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The Global Newspaper 

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



INTERNATIONAL 



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WEATHER DATA APPEAR ON PAGE 18 

No, 31,718 


Published With The New York Hines and The Washington Post 


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ZURICH, MONDAY, FEBRUARY 11, 1985 


ESTABLISHED 1887 


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■■■ 7 


South Korea Says 
Kim Is Responsible 
For Use of Force 


By Clyde Haberman 

New York Tima Service 

SEOUL — The South Korean 
authorities have acknowledged that 
some force was used against the 
opposition leader, Kim Dae Jung, 
when he returned Friday after two 
years of self-imposed exile in the 
United States. 

But the government strongly de- 
nied assertions that South Korean 
security agents had beaten and 
kicked Mr. Kim and prominent 
American supporters who were 
traveling with him. 

■They could have used force, but 


man rights affairs, Patricia Derian, 
and a former ambassador to El 
Salvador, Robert E White. 

The U.S. ambassador to South 
Korea, Richard L Walker, accused 
the government on Saturday of 
having reneged on an agreement 
that “might have prevented what 
happened." 

Mr. Walker said that embassy 
officials were supposed to have 
been permitted to greet Mr. Kim 
and his supporters as they left their 
plane. Instead, the diplomats were 
kept far away and the fracas broke 
out along an indoor runway lead- 
ing from the plane as security 


certainly they did not attack any- agents rushed in to separate Mr. 
body,” a government spokesman, Kim from his American backers. 
Choi Tae Soon, said Saturday. 

Rather, Mr. Choi said, it was Mr. 

Kim wbo was guilty of violence. 

The spokesman said that, while at 
Kimpo International Airport, Mr. 

Kim punched a police official and 
threatened to strike him with his 
cane. 

Mr. Kim, who has been under 
virtual bouse arrest since returning, 
denied the accusations. He said he 
might have pushed a policeman, 
but only in anger and only after he 
had beat pushed firsL 

The t-Hniy * and countercharges 
surrounding his homecoming have 
ruffled normally smooth relations 
between South Korea and its prin- 
cipal ally, the United States. 

Weeks before Mr. Kim's much- 
heralded return, the State Depart- 
ment had expressed hope that the 
event would be “trouble free." On 
Saturday, the US Embassy in 
Seoul seemed both embarrassed 
and defensive over allegations by 
Americans in Mr. Kim’s party that 
it had not done enough to protect 
them. 

The three dozen Americans who 
accompanied Mr. Kixn in a move to 
ensure Ms safety wanted to have 
dinner Saturday night with another 
opposition leader, Kim Young 
S am, but could not when the au- 
thorities refused to let him leave his 
bouse. 

Kim Young Sam, who along with 
Kim Dae Jung i&amoag 15 South 
Koreans banned from Political ac- 
tivity, has been confined to his 
hone sporadically over the last 
month. 

The U.S. Embassy said Saturday 
night that it had yet to receive a 
Foreign Ministry response to its 
protest over the treatment of Mr. 

Kim and the human rights activists 
with him. 

Among those who said they had 
been punched, kicked and thrown 


“That agreement was not hon- 
ored by the Korean government." 
Mr. Walker said, adding: “We re- 
gret what happened at the airport 
and deplore the conduct of (nose 
responsible." 

In presenting the government's 
detailed verson erf the airport inci- 
dent, Mr. Choi said the police had 
separated Mr. Kim from his com- 
panions as a security measure since 
there was not enough room for ev- 
eryone in an elevator. Any force 
used, he said, came only after the 
opposition leader and the others 
resisted. 

■ Envoy Haims ‘Provocation’ 

John Burgess of The Washington 
Post reported from Seoul: 

Mr. Walker said Sunday that the 
group accompanying Mr. Kim may 
have deliberately provoked a scuf- 
fle with police at the airport. 

He said that an advance delega- 
tion that came to Seoul earlier to 
make preparations bad told Lhe em- 
bassy that the group had agreed 
that Mr. Kim would be separated 
from it on reaching the airporL 

But after they got off the plane, 
members linked arms with Mr. 
Kim and refused to leave him, Mr. 
Walker said. 

Saying their actions appeared to 
be “purposeful provocation,” Mr. 
Walker said the stage was set for 
police to use physical force to sepa- 
rate them... • -•••; 

" A ILS. Embassy official said that 
the group apparently wanted an 
incident to draw attention to Mr. 
Kim. 

Members of the delegation re- 
jected Mr. Walker’s version of 
events and accused him of failing 
in his duty by not seeking a meeting 
about the incident with President 
Chun Doo Hwan, not accompany- 
members to a Foreign 
try 'meeting and not inviting 
the delegation to meet with him to 



T?» Awootod A*n 

Prince Sihanouk at a rebel base in Cambodia greeting Khmer leaders, Khieu Samphan, right, and leng Sary, center. 

Sihanouk Holds Quunpagne Party in Cambodia 


By William Branigin 

Working ton Post Service 

PHUM THMEY. Cambodia — Prince 
Norodom Sihanouk drank champagne toasts 
on Saturday with ambassadors to the Cambo- 
dian coalition government he heads and 
vowed (o continue fighting the Vietnamese 
occupation of his country Tor generations if 
necessary. 

Accompanied by Ms wife, Monique, and a 
retinue that included his fluffy wMtc toy 
spaniel. Prince Sihanouk greeted leaders of 
the Khmer Rouge guerrilla group, attired in 
suits and ties, during Ms visit to this jungle 
village run by the Khmer Rouge in an embat- 
tled comer of western Cambodia. 

By taking the risk of entering a potential 


battle zone in Vietnam's current dry-season 
offensive to cany out government ceremonies 
on CjmnhnHian soO, Prince Sihanouk aimed 
to buttress his resistance coalition's stature as 
the UN-recognized government of Cambo- 
dia. 

The ceremonies of accepting the creden- 
tials of ambassadors from Senegal, North 
Korea, Ban gladesh and Mauritania went off 
without a hitch. Only an occasional faint 
boom of artillery could be heard in the dis- 
tance. 

But it was dear, despite the flights of 
rhetoric, that the resistance coalition’s “liber- 
ated zone” is shrinking before the Vietnam- 
ese onslaught 

Since November, Vietnamese occupation 
forces have systematically overrun every ma- 


jor non -Co mmunis t resistance settlement on 
the Cambodian ride of the border with Thai- 
land, dealing setbacks to the Khmer People's 
National Liberation Front led by Son S ann 
Now, the Vietnamese have turned their forces 
against the Communist Khmer Rouge, 
launching a pincers attack from the south and 
east aimed at the Phnom Malai base area of 
which this village is the showpiece and cere- 
monial attraction. 

Khmer Rouge leaders, including Kheiu 
Samphan and leng Sary, were reluctant to 
give details of the currmt fighting. But Mr. 
Samphan, the titular Khmer Rouge leader 
and vice president of Prince Sihanouk's resis- 
tance coalition, claimed that his guerrillas 
were doing “better than last dry season" by 
counterattacking the Vietnamese. 


NATO Is Urged 
To Back U.S. on 
Space Defense 


By James Markham 

Ne* York Times Serrire 

BONN — Caspar W. Weinber- 
ger, the U.S. defense secretary, ap- 
pealed to West European nations 
on Sunday to support the Reagan 
administration's space weapons 
program, saying that defensive 

Some US. analysts believe the 
Reagan plan would kill the and: 
ballistic missile treaty. Page 3. 

weapons would promote stability 
between (he superpowers and re- 
duce the risk of war. 

Mr. Weinberger was to speak at 
the second day of a security semi- 
nar in Munich, which bad drawn 
150 NATO officials and experts. 
But bad weather in London 
blocked his plane and his speech 
was read by Richard N. Perle, the 
assistant secretary of defense for 
legislative affairs. 

“An effective defense — even if 
it were not a perfect defense, al- 
though we would always strive to 
make it perfect — could substan- 
tially raise the costs and enhance 
the uncertainty of aggression,” said 
Mr. Perle, reading the prepared 
text. “It would especially reduce 
the advantage of preemptive at- 
tack. and thus promote stability ." 

"Finally.” the text continued, “it 
would provide insurance against a 
world in which the Soviets — and 
the Soviets alone — could brandish 
their sword from behind the pro- 
tective shield they are continuing to 
develop.” 

Mr. Weinberger's address was 
aimed at a considerable body of 
opinion in Western Europe that re- 
gards the Straiegic Defense Initia- 
tive — popularly known as the 
“star wars” plan — as destabilizing 
to the superpower relationship, im- 
possibly expensive, unlikely to be 
effective and possibly threatening 


U.S. Cites Soviet Amis 
For Central America 


to the flora 1 by officers at the air- give the full facts of the case, 
port Friday were two Democratic Mr. Walker's behavior “sent a 
representatives, Edward F. strong and unmistakable signal of 
Feighan of Ohio and Thomas M. lack of interest oa the part of the 
Foglictta of Pennsylvania; a former American government/ the stale- 
assistant secretary of state for hu- meat said. 



miliar with much of the intelligence 
information used to prepare tbe 
new paper said: “Sometimes they 
make more out the intelligence in- 
formation than is warranted, in my 
view.” 

The latest paper contends that 
the Soviet Union and Cuba are 
actively promoting communist rev- 
olution in every country of Central 
America except Costa Rica, and in 
Colombia as well U provides pew 
details to support those assertions 
but in most cases does not explain 
the source of the information. An 
administration official said that 
was to protect intelligence sources 
and methods of operation. 

“At the moment,” the paper 
says, El Salvador. Guatemala, 


Kim Young Sam, a Smith Korean opposition leader, con- 
fronting poSce who prevented him from leaving his Seoul 
home to attend a dinner with a group of American backers. 


By Joel Brinkley 

Ne* York Tuna Service 

WASHINGTON — A new Rea- 
gan administration white paper as- 
serts that the Soviet Union, using 
Cuba, is trying to turn all of Cen- 
tral America into a satellite of the 
Eastern bloc. 

An introduction by Defense Sec- 
retary Caspar W. Weinberger, cit- 
ing papers seized in Grenada, 

- quotes Foreign Minister Andrei A. 

Gromyko of the Soviet Union as 
saying that the region is “a boiling 
cauldron” ripe for “revolutionary 
expansionism," and that Cuba and 
Nicaragua are “living examples for 
countries in that part of the world.” 

The paper was prepared as part 

of an effort to persuade Congress Honduras and Colombia "appear 
to approve the administration's to be high on the Cuban priority 

list.” Nicaragua, it says, already is a 
virtual Soviet satellite, a contention 
that the Sandinist government has 
denied. 

“There is no doubt,” the paper 
adds, “that the countries of Central 
America and the Caribbean are at a 
critical juncture. But (hat can be 
the impetus for the United States to 
devote the resources necessary to 
assist the countries of the region.” 

The administration’s budget 
proposal announced last week, re- 
quests more than $1.1 billion in 
military and economic aid for the 
nations of Central America. In ad- 
dition. President Ronald Reagan, 
in his Slate of the Union Message 
on Wednesday, urged Congress to 
renew aid to the Nicaraguan rebels, 
whom be called “freedom fighters." 
If the United Slates does not 




et 


Would Harm U.S. Giles 


new aid package for Central Amer- 
ica. The paper has not been made 
public. A copy was obtained from 
sources outside government, bat 
senior administration officials 
elaborated on its assertions. It is to 
be printed and given widespread 
distribution soon. 

Since 1981, the Reagan adminis- 
tration has contended thal the So- 
viet Union and Cuba were behind 
several communist insurgencies in 
Central America, and it has pub- 
lished several white papers to mo- 
bilize public and congressional 
support 

Administration critics have been 
skeptical about the conclusions of 
some of the papers, particularly the 
first in 1981. asserting connections 
between the Soviet Union and Sal- 
vadoran guerrillas. 

A senior government official fa- 


(Contnaed on Page 3, CoL 1) 


Meogisfn Haile Mariam 


Austerity-Plan 
Is Announced 
By Ethiopia 

The Associated Press 

ADDIS ABABA, Ethiopia — 
Lieutenant Colonel Mengisiu Hai- 
le Mariam, the Ethiopian leader, 
has announced several austerity 
measures, including fuel rationing 
and a ban on luxury imports, to 
combat a famine that already has 
killed about one million people. 

In a message to the nation on 
radio and television on Saturday, 
Colonel Mengjstu also said that all 
Ethiopians qualified to help fight 
the famine would be organized to 
work in drought relief camps. 

He added lha* all Ethiopians, at 
home and abroad, would be asked 

(Continued on Page 2, CoL 4) 


By Karen Tumulty 

Los Angela Tima Service 

NEW YORK — As the House 
Budget Committee began a six-city 
■ tour of bearings on President Ron- 
ald Reagan’s fiscal 1986 budget, 
officials testified that proposed 
cuts in social programs would dev- 
astate New York and other urban 
areas. 

In tbe hearings that began Satur- 
day and end Feb. 18, the committee 
will travel across the country to 
solicit public comment on the pres- 
ident’s budget proposals and defi- 
cit-reduction alternatives. 

Democrats, who control the 
committee, hope the hearings will 
help fix the blame Tor the deficit, 
and the unpleasant choices re- 
quired to bring it under control, on 
the While House. 

Saturday’s hearing focused on 
urban problems, in light of the ad- 
ministration's plan to end such 
programs as mass transit subsidies, 
urban development grants and the 
federal sharing of tax revenue. 

“This budget cuts the core out of 
the Big Apple,” said Representa- 
tive Charles E Schumer, a Demo- 
crat of New York. “For the average 
New Yorker, the Reagan proposal 
will mean higher transit fares, more 
expensive health care, a continuing 
decline in rental bousing, a cut in 
school-lunch programs, dramatic 
cuts in the number of teachers in 
the New York public school sys- 
tem, and a continuing deterioration 
in basic sewerage and water-treat- 
ment facilities.^ 

Mayor Edward 1. Koch of New 
York told tbe committee that while 


Graphic Anti-Abortion Film Touches Of f Controversy in U.S . 


By Ruth Marcus 

Washington Paa Service 

WASHINGTON — “The Silent 
Scream,” a film showing the suction abor- 
tion of a 12-week-old fern has become the 
right-to-life movement’s leading weapon m 
its battle a gains t abortion. i 

“A picture's worth a thousand words, 
and this says it all," said Kathleen C- 
Sweet, executive director of Righwo-Ufe 
of Maryland. “Any child that’s sucking its 
tinmih is more than a blob of tissue. 
Abortion rights activists, while grodg- 
by thepublidty that The 
flent Scream" has generated, complain 

that it is c 

ulariy the narration describing 


dare be estimates that be has performed 
5,000 times. 

Since the movie's release in early De- 
cember, its producer, American Portrait 
Filins in Anaheim, California, has sold 
more than 800 copies, at $100 for videocas- 
settes and $400 for 16-millimeter films. 
The three major television networks and 
Cable News Network have all shown ex- 
cerpts on their news programs. 

President Ronald Reagan, who provided 
the inspiration for the film with his asser- 


Amfl’icin Portrait Films. The company is in g away, one can see il moving lo lhe left 
duplicating copies (o be donated to the side of the uterus in an attempt, a pathetic 
White House and sent to members of Con- attempt, to escape the inexorable instru- 
gress and the Supreme Court meats which the abortionist is using to 

The film is a sonogram, which consists of extinguish iis life, 
computer-reconstructed images of echoes - tome medical experts have challenged 

from high frequency sound waves aimed at Dr. Nathanson s description of the proce- 
the uterus. It depicts the abortion proce- At 12 weeks, the fetus s nervous sys- 
dure in grainy black-and-white footage. 10,1 . s ) rna f 

The fetus, first floating in the womb, ncurok)g ^ “ 


chums violently when the suction tube for 
a vacuum abortion is inserted in the uterus. 




it last month in Ms remarks to more than 
71,500 protesters in Washington for the 
annual March for Life on the 1 2th anniver- 
sary oflhe Supreme Court decision legaliz- 
omens also have contended that the de- mg abortion. 

move quickly lo end the tragedy of abor- 
tion,” Mr. Reagan said, “and I pray that 
they will.” He is to receive a commernora- 
h^T^li'w pfctiw of lie live cop, of the nun or o While Hoc* 

mushroom doud at Hiroshima.” Dr- Nath- screening Tuesday- 

ansoti is a co-rounder of the National “We heard that on the radio, and we 
Abortion Rights Action League who later nttm^atety sent a “JJg ” 

.became a fervent opponent of the proofs would be available, said Don Tanner or 


tion last year that fetuses suffer ‘long and The fetus is clearly visible before the abor- 
agonizing pain” during aboraons. praised ^on begins, but the picture becomes less 


trying to escape the abortion instruments is 
not based on medical fad 
The film's narrator. Dr. Bernard Nath- 


dear once it is under way. 

At the start of the procedure, Dr. Nath- 
anson says in the accompanying narration: 
“We can see the cMld moving rather se- 
renely in the uterus. The mouth is receiving 
the thumb of the child, the child again is 
moving quietly in its sanctuary.” 

Then, as the doctor inserts the suction 
tube, Dr. Nathanson says: “We can see the 
tip moving back and forth as the abortion- 
ist seeks Lhe child's body. Once again we 
see the child's mouth wide open in a silent 
scream, the silent scream of a child threai- 
ened imminentlv with extinction, li is mov- 


i that would transmit 
and therefore can- 
not experience pain, said Dr. Pasko Rakic, 
an expert in fetal development at the Yale 
University School of Medicine. 

As fra the description of the fetus at- 
tempting to escape from the suction tube, 
he said, “This is like saying a Ping-Pong 
ball moves when you put it in a bowl of 
water and stir it with a pendL” 

But Dr. Ronan (YRahilly, a fetal-devel- 

fomia af^avis! said of the narration: “It’s 
a rather highly emotional account, of 
course, but 1 would not want to say it’s 
incorrect. I certainly think that the fetus 
could feel some pain. The nervous system 
is quite well developed by then.” 

Whether or not it is accurate, the film 
has abortion rights advocates on (he defen- 
sive. 


It’s the most powerful thing the right- 
to-life movement has put out to date,” Dr. 
Allan Rosenfidd, chairman of the Board of 
Planned Parenthood Federation erf Ameri- 
ca, said, “We need to crane up with some- 
thing that focuses on the woman. That part 
of the story, from the perspective of the 
woman, needs to get the same type of 
visibility ”1116 Silent Scream’ has received.” 

Barbara Radford, executive director of 
the National Abortion Federation, said 
that Dr. Nathanson was “hawking it as 
truth.” 

“We know it isn’t troth and we will get as 
many people as we can who are better 
scientists than be is to say it isn’t troth,” 
she said. 

She also said, ”1 think we definitely have 
to get our acts together as far as helping the 
American public remember what illegal 
abortion was like.” 

Planned Parenthood is considering mak- 
ing its own film featuring shots of unwant- 
ed, abandoned children m Latin American 
countries where abortion is illegal, as well 
as pictures it has collected of women who 
suffered injuries or died as the result of 
illegal abortions in the United States. 


his city is back on sound financial 
footing a decade after the financial 
crisis that almost left it bankrupt, it 
stiH has 3,000 fewer police officers 
than it did then, and needs more 
teachers, sanitary workers and fire- 
fighters. 

He said that Mr. Reagan's bud- 
get would cost the dty more than 
51 billion a year, about 5 percent of 
its budget. 

“Il would be impossible for us to 
make up the gap” if Congress went 
along with die administration's 
proposals, Mr. Koch said. “We 
have income taxes, corporate taxes, 
sales taxes, occupancy taxes — to 
ask us to do even more when we are 
working our way out of this morass 
is simply unfair.” 

But Representative Delbert L 
Lana, an Ohio Republican who is 
the ranking Republican on the 
committee, replied: “The federal 
government helped bail you out 
when you were on the brink of 
disaster. Now tbe tables are turned 
The federal government is asking 
you to help us out.” 

City Councillor Pamela P. 
Plumb of Portland, Maine, testify- 
ing on behalf of the National 
League of Cities, said that her city 
would have to increase property 
taxes by 10 percent to make up for 
the proposed funding cuts. She said 
the effect of Lhe budget on Portland 
was typical for small and mid-sized 
cities. 

“You hear that Americans say 
they want to get the government off 
their back.” Mrs. Plumb said. “But 
we've had bearings neighborhood- 
by-neighborhood and not a single 
person has said that. They've asked 
fra more policemen and more fire- 
men and more services.” 

■ Reagan Presses Congress 

President Reagan demanded 
Saturday that Congress act quickly 
to approve Ms budget and give him 

new constitutional authority to cut 

spending on his own. United Press 

International reported. 

In his weekly radio address, Mr. 
Reagan said that in Congress, “al- 
ready we’re hearing the old familiar 
voices telling us to slow down, pre- 
pare to slash the defense budget 
and raise taxes, all in the name of 
reducing projected budget defi- 
cits." 

“Well," he added, “those argu- 
ments were rejected on November 
6lh.” 

“I urge the Congress to move 
quickly on a spending cut package 
that will reduce overall government 
spending growth," he said. 

Mr. Reagan renewed his call for 
a constitutional amendment re- 
quiring a balanced budget and afor 
new authority to veto individual 
items in large appropriation bills. 

In a Democratic response. Sena- 
tor J. James Exon of Nebraska ac- 
cused Mr. Reagan of "glossing over 
a raging economic firestorm” — 
the problems of American farmers. 


cohesion in the North Atlantic 
Treaty Organization. 

On Saturday. Chancellor Hel- 
mut Kohl gave'ii qualified endorse- 
ment to the research aspects of the 
program while France's defense 
minister, Charles Hemu. openly 
expressed criticism of it. Defense 
experts in both France and Britain 
have been particularly dubious 
about the space weapons program. 

Mr. Kohl cautioned that it was 
“too early to reach a final judg- 
ment” on anti-missile defenses. But 
he said that by the end of this 
decade such a program must take 
into account “tne straiegic unity of 
the alliance area” — that is. the 
United States and Western Europe 
— and avoid possibly dangerous 
instabilities in a transition period 
to deployment. 

His words reflected widespread 
concern among West European ex- 
perts that an effective U.S. anti- 
missile defense could lead to a “de- 
coupling” of Western Europe from 
the defense of the United Slates 
unless Europe were protected as 
well. 

Mr. Hernu expressed misgivings, 
saying they would accelerate the 
arms race in offensive systems. “If 
such systems were to be deployed,” 
said Mr. Hernu. “one could easily 
imagine that the old dichotomy of 
the spear and the sword would ex- 
tend to the field oT nuclear weap- 
ons." 

“It is not certain that the balance 
that would result from the deploy- 
ment of defensive systems and the 
reduction in offensive weapons 
would really be stable,” he said. 
“The strongest probability is still 
that the deployment of defensive 
systems would relaunch an offen- 
sive arms race.” 

The Reagan administration has 
asked fra S3.77 billion for 
weapons research in the 1986 1 
year — compared to the current 
level of SI. 4 billion. “We may not 
be able lo deploy a successful stra- 
tegic defense in the president’s sec- 
ond term,” the Weinberger address 
said. Many experts, however, think 
that such a system cannot be de- 
ployed earlier than the 1990s. 

Mr. Weinberger's speech sought 
to counter the argument that a 
space weapons system would un- - 
dennine tne Ami-Ballistic Missile 
Treaty that was signed in 1971 Tbe 
treaty limited each tide to one anti- 
missile site. 

"The question we face,” the 
Weinberger text said, “is whether 
we are willing, in the 1980s, to pre- 
dude the possibility of developing, 
in the 1990s and beyond — with 
wholly new technologies unknown 
to people who drafted tbe ABM 
treaty — an effective defense 
against ballistic missiles. 

“Are we truly such hostages of 
the past that we can never even 
consider a better way — a way to 
keep the peace that offers hope in 
(Continued on Page 2, CoL 6) 





King Fahd of Saudi Ara- 
bia arrived in the United 
States on Sunday fear 
talks with President 
Ronald Reagan. Page 5. 

INSIDE 

■ Margaret Thatcher marks 10 

years as Britain’s Conservative 
Party leader. Page 1 

■ Pakistanis are preparing to 
vote in an election in which po- 
litical parties, rallies and loud- 
speakers are banned. Page 4. 

■ Israeli settlers in the West 
Bank now number 42300, ac- 
cording lo a new study. Page 5 

BUSINESS/FINANCE 

■ Latin American debtor na- 
tions ended a meeting by reaf- 
firming their basic demands for 
easier payment terms. Page 7. 

personal investing 

■ Washington is aL loggerheads 

with several governments over 
proposed rales for foreign in- 
vestors. Page 9. 


.5 


i 





Page 2 


/ 


Thatcher Marks 1 0 Years as Party Chief, But Her Success Is Flawed 


By Michael Getler 
lo\m\ Vash ? ton Paa stmn 

but relaiiwiv ,7V 50 ^ ears a S°* a determined 

chaUengcd the esath 
SSffSS® 1 B . n “w’s to oppStion Con- 

"gj.u^sSSSSf”” 

ter^ ** 59 W<*1 daugh- 

DowJtS above ^ store ** at 10 
dSie^SS f d ^ ^ *“ accoonts. a formi- 

stcaar ,oust “ ■* 

"»* W kflTta 
■MSW? 1 apparendy in good shape to 
VS five-year term at the next elecnon. 
^ 7 th 3 fractured , and some say 
jrJSFi opposidon. This enables ha 

J?™ a 141 -seat majority in the House of 

? ough “dy about 43 percent 
of >oters backed her m the 1983 election 
iet. to many people, including some of her 
admirers, Mrs. Thatcher has a serious political 
flaw usually described as an abrasiveness. It 
manifests itself in a desire for total victory, a 
guiU-by-assodation style of rhetoric aimed at 
her enemies, and a seeming lack of compassion 
farinose outside her cult of individual initia tive 
Many commentators believe it contributes to 
and may even accelerate the growing polariza- 
tion between the decaying industrial North and 


the prosperous South, and between the record 
13.9 percent unemployed and the rest of the 
work force. 

indeed, if a line were drawn across Britain 
from southern London in the east to southern 
Bristol in the west, one would find no Labor 
Parry parliamentary representatives to the south 
and no Conservative control of any major city to 
Uie north. 

Ten years after her success in gaining control 


IVEWS ANALYSE 

of her party on Feb. 1 1 , 197S. four aspects of her 
stewardship seem to dominate: 

• She has become the most radical prime 
minister in many years and is beginning to leave 
marks on British society that probably will en- 
dure. These include reducing the degree to 
which people look to government to sow their 
problems, rolling back controls ranging from 
those on overseas investment to wages and 
prices, tackling head-on the power of big labor 
unions, and selling off about $8 billion worth of 
state-owned industries. 

• Her personality alienates many people, 
from average Britons to a number of foreign 
leaders with whom she has tangled in Ireland 
and Western Europe, and threatens to obscure 
or overturn what she is trying to accomplish. 

• Her total dominance of the political scene, 
and the relative weakness of tne opposition, 
have raised serious concern that there is not only 
no coherent alternative to Thatcherism being 


voiced, but also that significant minority groups 
and opinions have few channels through which 
to be heard. 

• It is still not clear whether Mrs. Thatcher 
will succeed in shaking up her countrymen — 
reintroducing what she calls an “enterprise and 
entrepreneurial culture" into a country that has 
had a substantial dose of socialism in recent 
decades. 

The prime minister has successfully slashed 
inflation from 20 percent io 5 percent, although 
partly at the cost of 3J million unemployed. 
British growth has continued, slowly, despite 
the recession of a few years ago. And both 
economic growth and Mrs. Thatcher’s populari- 
ty could be strengthened if the government, as 
now looks likely, emerges victorious in the bil- 
ler, 1 1 -month coal miners’ strike. 

But it is not certain that Britain as a whole is 
cut out to respond to Mrs. Thatcher’s brand of 
aggressive global marketing and competitive- 
ness. 

Thus, despite her unquestionable political 
power. Mrs. Thatcher is a figure of ambivalence 
— admired by many for her grit and goals, 
despised by many who see her as cruelly disre- 
garding the plight of the have-nots, and frustrat- 
ed by many who see her as unnecessarily con- 
frontational. 

This ambivalence is perhaps best described 
by one of Mrs. Thatcher’s major targets. Ken 
Livingstone, the socialist leader of the Greater 
London Council whose job the prime minister is 
eliminating. 

“I think I admire the determination.'’ Mr. 


Livingstone told a television interviewer, “be- 
cause all the track record of the last 30 years is a 
series or prime ministers who are just blown 
backwards and forwards by events. Now Mrs. 
Thatcher’s tried to impose" her personality on 
events and the Civil Seroce, and that I find very 
admirable. It means that people know what 
they’re getting when they vote for her." 

Mrs. Thatcher. Mr. Livingstone continued, is 
among the small group of leaders “who are able 
to articulate hopes and fears, and the); change 
hearts and minds and shift political opinion." 

'T think Mrs. Thatcher detected, after 30 
years basically of the welfare state, a growing 
disillusion with bureaucracy, a feeling that peo- 
ple had to pay too much in tax." Mr. Living- 
scone said, “and she very skillfully turned that 
against socialism, though it wasn't all the fault 
of soc ialism by any means. But people can 
identify with it* 

But he added: “If you've got that degree of 
determination and ruthlessness, you have to be 
much more sensitive to the moods of public 
opinion. You've goL to be more than the average 
prime minister and be acutely aware of the 
broad consensus that exists in ihe country." 

That is what Mrs. Thatcher does not have, he 
said. 

From the start Mrs. Thatcher has been an 
outsider. Although an Oxford graduate, she was 
not a member of the landed gentry or upper 
class or traditional governing elite. Her success 
and her appeal has eroded not only the solidari- 
ty of the labor unions, about a third of whose 
members voted for her, but also the establish- 


ment. some of whom would prefer a more mod- 
erate and traditional brand of Toryism. 

“Her government has brought the country 
face to face with its decline and administered a 
shock to the system, w hich has been mosi salu- 
iaiy and overdue." wrote Peter Jenkins, a col- 
umnist for The Guardian. “But never has she 
found the words to clothe her policies in nation- 
al purpose in which lies the art of Tory govern- 
ment." f 

A top aide said: “It doesn't mean she doesn t 
care. But she has a different way of caring and 
that is to put the country in a position to earn us 
keep. The central issue is, ‘Where is thejnoney 
coming from?' and you can’t duck that." 

Hugo Young, another Guardian columnist, 
said: "She relishes controversy. She invites it, 
provokes iu rules by it. lives by it. If. occasional- 
ly. she must die by il that is one of the risks of a 
game that no one before her has played. 

Mrs. Thatcher's conservative ideology, dedi- 
cation to capitalism, individual initiative, and to 
leading by “conviction'' rather than always 
seeking consensus, has frequently led to com- 
parisons with President Ronald Reagan. 

Bui Mrs. Thatcher does not have Mr. Rea- 
gan's ability to put forward controversial pro- 
grams without inflaming public opinion against 
him personally. 

•‘She has a problem communicating that she 
cares about people." said one Mrs. Thatcher 
aide, "and Reagan doesn't have that problem. I 
suppose it goes back to her upbringing. Sbe's an 
original. Nothing came easy or comes easy, nor 
is it allowed to.*’ 



Margaret Thatcher 


Pravda Pays Andropov 
Tribute on Anniversary 


By Dusko Doder 

Washington Post Service 
MOSCOW — The Soviet Com- 
munist Party has paid warm tribute 
to its former leader. Yuri V. Andro- 
pov, who has emerged as almost a 
cult figure in the Soviet Union 
since his death a year ago. 

An editorial in the Communist 
Party newspaper Pravda on Satur- 
day heaped praise on the former 
leader in a eulogy suggesting that 
be is missed by members of the 
ruling elite as well as by ordinary 
citizens. 

The editorial made only one 
mention of Andropov's successor. 
President Konstantin U. Cher- 
nenko, and did so in the context of 
continuity of Soviet policy. Diplo- 
matic observers said the tribute 
seemed to underscore Moscow’s 
■commitment to Andropov’s pro- 
gram for change. 

Andropov, who served for 15 
years as chief of the KGB. the Sovi- 
et security police and intelligence 
agency, before be assumed his posi- 
tion in the party Secretarial in May 
1982, succeeded Leonid I. Brezh- 
nev in November 1981 
His selection raised hopes that 
the Kremlin leadership would un- 
dertake reforms. Feelings are wide- 


spread in (he Soviet Union that 
Andropov could have achieved 
more had he served longer than 15 
months as the country’s leader. 

Pravda described Andropov not 
only as “an outstanding figure” 
and an “ardent patriot'’ who strug- 
gled for peace and social progress, 
but also praised him for a “weighty 
personal contribution” in estab- 
lishing Co mmunis t Party strategy. 

Most of the article reflected An- 
dronov’s views about future tasks 
facing the Soviet Union. The eulo- 
gy died many of his policies, in- 
cluding drives against corruption 
and for tighter sodal and labor 
discipline. 

The tribute stood in marked con- 
trast to a similar Pravda eulogy in 
November 1983 commemorating 
the first anniversary of Brezhnev’s 
death. That tribute extended mod- 
est praise to Brezhnev and hardly 
dealt with his 18 years in power. 
Instead, it focused on Andropov 
and his policies. 

In Saturday’s eulogy, the cursory 
reference to Mr. Chernenko. 73, 
who has been ailing for the past' six 
weeks, does not indicate an attempt 
to slight him. Mr. Chernenko has 
stated publicly that he is carrying 



Yuri V. Andropov 

out the program developed by 
Brezhnev and Andropov. 

■ Chernenko’s Health 

A prominent Soviet heart spe- 
cialist sought to dispel speculation 
about Mr. Chernenko's health on 
Saturday, saying that he has been 
working and “that means he's not 
dying." The Associated Press re- 
ported from Los Angeles. 

However, Yevgeni Chazov, di- 
rector-general of ihe Soviet 
Union’s Cardiology Research Cen- 
ter and deputy minis ter of public 
health, declined to say whether Mr. 
Chernenko was healthy or ill citing 
strict adherence to the Hippocratic 
oath. 


Portugal 
an endless "green" 


Known throughout the mind con unfold towards 

ujorld os the country of ■ the great ’Hqle-ln-one 1 
‘Sunshine and Ocean’; adventure ^ ' 

Portugal is also a cpw$n|v-; ; 

f. ■ ra, h Si ■ V 

of endless 
North, greens 


fefc Jte Europe 

"sua, - 


tones: tai-t&e 

..pm. 



The 
the 
la 

outdoor 
them to 
year round,, 
warmth to tfie mil 
weather golf course 
Curope. 

Created by the world's 
leading designers, courses 
that ore the smoothest in 
Curope are to be found 
beside the ocean or os 

green spaces among 
shady trees. The golf 
courses of Portugal ore on 
endless carpet, a delight 
to walk upon, where yo 


a taste of sun. 




AIR 

PORTUGAL 


Communists 
In France 
Reject Reform 

Reuters 

PARIS — The French Commu- 
nist Party re-elected Georges Mar- 
chais as its secretary-general on 
Sunday despi te the party's electoral 
decline and calls by dissidents for 
reform. 

Mr. Marchais. 64. was elected to 
a fifth three-year term at the end of 
the five-day 25th congress, during 
which party leaders resisted the de- 
mands for change. 

The party spokesman, Pierre Ju- 
quin, who made a plea last week for 
reform in the party's strategy and 
internal structures, lost his seat in 
the 22-member decision-making 
politburo. 

Mr. Juquin, however, was re- 
elected to the 137-member central 
committee together with two other 
dissidents. Felix Damette and Mar- 
cel Rigout. 

There was other evidence of dis- 
sension within Communist ranks 
when 65 of the 1.707 delegates ab- 
stained Saturday on a vote to ap- 
prove its next three-year platform. 

Mr. Juquin was the only polilbu r 
ro member to abstain in the vo tr- 
ailer the leadership rejected 
amendments by reformists calling 
for a tougher stand on human 
rights violations in Soviet bloc 
countries and less Soviet-stylt 
“democratic centralism." 

Mr. Juquin told the congress on 
Friday that the party, which has 
dumped to its lowest ebb since the 
1920s, was losing support by refus- 
ing to criticize East European 
Communist states and ignoring the 
problems of new white-collar work- 
ers, youth and immigrants. 

In his opening speech, Mr. Mar- 
chais set himself firmly against 
such changes and put the party on a 
new course of all-out opposition to 
President Francois Mitterrand. His 
party ended a three-year govern- 
ment partnership with Mr. Mitter- 
rand’s Socialists last year. 

Mr. Marchais said after he was 
reconfirmed as leader that the re- 
election of the dissidents to the 
Central Committee showed the 
party's openness to internal criti- 
cism. 

Mr. Marchais attacked Mr. Ju- 
quin's call for reform without nam- 
ing him. “Turning the French 
Communist Party inio a social 
democrat one is out of the ques- 
tion,” he said. 


Storms Batter Western Europe; 

15 Killed in Highway Accidents 

The AsstKhtleJ Press 

LONDON — Storms with high winds, heavy snow and and bitter 
cold spread across much of Europe on Sunday, causing hundreds of 
automobile accidents and disrupting travel by sea and air. 

A pileup of three trucks and seven cars, blamed on snowdrifts, 
killed nine people on an expressway in central England on Sunday 
and a 50-car pueup on an icy. fogbound highway in West Germany 
killed six people and iqjured*56 others late Saturday. 

The cold wave. Europe’s second of the winter, stretched from 
Britain to central and northern Europe. 

Roy O'Sullivan, a spokesman for the London Weather Center, said 
that no relief was in sight for at least a few days. 

Temperatures plunged to minus 13 Fahrenheit (minus 25 centi- 
grade) in Oslo on Sunday morning, a 19-year low. and were below 
freezing in most other areas. 

Snow accumulations of nine inches (23 centimeters) were reported 
io central England, with drifts of four to five feet ( 1.2 to 1.5 meters) 
elsewhere. Winds were clocked at 57 mph (50 knots) in southwest 
England. 

Streets were mostly clear in centra) London after a three-inch 
snowfall Saturday, but scores of roads were blocked elsewhere in 
Britain. 

In West Germany, which was blanketed by snow six inches deep in 
most places, the authorities said that more than 209 people were 
injured in car crashes on Saturday and Sunday. 

The worst accident involved about 50 cars on the Munieh-Nurera- 
berg highway. Police said six persons were killed and 56 injured late 
Saturday when a track carrying pigs slid out of control on the highway 
ami overturned. The subsequent pileup caused a nine-mile (15- 
kilomeler) traffic jam. 


Kasparov Wins in Chess, 
Cuts Karpov Lead to 5-3 


The Ass win ted Press 

MOSCOW — Gary Kasparov 
scored his second straight victory- 
on Saturday in the conclusion of 
the 48th game of the world chess 
championship, cutting the lead of 
the champion. Anatoli Karpov, to 
5-3. 

Mr. Karpov resigned after Mr. 
Kasparov played his 67ib move 
with the while pieces in the game 
that began Friday after a nine-day 
break. The game was adjourned 
Friday after 40 moves. 

Mr. Karpov. 33. has not won 
since Nov. 24. when he scored his 
fifth victory in the tournament at a 
time when Mr. Kasparov. 21. still 
had not won a game. Mr. Karpov 
needs only one more victory to re- 
tain the world championship that 
he has held since 1975 for another 
three years. 

The challenger has scored the 
last three victories now in the 
match that began Sept. 10. Forty of 
the games have ended in draws. 

Experts had speculated after 
overnight analysis that Mr. Karpov 
would resign the game wiLboul re- 
suming play on Saturday. But Mr. 


Karpov chose to play out the game, 
breaking with tradition and arriv- 
ing at the chess board before Mr. 
Kasparov. 

The early moves on Saturday 
were played quickly, and Mr. Kar- 
pov tried to create coumerplay by- 
advancing his queen's knight pawn. 
But Mr. Kasparov first blocked it 
and then advanced his king to cap- 
ture the pawn, putting himself two 
pawns ahead of Mr. Karpov. 

Mr. Karpov infiltrated white’s 
position with bis rook to create 
coumerplay and established an ef- 
fective blockade. Mr. Kasparov, 
however, managed to break 
through with his rook to attack Mr. 
Karpov's only remaining pawn. 

Mr. Karpov tried to draw Mr. 
Kasparov into capturing the black 
rook. But Mr. Kasparov avoided 
this maneuver, which would have 
led to a stalemate position and a 
draw. 

Mr. Karpov’s resignation on his 
67th turn drew applause from the 
100 or so spectators and cheers and 
embraces among Mr. Kasparov’s 
team. 


Fuel Rationing, Other Cuts 
Are Announced by Ethiopia 


(Continued from Page 1) 
to donate money to help alleviate 
the effects of the famine- He did 
not specify amounts but. in a less 
severe drought 10 years ago. Ethio- 
pians paid a “famine tax” of one 
month's salary. 

Colonel Mengistu said the ban 
on imports included luxury moior 
vehicles and textiles. " Until we 
manufacture our own clothes we 
should share and wear economical- 
ly our own national products, made 
by our own industries and by our 
own talents,” he said. 

Foreign-exchange savings would 
be used “for the urgent lifesaving 
program," he said. 


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Colonel Mengistu’s announce- 
ment about fuel rationing resulted 
in long lines outside gas stations in 
Addis Ababa. 

“Fuel and oil imported with for- 
eign exchange e; „*ned through the 
sweat of the working people and 
with aid will not be used by people 
as they wish, but will be used sys- 
tematically and economically for 
development work, social services 
and public transport,” Colonel 
Mengistu said. 

He said the famine, which is esti- 
mated to endanger about 8.75 mil- 
lion people, could be blamed on 
both the weather and human fac- 
tors. He criticized farmers, whom 
he said were not producing enough 
food despite generous government 

contributions io agricultural pro- 
jects. Eighty-five percent of Ethio- 
pia's population works on farms, 
but the country still cannot feed 
itself, he said. 

Colonel Mengistu promised a 
“bright future” to Ethiopians if 
they would work hard and ap- 
pealed to “all who want to see our 
revolutionary motherland emerge 
from the problems caused by na- 
ture [to] build up her ability in ail 
sectors and move on.” 



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U.S. Urges 
Space Arms 

(Continued from Page 1) 

place of one based always on bal- 
ancing terror?” 

The text accused the Soviet 
Union of “almost certainly" violat- 
ing the 1972 accord “by construct- 
ing a large ballistic missile early- 
warning radar in Siberia which is 
located and oriented in a manner 
prohibited by the ABM treaty.” 

The speech also tried to meet 
West European fears that the Unit- 
ed Slates would disengage from the 
defense of its continental allies. 
“America could not survive nor live 
in a world in which Europe was 
overrun and conquered," the text 
said. 

Mr. Weinberger contended that 
the anti-ballistic weapons systems 

would be “equally effective against 

the SS-20 and other intermediate 
range Soviet weapons,” referring to 
those targeted on Western Europe. 

■ Europe Favors Research 
Most government officials in 
Western Europe favor continued 
research on the space defense plan 
but they are overwhelmingly op- 
posed to its deployment. The New 
York Times reported from Wash- 
ington. 

According to a survey by the 
Congressional Research Service, 
officials in Bonn, Paris, Brussels 
and London favor research partly 
as a hedge against possible Soviet 
breakthroughs and partly because 
they believe that research cannot 
be stopped, the congressional study 
group, quoted by The Times, 
j j fOuiiu. 


WORLD BRIEFS 

Mandela Rejects Release From Prison 

JOHANNESBURG (AFP) —Nelson Mandela, thejailed anti-aparth- 
eid leader, on Sunday rejected the South African government's condition- 
al offer of freedom and said he would not negotiate with the authorities as 
long as the government maintained its policy of racial sqjaration. 

His daughter. Zinzi, read a message from Mr. Mandela, president of 
the banned African National Congress, to a crowd of 6.000 people in the 
black city of Soweto near here. “I cherish my freedom dearly, but I care 
even more for your freedom." the message said. 

Mr. Mandela, jailed Tor life far treason in 1964, promised that he would 
not negotiate with the South African government until it rejected apart- 
heid renounced violence, legalized his organization and guaranteed 
political freedom for all. President Pieter W. Botha has offered to free Mr. 
Mandela if he renounces violence. 

Papandreou to Make V isit to Moscow 

ATHENS (Reuters) — Prime Minister Andreas Papandreou begins a 
four-day visit to Moscow on Monday to promoie relations between 
Greece and the Soviet Union, during a period of frosty relations with 
Greece’s chief NATO ally, the United States. 

It will be Mr. Papandreou’s first official visit to the Soviet Union. He 
has been criticized repeatedly in the West for straining the cohesion of the 
North Atlantic Treaty Organization and aligning himself with Soviet 
policies in Poland and Afghanistan. 

His talks will start immediately after his arrival when he will meet with 
Prime Minister Nikolai A. Tikhonov at the Kremlin. Mr. Papandreou’s 
official agenda mentions a “high-level meeting” scheduled for Tuesday 
afternoon, which has been taken to indicate a meeting with President 
Konstantin U. Chernenko or Mikhail S. Gorbachov, a senior Politburo 
member. 

France Urges UNESCO Study Group 

PARIS (AP) — France has proposed to members of UNESCO’s 
executive board that a special group be created to examine the crisis 
facing the 161-member organization, according to Le Monde, a French 
daily newspaper. 

the report on Saturday said the proposed group would represent 12 
countries which are members of the LIN Educational Scientific and 
Cultural Organization. The group’s meetings would not be subject to the 
authority of Amadou Mahlar M'Bow, the Senegalese director-general 
and Mr. M’Bow would not attend the sessions. 

UNESCO's board begins a five-day meeting on Tuesday to consider 
the consequences of the U.S. withdrawal from the organization. The 
United States pulled out Dec. 31 maintaining that the Pam-based agency 
had become too political, had spent too much and was badly managed. 
Britain and Singapore also plan to leave. 

Machete to Lead Portuguese Parly 

LISBON (Reuters) — Portugal's divided Soda] Democratic Party 
named Rui Machete its new leader on Sunday but questions remained 
over whether he could overcome internal differences to guarantee stabil- 
ity in the coalition government of Socialists and Sodal Democrats. 

The election of Mr. Machete, 44, currently the justice minister, came 
after an all-night meeting by members of the party's national council 

Party sources said the election result was a setback for supporters of 
Carlos Mota Pinto, the former leader who resigned Tuesday. He did not 
attend the meeting and rqecied pleas to reconsider his resignation as 
parly leader. 

Arab, Brazilian Satellites Put in Orbit 

EVRY. France (Reuters) — The Arab world’s first communications 
satellite and a Brazilian satellite were orbiting the Earth on Sunday 
following a successful launch by a European Anane-3 rocket. 

The 22-minute night of the rocket went without a hitch after lift-off 
late Friday night from French Guiana on the northeast coast of South 
America. 

The Arabsai l-a satellite, built principally by the French company 
Aerospatiale in Toulouse, will provide telephone, telex, television and 
radio transmissions for 22 members of the Arab League. 

Brasilsat-l, the first of two satellites built by the Canadian company 
Star Aerospace, is designed to function for eight years and to provide 
similar services. 

Protesters Defy Curfew in Noumea 

NOUMEA. New Caledonia (Reuters) — Thousands of people defied 
New Caledonia's curfew Sunday and crowded the streets m protest 
independence plans for France's South Pacific territory. 

Cars and pedestrians waving French flags converged on central Nou- 
mea at 1 1 P.M. local time, the start of the regular overnight curfew that 
has been strictly enforced since its imposition last month. There were no 
arrests, although Edgard Pisani, France's special envoy, kid warned 
earlier that curfew breakers would be arrested. 

The protest ended after a speech by Jacques Lafleur, the bead of the 
anti-independence Rally for Caledonia in the Republic. Mr. lafleur said 
that Mr. PisanTs plans for the island’s independence are unacceptable. 

For the Record 

The New York City Council president. Carol Bellamy, ann ounced 
Friday that she would challenge Mayor Edward I. Koch, a fellow 
Democrat in the mayoral primary in September. Miss Bellamy, 43, has 
accused Mr. Koch of being overly sensitive to real-estate interests and to 
Manhattan but not sensitive enough to die poor, to minorities and to the 
city's four other boroughs. (tiYW 

Ferry traffic on the EztgDsh Channel returned to normal Saturday, after 
French seamen of Sealing ihe British siate-owned ferry company, ended 
a weeklong blockade of Dieppe. Boulogne and Calais. French officials 
said in Boult^ne. The seamen were members of a union that was 
protesting an agreement on working hours signed by a competing union. 

( Reuters J 

Riot police firing tear gas and wielding dobs broke up a student prayer 
meeting at the University of Nairobi on Sunday, injuring more than 100 
students in the first serious civil unrest in Kenya since the 1982 coup 
attempt. fltflM 


Correction 

Leszek Pekala and Waidemar 
Chmielewski. sentenced for murder 
and kidnapping in a Polish court 
Thursday, were incorrectly identi- 
fied in a picture caption in the 
Herald Tribune of Feb. 8. The are 
u.uia.iJy identified at right. 



AP 

Chmielewski 











INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY II, 1985 


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AMERICAN TOPICS 




a 




Strange Encounter 
On a Boston Subway 

Mary James, 21, a Boston bo- 
te! restaurant supervisor, cashed 
a check on her way home from 
work and boarded a bus. Fum- 
bling in her purse for chang e, she 
spilled several hundred dollars. 
A youth who sat next to her on 
the bus followed her out and shot 
her in the back when she refused 
to give up her purse. Fortunately, 
the bullet just grazed her skin 
after passing through several lay- 
ers of clothing. 

The following day Miss 
James's mother, Frances James, 
55, a jail guard, found herself 
salting next to two youths cm the 
subway. She quoted one of them 
as saying, “I pumped a broad in 
Dorchester last night because 
she wouldn’t mm loose her bag." 

“Did you waste her?” Mrs. 
James said the other youth 
asked. 

“Nail, 1 don’t think so. There 
was nothin’ on the TV.” 

Mis. James said, “I could have 
killed him.” But unarmed and by 
herself, she followed him instead 
and had him arrested. “He’s got 
a record amile long and he’s only 
14,” she said. 

The youth, arraigned for at- 
tempted murder, was released on 
$5,000 bond after his mother 
posted $500 cash. The authori- 
ties withheld his name because of 
his age. 


Liberal Arts Majors 
Finding Steady Work 

W illiam J. Bennett, chairman 
of the National Endowment for 
the Humanities, writes in The 
Washington Post that a study by 
the University of Texas shows 
that of 1.300 of its recent liberal 
arts graduates, 80 percent are 
employed full time, 12 percent 
are full-time students and 5 per- 
cent are voluntarily unemployed, 
while only 3 percent are unem- 
ployed and looking for work. 

Of the those stnveyed,.28 per- 
cent went on to graduate degrees 
and professional or executive ca- 
reers, 47 percent have jobs in the 
business world that require a col- 
lege education and 24 patent 
have comparable nonbusiness 
jobs in social services, welfare 
and politics. 

The study “concludes that lib- 
eral arts graduates have access to 
more sectors of the labor market 
than specialized graduates," 
writes Mr. Barnett. “The differ- 


ence is that liberal arts majors 
often must generate first-job op- 
portunities on their own initia- 
tive without relying greatly on 
campus recruiters." 

1985 Existentialism, 
Albuquerque Style 

The French existential philos- 
opher Jean-Paul Sartre visited 
the United States in the 1940s 
and came away disappointed 
with Albuquerque, New Mexico, 
and other exotic-sounding cities. 
He complained, “Hidden be- 
yond these magnificent and 
promising names is the same 
checkerboard city, the same red 
and great traffic lights and (be 
same provincial look.” 

Albuquerque has no plans to 
change the color scheme of its 
traffic signals, but at the end of a 
tumultuous 12-hour meeting last 
week the city council voted a 
sales tax extension to pay for an 
$86-million “festival market- 
place” along the lines of Man- 
hattan’s South Street Seaport, 
Baltimore’s Harborfront and. 
Boston’s Faneufl Hall market- 
place. 

Opponents plan to force a ref- 
erendum. Bereut Groth, an ar- 
chitect and president of the Al- 
buquerque Conservation 
Association, favored a simpler 
pedestrian area preserving the 
city’s 1930s architecture and 
connecting downtown with the 
University of New Mexico cam- 
pus. He dismissed the proposed 
marketplace as a place to go to 
“watch someone make fudge.” 

Short Takes 

Hie Me expectancy of Ameri- 
cans at birth reached a new high 
of 74.6 years in 1982, compared 
with 743 years in 1981, the Na- 
tional Center for Health Statis- 
tics reported. Women are still 
expected to live longer than men. 
The average age for women is 
78.2 years, fra men 70.9. 

Cactus Feeders Inc of Dumas, 
Texas, the biggest cattle feeder in 
the United States, says it will end 
the routine feeding of growth- 
promoting antibiotics bemuse of 
concern that this could endanger 
human health. It said that it is 
the first feed-lot operator in the 
country to end the practice vol- 
untarily. Scientists are concerned 
that the practice will develop an- 
ti obiotic-resistant bacteria in hu- 
mans, rendering antibiotic medi- 
cines useless. 


Frances James, riding 
a subway in Boston, 
and her daughter, 
Mary, above, who 
was shot in a 
robbery attempt 


Notes About People 

At George Washington Uni- 
versity Hospital is a quiet re- 
minder of the day that President 
Ronald Reagan was shot. A 
patch of blue needlework, in a 
frame hanging on the wail out- 
side Room N-4325 in the inten- 
sive care unit, says, “President 
Reagan Slept Here. March 31, 
1981 ” 

Mr. Reagan’s press spokes- 
man, Larry Speakes. quipped of 
the president. “He’s certain he’ll 
be remembered by a plaque in 
the Cabinet Roots that says, 
’Ronald Reagan Slept Here.’” 
Mr. Speakes, attending a Na- 
tional Press Club dinner, also 
needled the defeated presidential 
Walter F. Mondale: 
“He’s been working on his cam- 
paign memoir. It’s entitled Triv- 
ial Pursuit.’ ” Mr. Mondale nee- 
dled himself at the same dinner 
“AO my life; I wanted to run for 
president in the worst possible 
way — and I did.” 


Noshing Knishes, 
Counting Calories 

For nearly 100 years, the 
Yonah Schmund Knisbery has 
served up knishes on the long- 
unfashionable Lower East Side 
of New York City, where knish 
(pronounced kun-NISH) con- 
noisseurs find it's still worth a 
trip to nosh, or munch, the real 
thing, which is a wad of dough 
stuffed with mashed potatoes, 
cheese, onions or buckwheat 
groats and baked in the store's 
original brick ovens. 

Now, The New York Times 
reports, Schmimmel’s has 
opened a tiny take-out shop on 
the fashionable Upper East Side. 
There’s a decided difference in 
the clientele: “In a hundred 
years on Houston Street, no- 
body’s ever asked how many cal- 
ories there are in a kmshT says 
Sonny Berger, a co-owner. “Up- 
town, we gel the question at least 
five tiroes a day. 

So how many calories are 
there? About 300. in uptown 
arithmetic, that translates rough- 
ly into one health-club exercise 
class or twice around the Central 
Park reservoir. 


ARTHUR HIGBEE 


Soviet Aims in Central America Cited 


(Costumed from Page 1) 

continue and accelerate its military 
and economic aid to Central Amer- 
ica, the papa asserts, the United 
Slates couBl be faced with these 
developments: 

• A perception in the world that 


Birth Control: 
New Ingredient 
For Dog Food? 

New York Times Service 

WASHINGTON — Coming 
soon to supermarket shelves all 
ova the United States: dog 
food laced with a birth control 


the Soviet Union can establish a 
military presence anywhere it 
chooses, and that the United Stales 
is powerless to impede Soviet ag- 
gression, even on its own border. 

• Far more complicated defense 
planning to keep open the sea-lanes 
through .which pass half the U.S. 
imported petroleum and more than 


That is the plan at Carnation 
Co, which has submitted an 
application for the product with 
the Food and Drug Administra- 
tion and hopes to have it on the 
market sometime this year. 

Approval of dog food with 
the birth control drug in it, un- 
der the brand name Extra Care, 
would permit Carnation to sell 
it in supermarkets without pre- 
scription. 

The drug involved is miboler- 
one, a hormone similar to pro- 
gesterone in birth control pills 
used by women. It is made by 
Upjohn Co. under the brand 
name Cheque. The drag, in 
drops added to a dog's meal, is 
now available through a veteri- 
narian’s prescription. 

Barbara Royer, a spokesman 
fra Carnation, speaking from 
company headquarters in Los 
Angeles, said Carnation expect- 
ed the dog food to cost about 3 
cons a can more than Carna- 
tion’s regular dog food, now 
about 30 cents a can. 


half of the resupplies and reinforce- 
ments needed by the North Atlan- 
tic Treaty Organization in time of 
war. 

• Expanded centers for terrorist 
operations against the United 
States. 

Central to the administration’s 
case are documents seized after the 
LLS.-Icd invasion of Grenada ia 
October 1983. One describes a 
meeting between Mr. Gromyko 
and Maurice Bishop, who was Gre- 
nada's prime minister until be was 
killed before the invasion. 

The rnw.iing took place in April 
1983. and afterward the Soviet 
press reported that “much atten- 
tion was given to the dangerous 
development of the situation in 
Central America and the Caribbe- 
an, where the U.SlA. persists in 
pursuing its hegemonic policy.” 

The G ranadian document said 
that Mr. Gromyko “warned the 
Grenadians to move carefully in 
their revolutionary expansionism 

so as not to signal their plans to the 

‘imperialists,’” the white papa 
says. 

In Nicaragua, the papa says, 
“the mask of Sandinismo has 
slipped away," adding: “What is 
revealed is the mask of commu- 
nism." The country has received far 
more arms from the Soviet Union 
and its allies than all its neighbors, 
the papa asserts. 

The Soviet Union recently has 
provided Nicaragua with 1 10 medi- 
um battle tanks, 30 light amphibi- 
ous tanks, 200 armored pcrr.cr.ne! 
carriers. 70 long-range artillery 


Reagan Missile Defense 
Would Kill ABM Pact, 
U.S. Arms Analysts Say 


By Charles Mohr 

New York Tima Service 

WASHINGTON — Several 
arms control analysts have asserted 
that President Ronald Reagan’s 
plan to build a defense against bal- 
listic missiles and to design weap- 
ons that can destroy satellites 
would kill the 1972 U£-Soviet 
treaty dial limits the size and effec- 
tiveness of anti-ballistic m is sile de- 
fenses. 

Some advocates of arms control 
consider the anti-ballistic mljwiTe, 
or ABM, treaty the basis of arms 
control because, as long as it is 
complied with, it prevents either 
country from creating a terri- 
torywide missile defense or an ef- 
fective defense of missile silo fields. 

This has promoted deterrence of 
nuclear war, they argue, because 
neither party can start a nuclear 
war without suffering retaliatory 
devastation. 

John B. Rhinelander, a Washing- 
ton lawyer who was legal adviser to 
the U.S. delegation that negotiated 
the ABM treaty and the 1 972 inter- 
im agreement to limit strategic 
weapons, said Friday that adoption 
or a policy of “defense dominance” 
by the United States would make 
the ABM treaty pointless. 

Mr. Rhinelander made his re- 
marks at a press conference spon- 
sored by the Arms Control Associ- 
ation, a private group based in 
Washington. 

He was joined by Spurgeon M. 
Keeny Jr., who was deputy director 
of the government's Arms Control 
and Disarmament Agency from 
1977 to 1981 and is now director of 
the Arms Control Association; 
Raymond L. Garthoff of the 
Brookings Institution, a forma 
ambassador to Bulgaria and a stu- 
dent of Soviet military policy; and 
Michael Krepon, an associate of 
the Carnegie Endowment for Inter- 
national Peace and an analyst of 
the problems of verifying compli- 
ance with arms control agreements. 


New Drug Said to Slow 
Spread of AIDS Virus 


pieces and nearly 500 rocket 
launchers, howitzers and anti-air- 
craft guns, according to the paper. 

Nicaragua's recent acquisition of 
river-crossing equipment, the pa- 
pa contends, “implicitly threatens 
Honduras and Costa Rica.” 

The papa describes several mil- 
lion -dollar, military-related con- 
struction projects in Nicaragua, 
paid for by the Soviet Union or 
Cuba. “Such a large investment in 
Nicaragua.” it says, “in di cats that 
Soviet leaders consider that coun- 
try an important complement to 
Cuba in the Soviet’s opportunistic 
strategy to increase pressure on the 
southern border of the U.S:” 

The administration has asserted 
often that Nicaragua has been the 
main supplier of arms to Salvador- 
an rebels. The new papa reasserts 
that “the bulk of the M-16 rifles 
that the Salvadoran military has 
captured from the guerrillas have 
been traced by senai number to 
sbipmoits by the U.S. to South 
Vietnam” more than a decade ago, 
and were “consequently captured 
by the communist Traces after the 
fall" 

Further, the papa describes 
some of the supply routes and 
methods it contends are used to 
deliver rifles and other material to 
the Salvadoran guerrillas. It says 
that the “organizational structure 
of the Salvadoran guerrillas was 
orchestrated by Fidel Castro ,” the 
Cuban leader, and it adds that re- 
bels have begun using classic Soviet 
disinformation techniques. 

In conclusion the paper con- 
tends: “Kremlin leaders hope that 
ultimately the United States could 
become so preoccupied with chaos 
on its doorstep that it would be 
forced to shift dramatically its mili- 
tary forces, [hereby opening new 
possibilities for the Soviet Union in 
other key areas of the world." 


• By Walter Sullivan 

Set v York Times Service 

NEW YORK — French re- 
searchers have reported that a new 
drug appeared for the first time to 
'have inhibited reproduction of the 
vims believed to cause acquired im- 
mune deficiency syndrome, or 
AIDS. 

Tests have been completed on 
only four patients, but a year and a 
half after initial treatment the 
blood of one patient, a 15-year-old 
boy, has not shown any evidence of 
the AIDS virus, and he has re- 
turned to school. 

The researchers said Friday that 
the virus seemed to have disap- 
peared, at least temporarily, in all 
the cases. They added, however, 
that there was no guarantee that 
the vims did not r emain in a hidden 
form. 

The researchers emphasized that 
the treatment should not be regard- 
ed as a cure. The drag also pro- 
duces severe side effects, such as 
heavy internal bleeding, if not 
withdrawn soon enough. 

Results of the experiments were 
described Friday by Dr. Jean- 
Gaude Chermann of the Pasteur 
Institute, who spoke at a seminar 
on AIDS organized by the Scien- 
tists' Institute for Public Informa- 
tion. The drag be described, HPA- 
23, is a compound in which 

CBS Producer 
In Westmoreland 
Case Takes Stand 

Los Angeles Times Service 

NEW YORK —The producer of 
the CBS documentary that led to 
General William C. Westmore- 
land's SI 20- million lawsuit against 
the network has contended that the 
program's major assertions were 
supported by both military and ci- 
vilian witnesses. 

Saying that General Westmore- 
land's command in Vietnam had 
committed an “intellectual atroc- 
ity” by manipulating estimates of 
enemy troop strength, the produc- 
er, George Crile, told a federal jury 
oo Friday that be believed the gen- 
eral’s reports to his superiors had 
been inaccurate and dishonest. 

General Westmoreland, who 
commanded U.S. troops in the 
Vietnam War from 1964 until 1968. 
contends that he was libeled by the 
1982 broadcast, “The Uncounted 
Enemy: A Vietnam Deception." It 
accused the general of deceiving 
President Lyndon B. Johnson in 
1967 by underestimating enemy 
strength to support a contention 
that the war was going well. 

Under questioning by a defense 
attorney, Mr. Crile insisted that 
there had been no desire on the part 
of any of CBS’s witnesses to dis- 
credit the military in any way. 

Intelligence officers who ap- 
peared in the program, Mr. Crile 
contended, “had nothing to gain 
whatsoever' 1 and had spoken out 
because they thought it was time 
for a “reckoning" and did not want 
to see a repeal of incidents reported 
in the documentary. 

Earlier in his testimony, Mr. 
Crile said: “This was not a stray 
that relied upon one or two sources, 
it was a stray that bad multiple 
sources . . . that added up to a 
scream from the intelligence offi- 
cers that something wrong had tak- 
en place.” 


antimo ny and tungsten atoms sur- 
round a core of sodium. 

In AIDS, the virus attacks the 
body’s immune system, leaving the 
body open to a n umb er of disor- 
ders. AIDS belongs to a class of 
viruses, retroviruses, that alta the 
DNA, or genetic material, of the 
■ infected cell to produce more virus 
. particles. The drags being tested 
seem to block the enzyme from 
affecting the DNA. 

The French research ers pointed 
out that several substances besides 
the new drag had been found to 
block the action of the enzyme in 
cell cultures. In a letter to a British 
medical journal The Lancet, how- 
ever, they say that their tests dem- 
onstrate for the first time that the 
drag blocks the spread of the virus 
in humans. 

In the United States, the Nation- 
al Institute of Allergy and Infec- 
tious Diseases is testing otba drags 
against the AIDS virus, said the 
institute’s director. Dr. Anthony 
Fauci. One, called suramme, is now 
being assessed and tests are shortly 
to begin on another, known as riba- 
virin. 

The 15-year-old AIDS patient. 
Dr. Chermann said, is a hemophili- 
ac who presumably received mood- 
clotting material infected by the 
AIDS virus. He received two doses 
of the new drag. 

The hoy was oven HPA-23 until 
the chief side effect, a decrease in 
blood platelets that can lead to un- 
controllable internal bleeding, be- 
came worrisome. During that time 
doctors were unable to find any 
AIDS virus in his blood. 

When the platelet count im- 
proved, the drug was given again, 
then the treatment was stopped in 
December 1983. Since then no 
AIDS virus has shown up in the 
boy's blood. Dr. Chermann said 
the child has returned to school and 
seems to be doing well. 

In the other three patients, the 
virus was undetectable after two 
weeks of treatment but reappeared 
at low levels in subsequent cdl cul- 
tures. As noted by the French 
group, a hopeful aspect is that the 
severe side effects are apparently 
absent Mum HPA-23 is used in 
moderate doses. 

In its research, the French group 
initiated treatment on another 33 
patients with (he drug, and in all of 
them there has been a decrease in 
the reproduction of the virus. Elev- 
en patients have died, however, 
which could indicate that treat- 
ment began too late. 

Meanwhile, lecturers said at the 
seminar that widespread testing of 
blood in blood banks would proba- 
bly begin within two weeks. The 
tests are designed to test a donor’s 
blood for the AIDS virus by detect- 
ing antibodies that might have 
formed against the virus. Partici- 
pants in the seminar warned that 
the tests were not infallible. 


Guatemala, Spain Renew Ties 

Renters 

GUATEMALA CITY — Gen- 
eral Oscar Mejia Victores, Guate- 
mala’s chief of state, and Jose Luis 
Crespo Morales, Spain’s ambassa- 
dor, took part Friday in a ceremo- 
ny marking the formal resumption 
of diplomatic relations between the 
two countries. Diplomatic ties were 
broken in 1980 after Guatemalan 
troops stormed the Spanish Em- 
bassy 




With regard to Mr. Reagan's 
Feb. I report to Congress on “Sovi- 
et noncompliance” with existing 
treaties, the group expressed gener- 
al agreement that the construction 
of a large Soviet radar at Krasno- 
yarsk in Siberia appeared to be a 
violation of the ABM treaty. 

They said that it seemed to be 
capable of tracking targets for anti- 
ballistic missile weapons, and that 
it was illegally located. 

But Mr. Garthoff said it was 
“not a sound procedure” to make 
such complaints public, and that a 
U.S. -Soviet consultative commis- 
sion in Geneva was a better forum 
for such discussions. 

Mr. Keeny and otba members 
of the group also said the United 
States itself appeared to be guilty 
of technical violations of treaties. 
They cited the accidental “v enting" 
of nuclear contamination into the 
air from underground nuclear tests. 

The speakers also said that the 
United Stales, like the Soviet 
Union, appeared to be seeking to 
exploit ambiguities in treaty provi- 
sions. 

The spokesmen noted that Mr. 
Reagan, in his Feb. 1 report, said 
that the United States would seek 
in negotiations to “reverse die ero- 
sion of the ABM treaty.” But they 
suggested that his policies were in- 
consistent with this goal. 

Mr. Keeny said that the presi- 
dent's Strategic Defense Initiative, 
aimed at building a apace-based 
defense against missiles, “must 
raise serious questions in Soviet , 
minds as to our own intentions.” 

When asked if the administra- 
tion could modify the ABM treaty 
to permit the development of stra- 
tegic defense, Mr. Rhinelander 
said, “The answer is no.” because 
the United States says it is seeking 
the kind of nationwide defense pro- 
hibited by the treaty, along with 
space-based anti- missil e systems 
that also are prohibited. 



Prime Minister Wflfried Martens of Belgium paused in 
front of a banner of tbe Flemish Social Christian Party 
before speaking on Saturday at a party congress in Ghent 


Page 3 

Martens Wins 
Party’s Trust 
Over Cruise 

H'oshmgion Post Service 

GHENT, Belgium — The gov- 
ernment of Prime Minister Wo- 
rried Martens of Belgium received 
the backing of his political pany to 
decide when to deploy UJL nuclear 
cruise missiles, amid growing signs 
that the country will not break 
ranks with its NATO allies on the 
deployment timetable. 

Frank Swaelen, president of the 
Flemish Social Christian Party to 
which Mr. Martens belongs, told a 
congress in Ghent that the govern- 
ment “has our mandate” to decide 
when Belgium will deploy the first 
16 of the 48 cruise missiles it is to 
receive: Tbe North Atlantic Treaty 
Organization had scheduled the de- 
ployment to begin in March. 

The party had asked the prime 
minister to delay the initial deploy- 
ment to create a better atmosphere 
for U.S.-Sovia arms control talks. 
Mr. Swaelen, however, did not 
mention the party position on de- 
ployment, focusing instead on the 
party’s trust in Mr. Martens. 

Last month in Washington, Mr. 
Martens refused to commit Bel- 
gium to begin deployment in 
March, but said the country would 
decide on an installation schedule 
by the end of that month. 

Slight Qoake Shakes Rome 

The Associated Press 

ROME — A slight earthquake, 
measuring 17 on the open-ended 
Richter scale, shook Rome early 
Sunday. There were no reports of 
damages or injuries, officials said. 


In Athens 

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Page 4- 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11. 1985 


Pakistani Election Has Candidates, but It Lacks Parties, Rallies and Loudspeakers 



1»* AooaoMd Press 

General Mo hamme d Zia ul-Haq 


By William Gaiborne 

Washington fast Service 

KARACHI, Pakistan — For politically con- 
scious South Asia, where voting often is vocal 
and volatile, it is one of the strangest national 
election campaigns ever. 

There are essentially no issues or campaign 
themes, and few visible campaign posters and 
banners. Political parties are banned from par- 
ticipating, and outdoor rallies and processions 
are prohibited, as are the use of loudspeakers or 
any kind of amplifying system. Candidates 
complain that (hey go hoarse shouting at a few 
indoor meetings that are held, and that they are 
unable to get any kind of message across to the 
electorate. 

Nearly all of the major political parties have 
said that they will boycott the election, and will 
interpret its outcome as meaningless. Almost no 
one, except government spokesmen and some 
pro-government candidates, expects more than 
a 25-percent to 3S-percent turnout, and the 
leaden of some of the outlawed opposition 
parties — those who have not been arrested — 
say they will be surprised if as much as 10 
percent of the electorate votes. 

But Pakistan, at the insistence of its martial- 
law ruler. General Mohammed Zia ul-Haq, is 
going ahead anyway on Feb. 25 with its fust 
parliamentary election since 1977 — and only 
the third national election since the country was 
founded 37 years ago with the partition of the 
Indian subcontinent. 

General Zia, who seized power in a military 
takeover in July 1977. and promised free elec- 
tions within 90 days, is now promising that a 
“New Political Older” will emerge from the 
often-postponed poll for the National Assem- 
bly. 


The new order would be one based on funda- 
mentalist Islamic principles, and is intended 
never again to give rise to the brand of explosive 
party politics lhat led to civil turmoil, the inter- 
vention of the army and the execution of Gener- 
al Zia’s predecessor, Zulfikar Alt Bhutto. 

In a deft political maneuver that left his 
opposition floundering in confusion and disar- 
ray. General Zia on Dec. 19 secured a mandate 
to hold the partyless election and amend the 
long-suspended 1973 constitution. In the same 
referendum, he won an endorsement of his Is- 
lamic policies, on the basis of which he gave 
himself five more years as president. 

Official results of the referendum gave Gener- 


al Zia 97.7 percent of the vote, with the govern- 
or Pakistan's 


merit contending that 62 percent 
qualified electorate of 35 million voted. 

Opposition leaders say that only 5 percent to 
8 percent of the electorate voted, and that the 
results were rigged to give the appearance of an 
overwhelming endorsement not only of the Is- 
lamization of the country’s government, but of 
General Zia personally. 

Since the referendum, (he opposition has 
been almost continuously off balance. General 
Zia first imposed qualifying criteria that would 
have excluded virtually all opposition candi- 
dates. Three days later, he lifted the restrictions 
in a move that set off a debate within the 1 1- 
party Movement for the Restoration of Democ- 
racy over whether to participate. The movement 
voted Jan. 19 to boycott the parliamentary elec- 
tion and the scheduled Feb. 28 elections for 
provincial assemblies. 

“In politics, all politicians want to run in 
elections," said Mustafa Jatoi, the Sind province 
leader of the banned Pakistan People's Party 
founded by Mr. Bhutto. “That is their c alling 


But this is not an ordinary election, and we will 
not participate unless it is under the 1 973 consti- 
tution.” Sind is where the People's Party origi- 
nated. and traditionally has been the most polit- 
ically conscious province. 

It is widely accepted in Pakistan, even by 
some of General Zia's. supporters, thai if the 
People's Party, headed by Mr. Bhutto’s exiled 
daughter. Benazir, were allowed to contest a free 
election, it would gain a substantial majority in 
parliament 

When asked why People's Party members are 
ool running as independents in ihe partyless 
elections, with an eye toward gaining an ideo- 
logical majority. Mr. Jatoi said the strategy was 
based on an expected maximum voter turnout 
of 20 percenL 

"Where in the world would you accept a 
result of 20 percent? It is not a majority.” Mr. 
Jatoi said. "No parliament has a right to legis- 
late or form a government on that basis. So they 
will stand rejected. There will be a sharp reac- 
tion. and certainly the government will collapse 
within a few months.” 

He said that as a result of the referendum and 
a low election turnout. General Zia will emerge 
weaker within his own constituency of the mili- 
tary and among fundamentalist Moslems, and 
could become vulnerable to another military 
coup d’etat 

While some opposition strategists said that 
they would welcome a new army junta with 
which they mi$ht be able to negotiate a re-entry 
into political life. Mr. Jatoi said that is not the 
strategy of the People’s Party. 

"We are not looking to another face in uni- 
form.” be said. “We are not compromising on 
our demand for the restoration of the 1973 
constitution before elections.” 


There are even divisions within the funda- 
mentalist Islamic parties that have agreed to 
participate in the election, most notably the 
Jamaat-i-Islami party, which is fielding 60 can- 
didates for the 237-seat National .Assembly. 

The most organized and disciplined political 
party in Pakistan, with strong student and trade 
union wings, jamaat-i-fslami is representative 
of the same coalition that turned on Mr. Bhutto 
before his overthrow by General Zia and subse- 
quent execution: small traders, shopkeepers, 
industrialists. landowners, religious leaders and 
the orthodox, urban middle dass. It was tile 
only political party to actively support General 
Zia in the Dec. 19 referendum. 

.Although the consensus of the party was to 
join the election on the ground that it is at least a 
step toward democracy, its vice president Gha- 
foor .Ahmed, who was a member of the parlia- 
ment dissolved by General Zia in 1977, said he 
would boycott the polling because it will do 
nothing to restore basic human rights to Paki- 
stanis. 

Mr. Ahmed said that if General Zia resigned 
from the army, lifted martial law, restored the 
judiciary and returned to parliament all of the 
powers it had in the suspended 1973 constitu- 
tion. "everyone would welcome it. even the 
parties that are boycotting the election.” 

But instead. Mr. Ahmed said. General Zia has 
announced that a new National Security Coun- 
cil that includes the chiefs or the armed services 
will participate in the government and monitor 
legislation enacted by the National Assembly 
and the new senate that will be formed by votes 
of the provincial assemblies. 

"We suspect” that the National Security 
Council “will be above all elected bodies,” Mr. 
.Ahmed said. "This is martial law in another 


garb. It may satisfy the wishes of democratic 
countries like the United States, but it will not 
satisfy the Pakistani people, particularly in the 
smaller provinces like Sind and Baluchistan.” 

Some opposition leaders said that it is unlike- 
ly that General Zia would restore the 1973 
constitution intact, if for no other reason than 
because of article six. which if applied by any 
future government could lead to General Zia's 
arrest and possible execution for treason! Hk 
article provides that any person who abrogates 
or subverts the constitution by force or show of 
force is guilty of treason, and appears to apply 
directly to General Zia’s military takeover eight 
years ago. 

Mr. Ahmed, however, said he doubted wheth- 
er the article would ever be applied, adding: "is 
there any person who could try him with the 
army behind him? Any civilian government in 
Pakistan will always be weaker than the army.” 

But. political analysts in Karachi noted. Gen- 
eral Zia has announced that in about two weeks 
he will amend the 1973 constitution, and the 
treason pro virion is likely to be among the first 
to go. Also likely to be rewritten are provisions 
relating to political parties, freedom of expres- 
sion, defining powers of the president and prime 
minister, and election procedures, all of which 
General Zia has said must be tailored to "Islam- 
ic principles.” 

General Zia also b as bin red that he will give 
himfirif the pemrer to dissolve parliament under 
certain conditions. 

The result, one Western diplomatic analyst 
said, would be a government akin to (he Turkish 
model — something short of democracy as per- 
ceived in much of the Western world, but a 
political system with at least some democratic 
institutions. 


For New Zealanders, Ship Ban Is a Matter of Pride 


By Steve Lohr 

Aw York Times Service 

WELLINGTON, New Zealand 
— The words "No Nukes" are 
spray-painted on the entrance to 
the Victoria Tunnel, on the way 
from the airport to central Welling- 
ton. A sign on St. Andrew’s 
Church, just down the street from 
the Pa rliam ent building, tells visi- 
tors that the church has been de- 
clared "a nuclear-free zone." 

The windows of many houses 
and shops display anti-nuclear 
stickers; inside a circle, the likeness 
of a nuclear warhead has a diagonal 
line drawn through iu 
The decision by Prime Minister 
David Lange to refuse a U.S. re- 
quest for a pent call by an Ameri- 
can warship without assurance that 
it carried no nuclear weapons 
seems to reflect public opinion and 
political realities in this country of 
3.2 million people. 

Before he was elected prime min- 
ister last July. Mr. Lange men- 
tioned to his colleagues in the La- 
bor Party that although he 
sympathized with their sentiments 
on the issue, he thought a nuclear 
ban was “unrealistic.” That state- 
ment created such an uproar that 
Mr. Lange did not repeat it 
“Lange never had any freedom 


of movement on this port-call mat- 
ter,” said Richard Long, a political 
col umnis t for The Dominion. Wel- 
lington’s morning newspaper. 
“And with the American pressure 
on him to back down, it has be- 
come an issue of national pride.” 

Some New Zealanders are wor- 
ried that the refusal could prompt 
sanctions that would cut into the 
country's $500 milli on a year in 
sales to the United States. But. for 
the most part. Mr. Lange’s move 
appeared to have enlarged his stat- 
ure among New Zealanders, who 
voted last year for the 3nti- nuclear 
Labor Party by a 2-to-l margin. 

“I hope future generations win 
consider the introduction of a 
Lange Day ” a wrote to The Press, 
a newspaper in Christchurch. “This 
is to commemorate the date when 
the lamb refused to lie down with 
or to the lion." 

Mr. Lange's office said it was 
receiving more than 1,000 tele- 
grams a day on the issue, 95 percent 
of them supporting his position. 

New Zealand's neighbor. Aus- 
tralia, also has made an anti-nucle- 
ar decision. Prime Minister Bob 
Hawke told the Reagan adminis- 
tration last week in Washington 
that be would renege on a pledge to 
allow U.S. planes to use Australian 


bases to monitor an MX missile 
test. 

The United States replied that it 
would monitor the test without us- 
ing the bases. 

Mr. Hawke’s decision, in con- 
trast with Mr. Lange’s, appeared to 
show thai he had failed to realize 
the strength of the growing anti- 
nuclear sentiment in Australia, as 
he had changed his mind on the 
U.S. request after facing a revolt in 
his Labor Party. 

