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The Global Newspaper 
Edited in Paris 
Printed Simultaneously 
in Paris, London, Zurich, 
Hong Kong, Singapore, 

The Hague ami Marseille 



INTERNATIONAL 



WEATHER DATA APPEAR ON PAGE 14 



Pu b l ishe d With The New York Times and The Washington Post 


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ZURICH, MONDAY, FEBRUARY 18, 1985 


ESTABLISHED 1887 


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U.S. Cuts 
Aid to 
Sudan 

Concern Grows 
About Political 9 
Economic Ills 

By David Ocraway 

Washington Past Service 

WASHINGTON — The United 
Stales has suspended payment of 
□early 5200 million in economic 
assistance to Sudan, its largest Af- 
rican recipient of aid, because of 
the steady deterioration in the eco- 
nomic and political situation there. 

The decision, made late last year 
and not publicly disclosed, reflects 
a growing despair among Western 
donors and international aid agen- 
cies about bow to deal with Presi- 
dent Gaafar Nimeiri, who for the 
past several years has been bent on 
the Islamization of his country, ap- 
parently without regard to the eco- 
nomic and political cost. 

U.S. officials said the decision 
was made only after several months 
of “very high-level, across-the- 
board attention" in the administra- 
tion, involving Secretary of Slate 
George P. Shultz and the National 
Security Council, and that the Su- 
danese were informed of it in mid- 
December. 

‘'There was a consensus but not a 
happy consensus," one State De- 
partment source said. “But there 
was no other choice." 

An economic rescue package put 
together in 1982 by the Interna- 
tional Monetary Fund, the World 
Bank and Western donors worth 
$1.5 billion annually in aid and 
deferred debt payments already 
had fallen apart because Sudan was 
$100 million in arrears to the IMF 
and $264 million on its entire 1984 
debt service. 

Mr. Nimeiri, regarded as one of 
the United States' closest African 
friends, has become a major prob- 
lem for the Reagan administration, 
which views his country as strategi- 
cally important to its African and 
Middle Eastern policies. Mr. Ni- 
meiri was one of three Arab League 
leaders who supported the 1978 
Camp David Middle East accords 
agd Egypt's peace treaty with Israel 
ayearlater. 

He also has offered the use of 
Sudan’s air bases and naval facili- 
ties for the U;SL Central C omm a n d 
forces and assisted in the airlift of 
thousands of Ethiopian Jews, 
known as Falashas, to Israel de- 
spite the embarrassment that last 
month’s disclosure of (his secret 
operation caused bis government 
Now, however, Mr. Nimeiii 
faces widespread opposition Irom a 
broad spectrum of foes, a fast- 
spreading, Libyan- and Ethiopian- 
hacked insurgency in the south, the 
influx of a half -milli on refugees 
from drought-stricken neighboring 
states, faffing health and an eco- 
nomic mess that is probably the 
worst in the nearly 16 years he has 
been in power. 

Furthermore, Mr. Nimeiri, who 
plans to visit Washington next 
month, has set his mind on impos- 
ing the skaria. or Islamic law,, in 
such a rigorous manner, including 
the public amputation of thieves 
limbs, that the State Department 
during the past nine months re- 
seated] 


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Israel Starts Withdrawal 
From Southern Lebanon 



IMad Am Immiwri 


11a Anoottad hn 

Jubilant residents of south Lebanon climbed on a Leba- vacated Israeli positions. The Israeli Army pulled out of the 
nese Army tank after it moved across the Awaii River into Sidon area at the start of its withdrawal from Lebanon. 


The two remaining steps in Israel's planned withdrawal 
from Lebanon are a pullback from the eastern Bekaa 
Valley and the return of all its troops to Israeli sod. 


Syria Is Seen to Hold Key to the Future of New Middle East Peace Diplomacy 


By Don Oberdorfcr 

Washington Pas! Service 

WASHINGTON - The imme- 
diate future of new Arab diploma- 
cy with Israel hinges on derisions 
to be made in Syria, according to 

admi ni s tration ontejaU monitoring 

a week of swift changes in the Mid- 
dle East situation. 

Syria’s official media have re- 
flected strong opposition to efforts 
by King Hussein of Jordan and the 
Palestine Liberation Organization 
chairman. Yasser Arafat, to unite 
for direct negotiations with IsraeL 
The important question is how ef- 
fective and sustained Syria’s oppo- 
sition win be. - • 

As Washington edged cautiously 
toward renewed engagement in 
Arab-Israeb negotiations, the State 
Department sent two friendly dip- 
lomatic signals to Syria about US. 


policy toward the Golan Heights 
and the return of a kidnapped U.S. 
journalist from Syrian-controlled 
eastern Lebanon. 

U.S. policy-makers have been 
watching with unusual interest a 
trip to Damascus over the weekend 
by Prince Bandar bin Sultan, the 

NEWS ANALYSIS 

Saudi Arabian ambassador to the 
United Stales, who was expected to 
inform President Hafez al-Assad 
about Washington discussions last 
week between President Ronald 
Reagan and King Fahd of Saudi 
Arabia. 

Mr. Arafat, who was expelled 
from Syria after a break with Mr. 
Assad in mid- 1983, is expected 
soon to submit ins and Hussein's 
“‘framework" for negotiations with 


Israel to several PLO governing 
bodies in Algiers and Tunis. Arab 
sources said that Mr. Arafat be- 
lieves that be has majority support 
for the compromises be is propos- 
ing, despite public objections by 
several prominent PLO figures. 

These sources said that Mr. Ara- 
fat seeks solid backing for the Pal- 
estinian concessions aimed at get- 
ting the United States involved in 
the peace process again and at 
starting broad negotiations with Is- 
rael. 

The opposition that Hussein and 
Mr. Arafat encounter will be af- 
fected by Syria, which retains infill . 
ence with dements-ofthe PLO. 

To improve relations with Syria, 
the State Department said in a 
statement last week that the peace- 
for-temloiy bargain in the Middle 
East, encompassed in United Na- 


tions Security Council Resolution 
242, applies to all Israeli fronts “in- 
cluding the Golan Heights" cap- 
tured by israd in the 1967 war. 

The statement by the State De- 
partment spokesman, Bernard 
Kalb, was intended as a signal to 
Syria, according to officials, al- 
though in substance it restates an 
established U.S. position. 

Israeli policy-makers, especially 
those from the Likud bloc whose 
government annexed the Golan 
Heights in 1981, strongly objected 
to the U.S. statement Foreign 
Minister Yitzhak Shamir, head of 
the Likud faction in Israel’s unity 
government, said thaMbe Golan ts 
“an inseparable part of Eretz Isra- 
el” and is not negotiable. “Not 
even a statement by an American 
official will change this,” he said. 

Last week's reappearance of a 


Cable News Network journalist. 
Jeremy Levin, after 1 1 months of 
captivity in Syrian-dominated east- 
ern Lebanon gave the State De- 
partment another opportunity to 
speak wdl of the Damascus regime. 
“The Syrians have played a positive 
role” in the effort to free Mr. Levin 
from his captors, believed to be 
pro-Iranian terrorists, a State De- 
partment spokesman, Edward 
Djengian, said Friday. 

U.S. relations with Syria, which 
is armed and backed politically by 
the Soviet Union, have been poor 
throughout the Reagan administra- 
tion. Syria blocked implementation 
of the ILS.-sponsored israeli-Leba- • 
nese accords of May 17, 1983, and 
was accused of masterminding mil- 
itary and terrorist opposition that 
caused the withdrawal of LLS. 
troops from Beirut a year ago. 


At the height of U.S. military 
involvement late in 1983, Syrian 
anti-aircraft batteries in Lebanon 
fired on U.S. reconnaissance air- 
craft and U.S. planes and ships 
attacked Syrian positions in return. 

Soviet support for Syria and the 
Soviet position on the Jordan-PLO 
“framework for joint action" are 
among the expected topics for U.S. 
and Soviet diplomats meeting 
Tuesday and Wednesday in Vienna 
to discuss the Middle East. The 
State Department, mindful of fears 
that Washington and Moscow 
might make deals at the expense of 
regional powers, insists that the 
talks will be only “an exchange of 
views." 

According to an Arab diploma! 
familiar with Syrian politics, Mr. 
Assad argpes that peace gestures 

(Continued on Page 2, CoL 3) 


By Jonarhan G Randal 

Washington Past Service 

SIDON. Lebanon — Israeli 
troops completed the first phase of 
3 planned three-stage withdrawal 
from southern Lebanon on Satur- 
day. and thousands of jubilant citi- 
zens cheered the Lebanese Array 
that marched in to fill the vacuum. 

The pullback, which was com- 
pleted two days ahead of schedule, 
took place without incident. Israeli 

Israeli soldiers relax after they 

complete pullout. Page 5. 

officials said. It marked the end of 
32 months of occupation of south- 
ern Lebanon's largest city. 

In addition to the 1.800 men of 
the army’s largely Shiite 12th Bri- 
gade, Lebanese also cheered the 
National Resistance, the previously 
anonymous Shiite underground. 
Their increasingly lethal attacks in- 
fluenced the Israelis to accelerate 
their withdrawal. 

[Crowds in Sidon hoisted Presi- 
dent Amin Gemayel and Prime 
Minister Rashid Karami shoulder- 
high Sunday as they joined in cele- 
brations in the city, Reuters report- 
ed. The two leaders, who flew in 
from Beirut wept with joy as they 
received a tumultuous reception 
from thousands of residents shout- 
ing: “Long live Lebanon! Long live 
Gemayel! Long live the resis- 
tance!” 

[Mr. Gemayel praised “the hon- 
orable national resistance move- 
ment" for driving Israeli forces 
from the Sidon area. He told local 
officials “the great blessed day con- 
stitutes the first step on the road to 
liberating the south" from Israel.] 

By Saturday night, Lebanese 
troops were deployed near the Zah- 
rani River, four miles l six kilome- 
ters) south of Sidon, and at a Kfar 
Falous, five miles inland in the 
foothills of the Mount Lebanon 
range. 

Fust timidly, then with growing 
fervor, rejoicing residents of this 
capital of the south poured into the 
streets. Men, women and children 
waved red. white and green Leba- 
nese flags and clambered aboard 
tanks, armored personnel carriers 
and army trucks as car horns 
blared. 

The civilians pelted the troops 
with rice in a traditional Lebanese 
greeting. A soldier perched atop a 

(Continued on Page 2, CoL 6) 


Kentucky Man Receives 
The 3d Artificial Heart 


: and politic 
(Continued on Page 2, CoL 1) 


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INSIDE 



United Press Intermaknud 

LOUISVILLE, Kentucky — 
Murray P. Hayden, a retired auto 
worker who had been given only 
two or three more weeks to live, 
received the world's third perma- 
nent artificial heart on Sunday in 
an operation completed more 
quickly than those of his two prede- 
cessors, and without the complica- 
tions. 

The surgical team headed by Dr. 
William C. DeVries spent three 
hours, 28 minutes removing the 
faffing heart of Mr. Haydon, 58, 
and replacing it with a twin of the 
Jarvik-7 bean that has kept Wil- 
liam J. Schroeder alive since Nov. 
25. 

“His skin is warm and dry and 
his color is excellent,” Dr. Allan M. 
Lansing, medical director of Hu- 
mana Heart Institute, said after the 

implant. 

Dr. I-ansing said the procedure 
went without complication. 

A Humana spokesman said, 
The heart is working perfectly, 
cardiac output is good, his vital 
signs are stable and everything ap- 
pears to be in great shape." 

Dr. I nnsing said the mechanical 


heart pumped at “a slow 50 beats 
per minute" and the pulse in Mr. 
Haydon’s arms and legs was 
strong. 

Mr. Haydon was moved from the 
hospital operating room into an in- 
tensive care unit. 

Dr. DeVries also implanted the 
first two mechanical hearts — tak- 
ing seven and one-half hours with 
Dr. Barney B. Clark, a dentist, in a 
1982 Salt Lake Gty operation and 
six and one-half hours with Mr. 
Schroeder. Scar tissue from previ- 
ous surgery slowed Mr. Schroeder’ s 
operation. Dr. Clark lived 112 days 
with the heart 

Mr. Haydon had not undergone 
any previous heart surgery, so Dr. 
DeVries and colleagues were able 
to make better progress with the 
third implant patient. 

“He had no significant bleed- 
ing," either during the operation or 
immediately after. Dr. Lansing 
said. 

Unlike Mr. Schroeder, who is a 
diabetic, and Dr. Clark, who had 
suffered from lung problems, Mr. 
Haydon was in good health except 
for the weakening heart muscles 
and kidney problems. 



Walesa Vows to Oppose 
Increase in Food Prices 


The *»ooc*d Pm 


Murray P. Haydon, third recipient of a permanent artificial heart; held bis new grandson 
on Friday in Louisville, Kentucky. The infant's father, Derek Haydon, is at right 


Reuters 

WARSAW — Lech Walesa 
vowed Sunday to mount a “general 
counteroffensive” against food 
price increases in Poland despite 
threats by the Communist authori- 
ties to jail him for illegal union 
activity. 

He told 1,000 cheering support- 
ers of Solidarity, the banned free 
trade union, after a church service 
in Gdansk: 

“I am going to work tomorrow 
and, irrespective of whether I am 
arrested or not, everyone knows 
what be must do on Feb. 28. . -It 
must be a success." 

The day has been chosen by Soli- 
darity for nationwide protests, in- 
cluding a 15-minute general strike, 
against price increases the govern- 
ment intends to impose next 
month. 

Mr. Walesa was summoned by 
the public prosecutor in Gdansk on 
Saturday and warned that be faced 
charges carrying up to five years' 
imprisonment if the union did not 
call off its action. The charge in 
question was “fulfilling a leading 
role in a union . which was dis- 
solved." 


It was the sharpest warning that 
be had received from the authori- 
ties since he was released from 11 
months' internment which began 
when Solidarity was suppressed 
under martial law in 1981. 

Weston diplomats said that the 
threat to imprison him and similar 
threats made against activist Ro- 
man Catholic priests marked an 
escalation of the government’s 
drive to muzzle opposition. 

Mr. Walesa's summons followed 
the arrests last week of Adam 
Michnik, Bogdan Lis and Wladys- 
law Frasyniuk, all members of Soli- 
darity's high command who were 
released from prison under a politi- 


I amnesty u 
tivists woo 


Overcrowding and Pollution Threaten to Turn Florida Into Paradise Lost 


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J ! 

' s:. 


Edwin Moses, the Olym- 
pic gold-medal hurdler, 
was found not guilty of 
soliciting an undercover 
policewoman posing as a 

prostitute. Page 15. 

■ UNESCO board grants ob- 

server status to the United 
States. Page 2. 

■ The chess match in Moscow 
has come to an ugly cod, with 
many experts criticizing the 
match's cancellation. Page 4. 

■ The United States is review- 

ing its military security ties to 
New Zealand. Page 5. 

BUSINESS/FINANCE 

■ Britain has sued Arthur An- 
dersen, the accounting firm for 
De Lorean Motor Co. Page 7. 


By Bill Peterson 

Washington Past Service 

ORLANDO, Florida — Every winter, Florida 
beckons seductively. Come to the Sunshine State, 
America's fantasy land, a place of sand and palm 
trees, oranges and shuffleboard, alligators and Mickey 
Mouse, the haven of the retired. 

Come to Florida, but be ready for the realities of the 
1980s. 

Be ready fra: traffic jams and tackiness, drag busts 
and pollution, eroding beaches and water shortages, 
30,173 biffboards and 374,254 mobile homes, high- 
rises and real estate hucksters. 

Growth has caught up with Florida, and many here 
fear the state is rapidly becoming a paradise lost. 

There has 1 been a huge population explosion. In 
1940, fewer than two million people lived in Florida. 
Now there are 1 1 mflhon. In addition, 38.7 million 
tourists visit annually. 

About 3.8 million people are expected to move here 
by the year 2000. CM 1 the 10 fastest-growing metropoli- 
tan areas in the United States, five are in Florida. 

Hardly anyone thinks it is possible to shut off the 
flow of people, but “growth management” has become 
the state's hottest issue. And politicians are feeling the 
heat 

“There has been a revolution in thinking about 
growth," said Governor Robert Graham. "We have a 
fundamental choice to make as Floridians. What kind 
of state do we want Florida to be?" 

Jon Mills, Democratic leader in the state House of 


“We are a magnet for our own destruction.” he said 


“People are going to get tired of seeing the billboards 
and subdivisions. The state's economy and quality of 
life are at stake." 

Not long ago such talk would have been dismissed 
as the ran tings of crazed environmentalists. Florida, 
after all, has long been a land of go-go growth, a real 
estate developer’s paradise. 

But events in the last five years have spotlighted the 
fragile nature of the Florida environment. Nature and 
humanity almost appear to be conspiring against the 
promised land 

In recent months alone, for example, the following 
occurred: 

• A record-breaking January cold snap, called “the 
freeze of the century” by the state agriculture commis- 
sioner. destroyed about 90 percent of Florida's orange 
and grapefruit crop. It was the fourth freeze in five 
years in some areas, and may have redefined the 
boundaries of the citrus belt. 

Mile after mile of dims groves along the Orange 
Blossom Parkway north of Orlando stand dead and 
barren. Many citrus growers say they will not replant 
trees killed by the freeze. Some growers hope to sell 
their land to developers, which oiuld add to conges- 
tion and the population explosion. 

"Our No. 1 crop now is Yankees," said Henry 
Swanson, a retired Orange County agriculture exten- 
sion agem.“We used to pick oranges. But now we pick 
Yankees. They're easier to zero in on and they don't 
freeze.” 

• A rash of brush fires has burned 120.000 acres in 
south Florida. A fire earlier this year burned out of 
control for four days, killing a forest ranger, threaten- 


ing dozens of homes and charring 10,000 acres of 
cypres swampland. Environmentalists said the fire 
was directly related to careless development of the 
1960s, which lowered the water table. 

• A thousand people were evacuated from their 
homes on a 10-mile (16-kffometer) stretch of ocean 
from near Vero Beach in November when heavy winds 
battered the coast. Roads were flooded. High seas 
destroyed a pier, a restaurant, dozens of beach ca- 
banas and pan of a motel. It also grounded a cargo 
ship. 

The damage raised fears about what would happen 
in a more serious storm. Florida has not had a major 
hurricane since the hurricane designated Betsy killed 
13 and destroyed $139 million in property in 1965. 
Many people worry about how well structures built 
during the last 20 years would weather hurricane-force 
winds. 

These are scattered incidents, but combined with 
other long-term development-related problems they 
have produced widespread public uneasiness. 

Florida has serious water quality and supply prob- 
lems. Officials have found a potpourri of pollutants 
seeping into the two giant aquifers on which much of 
the state depends for drinking water, including salt 
water, industrial chemicals and septic tank leakage. 

“I’ve been idling people for years that we have good 
news and bad news about water," Mr. Swanson said. 
'The good news is that we're all going to be drinking 
sewage effluent. The bad news is we might not have 
enough 10 go around.” 

Population growth will add pressure on land and 
water. By 1995, Florida will need 1.9 million more 


homes, 333 milli on gallons of fresh water daffy and a 
way to process 6.3 million more tons of solid waste 
annually, according to state government estimates. 

In 1975, the Florida legislature required local gov- 
ernments to devise growth plans. But The Orlando 
Sentinel reported in December that an examination erf 
500 land-use rh.mg es in Orange and Seminole coun- 
ties “shows a pattern of concessions to developers and 
an absence or long-range planning” 

Other states were settled by immigrants seeking 
land, gold or religious freedom. In Florida's past, land 
developers played the key roles. The state's modern 
history began m the 1880s with resort developments 
by two wealthy railroad men, Henry M. Flagler and 
Henry B. Plant Miami was a small coastal village until 
the 1890s when Flagler built a railroad line and hotel 
there. 

Florida has taken several major steps to protect its 
environment in recent years. In 1983, it passed a water 
quality act that created a S 1 00- million trust fund to 
help local governments finance sewage-treatment 
plans. In 1984, it passed a wetlands protection act, 
giving the state greater jurisdiction over swamps, 
marshes and flood-plain development. 

The legislature is also scheduled to consider a 
broadly worded state plan that sets some controversial 
goals. Among other things, the document recommends 
that the state funnel 85 percent erf its future popula- 
tion growth into existing urban areas; purchase 100 
miles of new public beaches; halt destruction of wet- 
lands; build a high-speed rail system linking Tampa 
Bay, Orlando and Miami: and retain prime farm land 
for agricultural uses. 


activists who also were detained 
last week have been released. 

Mr. Walesa said that be rejected 
the prosecutor’s warning ana told 
him: “1 will continue my activities 
and will do so immediately.” 

He also issued a statement in 
which he condemned the arrests. 

The government is on the brink 
of a confrontation with the church 
after Adam Lopatka, the minister 
of religious affairs, said that the 
authorities would not shrink from 
jailing outspoken anti-Communist 
clerics. 

Cantina! Jazef Glemp, the Polish 
primate, responded by promising 
protection for priests although he 
said that the church would contin- 
ue to dissuade them from involve- 
ment in what he called pure poli- 
tics. 

Tension with the church has 
been increasing since the murder 
last year of a pro- Solidarity priest, 
Jerzy Popiehiszko. Four mem bos 
of the security police were convict- 
ed and jailed this month for their 
roles in the killing. 

Diplomats said that the tough 
stance toward the church and op- 
position adopted by General Wcg- 
ciech Jaruzclski’s government was 
partly to reassure the Soviet Uniat 
that the trial of the four did not 
indicate a slackening of party au- 
thority. 

The government has chosen to 
crack down on preparations for the 
Feb. 28 protest despite Solidarity’s 
difficulties in mustering public 
support in recent months. 

Although Mr. Walesa endorsed 
the strike call, he did not hide his 
fears that its failure would be a 
blow. 

A statement he issued last week 
called for protests and petitions but 
did not mention the work stop- 
pages that are the fim the union 
has sought for 18 months. 













Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18. 1985 


U.S. Evaluates Gberaenko Illness, 
Says He Is Not in Immediate D ang er 


By Lou Cannon 

Washington Post Service 

SANTA BARBARA, California 
— President Konstantin U. Cher- 
nenko, suffering from irreversible 
emphysema, is expected to live at 
least six months, according to ad- 
ministration estimates. 

Administration officials say they 
believe that Mr. Chernenko’s ill 
health will not affect arms control 
negotiations with the Soviet Union, 
a: least in the short run. 


successor would take this into ac- 
count. 


The U.S. view, disclosed under 
ground rules that permitted neither 
the identification of sources nor 
direct quotes, is that Mr. Cher- 
nenko. 73, is in control but may 
divest himself of some duties. 


In addition to minimizing the 
effect of Mr. Chernenko’s health 
on U.S.-Soviei negotiations, U.S. 
officials have noted that relations 
between the two countries appear 
to have stabilized. They anticipate 
that negotiations on arms control 
and other issues will continue 
throughout President Ronald Rea- 
gan’s second term. 

Much of the evidence that Mr. 
Chernenko has taken a turn for the 
worse is circumstantial. Specula- 
tion about his health, which has 
been almost constant since he took 


office a year ago Wednesday, re- 
vived when he failed to meet Tues- 


Reports have circulated that he 
might give up either the presidency 
of the Presidium or the post, of 
general secretary of the Communist 
Pbny. Yielding the latter would 
strip him of most of his power. 

U-S. officials anticipate continu- 
ity in Soviet policy. Their view is 
that the military, a major Soviet 
power center, is committed to arms 
control and that Mr. Chernenko's 


vived when he failed to meet Tues- 
day with Prime Minister Andreas 
Papandreou of Greece. 

Greek diplomats had expected 
that Mr. Papandreou would be 
granted an interview. When he was 
not, it was suggested that Mr. Cher- 
nenko's health was worse than hoi 
been ihoughL 


But U.S. officials are satisfied 
that a report, published in West 
Germany, that Mr. Chernenko had 


Sovi^TlireaJ^mNottoCurtaUMissUes 


If U.S. Proceeds With Space Defense 


BUDAPEST — A Soviet expert 
on the United Stales has been 
quoted as saving that Moscow will 
not offer cuts in nuclear missiles at 
the arms talks in Geneva unless 
Washington abandons plans for a 
space-based, anti-missile system. 


Georgi A. Arbatov, director of 
the Institute for U.S. and Canadian 
Studies at the U.S.S.R. Academy of 
Sciences, said in an interview with 
the Hungarian Communist Party 
daily. Nepszabadsag: “I think h is 
already clear we will not agree to 
decrease strike weapons if they 


don't give up the anti-missile sys- 
tem.” 

Recent Reagan administration 
statements in support of that sys- 
tem contradict an agreement 
reached by the United States and 
the Soviet Union at a meeting in 
Geneva last month, he said. 

Mr. Arbatov said that if the arras 
talks, due to begin in Geneva next 
month, last seven or eight yean, as 
previous talks have, they would be 
worthless because technology 
would overtake them. That appar- 
ently implied that Moscow wants 
swift movement toward some kind 
of disarmament agreement. 


U.S. Concern on Sudan 


Brings Aid Suspension 


(Continued from Plage 1) 
are so pervasive that the United 
States and Egypt. Sudan's most im- 
portant allies, are finding it in- 
creasingly difficult to help Mr. Ni- 
meiri. even though both are acutely 
aware that their withdrawal of sup- 
port could lead to his Tall and a 
power vacuum that could be filled 


easily by Libyan- and Ethiopian- 
backed elements hostile to U.S. and 


Egyptian interests. 

“We’re worried.” remarked one 
frustrated U.S. official. “But to say 
he is unreformable and to play 
around with alternatives is danger- 
ous business. He’s a friend of the 
United States, and you can't deny 
all the things he’s done for us — 
Camp David, his refugee policy." 

In 1982. after the assassination 
of President Anwar Sadat of Egypt, 
the United States sharply boosted 
aid to Sudan with a military and 
economic aid program of between 
S200 million and 5300 million an- 
nually, pari of the larger IMF- 
sponsored package providing Su- 
dan $750 milli on in Western aid 
and $750 million in debt relief each 


year. 

The package involved massive 
rescheduling of Sudan’s $8 billion 
to $9 billion accumulated debts. 

Mr. Nimeiri's drive to impose 
Islam, which began in earnest in 
September 1983. soon upset Su- 
dan's economic system as he sought 
to apply Islamic economic princi- 
ples to taxation and the budget. By 
mid-1984. Mr. Nimeiri had 
plunged Sudan into what one offi- 
cial described as “a major financial 
crisis" and virtually all Western do- 
nors were holding back on the pay- 
ment of their funds there. 

“They could no longer keep to 
the IMF targets,” said another 
Stale Department source. The 
IMF, in turn, ended its assistance, 
and the whole package fell apart 

Throughout November and early 
December. U.S. policy-makers 
dealing with Sudan debated wheth- 
er to freeze the disbursement of 


Blast at Corsican Police Office 

7 he Associated Press 

AJACCIO, Corsica — Three 
bombs set by six armed and hood- 
ed men exploded Sunday in the 
administrative headquarters of the 
Corsican gendarmerie, causing se- 
rious damage but no injuries, au- 
thorities said. 


Si 02 milli on in economic support 
funds earmarked for the 1984 fiscal 
year but still unspent and what to 
do about the SI 12 milli on in similar 
aid set aside for fiscal 1985. 

Around mid-December, they de- 
cided that the United States would 
not go ahead with the disbursement 
of the money because the whole 
5750- million. IMF-sponsored debt 
relief plan had gone awry, accord- 
ing to this source. 

Since then, no economic support 
funds have been released except for 
two specific items — $15 million 
for jute bags needed for the 1985 
cotton crop and S4.5 million for a 
new variety of sorghum seeds. 

The “freeze,” as State Depart- 
ment officials are calling it, has not 
affected either the U.S. regular eco- 
nomic assistance program to Sudan 
of S28 million this fiscal year, the 
S45 million military assistance pro- 
gram or the sending of emergency 
food to aid refugees. As of Decem- 
ber. the United States bad sent 
82,000 tons of grain worth $20 mil- 
lion and earmarked an additional 
$50 million for food assistance Ibis 
year, according to State Depart- 
ment officials. 

The problem remains, however, 
of what to do about the overall 
economic crisis and whether to 
continue helping an ally that by all 
accounts is falling into ever deeper 
trouble. 

Recently. Mr. Nimeiri is said to * 
have told a visitor that he could not 
accept stringent conditions in re- 
turn for desperately needed foreign 
financial aid because of growing 
public grumbling about shortages. 

"Any day now I expect a corpo- 
ral to march in and shoot me.” he 
was reported to have said. 

Sudan was supposed to pay 
about $1.5 billion this year just to 
service its outstanding debt and re- 
pay about $265 million in 1984 
arrears. But there is no way it can 
meet these obligations in its present 
economic condition. 

The larger, long-term problem 
facing the Reagan administration 
and other Western donors is wheth- 
er, and if so how. to continue aiding 
Mr. Nimeiri. 

The consensus is that the admin- 
istration will continue to support 
the Nimeiri government “come hell 
or high water.’’ os one member of 
Congress put it- "The administra- 
tion argues a very suong position 
on the Sudan and Nimeiri. It’s not 
going to bode away." 


MANAGEMENT SCHOOLS 
SEMINARS A CONFERENCES 


THE INTERNATIONAL CENTER 
FOR MONETARY AND BANKING STUDIES (GENEVA) 

annouces Hs 

1985 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT 

COURSE PROGRAM 

May 28 - June 7: 

1 ) NEW DEVELOPMBffS IN SECURITY ANALYSIS 

June JO- 22. 


2} PORTFOLIO MANAGEMENT 
AND PERFORMANCE MEASUREMENT 

September 2 - & 

3) INTEREST AND EXCHANGE RATE ECONOMICS 
AND FORECASTING 

September 9 - 2ft 

4) BONDS AND FINANCIAL RJTURE5 

A unique opportunity for all financial analysts, investors, and portfolio 
managers who seek an exposure to the fundamentals and recent 
technical developments in the field. 

SENIOR FACULTY: E. DtMSON, B. DUMAS, N.SAHH, S. SCHABER, 
B. SOIMK, K- WILSON. 

FURTHHZ INFORMATION: W. S fn w w n o nrt, fCMBS, cp. 53, 

04-1 21 1 Genova 21, Tel.: (022) 34.89.50 or 34.95.48. 


suffered a stroke is untrue and be- 
lieve that his health is declining 
steadily but slowly, as is customary 
with emphysona. Officials said the 
best administration judgment was 
that Mr. Chernenko could have 
only six months to live, but there is 
no assurance that his debilitating 
disease will move at a predictable 
rate. 

Emphysema, according to stan- 
dard medical references, is a com- 
mon, usually irreversible, often fa- 
tal disease in those whose lungs 
have been exposed to irritants such 
as smoke or chemicals. 

Speculation about a sudden 
downturn in Mr. Chernenko's 
health was fueled last week when a 
Soviet cardiologist. Dr. Evgeny 
Chazov, who was physician for 
President Leonid L Brezhnev be- 
fore his death in 1982, returned to 
Moscow from a speaking tour in 
the United States. Other Soviet 
doctors in his delegation continued 
their tour. 

But the State Department and 
Dr. Glazov's hosts in the United 
States said that Dr. Glazov’s return 
had been planned several weeks 
earlier. 

Dr. Chazov. head of a branch of 
the Ministry of Health (hat looks 
after the health of Soviet digni- 
taries, was in the United States as 
the guest of doctors campaigning 
against nuclear war. 

A State Department spokesman 
said his agency had been told by 
the Soviet Embassy that Mr. Cher- 
nenko's doctor hardly would be 
touring the United States while his 
patient lay ill 

■ Gromyko to Visit Italy 

The Tass press agency said Sun- 
day that Foreign Minister Andrei 
A. Gromyko would visit Italy later 
this month, a possible sign that 
Soviet leaders do not fear an immi- 
nent crisis related to Mr. Chernen- 
ko’s health. The Associated Press 
reported from Moscow. 



Jacob Nepamoindou, a Kanak leader, being helped after he 
was injured fighting with police near Thio, New Caledonia. 


11 Injured in New Caledonia Fighting 


NOUMEA, New Caledonia — 
Eleven persons were injured, two 
seriously, when police clashed with 
pro-independence militants on 
Sunday in the first serious outbreak 
of violence in more than a month, 
official sources said. 

Police used tear gas. concussion 
grenades and truncheons to dis- 
perse a group of about 50 Kanaks 
near the east coast town of Thio. 
witnesses said. 


The fighting started after rightist 
white settlers decided to go ahead 
with a beach picnic in the nickel- 
mining town, about 60 miles ( 100 
kilometers) northeast of the capital 
of the French Pacific territory- 


police escorting a convoy of 
more than 200 settlers to Thio, a 
stronghold of the pro-indepen- 
dence Kanak Socialist National 
Liberation Front, were stopped by 
a roadblock. 



U.K, Official 


Quits, Details 


'Cover-Up’ 


LONDON — The defense offi- 
cial at the center of a British secrets 


controversy over the sinking of the 
Argentine battle cruiser Genera! 


MUDSLIDE — Mud, boulders and logs slipped down a 
mountain near Te Aroha in New Zealand's North Island 
on Sunday, sweeping bouses and shops through the 
streets of the town. At least four persons died in heavy 
rains and the floods and slides and slides that followed. 


EC Ministers to Discuss 


Spain, Cash, Farm Prices 


BRUSSELS — European Com- 
munity foreign ministers will grap- 
ple Monday with a series of dis- 
putes over the community's 
finances, farm prices and terms for 
Spanish and Portuguese entry. 

Diplomats said that preparatory 
talks by officials last week were 
largely fruitless. 

Prune Minister Felipe Goozdlez 
of Spain acknowledged after talks 
Saturday in Madrid with Prime 
Minister Bettino Craxi of Italy, the 
EC president, that negotiations 
might not be completed in time for 
entry by the target date of Jan. 1. 

Diplomats said this had been 
recognized here for some months, 
complicating the search for a reso- 
lution of the group's financial cri- 
sis. They added that a delay would 
also affect Portugal’s application, 
which is less problematic but is 
linked (o Spain's. 

West Germany insists that an 
agreement to boost the communi- 
ty’s income, reached at June’s sum- 
mit conference at Fontainebleau, 
was meant to come into force only 
after the Spanish and Portuguese 
entry. 

The diplomats said intensive 
contacts had failed to soften 
Bonn’s stand, and that most of the 
10 member states had shown little 
enthusiasm for alternative stop-gap 
measures for raising cash. 

Bonn maintains that to drop its 
conditions would reduce the pres- 
sure for early completion of the 
enlargement talks and would break 
its government’s pledge to the Bun- 
destag that new money for the EC 
would not be squandered on farm 
subsidies. 

The community has been operat- 
ing on emergency financing since 
Jan. 1, after the European Parlia- 


ment’s rejection of the draft 1985 
bu d ge t , which did not include ade- 
quate provisions to cover financial 
commitments. 

The diplomats said the 10 were 
also divided on how to react to 
Madrid's rejection of the stiff terms 
offered for the integration of Span- 
ish agriculture and fisheries after 
its entry. 

Mr. Gonzalez has blamed the 10 


for the delay in the entry talks. 

But the diplomats said that Ma- 
drid had also failed to suggest ways 
of breaking the impasse, raising 
suspicions that Spain was banking 
that the financial crisis would force 
the EC to make substantial conces- 


Argentine battle cruiser General 
Belgrano published new allegations 
of a government cover-up Sunday 
after resigning from his post. 

The Defense Ministry official, 
Clive Pooling, announced that he 
would leave government service 
Saturday, less than a week after a 
jury cleared him of leaking secrets 
on the Falkland* war. A full parlia- 
mentary debate on the Belgrano 
incident is scheduled Monday. 

Mr. Pooling said one of the rea- 
sons he resigned was to block at- 
tempts by the ministry to suppress 
a book, "The Right to Know." his 
account of alleged government ef- 
forts to hide the truth. 

In The Observer newspaper Sun- 
day, Mr. Ponting wrote of a sus- 
tained campaign to deceive Parlia- 
ment over the sinking of the 
General Belgrano, which was tor- 
pedoed by a British submarine in 
the South Atlantic on May 2. 1 982, 
with the loss of 368 lives. 

Mr. Poming’s decision last sum- 
mer to leak government papers on 
the incident to a Labor parliamen- 
tarian. Tam Dalyell, led to his pros- 
ecution on charges of violating laws 
on secrets. 

The papers revealed (hat infor- 
mation about the true course of the 
Belgrano and the timetable of 
events leading up to its sinking had 
been concealed for up to two years 
after the event. 

Mr. Ponting was involved in 
high-level discussions on wbat 
should be revealed to Parliament 


siorL5. 

The community’s new executive 
commission last week puL forward 
new proposals to ease the Spanish 
objections. But these had been 
cold-shouldered by governments 
wishing to protect their own inter- 
ests. 

The commission is also due to 
submit proposals Monday for an 
aid plan for poorer Mediterranean 
regions. Greece has threatened to 
veto Spanish membership unless 
such aid is approved. 

The wrangling over cash and 
over Spanish terms has become en- 
meshed with the debate over farm 
price proposals, which would in ef- 
fect cat the incomes of the group's 
protected farmers for the first time 
in 20 years. 

The diplomats said France ar- 
gued there was no point in a budget 
agreement before the farm price 
proposals have been settled. France 
wants to see whether extra cash will 
be needed beyond the forecast 
SI. 7-billion budget shortfall. 

Diplomats and officials said no 
acceptable ideas had emerged on 
bow to disentangle these issues. 


and drew up for the use of minis- 
ters a confidential report of the 


ters a confidential report of the 
circumstances surrounding the in- 
cident. 


He quoted Defense Secretary 
Lichad Heseltine as saying March 


Michad Heseltine as saying March 
30 at a meeting of senior aides at 
the Defense Ministry: “I want to be 
quite sure that there is not a Water- 
gate in tins somewhere.” 

But Mr. Ponting went on to al- 
lege that the armed forces minister, 
John Stanley, went over Mr. Head- 
line's bead to Prime Minister Mar- 
garet Thatcher to reverse a move 
toward a more open policy on the 
incident. 

He said the government blocked 
further questioning in Parliament 
by insisting it would not discuss 
military operational matters. 

“1 had never come across any- 
thing so blatant in my 14 years w 
the civil service," Mr. Ponting 
wrote. 

Neil Kinnock, leader or the op- 
position Labor Party, has angered 
Mrs. Thatcher by saying he did not 
believe her denials of involvement 
in the decision to prosecute Mr. 
Ponting. 


Syria Seen Holding Key to New Peace Effort 


(Confined from Page 1 ) 
toward Israel are doomed to failure 
and that the Arabs should build 
their military might to equal bra- 
d’s. 

But Hussein and other pro-West- 
ern Arabs increasingly accept the 



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U.S. view t hat the only way to 
peace is through direct negotiations 
with Israel, with active participa- 
tion by the United States. Secretary 
of State George P- Shultz called 
repeatedly for such face-to-face 
Arab- Israeli negotiations last week. 

The framework agreed upon by 
Hussein and Mr. Arafat lacks the 
clarity that Hussein had hoped for 
and which would elicit a clear-cut 
U.S. endorsement, according to 
State Department officials. But 
Mr. Shultz and others have de- 
scribed it as a step in the right 
direction. 

In private conversation, Mr. 


Shultz is reported to have cau- 
tioned Saudi Arabia that the divi- 
sions on Palestinian issues within 
the two poles of the Israeli unity 
government — Prime Minister Shi- 
mon Peres's Labor Party and For- 
eign Minister Shamir's Likud — 
are such that any serious peace 
drive by the Arabs is likely to cause 
a political shake-up in IsraeL 
Some Arabs appear ready to 
bring Israel’s divided sentiments 
about negotiations to a tesL Many 
Israelis, as well as a succession of 
U.S. administrations, have asked 
for such negotiations for a long 
lime. 


UNESCO 
Grants U.S. 
Status as 
Observer 


The board approved a proposal 
tiling on Mr. NF Bow to reduce 


railing on Mr. Nr Bow to reduce 
staff. 

Despite abjections from the So- 
viet bloc, the delegates also decided 
oo a proposal that would set priori- 
ties on UNESCO's activities with a 
view toward eliminating politically 
controversial programs. 


WORLD BRIEFS 


By Ham- Dunphy 

The Associated Press 

PARIS — UNESCO’s executive 
board ended a five-day meeting 
early Sunday after agreeing to 
gram observer status to the United 
States and expressing hope that it 
will rqoin the organization. 

After a 20-hour session, dele- 
gates from 50 nations also reached 
agreement on a series of resolutions 
designed to help the organization 
deal with program and budget 
problems caused by the Reagan ad- 
ministration's decision to with- 
draw. 

The United States quit the UN 
EducationaL Scientific and Cultur- 
al Organization on Dec. 31, saving 
the 160-nation organization had 
become too political, too cosily and 
too inefficient. Britain and Singa- 
pore have said they will leave at the 
end of 1985. 

Japan said Tuesday that it would 
consider similar action, and a num- 
ber of West European countries 
have indicated that they might not 
remain unless there were changes 
in UNESCO operations. 

Earlier in the five-day meeting, 
India and Mexico proposed a com- 
promise that would allow the Unit- 
ed States to have an observer mis- 
sion at UNESCO until the 
organization's rules on such status 
couid be clarified. 

The board agreed, saying the 
United States could do this “in ac- 
cordance with general internation- 
al practice” and would not have to 
make a formal request according 
to delegates who spoke on condi- 
tion that they not be identified. 

They said Western nations and 
Japan clashed frequently during 
the negotiations with Soviet-bloc 
and Third World countries, which 
are in the majority at UNESCO. 

The final resolutions adopted by 
the executive board did not men- 
tion the possibility that the board 
might ask the International Court 
of Justice in The Hague for an 
opinion on whether the United 
States was liable for its 1985 budget 
contribution to the organization. 

A document prepared by .Ama- 
dou Mahtar M’Bow, UNESCO’s 
director general, had cast doubt on 
whether an observer mission could 
be established. It also said the 
board might want to ask The 
Hague court for a ruling on the 
U.S. contribution. 

The United States provided a 
quarter of UNESCO’s budget, 
amounting to about S43 million a 
year. The delegates said UNES- 
CO’s program will almost certainly 
have to be trimmed to meet an 
estimated deficit of S28 million this 
year. They asked Mr. M’Bow to 
report to them at their May meet- 
ing on anv changes needed in the 
1986-1987 budget. 

They also urged member nations 
to give up any refunds due and 
suggested that Mr. M'Bow set up a 
fund to receive additional contri- 
butions. 

France, the host nation, said it 
would contribute S2 million and 
Pakistan offered S 50.000. The Sovi- 
et Union. Venezuela and Colombia 
were among a group of nations say- 
ing they would give up refunds that 
were expected to total S6 million. 


Reagan Trims European Itinerary 

SANTA BARBARA, California (Reuters) — President Ronald Rea.- 
aan has shortened his planned European trip inMay Jy wo days so he 
can be in Washington when Congress debates his 198o federal budget, 
according to Larry Speakes, the presidential spokesman. 

Mr. Reagan had planned to return to Washington on May 12 after a 
13-day trip including the annual conference of industrial natioosm Bran 
on May 2-4. He will now return May 10. Mr. Speaks said Friday. 

Instead of remaining in West Germany for a state visit through Mot 8, 
the president will leave two days earlier, flying to Spain. On Mays. Mr. 
Reagan will address the European Parliament in Strasbourg, France, 
avoiding dispute in West Germany over how to mark the 40th amuver- 
saof the victory over Germany. 


IRA Leader Is Denied Visa by U.S. 

. /- l.: > TV IT 5 


WASHINGTON (From Combined Dispatches) ~ The U.S. Stale 
Department has denied a visa to Gerry Adams, president of the political 
wing of the Irish Republican Army, because of his advocacy of] nolence 
in Northern Ireland.” a department spokeswoman said Saturday^Mr. 
Adams had been invited by 10 congressmen to join protests agauKt Prime 
Minister Margaret Thatcher of Bn tain during her visit this week. 

