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* 


Hie Global Newspaper 

Edited In Paris 
Printed Simultaneously 
in Paris, London, Zurich. 
Kong, Singapore, 
Hague and Marseille 


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INTERNATIONAL 



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Soviet Is Seeking 
Better Trade Ties, 
U.S. Report Says 


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By Clyde H. Farnsworth 

New York Times Semce 

WASHINGTON — — The Soviet 
Ijnton has indicated a “strong in- 
terest” in expanding trade with the 
United States and has agreed to 
take several steps, such as an end to 
discrimination against U.S. compa- 
nies, to improve the relationship. 

A US. government report on 
trade talks with the Russians in 
Moscow on Jan. 8-9 also says that 
the Americans “made it plain at the 
outset of the meetings that our se- 
curity and foreign policy interests 
remain paramount and will contin- 
ue to set limits to acceptable 
trade.” 


Ross Says U.S. 
Has Darkened 
Mood for New 
Geneva TaUm 


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By William J. Eaton 

Los Angeles Times Service 

MOSCOW — The Tass news 
agency hhs accused the United 
Shales of “darkening the atmo- 
sphere” for new Geneva talks on 

arms control by falsely accusing the 

Soviet Union of breaking existing 
agreements. 

In a dispatch on Saturday, Tass 
assailed a Reagan administration 
- report that was sent to Congress on 
iEriday. The report said it had con- 
¥ Jarmed a previous report of a Rus- 

■ san violation of an anti-ballistic 
’ missile agreement and reiterated 

charges of other violations. 

1 Tass labeled the report a “crude- 
ly manufactured falsehood.” It ac- 
cused the Pentagon of trying to 
scuttle the 1972 treaty limiting 
anti-ballistic missile defease sys- 
tems so that it can go ahead with a 
“crash militarization” of space. 

“It is crystal dear also that, by 
issuing the falsehood, Washington 
obviously puisnes the aim of dark- 
ening the atmosphere car the eve of 
the Soviet- American talks in Gcne^ 
va next March,” Tass said. 

US. and Soviet negotiators are 
scheduled to meet March 12 in Ge- 
neva to discuss controls on strate- 
gic and intermediate-range missiles 
and on space-based weapons and 
defense systems. 

In Ms message transmitting the 
report to Congress, President Ron- 
aid Reagan sad that Soviet “non- 
- - compliance" with past agreements 
■' “ unde r mine s the confidence essen- 
tial to an effective arms control 
process in the future.” 

Tass did not offer evidence in 
rebuttal of any specific charge, but 
it declared: “The United States 
does not have any facts to back up 
ihf. accusations, and it cannot be 
otherwise since such facts simply 
do not exist.” 

The Reagan report says that it 
has found evidence to confirm its 
assertions that the Russians have 
been developing and testing a vari- 
ety of new anti-ballistic nrissfle 
equip men t, in violation of the 
ABM treaty. 

The report also repeats charges 
that the Russians have violated or 
“possibly violated” various agree- 
jfi^neflts by using chemi cal and toxic 
"weapons, deploying, the mobde SS- 
16 missile, testing a second land- 
based intercontinental missile, us- 
ing equipment associated with 
ABMs and not giving the West pri- 
or notification of large-scale ma- 
neuvers in Eastern Europe. 

■ US. Declines Comment 
The State Department said Sat- 
urday that it had no comment on 
the Soviet press denials of the U.S. 

Reuters reported from 

Wi " 


The report says that one Soviet 
official, Vladimir S. Alkhimov 
chairman of the State Bank, hinted 
unofficially (hat Jewish emigration 
plight be stepped up if relations 
improved. 

The renewed interest in Sovict- 
U.S. trade coincides with an agree- 
ment between the two countries to 
resume anus-control negotiations 
next month. U.S. officials say there 
is an implicit link between the trade 
and the disarmament talk* 

The report, a copy of which was 
obtained from a government offi- 
cial, is classified secret. It was pre- 
sented last week at a government 
meeting on international economic 
policy by Lionel H_ (Miner, under- 
secretary of commerce, who led the 
U.S. delegation to Moscow. 

In the first trade discussions with 
Moscow since 1978, the Americans 
met with a Soviet delegation led by 
a deputy minister of foreign trade, 
Vladimir N. Snshkov. 

The US. report, in speaking 
about the unofficial comment 
about Jewish emigration prospects 

by the chairman of the State 
said: “Chairman Alkhimov, in par- 
ticular, said that if good relations 
were restored with the United 
States, 50,000 Jewish Emigres annu- 
ally would be ¥10 problem.*” 

After reaching a high point of 
nearly 50,000 a year in the 1970s, 
fewer than 900 Jews were permitted 
to emigrate last year. Than are 1.8 
minion Jews in the Soviet Union 
out of a total population of 276 

Tnillinn. 

US. officials were uncertain how 
to interpret the remark about the 
prospects of Jewish emigration. On 
the oik hand, it was taken as an 
indication of a desire for trade priv- 
ileges that Congress has denied the 
Soviet Union since the Jacksan- 
Vanik amendment to the 1974 
Trade Acl Thai amendment bars 
tariff reductions mi goods being 
imported into the United States 
from countries that restrict emigra- 
tion. 

On the other hand, the officials 
said there were no signs of im- 
provement in human lights. The 
State Department haauust pub- 



ROADBLOCK — A West Bank settler with a walkie- 
talkie confronting a Palestinian Sunday daring a road- 


block by Israeli settlers, protesting recent Arab attache 
aefi-occuped territory. Page 2. 


on Israeli vehicles in Israeli- 


Reagan Stresses 
Space, Nuclear 
Arms in Budget 


dosed, so the detailed documents 
sent to Congress an Friday con- 
tained zio major surprises. 

The increase over this fiscal 
year's military budget is 10 percent, 
or 5.9 percent after an increase to 
make up for inflation. It is the 
smallest increase that Mr. Reagan 
has requested in the miHiaiy bud- 
get since he came to office. 

The budget now goes to a Con- 
gress that appears determined to 
cut it further m attempt to reduce 
the U.S. monetary deficit. 

Defense Secretary Caspar W. 
budget documents prepared by the' Weinberger has been under steady 


By Bill Keller 

New York Times Service 

WASHINGTON — President 
Ronald Reagan’s military budget 
caQs f or a surge of new spending on 
nuclear weapons and space re- 
search, with the intention of giving 
the U ruled States a strong bargain- 
ing position in arms control talks 
with the Soviet Union, according to 

President Reagan's proposed 
budget falls far short of Ins 1988 
deficit goaL Page 3. 


Bhopal: HighrTech Bisks for Third World 


for the multinational companies but for the host • The company headquarters should audit its 
countries as wdL plants in developing countries frequently. 

■ “Western technology came to this country • Sophisticated backup safety systems, often 
but not the-infrastructure for that technology." installed in industrial nations, are needed (0 
said Dr. SJR. Kamat, an expert on industrial compensate for lapses in tr aining and staff in 
health and the hazards of development developing nations. 


By Stuart Diamond 
and Robert Reinhold 

New York Tima Service 

BHOPAL, India — In this teeming central 
Indian city whore an industrial gas leak in De- 

..^^^te^dosdyffldwn- 

TiTf S whar i. sfSSS.' slri “ 

tt.twnwit, on a computer whilTmiS™ CaaKpotcy-maltCTS, medral atperti oillral companies, & governments of devdopmg 
window two men dotfaechn little more'than rags ^ 

the city to glean the lessons of BhopaL The dty. Many technological experts note that India 

inology to solve its 
medira! care and that 
d what steps companies such as Union Carbide have been 
might be taken to avoid a repetition of what well-regarded as helping India to achieve those 
happened here. goals. 

Interviews suggest that several lessons have And while there have been official statements 

already begun to emerge. These are some of the that the Bhopal plant will not again make haz- 


try to push a rice-laden wooden cart out of a 
drainage ditch. 

A new television transmission tower looms 
over the cnmtiyside; in front of it, a woman in a 
sari carries gravel for construction in a basket 
on her head. 

The advances that have made India an indns- 
trial power have, in most areas, not replaced 



Pentagon. 

• The S3 13.7-1 
triples spending on the anti-: 
space weapons research program, 
to $3.7 billion, and includes a 
stepped-up, $4-biIIion program Tor 
more MX missiles. These and other 
proposals are “vital to the success 
of gfl flnwip- arms reductions,” ac- 
cording to the Pentagon. 

The documents, Winding de- 
tails of the proposals, were intend- 
ed for pabfic release on Monday. 
They were obtained early from 
congressional sources. 

The Pentagon expects even 
steeper budget increases in the fol- 
lowing years, awarding to budget 
documents obtained elsewhere. 

According to these forecasts, the 
military budget would dimb by 13 
percent a year to $354 billion in the 
fiscal year 1987, and to S40I.6 bil- 
lion the following year. Thereafter, 
it would grow by 9 percent a year 
for two years. The Pentagon esti- 
mates that inflation in tins period 
would be 4 5 percent. 

The overall budget figure was 
disclosed in December, after often 
bitter debates within (he adminis- 
tration over its size. Mary of the 
particulars also have been dis- 


lished a report, “The Soviet Crack- 
down on Jewish Cultml Activ- 
ists," wlach says 11 fcws woe 
arrested and four senttmeed to la- 






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Jailed Terrorists End Hunger Strike in Germany 


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its Indian affiliate, Union Carbide India Ltd, 
built in Bhopal a complex pesticide factory 
where, on Dec. 3, a leak of methyl isocyanate 
caused the worst industrial accident in history. 
In addition to those killed, 200,000 people were 
injured. 

The accident, many Indian technological ex- 
bor camps in the last months as perts and others say, has raised questions about 
part of a campaign against dissi- doing business in the Third World — not only 
dents. 

Trade and political relations de- 
teriorated after the Russians sent 
troops into Afghanistan in 1979. 

President Jimmy Carter imposed a 
grain embargo that was overturned 
by President Ronald Reagan and 
the Reagan administration tried to 
block construction of a natural-gas 
pipeline from Siberia to Western 
Europe. 

From S4.4 billion in 1979, two- 
way trade fell to SZ9 billion last 
year. So vie [-American trade is 
highly unbalanced, with UJ5. ex- 
ports, mainly wheat, far exceeding 
imports from the Soviet Union. 

The leading Soviet export to the 
United States is ammonia used to 
make fertilizer. 

The Soviet Union's trade with 
some West European countries 
substantially exceeds that with the 
United States. The main West Eu- 
ropean partners of the Soviet 
Union are West Germany, Italy 
and France, all purchasers of oD 
and gas. 

The United States and its West- 
ern allies maintain controls over 
exports of advanced technology to 
the Soviet bloc. These controls are 
subject to frequent tensions be- 
tween those who are concerned 
about a Soviet military buildup and 
those who favor expanded trade as 
a way to reduce tensions. 

On the recommendation of the 
dffte jyiinn., the administration has 
agreed that the January meeting 

(Continued on Page 2, Col. 7) 


previous methods. In s t ea d , the new technology issues being discussed: ardous matojats, many here believe that the 

• Hazardous facilities often pose added risks P faal J vfll L ieopaL ^ j ^.Fl££ edB J ? a 

t - a developing nations, where skilled labor and t ^ cm ptoyi nenl 

« of«n laddag. Spcdl ' 

• ■ • , ' jIm) ■ 

• Pubbc education is critical -«d developing hvrs. Must we lose 2,000 jobs tooT ” said Paul 

not under- Shrivastava, a native of Bhopal and an associate 

stand the hazards 01 toXKr^ubstaaces. - professor of management at the New York Uni- 

• A sense of urgency about aB safety prob- versity Graduate School of Business Adminis- 
lems and at ten turn to worst-case possibilities tratioo, 

should be part of worker training, especially in Officials in India point out that mul- 
plants with a high turnover of personnel. (Continued on Page A CoL 5) 


and sometimes personal a tt ac k, 
even from leading memb ers of Ms 
own Republican Party. They have 
insisted that they cannot cut do- 
mestic programs ho1«k militar y 
spending makes a proportional sac- 
rifice. 

The Pentagon documents did 
not identify specific programs that 
were curtailed as a result of the cuts 
made from Mr. Weinberger's 1984 
request Most of the savings were 
achieved by adjusting fra lower- 
ihan-expected inflation, limiting 
pay and buying some weapons at 
slower rates. 

The $313.7 billion that Mr. Rea- 
gan has asked for is, in effect, a 
request fra the authority to spend 
that amount. But much of it will be 
spent over several years. The actual 
military outlays in fiscal year 1986, 
the amount that contributes to that 
year's deficit, would be $2775 bil- 
lion- Much of it would pay off the 
bills of years past 

The budget proposal fra 1986 
would not end the production of 
any major weapons and would con- 
tinue the administration’s four- 
year emphasis on hardware. 

“Investment," the category that 

(Continued on Page 3, CoL 4) 




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Htuiffl 

like by 

jailed West German urban guerril- 
las. which sparked a campaign of 
violence and bomb attacks, ap- 
peared to be almost over Sunday 
after all but five of the protesters 
gave up their fast. 

About 30 members of the ultra- 
leftist Red Army Faction began the 
action eight weeks ago. The strike 
started to crumble Friday when 
two faction leaders, Christian Klar 
and Brigitte Mohnhaupt, ended 
their hunger strike in a Stuttgart 
jail 

Security sources said they 
thought the command to cod the 
strike was given on Friday after the 
fatal shooting of a Munich aims 
executive, Ernst Zunmermann, 55. 

. The Red Army Faction claimed re- 
sponsibility fra the attack. 

Legal sources said that only five 
prisoners were still on a hunger 
strike. Many gave op over the 
weekend after failing to achieve 
their demand of being allowed to 
be grouped together in prison. 

The protesters, who have all been 
sentenced to jail terms or are being 
held while awaiting trial, are in dif- 
ferent prisons throughout West 
Germany and West Brahn. 

Mr. Ztmmermann was the first 



Brigitte Mohnhaupt 


prominent victim of a campaign of 
arson and bombing artaA-s that 
started when Mr. Klar and Miss 
Mohnhaupt first refused food. Al 
least 30 bombings and aison at- 
tacks have been carried out by sym- 
pathizers of the Red Army Faction. 

Mr. Zhnmermann headed Mo- 
toren and Turbinen Union 
GmbH_ a company that makes en- 
gines for North Atlantic Treaty Or- 


Christian Mar 


>lane 

and (he Leopard-2 battle 
Among those who ended their 
strike over the weekend were Mr. 
Klaris gi rlfriend , AdeUuid Schulz, 
and Sieglinde Hoffmann, jailed in 
1982 fra 15 years fra her part in the 
murder of a West German industri- 
alist, thins Martin Schley er, in 
1977. 

Mr. Klar, Miss Mohnhaupt and 


Miss Scfanlz are all facing charges 
of murder in connection with vio- 
lence by the Red Army Faction, 
known in the late 1970s as the 
Baader-Memhof group. 

Police have said they were taking 
seriously a claim by the Red Army 
Faction that it was responsible for 
the attack on Mr. Zunmennann. 

The federal prosecutor’s office in 
Karisrube said there were no indi- 
cations at present that two suspect- 
ed Red Army Faction members 
who have been named in press and 
television reports were responsible 
for the attack. 

However, it said the involvement 
of the two, Werner Lotze and Bar- 
bara Meyer, could not be ruled out. 
Both are wanted cm charges of sus- 
pected membership in the outlawed 
guerrilla group. 

B Direct Action Hunger Strike 

Regis Schleicher, a jailed leader 
of the French terrorist group, Di- 
rect Actitm, ended a two- week hun- 
ger strike cm Saturday, The Assori- 
ated Press reported from Paris. 

Officials of the La Sanife Prison 
in Paris said that Mr. Schleicher, 
27, ended the hunger strike he had 
begun on Jan. 19. But three other 
members of Direct Action 
ently intended to continue to 
food. 


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U.S. Food Aid Is Free , 
But the Costs Are High 








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lend some warmth to an operation that was carried out in 
temperatures as low as minus 40 degrees Fahrenheit, a 
local official donned a Santa Claus costume. Page 2. 


Bomb Near U.S. Base 
In Greece Injures 78 

itai ten 

ATHENS — At least 78 people, 
including 70 American servicemen, 
were injured in a bomb explosion 
in a crowded tar not far from a 
U5 l air base in Greece, police said 

Sunday. 

The explosion occurred at mid- 
night an Saturday at the seaside 
resort of dyfada, 15 kilometers (9 
utiles) from the center of Athens, 
injuring the servicemen, five 
Greeks and three tourists. It caused 
heavy damage in the ground flora 
of Bobby’s Bar, frequented by sol- 
diers and airmen stationed at the 
nearby HeUenikon Air Bas& 

An organization called the Na- 
‘ tional Front claimed responsibility 
fra the explosion. An anonymous 
calkr telephoned a pro-govern- 
ment newspaper, Etehberotypia, 
and said the group had made the 
attack because Americans “are re- 
sponsible for the continued situa- 
tion in Cyprus." 

The caller told the newspaper the 
group would strike again soon 
against places frequented by Amer- 


icans and Greeks who mixed with 
them. 

Glyfada has a large American 
community mainly wuH* up of mQ- 
ilazy personnel and their families. 

Investigators said after combing 
the rubble that they had found a 
clock and fragments of a home- 
made twne bomb. 

Fifteen of the injured remained 
in the hospital, seven of them in 
serious condition. The others were 
discharged after treatment. 

Relations between Greece's So- 
cialist government and the United 
States have been tense recently and 
their disputes have received wide 
publicity in the Greek media. 
Prime Minister Andreas Papan- 
dreou is committed to eventually 
dosing all U.S. military installa- 
tions in Greece. 

He said last week that Greece 
would deride unilaterally on re* 
moving U.S. nuclear weapons 
stored in Greece. The United States 
replied that such a decision should 
be made after talks between the 
two countries. 


By Seth S. King 

■New Font Times Service 

WASHINGTON — Each week, 
officials of the Agriculture Depart- 
ment and tiie Agency fra Interna- 
tional Development receive scores 
of letters from across the United 
States asking why farm surpluses 
cannot just be given outright to 
starving Africans. 

The immediate answer, the offi- 
cials say, is that the surpluses can 
be. But not amply or cheaply. 

As 1985 began, the Agriculture 
Department was holding more 
than 24 millkn) metric tons of ed- 
ible farm commodities, which it 
had acquired in the last live years 
as payment on price-support loans 
to farmers or had bought to sup- 
port the price of milk. la addition 
to that food, stored in government- 
leased warehouses, it is expected 
that at least 45 million tons of 
wheat and 2.6 million tons of corn 
will remain in farma^’ storage bins 
next summer, before the 1985 crops 
are harvested. 

The Agency fra International 
Development, which arranges the 
transfer of famine aid to African 
countries, estimated last faD that at 
least three million terns of food 
would be needed in the next 10 
months to prevent widespread star- 
vation in Ethiopia, Chad, Kenya, 
Mali, Mauritania, Mozambique. 
Niger and Sudan. 

The federal government said 
then that the United States should 
provide half of those three million 
urns and that other countries that 
export food, such as those in the 
European Community and Cana- 
da, Australia, Brazil and Argenti- 
na, should provide the rest. 

According to the agency’s latest 
count, the United States has spent 
$279 million to process and start 
shipping 682,000 metric tons of 
food to the eight African countries. 
By the agency's calculations, $411 
million will be needed to acquire 


and "Start the other 918,000 million 
tons on its way by the end of the 
fiscal year next September. 

The administration expects Con- 
gress to approve S18S million more 
fra famine aid, which will be need- 
ed to buy and ship the rest of the 
commitment. To provide the re- 
maining 15 million tons the Afri- 
cans need, aid officials said, would 
cost at least SI billicm. 

Agriculture Department officials 
say a quarter of all the money allo- 
cated to famine relief is spent on 
transportation. 

While aB the food the Agricul- 
ture Department buys and stores is 
available fra famine aid, little of it 
is of practical use in Africa. And 
most of it that is must first be 
processed by commercial food 
companies in the United States. 

The primitive transportation sys- 
lems in Ethiopia, Chad and Sudan 
cannot deliver butter and cheese to 
famine victims. Dried milk is easier 
to deliver, but there is so little 
drinkable water in those countries 
that milk powder cannot be turned 
into liquid. Instead, it is sprinkled 
(Continued oe Page 2, CoL4)- 


INSIPE 

■ Pope John Paid H assafle 
Penman rebels. Page 2. 

■ Salvadoran women deny 

that their rights organiza- 
tion is affiliated with guer- 
rillas. Page 3. 

■ Henry Kissinger warns 
about shortsighted diploma- 
cy in the Mitkast. Page 4 

BUSINESS/FINANCE 

■ The US. economy grew 

briskly in January, according 
w a survey. Page f. 





* 


Pope Assails Guerrillas 
InPera, Saying f Evil Is 
Never the Road to Good’ 


Umud proa International 

AYACUCHO, Peru — Pope 


fence protected by a line of soldiers 
kept the audience al least 30 feet (9 


John Paul n traveled to the heart- meters) away. Another line of sol- 
land of Pern's guerrilla waron Sun- diears made op a defense line on the 


day and delivered a stinging con- 
demnation of the Shining Path 
guerrilla group that is trying to top- 
ple the govemmoit, warning that 
“evil is never the road to good.” 

“The and logic of violence leads 
nowhere," the heavily protected 
pope told 40 ,000 people at the Aya- 
cucho airport, in bis strongest at- 
tack yet against the violence that 
has led to the deaths of nearly 5,000 
people in four years. 

Shining Path is trying to over- 
throw die government of President 
Fernando Beiaunde Terry. Ayacu- 
cho, high in the Andes of southern 
Pdu, is the center of the fighting. 

“Evil is never the road to good,” 
John Paul said. ‘You cannot de- 
stroy the life of your .brothers; you 
cannot continue sowing panic 
among mothers, wives and daugh- 
ters. You cannot continue mtnm- 


steep slopes of the mesa where the 
airport and the militaiy’s head- 
quarters are situated. 

John Paul did not mention Shin- 
ing Path by name, but dearly ad- 
dressed the group when he said: 

“And now, 1 urgently want to 
address words to those mm who 
have placed their confidence in 
armed struggle, to those who have 
let themselves be tricked by false 
ideologies, to the point of thinking 
that error and aggression, exacer- 



Helicopters 
Sold Illegally 
To N. Korea, 
U.S. Charges 


WORLD BRIEFS 

U.K. Miners to Urge Resuming TalMs 





bating the already lamentable so- 
cial tensions and fortius a supreme 


a supreme 

confrontation, can lead to a better 
world." 

“Therefore," be said, “1 beg you 
with pain in my heart and at (he 
same time with firmness and hope 
that you reflect on the paths you 
have taken. To you young men. I 
say, do not let your potential for 
generosity and altruism be exploit- 
ed; violence is not a medium of 
construction." 

“The many tears of innocent vic- 
tims await your response," he add- 
ed 

Earlier, outside the ancient In- 
can capital of Cuzco, John Paul 
edebraied Mass before thousands 
of indium at the ruins of an T nc m y 
fortress called Sacsahuaman. He 
condemned official corruption and 
cocaine trafficking. 

“Amo tiulla, amasua, amakeUa , ” 
John Paul said in Quechua, the 
lan guag e of the Incas, which is still 
used by many Andean residents. 
“Do not lie. Do not steal. Do cot be 
idle." 

“ Kausackum Juan Pablo,” the 
crowd shouted bade in Quechua. 
“Long Live John PauL" 

The pope told his audience, 
“You will not be able to build a 
great country without justice be- 
tween the resident of the country- 
side and the habitant of tbe city." 

“It is a problem of justice and 
humanity,” be said, “a solidarity 
(hat is opposite the ideologies that 
divide men into irreconcilable ene- 
mies and propose a fanatic fight to 
the adversary s death." 

He criticized egoism that leads to 
corruption, bribery and fraud in 
government and the “f atal unscru- 
pulous business" of cocaine smug- 
gling. 


dating the elderly.” 

The pope spoke from a wooden 
altar bedecked with flowers in front 
of the airport terminal. A wire 


Settlers Block 
Roads Across 
West Bank 


Compiled by Ow Staff From Dispatches 

JERUSALEM — Jewish settlers 
blocked major roads across the 
West Bank for two hours on Sun- 
day morning to demand tougher 
government action against Pales- 
tinian attacks on Jewish motorists. 

A day earlier, in the largest such 
action on the West Bank in months, 
Israeli soldiers and border guards 
raided the Dahai&ha Pales tinian 
camp near Bethlehem and arrested 
about 20 residents. 

Tbe raid followed a surge of 
rock-throwing and attacks with 
Molotov cocktail on vehicles pass- 
ing near the camp. But Israeli secu- 
rity sources and camp residents 
said the raid also grew ant of recent 
dashes within Dahaisha between 
Palestinian groups cooperating 
with the Israeli occupation authori- 
ties and those who oppose such 
activity as collaboration. 

Tbe Jewish settlers parked cars 
across major roads shortly after 
dawn on Sunday, blocking the 
main arteries between Jerusalem 
and the Palestinian towns of Nab- 
lus and Hebron, Israeli radios said. 

In Anabta village west of Nablus 
two settlers fired shots into the air 
after Palestinian youths, who were 
protesting the blockade, threw 
stones al an Israeli bus, a military 
source said. No injuries were re- 
ported. 

The blockades were removed 
shortly before the Israeli cabinet 
met to discuss security far Jews in 
the occupied territory. Sources in 
tbe Israeli cabinet said the portion 
of the meeting that dealt with the 
West Bank situation was secret, 
United Press International report- 
ed. 

Leaders of the 20,000 Jewish set- 
tlers on the West Bank have been 
urging the government to legislate 
tougher measures, including stiff 
jail terms and deportations, against 
Pales tinians involved in affarlrs 
against Israelis. 

According to recent army statis- 
tics, the number of attacks against 
Israelis in tbe occupied territories 







Las Angela Tuna Servict 

CULVER CITY, California — 
As many as 87 American-built heli- 
copters with potential for mQitaiy 
use were diverted to North Korea 
by an international sales represen- 
tative of Hughes Helicopters Inc., 
federal investigators have charged. 

The helicopters, valued at nearly 
S400.000 apiece, were produced at 
the Hughes plant in Culver City, 
just south of Los Angeles, and sold 
within the past two years to a West 
German businessman who bad an 
agreement with Hughes to distrib- 
ute commercial helicopters over- 


LONDON (Reuien) — Leaders of Britain's 47-weck coal Jjifte on 
Monday will make what is widely regarded as a final mort to get 

negotiations going again. ... , „ . 

Arthur ScargiU and other leaders of the National Union _ of 
Mineworkers are to meet with officials of the Independent Gmciliahon 
Service to explore ways of resuming talks, which broke down last w eek. If 
they fail, the state-run National Coal Board and Prune Minister Margaret 
Thatcher's government appear ready to let the strike continue until h 

crumbles. onnn 

Board officials predict that more miners — as many as 8, two --will 
return to work this week. So far 79,000 miners, or 42 Mtxnt, have atber 
abandoned the strike or never joined it, according to the board’s figures, 
which the union disputes. 


Salvador Calls Truce for Vaccinations 


Pedestrians crossing tbe border from La Linen, Spam, into British colony of Gibraltar. 


GibraUar-Spain Border to Open 


GIBRALTAR — The iron gates that seal the 
road between the British colony of Gibraltar and 
Spain open at midnight Monday after nearly 16 
years, bringing a new chapter in Enghsh-Spanish 
relations that many Gibraltarians see as a threat 
The open frontier will allow Gibraltarians to 
drive freely in and out of Spain rather than cross 
by foot and visitors from Spain wffl no longer have 
to arrive there by way of North Africa. 


ate for a NATO ally and partner in the EC to 
maintain a colony in its territory. 


seas. 

The helicopters were purchased 
under the pretense that they would 
be resold in Japan, Portugal Spain 
and Nigeria, according to docu- 
ments filed Friday in Culver City in 
connection with the case. 

However, an investigation has 
turned up evidence indicating that 
the helicopters were routed to 


SAN SALVADOR (DPI) — A truce was called Stmday acr^jS 
Salvador, as health officials began a drive to vaccinate 400,000 cM<m 
against five diseases, authorities said. . _ . . . 

Leftist guerrillas pledged through Roman Catholic Umrcb officials to 
observe a tacit truce on Sunday for tbe start of a three-stage vaccination 
program for children less than 6 years old, officials of the Umted Nations 
Children's Fund said. Health Minister Benjamin Vald& said the govern- 
ment would not lake an active role in the vaccinations and would not 
initiate Dgh ring. 

Despite those pledges. Agop Kayayin, regional UNICEF director, said 
no attempt would be made to reach more than 20 towns m rcbeJ- 
con trolled mountains near the Honduran border. Children elsewhere 
were to be innoculated Sunday, March 3 and April 21 against diptheria, 
tetanus, whooping cough, measles and polio. Dr. Ramon Alvarez, region- 
al director of the Pan American Health Organization, said these diseases 
contributed to 60 percent of child deaths in El Salvador. 


It was Spain’s imminent entry into tbe commu- 
nity that led to agreement with Britain in Novem- 


Nonh Korea, according to an af £i- T t* t a t* »■ ■» w j 

davit by David j. Peters, a special Libya to Kelease 4 Dritons Monday 

agent with the Office of Export , . ADv __ - „ Q i a™ ~ 


Gibraltar's ailing economy will also benefit from 
direct contact with the world beyond the gates, 
which were shot by the dictator Francisco Franco 
in June 1969 to uy to force Britain to surrender its 
colony. 

By opening tbe gates, the Spanish will be con- 
ceding that Franco’s policy was a failure. They will 
also be starting a process that tbe Socialist govern- 
ment in Madrid is convinced will -lead to (he 
peaceful recovery of the territory. 

Gibraltar, a rock fortress guarding the western 
entrance to tbe Mediterranean, was captured by 
Britain in 1704 and granted to the British in 
perpetuity under the 1713 Treaty of UtrediL 

Spain, a member of the North Atlantic Treaty 
Organization and likely to enter the European 
Community next year, aignes that it is inappropri- 


ber on reopening tbe frontier. 

The agreement was an updated version of an 
accord readied in Lisbon in 1980 but went further 
in several important respects. It gave Spaniards 
rights to reside, work and buy property in Gibral- 
tar and it committed Britain to discuss the sover- 
eignty of Gibraltar. Those discussions will begin in 
Geneva on Tuesday, hours after tbe frontier gates* 


Enforcement, a branch of the De- 
partment of Commerce. 

If proved this would represent a 
major breach in U.S. regulations 
intended to block export of mili- 
tary or other sensitive materials to 
unfriendly nations. Sale of Ameri- 
can goods to North Korea is a felo- 


The agreement frightened many of Gibraltar's 

25.000 native inhabitants who had voted, 12,138 to 
44, in 1967 to remain under British rule. 

Assurances by London and by Gibraltar's chief 
minister, Sir Joshua Hassan, that there would be 
no changes in sovereignty against the wishes of 
Gibraltarians have not allayed (heir fears. Gibral- 
tar’s opposition Labor Prnty collected almost 

10.000 signatures in a petition to stop the agree- 
ment. 

Britain’s foreign secretary, Sir Geoffrey Howe, 
told a television interviewer in London on Sunday 
that no one could predict the outcome of the 
Geneva talks on sovereignty, but he promised that 
tbe British government would honor its commit- 
ment to respect tbe wishes of Gibraltarians. 


No arrest warrants have been is- 
sued in the case. 

Federal investigators said the he- 
licopters were purchased and ex- 
ported by Kurt Behrens, directing 
manager of a West German compa- 
ny, Delta-Avia Fluggerate GmbH. 

Investigators indicated they have 
not been able to contact Mr. Beb- 


LONDON (AF) — Four Britons held by Libya since shortly after the; 
siege of its London embassy in April 1984 wilf be released Monday, a 
spokeswoman for Archbishop Robert Runde said Sunday. 

The spokeswoman. Eve Keatiey, said the four Britons would be turwf^ 
over to the archbishop's special envoy, Terry Waite, at a press corfoenoS 
in the Libyan capital of Tripoli. She said the two engineers and two 
teachers would return to Britain sometime this week, possibly as early as 
Tuesday, depending on how long it takes to complete passport formali- 
ties. 

Mr. Waite, who flew to Tripoli on Saturday on his fourth attempt to 
persuade the Libyan authorities to free the Britons, relayed news of the 
release in a telephone call to the archbishop's office in London. “Mr. 
Waite has been told that the detainees are to be released to him as a 

representative of tbe church, out of respect for the humanitarian involve- 
ment of tbe church in this matter," the spokeswoman said. 


investigators indicated they have India Aide Confesses Document Sale 

it been able to contact Mr. Beb- jjew DELHI (Reuters) — An Indian official suspected of involve. 

_ .. , „ . ment in a spying scandal hiu admitted selling information for as little as 

Sthijpees (about S4) per document, a NevDdhi magistrate confinned 

license of Mr.) Behrens, two Get- Indian newspapers said S. Sankaran. who worked in President Zafl 
man t»mpaiues with which he is gjngp, press office made a 20-page “confessional statement" Saturday 
associated and at least tro ItosAn- ^gre the magistrate, P.K. DhamTThe newspaper Indian Express said 
geles area companies belief to Sankaran told Mr. Dham that he had received a total of 7,(XM rupees 
have been involved m transporUM from u* of official documents since 1982. 
the helicopters out of the united 
States. 

Fifteen more Hughes helicopters 


Finns Recover Body of Soviet Missile 


Roam 

HELSINKI — Divers have re- 
covered the main section of a Sovi- 


unidentified flying object or an ae- 


Peru produces almost half the et missile that crashed into a frozen 
world s coca, the plant whose lake m Finland. After tbe 


rial target. 
But Finni 


me neucopieis oui 01 me uimcu Mr. Dham said Sunday the reports were “roughly coirecL” He addeA 

• ■ HiF* *1 „ , , “Sankaran made his confession in camera. He said be sold mfonmtri*. 

IVIfit VllSSllfi Fifteen more Hugh* 3 helicopters f or small amounts of money to businessman Coomar Narain.” Mr. Dham 
ITlCliTUOSUC ™ s '„? e said 15 suspects. indiuliDg officials and businessmen, had been attested 

. . __ , P 011 m . Los Angeles on rnday, ap- ^ custody since the espionage smmrial came to light in mid- 

been in error. The missile was not a parendy being readied for transfer January & 

modem cruise but an old drone, the overseas. 


leaves are used to make cocaine. T&xm:r y military officials said that 


But Finnish military sources said 
the debris had shown that the mis- 
sile was “an dd-type missile dating 


officials said, adding that it had not 
been shot down. 


The Soviet Union and the Unit- 


“We have asked Hughes to take 
those helicopters back,” said 
Wayne Collier, a special agent with 


Chile Extends State of Siege 90 Days 


Cora has been used by Andran it ^ ^ a 


Indians for centuries as a cure for 
fatigue and hunger. 

■ Message to Youths 


The m a in frame and engine of 


from 1971-72,” and that it did not ed states both deploy cruise mis- die Commerce Department, 
have a “militiuy capacity.’' sdes, which are in effect pilotless Federal investigators saic 

The Furnish fine “ .r . - J - — 


ty. 

s were con- 


Federal investigators said there 


the missile, which crashed Dec. 28 sistent with reports by U.S. mili- 


in Finland after 


Earlier, The Washington Post re- oyer a small part 


ier, The 


reportedly flying 
of Norway, were 


aircraft that fly at relatively slow was no evidmee to indicate that 
speeds to their target flnd that gen- Hughes officials knew the heiicop- 


taiy officials in Washington, who mally stay dose to the ground to lcrs “tight be destined for North 


ported from puna: 


lifted Saturday from Lake Inari by 


strongly condemned 3 military helicopter. The missile 


on Saturday &e “anti-Christian apparently crashed through the ice 
methods” of revolutionary groups 34 high speed. 


utionary groups at high speed- 


said Saturday that tbe missile was 
an unarmed drone of an older gen- 
eration. 

However, the findings contra- 
dicted earlier reports that it was a 


dude radar. Korea. 

„ . c . ...... The helicopters involved are 

Tbe Soviet Embassy m Helsinki Hu&hes 5005. a model produced in 
hasreq^thereturo£^rei^ botTcommerrial and iriliuuy ver- 


and called on Peruvian youths to 

seek peaceful reform through the were picked up last week. ger, the U5. secretary of defense, 

“conversion of the heart” A military spokesman said the characterized the device last Thurs- 

John Paul squarely attacked the wreckage, inducting the missile's jet day as an “air cruise missile,” in 
ipeal of radical ideologies in Peru, engine, would be analyzed by air testimony before Congress. He said 
[Ting thousands of youths who f Qrce experts. Tbe spokesman did the missile bad been shot down by 
thered at Lima's racetrack: not speculate on the precise type of Soviet jets. 

“You rightly feel and should missile, which Finnish authori- Military officials said later 


The nose cone and other debris cruise missile. Caspar W. Weinber- 


nants of the missile. Moscow said 
the missile went off coarse while it 


skins. While the helicopters sold to 
Mr. Behrens's companies were 


ger, the US. secretary of defease, used c f ° r P ractice commercial models- Theodore W. 

- - — in the Barents Sea. — 


SANTIAGO (AP) — Ignoring U.S. pressure and objections by some 
advisers. President Augusto Pinochet decreed a 90-day extension of the 
state of siege Saturday to stifle opposition political activity throughout 
Chile. • 

The electee, published without comment in the Official Bulletin, 
maintained special curbs on the press and on public gatherings until May 
6 becaure of what it called a “state of internal convulsion" in (Me. 

General Pinochet, who toppled the Marxist government of Salvador 
Allende n a 1973 coup, imposed tbe clampdown last Nov. 6 to combat a 
surge of guerrilla attacks and mass demonstrations urging a swift return 
to democracy. He has insisted on adherence to a constitution that 
prolongs his authoritarian rule at least until 1989. 


gathered at Lima's racetrack; 

“You rightly feel — and should 
always fed — the longing for a 
more just society. But do not follow 
those who say that social injustice 
can only disappear through tbe ha- 
tred between classes or the resort to 
violence and other anti-Christian 
methods." 


day as an “air cruise missile,” in The F innish Foreign Ministry the Commerce Department, said in 
testimony before Congress. He said has indicated that a decision on tbe Washington that “these helicopters 
tbe missile had been shot down by request would be made after Presi- may be easily converted to versions 
Soviet jets. dent Mauno Koivisto returns Mon- being used by certain military 


ilv f f H ii rtwii I* npmrtmwir caiH in Lebanese Pound Falls to Record Low 


Soviet jets. 


MiliLary officials said later day from a private trip to Japan, forces. 


ties have generally referred to as an Thursday that Mr. Weinberger had Australia and the United States. 


Indians in Brazil 
Kill 2 Geologists 


l/.S. Largess Can Be Very Large, 
As Haiti Is Flooded With Raisins 


Washington that “these helicopters BEIRUT (AP) — Prime Minister Rashid Karami has blamed an 
may be easily converted to versions unjustified “market fever" far the recent weakness of the Lebanese pound 
being used by certain military and pledged government efforts to strengthen the currency, 
forces.” Mr. Karami, in a radio broadcast after an eight-hour cabinet meeting, ^ 

South Korea also uses the mili- also said that several battalions of Lebanese soldiers were ready andr 
tary version of the helicopter. waiting to “move immediately” into southern Lebanon when the Israeli 
Mr. Collier said the investigation occupation force is withdrawn. He dismissed Israeli warnings of possible 
began in January, when documents sectarian violence in tbe south. 

indicated that two Hughes belicop- As the cabinet met Saturday, Lebanon's currency fell to a record low af 

ters, which were to have been sold 1 3 JO to the U.S. dollar. Economists have blamed the sharp drop in the 
in Japan, instead had been “moved value of the Lebanese pound in recent weeks on Lebanon's deepening 
from Japan on a North Korean recession and tbe government 1 inability to restore law and order. 


indicated that two Hughes helicop- 
ters, which were to have been sold 


The Associated Press 


Reuters 

PARIS — Denmark’s foreign 


dropped to 225 in January from minister, Uffe EUemann-Jeosen, 
253 in December and 370 in No- arrived in Algiereon Saturday for a 


vetnber. But the settlers have dis- three-day official visit, the first by a 
puled the figures, saying the num- senior Danish official, the Algerian 


ber of Mofotov cocktail attacks news agency, APS, announ 
alone increased from 14 in Decern- Sterna n n- J emcn sain the 
ber to 20 in January, and caused of his visit was fa lire on 


RIO DE JANEIRO, Brazil — 
Indians armed with bows and ar- 
rows killed two geologists who had 
entered tribal territory in the Ama- 
zon jungle near the Bolivian bor- 
der, Rio's AJB news agency has 
reported. 


one fatality. (UP I, LAT, AP) relations and international issues. 


It said a third geologist was 
wounded in the attack Friday in 
the western state of Rondonia. 


The .Associated Press 

PORT-AU-PRINCE, Haiti — This impoverished Caribbean na- 
tion has been mundated by California raisins, a gift from (he U.S. 
government that, officials here say, was almost too bountiful to be 
efficient. 

In late November, a 680-ton (612 metric tons) shipment of U.S. 
surplus raisins arrived at this capital. Tbe result has been that raisins, 
previously unknown to many of Haiti's 5J million people, have 
become virtually a national staple. There also is evidence that the 
raisins are becoming a staple on the black market. 

The raisins were purchased by tbe U.S. Department of Agriculture 
last year as part of federal efforts to help growers after a giant crop in 


in Japan, instead had been “moved 
from Japan on a North Korean 
ship." 

JSSlS:: N.Y. dimes’ Abortion Ri^its Revoked 

eating that 15 of the bdteoplers ALBANY, New York (NYT) — Two Planned Parenthood clinics in' 
bought by Mr. Behrens were New York state may not ^provide abortions, a state justice ruled in a suit 
shipped from Los Angeles to Am- initiated by the Roman CaLholic Diocese of Albany, 
werp, Belgium, trucked 10 Rotter- In revoking the abortion licenses. Justice Harold J. Hughes of state 
dam and then picked up by a Soviet Supreme Conn said Friday that the state Health Department bad used 
freighter and taken to North Ko- improper prccedures in considering tbe applications of the clinics, in 
rea. The movement contradicted Albany and Hudson. He termed “capricious" a guideline the department 
the transport itinerary filed when had used in considering the licenses. 

clearance was given for export Under. the guideline, if more than 50 percent of abortions in a erven 
from the United States. urea are performed in hospitals, the department is usually dis po sed to-. 

Seventy more helicopters were grant a license, on the premise that there is a need for cheaper , more easily' ' 


1984 far outstripped demand in the United States. 

The Agency tor International Develop ment and other U.S- relief 
oiganizations in Haiti requested 500 tons of the surplus raisins, asking 
that they arrive over several months in two or three shipments. An 
official here explained that when such a “one-time-only” surplus 
becomes available, foreign offices often request the maximum amount 
they fed they can distribute. 

However, because of fiscal constraints, all the raisins were sent 
aboard one ship. Officials here still are not sure why the request for 
500 tons resulted in 680 tons being shipped. 




\ 


In Paris 

there's a palace 
that still feels like a palace. 
Although it is known to friends 
as an hotel. 


HOTEL 

MEURICE 



THE ADVANTAGE IS INTER-CONTINENTAL 


O INTER-CONTINENTAL HOTELS 


Mr. Peters’s affidavit alleged “evi- ment said, only 12 percent of abortions were performed outside hospitals, 
dence shows that all of these were The decision was not expected to affect most abortion clinics in operation 
likely transshipped to Rotterdam, m New York, because a statute provides that a challenge must be brought 
with a final destination of North within Tour months of the date a clinic's license takes effect 
Korea." 

r or the Record 


Food Aid Free, but Costly 


nvw fl ? m , Pa ® e , U.S. relief agencies or tbe African 

cakcs - ^ ven £° u gh governments must process it with 
many Af ri ca n s are starving, they do whatever machinery is available, 
not like to eat wheat cereals, aid _ , , . 

officials say. The task of moving a small por- 

“If we start shipping what they tion ** ^ u - s - rann ^“Plus ou t of 
won’t eat," said Thomas Reece, di- s,ora 8 c and in, ° ^ famine areas is 
rector of AID'S Food for Peace P roceedin g as quickly as possible, 
Program, “we're just wasting our Ma JY T - Chambliss, the Agri- 
money and commodities and not culture Department official coordi- 
doiug them any good.” nating the effort. 

The Agriculture Department’s “But it’s easy to see that there’s 
Agriculture Stabilization Service 00 easy or inexpensive way to get 
ships the food to U.S. ports. Under f°°d to the Africans," she said, 
the supervision of AID, it is “even when there are tons of it 
shipped 10 ports in Africa, where piled up in our warehouses.” 


Iran, Iran Claim ^ 7*500 demonstrators staged a peaceful protest against nuclear 
7 T weapons on Saturday near the VS. Army base at Heflbronn, West 

Further Cains in (API w ^ ere ^ unarme d Penhing-2 missile caught fire last month. 

Rattloc An EWm* c A b< ? a * ex P toded Sunday outside the Paris offices housing 
DalliCo a. rom France s secretariat of state for overseas departments territories, 

The Associated Press WT ?^ 1 i th f e «« “using any injuries, police said. (Reuters) 

NimciA i„~ * . .. * ,eta !»vetor, the miiitantly orthodox Christian, novelist and former 

K ^^c^owasthrpw/outof the Soviet writo* union m 1980for 
Physicist. Andrei D. Sakharov, was anested two 
ties,T^ S^Srt^lv wee ^ s a 8°* dissident sources said Saturday in Moscow. (AFP) 

continued along the central and ~ — 

southern fronts. _ # 

coiSffiiM Soviet Seeks Trade Links 

^riroatuSsat SroOTSuSay (Continued from Page I) j«nase to trade could lake place" 
in the southern desert region of the should be followed this spring with “ . . States abrogated its 

front line. an encounter between Commerce rcsmcUve Ration. 

Meanwhile, the official Iranian Secretary Malcolm Baldrige and The Americans, according to tte 
news agency, IRNA, monitored Foreign Trade Minister Nikolai S. rc P° r ti felt that a “significant in- 
here. said that Iranian forces had Patolicbev. crease" in trade could be achieved 


About 7,500 demonstrators su 
weapons on Saturday near the 


The Associated Press 


EtmonEAN University of America 


front line. 

