in 1984 
and international experts 
r-rconfirmed last week that the 
disappointing first-quarter 
figures were no cause to re- 
vise their projections for 
1985. 

In addition, officials are 
cautioning against expecting 
a sharp flare-up in UA. infla- 
tion when the dollar does 
start to decline. Very low 
rales of inflation in West 
Germany, Switzerland and 
Japan and declining rates in 
Britain and France in face of 
very sharp currency depredations against the dollar are now 
being interpreted to mean that exchange-rate changes have less of 
an impact on domestic inflation rates than in die 1970s, primarily 
because monetary policy is more firmly linked to money supply 
aggregates. 

All this means that U.S. interest rates may not be about to 
plummet and that a decline in the dollar may well take the shape 
of the “soft landing” officials hope for rather than the havoc- 
making collapse speculators are prepared for. 

It also means investors have stopped rushing to buy ncm-dollar 
securities in the expectation of big currency gains and have 
stopped nibbling at dollar bonds on expectations of capital ga'mn 
if interest rates felL Light demand for paper has never stopped 
issuers from trying to force the market, but there was little of that 
Iasi week. Borrowers ihemselves are not sure whether cheaper 
financing may not become available when a clearer picture of 
economic trends comes into focus after this week's scheduled 
reports from Washington on housing starts, factory orders and 
leading economic indicators. 

Also weighing on the market is this week’s announcement by 
the Treasury on its quarterly refinancing plans and the outcome 
of the delayed Senate vote on President Ronald Reagan’s budget- 
cutting proposal 

The few issuers who dared to tap the dollar market fared 
' poorly. Anheuser-Bosch’s S100 million of eight-year bonds at par 
bearing a coupon ofl l Vi percent andTokai Asia’s S100 million of 
10-year bonds at 1 1% percent were shunned. Bankers noted that 
clients who want dollar paper can find much better yields in the 
secondary market. 

Nestle Holdings, the U.S. affiliate of the Swiss company, 
offered $100 million of 9'A-percent, three-year notes, which may 
be extended to eight years, and did better thanks to the magic of 
the name and the scarcity value of its paper. Its first dollar issue 
(same amount, same terms) was made in February. 

The floating-rate-note market also languished, with only one 
small new issue of $30 million for Transom erica bearing a coupon 
Vs-point over the six-month London interbank offered rate. 

The FRN market is weighed down by large amounts of unsold 
paper, particularly issues using the mismatch formula of monthly 
fixing of coupons based on the six-month rate. At the height of its 
popularity, the formula allowed banks and other institutional 
investors to pick up an additional 1 l A percentage points of income 
due to the difference between their one-month financing costs 
and the six-month coupon rate. 

But that spread has collapsed. Early this month the one- and 
six-month rates were identical. The market has become a bit more 
comfortable now that the spread has widened to half a point, but 
(Continued on Page 17, CoL 1) 


Last Week’s Markets 

All figures cuts os of dose of trading Friday 


Stock Indexes 


Money Rates 




*• ‘ ' 


•v - -j 
•:;y 



United Stales 



United States uotm. 

PmJHk. 

Lari Wh. 

Prov.Wk. 

CITsa 

Discount rote — 

B 

B 

DJ Indus.— 1275.18 

1266.45 

+174% 

Federal funds rale— 

81* 

7% 

DJ Util 1W JS 

15531 

— 032% 


101* 

in* 

DJ Trans— 58625 

584.92 

+ 022% 

Japon 



S 8. P 100 — 176.W 

m rnn 1M IB 

17634 

102 

+040% 

nhrrvnnt 

5 

5 

S 8. P 500 — 182.18 

NY5ECP— 10552 

901. IX 

10530 

TU-W » 

+048% 

Call raonrv 

6 

5** 

Source: Pnrxnhai'Satitr Securities. 


60-day Interbank — 

6V. 

fiVi 




West Germany 



Britain 



Lombard 

600 

600 

FTSE 100— 129430 

129940 

—041% 

Oveniigtt — . 

SOa 

£50 

FT 30 97OJ0 

98040 

—1.03% 

1 -month Interbank— 

5.75 

570 




Brihtin 



Hoag Kong 



Bank bate rate 

12Vj 

12 Vs 

Hang Sans - 150&50 

147121 

+219% 


izu 





J-momh Infer bank — 

12% 

123/16 

Japan 



Dollar mrfwk. Prev.Wk 

ave 

Nikkei OJ 12605.10 

1211480 

+240% 

11 






Bk Ena} Index-. NA 

14270 

— % 

West Germany 



Gold 



■r.«nmerzbk 1235.70 

12231X1 

+ 1X0% 

London OJTV flx. S 32X50 

32700 

— 107* 

Source: Janes C*Wi Gl Lcaoea 


Ra/taBdeokumna QttmUtnatJurm Cant 


Currency Rates 




•„ licisc 


Late interbank rain on April 26, excluding fees. 

Offidd fixings for Amsterdam, Brussels, Frankfurt, Wflnn, Paris. New York rates at 
4 PM. 

SJ>. Yen 
USS2"141.1Br 
24.135 &073* 
11943* 1.247 ■ 
3.1765 30740 
76540 7.948 

1613 25340 
14515 3406’ 

9445 

14345 ’ 

14649 17B.9S4 
2J5W1 247.952 



Amsterdam 

s 

3X685 

C 

4275 

OJA. 
113.185 • 

F5=. 
3750 * 

ILL. 

0.1775* 

GMr. 

B.F. 

5426* 


Bruuels(a) 

6347 

74.17 

20.1303 

6407 

11533* 

17JB1 

■ — 


i Frankfurt 

London lb] 

11527 

1777 

— — . 

1179- 

1566 x 

8856* 

4.969* 


1217 

— 

351 

11435 

243100 

4J07B 

26.79 


Milan 

201140 

2417.10 

63945 

209.71 

— 

<**17 

31569 

■* Jt#-' 

NewYorklc! 


T.21S5 

3.133 

955 

1001.00 

ISO 

6242 

i r.- 

Paris 

VAIS 

1 1.153 

10503 

■— 

4J7Sx 

24972 

lisas* 

- ’ 

Tokyo 

25340 

30430 

90.44 

2438 


7152 

39946* 


Zurlcn 

2A175 

3.1712 

83535* 

27 J8 * 

0.1303* 

73473* 

4.14* 


1 ECU 

0.7001 

05896 

22319 

48078 

1426.21 

25249 

44.939 


1 5 DR 

6992179 

082036 

109715 

944557 

1.977.14 

15056 

625516 


• - 'i 


* Currency 

Emiv. 

0662ft Australians 

QJMS Austrian JCfcHBM 
04157 BeWan fln. Irene 
07324 Canadian S 
n«»q DasUMueM 
0.1525 Fiona* wOfUta 

06074 Greek drachma 
0.1294 H«H Kanof 


USJ 

14092 

2220 

6345 

1365 

.1133 

4559 

vu«n 

77095 


Cwrmcy 


Dollar Values 

i 

Emir. 

49955 I rUllS 
0491 1 Israeli iMuri 
12816 KMialiltflnor 
0400 MMdav. rtnnH 
611)1 Horw. krone 
04542 PMLpaa 
04057 Port, escudo 
0477 Saudi rival 


UAS Eoot*. U54 

14045 0449 StaannoreS 2232 

93230 0417 (.African rand 1.9342 

03037 04012 i. Kaftan wan (6450 

249* 04050 SMO.MMM 17340 

940 0.1105 Swad. krona 945 

1345! 0251 Taiwan S 3947 

17440 04362 Tool baht 27 JOS 

34105 02723 U4LE. dfrftm 16725 


lAfestLB 

V *^r ; r. 5 r* 


tSKf1b»:L2l«S Iridic 

(o) commercial frw (01 Amounts needed ttbuf ana pouna let Arrwunlsnawfcd la 6U» on* dollar t-l 
Units oMOB Ixl UMtf of 1400 (vi Units of HUM 
M.Q.: no) quotes: N Ac not ovaHoOU. 

Sources: Banov Hu Benelux [Brussels!; Banco Cammerciote ttaBana (Mlumli Bomue 
National a Be Paris < Paris! ; /A4F (SDR); Barm* Anna at international* d'lnvesthsement 

(OSnar, nraLtllrttam/.Otav data frarv Routers and ap. . 


Plan Set 
To Rescue 
Refinery 

Big Curasao Unit 
Of Shell at Stake 

Reuters 

CARACAS — Venezuela and 
the Netherlands have agreed tenta- 
tively on a formula to save Royal 
Dutch/Shell Group's 320.000 bar- 
rel-a-day refinery on the Dutch Ca- 
ribbean island of Curasao, accord- 
ing to the Dutch special envoy. 
Emile van Lenncp. 

The formula is intended to per- 
suade Shell to drop its demand that 
the Netherlands Antilles govern- 
ment buy a majority share in the 
refinery, he said Sunday after three 
days of talks with Venezuelan lead- 
ers. 

The two sides had agreed to set 
up a mechanism for regular consul- 
tations on tlie economy of the 
Netherlands Antilles. 

This would give Shdl the politi- 
cal backing of Caracas ana Ihe 
Hague to continue operating its re- 
finery on the island, Mr. van Len- 
nep said. 

He said some form of Venezue- 
lan government involvement wiih 
the Curasao refinery was essential 
to persuade Shell to keep it open. 
Venezuela had made clear that it 
would supply sufficient quantities 
of crude to enable the refinery to 
operate at a profit, he said. 

But at the same time, the Vene- 
zuelan government had ruled out 
buying a shareholding in the refin- 
ery, which had a loss of S62 million 
last year, he added. 

Venezuela had also made clear it 
would oppose any move by Shell to 
sell a majority stake in the refinery, 
which has been the main pillar of 
Curat^io’s economy for more than 
bO years, Mr. van Lenncp said. 

He planned to fly to Curasao for 
more talks with the Netherlands 
Antilles government. 

He and the Venezuelan foreign 
minister. Simon Alberto Con&olvi, 
said the proposed regular consulta- 
tions between Caracas and The 
Hague would deal with diversifying 
the Netherlands Antillcs’s econo- 
my as well as matters related purely 
to the oil refinery. 

For its part, the Netherlands An- 
tilles government would have to 
modify taxation of the refinery and 
agree to a cut in its work force and 
labor costs if it is to remain open, 
he said 

This was a reference to Shell's 
demands for a 25 -percent cut in its 
work force of 2,000, wage reduc- 
tions and the abolition of a mini- 
mum annual tax of $16 million on 
the refinery’s operations. 

■ Ecuador Clears Expansion 

Ecuador’s slate oil company. 
Cepe, has approved a contract with 
Japan's Sumitomo-Chiyoda con- 
sortium for expansion work on the 
Esmeraldas refinery, Reuters re- 
ported Saturday from Quito. 

The deputy minister for natural 
resources, Fernando Santos Alvite, 
said that the contract for the $120- 
millkm project is to be signed next 
month. 

Chiyoda Chemical Engineering 
&. Construction Co. is financing 85 
percent of the project, which would 
raise Esmeraldas's output to 90,000 
barrels a day from the current 
55,600. 



An Esso refinery in Italy, where First Arabian is banking on an industry comeback. 


Arab Oilmen Take Gamble in Italy 

First Ajrabiau Corp. Pins Its Hopes on Deregulation 


By Bob Haecrry 

Internal intuit Herald Tntxine 

PARIS — Pumping gasoline 
in Italy is not everyoae’s idea of a 
particularly attractive business. 

Losses on oil refining and 
marketing have been so stagger- 
ing over the past decade that a 
half-dozen international oil com- 
panies have pulled out of the 
market. Despite (be exodus, Ital- 
ian refiners still operate at only 
50 to 55 percent of capacity. As 
for the government's price-con- 
trol system, the head of the in- 
dustry association, Unione Pe- 
trolifcra, last year described it as 
“unbearable.” 


But First Arabian Corp., a 
Luxembourg-registered holding 
company owned by Arab inves- 
tors, is betting on a turnaround, 
in 1983. the compam agreed to 
acquire the Italian refining inter- 
ests and gasoline stations of 
Standard Oil Co. (Indiana}, now 
Amoco Corp., for an estimated 
$275 million. Last February, 
First Arabian made a similar 
agreement with Chevron Corp. 

Assuming the Chevron sale 
goes through. First Arabian’s 
Tamoil Italia unit will own 2400 
gasoline stations and control 
abouL 8 percent of the Italian oil- 
products market, making it No. 3 


behind the Italian government 
and Exxon Corp. 

“If one can take the long haul, 
it’s jusi fairly solid business 
sense." Matthew SteckeL a First 
Arabian director, said in a recent 
interview in Paris. Mr. Steckel, a 
New Yorker who serves as the 
right-hand man to First Arabi- 
an's Lebanese c h.iinn.in , Roger 
E. Tamraz, argued that the in- 
dustry is starting to recover and 
that there is still room for cosi- 
curting. 

Mr. Tamraz predicted that the 
Italian government would soon 
(Continued on Page 21, CoL 1) 


Japanese Quotas 
Are Said to Favor 
Small Car Firms 


By Susan Chira 

AW York Times Service 

TOKYO — Japanese automak- 
ers with lies to U.S. car companies 
appear to have been favored in the 
government’s allotment of quotas 
for export of vehicles to the United 
States, according to industry 
sources. 

The new limits, not yet officially 
published, generally are at the ex- 
pense of the largest Japanese auto 
makers, auto-industry officials 
said. 

According to these sources. Gen- 
eral Motors Corp. and Chrysler 
Corp. will be able to more than 
double the number of cars they 
import from their Japanese affili- 
ates. These affiliates are Isuzu Mo- 
tors Ltd. and Suzuki Motor Co., for 
GM, and Mitsubishi Motors Corp., 
which is Chrysler's. Isuzu and Su- 
zuki also sell cars in the United 
Slates under their own names. 

Ford Motor Co. does not cur- 
rently import from its Japanese af- 
filiate. Mazda Motor Corp., which 
also sells cars under its own name. 
GM and Chrysler had both asked 
for large increases in the cars they 
import and market under their 
names. 

Makoto Kuroda, director gener- 
al of the international trade policy 
bureau of the Japanese Ministry of 
International Trade and Indust: 
said that GM and Chrysler woi 


Si 


Pohl Sees Little Room to Expand German Economy 


By Leonard Silk 

AW- York Times Service 

FRANKFURT — Despite U.S. 
pressure for European govern- 
ments to stimulate tneir economies, 
the president of West Germany’s 
centra] bank said be sees little room 
for maneuvering. 

Karl Otto Pohl. president of the 
Bundesbank, said in a recent inter- 

Coosumer prices In France are 
rising faster than the govern- 
ment projected. Page 2L 

view: “We have the strongest inter- 
est in keeping our economy on 
track and expanding as much as we 
can. But the question is how much 
we can expand. Have we already 
readied our limits? Have we any 
additional room for maneuver?" 

On Thursday, the U.S. Treasury 
secretary, James A. Baker 3d, said 
that President Ronald Reagan 
would seek a pledge at a meeting of 
non-Communist leaders in Bonn 
this week to stimulate their econo- 
mies to offset the U.S. slowdown. 

Mr. Pohl conceded that West 
Germany's growth rate, estimated 
at 2.5 percent a year, was “not very 
impressive" by United States stan- 
dards. But he said one should take 
account of the different structure 
of the eobnomies. 

One difference, he said, is that 
“we have a shrinking population 
and the United States bas a grow- 
ing population.” 

The West German labor force, 
he said, is decreasing not only for 
demographic reasons but also be- 
cause foreign workers are leaving. 


If the shrinking labor force is con- 
sidered. he said, “our growth rate is 
slightly higher." 

West Germany, he said, is also 
more dependent on exports than 
the United States. West Germany 
has particularly benefited from 
UB. sales in the last year. About 10 
percent of West German exports go 
to the United States, Mr. Pohl said, 
and last year they climbed by as 
much as 43 percent, with “enor- 
mous" increases in profits for Ger- 
man industries. 

Mr. Pohl said he expected these 
benefits to taper off, partly because 
of a slowdown in the U.S. economy 


and partly because of a weakening 
of the dollar. 

Mr. Pohl said West Germany 
had contributed to the well-being 
of the world economy by keeping 
its inflation down, by maintaining 
its balance of payments, by achiev- 
ing its profit objectives and by re- 
newing its economic growth. 

Mr. PohJ predined there would 
be a strong rise in private invest- 
ment in West Germany. Capital 
investment surveys indicate that 
spending on new plants and equip- 
ment wtil rise 12 percent this year 
in nominal terms and 9.5 percent 
after adjustment for inflation. 

He said said policy makers did 


not want expansion “fueled by 
public expenditures, but based on 
private investment, because we 
think this is the only way to create 
more jobs." 

Mr. Pohl said he considered ris- 
ing unemployment, now at more 
than 8 percent, as his country’s 
most serious problem. But he is 
against taking fiscal actions to 
stimulate the economy on the 
ground that they would widen the 
budget deficit. 

He noted that West German in- 
terest rates were lower than those in 
the United States. The yield on 10- 
year West Gennan Government se- 
curities is currently 725 percent. 


receive a total of about 3 14,000 cars 
from Japan this year, more than 
twice the 134,000 they receive now. ; 
Tlie companies had requested a to- 
tal of 534,000 cars. 

These “captive exports" make up 
about 40 percent of the increase in - 
Japan’s exports to the United 
States, Mr. Kuroda said. 

In Detroit, GM, Chrysler and 
Ford declined to comment, saying 
they were awaiting official word. A 
spokesman for Chrysler said it ex- 
pected to receive a'letter from the 
Japanese trade ministry notifying it 
of die allotment. 

Neither ministry officials nor 
automakers would release a break- 
down of the number of exports for 
each automaker. Press reports 
quoting approximate figures from 
anonymous sources, however, indi- 
cated that the largest automakers 
received the smallest increases. 

.Although specific estimates var- 
ied, most reports put the increase 
for Toyota Motor Corp. at 11.8 
percent; Nissan Motor Co.. 11.7 
percent; Honda Motor Co., 14.1 
percent; Mazda, 30.3 percent; Mit- 
subishi, 69.6 percent; Fuji. 39 per- 
cent; Isuzu, 142 percent, and Su- 
zuki, 21 1.8 percent. 

Toyota would therefore be able 
to export about 617,000 cars, up 
from 551,790 in 1984; Nissan, 
about 545,000, up from 487.040; 
Honda, about 425,000, up from 
372,340; Mazda, about 226,000, up 
from 173.470: Mitsubishi, about 
208,000, up from 122.610; Fuji, 
about 106,000, up from 76.250; 
Isuzu. about 120,000, up from 
49,500. and Suzuki, about 53,000. 
up from 17,000. 

Last month, the trade ministry 
announced that it would hold total 
Japanese car exports to the United 
Slates to about 2.3 million cars, an 
increase of 24 J percent, or 450,000 
vehicles. Essentially the quotas 
only affect cars; truck shipments 
are not limited and Japanese ship- 
ments of mini-vans, while included 
under the car quotas, are s mall 

Because President Ronald Rea- 
gan decided not to press Japan to 
continue its quotas on auto ex- 
ports, the trade ministry believed 
that holding the total to 13 million 
cars would avert trade friction. In- 

(Couthmed on Page 17, Col. 2) 


U.S. Tool Makers Helped 

JT 

By Surge in Domestic Orders 


JVew York Tima Service 

NEW YORK — The U.S. ma- 
chine-tool industry, continuing a 
gradual comeback from several di- 
sastrous years, reported healthy 
gains in new orders and shipments 
in March. 

The National Machine Tool 
Builders’ Association said that net 
new orders in March for American- 
made metal-cutting and metal- 
forming tools climbed 17.6 percent 
over February's orders, to £279.3 
million. Orders surged 34 percent 
over March, 1984. 

Shipments of tools increased 
36.9 percent from February, to 
$227.65 million, the trade group 
said. Ural represented a jump of 
20J percent from a year ago. 

Analysts said the gams were en- 
couraging, but noted that the in- 
dustry is still far below its pre- 
recession sales levels and that it 
continues to lose ground to im- 
ports. 

Christine Chicn. an analyst at 
Prudential-Bache Securities, pro- 
jected that orders this year would 
surge to about $3.75 billion Iran 
their 1 984 level rtf $2.9 billion. That 
would - still be far below 1979, the 
peak year for the industry when 
new orders totaled $5.6 bilhon. - 

^The industry was at its lowest 
point ever, so anything now is go- 
ing to look good,” said James A 
Gray, president of the industry as- 
sociation. Mr. Gray reiterated the 
industry's call for a temporary gov- 
ernment-imposed quota to Emit 


imports to 17J percent of United 
States consumption. 

Imports, primarily from Japan, 
held 41.6 percent of the market for 
xnetal-cutting tools at the end of 
1984. Mr. Gray said the import 
share was even higher in other seg- 
ments. 

“The American market for ma- 
chine tools is good," Mr. Gray said. 
“The question is where those ma- 
chines are going to be built.” 

Analysts said United States com- 
panies were suffering freon the ef- 
fects of a strong dollar and more 
efficient production of machine 
tools by the Japanese. 

Mr. Gray said the Japanese were 
gaining a crucial advantage in two 
of tools — known as numeri- 
illy controlled machining centers 
and numerically controlled turning 
mariiinwi — that are integral parts 
of modem, automated factories. 
“What they want to do is drive out 
of business the American compa- 
nies that are making those prod- 
ucts," he said 

The improvement in March was 
most pronounced in orders from 
and shipments to domestic manu- 
facturers, the group said 

Orders from domestic compa- 
nies for me tfi -cutting tools, which 
constitute the imyority of the in- 
dustry’s sales, rose 36.9 percent 
from their February level and 53.7 
percent from their year-ago figure. 
Shipments or metal-cutting tools to 
domestic companies climbed 41.8 
percent from February and 24.9 
p er ce n t from a year ago. 


To Our Readers 


Because of the return to a six-hour lime difference between New 
York and Paris this past weekend most closing U.S. financial market 
data will wain be available in all editions daily. This means tha t aD 
editions wuJ again cany dosing New York stock prices and in dotes. 


AH these Bonds have been sold. This announcement appears as a matter of record only. 

NEW ISSUE April 1985 



EUROPEAN INVESTMENT BANK 

Luxembourg 

Swiss Francs 150,000,000 
6% Bonds 1985-1995 


Kredietbank (Suisse) S.A. 


Soditic S. A. 


Banque GutzwiUer, Kurz, Bungener S.A. 


Nordfmanz-Bank Zurich 
Qariden Bank 
Lloyds Bank International Ltd. 
Amro Bank und Finanz 
Bank Cial (Schweiz) 

■ Credit Industrie! d" Alsace « dc Lorraine AG - 

Armand von Ernst & Cie AG 
Banco di Roma per la Svizzera 
Banque Generaledu Luxembourg (Suisse) Sj\. 


Banque Indosuez, Succursales de Suisse 
Banque Morgan Grenfell en Suisse S. A. 
Caisse d*Epargne du Valais 
Fuji Bank (Schweiz) AG 
Gewerbebank Baden 
Handelsfinanz Midland Bank 
Hypothekar- und Handelsbank Winterthur 
Maerki, Baumann & Coi AG 
Sparkasse Schwyz 


Algemene Bank Nederland (Schweiz) 
American Express Bank (Switzerland) AG 
BA Finanz (Schweiz) AG 
Banca Unione di Credito 
Bank Heusser & Cie AG 
Bank Leumi le-Israfil (Schweiz) 
Bank Oppenheim Pierson (Schweiz) AG 
Bankers Trust AG 
Banque Bruxelles Lambert (Suisse) S.A. 
Banque Kleinwort Benson S.A. 
Banque de Participations et de Placements S.A. 


Banque Scandinave en Suisse 
Chemical Bank (Suisse) 

Citicorp Bank (Switzerland) 

Compagnie de Banque et dTnvestissements, CBI 
Credit des Bergues 
First Chicago S.A. 

Great Pacific Capital S.A. 

Hottinger & Cie 

Manufacturers Hanover (Suisse) S.A. 

Morgan Guaranty (Switzerland) Ltd. 

The Royal Bank of Canada (Suisse) 


Credit Commercial de France (Suisse) S.A. 

Samuel Montagu (Suisse) S.A. 

Banque Nationale de Paris (Suisse) S A. 
Internationale Genossenschaftsbank AG 
J. Henfry Schroder Bank AG 

Banca di Credito Commerdale e Mobiliare 
Banca del Sempione 
Banca Solari & Blum S A, 
Bank in HuttwiI 
Bank in Ins 
Bank Langenthal 
Bank in Langnau 


Bank Neumunster 

Bank Rohner AG 

Banque de Depots et de Gestion 

Banque Louis-Dreyfus en Suisse S.A 

Credit Lyonnais Finanz AG Zurich 

Grindlays Bank p.i.c 

E. GutzwiUer & Cie 

Overland Trust Banca 

Ruegg Bank AG 

St. Gallische Creditanstalt 

Sod eta Bancaria Tidnese 

Solothurner Handelsbank 

Spar- & Leihkasse Schaffhausen 

Volksbank Willisau AG 








Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


International Bond Prices - Week of April 25 


Provided by Credit Suisse First Boston Securities, London, Tel.s 01-623-1277 

Priced but vary according to market conditiona and other factors. 


— - TO 

Mid Am 

Price Mot LitoCWT 


(Continued from Page 14) 


1 100 Merrill Lynch Co X/w 
t300 Merrill Lynch 0/5 Cop 
tan Mobil Cnroorotlon 
J3S Morti mtl Finance 
ISO Montana Power Irrlt Ft 
158 Montana Power infl FI 

1150 Morgan Guaranty Trust 
1 150 Maroon Guaranty Trust 
1 DU Mongol Jo CO Inc 
1U0 Morgan Jo mil Capita 
ITS Motorola 

150 tatumm Ort Finance 

IS> Me* England Lilt 
1 lot New England LHe 
150 Now York Tanas inll 
ISO Nlooaro Mohawk Flnanc 
1100 North AmerPnmm 
S3 North «nw Bnefcwrtl 
in Northern Indiana FuU 
ISO Nnmwsf 0/S Coratal 
13 Occidental tntl Flnan 
*75 oocfdenlal Inti Furor 
140 Occidental 0/s Fhianc 
STS oMaEauon Finance 
ITS onto Edison Finance 

Sffl Owens-Coming Ptoergl 

13 Pacific Cat EKcrrlc 
iso Pacific Gas Electric 
145 Poo lie Gas Electric 
ISC Pacific Gas EteeirlE 
13 Pacific Gas Etoctric 

13 Pacific Gas ElKfrtc 
y 200*0 Paefflc Gas Electric 
S3 Pachlc Doming O/s 
sus Pacific Domino imi 

tu Pembroke Cac fii 
5200 Pembroke Cooito! 
rriOOO Pmnoy Jc Co Inc 
1100 Penney Jc Finane Com 
SUB Pennev Je Infl Capita 
SIM Penney Jc O/s Finance 
115 PemwioU 0/s Finance 
13 Ptilllo Morris Cred Co 
sis Philip Monts toll Co 
1200 Phillips Petrohum 
S 150 Procter ft GamM 
y 2SD00 Procter ft Gamble 
1150 Prudential a/sFunran 
Sica Prudential O/s Fundln 
S ISO Prudential O/s F SV/w 
S 150 Prudential O/s FXAw 


12ft V4 Dec 10lft 12.15 
mBAsr 96ft 1151 
10’j-WMoy 
} *84 Aug 


IStoVTDee 
MUIdSeo 
IF* 1? Apr 
lSkB9 0d 
lift T2reb 
lift VO Aim 
R tofteoec 

ISftBIJUl 

lift n Feb 


1129 

iojs 

1157 10.71 

7SJ6 9J8 723 
M.H 
1183 
1180 
12JM 


UM 

1183 

I2J4 

1507 


95 

n 

IDS THE 

in »24 
TO'. 1180 
HOW 1181 
<S!« 1144 
«?ft 1187 
11*3 1134 
tOift 1183 

mi 112? 1184 1126 

lift vs Feb 100ft 118* 1157 1177 

W* 57 Oct 102 1181 1251 

17 WSCP 101 1U3 1580 

12ft VI Del 1M 1181 1138 

saw May *6 1055 1271 851 

ITU -mom IK 1518 
12ft VI Feb 28ft 1288 
Oft W Jim 100 023 

left's: Mar 105 1144 

Oft 87 Feb 15ft 1185 

lriwjiii itBft 11a 

171; nod 107ft 1481 
9 86 Aug <S 10811183 *.1| 
IS -MAV9 107ft 1471 1557 

15ft -82 Jon 105 1287 ISM 

15ft 89 Apr 107 1M» UM 

uft vo Aug 105ft mi iua 

72 VfOcf l®» 1IJB 1131 

- - 100ft 1153 7151 

99 7.14 730 

9J'A 10JT 1184 158 


1543 

1281 

858 

15.25 

9.1* 

1520 

153 


. V2 Jon 

7 V1S» 

8 HAor 
lSftWJul 
1ft 87 Jut 
tjuuseo 
iftviFeb 
17ft vi om 


ID* 1273 
lift 11J1 
187ft 1206 
97ft 729 
ICS 1171 


lm-StMfly 101ft 1108 
mu vo oct 


8 V7MOV 
lift 85 Aw 
OftWJui 


1485 

MS 

1275 

515 

122 * 

1222 

1181 


1021/ 1120 
14 11811215 151 

TOft 1U4 1L27 

985 Ml 85* 


U 8? Mow ID 12S9 
IKS n Dee 100’; HUS 


5*9 VI Feb 

12ft 87 Od 
10ft V3 Apr 
10ft vj Dec 
71ft Vi Dec 


Mft 595 
lljrft 104* 
16ft 1126 
17 1045 

89ft 1207 


119» 

1022 

574 

111 ? 

10.98 

1084 

113 


538* PrvdeHtJoJ Realty Sec 
SS45 Prudential Realty Sec 
525 Ralston Purina 
IH0 RnMaa Purina 

5 14 ReUcuice Transeontine 
Sin RbdsImiO's Finance 
S 125 RnvJun Inti Flnanca 
StO Reynolds Metals Eurou 
5100 Reynolds RIO/s 

ISO HidinrdumJAflrrrtl 
SI2S Richardson- Vicks O/s 
5 7«0 Rockefeller Group 
S3 Santa Fe Infl 
520 Scott Pacer O/s 
SU0 Sears D/s Finance X/w 
J 125 Sears Ort Finance 
ISO Sears Oft Flncneo 
5150 Seors O/i Finance 
5750 sews 0/s Finance 
5150 Sears Oft Finance 
y 1X90 Sear* Roebuck Co 
SU0 Security PocH Nat Bk 
5700 secunfr Padt Nat at 
5100 security Podl O/s n 
5 TOO Security Podf Oft Ft 
5100 Sheorson Amerle Exere 
105 Signal Companies 
575 Society For Sayings 
550 Scum Col Horn Edison 
S3 South CalHora Edison 
S3 South Coll lom Edison 
575 Saulh Cafflom Edison 
ISO South CdlHom Gas 
5 50 South Con tom Gas 
5*0 South Carolina El Gas 
S ISO Sperry Curoaro 
S3 SI Paul Oft Finance 
SX Standard OB indkeia 
SB Standard On indkeia 
s ISO Standard Oil Ohio 
I2S Sundstrand Finance In 
5125 Superior Oft FMOICt 
5 WO Superior Oft Finance 

515 Sybron Oft capital 
5150 TenneeoCsrp 
1700 TenwcalnNMav 

IX Temecolnll 
IX Teitneca Infl Nov 
SUB Tettnccolnil 
1300 Texaco Capital 
5200 Tejraeo Capital 
SIX Teuco CanHoi 
5100 Texoco Capital 
S3 Terns Eastern Flconc* 
IU Texas Eastern Finance 
5150 Tents Instruments Int 
IX Textron loti 
tHU Ttme-LHe Oft Finance 
5 X Trailer Train Finance 
13 Transamerica Flndncio 
5 TO Transamerica Oft Ftao 
S Tratsco Infl 
550 TronscelnH 
sx Tronsoceon Gulf Oil 
5X Tronaoceun Gulf OH 
540 TVwMCKn CaHOII 


lift V2 Jan 
12ft vs Jan 
7ft 87 Feb 
17ft 89 Od 
6ft 88 Feb 
llft-UJUl 
11 VBJul 
loft 87 Ator 70S 
72ft tH 0O TO 


8ft 85 Dec 
lift V3 Jun 
13ft 89 Jim 
9ft 85 Jul 
Ift 25 Jul 


101ft 1180 <181 1174 
KCft 11.72118*1187 
« 7085 1US 789 
liuft iu» urt 
87 1487 U80 782 

93 1U1 1237 

98ft 1188 1131 

7135 1531 

1133 1755 


98ft 11.721113 888 
97ft 1105 1184 

104ft 1131 1285 

08 1136 1130 989 

98 1057 1U5 893 


Uft-SSMOT UEft 1231 
lift 88 Now 707ft 1045 
1 1ft 89 Jan lift 1184 


lift VI Feb 
10 ft vi aim 

lift V3 Oct 
Ift VI Nov 
lift 87 Feb 


102 1L11 

96ft 1131 
101ft 1134 
101ft 585 
wft tan 


mi 88 Dec 107ft 1127 
Wft-MJun 98 1135 

12 V2Mar 101ft 1173 
17ft V4MOT 101 1132 

lift V2 Feb 99 11.95 

lift VO F(fa 99 1183 

1 4ft 81 Jul 107ft 1387 
IS W Titov I Eft 1115 
1B9> VO MOV 3ft 1123 


1337 

11.18 

1139 

1140 
1089 
1181 
588 
1Q44 
1139 
1021 
1LH7 
1200 
1137 
1189 
1436 
1427 
1199 
1182 
1397 
1281 
I4J| 

ltlS 

1173 


99 1127 

106 1288 
707ft 7107 
las 1311 
106 1104 

101ft 1130 
95 1033 1886 6.95 
94 K).i3 IbM BJ7 

97ft 1132 10.77 

94 1212 1212 931 
104ft 111? Ills 

99ft u.N 1131 

95 11.10 HOD 882 

99ft 1130 11JS1 

91ft 118* 829 

106 1152 1192 

91 11.01 IMS 833 


189 1405 

KOft 11.03 


1580 


1288 

1040 

1087 

15.12 

147? 

1189 


ylSBO Tnelnc 


TrwOTl Flnottce 

S» Uer O/s Finance 
1 70 Uninn Camp 0/5 Flnanc 
Six Union Carbide O/s 
SX Union OR Inti Flronc 
5100 Union PodficCorp 
135 untied TedmolOBtes 
5X0 Udltod Technokwln 
yZOCO United TecnnoJogles 
S ISO united Technctoulet. 

SX Uh*i toll Finance 
SIX Wall Disney Prgaudto 
ITS Wall Disney Producito 
115 Ward FaadsOfs Capita 
5 NO Womer-Lamberl Infl 
1W0 Wells Forgo Co 


lift V0 Nov 
14ft V lew 
12ft VI oa 
lift V9 Am- 
lS -895ee 
lift 81 Ncv 
PbWAuo 
was Dec 

XVitijon 
8ft 17 Jun 
14 89 Jun 
11 V9NOV 
a 87 Mot 
lift 81 Jot 
7ft 17 May 
14ft 87 Aug 
7ft 87 Nov 
17 89 Od 

12'« 87 5CP 

13ft 89 Aua 704ft 1185 
9ft V0 Mar 93ft 1188 

10ft V0 Nov 96ft 1U2 

15*86Dec 105 1384 
15ft 8? Jun 104ft 1155 

1119 VI Mar 101ft 1187 

7ft 87 Od 93 11.14 1106 E33 

10ft V0 Jan 9* 1187 1130 

13ft V2 Nov 191 1299 1205 1112 

7 86 Sea 95 11 W 737 

rft'UDec 95ft 1185124* 8.K3 

15ft '87 Apr 10* 1282 I486 

15ft 88 Dec tarft K37 1551 

9 85 Oct 99ft 989 930 9JK 
X 1051 HUH II* 

« (756 7781 7.« 

m 7.i* 7 m 

97 1097 1204 *02 

103ft IU 1234 1217 

99 7200 HJ7 

1272 1432 

96 1004 1574 781 

Xft 1M1 1132 

\OF.l 109* 1146 

107ft 1138 1207 

Wfs 7ltt bT! 

99 1184 1136 

95 1186 1137 882 

1112 
1215 
11881 7.93 


85 Mar 

7ft ST Jan 

7 v*Dec 
835 860c) 

lift 81 Oct 
11*4 8* Nay 
lift 19 MOV Ml 
7i; 87 Feb 
lift V2 Apr 
11ft895ee 
1 7ft 89 Oct 
5ft VJ Jan 
lift V2 Jon 

8 87 Mur 
12ft 87 Oct 103ft 10 
lTVl 89MOT 103ft 1L 
5ft ra Nov 72ft 16 


ItiVOFeb 
lift VI Sep 


97ft I 29* 
104 123* 


1053 

1285 






YM 1 




wild Ave 


Amt 

Sean-fly 

to Mai 

Price Mot Uto Curr 1 



m-91 Dec 

TO 

1269 

1263 



15 15 Sot 

101b 1036 






1345 




10b -90 May 

94ft 

1240 

11 ri 





1233 







5 1® 

jteraj Finance 




FOREIGN TARGETED BONOS OF THE US 


TREASURY AND OF ITS AGENCIES 


HOOD 


11ft S8 Seo 


1039 

(136 








II 390k 

Wb 11J9 

11.17 



nit ri Dec 

Hft I7JS 

1145 

• 50M0 

Fed National Marl ass 

8ft 13 Feb 

97ft 

737 

7.02 

>3000 

Sludem Loan Mark An 





DM STRAIGHT BONDS 


AUSTRALIA 




tan 1® 


7 -87 Feb 

101 

6J6 6.18 4.93 

dm 30 
nm 250 


8 'A *37 Oct 


762 

613 




660 

649 






dm S( 


Sin to Mar 

IBJb 

72* 

745 

tan at 



IWV 

7 JO 


anIK 


9ft Y1 Dec 

IB9Vi 

7.49 

866 

ran 200 




725 

764 



eft-93Jan 




dm Up 


ift Nov 

Wtft 

7J9 

733 


ift -87 NOV 


695 74 

57 8 

amta 


7ft "to Jun 

99ft 

7.97 24 

7.77 

am 1® 


6f, '87 Jul 

raft 

646 6?! 

677 



7b '92 Mar 

101ft 

7.18 

749 

am 1® 

Mourn Isa Finance 

7ft -93 Anr 

ill ft 

740 

7J.1 

dm 50 



in 

674 6 J. 

635 

dm 1® 

Oueemlrata Alumina 

ft: 85 Nov 


644 681 

844 

adm 30 

Rural Industrie! Bant 

61'. ?7Aug 


745 69| 

670 


AUSTRIA 




dm 1® 


■sy w 

lOIJft 

748 733 

7.73 

tan 1® 

Austria 

Ss ' 1 L 

HWi 

65? 52 

231 

ran 10 a 






tan 150 

Austria 


95>J 

674 73 

4K 

OnB» 



9«v, 

738 

7.11 




lOSft 


796 

dm 150 


B'A"720d 

KBb 

760 731 

7.97 

Om 1® 


3 -93 Jul 

unvj 

741 

733 






765 

tan ISO 


11 »QCt 

Wj 

833 

1063 

dm ISO 


9ft 26 DK 

IB'v 

734 

943 

dm 150 


8 ¥7 Feb 

101 ft 

7.19 

7.90 

Cm ISO 



TO 

737 

234 

ran 150 

Austrian Coni r a) Bank 



7.15 

8.17 



■yi rr*l 

92ft 

6® 

658 

dm 100 


8V89SCD 

TOb 


849 

dm 1® 

Austrian Control Bank 

7ft890et 

U W 

695 

737 

dml® 

Austrian Control Ban» 



734 

763 

dm ISO 

Austrian Control Bank 

UTe -91 NOV 

UK'S 

677 

935 

dml® 

Austran Control Bank 

y^'nAiir 

107 

7.91 

844 

dm 15) 

Austrian Control Bank 

8'vY2Jul 

iftu 

759 

7.97 

dm 55 


7 -87FOT 

651 63] 

695 

#n BO 


a-ft-MAAor 

in 

674 67S 

635 

dml® 


8 "94 Jul 

TOft 

749 

735 


r -J- Jv . » $5 

6 ^DK 

92 

684 734 

617 

dram 


TOft "91 Jul 

1I4W 

7.70 

939 

Wn SO 


ift "BS Hot 


675 671 

635 

mn 

Pyhrn AuloDahn 

tteVSco 

652 743 

6.11 

Bra 70 


v-t-nbor 

*7ft 

UA 734 

5.92 

dm 58 

li M 

■2C 

JWY 

7Jb 

us 

dm TO 



m\. 

8.19 744 

842 

drain 

Voesl-Aipine 

K3T -31 

TDliy 

7.96 748 

837 

Ora 1® 

voest -Alpine 

Eli 0 

92ft 

735 747 

687 


BELGIUM 




dm TO 

Bel aeiecfrii: Finance 

lO'.Y 19 Jun 

107ft 

219 

934 


Bclnetectric Finance 

11 YlOd 

111ft 

863 

944 


CANADA 




dm TOO 



106ft 



drain 


■ Uvl w™ 

ion. 



tanTO 


•7ft -93 Jun 

I01>, 

7.16 

731 

dm TO 

Amca inti 

S’- -91 Dec 

IClft 

740 

7.99 

dm 1® 

Brascon Inll 

ft?880d 

101 

213 7.95 

LO 


Canadian imperial Bk 

/ UB Mav 

TOft 

690 

6?6 

dm 1® 

EtDori Develop Carp 

S-e^Otrl 

99ln 

697 

691 

Ora 1® 


6ft T7 Jun 

99-1 



ran 2® 


7ft -93 Mov 

101ft 



tan OK 

Monifaba Province 

71s VJ Oct 

in 

731 

740 

dm TO 

Montreal Cfl/ 

rs -86 jui 

100ft 

7.77 7.73 

244 


MonlrealCitv 

7 37 Jul 

mu 

692 7m 

7® 

drain 

Montreal Cilv 

7 "89 Apr 

106ft 



dm TO 

Montreal City 

8 TO Seo 

«v» 

668 7.18 

221 


Montreal Ctty 

ift 91 Jun 

771- 



am® 

New Brunswick Proving 

iftXNav 

99V, 

6.»5 747 

678 

am® 

Neiifomllano Province 


HI 



drain 

NewHc unhand Province 


TOk> 

660 636 

677 

am in 

Newfoundland Province 

8b w Apr 

WVi 

649 671 

661 


Nava Scotia Power 

7 17 Dec 

laa 


697 

dm IN 

Novo Scotia Province 
On) ana Hydro- Elecir 

7ft 36 Dec 


7J6 734 

731 

dm TO 

P: 36 Dec 

IDI'S 


740 

am TO 

Ontario Hrtro-E tear 

r 4 i f i 

99b 

675 697 

653 


Ontario Hydro- E tear 

Enjiri 

W-, 

649 672 

253 

dm loo 

Ontario Province 

6 -X Sot 



406 

tan TO 

QuefMC Hydro 


TO 



dm 150 

Quebec Hydro 


ivn> 

762 

941 

am TO 

Quebec Hydro 

■ K'lri 

IB3V, 

739 

733 


Quebec Hydro 


lIDki 

734 

7J2 

dm TO 

Quebec Hvdro-Electric 

8 8» Sep 

ini'- 

£91 690 

740 


Quebec H ydro-EJetf/IC 

6ft X Apr 

IKKy 

6J0 531 



QuebK Hydro- Electric 

iruXAUB 
6ft W Dec 
6'v: -88 Mar 
7b V Feb 

99V, 



dm ISO 

Quebec Hydro- Electric 

9|V. 