Meanwhile, in Armagh. Northern Ireland, a senior prison officer. Pal 
Kerr was shot to death on Sunday as be left church after attending Mass 
on his 37 th birthday. The IRA, later cl a im i n g responsibility, said Mr. 
Kerr, the security chief at the Maze prison outside Belfast, bad been killed 
for harassing prisoners. _ _ . . . 

in Dublin, the jailed IRA kidnapper. Eddie Gallagher, suspended ^ 

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hunger strike on Sunday after 39 days to allow talks lo go ahead on Ins 
demands for improved prison conditions, his lawyers said. (AP, Reuters) 


Bill on Tax Evasion Approved in Italy 


ROME (UPI) —The Chamber of Deputies has given final approval to 
a biB aimed ai curbing tax evasion, ending months of debate. . 

The lower house on Saturday voted, 255-89, with 140 abstentions, on 
the measure, which took nearly four months to move through the 
parliament. The government victory was assured when the opposition 
Communist Party on Saturday announced its intention to abstain in the 
final vote. . 

The Co mmunis ts had approved the government moves to curb tax 
evasion by small independent companies, but opposed the bill through- 
out debate in an attempt to unseat the government of Prime Minister 
Bettino Craxi. The government had made the bill a major pa rt of its 
nniir-w-c th* mr«« rfohnteri of Lhe bill is its emoowerine of 


tax offi cials to assess companies for taxes if investigations indicate i 
are not declaring full tax liabilities. 


Burt Seen as Next U.S. Envoy to Bonn 



Richard R. Burt 


WASHINGTON (AP) — Rich- 
ard R- Burt, a State Department 
official wbo has played a major role 
in shaping U.S. nuclear weapons 
policy, is under consideration to be 
ambassador to West Germany, 
sources say- 

Officials said President Ronald 
Reagan was considering nominat- 
ing Mr. Burt to succeed Ambassa- 
dor Arthur F. Bums, 80. 

Mr. Burt, assistant secretary of 
state for European and Canadian 
affairs, is regarded as a proponent 
of negotiating aims control accords 
with the Kremlin. This has led to 
clashes with Richard N. Perle, an 
assistant secretary of defense, 
whose more skeptical view of Mos- 
cow is preferred by the Republican 
right wing. 


U.S. Aide to Meet With Pinochet, Foes 


WASHINGTON (NYT) — Reagan administration officials, citing 
concern about a worsening political situation in Chile, say a senior State 
Department official has been sent to Santiago to urge President Augusto 
Pinochet and opposition leaders to find a way to move toward peaceful 
elections. . 

For months, the administration has been concerned over increased acts 
pf violence in Chile, which the United States blames both on Communist- 
backed terrorists and on what it regards as a repressive crackdown by the 


Pinochet government on opposition groups. The opposition has been 
calling for the resignation of General Pinochet and for an elected 


government. Sections are currently planned for 1990. One State Depart- 
ment official expressed concern that Chile could become “another 
Nicaragua” because of the inability of the political opposition and 
government to work out reforms peacefully. 

Langhcroe A. Motley, an assistant secretary of state Tor inter-Ameri- 
can affairs, is expected to be in Chile until Wednesday. 


For die Record 


Pttpe John Pari II will receive Prime Minister Shimon Feres of Israd in 
a private audience Tuesday, according to a Vatican spokesman. (UPI) 
■ Four black political prisoners serving life sentences for treason have 
been released under an amnesty by President Pieter W. Botha and 14 
more are to be freed soon. South African officials said. (UPI) 

Colombia’s presidential press secretary was imprisoned Friday on the 
orders of a judge investigating the smuggling of cocaine to Spain in a 
diplomatic pouch, judicial sources in Bogota said . (Reuters) 


Israel Begins Lebanon Withdrawal; 
Beirut Troops Move to Fill Vacuum 


(Continued Iran Page 1) 
bulldozer decorated his rifle barrel 
with a red rose. 

The National Resistance, whose 
men with their red, green and yel- 
low flag were much in evidence, 
were expected to use Sidon and the 
town of Sarafand farther south 
along the Mediterranean as staging 
areas for stepped-up attacks 
against the Israelis. 

Military specialists predict that 
the Israelis may hasten (he second 
phase of their withdrawal, tenta- 
tively scheduled for April, by evac- 
uating the area around the Liiani 
River and a pocket around Tyre as 
well. Instead, they would keep a 
line farther east running through 
the area now patrolled by United 
Nations peacekeeping forces south 
of the Liiani and then northward to 
Jezzrn and the electronics base atop 
Mount BaruL 

flsrael Radio reported Sunday 
that Israeli troops would begin the 
second stage of the withdrawal in 
three weeks. The Associated Press 
reported from Jerusalem.] 

Further complicating tire Israeli 
task has been the virtual collapse of 
their surrogates of the so-called 
South Lebanon Army, which they 
clothe, arm and pay for. 

The Israelis have acknowledged 
widespread desertions in its ranks. 
Other sources reported that the Is- 
raelis had told their Lebanese col- 
laborators in Tyre to retreat to saf- 
er areas as the National Resistance 
has singled them out for retribu- 
tion. 

Within minutes of the Israeli rear 
guard's departure, Lebanese Army 
units moved in [o protect the large 
Palestinian refugee camps of Aui 
Helweh on the coastal plain and 
Mieh Mieh, atop the first hills just 
to the east. 

As Israeli jets dropped leaflets 
congratulating their military on 


their 32-mouth occupation and 
made screeching, low-level passes, 
Ahmed Hamad, a 40-year-old fish- 
erman, said at Mieh Mieh, “This is 
the happiest day in my life." 

Complaining that until last 
Thursday the Israelis bad fired 
heavy machine guns into Ain Hel- 
weh, Mohammed Abu Bilal, 25, 


said he was “happy they have gone, 
and may rockets and shells accom- 


Fuad Abu Nader, the command- 
er of the Christian Lebanese Forces 
militia, said recently that the south- 
ern Christians would not leave the 
Jenin area to serve as “border 
guards" for the Israelis along (be 
international frontier further 
south. If pushed out of their homes, 
he said, they would go to the main 
Christian heartland north of Bd- 


and may rockets and shells accom- 
pany them all the way back to the 
border." 


Asked about predictions of vio- 
lence between rival Palestinians 
loyal to the Palestine Liberation 
Organization leader, Yasser Ara- 
fat, or his pro-Syrian rivals, Mr. 
Bilal said: “We do not want any 
foreigners here. Here we are one 
family, like fingers of a hand.” 


Despite the euphoria, there are 
fears that clashes between rival Pal- 


fears that clashes between rival Pal- 
estinian groups could ensue. In 
turn, such violence might ignite 
fighting among the various Leba- 
nese factions. 


But Saturday the mood was de- 
cidedly upbeat Tor Palestinians and 
Lebanese residents of this city of 
about 100.000. 


“This is a victory for us,” Ziad 
Abdel Jawad. 19. shouted as he 
drove north toward the Awali Riv- 
er bridge, where the Israelis had 
made Lebanese wait for days be- 
fore being allowed to travel 25 
miles north to Beirut “I didn't 
think this would ever happen.” 

Watching the crowd cheer itself 
hoarse as the army deployed along 
Sidon's main street a delighted of- 
ficer said: “The army is going to be 
all over Lebanon. This is what the 
people want and that is the way it 
is going to be.” 

Political and religious leaders 
worked hard to ensure that the re- 
action to (he departure of the Israe- 
lis would be orderly. 


reitect me collapse oi israeu 
dreams of establishing an allied, 
Christian-dominated Lebanon and 
the Christians’ own growing disti- 
luaoomeni with the Israelis. 

■ Shooting Because . of Flag 

John Kifiier of The New York 
Times reported: 

At least one incident marred the 
day. Just across the street from 
Phalangisi headquarters in Abra, a 
group of about a dozen young men 
in civilian dothes could be seen in 
an alley waving automatic rifles, 
with another man lying on the 
ground. 

Two journalists passing by were 
ordered brusquely away, but from 
a little way down (he road they 
heard two bursts of fire from auto- 
matic weapons. 

Three young women peered out 
of a shop. “A run came by and 
tried to fly a Palestinian flag," one 
said, “so they shot him." 

■ Bomb Kills Israeli 

Guerrillas exploded a 33 -pound 

(15-kilogram) bomb insouthem 
Lebanon on Sunday, killing the 
first Israeli soldier since the pull* 
back. United Press International 
reported from Tel Aviv. 

The Israeli Army said the bomb 
exploded as a convoy passed along 
a road near the village of Bazflur- 
iye, four miles east « the port ® 
Tyre. It said three soldiers wa* 
wounded and one was killed by the 
bomb. 



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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


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Now Yo»k Imat The AsuxMtd Flea 

RESTORING HISTORY — Karl HeinzeL, left, and Richard Horigan, who are framed 
by the wings of the Wright Flyer In the Smithso nian Institution's Air and Space 
Museum in Washington, are members of a team of experts undertaking the first 
significant restoration of the aircraft that mule the first powered flight. That flight by 
Orville Wright occurred at Kitty Hawk, North Carotina, on Dec. 17, 1903. Hie five- 
month restoration project will include replacing the wing fabric, which has deteriorated. 


Withal 


U.S. Students Seeking 
Hie Quicker Riches 

Enrollment in U.S. medical 
schools, which now number 127. 
dropped this academic year for 
Lhe first time since World War If. 
Enrollment in Lhe 173 law 
schools fell after steady in- 
creases. 

With the postwar “baby- 
boom" generation growing up, 
[he number of high school gradu- 
ates has been declining steadily 
since 1978. but qol as fast as 
professional school enrollments. 

"If only demographics were 
involved, we would not have seen 
a decline like this at this point," 
said Bruce Zimmer, executive di- 
rector of the Law School Admis- 
sion Council. “Young people are 
looking for shon-ierm payoffs." 

Educators say students these 
days seem less fascinated by pro- 
fessions that already appear to 
be overcrowded and more en- 
ticed by the chance to move 
quickly into Helds such as com- 
puter science and engineering 
without spending time and mon- 
ey to acquire an additional de- 
gree. Nine of 10 physicians grad- 
uate in debt, owing an average of 
$29,000 in student loans. 


Southern Chauvinist 
Is Ealing His Words 

Last summer, when Geraldine 
A. Ferraro was campaigning in 
Mississippi as the Democratic 
vice presidential candidate. Jim 
Buck Ross, the state commis- 
sioner for agriculture and com- 
merce, asked her if she knew how 
to bake bluebeny muffins. “I 
sure can." she said. “Can you?" 

“Down here in Mississippi the 
men don’t cook,” was his memo- 
rable reply. Since then. The New 
York Tunes reports, Mr. Ross 
has ended up eating his words, so 
to speak, having bettwne a much 
sought-after authority on blue- 
berry muffins. He has been 
asked to judge them, sample 
them and even cook up a batch. 

He not only agreed to do so 
but contributed his recipe to a 
regional cookbook. The book 
contains a bom 200 recipes from 
notable Mississippi males, in- 
cluding the recipe for Governor 
Bill Allain’s barbecue steak 
sauce. 

The title, of course, is “Down 


Here Men Don't Cook.” It is 
published by Southern Images. 
Post Office Box 4406, Jackson, 
Mississippi 39216, at a retail 
price of $8.95. 


II You Can’t Stand 

Hie Heat, Don't Run 

Advice to would-be political 
candidates, from the new edition 
of “Political Campaign Crafts- 
manship," by Edward Schwartz- 
man: “There are constant and 
urgent demands on your time, 
money, patience and emotions. 
. . . You’ll spend hours with peo- 
ple with whom yon would not be 
found under any riminnninrwi 
except for the need of campaign- 
ing. ... All of your volunteers 
and contributors will feel that 
they own a piece of you and will 
act accordingly. 

. . Your family may have to 
make appointments to see you. 
. . . Your past will come under 
careful, hostile scrutiny. Your fi- 
nances, sexual predilections and 
business arrangements are con- 
stantly reviewed by journalists, 
civic groups and actual and po- 
tential opponents seeking and 
sometimes creating the worst 
possible interpretation. 

"... If you have any doubts at 
alL you should not campaign for 
public office. The physical, emo- 
tional and financial costs are too 
high to entertain any reserva- 
tions." 


Short Takes 

Little more than half, or 52.7 
percent, of all U.S. couples of 
childbearing age are physically 
able to have children, down from 
73 percent 20 years ago. Thai is 
largely because Americans in- 
creasingly are choosing steriliza- 
tion to limit their families, ac- 
cording to the National Center 
for Health Statistics. Studies 
show wives are about twice as 
likely to undergo surgical steril- 
ization as husbands. 

Of the U.S. work force of 1 13 
minion, only 2.4 million are 
farmers, yet the growing threat 
of indebted fanners losing their 
land has gripped people around 
the country like few other mat- 
ters. As Steven V. Roberts, writ- 
ing in The New York Times, ex- 


plains it. “The issue is so laced 
with emotion because the image 
of rural life, echoing with tradi- 
tional values and virtues, plays a 
central role in American mythol- 
ogy. No matter that the modem 
farmer keeps his books on a com- 
puter and plays a stereo tape 
deck in his tractor. He is still the 
Noble Yeoman, the rugged indi- 
vidualist who makes democracy 
possible” 


Notes About People 

President Ronald Reagan gets 
far too much mail to open every 
envelope, that is done by dozens 
oT staff workers. There is. howev- 
er, a way to get a letter delivered 
unopened directly to the presi- 
dent’s desk in the Oval Office. 
That is to send it to a special 
White House box number that 
the president gives only to the 
people closest to him. 

Senator Cary Hart of Colora- 
do, whom Walter F. Mondale 
defeated for the Democratic 
presidential nomination, is writ- 
ing a critical book on military 
policy that will be published late 
this year or in early 1986, just 
about the time that Mr. Hart can 
be expected to announce wheth- 
er he will run for president in 
1988. He has been a member of 
the Senate Armed Services Com- 
minee since 1975 and is a 
founder of the Military Reform 
Caucus in Congress. 

Jo Ann Smith, 45. has been 
elected president of the Denver- 
based, 230,000-member Nation- 
al Cattlemen's Association, rep- 
resenting ranchers in all 50 
states. The fifth-generation Flor- 
ida rancher can mend fences, 
round up strays and brand 
calves. 

One version of the words re- 
portedly addressed by John Rig- 
gins, the Washington Redskins’ 
fullback, to Sandra Day O’Con- 
nor, the Supreme Court justice, 
shortly before he lay down on the 
floor and went to sleep at a 
Washington Press Club dinner 
last month, have been immortal- 
ized by Penguin Products of 
Merrifield, Virginia, which for 
$10 is offering T-shirts that read. 
“Loosen Up. Sandy Baby.” 

— Compiled bv 

ARTHUR H1GBEE 


Senate Republicans 
Reject Plan to Abolish 

;ency 



By Robert Pear 

Vw flirt Timet Semite 

WASHINGTON — Leading 
Senate Republicans have rejected 
President Ronald Reagan's pro- 
posals to abolish the Small Busi- 
ness Administration and the Job 
Corps and to restrict eligibility for 
federally guaranteed student loans. 
But they have agreed in principle to 
many other spending cuts. 

In the two weeks since Mr. Rea- 
gan proposed a budget for the fis- 
cal year 1986, which begins Oct. 1, 
the attention has shifted to Capitol 
Hill, where Senate Republicans are 
studying the president’s plans. 

Most of the 16 committee chair- 
men have sent letters to Senator 
Robert J. Dole of Kansas, the ma- 
jority leader, and Senator Pete V. 
Domenici of New Mexico, the 
chairman of the Budget Commit- 
tee, assessing various cuts. Mr. 
Dole and Mr. Domenici had asked 
for the letters in an effort to get the 
budget process off to an early start. 

Senate Republican leaders have 
agreed on a goal of reducing federal 
spending by $54 billion in the fiscal 
year 198b and by a total of S266 
billion in I486 through 1988. 

The letters to Mr. Dole and Mr. 
Domenici represent the first efforts 
by committee chairmen to reach 
this goal. They illustrate basic 
agreement on the need to reduce 
the deficit but not necessarily in the 
ways proposed by the president. 

Senate Republican leaders said 
last week that they would propose 
eliminating the 1986 cost-of-living 
adjustments in many benefit pro- 
grams, including Social Security. 

Republicans hold 53 of the 100 
Senate seats, and the Senate com- 
mittee chairmen are all Republi- 
cans. 

The main responsibility for the 
budget has fallen to Senate Repub- 
Leans at this stage because the 
House of Representatives wants 
the Senate to take the first action 
on the budget. Democrats insist 
that the Republicans take the lead. 

The BudgeL Committee recom- 
mends levels of spending for the 
entire government and Tor specific 
activities such as the military, edu- 
cation. health and agriculture. The 
recommendations guide Congress 
when it votes on appropriation bills 
later in the year. 

Republicans on the Senate Fi- 
nance Committee have prepared a 
detailed list of legislative proposals 
that could, over the next three 
years, save $63.3 billion in pro- 
grams under the committee’s juris- 
diction. The programs include So- 
cial Security and Medicare and 
Medicaid, the health programs for 
30 million elderly and 22 millior 
low-income people. 

Senator Lowell P. Weicker Jr. of 
Connecticut, chairman of the Com- 
mittee on Small Business, and Sen- 
ator Dale Bumpers of Arkansas, 
the committee's ranking Democrat, 
have introduced a bill that would 
reduce the Small Business Admin- 
istration's $726-railiion budget by 
more than 35 percent next year. 

But Mr. Weicker adamantly op- 
posed the president’s proposal to 
abolish the agency and members of 
the Budget Committee said they 
would not adopt it. 

The Reagan administration's 
shortsighted effort to abolish SBA 
makes no sense." Mr. Weicker said 
in his letter. “It would e limina te the 
only agency in the executive branch 
whose soie mission is to promote 
and assist the nation's 14 million 
small businesses.” 

The White House contends that 
most small businesses do not re- 
quire the agency’s assistance. Da- 
vid A. Stockman, director of the 
Office of Management and BudgeL 
said last week that the Small Busi- 


r:! 

i 


■ \ i'Vixon Reportedly 
Wet Secretly With 
^iet Cong in 1964 

New York Tunes Service 

NEW YORK — Richard M. 
ILxon, while on a private trip to 
letnam in 1964. met secretly with 
te Viet Cong and ransomed five 
J.S. prisoners of war for bars of 
old, according to an account as- 
ribed to one of his U.S. Army 
odyguards on t be secret mission. 
The account portrays Mr. Nixon, 
lad in army fatigues with no iden- 
tical ion, lieing flown by helicop- 
:r to a jungle meeting with a Viet 
ong lieutenant to “establish a 
. ' " rice” for the captives’ freedom. 

' ‘ The incident is recounted in the 
italog of a Massachusetts auto- 
raph dealer describing a note of 
tanks said to have been written by 
lr. Nixon to the bodyguard. Sev- 
■al other dealers said the note sp- 
eared to be authentic. 

The undated note said. “To Hol- 
s Kimmons with appreciation for 
is protection of ray helicopter ride 
t Vietnam, from Richard Nixon." 
be note and accompanying mate- 
• a] were recently sold to a private 
sllector reportedly for about 
L500. 

The prisoners who were report- 
. ily freed in the exchange were not 
:en lifted Nor w3& it made clear 
a whose behalf Mr. Nixon may 
ive been acting. 


Hast at Arm? Base in Corsica 

The Assoanied Press 

AJACCIO. Corsica — Three 
anbs set by six armed and hood- 
1 men exploded Sunday in the 
iacdo headquarters of the army’s 
ilh Division, causing serious 
image but no injuries, authorities 
id. 



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ness Administration was “a billion- 
do liar waste, a rat hole.” 

Senator Onin G. Hatch of Utah, 
chairman of the Committee on La- 
bor and Human Resources, said be 
strongly opposed elimination of the 
Job Carps. a training program cre- 
ated in 1964. 

His committee supervises that 
program, and his position makes it 
unlikely that the Senate will seek to 
abolish iL according to members of 
the Budget Committee. Several 
other conservative Republicans 
have joined Democrats in defend- 
ing the Job Corps. 

Senator Robert T. Stafford of 
Vermont, chairman of the Labor 
and Human Resources Subcom- 
mittee on Education, has forcefully 
rejected the president's proposal to 
deny guaranteed loans to college 
students from families with adjust- 
ed gross income of more than 
$32,500 a year. He also criticized 
Mr. Reagan's proposal to establish 
a 54,000 annual limit on all types of 
federal aid. including grants and 
loans. Tor any one student 

Senator Bob Packwood of Ore- 
gon, chairman of the Finance Com- 
mit tee, said in a letter to Mr. Do- 
menici that “we will meet our 
responsibility for achieving S63.3 
billion of spending cuts over the 
three fiscal years in question, if all 
other major committees” agree to 
meet the cuts required of them. 

in his letter, Mr. Packwood did 
not specify how the savings would 
be achieved. But details of the pro- 
posals were obtained from mem- 
bers of the committee. 

By far the biggest item on the list 
was the omission of Lhe 1986 cost- 
of-living increase for 36 million So- 
cial Security beneficiaries. The 
committee estimated that that 
would save $5.9 billion in the fiscal 
year 1986 and a total of $22.5 bil- 
lion in 1986-88. assuming the annu- 
al adjustments resume in 1987. 

The list includes these proposals: 

• Freezing Medicare: payment 
rates for hospitals in 1986 at 1985 
levels. 

• Continuing, for a second year, 
the freeze in Medicare payment 
rates for physicians. 

• Limiting federal grants to the 
states for Medicaid. 

• Reducing special Medicare 
payments to teaching hospitals for 
costs associated with the training of 
doctors. 

• Increasing premiums and de- 
ductibles for Medicare insurance 
covering services by physicians. 

• Ending the federal revenue- 
sharing program, which distributes 
funds to counties, cities and towns, 
arthe end of the 1986 fiscal year. 