Meanwhile, the official Ir anian 

news agency, IRNA monitored 
here, said that Iranian forces had 
killed at least 250 Iraqi soldiers on 


The Americans, according to tltf 
report,^ fell that a “significant in- 
crease" in trade could be achieved 


At the insistence of the Russians, ^thin present constraints and that 




22S Rue de Rivoti. (331) 260-3860, Telex: 230673 
For reservations call: London: (01) 491-7181. 
Frankfurt: 0611/230561. Amsterdam: (020) 262Q2T 


SAN FRANCISCO 

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Innovative academic approach to U.5. 
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PROFESSIONAL PROGRAMS - SUMMER 1985 

American Business Lau . Financial Management 


Saturday in the Sumar region. Fur- the subject of restrictive U.S. legis- “major improvements” would re- 
ther north. The Iranian comm uni- lation will be on the agenda, al- quire changes in Soviet rights prac* 
que did not mention any fighting though the Americans made dear a tices. 
on Sunday. change in policy 'was unlikely. The Russians agreed to restore 

Iraq launched an offensive mth6 The U.S. trade rttoort signaled bidding rights to U5. companies 


■ n . — "O -O 

on Sunday. 

Iraq launched an offensive in the 


region last Thursday and claimed Soviet interest in U.S. oil and gas 
to have captured Iranian positions, equipment by noting that Mr. 
However, Iran said the Iraqis were Sushkov wanted the United States 


forced to retreat after suffering 10 partidpate in a proposed Mos- 


heavy tosses. 



UNIVERSITY 

DEGREE 



UwrM rmniM earner.. Full on ft . San Frarrato (A V4in 
Pnyiui Utahans Atmauum : iBtonnarioai Cmw for F.nfgpc 
.'I tlakre MnsiipriMfr. Pam "S 0 CH iFnimi Td ill 4511 


For Ufa, tod-lc * Wo* liru l ww 

mu "Hi 'juor*> it. 

H*. »hO»5. SO«.OOClOftAU 

Send detailed return* 

lor a ttpa evaluation 
PACIFIC WESTERN UNIVERSITY 

l WC0 Strfv, 0h*i (Mti Enema CM.BM38US* 


cow exhibition of energy and pollu- 
tion-control equipment 

According to U^L analysts, the 
Russians are eager to develop off- 
shore oil reserves in the Barents Sea 
and need the kind of technology 
that tiie United States has used in 
opening up Alaskan reserves. Ad- 
vanced oil exploration and produc- 
tion equipment is now barred lo the 
Russians. 

Die report said the Soviet dele- 
gation believed that "a very large 


The Russians agreed to restore 
bidding rights to UiL companies 
seeking contracts and to permit 
them to stage seminars and trade 
promotions in Moscow, the report 
said. 

On the matter of export control^ 
die Russians said that it was “criu- 
cal for any expansion in the rela- 
tionship” for them to know “more 
precisely what we were willing to 
sell them." 

_ Among other actions the Rus- 
sians are seeking, the report cited 
termination of an embargo on furs 
and restoration of Aeroflot landing 
rights, suspended after the Rus- 
sians shot down a South Korean 
airliner in I9S3. 


. - 

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Page 3 




Reagan Plan 
Falls Short 

Of 1988 Goal 
For Deficit 

' % Jonathan Fuerbringcr 

*** York Tuna Seme* & 

1 tk YSSiF 07 ' 01 '* ~ The budget 
that President Ronald Reagan w§ 

'■{SaIr ■ Q £EF ss Mo °SyTbaws 

• {!“ defiat declining u> $144.4 bil- 

^ in the fiscal year 1988. tarshon 

adxnmisiration's target of 
according 10 budget 

Dk: documents show $47.5 bil- 

or^rfy 82 percent, is in domestic 
Programs, and S8.7 billion is in the 
acconii.g the 

to 1986, the budget documents l l ir ri l[r , llur _ _ d 

Mfl BS? b ^ pun±^ing copies of President Reagan's proposed budget, which went on sale in 

Washmgton 0,1 Saturday. The budget was to be presented to Congress on Monday. 

By the end of the iW»d t» the 

— ‘ ■’ others would be eul below the 19B5 



Salvadoran Women Deny Rebel Alliance 


■ deficit projected in the documents 
would be over J80 hiHkm, meaning 
Mr Reagan would not come dose 

• to balancing the Federal budget to 
* y °L he promised to balance the 
budget by 1984. 

to his weekly radio broadcast 
Saturday, Mr. Reagan blamed 

• special interests" and “flawed" 
congressional budget procedures 

,£or record federal deficits. He said 
grs proposal would represent “the 
most exhaustive effort ever made to 
rein in government’s chronic over* 
spending." 

The deficit in the fiscal year 
1985, which began last October, is 
now projected to be $222 7 billion. 
If all the saving 5 that the president 
wifl be proposing in the 1986 bud- 
get to be submitted Monday were 
enacted, the deficit would fall to 
$180 taUion next year. 

The projections, as outlined in 
budget documents, indicate the 
deficit would be $164.9 billion in 

• 1987, declining to $144.4 billion in 
1988, $107.5 bfllion in 1989 and 
$82.4 bfllion in 1990. 

Although the total saving out- 
lined in the documents is $50.8 bil- 
lion in 1986, nearly $33 billion of 
that reflects reduced interest on the 
national debt, which neither the 
..Administration nor the Senate Re- 
publicans had been including in 
their spemlmg-reductian goal 
. The proposed domestic savings 
would be achieved, the documents 
show, by freezing most programs at 
the 1985 spending leva in 1986. In 
addition, about two-dozen pro- 
grams would be eliminated and 


level of spending. 

Cost-of-living increases for fed- 
eral pensions and some benefit pro- 
grams would be frozen for one 
year, although Social Security and 
benefit programs for the ’poor 
would get an adjustment to make 
up for inflation. Pay for federal 
employees would be cut by 5 per- 
cent from the 1985 level, and the 
administrative costs of govern- 
ment, including Congress, would 
be cut by 10 percent. 

The largest savings are in agri- 
culture, $5.5 billion; the Medicare 
program of health insurance (or the 
elderly, $4.1 billion; income securi- 
ty programs, including federal and 
military retirement, nutrition and 
Aid to Families with Dependent 
Children, $5 billion; general reve- 
nue sharing for the states, $3.4 bil- 
lion; education, training and social 
service programs, $2 billion; and 
veterans’ programs, $1.1 bfllion. 

- Energy programs are cut by $33 
bilHon, including financing for en- 
ergy preparedness. Transportation 
programs, including financing for 
the Amtrak rail network and oper- 
ating subsidies for mass transit, are 
cut by $2.1 billion. 

Housing programs in rural areas 
and for tire elderly are cut by $23 
bflhon and subsidized hodring for 
the poor is cut by $1.7 billiaL 
Food and nutrition programs are 
cut by $687 million- Aid to Fam- 
ilies with Dependent Children, the 
government's main welfare pro- 
gram, and child support programs 
are cut by $180 nriUion. 


Among cuts proposed for 1986 
in the international area are: $699 
million in international security as- 
sistance; $388 million for the Ex- 
port-Import Bank, and $1.1 billion 
in the economic support fund. 

Over the three years from 1986 
to 1988, the total savings, if all the 
proposed spending cuts were en- 
acted by Congress, would amount 
to S210.8 bfllion, also short of the 
Senate Republicans' goal, which is 
$266 biih'on. The administration 
then adds $28 billion in savings 
from interest cm the national debt 
because the projected deficits 
would be lower. 

■ Reagan on the Offensive 

Gerald M. Boyd of The New York 
Tones reported from Washington: 

Mr. Reagan blamed “special in- 
terests" ana “flawed” congressio- 
nal budget procedures for record 
federal defiats as he went on the 
offensive Saturday to win public 
support for his budget proposal 

He said the proposal would rep- 
resent “the most exhaustive effort 
ever made to rein in gpvernment's 
chronic overspending.” 

Mr. Reagan, devoting Ms weekly 
radio broadcast to the 1986 budget 
he will submit to Congress on Mon- 
day, offered what amounted to a 
pre-emptive strike against congres- 
sional opposition to some of the 
spending cuts be will propose. 

He ruled out tax increases and 
further cuts in military spending 
and Social Security benefits as he 
asked instead for significant reduc- 
tions in domestic spending. 


AMERICAN TOPICS 


In Hitter Education 

Educational programs run by 
business and industry have be- 
come big enough in size and 
scope to constitute an alterna- 
tive to traditional colleges and 
universities, according to a 
study by the Carnegie Founda- 
tion for the Advancement of 
Teaching. 

Corporate education pro- 
vides everything from remedial 
reading for new factory hands 
to a master of computer soft- 
ware degree offered by Wang 
Laboratories, li costs $60 tril- 
lion a year and has 8 criflion 
instructors and students, rough- 
ly comparable to the cost and 
enrollment of four-year colleges 
and universities in the United 
States. 

The study says that ccspora- 
tions are often more efficient 
than traditional colleges amj 
universities in adapting new 
techniques, especially those in- 
volving computers and other 
forms of technology. It adds, 
“It would be ironic if new in- 
sights about how we learn 
would come, not from the acad- 
emy, but from industry and 
business.** 


Prevention Bites Into 
Dental Practice 

Tooth decay, the most wide- 
spread Alness in the United 
States after the common cold, is 
now almost wholly preventable, 
thanks to fluoride and sealants. 
This is good news for coming 
generations, but it is already a 
mixed blessing for many of the 
125,000 dentists in the United 
States. They often find them- 
selves with fewer patients and, 
especially in some metropolitan 


areas, an oversupply of compe- 
tition. 

Dentists are meeting ^tfae 

taJxoUcrc m stropping m?Hs by 
advertising, by specializing in 
such emerging fields as cosmet- 
ic dentistry or periodontics, 
which treats gum disease. Until 
a few years ago, dentists, like 
doctors and lawyers, considered 
advertising taboo. Now the Yel- 
low pages are full of half- and 
quarter-page advertisements. 
with dnganii like “Take the bite 
out of your dental MIL" 

Dentists are unlikely to go 
the way of the blacksmith. 
Americans spent $20 billion on 
rfemal care m 1982. Dental in- 
surance, still growing, covers 
about 100 million people. 


Notes About People 

Captain Penny E. Harring- 
ton, 42, has been appointed by 
Mayor Bud Clark as chief of 
police of Portland, Oregon, the 
first woman in tit® Untied 
States to lead a big-city police 


force. Mrs. Hanfogton, 42, 
joined the force in 196# On her 
way to the top, she filed a sex 
discrimination complaint 
against the department that led 
to changes in salaries, promo- 
tions and regulations on height. 
She says she plans to put more 
officers on foot patrol, “walk- 
ing and talking” to people. 

The New York Times report- 
ed that President Ronald Rear 
gait's budget director, David A. 
Stockman, laid it on the line to 
Senate Republican staff mem- 
bers at a recent briefing: “to the 
first term we cleaned up the low 
income programs. Now we have 
to go after the middle class pro- 


Mary Maples Dunn, 53, dean 
of Bryn Mawr College near 
Philadelphia, will become pre 
dent of 2300-student Smith 
College at Northampton, Mas- 
sachusetts, July 2, succeeding 
JIB Ker Conway, 50, who an- 
nounced a year ago that she was 
leaving Smith to resume work 
on a history of women in Amer- 
ica. Mrs. Dunn said, “My job 
will be to reverse the trend 
against women's colleges and 
restore than to a strong place in 
the priorities of 17 -year-olds.” 

Christine Graft, 40, the for- 
mer television newswoman who 
won $500,000 in her sexual dis- 
crimination suit against Metro- 
media, charging they fired her 
for being “tooold and too unat- 
tractive, is now fighting her 
former employers’ court ap- 



Quistine Craft 

peals- She says she plans to run 
for Congress in 1986 from the 
southern California district 
where President Reagan’s ranch 
is located. The incumbent is 
Robert J. Lagomarsmo, 58, a 
Republican. Said Miss Craft, “1 


want to be Ronald Reagan’s 
congresswoman.” 


Short Takes 

Stow readers, beware. The 
Missouri State Legislature is 
pondering a bfll that could 
mean a prison stretch for peo- 
ple who don’t re turn library 
books on time. Specifically, 
borrowers who keep hooks, 
maps, records and the like 
worth more than $150 for more 
than 60 days past their due date 
could get up to five years in jail 
and a $5,000 fine. Dan Brad- 
bury, head of Lhe Kansas City 
Public Libraiy, says 27,000 
books and other materials 
worth more than $250,000 went 
nnretumed last year, “a quarter 
of our budget-” 

Shorter Takes: Americans 
who have not received their an- 
ticipated income tax refunds 10 
or more weeks after filing can 
punch their Social Security 
□umbers into the nearest tele- 
phone to find out whether the 
check is in the mail. ... The 
focus of declining Frost Belt 
population in the United Slates 
has switched from the North- 
east to the Midwest, while the 
strongest population Dow to the 
Sun Belt has shifted from the 
West to the South, according to 
figures published by American 
Demographics magazine. ... 
Production of accordion-style 
baby gates, which have beat 
linked to the deaths of eight 
children in recent years, ended 
on Thursday under an agree- 
ment between manufacturers 
and the Consumer Product 
Safety Commission, which 
warned that millions of Lite 
gates remain in U3. homes. 


Back and Efris: 

Two 'Bad* Boys 

Nicholas Lemann, writing in 
The Washington Post, notes 
that Elvis Presley would have 
been 50 last Jan. 8 and that 
Huckleberry Finn first saw the 
light of print 100 years ago Feb. 
18, and points oat some similar- 
ities; 

“They were both smart, un- 
educated bad boys," be says, 
“both lived hard, by the banks 
of the Mississippi River in its 
middle reaches, and they occu- 
pied similar plaices in lhe tripar- 
tite doss system of the South, 
having ’grown up as *white 
trash,* trafficked sporadically 
with ‘lhe quality* (Huck’s torn) 
and also gotten closer than was 
considered proper to black cul- 
ture. 

“Both Huck and Elvis lived 
in a racist culture, were casually 
racist themselves, but found in- 
credible depth by venturing 
into the forbidden zone be- 
tween the races.’’ 

Compiled by 

ARTHUR WGBEE 


Mr. Reagan argued for congres- 
sional approval of Ms budget by 
attempting to make a strong case 
for slowing the overall rate of in- 
crease in government spending 
rather iH.m making additional cuts 
in defense spending. 

“Every proposal is based on a 
careful review of whal government 
should and should not do, what’s 
worked and what hasn’t, what we 
can and can no longer afford," he 
said. 

“Collectively, the more than 50 
proposals we’re making can stop 
the excessive growth of federal 
spending in its tracks and put bud- 
get deficits on a permanent down- 
ward path.” he said. 

Mudj of the excess spending, he 
said, results from “the combination 
of special -interest groups and 
flawed budget procedures." 

“Our system of budget making in 
the Congress practically guarantees 
spending growth," he said. 

Under it, special interests now 
lobby “for benefits and to override 
the national interests, by concen- 
trating great power on a small 
group of legislators." 

Delivering the Democrats’ re- 
sponse later, the speaker of the 
House. Thomas P. O’Neil] Jr. of 
Massachusetts, set the stage for a 
budget battle in that chandler by 
challenging Mr. Reagan to justify 
his fiscal package to the American 
people. But the Democratic leader 
did not offer a count e rproposal He 
pledged, as he did in a January 
meeting with the president, to con- 
sider Mr. Reagan’s proposal in 
“good faith." 

Nuclear Arms 
And Space 
Are Stressed 


(Continued Iran Page 1) 
includes weapons, supplies and fa- 
cilities, would grow 9.5 percent 
above the rate of inflation, far fast- 
er than pay and operating costs. 

Much of that investment is for 
an assortment of nndear weapons 

For example, for 

building the last 48 of the B-l 
bombers, completing a fleet of 100, 

It calls fra production of 48 new 
MX missiles at 3 cost of $4 billion. 
That would be an increase from 
$18 billion in the current budget 
and would be in addition to 21 
missiles Congress agreed to pay fra 
last year, but on the condition they 
not be deployed without another 
vote from Congress this spring. The 
first 21 MXs have been approved 
foTpToduction. 

The budget also seeks $624 mil- 
lion lor continuing research into a 
successor to the MX. That weapon 
is a small, truck-borne missfle 
called Midgetman. . 

The budget would sharply in- 
crease research funding for the 
Strategic Defense Initiative, the 
anti-missile defense program that is 
popularly known as “star ware, 
from $13 billion to 53.7 billion. 

The Pentagon document did not 
detail how that money is to be 
spent. But it said the major empha- 
sis would be on directed ene 
weapons and advanced surv 
lance and tracking systems to spot 
enemy missiles as they are begin- 
ning to be launched. 

Further, the budget calls for 
sharp increases in more immediate 
space-related programs, including 
a 30 percent increase, to $262 mil- 
lion, for the U.S. Air Force’s anti- 
satellite weapon. It is expected to 
be tested for the first time this 
spring, fired at an object in space. 
The Pentagoa informed Con- 
fess that it intends to include 
enough money in the bndgpt (o 
continue its program of developing 
and producing a new generation of 
chemical weapons, winch Congress 
ordered interrep ted until a study 
can be completed this spring. 

The budget also caDsfor quadra- 
pled spending, to $531 million, on 
the much -criticized Sergeant York 
Division Air Defense Gun, Dl- 
VAD, although Mr. Weinberger 
has suspended that program imrii 
more tests resolve questions about 
its accuracy. 


Security Is Downgraded 
For Iran Exile in France 

The Associated Pros 

AUVERS-SUR-OISE, France 
-7 Authorities have reduced the 
size of die security force protecting 
fhe headquarters of Massoud Ra- 
javi, the exiled Iranian opposition 
leader, prompting the mayor of the 
town to call on Mr. Rajavj to leave. 

The unit of 70 police was re- 
duced 10 about 20 and barricades 
blocking an access road were lifted, 
officials said Saturday. 


By James LeMoyne 

IVew York Times Sernas 

SAN SALVADOR — Elvia 
Cos ine Hero&ndez describes her- 
self in a soft voice as a typical 
mother of two young children, a- 
cepi that, she says, her husband, 
sffiter, unde and cousin were either 
killed by Salvadoran government 
security forces or made 10 “disap- 
pear." 

Their uninvesiigaied deaths four 
years ago, Mrs, HeruAndez says, 
led her to join the Committee of 
Mothers and Relatives of Political 
Prisoners, Disappeared ami Mur- 
dered, a vocal group of Salvadoran 
wranen who say their loved ones 
were killed for political reasons. 

“I joined because it was neces- 
sary to denounce this violation,” 
Mrs. Hern&ndw. 31, said recently. 
“If we don’t denounce it, it will go 
on.” 

U-S- Stale Department officials 
have a different perception of Mrs. 
Hernindez’s activities. They say 
she and other members of her 
group, known as the Mothers of ihe 
Disappeared, have been involved 
in terrorist activities and are mem- 
bers of leftist guerrilla groups. 

“The intelligence on these wom- 
en is that they are not sweet little 
old ladies," a State Department 
spokesman said in a telephone in- 
terview. “They have been involved 
in some bad things.” 

That view, said to be based on 
unreleased intelligence reports that 
coul d not be independently con- 
firmed, kept Mrs. Hernandez and 
three other members of her group 
from receiving visas to (ravel to the 
United States recently to receive a 
$30,000 award for their human 
rights work from the Robert F. 
Kennedy Memorial Foundation. 

That the purposes and political 
alliances of a group of bereaved 
women should become an issue of 
state underscores the sensitivity of 
human rights work in El Salvador, 
where an estimated total of 50.000 
civilians have been killed fra politi- 
cal reasons. 

The continuing polarization that 
divides the country also helps ex- 
plain why the Mothers of the Dis- 
appeared have attracted few out- 
side supporters, in contrast to 
Argentina, where a s imilar move- 
ment of relatives of missing people 
became the expression of a national 
longing for a return to the rule of 
law. 

The four women have said in 
sworn statements that a total of 18 
of their relatives have been killed or 
have disappeared in the past four 
years. 

The women strongly deny that 
they are terrorists. 

“I have never been a part of any 
political group," said one of the 
four, Maria Teresa de Canales, 33. 
“If I am a terrorist let them show 
me the proof." 


The women said that they were 
particularly upset that the State 
Department had recently granted a 
visa to the Salvadoran rightist lead- 
er. Roberto d’Aubuisson, to travel 
to the United States for a second 
time in 1 984, although some Amer- 
ican officials have repeatedly 

linked him in ri ghtist sqnp ds 

“This is the evidence of the Unit- 
ed States government's view of who 
is responsible for thousands of 
deaths in this country” Mrs. Her- 
nandez 

In the complex world of El Sal- 
vador’s civil war, it is not easy to 
prove or disprove the Stale Depart- 
ment's allegations against the 
women. 

People here long familiar with 
the group and its activities say they 
believe several of its more active 
members are at least sympathetic 


to the rebels. But (hey say they 
doubt that the women axe 
And they question why 
the women’s political beliefs 
should diminish their right to have 
their dead accounted fra. 

“They are a grotgj of women who 
have suffered terrible things,” said 
a welfare worker who Is familiar 
with the group. “Some of them sup- 
port the gomfllas, but does that 
make their human rights demands 
less legitimate?” 

Government critics of the group 
counter that its political agenda ex- 
tends well beyond Human rights 
concerns. The Mothers of the Dis- 
appeared also have called for an 
end to all U3. aid to El Salvador, 
arguing that such aid prolongs the 
war. Mrs. Canales and Mrs. Her- 
nindez did not seem as concerned 
when asked about rebel sabotage of 


the economy or attacks on govern- 
ment-held towns. 

Members of the group say they 
first joined together in 1977 when 
tin: term “disappeared" began its 
grim ascent into the lexicon of vio- 
lence. 

Today, the group says it has 
about 540 members, and they have 
become a fixture at Salvadoran 
public events. 

The group met with President 
Jost NapoLam Duarte last June 
and him to investigate all 

cases of suspected political killing. 
They also called for an amnesty for 
political prisoners, a demand often 
made by the rebel opposition alli- 
ance. Although Mr. Duarte initially 
seemed willing to listen to the 
women’s petition, government offi- 
cials later accused the group of al- 
lowing itself to be “used py the 
guemuas." 



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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 4, 1985 


By Henry A. Kissinger 

U.S. Must Beware Shortsighted Gulf Policy 


The policy-maker faces no more 
complex tad; than to prevent staort- 


countqfs long-term interests. No- 
where is this more true than in the 


where the bulk of the world’s ener- 
gy reserves are concentrated. Two 
nightmares stalk the Gulf: the 
threat of collapsing oil prices and 
the impact of the Iran-Iraq war. 

The industrial democracies, 
whose political and economic 
structures were shaken by the Or- 
ganization of Petroleum Exporting 
Countries' extortions in its heyday, 
would be less than human If they 
did not experience a certain glee at 
the discomfiture of their erstwhile 
tormentors. But revenge, even 
when sweet, is not foreign policy. 
And the victims of the 1970s would 
be wise not to perpetuate a cycle of 
shortsighted selfishness in which, 
every decade, victim and exploiter 
change roles until chaos consumes 
both. The leaders of the industrial 
democracies in the 1970s asked 
OPEC for restraint in the name of a 
community of long-term economic 
interests of both oil producers and 
consumers. These appeals, though 
ignored, were correct Now that the 
shoe is on the other foot, the neces- 
sity of basing world order on the 
reality of interdependence remains. 

Of course, the industrial democ- 
racies can have no conceivable in- 
terest in helping OPEC to stabilize 
oil prices at artificially high levels. 
However, it is in thear interest to 
help cushion the global impact of 
what is bound to be, probably for 
the rest of the decade, a continuing 
downward pressure on oil prices. 

The facts of the marketplace are 
simple, even if the consequences 
are not In the 1970s, OPEC con- 
trolled 73 percent of the world’s oil 
output. In the 1980s, OPEC con- 
trols less than 35 percent; its capac- 
ity to set prices has diminishe d ac- 
cordingly. In the 1970s, the 
expectation of higher oil prices led 
to a buildup of inventories, thereby 
increasing demand. In the 1980s, 
psychology has worked in Uk op- 
posite direction: The expectation 
of lower prices has induced a con- 
tinned decrease in inventories, thus 
restricting demand. 

In the 1970s, the United States 
lost the capacity to increase pro- 
duction. In the 1980s, OPEC is on 
the verge of losing the capacity to 
restrict production. Even when 
OPEC cut its capacity by 40 per- 
cent, that proved inefficient to 
maintain current oil prices. 

And foreseeable trends likely 
will worsen the problem. During 
the next two years Iraq will com- 
plete two pipelines with a capacity 


of at least one million barrels per have to agree with every decision of •Tbe present 

day. Other producers, in and out of the Saudi government to consider from oQ pressures must be i 
OPEC, are fighting for a larger its role over tbe past decade as expand conservation policies and 
share of whatever mai pinp) m- mm compatible with Western in- to encourage the development of 
j - ■ • “ ■ ’* ‘ alternative sources of energy, ex- 

osite of shameful pre- 
Otherwise. in the 

demand, causing prices to fall, per- ue to be a matter of pre-eminent 1990s, when once more facing an 
ly. In short, OPEC interest to the industrial democra- energy shortage, they may well 
des. By then, the exhaustion of 
presently known non-OPEC oO re- 
serves and the cumulative impact 
of a slowly rising demand could, 



is losing its capacity to increase 
prices by restricting output. 

This partial reversal of the “ener- 
gy tax'’ that OPEC imposed more 


of 


It is in Western interests to cushion OPEC 
countries against the shock of collapsing oil 
prices, and to prevent either side in the Iran- 
Iraq war from attaining unconditional victory. 


wdl resurrect the energy shortage. 
Especially if economic growth con- 
tinues and the industrial democra- 
cies fail to push the development of 
alternative energy resources. 

Thus, the oil glut, however bene- 
ficial, requires long-range plan- 


iban a decade ago spells good news 
for the industrial democracies. It 
makes it easier to keep inflation 
under control, and it wQl give an 
impetus to economic expansion. 

But there ore no free gifts in 
foreign policy. Were the West to 
gloat over its good fortune and seek nmg. In die 1970s, "the industrial 
to reap passively the benefits of democracies rejected concerted ac- 
OPEGs dilemmas, it would neglect don lest a consumers’ group an tag- 
some very real dangers at the risk of onize OPEC Today, cooperation 
finding itself quickly in deep water among the industrial democracies 
again: is essential to protect them against 

• A sharp decline in oft prices the harmful effects of a precipitate 
could well re-igoite the now barely price decline and, in the process, to 
dormant international debt crisis, help save the more responsible 

conse- 


OPEC nations from the 
quences of their greed. 

The industrial democracies 
should devote part of their next 
economic summit to developing a 
the oil 


especially for high-debt oil produc- 
ers such as Mexico, Venezuela, Ni- 
geria and Indonesia. The threat to 
the global banking system posed by 
international debt would be magni- 
fied as domestic producers, refiners program to deal with tbe 
and oil service companies got into glut: 
difficulty with their borrowings. • A contingency plan must be 
• Collapsing oil economies devised should declining oil prices 
would strain moderate regimes trigger an international banking 
whose stability depends on eco- crisis. In such an emergency, the 
nonric growth. Radical, revolution- responsibility cannot be delegated 


ary regimes succeeding them then 
would have the choice erf causing a 
new crisis by shutting down dl pro- 
duction on the model of the early 
years of the Iranian Revolution. 


to a h anking system that will itself 
be gravely threatened. Platitudes 
about not bailing out banks then 
must give way to urgent measures 
to stimulate global economic ex- 


enable friendly oil-producing 
countries to ride out the crisis by 
continuing tbe minimum develop- 
ment programs required for politi- 
cal stability. 

• Concurrently, the industrial 
democracies need to plan the steps 
they would take should political 
stability in the Gulf collapse de- 
spite their best efforts. 


Or. they could sell their oil and use pansion. 
the revenues to foment revolution- • A dialogue between oil pro- 
ary disorder, following the example ducers mid consumers should be 
of Colonel Moamer Qadhafi of prepared. Its purpose would not be 
Libya. Or they could do both, sue- to maintain the oil price, but to 
cesovely. 

• OPEC’s effort to control 
prices, even when it fails, puts ex- 
traordinary pressure on the most 
moderate ana responsible members 
of OPEC. For example, the oft in- 
come of Saudi Arabia has fallen 
from $110 billion in 1981 to below 
$40 billion in 1984, and ii is likely 
to fall further in 1983. One does not 


curse the blindness and the 
foresight of current leaders. 

But all these efforts will be in 
vain if either of tbe parties in the 
Iran-Iraq war is to achieve an un- 
conditional victory. Iran, especial- 
ly. would not hesitate to impose on 
a defeated enemy and its impotent 
neighbors the production cutoff 
that it accepted for itself in tbe 
1970s. It thereby would achieve 
unilaterally what it has been urging 
on OPEC few years: sharply re- 
duced production, greatly in- 
creased oil prices and a blackmail 
position vis-4- vis the industrial de- 
mocracies. A victory for Iran would 
be, as weft, a political disaster be- 
cause it would enhance the prestige 
of the most radical version of Is- 
lamic anti-Western fundamental- 
ism existing from Southeast Asia to 
the shores of the Atlantic Ocean. 

Yet the art of statesmanship re- 
sides in a sense of proportion. The 
Iran of radical rhetoric and virulent 
anti-Western agitation can be no 
more immun e io the erosion of his- 
tory than the man y regimes that 
have preceded it in Persia over the 
miftenia. Over time, geographical 
and historical circumstances tran- 
scend the fanaticism of individuals. 
The ran tings of the militants now 
governing Tehran cannot change 
the reality that Iran has been invad- 
ed mostly from the north and over- 
land rather than from the sea. 

Hysterical anti-Western agita- 
tion will not shorten Iran's frontier 
of more than 1,000 miles with the 
Soviet Union, a border that now is 
more menacing because of the So- 
viet occupation of Afghanistan. 
Nor can bloodthirsty dogmatism 
eliminate — indeed, it will enhance 
— the danger of revolt by Iran's 
constituent nationalities in Balu- 
chistan, Kurdistan and Azerbaijan. 
And tbe Soviet Union is in an un- 
usually favorable position to nur- 
ture such a revolt 

Thus, the conventional wisdom, 
that Soviet and American interests 
in the Iran-Iraq conflict coincide, is 
valid only in a very limited sense. 
Tbe United States' interest is to 
prevent the collapse of tbe moder- 
ate governments in the Arab world. 
This requires a restrained, not an 
impotent, Iran. By contrast, the So- 
viet Union would greatly benefit if 
Iran emerged from the war fatally 
weakened and in irreparable disar- 
ray. For Iran is the natural axis for 



Henry A. Kissinger 


a Soviet advance to tbe In dian 
Ocean. The West am objective must 
be to prevent an Iraqi defeat, but in 
a manner that does not drain and 

disorganize Iran 

A united Iran pursuing a moder- 
ate national policy coincides with 
the Western interest in the stability 
of the Gulf. The policy of isolating 
Iran is proper so long as Tehran is 
governed by expansionist fanatics. 
But, just as tbe United Slates has 
moved toward a closer relationship 
with Iraq in recent months, so the 
United States should retain the op- 
tion of improved relations when a 
sense of reality returns in Tehran. 
That can be done by keeping open 
some avenues for nonstrategic 
trade and finding opportunities for 
a sane dialogue. 

The West’s position vis-a-vis 
Iran has some analogy to the Unit- 
ed States' relationship with China 
in the 1950s and 1960s. Warranted 
outrage over provocative chal- 
lenges must not be permitted to 
foreclose later opportunities for co- 
operation based on mutual interest 
1ms reality will, in my view, be 
present within a decade. A wise 
U.S. policy will pursue a dual 
track: firm resistance to Ir anian 
expansionism today coupled with a 
readiness for constructive relations 
later, when fundamental realities 
have reasserted themselves. This is 
no more than saying that states- 
men, in mastering immediate cir- 
cumstance, must leave room for the 
imponderables of history. 

This is the seventh in a series of 10 
articles by the former U.S. secretary 
of state. The next will appear on 
March 4. 


3 UJS. Fishermen Rescued 

Washington Post Service 

WASHINGTON — Three com- 
mercial fishermen survived 12 
hours swimming in the frigid At- 
lantic after their boat sank. They 
were rescued early Friday, 16 miles 
(26 kilometers] off Chincoteague, 
Virginia. A fourth man died in the 
arms of the survivors and a fifth 
was missing and presumed dead 


UN Chief Says 
Peace Force 
Could Police 
Thai Border 

CompiM fry Our Staff From Dispoirfia 

SINGAPORE — Secretary- 
General Javier Perez de Cuellar 
said Sunday that the United Na- 
tions would consider deploying 
UN peacekeeping troops ai the 
Tbai-Cambodia border where Viet- 
namese soldiers have been fighting 
Cambodian rebels. But be said this 
could only happen “at a much later 
stage." 

He made the comment during a 
stopover here while en route to Ja- 
karta. He is on a tour of Pacific and 
Southeast Asian nations. 

When asked about tbe use or UN 
troops, Mr. Perez de Cuellar said, 
“This is one of the possibilities that 
we are considering implementing 
to bring about a solution." 

“This is something we have seri- 
ously in mind” he added “but at a 
much later date." 

Earlier, in Kuala Lumpur, tbe 
UN leader was guarded in evaluat- 
ing the progress he has made in 
talks with leaders of Thailand, 
Vietnam, Laos and Malaysia. 

He said that the Communist and 
non-Communisi nations of South- 
east Asia were “still very, very far 
apart." 

But he said he was not discour- 
aged and would pursue his quest 
for a peace formula. 

A dry season offensive by Viet- 
namese troops against Cambodian 
rebels has continued in parallel 
with Mr. Pfrez de Cuellar's visiL 

Thai military officers said Satur- 
day that Vietnamese troops had 
seized two Khmer Rouge outposts 
in Cambodia on Friday. 

Colonel CheLiha Thannajaro, 
deputy commander of Thailand's 
Eastern Task Force, said about 600 
Vietnamese troops captured the 
outposts at Phnom Tuek and 
Phnom Angkorpan, and that Viet- 
namese units were driving at 
Khmer Rouge positions in the 
nearby Khao Tangoc mountains. 

Another Thai officer. Colonel 
Phnom Jeeoavicharana. said Sun- 
day that Thai soldiers had found 
the bodies of eight Vietnamese 
troops apparently killed in Thai 
territory by Khmer Rouge guerril- 
las Hrfpnriing their strongholds. 

And in Bangkok, a spokesman 
said that the three leaders of the 
Cambodian resistance coalition 
met Sunday inside Cambodia. 

The three rebel groups are the 
Khmer Rouge, a force loyal to 
Prince Sihanouk, and the non- 
Communist Khmer People’s Na- 
tional Liberation From. 

tUPI.AP) 


Ethiopia Tells UN Envoy 
It Will Shield Food Aid 
From Attacks by Rebels 


By Clifford D. May 

Ne* York Times Service 

ADDIS ABABA, Ethiopia — 
Ethiopia plans to use armed con- 
voys to transport famine-rdiei sup- 
plies into its northern provinces, 
where guerrillas have been active, 
according to an official from uic 
United Nations. 

The official. Kun 'Jansson- an 
assistant secretary-general in 
charge of emergency operations in 
Ethiopia, said Friday that he had 
"raised the issue of food distribu- 
tion in areas of Tigrc and Enirea 
where security is a problem” in a 
recent meeting with the Ethiopian 
bead of slate. Lieutenant Colonel 
Mengistu Haile Mariam. 

The conflict between the insur- 
gents and government troops has 
continued for years in the two 
provinces and there has been inter- 
national concern that little food 
has been reaching the starving peo- 
ple of these regions. 

Mr. Jansson said he bad “sug- 
gested a formula" for getting relief 
supplies to those areas, but that 
Colonel Mengistu had assured him 
“that the government can reach 
people in need of relief in any part 
of the country." 

He quoted Colonel Mengistu as 
saying that he would increase food 
convoys with security escorts in 
these areas. 

Aid officials said later that Mr. 
Jansson bad initially proposed that 
unarmed Red Cross trucks be per- 
mitted to take food to the estimated 
2.4 million Eritreans and Tigreans 
in need. Mr. Jansson had volun- 
teered to travel with the convoys to 
supervise the food delivery and dis- 
tribution. the officials said. 

Mr. Mengistu's refusal to allow 
such missions followed his refusals 
to negotiate a “food truce" with 
rebel groups or to establish “mercy 
corridors" in areas where guerrilla 
forces are in control or active. 

Several times, anti-government 
guerrillas have attacked relief con- 
voys and stolen or set fire to the 
supplies. On most roads north of 
the town of Kobo, only aimed con- 
voys are now permitted to travel 

An experimental air drop of 
food, using planes and pilots from 
Britain and West Germany, was 
successfully carried oat late last 
month, but there was no indication 
that the Ethiopian authorities 
would permit such air drops in ar- 
eas not firmly under government 
controL 

Some donor countries and aid 
organizations have been attempt- 
ing to supply Eritrea and Ttgre 


through Sudan, which borders 
Ethiopia on the west. 

But many aid officials and West, 
ern diplomats believe that only * 
relatively small percentage of those . 
affected bv drought and famine in 
Eritrea and Tigrc are receivix^ 
food. 

■ New Fund for Africa 

Paul Lewis of The New York 

Times reported from Parts: 

A group of 13 industrialized na- 
tions and the World Bank pledge 
SI. I billion Friday to establisVY 
new fund to provide long-term eco- 
oornic assistance to African coon- 
tries suffering from famine and 
economic collapse. 

Officials here said the purpose of 
the fund, called the Special Fariliiy 
for Sub-Saharan Africa, is to make 
famines in Africa less likely. The 
fund is distinct from the emergency 
food supplies that Western coun- 
tries are now sending to fanrine- 
smeken parts of the continent. 

Under the terms of the fund, all 
African countries are technically 
eligible for aid, including those, 
tike Ethiopia and S udan , that have 
been receiving substantial famine- 
relief supplies from the West 

But the fund, to be managed by 
the World Bank, will be used only 
to help black African countries tgg> 
agree to adopt economic policies 
that encourage private business, as- 
sist farming and generally etinti- 
nate bureaucracy and waste. 

The World Bank said the basic 
rannp of Africa's troubles was gov- 
ernment policies that wasted re- 
sources and discouraged fanning 
and private business. 

The bulk or the contributions to 
the fund announced Friday are to 
come from France, Italy, Japan, tbe 
Netherlands and the World Bank 
itself. 

The United States, which was 
represented at a two-day meeting 
here of 23 potential donor coun- 
tries, declined to contribute. The 
Reagan a dminis tration had said 
that it felt it was already making as 
adequate contribution to help the 
region. It has established a separate 
five-year. 5500- million African wl 
program, $73 million of which 
approved last year. r 

The decision to create the fond 
stems from a report submitted last 
September at an annual World 
Bank meeting. It said Africa’s eco- 
nomic development had gone into 
reverse and that the continent 
faced “a nightmare" for the rest of 
the century unless urgent action 
was taken. 


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Bhopal: Risks ol High Techmology in Third World 


(Continued from Page 1) 
lioational companies provide the 
country with technology, skill, cap- 
ital and equipment that might oth- 
erwise take years to develop indige- 
nously. The government, they say, 
is eager to continue ventures be- 
tween Indian interests and foreign 
companies. 

In December, the government 
approved 194 projects between In- 
dian and foreign companies, ac- 
cording to the Indian Investment 
Center, a government-sponsored 
group that tries to encourage in- 
vestment. 

It said they included 47 from tbe 
United Stales, the most of any 
country. The projects involved pro- 
duction of batteries, computer 
parts, steam turbines, oil-drilling 
tools, and even a plant to make 
phosgene, a poison that is used in 
making methyl isocyanate, or MIC. 

In the last two years, agreements 
have been reached Tor Tour new 
Union Carbide plants. 

There are many success stories of 
advanced technology in India, 
many specialists say. The country’s 
airlines run a busy and virtually 
accident- free schedule, nuclear re- 
actors supply electricity, Indian 
scientists and engineers do ad- 
vanced research in chemistry, phys- 
ics and biotechnology. 

The country has the third-largest 
number of technical students in 
college in the world, after the Unil- 


One Killed in Iranian Quakes 

The Associated Press 
NICOSIA — At least me person 
was killed and 80 were injured Sun- 
day in three earthquakes in the 
southern Iranian province of Pars, 
the Iranian news agency IRNA re- 
ported. The agency, monitored in 
Nicosia, said the earthquakes, 
which registered 5.6 on the open- 
ended Richter scale, were fdl in a 
region about 500 miles (800 kilo- 
meters) south of Tehran. 


ed States and tbe Soviet Union, 
according to a study two years ago 
by the United Nations. 

But the country has 750 million 
people and many technological in- 
dustries to support, the Indian ex- 
perts say. The technical skill, they 
say, is spread too thin. 

Bhopal has grown swiftly since it 
was made the capital of the state of 
Madhya Pradesh in 1 956. But there 
is only one telephone for every 
thousand people, according to offi- 
cials; most of the population faaj 
running water for only a few hours 
a day, and there are few street 
signs, traffic lights, washing ma- 
chines, hair dryers, computers or 
automated equipment of any kind 
When Union Carbide decided to 
build a factory in Bhopal, many 
people familiar with its develop- 
ment say. the city was technologi- 
cally naive. 

“When we set up this plant, we 
used workers just ou'of the agricul- 
tural age,” said Kama] K. Pared:, 
the senior project engineer during 
the building of the factory’s MIC 
facility in the late 1970s- “You just 
can't afford to do anything wrong 
in a factory tike this,'* he said. 

The lack of emphasis on preven- 
tive maintenance is a key problem. 
Indian experts said “Tbe idea of 
spending money now to save mon- 
ey later is a concept completely 
alien in what is basically a subsis- 
tence economy," said Krran Rana. 
a chemical engineer and native of 
India who now lives and works in 
the United States. 

Officials say that because or the 
accident they will more closely 
match what multinationals have to 
offer with the needs of the country. 

Since the accident, many experts 
here have begun to question wheth- 
er tbe Bhopal pesticide plant and 
other enterprises like it really per- 
form the service that was specified 
under agreements with the govern- 
ment allowing them to operate 
here: to transfer technological 
know-how to India. 

“An unfortunate assumption has 


been made — that when technol- 
ogy arrives here, it is transferred" 
said S.K. Goyai, head of the Cor- 
porate Studies Group, a govern- 
ment- sponsored New Delhi Uni- 
versity unit that studies corporate 
responsibility. 

“We are finding that the technol- 
ogy often just gets transferred to 
tbe premises of tbe subsidiaiy, not 
into the society as a whole," he 
said “It stays within the walls of 
the factory." 

Some Indian officials also argue 
that there is loo much emphasis on 
high-powered goods and services 
while much of the country needs 
simple conveniences of life. 

■ India May Sue in U.S. 

India's attorney general has rec- 
ommended that the government 


sue Union Carbide in the United 
States for damages and compensa- 
tion on behalf of victims of the 
Bhopal disaster, a newspaper re- 
ported Sunday. 

The Indian Express said the gov- 
ernment was likely to make a quick 
decision on the report by the attor- 
ney general, K. Parasaran. 

Damages awarded in Indian 
courts are generally far lower than 
those given by U^. juries and cases 
in India commonly drag on for 
more than a dozen years. 

The government suit would be 
separate from private lawsuits pre- 
viously fQed in the United Slates 
and India. At least 23 suits against 
Union Carbide, totaling $186.4 bil- 
lion, have been filed in U.S. courts. 


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29 

Italy 

Lire 

216,000 

108,000 

59,000 

Luxembourg 

LFr. 

7,300 

3,650 

2,000 

Netherlands 

FI 

450 

225 

124 

Norway 

N.Kr. 

1.160 

580 

320 

Portugal 

Esc. 

11,200 

5,600 

3.080 

Spain 

Pfas 

17,400 

8,700 

4,800 

Sweden 

S. Kr. 

1,160 

580 

320 

Switzerland 

S. Ft. 

372 

186 

102 

The rest of Europe. North Africa, former French 

Africa. U.S.A., French Polynesia, Middle East. 

j 

§1 

284 

142) 

78 

Rest of Africa, Canada, Latin America Gulf States, I 

Asia: 

S| 

396 

198) 

109 


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Page 6 


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fablaihtd With The New York Tinea ail TbrVaahliigloQ fo«t 


tribune 


Pacifist Terrorism Again 


A familiar thread of fanning craziness runs 
through the recent outbreak of terrorist bomb- 
ings and assassinations in Western Europe. 
The targets have been NATO installations and 
people who make or sell arms — in the past 
two weeks, an official of the French ministry 
of defease and a German industrialist. It is 
pacifist terrorism at work again — violence by 
people who kill to protest weapons. 

It is wiser not to try to read a great deal of 
significance into any movement that has as few 
supporters as this one. But it most frequently 
turns up in Western Europe when strong gov- 
ernments are in power. The most spectacular 
case in the postwar years was the Baader- 
Meinhof group, whose shootings and robber- 
ies began at the time when West Germany 
undo- Willy Brandt was successfully reestab- 
lishing relations with the c ommunis t countries 
to its east. The next eruption was a series of 
assassinations in 1977, during Helmut 
Schmidt’s highly competent administration. It 
is not Lbe politics of confusion or uncertainty 
that seems to evoke these episodes, but rather 
the display of assurance by a government 

Perhaps this series of outbursts simulta- 
neously in several countries is an occasion to 
note the extraordinary stability of European 
politics currently. West Germany and Britain 
have installed U.S. Pershing missies in accor- 
dance with an undertaking by the North At- 
lantic Treaty Organization without a crisis or 
anything approaching ii Thai failure of a 


le g i timate and rational peace movement may 
well have been the trigger for this very differ- 
ent kind of attack. In France, while President 
Francois Mitterrand has fallen low in the pop- 
ularity polls, he is in fact leading his country 
skillfully through a hush and difficult period 
of economy adjustment West Germany, un- 
der the stolid and undramatic leadership of 
Chancellor Helmut Kohl, worries a lot about a 
succession of scandals, and worries a lot more 
about hig h unemployment But business is 
beginning to pick up a gain, and, as in France, 
the alternatives to the present policies are 
neither clear nor terribly inviting. All three of 
these countries' governments — the Gorman, 
the French and the British — are enjoying the 
advantages of a divided opposition. 