Paul Kelly, a political analyst, 
wrote in The Australian that the 
“real casualty" created by Mr. 
Hawke's reversal was the “author- 
ity and competence of the prime 
minister, not Australian- American 
relations, which have sufficient 
depth to absorb such upsets.” 

Washington clearly views the ac- 
tion by New Zealand as the more 
serious of the two decisions, seeing 
it as undermining the effectiveness 
of the 34-year Anzus alliance of 
Australia, New TpalanH and the 
United Stales. On Wednesday, 
President Ronald Reagan said. 
“We deeply regret the decision by 
the New Zealand government to 
deny port access to our ships.” 

The administration, worried that 
other allied countries might follow 


New Zealand's example, is study- 
ing retaliatory measures. 

Those under examination, a se- 
nior Reagan administration official 
said last week, include a suspension 
of the sharing of intelligence and 
other security information: an end 
to preferential treatment for New 
Zealand in the export to the United 
States of lamb, wool and casein, a 
derivative of milk; and the release 
for sale of surplus U.S. butter and 
other dairy products, which would 
hurt New Zealand's sale of those 
products on world markets. 

But in Wellington, such warn- 
ings are taken more as expressions 
of U.S. pique than as genuine 
threats. 



Canadians 
Say Seal Pup 
Hunt Is Over 


Allan Boesak 


■ Brock Sees No Sanctions 

The U.S. trade envoy. William E 
Brock, indicated Saturday that 
Washington would probably not 
impose economic sanctions against 
New Zealand , Reuters reported 
from Kuala Lumpur. Malaysia. 

"There is a great deal of regret in 
the U.S. administration over New 
Zealand's action,” Mr. Brock said. 
“But I would be cautious to suggest 
that the U.S. would lake any retal- 
iatory action as we are not comfort- 
able with that approach.” 


Boesak Gtes 
'Relationship’ 
With Woman 


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By Alan Cowell 

Afan- York Times Service 

JOHANNESBURG — The 
president of the World Alliance of 
Reformed Churches, a prominent 
opponent of white rule in South 
Africa, says he has had a ''relation- 
ship” with a female church worker. 

The church leader, the Reverend 
Allan Boesak, 38, who is married 
with four children, acknowledged 
his relationship with Di Scott, 30, 
to supporters in Cape Town on 
Saturday. 

His admission confirmed what 
had been reported as rumors circu- 
lated by South Africa's security po- 
lice to discredit him. 

Mr. Boesak's statement came 
amid a controversy in South Africa 
over the ethics of the newspaper 
that first disclosed the story, the 
motives and techniques or the secu- 
rity police and, in the minds of 
some whites especially, the moral- 
ity of Mr. Boesak’s crusade against 
white- minority rule. 

"I have notified my church that a 
relationship exists.” Mr. Boesak 
said at a meeting of the United 
Democratic Front, a multiracial al- 
liance of groups opposed to apart- 
heid. 

“Scott and I have been working 
together closely over the last year,” 
said Mr. Boesak, the leader of 70 
million Calvinists worldwide. “She 
has been of invaluable support for 
my work." 

Mr. Boesak, who is classified by 
South African law as a “colored” 
person of mixed race, did not di- 
vulge the nature of his relationship 
with Miss Scott, who is white. 
South African law forbids sexual 
relations between whites and non- 
whites. 

South African newspaper report- 
ers said last month that the security 

police had instigated a campaig n 10 

discredit both Mr. Boesak and 
Bishop Desmond Tutu, winner of 
the 1984 Nobel Peace Prize. 

Later, The Star, a Johannesburg 
evening newspaper, published an 
article indicating that Mr. Boesak 
had maintained an illicit relation- 
ship with Miss Scott. Thestory also 
chronicled purported security po- 
lice involvement in monitoring 
their activities and in circulating 
the story about them. 


ay’s president, called the pelts of 
that can- 


Bomb Defused iu Okinawa 


Agence France- Presse 

NAHA, Japan — About 10.000 
people were evacuated from their 
homes in this capital city of Okina- 
wa on Sunday as a bomb disposal 
□nil defused an unexploded 250-ki- 
logram (550-pound) bomb 
dropped by U.S. bombers in World 
War IL 


baby seals “a commodity 
not be sold." 

The sealers and the opposition 
differ over defining bow old a seal 
must be to no longer qualify as a 
pup. The whitecoats lose their dis- 
tinctive color at 10 days to two 
weeks of age. 

Mr. Smith said that once a pup is 
independent from its mother, it 
should no longer be termed a pup. 
Opponents of the seal trade gener- 
ally want to outlaw the killing of 
any seal less than a year ol<L 

The European Community 
banned imports of whitecoats two 
years ago. That is viewed as the 
principal cause erf the seal harvest 
falling to 24,000 last year from 

200.000 in the late 1970s. 

The ban. although referring spe- 
cifically to whitecoats, has had the 
effect of reducing demand for any 
son of Canadian seal pelts. 

The Canadian government said 
that the European Community 
bought just 1,297 pelts worth 

527.000 in 1983. down from 40.000 
pelts worth $1.2 million in 1980. 


SC/ 


BROADCASTING TO CABl£ GOMMNES 
IN EUROPE &T14E UK VIA SATELLITE 


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PROGRAM. MOMOAY 11th FEBRUARY 


UK TIMES 13^5 THE WHALES THAT WOULDN'T DIE 
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■■ -rv ! 


By Douglas Martin 

New York Times Service 

ST. JOHN'S. Newfoundland — 
The commercial clubbing of white 
harp seal pups in Canada which has 
drawn international protests ap- 
pears to have ended, sealers and 
their opponents say. 

"There wfll be no commercial 
clubbing of whitecoats in the fore- 
seeable future, perhaps never 
again.” Kirk Smith, executive di- 
rector of the 2,000-member Cana- 
dian Sealers Association, said Fri- 
day. 

Acknowledging the impact of the 
protests, Mr. Smith said that “it is 
quite evident” that pelts sold to fur 
dealers “cannot be resold.” 

“The seal bunt is dead, finished, 
gone forever ” said Patrick Watson, 
an anti-sealing activist who has 
been jailed for his protests. “The 
world will not abide its continua- 
tion.” he added. 

Nevertheless, Mr. Smith said he 
expected thousands of adult seals 
to be killed for meat this year with 
rifles, not clubs. 

Some pups will continue to be 
killed for personal consumption, 
but there will be another official 
moratorium on this as there was 
last year, be said. 

The sealers are backing the mor- 
atorium to defuse opposition to 
their trade. This has arisen, they 
believe. From films and pictures of 
the pups being clubbed. 

The sealers' logic is that it is 
necessary to relinquish, at least for 
the time being, the clubbing of 
white harp seal pups, or whitecoats, 
to retain any market at all for seal 
pelts. 

Mr. Smith said his organization 
might ultimately have to accept a 
Canadian government ban on the 
clubbing of white harp seal pups to 
ensure the survival of markets for 
other seal pelts. 

Traditionally, the bunting of 
harp seal pups begins on the Mag- 
del an Islands in the Gulf of Sl 
L awrence in late February and 
continues into April in Newfound- 
land. 

But the only remaining buyer of 
Canadian seal pelts. Carino Co., a 
Norwegian concern based in Sl 
J ohn's, has announced that it will 
not buy any pelts this year of either 
Lhe infant whitecoats or of more 
mature, darker-coated seals, 

Bernhard Nygaard, the compa- 



nwAtedtedPlw 

Daniel Ortega Saavedra announcing tbe devaluation. 


Nicaragua Announces 
Currency Devaluation 


By Larry Rohcer 

New York Tima Service 

MANAGUA — The Nicara- 
guan government has announced a 
78-percent devaluation of the cur- 
rency, the cordoba, and has warned 
Nicaraguans that “new sacrifices" 
would be required to overcome the 
country’s economic crisis. 

In a televised speech on Friday, 
President Daniel Ortega Saavedra 
described Nicaragua's economic 
situation as “hellish” and blamed 
the Reagan adminis tration for hav- 
ing made things worse. 

The speech came two days after 
President Ronald Reagan, in his 
State of the Union Message, asked 
Congress for renewed support for 
rebels fighting the Sanduust gov- 
enunenL 

Washington's “policy of block- 
ade,” Mr. Onega said in his speech, 
has forced the Nicaraguan govern- 
ment to pour huge sums of money 
into the military budget and has 
stretched the economy nearly to the 
breaking poinL 

Because of attacks by guerrillas 
in border areas and the threat of 
“foreign aggression.” he said, 40 
percent of this year’s budget of 
S280 million will go to the military. 
As a result, he added, money for 
other programs will be even "more 
limited than in the pasL 

The economic consequences of 
U.S. policies, Mr. Ortega said, 
came to nearly 51.1 billion in lost 
credits and exports in the last four 
years. 

Nicaragua has been plagued by 
several years of no economic 
growth, in which inflation has risen 
to nearly 100 percent a year, and in 
which income from exports has 
been less than half of the amount- 
needed to pay for imports. 

Most forecasts predict that the 
pattern will continue this year. 

“No one should expect that we 
will overcome the destabilizaxon of 
our economy in the short or middle 
term,” Mr. Ortega said. He called 
on Nicaraguans to demonstrate a 
greater “spirit of struggle and dis- 
position for sacrifice.” 

Mr. Ortega also said the govern- 
ment would take steps to reduce 
demand and stimulate production. 

The main measure announced 


he called “speculating shopkeep- 
ers” who have “robbed the people 
of billioas of cordobas." 

One step to be taken is the end- 
ing of subsdies on basic foods. 
Although these subsidies were 
“originated to serve workers and 
peasants," Mr. Ortega said, they 
now “serve the profit of specular 


tins. 


Friday was the devaluation of the 
aba : 


oOrdoba to a base rate of 50 to the 
dollar. The official exchange rale 
had been 28 to the dollar. But on 
the black market that flourishes in 
Managua, the dollar fetches more 
than 500 edrdobas. 

The devaluation set up a four- 
tiered exchange system in which 
different rales wifi be applied to 
various categories of exports and 


ie new economic package, Mr. 
Ortega said, will reward the farm- 
ers, ranchers and factory owners, 


■ Concession on U.S. Role 

Robert J. McCartney of The 
Washington Post reported from 
Mexico City: 

Nicaragua offered in recently 
suspended talks with the United 
States to accept a U.S. military 
presence in Central America, Nica- 
raguan officials and other sources 
sard last week. 

Nicaragua also proposed a re- 
duction in the number of U.S. mili- 
tary advisers and in the size of U.S. 
military maneuvers in the region. It 
was unclear whether it would have 
insisted on keeping some of its own 
Cuban military advisers in return 
for endorsing a U.S. presence. 

But the offer represented a soft- 
ening of Nicaragua’s previous posi- 
tion. stated in a proposed regional 
peace treaty, calling for an end to 
any foreign military presence in 
Central America. 

The United States broke off the 
talks despite this concession be- 
cause it rejected Nicaragua’s insis- 
tence that the negotiations lead to a 
bilateral, U ^.-Nicaraguan agree- 
ment, according to Officials and 
diplomats in Mexico City and in 
Managua. The United Slates stuck 
to its position that Nicaragua 
should reach an agreement with its 
Central American neighbors in the. 
regional peace talks known as Con- 
tadora. 

The Nicaraguans may have pur- 
sued a bilateral accord despite re- 
peated U.S. rejections because they 
believed that Washington would 
soften its anti-Nicaraguan policies 
in President Reagan’s second term, 
according to two sources. This idea 
drew strength primarily from re- 
ports of the plans to replace of 
several U.S. officials viewed as 
hard-liners, including Jeane J. 
Kirkpatrick, ambassador to the 
United Nations. 

In other news concerning Nica- 
ragua; 

• The U.S. Navy has reactivated 
a repair ship, the US Sphinx, as an 
intelligence-collecting vessel for 
deployment off Nicaragua, accord- 
ing to U.S. officials and informa- 
tion provided to Congress, the 
Sphinx, newly equipped with so- 
phisticated radar arid communica- 
tions gear, mil eavesdrop on Nica- 
raguan comm unicatio ns and look 
for arms traffic in the Gulf -of Fon- 
seca, sources said. (WP) 


who generate Nicaragua’s exports, 
better pric 


prices for their prod- 


with 

ucts. 

It is hoped, he added, that this in 
turn will stimulate production and 
pull die country out of its recession. 

Mr. Ortega also indicated that 
the government was preparing to 
take harsh measures against what 


•Adolfo Chamorro CSsar, an 
official of the Democratic Revolu- 
tionary Alliance, a Nicaraguan re- 
bel group, has left Casta Rica, a 
government spokesman said Satur- 
day in San Josi. The government 
last week ordered Ml Chamorro to 
leave lhe country because it said he 
was compromising Costa Rican 
neutrality. (AP) 



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Page 5 


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2 Die as Israel Bombs 
P1X) Faction’s Building 




Israeli sohtiers walked along the Jerusalem- Hebroo road in 
(be occupied West Bank last week near the Palestinian 


refugee camp of Debatshe. There have been a number of 
dashes between the camp's residents and Jewish settlers. 


West Bank Settlers Number 42,500, Study Says 






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By Thomas L Friedman 

Ww KarA Timer Service 

JERUSALEM — The iota! Dum- 
ber of Jewish settlers in the West 
Bank has reached 42,500, many 
more than most previous estimates, 
according to a new study. 

The sLudy, produced by the West 
Bank Data Project, an independent 
research group beaded by a former 
Jerusalem deputy mayor, Meron 
Benvenisti, found that as of Jan. 1, 
1985, there were 9,000 Jewish fam- 
ilies living on the Israeli-occupied 
West Bank — a total of 42^00 
people in 114 Jewish settlements. 

“The conventional wisdom here, 
and the figure most frequently 
quoted, was that there were 28,000 
to 30,000 Jewish settlers, 1 ' said Mr. 
Benvenisti. “Our study shows how 
much further along the settlement 
activity really is. The current eco- 
nomic crisis is now slowing down 


the number of housing starts on the 
West Bonk, but this will not be felt 
in the number of settlers until 1986 
and 1987. In the meantime, there is 
enough housing slock to allow for a 
continued growth of Jewish settlers 
at a rate of 2,000 families a year." 

At the end of 1982, according to 
his previous census, there were 71 
settlements with 20.600 Jewish set- 
tlers and 5.000 families, and at the 
end of 1983, the figure grew to 
27.500 settlors and about 6,500 
families. 

“Given the present growth rates 
— and if nothing intervenes to stop 
it — I don’t see any reason to 
modify my prediction that by the 
end of the decade there will be 
100,000 Jewish sealers on the West 
Bank." Mr. Benvenisti said 

An estimated 800,000 Arabs live 
in the West Bank. 

Mt. Benvenisti ’s West Bank 


Data Project is considered by many 
proponents and opponents of Jew- 
ish settlement on (he West Bank to 
be one of the most authoritative 
sources of demographics on the re- 
gion, and also the most up-to-date 
census provided by anyone, includ- 
ing the Israeli government. His re- 
search is funded by the Ford Foun- 
dation and the Rockefeller 
Foundation under the auspices or 
the Washington-based American 
Enterprise Institute. 

He found that almost all of the 
increase in West Bank Jewish pop- 
ulation in the last two years has 
been in existing settlements. Also, 
the housing units now under con- 
struction are primarily in the larger 
existing settlements, particularly 
the townships. 

“This fact emphasizes the 
point," Mr. Benvenisti said, “that 
the addition of new settlements. 


like the six new ones recently ap- 
proved by the government, has do 
geo-demographic meaning. It is 
purely a political statement A 
freeze on the building of new settle- 
ments at this time srould be mean- 
ingless in demographic terms be- 
cause most of the new housing and 
most of the new people are going 
into existing settlements." 

■ Egyptian Call 

The Egyptian foreign minister, 
Esmat Abdel Mcguid, told U.S. of- 
ficials on Saturday that Israel must 
talre measures, such as halting West 
Bank settlements, to advance the 
Middle East peace process, accord- 
ing to Egyptian Embassy sources in 
Washington who were quoted by 
Reuters. 

The minister is in the United 
Suites for talks in advance of Presi- 
dent Hosni Mubarak's visit next 
month. 


Tke Aaocuued Press 

BEIRUT — Israeli planes 
bombed a building used by a Pales- 
tinian guerrilla faction m Leba- 
non's Bekaa Valley on Sunday, kill- 
ing a woman and child, witnesses 
said. 

In Beirut, a car bomb killed two 
persons, and another cor bomb in 
the northern port city of Tripoli left 
four persons dead. Other reports 
said as many seven persons died in 
the Tripoli blast. 

The Israeli air strike destroyed a 
building in the town of Taalabaya, 
on the Beirut- Damascus high way- 
two kilometers (about a mile) east 
ofChtaura, the headquarters of the 
Syrian Army in Lebanon. 

Local reports said that the build- 
ing had been used by the Demo- 
cratic Front for the Liberation of 
Palestine, a pro-Soviet faction of 
the Palestine Liberation Organiza- 
tion. but that the guerrillas had left 
the building several days ago. 

A family or three was in the 
building when the Israelis started 
bombing, according to these re- 
The woman and child were 
and the man was badly 
wounded. 

At the time of the strike, rallies 
were being held in Taalabaya and 
nearby Syrian -occupied towns to 
mark the national referendum in 
Syria to endorse the redecuon of 
President Hafez al-Assad. 

No group claimed responsibility 
for the two car bombs. Police said 
the blast in mostly Moslem West 
Beirut killed the driver of (he car 
carrying the explosives and his 
cousin. 

The Tripoli bomb, outside a pri- 
vate hospital, was the second in 10 
days. On Feb. I, 10 persons were 
killed and 60 wounded when a sim- 
ilar bomb went off outside a 
mosque during prayers. 

Pro-Iranian Shiite Moslems held 


a rally in the center of West Bonn 
on Sunday to mark the anniversary 
of the takeover in Iran by Ayatol- 
lah Ruhollah Khomeini An esti- 
mated 500 nrihtiamen and women 
chanted slogans and beard speech- 
es in a film theater, which was be- 
decked with pictures of Ayatollah 
Khomeini and other Shiite leaders. 
Lebanese Army soldiers blocked 
off roads to the area during the 
rally. 

While the Lebanese Army is offi- 
cially in control of West Beirut, 
Shiite and Dmze militiamen hold 
effective power since they drove the 
army out a year ago. 

Soviet Ice-Fishers Marooned 

The Atsacuiied Press 

MOSCOW — About 900 sports- 
men ice-fishing along the shore of 
the Sea of Azov were rescued by 
rowboats and helicopter crews af- 
ter the ice they were standing on 
broke off and floated out to sea. a 
Soviet newspaper said Saturday. 
The government newspaper Izves- 
tia said the incident occurred in the 
bay of Taganrog in the southern 
Russian Republic, but did not say 
when. 


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Middle East Peace Tops Agenda as King Fahd Arrives in U.S. 


By Don Obcrdorfer 

Washington Pan Service 

WASHINGTON — King Fahd 
of Saudi Arabia arrived Sunday in 
the United States to test the will- 
ingness of President Ranald Rea- 
gan to become more deeply in- 
volved in a drive tar peace in the 
Middle EasL \ 

King Fahd, preparing for the 
Washington visit, met two weeks 
ago with Yasser Arafat, chairman 
of the Palestine Liberation Organi- 
zation, and sent senior emissaries 
to Syria, Jordan and other key 
Arab states. 

The king’s position as the first 
state visitor of Mr. Reagan’s sec- 
ond term, and the first of a number 
of Middle East leaders coming to 
Washington in the next several 
months, reflects the continuing im- 
portance accorded here to Saudi 
Arabia, which is rich in riL 
So does aktter delivered to King 
Fahd cm Dec. 6 by Secretary of 
Defense Caspar W. Weinberger, 
containing what U.S. officials de- 


scribed as “a very strong pledge of 
support for Saudi Arabian securi- 
ty." The Saudis interpreted the 
document, which has not been re- 
leased, and other statements by Mr. 
Weinberger as a promise that the 
United Stales will sell them about 
40 more F-15 jet Tighten. 

In view of the battles in Congress 
in 1978 and 1981 over Saudi war- 
plane purchases, and new warnings 
last month from Capitol HOI, the 
Reagan administ ration announced 
Jan. 30 that all Middle East arms 
sales are bring delayed pending a 
comprehensive study or security 
needs in the area. The study is ex- 
pected to last several months but 
strong hints were given in a White 
'House press briefing that further 
Saudi arms sales are probable when 
the research is completed. 

King Fabd arrives as an era of 
Saudi primacy in U.S. relations 
with the Arab world is ending, ac- 
cording to American experts. Bnt 
they said the kingdom continues to 
be important arid again could be- 
come of crucial importance if the 


global energy situation, or Middle 
East military or political circum- 
stances, take a sudden turn. 

“Saudi Arabia is returning to its 
conventional role of not being the 
key Arab partner of the United 
States,” said William B. Quandt of 
Brookings Institution, a former 
National Security Council official 
under President Jimmy Carter and 
the author of a book, “Saudi Ara- 
bia in the 1980s." 

A State Department official said 
that Cairo, Damascus and Bagh- 
dad have been the three main poles 
of the Arab world, and that despite 
more than a decade of intense Sau- 
di importance they will continue to 
be tbe most vital 
The central question on King 
Fabd's agenda, sources said, is a 
Reagan role in reviving the stalled 
Arab-Isradi peace process. 

The Saudis and other Arab states 
took satisfaction from many de- 
ments of Mr. Reagan's Middle East 
peace plan of Sept. 1, 1981 
However, the Saudis are unhap- 


py that movement toward a broad 
Middle East settlement virtually 
has collapsed because of the war in 
Lebanon, tbe reluctance of King 
Hussein of Jordan to became in- 
volved as a negotiator with Israel 
and opposition to the Reagan plan 
by the previous Israeli government 
of Prune Minis ter Menachem Be- 
gin. 

A senior State Department offi- 
cial, gpeaWnp at a White House 
briefing Friday, said the Saudis 
think that this is “a historic mo- 
ment" following a massive new po- 
litical mandate for Mr. Reagan for 
revival of the peace process under 
U.S. auspices. 

The new Israeli government un- 
der Prime Minister Shimon Peres 
has “displayed more flexibility" . 
than Mr. Begin about the peace 
process, the official said. 

He added that the possible next 
step could be a successful conclu- 
sion of the recently renewed dia- 
logue between King Hussein and 
Mr. Arafat about negotiations with 
Israel 


Dr. Muriel Gardiner, 83, U.S. Psychoanalyst, Dies 


Foreign Minister Esmat Abdel 
Megirid of Egypt, following discus- 
sions with U.S. officials, said Satur- 
day be sees signs that King Hussein 
is preparing to take tbe “calculated 
risk" of negotiations with Israel 
Mr. Abdel Meguid said that Egypt 
is urging “a more active U.S. role." 

The Saudis do not a[ 
by tbe prospective timetal 
next round of warplane sales. 
Sources said the Saudis had agreed 
previously that a deal would not be 
submitted to Congress before 
April. 

Other subjects on King Fahd’s 
agenda, according to the White 
House, include U.S. policy on oil 
prices and Saudi access to the U.S. 
market for its emerging $35-billion 
petrochemical industry, which is 
owned half by foreign companies, 
most from the United States. 

The last visit to Washington by a 
r eignin g Saadi king was in 1971, 
when King Faisal visited President 
Richard M. Nixon. King Fahd 
came to Washington on an official 
visit as crown pnnee in May 1977. 



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New York Tima Service 

NEW YORK— Dr. Murid Gar- 
diner, 83, an American psychoana- 
lyst who during her student days in 
Vienna snrngglcd false passports 
and money to hdp hundreds of 
people escape from Fascist-con- 
trolled Austria, died of cancer an 
Wednesday at the Princeton (New 
Jersey) Medical Center. 

Dr. Gardiner was a medical stu- 
dent in Vienna in 1932 wben she 
watched Nazis raid tbe school and 
throw Jewish students out of win- 
dows. 

She joined (be anti-Fasdst un- 
derground and, using the code 
name Mary, offered her apartment 
as a safe house for dissidents. For. 
those who needed to flee, she smug-] 
glad false passports into Austria,) 
usually (aped in the inside of hen 
corset, and provided the necessary 
sums of money for the journey. 

In 1983, wben Dr. Gardiner 
wrote her memoirs, “Code Nana 
‘Mary,’" her publisher suggested 
(bat her exploits in the anti-Fasdst 
undenaoond were the basis for Lil- 
lian Heilman’s portrait of Julia in 
Miss HeDman’s memoir, “Penti- 
menio." By then, the Julia story 
had become the basis of a popular 
film, and the statement created a 
stir. 

Although Miss Heilman denied 
the connection. Dr. Gardiner 
pointed oat that the rese m bla n ces 
■ m their accounts were remarkable. 
She noted that,' while she and Miss 
Heilman had never met, they had 
shared tbe same lawyer for many 
years. 

Sir William Lyons, 83, 
Founder of Jaguar Cars 

LONDON (NYT) — Sir Wil- 
liam Lyons, 83, the founder of Jag- 
uar Cars Ltd, died in his sleep 
Friday morning at his home near 
Leammgton Spa in Wanridcshire. 

Sir W illiam was the chid execu- 
tive of Jaguar and its predecessor 
companies for 50 years until his 
retirement in 1972. He went into 
business in his native Blackpool 
malting motorcycle sidecars in 
1922. He expanded into car bodies 
and moved to Coventiy, a major 
car production center, in 1928. The 
first Jaguar was built in 1935. 

Jaguar merged with British Mo- 
tor Corp. in 1966, which in turn 
merged two years latar with British 
Leybvnd Motor Corp. 

Sam A. Jaffe, 55* 

Ex-TV Correspondent 

NEW YORK (NYT) — Sam A. 
Jaffe, 55, a framer television corre- 
spondent who covered the United 
Nations for CBS News and repeal- 
ed from Moscow, Hong Kong and 



Dr. Murid Gardiner 

Vietnam for ABC News, died of 
lung wnwjf Friday at his home in 
Bethesda, Maryland. 

In 1976, Mr. Jaffe told a U.S. 
Senate committee that he had re- 
ported re gular ly to the Federal Bu- 
reau of Investigation on activities 


Sir W itfiam Lyons 

of tbe Soviet delegation to tbe 
United Nations in the late 1950s 
and early 1960s, wben he worked 
for CBS. He said he bad been un- 
able to find a job in journalism 
after leaving ABC in 1969 because 
of a false charge by a Soviet defec- 


tor that he had once been a Soviet 
agent. 

■ Other Deaths: 

Giton Knoop, 75, an abstract 
sculptor weD-known in the New 
York art world, of a heart attack 
Thursday in Paris. 

Georges Gramme, 58, deputy 
president of the Belgian Senate, on 
Thursday while visiting Israel as a 
member of a Belgian parliamentary 
delegation, a Belgian official said 
Sunday- 

Matt Monro, 54, a ballad singer, 
Thursday of liver cancer in Lon- 
don. He was best known for his 
recording of “Born Free” and for 
the theme song of the James Bond 
film, “From Russia With Love.” 

Marvin M3er, 71, an actor, an- 
nouncer and narrator best known 
for his role as Michael Anthony, 
tbe executive secretary to the mys- 
terious triUkmaire John Beresford 
Tip loo on a television program, 
“The Millionaire," Friday in Santa 
Monica, California. 


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Page 6 


Heralb 


INTERNATIONAL 



yitk The .\w< lorfc Times sad He VaUnghn Post 


tribune 


What Peru Really Needs 


The pope was constructivdy true to form, 
sinking a deep chord among Peruvians by 
condemning political violence but demanding 
5°°^ justice. The Shining Path guerrillas Fol- 
wwea their precedent, sinking not with politi- 
cal counterargument but with dynamite at 
P ower stations. Sadly, the performance 
. President Fernando Belaiinde Terry was 
“egadve. In the week of 
Jonn Paul ITs stirring visit the president could 
find no more imaginative use for international 
attention than to rail against Amnesty Inter- 
national for reporting on the thousand civil- 
ians who have disappeared in the course of his 
brutal counterinsurgency campaigm 
Saining Path is not responsible for every 
atrocity attributed to it by a hard-pressed 
government; and the authorities cannot be 
expected to scrupulously respect civil liberties 
while fighting fanatical insurgents. Yet both 
odes, eager to shoot, have contributed to a 
breakdown of civil order. Combined with Pe- 
ru's daunting economic difficulties, that rash? 
a shadow over the future of democratic rule. 

President Belaiinde has not been lucky. His 
1980 inauguration, which ended 12 years of 
military rule, coincided with the outbreak of 
rebellion and the onset of economic collapse. 


Pacific Nuclear Allergy 


Is there something in the water down under? 
No sooner does New Zealand take a long step 
toward opting out of its ANZUS alliance with 
the United Slates and Australia than the Aus- 
tralian prime minister says he’s awfully sorry 
but he can’t make good on his commitment to 
let American aircraft use local bases while they 
are monitoring nearby MX missile tests. Rob- 
ert Hawke's awkward little announcement, 
which events at home made him deliver while 
he was visiting in Washington, is far less seri- 
ous than wfaat the New Zealanders have done. 
But it reflects a similar nudear allergy, and it is 
disturbing to see it on the loose. 

In New Zealand, Prime Minister David 
Lange wants to have it both ways: to deny 
access to UJS. Navy ships because they might 
be nuclear-powered or nuclear-armed, yet re- 
main a member in good standing of the securi- 
ty treaty. He and his supporters have come to 
see the U.S. nuclear umbrella as a li ghtning 
rod likely to draw an attack on them ina crisis. 
They treat requests to participate routinely in 
the common defense as provocative forms of 
interference in their sovereign affairs. 

Most Americans, we suspect, will wonder 
what happened to New Zealand's traditional 
sturdy commitment to the principle and prac- 
tice of collective security. But it is not for 
Americans lo force upon any ally an unwd- 


Make-Believe in Seoul 


Whatever happened at Seoul's airport, they 
were not exactly throning posies Friday when ' 
the exiled Kim Dae Jung returned to South 
Korea. The country’s best-known opposition 
leader was hustled away from the Americans 
who accompanied him, and they in turn were 
roughed up by security police. So with the 
whole world watching. South Korea’s military 
regime bared its fists in an inexcusable and 
juvenile show of pugilism. 

To be sure, Seoul denies that any beatings 
occurred. But Mr. Kim says otherwise. So do 
two U.S. representatives, a former U.S. ambas- 
sador and a former assistant secretary of state 
for human rights. Besides, the Seoul regime 
saw lo it that foreign reporters were kept on 
their plane during the crucial encounter, assur- 
ing confusion about what happened. 

Perhaps Mr. Kim’s American escorts were 
jumpy and had not been told that shoving and 
punching are considered mild by local stan- 
dards. But they understood that they would be 
allowed to see him home, where he and his wife 
are now under virtual house arrest Events 
recalled too vividly a scene in Manila in Au- 
gust 1983, when another exiled democrat, Ben- 
igno Aquino, was killed on arrival while in the 
bands of a military welcoming committee. 

President Chun Doo Hwan is unlikely to do 


anything so drastic. His Fifth Republic is 
electing a National Assembly on Tuesday and 
he wants favorable headlines for this limited 
plebiscite. Nor does he want publicity that 
could unsettle plans for a stale visit to Wash- 
ington in April Down the road lie the 1988 
Summer Olympics, when his regime hopes to 
gain respect and acceptance as something 
more than a police state. 

So why the mauling at the airport? Why not 
let Mr. Kim return in peace, and leave him in 
peace? Why, for that matter, not loosen press 
controls and give South Koreans political as 
well as economic freedoms? The usual expla- 
nation is that the military rulers fear corrup- 
tion and demagoguery that would be exploited 
by the Communist North. So. demeaningly, 
they write make-believe constitutions that of- 
fer paper guarantees that crumble when tested 
— resisting the North by imitating it. 

Americans have sound security reasons for 
continuing to defend South Korea, and eco- 
nomic reasons for welcoming its trade. But 
there are no reasons for swallowing this make- 
believe. If South Korea wants the respect of 
Americans, a good beginning would be to 
apologize for the airport outrage and to make 
sure that Mr. Kim remains unharmed. 

— THE NEW YORK TIMES. 


Other Opinion 

A Speech Not Meant for Europe 


There is no good news for Europe in [Presi- 
dent Ragan's] State or the Union speech, and 
a fair amount of bad news. The Reagan admin- 
istration is not going to do anything coherent 
to reduce the federal budget deficit and will 
certainly not cut its mam defense projects to 
reduce the gap. The dollar win continue to 
climb, or at least to remain wildly overvalued, 
while the other main currencies of the world 
tumble around uncontrollably and panicky 


governments try to lasso them with high inter- 
est rates. Yalta, the ugliest face of partnership, 
accepted that the great powers were joint trust- 
ees for the survival of the world. We can try to 
soften that ugliness, but nobody can escape the 
duty of trusteeship, or try to exercise it alone. 
In this State of the Union message there is no 
awareness of that joint duty, only a celebration 
of one national destiny. It is frightening. 40 
years on, that the lessons of war have still not 
apparently been learned. 

— The Observer (London). 


FROM OUR FEB. 11 PAGES, 75 AND 50 YEARS AGO 


1910: Dutch Deny 'German Threat’ 
THE HAGUE — In the First Chamber erf the 
State General [on Feb. 10] there was a sequel 
to the suggestion made recently by Baron van 
Heckeren that the German Emperor had 
threatened an occupation of Dutch territory if 
Holland did not pui herself in a state of 
defense against Great Britain. Dr. de Marees 
/van Svinderen, the Minister of Foreign Af- 
fairs, denied that Queen Wilhehnina had ever 
received any letter, telegram, note or docu- 
ment of the kind described, or that the Queen 
had ever held any conversation with the Em- 
peror on the subject The Minister concluded 
his statement with an expresaon of his appre- 
ciation of the German Emperor, whose friend- 
ship for Holland had been shown often. 


1935: Islands at Issue in the Far East 
WASHINGTON — Reports that Japan might 
seek to have its Pacific islands excluded from 
any non-fortification pact, while limiting forti- 


ca lions of Hawaii and Singapore, caused offi- 
jubtif Tokit 


dais here to express doubt if Tokio would take 
such a step. It was pointed out that Japanese 
newspapers which carried the reports possibly 
failed to realize that Hawaii and Singapore 
were not included in the status quo danse of 
the Washington naval treaty and therefore the 
United States was at liberty to construct what- 
ever formations it desires at Hawaii, while 
Great Britain may do likewise at Singapore. 
They also scoffed at the Japanese claim that 
their Bonin Islands were “purely'' defensive, 
while Hawaii and Singapore were offensive. 


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JOHN HAY WHITNEY, Chairman 1958-1982 


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Editor 
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J 


GESUN&HEIT, 

cgWRAoe 

CHERNENKO,, 


The Shining Path rebellion, nominally based 
on the teachings of a Maoist professor, took 
root in the discontent of poor and alienated 
peasants in the remote central highlands 

The economic reckoning also came quickly, 
speeded by the military governments’ exces- 
sive arms purchases and expensive national- 
izations. Then export prices collapsed and the 
whole continent fell into a debt crisis. Reces- 
sion has dragged on for four years, deepening 
rural poverty and urban unemployment Peru 
has now stopped payment on its $13-billion 
foreign debt Only one sector of the economy 
thrives: the illegal production and marketing 
of cocaine. That of course, benefits neither 
poor Peruvians nor government coffers. 

If there is a basis for optimism it is in the 
presidential election due in April. A new ad- 
ministration could symbolize a fresh start But 
whoever wins win need substance, too. 

Washington could help. Reagan administra- 
tion proposals to double military aid are worse 
than useless unless paired with economic and 
political support. The pope's words made clear 
the intimate link between social peace and 
social justice. Securing Peru's troubled demo- 
cracy requires more than the shipping of gins. 

— THE NEW YORK TIMES. 



Whatever Their Health, 
Our Leaders Seem Deaf 


come measure or form of protection. There is 
no call for retaliation of any kind. (Economic 
sanctions have, foolishly, been mentioned.) 
But Americans cannot join Mr. Lange’s little 
charade and pretend nothing has changed. 
What he proposes is f reloading. It flouts the 
political and moral requirements of allianc e. 

As a Pacific naval power, moreover, the 
United Slates cannot watch with indifference 
the spreading of different kinds of anti-nuclear 
sentiment through a vast realm of the South 
Pacific — no matter how tranquil and remote 
that region may now seem. As a world power it 
must consider what conclusions may be drawn 
by allies elsewhere and by other groups waring 
the anti-nuclear banner as they observe the 
American embarrassment in New Zealand. 

The immediate focus of concern is Austra- 
lia. Prime Minister Hawke leads a Labor Party 
with a left wing reinforced by a party called the 
Nudear Disarmament Party. He has some 
troubles and is said to hope to ease them by a 
propitious concession on the high-profile mat- 
ter of supporting the MX tests. Washington is 
going along. Certainly it is far better that the 
matter of Australia's alliance participation be 
handled in its own political arena than to have 
it become a matter of diplomatic contention. 
We hope Mr. Hawke knows what he is doing. 

— THE WASHINGTON POST. 


W ASHINGTON — It is just a 
year since Yuri Andropov died 
in Moscow. For the last six weeks his 
successor. Konstantin Chernenko, 
disappeared from public view until 
he was finally reported present at a 
Politburo meeting Thursday. Rumors 
0y like snowflakes around the capi- 
tals of the world, but most of the time 
nobody knows where or bow be is. 

This is the tangle in the lin e 
of U.S.-Soriet communications. The 
United States can negotiate with the 
Russians in Geneva next month 
about the control of nuclear weap- 
ons, but it doesn't know how to talk 
to the people in Moscow who give the 
orders, or even know who they are. 

The contrast between the two po- 
litical systems has seldom been more 
obvious than in the last few days: 
President Reagan proclaiming a sec- 
oncTAmerican revolution, as if the 
first one had fafled, followed by a 
torrent of questions and protest not 
only from the opposition but his own 
congressional leaders and budget di- 
rector; and meanwhile, in Moscow, 
nothing but Pravda’s endlessly bor- 
ingand badly written propaganda. 

The last lime the leaders of the 
United States and the Soviet Union 
met was in Vienna in 1979. President 
Carter and Leonid Brezhnev got on 
fairly well and wondered why they 
had not met sooner. But by then Mr. 
Brezhnev was stumbling over the 
curbstones and soon he was gone. 

In fairness (o Mr. Reagan, while at 
first he did not want to talk to the 
Russians and then changed his tune, 
the fact is that during his first term it 
seemed too late to talk to the ailing 
Mr. Brezhnev and too early to talk to 
Mr. Andropov, who died not long 
after taking control. And Mr. Cher- 
nenko, whatever his doctor says, 
seems to be drifting into the shadows. 

Maybe it was wrong in the first 
place to think that talking to a partic- 
ular Soviet leader made all that much 
difference. Personal control of Soviet 
policy lasted from Lenin to Stalin, 
and maybe marginally to Nikita 
Khrushchev, who had some glimmers 
of the possibility of reconciliation 
and cooperation with the West After 
that the collective system of leader- 
ship prevailed more than ever before. 

Yet even during the last generation 
there has clearly been a chance for 
serious talk about the fundamental 
interests and differences between the 
two major nudear powers. 


By James Res ton 

The Soviet foreign minis ler. An- 
drei Gromyko, now 75 and the in- 
forming mind of Soviet foreign pol- 
icy, came to Washington for the first 


time 46 years ago; as foreign minister 
since 1957. he ha 


tas had personal ac- 
cess to 14 U.S. secretaries of state and 
every president since Roosevelt. Am- 
bassador Anatoli Dobrynin has been 
in Washington for 23 years and is 
dean of the diplomatic corps; he has 
bad more access to six presidents and 
their secretaries of state than any 


diplomat of the last generation. 


main problem is not the inci- 
dence of death — mortality, at least, 
we have in common — but the dia- 
logue of the living deaf. Washington 
and Moscow do say many sensible 
things about their common interests, 
shouting them across the world on 
the radio waves, but they don't listen 
and they don't believe. 


For example, both are now saying 
ctrol 


that they not only want to coot 
and reduce nuclear weapons but get 
rid of them and use peaceful atomic 
energy for the benefit or a hungry 
world. Also, Moscow wants Wash- 
ington to promise not to be the first 
to use atomic weapons. Washington 
rejects this on the ground that it 
would leave the Soviet Union free, 
with its commanding lead in conven- 
tional weapons, to dominate and in- 
timidate Western Europe. 

Just the other day the Russians 
suggested at the Stockholm confer- 
ence that each side pledge not lo use 
military force of any kind, nuclear or 
conventional, against the other. Due 
to lack of trust there was no agree- 
ment and not even much discussion. 

So what to do? Caspar Weinberger 
wants to build nuclear ships as long 
as the Brooklyn Bridge and bring the 
Russians to their senses in outer 
space if noL on Earth. Others place 
their faith in a new generation of 
Soviet leaders like Mikhail Gorba- 
chov, who at 53 is belter educated but 
lacks the personal knowledge of the 
old men who remember the carnage 
of the two world wars. 

The trouble is that there really is 
not much serious analysis of this 
problem by U.S. and Soviet histori- 
ans and philosophers; when there is, 
it lends to loiter down into polemics. 
It is this dialogue of the deaf that is 
the real problem. It is not likely to be 
resolved in Geneva unless the effort 
starts in Washington and Moscow. 

The New York Times. 


Again a Familiar German Relactuiicc 
To Urn Within the Reality of the Day? 


P ARIS — The recrudescence of 
terrorism in West Germany 
comes as Germans again question 
the frontiers of the nation and wor- 
ry about unification. These seem 
separate matters, and are indeed 
separate in every practical respect. 
If, however, one considCTS “the 
spiritual situation of our rimes" — 
a phrase to be heard in Germany — 
a different conclusion is possible. 

“Euroteirorism." as today re- 
invigorated and regrouped, seems 
to be essentially German, so far as 
it is serious. The identities of the 
people who in Belgium have been 
leaving bombs at NATO addresses, 
and those who fired some rockets at 
NATO targets in PonugaL remain 
unknown, of course. Until now. 
neither country has experienced 
more than incidental terrorism. 

The French group that calls itself 
Action Directe, which has now em- 
barked on the course of murder, has 
clearly been taken over by Ger- 
mans,' even to writing its declara- 
tions now in broken French. 

This band began by romantically 
assisting anti-Franco Spaniards in 
the 1960s. before drifting into epi- 
sodic bomb-planting in its own 
country. The French police later 
rounded its members up — there 
are only a few of them — but the 
new Socialist government in 1981 
turned them loose in the belief that 
they were harmless and would be 
content with the left in power in 
Paris. The fact that they could have 
been treated in so patronizing and 
casual a way is evidence of how 
unimportant they were, and how 
slight their roots in French society. 
West Germany and Italy have 


Bv William Pfaff 


been the two European countries 
where terrorism counted, and in 
boih places one can see why. In 
Italy it was an insurrection agains t 
what seemed a corrupt and totally 
unreformable government and po- 
litical class, and in some larger 
sense a rebellion against the experi- 
ence of Italy in modern times as a 
kind of museum for the rest of the 
world and mausoleum for Italians. 

In West Germany the sources of 
terrorism were less simple. The 
moral experience of the war cer- 
tainly had to do with the defection 
of a part of the war-bom generation 
from a complacent and materialis- 


prosperons, highly successful de- 
mocracy in a lucky community of 
democracies, living better than any- 
one else on Earth. Germans have 
said that the federal republic is 
“provisional'' and unsatisfactory. 
Only a united Germany would not 
be provisional. But united within 
what border? Germany's borders 
have never been all that certain. 

The government dourly reherates 
that the nation's frontiers remain 
legally unresolved and that the Wil- 
ly Brandt government’s recognition 
of the Oder-Neisse border with Po- 
land binds only Bonn. A reunified 
Germany would have lo reconsider. 

That obviously is not meant to be 
threatening. Bonn constantly says 
that present borders could only 


tic postwar society. The develop- change by peaceful agreemCTis, in a 
raent of the terrorist left enjoyed. Europe itself united ana, it seems. 


and to an unclear extent still enjoys, 
sympathy and a certain complicity 
in a much larger part of the nonvio- 
lent but anti-establishment left. 

It is difficult not to see in this an 
influence of a larger West German 
refusal to live within the moral and 
political realities of the present day. 

Germans notoriously have want- 
ed more from history than it is 
accustomed to provide. They have 
searched for universals in a world 
of unsatisfactory particulars. They 
have, historically, always wanted 
quests, and have found both good 
and bad ones. The filmmaker Hans- 
Jurgen Syberberg remarks that 
“without a vision, Germany is 
nothing, “ an opinion that has often 
been beard in the past. 

Since 1945 there has been reluc- 
tance to accept the notion of West 
Germany as just one more stable. 


in a giving mood. But this is sotti- 
mental nonsense and an evasion of 
the political facts created by Hit- 
ler’s war and Hitler’s defeat. The 
organizations of those deported 40 
years ago from Silesia and East 
Prussia meanwhile go on bolding 
under provocative and 


meet 


stings 

politically nonsensical banners, and 
young nationalists write ally arti- 
cles about German armies once 
again marching eastward. 

It is a troubling situation, which 
reflects a real refusal to think 
through thing s bong done and said. 
One perfectly understands the vul- 
nerability of politicians to pressure 
groups. But the harping on bow 
“provisional" eveiything is feeds 
that political romanticism, and lack 
of realism, which has been a power- 
ful factor in the German past- 
il surely is romanticism that 
drives the terrorists — these dream- 
ers with bombs and guns, making a 



better world by destroying the one 
Id like s 




r^iyr-nv- 

6y Betirvndt in Het Parcel (Amsterdam i. Distributed by Cartoonists & Writers Syndicate. 


they have. One would like so much 
to see West Germans less discon- 
tent with what is and less concerned 
with what might be, or might not. 

One wishes that Germans were 
more willing to defend the federal 
republic, its civilization, its accom- 
plishments, its frontiers; and that 
fewer were willing to dismiss ah 
that as “pro visional" One wishes 
more attention were paid to what a 
sensible and distinguished historian 
of modem Europe, Peter Gay, him- 
self bom in Germany, has put this 
way: Even Schiller and Goethe, “in 
calling for something higher than 
politics, helped to pave the way 
for something lower." 

International Herald Tribune. 

AU rigfits reserved. 


N EW YORK — Everybody op- By Ernest van den Haas 
poses nuclear proliferation. The J ® 

United States has signed lots of trea- 





ties against it but has had little suc- 
cess in stopping the spread of nuclear 
weapons. The few countries it has 
been able to prevent from acquiring 
them have been its own allies — in- 
cluding. notably. West Germany. In 
this it is making a serious mistake. 

I myself would like to eliminate 
proliferation by disinventing nudear 
weapons, but reality is otherwise. Not 
only the United States and the Soviet 
Union but also China, Britain and 
France are confirmed nuclear pow- 
ers. Everyone would prefer that Paki- 
stan, India, South Africa. Iraq and 
Israel not have nuclear weapons. But 
some of them already do, and the 
others probably will in a few years. 

The United States has, however, 
been more or less successful in pre- 
venting its allies from acquiring inde- 
pendent nuclear forces. The French 
force de frappe is the one exception. 
Charles de Gaulle felt, realistically, 
that it was far from certain that any 
American president would risk the 
destruction of America to counter a 
Soviet invasion of France. Not sur- 
prisingly. the French want to defend 
France if necessary. 


u u utu uow un-iu mnuu uv 

responsible by the Soviet Union, i 
if the damage was restricted to i 


Cigarette Companies Soon in the Dock 


S AN FRANCISCO — Paul 
Monzione, armed with charm 
and the “linn skull doctrine,” is 
about to take on the American to- 
bacco industry in a case with huge 
stakes and intriguing wrinkles. 

Mr. Monzione, 28. is a lawyer 
who works with Melvin Belli, who 
fancies himself “the king of ions." 
Mr. Belli certainly is a pioneer in 
product-liability law, and for years 
has been trying to get cigarette 
companies found liable for willful 
misconduct in manufacturing an 
inherently unsafe product. 

Mr. Belli solicited the case on 
which Mr. Monzione is working 
Soliciting cases is illegal unless 
done pro bono publico, so Mr. Bel- 
li's firm will gave its one-third or 
any settlement to cancer research. 

Mr. Belli got the case after ask- 
ing, in a speech lo people who work 
in hospices for the lemunally ill. if 
anyone knew of a person suffering 
from squamous cell carcinoma at 
the juncture of the bronchus, a can- 
cer especially associated with smok- 
ing. He was told of John Galbraith. 

Mr. Galbraith was a smoker. 
And bow. Before he died several 
years ago or congestive heart failure 
brought on by severe emphysema 
and cancer, he was on bottled oxy- 
gra 24 hours aday —and he would 
still remove the oxygen mask' and 
sneak a cigarette. Mr. Belli and Mr. 
Monzione wall ask a jury to find 
several cigarette companies liable 
for Mr. Galbraith’s death because 
the companies “expressly and im- 
pliedly warranted" that cigarettes 
are fii for human consumption. 

The companies must argue, braz- 
enly but carefully, that the “contro- 
versy” about smoking is universally 
known, yet that absolutely nothing 
is known that connects smoking 
with cancer. Mr. Monzinne muM 


By George F. W01 


argue, artfully, that the link be- 
tween smoking and certain kinds of 
cancer is common knowledge, but 
Lhat Mr. Galbraith, being addicted, 
had lost his capacity to act rational- 
ly in response to the knowledge. 

The companies w£U dispute the 
medical evidence and conceivably 
establish that Mr. Galbraith did not 
actually have squamous cell carci- 
noma. If Mr. Galbraith did have 
that cancer, the companies will ar- 
gue that he lived in the Los Angeles 
basin and it was breathing the air 
there, not smoking two to three 
packs a day, lhat caused his cancer. 

(One cigarette company is cur- 
rently running advertisements ac- 
knowledging that smoking is “con- 
troversial. Such ads cleverly 
suggest both that agnosticism is ra- 
tional and that customers have 
been amply wanted to be wary.) 

The companies' more interesting 
argument will be lhat Mr. Gal- 
braith, who had a master’s degree, 
was well read (a rash assumption 
about holders of master's degrees) 
and thus knew the "controversy” 
about cigarettes and freely assumed 
the risk, if there is a risk.' 

Besides, the companies will ask, 
what about the fact lhat millions of 
smokers do quit? Mr. Monzione 
will argue that Mr. Galbraith was 
incapable of quitting and that the 
companies are liable under the 
“thin skull doctrine,** 

That doctrine says that if you 
accidentally strike a person on the 
head, striking a blow that is too 
light to injure most persons but that 
injures the struck person because he 
has an unusually thin skull, you are 
liable. You are’ liable because the 
law *ays you must take the plaintiff 


as you find him. It is not his fault 
if his skull is thin. 

Mr. Galbraith's “thin skull" was. 
supposedly, his personality. Mr. 
Monzione will present a psycholo- 
gical portrait of an addictive per- 
sonality and a convert lo Mormon- 
ism driven lo irrationality by guilt 
about his inability to quit smoking. 

Product-liability law has come a 
long way from caveat emptor — let 
the buyer beware. That doctrine se- 
verely limited manufacturers’ li- 
abilities in the days when courts 
thought expanded liability would 
jeopardize American industrialism. 

What is bothersome about some 
of today’s product-liability cases is 
less that they broaden manufactur- 
ers’ Uabiliry'ihan that they seem to 
deny the individual's responsibility 
for his behavior. Indeed, when Mr. 
Belli lost a cigarette case in Louisi- 
ana. the judge suggested that if he 
had won he wouldsoon have want- 
ed Elsie the Cow hdd liable for 
heart disease caused by cholesterol 

But in the current case Mr. Belli 
and Mr. Monzione are emphasizing 
addiction, understood as a chemi- 
cal dependency suffered by persons 
who know it is injuring them. Mr. 
Monzione wants smokers on the 
jury because they, as authors of 
countless New Year's resolutions to 
quit smoking, know addiction. 

This case is coming to trial just as 
a queasy Congress gingerly comes 
to grips with the new budget, which 
proposes an end to tobacco pro- 
grams. Those programs subsidize 
production of a substance that goes 
into the product that has Mr. Mon- 
zione sedung huge punitive sums to 
deter companies from causing “a 
growing epidemic of death and 
loathsome illness.” But then. Con- 
gress is addicted to such programs. 

H An: ll'nim Gnu ip. 


But what about West Germany, 
the country that would be the first 
victim of a Soviet invasion in Eu- 
rope? The United States has nuclear 
missiles on West German soil — as it 
has in other allied countries. But they 
are American missiles controlled by 
the United States acting through 
NATO. West Germans control none 
of the nuclear weapons on their terri- 
tory. In the case of a conventional or 
nuclear attack on West Germany, the 
United Stales would have to decide 
whether or not to use the weapons, 
if it did use them it would be hdd 
,evep 
mili- 
tary targets — and. as a result, the 
Soviet Union might well decide to 
retaliate against the United States. 
The chances of a local or tactical 
nuclear confrontation becoming a 
Soviet-American strategic nuclear 
conflagration are thus greatly in- 
creased by U.S. control of the West 
German nudear defense. 

Is that necessary? Is it useful? Is it 
in the West German interest? Is it in 
the American interest? 

One theory has long held lhat the 
more catastrophic the potential ef- 
fects of nudear weapons, the less 
likely they are to be used. Certainly 
this fear might prevent America from 
using them. Bui would such consider- 
ations stop Moscow? Might the Sovi- 
et Union not be willing to sacrifice 
part of its population in order to 
protect its leaders —or increase their 
power? I am not sure. 

But this is only one of the reasons 
to question the theory of mutual as- 
sured destruction, on which Ameri- 
can nudear doctrine still rests. Tech- 
nological developments that make it 
possible to target nudear weapons 


more precisely and, perhaps, to de- 
fend against them are slowly making 
that doctrine obsolete. 

This in turn raises additional ques- 
tions about U.S. nudear weapons in 
West Germany. Should the United 
States continue to threaten total ca- 
tastrophe in case of conventional or 
limited nudear attack in Europe? 
How much longer is that threat likely 
to remain credible? 

Not that West Germans want to 
control their own nudear weapons. 
As much as they fear an Amencan- 
Soviei confrontation, there is after all 
some small chance that it would 
spare West Germany. In contrast, di- 
rect West Ger m an nudear resistance 
to a Soviet invasion would certainly 
devastate their country. 

Nevertheless, it is not in America’s 
interest to control the defense of any 
foreign country, be it West Germany, 
Japan or South Korea. Supply, yes. 
Support, yes. But not control — for 
control of another people's defense 
can only lead to a weakening of its 
own defense efforts. It is too easy for 
such dependent nations simply to 
leave it to Washington. 

In such cases America often be- 
comes a whipping boy for local pad- 
fists and nationalists opposed to 
American efforts on their soQ. Thus, 
in the end, the effort to provide oth- 
ers with a nuclear shidd risks leading 
to a net decline in defense efforts 
agamst the Soviet Union. 

Since proliferation of nudear 
weapons is no longer avoidable, 1 
think the time has come to allow and 
even encourage America's friends to 
have and control their own nuclear 
weapons, as America's enemies do. 


Tte writer upntfessrr of jurispntd^ 
and pubbe policy at the ForStam Uniters- 
ty Law School in New York. Hecontribn- 
ed this comment u> The New York Tones 


LETTER TO THE EDITOR 

Arms Control Precedents 


Norman Podhoretz's column “The 
Case Against Belief in .Arms Con- 
trol" (Jan. 25) is based on a historical 
fantasy. According to Mr. Podhoretz, 
during the 1920s and ’30s the West- 
ern democracies made a series of 
arms control agreements with Ger- 
many and Japan, their “totalitarian 
enemies" of the time. At best those 
agreements failed to prevent war; at 
worst they lulled the democracies to 
sleep while the enemies cheated. 

In fact there was no series of agree- 
ments with totalitarian enemies. As 


to Japan, Mr. Podhoretz apparently 
ties of 1922 


has in mind the naval treaties of 
and 1930. which kept the Japanese 
navy inferior to the British and U-S. 
navies in capital ships and cruisers, 
and which, together with promises 
not to fortify various Far Eastern 
possessions, tried to assure the securi- 
ty of all three parties in the Far East. 

By no stretch of the imagination 
could Japan in 1922 and 1930 be 
described as totalitarian; it had an 
elected government and a function- 
ing opposition. Further, the 1922 
treaty was a real arms-reduction pact. 
Under it the three largest naval pow- 
ers scrapped a number of ships and 
abandoned large-scale construction 
plans. Nnr did l he Japanese cheat. In 
1936 ihey Mmpl> allowed the treaties 


to lapse and began an expansion pro- 
gram. Britain and the United States 
responded with their own programs. 

In Europe only one arms treaty 
between the world wars remotely re- 
sembles Mr. Podhoretz's description. 
The 1919 Paris peace treaties dis- 
armed Germany, Austria, Hungary 
and Bulgaria, but these restrictions 
were imposed, not freely adopted. 
The Weimar government did violate 
them in several ways but never be- 
came a military threat. 

Shortly before Hitler came to pow- 
er the nations of the world finally 
began discussing a general disarma- 
ment agreement in Geneva. An earli- 
er accord would have vastly increased 
the Weimar Republics prestige, but 
the talks were too late. Hitler pulled 
out quickly and began lo rearm. 

Hie only arms control agreement 
that any democracy reached with a 
totalitarian stale was the Anglo-Ger- 
man naval accord of 1935. Politically 
it was a foolish mistake on London's 
part, but if the Russians ever offered 
an agreement on similar terms. 1 sus- 
pect that even Mr. Podhoretz would 
be willing to accept it: The pact limit- 
ed the size of the German navy to 
one-third that of the British. 


David D KAISER- 
Carnegie- Mellon University- 
Pittsburgh- 






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BUSINESS/FINANCE 


MONDAY, FEBRUARY IX, 1985 


Page 7 


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Eurobond Yields 

Far Weak Ended Fab. 6 

U.S.S |g term, int'l Inst. 

UA* long term. ind. 

U-&X medium term. ind. — 

Con-S medium term 

French Fr. medium term 

Sterling medium term 

Yen medium term, int'l Inst. 

Yen to term. Inin Inst. 

ECU short term 

ECU medium term 

ECU long term 

EUA long term 


FLx Ig term, inti Inst. . 

FLx medium term 

Coicmauxt by ttt* Luxemtoun Stock Ex- 
CMIM. 


1162 % 
n_54 % 
11j63 % 
11 JM % 
11J7 % 

11X % 
7JS % 
7.19 % 
9M % 
10.14 % 
10.25 V 

936 % 
10-06 % 

937 % 


Market Turnover 

For Week Ended Feb. 7 

tMUons of US. Donor*) 

MoMenar 
Total Dollar Equivalent 
Cedel 1M65.90 1X26100 2200.90 

Eu rod ear 30666.102180170 166060 


EUROBONDS 

New Issues Flood Market 
As Investors Hesitate 

By Carl gewertz 

International Herald Tribune 

P ABIS — An absence of investors and continued heavy 
aipply of new issues made for a seriously congested 
Eurobond market last week. Investors moved to the 
sidelines, wailing For a dearer view following last week's 
quarter-point rise in the cost of short-term money. Late Friday, 
rates m New York eased a bit, sparking a rise in that bond 
market 

While many experts are convinced that the Federal Reserve is 
not aiming to drive rates higher. European investors took the 
view that they preferred to wait for convincing evidence of the 
Fed’s intentions. According 
to Henry Kaufman, Salomon " 

Brothers’ economist inves- 
tors are best off waiting. He 
warns that “very troub ling " 
levels of money-supply ex- 
pansion in the L/nitea States 
oblige the Fed to maintain a 
policy of moderate restraint 
Borrowers, on the other 
hand, were in no mood to 
wail for clarification of the 
Fed’s policy and launched 
SI .28 billion worth of fixed- 
coupon Straight Eurodollar 
debt As a result, prices 
dropped throughout the 
week and ended significantly 
below the level at which un- 
derwriters bought the paper. 

Despite the steep discount, 
the new issues failed to at- 
tract bargain hunters. 

Investors obviously be- 1 

lieve that with the heavy volume of unsold bonds from previous 
wedcs still on underwriters’ shelves there is plenty of time to 
decide to buy. Those who want to increase their beddings find 
they can pick up paper with much more attractive yields in the 
secondary market 

“The new issues are not market-based deals” bearing coupons 
aimed to lure investors, snapped one lead manager watching from 
the sidelines. Rather, he said, the new-issue market has become 
“one big poker game” where underwriters bring issues mispriced 
by today’s standards in the hope that subsequent declines in 
interest rates will make the paper look attractive. 

Ibis is what has happened so far this year, and the risk takers 
in January have been rewarded. But critics warn of a terrible 
shakeout in the underwriting community if rates do not renew 
their decline, and managers are left holding paper that can only 
be sold at a severe loss to themselves. 

H OWEVER, so long as the underwriters’ cost of borrowed 
funds to finance their inventory remains comfortably 
below the interest income received from their bond hold- 
ings, the bankers will be undo- no pressure to dump their stock. 

The most aggressively priced of last week’s issues was Rock- 
well's $300 million of seven-year paper bearing a coupon of 10% 
percent and priced at a token discount of 99%. Dealers said the 
terms compared unfavorably with those available on seasoned 
paper in the secondary market where investors could buy seven- 
year paper yidding 11% percent. 

But even Ford’s $100 nrilHoir of 11% percent Ifcyear bonds 
failed to attract support. The terms woe considered reasonable 
(the paper was priced at 99% to yield 11.7 percent). In the current 
gloomy outlook, some would-be investors said the toms are 
irrelevant because they just do not want to make new commit- 
ments, while others said that they could take their time about 
buying Ford and hope in the interim that its price would drop 
even further. 

Ford was priced to yield 24 basis points over comparably dated 
Treasury paper, a saving of about an equal amount since it would 
have bad to pay about 30 basis points more than the government 
to issue paper in New York. Rockwell, by contrast, was priced 35 
basis points below Treasury yields. Both issues ended the week 
quoted at 97%. 

While the quoted prices on all the other new issues showed 
substantial discounts — Bergen Bank’s $75 million of five-year 
11% percent notes were down 3% points from an issue price of 
100% — worse yet were the issues for Japanese borrowers. Daiwa, 
lead manager for the offerings from Nippon Shinpan and Orient 
Leasing (both SSO-rmllion, seven-year issues carrying coupons of 
11 percent) refused to even quote a.price* 

Until a month ago, Japanese issuers could count on selling 
dollar bonds at seemingly very unattractive terms and be assured 
of s elling more than three-quarters of the issue to domestic 
investors. But while that demand has dried up, companies which __ 
(Continued on Page 13, CoL 4) 

Last Week’s Markets 

AB figures ore os of dose of trading Friday 


Stock Indexes 
Unfed States 

Lotwk. prwjm. KWh 

DJ Indus— I3B9.97 1377.72 +0J6 

DJ Util. tsm 14865 + 1A5 

DJ Trans.— 63009 A09.94 +120 

SAP HO ISOLDS 177JD6 +166 

S&P500 182.19 17863 +1.95 

NYSE Cp WS39 10123 +2J» 

DeMmPndBM/BatbeSttaritbs. 


Britain 



127100 +125 
979 JO +oai 


Hong Song. U4768 US636 —062 

Japan 

Nikkei DJ _ 7200961 I7.M&M +OS 


comment* 1,16260 1,15660 +OS 2 

moMkduislmaJBmesOriltOLLaatn 


Money Rates 

Unfed States 

Discount rale 

Federal funds rate— 

LoaWk. 

8 

89/16 

ton 

PrerJHk. 

8 

BWi 

1095 

Japan 

5 

5 

Call money 

Mb. 

6% 

60-day interbank — 
West Germany 

630 

6.15 

Lombard — — — — 

6JD0 

5l50 

Overnight - 

AM 

530 

1 -month Interbank— 

Britain 

565 

535 

Bonk base rate 

14 

12 


UVB 

11Ui 

3-month interbank _ 

UW 

12V, 


DoBar lokwk. pnm.wx. «ane 

Bk Engl Index — 14910 14*70 +177 

Grid 

London pun. fix. S 29960 29835 +095 

RaltartaaittHBkmaa>m*sfmJaMmtM. 



Late interbank rates on Feb. 8 excluding fee*. 

Offidd fixings for Amsterdam, Brussels. Frankfort. Milan, Pans. New York rates at 
4 PM. 


s 

3671 

6502S 

wm 

l.lltt 

1,99560 


< 

4699 

71575 

1623 


GMr. 


AuUtfdkUD 

BnsMsta) 

FrtmWert 
London (fa) 

MHan 1,99560 122575 

Nnmrtto — I.«W 

Parts 99995 1IM 

TBRya 26IM75 290.97 

Zurich 2766 10089 

1 ECU 06865 06151 

I SDH 0M6C6 <136521 


» 

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07606 AadraOaflS 
86439 Antrim, fdtifflag 
00154 M0aaHK.frane 

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6.8843 EMBUS b-UM 

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0132 Hoagkoesl 

1 5twOae:LUU Irist t 


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UM 

2279 

6505 

1JJS4 

1159 

67425 

UMO 

7JQ2 


DJ*. FJ=. ILL. 

111185 * 37 JM * 0.1042 

200463 6568 17595* 

3275* 1627 X 

16175 11.6275 271753 
61100 201.53 

US 9J825 1,99000 

1Q519 47655 * 

8045 2i» 1X13* 

KM * 27715* 01387 

22297 6J047 17W67 

113377 9-56723 N.Q. 

Dollar Values 
* 

u&s 

10357 

MS* 
UBK 
2551$ 
9316 
10.0305 

18109 

35953 


1771 

80355* 

40895 

543-41 

1684 
26962 
7101 
7531 * 
15238 
15478 


BJ». 

5*49* 

<«' 
71385 
30682 
65.10 
15-2215 • 
40173* 
435* * 
446348 
62043 


SJ=. Yen 
M2. 71 *14091 r 
HSU 2496“ 
11778* 13*5“ 
30685 289545 
72168 7651 
1773 26070 
3303018015- 

9469 

10439* 

10994 170999 
26709 251-998 


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01873 ID*W 
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02789 s»0»rt»a» 


Currency 


I 

ewtv. u&» 

0*428 Shwmt 7358$ 
pot S-AMccnrend 10*5* 
00017 S-KoreoBwon 83775 
00056 So*. peseta 177175 
0.1088 SH4.IKKI 9-188 
qiww nhma s >9.16 
0( 06 TtaH buhl 77615 

0 xm ifAEiKrtom 1672J 


UnKsaf 188 M Until of 1600 (yJUidts of toon ■ 

t !t usaMf Bona, Cammed w Itt— — 

ISJSSSr: amoe et UtonettKK* trinmHssement 


Otibank 
To Cut Off 
S. Africa 

No More Loans 
After March 31 

By Michael lsikoff 

Washington Post Smite 

WASHINGTON — Citihaak, 
acting under pressure from the 
New York City government, has 
declared that it wiU liquidate all its 
loans to the South African govern- 
ment by the end of next month and 
that it plans to make no more such 
loans “in the foreseeable future.” 

The new policy by the largest 
bank in the United Stales was dis- 
closed in a letter from the bank's 
vice chairman, Hans Angermudkr, 
to the New York City comptroller. 
Harrison Goldin. It -came amid 
moves by the New York City gov- 
ernment to cut off hundreds of mil- 
lions of dollars in city business 
from banks and corporations that 
maintain ties with Pretoria. 

‘This is kind of incredible, isn’t 
it?" Stephen Matthews, assistant 
city comptroller, said of the Citi- 
bank letter Friday. “We were talk- 
ing big bucks here, and money 
speaks. It’s as simple as that.'' 

it was not immediately clear how 
large Citibank’s loans outstanding 
to the South African government 
are. Bill Koplowiiz. Citibank’s di- 
rector of international public af- 
fairs, said Friday that the bank's 
last dealing with Pretoria came in 
October 1980. when Citibank lent 
the South African government SS0 
milli on as part of a S 250- mil lion 
loan made by a syndicate that in- 
cluded four European banks. 

Mr. Koplowiiz said be could not 
say how much of that loan was still 
on Citibank’s books. He said the 
hank’s Joans outstanding to the 
South African public sector were 
“modest, dwindling and will be 
eliminated" by March 31. He de- 
clined to say whether that debt 
would be liquidated by selling it to 
other banks or by accelerated re- 
payment by South Africa. 

Citibank is the latest of several 
major U. S. banks that have moved 
in recent years to sever their deal- 
ings with the white minority gov- 
ernment of South Africa. At least 
partly as a result, total U. S. bank 
loans to the South African public 
sector dropped from $623 million 
in June 1982 to $343 million in 
September 1984, Federal Reserve 
Board figures show. 

Five states and at least 1 1 munic- 
ipal governments have passed laws 
requiring the states and municipal- 
ities to divest at least some of their 
assets from banks and corporations 
that do business with Pretoria. Last 
summer, the trustees of the New 
York City Employees Retirement 
System became the largest U.S. 
pension fund to approve such a 
policy. 

Had Citibank not taken the mea- 
sures it announced last week, that 
policy could have required the pen- 
sion fund to sell of about 222.800 
shares of stock that it held in Citi- 
corp, Citibank’s holding company, 
Mr. Matthews said. 

Last week. Mayor Edward I. 
Koch of New York introduced a 
bill that in most cases would have 
prohibited city deposits in banks 
that underwrite securities or make 
loans to the South African govern- 
ment. This proposal could have af- 
fected about 5500 million in city 
deposits in Gtibank, Mr. Mat- 
thews said The bill was expected to 
be passed easily by the City Coun- 
cil. 

Mr. Kopfowitz declined to com- 
ment on whether the bank’s new 
policy was a direct result of the 
New York City initiatives. He said 
it was reached by bank manage- 
ment after “an assessment of con- 
ditions that affect our business ev- 
erywhere, both here and in South 
Africa." 

He stressed that the move was 
part of a “continuous" evolution of 
bank policy relating to South Afri- 
ca, in which Citibank has repeated- 
ly tightened its criteria on the types 
of loans it will make there. 


HA ; not quoted; NJL; not ovofloW*- 

Sarcnsi-Banouo tto Benelux /3t - i rL- . 

H ottonote ae Paris t Paris}: IMF tSDK); BanaveAraOe et 
(tUior, rtVA dlrfiatn). Ottiec ilato from Revters ana at. 


Iran Reported 
To Trim Price 
Of Crude Oil 

Reiners 

TEHRAN — Iran has re- 
duced its prices for light and 
heavy crude oil, effective Feb. 
1. a senior Oil Ministry official 
said Sunday. 

The cuts reduce the price by 
$1.05, to $28.05 a barrel for 
light crude and by 20 cents, to 
$27.35, a bared for heavy, be 
said 

Iran was one of three dissent- 
ers to the Organization of Pe- 
troleum Exporting Countries' 
new pricing structure, agreed to 
in Geneva in January. That in- 
cluded a $1 cut in the price of 
Saudi Arabia’s light erode to 
$27 a band. 

But some of Iran’s customers 
said after the meeting that it 

would have to offer concessions 
to make its oil competitive. The 
new prices remain on the basis 
of customers bearing the cost of 
shipping from Kharg Island 
Iran’s main oO terminal which 
has been the target of Iraqi air 
strikes. 



ft* n*» tot r» 

Shoppers at Bigg's, the Cincinnati hypermarket run by a French-controlled company. 

French-Run Hypermarket a U.S. Hit 

Low Prices, Range of Goods Lure Cincinnati Shoppers 


By Sreven Greenhouse 

New York. Tuna Service 

CINCINNATI — With its 40 checkout lanes 
and 75 aisles, the new Bigg’s “hypermarket" here 
could well be called the Mount Everest of U.S. 
supermarkets. 

The bustling store, 150 yards (137.2 meters) 
long, sells everything from cucumbers to comput- 
ers, poultry to pocketbooks, eclairs to exercise 
bicycles. With 60,000 items on sale, four linos that 
of most supermarkets, Bigg’s is as much a jump 
from the typical supermarket as the supermarket 
was from the mom and pop grocery. 

“We’re neither a supermarket nor a department 
store. We're both,” said Jacques LeFotl, executive 
vice president of Hyper Shoppes Inc., the 90- 
pereeni-French-owoed U.S.-based company that 
runs Bigg's. 

EuromarchA, a leading French retailer and the 
principal owner of Hyper Shoppes, sees the experi- 
mental store as a springboard for many more such 
combination supermarket-department stores on 
U.S.soiL 

“We hope to open five hypennarches each 
year,” said Mr. LeFoll a 38-year-dd Pa risian who 
runs Bigg's from bis office in one corner of the 
store. 

If the Bigg's in Cincinnati succeeds, some super- 


market analysts say, it could encourage other su- 
permarket chains to build such huge hypermar- 
kets. Very large combination stores already exist in 
some areas, such as Scbwegmann’s in New Or- 
leans: Fred Meyer in Beaverton, Oregon,' and 
Meiger’s in Grand Rapids, Michigan, but they are 
not as big as Bigg’s. 

The success of Bigg’s formula is not a foregone 
conclusion, however, analysis say. because it faces 
intense competition. 

“It won’t oe all that easy for them to expand" 
said Stuart M. Robbins, an analyst with the Don- 
aldson, Lufkin ft Jenrene Securities Coro. “The 
nation is pretty saturated, weD stored with super- 
markets. There are already a lot of merchants with 
very aggressive pricing policies." 

But Mr. LeFoQ is confident that Bigg’s, which 
has 800 nonunion employees, can succeed through 
its blend of low pricing and high visibility. That 
formula has succeeded for hypennarches in Eu- 
rope, but there they did not have the severe dis- 
counting competition that they face in the United 
States. 

So far, Mr. LeFoll said Bigg’s has far exceeded 
expectations. Since it opened in October, it has 
averaged more than 50,000 shoppers a week — 
more than five times the draw of a normal super- 
(Contnmed on Page 17, CoL 1) 


Latin Debtors 
To Ask IMF for 
Better Terms 


By Keith Grant 

Reuters 

SANTO DOMINGO. Domini- 
can Republic — Latin American 
debtor nations have ended a iwo- 
day meeting by reaffirming their 
base demands for easier payment 
terms but warning that their mod- 
erate stance may change if no pro- 
gress is made in meetings in the 
next few months. 

The 1 1 -nation Cartagena group, 
meeting here for the third time, 
called Friday night for improved 
repayment terms of the region's 
5360-biUion debt for all countries 
and measures to ensure economic 
and social stability. 

It agreed to channel its initiative 
through the interim committee of 
the International Monetary Fund 
and the World Bank's development 
committee, which are meeting in 
April 

Calls from Argentina and some 
other countries for early direct 
talks with the major seven industri- 
al nations were not adopted but a 
communique said they* will be in- 
vited to high-level talks after the 
IMF and World Bank meetings. 

If Western nations snub this ini- 
tiative “there will be a serious risk 
to economic, social and political 
stability throughout the region," 
the communique said. 

Ministers said the Cartagena 
group would tailor its future atti- 
tude, particularly in a submission 
to the summit of Western nations 
in Bonn in May, according to the 
response from the Washington 
meetings. 

However, ministers were reluc- 
tant to spell out whether the group 
would get tough if its calls for dia- 
logue were ignored. 


“ll is better not to comment on 
this possibility, but in any case we 
are reasonably confident that the 
industrial countries will respond." 
Brazil's finance minister. Ernane 
Galv&as, said in an interview. 

The Cartagena group will re- 
sume discussion of its proposals at 
the annual meeting of tiie Inter- 
American Development Bank in 
Vienna on March 22. and wiU sub- 
mit them together with a technical 
document to the group of 24 lead- 
ing industrial nations in Washing- 
ton on April 15. 

The document will emphasize 
the Latin American region’s insis- 
tence that the debt problem is not 
yet resolved in spite of progress 
made by some countries. 

[Mexico's finance minister. Jesus 
Silva Herzog, told reporters. “The 
debt problem is not solved and it is 
not business as usual again." the 
Los Angeles Times reported from 
Santo Domingo. 

[Dante Capuio. the foreign min- 
ister of Argentina, said, “What we 
are seeking from the industrial 
countries is the acceptance of the 
need to place the debt discussions 
in the framework of a political dia- 
logue. The issues involved can’t be 
limited to negotiations with bank- 
ers." 

[The refusal of the Reagan ad- 
ministration to give the Latin 
American debt “political status" 
has been a principal obstacle to a 
broadening of the debt negotia- 
tions to include governments, 
which control trade policies, inter- 
est rates by central banks and con- 
tributions of capital to institutions, 
such as the Wond Bonk, that offer 
Joans for development, the Los An- 
geles Tunes reported]. 


Bonn Struggles to Control Near-Record Unemployment Rate 


By Warren Gctler 

International Herald Tribune 

BONN — Ask Chancellor Helmut Kohl 
bow he plans to tackle West Germany's un- 
employment problem and he will tell you the 
jobless rate of more than 9 percent is the 
result of regional and demography: factors 
and cannot be solved “overnight" ~ 

But in several public appearances lately. 
Mr. Kohl has given evasive replies to report- 
ers' queries whether his government has any 
real policy to combat unemployment other 
than through a projected 25-patent rise in 
West Germany’s gross national product this 
year. 

The opposition Social Democratic Party is 
taking Mr. Kohl and his economics minis ter, 
Marun Bangemann. to task for what it sees 
as an insufficiently active posture by the 
center-right government on bringing down 
the near-record number of jobless, measured 
at a seasonally unadjusted 10.6 percent in 
January, up from 9.4 percent in December. 
That 10.6 percent translates to 2.62 million 
people out of work in January. 

tag last week two Social Democrat depu- 
ties. Ante Fuchs and Wolfgang Roth, the 
opposition party said the expected economic 


growth alone may not be enough even to 
stabilize the unemployment rate. They urged 
the government to adopt certain measures, 
including tax breaks to companies hiring 
more workers, that would spur demand for 
labor. 

Intensifying the debate over unemploy- 
ment — deemed top public priority by the 
government recently — is Mr. Bangemann’s 
projection that growth in GNP of 23 percent 
will lead to 100,000 fewer unemployed this 
year than the 2-27 million jobless on average 
last year. 

The political impact of the issue may grow 
as the powerful labor unions and others 
begin to question how long West Germany 
wiU have to live with unemployment of 9 
percent or more if the problem cannot be 
solved quickly. The issue will no doubt figure 
promraonly in regional elections in March 
in the Saarland and in May in North Rhine- 
Westphalia, industrial areas with high unem- 
ployment and where the opposition Social 
Democrats and Greens threaten to make 
electoral gains. 

Economists, meanwhile, are voicing skep- 
ticism about Mr. Bangemann’s unemploy- 
ment forecasts. 

An official of the Organization for Eco- 


nomic Cooperation and Development in 
Paris, who asked not to be identified, said: 
“Whether the projected 23-percent growth 
rate for the West Ger man economy is 
enough to reduce unemployment is very un- 
certain. We at the OECD figure that growth 
of 2_5 lo 3 percent is just enough to keep 
unemployment stable." 

The official said the OECD agrees with 
West Germany’s preference for steady non- 
inflationary growth rather than a rapid re- 
covery that could lead to recession. He said 
that because of Bonn’s success in reducing its 
budget deficit and bringing inflation under 
oontrol West Germany is in a stronger posi- 
tion than most nations to stimulate demand 
for labor without fear of rekindling inflation. 
Pushing forward an income-tax cut worth 10 
bOhon Deutsche marks ($3.1 hOlioa), origi- 
nally planned for 1988, could be one way of 
reducing unemployment, he suggested. 

Josef Gattenger, an economist at a Mu- 
nich research institute, Institui Fflr Wirts- 
chaftsforschung, or IFO, says West Germa- 
ny is stuck with high unemployment for the 
next four or five years. 

“Not until the wave of new workers from 
West Germany’s baby boom trails off in the 
next four or five years are we going to see 


much significant reduction in the jobless 
rate," Mr. Gattenger said in an interview. 

The unemployment rate in February, like- 
ly to be fueled by continuing problems in the 
construction industry where nearly 500.000 
people are out of work, could well stay above 
10 percent of the total work force, he said. 

Mr. Gattenger said the Economics Minis- 
try is “misleading the public at large" by 
saying joblessness can be cut by 100.000 tins 
year through the expected rise in GNP. 

“No way are we going to see 100,000 fewer 
jobless this year,” he said. “At best we may 
see a marginal decrease of some tens of 
thousands.” 

Mr. Gattenger said his institute believes 
that there is a chance of pushing down aver- 
age unemployment in die next two to time 
years to aDout 7 percent of the work force. 
To reach that goal he says, steady economic 
growth of 3 percent is necessary, as is a 
reduction of working hours throughout West 
German industry — modded after agree- 
ments readied by employers and the metal- 
workers union last summer for a 38%-hour 
workweek — and a continuation of the gov- 
ernment's early retirement program. 

In addition, the economics minister, Mr. 