Quebec’s Ruling Party 
Faces Waning Support 

Levesque’s Position Is Challenged 
As Militancy Gives Way to Apathy 


Paul G. Kirk Jr. 


Democrats 
Losing South, 
Kirk Is Told 


tt'ashingion Post Service 

ATLANTA — Paul G. Kirk Jr, 
chairman of the Democratic Na- 
tional Committee, has met with 
party leaders of the 13 Southern 
states, many of whom opposed his 
election, and was warned that the 
U.S. national party is weakening 
strong state and local parties. 

Ten state party chairmen were 
among about 50 people attending 
the meeting on Saturday. They said 
a major problem is that the nation- 
al party is perceived as being cap- 
tive to special interests, some of 
which were instrumental in Mr. 
Kirk's election as chairman. 

Mr. Kirk said the proliferation of 
party caucuses “nukes diversity a 
weakness. And if caucuses are a 
reflection of politics by separation, 
that is a formula for defeat.” 

“We can't succeed if we turn our 
backs on the coalition that pro- 
duced victory in the past,” he said. 
“But if we don't succeed as a whole, 
then no element of the parly does." 

The Southerners urged the na- 
tional party to concentrate on is- 
sues of major concern to average 
Americans. They said the party has 
nominated presidential candidates 
too liberal to be elected. And they 
emphasized moderate positions oil 
the economy, a strong national de- 
fense and a competitive posture in 
international trade. 

“The Democratic Party in the 
South is up for grabs right now." 
said the former governor of Geor- 
gia. Carl Sanders. “The Republi- 
cans have their best opportunity 
ever because many people who vole 
in Democratic primaries for local 
candidates here fed less commit- 
ment to the Democratic Party as 
such than ever before." 

He said the Democratic Party 
used to be the party of “actors and 
action, but it is now a party of 
reaction to Republican initiatives." 


By Christopher S. Wren 

Aw York Times Service 

QUEBEC — This has been a 
disconcerting winter for Lhe Parti 
Quebecois. which has governed 
Quebec for more than eight years. 

The party may be wearing out its 
welcome unless it can adapt to the 
newer realities of Canada's largest 
province. 

Several prominent party mem- 
bers defected when the party 
shelved independence as a political 
issue at u special convention last 
month. The party's majority in the 
Quebec legislature, the 122-seat 
National Assembly, has since 
shrunk to a scant four seals. 

Another party doctrine, a Law 
enshrining French as the province's 
only language, is being whittled 
away by court challenges from the 
English-speaking minority. 

'Hie public opinion polls have 
lately suggested that the Parti Que- 
becois. which was voted into power 
in 1 976, may lose to the Liberals in 
the next election. 

The mandate of the Parti Quebe- 
cois to govern does not run out 
until April 1986. but the Liberals 
are expected to start submitting no- 
confidence motions in the current 
government when the legislature 
reconvenes next month. 

Even Premier Rene Levesque, 
who founded the party when inde- 
pendence was a live issue, is facing 
pressure from within his own ranks 
to retire. The militancy of French- 
speaking Quebecers has given way 
to apathy, particularly among 
young people who worry more 
about jobs than language. 

“The Parti Quebecois is a theol- 
ogy that became a political party,” 
said Lauren Laplante. a prominent 
radio commentator in Quebec City. 
“They might survive as a political 
party, but it's not a theology any- 
more. They’ve lost the golden 
touch." 

As the winds from the 1 ice- 
clogged St Lawrence River sweep 
through this historic city, political 
conversation dwells upon whether 
the Parti Quebecois is an idea 
whose time has come and gone. 

“What’s happening is a groping 
for the center, which is uol neces- 
sarily pro misin g for stability,” said 
Claude Ryan, the senior legislator 
of the opposition Labor Party in 
Quebec’s National Assembly. 

Party stalwarts like Bernard 
Landry, Quebec’s minister for in- 
ternational affairs and external 
trade, are not exclusively pessimis- 
tic about prospects for" staying in 
power. “We are proud to "be the 
victims of our own success.” he 


said. “It's always unwise to sell 
short the Party Quebecois.” 

“This is the time of collecting the 
dividends of the Quiet Revolu- 
tion." Mr. Landry said, using the 
term applied to the changes made 
by French-speaking Quebecers 
since the 1960s. “1 could say now 
that the influence and power in 
business are in the hands of Que- 
becers. Now there are multination- 
al corporations that are Qufebe- 
cois." 

Critics of the Parti Quebecois 
complain that its promotion of 
French drove away people and 
businesses. 

A French-speaking Quebec busi- 
nessman said it was harder to bor- 
row investment capital once En- 
glish-speaking financial insti- 
tutions had been antagonized and 
moved out. By one estimate. 
210.000 English speakers left Que- 
bec from 1966 to 1981. 

Gerald Godin. Quebec's minis- 
ter for culture and immigration, 
said: “The French language is like 
a flag. It is as sacred to us as the 
Stars and Stripes is to Americans.” 

Because the party's legislation, 
known as Bill 1 0 1 . gtiaran teed Que- 
bec's French speakers the right to 
speak French instead of English. 
Mr. Godin said: “They no longer 
see the reasons why we passed the 
law. It's only a matter of time be- 
fore Bill 101 is unnecessary and is 
dropped like a ripe fruit." 

Mr. Levesque has stayed aloof 
from such issues since he returned 
from a vacation in the Caribbean, 
where he was recovering from what 
his doctors diagnosed as exhaus- 
tion. 

There has been speculation that 
Mr. Levesque is weary of politics. 
But he recently said he would stay 
on and confront the question of his 
leadership at a party caucus on 
Tuesday and Wednesday. 

Recent opinion polls have shown 
that Mr. Levesque would not win 
the next election against Robert 
Bourassa, the Liberal Party leader 
in Quebec, but that Pierre-Marc 
Johnson. 38, his justice minister, 
could Mr. Johnson, who has re- 
mained publicly loyal io Mr. Leves- 
que. says be feels the Parti Quebe- 
cois must outgrow its image of 
single-issue separatism. 

In 1980 voters rejected by a 60- 
40 margin a request by the Parti 
Quebecois for a mandate to negoti- 
ate some sovereignty with the fed- 
eral government. Most recent opin- 
ion polls have shown that barely a 
fifth of Quebecers want such sover- 
eignty association. 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


* 


An Ugly Conclusion 
Moors Chess Match 

Game Russians See as Formative 
Of Good Character Is Tarnished 


By Cclescine Bohlcn 

Washington Past Service 

MOSCOW — Last fall, when the 
world chess championship in Mos- 
cow was in its early days, an article 
appeared in a newspaper for Coni' 
munist youlh about the value of the 
game for young minds. 

It told of how 12,000 students in 
the town of Norilsk were learning 

NEWS ANALYSIS 

chess at school, using boards they 

- made themselves in woodwork 
classes, taught sometimes by their 

- parents in the absence of qualified 
coaches. This, concluded the au- 
thor, is all for the good. 

“Chess lessons help children to 
study better," it said, because "it 
encourages a firmness of character, 
agility of mind and a quick and 
logical intellect.” 

Friday's performance at the Ho- 
tel Sport, starring a haggard world 
champion and a defiant challenger, 
revealed another side of chess. 

The world championship match 
between the champion, Anatoli 
Karpov, and Gary Kasparov was 
. ended after a five-month marathon 
in rircumstances that one chess 
specialist described simply as 
“dirty." 

In the view of some analysis, the 
struggle over the championship 
match was also a reflection of the 
tenacity of the Soviet chess estab- 
* lishznent, and its loyalty to Mr. 
Karpov, the man who has kept the 

- title of world champion under the 
Soviet flag since 1975, by fending 
off a challenge from Viktor Korchr 
noi, a Soviet defector, in 1978 and 
1981. 

From around the world, expert 
opinion has held that the decision 
by the International Chess Federa- 
tion president. Florendo Campo- 
manes of the Philippines, to cancel 
the match and start again at 0-0 
favors Mr. Karpov. 

- While still ahead, 5-3, with one 
victory needed to retain his title, 
-the champion had visibly weak- 
ened under the strain of the match, 
losing more than 22 pounds (10 
kilograms) and failing to win a 
game since Nov. 24. 

The major reason for the pro- 
longed match, which included a re- 
cord 40 draws, was the scoring sys- 
tem. In previous championship 
tournaments, a victory counted one 
point and a half point was awarded 
for a draw; but u this match noth- 
ing was given for draws. 

While the news of Friday’s 
“brouhaha," a word used by Mr. 
Campomanes at one point during a 


highly charged press conference, 
made the front pages in foreign 
newspapers, Soviet papers Satur- 
day kept their information to a 

minimum. 

The match was annulled by the 
president for the good of the two 
players, for the good of chess, a 
new match will be held after a 
meeting of the chess federation in 
August That was the extent of the 
story on the back page of the Com- 
munist daily newspaper Pravda. 

The Soviet press agency Tass 
elaborated Saturday on the reasons 
for the decision and quoted the 
chief arbiter of the match. Svetozar 
Gligoric of Yugoslavia, as saying 
that Mr. Campomanes’s decision 
was “absolutely justifiable.” 

“1 believe Kaipov and Kasparov 
are really very tired," Tass quoted 
Mr. Gligoric as saying, adding that 
this was quite understandable “af- 
ter such a marathon 'battle.' " 

However, Mr. Kasparov, at 21 
the youngest man ever to play in a 
world championship, appeared 
perfectly fit Friday as he made an 
appeal to keep playing. 

Of the three arbiters of the 
match, Mr. Gligoric was the only 
non-Soviet citizen and, according 
to chess experts, his consent to the 
Campomanes decision has out- 
raged chess circles in Yugoslavia. 

For die-hard fans, particularly 
those backing Mr. Kasparov, the 
official explanation was not suffi- 
cient. although they too bad to ad- 
mit that they had grown weary of 
the draws. 

As one fan said: “Kasparov had 
just won, not once but twice. He 
had come back from S-0; it was his 
time." 

While nothing was printed in 
Moscow about Mr. Kasparov’s an- 
gry denunciation of Friday’s “per- 
formance," word nonetheless got 
around. 

The Russian love of chess is an 
old story. But in the Soviet Union, 
the game’s popular appeal has 
spread beyond those of Russian 
nationality. In Armenia, there is a 
chess school named after Tigran 
Petrosian, that Soviet republic's na- 
tive world champion. Mr. Ka- 
sparov received his early training in 
the republic of Azerbaijan, al- 
though he is half Armenian, half 
Jewish. 

For Soviet officialdom, chess has 
become a matter of national honor. 
The same is true of other sports and 
in the arts: The Soviet system is 
able to find talent at an early age, 
develop it, and nurture it until it 



The Asoomd ftw* 

Gary Kasparov, the discontented challenger, as the cancellation was announced. 


can gp on the world stage and carry 
off international prizes. 

Chess, bang in some ways a So- 
viet national pastime, has long had 
a special political dimension. Since 
1927, the men’s world tide has 
stayed in Soviet hands with only 
two lapses — in the 1930s when 
Max Euwe of the Netherlands held 
it For three years and From 19 72 to 
1975 when the brilliant but erratic 
American, Bobby Fischer, reigned. 

Mr. Fischer earned a special 
place in Soviet chess memory. On 
the waD of the game room at the 
Moscow Chess Cub. his is the only 
picture of a non-Soviet citizen. He 
is also the idol of Mr. Kasparov, 
who is said to share his bold, at- 
tacking style. 

Since Mr. Fischer’s days, some 
here say that Soviet determination 
to hold the crown has only grown. 
The challenge to Mr. Karpov by 
Mr. Korchnoi a defector, elevated 
the stru g gle, turning Mr. Karpov 
into something of a national hero, 
an upholder erf the Soviet way 
against a man viewed as a traitor. 

This year's match, between two 
Soviet citizens, both of whom are 
members of the Communist Party, 
had at first seemed dull compared 
to (he fireworks of the Kajpov- 
Korchnoi battles or. before that, 
the face-off between Mr. Fischer 
and Boris Spassky. 

But even with both players play- 
ing under the same flag, high emo- 
tions — and some say politics, albe- 
it of a different sort — again 
erupted to overshadow this most 
silent and intellectual of games. 


Chess Experts Are Critical 
Of Cancellation of Match 

The Associated Press 

LONDON —Several international chess grandmasters, including a 
former president of the ruling body of chess, have criticized the 
cancellation of the world championship match and accused the 
Russians of engineering the move. 

A Soviet defector and grandmaster, Viktor Korchnoi, said the 
Soviet chess authorities wanted the championship match, the longest 
in history, halted to ensure that the champion, Anatoli Karpov, an 
ardent CpramunisL. was not beaten by his challenger. Gary Kasparov. 

When the match was halted, the score was 3-3 in Mr. Karpov’s 
favor. Although Mr. Karpov needed only one more victory to retain 
his title, Mr. Kasparov had won the two most recent games. 

Mr. Korchnoi told The Associated Press in Geneva that the 
president of the International Chess Federation, Florendo Campo- 
raanes, a Filipino, who announced the decision, was a “scapegoat" for 
Soviet chess authorities. 

“Not able to stop it themselves, they somehow, I don’t know bow. 
persuaded Campomanes to stop the championship match," said Mr. 
Korchnoi who now lives in Switzerland. 

“According to me, Kasparov won the match. It is clear be was 
willing to continue the match, while Karpov needed a break." 

World-class players at a competition in the Icelandic capital 
Reykjavik, were also skeptical 

A former federation president, Fridrik Olafsson of Iceland, said he 
regarded Mr. Campomanes' s behavior as “very mysterious." 

“Something wrong is going on in Moscow,” Mr. Olafsson was 
quoted as saying in an interview with Iceland's main newspaper, 
Morgimbladid. 

“Campomanes should be called Karpovmanes,” said Boris 
Spassky, a former Soviet world champion who now Lives in France. 
He described Mr. Camp omanes* decision as “very strange" and 
accused the official of being biased in favor of Mr. Karpov. 

In Geneva, Mr. Korchnoi urged members of the federation to “get 
together and declare Kasparov the winner." 

“If one is unable to survive a match because of stress, weak health 
and so on, he is a loser,” said Mr. Korchnoi 


Reagan Calls Nicaraguan Rebels 
'Brothers’ and 'Freedom Fighters’ 


Bv Bernard Weinraub 

,V*n York Times Service 

SANTA BARBARA. California 
— President Ronald Reagan, seek- 
ing congressional support for aid to 
Nicaraguan rebels, has called the 
insurgents “our brothers." In a ra- 
dio speech on Saturday, he com- 
pared U.S. support for them to the 
aid foreigners gave the .American 
colonies during the .American Rev- 
olution. 

“We must remember that if the 
Sandinistas are not stopped now. 
they wdL as they have sworn, at- 
tempt to spread communism to El 
Salvador, Costa Rica. Honduras 
and elsewhere." be said. 

An administration official, 
speaking to reporters after the 
speech, said that the continuing 
“delivery of offensive weapons” to 
Nicaragua from Eastern Europe 
"could even pose a strategic threat 
to the United States." 

Congress agreed last year to ap- 
propriate S14 million for the Nica- 
raguan rebels in the current fiscal 
year, but said the money could not 
be spent until the lawmakers spe- 
cifically voted to release it some- 
time after Feb. 28. 

In his speech. Mr. Reagan com- 
pared U.S. support for the rebels to 
the aid that foreigners gave to 
American revolutionaries fighting 
the British. 

"Time and again we’ve aided 
those around the world struggling 
for freedom, democracy', indepen- 
dence and liberation from tyran- 
ny." Mr. Reagan said. "In the 19th 
century we supported Simon Boli- 
var, the great liberator. We sup- 
ported the Polish patriots, the 
French Resistance and others seek- 
ing freedom. 

"It's not an American tradition 
to turn away, and lucky for us that 
those who loved democracy 200 
years ago didn’t turn away from 
us.” he said. 

Mr. Reagan cited Lafayette, 
"who helped defeat General Corn- 
wallis and assure the British surren- 
der at York town.” 

“And now the free people of El 
Salvador. Honduras and. yes. Nica- 
ragua ask for our help." he said. 

‘There are over 15.000 freedom 
fighters struggling for liberty and 
democracy in Nicaragua and help- 
ing to stem subversion in El Salva- 
dor. 

“They are our brothers,” he said. 
“How can we ignore them? How 
can we refuse them assistance when 
we know that ultimately their fight 
is our fight?" 

After Mr. Reagan's speech, an 
administration official said that 
Soviet-bloc nations have stepped 
up military shipments to Nicara- 
gua. An estimated 10,000 members 
of Soviet. Cuban. East German, 
Bulgarian, Libyan and Palestine 
Liberation Organization forces 


were also in Nicaragua, he said. 

Mr. Reagan's speech was high- 
lighted by some especially tough 
language. 

“After the Sandinistas imposed a 
brutal dictatorship." he said, “they 
moved quickly to suppress internal 
dissent, clamp down on a free 
press, persecute the church and la- 
bor unions and betray their pledge 
to hold free elections. 


“Now, they're exporting (hugs to 
poison our youth and linking up 
with the terrorists of Iran. Libya, 
the Red Brigades and the PL0," he 
said. ‘The Sandinistas aren't dem- 
ocrats but Communists, not lovers 
of freedom but of power, not build- 
ers of a peaceful nation but cre- 
ators of a Fortress Nicaragoa that 
intends to export communism be- 
yond its bore 



Tha AModaMd PKm 

Traffic was stacked up over die weekend at the crossing 
point between Mexico and San Ysidro, California, as 
authorities searched for dues to the disappearance of a 
U.S. narcotics agent in Guadalajara, Mexico. Delays of 
more than seven hours were reported at the border. 


2 More Americans Reported Missing 
In Guadalajara, Bringing Total to 7 


Los Angeles Times Service 

GUADALAJARA, Mexico — 
The disappearance of two more 
Americans, following the abduc- 
tion of a U.S. drug agent, has been 
reported to police here by friends 
who said the missing men have not 
been seen for more than two weeks. 

A spokesman for the American 
Consulate confirmed Saturday that 
U.S. officials were aware of the 
case of John Walker, an American 
resident of Guadalajara, and Al- 
berto RaddaL who was visiting 
Mr. Walker from the United S tates . 

On Feb. 7, an agent of the U.S. 
Drug Enforcement Administra- 
tion, Enrique Camarena Salazar, 
and a pilot who bad worked for the 
agency were abducted. 

[The new report raised- to seven 


the number of Americans who have 
disappeared in recent months in 
Guadalajara, Alan Rogers, a U.S. 
Consulate spokesman, told The As- 
sociated Press on Saturday.] 

A friend said Mr. Walker was a 
Vietnam veteran from Minnesota 
who had been living in Guadalajara 
for about a year on his military 
disability pension. 

Officials said they knew of no 
connection between the disappear- 
ances and the kidnapping of Mr. 
Salazar. 

Mr. Salazar, 37, was seized by 
armed men just a few yards from 
the U.S. Consulate, moments after 
leaving the building to meet his 
wife for lunch. He was seen ' 
pul into a waiting car that 
away. 


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Page 5 



INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


Beirut Caller Reports 
Islamic Jihad Intends 
To Kill U.S. Hostage 


By Ihsan A Hijazi 

New York Times Service 

BEIRUT — A caller claiming lo 
represent the Islamic Jihad terror- 
ist organization has said that it has 
sentenced one of four American 
hostages held by the group to die. 

The statement, made by an 
anonymous caller who telephoned 
a Western news agency in Beirut on 
Saturday, came on the day that 
Mu h a mm ad Ali, the U.S. former 
world heavyweight boring champi- 
on, arrived to try to secure the re- 
lease of the Americans, who were 
kidnapped over the last year. 

The caller also insisted that Jer- 
emy Levin, a U.S. television report- 
er who had also been a hostage, did 
not escape as he said but was freed 
by his captors after intervention by 
a noted American Islamic person- 
ality and after Islamic Jihad had 
ascertained that he was not in- 
volved in any activity against it. 

The caller, who spoke in Arabic 
with a Lebanese accent, said of Mr. 
Levin’s own report that he escaped: 
“He certainly is crazy because it is 
very difficult to get" out from the 
place be was in.” 

Mr. Levin, the Beirut bureau 
chief for Cable News Network, 
flew to Frankfurt from Damascus, 
on Friday after he turned up near 
Baalbek in Syrian-controlled east- 
ern Lebanon on Wednesday. 

The anonymous caller said the 
derision to free Mr. Levin was 
made by an “Islamic court.” 

The court, be said, had sentenced 
one of the hostages to death. 

Asked who the condemned man 
was, the caller replied: “When he is 


executed you will aD know about 
it.” 

He said Mr. Levin's release was 
in line with a promise made earlier 
by the Islamic Jihad organization 
not to harm U.S. journalists. 

The caller's reference to an 
American Islamic personality is be- 
lieved to be to Mr. Ali. who is a 
Moslem. 

An aide to Mr. Ali said he would 
seek the release of the four hostages 
— a diplomat, two ministers and an 
employee of the American Univer- 
sity of Beirut — and a Saudi Arabi- 
an official believed to have been 
abducted by the same group. 

■ Levin Pronounced Fit 

A U.S. Air Force doctor pro- 
nounced Mr. Levin in “good 
health” on Saturday despite the I! 
months he reported spending 
chained in solitary confinement in 
Lebanon, The Associated Press re- 
ported from Frankfurt. 

“Today, Mr. Levin is in good 
health and there should be no rea- 
son to curtail his return to the Unit- 
ed Stales,” said a statement by a 
spokesman for the U.S. Air Forces 
in Europe. 

Mr. Levin, 52, was admitted to 
hospital for a routine checkup late 
Friday after arriving at the Rhein- 
Main Air Base in Frankfurt from 
Damascus aboard an executive jet. 

After a welcome from his wife, 
Lucille, and other family members, 
Mr. Levin was driven to the hospi- 
tal in Wiesbaden, about 20 miles 
(32 kilometers) west of Frankfurt. 

Mr. Levin said he felt “fantastic, 
just fantastic.” 