It is that atmosphere of settled and rather 
sedate assurance that the gunmen are trying 
somehow to overturn. In another time, these 
people might have been enthusiastic infantry- 
men in somebody’s invading army. Bat they 
were born into quiet limes, and so they bomb 
NATO oil lines in Belgium and German ser- 
vicemen's cars in Portugal. They shoot an 
unarmed German engineer in his home, in 
front of his wife, on grounds that his company 
makes engines for tanks and planes. The gun- 
men's idea is to generate a panicky sense that 
the very structure of society is threatened, and 
its foundations are trembling. But in Europe 
today, it is just the opposite. 

~-777£ WASHINGTON POST. 


A Pause on Mideast Arms 


The Reagan administration's quiet decision 
to suspend aQ new arms deliveries to Israel and 
the moderate Arab states, pending a policy 
review, is the best thing the United Stahs has 
done in the area since Camp David. Although 
specific sales to specific countries have been 
held up in the past, no similar area-wide pause 
in deliveries is on record. No doubt different 
officials have different purposes in mind in 
supporting this pause, but if it is handled 
wisely, it could be a boon. 

Israel and Arab states such as Saudi Arabia 
and Jordan are good friends of the United 
Stales. There can be no question of cutting 
them off or patting their security at new risk. 
The point here is, however, that the United 
States is arming countries that are in a state of 
war with each other and that calculate their 
defense needs in large measure by what Wash- 
ington ships to the other party. This is a 
context that cries for American balance and 
restraint, the more so because perceived weap- 
ons needs are cruelly exacerbating Israel’s tre- 
mendous economic crisis and pushing Israelis 
and Arabs alike into ever more mutually trou- 
blesome dependence on Washington. 

Then there are the Russians, who supply the 
more radical Arabs, Syria, Libya and Iraq — 
all hostile to Israel and some hostile to Egypt, 
another close American friend. This is a harder 
case, since obviously the United States cannot 
practice unilateral restraint Even in Israel, 


however, voices are heard suggesting that the 
United States consult with Moscow to regulate 
the flow of arms. The whole matter of great- 
power regional consultation is laden with po- 
litical booby traps. Yet officials of the two 
superpowers are to hold a rare meeting on the 
Mideast next month, while the Washington 
policy review will still be going on. 

II there is one basic and continuing flaw in 
American policy over time, it is the failure to 
relate its pursuit of good relations with this or 
that Middle Eastern country to an overall 
strategy aimed at stability and peace. No one 
halfway familiar with the area will underesti- 
mate the difficulty of connecting the provision 
of arms to the pursuit of negotiated settle- 
ments. Nor will anyone familiar with the area 
deny the necessity of seeking such a link. 

Something like Mr. Reagan’s peace plan of 
1982 needs to be revived. The moment is not 
the best, but then, the moment is never the 
best. The United States' Arab friends will help 
some. Israel has at present a prime minister 
who believes in compromise with Jordan. 

The administration’s new arms pause may 
turn out to be just a tactical gesture, meant or 
used to reduce diplomatic tension for a few 
months. If that is so, the world will go on, 
which means, in the Middle East, more ten- 
sion, uncertainty, expense, suffering and dan- 
ger — the area's familiar wasting disease. 

— THE WASHINGTON POST. 


The Poor Getting Poorer 


This year's budget-cutters’ bible seems to be 
“Losing Ground," Charles Murray’s book ap- 
praising social policy in the last 30 years. The 
Reagan budget on Monday is likely to propose 
deep reductions in education, child nutrition, 
and housing assistance, and elimination of 
programs like the Job Corps, revenue sharing, 
and urban development grants. Agency offi- 
cials cite the Murray book as a philosophical 
base for these proposals, for it concludes that 
sodal-wdfare programs, far from relieving 
poverty, inoease.it and should be stopped 
That proposition may be as deeply flawed as 
it is startling, unlikely to survive scrutiny. Yet 
what a paradox if Mr. Murray’s argument 
should fall while budget cuts that it supports 
survive. If the economy is as healthy as the 
president says, this is precisely the time when a 
decent society would try to help poor people. 

The popular impression, writes Mr. Murray, 
is that the attack od poverty began in the early 
’60s but that real progress came only after 
President Lyndon B. Johnson started spending 
real money in 1963. The author contends that 
poverty actually fell sharply before 1965 and 
much less so afterward. Then, though social 
spending kept going up well into the 70s, 
progress stopped. “The number or people liv- 
ing in poverty stopped declining just as the 
public-assistance program budgets and the 
rate of increase in those budgets were highest,” 
Why? Mr. Murray believes the programs 
themselves have created disincentives to work. 
“For the first time in American history, it 
became socially acceptable within poor com- 
munities to be unemployed When working no 


longer provides either income or status, Lhe 
last reason for working has tnily vanished The 
man who keeps working is, in fact, a chump." 

What to do? Obviously, if soda! programs 
— welfare, food stamps, imemploymoti insur- 
ance and so on — do harm, then they should 
be stopped as Mr. Murray suggests. 

Mr. Murray’s argument, however, is trou- 
bled by some big holes. Here is just one: the 
baby boom. He thinks the increases in unem- 
ployment and welfare caseloads among young 
blacks arose because of work disincentives. 
When society gives away more money, people 
stop Hying so hard to earn iL But what if there 
is suddenly a huge increase in the number of 
vulnerable people in the society? The baby 
boom that began in 1947 did not consist only 
of the young urban professional whites now 
bidding up real estate prices on the Upper 
West Side of Manhattan. It also included 
young, urban, and decidedly nonprofessional 
blacks. There is surely something to Mr. Mur- 
ray’s belief that welfare creates disincentives to 
work. It is a fragile platform, however, on 
which to base a rail for demolishing the na- 
tion's system of social welfare. 

President Reagan asserts that a milli on 
blacks have left the unemployment rolls be- 
cause of the economic boom. It is precisely 
now, in these boom years and not in the lean 
years, that a sensible society would try hardest 
to help its poor citizens gain ground. The 
Reagan budget proposing yet more cuts in 
food, bousing ana health, sounds like an exer- 
cise in losing ground, and interest 

— THE NEW YORK TIMES. 


FROM OUR FEB. 4 PAGES, 75 AND 50 YEARS AGO 


1910: Tbe Days of Leisure Are Gone 
NEW YORK — “The Passing of the Idle 
Rich" is the title of a new book from Mr. 
Frederick Townsend Martin, who is devoting 
his career to promoting a higher standard of 
culture and humanity among the upper ten 
thousand of America, misnamed the “Four 
Hundred." Mr. Martin tears the veil from the 
inner sanctum of Fifth Avenue society and 
reveals the reformation which has overtaken 
his plutocratic competitors. He describes the 
idle lives they used to live, when idleness 
was rtwemed honorable. Now a new spirit has 
come over American society which considers 
idleness a disgrace. Even the richest con- 
sciences have awakened and their owners have 
joined the army of office workers in Wall 
Street, arriving punctually, although tired 
from the previous night’s dancing. 


1935: Soviet PtubesIffilharyBinldap 

MOSCOW — The man power of the Red 
Army has increased from 600,000 to 940,000 
within the past four years. Its mechanization 
has been raised in some branches 800 peroenL 
Its bender fortifications from east to west are 
complete. A roar of applause greeted Michael 
Tuchachevsky, Vice-Commissar for War, 
whm he made this disclosure at the Soviet 
Congress. Air power has increased 330 per- 
cent. with pursuit and bombing airplanes al- 
most twice as fast as before. Light tanks are up 
760 percent, medium tanks 792 perc e nt Sub- 
marines have increased 433 percent Neverthe- 
less, Tuchachevsky asserted, Soviet military 
expenditure constitutes only 10 percent of 
the Soviet budget while Japan is spending 
46 percent of its income and Poland 40 
percent for military purposes. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HA Y WHTTNEY, Omnna n 1956-1982 

KATHARINE GRAHAM. WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Ct-Gmmen 


PHILIP M. FOISIE 
WALTER WELLS 
ROBERT K McCABE 
SAMUEL AST 
CARL GEWIRTZ 


INputy PMsher 
Amdou Pubidher 

Dirraor of Operation 


LEE W. HUEBNER, PuUbfar 
Exeaane Editor RENfi BOND Y 

Ettaar ALAIN LECOUR 

Dead, Editor RICHA RD H. MORGAN 

Editor STEPHAN W. CONAWAY , 

Editor FRANCOIS DESMAISONS Dinar# Cmhtom 
ROLFDTkRANEPUHL Dinar cfAdnnbtng Suits 

International Herald Tribune. 181 Avenue ,???? NoaBysor-Seine, 

France. Telephone: 747-1265. Tetoc 612718 (Herald). Cables Herald Pans. 

Asia Headquarters, So 

ranfifsfates 

a * r - nm - 



No Sign of Pinochet Easing Grip on Chile 

_ . - . _ — ehnrt-ctroiited bv class struggle. 


S AN DIEGO — With the return 
of democracy to Argentina and 
Uruguay, it would seem almost in- 
evitable that their neighbor in the 
Southern Cone, Chile, would follow 
suiL Bnt Chile remains a country 
occupied by its own army. Despite a 
strong democratic tradition, and de- 
spite mass popular protests, the 
government of General Augusto Pi- 
nochet remains in control and is 
unwilling to relinquish power. 

Tbe three countries have much in 
common, including similar situa- 
tions that gave rise to military re- 
gimes in «»eh As in Uruguay and 
Argentina, the coup that estab- 
lished Chile’s military dictatorship 
was prompted by the threat of the 
organized left against the existing 
social order and Its economic elites. 
As in the other countries, the subse- 
quent military regime was not ini- 
tially a personalistic dictatorship 
but a corpora tist enterprise led by 
the services' commanding officers. 

Economic disaster eventually 
brought tbe demise of the military 
governments in Argentina and Uru- 
guay, but popular discontent appar- 
ently has not weakened General 
Pinochet's tight hold on Chile. The 
difference lies in the nature of his 
regime and of the opposition to iL 
On the government side there is a 
unique fit between the leader and 
the institution that supports him- 
General Pinochet emerged from the 
four-man junta as something of a 
charismati c leader for the armed 
forces. Although he is neither elo- 
quent nor tactful his very bluntness 
and his determination to “stay the 
course" has found a receptive ear 
among his fdkyw officers. And so 
for more than 10 years he has been 
both president and commander in 
chief, while Uruguay and Ar gentina 
have seen a succession of militaiy 
presidents. The Chilean army is 
unique in South America for its iso- 
lation from civil society and, before 
1973, its lack of experience in poli- 
tics. It consists of professional sol- 
diers, not conscripts, and was 
trained by Goman officers who in- 
culcated in its soldiers and officers 
alike a sense of blind obedience. 

Before the coup the army had no 
experience in governing, and when 
it came to power it behaved very 
differently from the armies of Ar- 
gentina and Uruguay. There offi- 
cers deliberated about political and 
economic issues and eventually split 
into factions; in Chile they retained 
the traditional model of monolithic 
discipline and subordination to 
their leader’s authority. Today the 


By Alejandro Fortes 


army is General Pinochet's army, 
rather than Chile's array. 

On the civilian side, mobilization 
against the dictatorship has been 
conditioned by the unique character 
of the threat that brought General 
Pinochet to power. That threat was 
more serious and more deeply felt 
than in the other countries. In Ar- 
gentina the challenge to the privi- 
leged classes came from a populist 
movement. Peronism, which never 


law. Efforts of the governxnenL in 
contrast, center on reminding the 
privileged classes of the pre-coup 
situation and the possibility of a 
return to that state of affairs. 

In recent months the govern- 
ment’s effort has been strongly aid- 
ed by three developments: a call by 
the Communis! Party to armed 
struggle as the only means to over- 
throw the dictatorship, a subse- 
quent rash of bombings and terror- 


LUUVL1UVUU 4 UUUUUl, muvu “w*wi » , 

seriously challenged capitalism or _ ist ads throughout the country, and 
private property: in Uruguay a ' increasing anti-government agita- 


Marxist-oriented urban guerrilla 
movaneni was destroyed by the 
army a year before tbe coup, and 
the only leftist threat remaining was 
an alliance that scored occasional 
electoral victories. In Chile, howev- 
er, an alliance of communists and 
sodalists won tbe presidency and 
governed for three years. During 
that time it proceeded deliberately 
to undermine capitalism and move 
toward socialist policies. 

Tbe experience of those years re- 
mains a vivid memory in the minds 
of the Oiilean elite and middle 
class. Although many oppose the 
military dictatorship, they find it 
infinitely preferable to a return to 
the pre-lv73 situation. Efforts of 
the democratic opposition, spear- 
headed by the Christian Democrat- 
ic Party, center on constructing a 
broad coalition of all sectors and 
classes for a return to the rule of 


. TiiMET 

IO V£AR 


lion in the misery belts around the 
nation's capital. Santiago. 

This increase of militancy 1 in the 
working-class suburbs coincided 
with an almost immediate decline of 
pot- banging and other demonstra- 
tions in the middle-class areas. Al- 
though there are undoubtedly other 
reasons for this development, it is 
dear that tbe renewed perception of 
threat, the revived sense of “us ver- 
sus them," has much to do with the 
sudden political quiescence of the 
wealthy sectors of society. 

The return to democracy in Chile 
would require a broad alliance of all 
sectors of society and the firm com- 
mitment by all political parties to 
respect the rules of the democratic 
gp r™ 1 . Only a unifi ed nation can 
overcome an entrenched dictator- 
ship backed by an obedient military 
force. To the extent that the struggle 
for democracy continues to be 


short-circuited by class struggle, the 
political situation is likely to persist 

Chile today owes SI 8.7 billion 
or approximately $1,999 per man, 
woman and child — mak i n g it one 
of the most heavily indebted coun- 
tries in the world. Unemployment 
last year reached 30 percent or 
about five times the average in the 
decade preceding the coup. At the 
end of 1983 the average real wage 
was 89 percent of what it had been 
15 years earlier. About 350,000 
Chileans, 10 percent erf the labor 
force, are in emergency minimum- 
employment programs that pay 
about $30 per month — one- third 
the country's minimum wage. 

The country is under a state of 
siege, with a nightly curfew and se- 
vere press censorship- Such condi- 
tions can not be sustained forever. 
They have lasted this long because 
the Pinochet government has suc- 
cessfully made use of a double ter- 
ror that inspired by its own repres- 
sion, which at times has reached 
barbaric levels, and that threatened 
by those who would exc han ge cue 
form of extremism for another. Un- 
til such fears, especially the latter, 
are overcome, prospects for democ- 
racy in Chile continue to be dim. 

The writer is a professor of sociolo- 
gy at Johns Hokp ins University and a 
visiting research fellow at the Univer- 
sity of California, San Diego. Ha 
recently visited Chile and contributed 
this la the Los Angeles Times. 





Internal Unrest Adds to Warring Iran’s Miseries 


N EW YORK — Something is 
stirring within the authoritarian 
Islamic state of Iran, which has been 
fighting Iraq for more than four years 
in a war that is apparently nnwixma- 

ble by either side. Over the last three 
weeks intdligieace sources in West 
European capitals have received re- 
ports of increasingly serious opposi- 
tion to the rale of Ayatollah Ruhol- 
lah Khomeini and the mullahs who 
carry out his policies in the country. 

No one can say yet how far the 
opposition has gone. There are re- 
ports, however, of riots and strikes in 
Mashhad, the holy city of Qom and 
in Tehran. Last month there were 
several bombings in the capitaL As 
minor and fragmentary as the reports 
may be, they may presage a drastic 
chan^B in an already unstable area. 

These rqparts reinforce the fears of 
many Western military and diplo- 
matic authorities about the next or 
postwar, phase in Iran. Their “worst 
case" projection is (hat the country 
will enter a period of civil strife as a 
result either of the death of Ayatollah 
Khomeini or of popular opposition 
to a protracted, costly and militarily 
fruitless war with Iraq. 

That war is now stalemated on the 
ground. Iraq’s attacks on Iranian and 
other shipping are the only offensive 
operations. Some experts say that 
this is the son of situation that will 
nourish dissdence within Iran. 
Estimates of Iranian dead in the 


By Drew Middleton 


war range from 60,000 to 78,000 — 
figures comparable to American fa- 
talities in Vietnam. The figures alone 
do not tell the full story. A high 
percentage of the dead and wounded 
were boys between the ages of 15 and 
19, who were herded into attacks 
against unshaken, wdl entrenched 
Iraqi infantry and artiHery. 

According to reports from Tehran, 
this slaughter had a political effect 
wdl beyond tbe natural resentment 


village mullahs who had to listen to 
outraged parents. Some mullahs took 
the nsky road of relaying the com- 
plaints to the ayatollah. As a result 
they were read a lesson in loyally. 

More than loyalty will be required 
if Iran is to crack Iraq's formidable 
defenses alone its eastern frontier. 
East of Kut-al-lmara in central Iraq, 
two years of effort have produced 
earthworks studded with field guns 
and surface-to-surface missiles. 


There is too mudi wishful thinking in Washington 
about Ehomemi’s demise and too little about 
what amid tmppenfoUowing his death. 


of parents. Tbe young Iranians slain 
in such operations as the 1983 and 
1984 offensives outside the Iraqi cit- 
ies of Basra and Kul-al-Imara had 
been, says one British observer, “re- 
tirement insurance" for thousands of 
Iranian families. These were the 
young men who were to have re- 
placed their farinas when the latter 
went into senriretiremenL 
The high death count was a conse- 
quence of ill-planned offensives. 
That apparently escaped Ayatollah 
Khomeini brooding in his villa out- 
side Tehran, but it did not escape 


Farther south, the north eastern ap- 
proaches to Basra have been blocked 
by a water obstacle that would force 
attacking tanks and infantry into 
channels covered by artillery. The 
consensus among military attaches in 
Baghdad is that a third major offen- 
sive against Basra would result in 
casualties higher than those suffered 
in offensives in 1983 and 1984. 

Iran's major weakness is in the air. 
Tbe latest NATO estimate is that 
there are about 110 combat aircraft 
available, but that only between 50 
and 60 are serviceable, due to short- 


Regan Has a Hard Act to Follow 


W ASHINGTON — When 
Donald T. Regan takes over 
Monday as White House chief of 
staff, he »tD be operating in a new 
and hard environment where the 
stopwatch of history has already 
started to tick. While Mr. Regan 
has proved an able secretary of the 
Treasury, few have taken the reins 
of the White House staff under less 
auspicious circumstances. 

At 66, the former stockbroker 
inherits what may be the toughest 
job in Washington, at a time when 
Reagan ism is at its crest and bitter 
and divisive battles on spending 
cuts, tax simplification and arms 
control lie dead ahead. 

President Ronald Reagan is en- 
joying a level of popularity higher 
than any chief executive since 
Dwight D. Eisenhower, but Repub- 
licans on Capitol Hill are increas- 
ingly restive on a wide range of 
economic and foreign-policy issues. 
The GOFs congressional wing and 
the White House seem on a colli- 
sion course cm the defense budget, 
which will have to be cut far more 
than Mr. Reagan and Defense Sec- 
retary Caspar Weinbergo - desire, in 
order to win Democratic support 
for domestic spending cuts. 

It is also far easier to follow a bad 
act than a good one. and Mr. Regan 
will be succeeding an especially 
adroit presidential chief of staff. 
Plenty of Reagan conservatives 
complain that James A Baker 3d 
pushed the president's agenda left- 
ward, but few question His compe- 
tence or political skin 
Mr. Regan also is taking over 
with an extremely limited start-up 
time. The job swap with Mr. Baker 
may turn out to be a better idea 


By Lon Cannon 


than it seems, but Mr. Regan 
should have been given three 
months, not three weeks, to find his 
moorings and replace the compe- 
tent people whom Mr. Baker is tak- 
ing with him to Treasury. 

Like his boss, Mr. Regan is con- 
sulted to corporate ideals of gover- 
nance. Both men have compared 
the White House to a gigantic firm 
in which the chief of staff serves as 
chief operating officer and the pres- 
ident as the chairman of the board. 

But the corporate model is a defi- 
cient description at a presidency 
that has more often resembled a 
group of feuding fiefdoms than a 
corporation. The so-called press 
leaks that have distressed the presi- 
dent were a by-product of this feud- 
ing, which took its toll on the par- 
ticipants but on balance actually 
served to benefit Mr. Reagan. 

Profound differences among his 
subordinates forced Mr. Reagan to 
become involved in issues (hat he 
would otherwise have been inclined 
to delegate. He knows far more to- 
day about deficits and rite defense 
budget than be would have been 
compelled to learn in a more hierar- 
chical White House system. 

Bui it is corporate order to which 
Mr, Regan now aspires. He has 
made it known that he considers 
“leaks” equivalent to mortal sin 
and wifi do his best to prevent 
them. Such proclamations curry fa- 
vor with the president but do him 
no service. The fact is that some of 
tbe “leaks” about which Mr. Rea- 
gan has become most alarmed were 
used by his aides to test public and 


congressional reaction to his more 
controversial policies. 

Tbe “leaks,’’ for instance, that 
U.S. forces would be withdrawn 
from Lebanon or that Anne Bur- 
ford would be replaced as head of 
the Environmental Protection 
Agency helped produce support for 
these decisions while they were be- 
ing debated, and brought them to 
reality. These leaks helped, rather 
than hindered. Mr. Reagan. 

Beyond the leaks issue, the ques- 
tion remains whether Mr. Regan's 
talents are suited to his new posL 
He is brainy and determined, but 
an official who knows Mr. Regan 
well describes him as deferential to 
the president, collegial to his peers 
and tyrannical to his subordinates. 

Mr. Regan bridles at the sugges- 
tion that be is a “yes man,” and 
indeed this is the sort erf canard that 
gains currency, makes the rounds 
and becomes accepted as fact with- 
out requiring evidence in its behalf. 
He deserves to be given a chance. 

But Mr. Regan ought to start by 
recognizing that be will be a veiy 
prominent target and a strong man 
in a White House that was, through 
a combination of accident and de- 
sign, relatively competitive and 
opto in its processes during the first 
temi. He should realize that this 
openness was an ingredient of the 
success of Mr. Baker. 

In talking to colleagues, Mr. Re- 
gan has sometimes compared him- 
self to an organ player, saying: “Ev- 
eryone can see his hands, but no 
one knows what his feet are doing." 
That is not a bad description of Mr. 
Regan's new job. but he will need 
some fancy footwork to succeed. 

The Washington Post. 


ages of spare pans and maintenance 
personnel Iraq deploys 580 combat 
aircraft and 13d armed helicopters. 

Tehran's only strategy at the mo- 
ment is one oLuear desperation. Ap- 
parently the ajetollah and his mili- 
tary advisers, fa rather amateurish 
group, believe, that the economic 
strain on Iraq will lead to political 
uprisings and the ousting of Presi- 
dent Saddam Hussein. Although 
there was -minor unrest early last 
year. Western diplomats in Baghdad 
see uo signs at present that serious 
opposition to the war will develop. 

Iraq’s strategy is the widely adver- 
tised but thus far largely ineffective 
air war against I ra man and other 
shipping, especially tankers in the 
Gulf. The most 'accurate figures 
available are 75 attacks on merchant 
ships, 46 of them tankers. A few ships 
were badly damaged; most have es- 
caped for repairs in Bahrain. 

The obvious Iraqi objective was to 
reduce Iranian oil exports and cut 
revenues. Up to a point they have 
succeeded, but there is little evidence 
suggesting Lhat Iran noil be forced 
out of the war as a resulL 

A major reason why Iran is able to 
continue fighting, most Western in- 
telligence experts believe, is the com- 
bat inefficiency of the Iraqi air force. 
Flying French-built Super- Etendards 
armed with the Exocet missile, and 
French- and Soviet-made fighter 
bombers, such as Lhe Mirage F-l and 
the MiG -23 and Su-20. Iraqi pilots 
have registered only limited success. 

This is especially true of the Exo- 
cets, which had chalked up successes 
during the Falklands war in 1982. 
The Exocet has proved less lethal 
again st tankers full of oil or ballast, 
which absorb much of the damage. 

Kharg Island, an oil terminal built 
on a coral platform, stands as a mon- 
ument to rite failures of the Iraqi air 
force. For all Lbeir superior aircraft 
and munitions, the Iraqis have failed 
to halt oil exports through Khaig. 

The Iraqi air force may be, in the 
words of one Indian observer, “too 
advanced for its own good.” 

A prolongation of the war in a 
volatile and strategically important 
region should be a greater cause for 
concern in the Reagan administra- 
tion than it seems to be. There is far 
too much wishful thinking in Wash- 
ington about the demise of Ayatollah 
Khomeini and, except for planners at 
the Pentagon, Tar too little thought 
given to the situations that could 
arise after his death. 

Similarly, there is a tendency to 
discount the possibility of an Iranian 
victory Tallowing a collapse of the 
present government in Baghdad. 
From the standpoint of moderate 
Arab states such as Jordan. Kuwait 
and Saudi Arabia, and of Israel, that 
outcome spells serious trouble. 

It would mean, ai the very least 
the encouragement 0 f fanatic Shiite 
Moslems in the region and, at the 
worst, attacks by Iranian-backed 
Shia groups on moderate govern- 
ments. b wu 

TTiere are no easy options for Iran 
or Iraq in the present war. Nor Ls 
there much that interested third par. 


The Show 
Must Go Oi> 
In Geneva 


w 


By James Heston 

ASHINGTON — There is not 
, , much optimism here about 
next month’s U^.-Soviet disarma- 
ment talks m Geneva. It is the city of 
broken promises and disappointed 
dreams, but the nations keep going 
back there in an endless search fora 
way to make Lhe world more orderiy. 

They are quite right to do so, to 
while Geneva was the graveyard of 
the League of Nations and many oth- 
er failures, it does not follow that tJ - 
United States and the Soviet Unit 
cannot reach limited agreements. 

For example- they will be meeting 
on March 12. the ISth anniversary erf 
their treaty commitment to control 
the spread of nuclear weapons, and 
on lhat they have been fairly success- 
ful It was the judgment of most de- 
fense experts when the Nonprolifera- 
tion Treaty was signed in 1970 that 
by the mid-1980s between 15 and 25 
countries would have atomic bombs. 

Despite the rapid development of 
nuclear knowledge around tbe world, 
the number of stales that say they 
have nuclear weapons has held at five 
— the United States, the Soviet 
Union. Britain, France and China. 
And it is more than 20 years since 
China tested its first atomic bomb 
and 10 yean since India carried out 
an atomic experiment, which Priiw^ 
Minister Rajiv Gandhi confirmed 
this week had no military purpose. 

This is reassuring, for it suggests 
that when it is clearly in their com- 
mon interests, Moscow and Washing- 
ton can keep their treaty commit- 
ments. And their reason for doing so 
in this case was fairly dear. 

They might export conventional 
weapons to other countries or fac- 
tions. but in a world of powerful 
pygmies, staggering governments and 
reckless, bawling religious fanatics, 
they were careful to avoid putting 
atomic power in the hands of desper- 
adoes who might drag the superpow- 
ers into unwanted cottfronlalkras. 

What is not so reassuring, however, 
is that the superpowers did not keep 
the other side of the nonproliferation 
bargain. They did not say to the other 
nations: You may not have atomic 
weapons but we may. Trust us! 

What the United States and the, 
Soviet Union said and signed in tL$i 
Nonproliferation Treaty was some- 
thing else. They said that they com- 
mitted themsdves “to achieve at the 
earliest possible dale tbe cessation of 
the nuclear arms race ... to seek to 
achieve the discontinuance of all test 
explosions on nuclear weapons for all 
time” and “to facilitate the cessation 
of tbe manufacture of nudear weap- 
ons, the liquidation of their nudear 
stockpiles, and the elimination from 
national arsenals of nuclear weapons 
and the means of their delivery pur- 
suant to a treaty on general and com- 
plete disarmament under’ strict aid 
effective international control" 

WeU, as President Reagan says, 
that is a big order, but both he and 
Konstantin Chernenko, wherever he 
is, have been saying on the way to 
Geneva lhat this is stflJ their goal: not 
merely to control or reduce nudear 
weapons but to get rid of them. 

Most people regard these road 
signs to Geneva as ihey regarded 
Maxim Litvinov's proposal at Gene- ^ 
va in 1932 that there should be total F 
abolition of aQ weapons by all na- 
tions, or Herbert Hoover's suggestion 
that same year that all existing arma- 
ments be reduced by a third. 

But leaving all these dreams aside, 
the fact is thai after 1 5 years of prom- 
ises by Washington and Moscow that 
they would stop the spread of nudear 
weapons and also stop the arms race 
between themsdves, the governments 
of the world are beginning to orga- 
nize and protest that the proliferation 
of nudear weapons in Moscow and 
Washington along with the prohibi- 
tion of nuclear weapons elsewhere is 
an outrage that has to be slopped. 

The leaders of India, Mexico, Ar- 
gentina, Sweden, Greece and Tanza- 
nia met in New Delhi last week. They 
approved the Geneva disarmament - 
talks but called for action — nopP 
more words — to stop the nuclear 
arms race, end nuclear testing and 
ban tbe development of space-based 
weapons. And they insisted on their 
right not only to be heard but to 
organize the nonnuclear nations to 
press the demands of a majority of 
the human race for tangible progress 
at Geneva — so lhat the United 
States and tile Soviet Union keep 
their promises io bring the nuclear 
menace under control. 

The evidence here is that American 
officials are not listening to the rest of 
the world, but are merely waiting to 
see whether the Russians go to Gene- 
va with some reasonable and verifi- 
able compromises. Presumably the 
Russians, if ihey can ever get their act 
and their aging government together, 
are doing the same. But at least they 
are going back to Geneva. 

The New York Times 



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. » uuiwu aows nas resumed diplo- 
matic relations with Baghdad and 
still smarts over the hostages affair 
Bui neither superpower has devei- 
oped a meaningful diplomatic initia- 
tive aimed at ending the war. Ua 

•ri 1985 Drew Middleton. 


LETTER 

For Peace in Cambodia 

, fegafding “Non-Communist Cam- 
bodia Group Gathers Strength Under 
Son Sann ' ( Insights, Jan. 16): 

. Efoabeth Becker’s analysis of the 
situation in Cambodia is an eye* 
conld b* prosecuted 
after World War II, it is high time 
tiut the UN Commission on Human 
JJightt investigate the alleged Khmer 
KJuge massacres of two minion 

Iff/S? 1 ?*: lhosc ^nd guilty 
*«dd be brought to book. , 

muni!ti )C ^ e L l ^ ai “ In dochina coam 
mumsts are better fighters than nmT 
Communist is only a myth. 

abdi«. U ^!- ed Slates has 811 bat 

^tary interest in the 

K-L. BINDRA- 
London. 





i 

\ . 

;s> : 

U&- 








MONDAY, FEBRUARY' 4. ions 


i\ cralb^tfe, Sri b un c 


BUSINESS / FINANCE 


eurobonds 


Bate of Early Calls Grows 
As Volume Posts a Record 


ByCARLGEWIRTZ 

International Herald Tribune 



K! “°“ 5 . re » su i r ^ “ rmd- 1984 . ITmT number 


e a j an R » and the pace is quickening. 

Most of the called issues for February, having a face 


Eurobond Yields 

for Wwk Ended Jon. 30 

USS (s term. Int*r Inst. _ 

U.W tons term. IncS. 

U-S-S medium term. Ind. - 
Con4l medium term _ — . . . 
French Fr. medium term 
Yen medium term. Infl Inst 

Yen to term. Inti Inst. 

ECU short term — . 

ECU medium term ... 

ECU long term 

EUA long term 


1153 % 
1152 % 
1 1-62 % 
1151 % 
1144 % 
756 % 
7.17 It 
955 % 
1053 % 
1052 % 
959 % 
1150 % 
952 % 


FL* >g term. Inti inst. 

FLx medium term - 

ColaiJatod or me Luxembourg Stock Ex- 
change. 

Market Turnover 

For Week Ended Jan. 31 
(Mlllom of U.5. DoliorvJ 


Cedel 

Euroclear 


Total Dollar EwrtvaUnl 
1U714 U5544 XI 245 
255475 2X4025 1544J 


amount of $480 millio n are 
floating rates bearing what 
now look like overgen erous 
margins of !A-poini over the 
London interbank offered 
rate, Libor. The remainder, 
with a face value of some 
$300 million, are mostly 
high-coupon fixed-rate paper 
sold in 1981 — such as JAL 
!5Ws of 1988 and IBM !2V*s 
of 1988. 

There are many reasons to 
t ^explain why issuers prefer to 
raise dollars in the Eurobond 
market rather than New 
York, but surely one of the 
major motivations has to be 
the easier technical condi- 
tions so often overlooked by 
investors. These would in- 
dude payment of interest an- 
nually rather than semi-an- ~ 
nually as practiced in New York (and as was current in Europe in 
the early days) and much easier call provisions. 

The New York market prefers issues with no early call and 
accepts such provisions only when a hefty penalty is imposed on 
the borrower. By contrast, IBM and JAL are paying only a half- 
percent premiu m — redeeming paper with a nominal value of 
$1,000 at a price of $1,005. 

AD investors holding callable bonds are paying for their 
careless acceptance of such easy terms: The price on such paper 
does not rise in step with non callable bonds as interest rates fall 
because no one wants to get stuck paying a hefty pre mium for 
paper that can be called. 

EANWHILE, the celebrations over January’s new-issue 
volume were cut short by new worries about where the 
■ market is headed. 

(For the record, data supplied by Salomon Brothers shows that 
$14.1 billion worth of Eurobonds were l aunched last mnnih. 
Dollar bonds remained the dominant component with $6.33 
billion of fixed-rate straight braids, 53.9 billion of floating-rate 
notes and 5120 million of convertibles.) 

The undoing of market sentiment was attributable to an 
unexpectedly large bulge in the U.S. money supply coupled with 
the Federal Reserve’s late- week tolerance in allowing the cost of 
overnight federal funds to touch 9 percent, from 8 Vi percent 
previously. This pushed short-term rates sharply higher and sat 
a dull through the New York bond market (already opeet at the 
record size — $19 billion — of the Treasury’s refunding opera- 
tions scheduled fra this week). • " r- j 

Late Friday, Salomon Brothers’ economist Henry jKaufman 
forecast “an end to the reoat decline in the funds rate]” Revers- 
ing his opinion of a week earlier, when he predicted anjpnmincnt 
cut in the discount rate, Mr. Kaufman said that Fed funds are 
likely to trade in the range of 816-9 percent this month and added: 
“The market can no longer take comfort from a seasonal reliqui- 
fl cation in the banking system.” 

More sanguine analysts are still around. They take last week’s 
news of a rise in the jobless rate and drops in both factory orders 
and the index of leading indicators as signs that the pace of the 
business expansion is less robust than expected. These observers 
also stress that U.S. fanners and businessmen cannot afford to 
lose more foreign markets from a further rise in the value of the 
dollar that would no doubt accompany a fresh rise in interest 
rates. 

The currency market scoffed at this view and in trading late 
Friday the dollar soared to 3.193 Deutsche marks, up from 3.1725 
DM quoted earlier in Frankfurt and breaking through what had 
been deemed an important resistance point at 3.18 DM. 

The New York braid market also remained depressed, with 
prices down some 34-point Friday. Fed action supplying reserves 
to bring the Fed funds rate down to 834 percent was sufficient 
(Continued on Page 11, Col 1) 


M 


Last Week’s Markets 

AS figures are os of dose of trading Friday 


, Stock Indexes 


Money Rates 


United States 


United States 

Last 99k. 

PrtvXffc. 

LmtWk. 

PrevJWk. WOrt* 

Discount rote, 

8 

B 

DJ Indus — 1XHJ72 

1,276X6 +0.13 

Federal funds rate — 

89/16 

BW. 

DJ UHL 148A5 

148.18 +0317 

Prime rale— — 

lOVi 

ItHfe 

□J Trans.- U19M 

60673 + 0364 

jgan 



SS.P100 177X6 

17630 +0482 



S & P 500 — T7&63 

17735 +R716 

DEscount 

6W 

6% 

Doto1mPrv*nlkMad*Sdartte 

tO-dav Interbank — 

65/16 

615 

Britain 


West Gammy 




6 

550 

FTSE 100 1X73X0 

ijsaxo —ixo 

Overnight 

610 

550 

FT 30 979.90 

1X02X0 —230 

1-month tnlwOonk— 

Britain 

570 

575 



Bank base rate 

14 

12 

Hans Sang- 135626 

1X7X91 +U7 

Call money 

1416 

11(6 


3-month Interbank _ 

12% 

1216 

Japan 


DoB&f LBtwt. prcvtaL-Sbaree 

NlkkfitDJ— 1LM6X6 

1UB5L10 — U5 

Bk Engl Index— 14670 

14610 

+041 

WestGemany 


Gold 



Commeal* 1.15660 UM +1X3 

tonAlSMetotomJaimClPfellQLUnto. 

London tun Hx. S 30X60 398X5 + 1-» 

areatagtaftUtotenCaeaauoaaiXmsQuil 


Textile 
Talks to 
Resume 

US, Hong Kong 
Debate New Rule 

United Press International 

HONG KONG — Hong Kong’s 
fight with the United States over 
textile-import restrictions reaches a 
crucial stage Monday, when uade 
officials open a new round of talk* 
oq the dispute in Washington. 

Pressure on both sides is high. 
Hong Kong’s knitwear industry 
claims it will face major unemploy- 
ment and financial losses if the 
rules are not amended. The dispute 
could also affect U.S relations 
with China. 

The new rules, which took effect 
Oct. 31, attempt to end a practice 
known as transshipping: When a 
textile-making country nears its 
quota for exports to the United 
States, it often sends garments to 
another country for final assembly 
and labeling, taking advantage of 
that nation’s unused quotas. 

The Reagan administration re- 
defined the technical term “coun- 
try of origin'’ to mean that a gar- 
ment being sat to the United 
Slates was legally from the last 
country in which “substantial 
transformation" took place, not 
rally the final steps. 

Hong Kong officials claim the 
rules wtD disrupt an a rr q piefl prac- 
tice in die garment industry that is 
used to take advantage of chop 
labor and keep costs down. 

“There is nothing unusual about 
the international division of labor,” 
Hong Kong's trade director, Ha- 
nrish MacLeod, said before leaving 
for Washington. “The United 
States, for example, does it in the 
case of electronics, the components 
Fot which are often made in Taiwan 
or Korea.” 

The Hong Kong government es- 
timates that more than 70 percent 
of Hong Kong’s sweater exports to 
the United Stales are assembled 
from panels knitted in China, and 
therefore run afoul of the rules. 

Beijing damn: that several thou- 
sand workers producing knitted 
panels for Hong Kong could be 
laid off. China has said that overall 
trade with the United States could 
suffer. 

Knitwear retailers in the United 
States have also protested, claiming 
that reduced textile imports wifi ' 
push domestic prices up and dam- 
age their business. 


Grim Times for France’s Carmakers 



Labor Trouble, 
Mounting Losses 
Hague Industry 

By Paul Lewis 

New York Times Service 

PARIS — For France's em- 
battled automobile industry. 
1985 may prove to be the most 
painful of times After losing 
more than S2 billion in the last 
three years, it now faces the pros- 
pect of sharp cuts in its bloated 
work force, a move that the So- 
cialist government has* resisted 
until now and one that could 
spark labor unrest 

The government’s concern is 
evident. U recently dismissed 
Bernard Hanon, chairman of Re- 
nault who was unable to stem 
the tide of red ink at the state- 
owned company, France’s big- 
gest carmaker. And its choice of 
a replacement was telling: 
Georges Besse, who took the 
hehn of Renault late last month, 
eliminated more than 4,000 jobs 
when he headed another stale- 
owned company, the Pechiney 
aluminum concern. Most indus- 
try experts believe that the gov- 
ernment wants him to do a simi- 
lar job at ReoaulL 

At privately held Peugeot SA, 
the country's second-largest auto 


An assembly line at 
Renault's Flics plant. 
Georges Besse, the auto- 
makers new ritflirm»n t is 
expected to move quickly 
to rein-in runaway costs. 

company, major change*; are al- lion’s automobile manuf actor- 
ready under way. After accumu- 
lating losses of SI billion in four 
years and piling up $9 billion in 
debts, the controlling Peugeot 
family ousted Jean-Pan! Parayre 
as cfauf executive and brought in 
Jacques Cal vet, a tough-minded 
banker. 

Since his app ointmen t in Scp- 

Jean Pierson of France’s Aero- 
spatiale is mninned as ctarfr- 
man of Abbas Industrie. Page 11. 

lember, Mr. Cal vet has persuad- 
ed the government to allow him 
to dismiss 1,600 workers and he 
has said that further cuts are like- 
ly. The government of President 
Francois Mitterrand has been re- 
luctant to permit the dismissal of 
workers, mairing it virtually im- 
possible for a privately owned 
company as prominent as Peu- 
geot to fire employees without 
official permission. 

Pace the pride of French in- 
i-dnstry, Peugeot and Renault are 
the -most visible examples of the 
severe problems faring the na- 


problexns include man- 
power surpluses, heavy losses, 
growing competition from rivals 
with innovative model limy and 
a need for fresh capital to 
Strengthen balance sheets and to 
invest in new plant and equip- 
ment. Both companies have been 
among the slowest on the conti- 
nent to recognize the growing 
crisis of overcapacity gripping 
the entire European market. 

Critics charge that pan of the 
blame for the industry s decline 
lies with France’s Socialist gov- 
ernment. On coming to power in 
1981, it reflated the economy, 
which led to sharp increases in 
ante demand. But those econom- 
ic policies helped erode profit 
margins for carmakers, who had 
to operate with higher labor and 
social security charges and strict 
price controls. In 1983, when the 
government was forced to adopt 
austerity measures, the French 
car market collapsed. 

. Only now is the government 
tackling the issue of too many 
(Continued on Page 11, Col 1) 


West Germans Weigh Opening Capital Markets 


By Allan Saunderson 

Reuters 

FRANKFURT — A major behind-the- 
scenes debate has begun in West Germany that 
bankers say could open the door to far-reaching 
liberalization of the country's capital markets. 

West Germany has refused to authorize a 


NEWS ANALYSIS 


This Geld, through which non-German bor- may come soon after the next meeting of the six- 
rowers issue mark-denominated bonds in the bard: committee, Feb. 13. 

Euromarket, is son by bankers as a particularly “There wffl be a thorough discussion on the 
cosy world that has yet to be truly exposed to is** but an outcome depends on whether the 
competition from foreign banks. parties involved agree or not, or whether the 

Under the present system, representatives of Bundesbank wants to go ahead and simply 
six major West German banks meet about once announce a derision.” a German banker said. 

a month to draw up a calendar of borrowers, an „ . . . . „ , 

informal list agreed upon with the Bundesbank. German hankm, mdudmg some in the 

Only West German banks are allowed to be m 

rapidly growing number of financial innova- lead managers in a DM-Eurobond issue. But if ldea , liberated Ucm. TCiey maintain 

tions, devised mainly by U.S. banks. But bank- the Bundesbank has its way, foreign banks will t he am ount of new mark bonds offered 
ers say the Bonn government and the central get a share of this lucrative fee-earning business. ““ ■ “ oodi °8 V ie,nancct 
bank, the Bundesbank, are pushing for a series The Bundesbank confirms that talks can : £ ^gger m2 ^' 

of modest changes following similar moves in changes in caphal-markel regulations are under rf* roe 

major world fiSncial centers such as New way. Tut says no timetable has been seL 

York, London and Tokyo. Bankers see two main reasons the authorities Wfif 1 * attempts to 6X01 «»- 

For German bankers, long protected from are pushing fra liberalization: to head off end- U01 * 
extremes of competition from a ggr essive foreign “ J ’ 

banks, the discussions could herald a new era 
and break their monopoly m several areas, 
ripally the issuing of Deutsche-marie 
bonds. 


rism from abroad that they are not allowing free Foreign competition could also spark a fee- 

access to markets, and to keep West Gorman catting battle that would dig into bank profits, 
bank business being driven offshore. Senior officials of U.S. banks in London have 

Some bankers expect that a derision on fra- said they would quickly take advantage of any 
eign bank access to the mark Eurobond market opening of West German markets. 


U.S. Economy 
Starts Year Well, 
Survey Shows 


7 "hr Associated Press 

NEW YORK —The U.S. econo- 
my began 1985 growing briskly af- 
ter a downward drift at the ad of 
1984, the National Association of 
Purdiasing Manag ement said Sun- 
day in its la lest monthly survey. 

The group, which comprises pur- 
diasing executives erf 250 major in- 
dustrial corporations, said new or- 
ders were up sharply in January 
after a months-long negative trend, 
and that production improved after 
slipping m December. 

Other good signs were that ven- 
dor deliveries slowed slightly and 
employment improved, it said. In 
addition, inventory levels increased 
from year-end lows. 

The purchasing managers sur- 
veyed also reported more price de- 
creases than increases, for the sec- 
ond consecutive month. And 39 
percent of the purchasers indicated 
that overall price increases fra the 
first quarter so far are running low- 
er than originally budgeted, com- 
pared to only 5 percent who said 
they were higher. 

“The economy has entered 1985 
strongly,” said Robert J. Bretz, 
chairman of the group’s business 
survey committee and director of 
corporate purchasing at Pitney 
Bowes Inc. *The danger signals we 
were seeing during the last quarter 
seem to have faded.” 

The association’s composite in- 
dex increased to 515 percent in 
January from 50.9 percent in De- 
cember. The index was at 51.4 per- 
cent in November, the group said. 

A reading below 50 percent indi- 
cates that the economy is in a de- 
clining phase; above 50 percent, 
that the economy is expanding. 

After the sharpest decline in six 
months in December, new orders 
snapped back dramatically in Jan- 
uary, the group said. 