699 

43a 


Dtiebee Hvdro- Electric 

TOv 




Quebec Province 

in 

735 


Quebec Province 

Ti VT jun 

70lk> 

645 

7.14 


Juebrc Prow mm 

67: T7 Jul 

99V- 



tan 1® 

Quebec Province 

6 D0MOV 

97ft 



dm 200 

Quebec Province 

7briADT 

Iffl'Y 

697 

732 


Suebec Province 

lOft VI ten 

115 

746 

935 


Quebec Provi ncs 


111', , 

765 

8.94 


Quebec Province 

101ft 

743 


tan IN 

Poval Bank 0* Canada 

7ft -90 Aug 

101b 

738 

744 


DENMARK 




dm to 

□en mark 

7ft 86 Feb 

100ft 

W 

782 

dm TO 

Denmark 

7ft 17 May 

100ft 

730 


YX— - 

Mid Atre 

Price Mat Life Cun 


tan WO 

Denmark 


or* 

70S 

7.l» 


dm TO 

Denmark 

m V ’ j i 

w 

?22 


61V 

dm 100 



KBft 

231 



dm W0 



TO 

299 



Wn TO 


I'.-lt Feb 

97' : 



647 

ran TO 

Denmark 

to.. 49 Mar 


837 

752 

833 


Denmark 


IOC » 




dm 150 

Denmark 

7ft 89 Nov 

TOft 

729 



dm TO 



M5" : 

8.12 


940 

dm >00 

Denmark 


TO'b 

7JS 


80S 


Denmark 






dm TO 

Denmark 

B tJMOT 

103ft 

724 


in 

dm 150 

Denmark 

1't -94 Apr 

Ifll'k 

7.70 


779 

dm ISO 

Denmark 

7ft -94 NOV 

TO 1 

:m 


7.71 

dm TO 

Copenhagen Cll/ 

■ft? 7-^1 

101': 

604 

643 

744 

dm 75 

Copenhagen City 


TO’t 

7 JI 

7JS 

7.49 

dm 75 

Copenhagen City 


96'* 

271 

7.16 


dm TO 

Copenhagen Citv 

B'y'WJca 

IDS'-. 

li: 

207 


dm ISO 

Copenhagen Citv 

7ft YS Feb 

«r- 

7.74 

739 


tan 40 

Copenhagen Telephone 

7’:XJon 

TO 1 : 

716 


7.4* 


Copenhagen Telephone 

7 37 Wav 

TO 


297 

7® 


COMmhoean Tel cohone 

6 1 : EBAer 

98-. 

655 


658 


Cooenftooen Telephone 

8ft TI Jul 




837 


Den Drank e Bank 

Bft 86 Nov 

101 

748 


117 





735 



*n 40 

Jutland Trteshane 

r.< ua Feb 

9Ts 

759 

7.75 


tan SO 

Juliana Tele shone 

Bft -9C Feb 

lOJft 

7 58 


121 


Martgope Bonk Denmark 

7 28 Jul 


245 

610 


run ISO 

Momma Bank Denmark 

8*1 90 Jul 


742 










dm TO 

Mortgage Bank Denmark 

Iflft 91 N» 

IlI'T 

117 


943 


Mortgage Bank Denmark 

Bft -93 Feb 

mr* 

743 


119 


FINLAND 





Om TO 

Finland 

5ft '86 Feb 

«ft 

60S 


536 

dm to 

Flnlond 

1(T : 'Si fjov 

ICJft 

729 


8JK 


Finland 






0«n TO 

Flnlond 

7 "87 Aar 

HU'. 

227 

647 

691 

dm TO 

Finland 

Praia May 

101 



743 

dm TO 

Finland 

Oft 19 ACT 

IIP 

745 



dm TO 

Finland 

8 IONOV 

ia- 

7.19 



am 19 

Finland 

Trail Apr 

TO .- 

7.19 



dm 200 

Finland 

7 -92 Jan 

98 

738 


7.14 


dmX Helsinki Glv 
dm 75 I matron vouna 
dim* Ina Mtge Bank Finland 
dm /a I nd Mlge Bank Flnlond 

dm X Pau taruukH o* 

dm UM RautaruukklOy 
dm SO T«o Power Company 
dm X Union Bank Of Finland 


lit V3 jgn 
3 8? Jan 
9 B*D« 
7 97 Jut 

53.88 Apr 
9 VI Sep 
6 38 Feb 
*<-.-89 DM 


104 

!U 

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811 788 883 

547 470 7 tfi 

7.95 7.97 200 

734 74? 7J|4 

181 703 SC 

Wft 755 IE 
97'; fill Tit 4.15 

91 7.13 785 653 


FRANCE 


dmn Aerancrt De Pans 
dm IX Banaue From Com Erl 
am in Banque Franc Cam Eri 
dm 150 Banaue Franc Com E •) 
dm ion Banaue Franc Com EaI 
dm IX Banaue Franc Cam Ex< 
dm MO Banaue Franc Com Eri 
dm 100 Baxaue Franc Com Ekt 
dm 100 Banaue Indnuez 
am in Banaue National Paris 
dm 75 Colsse Cenfr COOP ECO 
dm 100 Caiyse Cenlr Coon Era 
dm loo CaisseNotAuiaroutas 
dm 100 Corase Not Encrpie 
dm ioo Co rase Nat Telecomm 
am ion caisfe Not Telecomm 
am ioo Caras* Not Tyiecomm 
dm KM Cnhfl* Wa! Telptom/r 
dm 100 Credil Eaulpm Petti M 
dm Too Credil Eautum Petn M 
dm ix Credil Fancier France 
am so Credil Fancier France 
dm TOO Credil Fancier France 
dm IX Credil National 
dm 700 Credil National 
dm i<» Etocfncita France 
dm in Eleclricite France 
dm 200 Elecfriate France 
dm TOO Mtohelm Finance 


10? J 

701ft 

Wl 


8ft V2 Dec 
7ft 67 Jon 
7 87 Feb 
5ft 89 Jan 
4ft 89 Aug I0P. 

8ft VO Jul IOT: 

9 i V4 Seo 1C j 
O'kV'Jon 180ft 
7ft VO Mar 10! 
Tftvgwtar IE': 
riUJut 1RT: 

7 89 Apr 9 Vs 
S JV4AUB llCft 7X 
0 VJ Jan. IE 745 


Wj 


91: 85 Del . _ 

*'.87 Mar *53 

9<:V7Au3 Iffl-ft 75* 
7ft V3 Feb lOlft 744 
0 VIMOV 1CT-. 7.42 
r.vTFgb TP's 75 : 
Ift '90 Jul 103; 7.0 
7ft9?Aur 101ft 7 42 
IftEMn 105 720 

87 00 


7.79 7*9 885 

6.77 784 

.. . 6.TO *J»S *99 

«7^r 627 731 J50 

— 7*C 275 

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world Bank 
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World Bonk 
World Bonk 
World Bank 
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Boecfiam F./ianrwring 
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Avon inll Finance 
BankameficoO'S 
Beat rice Foods O/s 
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Cll- Honeywell Bull 
CKicarp O/s Finance 
Ernhorl O/i CofHttrt 
Crime O/s Finance 
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Gcuto Inll Finance 
toll Standard Etectri 
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PtiUhi Morris mtiCo 
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EUROPE 


SS5 S 

4b VI Jan 
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Sffl Ago Ah 
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*24 Bbe Brown Boveri 534 4ft V3 Dec 
*57 Bbc Brawn BayerfUL® ift VS Dec 
SX Beecham Fin 33942 6ft V3 Sea 
sx Boats Co Ltd 6ft VI Aug 

180 Catawrv Schweatws I 90 Dec 
S» Obo-GefayO/5lD0 4 vejui 
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SI® Credit Sola* Bahamas 4ft VI Dec 
SSI Elodrowatf Finance 5 98 Jun 

S25 ErmtoNv4].76 

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fTMO Gervah-Oorume 33 
S2S Hanson O/i Finance 
*25 Hanson O/s Finane* 

*40 Houaovens 1442 
11® id Finance 135 

*160 Id infl Fin 12*77 

*35 Incharae Bermu 15133 fftVZApr 
*40 irieticace Bermu 9337 I VSAug 
*74 IntershooO/s&n 5ft VD Od 

124 IntershaaO/sU® 

SX Metropolitan Estate 
SX Maet-Hamenv44S 
*75 Rank Oigannat 684* 
tom 20 Rothmans tntlUII 48 
159 SandozFlnanraS® 

*66 Sandal O/s 545 
SX SatcMI AD2L74 
*20 Slotor Walker 33445 
147 SuncfltoacE 
IX Survrtdanca 
*120 Swiss Bank Co O/S 
*20 Taylor Woodrow Iplf 
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SIS UM (luxembourg) 1® 4b 17 May 
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17* 

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93 15*06* maturttv hfl OI*a - hfl 1V8J34 

75b l6J«in maturity S53*V 

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I Jon 70 31 Dec 88 llfl OTB. hfl J9403 

17 Apr 71 15 Seo 92 PU3- p 157771 

1 Jul 77 maturity 

1 Feb 84 maturity 
IS Seo 72 18AUS92 
1 Fob 79 I Jul 91 
lllb 15 Jan 26 SDocQO 
131 1 Boo 79 mo tori tv 

TO W Jon 77 maturity 

25b 1 Od7V maturity 

86ft 17 Oct 23 27 JIB 99 

196b 15 Jun 78 maturity 
110b 155*079 5 May 89 
in 15 Sen 72 maturity 

377 15 Jan 81 70095 

290 1 Aua 81 7009# 

27 1 Jan 49 maturttv 

U9 150084 10099 

1U 16floy7I 1 SCO 97 
7Tb 15 Od 77 12 Mar 92 
22ft 15 Feb 81 15 Jul 95 
104 3 Apt 79 maturity 

103 )Ort«3 maturity 
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TO 2 Jon 85 7 Apr vv 
61b 16 Feb 24 motor! hr 
720 1 Jan 73 maturin' 

10083 maturity 
310077 maturity 


53)03/8 
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t Jul 11 moturitv 

1 Sep 80 maturity 

95ft 15 Jan 81 INovX 

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165 7 Jwi77 mtnvrify 

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11BX 
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P347-P47SJ65 

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JAPAN 


5ft V6 Mar 
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1® Alda Engtoeeriag 
140 Ajinomoto Ca 
*40 AfinomenCa 
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*15 Aires Co 
*70 Bridgestone Tire Co 
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SX DoMlK 

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SX Komatsu Ltd 
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S33 Moral Co Lid 
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140 MIMMihlGoro 
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SIS Mitsui Real Ertase . . 

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SX Nippon luaaku 
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SX N Logon Oil 
SX NIsoonDU 
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IX Sanyo Electric Co 
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SU Secant Co LM 
IX Sttmi Haavr Ud 
SX StorMIs 

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IX SunHomo Electric 

830 Sumflomo Metal Indust 6 tZMor 
SO SomUwnoMelol uwust 7 VSSa 
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SIX Tokyo Sanya Electric " 

170 TokvuCora . 
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SX TacMWCeramlesCo 
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SIX fibers Wv 355)8 
IX Nil Overaooi 111956 

SX RoM Median 121X 


loasi 9 Mar 96 Y554ID- M7J&5 
II Feb® 24MOT95 Y 53280- SSD40J 
13 Jul HI 72 marH Y I4U0- 941703 
3) April 22 Mar 99 Y1159 - 12B0D95 
I Nov 79 73 MOT 74 Y 45750. JUS® 

1 5rt>7fl 6 Jon 93 Y4065S- 472425 
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244b 23 Aug 79 38 Dec 94 Y39980- 4*1883 
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74 I Nov 79 9 Aug 91 Y843.9993® 

1® 20 Aug 81 25660T9* Y 2*860 - 271103 

124 1 Aug 7* U Mar«1 Y5XL4C- mm 

155b 11 Dec 21 255*09* Y 44160- *81235 
160b 1 Oct 22 25 Sep 92 Y 45850- 4662*5 

167* 5JOI64 2350091 Y5C2M- 54118® 
122b 1 Jul 81 72 Sec 76 Y 541*0- mem 

1 May *4 27 Mar 99 Ylfflaeo- 1317343 
15 Juf 21 21MX96 YJBQ- 333.7® 

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31 Mar® 29 Mar 76 V 42660- 57U59B 
1 Mav 79 24 Feb® Y 435.70- 540550 
1 Mar 82 ® Feb 97 Y 759X- 6H3JW 

20 June 1 7 Fed 98 Y884 - Q9625 

22 Jun 78 X Aug 93 Y 75050- 608JB5 
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138b X Jun 75 maturity -* 

91b 25000 11 Apr 98 
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119b 1 April 15 Feb 9* ... 

110ft 1 FeOB3 19 Dec 97 y 725.71- 790523 

IS 2« Aua 14 19 Aug 99 YlD®. 1102.145 
1«L 1 Jul 7* X Jan 91 Y6KJD- S»JD0 

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413 2BNDV75 19 NOV® Y409 - 337A5B 
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8* 17 MOV 83 'if! Seo ft Y 6*7 - 766.1® 

141 4 Nov ® » Mar 95 Y 42229- 47*90 

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131 1 Aug 77 X MOT 92 Y 38960 - 3*4.603 

TO 150079 mahirltv Y 4SU>« 5D4.738 

4 Jan 83 20 Mar 9* — 

1 Jun 13 SNkirn 
1 Mar 25 20 Mar® 

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INTERNATIONA L HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Pa^e 17 


New Eurobond Issues 


■"?, p 


■5' ••* 


• ‘ St 

fa.. 

1 3sf 4‘ 

£ SS fc 
I rig t 
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! 2 a fe, 
SSi? s' 


Fed Inaction Electricite de France Plans $400-MUUon Issue 


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f-'IJ. 


Issuer 

Amount 

(millions] 

Mat. 

Coup. 

% 

Price 

Price 

end 

wwk 

Terms 

floating rate nous 

Transcanenco 

530 

1990 

K 

100 

99.67 

Ow 4-month Libor. NancaVabia- Fem 0 JOS. 

Escom 

ECU 50 

1990 

Va 

100 

98.13 

Over S- month Libor. CaPofaln at par m 1996 and nchanga- 
aWa for foKtrato papar Mad bolow on any of tha fast tour 
intern! poymenr dotal. Feat 1 Wt 

„ FIXED-COUPON 

Anheuser-Busch 

5100 

1993 

n«* 

100 

9700 

CofloU t of 101 ai 1990. 

Neslti Holdings 

5100 

1991 

9h 

too 

98*3 

Codetta and redaemotto m 1988 a pal. *fwn nm. wrms 
moy ba ml. 

Tokcu Asia 

5100 

1995 

llVi 

100 

96.63 

Noncofabta 

Council of Europe 

DM 150 

1995 

r*i 

100 

9850 

Codetta or 101 ■> IW3. SinSung fund to Stan in ]992 to 
produce on 8-5-yr awoge Me. 

Finance Institute for 
Industry and labor 

DM 50 

1992 

7*t 

too 

9850 

NamoPabla pnwsla placement. 

, Portugal 

DM 150 

1992 

n s 

99ft 

9875 

Noncdlabia. 

Dow Chemical 

£300 

1997 

zero 

29 

27.88 

Proceacb £100 mtkon. 

Escom 

ECU 50 

1990 

10*. 

99% 

98.00 

NOncaDohk. 

Priwotbanlten 

ECU 75 

1992 

10 

100U 

99.50 

Cattoble <* 100W m 1990. Inaaated from SO nsPion ecus 

Ryots 

ECU 20 

1990 

open 

IDO 

98.88 

Coupon indicated at 91A. NoncaUable. Term to be urt May 

a 

Wcsrpac Banking 

ECU 50 

1992 

9H 

100 

?&38 

NoncaDdUe. 

New Brunswick 

CS 75 

1995 

11% 

100 

97 JO 

NoncaUable. 

Mortgage Bank 
Denmark 

¥10,000 

1992 

7 

99% 

9775 

Noncahble. 

Wool wort fa 

a*s30 

1990 

13ft 

100 

98.38 

Nonca&obi*. 

Finance Carp. New 
Zealand 

nzs20 

1989 

16ft 

100 

— 

NoncaUable. 

‘ EOUfTY-UNXED 

tonrho Finance 

$ 40 

2000 

open 

100 

— 

Coupon indented at 6%. Redeemable at 110 in 1989 and 
coHaUa at 104 n 1987. Converttte at an expected 5% 
premium. Term to be set Apnl 30. 

Restaurant Seibu 

S 25 

2000 

open 

open 

— 

SemaVKial coupon mdkated af 3KX. Callable of 103 in 
1988. Convertible t* an expected 5% premium. Terms <o be 
set Apnl 30. 

Vamamura Glass 

$25 

1990 

8/. 

100 

97.00 

NoncaUable. Each 55,000 note with one warranl exercisable 
mo shares at 588 yen per shore and oi 249.70 yen per 
doKa. 


■-!N!T = D STATES 


U.S. Rate Rise Halts Budding Rally 


^ESir^ 


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r A7£ j A.VE- 


(Continued from Page 15) 
holders have become aware just 
how speculative these low-margin 
notes are. 

The non -do [L it sectors of the 
bond market, although depressed 
by the dollar's 5.8-percer.t recovery 
last week, should get a speculative 
boost this week with the expected 
inauguration of zero-coupon bonds 
denominated in Deutsche marks. 
Austria is rumored to be planning 
the first such issue at the start of the 
month. 

Like the Dow Chemical issue an- 
nounced late last week, for a nomi- 
nal £300 million, the low purchase 
price — in Dow's case 29 percent of 
5 - J face value — in effect offers a veiy 
inexpensive way to speculateon the 
appreciation of the currency as well 
as a decline in interest rates. Even if 
sterling interest rales subsequently 
.'rise, as they started to late last 
week, foreign investors could still 
reap a profit. 

Polish Debt Talks 
Said to Be Stalled 

firt/M 

PARIS — Poland's insistence on 
■. getiing new credits for its ailing 
economy has led to deadlock at 
: talks in Paris aimed at giving it 
more time to repay its debts to the 
; West, according to Polish sources. 
A Polish delegation met creditor 
countries at the informal Paris 
. Club creditors' group Saturday 
with the aim of signing an accord to 
reschedule about 512 billion in ar- 
r : *rears on official debt repayments. 
'The payments are due between 
1982 and 1984 on debts guaranteed 
; by the 17 Western governments. 
But the sources said that last 
week's talks, like similar talks in 
March, had been stalled. 


s; 


sr- 

-..c 

■j-. 

li 


i r- : 

l? 

!U 


S. Pearson and Redland have 
previously issued Eurosterling ze- 
roes, but they were both seven-year 
bonds carrying a purchase price of 
481» and 48 percent, respectively, 
of face value. The higher price, the 
less well-known names and the 
smaller amounts <£100 million and 
£60 million, respectively, of face 
value) implying a less liquid market 
made those issues a less attractive 
speculation than the Dow issue. 

Dow, however, has used its ad- 
vantages to offer its notes at a 
ouch sharper discount from the 
rates prevailing in the domestic 
bond market — which only high- 
lights the expected speculative ap- 
peal of this paper. By putting up 
£290 for paper that will be re- 
deemed for £ 1,000 in 12 years, in- 
vestors in effect are earning 10.87 
percent annually. 

The shape of the Austrian zero is 
not yet known. However, from ear- 
lier reaction in the dollar market, 
issues with long maturities which 
allow for a low initial purchase 
price have the greatest appeal. 

Deregulation of the DM market 
in May will also see the launch of 
the first ever FRN denominated in 
Euromarks — Tor Dresdner Bank, 
market sources say. 

Under the new operating proce- 
dures. banks planning to launch 
DM issues must inform the 
Bundesbank three days before the 
end of the previous month. The 
Bundesbank will announce at the 
start of the month the number of 
issues that has been scheduled and 
the total value. 

Overall, the DM market was 
trendless last week with not much 
demand for the new issues offered. 
The exception, bankers said, was 
for Portugal's 150 million DM of 
seven-year bonds offered at a dis- 
count of 99'-i and bearing a coupon 
of 7?i percent — thanks to the 
relatively high yield (the Coimal of 


Enthusiasm 

Rcuten 

NEW YORK — VS. credit mar- 
kets closed slightly higher last week 
but remained sharply below the 
levels of j week earlier. 

“There's disappointment about 
the Fed and a profound lack of 
investor enthusiasm," a irader said. 

tug. CREDIT MARKETS 

Thursday's release nf U.S. bank 
discount window borrowing data 
showing a rise in the latest week 
helped dash speculation that the 
Fed would case policy. Thai less- 
ened investor interest.' 

Treasury bill rates fell three to 
five basis points Friday but were up 
two to seven basis points from a 
week ago. Prices of coupon issues 
edged up 1/32 to 1/4 point from 
Thursday and eased 4 to IH points 
over the week. 

The benchmark 1 Hi- percent 
Treasury bonds of 2015 closed at 
98-17/32. That reflected a 7/32 rise 
from Thursday's finish but was lb 
points beneath Iasi Friday's close. 

The Federal Reserve Board on 
Thursday helped quash hopes for a 
near-term reduction in the 8 - per- 
cent discount rate by announcing 
that U.S. hank discount window 
borrowings, less extended credits, 
averaged $449 million a day in the 
week ended Wednesday. That was 
up from 5335 million in the prior 
week. 

Analysts said the rise in borrow- 
ings probably was not entirely 
planned by the Fed. However, they 
added that the data still suggested 
that the Fed has no intention oT 
easing policy soon. 

The federal funds rate had trad- 
ed below the discuunt rate for 
about a week until Thursday, 
prompting speculation about a dis- 
count-rate cut and helping the mar- 
kets slightly. 

Indeed, the funds rate averaged 
7.69 percent in the week ended 
Wednesday. That was the lowest 
average since 7.53 percent in the 
week to June 21, 1978. 

After the borrowings news, econ- 
omists said the low funds rate was 
almost surely technical and related 


By Carl Gewirtz 

InienutuwU tlcraU Tritium 
PARIS — Electricite de France 
announced plans late last week to 
seek a S4U0-million, 10 -year multi- 
purpose facility in the Euromarket. 

Details about the fees and the 
drawing costs are to be released 
this week. The facility, which could 
be increased if market demand 
warrants, is basically aimed at pro- 
viding the French utility with 
cheaper lines of credit than those 
that are in place to back its sale of 
commercial paper in New York. In 
fact. EdF plans to cancel an equiv- 
alent amount of older, more expen- 
sive stand-by lines when the new 
operation is completed. 

At the same time, EdF is adding 
the option to Issue Euronotes or to 
arrange short-term advances from 
banks — the current rage in the 
Euromarket. But EdF has no im- 
mediate intention to activate these 
options us issuing commercial pa- 
per in New York remains a cheaper 
and more liquid source of funds. 

Like most other borrowers who 
have arranged note facilities but 
not drawn on them, EdF wonts the 
flexibility to tap the Euronote mar- 


issuance of notes is still treated like 
rolling over a syndicated credit, 
while the New York market is a 
day-to-day operation requiring the 
daily attention of corporate trea- 
sury officials. 

For issuers, especially the U.S. 

SYNDICATED LOANS 

companies w hich normally tap the 
CP market, the Euromarket offers 
a major attraction: the underwrit- 
ten five-io-seven year commitment 
of banks 10 provide credit at a fixed 
margin over the floating interbank 
cost of funds. In the New York 


Currently in the market is a 
SldO-million. seven-year Euronote 
issuance facility for Alfa-Laval, the 
Swedish equipment maker. Banks 
arc being asked to underwrite only 
$50 million. Or this. S25 million is 
to be available for only three years 
— for which Alfa will pay an annu- 
al facility Tee of 61a basis points. 
The remmning S25 million will be 
available for seven years and the 
facility on this portion is set at 7'j 
basis points. 

During die first two years. Alfa 
van borrow from the banks or not. 
In the third year, if it has not bor- 
rowed S50 million. Alfa will pay a 
nonulilization penalty fee of 2^ 


Threats of a boycott by U.S. 
banks of Colgate-Palmolive's 5200- 
million. five-year facility have 
proved to be false. Three U.S. 
banks — one New York bank, one 
“very large" non-New York bank 
and one regional bank — have 
joined the underwriting which was 
about 25 percent oversubscribed, 
said u spokesman at Samuel Mon- 
tagu. which is arranging the trans- 
action. 

In the classic syndicated credit 
market. Melior Consorzio. an Ital- 
ian state credit insiitunon. is seek- 
ing a three-port, seven-year loan. 
This includes S105 million of float- 
ing-rate money with interest set at 


market, banks usually provide a ^ aj .j s on ' ^ 'amount over Vpomt over Libor and 75 million 
letter of comfort to the rating agen- ^ million that w as not used. In Swiss francs and S5 million Deut- 

ihc nml four years, ii will pay that 

S ^>h= .■ ,mounl “f 


banks in the United States make no 
commitment on how much they 
will charge the borrow er to draw on 
that credit. 

The annual facility, or commit- 
ment, fee of a few hundredths of a 
percentage point paid to secure the 
Euronote underwriting is obviously 
viewed by borrow ers as cheap in- 


525 million that has not been 
drawn. 

The charge to borrow from the 


sche marks of fixed-rate funds. 

Jordan is in the market for S200 
million. Interest on its eight-year 
credit is to be set at 4-pomt over 
Libor for the first four \ ears and 


banks is sex at 10 basis points over point over thereafter —higher than 
the interbank rate. In addition, the 'i-poim margin tor seven vears 
Alfa is paying a one-time front-end that it paid last year. 


su ranee against the possibility that 
ket in the event that it ever becomes .margins charged by banks over the 
a cheaper source or that a wider, coming five to seven seats rise from 


more international investor base is 
sought to purchase its short-term 
paper. 

While New York remains 
cheaper source of funds for compa- 
nies that issue short-term (usually 
28- to 35-day) lOUs, the differen- 
tial against the Euromarket (as 
measured by the one-month Lon- 
don interbank offered rate) has 
narrowed substantially. Bankers 
reckon that two years ago, 30-day 
commercial paper was up to 200 
basis points (or 2 percentage 
points) cheaper than Libor. Cur- 
rently, the difference is 25-to-30 
basis points. 

Occasionally, the spread is even 
narrower. Bankers explain that 
Sweden's recent issuance of short- 
term Euronotes at only 3 basis 
points below Libid (the bid side of 
the interbank rate), which was sig- 
nificantly less than Sweden had 
paid on previous note sales, coin- 
cided with an inversion of rates 
that puL the New York CP rate 
higher than Libid. 

Generally, however, Sweden has 
been paying about the equivalent 


the current very low levels. 


fee of 5 basis points on the three- 
year commitment and 10 basis 
points on the seven-year portion. 

A S200-million Euronote facility 
for the State Bank of New South 
Wales is scheduled to be launched 
this week. 


Czechoslovakia is reportedly 
sounding the market out for terms 
on a loan of up to S200 million and . 
bankers report that competition to 
win the mandate is wild with ru- 
mors of offers to do the loan at a 
low fa-point over Libor. 


Europe paid 71* percent for 150 
million DM of 10-year money) and 
the scarcity value of the name. This 
is Portugal's first fixed-coupon of- 
fering in 20 years. 

Paper denominated in European 
currency units remained iu demand 

thanks to the relatively high cou- — JUUU4 Ult 

pons of about 10 percent. The lat- to a Fed error on reserve projec- Q f the CP rate as interest on its 
esl issuer is South Africa’s Electric- lions. In the two-week statement Euronotes is tied to Libid, normal- 
ity Supply Commission. As placing period ended Wednesday, they j v 12.5 basis points below Libor, 
of South African paper is always said, the Fed simply added too 
difficult — and espttially so now many reserves in the first week and 
given the current disturbances — did not take out enough in the 
the 100 million ECU financing has second, 
been split in two. The Fed on Friday added re- 

Escom is offering 50 million serves indirectly by arranging S1.5 
ECU of five-year fixed coupon, billion of customer repurchase 
10 J 4- percent notes at a discount of agreements with Fed funds at 81k 
99^4 and 50 million units of five- percent. Funds opened at 8-3/16 
year FRNs whose coupon will be percent and in thin late trading 
set at ‘4-point over the three-month dipped as low as 7’4 percent 
interbank rate. During the first Three-month Treasury bills 
year, the FRNs can be convened, dosed at 7.79 percent, down five 
at par, into the fixed-coupon issue basis points from Thursday but 

two basis points higher than last 
Friday. Six-month bills were down 
four and up six basis points in the 
respective periods, at 8.04 percent. 

One-year bills finished at 826 
percent. That was down three basis 
points and up seven in the day and 
week, respectively. 

Among Treasury coupon issues, 
the 1 His of 1995 rose 3/16 Friday 
to dose at 991*. a price that was 
down 1-32 point from a week ago. 

The new 9-3/4 percent notes of 
1987 finished at 99-3/4. That was 


and the notes have been issued at 
discounts to Libid averaging some 
10 basis points. 

There are other, more funda- 
mental differences between the two 
markets: size and comportment. 
The New York market is huge and 
EdF, for example, one of the big- 
gest European users of the CP mar- 
ket, has several billion dollars of 
paper outstanding. The fledgling 
Euronote market is smaller and the 


F jjjjgE KUWAIT FINANCIAL CENTRE S.A.K. 

C HEREBY ANNOUNCE THE NOTICE OF REDEMPTION 

COMPAGNIE NATIONALE ALGfiRIENNE DE NAVIGATION ("CNAN”) 

8*A% GUARANTEED BONDS DUE 1986 

UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY 
BANQUE EXTfeRIEURE D’ALGlRIE 

In aeeorda a tM with Paragraph B, Pag* 10 of Mm Fiscal Agraamant (Mandatory Repaynmnf*} Hw 


lowing Bonds %1B be wJiamed at 100% plus interest on May 

15, 1985. 



5103 

5111 

5116 

5126 

5130 

5133 

5211 

5216 

5221 

6145 

6148 

6156 

6163 

6165 

6169 

6175 

6181 

6184 

6189 

6193 

6202 

6205 

6208 

6211 

6215 

6218 

6224 

6229 

6232 

6238 

6239 

6248 

6256 

6259 

6264 

6593 

6601 

6603 

6611 

6612 

6616 

6618 

6623 

6626 

6635 

6636 

6644 

6648 

6654 

6662 

6667 

6668 

6672 

6676 

6684 

6695 

6705 

6706 

6710 

6715 

6717 

6729 

6732 

6740 

6743 

6744 

6748 

6752 

6756 

6761 

6766 

6770 

6773 

6782 

6787 

6789 

6861 

6867 

6879 

6885 

6886 

6895 

6899 

6903 

6907 

6913 

6914 

6920 

6928 



Abov® nMfritonad Bands with remaining Coupon* (attached) should b* surrende re d to Mm Fiscal Agant 
or Payin g Agsah h dwt May IS, 1985. From and offer May 15, 1985 intere s t on those Bonds shall 
cm to accrue. 

Remaining Coupons (No. 9) appertaining to the remaining Bonds (not listed dbave) should be detached 
mid surrendered to the Fwd Agent or Paying Agents before May 15, 1985 For payment on such date. 

Fiscal Agent and Paying Agent: 

Kuwait F in ancia l Centre, S.A.K., P.O. Bax 23444 Safot, 

Kuwait City, Kuwait 

Paying Agents: 

Kredfetbank SA Luxembeurgeoise, 

43 Boulevard Royal, R.C Luxembourgeoise No. B6395. 

BJU.L (Middle East) EC 

Pearl of B u hrain Budding, G ov e rnment Roadk P.O. Bra 5333, 

Manama, Bahrai n . 

KUWAIT FINANCIAL CENTRE SJUC 
Princi p al Fiscal Agent. 


on any interest payment date. 

Bankers expect a favorable re- 
sponse to the coming French franc 
issue for Peugeot Rh&ne- Poulenc 
is scheduled to tap the market latei 
in May. 

But the other high-coupon issues 
found little support. The return on 
New Brunswick's issue of 75 mil- 
lion Canadian dollars was consid- 
ered unattractive relative to domes- 
tic yields or relative to yields on 
U.S. Eurodollar bonds since the 
Canadian dollar is not seen os hav- 


ing much potential for appreciation up 1 /32 from Thursday and about 
against the U.S. dollar. The weak- 5/32 beneath Wednesday’s auction 


against 

ness of the Australian dollar has 
dampened interest in that sector, 
although Woolworth is currently 
offering 30 million dollars of five- 
yearnotes bearing a coupon of 13% 
percent. For what bankers them- 
selves refer to as “rate hogs," there 
is a four-year issue of 20 million 
New Zealand dollars for Finance 


average of 99.893. The 9.81-percent 
average yield at the mommy auc- 
tion of two-year notes was down 
sharply from 10.86 percent at the 
March sale. It was about the same 
as tbe 9.83-percent average at the 
January irction. 

Analysts said the markets are in 
a fairly good technical position. 


Corp. of Australia bearing a cou- with low financing costs and rda- 
pon of 16<£ percent. lively light dealer inventories. 



French Firm, 
Nigeria Sign 
Barter Pact 

Agener Franc? -Presst 

LAGOS — A private French 
\ trading company has signed a 
S500-miJIion trade exchange with 
Nigeria under which the firm will 
provide Lagos with a variety of 
products in return for oil, business 
sources here said. 

The accord with the French com- 
pany, Scoa, followed the signature 
of a similar exchange between Ni- 
geria and a Brazilian company, Co- 
tia. It could in turn be followed by 
several other trade packages with 
Italian, West German and Austrian 
firms, the sources said, 

Nigerian officials and represen- 
tatives here of Scoa confirmed that 
an agreement was signed Thursday 
involving shipments bv the French 
company to Lagos of spare parts 
for vehicles mannfactured by 
France's Peugeot, along with sugar 
and other goods. 

No official figures were prodded 
but tbe sources here said the prod- 
ucts to be supplied by Scoa would 
be worth about S375 million and 
would be accompanied by an addi- 
. tional $125 million in cash. In ex- 
Vf \ * t , nri* change, Nigeria would provide the 
...^c'pd 00 “ firm with $500 mfllion worth of cal. 

1 1 " The sources said the French stale 

oil company Elf-Aquitaine had 
agreed to purchase the oiL 
The Nigerian authorities de- 
scribe such deals as "countertrade" 
agreements to distinguish them 
from barter trade of oil for goods or 
technology. Such agreements are 
prohibited by the Organization of 
Petroleum Exporting Countries, to 
which Nigeria belongs. 

The government argues (hat the 
exchange of oil for other products 
is legal because money changes 
hands. 


Sales of Japanese Autos in U.S. 


Manufacturer 

1984 

1983 

1962 

1981 

1980 

Toyota 

557.979 

555.766 

530.246 

576.491 

582.195 

Nissan 

485.298 

521.902 

470,264 

464,80 6 

516.690 

Honda 

374,819 

350.670 

365 865 

370.70 5 

375,388 

Majda 

169,666 

173.388 

163.63B 

166.08 7 

161.623 

Fuji Heavy 
Indus! ri« 
(Subaru) 

157.383 

156.B40 

. 150.335 

152.062 

142,968 

Chrysler/ 

Mitsubishi 

91.716 

103.569 

102,227 

110.940 

129.350 

Mitsubishi 

Motors 

39.104 

32.755 

3.950 

0 

0 

Isuzu 

17.233 

20,731 

15.462 

. 17.805 

0 

General Motors 

13.004 

0 

0 

0 

0 


(imports Irom 
Suzuki ana 
isuzu) 


Th» Mn York Tm 


Car Quotas Favor Small Firms 



. l b 



(Continued from Page 15) 
stead, the announcement touched 
off a storm of criticism, plunging 
the two nations into a trade crisis 
and provoking threats of retalia- 
tion from Congress. 

The trade ministry’s announce- 
ment also provoked anger in Japan. 
Automakers, chafing under four 
years of quotas, had urged the min- 
istry not to impose new limits, or at 
least to wait to do so if exports 
began flooding into (he United 
States. Prime Minister Yasuhiro 
Nakasone recently conceded that 
the ministry's decision to announce 
a new limit without waiting to see if 
imports shot up had been a “mis- 

cakulation." 

Since the announcement, minis- 
try officials have been uying to win 
agreement on each automaker's in- 
dividual share — a task complicat- 
ed by the fierce competition among 
Japanese automakers, who depend 
on exports for most of their profits. 

While most Japanese auto indus- 
try executives said privately that 
they were not happy with their to- 


tals, no one would comment offi- 
cially and none said they were sur- 
prised by tbe figures. 

Japan’s smaller automobile mak- 
ers. such as Mazda, Mitusbishi, 
Isuzu and Fuji Heavy Industries, 
the maker of (he Subaru, believed 
they were unfairly held back under 
past quotas and had pressed for 
larger shares. The quotas gave big- 
ger growth to the bigger companies. 

When the quotas were originally 
set, they were based on export lev- 
els at that time, when tbe snaller 
companies had not yet made big 
inroads in the U.S. market Since 
that too, the larger companies 
have established production f acui- 
ties in the United States, and so the 
smaller companies may have had a 
better case for their arguments in 
this round. 

Also, with trade frictions so in- 
tense, it seemed essential to give the 
U.S. companies as many cars as 
possible. In that case the larger 
auto makers understood that thtir 
share of the increase would have to 
be held back. 


Bargained 
Wages Rise 

77ir Associated Pros 

WASHINGTON — Annual 
wage increases averaged just 3 per- 
cent in major collective bargaining 
agreements negotiated in tne first 
three months of 1985, the Labor 
Department reported. 

Agreement was reached on 47 
contracts covering 173.000 workers 
during the quarter, said the depart- 
ment's Bureau of Labor Statistics. 

Some 126,000 of the workers 
whose pacts were settled had wage 
increases in the first vear of the 
contract, 37,000 had no wage 
change and the remainder had de- 
creases. The 47 pacts contained 
wage increases averaging 2.8 per- 
cent in the first contract year and 3 
percent annually over the life of the 
contract. 

One-quarter erf the workers cov- 
ered by settlements were employed 
in retail trade. 

Twenty-five percent of the work- 
ers under first-quarter settlements 
were covered by cost-of-living 
clauses. Wage adjustments stem- 
ming from cost-of-living clauses 
are not included in wage increases 
because the adjustments depend on 
future consumer price increases. 

Meanwhile, there were 1 million 
o titer workers whose contracts ex- 
pired but had not been renegotiat- 
ed or ratified by the end of the 
quarter. 

Among the workers without con- 
tracts were 400,000 employees in 
railroad transportation whose la- 
bor agreements expired in June 
1984, and several hundred thou- 
sand workers in the trucking indus- 
try whose tentative agreement with 
tne Teamsters union had not been 
ratified by March 31. 

Of the workers whose agree- 
ments expired and were not re- 
placed, just 3 percent were involved 
in strikes. 


Caiharanthus rvsetts. Many uj the world's, children 
tcho have suffered from Leukaemia are now alive 
due to t he properties discovered in the 
rosy periwinkle. It originate d 
in Madagascar, where thousands of 
endemic plants are in danger 



Plants have fed the world 
and cured its ills since life began. 

Now we’re destroying their principal habitat 
at the rate of 50 acres every minute. 


Photo: Mark J. PJmlin 


W e live on this planet by courtesy 
of the earth’s green cover. Plants 
protect fragile soils from erosion, 
regulate the atmosphere, maintain 
water supplies for agriculture and 
prevent formation of deserts. Without 
plants man could not survive. 

Yet, knowing this, we are destroying 
our own life-support system at such an 
alarming rate that it has already become 
a crisis - a crisis for ourselves and an 
even bigger one for our children. 

The figures alone should tell the story 
- we destroy a tropical rain forest three 
times the size of Switzerland every year, 
within 25 years onlv fragments of tne 
vast Malaysian and Indonesian forests 
will remain. 

What we are destroying ' 
Much of the food, medicines and 
materials we use every day of our lives 
is derived from the wild species which 
grow in the tropics. Yet only a tiny 
fraction of the world’s flowering plants 
have been studied for possible use. 
Horrifyingly, some 25,000 of all 
flowering species, are on the verge of 
extinction. 

Once the plants go, they are gone 
forever. Once the forests go only 
wastelands remain. 



Photo- Court cry of Rich aid Evan* Schultes 
Dr. Richard Evans Schuhes . director of the 
Botanical Museum at Harvard University, has 
spent 13 years in the Amazon jungle collecting 
the ‘magic 1 plants of myth and legend and 
making them available to Western medicine 
and science. ‘“The drugs of the future? he says, 
grow in the primeval jungle." 

Who is the villain? 

There is no villain - except ignorance 
and short -sightedness. Tne desperately 
poor people who live in the forests have 
to dear areas for crops and fuel, but 
they are doing this in such a way that 
they are destroying their very livelihood. 

Add to this the way in which the 
heart is being ripped out of the forests 
to meet the demand for tropical 
timbers and we have a redpe for 
disaster. 


What can be done abont it? 

The problem seems so vast that there is 
a tendency to shrug and say “What can 
I do?" But there is an answer. 

The WWF Plant 
Conservation Programme 
The World Conservation Strategy, 
published in 1980, is a programme for 
conserving the world's natural resources 
whilst managing them for human 
needs. A practical, international plant 
conservation programme has been pre- 
pared based on WCS principles ana is 
now well under way all around the world. 

You can become part of it 
The WWF Plant Conservation 
Programme is a plan for survival which 
you can help make a reality. Join the 
World Wildlife Fund now. We need 
your voice and your financial support 
Get In touch with your local WWF 
office for membership details, or send 
your contribution direct to the World 
Wildlife Fund at: WWF International, 
Membership Secretary, World Conser- 
vation Centre, 1 196 Gland, Switzerland. 


#ti Save the plants 
that save us. 