U.S. Cancels 2d Military Exercise 
With New Zealand; Ties Reviewed 


Jeremy Levin, the Cable News Network correspondent in Lebanon who reappeared last 
week after 11 months in captivity, was greeted by his wife, Lucille, in Frankfurt on Friday. 


By Bernard Gwcrtzman 

New York Times Service 

WASHINGTON — Hie United 
States has canceled a second set of 
military exercises with New Zea- 
land and said all security relations 
with the Pacific ally were under 
review. 

The latest move was cancellation 
of an Li-submarine exercises near 
Hawaii on Feb. 23. New Z ealand 
was informed by Washington on 
Thursday night, the New Z ealand 
defense minis ter, Frank O’FIynn, 
said Saturday morning in Welling- 
ton. The action was confirmed Sat- 
urday by State Department offi- 
cials, who said a fuller statement 
would be made this week. 

Slate Department officials said 
Saturday that the entire security 
relationship with New Zealand was 
under review. They predicted that 
virtually every raihiary tie with 
New Zealand would be curtailed to 
show that Washington did not be- 
lieve a country could have an alli- 
ance with the United Stales and 
avoid its full responsibilities. 

Washington is also considering 
ending the policy of exchanging 
intelligence information with New 
Zealand, officials said. 

The administration has said it 
will not impose economic sanctions 
on New Zealand, but will not 
strongly argue New Zealand's case 
when members of Congress seek to 
end special trade preferences on 
such commodities as lamb and ca- 
sein, a cheese and milk protein used 
in food and industrial products. 

The dispute with New Zealand 
sharpened recently when Prime 
Minister David Lange refused per- 


mission fora port call by an Ameri- 
can destroyer because his Labor 
government has an anti-nuclear po- 
licy that forbids visits by ships car- 
rying nuclear weapons. ' 

_ The United States, as is its prac- 
tice, refused to say whether the 
ship, the Buchanan, carried such 
weapons. 

In response, the Reagan admin- 
istration announced cancellation of 
joint exercises with its ANZUS 
pact allies. Australia and New Zea- 
land, that had been scheduled for 
Australia's east coast. 

Secretary of State George P. 
Shultz said that although New Zea- 
land remained “a friend” of the 
United States, it was not behaving 
as an ally should and Washington 


would have to adapt its policies to 
this development. 

Although the ship visit in itself 
was a minor matter. State Depart- 
ment officials have viewed the de- 
nial of port privileges as a major 
rupture tn the alliance. They said it 
was unacceptable that the United 
Stales be forced by an ally to curb 
its nuclear deterrent fonce'ai a lime 
when there are no similar con- 
straints on Soviet forces. 

Since the ANZUS pact is pri- 
marily a maritime alliance with 
ships and planes from the three 
countries patrolling the South Pa- 
cific. the administration has said 
that by depriving the United States 
of port calls, the New Zealand gov- 
ernment has changed ibe “opera- 
tional” character of the alliance. 


Union Carbide Blamed 
For Lapses in Bhopal 


Israeli Pullout: Element of Surprise Leads to Smooth Sidon Withdrawal 


By Edward Walsh The pullback from Sidon was the 

Washmgrv* Past Sc™* a planned three-stage i with- 

KFAR FALOUS, Lebanon — ^ ***“““ 

The last Israeli convoy to leave Si- J* ^raelt Cabmet approved 
don Saturday consist^ of 38 vehi- Ja * ^8 of 

des, about 300 soldiers and two “d ^ sta 8 es J“* not «*• 


5. The dogs were named Vodka 
and Esther. 

Shortly after 2 P.M^ about three 
hours after they began moving out 
of Sidon, the convoy passed this 
point about six miles (10 kilome- 
ters) east of the Lebanese port city, 
picking up mud as the heavy vehi- 
cles lumbered along a rain-swept 
mountain road. 

From a nearby hillside, employ- 
ees of the Hariri Medical Center, a 
huge, modem complex that looks 
out of place in the mountain coun- 
tryside, watched sQently as the last 
of the Israeli soldiers left. 

With that, Israel's occupation of 
Sidon and the surrounding coun- 
tryside, which has gone on for two- 
and-a-half years, came to an end. 
The final hours passed quietly, ex- 
cept for the growl of the engines of 
25 armored personnel carriers, five 
jeeps, five trucks and three tanks 
that moved in procession through 
mist and low-hanging clouds. 


DOONESBURY 

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..tWWEOHDERSTWD'UrVE 
amSSFUUy7MNSPMMB>\ 
Tfc HEART OFAL&&AL WTO 
A CONSERVATIVE. NATURALLY, 
NEAT THE P.N.C/KE VERY 
INTERESTED IH 
YOUR RESULTS. 



but on Saturday Israel stopped po- 
licing Sidon, the largest city in 
southern Lebanon, with a popula- 
tion of about 100,000. 

Israeli mihiary officials said the 
first stage of the pullback was ac- 
complished without incident. Israe- 
li officials had said earlier that they 
had information that Lebanese Shi- 
ite Moslem militias were planning 
to disrupt the pullback. 

In an apparent attempt to sur- 
prise the local militias, the Israelis 
pulled out of Sidon two days earlier 
than scheduled, and on the Jewish 
Sabbath. They may have also bene- 
fited from the weather, which 
.shrouded the mountains east of Si- 
don in rain and fog. 

“From our point of view, every- 
thing goes well." Defease Minister 
Yitzhak Rabin said a few minutes 
before the convoy rumbled by. 
“What happens in Sidon will be the 
sole responsibility of the Lebanese 
government," 

Mr. Rabin repeated complaints 
that the Lebanese government re- 
fused to cooperate with Israel for 
an “orderly transfer” of the area 
evacuated Saturday. Despite that 
obstacle, he said, Israel “found 
ways to cooperate with the Leba- 
nese Army on a local level." sug- 
gesting that Israel played a role m 
the immediate entry of Lebanese 
Army units into Sidon after the 
Israeli pullback. 


Saturday's withdrawal from the 
Sidon area was the second major 
Israeli army pullback in Lebanon 
since its June 1982 invasion. The 
first, the abrupt September 1983 
withdrawal from the Chuf Moun- 
tains southeast of Beirut, was fol- 
lowed by bloody clashes between 
Lebanese Christian and Druze mi- 
litias. 

The Israelis were widely accused 
of exacerbating the Chur conflict 
by their sadden departure. This 
time, the Israelis gave five weeks' 
notice of their intention to with- 
draw and said repeatedly that they 
would not be held responsible for 
what happened after they lefL 

Nevertheless, when the time for 
the final move came, it happened 
quickly. Israeli bases in the area 
had been dismantled weeks ago, 
and all heavy equipment was 
moved south, leaving relatively few 
combat units to patrol the roads 
and villages. 

These last soldiers received the 
order to prepare for the final with- 
drawal at about 8 AM. Saturday. 
Two hours earlier, the Israelis had 
notified United Nations officials in 
southern Lebanon, the U.S. Em- 
bassy in Tel Aviv and the Lebanese 
government when the pullout 
would take place. 

Late Saturday morning, Mr. Ra- 
bin and the Israeli Army chief of 
staff. Lieutenant General Moshe 
Levy, flew by helicopter to Buxata, 
a large Israeli base that overlooks 
the Awali River bridge on the Leb- 
anese coastal highway just north of 



Compiled by Our Staff From Dtspatches 

NEW DELHI — The Indian 
government has blamed a series of 
lapses by Union Carbide Corp. at 
its pesticide plant in Bhopal for 
triggering the accident that killed 
more than 2,000 people. 

A study published Saturday by 
the Chemicals and Fertilizers Min- 
istry said the company flouted safe- 
ty requirements and did not ade- 
quately train its employees at the 
plant Besides the fatalities, tens of 
thousands of people were injured in 
the Dec. 3 accident, which involved 
a leak of methyl isocyanate gas. 

Hie report said that Union Car- 
bide. despite previous accidents in 
the plant involving leakage of phos- 
gene, a chemical intermediary in 
the manufacture of methyl isocya- 
nate, did not improve safety stan- 
dards or prepare a contingency 
plan for a disaster. 

It also said that residents near 
the plant were not advised about 
elementary precautions in the event 
of 

“Had that been done, the im- 
mense sufferings caused would 
have been substantially reduced,” 
the ministry said. 


help more than 15,000 people still 
suffering from effects of the poi- 
son. The company denied the alle- 
gation. 

“We got no medical help whatso- 
ever from Union Carbide," said 
Dr. Ishwar Das, assistant health 
secretary in the state of Madhya 
Pradesh, where Bhopal is located. 
“Actually, the company added to 
our problems by issuing misleading 
and confusing information." 

A Union Carbide spokesman 
said the company had distributed 
medical supplies to the injured. 

But Dr. NJL Bhandari, superin- 
tendent of Hamidia Hospital in 
Bhopal, said: "It was a drop in the 
ocean. The medicine from fie com- 
pany did not make much differ- 
ence.” 

Dr. Bandhari estimated that 
about 1,500 people seek treatment 
at city hospitals and clinics each 
day for injuries from the gas. He 
said at least 41 people remained 
hospitalized. (AP. UP I) 


African Famine 


An Israeli solder waves farewell as his unit leaves the Sidon area in southern Lebanon. 


»ngs bygovemment scientists indi- May Continue, 

'*• ' cated tire catastrophe was caused n , n 

by the entry of a foreign substance, JtUZ8GfUXdl€T8 oQtY 
possibly water, into an under- J 

ground tank. 

The report said the factory man- 
agement did not immediately in- 
form the local authorities when the 
gas leak occurred. 

Plant offi cials did not know the 
exact quantity of methyl isocyanate 
stored in the factory nor could they 
suggest a treatment for gas inhala- 
tion, the study said. After the acci- 
dent. it was discovered thai 22 met- 
ric tons (24 short tons) of methyl 
isocyanate remained in the under- 
ground plant tanks, not 15 metric 
tons as Union Carbide had 
daimwl the ministry said. 

The ministry said the authorities 
were considering establishment of 


Sidon. It was from Buxata that 
most of the soldiers in the last con- 
voy. preceded by Mr. Rabin and 
Mr. Levy, left the area. 

Both men said they realized this 
initial pullback would not lessen 
the attacks on Israeli soldiers in 
southern Lebanon, which recently 
have become most intense in the 
area to the south of Sidon that will 


not be evacuated until the final Israelis here. We are happy to see 
stage of the withdrawal. them go.” 

“The area is infested with tenor- The Israeli soldiers shared his 
ists and terrorism." Mr. Rabin said, .feelings, if for different reasons. 
“There will be an increased number They were subdued as the last Con- 


or terrorist attempts.” 

The long-awaited withdrawal 
from the Sidon area meant differ- 
ent things to different people. 

One man, who did not give his 
name, said: “We don’t want the 


Sihanouk Urges China to Attack Vietnam Now 


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By William Branigin 

Washington Post Service 

BANG SAEN. Thailand — 
Prince Norodom Sihanouk, the 
head of a coalition of Cambodian 
resistance groups fighting the Viet- 
namese, Ires called on China to 
make good its pledge to leach Ha- 
noi a “second lesson” after a series 
of major defeats by the guerrillas. 

“We want China to reach Viet- 
nam a second lesson now," Prince 
Sihanouk said Saturday in an inter- 
view at this resort on the Gulf of 
Thailand. 

The former Cambodian bead of 
slate referred to a promise that he 
said was given him in October in 
Beijing. He said two Chinese lead- 
ers. Deng Xiaoping and Hu Yao 
bang, pledged to maintain military 
pressure on Vietnam's northern 
border and to “p unish " the Viet- 
namese if the Cambodian guerrillas 
suffered battlefield reverses. 

China invaded Vietnam for sev- 
eral weeks in early 1979 in what 
Beijing described as a “lesson” af- 
ter Vietnamese forces invaded 
Cambodia and drove out the Chi- 
nese-backed Khmer Rouge Com- 
munist gpvernmenL 

The Khmer Rouge and two non- 
Communist resistance groups, one 
loyal to Prince Sihanouk and a 



Prince Norodom Sihanouk 

larger one led by Son Sann. since 
have been fighting the Vietnamese 
occupation as part of a shaky, UN- 
recognized coalition government 
The prince said he and the two 
other resistance leaders. Son Sann 
of the Khmer People's National 
Liberation Front and Khieu Sam- 
phan of the Khmer Rouge, wanted 
China to move now- “since now it 
appears that the situation of the 


armed resistance in Cambodia is 
getting bad.” He added. “We are 
not in a desperate situation, but a 
bod situation.” 

[UN relief officials Sunday be- 
gan trucking about 40.000 Cambo- 
dian civilians from a temporary 
evacuation site at Khao Sarapi. 
Thailand, to a safer area farther 
south along the border, Reuters re- 
ported from the area.] 

Only Prince Sihanouk’s group, 
the National Sihanoukist Army, 
has escaped attack. But he said he 
feared i is one base, at Tatum on the 
northern Cambodian border, 
where he said about 5.000 guerrillas 
were camped, could become “des- 
sert" for the Vietnamese. 

■ dona: Offensive Failed 

Reuters reported from Beijing: 

China said Sunday in a siaie- 
meni by ibe official Xinhua press 
agency that Vietnam's offensive in 
Cambodia was a complete failure 
despite the capture of guerrilla 
bases. 

Western diplomats in Beijing 
said the statement, coming on the 
sixth anniversary of China's attack 
on Vietnam, indicated Beijing 


would not come to the support of 
the guerrillas with its threatened 
"second lesson” for Hanoi. 

But the)’ did not rule out an 
increase in Chinese attacks along 
the border with Vietnam. 

Xinhua said the Cambodian 
guerrillas had escaped into the inte- 
rior to harass Hanoi's supply lines, 
and that Vietnamese troops would 
find it impossible to hold what they 
had capture! 

[The Associated Press reported 
from Bangkok that the Vietnam 
News Agency said Chinese artillery 
barrages, targeted against villages 
as deep as eight miles (13 kilome- 
ters) inside Vietnam, have killed 14 
civilians and wounded many others 
in recent days. 

[The official press agency said 
the latest barrage occurred Satur- 
day, when 200 rounds were fired 
into Tri Phuong village of Lang 
Son province, destroying many 
houses and killing domestic ani- 
mals. 

[More than 1.500 rounds fell on 
hamlets along the border Friday, 
while Chinese troops dug trenches 
and built fortifications in the fron- 
tier area, “making the situation 
there very tense,” fie report said.] 


voy went around a curve in the 
road beneath the medical center, 
but they shed their reserve as they 
readied Mashnaqa, site of a dis- 
mantled Israeli base where (he con- 
voy vehicles were loaded onto flat- 
bed tracks for the trip tome. 

The soldiers embraced each oth- 
er and laughed. They grabbed one 
of the three telephones in Mash- 
naqa that were connected to lines 
in Israel to call home. 

Vodka and Esther, the dogs the 
soldiers had adopted at Buxata, 
scampered among the rows of 
parked armored personnel carriers. 
They, too, were going to Israel one 
of the soldiers said. 


The Associated Press 

WASHINGTON — Pop ula lion- 
induced climatic changes and long- 
term soil erosion may perpetuate 
for years the African famine, a re- 
search group said Saturday. 

The Woridwatch Institute; in its 
annual “State of the World” report 
for 1985, called the starvation in 
Africa a forewarning that the 
earth's resources may be incapable 
of supporting a global population 
approaching five billioa people. As 
many as a million people are be- 
lieved to have died last year in 
Ethiopia alone. 

“A scenario is unfolding in Afri- 
ca where population growth mav 
a national scientific and medical . be driving a climatic change lead- 
conmritlee for a study of the side ing to a reduction in rainfall and, 
effects caused by the gas. ultimately, food production,” the 

A study by Bombay's Tata Insti- Washington-based insti lute said 
cute of Soda! Sciences said last The institute's president, Lester 
week that more than 1,000 people ' Brown, said only a combined tree- 
were blinded by the gas. A team of planting, soil conservation and 


Bhopal doctors, however, said 
there had been no cases of perma- 
nent blindness. 

More than 1,000 demonstrators 
marched Saturday in Bhopal to de- 
mand the closure of the Union Car- 
bide plant and belter relief mea- 
sures for victims. 

The demonstrators marched 6 
kilometers (3.7 Miles) from the 
plant to the center of town and 
shouted, “Carbide’s bloody daws, 
twist them, break them,” and “This 
factory won’t woric.” 

Medical offidals in Bhopal said 
Union Carbide had done little lo 


family planning effort “equal to the 
Allied powers mobilization in 
World War D" might reverse what 
be called the desiccation of Africa. 


Senegal Leader in Morocco 

The Associated Press 
MARRAKECH, Morocco — 
President Abdou Diouf of Senegal 
arrived here Saturday for private 
talks with King Hassan □ of Mo- 
rocco, aiding a two-year rift be- 
tween the two nations caused indi- 
rectly by the conflict over control 
of the Western Sahara. 


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p a?e6 


MONDAY, FEBRUARY 18, 1985 


it 



INTERZONAL 

Pufalmhcd TOiTTk Nex York Time* and Ike Washington Km 


King Fahd’s Diplomacy 


Saudi Arabia feels strongly about the Pales- 
tinian issue and finds sponsorship of it vital to 
its diplomacy in the Arab world — no small 
need in view of the many dangers to Saudi 
Arabia arising from points outside Israel. So. 
true to form. King Fahd arrived in Washing- 
ton hoping to draw President Ronald Reagan 
deeper into the Arab-Israeii question. For 
"moderate" Arabs, this means making an ef- 
fort to deliver the Palestinians while calling 
upon the United States to deliver the Israelis. 
An evident part of the Saudi effort was the 
“framework for common action" that King 
Hussein of Jordan and Yasser Arafat, chair- 
man of part of the Palestine Liberation Orga- 
nization, produced word of while King Fahd 
was still in the American capital. 

We say “word of” because the framework 
itself has been slow to be revealed. It is reputed 
to enable the PLO to join Jordan in an interna- 
tional peace conference, but it is not clear 
whether there is anything solid in i'l or any- 
thing that could be made solid by further 
tending. “We're being optimistic about it." 
Mr. Reagan said. But Jordan and the PLO 
have a Jong record of evading the straightfor- 
ward co mmi tment to recognize and negotiate 
with Israel which is the only conceivable basis 
of peace between Arabs and Israelis. 

Israel is of two minds — represented by the 
Labor and Likud elements of its national unity 


government — about negotiations. Labor fa- 
vors a territorial compromise on the West 
Bank and would accept direct negotiations 
with Jordan and with Palestinians acknowl- 
edging Israel's right to exist Likud, leaning to 
absorption of the West Bank, has an interest in 
avoiding negotiations and in backing away 
from United Nations Resolution 242, calling 
for an exchange of territory for peace. 

If the Jordanians and their friends are 
smart, they will play to Labor. They will get 
their act together while Labor's Shimon Peres 
is still prime minister. They will help Mr. 
Reagan revive his 1982 peace plan, which Mr. 
Peres favored when it was issued — the Begin 
government turned it down. They will realize 
there is no profit in fuzzy “frameworks." 

in the Arab world the belief lingers that only 
second-term American presidents are free 
enough of Jewish pressure to bear down on 
Israel. The second-term Eisenhower, who 
pried Israel out of Sinai, is their model. This 
belief misstates, seriously and offensively, the 
basis of Israel's American support. But if Ar- 
abs believe it, let (hem accept its implications 
and make a clear move now. As for the Saudis, 
though they and the Americans have a history 
of disappointing each other on the Palestinian 
issue, the two share many other interests, and 
are working together to serve them. 

— THE WASHINGTON POST. 


Back to Basics, in French 


It is not only in the United Slates that 
schools are being pushed to more rigorous 
standards of performance. The French govern- 
ment has now- declared an end to the period of 
progressive and rather relaxed experimenta- 
tion that began there in the late 1960s. By next 
September France’s primary schools will have 
a new and very different curriculum that 
reaches back to ihe older tradition. 

The action is a political anomaly: The pro- 
gressive movement developed under conserva- 
tive Gaullist governments, and the return to 
conventional discipline is now being imposed 
by a Socialist government. The current minis- 
ter of education. Jean-Pierre Chevenement, is 
a leader of the Socialist Party’s left wing and 
earlier, as minister of industry, made mam- 
enemies among French businessmen as an 
aggressive interventionist. But he is also a man 
of intellect who places great value on a trained 
mind and is affronted that, as he charges, one 
out of every five French children is illiterate 
upon leaving primary school at the agp of II. 
the cultural left and the political left are not 
always quite the same thing.. 

• It is not only reading and arithmetic Lhat are 
to be drilled under the new- regimen. Mr. 
Chevenement wants French children to know 
where Lhe country's rivers and dries are. Presi- 
dent Francois Mitterrand has been complain- 
ing for some rime about the style of history 


that devotes much attention to peasant life in 
the 17th century but leaves pupils very undear 
regarding who was king when, and why a 
number of dtizens thought it desirable to cut 
the head off one of them two centuries agp. It 
is back to names and dates. 

Is that elitist, as France's progressive educa- 
tors charge? Mr. Chevenement makes no apol- 
ogies. When he was at the ministry of industry, 
he got a sharp sense that France was falling 
behind in the technologies by which the rich 
countries will either earn their livings or be- 
come much less rich. Having begun with the 
primary schools, he intends to undertake simi- 
lar reforms — or, as some of the left com- 
plains. counter-reforms — at the higher levels. 
It is not all Corneille and Racine. He is cur- 
rently spending serious amounts of money to 
put computers into the schools. 

A country’s educational system is always the 
truest reflection of the real structure of its 
soriely. For a century France’s schools have 
been highly competitive, highly centralized 
and capable of producing extraordinary 
minds. There has always been an articulate 
minority of Frenchmen who wanted to see less 
pressure for achievement and more emphasis 
on equality. But the Socialists have concluded 
that, in a world becoming more competitive, 
France cannot become less so. 

— THE WASHINGTON POST. 


Other Opinion 

Gibraltar’s Open Door 


The opening of negotiations between Bril- 
d Spain 


ain and Spain to coindde with the opening of 
the border between Gibraltar and Spain is for 
Lhe better, even though there is little cause to 
hope for a speedy breakthrough on the future 
oF the disputed territory. 


that will be reinforced when Spain enters the 
European Community next year, may help 
erode the sharper differences and make more 
likely some compromise. 