Members reporting increased 
new orders rose to 25 percent, the 
highest since 37 percent in June 
and up from 19 percent in Decem- 
ber, it said 

Production, whirii dropped in 
December to climax a five-math 
decline, increased sharply last 
math. The 27 percent reporting 


U.S. Aide Says 
Protectionist 
Mood Is Strong 

Washutgton Past Semce 

BRUSSELS — The record 
51233-billion U.S. trade deficit 
for last year will increase pres- 
sure a Congress to adopt pro- 
tectionist measures that cold 
disrupt trade relations between 
the United States and the Euro- 
pean Community, a senior U.S. 
official has warned 

The official who spoke on 
condition that he not be identi- 
fied, said here Friday that the 
Reagan administration had a 
gpod record on opposition to 
protectionism. He said 180 bills 
considered protectionist were 
filed in 1984 but only two trade 
measures opposed by the EC 
were passed 

In 1985. however, “the atmo- 
sphere is much more condu- 
cive” to the adoption of protec- 
tionist measures because of the 
trade deficit, he said. Congress 
will be under stronger pressure 
to look for a “shortcut” to re- 
duce the deGat, be said. 

The U.S. ran a $133 billion 
deficit with the EC last year. 


better prod 
the 

and represen 
over the 12 
production. 


in January was 
35 percent in June 
a 15-point margin 
t reporting worse 


Vendor deliveries slowed some- 
what in January as purchasers re- 
ported catching vendors with ibrir 
inventories down at the ad of the 
year and struggling to meet the 
increased demand in January. 

The rale of employment im- 
proved slightly in January, after 
five consecutive months of derline 
Those reporting same or greater 
employment rose to 79 percent 
from 77 percent in December. 
However, many continued to re- 
port belt-tightening measures re- 
sulting in selective layoffs, either 
current or planned within the next 
math or two. 

Purchasers reported increasing 
inventories in Janoaryaftex numer- 
ous reductions in December to 
inventory low. 
ity-two percent reported 
same or higher inventories, np from 
68 in December, the group sa i d 


BANQUE NATIONALE DE PARIS 

Floating rate note issue of US$250 million 
January 1980/88 

The rule «f iulrrvsi applicable for the three month period 
Jamun 31. 1965 and sel bv the reference agent i& 
B’VWf- animaJh. 


INTERNATIONAL CONVERTIBLE GROWTH FUND 

Bonds commun de Placement 

Luxembourg 


Dividend Notice 


A tfividend of US S 0,20 has been declared 
8th, 1985 to shares outstanding on January 31st, L . 
coupon n° 1 at the offices of Kredietbanjc SA. Ui 
levu-d Royal. Luxembourg. 


rlared payable as from February 
on January 31st. 1985 against remtuance of 
embourgeoue. 43. bou- 


lor International Convertible Growth Fund 
Management Company 
The General Manager 


Gticorp, CIGNA Cancel 
Loan-Insurance Accord 



Late interbank rates on Feb. 1 , exdwfing fees. 

Offiari fixings for Amsterdam, Brussels, Frankfurt. Milan, Paris. New York rates W 
4 PM. 


7,96550 
•.MIX 
1109 • 
0.1 377 


I OJA. W- 

405 1IX1B5' 37515“ 

(al OS B 71515 300205 AS™ 

Frankfurt XI7J5 XS79 

Q» 1.12*5 X5735 

1,95580 230350 .61423 20756 

KnfYortld 1.1 W J™ 9jm 

Parts 9-705 «« *“* ZZ. 

£E US “■ «• M 

!K JS SS Si JS ”52 

Dollar Values 

* Par * coroner 

US* war. _ . 

i m 09836 trim t 

Sri SiEs to-gu-w 

it ct tiat KaMaUI mow 

IJ27* 0*01* mmrnr . .rina aH 

11JJJ5 Uorw-Bwie 

uah was pna-vvo 

12?J0 MW W 1 *** 

7J06S 0L279I 


GUr. 8jr. 


IU- 

0.1H37 

125 • 17.7025 
MZJX 10415* 
2.197.25 


SJ=- Yea 
145* 13X385 -14009 T 

2169 34S! • 

4593 • 117,97 *12305 - 
71 .405 3JJ373 2B8L73S 

S45X0 30769 72434 7435 

X6IT6 6X92 27175 257 JS 

1702 14267 * 34OiaX78S0* 

70.96 40X71 * «J9 

7498 * *2375* 105- 

25158 *4537 15874 119.613 

14964 61.9316 2A2 348827 


New York Times Service 

NEW YORK — Citicorp and 
CIGNA Corp. have laminated an 
agreement under which CIGNA 
would have insured up to $900 mil- 
lion of loans to fmanaaHy troubled 
Third World countries. 

The agreement was reached last 
May, al the height of concern about 
whether a number of debt-bur- 
dened countries would be able to 
meet their financial commitments 
to foreign banks, including Citi- 
corp, rare of the biggest interna- 
tional lenders. 

The agreement shook the bank- 
ing and insurance communities. It 
was believed to be the first time 
that a bank had resorted to private 
insurance to protect itself against 
late repayments or all its loans to a 
specific country. 

Insurance-industry sources had 
said that CIGNA was having diffi- 
culty assembling a reinsurance syn- 
dicate fra rhe policy, and that the 
problem might cause the two com- 
panies to abandon the agreement 

News of the agreement was pub- 
lished in Citicorp’s quarterly repot 


to the Securities and Exchange 
CpmmiMQ n. 

CIGNA maintained that it had 
kept only a small pan of the liabil- 
ity under the coverage and that it 
had sold the rest to other insurers. 
But the details of the accord were 
never disclosed, and there were ru- 
mors that the arrangement had 
never been- completed. The premi- 
um was said to have been about 
$4.5 minion. 

Friday’s announcement, which 
shed little light a the transaction, 
indicated that the two parties had 
not agreed on whether the insur- 
ance had been in force. 

“Citicorp and CIGNA have 
agreed to terminate their further 
obligations under a contract of 
convertibility and contract-risk in- 
surance entered into by a wholly 
owned subs diary erf CIGNA and 
Gticorp.” the statement said. 


LTV Posts Loss 
Of $378 Million 

United Press International 

DALLAS — LTV Cram has 
announced a net loss of $246.7 
milli on in the final quarter of 
1984, pushing the company's 
annual loss to $3782 minion. 

The giant military-equip- 
ment, energy and steel compa- 
ny, which acquired Republic 
Steel in June, blamed the losses 
a its sted operation. The 1984 
loss compared with a loss of 
$180.7 million in 1983. The 
1984 fourth-quarter loss com- 
pared with a profit of $7.5 mil- 
lion, or 4 cents a share, in the 
final quarter of 1983. 

For the year, LTV*s sted di- 
vision reported a loss of $217.4 
minimi and for the fourth quar- 
ter a loss of $152 minion, 
against losses of 52002. million 
and $17.2 million in 1983 and 
that year’s final quarter. 


&96M. 

sain AratretaS 

QMS » 

00157 mnitei An 
07531 COflOdMS 
08882 Doaftekroae 
0.1509 HpaMftamt 
88877 Gretfcdradaoa 
M2B1 HinKflol 


USX ox* 

1 S 1 B (USM Stamens tuts 
an 0502 5. Atria* road 1.992 
03061 80013 S. Karat* m BX2J0 

11915 00057 tmr fj— *- 1 7838 

9.P5 M185 SaeAknoi 9X0 

18.125 OB256 Tohnai 3909 

17100 0065 Tftdbaftt 27.395 

'«« 03773 UJLE. tartan 36725 


»ixiymMund(rt*mo««wte88>6w«*iu*-|-> 


C SBrtbBrt.lSOS iiW C 

SSSSSSS Sw^ Tw. 

HA: natquaMtf: NA: nrt ovnj ‘ at *f ~ . ganea Commentate Itatfaaa (Milan); Banoue 

Sams: Barm* Bo Benete <Brusmm»; ^ el Inti ijo t t on al n d-ln v e st tssement 


Gold Options (pricn inS/s 


Pnaa 

Feb 

mar 

** 

20 

1500-165) 



300 

7.5- 875 

l73W?fl) 

latavsi 

3W 

300 425 

12001330 

19252075 

so 

135 235 

775 925 

1425-1575 

3D 

04} 14) 

500 630 

KU0T2JXI 

30 

QiO 050 

275-43 

730 900 


Gott 30270- Z3J0 

| Videos White WeUSA. 

1. Qoal tat Moof-Btanc 
1211 Com L, Siritmfend 
I Tri. 31 83 51 - Trie* 29X6 


baxtemsavenol international capital corporation 

FIRST SERflE CONVERTIBLE PREFERRED STOCK 

Bearer Depositary Receipts 
issued by 

Morgan Guaranty Trust Cy of New York 

A di&lribulion of SO. 73 per depoMiarv share less anv applicable (axes 
depending on ihe presenter i- country of residence will be parable on and 
a/ier January 22. 1985 upon presentation of coupon No. 27 a i the office of 
anv of the (ollouing depositaries: 

— MORGAN GUARANTY TRUST CY OF NEW YORK 

- New York, 30 West Broadway 

• London, 1 Angel Coart 

- Bruxelles, 35 Avenue des Arts 

• Paris, 14 Place Vendbrne 

- Frankfort. 46 Maimer. Landstrasse. 

- — KRED1ETBANK S.A-, Boulevard Royal, 43, Luxembourg. 


NEW 


iiarv 1885 
W ISSUE 



This announcement ai 
as a mailer of 


mi appears 
record only 


VILLE DE SAINTE-FOY 

Province de Quebec, Canada 

Can. $ 10,000,000 
13^% Bonds due 1990 

underwritten and placed by 

BANQUE INTERNATIONALE A LUXEMBOURG 

Society Anonyme 


December 1984 
Emission Nouvelle 



Get enqman aymt rnUrtment mucm, 
!e priwiH mis mi pub(i4 a btre 
dlnfannulon seolmeol. 


Communaute urbaine de Quebec 

Province de Quebec. Canada 

Emprunt obligataire 12%% 1984-1991 
de 32 000 000 $ Can. 


BANQUE ENDOSUEZ 
DAIWA EUROPE LOOTED 


BANQUE INTERNATIONALE k LUXEMBOURG 
SodMitaMtw 

BANQUE GRnERALE DU LUXEMBOURG &A. 

CREDIT COMMUNAL DE BELGIQUE SJU 
GEMEENTEKREDIET VANBELGlfiN.V. 

DRESDNEB BAN K AG KKEDIETBANK INTERNATIONAL GROUP 

MCLEOD YOUNG WEDt IN TERNATIONAL LIMITE D MITSUBISHI FINANCE INTERNATIONAL LIMITED 
I HE NIKKO SECURITIES CO. (EUROPE) LIMITED NOMURA tNTESNAHONAL LIMITED 

OSlERREICHtSChE LANDERBANK A.G. S0dRT£G£N£EMX 

ALGSME NB BAN K NEDERLAND N V. BANK FtIR n tiim nimni!/niHT * «■ 

tSSSSSK*™ 1 ’’ 

aktonceseli^chaft 

KSlriif™™ 0 DEN NOBSRB CREDtTBANKfLUXEHBOUBC|S.A. 

SWISS BANK CPBPOHATTON INTERNATIONAL LIMITED UNION BANK LDOTED 




INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 4. 1985 


International Bond Prices ■ Week of Jan. 31 

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

Prices may vary according to market eoadidme and other factors. 


RECENT ISSUES 


aim setsffiy 


untie Ait 

ft Mat Pita Mat Lift Cot 


IUBMRH 
Mat Obot Price Met YMO 




r m 

ii3 ?£S 


STRAIGHT BONDS 

All Currencies Except DM 


Mas. Am 

Pita Mot UtoCnr 


AUSTRALIA 


Australia 9ft 

Australia II* 

Ahun Australia Ift 

Alcoa 01 AucoaUa n 

AJeea Ql Australia u 

A kM 01 Australia HI 

AknaOIAastralla UK 

Australian Ind Dm Co II 

ftotnftcnMDevCe lift 

Austral bn Mini Smelt 9b 

Australian Resourom 13 

Australian Resources Uft 

Au st ra s wte 1 

Broken WtlPtv 8 

Broken HD] Ptv 8b 

Broken HM Ply ub 

Broken HIH Pty 13 

Broken HdJPfv 10 

Comako imal Eurasa Wj 

Gomatcc Invest Europe Mb 

CemfcoUnttted 10 

Canuncnwtoltti BJc Anstr 13ft 
CsrUmlMd U 

HamanKy KoMlnas (ft 

Homorttev Iron Fin 9ft 

HanMistay Iran Pin * 

Hamerxtov Iran Rn 8 

K Mai Finance 9 

Mount leRnra Bft 

Maud let Finance 1W 

NataraJ AuVr Book lift 

Prbnary Industry Bank «ft 

Quemknd lift 

QueenstodAluntfna Ift 

Quaansland Alumina 8ft 

Rural Industries Bank 11 

Stats Bk Nm S Wales lift 

Tnl Owm Rmmea t 

Western Mlntag Corn 15ft 

Western MMneCmv 9 

wnsfeac Baikmo Co Oft 

suwpoc inti PMmoi n 

AUSTRIA 




In 

raeq 





Zenlrutftjurto-Kararnerr lift 
Zentratoorfco-Kamnieri lift 

BELGIUM 

European Banking Qx» MtVftt 
Genflnancn lift VO Jan 

KradHbank Iflma 13 92 Jan 

Sotvav 9b 77 Apr 


III 11.11 1U4 

■9 1141 IL73 9JD 

111ft 1137 T13S 
B 7 1137 003 9J91 

root 934 M.I4 

ant tut nil 

STO 1KH B.H 5M 
180ft UO 935 

HD MJ7 1859 
ill lxm um 

04ft 1U3 1X41 

lUft 1135 IMS 

114ft 1114 EL35 

Mft TIN 1IN 

94 9J31L47 459 

9BK 17J4 JEM 

W7 IMS tug 

97ft 11 J9 1U4 

iiift iz« an 

105ft IIJO 1144 

109ft 1104 1U9 

97ft a 15 IIS 

jo? fci lias tus 

”0ft 1M7 lira 

HMft 1231 1271 

non ixa ins 

iBi tup am 

94 IU7 1133 Ml 
91 HUB 1117 XU 
103 1L83 1101 

IBS 1251 I2S8 

98 IM2 1MI 

99ft 1200 11J4 


104ft 9M 1X38 

97 12® I1AD 

99ft mi IMS 

97 TUI IliB 







ft Mot 
7ft 
13ft 
IW 
lift 
lift 
II 
7 
7 


— YUM — - 
AW 

MotLMCutT 
& 24 
1250 
1LB7 . 
129 
iuy 
IUI 

M7 
731 
.§* 


TO 74 Jon 
B Wftti 
9 77 Fee 
13ft 73 DK 


9 OS Mar 
■ft 79 Feb 
lift 74 Apr 

MW 75 Jan 



7ft *5 Apr 
4 75 Mar 
7ft VDJte 
7Vt 95 Mar 
4ft 87 Jun 
7 78 Jon 
6ft V Jim 
4ft 78 Nov 
BftWPeO 
9W75NW 
7ft 71 MOV 
9 71 MOV 












Ur 



** 





• 

















r*T. rri 













Cmtsbero-Tuborg 


DENMARK 


4 75 Jim 
9ft 75 Dec 
7ft 77 Sea 
13ft 71 AlJO 
10ft 77 Aar 
13 TIOct 
7ft to Jan 
lift 79 jwi 
»« 71 Mar 
13 *»l Mar 
13 71 May 
M 71 Jul 
13ft 71 Sea 
4ft 72 JOS 
13 73Jai 
12ft 72 Feb 
Oft 73 Mar 
13ft 73 Dec 
Oft 71 Apr 
9 75 Od 

t S»*« 

4ft 77 APT 
7ft 77 Feb 
9 15 Apr 
Oft 74 Feb 
4ft 74 Apr 
9 75 Mar 


Eton ( tattoo- Punetil 9 75 Mar 
totoee Baft Denmark lb 74 Jen 
Mortgage Book Danmark TftTIJan 
Mortaape Bank Denmark 13 73 Jon 
Prtm Bwiiou 14ft 7B apt 

W Wian k pn 12ft 75 Fab 


HUB 10.M 409 

10.15 1116 932 

1219 1304 L33 
1147 1183 

1141 1135 

1201 1242 

1034 1104 152 
1U9 1140 

9JI 1131 

1U5 11-74 

1141 1U 
1221 U82 

1L91 1X53 

731 454 

1255 1235 

1X44 129) 

743 744 

1141 1244 

11471211 747 
944 944 9JD 
HUE HUD A19 
9JEI1.D 404 
9431041 759 

11.15 IMS 9JE 

i HL1S 1134 043 
, 1B431247 451 
i B49 942 

i 14.15 HJ7 448 

1430 1143 452 
I 1249 1240 

i 13B3 1429 

1412 urn 





Mertaac Bank Finland 
Marhnge Bank FlakMd 
PekemaOv 




•Z- 


j 4 *- 



JC- 

j,: ,_j 




r-j 

Si 



ai»j 

kZ 

j 

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r— ; 

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LUXEMBOURG 

BftFfiaak Inti X/w 7ft 70 MOV BS 

BM-Bank Inti W/ta 7ft70Mav lWft 

MEXICO 

IftHMar *3 
Bft VI Dec 81 

lift V7 jul no 

I 77 Fd 92ft 
13 VJNau 99ft 
17ft 77 Mar If m 
17ft 74 Nov 104 
14ft 77 Apr 103 
Oft 77 S<P 93 
lift 78 JU 95 



1201411 9.14 
2X89 1407 HUD 
144* IU2 
1X44 I6J9 045 
1114 IDS 
1X34 1744 

S3 SS 

IL74 13J2 9.U 
13-35 1159 1211 


MISCELLANEOUS 

Bonitas DtCuinee 8 TODec 79ft 1130 1554 M06 

Develop 8k Singapore ISftWAvB HE 1ZW U35 
Singapore _ 7ft 77 Nov 95 9JB 1053 41» 

Tronsotane Finance TOTSJuJ ftft MB 940 645 

Trans al p in e Flnici »ft TOOct *m UN HUM M7 



NETHERLANDS 

lift 71 Feb 

0 77 Aw 
13 79 NOV 
lBftTBAUB 
lb 77 Jim 
Bft 78 Aw 

11ft VI Star 
15ft 77 Mav 
8ft 7S Jut 
UftviMpr 
18ft vg Apr 
lift VO 00 
lib 71 Mar 
6ft 10 Jut 
6ft VO Jul 

11 vi Mar 

1 76 Dee 
7ft 77 Jan 
7ft 77 Mar 
8b V0 Fee 
9ft 77 Jut 
WiVQJut 

NEW ZEALAND 


GERMANY 

BatJFtont* Europe lift 77 Mur 

Bast Finance Europe 9V89FeB 
Etof Ovtme X/„ 11 TBkiar 

Best T ran sad ontka ns 77 te«n 

Bam ir.ii Fwqnc x - * Wj T jwt 


lorn, ion n.i: 

»* ”46 HUS 

«».« um ia«7 
«'•; I5JJ1I43 f.4i 
w< 1056 Ita 


NNbauM 
NtwZeatod 
Ne»Z*atod 
Nmw Zealand 
NmZrabnd 
NewZeatod 
BtmkOi NmZeaknl 
Dev Fin New Zee km) 
nz Forest Preduca 
nj Forest Products 
OfUartMUna 


BeraenCBv 

Beriegan . -d 

Sen NorjkpCntflWft 

Den NarAe CrtdJTOcmfc- 

EkatarrGmas 

EkMcr W InO W 

Ek saarHui CW 

ClSSOdliRCV 

Ek swHIiiuw 

EksoartTmam K»n 

EkBnrifuwns 

EkwtflnaM 

Ekiacrtfincnt 

EH partTiMlH 

f tmutumm 

Nmtpes nww*eVh5fenki 

Ncroes ketrjnumiBont 

Kories kcnwunjtSstiV 

News rjjmmurtnhink 

hersti kcm'aimiconi 

Nc-ats kmmruufllbci’fc 


4V9 76M0T 
TAWDec 
6% 77 Dec 
l«79ABr 
7*0 W Sep 
UN 73 Mot 
I ftTSJun 
9 76 Mar 
I7ft 78 Nov 
Bft* Dec 


5ft IS Apr 

8 77 Apr 

8ft 14 Feb 
13 WM09 
lift V3 May 
raft won 
lift 76 Jim 

9 WSea 
lift 7J Jan 
9ft 17 Jul 
■3WS7Sep 
12 79JTOI 
14', ■ « MOV 
9ft VQFfD 
lift VO NBv 
I Oft -BJOi 
10": S3 Apr 
TftTTFW 
J'jVSDrc 
B'sVIIJk 
B' tTIAWi 
9' its Apt 


107 TU9 1144 
» 944HJ4 8JD 

MS 1144 HI 
94 I1J4 1121 
93ft 1148 1141 143 
93ft 1143 11.77 944 
Wft 1122 1145 

M 1120 IOS 

*9 10341041 Lb 

101 1151 T2.U 

96ft 1142 iun 
HWW tut 1123 

9m 1129 1L3 

107ft LU e3 
m. li.ii Lu 
94ft 1141 1140 

WHIH1U4 U 

nv> 1U8 1LS7 m 
*5w an b.14 
90ft 1S4I 9.12 
9BW TM4 Ml 
9JW 1041 WO HUH 


98ft 140 (49 S4< 
*ft 951 1244 4.74 
9 TU 953 848 

IO« Mi LB7 
WW 1225 11^1 

IWft 421 747 

94ft 12 m !U| 
99V. 1B44 1050 144 
II 1853 *JR 
1815. 1237 TX59 
99 944 121 


99W 9.9J 1U2 U« 
94ft 1(195 OH 143 
97ft II J] 1248 857 
IKK ILK H53 
94ft 11.91 1144 

W Ui MS 
nn inn u.u 
,w* 940 MS Ml 
190ta KU9 11.17 
WV 1AI7 «5 944 
105 h HL7! 1X59 
105 1839 114] 

U4W 1253 11891184 
95ft 11379 1144 1034 
HHb 1141 1147 

HD 0p3 9f§ 

101 1009 939 1840 

94 1039 1241 ?» 

IS ll.ltizn 853 
93 1041 1185 M4 

97'; 1040 II r 9J9 
I*'; V.45 H45 1U0 


Ntrplpe 

Norptpv 

Horst Data 

NmkHrtfeu 

Norsk Hydro 

Norsk Hvdra 

Norsk Hydro 

Norsk Hydro 

Norsk Hydra 

Norsk Hydra 

Norsk Hydra 

Norsk Hydro 

Oppkndsknitt kndtla 

OsioCttv 

OAi City 

Olio Gty 

Qua CHv 

Qdoatv 

Oth Crt* 

Oba City 
Oslo City 
Ostadty 

RddatSuidai Kraft 
StptaU Den Henke 
Mata >1 Den Norsks 
5tnhWDenNorske 


Middle 
% Mat Prke 
9ft 7a Apr 98ft 
IftKMcr 71 
1(W 79 Dec 104 
9WSJIM 99ft 
9ft WFbO 99W 
14ft 77 Jul lOrt. 
12 91 Fib BBVs 
9 VI Sep 91b 
12 VI DO IN 
8ft VJ Mar 92ft 
I7V92NOV Wft 
9ft Vi Jon 91 
Bft 75 DfC «4 
9 75 Mpy 99ft 
» IS Jim 
9ft 14 Jan 99ft 
SftTtMor 77ft 
7V. 77 MOT 92 

9 WHIer n 
umvoFea rooft 
lift VI Aw 104ft 
Bft V7 Nov 82ft 
4 b 75 Od 97ft 
II N Am 1NW 
lift 19 Jut 108ft 
9K19AUB 97b 


SOUTH AFRICA 


South Africa 
Soutti Atria 
South Africa 
5auOi AirKa 
Anela Amenam Cara 
Esootn Elaclr Supply 
Exsm Ekctr 5upatv 
Eteom Etactr SuppIv 


I 77 Feb <5ft 
7ft 77 Dec 88ft 
UV.WM0T lDb 
lift 79 JU 1 00ft 
7ft 77 Mar 95 
Bft 74 Dec 94 
lift* Jan 94ft 
9W79MW 94 


97W H-93 1153 920 
91ft 11441191 145 
M 1250 1543 927 
99ft 1224 1230 tUl 


99ft 1424 15.11 925 
90ft 1U0114S 9J2 
94 12* 1210 

ioi nui HUS 


SOUTH AMERICA 

Brazn Bft77Dec 90 

Catambta 8W«Feb Nft 

ventzeela MV30ct 74 

Eletrobros lb V90« « 

vepezaetoTetotioni lb 77 Dee 89ft 


Spain 15ft 77 Apr «#ft 

Airtoptstoi 7 17 Jut ft 

Inl ir,- ;lHnt tMC Indb B 77 DO *B 

Prfranor Mh*Dk 94 

patnmr 7b man oi 


YleU 

An 

Mai LHa Carr 
1022 1144 9J9 
1133 1239 9J4 
944 HU4 
1058 1181 980 
1032 104] 927 
1102 1384 

11-32 1131 

1078 9J1 

104818.15 1 U2 
10021082 919 
1141 1IJ9 1201 
1087 1144 1014 
II* 1121 621 
1074 1076 905 
922 9J9 SJ2 
M* 988 
1071 1153 844 
1)78 1529 IM 
9J1 18JI 9.11 
10.11 1008 1823 
1024 1077 

”41 1172 HU1 
«24 988 641 
1034 1121 

HUB 1241 
I0J9 1074 990 


1041 13-09 UB 
1275 1113 874 
103 1090 

rm lid 

10X7 1X71 759 
1098 1147 085 
1X79 11.92 

11.14 1249 984 


1241 ISJ3 9.17 
1M4 1980 976 
UBI 1719 1151 
9.14 L» 
1283 1685 932 


1107 1652 

087 1412 739 
88* 939 OM 
1051 1145 885 
1133 1132 U2 


SUPRANATIONAL 


AsUpi Dento Benkto 
Aylgn DevpMp Bank 
Asian Demao Bank 
Asian Davatop Bank 
Aslan Dmmtao Bank 
Aslan Dento Bank 
Council Ol Europe ■ 
Ea Euro Coal & Sleet 
Ecs Eura Coat ASM 

ecsEura Cool A Steel 
Ea Eura Coal ASM 
Ecs Eura Coal & Steel 
Ecs Eura C«al S. Steel 
Era Eura Coed A Steel 
Era Eura Coal A Sleet 
Ecs Euro Cool (.Steel 
Era Eoro Coal A Steel 
Ea Euro Coal A Steel 
Ea Eoro Cool A Sled 
Ecs Euro coal A Steel 
Ecs Eura Coal ASM 
Ecs Eura Coal A Sled 
Era Eoro Cool ASM 
Era Eura Coal A Steel 


6*16 AOS 

5ft* Sop 
Bb Vl APT 
»V7Aw 
lift VJ Nov 

TO* Fed 
11WV2MOT 
9W 76 Jan 
UU 16 Apr 
6ft 76 Jim 
6ft 16 Dec 
6ft 77 Mar 
IA.77MOT 
7b 17 Apr 
6ft770d 
lift* Mav 
UftWDa 
IV. IV Del 
9ft 79 Dec 
» *Mar 
lift VO Aug 
9b VI Jul 
9 V3 Apr 
9 VS Jim 


96 1139 

*6ft 479 
104ft 726 
107b Tj2 
IBM 1144 

100ft 750 
95ft 1231 
99ft 9 jo 
HDb 11J5 
95ft 1411 1 
93ft 1831 1 
93 18391 

107b 1449 
93 1140 1 

93ft 9J4 1 
107 U70 I 

103ft 1222 
BB 1IJ0 1 
95b 11J0I 
MW 979 
107b 11.14 
87ft 1X13 I 
85ft 11JS 1 
80ft 1X421 


HIGHEST YIELDS 

to Average Life Below 5 Years 



Bb*Fri> 
6 75 Mot 
B bV20d 
5ft * Nov 
8 77 Feb 
Bft 16 MOV 
Bft* Feb 
R 10 Dec 
6b 18 Ft* 
9ft 16 Apr 

7ft 7700 
7ft 17 Apr 
7ft 77 Jul 
7WB7Mar 


HIGHEST YIELDS 

to Average life Above 5 Years 



W 74 Jul 48ft 
10 -94 Feb 83ft 
9 72 Fab 79ft 
Bft VI Dec fll 
9b73Mm SO 
9 VI Od 80ft 
9ft V7Mpr Eft 
9 -94 May 83 
IM77JM1 104 
17 VI Dec 115ft 
14ft VC AuS 103ft 
14 TOAub 103 

9 VI Feb 86 

10 74 Mav 91 


1684 1845 1641 
1323 1651 1158 
1174 1611 1132 
T3JP 1407 1980 
13A3 1601 1156 
1X14 11)3 1L1B 
11.92 UM 1186 
11.79 1340 HUM 
1341 1324 I3«2 
1630 1349 1672 
1U0 13501601 
1X14 1X14 IIP 
1X04 1349 1(147 
I1JI1 1287 lull 


— HIGHEST CURRENT YIELDS — 





lift 77 Jul HD 1649 
17ft * NOV 106 1330 

17b 77 Jul 105 1651 

17ft WOd 107 1679 

17V, «Od HD 1452 
17b WOd 105ft till 
17ft 19 Od 107ft 1301 
17b 78 Oct USB I4J1 
17 7500 mn. 9J5 
17W 77 Mar 198ft >734 
17b 77 Mar nib 1584 
IS 170C1 107 1651 

U 77NW to 1619 
[7b 77 Feb 184 1681 


9 V6MOV n UJ9134 
B*T70d 71ft 1X14 1X7 
W VI Apr lift 7312 134 
9 V9 Jan )Vft 1311 IXA 
II 77 Jul 101b 1033 
lift 77 Jul 104b 7.99 
lib V0 Jul M4ft 
II* vi Feo I SOft 
I0)b 

ion, 

183b 

97ft 

100 11.99 1280 

no Ills ii46 liia 

97ft 1284 1245 1142 
97ft 1140 1149 1U8 
K 114511971144 
IDO mi nn 


no 
row 
Eft 
»2 

185b 
91ft 
114b 

Wk row 
1 84ft 1142 
Wb 495 

IOI 1)41 1688 

Mb 1225 1182 

101 732 122 

104ft 1193 1230 

93ft 1332 1244 TUB 
HWb 713 753 

no WO 1025 

lBlft 1659 1IJ0B 

99ft lati lflJO 

91 1319 (42 

nn won* ”48 

101b 1142 1140 

WW W 971 

T04ft M5 1X07 

96 1150 872 

Hgft MO 1J43 

109 
107 

»ft 9.92 11* 

100b 
109b 
rosb 
in 


ZERO-COUPON BONDS 

Serartiy Flea OriotoiafliriMi Oflered 

Matenty Ml Tv Price Price 



ii* 
TO 
» 
44* 
an 
45* 
20 
33b 
36 

46b 
14* 
36b 
30*5 
*5b 
45* 
JW 
2I-. 
Jib 

n>. 

24'1 
T 

» . *»*-> 


WaridByM 
WeridBent 
NarMBank 
World Bank 
World Bank 
World Bank 
World Bank 
world Bun* 
World Ban- 
World Bonk 
World Bans 
World Bank 
World Bonk 

World Bank 
world Bank 
World Bank 


Middle 
% Mci Price 

II -V5 Oct 100b 
lb VI Feo 109ft 
llWVIMftr •r 
llbViOcl IBS 
H V?Cef, 9| 
jbva.var i04ft 
8 73 MOT 185 
10b -n Aw 97ft 
12 vi Sen IOb 
2* VJNOv 103b 
il -9] NOV 106 
12ft V4 5 cp 1 04b 

12'. V4NOV 104 

ii vtDec K 

111, VSJoi 101 b 

8b ID Alov 72' 1 


—yield — - 

Av* 

Mot LHeCurr 
IU6 1122 


SWEDEN 


Smftn 12ft 75 Aug 100b 

sm iTOjsfc* im 

Sweden (b77Jurt 9K 

Sweden Mft*DeC 109b 

Sweden iPeWAor Wb 

Swton (ft * Mar ft ft 

Sweden lift 79 Dec IBTft 

SiartSi 1W 

Swudmi lib V3 AUO 95 

SwSdS lift Vi dec 101b 

Ago An 9b VS Jun 95 

I im Bft *Mnr 9757 

Alloc Cento W;|5AiiS 98b 

EledroUM lDftVOJun 94ft 

EriSsonLin C. 15 Dec W 

ErtSonLm 4ft*W 

Erlcsw Lm 

ErlcfiOfl Lm Sw 87 

Fgnmarki KraKtruPP 
FoiuiiqrksKroiivrwiP IR.V20CI 106ft 

Seetpverken Si" 


CoitienbureDly 

Cruenen 

Groenonberg 

DraengeiMra 

MadoMaOcn Domna 
OkaAJB 

PUanken Pgst-Odi 
PVbaoken PDsr-Ocn 
Sann-Jamio 

Sandvlk 

SODdvik 

Scgndlmvlan Airlines 
Sam ran 
See mall 


4b T Sen 97W 
SbvrDec n 
9b 75 Mav fib 
6ft 77 0U TVs 
8ft * Fe& 91ft 
T 76 Qa 95 
IFblSDtc HD 
ITS 77 Jut I0> 

12 V0 Nov 100b 

4ft 79 YOT 09Vy 
9W 76 Anr W-s 
9 * Aug 97 
» 75 Jun 99 
TO* DO 91ft 
7ft VO Dec 85ft 


Skandt Emkilaa Bank lift* Mar HI 
Sktmdi Emklkla Sant 9 vi Dec 90 

SklA.ll ■ 77 Jan 9]ft 

Sodra Skoasagarna 9ft 86 Dee Kft 

Soarbcmkerna'. Ban* Bb * Jan 94ft 
Svcntko KandelsbarPcn TO 14 Mar Kft 
Svenjka Handel soon ten 13b* Apr 101b 
Svenika Hande) stunt en 17ft Tri Feo 99b 

Sverigesi Invest Bank 9 75 Dec m, 

5verign Inyesl Bank 7b 77 Nov « 
Sv ei Igw liweyt flank lib* Jun HDb 

Swedish Eipari Crnfi) 12ft 75 Mm 100b 

Swetf fll EkPOTt CredH 10b 14 Mai 100 b 

Sweawi Ekoori Cradii i$b*Jvn 103ft 

Sweden Eraorl Credit 12b * Fen HQ 
SwedifliEkoan Credit Hb*Jui 96* 

SwedHii Euurl Credit 17b * See HD 
Swedish Eanrt Credlr lift 79 Fee 100ft 

Swmfish Ekturi Credil 1Sb19Mor 101ft 

Swedish Enmrt Credit 14b vo Fed HBft 

5we«sh E tPOri Credll 14bV0Mav 10»b 

Swedish Stale Co 15*77 Jon igg 

Sydsyenska Kraft 9b 16 Sec 97ft 

Vulva 9ft* MOT 100 

Vahro 8 17 Mot 82ft 

Volva I 77 S« 93ft 

Volvo 11 TBAug 99b 


12.10 UK 11 J3 


law ns 

nu 12 

681 9.93 853 
1120 13J1 

1088 ”21 

10J9 HU* 

1 1 JT7 

7JS i'O 

1119 ”24 

153 1140 

,606 1203 974 

110311® SJ7 
1015 I0J6 927 

11.92 

1861 1049 9J4 

10.93 1641 681 

liJI 1X44 850 
1X19 1XJ7 1063 
1240 ”-B 

12J0 11.91 1281 
1155 1235 8JI 
1119 951 

1 LQ 1043 0J7 
1087 1 1 J9 7JB 
1132 1X53 9J9 
1235 *-47 

”43 1539 

1141 12.98 

11.91 1197 

1185 958 

IUI 1148 944 
11.191185 925 
HU 1042 8* 
1154 1X38 9.43 
1X77 1232 L77 
IMS ”39 

11.15 1741 1000 
IIJO 1X11 854 
KU9 MA4 944 
1182 1199 »J4 
1U5I1J4 9J9 
1X99 IUI 

1244 1241 

9.90 9J7 

1851 IIJO 834 

70J7 9* row 

10.92 1247 

995 1037 

1X56 1532 

”42 1X01 

1X41 1143 

11.15 ”31 

11J4 1144 

1X77 16W 

1237 IIS* 

IX33II55 1150 
10.97 1658 

10.93 I1J7 949 

9.18 950 

1237 845 

1197 1X02 854 
1137 ILU 



SWITZERLAND 






6b V3Nuv 


941 

X5B 


CnhSI Suase Banumui 

Wft 79 Dec 

Mb 

IB09 



Credll Suk» Batmmas 

iDft-» uicr 

99'- 

IUI 



Credll SuraM Boh W7w 


101ft 

065 




7 -*) Jun 

Sift 

”36 




lib V2 Fee 

MHb 

1109 

1132 


PlrsUI Inti W/w 

4b 78 Jun 

92ft 

700 



Swiss Bunk Carp 0 is 

IDbvaJan 

tab 

1U8 




to 93 Jun 






TO -ft Jun 





Union Bk Mtoerlona 

10b 77Nov 

IN 

1071 

10/5 



10 *88 Mav 

« 

1072 

1X30 


Union Bk SwttZRTtand 

11 TP Nov 

IN 

10.97 

nn 

S100 

Union Bk Swiiieriano 

12<* VI Jun 

ro*% 

1134 

11.7* 


UNITED KINGDOM 





(*V3Mov 


11.16 1247 1XD> 



9 76 Aua 

97ft 

1609 113 




(bveOn 

94 





law VQAMH- 




Allied Ca 

4b vi Dee 

98b 

7N 

487 


Allied Lvcns 

M* vi Feb 

97ft 1223 

1132 



IT* 920a 

181b 

1234 

1247 



13b 75 Jun 

101 

1X81 


S 30 

BarrioTSBank Inti 

■b 70 Dec 

96ft 1041 ll.1t 

80S 


SIM BarcJun O/S Invest 
H 50 BassdnrrlngtM 
RIM Bar (nil Finance 
9100 BatinllFmanee 
-100 flat loll Finance 
545 Beecbom Inti Bermuda 
570 Bicc Fbratce 
S3o BawaterCara 
958 BowaterCora 
916 BrIIMi Land Inti 
150 Brlnsh Oiygen F krone 
ISO BnietiChiyeen Flnane 
S 100 Brilldi Oaveen Financ 
9150 British PelrolCaPIIO 
ISO British Sled Cara 
SI2S Orltall Rncmc* 

9 ID Cadbury Sdiweaoes O/t 
S25 CupHal Counhes Prop 
150 Cavenham Inti 
H100 Charier CansKiaQ'5 
1 30 Qgna O.-s Ffricnce 
918 Commercial Union 
120 Courtauids mil Fin 
20 CoiPtoulds mil Fir 
950 Eim Flntmee 
930 Finance Far indusirv 
20 Flnana Far industry 
S 75 Finance For industry 
1 30 Finance For Industry 
12 Flnanra Fer Industry 
33 Finance For industry 
550 Finance Fer Industry 
•0 France Fer Industry 
920 rlssns Infl Finance 
IB Ftaans Irul Finance 
920 Flsons lull Fingnce 
10 Gesletner Holding 
925 Gold Fields Berrouta 
50 Grand Metros Firm* 
915 Grand Metro, Hotels 
925 Grand Metros Hotels 
930 Guardian Raval Exoimi 
s 25 Gus imernctamaJ 
915 Gus Internal nmol 
924 Hamms 
125 Hamms 
5 100 Ham mersan Pruoerly 
950 Hawker Siddete* 

920 Hill Samuel Group 
930 Howden Ale* Fran X/n 
9100 lo France X.-w 
SUM id mtl France 
950 id lirtr Rnence 
130 ma mil Heroines 


1ft V2 Sap 84ft 1145 180k 

7ft 17 Aug 90 1X33 1303 833 

7ftV7N0* 09ft 1X171X41 130 

” 19 Dec 99ft 11.12 1106 

KF* VI Dec 96 1141 1130 

Sb* Fob Wb TUP 1095 848 
7b 77 Fog 94b 11.11 080 832 
9bl6Jul * 1131 90S 

lb 02 May 81 11J7 1X48 IIL51 

B * No* dft 10 lB 7 1239 856 
10b V0 Jul 914 1X29 1144 

Mb VI May 110ft 1140 1149 

Mb VI Jun 92 1231 1140 

lift V2 Fee SO* 11 J9 1137 
I* 89 Jon 95ft urns 1041 (ID 
IlftVOOci 102ft 1131 1159 

7b V0 Oct 87 18.91 1243 8.91 

9 18 Nov 93ft 11.10 1X43 943 

9ft 17 Doc 94 1X87 1X17 1X11 

7ft -870a D 1638 17.12 9.15 

12* V3 Aug HBft 1146 1X07 

Bft 76 Dec * 1U4 11J4 885 

TO 35 Oct 09b 1030 10J0 9J2 
9b 19 Dec 95ft 1051 1LI6 1033 
T0 19 Aar 93 1141 1 US 935 

14 7k Apr 101 12jn 1104 1184 
TO 77 Dec 97ft 183810071080 
11 *FH 98 ”03 1132 

t2b -fflOcl 99ft 1237 1X31 

10 K Mar 97 1092 UJM 1831 

121:19 JU 102 UJM 11831X25 
15"i 79 Jul no 1X13 
10ft V0 Mav 93b 1X14 


S Gold Fields Bermuda 
1 Grand Metros Finance 
j Grand Metnw Hotels 
S Grand Metros Hotels 
] Guardian Royal Excnan 
j Gus imernctamaJ 
I Gus Internal nmol 
i Ham Bras 
I Hamoros 

1 Ham mersan Properly 
) Hawker Siddele* 

) Hill Samuel Group 
1 Howden Ale* Fran X/w 
I loFmcnceX.-w 
I Id mtl France 
I idlnHFnqnce 
) me iml Heromes 
investors in Industry 
Investors In Industry 
I investors la InouBry 
1 KMnwan Benson Lois 
Losma Eur of ranee 
1 Leual General Assur 
I Lkmfc Eurofteoncj 
I Lonrha inti Finance 
i Mefrocxti Eskrie 
I /Uetrooof Estate 
Midland Inti Finance 
- Midland l nil Franco 
Midtad Inti Finance 
National Coal Board 
Manorial Coal Board 
NalSGrindtovs Bank 
Natl Westminster Balk 
NoH wastnunsfer Bank 
Non WestmMsier Fin 
Natl West Rimster Fin 
Ptassev Inn Flnana 
Rank Organ isat km 
Redtaid Franca X/w 
Reed (nedariondl 
Reedi mgmnt lnol 
Rtm Inlg .jrl a n a l 
Rhm Onrsees Ftnarce 
Rln Tkrip-ZInC FlnOAC 
RonudiUd invHoWtn 
Rownlree Mocklmodi 
Pmwdree Mackintosh 

Rayscol Inti Finance 
Seal too loll Finance 
Scattnnd Inn Flmeme 
5eors international 
Sotedien Trust 
Mown Estates Fin 
Stood Estates Lux 
Town Otv NfdenoncJ 
Ub i-hvnce X/nr 
Ub Finance 
Unl'af Bbculis (uki 
Umied Da min Ions Tnn 
Wei ksmn Foundation 
WtilbrnadCo 
WIIHoms Glyms Bonk 
wdlhuns Glyns Nodari 
Amerada Hen X/w 
American Atrilnes O/s 
American Brandts 
American EtoKi Cr«d 
American EaoressO/i 
American EiwassO.'s 
American Foro to Pwr 
American Foreign Pne 
American Hospital 
American Medical Inn 
American Savinas Inti 
American Savinas inn 
American Tel eon TeJeg 
Amoco on HaWMas 
Anhauser-Busdi Irtl 
Arizona Ps Finance 

ArtaenaPi Fbma 
Ari ana Ps Finance 
Arizona Ps Finance 
at meo O/i Finance 
AdrfandOfl Finance 
Aslra 

AJhmlh. RIcMKIdOS 
AUan/lc AcMtaM Op 
AvcoO/sCacital 
Avco O/s CaoifaJ 
Avar C roitM C ara 
Bcraor Punfa Hill 
Bonk Ol America 
Ban* Ol America 
Bonk a n wrico D/s 
Bunkers Trust Mv 
BaarSMams Ca 
Beatrice Finance W/w 
Beneficial O/s Financ 
Beneffcxd Q/s FTnonc 
BeneHcmO's Franc 


lfl’.*Jul 
IPs * Sea 


9ft « Pec 99b 


7b 77 00 Wi 
12 79 Die MOft 
Ub VI SW 101ft 
r>:*N«( 94 I 
Fa VI Jun B5 l_ 

9b vo jun 9ift Me 
4>i77/W 95ft liftltJ 
MVIFeb M 848 fi 


*ft 106 80* S04 


usaisi ^ 
!“2E5 ,BVj U - M 

» WFelj »jft 1611 
ii VO Jon 99ft IUI 
l fkJ*DOC 107ft 1344. 
I, WJun 93 1148] 

'.S-Sf" 0 ”7ft 11*5 
IJftVOMny IBSb ”03 
Mb SOMOV 18416 1204 
TO 75 Mur HD (87 
10* 77 May 97 11J4 

4*VlD(t 96ft 741 
5* * Jul 88ft IJl 
” WAor 102* 1049 
> HJto 91ft IIJ6 

!E*2SS*5 « ii«i 

13b W Oct 10316 1146 
13 79 5(0 1 Drill 1BJM 
'g'JJSro 98ft HL74 
9* 17 Jut 97ft 1X90 

US 2 ft? * ll " 

Mb V0 Dec 114ft 1308 


Ami Security 

s iso Benedciai Ort Flngnc 
Blue B*H ™ . ... 
150 bow Cascode CflTO 
s mo Borderline 
6188 Boston mh France 
53) 8u”li«fE?Sfleinm* 

j 58 BurriM?®. 1 1"* 1 EttH, 
ijt CaniaWll5ouoO''iE 1 in 
160 Caraira Power LtoM 

15 E^Til^eyHdeOt 
JKB Chsine 
MO CBsinc 

tin cnesearroalkWias 

its JWSKC-* 

iiS fllHBrpO-'iPIWBM 
8108 CilharaO/sFinontt 
t mn aittxmOfs Flrronc* 
iWO OlMraOftFama 
6100 ClticoroOrsFlnaiict 
5100 CllkaraP/i Fr an ce 
HOO citlcara on Finance 
120 Citicorp 0^ FJnonee 

5108 CBkuroOftftoK* 
SIR Cities SerricrO'5 
5 75 Oft Fod*f*Saviito 


Yield 

Middle Aye 

% Mot Price Mat Life Curr 
IS vi Felt 100* IM4 ”37 
TbWoS 5 JWlOMILOia 

Tt-Sm iSSS! nu 

SiS r»a-« 

iavt 7f Feb He 1641 US 

*8 77 jun n Ji-S uJM 
9b* Jill Wt IMS 

It* 97 Dec 9TO ”J1 7144 

Mb -#4 DOC 91* U7 1144 

ro ^jon im* has £ 

iwSoa w H“S g» 

13b V4 NOV B IMS . MS 

iaS IW 

10 * M 9W ia - 1B ,u » 

jj 770” W IMS 

IB* VO Mov Mft It* K« 


i tr'fl'* 4 1 


ilbVflOct' >■* ”AS ”72 

lib *92 Fed 99* 11.91 1114 

18 *55 »Jft 113511311131 

n fiS I5JB1 laif 

WBtOfC 102* 1U0 1M2 

{jbSSS 103 1UB 


l*r 

I . 