WWF FOR WORLD CONSERVATION 


Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY. APRIL 29, 1985 


j NASDAQ National Market 


5am In Net 

1003 High Lm Close Chue 


Me 


ASMFd 

ADCT1 

AEC 42 

AELs 

APC 

ASK 

ATlE 

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AVM 

AomRt 

Abrams 24 

Acad In JO 

AcctpRs 

ACelrln 

AcuRnv 20 
Ace to 5 
Admed 
AOacLb 
Adooe 

AdlsnW 70 
AOvar 
AdvGen 
AdvTel 
Aequtm 
AerSvs 
AfIBcp 
AtfBsh 
ABCVRt 
AJdAut 
AlrMd 
AlrWtec 

AlskBc 

AtskMI 
AlskNt 
AfsfcPe 
AH»*B 
Allin 
Algorex 
Allcoln 
AleoWt 
AlbraBv 
AlenOr s 
Allaen 
AIWCop 
A llnef 
AllyGar 
AbMIC 
Altrncr 
ADOS 
Altran 
Amoast 
Amrfrd 
AWAJri 
AmAdw 

AmCarr 
ACcnti 
AExpl 
AFdSL 
AmFrsI 
AFiefc 
APym 
A Greet 
AminLf 
AlndF 
AlnvLf 
Am List 
AMaont 
AAAS 
AlWldSv 
AUMI 
ANIIIU 
APhyG 
AQuasr 
ASreCs 
Amstts 
ASotar 
ASorg 

AWstCP 
Amrlfr 
Amrwst 
Amgen 
AnukB 
A mask 
Am pad i 
Anadlle 
An logic 
Analyl 
Anoren 
AnnrGr 
Andovr 
Andrew 
Andros 
Apogee 
ApoloC 
APoleC 
ApiBlas 
APMCm 
APldDi 
AptdMt 
APldSIr 
apis wr 

Arabs h 
Archive 
ArgoSv 
ArttB 
ArowB 
ATM 
Ash Inn 
AsdBcp 
And Co 
AsdHsi 
AstroM 
Astrcm 
Astron 
Astrosy 
Atoor 
Atlwy 
AHGsLt 
Alt Am 
AtlntBc 
AHnFd 
AH Fin 
AH Res 
AlSeArs 
AudVW 

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AutoSy 
Autmtx 
Aujrton 
Avocre 
AvntGr 
Avntek 
Avntar 
AvlotGp 
AztcM 
Aztdh 


WM 5ft Alb + 

223 141k 13% 14V. + 

16 2912ft 12to W4 

31125% 25 25V. — V4 

202221% 21 21ft— ft 

778016 14% 14%— 1 

212011% 10ft llft+ I 
135 4 3% 3% — ft 

1410 9% p%— I 

6321ft 20V. 21 + ft 

30 9 Aft Alfa Aft— % 

2.1 3258 9ft 9 9ft— to 
1060 5ft 5 5ft + to 
372 9ft 9ft 9% 

7 197522 20ft 21%+ lto 
AS 1 Aft 15% 15% — % 
107H27 25ft 27 + 1% 

1245 Aft 5ft 5ft— ft 
838 8% B'A Bft+ Vi 
2 A 16530 29 29ft— to 

2013 Oft 7ft 8% + ft 
B3B 4ft 3ft 3%— % 
320 Aft 6ft 6to+ ft 
307 4% 4to 4ft + ft 
431 2ft 2ft 2ft— ft 




3018 

16% 

16% — 

1% 


56 

545014% 

13ft 

14ft + 

M 



29% 

31 + iua 




Aft 

4ft + 

H 

.I0e 


30312ft 

12ft 

12% — 

ft 


482415% 

14% 

15% + 

ft 



169 Aft 

Mk 

Aft 




51917 

15% 

14% + 




1013ft 

13% 

13ft + 

ft 


12 

2352* 

25ft 36 + 

Ik 

100 




36% — 



18020ft 


20% — 

Vl 



157 7% 

wm 

7 — 

% 


A 3553 49ft 50 + 1 

2 174622V. 20ft 21%+ ft 


60 

20 

107920ft 


20 — 

to 



12431 


30 + 


04 

14 

150025% 


24ft— 

% 

IJIDa 47 

4522 

21% 

21% 




406 2ft 

2% 

2ft + 




13412 

11% 

12 




1082 7% 

7% 

7%— 

ft 




7% 

7% 




466811% 

HKb 

11 + 

ft 



34712 

11% 

11% 



27 

1890 15 

1491 

15 


37b 17 

23 4% 

4 

4% + 

ft 



5372 8 

7% 

8 + 

ft 



26910% 

9ft 

10 — 

% 


57 

1917% 

17% 

17%— 

% 

60 


99212 

11% 

12 + 

ft 


308511% 

10ft 

lift— 

ft 



283 8 

7ft 

7ft 




532 Aft 

4% 

Aft 


60 

42 

160814% 

PH 

14% + 

ft 



287 7ft 


7% 


160 

30 

J9T45 


45 



Z3 

231120* 

it Pt 

12 — 


SB 

101114737ft 35ft 

36ft + 

ft 


30 

33*611% 

inft 

11% + 

ft 

1.12 

53 

2820% 

J9ft 

19ft— 

% 

20b XI 

*9 6ft 

6% 

*%— 

ft 



18 8% 

Bto 

Bto — 

to 


108 3J 


ua u 


.72 


170a 32 
11 


403 9% 8% B%— 1 

34017ft 16ft 17ft + to 
21616% V4% 14% — I 
1760 ft ft ft+% 
34333 ft 32ft 33ft + ft 
173 6to 5% 5%— ft 

B73 1 % to— ft 

B38271A 26 24% + to 

23412% 11% 12 — to 

58 SE "ft *= a 

128 7ft Aft 7 
64744ft 44ft 44ft + 1% 
19821V. 20ft 21 + to 

3847 A 5to A + ft 
12 179322ft 20to 22ft + 1ft 


ft 


-80b 27 
112 47 


.12 17 


.10 0 

04 IS 
00b 42 
152 10 
400 17 
.90 10 


.20 4 3 


2641 38 38 —2 

9619 18to 18% + i 
23 6% Aft 6% 
90713% 12ft 13ft + 
102110V. 9 9% — 

94912% 12ft 12ft— 
6312U. 10% 11% + 

43 7 Aft Aft— 

526623 21% 22% + 

178 4ft 4 4ft— 

388 9 SV. » + 

1884323 21ft 22ft— 
2264122ft 21 21ft— 

309622ft 20ft 22 + 
113517 TAM 16% 

15 5 4ft 5 + _ 

228526ft 24 34ft— 1% 

287 9% 9ft 9% + ft 

44 to U to 
252 7ft 5ft Aft 

1305 6ft A 6% 
65420% 19 to 19ft— to 
93729% 28% 29%+ 1 
3245ft 44 45ft 
163 7to 7 7 — to 

548 9to 8% 8% — ft 
7626ft 26 26to+ to 

2 6% 6 6 
73114 12ft 12% — 1ft 
23S 9ft 8% 9to+ % 
222 5ft 5 5ft— ft 
104 12W 11% 12ft + % 
394 7% 7% 7%+ ft 
38118% 17% 17% + U. 

920% 19 19 — 1% 

38231ft 30% 31ft + to 
17322V. 21ft 22V. + ft 
23430ft 29% 30ft + % 
44412% 12 12ft— ft 

275111% II 11to+ ft 
32935% 3SM 35to 
297814% 13 14ft + 1 
45419ft 19 19ft— ft 

88 4ft 4M 4ft + ft 
8318 17ft 17ft— ft 
118 8 6% 6%- lM 

13110ft TOM 10ft + ft 
1015 7ft 7 7ft 
429 5V. 4ft 4ft— ft 
396 6 5ft 5%— ft 
89612ft 11% 12 + to 

306623ft 22ft 22ft— ft 
58718% lSto 18ft 

16% 17to + 


187*4% 4ft 4% 

25 2ft 2ft 2ft- 


l 


B 


220 45 


.10a 15 


IJKta 29 
50 12 


jOSo 3 
45 


50 

124 


50 95 
120 45 
15 


40a 32 
150 *J 


500 24 
222 45 
.13 15 
25e 21 


BBDO 

SP- 
EW 

BRCom 
BojrdC 
BokrFn 

SSS& 

Bn Pane 22* 
BancPs 
Bancofci 
BcbHw 
B andec 
BangH 
BUMS 
BkGran 
BkNE 
BkSou 
Bnfcests 
BknthG 
BkMAm 
Bonkvt 
Bcntas 
BoranD 
Barlckg 
Bo rr Is 
Barton 
BsTnA 
BosAm 
BsetF 
BOyBkS 
Bavlv 
Beglev 
BJFuses 
BelINt 
BellW 
BnctiCf 
Benhan 
Benhn wt 
Berkley 22 
BerkGs 250 
Berk Ha 
BcsICp 
B elzLB 
Bibb I 
Blue 

BloUrar 

Billings 
Blndlv 
BtoRes 

Bloaen 
Bio met 
Bjosrc 
BkdcR 

Bird Inc 

BhhGr 
BFckind 
Bkmus 
BOssAT f 

BRdaun 

BoatBfl 150 4 A 
BobEvn 20 15 
BollTC .16 25 
Bowl El I 

Boattiln 

Booth F t JO 14 
Best Be 
BstnDIg 

BstoFC 20s 12 
BrodyW ,10e 2 
BraeCn 

BrncilC 120 17 
Branco .12 24 

Brno I'd ,13s 35 


154850V. 

52 7 
260 2ft 


48 48ft— 1% 

lft 1ft + to 
7 7V. — ft 

6ft Aft— to 
2% 2ft + ft 
92910% 10 1014 

452 8to 7ft 7%— ft 
25935 34ft 34% — W 
2971 59 64ft + 8ft 

1194 Sto 7V. 8ft + ft 
324124ft 23ft 23%+ ft 
6650ft 48ft 50 — ft 
23926V. 24% 25to— to 
41718% 17ft 18ft + % 
38431ft 38to 31to + to 
43010ft 9to 9% — lft 
642 Bft 8 Bft 
5129 27ft 28 — ft 
828 26 27 —1 

254 41 126569% 67ft 68ft 
58b 24 11128ft 27% 28ft + to 

42013ft 12ft 13 + % 
1118 17 18+1 

I58S0% 10 SSJ%+ ft 
57812ft 12 12 — to 

190432V. 31ft 31% — to 

i 3 « % %=** 

4784199b 14 19% + Sft 

126 3ft 3ft 3ft— ft 
139 9to Bft 9V. + ft 
51011ft 10W 10ft— ft 
66*33% 33 33%+ ft 

54SS2 

243 7 
2217 

244 7 
5305 4 V. 

■10b 1.1 233 9ft 
219 9 


CernrA 

Cermtk 

Cetus 

ChodTh 

OimpPt 

ChncCp 

QiapEn 

Chars 1 1 

ChrmSs 

Charvox 

ChathM 

Chattm 

ChkPnt 

CMcTch 

OiLwn 

Chemax 

aiFob 


5am In Net 

1 00s High Law Close CHS* 

2 15 127 7to 6to Aft + ft 

195 3ft 3 3to 
130011ft llto 11% 

9 1 1 1 

55 Aft 5ft 5ft— to 
82 6 5ft 6 + % 
504 5ft 5ft Sto + to 
32715ft 14% 15ft— ft 
U 224016% 15% 16 — ft 
166715ft 15ft T5ft + ft 
5022% 22 22% + % 

8418ft 18 18 + to 

91518 V. 17 18 + ft 

Z79 8to 7% 8 
76280V. aft 28%— 1 
797 5% 5 5ft + ft 
1644 6% 5% 4to 


.10 13 


50a U 
M 27 





45417 

16% 

16% — 

% 




232 Sft 

5 

5ft + 

ft 

ChryE 

.12* 10 

76712 

11% 




128 


10825ft 

25 

25ft 


ChesUts 

108 

6J 

2025ft 

25% 

25% — 



20 

25 

18V 8% 

8% 

8% — 

ft 

Chichi 



69191IM 

9ft 

10 — 


ErteTt 

IJBo 32 

183432ft 

31ft 

32ft + 

ft 

ChIPae 



83581ft 

i.’in 






1099 

99 

99 












4% 

5 + 

to 

Chit end 

100 

52 







123613% 

12% 

IZft— 

1 




tT'Zl 







58 Aft 

4 

4 — 

ft 




639 9% 

Bft 







13ft 

14%+ 1 


J8 

Z5 

158615% 

14ft 

15 





245913ft 

10ft 

lift— 

lft 

Chvra* 

.10 

1.1 

732 9 













51r 

- 12 e 


I 


ClnnFn 
anMIc 
□mas 

Cipher 

apneo 

Clrcon 
CtzSou 
CtzSGa 
CxFIds 
CtzGtP 
CtxUt A 
ClzUtB 
atvFed 
OvNCP 
CHy Bat 
ClalrSI 5 
OarkJ 
ClDSlCC 
ClearCn 
ClevtRt 
athtme 
Coast F 
Cxtllnt 
CstSav 
CobRsc 
Cab* Lb 
CacaBtl 
Coeur t 

Cosenlc 
Cohrnt s 
ColabR 
CoJaoen 
CalFdl 
Collins 

CalABn Mb 26 
CBcbpA Me 41 
CalnGaS 156 95 
ColOspf 150 11.1 
CalUAc 7 J00 23 
CalrTks 
CofoNl 34 
CaluFd 
ColSov 
ColaMlI 1 j 00 
Comars 
Comarc 3X1 
Camcst s .12 
Camdta .16 
Cnmdlal 
Comarc 210 


62597% 93ft 97 + 3V. 

1 16816 % 15% 16ft + ft 

59733 32 32% 

•82819% I7to 17% — 2 
113 7ft Aft 7 — to 

100 5% 5ft 5ft— ft 

150 23 27837V. 36 36ft 

M 35 235822ft 21W 22 

154 35 36428% 28ft 28% + ft 

5Be 27 1317ft 17ft 17ft— to 

t 23536% 35ft 34ft + ft 

156 55 17434 33V. 33to 

55o 2L4 923710% TOft 10ft + ft 
5Bb 35 43128 27V.Z7to— % 

154 25 8336 34 35ft + lft 

.10 5 216319% IBft 19% + 1 

58 35 95325ft 24V. 25 + % 

164 6ft 6 Aft + ft 
26117 14% 15 - lft 


200 95 38*20% 2® 2Bto— to 



56016 

14ft 

15 — 

ft 


264 



21816% 

16% 

16% — 


FHttiT 9 



JOe ID 

45 7% 

6ft 




68 

Z1 

2314ft 

14% 

14% + 

% 




67 3ft 








230916 

14ft 

15ft + 

Vk 


.9 


.56a 10 

48535ft 

34% 

35 — 


Flninst 

.13* 

IJ 


GomBc 
ComBpf 
CamBsn 208 
Comar 212 
CmceU 
Cm B Cal 
CmdBn 
CmlShr 
CwlHiB 
CwdtlF 
CmwTi 
ComAm 
Comlnd 
ComSy s 
Com5hr 
CmeCds 
emails 
Comooa 
CmpoT 
CmpCr 
CmprsL 
Onpai 

SX" 

Corrunrs 
CCTC 
CmpAs 
CptAut 
Cm pot 
CatEnt 
CrrmtH 
CmpWn 
CmpLR 
OnptM 
Cnw Net 


953 2ft 2V. 2ft— ft 
267320ft 19to 20 + ft 

491 4ft 4to 4ft 
74315ft 14ft 15ft + % 
43821ft 19% 19ft— 1% 
281 5 4ft 4ft 
821 Bft 17ft 18 to 
49515ft 13 14ft + ft 
63917 16ft 16ft + to 
21 1*W Uto 16 V. 

63535 34 35 + ft 

245516% 15ft 16ft— % 
35 785019% 18ft 19ft + % 
113 8Vk 7ft a — to 
1733 9% Bft 9%+ ft 
25 1335 34 34 —1 

50614 13ft 13% 

.1 13415V. 14ft 15 + V* 

A 538326% 26% 26ft 
13 153012% 12 12ft + V. 

2092 2ft 2% 2ft + ft 
55 845238ft 36% 3flft+2to 


4J2 
2 3 
3J0 
26 


1JES 
36 
200 
-50a 45 
150 46 
1340157 
160 55 


60 



JOT 36 9315% 12ft 14 + 2ft 

3317 15ft 16 + ft 

6350% 49% 50 
778ft 77ft 77ft— 1 
78934% 33ft 34W + 1 
13013% 12% 13%+ ft 
27742V. 39% 42+2 
46110% IBM 10ft 
6921% 20% 21%+ ft 
643 Bft 7ft 7ft + ft 
5729% 29 29to— to 

369 3ft 3ft 3 to— ft 
15 169221% 20ft 21 — ft 
115110ft 9% 9ft— % 
63 2510 9ft 9ft 

103224 21 21 — 216 

74 8 7ft 7ft — 
9349 9 8 9 + ft 

5lr 47612ft 12 12U — 

60 15 790827% 26% 27ft + to 
136 Aft 6to Ato— to 
641212ft 12% 12ft „ 
373 17b 1% 1ft +Ki 
1195 Bto 7 7% — 

350 Sto 3 3ft 
247810ft 9 9%+ ft 

94526 25ft 2S%— to 
600 7 6% 6%+ ft 

50 5 10711 10U 10% — 

688 7% 7 7W+ % 

265 Bft 7% 7%— % 
919 7% 6% 7%+ % 
.12 16 460 7W 7V. 7% 

1813 4ft Aft 4%— to 
167 7% 7Vb 7ft 

5314 8ft 7ft Bft — 

264 4ft 3ft 4ft 
291 9% 9to 9% — 

45 3 137322ft 21 22% + lft 

m Bft Bft Sto 
251 Aft 5% Aft + 

25 7% 7V. 7to — 

551 3 2ft 3 — 
29010 9% Oft 

« 'JS7 tf 

816 2 lft lft- ft 
448 7ft 7ft 7ft- ft 

!58 Si ssrirkrtt 

350 126 B3224 23ft 23ft— to 
161 93 38917to 16ft 17to + to 
168O10-7 51716ft 15 15%— ft 

350 125 121523% 23 23ft 
36 7% 7ft 7ft 
168 36 103241 to 40 40%+ % 

M 13 98 Sft 4% 4%— ft 

60e 13 313 Sto 35 35to + to 

152 56 13828% 27to 2Sto + ft 

45e 15 

160 56 4425ft 25 25ft + ft 

254b 54 55435 34to 35 + % 

45813 12 13 +1 

68714% 13ft M + ft 

743 Sft SV4 5W— ft 
.12 6 5630% *9-1 

211 Aft 6 6 — ft 

JAo 54 48 7% 7to 7V. — ft 

13242 Bft 7to Bft— ft 
137517 15ft 17 + % 
268 4 Sft 3ft— % 
60 26 485916ft 16% 15ft— ft 
72821ft 19ft 20ft + ft 
559 7to 6 7 + ft 

31B8 9to 8ft 8%— ft 

258 34 231653ft ~ 

3067 2% 

692 5ft 

60 23 5123% 22% 

1208 Aft 6to 
42 13 - 


CCpIirl 

ElctMIS 

Elmans 

E Iron El 

Emcor 

EmpAJr 

EmuHuc 

Endta 

Enduce 

EndoL* 

Enraas 

Engntb 

EnaCnv 

EnFact 

EngOlls 

Eng Rev 

Engphs 

EntPub 

EntrCct 

Envrdn 

EnvSys 

EnvrT s 

EnzoBI 

Epslln 


Sales In Net 

1001 High Law Close Ch'ge 
17012% 11% 11%— % 
698 Bft 7to Bto + ft 
12AZ7 26ft 24W+ ft 

Wi'\ ^ T&r 

1484 Bft 8 8 — ft 

4035 Bft 7ft 7%— 1 

64 5 4ft 4ft— ft 

176 6% Aft 6% + to 

262014ft 13% 14ft + % 

160 64 426241A 22% 23ft— % 

158 66 1416% 16to 16U— to 

221023% 19% 20V. — lft 

13911 10% 11 + ft 

B61 9% Bft 9 + to 

329 ft ft %— ft 

30 16 8313 IJVl 12 + 'A 

35218ft 18 18 

63915ft 14% 15to+ to 
370 3ft Sft 3ft +ft 
31730 37ft 29 — % 

21814ft 12 12ft— 1 

63117 16 17 + ft 

22413ft 12% 13ft + % 
355616% 15ft 16% 


FM Nat 

FDP 

FMI 

FabWhi 

FalrLn 

PalrFtn 

FamHIs 

FaradL 

FrmHm 

FnrmF 

FrmHo 

Former 

FrmO 

ForrCo 

FdScrw 

Fed Grp 

FarofRi 

Fib ran 


166 r 54 


aft Sto- 
tt 53ft 

2U 2% 

Sto 5V.— to 
' 23 — to 
6ft— ft 
42124% 23 24ft + lto 

399 lib 1 lft 

.14 15 19714 13to 13% 

66 <1 13014 13% 13% — 

113 9% 9 9Vb + 

468221ft 311b 21 to— % 

125615 14 15 + ft 

SO 33 163924ft 23% 24% + to 

11 4ft 4ft 4to— ft 
18B12V!i 12 12 — ft 

64 16 117127ft 27 27to + ft 

-94 4J 91720ft » 20 

66 26 49122% 21 ft 21ft— % 

58 15 251 Oft 8 8 

9823 21% 23 +1% 

309 IS 8311 10ft 10% — to 

10 3% 3% 3% + ft 


1-20 

60 


13 


51% 51ft + % 
Aft 6to — to 
15% 17 + lft 
AW 7 

lft Sft— 1% 
Bto B% 

Bto au>— ft 
389205b 19ft 19ft— % 
250141b 13W 13% — ft 
66115ft 14ft 14%+ to 
323ft 21ft 21ft— lft 
1«50 775 B50 +80 
524 ft ft ft— ft 


t 

60s 2 J 


406234ft 

34 

34 — 

% 

24322% 

21ft 

22% — 

ft 

21316% 

16% 

16% — 

ft 

61815% 

15 

15 


1054 6% 

Sft 

5a— 

ft 



24ft + 


1410 6% 

5% 

5ft + 

ft 

565 4% 

Sft 

6% — 

M 

36315ft 

15 

15% + 

% 

352 4 

3% 

3% — 

% 

183 7ft 

7 

7ft— 

Ot 

296 Sft 

8 

8 — 

ft 

66 6 

5% 

Sft + 

% 


«fi 9ft 

aS 5 *: 


BrwnRb 

BrwTom 

Branca 

Birffton 

BulldTr 

Brnhm 

BurnpS 

BurrDr 

BMA 

Buslnld 

BuilrJ 

BuMrMf 


6ft Bft + lft 
4% 6%— V. 
ft ft— ft 
816ft 16 16 — to 

19034V. 33to 3* 

93020% 20to 20ft 
353 8 7ft 8 
55 7ft 6% 7ft 
899 4to 3% 4 + ft 

24119% lift 18H— 1% 
134721V. 70 20 — % 

128 8 6% 7to + V. 

923 17 lSto 17 
139536 33V. 35 +1% 

0*314% 13% 14 — % 
10133 32ft 32ft— ft 
338 Sto 5 5 

45 4ft 4 4 — ft 

641516 14% 14%— ft 

55«4 2ft lft lft— to 

’ft? * 

2987 In. lft 19ft +lb 
1041 25 23V. 24ft— to 

60 1.1 110118% IBM IBft 

«26 9ft Bto 9%+ % 

34319 17ft 17ft— 1 

258 36 321 58V 57to 57% — 

4539 8ft 7W 7% 

5Ae 6 3517 toft 16%— 

U3 55 26127 26ft 26ft— 


.14 15 


L 


CCBs 
CCOR 
CP Rhb 

CHTOS 
CCHB 
CBTCP 
CCX Nt 
CML 
CPI 
CPT 
C5P 
CabITV 
Cache 
CACI 
CbrySc 
Cadmus 
Calibre 
CalAmp 
CalFBk 
CaUky 
Cawuc 
Cal5tvg 
Caiwtr s 260 
CallanP 
Cabiv 
Calgmt 
ConlR n 
CononG 
Conroa 
CopSwt 
CaeFSI. 
Coprrn 
CoocrtJ 
CardDls 
Cord ms 
Caramk 
Cordis 
CoraerC 
Corolln 

Carte rt 
Caseys 
Ccneor 
OrtrBc 
Contcor 
Cenflcp 
CuBshS 
CFdBk 
CnPoSw 
CRsyLf 
eWftBn 
Cert Iron 
Ctpiuii 
CirtyPs 
Cerdvn 


ms a 
79 3ft 
ISOS 3% 
1392 «to 
661 2 9 243119% 
30 1A 7020 
<3 lib 
322 2ft 

158 U 
S0b 26 


532 31ft 31ft — 
363 8ft 8 B 
2715 7ft 6% 6% — 

3720 ft 19 20ft + 
1127V. 26% 26% 
4424416 43ft 44 + 

11020 19 19% + 

90 10W »B% 10ft + 
2741716 I Sto 16% + 
2097 Aft 5ft 5» + 
7% 7ft — 
3ft 3% + 
2% 3V. + 
4 4to + 
18% 19ft — 
19to 20 + 

% % 

2to 2ft 

1719ft 19ft 19ft — 
1035 34to 34to + 


63 


.16* 9 
30 25 

asm 44 
44r 2 


140 

2J» 46 
162 5.1 
1.12 36 
60 34 
.15 14 
44b 34 
40 24 

491 3 


Mini w i — 

779 5ft 4ft «% — 

5440 38 39 — 

502 3ft 3% 3%— 

.16 1J 110312% 12% 12% + 

.14* 15 292 7% 7V. 7V. 

412% 12 12to 
100121ft 21V. 21% — ft 
184 7% Aft 6ft— % 

22917V. 16% I7to 

47110ft 9% 10ft + ft 

55 6 5ft A„ +„ to 

2979 2% 2 2ft— X* 

66415V. 17ft IBto 
149812% lift 12U + % 
106411% 10% W%— to 
896 lft 7ft' Bft + % 

581 25 521 4% 3ft 4 — to 

418 2% 2% 2ft— ft 
f 117911V. 11 llft+ to 
73320% lSto 20ft + 1% 
25532 30ft 30% — % 
56 139933 32% 32V. — ft 

410716V. 15 15V. — % 

28445% 45 45% + % 

20029% 29to 29%+ to 
21334 33to 33M— to 
7913V. 12% IJto + to 
65412% lift 12%+ 1 
*28 36ft 28 + 3% 
43937 36% 36% — % 

9587 1% 1% lft + ft 
3114 13ft 13% — to 
168311% 11% llto— % 


11 1 

DBA 



6)617% 

15ft 

15% — 

1% 


4J5e it 

22964% 

61 

64 + Zto 




175 3ft 

3% 

3% 


DEP 



258 9% 

9 

9% + 

to 

DUtos 



124214ft 

13ft 

V4% + 

to 




401 7% 

6ft 

*!b + 

% 




42 6ft 











Dahibrg 














DalsvSv 



7(0128% 

25ft 


DaiosF 



111528ft 

28ft 28ft + 

to 

DmnBto 



440 5 

4ft 

4ft— 

% 

DortGp 

.13 

.1 

40 98 

97 

98 — 

2 

Datcrds 



162218% 

17% 

18 + 

% 

Dta 10 



119411ft 

TOft 

H% + 

to 

1 k , il- ll 







■351231 







Daiscp 



51820 


19% — 

% 

DT u&tti 




■Pjyj 



Datum 



308 6% 

■Lrjl 



Dauphn 

1.96 

50 

23836% 


36% + 

ft 




2914ft 

13% 

14%— 


Dawson 



226 6% 

Sft 

6% 


DebSh 

JOe 1.1 





DecIsD 







Decam 



80 3% 




DekibA 

37 

2J 

1392 25 




Dei chm 

28 

IJ 

80810% 

16ft 

16ft— 

ift 

DettaDt 



65 1% 

lft 

lft 

DaitNG 

1JM 

96 

20411% 

■Oft 

10ft— 

to 




129 7ft 

6ft 

494— 

% 

DeHaus 



113 1% 

lft 






3247 5ft 











DepGty 

230 

40 

25745% 

44 

45%+ 1% 




12? 6ft 

6to 

4% + 

u 




311 5% 



% 

DetrxC 

120 

U 

2931% 

30% 

31 

Devry 



9 9 - 

9 

9. — 


Dewey 



17 5 

4% 

4ft — 

to 

DlaaPr 



18911ft 

11 

llft + 

to 








Dtasonc 







Dlbrel 

100 

32 

9932 

31% 

31% — 

to 

Diceon 



28812 

11% 

ll% + 

% 

Dtomed 



1006 7% 

6% 

6ft— 

to 

DlakM 



97 6ft 

6% 

6% 


DlgtCm 



208625ft 

Rr 

2SU + lto 

DlrmrBI 

00 

4.1 

35 9ft 

prft 

9ft + 

ft 

Dlonex 







DIstLog 



353 6ft 



to 

Dvfsad 






DIxnTI 



12710ft 

8% 

lOto + lft 

DOCUOI 



259 5U 

5% 

5% 



24 

10 

137324ft 

23% 

23ft— 

ft 

DomB 

120 



31ft 

32ft + 


Donavn 

126 

6 A 

7520% 

20 

20% + 

ft 








DalLom 

00 

ZS 


15ft 

lift— 

ft 


08 

4.1 













.14. 

U 

5471714 




DressB 

DrewNt 



17437 
1902 lft 


"ft^V 

Drexlr 



90015% 

Ip 'vl 

15% + lft 

DrovGr 



76615ft 

15% 

15% 


□udcAs 

32 






DankDs 


















|r ■■ 


Ourhtns 




p V_l 



Durtron 

36 

50 

24410ft 

10 

10ft + 

ft 


.18 

12 

74415% 

14% 

15 + 

% 

Dycom 



81 lOft 

10 

10ft + 

to 

DvnRs 







Drnscn 

t 


228 4ft 

4ft 

4ft— 

ft 

DvntctiC 



67223ft 

23 

23% + 

ft 

□ i ^ 

EH Int 



30$ 3 

1ft 

Ift 


El L Ins? 



15 5ft 

5% 

Sto— 

ft 

E1P 

.12 

.9 

6613ft 

13% 

13%— 

ft 

EMF 










40 6ft 

6% 

*%— 

to 

EZEM 




9% 

9ft 


EaalCat 




ft 

ft 


Eaam 




3% 

3ft— 

ft 

EogTwlA 


35 4% 

4 

4 — 

ft 




18 7M 

Aft 

Ato- 

ft 

Enstovr 

2JMa 7J 

3226ft 

25% 

2A%— 

% 

EatnF 



4t r« 

9% 

TO + 

% 

EcanLb 

104 

X5 

70229ft 29% 

39ft— 

ft 

Ed5os.it 

100b ej 

215ft 

15% 

15% 


EdCmp 

099 10 




% 

Elkonx 



23115ft 

15ft 

15ft + 

% 

EIClUc 







EIPOS 

106 

90 

353215 

lAb 

14ft + 

ft 

Eton 


3 201210% 

10 

10% + 

ft 

ElbilO 



59710ft 10 

10% — 

ft 

Eton i 

31 

4.1 

120617ft 

17 

17% + 

ft 

Elder B 

22b 10 

19316 




Eldon 

.16b 

9 

6917ft 

IX 

17 


Ekkra 



24 Sft 

5% 

Sto + 

% 

EldrM 



80 4ft 

4% 

4ft — 


ElecBlo 



2680 8ft 




ElCoftis 



130822% 21% 

22% + 

ft 




75614ft 

13ft 

14% — 

ft 

ElcRnt 



40914 


13% — 

ft 

EleSd 



12421ft 21% 

21% — 

ft 


FndSec 
Flngmx 
Flnlgan 
FAlaB 8 1.12 
FfAmar 60 
FstAms 13H 
FtAmpf 49 
Ft A Fin J2 

FtATn 1.10 
FtBnOtl 250 
FtCniF 
FCoitlB 

FCotnr 140 44 
FICmcl 164 46 
FICona 142 36 
FDatnR 

FEOCl 145 44 

FExec 

FFWS» 

FFdMIC 

FFdCcH 

FFOwr 1421 105 
FFFtM 60r 25 
FFdIVa JOe 16 
FFldSL 

FFMon 40a 26 
FtFnCp 40 36 
FFnMgt 

FtFIBk 60 14 
FHaws 160 46 
FtlHCP 140 44 
Fllndl 

FIratBk 1 
Flnstca 150 46 
FJerNt 140 56 
FKyNIl 150 36 
FJVldB 160 45 
FtAUdB 140 66 
FMdwC 

FNtIGfl 148 41 
FNtCOi 
FNtCIns 
FNtOh 

FNtSup 42* .1 
FNMB 60b 34 
FNttlSL 60 34 
FtOhBn 140 46 
FtOWB 

FRBGa 46 24 
FtSvFla 40 35 
FSvWb 


925ft 25ft 2Sft— 

82 7% 6% 7 

52a 4 1528 5ft 5W Sto 

40 16 15614 13% 13% 

.16 26 225 6W 6% 6%— 

382 9ft Bft 9V. 

322 ft h % 

A 4% 4 4ft + 
637327ft 25ft 25% 

1 34220% 20V. 20V,— 

t ISO 4 3% 4 + 

40 2J 337 35 35 

146 24 415560% 57to AOto + 2% 

44 24 8712ft 11% Rto + to 

JOe 2,7 15611 into 11 

89828% 27% 28% — % 
2370 tfto 4% 6 + % 

21716% 15% 16to+ ft 
158956% 55W Sto— ft 
48347 45% 47 +2 

72433% 31ft 32% + 1 
20715% 15% 15ft + to 
47916% 15% 15ft— 

75 4ft 3% 4% 

8 Bft Bft 8% 

43 6ft 6to 6to 

2151 9 Bft Bft— 
149011ft 9% lift + li 

44 79826% 25% 26 + 

26 3217 16ft 17 

37 94432'A 31% 32% + 1 

56 1318 17% 18 + 

27 2027% 26% 26ft— 1 
37 313*30% 29ft 30% + 

5 A 9852 SI 52+1 

28415ft IS 15 

9 ito SK Jto 
29324% 23ft 24% + ' 

736% 33 33 —1 

2037ft 37 37ft + l 
108028% 27 27%+ ! 

14133% 31 31%+ I 

584813 12ft 12ft— 
9616 14% 14ft— V 

295116% 15to 15ft — i 


Sam In Net 

lOOi High low Close Circe 


191 54 


Jam 6 
JOr 36 


Imimo 
Imogen 
Inacmp 
indBcp 
IndpHtt 
IndHktg 
indBnc 
IndIN 160 
IndTN pf 
InAcmu 35m 39 
IndEi 
InertOS 
In loSc 
IntaRsc 
infSalu 
Inflrn 
infraln 
InstNtw 
Intech t 

Intecm 


■— % 


6118% 17 IBto 
17619ft 18% 19ft 
2713% 13% 13% 

381 9 8% Sft— 

7112% 11% 12%+ ' 
47223 21 to 22% + 

30422ft 21% 22% + ! 
6023ft 23ft 23% 
27032% 30% 30% 


7719% 19 19%+ 1 

5812ft 12 12% + I 

4022% 22 22% 

73432% 32 32%— 1 

9728 27ft 27ft— I 
80439ft 39ft 39ft + 1 
3619 18% 18% — < 

29 5 4ft S + 1 
551% 51 51+1 

48 8 7% 7ft— 1 

36828ft 28 20ft + 8 
35 lft 1% 1%— I 
89415% 15% 15V. — 1 
11918 17% 18 + V 

3214% 13ft 13ft— 1 
9240 38% 39 + V 

39210% 9% 10%+ 1 
86935 32ft 33 —2 
30426ft 26 26V. 

459 7% 4V. 7% + 3 

FtSecC 1.10 44 169724% 23 24% + 1 

FSecKy 76b 3.1 4924% 22% 24% + 11 

IstSrce 63r 3.1 10714 13% 14 + t 

FtSflm 48110% 9ft » 

FTenNt 160 44 123037ft 37% 37ft + 1 

FtUnCa 1.12 26 539442ft 41ft 42ft + V 

Ftvatvs 1JH 36 195630ft 29 29ft + V 

FtVtFn IJBa 47 1728 27 27 * 

JO 16 197 6% 5ft Sft 

2521% 19 21%+ 1 


RWFn 

Flrstr 

Firstar 

Fioaler 

Ftafcey 

Flexstl 

Fight In 

FlaCom 

FtaFdl 

FlaGulf 

FINF1* 

FlowS* 

Fluracb 

Fonar 

FLtanB 

FUonA 

ForAm 

FarestO 

Forsch 

KS 

SEP 

Foxmvr 

FmkCP 

FrakEI 

FmkRs 

FreeFdl 

Fremnt 

Fodrek 

FulHBs 

Funtme 


2J0 46 
J28 14 


2811% 10ft 11% + 
1109 7% Aft 7 + 
29213 12% 12ft + 

132 3V. 3 3to 
1130% 30% 30% — 
S 394917 % 16% 17ft + 
2615% 15ft 15ft + 
72 11 48535ft 35 35 - 

783 12 lift lift— 


68 U 


S” 1 


14 10 


67 

M 

96 

U» 


66 

.10 


36317 

88615 


1J50106 
16 36 


T& 

- 14ft 15 
131% 29ft 30ft + 
10023 22ft 23 + 

15 6ft 6to 6ft 
113520 19% 19%— 

1443 1ft 1ft 1ft 
401210V. 9ft 10% + 
596 5ft Sto 5to — 
673 28 W. 27 27 — 1 

613% 13% 13%— 
7716 15% 15ft — 


53329% 27% 28 + 
1382 9% Bto 9 + 1 
68 17 419528ft 28 28ft + 1 
2845 Bft 0 8ft — 5 
12 12 68014ft 14ft 14ft 
J05r 16 61 5 4 5 +1 


18 11 


16 


.10 


GTS SW * 

Gal Boo 
Galoot] 

Games .10 

Gmxflfo 
Gordo 
Genetch 
GnAut 

GnBInd 16 27 

GenCer ,10e 6 

GfiMaa JHb j 

GnPhye 

GnShot 3Sr 56 

GenttE 

GenetL. 

Genets 
Geneve 
Ganex 
Genova 
GaBnd 
GaFBk 
GerMdi 
Gibson 
GlbsGs 
OtaaTr 
GUbrtA 
GtanFd 
Godtrys 
GMCnrr 
GoMEs 
GdTaco 
Galoot 
Gah 
GoaklP 
Graco 
Grades 
Grcmtre 
Graph I 
GrphMd 
GrnhSc 
GravCo 
GtLkFd 
GW FSB 
GtSoFd 
GtWash 
GreenT 
GrayAd 360 
G roman 
GwfllFd 
Gtech 
GoarFn 


5115 14ft 15 
739 8% 7ft 8% + U 
8813% 12 13%+ 1 

47413ft lift 12% — to 
23810 9M 9to— to 
219 Aft 6% 6%— to 

321 214 2to 2ft— to 


231 5% 5% 5% + 
22113ft U 13% + 
2123% 21 23 — 

51Tto 11 11 — 

1B710V. 9ft 10V.+ 
3315+1 15 15 — 

714 2% 2% 2ft— 
218 2ft 2% Sft + 
3539 7% 6ft 
1441% 41 


11 — _j 

JBRsts 



158715% 

14ft 

15% + 

% 

JLG 



132 6to 

6 

6% — 

Vb 

JP ind 



35118 

17to 

18 + 

to 

Jackpot 



580 7ft 

6% 

7 


JadcLfe 



600540% 

39 

39% + 

ft 

J actum 

00 

IJ 

3124 

23 

23% + 

% 

JamWfr 



18017% 

16H 

17% 


JeffrGo 



319019% 

U% 

19% 


JeffBsh 

100 

4.1 

303?% 

39% 

39% + 

% 

Jeff NLl 

04 

li 

2825% 

25% 

25% + 

% 

JefSmrf 

00a li 

29917% 

14ft 

17ft + 

% 

JefMart 



221 7% 

7% 

7ft 



.12 

01171919ft 

17ft 


JtfV 3 



399 ft 

% 

JhnsnE 



139 5% 

5% 

Sto 


Janicbi 

1 


384 Sft 

5% 

5ft 


Jonel A 

1 


268 5ft 

Mb 

Sft 


Josahsn 



508 9ft 

Bft 

#ft— 

% 

Juno 



22*33% 

31% 

Mto + 

% 

Justin 

00 

20 

55720 

18 

20 + 2% | 

(1 K 11 

KLAS 



467415% 

16% 

is + i ! 

KMWSv 



20911ft 

11 

llto + 

% 

KTroo 



57 5% 

5 

5 


lev Phr 



328 7% 

6ft 

7%— 

% 


06 

20 

40627ft 

27% 

27% — 

% 

Karchr 



60018ft 

17ft 

17to— 

Vb 

Rosier 

JOr 33 

207515% 

15% 

15% 


Kaydon 



507 8% 

8% 

Sft— 

% 

Kaypro 



2665 31b 

3ft 

2ft— 

% 

Keane 

KeivJn 

20 

10 


14% 

ft 

'tSf 

Kellys A 

04 

12 

1473V 

36 

37%+ 1% 

Kemp 

100 

32 

754956 

51ft 

53% + Mi 

Kenooo 



578 5% 

4% 

5 + 

ft 

KyCnLf 

.90 

22 

55441 

39ft 

AOto + 1% 

Kevex 



B4 6ft 

6% 

6ft 


Kevlln 



111 5% 

Sft 

5% 


KewnSs 

04 

30 

7612ft 

12ft 

12ft 





1251 9 

Sft 

era 


KeysFn 

100 

40 

15022% 

7n 

22 +1% 

Kimbai 

04 

IJ 

18929ft 

28% 

29 — 

i 

Klmbrk 



89 6to 

Sto 

6'A — 

to 

Kincaid 



248 9 

8% 

8% + 

% 

Kinders 

06 

0 

804916% 

15ft 

16% 


Kreistr 



8 8 

8 

8 + 

to 

Krov 

06 

0 

768 7% 

4% 

7 — 

% 


23! 

2.1 

279415ft 

Uto 

15 + 

% 

Kuicke 

.16 

0 

387418ft 

17ft 

18 — 

ft 

KustEl 



145 7to 

7 

7% + 

% 


LDBmk 



433 8 

7to 

7to 


LJN 
LSI Loa 



3*813 

12ft 

12ft 

129b— ft 
14% + 1% 

LTJC 



67417% 

16% 

16% — 

to 

La Petes 



148615% 

14ft 

14ft— 

ft 

LaZBy 

120 

20 

37041ft 

41% 

41% — 

V* 

LaddSt 



IB* 20% 

19to 20% 


LadFm 

.12c 

J 

384417ft 

17% 

17% - 

% 

LaMlw 

.16 

1.1 

25014% 

14 

14 


LdITBs 

.16 

12 

*95 9ft 

9% 

P% 


Lam 3s 



58310% 

9ft 

10%— 

% 


JH 

M 

6614% 

14 

14% + 

to 

Lancast 

08 

40 

27715% 

14% 

15% + 

to 


.92 

15 

89226ft 

25% 

TOft 7 

to 

LdLnSL 

27 

30 

12010ft 

9% 

ft 

LnriBF 

00 

16 

509916ft 

16% 

16%— 

% 

LdmkS 



78914% 

13ft 

14% 


Lane Co 

92 

20 

32847% 

47 

47 — 

% 

Lonely 

33m 30 


64b 

7 + 

ft 


06 

10 


34to 

34to- 

to 

ISI 

28 

0 

46930% 
1978 5ft 

28% 

5% 

2 9to + 1%l 
5ft + %J 

Lamer 



3712% 

12 

12%— 

ft 

LewlsP 

28b 32 

98 Sft 

Sft 

8% — 

ftl 

Lexicon 



1772 2ft 

2% 

2%- 

*1 

UraMta 



997 2% 

2% 

2ft 

■1 

LbtFGa 



1320% 

20 

20% + 1 -1 

UbUBs 

104 

33 

5344% 


44% 


Uebri 

0/ 

A 

87019% 

10% 

19 — 

% ! 