(Continued on Page 17, CoL 1) 


IBM Readies Potent New Computer 


Reuters 

BOSTON — International Busi- 
ness Machines Corp. is poised to 
announce its most powerful com- 
puter yet, industry analysts said 
Sunday. 

IBM announced last week a dou- 
ble-capacity disk drive, a very high- 
powered storage device. As a result, 
analysts advanced their forecasts of 
the introduction dale of the long- 
awaited Sierra. Some say there are 
strong indications that it could be 
as soon as Tuesday. 

Sierra’s introduction is expected 
to be the major event in the com- 
puter industry this year. Jay Ste- 
veits, computer analyst with’ Dean 
Witter Reynolds, predicted the Si- 
erra “will permanently change the 
nature of the large processor mar- 
ket." 

U is also expected to put pressure 


on IBM’s rivals in the mainframe 
computer market — Burroughs 
Corp„ Sperry Corp., NCR Corp., 
Control Data Corp. and Honeywell 
Inc. 

IBM is estimated to oontrol 76 
percent of the U.S. mainframe mar- 
ket, generally considered the most 
profitable area of the industry. 

Mainframes are systems that 
typically support more than 120 
users and cost well over $1 million. 
Of worldwide computer shipments 
of $43.9 billion in 1983, 33 percent 
were mainframes, according to In- 
ternational Data Corp. 

Currently, IBM’s most powerful 
mainframe* is the 3084-Q, which 
can perform 28.4 million instruc- 
tions per second. Observers esti- 
mate that the Sinra range’s capa- 
bility as between 30 and 39 million 
instructions per second. 

Price per unit of l million in- 


stroctions per second is expected to 
range from S150.00C to $200,000. 
IBM’s mainf rames now sell for 
$173,000 to $193,000 per unit, but 
analysts say the Sierra cannot be 
directly compared because it will 
be so much more powerful. 

It could also be more compact 
than its predecessors, because it is 
expected to pack all its power into 
two central processors paired to- 
gether inside one “box," Mr. Sie- 
ve os said. The 3084-Q has four pro- 
cessors in two boxes. 

IBM’s profit margins, already 
among the highest in the computer 
industry, are expected to improve 
on the Sierra, whose technology is 
thought to require fewer parts. 

To minimize impact on existing 
lines, IBM is expected to introduce 
top-of-the line models well before 
low-end machines. 


I/. 5. Consumers 9 Confidence Rises 

United Pros International 

NEW YORK — U.S. consumer confidence rebounded in January 
from the December doldrums in a volatile pattern that is reflected in 
other economic data. The Conference Board reported Sunday. 

The Consumer Confidence Index climbed nearly 10 prams last 
month to 953 (base 1969-70), regaining nearly all the ground lost in 
December, the private business research organization said. The Buy- 
ing Plans Index also bounced back, rising to 101.2 from 962 m 
December, the latest monthly survey showed. 

Nearly 22 percent of the 5,000 U.S. households surveyed believe 
business conditions will improve during the next six months, up from 
December’s 20 percent. 

“The rapid turnaround in consumer spirits in January following the 
sharp drop in December is perplexing," said Fabian Linden, executive 
director or the board's Consumer Research Center. “But this volatile 
pattern is also revealed in other recent data, such as in the widely cited 
Department of Commerce Leading Economic Indicators," he said. 

The January survey found that 29 percent of the respondents expect 
their incomes to increase over the next six m onths, up from 27 percent 
in December. And almost 18 percent believe employment conditions 
will improve, up from 16 percent in the December study. 


West , Japan Hold Talks on Trade 


Atence Frunce-Prtsse 

KYOTO. Japan — Top trade of- 
ficials from the United States, Can- 
ada, Japan and the European Com- 
munity began discussions here 
Sunday on how to halt protection- 
ism, sources dose to the talks said. 

They also discussed starting a 
new round of worldwide trade ne- 
gotiations, the sources said. 

The officials at the two-day 
meeting in Kyoto are the U.S. trade 
representative, William E. Brock; 
Canada’s minister for international 
trade, James Kddur, the EC com- 
missioner for external relations, 
Willy De Gercq, and Japan’s min- 
ister of international trade and in- 
dustry, Kdjiro Murata. 

The four agreed on the need for 
an early start to a new round of 
talks under the auspices of the 
General Agreement on Tariffs and 
Trade, to succeed the Tokyo round 
that will be completed in 1987, the 
sources said. 

The sources quoted Mr. Murata, 
who chaired the meeting, as saying 
ihai the big question in promoting 
the proposed new round of talks 


was bow to include developing 
countries in them. 

The Japanese minister also 
stressed a need fora mid- and long- 
-term strategy to adjust industrial 
structures and check erratic fluctu- 
ations in exchange rates, the 
sources said. 

Growing problems of external 
debt and other macroeconomic fac- 
tors should also be tackled to roll 
back trade-protectionist moves, he 
said. 

Hie sources quoted Mr. Brock as 
saying that services and high-tech- 
nology products should be includ- 
ed in the new round of trade negoti- 
ations, which he said should start 
as soon as possible and include as 
many nations as possible. 

The Kyoto meeting would pro- 
vide a chance to spell out coordi- 
nated action to roll back protec- 
tionism, analysts said. But 
Japanese officials said the meeting 
amounted only to an exchange of 
views on broad themes. 

The Japanese minister also held 
separate talks lasting 90 minutes 
with Mr. Brock, and was expected 


to meet individually with the Cana- 
dian and EC officials. 

Japanese officials said Mr. Brock 
warned Mr. Murata that Japan 
would face serious consequences 
unless it took Substantial steps to 
open its markets to U.S. teiecom- 
n nmicari om equipment in the next 
few months. 

Japan has prepared to (men its 
communications market through 
privatization of the state-run Nip- 
pon Telegraph and Telephone 
Corp. scheduled for April 1. 

Analysts saw Mr. Brock’s warn- 
ing as a sign that the United States 
wants Japan to take effective mea- 
sures before April I. 


The Japanese Foreign Ministry 
said Japan and the United Stales 
had agreed to abolish customs tar- 
iffs on semiconductors from March 
1, Reuters reported from Tokyo. 

Notes on the agreement were to 
be exchanged in Tokyo on Monday 
by Foreign Minister Shintaro Abe 
and Mr. Brock, the ministry said. 


0 


HARRY WINSTON 




Present 
during the 
month of February 





their latest collection 
at 

the Palace Hotel in Gstaad 
and 

the Badrutt’s Palace in St Moritz 

New York Geneve' Paris Monte-Carlo 







Page 8 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11, 1985 


International Bond Prices ■ Week of Feb. 7 


Ami Security 


— rw — 

MIMle A.* 

Mai Pr*e Mol LiteCjr; 


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

Prices may vary according to market condition* and other factors. 


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10 YVMcv STto 1154 1152 

7 05 Mar HO 053 842 9 JO 
MW 16 Apr raw ns* 

MW 04 Jul into 454 

I5W 07 Apr 104 W 11® 

M 0/OCI 1DEW 13® 

17V> 07 Nov lore USt 14.13 

7VS 08 Jon 92 18011237 81 S 
IT It Mar 108 7353 1X74 

lAita in i*jc 

MtoWApr U7W 1134 
14WWAU8 104W 1250 
15W 09 Dec now 123* 

U 90 NOT 10*24 1IJB 

17 9] Jul ni 1137 

T7W 94 Feb TOW II® 1139 II® 

U 95 Jon 10DW 11® im 


9 1$ Nov 83to 1137 1X88 M38 


OrilS Quebec Urtm Cara mum I 163*08jun HI SW U.44 
SB Redooth Industries » WSep B6to 1X04 

Sin Rond Bank Ot Canada 14 04 Aar 103 1111 

oO40 Royal Bank Ol Canada ID 06 Mat 18 11® 

cnS3S Royal Ban* Ot Canada 7to0BApr *4 1I0412S3IO.il 

I IDO Rand Bank Of Canada lltoWFdb 100 11® 11SB 

ecu 65 RpvalBatk Of Canada IBtSWMor 103V, 952 10.14 

>48 Rural Bank Ol Canada myiDec Kto II® IIJ9 

sin Rove* Bad. Of Canada 123kY2J«n HI 12S2 1202 

cm 40 Royal Bcnk Of Canada ( 92 Feb 8SW 1217 12® 1033 

ad 4* Royal Bank Ol Canada 18 94Moy 90 1 1® 1207 111 1 

OtS® Rayed TrustCD lTtolSNov new 1173 

no Royal Trustee IIWWJul 101 W 11® 

ISO Ray lease 11W15JW> 1D0 1005 

“ lTwSDee Hi 1211 

17V, 07 Mor 10ZW IS® 

Mk-USeP 773b I OX 
14W® Nov lllto 1221 


cm 10 Sainl-Lnureal 17V, 07 Mar lozw IS® 

175 Sastotctmon Province SW USep 773b I8X 
srao Sask n tcnen on Province lew® Nov into 1221 

SOS Seskatctienaa Province U 19 Mor lit 1U1 

srao SadMfchavmn Province (HkWNou tOTto n.u 

S 125 Saikatchetran Province IDWWMor 7BW 11® 
I ISO Saduatbeaan Province IS 92 Aup IlSW 11® 

Sin Seagram Co IJWSTOcI 1® 1155 

SUS SaapramCaW/w 7 93 May III X32 

ariSB Sears Accmdme 14 Yl Aup Mkto I2A4 

SIS ShaP Canada lSWYlSeo 1123b 1273 

1125 Shell Canda UWYlNtav nfto 1229 

540 SI mpsoits-Sears Accept T7to08Nav I1JW 1207 

cm to SlRtaiana-Seats Accent 163b W Apr ill 1X44 

cm® Soc Habitat km Quebec IHWJan 105 1355 


ari!5 Soc HynaBieeue Proam 17to06Dee H5 U.16 


175 Suncsrinc 123k Yl Not IDW 1176 1217 

ari2S T*«atauH Canada 1a Wjw «| 11S7 1107 »X 

—J. Toroom I5to06 Jun 1DSW 10JJ8 

1100 TarantoOenilntan Bart. Hto08Apr ItZta 1157 
S® TanmtaOandidan Bank 123417 Apr I82to 11® 
ad® Taranta-Datnfeifan Balk 1736 17 Nov into 12X 

ari50 TerattatohncIpaMly 13 9*00 KS6 lura 

ail 50 Trcnsnlra UHlIHes >7 VFeb lITto 1233 

cm ioo Tranatta uttlliles UWYtDec nsto a® 

IX Transcanada Pipelines Stovjan 90 1175 

in Trtpacxnxta Pipelines 1 7W 0a Del ra*to U.15 

SI® TroraOTcato Pftefbws 14 09 Dec 197W 1133 

Sin TnazRondo Hpednas 14 

01150 Trlzrc Core 13 

OriX Union Carbide Canada 93. 

ad® U dan Carbide Canada 14 . .. _ 

orSX Vonekuvtr 13 94 Apr TOW 1172 

S9 lMnrtnaeCItv 17 16 Del M7W II® 

S« WtnM pro City S'- 07 MOT 73W 1102 

'■so Wtradrtoaty 1S3408JW ~~ 

ariSO WlmtoeoCtty 1ZWY1S0P 

cm « XeroaCemado 12 08Sep ID M09 


U 9400 KS6 1L90 
>7 19 Feb lllto 12® 

13% Y4 Dec Wto a® 

SM 37 Jon TO 1135 
17W 01 Del Mfto 14.15 
14 WOk ISTto 1331 
H -VI Mar 118W 11® 

L2 07 Od lOto 1174 
93. 06 MOV *Sto 1X85 I4.il 1 


Jen 1«W 14.43 


13 94 APT 385W 11® 
17 06 on nrw II® 


Od rarw II® 
mot nw 11® 
M7W 1290 
__ unto mi 


*20 Danmark 
SM Dentiwk 
fl HM Denmark 
SMO Denmark X/w 
175 Dermart 
cnSHO Danmark 
SM Danmark 
SMO Denmcrk 
ecu 75 Denmark 
SM Denmark 
SM Dmnurt 
SMO Oamark 
SMO Denmark 


12 08 Sep M3 HJ7 

DENMARK 

6 05 Jun *0to 1027 NJI 689 


PwlSDec 37W 10.14 M.17 *32 
7W17SCP 90 1222 1U0 833 

13% 08 Aug 186 II® 1X1* 
low 09 Apr *7 II® n® 
11 WOO wito 1222 __ 12® 
JtoYBJgn 88 1135 II® 853 
113*90 Jun W 1131 1175 


S2S0 Denmark 


srao Denmark 
SIS Cdrisbarp-TuborB 
SIS Copenhagen City 
SIS Copenhagen CUv 
S2S Copenhapen Oty 
SIS Copen h ag en ru nty Aut 
S» Caem hup en Telephone 
SIS Cnpe ni raag n Tefephcne 
SW Caaentapen Teiephana 


S2S Etjam (iutlond-Funen) 


113*90 Jun m 1131 1175 

MW Yl Mar IDW M.11 1041 

12 YIMar Wlto II® II® 

a VI HUY NMU 11® 1247 

M Yl Jul 187 1272 1XBH 

n * YI Sep IM 1207 12® 

43*92 Jan *6to 7JI x® 

n 92 Jan into 1246 1181 

1234 92 Feb TOto 12® 12® 

IWY2MOT 105W 7® IM 

12% YJDec I01W 1280 11» 

n® Apr *7to 11.1212® 127 

* 0500 *9to *® *® 7® 

4 05 Nov 74to I8J6 SUB 627 
6 to 07 Apr *4 764 1221 A*1 

73*07FeO *7 *44 1064 7® 

* 05 Aar 7*k> 11J6 1L53 7® 

ItoMFeO 70 1074 1875 167 

4W 06 Apr 96 1057 1X32 ?® 


SD Mdftaope Badt Denmark iW06Jin 96to 1021 JOTS 648 


S2S MaiBogt Bank Denmark 7toYlJan B 1031 
S9 Mortaage Bank Denmark U 93 Jan HOW 12® 
11? Privaibarton Uto08Anr Wlto 13® 

sin Privasatken 12WYSFeb 98 1112 


103111® 8S2 
12® 12® 


7135 
1X20 
1155 

i njgi yt Iain 7® 

17 05 Od ran 9-70 1623 

113k Y] Jun 99 11® 12® 11® 

TOW 99 660V 72 HJ* 11.14 


5 W0 Finfcmd 991,0 

175 Finland t»1 

y 15000 Finland .*>40 

S ran Finland IIW 1 

150 Fbiknd 11W9 

Okr» FfcUcwt HW0 

H7B Flnkmd lltol 

v 15000 Finland IVH 

SM Flntaed JW9 

STS Flnkmd 12% 9 

5® EnroGutzeN HW9 

S» FtantyhEnart Credit »,0 

1 15 F Imdsli Expert Credit UW 1 

S® Ftnnt»E a*m Credit UW 0 

STS Frank* Export CrWH IB* 8 

SIM Ftanhh Expert Cr Xtar 173*9 

SIS Finnish Uuntdpa Loan i%0 

SIS Ftnrdsfi Mradctaa Um 3W0 

SIS Hetatafciatv 8W1 

120 Ind MTge Bank Finland 8 1 

SB Mum Fimd-Fiiihmd aw 9 

IIS Mortaaee Bank Finland Sto0 

ns Muri pei rt Bad. Flnfono HW1 

S IS Pekemo Or As 

FRANCE 


TV, 06 Mor 7*Vi ?.*S 
15% 07 AST (07% 1034 


8W07 Jun N2to 7.14 
llWWJor T01 II® 


113*08 Sep Wlto 109 1130 

1136 WJun 184 18U 1054 

11 V, 0900 100 It® 11® 11® 

■W 99 Nov M4W 72B a® 

8W920cf 86to I1A6 1112 10.12 


12% 94 Nov 182 
II to 90 Mar «l 
»,05Jul 79V; 


1JW 06 Aar 181 12® 

UW 04 Dec ra»W 10® 


123*0? Nov 1033* 11® 
I7W09NOV I83W 1137 
BW 97 Mor 75 11J1 1 


83* 97 Feb *8to 11® 1231 *J7 

8W 06 Nat 77 KL64 II® 781 
8 97 Dec 92 11411X0 8J» 


aw 97 Sec 95 184712® 

•to 0t F»b MW NJ8 ILto 


Finland IIWWNOv 98 1227 12JB 1X99 

(to 06 Dec 74to 1899 1154 987 


ttl® Acnpert Da Parts 
S® Aautttdne&npa 



131*07 Aug lOto 11® 10® 1168 
II 05 Not 99to 1860 HAO HL05 

HI? 06 Mor 1WW 1027 11*1 

Ii 04 No* 181 1872 1481 

UtotJJuO IDW 1148 1158 

n to iiMay 77 ii® ii® 

7 09 Mar TZto 11X1X29 7 J 1 


15 07 MOV 107 1213 

IfWWAua IM 121* 
14 91 Aug 107W 1127 
lttoY2S«P 773* 12® 
UtoWOd 105W 1US 
UW SOMOV 1061, 12A5 
13V, Yl Jan 1ST- 72® 


12 Y3JWI 77to 1287 12® 

tito Y2 Jun Iltto 11.73 1X40 

UtoYSSCP W2W 1X12 1206 1X27 
111* Y7 D*c MW 1201 1207 IT® 
1X35 94 Nov 102 1201 1X11 

9 96 May 98 to 1826 7.16 

fWYlSaa fl 1038 II JO 7.75 
ITWYSMay W3to 1X11 1X32 

15% -76 Jun lllto 1128 



7toY7Mor 8Zto 1172 U® 

11% 90 Jan 97 1152 

13% Yl May 1053* 1187 
llto Y? Apr 77 II® 

7% 05 APT 77V, 11.13 
113* Yl Jce, 101V, 1228 
13 Y3 Feb HOW 1234 
113* YS Ju4 lMto 1047 , ,jm 

I 06 Mar 77 1U8 1247 825 

TV] 06 Jun 77 103* 9JU 

8% 0700 TOT* 1023 1X43 7.12 
12to07Od lOito 1X11 11® 

113* Yl Jun I® II® 1273 
9 YJMOV M 112* ■— 

13to 95 Dec 183 VJT 

II to 95 Jon 78VS 1111 

UtoYSJun I® 1X21 
latoWSen Hi 1285 
SW 94 Oct 96% 1122 
83* 04 Mar *7 11® 081 — 

7to 07 Jul «S» ?I2f ?X® £47 

12to98F*b IJJto 1181 


lOtoYTNtaV 94% 1132 
ntoYZjui rank nj4 
raw® Jen W HUH 
StoWOK 78 *30 

llto 91 Fab 105 M22 

MW 05 Apr Ml 829 
*H06Apr 99to It® 


VS 

S50 CtaefHdfaFiwiec 

SI® ENdrictte France 
S 125 EtodrkJta France 
I12S EtedHclta Franca 
S 188 Elaetrtcite Franc X/w 
I HO EteOrtoie France 
SIN Eledridta France 
y 28008 EMdricW France 
975 EBAquItatae 
SUB Elf Aqvltaire 
*60 Erap(fronro) 

9® F ron uilic Pctrota 
920 CtoDr France 

im Gar Ox Frana 

nfcrIH Cor Dv France 
□tSTS GazOeFnna 
SITS fiazD* France 
940 LStar geCoopw 
120 La Nkdrtt 
ITS MkMln 
S® Mtawln 
s 125 MUMIn 
960 MkfleibiO/f 
so Fedilner 

IS PMlPOfft 

B 175 Pguoaoi-CItrara 
HIM Pont AMousmrt 
*40 Pen Authorities 
HIM Renault 
HBO Rbtauft 

B IDO Rttan^PouMftC 

H<» Satnt QotamPt MbwiJ 

I® 5dr Pewtap Re gi onal 
S® 5"d Nal Chcmlrt* Far 
5® Snct Nal Chemuis Fer 
IM SncfNaiChendnsPer 
STS Snct Not Owners Fer 
I® »«J kol ChmfrtsFer 
STO SncthatChcminsFtr 
srao Sort Nut OrtmtasFer 
110 Sncf NatOcminiFer 
ft 150 TOM oil Marine 


1804 IU5 
*30 BUS 847 


4W 05 Apr Ml 829 1411 

71*94 Apr *Tto HN 94J 

ItoWMOV 97 11.14 1270 836 

8to97Jl*l Wto 1137 8i* 

riW-870et 16* 1032 


13 08 Jen TO >213 
10 98 Jul *7 II® 


llto Y3 May 77% II® 
4to95 Jon 7*34 ?J5 


1% 95 Apr Wto HA6 
R 98 N« 101 1123 


TWtSNov 97W 106* 

6 05 Od 77to 752 *® 

7 05 Mor Wto 1X40 U80 

IJtoWJBt 183 737 1X1? 

12 07 SUP 1® 1822 1221 

IS WNov 105 11® IUX 14B 

12% Y3Mov TO 1U2 12® 

1 5toW Apr W» 1241 12R UflZ 
( WMsv 77V: 11.13 247 9S 
*%*|Mor *7 1821 UJ8 734 

TV, 01 Fib m 1LB2 1137 LB 
38 94 Aug B6to 1X47 12® 11® 
*% 98 5(0 Tito 1224 T237 10.n 
f 05 Dec » 1921 622 7® 

M 00 Aup TO 13 U U)4 IX® 
7% 07 Feb Nto Hfl 1037 *.W 
TV, 97 Aug *» 12361SJ0 8X1 

9 91 NOT K% 11® 1X11 1020 
7% 05 Jul *8% 1245 757 

7% 07 Mor fltl 1203 13® 752 
TV] 07 APT *1 1240 1441 024 

7to0*May 78 11® * 8 

ISto YI Apr Mb 1408 024 1, d 
123* 05 May MOT, 7*7 T XI 
6to05Jun 783* 1881 M57 k® 
1 1 V; WNov R8 1147 ,150 

13 Yl Fab IS* 125211361250 

7 92 Dec E3b RAU53U158 
ratoWDec ran* 1220 \v» 

llto 93 Mor W8% Tl® 1L4T 
11% 94 Mor 77 113? IS® 

7to07Mar 97% m® 7® 


Amt Security 


rieta 

utw« Aka 
Mot Price Mol LheCwT 


EksoorlHnani 
EXsaortfiraBts 
EksportHncrs 
Nerges HypaMlorenin 
Nariea Kew m an cN pak 
Karges kommunolbon* 
NOrawKe m m u ndbank 

WlYK KommunolBonV 

nm Koopngrattm 

Nerafse 


*3kWFeb 
11 01 Mar 
TV, 07 May 
totowjipi 
7% 07 Fee 

nwwod 

103*91 May 

13% won 


7 08 Jun 
7 WJun 
1% Y3May 
■W YIMar 


Bast Finance Euraae 
Bart Ovarac X/w 
BartTmuOamtca 
Baver lid! Ffnanc X/w IDtoWJini 
Bayer ink FtaancXtar 
BoverSd* Verrtnibk 
Bmw 0/s Enterprises 
Cammerritank Ftaanca UtoWOrt 
Cammcnbaiw Ftaano llto 9» Jan 
Commerzbank Finance 11 91 Mar 
Com m er z bank inti w/w 7 WJun 
Cami ll a Ue mk Hill Mr 
Dcpush Inff Fm W/w 
DeeusM InB Fin X/w am navi 
Ctaut9dw3»k Ftoonee llto 07 Od 
Deutsche Bart. Finance uwwAug 
Deutsche Bank Finance llto07Sm 
Daufycrt Baal Ua W/w SWYIMav 
Dftdirtte Bank Lin X/w 6% 91 May 
Dr eatner Finance " 

Gal et x ilbx ai pm u a lta 
Hnechrt Finance X/w 
MaecM Finance X/w 
SdMring lidl Fin X/w 
Stamens Western Fin 
Stamens Western X/w 
veto I nil Flam X/w 
voButwoOTn Overseas 
Weshb Finance 
weslibFinence 


11 YD Apr 
73b 08 Fab 
63*0* Jul 

8 93 Feb 
etoYOAup 

9 05 Dec 
73* 90 Mar 

a 73 Dec 

73* 97 May 
lUkYODac 
18% Yl Jan 


Wto 1147 
188% ION 
(Ito 12571 
77% 1X56 
87 1149 

104 1157 
*6 llil 
M4% 1155 
«7to 1217 

96 115* 

102 638 

ISto 1121 

97 837 
Bto 11® 
lOto 1041 

iee% 1134 

H6W llAl 
m iff 
71 II® 
77% II® 
mi 1817 1 
IS 1123 
Eto II® 
87% 927 
WV, 9® 
17 1121 

■lto 1143 
a 1127 
H8% 1137 
lOtto f® 


Honk Data 
PWri* hydro 
Rank Hydra 
Nary* Hydro 
Men* Hydra 
Norsk Hvdro 
Norsk Hydro 
Nbt* Hydra 
Hors* Htdra 
Norik Hvdra 
Oeetaaaskratl KroBta 
OstoUhr 
OstaClly 
Oslo City 

Owen, 

OQflCItV 

CMaClly 

OslBCily 

OstoCrtv 

OsrtOtr 

RnUcJ-Suktat Kraft 
5 total i dm Nonte 

5WWB Den Norsk? 

SW»i Den Norske 


ICELAND 


Srawi Den Norske /to 89 Aug 

SOUTH AFRICA 

South AJri ca 8 07 Fee 

SculbAMcs TV. 07 Dec 

SouthAtrteo HW07Mar 

5autnAtriai ITtoWJul 

Ang*, American Corp 7to07Mor 

Bicum Electr Smdr rult Dec 

Escera Eledr Supply llto 08 Jun 


I 07 Feb 75 11171 11.79 84t 

7% 07 Dec » I!® 1191 131 
111, 07 Mor tfflto 10® ion 
ITtoWJul 181 1216 11® 

7to07Mor Tito IOM 122* 7 85 
r-,®Dec tetol0M112t 881 
llto 08 Jun 77 1 .: IZ4I lira 


63. 06 Jan 
I 07 Feta 
9 07 Feb 
173* 92 Dec 


*7% ll.« 1191 7JJQ 
93V, 1X47 1X25 8® 
74 1X51 15.15 757 

Wto 12® 1UJ 1251 


Etosm Eledr Supply 9%WMor 94 IMS lira ?® 

SOUTH AMERICA 

Brazil 8% 07 Dec M 11*51553 9.17 


GERMANY 

575 Bart Flramce Europe ,IW07 Not MDto M59 


* 05/60- 
8% 07 Feb 
11% 04 Apr 
10% 95 Jcr, 


Wto M.11 17J3 M5 
Wto 1121 1151 «.» 
75% KM 1158 
MOto 1816 1028 


Brazil 

Cotomtita 

Venmueta 

Ctatrabrai 

Vemaeian TeleBhara 


1% 07 Dec M 11*5 1553 9.17 
8% 08 Fefl llto lifl?145B 7.74 
4% 93 Oct 74 1453 1723 1151 

BUYOOC « 9.17 859 

a 1% 07 Dec 89to 1X14 1691 172 • 

SPAIN 


AHa Romeo IrB 
CasSa Me zz ogtorno 
CaraoTTW Dl Credite 


Enel EnteNaz Energto 
Em Erie Naz Idrocar 
Em Enfe tiaz kfracor 
Enl EnteNaz rtfracar 
Enl EnieNar tdraepr 
FfrrnvtetXHk) State 
Olivetti Inti Hurl 
Site Sac Fin letacomm 
Turk, City 


7% 05 Apr 
4 05 Mar 
TWYOJen 
7V, 05 Mar 

6 V, 07 Jun 

7 08JOP 
634 08 Jun 
6% 01 Not 
SWWF eb 
*Vl05Nev 
7% 05 Mav 
9 YIMav 


Stan 

eii t i adjtuu 

ml irstttut hoc into 

Pttranor 

Petrenor 


15% 07 Apr 188 UJS 1458 
7 07 Jul 73 1X921341 741 
B 07 00 53": 1685 7X66 158 

TtoWDec 9e 1Q93 1U6 615 


Tto 06 Dec 96 1093 1 1 *$ k*5 

7W08JOT *1 1155 1137 853 

SUPRANATIONAL 


t - — - ra , t® 

if 


Electric 
Owgofcu Electr Power 
Curacao Tokyo Holding 
Dot-ldH Kanavo Bank 
EkDnri-lmpon Bank 
Full Inti Flntace t 
FullhuraUdW/w 


ImculmwA 

ANA^^Ltd X/W 

UO W/wl 
LM X/w 



134809 Sap IO 1158 

11 YtApr 98 1151 

H Ik Ye Dec 160% 1157 
UltYlJun M71* 1137 

Curacao ITtoTJJori 100% rz® 
ftkSfMtr 112 V 4 
594 07 Mar 81 to 11® 

13% 91 Aug in 1251 

r Power 13*99 Aug Ml H41 

1H3D« Wto 115] km 751 
12% YQ Del M3% HAS 11® 
UV-YlJur 1H% »J0 
10* 90 May 97 11® 

7% 09 May 71 10*5 

Jw 7% 09 May 86 IZ13 fJi 

ltd W/w ta* 0) No. Ml 1)« 9.14 

J.MX/W 7% 09 Nov 91 IUB 10.16 

iltoNMur ffto IL6Z II® 1156 
13% 09 Not 183% It® 11® 

r Power RtoWOct 103% 1131 1255 

an Fin 1Mk04Aor tf 11X3 1198 

an Fin llnwMor idc ilw iijd 

an Fm l23k07Od 104 11® 1221 

an Fin lltoYlNov 107to 1)53 1178 

-"FU* II* 95 Dec 100 11® II® 11® 

I Oft 90 Feb 97V, 113 Ills 

17% Yl Jul HO 11® llil 

12 Yl Dec 101 1134 

IU% Y2Jon 96% fl® 

lOTkYSjai 77% tno 

II 07 Feb Ml 7.10 

11 07 Feb 9* 11® 

TtoWMcv 9|to 847 
7to07Moy *5to 11.97 
13% 07 Aug HTto 11® 

11 Y3JIP, 77% 11.12 1117 11® 

13to94NUv M7to 11.14 11® 

I3NY4AM lllto 1121 12JB 

11 Y7NOT 181% MJO 1438 1056 

Hto YtApr 77 lUl lun 1X98 

15% 07 Feb l«to 1841 
17% 09 Od lWVj 1073 

W/w 7% 09 Mov 97 848 

X/w 7% 09 May 44 1X13 

8 08 Dec !« 3X3 

1 « Dec 87% 1 13* 

12to 09 Oct TO 11® 

4% 09 Fib Wto *.1i 
6% 09 Feb 82 1X14 

12*00 May is* H38 

11% 09 Jul 105 11® 

idHBs* llto 09 Apr M834 1141 


Art cm Develop Bank 
Asian Develop Ban* 
Aston Develop Bank 
Asmn Develop Bank 
Asian Devela, Bank 
Asian DevetaP Bonk 
Council Ot Europe 
Eo Euro Cool 6 Steel 
Ec* Euro Coal & Steel 
Ecs Euro Coal i Steel 
Ecs Euro Coal 8 Steel 
Ecs Euro Coal 8 Start 
ECS Euro Cert 8 SM 
Eci Eurocrat 6 SM 
Ecs Euro Coal 8 Steel 
Ecs Euro Cap! 8 Steel 


8% Y| APT IDfo 7J1 
8* 97 Aug Ideto 7® 


8* 04 Aug 94 II® 198 
5% 01 Sea Wto 687 iSi 

■% Y| Apr iw- 7X1 759 

8* 97 Aug IC*% 7AS &1D 

11% 93 Nov 99% 1138 1138 

TtoYSFeh into 7JU 7® 

11% -92 Mar 98*5 11® 1155 

9% 04 Jon 9»to 9® 9® 9J0 

14% ® Apr 1X1% 1141 1340 

Ito 04 Jun 95% 1015 12X3 641 

ito 16 Dec 93 1652 1239 *79 

6k 07 MOT 93 1U2M41 *99 

U%07Mnr UK" , 1173 UTS 
7% 07 Aor 93 1U3UJ9 743 
4*07Oct tt.j 9® II® 707 

llto 08 Mor into 1126 7J.II 17.44 


HIGHEST Y IELD S 

to Average Life Below 5 Years 


Cosrti Mtazogiomo 
im Inshtut Noc Indu 
CotamUta 
irekma 
Venezuela 

•vord Faxis 0/1 Capita 

Bomltn De Gurnee 

End Ente Kaz Enerpa 

Ril loner TataWitlne 
l n*l Harvester Credit 
Cl men Is Latarae 
Pbnt-A-Mausson 
Ecs Euro Cart 8 Start 
Ortoaty 


4 15 Mor 

I 07 Oct 
8% 98 Feb 

* 35 Art r 
8% 97 Od 
5% 08 Nov 
I 96 Dec 
7to"45 Mar 
4% 08 FeB 
7% 06 Apr 
7V, 07 jm 
TV, 07 Aug 
7% 17 Apr 
7% 07 Mar 


HIGHEST YIELDS 

to Average Life Above 5 Years 



10 11 Jul 48% 1415 18® 14® 
ID Y4 Feb 83to 1X36 1657 II® 
4% Yl Dec 81 1-110 net 1048 

9 97 Oct 83 12® 1151 1891 

9% YJMor 87 1X75 1X58 1138 

7% 97 MOT 82% 1173 13® lljfe 

9 97 FrO a IlMIlUlWt 

* YiMor D 1137 UJl 10® 
143* 97 Jun 106 IX® 1124 1192 
17 YiDec IIS"; 142D Uifi 1672 
1 4V, YD Aug >84% 1X21 UJB 71*1 

• Yl F*b 85% H19 12® 1853 

10 YJMOV 90 II® 1X87 11.11 
11% Y] Jun 79 IL72 1253 11® 


vushu Electric Pav 
lano-Tern, Credit Bvdt llto 07 Apr MB* 1141 
Lonp-Term Credl? 8ari U%09Aug W734 TUB 
Lanp-Tenn Credit BdiA H%90Jan 99% 1155 


— HIGHEST CIURENT YIELDS — 


Lonp-Term Credit 
Lonp-Term CreS l 
Loite-TormCred 
Long-Term Czed 


11 YIMar W 11® 


KM 99 Jim MT* 1815 
12% 90 Sen MS* 11® 
143k Yl Jut II* 1153 


Lonp-Term Credl? Booh KtoYlhov KS% 11® 
Long-Term Credit Book 13 93 Dec 184 1124 


MkwbroCoW/w 

MinebeoCoX/w 


aafflffiffijx: s s s 1 


MitaubtdW Coro w/w| 
MtlteddrtilCorvX/wJ 
MltsubtahiCoroTON 
Mlteubhhl Coral 

Mttiubirtii^ 
Mlkmnshl 


llto Yl Dec W8 11® 

4% 09 Fd, 104 659 

6%«Feb llto 1153 
1J4 

.. ..... .. 1159 

94 08 Nov 74% 682 
56 01 Not 8295 1131 
13% 09 Jul 117 11.13 


Mexico 

Femes Petrataas Mexlc 
Ohio Edban Fmanro 
GuK States 0>s Finan 
Chta Edban Finance 
Northern Indiana PUfal 
Gerstar 

Bril Col umbta Murrieta 
Transconoda Piaellnei 
Noctanat Flnandera 

Somt-Lourwrt 
General Motors AcOTPl 

Hudsons Bay 

Sac Hypdtwque Pram 


18to Y7 Jut 
I7to04 not 
i ru 07 Jul 
ira, 08 act 
I7VJ08OC1 
17% 04 Od 
17V, 09 Od 
17 05 0d 
17% 08 Od 
17%07MOr 
H* 07 Mar 
II 07 Od 
IB 07 Nov 

I7to 04 Dec 


ng to® 

104 1X24 

125 1*47 

HT 1671 
107 Mil 
IDSto 15.10 
117% IUB 
104% 7® 
lD*to 1615 
IDDto UJS 
HQ% 15® 
nr 7 i*L58 
188 1617 

105 1614 


HtoWMOT 9434 11X1 
17% YlMny lk II® 
Mto Y3 Feb 77 


lOto Y2 Feb 99 11170 

ItakYJFeb N 1X74 


MitsubriniGcsw/w 
Mttsubidil GasX/w I 
■MftubUilMeMW/* 
Mitsubishi Metal xot 


s* stii 

llto 98 Jun 1® 1L34 


MIBubrihl Meld W/w 
MUsubtrtu Meld X/w 
“ “hi Rcvon 


~Jun 1 

Ito 09 Mar Wto 850 
ito 39 Mor IM 1X14 
S%0»Feb 150 502 

Feb C 11® 
Not W 821 
NOT 85% 11®. 
Apr 90 1X19 


Mitsubishi Raven 7 07 Apr W lira 

Mitsui Engmecrln W/w ID* 07 Dec 110 66T 
Mitsui Eneineerhi X/w lD%07Det 76 11X3 


Mitsui Engtaeerm W/w| 
Mitsui Engmotr in X/w| 
Mitsui Finance Asod 


Mitsui Fkance Asia 
Mitsui Ftaence Asia 
Mitsui Trust Fir UW 
Mitsui Trait Fin (Bk 
Nippon Credit Bonk 
Nlgpd, Crwfll Both 
Ntaaan Credit Borti 
Nippon Credit Bank 
Nlaaan Credit Bask 
Ntpaan Credit Bank 

Ntaon Credl I Bam. ... 

Nlmn Asian kebiaftk llto Yl Sep KU% 1U3 




7%08Od 92 9® 

7% 0IDd 85 1251 

11% 07 Dec 100 11^ 

13% YD Aua Wlto 1138 
12* YJFap 97% 12X5 
lJto 09 Not MS* 1136 
12 YIFeb 181% II® 


llto V Jul 06* 11® 
IS%09 AUQ 111% II® 

11 10 May 9716 1156 

12 90 Aug W2% 11X3 
llto 90 NOT 08% 1139 
133k 91 Jan MBto 1230 
11* 93 Fab 97% 1139 


Nlpean Minina W/W 
Ulbcon Mining X/* 

Nipaon Shktaea — ... 

NIomTetaoraTetaPh 8% 07 Mar 95 M.94 


4% 07 Mar MS 642 
**09 Mar 84 11.13 

WtoWOct IM 1157 


NipoonTHrgro Tried, MtoYBJan *7% 1U0 N.M 1 


1 1* 90 Fib Wlto M-97 


NUaon Tekgro TeNgh 12* 91 Aug IBM* 11® 


Nippon Tetegro Tetadl Mto 9! Feb 97% 11.15 
Niaaan Vusen KnbusM Wto 07 Aug 165* 1133 


NtaSho Imp Corn 
Nomura EWDPe 


4% 09 Feb » 9® 
4% 09 Feb 83 1X11 
!!9k 9IOPC 79* 1237 


Nomura Securities W/w 4*08 not 10% 2® 


Nomura Securities X/w 
OhbavasM-taWW/w 
OrtaorusM^uml X/w 


08 Nov B4 1136 
_0»Apr II 253 
7*09 Apr 87 It® 


Qmron Toleisl Ele W/w 4*09 Apr 75 404 
Omrgn Tetatat Eta X/w 4* 09 Aor 83 12X4 


□node Cement CaW/w 
Oman cement Ca X/w 
Orient Leasing [carl] 
RwtawnlncW/w 
Renown Inc X/w 
Rtcdi Co Ltd K/w 
Sabana intt (Mil 


7% 07 Aor 177 JS 

7% 09 APT U 1X37 

9% 06 Jut 97% 11® 1257 *34 

6 09 Feb 84% !L2S AM 

4 OF* 91 1229 741 

$% 09 Mor 77% 1157 

U%Y0Mor 99 1125 


SOOTra Inti Ftadice Hk llto 92 Jon 99% 11® n.97 11® 


Samara Breweries 


IJ%®Jul 185 11® 


Seina Troroneriai W/w ItoOT Mur 70 7.72 
Seina Transporiot X/w ito 17 Mar 83 1235 
Srini Stares Mor X/w 11 07 Mor 77 1151 


Set-ru Stares Dec 
Shikoku Electr Power 


11 07 Dec 77 11® 
11% yd Jan 101 HU 


Sumitomo Construe W/w 7%0TApr 125 139 

5u(nitarw Construe X/w 7%09 Am ®% 12® 
Sumltamo FtaaneeAsta 11% 07 Jul 17? 1103 

Sami torn Finance Alia lOtoYOJun 77 11® 

Somiiomo Finance Asta 13* 91 Mov 103* II® 
Sum I tamo Finance Asia 11%Y2Mar 97% 11.90 
5umttdiio Heavy in w/w 4% 09 Mar 71% 851 
Sumuame Heavy In X/w 4% 09 Mar O 1208 


13% YiFeta TO 1134 

4%WMdr 73 EJ8 


Tottaku Etedrlc Power W,5 5fc 182 1211 

Tokai Asia Ltd 

Tokyo EledrtC CO W/w 
Tokyo Etadric Co Xhw 
Tokyo Electric Poster 
TakveMetroooPs 

Takve Sonya Eled Wfw 


6% 07 Mor 83 II® 
■Sto 07 Jul 107 1047 


1% 07 Jun 734 23® 



Dtc WA 739 
Dec 118 II® 
Fab 91 II3» 
Mar Ml 1252 
MV 77% IL44 
Mor 91 II® 
II® 
II® I 
II® 
U® 
11® 
13X8 
II® 
17X3 
7® 
1104 
1157 


Toitro Sanyo Elect X/w tin 07 Jun 100 11® 

Toray Industries W/w iB%07Mcr W9 SJS 
• 18* 07 Mar 98 11® 


I croy Industries X/w 16* 07 Mar 98 11® 

Tava Engineering W/w 6% EM 116% 223 


Tevo Eng inee r m g X/w 
Vamoidil loll 


6% 09 Mor 83% IXI7 
llto Yl Dee 97% IL97 


Yosuda Trust Fhumee T3*0»6or MTV, 11® 

LUXEMBOURG 


7% YtMoy 84 1134 
TV: Ye May ill SJB 


Meelco 1% 07 Mar 93 

MetacD k* y] Dec 81 

ktoJa 11% Y7Ju1 IIP 

Comision Fed Electric I 07 Fib ri 

ComWon Fee Electric U 07 Nov 97 
Nadcnct Ftamclera IT* 07 Mar 100% 

Pwneji Pelroieos Mexic n%04Nav Ik 
PrsnoPetrotraMeiX to%07Apr W 
Ptame* Pdrotoos Mexle 8%0?Sep 73% 

Pentee PetrataoiMmic 11%08 Jul 94% 


llto Y7 jw lip 
j 07 FeO n 


8%07Sep 73% 

11%0IJU1 94% 


Pemey PetrataoiMnlc ll%0IJul 94% 

MISCELLANEOUS 
Bausttei De Guinea I ybdk 79% 


12X5 1522 9.14 
1LM 1607 18® 
164* 1*43 

1117 1X57 8® 
11X7 1X13 

IT® H® 
1X24 1451 

U.16 1557 

1151 1177 7® 
1155 US 7117 


Yield 

MMdle Art 
Mai Price MCJ Lilrmrr 


M kt Hi Am 

Mot Price Mol LUeCarr 


TTilOFeb 95 11® 11® I0J° 

IV: "90 NOT 100 1147 USB 

HF-72JDT 103 5® 

10% 08 Apr 130% 1Q.1B 793 10*2 
rtlJFeb 95% HLH 1073 715 
7%Y0D« 64 111® 1241 i~ 

6% Yl Dec *0 105111® 344 

8V, Y? May 90% 10*1 1133 »J7 
WlYBAor W: il*S Hit HUB 
04 Apr 98’: 10® 11B ^ 
8% 09 Mar 91% 11.18 111 8 ira 
1B4 09DK I0i 7® 10® 

9% 01 Jun W, 1155 11.10 tS 
m It F« TT’u 10X3 18X3 957 
14% 07 Jul 103% lX4« IX«S 

12 TO Feb TO- 11-38 11 7: 

9 71 Sep 71 1896 757 

12 Y10a 106 1067 1815 1IJT 
8% 02 Mar 91% 10X0 1125 9X2 
12% Y2 Not 104% H5fl U4dt£20 
9% 04 Jon 90% 10.7? 1158 102 
6% 05 Dec 96% 1058 18«3 648 
» 05 Mov *7% 10® 1053 785 
5% 05 Jun 98% 733 9® 553 
9% 04 Jan 79% HUD 900 
8VS6Mor 97 UJS 12® 851 
7% 07 Mar 923* 11® 1451 752 
7 08 Mar 98 737 IQ® 718 

18% 70 Feb ms 18.18 HUH 1 832 
I IV. Yl Aug 104% 1834 1877 

6% 77 Nav CS, 1141 tzra 1847 

6% tSOd V 1U9 18.70 4® 
17 08 Apr TO% 1861 1157 

1J% 0? Jul urri, H33 1354 

TtoOTAug N 1876 1121 1003 


Mtomn 7*07 NOT «S 

Trarr se tp im Fkmse 6* S3 Jul Mta 

Tronmi o me Finance 4%0SOa 97% 


13X1 IL90 1004 
1112 1667 


9.90 *37 655 
M.17 1813 657 


NETHERLANDS 


iSO Aeaan 
*60 AnrtvNv 
*390 Amro Bant 
*125 Amro Bank 
!« Dsm Dutd, Start Minn 
ISO Dm, Dutch State Mines 


11% 01 Fob 
I 07 Aua 
13 09 Nov 
B* 09 Aug 
1% 07 Jun 
1*08*09 


USD Dsm Dutrti State Mine* llto 01 Mor 


J4> EnrtgNr 
*20 Gist-Brocades Inti 
stag HBimwmiwiFin 
*su NamrtandrtGawnle 
*A Hertert ap drtCawHt 
*75 Nedertandee Goiunle 
1780 PtattasGtaeflOTOW/w 
5200 PNItgsClaatoimpX/w 
575 Robotatk Nederland 
3 to ShrtiPH Finones 
<70 5>%a iRtl Fnmce 
5 XC 5twtJlntl Finance 
SSBQ ShoPInll Finance 
*180 Unilever N« 

SMO Urtteverthr 


15% 07 May 
1% 05 Jut 


IBM YD Apr 
11% 00 Od 
11*01 Mm 
*36 08 Jut 
W.0OJrt 
11 TlMgr 
» 06 Dec 
7% 07 Jan 
7* 07 Mar 
I* 08 Feb 
7*07 Jul 
934 08 Jut 


iaw ii® 

74 9® 1 

M4 11® 
96* It® 
9J 1137 1 
12 II® 1 
18% 1132 

m n.n 

99 1844 1 

me 182 

99* 1889 

99% 1M1 
91% 11® 
104% SXJ 
82% IU» 
<1 11AS 

95% nun 

<3% 1161 I 
M* IB® 
B9to 1153 
96*1 IDJ8 
76* 1064 1 


ZERO-COUPON BONDS 


Fteei Orittad Qfferfegs Ottered 
Mrttaity Amt Year Price Prta 


NEW ZEALAND 


NnrZeaiund 
NawZmtand 
new mmo 
H ew Zealand 
now Zeeland 
irewZratgna 
Bara oi New Zee land 
DevFinNcwZedand 
Nz Fared Products 
Nz Farort Products 
OttsnoreMWng 


S3k05Jlfl 
6% 06 Mar 
StoVDoc 
Ito 07 Dec 


Mto 09 Apr 
7to09Sa9 
llto 03 Mm 


1234 -a Not 
SK tSDac 
NORWAY 


98% 755 Ml 1BI 
94% 956 1155 674 
97V. 9« U8 

102* 757 til 

97 1 L53 I05i 

TO* 6JP 752 

94% 12® 1254 

99* 1058 1855 8® 
« W.97 9.18 

101% 12® 12® 

99% 852 829 


AttaatlcRUtlWdM 
Baiertntl FlrnnmW 
Beatrice FaafcM^W 
Crnnobefi Soup Ori Fin 
CutanHOorPinSera™ 
CotarpMor Fie SenrH 
Cmtnat Soviros Bonk 

DgPontQri capita i™ 

Ekstariftaens ■ 
Eledri^Frano^ 
ExxsP Cfflttd H 

OczDeFrona 

GdtDeFrwce^^* 
Generd ElrtWt Crtd 


25 f« fin 
iFfbim 
21 Apt 1992 
fl Aug IM 
11 Feb 1994 


hbi n 
ras* i®, 
190 25* 

raw 74JBJ 
1982 25% 

WO V 
1982 24 

tin T79W 


W8 199J 
ne 3xra 


Gwmol Electric Cred 
Geaeral Electric Crod 
General Etadric Cred 
General Eled ric end 
GmerdMSti Inc 
General MAS Inc 
Gmac a/S Finance 
GmocO/sFUtanee 
G4incO/*Fiiace 
GrtlOUFlnana 
New England Life 

HDtrtcinwrtmenlBk 

Pemev Je Gtataal Fta 
peetaaCoMM 
Prastea capital .. 
Philip Mom? Credit 
PrijdeoflefQMnrSec 
Reetnias RlO/6 
Sams Overseas 
seonOrtrsaps 
Soar* Oversees 

E««afi Credit 
Sw«9rtiExgerl Credit 
Swim Sank Cara 
wells Fmtta inti Fta 
xero» Credl! on Fin 


Norway Stole Aar 

Bergen CBv 8 07 Apr 

Borreoaard 8* 04 Feb 

Dm wrote Crertltaank U YOMpy 

Den Norsks CrsdrtbOT* 11 *03 Mor 

Bmpgrtftamn lOtoVOd 

Eksgertfews H* 04 Jun 

Ekspcrthnaa 9 06Sep 

EktaartBrani llto 07 Jan 

Ekspartt taunt 4% 07 Jul 

EkMortfmneiX/* 17% 07 Sea 

EksaerttMn 12 09 Jan 

E U p Bta WI Uto 09 Mflv 


79% 18® 1 
98 IX® 1 
97% 11® 1 
HQ* 1259 
9)to 1258 

W Mi 

Ml 1032 
91* N16I 
mn ion 
98% 19X91 
1*4% II® 

us io® 

103% 1121 1 


II Sea leu 

13 Not MM 
23 Fab 1992 

I MW 1994 

ITFtblfR 
17 Feb 1993 
4 Mon 99* 
4Mar1995 

II JUI I9K 
ISAufX® 
1151193812 
ID Feb 1990 

3 Feb 1997 
10CII992 
2 Mm 1992 
IF* 1999 
11 Sen 1994 
17 Feb 1994 

4 Feb 1997 

7 Mm raw 

I Jun 1991 
15 Jon 1979 
19 Feb 1992 
U Feta 1992 
27MPvim 

n Jui raw 

M MOT 1994 

II See 1994 

14 NOT 1997 
4FebMH 
ii ueb ran 


no am 

1184 33% 

1984 37% 

1984 II 
"O 75 
1982 1US8 
I9B Ui 
1182 
ITO 1934 
17% 


!£ ... 

1956 75» 

1984 ns 
tm UK 
no 14 
190 25* 

HB Sto 
190 25530 
19BS 20V- 
1984 1134 

1983 11% 

HB 14 
1987 2034 

190 274 

179* 21X50 
19B 25% 

1982 31730 
IK 73% 

1984 23% 

IK I9JN 
MI4 31725 
1984 25 

ITS 44th 
170 2S% 


5150 AiriCEZTk 
V EG W*rld Sod* 
*150 AvidEcni 
I '* Ao-ic 5cn« 

I IDO *7l: Berk 
513? Worin Ben. 
rcjiDO /tgrlcBcnk 
a no ■Aorta Bant 

J IDO World Son* 
ISO Atarld3on> 
5 3C MorldBcOT 
5 IK Acrid Bonk 
tjA 75 Wjrij Bmi 
S7B0 Aorta Bent 
v 200057 World Bonk 
175 'Aorta Bonk 
cnSTi AcricBani 
5X0 Werid Bonk 
r 70093 World Bent 
y 33OT World Boat 
5100 VkvklBonk 
5300 Woria Bent 
v 3SD03 World Bonk 
reuSfl Woric Sent 
*250 Aorta Bank 
1150 Worts Bank 
158 Worla 3o*tk 
1 100 WonaBank 
*300 WaridBaik 


IjFsYjftcr lig 1953 

ta 34 .'40 IC4'-; IIS I'-SS 1557 

■5 0SAu3 1C9*. II*? 

11 . 38XW Mf: K .W 

11% 38*09 04 lW 11 7* 

14-1 31 Sc Willi* “J 

13%0SKO4 lOj. «J0 

114 09 Feb W* 11-1 >12 

ini,waAor W-« llto HW3 

10% Dec "V* HA i'* 


Ifl'.YflJOn «: ]ja 

11': YOiUB IIS 


12% 00 Del ins M-2 

HW06OCI 1-5 


EL 01 FeB IIP 
] Ito Yl May W 


tr-vYIDct J'* 
11 02 Feb 97=* HR 


H <QG Sweden 
*150 Sweurr 
s IM Sweac«' 

IIS Sweden 
*2M Sweden 
* 100 Sweden 
S2W Sweden 
y 15DOO Sweden 
IS Sweden 
*100 Sweden 
IS Ago op 
IX Ayea 
*30 AricaCsnca 
*50 Electron^ 

*30 EncunnLm 

STO Ericsson Lm 

SM ErlOTSontm 

*35 Ericsson Lm 

140 Fertmarks LraltgruM 

tn Forsmarfcs trattoruna 

S 40 Caeir^der 

SX Gothmourg City 

*70 Gruenoei 

115 Graengesoer a 

*15 GroengesM.-e 

IIS Vodo ViflOchDomsto 
IM Okg A -a 
SM Ptfcnten Pmt-Ocn 
*75 Pkbonken Posl-Ocn 
SB SdOteScanto 
IX Sartovit 
IIS iondvik 

IX Sozndinouion Airlmes 
*30 Sconratl 
SX Softrolt 
S 100 SkoMi Ensklldo Bonk 
*40 Skanai Ensklioa Bank 
IX Ski Are 
*30 Saora Skoetoeorno 
*x Saaraantemo* Bank 


Sto 02 Mar lMto 

I 03 MW 

104 03 Apr 94': II Jj IJ® 

17 Y35eo 1014 HA* I'-O 

7% Yl Nov 104 ?A lto 

II YjNov IM'- M3 25 

Uto 04 Sea IBS 1 : «l« » 

13% 04 Not lOJi. 11/4 JT 02 
11 04 Dec 94 1U9 JJA6 

11% 08 Jan W: 1 1.14 H.W 
I' ■ 03 Mov 72': 1H lllto 1 IX 

SWEDEN 

ir*8SAug IBP. 10® I2.J8 

irtoVSen 100’- II® 17/4 

S'- 87 Jun to MX 1U4 15° 
l<ta38 Dec KN 11.33 11X0 

i7-y8«Aw 103% 1125 1196 

n.0>Mov Wto t* 03 H'8 

II 1 -: 3* Dec TO- 1131 HAT 

8 1 : YQ Aug 103to 7® 
t lto 03 Aug 971: !Utl 
1 1 to 04 Dec IBP- li® ■>-* 

7k. 38 Jun 94 IIUIlljO «® 


8H04Mor 97to (051 (I TJ O.M 
V: 05 Aug Wto W» MJI 7® 
UT-sYUJun 94>-i 11.92 11.11 


, 85 Dec 99 10X8 1551 9® 

6':® Mar W : 11501667 All 
Vi 07 APT 87 11.44 12.78 9X5 

9to 91 Sot 87% 1257 1225 1057 
10*1 07 Apr 93 1284 1132 


8' ■ 07 Sen 93', 11® 1170 8® 
■ to 07 Dec 92 1330 751 

tto 05 Mar 90to 1048 1059 7.77 
4to07Ocf *2 1027 1Z2T TM 

B%09F«B 91 1U11X9S 7® 

9 0400 95 I2X 947 

ISto 05 Dec TO 1L54 152» 

ir.V07Ju> Wto IL1J 1359 

II 09 Nov 99'T (119 1254 

HV.Ur 19 1203 7XS 

Tl, 04 Apr 99’? HUM 1174 9® 
1 06 Aug 77% 1083 11X 923 
8 15 Jun 98to 11® II® 810 
Sto 08 Od 91 1173 1145 9-48 

TV, -W Dec 85 1LI1 I24J 852 
IU: 08 Mor TO- 1U8 1147 

* Yl Dec 90 1L16 1242 IUB 

6 17 Jon «f-. HJD ILS3 147 
e-tltDec 97 11X 11.43 979 

Ito 08 Jan 95 1001 1171 421 


1 109 Aifteuser BOTCH Irtl 
*75 AnzanoPlCa .. 

6 SB AriWWPiFinanM 
*75 ArixnaPiFinara 
S25 Arizona P* Fin»5 
*48 Anzooo Ps Flnonce 
*59 ArmcnO/i Flrtonca 
*25 AaniondOilFiitmtee 

1 100 Astra 

S2» aaanrtcHl cMM Qi 

*0 Atlantic Pirtltlert Ol 

S25 AvO) O/l Lnnllnj 
S4S A«CO Or* Cdtetdl 
r 26810 Avon Cop-tal CBTD 
*15 Bonatr Fudo irti 

1300 BrnhOfAmarica 

*250 Bank D< America 
S IDO BrntaamartcaOit 
8158 BonAeroTiVrtNy 
SM Bear Weems Co 
*300 8*0 trior FriBrio eW/y 
S«n BenefKtal 0/5 Futottc 
IX Benettcfd Q/s Rncnc 
IX BenelirtolO/* Ffnanc 

* 109 Banehcol O/s FInenc 

S28 Blue B en mil . 

*9 Botae Onoxta Cora 

*100 Borden Inc 

*190 Boston Inli Ftnence 

IX BurttnetanOrt,. 

*58 Burrouoh* Inb Fln« 

* SB compbetl Saw, O/s Fin 
S60 Carolina Power UsW 
IB Carrier InB 

iso Carter HovrlevHata Os 
S1W an inc 

1 48 CM Inc . 

ITO Omsebniueh-Ponds 

sta Chevron Cawtal 

SUO Qrvrttr Fmo npal C o 

*125 Clttcora OAF nonce 
*108 Dttcora OA Fjnonce 
in CJttiaraO/*f iiM«C* 
1X9 etneera O/i Finance 

SMO CittcsrpOAFtnarcr 

SMO aitcnra 0/4 Finance 
*109 CHicara O/s Finance 
IX aheerp O/s Finance 
*190 auesrp O/s Ftnance 
*159 Cilia* Serata O/s 
S7S cl Iv Federal So ring* 
SIS cowl Fed inti Flnanc 


11% 08 Jun 90S 1U7 
12% 02 Fib 7754 12® 
li'AtSJtH W3% 107 
Uto 09 Feb ns% 1634 
16 09 R* 185% IOI 
llto 00 Jon rn UM 
1st*® Dec nay* n® 




16*402 Feb 112% uu 
13% 08 MOV 10534 tl.A 
ntoYOMar Wto QjM 
etoVMor MO U4 
18% 07 May 77 117? 


tto 01 Dec *4% 731 
Sto 08 Jul V 9.14 


n 37 Apr ID 1037 
8 06 Mar H% IN 


Mto YD Sea nu. 11® 
17340900 1C% 1186 


1 ) 09 Sop WN 
W%WS«- WYlfiJt 



934 07 Jul 97% 1U1 KUO 
14UY6MW tn un na 

Uto YB Dec m% 1U7 U® 

12 01 FM TOto 11® IL97 

7to07Od 93% 1015 1147 IX 
12 07 TOP 48% 1123 HU 
11% 37 Od M2to 1129 12.17 

Uto 09 Jun 187 1282 033 

7to-87Aor 74 HJ»U67 1 31 
1 Sto 38 Mar TN cm U® 

M 09 Apr 10/to 059 U4I 

14% 0* Feb IN 1642 OS 

I 07 Jun «3 llJOaiS ft® 


11*1 Y2 Dec ?9to 11® 
19% ® Dec 95% 1155 


12 03 Jan Hlto 117/ 
12 to 09 Od 10214 11® 


Uto® NOT 1023k 1072 
tsv, ftSMar 189% 747 
Ota® Apr into (040 
H ® Jrt H% >031 
IJ 07 Oct I0U4 IIJ7 
UtaYOMov wto 11® 
11*4 0D Oct 99to 1128 
llto Yl Fab <9to 11,91 
It YIMar M 11.15 
llto Y9 Apr TO 1159 
17 ® Sea 105 1550 

12%VDeC IB 1W9 
Mto ® May 182% II® 


11.15 1139 B® 

!£ Ii fi 


Note 

^(akingth 

of 3 L -K. 1 


SMB Coca-Cola Connor y XA» Irik W NOT 101 


»x SaaraankemM Bank 9to®Jan J3 |Q3I IIJl ’21 

SX Svensta rtendetsbonken 7 to 06 Mor 98% 1078 tl® 9® 

S4S Svtnsko Hotaetrtxmken litoWAnr unto 12JI O0 

STO Svenskn Handelstmnker 17* 07 Feb TO If?? 


sdr2S 5e er rats invert B<mk ? 05Dec 

SIS Svertgrs Invesl Bonk Tto 07 Nov 

Hr 590 5verlgt* invert Bm* 11to0SJur> 

*4 Swedish E.oorr Crerfii IT; S5Atm 

* TO Sweaim Etaen Credit to to ® Mar 

SM SwrtlrtiE.oortCrwSi ISto 16 Jun 

cr* 50 Swedhn Eraorl Crooli i7to08Feb 

IX Swedirti Esport Credil llto® Jul 
aaa Swedish Exoori CretfJI Mto® Sep 

STO Sweden Ejocn Credil 11% 07 Fib 

sm Swia'th E yport Credit t5to07Mot 

*113 SwedisnEiBart Credil I /to Y0 FeO 

STO Swedish Euan Credit UtoYOMoi 

S TO Swedish E inert Credil Mto W Feb 

*58 Swedish State Co ISto 01 Jon 

*15 SynsvtaUkO kratt 9to®5«P 

*35 Volwa t'.j'BUt* 

SX Volvo 9 07 Mm 

SX Volvo 8 47 See 

Slot Volvo 11 S/Uip 

SWITZERLAND 


9 05 Dec 77% 9® 105 

Tto 07 Not 9S 9J71097 116 
llto04Jlri HOto 7M 094 10® 

IT : SSAtor 1W.- 9.7» 12 64 

tOto®Mor TO 1 - 9.95 1027 

ISto is Jun UQ% 1251 I *27 

!7toWF#b Ml% 11® I2JIT 

llto® Jul TSto 11® 1127 

Mto ® Sep 103 1139 1201 

11% 07 Fed HJOto UA3 HAT 

ISto 09 Mor lD*to TON 142* 

Mto YP FeO M8 1228 II® 

uto 00 Mar iob% 1M1 11 JS 1159 

Mto Y4 Feb 99 to IB® 18E3 

ISto 0? Jan MBto HU* 1*35 

Tto® SOT 97% 1095 1)76 9® 

«%®Mm 100 989 930 

9 07 Mar 73% 1 L70 056 

8 87SCB 94 1075 1 123 831 

II BAud 98% It® 11.17 


11 YQFeb 9016 11® 
II vote m tut 


11% 01 Dec 99 1120 

TO4 09 Jul 104% II® 


IX Cloo-Geigr inti X/w 
STO Credit Sui» Banamas 
0 ISO Credit 5u>*» aanomos 
*150 Credit Siejse Bdh W/w 
5 150 Credil Suisse Ban <■*<• 

STO Credit Su*sse Fin X'w 
SB Pirelli intIW'w 
*250 Swiss Bonk Cora Or* 
STO Swiss Bank Carp W'« 

S TO Swiss Bank Coro Ue 
SMO Untan Bk SwiReriond 
STO Union Bk Switzerland 
SUO Union Bk Switzerland 
STO Umon Bk Swilroriand 


kto YJ NOT 85to 728 
18% 09 DOC 19 KD4 
Ilh0DMor *9 7075 

7 YB Jun Ml 674 
7 00 Jin 83% 113* 


IF-00 Jtn 99to 1IL44 
4to 03 Jun 95 784 


tto Y3 Jun 7 Sto 10M 
IBto 07 Nov MI 1028 

10 08 Mar 99% 1016 

11 09 Nov H1% W54 
12to 01 Jun 101% 11.19 


UNITED KINGDOM 


* ISO Unried Xngdten 
SX a rri ease I mi Finance 
SX Air lease mil Finmce 
1 15 Allied Breweries 
vlOCM Allied Co 
*75 Aided Loans 
IX Allied Lyons 
S7S Amoco luki E*PioraT 
*X Qardoys Bank Inti 
STO Bar ctav* 0<* Invert 
II M Bass Ota rri ngton 

KIN Bo* inti Fmmice 
Stas Bat fiul Finance 
t TO Bar inti Finance 
I4S Baaaum mn Bermuda 
SX BtccFmance 
SX BawalerCora 
SM Bawdier Cura 
St6 British Land mil 
SX British Oxygen Flnanc 
t» British Oxygen Fmonc 
*109 BrinshOirvgen Financ 


eto 01 Dec 97to 1.17 
11% 01 Feb *7% 1223 


Ite 03 May 88 I LM 1239 1889 
« ® Aug 98 M.6I11® 9.10 

8to®0ct *4 1079 1205 931 

lOto TOMOr «4 1U11U0MJI 
~ 491 

1132 

12%Y]Oct M1% 1221 12® 

Uto ® Jan 101 I2JB 1113 
Ito ® Dec 97 1010 KL75 051 

0% 02 Sep 14% 11® 1886 

7% 07 Aug X 12® 1199 033 
7% 07 Nov 89% 12.15 13® 828 
II 09 Dec 9914 ILK t m 
ISto Yl Dec X 11.11 1457 


■to® Feb Mto 1B2Q10J1 0*0 
Tto 07 Feb 97% 11® 1257 829 
9to ® Jul M II® «.*5 

tv, *93 May Wi 1121 1174 1032 
■ 07 Nov 91% 11® 1185 045 
Oto 00 Jul 97 11® H8S 

1IJ2 


* IM Brlrbh Petrol Capita 
*50 Brirtsh Steal Cora 


llto YIMav MOto II® 
Mto 03 Jua W 1231 
IV* 02 Feb Mto 11® 


SMS Britoll F.rtaoea 
SX Cadbury SchwCPPK 0,0 
*M Caottol CounIWS Prop 
SX Covenhom Inti 
HIM Chcrter Consol Id O/S 
IX Cigno O/i Flnwire 
*X Co rrvrwrCMl Union 
tx Courtaukfa Inti Fm 
IX CaurtouU* mn Fin 
5 50 Enu Fl non 


lie 02 Feb «to 11® 

8%-WJan 96% 1839 11® 9.1 J 
11% Y0 Od Ml II® 1134 
Tto YQGcl 87% 1871 12** 8® 
9 M NOT 94% ID® ILW 9® 
9% 07 Doc 95 11® IZiS 1880 

7V: 17 Oct Wto It® 1229 UI 


9%XDac 

r.t07Oc1 


12% YJ Aug I04to 11® 


8% ® Dec 97 MJ? M97 836 
tto ® od 9*14 _ 


SX Fima Far Industry 
?» Rime Far Jndustn- 


*75 Fmance For Industry 
IX Finance For indiBtry 
112 Fbicme* For Industry 
IX Finance Fir industry 
SX Fynonce For industry 
I* Finmxs Far Industry 
SX FKansIntlFuaice 
110 FHans Inti Fmmice 
SX Faan* Inti Fbanca 
110 Gertetner HokSne 


Tto 05 Oct 
Tto 09 Dec 
tto 0f Apr 
I* ® Apr 
TOVDiC 


9*to TOQMX 9® 
94 1034 1101 10.14 

*4 11® 11® f® 

Ml 1230 1281 1184 
97% 1A.7V HL57 jo® 


SIM CocteCeto Cn muu nr llto Yl Oct W 

SW coScota l/ttt F kionc injjrt « 

*190 CocihCoia mil Fkx»K i»WAoo W 

SMO Cocu-Cnta Inti FHtotiC IrivWOd ™ 

STO Coca -Cola Inti Fbmnc .SSSSS. 

STO Comsat lull 1*% YJg»9 

SX Conoco Eurofinonce » 06FOT W 

SX Cons«4td0UdFB0d»O* TVjJIJ® 1 g 

SIM Continental Group O/s ftolJJut 95 

*73 Cunt mental Group O'* 11% YjAua 91 

SIX CantMiM lilinoii W® Jul 9S 

SIM Continental IKinM IS* 09 Mar 

SX CenHnenW Tetaphane 8to®Feb 98 

*50 com Products Cpc I6to®5ea 10J 

SX Caroriu International 8%®Mnr 98 

*7* Crocks- National Bank W*08Apr 94 

1 50 Cummins O/s Finance 15% Yl Dec i» 

SU Cutler-Hammer 8 njun 93 

S35P Data Sarins* fc Loon 13% 09 Sea IM 

SX Dana inform fiance S 07Mar M 

*85 Dtrt & Kraft Finpace 7*. 08 Nov W 

SIX Dtattai Eawamart O/t 1134 09 «m TO 

six Daw Chenucal O/s I 06 Dec « 

SOT Dow Chemical O/S 91*04®*- » 

SX Dow Comma Ol* r.106 Jvm W 

I7J Ortotr On Finance ,7% 09 Oct BDto UP* 

JOT Du Pont O/* Caotlal Uto 07 May TO 1107 

ITO Du Pont O/s incite* 14%08D*C TOto 111* 

SOT Du Pont a/i Capital 14%09AUO KB 256 

SIM Ou Pant O/s Capital 11 to 05 Jun TOto 11® 

SM Dute Power O/s Fbtenc 15% 09 Apr M6 

*50 Eaton FVnmica lltoj*®" IW 

SMO Emend, Finance Irik Y3 Mot » 

SX Emo O/s Finance 1 ®5«n 9P 

IX ejso D/5 Finance Mor 8 04 Mar 97 

SX EmaO/s Finance Nov 8 ®Nw W 

STO Fed Dept Stares 11 MF* W 

SOT Fed Home Loot BotAs it VOec fT- 

*390 Fed Nattonol Mart AM 11% 01 Dec 99 

SM5 Flrrt Fed Mlrtilean Uto09Jul W 

STO Flnrlda Feder Sarinos R3b09May TO] 

S IOO Fluor Finance M 09Sw MK 

STO Ford Molar Credit Ca lt%0BF«b TO 

SMO Fort Motor Cmdtl Co 17*9100 im 

sm Fort motor Credil Co n 05 Feb W 

*2X Fort O/s Finance iTHUMav net 

*25 General Anterk Trans, Ito 07 Jun 931 

SX General Cobte 0/5 Sto 07 May W 

SOT General Electric Cred 11% 07 NOT TO] 

SIR General Etactric Cred 12 09Od trot 

SOT General Electric Cred HMYtFeb m 

SOT General Etoctric Cred ID 08Jut If 

SOT General Bedric Cred 11 YIFeb TOt 

SUO Grtwral EiectrK Crad 9to71 Auu 941 

SX General EtedncO/5 414 05 Dec « 

STO General Food* Ca loti 10% 05 Jan 96 

SW General Foods Crod CO 12 09 Apr 1023 

sx General Mills Finance 8 ®mot 97V 

STO GmralMiatlnc 12 YiDec 99) 

s too General Maters O/s Fl 11 ® Aar in 

s® General Metare CVs Ft MWAug IB) 

STO Gmrai Meters O/s Fl llto VOd lilt 

S45 Oeoryio-Padflc Floor 14% 07 Apr 10CV 

*m Getty 00 Inti 14 09 May MS 

STO GtirtC O/S Finance 15to05Apr Ml 

SOT GmacO/k Finance 17to SiJai MBS 

SMO Gmnc O/s Finance Tto® Jul 984 

SOT G/noc O/s Finance U ® Jul an 

STO Gmac O/s Finance 15 07Mov tan 

STO Gmac O/s Finance n 07Od H2V 

STO Gmnc O/s Finance MtoWFeb iron 

SIX Gnmc O/s Finance 16 TO Fab 111* 

SIX Guide C/5 Finance 14% TOAug B7U 

*125 Gmac O/s Flnrmc* IS 09 May W7V 

SOT Gmac O/i Rnonct 18% 09 Fta m 

STO Gmac OA Ftaence IWsYBOct Wlto 

S» GaadvemO/sFInance 17% 07 Jan TON 

V12580 Goodyear TTrs Rubber 6%Y*Dec 9414 

SX Goridlntl Finance Tto® Mm MD 

STO Grtrn Finance 133409 Aug Hri 

ta Gte Finance l5to®Juo M3 

STS G4e Finance 12 17 Apr TO 

(X Gte Finance llto 07 May TO 

SB GtaFtance Ito 09 Jul 94v. 

ecu x Git Finance 1D%02Aar mete 

SIS ot* i nt e r na t ion al ■% 04 not « 

S1QD GuM Od Finance I2to07Od HD 

SIX Button Flaw* Mto 01 Dec ISto 

*48 GuH stales o/s Finan i7%«Od 187 

SW GuH Stales O/s Finan H YBApr HtSV; 

STO Galt A Western Interc l2%09Mnr MB'*. 


llto Yl Oct toto KL9Q nj} 

1034TOJIS9 »»* M® HL40 

123409 Aup Wto 1059 TU9 

11to09Od TOto 1033 11.44 

9% Y2Aug 18® me 

in, Yl May IQBk 004 1214 . 

I 01 Fta (ft. 9J7 1831 814 
7% Yl Jon 83% 11A U02 909 
9% 04 Jul 95% 1322 18X 

11% YJ Auu 91% 1219 057 

Tto® Jul 95 13® M® 

ISto 09 Mor MS HJD O0| 

Sto® Fta 98 IM 11® 867 

)«to®5aa >04% OX 1483 

I % 04 Mor 18 UU41LN 447 
19% TO Apr 44% 1209 Tl.ll 

15% YI Dec 109 U® 1*21 

I 07 Jun 93% 1L34 1204 856 
UtoWSra IWto II® I2B 

S 07 Mar 94% 11.161131 L/7 
7to YBNav « 739 7® 

1134 09 (War TO IUI tl® 

■ ® Dec Wto M33 448 

94*®Mm- 8M4 11X11X1832 
IV,® Jun 97% 180911® 472 


i.-ktf.Tw 7.B 
• ' "J* 

j r‘‘ f^r ir 


17% 09 Oct MOto HP* 1217 

llto 07 Mot MS U® an 
14% 01 Dec Wlto 1211 UTO 
4% 09 AU9 KB 1256 1145 

llto YS Jun ITOto II® TU2 
J 5% 09 Apr 104 1348 1641 

uu. to Jon nn% i2*o ms 
ltlk Y3 MOT M% I1X II® 
9 -WSSP M) Ml Ml US 
8 litter *7% HUMUS 821 
8 ® Not 943b 182) 1037 829 

II YC Fta Wto 11® ll® 


1234 09 May TOta 11® tin 

M 09 Sep U3to 12M 004 

11% YH Fta 98% tl® 1)B 

127k Yl Od 1D% 1204 12** 

1? YSF® *9to rzot tun 

12% 05 Mot 188% 1121 12® 

Sto 07 Jun 93% HB 13® 803 

Sto 07 Mov 93% 11® 078 407 


11% 07 NOT Wlto Mil 11® 

17 09 Od mm 1 13* 11® 

10% Y* Feb 97% 11® 1401 

ID YQ Jut ISto 11® M4I 

11 YIFeb 188% MN MIS 

934 Yl Aup 94% 1495 HU2 

414 05 Dec 94 M2 647 

10% YSJan 96 IUB MM 

12 09 Aar lDZto 1L11 182)11® 

8 N Mar 97% 1057 T12* 431 

12 YiDec 99% T209 1201 

11 ® Apr Ml 1ST HU9 

BtoWAvg 18)4 907 1809 891 

llto 07 Dd 11116 11.13 11® 


414 05 Dec « 9® 

10% YSJan 96 1L1B 


llto 17 Dd Mitt 1U3 
143407 Apr 1MV, 1219 


ISto TO Apr Wl 7® 
1734® Jen MBto 1108 


914 ® Jul 98to 18.14 
13 ®Jnl Wto 1LD5 


15 07 May Wto 12J8 1*32 

n 07 Od M2VJ W» 1131 

llteVFta 18714 11-93 1239 

It TO Fta lllto 11® 1632 

MHVAU9 M7ta It® 1237 

15 09 May MTV, 1207 1195 

18% YSFta ITU IUI 187* 

mexoci Wlto 11® 11® 

17% X Jun Ml% 11® 033 

tto® Dec 94% 7® 7.12 

TtoTOMM- MD 9® 9® 935 
Mil Aug Wto 1131 1237 

15*406 JM M3 1289 15.17 

12 07 Apr Ml 1101 11® 

Uto 07 Mot TO 1113 041 

936 09 J)P 94% 1U7 1L71 MJ2 

19% 02 Aor Wt, IJJ 1401 

■to ® Nov « 110712*8 4® 


936 09 JUI 
19% 02 Aar 


BtoTONOT 95 1)0712® 4® 

KtSliK 

17% 08 Od 117 1678 It® 


17%«Od 
H YBApr 
12% 09 Mor 


Ito WJun 97% ID® 11, — 
1536 09 Apr IB 1681 
Tto 07 NOT JJ 10011221 
HtoYOMor 97% 11® 

09 Dec 101 HUB 
TO Aug ItOto 1108 
Y20d Wtto 14® 

TBAcr 99to raw 

07 Jun 91 1135 


11 TO Fta TO IUB 
llto 08 Od im 1105 
10 09 MW 77 


525 GartFMdi Bermuda 
IX Gnaid Mefrea Finance 
*15 Grand Metn® Hotels 
*25 Grand Mehw Hotels 
SX Guardian Rmal E.»chm 
*3 Gusiniernahonol 
*15 Gus international 
52* Ham bras 
*B Homoros 
Sttn Hunime r rtta Property 
*X Hawker toddy lev 
53 Hill Samuel Group 
SX HowdenAImFtooo*/* 
tteo lc Finance >/w 

SWQ let intiFincnoe 
SX la roll Finance 
IX Ino inti Holdings 
S TO investors In Industry 
IX investors In Industry 
I X investa s in industry 
125 Meeiwori Bemat Lons 
I Losmo Eurofinance 
SX Legal GeraretAssur 
SIX Uovdl EdOHnance 
I® LenrfM rntf Finance 

*15 Metropol Eitate 
*25 MdiOPOl Estate 
*75 Midland Inll Finmce 
*75 Mujond Inti Ftnonce 
SIX Midltad im Financr 
STO National Ciol Bocnd 
SX National Coal Board 
SX NatVGnndlavs Bank 
S7S NattWMtTrurstfrBor* 
550 Noll toninvinsttf Bar* 
ilN *ta*! Weshnlaster Fin 
SIX Noti w*j minster F)n 
SS PtesseylnU Finance 
SX Rrtik Ortanriotlon 
SX Rediand F %®we X/w 
IE Reed inedertandl 
5*9 Reed tnlernattnol 
SX Rhm lirternatlond 
*40 PJot Overseas Ftaence 
SIN h% rtntaZinc Flnanc 
112 Rothschild Inv HCtdtn 
118 PowntreeMocklnlarti 

■ X Rountree Mackintosh 
*75 Rgyscot InB Firemen 
*M Scotland Inll Finance 
ISO Scotland IWI Finance 

■ IS Sears inhrnatlenai 
IX Sotearan Trust 
*X Stougn Estates Fin 
512 Slough Estates Lu< 

*15 Toot City Nedertond 
IX UbFlnancoXna 
SX Ub Ftnonce 

SX United Btocutts luk) 

SX United Dominions Tins 
tX Wellcome Foundation 
115 Whitbread Co 
SX WifUemsGtyns Bata 
STO WRiiomsCtvns Nodari 


1213 
II® 10J1 
11%t»jwl HD II® It® 1235 
194 09 Jul IM 1212 1186 

IBWYOMa, W 11® 11X5 

Sto 07 Jul 94 11.18 1244 8® 

lOto 07 Dec T229 M34 

834 Y2 Art teri I13» 037 1QJ6 

11 TO May r 1211 123711® 

ISto TO Jul 99to IMS II® M® 

KWiiosep «s tin lie 

9to®Jta 99 1IUJKW2 9® 
7% 07 Doc 97% HL44I2® Oil 
I 07 Jut 93 116* 1277 8® 

8% 06 Mor *7 1141 1256 476 

9% 09 Aar 92 1203 1175 10® 

9%0SDe< 99to 10X1839 937 
736 0700 93% 11.13 11® I® 

17 09 Dec KB 11® 1200 

llto Yl Sta 18* 32X 1274 

1% ® Nov 95% 11J9 1228 4»0 
e%Y)Jw> 85 HID 1131 ILM 
Uto YB Jun 93 11® U® 

Bto 07 Jon 97 KU* 1259 151 
7V, Y? Feb 91 109 9® I® 

ID 08 Mor 95% 11® 1047 

12 09Mor 102 11® 11.76 

11% Yl Dec 99 1IJD 11® 
MtoYlOd 9Sto 1153 11® 

Ito 07 Mov 9TA 1152 1*01 883 
U Y3 Jut 103 1353 1175 

7*6 TO Fta 91% 1112 1216 4J3 
11% V* Dec 96% 110 II® 1133 
17 MM 99 1231 1217 

Sto® Dec 97% 1029 1001 497 
I YIFeb 85 IUI 1137 901 
Sto® Dec 97% 1829 M67 137 
Ito Y? 5*P as 1183 1300 1035 
11% YiDec 96% 12® II® 
■ 07 Sea »5% nun id® 4® 
SteWOct 91% 1155 129* 903 
7*4 V Nov 93% 105*11.18 4® 
9 WJun 981, 1015 9.M 

9 ® Jul 91% 1417 M3* 1.14 
Mto YiDec 112 1206 1117 

llto 02 Nov HBto 1187 11.73 

1% 36 Jun 96% 1U* 1103 401 
tto® N ot 96 II® 1209 9.11 
9% YIMar 90% 11® 1147 MX 
143*09 Mar WSto 1491 1531 

1 "87 MOV 96 1183 1103 9® 

8 TO Mar 94% 9® 1485 539 

9 Y? Aug 84% 11® 12X18® 

11% 01 Not 97% 1208 1137 

14% 10 Aug lotto 1131 13® 1331 
UTtTOFeb 97 1107 114*1457 

AWOfl 87% 110* 

llto Y3 Nov X 123* 


STO Honewrtb tnfi Flnanc 
• TO tueuhou Fhonca Int 
SOT ibm Credit Cora 
5300 Ibm Cradl Cara 
STO Ibm Credit Cora 
SMO lira Crodtl O/s X/w 
SOT Mail world Trade 
SX k Industrial 


SX lc Industries 

S7S lc Industries 12 YBMov TO% 11® 

ITO lc industries W/w Sto 01 Jun IM 4.14 

SW lc Industries X/w BtoYl Jiei 83% 1231 

5X lc Industries U%01Od lHto Q01 

cnS50 Icliytostries ITtoYSFrt 99 10JC 

S75 lc Industrie* ntoTODec *9 011 

SX IBhiots Power Fkionc l* % TO Jun 111% 1201 

STO ininali Power Flnanc 12% 02 Apr Ml 12® 

sx ineenolMtatdlta I3to YSOa in 120? 