•»' - 
I' >\ •••' 


*125 ceasi F*u *n»i Flnonc ™ ■!* 

Cuco^olo Om p ar r y X/w tnfe 

ilffi wtSB W* IW 


J wo CocaTjlo um Fina nc JTOg/JJ" ^ ^ iuj 

i»0 SwcuSe iSwOCT IB* 1039 lS 

tWO Co»*to nNg*K 1IJWWT iiU 

isasssffi;. sS J ^ ssa-s”*™ 

5KW £»«!«"" SSSoii llft*£« W> 1137 1143 

175 CnrrtiruHiWbfajO'y Mftwrau ^ 

tin Continental in tojs wjgJUL .2 um um 

7M0 n 1W1149 tS 

120 Cormnecml Tewntrar ^ J iiuu |Ul 160 

JS SS£5«SS£»I « 1IU3 1104 847 

UNITED 5TATE5 AMERICA 

ill E l «d iibiS i§2 1| 

*12 Amo* Inti ComM .E"S1£ mv, 1444 

| » Amo* mil Finance 14* V2 Apr tOft 16M 

175 Crocker Hglla npt Btto 
ISO CornmbBO/s Fran® 

615 Cutler tonmer 
1250 Dad6 5o*lngStLPI>i 
120 Done lufemGfiweu 
S85 Dari & kiofl Flmmce 
SI* DIollutEqutarwnlO/i 
SIS Dow Chemical O/s 


. I 7 ’.«» 

1 » * -rri . , 

9 ;> , 


5200 Dow Chemical O-'s 
IS Daw Corning O/s 

in Drnw O/s F ranc e 
1200 Du Pant O/s CaBtiot 
son DuPontO/kC to Wj 
1200 Du Pert O/j Capital 


14 7SDK W 1X53 1384 

j «AV U51X 944 1432 

lib vt fS im* !!-SU5'“» 

Bb 76 Apr 77 llil 1X45 M2 

libV7AW 107ft 1644 tt» 

I0W 78 APT ,Wft [2A4 1.11 

15ft VI Dec 109 1X39 1432 

8 77 Jim 

lift 79 S*P TO 1102 1250 

| 55 «ft 1 L« 1122 847 

7b VII Nov 98ft 7.9] 7a 

'i'-SSS « {£5 n «3 

fcsr Mansis 

12ft 790d HOW 11.45 1281 

TO 77 «Sr W5b 1X71 1380 

lift 78 m 1115 US* 

UW79 Aua » JX34 1X11 

uv> vs Jan row ii” 


liso DuPoniO/ica Htgi _ iiftWJon 

*60 Duk« Power O/s FHrac BWJAJJ “ft llS 
ISO Eaten Franca Uft * Jon ign ;f2 

SHU EfHerdi Finance 
IS Era O/s Finance 
ISO Esso O/s BmceMw 

550 Esso O/s Finance Nov 
tin Fed Deal Store* 

1200 Fed Home Loan Banks 
ISO Fad National Mori Ass 
sl» Flryl FeoMIchtocm 
S 100 FtaridBFedsr Savings 
SIOO Fluor Franco 
1100 Ford Motor Crojl Co 
IKK Fort Motor Credit Co 
1M0 Ford Motor Credll Co 
1250 Ford O/s Francs 
125 General Americ Trunsp 
1 25 General CabtaO/s 


121:79 Jul 102 114411831235 

15 * 79 Jut ”0 1X13 U34 

13V: TO MOV 93b 1X14 1130 

8b 77 Jl4 «4 11.14 039 178 

10ft "37 Dec 94ft 1171 HUB 
0bV2Aus 14ft 11.97 1X01 1034 
11 75 May 95ft 1X31 1X03 1L52 
Hr.* Jill 99ft 1149 1172 1X33 
IIFSVOSeo VIW 1X51 1103 

9b 74 Jon 99 <0411141 934 

MJftc 93 1842 1184 804 

8 77 Jul «4 10901302 851 


<0.41141 934 
rtlCDtC 91 1842 1184 884 

8 77 Ju| 04 1090 1202 851 

" "'1051 11J» 857 

1140 1X14 W32 
U 957 

1131 839 

I1J4 

1141 US 

»bvoji iTtk is8“S3» 

4 b 77 /an 95W K96 1138 8M 
7ft V2 Feb 94 858 909 7.90 

19 78 Mar 94 1X44 1004 

13 79 Mar 100b 103 11.91 

lift VI Dec 97b 1191 ”» 

ICbVIOa 94ft 1143 IUI 

8b 77 Mav 95 18L71 1X01 808 
13 V2J0I HI 1X74 1287 

7b 73 FM 92W 10071241 834 
lift VtOec 95* 1231 1X41 1X04 
IX 70 JlD n 1X08 1231 

SbVkOec 97ft 1038 1X70 897 
8 VI Feb 84 1108 1424 952 

Bb 84 Dec 97 10001104 9JB 

Bb^Seo SS ”0) 1338 1039 
II W VI Dec 97V> HJ9 1L79 

8 ©to TJft 10971132 830 
TOWOa 92ft 11.17 1234 VJ2 
7ft77Nov 94 MJ0II47 834 

9 76 Jun H liSS 9J( 

9 IbJut 98 1050 1131 (.10 

14b VI Dec 111* 11.90 1111 

lib V2 Nov 101ft ”47 1140 

Bft 74 Jun 97 HUB 1227 L» 
8b -84 Nay 94 H34rZ44 9.il 

"ft Vt Mar 87ft 1253 075 H94 : 
l6b79Mar 103 1547 1(30 : 

9 77 Mav *4ft 1182 1X90 952 

f WMar 92 1077 1232 840 I 

85 I 1 ” 1X40 1059 

II* 3 NOV 90 1237 1111 

Itft-WAug HBft 1150 1150 1601 . 
NftVSFeb *7 1144 1143 1457 

.rikWQa 8 TO 1198 9.10 I 

lift V3NCM ?7ft 1X33 

10b V0 May 93b 1X55 

”;*■ VJi? hi 1117 

HftWFefr 90ft 1147 

TO 79 Aug 09 1282 1X91 983 

8 71 Feb 97ft 4107 1X77 805 
SbVJFeb 97ft 1141 1X80 897 

8 3 Jon 93ft 11.101184 145 

Oft 79 Apr W 1X01 944 

'i 2i ul n ”33 1144 1134 

9 7»Mov 92ft 1137 1151 932 

TO 78 DOC 91 ”38 1203 942 

TO 77 Jun 94ft 1108 1X92 833 
lift VIApr 94 12JP 1251 11.17 
11* 77 Jun N 1130 1X02 BJB 

” 73 Jim fi TXJ5 tin ”8J 

To 77 Jul 99ft 1142 I4JB 744 
15b 74 Apr HD 1X22 IUI 

}' 25* 1 Wl *095 HU9 

ITft-noa 104<A 11.12 1X11 

MW'S Apr 105* 1253 D54 

lOUVOApr 96 1139 I04l 

4ft 77 Jan 3t mo 539 

S 3»«r 37 1158 1351 

JJ»252 "Wa H-70 

”1*21 Fit 94ft 1X23 1190 

7 79AP, ID 1134 11.78 

12b 79 May in 1139 1107 

'I* V?Mar 105ft 1144 1JJ1 


S100 General EtactricCred 
SIM General Electric Cred 

1280 General Electric Cred 
SIN General EtadricCrod 
S90 General Eledric DA 
tin General Feeds CO InN 

1 80 General Foods Cred Co 
5 20 GeneralMIUi Finance 
1100 General Mins Inc 
1)00 General Motors O/S Fi 
IB General Motor* O/s n 
I icu General Motor* D/S FI 

tel GemtoPati tic Finan 

S125 Getty Oil inH 
tin GmocO/s Finance 
8290 GmocO/s Finance 
SW0 Gmoc O/s Finance 
1200 Gmoc O/s Financn 
5 HO Gtnac O/s Fimmc* 
IWO Gtnac O/s Finance 
8 IDS Gmoc O/s Fmcnn 
1 150 Gmoc O/s Ftaaacc 
1100 GmacO/s Finance 
1125 GmocO/s Flnroice 
*200 Game O/I FliatC* 
SIM GmacO/s Flname 
575 Goodyear D/I Ftoonce 
1 12500 Gaadvear Tire RuDUr 
ISO Gould Inti France 
1100 Gram France 
*50 Gl* Finance 
575 Gte Finance 
150 GMFlimncg 
561 Gta Finance 
*cu58 Gte Finance 
lit Gte International 
SIN GuHOU Finance 
SIOO Gatf OH Firmer 
Ski Gulf Stales O/s Finan 
540 Gulf Stotas O/s Flnon 
IM Gud ( Western latere 
515 Haas O/s Capital 
SB Hcrtr Caorial Cam 
SIS Hllkn International 
tin Hanaywetl Inti Financ 
SIM Household Finance Inf 
5200 Ibm CradH Carp 
1H0 ibm Cradii Caro 
5380 Ibm Credit Core 
SM0 Ibm Credit O/s X/w 
1200 ibm World Trad* 

IS Iclodurirtat 
5 35 ic intones 
175 Ic Industries 
1180 Ic Industries W/w 
I1M icindosfrtasXAy 
175 le industries 
0050 Ic Industries 
57} Iclndustrta* 

*58 llibtals Power Financ 
l loo imnais Power Ftaim 
'53 IngeroaU-Rand Inti 
IDS Inti HarvoTOer O/i R 
515 inti Harvester O/s Ca 

in inti Paper O/s Financ 

115 mn Standard Etaefrl 


1* VJMav “a 

g 755eo 99ft 909 930 90S 

8 76 Mar 97ft 1042 I LSI 821 

8 14 NW 94ft 1019 1034 ■* 

II vq Feb iro*IU6 

11 -99 Dec ?9ft II.” 

lift VI Dec 9Jft 1199 

ub 79 jk taro 123$ 

17b 79 htay Kib lis 

14 795W im. IXD 

.1* VO Fed «b 1131 

ii* vi Oct wb n.w 

12 VSF(0 « <va 

SSft ITS 11” IH 

10 V0 Jul 94ft U40 

11 VlFMl IjWk W94 

9b VI ADO 95 1013 

4V.-85DBC 94 941 

WftVSJon 9TO MJK xus 

I VW 183 1184 1001 110S 

8 10 Mar 97ft 1X57 1X17 131 

13 VI Dec WO* 11-2 JW 

II *80 Apr 101 990 1080 

Ob *80 Aug 98* 995 K87 891 

lib V7 DO Wlft 1102 lia 

14*77 Apt 104ft 1111 J6M 

14 TV Mav 105ft 1X22 

15* 75 Apt lllft S7* 

12b 76 Jot »lb 

9b 7k Juf 9V 9.96 

11 7* Jul HOb IliB 

14 77 May 105ft 1202 

12 770a 103 1099 

12*78 Fvtl 103b 1134 

14 78 Feb 112 11.11 

14ft 78 Am 107b ”04 

15 79 May TOO* 1235 

10ft VO Fall 90b 1084 

HbVOOCt 102 UUB 

17ft 77 Jun HD 1140 

6*V4Dac 97 731 — 

9b 75 Mar HB 933 931 938 

13*79 AuB KBb ”37 1171 

15*74 Jm W3 1292 15.77 

12 77 Apr HI 1141 T7X 

lADNov VI 1X12 U01 

9b 77 Jut 93ft 1108 U09 1042 . 

HI* VI Apr WSft 936 IS3I 

TO 74 NOV 95 1145 1234 BN 

12b770d KDft IUH 

MbV4Doc Mb 1X88 

I7ft WOd W7 1679 

11 VO Apr WSft 1631 

12ft WMor 100b I2B3 1219 

TO 70 Jun 97ft 1077 IUI 837 

Ub 79 Apr IB 1604 UN 

7b 77 Hoy 93 XL7V 1X25 832 

10b VO Mar 98b 11.» 

is w Dec ion um 

lib 77 ou ran 10.82 

11 79 Due 181 1X78 

lOb-OOFtb 99b 1048 

13*77 Aug H4 ”07 

12b V20CI H7ft 1034 

9 75 Apr 99* 9.91 

lb -87 Jun H 1133 

12 V0MOV 168ft 1101 

K* VI Jun 1U (32 

I* VI Jun 83ft U38 

lift VI Od 104b 1249 

nftVSFea 99 1230 

”*V8 Dec 99 12X2 

14ft 79 Jon 104ft U8I 

12ft V2 Apr 101ft IXU 

UbVSOcf 102 007 03) 

ObTSAuo 99ft 11/7 


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O a 97 M39IL39 9JB 

MOV ftft I3I1B3S 438 

iinwjan «b run 11/27. 

O "94 Mar MOW 1190 ILN 119* 
9ft 79 Mav 92 005 . 1021 

lift V2 tto» Ml » 
lift 79 Dec 10O 
TO 77 Jul 91 
□ 79NOV HD* 
lOWVejan 99ft 1101 
lib V2 Jan 100b 11.19 
9ft74Jua 9TO HUM 
Bft 75 Jul 99ft 953 
O V* Dec M2ft 1135 
8 ft 70 Apr 97ft 
11 VO Jul 96 
Tib V5 FeD in 
lib VI Jan 1BTO 


515 mil Stondard EJedri 
525 Inti Stondord Etadrt 
*35 iidistaadard 
ISO Inti Shnoart 
575 inttStiaidnrd 
STS IH AwHBsa 
SIM lltAntBlu 
vms m Fractal 

135 111 Ortnan 

575 John Hancock Q/f Fina a 79 Nov HOb 
J10B KeUopg Camp 
5 MO Kd loos Camp 
5 WQ Keanscott Inti 
150 KtddeigMerOA 
SW0 KlnftertrOartt 
128 KlmHwIriCtarii ltd! 

ITS Levi Straws Inti Fin 
1H0 Maey Credti Cam 

5180 Mocy RhO/s Fnmci lib VI Jan in* 

*108 Manatad Hanover Ktw Uft 76 Sen HI IUI 
SIM Manatad Hoover Q/s i3*77Mav HE 1241 

SIOO Mowvfad Hanover O/i 
558 Manatad Hamer a/s 
5100 ManutixIHaawgrO/s 
ITS MctiOoaMl Corporation 12b770d 92ft 1537 
V 75000 Mcdonahts Corporation 
175 Akcdanahb Franco Ca 
175 Mcdanaldi Flaanca Cn 
550 Mahnnall Douglas FM 
SUO Metlan Bank 
5 100 MerriH Lynch Ca 
1 100 Merrill Lynch Co XAr 
S2M Merrill Lynch D/5 COP 
135 NtoUimf Finance 
I in Montagu Plucni wits 
s» Montane Power Inti FI 

ISO Mo nkra Power Inl) R HbVtSap 102 1121 

Sin Maroon Guaranty Trust ITO 79 Apr la lia 

I in MetwGuorenfy Trtat ro*790d 103 <a 1140 

1150 Maroon Jo inn Capita libvOAuu UOft ”31 

*5 Momrola HbVlDec IOI 1204 

590 NotdmasO/s Finance 15 75 Apr les 9.77 

S50 Natomai Ort Finance Ub 74 Jul IBS 1102 

*2 ^ErotodUto llft-9?Fr!i llfflft 1139 

1M9 New Eratiand Life lib vs Feb 100ft ”44 

iS SsiisriJSa'pn— oa luS 

5 50 Ntooaro Mohawk Ffannc 17 79 to 109 M.14 


13* 77 ray HE 1248 
lift 77 Sep Win 1209 
row 78 Mar ff 1x12 
10b -90 Mov 71ft 1249 
12b 77 Oct 92ft 1537 
IftTJJan Mb 73B 
9*V3Feti 90ft ”37 
llft-94 Jen 99 MN 
17 VFeO 106 M.98 

13 175ep 104 MN 
ITO790CI 103 ”01 

12ft V4 Dec 101ft 1232 
10* V0 Apr 94ft 1IJ2 
7 70 Aug 90 9J01X41 7N 

13b VI Aug 180 11 J| <->« 

IS* 77 Doc HQ 1399 
14b 79 5ep HD 1338 


V ■' • % 

ri & ■: . 


1 H0 Nariti Amer PKihri 
125 north Amer Rockwell 
*71 Northern Indiana PuW 
ISO NOtwesI O/s Capital 
175 Occidental InttFtoa 

1 71 OaMtntal InH Finan 

140 Occidental O/s Ftrrac 
S75 (Mu Eitisan Finance 
175 GTm Eaten Finance 
120 Owens-Cornlno ROriol 
175 PDdflcGasEtadrlc 
SB PocHk Gas Electric 
105 Pocfflc Gas Electric 
1*0 PocHk Gas Electric 
1 75 Padtic Gas Electric 
175 Pacific Gas Electric 
yam PoctflcGasElearlc 
125 PacHic Uteltng O/s 
105 Pacific Ugntina inti 
IWO Pembroke CaMlal 
1200 Pembroke Capital 
SUO Penney JcFInanc Cara 
»W Porray Jc I nil CnpUo 
175 Penney Jc O/s Coaltai 
SJM Ftrawv X Q/» Finance 
115 Pannwoll 0/*F inoncs 
115 PMDp Morris Inti Co 
*200 PMIUns Petroleum 
*2 Porita ndGenerai Elec 
SUO Praetor & Gambia 
SIN Prudential O/i Furetln 
5100 Prudential O/s Fund hi 
*150 Prudential O/s FW/w 

5 150 Prudential o/s F X/w 

*706 Prudential Realty Sec 
*« PnWwtioP Realty See 
*25 Ralston Purina 
SHO RabionPurina 
IM Raffanz Trmscanllne 
1W0 RensreelO/s Finance 
5 125 Revlon Inti Financ? 

IN Reynolds Metals Euroa 

* Kg Reynolds Rt O/s 
*2 WdiordSaiFMerrell 

gkhorasu n-VkksOto 

* W0 Rackefcltar Group 
130 Santa Fe Inti 
120 Scott Peetr O/t 


IT* -91 Oct 104 1LN T2J8 

TO 77 Mov Mft ILW U3fc 831 

17b TSOct HBft lill 1436 

13ft VI Feb 100ft 1200 UN 

8ft 75 Jun 99ft 1X16 

leb 77 Mar MS 1U» 

TOW Fen «s 114? 

17b 77 jm las lui 

17ft 7* oa 107 1682 

* JJAuB ,97ft HUH 1107 
It TBAua 103ft 1455 
15b 79 Jan 105ft 1X84 
15ft 79 Apr 106ft 1132 
lib V0 Aug 105 1135 

K 21°° ”Jo 

17 V2 Jan lOOft MN 

7 V4 Sep 99 7.14 ._ 

.5.. S A " r Wft 1109 1144 X84 

15b 89 J14 '«» 1X97 

9* 77 Jul Mb IS.* 

13b 72 to tfflb 11.99 

Ub "91 Oct 104b 1L45 

1TO76MOV 101 TO 1092 

13ft 75 May 109b 90S lia 

11* -M Oct 101b ”41 1107 

■ 7/ May 9]ft 1IJV1246 656 

UB TIN 172 
14 79 May WSft 1X32 1337 

, I fS£j? 0V m ,1H M44 

IffiSHS '5??“ to 1IL79 

12b 17 Oct 185b HLJ7 

10* V3 Apt 91 1099 

W*V3Dec Mft HITS 

WftWDec 91b 1175 

15S-H ”49 1131 1147 

^ ”04 1)00 1149 

|5?£HP .HflUSJO* 1 882 
12b 79 Oct I Mb JUS HJ7 

TO N Fed 29ft 15.14 1584 784 

2S S’* U-* 

i&SS' W* ,3 « 'In 

Bge % 

b?S J . UB .JI? 4 ,,y7 >176 

2?®-!.“ 2 1090 M.99 909 

TO 76 Jul 92 1184 UB 9 83 


L “‘ * ; 


» it Juf n 

(Continued on Page 9) 




West LB 


Eurobonds - DM Bonds - Schuldscheine 
for dealing prices call 

pOsseupobf 

London 

' 

LuTtasniHHirfl 

WesrLB International S.A., 32-34. boulevard Crandn -r- 

Luxembourg. Tele^ione 44741- 43 ■ Telex igjg™™' 01 ** 6560 Charlotte. 

Hong Kong 

Westdeutsche Landesbank. BATbwer, 36th Floor 19 u*r a 

Hong Kong. Telephone 5-8420288 ■ 75M2HX ^ att 

Marketmakers in Deutschmark Bonds\A/ 6 St LB 

Westdeutsche Landesbank 


ib* ,^2 Mi 

Or* 

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- • f -ytfaatei . 


Page 10 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 4, 1985 


j/ V' % 


r i ? ; 


NASDAQ National Market 


Sotaln Net I 

W8 High Low CkM Otto j 


A/rakB 

Ampodi 

Anoditc 

Anionic 

Anotvl 


131 SW 

Tanas 

T48B22W 
SZ7124 
48 4M 

_ _ mziv» 

■20b 2 j MT210M 
— » 916 

JO J 271125% 
2609 7 
1539 «* 
1001 7th 
1*39 «t 
993 S 

.80 U 7441 At 
> Hsam 

■He J 171513V. 

r 3015 11th 

JSr IJ 262 17 
JSr 23 13125% 
UO 33 509739W 

isuatu. 

490 MW 
217510 

JO 20 35082016 
M 1412141 25% 
100b 4J 1132m 
1995 AVI 
457 7V. 
7491 lOh 
JO 23 2029 1914 
1143 8% 
34113 

30 27 357913th 
343814% 
7U Bfc 
40 4L3 141015% 

t 711 m 

140 24 70341% 
30 14 449534th 
40c 32 3B5612tb 
200 33 379 4th 
70 0% 
146212% 
17420% 

■15b S 44017 
138 13 290333% 

aSff 

US 52 104420% 
18917% 

308 50 40542% 
422822% 
3025 7% 
22 U 85422 
.40 20 47920 
.10 12 83 7 

541714% 
880 7% 
302013% 
319838% 
248 4% 
.12 12 92BWH 
2048228% 
4885438% 
2927 34 U. 
195314% 
454335% 
84 8% 
154 % 
3875 5% 
HOOT % 
00b 13 73724% 

535 9 
5541 8% 
.12 10 243613% 
269 8V2 
27T 5% 
1408 7% 
JO 23 73518% 
OOb SO 8214 
Mb XI 7818% 
00 33 141727% 
135310% 
134211% 
57337 
434016 V. 
159 4th 
7417 
44411 
104211% 
3154 6% 
1055 7% 
133 7th 
28317 


Sotos In Not 

TOOs High Low Close Oita 

40223% 22 22 - 1% 

.190 9 308020% T9th 20% 4- % 

103018% 10 MH+ H 

\JU 09 52150% 49% 49% 

9009 VU 5th 6% + % ' 
U2 50 13224% 26 26% + % . 


Sales hi NbI 

iOOb High low Close Otwt 

Crurna M M 1291 Z3% 2lft 23W + 2 

ClrilnFr 9S 15 201027% 26H Z7 

Cullum 50 17 19% Wh+ * 

Cvcora 22923% 22th 23 ♦ n 1 


4th Burr Br 103018% 18 

26%+ % BMA 154 19 SSI 50th 49 
22% + ft BustnM 9809 VU S 

23% + 2% DutfrMU U2 10 13228% 26 

4M- % 

21—16 I C 

10 + to 1 

Mh— Vh 
25% + 1% 

6Vh 

8ft- % 

7% + % 

6 — % 

5 + % 

14% 

30 + % 

13 + th 

11th + 1% 

16 — % 

25% — th 
38% + 41h 
20 %+ % 

91h — th 
17%+ 3 
20 %+ 1 % 

25 + % 

21th 


4W 

+ 

M 

7% 

+ 

6 

IM 

+ 

% 

18% 

— 

% 

BW 


M 

12% 

+ 

H 

1316 

+ 

% 

in* 

_ 

M 

BH 

+ 

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M 

— 

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— 

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41 



35% 

— 

IH 

IT* 

+ 

t* 

AM 

— 

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7% 



12 

+ 

1 

in% 

— 

lft 

16% 

+ 


33M 

+ 

ZH 


150 44 1448 
JO IJ 1227 
.16 13 237 

78 

.100 A 1248 
1401 

IJO 19 720 

34 4J AS9 
* 9975 

38 1.1 3039 
1449 


19% + 1% 
14% — th 

** 

41%+ % 
22 +2% 
7 + Ih 
21th— th 
19% + lth 
6th— th 
14% + m 
7th + % 
12 % — % 
37 — 1%| 

6 — th 1 

10%— %| 
26%— lth 
28th — 1 1 
35 — % 
14 +1 

34% + 2% 

8Vh + % 
ft — % 
Ah — % 
30 + % 

24 — % 
7W— % 
8% 

12V.— % 
8% + th 

5 

7 + th 
18%+ % 
I* + 1 
18% + % 
27 — % 

9%— th 
11% + % 
37 +1% 

16% + 2% 
4% 

17 + % 

ir= 2 

6 — % 
7% + % 
9th— % 

as- % 

17 + th 

20 + th 
4% 

2% — % 


47% 49 +1% 

1% 1% 

4th 8th + 1% 
7 7% 

2% 2% 

11% !JVh+ % 
7% 7W — % 
19% 19%+ % 
19% 20% + th 
28% 28% 

6 7%+ H 

7% 7th— % 
40 60%— 1% 

in® nih + % 
11% 12%+ % 
27% 30 +2 

7% B — % 
2% 2%- Vh 
9% 9% — % 
8% 9Vh+ % 
36% 37% + 1% 
47Vh 48 + % 

7th BM— th 
11% 12 + % 
4% 61*1 ~ % 
BW 8% — % 
7V% 7H + % 
1S% 16th + % 
9% 9th + th 

"th '’ft*** 

35% 34th + % 

13* 13%+ % 
1* lib + % 
IT 12 + T 
3% 3th— th 
24 25% + 1% 

SW 4th + 1% 
4th TV, — Vh 
13 13% + % 

4% «th- % 
9 9% 

7% 7th— % 
6Jh 7 + th 

28 vh JlVh + 7% 
18% 19% + % 
9 9 + % 

B 8th 
14% 17%+ % 
11% 12% + 1 
28 30V, + 2 

5% 5V,— % 
3ta 3% + % 

2252^ + 2%. 


BVh • BVh+ % 
9 0% 9 

25 22% 24 + 1 

39 3SW 38Vh— % 
10th 10th 10% 

W% !7Vb 17Vh— % 
5% 6% 7th + % 
7th 7Vh 7Vb+ % 
4% 3th 3th 
4% 3% 3%+ % 

5% 5% 5% 

18% 17th 17th— % 
IM 1 m+ % 


KM 10th 10th— % 
3% 3Vh 3%+ % 
3% 2th— th 
10% 11% + I 
20% 21th + 1% 
15% 16% + % 
9% 9% 

a a% + % 

15% 16% + 1 

’lth 'l +lh 
10% 11%+ % 
IStb 16% + % 
18% 19 — % 
26% 28 + 1% 1 
Uth 13% + 1% 
41 42 + th ; 

27 27 — %' 

29% 29th— % 
34 34 

11% 12%+ th. 
5% 6% + % I 
3 3th — % 
10ft 11% + % 
1% lth— % 
6% 7%+ 1% 
Sth 6 + % 

5% 5% 

19% 19% — 1% 
17% 17%+ « 
15% 17V, + 3% 

7 • 7 — th 
27% 27% + <4 

6 7% + lth 
13th 14Vh+ % 
W% lHb— % 
77% 80% + 2Vh 
23% 25% + 1% 
20 20% + % 

8% 18% + IV* 
13% 14Vh+ th 
lDlh 11% + lVh 
79th 80%+ 1 
26% 27% + 1% 
27% 2>th+ lh 
11% ll%— th 
4% 4% + lb 
21th 22% + % 
27 271h— % 

29 30%— "A 

29W 30 + % 

12 % 12 %+ % 
23 24 + 1% 

31% 33%+ % 
27 28 + % 

16% 17%+ 1% 
19% 21 + 1% 

9% 11% + 1% 
15% 15%+ % 
12% 13 + % 

29% II +1% 
12% 14% + 1% 
2% 3 — % 
23 24% + 1% 

5V* 5th + k> 
12% 13 — % 
4% 5 + % 

17% 17% 

29% 30 + % 
16% 17 — 1% 
14% 16% — % 
% 1 + % 
13% 14% + % 
23% 23% + % 
14% T4%— th 
3% 3% + % 
34% 37% + % 
28% 28% — % 
15 15%+ % 

38% 39% + % 
11 12% + 1 
8% 0% + % 
27% 27%— 2% 
3% 3%— % 

21 21%— % 
11% 12% + % 
25 28% + lth 

7% 8% + % 

13 13 — % 

28% 28% — 1% 

7 7% + H 
IhW 1% 

3% 4% + % 

11% 13% — % 
22% 22% — 1% 
5th 5th— % 
11% 12% + 1 
5% 6Vh+ % 
8% 8% + th 

7% B + % 
7Va 7 VS— 1 
4% 4%— % 
18% 19% + 1 
3 3th 4 % 

17 18% ♦ 1% 

% t + % 

7th 7%— % 
6th 4%— % 
8% 9%+ % 

3% Jft- % 
7% 7% + th 
A 4 
2h 3H.+ 1 
8% 8%— % 
21% 22 + % 
25% 2SH + % 
16% 17% + % 

25 25% 

B% 8%— % 

39 39% + % 

5 5V. + % 

A. 5 — % 

J4 34 - % 

15 15% 

4% 4% 

7% B%+ % 

5% 5% — % 
8% 9% + % 

18 18% + % 
3% 3%+ % 

18% 18%— % 
23% 25% — 2% 
8% BW— % 
7% 8 — 1% 
46% 46% — 1% 
4% 4H— % 
4% 6% — % 
15% 15% 

8% 9%— % 

11% 13%— % 
28% 28%— % 
12% 13% + % 


98414% 
89 7% 
32411% 
2043735% 
114337% 
984 4% 
.1 14901 
13 275530% 
299713th 
2717 B% 

53 5% 
8415 

1501 5 
717 7% 
1315 7% 

£ 89621th 
972416th 

U 2841 21% 

1J 140017 

206 m 

1043 1% 

1502 6% 
4570 7% 

276 8 
144 4% 
44 7 
914 4% 
19910% 
13883 4th 
84914 
240515% 

54 5V> 
405420 

2204328% 
87931% 
595 6 

3512366- 9% 
636 4Vh 
0 3814 27% 
*3 97738th 

1.1 31518 
45 <7030 

\A S2411 
2GKH3% 
141116 
13 209019% 
1.3 146025% 
43 34412 

1.1 75915% 
787 5% 

414924 

358513% 


14 14 - % 

7% 716— vh 
10% 10%— % 
31% 34% + 3% 
25% 26 — 1% 
5% 5%+ % 
96 in + 3 
19% 19th + % 
17% 13% + 1% 
7 7%+ % 

4% 5% + th 

13% 13% — 1% 
4% ift + ft 
4% 6%— % 
5% 6%+ % 
20 M — Vh 
14% 15% - 1% 
21% 21%+ lb 
15% 16th + 1% 
1% IH — % 
I 1% + % 
5% 5%— % 
5th 7% + % 
7% B 

3% 4% + % 
6% 7 + % 

3th 4th + % 
9% 10%+ % 
3% 4% + % 

12% 13 — 1 
14 14% + % 

4% 5 — % 
17 19% + lth 

26% 26% — 1 
27% 31% + 3% 
5VS Sft — % 
Sit 9%+ % 
4 4 — % 

24% 24th— 1% 
27% 28% + % 
17% 17Vi + % 
79% 19% + % 
10 % 11 + % 
72 13% + 2 

15% 15% — % 
19% 1»%— % 
34% 25%+ % 
11 % 11 % + % 
14% 15 + % 

4% 49h — % 

22% 24% + 2% 
12% 13% + % 


Soles lit Net 

108s high Lew Close OV94 

1.00 14 30119% IBM ISM- % 

173918% 17 I7% — % 

2878 7% 2 2%— % 

46 413410 9Vh BM 9ft- % 

.10 14 3407 7% Aft 7% + % 
412228 26% 27% + 1 

M 13 265*21% 19% 20% + % 
197713th 11% lllh— 1 
JO 2.1 273114% 13% 14%+ % 


8% 9 + % 

12% 13% — % 
8% 9th + W 

11% im— % 

A A-H 
41% 47% + 3% 
6% 6M+ M 
8% BVh— 1 

3 3 - % 

4 4 

6% 7M— % 
6 % 6 % — % 
5% 6% + % 
11 % 11 %— % 
6 6%+ M 

29% 39%+ % 
17% 19 + % 
10% 10%— v* 

"* "fcV 

15% 16 
13 13% 

17 II + % 
12% 13% + % 
8% B%+ % 

10 % 11 + % 
4% 4% — % 

9% 10 — % 
17% 18% — }Vi 
14% 15% 

6% *%— % 
19 20 + U 

5% 5%+ % 

12 % 12 % — 1 % 
14% 15th + % 
14% 14th + W 
2% 2% 

9% 11 +1% 


Salts In Met 

100a HMi Lon Close Ch'oo 


Sales In Net 

100s Htgn usw Close Ch’oo 


EH ini 

EIP .13 3 

EZEM 

EosICpI 

EohITI 

EaaT wtA 

EarICal 

EatnF 

EConLD 144 14 
EdCmp .12 13 
Educam ,08i 2J 
Elkonx 
ElChlt 

1-44 104 
A7e 3 


366 2% 
25714% 

MaSP’fc 

3255 5% 
16 6 
18 6% 
25410 
24562«th 
65410% 
657 4% 
34612% 
290 9% 


406 9% 
42r J 11212 7 
! .16 17 AM 
I 478 1% 

t 128120th 
1 340 4% 

152 1A 597258% 
2521 28 
1368 <% 
33415th 

240 45 82649 
120 34 34662% 
48 17 25125% 
45516% 
M 25 86316% 
JO 44 1564 4% 
JOe 19 74 7% 

1702 8% 
35212 

1.13 47 39624% 
32 14 37728 
1.10 4.1 90427% 

180 5J 6154 
2*017% 
IJO 45 18424% 
120521% 
1144414% 
423511% 
83416% 
JOe 15 55220% 
40 35 154320% 
7919% 
40 15 29423% 
148 SJ 114434 
144 3.9 10237 

140 54 28032% 
IJO 44 7518% 

240b 45 4353% 

429 .1 50215% 
40b 34 48920% 
.96 3.1 78830% 

Mb 14 40622 
162 TO 

1.10 45 171922th 
140 44 61633ft' 
1.12 34 271237% 
J-2Ba SJ 1425% 
JOT 14 1113 

1931 6% 

48 33 19616% 
JOe 1 J 4014 18% 
32 23 273532% 

279520th 
JO 14 249 13% 
962 4th 
47 4 80917% 

49 4 113315% 

.94 13 98929% 


2% — % • 
: 13th — % 

i 4%+ % 
5% 

6 — % 
i 10 + % 

, 20% + % 
10 % 

I 3th — % 

, 12 %+ % 
i Bth — % 
14 — % 
9Vh+ th 
9% + % 
14% — % 
6th + th 
7% 

24% + 3 
13th— « 
17Vi— % 
10% 

14 + % 

5% + % 
10% + % 
1%+ th 
8% 

13 + % 

6% — % 
4% 

II + 1% 
31 + % 

B%— % 
4th 

th— % 
13%+ % 
14%+ % 

3 

20 +2% 
in,— i% 
19% + % 
6% 

33 +3% 

14% — 1% 
% 

11 — 1 % 


9 + % 

6% + % 
5th— % 
1 — % 
20% + % 
4%— % 
57%+ 2 
26% — 1% 
AM- %, 
15% + % 
48%+ % 
41%+ th 
25% + %' 
15% + 1% 

'S* + 1 

7 — % 
8%+ % 
10%- 1% 

a 

53 + % 

17 — % 
24% + % 
21%+ 1% 
14% + 1 
11 - % 
14% 

20 %+ % 
20th— % 
19%+ % 

33%+ 1% 
34%- % 
32%+ % 
10 % + % 
52% — % 

n'% 

30% + 1% 
22 + % 
10 

22% + % 
33 + th 

37%+ M 
24% 

>1* 
17% — % 
32 VS. + % 
18% + 1% 
12% 

4% — Mi 
17 + % 

15% + % 
29% + 1% 


14 8178 22 20% 

A 25 9% 9% 

24 244 5% 4% 

308013% 11% 
51818% 17% 
628 5% 4% 

1063 2% *• 

,ofS ft ft 

J 52414% 14% 
14 38435 33% 

54 94529% 28% 
1 J 424 12 10% 

19 35310 9% 

154119% 18% 
78618% 16% 
184 7% 7% 
2083 4 3% 

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31811% 10ft 
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5013 9ft 9% 
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73 3ft 21i 3 + ft 

97920*. 17ft 20% + 2 
3937 Aft 5ft 6 + % 

46 2ft 2ft 2ft 
791 3% 2% 2", 

904 2% 2W 7% 

IJO AS 18622% 21 22+1% 


91 4ft 
17 4% 
JO 6J 26610% 
714 ft 
834 9h 
94 6% 
I MW 

2J0 6J 20937 
7ft 
106 Aft 
246 3% 
JOa J 6752 
524 9th 
-tOo •* IS1„ 
430 JM 
32512 
1810 
7 7ft 
2636 7 
39911% 
J7e U 26 3ft 

1 J2 5J Si 23 ft 

69 Aft 
lJBa 16 4227% 

JOa 19 315% 

417 4 

144 146 16623% 


28 16 105111ft 
1.12 7J OTIS® 
17520 
34216 
1 119 7 

213 8 
449010 
2398 
348 W. 
1234 5% 
1.16 5 A 3721% 
1196 % 
82 34 

.16b 14 7710 

1(0 3th 
5*0 8% 
61 5 
t 102 5 
»Z2ft 
1335 Bft 
33 U B 54 

r * ,a7 ,8SiS 

* hJc 

91 3ft 
4 5 

13915ft 
232 lft 
311% 

JO II 439 
1040 4.9 442 

113 5% 
J6b 19 16628ft 


Me 5J 
I JO) 2 A 


35 54 

.10 14 0710 

’ 77 5 

2J3 BJ 43729% 


9th 9%+ ft 
4ft 4% + ft 
3% 3%— % 
9% 10 + % 

% 4+M 

6% 6% 

MW 14ft 
35% 35% — 1% 
7ft 7% + % 
6% AM— % 
3ft 3 V, 

52 52 

9 9ft 
50 SI +„1 
2% 2%+M 
1741 lift— ft 
10 10 
7ft 7ft 
5ft Aft + 1 
11 11%+ ft 

3% 3ft 
23 23 — ft 

Aft eft 
26 27% + 1% 

15% 15% 

3ft 4 + ft 

23% 23% 
lift 30% + 6% 
3W 3ft — ft 
25ft 26 + ft 

9 9 + ft 

8% 8% 

12% 12% — Vh 
18% 10% + ft 
15ft 15ft 
20 20 
15% 15ft 
4% 7 + ft 
7% 7ft + ft 

’a V '* 

3% Sft + 1% 
21ft 21% + % 
% ft + % 
Sth 35b + M 
10 ID 
3% Sth + % 
7ft 7ft— ft 
S 5 

4M 5 + % 

21ft 21% + ft 
7ft 7%— M 
5ft 5ft 
6M Aft + ft 
13th 13ft + ft 

2% 8Vh— ft 

Mi 4ft + ft 
6% 7 + Vh 

18% 11% + lft 
8 Bte ++» 

3ft Sft 

'?% ’lfc-fc 
11% 11% 

28 28 
42 43 

Sft SW— ft 
26% S6Vh— IVi 
5% Sft 
'*> 10 

13 15% + 2% 

4ft 4ft— ft 
29ft 29% + ft 
8% 8% + % 
15% lift + 1 
3% 3ft . , 

10 lO"i + ft 

4 5% + 1% 

2H 2ft 

5 Sft + *• 
SVh 5% 


Sales In Net 

100b HLnti Low Last Ch’oo 
5% 5% 5% 


>-020 43 25123% 22 23%+ 1% 

I JOa 28 46136% 35% 36ft + ft 
JO IJ 147 46 47 +1 

285 Sft 7% 8 

SJO 8.9 3562 61 62 +1 

2J4 SJ • 3043% 39 42% + 3% 

2n 5.1 22045 3*% 43 +4 

2SQ 10J 6823*6 23ft 23ft 

IJ4 IOJ 214 ISft 14 + ft 

IJO SJ 13022% 22% 22% 

■33 IJ 1719% 18 19% +1% 

715% MVS 15% 

3J0 9.4 536 36 3A 

1.12 17 938 3® 33 

JBD IQ 14123% 23 23 — % 

IJO 3J 10632% 32% 32% + % 

30717ft 10W 1IW+ I 
281 3 2ft 2th + % 
IJO 37 16637% 37 37% + % 

.JOa X9 34 15% 15 15% + t, 

IJ* 3.7 4142% C% 42% 

PESO 11.9 21 21 2T 

32* 5% 5 5% + % 

IJO 34 BB30 28% 29. — 1 
458 ft % ft 

296411% 10% 11%+ th 
3 9% 9 9. — , % 

651 lVh ft ft— V. 

t 1024 ft ft — 

1613 4ft 3th 4% + % 


JOT 

43 

810tb 

10 

10% + 

% 



2*38 «H 




.13* 

U 

BO 4 

4 

4 




22616 

15% 

ISft + 

W 

.14* 

X4 

428 4W 

4H 

«%— 

% 

JS 

4J 

2315% 

15% 

15% 




2% 

2H 

2H 


1 


93 Ift 

2% 

ZH — 




43 

<1 

41 + 

1% 


4J 

17711ft 

low 

11% + 


2JQ 

90 

1220% 

20% 

20% 



lam 340 4» +40 

50020ft 18ft Mft + lft 
370 4th 4% 4% + ft 

575 4% 4 4 — % 

42 5th 5th 5ft— % 

877 3 2%2%+ft 

1-85 1X5 12813ft 13% 13ft + ft 

166*9 6% 5 6% +ft 

182 5% 4ft 4ft— 1 A 

4Q X3 14612 lift 12 + ft 

162 Aft 6ft Aft 
IJO XJ 7130% 30 30ft + ft 
<33 3ft 3 3% — ft 

1.7 11817ft 17 17ft + % 

12% 13% 12% 

80 In 2ft 3, 

JSelOJ 1409 Bth 7ft BV«+ w 

Jin 13 33212ft 12ft 12ft— % 

430 8% 7ft 8% + ft 

i . 1 S2 Aft 6th 4% + % 

JO IJ 21722ft 21ft 21ft— % 

J5e 2J 149 2% 2% 2% — % 

-»3 J 30133ft Jlft 32%+ lft 

JSe 251 3ft 3ft 3% + % 

696 1% 1% lft +% 

. JS 7 7 7 

-63 SJ 4512% 11% 12 — % 
615812 18ft lift + ft 
Jl8 3 756 4ft 4ft 4ft— ft 

-Me 6J 582 8% Bft 8?» +M 

115710% 914 9ft + Vi 

„ . 15811% 10% 11% + % 

J5 63 335 Aft 6ft 436 + ft 

lOTTft 9% 9%— ft 

3J7o 9J 44734 30ft 33% +,2ft 
■lie 5J 336 2 2ft 2ft— ft ' 
6061 Pti 8% 9ft + 1% 

I 16812ft 12% 12% + V, 

„ 553 % - 

J6e J 17616% 15% left + 1% 

63 2 3 2 

53 7ft 2'« 2ft + %' 


27 28% + 1% 

24% 24V] 

141* 14ft 
Wh 13%+ % 

2% 2% — ft 
9ft 9% + % 

17% 17% 

5ft 5ft 
IBM 18%+ ft 
25 25 

33 34 +1 

16 16% + ft 

7% 7Vj— % r 

4 4ft + ft r 
24% 2ift + W r 

8W Bft — % r 
30 31% + 1% ? 