Lllnvs 

24 

3 

11344% 

44 

44% + 

% 

LfeCom 



1409 5ft 

5% 

Mb— 

ft 

Lilly A s 
LlIvTuI 

JB 

16 

52115 

14% 

I4%— 

to 

20 

10 

906417 

16ft 

16%— 

ft 

UnBrt 



740727% 

26% 

27 


UncTal 

220 

62 

27132ft 

32% 

32% + 

% 

Ltadbre 

.16 

XI 


4% 

5% 


UnerCo 



16? Sft 

4ft 

5% + 

% 

UaBax 

31 

10 

5949 

44 

49 +5% 

UqdAIr 

100 

60 

824% 

24% 

24% 


LlttlArt 

JO 

XI 

322% 

22 

22% + 

% 

LfzCki % 

35 

0 

506040 

38ft 

39 — 


La cal F 

0/e 

A 

124216ft 
2*2 9% 

IS% 

16 — 

to 




9% 

9% 


LongF 

128 

50 

180223% 

42% 

23% + 

to l 

Lotus 


1092629% 

28 

28% — 

to 

LOBlKtl 



45816% 

16 

16% + 

% 

Lyndon 



3724 

2Zto 

23% + 1 

LYPtios 



490017ft 

14% 

17ft + 3 j 

H « Hi 




1151 5 

4ft 

■10e 

10 

266 6ft 

5% 

JHe 

10 

242 5% 

5 



311615ft 

14% 

08 

Ifl 

164 7 

6ft 

28 


1312% 

12 

24 

12 

832521 

20% 



213417 

15 

100 

60 

105 Z7 

ra 



372111ft 

lift 

02 

32 

■JUKI 

ir/.i 

03e 

02 


eta 


12 

485193* 

19 


7 + 

41%+ 1 
Aft— % 
5%— 1 
5to— % 
15% + to 
Aft— to 
12 % — % 
20W— to 
15V* — lto 
26ft— 1 
11%+ to 
16%— 1% 
12%— to 
19ft +„ft 
ft ft— ft 


71 47 


54B15W lift IS%— 
83013 12% 12ft + 

51116ft Uto 16% — 


JHe 6 
Me 12 


Mm 86 


46 225312 
85 8% 

307 8% 
43113 
234 3ft 
6904 5% 

61 


10% lift— 
8 8 — 
Bft 8ft— 
12% 13 + 

3 3ft + 
4ft 4%— 
8% Bto 
174913ft 12ft 12ft— 
52621% 20% 21% + 
46211% 10ft 10ft— 
106 Aft Ato 4to 
76919% 17ft 1814 — 
11190 180 190 +11 

4913 llto 13 + 
51 Sft 5 Sft + 
68313% 12% 12ft— 
— 7Vl + 
+ 


GuarC 

00 

20 

321 


21 

Guests 



1681316 

Rto 

12% 

GuHfrd 



9416 

15% 

lift 

GKApM 

20 

2J 



Bto 

GlfBdC 



202715 

Uft 

14* 

GKNuc 



19 1% 

ito 

lto 

Gull 

JHe 

0 

13712 

llto 

llto 


H 


hso 

HCC 

HCW 

HE1 TX 

HEI Mn 

HMOAffl 

Hath CO 

Habers 

Hodoa 

Hodean 

HaleSvn 

Ha II lax 

Halml 
HamOII 
Hanvl s 
HotpG 
HrtfNt 


30 16 574720ft 19ft 20 
Btm 6 165110% 9ft 10 — V. 
.10 1.7 20 eto 5ft Sft— to 

19314% 14% 14to— V. 
167 4% Sft 4 + 14 
_ 49213ft 12% 13% 

1« 1.1 322 22 22 —1 

61419ft 19 19%+ to 

202 4ft 4% Aft— to 
KH 3V. 3 3V. + ft 

171 1 ft 1 


Harvln 

Hathwe 

Hauser 

Havrtv 

HawkB 

HlthCSs 

HHtiln 

HHhdvn 

HechoA 

HechaB 

HaistC 

Helen T 

Helix 
HenrdF 
Her It Bn 
HertIPd 
Harley 


JMe 

3 


Sft 

5to — 

% 



5719 2ft 

2% 

2ft + 

to 


A 

40016 

15% 

15ft 



10 

276040% 

j- 

39% + 


J4 

1.1 

25831% 


30% — 

% 



182530ft 

p. 7* j 

30 + 


320 

33 

52386 

L21 

86 +6% 


15645 42% 43ft — 

2Z1 9W lft 9 — to 
22117ft 16 16ft— ft 

2®353f< IW 20 — to 
428 9% I 9% + 1 
31512ft lift 12ft + ft 

608 4% 314 4 + ft 

. 3398 4 3ft 3ft 

.14 6 54226 25ft 26 

.10 A 33228% 27% 27ft— to 

76 f% 6% Bto— V. 

392 6 Sft A + ft 

__ 29432% 30% 32 + lto 

91 27 8035 34% 34% — to 
160 36 36447M 46 46ft + ft 
16917% 16% I6to— to 

43 6 5ft Sft— % 

11 3% 3to 3%+ ft 

HlberCe 160b 4J 124121 20% 20 %— to 


2.1 

26 

36 


Hlckam 

Hogan 

HoimO 

HmBns 


160 

68 

t 


99010% 9 9ft— lto 

40*5 5ft S Sto— to 

8727% 24% 26ft— % 
13031 30 30 


615% 15% 15% 
82612% llto lift— ft 
41 13% 12ft 12ft + to 
692221% 19% 21% + 2% 
434 1% 7% 7%— % 
30524 24% 25ft + lto 

— - - ^ 


HmFAfl 
HmFFI 

HmFRfc JOr 31 
HmFAf 
Hmecft 

HmoSL 

Honlnd 64 22 139921 19ft 20% + 
HookDr 160 26 12134ft 36ft 36% 

Hoover 110 41 120528% 27% 27M— ft 
HrznAIr 506 6ft Sft 4%— % 

Hen I rid 335 4% 3% 3% 

HwBNJ ^ 121722% 22ft 22ft + % 

HwrdB 1.1 2a 46 622ft 22ft 22ft— % 

164 5% 5% 5% + to 
25027% 36ft 26ft— ft 
40410ft 10% 10%— to 
76444ft 42 43ft + lft 
42 4% 4% 4ft + % 
197720% 19ft 20% + ft 
339 5ft 5ft 3ft 
72 6% 6U Ato— ft 
HytakM 501 8 6ft 8 + ft 


650 1 


HungTg 
HunUB 
HnrgR* 

HunteB 168b 36 
Hum 
Hvbrttc 
HydBAt 


IBI 

1EC 

115 

ILC 

IMS 8 

IPLSy 

ISC 

IVBFn 

loot 

KfleWM 


12 3% 
63 5% 
104 5ft 
162 9to 


310 66 
60 36 


imlrnwt 

Imuran 


3% 3% — 

5V. 5V. — 

5% SVSi— 

84% 8% + 
103622ft 21ft 22ft + 

188 2% lft 2 — 
679910ft 9% 10ft + 
22932ft 31ft 32ft + 

1354 5% 4% 5 
13429 23 23 —2 

615 2ft 2 2 to— ft 

ID ft ft ft 
311 7ft 7ft 7ft 


IlgOrc 

IntaDv 

intoGon 

1 55 CO 

intesFn 

Intel 

IntlSv 

IntrTel 

intrnd 

tntdvn ti 

inlrTFlr 

In trtoc 

Intvrpti 

intrmgn 

Intmgc 

Intrmet 

InBWah 

IBkWSA 

InCapE 

IntCIbi 

I Game 

IntHId 

Int Kins 

Inf Lie 

inMobH 

IrrtResh 

IRIS 

IntShlp 

IT Coni 

SirtTaSai 

intphse 

Inthrm 

Invert 

InvUSL 

Iomega 

twaSoU 

Isimdx 

Del 

ltd wt 

Itelpf 


10 
jne 
660 l.t 


122 4ft 4% « 

3992 2% lft 2 
148 Aft 4 6 

8737 36% 36ft— 

11025ft 25ft 25% 

1510ft 10ft 10ft 
. 312 8% 7% 8% + 1 
37 578638% 36 37ft + 
1829% 29 29 to + ' 

8 9 8% 8% 

247 3% 2ft 2ft— % 
99 5% 4ft 4ft— to 
57 2ft 2 Sto— % 
78529 27 28 — % 

MSI JVz 3 3%— to 

151322% 21% 21ft 
49 7% 7 7ft— to 

2137 SOU 26V. 27—2% 
60 4% 4 4 

12420 5ft 5% Sft— % 
57 Aft 6% Aft— % 
212311% TOU 11 — to 

665 Aft 4 4to+ ft 
20123 21U 21 %— ft 

6 ISO Aft Aft 6ft— ft 
2014028% 26ft 27ft— ft 
I5S2 7ft 7ft 7V.— to 
249 Sft 2 2 — 

30411% 9ft 10 
25710ft 9ft 9ft— ft 
16 171516ft 15 lift + lft 
239 B 7ft 7ft + ft 
971858ft 53ft 58U + lto 
1979 Bft 7ft Sft + ft 
113216ft 14% 16ft— % 
17610% 9ft 10 — % 
1613ft 12V. 13ft + lto 
301 9ft 9ft 9ft 
63 4 4 4 — % 

76314 13% 13ft— to 

247314ft 13ft Uto— lb 
178 9 8% 9 

168820ft 19 19 —1ft 

21917ft 17% 17% 

616 9to Bft Bft — % 
SJ 89 7 6% 6ft— ft 

1000 lto ft 1 +to 
1125ft 2ift 25% 
67025% 25 25% 

1057 6% Sft 6% + 

43 4ft 4 4 

1A 146514% 14ft 14% 

i mi 4% 4% + 

990 5ft 5 5% + 

785411ft 10ft 10ft — 
9141% 40ft 41% + 
68411 10% 11 + 

7171 8to 7ft B + 

334 4ft 4% 4% + 

14536% 36 36 


ft 


Nopca* 
NOShFn 
NohCBk 
N Bn Tax 
NtConU 
NCfyBn 
NllCtv ■ 


JHa 46 
64b 11 
64 4 A 

Asm 95 
160M01 
260 


Sales In Nei 

100* High low Close Ch ge 

15712ft raft 12% + % 

6024ft 24 24 — % 

933 33 33 

16919% 19 19 — to 

263 Sft Aft 4ft— % 

_ 4614 Uto lift _ 

*J 3764 41% + % 

7.9 19347% 46% 47 + % 

25 53926% 25 26 — to 

280 *3 8561 54% 59% + 1% 

30 12 230016% 15ft 16% + 

64 ^a™»W | 1F £ lgk + 

J7e TJ 'fn” 

SOS Aft JJb _4to 

530ft 30ft 30ft— to 

195 9% 9 9 — to 

410% 10% 10% 

115ft 15% 

134 3ft 3% 3%— to 

121315% Wft 1»+ 2 

4315 3ft 2W 3% + % 

777 4ft 
a 4% 

498 5ft 
48 1% 

303 7ft 
1202 9% 

1015 9 


35 


10 23 


4to 

4 

Sto 

1% 

7% 

71b 

Bft 


4 to— ft 
4 — to 
Sto— ft 
lto— to 
7%— to 
S%— to, 
8%— 


NtCtvP* 310 
NCmBc 58 
NCmNJ 
NtCPtr* 

NOota 
N Hants 
NHtttlC 
NtLumb 
NMlcm 
NtIPenn U» 

NtIPza 
NIProp 
NSecIn* 50b 
NTecn l 
NIWnLt 
NtnwdP 
NairBtv 
NtrSun* 

Naira I* 

NOUBWt 
NelsnT 
Netoon 
NwkSec 
NtwfcS* 

NtwkEI 
Noutras 
NevNBc 
NBninS 
NE Bin 
NHmpB 
NJNot* 

NYAlrl 
NYAwt 

NwCtry 3.10 61 
NwhfBk 

Newpt J04 J 
NwsPh 

mCaia r 

NIckOG 

Nike B 50 35 339010ft 10 lOU— to 
NatM 14r 25 1711 10ft 9% 10ft + lto 
Nod way t 73 Aft Sft Ato 

Nohxxt 56 25 3823ft 22ft 23ft + 

35 8iBS , ‘3£SK + 

Norsk B .12. 1 »l43to*2to«;- 

78 9ft 9% 9% — 

190 7% Aft 6ft— 
5425% 25 2S 
27633ft 31 33% + 2% 


793423% 20 23ft + 2 
52 SVb 4ft 4ft— to 
27129 27% 29 + % 
38 5ft 5 5 — % 

742 9ft 9% 9% + % 



1.7 

3I53ZU 

31 

si — % 

00 

X4 

2T723U 

22to 


1.12b 40 

78425% 

24% 

2« 



1620 Sft 

Sto 

Sft + .ft 



242 to 

ft 

to — ft_. 


Norstan 

NaANflt 

NAtlln 

NCarGs 

NoFrkB 

NHlHIII 

NWstTl 

NestSv 

NoAIr 

NwNG 

NT*tp s 

NwtFn* 

NwNL* 

Nw*tP5 

Nonwss 

Novmtx 

Novor 

NovaCp 

Newell 

NucMet 

ttudPh 

NudSpt 

Nvmrax 

Numeric 

NutriF 

NuMed 


61 r .1 


24217% 16 - — 
77411ft 10ft 11% + % 
147821% 19% 19% — 1% 
4148 lft IH 7k 

« ^ 3 K- * 


164 75 
160. 36 


154 


154 _ 

.161 12 


61 

52 T5 


.12 6 



33 4 

3U 

50 

1227 

25% 


240610% 

■ft 


180 6% 

5ft 

80 

94410ft 

18 


25%+ % 
9ft + to 

6 — to 

18 — ft 

_ 33 5 5 5 

58 12 143130% 29to 30% — to 
50 2J 152434ft 34 34%— to 

2.10 96 27123ft 22ft 23to + ft 

.14 2J 140 6% Sft 6 — % 

787 5to 4Vb 4ft— to 

83819% 16 19% + 2ft 

504 3% lto 2to— to 

656477* 45% 47to + 2to 

18113% 12% 13%+ to 

1534 5% 5 FA 

13315% MW 15ft + to 

244 8 7ft 7to— % 

12 5*928 26ft 27% — % 

325 7V> Ato 7to+ ft 

25914% 13ft 13ft— ft 


168 

252 

250 


378 lft 1% 1%— to 
184 3% Sft 3ft 
286 2ft 2 2ft + to 
629 Sto Sft 2% — to 
26515 14% 14ft— to 

581 2% 2 2V. + Vi 

27 91640% 39% 40% + ft 
SJ 347% 47% 47% — lto 
5.1 240555ft 51 ft 55% + 3% 
6721% 21% 21% — lft 
74 5 Ato 5 
15 90628% 26 28% + 2% 

36 4452 51% 52 

21 197640ft 38ft 40ft + lft 

71 11829 28ft »+ % 

OldSpfB 240 til 5421 20% 20% — ft 

OWSPfC 250 126 20321ft 2Tto 21H + % 

OlsonF J5e 16 14315% 12 15% + 3 

One Ben He 16 251819% IBto 18ft + to 


OCGTc 
OakHIII 
OtHRoc 
Oeeaner 
Ocliios 
OttsLoa 
OolIM* 
OhlaBC 
OhloCa 
OllDrl g 
OldFsh 
OldKntS 160 
OJdNBS 260 
Old HOP 68 
CHdStne 268 


OflUne 

Orvx 

OpHcC 

OptfeR 

Optrtcs 

Orbanc 

Orbit 

OragMf 

OrtaCn 


250* 


132 7 ito 7 
947 3ft 2to 2ft— ft 
97616 15 15% — ft 

295342ft 40 4Zft + lft 
183214% 12ft 14% + 1 
95811ft 17ft 17ft— ft 
1004 7% Aft Aft— ft 
75310% 10 W — ft 
4*8 5% 5% Sto— % 


Orion R 



16118 

17% 

17% — 

to 

Oshmn 

20 

12 

15718 

17 

17 — 

% 




9413 

IZto 

Rto— 

to 

ottrTP 

174 

BJ 

30831% 

30ft 

31% + 

ft 

OvrExp 



17912% 

IZto 

12% + 

to 

OwvenM 

00 

ZT 

118819% 

17% 

19%+ 1% 

Oxoco 



1672 2% 

1% 

2 


1 » \ 


PLM 

PNC 

PabstB 

Paccar 

PocFst 

PcGaR 

PacTol 

PocWB 

PockSv 

Pocwst 


.12 

212 


160 41 
60 66 
.lie 16 


MCI 

57139 9% 

8% 

9 

M1W 

137 7to 

6% 

TU 

MP3IS 

437 Sto 

4to 

5 

MTS 8 

24 10 12919 

IBto 

IBto 


130026 


MDmds 

02 

20 

24027 

25 

26ft— 

ft 

MachTc 



332 TU 

Mb 

7% — 

% 

MaekTr 



707513% 

12ft 

13ft— 

% 

ModGE 

220 

9.1 

45524ft 

24 

24ft + 

% 

MogmP 



1386 8% 

8 

B% + 

ft 

MagBk 



77122% 

20% 

21% + 

to 


00 

05 

34612% 

lift 

lift + 

to 

MalrmN 

120 

32 

2237% 

3/to 

37% + 1 

MalRt 



340 Sft 

8ft 

Bft 


Malrtta 

JTle 


.47917% 

M% 

16% + 

to 


60 36 


200 


.10 


MgtSd 
Manltw 
ManfH 3 
MtrsN 
Manan 
Margux 

MarnCs 160 46 
MTwnm 60 46 

MktFO 60 36 

Mount 65* 5 

MaraSt 

Mantis At 10 

Marsh 1 1 21* 36 
MrldNs 160 
Mascmp 
Mscoin 
Mam tor 
MathBx 
MatrxS 

Max ere 
Maxwel 
MavPt 
MavSu A 
MaynOl 
MavsJ 
McCrm 
McFad 
McFarl 
McGrth 
Meditrs 
Midu 
MedCre 
MeddSt 
MedSho 
MedlGt 
Medals 
Meedt * 

Mentor 
MentrG 
Merc Be 
MercBk 
MerBCa 
MerBPa I5D 


259613 12% 12ft— 

30822% 22% 22% — 


76527ft 21% 22% + 1% 
29456ft 56% 56ft + ft 
85!7to 16ft J7to + to 
14 7% 71b TU + Vb 
19630% 28ft 30% + 2 
11320 19ft 20 + % 

1518% 17% 17% — ft 
92712 10ft 11 —1 
72612 11% 12 

12417% 16ft 17 + % 

12863 61ft 63 + 1 
36 600327ft 27 27ft 

1062 6 5% 5ft— % 

+ 1 

- to 

— % 


, 10 a 6 


68 26 


88743to 

42 

43 

4814 4% 

4 

4U. 

66314 

13 

13%- 

. 4028 

27 

27% 

1096229% 

27% 

29 

6012% 

11% 

12ft- 

893 5ft 

4ft 

4ft- 

12318 

17to 

18 

619 4to 

3ft 

4 - 

333 9% 
39134% 

9 

33ft 

9 

33ft- 


+ 1 


65 


1.92 

168 


7211% 11 11 — 

43413W 12% 13 + 

19010 »% 9% + 

,6613ft 12% 13ft + 
198 9% 9 9 — 

480 7ft 7% TV.— 


Mb 4.1 


66 


37 

MerNY 160b 1J 
MrdiCa 

Merc h K 130 2 A 
MrdBC 260 51 
MrdBpf 260 76 
MerlB* 

Marl me 
MervG* 

MervLd t 
MeebAv 
Matron 
MetAIrs 
MetrFn 
Metrml 
Mkam 
MltrO 
MIcrMk 
Ml crav 
MkTTC 

WICTO 

Micrnro 
MkrSm 
NUdABc 
iUdPcA 
MdStFd 
MfdBfcs 1.12 
AMwAh- 
MdwCm 160 
MdwFn ua 
vIMIIITc 

MIIIHr 60 

Million 
Mllllpr 64 
Mlniecr 
Mtnetnk 
Mlnytgr 
MUcher 
MGadi 61a 
Mob 1C A 
MobiCB 

MabGo* M 76 
MOCON JHe 6 
Modifies Si U 
Moled r 
Malax 61 
MgnCa 160 


33a 16 


MonKI 
MonAnt 
MonoHt 

MonuC 
Moore F 

MooreP 

MarFto 
MarKo 
M«B 
Morrsn 
M ot hla r 
Moslnea. J* 

MotClb 10 
Mueller 170 
Mumms 64 


to 
% 
to 
to 
% 
% 

to 

16516 Uto 14—2 
53223% 22% 23% + 1% 
28 S 4ft 5 + % 
21B624 23% 24 + % 

175 6% Sft 5ft— % 
280018ft 164b 17% — lft 
441225% 23 23ft— % 

42837% 37 37% + % 

7649ft 48ft 48ft— ft 

63 6% 6% 4U— % 
10440ft 39 40ft + 2 

278 77% 78 

4717ft 16% 17% — % 
4130% 49% 49% — 1 
78746 45ft 45ft + % 
1632 31ft 32 
11515ft 15% 15%+ % 
10914ft M 14ft + 1 
53514% 13ft 14% + % 
8512 lift l!to+ % 

64 3% Zto Sto— to 
42811% 10ft 11% + % 
32215% U 15 — % 
36915% 14% 14ft 

273419% 19 19% + to 

3511 25% 23ft 24—1% 
3026 5ft Aft 5 + to 

553 Sto 7to 7ft— % 
,W7 Aft 6% Aft + % 
13570 Uto 11 11%— 3 

1416 6to 6% 6V. — % 

1011 2ft 2% 2%— U 

205 5% Sto 3to+ % 
4120% 19ft 20 + % 

41A 4 Sft 3ft 
4421 20ft 2Dft— % 
15 256332% 30% 32to + lft 
„„ 3257 6 s% 5V. — ft 
2.9 3235 33 35 + lto 

71 3217% 16% 16%—. 1 

393 to V. to— ft 
17 230537ft 35ft 35ft— ft 
46 3% 3% 3% 
99739ft 3Bft 38ft— 1% 
5763 3% 3% 3U>— Vb 
4539 7% 6% 7% + % 
80325ft 24% 24%— 1 
28616ft 16 16 - % 

86013 17% 13 + to 

.79 Bft Sto Bft— Vb 
694 9to Sft V — ft 
213ft 13ft 13ft + % 
597 6% 5% 6 + to 

>1020% IBft 20to + 1 
375 BV. 7ft 8 — ft 
,, 85833ft 32% 33V.— % 
3.1 110745% 44% 4Sft + lto 
274 3 2to 3 
1220 19% leu— to 

163 9% Bft 9 + % 

, _ M69 13% T2ft 125* + % 

]■* H «*3”* 30% 31% + 1 
« 44126 24% 25% + 1 

M IS 1426% 25% 25% 

J1 7518 T7ft 17ft 

.13o 1.1 10412ft 12% 12V,— ft 


Si 26 
A0 1 9 


1.1 


„ 50324% JS* 22%— lto 

M 14 1112 “ft I9to + % 
2070 6% Sto Sft— to 

K 11 01 mCt ~ *8 

n 21515% 14ft 14ft— U 

71 21421 21% mk + to 

21..1l522to 22 22 — % 


PersCPT 
Patlnd 
Petri te 
Po lrm n 
Phrinet 
Ptirmda 
Phrmkt 
Phrm wt 


U 25 6% Ato A% + % 
4.1 360157 55 56ft+ 1% 

116 9% 9% 9ft 
110a 19 257345% 41ft 41ft— 3% 
223211?b TO* llto + l 
19924ft 23% 24%+ ft 
14313% 12ft 13%+ % 
96 6% A 6 — % 
A10 9% 9%— % 

6618ft 17V. 17% — to 
10420 12% 12ft— % 

507 2 lto 1%-K. 

2319 4Vh 2ft 3ft— % 

.13 16 2394 7% Ato 7% 

68419ft IBft 19% + 1 

2SW41A 14% 15% + ft 

2417 15% T5W— 1% 

10513% 12ft 13ft+ ft 

14836 34% 3A 

M 40 14815% Uft 14ft 

JC21. 20% 20ft— ft 

28513% 12% 12% — ft 

JHe A 912% 12% 12%— I 

jam A 212 12 12 — % 

TB91 Sft 4% Sto 
141 5 4% 4% — 

944 8% 7ft 8 
9731 39 30%— 

5037 36 37 + 

80419% IBto 19% + 

44210ft 9ft 10ft+ I 
10118% 18% 18% — % 
5123% 23to 23% — 
88212% lift 12% + 
21019 18% 18% 

14B3T4% 13% 13ft— 
314724% 22% 22ft— lft 
45Uft 13ft Uft + to 
JMi 3 2269 9to 8% Bft— % 

T60a 36 8545% 43% 45% + lft 

9151% 58 50 —1 

7930% 30 30% 

4562*% 25% 25ft 
14412% 12 12 

8955 9% SVb 
18718% 14% 

787 ft to 
163 7% Aft 
220B14Vb 15% Mto + 1 
51 9 8% 8ft + to 

249 4 3W 3ft 
30529ft 29% 27% — to 
151 2to 2% Zto 
145810ft 10 10-1 

130017% 16ft 16ft— to 
8% Sft + to 

50 7% 7 7% + ft 


Seles in Net 

lOQs High Lew Close Ch'ge 


60 


PSFS 
PtlOGI 

PhnxAm 

PnotoCs 
Ptnrsln 
PleSav 
PlcCafe 
Pled Be 
PionFdT 
PbnOi 
PbmKI 
PkmSts 
Plant rC 
PlzCBc 
Plenum 
Pofttlfc 

PlCVMS 

PonceF 
Pore* 

Powelt 

Powrtc 
PwConv 
PrecCst 
PtdRsk 
PrpdLB 
PresLfs 
PrstnCP 
Prewoy 
Priam 
PrlcCms 
PrlcCos 
PrtnvO 
Prtranx 
Prodigy 
prodOo 
Proftnv 
Profits 
ProaSrs 
PronCa 
Progn* 
ProptTr 12C 
ProlCP* 62 
Protcn! 
Previn 
PrvLfA 268 
PrudBk 
PubcoC 
PbSNC 160 
PgSdBc 1.12 
PulasF 60 
Pullmn 
Pun Bn 60 


1 

23 


615435 9ft 9 9*A + to 

30 678317 lAVb llto— to 
W 2ft 2ft 2to- % 

338 7ft 7 7ft 

41 34 Aft 6 A . 

180326% 25% 26 v to 

21 63620ft 20ft 20% 

_ 20 224 24 24 — % 

ASa 33 30215% 13ft 13ft— lto 

JO 16 47319% 18% 18ft— % 

12 26 381332ft 30% 31% + 1% 

12 11 1909 Sft 7vb 8 

JA 3J 34271b 28% 2®% 

.10* 16 2* 5% 5% 5% + 

«a ifl 8432% 31 32 

329 llto TJb 11 +1 

332227% 25% 261V — 1 
TV- 2J naOJlft 9ft 11 +1 

22722ft 21*i 22% + 

213 2% lto 2to 

30018 16% 14% — 1% 

127 8Tb Sft 8ft— ft 
177126% 25% 25to+ 1 
5031 X 30to + ft 
150 6 5Vi 5ft 

12626 24ft 25% — 

U 144615% 14ft 15% 

2635 4 Sft 3ft + 

1179 ito 4% Aft— 

71811% 10ft 11% + 
177158 56ft 56ft— 

26 1630 6% 4 6to + 
42913% 12% U%— 

53 Ato 4 4 — 

410 5ft 5% 5 to 

152 6 Sft Sft— 

4912% llto 12V. + 

32 5to 5% 5% — 
51546% 41ft 46% + 4 
516 5% 5ft 5%+ to 

586 Mto 13ft Uto— % 
53925 23% 25 +1% 

178 2 lft lft + % 

26614ft Uft 14ft + ft 
48599 97% 98%+ % 

ITOIt 13 I(N- +„ ft 
1703 lft lib lft — h 

34523% 21ft 22ft + ft 
210X1% 30% 31% + % 
7827 26ft 27 + % 

7526 7ft 7 7ft + to 
41121ft 20% 21ft + ft 


JO 


.16 


.16 27 
60 3J 


% 


.14 


86 

25 


27 


7 9 
36 
21 


16 


OMSs 433112ft 10ft 11%— 1% 

Qogdrx 1770 A Sft Sft— % 

QuekC s ja 31 66512 llto 12 
QualSy 23 Zto lto lto— to 

Qrttmx J 33W% 14% lj»k- ft 

Quontm 212721ft 20ft 20ft— to 

SlSkS 5 Sft 5ft 5ft— % 

OuStM ™ 3 ^ 3 »+, J * 

Oolntel m 8 7 b 7% 7ft— 1% 

Quixote 35910 9ft 9ft 

Qtignm 1276111ft 11 % llto— to 


RAX 
RJ Fin 
RUCP 

RPMS 

RodSyi 

Rorffrrr 

Rodion 

Rosen 

Rotor* 

Romtek 

Rnuctl 

Roymds 

RgyEn 

Rearing 

Recotn 

RcdknL 

Reeves 

RefaC 

RSCVEl 

Regis s 

ReidAsh 

Rddtob 

Rellab 

Renal 

R*PCO 

RntCntr 


435 9% f% 9%+ % 
JH« J 00 9% Bft 9%+ % 
66 26 38124 21ft 23% + lto 
JA JJ 98417 16% 14ft + V. 

286S13W 7% 9ft— 31b 
53772ft 72 72ft + ft 
127 7% 7 7% + to 

643 A 5ft 5ft— % 

1J0 36 299821 27% 27ft— % 

7087 4ft 4% 4% + to 

t 50 4to 4% Ato + % 
JO 19 11624% 23ft 24 — ft 

14 16 22117ft 17 17%+ Vb 

19219% T8V. lSto + % 

125 Aft A Ato + to 
64 2.1 5331 30% 31 — to 

1195310ft Bto lOto+1% 
t 10613% Uft 72ft— 1% 
10 ID 1677 Aft Ato Ato 
m 3 728 Uft 12 12% 

2844 A% Sft A%+ % 
630 6 439 5% Aft 5 — % 
9SA 7ft Sft A%— lto 
141 4 3% 4 + % 

71 5% 4ft 4ft— to 
4719% IBft IBft— % 
64 46 163 9W 9 9to— to 


RpHIth 



310116ft 

15% 

M + 

% 

Restilnc 

J2o 

ZB 

3311% 

lift 

lift 


RaOM 



30 3% 

3to 

3tt 


Res Exp 



165 2% 

2% 

2% 


RestrSy 



34514 

P?3 

14 + 

to 

Reuter) 

.156 

12 

12812% 

El 

12ft- 

% 

ReutrH 

21* 

J 

74129ft 29 

29 — 

% 


ReverA 

Rexon 

Rev Ray 

Rhodes 

RKrilm 

Rlctl El 

RIggsN 

Rltzvs 

Rival 

RoodS 5 

RobMvr 

Robesn 

RobNug 

RpbVsn 

Rock or 

RckwH 

RMUnd 

RkMIG 

ROSOSSI 


164 126 


114 

14 


LOO 

120 


31 

59 


Rasptui 

Rouse 

RaweFr 

RoyBGp 

RovPIm 

RoylRa 

RovIAIr 

RuMnd 

RustPmt 

RYtMlF s 


9012% lift U + % 
651 8% 7ft 8 + % 

3.1 UA440% 39ft 39ft— % 
21 323711% TOft IT — % 
354717ft 14% 14% — 3 
46427% 2Aft 27% + % 
3 9 35252% 47% 51% + 3% 
178 3 2ft Zto + Vb 
60 47 570816% UVh Mto + TU 

LOO 311283625% 25 25% 

13014% 13% 14 + 

119 7 Vb 6ft Aft— 
0413ft 13% 13V.— 

4*9 Uto 11 11%— 

5419ft 19 19 - 

14111% II 11 
910 Sft 8 Bto + 

9811ft Uft lift— 
22022% Zlft 22 
96325 24% 24% — 

92721% 19% 19ft— 1% 
44542% 41ft 42%+ % 
27310% bft 9to + 

52 Zto 2 2% 

va 9% 8ft Bto— 

275 A Sft Sto 
131 9% Sft Bft— 

540 Ato 4% Ato + 
9716% M 16% + 
267316ft 16 16% — 


100 


M S 


.141 

68 60 
30a 13 
3ta 7J 
60 30 
1J0S 23 
.120 11 


Mi 


Sam in Net 

iocs Hign low Close Ch’ge 


60 36 


JH 

JS 

1.12 

t 

.14 


SefDel 
Select 
Semlcn 
Sensor 
Srvmat 
SvcMcr 
Swmost 
Servlco 
SvcFrct 

SevOak 
ShrMed 
Shwmls 168 
Start Bv s .16 
snewi s 
Snaneys 
ShonSos 
Shpsmt 
SlgtnC* 

SftrmaR 
511 lean 
Silicons 
SD level 
Sillcnx 
Siltec 
SimAXr 
Simp In 
Slppln 
SHCP 
Sbxler 
Skipper 
SkyExo 
SloonTc 
SmlthL. 

Smith F 

Soctoty 
SoctvStf 
So tied, 

SoRwA 
Sonesto 
SonocP 116b 26 
SonrFd .15* 9 
SoMlcG 1 J2b 8.1 
SColWt 110 7J 
SoHoso 
SthdFn J2 
Soutrsf IJ» 


.15 
.10* 26 


60 5.1 


66 


651221b 22 22% + % 

8510% 9% 10% + 1 
260 8% 7to 8 
J 4455 7ft 7% 7V. 

685 2 lto lto— % 

6 722513% 12ft 17to 
11 59336% 35ft 36ft + % 
9620 19 20 + % 

47 4% 6% 6% 

1.1 140814% lift 14ft— % 
16 355230% 29% 30 — .% 
<5 336534ft 33% 34to + 1% 
6 648 19% 17ft 18% + lto 

55013% 13% 13% — to 
J 143730% 29% 30% + 1% 
53114 13ft V 
00 Sft A fa S + % 
269 7% 7 7 — % 

50 Aft 4 4 — % 

926 7% 7% 7%— % 
18612% lift 12 
56617% 16% 16% — % 
67721% 19% 19ft— 1% 
596 7ft 7% 7ft + Vb 
72211% 10% 11% + % 
45515ft 15% 15ft + Vb 
97515ft 14% 15% — % 
42 4% 4% 4% + % 

70920ft 2D 20 + % 
36810% 9ft 10ft— W 
160 3% 3% 3%— ft 
287 8% 7ft 7ft— ft 
640 3% 3% 3% — % 
81 8% 7to 8V. + % 


104 

43 

46843 

42V. 

42% + 

ft 


537 14 to 

13% 

14 + 

to 



74 7ft 

7% 

7% — 

to 



137614% 

Uto 

14% - 

ft 

00 

10 

226% 

26% 

26% + 2% 


.10 


78546% 45ft 45ft 
72918 17% 17V.— ft 

B0 19% 18% 18ft + ft 
39521% 23% 23ft + % 
832 5ft 5% 5ft + to 
16 709229ft 2B% 28ft— % 
39 34126 2Jft 25ft 


66 


16 891 7% Aft Ato — 

39 195043ft 42% 42to — 

320 lft 1% IV,— 

126 7ft 7% 7% — 

77914 U% 13%— 
93617% 16to 16ft + 

J 365 Ato 6% Ato— 

9511% 18ft IBft— 

191 2ft 2to 2% 

5*15 14ft 14ft 
246 9% Sto 9% — 

13 227 6 Sft 6 

19 *9827% 25% 25ft— lft 

26 4021% 21 2I%— 1% 

4035 15to 14ft 15% 

21 20954% 53% 54 
144 6% 6ft 6ft 
34712% lift 12% — % 
18724 22 22%— 1 


Sovran 

S ovran 
SPCMIC 
SponA 
Speedy 
Soctron 
S pecCtl 
SmJi III 
SpertID 
spire 
SiurSrs 
StofBid JO 
Stnodys 1-OQ 
SICTofa JO 
SRJMlc 
StdRog '110 
5tondun 
ShmfdT 

Stenhas 110 __ _ 

StaSIH 166 16 152055 53% 55 +2 

StatcG ,15b 13 865 5ft 4to 5ft + ft 
260 6% Sft Sto— ft 
178 Aft 1 Aft 
15014% 13W 13ft— ft 
36223% 21% 21% — lft 
27 3% 3 3 

394 Aft 6% 6% — % 
9814V. 13% Uft + % 
47410% 9Mr 9%— % 
2601 14% M 14ft 
1.14 2.1 21956 53% 55% + 2% 

1193054 28% 28ft + % 
27617ft 16ft 17ft + ft 
63 Aft 4% 4% 

93039 136% 136ft— 2% 
123 Aft 41* 4% 

71351ft 49ft SOW — 1% 
1037 9% 7ft 9ft + % 
47415% IS 151b— 


Sales In 

lofc High Low Close Chge 


TrusJo AO 

TBkGc 160 

TrsNY* 110 
Tuck Dr 
TwnCtv 
TVtan 

TysonF 60 
USLIC s 60 
USP Rl 
UTL 
UHrBcsr 


16 41428% 26ft 26ft— lto 
2.9 155334% JJft 3*% + 1 
A3 728% 28 28lb * 1% 

137 6% 4% *%+..% J. 

*20 % ft % — hi 

8717 16 M 

A 34*519% IS 19 + ft 

36 10621% 21 21 — W 

4810ft 10% W %— A 

48323% 23% 23% + 1 

4 A 9829'“ 2* 2* + ft 


110 


Ultrsv Jt*e 
utiamn 

UnlSTnf 1J3 HL7 
Until 
Unlfrcs 
Unlmed 
unBCP 
UnFedl 
UnNatl 
UnPlntr 
UnTrBc 
Unworn 
UACms 
UBAiiz 
UBAlsk 
UBkSF 
UBkSB 
UBCoi 


1J» 2 A 

20 4 4.7 

2A0 36 

JU A 
M 13 
.15 r 1J 


168 43 


Steiger 

Stsrnri. 

SfrwSTV 

Stwinf 

StowSn 

SI Met 

StckYle 

StscUr 

Stratus 

StrwCs 

Strvker 

StuDS 

StuartH 

5ut»rv 

SubAhi 

SubrB 

5udbrv 

Sufi SB 


J2 

.15 


.11 1.1 


51 


JH 

168 

65 

L92 


. 12 * 6 


Sumlto LI6 7 A 
Samma 

SanilBs 16 4J 
SumBA PD.2D 4.7 
SumtHl 69* J 
SunCst 

Sunah- 14 46 
SunMed 
SunSL t 
Surat Fd 
Sratot* 

Sunwst 160 36 
SuoRte .16 J 
SupSky 

SuperEI 1201102 
Suprtex 
SuorEq 
SurvTc 
Sykes 
Svm&Sn 
SymbT 
Svncnr 
Svntecti 
Syntrex 
Syscon 
SyAsoc 
Systin 
Syslntg 
SvstGn 
Svstmt 


37415% 15% 15W— 
1292 3ft 3 3H + 
25120ft 20 20% 

246ft 46ft 46ft 
448812ft llto 12ft + 
1% lto+) 
Sft 
9ft 
5% 


% 


+K, 

6 + to 

9ft— ft 
S%- 2ft 
4 — ft 
15 — % 
41 + ft 

18ft + 1 
9ft 


18 13 


.TOT 16 
t 


M 16 


31 *3 


260 

210 


46 

7J 

26 


62 21 


1.12 36 


JHe A 


9% + to 

Tti* 

7ft— % 


660 
JBr 3 


SABHas 
SAYind 
SCI SV 
5EI 
SFE 
SP Drug 
SRI 
Saatctil 
Sotecds 
Safeco 
SafHllti 
stJude 
StPaiH 
SalCpl 
San Bar 
SandChf 
Sate! co 
SaMSv 
SavnF 
SvBkPS 
ScanOp 
ScanTr 
Scherer 
Schotas 
SeMmA 
Sdmed 
SODvn 
SdCmp 
Sc I Inc i 
ScIMIc 

scan 

SdSySv 
Scftex 
ScrlpH 
SvaGal 
Seagate 

S*aIInc 

SeawFd 68 4 A 
ScNtBM 1.10 63 
SecNH 121 46 
SecAFn .lob J 
SccBa> 1.12 41 
5eCTag 
SEEO 


.13 16 209 8% 7ft Bto— Vb 
23*13% 12ft Uto— ft 
148113ft 12ft 12ft — % 
116419 17ft 17ft— 1 
450 9ft 9% 9to+ ft 
64115% Uft 15% + ft 
68 3 A 328219ft 19 19ft + ft 
J5e 6 29934ft 31ft Tito— 3 
284215ft 15 15 

150 31 343*38% 3*ft 38 + 1ft 
8617 lift 16ft— % 
1*53 13ft II lift— Hb 
44 3831*8 41ft A7% + 4to 
476 3to 3ft Jto— Vb 
29 8 — 

87 7% 

838 lto 
43 7% 


J2 


JHe 


.12 16 
1600 46 
JM 28 


-32 36 


7% 

7 — 
ito + 
7% 


60 


7to 
7 
ft 

7 

5737% 36% 36ft — 
11730ft 30ft 30% + 
387 9% 8ft 9ft + 
8712ft 12 12ft + 
31510ft 10% 10% — 
17617% 16ft 16ft— 
21 103417ft 17% 17ft 
64 8 7% 8 


30 46 


60 21 


1134 9ft 
177 6ft 
156 Sto 
602 Aft 
113 9ft 
1187 7% 
613TB 


3 

eft 

5ft 

4% 

8% 

Ato 


sft + to 
sto— ft 

5to 

Aft + ft 
9 — % 
7V, + to 


15% 15%— 2% 
7736ft 34 36ft + ft 
843 9 8ft Bto 
16802 Sto Sto 6% 

108 6 5ft 6 + to 

2516ft 15% 15% 
21617% 16% T7 
U31 30 30 

5818% 17% 18% + 1% 
27121% 22 23 + ft 

520 3% 3% 3ft— to 
4323 Sft 2to 3ft + to 


TBC 
TCACb 
TLS 

TSCInc 
TSI 
TSRs 
TaCVtvs 
Tandem 
Tandun 
Tcfmal 
TchCom 
TchEqC 
TcCom 
Tchlncs 
Telco 
TlcmA 
TelPkn 
Telcrft 
Tetecrd 
Telemt 
Teleplct 
Telvfd 
TeJata 
Telxon 
Temco 
T mpjE 
Temtex 

TnrirLv 
Tennant 
TeraCp 
TermDt 
Teadata 
Texan 
Textne 
THerPr 
Ttirmd* 
Thetfd 
ThdN* 
TC3YB* 
Thorln 
Thortec 
TbooTs 
3Com 
Tleroa 

Tlmbrtri 1 

TimeEs 

TmoFlb 

Tlpnjrv 

Tolu* 

ToicdTr 1.90 
TotTr pf zto 
T apeyA 
Tansy i 
TrakAu 
Tran La 
Trnsdcr 
Trnsnt 
TrtodSv 
TrlMIc 
TribCm 
Trlon 


3743 Mb 
121 6 
32 9% 

6212 Bto 
57 4% 4 

2217 15 

25841 40 

47318ft T7 
38 9ft 9ft ^ 
21812% Uto lift 
1973 3% 3% Sto— to 
316 9ft 8% 9 + % 

5211% TOft 1 0ft— to 
678 to ft ft— Ki 
217 Sto 3% 3to— ft 
76612ft 11% 12% + 

135 3ft 3% 3ft 
363814ft 12% 13ft + to 
1220 4% 3ft 4 — % 
13816% 15% 16% 
31323% 22ft 23 
471 5% Site Sto— ft 

231 lira » iou. + % 

516 7 Aft Aft— to 

J14 1 14519% 19 19 

88312% 11 12% + 1% 

.12 6 31320% 19ft 19ft— lft 

10 5 4% 5 

35 8% 8% Bto— ft 

68 1.1 136 7% Aft 7%+ % 

37415ft 13% 14 — Mb 

47 6% Aft Ato + to 
1434520% 18ft 18ft— 1% 
7283 5ft 5ft Sto— to 
12 15 15315 13% Uto— ft 

26 7ft Aft 7ft 
421% 21% 21% + % 
77 9% 8% 9% + to 
63 6 235 7% 6% 7 + % 

101516 15 15ft + to 

f 1239931% 36ft 30ft + 4 
099710% 9 9% 

207615ft lift Uft + 3ft 
1J 293218% 17% 17%— % 
2 5 5 5 — ft 

203523% 22 23 +1 

748 3 2ft 3 
93815% U 15 + to. 