51 is Inll Harvester O/S Fl 1 Tto 05 Aug *9% 11c 

SIS Inti Harvester O/s Co 5 TOApr 91% 1240 

S7J Inll Pttaer Oft Fhwnc 12 01 Mar HQ 11® 
SU Inti Standard Eledrl 6 TOMar 96% 9® 

SX lidtSteTOrd Eledrl 9 WOd 97 1141 

IX Inti Sttadord Eledri 6 07 May 95% 8® 

IX hrl! Standard Elecril IHfcWJan IBB 11.11 

SX Inti 5tandvd Electri n WMar M0% 11.91 

S» ItlAnWtBt 9% 09 MOT 92% 11® 

SMB I ft Antilles 11% 02 Nov 180% 11® 

SMS lit Financial 11% 09 Dec 101% ILW 

SX lu Overseas VttTOJd 94 11® 

*75 Jem Hancock Q/s Flna 12 09 Nov 102% II® 

SMC tiettoaaComa lDtoYBJon 99 11.04 

sm KettortOvita Uto 02 Jan WO lU* 

STO Kmnecott inti 9% WJun 98 1107 

sx Kldae waiter O/s IWTBJui w% 15s 

STM Klmbwly-Oark 12 ®D*C KQto 1139 

SW KtaiberivOork infl 8V,® Apr 97% MJ8 

*75 Leri Stram Inti Pin 11 0QJul 94U 1101 

SIX Man Credil Cora llto 05 Fta 99% 1104 

*100 Mocv RhO/s Ftaonce UUYlJai 1813*11® 

STO Mmufad Haawer X/w uviWSta Ml% 13® 

*109 Manuiari Hanover O/S 13% 07 May M2 1248 

ITO Nianutad Hanover o/s I3%07 Scp ID3 11.99 

SW Manund HonanrOro HMkTOMav «S 12)2 

STO Mrtrttod Hanover 0/5 low ycmov 91% aa 

S 75 Mcdonolda Carparalkal ITtoVOct 107*4. 1I.J7 

v 25808 McdonakJs Corporation 4% 02 Jon 96% 7® 
*75 Uaxnolds Finance C p mv JFeo 97% fl® 

*75 Modonatd* Franz Co llto® Jon 99 11® 

*X Mcaornwll Douglas Rn 17 TO Fta 186 14® 

!5S MrilonBonh IJ 07S*P 103% 11® 

SIM Merrill Lynch CO 17toTOOct MJto 11® 

*W8 Merrill Lynch Co X/w 12%0*Dcc 103 1113 

S2N Merrill Lynch ors Cap io%0QApr 96to 1159 

SX Matte lid Ftaonce 7 WAug M 9» 

SMO Montagu Pkxemcnts llto 01 Aug 106 11® 

SX Montano Power Inti Fl 15to07Dee M3 13® 

S» Momma Power inti Fl )«to09Sao no 1127 

*UC Morgan Guaranty T nisi ITtWAor tgito 1146 

JJ® Maroon GuaranlrTrurt IZto 87 Qcr irou. II4B 

*JX NarartJp Inll Capita iitaTOAug 99% lint 

*2 J*Mrt0la_. MtoWDfC MB% 1215 

tx NatemasO/sFinance IS TO Aar 101 u ) 

sx Notamas O/s Finance ISto 06 Jut MS 11® 

1* New Engtaid LHe 11% 03 Fta TO 1150 

New England Die llto 05 Feb Wto 1139 

SX New Yerk rimes Inti 17to870d 183 1137 

SM Niagara MMrtwk Flnanc 17 09 sen UP 1*0 

*TO North Amer PMHPS Mto Yl Qa in 12U 

JB North Amer Rock well (toTOMoy 94% 1272 

s® Nennem jtMtppGPuw i7w.TOOa 195% imp 

•X Ntawert O/s Capita? 12% 01 Fed ra% rz® 

*75 Occidental lull Flnoo 8% 05 Jun 99% 1423 

15 Ocetaentot inll Finan IttoWMnr i» 1177 
J* Occktenlal O.0 FInenc StoWFeb 95 1131 

S75 Ohio Edlaai Flnonee ITtoWJul M5 14® 

52 Ohio Edwin France 17% TO Dd id Uji 

i?S * ® Auo 9?% ion 

S7S PMNcGasEtedric It TOAug 181% 1*55 


KSS J 


Bto 01 Jun 83% 1239 
UV: 01 Od IDtto 1249 
12% 05 Feb 99 12* 


TTto09DcC 99 
14% TO Jun 18t% 
12% 02 Apr Wl 


1314 0SOC ID 1287 1231 12J9 
1236 TOAug 99% 1143 1111 

5 ® Apr 91% 13® 5® 

H 01 Mw M2 11® 1138 

4 01 Mor 96% 95*122 622 
9 WOd 97 1101 11® 928 

6 07 May 95% 8231041 428 

HU TO Jan TO 11.11 (UI 
12 04 Mor 100% 11.91 110811® 
9% 09 MOV 92% 1102 1417 

11% 02 Nov iflOto 1U3 1147 

11% 09 Dec 101% 1104 1121 

83607 JiA *4 1131 1171 9® 


12 09 Nov 102% 1124 
lDtoTOJon 99 11.14 


llto 02 Jan TO 1U* 
9% WJun 98 11® 

IW TB Jut 99% 9® 
12 WDec Wlto 11® 
8V, W Apr 97% N381 
11 TO Jut 9436 11® 
1136 Y5 Fta 99% 1104 


1136 Yl Jan lllto 1122 
13% 865m RH% 133 


ID'v 08 Feb 98 
8to 09 Art 91 
8 YSFft. 92 
ito® Feb *9 

I TO Jon 97 
Bto TO Apr ff 

II YBJoi 97 
* TO MOV 97 
Hk TOOK V 


90 11® 1044 

91 11® 1212 962 

92 '1X 1202 8.70 

99 M.9012JB 8.93 

93 ItJ* 12® US 

l*to 1210 909 

97 113* 11® 1 1JJ 

92 11® II® 9® 

V 1L43 T23t 95? 


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10% YBApr 95% II® 11.99 18® 
8'* 07 Jun «*% HO 1132 173 
11 Y3Jta 94 I11513JD117D 


DmsGtvns Nederi 11 Y3Jwi 94 I 
UNITED STATES AMERICA 


six Aetna UM Casualty 
STO Alaska HovsmoFm Co 
*12 Amos Infl CaMtol 
*75 Amax Inti Finance 
•TO Amerodn Hess x/w 
s 55 Amerteon Airlines O/s 

* WO American Brand, s .. 

SUO American E wen Cred 17% TO Oct 
*75 American Enures* Oto u<-we*«v 

STO Amrrioai Eaaress O/s 
15* Americon Foreton Pwr rv® Jon 

SX American Froelta Pae 
ensx Americon Hospital 
ita American Med kol Inll 
S 125 Anwr«an Soring* Mil 
5 rn American Saving* iidi _ _ 

1« Amerlam retenti Trira I* to WMar 
ss AmocuOn HotdMcn suwoci 


U TO Dec Ml 1248 IU6 

15 1t*B 105 1033 1*79 

llto® Feb Wto 11.78 1108 1132 

836 06 Apr 97 1U21249 907 

IbW 01 Aor W7V, 1*47 15.12 

Bto 07 Jut «% 11® 14.17 7 M 
15K.WABT M3 1219 1401 


Wto 08 May (5 1212 

IBto 08 Mov 91% 1228 


12to07i>ct IBTto 11.17 
4% 02 Jen 9tto 720 


9» TJFee 97% 7U5 
11%® Jon 99 11® 


17 WFW H4 14® 
13 075ep M3% 1128 


lltoTOOcl MP4 11® 
12%® Dec 103 1113 


10% YQ Apr Wto 11® 11® 

7 WAug W 9® II® 7 39 


J WAug W 
llto 01 Aug 106 
15% 07 DfC M3 
14% 09 SOP in 


113k 0B Aug 99% 11® 
Mto ® Dec MD% 1115 


IS TO Aor 101 
I Sto 06 Jul M5 


11% 02 Feb TO 11® 
llto YS Feb wto 1139 


Mto Y8 Aor 95% 11® 
4y07Jun 89 1155 


S TOMar 40 1ZX 
12.,® Aar 101% 1154 


Mto TO Mot M3 11® 
Mto WMar ttfto (247 


STO Pacific Ga* Electric 
*4S PocHk Go* ETedr ic 
•TO Pacific Cos Electric 
*U PacIttcGa* Electric 
SK PadflcGasElecfrfc 
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(Continued oa Page 14) 


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West LB 



Eurobonds - DM Bonds ■ Schuldscheine 
for dealing prices call 


dOsseldorf 


Wtetde utsche Larxfesbank, Hoad Officro, RO. Box 1128. 4000 Dusaefdorfl 
international Bond Trading and Sales: Telephone 8 26 31 22/8 20 3741 
Telex 8 581 881/8581 882 


London 

Westdeirtsche Lanctesfaank. 41. Moorgate. London EC2R 6AE/UK 
Telephone 6386141 • %lex 887 984 


Luxembourg 

WfestLB International S.A., 32-34, boulevard Grande-Duchesse Charlotte. 
Luxembourg. Telephone 44741 - 43 ■ Telex 1678 


Wfestdeutsche Landesbank. BATbwec 36th Float; 12 Harcourt Road. 
Hong Kong.Tetephone 5-8420288 ■ Telex 75142 HX 


Marketmakers in Deutschmark Bonds \A/0St LB 

\Afestdeutsche Landesbank 




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Making the Most 
Of a U.K. Rate Rise 


The Thatcher government’s strategy to defend the pound 
through higher interest rates has sent a shiver through British 
markets. But Michael Jankowski, chief bond economist at 
Simon & Coates in London, regards the rate rise as an invest- 
ment opportunity. Far from bemoaning th e recent 2-poim 
increase in base lending rates, Mr. Jankowski says it gives 
investors a chance to lock in attractive yields and position 
themselves Tor a rally in U.K. government bonds, ca lled rills, 
when rates fall later.' 

Yields on gills of 15-year maturity are running at 1 1.5 percent 
oa a semiannual basis, sh'ghdy higher rhnn comparable U.S. 
Treasury debt, he notes. Given the usual relationship between 
U.S. and U.K. bonds, the “gQt market has great scope for a 
reduction in yield,” he argues. With British inflation at about 5 
percent a year, real yields are high. Also, “the perception right 
now is that sterling is undervalued on any basis,” he says. 

He expects the government to let interest rates ease down- 
ward as soon as practicable, setting the stage tor sharp increases 
in gilt prices. On the basis of price alone, the U.K. bond market 
could outperform the U.S. bond market by as much as 11 to 12 
percent, be estimates. 



A rare St Louis blue-ground bouquet weight 


A Major Auction 
Of Paperweights 

Collectors of Old Masters have their Rembrandts, sculpture 
devotees their Rodins. But it is the Okhys, SL Louis’ and 
Baccarats that excite a serious student of paperweights. These 
are the three glassworks in Fiance that produce the most sought- 
after paperweights. Their pieces, experts say, are considered 
essential for a serious collector. 

On March 14, Christie’s wiD hold an aufclion in New York of 
Clichy, SL Louis and Baccarat works acquired by the late R. 
Henry Norweb, former US. ambassador to Pans and other 
European posts. Mr. Norweb assembled an impressive coHeo 
tion of paperweights from around the world. 

Initially, paperweights were used for purely practical pur- 
poses in the 19th century. But as glassmakers became more 
elaborate and colorful in their designs, paperweights gradually 
were moved from desk tops to display cases. 

Although paperweights have been the object of serious col- 
lecting since the earty 20th century, interest was revived in 1979 
when the Gingham Wright, a foral design by St Louis, fetched 
$100,000 at a London auction. Rachel Russell a ceramics and 
glass specialist at Christie's, says prices of $10,000 to $20,000 for 
the weights are not uncommon. 

• • • 


Dollar Surge Hurting 1 
New York Apartments 

Politi cians and bankers are not the only ones howling about 
the rim-op of the dollar. New York City real-estate agents are 
mm plaining that the currency’s record performance is discour- 
in ves tors from baying luxury condominiums. 

tike the Trump Tower, Tramp Plaza and 
. • . 4 . ■ . PaA Tower, where apartments 
' " range from $500,000 to over $1 





million, still report good sales. 
But New York brokers say a 
drop in the number of foreign 
,S;1' boyCTS has contributed to a sig- 
!S& nificant slowdown in the rate 5 
appreciation on luxuiy condos. 

“Three years ago, we sold at 
least half of the Trump Tower 
to foreigners,” says Jacquelyn 
Sonenberg, a sales representa- 
tive for the Trump Organiza- 
tion - “In the last 18 months it’s 
been strictly Americans.” 

For 1985, Marc Broxmeyer, a 
partner with BeHmarc Inc-, esti- 
mates that the annual return for 
condominiums priced over $1 
million will fall to 10 percent 
from 18 percent to 20 percent in 
1984. The appreciation of con- 
dominiums selling in the lower 
price range of $300,000 to 
$600,000 is higher, but brokers doubt that ret unis will match last 
year's 30 percent to 40 percenL 
A Iowa- rate of appreciation, brokers warn, could sour the 
appetite for mfflion-doflar condominiums even mare. Unlike 
cheaper condominiums, it is difficult to rent luxury apartments 
at a monthly rate that covers an investor's overhead. 


Looking Up: A new 
apartment tower at 
500 Park Avenue in 
midtown Manhattan. 


Next Month 


mem houses worldwide produce a bewildering 
for investors and the professionals who advise 
hen complain tha the endless reports on markets 
ffer them Gttle substantia I guidance, while the 
■ role is misunderstood. In Us March 11 issue, 
g will look at how research is carried out and its 

^The attractions of Swiss financial stocks and 
.. .. 5 •— features such as 



venae of international jwuv. 

ns is published on the second Monday ofjh£ 

... ^ tUo t mnmnriaie inauines before 



; me 

to any investment. 


Penny Stocks: 
Tales of Peril 
And Profits 



By John Meehan 


I N 1982, Falcon Sciences fnc. looked like an 

exciting opportunity for bargain -conscious 
investors. The small New Jersey company 
had obtained a license to develop and mar- 
ket a method using steam to enhanire oil-well 
production. Though inexperienced in the field of 
new technology, company announcements indicat- 
ed that everything was going smoothly. Falcon 
even managed to clinch a few promising agree- 
ments its first year out 

And while the background was attractive, the 
price was outright seductive. In the space of a year. 
Falcon’s share price went from a meager 20 cents to 
over a dollar in over-the-counter trading. And the 
upward momentum showed no sign of slowing. 

Falcon looked too good to be true. Investigators 
at the Securities and Exchange Commission 
thought so too. After a closer look at Falcon, they 
came away with a picture that differed decidedly 
from the company's public image. 

Falcon, according to an SEC investigator, was 
not the growing technology concern it appeared to 
be. Progress reports put out by the company were 
misleading and its transactions of questionable 
value. And instead of earning a living from engi- 
neering expertise, the commission said, a substan- 
tial portion of Falcon’s revenue came from other 
sources, including a couple of gasoline stations in 
Arkansas. 

It was all part of an elaborate charade, the SEC 
alleged, to increase demand for Falcon shares and 
inflate the price. When market sentiment was ripe, 
according to investigators, company officials sold 
stock from a cache of bogus shares they had tucked 
away, much of it in accounts with American bro- 
kerage bouses in Switzerland. More than three 
million unauthorized, possibly counterfeit, shares 
were sold to investors m the United States. 

Last year a federal judge ruled (hat company 
officials had violated U5. securities laws, and he 
froze Falcon's assets. The case is still pending and 
the SEC is trying to recover money from the illicit 
stock sale. More importantly to shareholders, trad- 
ing in Falcon stock has been suspended since last 
May. 

While the scope of the Falcon case is unusual, it 
illustrates the Itind of recurring abuse found in the 
freewheeling penny-stock market, where bargain 
prices and grt-rich-quick schemes lure thousands 
of investors each year and where unscrupulous 


operators have earned the market an uncommon 
notoriety. 

“The penny market’ 1 is a term broadly applied to 
new and speculative issues in the United States that 
sell for no more ihan SS a share and often for just a 
few cents. Most are shunned by the Wall Street 
establishment and find their way to the over-the- 
-counter market with the help t rf regional under- 
writers. 

While the debate over the legitimacy of penny 
stocks as an investment continues to rage, there is 
no disputing the public’s fascination with the pen- 
nies. Given their humble beginnings, penny stocks 
have a lot more room for price movement and pack 
more of a thrill than blue chips. It is not uncommon 
for some penny stocks to double m value cryemighL 
Moreover, if a fledgling company survives the 
bumpy transition to a going concern, the gains can 
be staggering. 

River Oaks Industries, a mobile-home manufac- 
turer based in California, is a legend in the market. 
It began .‘trading over-the-counter at 50 cents a 
share in 1980 but has since climbed out of the 


penny league and goes for more than $7 on the 
New York Stock Exchan ge. 

“A lot of people think they can make quick 
profits at these low prices,” said R. Max Bowser, 
publisher of The Bowser Report, a monthly penny 
stock newsletter. “But the real successful players in 
the market are not only selective but have a lot of 
patience.” 

The penny-stock market has gone through a lot 
of changes since tura-of-lhe-centnry gold and sil- 
ver prospectors in states like Colorado and Utah, 
far from the established markets back East, distrib- 
uted penny shares to local townfolk to raise cash. 
While Denver, Colorado, is still considered the 
mecca of five-and-dime stocks, the emergence of 
New York, New Jersey and Florida as new-issue 
centers has considerably altered tire markeL 

Hie oil and mining stocks that dominated the 
market for tire better part of its existence are no 
longer its mainstay. The penny market has given 
way to more trendy issues. High-technology and 
honte-healtihcare stocks are now the rage. 

Still, one similarity binds today’s pennies with 
(Continued on Page 10, CoL 1) 


Index of Low-Priced Stocks 

Includes 3,000 stocks of under $1 0 a share 



2,100“ 


1.900 " 


1,700“ 

1984 


MAY 

1,600 ~ 

9 14 21 29 


4 11 IB 25! 2 B 16 23 30 j 6 13 20 27 


SEPT. ! OCT. 

4 10 17 24 J 1 8 15 22 29 1 


U.S. Takes 


Another 


Swipe at 
Secrecy 


By Robert C Siner 

T HE simmering feud between the 
United Stales and foreign investors 
over the issue of bank secrecy and tax 
evasion has erupted anew. 

This time, tine parties are skirmishing over a 
U-S. Treasury proposal to tighten proof-of- 
residency requirements for foreign purchasers 
of American securities. In effect, the plan would 
require foreign investors in (JJS. stocks and 
bonds to provide residency certification from 
their governments. 

Under current law. foreign owners of U.S. 
stocks and bonds are subject to a 30-percent 
withholding tax on interest and dividend pay- 
ments. Withholding on interest from bonds 
issued after July 18, 1984, has been repealed. 

Many people, however, avoid the deduction 
or qualify for a lower withholding rate through 
a network of tax treaties between the United 
States and about 30 nations. All of Western 
Europe and Japan have such agreements with 
Washington. For example. West Germans have 
only 15 percent of their dividends withheld. 

It is relatively easy to benefit from treaty 
provisions. Buyers need only state that they are 
not U.S. residents and provide a foreign ad- 
dress. Many times they can simply purchase 
stocks through a bank in a treaty country and be 
taxed as a resident of that nation. 

Treasury officials contend that tire regula- 
tions are being abused. They suspect that Amer- 
icans are using foreign banks as a tax dodge and 
that residents of nontreaty countries are pur- 
chasing U.S. securities through hanks in nnunns 
that qualify for reduced withholding. Moreover, 
tax evaders are difficult to catch because secre- 
cy laws in many countries prohibit banks from 
providing information about a purchaser with- 
out client consenL 

To counter such abuses, tire Treasury wants 
foreigners to prove their residency. Under the 
proposal overseas investors would have to sub- 
mit a certificate of residency stamped with the 
official seal of tire foreign tax autnorilies each 
time they purchase a U.S. security. The docu- 
mentation would be required for all UJS. stocks. 
It also would affect interest payments from 
bonds issued before last summer’s decision to 
eliminate withholding. 

It is part of “an overall program to uy to 
dose up some of tire more obvious areas of 
abuse,” according to an official at the Internal 
Revenue Service. “What we're saying is if you 
claim benefits in a country, than you certify 
that’s where you live.” 

Not surpriangly, the proposal has drawn 
strong criticism from foreign banks with cus- 
tomers who want to remain anonymous. They 
argue that they cannot comply with certificate- 
of-residency requirements without violating tire 
laws of the countries in which they operate. 

“The Swiss in particular weren’t loo happy,” 
a U.S. official said. 

Also trapped in the middle are U.S. banks 
(Continued on Page 12, CoL 3) 


FUNDS == SEES E ~ _ 

Channel Funds Are Back 


By Lynne Curry 


A VIOLENT swing in exchange rates, such 
as the dollar’s latest surge, can wreak hav- 
oc on tire best laid investment plans. It is 
tittle wonder that offshore currency funds, 
which were stung by British tax chang es in 1983, are 
again beckoning anxious investors. 

By some estimates, there is well over Si bOlion in 
these offshore funds, which are principally based in 
Jersey and Guernsey in the Channel Islands. The 
funds, which are usually set up by banks, operate 
much like a money-market mutual fund. They sell 
shares denominated in a variety of currencies and 
place the proceeds in the interbank deposit market 
and a wide array of money-market instruments. 

“They offer a high degree of flexibility, access to 
cash and, in a particular week, if one is not bothered 
that he may not get the finest rate on every currency, 
they are superb vehicles,” says Martin Smulian, fi- 
nancial director of Bishop Cavanagb Ltd, a British 
financial consultancy. “Overall tire mec hanism is 
excellent.” 

In general the funds offer better rates than an 
individual could obtain al a local bank for Smaller, 
short-term deposits, along with having the flexibility 
to switch among currencies easily. By pooling inves- 
tors’ money and placing it in a variety of instruments 
and currencies, the funds can also reduce tire risk of 
sharp exchange and interest-rate movements. Here 
are some of their main features: 

• Investors can choose a fund in which the under- 
lying deposits are in a single currency or a fund that is 
matte up of a basket of currencies selected and 
managed by the fund's bank. In single-currency 
funds, most banks offer shares denominated in tire 
U.S. dollar, the British pound, the Deutsche mark, 
the Swiss franc and the yen. For the managed multi- 
currency funds, shares are usually denominated in 
pounds, dollars or Deutsche marks, though the un- 
derlying fund assets can be in a wide range of 
currencies. 

• For tax reasons, funds are further divided into 
“distributor” funds, which pay dividends every six 
months, and “roll-up" funds, which accumulate in- 
terest earned. 

• Share prices vary widely, but all are geared 
primarily to tire individual investor. A share in Citi- 
bank (CD Ltd.'s Citifunds is about $10. while shares 
in Schroder, Money Funds Ltd. cost about £10,000 
(SI 1 ,250). A typical currencv-fund deposit is between 
51,000 and S6.000. 

• Fund management fees charged by the banks 
range from a half of one percent a year to as much as 
2 percent a year, with the managed funds charging 
the higher fees. These fees can hare a big impact on a 


Top Performers 

The 1 0 offshore currency funds with the 
best total return In 1 984. Both capital gains 
and dividends were taken Into account re- 
gardless of the fund’s stated objectives. 


Last 

1984 2 years 


Geofund Liquid Assets 

U.S. Dollar (Accumulation shared 1 1 .2% 

21.9% 

Geofund Liquid Assets 

U.S. Dollar Oncome shares) 

11.2 

21 .9 

Liquibaer (Julius Baer) 

U.S. Dollar 

11.2 

21.1 

Schroder Money Funds 

U.S. Dollar 

10.4 

19.4* 

Fidelity Dollar Savings Trust 
U.S. Dollar 

10.3 

20.1 

County Bank Currency Fund 
U.S. Dollar 

10.2 

16.0* 

Standard Chartered Offshore 

U.S. Dollar 10.2 

13.0" 

Old Court Int'l Reserves 

U.S- Dollar 

10.1 

19.9 

Lacard Brother* int'l Assets 

U.S. Dollar 

10.1 

19.4 

Hill Samuel Int'l Currency 
U.S. Dollar 

9.9 

19.3 


* Not In existence for the entire period measured 
Source: Upper Analytical 


fund’s attractiveness. “The return is influenced by 
whether there is a high management charge,” said 
Peter Scott, a director of Gartmore Investment “It 
takes a long lime to recoup some charges." 

• Some funds impose a sales charge, called a front- 
end fee, especially for managed funds. For example, 
tire Geofund Liquid Assets fund, managed by Manu- 
facturers Hanover Investment Management LuL, 
charges one percent of the initial investment, while 
Rothschild's Old Court International Reserves Ltd. 
charges 3 percenL 

• Procedures for redeeming the shares are fairly 
standard. In most cases, there is no minimum or 

holding time, but most banks will require 
al least a two-day settlement period, the normal 

(Coathmed on Page IS, CoL 6) 


Your partner 
in managing yonr 
personal assets 
around the world. 




CHASE 

PrivateBanking 


International 


For information on our worldwide 
PrivateBanking services, cal! or write: 


Mr. Barry Gdier Mr. Paul Lakers 

Chase Manhattan Bank (Switzerland) The Chase Manhattan Bank, N.A. 
63 Ruedu Rhone Woolgaie House. Coleman Street 

1204 Geneva. Switzerland London EC2P2HD, England 

Tel. (41 22)35-35-55 Tel.(441)72653IO 


Vttotoa Banbpfceir: New VbA, Miami. 
Houston. Los An^es S» Francisco. Vuhxw. Monievideo. Nassau. Panama. 
Pueno Rico. Asm/Ptotifc Hong Kong, Singapore. MhWJe East: Bahrain. 










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Page 10 


. * 



Penny Stocks: 

The Ultimate 
Speculation 


(Continued from Page 9) 

their forerunners: risk. Most companies trying to raise 
capita] through penny issues are long on ideas and short on 
assets. ° 

Many are trying to seU a product or service that is little 
trorc than a gleam in someone's eye. For example, a July 
1983 prospectus for a California company stated, “The 
company does not know what business it will engage in, has 
no plan of operation other than it will not engage in 
exploration for oil and gas, fuel distribution or minerals 
extraction business." 

Irving Hale, executive vice president of R.B. Marrich, a 
pomy broker in Denver, acknowledged that, “When you 
talk about penny stocks, you’re fallring about the specula- 
tive to the highly speculative. We strongly discourage the 
widow and orphan types from playing the market." 

Indeed, start-up companies have a high mortality rate. 
About half go bust within the first five years, and its no 
accident that these casualty-prone stocks gravitate to the 
lower end of the price range. Companies with no pasts and 
uncertain futures often find investors a lot more receptive 
when selling 100 million shares at 10 cents each rather than 
lOO.OK) shares at SIO apiece. 

Those in the industry acknowledge the problems but say 
that critics are ignoring a key role the market plays. “Small 
businesses don't have an easy time getting funded,"said 
Theodore Abruzzese, president of Wall Street West, a 
leading penny- stock underwriter. “Wall Street won’t both- 
er with them, so where can they go? There is a crying need 
for this market.” 

Moreover, Mr. Abnuzese points to an “underlying con- 
sumer demand" for penny slocks. “Penny stocks will con- 
tinue to thrive as long as people want them," he said. 

Nowadays, the market is at a low point A combination 
of adverse publicity, regulatory crackdowns and the uncer- 
tain mood about equities that prevailed last year has 
depressed the prices of penny stocks. Several penny brokers 
have been forced to close and the n umb er of new compa- 
nies going public has significantly fallen. 

Yet there is still interest among investors, especially 
when the stocks are at a few cents a share. Some market 
observers say if there is a rally on Wall Street this year, the 
bullish fervor is bound to trickle down to the speculative 
end of the market. 

“I don't have a crystal ball, but I do know the market 
always comes back/’said Terry Freemen, publisher of the 
National OTC Stock Journal, which covers low-price, 
over-the-counter stocks. “Low priced stocks are noted for 
their boom- and- bust cycle." 

Critics agree that there is potential in the market for a 
careful investor. “If you're not willing to do your home- 
work, don’t play the market," Mr. Freeman advised. “If 
you're not prepared to wear some armor, you're gang to be 
slaughtered." 

Among the more prevalent abuses to watch out for are 
brokers’ claims to favorable insider knowledge about a new 
issue. Some brokers promise clients unattainable results to 
make a sale. Failure by the underwriter to disclose all 
information about a company is another common problem. 
There have been cases in which companies never stated the 
full extent of their debts and handed over the receipts of a 
public offering to creditors, leaving shareholders with 
worthless certificates. 

In addition, the very fact that these stocks sell for pennies 
makes them vulnerable to price manipulation. Regulators 
say there have been instances in the past when two or more 
underwriters concurrently buy and sell equal amounts of 
stock after a public offering to give the appearance of 
market activity and to raise the share price. Then they seQ 
off quickly and the stock collapses. 

“It’s a lot easier to push up the price of a SI stock than 
something that sells for $50, noted Anne Flannen, asso- 
ciate regional administrator for enforcement in the New 
York office of the SEC 

Penny shares fall victim to abuse because little is known 
about most of the companies. Information on start-up 
companies is niL Even information on the selling price of a 
stock is hard to come by. 

‘Initially, many penny shares do not qualify for the 



There is no disputing 
the public’s fascination 
with penny stocks 


Anne C. Flannery 


APWidcwnVJ 


National Association of Security Dealers’ automated quote 
system, wbere trades and prices are recorded on a comput- 
er. Most trade through “pink sheets," price tables issued 
once a day. The sheets do not quote eveiy stock every day, 
however. 

“There is no instantaneous reporting," Miss Flannery 
said,“No one really knows on a timely baas who is buying 
or selling a stock.” Moreover, she said, investors seem less 
inclined to press for information when spending only a few 
cents a share. 

Aside from a close reading of the prospectus, one method 
of limiting vulnerability in the market is to spread the risk 
among several slocks. A diverse portfolio of as many as 20 
penny stocks is not uncommon, A handful of penny-stock 
funds are available but their recent performance has gener- 
ally reflected the weakness in the market. 

Some analysts also urge investors to avoid issues that 
seem to have an infinite amount of shares outstanding. This 


Bill Matthews, publisher of Cheap Investor, a 

different strategy. 


-based newsletter, has a slightly diiterenl strategy. He 
prefers stocks that have been around for awhile, especially 
former high flyers that have stumbled into the ranks of the 
pennies. 

A recent favorite has been American Motors, which 
slumped to a low erf $3.25 on the New York Stock Ex- 
change. Mr. Matthews reckoned that it was due for a 
turnaround, and it is now trading a round $4 a share. 


While many people in the penny market may find his 
‘ r. Malthe 


approach unorthodox. Mr. Matthews contends that his 
Blue-Cheap index, made up of 27 out-of-favor stocks that 
trade for under $10 a share, has risen by more than 180 
percent since 1981. 

“I'd say 90 percent, no 95 percent, of penny stocks are 
junk," Mr. Matthews acknowledged. “But that still doesn’t 
mean that there isn't quality out there." □ 


Scouting Has-Beens in London 


By Lynne Curry 


"Start ups” and "turn- 
arounds” may be the buzz 
words of the U.S. penny-stock 
market, but it is the “has beats" 
that give its London counter- 
part a special flavor. 

Smaller, but no less hazard- 
ous than the U.S. market, the 
London penny-stock market 
has its share of companies look- 
ing for venture capital by issu- 
ing bargain-priced shares. But it 
is the old, ailing giants that are the main attraction. 



Many of these concerns were once profitable engineer- 
ing or industrial companies that fell victim to the reces- 
sion in the early 1980s. Some are simply shells with little 
or no assets. 

Typically, the companies' misfortunes are mirrored in 


their share prices. Prices range from 10 pence 1 1 12 cents) 
a share to 25 pence for the some 300 stocks classified as 
pennies, although a few trade for as much as 50 pence. 

Occasionally one of the companies recovers, but inves- 
tors generally are not looking Tor a comeback. Rather, it 
is the possibility of a takeover that intrigues speculators 
— private companies in Britain find it less expensive to 
acquire an existing company rather than go through the 
expense and paperwork of going public. 

The classic penny stock in London is Polly Peck. The 
company was a small, unprofitable textile maker with a 
market price of about 12 pence when Asl Nadir, a 
Turkisb-Cypriot entrepreneur, bought it out in 1980. 

Mr. Nadir subsequently used the company as a vehicle 
to develop his citrus packaging and packing plants in 
Northern Cyprus and Turkey. Later, he revived the 
company’s former textile business, and the share price 
soared to 3,550 pence in 1983. 

In January, 1984, Polly Beck shares split IQ-for-I; the 
stock is currently trading in the range of 235 pence. Q 


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or bars n a resaleobte condition. 


Platinum has only been available 
to the private investor for a com- 
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M prass-tfre, test win nr pniJii rates at Rntf-Rile. Rod-Tan CatMaks it Dtpadl: 


Term 

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II 


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Foreigners dimb Aboard 
The Rally in Frankfurt 


Bv Warren Getler 


is a common occurrence in the peony markets where 
underwriters price an issue low enough to attract attention 
but are forced to inflate the size of the offering to raise 
sufficient capital Earnings of S2 million, not bad for a 
start-up company, can be meaningless if distributed among 

50 million mares. 

Some penny professionals stay away from new issues, 
especially ones that go for just a few cents a share. Although 
some show the quickest appreciation, many fail prey to 
short-term speculators, who have traditionally prowled the 
market 

“Suppose something goes public at 10 cents a share, 
begins trading at 30 cents." Mr. Bowser explained. “By the 
time its reaches 30 there is already some selling and at 50 
cents a [speculator] has sold out and is chasing something 
dse." 

Mr. Bowser prefers “rainipriced" stocks that range from 

51 to S3. These have usually withstood the initial specula- 
tive battering and have developed some kind of track 
record. 

And instead of depending on a price/ earnings ratio that 
is often meaningless in the new-issue market, he uses an 
asset/ liability ratio to make sure he is buying into a viable 
concern and not an overly burdened business headed for 
f allure. Mr. Bowser thinks a ratio of 1.8 is the minimum 
acceptable. For example, if a company has SI milli on in 
liabilities, it better have almost twice the amount in assets. 

The hottest category in the market currently is health 
care, according to Mr. Bowser. He likes Cosmopolitan Care 
Corp., which provides a home-health-care service. It went 
public last May at $2250 per unit, which included a share of 
common stock and a warrant to buy another share. It is 
now trailing at more than S3 cm the American Slock 
Exchange. Allied Nursing, another Bowser favorite, went 
public last year at SI a share. It is now trading over-thc- 
-counter at around $1.60 bid. 


T HE Frankfurt Stock Exchange, once re- 
garded as one of the stodgiest markets in 
Western Europe, has taken on an air of 
excitemenL 

The Commerzbank Index of 60 leading shares, 
which closed 1984 at an historic high of 1.107.9, 
continues its record pace. The index climbed to a high 
of 1. 171 on Jan. 23 and, although it has since fallen 
from that peak, is expected topushpast 1-200 without 
much resistance in uie coming months. 

“We're confident that upward trend will continue, 
showing a gain of 10 percent on ihe year," said 
Wolfgang Otto, executive vice president at Commerz- 
bank. 

In expl ainin g their zmerskht — the German equiv- 
alent or bullishness — brokers and analysis cite 
several anticipated economic benefits. Steady, nonin- 
fta tion ary growth of around 3 percent a 10-percent 
increase in corporate earnings and expanding capital 
investment are projected. 

Rising interest rates, however, spoil an otherwise 
favorable economic picture. A half-point increase in 
the Lombard raLe to 6 percent Feb. I was a setback to 
the market Investors fear the Bundesbank may push 
rates even higher to defend the mark against the 
dollar. 

Ekkehard Scheid. a partner at PM Portfolio Man- 
agement a Munich-based underwriter, warns that 
rising rates could in effect put a lid on German stock 
prices. 

An intriguing aspect of the Frankfurt rally is the 



The sharp rise in Siemens shares. 


depth of foreign participation. German slocks have 
tation to 


never had a reputation for attracting the interest of 
foreigners the way U.S. and Japanese shares have. 

The Frankfurt market is dominated by big. closely 
held companies. Share prices rise and fall at a snail's 
pace, and there is not a lot of opportunity for bargain 
hunting. Smaller companies have traditionally 
shunned the equity market as a source of capital, 
relying on bank borrowing instead. 

Nevertheless, foreigners accounted last month for 
more than half of all stock purchases, and money 
continues lo pour into German stocks from abroad. 
Much of it is from U.S. pension funds managed in 
London. 

In large part the new fascination with German 
equities stems from concern about the dollar. The 


tinues to hover around 9 percent- Department stores 
and home construction shares top the list of untouch- 
ables. .... 

Siemens, the electronics giant, is a favorite among 
market watchers for 1985. Its share price has pushed 
past a record 500-DM level from tows of 350 last July. 
The company also is increasing its dividend for the 
first time in more than 12 years, to 10 DM front 8 
DM. 

Standard Elektrik Lorenz, the West German sub- 
sidiary of ITT Corp.. could see its share price surge 
steadily in 1985, according to some analysts. The 
company is bouncing back from several disappoint- 
ing years with the help of major infusions of invest- 
ment capital from the U 25. parent SEL’s pricey earn- 
ings multiple, however, hovers around 24, too high for 
many potential buyers. 

As for the hot high-technology electrical stocks, 
Nixdorf and Philips Kommunikation Industrie, ana- 
lysts are recommending a more cautious line. The 
markets for these shares are thin and their multiples 
are over 20, considerably above market averages. 

Karlfried Sanner, a Deutsche Bank analyst, takes a 
slightly contrarian view, however. He points out that 
Nixdorf, the market’s rally true computer company, 
has more opportunity to benefit from an upward 
trend in the industry than bigger, more diversified 


Deutsche mark is seen gaining most from a weaker 
Ger 


Siemens. On ihe other hand, Philips Kommunikation 
OO-DM I 


dollar, and investors in German securities are clearly 
attracted by the prospect of reaping huge currency 
gains. In the meantime, the mark's relative weakness 
is benefiting German exporters. 

Some investors outside Germany hope the influx of 
foreign investors will liven up the market There are 
some signs that the environment there is changing. By 
German standards, last year was unusually active for 
new issues. Both Nixdorf and Porsche turned to the 
stock market rather than to banks for funding. 

Regardless of the motives of foreign investors, 
analysts say that their interest has played a key role in 
the current rally. They will continue to provide a 
helpful nudge to the market analysts say, providing 
the mark stays weak against the dollar. 

“If the dollar drops, possibly as a result of coordi- 
nated central-bank intervention and interest-rate 
hikes, we’ll see heavy profit-taking here and the index 
will fail," cautions Dietmar VierteL analyst at Trink- 
haus & Burkhardt, a Dusseldorf-based private bank. 

Timothy Plaut, a German market specialist at Efi. 
Savory Milln in London, believes the German market 
is experiencing the second leg of a rally that began in 
September 1982 and resumed after the metalworkers 
stake last summer. This conforms with the historic 
German pattern of bull markets lasting two to three 
years. 

“I'm recommending the phalanx of stocks that will 
be leading German economic growth in 1985: broad- 
-based exporters and manufacturers of capital goods, 
especially machinery and electronics,” Mr. Plaut said. 
Exporters. he added, should not have a disproportion- 
ate amount of their business in the United States. 

Analysts agree when it comes to identifying issues 
lo avoid in 1985, a year when consumer demand is 
expected to remain depressed as unemployment con- 


has simply exploded to the 700-DM level from 400 in 
July and is bound for a major consolidation, says 
Margot Schoenen at Westdeutsdie Landesbank in 
DQsseldorf. 

Pa ralleling electricals as top buy recommendations 
are machinery makers, including KHD, Linde, GHH 
and Deutsche Babcock The latter two are favored by 
Mrs. Schoenen because of their greater turnaround 
potential in profit performance. Babcock for in- 
stance, is restoring a dividend after a two-year hiatus. 

A third broadly recommended group is the finan- 
cial sector, including the three mayor commercial 
banks and several insurance companies tod by Allianz 
Veracherungs. 

Market analysts hold mixed views of the chemical 
and automobile sectors, both of which had strong 
profit years in 1983 and 1984. 

“The big three chemicals, Bayer, Hoechst and 
BASF, are not my first choice to buy this year in so far 
as they won’t be the nation’s growth leaders," said 
Mrs. Schoenen of Westdeutscne Landesbank They 
may be able to maintain the fantastic profits posted 
last year but earnings are not likely to go higher, she 
said. 

Commerzbank’s Mr. Otto is bucking the skepticism 
about big chemicals and is strongly recommending 
Hoechst, Bayer and BASF because their shares are 
undervalued, selling at P/E ratios of below 6. In 
addition, the three may increase their dividend on 
1984 results by 2 DM, a mark more than originally 
projected. Mr. Otto said he also favors a specialty 
chemical issue, Altana, despite its thin market 

Auto issues, with the exception of the widely sought 
blue chip. Daimler-Benz, and the dynamic new list- 
ing, Porsche, are not bong recommended strongly 
tins year by brokers because of trouble surrounding 
the emission-control debate in the home market and 
in anticipation of slackening foreign demand. □ 


Sorting Out the Channel Funds 


(Continued from Page 9) 
practice in foreign-exchange mar- 
kets. A few stipulate seven day's 
notice. 


multicurrency managed funds 
have trouble timing currency 
switches. 


residents unless the company dis- 
tributed dividends. Prior to the 


• Switching shares from one 
currency to another usually in- 
volves a two-day settlement period 
starting from the time the order is 
received. A few banks make it eas- 
ier on invesiors by allowing them 
to switch by telephone. 

While switching sounds like a 
good strategy, in practice it is no- 
toriously difficult to get both the 
timing and the currency righL 
Even professionals who guide the 


The clear winners this past year 
were those investors who switched 
from any European currency to 
the U.S. dollar and back Italian 
lira and French franc shares also 
fared reasonably well for those in- 
dividuals who held them as 
straight deposits and did not 
switch to other currencies. 


Other complications involve a 
tightening of British tax regula- 
tions. In 1983, the government be- 
gan treating interest earned on 
these funds as income for British 


ruling, interest had been taxed as 
capital gain, which put it in a sag- 
nificantly lower lax bracket. While 
these changes affected only British 
investors, they triggered a signifi- 
cant fall in the assets of all off- 
shore funds. 

The funds operate in a hazy 
regulatory environment. The U.S. 
Securities and Exchange Commis- 
sion has ruled that U.S. residents 
cannot buy these funds, but the 
status of U.S. expatriates is unde- 
fined. Most of the funds do not 
ask clients to declare their nation- 
alities, however. □ 


A more personal approach 
to private banking 


For over 150 years we have taken pride in the service we provide to 
our private clients. Some take full advantage of our personal 
and individual service; others we rarely see. Both we 
value highly. That’s what private banking is ail about 

Attractive rates of interest paid without deduction of tax 
on a wide range of call and fixed term deposit 
accounts. Minimum U.S.$S,000 or £1,000. 

• Speedy international transfer of funds. 

• Absolute confidentiality and security. 

• Investment services and securities 
administration. 



12 


Major international bank with assets 
exceeding £4.961 million. 


/o 


Fixed 
rata o> 
merest 
3 month 
period 


Grindlays 

Bank 

Group 


Fbr information on opening an account please post the coupon 
below or telephone Gordon Coullhard on 01-9304811. 


’Rate quoied lor deposit of u.S.$25.000. Correct at time of going to press interest rates also quoted for 
Pounds Sterling and other major international currencies. Larger amounts attract a higher rate of interest. 


Gordon Coulthard, 
Grindlays Bank p.l.c., 
13 St Jameses Square. 
London SW1Y4LF. 


Name. 


Address. 


| England. ■ ■— nfr.tnj 



Ur. N; ' 4 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11, 1985 


Page 11 



Rethinking the Index Options 


By William McBride 


T O hear many investors tell it, the 
attractions of stock-index options 
can be a i mmcd up in two words: 
simplicity and prom. “As a vehicle 
for speculating, it’s a low-priced, highly lever- 
aged way to bet on the market," says Robert 
Katz, an experienced Chicago investor and 
money manager. “And it's a lot easier to guess 
a market move Lhan the movement in a angle 
stock." 

Yet, Mr. Katz says he no longer uses index 
options to speculate, even though he had 
“made some money" in the market. “Trying 
to outguess the guys on the other side of the 
transaction just became too difficult,” he said. 
He now pursues a strategy that uses index 
options mostly as a means to hedge his portfo- 
lio of convertible stock. 

Mr. Katz’ change in focus is instructive. 
While there is little doubt that some specula- 
tors have done well at the index-options game, 
many experts remain skeptical of the average 
investor's ability to outguess the market on a 
consistent basis. They say the market has 
attracted such a large number of well-fi- 
nanced institutional players that individuals 
find opportunities for profit extremely rare. 

“I don't really believe that the average per- 
son can really make money speculating in 
these .options," said Donald T. Mesler. a Chi- 
cago investment adviser. “Occasionally you're 
going to make out like a bandit but. over the 
Jong haul, I'm not very optimistic about using 
these options for speculation.’' 

Such negative thinking has not held back 
the ranks of the nonprofessional players who 
helped push 1984 volume in the Standard & 





.j :a *T4Br. 

■*•***5 


Eurobonds: 


Pbor’s-100 index option to nearly 49 million 
contracts on the Chicago Board Options Ex- 
change. Each day, about 300 traders crowd 
into the pit area to trade the S&P-100 con- 
tract. which alone accounts for 87 percent of 
total volume in index options. 

Roughly 70 percent or all trading volume in 
the S&P-100 contract is by market makers on 
the floor of the exchange or by member firms 
for their own account. The clients of brokers 
account for 30 percent. 

Jerome Mangm, of Bache Securities in Lon- 
don, said that for about 95 percent of the 
individuals who play the S&P-IQO index op- 
tions. “It’s a pure speculative play." Few de- 
pan from the basic strategy of purchasing a 
call, which grows in value as the index rises, or 
a put. which profits from a decline. Most shun 
the complicated combination strategies called 
straddles and spreads. 

The reason that many speculators will end 
up on the losing end are complex and involve 
the way that options are priced and the struc- 
ture of the market, the experts say. 

They- note that the options market is a zero- 
sum game with two sides. On one side arc the 
buyers of puts and calls who pay a price for 
the contracts, called a premium, in the hope 
that the index will move sufficiently to create 
a profit. On the other side, are the sellers of 
contracts who, in effect, cover those bets in 
return for receiving premiums. 

Neither side can long enjoy an advantage 
over the other. “If buying options was such a 
good deal, then investors would push up the 
price until premiums were so high that the 
strategy would quickly become unattractive," 
Mr. Mesler says. Conversely, if selling options 
gave investors a meaningful edge, “sellers 
would come out of the woodwork" and the 


The ABC’s of Ratings 


advantage would quickly dissolve. 

Observers of the index-option market note 
that premiums are set by the competition of 
tens of thousands of well- financed buyers and 
sellers. Any contract that is perceived to be 
undervalued relative to the expected perfor- 
mance of the index will quickly be spotted and 
(he premium bid up. Similarly, a contract 
perceived as being overvalued will be sold and 
the premium dragged down. 

By definition then, the speculator can only 
make money by consistently buying underva- 
lued contracts or selling overvalued ones. But, 
with the entry over the last year or so of 
increasing numbers of high-powered institu- 
tional players, these opportunities appear less 
frequently. 

This makes it particularly tough for the 
individual, who may not have the means or 
time to analyze and track the market. The 
return on occasional speculation “is not going 
to be very satisfactory," says Gary' Gastineau, 
an options expert with Kidder Peabody. "This 
is an extremely efficient market." 

For the buyer of a call or put, it is not 
enough to guess correctly about the direction 
of the market A buyer of a call, for example, 
can be right about the index rising, but wrong 
about the magnitude and liming of the in- 
crease. If. during the lifetime of the contract, 
(he index does not rise beyond the option’s so- 
called striking price sufficiently to cover the 
premium and commission cost, then the op- 
tion will expire worthless. 

By some estimates, about 70 percent to 80 
percent of all call contracts expire worthless. 

Mr. Mesler says the speculator in index 
options is simply employing the investment 
technique called market timing which entails 
trying to guess short-term swings in the mar- 


l> l J 

i % 








A floor trader signals a bid in the S&P-lOO option pit in Chicago. 


kei. “If the investor is one of those rare breeds 
who is good at market timing, then be has a 
chance," he said. If not, results can be spotty 
at best. 

Even some experienced traders are finding 
it increasingly difficult to make a profit on 
index options. Baches Mr. M origin said the 
high premiums on index options are driving 
him away from the market. “You need an 
enormous more in the market to make mon- 
ey." he complains. Mr. Mangin says he is 
going back to options on individual stocks. 

Still, many professional advisers report that 
their diems do welL Richard Donsky, head of 
equity options for Shearson Lehman, says his 


customers have turned in good results. But Ik 
stresses that index options are “for the knowl- 
edgeable investor with ample resources who 
has a knack for trading" 

The determined individual speculator must 
devote a great deal of time to his strategy. Ray 
Lyon, a California investor who employs a 
sophisticated strategy involving the sale of 
call contracts, estimates he spends as much as 
10 hours a day on his investments and lakes 
several advisory services. “It's somewhat 
stressful," he says. “You cam your rewards." 

Though opUons specialists are skeptical 
about the average investor's ability to out- 
guess the market, they say index options still 


The Basics 


■ An index option can either be a 
call, a bet that the Index will rise, 
or a put, a bet that the index win 
fall. The buyer selects a striking 
price and expiration date and is 
charged a premium for the con- 
tract, plus a commission by the 
brokerage. 

■ Index options are unique in 
being settled by caBh payment. If 
a contract is exercised, its value 
will be the difference between the 
striking price times SI OO and the 
index times SI 00. 

■ For example, an Investor who 
expects the market to rise could 
buy a SAP 1 OO call option with an 
April expiration and a 1 80 strik- 
ing price. The premium would be 
about $600. if the index were to 
rise before the April expiration to 
1 90, the buyer can dose out the 
position and receive a cash pay- 
ment of Si .000(190 X St 00) 
minus 1 80 x $ 1 00 ). if the index 
had failed to rise sufficiently to 
create a profit, the contract would 
have expired worthless. 


have an important role in investment strate- 
gies. Many managers of both individual and 
institutional portfolios use the full arsenal of 
option instruments in ways that often allow 
them to wring more return out of assets and 
keep a better grip on risks. 

Bui. for the most part, the experts agree 
that the strategies used by big institutions and 
professional money managers are not suitable 
for the average investor. □ 


Symbols 


Description 




se 


01 Ratings 


By Terry Gross 

" UALITY has always been the 

u ■ watchword in Eurobond market. 

For the average individual investor, 
• ‘ RL that term has usually been synony- 

j.- mous with bigness and a wed-known name, 
such as IBM, General Motors or General 
Electric, to name a few among the pantheon 
: of top U.S. corporate issuers, 

t. But slavish devotion to the instantly recog- 
. “ ' nizedcoroorare name can cut into the returns 

: ‘ 1 P 01 ^ 0 ^ 0 - With a few big-name U-S. 

rzy-*:-?- -^rations issuing Eurobonds that yield less 
• than U.S. Treasury bonds, investors may well 
wonder at the high price of “quality." Yet 
fishing for more attractive yields among the 
- r issues of lesser known, smaller companies has 
~ its own pails. There is always the nagging 
■ - - — question of the creditworthiness of fite issuer. 

— Such difficult decisions are one reason that 
Eurobond investors are increasingly relying 
■ : v on the evaluations issued by the two major 
U.S. rating agencies, Moody’s and Standard 
& Poor’s. These ratings, by providing amore 
l\ ~ precise definition of quahty, can help in the 
V j -- " basic investing chore of maximizing yield at a 

. x' given level of risk. 

_z: : : Both rating agencies have long been in the 

-z business of determining creditworthiness of 
issuers in the U.S. markets. Moody’s started 
in 1909 and Standard & Poor's in 1923. They 
expanded their ratings to Eurobond issues in 


Moody’s: Aaa, Aa 
SAP: AAA, AA 

These two ratings are reserved for bonds 
of the best qualify. The borrowers’ ca- 
pacity to pay Interest and repay principal 
Is secure. 

Moody’s: A, Baa 
SAP: A, BBB 

Borrowers In these categories are finan- 
cially sound but have been Judged more 
vulnerable to changes In competitive or 
economic conditions. 

Moody’s: Ba, B, Caa 
SAP: BB, B, CCC 

These categories are for bonds that have 
varying degrees of speculative elements. 
The companies’ ability to pay Interest and 
repay principal Is In question. 


How Yields Vary 

Standard & Poor's composite index of Eurobond yields 

14.0% 


How 2 Pros Use Them 

W ITH the boom in U.S. option the interest to buy stock indexes when 
markets came a new breed of market looks right for move, 
money manager who uses these Mr. Gastineau, whose book, “The St 

instruments to guide the funds Options Manual," is prohablv the most wi 


-sX. 

V 




AUGUST - BEPISMBBI OCTOBS? 


Adapted from Standard & Poor's international Credttweak 
and Moody's Band Record 




Fund 1 


1982 as U.S. corporations steppet 
already hectic pace of their interaati 
rowings. 


| CAPITAL STRATEGY 
FUND LIMITED 

Ganmore Fund Managers 
International Limited 
6 Caledonia Place, St Helier 
Jersey; Cl - Tel; 0514 27301 
Telex: 4192030 


The firms’ simil ar systems of sorting bor- 
rowers into categories such as “Aaa,” “Aa" 
and “Baa" are famfljar to U.S. investors. Out- 
side the United States, “we're certainly seeing 
a heightened awareness of ratings generally," 
said Hendrick J. Kranenburg of S&Ps Lon- 
don office, “but there's still lag in the use of 
ratings compared with the U.S." 

Ratings can be thought of as one measure 
of the risk involved in holding a bond. As 
always, yields tend to rise as the investor 
moves from the highly rated, less risky issues 
to lower rated, more risky issues. In broad 
terms, the difference in yields between a bond 
rated Aaa, the highest quality, and one rated 
Aa, the next highest ranking, can range from 
about a half of one percentage point to as 
much 35 three quarters of a percentage point. 

Even yields on bonds within a single rating 
category can vary substantially, a situation 
that can sometimes prove advantageous for 
the alert investor. It is not unusual for a 
less- well-known borrower to issue Aaa paper 
in Europe at yields higher than other Aaa-rat- 
ed, better known borrowers. 

“Where a. rating is terribly important is 


where the borrower is not well known." said 
Charles S. McVeigh 3d, a managing director 
for Salomon Brothers in London. In such 
cases, “a triple-A or a double-A will be very 
valuable." In effect, the investor can pick up 
extra yidd with little or no additional risk. 

In early January, Federated Department 


earnings history and projections, indebted- 
ness and ability to deal with unexpected set- 
backs are part of their long checklist. 

The major difference between U.S. and 
international ratings is the concept of country 
risk. The sovereign rating for a government’s 
Euromarket debt “usually represents the up- 


S lores, which owns Bloomingdale's and other . p® 1 limit of creditworthiness for a corporate 
major U.S. retailers, issued a Aaa- rated Euro- , J issuer" from that country, 
bond. The yidd was 1 1 percent. General Elec- _ ^ Although ratings can be an authoritative 

trie Credit Corp. issued bonds the same week, - guide, professional money managers fall back 


with a maturity of only one year longer, and 
was able to command a 10* coupon. The 
' investor in Federated paper picked up about a 
half percentage point in yidd over the GECC 
paper when maturity differences are consid- 
ered. 

In some cases, the more risk-tolerant inves- 
tor would do well to take advantage of the 
higher yidds on issues rated below Aaa or Aa. 
“Single-A and Tnpie-B are still indications of 
solid credit quality." Mr. Kranenburg said. 

The rating agencies look at a wide range of 
factors when sizing up a company’s ability to 
repay debt. Industry and market position, 
management abilities, accounting practices. 


guide, professional money managers fall back 
on their own judgments in some cases. "The 
household names, those that are well known 
and acknowledged, there a rating could actu- 
ally hurt you," said Mr. McVeigh- He said 
that the "reputation may be belter than the 
rating" for some companies. □ 


W ITH the boom in U.S. option 
markets came a new breed of 
money* manager who uses these 
instruments to guide the funds 
of large individual portfolios. The services 
offered by two of these money managers, 
Bruce Lip nick of Wharton Asset Manage- 
ment and Gary Gastineau of Kidder Peabody, 
are good examples of bow options are put to 
work by professional investors. 

Though their approaches are different, both 
Mr. Lipnick and Mr. Gastineau have earned 
reputations for the successful application of 
options in managing the funds of a small 
group of well-heeled clients. A key element in 
both approaches is the use of options to laDor 
a portfolio to the client’s tolerance for risk. 

Mr. Lipnick. who guides about SI 10 mil- 
lion. uses stock-index options both to reduce 
the risks of holding stocks and to react more 
quickly to opportunities in the stock market 
An example of risk reduction is to use put- 
index options to lock in portfolio profits after 
an advance in stock prices. If the stock prices 
then fall gains on the value of the put options 
help offset losses on the portfolio. “We tem- 
per the downside in such cases." Mr. Lip nick- 
el's the same principle as insurance." 

If stock prices do not fall, the loss of the pul 
premiums is looked upon as the cost of elimi- 
nating the risks of a sharp setback. Most 
clients are willing to take a little less yield on 
their portfolio in exchange for putting a floor 
under their losses, be says. 

Index options can also be used to help the 
client play the market Mr. Lipnick says he 
may put a client's assets into secure short- 
term money-market instruments and then use 


the interest to buy stock indexes when the 
market looks right for move. 

Mr. Gastineau, whose book, “The Stock 
Options Manual," is probably the most wide- 
ly read text on the subject, employs a different 
approach based primarily on options on indi- 
vidual stocks. His strategy consists of con- 
structing what he calls a “synthetic" portfolio 
of options on individual stocks and occasion- 
ally with an option on an index. 

Because the values of the stock options rise 
or fall predictably in response to changes in 
the underlying stock, the “synthetic" portfolio 
is what Mr. Gastineau calls the “risk equiva- 
lent” of owning the underlying shares out- 
right. 

Such a portfolio has a lax advantage for the 
foreign investor, he notes. Foreign investors 
are subject to U.S. withholding taxes on divi- 
dends at rates ranging from about 10 percent 
to 30 percent, depending on a system of bilat- 
eral treaties. However, option profits incur no 
withholding tax. 

Because the value of a stock option reflects 
the underlying share's dividend, the return on 
the “synthetic" portfolio mil at least match 
the yield on the underlying stock. The result is 
that the foreign resident can, in effect, earn 
the equivalent of the dividends on the under- 
lying stock free of withholding tax. 

Both Mr. Lipnick and Mr. Gastineau say 
that an options- based investing approach is 
not for everyone. Indeed, only a few individ- 
uals would meet their minimum investment 
requirement- Mr. lipnick will not handle 
portfolios of less lhan SI milium, while Mr. 
Gastineao’s Option Portfolio Service requires 
a minimum investment of S100,0Q0. □ 



Fund 

Pries* 

Yield (K) 



£ 

UB6 

TUB 


USS Depot* 

S 

IjOPO 

7/0 

. • - v ' 

DM Dope* 

DM 

S1W 

470 


Yen Depart 

Yen 51&7D 

531 


SwJr.Dep 

St. 

50) 

400 

■ 

N. American 

i 

1.18 

150 

Z'—-- 

Japan 

s 

1 21 

060 


Pacific Bain 

% 

1.11 

060 


W. Growth 

s 

10) 

060 


British 

£ 

1.20 

200 

.. 

Starling GA 

£ 

1.06 

(020 


M. ("tigh Income 

$ 

0.99 

1200 


Yen Ccwy. Band Yen! 26100 

120 


• Phonal 8/2/85 




Hill Samuel International 
Currency Fund Limited 


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A Company njpaard »ii h limited lubilni in Jeney under r he Companies (Jersey) l.ans IStsI rn N6 8. The Shares u f each deu vf 
the Company bare been admitted ii> TkSbd Etriwry OfidJ Lit L This adiertisemeni h issued by Hi/I Samuel it.Cn. Limited. 


9 . 75 % 

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amounts over 

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CURRENCY FUNDS 

Investors may subscribe for Shares designated in 
the following currencies: 

Deutschemarfcs ■ Sterling ■ Swiss Frants • Yen • 
US Dollars. 

Shares in rhe Currency Funds are designed for 
investors who wish to keep their cash reserves marched 
in a particular currency. Ttiey may be converted from 
one Fund to another on any Dealing Day without the 
Company making any charge. 

Investments for each Currency Fund will at all 
rimes be matched in the relevant currency and held 

mainly in the foim of bank deposits. 

Objectives: To provide investors with: 

* The advantage of dealing in large amounts 

* Security of capital 

* Ready availability of Kinds 

* Professional managemenL 
Distrib utio ns: All interest will be accumulated and 
reinvested; no dividends will therefore be paid 
The Managers are part of Hill Samuel Investment 
Management International, the overseas investment 
arm of the Hill Samuel Group, which is a major 
financial institution based in London with assets 
under advice and management of over £7.000 million. 

For copies of the hospecua (on the terms of which alone, 
applications may be considered) and the Application Form 
please use the coupon- 


MANAGED FUND 

Managed Fund Shares will enable investors to 
achieve high returns through an investment in major 
currencies under professional managemenL 
Managed Fund Shares are paid up in Sterling but will 
be invested in a selection ot major currencies. The 
Managers will aim to maximise growth by selecting 
those currencies which will provide the highest returns, 
taking into account both exchange and interest 
rates. Although the Managers will diversify their 
holdings to minimise the risk of adverse movements 
in exchange rates, it must be recognised that the price 
of Shares may go down as well as up. 


HILL SAMUEL 

FUND MANAGERS (JERSEY) LTD 

7 Bond Street. Sl Hdiez Jersey, Channel Islands. 

I Telephone: 0534 76029. Telex: 4192167. 

• Please send me a copy of the Prospectus of the 
I Hill Samuel Internationa] Currency Fund Limited 
I 1.H.T.M/2/B5 

NAME 

ADDRESS - — 


TEL NO. 


At Bache Securities, we’ve taken a realistic look at 

the U.S. dollar. 

In our report, we discuss the dollar’s past performance and also explain 
where we can expect it to go in 1985. 

Many factors, such as the increase in demand for high yielding U.S. 
assets and the reduction of the U.S. capital outflow, seem to indicate 
that the U.S. dollar will be an attractive investment opportunity in 1985. 

If you're contemplating an investment in U.S. dollars, you won't want to 
miss this special report It will give you a clear, concise and up-to-date 
explanation of how these factors will affect the dollar’s performance in 
the months ahead. 

For more information about the U.S. dollar, send for our free report. 

Call or contact your nearest Bache Securities office. 

London: 5 Burlington Gardens, England WLX ILE, Tel: 439-4191. Telex: 263779 
New York: 100 Gold St., Special and International Accounts, U.S.A. 10292, Tel: 791-4425 
Hoag Kong: Shell House, 24-28 Queens Road Central, B.C.C., Tel: 852-5-229051 
Telex: HX 62201 

Singapore: Wing On Life Building, 150 Cecil St, Republic of Singapore, 0106, Tel: 224-6122 
Zurich: Wasserwerkstrasse 10, Switzerland 8035, Tel: 361-4422. Telex: 81336 


Please send me a copy of your research report, "The Story Behind the U.S. Dollar. 1 


Name _ 
Address 


"telephone , 


Bache Securities I 


International offices: Amsterdam, Athens, Basel. Brussels . Buenos Aires, Chiasso, Cologne, 
Dusseidotf, Frankfurt. Geneva. Hamburg, Hong Kong. London, Lugano, Luxembourg, Madrid, 
Monte Carlo, Montevideo, Munich, New York. Paris, Rotterdam, St. Croix, St. Thomas, San Juan, 
Singapore, Stuttgart ; Tokyo and Zurich. 









Page 12 


PROFILE 


CJR’s Thornton: 
A Long-Term 
Bull on Far East 


By Bob Hagerty 


W HEN he made his 
first trip to Austra- 
lia 21 years ago. 
Richard Thornton 
took the advice of a fellow fund 
manager and stopped off in To- 
kyo. It seemed to be right in the 
neighborhood, after a H 
“We were, neither of us. very 
good at geography,” says Mr. 
Thornton. What really struck him 
after the trip, though, was that 
Western fund managers knew 
even less about the Japanese stock 
market than they did about the 
niceties of map reading. 

Over the past two decades, Mr. 
Thonuon has gone some way to- 
ward rectifying that problem, 
working as an Asian specialist at 
Foreign & Colonial Investment 
Trust and later at GT Manage- 
ment, of which he was a founder, 
and most recently at Charterhouse 


Lombard 
offer you 
so much more 
for 

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SunKHittranobc* of withdrawal 
interest cmfllw or paid hull 
yairty Mi ni mum flqpoai £500 




m 


R>r a 2, 3 or* YEAH fixed period 
Interest is paid annually 
OflierialiM avai labia roM-5 
yearn Minimum Oepoall £1.000. 



At Lombard we offer you the choice 
from a specially designed selection of 
Deposit Account schemes. 

>ibu can choose from Notice, Fixed 
and Deferred Income Deposits and 
within each scheme you have also the 
choice of a wide variety of terms. 

Some of the benefits offered by a 
Lombard Deposit Account include: 

• Ybur funds will earn a good rate of 
interest 

•All interest and deferred income is paid 
without deduction of tax at source. 
•Complete confidentiality is assured. 
•A service which we believe is second 
to none. 

• Peace of mind of knowing that you are 
dealing with a 

memberofone SFlC/yH, 
of the largest JtoJ' Tfc, 


groups in J 
the world. * - ^ 


TTMl terms qaatecf aboniM for 

cfcpasXxhefdAi Starting sndsre may apply to UK 
eoirecC at tensaT going topiwss. residents. 


LOMBARD 




ACCOUNTS 


Savings Accounts together wttti 
current interest rates. 


Tto: Mr Alfred Eagleton, 
Lombard North Central PLG, 
Dept. 594, 17 Burton Street, 
London W1A30H, ENGLAND. 
Tel: 01-409 3434. (Ext. 484). 


Hegd. In England No 33700* Bsgd Olfica: Lomberfl Houoa, Curaon Straol, London W1A1EU 

A member o! the Notkmal Westminster Bank Group 
whose capital and reserves exceed £2^300.000.000 


EVTERJVATIOIVAL HERALD TRIBIWE, MONDAY, FEBRUARY II, 1985 


J. Rothschild, which be joined in 
1983 as a director. 

As CJR’s top Asia expert, the 
Oxford-educated barrister re- 
mains a long-term bull on both 
Japan and Hong Kong. 

At the moment, Mr. Thornton is 
“father hyped up” on Japan’s ex- 
port-oriented blue chips. Foreign- 
ers have been net sellers of such 
shares for the past year, he says, 
even though the weakness of the 
yen against the dollar is pumping 
up Japanese exports to the United 
States. 

“Everybody's saying. ‘Well, 
when the dollar falls these compa- 
nies are for the birds,' so that you 
now have them selling not much 
more than 10 times earnings,” Mr. 
Thornton says. 

He expects the yen to rise at 
least moderately against the dollar 
this year but doubts that share 
prices of Japanese exporters will 
suffer much. “1 think that the mere 
fact of the yen strengthening prob- 



Richard Thornton 


ably would bring back foreign 
buying” of Japanese shares, he 
says. “And almost certainly those 
are the companies that foreigners 
would want to buy.” 

Besides, Mr. Thornton says, 
such companies as Honda, Toyota 
and Kyocera have U.S. manufac- 
turing plants, providing some 
shield against a weaker dollar. 

He also favors such “solid ex- 
porters” as Fanuc, Makino Mill- 
ing and Mori Seiki, makers of ma- 
chine tools. Elsewhere. Mr. 
Thornton is bullish on certain 
non-life insurers, such as Tokio 
Marine & Fire and Taisho Kaijoo. 

“Some of the store groups look 
quite interesting,” he says. “My 
favorite of all is lto-Yokado, 
which is extremely cheap and very, 
very weD run.” Certain food com- 
panies also find favor with Mr. 
Thornton: “I think even a relative- 
ly dull old stock like Kirin could 
surprise us. The beer is delicious, 
and there's the hint of a pharma- 
ceutical, biotechnological back- 
drop to iL" 

On the other band, Mr. Thorn- 
ton says, “I don’t go with the 
frothy stuff. I don't know what to 
say about the pharmaceuticals. I 
think you pay your money and 
you take your choice and you hang 
on for a shake, rattle and roll — 
and you may end up underneath.” 

If he is enthusiastic about Ja- 
pan, Mr. Thornton is positively 
fervent about Hong Kong. 
Though the Hang Seng index al- 
ready has rampaged to above 
1,320 from 750 last July, he says. 
“I don’t think you've seen any- 
thing yet” 

In Mr. Thornton’s view, outsid- 
ers are underestimating the trade 


benefits to both Japan and Hong 
Kong arising from China's shift to 
a more liberal economy with grow- 
ing pockets of free enterprise. 

On his last trip to Hong Kong, 
Mr. Thornton noted a boom in 
sales of cheap calculators to Chi- 
na. “The abacus was the rule until 
the last two years, and now sud- 


Piease send without obligation I 
details of Lombard Deposit . J 


denly they’ve all got conscious of 
calculators. WelL the impact of 
that sort of technology on a billion 
people who are innately clever and 
dexterous and dili gen t is going to 
be very, very dramatic.” 

China needs Hong Kong as a 
funnel for new goods and ideas, 
Mr. Thornton says. So he is utterly 
relaxed about the approach of 
1 997, when control of the colony is 
to pass from Britain to China. 

What about the risk of another 
about-face in China’s economic 
policy? “I'm very bold.” Mr. 
Thornton says. “I’d say zero.” 

Under Deng Xiaoping, the re- 
formers are firmly implanted, Mr. 
Thornton insists. “The Cultural 
Revolution just couldn't happen 
again, as far as I see. 1 think it's 
much more Likely you'll get a very 
big push to the right.” 

Surveying the rest of Asia, Mr. 
Thornton salutes the powerful 
economies of Taiwan and South 
Korea but finds their stock mar- 
kets neither weD developed nor 
sufficiently freewheeling. 

“If you re going to go for unde- 
veloped markets, I prefer the rela- 
tively freer Thailand,” he says. 
Detailed information and liquid- 
ity are scarce on the Thai market, 
but Mr. Thornton says there are 
several companies whose shares 
are attractive, Bangkok Bank and 
Siam Cement among them. 

Occasionally. Mr. Thornton 
still manages aside trip to Austrar 
lia. In that market, be prefers the 
commodity stocks. 'i- 

The worldwide slowing of infla- 
tion “has not aborted a recovery in 
the price of raw materials, it’s 
merely delayed iL and I see 1985 
as the year when we will anticipate 
a strong rise in some of the basic 
commodities." 

Mr. Thonuon lapses into a rare 
pause. Then he adds: “I don't 
want to give the impression that 
one is rushing in with one's buying 
boots on, but I'm watching it pret- 
ty carefully.” □ 


Accounts and Lombard Cheque I 
Savings Accounts together with I 


Deposit* held tai Staffing J 
Cheque Savings Accounts I 

I 


Another U.S. Swipe 
At Secrecy Rules 


(Continued from Page 9) 
that issue the interest and divi- 
dend checks and ad as withhold- 
ing agents for the IRS. 

The American Bankers Associa- 
tion has expressed concern over 


2500 ON THE DOW 


The i mage ol mankind, as th eorized by Freud , suggests that all people are mentally ill, a dictum 
that blends with Schopenhauer^ s notion that "intelligence is. in some sense, innately bent on self- 
annihilation". Their philosophies were mirrored byAldous Huxley, who wrote... "The leech's kiss; 
the squid's embrace; the prurient ape's defiling touch. And do you like the human race? Not 
much....*. 

Huxley's gloom was at variance with the noble nature of man as seen by his grandfather, T.H. 
Huxley, a staunch supporter of Darwin. Huxley mused.. "Man alone possesses the marvelous 
endowment of intelligible and rational speech, and stands raised upon it as on a mountain top, far 
above the level of humble fellows and transfigured from his grosser nature by reflecting, here and 
there, a ray from the infinite source of Truth". It may seem sacrilegious to transpose TH. Huxley's 
optimism to such mundane matters as stock markets. His vision was celestial, most investors see 
no further than the Tape”. 

Mankind's lack of vision is endemic, only afew mortals capture the "brass ring". The rest spin 
in disarray, on a carousel controlled by innovators, the 'Power Elite" The basic premise of our 
investment philosophy is "contrarian"; the rational belief in tomorrow, in dawn, not dusk, the 
ability to perceive what the "Crowd" rarely senses, the cerebral guts required to defy orthodoxy. 

In 1982. while the DOW was under 800, while the "Street" was cringing, we mocked the 
consensus, predicting “THE DJI WILL TOUCH 1,000, BEFORE HITTING 750". And now? 

This remains a classic time to buy, not to sigh; atheme we vocalized during the markers last 

malaise, a malaise that infected thousands of investors. The market subsequently erupted on the 
upside; it will erupt again, vaporizing prophets of doom, escalating over 2500. 

Our current letter focuses upon senior securities that appear poised fora major upswing; in 
addition, we review a low-priced, emerging stock that may emulate the success of a recently 
recommended "special situation" that spiralled 800% in a brief time-span, after discovering a 
large oil and gas field in Texas. 

For your complimentary copy, please write to, or telephone: 


the high cost erf the paperwork the 
new rules would email The associ- 
ation has urged that banks not be 
required to bear the burden of 
checking the validity of seals and 
signatures on certificates of resi- 
dence. 

In addition, the U.S. Securities 
and Exchange Commission is re- 
portedly split over the proposal. 
Those staff members favoring the 
new rules argue that it is essential 
that the United States bolster its 
ability to police foreign investors. 
SEC commissioners have been de- 
bating a proposal that would lift 
any claim to confidentiality when 
trading in U.S. securities. 

Opponents warn that a unilater- 
al action by the United States 
would discourage legitimate for- 
eign investors from using the U.S. 
securities markets. They suggest 
that the commission explore other 
avenues in bilateral negotiations 
with individual countries. 

Public hearings on the Treasury 
proposals are scheduled for late 
February. “It will create a bit of 
burden, but Treasury would like 
these rules to go into effect this 
year, if possible,” a Washington 
lax expert said. 

The Treasury proposal marks 
the latest round in tin continuing 
battle between foreign govern- 
ments defending their bank-secre- 
cy laws and U.S. tax officials try- 
ing to impose new disclosure 


requirements. 

Foreign governments complain 
that the United Slates is encroach- 
ing on their sovereignty by trying 
to extend American laws to for- 
eigners living outside the United 
States. In the past some foreign 
governments nave threatened to 
enact laws making it illegal foe 
their citizens to comply with the 
U.S. rules. 

In response. U.S. officials argue 
that foreign governments should 
not protect tax cheats. In this case, 
they contend, the sovereignty of 
other nations is not threatened be- 
cause the scope of the rules is 
limited to American markets. 

In (he pasL U.S- authorities 
have forced compliance by foreign 
citizens and banks through fines, 
seizure of funds and assets in the 
United States and by threats to cut 
off their access to American mar- 
kets. □ 



CAPITAL 

GAINS 


F.RS. Financial Planning Services bv 
Kalv c r siraat f12, 

1012 PK Amsterdam, The NettMdands 
Phone: (020) -27 51 81 
Tefex 18536 


Name: 


Address: 


I Phone: 

czz 


Rast performance does not guarantee future results 


CHART TALK 


Tokyo Stocks Rose 15% in ’84 




Stocks 


ocks . Bonds ^ ^ 


ssc 





Ejvl Total return for 1 2 months 

ended December In local currency 


2 months ■■ Total return of 1 2 months 

In local currency ended December In dollar terms 

Sourca:lnterSacrtes«n*Cofn. . Smwi tart. Gonnactfcuf. Bond 


Japanese slocks were the biggest 
winners in terms of total return in 
1984, posting gains of more than 
1 5 parent in dollar terms. British 
equities were a distant second, 
yielding about 5 percent because 
of Lhe pound's weakness. 


30-DAY 


60-DAY 


90-DAY 


For fixed-income securities, the 
United States finished first. Total 
return on U.S. bonds exceeded 15 
percent last year. 

Total return is a measure of per- 
formance that reflects both 
changes in the prices of securities 
and the income they provide, ei- 
ther in dividends or imerest- 



Deutsche 

mark 


Deutsche 
— mark 


Deutsche 

mark 


For the above chan, gains and 
losses were measured by compar- 
ing market indexes at the end of 
1 984 with their levels a year earli- 
er. The chart does not lake into 
account taxes or inflation rates. □ 


NOV. DEC. JAN. 


NOV. DEC. JAN. 


NOV. DEC. JAN. 


30-UNkED 


Small Investors Lead a Rebound 

T HE return of the indi- 

Gainers and Losers 

markets the shot in the The stocks on the New York, London and Tokyo exchanges that 
arm that analysts had been await- showed the largest percentage gains and losses In January, 
ing for monltik 

On the New York Stock Ex- O Vil 

change, winners outnumbered los- 5;*# 

in -f 


T HE return of the indi- 
vidual investor in Janu- 
ary gave U.S. slock 
markets the shot in the 
arm that analysts had been await- 
ing for montiik 

On the New York Stock Ex- 
change. winners outnumbered los- 
ers for 19 out of 22 trading days 
last month. The Standard & Poor's 
500 index of stocks rose 7.4] per- 
cent over the month, closing on 
Jan. 31 at 179.63. 

Investor confidence in the U.S. 
economy contributed to the buoy- 
ant mood. News that the economy 
grew by a brisk 3.9 percent in the 
Iasi quarter of 1984 went a long 
way to keep the rally going. 

Of the JO biggest winners on the 
Big Board, none showed a gain of 
less than 50 percent Leading the 
list was Charter Co. The Florida 
oil-refining and marketing compa- 
ny, which filed last April for reor- 
ganization under bankruptcy 
laws, disclosed in December a fi- 
nancial plan that projected earn- 
ings of $141 million over the next 
five years. 