— The Los Angeles Times. 


Exchange-Rate Crisis Persists 


Britain is insisting on scrujmlous respect for 


the wishes of the people of Gibraltar, who are 
ethnically Mediterranean but steadfast in their 
loyalty to the United Kingdom, wishing no 
change in the status of a self-governing colony. 

This preoccupation with settler wishes has 
overtones of the Falkland Islands, where Brit- 
ain has allowed the local population to veto 
efforts to draw up a compromise that better 
addresses the global issues. 

That posture does not leave much to talk 
about with Spain, equally determined in its 


dforts to regain sovereignty over Gibraltar by 
rewriting history and the Treaty of Utrecht 


through which the Spanish government for- 
mally ceded the rock to Britain in 1713. 

Interests of the free world will be equally 
well served whether London or Madrid has 
sovereignty. Monitoring the 50,000 ships that 
pass through the Strait or Gibraltar each year 
is in itself of considerable importance to West- 
ern defense. This is a gateway for the Soviet 
Black Sea fleet. The strait, a critical choke 
point for world navies in the event of war, 
could be equally well controlled by either ally. 
The border was’ closed 1 6 years ago by the late 
Spanish dictator, Francisco Franco, as part of 
his campaign to regain Spanish sovereignty. 
The closure only made negotiations more diffi- 
cult Now the economic integration that is part 
of the agreement to reopen the border, and 


Prime Minister Margaret Thatcher of Brit- 
ain is traveling to Washington this week — a 
painful moment in the world's obstinately per- 
sistent exchange rate crisis. It was only last 
month that her Chancellor of the Exchequer, 
Nigel Lawson, returned from the meeting of 
the Group of Five top finance ministers wav- 
ing a piece of papa said to demonstrate a new 
willingness by the United States government 
to intervene against the dollar. 

This Group of Five communique is coming 
to look like the Munich agreement of the 
world’s currency markets. There has, true 
enough, been some American intervention, but 
the American foreign exchange markets have 
treated iL as a polite diplomatic triviality. The 
dollar has continued on its way, checked main- 
ly by the German Bundesbank angrily accept- 
ing the main burden of intervention; or falling 
largely through normal market reactions as 
speculators realized their profits. 

One explanation is that Washington has for 
the past few weeks been paralyzed by an inter- 
regnum at the top of the United States Trea- 
sury. with vacancies too at other points of 
access to the president's ear. The markets are 
still daily waiting the resolution of this indeci- 
sion; watching for evidence of substantial in- 
tervention by the Federal Reserve Board. 

— The Tunes (London). 


FROM OUR FEB. 18 PAGES, 75 AND 50 YEARS AGO 


1910: Senator’s Pipeline to Hell 

WASHINGTON — Senator Jefferson Davis, 
of Arkansas, created a sensation in the Senate 
[on Feb. 17] by the unrestrained anger of a 
speech against the Standard Oil Company. He 
rose to oppose a bill designed to grant the 
Standard Oil the right to construct a pipeline 
across public land in Arkansas. Working him- 
self into a passion, the Senator burst upon the 
astonished assembly the following denuncia- 
tion: “The only pipeline I would favor would 
be one in lhe direction of HeiL I would then 
want to see J.D. Rockefeller at the lower end of 
that pipe receiving die jet of burning oil dll he 
was enveloped and destroyed by the product 
of his own evil organization." There were loud 
cries of order, but the Senator would not be set 
down until he had exhausted his fury, when he 
sank back into his seat pale with anger. 


1935: Japan Flans Naval Bafldup 

TOKIO — Admiral Miaeo Osomi, Navy Min- 
ister, revealed that Japan is planning a third 
naval replenishment program, starting with 
the fiscal year 1936-37. Osumi declared: “The 
first and second replenishment programs do 
not fully meet the requirements for national 
defense. The present plans may be adequate to 
pass through the crisis of 1935-36 (referring to 
Japan's withdrawal front the League of Na- 
tions and the expiration of the Washington- 
London naval limitation treaties), but it may 
be necessary to seek appropriations for the 
first portion of (he thin! replenishment pro- 
gram in the fiscal year 1937." The Navy Mutism 
ter said that the program would call for small 
vessels. “The fighting value of torpedo boats 
and other small war craft was demonstrated in 
last summer’s naval maneuvers,” he said. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 19581982 


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CoChtnrmea 


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CARL GEWIRTZ 


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ExtaOne Editor REN£ BONDY Dmay Pubtaher 

Editor ALAIN LBOOUR Asoatae PabBsher 

Dmrv Editor RICH ARD H. MORGAN Associate Publisher 

Dam Editor STEPHAN W. CONAWAY Director of Operations 

Associate Editor FRANCOIS DE SMA ISONS Director of Gradation 

ROLF D, KRANEPUHL Direaar of A th ert uing Saies 
International Herald Tribune, 181 Avenue Charies-de-Gaufle, 92200 NeuiDy-sur-Sesne, 

France. TdephoneTw)-1265. Telex: 612718 (Herald). Cables Herald Paris. 

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U.S. subscription: $284 vearfy. Second-doss pasta#: paid at tang Island CUy, N.Y, 11 101. 

C 1985, International Herald Tribune. All rights reserved 



Kremlin-Watching 
Has Its Frustrations 


|p|TJrw • 

■ ■ : 

to*..!?: ‘ • ‘ 
fell.;:-- ’ • 

E?j& . . ; 

Mih':ic‘V ' £. 

- ! «• *j 


By Thane Gnstaison 


W ASHINGTON — There wen: 
red faces among Western So- 
vietologists a few weeks ago when 
the Kremlin appointed Marshal Ser- 
giu L Sokolov to be the new minis- 
ter of defense, -succeeding the late 
Dmitri F. Ustinov. The experts were 
wrong having predicted Gri- 
gori V. Romanov of the Politburo. 


Sighs went up from exasperated 
reporters and government officials: 
Why are the Sovietologists unable to 


get their horses straight, especially 


with all the practice that they have 
had lately? The fact is that most 


Western Sovietologists had been 
betting on Marshal Sokolov righL 
along. But then the Kremlin pulled a 
fake: It appointed Mr. Romanov 
head of the funeral commission lhat 


supervised the arrangements for 
Marshal Ustinov's burial in the 


Kremlin wall. Suddenly that seemed 
potent evidence for Mr. Romanov. 

After all. back in 1976 the first 
sign that Marshal Ustinov had been 
picked was when he headed the fu- 
neral commission for his predeces- 
sor, old Marshal Andrei Grechko. 
And only last year the clearest sign 
that Konstantin U. Chernenko bad 
the leadership succession sewn up 
came when he led the funeral pro- 
cession for Yuri V. Andropov. 

In Moscow, it seems, he leads the 
living who led the dead. But. alas, 
not this time. Lei him who has never 
flubbed one throw the first stone. 
Did all of you out there pick Bob 
Dole for Senate majority leader? 
Didn't some think that Jesse Helms 
would be chairman of the Senate 
Foreign Relations Committee? 


In many respects the analogy is 

tiiliring 


apt; In both cases we are 


about decisions made in private by 
small groups of powerful men. with 
little direct input from outsiders. 
The rules are unwritten, and the 
bar gainin g is intense. Even insiders 
can go wrong. Soviet secrecy clouds 
the crystal ball even more. 

In any case, is picking the winners 
in lhe Kremlin sweepstakes really 
the most useful measure of our 
knowledge of Soviet affairs? More 
interesting questions are: What does 
it all mean? How does it affect us? 

The reason most Russia-watchers 
were betting on Marshal Sokolov (at 
least until they saw Mr. Romanov 
leading the funeral cortege) was that 
they saw him as the Kremlin's safest 
and easiest choice at a time when the 
top Soviet leaders seem inclined to- 
ward caution. Choosing Marshal 
Sokolov put the least strain on the 
delicate balance of power among the 
leaders, and caused the least tension 
between party and military leaders. 

Only a couple of months before, 
the party leadership had abruptly 
fired the military chief of staff. Mar- 
shal Nikolai Ogarkov. We would 
have to go back over 25 years to find 
a similar case — Nikita S. Khru- 
shchev's dismissal of Marshal 
Georgi K. Zhukov in 1957. In both 
cases a strong, outspoken profes- 
sional soldier crossed the forbidden 
line separating the private from the 
public advocate: Marshal Zhukov 
by arguing for greater professional 
autonomy for the military. Marshal 
Ogarkov by calling for a radical pro- 
gram to modernize Soviet conven- 
tional forces. In firing them the par- 
ty reminded all who the real 
professionals of power are. 

Under these circumstances, ap- 



1 Some fool left a window open al the Politburo, causing a slight draft . . 


pointing Mr. Romanov minister of 
defense would have been a remark- 


able move. For more than a genera- 
tion Soviet defense ministers have 
been either professional soldiers or 
military-industrial administrators. 
Mr. Romanov is neititer. though his 
long years as party head in Lenin- 
grad made him familiar with mili- 
tary industries. He has recently been 
overseeing the military-industrial 
establishment as party secretary. 

To have named him defense min- 
ister. however, especially after the 
Ogarkov dismissal, would have sug- 
gested that party leaders seriously 
distrusted the military, and that 
they wanted a career party official 
in charge. That is surely not the case. 

For Mr. Romanov the move 
would have been no less momen- 
tous. and hardlv welcome. In assum- 


ing the defense job he would have 
had to give up his post as party 
secretary, and that would have re- 
moved him from contention for the 
No. I post as party general secre- 
tary. So the job fell to the man who, 
for the previous 17 years, had been 
the first deputy defense minister. 

But Marshal Sokolov is by no 
means a nonentity. More than any 
other Soviet officer, he is associated 
with policies that have been unpop- 
ular in the West: arms sales to Third 
World countries, support for Third 
World insurgencies, counterinsur- 
gency in client states and, above all, 
the Soviet intervention in Afghani- 
stan. If his appointment is a vote for 
continuity, u is not necessarily the 
kind of continuity that we will like. 

The choice is also a postpone- 
ment. The issues that Mars! 


kov was raising, and lhat cost him 
his job. canaot be ducked forever by 


Lhe" Soviet leadership. They have to 
do with the technological competi- 
tiveness of the Soviet security sys- 
tem, and at 73 Marshal Sokolov is 
the oldest man to be appointed So- 
viet minis ter of defense. 

So there will be more job open- 
ings in Moscow before long, and 
more chances for Sovietologists to 
go wrong in picking successors. Un- 
til we know as much about the 
Kremlin as we do about Capitol 
Hifl, we Sovietologists had best re- 
sign ourselves to hearing more sighs. 


The writer is director of the Sonet 
studies program at Georgetown Uni- 
versity’s Center for Strategic and In- 
ternational Studies. He contributed 
this view to the Los Angeles Times. 


The Time Is Ripe lor Reagan to Play Syrian Card 


By Milton Viorst 


W ASHINGTON — With King 
Fahd of Saudi Arabia urging 
President Ronald Reagan to renew 
his efforts for peace in the Middle 
East, and Israeli forces withdrawing 
from Lebanon. Mr. Reagan now has 
a duty to revive the United States 
peace initiative — but this time. 1 
believe; turning the proposals he 
made earlier upside down. 


Such a plan requires long-term de- 
pendency on Moscow, which Syria 


Mr. Reagan’s plan of Sepl 1, 1982. 
the official American position. 


still the 

focuses on the West Rank, essentially- 
a Palestinian and Jordanian concern. 
It is a territory on whose future Arabs 
and Israelis are deeply divided. Of all 
the land that Israel captured in 1967, 
the West Bank presents by far the 
most difficult problem to resolve. 

Yet the outcome of the war in Leb- 
anon left no doubt that Syria, Israel’s 
strongest neighbor, has the power to 
veto any peace negotiations by Jor- 
dan and the Palestine Liberation Or- 
ganization as well as by Lebanon. 
None can contemplate a West Bank 
settlement over Syrian objections. 

Mr. Reagan’s 1982 plan over- 
looked Syrian power, ignoring the 
Golan Heights, the Syrian territory 
laael occupies. It would thus make 
sense now. os a tactical matter, to 
repair the error and redraw the Rea- 
gan proposal by placing the Golan 
problem at the top of the agenda. 

Bong left alone without the Golan 
Heights is Syria's obsession. Syria 
burns over the peace that returned 
the Sinai to Egypt while leaving the 
Golan Heights with Israel It remains 
angry at Iraq for breaking Lhe Arab 
front to make war on Iran. 

Syria's fallback strategy is to reach 
military parity with Israel, then to 
recover tne Golan Heights by force. 


palpably dislikes. Moscow’s perma- 
nent involvement in the region is also 
conlraiy to American interests. 

But if a settlement is in our inter- 
est, is Syria disposed to settle? Its 
critics, cuing its imperial dreams, say 
no. Formally. Damascus subscribes 
to Security Council Resolution 242. 
which promises peace upon Israel's 
restoration of the captured territo- 
ries. No one knows — including Da- 
mascus itself, perhaps — whether it is 
serious about 242, but Mr. Reagan, in 
his peace plan, missed the chance to 
submit Syria «o a tesL 

From a political perspective. Syria 
leaves no doubt that it will never 
concede to Israel the right to perma- 
nent tenure of the Golan Heights. Of 
more immediate importance, howev- 
er, is Syria's perception of Israel as a 
threat to its security. To Syrian strat- 
egists, Lebanon is the country’s vul- 
nerable western flank, while ihe Go- 
lan Heights is a short drive across flat 
terrain to the capital. Damascus. 

To the Syrians, a submissive Leba- 
non is vitaL Still having occupied 
much of the country since 1976, 
shortly after the civil war started, 
they have not annexed any of iL 
From this evidence, it appears that 
even if some Syrians would like to 
absorb Lebanon into a “Greater Syr- 
ia," official policy is to have it contin- 
ue as an anti-Israel buffer. Israel's 
government is also willing to keep 
Lebanon as a buffer. As for the Go- 
lan Heights, it is strategically vital to 
both. Israel shelled for two decades 
by Syrian guns, has no intention of 
letting them return. But the Syrians 
fear they will one day wake up to find 



Trumpeted 
Tax Plans 
AU Hot Air? 


By Richard Cohen 

W ASHINGTON — Trumpet 
fanfare, please. On Nov. 27th, 
the Treasury Department announced 


a tax-simplification plan of the type 
President Ronald Reagan has tong 
wanted. The plan made page one in 
all the newspapers. The news maga- 
zines put it on their covers. Television 
covered it even though it was dull 


film and this month the president 
announced in his State of the Union 


t! 


speech that he was all for iL 
.But for what? It turns oat that the 
resident was “unaware" that the 
reasury plan would raise coiporate 
taxes about 37 percent. When he was 
asked in a recent interview what he 
thought about that, Mr. Reagan 
flinched: What rise? What corporate 
taxes? Throughout America, corpo- 
rate executives and coupon-dippers 
alike presumably jumped for joy. 
They all had thought that corporate 
taxes might increase — that the presi- 
dent knew what was contained m the 
proposal he had vowed would be- 


the Israeli Army in their capitaL 
Yitzhak Rabin’ the Israeli defense 
minister, once told me that the Golan 
Heights was of “minor importance": 
it could be solved more easily than 
the West Bank. Meanwhile, the Syri- 
ans have talked repeatedly in inter- 
views of demiliumzing the Heights, 


on the jattern of Egypt's SinaL 


knows that among the Arabs the fer- 
ment for peace is rising. Mr. Reagan 
has influence with IsraeL King Fahd, 
who continues to support Syria out of 
oil revenues, can help in dealing with 
Mr. Assad. That is why the lime ap- 
pears to be ripe for Mr. Reagan to 
play the Syria-Israd card. 


come law. Silly, silly people. 
Of course; it ts well known 


that Mr. 

Reagan is not a detail man and the 
Treasury package was nobody’s idea 
of a final draft, but a kind of model 
bill instead. Still we are not 
mere details here, but the son 


broad policy derisions that moved 
alphNa 


Israel’s present government is sure- 
ly more practical than the last, and 
President Hafez al- Assad of Syria 


The wnter. a free-lance specialist in 
Middle East affairs, contributed this 
comment to The New York Times. 


Brussels Ruling May Slam Door on Auto Upturn 

By Giles Merritt 


B RlfSSELS — If you want to buy a new car in 
Europe, wait until the summer. That is when 
car prices are due to start tumbling, thanks to a 


recent move by the European Community Con> 
: codec 


mission to outlaw the dodges that the makers 
have been using to keep the different national 
markets in the comm unity nicely watertight. 

The variations had become quite absurd. Last 
fall a survey showed that list prices for very 
standard model automobiles could differ from 
one European country to another by between a 
third ana a half. An Austin Metro made in 
Britain, for instance, cost 49 percent more in its 
native Birmingham than in a Belgian salesroom. 

The culprits are the price controls that in 
Belgium, and to a lesser extent France, make sure 
that cars sell for much less there titan in the rest 
of the EC Where the automobile giants went 
wrong, though, was in deliberately frustrating 
ordinary buyers’ efforts to arrange their own 
“parallel exports," to use EC jargon, by purchas- 
ing cars in a cheaper country and then personally 
importing them into their home countries. 

The car companies, including the Japanese, 
tried very hand to stop that practice. They bitter- 
ly contest price controls where they exist, and the 
further prospect of losing profitable sales in their 
higher priced national markets rankles. As jof 
July 1, however, a new EC regulation will make 
their selective distribution systems a lot more 


across Europe car prices will start failing to the 
levels seen in Belgium and France. 

Al first sight, this seems an excellent perfor- 
mance by the EC commission. Big business has 


tar's leant has forecast a worst-case scenario in 
which the European industry might lose as much 
as $5 billion, but the more likely outcome is 
reckoned to be a tiny profit by 1988 that would 


be bought only by massive shedding of labor. To 
compete with Detroit’s robotics strategy for 


at last been stopped from bullying the consumer. 

s’s Europe" launched last June at the 


controllable. If prices begin to look as if they are 
being distorted by a manufacturer, then the full 


weight of the EC’s fair competition rules will be - 
brought to bear. The effect should be that tight 


The “People’ 

ECs Fontainebleau summit is already seen to be 
bearing fruit. Unfortunately, however, there is 
much more at stake than consumers' rights and 
the sad truth is that the ECs intervention may 
turn out to be less than beneficial If car prices 
plunge dramatically, that could cost European 
car makers something like $3 billion a year in lost 
revenues. As it now costs over SI billion to 
develop a new model car, it is posable lhat by the 
1990s European cars will have become as techno- 
logically backward as Soviet-made ones of today. 

For just as Europe's car industry was begin- 
ning to pick itself off the floor, having accumu- 
lated losses of $4 to $5 billion during the early 
1980s, the new EC regulation could knock it fiat 
again. Ford has warned lhat one of its six Euro- 
pean plants may be forced to close. This could 
mean the loss of the 57,000 Ford jobs in Britain. 

The situation is little better elsewhere in Eu- 
rope: According to a new study by professor 
Krish Bhaskar, director of the University of East 
Anglia’s motor industry research unit, "the next 
five years promise only break-even balance 


halving the present 130 man-hours per car, and 
with Korean wages of $2 an hour, the Europeans 
need to cut 200,000 people off (heir present auto- 
sector payroll, which at present totals 1.7 million. 

In short there are |omg to be some very tough 


choices to be made if Europe's motor vehicles 
sector is to be recognizably the j 


: same industry 10 
years from now. The temptation is to dismiss the 
industry’s difficulties as just another business 
saga. But the health erf the motor manufacturers 
will be crucial to Europe's economic outlook. If 
the major car producers are forced to opt for 
“out-sourcing" — the development of, say, Bra- 


zilian or Asian plants at the 
ones — the EC will lose the race to 


up 


automobile sector is to survive a( alL Mr. Bhas- 


techndogically with Japan and America. 

So what should the European commission 
have done, if tinkering with car prices and distri- 
bution practices is not the answer? It ought to 
have concentrated instead on the “uncommon 
market" disparities between EC countries that 
both created the prices muddle yet make Europe- 
an car companies less competitive. The abolition 
of national price controls and a drive on fiscal 
harmonization to smooth out tax differences of 
up to 200 percent on a car would be a help to 
both the industry and the consumer. 

International Herald Tribune. 


even Ralph Nader, the consumer ad- 
vocate, to sing arias of praise for the 
proposal The increase in corporate 
taxes was a basic part of ihepaduge. 
Without it the Treasury could not 
claim that individual tax rates could 
be lowered and the package remain, 
in current jargon, “revenue neutral.'* 

Even after more than four years of 
Mr. Reagan this is a remarkable epi- 
sode. With tax simplification, we are 
not talking about some minor bOL 
but a major, even epic, piece of legis- 
lation. You would think that the pres- 
ident would be familiar with its major 
provisions, especially since one of 
them — an increase in corporate tax- 
es — amounts to a reversal in policy. 

Does any of this matter? “Not real- 
ty,’' comes back the reply from lots of 
people. They point out that Mr. Rea- 
gan is a smashing success as president 
and it hardly matters that he concen- 
trates only on the big picture, leaving 
the details to others. “Look at the 
economy” they say. “Look at the 

- <i .... m t. «ka 


inflation rate," they say. “Look at the 
deficit — No! No! Do not look al 


that." But the deficit is exactly where 
they should look. It is out of control 
precisely because Mr. Reagan looks 
only at the big picture. The president 
believes that now you get to (hat 
result is not his department. 

Details are tike building blocks. 
The reason there’s a deficit is that the 
Reagan economic program never 
added up. No amount of wishing 
could change the math: Cut taxes and 
increase defease spending and you 


are going to gel red ink. 
It is the 


LETTERS TO THE EDITOR 


Intern Chauvinism 


Regarding the opinion column “U.S. 
Declaration of Independence on Third 
World” (Feb. 5): 

When not writing on etymology 
William Satire concentrates mi eth- 
nology. Referring to the Third World 
countries as the “Most Backward Na- 
tions'* and world boondoggle!* and 
their leaders as “strident intolerant 
and often corrupt" and officials of 
the World Court and UNESCO as 
personalty and politically corrupt is 


On the same page, William Pfaff, 
in “A Look at the Wrongs of Ameri- 
ca’s Political Right," stated that there 
is no tradition of an intellectual right 
in American political thinking. Mr. 
Sa/ire does not seem ready to break 
this tradition. 