163519ft 19 19 — % 

554 Sft Aft 5ft + ft 
2T4 2% 2 2% + % 

35 8 7to 7ft— ft 
10 Sft 3 3—1 

12 4J a«21% 20ft 2H4+ % 
101:4ft Aft Aft 
t 402 7ft 6ft 7%+ % 
289 2% lft 2 + ft 

225 lib ft ft— ft 
3Sm IJ 31017% Mto 14ft + % 
18511ft 11% 11%— % 
34116 14% 14%— % 

24210% 9% 10 — ft 
118 31 115940ft 40 40to + to 
314927ft 22 25ft + 3 
4611 11 11 

461 9ft 9to 9% — Vb 
447116ft T5to 16to+ % 
2133 8% Bft Sft 

28 9% 9 9 

32 Sft 5% 5ft— to 

287413 12% 12ft + Vb 

3B310V. 9ft 10 
367 ft ft ft 
256114% 13ft 13ft + % 
46 68 40to 39% 39% 

88 1333 31 33 +2 

29 4 % 4 4%— ft 

33518% 17 18+1 

38617 15ft 16 — % 

61 9420% 19ft 20 + % 

J 4 7 7 7 

306 3 2% 2% — ft 

829 1% 7% 7ft— % 

279 Sft 5% 5ft— % 

201 3% 3 J»+ % 

•10 1.1 53 8% 8 Sft + % 


114 
J nr 


~7 7212 9% BW Bft + 
936414ft 12% U + 1% 
5414% 13 Uft + lto 
9114% 14% 14% 
114610% 9ft 9ft 
26513ft 32% 12%— 1 
55 8% 7ft 8 % 

41 43% 41% 42% + I 
2171 10W 9ft 10% + % 
4144% 42% 43 — 1 
91123% 22 23 +1 

2564 63% 64 

29810% 9ft 9ft— ft 
88217 16ft 16ft + lb 
83*37% 35% 37% + lft 
29710% 9ft 10%+ % 
142 4% 5% 5%— ft 
9714% Uft 14 - + to 

63225 24ft 25 + % 

Sggc L 0 O ^“0629% 25%^+ 2 ft 

ssw. ■* « fsss u% lift- a 

404 3% 2ft 3ft + % 
2247 7ft 4% * Vi— 1 
108620ft 20 20% + to 

MU TOft ICft- 
43210% 10 10 + 

20710 J* M + 

195 4% 39 3% — 

3J 832129ft 28ft 28ft— 

163 3% Jib 3% 

419 Aft 4 4 1. — 

408 7 6% Aft + 

564837% J*'-i 3S + 

4 9% 9% 9V«— 

2B1 4 3to 4 + 

181419ft 18% 19ft— 
30413% lZft 17ft — 
60738% 2flft 30 +1 

3*0 23% 22% 22ft— % 
190 6% 6 6%— ft 

30921W 21Vb Sift— % 
4711ft TO>b TOto 
718 17% 18 

255416b 41 41% + % 

46124% 21ft 23% + 1% 
39320% 19ft 23%+ ft 
2)95146* 14% 14%— U 
352 5% 464 4H + % 
49811 9% 10ft + 1 

75 5% 4ft 5%— lb 
99 19% 18% 19% + V* 
2337 5ft 5 5% — % 

210 4.1 2923 5% 4» 5% -r % 
IJB 4J 6925% 24% 25 + % 

1*47 8% 7ft 7*4— % 
136711% 11% lift— to 
14336 ift 464 5ft— 1 


UnDom 

UnEdS 
UFnGrp 
UFstFd 
UGrdn 
UnNMx 
UPresd 
US Ant 
USBcp 
US COP 
USDsgn 
US EM- 
US HI* 
USHIM 
US Shit 
USSur 
USTrk 
USTr* 
UStoIni 
UTeld 
UnTeiev 
UnTote 
UnVtBn 
UVaB* 
UmrDev 
UnvFm 
UrtvHIt 
UnvHld 
UFSBk 
UpRaht 
UPanP 
UrgeCr 
Uscafe 
Utah Be 
VLI 
VLSI 
VMX 
VSE 
Valid Lg 
Volten 
VolvBc 
VofFSL 
valFra 
VINBCS 
ValNti 
Valmnt 
Valtek 
VeiLn 
VanDus 
VanShk 
Vanzetl 
VortCr s 
Van en 
VecfrG 
VeioBd 
Ventrox 
VenaT 
V*ta 
VlcanF 
Vlcorp 
VlctBn 
VlctraS 
VlodeFr 
Viking 
Vlratek 
vaBedi 

VHTocti 

VI tram 

Vodavl 

VWtCP 

Voltlnf 

Volvo 

Vartec 

Vyqusl 


.92 61 


lJ*t 15J 
33a 1 A 


1J00 


.12r 30 
.toe J 
110 9J 
1.20 

10 .9 


JA 41 
114 *D 
.ISm A 


12 

ZOO 10J 


to 

% 

ft 

ft 

ft 

ft 

ft 

% 

% 

14 

ft 



3511to 

10ft 

10ft 


521913ft 

Rto 

12Tb— 

% 


1916% 

16% 

16% 



7327 

25 

27 



79716ft 

TOft 

TOft— 

% 

1.9 

12 6'+ 

Ato 

frto + 

% 


42% 45 m 

37% + IftW 


9to 

Us 


964— 1% 
6ft 

— % 


--V 3 * 


1JH 


.12 - . 

IJOa 33 945 

110 12 430737ft 36 

AO 10 11120 19% 20 

JM 14 360 Aft 6% 4ft + % 

A0 1A 157125ft 24% 25 + to 

AO 13 50512% 12'i 12ft— % 
158 Bto 7*4 8% + 1% 
28711 
IB9 7% 

M 43 li! 14 * 

7619ft 18% IBft + to 

2814 4% Aft 4%— ft 
JO 1J 7316 15 15 — ft 

2553 to Vb ft 
259 3% 2ft 2to+ to 

JB9m A 1575251b 2*ft 341% 

UH 40 825’* 25 25 — fa 

740 4 3ft 3ft- ft 

J2e 11 174 lift 11% Uft— to 

184511% 10% Uft + t 
15018ft 1764 18% + I 
JJBr 1.1 75 7% 6ft 7% + ft 

731 lft lto 1% 

t B9 Aft 5ft 6 — to 

487611% 11 11 — ft 

i 3w 3ra r% + ft 

11511Tb 17 17% 

103131% 29% 30% — 1% 
J» 1 215 9ft 9ft 9ft + ft 

36 7 Aft 6 to— % 


WD 40 

JB 

42 

156820% 

i9to 

20% + 1 

WOlbrC 

08 

3 

17031 

30 

30% — 

to 




887 Bft 

7ft 

B% — 

% 

IIVTTjM 

UA 

X6 

149320% 

19% 

2Dft + 

ft 

rj J ] 

JBb 20 

244930% 

30 

33% + 

% 

I jVivTTH 



92913% 

12% 

T3to + 1 

WshScs 

n 

0 

19423 

22V* 

23 + 

% 

Watrlst 

.n 

1.8 

52 6% 

5% 

Alb— 

li 


00 

3J 

60312% 

12to 

12% + 

'm 


04 

20 

3315% 

14% 

15% 


Wavetk 



827 7ft 

Aft 

7ft — 

'A 


08 

.7 

190311 

9ft 

10% + t% 

webbt 

J6 

2J 

45113% 

13 

13% — 

to 

Wedgtn 

1 JHe 1X7 

130 Bto 

7ft 

7ft— 

ft 

Welsfld 

00 

4.1 

1 Rto 

Rto 

12to + 

% 

Welblts 



15023 

26 

27% + 1 

Wespac 

101elXB 

399 9ft 

9to 

9ft— 

% 

Wespc 2 

00 

1X3 

58 8% 

7% 

7% — 

ft 

WAmBc 

JO 

30 

5218% 

18 

IBto 





37913ft 

103912ft 

12ft 

12to 

Uto — 
12to — 

% 

to 

WstFSL 



164512% 

lift 

12ft + 

ft 

WMICTC 



10 8% 

8 

0 — 

u 

WMIcr 



159 8% 

7% 

7% + 

to 

WStLfe 

-14 

36 

1214'* 

13 to 

Uto 

WSfeer 

30 

Z! 

33 9% 

9 

9%- 

i 

WITIAs 



252223% 

22% 

23ft + 

% 

WmorC 

00 

Z3 

16317% 

16% 

17% + 

% 

wstwdO 

.lOe 

0 

156 26 L. 

25 

8£i 

% 

WstwdC 

Wettra 



27623% 

22% 

% 

08 

X3 

96326ft 

2* 

26ft + 

% 


waynbrg 116 
Wlenf 
VVtdcam 
Wtltxid 
Wlllmt 
WIIIWW 


25 


555% 55% 55% + % 


or 


Jmi I 
WmsSn 
WlmgTr ZOO 
WIlsnF 
WlbsnH 
Wilton 
Wlndmr 
WTrmEn 
WIsSG* 
WVserO 
Wotahn 
Woodhd 
Warms 
Wrllor 
Wyman 10 
WV*e 
Xebec 
XJcnr 
XKJex 


2009 5 4ft 
1538 7ft Aft 
267 7W 7 
4J 28114014 39 

44 


8 13 12% 

i2w nra 

87 9 Bft 


% 


7 — 

7 - 
AOto 
12ft — 
lift— 

8ft + 

10414ft 13ft 14% + 
9054% 53% 53% — 

239 BW 8 BVb— 

10 11 15619ft 19ft 19Tb + . 

6 3ft 3% 3ft— to 

1.1 1305 Aft 6to Ato— to 

742 Sft 5ft 5ft 

144b 44 1533% 31% 32% + 1 


37 


& 

Mi 


JU 45 159519ft 19 19ft + % 
.16 26 299 Ato 6 6Vb- ft 

60 39 12916 15V. 15% — % 

M 25 122225% 24ft 2Slb + ft 

■15a 1 J 301 8ft 7ft 771 + ft 

3-5 82823ft 22% 23 

86711% 10% 1D%— ft 

2408 Aft 4ft 46b— ft 

2985 Bft Aft Bft + lb 

1406113% llto 13% + lft 

’-S 3H 33V4 23% — ft 

YarkFd AO Z4 1414V. 13ft 14% + ft 

ZetintlM 768 Aft *% 4%— ft 

ZenLb* 290031% 28% 31 +2 

ZenTOc _ 313 3% 3 3 

garter ,Ma aa 99 llto loft u 
ZJwiUt 114 14 161 37W 36 U. 36% — ft 
Btrt 760 4 3 Vi. 3ft— ft 

Z'vorf 446 5ft Aft 5 

Zondvn JJ4 13 53210% 10 10ft— ft 

Zvmra 31«* 3% lft ?f*—Ya 

Zyfrex 3680 ft ft ft— ft 


Mutual Funds 

cmiJig Price* Aprfl 26, 1915 


NEW YORK (API— 
The hJtlowtng quota- 
lloni, nipplled by tne 
NoHonol AMOClQtion 
ol Securities Deal- 
era. I nc> are the pric- 
es of which these 
scarrttm could have 
been said (Net Asset 
Value) or bought 
lvalue piu* sales 
charge) Friday. 

Bid Ask 


AARP 
Cc*Gr 
GhilM 
GenBd 
Gttilnc 
TxFBd 
TxFSh 
ABT 
Emrg 
Gthlnc 
Secinc 
Uhl Inc 
Acorn F 
Ahrlure 
AIM 
CvYlCl 
Gmwv 
HIYW 
Summit 
Alliance 
Chem 
HIGrod 

HlYld 
InH 
Mortg 
Survey 
Tech 
Alpha F 
Amer 
Coro 
Cmsik 
Enirp 
ExCh 
Fri Am 
GvSec 

Grow 
Harbr 
HI Yld 
Mun B 
OTC 
Pace 
Provld 
ventr 
American 
A Bal 
Amcp 
A Mutt 
Bond 
Eueac 
Fd Inv 
Grwth 
Inoom 
ICA 
NEca 
N Per* 
TaxE 
Wat) Ml 
A GthFd 
A Hertta 
A Invest 

A inv In 
AtnMed 
A NtGIh 
A Nllnc 
Am wav 
Anatvt 
Amstna 
' Axe 
Fitd B 
Incam 
Stock 
Ba&Ban 
Band 

■ Enltrp 
Gwtn 

UMB St 

UMB B 

BLCGt 

BLCInc 
Beac Glh 
B egcHH I 
Denham 
CaTFL 


Invst: 
1707 NL 
1412 NL 
1484 NL 
1639 NL 
15.10 NL 
1509 NL 
Fondly : 
1Z99 1420 
1407 15JS 
1105 13L07 

1701 1BJ9 
3207 NL 
1205 NL 

Funds: 
1177 1Z59 
875 9J6 
968 10JS 
561 
Can: 
912 HUB 

10.19 1078 
949 1004 

mi ms 

9J6 10.12 
120 a U9? 
1670 IBIS 

18.17 1916 
Capital: 
*00 763 

112? 1452 
1247 1363 
4424 NL 
1015 1110 
1168 1253 
2431 NL 
1279 13J8 
9.76 1047 

1702 1BJ1 
971 1061 

20.17 2204 
430 464 


1499 143* 


IZ7S 1193 (Ctry Cop 


1431 15.66 
11.75 1204 
1168 149S 
UJ0 1215 
1117 1232 
15.72 17.19 
776 80S 
9.75 1014 


147* 1413 (Concord 
Funds: [Const el G 
10.13 1107. . .. 

8.17 8.93KoMev 


9J4 10J1PFA Sm 
760 810 DFA ln( 
2J0 NLF 
*05 NL 
190 NL 
3302 NL 
IBS 421 
18.75 2049 
*00 602 
13812 NL 
. 7.11 NL 
Houghton: 

1004 10.91 
468 50? 

741 BJ4 
Group: 

1.53 NL 
1IJ1 
1279 
1165 
1079 



NL 
NL 
NL 
NLl 

1418 1768 DIT CG 
1564 1498 DIT AG 
ISJH NL DIT Cl 
18.96 NLDGDIv 
Capital: DodCx B» 
10.02 NL DodCx St 
914 NLDbftTx 
1014 NL Drex Bur 
Group; Orsytua 
157* NL ABM 


1432 


2455 

1064 


BW As k 

SpGth 1812 NL 

Bowser 262 NL 

Bruce 10005 NL 

Bull a. Bear Go: 

CaoltG 1313 NL 

~ ' TO.23 NL 

1077 NL 
1416 NL 
917 NL 
Group: 
1733 ' 
15.10 
1806 
1062 

1517 NL 
Bullock: 
712 719 
1111 1Z91 
1730 18.91 
830 907 
311 361 
10-71 1105 

11.17 1211 
915 1014 
1208 12 15 
1201 136* 
140? NL 

440 NL 
1065 NL 
unava 1 ! 
Funds 

13.13 141? 
964 1003 
479 7J4 
7.11 769 

11.71 1266 
Fun as: 
1450 1S.B5 
4965 5064 
4965 5064 
14.96 1435 
1160 1204 
1016 1111 

7.17 769 
600 719 

8.19 8.95 
1107 1264 
1Z151276 

Funds: 

12.19 NL 

24.18 NL 

10.19 NL 
105 167 
169 Z15 

Group; 
HUH NL 
1043 NL 
46? NL 
102 106 
3468 NL 
1875 NL 
506 NL 
8.14 NL 
4709 NL 
1478 18.14 
Funds; 
906 10JB 
90S 10.10 
909 WU7 
803 911 
966 TOU 
1498 1437 

1005 10.78 
16407 NL 
101JU NL 

Writer: 
1000 NL 
SJ5 NL 
I3.9S NL 
1X18 1X95 
1071 NL 
712 NL 
WJJ4 NL 
1069 NL 

10.14 1009 
1017 NL 

1006 NL 
Grown: 

919 1019 
1605 176* 
1908 3119 
763 X23 
700 715 
1X17 IX® 
1106 NL 


IS? 

HlYld 
CalMun 
Calvert 
Eaultv 
Inca 
Social 
TxFL 
TxFL 
CO Ivin 
AooGt 
Baton 
Bulled 
Canon 
Dlvld 
Hllnc 
Month 
TxFn* 
Caapieia 
Cardnl 
Cnt Sfts 
Chart Fd 
aw Dir 
Chestnut 
CIGNA 
Grwth 
HlYld 
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MunIB 
Value 
Calenlal 

Coo A 
CpCsh 
CpCsii 
F und 
GvSec 
Grwth 
HI Yld 
incam 
Opr Inc 
Opli li 
TaxEx 
Columbia 
Fixed 
Grth 
Munlc 
Cwlth AB 
CvWth CD 
Composite 
BdSffc 
Fund 
TaxEx 

USGov 


GthOn 
NY Tx 
SpI Inc 
Tax ex 
ThnJ C 
Eaal Glh 
Eaton 
EHBol 
EHStk 
GvtOb 
Grwth 
HlYld 
IncBos 
Invest 
Nautls 
SPEat 
ToxM 
, VSSpI 
EmpBld 
NL tengUill 
NLgvrgrn r 
Ni.fevrgrTtl 
NL ,= PA 

Caplt 
Nwinc 
Parmt 
Peran 
Frm BG 
Federated 
epesh 
Exch 
FT Int 
Fdllntr 
GNMA 
Gwth 
HI I cm 
HlYld 
fnca 
Short 
SI Gvt 
StkBd 
Slock 
IFMsSISv 
Col Mu 
Bond 
Congr* 
Con rto 
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DISCV 

Ea Ine 
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FMei 
Fredm 
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Hllneo 
HI Yld 
Lt Mun 
Moaei 
Mun Sri 
MassT 
Merc 
Mtg5c 
NYTxS 
NYTxM 


NL 

NL 

NL 

NL 

NL 


(CpCash 


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Cmrce 
inv® 
Lowry 
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QuaJT 
SunMt 
US Gv 


COITF 
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Tax Ex 
USGvt 
WrWW 
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OMC 
Decat 
G*l aw 
Deleft 
Tx Fre 

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CaiTx 

Drevl 

Jnterm 

Levge 


1809 
«74 NL 
2430 NL 
V M NL 
2564 NL 
1061 1105 

186) 19.18 
_ Grp; 
1128 NL 
1360 NL 
Uffl 1X37 
1263 NL 
1768 1911 


OTC 

Ovrse 

Purttn 

dual 

SelDef 

SelEn 

SeiFIn 

SelHit 

SelLel 

SeiMti 

SeiTeh 

Seium 

SPCSIt 

Thrift 

Trend 

FlduCop 

Financial 

Dyne 

FndTx 

Indust 

Ineom 

Select 

wrldT 

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and Ap 

Disco 

Govt 

Grwtn 

Ineom 

intiscc 

Not Res 

NYTF 

98-10 

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FlexFd 
J44 WlEa 
144 Wall 
Fnd Gtn 
Founder* 
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AGE 
□NTC 
Eaultv 
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BM 
9J9 
1371 
771 
1113 
733 
733 7.90 
Vance: 
unovoJJ 
1Z7D 1X69 

11.96 1203 
461 732 
478 512 
9.14 9.99 
S03 BJB 

1101 

17J7 14.94 
1671 1016 

1162 12JD 
1568 1446 
2408 NL 

1004 NL 
1536 NL 

Funds: 
9J3 1858 
864 NL 
1432 1504 
1496 1BJ4 
1420 NL 
Funds: 
10-92 NL 
30JO NL 
1012 NL 
960 NL 
1067 NL 
11.11 NL 

1102 1264 
HUB NL 

1002 NL 
HUB NL 
10-77 NL 

1302 NL 
1708 NL 
Invest: 

1003 1004 
660 NL 

5490 NL 

1005 NL 
1117 

19.73 NL 
2504 2505 
47J2 NL 
1SJ8 NL 
1Z96 NL 
9.18 NL 
806 NL 
1164 NL 
047 NL 
3803 3962 
6.98 NL 
1011 10J1 
1306 1419 
9.93 1(103 
1001 NL 

1070 1001 
1X17 1X58 
U-77 1Z13 
1705 NL 
1409 NL 
12J9 1X05 

1163 1107 
2Z96 2303 
22.15 2260 
1417 140* 
1162 1106 
Wl MMM 

1907 1907 

1164 1201 

906 NL 
3806 NL 

18.96 NL 
Prog: 

702 NL 
1461 NL 
403 NL 
472 NL 
616 NL 
707 NL 
Investors: 
1209 1307 

1103 1Z99 
1167 1Z58 
471 7J4 
482 436 
1X391463 

56* 419 
12J7 1304 
1206 1416 
SM 508 
9.13 904 
unavall 
416 420 
445 NL 
406 407 
Group; 
7.17 NL 
1437 NL 
1005 NL 
1509 NL* 
Group: 
343 X78 

907 1064 
505 504 
1003 1006 

949 I0J4 
in* im 


NY Tax 1 X 1 * HUB 


Option 
utils 
Incam 
US Gov 
CaiTx 
FrdGG 
Fd OfSW 
GITHY 
GIT IT 
GTPoc 
Gale Op 
Gen Elec 
Elfnin 
ElfnTr 
ElfnTx 

56.5 

58.5 La 
Gen Sec 
GintelEr 
Gintei 
GrdsEm 
GrdsnEs 
Grth Ind 
GrdPkA 
Ham HOA 
Hart Gth 
Hart Lev 
Heart id 

H me I rtv r 
Hot Man 
Hutton 
Band r 
Calif 
Emrg r 
Gwth r 
Opt Inc 
Gvt Sc 
Basic 
Natl 
NY Mu 
PrecM 
IRI Sick 
IDS 

IDS Ag r 
IDSEq r 
IDS I nr 
IDS 3d 
IDS Dls 
IDS Ex 


Bid Ask 
6.17 465 
6J4 737 
113 Z3B 
7.11 701 
645 482 
1454 15JI 
1001 1107 
1040 NL 
9J» NL 
1621 NL 
1428 NL 
Inv: 
1065 NL 


3408 
1X22 
3490 
1065 
unavall 
3X74 NL 
BUM NL 

900 NL 
1105 NL 

1101 NL 
ISJ0 20.00 

5-95 450 
1DJ7 NL 

1102 NL 
11.10 1162 
10.12 NL 
2264 NL 

Group: 
5059 NL 
7X03 1005 
1108 NL 
1X53 NL 

901 NL 
9J7 NL 

1X05 NL 
1009 1X93 
1X16 1XSB 
11J3 NL 
15-OS 15J7 
Mutual: 
436 NL 
508 NL 
5J4 NL 
462 4J9 
4*8 703 
401 507 


SI ST 17 - 57 

IDS HiV 603 424 
IDS Int 422 509 
IDS ND 8.72 9.17 
IDS Frag 6827.18 

MgjRat 504 5JI 
11 JO 1109 
3Ji in 


Mull 
IDS Tx 
Stock 
Select 
Vartab 
ISI 

Grwth 
Ineom 
Trsi Sh 
Industry 
int Invst 
invst 
Equity 
Gvt PI 
HlYld 
Ontn 
ITS 
Inv Bus 
Hllneo 

MaTF 

inv Resh 
isiei 
■wGIh 
Ivy I r«t 
JP Grth 
JP Inca 
Janus 
John 
Bond 
Grwth 
USGvFg 

Tax Ex 
USGvTr 

Kairfmn 

Kemper 

CalTx 


Grew 
Hi YU1 
intiFd 
Mun B 
Gain 
Sumrn 
Tech 
Tot Rl 
US Gvt 
Keystone 
Cus Sir 
Cu*B2f 
Cus B4r 
Cus Kir 
Cue K2r 
cus sir 
Cus S3r 
Cus Sir 
tirfl r 
KPM r 
TxFr r 
KldPea r 
LMH 


1419 1709 
769 B09 
X14 8J7 
Group: 
664 7J6 
3.71 405 
1001 10.94 
470 NL 
1168 1Z77 
Porltolio: 
900 NL 
867 NL 
809 NL 
474 NL 
Group: 
10J6 11.17 
14.13 1423 
1491 1465 
504 561 
1302 NL 
1366 NL 
11567 NL 
1X93 15.14 
XI2 803 
1206 NL 
Hancock: 
1403 1568 
120* 1X54 

861 9JS 
•64 UUP 

1007 >101 
UR NL 
Funds: 
1254 1113 
JL27 800 
11.97 1308 
10J0 1X94 
1X77 13.96 
131 033 
1160 1X24 
2427 2662 
11.16 1120 
1X89 15.18 
838 9,15 

MOSS! 

156* NL 
1704 NL 
736 NL 

862 NL 
*63 NL 
1964 NL 
S.1T NL 
156 NL 
461 NL 

1429 NL 
705 NL 
1449 NL 
2431 NL 


1001 11691 
863 9J3| 
904 1X10 

Fund: 

1965 21 JS 
210 2X76 
1X30 11 Jo 
1969 2100 
S64 737 
. Berm: 
19.13 NL 
4108 NL 
369 NL 
735 NL 
1415 NL 
1.11 NL 
raj* NL 
•JO NL 
Group: 


Oppenlwlmer 
AIM 1Sj 
Direct 19J 
Eqlnc 7: 
Op»en 9J 
Gold 7: 
HI Yld 17J 
Prem 20, 
Rgcv lii 
Sped i9j 

Tar as I 14 

Tx Fre 8. 
Time IX 
OTC Sec IX 
Pc Hz Cal 12 
Paine 
Atlas 
Amer 
GNMA 
HlYld 
invGrd 
Olvmp 
TaxEx 
Pax.wta 
Penn 5q 
Penn Mu 
PermPrt 
Phlta 
Phoenix 
Baton 
CvFd 
Grwth 
HlYld 
Slock 
PCCp 
P ilgrim 
GNMA 
Mao C 
PAR 
Pile Fd 
PiiaHi 
Pioneer 
Bona 
Fund 

II Inc 
in Inc 
Pllrrnd 


Bid Ask 
4967 NLl 
404 NL 
1365 1492 
90S 1X77; 
7.78 NL 
905 10.77 

Secur: 
1X12 NL 
1707 NL 
1208 NL 
11.9* NL 
.. Invest: 
1004 1101 
1101 1191 
904 1X04 
1767 NL 
Funds: 
_?01 NL 


57.79 

15J7 

1X29 

1168 

2X07 

B0O 

TO-30 


&K 8 ! 


tS"* 

769 807 
506 597 
868 9J8 
8J3 867 
Funds: 

{ 104 NLl 
1X14 Np 
. Group: 
11-17 1221 
1195 1208 
803 9J1 
,561 5.71 
1194 1207 
7J276V 
706 703 
7.19 705 
7J8 7.75 
7J* 7.71 


G local i 
Glob ti 
Grwth 
World 


BM Ask 
3X49 

11.12 12.15 
1X23 11.18 
1263 1X69 


Thomson McKinnon; 


7601 OM 


Group:. 
1005 ii. 
6J4 *03 
1844 I0J^ 




39.75 

!2irr «.io izgj 
Funds: 
SIS 1 75-72 Nil) 

?9TGr H.I7 |i. 7 y 

WT 

S SjS 1 7003 21.98 

HITId 1X4.SJ- 10 Hi 
MgGvl iz« jTi 
1369 1401, 
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SSLJJl 1562 16J5 

f '«7Gr y aj TjT 

»lnlne 4.K mi 
lv * r In 2X50 2108 

90S nQ 
1X83 NL? 

M.90 ,nV: 


Divers 

Progr* 
fJFrrn Cl 
StFrm B1 

“SS 


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**|IH Rng pj. , 

Bond B08 PflS: 
cop op 


Disev 
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Stock 
Tax Ex 

5?«5 ,t 

s ? 3 R fc 

JP 

U^Oth 

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NL 
NL 
NL 
NL 
NL 
NL, 

NL 

NC 

Funds. 


3031 

978 

1501 

1567 

871 

1673 


17. 


Gwth 

Inco 

Ooor 

Tudr Fd 
?mn 
Gift r 
Grwth 
Select 
Ultra r 
USGv 
Vista r 
USAA 
Comstn 
Gold 
Grwth 

I "CO 

Shit 

TxEH 

TxElf 

TxESh 

Unified 
Genrl 
Gwth 
Inca 
indl 
Mutl 
United 
Accm 
Band 
GvtSec 
inlGth 
Can Inc 
Ht Inc 
Incam 
Muni 
NwCcpt 
Retire 
ScEng 
Vang 


110) NL 
930 m 
1130 NL 
1972 NL 
Century: 
4.93 4.95 
1308 NL 
2448 NL 
7JM 7.11 
«8J7 NL 
461 463 
Group: 
10-80 NL 
803 NL 
13.93 NL 
It.10 NL 


1502 

1X12 

11J6 

1042 


NL 
NL 
NL 
NL 
Mgmnt: 
709 NL 


NL 

NL 

NL 


GfdShr 

GBT 

Growth 

Prscct 


192* 

1X35 
7.91 
1X93 
Funds: 
77* 8.TO 
504 5.9$ 
5.15 503 
503 5.93 
1565 17.10 
IXtt 1473 
1302 1467 
*68 605 
478 X22 
563 6.15 
061 901 
5.64 *,16 
Services: 
4JD nl 


Value 
Bond 
Fund 
Ineom 
Lev Ol 
MunBd 
Sol Sll 
VKmpMI 
VK US 
Vance 
CooE t 
DBStI 
Dw I 
E»Fd f 
ExBsf 
FldEf 
ScFIdf 
Vanguard 
Exolr 
Gamin 
l veil 
Mora 
NoesT 
ODIv I 
ODIv II 
ODvlir 
TC Ini 
TCUsa 
GNMA 
HlYBd 
IGBnd 
ShrtTr 
ind Tr 
MuHY 
Mulnt 
MuLg 
MinLo 

Mu5hl 

VSPGd 

V5PSv 

VSPTc 

Wallsl 

Welitn 

wndjr 

Venture 

^1d 

WttBSt 
i We In Eq 
jWstom 
|wnoa 
dtoVea 

PtaT 

tY*aPd 


Fd: 

NL 

NL 

NL 

NL 

NL 

NL 


1304 
730 
02 
1002 
Line 

11.90 
1229 
607 
I860 
1X15 

12.94 

1509 1504 
1505 1500 
Exchange: 
*578 NL 

lira nl 

7439 NL 
107.40 NL 
9200 NL 
•57J8 NL 
*207 NL 
Group: 
3X92 NL 
7270 — 
1661 
1172 
3700 
1703 
778 
2X57 
25.98 
3204 
927 
X47 
704 
1070 
21 J! 

9J3 

10.90 


N . L 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

NL 

ML 

NL 

N}- 


905 ML 

1X37 NL 


1525 

708 

1403 

1X46 

1X99 

1X24 


NL 

NL 

NL 

ML 

NL 

NL. 


1366 NL. 
Advisers: 
X05 B0O 
707 NL 
1X43 1100 
21.00 ML 
774 8.19 
1563 NL 
1)68 WT 
Struthers: 
3827 NL 
1869 NL 
1361 NL 
826 868 


u ml — no load 
pMes charae ) • 
Previous dev * 


1 


may oapty. 
dhrldenX 















INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


$0tCl Ml 

100s HI 9ft LM LMT CllW 


4ft 4ft- U 
W 2*i- » 

27 V 

2 2 — ft 

Vm 2* 

4 4 

m n<t vi 

U 4112 + 2ft 
13% 13-— % 
19ft 20 — I 
U 14—2 
r*i *»» 
at MW + 2 
12ft T7V3— 4, 
2 2 — ft 



$st#ain n*i 

1 00s Hiah Low Lost Ch» 


WoWft i 

WlWTwt 

WlkrTun 

VWMTr JO 

WHkG .75, 

wrtChm 

WnCmcl 

WDhi UM 
WIMPS 

WHOM 103t 
WnWH* 
wnBca 
WltsBC 

waiwooo .10* 

wnen 
WTMMIC 
WiekH 
WlcJt#n>1 
WImw M 
wnvj a in 


210 194. 
124 4 
0912ft 
27 1001 IV. 

9 J 224 8ft 

M Jft 
60 4 

4 A 1DM47W . 

321 9% 
M 4flljSft : 

713 0*. 

10919ft 
99 2ft 
1.1 * 
1031 
121 2ft 
1 09S1 Mi 
2014 2ft 
3.9 15510ft 

3JI 21029 


I9Vi 4- 1 

3ft— ft 
lift — Ift 

7 — % 

4 + ft 

45ft— 2V, 
9ft + ft 
33ft— 2 
Sft 

19ft.* 1 
21- — ft 

* 

i 2ft 
2ft 

2ft + ft 
10ft — ft 

29 



Treasury Bills 


BIO AM Yltf 
&2T 4*3 6-72 

7.15 7.03 7.14 

7JJ 7J1 7J4 

7.2B 7.2? 7J5 

7J0 7.14 728 

7.44 7 40 7.51 

7M 7J8 7.71 

7J3 7J2 7.71 

7.53 747 747 

7 JO 7.7* 798 

7JU 7J9 8JD 
7J4 7.80 am 

7J11 7.79 805 

784 780 807 

788 784 813 

788 784 814 

789 785 Lift 

789 785 8.17 

7.93 789 8U 

791 7.92 828 

7.91 7.92 829 

7.94 7.00 STB 

806 882 842 

807 883 845 

887 803 846 

8.06 8.02 S47 

889 805 851 

818 814 862 

BIS 814 8a4 

824 820 873 

828 824 811 

828 824 BBS 

877 823 8B8 

Federal Rewrvi Bonk. 


M 4.9 770112ft 12ft 13ft + 1ft 
745 4ft 6 6ft + ft 
44910ft 10ft 10ft 
137113ft 12V* 13 
36 9V| 9VU 9Vi 


Consolidated Trading 
Of NYSE Listing 

Week ended April 2a 


We proudly 
announce 
the opening of an 
exciting new hotel 
that rivals your 
favorites in Europe. 

The Century PkizaToiver 
on Los Angeles Westside . 

Please call 
for reservations. 


WtSTIN HOTELS 


Cd83S50-3ZUD 

VUemWUteWeM&A. 

L Qaai At MoM-BIW 
1211 Gcnrn 1. S-taertwd 
Td 31 0251 - Trim 2*305 


Centur^plaza 

Cable: CENT-PLAZA Telex 69S-664 Depr.T 




pca lira 


455 73* 

Ok 

6 Vj— 

ft 

PDA 


177 8ft 

7ft 

7ft— 

ft 

PNCpf 

1A0 88 

2934 

22 

23W-MW 

PNCpfO 1JB 7.1 

374 25 Hi 25 Wi 2 SMi 


PTCmpO 


1201114* 

lift 

lift 


PoCInld 


510 

ia 

10 


Pocln wt 


32 ft 

■a 

ft 


Pan#* » 


1023MI 

23 

23 


PoaodEn 


305 3W 

3ft 

3ft— 

ftl 

Poirkun 


32 *Vl 

• 

Oft* 

ft 

PawtSv 

MB 12 

4520ft 

20 

20 — 

ft 


Rokh Company 
Handbook 1985 



r ' • 

\ ■ ■ . * 
• V?« 2^ 

' . 





Now in the 1985 updated edition, 200 
pages of indispensable information in Engfish on 
a selection of 84 of the most important French 
companies, as well as basic fads on other major 
firms. Includes information on the French 
economy and major sectors of activity, an 
introduction to the Paris Bourse, and a bilingual 
dictionary of French financial terms. 

Each profile indudes detailed information 
on: head office, management, major activities, 
number of employees, sales breakdown, company 
background, shareholders, principal French 
subsidiaries and holdings, foreign holdings and 
activities, exports, research and innovation, 1979- 
1983 financial performance, important devel- 



jEMtSim a 


^ x . . \ A ~ ^ mm j e a a a ■ ■ i Mer.i wiim m l ■ i 



AEROSPATIALE 
AK FRANCE 
ALSTHOAVA71ANTK3UE 
AVKXS MARCH. DASSAULT- 
BREGUET AVIATION 
AXA (MUTUHi£S UNtES- 
DROUOT) 

BANQUE NDOSUEZ 
BANQUE NATIONAUE DE PARIS- 
BNP 

BfiGHWSAY 

BH3HRMANN 

BONGRAMSA 

BOUYGUES 

BSN 

CAMPENON BERNARD 
CGffi ALSTHQM 
CGM GROUP 

CHARBONNAGES DE FRANCE 
|CDFJ 

CHARGEURSSA 
OMB4TS HlAN^AtS 
CTTALCATH 
CLUB AAfiXTHWANfe 
COGEMA 

COMP AGNE DU MHX 
CQMPAGNE FRANQA1SE DES 
pEtroles- TOTAL 
COMPAGNE G&UfRALE 
caECTwort (CGE) 
COMPAGMEGfeNfeALEDS 
EAUK 

OOMPAGNELAH&4N 
CRfiXT AGRICOLE 
CRfeXT COMMBOU.DE 
FRANCE (OCFJ 
CRfcfT DU NORD 
CRfiOtT NATIONAL 
CROUZET 
DARIY 
DUMEZ 

ELECIRONIQUE SERGE 
DASSAULT 
E^AQUTADsE 
ff&A-BSTRANDFAURE 
ESSSjOR 
FTVESJL11E 
FRAMATOME 


FRANQA1SE HOEOhST 
g£n£rale BTSCUTT 
GROUPEVICTOBE 
IMETAL 

JEUMONT-SQNBDB 

lor£al 

LOIRS VUTTON 
LYONNABE DB EAUX 
MATRA 

MEB0EN 

MBdJN GB8N 
MJCHEUN 

MC^T-HB-WESSY _ 

PARfflAS «'"? 

PBtNOD RJCARD £ 

PBJGEOT ^ 

POUET 

PRNTEMPS GROUP 
promooEs 

QUSIERY 

LARSXXHE 

RBkiAULT 

RHC* < CPOULB4C 

ROUSSaUCLAF 

SAOLOR 

SASNT-GOBA1N 

SANOH 

SCOA 

SCREG 

S3 GROUP 

SBTA 

SNECMA 

SCOElEGfiNEllAlE 
soa&r£G6s6iALE 
DWraBWSEtSAlNRAPT 
& BRICE 
SODEXHO 
SOMMER A1UBERT 
SPIEBATCNOOES 
1HJEMECANK9UE 
THOMSON 
7HOMSON-C5F 
UMON DES ASSURANCES 
DE PARIS (UAP) 

USN0R 

UTA 

VALEO 

VAiiCXJRK 


opments and 1984-1985 highlights and trends. 

Indispensable for corporate, government 
and banking executives, institutional investors, 
industrial purchasers and other dedsion-makers 
who should be more folly informed on major 
French companies. French Company Handbook 
is being sent to 8,000 selected business and 
fincBiaal leaders in the United States, Japan and 
the Middle East. 

Other interested parties may purchase the 
Handbook at $38 per copy, including postage in 
Europe. Five or more copies, 30% reduction. 
Outside Europe, please add postal charges for 
each copy: Middle East $4; Asia, Africa, North 
and South America $7. 

ItmlbSSribunc 

FRENCH COMPANY HANDBOOK 1985 
Published by 

International Business Development 
with the 

International Herald Tribune 




I International Herald Tribune, Book Division 

1 181 avenue ChcrlesdfrGajfle, 92521 NeuiUy Cedex, France. 

Please send me copies at French Company Handbook 1985. 

I □ Enclosed is my payment. (Payment may be made in 

I convertible European currency of your choice at current 

©cchange rates.) 

113 Please diorge to my credit carchvtSAD Dir-eBD amexD 

1 CARD NUMB® EXP. DATE 

| NAME fn blade Mm} 

| POSITION- 

. COMPANY 


ADDRESS 

dlY/COUNTRY- 


29-4-85 


























































INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 



ican Exchange 0[ 

For the Week Ending April 26, 1985 


_ i oolton & price CoHS 
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11 .. _ . _ 


CROIX- ROUGE FRANCHISE 



* 7 




If you still believe in me, save me. 


For nearly a hundred years, the Statue of 
Liberty has been America’s most powerful sym- 
bol of freedom and hope. Today the corrosive 
action of almost a century of weather and pollu- 
tion has eaten away at the iron framework, 
etched holes in the copper exterior. 

Less than a mile away on Ellis island where 
the ancestors of nearly half of all Americans first 
stepped onto American soil, the Great Hall of 
the Immigration Center is a hollow ruin. Rooms 
are vandalized, walls crumbling in decay. 

Inspiring plans have been developed to 
restore the Statue and to create at Ellis Island a 
living monument to the ethnic diversity of this 
country - of immigrants. But unless restoration is 
begun now. these two national treasures could 
be closed at the very time we celebrate their hun- 
dredth anniversaries'. The 230 million dollars 
needed to carry out the work is needed now. 


All of the money must come from private 
donations: the federal government is not raising 
the funds. The Statue of Liberty-Ellis Island 
Centennial Commission appointed by President 
Reagan is asking every American to contribute. 
The torch of liberty is everyone’s to cherish. 
Could we hold up our x. 

heads as Americans if 

we allowed the time |#C ETD 

to oome when she 

can no longer hold THF 

up hers? 

You can keep TQMHI 

torch of liberty burning 

bright. Send your tax- |_i| 

deductible contribution 
to The Lady. Box 1986. 

N.YC. 10018. Or call, W 

toll free, 1-800-USA-LADY 


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Cash Prices April 26 


Have all the advantages 
of a bank account in 
LUXEMBOURG, without 
actually being there. 


To discover the advantages of banking in Luxembourg 
with BCC . at! you have to do is to simply mail the attached 
coupon. We will promptly despatch to you byairmailour 
booklet containing detailed information about banking 
in Luxembourg. 

The BCC Group has offices in 70countries, its Capital 
Funds exceed US$1. 000 million and total assets US$14,300 
million. The Head Office and branch of the Bank of Credit 
& Commerce International S.A.. in Luxembourg enable 
you to make full use of the unique advantages offered in 
Luxembourg which include:- 

1. Total confidentiality of / " 

investor’saffairsbythelaws A/y _ 

of Luxembourg. 

2. The benefits of being able I ‘-uxembouwg' - 
to open and operate an 

account in Luxembourg 
without actually going 
there. I 


3. Investments and deposits 
made by non-residents 

a re tota I ly tax-free 
and there is no with- 
holding tax on interest I 

or dividends. i 

4. Luxembourg is a stable. I 

prosperous financial / 

centre in the heart of / 

European Economic 
Community. / 


Coramoditv gait Unit 

Coffee 4 Santa*, to 

Prinldom 64/30 3* V4, »d _ 

Steel billers (Pitu.ton 

Iron 2 Fdry. Ptilki. ton — 
Steel scrap No I hw Pm. . 

Lew Spot, lb 

Copper elect, lb 

Tin ( 5170 , 19 ), ft, 

D nc E. St. 1_ Soils, lb __ 

PolhxUum, oz 

Silver N.Y. oz 

Source: AP. 


Consolidated T rading 
Of AMEX Listing 

Week ended April 26 


High Low Lost ctrtj* 
4% 4K. 4Vfe 


DM Futures Options 
April 26 

VLGcnnon Mrt-l&tUinrtai certs per mrt 


»*■ CoMs-SetHe Pal«-5ett1c 

Price Jun Vw Dec Jon Sap Dec 

30 106 141 IDO 0.10 045 (US 

31 UK III M U1 172 1J» 

Jl 1170 U7 14» [L69 1.14 1J0 

33 W3 (LS4 140 TJl 169 — 

34 0.15 1L64 UO 113 134 — 

35 008 041 U9 2.96 110 111 

EinmatM tetaiveL 6J07 
Cells: Thun.vol.19iOoeenlBt.40SS 
Put* : Thun. voL *326 seen lot 32279 
Source.- CME. 


BAT 6S&0 M K IE ! 

flfCd O 1.141000 15 i4vf 

3orneP 820700 79 . 

nttSv 80^400 2 

JDWH 6173m 12 lift 

8 591,900 31% 

roxAIr 590600 I -14 mi. 

3olaPd 589.9Q0 12% J]ft 

t ear to Dale : 729,440000 stun-m 
lauestrn<ieflln:899 

New H lofts: 73 ; new low,; X 


If* 75% 77% — % 
5 Stt —Vi 
75 14ft 15 +V* 
2% 27. Tft 

2 1% 1% —ft 

_ 7? 7»V|| 1116 —96 
SJ* 31% +1ft 

>3** 11% 32% -WO 


© 1984 The Statue of Liberty-Ellis Island Foundation 


Accor. 