A month later. Charter followed 
up with an announcement that the 
company would sell off its insur- 
ance subsidiaries to Metropolitan 
Life and concentrate on its oil 
holdings. 

Unidynamics. the defense and 
industrial-engineering company, 
came in second among the win- 
ners. The company was the target 
of competing takeover moves, it 
finally was acquired in mid- Janu- 
ary by Crane at $29 a share. 

Commodore International was 
one of the unfortunates that did 
not rise cm the boms of the bull 
market The computer concern, 
which is having trouble selling its 
Commodore 64 model, announced 
that earnings in its fiscal second 
quarter tumbled 93.6 percent from 
the record 850.1 million a year 
earlier. 

Second on the losers list was 
American Agronomics, an orange- 
juice producer in Florida. Ana- 
lysis said the stock fell prey to 
profit- taking after last month’s 
unusually sleep run-up. 

On the American Stock Ex- 
change, the market index climbed 
steadily for 16 consecutive days 
before falling slightly, to 224.07, at 
the end of the ir until. 

The leader on the Amex was 
O'Okiep Copper, a mining con- 
cern with holdings in South Afri- 
ca. Analysis said lhe company 
benefited from expectations of a 
tightening in the international 
copper supply. 

Occupying the first position on 
the over-the-counter market was 
Sunstates Carp., a North Carolina 
real-estate company. Sunstates, 
formerly traded on the New York 
Exchange, merged with Treco, a 
real-estate company based in 
Jacksonville, Florida, on Jan. 29. 

The enthusiasm surrounding 
Wall Street activity stimulated 
trading on the London Stock Ex- 
change, although speculation 
about oil prices and a fluctuating 
inflation rate combined to make 
the British gains more tenuous. 

Despite the vicissitudes caused 
by lhe announcement of higher 
lending rates, the equity market 
made a strong showing in Janu- 
ary: the Financial Times industri- 
al index finished at 985.1, up 32.8 
points from last month's dose. 

Dunlop, making an impressive 
recovery from its finandal woes, 
led the gainers. Shares in the tire 
company, which outlined a finan- 
rial-reorganization plan earlier in 
the month, were propelled higher 
by BTR’s takeover maneuvers. 

Associated Newspapers fol- 
lowed on the list erf leaders, largely 
due to strong annual results. Pen- 


TTie stocks on the New York, London and Tokyo exchanges that 
showed the largest percentage gains and losses in January. 




Percent 

Gain 


Jan.31 

Price 


Percent 

Loee 


:A *;.,#■* * 

Jen.31 

Price 


New York Stock Exchange: 

Compiled by Media General Financial Services. Price* in dottare 


Charter Co. 
Unidynamics 
Anacomp 
Continental Illinois 
Evans Products 
Wean United 
NatlonolHomea 
Newpark Resources 
Heston Corp. 

Quick and Reilly 


Commodore international 
American Agronomics 

Nutri/System ' " 

Safeguard Scientific 
Tucson Electric Power 
KOI Corp- 
Centronics Dels 
Frighronlcs 
Pu roister Courier 
Seagull Energy 


.. 1- . ■ 

2 IS 

ye 



j - " 


- 

■ i v" 

j 

^ 5t 

1 rn"r::c • 

z * 



American Stock Exchange: 


Oklep Copper 96 

PayFone 91 

American Medical Bldgs. 90 

HeizerCorp- 88 

Rooney Pace 87 


Ultimate Corp. 
Cagle'a Inc. 
Swanton 

Spencer Companies 
Eaatgroup Prop. 


Over the Counter: 


Sunstates 

Comtech 

National Environmental 
Fared Robots Systems 
Zymos 


Billings Corp- 
Unimet 

Hogan Systems 
Citizens Savings 
Celina Finandal 


London Stock Exchange: 

Compiled by Capital International. Prices In pence 


unit 


Dunlop Holding 
Associated Newspaper 
Peninsula and O cental 
Ocean Transportation 
European Ferries Group 
British telecom 
Pearl Assurance 
Kleinwort Benson 
Cookson Group 
De Beers 


Nippon Gakki 
Ya man ouch i Pharm. 
Dallchl Seiyaku 
Taisho Pharmaceutical 
Konlshlsoko Photo 
Pioneer Electronic 
Bank Yokohama 
Asahi Optical 
Yasuda Trust 
Dai wa Bank 


46 

37.5 

Racal Electronics 

19 

212 

44 

720 

Standard Telegraph 

13 

252 

31 

403 

Thorn EMI 

13 

421 

23 

153 

United Scientific 

13 

227 

20 

154 

Plessey 

12 

186 

18 

125 

Powell Duffryn 

11 

395 

17 

1,153 

Boots 

11 

178 

17 

445 

British Home Stores 

10 

245 

15 

536 

George Wimpy 

10 

104 

14 

414 

Detoenhama 

9 

105 

i: 

Prices in yen 




69 

2,200 

Sanko Steamship 

20 

88 

39 

3,800 

KaneaJ Electric 

13 

1.380 

36 

2,250 

Nippon Yusen 

13 

238 

29 

1,260 

Tokyo Electric 

12 

1,580 

23 

738 

Sumitomo Marine 

12 

583 

23 

3,250 

Dai Nippon 

11 

297 

22 

605 

Mitsubishi Heavy Indus. 

11 

235 

21 

696 

Japan Beet. Optics 

11 

1,110 

21 

580 

Mltusl Real Estate 

10 

664 

19 

590 

Kawasaki Heavy Indus. 

9 

147 


insular & Oriental Steam made 
substantial gains throughout the 
month amid merger negotiations 
with Sterling Guarantee Trust. 

There was little cause for rejoic- 
ing among British electrical con- 
cerns. however. Amid warnings of 
weak second-half results and spec- 
ulation about government spend- 
ing cuts, five members of the sec- 
tor headed the market's losers list. 
Standard Telegraph, United Sci- 
entific and Plessey registered 
drops of more than 10 percent. 

The Tokyo market also shared 
in the worldwide renewal of inves- 
tor confidence, as the Nikkd-Dow 
Jones average dosed the month at 
11,992.31, up almost 4 percent 
from December’s dose. But Japa- 
nese trading was not as volatile as 
that in the U-5- 

The market did set several new 
highs, however, especially in the 
middle of the mourn when cuts in 
the prime lending rate were an- 
nounced. On the lutal day of trad- 
ing, the index rose above the 
12,000 level before retreating. 

Trading in blue-drip issues was 
sluggish, with most investors seek- 
ing out more speculative high-tech 
and biotech-research concerns. □ 


Sachs I 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11, 1985 



i ^ 








- s -‘icnt 


oiinj 




New Eurobond Issues 


Amount _ Coup. ^ T,M W “ 

(millions) ^ 1 ^ J 

offer week 


FLOATING RATE NOTES 

Bonkers Trust New $300 2000 1/16 100 — 

York 

Ferrovie delta Stota $460 1995 libor 100 — 


PNC financial 

HXED-COlffON~ 

Bonkers Trust New 
York 

Bergen Bank 

Federal Business 
Development Bonk 
Ford Motor GecEf 

Gould 

John Deere Credit 

Kubota 

Nippon Shmpon 
NEsshin Steel 
Orient Leasing 
Rockwell Int'l 

Royal Bank of 
Canada 

Society for Savings 
Tayo Trust Asia 

~0B 


$100 1997 1/16 100 — 


997B Over 3-month Libor. Caflafale al par an any interest 
poymant data after 1966 Foes 032%. Danommo- 
*om SIOXOO. 

99.64 Interest al the Ivgher at either 1-mamti Libor or 6 
month Lnumn, set monthly. Callable at par on any 
interest payment dace otter 1986. Fees 0 j40% 

Pfoon M ohom $10,000. 

99J50 Over Jmorth bbor. Ceflable at par m 1999. Foe* 
060%. 


$100 1990 11% 99% 11.16 97.38 Non «***.. 

$75 1990 11% 100% 11,43 96.88 CdBobla « por m 1999. fayofcte April IS. 

$50 1989 10% 99% 10.41 97.13 NoncolabJe. Payable April IS. 


11% 99% 

11 % 100 
11% 99% 
10 % 100 
11 100.60 
10% 100 
11 100.60 
10% 99% 

11% 100 


11% 100 11% 

11% IDO 11% 

7% 100 7% 


97.13 Coltablc at IQOW in 1993. 

97.13 Callable oi tOt in 1992. 

96^8 Nongflabfa. Payable March 19. 
96.38 NonasMsIe. 

— NoncoSofale. 

96J25 Noncnflobte. 

— NonadMsIo. 

97.13 CoBdble nrlOtW m 1999, 

97.25 Noncofiabla. Payabie Ap'd 15 


— Noncnltabfa Ifadked 150X by aah ord securities. 

98 JO Nonccdtobfa. Payable May ft. 

98-50 Noncaflable. 


Quebec Province DM 200 1995 7% 100% 759 9850 NokoWIo. 

Chrysler financial 

ECU 60 

1991 

10 

100 

10 

98.63 

Noncaloble. Payable Match 26. 

Bank of Tokyo 

Aus4 50 

1992 

12% 

101% 

12.29 



Noncaflable. Denotrinatiom Aus.Jl0.00Q. 

Bank Mees & Hope 

OF 150 

1992 

7% 

99 

772 

— 

Noncaflable. Suiting fund to start operating in 1989 
la produce a S Syr overage life. 

New Zealand 

Breweries 

NZ$25 

1991 

15% 

99% 

15.82 

98 JO 

Redeemable at per in 1989. 

New Zealand 

Breweries 

NZ$25 

1992 

15% 

99% 

15.84 

98 

Redeemable at par in 1990. 

EQUITY-LINKED 

Kumagai Guira 

$80 

2000 

3% 

100 

3% 

— 

Colette or 104 in 1968. Canwr&io at 600 yen a 
share and at 26075 yen per dollar. 

Maruzen 

$20 

1990 

open 

100 


99 JO 

Coupon irritated at BWL Noncokbie. Each 
$5,000 note with 1 warrant exarasable m*o shares 
at at expected 2tt% premium. Term to be set Feb. 
15. 

Mitsui Pelrodiemrail 
Industries 

$25 

1990 

8% 

100 

8% 

101 

Nbncdfabti. Each 35,000 note with J marram 
eKercaable into diares <e 380 yen a diare and at 
261.85 yen par dolor. 

Optec Dcs-khi Denfco 

$30 

1990 

open 

100 

— 

““ 

Coupon indcoted at 8%%. Nanoadabie. Each 
$5,000 nolo with 1 warrant exeiuutte into shares 
ct an expected 2tt% premium. Term to be sec Feb, 
15. 

Shtn-ftsu Chemical 

$30 

2000 

open 

100 

— 

9875 

Semiannual coupon itufloded of 3%. Caloble at 
104 in 1988. Convertible cri on expected 5% premi- 
um. Terms to be set Feb. IZ 

TdyoYuden 

$50 

2000 

open 

100 

— 

9775 

Semkmnucd coupon indkoted d 316%. CtAtte at 
104 in 1988. Cuu.eiiiUe <* an expected 5% promt- 
urn. Tama to be set Feb. 14, 

Yamato Transport . 

$40- 

2000 

3 

100 

3 

98.50 

Caloble at KB in 1990. Convertible of 1^38 yen a 
shore and at 261.15 yen per daliar. 


Bankers, Regulators Wary of Loan Underwriting 


By Carl Gewirtz 

Intcnuitwmil H+reUl Tribune 

PARIS — While regulators have 
not yet formally taken steps to curb 
the growing tendency of commer- 
cial banks to increase income by 
underwriting loan commitments 
not taken on their books, the Bank 
of England and the Federal Re- 
serve warned banks last week to be 
cautious. 

At the annual banquet of the 
Overseas Bankers Club, Robin 
Leigh- Pemberton, governor of the 
Bank of England, said, “Bankers 
would be well advised to examine 
closely the extent of these risks and 
to consider carefully the appropri- 
ate price to charge." 

And in a speech in Frankfurt, 
Henry C. Walhch, a governor of the 
Federal Reserve, said. “A bank is 
not streogdiened ... if it raises its 
capital ratio by placing some of its 
assets ‘below the line* ... or substi- 
tutes contingent for ordinary liabil- 
ities." 

Despite repeated indications of 
official concern, bankers privately 
lament that this b usiness will con- 
tinue to grow until formal guide- 
lines emerge- The Bank of England 
and the ftd have indicated that 
sucb guidelines are under study. 

What worries bonkers, as well as 
the regulators, is that the note 
placement facilities that banks are 
underwriting for relatively slim fees 
(which are taken directly into prof- 
its without any increase in the bal- 
ance sheet as long as the notes are 
sold) can turn into low-margin 
bank loans if the note market sud- 
denly turns sour. 

The underlying concern is that if 
a financial crisis shuts the market, 
the banks would be obliged to sub- 
stantially increase their assets 
(loans) as a result or these underw- 
ritings. This would have the effect 
of making the banks' capital ratios 


deteriorate at the very moment 
when public confidence in die 
banks was likely to be weakest. 

While the flow of new transac- 
tions shows no sign of voluntarily 
ebbing, bankers report that the re- 
cent upward drift m short-term in- 
terest rates has made it more diffi- 
cult to sell short-term notes. 

"We've seen some defensive bid- 
ding," said one banker. But, he 
added, “it’s not a brick wall" Paper 
continues to be placed, he ex- 
plained, but at terms that are more 
expensive for issuers. 

Brit oil was able to place $25 mil- 
lion of six-month notes last week at 
a cost of 15 basis pomes (hun- 
dredths of a percentage point) be- 
low London interbank offered 
rales — less expensive than its pre- 
vious sales, which were at 10 and 9 
basis points below Libor. 

The latest new entry to the note 
market is Portugal It is seeking 
$500 million for eight years — half 
as a classic syndicated bank credit 
and half as a note placement facili- 
ty- 

Portugal can ask banks to pro- 
pose terms for short-term advances 
(which are direct bank loans) or for 
Euronotes. Underwriters will be 
paid an annual 'A-percem facility 
fee and they guarantee to take the 
notes at % point over the London 
interbank offered rate. If the tender 
panel bids less than % point over 

Libor, Portugal can pocket tbe sav- 
ing. But it is assured that it can 
draw tbe entire amount from the 
banks at a maximum cost of % 
point over Libor (the annual facili- 
ty %-poim fee plus the *s-point uti- 
lization charge). 

This is the identical margin it 
will pay on its straightforward syn- 
dicated credit Front-end fees on 
the package total % percent. 

Managers say the loan is struc- 
tured to appeal to b anks looking to 
take assets on their books. The note 


facility will enable Portugal to test 
that market and possibly save cm 
borrowing costs if the market 
proves receptive. As it is, the terms 
are a marked improvement over (he 
split %-Vpoint margin Portugal 
paid last year to tap the syndicated 
loan market. 

Tran sco Energy Co. of the Unit- 
ed States is lapping die market for 
5150 million for five years. It will 
sell one- u> six- month notes at a 
maximum yidd of 15 basis points 
over Libor. 

East Germany is coming to the 
syndicated loan market for 5150 
million, which many bankers say 
will be increased to at least S220 
million. Given the demand for 
scarce high-paying credits and tbe 
resulting decline in margins, there 
was some surprise that the East 
Germans had not secured more 
than an %-point decline from the 
margin on their previous loan. 

The new loan is likely to be dom- 
inated by U. S. banks, thanks to the 
provision that lenders can opt to 
price it at % point over the prime 
rate of Citibank or % point over the 
90-day rate for certificates of de- 
posit or % point over Libor. 

U. S. banks have been largely 
absent from lending to Eastern Eu- 
rope, but these terms will be seen as 
very attractive. Even Mexico, 
which is hardly in a position to 
chose how it gets its money, has 
refused to pay interest based on the 
U. S. prime rate. 

The East Germans will pay 
front-end fees of ^ percent as well 
as a % -percent commitment fee on 
any undrawn portion. 

In sharp contrast, Vnesfalorg. the 
Soviet Union's foreign trade bank, 
is seeking a seven-year loan of 50 
million European currency units. It 
is to pay % point over the interbank 
rate for the first three years, then % 
poinL This is a very big drop to 
costs, as it last paid % point over 


Libor for five-year money. Fees on 
the new loan total 25 basis points. 

Avasa, a Spanish highway agen- 
cy. has consolidated five older and 
more expensive credits into a new 
300- milfion-Deuische- mark loan 
running for seven years. Interest on 
the new loan is set at *4 point over 
the interbank rate for the first two 
years and % point thereafter, down 
sharply from the more than 1 per- 
cent paid on the existing loans. In 
addition, it is renegotiating terms 
on five dollar loans, totaling S125 
million, on which it is paying some 
1*2 points over Libor, and on an- 
other DM loan. 

Th; operation has created some 
friction, as Merrill Lynch — which 
did not participate in any of the old 
loans and is not putting any of its 
money into any of the new opera- 
tions — is coordinating the refi- 
nancing. Commercial banks do not 
take kindly to what they consider 
trespassing by investment banks. 

Merrill says that it is acting as an 
adviser to the borrower and that 
criticism from the commercial 
banks has not impeded the syndi- 
cation of the new loon. 

Reuters reported from London 
that Thailand and two of its agen- 
cies were expected to tap the Euro- 
market for a total of 5400 million in 
20-year floating rate notes. Tbe 
agency quoted banking sources as 
reporting that Thailand itself 
would issue S60 million of notes, 
tbe Petroleum Authority of Thai- 
land 5145 million and the Electric- 
ity Generating Authority of Thai- 
land 5195 million. All three will 
have investor "put" options after 
10 years. 

The mandate for the notes has 
been awarded Lo Chase Manhattan, 
Lloyds Bank International Long 
Tenn Credit Bank of Japan, Manu- 
facturers Hanover Trust, Morgan 
Guaranty Trust and Orion Royal 
Bank. 


New Issues Flood Market as Investors Move to Sidelines 


(Continued from Page 7) 

had obtained commitments from 
underwriters continue to force the 

mar ket 

"These ore less sophisticated is- 
suers," said one Japanese banker, 
"who are unwilling to adapt to the 
changed circumstances and are un- 
concerned about the damage to 
their name or the market.” 

Bank of Tokyo, however, playing 
on domestic investors' appetite to 
diversify away from the dollar, of- 
fered 50 million Australian dollars 
of seven-year notes bearing a cou- 
pon of 12% percent. The notes were 
priced at 101% to yield 123 per- 
cent. 

In the floating-rate market, the 
new issues for Bankers Trust, Fer- 
rovie dello Slaio and PNC, a Penn- 
sylvania-based bank bolding com- 


pany, were well received and 
traded within the commissions 
paid to underwriters. 

Ferrovie offers bankers buying 
the notes a hidden return by en- 
couraging mismatching; Interest is 
fixed monthly at tbe higher of tbe 
one-month London interbank of- 
fered rate or the average of the six- 
month bid-offered rate. Thus, 
banks funding their investment 
with one-month money can pocket 
the %-percent difference between 
the one-month Libor and the six- 
month Liman. 

With the dollar last week setting 
daily 13-year Highs against the 
Deutsche mark and yen, and record 
highs against sterling, the non-dol- 
lar markets were looking dis- 
tressed. 

By the end of the week, the dollar 


was worth 33426 DM, up from 
3.1725 a week earlier. On top of 
that, domestic DM interest hard- 
ened by up to a quarter -poinL As a 
result, international investors 
shunned the market, and the prices 
of recent issues tumbled. 

Public Power Corp. 7%s ended 
the week at 95 and the World Bank 
7%s were at 96. 

Prices on the new issues were 
bong supported by managers, but 
the paper was not moving. Que- 
bec's 200 million DM of 10-year 
bonds, priced at 100% bearing a 
coupon of 7% percent, were quoted 
at a 134-point discoiuu. Tbe Euro- 
pean Investment Bank’s 300 mil- 
lion DM of eight-year bonds, of- 
fered at par with a coupon of 7% 
percent, were quoted al a 1 %-point 
discounL 

Frankfurt bankers feared this 


week’s scheduled issues for Spain, 
the Inter-American Development 
Bank and a South African state 
borrower will only add to the mar- 
ket's woes. 

Paper denominated in European 
Currency Units also fell out of fa- 
vor for the same reasons — sliding 
value against the dollar and rising 
interest rates for the component 
currencies. Chrysler ofTered 60 mil- 
lion units of six-year notes bearing 
a coupon of 10 percent, up % point 
from recent six-year ECU paper, 
but failed to attract support. The 
price was supported at a discount 
of 1% points. 

The Euroyen market, hit by un- 
favorable currency developments 
and unattractively low coupons on 
recent issues, was shuttered. The 
recent issues were trading at dis- 
count of 5 to 6 percent. 


Page 13 

U.S. to Permit 
Kuwait to 
Have Leases 

JVrti Vurt Tunes Semi f 

WASHINGTON — The U.SL 
Interior Department, reversing a 
two-year-old ruling of former Sec- 
retary James G. Wait, has decided 
to make Kuwait eligible to acquire 
mineral leases on federal lands, 
ending a dispute that has troubled 
relations between the two govern- 
ments. 

The Watt decision, which was 
reversed Thursday by outgoing In- 
terior Secretary William P. Clark os 
his last official act. was precipitat- 
ed by the takeover in 1982 of Santa 
Fe Internationa] Corp.. an Ameri- 
can oil company, by the state- 
owned Kuwait Petroleum Co. "We 
are very glad." said TalaJ Raaooqi. 
first secretary at the Kuwait Em- 
bassy here. “We felt the original 
derision was a mistake." 

Kuwait Petroleum spent SIS bil- 
lion to purchase Santa Fe. a large 
U.S. oil-drilling and production 
company based in Alhambra. Cali- 
fornia. It was one of the biggest 
investments in American industry 
by any oil-exporting nation, and 
immediately touched off fears in 
Congress about the national-secu- 
rity implications of letting re- 
sources fall under foreign control 

It was largely in response lo 
those Tears that Mr. Wail, invoking 
the rarely used Mineral Lands 
Leasing Act of 1920. ruled that 
Kuwait discriminated against 
American oil companies and there- 
fore should be prohibited from 
owning any interest in petroleum 
leases in tbe United States. 

The 6S-year-old legislation con- 
tained a reciprocity provision giv- 
ing the interior secretary authority 
to withdraw oi I -exploration rights 
from foreign nations that do not 
provide “like or similar" invest- 
ment privileges for American citi- 
zens. 

One of the key issues, according 
to Mark Guidry, an Interior De- 
partment press officer, was that 
Kuwait does not permit citizens of 
any country, including its own. to 
own oil leases. However, there are a 
□umber of other countries with 
similar policies, such as Britain, 
Sweden and Mexico, and the Unit- 
ed States does not bar their activi- 
ties. 

"This will permit us to invest 
more fully in the development of 
oil and gas resources in the U.SJ* 
said John Andrew Miller, vice pres- 
ident and associate general counsel 
of Santa Fe International. He add- 
ed that the order affects about $15 
million of federal onshore oil and 
gas leases in such stales as Oklaho- 
ma, Louisiana and Colorado. 
States and the federal government 
share in the royalties from ofl and 
gas production, as well as the taxes 
on profits. 


This announcement appears as a matter of record only. 

The Notes were offered and sold outside of the Untied Stales oj America. 


This announcement appears as a matter of record only. 

The Notes were offered and sold outside of the United States of America. 




Kellogg Company 


United Technologies Corporation 

(Incorporated with foraled liability in the State of Delaware, U^A.) 

U.S. $150,000,000 


US. $100,000,000 
10%% Notes due January 15, 1990 

US. $100,000,000 
lV/4% Notes due January 15, 1992 


11%% Notes due January 15, 1992 


Goldman Sachs International Corp. 

Deutsche Bank AktiengeseUschaft 

Union Bank of Switzerland (Securities) Limited 



Goldman Sachs International Corp. Salomon Brothers International Limited 




ir ci4*f 


Algernons Bank Nederland N.V. Banque Bruxelles Lambert S.A. 

Ranry.o Nationale de Paris Citicorp Capital Markets Group 

Commerzbank AktiengeseUschaft Credit Lyonnais 

Daiwa Europe Limited Deutsche Bank AktiengeseUschaft 

Dresdner Bank AktiengeseUschaft ^hm^BmA^lntemational 

Lloyds Bank International Limited Morgan Grenfell & Co. Limited 

Morgan Guaranty Ltd Nomura International Limited 

N.M. Rothschild & Sons Limited Societe Generate 

Swiss Bank Corporation International Union Bank of Switzerland (Securities) 

Limited , j U"*® 1 

S.G. Warburg & Co. Ltd. 


Bank of Tokyo International Limited 

Barclays Merchant Bank Limited 

Credit Suisse First Boston Limited 

Manufacturers Hanover Limited 

Morgan Guaranty Ltd 

Salomon Brothers International 
Limited 

Julius Baer International Limited 


Banque Nationale de Paris 
Citicorp International Bank Limited 
Dresdner Bank AktiengeseUschaft 
Samuel Montagu & Co. Limited 
Morgan Stanley International 
Swiss Bank Corporation International 

Limited 

Banca del Gottardo 


Banca della Svizzera Italiana Bank Gutzwiller, Kurz, Rungener (Overseas) Limited 


,! ft 

n-ll- -v 


Bank Leu International Ltd. 

Great Pacific Capital S.A. 
Lombard, Odier International S.A. 


Darier & Cie. 
Hentsch & Cie 
Pictet International Ltd. 


Swiss Volksbank 


limitary, 1985 


February, 1985 





■- 1 r. 


Page 14 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11. 1985 


International Bond Prices ■ Week of Feb. 7 


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

_ Prices may vary according to market conditions and other {actors. 


a™ Security 


% Mot Price Med UtaCorr 


Ami Security 


YiNd 

MJddt* Are 
Med Price Mol Lite Out 


Amt Security 


YleW 

Middle Awe 
Mol Price Mol LHeCurr 




PhiWoa Petroleum 
Pori land General Eke 
Procter (.Gamble 
Prudential 0/5 FonSn 
Prudent W O' 3 Fu«&i 
Prudential On F Whe 
PrwdmtidOtsF x/er 
Prudential Realty Sec 
Prudential RmltvSec 
Hfiij&xrftpinfl 
"Otslcn Pimna 
goWniCT TransconUM 
Raostaei 0/t Finance 
Rrvtcn inti Finance 
Nevnol da Mctah Europ 
grnwws RIO/s 
g WifSsefr McrTell 
PtnarilujvVUAsO/i 

Pock .teller Group 

SauaFcInfl 
Scott Poser O/s 
Sears 0<s Finance x/w 
SesnO/a Finance 
fern D/s Finance 
SeoriO/5 Finance 
Sears O/iFtowte 
Sean O/s Finance 
Seaplhr Pcctt Nat Bk 
Seoirihr Pnclt Nat Bk 
5eanflv Poett 0/s R 
Security PoalO/iFI 
5h«*rcvi Americ Emra 
Stenat Companies 
Smith Cali tom Edison 
South Cahfarn Edison 
SoutJi CoTrlorn Edlsar 
South Cattfom Edison 
SaiUti Cal Horn Edison 
South CaMam Gas 
South CM Horn Go* 
Soutn Carolina El Gas 

Sperry Curacao 
St Paul O/s Finance 
Standard OU Indtam. 
Standard qh Indiana 
Standard Oil OMa 
Student Loon Mark Ass 
Sunastreetd Finance In 
Superior O/s Finance 
Superior Ofi Finance 
Srbron 0/1 Capital 
TaeieatCarv 

■ neieca inn May 
Tenracalnll 
Terraco Inti Nov 
Twmecolntl 
Texaco Capital 
Tomoo Capital 
Texaco Coital 
Tchicd Cnoltnf 
Tun Eastern Finance 
Texas Eastern Finance 
T erns In st ru m ent s ltd 

■ uli ini inti 
Time-UteOrt Finance 
Trailer Iraki Finance 
Tronsamerica Ftnanda 
TroraamertcnO/S Flna 
Trance tan 

Trausui irtff 

T rufooceon Gulf on 
Tnms o ceunGuHOtl 

T muuc e u nOtillOU 
Trw Inc 

Trwo/s Finance 
Uer D/s Finance 
Untai Camp 0« Fame 
Union CorUde O/s 
Untan on mu Financ 
United Tedwiaioaies 
United Tedkiataeles 
Uwtad Tethno hi gki 
United Technaioafes 
Utah Inti Finance 
Wan Disney Produato 
Wi/r Orsner PraA/efAi 
Ward Foods O/s Capita 

Warner-Lambert Inti 

Welts Foma Co 
Well* Faroe Co 
Wefls Fwvo lull Flna 
Weils Faraa Inti Flna 
Weyerhaeuser Carttnl 
Weyerhaeuser Cad M 
Weyerhaeuser Co 

Aerar Finance 


rom Page 8) 

3»M« ua 1167 

MkVMov HI U.HJ 
■nVDec 99 % 1495 


|»WQa HU HliB 

W* "91 Aar 7ft. 11.14 

Skflgec Wu HU5 

lBWWDec 7ft, I1JS 11.10 

IIRTOJOT BW. 11 At 11.75 lias 

TChVSJon Blh HAS 1IJD 11*5 

WJTOF* 93V5 HJBUiO — 

IHWOd HUU lljn 

MAW Feb 79ft till liS7 7*4 

lift TOjul TPS lift 1130 

H TOJUi toft 11JJS 11.17 

WiWM? 104ft 1U6 1ST? 

istmoo in 1)33 

BVTODBC ft VM 9St 

lift TO Jun 94% Hit 

11% TO JOT UMW 1IAT 11/1 

7WWJM 98 HL98 11J1 9A9 

gkWJul 77 11JI9IU0 9A2 

UftWMoy iMft 12.14 1131 

liwwHow m nun nx 

lift TO Jan 100 11.25 1125 

HHYlFob TOni 11A9 1137 

iivsYiAue TTi an 1033 

7114TOOC1 101% 1127 1141 

tb* TO Feb Wli I0A1 
llK-OaDec 181% 1M1 
WVWJun 94% 11AT 
17 72 Mar tom. II A3 
ITWTiMir ia» 1L97 
11% 72 Feb 100 1124 1125 

U TO Apr toils 1307 

14% TO Jul inu 1341 

15 TO May 185ft 1117 

ms 70 Mar 75 11 At 

Ills 70 Nov 101 1123 1139 

14V 79 Sap KI5 13.14 1405 

1714 71 Od 101% 11*4 1117 

ISSWApr lWV; 1326 1402 

15 TOSep 105ft 1325 1433 

H« TO Nov 101’- 1126 1122 

BftVAug « 1059 1L17 904 

n to Dec ei ilbiiii fat 

1DW TO Jan 94* 1756 1005 

4ft TO Jan 96% 723 600 


I 



TV. 76 Now 
MTONOe 

TV 16 Tun 

6%TOJul 
nsTOMir 
714 TO Apr 
4% TO Jul 
BVB5Noy 

6WTOAUU 

AUSTRIA 


ft 737 
100 A73 

in U9 

r 

HI 7J4 
99% *29 
1B% 733 
99% 659 


n to Dec 
low TO Jan 
6*72 Jan 
8* TO Jim 
16 TOJdl 
11 7! Nov 
1 TO Mar 
llWVJim 
TV TO MOV 


« had i 

10*3* 1246 
<®V U23 
to 11401 
99 1102 


Austria 61* 

Amina 71* 

Austria BW 

Austria Tta 

Austria 53. 

Austria 7 

Austria m 

Austria r- 

Austria I 

Austria TH 

Austrian Control Bank 11 

Austrian control Bank 9% 

Austrian Central Bank S 

Austrian Control Bank 9 

Austrian Control Bank BW 

Austrian Control Boat *W 

Austrian Central Bank BW 

Austrian Contra! Bank 7W 

AuSricn Control Bonk 7W 

Austrioo control Bank nr* 

Austrian Central Bank 91* 

Austrian Control Bank II* 

Austrian Etactrldlv 7 

Domukrnttwerke As 4% 

DanaulLraflwerkeAe 0 

OraukraHwerM As SB. 

Genossen ZentrolbOl* i 

Gina Ban* Scarkassai BW 

Glroi Book Sooricassan KB. 

Kotos Koardder Elekt 6% 

Pvtwn Autatxtn M* 

Taueniaiitabahn As 5W 

Tauernoutabahn Aa 9W 

Vienna CHy 9W 

West- Alpine BW 

Vaest-Atpme BW 

Vaesf-Aipme CW 



I 73 May 
7W 74 Apr 
TwTtNor 
7««Aer 
7V] 7*Dw 
« TOSep 

6 TO NOV 
Btt 7* Jan 
7W7SF8B 
TWTOJan 

7 TO MOV 
IViTO Apr 
|3*73Jul 
1% TO Nov 
*U TO Mar 
7*4 TO Feb 
IWTOFfb 
7 TO Jut 
BW 70 Jut 
7W 71 Oct 
10W91NOV 
ns TO Feb 


724 :a 

721 7(0 

743 'Jfl 

673 560 764 
732 726 7.« 
7J9 847 649 
675 7.17 622 
801 773 825 
721 756 

743 7*3 75! 

721 725 7.84 

7.11 755 657 
619 8*7 

724 6«B 811 
641 64V 673 
7.15 7.10 723 

725 325 
715 726 7U 

722 (23 

7.76 744 

U6 V3S 

727 615 


dm SO HeteUdu City 
dm 75 Imalran Vdma 


Tvo Power Camaiy 4 1 

Union Ban* Of FtaUCd HbH 

FRANCE 


5% TO Feb 
UWTOHav 
B TO Dec 

7 TOApr 
TWTOMor 
n* TO Apr 

8 IS Nov 
7ft VI Apr 
7 TOJan 
1WV2JM1 
I TO Jan 
0 TO Dec 
7 TOJul 
51* TO APT 
B TOSep 
6 TOFeU 
4V: TO Dec 


636 5J9 
755 1SJ5 
660 754 
647 605 653 
620 735 
727 9.11 
721 7.7S 
729 7 0 
732 7-20 
616 756 655 
7.12 6(7 758 
752 724 75B 
759 7.15 7472 
653 7.77 553 
754 752 
656 726 614 
672 681 635 


TIL TO May V7ft 11*4 

MW *87 Aug 105 1220 

71* 57 Nov 72 1727 111] 842 

17 TO Oct 108ft 1430 15*7 

12WTOS6P lim. 1127 1147 

UftTOAuB ltKVk 1138 1271 

■WVSNlor TJft 1130 

I0W VB Nov 96 11*6 

15WTODCC 104ft 1*24 

15W TO Jen Mk 1175 

ITWTOMor 102 1139 1144 

7% TO Oct 91ft 11*1 1155 647 

HR* TOJon 95W 1250 1126 

in*v2Nav mow mi uoo iin 

7 TOSep MW U.92 7*1 

BWTODec 95 1146 12J0 195 

15% TO Apr lflift 12*9 1459 

16% TO Dec IDS). 1*31 15*4 

9 USOa 9V% HUD HUB 907 

I 64 Mar 77 1L101327 625 

7WTO Jan 91W 11*7 11*9 662 

7 TO Dec 9BW 721 7.11 

M*TOOct HVl 1154 1189 957 

UftTOOct 102 1223 12461124 

111* TO Nov 101 11*3 1151 


UUTOMav 103ft 1155 1*25 

7ft VFSb 94 10*1 1157 759 

IIWTOSCP 101% 1120 112 

IZWTOOct 702ft 11*1 1247 

4WV2Jan 971* 7.14 651 

111* V2Jai M% 1151 1U9 

1 TO Mar M 1U1 13*4 651 

nWTOOct 107% II. IB 1117 

I lhVMr ram IL4S IZ2B 

5% TO Nov 74 15381629 727 

WA VB Feb flu, 1022 10*3 


UftYisea 

ns 

1119 

1174 

mk TO Dec 
15 TOSep 

toft I2JS 
107ft 10.14 

12*3 

16*3 

IS TOMar 

lCDft 1295 

16*9 

18ft TOMar 

toft IU* 

■ ' 

lift TO NOV 
12% TOOd 

100 

nz 

11*7 

11* 

■ I 

14 TO Aug 

in 

12*4 

13*9 


DM STRAIGHT BONDS 


dm 200 
dm TOO 
drain 
dm 100 
dm 100 
dm in 
dm M0 

On 100 

dm 200 
dm 200 
dm 100 
dm 19 
dm MO 
dm IDO 
dm MO 
dmH New 
dm TO 
dm 100 
An 100 

dm 100 
dm M0 
dm 100 
dm in 
dm MO 
dm III 

dm 100 

dm 19 
dm 200 
dm 100 
dm too 
dm HO 

dm 200 
dm 19 
dm IDO 
dm 19 
dm 19 
dm HO 
dm in 
dm 200 
*i>ue 
dm 19 
dm IDO 




7% 

DENMARK 


694 896 

730 832 

7JI4 721 
721 IS 
753 7*9 631 
672 695 

703 652 

655 *59 677 

731 730 

739 731 

7*7 7*1 Ul 
4*1 634 691 
652 65» 69B 
631 637 
694 757 
423 627 
726 722 
623 622 
4*9 6*7 

659 6(5 

737 7*9 
67] 6*3 ..- 

660 667 632 

6*0 629 6*0 
566 5*6 596 
6*5 723 

750 9.15 

7*0 723 

72B 732 

im 627 IX 
634 624 641 
6*0 69 

684 63B 

69 6*7 69 
6Q 732 
6(6 731 

6» 608 6*7 
6*5 681 612 
691 730 

7*4 92] 

729 952 

732 79 



726 7*6 B52 
752 7*5 

62] 6» 6.97 
6*2 6.74 IS 
740 6H 
7 S 7.91 
739 755 

79 731 7(9 
730 79 

127 229 54* 
BIB 756 ft*6 
7.13 730 754 

79 70S 

736 750 

639 63B 840 
651 438 



GERMANY 

Tie TO Feb 
TOTONov 
B TO Nov 
7WTOFM1 
* TOJun 
4 90 Jim 
B "925*0 
8 92 Sen 
8 91 Jul 
3% TO Nov 
HA TONOV 
6% TO May 
JW TO Dec 
4 93 Dec 
4 93 Dec 

PA V] MOT 


734 73t 

754 746 

615 613 7.90 
730 741 

2 35 ISO 

60S **1 

1419 635 

7*1 725 

7*3 729 

337 12B 

49 433 

618 7.10 671 
IM in 

128 139 

681 4(9 

735 735 


AUSTRALIA 


7 TO Feb 
IWTOOa 
6 TOSep 
SVffNav 

Bft TO Mar 
9W1I Feb 
Mb 91 Dec 

7% 92 NOV 
6W91J00 


inn* 59 5.12 6(1 
102% 734 857 ' 

Hft 647 659 

91 624 647 S87 

WTO 737 7JE 
M9% 731 854 

M9W 754 854 

m JJB 7.45 
91% 7.17 79 


7WTOF« 
r- TO Mar 
6% 97 Dec 
• TO Feb 
ID TOMer 
7LTOMOV 
6W99Feb 
9% (9 Mar 
TWTOApr 
7%WNau 
9W90MOV 
8% 72 Fab 
10W 92 M«e 


79 756 

691 731 

5.95 5*4 662 
695 615 

726 931 

7*6 79 

734 Ul 

7(2 651 827 
7.19 751 

7.17 737 

1X4 IM 

7*8 *51 

79 9.10 


dm 50 I atari 
An 75 I cuksri 


7% TO Apr UH 
9% V2Jun 10b 


721 72B 7.75 
8.12 873 


dm HO lretand 
dm in lretand 
Mm 12 Iretand7555) 
dm ID Iraknf 
dm 150 Ireland 

dm in iretari 
dm in iretari 
dm 154 Iretari 
dm 20B iretari 


WW16DCC 1B4W 7*3 99 

9ft TO Sac HOW 7.92 9.1B 

7 TO Jan 9 728 815 7.1* 

BftTOJul M4W 7*4 813 

Bib VI 5*p TOU 856 839 

1% -ei Dec Ml% 1*2 7.*9 

8ft V2 Mav Wft 720 7.95 

I 94 On 100% 79 7.94 

7ft VS Feb 97 752 7*5 


Mutual Funds 


Ckntns Prices Fe<k 8 1985 


HIW YORK IAPI— 
The tollowtna wuoto- 
itone. buwwhpd bv Net 
Hal tonal AMOdwttan 
of SwurlllM Deoi- 
era. Inc. are nw pric- 
ed at wMrit these 
securities could have 
been SOM (Net Asset 
value) or beuoht 
(value plus tales 
erwree) Fridov. 


■M Am 

Bulls. Bear Get 
CapttG MJ8 NL 


11*0 NL 
957 NL 
14.14 NL 
GriH/p: 
1826 NL 
15.13 NL 


1831 NL 
15*0 NL 


ABT 
Emm 
Gttllltc 
Seclnc 
Ullllnc 
Acorn F 
AOV 
A future 
AIM 
CvYld 
Gmwy 
HIYId 
Summit 
Alliance 
Inti 
Marie 
T«* 
Alpha F 
Amer 
Co to 
Cmstk 
Entro 
Exch 
P d Am 
GvSec 
Grow 
Harter 
Hi Yltf 
Mun B 
ore 
Pace 
ProvH 
Ventr 
American 
A Bat 
Ama> 

A Mutl 
Bond 
Euoac 
Fd inv 
Grwlh 
Incom 
ICA 
NEco 
N Pere 
Ta*E 
wsh Ml 
A GthFd 
A Herllo 
A Invest 
Ainv In 
AmMad 
A NtGttl 
A mine 
Am wav 
A notyt 
Amsfng 
Am 
Fnd B 
Incom 
Slock 


■M Ask 

Famliv; 
1135 1*59 
1X54 1480 
11*1 12*7 
16X91758 
32.94 NL, 
3050 NL 
1227 NL 
Funds: | 
1223 1X06 


753 856 
1159 12*7 
1957 1920 
830 9X7 
117 

1023 1157 
1121 1225 
9JB 1027 


NY T» 
SpI Inc 
Tax Ex 
Thrd C 
Eool Gth 
Eaton 
EHBal 
EHStk 
GvtObl 
Grwm 
HIYId 
IncBas 
Invest 
SnEql 
TaxM 
VSSpf 
Eberstadt 
diem 
EnoRs 
Survey 
EmoSM 
EnsUIII 
Evrgm r 


■W Ask 

1X53 NL 
7*5 NL 
1125 NL 

/jyfiv 

Vance: 


a 7.96 
13*6 


US Gov 
Equll 
ColTx 
FrdGG 
FdOtSW 
GITHY 


7*8 738 
5.15 S55 
6*9 624 
1444 15*1 
1158 1127 
1X39 ML 


EvroiTtt 

Ccnlf 
Nwlrtc 
Pormt 
Peren 
Frm BG 
Federated 
CoCwi 
Exch 
Fdllntr 
GNMA 
Hi Ian 
Inco 


Cardnl 
Cnl Stis 
Chart Fd 
ChP Dir 


elo 1224 1352 


1X09 1321 
14.92 NL 
6*3 NL 
1150 NL 


9.16 950, 
956 1055 
532 I 

Cap: I 

1050 1150 


Chestnut 51.11 NL 
CIGNA Funds: i 


Grwtti 1X11 1425 
HIYId 951 1036 


12.16 1X84 
649 721 
450 525 
957 9.91 
756 159 
1856 2023 
1551 1753 
1X15 1328 
Group: 
959 10*0 
11271X43 
1X951525 
1558 16*3 
2X71 NL 
4220 NL 
1626 NL 
Fundi: 
1023 11.12 
8*7 NL 


1427 NL 


953 1053 
19*2 21*4 f 
21.12 2100 

Capitol: 
631 723 
14*4 1X78 
1X60 1X77 
4655 NL 
11*0 1X77 
II 36 1X61 
2525 NL 
1X75 1X93 
958 10*0 
1753 1X72 
1X36 1122 
20*7 2237 
454 522 
1527 1652 
Funds:, 
1X74 1134 1 
958 952 

15.10 1650 
1X68 1186 
1428 15*1 
1100 1421 

U10 15*1 

11.10 1X13 
1123 1230 
1555 1732 

858 843 
9*6 1X14 
HUB 103* 
736 8*8 
107 NL 
7*1 NL 
9.10 NL 
3X79 NL 
X9S 432 
1X90 2X66 
unavall 
1S039 NL 
720 NL 
Ho u nhtnn: 

954 1080 
4*2 552 
735 8*7 

‘ Group: 
152 NL 
11J3 NL 
1249 NL 
1145 NL 
1055 NL 
unovall 
unavall 
.1526 NL 
1X64 NL 
Capital: 
9.94 NL 
9.74 NL 
1XB NL 
Group: 
1596 NL 
1458 NL 
Co: 
26.18 NL 
1053 NL 
1759 NL 
236 NL 
106*8 NL 


Enterp 
Gwm 
UMB St 
UMB B 
BLC Gt 
BLCInc 
Beac Gth 
Beoc Hill 
Denhan’i 
CpTFl 
C dTFl 
CapNT 
Beroor 

100 Fd 

101 Fd 


643 728 
757 7*4 
Funds: 
1508 16*8 


CpCsh 4X59 4958 

CpCSIl 4X7949.79 
Fund 1442 1520 

GvSec 11.76 12*1 

Grwttr 1X81 1151 

HI Yld 735 737 

Incom 642 731 

Oat Inc X71 952 


OpII II 1X00 1X11 
ToeE* 125912*9 


Columbia 

Fixed 

Grth 

Munlc 


Funds: 
1X17 NL 
2451 NL 
1X19 NL 


Csvtrti AB 1*7 159 
iCwIttl CD 253 119 


Composite 
Bond 
Fund 
Tax 
US Gov 
Concord 


Group:, 
930 NL 1 
1030 NL: 
6*3 NL 
151 1561 
2555 NL 


SIGvt 

StfcBd 

Slock 

FMa/itv 

Band 

Conan 

Cantfd 

Destnv 
OtsCv 
Ea Inc 
Exch 
F idel 
Frcdm 
Gvt sec 
Hllnoa 
HI Yld 
LI Mun 
Maori 
Mun Bd 
ManTx 


1X71 NL 
37*9 NL 
9*4 NL 
1X64 NL 
11*6 12*1 
10*1 NL 
1X20 NL 
1X26 NL 
1420 NL 
17*5 NL 
Invest: 
6*2 NL 
5722 NL 
1X94 NL 
1X63 

2X29 NL 
25.95 26*7 
4721 NL 
1624 NL 
1357 NL 
924 NL 
057 NL 
1152 NL 
X38 NL 
3747 3954 
659 NL 


Gate Op 
G en Elec 
Elfntn 
EltttTr 
EltnTK 

sxs 

s&s LB 
Gen Sec 
GlntelEr 
Glnlei 
GnhEm 
GrdsnEs 
Grit) Ind 
GrdPfcA 
Ham HDA 
Hart Gth 
Hari Lav 
Hametnv 
hot Man 
Hutton 
Bond r 
Calif 
Emro r 
Gwth r 
Ominc 

GvtSc 

Natl 

NY 


1660 NL 
14*5 NL 
Inv: 
1X76 NL 
2357 
1X18 
wn 

1X96 NL 
unavall 
33*1 NL 
7936 NL 
943 NL 
1156 NL 
1121 NL 
2057 22*8 
556 651 
1147 NL 
1114 NL 
1X11 NL 
2*2 NL 

.•STS: 

959 1020 


1121 NL 
1336 NL 
955 NL 
950 NL, 
1023 1X76 
Mun 
1X05 1X47 
1531 1643 
Mutual; 
6*8 NL 


1RI Sick 
IDS 

IDS An r 
IDS Eq 


LehCan 
Lehlnvst 
Levree 
Lexington 
CLdr tr 
Gam/ 
GNMA 
Grow 
R«m 
Liberty 
Am Ldr 
Tx Fre 
US Gvt 
LlndDv 
Llndnr 
Loatnb 
Captt 
Mut 
Lord 
Atnitd 
Bnd db 
Dev Gl 
incom 
TaxFr 
TaxNY 
VaJAp 

L owry 

Lutheran 

Fund 

Incom 

Muni 


SM A8k 

1851 NL 
17*6 NL 
737_NL 


755 NLl 
468 NL 1 
1644 NL 
Group: 
1150 NL 
957 ML 
8*7 NL 
2251 NL 
1925 NL 
Savles: 
1954 NL 
1724 NL 
Abbott: 
9*3 1028 
1X04 1X99 
852 931 
107 


Porin 
NY Mun 
NY Vent 
NeMrt Gt 
Newt Inc 
Nicholas 
NletKrf 
Nktl If 
Nchlnc 
NE inTr 
NEInGt 
Norite 
Apollo 
Band 
Rea ion 
Slack 
NovaFd 
Nuvem 
Omeva 


725 NL 
1X10 NL 


2658 NL 
XII NL 


Onocnterimer 


2957 NL 
1117 NL 
167 NL 
1138 NL 
1X12 NL 
Star: 
10*7 NL 
9*5 NL 
1752 NL 
1331 NL 
14*8 NL 
unovoll 
11*6 NL 


1353 Till Frwt II2S 1X30 

1026 1122 Global I 35*8 

7.76 NL Gtab II 1126 1221 

1X33 1129 Grwtti 1022 1138 

Secur: World 1257 1334 

1X59 NL Thomson McKtarwn: 
1X18 NL Gwth 11*3 NL 

1254 NL Inco 959 NL 

1139 NL Opar 1123 NL 

Invest: Tudr Fd M2I NL 

1X59 1127 20th Cetiturv: 

1227 1105 Gilt r 4.93 4.94 

950 1X11 Grwtti 1320 NL 


15*6 17.11 
1939 21*3 
726 7.93 
927 1024 
X34 653 
1723 18*8 
2157 2357 
1X40 14*4 
21.12 2158 
165817.11 
854 8*2: 
1111 14*0 


1824 NL Select 
Funds: ultra r 

955 NL USGv 


Gratae 1252 NL 
Incom 1157 NL 


Inti Fd 21 J3 NL 


NYTan 1X29 NL 

Security Funds: 


6110 NL Vlsto r 
1454 NL USAA 
1202 NL Grid 
1157 NL Grwtti 
2153 NL inco 
754 NL Sbll 
1X29 NL TxEH 
Funds; T*Ell 
7.79 TnESh 


OTC Sec 1X95 1724 
PcHzCal 1X47 NL 


constel G 20*0 NL 
Cant Mut 555 NL, 


769 NL 
47.19 NL 


Ctrv Can 1657 1825 
Criterion Funds: i 


Cmrce 1X13 115*! 


937 1X23 
9*5 1X33 
9551821 
1558 1726 


DFA 5m 17052 NL 
DFA Inf 10324 NL 


Witter: 
10*9 NL 
834 NL 
1336 NL 
unavall 


Merc 
Purlin 
SriDef 
SriEn 
Sol Fin 
SriHtt 
SelLols 
SelMII 
SolTch 
SriUtll 
SocSlt 
ThrW 
Trend 
FlduCap 
Financial 
Band 
Dvno 
FndTx 
Indus! 


IndVI r 1055 NLl 
NtlRPC 722 NL, 


5earTk 10*8 NL 
Tax Ex HUM 10*6 


wrldT 

FSt 

Bnd Ap 
Disco 
Govt 
Grwtti 


USGvt 

WrtdW 

Delaware 

□MC 

Decat 

Oclaw 

Dekh 


10J8 NL 
1X19 NL 
Group; 
9JS 1024 
15*4 1729 
19*7 2128 
726 826 


T* Fre 655 720 
Delia 1261 1338 


1253 NL 
1857 NL, 
930 NLl 
2654 NL 


OadCx Bl 2753 NL] 
DodCx St 2638 NL 


Drex Bur 18*4 19.11 


Drevtus 
A Bnd 
CalTx 
Drevf 
Inform 
Levee 
GttlOP 


Gra: 
1X11 NL 
13*5 NL 
1X08 1320 
1X53 NL 
16*3 17.96 
1X15 NL 


intiSec 
natiles 
• HYTxFr 
Tax Ex 
FtaxFd 
44 WIEq 
44 Wall 
Fnd Gth 
Founders 
Grwtti 
Incom 

Mutual 

Seed 
Franklin 
. AGE 
DNTC 
FodTx 
Gold 
Grwtti 
' HY Tax 
Option 
Utils 
Incom 


1X13 1X23 
1420 1434 
1X15 NL 
13*8 1336 
1120 11*3 
2X08 2253 
2XD9 2X50 
1X40 13*7 
9*5 955 
24*4 2X14 
17.901X27 
1X24 12*2 
956 NL 
4X17 NL 
19.16 NL 

Proo: 
621 NL 
754 NL 
1430 NL 
463 NL, 
(55 NL 
751 NL 
Investors; 
72*0 1137 
1360 1656 
11*2 1253 
753 856 
XB5 639 
1468 16JM 
X14 562 


1222 1X18 
9J>1 931 
1130 NLl 
556 552 1 
605 NL 
4*4 455 
Group: 
707 NL 
1427 NL 
1X07 NL 

2654 NL 
Group: 
3*3 33B 
1X57 11*0 
1024 10*7 
827 9JI3 
1227 1X34 
9.99 1X41 
654 70S 
6*0 6.90 
203 2. T9 


(OS /nr 
IDS Bd 
IDS Ols 
IDS Ex 
IDS Grt 
IDS HIY 
IDS Int 
IDS ND 
IDS Pro* 
Mutt 
IDSTx 
Slack 
Select 
Variate 
ISI 

Grwtti 
Incom 
Trst 5h 
industry 
Inf invst 
invst 
Eoutty 
GvtPI 
HIYId 

Opfn 
1TB 
Inv Bos 
Hllnco 
MaTF 
Inv Resh 
Istel 
IwGlti 
iwinst 
JP Grth 
JP Inco 
Janus 

John 
Bond 
Grwtti 
USGvt 
Tax Ex 
Kaufmn 
Kemper 
Corix 
Incom 
Grew 
Hi Yld 
InttFd 
Mun B 
Optn 
Sutnm 
Tech 
Tot Rt 
USGvt 

Keystone 
Cus Blr 
Cm B2r 
Cus B4r 
Cm Kir 
CUS K2r 
Cus Sir 
Cue S3r 
Cm 34r 
Inti r 
KPM r 
TxFr r 
KWFea r 
LedONkH 


Paine 

Atlas 

Amer 

GNMA 

HIYId 

tnvGrd 


MFH 

MMH 
MSF 
Mathers 
Mesdtri 
Merrill 
Bade 
omit 
Eau Bd 
FedSc 
FdTm 
Hlinc 
HI Oil 
InlHtd 
InTrm 
LtMat 
MunHI 
Muni in 
957 NL PocFd 
8*7 NL Plmlx 
832 NL SdTch 


890 NL Sri Vaf 
1 Mid AM 


MM AM 
MldAHI 
MwBBV 
MSB Fd 
IWdlGvt 
Mut Ben 
Mutual e 
Amer 
Grwtti 
incom 
Tx Fre 
MHQual 
Mut Shr 
Nat Avia 
Nat tad 

Nat 
Baton 
Bond 
CaTxE 
FedSc 
Grwtti 
Preta 
Incom 
ReriE 
Stock 
Tax Ex 
TriRe 
Falrtd 
NatTeta 
NatlonwUt 
NatFd 

NotGttl 

NatBd 

NELHe 

Eoult 

Grwtti 


Penn Sq 
Penn Mu 
PoiiuPrt 

Phi Id 

Phoenix 
Brian 
CvFd 
Grwtti 
HIYId 
Stack 
PCCp 
Pltorkn 
Mag C 
Mae In 
PAR 
Pile Fd 
Pioneer 
Bond 
Fund 

II Inc 

III Inc 
Plltmd 
Price 

Grwtti 
Gthtac 
Incom 
Inti 
N Era 
N Harli 
ShTrB 
TxFrl 

TxFrsr 

PrlnPTE 

Pro 

ModT 

Fund 


Webber: 
850 9.73 
1357 1403 
938 1X21 
9.96 10*0 
9541X28 
1126 NL 
8J4 NL 
6*9 NL 
1X73 NL 
656 926 


Action 7.79 TxESI 

Bond 738 Ml unified 
Equtv 5*4 5.95 Acum 

Invest 854 937 Gwth 

Ultra 852 837 inco 

Selected Funds: Mutt 

- Am SIM 1105 NL Untied 
Sri 5hs 1X71 NL Aeon 

Sritaman Group: Band 


CapFd 1121 1X36 
CmStk 1X18 13.131 


1157 12*4 . 
1650 1803 
1423 1555 
904 932 ; 
1305 1426 
1X95 


NY Tax 725 7*H 
OhloTx 7.14 759 


Sentinel Ground 
Brian 1X22 11.171 

Band 628 6J~ 

Com S 1X27 19.< 


Grwtti 1408 15 


Seauoki 

S entry 

Shearson 

ATIGt 


4223 NL Value 


11.12 120V 
Funds: 
7X13 NL 


AerGr 1205 126 
APOre 1858 196 


Line Fd: 
11.96 NL 
1228 NL 
634 NL 


Lev Gt 7828 NL 
MunBd 1009 NL 


Cal Mu 1421 1496 Sri S/I 1199 NL 

FdVal 60S 721 VtanoM 1451 15*5 

Global 20*3 21*9 VKPUS 1508 1503 

HIYid 1852 19*9 Vance Exchange: 

MeGvt 1206 1354 CanEI 66J1S NL 
MMun me 14 29 DBStf 41*8 NL 


NYMu 1430 1505 Overt 7358 NL 

Sherm D 555 NL ExFdt 10608 NL 


Sierra Gt 1220 N1 


Ret Eq 
Tax Ex 
Neuberger 
Enrav 
Guard 
LRJtv 


Prudential 
AdlPtd 
Equity 
Globl r 
GvtSc 
HIYid 
HY Mu 
Mu NY 
NDec 
Option 
Quritv 
Rscft r 
utility 
Putnam 
Cemr 
CalTx 
Cart! 
CCArp 
CCDSP 
InfoSc 
'Ini Eq 
Gears 
Grolnc 
Health 
HI Y|fl 
incam 
Invest 
NYTx 
Ootn 
Tex Ex 


Sfetna 
Carit 
Inca 
Invest 
Sed n 
Trust 
Veni 
Smith 
Eaut 
IncGro 
USGvt 


Funds: 
1431 15*4 


9X98 NL 
5801 NL 


7*3 824 vaneuara 
7.71 8*4 Explr 


ScFM I 6406 NL 
aneuard Graua: 


725 7.92 Gold 

11*9 1256 I vest 

ID22 11.17 More 

Bamev: Noes’ 

1301 NL ODlv 

657 957 ODlv 

1300 1339 ODVlJ 


34.73 NL 
658 NL 
1651 NL i 
1107 NL 
3927 NL 


ODlv 1 1725 NL 

ODlv II 7*4 NL 


|SaGen in lXU 15.961 
Iswininc 436 NLl 


2226 NL 
2*58 NL 


TCUSO 3321 NL 

saver In 2003 2108 GNMA 921 NL 

State Bond Grp: HlYBd 853 NL 

Com SI 5*7 £.98 iGBnd 7.79 NL 

Divers 62B 606 ShrlTr 1X14 NL 

Proors 839 906 Ind Tr 2125 NL 

SIFrm Gt 1X10 NL MuHY 924 NL 

SfFrm Bl 1306 NL Mulnt 1004 NL 

StStreet Inv: MuLo 954 NL 

Ext* §758 NL MuShf 1524 NL 

Grwlh r 5355 NL WelhU 1126 NL 

Inwst 69^1 4957 Weflln 1113 NL 

Stood man .Funds: Wndsr 13*5 NL 

Am tad 300 NL Venturi n 102SI120 
ASSOC .06 NL WrilSt 922 9.76 

tavesl 1*3 NL Weln Ea 15*8 NL 

Ocean 603 NL Wsterd 1111 1323 

Stahl _ Roe _ Fete: wood 5lru! hers: 


853 NL 
7.79 NL 
laix NL 



rml 

Ii-; 


1 


1 


1678 

11.11 

21*9 

5*2 

234 

■tun 


1004 NL 
954 NL 
1524 NL 
1176 NL 
1X13 NL 
13*5 NL 
1025 1120 
922 9.76 


Bond 8*6 NL 
Cap Op 2X10 NL 

□I9CV 956 NL 

Sped 16.18 NL 

Stock 15*6 .NL 

Tax Ex 8.15 NL 

TriRet 2224 NL 

Unlv 1639 NL 

SlrotCap 723 7.90 

Strati nv 5*0 5.90 


Strut hers: 

8*6 NL devee 41*5 NL 

ZLK NL NOUW 1926 NL 

956 NL Pine 1X46 NL 

16.18 NL YaFd 8*4 837 
15*6 .NL NL — No load 
8.15 NL Holes chanwl 
2224 NL t — Previous dart 
1639 NL quote, r- Redemption 
723 7.90 charm may apply. 
5*0 5.90 x-Ex dividend. 


The International Herald Tribune 

invites you to 

Meet the Mew French Cabinet 

on February 26, 1985 at the Inter-Contmental Hotel in Paris. 





wm.WUmiLr mff wmm wu»« 4 iwyyi 

mMrmgsrm &mm ■ • * ■ - ■ 

181 & mt&Cbarks^d&Gaulh 92521 NewByCedex, France. 


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Tie is 

MUUl: 4vc 

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Am- Security 


— YNM 

WOflle Aw 

.wu Prcc Mri uta Curr 


Mol Price Mat UtaCwr 


-er 


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Utado Ng^en-SlraOt 
Consortia Dl Cradllb 
Citwoc Crriiic Ooer? 
FerrwH Oeka Stria 
Ferrovic CroHO Stain 
OHveMl Intlflut] 


Bh -BS Jun IC3 
Id 91 Jon IM 

S 9iJm nr. - -, 

TO Mar 103 
3 91 Aor IK 
0". 91 jgn IB 


7.19 *»• 

7'T s.U HI. 
W 7J5 7J» 
7(1 fiJC 
j" 

rjs ui 


PHILIPPINES 

Ptulmwies 6LX5Ari Wi 3 9.W 

SOUTH AFRICA 


Elb EwWJ Invyd Boflk Sv *2 

lib Europlnve^ Bonk 6 JOOd Jg. 


Bonk OtToxvo Curacao TsTOJtm 

Bom Of To) vo Curocco r.VQteb 

Fvi i Electric Co W/m T > 96 AOf 

Full Kill FtnancuHk Tilt] Fra 

HnannaGumi Lid EVtSJin 

Japan Airline] IHTONM 

jeson Devetoo Bank 7ft 17 Sec 

Japan Develop Bank 7": TO J* 

Jixxm Finance Uumcta 7ft 91 Jul 

jcaan Svmti Rufcoer 10'-. IS Apr 

JuxoCbLM 5% 13 Feb 

brad Electric Pawn TL 114 May 
ksOrCitv rig -u Feb 

fcobeCifr St Jul 

KoaeCily 4% TO Mar 

triieCItr 4': 37 Jun 

hebeOiv tftieoct 

UbeCty 1 TOJul 

Kabo City 7 93 Jun 

Kubota Ltd 7ft TO tot 


5V, « Feb 
TL 14 Mav 
7ft -44 Feb 
fft&JUf 

4ft TO .Way 
4’-. 37 Jun 
TW190C1 
g TOjul 
7 93 Jun 
7ftTOAer 


Loos-Term Credit BcnL 9 TO Bug 


705 4J9 “a 9 
4.92 69] TjT 

Ltd ssa 

4.73 671 &7S 
«*! 453 

70S 7.11 

734 7J9 

6TO 710 

7JT 7J» 738 


MtaAishi Heavy 
MihubiUii Heavv ww 
MHsubrin Heavy *j<* 
Mitnbiihi Metal W.w 
NtanxiCmUl Bunk 
Nippon Shinaon ,v.-« 
Nippon SWuponx/w 


5eutn4ir«o 
South Atncn 
SOunAirrn 
South Air co 
South Alrco 
Esam EwctrSusolv 
Esccn Electr 5uorii 
Ekoti Efcclr Supply 
Escort) Eleetr Sunoly 
Escom Eleetr Supply 
ESojnt EWr Supply 
Escem Eleetr Suoaty 
Exam Eleetr 5 upbIy 
E x»n Eleetr Sunoly 
i sccr Iran SM 
licar IronSHel 

■ Kor i ran Steal 

>%mr inr 5w) 

Iscsr Iran Stad 
JohorviMbura City 
jatxmnmtHirv City 

jcnomesaura Cihr 
Post Telecom Pretoria 

Post Telecom Preforto 
5eutti 4 trice Railways 

So-jffl Atria Tronsiwr 


I'yTONOv 
TtstANOv 
7 TON mi 
6'T 9! Dec 
75. 92 Dec 
9ftl56w 
9 Alar 

4 -u TOSM 
9ft TO Nov 
7 88 Mar 
1ft TO Art 
F: TO Jun 
0 TO Apr 
8ft TO Sen 
74,84 Jun 
7 TO Apr 

7 TOMer 

9 TO Mar 
8ft 'SB NOV 

8 TOSeo 

10 84 Od 
4>«V5ep 

9 TOOd 
(ft 91 Jun 
hs TO Jun 
7ft TO NOV 


709 7*8 666 
709 6(9 7A7 
6*8 6.90 70B 
7(1 67J 

7 74 7JS 

656 6S3 
698 602 in 
711 742 45 
7*5 657 

725 7*5 IX 
738 

8.1* 9-JO 

7.91 800 

Sin 615 

7J0 7*9 7.75 
737 7*7 m 
JM 701 709 
MJ __ U? 


1JI 673 821 
7*0 7*8 7.96 
7*1 <*6 
408 726 6B 

610 BJ? 

sis 131 
7*5 738 7*4 
801 702 


E ib EuniP inresj Bank 0W 

EIDEuraOlmresIB®* 
Eu ratcm 5* 

EuTriom "J 

EuratlBM 

Eurotimn Jft 

Eurofima 

Eurowna 1 

Eurofttno J- 

EuraTuna 

EurpUmo *2 

Eurofimo ” 

EunrfhPO ' 

Eurofimo W* 

Eurotima » ' 

EurofirtO 

Eurofima »** 

irwr-tameritwi DevBk Ift 

intar-Amenaei Dev Bk 7 

inter-Amerlccn De» Bk 6ft 

Inter- Ameriaai Dev Bk 4ft 

imgr-Atnerlepn De» Bk 4ft 

infwemfOcnnDevBi f 

twrota investment B* 6ft 

World Bank 5*9 


Sri IDO WOridgwA 
dmXU World Bonk 
am 19 World Bank 


|i| 


Nuppn Trirara Teteta 5ft TO Feb 


Pnvttvn Waldi W/w Sft TOJul 

Rhvlhm Watch X/w Pi TO Jul 

Sarailanio Flnme Mia 7ft VO Nav 

Sum.tamo Finance AsJo a 91 Aug 

Tokyo Electric Power 6ft US Mav 

yakohoma Cii* B TOAuo 


LUXEMBOURG 


dm lm ArbedFirtpiKe 4ft TO he i VB': 

am 56 Arbed Finance 9 TO Jun 100 

dm 100 5oc Cenrr Nuueriras 7ft It no* «tft 

MEXICO 


Arpenline 

Argerdme 

Arpenline 

Brazil 

Brazil 

Brazil 

Brazil 

Brazil 

Venezuela 

VCimiCta 

Venezuela 

Bnd (oracnilne! 

Bade (Onnill 
Bnde Ibrazil) 

Carao Enera 5oo Pnulo 


6ft 95 Mar 

4ft TO Nov 

7ft 99 Mav 
8ft 0400 
7-- 17 Jan 
» TOAup 
4ft TO Ott 
OftTOJUi 

6 TO Mar 
4ft 90 NOW 
Oft 90 Nov 
7ft 14 Mar 
4ft TO Mar 
(ftTOAor 

7 TO Nov 


Gimp Vale Da Rio Dace (ft 94 Dec 


Mexlaj 

Afteclra 

Banco Naoanal Obras 
Com Won Fed Electric 
Conuvtai Fed Etaclric 
Nab mat Fmancteni 
Peraez Petioless Mine 


6 05 Aw 99ft 
7ft 90 Jan 99'. 

6 14 Nov 101ft 
TV IS Nov )«'- 
aft TO Aor W. 

II 90 Mar 104 

7 14 Jon 99»: 


Petnei Petroleoc lu«ic II 90Feb 109ft 

MISCELLANEOUS 


7*1 602 

i*t 744 730 
7.1’ 6(4 750 
4(2 K2 733 
7.94 Ul 696 
9JS 10J» 

7*7 701 

LS2 100? 


Etarobras 

Etarobm 

Eletrnbras 

UyttvSenncm Brazil 

uem-Servku Brazil 

Petrabrai 

Peirabras 


eft 14 Aw 
7 87 Feb 

7 TO Sen 
4ft 14 May 
9V; 98 Jon 
7 TOOd 
a TOOcI 


1735 AS 

734 8*3 677 
121 8*7 1*9 
619 800 641 

7*0 7.90 

6W 70] 676 
62Z *08 

639 991 6B 

106 1*8 4*9 
69] 649 9*3 
625 ISO 

7J4 182 

720 1.15 637 
7*1 7*5 7.11 
695 5JD 615 
7*4 68! 

7(4 7.11 

7*1 7*6 707 
635 607 

654 159 652 
829 9.11 729 
618 830 804 


SHOT 


9 TO Feb 
Oft TO Apr 
9 TO May 
9ft -08 Mar 
7ft TO Jul 
TW TO Ago 
6 TO Dec 
is. TO Dec 
7ft -90 Sep 
♦ftTOMcr 

7ft -94 May 
7U. -95Feb 
4ft TO Mar 


ArobBanklna Carp 
indMinm Dev Bk Iran 
Ind MJrm Dev Bk iron 
Makzvva 
Meoal Finance 
Meool fmance 
Nail Bank Ol Hunonry 
Tram Europ Nutur Gas 


8 TOSep UC. 
TytSIMv INI? 
7ft TO Jul 99ft 
4 l : 85 Sri 1 00ft 
aft -90 jun 77-? 
DftTOJon IBS'? 
41} (5 No* 99 
■ VI Nov 102 


7J3 7 S3 

617 ill 7 44 
8*5 696 7(9 
5.91 6<s 

4(4 TJ3 641 
7*0 7*4 792 
6*7 

747 7*T 7(4 


Soaln 

Soaui 

Awnar 

AutaPKks 

Autanria 

Euraeata 

Europium 

Fenasa 

Rente Red ftaoano) 
Rente Red Naoanal 


6 TOMOV 98 4J8 412 

8ft Y7 Aug 104ft 7*7 701 

/i? TO Feb raft 627 U3 724 

8 TOOd 10715 432 547 700 

. 4%TODH 99V. 705 721 400 

BluTOFeb 102 670 401 809 

0 TO Jan 102 403 4*1 7(4 

7ft Y2 Jan 9«ft 814 7.49 

0ft Y1 May 101 7*2 001 

H -RMov lllft 7(9 699 


SUPRANATIONAL 


EricsaanLm JftTOMor 

ForunarksKrattanipa S'SiSL 

Ptbanken Post-Od* S. TO May 

Saab-Sconia 

$61 A/b 7ft W Mav 

Stackhaim Coutav W«TO Apr 

SveaWaCedulasa 7ft TO Feb 

s*erfi>n invest Sank Wa-B Jta 

SvertaH invest Bonk » 2S’ or 

Stradah Export Credit ' fftTOSea 
S«Smi Eiph 1 Credit ML -91 No* 

SWITZERLAND 


NETHERLANDS 


AlcraNv 

BaxtarTravenoi Inti 
BtrFmnce 
EsM IhaescMtaogwl 
Estei ihatsdi-Haagav) 
Neder tandie CcsjrUe 
P/ulhM GtoeUamnen 
Philips Gftcitann W. w 
Philips Gtasttamoen 
ftababank Nederland 
Snell InllFVnoiiu 
Shell inn Finance 


9 '90 Mev 
7>- TO Feo 
TftTODK 
■ft IS Jun 
A. TO Aug 
8 TO Dec 
9%TOOec 
JftTODec 
■ft 71 Jun 
TftTOOCf 
6ft TO Asr 
kftWFe 


630 616 676 
r.P 731 

7*7 753 

624 125 850 
733 773 .’.13 
1*7 755 7.96 
6»7 9J1 

129 3*4 

7*9 806 

7*0 7*T 

610 502 4-1S 
4*8 4*1 433 


NEW ZEALAND 


am Tie New Zealand 

SUTOMar 

9|% 

649 


dm IB New Zealand 

712 TO May 

100*-: 

7J32 

671 

dm 100 NewZeakmd 

7% TO NOV 

101 

rip 

U3 

am 300 NeaZeakmd 

ilk TO Jon 

99% 

431 


dm NO New Zealand 

7 TOFeb 

101 

665 

63 

An ICO New Zealand 

V- TO Jul 

105 

692 


dm 200 NewZrahnl 

7ft TOSCP 

101 

4*7 


dm 380 New ZrofimJ 

n«sjiu 

wu 

7 JB 


dm la New Zealand 

1 'A -89 Od 

104-4 

7.13 


dm 280 New Zealand 

9% TO Dec 

109% 

737 


dm 250 Now Zealand 

7’- , 91 AOT 

99% 

739 


dm 250 NewZedOnd 

TA Yl DB 

99% 

7X 



■M Aril BM a«a 

USGtd 1433 16M 5lrat Gth 1654 NL 

Vista 11*7 1X22 Slrgngin 1024 10** 

Vovoo 17.04 IBM StmgT 17.09 1724 

kxnar 51.11 NL TtritacSh i**g 


*.15 NLlTamatalan Group: 
3J3J5.nl Fron I12S 1230 


Azdnl Op Sunndol Verk 
Ankri Oo Sfjmtajr vert 
Bergen Qtv 
Bergen Gty 
Den Norsk* inttuttmt* 
Dan Nonke induttrlbk 
Norcem 

N urges Hvaolektarenin 
Nargts HreetokJorenln 

Novas Karamura (talk 

NargM Karnmunalbanli 
Hazgas KommunaiBenk 

Nerga Kamrawiamank 

Norgcs Kommunalbonfc 

Nargn Kannnunalbank 

Noryes PComnxjnomoni 

Nargos kJuimHjnalbonk 

Nargm KammuralbaMi 

Narpae 

Nora or 

NoneaGm 

NarwaGas 

Norsk Hydra 

Nank Hydro 

Norsk Hrdrn 

Norsk Hydra 

Oslo Qtv 

Oslo Olv 

ouoai* 

Oslo Qtv 
Oslo City 
Stzu-kvina 
Stats* Den Noraw 
Sid oil Den Nor six 
Trend haimCliy 


10 TO Dec 
lOLtejui 

Eft TO Mav 
7’^ TO Feb 
4ft TO Jun 
* *»MOY 
Sftl 5 Mar 
I'm TO Men/ 
4 TO No* 
BftTOOd 
8ft TO Mar 
4ft TO Jen 
7 TOApr 
7ft TO Aug 
a TODec 
4 90 Aug 
n. 91 Jul 
Ti TO Dec 
■ TO Jun 
4 TO Nov 
r* -89 Dec 
7 TOJuJ 
9 TO Mar 
4ft TO Jim 


» -92501 

7ft TO Jen 
9 WMOT 
■ft TO Mar 
4ft ^0 Jul 
7ft TJ Mar 
8V: IS Jun 
4 TOSH 
*■ ■5 TO Mar 
Sft TOApr 


833 9*2 

8*7 HUB 

U4 111 8A4 
6(1 im ; I* 
687 697 £28 
651 692 61* 
204 324 

122 721 723 
6*2 701 61* 

639 431 1* 
7.92 735 842 
4*2 477 433 

704 709 7 02 
722 M3 7J4 
443 695 615 

640 699 617 
7*8 7J1 7*5 
IB 7*1 831 
734 4*7 704 
4*4 677 614 
7.14 7.10 733 
402 690 6.58 
671 8*7 6H 
6(7 695 678 
7*4 7*9 613 
7.77 7*5 8*3 

705 491 74* 
734 407 872 
701 723 845 
4*8 4*5 472 
701 695 7*5 
*35 *23 9*8 
607 611 602 
457 4*« 152 
610 435 5JI1 


African Develop Bank 
Afitcon Develop Bank 
Afriam Devefcm Bank 
Aston Devefop Bank 
Asian 

4s icn Develop Bank 
Aslan Devnbw Bank 
Aslan Devetoo Balk 
Aston Develop Bonk 
Aslan Develop Bank 
Asian Develop Bank 
Asian Develop Bank 
Aslan 

Asian Dewlap Bank 
Astan Develop Bank 
Asian Develop Bank 
Asian Deve too Bank 
Council Ot Europe 
Combi Of Europe 
Coundi Ol Europe 
CotmaiO) Eunme 
CowXJ Of Eurone 
Council Of Europe 
Council Ol Europe 
uxmdl Ol Europe 
Council Ol Eunice 
Council Of Europe 
Council Of Europe 
OxraiOl Eureoe 
Coundi 01 Europe 
Council Of Europe 
Council Of Euruoe 
Coundi Of Europe 
Council Of Europe 
Coundi Ol Europe 
Ecs Euro Cod 4 Steel 
Ea Eure Coal 8 SIM 
Ecs Euro Cod ft Wee) 
Ecs Euro Coal ft Steel 
Ecs Euro Cool ft Steel 
Ea Euro COW ft SOW 
Ecs Euro Coal 8 Stall 
Ea Euro Coat ft Staei 
Ea Euro Coal ft Steel 

Ecs Euro Cod ft SIM! 

Ecs Euro Coal ft Sleei 
Ecs Euro Coal ft Steel 
Ecs Euro Coal ft 5le*f 
EcsEureCeal8iSieei 
Ecs Euro Coal ft Steel 
Ea Euro Coal ft Stew 
Ecs Euro Coal ft Sloe! 
EesE lira Coal ft Staei 
Ecs Eura Coal ft Staei 
Eec Eurcn Econom cool 
Eec Eurae Econom Cora 
Ek Europ Econom Com 
Eat Euroa Econom Com 
Eoc Euroo Econom Com 
Let E ur on Econom Com 
Eec Europ Econom Cam 
E<b Europ Invest Bank 
E ib Europ invest Bank 
Eib Enron invest Bank 
Eib Euroo invest Bank 
Eib Europ Invest Bank 
Eib Europ invest Bank 
Elb Eorop Invest Bank 
Eib Europ invest Bmk 


7ft TO Jun 
8 tokov 

5 Yl Apr 
7 85 Apr 

fflTOMcv 
7ft TO AW 
HfftTOOcI 
ID -90MOV 

Sft TO Nov 

7ft ei Mar 
M -91 Apr 
VftTOApr 
9ft 92 Aug 
Hft 92 Nov 
8ft 72 Nov 
7ft 94 Apr 

■ TOSep 
eft 87 Nov 
6ft 81 May 
7 98 Jut 
BftEBJul 
4ft 81 Nov 
7ft 89 May 
TVl TOOd 

14 91 Apr 
Hft TOOd 
U 92 Feo 
Sft 92 Jun 

■ 97 Jul 
■ft 92 Nov 
TftTOFeb 
8% 93 Jul 
Sft 93 Nov 
(ft 94 Feb 
7ft TO Dec 
8ft -05 Apr 
7ft 8k May 
T%8e0ct 
9% 87 Jan 
4ft 87 Jul 
7 88 Jan 
4ft 80 Apr 
4 *88 Nov 
7% 88 Noe 
9ft 88 Dec 
7ft 90 Jon 
Sft 90 Apt 

■ -fsAua 
10 TO Mar 

7 91 Apr 
7ft 92 Sen 
7ft TO Jon 
Oft 94 Jaa 

■ 94 NOV 
I 97 Jon 
1ft 93 Jui 
10ft 93 Oct 
9% 94 Apr 
I 94 NOV 
7ft 95 FeO 
7ft 9k Nov 
7ft 8e Mar 
7% 84 Od 
4ft 87 Mar 

6 87 Sen 


rss? 