LAWRENCE J. BOND. 

Paris. 


(Victorian) period — the main differ- 
ence being that while the Englishmen 
said: “Right or wrong my country,’’ 
Mr. Safire is loyal to both the United 
States and Israel. 

M. PETERSEN. 

Copenhagen. 


the Sea Convention, the right to ex- 
tend her waters to 12 miles (19 kilo- 
meters) from six miles. This matter is 
quite independent from the Treaty of 
Lausanne in 1923. 


Although Greece, with her “good 
eighbor spirit 


hardly the expression of InteQigem 
contemporary thought in any of tl 
Most Forward Countries. 


William Satire's column on Lhe 
United States and the Third World 
brought back memories of the world 
of Joseph McCarthy. Mr. Satire's ar- 
gument — if it can be so called — 
also reminded me of the oratory in 
England during its most imperialistic 


Sea Rights Debate 


Regarding “Turkish Response" 
{ Letters , Jan. J6) bv H. Barn: 


Undoubtedly everybody will be 
pleased and agree with Mr. Batu’s 
opinion on treaties. Greece acquired, 
by the final agreement of the Law of 


neighbor*^ spirit, does not nourish 
any absolute wish of applying her 
right, the Turkish side has in the last 
10 years acted iu a somewhat peculiar 
way in interpreting the treaties, dis- 
puting not only sea areas and air- 
space of the “eastern part of the Ae- 
gean.” but even the nationality of our 
islands near the Turkish mainland. 

B. KHIOTIS. 

Athens. 


same with “star wars. 
Wanting to do away with nudear 
weapons is not a technological break- 
through: It is a wish. And no amount 
of wishing changes the awful logic of 
deterrence. The same is true of tax 
reform. Lowering the tax rale for 
individuals is not possible if corpo- 
rate taxes are not raised. 

Someday all these chickens are go- 
ing to come home to roosL A federal 
budget that is $200 billion in the hole 
is trying to tell you something- A 
nudear defense based on a dream 
amounts ro nothing more than mat- 
ey tossed down a wishing weB. And a 
tax plan that decreases everyone’s 
taxes and still lakes in the same 
amount of money cannot exist in re- 
ality. Like a balanced budget, “star 
wars" and the erstwhile falling domi- 
noes of the Middle East, it soars 
above reality like a balloon ov# 

thrown qyerixxmfat the start. 

Washington Past Writers Group- 



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M ONDAY, F EBRUARY 18, 1985 


HcralbSEEribunc 


BUSINESS / FINANCE 


Page 7 


EUROBONDS 




FRNs Are Lone Bright Spot 
Amid Glut of Unsold Bonds 


New Bid Licensing: New Joy for U.S. Toy Firms Britain Sues 


i (LX Pk 


By CARL GEWIRTZ 

fniermjtioml Herald Tribune 

P ARIS — Confusion about the direction of interest rates 
and billions of dollars worth of unsold fixed -coupon 
bonds re m a in i n g in the hands of underwriters cast a pail 
over the Eurobond market last week. 

The only bright spot was the floating-rate market, considered 
the safest option when the outlook for rates is uncertain where a 
hefty $2.14 billion worth of notes were offered. This tally does not 
include the S 1.998 billion of domestic floating-rate notes offered 
by Icahn Group Inc. that are being marketed internationally 
( IHT , ; Feb. 16-17). J 

The most novel of the FRNs was Inco Ltd's SI 00 million of 
10-year notes, whose struc- 
ture turns the paper into a 1 

true money market instru- Eurobond Yields 
menL For Week Ended Feb. 13 

The main attraction of ijjf l llfZ^ n ViJ nsr ' - 

FRNs is the fact that the cou- B«3iMc: iifi % 

pon is reset at fixed intervals cans medium term in* % 

to reflect changes in short- French Fr - mediurn ,erm * ,jW * 

|prm iniPTWf rnfec Th* mo.’r. s,erllnB medium term — 11.16 % 

term interest rates. The main Yen medium term, inri Inst 7 % 

disadvantage is that note- Yen 10 lerm. inti insi. _ 7 m% 

holders can never be abso- ECU 5(10,1 term 965 % 

lutely sure of reselling the pa- IS 5SS 

per without a loss. eua long term 9.35 % 

In principle, the value of flx >d term, inti inst 10.10 % 

an FRN should settle at par FLx ™ dium ,erm * 

„.I, ; . Calculated by me Luxembourg Slock Ex- 

each time a new coupon is axmoe. 

set, as on that day it is valued 

to reflect conditions in the Market Turnover 

money market. For Week Ended Feb. 14 

But there is no guarantee. 01 u - 5 Do "" ri) 1 ,^ 

If the borrower’s credit rat- To * al DoHar 

ing falls and invesiorc deem IS 

that its paper should, for ex- 

ample, cany a margin of M 

point over the London interbank offered ram, or Libor, instead of 
the 1/16 it offers, the notes may never trade at par. 

The Inco notes are structured to overcome this worry. Inves- 
tors are assured that on any interest payment date they can “put” 
the notes back — at par value — to a group of banks that have 
agreed to serve as guarantors. 

These banks can then try to resell the notes through a standing 
tender panel or, if that Tails, hold the notes and offer them to the 
tender panel on the next coupon date. 

This is very much like Euronotes, which currently are very 
popular. The key difference, however, is that purchasers of 
Euronotes are assured of a yield for only the duration of the one- 
to six-month notes. 

Subsequent reissue of the Euronotes may be at terms very 
different from the initial sale. By contrast, Inco holders can lock 
in a yield to final maturity. 

The Inco notes will bear a coupon of 3/16 point over the six- 
month Libor. The tender panel mil bid for the notes and if 
successful will distribute them at negotiated rates to clients. 


Eurobond Yields 

For Week Ended Feb. 13 

U.5J Is term, Int'l Inst. 1TJ1 % 

U.54 long term. Ind. 1144 % 

U.S.S medium term, Ind. _ 11.75 % 

Cana medium term 12.14 % 

French Fr. medium lerm 11.09 % 

Sterling medium term 11.16 % 

Yen medium term. Int’l Inst. 7.56 

Yen Is lerm. inti fnsl. 7M % 

ECU short term 945 % 

ECU medium term 1047 % 

ECU long term 1044 % 

EUA long term 945 % 

FLx Ig lerm. inti inst 10.10 % 

FLx medium lerm 9.91 it 

Calculated by me Luxembourg Slock Ex- 


Market Turnover 

For Weak Ended Feb. 14 

(Miltons of U6. Dalian] 


Cede I 
Euroclear 


Total Doltar Equivalent 
134554 114902 24654 

26460.9 24405.1 14519 


AS the bank guarantors, who are not yet identified, stand 
ready to redeem the notes and as major banks currently 
-LA-pay 1/16 to 1/S over Libor to borrow themselves, inves- 
tors presumably will be found to buy the Inco notes at a price less 
than 3/16 point over Libor. 

This means the paper would be sold at a premium, or a one- 

notes are held, an incentive for investors to hold the paper and 
thus amortize the charge. 

Canadian Imperial Bank of Commerce, the lead manager, 
believes that the multi-bank guaranty to buy back the notes gives 
the issue added attraction because investors have the collective 
guaranty of a group erf banks to fall back on rather than the 
single-bank risk in buying, for example, notes issued by Cih'corp. 

What Inco is paying these banks to provide the guaranty has 
not yet been divulged. Commissions on the FRN total % percent, 
of which Canadian Imperial Bank is keeping Vfe percent as a 
praedpuum, or a bonus. The bank has named the structure 
“grantor-underwritten notes," grantor meaning one who pro- 
vides a guaranty. 

Inco has been operating at a loss since 1981 , and some bankers 
believe this loan structure can enable companies that otherwise 
would not have access to the capital market to gain that access. 

The World Bank is also tapping the FRN market, offering $500 
(Gmtmoed on Page 9, Col 1) 


Last Week’s Markets 

All figures ore as of dose of trading Friday 


Stock Indexes 
United States 


Money Rates 

United Stales Lotm. pmm. 


LasfWK. 

Prw.Wk. % arte 

Discount rale 

8 

a 

DJ Indus 

1.28262 

1789.97 —062 

Federal funds ral>_ 

R50 

89/16 

DJ uni 

15065 

15060 Unch. 

Prlmn min _ __ 

1050 

1050 

DJ Trans. — 

62971 

43069 —0.14 

.Imran 



SB. P 100 — 

177.95 
» di in 

18065 —1.11 

Pll|WU 

nkminf 

5 

5 

5 5 p m — 
NYSE CP— 

lOlJDU 

10577 

IdZ.It U-XI 

10579 Uncft 

Call money 

675 

675 

OctofrmPrvaerfict/BacteStajrities. 

40-day Interbank — 

635 

<70 

Britain 



west Germany 

Lombard ... — 

6 

A 

FTSE 100 — 

178160 

179570 —168 

Overnight 

540 

6 Mi 

l=T30 

981.10 

96850 —075 

1 -month Intertank— 

555 

545 




Britain 






Bank base rate 

14 

14 

Hang Sens- 

1605.99 

174768 +471 

Call money 

V4 

14Vb 


Nikkei DJ 1214849 1200941 +1.M 


Comment* 1 . 1*000 1.16260 +064 

Natfl±iiidBx8sbmJoma(MlC&LnltrL 


3-month intertank— 


Dofar Lot Ml PrM.Wk. <fcCNM 

Bk Engl Index— 1506 1494 +067 

Gold 

London pjm.Hx.S 30460 39960 4-160 

immlgoUitdefimOBbaiSbtMJemKiCBHi 


Currency Rates 


Late interbank rates on Feb. 15 . excluding fees. 

Officid fixings for Amsterdam, Brussels, Frankfurt, Mikm, Paris. New York rates at 
4 PM. 


S 

C 

DM. 

FJ=. 

If.U 

GMr. 

BJ=. 

SJF. 

Yen 

34785 

4681 

11376* 

3699* 0-1833 

— 

543* 

13331 *14192 9 

AS46 

7245 

20.108 

4566 

3751 * 

17JSBS 

— 

23465 2545* 

3765 

3405 

- 

32465* 

1417 X 

B8J15* 

4.974 ■ 

11748 *17715* 

1.1025 


2401 

11-033 Z231J5 

46778 

7275 

36623 281775 

2620J0 

273040 

61865 


54640 

38774 

72868 

76S7 


1.108 

376 

999 

261960 

349 

6542 

27715 25575 

I860 

11637 

36624 

4.9465 X 

29044 157335* 

3602516915* 

297-225 

284J7 

7970 

2S93 

l2M m 

6869 

394.16* 

9113 

2.7B05 

36673 

85685* 

2763 • 01375 

7S745* 

15TM ■ 

: 16842* 

04005 

04172 

■'wit 

66051 1J7S99 

24102 

444091 

I69IB 174993 

0.965409 

867488 

115771 

945609 

N A 

34713 

634212 

34796 253962 


Brassah(a) 

Frankfort 


Milan 

New York (c) 


S Per 

Eauiv. O" 7 ** ujlj 

D 74 a Austrattoat 1 JB» 
UKM Austrian icon Baa 2364 
LOIS BeJeton fin. feme £665 
07445 Canadian S 1 JJ« 

Q 0854 Danish krone 11713 
0.1457 Fhsath markka UU 
Bans Greek drachma IZL 3 D 
0.1787 Hong Kens 7798 


Dollar Values 

* Correocr 
EM hr. UAI 

0.9471 IrMl * 16659 

06014 imafl shekel 70250 

3230 KuwUHdJnor OJOOB 

0202 Maim- rifle* if 2542 

81066 nan*, krone MB25 

BJBSS4 PMLpesa 186C 

(LOOM Part.flflcudk) 17960 

02791 Saadi rival 39B 


EmIV. 1354 

06450 StoBOflanS 220 
05333 S-AMcaaraod 16744 
02012 5, Korean warn 83765 
06055 Spaa.MHto 18175 
0.105 SwMLkrflna 92S7S 
02255 Tatama S 3921 
0JO5B Thai baht 27.945 
0270 U A-E- dtrtKun 36725 


1 5t*r1hw;1.1S0S Irtdi E 

(a) Commercial km (b) Amounts woded whuv oneoound id Amounts neoMdlaDuv one dalwr 1*1 

umtsof iw txi units ot vm t») units of ituw 

HA: not Quoted; HA: not avuitoMt- 

Sourcea: Barone du Bomb* {Bruise*); Bona Commentate itoUano Milan); Bomue 
Nationote m Paha (Par*): IMF (SOB); Bonaue Araue et Internationale trinvestnaomert 
(Ulnar, rim. ttlrham). Other date from RevlertandAP. 


Markets Gosed 

U.S. stock and commodity markets will be closed Monday in 
observance of Washington’s Birthday. Banks also will be closed. 


Made for 

A T~h f Tjv 

_____ As Reason for Big 

Wneelock Bright Future 


Y.K Pao Enters 
Fight for Firm 

By Dinah Lee 

International Herald Tribune 

HONG KONG —The battle for 
control of Whedock Mar den & 
Co., one oT Hong Kong's oldest 
trading and shipping companies, 
heated up over the weekend with 
the second takeover bid in three 
days. 

The new contender is Sir Y.K. 
Pao, the world's biggest private 
shipowner, through his Hong 
Kong-based firm, Hongkong & 
Kowloon Wharf and Godown Co. 

Last Thursday, a Singapore hotel 
and property magnate, Khoo Teck 
Puau announced that he had al- 
ready acquired 13.3 percent of 
Wheelock’s voting rights through a 
purchase of 21,035,157, or 6.7 per- 
cent. of the A and 53.548,730 or 
22.7 percent of the B shares from 
the family interests of the W bee- 
lock chairman. John L Marden. 

Mr. Khoo's bid put the value of 
the company at 1.9 billion Hong 
Kong dollars ($243.6 million) wiih 
an offer to remaining shareholders 
of 6 dollars for every A ordinary 
share and 60 cents for every B ordi- 
nary share. 

Trading in Wheelock A shares 
was suspended at 5.80 dollars on 
Thursday, but the price shot up 
from Wednesday's close of 5.05 
dollars to 6.40 doDars when activity 
resumed on Friday, effectively 
eclipsing Mr. Khoo's bid. 

Sir YJC Pao’s offer, announced 
Saturday, was 10 percent higher 
ihan the Khoo bid, or 6.60 dollars 
for the A ordinary shares and 66 
cents for the B shares, putting the 
value of the Wheelock group at 
about 223 billion dollars. 

Wandley Lid, a Hong Kong 
merchant bank acting on behalf erf 
Wharf, indicated that Sir Y.K. Pao 
had acquired 34 percent of the vot- 
ing rights of the group. Hong 
Kong's disclosure rides are such 
that it is difficult to confirm bow 
Sir Y.K. Pao obtained this share, 
but bankers close to the battle say 
there are strong indications that a 
director of two Whedock subsid- 
iaries, John Cheung, has joined 
forces with Sir YJC. Pao to foil the 
Khoo bid. It has been rumored in 
the local market for many years 
that Mr. Maiden and Mr. Cheung 
disagreed strongly over the future 
of the group, particularly with re- 
gard to the troubled shipping inter- 
ests of Wheelock. 

Hong Kong regulations require 
that trading in Whedock shares be 
suspended again on Monday fol- 
lowing the bid by Wharf. However, 
it is probable that prices will rise 
this week when trading resumes be- 
cause rumors of more counterbids 
are already circulating in Hong 
Kong. 

Neither Mr. Khoo nor Sir Y.K 
Pao has made a public statement of 
plans for the Wheelock group 
should he gain control. On Satur- 
day, members of Wheelock’s board 
urged shareholders to take no ac- 
tion on either offer and not to dis- 
pose of their holdings until an “in- 
dependent committee” of the 
board makes a statement Whee- 
lock’s executive manager, DA. 
Graham, declined on Sunday to say 
who the members of the indepen- 
dent committee are. 

Ii is believed that Mr. Khoo 
would like to use Wheelock as a 
vehicle for expanding his hotel in- 
terests, which are already consider- 
able in Singapore and Australia, 
into Hong Kong and China. 

There has also been speculation 
that Sir YJC. Pao might re attract- 
ed by the healthy property opera- 
tions of the Wheelock group, in- 
cluding Realty Development Corp. 
and Hongkong Realty & Trust Co. 
Mr. Cheung is a director of both of 
these companies. 

A merchant banker involved in 
the takeover bailie said Sunday 
that the bidding could “drag on for 
two to three months.” 


New York Times Service 
NEW YORK — A week ago, a 
new set of potentially hot licensing 
products made their debut- The an- 


imals of W uzzles, the “plush peo- 
ple" of Hugga Bunch, the warring 
forces of MASK, the women of the 


Princess of Power and the “insec- 
io ids” of Sectaure were introduced 
at the opening of the American 
International Toy Fair lure. 

As Coleco Industries' Cabbage 
Patch dolls showed, international 
licensing of toys has become more 
sophisticated, and far more lucra- 
tive, in recent years. 

The Cabbage Patch licensing 
episode was a success through the 
United States and much of Europe, 
and its numerous spinoffs are likely 
to continue that success for some 
time to come. 

The current practice, which was 
used with much success by Coleco 
in its Cabbage Patch strategy, in- 
volves creating an entire storyline, 
or fantasy, around a particular 
product, and then selling — or li- 
censing — the marketing rights to 
accessories that can include every- 
thing from greeting cards to dom- 
ing. 

“There is absolutely no question 
that licensing is an important 
change," said Paul Valentine, toy 
analyst with Standard & Poors 
Corp. “It is a reflection of the more 
sophisticated marketing of toy 
companies, the ability to create 
characters that have their own 
identity." 

This year’s toy fair follows one of 
the industry's most successful 
years. Manufacturers' shipments in 
1984 soared by more than 51 per- 
cent, to about $8 billion, from $5.3 
billion the year before, according to 
theToy Manufacturers of America. 
Retail sale* in the United States 
alone jumped about 20 percent, to 
about $12 billion. 

The year's results were helped by 
several tremendously popular 
items, inducting the Cabbage Patch 
dolls; the Tririal Pursuit game, an- 
other popular export; robot toys, 
such as the Transformers and the 
Gobots, and stuffed animals, such 
as Care Bears — ail of them suc- 
cessful licensing properties. 

The concept of licensing toys 
was bora with the introduction of 
Strawberry Shortcake, a doll in a 
red dress that swept the toy indus- 


Fed Reports 
Move to Ease 
Rate Curbs 

New York Tuna Service 

WASHINGTON —The Federal 
Reserve Board has reported that its 
policy-making committee agreed 
two months ago to relax slightly its 
restraints on U.S. interest rates and 
bank reserves. Economists said the 
decision had been suspected and 
had been an important factor in the 
American economy's relative 
strength since the turn of the year. 

Minutes of the Federal Open 
Market Committee meeting on 
Dec. 17 and 18, which the Fed 
published on Friday, disclosed that 
the committee had voted to lower 
the range for the federal funds rate 
to 6 percent and 10 percent Trom 7 
percent and 11 percent 

In recent days the Fed funds 
rate, which influences other short- 
term rates, has been trading around 
8V4 percent The federal funds rate 
applies to overnight loans between 
banks. 

The committee also agreed to 
permit faster growth of Ihe Fed's 
three measures of the money sup- 
ply in the N ovember- M arc h peri- 
od, including M-I, the narrowest 
measure, which covers cash and 
readily available checking deposits. 

According to the minutes, a 
number of members felt “that do- 
mestic considerations in favor or 
lesser restraint were reinforced by 
the need to take account of the 
strength of the dollar in foreign 
exchange markets." 


Turkey, Iraq to Sign Accord 
Next Month for 2d Pipeline 


ANKARA — Turkey and Iraq 
are to sign an agreement next 
month for the construction of a 
second pipeline to cany Iraqi oil 
through Turkey to the Mediterra- 
nean, Turkish Finance Minister 
Ahmet Alptemocin said. 

Speaking Friday on bis return 
from Baghdad, be said five consor- 
tia had been given tender docu- 
ments to be completed by April 1. 
A decision was due by May i, he 
said. 

The Iraqi News Agency said the 
two sides signed joint minutes on 
the agreement in Baghdad on 
Thursday. It said work should start 
during the second half of this year 
and should be completed within 1 8 
months. 

Mr. Alptemocin said the final 
agreement would be signed in An- 
kara at the be ginnin g of March, 
Turkey's semiofficial Anatolian 
News Agency reported. 

He said he had discussed in 
Baghdad the fee to be paid and the 


minimum amount of oil to be ; 
pumped. 

The new line will run parallel to-', 
an existing pipeline, now carrying 
ope million bands of Iraqi crude 1 
oil a day. 

Initial agreement on the new 
pipeline was reached during a visit 
to Ankara last August of Iraq's first 
deputy prime minister, Taha Yas- 
sin Ramadan. He said then it 
would cany between 500,000 and 
600.000 barrels of oil per day. 

Oil industry sources said a spur 
on the new line would go to Tur- 
key’s Batman oil field where the 
Iraqi crude would be mixed with 
the very heavy Turkish oil for 
pumping to Turkey's own ter minal 
on the Mediterranean. 

Iraq, whose outlets through the 
Gulf have been cut by its war with 
Iran, is also budding a pipeline 
across Saudi Arabia. 

Construction of a third pipeline 
across Jordan to Aqaba, on the 
Gulf of Eilat, is pending while 
guarantees against Israeli attacks 
an the planned outlet are sought. 



Accountants for 
De Lorean Firm 


try in 1977 with more than $100 
mi Hi cm in sales before she turned 
one year old. 

Strawberry Shortcake’s creators, 
American Greetings Corp., wrote 
an entire story about her. She was 
the first of what the industry now 
calls the prepackaged fantasy. 