4W 4ft 

7ft 7ft i~ 

5 5’h+ ft I— 

43% *3% D c 

10 10 rv 


Sates In Nat 

loot Hlati Law Last Ctim 
7VS b% + % 
17% 17%— U 
22% 22% 

914 10 + % 

6 AVh 
% % 

Wft 10% 

8ft Bft— M 

23% 23% 

Ih IH 
11 13% + 2% 

1% lM 
% % 

10 10 — % 
Oft 9ft + 1 

7 BYi + IM 

8 8 — % 

10% 11% + ft 
19 19%+ % 

4th 4%— ft 
% 4h+ % 

3% 4% + ft 
8% 9% + 1% 

6% 6%— % 
9 10% + 1% 

23% 23ft + % 
6ft 7 Vb+ ft 
1* 17% + 1% 

5% 6W + ft 
18% IBM— % 
12% 12ft— ft 
lift 13ft + M 
34% 32% 34% + IVm 
3 2ft 2ft 2ft 
JSe 23 317% 17% 17% 

JH 5J 15 7W Aft 7W + ft 
I 710V, lo% 

28 27 27ft + % 

Z2ft 22 22% + % 

30% 30% 30% 

7ft 7% 7ft + % 
5ft Sft Sft 
2ft 2% 2ft + % 
10% 10% 10% 

5ft 6 + % 

2% 2% 

4% Aft + % 
M% lift + % 
3ft 3ft— % 
left 16% — ft 
17ft 12ft 
27ft 28 

16% 17ft + 1% 
16 17ft + lft 
7 7% 

9 9% + % 

31% 33% 

10% 12ft + 2th 
4% 4%— % 
II 11%+ % 
14% 15 + % 

49 49% + % 

75 76 +1 

5% 5% 

9 9 

JO XJ 24 23ft » + ft 
JOe 1-3 10438ft 30% ISft + % 
JSe 5.9 8011% lltb 11% 

22314% 14 14 — % 

JO SJ 267 10W 10 10% 

120 6 5ft 5ft— % 
525 4% 3ft 3ft— ft 
1620 B% 6% 7% + 1 
Mm J 21611ft 10% 11% + 1 

154314ft 12% I4H + 2V] 
231 7% Aft 7% + % 
5 9% 9 9 


£ Cme 

Net 494 Sft 

SH 

Bft + 

% 

. Cmi 

5v 3 01* 16% 

16 

MM 


CmS 

vn 252 AH 

5ft 

6M + 

% 

i» Can 

slit 332 *V, 

SH 

9% + 

H 

w 9>" 

■Os 1 87D10 

9% 

9% 


ft 9™ 
Can* 

■cpf 27 7% 

7% 

7% 


ctr 18 3% 

3% 

3% 


ft £5 

IP ¥7 11 

11 

tl 



141, 15 t OH Tth 


IJ8 1X2 11914ft 14% 14% - ft 

JOB IJ 3035 34% 34”,— % 

1A0 6.7 BBSOft 19ft 20ft + ft 

4212ft 12th 12% 
11024% 21ft 23ft +_ ft 
1472 lft Ih Ite-* 
.12 3 23039% 37% 39M + IM 

-369 4J 35 7% 7% 7% + % 
JO 10 20ft 20% 20% 

436 IH JH 3H 

3JJ7 1X3 4325% 25 25% + ft 

JSC 14 3317 17 17 

JO X4 27230ft 19ft 20ft + 1 

<75 5 5 S 

776 47« AH 4% 

32 IJ 1KJ430. W 19ft +1% 

, MS 1?» 19, 1 Si + th 

J4 ts 12912% 12ft 12% + ft 
75 2ft 2ft 2H 

32 X* 12320% 20% 20% — % 
1937 18% 16% 17ft + IV* 
„ _ 418 5*b «ft «ft— % 

JO 7.1 19 7 6 7 +1 

104 2% 2% 

4U .9 40$ ft Bft Bft 

7936 4*i IX 1% + % 

416 7 5% 0% + ft 

.14 XJ H6 4ft J% 4% + ft 

1763 8% 5% A'i + 1% 

■20* 15 IK 13% 13% 1J% 

3ft Jft Jft 


I 33 7H 7-. ? i- . 
43Se 7A 43457 V] S3 ^ft + a*: 
7« 5 *5 5 5'.+ te 


Sales In Net 

IBOo High Low Last Cfi'go 
239413H 13% 12%— 1% 

418 9% 8% 8th— th 

56* 5 4% 5 + th 

*1 4M 5H 5H 5H + V* 

47 7% 7 7% 

JO IJ 82813ft 12% 13 + % 

184 5% 4ft 4ft— H 

JSe 1.1 4ft 4ft 4ft 

JOe l.l 1118% 17% 18% + 1 

72 8 7% 8 + % 

37* 5% 4ft 4ft— ft 

1 7ft 7ft 7ft 
1J6 SJ HOIS’* 35 35 

,19e 1-6 B513 12ft 12ft— ft 

46518% 10 10 % 

JOT X0209J8 4 4 4th + 

332 JH 3% 3H + % 

1J4 «J 29311% 10ft 11%+ ft 

151 6% 5% 6% + H 

1613% 13% 13% 

i IJO 61311% 9ft 9ft— lth 

I IJO 40011% Bft 9H— 111. 

XM 5J 11740 39% 40 + % 

i IJO 3 9 5431 30% 31 + ft 

.90 7.1 1012ft 12ft 12ft 

114 7ft 7M 7Vi + % 

66 8% 8% 8% 

i JO 19 14327ft 36% 27% + 1 

IJO 16 16028. 27 77ft + ft 

88 3f> 3% 3ft +*. 

3 3% 3ft 3%+V. 
5801) 10ft 11 + W 

76 1ft IH IH— te 

JO X* 12610% 10 law + ft 

271 3 3 3 

73 5 5 5 

Ml Oft 8% Bft— ft 
198 4% 4ft 4% 

IJ* 7J 7317% ISft 17% + ft 
3300 IH IH IH 
33 IH IH IH— ft 
JO 12 17613 12ft 13% — ft 

IJSe 18 260ft 59ft 59ft— % 

JS* A 71512% IOW 12% + 2ft 

45925ft 24% 24%— % 

1550 I’M 1% l’h. + * 

I JOT 17 2MI74W 22ft 24W + lft 
287 4 3H 4 + % 

200 5. 4ft 4% 

63 3tW 2ft 3VW+M 
5961* 14 16 +2 

27213ft 13ft 13*.+ % 

43815% 14% 14%— I 

1.16 XI 22337 3fi?b 37 

435 6% 5ft 6ft + % 
10 9% 9% 9% 

37 6% 6 6 

BJO 4ft 3H 4Vh + % 


10 10 
4ft 5 + ft 

6W 6ft + % 
TH, 3H+ % 
5ft 5ft— ft 
4 5H+ IH 

Mft 24’.fc 
31% 21ft + ft 

33% 34 + VI 

13 13 

16% 18 +1% 
13ft 12ft 
5% 5% 

20ft 27ft + 2 
20ft 20ft + % 
28ft 39W + % 

15 IS 
11 11 

35ft 30ft + 7ft 
20 21W + 1ft 

ISW 15ft — * 

ft ft-M 

3M 3ft- % 

16 16ft 

17ft 12ft— ft 
Sft Sft— M 
15% 15th + ft 
9% 9H— ft 
20ft 28 ft 
10 10 J- 

21ft 22 + ft 

nft 22 + u, 
IBM, IBft 
=% 2=™— M 
O 87 - 1% 
4ft 4ft 
23ft 23ft + M 
Jft A + ft 
13th 13ft 
8ft I0M + m 
im I2H + 1% 


Sales in 

loos Hteti 

3% 
185 7ft 
25211ft 
1825% 
.90 55 5616% 

IJO 4J 66729% 
.99 AJ 3916% 
AJ® XO 1885)0 
BJO IJ 511 

35 9% 
AO 73 6 5% 

8329% 
JO X6 1819% 
.10e IJ 1078 IBM 
108 4W 



IJO X5 22048% 
-9Se 4J 51074 
4814% 
JOe IJ 8516W 

3817% 
118 9% 
3014% 
.ISa l.l 71 lift 
902 TH 
19 6% 
7611 

1.760 SJ 634 

15 6 % 
25630 

IJO 4.* 9920th 

1JB Z6 7241% 

38713% 
I 2710ft 

.97 4A 18220ft 


560 4J 14612ft 
25 4ft 
25027ft 
62 BW 
JOT 38 1*% 

4J0 85 2947 

15615% 
JO 2J 16514% 
IJO AM 10737ft 
1071 M 
43 9 

1.99 14.7 3311% 

■76b XJ 1221 
A2r X* 18514% 
3S571H 
JOT .9 554 

JO X4 13831% 
JDb X4 1451 Aft 
IJO *J 818% 
1.12 2J 5649 
11337 

UO 49 4944% 

JOT 1 J 401 13ft 

594 S 
3 

1451 5% 
.56b 20 18628% 
JOe SJ 507 3% 
39416 
1010 

.10 IJ. * 7 
S86 1% 
160 5% 

IJO 39 10341 

WJ1SW 
885 2% 
1.16 4.7 3324% 

43 4ft 
LOO SJ 1735% 

JOa 4J 76711 
ijseiaj ii3% 
-56 3A 9517 

J4 J 10831% 
IJO* 9J 159231ft 
999 BVh 
153210% 
155 3H 
8 6th 

.10* 2J 373 Sft 
JS 23 MIS 

J7* J 3926 13% 
12S7 41b 


Net 

Law Last CIVtee 
n* 3% + ft 
7U. 7ft 
9% 10ft + lft 
25% 25% 

16% 16% 

28 28 — lft 

16% 16% 

9ft 7ft + % 

11 11 

9W 9% + ft 
5% 5% 

29% 29% 

19H 19th i 

9% 9% — % 
4W 4ft | 

33ft 33ft 
33U 33 W 
16 16ft + ft 
45 45%+ % 

47ft 47ft— ft 
23ft 23A+ % 
M% 14% 

Mft left + 1% 
17W 17ft— ft 
9W 9% + ft 
14% 14% 

13% 13% — ft 
7th 7V, — W 
6% 6% 

10ft 11 + W 

34 34 

6% 6% 

27ft 29% + lft 
19ft OTW + ft 
40% 41%+ 1 
124. 13 + % 

10ft 10ft 
20% 20ft + W 
46W 47 +1 

33 W 34 + ft 
12% 13ft + M 
4ft 4ft 
27W 27th— H 
4ft 8W + 1% 

19 19% + % 

47 47 

I4W 15% + 1W 
Mft MW 
36H 37ft + 1 
9 th 9% 

9 9 

13 13% + % 

21 31 

14% Mlb 
11W 11% + % 
56 56 

30 IlVi+IVC, 
5H 5%— W 
18% 18% 

45 48 +3 

37 37 

44% 44% 

12% 12% — 1W 
Aft 4ft 
3 3 

4H 5% + M 
24 Vi 20% + 4M 
3% 3% 

I5H 15% — H 

*% 10 + % 

7 7 

1% 1% 

Jft 5% + ft 

41 41 

MW 15% — % 
2% 3% 

24 24% + % 

4% 4H— H 
35% 35% 

17ft 18 + V. 

13% 13% 

16ft 16ft — ft 
29 29%— 2 

I9H 21 + H 

8M 8% 

VOW 10% 

2H 3 + W 
6ft Aft 
Sft 3%— ft 
13 13 

13th 13% 

4W 4ft + H 
4ft 4ft — ft 


Sates in Net 

100a Hteti Low Last 01*00 
15 2H 2% 2% 

J4 IJ 69516ft 1* 16W+ ft 

213% U% 13% 

JO 13 8211 11 11 

*86 9% ■% *% + 1 

59 3% J% J%— M 

6610ft 10 10 


Steesln Net 

180s Hteti Law Last Cfitee 
InGNMA 2.96*1X5 11922 . 21% 22 + % 

invStSL 452 5% 5% 5% + ft 

IwaSoU 3J0 8.7 15641% 41ft 41% + H 
Irwin g 3a M 4ft 4ft Aft + % 


oa iuw iu ■* 

.71 3J 1621ft 21 W 21ft— % ItoYakd 

JOTIX5 28 4ft 4 4 — ft , 

9717% 11% 12V, I 

34 IH IH IH * 

2788 9% 9W 9%+ % JLG 

SJO 24 240 140 140 JMBs 

28 4ft 4% 4ft + Vh JP ino 
101 II IOW 10H+ % Jocbsn 

170 Aft Aft Aft JeftrGp 

JO X9 12221 31% 20% — % JeHBep 


Irwin nv 36 

laamei 

Isrllnv 5JOT23J 
ItoYakd J7r 3 


23 3ft 3H 3% + % 
43 3 2% 2%— % 

22V] 22% 22% 

4540ft 39% 40% + ft 


MOT S 5% + H 
IJ4 BJ 7718% 18 18% + % 

125416ft 17ft 15%+ 3 
AO 12 1501 Bft 17ft 17ft— W 

950 19W 17% 18% + lft 
t 215 14% 15 


12221 2fl% 20% — % JOHBCP | 215 lift 15 

1704 4% 3% <%+ % JettNL ■ J4 XO 61722% 70ft 21% + 1% 

4413 17ft 13 + t. JernRec 135 4% 4 4%— Ih 

60014V. 13% 14V. + ft JBIAuti 1 3ft 3% 3%— ft 

82 fn 6% 6% JhflsnE 283 8% 7ft | + ft 


i 1031 
14039 1% 
i 23513 
616 9 
1271% 
446 SW 
62 4W 
260878% 
l 933ft 
I 50 8ft 
i ta io 
I 14312ft 
153 2% 

I 5160ft 
31 9% 
7 18' • 
I Jill 


2i n 
IH lft + % 
12 12% + 1 
7ft Sft + 1 
67VJ 70ft + 3W 
5 S’- Vh 

4 4ft + ft 
26U » + 1% 

33 33ft + ft 
Bft lft 
9% 9H ♦ ft 
11% 17W + ft 
7ft 2 ft 
40 40 ft + ft 
O' I 9' J 
171; l#’. + ». 
10ft H ’+ - 


GK5w* 
GACL4 ' 
GalObrA 
Galoot, 
Gam bra 
GflBiM 
GenCer 
GnMoo 

gffi 

GT*i Siof 
GT*I5M 1 
GennB I 
Geneve 
GeoWati 
Go find 
GermF 
GlPort at 
Gteww 

GilbrtA I 

Gteml* 

GW*H 

Gedtrvs 

CeMCa 

GidFia 

CpoWRs 

Gaidai* 


1 11517% l» 
S 157 3H 3% 
78935% 30% 
1241 14% 13% 
95410 9% 

I 79813% 12% 
S 3710% 17ft 
S 36 9% 9% 
17810 9 

i S3M 13% 
I 5 7 7 

I 143 8% 8 
1 543*9, 37ft 

I 40% 40% 
7 21* Jft 
1 V 5% 
l 10017% 13 W 
7527th 26% 
1 2 nr* 10 

I 305 24 W 34 . 
I 186 4'h Jft 
117773 13% 13 
I 20916 ft 16% 
10919ft 19’.: 
i JQ314VT 17- 
4V 2 l'h 
lft IH 


15% — 1% 
3H+ % 
15% + 5 

14 + ft 

9H- W 
13%+ ft 
18%+ % 
9% + ft 

10 + % ! 

13% I 

7 

SW + ft 
79% + 1% 
40% 

29b 

5ft 

ISft— % 

27 + % 

10 

Mft— 

41. + ’v 
13 - 
16ft 

19']— ft 
Oft + lft 
2 + % 
IH— 's 


a 4% 4H 4H 

134711% 10% 11% + lft 
58 4ft A 4ft + V. 

666 7H 7W 7% + % 
34 IJ 1720% 20% aVi 
Mo 9 AS 4W 4% 4%— ft 
520 Aft 7% 4% + 1% 
1.95 11.5 73017 left 17 

501 Sft 5ft 5ft 

J* IJ 66034ft 31ft 34ft + 3 

383 lOh 1% lth 

XOO 4.9 58*1 bOVh 61 

2*048% 46ft 48% + 2% 

JOT IJ 6316 16 16 

■48 X9 *117 16% 16% 

I 37 4 3W 4 + % 

I JOT 55 11024% 23 24% + 1% 

346 Bft 8 OH — % 

31 9 9 9 — ft 

15713% 17* 13% + U 

44 3ft 2% 3ft— % 

J8e 39 230 2 IH 2te +Tk 

IJO 2 A 1*42 41ft 42 + W 

JO IJ 416% 15% 16 —1 

IJO 7.1 5322% 22 22V] 

I 14% 14% 14% — % 

230*11% 10% 11%+ H 

2 5 4% 5 + ft 

JOr 4J IS 10ft 10% 10% 

■19e 1 J . 44 10ft 9% 10% + lft 

*17 JH 4 4 — ft 

3718 3% TH 3H + 1W 

386)1 9% 10%+ ft 

I.13n 4J 1023% 23% 23% 

86 3ft 3W 3H + H 

71 A Sft Sft— ft 


2% 2ft 
8% 9H + IW 
35 36 — T 
7 BH + IH 
6% 7ft + lft 
7M 2Va 
29 39W— ft 

25ft 25W 
3ft 3% 

4 4M— % 

9% 9ft— lft 
IW 9H + H 
10% 10ft 
9 10 + ft 
ift 1%+te 
36% 16% 

Mft 31% + ft 
16 16 
7ft 7ft 
3IW 31ft + % 
4% 4W + % 
26% 77ft + ft 
27W 27ft— Vi 
32% 33 + ft 
Aft Aft + % 
4W 4 Vi— ■* 

3ta 3 Vi +th 
13 13—1 


10b 17 47 3% 3ft 3ft— V» 

1J8 4J 226a 27 a + 1 

.12 X7 4% 4% 4% 


419 5ft 4ft S + W 
183 4% 3% 4% + H 

3J8 3A 4679 76 79 +3 

88 8 0 8 

1441 2% 2ft 3% + % 
JO IJ B815W 13W 15ft + 2 

J4 IM 77533 32 32% + % 

-52 U 832% 31% 37% + % 
524 4W ]% 4% + % 

13110% 10% 10% 

J8 XS 211V, 1IW 11W 

121 5% 5 5W + W 

9215 1346 lift + I 

27 8% 8 8 — % 

1218 18 18 

66 8% 8% 8% 

1*36 22ft 19ft Sft + 3ft 

• lOo IJ 8 8 8 

IJ7 1X4 10ft IOW IOW 

17 17 17 

50 Aft *V, 6% + W 

1.746 SJ 81235% XIW 34W + |ft 

17 4W 4 4 it 

IJO 17 17735ft 34W 35 


1.92 5J 

IJO 4 A 

188,11* 

JOr 3.9 
IJ3 4J 797 

37 
272 

166 90 62 

IJO 10 SO 


4W 4Vi 

506 3% 3ta 3 hi 

no M 13 13 

If 4Vu 4W 4W 
335 2% JH 2% 
39711ft 11 lift 
819 Aft 6 6ft 


56 4% 4ft 4H + W 
302 4 3ft 3%— W 


67 4 3% 3ft 

•15* 71 7ft 7th 7% + % 

1103 6J MM3TS-+, 

R K S! + ^ 

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-70 3.0 3323% 33 33 — % 

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. „ ... 15717ft 17ft 17W 
IJS IU 610ft 10ft I Oft 
IJ* 11 J 121* 1S% l* + 

3*15% ISW ISft + •; 


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Mulibk s 

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Sale* In Nit 

100s Hlotl Low Last Ol’BB 
203 ISW 12 12 

IJO U 1136 36 36 

404 7 6% 7 + W 

5322% 22H 22% 

168 6% 5% SW— % 
«®10H 9 10% + H 

178 24W 23W Mft + 1 

6*420 19ft 30 + ft 

973 6 5% 6 + % 

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1-OQb IJ 571 71 71 

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. 131 3 2ft 3 + W 

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03b J 125 4 3ft 3ft 

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J4 1* 179 7 bft 6ft— ft 
3267 6% 6% *%— ft 

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1888 3 3ft 3 + ft 

,75 ;.i% 3H 3H+ % 

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1 JOe 7.1 *17 17 if 

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a. .. 'J 9 % fi 

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■96 7.1 M13% 135b IJ% 

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(Continued on Rage 11 ) 


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f Hj, 




INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 4, 1985 


Page I* 


New Eurobond Issues 


Amount 

(millions) 


Mot. °£P- Price 


Short-Term 
Notes Still 
In Demand 


Aerospatiale Names Pierson to Succeed Lathiere at Airbus 




• **%■ 


FLOATING RATE NOTES 
Crtcfit National 


Midland Bank 


— 99.90 Over 6«wih Libor. Ftra jUb at par in 1968. 

Dmomma«v> $10,000. Fm 0.125%. 


By Carl Gewiirz 

IiuemnwnaJ Herald Tnbane 


Return 

PARIS — Aerospatiale of 
France has nominated Jean Pier- 
son, head of its a ircra ft division, to 
succeed Bernard Latfnfere as chair- 
man of Airbus Industrie. 

An Aerospatiale statement on 
Saturday said the four partners in 


Airbus announced Friday after a between the French. West German, bus Industrie's senior vice prea- 
meeting of its industrial partners in British and Spanish partners over dent for marketing, had been ex- 
Munich that Mr. Laihifere was step- other top Airbus appointments. pecied to get the job for which Mr. 
ping down effective Monday and They said Britain. Spain and Pierson has now been nominated. 


that his deputy. Roger Beieille. West Germany were 


cted to get the job for which Mr. 
erson has now been nominated. 
Mr. Laihi&e, who had been 


PARIS — Demand for short- Airbus agreed that a Frcnch- 
term Euronotes remains substan- mfl w ? ul ‘* continue to hold the 


would take over temporarily. nun-Frenchman for the number- chairman of Airbus Industrie since 
Mr. Pierson. 44. is one of the two job. with Johann Schafller. 1975. has been named vice chair- 
French aviation industry’s top pro- bead of the dvfl aviation division of man of the advisory council. Indus- 
duction engineers. Messerschmidt-BSIkow-Blohm try sources said he will probably be 


d ucti on engineers. 


RepubfidBank 


— 99.60 InWHl pegged (a SmMti rota for Eurodokn. 

Hooting rota uHifuKi at tapce*. 


Security Pacific 


— 99.60 Oyw Smooth Libor. CaKoUo at par n 19M. 

Dmonmeim SI 0,000. fots 0X2%. 


tint , but the bidding is hwy>mmg constaniini s top pest and had ac- 
much less aggressive. ■ ce P le d Mr. Pierson in principle 

This was demonstrated last week i — , ■— - • — 


Industry sources said Mr. Pier- GmbH, the leading candidate. 


son’s formal a 
delayed until 


tment would be Industry sources had said last 


was agreement week that Pierre G. PaiUeret, Aii- 


uy sources said he will probably be 
made head of the French airports 
authority later this year. He wiH be 
56 in March. 








hxhwxjpon 

Australia 8. New 
Zealand Bonk 

Gticor p 

Comsat 

Eastman Kodak 

_BB 

first Federal Michigan 


— 9978 Ovr Smooth Libor, «B» ipomtfy. CatnHn at par on 

any mhnn poyrnenr dale after Fab. 1986. Denami- 
nations $10,000. Fans 0X0%. 


when Sweden made its third re- 
quest for bonks to bid for S200 


Over-the-Counter 


SYNDICATED LOANS 


98.13 CoCobia dporn 1988. 


9914 11,91 97.25 Coflahlo al por in 1991. 

99^ 1167 9750 Gclldbta ct 10QH in 1992. 
100 10M 98.25 Nencofabteu 

TOOK 10.98 98J8 totals 
10V5 11.93 9.80 fenco&tie. 


Furukawa Electric 

GMAC 

IBMGec&l 


Nonccft*fa. Backed by securities or*J cmh. wM 
ore exported to produce a tiirie-Aiukna. Proceeds 
$50 mXon. 


J.P. Morgan 
Newfoundland 
Nippon Steel 
Saskatchewan 
Norsk Hydro 

ABN 

Crfidrf du Nord 


$50 

$200 

$200 

$50 

$200 

$100 

$75 

$150 

$100 

£50 

ECU 100 
ECU 40 


10015 10-89 
99.90 10.05 


10QV* 11.20 
m 1 1.42 


Communautfi Urbaine 
de Montreal 


100 1015 

too m 
100 11% 
99% 9iO 
100 9% 

100% 1171 


98.25 NoncaBobfc. 

100 N onaXofa i e. Ext a ndoUe to year 2000. 
98.25 Nancslabt», 

9875 Noncofobfa- Poyabte May 28. 

9878 CnHdbie J 10m « 1989. 

9775 Noncoflobie. 

9775 No nciA cfete. 

97,63 Ito^eth 

9975 htoedfabte. 

98.13 NomzAoUb. 

9878 Noncdfabte. 

9775 Non cc dnhle. 


million of three-month notes. Pre- 
vious drawings under a $4- billion (Contino 

credit facility arranged last year 
totaled $500 million. 

On the first drawing. Sweden 
paid an average margin of 13.56 
basts points below the London in- 
terbank bid rate. On the second, it 
paid an average of 1 17 baas poiws 
(hundredths of a percentage point) 
below Libid. And on the latest, the 
average cost was set at 7.45 baas 
points below Libid. 

Although the terms have become 
less aggressive — the lowest accept- 
ed bid last week was 10 boas points 

below Libid and the highest was 

676 — demand for tie notes far * 

exceeded the supply. Citicorp In- pda 10 * 
temationai, agent for the loan, said £££$ ^ 

it had received bids amounting to 
$1.11 billion- ST.t k u 

Overall, however, there appears pS£4i' 
to be increasing wariness on the 
pan of bankers about the depth of gjjj* 
this new Euro commercial paper posfbs xsr s 
market. The notes are supposedly ^ J 

aimed at corporate treasurers ana £22*}" A2t A 
other institutional investors who ■** u 

cannot command the bid rate in peerci? ixo si 
making bank deposits. pS*™* 73 “ 


Sateibi Nat 

mo* Htofr Law Loft Ovoe 



Sain In 

Nil 


>606 Hfah 

Law ua> Orge 


9 av 

Bb «fa + Vi 

ToVlUF 

104O J 10843V 

i O8V2 1401, — 29. 

Tolwrrr 

190 AM 10141 

31 3) 


2.TO 9A 1531 


480 T 

3 3 - fa 

TOOSVA 

70 5'. 

4 fa 5fa + 9* 


iatobi trn 

iota Hiatt Law Loot cube 


UpPenP 100 1IJ 
USBc Pa 

UTOtl Be 1M 4j 


7318b 171* 179» — U> 
46Z7V> 261% 27b 
B» 23 «. 29* 


(Continued from Page 10) 


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BO 446 44k ** RoweFr 

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4 ** 4'* 

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A 6U 
M* O’* 
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rn iv + 


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MV. MV. — u I SaimNi 

— I ScXKSRe? 


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■ ■ —I Son las 

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1744 I*. 7V, I - U Scbco 

lOJtrv, 70*, 3D v, SavrPa 


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272 1*6 1*6 TrloTctl 

2041 «6 .. !,+ 16 iKton _ 

380 416 4*i 4% + *6 TritooG 

— TrsINJ 

TortPW 
Turn rB 

474 8*6 6M 8*6 + 2V. TrnrB wl 

291 7* TV* 7U + *, 202 Ola 

1*6 1*6 1»6 

•10e J 71 14 14 14 I 

143 r, Vi 7V. * 

SSe X 27301, Vi 30' V— vs IIMorw 

Mo IX 34ir, I7*a J7V, , 

IS 4U 4 4*6 

ISAe 9 « 86617*6 14’. I6'w + 1U Z - ! 

Ilf 8 I 8 Tvlon 

128113 13 13V* , 

60b 27 7 22', 22 22 1 


43 44*, + V, VtoftSt* 

H6 1*6 — 1* I Vai-ICr 


V Band 

UoalR 5 29 29 

VocOrv 

VailAx 

Vallen 

VolvBa. 168 A1 
VolFro .18 13 
VINBcp 3.60a 46 
Valmnl 60 26 
VoJKfc Me 16 


3V. 3U varlen 

10U 14*, + 34. vatwtp un 
7V. 7U + '. VedAul 
1*, 1%—V* Vrtcro 

32 32 VIPedI 

5H 5*6 ViFncI 

18'« 1SU+ *, VersaT 
5 S Vieam 

296 3 1 . + *6 VlcrSn 

ViCfMkl 

I VidDbp 

1 viewMs 

13U + IV vaBect* 


__ VaFsi 

| Vista Ri 

— 1 Vltram 
Vi vuinon 


145010V 8V, 10 + 1*, 

69 29 8214 *U 746 846 + H 

156 6*6 6 6 — W 

2225 24 24 — 1*6 

7717*, 16V. 14V.— V 

188 4.1 2727 » 26*, + W 

.10 12 39 ^6 SV. 596 + *, 

IPOa 46 4062 62 62 

80 26 14921V 21V. 2 MU + V, 

J»e 18 l» 5*6 5% 5^6 

123 «*, TU 7V— V 

JO* J M 1» 86 167 U 

80 46 3015 14*, 15 + V, 

67 1*6 11% 1*6 

67 1 1 1 

.92 24 26239*6 38 30 —1 

75613 121, 121,— *, 

\30U 4.1 W29 28*, 2« + » 

JO 16 29415V. 15 1544 + 1 

133 3 n. i t «■ 

[60 4J 4423*, 23*, 23V, 

40b 26 71 14 1344 13V. 

1070 496 496 4U + *6 
576 UV, 12V. t3<a + IVt 
M 5 94 744 714 7V. + V> 

26 5*, 5*4 5*« — *4 

40e 14 32B 28 28 

f 72 7 6 7 +1 

2417'6 171% 17** 


80b 27 7 22', _ _ 

■4301QJ 373 4** 4 **■+ V* 

J»e 26 384 2% 2 2 + 

lie 8 416H-.& I8U 19 + '.* 

8flr 25 3124V, 24'* 24'6 

244 V. V. 44 

2S< 3’4 3*8 3**- *, 
517 4U 3Vk 44* + 1% 
2325 21V. 24V. + 3V. 

534 6 5V. 5Vi— !* 

71815V. 1SV, *5Vv— <4. 
319 746 7U 796— *% 
93 S 4U S + ■/* 
60 26 8231W 29 29 —2 


tXOtl 66 38923*, 22V, 23*. + l'i I SoronO 


Scntnin 
Sea no wi 


6V, 6V.— ’i I SconOun 


.. ... _ SenakE 

76611V, «U 13*/,+ V. fciwas 

1196 IBV, 161, 1694 Sc (Com 

16917*, 17 17V, + l, ScalCB 

31 IVi 19 19 ScrnjH 

27014 13b. 13*,+ V. SenBnk 

6Sr S 1611 11 11 Sronwk. 

6Se 5 4410 ID 10 Seallnc 

1J7 4U 4*, 4W— V. 

30 99» 84% 896— 96 ScWJB^I 

.128 8 2119*6 19V* 17V, SecNtl 

.48 26 133179* 17 17 — U JecAFn 

76 11U II I1U+ U SkBcp 

A) S3 4119 19 19 Srvmat 

J2 56 2713 12*, 12*,— V, Shanlev 

am l 9V, + v, swsoki 


II 14511*, 10*, 111, + 1 


W.. WM » 0 _ -- _ 17 — U 

cannot command the bid rate in pSara? ixo sj IfU* *9 !J 4,+ ^ srvmat 
mating bank deposits. SSS* 11 S'k ’J"’ S tSSST 

Bm hanker* nqpon that liiesc in* ’*• “ r3T'%1'*i s . SS ™ 

v=una ait rdmant hnjm, in pan Sin? fS ’Li 1SS- SS S*7 S 
because making bank deposits re- Peeoscs xa 3.1 83i sv, 1 $*, is*, stsmoA 
quires no approval from sotior *«ow i§u u + siivu» B 

managemenL whereas partierpat- SfJJJ 2 g ^ ^ 3 g“ * 

mg in such new fatalities would. In lU tj m f 4 f* r* + H SSST 


Federal National 
Mortgage Association 

GMAC 

J.C Penney 

Procter & Gambia 
Akzo 

Bank Meet & Hope 


Y 50,000 


Y 25,000 

Y 26,000 
r 25,000 


98^8 NongJcfcb. 

97.38 Nmcalafcte. 
9775 Nor aJu bte. 
98.50 Noncabfata. 


Sfonwi t 23 19* 196 Me 
Seallnc 1*2 S 49* 49V 

SeaflnT l 11125 23 25 +2 

ScNiBM 160 68 16) 15V* 14V, MU + U 

fecMtl 1 JO 4.1 5029V,2B 29V, + IV, 

SecAR) ,10b S 9211V, 111, MVS+ 4* 

SecBcp 1.12 56 246201, 19V. 19U— 1U 
Srvmat 3165 2 ^ 2ti. 2»* + 1% 


210 49* 466 4'4 
19310*4 99* ID + U 

46 4 IV, IV, U, 

2548226 15912V, 111* 11U— 1W 

.94 35 635 2S\, 26 + *, 

1111 11 11 

153 10.7 56146, 14U 14U 

220 S'-, 3U S’-, + 1U 
22016 159* 14 + U 

1056 8U 4U 8*6+19* 

65e 16 83 4*6 24. 29*— IV. 

160 35 638*, 38 38V, + I, 

164 46 7038*, 38 38 

60 119* 119* MV. 


14 V* 14 14 — v* 

211 18U 18', 1SV. + V. 
1374 A 5 59*— V. 

21119*, 16*, 17V.— |U 
83 7 6V, 5V,— V, 


XO 36 39910K, 10U 10V, + 


1B410U 99* 10 — 

68 36 5B029V. 29U 29V.— •- 

90 69, 4 A — *, 

195121, 119* 121% + 9, 

J0t> U 54312*, 1261 129e— *% 

160 46 70 249* 34*, 749* + ’* 

1705 396 3*, 3*6—1 W 

180 85 7516V* 15*. 16VE. + V> 

180 5J 1830 24 X + I 

528 38 8231*9* 14*. 1 4 1* 

68 38 1222 21 22 +1 

1363 6U $9* 6*1 + ** 

385 IV, 1U 1J*+ V* 

1880 36 16056U 5S9» 56U+ 9* 

160b 31 6833 32 32*, + U. 

IJOO 26 5*31, 43’, *□*, 

JSe 2_S 199 HI 10 10 

21 10 125 « 8 B 

38 23 2012 12 12 

124 9 BV. 9 + *. 

135 5U. 5*6 516— V, 

JOrlOD 322 3 3 3 

18714V, 14V, 14V, 

5V. 5U 5’i 
20*9 49 49 

40 39* 3V, 3V,— %■ 
481 TV, 6U 7 — 9% 
58511V, MU IT*, 

Jb 45 1 3 MU MV, 15V+ *. 

27S 7.7 35V, 15V, 35V, 


managemenL whereas participat- 
ing in such new facilities would. In 
addition, managing a loan portfo- 
lio would require back-office sup- 


PlHelnv .14 12 316 816 6U 696+ v.) ?6vEkp 


port staff. Finally, the tight mar- 


XI 214 79, 396 SffSS 

680 5 4*6 49* + V, SttwPb 

365618)6 16*6 18 + 196 SoraKta 


— Noneotoht*. Smfang fund to ilon operating in 1989 
to producfta i5-y» awrage life, ftxa la be sol Fab. 


ITCB Japan 

New Zealand 
Breweries Finance 

New Zealand 
Breweries Finance 

EQUrTY-UNKHT 

Kumagai Gurra 


Aus$65 

NZ$T5-25 


101% 12.42 100.13 NoncJobte. D enomi nu t i oni AieJIftMOl 

99M — — Ksdeamabte al per m 1969. 


NZ$ 15-25 


— — Redtamdaie et par in 1990. 


open 100 — — 


Coupon indatad a 30%. Cdtabin al 104 m 1968. 
CoiMrtibf* of an «nq»deri S% premwra. Tarim to 
be tel FoK 6. 


Mitsubishi Bedric 


SanuannuaSy. Catable at 104 in 19BB. C bm u rtM t 

at per ihare and erf a rate a i 25570 yen 


Mtsui Petrochemical 
Industries. 


gins an loans make them less 
compelling alternatives to classic 
time deposits with banks. phyinM 

With classic syndication of loans pEEtc 
at a low dyb, the few operations VZSZi, 
that are mounted have met with £££• 
good suocess.Gabon. which sought 
a 550- million, eight-year credit, re- Pim£ * 
coved offers for $110 million. In ££*£§ 
the end, it increased the total to 560 
million. It can draw the funds in pnwvn s 
dollars or European currency units 
and will pay a margin of ft point 
over the interbank offered rate for ££££?/ 
the first three years and 1 point £'^ DV 
over ftM* the final five years. Front- press* 
end fees total up to ft percenL Pr^ncp 
Italy’s Montedison is in the mar- 


3339 38*, 39 + VI 

96 896 7*6 786— Mr 

742 *V» 61% 6)6— *6 

111 7% 7 7U. + *, 

»» } 1 

105 1)4 m 1)4+ )%. . .. 

65 46 88 69, 6 AM. + V, 

631 4 3)6 3),— V, SoPtPT 

68 W 923), 33Y> UV, 

J36 36 127513*4 1196 12 + U 


SCarms .96 X3 
SoMIcO 1.52b 19 


6)* — *6 SoMIcG 1 32b 8.9 

7>* + *, 5oBco5C 88b 4J 

3 SCalWI Ijo 96 

1)4+ )4 So«lr*r» 


96 Y» + 

21V, 21)6— *, 
16 16 — U 

2* 2 V, 

149% IS — Vi 
ID* 14 + 1U 

55*. 55* + V, 
4)6 4W 
4 V, 49* + I* 

5 * « 

^ '9*2- U 
3)6 3)6— 94 
79* r* 

13)6 1396+ M 
21 21 

7*k 11V* + 39* 
28W 269*— 1* 
169* 17 

2DV, 20V,— V, 
18'6 18V* 

6 AW+ *, 
36V, 36V, 


1J30b 3.1 6833 

IJOO £6 5431 

J5c 2J 19910 
24 ID 125 8 
38 23 2013 


Jb 4 S 
4275 7.7 


l SwiBca 

6 W*. 


_ W* Tft 

71, 7V, 7V, 


,10e J 143619V, 186. 19 
2131 1% D6 1 


8052 n K+ SWEISV 

•20* 1.9 19710 V, 10 109,+ ), 5 pn% l wi 

JO 18 172619 179* If + 116 5g*eC m 

I 3911 11 II ’ SPcfrm 

S55 1)6 1V» 1J4+H SPendtfl 


SwsIRit IJ2 166 225124. 12V: 12V,— V. 


1*6 IV + )6 
9 9 I 

49% 5 + 96 , 


M 29 2915 1491 15 + U 

06 A 48717 14V. 17 + 2U 

IJQ U7 41 79% 7V, 79% 

JO 15 1412 119* 12 

JM 46 311 11 11 

82229. 31V* 229* + 1*, 
75610.9 446 7Vi 6 V, 696 +9, 

108 11.4 334 IVl 9\n VV, 

60 97 179 BV, BU **,— V* 

142 8 7V, 6 + «, 

.70 37 90179* 17 V, 179*+ U 

1247614*, 139* 1396— V* 
188 3U 2U. 3 — U 

107c 5J 134036), 33U 35V. + 1*6 

303ell0 686X1* 26V6 27V, + V, 
306 (U BV, 8V, 

.IOC 2.1 112 49* 49* 49. 

34 26 8813V, 13V. 13<% + V. 

JO 2.1 69ID 9*, 99 ,— V> 

5919 18U 19 + V» 

70 4 4 4 

810 10 10 

1J8 2.7 1748 48 40 

567 ZU 2V, 1*6 + 9% 

X 3)% 3 3 

9)8 3*6 39* 396 
366 1)6 19% IV, 

60 4.1 476 99* 8V> 9U + IV, 

1441 996 BU 9 + U 

1.10 13 16034 33Mt 34 + Me 

.98 26 3034*, 33V, 34), + 1 

66 56 94 lOU 101* I0U 

1 176 0 7*, 796 + V* 

200 4J 34247V, 44V, | 

110 4 V. 4 4 — *6 

5 41% 4 4)% + M» 

2(6 4V* 4 4VS. 

1X4A 66 1926 24 24 —2 

JO 24 140 BU 0V, 0V,- fa 

X 12 13211*6 II 11*%+ *6 

3153MM6 10 IBV. + V* 


SwEISv 160 7 A 


Plosain 

PlazCBc .I0e 26 


6833*, Ufa 23*,+ U SPoorel 


| 6 6 6 StanWst 

26 97 5 496 5 + fa 

15 11225 249* 2S + fa StanWT 

X 61, 69* 696— 9k SJorQlo 


■25r 12 150 79k J* 

IBI 296 2 * 

1 1M 7 7 

117 7 6V) 

31 D 5V, S 


av* ik 


5fwBcp U0 
StwBwt 


51, + y> I 51*5 Pi 7J0 73 10331 


72496 2496 249* 

26 Stt SI* 5fa 
168 4V, 4V, 41, 

395 816 ■ BU 
297 796 4U 7), + Vl 
18 6fa 5U 5U— 9% 
245 296 29* 29* 

117), 17 17),+ V, 

2+5 149* U 149* + 19* 
3 39* 39* 39* 

1929 7V, 7 7V> + V, 

? 47 3V. 396 39,- 1% 
17127V, 26V, XV,— U 
69 5 5 5 


101918*6 1796 18*6 + 11% 


Consolidated Trading 
Of NYSE listing 

Weekended F*b. 1 


YBoor a .12 
I YerkFd 40 19 


22S 09% BV, bN +W 

X121* 11W )2fa+ U 


48 43 132515 14 

291714U 13 


15+9* 
14 + 1 


258101% 9)6 916— 1% IlfwBim 220 


PrsCM 165e 7A 7X25U 24V, + 19* ; WW 

PHC*StV 342e 83 57129U 2596 28)6 + 29* aMTCoV 

Pr 5y» - 13715M 15 1516+ U 5M«5 a 

PrSlflCp JO 26 424 T9 179* 1796— 1 SWcVIc 


open TOO — — 


Coupon iKfcuted at 8K%. Naoa**tc. Each 

$5,000 band wHh one womrt taordoabb into 
dwrm at <m mw e d 2H% preuium. Terms fa bn 
MFdxt 


ka for a seven-year loan of 100 pkow+o 


GMh at 103 in 1990. Camcrlifafg (0 1/607 yon 
par doe and at a rale of 2S5 yen par doBor. 


Shin-feu Chemical 


open TOO 


Soniamud coupon intfiaaed trf 3%. ConveriUe cd 
on b*P*OwJ 9% prrfnwn. Tarrm to be vat Feb. 11 


Yamoto Transport 


Coupon hdntad at 3%. CaUabte at 103 in 199a 
CorwertiWe al «i e^Mdact S% premium. Terms Vo 
be let Fab. & 


Chujitsuya 

DM 70 

1990 

4 

100 

4 

— Nonadafaie. Each $Sn0fcnarfc bond midi ana 
bcamt mwrriinhle into Utares W 699 yon par 
ihare and et a rate af 80.99 yon par mad. 

Jujo Paper 

DM120 

1991 

3ft 

100 

3ft 

— NoncaUda. Each ShODmad band wilh one uvar- 

rtart axarcaaUs into than at 230 y»n per (hare 
and al a rcta of 8tnS yen per and. 

Trio-Kenwood 

DM 55 

1990 

3ft 

100 

3ft 

— NancaMoble. Each Sntomad bond aalh one unr- 
rant mardsablo into dun et 759 yen per dnra 
and W a rata of 80.94 yon per mad. 

M'nsbea 

£50 

1990 

8ft 

100 

8ft 

98 NonadobiB. Each SSJXXI bond with ana wrres* 
•xartiAie into dnras at 683 yen per share and at 
a rate of 29247 yen pw pound. 


million ECU, offering to pay a proms 
margin of ft point for the first three 
years and ft point for the last four. 

Phillips Petroleum is seeking 
terms for a three-year, $500- million Pn^Fn 
loan. At a special meeting Feb. 22 
the company is to ask shareholders 
to approve a capital restructuring ^ 

necessitated by the settlement of a pmnTr iS S jixw xv, SS 
takeover battle with Mesa Petro ^ J* 

leum. Phillips said that, after the 1 

recapitalization, its employees g 5 SS* 
through various means will own 32 gw™ 3 
to 42 percent of its common stock- SSS’ 

Also expected soon is a $500- 0utwW 
million loan for the Korea Ex- I 
c hange Bank. The South Koreans 


62419 179* 1796— 1 SfcHYli 

624 3V, 296 3V, + « Sirota 
7016 SO 516 5VS + Ml SfrtkPI 
a 39* 39* 3fa SluDS 

420 496 4 496 + 96 StmiRi 

46 31910 99* 10 + ■* SuttAIrl 

265 5V, 51* 516— 1* SlrftSB 

245 SU 5 51% — 1% Sum Ho 

83771 19V, 209* SunEot 


10331 291, 29V,— IV, 

MSS X U 
4 796 796 796 
26811 IN* 109* 

85 31% 3V, 3 Vt 
63129* 129* 129* 


Sain MU 

1340900 2lS 201% 2BV, — ' lV* 
8X07JOO 35 329* 3396 +M 
BJ4A700 1896 1796 IBM -B6 
73190400 489, 4696 479* —96 
7J14X0a4n> 45 489% +296 

&J22J00 127 133 135*6 +266 
6J806O8 139* 12V, 13V, +9% 
5X91.100 306 37V, 329* — 1U 
5441.100 399, 3916 39W +)% 
5J65.100 41), 3894 39V, +96 

&J01X00 40U 379* 401% +21* 
4.962JOO 1096 7V, 9*6 +2)6 

4JTJJOD 45)6 43 V* 451* +46 

4.7T O0 *r* 47V, 47 to —2 
AM/itoeiV. 3746 4Qfa +96 
4X3j4» 49 47V, 489* +1 

4A5WD0 3696 JSV, 3516 — 1% 
4^L3D0 281* XV, X +11% 
<379X00 42% 3916 4)fa -H, 
4J1A60DZ796 25)6 77 +11* 


Low LactChiM 

HD, 20V. —TV. 


618 8fa 7U 816 + 1 


310 3*6 3M 3)6 + 96 I K5SI! 1 


StrmHa 13)0 Al 
SubAIrl .05 15 


10731696 159% 1696 + V. I SHE2? 