1 TOAUD 
(ft J9 Nov 


4(9 7*7 
694 7(0 

731 702 
3*5 697 
401 533 
7.18 731 
7*7 954 
832 932 
7*2 S(3 
7*3 7*7 
838 MO 
7*2 851 
73* 8*4 
7*3 7.97 

732 511 
7*3 7*9 
737 7(4 
4*5 4(4 631 

690 751 437 

691 699 700 

733 7.95 

694 738 439 
409 4*1 7.16 

703 673 7J7 
539 7(2 930 
851 7.91 9*5 
8*3 534 *JS 
■09 790 1*5 

731 im 
7*7 753 799 
739 737 704 
7(4 735 513 

732 1*0 799 
794 7*9 799 
7*7 7*7 7*4 
*05 *90 8*4 
691 42S 7.41 
731 725 731 
652 933 
434 627 6*8 
612 531 60S 
4*0 431 4*8 
437 615 

695 649 7*4 
8*1 511 925 
731 7M 
612 44* 5*5 
7.7J 7J1 
8*7 791 935 
728 729 707 
7.73 7*5 7(2 
7*J 744 7*8 
634 734 599 
7*8 7*0 739 

734 733 
7*4 7.97 

704 8*3 9*3 
642 7(8 901 
7*2 7*0 7(0 
7*1 737 7*4 
7*4 7*T 
503 2*9 7X 

S07 7*0 
433 599 647 
609 614 602 
654 4*8 672 
4*1 573 697 
638 6*5 409 
731 625 


dm 200 Swh* Bonk Cora Ort 

dmTOe Sittw Ban* Cera Fm hv TO Dec 94 3*2 

UNITED KINGDOM 



HZft 7.15 
98ft 723 
103ft 712 
HZft - 730 
108ft 7*8 
ran. 751 
99ft 7*4 
WJft 7*7 
ISI 491 ■ 

IDO 6*8 • 

KDft 7*2 
101 Ul 
19ft 6M 
97 70S ' 

99ft 495 
IDO 6SB 
97 807 

KEVz 7.92 
IKft 7.11 
114ft 732 
lllft 731 
»1ft 724 
99ft 7*4 ' 

vo mo : 

Hft 701 
U0 640 i 


UNITED STATES AMERICA 



Sft 87 Jan 
7ft TO Feta 
Sft TO Nov 

r% TO Sep 
9ft 89 May 
9ft TOSep 
Sft TO Aug 
■ -*2 Jun 
7ft -92 Jan 
9ft TO Jul 
8ft 87 Od 
(ft 89 Dec' 
7ft Yl May 
7ft TO Dec 
7ft 93 Aug 
7ft TO Mav 
9ft TO Aug 
7 TO Jon 

7 TO Jon 
BftTOOd 
7ft TO Dec 
7% 84 
7ft 84 
IftTO 
8ft TO 
7ft TO 
7ft 84 

8 84 
7% 81 

9*8 
7ft 81 
7ft 82 

4WTO 


Inco W» NL 
Opor 1335 NL 
jdr Fd 2X21 NL 
Iti Century: 

Gilt r 692 694 
Grwtti 1X33 NL 
Setae! 2630 NL 
Ultra r 758 7*1 
USGv 9511 Nl. 
lAsta r MH 5J>» 


CONVERTIBLE BONDS 


Ceir 

MM. _ Cmv.YMi 

Price -60av.P»rlad- — Camr. Price o/sb— Prm.st% Amt Secmtfy 


Cwr 

MkL _ Ctaf-YMt 

Price — Conv.PwlPd— -Coav. Price o/B»- Pn«.SI» 


Group. 

7M NL 
I4JS NL 
1X07 NL 
1617 NL 
11.99 NL 
1139 NL 
10*3 NL 


193B NL 
1X07 NL 
13*5 NL 
Funds: 
538 9.16 
9*7 5.98 
520 5*3 
533 553 


Can Inc 15J7 1400 
HI Inc 1X10 1638 
Incom 1428 15*1 
Muni 4*5 672 
NwCcot 5125*0 
Retire 5M 671 
ScEng 1X14 1108 
Vang 5*7 620 
UH Services: 

G Ed Shr 6B2 NL. 
GBT 1X74 NL 
Growth 757 NL 
Prspef 54 NL 
ValFra 1059 NL 


AgaAb 

Akzo]9*0 

Alusinsie Capli 1701 
Alinuhse Inti 
Amro Bank 8592 
Bobcu* Nederland 
Bbc Brown Boverl 524 
Btec Brown BawrilBJffl 
Bmdlcm Fqn 339*2 
Boots Co LW 
Ctao-Geigy D/5300 
Ciedii Suiue Bahamas 
Credii Suisse Bahamas 

Electraenrtl Finance 

Elsevier -NduMig 
EmtaN.4134 
EsieneAb 
Gervris-Oanme 33 
Hon son O/s Finance 
Hanson O/s Finance 
HooBBv e ns34*2 
Id Finance 125 
Id InX Fin 1267} 
indicape Benrni 15123 
Indicaae Bcrmu 932/ 
inlerTOopO.-sSM 
intarshapO/slDW 
Metropolitan Estate 
Atari -Henmssv US 
Rank Organtsal 4604 
Rofhmons Inrfl 148U6 
Samka FkmcejJO 
SmfufVsSAS 
Sandvik AbS34 
Mater Walker 134*5 
Suryelltance 
SgrvaUkmce 
Swiss Bank Co Ofs 
Taylor Woodrow Ini! 
Thorn inti Fmanc* 
UBstiuiemnnira) 100 
lAHlnanamol 1S0B 


i% 87 Mar 
SftTOJan 
7 TOOd 
iftTODrc 
4ft 85 Dec 
4ft TOSea 
4ft TO Au 8 

4 TO Jul 
4ft 81 Dec 
rft TO Dec 

5 TO Jun 
8ft 85 Mar 
7ft TO Jim 
7ft 89 Mm 
5 87 Jun 
hfTOOd 
91*84 Od 
j'* 81 /ire 
EV]89 0ct 

4ft TOOd 
8ft TO Apr 
■ 85 Aug 
Sft TOOd 

4 TOOd 
1ft 84 Jan 
7 TOjtm 
4ft 83 Feb 
4ft TO Jim 

5 85 Dec 
ift-ffiDec 
4ft18Mor 
Sft 87 Allay 
6ft TO Jim 
4V: 74 Jun 
4ft TO Doc 
IftTODec 
1 M Jul 
4ta 87 May 
5 8? Mav 


123.; 1 Feb 62 
«4 1 Sen 49 

77Yi i6Janl1 
tr* t Sep 49 
17} 1 JOT TO 

as liAorTl 

67K 1 Ju»7» 

89 I Feb 84 
133 ISSCP 71 
91 IF«079 

I levy 3 Sen 79 
97 10 Jon 77 

82' a 1 Od 79 
84-5 170d 83 
14 1 MOV 80 

IN is Jun 78 

991: 155*0 79 

144 155*0 73 

J42 15 Jon 11 

242 I Aug II 

» 7 Jon 49 

1 15ft 150084 
111 I Mav 78 
84 I50d77 

74W 15 Feb 81 
94 1 .: 2 Apt 79 

98i: lOctD 
Oft IFcbll 
182 2 Jon 85 

a 14 Feb 74 
129 1 Jan 73 

110 fOdSJ 
143 31 Od 77 

191 vj 2 Jan 71 
84 1 Jan 73 

94»: I Jul 83 

86fe I Jul 14 

87 1 Sen 89 

« 15 Jon II 

99 1 Nov 71 

73495 1 Jun 77 

93 Vi 1 FebID 


15 Jun 94 skr 178 - Jkr3J1J57 
molwtt? Ml 121*0- hfllZUM 
malurthr 55158 

malurllv 1 1221 S/9 

31 Dec 88 Ml 4030- MU1*74 
15 So 92 0 7 13 • P777JJ73 

maturity 5 209 3/0 

mahirlrv I HI 


*15 Aadrets oomPh 1158 4ft TO May 


II Aug TO P 149 - p 344*38 


i jui to pin-eisuas 
malurUy S47S 

maturity JlfBO 

mofurltv 8 1251 

29 Jun 98 S 1350 

2! F*b 95 Ml 39*4- Ml 75*44 
malurlty Ml 5603- lUI 87.733 
5 4401 89 skr 153 - skr 321*31 
mammy n 1366100 

7 or 95 P3S - 059.9Q5 

70d«4 0 40 - 078308 


nvtvnrr Ml 98 . M 99.742 


1 5ep97 P *40 - P77621 


15 Jul 95 o*55 - p 941130 


maluntv SM) 

mofurltv 1145 

15 Dec 95 u2J9 - p 509(74 

2 Apr 99 52D6IM 

maturity P4TI-P 1301714 
maturity o471/2a 138 1/7 
maturtiv *424 < 

imtiultr 1283 

■ Mar 88 skr 281 JO- *42.133 
14 Mar 87 p)15- P246817 

moturllv 518S8 

mahrihr 1 1950 

maturity 8200 

NOV 9fl P247 - p 533*25 

10 Jul M P 34l - P 589 JW2 

malurllv SI2D0 

malurlty S7e2/3 


1HJB 
208- 4*7 
ISO 4*3 
4642 249 
405 2*9 
(4- 2*8 
142- 5*9 
128- 1*8 
1132 4*3 
71JJ 4*5 
1651 234 
1-03- 1*4 
W 135 
1*3- 2*4 
539- 119 
437- 2J4 
43S- 224 
4679 
7*7 jn 
6» 239 
1695 625 
7247 435 
681 150 
648 150 
3402 255 
535 905 
14004 2J0 
10*7- 141 
IJ8- Ul 
249- IJ1 
JB 2*4 
11444 214 
1TJ0 131 
1272 138 
3139 153 
4009 681 
21*8 lit 
*7- 202 
M.M 212 


Alaska IMeroM42*3 8ft Y5 Dec 
8X American Can 1709 4 ft TO May 
540 American Euxn3333 4ft TOMar 
825 American Medica 4626 9ft 77 May 
IH American Motor 141JS 4 TO Apt 


558 American Tat»ccS554 5ft TO Aug 
SX Ami lncon>19.14 5 TOSep 

525 Aoacm i nil Fm 4334 fin TO Jun 
SX Bankers iizfl Ul 3613 5 TO Jim 

840 Bornatl 0/5 Fin 2634 7ft TO Aug 
SX Beatnce Foody 57. U 7ft "90 Nov 
S2S Beatrice Fuads 4332 eft TO Aug 
52S Beatrice Foods S31 4*TOSco 
SX Beatrice Foods 4304 4ft TO Aug 
IB Blocker Energy 45.71 1ft TOJul 
135 Broadway -Hale 2610 4% TO Jun 

17 Carrier Oft 34*8 4 69 Dec 

115 CdcCatarol Dot 1655 5 TOApr 
59 Owner Inn Fi 2051 S'* TOOd 

150 Chevron O/i Fin *677 I TOFete 
840 Chrysler 07s 1613 
540 Chrysler O/s 11*1 
I1W Comsat Inti B*e 
125 Conli Tel loll 4218 Stall Mar 
IX Crutcher Financ 29*4 8ft TO Dec 
115 Cummlra lnl Fin 1835 6ft TO Oct 
5» Cummins IM Fin 27*5 5 TO Are 
SX Damn Core 1X75 Sft TO Dec 
dm 718 Deutsche TimxmJJB 5 TO Mav 
51 Dictaphone mtl 14.N 5ft68Mar 
518 Dlglcan Finance 3190 ataYSOd 
515 Dynaledrqn Int 8103 9ta Y5 Mav 
in Eareron Kodak 10 47 4V: TO Mav 
115 El ECPLirinliil 21.98 4ft 67 Dec 
813 Electron Memori 2905 5taTODec 
SX Eltarllne loll 2SJ1 8ft TOOd 
*X Fed Deal Stares 2439 4WTODCC 
SX Fedders Capital 71. 16 5 TOMov 
840 Firestone O/s 3*04 5 TO Mav 

19 Fora mncopll 2931 4 TO Alar 

ITS Ford tall Flnan 2640 5 TOMer 

512 Galomv OH inti 56*3 HtaTOJan 
59 General Eleetr) 7437 4ft TO Jur 
515 Genesca World 2632 5taTOMar 
858 Gillette Comp I60J 
575 GHielta O/s Fi 1632 
515 GrreeWrO/s 17*5 
19 Groat Western XX 


UNITED STATES AMERICA 
maturity 
maturity 
maturity 
maturity 
maturity 
mgfuriry 


5 TO Feb 
4% TO May 
7% -980a 
StaTOMar 


Aida Engineering 
Ajinomoto Co 
AHnomotaCo 
AihwmotaCe 
As4Pil Optlail Co 
AsIcs Co 


5ft TO Mar 
7% -95 Mar 
5ft TOAAar 

1 7) Mar 

7 TOAAor 
Sft *93 Jan 


BritfoestaneTIreCa itaTOOec 


Doi Hhnm Prmting frftTOMav 


Dateline M: TO Aug 

DaimpDon ink CnemlcoS TOMor 
OU**j House industry 7ft TO Mar 


Dahn Securities Sta TOSep 

DalwaSecuriltas Sta-95Seo 

FonucUd 3ft 18 Sen 

Fuliteu Ltd State Sen 

FuMsDLM 3 19 Mar 

Furuknwa Electric SftTOAUr 

Hltadll Coble Ltd Sft TO Sen 

HJmeM Croat Cara 4 TO San 

HliacM LM SftTOAAor 

Hondo Matar Co Ud StaTOMar 

Hondo Motor Co Ltd StaTOFeb 

Hondo Motor Co LW 5%19F« 

Jto-YokadoCoUd 5ft TO Aug 

JacaCoUd TiTOMra 

JaccsCoLta StaTOMar 

JicCo.CoUd 4 12 Feb 


Jvc Vidor Camp Japan 5 -WHflar 


FoaSoaaCo Lid 6 Y25eo 
KawaeMU SM Co SftTOMor 
Komatsu LM 7ft TO Jun 

kanlshlrnka Phan 4 TO Aar 
RpnKhboku Photo 4 TOAor 
KotoouktyaCaUa 7 TOFeb 
KynwaHeAkaKDovo 4ft TO Dec 
MokJtaElK Utoyks «ft TO Are 
awmcoud tvvYl jan 

MarutCaLM 4 TO Jan 

AAmICnLH ItaTOJan 

Matsushita EJec Indus 6%TONov 
Mabu4Hta E lec Works 7ta TO Nov 
MtaabnCoUd Sta TO Sac 
Minolta Camera Co 7ftV5Mor 
Minolta Camra Co 5 TO Mar 
4MtsubisMGra 4%-viAAar 

MHutiteU Corn I TO Alar 

Ml Hub stt Coro eta 14 Sep 
MttnuMEloctrCo SftTOAtar 
.MltwtaWVEIedrCo Sft TOMer 
AAttsubtstU Haovy IM 4% TO Mar 
Mitsui Roal Estate 6 TOSep 
MitaH Real Estate 7ft TO Mar 
MurotaManitaetureig Sft 14 Mar 
Murata Manuhxtanng 3ft TOMer 
MundoAAamrtadurlao 3taWAtar 


tkc Corporation 


Nuncio Engi neeri ng TtaTOMor 


(t ham Electric 
Nippon V-OBOkU 
Nippon Kakon 
NlBOOIlOB 
Nippon OM 
Ntanm Seiko 
Nippon SMko 


Sft *97 Mgr 
4 TOSe* 
AftTOMor 
StaTOMar 
IftTOMar 
7ft 94 oa 
2ft TOOd 
Hu TO MOT 

■ 14 Mar 


NhHhaiMiCeni I TOMar 
Nina E Kelt lelndiisl 6 TO Son 
Nina Electric indusl 6 to Sea 
Hilto Electric Indud 5% TO Sea 
Nrk Une Nlarai Yuan 7% TOMer 


Okl Electric Tc TOSeo 

Olympus Option Co 4ft 17 Oct 
Ono Phormocoulicol 3ft TO no* 
Or imI Finance Co SftTOMar 

Orion Loosing Co 5ft TO iso 

Pugh Ca Ltd iftTOSep 

Ricoh Co ud 4%-iSSaa 

Sow. vo Electric Co 8ft IS Mar 
Sanw Electric Ca 5 TOlWr 
SecomCoLW 5 TO Hay 

SetanCoUd 3ft TO Nov 

Seeisul HousbUo ] TO Jm 
MarMfa StalOFeB 

Sun Hama Cora StaTOMar 
Sumnama Electric StaTOMar 
Sum tamo Mefpl indwi 4 TO Mar 
Sumitomo AMollnifisI 7 TOSep 
Sami tamo MetOHOduSl Sft 16 Sea 
Tokeaa Rfcen Ca Ltd StaTOMar 
Tokyo Sunn Electric 3V: TO Nov 
I ok ru Cora 7%TOSeP 

Tokyu Land Coro 7ft w Altar 
ToiMbaCerantatGo Hi 14 Sep 
Totnibacora Fi w Sec 

TgygAAe^oRaidig 7ft 14 Mgr 
Wacom Cora 4 TO Aug 

YgmotcJit Scarifies 5 TOSep 

Ydtnanouclu Phgrivi(i i TO IX 


1S2 I Oct 81 XAAar 94 
111 IIFetaH 24 Mar 95 

118 13 Jul II XAAar 96 

30AurB4 73 MO- 99 
105 1 Nov 79 1 5 Mar 94 

X I SeaX IJ0n9J 

95<u I Mar 63 X Dec 04 
778 X Aug 79 UDecH 
•“ 5Ja»81 21 Dec 95 

IJidn X Jun *7 
1 Mav 71 XAOTB4 

n 1 Nov 79 39 Aug *4 

97ta 70Aua8l XAAar 9e 
IU lAuati 15Mar91 
174 18 Doc 07 25 Sop 94 

— l Od n S Sap 9t 

■» J Jan 04 *3 Sea 90 ' 
113V: 1 Jutll 23Saa9« 

95ta I Mo* 84 23 Mar 99 
IS Jul 81 21 AAar96 
Feb 83 71 <xp94 
.. 14 Jut 01 23 SCP 94 

144 31 Mar Bl 29MOT94 
ZB 1 MOV 79 74 FeB 89 
148 lAAorffi JO Feo 97 
144 X Jun S3 17 Feb 90 
251 27 Jun 71 X Aug 93 

“ 1 Nov BD 21 Mar TO 

lOdll 71 Alar 94 
Uuin WFeb92 
85 Vi 18 Jan 82 IB Mar 97 
211 10077 15 Sep 93 

7>ta BSrall XAAar94 
148 X Jun 75 maturity 
9Sta 250013 13 Aar 98 
187ft 12 Sea 84 19 Aw 99 

119 1 April 15 Feb 94 

H0ft 1 Feb 03 19 Dec 97 
95 29 Aug 14 19Aug99 

IM 1 Jut 74 X Jan 91 
122 Ulrill X Janie 
18ft 18 Jul H 3 Jan 99 
415 X Nov 75 19 NOv 90 
101 ft XAM*B XHMH 
91ft 17 MOV 43 BSe098 
HI 4 Nov 80 X Mar 95 
78ft 1 Oct 81 BAAorW 
IX I May 74 maturity 
137 1AU877 XAAar 93 

91ft lSOri 79 maturity 
107 4 Jot W X Mar 94 

95ft J JunE 30 After 9f 
88ft 4 Jan 84 24 Mar 99 
1« 1 Od 77 X Sea 92 

103ft 15 Jot 41 25 Mar 94 
ID SJU18t 19AAcr9e 1 
UDta 21 FbBM 19 Mar 99 ' 
HNft 14 Jul M 17Mar0Q 
91ft 7 Jan 55 24Mor« 

74 ISJanD XAAar 9o 
Mi SFoDB a Mar 97 
1S4 15 Oct 84 23 So 99 ' 

77 I Jill 81 XAAar 94 

45% 11 Aw 83 XMarn 
74 ft 28 Mar M 17 Mar 99 
147 I Dec 79 14 Del 94 
98ft W Nov 84 X Oct 99 
■Oft 5 Apr 82 NAAa-H 
83 17 Oct 60 22 Mar M 

1540 77 9 SOP 9] 

1 jut 79 S Sen 94 
2 Stoll DScpN 
1 AOf 41 M MOT 94 
15ft I Oct 84 22 Sot 9« 
189ft 7 Dec 83 240097 1 
99 UMarM X Nov 98 1 


lift IAIwDSAAwTO 
U4ft 23 JOT 13 aSOPX 
314 1 Doc 74 2950P9I 
Ul 11 MB » Sop 95 
97 lAprBXAtartt 
EJta tOa St XNovTt 
IF X May 13 X Nov TO 
14 lOctli 29 NO* 99 
lift 4 Jun 84 XJOTTO 
B 14 Dec 84 71 Feb 08 
17 17MavM 19Mor« 
161 H mot 02 XAWT97 
113ft I Hoy 76 X Mar 92 
42 2 Feb 1 1 X Sep K 

46% I0cl41 X Sen 94 
8S 75 Od 83 XAAorOB 
«9ft 3 DOC 84 19 Nov 99 

«■" f I MB X Sep 95 

I April »MOT»4 


98ft 18 m 51 M Sop 94 


1 Nov 79 aseoH 
I Dec W 21 Mar 9k 
ISOC1B4 a Aug 99 
3 Are 43 23 Sop 99 
noon jioscio 


129 54 

252- 54 
L94 .94 
1605 .« 
2*8- IX 
696 UH 
1.16 1.92 

1-35- X 
1J6 .93 
1*1- SI 
105- in 

17.19 J*| 
I5J- 199 
102- 107 
137- .94 

IX- 54 
JO .12 

1 3Sr J9 
673 58 
1.97- 1.45 
2*7- IX 
2135 LIB 
*1 08 
;x- *1 

U7- *3 
1.15- *3 
1JI- JS ■ 
«U0 1.97 
1611 157 
1.96 2*7 
615 X 
ITS- IX 
2641 3.45 
617- 208 
1*6 1.18 
1*2 I.U 
8400 10k 
834 .73 
36 1*4 
SJjjr IX 
lO- tx 
235 IX 
B *6 
1627 IX 
102 1.13 

in- ix 

Tide IX 
232- IX 
■-58- L33 
IBB- I.U 
.15- IX 
1*3 L8B 
6U 113 
3*5- IX 
70S- IX 
204- H 
.X- (1 
1*7 X 
404 X 
32*2 644 
01 ■ X 
684 *7 

2404 6*1 
1*0 79 
7J7 JS 
134- 221 
U2 231 
U* .99 
SUB 2M 

in- x 

2J7- X , 
197- X 
kUB 1*3 
UTS M 
J3 .to 
235- .15 ; 

ix n 

633 X ! 

X- 101 , 
175. Ul 
IM 1.70 

2037 IX ' 
IM- *7 I 
MS *7 
SO- L34 
X X 
X- 1.17 
191- X 
1-91- 3*3 
17X 147 
49 ja xa 

H03 si 

2J4 1.14 
3*5- 137 
22.71 Ul 
07- *9 
3*1- IX 
US- 2X 
6X IX 
2JI- IX 
246 M 


5 TO May 

4 TOMar 

5 TOMer 
8ft 1e Jan 


A. *7 Dec 
8 TOMar 
5 TOAor 
7ft -98 JOT 


548 Hetmerieh Povne I7X TV; TOOd 


S TOFeb 
SVi-BaDec 
kftWNov 
4%-87 0d 


IftTOCMc 
7 Y7 Dec 
S TO Jun 
4ft TO Od 
I TO Nov 

4ft V Jun 
StaTOOec 
ft%TOAAav 


515 Holiday 101X2657 I TOOd 
158 Honeyweu Cot/ 1 14*7 4 TO Nov 
SSD inaoro Finance X«3 a *97 Aug 
5 SO tag O/s Finance Z3J I BftTOSeo 
5 SO tail Stand Elec 18.90 S TOFeb 

516 inti stand Elec 15*5 

525 mil stand Etoc 17.14 
SSD IntlTeteohane 1702 - - ^ 

IJO lalvrcoal Hotel 4669 7 TO JOT 

115 lee Fin HoMbig 2672 *ft TOMar 
5» lt!Slieratonl0X MW Jul 
5X Kaher Aluminum 46*2 5 TO Fen 
SX KJdde Walter 31*8 5 89 Feb 

550 Kinder -Coro Int 5507 4ft TO Aug 
SB Lear Petrol LPC 4204 1 09 Jun 
540 Lear Petrol Lac X04 

140 Llvlnll55JI7 _ 

520 Marine Midland 2S0O S TOMar 
5 30 Mortal InltFlnflX 9 TOOd 
525 AAossmutua! Mfoe 3101 eftWJuf 
515 UaswwtaalNUaeSaB I w Jul 
515 MO) Capitol Co OX Sft 87 Mov 
535 Aegl Hid Fin 1297 
S75 AAltel C0 Inti 3L7S 
IX Aiohascn mtl 30*2 
SS Monsanto mil H36 
558 Moran Energy 4265 
5 50 AAorganJp O/I30J7 
87 Notional Con 51*1 

ISO Klcar Q/v Fin Z7X 
558 Northern T etoco B 31 7 TOMar 
SB Pan American 79*5 SftTOSea 
S22 Penso Finance 3 IX BftYSOK 
535 Penney Jc Eirif 16*7 t WDec 

535 Pmn JcInHUll 4taOAua 
575 PoasKaCmuaj; a TOAor 
510 Romado Capital 4623 6ft TO Nov 
5 50 Rea iml Doveto 1610 S TOFeb 
150 Readme Bates 27.78 8 TO Dec 

5 SB Revlon !nconi2S.I« 4% 87 Apr 
SSO Revnoi* Metals 27JB S TO Jun 

517 Samm Industrie 4647 Pd 8700 

SIS 5cm Qrt C<») 10)220* Sft87AAar 
IIS Seane mil Cot 56$4 4ft 80 MOT 
19 South Callt Edl 4131 12ft 97 Aug 
J30 SauIhlOTd Cora 4619 5 -07 Jul 

135 Sault f B B Alfll 361 1 4%TOJui 
5 15 Spectra- Physics Z339 8 TODec 
540 Sperry Raid Co 1943 4ft TOFeb 
5M Squibb InHFbi 1 7X Aft 87 JOT 
im Totaa Capital 2DX litaTOAlay 
IBB Te«KDCOPitai2aiia lift TO May 
STS Temca lourml 224d 4ft TO it* 
Teno Inft Afrt 4697 7ft Yl Aug 
5X Ttoa: Finance U13 “- ~ ■■ — 

110 Tosco Inti Fin 3136 

SB Trantco Infs 14JD 

530 Tricars Oil Cos 32X 8ft TO Sen 
IN Trw InJI Fmonc 17JH 5 TOFob 
SB Uwtr Finance TO*7 7 TOSep 
SB Varcolrtt Fin 3239 IfttoMar 
540 Warner Lambert a*3 4ta87Aor 
538 mrner Lamben 1624 4ft TOApr 
IH Worner LBmMri}64l 4V: TO Aug 
S7S Xanu Crop 674 S 88Dac 


73 I Dec 

42 XApr 
95 14*0949 

141ft 15Ntov73 
115 X Aug 87 
80 I Od 73 maturity 
34S 14 Mav *9 maturity 

83 1 Jun 73 maturilr 

74ft MOctll maturity 
211 1 Dec 67 maturity 

l Are 83 maturity 

1 Jut 71 maturity 

1 Mar 73 maturity 

I Apr 73 multeity 

I Apr 74 matartty 

40 790a TO maturity 

17ft 15 Jun 73 matartty 

124 31 Jul It maturtiy 

86ft I50d4l maturity 
S 5 Fob 80 maturity 
Tie > Are s0 mstaritv 
97V: u Aug 41 malurllv 
89ft 1 5 Dec 60 maturity 
BSft ISOdB mahirlrv 
99 1 Apr W mahirlrv 

X 4AADV01 mnturiry 
14« X Jot 77 maturity 
223 1 May 49 mahirlrv 

77ft 1 Jul 73 maturity 
98ft I Nov 47 15 Apr 04 
27* 1 Od 48 maturity 

44 ZJFebBi matin ry 
108 9 Sep 80 maturity 

91 I5AAOV49 maturity 
85V: t Od 73 malurtly 
78 15 Jul k9 malurUy 

7 Aar 01 maturity 
15X140 maturity 
49 15Dec72 mahirlrv 

« 31 Deck! mahplry 

Ol I Oct 7t maturtiv 

124 XApr 74 matartty 
58 7 Mov 81 malurtly 

154 15 Jun 73 matartty 

77ft I Nov 48 malurllv 
toft X Jot 73 maturtiv 
108 1 Mar 83 maturity 

Wft I Aug 47 maturity 
N a Dec 83 maturity 
94ft 4 Morei maturity 

134 I May 71 maturity 

I Jul 73 maturity 

— i May 71 tojuivr 

107ft l April 25 Aug 00 
88 IS Aug 48 maturity 
Sift 1 JOT40 malurllv 
87 ISMov 70 mahelty 
04ft 15 Apr 7] maturity 
95 29 Mar 72 maturity 

" I Jon 47 3 Jan It 
_ 1 Feb N maturtiv 

84V: 1 Aug 09 nnrurliy 

104ft 15N49 maturtiv 
» 15 Aua 11 mahiritv 

104ft 17 Dec 79 maturity 
103ft kFcbll maturity 
toft I Fee 49 maturity 
1 5 Dec 61 maturity 
5 Jan 81 mahulty 
07 15 Mar 73 matartty 

95ft XSento maturity 
47ft 1 Jon 70 maturity 
14 U Mar 61 mahiritv 

89ft 4 Apr II malurUy 

Hft I5MOT73 mofurlty 
103 1 Mav 4b moiurliy 

_TO 11 Feb 01 maturity 
15 Jun 7] matartty 
■» 1 JOT 69 matartty 

192V: I Dec 88 malurllv 
133 19 Jul 83 SFebN 

74ft 1 Mav 49 maturity 
II IJulBI maturity 
99ft 1 Jul 70 maturity 
07 1 Aug 73 mafintr 

117 75 Octlt matartty 

97ft IS Jui 72 mafurifv 

98 1440V49 motarUv 

3 Mar n maiurily 

». 2 Jan 73 moturify 

99 31 Mar 49 maiurily 

73 XAnr73 maturtiv 
HI ft 1 Jan m maturity 
317 1 JOT If maturity 

133ft 7 Jon *3 manir&v 


499- 138 
675- 3X 
30825 1*3 
5UT 7* 
JJ7- 257 
41695 
351 I -to 
X0S 515 
35J8 1*1 
34677 
9LW 275 
K6 610 
5WM 
XX 6U 
640- 4JB 
St- 628 
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77 1 5 Dec 71 maturtiv 

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143 I Feb 49 matartty 
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HIGHEST CURRENT YIELDS — ; 

On convertibles having a conversion premium 
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1180 Elders N* S5.18 
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Over-the-Counter 


Soles Jn ae! 

100k High Lew LOU Clftu 


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1 00s Htoh Low LCRI Ch'M 


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Week ended Feb. 8 



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Week ended Feb. B 


Sales Hraa Low Last cn*ne 

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theuwld 


I 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11, 1983 


I NASDAQ National Market 


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Bmhrn 

BurrBr 

BMA 

Busin Id 

Bullrj 

ButirMf 


1X0 *2 
M \A 
.16 IJ 

.10e A 

ia a s 

2* 19 
I 

a vo 


a u) 

V94 17 


Mt J 

la u 


H7632K 
264820ft 
146 9H 
Bl Bft 
171117ft 
234414ft 
15030ft 
3366 Oft 
5737 3ft 
314920 
1590 lft 
64026ft 
443920ft 
59219ft 
27152ft 
3060 7ft 
61)5 
39336ft 


30ft 31 — ft 
19 19 — M 

Oft 9ft + ft 
e oft 

1AM 17 — M 
IZM M 4 lft 
30 30ft 4 M 
5ft Mb 4 ft 
3M 3ft 4 ft 

'ft 2 ®'" 

21ft 24ft 4 2ft 
19ft 20ft 4 M 
lift 19ft 4 lft 
49ft 51ft 4 2 
6%b 7 4 1b 
T6ft 77ft + JM 
» 2AM 


CCOR 

CP Rhta 

CBTBc 

CBT 

CML 

CPI 

CPT 

C5P 

CdUITV 

Coche 

CACI 

CbnrSc 

Calibre 

CalArnp 

Cal MIc 

camva 

CallanP 

Calny 

C ononG 

Conrad 

CapSwl 

CopFSL 

CaoCrb 

CardDb 

Cardtos 

Coral In 

Cartart 

Comvs 

Cencnr 

CntrBc 
Contour 
CenBcp 
Cn BaftS 
C FdBk 
Cent ron 
Centurl 
Cenlvn 

CortjrA 

Germ to 
Cetus 
Chasms 
OimpPt 

CbncCn 

ChaaEn 

OirraSs 

Oiarvox 

Chattm 

ChkPnt 

QlkTch 

ChLem 

Chemex 

ChFab 

ChrvE 

ChlCM 

ChiPac 

CWIb 

Chamer 

Chranr 

CtirDws 

Chvrns 

arm Fin 

ante. 

Cipher 

a prico 

□reen 

CtzSou 

CtzSGa 

ClzFId S 

CtzGtP 

Cfzlfl A 

ChUIB 

a tv Fed 

CtvNCp 

ClQlrSt s 

Clanu 

ClearCh 

CtovtRt 

CltMme 

CoastF 

CobeLb 

CacaBts 

Coeur 

Coganlc 

Cohrats 

CotabR 

Cataeen 

Contra 

CotABn 

CotLTAc 

CoIrTle 

ColoNts 

CalDta 

Candr 

earnest x 

Coamto 

Camdlal 

Comorc 

CmceU 

CmBCol 

OndBn 

CmIShr 

CwttoF 

CmwTl 

ComAm 

Comind 

CamSys 

CrnpCrd 

Compaq 

CrnooT 

ComnC 

Cnwcra 

Campcp 

Camara 

CCTC 

CmpAs 

CptAat 

CmpDI 

CptEnf 

CmatH 

Cmpldn 

CropLR 

CmatM 

CmpNef 

CmpPd 

CmpRi 

Cm Taste 

vicmus 

Cmputn 

Cntcfr 

Cndre 

Cmsrve 

Comhr 

CimtiP 

Comtch 

Concptl 

Canltri 

GamWT 

CnCop 

CCOPR 

CCbaS 

ConFbr 

Cn Poos 

CoraPd 

Consul 

CntlBcs 

CHFSL 

CttHith 

CtlHItC 

Cntlnto 


6a Bft 
1400 9ft 
Si 22 3125 

la 45 339340ft 
IBAWft 
21017ft 
4277 Bft 
465 Bft 
032 4M 
B2S 4 
7537 6M 
4B3815M 
112 lft 
446 Aft 
2821 13ft 
588 31b 
1608 3ft 
.16 1A 115512 
115323 
16 8ft 
.160 141 24616M 
a it 157210 
1046 2M 
JOB .1 99817ft 

2429 13 
2327 lft 
t 452311ft 
25416ft 
BOSOM 
VB0 62 95229V. 

2617 UM 
TBSb 43 33742ft 
122 46 29127ft 
1.12 U 26429ft 
M 1 3 8S13U* 
2259 lft 
48513 
.12 14 519 7 
919 4ft 
660912ft 
45 lft 
.10 1J 581 7ft 
884 AM 
1112 5M 
.19 3 31191Mb 

■4013ft 
M 27 13017ft 

41531Mb 
436 Bft 

a 1J 114329 
2128 7ft 

111 Aft 
.12 b 3 341 14ft 

23D2312M 
27881 Vb 
57325ft 
99034ft 
173910ft 
a 16 66114ft 
.10 14 302512M 
220b 22 95382ft 
490 J 29929ft 
604334ft 
t 152011ft 

129 7 
la IS 159K 
26 33 508923ft 
144 37 331 MM 

JOB 11 4818 

t 63730M 

130 64 13630ft 

jsm u loose in- 
48b 34 84424ft 
.10 J 921119ft 
a 31 107928ft 
2221B 

152 7.1 14621ft 

152714ft 
14915ft 

104814ft 

Ma 14 45131ft 
r A2914K 

1283 3U 
599326ft 
1471 61* 
74713ft 
1100 51b 
JOb 22 1218 

.92 24 64135ft 
653719ft 
24 42 33S117M 
441 1 

t 146415ft 

.12 A 40W23ft 
.16 1.1 299615ft 
10760 Mb 
2-10 U 44440ft 
31 32 27729ft 
44b 14 4116 

240 31 4139ft 

J0O 48 38113 
124s 15.1 124 9 

160 35 163 MM 
1649 31b 

* M ^ 
36 

41 r 18513ft 

a 

1498 14b 

JSM* 

567825ft 

a 3 7 mmi 
1210 7ft 
363 8ft 

.12 V SS 7M 

284519ft 
390 Aft 
AS 2 61820 
180 1ft 
759 8 
137 Aft 
1710 
755 3ft 
1459 9U 
1278 Aft 
4556 3ft 
573 Bft 
42623 

IjB 95 9915M 

336Q134 1330 26 S4 
1480104 163 17M 
336 117 236925ft 

112 Bft 
la 13 89039ft 
MO 14 159 5ft 

2228 6M 
244b 54 104535M 
2913 
116018W 
2234 5 

i 2564 9ft 


8V4 8ft 
Bft 9M+ M 
24 25 + I 

38ft 40M + lft 
10ft 104b— ft 

17ft 17V. + 

6ft 7ft— ft 
7ft «ft+l 
3ft 4M + ft 
3ft 3ft 

5 Aft + 

17ft 18ft + 

lft lft 
4ft 4ft 

10 10ft + 

3ft 3ft + 

7ft 3ft + 

lift 11M 
ZI76 23 + lft 

BM 8ft + ft 
15ft 16 — M 
9ft 9ft 

2 2 — M 
16ft 17ft + lb 
lift 12ft + ft 

lft lft— ft 

11 11 — ft 

16ft 1Mb— ft 
18ft 20ft + lVb 
28 29M + 1M 

12ft 13M+ ft 
41 41ft— M 

27 27ft + ft 
79 29ft 

35ft 36M+ M 
1ft lft + ft 
12ft 124%+ ft 
6M M4+ ft 
3ft 4ft + 1M 
lift 12ft +1 
lft 14b 
7ft 7ft- ft 
5ft 6 
Aft 4ft— ft 

mo im 

11 13M + 2 
17 17ft 

17ft 18ft + ft 
7 8ft + lft 
27ft 28ft + 1 
7ft 7ft + ft 

6 6ft + M, 
13V. 13M— ftl 
11M 12M+ ft 

Mi go — u, 

24ft 25ft— ftl 
20W 23 + 2ft 
Bft Bft— lft 
14 14ft + H 
10 IBM— 114 
80ft 82 + 1M 

Z7ft 29 + lft 
toft 33M + 4ft 
toft 11ft+ ft 
64% 6ft 

33 34 — 

22M 23ft + 

27ft 27ft— 

17ft 18 + 

29M 29ft— 

29ft 30 
124b 134b + 

24 24M + 

17ft 18ft 
27ft MM + 

17 171b + 

am 2ift + 

104% u + 1ft 
15ft 15M— ftl 
13 1416 + 1M 

30ft 31ft + ft 
M16 M4b+ 1%, 

2ft 3ft + ft 
24ft 26U + lft 
5ft 61* + M 
12ft ISM + ft 
4ft 5ft + ft 
17ft 17ft 
aft 32ft + ift 
16ft 18ft + lft 
Uft 17M+ ft 
1b 1 

14ft 15 + ft 
221% 23H 
14ft 15 + ft 

3ft 4ft + ft 
37ft 401% + 2ft 
28ft 29ft + ft 
15ft 15ft 
39 » — M 

12 12ft + M 
Bft Bft + ft 

27U 29M + 146 

3 3ft 

21V. a + M 
946 10V!»— 116 

28 32 + 3M 

7ft 91b + lft 

13 134% + ft 
2Bft 2flft+ 46 

6ft 646 — 46 
lft lft 
346 4ft 
12ft 13 — ft 
22M 25ft + 3 
Mb Bft + 2ft 
lift 12M 
6M> 716 + lft 

“ Bft— 4b 
7ft— 4b 
7ft— I* 
446+ ft 
Bib + ft 
194b 

_ 4ft + 4b 
Uft 19M+ 4b 
1 1 

7ft 8 + ft 
6 6 — ft 

916 9M 
3ft 31b + ft 
716 Bib + 1 
3ft 3ft— ft 
2ft 246—4% 

Bft Oft— M 
21ft 23 + » 

14ft 15 + ft 
24ft 25ft— ft 
16ft 164h— ft 
24M 24ft— 46 
81% Bft + 1% 
3H% 39 — M 
5ft 5ft + 16 
5 616 + 1M 

34 35M + 1M 
12M 12M— M 
15ft 1746 + lft 

4ft 41% + M 
84b 9M+ ft 


5* 

6 ft 

7 

Aft 

8ft 

19 

3M 


Soles In Net 

MBs High Low Clou ChDO 


CM . asr 
Convgf 
Convrse 
CwcBto 

Coon B 

Copytel 

Cor com 

Corals 

core St 

Corvus 

Comm 

CoraPs 

CrfcBrt 

Cramer 

Cronus 

CrosTr 

CmiBk 

Crump 

Cul In Fr 

Gillum 

Cvcure 

CyprSv 

Cyprawt 


836 7 
4111811 
2821 21 M 
3889 $M 
M 14 488918ft 
62826ft 
362 9 
8117 Bft 
208 4 A 498948ft 
1539 4ft 
1639 7 

a M 99923ft 
.14 .9 41816ft 

13 Bft 
83714 

a 28 373128ft 
50414 

M lO 9252Mb 
34 3 l 4 56527ft 
a IS 87622ft 
271 m 
00s 10 20613ft 
57 4 


5ft 7 + lft 
VM 11 +lft 
IB 20ft + 2ft 
346 516 + lft 
1Mb 1M6— lft 
ZIft 24ft— 46 
Bft 81% 

B Bft + ft 
46ft 47%+ lft 
4 44%+ M 

(ft 6ft + ft 
9 23 + 3V6 

Uft 15ft 
Bft Bft- M 
13ft 13M- ft 
» 28ft — ft 

UM 14+16 
23ft 24 + ft 

27 27ft + ft 
20M 22M + 1ft 
22ft 22ft- ft 
U 13 — M 
3ft 3ft — M 


DBA 

DEP 

DolrMt t 
DofsySv 
DaknF 
OmnBto 
DortGo .13 
Dotcrd 24 
DlalO 
DtSwtch 
Datpwr 
Datscp 
Dtoslh 
Datum 


DebSh JU 
DedsO 
DaUbA 22 
Detctun a 
Delta Dt 
□elYNG VD4 
Deltaus 
Denstor 
DentMd 
Dennh 
Detec El 
Demy 
DtaoDt 
D too Pi 

□lasonc 
Dlcean 
Dlonsd 
Dtokw 
Dlatcm 
DloH5» 
Dtonex 
DLstLoa 
Dvfood 24 
DocuOl 
DlrGnl 20 
DvnB la 
orchH 2D 
DovTOB 
piuotz 
DrewNt 
Drexlr 
DrwyGr 
DUCICAS 
DunkD 

Durlron 
DurFII 
Dvnscn 
DyntcCs 
Dyson 


U 


.150 


56114ft 
525 9M 
591046 
1856635ft 
1430 27M 
1438 7 
.1 6901 

1.1 163421 
3681 14M 
6165 9 
2SB 5ft 
774 IBM 
437 5ft 
965 7 
549 71% 
V0 45820V. 

9454181b 
XI 35Z733M 
16 176618ft 
259 lft 
216 11M 
840 2ft 
2575 6 
4154 8 
159 8 
1334 S 
65 7 
716 4M 
3561046 
25184 5ft 
1B4S13M 
706 MM 
645 6ft 
3121 25ft 
29897 SOM 
16233316 
510 7 
16 27808 10 
1280 4ft 
A 273726ft 
42 32528ft 
1.1 79720ft 

42 31920M 
1 2 5981146 
2348 lib 
5351346 
21031716 
1J 379419ft 
1.1 13662B 
4.7 S2812M 
1.1 76915M 
3020 5M 
3726 26M 
6636 15*6 


131% 14 
74b 9 + lft 

IB 10 — ft 
34ft 34ft 
25ft 2646 + 46 
5ft 6ft + lft 
ft 101 

19ft 21 +11% 
Uft 14 + 4% 

7ft 8ft + 1M 

■T E U. 

12ft IBM + Aft 
44b 5 + M 

6M 646— ft 
64b TV* + U 
I9ft 20 
15M 18% + 3ft 
2lft 231% + 1M 
1646 17ft + M 
1M 1M 
10% 11 — % 
1 W 2ft + ft 
5 6 + ft 

64% 8 + ft 

7ft 8 

3% 41b + 46 

6M 7 
3ft 4ft 
18 10ft— ft 

3ft 5ft + 1 
12ft 13M+ M 
UM MM 
5ft 546+ 46 
19M 25ft + 6 
26ft 2846 + 2 
3IM 3246 + 1 
5ft Aft + 1b 
8V. 9»— M 

3M 3ft— ft 
24% 261% + lft 
28ft 2SM— 4b 
17ft 19 + 11% 
19ft MM + ft 
1046 lift +„ ft 
1M 146 +% 

13 13 — M 

15M 171*+ 2 
19M I9M— ft 
35ft M + 2ft 
1146 111b 
1446 IA46— M 
446 5V6+ 4% 
34M MM + 1ft 
13ft 15 +146 


EH Inf 
E1P 
EJMF 
EZEM 
EoalCet 
EoulTI 
EooTwtA 
Earl Cal 
Eastovr 
EatnF 


2109 3ft 
A 35815 
1316 4M 
MU 

20721 46 

190B 5 
10 6 
334 646 
V6 62416 
15310V. 


EcanLti 1JM id 8952BM 
EdSault IMbliS 413 
EdCma .12 IX 158910ft 
Educam jm il 362 3W. 
Elkaru 34612M 

EICMC 45B 91b 

EIPOS 1M 10X 3939 1446 


Elan 
EMtB 
Ekton 
EldrM 
ElecBkt 
ElCatha 
EleNucf 
ElcRnt 
EUtafl 
ECpIsrs 
EJctMls 
ElranEI 
Emcar 
EmpAIr 
Emuix s 
End la 
Endvco 
EndoLs 
EneCnv 
EnFact 
EngOll s 
Ena Raw 
EitBPhs 
EntPub 
Envnln 

EuvSys 

EnroBl 

Equal 

EatOll 

ErleTI 

ErtoLac 

EvnSut 

ExcalTc 

Exovlr 


jOTo j 420 Ws 
126212 

,16b IJ 356 ISM 
391 M6 
4180 946 
483726ft 
469215 
72418 
903 18% 
17751*46 
282 5ft 
31M1244 
1131 1M 
<1641046 
7798144b 
1470 7 
3(9 646 
33931146 
5253146 
899 BM 
108 5 
1W % 
1371346 
34516ft 
563 3M 
32771 
156719ft 
*84520 

_ i7 M19 7ft 
JMe 25 1452*3346 
1909 

iSS^S 

7631246 


22 1J 


20 


246 3%+ 1M 
UM 1446+1 
346 41%+ ft 

IB 10 — 46 
46 46+ M 

44b 4ft— 46 
5M SM— M 
AM 64b + 4b 
2(16 SAM 
9M IBM + M 
2Bft 2846 

13 13 

VU 94, — ft 
3ft 3ft + ft 
1146 17ft— lb 
Bft 9 + 1% 

14 1446 + 46 
9M 9ft 

9ft 12 + 2ft 
14V% 15V6 + M 
Aft Aft— M 
7ft 9 + 1M 

23ft 25M + 1 

12 M16+ lft 

17 17ft 

18ft 18ft + M 
14 1«M + 2M 

4M 516— M 

9 10 + 1M 

12M UM+ M 
6 AM + ft 
64% Aft 
im U4b+ ft 
29M SO — I 
B £36+ ft 

^ 

13 13V.— ft 

Uft 15ft— ft 

21b 3 
IBM 20 

17M 18ft + IM 
18ft 19 — M 
616 7ft + IM 
32ft 3246— . M 
87 89+2 

14 15+46 

% 46— ft 

11 1146+ 46 


FDP 

PMI 

FalrLns 

FamHJ i 

FarmP 

FrmHo 

FrmO 

FedGra 

Faroflu 

Fltoan 

Ftotcr 

FHItlTh 

Fiasio 

Hlmtec 

Fiitrtk 

FlnalOD 

Flniral 

Flnonuc 

Hnloan 

PAIaBs 

FIAFIn 

FIATn 

FIBnOh 

FtCotF 

FCamr 

FDataR 

F EstCs 

FExec 

FFdMIc 

FFdCnl 

FFFIM 

FlFnCn 

FFnMgf 

FIFIBk 

Ftmcas 

FlratBk 


SOI 


.16 

1 

» 

7J 

1X6 

20 

3X0 

42 

230 

3-5 

xa 

23 

XO 

2J 

JO 

42 

JOB 

72 

1.13 

46 

23 

2J 

1.10 

40 

2X0 

U 

1J0 

48 

1-35 

4 X 

JOB 

IX 

JO 

3J 

XO 

IJ 

1X0 

1 

48 


279 9M 
2 2330 Aft 
164 A 
570 116 
249922% 
354 41% 
45585946 
24152944 
2230 616 
2A31Aft 


561 1616 

797 IBM 

90 44% 
66 B 
2065 Bft 
6191146 


BM— 


3754 

33817 


11393 75Vt 
154311M 

239919M 


621 

4311ft 


BM 
646 

% ? 

20ft 21ft + 46 
41% 4M + ft 
57ft SBM+ ft 
2*M 2944 + 3 
5ft 6 — ft 
15ft 14ft + M 
48ft 51ft + 2ft 
6146 MM + ft 
2SM 29ft + 4M 
1346 14ft— IM 
15ft 17ft + 1ft 
Aft 4M— ft 
7 7ft + ft 
Mb 7ft— 46 
10U UM + 146 
21ft 24ft + ft 
M 31ft + 4 
36% 2746 + M 
S3 53ft + ft 
16M 1646— M 
24 2446+ ft 

2114 24 +21% 
31 31 

13% 1446 + ft 
10% 11 
IM6 IBM + 2 
l» M+ H 
20 21 + ft 

IVft 21 + IM 

23ft 231% + ft 
SM 21 + M 

I OH I1M+ ft 


FJerNf 

FKyNIs 

FMdB 

FlMkJB 

EB£ 

FNtSup 

FNHB 

FRBGa 

FlSvFla 

FSyWb 

FtSeec 

FTstlNt 

FlUnCs 

FfVfFn 

F looter 

Flakey 

Flsxstl 

FIOFdl 

FINFIs 

FlowSy 

Fluracb 

Fonor 

FLIon B 

F Lion A 

For Am 

Forcsto 

FartnF 

FortnS 

Forum 

Faster 

Faxmyr 

Fremnt 

Fudrck 

FulHBs 


Sales in • Net 

180s High Low Close Ch'oe 

ia SA 13893346 33M MM— 1% 
13425M 24M 2S 


1X0 53 

4(933% 

33 

3ZVb— 

% 

120 6 X 

7719% 

1A% 

1(16 + 

% 


17 4M 

4% 

bft— 

to 

3X00 5X 

9053% 


SZ%— 

% 

X2e .1 

97115% 


14% — 

W 

X00 3X 

9021 

n| 

31 + 

1 

36 U 

2358314* 


31% + 

1% 

XOb L9 

9(31% 

21% 

21 %— 

% 


RIO 9ft 946— 14 
1.10 U 36542* 21M 2SH + 2% 

LAO O lB21Kft Uft 35ft + 2ft 

1.12 U 246238ft 37M 37ft + 4b 

iaa 4J 10526V. 34 V, 26M + 11% 

22B 1J B13M 12 12M + <u 

2109 7ft AM 7 + ft 
AO 3.4 56315ft 13ft MM- M 
20e 1.1 28831846 17 18ft + 14% 

37 22 116233 3146 33 + M 

77017V. 184% 18ft— % 

a LA 37213ft 12% 12% 

1825 5ft Mb 5ft + 4b 
IS A 120317% 1646 17 

SA A 2595 ISM 15 15V. 

.96 U 18123146 29ft 30M + I 

IM XI 11671946 1|M 19ft + 1 

223917M 164, 1746 + 

5969 2% 2ft 29b + ft 
M A 13635 10 9% 94,+ ft 

.10 13 4448 7M Aft Aft— 4b 
2644» 27 2846 + TM 

M il 9120231, 20*. 23 + 21* 

179613ft lift lift— ft 

a 15 2(32164% Uft 15% + 144 


gts a 
Golden 

s 

Garda 

Genetoh 

GnAuf 

GenCer 

GoHms 

GnPhys 

Genet 6 

GenelL 

Genets 

Genex 

Genova 

GaSnd 

GdFBk 

GerWds 

GH»sG 

GtaaTr 

GienPd 

GodTry B 

GWCorr 

GdToca 

Gataas 

Gatt 

Gould P 

Gtocd 

Gradca 

Gran Ire 

GraMil 

GrphSc 

GravCo 

GIL* Fa 

GWFSB 

GBcnrCs 

GtVftah 

GreenT 

GrHTcft 

GwttiFd 

Gtoch 

Gultfrd 

GHBdc 

GlfNuc 

Gull 


.10 1JI 


.10s A 


928 9M 9 

138615ft 13V. 
95610 9M 
2901146 104, 

394 lft 2M 

703050ft 47M 
455 6% Aft 

32724 21 

A46 5ft ■ 

19518ft 10 
418 3% 3 

161 4H Oft 

10853 8M 6% 

2250 Aft 5ft 

.I0e \S 310 74b 61b 

JtSe lO 92 546 s 

282512ft lift 
at IX 508 *46 6 

2b 1.1 236233V6 29ft 
43819ft 18ft 
61551146 10ft 
144 r74* 17ft 


-52 3A 
JIB 22 


ffl'Y "JS 

1289516ft 15ft 
34813ft 13M 
JA <3 110318% 17M 
M U 1038 MM Uft 
9S6UM 9ft 
2213 9ft 84, 
SOB 11 ft 10% 
8723 5 4 

6910ft 10 
558 UM 9M 
Me 7-5 1251 19ft 18ft 
VI 15M 14ft 
S0O 7.1 48 7M Aft 

44320M 19ft 
66 SM 5 
640 5% S4b 
299915 12U 

48217ft 15 
392361446 14 
424 2% 2 
JOS e A 12371146 11 


9ft + ft 
15M + 1% 
ia + ft 

^+ 5 

SO + 2M 
6M+ M 
42ft + 4 
Bft 
10 

3% + ft 

3ft— to 
B + ft 
AH— 46 
6 % + ft 
SM— ft 
12ft + ft 
AH — 
31ft + 146 
19ft + H 
11 + % 
I7H+ ft 

"ft-H 
154b— ft 
134%+ ft 
17ft— H 
131% 

10ft + lft 
BM— H 
11H+ M 
446 + H 
10% + 4b 
I0M+ M 
19ft + IM 
15 — ft 
7 + ft 

1946— M 
5 + M 

5M+ ft 
14M + 2M 
17ft + 2 
14M— ft 
2H — ft 
lift + 


H 


hbos a 

HCC JMe 

HCW .10 

HMD Am 
Habers 


HaleSv 

HoJnK 

HamOII .10 
HaraG 24 
HrffNf 160 

HattTWV 30 

HawkB a 
HlltlAs 
H tttlCS 3 
Hlttlln 
HHtxJvn 
HechoA .16 
HechaB .10 


32 

160 


Helix 
HanreSF 
Hemsn 
Herfty 
HtoerCB 
HKJtom 
Hooon 
HtdinD 
Hm Bn s 
HmPAi 
HomeHl 
Hmecft 
HmosL 
Honlnd 
Hook Dr 


Horaind 

HwBNJ 

HuntjTo 

HunfJB 

HntoRs 

HuntgB 

Huron 

Hybrlto 

HydeAi 

Hvponx 

HytokM 


ia 


ia 

A4 


St 

un 

ia 


J05e 

168b 


3 4224S 
A UOlOft 
2J0 239 5M 
104514ft 
43018ft 
1346 546 
587 2ft 
391 Aft 
7496 2H 
3 117415 
J9 294 IBM 
5 A 114929ft 
IX 28912 
10 307 94* 

3596 TIM 
56119ft 
274 7% 
3531 4 
A 4732SU, 
A 40226 
1520 8ft 
3963S 

24 3853846 
VA 53144% 
147 5% 
42 30324 
4631346 
16414 9 
40 12262146 
30 6229ft 

40915ft 
369512 
1118 Bft 
74221 
12 61618 
10 779114 
XI 325130ft 
■SOS 3Sk 
111620% 
165 5H 
.7 29325ft 
106311ft 
16817 
1125 5ft 
27182066 
715 6 
613 7ft 
213 ■ 


40 


28ft 72 + 1H 

9M I0H + 1 
4% 5 

U lift + 4b 
17% IBM + ft 
4% 54b + ft 
216 24b— H 

6 Aft+„M 
lft 2 +ft 
1446 15 + ft 

14M 3746 + 246 
2846 29ft + M 
104, lift 
9M 9M— ft 
IBM 21M + 2M 
171% 19ft + IM 
AM 6M— 46 
3ft 346+ U 
22M 249b + 2ft 
24 2546+ 11% 

71% Bft + M 
2Zft 34ft + IM 
30 38ft + » 
44 4446 + ft 

546 5ft 
23 23ft + 46 
12M 13ft + 46 
64% BM + 2H 
22M 24M + 1ft 
29 29ft 
154b 154b— H 
11M llft+ H 
■ Bft 
18ft 21 +2M 

I7M 1746+ ft 
3ZH 334* + ‘ 
29ft 3D + 

5H 5ft— 

19% 20 — 

4% 49b— H 
24M 2SM+ 46 
IBM 11ft + 

3546 37 + 

49b 4% — 
19ft 20 + 

546 5M— H 

eft 7H + 1M 
74% 7ft + H 


IIS 

ILC 

IMS lot 

IPL 3v 

ISC 

leal 

ImuMx 

I mono 

Imuaen 

Inoanp 

IndBcp 

IndpHIt 

IndlN 

InerfDs 

IntoRsc 

Inffra 

Infratn 

InstNtw 

Intecm 

IntaDv 

InlaGen 

ISSCO 

HIM 

lrittSy 

IntrTel 

Intend 

InMvn 

IntrtFIr 

Infrtoc 

I ntorp h 

Inhman 

Intense 

Internet 

InBWbh 

IBkWsA 

InCopE 

Intain 

I Game 

Inf King 


29M 746 
63210ft 
30 3 156541V, 

669 246 
430V UM 
7635 6 
1619 94b 
231 AM 
257 24% 
297 7 
1X3 52 uia 
104024ft 
V40 XS 791399% 
283 A 
145632 

337723V. 

5® Bft 
176121ft 
18822104% 
990515 
443 446 
199 23M 
2644B32M 
5508 9% 
1391 3ft 
15651546 
137712 

.16 IX 170412ft 
595 Bft 
1217770ft 
3934 8% 
1996214% 
2B9 7ft 
25 22 612ft 

25 29 22* 846 
2W 3ft 
1687 17 
179317ft 
I 44120 


9M 

40M 

2M 

Bft 

5ft 

Bft 

4 

2 ft 

Aft 

37 

23% 

Uft 

54b 

38ft 

18ft 

AM 

1846 

Bft 

13M 

4M 

2ZM 

2946 

Bft 

2ft 

1346 

Uft 

11 

7ft 

66M 

7ft 

1W6 

AM 

lift 

Bft 

3 

15M 

1546 

IBM 


7M+ IM 
Uft + 1 
AIM + 46 
2ft 

946 + 1_. 
546+ K. 
9ft • 

4M 

24b + ft 
AM— H 
37 + ft 

24 + to 

39% + Aft 
6 + ft 

32 +21% 
22ft + 3 
7M + 1 
21 + 1 
BM— IM 
14M+ M 
4ft + to 
23M + 1 
30ft + ft 
9 + M 

3M+ ft 
15ft + lft 
11 + I 

12ft + lft 
Bft + ft 
69M +2M 
Bft + M 
2SM + 1 
7ft + 1 
lift 

844+ 4% 
3M + to 
Uft + ft 
17 + lft 

1916— M 


American Exchange Options 

For the Week Ending Feb. 8, 1985 


Option & price Calls 


Ft* MOV Feb Ma» 


I M F 
IM* 

M R 
17 
37 
37 

. 5 A 
49K. 

rru 

4914 

4lto 

49M 

mCan 

51M 

Tklq 

22V. 

a* 

itlbl 

37M 

any 

!» 

1346 

UM 

nte n i 

3*4* 

3 «to 

cn Ed 

dovts 

lift 

ZIft 

211b 

unBni 

IMUu 

Ira) 

lew* 


15 13-16 


1% 

_ Vi 

25 lift r 
38 7 r 

is n 4, 
40 Vb lft 

« ih in 

48 «M 5V. 
9» +11215-16 

55 Ml 15-14 
60 r to 

65 r >16 

SB IH 1 
X I -16 15-16 
IS 7 7 

20 21-14 31* 

IS 16 15-16 

to 2 4to 

-I* r 

* 4ft 

ft 

1-16 to 

1-14 r 

4ft r 

7-14 2ft 

r 1M4 

ft 1 


10 

IS 1-li 

21 

25 
10 


IM 

6ft 

lito 

16 


IMA 

6 


5-1* 

14* 


* 

21 - 1 * 


40 
30 
HI lift 
IS (ft 
20 
25 
75 

10 >16 
20 
a 

25 


7 

144 3 

ft 15-16 
2 


r 13-11 
T 
4ft 


14% 


9-14 

■ft 

6ft 


2ft 


IH 45 
IFB Z5 
Poe 19ft 
Mb 24 V. 
COM IS 


list a r 1-16 

■dEn IS r 12ft 

M a 7M 7% 

46 25211 14 IM 

It 3D » M 


ft. 


Option 8. price Calls 


N Send 
lift 
Uft 
NOMAi 
ISM 
Nova 
32 
32 

a 

OOECO 

27 

27 

27 


2to 


41 

46 

48 

PfllTPf 

sew 

saw 

aw 

sow 

sow 

ptnsbv 

4446 

Revoo 

27ft 

RovOut 

Sift 


n 3ft 

15 r 

2D r 

U I* 

a r 

25 AM 

a 2W 

35 W 

48 r 

a 

25 

a 

to 

« r 

45 2ft 

SB ft 

85 r 

38 r 

48 10M 

45 SM 

SO 11-16 

55 >16 

40 Mb 

« r 

45 r 

a 2Yi 

20 W 


STft 

57W 

57ft 

S7W 

smew 

25ft 

toft 

38ft 

Stale 

20 


55 7ft 

40 M 
65 Mb 

25 IBM 

a 5ft r 

to IS-14 r 

40 f 1M6 

25 2ft IV. 

a 


1 IH 2ft 


1-16 r r 

r r ft 

3ft ft IH 

lft r 3to 

ft r r 

7M r r 

5ft r ft 

ft t 3 

ft r Oft 

1 T ft 

3ft W lft 

lft lft 3 

5-U r r 

ISM r r 

10M 1-16 ft 

64* ft IH* 

3 1H4 2 

I Mi r 61% 

ft r to 

4to r to 

Z«4 ft r 

3M 1-1* r 

1 1-16 r r 

5 r 11-16 

lft r r 

* r i 

r 1-16 to 

4ft to Z1-1* 

75-16215-16 (to 
ft r r 

lift r r 


1-10 

10* 

iw 

10ft 

r 

1-14 

Mi 

* 

Uorer 

sow 

40 

45 

IBft 

11 

r 

14 

r 

r 

r 

% 

11 

LTV 

a 

is 

l-M 

3 

3% 

r 

1-16 

0* 

7 

r 

% 

58ft 

SO 

lb 

9ft 

r 

W 

JJ 

15 

to 

!>M 

2Vb 

1* 

3% 

•*v 

1* 

58% 

s 

s 

4% 

% 

7 

Moev 

a 

r 

r 

to 

1-16 

1* 

r 

r 

58% 

(0 

s 

3ft 

s 

«to 

44ft 

45 

Ito 

r 

2 

* 

1S-10 

r 

t 

Temco 

s 

3 

lb 

r 

r 

44% 

X 

>1* 

r 

S% 

r 

l-lo 

r 

r 

ii. 

a 

40 

% 

1>M 

7 

2b 

PfMer 

a 

r 

r 

% 

in 4 11-19 

r 


Vorlon 

40 

IM 

4% 

% 1 11-1* 

46% 

*0 

ilk 

3% 

w 

l-W 

¥*IB 

r 

r 

431* 

65 

>14 

ito 

t 

t 

40% 

45 

1* 

1 

r 

r 

J 

It 

t 

p 

r 

431* 

50 

r 

M 

r 

r 

pn Mar 

00 

7% 

9V* 

>u 

1* 


■i 

n_ 

Zeal Hi 

V 

4 

4M 

r 

r 

871* 

05 

3% 

5% 

Ito 

1* 

2Vh 

98 

n 

24% 

25 

to 

ito 1 >M 

7 

87% 

90 

J 

2to 


5* 

7-16 

Wk 

1* 

r 

Ub 

f 

1* 

24b 

a 

r 

9-M 

r 

r 

PrtmeC 

10 

r 

9 

r 

4* 

f 

r 

U. 







19 

15 

4% 

5 

ft 

IMA 

1* 

Ua 

1* 







19 

a 

13-MI 13-16 
■k u 

ito 


mot Jun Mur Jim 

Alcan 25 6 r 

II a IH! 11.16 

1 11 IS >16 ft 

Aim 15 r JM 


Option & price Colls 


17% a 

AfliBmd 60 
64ft 65 
*(ft a 
Asorco 20 
V 25 
Beat F 25 
79% X 
2 9ft to 
BtonFer 40 
41ft 45 
Owe 45 
X 5» 

55 55 

56 M 
ChernNY 35 

41M 40 

41ft 45 
amrn 38 
34ft » 
14ft 40 

email 30 


Deere to 
31ft 35 

EmtuEL a 

G Tel 35 
42ft 
42ft 
GdlM 
_57ft 
GMMr 
4ft 
HOCta 
15ft 
Hmeul 
toft 
Kcmrti 


H 11-16 
4ft r 
lft 2ft 
I* t 
lft 3ft 
ft in* 
r *ft 
9-16 I5-1A 
r >16 
2ft 4 
16 r 
Uft 10ft 
5ft 6 
lft 3 
i ivw 
r ftto 

IM 3ft 

9 13-Id 

4ft *H 
>16 1>1* 
1-16 r 
lft 2ft 


5-U 

lft 


>16 

lft 


to 

*to 

7H 


2ft 

ft 

7ft 


7-M 

2ft 


44% 45. 

M 

2 “US' 

f 

44% X 

l-M 

r 

r 

r 

Telex 25 

r 

r 

M* 

MA 

47% a 

1734 

18b 

r 

l-lo 

47% a 

13% 

Mft 

1-16 

3-1A 

47M 40 

1 

10 

to 

* 

47% 41 

4% 

bto 

1 

au 

47M a 

9 

3% 

1 

r 

Valero 1 

SM 

5b 

l-M 


IBM W 

tft 1 15-16 

1>M 

1* 

WM » 

>74 

5 

Jto 

a 

9RHtvr a 

3Vk 

1% 

r 

r 

a is 

>16 

1 

r 

r 

A|V 

Aetna 35 

Jul apt jm 

(rt r b 

r 

41% 40 

31* 

3 

1% 

1* 

41% 45 

% 

W 

r 

r 

Am Cva 45 

r 

r 

% 

r 

53M a 

4% 

SV) 

to 

r 

53M 55 

1ft 

1 

zto 

r 

Am Enn a 

19% 

r 

r 

* 

43% 15 

BM 

9to 

% 

r 

42% 40 

4 

£ 

M 

m 

cn 45 

1% 

39-16 

3% 

5* 

Am Horn 9 

7 

r 

% 

r 

. 5* 55 

I Vi 

3ft 

% 

r 

a a 

to 

ll-M 

r 

r 

BamLm a 

to 

r 

r 

r 


11 


40211-16 3to 
4B ft to 
55 3ft 4ft 
60 to 2 

s 'to ft 
10 r l-M 

U 1 1-16 lft 

a >16 >16 

35 1 13-167 U-14 
40 r to 
iO itoii>u 
15 Mi >U 


>16 

r 

lft 


l ft 


>U 

lto 


SFeSP 25 

a a 

28ft 33 
Seda 37% 
SlOQh 40 


4W 

4H 


4W 

lft 

7-M 

0 

4H 


ft 

>U 


Option & price Calls 


sense 
toto 
Burati 
62ft 
Oft 
62ft 
Oft 
C Tel 
23ft 


32ft 
CrZel 
33ft 
3Jh 
DanK 
BOW 
BBW 
Die Eo 
123ft 
1ZJW 100 
123ft 105 
122ft 110 

IZJft 115 

IBM ns 

123ft 125 


iw 

>i* 

IV, 

(to 

*H 

fto 

ll-M 

r 

>■4 


ft 

lift 


IM 

to 

13ft 


lto 

ft 


lft 

3ft 

7ft 


lift 22 ft 
25 r 


12 
Otsnev 

7jft 
75ft 
75ft 
15ft 
75ft 
du PM 
Sto 

aw 

aw 

Geddvr 


1» 

a 

u 

66 

a 

75 

80 

49 

45 

a 

ss 

20 


GouM 33 

36 a 

Grevna a 


1 

6to 

4W 

r 

16ft 

12 

7*> 

4ft 

2 

11W 

aw 

ito 

. ft 
■ft 


ft 1>U 
2H r 
to 1 

a r 


uh 

10 

7M 

r 

m* 

13ft 

on 

6ft 

4to 

9 

9 

4to 

1% 


to 
I 1-16 
2M 
lto 
Sto 
Bto 
1-16 
>16 
ft 
I >16 


to 

to 

3ft 


2W 

IM 

Aft 

9 

5-U 

lft 


Option 8. price Calls 


Houstel 

3* 

Hutton 



25 lto 
a M 

a 2 
« w 

75 15 

a iO*. 
25 5ft 
407 0-16 
<5 1 >16 
Ml 12M 
65 (ft 
70 4'6 

751 IH* 
r 

lift 
25 bft 
40 ?>16 
45 >16 

25 

a 

35 


3ft ft 
tft 2ft 
!ft r 
r r 
r 1-1* 
11 to 
TV. ft 
4to 29-16 
Tto r 
I3to 
9ft 
5ft 
Sto 
16ft 


W 


3ft 

1 


ICV. 

5ft bft 
2ft 4 
11* 2>U 
4ft 4ft 


r >14 
r ft 
lft lft 
r r 

to M 
to 1X6 
!X* 3 

SVa tto 


ft >U 
7 lto 
3ft bto 
2H 


■ft Tto 27-16 


X* to 
lft 21-16 
4 S 


a li-u 

45 >U 

15 4Vi Aft W 

a 11-1* IMIU-14 
25 V, to r 

as 7W r to 

40 21-16 3to IH 

45 to lto 3ft 

JB r r to 

56 r r lto 

60 to I >16 r 

a r 11* r 


1-14 1-16 

V* 7-1* 
1W bto I>16 1 >16 
11* 2X6 7ft 



>16 

lto 

5h 


Thrttv 


a i 1 7-16 

m >i( >1* 

aiu-u lft r r 

ZBi 25 to 1 r f 

If Cart X r r r H 

37ft IS n W Mi 15-14- 

17ft 40 11-14 7X6 Zft 3M 

27ft 45 >16 r r 7ft 

379b X t 7-1* r r 

USUN ’ lto r r 

20ft 25 lto 4 

2(1* X 1>U IH* 

wm Un IS lift 5 r 

37to M Tft r r 

37W 15 Tft IH >1* 

17to 40 >16 1 1-1* r r 

WnCoNA S 7-1* r r r 

5 W l-M r r r 

WriW 25 Tto r l-M V.' 

32H a jm 4 to i 

32H X V lto r M» 

Total volume 1BSJ40 

Open toteml 2X56J11 
, r— not iradod wtonr ottered o-Ota. 


!M 


IV* 


The Daily Source for International Investors. 

..MCMWT+'HMnwMlIrMtoMlV ISa 



>qn.sterthirfl4<(K.VM6M: 



{SovSck mnfiaitt intensifies 



. 



iiULse 

m-viobii 

IRIS 

IT Carp 

lntTotal 

Invert 

ImntSL 

r omega 

isamdx 

■ Mf 

IW pf 


Soles In Net 

100* High Low Close Ch-go 
127815V, 13M 15 + M 


jOIo 


4240 9% 
2044 1% 
92719H 
6968 8 
2 V15 SM 
178 ( 

'«B5 

16870 79b 
16S2BH 


9H + IM 
IM 

19H + 2H 
7H+ IM 

Sto 

_ _ 5% + H 
IBM 12 1 A + IH 
12 V% 13M + to 
0 7H+1H 

ZB 2BH+ H 


8J6 

Ih. 

17 

5H 

AM 

5to 


JBResf 

Jack not 

Jack Lie 

JamWJr 

JetfBsh 

JefSmrf 

J el Mart 

J erica 

Jlfvs 

JlmsnE 

Jonlcbl 

JOfWIA 

Josptesn 

Juno 

Justins 


24 IX B521BH 
I 11(7 5V% 

1186371% 
CTMto 
1X8 16 131 MM 
Alla 1 J 1A2923M 
1292 7% 
.12 A 405519 
1685 % 
56b 9 

I 373 Sto 

f 367 5 

2696 1(M 
85029 

X0f 16 6911916 


17H 1BV3 + IH 
4to Sto + lto 
36H 27H+ to 
19M 2016 
33M 34to + lto 
SOto 23 + 21ft 
7% 7H+ H 
IBM 1 BH+M 
H to— fc 
fl BH+ to 
4 % Sto + M 
49 b 4 % 

9 10 W + M 

26 to 2 BM + 2 M 
17 Vj 18 to+ M 


KLAS 

KMWSy 

KTrun 

KVPhr 

Kaman 

Karchr 

Kasler 

Kay don 

KelyJn 

Kemp 

KvCnLf 

Kevax 

KevTrn 

Klmbal 

Klmbrk 

Kincaid 

Kinders 

vlKoM 

Krnv 

Kruors 

Kuicke 


264124 22M 

1911 Wto 
96 SH 49k 
133 SM 5 

X6 2JS 4150211 25M 

251819', I7M 
Mtt 4A IB6315H 14 
2341106% 916 
2324 lft i 
SO X5 28125216 4916 
30 iO 71340ft 37H 
157B 21% 6 
61611 10H 

702 MM 29M 
45 (M (to 
161 9K> SM 


54 U 


JM 


892917]^ 1696 


889 1% 1 

JM 3 23S9 9V» Bto 
J2 22 35821 141% 13ft 
.16 X 3B6029H 2BM 


231* + to 
ion + to 
Sto + to 
5M + M 
3a + lto 
1BH+ H 
15 + M 

’!Sf+ + *’ 

52 Vo + 21b 
40H + 3H 
7 + to 
11 + H 

23to + 3to 
616— to 
9M+ 4b 
1716+ to 
IM + H 
9 + to 

1416 + 1* 
2916 + to 


LDBmk 

LJN 

LSI Lag 

LTX 

La Pete s 

LaZ By 

LodFm 

Laldlw 

LomoT 

Loncaal 

LndBF 

LdmkS 

LaneCa 

LanglY 

La wens 

LoeOta 

Lefner 

LewtoP 

Lexicon 

Lexldta 

LbtFPte 

Uebrt 

Ltlnvs 

LteCaai 

Uly A5 

LJlyTuI 

LlnBrd 

UncTel 

Llndbru 

LUCla a 

Loco IF 

LondnH 

LOnoF 

Lote 

Lyndon 

Lvpteas 


141310ft 10 
134310 Bft 
1043217ft 141% 
2277221% 71 M 
3124181% 17 
686 Alto 39M 
40041816 16M 
40216 15ft 
10015 Uto 
955 UM 16 
3.9 418S15W 13M 
87 7M 7H 
80a IX 62248 44ft 
X5e U 426 7to 6M 
20 13 1649 28 U 27V* 
3101 lft AM 
28SI4M 13to 
X8b 2.9 1046 TV, 9 

2053 3ft 3*b 
1022 3to 2V, 
771 13H 12to 
483 23 to 22M 
34644V) <216 
373 Aft 616 
_ 3071JM 12 
IA 546415ft 141% 
843427ft 23M 
2X0 7.1 11831 30ft 

.16 2J 96 m (ft 
498332 31ft 
734IJ 14 

119 fto BM 
1X8 SA 81323ft 22ft 
1051932ft 27M 
6824 23ft 
378319ft I7VS 


1X0 3 j 0 
.12a 3 
.16 IX 
80 54 
JS8 41 
A0 


20c IX 
37 2 

2A S 


3JJ 


10ft + H 
9M + 1 
171% + Tto 
221%— ft 
18H + 1ft 
40 + ft 

16M— lto 
lSto 

14ft— ft 
16M + to 
196 + lto 
7ft— to 
48 + Tft 

AM— ft 
2B + ft 
71% + ft 
T3ft— lft 
•H+„H 
3ft— Ve 
3 

129b + Vb 
23 — ft 
44ft + 2 
6ft— Vb 
12ft 

14ft— to 
Z7H+ 3H 
31 
AH 

311% 

I4M+ ft 
91% + M 
23VS— ft 
31M+ 3ft 
23V) + to 
18ft + ft 


M 


MCI 

M1W 

MPSIl 

MTS 9 

MTV 

Me eyre 

MachTc 

MacfcTr 

MadGE 

Maactl 

MdlRt 

Moi rife 

Mgtscl 

Manltw 

MtnfHs 

MtreN 

Marcus 

Maraux 

Mrfcivs 

Marqst 

MorsSt 

MrfdN 

Mscoin 

iMustor 

MtethBx 

MotrxS 

Maxcre 

Maxwel 

MovPt 


2X0 9-5 


-00 


McFad 

Me Far) 

Meden 

Mode re 

MeddSI 

MedlGI 

Medtlx 

Medotet 

IWteadts 


160 XI 


.10 2 


SB 


1888821ft 9ft 
662 7V6 AH 
225 7 51% 

25719H 17ft 

324*24to 19V. 

121415 Uft 
2300 Bft 7M 
929016ft 15ft 
19623ft 23 
33513M 13 
1019 Bft 8 
729151% 13ft 
1D24H14 12ft 
38 12&V22M 21 
531121% 12 
40 33851 48M 

IX 11716ft 15% 
342 BH 7ft 
1407 9 7to 
5 1284 9M Bto 
976 Uft 12H 
52851ft SOI* 
32940 37 to 

9411 6V% 5ft 
174913ft 12ft 
37833 30V) 

994930 26H 

42211ft WM 
3344 6 AM 
■93 4H 3ft 
133)21% 12 
50735H 34M 
387 UM 10 
75313ft 12H 


SgF. 