« *f-i ia 198s, 

Gm.^lidmed mlm .mourn* ,0 F.Fr. 9.86! million, op 21.3% 

hkmdooal operations experienced a 39 n <r ^ ■ , . . 

operations in France were up by 12 7 % and domestic 

«d other operations grew- by 3X5% Hotrfo P“*«* alone rose 22 % 
The Group's share incoosolitiated net ... ■ 

million, a 53.8% increase over ions” * “. mc ««.aune lo F.Fr. 142 
excluding exceptional items. Taking into F ’ Ff- 92,4 «mllioo 

«> P=r S ™ W0*Ci»Bl 

SSa- 1 - » Mr. 790 million and 

F.Fr. 2.45 lax credit for a total yield of F f 4; ?2 c per ^ re f^ 10 a 
represents a 16.7 % increase over tile" 1983 rfivri j ^ j diridend 

capital increased by 275 % during 1964 ™ V, " en ^ “d will be paid out on 
In terra of both sales and results. ACCORV icuw _r 
year’s taigeis in great part due to improved „^P erfonn “'» exceeded the 
m the French hotels. P “^“paocy rates and productivity 

The outiook for 1985 is promising: 

More than 40 new hotels will beooencd ; n 

l J". ^rts^uboo. 



4 






























French Inflation 



INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 


Page 21 


T!/" 

tes. 


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Gatyiifaf h Ov Sufi D'-ipmcJu-i 

PARIS - The genera men e siaiis- 
ucs bureau said French consumer 
prices w-ere ruing 1 percent higher 
than government projections and 
predicted that annual growth 
uoutd fall well below that of 
France's European neighbors. 

The statistics office on Friday 
confirmed provisional figures re- 
leased earlier in the month showing 
a price rise of 0.7 pexcem for 
March. The increase pushed the 
inflation rate for the ftrst quarter to 
1.8 percent. 

Tltc Socialist government had 
pledged to hold inflation to 4.5 
percent for the year. But first -quar- 
ter results would produce annual 
pnee rises of at least 5.5 percent if 
inflation reverts to government 
projections ami the U.S. dollar re- 
mains steady. 

In 1984. France overshot its tar- 
get of 5-percent inflation with a 
0 . 7 -pereem rise in prices. 

The European Community has 
predicted France would record 6.4- 
percent inflation this vear, com- 
pared to 2.4 percent in Molland, 15 


percent in West Germany, 5.7 per- 
cent in Belgium and Denmark, 6 
percent in Britain. 93 percent in 
Italy and 1S3 percent in Greece. 

The statistics office said the 
French economy would grow by I 
percent this year compared with 
I.S- percent growth in 1984. 

It would be the third consecutive 

Inland Steel to Import 
From Far East Source 

AVh Yak Times Service 

CHICAGO — Inland Steel Co. 
said it plans to import some 1 8.000 
tons of sted slabs from an un- 
named Far Eastern producer next 
month. Inland, which is based in 
Chicago, said it would be import- 
ing toe slabs to meet a large, un- 
named automotive customer's 
needs. 

The company said the auto com- 
pany requires shots of flat-rolled 
steel that are wider than the flat- 
rolled steel that can be produced 
from slabs coniinouslv cast at In- 
land's Indiana Harbor Works. 


orecasts 


year French growth rates have fall- 
en below those of its major Europe- 
an partners. 

The statisticians said France 
would face a $2.7-biHion deficit 
this year if the exdutnge rate of the 
dollar averaged 10 francs and $1.9 
billion if the dollar averaged 9.5 
francs. 

Business investment is likely to 
be flat this year after falling last 
year, though a pickup in demand 
from spring onwards could lead to 
some rebuilding of stocks, the sta- 
tistics office said. 

Household purchasing power 
should he strengthened by tax cuts 
in the second half of the year, al- 
lowing some increase in consump- 
tion after a stagnant first half, it 
said. 

Industrial aciivity is likely to ex- 
pand slowly after first-quarter dis- 
ruption caused by a harsh winter, 
but even with some growth about 
170,000 industrial jobs will disap- 
pear during the year, representing a 
2.7-pcrceni fall in industrial em- 
ployment, it said, f II PI. Reuters l 


Kuwaiti firm 

Reports Loss 

Reuters 

KUWAIT — The sute-con- 

truilcd Kuwait Investment Co. 
said Sunday it had 3 1984 loss 
of 32,30 million dinars (about 
$10.7 million), 06 percent more 
than in 1983. It attributed the 
loss mainly to persistent prob- 
lems in resolving a crisis caused 
by the collapse of the unofficial 
Souk al-Manakh stock market 
in 1982. 

Describing 1984 as "a tough 
year for KIC and the Kuwaiti 
economy in genera]," the com- 
pany's chairman. Hamad Mo- 
hammad al-Bahar said weak oil 
markets and the lran-Iraq war 
had also depressed business. 

KIC said its loss was written 
off and covered by a transfer 
from the group's 'general re- 
serve. Group total assets fell 8.5 
percent, to 304.30 million di- 
nars in 1984. and total share- 
holders' equity was reduced by 
21 percent, to 59.56 million di- 
nars. it said. 



Arab Investor Group Gambles on Italian Refining 


s 


(Continued from Page 15) 
deregulate oil-product pricing and 
thus allow oil refiners to attain bet- 
ter returns. 

. While Italian energy officials 
= ':iavc expressed sympathy with the 
idea of deregulation, a veteran Ital- 
ian oilman cautioned that "from 
the words to the fact it takes time.” 

Whether First Arabian is right 
probably will not be evident for 
years. Since the company is pri- 
vately owned and secretive, its past 
performance is difficult to judge. 
“We're private guys." said Mr. 
Steck el. 

The little information that can 
be obtained suggests that First 
.Arabian's hopes of turning around 
troubled companies do not always 
work out. In the 1970s. First Arabi- 
an invested in tottering banks in 
London and Detroit. In Doth cases, 
it eventually sold out at a loss. 

Despite occasional setbacks Mr. 
Tamraz and Mr. Steckel, now in 
their nud-40s, have remained a 
team for nearly two decades. They 
met in the mid-1960s at Harvard 
University, where both earned 


masters degrees in business admin- 
istration. 

Mr. Tamraz joined the New 
York investment bank of Kidder. 
Peabody & Co., where he helped 
with the rescue of Intra Bank of 
Lebanon. 

After a stint in insurance, Mr. 
Steckel joined Mr. Tamraz at Kid- 
der’s Beirut office. There. Mr. 
Steckel said, the two began gaining 
expertise in "turnaround situa- 
tions." 

Just as Arab oil money was start- 
ing to gush in 1973, the (wo left 
Kidder 10 form First Arabian with 
a group erf Arabs. 

Detroit seemed an unlikely early 
target for First Arabian. The firm 
was drawn there through one of its 
clients, Ghaith R. Pharaon, a Saudi 
investor who in 1975 bought a ma- 
jor stake in Bank of the Common- 
wealth. an unprofitable Detroit 
hank that was being propped up by 
1 loan from the US. Federal De- 
posit Insurance Corp. 

Mr. Pharaon decided to sell out 
and in 1976 First Arabian agreed to 
buy his stake for $9.8 million and 


10 pay 5 10 million for new shares in 
the bank. Thus, First Arabian 
gained a 77-percent stake in the 
bank for about S19.8 million. 

Long before Ftrst Arabian took 
control. Commonwealth was bur- 
dened with low-yielding, long-term 
loans and a weak investment port- 
folio. 

Under the new owners. Com- 
monwealth managed to limp along 
until 1983, when First Arabian sold 
its 77-perceni stake to Comcrica 
Inc., a Detroit bank holding com- 
pany, for S12 million. 

One former Commonwealth of- 
ficial, Justin Moran, now a banking 
consultant, questioned First Arabi- 
an's wisdom in getting involved. He 
said the situation at Common- 
wealth probably was hopeless with- 
out a massive increase in capital, 
which First Arabian reportedly 
could not afford. "If a patient has 
got cancer you can prolong life, but 
you can’t cure it," Mr. Moran said. 

Even so, Mr. Steckel insisted. 
“Commonwealth went well for us." 
He said the episode "solidified" 
First Arabian's credentials as a 


manager and led to other transac- 
tions. 

In London, First Arabian paid 
£1.3 million (51.58 million) in 1975 
to acquire 25 percent or Edward 
Bates Si Sons (Holdings) Ltd„ 
which owned a small merchant 
bank. Bates was suffering from 
problem loans to the property and 
Creek-shipping markets and from 
heavy losses arising from the pur- 
chase of a life insurance unit 

But hopes were high once First 
Arabian stepped in. David Keown- 
Boyd. chairman of Bates, wrote in 
the annual report of "opening the 
door to those great surpluses now 
lying at the disposal of Arab oil 
producers." 

A year later, trading in Bates 
shares was suspended, and the 
Bank of England began working on 
a rescue. After long negotiations, 
the Bates merchant hanking unit 
was sold for a nominal sum to an- 
other group of Arab investors and 
Barclays Bank, then relaunched as 
Allied Arab Bank. 

Mr. Steckel said First Arabian 
has done well on other investments. 


ju.s. 

Futures 

April 26 




Htoft une 

Oaen moh Low 

Oase Cbfl. 

1 Groins \ 


Sman Snim 

Hint! Low Open Htoh 

Est. Salas Prwv.SolM IM 

Prev. Dav Open Irt. 21501 DM232 
OttAKOB JUICE CNYCR) 
isxoottn.- cents ecr lb. 


Low Close Cho. 


x 

> • «i 

• • H 

/ 


4.05 


May 

151 

153 

1*0 

a3*u 

Jul 

xaift 

12«- 

17 

3 26 

Seo 

X28*i 

UK 

143<* 

X33V* 

Oee 

ueu 

X3P 

1741ft 

UOto 

Mar 

X41 

143 

<03 

1*3 

MOV 

X19 

U9 


WHEAT (CBTJ 
5400 bu minimum- doiiore oar bushel 

3XP* 3X8 —SOU, 

ui* u» —sae . 1 

32314 lUVi -All 

U3V» 234 -45 

JL3SVS 3J*VS -JA 

.... 325 US ~M 

. EM. Saw Pntv.SohM 1*227 

- Prw.DovOMnlnl. 37X18 VP 225 
CORN tcari 

^ ^ ^ 
321 173 Jul 181 V. 2J1« 181 241V. -4% 

3211/1 1 *4Vft 5*0 171 ITUfa 228U. 220to —41 

ITS 2X0*. DeC ZM'A 244b 244W 244V. — 21 7, 

110 1«VV. MOT 174 174 17244 173 —41V. 

a VI. 174W May 278*, 17* X78W. 17? —41 

\ 17711 Jul 240V3 Ul 2J0V> 281 —81 

Est. Sales Wn. Sales 21443 

Pr«v. Dav Open IM.17Xel7 off 2470 
SOYBEANS (CBTJ 
SXOObu minimum- dollars per bushel 



&7M«. 

May 


SJI 

SM 

S95V. —OSVi 


SJOK. 



[ J 

f T' . /. | 


7-54 


■2d 

a 


a V 





Sea 


UMVi 




sjuvii 


617 

*.17 

613 

4.131ft 

— JM 


i**to 


*37 

tan. 

4-24 

*24 Vi 

—A* 


404to 

Mor 

6J7Vft 

U7Vft 

63SW 

OStft 

— JM 


6-15 

MOV 4 M 

6.44 

ext 

4X3 

— -Wft 

63A 

*38 

Jul 





— JMVi 


19*40 

18040 

17940 

18040 


■Li J’* 


iojo 

I l HOIK I# »B 

■ Esl.Sqli 



• fJi" 



Eli. Sales PrDy.Satasa.9flo 

Prev. OavQnen Hit. **725 us394 
SOYBEAN MEAL (CBTJ 

100 tons- dol lari per Ion 

20540 12340 May 12140 13480 12290 12128 

129.10 Jul T29JT3 130.10 12980 12930 

13100 Aufl 131 JO 13Z90 131 JO 13120 

14440 Sep 13540 13540 13440 U450 

13740 Oct 13840 138-50 13740 WJD 

U230 Dee 1*340 I **40 14170 14340 

14540 Jan 1*540 14*40 14530 14540 

15040 MOT 15140 U14D 15040 15040 

15*40 May 15SJ0 1S5J0 15580 15580 

1«100 Jul _ 

Prsw. Sales 18268 

Prev. Dav Open int. 48246 ub?2* 

SOYBEAN OILtCBTI 
*0400 lbs- dollars per 100 tbs. 

3480 2240 MOV 3X40 3X45 

3272 22-TO JUl 32.W HIS 

31.95 2150 Aufl 3a95 3145 

31.10 22-50 Sep 30.15 3040 

3047 22.*} OCT 2943 2945 

2945 22.90 Dec 28*5 2878 

2987 2340 Jan 2820 2140 

seal 7*40 Mar 27.90 2040 

2440 2*40 Mov 

Esi. Sales Prev, Safes 29854 

Priv. Day Open Inf. 60203 up 7*4 

OATSICBT1 , 

5800 bu minimum- dollars Per bushel 
1J91 1441* Mav 1 MVt 1441ft 1A3 183JS 

1>BVS 1X0’* Jul 181V* 141 to 14»V* 149W 

1.79 1.58%* SeP 149 149 

1221ft 143 D*C 183 IAJ 

1471*. 148V. Mar 

Esi. Sales Prev.SalM 29* 

Prey. Day OPOfl Int. 13® aH57 


3190 

3146 

3173 

3080 

29.10 

28-33 

28.15 

2780 


3193 

3147 

3080 

3085 

29.15 
2840 

28.15 
3740 
2785 


—.10 
+.10 
+.10 
— X 8 
—.10 
+■.10 

+80 

+J 0 

+80 


—45 
— X 2 


—83 

. —82 
1471* 148V. — 80V, 
142 1A2 —81 

14*V*> —81 


185 JD 

15100 

MOV 

ISUS 

15830 

13500 

15730 

—130 

1I4JS 

13440 

Jul 

154-05 

157.18 

14540 

13430 


112.00 

15+40 

Sep 

155X0 

13323 

154. ia 

15430 

—.90 

18100 

15230 

Nov 

15230 

15320 

15230 

152.90 

-100 

JKL00 

152-75 

Jan 

15223 

1 53-D0 

15225 

15290 

—1X0 

177 JO 

15300 

Mor 




15330 

—130 

1*230 

14000 

MOV 




15300 

—130 

157 SO 

15730 

Jul 






18030 

177.75 

Seo 




15300 

—130 


Esf.Sales 400 Prev.Sates 434 
Prev.OavOoenlnr. *420 off 50 


Metals 


COPPER (COMEX) 

75800 lbs- cents per lb. 


*345 

4135 

A»r 




4255 

♦238 

5430 

MOV 

4340 

4335 

4250 

4240 

4*75 

6135 

Jun 

43.90 

4X90 

4330 

4130 

8L25 

5730 

Jul 

4*35 

4430 

4235 

6355 


57 JO 

Sep 

4415 

45.00 

4435 

64,10 

SUB 

Dec 

4530 

4540 

4*35 

4*40 

*430 

5940 

Jon 




6455 

eaoo 

3940 

Mar 

4530 

4530 

45J0S 

6438 

74X0 

*1.18 

MOV 




4530 

7*40 

*130 

Jul 

4*18 

44.10 

4535 

4520 

70.90 

4238 

Sap 

4445 

4445 

6445 

4545 

7030 

4*00 

Dec 




45.90 

7030 

4538 

Jon 




4435 

Est. Sale* 


Prev. Soles 1*1(3 




Prev. Day Open ini. 174*2 up 44* 
ALUMINUM (COMEX) 

40800 fbs- cenfs Per lb. 

4940 4070 Apt 

B190 4740 May 4845 4845 

4945 49.10 Jun 

S9X0 4040 Jul 48X0 4940 

74JB 49-25 Sep 5035 5045 

7040 5045 Dec 

7*50 5125 Jem 

7140 51-45 MOT 

4*75 53.95 May 

4Z45 5585 Jul 

52.10 5180 Seo 

Dec 
Jan 

Eef. Sates Prev.Sates 410 

Prey. Day Open inf. 1143 eH 30 
SILVER (COMEX) 

5800 troy aL-cenfs per tray dl 


49 JO 


-■95 


-185 

-185 


40JS —80 
4840 -25 

4085 —2D 

%£ =S 

51.20 —JO 
51 JO —JO 
sue -JO 
53Jfl -JO 
5480 —JO 
5480 -JO 
5480 -JO 
5* JO —JO 


6753 

5573 

Apr 

*255 

4255 

4255 

4313 

+27 

15133 

5513 

MOV 

*2*3 

icn n 

*215 

*31 3 

+25 

14413 

5423 

Jul 

*383 

6413 

4303 

Si 

+23 

11813 

5733 

Sap 

4483 

*503 

43913 

+25 

12303 

5*03 

Dec 

44*0 

4443 

4553 

64X4 

+24 

121 S3 

5953 

Jon 




4485 

+23 

11*33 

4073 

Mar 

4775 

4775 

4733 

(793 

■MR 

10483 

4213 

MOV 

4725 

4725 

47Z5 

690.4 

+33 

9453 

4353 

Jul 

4953 

4953 

4953 

7025 

403 

*403 

4413 

Sop 




71*7 

+33 

7*93 

4473 

Dec 

7243 

7263 

72*3 

7317 

+43 

78*3 

7433 

Jan 




740-4 

+43 

Est Scries 


Prev.SalM 1*404 





Livestock 


. - * ' f -'' 
■- ■» r 



jij"'- 


CATTLE ICME1 
40800 lbs.- cents Per lb. 

USB *U2 Jun 

4787 *3.15 AW 

45.90 41 JO OCt 

*785 4i*0 Dec 

47 JS *480 Feb 

6747 4$J5 Apr 

Esi. Sales 6499 Prev.Sates 10833 
Prev- Dav Open Int. 5685* of 1 875 
FEEDER CATTLEtCME) 

44800 R&- cents per itL 
7175 44.70 MOV 

run *6ja Aua 

Soo 4780 Sop 

7282 *7.10 OCt 

7120 47 SO New 

7980 *7.25 Jon 

Est.Saln 1341 Prev. Sales 
Prev. Dov Open Int. 

HOGS (CME) 

30800 lbs.- eenNi per b. 

8140 4+J2 jun 

SSJ7 45.95 JUl 

5*j7 47-50 Aua 

SW5 4580 OCT 

5085 46J0 Dec 

SOM 4*25 Feb 

47J5 4580 Apr 

4985 *780 Jun 

.- 4820 47.73 Jul , , 

Est, sales _43B9_ Prev. Sales 


4290 

4115 

*235 

4X05 

4*17 

6*C 

6*05 

6*77 

4330 

4X15 

4237 

4*IW 

4438 

4*45 

4*15 

4*25 

4*90 

4536 

4*80 

4*80 


*5.15 

4827 

6425 

48.10 

60J7 


*522 

48+7 


V4U 

BA93 up 45 




4*07 
49 JO 
4985 
4780 
4>» 
4085 
4582 
4120 


4787 

4980 

50.17 

4720 

40J5 

4887 

<585 

4030 




;.r 


__ &1S4 

Prw. Day Open int. 2M94 oH93 
PORK BELLIES (««) 

3*800 lbs-- cents per to. 

. ,v M8 0 47-15 Mav 

. 8247 *2.15 JUl 

■- 80*5 6020 Aua 

C. 74-20 43-15 Feb 

e 7i£ *480 Mar 

7 <*n 7tL*0 Mav 

7680 70.90 _ JU* . , 

' EtfSales 4354 Prev. Soles *997 
pS^DSbpSilnt 13835 0«494 


*420 

71J0 

71.10 


65.10 
**55 
*530 
7115 

71.10 


*787 

6725 


4*85 

49 JO 
49JS 
4*85 
4*30 
4020 
4582 
4.15 


*4.15 

6525 

4*80 

7135 

71.10 


*580 

ah in 
*787 
*727 
*020 
69.95 


4*35 

«32 

4985 

47.15 

40J5 

4885 

*585 

*037 


6*22 
6587 
MAS 
7285 
71 JO 
71*5 
7255 


+23 
+.17 
+85 
— .13 


+.10 

-JO 

—JO 


—.15 

+32 

+30 

+35 

+33 

+35 

+33 

+32 

si mil! I do- pw'ot lOOpct. 




9225 

87 .14 

Jua 

9233 

*237 

9L95 


(634 

Sep 

91X5 

*15* 

9139 


8537 



9V0S 


90.93 

8440 

Mar 

9040 

90X0 

9038 

9034 

8731 

Jun 

90X0 

90X0 

90X0 

9034 

8830 


90.13 

90.13 

9*13 

9ai( 

8935 

□ec 




8934 

(958 

Mor 





Est. Sates 


Prev. Sales 1X149 



— .15 
— 88 
+85 
+Ji 
+20 
+35 
+20 


Food 


cofpee c njYCsea) 

37800 (DA- cents per lb. 
15280 12281 

149 JO 12180 

. 14780 S&M 

1*680 129^ 

14*25 I20« 

1422S 13180 

14080 I3SJ0 
14280 UlrS 


May 14585 1*559 1*4.90 li&n 

Jul 14680 14625 14525 14640 

Sep 14689 14430 14520 14640 

Dec 14585 14525 14S80 14140 

Mar 144.90 14640 14490 U5J0 

MOV 145.10 145.10 145.10 14480 


Jul 

SeP 


Est. Sates 1800 Preu. Sales M97 
• pS^DwOewim- 12840 UP 710 
SUOARWORLD 11 (HTCSCEl 

W^'SSf M2 327 3.19 

925 382 Jul 389 383 044 

* Ijs 359 SeP 3*9 320 3*4 

.-A .. *85 173 M lU US 177 

r . (V 725 4.15 Jan 4.10 422 4.10 

»•*..' *83 Mar 420 423 443 

^■7 7 15 485 MOV 421 *23 485 

- i*9 58* JuJ its it* 580 

. ' 620 522 Sea 

■ •\r r Eflf.Sates 10875 Prev. Soles 11210 
- -r Zx, wi^oScSen lot. 8X180 off m 


143JB 

14138 


+80 

+.17 

+87 

+.19 

+A5 

+83 

+3S 

+228 


135 _JS 
384 —.11 

33* —89 

327 —20 

615 —89 
434 — .12 

485 —.10 

58* — 89 

SM +81 


- •"'ft ? COCOA (HYCSCU) 

..!^..-lomerrKlensrSpertpn 
~f>-' ,L.^' 2570 199* May 




2400 

HIS 

2337 

2190 

2130 

2110 


1998 

1987 

19*5 

1955 

mo 

19*0 


Jul 

Sea 

Dec 

Mar 

May 

Jiri 


2403 

2428 

2399 : 

2)50 

2160 

213) 

2090 

2095 

2064 

2030 

204* 

2028 

2035 

2035 

2079 


907 

2141 

*29 


45 
— » 
+3 
+5 
+13 
+13 


Prev. Day Open int. 74221 off 911 
PLATINUM (NYME) 

50 ln»v ox.- dollars per trey ol 

28780 25180 Jon 290.70 —130 

4*989 24180 Jul 28280 20480 20080 282.79 —130 

39100 25080 Dcf 28*20 28X50 28650 28726 —130 

37380 24880 J on 2*580 2*580 2*430 2*110 —130 

Est. Sates 1813 Prev. Oates 1.112 
Prev. Day Open int. 1239* off 150 
PALLADIUM (NYMS1 
IMtrayaz- bailors per ax 

19*89 10*80 Jim 11080 11180 10980 11135 +1-95 

141 J5 10625 5*P TORTS M79J5 10675 11110 +1JS 

14180 105-50 Dec 10980 109.75 10080 10925 +1J5 

12780 10*80 Mar 10085 +1J5 

Eil. Sales 213 Prev. Sales 31* 

Prev. Day Open lot. 6233 off 144 
mu n 

ioo tray oL-donors Per tray ax. 

51480 382*11 A PT 32380 32480 22170 32380 —.90 

32780 29280 May 32380 —180 

51080 28780 Jun 32580 32680 32380 325J0 —180 

48580 29180 Aua 32980 33880 32780 32*80 —180 

•4*380 2*780 Oct 3J480 33620 33120 33480 —180 

48*80 30180 Doe 33630 33980 337JB 336*0 —180 

48580 30680 Feb 3*380 34480 3*380 144J0 —.*0 

49680 31470 Apr 34880 3*650 3*650 U*7U —JO 

42670 32QJ0 Jun 15660 —180 

42640 33180 Aua . 3*180 —.90 

3*570 33580 Oct M7JB —JO 

39380 34280 Dec 37480 37480 37488 37440 —.90 

Est. Sales Prev.Sates 19.9*7 

Prev. Day Open IRL126N5 UP 296 


Financial 


9283 

9181 

9184 

9670 

*043 

90.17 

•9J4 

8*7* 


Prev. Day Open Int. 41841 up 177 
« YR. TREASURY CCBT) 
SlOUQOpifn-pM & 32n<I«of 100 act 


82-8 

7M 

Jun 

80-20 

81*7 

8030 

11*4 

+10 

8M3 

75-18 

Sop 

79-21 

104 

79-21 

80-5 

+11 

88-22 

75*13 

Dec 




79-10 

+11 

803 

75-14 

Mor 




78-18 

+11 

79-24 

74-38 

jun 




7K8 

+11 

Est. Sates 


Prev.Sates 8314 




Prev. Day Open let. *4834 uo284 
US TREASURY BONOS (COT) 



<■ 32nd* erf 100 pci) 
Jun 70-17 71-1 



74-2 

57-10 

See 

49-2* 

70-1 

49-14 

70 


57-8 

Dec 

48-23 

69+ 

48-19 

48-4 

72-30 

57-2 

Mar 

67-27 

48-11 

67-27 



5439 






70-3 

56-29 

Sen 

44-22 

47-2 



49-26 

56-25 

Dec 

46-5 

44-18 



*9-12 

54-27 

Mar 

*5-22 

443 

*5-22 


49-2 

43-12 

Jun 

45-16 

45-21 

45-14 


48-24 

43-4 

5m 

454 

45-10 

45-4 

65-9 

483 

4X24 

Dec 

44-24 

4+38 

4+24 


Est. Sales 


Prev.Sa tes172594 




Prev. Day Open Int J17728 off 2828 

OMMACCBT) 

5100800 erln-nts632nOs of 100 pet 
70-18 57-17 Jun 69-21 70-2 

0-19 59-13 Sea *6-29 69-10 

*6-11 59-4 Dec 

*6-1 56-20 Mar 

*7-28 56-25 Jun 

*7-3 *5 Sep 

E*r.5otes Prev.Sa lee 10* 

Prev. Day Open InL 4895 off 73 
CERT. DEPOSIT (IMAU 
SI million- ah af 100 oct 

9185 6130 Jun 91 J* 91 J7 

9186 8S80 Sep 90*0 9087 

908* 8634 Dec 

98.11 8*8* Mar 

8982 8643 Jun _ 

6980 078* See 89.13 89.13 89.13 

869* 8634 Dee . _ 

Est.Sofes Prev. Soto 433 

Prev. Day Oean int. 5822 off 132 
EURODOLLARS flMM) 

SI mlUlonpts el lOOPCt. 

9U1 6U9 Jun *097 9189 9090 

9072 1483 Sop 9027 *039 *OU 


*9-21 

*628 


91 JS 
9040 


**-37 

69-5 

86-17 

*7-31 

*7-15 

*7-1 


91 J* 
9038 
9CL24 
8982 
8*J7 
■9.7* 


9UB 


+1 

+2 

+2 

+2 

+2 

+1 


+84 

+83 


+04 

+83 


Seaun 

High 

Season 

Low 


Oeen 

Hlati 

LOW 

CtoM 

Cta. 

9020 

8430 

Dec 

89.72 

8*34 

8972 

■935 

+jn 

8959 

8*10 

Mar 

8*53 

•957 

8957 

89X3 

—31 

89X4 

8*73 

Jun 

8**5 

BSXO 

88.93 

•937 

—03 

09.14 

87.08 

Sep 

8834 

8834 

0034 

1874 

—34 

8*57 

8034 

8728 

8734 

Oec 

Mar 

88.18 

88.18 

tell 

88X1 

8822 

—as 

—34 

Eil. Sain Prev. soles 44X77 

Prev. Dav Open In t.l 00X22 OH2X42 





BRITISH POUND (IMM) 

Spot pound- 1 point eeuafsSlOOOl 


1J35C 

13235 

Jun 

1.19*0 

151 45 

1.1971 

15000 

1.4450 

1X200 

SeP 

1.1920 

15070 

1.1920 

1,1990 

15900 

13200 

Dec 

1.1840 

15010 

1.1840 

1.1945 

15000 

13100 

Mar 

1.1950 

1.1950 

1.1918 

1.1920 

12250 

15250 

Jun 




1.19M 


Ext. Sales I1JM Prev.Sates 1X300 
Prev.Day Oaen Inf. 3183* off 402 
CANADIAN DOLLAR <IMM) 
sperdlr-1 paint eaualm 108001 


.7835 

7054 


7308 

.7310 

.7295 

7307 

7565 

7025 


7288 

.7208 

.7280 

.7285 


.7004 


7257 

.7244 

.7257 

.7244 

7504 

3981 

Mor 




7254 

7350 

7070 

Jun 

.7347 

.7247 

.7247 

7344 

Est. Sales 

931 Prev.Sates 2239 




Prev.Day Oaen (nr. I0J47 off 282 
FRENCH FRANC (IMM) 

5 per franc- 1 point equate 1080001 
.11020 89410 Jun .10420 .10430 .16420 

,10940 89680 5«P 

89*70 89670 D*C 

ED. Sates 80 Prev. Sale* 11 
Prev. Day Oaen Int. 1J32 up 11 
OCR MAN MARX (IMM) _ 

Saer mark- 1 pal nleaualaBUXBl 


.10425 

.10375 

.10350 


5733 

5TOS 

Jun 

5192 

5213 

5117 

5200 

55*5 

2930 

Sen 

5221 

5231 

5212 

5223 

5410 

5971 

Dec 

5343 

5263 

5254 

5253 

5415 

5040 

Mre 




5292 


EM. Sates 34857 Prov. Sates 3X453 
Prev. Day Open Int. 46904 OH322 
JAPANESE YEN (IMM) 

Seer w* 1 palm eaoau 50.OOO0Q1 
004450 80383* Jun 8039*4 803*77 809*0 8019*1 
004130 803070 S«> 803995 804001 803*85 80398* 

004330 803105 Dec 8Q4BH 8040358040238040 1 7 
004160 8040*0 MOT J 8040*1 

Est. Salas 6747 Prev.SalM 5279 
Prev.Day Oeen Int. 11812 eH9M 
SWISS FRANC (IMM J 
Seer franc-1 pofnieewalasaoooi 


X900 

5439 

Jun 

5044 

5*57 

5030 

5034 

-4830 

5400 

Sen 

5877 

5877 

5141 

5048 

X340 

xooo 

5531 

5815 

Oec 

M0r 

5909 

5930 

5900 

2908 

5952 


Eal. Sales 215*5 Prev.Sates 22569 
Prev. Dav open Int. 26772 off 3*7 


+35 

+35 

+30 

+35 

+35 


—1 


-2 

+3 


+25 

+2S 

+2S 


+1 

+1 

+1 

+1 


—15 

—IS 

—U 

—14 


Industrials 


130000 ad. ft.- Suer 1500 bd. ft. 








ILSJ 

UilU 

' J 

D.+.J 





14720 

148X0 

C./J 

14*10 

—20 

197.50 

13550 

■ a 

If 

152X0 

149X0 

14920 

-150 

18*10 

13750 






-1.W 

18750 

14430 


159X0 

19950 


15750 


1*5X0 

15050 

Mar 

1 


» ' 1 

li 1 1 1 

-158 

17X00 

15350 

Mav 

rri 

era 

r^i 


—150 

EeLSate! 















5ufl00 S3&- cams per lb. 






7950 

4X24 

MOV 

45.90 

45.90 

45X1 

45.15 

—ax 

7925 

4183 

Jul 

64.63 

4475 

64X0 

44X5 

+.10 

7750 

4451 

OCt 

6*34 

6435 

*4xa 

4*42 

—.13 

7100 

4450 

Dec 

4473 

6*50 

64A3 

6*48 

+.13 

7*75 

4655 

Mor 

6555 

66X0 

4555 

65.90 

+X5 

70X0 

40X1 

Mav 

4452 

47X0 

4*93 

4435 

+.14 









45-00 

45X0 

OCt 

4523 

4550 

6525 

4528 

+28 

E »t. safes 

1500 PrwveSalffi £5*T 








1!: .JUiVJ'.U! 












8230 

44X0 


»/-*■ 1 

1L+J 

7520 

75X3 

—a 

78X0 

4358 


7228 

7230 

7X10 

72X4 

+.1) 

7550 

6525 

Jul 

7035 

71.95 

7055 

mn 

+23 

7550 

6825 


7122 

7150 

71X0 

7175 

+29 

7*XS 

7025 

SeP 

7X10 

72X0 

7170 

7X25 

+75 

77.10 

7228 

Oct 

7X15 

73X0 

7110 

7325 

+20 

7455 

7X80 





74X0 

+20 

7825 

7250 

Dee 




7520 

+20 

7*90 

7*70 

Jan 




7420 

+20 



Fed 




7(50 

+20 

EM. Sales 


Prev.Sates 8210 




Prev. Dov Open Irtl 18724 up 1.158 










1500 DbtrlMtars per btii. 






2955 

2420 


27 J7 

27.97 

2770 

2773 

+X* 

2954 

2*18 

Jul 

27 JS 

27X8 

37.17 

27X7 

+20 

2957 

2*25 


27.10 

2723 


2723 

+.14 

2950 

24X8 

Seo 

2*90 


B 1 I 

27X3 

+.U 

2950 

24X8 




26M 

2*95 

+.13 

2950 

2190 

DeC 

27X0 

27X0 

3*5 5 

27X0 

+.15 

Est. Sates 


Prev.Sates 1M02 





Stock Indexes 


SP COMP. INDEX (CME) 

eofnfi and cent* 


189.10 

15*18 


18423 

184X5 

18X95 

IMM 

— 1» 

19X70 

MOOD 


18725 

18725 

11*15 

18620 

—125 

196X0 

17528 

Dec 

190X8 

19830 

189X0 

189X0 

-120 

19523 

190.10 

Mar 

19185 

193X5 

19228 

19220 

-120 

Est. Sole) 

45206 Prev.Sates 55-57? 




Prev. DOV open Int. 57248 up 1,904 




VALUE LINE (KCBT3 






pouifi and wits 







219X0 



19720 

198X0 



—120 

21X30 

18525 

seo 

20220 

202.55 

20030 

28025 

—1X5 

21080 

20920 

Dec 




20525 

-1X5 


Est. Sates Prev.Sates 3J10 

Prev. Day Oeen Int. 6432 up 513 
NYSE COMP. INDEX (HYFE) 
points and certs 

11080 9080 Jun 107.15 HT7J5 10630 10*85 

111.90 9185 Sea 109.15 109.15 10630 10S85 

11X75 10180 Dee 111.15 111.15 11185 I10J5 

USAS Ul.W Mar 1U.1S 11X15 1U.15 U285 

Esl S ates 6*42 Prev.Sates 11890 
Prev. Day Open Int. 10*07 up 974 


Commodity Indexes 


Moody's. 

Reuters. 


DJ. Futures. 


Clow previous 

940.60 f 938.10 f 

1,90650 1,889.20 

NA 123^7 

Com. Research Bureau- NA NA 

Moody's : base 100 : Dec. 31, 1931. 
p - preliminary; f - final 
Reuters : base 100 : Sep. IB. 1931. 

Dow Jones : base 100 : Dec 31. 1974. 


Market Guide 


CUT: CMcape Beard of Trade 

CME: Oilcano Mercantile Exctone 

IMM: imematfooof Monetary Market 

Of CMcobc Mercantile Exdxmee 
WYCSCB: New Yarn Cocoa, Suoor. Cette* Excnanae 

NYCS: New Yurie Cotton Exoeanoa 

COMEX: Commodity Ex e be n p te New York 

NYME: Hew York Mercantile Exdwnee 

KCflT: Kansas Ctty Board of Trade 

NYPE: New York Futures En c twnae 



Company Earnings 

Revenue ond pro firs, in muttons, are in local currencies 
unless otherwise indicated 


Canada 

BC Telep ho ne 


itl Quar. 

Bevrruje 

Proms 

Ptribare 

Japan 


1915 

30*9 

131 

flJD 


t*M 

36*8 

17* 

ejj 


TDK 

litQvor. less l«04 
PevaniM—— 102.9*0 *4.920. 

Pi MU 7 700. 6520 

Per Share — 7034 5**1 

United States 

Aafna life Cm. 

mailer. IMS 1914 

Revenue 4J0q 3J4C 

Deer Nel 578 198 

Oder Stare— 051 Oil 
men delude reaiwd cat*- 
fat loss ef SI. I million vf pout 
at a million. 

Alow. & Alex Sues 

HI Over. IMS WS4 

Revenue— 14.7 135 9 

Nsl me 107 5* 

P« Stare 038 03i 

79*4 results rssljrec. 

Amer. FatrofifiQ 


Armstrong Rubber 

Sad Otter. IMS 1914 

Revenue 1U8 IMS 

NctliK.— . 753 6*1 

Per Stare 021 3J3 

1*1 Half ms 1914 

Revenue 3576 3312 

Net Inc. 9.95 176 

Per snare. 097 iJ3 

IMS evnarrM nef mclcdes 
gain at CL> million from sale 
ot otapomr 


Bally Mfg 
mow. t*ss 

Revenue 3*1 7 

Nef inc 4.73 

Per Snare 0.1* 


4m Quar. 

Net Inc- 

Per Snore 


lit Over. ms 

Revenue 5*61 

Nel Inc. 101071 

Per Stare — 

a lens 


Aim tar 


3rd Quar. 

Revenue 

Nel me 

f Monte* 

Revenue 

Net me 


IMS 

202 J 
295 
IMS 
7318 
119 


1*64 

547* 

1030 

095 


1164 

7244 

61* 

1*84 

744* 
79 t 


IM4 

001 


Bell National 

1984 
SO 
0*1 

Veer INI 1984 

mime <07478 14 9 

Per Snare. — 285 

0. toss. IMS ne*s include 
lass aaimtmonl ol M* mil- 
ium 

Browning Farris 

3oa Quar. T*BS 1984 

Revenue 2*98 Ul.) 

Net me - Mfl I* 9 

Per Shore 0*9 080 

Ilf HOW IMS 19*4 

Revenue 5151 4 *l7 

Net Inc 49J 392 

Per Shore 142 1.15 

IBM nets include enaroe 0 ! 
*52 million from settlement 
of Unoahon 


Nr inc 782 *87 

Per Stare 127 123 

!Md art deludes toss at 
SMeDOO iron discontinued 
ooerotions. 

Interpub. Gp Cos, 

1st Ouer. IMS 1*84 
Revenue __ 141 14*4 

Nef me- in 484 

Per Starr - US IMS 

Koilogg 

m Over. 1*66 1*64 

Revenue 7005 647.1 

Nefirc n.14 *9 T> 

Per Stare 115 091 

meaehiKr-jaesoaJiotS&e 

million 

Lear Si*gl*r 

3ra Quar. 198S 1964 

Revenue 571* SOS 

Net me. 74.77 21 9 

Per Star* 182 125 

* Months. 1965 1984 

Revenue 1.740 1 JIO 

Nel .nc. 4*0* 5*81 

Per snore — 353 J21 

resorts mfu® Banoer 
Pur. <3 Coro. acamreamFea. 
NR 


Masco 


1*1 Quar. 

Revenue 

Net ins. 

Per Stare — 


1985 

229 J) 
355 
8 41 


1 * 8 * 

1968 

11 * 

[■59 


Foxboro 


Revenue 

Met me. 

Per Snare 


1965 

17*4 

Dll 

aoi 


199* 

1772 

QJt 

9J? 


McDonnell Doug. 

1ft Quar. 7985 1984 

Revenue — 2.700 22M. 

Net me 91.7 *75 

Per Stare — 2J8 1*9 

« 9S5 net . ne 'utles earn o ' S 10 
million iromsaieafurooerir. 


Tanmco 


Aril la 

in Quar. *985 1984 

Revenue 349.78 41699 

Otter Net 3*20 <555 

Omt Stare.. 8 72 0 93 

7994 nrl excludes gain at 
SSXJOO tram onconnnuea 
ooerations. 


Imperial Cp Amer. 

1st Quar. 1985 1984 

Revenue 24S0 1695 

n*i inc. 47 la>J2 

Per Share 083 — 


IstQaar. 

Revenue 

Net inc. 

Per Share 


ms 

3730 

*32 

884 


1984 

3880. 

1550 

ICO 


WiJIvams Cos. 


Inter! aka 


IstQeor. 
Revenue 


IMS 

2114 


1984 

2 111 


lit Quar. 

Revenue 

Net Inc 

Per Stare 


IMS 

1200 . 

298 

055 


1*64 

1.100 

M 2 

142 


Eh 


LEVERAGED CAPITAL HOLDINGS N.V. 
Curasao. Netherlands Antilles 

Notice of Annual General Meeting of 
Shareholders 

Notice is hereby given that an Annual General 
Meeting of Shareholders of Leveraged Capital 
Holdings N.V. has been called by the Manager, 
Intimis Management Company N.V. 

The Meeting will take place at the offices of the 
Company John B. Gorsiraweg 6, Willemstad, 
Curasao, Netherlands Antilles on 23rd May, 
1985 at 10.00 a.m. 

The Agenda, the Annual Report for 1984 and 
further details may be obtained from the offices 
of the Company or from the Paying Agent 
mentioned hereunder. 

Shareholders will be admitted to the meeting on 
presentation of their certificates or of vouchers, 
which may be obtained from the Paying Agent 
against delivery of certificates on or before 15th 
May. 1985. 

Willemstad. 29th April, 1985. 

INTIMIS MANAGEMENT COMPANY N.V. 
Paying Agent: 

Pierson, Heldring & Pierson N.V. 

Herengracht 214 
Amsterdam 


EMPLOYMENT 


SECRETARIAL 
l*OSmONS AVAILABLE 


ON INVESTMENT RMA »*eta yewflu 
tocreney, gfrwiot o*f>ce dutai. lyp- 
uifl. telci, good phone contact excel' 
i«it preienrafton, prHectfy fringed 
SenoCV & photo la Bo* 3508. H^atf 
Tribune 95521 Neully Code*, francs 


INTERNATIONAL CLASSIFIED 


tJRGBirr WE MED PERFECTLY bta 

gual Engt.ih/ French secetorm. 
ihorrtata. wor(5dfoce»0' Tel fit 
19 04 Porn. 


SECRETARIES AVAILABLE 


CR -TVS CREME DEUCBSALlha 

bar teirporary hdb peede -n Pom. 
Cdl Dantett* /ME 30^ 


EDUCATIONAL 
POSITIONS AVAILABLE 


ACADEME DE MUSCLE A PASS 

rechec+e profmeiet de pano &V 
vo/CT c v. avec pheo a Box 2046. 
Herdd Trrbura. 92521 Neu^f Cede.. 
fiance 


DOMESTIC 
POSITIONS WANTED 


MITUR VAUET OS / Hou»V*«w 
coupte 18 years enper rente m top 
houtehokb, very rdrade, profesvorv 
at coupte. free now Pry Sat Coreut- 
funh. 7 High St. Aldershot, Harm UK. 
Tel: 0253 31 5369. UL bcencea. 


MATURE WBi EDUCATED Ugh dv 
tegrrty couple wish to atretoke res- 
dmee from September. South Franc*. 
Span. Swtaerlond. Tel (UK) 043^ 
376537 aher 730 pn. re weetendx 


ALWAYS AVAKABU LONDON orty 
babynunderi & Ip das doty maim. 
SJodne Bureau, London 730 8122 t 
5U2. bmnoed errtobymtnt agency 


EATON BUREAU NANNCS - & dl 

prafetaonddomeniocwraloblenow. 
London 730 9566 1 3b Steam 5r, SW1 
Licenced UK Employment Agency. 