526H MW 241, 

59 31, 3 3fa— fa 
517119* 119* 119* 


9.16 BA 95714 13VJUV,— W l 


40V, 40Vj 40V, 


Prs»UA 2£S 13 52589 >11, 87 + 5V, {SurntFd 

grvBoa! 687 39* 3 39* + 9i I Sunwsf 


. 2V» 2W 2V, 

91 34% 3), 396+ «% 


51 4V, 4fa 496+ Mi I 


PbSMC 1J2 LI 274211* 21 


1009 IS 1 * 14)* 15 + 9* Suner El 

148 99* 8 99* + 19* SwvAf 

2490 1)6 1U ift SurvTc 


PvtJiEq 1)0 3'A 316 3*6 — 46 SwerrCel 

PaSdBc 1.12 4.1 140271* XU 27)6 + ), Svreaiw 

PulajF AD 13 Ml MV, 34 MV* SymTk 

PufnTr IJOB 18 1I2BV, 28 V, XV, 5vmbln 

Pyrmo 346 79* 71* 79* + )fc SymblVc 


SurvTc 

Su668c 1.74 *3 


4I7T29* 12V, 129* 
8010U 10V, 109* -f 
mi 7 *9* Mi- 


Treasury Bills 


1X0 18 10137V, XV, 341,- 1 Sears 

4I7T29* 13V, 129* TFu ^ 

801DU 10 V, 1096 + 1* 3W 

141 7 69* Mi- fa CSX 4JIAOO0 2796 25) 

437)* 369* 37fa+ U issues Traded In: EJS6 
2B109* 141* I4fa— V, Aftnonce*: 1X1 i declines: 748 
3X17 13), 17 + 3V> undHuwed: 247 

528189* 159* MV, + 29* Mew hlplu: 572 ; ifaw hum: 12 
573 39* 3* 3V, — fa 


509 2* 296 3fa + fa 
871 15 129* 14), + 19* 

151 6 5fa 6 + Vs 
18 » 2V, 2V» — fa 
49 «)* 69* 69* 


Symbikc 477512V, 10 10U + fa 

SynlCPl 2J5 11J B025fa 24 24V,— 9* 

SvtSup JO 1J 115 17» 159. 16 +fa 

Svslnel X jS 296 2)6 + 96 


I0U+ fa 

24V. — 9* Tbtawjek- 


1984 same *n 
1915 lo date. 
1984 la dote. 
1983 to date. 


TEL OH 2J>22J 869 9)6 996 99k + Vk 


*52870X00 slmns 
749JTL000 shores 
54A168X00 snares 
2J79J10.13D shares 
2J43,190000 shares 
1,183X64000 shares 


B)% 99*+ 196 TLS 
TRVe 


are looking for an eight-year loan, 
but want more favorable terms 
than the Korea Development Bank 
received late last year (ft point over 
Libor for the first three years and ft 
point over for the final five years). 


Rising Number of Eurobonds Being Called Early 


(Continued from Page 7) 

only to stop the decline in the bond 
market, but not enough to alter the 
negative sentiment. 

The change in mood, which be- 
came apparent after the Fed's late 
Thursday money-supply data, did 
nothing to halt the flow of new 
Eurodollar issues. Bankers invited 
to underwrite these deals were 
aghast that managers would at- 
tempt to market very aggressively 
priced issues in such a climate. 

These included GMACs $200 
nhflioQ of three-year, 10 -percent 
notes offered at 99.90 to yield 10.04 
p erce n t — 54 basis points below 


fered $150 million in lOft-percent, dollar and DM convertible and 


10-year bonds at par. Including the warrant-bonds currently offered by 
2r percent commissions it paid, the the Japanese and likewise for the 


cost of money to Kodak was 70 Euroyen issues by U.S. borrowers. 


bass points below the comparable 


Treasury rate. By late Friday, man- wh ° sc “»“w 

7 * i . « . Thursday said it had no need to 

agers were emoting the bonds at a . _ .7 „ n .j 




bonds with a new issue, late in the 
Kubota launched $150 million of day launched $300 million of three- 
seven-year notes at par bearing a year notes (extendable u> 15 years}. 


ed to pay 40 basis pants more than 
the government to raise money. 

The only dollar issue last week 
that dealers said had value for 
money was JJ 3 . Morgan’s $100 mQ- 
lion of seven-year notes, priced at 
100 ft bearing a coupon of 1 1 ft per- 
cent. Bui even hoe managers made 



50 50 Til 

• 896 + 9* TSR 

13)6 !7fa + Jfa Toe VI I O 
2*6 2M+ fa Torovt 
73V, 33Vl TCtinol 

TV. 796 TchCoat 

M I + % TcttCom 
49* 49* TdiEaC 

49* 5fa+ 9* Tecum 
3016 30), + Vs TocoPr 
3V, 3V,— fa TICm wt 
12), 13+1% ncmB 

239* M9* + 1 Tel/Wcx 


239* M9* + 1 Tel/Vtex 
89* 89* Tetamt 

4V» 4)6+9, TeMPWt 
37 37V, + t, Tel ram 

4)% 4fa+ fa TmolE 


W4 7*h 39% 39% + 1% 

i - 

59 2 19* IX— fa I e 

345 89* Bfa B4A + Vi J 8. 

Jt.9 132 9V,9 * — V, ■ 

50723U. 71 221, + Ifa ■ 

21S 7«, 4% 4'*— lfa ■ 

45 1M )H 196 ■ 

J2 1 J 7413 «9* 129* + 1 I 

9 9* 9* . 9* 

209 41% 4 4V, + lfa 

1021 21 21 

SJQaU 24199V, 93), 991%+ 6 RAT 

A0C26.7 2 U, 11% 1), 

305 89* 0)6 09* + 96 ^1 

• 23fa 25 +19* 

SOT SJ3S024 96 96 96 

2 59* 51% 51% — fa 
27714), 13 141% + IV, KSrtjy 


Consolidated Trading 
Of AMEX listing 
Week ended Feb. 1 


Dea 

2- 7 . 

2- 14 .. 

Ml .. • 
MB .... 

3- 7 
3-14 .. 

3- 21 

J-2B .. 

4- 4 
+11 . 
+18 
+25 

5- 2 . 

5- 9 
5-16 . 
M3 . 
5-30 

+ 4 .. 
+13 . . 
+20 
+27 
7- 5 .. 
7-11 
7-18 

7- 25 

8- 1 

b- a . 

fas . . 

10- 3 

10- 31 ... 

11- 29 .. 

12- 2* . .. . 

1-23-1986 


Source: Federal Reserve Bank 


aw Ait ru 
7.31 7JI 7J1 
7X7 7X0 7J1 

7J81 7J3 7X6 
7X5 737 7X1 

7X2 7X4 7X9 

7X8 7X2 7.99 

a.15 8J» B2B 

8J» BU* 827 

a« aoo SJ2 

BJJ7 BJJ1 IL24 
8J5 B-I9 8.44 
wn am 82J 
H.10 8.17 845 

823 a.19 848 

&ZI &I7 0X8 

822 B.1B 8JO 
LIB 8.14 M7 
BJ1 ai7 8X2 

823 8.10 0X5 

823 4.19 8X7 

821 L17 056 

SJ0 826 867 

821 827 8JV 

822 828 822 

821 827 823 

829 827 874 

821 829 877 

826 822 8X2 

841 137 32* 

844 840 8.96 

151 847 V.07 

8X2 048 9.13 

6X0 848 9.17 


Low Lost CtTDa 
44V* 


291% 271% 27V, —lfa 
71619% 

n. 


Kredietliixliidke8 


37 37V, + *S Tel ram 369 4% Vs Vs— 1% 

41% 4fa+ 1% TmalE 569 2V* 2fa 2V, + fa 

64* 646— n TennRs 1X0 5X 206179* 1616 169,— Vo 
239* 239* TenVEn .60 7X 728 79* 8 + fa 

19 19 Teroca 712 6* 64% 64* 

101, 109*+ fa TiraM9 1 1168 l)i» 19% 1»« + 1% 

Afa tv,— 1 TevO SOe 3 1S2 2Vfc 3 lfa— fa 

296 *)% TCBYas 2042219* H’% 71V, + 5 

99* 119* + 2 ThrUAV 9] 54* 5V, 5), 

Ufa 36 * 9* Thun Or XSe X 318 *%• 6fa 696— 96 

27Vj 29+l)% TktoHh X3e 82 3 4V, 61% 61% 

12 Ufa + fa TlerCA 13 09* 81% B%— fa 

13V, 131% TlmbrkJ I 206 5)6 59*+ W 


SrtJY 1X94X00 4 3fa 

ft. 1,158200 S 34% 

KCd 1.154X00 13*6 12)6 

ie 1.U3JW 8)6 766 79* 44% 

wlmwJ 782^U0 4 2), 34* +1 

itadrt 834.900 21)6 19 219% +2 

Choa 832X00 916 8 9 +)% 

Volume: 52X40X00 shores 
Year to Dole: 21 0X90000 shores 
ISSUmtroOed In: 908 
Advances: SOS : declines: 277 
UnchMeed: 129 
New HMfts: 164 ; new lows: 14 


(Base 100 Mav 1. 19771 

industrials. US SLT 

Inti instlfuttona US X L.T 

US S medhim term — 


4 3fa 3)« —4% US S medhmi term — ~ 
13*5 iSS 139? 

81% 746 79* +1% 

4 7% 39* +1 “ii ' 7 

% " ™ +? Mum .. . :: 

9fa 0 9+9, FPUwHinm. 

lores F Lux 

1X00 shares Inn Hat. F Lux medium term 

F Lux medium term 

ines: 277 (nil InsL Ten Iona lerm 

ECU snort term — 

v lows: 14 ECU Iona lerm — _ — . 


no money as the paper was quoted 
at adiscount of 1 ft, equal to tne full 


Chicago Exchange Options 

For the Week Ending Feb. t, 1984 


Option fa price Colls 


i Option B. price Colls 


of 10ft percent, which turn- This was cut to $200 million on c o m mi s si on. 


bled to a 2ft- point discount Nip- Friday. Investors rejected the 9ft- 
pon Steel and Furukawa Electnc percent coupon as unacceptably 


were also shunned. But this did not low and the notes traded at a dds- 

5 top Nisshin Sled from offering count of 1ft points —well beyond million ($56 million) from the £40 
$50 milli on of seven-year notes the 1 ft-percent commission paid lo mini on initially announced. The 
hearinc a couoon of 10ft nercenL underwriters. notes were quo ted at a modest U>- 


Fnday. Investors rgected the 9ft- Also well received were Norsk 
percent coupon as unacceptably Hydro's six-year, lift-percent 
low and the notes traded at a dis- notes which were increased to £50 


Option B> price Colts 


Qpffon & prtca 


Option fa nice Colts 


comparably dated Treasury notes. 
The GMAC paper ended the day at 
98ft, just outside the Ift-peroent 
commission paid to underwriters. 

Ko dak, in making its maiden 
voyage to the fixed- rate dollar 
bond market, obviously hoped to 
trade on its scarcity value. It of- 


bearing a coupon of l Oft percent. 
The Japanese issues, supposedly 


notes were quoted at a modest ft- 1 
point discount i 


The Japanese issues, supposedly Also rejected, although no one P 0101 uiscount 
designed for sale in Japan, continue doubted that lead manager Union While no one was rushing to buy 
to be marketed despite the lack of Bank of Switzerland would place it, Eurobonds last week, dealers ex- 
demand. Borrowers have been was Mobil's $200 million of 10ft- pressed relief that at least there was 
promised toms which the lead percent, five-year notes. These no dumping of holdings — encour- 
managers are unwilling or unable were priced at 25 basis points be- aging them in the hope that the 



s 

! 

Mb 


37 

35 

3b 

4 

fa 

196 

in* 

IS 

1-M 

AfaxAl 

25 

19* 

3 

t 

r 




1+16 

314 

4 

BrisMy 

45 


27 

X 

1-16 

1 

t 

3b 

37 

45 

r 

+1* 

r 

r 

541% 

50 

S 



Sfa 

r 


M4 

H in 

35 


r 

r 

r 

S4b 


15b 

15 

11-1* 

i9* 

Vi 

11% 

Ml 

40 

*fa 

7b 

r 

r 


30 

8** 


20 

t 

>% 



«SH 

45 

4 

5b 

v% 

* 

30fa 

IS 

3ft 








50 



r 

r 

38b 

« 

11% 



l*s 

lb 

r 


Homrtl 

as 


lb 

1-M 

* 

Cekm 

86 





■ 



61b 

60 

Tti 

43% 


296 

701% 

65 

6 



IV, 

3)6 

r 

l+l* 

611% 

65 



r 


761% 

W 




+u 

1 



6U% 

n 

1-16 

r 

f 

r 

TO, 



AlrtCre 

re 

4 

r 

r 


Humane 

25 2 1+M 

3)6 

+16 

+i* 

Chantin 

IS 

* 


so m 4 vs i)6 

55 1 21* 41* 

48 fa 4* t 

U 7*6 316 * 

20 96 1 LI* r 

28 71% r / 

25 3 41, r 

• a iii n 

38 r 59* r 

as 11* 296 1 

« 3-16 r r 

as IMS 21 % 11 - 1 * 

48 5-16 1+16 49) 

45 fa s r 

20 5), 61* 16 


26, ZD, S )» r 

r Floor 15 3)6 4 fa 

r Ufa 20 11-14 11% 

■% GIWH a 716 r 

r 27 20 Ifa 4 

r 27 30 fa m 

*, HcVMn 25 r 61% 

3 309* 39 221+1* 

r *94 as 96 1+16 

r 309* 48 l-M S 

f HI Web I 35 9k r 

19* JSfa « fa r 


no dumping of holdings — encour- 


managers are unwilling or unable were priced at 15 basis points be- aging them in the hope that the 
io adjust in light of the changed low the Treasury rale whereas in current downdrift is only a tempo- 


market conditions. Ditto for the New York. Mobil would be expea- rary setback. 


French Carmakers Face Prospect of Big Layoffs 


(Continued from Pag 6 IT 
auto workers. Last fall, a govern- 
ment commission headed by Fran- 


gowenunem, to bring about layoffs 
through negotiations with trade 
unions. 


Opposition politicians argued stake in American Motors Corp. 
that Mr. Han on was being mule a And taking ova- a failing French 
scapegoat for the damage Renault truck maker. 


AMP 3M% 

V» 

6 

r 

i am 

35fa 

30 

r 

r 

LU 

r 27)6 

351% 

35 

r 

3 

U 

r in Plv 

351% 

40 

1-16 

1 

r 

r 279% 

Baxter 

U 

4ft 

r 

r 

r UmHd 

14)* 

IS 

9* 

1+16 

V* 

11-U 32 

Ufa 

20 

r 

V* 

r 

r 32 

Blk Ok 

20 

49* 

r 

r 

r *Mm 

an* 

25 

re 

196 

Vt 

>1* sore 

3496 

M 

■ 

7-16 

s 

r 690U9 

Boring 

35 

27fa 

6 

r 

■ 28 

62b 

40 

22 

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1 s& 


TTi’Oi^L the In the last several years. Renault suffered as a result (rf the govern- But since 1980, both Renault and 
$oi5 Ljaue, neao ot p rance ' s and Peugeot tried to slim their merit's economic policies and be- Peugeot have been in decline. Four 


171* r 

61* 121* 

2 r 

11% Sfa 

1-1* fa 


•t — : — ■ :j France s aaa reu S c ° l U1CU «« sum UKU ojcqi s cvuHouiii. polities ana ue- i cugeui uavc uccn m uecune. ruur 

e°siKO« group, sm work forces through attrition, early cause of its refaciancc to allow Re- years aga, Renault was the Europe- 

“*£5°? l r 7 Vin 00 - retirement and cash bonuses, part- nault to lay off workers, nn market leader, with 14.9 percent 

70 ,«»jobs from t^ff » ly subsidized by the government, "Companies must be allowl to of European sales. Last year, that 

member wont lurcc um •+*» «• oiwn as an inowitive. for make ihpir own aitiiKtmmlc ilwm. was down In 11 ivrmi anX fhp 


memoer that are given as an incentive for make their own adjustments them- was down to II percent and the 

five years m oraertorca) immigrant workers from North Af- selves,” said Valfery Giscard d’Es- company was the last of the big six. 


569* *6 

59* re 
CMBOl 28 
Ml, 25 
Ml, 30 
Cm* E6 25 


+16 116 
1-M +16 
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competitive and achieve a 7 percent 
annnal increase in producanty. 


rica and Portugal to remni home. 
Each company says it has trimmed 


lung, the former president of behind Fiat SpA, Voikswagenwerk 


s; SSSSSSdi KS5S 

time when uwanptojjnral b owt measures> bu[ R^fs Commu- 
10 percent nationwide and nsing. 


France. 


Yet the state has been 


nisl-dominated trade union last 


AG, Fond Motor Co„ General Mo- m a* 
tors Cwp. and PeugeoL In France, oSwa » 
a Renault's market share tumbled £2 2 


796 MA 
21, +M 
146 39, 



Mr. Dalle’s report appears to 

have contributed to a change m the ^ ^ g.OOOjobs in the auto divi- 

sioQ and 3,000 in tie midc division, 


• lV, a m ai A f.i amuc wuiuuicu 

If tmm 40 P^ 1 w 31 P^ 01 over 

years. Durmg the 1970s both Re- 5 ^ period. 

nflnlr anff Ppnopnf trm; Pact in wart 


gOVW mifct itJ , — - , SIDU OI1U ^,vw ui uit m vu vvuun, . ~ .t,, ■ 

mdustry. Edith Cresson, the mdus- ^ b ^ retirement or repatria- ^ 

, uy minister, hinted last month that ^ dustry by tr over weaker pro- 

Mitterrand government was tiucers. Under Mr. Phrayre, Peu- 


uy minis is, mnicu i»* non. 

the Mtterr^ govm^t was ^ ^ last two wars, mere talk 
now reconcfled to about layoffs sparked a number of 


atRermulL^said tot ^ SSrEiS 
pany may need to cut aatMjdi orations at both Peugeot and Re- 


panytMy^lOCUijm^iiu-— prions at both Peugeot and Re- 
5,000 10 6 , 000 jobs f bovethe ^ ^ 
waters UialKmaultalresdy "™ 18 Krasuctij head of 


gcot emerged as Europe’s 
largest-volume carmaker It took 
control of Automobiles CitroSn 


Peugeot’s European perfor- g g 

mancc has also deteriorated, from g “ 
14 J percent in 1980 to 11 j per- ea** 2 a 
cent. But in France, it kept a steady 1 

share of roughly one-third, mainly ^ w 
because of the great success of its g “ 
“supermini" car, the 205. 3 » 


to eliminate. 


and then it bought Chrysler Corp.’s After losing about $600 min;™ 
European manufacturing opera- in 1981, Renault experts a deficit of 


lions, including the Talbot divi- just under $1 billion in 1984. Peu- 
anoroach to labor France’s IargBl muon, the pro- sion Renault, loo. expanded, geol’s losses edged up to $260 md- 
ix hi«mndtiaiorv. He had COmmimist CGT, which is pameu- building a big new plant in north- lion in 1983. from $200 million in 


iSjSSSLit in 1981 larlV powerful in the auto sector, era France, moving* into the U.S. 1981. although 
^tite^vriy tenand shaiplycriticized Mr. Besse. market by purchasing a major to be lower last 


y 


they were expected 
year. 


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r +U 1259* 130 

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r 11* SIfa 539* 

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b 

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1-1* 

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416 

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Page 12 


INTERNATIONAL 


TRIBUNE, MONDAY, FEBRUARY 4, 1985 


m 128 >28 (ao 


« I 4B 


Wl I w 


ACROSS 

1 Stock trader’s 
aid 

6 The younger 
Guthrie 

10 Three-handed 
card game 

14 Western flick 

15 Kramer’s 

“High ■■ 

16 Queen of 
Carthage 

17 Gladiator's 
. milieu 

18 Valid 

19 State of 
agitation 

20 "Merry 
Oldsmobile" 
garb 

23 Turn right DOWN « Mccormaacoi 

24 Plavers Melchior 

25 Site of the 1 Newcastle 42 Situated 

appendix surfeit 45 One of the 

27 What the 2 Dutch-bom spy Jones boys 

Earps were SEgytlansun 48 Radar signals 

31 Flaherty’s BiffiSSl 50 S F rreoder at 

Nanook, for f “ cihess 

one 5 Medium s 51 «■ were the 

33 Celebes ox a state . . days” 

34 Raced § Cattle breed 52 Like gold 

36 Bout 7 0scar ro * e * or 54 Subordinate to 

39 Scornful one W®yne 57 Approach shot 

41 Forewarned J* Rifle atDoral 

43 Divide equally J 1 “J 58 Kind of chatter 

44 Easter flower 59 HUo neckwear 

46 Klondike lure activist org. go German 

47 Pertaining tea 11 Mythical Dixie philosopher 

holy season ruler 61 Controversial 

49 Bordoni and 12 This fits with planes 

Papas “Bon voyage! ” 63 T.C.U. football 

51 Polk's successor 13 Clan symbol rival 
*5 New York Timm, edited by Eugene Maleaka. 

DENNIS THE MENACE 


1 


T~ 

■ 

75“ 


1 

IB 


at 







1 

31 

M 

36 




■ 

P 

44 

48 

48 




1 

S3 


07 


M 



07 

_ 

_ 


PEANUTS 







BLONDIE 




5X v 


|2-* 



i« IBB ISO JB1 


53 Frank Herbert 
novel 

55 Boston, for 
O.W. Holmes 

56 Jockey’s work 
clothes 

62 erode metals 

64 African 
republic 

65 Brainstorms 

66 Birthplace of 
Chang and Eng 

67“ kletne 

Nachtmuslk”: 

Mozart 

68 Sparkle 

69 Light brown 

70 W.W. II 
servicewoman 

71 Snug abodes 


2 / 4 /B 6 

21 Whom 
Beatrice 
guided through 
Paradise 

22 Pay boost 

26 Come forth 

27 Cat 

28 Actress 
Magnanl 

29 "Creepy” 
winter-weather 
forecaster' 

36 Comic-book 
captain 

32 Circus 
performer 

35 Heraldic band 

37 Prefix meaning 
■•distant” 

38 Tote-board 
Information 

40 McCormack or 
Melchior 

42 Situated 

45 One of the 
Janes boys 

48 Radar signals 

50 Surrender at 
chess 

51 " were the 

days" 

52 Like gold 

54 Subordinate to 

57 Approach shot 

atDoral 

58 Kind of chatter 



ANDY CAPP 

7 £sa*EEgt3Y*S 

> BOUNDTD 

) Ctellher— . 


\f NQjNQ»PET. 

U 1'aancjtrt 
> TDWSg,-< 
MOUR BOOTS 


( rPS BEST TO JUST HINT ENOUGH 
^ — x l SO THEY WONT BESURPRISED 
£=rv\ WHBM THEY HEAR ABOUT IT 

1/ I 0 J( FW3M7HE NEIGHBOURS IN 

jy u \\ — ^-^ TMEMoRN,N<f > 


WIZARD of ID 






mr wmi s? 

KlNPOP Wgh -r- 

-m-air? 0^ 





PSYCHOTHERAPY IN THE 
THIRD REICH: 

Hie Coring Institute 

By Geoffrey Cocks. 326 pp. 

Illustrated. $24.95. 

Oxford University Press, 200 Madison 
Avenue, New York, N. Y. 10016. 

Reviewed by John Gross 

T O many people, the tide that Geoffrey 
Cocks has chosen for his fascinating study 
will sound like a paradox. Psychotherapy? In 
the Third Rdch? The venom with which the 
Nazis attacked Freud and his ideas is notori- 
ous. But as Cocks points out, there was nothing 
in their own ideology (insofar as they had one. 
apart from racism) that automatically commit- 
ted them to opposing other forms of psycho- 
therapy, and while many psychotherapists 
p rimar ily psychoanalysts — were forced to 
leave Germany after 1933 to avoid persecution, 
many others remained behind. 

Those who did quickly banded together to 
form a new national organization, a successor 
to the General Medical Society for Psychother- 
apy, winch had been founded in the 1920s. 
They chose as their leader Matthias Gflring, a 
psychotherapist who was a cousin of Hermann 
Goring, and in 1936 their position was consoli- 
dated by the establishment in Berlin under 
GOring's direction of an institute for psycho- 
therapy and psychological research. 

Until now, the stoiy of the Goring Institute 
has been a neglected chapter in Lhenisiory of 
the Nazi era. It doss not fit in well with 
standard preconceptions, and understandably 
enough it nas been edged out or the picture by 
memories of the onslaught on psychoanalysis. 
But thanks to Cocks, who teaches at Albion 
College in Michigan, it has at last received the 
attention it deserves. 

In pre-Hitler Germany, the General Medical 
Society had served as an umbrella organization 
for all major schools of psychotherapy apart 
Cram orthodox Freudians. Many of its mem- 
bers were influenced by die German romantic 
heritage and its semimystical traditions, and 
while there is no hard and fast evidence about 
their politics. Cocks suspects that they may 
well have been predominantly conservative 
and nationalist m outlook. Certainly some 
Ger man psychotherapists believed the Hitler 
regime would realize their own cultural ideals, 
and a considerable number, whether for op- 


Sohttkw to Friday’s Puzzle 


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mDanaaa HHanaaa 
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HEEEQEin QQE10H0O 
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books , 

*** *• "Is ~ 

!™e ttal 

11 ii«- Gorina Institute who sab- 

of ■«*«*■ w- ■ 

- 

f^Cocks points out. since a leading mem- ;■ • 
John “£• - >T’= 

Geoffrey beheaded bv guillotine in an S. Rj pjwnafter 
^smdy being convicted of working for the ressUmce. - 

nipy? In IZ attempts to establish a ;/■ 

vhicn the Herman form of psychotherapy (mnfyndteA ? 
is notori- What was 

s nothing #k« institute was weB m lme witUr_ 

had one. published schools of ^§ hl - £ : : . , 

i commit- himself was heavily influenced by the doc- 
f psycho- of Adler, and to a lesser txicoipy:: .. . 

rapists — hQ&e ^ rari Jung; his senior colleagues in- ; 

forad 10 Sd oiw AdlmaM “ 

rsecutioo, independents — and even Freudians (though . 
S 9 S 1 to conceal their aUegiance and nse 

ie 1920s. influence had penetrated in Garma^b y 1 9^ . <•! 

Soring, a and how hard it ^as for any 

Hermann disown it completely. This 
s consoli- loyalties inside the Goring InstiUite, symboj- 
L S ^ed by the faci that in its early years a portrait 

ofFr^dhungindiefoyeral^wiAB^^ 

V 3 of Hitler. And in trying to serve two masters, 
psychotherapists went through some strange 
Institute contortions. 

listory of -pb e Gdring name and the Gdring family 
1/611 with connection undoubtedly made an enormora • 
ilanriahlv tu,,o,iw MnirhinKGArinc anolitME 




% 




WW . . 

interference from many quarters — from bu- 
reaucrats, ambitious troublemakers, fanatics 
like Julius Sireicfaer. who would have been ^ ad 
to see medical psychology abolished complete- 
ly. They also helped film to cope with the 
traditional opposition that psychotherapists 
continued to encounter from psychiatrists, 
some of whom were now powerful figures in 
Nazi circles. 

The institute ran a clinic treating patients 
from all over Germany; it also had separate 
divisions dealing with specialized areas such as 
educational counseling and industrial psychol- 
ogy. But in the long run. Cocks argues, its 
greatest si gnif icance lay in training future ther- 
apists and achieving a new institutional status 
for psychotherapy, which was to be reflected in 
the growth of ihe profession in postwar Ger- 
many (East as well as West). 

At the same time it had many contacts with 
the Nazi authorities, including the S.S.; il 
undertook research on their behalf — mldf.'- 
homosexuality, for instance — and inevitably 
became embroiled in the Nazi war effort. 
Matthias Goring himself was a reserve officer 
in the Luftwaffe. 

It would take a Janet Malcolm to do full 
justice to some of the more disquieting inci- 
dents and personalities in “Psychotherapy in 
the Third Reich.” Codes does not quite have 
that degree of narrative flair, but be has none- 
theless produced a remarkably interesting 
book, distinguished by solid research ana 
sound judgment. 

John Gross is on the staff of The New York 
Times. 



VANTAGE POINT/ Dave Anderson 

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HK TOIffiliii l 


New York Tima Srmce 

NEW YORK — Alex English learned 
about the famine in Ethiopia the way so 
many other Americans had — after a good 
dinner. “I was watching the CBS Evening 
News at home with my wife,” recalls the 
Denver Nugget forward. “It was a sorry situ- 
ation. very pitifuL all those people starving, 
especially the kids.’* 

**I watched as much as 1 could, then 1 
started cleaning the house so I wouldn’t have 
to look at it,” his wife, Vanessa, says, “But I 
remember Alex saying. ‘What can I do to help 
those people?”' 

The next day English phoned Larry 
Fleischer, the general counsel for the Nation- 
al Basketball Association Players Associa- 
tion, “Alex told me. ‘We've got to do some- 
thing to help those people,’ ” Fleischer says. 
“Thai's how afl this started.” 

At the NBA all-star game Sunday in India- 
napolis, the thoughtfulness of English will be 
translated into 3100,000 for the Ethiopian 
victims. Each all-star has agreed to donate his 
share — S2.500 by each member of the win- 
ning team. 31,500 by each of the losing team. 
In addition to that $48,000, Commissioner 
David Stem has pledged that the league will 
add (he remainder of the 3100,000 contribu- 
tion to the Interaction Ethiopian Fund, 
which coordinates food donations from 23 
organizations. 

But the roots of what English has done «*» 
be traced to when he was growing up in 
Columbia, South Carolina. “I'm sure it goes 
back to never having a full stomach when I 
went to bed as a kid,” he said. 

“U was nothing comparable to what the 
people in Ethiopia are going through, but I 
pretty much lived on one meal a day. My 
brother, my two sisters, and our cousins lived 
with our grandmother. 1 3 kids in alL We were 
poor and there were a lot of mouths to feed.” 

While the four English children remained 
in Columbia, the mother and father were 
workingin New York. “We went up there to 
make more money,” said Johnnie Mae En- 
glish. “But when my husband died, I came 
back.” 

To buy food for dinner, the English chil- 
dren sometimes had to search for empty soda 


bottles and collect the deposit Sometimes 
they waited outside a nearby bakery for stale 
bread and rolls to be discarded. They grew up 
on beans and rice, and grits. 

He always speaks softly, as if he were 

reading from the two books of poems that he 
has published. 

After be saw the TV news clips of the 
Ethiopian famine, he wrote a poem titled 
“Third Worid Too”; 

Third World child all skin and bone 
Third World child needs a home 
Third World bodies play host to disease 
Third World mouths we all must feed 

Third World conditions the worst on earth 
Third World poverty begins at birth 
Third World neglect must come to a halt 
Third World deterioration we're all at fault 

Third World people must be grim their 
chance 

Third World people need our helping hand 
Third World people are God’s children too 
So let’s Join minds with them and start anew 

The soul of a poet is inside the muscles or a 
31 -year-old forward who led the NBA in 
scoring two seasons ago with an average of 
28.4 points. He has been voted a second-team 
all-star in each of the last two seasons. Now 
in his ninth season, be will be reprseming the 
Western Conference in his fourth all-star 
game. He is also tlx vice president of the 
NBA Players Association. 

“He writes his poems everywhere,” his wife 
says. “Al home, in hotel rooms on the road, 
on planes." 

She remembers one poem in particular. It 
arrived in the mail a day or two after their 
first date. 

“I was living in Los Angeles as a flight 
attendant for western Airlines," she said, 
“One morning I went to the airport to get my 
paycheck. 1 was walking by a baggage carou- 
sel, reading all die deductions 10 make sure ! 
got every penny, when I heard a soft voice 
say, ’Heila young lady.’ 1 looked up and sjw 
Alex and all these big guys wailing for their 
luggage. Alex was a rookie on Milwaukee 
then and they had just arrived in LA. for a 


game. He asked me to dinner and then I got a 
poem in the mail. That poem just knocked me 
off my feet. 

iVt«- the playoffs each year, Lhey return to 
their home in Columbia, where Alex was 
graduated from the University of South Car- 
okna -, South Carolina, he set a career 
record, of 1,972 pcnnls that still stands. 

“Cofumbias home to Alex," his mother 
says. He didn t want to go away to colleee. 
he wanted to stay home. But wherever i£ 

50 a u are ? f P 001 r*°P le - When- 
"ft rae tow Pm doing 
and HI tell him fine. Then I’U ask him how 

SlSHiSiS* 1 say ’ Tr ? rine - Ma “a. tol 

there are a lot of poor people in this world.’ " 




s?,» 








*hi A,e * English 

























- 


CSTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 4, 1985 


SPORTS 




v-y- v »• •*' 

V ’«•' " • * - 


Ss ^ 


‘>-='.Ss 







Ziirbriggen, Figini Lead Swiss Sweep of Downhills 


United Fra* international because that made conditions at the scoreboard — unbelievable. I 
BORMJO, Italy — Pjnmn ZOr- equal for evoyane," he said. “I had no idea how fast I was going." 
briggen Sunday wtai iris Gist mqor committed no mistakes." The biggest lasers, as ai thrTsara- 

titie and Michdfl Figini added the Mailer repealed his performance jevo Olympics, wear the Austrians, 
world crown to her Olympic gold at the 1984 Olympics, where he also Although Klammer's fifth place 
medal as the two Swiss favorites took the silver medal, hut had no was his best result for more than a 
won the men's and women's down- intention of becoming known as a year, his countrymen fared badly 
hills respectively at the world Al- perennial runner-up. “fm very Hard Weirather, a former world 
pine ski championships. happy about my second place, bull champion, managed only 17th 

On courses made hard and icy by uuend to win in two years' time,'’ at place, 
an overnight freeze, the technically the next world championships, said The women’s race also recalled 
superior Swiss dominated both the veteran Swiss sloer. last year's Olympic Games, bring 

races. They won two golds and two Conditions favored the technical rerun (on the saxw: day as the 
silvers out of the six medals in the specialists among the men down- downhill) after the original race 
competition’s first two medal hillers. Seven racers crashed, had been ha fori the previous day. 
events. among them Austrian Anton And as at Sa rajevo. Hgjnj won. 

Zflrbriggen, on the eve of his 22d Steiner and Gunther Marxer of “My only sma ll mistake was 


birthday ami skiing precisely three Liechtenstein in spectacular Calls, when I nearly lost the stick coming 
weeks after knee surapry, produced but none was reported seriously out of the starting hut, but I don’t 


a near-perfect performance and injured. think ] lost 

was fastest all the way down the Lewis, still a member only of the I 8 -year-okL 

mMl’c nvirai If “R" learn jnH iwnwlinn tm far 


tune," said the 


’■'tons ij 






England 7T«s France: Irish W in 


men’s course. . U.S. “B” team and recording by far “Mkhda’s not invincible," both 

Despite the disadvantage of be- lus best result ever, thoroughly Ehrai and Guiensohn agreed. “Bat 
ing the first man out of the gate, he eclipsed compatriot BtH Johnson, she is in super form and at present 
docked Z minutes, 06.68 seconds the Olympic champion. Johnson is very difficult to beat." Neither 
down the 3,72b-raaer (12J204~foot) finished 14th. women's silver medalist had ever 

coarse, reaching a top speed of 133 "l didn't think about beating finished higher than third in a ma- 
kilomeiers per hour (85.7 miles per people like Bill or Zibbriggen but jor race, 
hour) on the fastest part . only about having fun and a good Ebrat, fourth al Sarajevo, was 
Teammate Peter MOller won the race," said Lewis, 21. “It was a only assured of a place in the Swiss 
silver medal in 2:06.79 while Amer- really Tair race, and there was no team when rival Zoe Haas dislocal- 
ican Doug Lewis, starting in the disadvantage in starting from the ed a shoulder last week, while Gu- 
second-seeded group, nipped in to second group" (ensoirn, IS. overshadowed compa- 

take the bronze with a 2:06.82 Lewis, whose best result before triot Elisab eth Kirthler (wi nn e r of 
clocking. Sunday was an eighth place in a a World Cup downhill on the «mp 


' ro-'v," 

, — ... "v!* 


By Bob Donahue Wfside. So Andrew could place the Greenwood praised Lhe French sweep of the men’s downhill med- various afoul his performance. “I Eder, who led thcTrace Saturday 

international HmM Tribune ball 9 n France’s 45, a barely kicka- forwards for methodical control, als. He edged Switzerland’s Franz just cookin' t believe it,” he said, before it was pot back a day by bad 

LONDON — The British media “ e distance againsuhe wind. Early England will work on its scrum- Heinzer (2:07.45) into fourth, while “When 1 came over the final jump, weather. Eder finished 10 th Sun- 


Lewis prevented a Swiss clean World Cup downbiO. had no reser- course six weeks ago) and Sylvia 
Greenwood praised Lhe French sweep of the men’s downhill med- vaiioos about his performance. ”1 Eder, who led the race Saturday 

r _..i if 1 , -i. LT_ O-.:. « r- I « i -j . , . . . , . n < 



had been getting it wrong all week, in the match he had missed a penal- raagine and go to Cardiff on Feb. the Austrian trio of Franz KJanv- crossed the finish line and looked day. 

I I ,L. „ — _» Nl iknl .U.. ^.L .L.' J. J , S t . . 7 . i . „ . . nr 1 1 HJ J 




but the anonymous writer of the 
summary introducing Saturday 
night's television news on BBC 1 
got it just right: Opening day saw 
“England holding the favorites and 
Ireland beating the champions" 


ty shot from close in with the wind 16 determined to beat Wales, he mer. Peter WImsberger and Hd- 
behind him. Twice play had to be also said- France will face Sco tland mui Hbftehner took places five 
stopped so he could recover from in Paris that day. Ireland will be through seven, 
hard knocks. Now he calmly idle. In the women’s race at Sagm 


Pirmin ZArbriggen in Bonnio: *1 had an optimal ran.* 


stopped so he could recover from in Paris that day. Ireland will be 
hard knocks. Now he calmly idle. 

iSaa-nasu .BSMSaSssa 


Paris that day. Ireland will be through seven, 
le. In the women's race at Santa 

The Irish, after scoring only one 2*^ Vaifl ™ Pfe™ "»>v- 
the total 27 tries in last year's 10 from ?<»“§. a P9 lc **■ 




for a 5M> draw with England at Heroes included new lock Wade 
Twickenham. The Scots, who had Dooley, who won more lineoui 

swept all four of their mairiigy last 

year, were outplayed in Edinburgh, FIVE NATIONS RUGBY 

» p^ .^o^wood.h^ 




FIVE NATIONS RUGBY 


limes last year. 

While fans watched televised re- 
runs of the match highlights, the ZSSZSXtt rf ang^^'te^dhtairo techner.was. fifth in f:28.64 white 
glummest among the glum French - . untouched. Olympic silver medalist Maria 

faces at the formal banquet on the rSk! Center Michael Kieroan kicked Walliser of Switzerland finished a 

»ip of Hyde Park hdonged to Pat- |3«d5 disappointing fifth in 1:28.76. 

3 ] fo,. hufSino IO catch Esteve conversions. Scotland’s points “Of course I'm very happy," said 

botched tas onjyscanng chance when the Frenchman was already came from a drop by center Keith Zfirbriggea, who could be a medal 

Saturday. But Estfcve was not the Robertson and Stir penalty goals contender in all four men’s events 

only culprit in the French fiasco. j - „ Pt!0 . . by fullback Peter DodTlhe Scots here. “The start number had no 

And all last week’s news of En- '“gj* “JP® "?*££“ ted, 15-12, with seven minutes lefL influence on my race. I had chosen 

glands death was premature. “No {*“““ iB ® JE Ireland got the best of the scrums a line during training and I was 

« Mail had called !MiE JSEiS and tineoute and did most of the able to follow it Evmthing felt 
captain Paul Dodge’s men Satar- attacking. New flyhalf Paul Dean good — I had no trouble wiSi the 

day morning, in a typical example amplyjustified his controversial se- knee. I had an optimal run.” 

of th e media puulown that fired up ^onaodfuffiilri a public pledge . ZllrteiggcnwonmoWoridCup 


right wing Trevor Ringland. 

Ireland trailed at halftime, 6-3. 
Early in the second half, new flank- 
er Brian Spillane picked up at the 
back of a scrum near the Scottish 
line and fed scm mhalf Michael 
Bradley, who took off toward the 


expected England to get. And An- ““ 

drew, for hTkicks ind also for ”&."*** “ d J* ¥* 

launching his fellow backs on at- jwc ^ d _ 5 ^°gn d as the wing 


more than ] .60 seconds. 

FigmTs compatriot Ariane Ebrat 
tied Austrian Katrin Gmensohn 
for second with a lime of 1:28.57. 

Austrian Sigrid Wolf missed a 
medal by one-hundredth of a sec- 
ond, aiming fourth in 1:28J8. 


aESttiSaS. Center Mkbidl Kiasan Idcked 

S l BulteSf^S ^« raa topby« r P KdU, 

owEngtod-slin^. g* 


tack after attack. But “the mat> of angleti infield behind him to score 
the match, without a doubt,” said ra ' ou ~ lc< v,- . , „. , . , 


West Germany's Rcgine Mtisen- 
lechner was fifth in 1:28.64 white 






only culprit in the French fiasco. 
And all last week’s news of En- 


cana: from a drop by center Keith 
Robertson and four penalty goals 




Birdsong Shines as Nets Defeat 76ers 


5 * " 


-er England’s line. Robotson and four penalty goals 

Aside from defense t— England 

mains trytess at home in Five ^ ,^'^7 wt ^ ramutes left- 
itions Srince 1982 - the got tire b^of the scrums 

U and hneouts and did most of the 


the inexperienced team. It came 


out alive and Jacking — a drop and 
two penalty goals by new flyhalf 


two penalty goals by new flyhalf 
Rob Andrew, a lean 21-year-old in 
his third year at Cambridge. 

Andrew’s last paints, matching 
the nine from three drops by 
French flyhalf Jean-Patridc Lescar- 


wmtderrf oWk Only oncewot Z^SZSEEiEK 

asaesssaa 

htefo^oraruckonlheriglu 


^f dled 

leftwartlto^rafofovraTS 5 “ ^ 


the nine from ’SSTSSHS feodum f^ Ser^ Blanca 
French flyhalf Jean-Patridc tocar- , Es tfrve, had soared across cumbenichi 
boura. came in the last minute of r pQm ^ n 8 hl win & l ohk Kanco s rayfield lair, 
regulation tune. Again, as with Es- mstantaneous pass and crossed the __ _ 
tive’s goof late in the first half, line untouched. But instead of pul- ” 

France paid for overconfidence ting the ball dowi he veeredinfidd 

and Eng^sh munk paid off to get closer lo the posts and make 

French fnraianis fimsfod the conversion easier. As he took 


land, of Ballymena in Ulster, and 
young Ireland had whipped the in- 
cumbent champions in their Mur- 


downhiBs on consecutive days at 
KitzbObd, Austria, last month. But 
an injured knee, which was operat- 
ed on Jan. 13, put him out of racing 
until last Friday — when he won 
the combined event downhill at 



The Associated Press 

EAST RUTHERFORD. New 
Jersey —Micheal Ray Richardson 
told fellow guard Otis Birdsong he 
had to stop passing and start shoot- 
ing. 

And when Birdsong did, the 
New Jersey Nets beat the Philadel- 
phia 76ers for the first time in four 
tries this season. 

T told Otis he has to be more 
selfish," said all-star Richardson 


Elsewhere Saturday it was Bos- its 10th loss in 47 games by corn- 
ton 97, Washington 91; Detroit mi t ting a season-low nine turn- 


1 10, Atlanta 102; Oeveiand 124, overs compared to 21 by lhe 76en. 
Kansas City 106; Houston 131, New Jersey took 26 more shots 


Denver 128; Utah 105, San An to- than Philadelphia but matte only 
nio 104; Milwaukee 105, Portland six more. 


95; the Los Angeles Lakers 105, the “We didn’t turn the ball over 
Los Angeles Oippers 96, and that much,” said the winners’ 00 a- 


Los Angeles Clippers 96, and 
Golden State 114, New York 98. 
On Friday it was Boston 142, 


ch, Stan AlbecL 
“Against that Sixer defense, 


Kansas Gty 123; Philadelphia 121, that's stellar handling of the bas- 
Chicago 110; Atlanta 126, Cteve- ketbalL” 


NBA FOCUS 


land 108; Indiana 102, Washington Moses Malone and Julius Eivine 

DC. iTi.l. i'll n.11.. inn. ,1.. 1 .1 . i_j u . 


“I was happy when the tempera- 
ture started going down last night. 


huMn 

Miehela Figini 

Not invincible, but hard to beat. 


following the Nets’ 101-96 Nation- 
al Basketball Association victory 
here Saturday. 

“Shooting is what he’s paid to 
do. He knows Tm going to give him 
the twJL My job is lo get the ball to 
the right person. Otis was the right 
person today.” 

Birdsong scored 28 .points, in- 
cluding four key baskets down the 
stretch to pace the winners. “Usu- 
ally we have been able to split with 
Philadelphia,'' he said following 
the triumph, witnessed by a seasour 
higb crowd of 15,891 at Brendan 
Byrne Arena. 

“It’s important to establish con- 
sistency against them and win some 
games at home. We wanted this 
game in a bad way.” 


95; Utah 121, Dallas 109; the Lak- led Philadelphia with 20 points 
en 105, New York 104; San Amo- each, while teammates Charles 
nio 104, Portland 93, and Milwan- Barkley and Andrew Toney had IS 


kee 109, Seattle 91. 

Birdsong, who had 10 points in 


apiece. 

Richardson scored 12 points for 


the fourth quarter, tied the game at New Jersey in the first j>eriod, six 
91-91 with 3;49 left, then followed of them during a 12-i run that 


with three field goals that ted New turned a five-point deficit into a26- 
Jexsey to a 99-93 maim 22 lead. 


Jersey to a 99-93 margin. 

“It never surprises me when 1 


“It never surprises me when I Philadelphia trailed, 31-30, at 
shoot well or score points because the end of the quarter despite 11 
that's what I do best, and that’s points and five rebounds from Ma- 
what I’ve done my whole career,” lone. 

said Birdsong, who has averaged Albert King came off the bench 
nearly 20 points a game through to score 10 points in the first five 
eight NBA seasons. minutes of the second period, 

Richardson and Buck Williams sparking a 16-3 burst that gave the 
scored 19 points apiece for the Nets lhar largest lead at 47-33. But 
Nets. /. the 76ers went back in from, 53-52, 

The Nets maqfe only 39.8 percent at halftime with a 20-5 streak dnr- 
of their fidd-goal attempts, but tug which Toney had seven points 
were able lo hand PhUddphia only and Erving six. 


it tive’s goof late in the first half , uue unioucnea. nut instead or put- 
I'OIlll France paid for overconfidence ting the iball dotra he veered infidd 
and English spunk paid off to get closer to the posts and make 

" French forwards finished ex- the conversion easier. As he took 

after too dominant on 811 unnecessary dive, shrewd 
_m but ultimately sterile shoving in the oId Harding, like a Spitfire some- 
- or-nime Pnoian/Tc fomrcrrfe «»» how overtakina a MirB&e. clattered 


- - * ; 


scrums. England's forwards were bow overtaking a Mirage, clattered 
still barging up the middle as the Aown on top and knocked the ball 

, , V . vt. n Inmr. Virfnrc Fslhit- laraW 




dock was running out, led by No. 8 mosebesoi 
Bob Hesford and flanker David “You ju 
Cooke. The rash broke down, but national n 
the French conceded a penalty on “You take 
England’s 45. committed 

En gland ran the penalty immedi- coach, Jac 
atdyand the French backed off too him for lb 
slowly. “We were tired," captain sotting tha 
Philippe Dintrans admitted later, would hav 


loose before Estfcve landed. 