& 

MarlBs 

Marl me 

MerrGs 

MervLd 

Metrbn 

Mate- Ah- 

MetSL 

Ml cam 

Micro 

MlcrMk 

Mlcrdy 

MkxTc 

Micron 

MlcrSm 

MdPcA 

MdSIFd 

MldBkS 

MdwAlr 

MJlITcte 

MlllHr 

Million 

Mflltor 

Mlnbcr 

Ml ratr s 

Mhctear 

MGak 

MoMCA 

Motel C B 

Mediae 

Mcrtedr 

Molex 

Mon Co 

Mnnoor 

Manta 

ManAnt 

Monallt 

MonuC 

Mar Flo 

MorKs 

Mamn 

Moseterv 

Mate Hi 

Multmd 

Mvlomb 


1X2 

188 

JM 

ZAO 

ISO 


I 


60 48 


JM 1J) 


2101 Bto 
46217 lift 
SOI 61* 5M 
961211% 19% 
47330ft X 
637 7 (to 
361017 Uft 
14782381% 27 
56 2(9234 33W 

3-7 16245ft 44M 
341 17 151* 

X2 28427ft 26to 
52 35642H AIM 
8X 99032 30H 
316151, 14H 
1121116 I0M 
10831616 15M 
131116 I0M 
730 10H 10W 
67717% I7H 
19912ft 12 
46483516 33M 
1635 5H 5 
1313111% 101% 
664 6 5ft 
671234M 22ft 
5415 9 7H 
1226 Ato 5ft 
■61 5H 4% 
198191% IBM 
77730ft 29 
9164 4M 31* 
US 3 216 

1J 194440ft 39ft 
125 4 3H 
1.1 341939V. 38ft 
201(7 SH 3ft 
(21030ft 2DH 
1613% 13 
178716% 1(H 
170 Bft 8ft 
3279 9V* BH 
725461* 451* 
39910 9M 
3999391% 371* 
28 219050V) 47V, 
443 3M 3H 
X50 1.9 13718ft 17ft 
112612 11 
. 884S17M 1Mb 
1X0 4J 2380 31V* 2916 
81 26919ft 18 

•1ZD .9 39814 Ul* 
88 25 348419H 17ft 
38(01 7ft 6H 
20 18 79U16 1» 

66 18 9068 52 47M 

-HH X 650934M 31ft 


60 


XI 

36 


JHa 


180 38 


83 

180 


tl + IH 
7H+ ft 
6 — 1 
19V* + lto 
23ft + 4 to 
15 +2 

Bft + M 
15ft- ft 
23H— ft 
13 — ft 
8to 

14ft + lto 
13ft + H 
22H+ IH 
12ft + ft 
50H+ IM 
15% + H 
8H+ ft 
BW+ 1 
9H + 1 
1ZH 

51M+ IH 
39V% + IH 
Ato + ft 
12to— to 
31 — 1 
27H+ ft 
11 

S%+ 1 
4H+ to 

34% — H 
lift + 1% 
13% + IH 
9H + 1 
7ft— ft 

*»+ to 

st: s 

16ft + IM 
27H— ft 
34 + M 
451*+ H 
16H+ lto 
27H+ 1 
42 + H 

30H- lto 
1516+ H 

m*+ to 
16H+ ft 
lito + H 
10H+ H 

is: t 

34ft + 1 
516 

10ft— ft 
6+16 
23H— H 
Bto + H 
6H+ 16 
SH+ V* 
19H+ to 
30% + IM 
4ft+ IH 
2 %+ to 
40ft + M 
4 

39ft— H 
5H+ M 
20H 

13ft— H 
16ft + H 
Bft 

9H+ to 
46to+ M 
10 

39to + lto 
50V* + ZH 
3ft 

18% + H 
11 — H 
17 + H 
31 + IM 

19% + TH 
13ft + ft 
19 + IH 

TV* + ft 
Uto + to 
48H + 3M 
34M + 2M 


Sales in Net 

100s Hian low Cfase Choc 


N 


NB5C 

HCACp 

NM5 

Naacos 

NashFn 

N Bn Tex 

NIIOv 

NICtv pi 

NCmNJ 

NICjrtr 

NDota 

HHIIhC 

NILumb 

NMIcrn 

NIProp 

NTech 

NctrBty 

Mauste 

Hougwt 

NebnT 

Nelaan 

NwfcSoC 

NetwkS 

NfwkEI 

Neulras 

NBrunS 

NE BUS 

NHmoB 

NJNatl 

NYAIrl 

NY A wt 

NnldBk 

Nawpts 

NwpPtl 

NlCala 

NlcXOG 

Nike B 

Nobel a 

Nodwpy 

Noland 

Nardsn 

NoriMr 

Norsk B 

Norslan 

NoANSrt 

NAtllns 

NestSv 

NwNG 

NTelps 

NwtFn 

NwNLS 

NwsIPS 

Norwss 

Novmtx 

Novar 

NovoCa 

Nexeil 

NucIPte 

Num rax 

NutrlF 

NuMed 


76 i8 


13 U 
235 BH 7M 
12B1 3ft 
142111 
14323 


3ft 


.96a 42 
34 38 
1.90 4A 
370 7.9 
280a 4.7 
74 18 

84 13 
MO 1J 

327 e 
9455 ffto 
7ft 

1 lot 4 vb 
1349 5ft 
1353 (ft 
138 lft 
JO 28 1062 Tto 
180610ft 
1959 (ft 


13 

8ft + 

3H + 

10ft 

_ 21ft 22H + 
75722 20ft 22 + 
448541ft 40ft 4IH+ , 
265944ft 45ft 46% + 1 
4153 51 ft 51% 

TTKto Oft Wto + 3“ 
111 

_ . ft 
Ft 5ft 
IV* 5ft + IH 
7ft Tft 
]M 4 + to 

4ft SW+ ft 
Me 


(02812% 10% HH + 
5028 27'* 271*— 


(to - 
lft IH 
(% 716 + to 
6 ft fto — 

(to 5W + 

72142»to 26% 29 + «% 

1 BA 6ft * tlta — H 
44422 21 21%- * 

77T910H Bto 10to + 1% 
1234311% 30 31 — % 

44$ 24** 23% 24%+ % 
1*8 24H 24 Z* — 
2(11 5% 3ft P" + ^ 
163 ft to 

123411ft 10% J1H+ _ 

1931 Kto Z7 29% + 2% 

3274 6% 5W 6H+ J* 
B50 4% 3ft 4% + ft 
754 % % 

37IS 9% 9'- W* + % 
38 7ft 7 7ft + ft 
74 4% 5ft 6W+ % 
J6 15 4123ft 22ft 22ft 

86 38 ITOlBft IH 18% + % 
.40 1.1 OZ3837 J4H 3*H „ 

,12e X 1149*6% 45% 45ft— lto 
1132 8 *H B + lto 
J»r .1 45610 Bft 9ft + IH 

80S AM Bft SH + to 
1043 9ft SM Bft— I 


SI 17 
60 32 
1.12 47 


JM 


80e 42 

Xl r 4j) 



89 

1684 17% 

1* 

lev*- 

1% 


2X 

81 (M 

5% 




3J 


12% 




23 

259134% 

33% 

34% - 


7.10 

9X 

400 23% 

22 

27% 



23 

277 Ato 

Sto 

AW- 




120 4 Ml 


bft- 






if ■ 




538 3W 


3to— % 

32 

20 

1854 47% 

45ft 

45% - 





6 





292 9% 

8% 

8%— ft 



372 9 

8 

8%- 




65213 

17% 

12% 4 

ft 


OCG Tc 

OakHIII 

OMRec 

Oceaner 

Denial 

OHsLoo 

OsHMs 

Ote la Be 

OhloCa 

qm Kiits 

OtdRee 

OldSpfC 

OneBcp 

OiLlne 

Onyx 

OptlcC 

OpMcR 

Orbanc 

OrWJ 

OrtaCp 

OrlonR 

Qsfunn 

OttrTP 

OvrExp 

OwenM 

Oxoea 


I OB 2J 
1ST il 
TAB 5X 

at is 

2 AO 127 
.130 A 


20 1.1 
2.76 L9 


830 3H 
79* 5 
7*0 it. 

1656 4 
333216ft 
268 3 Vo 
2253391% 
949 

276350ft 
638 26H 
178935% 
11121% 
153317% 
903 7H 
2583 2% 
343416 
911741 
smisto 
4229 5H 
377 Sto 
■53201, 
411 Uto 
27329ft 
69915 
33815 
689 4 


3to 3ft — H 
41% 4% + M 
2% 2% — ft 
3W 4 + H 

I5H 16 — H 
2% 2%— to 
37M 39H+ IH 
49 49 —3 

47H 48M + lft 
25 25M + to 

32 35H+ 3W 

21% Zlto— H 
16% 171* + % 
Ato 7H + ft 
2ft 2M+ to 

14 15H + IH 
36 to 36ft— 2 

15 15H + to 

Aft 7%+ % 
Aft 516 + 16 
18’* 201* + 3 
T7H 18ft + M 
28ft 2BM— H 
14 15 + % 

IA Uto— to 

JH 3% + ft 


PLM 

PNC 

Pa&stB 

Paccar 

PacFot 

PcGaR 

PocTet 

PacoPte 

PancMx 

Paraph 

Parlsan 

Park Cm 

ParfeOti 

Porkwy 

Portex 

PstntM 

Patrki 

Patriot 

Pafrtpf 

PaulHr 

PaulPt 

PayN 

Pavchx 

PeakHC 

PeartH 

PeaGid 

PennVa 

Penbai 

PanaEn 

Panfar 

Penwst 

PeooEx 

ProoRt 

Percept 

PeraCpt 

Petrite 

Phrmct 

Phrmkt 

pnrmwt 


.12 11 261 6 
2X2 «X 264751ft 
75210 

1700 28 270352% 
1781 


180b 67 
OS 52 


.13 1J 


80 4JI 


43 

63 


12223% 
52215 
221511H 
503 7H 
2385 TOM 
63412V* 
7333 
87315ft 
1*19% 
380 rs 
1405 7 
588 SH 
9727% 
9733 
533 16% 
178 BM 
6323 
96212% 
■40I917H 
203026% 
859 6H 
16941 
5642ft 
_ 9026% 

23 1Z7B30U. 
21510% 
6990I1H 
6736 K 
142 9 
10 ft 

1.12 19 1 291* 


80 28 


361 13 
TAOa 17 
100 42 
100 IS 


PhllGI 

PhnxAm 

Photoa 

PlcSav 

picCate 

PlanHI 

PianSts 

Pa Folk 

P lev Mo 


Powell 

Pawrtc 

Res 

PfdRak 

Prod L b 

Prewav 

Priam 

PrlcCms 

PrlcCas 

PrtnvD 

Prtronx 

PreeKTp 

ProeCO 

Preara 

ProatTr 

PratCps 

Pro teal 

Pravln 

PbSNC 

PuVITrn 

PurtBn 


12342 9M 
88r 191BW1AH 

|| 
!Si3& 

239534% 
5102AM 
56J 2% 
42919ft 
639 9ft 

^S% 


16 

10 

IX 


110 SJS 


.16 


170 

82 



5% 5ft 
50V* 51M + 1% 
9ft 97) — % 
49% 49%— 3 
eft 9% 
ato 23ft— H 
Uto 15 + M 

10% lift + ft 
7 7% — ft 

18ft 20M + 1% 
111 * 121* + 1 
29% 33 +4 
14ft 15 + W 

19 Uto + to 
14 IS + IH 
Aft 7 + % 

aw Bto 

25 25 — IM 

32 32% — % 

16 16% + % 
Sto 8M+ to 
22M 27ft 

13 12V* + to 

14% 16% + 2 
24ft 36% + 1ft 
SM 5%— H 
42 43 + H 

42 47ft + ft 

26 26H+ H 

29ft 29ft— % 
9 18+1 

afis 

’fS’Stot £ 

I0H 

r_— w 

9to 9ft + H 
Uto 16% 

3ft JM 
7V. 7M+ % 

22ft 25 +2% 

22 % 22ft— to 
29M 30to— M 
916 9%— to 
lift lift- % 
31ft J4to + 2% 
34 24 - ft 

2 to 2% 

18ft 18M — % 

a 9% + il* 

13% 34 + 2% 

29ft » + to 

6 4 — % 

3% 4H+ H 
AM 7H+ % 
I4to 14%- % 
53ft 57to + 3% 
5H 5ft + to 
1 5ft 17% + lM 
J 5 — H 
36% 3716 + W 
4H 4%— to 
Uto 14% + to 
31 2616 + 3% 

2 % 2ft 
Uto 14% — to 
Zlto 21%+ % 
5H 5%— 1* 
17 17ft + to 



QMS S 
OuoUrx 

QuakC 9 

Q ualSv 

Quant™ 

QueatM 

Quixote 

Qualm 


lOOUUto Uft 14M— to 
707 4% .% Aft 

I 29 13ft 13 13% 

946 31* 2ft 3 
4457 30 L. 2BM 28ft— M 
1139 4H 3ft 4H+ Vb 
1*41216 11% 12 
1544411 10 11 + to 


RAX 884 10 BH 9ft + 1 

RPMl St X3 1345171, 16M 16% 

Rod5ys 989315% 12ft 15 +21, 

Rodin T 189911ft 9 11% + 216 

Rad Ice 190010ft 10% POM + H 

Radian 217710 9 9%- to 

Ramin 2994 77* 6 7M + lft 

Raters lJn 4J) 139625ft 25% 25% — % 


Sales In **• 

100s High Low Clou Oi'ao 


Romtek 

PaymdS 

RavEn 

Readna 

pecom 

RedknL 

Reeves 

RgevEi 

Reals* 

Retlafa 

Renal 

RntCntr 

RpAUtO 

RpHIttl 

Res Exp 

Restrtv 

Reuterl 

RautrH 

ReverA 

Rexon 

Ray R*V 

Rhodes s 

Rlbiim 

Rich El 

RitZYS 

Rival 

Roods s 

Robesn 

Rob N ue 

RubVsn 

Rockar 

RdcwH 
RosesSt 
RanSB 
Reset cte 

Rouse 

ReweFr 

RoyBGe 

Roytnt 

RayPlm 

RevIRs 

RoviAlr 

Rust Pel 

RvonFa 


3567 5% 
23 31034% 
IX 238219ft 
35223% 
449 8% 
1J 92535% 
4425 9% 
23 1970 7% 
8 H5D15 
553711% 
146 4% 
26319% 
4.7 SS3 9ft 
1110316% 
187 2% 
331 U% 
.156 1J0 2990I5M 
JMe A 93522ft 
184 IIJ 13712% 
280* 6% 
1X6 10 385741ft 
20 13 140115% 
374913% 

95126 
617 3ft 
S3 (7914V* 
U 376133% 
553 7(6 
A 310715ft 
44711% 
396716ft 
51 13H 
5124% 
82336% 
29823 
72946 


JO 

2 4 


84 


M 


30 

130 

t 

JM 


SbB 4 S 

20a 12 

23a 1.1 
80 2J 
31 U 


.12 a IX 1362 T0V* 
85 2ft 
220S21M 
1713 9H 
343 6% 
62410% 
733UH 
80625ft 


4% 5H + 1 
22% 24 +1 

IBM 1916 
22 22% — H 
7% B + % 
32 35% + 316 

7M 9 + 1 

6% 6%— % 
U% UH— % 
IDM lift— % 
Mb 4 + H 

18% 19 + % 

lift Abt s 

12% 15V) + 3 
22% 22ft+ % 
12to 13% + % 
5ft 6% + ft 
37% 41% + 3% 
U 15 + M 
10% 12 +H6 
24 25% + 3% 

3 3ft + ft 
13ft 13M— H 
J|1* 31to— IH 
7 7M+ VI. 

14% 15 + H 

TOto 11H + Tft 
IS 15% — 1% 
1216 12% + to 
22% 34 + % 

34% 26% + 2 
22 22ft— % 

40% 43H+3H 
9 9M+ ft 

1% 216 + to 
20% 21% + % 
BM 9 + % 

6% 6%— H 
9% 10% + M 
12% 14% + 2 
24M 25% + ft 


SAY Ind 
SCI Sv 
SEI 
SFE 
SP Drua 
SRI 

Safecrd 

Safeco 

SafHllte 

StJude 

StPaul 

saicm 

Son Bar 

SandCte* 

5IMOTB 

Sateica 

SaWSy 

SavnF 

StfBkPS 

ScanOp 

ScanTr 

Scherer 

SctiimA 

5 dmed 

SdDyn 

SdCmp 

Sdlncs 

5dMic 

SdSII 

SdSvSv 

Scttex 

SeaGal 

Seaaate 

Sea) Inc 

SeawFd 

SecAFn 

SCCTaa 

SEEQ 

Settee f 

Select 

Semlcn 

Sensor 

SvcMer 

Svmast 

Send co 

SvcFrct 

SevOak 

SterMod 

Shwmts 

Shelby 

SheKSIa 

Shanevs 

ShanSes 

Steramt 

StatnCs 

Silicon 

Silicons 

snicVal 

Slllcnx 

Siitec 

Slmoln 

Slaaln 

ti«r» 

Staler 

Skipper 

SkxmTc 

SmlTftL 

SmllfiF 

Society 

SoctvSv 

Softecte 

SoflwA 

Sanesta 

SonocP 

5onrFd 

SoBost 

SaHMP 

Sited Fn 

Sautnd 

Sovran 

Sovran 

SpcMIe 

SpanA 

Speedy 

Spctran 

SaecCn 

SanrtlD 

Sptra 

StarSrs 

ShriBld 

Siandvs 

SMMIc 

ShJReo 

stradun 


.I0r 

I 

88 

1X0 

xoo 

JHr 

80b 

.12 

1800 

34 


167515 IS* 14% + % 

2141 15% 14% 15% + 

514917% U 1£H+ 1% 

3 157911 10 15551.** 

72016% 15V, 16%+ I 
38 118119 18ft IBM 

109317ft 15% 17ft + IM 

42 624535ft 34% 35%+ ft 

37318 16M 17V.- % 

336611 9 11 + IM 

52 7825 5«W S3 56% + 1ft 

MIS 4ft 3% 4 — to 

X 137 7 *1* 6%— to 

S3 0% Bto 8% + .to 

12 3927 22 27 + 5 

343 1 M ft 
1.7 325 7% 7 7ft— to 

48 W34% 3JM 34% + % 

XO 28338% 28 2816— to 

109210ft 10% W16+ H 

239 UM 13to 13M + % 

J2 2J 33712 Uto lift— ft 

80 11 191 19% 18% 19 

35 8% 716 8%+ 1 
125 9V* Bto Bto— % 
28 X7 351 7M 6% 7H + 1H 
130 916 9M 8M- H 
■68 4% 4ft 6 + ft 

11121316 UM 131* + lto 
2067 bto 5% 6 
136320% 19M 2$to + % 
1996 7M 6% 7ft 
36108 BH 7% 8 + W 

638 6% 5% 6% f 1% 

88 40 1 2817 16 17 +1 

.100 .7 22315% 11% 15 +3% 
1985 AW 3ft 3ft + H 
5761 Tto 616 6H— to 
30 33 134024% 23 24 + W 

9212 Uto U%+ H 

201 9to 9% 9% 

35 815545 9ft SM 9 + ft 

JH X15D271SH UH 14ft + Mb 
1.12 38 255534 33 Uto— to 

t 297191* 17ft 18ft + ft 
615 7 5% 6H+ ft 

.16 3 3705 17ft 16% 17% + ft 

88 18 693234% 30ft 34%+ 3 

18B 49 186534 33% 34 + ft 

J6 J '87322% 2Dto 22 + 1% 

94012% 12 1214 

310928% 26% 36ft- ft 

63215% 15% 15%+ % 

.10* IJ 213 6to 516 5W 

283 Bto 7% 7% — % 

715910*6 9% 9ft— ft 

288717% 13M 16ft + 2% 

130020 V* U% 20 - % 

232920% 10% 20 + lft 

126511ft 1816 10%+ V* 

80 47 801 17 15ft 17 + 1 

753 18% 16% 18ft + 3 
122 5% 4W 5 + to 

7621916 18% 19 

JM X 50212 Uft lift— % 

145 7% Aft 7% 

1978 4 Jto 3ft 
182 8% 8% BH + % 
170 4.1 614411* 48W 41 + % 

94412ft 121* I2to — % 
507 9% 9 9% + ft 

106430% 19% 19ft— ft 
* 21 23+2 

43 46 +3 

(6018% IB 1816— to 
(1327V, 25ft 27 +1% 

8531 5% 4% 5ft + I 
._ 42129ft 29 99%— ft 

42 5383616 23 24 +1 

12 1444 SM BM 8ft— % 

43 137239 38 3fft + ft 

105 2% 2ft 2% + % 

198 5M 5 Sto + % 
234214ft 14% 14ft + % 

jh x’E’E 

35,3 & 

92412% 

20 IA 1001 8 
TJX) U 323128 
309022ft 
Ll( XI 59454ft 
399 6 


80 

1780 

.150 

80 

S3 

1X0 

.10 

18B 


17 (23 

26 152846 
A 

IX 

IJ 


,F„ 

10 % 12 +lft 
Sto S4to+4M 


— B 
StateG 
Stetaer 
StemrL 
StewS tv 
Stwlnf 
SUfet 
StackSy 
Stratus 
SlrwCs 
Stryker 
SluarlH 
Subaru 
SubAlrt 
SuterB 
Sudbry 
Summo 
Sum IB s 
SumBA 
SumtHI 
SunCst 
SunMed 
SunSL 
Sunwst 
SuPRte 
SupSkv 
Suprtex 
SuprEa 
Sykes 
SvmbT 
Svncor 
S yntech 
Svnti ex 
Svscan 
SvAsec 
Svslln 
Svsinla 
SvsfGn 
Systmt 


170 

1X6 

.15b 


7ft + ft 
5ft + % 


571 7ft Aft 
442 AVk 54)) 

105417% 14% lift— 1% 
72 3JI 16224% 24 24% + to 

589 Tft Tft Tft— % 
267718ft 9ft IBft+ ft 
1192316% 1516 16 — % 
Mb IX 41351% 49ft 5116+1% 
28028% 27ft 30 
05 IX 2914ft 3% 4% + 1 
1X8 17 44442 137% 140%+ 3 
JH 7(497 3% (M + 3% 

1X2 47 304 ASM 44U. 45ft + lft 
969 9% B 9ft+ lft 
4920 4V, 3ft 4ft + % 
BAB 22% 20 ZIft + 1% 
3448ft 44W 4fft + 4% 


36 

220 

X9e 


630518ft 10/ lOg+^ft 


180 

.16 


74 IX 


JM 7 


1513 2% 1ft — 

431016 10 18% + to 

131410 9 18 + to 

35 1047 60S* 36ft 39<M + 3% 
X 62819% Uto 1B% + to 
54 IDM 9ft 10 + ft 

384 4W 4ft AM + % 
26313ft 11% 11%— 1% 
4999 1% 1 1ft + ft 
230112% 11% 13 + H 

1(64 (% 5% 5ft + to 
87211ft 11% lift— ft 
6042 5% 5% 5ft+ % 
3711 5M 15 15ft + % 
27621% 20M 21% + to 
594 (to 6% Aft + % 
1415 Uto 18% Uto + lto 
246 SM Bto 0% 
157721% 20 21 +1 


TBC 1036 131* 12ft 13 + % 

TCACb .13 7 T731B 17 T7ft + ft 

TLS 26 Aft 5ft «M + 1 

TSR 130729ft 23M 2H% + 6 

TacVhf J 14 101* 916 10 + % 


sotesm Net 

loot Hlflti Law Close Ch'oe 


Tandem 

Tendon 

TcteCom 

TdiEaC 

TcCom 

Tcblncs 

Telco 

TicmA 

TelPlut 

TeKrfl 

Tetecrd 

Teknfit 

Tetepfct 

TetvM 

retain 

Tetxon 

Temco 

Temlxs 

TdtfrUv 

Tennant 

TermDt 

Tesdota 

Ttxon 

Tfurtne 

TTierPr 

Thrmds 

Thetfd 

ThdNi 

Uiarin 

Thortec 

ThouT t 

3Com 

UmeEs 

TmeFBb 

Tlprary 

Tofus 

ToftSvs 

TrokAu 

Tran Ind 

Tran La 

Tment 

TrtodSv 

TrlMle 

TrHiCm 

TniUa 

TBkGa 

TraNYs 

Tuck Dr 

TVmCfv 

TvsonF 


8X3 


72 


J8 17 
t 

75e 17 

178 U. 


174 


JA 

1X0 

1 .12b 


3077958% 
25521 TV* 
101 7% 
332 
96 8% 
X (9 AVb 
1582822 
464126% 
2717312% 
683 7ft 
U 173224 
2 5% 
870221% 
9614 3ft 
3165 19% 
2(3720% 
238 5% 
51 Tto 
59 3% 
17624 

W 8% 
156 3% 
713 1ft 
30915 
2007 MM 
48013M 
90 9M 
31037 
112412% 
526512ft 
325619 
10791 12ft 
5007UH 
229310% 
906 1ft 
776 Uto 
J43I6M 
17315 
Ato 

67 61319 
497 Sto 
172911ft 
2447 7 
44S 2to 
17 ZHJOto 
if 57634ft 
X9 228% 
5U (ft 
728 I* 
7 43737ft 


Tto Bto + ft 
5% 5ft 

Wh."* 

20% 24 +3% 
Sto 5to~ to 
28% 20ft— ft 
3% SH— ft 
17% 19% + 2% 
19% Uto— « 

£ f ♦ * 

314 J%— K 
22% 33ft + 1ft 
7% 8 — ft 

S « ! 

Uft 14ft + IK 
2276 Oft— ft 
1216 13 + to 

9% *%— ft 
am 36ft + | 
lift 1216+ U 
m i2%+ 1% 
17% 1716—1% 

12 % M% + 3* 

a , ?5? + 

U% T3% — to 
UM MM+ I 
U 15 + w 

4tft 4% 

Uto lfift+ ft 
3% 3% 

10ft 11% + ft 

a kt’a 

29 % 29 ft 
34 % 14 ft— to 
28 % WS 
SM (ft+ ft 
I 9 M- % 
35 % 37 ft +2 


U 


1 


usuco 

UTL 

UttrBcp 

UltTSV 

Unomn 

UnlH 

UnPtetr 

VifTrBe 

UACom 

UBAtek 

UBCol 

UnDom 

UnEdS 

UFnOrp 

UFatPd 

UGrdn 

UnNMx 

UPread 

US Ant 

US Bra 

US Cop 

US Dwn 

USEnr 

USHta 

US Shit 

USSur 

USTrk 

US Tr 

UStahlb 

UnTetov 

UVaBs 

UrwFm 

UnvHlt 

UnvHW 

UFSBk 

UrgeCr 

Uicate 


170 

178 


240 

.12 

.108 

1X0 


170 

1X0 


19 37631% 
111921ft 
AX 3130 
7 8465 Bft 
1017933% 
1066,1 
9(719% 
4A 19654ft 
X 173730% 
IX 38(11 
47 180326V, 
7X 19312 
2(0 3 
93710% 
140115ft 
175719ft 
il 2731216 
25511% 
314 3% 
X9 21(325% 
5202 4% 

3932 5% 
1774 «b 

969130ft 
17 7*6 5% 
2000 19M 
94 62313V6 
16 128145% 
X 320624 
4341816 
M ASS 36% 
94720% 
74351492 
106 4% 
Z7810M 
5001 71* 
IX 1203 416 


29% 31 +| 
28% 21V6.+ 1 
29 29 —1 

6% Bft + 2 

20 21% + lto 

M% H% 

19 U — ft 
53M 5*%+ h 
29M 30%+ ft 
TO W%~ ft 
25% 25% — ft 

Uft H + to 
2ft 3 + ft 
9ft 9ft— ft 
15% Uft— ft 
17ft 19% + lft 
ID lift + 1ft 
11 11 
3ft 3ft- ft 
25 25ft + ft 
2ft 4%+lft 
5 5 — Vb 

5% «%+ 16 
75 39H + 4V4 

4 Aft + ft 
17% 19% + I 
12% 12ft— ft 
44ft 44ft— lto 
2ZM 23ft 
II 18% 

34% 3Mb+ H 
17ft 2D +2% 
Oft M%+ ft 
416 416— to 
IBM 10%+ ft 
5ft 7%+ lto 
Mb 4 + % 


VLI 

VLSI 

VMX 

V5E 

Valid t_o 

Vallen 

VatFSL 

vaaFrg 

VOINH 

VatLn 

VBiDra 

Vanzetl 

vactrG 

VetoBd 


Vela 

VtconF 

Vlcorp 

Vtatfte 

VlcfraS 

vbdeoCe 

VdedeFr 

viklno 

vinitek 

vfsTech 

Vodavl 

Voltlnt 

Volvo 

Vortec 

Wawl 


15398 9ft 
194011% 
734311% 
.15# IX 89 9ft 

1271220W 
5817% 
1591 1116 
.10 IX 131 7ft 
170 3X 138532%. 
X0 IX 12362816 
XO 11 2076 Uto 
87215% 
3776 1 
8417 
7366 4ft 
903 M 
256 4% 
.128 X 510722 
1X0 42 8824% 

4389 Aft 
1I12D 

234 12 371 13% 
11514% 
202 JVM 
3036 2% 
1521 9% 
159420% 
1008133% 
.Ur IX 342 9% 
222 8 % 


Tft 916 + lft 
WM 11 + % 
18ft II + to 
9ft 9% + % 
77% 19% + lft 
Uft 1716 + % 
10% 10ft 
6 7M+ 1% 

JIM 32 + % 
7646 28% + 1% 
,3 13 

13% !S„ + 1 
ft ft— % 
16% 17 + % 
4 Aft + ft 
16 ft+fc 

ms r*— ft 

11% 22 +3% 
23% 26 + % 
3ft 4%+ % 
Uft 20 + ft 
T2M I2W— ft 
13% 13M+ % 
U 18V4— 116 
Mb lft— % 
8% 8ft + to 
19% 19to 
31ft 32to— % 
9 9H— % 

7ft 8 


W 


WD40 

WalbrC 

WlkrTet 

WshE 

WFSLs 

WMSB 

WihSci 

Wove)* 

Webbs 

We du tn 

VMsMs 

WestFn 

WnCasS 

WslFSL 

WMJcTc 

WMicr 

WSfUS 

WTT1AS 

WraorC 

wstwdo 

WstwdC 


JB 37 
XB 2 

1X8 87 
JBb U 

.12 J 

J6 2J 
170 U5 
X0 45 

2X4 4J 


■34 2X 


X0 IX 
.M8 A 


wknt 

WMcom 

Wlllmt 

WHI9VW 

W1IIAL 

Will ml 

WrraSn 

WUjuF 

WNsnH 

Wilton 

Wlndmr 

WlmiEn 

WlserO 

WaMm 

WoodD 


U 


1X0 35 
J6 55 


JIT 


Writer 

Wyman 


At 33 
.14 2X 
X0 32 
36 2X 
-Ue IX 
JO il 


26(24% 
18524 
179812ft 
11(730(6 
381627% 
156914 
40I1S 
2052 9 
11370% 
74 7M 
811 
128212 
1176(6 
13Z1VHb 
107410% 
604 •% 
10615% 
105420ft 
33821ft 
9934% 
175723ft 
239727% 
9415 5% 
4184 Bft 
240242ft 
10% 
5817 8ft 
« Tft 
47014% 
104018% 
3X512% 
>83 4% 

2SZJ 7% 

1157 Ato 
1(8022% 
1960 (ft 
162219% 
110128% 
100 9% 
6363014 


23% 

24 

+ 

V* 

21 

31 

+ 

% 

IT 

12% — 

% 

70 

20W + 

% 

26% 

27 



1246 

13% + 

w 

16% 

17% + 

ft 

Bto 

* 


16 

nw 

12ft— 

% 

7W 

7to + 

% 

11 

11 



UK 

11% + 

% 


64M (5ft + ft 
9% 10ft + ft 
9% 9%— 1 
AM 8 + 1% 

13% U% 

17ft 20 +1 
21 31 — ft 

22M 23ft— % 
Uto 22H + 2M 
25% 27 +1% 

Aft 5% + ft 
7ft ■%— % 
X AM + 3M 
1016 1916 
Bft Bft 
7ft 7ft 
13% Uto— ft 
9% *%— ft 

12% 12H— to 
4 4H+ % 

Aft 7 + % 
4 4% + % 

20% 22%+ 1% 
SM (ft + ft 
18 18% + ft 

27% 27% + W 
8ft Bto 
28ft Zfto— lto 


Xebec 

Xlcor 

Xktex 


7 1908 6% 5ft 6% + ft 
430013ft Uto 13% + 1% 
1959617ft 15% 17% + 2 


YlowFt 

YerfcFd 


2X 208938V* 3796 STM— 
3J 3919ft 12% 12M + 


ZMlLbB 200428% 23% 27% + 2ft 

Zentoc 634 516 Aft 5 — % 

iter X8a 3s 16013% lift 18 
ZlcnUI 1X6 14 2*33434, 33M 36% + 2to 
ntet 303 5M 5 5% 

Zlyod 95 8V6 Tft B 

Zondvn 34 3J 2S071ZM 11% 11%— ft 
Zvmos 1416 Zft 2% 2ft— ft 

Zytrex 1HH4 2ft lft 3ft + % 


Chicago Exchange Options 

For the Week Ending Feb. 8, 1985 


OMlan & price Calls 


Option & price Calls 


Puls 


Feb MOV F«b Mar 


AtanAl 25 

AmaoN 10 
16% 15 

16% W 

a e p a 

Am Has 25 

JIM a 

jim a 

AlnGre W 
75 75 

75 80 

AMP K 
17% 40 

Boater 10 
14*. IS 
i*M a 
Bib □* a 


Bating 
6JM 
(J*. 
6JM 
Beta C 


X 

(0 

65 

a 

25 

X 


79% ES 
JVM 90 
CopCH MO 
177*. in 
mb IH 
Cnena a 
24% 25 

Coke 
AIM 
41% 

Coknt 

25 
35 

Cm* Ed a 
SB*. 25 

a*. x 

emu 5 

c Dote a 

38% 25 

3M a 
SOW 35 
aw 46 
GgmOl 60 
77M 45 

77M TO 
mt 75 
77ft BO 
RlMpt 15 

21 a 

71 25 

Keteta *« 
Mi » 
56% 53% 
56% S6M 
Edwna a 
SV* 30 
31% IS 
FMMC 15 

28% a 

sow a 
Cn Dm 55 
WW M 
76rt AS 
TAW 10 
76% 75 

UW H 
Gen Fd 5Sl 
S6M 60 
Harris 
»W 

Hewiei 
J(V* 

38% 

Mfc 
H inns 
S, 

SI 


si 


Honwii so 


J% t r 

6 h 7 r 

17-16 7% 1-16 

s M S 

IH* 19-16 r 

SM r 1-16 
IM 3 9 16 1-16 

r % r 

r r r 

r r l 

% 2rt f 

2 lto r 

1-16 ll-M r 

«M S r 

rt 1 71* 

1-16 >l( r 

*w r r 

1% Qto % 

13 14% r 

Brt w, 1-1* 

3M 6 % 

s 3 s 

4*. 5 r 

M 2% » 

r IT', r 

AM 7'- 1.14 

■ AM 1 >16 
% 2% r 

l-M- 1 >16 r 

12% r w 

1% Sto lto 

ft r r 

r>« 5 r 

rt I 7-M to 

4M r r 

IM 3vi % 

1-16 1% r 

5% r r 

1, IM M 

1-16 >1* r 

8 Bft r 

3 Sto r 

r to 1 15-16 

Hi r >1| 

r 18% r 

11 IJVj r 

B% 9 r 

3 4M Hi 

to Tto lto 

17% IB r 

r r r 

7% r r 

IM 4% r 

i » i 

4% 6% f 

11-14 3 >1( % 

1-16 >16 r 

1 IM i 

6*. r r 

3rt 5% r 

r lto 1% 

Art BM 1-16 

3 4% r 

s 2 i 

51* S% r 

>14111-16 >1( ' 
r >16 r 

r r r 

16 t f 

lito 13 r 

i% « 1-16 

% 5% 5 

» 3% j 

ll-M 2% to 

t % r 

4 AM r 

>14 2% lto 

8% 9 r 

3% S T-T* 

to 2V» IM 

1-16 M r 

ISM r r 

h 7', flfc 

lto 3M >16 

» lto * 

145j r r 

f. Uto r 

4 t'»s 1 1* 

1 . «• . 


W 

to 

15-K 

7% 

5’, 


*4% n 
Humana a 
39% 35 

a% a 
29% 35 

in Fiv 25 
37% X 
Umrtd 25 
J* a 
3* 15 

Mentrn a 
33% a 
33% 35 

AtoWI 25 
aw a 

28% 15 

RBI 15 
i sto a 
in. a 

N M ID 
13% IS 

13% a 

Nlhrop XHe 
m JAM 

itm a 
ato 33 
ato 40 
oed a 


% IM 
r 

4M 5% 
% 1 13-14 
r >16 
1% r 

M* I 

r IBM 
4to 7 

1 3 

n, i 

Jrt 4*. 
r lto 
J H 
rt I>1* 
M to 


3% 

1-16 >14 


lto 

>16 

r-M 


v 

a 

Ow III 


Rnvtnn 

47 

47 

RvnUs 

77M 

77ft 

77ft 


Uto 

15% 


4M 

114 


Jft 

• 

4% 

2rt 

9M 

4% 

IW 

u 


>M 
>16 
Sto r 
M 2W 
1-16 11-14 
7 Tto 
21-16 3%' 

( 13-16 
27% 


>16. 

to 

31, 


SOtewv 
JIM 
31% 
sum* 

« M 
4lM 
41% 

Skvlln 
l*rt 
Souitei 
St I no 
59M 
Uto 
59to 
T atari 
IBM 
IBft 
UAL 
45 
45 
45 

u Tetti 

43M 
43% 

J wait 
35ft U 
UW 40 
WttmCm a 
2S% 8 

2Sto a 
WHMtS 2D 
»% 25 

sow a 
a% is 


B 

a 

45 

a 

is 

a 

a 

a 

55 

60 

AS 

15 

a 

25 

35 

40 

45 

SO 

15 

40 

V 


7M 

2% 


BM 
4to 
IW 
I Bto r 
Sto Sto 
>l( 7U 
■ % 
r IT*, 
tto 6% 
lto 1 
r 7% 
lb 3b 
% 'lto 
1-14 ft 
1% lto 
r % 
r >16 
» W 
4ft i 
H 2ft 
l-l( 11-16 
Jto r 
% to 
r 7-M 
II r 
S 6% 
to Jto 
r lft 

8 r 
3b bft 

to 17-16 

6 614 

l-M 2to 
s % 
Jrt 5YJ 
ft IM 
S 5-M 

9 1 
r 4ft 

w iw 
i-l* r 


,% r 
r ft 
r 13-16 
ft lft 
r (ft 
r ft 
1 >M 2 Hi 


l-M 1>M 
>16 2M 


>16 

I 


1-1( ft 
7-M 1 >16 


Mv Jun Mar Jim 


AlldSI 
53'- 
SJft 
AM CM 
ll»» 

B'lUWv 

15 

55 


65 r IQ'4 

» 4to r 

U 21-M JV. 

10 II. 3 

IS 1-lk 3-16 


l-M 

ft 


Option & price Calls 


» 

Bruns 

»% 

3f% 

Ction 

92% 

97% 

91% 

Otamln 

23% 

Chrvslr 

J3M 

33% 

CompSc 

lito 

lito 

Dow cn 

a 

FBflSS 
67W 
67% 
47ft 
Ford 
*5M 
«S% 
45% 
Gen El 
Uto 
63% 
63% 
Uto 
GMp 
79to 
l» 
7*to 
79% 

a m 
79M 
79% 
79M 
79% 


fto 

i 

IM 

•7Vi 

7ft 

3to 

lb 


0'i 

5*. 

3 


to 

lft 


7-M 1% 

4% Sto 
I 7>M 
to % 
7ft r 
1 


a >ii 
a is 


2b 


U 

7ft 

4to 


4% 


40 6 

« 21-16 3to 

a u-ui i>M 
45 >14 to 

W ,4ft r 

45 9V, c 

*• 4ft Sto 

65 lft 3 

79 s ■>,( 

AS 19 4 

a r r 

75 8% r 

a «rt u* 

84 1 4 

70 


2to 

1 > 1 « 

Jto 


1>16 

2ft 

Sto 


1-16 

>16 

to 

Z% 


lift 

75 SM /to ft 

N Tft 4M 11-16 

BS 11-1* Tft SM 

90 « 11-16 i 


(ft 

Ma 
I >14 
lto 
6 


Aar Jut Aar Jul 


Alcoa 

a 

4'fc 

5b 

7-M 

r 

34b 

Jlto 

40 

lto 

lto 

r 

r 

34U 

ATBT 

15 

* rt 

6% 

r 

r 

34b 

21ft 

28 

lto 

3 >16 

to 

11-14 

Seen 

zito 

25 

>W 

7-M 

2V3 

3% 

35V* 

An R 

40 

6 

r 

>16 

1 

»'* 

45b 

45 

7 

2b 

1% 

2 

Mb 

45b 

a 

>M 

11-14 



SwAlr 

Avon 

30 

3 

JM 

>16 

to 

35% 

aw 

35 

>10 

b 

3ft 

3 

23% 

BrakJun 

1 IS 

4W 

tto 

l-M 

>16 

Svnhw 

19 

a 

ft 

to 

1% 

Ift 

S2to 

If 

» 

1-10 

w 

(to 

r 

53% 

Beni S 

u 

r 

6to 

r 

r 

Tektm 

26ft 

a 

lto 

2% 

b 

1 Mi 

47V, 

20ft 

25 

to 

11-16 

r 

t 

Uft 

Surf N 

45 

r 

r 

r 

to 

Ton a 

S7W 

a 

7% 

g 

>14 

« 

JIM 

STft 

53 

lb 

5b 

lto 

r 

JIM 

57% 

M 

Ift 

3 

3ft 

r 

Uto 

09 Nw 

X 

6 

r 

to 

r 

Tan 

25 

25 

ito 

r 

lft 

r 

31% 

35 

a 

to 

1 

S 

5% 

nw 

25 

35 

>16 

4 

9 

6 

Viacom 

CIGNA 

a 

I7M 

5 

r 

5 

jr* 

47ft 

a 

Uto 


r 

r 

S9to 

47ft 

40 

r 

r 

to 

1 

WOIMH 

47V) 

45 

lto 

r 

1 

2 

46% 

4TW 

a 

r 

1% 

3ft 

r 

MM 

Cllfcn 

35 

uto 

lift 

Vb 

r 

66% 


46 48 

46 45 

4 b sa 

Cad In 3ZW 

31 a 

31 » 


31 

31 

Detin 

«ft 

44ft 

44ft 

Era Kd 
>3 • 
71'. 
■lto 

E«k»rii 


(ft 

Tft 

b 

9 

r 

bft 

lto 

1% 

9ft 

5to 

2b 


7 

Jft 

lft 


Tft 

4% 

1% 


ft 

lft 

4b 


6ft 

Ul 
1 13-16 


r >W 


in* 

Tto 


7ft 35: 

6 r 

6 16 13-la 

j-i6 a* 

lto i 


Oof ton 8. price Coll* 


GH Wn 


NwhTi II 
151* ,5 

ISto a 
itt a 
33M a 
31% 35 

k mar, 311 
MM 35 
36% 48 

36% (5 

Litton 65 
Tito 70 
lito 75 
71b 80 

Uew4 85 

raw fs 

128ft IS 

taw ia 

raft i4t 
NtoryK 10 
11% 15 

Me Don 45 
6i a 
(I $5 
41 60 

61 U 
McEmo46M 
61 56% 

MM SU 10 


2 1-16 
>16 
Sb 
l>l* 
l-M 
Bft 
lto 
1H6 
6% 
71-16 

M 

6 

Tft 


Jto 

>16 

ISto 

lift 


1 

r 

1% 

to 

9 

4to 

2% 

7 

Sto 

>N 

M 

r 

Sto 

ito 

r 

4* 

35 


Jto 

% 


7ft 

4ft 

3 


2% 

1-16 

9-14 

Jft 


>1* 
4 14 
Tto 
>14 
IM 


14 

NCR 
30ft 
38ft 
Uft 
NorSo 
68ft 
Uft 
Nor Tel 
40to 
40to 
Nw Ind 
STft 
S2ft 


I6M 

16M 

RCA 

40% 

AM 

40M 

RolPur 

37 

37 


101 , 

5ft 

IV) 


5% 

ZM 

W 

lb 


45 

2S 

X 

X 

40 

a 

25 

a 

AJ 

» 

53 

(0 

4S 

70 


X2W 
Enwn 
29% 

29% 

Emb< 

4>to 44 

•7b X 
FrtE*D X 

J7rt J5 
37'- 40 

3P- 45 

F^CIil IJ 

f*‘- a 
a . 


7% 

IM 

% 

5 

1>I4 

>14 

l-M 

r 

Sto 

I 

to 

SM 

IM 

to 

Tto 

3 

to 

7Tb 

lto 

IV) 

8 

4b 

2V, 

rt 


Sto 

lft 

ll 

AM 

Zb 

b 

ft 


5to 

2% 

H 

7% 

w 

r 

4b 

2% 


IM 
TM 
Jto 
]% 
I Ob 
Art 


lit 

11-16 


1-14 

ft 


lto 


4% 
2to 
ito 

s% 

IM 
ft 
(ft 
4ft 
II M 15-1* 
7M r 
3% 5 

IM 2to 
ft l>lt 


>16 

1ft 


8% 

3b 


l-l* >M 

M6 I 

!■) J'. 

..j H 

it. r< 

33- t 


Vlwjr 
18 : 


X 


Option & price Call* 


Gt Mil » 
37ft a 
Halbtn X 
lift 34 
Hllachl a 
Honwtk » 
23ft 
23ft 

I S IM 100 
133ft 110 

117rt 1» 

137% ia 
IJ7W 140 
In Mhi a 
(1% 40 

4IM 45 
hi Pan 65 
53% » 

53% 55 

Uto H 
John j a 

38% a 


lto 3% 
to lft 
2% 3 

rt I 


lft 


3 r r 
5ft 7-M 1H4 
35 11-1*21.14 2% lto 

X >1» to 6* r 

38% s r s 

39% 30ft l-M >U 
I fto 21ft >1* l>M 
HIM I3to 1% 2% 

3% 7b ito 6% 
r r >14 r 

2 % 2% r r 


ou 
Kerr M 
Uft 
31ft 
Loral 
321, 
32V- 


bto 
1% 
a w 
15 lito 

a ift 

35 3W 
40 016 
25 5to 

2M 


9VS. >U 
Jto % 
2ft 3ft 


»1* I >M 
r Bft 


r 

1-1A 

r 

■Mere* 

90 

TM 

lb 

to 


>1* 

IS* 


95% 

95 

Jto 

6% 

r 


f 

r 

r 

95% 

in 

lto 

3% 

s 


4% 

* 

r 

Merrll 

35 

r 

r 

>M 


3ft 

1* 

r 

•91 M to 

75 

r 

r 

l-M 

rt 

to 

5 

r 

fib 

a 

r 

Tft 

>14 


10b 

r 

r 

85% 

85 

3% 

4W 

Jto 

3M 

Jft 

* 

r 

BS% 

90 

1% 

Zto 

r 


2ft 

r 

r 

Montan 

40 

5ft 

r 

r 


7 

* 

r 

45% 

45 

1 

r 

lrt 


4 

1* 

r 

45% 

a 

7-1* 

1 

r 


IW 

f 

r 

<5% 

55 

% 

1 

r 


tft 

* 

f 

N W A 

a 

r 

r 

1* 

lft 

2 

r 

r 

44ft 

45 

3b 

r 

2to 


to 

r 

r 

44ft 

a 

M 

r 

r 


bto 

r 

r 

Pahqw 

2} 

U 

r 

1-16 


3b 

H6 

l 

AIM 

a 

l,W 

r 

% 


1 

V 

r 

AIM 

15 

TV, 

BM 

M 

IK 

f 

r 

r 

Alto 

40 

3% 

Sft 

7 % 


*W 

* 

V3 

4lb 

45 

2 

3M 

r 


lft 

1* 

7 

Permz 

a 

r 

r 

W 


lto 

r 

r 

44% 

«0 

4b 

r 

to 


r 

r 

MA 

44% 

45 

Ift 

Zto 

2ft 


3ft 

5-16 

* 

44% 

a 

to 

% 

r 


lto 

r 

r 

PbPti 

40 

Tto 

7ft 

l-M 

ft 

sb 

r 

r 

47 

45 

3 

Mb 

ll-M 

IW 

1% 

1U 

1* 

47 

a 

M 

IM 

3% 


ll-M 

r 

r 

Polar 

25 

2rt 

7b 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY II, 1985 


Page 17 


GM-Toyota V enture to limit Distribution ol Nova Court Backs — 


COMMUNITY 


si*5? 


■a&V. 

. ‘S*n S. 

t _ - 7- « te?: 

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ir ii 

V= -Si 5: 

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By James Risen 

I/m /tn^efei Tiffin Srrrirr 

CHICAGO — The Chevrolet 
Nova, the first car to be produced 
by the GM-Toyota joint venture in 
Fremont, California, will initially 
be sold only in the central United 
States and will not reach dealers on 
the East or West coasts until at 
least early 1986, according to Chev- 
rolet officials. 

Robert D. Burger, Chevrolet’s 
general manager, said Friday at the 
Chicago Auto Show that Nova pro- 
duction was starting so slowly that 
Chevrolet would not have enough 
of the subcompacls to supply all its 
dealers in time for the Nova's intro- 
duction June 13. 

The joint venture, which began 
production in December, mil build 

Boesky Has Stake 
In Holiday bms 

New York Times Service 

NEW YORK — Ivan F. 
Boesky, the New York investor, 
and a group of companies he 
controls disclosed Friday that 
they had acquired an 8.6-per- 
cent stake, or 2,980,200 com- 
mon shares, in Holiday Inns 
Inc., which they bought from 
Jan. 8 through Jan. 31. 

Holiday Inns, however, said 
that it bad tendered from Mr. 
Boesky 125 million of those 
shares as part of a previously 
announced plan to repurchase 
6.3 million of its common 
shares at $49 a share. Mr. 
Boesky, who bought his stock 
for an average of $4730 a share, 
would have earned about $33 
million from the transaction. 

Separately, Holiday Inns re- 
ported a 33.1 -percent increase 
in net income in the fourth 
quarter, la $203 milli on, or 59 
cents a share, from $15.4 mil- 
lion, or 42 cents a share, a year 
earlier. Revenues rose 9.3 per- 
cent, to $429.5 million. 


only about 41,000 cars in 1985, Mr. 
Burger said. The joint venture ex- 
pects to produce 250,000 cars a 
year when it reaches full produc- 
tion. Bui Mr. Burger said Toyota, 
which is managing the Fremont 
plant, traditionally is slow to in- 
crease output when it opens a new 
factory. 

In the central United States, the 
region to which Chevrolet will Until 
initial sales of the from-wheel-drive 
Nova, the company does not now 
sell its small Japanese imports, the 
Chevrolet Spectrum and Sprint 
models. The Spectrum, imparted 
from Isuzu Motors Co„ is sold only 
on the East Coast, while the smaller 
Sprint, built by Suzuki Motor Co_ 
is sold on the West Coast. 

GM has had to limit its distribu- 


tion of the Sprint and Spectrum, 
introduced last year, to the coasts 
because of quotas on Japanese auto 
imports, under which Chevrolet 
can import 17.000 sprints and 
27300 Specirams a year. 

■ Price Higher Than Sprint’s 

John Holusha of The New York 
Times also reported from Chicago: 

The Nova mil be priced consid- 
erably higher than the Sprint, 
which is Chevrolet's cheapest mod- 
el. GM officials said Friday. 

At about $6,400 to $7,000. the 
Nova will cost at least $1,000 more 
than the Sprint, reflecting Chevro- 
let's intention to have the Nova 
compete directly with more expen- 
sive. more lavishly equipped cars 
imported from Japan. 

“This is not an entry-level car.” 


said Mr. Burger. He said no final 
decision bad been made on the 
price, and that the key judgment 
was whether to position the Nova 
above or below the domestically 
produced Cavalier, which has a 
base sticker of 56,606. 

Chevrolet officials said they were 
prepared to import 100.000 cars a 
year each from Suzuki and Isuzu if 
the U. S.-Japanese quota agree- 
ment were lifted. But they said its 
complete removal was unlikely. 

Separately, J. Michael l^<h, gen- 
eral manager of Pontiac, said GM 
was working on an agreement with 
the South Korean company 
Daewoo to import about 80,000 
cars a year, to be sold as Porttiacs in 
the 1987 or 1988 model year. He 
said the cars were intended to be 
priced at less than 57.000. 


Decline in Prices Is Partly Reversed 


By Michael Quine 

New York Tunn Service 

NEW YORK — Treasury note 
and bond prices rose slightly Fri- 
day, reversing some oT the decline 
that accompanied the Treasury's 
auctions — which totaled 519 bil- 
lion — during the past week. 

Although prices rose enough so 

L~. S. CREDIT MARKETS 

that new Treasury issues closed at 
prices roughly equal to the average 
auction levels, investor demand 
was mixed. Some firms said inves- 
tor activity was light. Others re- 
ported modest demand for new 10- 
year and 30-year Treasury issues. 

By late Friday, the new 10b- 
percent notes due in 1988 were of- 
fered at 100, up from an average 
price of about 99 30/32 at Tues- 
day’s auction and well above the 
low of 99 21/32 set early in the 
morning. The 1 1 14-percent notes 
due in 1995 were offered at 99 H, to 
yield 1 1.35 percent, up from about 
99 11/32 at Wednesday’s sale and 


U.S. Consumer Rotes 
For Woek Ended Fib. B 

Passbook Savings 5 JO 

Tax Exempt Bonds 

Bond Buyer SB-Bond Index , 

Many Market Funds 

Donoohue*s 7-Dpv A> erode- .... ■ 8.K 

Bank Money Market Accounts 

Bonk Roto Monitor lnde» 105 

Homo MortooM 

FHLB ovirocw — ... 13-67 


well above the morning's low trade 
of about 98 23/32. 

The new 1 1 ■4- percent bonds due 
in 2015 were offered at 99% to yield 
1 1.27 percent, up from an average 
price of about 99 27/32 at Thurs- 
day's auction and a low trade of 
about 99 1/16 early Friday. 

Temporary purchases of securi- 
ties by the Federal Reserve helped 
raise prices shortly before noon. 
Some analysts concluded that the 
Fed's willingness to add reserves to 
the banking system when the over- 
night rate for bank loans in the 
federal funds market was 8 9/16 


Bonn Struggles With Jobless Rate 


(Continued from Page 7) 
Bangcmann, as well as various 
economists think there is a need to 
make West Germany’s wage struc- 
ture more flexible. In 1983, West 
Germany’s wage costs including 
so-called social costs were the high- 
est in the European Community at 
27.42 DM per hour. 

Mr. Gatienger, the economist, 
said the Sodal Democrats’ propos- 
al to provide tax relief to compa- 
nies taking on new workers may 
help only in the short ran. He 
warned that the tax relief cook! be 
seen as subsidization, winch would 
eventually put a brake on the eco- 
nomic recovery by making compa- 
nies less able to compete on their 
own. And he said that such a pro- 
gram would hurt the long-term 
economy by eventually requiring 
higher taxes. 

Economists suggest that West 


German employers in the next year 
or two will resort to buying labor- 
saving technology to increase pro- 
ductivity and competitiveness, 
rather than hiring new. high-priced 
West Ge rman labor. 

Economic surveys show that 
West German exporters were oper- 
ating at 83-percent capacity in De- 
cember, up from about 82 percent 
in September, and there is hope 
that these companies wfll take on 
new plant and workers to meet 
growing demand. 

However, economists say it is 
troubling that many of these ex- 
porters are having windfall profits 
blit delaying major decisions on 
investment and hiring because of 
uncertainty over the future trend of 
the dollar against the Deutsche 
mark. Another wage conflict could 
arise should West Germany's 
unions assert that they were not 


French-Run Hypermarket a Hit in U.S. 




*>. : ' *■ ■“ *.i 
• -C 

1. ^ ;* * 
?t * 


(Continued from Page 7) 
market Its annual revenues are ex- 
pected to exceed $100 million. In- 
deed, Mr. LeFoll said Bigg’s had 
done so well that Hyper Shoppes 
has decided to open three or four 
new Bigg's next year “in the South 
and in the West” 

On Saturday mornings, when the 
store is busiest, checkout lines can 
be an hour long — despite the large 
number of checkout lanes. 

“When I was here two weeks ago, 
the lines were so long I was a little 
irritated, ” said Margaret Stamper, 
who drove 16 miles (25.7 kilome- 
ters) to Bigg's from her home in 
Highland Heights, Kentucky. 

“But you can see why I come; it’s 
a lot cheaper,” she continued, while 
standing m front of two shopping 
carts overflowing with $91 worth of 
groceries. “I paid 89 cents for a box 
of Kellogg’s Cwn Flakes. It would 
be 75 cents more somewhere else.” 

“It’s a real advantage shopping 
here,” said Jill Ackley as she 
shopped for a three-pronged elec- 
trical wall adapter in Bigg’s hard- 
ware department- “Here 1 can boy 
bread, lunchmeat and electrical 
equipment all at the same place.” 


By seeking to keep overhead 
down and volume high. Bigg’s aims 
to be the lowest-pricc grocery mer- 
chandiser in the area. In a recent 
week iceberg lettuce was selling for 
47 cents a head, a gallon (3.79 li- 
ters) of milk for $1.49. and five 
freshly baked one-pound (453.6- 
gram) loaves of bread for a total of 
99 cents. It was also selling RCA 
19-inch color televisions few $245. 

The dent Bigg's has made has 
prompted competitors, such -as the 
Cincinnati-basal Kroger Co., to 
price more aggressively. 

Paul Banish, a spokesman for 
Kroger, the second-largest U3. 
food retailer, after Safeway, would 
not comment on Bigg’s directly, 
but said, “We are and wfll be com- 
petitive with anyone in our mar- 
ket.” Kroger accounts for half its 
hometown's grocery sales. 

One thing helping keep Bigg’s 
prices low is its principal supplier. 
Super Valu Stores Inc, the largest 
U.S. grocery wholesaler. Super 
Valu owns 10 percent of Hyper 
Shoppes and was instrumental in 
d esig nin g the store and selecting a 
site 

While most modem supermar- 
kets run from 30.000 to 50.000 


square feet (2,787 to 4,645 square 
meters), 65,000 of Bigg’s 200,000 
square feet is devoted to groceries. 
Its general merchandise area takes 
up the other 135,000 square feeL 

Retail analysis projected that the 
grocery part of Bigg's would have 
sales of about $14 a square foot a 
week, compared with $6.90 at the 
average supermarket across the 
United States. But analysts said the 
general merchandise pan is expect- 
ed to have sales of ozdy $7 a square 
fool a week. That, analysts suggest- 
ed, might prove a major obstacle to 
Bigg's expansion. 

They’re so big that there is a 
limited number of markets that can 
absorb a store like them,” said Mi- 
chael W. Wright, chairman of Su- 
per Valu. 

Mr. LeFoll said he “would be 
disappointed” if his store’s earn- 
ings do not exceed the 1 percent of 
gross that is the yardstick for super- 
markets. He attributes the nigh 
earnings to high volume and a low, 
fixed overhead. 

For instance, the brightly lit 
store is hardly decorated, except 
for a few murals in back that seek 
to prevent it from looking tike a 
warehouse. 







eGl 











percent was a sign that the central 
bank was not trving to encourage 
significantly higher short-term in- 
terest rates. 

Fear of a tighter Fed policy may 
also be dispelled, traders said, 
when the Fed announces bench- 
mark revisions to money supply 
data and new seasonal adjustments 
for ! 985. The net effect of the new 
data, which a Fed spokesman said 
were scheduled for release Thurs- 
day, might be a higher money sup- 
ply during the 1 984 fourth quarter, 
thereby bringing the current level 
close to the Fed's tentative 1985 
growth target of 4 percent to 7 
percent. 

The basic money supply level is 
about $2.5 billion above target. 
New seasonal adjustments could 
reduce the size of the increase ex- 
pected to be announced Thursday. 

Traders were also encouraged by 
comments by Preston Martin, vice 
chairman of the Federal Reserve, 
that inflation was likely to remain 
low even as the economy continued 
to expand. 


Bid for U.S. 

Railroad 

New York Times Smite 

CHICAGO — A U.S. judge 
has ruled in favor of a $571- 
million bid by the Minneapolis- 
based Soo Line Railroad Co. 
for the bankrupt Chicago, Mil- 
waukee. Sl Paul & Pacific Rail- 
road Co., known as the Milwau- 
kee Road. 

U.S. District Judge Thomas 
R. McMillen ruled Friday 
3gainst a S786- mill ion bid by 
the Chicago & North Western 
Transportation Co, saying a 
takeover by the latter would 
have hampered competition 
and led to abandonment of too 
much track because the railroad 
shares many markets with the 
Milwaukee Road. 

He said the difference be- 
tween the two offers represent- 
ed a “premium’' for stockhold- 
ers of the Chicago Milwaukee 
Corp., the Milwaukee Road's 
holding company. 

A spokesman said Chicago & 
North Western would not ap- 
peal. But Daniel R. Murray, a 
lawyer representing the Mil- 
waukee Road's bolding compa- 
ny, said he would file on appeal 
on behalf of the company and 
its stockholders. 

Union Carbide Plant 
Rejected in Scotland 

Reuters 

EDINBURGH — Union Car- 
bide Corp., whose plant in Bhopal. 
India, caused a major pollution di- 
saster. has been refused permission 
to build a plant near Edinburgh, 
local officials said Sunday. 

Thousands of local residents 
campaigned against ihe company’s 
application to build a plant to mix 
toxic gases just outside Edinburgh 
in Livingston New Town. 


U.S. Seeks Talks With EC on Steel 

By Sreven J. Drydcn approval of common technical The union and business . 
Fmenativnai itemLi Tnbune standards for community products, are in agreement on such 


BRUSSELS — The United 
States has asked the European 
Community for consultations on 
exports of semifinished steel prod- 
ucts to the United States. 

Community officials said they 
were surprised and concerned by 
the U.S. request Friday, which 
came a month after the two sides 
settled their dispute over the level 
of EC steel pipe and tube exports to 
the United Slates. 

Exports of semifinished steel 
products are not limited by 
U.S.-EC agreements. The 1982 
sled agreement, however, gives the 
United Slates the right to ask for 
consultations if it believes in- 
creased exports of unregulated 
steel products are being used to get 
around the accord’s limits on fin- 
ished sled goods. 

EC exports of semifinished steel 
products to the United States hare 
increased in the past several years, 
community officials said. The lat- 
est figures available show that 
about 500,000 tons were exported 
to the United States during the first 
10 months of 1984. 

An EC source attributed much 
of the export increase to the grow- 
ing value of the dollar. “We’re a bit 
astonished” by the U. S. request for 
consultations, the source said, es- 
pecially since President Ronald 
Reagan issued a call for expanded 
world trade in his State of the 
Union address last week. 

Under the 1982 agreement, the 
United States can take unilateral 
action to limit imports if the dis- 
pute is not resolved by consulta- 
tions. The United States asked that 
tire consultations begin Feb. 25. 

Ministers Look at Plan 

On Technical Standards 

On Monday, EC ministers were 
to examine the new European 
Commission proposal to ease the 


approval of common technical 
standards for community products. 
The proposal is seen as a key step 
toward creating a uue common 
market that would strengthen the 
EC economy. 

The 10 member nations now are 
to negotiate standards for each in- 
dividual product, a lengthy process 
that in the past sometimes has not 
been completed until after the 
product has become outmoded. 

The new commission proposal 
suggests that the community adopt 
basic requirements on safely, 
health and environmental stan- 
dards. Further technical standards 
would be worked out by national 
authorities. 

Products meeting the communi- 
ty standards would be allowed to 
circulate freely among the member 
states. 

Lord Cockfield. commissioner 
for the internal market, wants the 
ministers to approve the approach 
of the proposal Monday, then give 
final approval at their next meet- 
ing, in May. The proposal is ex- 
pected to provoke objections from 
member states seeking to protect 
national industries. 


Called Useful Forum 

The Jan. 31 meeting between the 
European Commission's president, 
Jacques Delors. and representa- 
tives of business and labor groups 
may produce further discuss cuts on 
ways to combat Europe's economic 
problems. 

Participants said the meeting 
produced a “positive” atmosphere, 
even though there was no overall 
agreement between the business 
and labor representatives on means 
of creating more jobs and encour- 
aging business growth. 

Union officials said that they 
were encouraged by ihe open na- 
ture of the discussions, and that 
there was agreement that further 
talks should be held. 


The union and business groups 
are in agreement on such broad 
goals as breaking down barriers to 
trade within the community, but 
disagree on such issues as reduced 
working time, the extent of public 
investment to counter unemploy- 
ment, and government regulation 
of business. 

The daylong meeting was called 
by Mr. Ddors as a way of demon- 
strating the community’s desire to 
work with the two groups, boih of 
which have been critical or the 
commission's economic policies. 

Business groups were represent- 
ed by the Industrial Association of 
the European Community. Labor 
groups were represented by the Eu- 
ropean Trade Union Confedera- 
tion. 

Continued Growth Seen 
In Industrial Investment 

Community officials are encour- 
aged by the results of a survey ear- 
ned out late last year showing that 
industrial investment in member 
countries, which began a recovery 
in 1984, will continue to grow this 
year. 

The survey forecasts that indus- 
trial investment trill register a 9- 
percent increase in real terms in 
1985, compared to a 7-percent real 
increase last year. 


Luxembourg to Launch 
A 16-Channel Satellite 

Reuters 

LUXEMBOURG — Luxem- 
bourg will create a new multina- 
tional company next month to 
launch a European communica- 
tions satellite in mid- 1986, a gov- 
ernment spokesman said Sunday. 

A number of companies have 
agreed to lake part in the project, 
which will beam as many as 16 
channels over most of Europe. 


. Gruizner: Stadi. Gaierie im Lenbachhaus. Munich. 


sharing in the export boom, the 
economists say. 

Recent steps by the Labor Min- 
istry allowing for the flexible em- 
ployment of workers for up to one 
year with the option to fire may 
make employers more willing to 
take on new workers, Mr. Gat- 
tenger said. The substantial costs 
— and the legal complications — 
involved in firing workers in West 
Germany, as well as in other Euro- 
pean Community countries, have 
encouraged employers to resort to 
overtime for the currently em- 
ployed rather than hiring new 
workers. . 

At Maschinenfabrik Augsburg- 
NOmberg AG. a major manufac- 
turer of diesel engines, the cost of 
laying off 10,000 workers over the 
past two years was 237 million 
DM, according to the company 
chairman, Otto VoisanL 




' M ttmkl 


Orchestrating 

effective Eurofinancings requires 

the right players. 


The art of choosing the right partner 
for international finance is considerably 
more complex than it used to be. 

With Bayerische Landesbank as your 
banker you'll get all the necessary fi- 
nancial resources and experience com- 
bined with the personal friendliness 
and professional drive characteristic of 
Bavarians. 

As one of Germany’s top universal 
banks we have the financial capacity 
whatever the size of your project Our 
branches in London, Singapore and 
New York (including our 1BF and Grand 
Cayman Branch) as well as our Luxem- 


bourg subsidiary give us the necess- 
ary scope for flexible offshore market 
activities: 

• Eurocredits for trade and project fi- 
nancing or capital investments 

• Euromoney market operations in 
all major currencies and Asian Dollars 

• Syndication of international loans 

• Management of bond issues and 
private placements 

• Placement and trading in inter- 
national and domestic securities, in- 
cluding our own bonds (one rated . 
AAA, Aaa) and SD Certificates. 


Y Bayerische Landesbank 

International Banking with Bavarian Drive and Friendliness 


Central Office: BriennerStrasse 20. 800QMiinchen 2, Tel: (89) 21 71-01. Telex: 5 286 270, Cables: Bayembank Munich. Branches: London. TeL: 726-6022; NewYbrk. Tel.: 310-9800; Singapore, Tel.: 
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ACROSS 

1 — — buddies 

6 Lhasa 

(Tibetan dog) 

10 Sea once part 
of the Caspian 

14 Exonerating 
excuse 

15 Club 
numbered one 
to nine 

16 Little, in 
Livorno 

17 Treasured 
memento 

18 Tasty 

20 Catcall 

21 Singer Delia 

23 Expedition 

24 Peers 

,25 Kind of snake 

26 Cast 

29 Combine 

31 Wrangler’s 
gear 

32 Bani-Sadr, e.g. 

33 Speed inits. 

38 Equip 

37 Old pro 

39 Enviable test 
score 

40 Approval 

41 Wilson famed 
for needlework 

42 Masquerade 
ensemble 

44 Animated, in 
music 

45 Cash registers, 

eg. 

46 Excise 


49 iris used in 
sachet powder 

51 Idolize 

52 Short 
comedies 

53 Alamos, 

N.M. 

56 Set off 
dynamite 

58 Use a block 
and tackle 

60 Agnes, in 
Acapulco 

61 Body of mores 

62 Expunge 

63 Key 

64 Irish maid 

65 Constrict 


DOWN 


2/11/85 

24 Realryunii 

25 Lollobrigida 

26 Jeweler's 
showcase 

27 Lease 

28 Butts 
30 Former 

capital of 
Japan 

32 " my lady 

. . Romeo 

33 Pittance 

34 Teem 

35 High-scbool 
affairs 

38 Celtic 
language 
43 Begley and 
Asner 



BOOKS 




EXODUS AND REVOLUTION 


By Michael Water. I?" pp- 5/5.95. 
Basic Books, 10 East 53d Street, 
Nat York. N. Y. 10021 


ened with extirpation, since the pharaoh orders 
their newborn sons to be put to death, bat the 
of the Exodus story, in 
eslabti the 


earliest discussions __ 
Deuteronomy and the 



• V. 4 


Reviewed by John Gross 

I N I960. Michael Walzer. who was visiting a 
number of Southern cities in order to wnw 
about black student sit-ins. went to a Baptist 
church in Montgomery, Alabama, and heard 
an impassioned sermon on the paralld be- 
tween the Book of Exodus and the political 
Stru ggl e of Southern blacks. It strock him all 
the more forcibly because back in graduate 
school be was then working on a dissertation 
about Cromwell and the Puritan Revolution, 
and be bad encountered many Puritan sermons 
and speeches in which Israel's deliverance from 
Egypt figured as a central text For the first 
time, the full political potential of the Exodus 
story was brought home to him, and he h as 
been reflecting on its implications ever since. 

Walzer is a distinguis hed political philoso- 
pher, and in turning to a bibbcal theme be has 
not abandoned his customary trade. “Exodus 
and Revolution" is fundamentally as much 
about politics as “Spheres of Justice" or any of 
his other books, ft traces the lessons that nave 
been discovered in Exodus by figures as diverse 
as Savonarola and Rousseau, as the Boer 
nationalists who fought the British and the 
proponents of “liberation theology” in pre- 
sent-day Latin America. It shows how the same 
story came to be invoked by Beniamin Frank- 
lin (who in 1776 proposed that the Great Seal 
of the United Slates should depict Moses lift- 


thelsra- 
it that 


traditional emphasis, which has al 
not on killing but on forced labor, 
tions and the abuse of power. 

Once they have made their 
elites murmur against Moses 
they ever left Egypt. What their l 
illustrate, Walzer argues, is somethin _ 

Stanley Elkins's much-debated thesis about the 
psychological effects of slavery in the Ameri- 
can South. Servitude induces slavishness, and 
the Israelites found it impossible to adjust to 
freedom without a long period of transition; 
hence, essentially, the 40 yean in the wilder- 
ness. 


Yet Egypt exerts positive attractions as well 

— the lure of idolatry and of the “fleshnots." 
While Moses is away on Mount Sinai the 
Israelites fashion and worship the Golden 
Calf, and when he returns, he resorts to sava ge 
measures, commanding the Levzfes — the 
shock troops of the new order, the Red .Guard 

— to pul the idolaters to the swonL Walzer 
describes the slaughter as “the first revolution- 
ary purge.” 

This is by no means the whole story, howev- 
er. Moses is capable of kindness as well as 
anger, he works by teaching as well as terror. 
And the covenant that he enforces in his role of 
lawmaker is with the entire people, not with a 
priestly caste or an elite. It presupposes “the 
moral competence of ordinary men and wom- 
en," and it opens the way “for a different and a 
more democratic kind of politics. 1 ’ 

It also offers a better life, in terms that 



rerrta *• * 


1 Fishhook part 

2 Sandwich 
moisten er 

3 Storehouse for 
grain 

4 Kimono 
accessory 

5 Modem 
appliance 

6 Succored 

7 Airtight pots 

8 Dover 

9 Navy's C.I.A. 

10 Collection of 
hives 

11 Perch 


12 Critical 

13 Ne'er-do-well 
19 Food warmers 
22 Sea accipiter 


44 Glum 

45 Dramaturgy, 
far one 

46 Wheel spokes, 
e-g- 

47 Idyllic locales 

48 Stopover site 

50 Emulates 

Cordero 

"52 Colonnade 

53 Pinocchia, at 
times 

54 Peak near the 
Aegean 

55 Buck-and-wing 
segment 

57 Emerson's 

“Give to 

Love” 

59 Smidgen for 
Spor 


ing his rod while the Egyptian army drowned 
jlnsteffens (who in 1926 


■© New York Times . edited by Eugene Maleska. 


DENNIS THE MENACE 



THAT SCRAMBLED WORD GAME 
m toy Henri Arnold and Bob Lee 


Unscramble these four Jumbtes, 
one letter to each square, to form 
(our ordinary vraids. 



OINES 

X3 


SHUBAM 


~TXT~ 



DUSHOL 

I 


in 


V\/A^ THE CLAM 
PI&&&Z THIS-?’ 


Now arrange l he circled letters to 
torm the surprise answer, as sug- 
gested toy l he above cartoon. 


^■ nn rm 1 1 .m 


Friday* 


WEATHER 


EUROPE 


Algarve 

Amsterdam 

Alban 

Bcurce tone 

Beterode 

Berlin 

Brussels 

Bocfaaresi 

Budapest 


COrtaDelSol 

Dublin 
E din burns 


Frankfort 

Geneva 

HBtSMCl 

Istanbul 
Lai Polina* 
Lisbon 
London 
Madrid 

Milan 


HIGH 

LOW 


ASIA 

HIGH 

LOW 


C 

F 

C 

F 



c 

F 

C 

F 


17 

63 

14 

57 



32 

90 

22 

72 

Ir 

-7 

19 

-B 


hi 


3 

30 

0 

32 

fr 

17 

63 

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48 

fr 

Hosis Korea 

18 

64 

16 

61 

r 

15 

1 » 

10 

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Manna 

31 

BB 

24 

n 

fr 

2 

36 

1 

34 

cl 

New Deal 

20 

68 

9 

48 

fr 

-6 

21 

-10 

14 

tr 

Seoul 

4 

39 

0 

32 

o 


21 

■4 

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fr 

ShecsrSseii 

10 

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4 

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SOwsaBoro 

26 

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AFRICA 






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9 

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fr 


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13 » S 
33 73 14 

14 57 12 
-2 28 
19 54 


Caoe Town 
Casablanca 


17 *3 
14 57 


■IT 


Munich 

Nice 

OHO 

Pais 


ROrkiavK 

Rente 

Stockholm 

Strasbourg 

Venice 

Vienna 

Warsaw 

Zurich 


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34 1 34 

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Taels 


24 75 17 S3 
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24 79 
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25 77 
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Lima 27 81 20 68 fr 

Mextoa Cltr 25 77 5 41 Ir 

Made Janeiro 32 90 24 75 fr 

5se Paulo — — — — nq 


NORTH AMERICA 


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28 -7 


MIDDLE EAST 


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Damascus 

Jerusalem 

TMAwtv 


12 W 1 
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13 55 -1 

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20 68 7 


OCEANIA 


Auckland 

Svdmnr 


26 79 IS 59 


26 TV 15 59 



affanfa 

13 

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Houston 

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Montreal 

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rt-ctoudv: to-tomy; Ir-lolr; tt-hali; <MWraa4j pc -partly douay; r-rauii 
sh-shawercr wwnow: st -stormy - 


MONDAY’S FORECAST — CHANNEL: Very chewy. FRANKFURT: Fair. 

Temp .- 10 12 (14-101. LONDON; Stww. Temp. 4 - -4 (26-2$). MADRID; 

Overrent. Temp. 12-5 154-41J. NEW YORK: Fair. Temp. 3—2 (38-281. 
PARIS: C - — - - ' - ’• ” ■" 


SEOUL- T Clwdr.'T8tnp. 6—0 143—321 . Singapore:' srormV. Temu. 'K—25 

(M- 771. TOKYO; Cloudy. Temp. 15 - 7 IW - 451. 


IT’S A CAKING HUSBAND WHO 
WONT TAKE ON MORE VOLUNTARY 
> WORK THAN HIS WIPE CAN 


in the sea) and Lincoln 

wrote a full-scale apologia for Lenin called 
“Moses in Red”)- 

But for the most part, Walzer sticks fairly 
close to the biblical narrative. While his aim, as 
he says, is to read the text in the light of 
subsequent interpretations, “to discover its 
meaning in what it has meant.” he also argues 
that the uses to which it has been put are not 
violations or mere inventions. The text itself 
de man ds to be understood in political terms; it 
is “a paradigm of revolutionary politics." 

In the first place. Egypt as it is portrayed in 
the Book of Exodus is not just a scene of 
misfortune, but a society that is judged and 
condemned. It is a house of bandage, of op- 
pression that is primarily soda! and economic 
in character. True, the Israelites are also threat- 


anyone can understand — life in a land flowing 
with milk and honey. But the promised land is 
not to be confused with the Big Rock Candy 


Mountain; it will only fulfill its promise if its 
' i fulfill tl 



new inhabitants fulfill theirs, if they become “a 
kingdom of priests” — a kingdom without a 
king — “and a fio/y nation/' 

Walzer ’s discussion of the twofold nature of 
the divine pledge is particularly searching, and 


goes well beyond a simple opposition between 
the material and the spiritual: “1 


“There is, if I 
may say so, an idealism, a spirituality, a high 


theory of milk and honey; add it is easy to see 
Stettin the text — that the 


— indeed, it is suggest 
Levites have a material interest in holiness.” 

Eventually, the Israelites crossed the Jordan, 
but the realities of history fell pitifully short of 
the ideal they had cherished in the wilderness, 
and in time their disappointment gave rise to 
mes-fi anifim. Messianic thought has its origins 
in the idea of a second Exodus, but it lacks 
“precise historical and geographical dimen- 
sions," Walzer writes, and “shines all the more 


brightly in mental space.” By contrast, the 
original 


original Exodus story continues to provide a 
framework within which oppression and liber- 
ation can be thought of in mis-woridly terms. 

Here we are at the heart of Walzer*s argu- 
ment His main purpose in “Exodus and Revo- 
lution” is to defend radical politics against the 
assumption that they are always messianic 
(with all the dangerous fanaticism which that 
implies), and at the same time to find a lofty 
spiritual warrant for a more down-to-earth 
approach in which there are no absolutes and 
the struggle has to be constantly renewed. 
Exodus, mi this showing, is a sacred text for 
social democrats. 



J'.t,.:-. Nilsson: *! 


John Gross is on the staff of The New York 
Times. 



Bast 


BRIDGE 


•^Weii l. i. 


By Alan Trascott 


GARFIELD 


CANT V00 CLOSE VOOR MOUTH 
TO EAT? VOU'RE HARP TO 
LOOK AT 



O N the diagramed deal 
South's jump rebid of 
three hearts was a slight over- 
bid. but he was encouraged by 
his partial fit in spades. 

South won the opening dub 
lead, led a trump to the jack 
and drove out the ace. He 
ruffed the club return and took 
a spade finesse. He was pre- 
pared to fall back on a dia- 
mond finesse if the spade fi- 
nesse lost to the queen, and as 
the cards lay this plan was due 
to succeed. 

But the spade finesse did not 


lose. Instead of winning with 
the queen East produced the 
ace, creating the illusion that 
his partner held the queen. 
East then shifted to a diamond 
. and South naturally thought 
that he did not need a diamond 
finesse. He put up the ace and 
repeated the spade finesse, ex- 
pecting to make an ovenricL 
To his horror East produced 


west 

♦ 883 
v a 7 
0 8 75 

* Q 1 « 8 4 


the spade queen and the din- 
ting foi 


- ... - 

NORTH -a ■ .■/ . . . 

* X J 1082 

O J 8 3 t:r-r 

o q to t.-v. 

* 8 3 2 .-r.— ... 

EAST -.=-. • •• 

• AQ 
0 54 

OXBB32 

* X 783 
SOUTH (D) 

*7 54 

■3 KQ 10 082 

OAJ4 - 

* A 


mood king for down one. 

In theory. South should 
have taken the diamond fi- 
nesse to allow for the possibili- 
ty that East had false-carded. 
Bui it is hard to blame him. 


Neither side was vulnerable. Tbs 
bidding: 

SomA Wan North Eu> 

1 V Pass. 1 * P»8* 

3 7 Pass 4 0 Pass 

Pass Pass 


•—» - i . " r • 

=- -v- .! ; - f 


w«tt tod the dub queen. 


SPORTS BRIEFS 


Baseball’s Sick Call i Who’ll Make It Back? 


'■y ' 


3 «:s- / 


John Henry Named 1984 Horse of the Year 


-i- , - 


(Answers tomorrow) 
Jumbles: COUGH FUROR MULISH APATHY 
Answer. What the acrobat made a success of— 

A ■•FLOP" 


LOS ANGELES (AP) — Ten-year-old John Henry has received the Eclipse 
Award as U.S. thoroughbred racing's horse of the year Tor 1984. History's richest 
racehorse, who was named horse of the year in 1981, won over Slew o' Gold in 
voting by the Thoroughbred Racing Association, the National Turfwriters Associa- 
tion and Daily Racing Form. The award was announced Friday nighL 
As a 9-year-old in 1984, John Henry won six of nine starts, all of them slakes. He 
won S 2,336,650. boosting his lifetime earnings to $6,597,947. John Henry is the 
oidest-ever horse of the year; the next-oldest was another gelding, Kelso, who won 
his fifth straight honor in 1 964, at the age of 7. Forego, another gelding, was 6 when 
he won in 1976. 

John Henry, owned by Sam Rubin, also won his fourth Edipse Award in five 
years as grass champion. Slew o' Gold, who retired to stud after a four-year 


campaign, won an Eclipse as best older horse. 


Henry's career record includes 38 triumphs, 15 seconds and nine thirds in 
S3 starts. In 50 turf starts, he has 30 victories, 10 seconds and five thirds. 