B80U5H NANME5 & Mother s Helps 
free now. Nadi Aawicy. S3 Church 
Road. Hove. UK. t3T|0273| 29046/5 


AUTO RENTALS 


CHAHC ton A CAR. Prongs an 
with phone Roth Sprit, Mercedes, 
Jaguar. BMW, Irmousnm. *mdl an 
46 r fterre Charon 750CW Rom Tel: 
72030.40. THex 630797 f CHAFUOC 


AUTO SHIPPING 


HOW TO IMPORT A EUROPEAN 
CAR INTO THE U.S.A. 

Tie* document explains FuCy whtf one 
must do to bring a car mo the US 
ioWy and legally. K indurtes new & 
Lead European auto prices, buying bps. 
DOT & ErA conversion aidreues. cus- 
tom dose*** & shipping procedures 
as wet as legal points. Because of the 
strong dollar, you can save up to 
US$1 B.0CXJ when buying o Mercedes, or 
BMW in Europe & importing it to toe 
States. To receive Hu manual, send 
US$1850 (add USS1 50 for posi aaeH tor 
P.L Sdund, Podfaeh 313r 
7000 Stungon 1. West Germany 


RAMCFURT/MAM-W. Germany. H. 
barmarm GmbK Tel 069-448071. 
Pidr-uo dl over Europe *ro/ro-shp*. 


TRANSCAR 20 rue l* Sueur, 75110 
Pont. I* 500 03 04. tee* 8$ 95 33. 
Antwerp 233 99 85. Conne* 39 43 44 


AUTO CONVERSION 


DOT/ PA CONVERSIONS to US. 
spaa. Acceptance guaranteed. VIA 
Carp., 6200 Freeport Centre. Balti- 
more. MD 21224. Tel 3014&B611, 
Thi 4995689 VIA US. Autos watoWe 
in Belgium. Tel: 32-50-715071. Thu 
8220? 


(Continued From Back Page) 


AUTO CONVERSION 


EMISSION 

ENGINEERING 

MODIFICATION OF NEW MODEL 
CARS M GOOD RUNNING 
CONDITION. MOST; 

MERCEDES 
BMW 
PORSCHE 
JAGUAR 
FERRARI 308 
TESTA ROSSA 


$4,000 

H 000 

H 000 

$4,500 

$5,500 

$ 6,000 


* ONE OF THE LARGEST QNTHS 

■ All WORK COMPLETE) AT OUR 
SHOP 

* RNE5T QUALITY COMPONB4TS 

■ All TESTING IN OUR OWN 
KDERAiiY RECOGNIZED 
LABORATORY 

* CUSTOMS BROKERAGE AND 
BONDMG AVAILABLE 

(714) 898-2182 

TlX 704356 FHAH COM UD 


AUTOS TAX FREE 


TAX FREE CARS 
P.C.T. 

H raaen, tfl models, brand new 
kurlaan 1. 2008 Antwerp, Betoum 
Tei 3-”231 59 00, TU 355*6 PHCACT E 
Send US&5 for entotog 


WE HAVE speootaed in the ter free 
sale af LHD/BHD new & used Mer- 
cedet. Porsche, BMW. Jaguar & Ro»j 
Royce art for the past B yean. All 
documentohon, ibppng etc. smoolh- 
ly & efficrrrtty corned out by experts. 
US rrarjodionj ou speamfy. Take 
advantage of our experience, phone 
Hughes Motor Company in Sour ne- 
rnanh, Engtond. p] 232 744643 


AUTOS TAX FREE 


NEW MERCEDES 

PORSCHE, BMW, EXOTIC CARS 

FROM STOCK 

for IMMBJMTFdehvr 

BBT SHtVfCE 

far im anma^borvd. 

RUTE INC 

Taurwsstr. 52, 6000 Frankhrt. 

W Gertn., tel (0) 69232351. rix 411559 
Information only by phone or leiex. 


10 YEARS 

W* Deliver Cot to Ht* World 

TRANSCO 

Kaepmg a constant stack of more than 
300 brand new cars. 
moUng 5000 happy dients every year. 
Seta lor free mulhcotorcateog. 
Transco SA, 95 Nocrdeban. 
2030 Antvterp, Befamm 
Tel 323/542 6240. Tk 35207 TEA.\S B 


FROM STOCK 
Mercedes 500 SI. new, block 
Mercedes 500 SL/SEL/SC, new 
and mom others a: 

CadStoe. Ferron. Jaguar. Range Rover, 
Land Rover, Ponche. Merctaes ond 
other leasing makes. 

Same day registration possible 

ICZKOVITS 

Oardensirasse 36, CH-B027 Zurich 
Teh 01/202 76 id Telex: 815915. 


GtXMAN CARS 
FROM GERMANY 

Experienced ere trader far Mercedes, 
Porsche or BMW. Immedae dekverv. 
FuB service import.' export Ui DOT & 
SPA for toun«f and dector. OCM. Teer- 
stegmulf . 3. 4 Duesteldori. W. Germa- 
ny Teh {0} 21 1-434646. (Hex 8587374 


MERCEDES 1985. LARGE stock. 
7RASCO. Ga BJLD. CH Can Jote m 
London, tel 44-1-208 0007. lie 
B956022TRASG 


HEALTH SERVICES 


COSMETIC SURGERY for men and 
■vomen inducing nose refi n ement , ear 
crerection. breast enlargement or re- 
duction, hice lifts. eyebag/eyeTd cor- 
recbaa+kfer rroreplantmg The Pount- 
ney (W, 20-26 Slones Ibad 
Hounslow, West London. TW3 3JS. 
Tel 01-570 9658 


LOW COST FLIGHTS 


NYO« WAY $150. Everyday N Y. 
West Caad $145. Pbris 225 92 9a 


HOTELS 


FRANCE 


PAHS - Horn. DUMINY-VENDOME 
•• +hW. 79 rooms wdh bath, entee- 
jy renovded. In heart of Pans, dose 
Concorde / Tidenes. Ccfcn & comfort. 
From F360. 3 rue Mont Thabor, Paris 
1st. Tet 260 32 80. Tbc 213492 F. 


FOR SALE & WANTED 


ANTIOUE PIANO FOR SALE. Ameri- 
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Page 22 


INTERNATIONAL HERALD TRIBUNE, MONDAY, APRIL 29, 1985 



PEANUTS 



I HATE BEIN6 LEFT 
ALONE IN THE CAR.. 




books 


EXCEPT FUKT WITH 
THE METER MAlPi 



BLOND1E 


ACROSS 

1 Glass makers’ 
ovens 

6 Menagerie 

9" immor- 

tality and 
joy” : Milton 

14 Of birds 

15 " Town”: 

Wilder 

16 Useful 

17 Small potatoes 

19 Book of maps 

20 Kind of 
European 

21 Farrow of 
films 

22 Takes a break 

23 Sensational 

25 Lincoln in 
N.Y.C., e.g. 

26 Role for a 
lissome lass 

28 Pickle 

31 Mel of many 
voices 

35 Sedateness 

37 Scolds 

40 Emmanuel 
Lewis TV role 

41 One way to buy 

43 Bewildered 

44 Saw’s 
anagram 

45 Concise 

48 Pop's partner 

49 Flat-crowned 
hats 

54 Crab Louis. 
e-B- 


57 Sp. lady 

58 Smell 

59 Sunflowerljke 
perennial 

60 Knick-knack 
shop 

62 Knee-bending 
dance 

63 Author Tarbell 

64 Revenue, in 
Rennes 

65 Ruhr city 

66 Thicken 

67 Welles of 
“Citizen 
Kane" 

DOWN 

1 lazuli 

2 Happening 

3 Gandhi was 
one 

4 Chattered 
incessantly 

5 Shipbuilder's 
warp 

6 Kind of city 
ordinance 

7 Power failures 

8 Cinnabar, for 
one 

9 Signalman of 
sorts 

10 Total 

11 Troubles 

12 Tire gone bad 

13 One of the 
Pa titers 

18 Lebanon's 

Gemayel 


4.'7<J. , ?& 

24 One-time 
amusement- 
park favorite 

25 Ice unit 

27 This minute 

28 Team Namath 
once led 

29 Fit to 

30 " Breck- 

inridge”: 

Vidal 

31 Edge of a steep 
place 

32 Chameuse 
Home 

33 Fundamentals 

34 Only, in Ulm 

36 Ending Tor 
violin or vocal 

38 A Dutch treat 

39 “ ’em!" 

42 Main deck 

46 Typical 

47 "Dies " . 

48 Perhaps 

50 A parent, to 
Pompey 

51 Presses 

52 With an 

the ground 

53 "Skittle 
Players” 
painter 

54 Lone 

55 Plant stem 

56 Space- 
machine units 

60 Get the picture 

61 Hit sign 


£> New York Tones, edited by Eugene Mdleska. 

DENNIS THE MENACE~ 




THE CARVING OF MOUNT 
RUSHMORE 

Bv Rex Alan Smith. 415 pp. Illustrated. 
$19.95. 

Abbeville Press. 505 Park Avenue. New 
York. N. I'. 10022. 

Reviewed by John Gross 

T HE Mount Rushmore Memorial is one of 
the great American icons — you can joke 
about it in a cartoon or send Caiy Oram 
clambering over it in a movie and expect more 
or less eveiyone to recognize it. But now did it 

get there? ’ , , . . 

Rex Alan Smith, who was bom and raised 
within sight of Mount Rushmore. has written 
an entertaining account of the memorial anu 
the men who made it. He got to work onlv just 
in time, while it was still possible to talk to 
those who had been closely involved in the 
project in the 1920s: he has been able to 
preserve a great deal of local lore, and what his 
book lacks in depth it makes up Tor in first- 
hand detail. . 

The idea of carving a monument in the Black 
Hills was dreamed up in 1923 by Doane Rob- 
inson. a bookish lawyer who nad gravitated 
into the role of official historian of South 
Dakota and who was looking for new ways of 
attracting tourists. AfLer drawing one or two 
blanks, he approached a sculptor who in fact 
seemed the obvious first choice. Gutzon Bor- 
glum. Not only was Boiglum (who had studied 
under Rodin, and enjoyed an international 
reputation) renowned for his patriotic statu- 
a ry. he was already addressing himself to the 
peculiar problems of mountain-carving, having 
been commissioned to conjure up a giant group 
of Confederate notables on Stone Mountain in 
Georgia. 

The Stone Mountain project was eventually 
abandoned amid ferocious quarrels — a warn- 
ing of what the Dakotans could expect. Bor- 
glum was egocentric, domineering short-tem- 
pered, often childish. But he was also a tornado 
of energy who knew how to gel things done, 
and Mount Rushmore captured his imagina- 
tion. (The site was suggested by a state forester, 
though later Borglum liked to claim that he 
had come upon it while reconnoitering in the 
region.) 

And what exactly was to be carved? The 


« wnitive committee did not so> 
Rushmore ;J n * slU mble its way into 

much make a deasw idea had been 

ES.& Sp"** 

that a ^oup oi p ^ were I0 be just 

ri a " ' 

Sfesiw 

S o ^R0^"dd«i. ■ ' 

"This last choice was the most controversy 
— itcame about simply because Borglum and 
his chief supporter among the polmnans of 
Cnmh Hikitia. Senator Peter Norbeck, were 

StLi admfen, of Roosevelt. (TTtewilp- 

tor had been chairman of hisloealb^ch of 
Roosevelt’s Progressive Party- 
Moose” election campaign of 19U.) But what- 
ever the politics behind the decision, in visual 
Srois it made all the difference, changing what 
v^uld" otherwise have been a predictaWe 
grouping into something rather starlbng, hke 
an enormous piece of Pop art. It also gave .. 
Borglum a chance to display his virtuosity m 
creating the effect of a pair of spectacles with 
the very limited means available to him. 

Monev was a constant problem An impor- 
tant corner was turned when President Calvin 
Coolidge’s support was eohsted, after he had 
been persuaded to spend the summer of 1927 
in the Black Hills for the sake of his bronchitis 
land pul in a good humor by his apparent skal 
at catching trout — in fact, the creek where lie 
fished had been surieptiuously stocked with 
some tired old breeding- trout from a local 
hatchery). Even with federal backing, however, 
it was often touch and go as to whi 


aether the 




Solution to Friday's Puzzle 


WHEW CLAUDIA DECIDES 
TO -SPEND ANOTHER NIGHT IN TOWN, SHE 
CALLS HER NEWLY FOUND FRIENDS. 


REX MORGAN 

i ARE YOU 

■ SURE I'M NOT 

■ IMPOSING , 
PRESTON* IT'5 
JUST THAT I FEEL 
LIKE I'VE KNOWN 
THE TWO OF VOU 

cm? vpivc / 


QQQ0 

E0HC10E1 HQUClQnn 1 

□□□mania aaaaaaa 
nnm □□□□□□□ ana 
□deo □□□□□ mama 
caciaaa □□□ □□□□a 
□ennanaa □aoams 

□□□□am □□□□□□□□ 
□□□□□ ana saamaa 
□□□□ aaaaa maaa 
□Dm □mioaama □□□ 
□□□QiiQizi masamaa 
□□□aaaa aaaaaa 


V 


4/ar/as 


□□□ 

□nm 

BED 

□□□ 

□a 


project would have to be given up for lack ofg' 

funds. , . . f* 

.Along with the financial womes. there were 
fierce personal disputes and endless political 
wrangles. Few or these are of any great interest 
today, and Smith spends rather too much time 
on them; on the other hand he is always worth 
reading when he writes about the actual pro- 
cess of carving and the various techniques 
involved — the first roughing in of features on 
an enormous egg-shaped mask; drilling, dyna- 
miting (in moderation), “honeycombing" dose 
down to the final “skin” of the sculpture; the 
fine finishing that allowed Borglum to add 
mounds and hollows and wrinkles. 

Smith has worked in the mines and quarries. . 
of the Black Hills, and one of the great virtues 
of his book is the amount of space he gives to 
the workmen who built the memorial, bringing 
to life the skills they mastered and the often *** 
daunting conditions confronting them. Butit is h'f 
Borglum who predominates in the end as 
much as anything else by his sheer ingenuity— 
at devising a system for transferring ms designs 
from a studio model to the mountain face, or at 
coming up with the all -important trick by 
which he managed to impart a lifelike quality 
to the eyes of his presidential quartet. 

The memorial was finished shortly before 
Pearl Harbor. It was the product of an ere 
when, for most Americans. Big was stOi un- 
ashamedly Beautiful, and it did what it was 
intended "to do remarkably welL 

John Gross is on the staff of The New York 
Times. 


■FES'S AND I FEEL THE SAME WAY ABOUT 
YOU, DARLING / THERE'S NOTHING WE'D LUCE 

more than to have you spend the evening 


rt L ook, Dad: That rivers got 

TOO 616 FOR ITS BRIDGES'/ 


• Unscramble these tour Jumbles, 
one letter to each square, to form 
four ordinary words. 


CAINP 



n 




GUDOH 



h 


DOLSUN 


_u 

J 

SARGYS 


~TX1~ 

L 

J 



BRIDGE 


By Alan Truscort 

S OME bridge theorists like 
some sodologists, worry 
about the rights of minors. Di- 
amonds and clubs, like boys 
and girls, are in some danger of 
being neglected and scorned. 
Sinners are taught, quite 


THAT SCRAMBLED WORD GAME 
by Henri Arnold and Bob Lee 


WHAT FORM 
OF SPEECH 
IS DOUBLE-TALK? 


rightly, that the)' should al- 
ways bid a major in preference 
to supporting a minor. The mi- 
nor suit is unlikely to represent 
the right final contract, and 
will some Limes amount to a 
mere probe Tor a major. But 
there are some possible excep- 
tions. at each end of the spec- 
trum. 

With five-card support for a 
minor there is much to be said 
for raising directly, and by- 
passing a weak major suit, if 
the responder is either very 
weak or very strong If he has 
slam ambitions he may not 


’ wish to risk subsequent confu- 
sion about the appropiate 
trump suit. 

North carried this policy a 
litile far on the diagramed deal 
and concealed a five-card ma- 
jor suit. Three diamonds was a 
traditional forcing raise, and 
North hoped to reach a dia- 
mond slam. The South hand 
was unsuitable, and the part- 
nership reached five diamonds 
when three no-trump would 
have been preferable. 

When West led his singleton 
bean, guided by his partner's 
bid, it might seem that the con- 
tract was doomed. But this was 
not so. as the declarer proceed- 
ed to demonstrate. He took the 
heart ace. drew trumps ending 
in dummy, and led the dub 
ten. 

East was forced to win. and 
then had to cash the heart king 


to prevent the discard of dum- 
my’s heart ten. Now the closed 
hand had four winners to take 
rare of dummy's spade losers, 
if East had refused to-d&e ei- 
ther of his winners'.’ a spade 
trick would have been surren- 
dered. 

north 

•97843 
v A 10 
0 A K J 6 3 
*M . 

EAST 
*K1I 
* K 984 32 
0 42 
*A J 8 
SOUTH (D) 

A A 3 
VQJ78 
0 Q 983 
* K Q 3 

Nwttaal South wen vtdnenbte. a 
Tin bidding: ” 


4 


WEST 
♦ QJ82 
<5 5 
0 10 7 

*9874 32 


South 

8« 

Noth 

I •> 

Pass 

3 V 

3N.T. 

MW 

4 : 

5 •> 

Pus 

Pass 


Weal ltd the heart Bve. 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 

Answer here: VERY ‘ [11110X1 * 

(Answers tomorrow) 

Jumbles LATCH GRIMY PHYSIC SHANTY 


Friday'* 


Answer What a sate deposit box might be called— 
A RICH NfTCH 

WEATHER 


EUROPE 

HIGH 

LOW 



c 

F 

c 

F 


Aiparve 

18 

64 

10 

50 

Cl 

AmctarUam 

8 

46 

3 

36 

sh 

Athens 

23 

73 

13 

55 

CJ 

Barcelona 

15 

w 

13 

54 

0 

Be ip rode 

22 

72 

6 

43 

cl 

Benin 

6 

43 

a 

32 

h 

Brussels 

4 

39 

i 

34 

sri 

Bucharest 

21 

70 

3 

37 

fr 

Budapest 

0 

48 

5 

41 

Stl 

Copenhagen 

5 

41 

1 

34 

cl 

Costa DM Sol 

18 

64 

7 

45 

cl 

Dublin 

5 

41 

-1 

X 

r 

Edinburgh 

2 

36 

-1 

30 

Mr 

Florence 

18 

64 

6 

43 

cl 

Fran It tart 

4 

39 

0 

32 

sh 

Geneva 

6 

43 

4 

36 

cl 

Helsinki 

0 

43 

■5 

23 

fr 

Istanbul 

23 

73 

13 

55 

Ir 

Las Palmas 

» 

66 

14 

57 

0 

Lisbon 

18 

64 

12 

M 

ir 

London 

9 

48 

-1 

30 

0 

Madrid 

18 

64 

7 

45 

cl 

Milan 

,7 

63 

10 

50 

fr 

Moscow 

3 

37 

0 

32 

a 

Munich 

3 

37 

-1 

30 

$w 

Nice 

17 

63 

9 

48 

•r 

Oslo 

4 

39 

1 

Si 

0 

Paris 

B 

46 

•1 

X 

d 

Prague 

13 

55 

5 

41 

sw 

Reykjavik 

7 

45 

0 

32 

0 

Rome 

16 

61 

13 

55 

ct 

Stockholm 

8 

46 

2 

36 

el 

Strasbourg 

6 

39 

0 

32 

Sw 

Venice 

13 

55 

9 

48 

Cl 

Vienna 

6 

43 

6 

43 

Cl 

Warsaw 

7 

45 

3 

37 

r 

Zurich 

5 

41 

1 

34 

*w 

MIDDLE 

EAST 




AHkoro 

15 

59 

7 

45 

St 

Beirut 

24 

75 

15 

59 

0 

Damascus 

27 

11 

11 

52 

0 

Jerusalem 

24 

75 

12 

54 

tr 

TetAriv 

28 

82 

14 

57 

tr 


ASIA 

HIGH 

LOW 



C 

F 

C 

F 


BaftflkoK 

31 

88 

25 

77 

d 

Beilina 

20 

68 

3 

3a 

cl 

B ww Kona 

23 

73 

20 

68 

0 

Manna 

32 

W 

28 

82 

Cl 

Nsw Defti 

34 

93 

27 

81 

fr 

Stawjl 

IS 





Shanghai 

34 

75 

16 

61 

ir 

Singapore 

-mo 





Taipei 

22 

77 

20 


r 

Tokyo 

19 

66 

16 

61 

ct 

AFRICA 






Algiers 

n 

64 

16 



CaJra 

34 

93 

23 

7J 

fr 

Case Town 

16 





CaoaMcnca 

20 

M 




Harare 

23 

73 

11 

52 

Ir 

LOCOS 

26 

79 

25 

77 


Nairobi 

23 

73 

14 

57 

tr 

Teals 

24 

7S 

14 

57 

0 

LATIN AMERICA 



Buenos Air** 

23 

73 

W 

» 

r 

Lima 

24 

75 

17 

63 


Modes CITt 

28 

82 

10 

50 

cl 

Rio de Janeiro 

27 

81 

3 

37 

tr 

Sag Panto 

— 




na 

NORTH AMERICA 




OCEANIA 


AuekhHUf 

SMiwr 


16 61 14 57 Hi 
2D 68 16 61 0) 


Anchorage 

Atlanta 

Boston 

OUWM 

Denver 

Detroit 

Honolulu 

Houston 

Lot Angeles 

Miami 

Minneapolis 

Montreal 

Naum 

Now York 

San P ranches 

Seattle 

Toronto 

WauiittgtM 


10 SO 0 33 fr 

24 84 II 66 oe 

M 53 7 45 PC 

IB 64 4 19 PC 

18 64 lji fr 

19 66 4 39 tie 

® « 21 70 fr 

17 81 34 73 si 

31 B8 14 57 >r 

» W a U If 

19 66 5 41 fr 

M 57 3 37 Ct 

28 82 16 61 fr 

19 U 9 48 PC 

30 M 10 SO fr 

12 54 4 43 Sit 

11 52 0 32 cl 

W 75 7 45 fr 


cJ-cloudy, to- tone v; fr.fgir; h-holl; o-overcost; dc-mhiiv cloudy; r-roln; 
sn-sMewen: H-stor niy, 

rs . , F .°, R JF‘*i57 — cm A M N E L : Roucm. FRANKFURT: RoM. Temp, 
5-2141— J6I. LONDON: Roln.Temp.8-z {46— 36). MADRID: Foir. Temp, 
“mp 1,3 ~ 4Stm MEW Y0RK: F ® ,r - Temp. 30-9 (68-481. PARIS: Cloudy. 

Fair. Ttfltfc 18-14 <64 - 571. TEL AVIV: Fqlr.Temn. 
2a — 14 (82 — 571. ZURICH: Rain. Temp. 6 — 2 US — 361. BANGKOK: Fogov. 
Temp. 33-JS 191-77). HONS KONG; Shower*. Temp. 19-17 (66— 63). 
MANILA: Cloudy. Temp. 31-14 (01 — 75). SEOUL; Fair. Temp. 17 — 6 
163 — 43). SINGAPORE: Thunderstorm*. Temp. 31—25 IBB — 77). TOKYO: 
Shower*. Temp 21 — 18 170 — 64). 


SPORTS BRIEFS 

Creme Fraiche Victor in Derby Trial Stakes 

LOUISVILLE, Kentucky tAP) —Creme Fraiche charged between horses in the 
stretch to win the Derby Trial Stakes by a half-length over Fast Account on 
Saturday, the opening day at Churchill Downs. It was the last prep race for next 
Saturday's Kentucky Derby here. 

It was the third straight Derby Trial victory for trainer Woody Stephens. 
Stephens won the 1983 trial with Caveat, who finished third in the Derby, and he 
won it last year with Devil’s Bag. who missed the Derby. Stephens won’ the 1984 
Derby with Swale. 

Creme Fraiche. winning for the first time in six starts this year after four second- 
place finishes, is nominated for the Derbv. But Stephens, who has another Derby 
candidate in Stephan’s Odyssey, said before the race that Creme Fraiche would 
start only if there was an off-track. Creme Fraiche showed his liking for poor 
conditions in the Derby Trial, as he went through a pack of horses on a sJoppv track 
lo run down Fast Account and Tiffany Ice and cover the mile in 1 :37-3/5 under 119 
pounds. Nordic Scandal beat out Tiffany Ice for the show position. 

Chang Keeps WBC Tide on Split Decision 

SEOUL (UP!) — Chang Chong-Ku of South Korea retained his World Boxing 
Council light-flyweight crown here Saturday on a 12-round split derision over 
German Torres of Mexico. 

Judges Mike Jacobs of Britain and Lou Palipo of the United Stales awarded the 
fight to Chang with respective scores of 1 16-1 14 and 115-1 14; U.S. judge Chuck 
H asset scored it a 1 14-1 14 draw. There were no knockdowns. 

It was the sixth title defense for Chang, whose professional record is 27-14). 
Torres, the WBCs top-ranked contender, has a record of 48-8-1. 

FIFA Fines 4 Nations for Soccer Incidents 

ZURICH (AP) — Chile has been fined 55,770 for spectator violence and “poor 
stadium organization” at a World Cup qualifying game against Uruguay March 24, 
FIFA, the international soccer authority, announced Saturday. The fine was the 
highest of four announced by the federation. 

Spectators in Santiago threw objects onto the field, one of which hit the referee 
and forced play to be interrupted, FIFA said. 

The other three fines: 53,850 against Uruguay because thrown objects had hit 
players, linesmen and the referee at an April 7 game against Chile in Montevideo; 
53,850 against Saudi Arabia because spectators in Riyadh had assaulted the referee 
in an April 12 gome against the United Arab Emirates, and 53,850 against Qatar 
because objects were thrown onto the field (one player was hit) during an April 12 
game against Jordan in Doha. 

3 Share 1-Shot Lead in Houston Open Golf 

THE WOODLANDS. Texas (AP) — Keith Fergus. Payne Stewart and Ray 
Floyd edged away from a tight field to share a one-stroke lead Saturday after three 
rounds of the Houston Open golf tournament. 

Fergus and Floyd carded 69s and Stewart had a 70 for a total of 8-under 208 over 
the par-72, 7,042-yard (6,408-meler) Tournament Players Course at The Wood- 
lands. They held a one-stroke lead over five merit at 209. 

Jim Simons, who had a 67 on Friday for a two-stroke lead after two rounds, shot a 
75 for a three-round total of 210. 


Hershiser, on 1 -Hitter, Still Has the Padres 5 Number 


Compiled In 1 Our Staff From Dispatches 

LOS ANGELES — If the pat- 
tern continues, Orel Hershiser will 
pitch a no-hitter the next time he 
faces the San Diego Padres. 

Last Sunday the Los Angeles 
right-hander fired a two-hitter at 
the Padres; Friday night he allowed 

FRIDAY BASEBALL 

only a one-out fourth-inning single 
by "Tony Gwynn, last year’s Na- 
tional League batting champion, as 
he led the Dodgers to a 2-0 victory 
over San Diego. Hershiser faced 
the minimum 27 batters and ran his 
consecutive score! ess -innings 
streak to 24. 

“My sinker was really working 
well and my curve had a nice break 
to it,” Hershiser said. “I’d have to 
say this is the best game I’ve ever 
pitched.” 

Gwynn ’s clean single was a liner 
between first and second. Gwynn 
had reached on a walk in the first 
inning, but was caught stealing. Af- 
ter his hit in the fourth he was 
erased on a double play. 


“It was just a case of too much 
Hershiser," said San Diego’s man- 
ager. Dick Williams. “He’s tough 
on us. 1 thought he was better to- 
night than he was in the last game 
— and in the last game he was 
superb.” 

Mete 6, Pirates 0 
In New Yorit, Wally Backman 
went 5Tor-5 and drove in three 
runs, and Rjoo Darling struck out 
1 1 in paring the Mets’ rout of Pitts- 
burgh. 

Expos 10, Cardinals 5 
In Montreal. Hubie Brooks 
drove in four runs, and home runs 
by Andre Dawson and Tim Wal- 
lach powered the Expos past St 
Louis. 

Cubs 7, PinUies 3 
In Philadelphia, Ryne Sandberg 
homered and scored four runs mid 
Dennis Eckersley scattered nine 
hits to lead the Cubs. 

Astros 3, Braves 2 
In Houston, Phil Gamer’s two- 
out single in the ninth scored Jose 
Cruz from third to pul the A&tros 


past Atlanta. Cruz had singled with 
two out and moved to third on an 
error by right fielder Albert Hall. 

Giants 7, Reds 6 

In San Francisco. Dan Gladden 
climaxed a six-run ninth with a 
two-ouL three-run home run that 
lifted the Giants to victory. With 
San Francisco trailing, 6-1. Chili 
Davis doubled off Jay Tibbs and 
Scot Thompson singled Davis 
home. Jeff Leonard's single 
brought on reliever Ted Power, 
seeking his fourth save of the year. 
Power got Bob Brenly on a ground- 
out, advancing the runners to sec- 
ond and third, but then gave up a 
two-run single to Brad Wellman. 
Alter pinch-hitter Joel Younetv 
lood grounded oul pineb-hiuer 
David Green walked and Gladden 
followed with his homer over the 
left-field fence. 

Twins 8, A’s 7 

In the American League, in Min- 
neapolis, Tom Brunansky led off 
the ninth by hitting reliever Keith 
Atherton’s 1-1 pitch over the right- 


Home Run a Foul Ball? It’s Only Fair, Says Historian 


United Press hnernatuvutt 

GALESBURG, Illinois — Going, going, gone. 
And keep right on going, says Hermann Muelaer, a 
Knox College history professor who proposes that 
over-the-fencc home' runs be regarded as foul balls 
since they ore inconsistent with baseball’s rules. 

Muelder proposed the rule change in a recent 
plea to support the characteristics of baseball that 
set it apart from other U.S. sports. “Baseball is a 
game in which various things happen to the ball 
itself.” he said. “But in scoring, it's ncu what 
happens to the ball that makes the score. It s what 
happens to the player." 

Muelder noted that in rootball and basketball, 
the ball itself must cross the goal line or pass 
through the hoop. In baseball, it is the player who 
scores. Baseball's only exception, he says, is the 
home run; so instead of a tun bring scored, he 


recommends that balls hit over the wall be regard- 
ed as others hit out of play. 

“Just a loud foul, a long strike," he said. “Why is 
that hit any more exciting or remarkable than a 
hard line shot that dears the head of the second 
baseman by two feet and eludes the center fielder? 
Actually, the home run oul or the park is really dull 
— it takes less true skill than a well placed hit.” 

_ He defends inside- the-park home runs as a le- 
gitimate example of batting and running prowess. 

The 79-year-old historian and baseball fan said 
his comments are in defense of the game, which he 
claims is losing its place. “I'm bothered by the fact 
that, in the past few years, baseball’s relative place 
in our culture has been eroded because of the 
trespassing of football, basketball and more re- 
cently — God help us — wrestling,” be said. 


field fence to give Minnesota 
triumph over Oakland. 

Red Sox 5. Royals 2 
In Boston, Jackie Gutierrez a 
Jim Rice drove in two runs apit 
in support of Roger Clemens’s s 
hitter as the Red Sox downed Ka 
sas City. 

Tigers 1, Brewers 0 
In Milwaukee, Jack Mon 
pitched a five-hitter, and Kirk Gi 
son tripled and scored to give E 
tixat ns squeaker over the Brewe 
Morns walked two and struck o 
nine. 

Orioles 6, Indians 3 
In Baltimore, back- to- ba 
three- run innings gave the Oriol 
their victory. They staked Deni 
Manmez to a 3-1 lead with in t 
bird when Cal Ripken’s bast 

plated Rick Demps 
and Jim Dwyer, and Fred Lyi 
followed with an RBI single. In i 
fourth. Rich Dauer walked wi 
one out. and Dempsev singled hi 

fnr S n° TKL Gar ^’ hiitii 

for Dwyer, moved both runners, 

Fritz Connall 

fc 8 h 0I ik Wayne Gross - doubli 
b °u th ™ nncrs - Connai 
scored when Ripken's ground 

nrst baseman' P 
rawer s legs for an error. 

White Sox 4, Yankees 2 
. Chl «g°, Harold Baines 
sixth lwme run ixi il 

wSJC 1 * Tom airf ti 

Whuc Sox ,0 Victory over N< 
Blue Jays 6, Rangers 5 

an earlv ror S’ mc ' overcon 

fe,“eL M ' rUn drfldl “ d 


9 


In Seattle, 
Bcniquezdro 
,n California 
ners. 






a;5.s, . 



INTERNATIONAL HERALD TRIBUNE, MONDAY, APRa 29, 1985 


Page 23 


SPORTS 


Lakers Pound Blazers, 125-101 

w »S- A,n S 7 

Vi ea-'-f . L,n L n , re i- fvnyW h Our staff From Dupatcha and by 33 early m 
:b!e. pr.U'f ^ke ih?' ln - CH' INGLEWOOD, California — ter. jusi aftw C 

:e, he Jeffpr?". «•- Byron Scott said the Los Angrfcs pulUs hii siariery . 

pa-! .y y^^d. since .’D (i 'n Lai cr± didn’t play a perfect game. Portland never recovered from again*! Philadelphia. 

xi 're R Jie &!*;?“ fr* 11 did say dicre were flawless the early pounding. “We just did a # ' L: 1 — : 

iis j\, £ , ubpects to it. Scon scored 20 points tern ble job defensively on ail of 


throws in the last minute, to lead 
Milwaukee past (he Bulls and into 
an Eastern Conference semifinal 


^ law choi 


« u 


aspects 

here Saturday — 12 as Los Angeles 



era Conference first-round series; 
in the Western Conference San An- 
tonio and Houston extended their 
respective confrontations with 
- 1 P-t :r ^ i i, ]* ' e ^cyfi : Denver and Utah to decisive fifth 
a «>r.g d! _ "> ht.^ B game* Sunday. 

-- n.«i ih c ,.>' 1: Kareem Abdul-Jabbar, James 


them.'' said the Blazers' Mycha! 

Thompson. 

“We keni gnod pressure on 
them." said Worthy. "They didn't 
get many good shots. 

"We knew i( was going to be 
important for us to play some good 
defense. Wc kept it up and didn’t 
let them back in." 

Before Abdul-Jabbar departed, 
after 26 minutes, he had racked up 
16 points. 1 1 rebounds and six as- 
Karerm.” said Portland cen- 
Sum Bowie, “should he illegal." 

76ers 106, Bullets 98 
Landuier. Maryland. Julius 
Erving stored 25 points including with 27 points while Calvin Natt 
14 in the final period, to help Phils- added 23. 


Chicago, making its first playoff 
appearance since 198(1-81, was led 
by Michael Jordan's 29 points. 
Q in min Dailey came off the bench 
to score 17, all but two in the sec- 
ond half, to help the Bulls make a 
late charge (hat fell short at the 
end. 

Spurs 116, Nuggets 111 
In San Antonio. Texas. Johnny 
Muore scored 4 points and pulled 
down 5 rebounds in the last five 
minutes as the Spurs doused a Den- 
ver rally to even the scries. 

Mike Mitchell had 37 points and 
Artis Gilmore scored IS and and 
pulled down 13 rebounds for the 
winners. Alex English led Denver 



ai\ w ^ . c scoring with 26 points, and Kiki 
H ' ,v Vandeweghe had 18. 


SCOREBOARD 


ce i , V- r, " r ’ u: ‘l’*'‘;ne »- Lakers led by 28 points a! In Chicagt 
•ng.'-,,. r_„ end aJ r ' ^ c half. by 29 after’ three quarters scored 29 pci 

' r - c 

' . '-iii'Jis in-.' 1 

xn - ■ n 
. Cl" T rt| r. ■’■( t'li- . 


defphia hold off a second -half rally 
and down Washington Friday 
night u> take the best-of-five series, 
3-1. 

Philadelphia shot a blazing 26- 
for-33 from the floor in the first 
half io take a fel-47 lead, but al- 
lowed Washington back into the 
game in the third period by hitting 
only 4 of 22. 

Bucks 105, Butts 97 
Chicago, Terry Cummings 
nis. including 6 free 


Rockets 96, Jazz 94 
ln Salt Lake City. Houston’s 
Akcem Olajuwon and Ralph 
Sampson scored IS points each to 
lead a second-half comeback Lhat 
downed Utah. 

Sampson scored 10 points in the 
tliird quarter as the Rockets erased 
a 49-38 halftime deficit. Tftc7-fooi- 
4 (2. 23-meter) Sampson gave 
Houston the lead for good midway 
through the period, jamming in a 
rebound to make the score 53-52. 



Hatcher’s Bat Helps 
Twins to 7th in Row 


Um AuocaMdfmi 

Abdul-Jabbar, driving past Kiki Vandewegbe: 'Kareem,’ said Sam Bowie, 'should be illegaL’ 


Compiled by Our Staff From Dispatches 

MINNEAPOLIS — Mickey 
Hatcher wanted Saturday's game 
to go on and oo. 

"I was thinking, ‘Get me up 
again. 1 You know when you’re hot, 
you want to stay up there," said 
Haicher. who went 5-for-S and 
drove in two runs in the Minnesota 
Twins' seventh straight victory, an 
8-6 triumph over the Oakland A's. 

Hatcher hit three singles and a 
double, all on first pitches from 

SATURDAY BASEBALL 

former teammate Don Sutton. He 
also singled off reliever Jeff Kaiser 
in the seventh. It was the first five- 
hit game of Hatcher’s career. 

Hatcher had been 3-for-21 (and 
0-for-9) before Saturday's game, 
and had been in danger of being 
benched. “He’s been struggling a 
little bit." said Manager Billy 
Gardner. “If he didn't get any hits 1 
was probably going to bench him." 

“It was just one of those days," 
Hatcher said, recalling how Sutton 
had taken him aside when be first 
came up with the Los Angeles 
Dodgers. “He helped me grow’ up a 
lot, just by being a gentleman off 
the field. 1 respect the guy.” Dead- 
panned loser Sutton: “I didn't 


Baseball 


Hockey ~\ Nordiques Take 3-2 Lead Over Canadiens 


F ri day’s and Saturday’s Major League line Scores NHL Playoffs 


ur.u- 

?rr_r.r r •• 
u'cBC 


•; ‘ C r ru- T 


FRIDAY'S RESULTS 
AMERICAN LEAGUE 
KWl&n CIIY OH MO 095-3 t 4 

BOOM IN M3 MX — S 9 8 

GublBO. Jones it) and hmRwfD. Clemen* 
rii :-.J 'A'-. andGedman.W— Clemen* 2-2 L— GuWcza.0- 

ul -j. , 

-rP-'Ufl ,v; Cleveland tHtBM-4 S \ 

"Ui'l if); ITirni* M3 m 9CX—4 1 8 

.. Run». Easterly til, Waddell (71. vonOMen 

’ '-'‘-fell > ie) ond Wliiardd DMartuim. Hmuari ttl OM 



Vl “ jom*S (81 and Flik. W-SaavM.3« L-WW1- 

w W1.Q-3. Sv — JOfflH (31. HR— CMceOAi BoJfl** 


.. -r. ll ^'.D«(rcU IM MO MB— I t • 

- - -IJcntiaJ uUUf MIIWOVfcM OM BM MO-0 5 1 

■■js-.l-hA! j- Merrts and Caoilla; Burris. ilwCluro (II 
•I'.:. .... 1 and ScnrooOer. W— Morris. 3-1 (.—Oorrls. t-X 

. . , ' • u - «vlll2 -1 Oakland M2 |M OM— 7 * 1 

Bit;.. Minnesota 040 III 101—8 13 0 

r-: l.E -J.. X >I „ d :, ■ ■ Yoww. TMlmarm (Si. Amorton (I) and 

... , r'-Heoth.- senrom. Wardi* (»|. Lysandcr (I). 

- Ad, R. Davit (91 and Loudnar. Soldi 1*1. W— ROo- 

1-1. I — Atfwrfon. (-1 HRs— OoKtand. 

. _ M.Dov i s 2 ( 8 ] , Hftalh H 1 . MimMMta Laudntr 

.Si s «2». HrBofc 121. Brunanikv (4). 

Toronlo M0 110 400-4 ( 2 

Ten* 030 IM 300— S 7 3 

icoy. Lamp (41. Acfcti- [7], CaodHi III and 
wnin: NOIM. Schmidt |4>, Harris (11 and 
Siauatii. W — Lome. 14. L— ScimUt.tM. Sv— 
Coudlii 13). hrv— T oronto. GJMII Mi-Mnuuv 
a). 

jalMorola W Ml M0-1I M 0 

v ;«itih? KM 0M no- I I t 

T t -V. IflhiwCotBMI ai.CWtwrn III and Hatrotv. 

-- , n Badillo. <MsM (2), B«SI (31. Stanton (»!. 
. L Vando Boro (»landKoan»oy.5ooiU7|.W— 
E CarlMtl. 3-0. L-Boatttfl. 0-Z HR-Calllornta. 
-5. > * W». 

u .’ NATIONAL LEAGUE 

• - • -- J-.J r-sr. Louie 002 0M MO— * » J 

■ V a iv.*; Montreal 202 o» Mt—M 11 • 

- : . v- FOfscb. Campbell Ml, Ooytev 171. Hastier 

“ 181 ond Laval n»re: Palmer. Roborae (7J, 

GroPChthln lei.BurLn III ond PI Hof row. Ba- 
tero (8). we — Palmer, 1-1 t— Forseh. 7-1. 
VjiE HRs— Monlreal. Dawson (41. Wallacn (1). 

« rti: pntsbunm aao ooo ooo-o s 8 

" (<' New York 110 lit DTx— 4 9 0 

..ill'. DeLeon. HoKotid 141, Guanw 17} and Pena; 
4 '* Darllna ond Carter, w— Dariwo. 1-0. L — Dr- 
i - vieon. IVX HR— New York. StrawbWTV <51. 

, -. Ckieooo 410 101 004-7 11 1 

; ; ■ • [ h Pflii(adelPtiio 810 OM 803— J f I 

. ' Eckertiev and Davis; Kaosman, K-Grost 
. . i . . 4, (3). Zachry (31. Hudson 1*1. Andersen (87. 

“ .'Carman (91 and viral L w—Eckorslev, 3-1. 1 

5 « , - v Kaosman. o-l. HRs— Chleooo. Lopes (13. 
4 ' • Sandberp (31. 

- J Allan ta 040 0M 820—2 7 1 

■ Houston OOO 828 001—3 » 8 

Brdrailan, Forster 171. Camp (9) and Cw- 
— jpciio*' Knepoer. Smith (81. DIPMO (1J ond Bal- 


ill) ono wnitt; Hautrti. Bam Hi. Sicwart 
110] and SkiuoM. w— Acker. 14. L— Stewart. 
0-2- Sv— Caudill (4|. HRs— Toronto, MoMfiV 
(31. Whitt m. upsnan i?i. AiLen* ID. 

Cal Hernia 181 loo no— 4 7 1 

Seattle 001 80S 080— I 7 8 

Staton ora Boone; M. round. Getsel (5). 
Nunez tn and Scon, w— Slaton. M L— 
M-Yauna. 1-3 HRs— California Sttwfioid 14), 
Dmmlnd 111. 

NATIONAL LEAGUE 
St. Loot* 110 BOO 105—3 S I 

Montreal 108 8M Mo - I 13 1 

Taaor. Latin (7), Honan (7j. Alien (81 and 
Nieto, m cH-orn. Roberae iB] and Buioro. Pllz- 
Deraid 181- wv— HesLeth. S I. L-Tudar. 0-1 
Sw— Raberoetij HR— Mon ir —L Dowan (It 
PNnBarpb 880 801 038-3 7 I 

new York OM 201 088—3 8 1 

McwnitomL Conaeteria tl) and Pena. 
Lmcfl, Orosco (8 1. Sisk (ffi and Carter, w— 
McWilliams. 3- L L— Orosco. I T. Sv— Cande- 
laria (41. 