“You just don't do that in inter- 
national rugby,” Esteve confessed, 

“You take the cry wfam it cranes. I 
committed the sin of gluttony.” His n.y. non 
coach, Jacques Fouroux, blamed 
him for the loss of the match, rea- 
soning that a try before halftime Mantras 
would have opened up the game. ^ trfKato 


SCOREBOARD 

Hockey 

National Hockey League S tandings 


WAUS COKP BftEMCE 
Patrick DMdon 


McPhee Scores Hat Trick 
As Canadiens Crash Kings 



W L 

T 

Pis 

GF 

GA 

Washington 

31 

13 

8 

70 

217 

154 

PhUadelptUa 

29 

15 

6 

64 

210 

153 

N.Y. Istandera 

27 

22 

1 

51 

335 


N.Y, Rangers 

17 

25 

8 

42 

176 

204 

Pittsburgh 

14 

26 

5 

41 

179 

224 

New Jeroev 

16 

29 

5 

37 

170 

204 


Adams Dtristoa 



Montreal 

26 

16 

10 

62 

m, 

170 

Buffalo 

24 

15 

12 

to 

187 

149 

Quebec 

34 

21 

7 

55 

202 

187 

Baefan 

24 

22 

7 

55 

194 

144 

Harffard 

17 

26 

5 

39 

162 

209 


Brunei- (sn.Gtiban (rn.sttttamimi: n.y. 

iBfondon (on Raochl 7-V1J— Mow jmey 
(on Hruter) 10-104—35. 


I Skiing j Basketball 

World Championships National Basketball Association S tandings 


a 1 « »-3 Z&.H MCondS 


WOMEN'S DOWNHILL 
(Al Sonto Coforlna VoNorvu. Holy] 

1. MJcJvria Fta'mU switwVntL 1 minute. 


EASTERN CONFERENCE 
AlfOnflc Division 


2. Ariane Ehrai. Siwtlzwlorttt. ond Katnn 


CAMPBELL CONFERENCE 
Harm Division 


Los Angeles Times Service great," said McPbee. “Three is im- 
INGLEWOOD, California — believable.” 

? ■ Rookie wing Mike McPhee of the The Canadiens, who lead the 
Montreal Canadiens hasn’t exactly league in power-play goals, took a 
been tearing up the National Hock- 1-0 lead with 8:45 left in the first 
ey Leagrie, scoringjusl four goals in period when Bobby Smith scored 
ms first 40 gamgs th i s season. during a manpower advanta ge . Bat 
But he has matnVied that total in the Krugs’ Marcel Dionne scored 
his last two games — three of the off a rebound of a shot by Bernie 
« ■ ■ ■ ■ - - NichoDs early in the second period. 

NHL FOCUS McPhee scored his first goal with 

— 11:20 left in the second when he 

grain cri min g in tFw» Canadian^ 5-1 put a shot between goalie Bob Jan- 

victory over the Los Angdes Kings ecyk's stick and the post Wing 
here Saturday night. Ryan Walter tallied on a power 

McPhee took only three shots on play goal to give Montreal a 3-1 
goal, bat he made all of them lead with 5:42 left in the period- 
count, scoring once in the first peri- McPhee’s second goal came with 

od and twice in the third for his 14:37 to play, when he skated 
first NHL hat trick. “I couldn’t- around the net and jammed the 
believe the thir d gpal go in, puck in. He ept his hat trick on a 
because for me a two-goal night is 35-foot slapshot with 1 1 :53 left. 


St. Louis 

22 

19 

9 

53 

189 

194 

Chicago 

22 

27 

3 

47 

201 

199 

MhMHOto 

16 

25 

10 

42 

180 

206 

Detroit 

16 

34 

7 

3ft 

IBS 

239 

Toronto 

II 

33 

7 

29 

159 

226 


Saylhe Division 



Edmonton 

37 

9 

6 

80 

264 

168 

Catoory 

» 

19 

7 

59 

243 

202 

Winnipeg 

27 

21 

S 

S9 

230 

m 

Las Angeta 

» 22 

21 

9 

S3 

234 

219 

Vancouver 

M 

32 

7 

35 

180 

278 


FRIDAY'S RESULTS 



Hartford 




1 0 

2 

4-3 

Vancouver 




2 7 

0 

V-4 


Volvo Izn.Leaman (41, Fsvcor 132); Haw- GulaiualH, Austria 1:2&5? 
rttiZ (lil.OortiKir (32J, Shots on Mdl: Toran- 4 Storld Wolf, Austria. 1:3&58 

*° ' VosWnBton S. Rsolna Mtesnlociuwr, «M Cermsw. 
liMi Mfnnaroii WM14-40. 

SATURDAYS RESULTS L Marla WaUtnr. Swlmrtand. 1:26.76 

l 3 v-4 7. Laurie Graham. Canada, 

..... I • »-J a. Brfaltw OofUL Switzorland. ):?».]* 

* r ? M MOL Ha worcftuk (33), 9. Trouai Mooch# r. west Germany. 1 :2933 

MlAOn IWt R.M 2 14), Unsaman (16). ]a SWul0 &ter. /wrta 1 :3f jx 

00 wal: Wlnntp M (on Pwters) T0-14- n. Marina K WiL West Germany, 7:29.32 

-U; Boston (on Hayward) 1M-13— 3S. «. Elbaben. KlrUdir. Auslrta 1 rtM? 

SLo ? ! Canada, 1:29X2 

S* 0 **™ „ 4 2 I— J 14. Marle-Cedle GraOaudenlar. Franco. 


V— M; Boston (on Hayward) U-9-13 — 35. iz E 

BrtWo 3 ■ 3 — I u K 

PtMaOenUtia 4 2 1—1 14 M 

Cvr 03). FODana 2 (2J). t Ramsey 2 110), j : apjo 
Andrwvtftufc (25); Paulin (14). Howo («). K 

Youno (i). Shots on toot: Buffalo (on Und- i* 1. 



IN L 

Pet. 

GB 

Boston 

39 

9 

JT13 

_ 

Philadelphia 

37 

» 

-787 

1*4 

Washington 

27 

22 

J51 

my 

New jersey 

22 

21 

A54 

17 

New York 

17 

31 

30 

22W 


Central Division 



Milwaukee 

34 

14 

-7B3 



Detroit 

29 

17 

030 

4 

Chtaaao 

24 

23 

£11 

916 

A Haifa 

20 

27 

426 

nvi 

Indiana 

16 

31 

J40 

17VS 

Cleveland 

14 

32 

JM 

19 


Assists; Philadelphia is (Cheates 6), New Jer- 
sey 25 (M. Richardson 9). 

Bon™ run >mi 


Ian a (Sampson. Otolumm W. assists: Don- 
WOT32 (LOW. Natl 5), Houston 3* (HolIhraM). 
Son Antonio SI 24 27 2S-JM 

Utah 24 25 29 25—165 

Oamow 1B-17M70, Eot«WAS4 W: Gwvdi 


Mtoeton 32 a 21 is— 91 12-259-1031 KrUoMS-IO 2-2 18. ReKouods: Son 

Bird B20 5-4 2), McHole 7-13 5d 19; Mo km 6- ® 1G<lr ™ ,ro U ’*' 1 44 l^onTZ). 


Boston 44 (Bird, Parish 13). Washington 45 


DJahnson B). WOoMnaton 19 (Gus William 
71, 

Atlanta BUMS 5— M2 


Oh 13). Washington 45 ,Gr ** n *•*- 

s: Boston 31 (Bird, MHwoohM M SB M 37—145 

atari 19 (Gus William Portland 23 21 21 V~ 95 

prasaev 9-22 « 22, Hodges 9-14 1-2 3L Cum- 
22 34 M 2S 5— M2 mMS 10-« 1-1 21; M, Thompson 10-23 4-7 26, 


Detroit 35 21 U S 13—111 Posson 10-22 04 31. Rebounds: Mlfwoufcat 43 

Ulmtatr 1V32 33 25. w« 10-14 VI 31; (Usler Ul. Portland 57 (Bowie 151. Assists: 


WESTERN CONFERENCE 
Mkfwest DtvtskM 


t»rohJ 9-13.13-35; PhUadWahla (on Bar- votla, 1:29AI 


VS. Karen Stamrie. Canada, 1:3944 
14. Jana Gatinerovo-SettYsaya. Cuchosio- 


HaMord (4). U aster (ot.Skrlko 2(14); Tur- 
goon (171. Fronds (20). Neufefcf (14). Shots ao 
pool.- Hart lord (on Bradeur) 74-10B-24; 
Vancouver (an weeks) 17-21-7-3— a 
N.Y. Ukaaen 4 ft 3-3 

New jersey 1 I 1—3 

Bride man (15). VerOeefc 19). Lewis (I); 


rosso) 9-17-10-34. 

Ooefaec i i 1— a 

MtroH 2 13-4 

Duguoy (341, Lottolle 3 (2), Barron (4). 
Mama (6). Foster 16); Goulet (32),GUIIs (9). 
Marob (4). Shots on goal; Quebec (on Mlo) 5- 
9-11 — 34; Detroit (on Bouchard, Gosseiln) 10- 

CMcooo a ) i-4 

St Looli 4 0 1-5 

Barr (10). Widcenheieer (15). Sutter (27). 
PaUawsM (U)LFoderko(3U; B- Murray (3). 
Stats M goat; Chicago (an Womsiev) 4-12-4- 
24; St. Louis (on Brume rman) 13-7-9-29. 


17. Dtoa Chavatova Czechoslovakia 
1:»J2 

14. Mlcoeia Morcola Italy, 1:29.95 

19. Uba SavIlarvL Canada. 1^447 

20. Holly Beth F tenders, UJL, 1:3058 

21. Qoudtne Emanet, Franco, 1:30J4 

22. Carolina Attta, France. 1:3084 
21 Dettble Armstrong, U A, 1 :3A87 
34. Catherine QuHtet. France. 1 ‘JIM 


Denver 

30 

18 

425 

_ 

.Houston 

27 

20 

■574 

2V» 

Dallas 

24 

23 

JIT 

5% 

San Amenta 

'J 

24 

A69 

06 

Utah 

22 

26 

-458 

8 

Kansas City 

15 32 
PacMc DMrtea 

■319 

1416 

LA. Laker* 

33 

16 

-473 

— 

Phoenix 

12 

2S 

464 

to 

Seattle 

21 

27 

-438 

1116 

Portland 

24 

2B 

.417 

I2to 

LA. dippers 

19 

29 

-396 

1316 

Gotten State 

11 

35 

-ZI9 

2016 


J40 17V> wilklns U-33 5-7 37, Leyfamton 0-14 3-3 3ft. MJIwouUe 24 (Pressey «. Portland 30 
■304 19 Rehawsds: Attanto 49 (Levtnastnn 14). De- (DreMler 9). 

CE froW 59 (LahnOear II). Atdfts: Altar) to 22 LA. Latrers 27 34 23 21— IK 

(Wlttmon 6). Detroit 30 I Thomas 16). 1 a cinon 2 s 22 33 26— 96 

425 — Kansas City n 34 21 23-MC wormy 1ft-w l-lll.Scan 9-152-2 20; Nleonft- 


terataod 31 23 31 29-124 21 6424. Danakbon 4-13 1-2 17. Rebound*: UL 

Free 14-19 64 34. Hrtbard 7-14 M 19; Laknross I AMuktebbar 14), I_A Clippers 57 


EJohnsan 7-17 H 2X Woodson 7-12 7-9 21. (Donaldson 19), Assists: UL Laker? 34 
RdDooad*: Kansas Cllv 49 I Thompson 9). rc.Jctv.Mrt in. LA. cunnon 23 (Nixon 7). 


sas Cltv29 ( Drew 7), Cleveland 35 (Bagiey 17). 
DUVSr 34 H 29 13 11 11—124 


tm Yarn 23 n M 24— M 

olden State SOM 20—114 

Floyd 13-17 4-2 26, Short 7-14 8-fl 23; Cum- 


Hovttaa 3> 31 94 22 11 M— Ul ndnas 13-1734 27, King 9-14 5-7 23. Rehowids: 

Sampson 17-27 34 37. Olaluwon 12-19 2-424; now York 48 (Cummfrws 11], Cotton Stale 51 


is: Denver 47 (Lever 4), Hous- GoWen state 25 (Conner 9). 


MEN’S DOWNHILL 
(Al Bortnfct Holy) 

1. Plrmln Zdrbrtggea Switzerland. 2 min- 


Milwaukee 17 27 24 37— IW SdeCtetl U.S. Collie SCOTCS 

Seattle » 21 26 24-91 0 

Cummings 13-22 44 32. MoncrM 8-15 M 31; FRIDAYS RESULTS 

Chambers 9-20 4^21 Henderson 7- TO 3-2 17. CAST 

R«Mands:M)hHaulweU)IMoncrtetl1).Sact- Columbia 77. YtHe 41 
tleAUVrms 71. Assists: Milwaukee 32 (Mon- C oast Guanf 45. Wbrcester Ter* 54 
criet IT). Seattle X (sntma. Hendusan 7). Co4bv w - MWrflebury 77 


European Soccer 



ENCLI5H FIRST DIVISOR 
Arsenal 2. Coventry 1 
Aston Villa Z Ipswich 1 
Everton 4 Watlord 0 
Leicester 1, Chelsea I 
Luton 2. Tottenham 2 
Manchester United Z West Bromwich 0 
Norwich ft NotMnaham Forest 1 
Queens Park Rangers ft Southampton 4 
Sheffield Wednesday 1. Liverpool 1 
Sunderland 1. Stake 0 
West Ham 1, Newcastle 1 


Petals Standings; Everton 52; Tottenham Las Angeles 


T orate 0 1 VS 

McKngney (23).Maruk(131.McCarthv (M), 
Roberts (3). Pie It <il); lafrata W. Anderson 
(isi.Sbetsoagaal: Mlnnasota (an Bernhardt, 
Wieubet) 4-14-4—24; Toronto (on Baoupra) 
12+9-29. 

N.Y. Rangers 4 O 1—1 

Edmonton I > 3-5 

KnKneJnvskJ 3 (30), Anderson 124). Hunta- 
(141; Heath (3). Shots an goal: N.Y. Rangers 
(on Moaal 4-99-22; Edmonton (an Hanlon) 
7-16-19— 4£ 

N.Y. IsWWcrs 2 4 3—4 

Pirtshondi 0 4 0-4 

BautlUer ( 14). Toaelll (28). TraHier (231, B. 
Sutter 132). Shots on goal: N.Y. islanders (an 
Romano) 3-12-16— 35: PHtstwreh (on Hrv 
dev) 13-7-7—36. 

Meatreal 1 2 3-5 


a 5 1—5 utee, 0444 seconds 


48; Manctiaster44;Arsenii<. Southampton 43; smith m). McPhee 3 (9). Waiter (15); 


2. Petor Mdller. Swtticrtand, 2:0629 
1 Doug Lewis. OS. 2:06X2 
A Franz Heinzer, Switzerland. 2107,45 

5. Frtoiz Klammer, Aujtrta. 2:07d4 

6. Peter WtroSberger. Austtht, 3:07.70 

7. Helmut Hoflatmer, Austria, 2:08Jn 

ft Conraa In Cathamen, Swttzertona2;0ft03 
9. Todd Brooker. Canada. 2:0ft05 
1ft Steven Lee, Australia. 2:08.79 
U- PtUUppe Verneret. France, 2:0854 

12. Michael Malr, itafv, 2:(H54 

13. Danila sbardeUalto, Ilalv. 7:0ft78 

14. Bill Johnson. U5L. 3:09Jn 

UL Fronefc Piccard. France. 2:09.19 

16. Atte SkaanlaL Ntarwav, 2.-09A5 

17. Hart! Wefralher, Austria 2:0953 
7ft Mike Brown, u*. 2:0945 

19, Jan Dokkav Horwny, 2:6954 
2ft Marais Wasmaier. West Germany. 
2:09J3 

2L Gtocemo Eriacher. Italy. 2:0148 


FRIDAY'S RESULTS 
EAST 


fcma. Henderson 7). CoBjv m < MUdlefawry 77 
24 29 27 23—104 Cornet! 39, Brown 56 
27 28 31 15— 93 Hamilton 47, Oswego SI. 40 


Mitchell 14-30 4-4 40. Gilmore 9-15 2-4 26; Svracus* 92. Vllkeiava 79 


Bowie 9-12 T-T 19. M. Thompson M4 4-20 1ft 


Vandeweghe B-162-4 1ft Rebouads; San Ante- Norm Carolina 4ft Citadel 43 


nio 54 tGHmare 10). Portland 54 (M-Thorap- 


SOUTHWEST 


son, Bowie ID). Assists: Sm Antonio 29 (Moore Arkansas 3. Tens ABM 51 


14). Portland 19 ULPaxum 7). Tosoo Chrtsttan 45, Houston B0 

New Torif 12 23 17 22— 104 WEST 

LA. Lakers 24 27 24 36—145 ‘**0 St. 7ft Balsa 51. 71 

AbdttLJabtw 1^234-1224. Jclewon 66 9-11 New Maelco SB, Air Ferae 53 
17. scan 4-18 04 17; King 10-13 3-4 2ft Cum- Weber St. 94. Idaho 42 
minus 7-14 44 1ft ReOoands; New York 59 WvamMo *5. Texw-GI Paso I 
(Cum mines 17). Los Angeles 47 (Abduklob- usc ^ UCLA 77. 2DT 

bar 13). Awtsts: Mew York 33 (Sparrow, walk- — 1 

er Ml. Los Angeles 27 Ltahnoan 12). SATURDAY'S RSS 

Cklcega 24 21 27 39-IU EAST 

PModetobla 24 27 3X Jf-UI Bates 9L Baboon 76 

Malone 9-1555 SftErvl no 9-161-219; Jordan Boston Col. 9ft Providence 64 


Sheffield Wednesday 42: UveroaoL Netting- Diermo (31). StMteeaoeai; Montreal Ion Jan^ 22. Fell* Belavk, Canada and Kiaus Gat- 9-14 TM4 31, Green 5-10 64 16, Rrtmands: 


ham Forest 30; Chelsea 37.- Norwich 36; west eevk) 13-13-10-45; LasAngeteswSDetoeri) termano. Wen Germonv, 2-.ML73 


SATURDAYS RESULTS 
EAST 

Bates 9L Baboon 76 
Barton Cal. 9ft Providence 64 
Bowdoln 7ft Mlddtebury 45 





&y;i: : - • 


RsrtasAMod 4«:inhnniond 

The New York Ranff&« kept Wayne 
sheet for only the rath tin* seisoo, but nifc 
center stfflbad a hand In tbe Oflers’ 5-1 nctory on Sjtunay. 




Bromwtch 35; Aston Villa 34; West Ham 32; 94-11— 27, 

Queens Park Rangero 31; Leicester 30; Wat- 

torn. Sunderland. Newc05ttB29; Coventry 25; I 
Inswlch. Luton 22; Moke 12 

WEST GERMAN FIRST DIVISION I 
1FC Coleane I. ElnlracM Brunswick 8 — 

waUhaf Mannheim ft SC Karlsruhe 4 
Scitatke ft Bortmia Mandhenalodbach 1 
VFB Stuttgart 5, Kaiserslautern 0 PITTSfl 

Elntrochl Frank tart 1. VFL Bochum 1 mente wit 

Bavern Munich ft Arm Into BleMIMd 3 Jim wiitn 

Fartuna Duesseidorf ft Bayer Leverkusen 2 andBenm 
SV Hamburg ft Barussto Dortmund 2 contr act s. 

Boyer LMrdingen ft WOrder Bremen I SAN Fj 

Potato Standi not: Bavern Munich 26; Co- autfteldor, 
logne 2*; Werdor Bremen, Boyer Uerdlmen pflener ; c 
23; BarusslaMdnclienfliaabach,Kambura2l; man; Gor 
Bachum 20; Stuttgart, wokthof Mannheim 19; Gamuriez, 
Eintrachi Frankfurt IB; Schalke. Kaisorsiau- 
Mrn 17; Foriuiw Duaasddorl 16; Bayer Le- < 

verfcusen M; Karlsruhe 12s Borussto Dart- CALGAI 
munft Arm in la BMetefd II; Elntrochl plover net 
Brunswick la ottawi 

FRENCH FIRST DIVISION siveend,lc 

Rouen ft Laval 0 - vear.Are* 

Auxerre 3, LHte 0 ot player i 

Toulon I. Tours D | 

Basllo 1, Nantes I CLEVEl 

Bordeau* ft Brart D nine pock. 

RC Parts ft Strasbourg 2 INDIAN) 

Lens ft Taukkna 4 si Mont her 

Marseille ft Parts sr-Gormaln l George HI 

Monaco ft Sochaus i ST.LOU1 

Metz ft Money 2 contract lh 

Points shunrings; Bordeaux 37; Nantes 34; Agreed to I 
Auxerre 30; Toulon 29; Metz 77: Lera. Brest Kurt Alterr 
IS: Monaco 24; Bastla 22; Paris SG 22: LavaL year cantr 
Marseille 21; 5ochatn 20; Lille. Toulouse. lip; 

Nancy 19; Slrasbauro. Rouen 17; Tours H; jACKSOi 
RC Paris 13. running ba 


24. 5enp Wlldoro bar. West Germany. 2:10,94 


Transition 


BASEBALL 
national 1 — 

PI TTSBURGH— Ranchedacontroctegree- 


HOCKEY 

National Hockey League 


ai)ceM4S (Green Ml. PHtodetohiaSl (Barfe Conlstus Bft Boston U. 71 
toy III. Assists: Chicago 20 (Jordan 5). PWto- Clark 89. Brondeis 75 
delphla 29 (Cheeks SI. Clarkson M, Habori 73 

Wrah ta esae 24 M 19 34— 95 Columbia St. Brown 52 

Indtaaa Ji » 2S 21—102 Cornell 7ft Yale 55 

Kellogg 11-18 ftlO 29. H.WllltemiB-15 64 22; CW. past 71. Paco M 
Gus Wmiams 10-24 1-4 23. Malone Kt-IB IM 2ft Dme< 7ft Deknwre 67 
Rsbngndi: Washington 43 (Ballard, Rukml Duquesne 44. St Banaventure 43 
71. Indiana 57 (RWUUams 15). Asrtttr. Wash- Fakielah Dlcklraen 79. Mnnmoul 
lnaton2i (Gus wnialmsS), Indiana 21 (H.WH- Franklin ft Marshall 4ft Maravic 


mente wffh Rad Scurry. Gecllto Gtmte and left wing, to Boston far Jim Nlir, riant wing. 
Jim Winn, Pitchera; Ron Wotus. shortstop. 


ond Barmy OMdana. eutfletder. on one-year 
contracts. 


SAN FRANCISCO— Trtfaed jgck Clark, tooth. oHensiv* coordinator and ot- 

autfteldar, to 51. Louis tor Dove LaPoint. , * fle coodl 


WINNIPEG— Traded Morris Lukowich. rtan u! m 

ft wtna, in Boston tor Jim NUI. right wing, ctavetoert 27 39 37 »— 144 

COLLEGE Atlanta 24 34 2B 38—126 

MISSOURI — Nanted Bill Mews assistant Wilkta* 11-20 12-13 34, e-tohnson 9-16 M 23; 


Free 9-18 64 27. Hktson 6-10 5-7 17. Turpin 4-12 
1-3 17. Rabaa n flK; Cleveland 47 (Hinson 81. 


Falrtetgh DkMmn 79. Monmouth 77 
Franklin & Marshall 6ft Moravian SO 
George Washington 96. Rutgers 77 
Hototro 67. Tawson St. 45 
Holy Cross 79. Fairfield 71 
l ana it, Fsrdham 65 
La Satie 4ft Army 50, OT 
Lafayette 61. Harvard 57 


Ptlther; DevW Green, aumeMer-flrrt base- 


SOUTHERN METHODIST— Signed Bobby 


Attanto 43 tLevtaastan 41. Assists: ctevetau Lons (stand U. 7ft St Francis. M.Y. 73 


tm.-Gary Ralslch. first baseman, and Jose Collins, football coach, to a multtosar con. 

tract extension. “ 


FOOTBALL 

Canadiaa Football League ■ ■ 

CALGARY —Named Bud RMev director ot m « 

Mover personnel 1 Pit HIS 

Ottawa— S igned Oreg Marshall, deton- - — 

sive end, ina iwo-vear contract Pius an option 

year. Announced that TOmDimttroft.dlractor |T C Prtl Tiuinni* 
o( Mayer personnel, nos retolned hw dub. UlUUOi 

Mattaai Foaibaa Lhom 

n»“ QUARTERPlNA 

!NDiANAPOLlS-^4anM^TOm uyaToF ^ S 

Agreed to torma with Joe Bositc. guard, end iinvnv 

Kurt mu xi-n n h i, ,.T^ ** Jimmy Connors, Uft, dct. i 

*31 UA. 7-4 (7-0, 6ft 

r#w caifracti 

United Statos PaotbaH Utogoe SEMIFINALS 

JACKSONVILLE— Slgn«J Mike Rader, Edbera oof. ComortL 61, 6 
running back, to a multi-year cam rod. Noah, dot. ToOsctw. 3ft 61 


quarterfinals 

Yannick Noah, France, def. Similar Perth*. 
iwoeL 4-ft 3ft 6ft 

Stefan Edberg, Sweden, del. Brad Gilbert, 
lift, eft 6ft 

Eliot TeHseher.UA-tletGreB HotoiwhUA. 

7-6 (7ft). 6ft 

Jimmy Connors. Uft, dct. Kevin Cutm 


T9 (Bagtev 9), Atlwita 29 ( E-tohnson, Rivero Manhattan 75, St. Peterts 45 
*?■ Massachusetts 7ft Rhode Island 45 

Kb*IM CRT SUE 33— m MIT 6ft AmlWrrt 6ft OT 

dortM 44 34 31 31— M2 Muhlenberg 41, Atbrighl 51 

Bird T6-274-4 3ft Alnee 11-14 4-4 26; EJotw- Navy 4ft Richmond O 
son 12-193-3 27. Woodson 9-16 2-4 2ft Rebouads: Mazoreth 4ft Rochester M 
KOntae CHv si mwroe ill. Boston 50 (Bird now Haven 7ft Cent Connecticut 43 
11). Assists; Koinas City 2SmiotisV), Boston Niagara 97, Madia 9ft OT 
39 (tftjohnson 131. Ppm S9, Princeton 49 

uwi ana a-m pmsburoh a. s«tan hom a 

DOBOS 24 3D 31 28-149 «der Sft LaMflh S3 

Griffith 13-22 <H> 3ft Green ID-15 *4 24; Siena 7ft New Hampshire St 
Aguirre 17-22 13-24 3ft Vincent 7-14 4-10 2ft St. John's 97. Connecticut 64 
Rebound*; UtettdS ( Eaton 2D). Dallas 44 (Vm- st Joseph's 71 Penn St. S3 
coat 17). Assists; UWt 32 (Green IT), Deltas W a w orHwn or e 71. Hnvertord 49 
(Dovb 6). Temple 8& West viratnlo 71 

SATURDAY'S RESULTS Trinity 76, CwMedlcut CoL 63 

PBltadMMIa W 23 25 14- If Tufts 109. 5uffolk 46 

NOW Jereer 31 21 29 24—141 Vermont V, Colgate 34 


Temple 8ft West Virginia 71 
Trinity 76, Comedian Cat 62 
Tufts 109, Suffolk 46 
Verm on | V, Colgate 34 


Birdsong 12-22 44 2ft WUflem 9-13 1ft 19, Wesievan 97, Williams 68 


SEMIFINALS 

Edberg oof. Connors. 61, 6ft 
Noah, dot. TrtBctwr. 3ft 61, 7-i 


M-Richardson 622 « 19; Erving 613 HD 2ft SOUTH 

***J 0B * 1"1* 9-1 2ft Barkley 67 64 1&, Taney 6 Ala-Blrm in glwm 81, South Alabama 71 OT 
13 W IS. Rebeondf ; Phi fade toh to 57 i Bart lev. Ciemign «. OctannreSl M 
CJahnson 101. New Jersey 61 (WHIIarm 151. e, Kentucky (ft MaroheaO St. 61 


Florida 9ft Tennessee 84 
Georae Mason 6ft East Carolina 59 
Georg ia 59, Louisiana St. n 
Georgia Tech 7ft Maryland M 
Jackson SL 7ft Alabama St. 74 
Jadaomfllte st. 9ft Aub. -Montgomery to 
Jacksonville 79. OM Dominion 78. OT 
Kentucky 49. Auburn 47. OT 
Louisville 77. DePaul 73 
Memphis Si. 91, Virginia Tech 42 
Mississippi SI. 48, Alabama 46 
North Carolina 77. Furman 55 
South Carolina 9ft Florida St. 77 
SW Louisiana 77. Pan American 56 
TiLCnattoncoga 4ft Dovidson 52 
Tulane 64. S. Mississippi 63 
Vcl commonwealth 6ft South Florida 55 
Woke Forest 91, N. Carolina St. 64 
MIDWEST 

Ball st. 4ft Bawling Green 59 
Chicago 71, Lawrence 54 
Cincinnati 4ft Dayton 63 
Creighton 71. Brodiev 66. OT 
Drake 74. W. Texas St. 44 
Indiana 49. Minnesota 66 
Indiana Sf. 100. Tulsa 94 
lawa 47. Ohio St. 54 
Iowa SL 5ft Kansas 51. 54 
Kansas 91. Nebraska 40 
Loyola, ul lOft Butler 90 
Mankato SL 49, North Dakota Ift OT 
MksmL Ohio «. Cent, ittthtoon S9 
Michigan M, Wisconsin IT 
Michigan 51. 6ft Northwestern 54 
Midland 9ft Hastings 83 
Missouri 77, Cotorado oe 
N. Dakota st. 7ft St. Cloud SL 67 
Ohio U. 6ft W. Michigan 54 
Ohio Weslyn 8ft Otaartln 68 
Oklahoma City 61, Evansville S9 
Oral Roberta 7ft SI. Louie 64 
Toledo 63, N. minoH S3 
wicnita st. 9ft &. linnets 76 
Youngstown St, 7ft Akron 47 
SOUTHWEST 
Oklahoma 8ft Oklahoma St. 81 
5W Texas sl 7ft NW Louisiana 56 
Texas 16. Tanas Tech 61 
TexofrAiiJneten as, w, Tinas St, 67 
FAR WEST 

Arizona 71 Washington St 56 
Bofce St. 43. Weber Si. 60 
Brigham Young oft Hawaii 60 
Brigham Young-Hrocrii ft HgwaD-HItO 80 
cm-oavtf ML Ohicn St. 64 
California sil Oregon 37 
Cal-Sanw Barbara 7ft New Mcxlcs SL « 
Colorado SL 41, New Mexico 53 
Fullerton SL 69, Long Beach st. 60 
Montana Si 7«, Montana 71 
Nevada. Reno 7ft N. Arizona 59 
Oregon st. 8ft Stanton) 73 
Pegaeraine 59. Gonzago $5 
Santa Clara 6ft Son Qtewj 56 
Texos-Ei Paw 6ft Air Force 53 
Utah 67, San Otoeo 51. 65 
Washington 7ft Arizona SI. 46 









Page 14 


INTERNATIONAL 


TRIBUNE, MONDAY, FEBRUARY 4, 1985 


LANGUAGE 


PARIS POSTCARD 


Here Comes the Boffin The Chan gin g Look of the Peace Corps ^ yjgU to the Texas Tom 

n.. W7:n: d r-ar Edclson. a Peace Corps technical _ . . -n w— 


By William Safiic 
Y17ASHINGT0N — “You said 

yy you were seeking a replace- 
ment for the word pundit,” mites 
Godfrey Sperling Jr. of The Chris- 
tian Science Monitor. How about 
mavenV 

1 am a language mown and a 
political pundit Those two nouns, 
one of them relatively new to En- 
glish, have quite different mean- 
ings. 

A maven is a self-proclaimed ex- 
pert. When someone says “I am a 
maven,” however, a note of self- 
mockery is added, as if to say “and 
if Tm not such an expert, sue me." 
Just as die YiddisMsm kibitzer, or 
“participating onlooker,” was 
adopted by the Fnglfch -cp gnlrinp in 
the last generation, maven lias 
made its way into the dictionaries. 
In the synonymy of expertise, a slot 
has been left open: connoisseur con- 
notes a person of exquisitely dis- 
criminating taste; expert or author- 
ity has a technocratic or academic 
ring, and aficionado or enthusiast 
carries a meaning of less discrimi- 
nation and greater devotion. The 
phrase closest in meaning, but with 
bookish overtones, is opinion lead- 
er. 

As can be seen, maven is a word 1 
like, but pundit, as a term for “polit- 
ical commentator,'' is getting tired. 
The Hindi word for “learned man” 
was popularized in the United 
Stales by Henry R. Luce, founder 
of Time magazine, who applied it 
to Walter Lippmann. the columnist 
and full-time sage. Further digging 
in the Oxford English Dictionary 
shows pundit (o have been used in 
this colloquial, mocking sense as 
far back as 1S16: “For English 
pundeLs condescend; l Th’ obser- 
vatory to ascend" was in the poem 
“The Grand Master" by Quiz, a 
pseudonym probably for William 
Combe. 

What other choices are there? 

“ Savant is too precious by far," 
writes Edward Engberg of Santa 
Barbara, Calif o rnia, dismissing the 
term for “knowing one." He prefers 
a coinage like wisanL Another -ant 
coinage suggested was sagant, but 
that sounds too much like sergeant; 
several writers like pedant, but the 
teaching profession has that locked 

up. j 

Another response to the query , 
for a word between wise man and i 
wise guy that came in from several 
readers was polymath, a Greek- 
based word meaning “a person of 


great learning." I have rqected that 
because it conjures a vision of a 
parrot loudly spouting numbers, 
which limits its use. to economic 
columnists. 

Chochem has its legion of sop- 
praters. “If the French savant is m 
the running as a replacement for 
the Sanskrit pundit," writes Miriam 
Gross of New York, “why not also 
consider the Yiddish chochem ? De- 
pending on how it is used, it can 
mean ‘wise man, clever fellow’ or, 
sarcastically, ‘wise guy.’ " No; with 
maven already in the field, the fric- 
ative fricassee of chochem is redun- 
dant. 

Another possibility, from the sci- 
entific world, is bonze “Like pan- 
dit, the word comes from South 

Asia t in ihfo raw T thi n k, VirtiMm," 

writes Dietrick Thomsen of Science 
News in Washington. “It refers to a 
very senior Buddhist monk, the 
sort who is always propounding the 
most inscrutable koaos.” 

The most colorful contribution ; 
was by Dr. Daniel Hely of Carlisle, 
Pennsylvania, who found the hair- 
ball oracle, a title of a chapter in 
Mark Twain's “Adventures of 
Huckleberry Finn.” “Miss Wat- 
son’s rugger, Jim," recounts Huck, 
“had a hair-ball as big as yonr fist, 
which bad been took out of the 
fourth stomach of an ox, and be 
used to do magic with iL He said 
there was a spirit inside of it, and it 
knowed everything." 

However, hair-ball oracle is a tad 
too pretentions. Portmanteau 
words like savan/aleck, wisdomfont 
and greminence are off the mark. 
My favorite is boffin. 

“For pundit try boffin , " suggests 
David Sider of the department of 
classical and Oriental languages at 
Queens College in New York. 
“This is a British term of recent 
cranage that is defined (defining 
clauses begin with that — tight?) by 
the O. E. D. Supplement as refer- 
ring primarily to scientists with 
‘back-room* knowledge, but I’ve 
heard it applied to expats in gener- 
al" 

The lexicographers at Oxford 
point out that boffin, etymology un- 
known, was first used by young 
naval officers about thdr dders, 
and lata by members of the Royal 
Air Force about the scientists 
working on radar. 

The word has a nice sound to it 

/Vrw York Tima Service 


By William R. Greer 

New Yak Tuna Service 

N EW YORK — Thumbing 
through The Greeley Daily 
Tribune over breakfast recently, 
Gus Graves read that the Peace 
Corps was looking for 600 volun- 
teers to provide famine relief in 
Africa. Toe article gave a toll-free 
telephone number. Graves called. 

“I’ve always felt sorry for those 
little kids I’ve seen on TV and 
all” said Graves, 47, a mechanic 
from Greeley, Colorado. “It just 
gets to you.” 

He was one of more than 7,200 
people who telephoned the Peace 
Corps after Jan. 10, when the 
corps 1 director, Loret Miller 
Ruppe, asked on U. S. television 
for volunteers to spend two yearn 
in African nations such as Mali, 
Zaire, Lesotho and Niger. 

“It’s an unprecedented re- 
sponse to a recruiting drive like 
this,” said Pat Seaman, a Peace 
Corps spokesman in Washington. 
She said volunteers were coming 
from all 50 states; many are older 
Americans, some of them retired, 
some with 20 or 30 years of farm- 
ing experience. 

Ras Smith, for example, is a 64- 
year-old agricultural specialist 
who reviews loans made by the 
Department of Agriculture. He 
retired once, returned to work 
and plans to retire again. “I'm 
quitting for good and I thought 
this would be an area in which my 
skills and knowledge might be 
useful" he said. 

John DeRocher, 47, was a 
fanner and now runs a feed store 
in Darlington, Wisconsin, popu- 
lation 2,000. He said he felt there 
was a job to be done in Africa. 
Whether the corps wants him, he 
decided, is another matter. “I can 
remember the Peace Corps re- 
cruiting in coOege and I was sure 
I didn’t want to join then,” he 
said. “Fm not so sure that I'm 
what they’re looking for now." 

Actually, DeRocher is precise- 
ly what the Peace Corps is look- 
ing for. It is a very different orga- 
nization from the one he saw 
recruiting at the University of 
Wisconsin more than 20 years 
ago. The typical volunteer has 
come to resemble members of the 
latest group of recruits — older 
and with experience and skills 
useful in Third World countries. 

The average age of volunteers 
is 28 and a half against an aver- 




Georga Tqm«i York Torn 

Frandne Dionne; A career orientation trend. 


age of 23 and a half in the 1960s; 
350 of the 5,500 members are 
ova 50. More than half the vol- 
unteers in the ’60s were “un- 
skilled generalists" with bache- 
lor’s degrees in the liberal arts: 
now only 16 to 18 percent are in 
that category. The rest are skilled 
specialists, among them nurses, 
engineers and people with de- 
grees in agriculture. 

Former volunteers and the 
Peace Corps' founding director, 
R. Sargent Shriver Jr., speak of 
the metamorphosis in different 
terms. Volunteers from the 1960s 
and 70s often describe them- 
selves as having been id ealis ts. 


many with naive views of the 
world and how they could change 
iL That idealism has not been 
Iosl but it has bowed to an in- 
creasing career-mindedness. 

“A lot of the career orientation 
reflects a trend among college 
students, kids geared to getting a 
good job and wanting to mak e 
money." said Frandne Dionne, a 
volunteer in El Salvador from 
1976 to 1978 and now a project 
administrator for a Washington 
consulting firm dealing with 
Third World agriculture. 

Many people connected with 
the corps, however, view the in- 
creased pragmatism of volunteers 
as a healthy development. John 


Edelson. a Peace Corps technical 
adviser to a cocoa cooperative in 

Cameroon from 1-980 to 1981 put 
it this way; “The people who go 
into il with a real desire to save 
the world are not the ones who 
contribute much, because what 
you can actually achieve out there 
is very little. 

“The people who go with a 
agenda — who would like 
to help but also would like to 
learn a foreign language, see how 
people live in the Third World, 
get some distance from their own 
lives — they are the ones who 
makt* the greatest contribution.” 

The Peace Corps is smaller to- 
day. It operates on a third of the 
budget it had in the 1960s and 
with a third of the volunteers. 

Shriver and Dionne say Ruppe 
has allowed the Reagan adminis- 
tration to break with previous ad- 
ministrations’ policy and use the 
corps to further U.S. interests 
abroad. As a recent example, sev- 
eral forma volunteers cited the 
arrival of Peace Corps volunteers 
in Grenada two months after the 
U.S. invasion in October 1983 
I the corps pulled volunteers out 
of Grenada in 1982; its govern- 
ment stopped requesting them in 
1979). Dionne pointed to the re- 
cent decision to increase the num- 
ber of volunteers in Guatemala. 
Costa Rica. Belize and Honduras 
from about the 550 to more than 
1.000 in the next few years. 

Peace Corps spokesmen say 
the move into Grenada was not 
political. “Shortly after the inva- 
sion we had a request from the 
Grenadan government for teach- 
ers.” Sga«nan said. “We sent two 
and lata another dozen or so.” 

As for activities in Latin .Amer- 
ica. corps administrators say they 
are complying with the recom- 
mendation of a bipartisan com- 
mission. appointed by President 
Ronald Reagan and headed by 
Henry A. Kissinger, to start a 
“dramatic expansion” of volun- 
teers in the region. Congress has 
allotted SI I milli on for the ex- 
pansion. 

The volunteers will receive 
three hours of education on “the 
menace of Communism," as pre- 
scribed by the legislation creating 
the Peace Corps in 1961. 

“It has always been in the law. 
but for a time it lapsed or became 
an insignificant part of training,'’ 
.S eaman said. Ruppe reinstated iL 


The Associated Pros 

P I ARIS, Texas —Some residents 
of the northeastern Texas town 
of Paris are disturbed about the 
movie “Paris, Texas" — which 
wasn't filmed in Paris, has little to 
do with Paris, and didn't even pre- 
miere there. 

“It mi gh t as well be titled ‘Koko- 
mo, Indiana,' " said Patrick Ryan, 
manager of die Paris Chamber of 
Commerce. “None of it was shot 
here." 

The 145-minute film includes 
only one glimpse of Paris — a snap- 
shot of a vacant lot 
“It’s about a man who wants to 
come to Paris, Texas — God only 
knows what for," said Bill Lamb, 
editor of the Paris News. “If they 
used us for the title, they should 
have Filmed some of it here” 

The distributor, 20th Century- 
Fox, rejected plans for a special 
screening of the movie in Paris, 1 10 
miles ( 1 SO kilometers) northeast of 
Dallas. 

“We thought it was a good idea 
at first, but it didn’t work out." said 
publicist Aon Cochran. Instead the 
Texas premiere was held in Hous- 
ton, Austin and Dallas. 

Thomas Steely, 66, fears the 
movie will tarnish the reputation of 
the town, which has a population of 
25,000. 

“There’s no question we’ 11 get 
lots of exposure — but will it Ire 
good or not?” asked Steely, a bank- 
er. whose great-grandfather found- 
ed the town in 1839. 

Portions of the film were shot in 
Texas, “just about everywhere ex- 
cept in Paris.” said Joel Smith, di- 
rector of the Texas Film Commis- 
sion. Locations included Port 
Arthur. Houston, Nondheim, Ter- 
lingua and H Paso, he said. 

The movie, which won the Gold- 
en Palm award for best movie at 
the 1 984 Cannes Film Festival was 
made by the West German director 
Wim Wenders and financed by 
French investors. 

Hie film’s main character. Trav- 
is. turns up wandering in the Texas 
desert after a mysterious four-year 
absence. He tries to reunite with his 
family and dreams of moving to 
Paris, the town where he believes be 
was conceived. 

At one point. Travis, played by 
Harry Dean Stanton, bolds a snap- 
shot of a vacant lot in Paris where 
he wants to build a home. But be 
never reaches Paris and his quest 
becomes a symbolic search for lost 


roots. The movie also stars Nas- 
tassja Kinski. 

Steely said Paris has escaped the 
much of the turmoil of modem life, 

“Our character froze in the 
1920s," be said. “It may sound, 
strange to you. but I like seeing the 
people I’ve known for 50 years." 

Dunng the 1930s, Pans was a 
cotton-fanning boomtown and 
railroad cemer. The cotton g i ns 
stand idle now and the railroads 
have declined. 

Industry is the town's major em- 
ployer. Campbell's soup and Hag- 
gles diapers are made in Paris. 

exodus of workers that betroth 
1920 and 1960 shrank the town’s 
population from 35,000 to 34,000. 
And hundreds of soldiers stationed 
in Paris during Worid War H 
stayed when the war ended. 

“My husband was a Bostonian,” 
said Mildred Plummer, 78, who 
married a soldier. “He liked good 

old Texas. He neva had a desire to . 
go back to Yankedand." 

Ere destroyed much of the town 
in 1897 and 1916. Disaster struck 
again in 1982 when a toraado killed 
11 residents, injured 165 and 
caused at least S50 million in dam- 
age, but the town was rebuilt within 
a year. 

“There's a stickability here," 
Ryan said. “That's the best way I 
can describe it People keep on 
keeping on.” 

To attract tourists, Paris cefe? 
bra Lrs Bastille Day, the French in- 
dependence day, with a festival 
that includes a quiche sapper at the 
local YMCA. ‘everybody think; 
because our name is Paris, it wig 
look French,” said Linda Suarez, a 
Chamber of Commerce official Tl 
doesn’t” 


Egpyt Is Readmitted 
To the Islamic Bank 

The Associated Pita 

DHAKA, Bangladesh — Egypt 
has been readmitted to the Island 
Development Bank, six years after 
it was expelled for si gning die 
Camp David accords with load. 

A bank spokesman announced 
Egypt’s return on Saturday at a 
news conference at an annual meet. : 
mg of the bank's board of directony 
He said some countries had raised 
objections to Egypt’s readnusaon, 
bat he did not name the countries. 


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