O’Meara Leads by 4 in Hawaiian Open Golf 


HONOLULU (UPI) — Mark O’Meara closed in on his second consecutive PGA 
Tour victory Saturday by shooting a 7-under-par 65 to open a four-stroke lead over 
Larry Nelson and rim Simons after three rounds of the Hawaiian Open. 

O’Meara, who won the Bing Crosby National Pro-Am last week, took command 
Saturday with a three-day total of 1 bunder-par 198. Andy North, who started the 
round with O’Meara at 1 1-under 133, shot a one-over 73 and was at 10 under. North 
had shared the first-round lead with Scott Simpson, Dan Halid arson and Hal 
Sutton at 66. 


Nelson and Simons, who started the third-round in a tie for third with Larry Mae 

with Bi 


and North, each had 4-under 68s. Mize and Ed Fiori are at 13 under with Buddy 
Gardner, who shot a third-round 65. Simpson and Craig Stadler are another shot 
behind. 


Sale of NBA’s Chicago Bulls Is Approved 


CHICAGO (AP) — A group headed by Jerry Reinsdorf, coowner of baseball's 
Chicago White Sox, has acquired the majority interest of the Chicago Bulls erf the 
National Basketball Association for $9.2 million. 

The purchase was unanimously approved Saturday by the league's board of 
governors. The approval was necessary because of Rdnsdorfs ownership of the 
baseball team. 

Lester Crown, chairman of the board of the Bulls, said it was anticipated that the 
sale, for 56-percent interest in the team, would be closed by March 1. 


U.S. Davis Cup Team Named to Meet Japan 


NEW YORK (AP) — Eliot Teltscher, Aaron {Cricks tein. Ken Flach and Robert 
Seguso have been named to lx U.S. Davis Cup team, which win meet Japan at 
Kyoto March 8-10 without. J>»hn McEnroe and Jimmy Connors. 

McEnroe, the mainstay of the U.S. team in recent years, and Connors recently 
said they would not play in the first-round match against Japan, which the 
Americans are expected to win. 

The meeting will be ihe fir&i cup inaich between the united States and Japan 
since 1953. The United Slates has won all seven of the previous meetings. Japan has 
only one victory in singles, coming in 1929. 


Sew York Times Semce 

NEW YORK — With snow soon 
about to give way to sunshine in the 
world of baseball, teams are scruti- 
nizing ailing arms and legs to deter- 
mine whether the walking wounded 
of 1984 will be prepared to play in 
1985. 

The Milwaukee Brewers, for ex- 
ample. have four players returning 
from injuries and operations whose 
availability or absence will make an 
impact on the team's season. The 
players are Robin Yount, Paul Mo- 
litor. Roliie Fing'- rs and Pete Vuck- 
ovich, and among them they won 
the American League Most Valu- 
able Player and Cy Young Awards 
in 1981 and *82. 

The Detroit Tigers, the reigning 
champions, have two players. Milt 
Wilcox and Alan Trammell, who 
had off-season surgery. San Diego, 
the National League champion, 
lost Kevin McReynolds with a bro- 
ken wrist in the pennant playoff. 
Bob Homer, Atlanta's slugging 
third baseman, broke his wrist for 
the second consecutive season and 
underwent surgery only two 
months ago. SL Louis recently ac- 
quired Jack Clark, who had knee 
surgery last season. 

“Having these guys come back,” 
saidMilwaukee’s general manager. 
Harry Dalton, of his injured play- 
ers,, “would be like making several 
major trades without giving up 
anything.” 

A status report on some of the 
more significant players who are 
coming back from injuries: 

AMERICAN LEAGUE 

Milwaukee; Yount (shoulder 
surgery) had a cortisone shot 10 
days ago, then began throwing and 
said he felt stronger. Dalton says 
the Brewers probably won't know 
until late in spring training if he 
will be able to open (he season at 
shortstop or play left field he the 
designated hitter or sit on the 
bench. Molitor (elbow surgery) has 
an 80-20 chance to open the season 


at third base, Dalton says. Fingers 
(back surgery) started throwing last 
week but doesn’t want to begin 
building up his arm until spring 
training. Vuckovich (shoulder and 
elbow) has pitched in only three 
games the post two seasons, is en- 
couraged about prospects of pitch- 
ing this year, but the Brewers recall 
he reported to camp a year ago 
feeling good and never made it out 
of camp. Chuck Porter (elbow sur- 
gery) won't be able to pitch until 
late in the season. 

Detroit: Wilcox (shoulder sur- 
gery) has beta doing light lifting 
and stretching, and the team doctor 
says he should be ready to throw 
when camp opens. But the Tigers 
aren't counting on him for the start 
of the season. Trammell (shoulder 
and knee surgery) is throwing and 
running and. the Tigers say, is 
ready to play. 

Baltimore: Mike Flanagan (torn 
Achilles tendon) can't run until 
July. Scott McGregor (broken fin- 
ger) is ready. Tippy Martinez 
(shoulder) has been throwing with 
no problem. Dan Ford (knee sur- 
gery. broken wrist) is expected to 
be ready. 

!■ v- " 



Robin Yount 


Boston: Roger Clemens 
(strained forearm) reports be is 
ready. 

Chicago: Carlton Fisk (pulled 
abdominal muscle) feels “a lot bet- 
ter," said Roland Hemond, the 
While Sox’ general manager. 
“We'll see in spring training wheth- 
er he's fully recovered.” 

Kansas Gty: Dermis Leonard 
(lour knee operations) has not 
pitched since May 1983 and will 
not be allowed to throw from a 
mound until Aug. 1. He then may 
be able to pitch four weeks after 
LhaL 

California: Rick Burleson (torn 
rotator cuff, dislocated shoulder) 
has played 51 games the past three 
seasons, and the earliest he is ex- 
pected to play this year is sometime 
in May, at which time he would 
play second base instead of short- 
stop. Ken Forsch (dislocated shoul- 
der and slight tear) has been throw- 
ing well and could return to 
starting rotation. 

Minnesota: John Castino (rwo 
back operations) has resigned him- 
self to retirement after his second 
spinal fusion last week. 

Oakland: Mike Norris (shoulder 
surgery) hasn’t pitched since Au- 
gust 1983, but Has been throwing 
well and thinks hell be ready to 
pitch this season. Rick Langford 
(elbow surgery) has pitched in 10 
games the past two seasons and is 
given less of a chance than Norris 
to open the season on the A's staff. 

Seattle: Gorman Thomas (tom 
rorator cuff) is not allowed to 
throw until dose to opening day 
but has been taking batting prac- 
tice and is expected to be the desig- 
nated hitter. 

national league 

San Diego: McReynolds (broken 
wrist) has the splint off. is doing 
range-of-motion exercises and will 
be able to hit at the start of spring 
training if he continues progressing 
as expected. 

Atlanta: Homer c broken vinst) 


had surgery Dec. IS for the second 
such injury in two seasons and 
won’t know uutil March 4 if he can 
go to spring training. Len Barker 
(d bow surgery) will throw from the 
start of camp and is expected to be 
ready at or soon after the start of 
the season. Ken Oberkfelt (broken 
thumb) is ready. 

Los Angeles: Steve Howe (elbow 
surgery), delayed in his comeback 
from drug-induced suspension, 
should be able to throw early in 
spring training. Tom Niedenfuer 
(shoulder and elbow) has been 
throwing and feels good. Rick 
Honeycutt (shoulder surgery) has 
been throwing and expects no trou- 
ble. 

Houston: Dickie Thon still has 
fuzzy vision, the result of bring hi* 
by a pitch last April. He tried play- 
ing winter ball, then stopped and 
limited himself to working out with 
San Juan. "We’re j usi going to wait 
and see how he develops in spring 
training,'* Andy MacPhaii, assis- 
tant general manager, says. “We’re 
trying to create the best environ- 
ment for him to gel belter.’’ Bob 
Knepper (knee surgery) is expected 
to be ready to throw from the start 
of spring training. 

Montreal: Andre Dawson 
(knees) has been tested mechani* 
cally and. Murray Cook, genera! 
manager, says he “nearly lifted the 
machine off the floor. He’ll always 
have an arthritic condition, but we 
couldn't ask for any more.” Terry 
Francona (knee surgery) has recov- 
ered well enough. Cook says, dial 
he should be ready to play the out- 
field if needed, which wasn't 
pected so soon. Fred Breimng 
(shoulder surgery) has been throw- 
ing every other day and is wen 
ahead of schedule. „ . 

Pittsburgh: Bill Mjdlock 
surgery) began hitting recently anu 
plans to begin throwing soon- He 
says he doesn’t know how his arm 
will respond, but he's gearing mm - 
self to be ready h\ opening day-_ 


>a. ‘ '»•’=»-:* -. 

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■> - t. 






3- C? 



INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 11, 1985 


Page 19 


* 



Hm Aan oo Ud Pw» 


Jonas NUssoa: ‘Never again fourth.' 


SPORTS 


France 1-2 in Women's Slalom ; 


Nilsson Surprise Victor in Finale 


Compiled by Our Stuff From Dapaidta 

BORMIO, Italy — Perrine Pekn 
benefited from Erika Hess's fall to 
win the women's slalom at the 
world Alpine ski championships 
here Saturday and crown a long ca- 
reer with her first-ever gold medal. 

On Sunday. Jonas Nilsson's dev- 
astating second run upset favored 
Marc Girardelli of Luxembourg in 
the men's slalom, the final event of 
the competition. 

Nilsson lay third after a first-leg 
time of 49.67 seconds, well behind 
leader Girardelli. But the Swede 
powered through the 66 gates of the 
second run in 49.49 for an aggre- 
gate 1:38.82 — beating Girardelli 
by six one-hundredths of a second. 

Girardelli had a relatively poor 
second run. and finished with a 
1:38.88 total for the silver medal. 
Austrian Robert Zoller won the 
bronze in 1:39.35, with defending 
champion lngemar Sienmark of 
Sweden fourth in 1:39.74. 

Christelle Guignard. Pelen’s 
teammate, took the women's silver 
medal, giving France its besl-ever 
world championship result, while 
Paoleita Magoni won host nation 
Italy's first medal in these champi- 
onships. the bronze. 

“I was only missing the gold — I 
had silver and bronze already." 
said Pelen. runner-up or third four 
times at previous world champion- 
ships or Olympic Games. “But 1 
had never given up hope of winning 
a title ” said the 24- year-old, who is 
in her ninth season on the World 
Cup circuit. 

“It's great not to hear those 
Swiss cowbells clanging again.” she 
said at the finish line. 

Pelen lay second behind defend- 
ing champion Hess after Saturday's 
first run. But the Swiss favorite TeU 
eight seconds into the second leg 
when she failed to make a turn. 
Disconsolate. Hess hunched down 
on her skis and cried, her chance 
gone of adding the slalom title to 
the combined-event gold she had 
won five days before. 

Pelen had runs of 45.48 and 
44.10 for an aggregate of 1:29.58. 
Guignard. ninth after the morning 
run, was fastest in the afternoon to 
clock 1:29.93. while Magoni fin- 
ished five-hundredths of a second 
slower. 

Only 29 of the 56 starters com- 
pleted both runs on a soft course 
made still mushier by light rain 
(American Tamara McKinney and 
Italy's Maria Rosa Quario were 


among those to fall). Fourth place 
went to Austrian Anni Kron- 
bichler, with Brigitte Oerdi of Swit- 
zerland fifth and Polish twins Dor- 
ola and Malgorzata Tlaika sixth 
and seventh. 

Pelen said her victory, the first 
by a Frenchwoman since Fabienne 
Serr.u won the giant slalom at the 
1974 world championships, was 
not necessarily the cue for her to 
retire. 

“I’ve got lots of time to think 
about that. I can decide at the end 
of the season.” she said. “For now. 
I'm just happy to get the gold." 

Guignard first burst into the 
limelight at the 1984 Olympics, 
when she led the slalom after the 
first leg only to fail to finish the 
second. Magoni, equally unknown 
then, came on to take the gold. 

Guignard had won two World 
Cup slaloms this winter and is tied 
for second with Pelen. behind Hess, 
in the cup slalom standings. But 
she was first to go in Saturday's 
morning run. and had to cut a track 
on a course lightly covered by fresh 
snow overnight. 

“I had to really attack in the 
second leg," she said. “I'm happy 
because it's the result that counts, 
and I didn’t have the luck at Saraje- 
vo." 

Magoni under pressure from 
Italian fans and journalists to do 
well, had to go all-out in the second 
run after placing eighth in the first 
“I couldn't believe it when I saw 
Quario and Hess fall" she said. “I 
knew that would give me a chance 
for a medal so I went all out I 
couldn't have gone better in the 
second leg, but 1 think I lost the 
silver when my goggles came down 
over my face and 1 lost time ripping 
them off.” 

Sunday's men's slalom was held 
on an icy course, which caused the 
downfall of many of the top- 
ranked skiers — including Pirmin 
Zurbriggen of Switzerland. 

Zurbriggen, seeking his fourth 
medal at the championships, strad- 
dled a gate in the first run and was 
disqualified. 

Only 38 of the 89 starters com- 
pleted the first run. and despite 
slightly higher temperatures for the 
afternoon beat the series of falls 
and missed gates continued. 

Nilsson said his fourth-place fin- 
ish in the 1984 Olympic slalom 
spurred him on. “I said to myself, 
‘Never again fourth.’ 1 thought it 
was better to go out than finish 



fourth again," said the tall, solidly 
built Swede. “1 knew 1 had a chance 
for a medal if I had a good day — 
but 1 never thought it would be 
gold." 

Nilsson. 21, missed a bronze in 
the Olympic slalom at Sarajevo by 
five-hundredths of a second. A sla- 
lom specialist, he joined the World 
Cup's first-group elite this season, 
in his third year on the circuit. He 
has placed second twice in 1984-85 
cup slaloms this season — once 
behind Girardelli and once behind 
Andreas Wenzel. 

Sienmark, who has won four 
world championships, said he was 
not surprised to see Nilsson in the 
top three, but added. “I really 
didn't think he would get a gold. 
His second beat was impressive." 
Sienmark won the slalom gold in 
the 1982 world championships in 
Schladming. Austria, the last time 
the event was held. 

Girardelli. billed as almost a sure 
winner, accepted his second place 
uncomplainingly. “Of course I’m 
disappointed, but it's impossible to 
win ail the time," said the World 
Cup points leader. ‘‘It uas good 
competition and I’m happv with 
second.” 

For Zoller, the third-place 
bronze was on all-or-nothing affair. 
“I wasn't nervous at all.” said the 
I90-pound(86-kilogromj Austrian, 
who is among the biggest men in 
ski racing. 

“No one can say 1 was too fat to 
do well" (UP!. AP) 


Sowers 

Guignard: Finally some lucfc. 


All-Star Watch: Some NBA Criteria 


By Anthony Cotton 

H'mfajigwn Pail Sen tee 

INDIANAPOLIS - What 
does it take to be an NBA all- 
's tar? 

Doubtless it involves some- 
thing a bit more complex than 
the method used by BO! Laim- 
beer. For the past two seasons, 
the Detroit Piston center has 
been a last-minute addition to 
the National Basketball Associa- 
tion game, substituting a year 
ago for an injured Moses Malone 
of Philadelphia. 

Sunday at the Hoosier Dome 
here. Laimbeer was to replace 
Washington's Jeff Ruland. who 
has a sore shoulder, on the East- 
ern Conference rosier. In the 
35th year of the midseason game, 
the East was hoping to win for 
the sixth straight year. 

It wasn't just dumb luck that 
put Laimbeer in a position to 
replace Malone and Ruland. 
Last season he bad 13 points and 
five rebounds to help the East to 
a 154-145 overtime victory. Two 
years ago Laimbeer even came to 
the game through the front door, 
selected by the conference 
coaches. 

It seems relatively easy for a 
coach to plug in a Laimbeer for a 
Ruland — or a Buck Williams 
(who wasn't here this time) or a 
Teny Cummings (who was). Yet 
being one of the finest players in 
the entire world isn't enough to 
moke you one of the select who 
play in this game. What sepa- 
rates the elite from the rest in a 
276-player league isn't some- 
thing easily determined. 

“There's a bit of luck in- 
volved,” said Boston's Dennis 
Johnson. “You not only have to 
be with the right team but in the 
right position within that 
group. 

“It's a lot of little things," add- 
ed Larry Nance of Phoenix. 
“Bunches of guys score the same 
amount of points, but a blocked 
shot or a slam dunk can make a 
coach remember you when it’s 
time to pick the team." 

Kareem Abdul-Jabbar of the 
Los Angeles Lakers and Bernard 
King of New York fdt that the 
main consideration was being on 
a w innin g team, because of the 
recognition that comes from be- 
ing in the spotlight Although 
that may help to account for the 
inexplicable absence of forward 
Purvis Short of Golden State, it 
does little to justify the inclusion 


of such players as Norm Nixon 
of the Los Angeles Clippers or 

Adrian Damley of Utah. 

Or of King for that matter. 
Averaging 30.9 points a game, 
the forward’s individual bril- 
liance has shown through the 
muck that has characterized the 
18-33 Knkks. That King is on 
the roster despite bis team’s 
flaws strikes closer to the true 
makeup of an all-star. 

As Dallas guard Rolando 
Blackman, making his first ap- 
pearance in the game, put it, 
“Reggie Jackson talked about 
being the straw that stirred the 
drink. All these guys are the mix 
masters," 

“It’s really not that different 
from the dynamics that go on 
among each individual team,” 
King said. “Why is one guy start- 
ing and another the 12th man? 
He’s generally more talented, 
more versatile and has more spe- 
cific skills than the others on the 
team." 

According to Laimbeer, the 
main attribute of an all-star is 
consistency. “There are guys 
who will score 30 points one 
night and two in the game after 
that; they're all-pros and then 
nonexistent. The guys here do it 
every night, night in and night 
out, and when they're expected 
to." 

When that happens, your 
place as an all-star is almost as- 
sumed. no matter what the cir- 
cumstances. King, for example, 
has missed 16 games this season. 
Ruland was selected during a 
stretch when he was absent for 
12 of 13 games. What mattered 
in both cases was that when they 
were on the court there never was 
any question of what each would 
provide for his team. 

Ruland, in his fourth year in 
the league, attained all-star sta- 
tus quickly. Players like Domi- 
nique W ilkins of Atlanta and Or- 
lando Woolridge of Chicago 
hope to attain mat level soon. 
Both had merited playing in Sun- 
day's game rather than just par- 
ticipating in Saturday after- 
noon's annual slam-dunk 
contest, but in the eyes of the 
NBA coaches and especially in 
those of the voting public, they 
haven't been gooo enough long 
enough to be a selection. 

Julius Erving of the 76ers and 
George Gervin of San Antonio 
are automatic choices. Erving, 
35, is enjoying a fine season but 


is increasingly being used os a 
role player by Coach Billy Cun- 
ningham, Gervin. 34, also is 
slowing down — to the point 
where it look a recent scoring 
binge to bring his average com- 
fortably over the 20-poim mark 
and convince skeptics that his 
skills hadn't eroded entirely. 

Says Nance: "The fans wiD 
always have their favorites for 
whatever reasons. Dr. J could be 
having a sorry year 10 years from 
now and he’d still be starting’' 

Some would say so what? Per- 
haps they’re right, given what it 
took for an Erving or a Gervin to 
reach their present positions. 
Dave Wohl, an assistant with the 
Lakers, is of that persuasion. 
“It’s not just talent." he said. 
“These guys have, over the 
course of season after season, 
displayed the mental tenacity 
and been able to maintain U. 
That places them above the other 
players in the league. 

“It's almost a vicious cycle.” 
he said. “Once you show that you 
can do it. attain and maintain 
excellence, it's always on your 
shoulders. You can't have an off 
night, coaches expea you to be 
great, fans expect you to be 
great, it never stops. " 



Dominique Wilkins 

Sfam-dunker. but not an all-star. 


SCOREBOARD 


Basketball 


Selected U.S. College Scores 


77 

Dili 


FRIDAY'S RESULTS 
BAST 

— Botes 91, Husaon 75 
Bnmm 70, Dartmouth 65 
- Colby W. WesJryon ffj 

■ Comal I «, Princeton 47 
■" Delaware St. 76. S. Carolina St. 70 

Harvard 75. Yale 71 
Hunter 60, CCNY 5* 

Kino'S Point 7V. Cothollc 59 
La SaHe 7b St. Peter's 57 
Perm 71, Colombia SI 
Trenton st. V>. Montclair SI. 56 
Trinity 70. Bowdoin 61 

SOUTH 

‘ N. Carolina AST 70. Howard 65 

• N.C.-Grvensbani 71V Chris. Newport 61 
Vlralnla Union 77. Virginia SL 59 

MIDWEST 
;• Dubuque 73, Buena Vista 59 

South Dakota 59. North Dakota SB 
William Penn K Simpson 5B 
SOUTHWEST 

v SW Louisiana 76, Pan American 60 
FAR WEST 
Air Force 71. Reals S3 
Chico St. 79, San Francisco St. 6B 
mow ana 71, Idaho 50 
Montana St. 65. Boise St. 65 
Nevada- Reno 160, Idaho SL 92 
Portland 59, Gonzaao SB 
Weber SL B7, N. Arizona 76 

SATURDAY’S RESULTS 
EAST 

,. ; f American intamathmaJ 50. Stanehlll 45 
Amherst 71 Brandels 69 
. Army 74, torn 73 
■“ 1 Brooklyn Cot 90. Dominican. M.Y. 66 

Buffalo St. 75, Buffalo 62 
- Coast Guard 74, Anna Marla 62 
. Colby 76. Trinity 77 
Connecticut 56, Providence 70 
C.w. past B0. New York Tech 75 
. Delaware St. £7, N. Carolina AST 66 
' Dickinson 4R Froaklln A Marshall 46 
Drew S3. Havartord 49 
Drexel 64. Tawson SL 61 
Falrleioh Dickinson 69, SL Fronds. N.Y. 45 
Fordham 65. Fairfield 63 
Georoe Washington 84, Rhode island 75 
Georgetown 76, Boston CaL 68 
Hamilton 65. Skidmore 65 
Harvard B2- Brown 74 
Hobart 71. Clarkson 67 
Holstra 91. Buck roll 71 
King's PoM 61 Harhdrlck 61. OT 
Lafayette 61 Lehlsh 59. OT 
Manhattan 97. Holy Cross 88 
Martst 72, Long Island U. 63 
Marshall 75. Oradel 65 
• • • - Massachusetts 79, Penn St. 78 

Niagara 53. Maine 72 
Northeastern 74, Soslan U. 63 
Penn 48. Cornell 47 
Pittsburgh M. So ton Hall 68 
Princeton 61 Columbia 55 
Rhode island CaL 52. Bataan 76 
’ Rochester 70. Elmira 63 
Siena II. Horl to ttf 66 
SL Fronds. Pa. 51, Robert Morris 77 
SL John's TO. VHIonovo 65 
51. Joseph's 51, Duquezne 54 
Swathmare 93. Stevens Teen 77 
Temple SL SL Bemventure 52 
. union SB. Norwich SB 

Vermont 72, Monmouth, NJ. 65 
Wash. & JOH. si. Thiel «T 
-' wesievan 81 Bawdoin 57 

West Vlralnla 73. Rutaers 57 

■ Wldoner 5fc John* HortcJrw 34 

SOUTH 

• AhL-BUmimhom 77. W. Kentucky 62 
Auburn 75. Tennessee 60 

Clem son 90. South Carolina 51 
Delta St. 44, Tena-Marttn 63 
. Duke 70. Maryland 43 

• Florida M, Vanderbilt 66 
Furman m. W. Carolina 64 
Georws Mason 54, Richmond 53 

• - Georgia 79. Mississippi SL 74 
Houston BaatM Ml Centenary 51 
Jackson St. TO Tens Southern 7S 
Jacksonville St. 85. LMnoston 69 
Jamas ntaof&on 60 Navy 62 
Kentucky 67, Mississippi SS 

• N. Carolina SL 82. So. MalhodW 7& OT 
Norfolk SL 42. Virginia st. 41 

• Old Dominion 67. Jacksonville 65 
5£ Louisiana m. Sam Houston SL 68 
Tennessee Tech S3. Murray SL 51. 20T 

• Tnramttanoooa 69. Davidson 55 
Tutone 52. New Orleans 49, OT 

Vo- Commonwealth JO, South Alabama 45 
Virginia 74, Loutovllle 65 
. Virol ala Tech az Ctodmull 49 
VMl 64 Amdacnian St 56 
william & Mary 'bb, East Carolina 71 
MIDWEST 
Ban SL 64, T«ede 56 
Butkr 71, Bvanevillt 69 
Case Weeiem 74 Denison 69 
CMeaoa bb, fttoenTO 


Malone, Phil. 
Parish, Bast. 
Laimbeer, Det. 

Ktna. N.Y. 

Bird. BOS. 
Erving, PhL 
CunwninM. Mil. 

Jordon. Chi. 
Monarlef. MIL 
Thomas. Del. 
DJahnSon. Bos. 
Richardson. NJ 


(Head Coach: K.C Janes. Boson. Asslslani 
Coaches: Jim Rodgers. Chris Fort. Boston], 

WEST 

Center* 

G FG FT PtS Aug 
ADdul-Jobbr, LAL 51 *76 197 1144 2X4 
Otoluwon, Hou- 


49 484 304 1012 207 
51 365 265 W 194 
Forwards 

35 363 3)7 1563 
51 576 247 1400 27J 
49 427 273 1177 230 
49 427 I3S 990 202 
49 449 160 TOO 3 U 
Guards 

30 430 233 1093 21.9 
49 30l 191 917 187 

48 319 2IB 860 17.9 

49 374 « 855 17,4 

(Head Coach: Pa* Riley. Los Angeles Lan- 
ark- Assistant Copche*: Bill Berth*. Dove 
want, Lokers-1 


sixmo, Sea- 

DMffev, U«»h 
English. Pea 
Nail, Den. 
Nance. Phoe. 
Sampcoa Hou. 

Gervin. SA 
Stock man. DaL 
JohnSOfl. LAL 
Ninon. LAC 


Figure Skating 


Skiing 


Coe 57. Cornell (Iowa) 55 
Crelohtan UZ Indiana SL 77 
Dayton 60, Canlslus 52 
Defiance 02. onto Wesleyan 81 
Dr Paul fa Pewwrdlne 65 
E. Kentucky 41, Akron 55 
lIL-CMcopo 62. Valparaiso 47 
I R tools SI. 67, Drake 46 
Indiana 70. Northw e stern 59 
Kansas 73. Memphis St. 71 
Kenyan 66. Allegheny 64 
Knox 90, Illinois CoL 73 
Loyola, iil 197. Detroll 100 
Mankato SL 91. N. Colorado 58 
Miami. Ohio AS, E. Michigan 64 
Michigan 57. Illinois 45 
Missouri 71 Iowa SI. 70 
N. Dakota St 84. 5. Dakota 72 
Nebraska 66. Oklahoma SL 4B 
Onto U. 6a Bowling Green 56 
Oklahoma 51. Kansas St. 75 
Purdue 66. Michigan Si. 65 
Syracuse 65. Notre Dame 62 
Tuba 87, Wlchito SI. 75 
Wisconsin 92, Ohio Si. 7B 
Xavier, Onto 72. Si. Louis S3 
Youngstown Si. 71. Marehead SI. A5 
SOUTHWEST 

Angela St. 51. Abilene Christian a5 
Arkansas SI. 69, Lamar 67 
Ark.-Lfrtle Rock 65, Hardln-SImmons 62 
Louisiana Tech Kk N. Terns 51. 72 
Oral Raaerts 83. Bradley 73 
Stephen F. Austin 56. Nichalls St. 51 
Texas Christian 72. Arkansas 06, OT 
Texas-Arilnaton 75. NE Louisiana 74 
Tinas- EL Paso 97. Briaham Young 86. 30T 
W. Texas St. 44. S. Illinois 57 
FAR WEST 

Arizona 66, Californio 48 

Arinina Si. 91. Stanford 75 

Cal Soma Barbara 85, Fullerton SI. 69 

Co I- Davis B&. Sacramento SL B2 

Fresno SL 61 Nrv.-LOS VeoaS 52 

Hawaii Nk Cotorado State 59 

Humboldt St. 68. San Francisco SI. 66 

Havward St. 72, Chico SL 61 

IdCtoo SI. BB, N. Arizona 56 

Lorn Beach St. 72. San Jose St. 68 

Montana 65. Bgtae St. 49 

Montana Sr. 81. Idaho tl 

Partita Lutheran 97. Pacific 68 

Oregon Si. S3. Oregon 51 

San Dleao SL 79. Wyoming 70 

Seattle 56. Simon Fraser 54 

Southern Cal 64. Washington St. 55 

S. Utah 71, S. Colorado 65 

Texas AAI ST, E. New Mexico 68 

Utah 65. New Mexico 58 

Utah SL B0. New Mexico 5L 79 

Washington 67, UCLA Al 

Weber St. 77. Nev.-Rena a2 

Western Washington 101. Seattle Pacific B4 


NBA All-Stars 

Scoring staftsttes through Feb. 7 tor Movers 
to the National Basketball Association's an- 
nual Atl-Stnr Game, scheduled Sunday to ladl- 

anapont: 

EAST 
Centers 
G 


EUROPEAN CHAMPIONSHIPS 
(At Galaboral 
MEN 

FlAal Stood I DOS 

1. Jojcl Sabavtik, Czechoslovakia. 1A fac- 
tored placemenL 

Z Vladimir Kalin. Soviet Union. 43. 

1 Grzegorz FHtoovskL Poland. 7A. 

4 Helfeo Fischer. West Germany, 90. 
i Falko Kirsten. East Germany. 1X4. 

A. Viktor Petrenko. Soviet Union, 74.0. 

7. Fernand Fedronlc. France, 14A. 

8. Richard Zander. Well Germany, 148. 

9. Lots Akewon. Sweden. I5JL 

W. Petr Bo moa Czechostovdila. 1AJL 


ICE DANCE 
Final Stand Loos 

1. Natalia Bestemianova and Andrei Bu- 
kin, Soviet Union. 20. 

I Marina Klimova and 5eraol Ponomar- 
enko. Soviet Union. 40. 

1 Petro Born and Rainer Schanbom, West 
Germany. 6A. 

4 Karon Barber ana Nicky Staler, Britain. 
7.4 

5. Natalia Aimenko and Genrikh Sretensky, 
Soviet Union, TOO 

a. Kathrln Beck and Christoff Back. Aus- 
tria. 12A. 

7. Isabella Micheii and Roberto Pel In ola, 
Italy. U4. 

B. JlndraHolaand Karol Follon. Czechoslo- 
vakia. 140 

9. Klara Engl and Anita Toin, Hungary, 
180. 

ID- Antonia Beefterer and Ferdinand Be- 
cherer. West Germany. 200. 


Transition 


Fg Ft Pfs A VO 
49 395 448 1238 253 

58 352 163 567 17 2 

49 347 165 562 170 

Forwards 

35 420 251 1091 II 2 

50 SS8 221 1365 27J 

49 394 224 1014 20? 

50 489 229 1207 241 

Guards 

49 497 347 1345 27.4 

45 369 255 1026 228 

49 402 364 1055 22.1 

49 341 152 539 17.1 

50 403 135 960 19.2 


BASEBALL 
A me rican League 

BOSTON— Agreed to forms with Rich Ged- 
mon, colcher. 

CALIFORNIA— Reached an agreement 
with Dorvl Senders. First baseman, on a une- 
ven 1 contract. Signed Curt Kaut man, Ditcher. 

CLEVELAND— Signed George Vukovtan. 
out Holder, and Jay Bailer, pllcher, 10 one-vear 
contracts. 

KANSAS CITY— Peached contract agree- 
ments milh Joe Beckwtlh and Charlie Let- 
brandl. pitchers. 

National League 

PITTSBURGH— Announced IMI Rav 
Kiuwcrvk. and Jell Zaske. pitchers, have 
orareed 10 one-veor contracts. 

FOOTBALL 

median Football League 
CALGARY— Released Tommy Scott, wide 
receiver. 

HaftotMtt Football League 
ST. LOUIS— Named Jerry Smith special 
teams limaJu 

united States Football League 
ARIZONA— Stoned Junior Ah You. defen- 
sive end, to a two-year contract Waived 
Vance Bedford, defensive bock. Rabble 
McClendon, wide receiver, and Darrell Smith, 
runnma back. 

OE N ve R— Cut Mike ColL defensive lack le. 
HOCKEY 

National Hockey League 
DETROIT— Recalled Larry Trader, de- 
fenseman. from Adirondack tri I he American 
Hockey League. 

HARTFORD— Loaned Richie Dunn, do- 
tenseman.and Pat Boulette.lett wlng,1oBlng- 
hnmton ot the American Hockey League. 

N.Y. RANGERS— Sen Randy Heath, left 
wing, to New Haven of the American Hockey 
League. 

WINNIPEG — Signed Brian Mullen, left 
wing. 

COLLEGE 

AUBURN— Announced Rial Sonnv Smith, 
basketball coach, will resign alitie end nf the 

season. 

CHEYNEY— Named Mike Costa football 
coach. 

HOFSTRA— Named Lvnn Roller Held hock- 
ey and woman's lacrosse coach and Susan 
Wherum women's sofUsoli coach. 

IOWA— Announced tool Jonathon Hayes, 
tlphl end. will pass up his final Year of eltgtbll- 
itv 10 become oUgiMe lor me NFL draft. 

IOWA WESLEY AN-Annaunced in# resu- 
nat tan of Tam Home, football a»ch,and Dove 
Nelson, athletic director, to lehr the toatbait 
staH al Kentucky State University. 

la ROCHE— Announced the resionailail of 
John PosautoeiiL basketball coach; named 
Ed stostskv to realace him. 

MICHIGAN TECH— Announced lha reslo- 
neilon qf Jim Nanrgang.tiockflv coach, el fee- 
five May 31. 

providence— A nnounced that J« Mu»- 

taney, bosketfaoll coach, will retire from 
coaching at the end of the season but will 
retain his position t» associate otnielic direc- 
tor. 



World Alpine Championships 


WOMEN'S SLALOM 
(At Barmta, Irolvl 

1. Petrine Pelen. France, 45uNM4.10— 
1:79.58 

2. Christelle Gwlgnord, Franca. 44.10- 
43^3— 1-39.93 

i ftootetto Moooni, Italy. 

1.29.98 

4 Annl Kran bidder. Austria 41B0-44JB— 
1:30.18 

5. Brigitte Oert II. 5wt tier land. 4L7W44S- 
1:3021 

4 Darola Tlaika Poland. 4SA7-4456— 
1:3043 

7. Malgorzata Tlaika Palana 4541-4493- 
1:3054 

5. Carbine Schmldhauser, Switzerland. 
448343.90—1:3072 

9. Brtoltte God lent. Switzerland, 46JI- 
444B— 1:3079 

10 Eva Twvdofcens. UJ. 46J34SJI2- 
1:3135 

H. OigaQu»vatovaCz*dios*ovaWa.46J9- 
4534—1:31.93 

11 Svtvto Eder. Austria 4488-1556-1 : J2J6 

II Andreta Leskovsefa Yugoslav la. 4759- 

458S— 1:3147 

14 Blanca Fernandaz Ochoa Soola 4001- 
4479-1:3288 

15. Andrea Bedard. Canada 47874545— 
1:3332 

14. Elena Medztnradsha. Qtochutavakla 
47.924578—1:3179 

17. Heim Bowes. U5. 4047-4553—1:3488 

15. Alexandra Marasova Czechoslovakia 
48.11-4589— 1:3481 

19. Iran Vaiesova Czechoslovakia 4838- 
4633— 1:3451 

20- Karen Percy, Qmada 4839-46.74— 
1:3503 MENTi SLALOM 
(At Barmta) 

I. Jonas Nilsson. Sweden. 49334949— 
1:3089 

1 Marc Girardelli. Luxemboura 4901- 
4987—1:3888 

3. Runen zoller. Austria 49A74948— 
1:3935 

4 lngemar sienmark. Sweden, 4904-4958r 
1:3934 

5. Baton KrlzoL Yugoslavia 4930-5037— 
1:4007 

6. Paata Oe Chiesa Italy, 4980-5047— 
1:4037 

7. Daniel Mougei. France. 5008-5055— 
1:4043 

O F tar km Back. West Germany. 5872- 
5091—1 :4153 


9. Ivana EdallnL Italy. 51 JB-5138— 1 :42J3 

10 aim OloreL llalv. S1.1S41.a— 1:4186 

11. Martin Hanoi Switzerland, 51.90-5139- 
1:43.19 

11 Tori us Beroe. Norway. 5139-5101— 
1:4346 

II GunnorNcuriesser. Sweden. 51 32-5140— 
1:4172 

14 Hlroakl Ohiaka Japan. 5209-5250— 
1:4539 


IS. Firm Christian Jogge, Norway. 5187- 
5X14-1:4703 

14- Fredrik Zimmer. Norway. 5484-5199— 
1:4703 

17. Mkheoi Tommy. Canada 5452-5359— 
1:4831 

10 Miroslav Kotor. Czechoslovakia, 5488- 
55.17 — 1 *5085 

19. Jose Faz Mosctos. Sooln. 57.1+5557— 
1:5171 

20 Steven Lee. Australia 5706-5446- 
1:5432 


Internationa] Players Championships 


(At Delrov Beach. Florida I 
MEN'S SINGLES 
tttfpnfl Boml 

Anders Jarryd (41. Sweden, del. Tim Gulilk- 
san.A-1.4-3: Paul Amuxane del. NUloslav Me- 
clr, Czechoslovakia 6-1 7-6 (7-3); Ivan Lendl 
<11. Czechoslovakia, det. John 5odrL 7-6 (7-51. 
6-0; Jaaklm NvsJrom (81. Sweden, det. Ernie 
remandez. Puerto Rica 43. 7-5; Tom Gulllk- 
son det. Jaro Nnvratll Czechostovok to. 6-3. 6- • 
IMarc Flurdet. Roberl Vanl Hof. 5-7, 6-4 7-5; 
Tim wiiklson del. Don Cwsktv. 4-4 4-1 7-6 17- 
SI. Tomas Smld (111, Czechoslovakia def. 
Blaine Wllienbora 6-1 b-»; Sammy Glom- 
nralva det. Jimmy Brown. 7-6 (7-11,7-4 M-61. 

Stefan Edbera (13), Sweden, def. WDIIek 
Flbak, Poland. 6-1 641; Yannick Noah (9). 
France, def. Terry Moor. 4-1 *4: Shtomo 
GUckktetn. Israel del Pablo Arroyo. Peru. 7-* 
(7-1). 7-6 (7-3): Johan Krlek f6) def. Vtlov 
Amrltral. India 44, 64); Victor PeccL Pare- 
guov. def. Slobodan ZJvoilnwlc. Yugoslavia, 
4X 34. 7-4 (7-3). 

Aaron Kricksleln (5) def. Michael Robert- 
son. South Alrlca 4-1 6-3; Greg Holmes deL 
John Frawlev, Austral la4-7 (7-91,74(1041.6- 
0; Tarlk Benhoblles. France, det. Marfca Os- 
tala Yugoslavia 6-7 (5-71.4-46-2: Brad Dvke. 
Australia def. Ben Tester man. 74 (14-141.44. 
6-2; viios GeruialMs 1 12) del. Hans Glide meis- 
lor. Chile. 6-1, 4-2; Jimmy Arias (10) del. Lett 
Shtras, 4-3. 24. 43; Jen Gwmarssan. Sweden, 
del. Robert Ssgusa 44, 7-5 6-0. 

Tturd Round 

Anders Jarryd (4). Sweden, def. Shtamo 
Gileksteln, Israel 6-1. 6-1; Tomas Smld (11), 
Czechoslovakia del. Vince Van Patten. 74(7- 
5), 34.7-5; Scott Davis def. Paul Anna cone, 7-L 
44; Ivan Lendl ft). Czechoslovakia deL Vic- 
tor Pecci. Paraguay, 4-1 64; Merc Flur del. 


a 4-3; Harm Mandllkova (7). Czechostovakta, 
det. Kathleen Cummings. 4-1 6-3; Kim 
Shooter del.Monuela Maleeva (4), Bulgaria 
64.2-6,64; Gobrieta SabattnL Argentina def. 
Anna b el Crofi. Britain. 6-1. 6-3; Stephanie 
Relw det. Sabrina Galea Yugoslavia, 6-2, 6-1; 
Catarina Undavlsi 1151. Sweden, def. Tine 
Sctwur-Larsen, Denmark. 4-2. 4-1: Bonnie Go- 
duseh fll) def. Terry Hal today, 60, 6-1; Laris- 
sa Savchenko, soviet Union, def. Kale Gam- 
peri, defoull. Beth Herr def. Emllse 
Raponl-Lenga Argentina 6-1. 44. 74 17-01; 
Stetfl Graf, west Germany, def. Vlratolo 
wade, Britain. 4-2. 4-2; Susan Masco rln get. 
Carina Karisson. Sweden. 74 (841. 6-2- 
Thlrd Round 

Carl tog Bassett (10), Canada, del. Stephanie 
Rehe. 4-2. 43; Catarina Unttavlsf (15). Swe- 
den, del. Sara Gomar, Britain, 6-4. 6-1; Bettlna 
Bunge, West Germany, det. Larissa Sov- 
chenka USSR, 64. 43; Marilna Novratflova 
(II def. Catherine 5ulre.Fronce.4-l. 4-2; Harm 
Mandllkova (7), Czechoslovakia, def. Melissa 
Gurney. 6-1 34. 6-3; Mary Jo Fernandez def. 
Bonnie Gadusek fll), 74 (7-51.74 (73); Go- 
briela Saballnl, ArgenHna det. Kim Shoefer. 
43.61 ; Kathy Jordan (9) det. Peanut Louie. 3 
6. 4-1, 64; LtUon Droscher. Switzerland. deL 
VlrghitB Rudcl Romania 6-2, 64. Wendy 
Turnbull (3). Australia def. Beta Herr, 64. 6- 
2; Barbara Potter (12) deL Lori McNeil, 63.6- 
2; Sleffl Graf. West Germany, det. Catherine 
Tanvtor, France. 63. 7-5; Pam Cosale def. 
Susan Mascartn.6-0.6-7 (431.6-1; Chris Evert 
Ltoya (2) aet. Alyda Moulton, 6-1 6-2: Kathy 
Rinaldi, def. Zina Garrison (8). 7-5. 6-1. 

Foortfa Round 

Ha no Mandllkova (71. Czechoslovakia del. 
Mary Joe Fernandez. 60, 60. 


1 

ff Switzerland 

G 

4 

S 

3 

B 

1 

Tol 

■ 

Jaaklm Nysfrom (81. Sweden. 1-4. 6-3, 4-4; 
Sieian Edbera (13). Sweden, del. Hank Pfb- 

1 T? . O 1 

| France 

| Untied States 

1 

1 

0 

0 

3 

7 

4 

ter. 44 6-4; Yannick Noah (91. France, def. 
Tom Gul liluon, 7-5, 6-1 ; Jan Gunnarssoa Swe- 
den, del. Jonathan Canter. M, 6-Z 6-f; Brad 

European 

ooccer j 


titlist Josef Sabovcik. 


Sweden 

Austria 

Luxembourg 

Italy 


Dvke, Australia def. Tim WUktsan. 7-5, 7-5. 
WOMENS SINGLES 
Second Round 

Marilna Novrattiova (11 def. Robin while, 6- 



WORLD CUP QUALIFYING 
Eoropeaa Group Two 
Malta I. Portugal 3 

Potato Stood) nos: Portugal 6; Sweden L 
West Germany 4; Czechoslovakia 2; Malta 8 
Next Matches: Feb. 74. Portugal vs. West 
Germany ; March 27. West Germany vs. Mal- 
ta.- April 2c. Malta vs. Czechoslovakia; May 1. 
Czechostovok In us. wefl Germany. 


National Hockey League Standings 


WALES CONFERENCE 
Patrick DlvUen 



W L 

T 

PtS 

GF 

GA 

Washington 

34 

14 

B 

76 

237 

163 

Philadelphia 

38 

16 

7 

67 

224 

168 

N.Y. Islanders 

30 

22 

3 

63 

2S3 

215 

N.Y. Rangers 

17 

28 

9 

43 

189 

222 

Pittsburgh 

18 

28 

5 

41 

183 

234 

New Jersey 

17 

29 

7 

41 

183 

211 


Adams Division 



Bui tale 

77 

15 

12 

66 

Ml 

153 

Manti-ca) 

27 

18 

to 

64 

212 

194 

Quebec 

25 

22 

8 

58 

213 

19S 

Boston 

25 

23 

7 

57 

206 

195 

Hartford 

17 

29 

e 

40 

176 

231 


CAMPBELL CONFERENCE 
NarrH Dtvbien 


SI. Louts 

25 

19 

10 

60 

208 

201 

Chicago 

24 

28 

3 

SI 

3X4 

212 

Minnesota 

16 

29 

ID 

42 

187 

223 

Detroit 

1* 

31 

9 

41 

203 

255 

Toronto 

12 

35 

7 

ai 

168 

235 


SmyttM DfvUiea 



Edmonton 

40 

W 

6 

86 

283 

185 

Calgary 

28 

31 

7 

63 

256 

220 

Winnipeg 

28 

22 

6 

62 

243 

244 

Las Anaeles 

23 

23 

10 

56 

246 

234 

Vancouver 

15 

33 

B 

3B 

189 

288 

FRIDAY'S RESULTS 



Los Angeles 




0 

0 

1—1 

Washington 




2 

3 

1-4 


Carpenter 2 (41), Gustahson 2 (5), Murphy 
<101, Christian (20); Taylor {»>. Shots on 
goaf: Las Angeles (on R too in) 4-14-9—27; 
Wmhlnston (on Jonecvk) 14-7*9—31 


Edmonton g 2 3—5 

Mtananta g 2 | — ] 

Coffey (21), Krushetnvskl 1 33). Ltodsirom 2 
111). Messier (if); Payne! [21 1, BiwWtod (W. 
She Is oa pool: Edmonton (on Beauare) 14-11- 
10 — 35; Minnesota (on Fuhr) 138-13-31. 
Vancouver 3 0 2 0—5 

Winnipeg 2 12 0-5 

Lemay (16). Smyl 2 (II), Klrton (9), Skrlka 
fiS);MacLeanoi),Bo6ven<8i,Hinicrdiuk2 
1361, Carlyle (11). Shots oe goal.- Vancouver 
(m Hayword) 13)04-2—31; Winnipeg (an 
Brodsurl 11-6-9-3—71 

SATURDAYS RESULTS 

Chicago 3 ■ 3-6 

Boston 4 ■ 1—5 

Lormer (33), Frawr (19), Qlczvk (13). T. 

Murray 2 (ll). B. Murray (3); Gorina (7). 
Lineman (18). Bouraue 113). Fergus (25). 
Middleton (IB), SUK oe goal: Chicane (on 
Pacteri) 10-7-7—34, Basioil (Oil SkOTOdenskL 
Baonermonj 12 9-16 — J7. 

New Jersey l I • 9—2 

Quebec 10 10-2 

Muller (13). Preston (10); Sauvo (71. Goulet 
(361. Shots on goal: New Jersey tan Bou- 
chard) 44-5-1—20; Quebec (an Reach) 1 3-5-1 S- 
3-35. 

Bu:<Oto 2 2 3-4 

Catoary • 9 1-1 

Cvr Z (16), Ramsey (6), Perreault 3 (21); 
Macinntsf Hi. Sbotioa goal: Buffalo (on u»- 
meibi. Edwards) 9-11-9—29; Calgary Ion Bar- 
rossol 9-7-13—28. 


PbitaaeMtia 1 2 3— S 

Wotbtaetan l 2 1—4 

Kerr 4 (431. Proop (29); Christian 2 (22). 
Gartner (351, Loughlln fll). Shots on goaf: 
Philadelphia (on Rtoginl 11-12-8—31 : Wash- 
ington (an Undberah) 4-1*4—74. 

Toronto 2 3 )— 6 

Moatreal 1 • ^—2 

Frvcer (23), Courinall (9), Anderson (WJ, 
mnacok (»).' Valve (25LTerrtan (B>; Tremb- 
lay 1 191. Naslund (31). Shots on seal: Taranto 
(an Soetaert) 7-9-5—21: Montreal (an Bern- 
hardt) 6-10-17—31 

Minnesota 0 8 3-2 

SL Louis 1 t 3-4 

Levle i5).Pet1ersson2(l6).Poslawskl (161; 
Soihalm (9). Velischek (3). Short on ooal: 
Minnesota (an Uutl 10-7-14—33; SI. Lourt tan 
Beauare) 12-7-13—31 

N.Y. Rangers 9 0 2 9-3 

Hartford 10 10-2 

Sunastram (11 ), Rourtalalnen (17); Neutetc 
1 17). Cromneen (7). Short ea goal : N.Y. Ratio- 
era ton weeks) 9*9-3—29; Horttarn (an Kan- 
tan) 10-13-7-3-32. 

Edmonton 3 I 3—6 

Detroit 3 2 9-5 

Huddv 1 5). Krushebi yskl 2 (35). Hunter ( 1 1 ). 
Kufri (521, Anderson (291; Klslo2 [l6),Lndau- 
ceur (3). OanxkUck 3 (36). Short an goal; 
Edmonton ion Mleaied 20-7-7-34; Dehroll 
(on Moan) 15-15-9—39. 

Pittsburgh 0 9 1—1 

N.Y. I danders 1 1 1—4 

Bossy J (45). Troifler 2 (25); McCarthy (S). 
Short on and; Pittsburgh fan Hrudev) 124- 
9—29; N.Y. {slanders (on Herron! 13-14 8— 35. 


ENGLISH FIRST DIVISION 
Newcastle United 1. Manchester United 1 
Nottingham Forest 2, Queens Park Rangers 0 
Potato Standtaw: Evertan 52; Tottenham 
48; Manchester 45; Arsenal 43. Sautaamotoa 
*3; Sheffield, Nottingham 49; Liverpool 39; 
Chetsea 37; Norwich 36; West Brom 35; Aston 
Villa 34; West Ham 32; Queens Park Rangers 
31: Leicester. Newcastle 30; Watford. Sunder- 
land 29; Coventry 25; I pmrtcfb Luton 22; Slnka 
12 . 

WEST GERMAN FIRST DIVISION 
warder Bremen 4. Bayern Munich 2 
SC Karferuhe 1 Fortuna Duesseldorf 2 
Elntraem Brunswick 1 VFB Stuttgart 1 
Potato stood fast: Bayern Munich 26; 
Werder Bremen 25; FC Cologne 24; Bayer 
Iierdlnaen23; Borussu Moeneh en olodbach, 
5 V Hamburg 21; VFL Bochum 30; SVWaldhof 
Mannheim. VFB Sluttgart 19; Elntradit 
Frankfurt 10; FC Sc hoi ke, FC Kaiserslautern, 
Fortuna Dueueidorf 17; Bovtr Leverkusen 
14; SC Karlsruhe 13; Elnfracht Brunswick 12; 
Bonnsla Dortmund. ArminEa Bteletald 11. 

ITALIAN FIRST DIVISION 
AscplJ 2, Sampderia 0 
Cmmgnese 0, Ac Milan 1 
Florentlna Z Como 1 
taler I, Lazio 0 
Juuenfus 2, Avrillno 1 
N«wll Z Torino 1 
Ren* 1. Atlanta 1 
Verona % Udlnese 3 

FtMa Standings: Verona 27; infer 26; Tori- 
na Roma B; Jwentue 22; Samodorla, Milan 
21; Floranllna 19; Naoall. Alalanla 17; Como 
16; Availing IS; Udin«el4; AuMI II; LnilaV; 
Cremonese 7. 


Hawks Beat 
Bruins, 6-5 

United Press Iniemoiiomd 

BOSTON — The Chicago Black 
Hawks* three-goal third period Sat- 
urday left Peie Peelers shocked and 
asking for a breather. 

“Maybe we ought to just give 
[backup goalie] Doug Keans a snoi 
and let me sil out a few games,” the 

NHL FOCUS 

Boston Bruin goalie said after Chi- 
cago rallied for a 6-5 victory in a 
National Hockey League game. 
Peelers has given up 11 goals in the 
past two games. 

“Early on I seemed to be playing 
pretty well but the puck just 
wouldn't hit me, it was going be- 
hind me or between me," Pwrers 
said. “I feel very frustrated now." 

Elsewhere it was New Jersey 2, 
Quebec 2; the New York Islanders 
4, Pittsburgh 1; Edmonton 6, De- 
troit 5; Philadelphia 5. Washington 
4; the New York Rangers 2, Hart- 
ford 2; Buffalo 6. Calgary 1; To- 
ronto 6, Montreal 2, and Sl Louis 
4, Minnesota 2. On Friday it was 
Washington 6. Los Angeles 1; Ed- 
monton 5. Minnesota 3. and Van- 
couver 5, Winnipeg 5. 

Chicago had just seven shots in 
the third period and needed only 1 8 
seconds to pull into a 4-4 tie on 
Troy Murray's goal. Murray scored 
again 2:07 later but Rick Middle- 
ton moved (he Bruins into a 5-5 tie 
at 12:28. Bob Murray scored (he 
winner on a power play with 6:18 
left, taking a centering pass from 
Doug Wilson and scoring from 
dose ranee. 

“They had us on the ropes, but 
we showed a lot of courage out 
there,” said Bob Pulford. who is 2-0 
since replacing Orval Te&sier as the 
Black Hawk coach. Murray Ban- 
nerman replaced Warren Skoro- 
denski in goal for Chicago at the 
start of the second period and 
made 24 saves. 

Boston raced to a 3-0 first-period 
lead on goals by Butch Goring, 
Ken Linseman and Ray Bourque. 
Goring and Linseman scored 24 
seconds apart early in the period 
before Bourque connected on a 
power-play at 5:29 when his slap- 
shot from the right point eluded 
Skorodenski. 

Steve Larmer cut the lead to 3-1 
at 7:21 of the period with a power- 
play goal. But Tom Fergus provid- 
ed Boston with a 4-1 advantage at 
12:05 when he lode a pass from 
Goring and scored on a 25-foot 
wrist shot. 

Chicago cut its deficit to 4-3 late 
in the period on goals by Curt Fra- 
ser and Ed Olczyk. Fraser scored 
on a power play at 16:46 and Olc- 
zyk took a pass from Wilson and 
beat Peelers on a breakaway . 

After a scoreless second period. 
Denis Savard intercepted a clearing 
pass by Peelers and fed Troy Mur- 
ray, who scored into an open net 1 8 
seconds Into the third period to 
make it 4-4. Troy Murray then 
picked up a loose puck in the slot 
and sent a backhander pasi Peeters 
at 2:25 to gtye Chicago us first lead 
of the game. 







INTERNATIONAL 


TTonTTirr 


TRIBUNE, MONDAY, FEBRUARY 11, 1985 


LANGUAGE 


Ruling on Vimlantf,ism Derek Jacobi on Acting: 'Extraordinary Things Happen 


- Safire justice," wrote Horace Greeley’s 

Y\f ASHINGTON — Is calling New York Tribune in 1858, “as 
▼ t someone a vigilante an insult vigilance committee or lynching 
or acompUnjcnt? Is the philosophy roob was ever guilty of." 
of the vigilante called vigUantism or Thus, the word comes into mod- 

vigjjante-isni! era dines with competing senses: 

These questions are posed by the good (providing law where there is 
issue raised in the New York sub- none) and bad (taking the law into 
way shooting of four teen-agers by your own hands). When used today 
Bernhard H. Goetz, who fell men- in a historical sense, the word looks 
aced when accosted by thro His back at Lbe frontier's rough justice, 
act was hailed by many people who rather than at the South’s repres- 
feel threatened by hoodlums and S’ 00 of blacks, and is usually a 
was denounced by many who ad- compliment. But when applied to 
here to the rule oflaw even when it modern-day activities, the word 
falls short. Goetz was indicted by a flattie — and especially the -ism 
grand jury for criminal possession grows out of it — is usually 
of a gun; only the linguistic case use d to suggest that outdated and 
will be considered in this space. unnecessary methods are being etn- 
VigUame is a noun in English Ptaswl “d >* pgorative. 
that comes from the Snanfoh nm.n Ou National Public Radio, most 


By Michiko Kakutani 

New York Times Service 


S ELF-EFFACING to the point of disappearance, 
Derek Jacobi likes to minimize the difficulty of 


performing two plays, two utterly contrary roles, in 
the space of a single jay. "It’s a knack you acquire, 
doing repertory theater," he says simply. 

Having recently completed a dazzling three-and- 
a-haif -month run "on Broadway. Jacobi and the Roy- 
al Shakespeare Company are now in the midst of a 
month-long engagement at the Kennedy Center in 
Washington. 


„ - KsF'- — - ■ « JrWrAf 

; ... ' 



There, as in New York, matinee days can bepretty 
tuntine; at 5:30 in the afternoon. Jacobi walks off 


that comes from die Spanish noun 


For watchman-, the Spanish adjec- newscasters say vigilant ism, though 
live vigilante means “watchful lve heard several say vigilante-ism-, 
wide-awake,” same as the Fnpifch’ NBC “d CBS agree on vigilanrism. 


daunting; at 5:30 in the afternoon, Jacobi walks off 
the stage os Cyrano de Bergerac, Edmond Rostand's 
swaggering, swashbuckling hero. Two hours later, 
showered and recostumed — Cyrano's huge, latex 
nose discreetly removed — he returns to the stage, 
reincarnated as Benedick. Shakespeare’s reluctant 
lover in “Much Ado About Nothing,” 

Certainly the two productions could not offer a 
starker contrast: Shakespeare's sparkly, screwball 


comedy treats wit and wordplay as defensive weap- 
ons. obstacles to heartfelt passion; while Rostand's 


adjective vigilant. The origin of the Wlucfa 15 con ' ec,? 

English noun is in the Vigilance ‘ P refer vigilante-ism, pronounc- 
Committees organized in the South dte final e in vigilante. .This -ism 


in the 1820s and 30s to intimidate does not refer merely to “being 
blacks and abolitionists “The slave v® 13111 ”; it has to do with “being a 
States," said the abolition leader Because the -ism flows 

William Lloyd Garrison in 1835 from 1116 noun vi 8 i . lanle rather than 
“have organized Vigilance Conn die adjective vigilant, we should 
mitiees and Lynch Clubs." The as- viglante-ism. 

sumption of control of Jaw by citi- You “““ illooks awkward with 
zens not empowered by law was ^ hyphen and is hard to say? If 


Francisco." wrote The Whig Alma- course nol; 11 s Mcuartnyism ana 
iiac in 1851. “led to the formation vi S^oatem 
of a voluntary association . . . r T‘' 

called the Vigilance Co mmi ttee." A HOSE who search for literary 
At first, these committees — allusions in presidential speeches 
their members were railed vigilan- hit pay dirt in his second inaugural 


Abolitionists called some of thetr Henry Hanson ot Chicago maga- 
own Underground Railroad orga- zinc promptly turned to his copy of 

-r ani: ....... liuii -i... 


nizations by that name, refusing to Tennessee Williams's 1944 play 
concede the word to their oppo- “The Glass Menagerie” and the 
nents; the Republican clubs memorable “I diun't go to the 
formed to support Lincoln were moon” curtain speech, in which 


called “Wide-Awakes.” After the Tom tells his crippled sister, Laura. 


war. as the nation expanded west- who believes in the magic of can- 
ward, “vi gilanc e committee" was dletight on little glass animals, that 


the name given to the citizenry that he has been searching for “any- 
combined to combat lawlessness tiling that can blow your candles 


before the law arrived, or that look 
charge when the lawmen failed. 
But from the start, another 


out! ... for nowadays the world 
is lit by lightning." 

Did the president, or any of his 


meaning grew. “We hate what are ™ itm ' know of this allusion? Did 
men- ih™ are . «* )» mean, as Williams s character 


called vigilant men; they are a set ™\ raea ^ « wnuamss cnaracier 
of suspicions, mean spirited mor- ** * «»»? gmtk amdlehght 
rale ihat Hidiire t.m * xurr** Th* wuh fierce lightning? Thai is for 


tals, that dislike fun,” wrote The 
Missouri Intelligencer in 1821. Ab- 
olitionists equated vigilance with 
lynching; “As gross a violation of 


with fierce lightning? Thai is for 
the orator loknow and for us to 
guess. 

New York Tunes Service 


on 5. obstacles to heartfelt passion; while Rostand s 
tragedy equates love with style, with the eloquent 
manipulation of words. The heroes of the two plays, 
loo. are consummate alter-egos: Benedick, the tart- 
tongued skeptic, who proclaims himself a bachelor 
for life; and Cyrano, the purple- ton gued romantic, 
who will risk his life for his sweetheart or a cause. 

For Jacobi, these roles demand two very different 
techniques: the emotion ally -re Li cent Benedick calls 
for a “personality performance, where I'm working 
off my own center ; Cyrano, a “character perfor- 
mance. where f have to find areas of rage, anger and 
a fierceness that is not part of my surface personal- 
ity.” With Benedick. Jacobi says, he is playing a 
version of himsdf: with Cyrano, someone he ad- 
mires and would like, ideally, to be. 

Poet, philosopher, duelist and soldier, Cyrano is 
the sort of fellow who can rattle off heroic couplets 
while single-handedly dispatching an entire band of 
villains with his sword. If he is too ugly to win the 
hand of the lovely Roxanne, then he will use his 
eloquence to woo her for a rival letting bis own 
feelings pour out in rin ging streams erf verse. 

In playing Cyrano, says Jacobi “you have to have 
a bombastic freedom of emotion, where the emotion 
is oozing out of your fingertips. If he thinks it, he 
says iL if he feds it he shows it Cyrano has a 
panache, a dazzle, an up-front out-front look-at-me 
swagger that doesn't come naturally to me.” 

What comes naturally to Jacobi is “don't look at 
me — look at him. ” He says he is gentle where 
Cyrano is Lough; timicl where Cyrano is angry and 
assertive. He admires those actors acclaimed for 
their “sense of danger”; envies others, famous for 
their temper tantrums offstage. 

As for himsdf, Jacobi says he goes to herculean 
lengths to avoid confrontations and scenes: he rarely 
has rows and never raises bis voice. Given an awk- 
ward situation, he will try to ignore it and failing 
that either make a joke or leave tbe room. 

“I don’t think I'm a very strong character." he 
says, a little wistfully. “I am dull wishy-washy. I am 
indecisive, un temperamental My emotions are un- 



5vw May Tel in the Wm ta qjM n Rost 

Jacobi as Jacobi. 


der the carpet: I'm told I have a great facility for 
switching off. Friends say. ‘Oh, he’s gone, he’s gone.’ 
They see a look in my eyes, and thev know I'm not 
around anymore. I guess it's a kind of defense. In 
many ways, 1 guess I'm very much like Benedick, 
who almost never shows his feelings — until the end 
of the play.” 

Like Benedick. Jacobi uses his “advanced sense of 
humor” to hide his real feelings. And like Benedick, 
— who experiences himself as a bachelor in a world 
of couples, an adolescent court jester in a world of 
grown-up concerns — Jacobi suffers from a sense of 
being an outsider, someone more at home in the 
world of the imagination than in the real world. 

fn fact it was this capacity for dreamy wonder- 
ment. combined with a terrible insecurity about 
“who I am, where Pm going and why I'm here.” that 
gave him a craving, an “absolute need” to act. On 
stage, he feels “in command — much more than in 
real life.” because he knows who he is supposed to be 
and what is supposed to happen. 

On stage, he finds, he can somehow “ennoble all 
the sad, distressing things that happen to you in 
life.” 

“It's a great panacea, acting," he says. “You can 
transform an emotion that was originally a hurtful 
one into something my soothing For instance, my 
mother’s death several years ago was hugely trau- 
matic for me. And yet on stage, if I can recall what it 
did to me at the time, it's no longer hurtful inside. 
It's a kind of purging process. 

“Extraordinary things happen up there on stage. 


Like today. 1 have a cold. I'm not feeling on top of 
the world.' but l know lonighL I have to go out there 
and play Benedick. The audience hasn't come to see 
a guy with a cold, and hopefully that's not what 
they’ll geL My cold will be back here, waiting For me 
in my dressing room when I return, but out there, it's 
magic land. I know that sounds childlike but perhaps 
I never learned to grow up.” 

When he was starting out as an actor, Jacobi 
recalls. Laurence Olivier once offered him a piece of 
advice: “Find your own center, both as an actor and 
a person.” What be meant, says Jacobi is that while 
acting involves putting on various disguises, each 
character must be filtered through “the force that is 
you" — “otherwise you're playing a creature with no 
heart, with so insides.” 

Though his “feet are now more firmly planted on 
the stage," Jacobi says he has yet to discover that 
“essential me.” He worries that he lacks the sort of 
presence that gave old-time movie stars the ability to 
stamp a role as their own. and adds, a bit wistfully, 
that he hopes he “can make up in versatility what 1 
lack in charisma.” 

Because he is so insecure about the forcef illness of 
his own personality. Jacobi actually finds it more 
difficult to play a character, like Benedick, whom be 
feels close to. than one like Cyrano, who offers a 
blank slate. 

“If you're just taking the role off yourself, you're 
limited by your own personality," he explains. “And 
you have to be very confident about what you're 
doing. I'm not. so I find it very difficult to project 
myself to the audience. It's also dangerous playing 
someone like Benedick because you can enjoy your- 
self too much. On occasion I've just forgotten about 
him. and it becomes me up there, having fun. Partic- 
ularly in the soliloquies. It becomes you. talking to 
the audience, being chummy; and that distracts the 
audience from the total concept of the production. 
When that happens 1 have lo say ‘stop it, stop it 
You're being self-indulgent.”' 

No such problems exist with Cyrano — a charac- 
ter who demands a complete leap of the imagination, 
a character who gives Jacobi the chance to “hide 
behind various things.” and also leaves him “more 
susceptible to inspiration.” 

In developing his portrayal of the blustering sol- 
dier of fortune, the actor says he relied heavily upon 
suggestions made by the show's director, Terry 
Hands. Apparently Hands not only suggested possi- 
ble interpretations — it was he who focused on the 
character's huge capacity for anger — but he also 
tried to goad Jacobi into giving a superior perfor- 
mance by appealing to his fears. As Jacobi recalls, 
“Terry said. ‘You're not a born Cyrano, so we have 
to justify the casting. If you don't get Cyrano right, 
it'll set your career back years.' It was very painful 
for me at the time, but it ended up broadening my 
range as an actor.” 

As rehearsals continued, Jacobi began to discover 
aspects to Cyrano that were readily sympathetic, and 
in the process, he also found affinities with Bene- 
dick. The men in both plays, after all are essentially 
loners, isolated from their fellows by temperament 
and condition. And both, in a sense, are actors, who 
use masterful histrionics to protect their inner selves: 



Sunn May Tal for the Wcahngwi Rea 

Jacobi as Cyrano. 


Just as Benedick hides his love for Beatrice behind 
volleys of sarcastic banter, so too does Cyrano con- 
ceal his vulnerability and thwarted love for Roxarc 
beneath his noisy displays of bravado. 

Having become famous playing the crippled em- 
peror in the television senes “f Claudius,” Jacobi 
points out that he is fascinated by “the sort of people 
who look one thing, behave one way, and who are 
something else inside.” The emotional consequences 
of physical appearance are also familiar to him 
firsthand, for he suffered, as a teen-ager, from “the 
most appalling acne." “I either dared people to look 
at me, to focus on the boil at the end of my nose.” he 
recalls, “or hid myself away. So 1 kind of know how 
Cyrano felL Also, I am in a business that is very 
much a business of beautiful people, where beauty 
can open many doors and lead to many rewards." 

In physique, Jacobi himself is slight; in demeanor, 
boyish, round-faced, impish rather than domineer- 
ing. It is a fact, he says, that used to be the source erf 
considerable worry. “I've always had this thing,” he 
says, “that people will only accept you in a suffering 
role if you look as though you suffer. Hamlet's gpt to 
look as though be suffers. Now, if you look like me, 
you don't look exactly tragic. On the other hand, if 
you're darker, thinner, with sunken cheeks, you look 
haggard, harrowed. It's a very subtle difference, but 
I'm sure it's there in people's mind. That's why I love 
putting on makeup, changing myself to go on stage.” 

“I need acting uke blood,” he goes on, “I come lo 
life out there. How can I put it? — 1 can say I exist 
because I am an actor, not the other way around.” 


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INTERNATIONAL CLASSIFIED 


ALLIED 


VAN LINES WTL 


REAL ESTATE 
FOR SALE 


REAL ESTATE 
FOR SALE 


OVBt 1,000 AG 81 T 5 
m U 5 JL - CANADA 
350 WORLD-WIDE 
TUBE ESTIMATES 


PROVINCES 


PARIS A SUBURBS 


BUSINESS 

OPPORTUNITIES 


PARIS ft SUBURBS 


REAL ESTATE 
TO RENT/SHARE 


FRENCH PROVINCES 


REAL ESTATE 
TO RENT/SHARE 


REAL ESTATE 
TO RENT/SHARE 


(0!) 343 23 64 


smm, 
( 069 ) 250066 


tall Mw*u 
wa IMS. 


COTE D'AZUR 
VILIffRANCHE SUR MER 

Vito, Provence style, hofl, living room, 5 
tod owns, 5 baths, entirety & unurious- 


Embassy Service 


AVENUE GABRIR 

Luxurious receptions, bedroom, sun. 


maid's roam, porfang- H>Bh price. 
TeL727 U7L 


ST. JEAN CAP RSRAT, between Nice 
& Monaco, luxurious modem vfla, 
July & August, tfcred access to sea 
pool, 5400 m + service, 2 kddiens, 
ae-CDndtfoflmd, full IV dorm, core- 


PARIS AREA FURNISHED | PARIS AREA UNFURNISHED 


ly equipped latdien + independent 


( 089 ) 142244 


servcxX 5 home, pool, oarage for 2 
cars, servaits ertfrcxxn. 1800 sqm gar- 
den magnificently planted. P tx xxomk 
impor ta ble view on sea, facing south, 
Pricer F 5 JBDJDCD 


( 01 ] 953 3030 


WT Mowing 


8 Are. ds Mmhn 
75008 Paris 
Tain 231696 F 

YOUR REAL ESTATE 


idler an promsas, direa from owner. 
Teh ( 3 | 951 6477 . 


4TH: ST PAUL 

Luxurious wed-o-ferrE in duplex, 
on garden. FlTOOO. Teh 563 68 38 


GEORGES V 

Luxurious receptions, 2 bedrooms, 
PPQM. let 563 66 38 



L'UMVHSBIE 


AGENT IN PARIS 


REAL ESTATE 
WANTED/EXCHANGE 


[ 20 - 2 ) 712901 


6 A ve Georges Oemmceau 
06000 Nat [France) Teh | 93 | 88 44 98 


(OIOTJ 312-081-8100 


DEMEXPORT 

PARIS • LYON • MARSH Ilf 
UU-* NICE 

:T moving by s p e uufc l from major 
in in France lo al cities in the wood. 
* true F rom F rance 10 [ 05 ) 7 A 10 82 
EBB ESTIMATES 



RATS FOR SALE 

PHONE 562-1040 

FLATS FOR RENT 

PHONE 502-7899 

OFFICES FOR RENT/SALE 

PHONE 562-6214 


9 VS?r HIGH CLASS APARTMENT 
Inviolate panoram i c wo view 
Price: F 2 .B 50 JXB 

UUNIVRSBIE 


50 AVE FOOT 


ROY ALE MTL TRANSPORT INC 

Infl. podring & sfnppng services for 


6 Ava Georges demenceau 
06000 Nee. W 3 ) B 8 M 98 


125 sqm, smy, upper Hoor, 
splendid reception + 2 bedrooms, 
- 2 bed* prating. HIGH PRICE. 
acuiaviTY: 
EMBASSY: 502 10 40 


househola goods, antiques & art. 
NY. ( 212 ) 362 - 9490 ) Paris 3-969022 



AGENCE DE L’ETORE 

REAL ESTATE AGENT 

380 26 08 



CHOOSE 


SW 1 TZB&AND 

We have far formers: A very big 
choice of boaLrtrfuT APARTMENTS/ 
VILLAS / CHALETS in the -bole 
refpon of Ufa Geneva Montreux & d 
hmovt mouetdn nroft. Very leacn- 


a priced but also Ifw ben and most 
rive. Price from obotf US$ 40 , 000 . 
Mortgages at 6 K%> Please visit us or 
phone before you make a debnon 
H. 50010 SA. 

Tour Grise 6 , CH- 108 ? lamanns. 

T eE 77/25 26 77 Telex.- 7429 BSEBOCH 


AT HOME M PARIS 

PARIS PROMO 

APARTJHM 75 FOR RENT OR SALE 

SStff* 563 25 60 


EXECUTIVE 

POSITIONS AVAILABLE 


7 A CHAMP5-ELY5EE5 8th 1 PAWS 


Studio, 2 or 3 -room upuluwil. 
One mexith or more. 

IE OAXXXX 359 67 97. 


TGJOLY. Very divmaig 
2 bedrooms, freptac 
Near stops & transport. 
730 37 99 


xeimng Svinq, dnmg, 
frepkxw, balcony, 
onsport. HQ. 0 CQ Tel 


GREECE 



MUST SEU JMM 0 XA 7 HV. Vito. Id 
km. from Florence, panoramic resi- 
dential settmg, 600 sqm, large gar- 
den, all comforts, imnKKfeie occupan- 


den. all comforts, bimecfcaie occupan- 
cy. S 260 JXJ 0 , negoaoble. Dolt. Lmgr 
Kcceri, Lungamo Ardvbuwm 4 , 
50122 firenre, holy. Tet 055 ! 
287237 . ■ 


GBGL 


IAWYH WANTED 

Leadmg mubincAonal company based 
Europe reqwes house lawyer for inter- 
national compmry matters. Mmsmum 15 
years expenenox in mtemaTiand law. 
Warkxig language is English. Other larv 
rpmges very hetpful Please send Fufl 
resume to Bax 1756 , Herdd Triune, 


International Business Message Center 


92521 NeuTy Getfex, Ttske. AT oppl- 
artoro w 8 ] be held in strict oonfcderKS 


ATTBWON EXECUTIVES 
PubEth yowbarinew ni erwy e 
in Ifm E i i mn abun a l Henld In- 


ratm h US. S 9 .SO or loeol 
e uui unle Hf per fine. Yea nM 
ladudm aeuyl m e and verifi- 


BUSINESS 


BUSINESS SERVICES I DIAMONDS 




Place Your Oassffied Ad Quiddy and Eady 

toHw 

INTERNATIONAL HERALD TRIBUNE 


By Phones Cal your local IHT representative with your tod. You 
will be informed of the cost immed u tely. aid once prepayment is 
made your ad wil appear within 48 hours. 

Coefc The bask rate is S 9 £D per Sue per day + local femes. Thera are 
25 fatten; signs end spaces m the fim fate aid 36 in the fokwing hw. 
Minimum space is 2 Ena. No afabrevkdmns excepted 
Croat Cards: Amerioar Express, Diner s dub. Ewocad, Master 
Card, Access and Visa 


HEAD OFFICE 


Paris: (Far daoified only); 
747 - 46 6 «L 


EUROPE 


Aroeterdan: 2636 - 15 . 
Aniens: 361 - 8397 / 360 - 2421 . 
Brussels: 343 - 1899 . 
Copenhogin: (OT) 329440 . 
Frankfurt: fO 69 ) 72 - 67 - 55 . 
Lausanne: 29 - 5894 . 

Lisbon: 67 - 27 - 93 / 66 - 2544 . 
London: ( 01 ) 8364802 . 
Madrid: 4554891 / 455 - 3306 . 
Mian: ( 02 ) 7531445 . 
Norway. ( 03 ) B 45545 . 
Rome; 679 - 3437 . 

Sweden: 08 7569229 . 

Tel Aviv: 03455 559 . 
Vienna: Contact Frankfort. 


Bogota: 212-9608 
Buenos Aires: 41 403 ! 

(Dept. 312 ) 

Caracas: 331454 
CeayageS: 431 943/431 
Uan 417 852 
tansn 644372 
Sen Joea: 22-1055 
Santiago: 69 61 555 
Soo IW* 852 1893 


MIDDLE EAST 


BcMa: 346303 . 
Jordon: 25214 . 
Kuwafe 5614485 . 
Qatar. 416535 . 

Saadi And** 

Jedric fc 667 - 1500 . 
UJLE-: Dobd 224161 . 


FAR EAST 


Bangkok: 390 - 9657 . 

Hong S4209O6. 

Manila: 817 07 49 . 
fowls 725 87 73 . 
Srmwk 222 - 2725 . 
Tame 752 44 25 / 9 . 
Tokyo: 504 - 1925 . 


Sydney: 929 56 39. 
Melbourne: 490 3233. 


INVESTMENT PARTNERS 
NEEDS) 


n re -vc^ :e::s r f -e 



- * • ?:■ 



rSs? 



• Select land strategttnfly located near 

Disnryworld/ Orlando 

a Option to purchase ri wefl below 
current monel value 

• Adtfitondfsiwoxl partners requred 
lo canmlete purchase and h*e Hte 
to f»g«y vcwiabie land 

a Short to(dng penad before flnr 
profitotie resaw fpropOed at 100% 


riusl to de velopers interested m 
buiang mterrmtionci tourist 
ctaracton, hotels, dtppt x nfl center, 
a Investment rcxioD LS$ 2 S/j 00 ta 

ussisawaa 


EUR04UMBUCAN 



UK & OFFSHORE ASTON company formations 
CQMPAhHES FROM £78 _ avg^S's. 


UJC + hie of Mmi + AnguAo 
Guernsey + Jersey + Gores 
Liberia + ftmomo + Defotwe 
Baody-ande or k> net 
Fid no m nae. orimtatrorive 
and exxo tf Utag backup nduckig 
bade mtroduc to ws 


TRANSCO 

Keeping a consent Hod: of more Aon 
300 brand new care, 
taabna 5000 happy darts ewY jeer- 
Send for free mulliouforuAwS- 
Tr omco SA, 95 Nocrdeloan, 

Tel SStsSS ® 




ns. PUBLIC COMPANY 
series agent a mayatradv pmt ven- 
tora to marisf $ 4 Jnf fameste m esnb- 
tahed US communty. S 60 M sold Is 
dcfoFmdtirneafferMoulsKkUS.Un- 
irnsted income potcrriaL Tbu 66884 HX 
RDOPL or a* 8524 L 741556 



called 


-Uiiicuiuni 

both life 


PRINCIPALITY 
OF MONACO 


to buy/reni 
SHOPS, WjSttCSSS 
or DUKES. Canto* 


THE CHAMPS aYSB5 

LUXURY SERVICED OfTKES 
Telephone anssien n ft Telex. Fox 
secretariat, meeting roam 
ACTE. 66 Champs Bysees Pare fth 
Tet 562 66 55 . TV- 649157 F 


MHICHJB PORSCHE 




Immedxtfo DoSuew 
i) Mercedes HQ 50 . S 3 ZJW 
I Poreche 928 S Auto S 34 i 00 
Porsche 930 Turin SXX,Sw 


AGHM 


COLLATERAL 

We can provide prime bonk eetificBlian 
of cota w al for jfxfrogf trrmactons. 


26 bs Bd ftmceoa Oofoto 
MONTE-CARLO — MC 98000 


MONACO Tel: (93] 50 66 00 
(Ext. 1ST re 1 62) Uc 479417 MC 


i Re o so nafcfa fees. Prom pt uennoe. 
3855492 / 0 T- 93 D 89 a/ 01-244 9592 ? 


FINANCIAL 




operate o bufldna wdety. 
fomroked in mMie gfinonadl y t hong 
lenden, lendng bonk ar syndmato 
who wnfa to paniopoto xi an altrm 
ewe imwtowU pnwci. Hf forttor 

dttob Span let 52/571100 Tx.- 
79294 




YOUR LONDON OfflCE 
at 6 m 

CheshaM EXECUTIVE CENTRE 

Comprehensive range of services 
150 Regent Street, London W 1 . 
Tel: ( 01 ] 439 6288 Ife 261426 




AS Can US EqitomeM 
MTBK31T AUTO IMreRTS 

BRITISH Burva/VAUET, 50 t dngfa | Mxxn FL 

305-593-9211 MpnJri CoH Cbtoo 


PAGE 4 
FOR MORE 
CLASSIFIEDS 


ALWAYS AVAILABLE LONDON only 
tetaynmden & 1 st doss daily match. 
Coll Soane Bmau, lorriom 730 
Sl/ 2’5141 UC.EMP. AGV. 


VAN CLEEF &■ ARPELS 


WORLD FAMOUS JEWELLF.RS 
NOW'' HAVE A SHOWROOM IN 


LONDON 


15$ NHW BO\D STREET. 

TEL: 0i-49U405 , • TELEX; 266265