CincInwHi IM Ml 008—2 t 0 

San Proncisco 108 OM 008-1 2 8 

SiuoerandBilardella; LoPa'm.M4>aris(7} 
ana Bnmlv. W-Sruoer. 3-1. L— LaPoint, ou. 
HR— Cincinnati. EXtavis (31. 

Chicpoo BM OM 018-1 5 1 

PMlaMpMa 0M 183 3«S— 4 V 3 

Sanderson. Frazier (4), Saronsan (81 and 
Davis; Rowley, Andersen (81, TokUWO (71 
and VlrolL W— Rawie-v. 34). l— S anderson. 1-1. 
Altunin 032 OH 003-8 f 0 

Houston 300 000 008—2 ■ 3 

Mahler, Sutler I?1 and Or one; MScatt. So- 
i ono (S). Daw ley |7|, Calhoun (91 and Asttav. 
Bailey 14). W-Mafuer. SC. L-MScatt. 1-1. 
MRS— Artanta. Murotiv 3 (81. 

MeOtoW 002 0M 300— 4 4 8 

Lm Anoele* 018 IM W8-3 18 8 

Hawkin*.LeMens(7i.GossQae 181 oM Ken- 
nedy; Brennan. Castilla 18] and Sclasda W— 
Hawkins. 44. L— Brennan, 1-1. Sv — Go now 
(4). 


SATURDAY'S RESULT 

Quebec 1 3 1—5 

Montreal I 8 8—1 

Ma«weJI(1l. Hunter (31. LemJeu* (31. Ash- 

ton isi, Pc lemon! (4>: Robinson (3). Shots on 
uaol' Quebec (on Penney. Soetaerl) 5 11-0— 
25; Montreal Ion GoSMlhil 10-4-5—21. 


DIVISION FINALS 
A earn* (Quebec leads, 3-21 
April 30: Monlreal al Quebec 
e-May 2' Quo Dec of Montreal 

Patrick ( Philadelphia team, 3-t) 
April 31; N.Y. islander* at Phllaaclptiia 
» April so: Phi tad Hand] at isianaen 
e-Mov 2: islander* ol Phlladelptila 
Norris (ChlcaM leodt, 3-1} 

April 28' Minnesota al Chlcaoa 
. Anri) 30; ChkZMo al Mmnesota 
■■May 3: Minnesota al Chlcaoo 

Smyrna (Edmonton wins, 44] 


World Championships 

W L T Pts GF GA 


Soviet Union 

7 

0 

a 

14 

53 

8 

Canada 

4 

: 

i 

9 

33 

23 

Czechoslovakia 

4 

2 

i 

9 

30 

It 

Unilea sides 

4 

2 

i 

9 

24 

34 

Finland 

2 

3 

2 

4 

33 

35 

Sweden 

5 

5 

8 

4 

34 

30 

W.Germony 

1 

J 

1 

3 

11 

31 

E-Germany 

0 

5 

2 

2 

11 

48 


Friday's Results 

Wen Germany A East Germany 0 
Finland B. United Slates 3 

Saturday's Result* 
soviet union 5. Czechoslovakia I 
Canada 4, Sweden 3 

Sunday* Games 
Finland vs. East Germany 
Sweden vs. West Germany 


Transition 


BASEBALL 
American Leoaue 

BOSTON—SantDavaSay.catcber-autHeid- 
er.ioPowiucketatitH internal lanal Leoaue. 
RrcaUod Mike Brown, Pitcher, tram Paw* 
tucker. 


Soccer 


ZfZ 




, W— DIPino. l-l L— Como. 0-1 
, San Dieoa SOU 008 008-0 I 8 

' uu Anaeles oca OM Mu— 2 1 8 

: -j! ‘ Dravecky and Kenneav; Herstuser and 

, : ?JJ 1 /eager. W— Herstuser. 34 L— Dnoveckv. 04. 

fad ^ Cincinnati 818 138 508—4 18 8 

- ssrl* laa Francisco BOB 188 808—7 T 1 

Tibbs. Power (9> and von Carder. Ham. 
,TK>ker,MinliHi (o). Williams (8). Blue ill and 
Iren i y. w— Blue. 24. L — Power, o-l. hRv— 
KndnnaiL Concepcion (71, Esaskv (31. San 
l-roncisco. Gladden III. 


WORLD CUP QUALIFYING 
Aslan Grove 4-A 
Macao 8. HoftO Kano 7 
Points standinfs: Clilno.Hono Kona 7; Ma- 
con 4. Brunei 0 

Remain Ido matches: May 4, Mono Kona vs. 
Macao ol Mono Kano: Mar 12. China vs. Ma- 
cao at Ben ino. Way 19. China vs.HonsKonoai 
Beilina. 


\idres 



SATURDAY'S RESULTS 
AMERICAN LEAGUE 
Cansas City lit 010 HI— 5 7 2 

lOfton 838 BM 810-4 10 2 

^ jockson. Beckwith 171. Qulsenberrv (II ana 

'• rtmdbera; Nipper. Oleda t7i,Slanl#v (7]and 

LU-— mkiisi. Sullivan IW. W-OuhBmberrv. 3-3. 
. - 4 Stanley, 0-1 

Ert! wuaad 0M 118 283—4 13 B 

. 1- ".''Ainaesota a» 418 8ex-8 U I 


r.-V' 




■Td i^ 0 ' 


Sufton. Kaiser (5). Coaror (81 ond Heatfo 
I >1116100 181; Viola. Davis (f ] and Sotos. Yf— 
’if 1 “ 'lofo. 3-7. L— Sutton, 3-1 Sir— Oavis (31. HRs— 
takiand. Plcclala «). Minnesota Salas (11. 
ie trait ail OM 200—3 S 0 

Ulwaukee IM Ml M8-1 4 1 

Peirv. Hernandez (VI ond CosUlto; Darwin 
‘ . nd Moore, w — Perry, 4-1. L— Darwin, 2-1. 
v— Hernandez (4). HR— Detroit. Sanchez 
ft! II. 

■vw York IM a» BM ei— 4 I I 

.i’ 1 ' 1 - .Mcaao MB mb WJ tw u o 

• ,'ii- -• Rasmussen, Riahetti (71. Cooper tlOJ. Strtr- 
, iy (101. Murray UU and Wvnesar. Lot tar, 
•' " piimer (51. Aotnto (81. Nelson (81 and H1IL 
t—Nelson. M. L— Stilrtev. 0-1. HR— New 
ark. Henderson (1). 

levetand ■ 180 0M 881-18 18 1 

- tollman, 0» l» 881- 4 7 2 

scnuize, von Otnen <81. Waddell (V) and 
i?-.‘ enton. McGreoor. Aase IB], Tjnortinez (81. 
’ icll IV> and Demasev. W— Sctudse.34, L— 
, i leGreaar. 1-3. 

. area to 81V Ml an 4—* T3 I 

PS- txot m m too o-l ti i 

. f .■ sileta. Musselman (31. Acker (6), Caudill 


IriS'J 


ENGLISH FIRST DIVISION 
Arsenal 1. SnetlMd Weanesaav 0 
. Aston Villa S. Queens Park Rangors 2 
Chelsea L Tottenham 1 
Coventry 2. West Bramwicn 1 
Ever ion 1 Uarwieti 0 
Ipswich 0; Liverpool 8 
Leicester 1, Noiilngham For«i 0 
Manchester Unliea Z Sunder kind 7 
Newcastle 2, Southampton 1 
Watterd 2. Stake 0 
Wes) Ham 0. Lutan 0 

Point* siaadlnes; Ever1on74, Manchester 
United 47; Tottenham 45: 5helt1etd Wednes- 
day, Arsenal 42; Liverpool. Southampton 41; 
Nottingham Forest 40: Chelsea 57; Aston vil- 
la S3; Watford. Leicester, West Bromwich Al- 
bum, Newcastle 48; Queens Park Ranoars47; 
Norwich 45; Ipswich 43. Lulan, West Ham <2; 
Sunaerhmd. Coven fry 40; Stoke 17. 

FRENCH FIRST DIV15ION 
Pacino Club Pans 8. Bordeaux 0 

Points Shnwtlno*; Bordeaux 54; Names 4V. 
Monaco. Au» err e 41 . Toulon 39; Metz 38; Lens 
34; Socftau*. Bresl 34; Laval 32; Nancy. Tou- 
louse. Paris SG 31: Marseille 30; Stcasboura 
29; Bastia 3; Ulie, Rouen 27; Tours 25; RC 
Paris 21 

ITALIAN FIRST DIVISION 
AscoK 0. udtaese I 
Aiaianhi I. AC Milan 0 
A veil ino Z Sampoario I 
Como C. Torino 0 
Inter 2. Cremonese D 
JuvMhn I. Ftarenlino 7 
Rama 1 , NopoU 1 
Verona 1. Lazio 0 

WiWi StomUnas: Verona 39; Torino 35; 
SamoOprla, inter 34; juvenlus 32; AC Ml I on 
31; Roma 30; Neeoii 29: Fioremina Ataianla 
24; Udtnese 24; Como. Avetilna 22; AscoK 28; 
Lazlo 14; cremonete 12 


CLEVELAND— Placed Vent Ruhie. pitch- 
er, on tm )5-day disabled ilsLand moved R Ick 
Bahoftna. Pilcher, to the 21^Ja* disabled 11*1. 
Called ua Rich Thompson, pitcher, from 
Maine at the international League. 

5 EATTLE— Placed Dave Valle, catcher, on 
the 15-dav disabled 1 1st, ond moved Mike Mor- 
gan. Pilcher, to the 21-acy disabled list. Pur 
chasoa the coniract ol Donnie Scott catcher, 
from Caiaarv oi the Pocltlc Coast Leoaue. 

National Loaaue 

CINCINNATI— Traded Skeeier Barnes, In- 
fleldor.loAAontrwiitorMaxVenable.oulfleld. 
er; assigned VonoWe » Denver ol me Ameri- 
can AModoUon. 

FOOTBALL 

Notional Football League 

BUFFALO— Traded Jon Barenarat. guard, 
ta Saatlle tar an undisclosed droll choice. 

GREEN BAY— Acuulred Scoff Brunner, 
auarterback. train Denver (or an undisclosed 
draft choice, 

WASHINGTON— Obtained running back 
George Rogers Irom New Orleans, and tho 
Samis' choices In tto tiltn, ltmi ond Tllh 
rounds In this week's college draft lor the 
Redskins' tlrti -round choice, the 24th pick 
overall. 


Basketball 


NBA Playoffs 


Tournament Tennis 




fajor League Standings 

AMERICAN LEAGUE 
East Division 


MEN 

do Atlanta) 

Quarterfinals 

Mike Leach. U-S- del. Pat Cash (33. AuStra- 
lla. 4-4. 34. t-Z 

Paul Annacane. UB.del. Brad Gilbert (81, 


?! 


0. fill 


!:- • 

w 

L 

PCI. 

GB 

U S. 7-4, IW, 7-4, 

rtrolt 

10 

4 

jOS 

— 

Kevin Curren 121, U.S. del. Scott Davis 151. 

r. -Jtiimore 
rronto 

10 

7 

JE 

Va 

UJS- 4-2, 7-4. 

10 

7 

•548 

M 

. John McEnroe (i). U-S* del Tim Mayotte 

i I jslon 

9 

8 

-529 

Hs 

M>. U.S. 6-3. IW, 4-7. 

... Ilwoukee 

8 

8 

500 

3 

Semifinals 

' . evetand 

7 

18 

-412 

3to 

McEnroe dot. def. Leach. 4-1 4-1 

: • Yartc 

4 9 

West Division 


3to 

Anna con, del. Curran (dataultl. 

[. id lamia 

11 

7 

.411 

— 

WOMEN 

'• .^Icaoo 

8 

7 

J33 

ito 

CAt Lake Buena Vista, Florida) 

\&tnvn Otv 

8 

8 

500 

2 

SemHUtau 

‘ Innesalo 

9 

9 

500 

2 

Katerina Maleeva, Bulgaria dot. Bonnie 

i- ■ Aland 

9 

9 

500 

2 

Gadusek (4). U5. 4-1. 4-4. 

-.•5 a tile 

7 

II 

■389 

4 

Martino Navratilova (1), U-S. def. Claudia 

ii- * as 

S 

11 

J13 

5 

Kohde-KJisch (3), west Germany. 6-2. 4-1. 


FRIDAY'S RESULTS 

Phliadalpmo 27 H 13 32—104 

Washing toil 24 23 21 38- 98 

Ervlna 11-14 3-3 25. M. Malone *.15 *41 IB: 
J.Matone 10-70 34 74 williams 7-71 2-3 17. 
Rebounds: PnHadeU>nto 55 (Barkley 14). 
Wash Ingtan 40 1 Roland 101. Aiilsli : Phi ladel- 
pnio 14 (Richardson 4). Washington IB (Ru- 
kmd 7). 

Denver 23 29 31 31—111 

San An lank] 32 24 27 31— TM 

Mlichell 17-11 M 37. Gilmore 4-18 4-10 IB: 
English 10-23 7-7 27, Nall 10-17 2-3 21 Re- 
bounds: Denver 44 1 English St. Son Antonio 50 
(Gilmore 13). AuKtt: Denver 25 (Lever 71. 
San Antonio 33 (Moore 141. 

Milwaukee 37 21 28 33-105 

Chicago 27 18 25 37— 97 

Cummings 9-TS 11-14 29. Mancr let 4-14 11-11 
23; Jordan 4-lj 17-20 29, Oollev 7-14 2-4 17. 
Rebounds: Milwaukee 58 (Cummings 12), 
Chicago 48 (Canine 91. Assists: Milwaukee 19 
(Pressev 4). CNeooo 15 f Jordan 51. 
Houston 19 19 29 29 — M 

Utah 24 25 19 24— 94 

Sampson B-31 2-3 TA Olaiuwwt 7-18 47 IB. 
Lucas5-17 54 15. Llovd 7-14 1 -2 1 5; Green 7- UB- 
■22, Danlhev 8-174-5 20. Ratuuds: Houston 47 
(Sampson 181, Utah 54 (Bailey 12). Asdsis: 
Houston 22 I Lucas 5). Ulan 21 (Green 11). 

SATURDAY'S RESULT 
Portland 34 21 27 29-181 

LJL Lakers 33 48 28 24—125 

Scott 8-14 4~f 20; Worthy 7-13 W 14. AbduF 
Jitabor 7-122^14,MeGe» 5-15e*Bli; Collar Il- 
ls 3-5 24. Vandeweohe 1-20 2-2 18. Rebounds: 
Port land *3 1 Carr io), lm Anaeles 74 ( Rombls 
Ml. Assists: Portland 38 (Colter B). Los Ange- 
les 37 (Johnson 121. 


Football 


USFL Standings 


EASTERN CONFERENCE 


NATIONAL LEAGUE 
East Division 


»P- 







w 

L 

Pei. 

GB 

,^'Zr 

ii 

5 

588 

— 

H 

4 

547 

to 

YDfli 

10 

4 

525 

l 

l : ' . Louis 

7 

10 

512 

4to 

Jiaaetphta 

5 

11 

J13 

4 

rtsburah 

5 11 

West Division 

■313 

4 

^ ■?'* Afiggies 

11 

8 

579 

— 

tdnflail 

10 

9 

S56 

ft 

. vw Dieoa 
\\!r ustan 

9 

8 

£ 29 

1 

9 

9 

SB 

ltt 

onto 

Frond sea 


9 

571 

2 

4 

TI 

353 

4 


Final 

Navratilova aeL Mohieva, 4-L ML 

Un San Dleao) 

Quarterflmris 

Wendy Turnbull. Australia, del. Betsy No* 
aeisea uj. 4-4, 64. 

Melissa Gurnev. U-S.dei. Betb Herr. U.&.4- 
1 4-1 

Annabel Craft. Britain. Oat. Roi Falroank, 
South Africa, M), 4-1 
Mary Lau Plotek, Ui-del. Hu Na UJ.4-1.4- 
3L 

SemW n at* 

Crofl def. Gurney, J.7, 4-2, 5-1 
Tumbutl def. Platek. 4-2. 4-1. 



W 

L 

T 

Pet. 

PF 

PA 

Birmingham 

7 

2 

0 

.778 

225 

153 

New Jersey 

6 

3 

0 

447 

227 

304 

Tamna Bov 

4 

3 

0 

447 

234 

300 

Memphis 

5 

5 

0 

500 

204 

305 

Baltimore 

4 

4 

1 

500 

142 

124 

Jacksonville 

4 

5 

0 

441 

231 

235 

Orlando 

2 

7 

0 

m 

154 

242 

WESTERN CONFERENCE 


Hcwstan 

6 

3 

0 

Mi 

378 

198 

Oakland 

6 

3 

1 

AS0 

244 

211 

Denver 

6 

4 

0 

409 

244 

199 

Arizona 

4 

4 

0 

400 

189 

205 

San Anion la 

3 

4 

0 

J33 

131 

188 

Lo* Anaeles 

3 

7 

0 

JM 

145 

244 

Portland 

3 

7 

0 

500 

147 

319 


FRIDAY! RESULT 
Memphis 33, Denver 17 

SATURDAYS RESULTS 
Los Angeles 17. Portland 12 
Oakland 27, Arizona It 


By Kevin Dupont 

VfH' YvrA Times Sentec 

MONTREAL — The Quebec 
Nordiques didn't have Michel 
Goulet Saturday night. But they 
did have some of the National 
Hockey League's lesser offensive 
talents, such as Brad Mai well, 
Alain Lcmieux and Brent Ashton; 
and they* did have Dale Hunter, 
grinding hacking, chopping and 
instigating as usual. 

In (he end. the Nordiques had 
the Canadiens in their grasp. Paced 

STANLEY qiP PUYOFYS 

by five different goal scorers, the 
province's "other team" rolled to a 
5-1 lie lory over the Canadiens and 
a 3-2 lead in the Adams Division- 
final playoff series. The winner will 
go on to face either Philadelphia or 
the New York Islanders in the 
Stanley Cup .semifinals. 

Cut down by a Ric Natures 
check in Game 4. all-star left wing 
Goulet, touted as a new Guy La- 
fleur, was unable to play because of 
a sore back. "Without Goulet in the 
lineup, i asked the other guvs to 
pick up the slack " said Micnef Ber- 
geron, the Quebec coach. “I asked 
them to give a little more — and 
they all did." 

The Canadiens, with 21 Stanley 
Cup flags draped from the rafters 
of the Forum, could use someone 
like the old Lafieur. They play a 
conservative, methodical defensive 
game these days that hardly resem- 
bles the old skate-and-shoal meth- 
ods of the Flying Frenchman. 

No one better exemplified that 
style than Lafieur, as be rushed up 
his wing, goalies ducking os he un- 
loaded blistering shots. But Lafieur 
retired during the regular season 
and is npw in Florida. He may be 
joined by many of his former team- 
mates by mid-week. 

“Nothing replaces the big scorer 
on a (earn," said Bob Gainey, the 
Montreal captain. “The rest 'of us 
can work on things that are impor- 
tant — taking face-offs, working on 
special situations. But nothing 
takes the place of someone who can 
knock the puck in from anywhere, 
sometimes without looking." 

And it is Goulet, with three 
straight regular seasons of more 
than 50 goals, who comes closest to 
the Canadiens' old style. .And with- 
out him Saturday the Nordiques 
were smart enough, even when fall- 
ing behind by 1-0, to play a patient 
game. They waited, cautious in 
their own end, and finally made the 
mast of their chances against goalie 
Steve Penney. 

Penney was another loss the 
Canadiens suffered. After allowing 
three goals in the second period, 
and falling behind by 4-1, be was 
hospital izea for lower-back muscle 
spasms. 

After Larry Robinson's goal at 


2:51 of the first period, the Cana- 
dians were outplayed — they had 
only 13 shots — the rest of the way. 

Maxwell acquired in trade from 
Minnesota this season, knotted it at 
1-1 at 11:14; in the second period, 
with Penney fighting the puck and 
his defensemen continually guilty 
of breakdowns, the Nordiques bar- 
reled to the 4-1 lead. 

Hunter, who repeatedly took the 
Canadiens off (heir game with 
cheap shots and otherwise hard- 
nosed play, notched the game-win- 
ner 2:25 into the second period. 
Robinson, among the NHL's best 
defensemen, was guilty of a blind 
pass into the slot that Hunter easily 
picked off and popped past Penney 
for a 2-1 lead. 

Before the period ended, Alain 
Lcmieux, older brother erf the Pitts- 
burgh rookie sensation Mario Le- 
mieux, made h 3-1. And Ashton, 
who like Maxwell and Lemieux 
came to the team in trade this year, 
fired one for the 4-1 lead. 

Doug Soetaerl relieved Penney 
lo start the third, but he too met 
w j thins tan t trouble. Wilf Paiemem 
took a pass from Lemieux, like his 
brother a good stkkhandter, and 
finished die scoring at 2:06. 

“Some of the Montreal shooters 
suprise you," said Mario Gosselin, 
the Quebec goalie, who turned 
back 18 shots after Robinson's 
goaL "Bui 1 don't think they have 
the big shooter. But who does? 
There’s Mike Bossy, Jari K.um, 
Paul Coffey, Ray Bourque and Mi- 
chel Goulet. But who else is there?” 

The teams lhat have the big 
shooters, along with respectable 



IfeAaooiaadftn 


Two officials bad their hands fufl stopping a first-period fight 
between Quebec’s Dale Hunter and MootreaTs Mario Tremblay. 


goallending, are the teams that win 
the Stanley Cup. Lafieur did it for 
Montreal. Bossy did it for the Is- 
landers in 1980 to 1983. The Ed- 
monton Oilers, with Kuril and 
Wayne Gretzky, did it last yrer. 

The big hitlers count, said Que- 
bec goalie Mario Gosselin. “Goulet 


scored 11 goals for us in eight 
games. And we probably wouldn’t 
have gotten by Buffalo in the fim 
round without him. We didn't have 
Goo tonight and we won. And 
maybe you don’t really have to 
have a big guy — but if you have 
him, you're hippy to have him." 


Russians (7-0) Cruise to Finals 


Compiled by Our Staff From Dispatches 

PRAGUE — Viacheslav Bykov scored two goals 
early in the second period and led the Soviet Union to 
a 5-1 victory over Czechoslovakia here Saturday, anti 
Kevin Dineen tallied twice as Canada mined back 
Sweden, 6-3, in the world hockey championships. 

The victory left the Russians unbeaten at 7-0 in the 
preliminary round. The defending champions are 
heavily favored to win an unprecedented 20th world 
crown. 

The title will be derided in a medal round starting 
Monday. The Soviet Union again will face Czechoslo- 
vakia, and Canada will meet the United States, the 
second-ranked team after the preliminary games. 

The United Stales, Canada and Czechoslovakia all 
had first-round totals of nine points, five behind the 
Soviet Union; results in the preliminary-round games 
between the three tied teams were used to determine 
the medal-round pairings. 

The Russians connected on power-play goals 15 
seconds apart to take the lead for good against the 
Czechs, who had carried the play in taking a 1*0 lead 
after the first period. 

Sergei Makarov, the leading scorer in the champion- 
ships, beat goalie Jaromir Sindel with a backhander 
from just outside the crease at 2:42 of the middle 
period. Bykov (allied 15 seconds later with the Czechs 


still short-handed. He scored again at 6:50, and Ma- 
karov got his second of the game at 16:39 on a two-on- 
one situation set up by line mate Igor Larionov. 

Viktor Khumenev netted the fifth Soviet goal at 
3:04 in the final period. 

Canada, winner of 19 world titles and manned by 
National Hockey League personnel also got a goal 
from Dineen’s Hartford Whaler teammate. Ron Fran- 
cis, on the way to its victory. 

The Canadians, Lrailing by 3-2 with 48 seconds left 
in the second period, exploded for two goals within 36 
seconds to take the lead. Steve Yzennan of the Detroit 
Red Wings tied it with a power-play backhander past 
gpaltender Rolf Ridderwall at 19: 12. and Francis beat 
Ridderwall from point-blank range at 19:48 to make it 
4-3. Larry Murphy and Tony Tanti added third-period 
goals for Lhe winners. 

With nothing to gain, the United States lost on 
Friday, 8-3, to relegated Finland. Pekka Arbelius had 
a hat trick and the Finns scored six unanswered goals. 
In the day’s other match. West Germany blasted East 
Germany, 6-0, to move into seventh spot in the eight- 
team competition. The bottom four teams were to 
scan relegation play Sunday. 

West Germany scored three power-play goals in 
crushing East Germany in one of the rare internation- 
al meetings between the two countries. 

*— L 


think Hatcher would take it this 
far." 

Minnesota sent nine hatters to 
the plate in the second inning and 
took a 3-0 lead. Doubles by Gary 
Gaetti and Greg Gagne produced 
the first run: After Kirby Puckett 
walked with two out, Haicher and 
Kem Hrhek delivered run-scoring 
singles. 

Oakland nicked starter pitcher 
Frank Viola for a run in the fourth 
on Dusty Baker's sacrifice fly. but 
Minnesota battered Sutton for four 
runs in the bottom of the inning. 

Royals 5, Red Sox 4 
In Boston, Jim Sundberg had 
three hits and scored the winning 
run in the ninth on an error by 
second baseman Many Barrett as 
Kansas City edged die Red Su\. 
Sundberg led off the innin g with a 
single off Bob Stanley. Onix Con- 
cepcion bunted and first baseman 
Bill Buckner threw the boll past 
second attempting to get Sundtwrg. 
Barrett then booted Willie Wilson’s 
grounder, allowing Sundberg to 
score. 

Tigers 3, Breners 2 
In Milwaukee, designated hitter 
Alex Sanchez drove in three runs 
with a triple and j two-run home 
run to lead Detroit past the Brew- 
ers. Sanchez, acquired in a minor- 
league deal with San Francisco ear- 
lier this month and appearing in his 
fourth game with Detroit, hit his 
first homer of the season on a 2-2 
pilch from Danny Darwin in the 
seventh. 

White Sox 5, Yankees 4 
In Chicago, Carlton Fisk singled 
home pinch-runner Rudy Law 
from third base with none’ out in 
the 11th to cap a two-run White 
Sox rally that edged New York. 

Indians 10, Orioles 4 
In Baltimore. Joe Carter. Butch 
Benton, Tony Bernazard and 
Brook Jacoby "drove in two runs 
apiece, helping Cleveland to end a 
four-game Oriole w inning streak. . 

Blue Jays 9, Rangers 8 
lo Arlington, Texas, George Bell 
singled in Lloyd Moseby from sec- 
ond base with one out in the 1 Oth to 
lift Toronto over Texas. Willie Ai- 
kens sent the game into extra in- 
nings with a two-run pinch-hit 
home run in the Blue Jay ninth. 

Angeb 6. Mariners ! 

In Seattle, Brian Downing drove 
in four runs with a homer and a 
single and Jim Slaton scattered sev- 
en hits as California sent the Mari- 
ners to their seventh straight loss. 

Expos 8, Canfinals 3 
In the National League, in Mon- 
treal, Tim Wailach’s bases-loaded 
two-run single highlighted a four- 
run seventh and Andre Dawson 
drove in five runs as the Expos blew 
past St. Louis for their fifth straight 
triumph. Dawson drove in one run 
with an infield grounder, another 
with a single and the last three with 
an eighth-inning home ran. It was 
the third straight game in which 
Dawson has homrred, tying a club 
record. 

Pirates 3, Mets 2 
In New York, a throwing error ' 
by reliever Jesse Orosco triggered a 
ihree-nra eighth that led Pittsburgh 
past the Mels. 

Reds 2, Giants 1 
In San Francisco, John Sniper's 
two-hiuer and Eric Davis's third 
home ran of the year put Cincin- 
nati past the Giants. Stuper yielded 
an RBI double to Chili Davis in the 
first and then retired 19 batters in a 
row. 

PhflDes d, Cubs I 
In Philadelphia, Glenn Wilson 
drove in three runs with a triple and 
a sacrifice fly to help the Phillies 
beat Chicago. 

Braves 8, Astras 2 
In Houston, pitcher Rick Mahler 
took the league lead in victories by 
winning his fifth game, and Dale 
Murphy hit his league-leading 
eighth and ninth homers as Atlanta 
cruised past the Astros. 

Padres 4, Dodgers 3 
In Los Angeles, pinch-hitter 
Kurt Bevacqua's two-out, two-run . 
double in the seventh snapped a 2-2 
tie and propelled San Diego past 
the Dodgers. It was Bevacqua's 
fourth pinch hit in as many at-bats 
this season. fOPf. AP) 



the AuxHtad Hen 


DOWN AND OUT — Brad Lawrenz, whose cardboard kayak was one of 70 makeshift 
entrants, went down In smiling style during Saturday’s 12th annual Great Boat Regatta 
in Carbondale, Illinois. Meanwhile, Notre Dame’s Bill Courtney, left, was a splashy last- 
place finisher in the 3,000-meter steeplechase at the Drake Relays in Des Moines, Iowa. 


.■j 1 ' 







LANGUAGE 


Me Safire , You Not Jane 


INTERNATI ONAL IfKRALD TRIBIHN'E. MONDAY, APRIL 29, 19»o 

Jamaica Kincaid: Words and Silences 


Bv William Safire 

W ashington — The Unit- 
ed States's relationship with 
New Zealand, a nice country with a 
democratic tradition, ain't what it 
used to be. Wellington doesn't 
want U. S nuclear-armed vessels 
visiting its ports, and Washington 
thinks a million- alliance must be a 
two-way street.' Seeking to capture 
the new' feeling between Yanks and 
Kiwis in a phrase, f hit upon a song 
that Russ Columbo made famous, 
recalling its title as “Friends, Lov- 
ers No More." 

Not quite right. As a large de- 
tachment from the Nitpickers’ 
League reminded me. the correct 
title of that 1931 song is “Just 
Friends/' 

How many other near-misses af- 
flict people who like to be accurate 
in their language? Try. for exam- 
ple, writing “Play it again, Sam," 
thinking you are calling up the 
words said by Humphrey Bogart to 
Dooley Wilson in “Casablanca." A 
herd of insomniacs will bear down 
on you with tapes and scripts prov- 
ing the line to be “Play it!“ — 
without the “again, Sam." 

Same goes in politics: Herbert 
Hoover never promised “A chicken 
in every pot": that was a canard, 
not a chicken, helped along by A1 
Smith, who derided a 1928 Repub- 
lican campaign flier with that title, 
which quickly became a “quota- 
tion" directly attributed to his op- 
ponent. (It was King Henri IV of 
France who was le Roi de la poule 
au pot.) Nor did Marie Antoinette 
say “Let 'em eat cake": nor did 
Richard M. Nixon ever say “1 have 
a secret plan to end the war." as 
George Romney’s 1968 supporters 
contended that he did. 

The obsession with accuracy was 
driven home to me by Judge Jon 0. 
Newman of the 2d U.S. Circuit 
Court of Appeals in Hartford, 
Connecticut, in a recent piece, I 
used a line from an early Tarzan 
movie that has become part of the 
language. You know the one: “Me 
Tarzan. you Jane.” Newman 
writes: “This is perhaps the most 
widely used quotation of a non- 
existent Ene from movie dialogue, 
exceeding in frequency even the 
well known and equally non-exis- 
tent line ‘Play it again. Sam.' 

“Three years ago a case in our 
court brought to our attention the 
exact lines from the original 1932 
film Tarzan, the Ape Man.' We 
took the occasion to set the histori- 


cal record straight." There follows 
a copy of the pertinent page of the 
court’s opinion, written by New- 
man's colleague, Judge Amaiya 
Lyle Kearse, setting out the correct 
dialogue in fooLnote 2Q: 

Contrary to popular belief, the line 
"Me Tarzan. you Jane” (or. as it is 
sometimes quoted, “ You Tarzan, me 
Jane”) does not appear in the 1932 
film. The actual dialogue is as fol- 
lows: 

[Tarzan causes an ape that has 
frightened Jane to leave her alone] 

Jane: Thank you for protecting 
[pointing to herself] me. 

Tarzan: [tapping her on the 
chest] Me. 

Jane: No. [pointing to herself] 
I'm only me for me. 

Tarzan: [tapping her] Me! 

Jane: No. [pointing to him] To 
you I'm you. 

Taizah: [tapping himself on the 
chest] You? 

Jane: No. [pause] I'm Jane 
Parker. Understand? Jane. 

Tarzan: [tapping her] Jane. 

Together: [Tarzan taps her] Jane. 

Tarzan: [tapping her] Jane. 

Jane: [nodding] Yes, Jane. 

Jane: [pointing to him] You? 
[Tarzan aces not respond; she 
points to herself] Jane. 

Tarzan: [tapping her] Jane. 

Jane: [pointing to him] And you? 
You? 

Tarzan: [tapping himself] Tar- 
zan. Tarzan. 

Jane: [slowly] Tarzan. 

Tarzan: [alternately tapping her 
and himself, harder and harder 
each time] Jane. Tarzan. Jane. Tar- 
zan. Jane. Tarzan. Jane. Tarzan. 
Jane. Tarzan. Jane. Tarzan. 
Jane. . . . 

Jane: [exasperated] Oh, please 
stop. Let me go. I can't bear this, 
[realizing he cannot understand] 
Oh. what's the use? 

The use — the purpose in widely 
disseminating this obscure but sig- 
nificant judicial footnote — is not 
merely to show the difficulty of 
leaching language to ape men, but 
to provide irrefutable proof that a 
phrase our society has come to be- 
lieve was once said was, in fact not 
said. It is a superb specimen of 
“near-miss quotation," and we are 
all indebted to the federal bench's 
record-straightening 2nd Circuit. 
(You appellate judge; me language 
maven.) 


Ne w York Times Service 


"l drank and drank until all that 
was left was the bare dry seabed. 
A II the water from the sea filled me 
up. from my toes to my head and I 
welled up very big. But then little 
■ crocks began to appear in me and 
the water started to leak out — 
first in just little seeps and trickles 
coming out of my seams, then with 
a loud roar as I burst open” 

From “ Anni e John” 

By Jacqueline Trcscott 

Washington Peat Service 

W ASHINGTON — Having 
filled herself with her child- 
hood in Antigua, Jamaica Kin- 
caid. at 35, has let her memories 
burst open into two books — the 
prize-winning “At the Bottom of 
the River.” last year, and the new 
“Annie John." But, sitting in a 
hotel room here with her 4- 
month-old daughter, Kincaid was 
a study in hesitancy and a warrior 
for privacy. 

She was wearing loose tan 
pants, a white shirt purple socks 
and black flats; her hair was a 
natural brown, brushed close to 
her head. All this is changed from 
an earlier, wildly flamboyant pe- 
riod. 

In New York, where she lives 
with her husband, the composer 
Allen Shawn, it is fairly well 
known that she created the name 
Jamaica Kincaid. 

“I'd rather not speak about 
that. It just brings up too many 
things, including my mother s 
feelings,” she said. “When you 
write about your life, if you write 
about things that are private, you 
have to be careful. There is a 
profound meaning to it 1 don't 
want to make something I did 
very consciously into an anec- 
dote.” 

But already, in the books, she 
seems to have revealed so much. 

In “Annie John," the mother 
has a trunk under the bed and the 
girl character is smart, mischie- 
vous. funny. Kincaid said her 
mother had a similar trunk, but 
she doesn't want to call the work 
autobiographicaL 
She even withheld her photo- 
graph from the book jacket. 

She is a statuesque woman who 
once drew so much attention in 
New York that The New Yorker 
magazine — where she is now a 
staff writer — wrote about her in 
its “Talk of the Town" section. 

“1 just can’t bear to mention 
this. I used to dress in a strange 



lama A. Ptrcrf/The Wc ri vngt n n Post 

Kincaid: “I started to write out my photographs.” 


way,” she said. “I just was quite 
odd. I just used to have very short 
hair, which I dyed blood. I wore 
anklets. This is in the days when I 
□ever saw anyone wearing an- 
klets and saddle shoes. I wore 
circle skirts or tight skirts. I used 
to have lots of da clothes. Part of 
it was I couldn't afford new 
clothes and part of it was basical- 
ly I dressed then the way I re- 
membered my mother dr essing — 
long tight skirts, pedal pushers. I 
had no eyebrows. I was just ex- 
pressing myself. It was great 
fun." 

For her first 17 years, Kincaid 
lived in Antigua, one of four chil- 
dren. They lived in the capital 
city of Saint Johns in a s mall 
wooden house, painted canary 
yellow with a red roof and a gar- 
den of bachelor's buttons and 
marigolds. Like the Annie of her 
book (Annie is also her mother's 
and daughter's name) she had a 
strict education. 

“It must be said that perhaps 
some of it dearly is me. I was 
most mischievous! It must clearly 


be about me as 1 mythologized 
my growing up. The real thing 
that is autobiographical is Lhe 
feelings." she said. “If I had writ- 
ten a profile of my mother or my 
life and The New Yorker fact- 
checking department had 
checked it it wouldn't have gone 
through." 

She evokes childhood thoughts 
and sensations, such as wanting 
to see what a dead person looked 
like, or discovering the joys of a 
View Master slide viewer, or 
cringing at a mother’s disapprov- 
al or selecting friends on the 
slightest whim. 

At the end of the book. Annie 
leaves for England to stndy nurs- 
ing. the same fate planned for 
Kincaid. 

Whai finally happened was 
that she landed in New York in 
1966, worked as anaupairail for 
two years, then went to school in 
New Hampshire for two years, 
where she studied photography. 

“1 saw a film called ‘La Jeta.’ a 
five-minute film made up of still 
photographs but in the middle. 


something actually moves. It had 
a profound influence on me. My 
life was never the same. In the 
middle of wanting to be a photog- 
rapher, 1 started to write out my 
photographs,” she recalled. 

Slowly she added other writers, 
such as the Frenchman Alain 
Robbo-GriHet, to her schoolgirl 
models of Dickens. Hardy. Mil- 
ton, Shakespeare and die Bible. 
Robbe GrOlet “was my first expe- 
rience with modem expression,” 
she said. 

She ended up back in New 
York, writing features for Inge- 
nue mag azin e, getting people 
such as Alice Cooper, Gloria 
Stein em. Yoko Ono and Jim 
Brown to re minis ce about what 
they were like at age 17. She also 
wrote about culture for The Vil- 
lage Voice and free-lanced for 
The New Yorker. She became 
known os a personality and a 
style setter. 

Now, even while being inter- 
viewed. she said she wanted to 
protect her privacy, “even though 
1 am the first person to look at the 
book jacket to see what the writer 
looks like.” 

The source of her writing is the 
Caribbean and the irresolvable 
status of exile. 

“I couldn’t live at home any- 
more, but I am not really Ameri- 
can. I sort of cling to the West 
Indies. But the truth is I am really 
— " and she stopped, trying to 
find the right word for the home- 
less artist. “7 am West Indian. It 
is in my blood. But 1 can't live 
there. I am not American. I don't 
feel black American. If you are a 
West Indian, you don't really feel 
black, you just are West Indian. I 
am permanently nowhere — you 
spend your life writing about .a 
place where you can't tie." 

Though Kincaid feds a kinship 
to the Caribbean writers, she feels 
no special link to the black Amer- 
ican women writers who have had 
a wave of acceptance from pub- 
lishers in the past five years. 

“When I am writing I feel so 
much like an individual so differ- 
ent, so unconnected to everyone, 
so unconnected io any group of 
anybody that I couldn’t write and 
feel f am a black writer. In fact, I 
don't know what it feels to be a 
black anything. I know I am 
black. I think I fed I know 
enough about life to appreciate 
the accident that that is. My just 
being alive, period, that's enough 
of an inspiration, that I am alive.” 


SBI LANKA POSTCARD] 

A SpotofTranquittit' 

By Paul Wedcl 

United Press International _ 

NURADHAPURA, Sri Lanka — It is a paradox the BuddErf. 


iWCTBI i V-B l.illilMnH ■ii71i T Vi-i ■» 


between the country's two main ethnic groups has brought tranqnjg«fe 
this city on the boundary between the Sinhalese south and tfce^jjgx 
north and northeast. " 

The disappearance of the tourists who .once flocked to Anurad ha gg 
has made the city just that much " 

more attractive to those who do 

venture into the heart of Sri Lanka. TMBilf 

Anuradhapura, 128 miles (200 fie .V^8| 

kilometers) north of Colombo, is lankj&III 

most easily reached by train. The 
northern express, with its first- 
class, air-conditioned coaches, is 
often canceled due to the fighting, 
but slower trains ran at least twice 
a day. A second-class ticket costs ESSF ' * 

The slow train gives the traveler Sl| |iy 
an intimate look into the back |l||[g f A M ICffi-ffillpr 

yards of rural Sri Lanka — villagers gsiS "Vm i j l^aitynffSg; 

bathing in streams that pour down 

f rom the moun tains, cooking in the I f ' 

open-door kitchens oF their 
thatched dwdlings, swinging in J 

hammocks watching the trains go (’sSoKSt* | 

*in Anuradhapura, the place to 1 ] J I 

stay is the Tissawewa Rest House, 
the town’s first hotel It was con- 
verted from the bungalow of the rni jmmot swum; 

British political agent who admin- cm sremw* m-warr /S 

istered the region. b*uw*. o . m £tn r - 

The H 8-year-old structure, filled "if 

with Sri Lankan art and mem ora- The Tissawewa, like the-ies&aft 

bilia, has a broad veranda lined [he tourist industry, is sufferin 
with potted plants and rocking from the communal strife that hS 
chairs. Two cool string beds with plagued the districts north of Anii$ 


SEWi 


sa+utac spoumg HAjarrr.- c t 
TAM SPEMIMO MAMHTY 
RAUMt. 0 g gff- 

" ‘ '"J* 

The Tissawewa, like the 


canopies provide a resting place for radhapura. although the city , has ' 
those too mellow to rock. On the teen untouched. Once it was nece£ 
veranda ceiling, fans twirl slowly sir y m book weeks in advance to 
overhead. stay at the Tissawewa, but on a 

The verand3 overlooks Tis- recent weekend only three of its 25 
sawewa Tank — a small lake dug rooms were occupied, 
centuries ago to store water for The dearth of tourists gives a 
agriculture — and a flower-filled serenity to the Buddhist mono- 
garden where troops of monkeys meats spread among Lhe groves 
whoop at sunset and lawns of Anuradhapura. ; 1 

Unlike most of the hotels that Legend says the city was found-' 
have followed it the Tissawewa is ed in the 4th century B.C and 
in among the rains of the ancient served as the capital for 1 18 kings 
dty, designated a sacred area. before fighting between theSinha- 


One drawback is that because of lese end the minority Tamils forced 
the sacred nature of the rains, the the abandonment of the rity&the 
hotel does serve akohoL No one 9th century. It was redaime&fepnL 
objects, however, if you bring your the j ungle in the early 1 9th century/* 
own and slip a little gin into a The traveler can meditatemster 
Tissawewa fresh lime and soda. a sacred bo tree said to have been 
Be warned, the Tissawewa is the grown from a cutting of the tree 
highest-priced hotel in Anuradha- under which the Buddha achieved 
pura. A single room costs 418 ru- enlightenment, or inspect the 
pees, including supper and service mighty 300-foot (91-meter) dome 
— but that is less than SI 7, and of the Ruwanvdiseya. Also open to 
with a bit of bargaining the rate can wanderers are the 1 ,600 stone pfl- 


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GREAT BRITAIN 


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tauntcuran Man- 
01 491 2626 


International Business Message Center 





UV7.m.y,-mTrra 



17 % - 20 % 
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If you or# eoncdw in g on investment in 
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WE PAY OUR CLIENTS 

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INTERNATIONAL SALES 
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■HFEE 





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