In the lasttwo or three years, the 
large toy manufacturers have fol- 
lowed the Strawberry Shortcake ex- 
ample. They have established de- 
partments to license their stories 
and the characters that go along 
with them at royalties of about 3 
percent to 15 parent of wholesale 
sales, industry spokesmen said. 

Stephen Hassenfeld, chairman 
of Hasbro Bradley IntL, said about 
6 percent of his company's 1984 
pretax earnings of $100 milli on 
would be from licensing. 

“I'd be disappointed if that 
didn't grow by more than 100 per- 
cent over the next couple of years," 
he said. 

Hasbro Bradley's Wuzzles. a se- 
ries of six whimsical stuffed ani- 
mals produced as a joint venture 
with Walt Disney Productions, was 
touted at the fair as the “most won- 
derful license that ever wuz." So 
far. there are 34 Wuzzles licensees, 
and a Saturday morning television 


Its New Tart To 


show featuring the Wuzzles is to be 
shown on CBS in the fall. 

Mattel's Princess of Power line 
of action figures for girls, is sup- 
ported by 37 licensees. The line will 
also appear on a syndicated televi- 
sion show. 

Kenner’s MASK — Mobile Ar- 
mored Strike Kommand — in- 
cludes a series of cars, trucks, mo- 
torcycles and helicopters. Each toy 
will include a small comic book and 
the line will be backed up with 
regular comic books, licenkd by 
DC Comics. 

The line has attracted 40 licens- 
ees, according to Louis Gioia Jr., 
Kenner’s vice president of market- 
ing services and international mar- 
keting. 

Another major Kenner product 
introduction this year, the Hugga 
Bunch dolls, are being described as 
“plush people,” and will be sup- 
ported by a $lQ-million marketing 
campaign focusing on the need for 
people to hug each other. Forty- 
nine licensees have signed on. 

Coleco is seeking to follow its 
Cabbage Patch success with a line 
called Sectauis. which it intends to 
license itself. It centers on a planet 
where experiments have gone out 
of control and insects have grown 
frightfully large. 


Compiled by Our Staff From Dupalrhes 

BELFAST — The British gov- 
ernment has filed a S270-miilion 
negligence suit against Arthur An- 
dersen & Co„ the UJS. firm that 
checked the accounts of De Lorean 
Motor Co., the failed sports car 
company owned by John Z. De 
Lorean. 

The suit, filed Friday in US. 
District Court in New York City, 
said that Arthur Andersen had 
been negligent in not uncovering 
irregularities in the company's op- 
eration, Britain's Northern Ireland 
Office said Saturday. 

The suit alleged that Arthur An- 
dersen had practiced public ac- 
counting functions “fraudulently 
and with gross incompetence," 
Reuters reported from New York 

The suit charged that the firm 
had known of the irregularities but 
had faded to iafonu the British 
government or other De Lorean 
investors of them. 

The suit named the U.S. branch 
of Arthur Andersen, Arthur An- 
dersen & Co. (Republic of Ireland) 
in Dublin and Arthur Andersen & 
Co. (United Kingdom) in London. 

The suit also charges the defen- 
dants with fraudulent concealment 
of the irregularities, and aiding and 
abetting in fraud and violations of 
a federal act on racketeering and 
corruption. 

Attempts to reach Arthur An- 
dersen officials for comment were 
unsuccessful 

The suit, filed by the province's 
Department of Economic Develop- 
ment, seeks a total of $270 million 


The Northern Ireland Office said 
the action “should be seen in the 
context of the government's will to 
recover as much as possible of the 
public money invested in the pro- 
ject, and to take action against 
those who may have been responsi- 
ble and liable for such losses." 

Mr. De Lorean set up the plant 
in 1978. He was backed financially 
by successive British governments 
seeking to create jobs in Northern 
Ireland, where nearly one-fourth of 
the woric force is unemployed. 

The project collapsed in 1982, 
after the British government spent 


about £77 million (more than $140 
million at 1982 exchange rates). 

Mr. De Lorean’s plant dosed 
Ocl 19, 1982. the day be was ar- 
rested in Los Angeles on charges of 
conspiring to distribute cocaine 
valued at $24 million to raise mon- 
ey to keep the plant going. He was 
acquitted last August. 

Last year an inquiry by a com- 
mittee of the House of Commons 
said the De Lorean project was 
“one of the gravest cases of the 
misuse of public resources for 
many years." 

The committee criticized British 
officials for failing to check what it 
called a misappropriation of public 
funds, and was particularly critical 
of the disappearance of £8' million. 

In addition, British liquidators 
have accused De Lorean officials of 
using £3.6 milli on in the United 
States to guarantee borrowing for 
another business. 

De Lorean Motor Co. filed for 
reorganization under U.S. bank- 
ruptcy laws in October 1982 but 
was placed under liquidation after, 
a hearing in bankruptcy court in 
Michigan. (AP. Reuters) 


Trade Deficit Sets 
A Recordm Italy 

A genre France- Prase 

ROME — Italy had a record 
trade deficit of 19.2 trillion lire 
($9.5 billion) in 1984, up /rom 
1 1 -5 trillion in 1 983. official fig- 
ures published this weekend 
showed. 

The main dement in the defi- 
cit was oil imports, which cost 
35.6 trillion lire. Other trade 
showed a surplus of 1 6.4 trillion 
lire. 

The cabinet of Prime Minis- 
ter Beuino Craxi met on 
Wednesday to discuss the effect 
of the strength of the dollar on 
prices for imported energy and 
raw materials. That meeting re- 
sulted in a government directive 
to the public and private sectors 
to make greater use of the Euro- 
pean currency unit 


All these Bonds have been sold. This announcement appears as a matter of record only. 


NEW ISSUE 


Febniary.13, 1985 



KBIFIMAN.V. 

KB Internationale Finanderingsmaatschappij N.V. 

(Incorporated with limited liability in the Netherlands) 

ECU 75,000,000 

936% 1985-1992 Guaranteed Bonds 

Unconditionally and irrevocably guaranteed as to payment of principal and interest by 

KREDIETBANK N.V 

(Incorporated with limited liahility in Belgium) 


Kredietbank International Group 
Credit Suisse First Boston Limited 


Bank Brussel Lambert N.V. 


Society General e de Banque S.A, 


Algemene Bank Nederland N.V Banca Commerciale Italians 
Bank of Tokyo International Limited Berliner Handels- und Frankfurter Bank 
Commerzbank Akr iengcsellschaft Credit Commercial de France 

Credit Lyonnais Dresdner Bank Aktiengesellschaft 
Girozenrrale und Bank der oste rrei chisc hen Sparkassen Aktiengesellschaft 
Nederlandsche Middenstandsbank nv Nippon European Bank S. A.- LTCB Group 
Orion Royal Bank Limited Rabobank Nederland Swiss Bank Corporation International Limited 
Union Bank of Switzerland (Securities) Limited S.G. Warburg & Co. Ltd. 

Westdeutsche Landesbank Girozentrale 


Abu Dhabi Investment Company A I- Mai Group BA.C.-GO.B. Savings Bank Banca del Gotta rdo Banca Manusardi & C. 

Bank GutzwilJer, Kurz.J3ungener (Overseas) Bank Ippa Bank Mees & Hope NV Bankverein Bremen AG 

Banque de Commerce S.A. Banque Fran^aise do Commerce Ext6rieur Banque G6n6rale du Luxembourg S.A. 

Banque I ndosnez Banque Internationale & Luxembourg 5LA. Banque de Luxembourg S-A. Banque Paribas Capital Markets 

Banque de ITlnlon Europeenne Baring Brothers & Co., Bayerische H y po tfwji^n^und Wechsel-Bank 

Bayerisrbe Landesbank Girozentrale Caisse dtpargne de 1’Etat du Grand-Duch£ de Luxembourg (Banque de I'Etat) 

Caisse Gene rale d'Epargne et de Retraite/ Algemene Spaar- en Lijfrentekas C ERA -Cen tral e Raiffeisenkas C.V.- Belgium 

Chase Manhattan Capital Markets Group Chemical Bank International Group CIBC Limited 

dux Manhattan Limited . . 

Citicorp Capital Markets Group Compagnie de Banque et dlnvestissements, CBI CoumyJJank 

Credit Asricole •- Credit Communal de Belgique S.A,/Gemeemekmiiet van Beigie N.V. Credit Eurapten S A. 

° Luimbwui; 

Credit General Credit Industrie! d'Alsace et de Lorraine Credit du Nord Daiwa Europe Deutsche Bank 

b A dr Bonqur _ Limned ^ _ Almenn ei e lb cbilT 

Deutsche Girozentrale-Deuuche Kommunalbank- DG Bank Die Erste flsterreichische Spar-Casse-Bank 

Lkutwr urtMM useful viMn> 

Dominion Securities Pitfield European Bgnjdpg Company Fuji International Finance 

Hambros Bank HandelsbankJT^W. (Overseas) Hessisdie Landesbank Girozentrale Hill Samud fit Co. LBJ International 
Irish Intercontinental Bank Istituio Bancario San Paolo di Torino KB Luxembourg (Asia) Kidder, PeabodvLnternational 

Klein won, Benson Kredietbank 5.A- Lnxerabonrgeoise Kredietbank (Suisse) 5kA. Kuwait International Investment Co. s^Jt. 

Litre* nJ 

F. van Lanschot Bankiers N.V. Lazard Freres et Cie Lloyds Bank International Merrill Lynch Capital Markets 

untiled * 

Mitsubishi {finance International Morgan Guaranty Ltd Morgan Stanley International 

Limned ... 

Nederland*? C rediet bank nv The Nikko Securities Co„ (Europe) Ltd. Nora ora International Limited 


Overland Trust Banca 
PK Christiania Bank (UK) Ltd. 


Norddeutsche Landesbank Girozentrale Overland Trust Banca Pleterbroeck, Van Campenhout & Cie S.C.S. 

Pierson, Held ring & Pierson N.V. PK Christiania Bank (UK) Ltd. Priva thank en A/S Salzburger Sparkasse 

Sanwa International Society Generale Soa'ete GmeralejMsadenne de Banque Sparebanken Oslo Akershus Sparekassen SD5 
Sumitomo Finance International Williams & Glyn s Bank pk Wood Gundy Inc Yamaichi International (Europe) 





Page 8 


INTERNATIONAL HERALD TRIBUNE, MONDAY. FEBRUARY 18. 1985 


International Bond Prices - Week of Feb. 14 


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

Prices may vaty accord ing to market conditions and other factors. 


RECENT ISSUES 


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87*17 Mar 
1*4* n Dee 
m*IMor 
17V.® Hoy 
1*1*1* Apr 
9V. 19 MOT 
114-90 MOV 

iitataiod 

T«k-«lJlP» 

17 17 Aw 
17 94 Dec 
1 1 '« -90 Dec 
14 -91 OCT 

l7tl7F6b 
l7ta«Nov 
* -92 Oct 
171* W Apr 
IToTJMoy 
10 T4 Jul 
9 -04 Jul! 953k 1154 
iJiyiiFetr KUt- 1245 
nV-WAup 1MV; 1263 
UVHMar TO UL15 
9V, 14 Jim 993. *.7* 
IT 1 * 17 May 101 HU 
13V. 07Oc1 IQS ltLffl 
113.17 Ho* 162 1081 

1634 *J«r TO 1073 
IB 18 Mar 96 1070 

iitgWFob iar* mu 

13 19 Nov UE3t >1.10 

I IW 19 Doc 9* 1264 

12V. TBS® 103*1 IU4 
127» *3Mar 103. 1U7 
llUflOd MU* 1132 
17V. u May 101 to 589 
1 TV. IS Nov 102 935 

17% WOcf lOBft 1185 
I7tol7SW 101 U H84 
UtoTgjm 9*Vk 1146 

61* V May *1 1169 

1 71- 10 OCT 109 1473 

14V* 92 Dec 103 1161 


11.14 

1245 

1219 

117* 

1597 

1235 

1537 

1154 

1050 

1150 

1452 

1481 

1507 

1479 

1235 

1158 

150 


*2 1160 
104% IU9 

I Off-: 1211 
MI3. 1165 
1M 14.1) 

100 1235 

Will I4J7 
10*to 11.W 
100 1284 

IOO 11.12 
105 1180 

100 1184 

109 ft 1L47 

Mtft 1380 
IU'a 11.70 
95 1233 

UJft 1JL94 
9434 W85 
95K 1165 

110 1234 

*9% 1741 
107 1439 

IBS 1431 
93 11.911217 10« 

101'- ItJl 1173 
ICC 1IA 1225 
W6to 117] 11(1 

109 1281 ISAfl 

lUto 1434 U17 1485 
*«V. 1184 1165 

iidv. rui ax* 

101 1460 1459 

169 14.17 1379 1404 

II 1761 1152 W90 

Il4to 1244 14.90 

■ 1441 1634 

7V1 IdJB 17 jC 11*9 

960 


929 

1130 

1141 

ltS» 

1545 


1195 

117* 

1264 

980 

1282 

1782 

1182 

1875 

1630 

11.10 

1180 

1173 

1184 
I1JD 

1185 
1207 
1201 
(43S 
1235 
11J» 

*J1 

1683 

I486 



lift -94 OCT 

102% 

12*6 

1114 

*$1S 


12 to Jun 

141 

LS4 

1180 


toll TO Feb 

101 

8X7 

Uk 741 

120 

PTTT 

15% TO Jun 




SMO 


16 -07 Jon 



9CU» 


10 B70CT 

196 

14.9* 

14.90 






12X7 1037 



l»ft-|9Feb 


1*07 

1042 

as 40 


ift to Fab 


7JE 

4*5 

$75 

Gcreaor 

W 19 Jun 


13.15 


sm 

Groirtar 

try 09 OCT 

I07VT 1583 

1L2B 

535 

Gcnsiar 

14H.01 Aar 

103 

14X1 

I4.H 1*46 

539 

GuH Canada 

■ / j 

ira 

1243 

1241 


Hiram Walker KoWliwi 


wift 

itt 



Hlrrni WaHufl Hatalnas 





Hiram WUkor HoUmas 



iuo 



Home Oil 


96ft 

[2X6 *84 


Hudson* Bay 


107 

1440 

- fl 



taftWAw 

n 

1174 1107 11X9 

SN 

1 \ I 7 / ^1 

17 TO May 

106 

14.91 


$100 

1 1 V 

14% TO Jul 

101 ft 

iui 


•Q) 50 


lift to Jun 

91ft 1U1 


n 


19 At Feb 

0Jft 

1324 

Ui II.« 


llPft TO Jul 

WU% 

947 


$100 


lift TO JOT 





Inca 

9 *92 Dec 

03ft 12*3 




Nri"fl7f.'.Tl 

IQOV. 

1111 

■lEl 

$19 



91 

16X8 1783 1040 

$125 


9ft TO May 

77% 1140 

9J2 

1125 


10 16AU0 

to 

1145 1144 1020 

51N 

Laval City 

i/ft ll Seo 

1IU 

17*9 

1343 

$H0 

Laval City 

to toiut 

H 

ura 

l«3 

(W 


17ft to Dec 


1141 


y ooooa 

I,. ■.■n'l'J.’ il-L- -. iM 

9 toFeb 

93 

bS 

341 102! 

ITS 

C?BBlSila 

to. -93 Mm 

03 

301 1 1X0 

$19 

SAcrtimba Pravinre 

to.TOAw 

190 

■LJ 

193 9X5 

sa 

li i m 1 1 1 1 •! • •* Jr- • t r. 

Tu TO Aor 

IN'. 

7/4 

in ns 

$20 


toy TO Mar 

92ft lljr 

11X7 

$20 


UftTOSkP 

107% 11A5 

1276 

sn 


Mft TO Nav 

U3 

11.16 

1X57 


manitrtaprmma 

/0ft 10 Jun 

9/ft 

lit) 

70/7 


Mmllaba Pr ovto? 

Bft 14 Oct 

105ft 1150 

T185 

Sl» 

wuriumr Tel fl. Tel 

13% ' « OCT 

103% 1743 

1177 



to: 11 Jun 

77 

I *43 

12X4 


l' T iiliiT' l l l MM4ABrl 

ID** 07 Jul 

97V. 114J 



fAwrtreaiCiiv 

17 TO Mar 

106*.. 

H83 U41 1400 



10 TO Jun 

93 

1215 

1L75 

Ills 


IZ -«Da 

Wl 1210 

IUA 

$9 


lift 11 Mo- 

in 

M77 

1214 








12', to Nov 

99% 

1238 

1220 



15% 97 MOT 

H2 

1J04 

liib 

HI® 


Aim saeurtiv 


— n«ki. 
Middle Am 
M at pries Met LBeCirr 


art 38 Montreal SCTnoi Cawic !7i:07Nc ib/ iui 
175 Mammal Uraancanunui 12 -98NOv 101 1173 


art 3a Natam Paoltv Core 
art 56 National Bank Canada 
SM New Btmwtek Electri 
575 Now Brunswick Elean 

S ? 5 New Bniranick Elecfn _ 

7 IS New Brunswick Promos ISUVAbg 107% H 37 

artJs New Brunswick Provlnc 12 9$ Jan 100 11.99 

125 NewtauitalUdUlBHW 9%04Mar 97% 12m 

175 nemtounPorntLooHra ) r*v»m lUto US 

*35 NewtaPUtaMMunidoQ 9'.»Sto 92 1208 

art JO Mewtounataid Province 10'.05D*c 99 1187 


I486 

1188 


177 90 Feb 99 1270 1281 

Kto'aFtt IDF* * 1289 1607 

17 -880a 114 11.95 14.91 

lev. 69 Mar I1T-7 1185 1<32 

9% 94 Mar 67ft 1209 1293 11.14 

1415 


5 20 Newtaundana Province 
5 SO Kew lounteond Provbioe 
510 Nerriaundend Previntt 
5 SO Ncvriounaiand Province 
IS Kewtcundtend Pravmee 
Sta Newloundimd Province 
5 75 Newfoundtend Ptomikp 
S 5S Newtoundtand Province 
aiSsO Nor an Enerv* »es 
5 TO Nova An Ataerra Cara 

IS Now Scot™ Power 
art la Nova Sana Pmmr 
515 Nova Scotic Province 
175 Novo Solid Prarinee 
5 75 NovoScortc Province 
550 Nova Sadia Province 
1 75 Novo Scotia Province 
5 TO Neva 5cotio Provided 
1 13 On tor ic Hydro 

SIM On lario Hydro 
5 ITS OnrarteHydra 
5150 Ontario Hvdrd 
520fl Ontario Mrdnj 
5751 Ontario Hydra 
5 200 Ontario HyOto 
SIM Ontario Hydra 
5150 On tor W Hydro %ib 
1 3» Ontario Hydro Nov 
5 ISO Ontario Hydro 
590 Ontario Hydro 
5200 Oitarto Hydro 
5 35 omoro Hvdra- Eleor 
525 OftowoCarieton 
ai530 Ottawa^ ortolan 


1281 

9.97 

1630 

1085 

1035 


S« Orimm-Carleton __ 

art 44 Pancanadxxi PdtrnJouni toft 08 Dec 108ft 1387 
art V) Pancanoe Ion Petroleum IT 1 : 93 Aar ym* 1253 


BftlkMv Mft 1232 1583 601 

9 V Feb 90ft 1213 9J4 

lr-WOd 1 13ft 1111 1530 

lift *0 ft* 184% 1230 1185 1215 
9% 90 Jun 91 1189 HLI8 

15* ,90 Ago 114 1184 1160 

13 91 Apr 104% 1185 1241 

10 -UMof 08ft 12.15 11J0 

12% 93 Aug 100% 1254 1244 

Is 1 . 8* Jan 107 1376 1619 

9% 89 Mar 93 11.91 1231 IOjB 

9ft 94 Jul 95 1034 10* 

9 65 Ma* ICQ 670 670 960 
15% 8* Mar 111 1215 14.19 

lS-JWAug 110% 1L94 1177 

UP. 90 Jul 95ft 1180 1281 1U6 

15 91 Jyn ig/ft 11(4 UK 

ll% *6 Feb tal 1189 
rrtSJun TO 625 
Stalk Sep 971.0 1623 
8 97 Any f» 1153 
14% 09 Bar 111% 1131 
11% 99 Dec 101% 1675 
10% 90 Mot 97ft 1087 
I1U90SCS TO 10.97 
IT.} 91 Feb 119ft IUI 

16 91 Aug 1U 12*7 
Ik 91 Nov 114ft 10X5 
■ 5 97AUB US 1183 
17% *2 dct iar nji 
115*94 Feb 101ft 1135 

6 % 9k Jon 90 1080 10X1 681 

9ft 90 Mar « 1189 1725 1111 

12ft 94 Doc 107to lim 1230 
147. 97 Jun We U60 1124 1192 
- ri21 


11X3 

1X0 

171 


138k 

llJli 

1681 

1181 

1233 

1484 

1387 

1X04 

11.9? 

1165 


ISO Potosor 
cnS2s Quebec City 
art 25 OvttwOb 
art IS Quebec Cily 

casts Quebec CIO 
5100 Quebec Hydro 
crrtSQ Quebec Hydro Mar 
art 50 Quebec Hydro Mery 
OIV75 Quebec Hrdco 
5150 Quebec Hydro 
artkd Qudbcc Hydro 
Slao Qumvc Hydro 
art jo Quebec Hvdra 
515 Quebec HYdra-EleCTTtc 
5 20 Quebec Hydro-Eiecinc 
5125 Quebec Hrtrd- Electric 
525 Quebec HrOrd-EleCTrlc 
S» Quebec Hydra-Etoctric 
SIM Quebec Hydro-Elrcfric 
5TO Queboc Hydro- Electric 
5 Us Quebec Hydro- Electric 
550 Quebec Hydro- Electric 
575 Quebec Hrtro-Eledrlc 
515 Quebec Province 
art so Quebec Province 
5 75 Quebec Proxnce 
135 Quebec Province 
art JO (Xebec Province 
cnS 55 Quebec Provinca 
530 Quebec Province 
art 50 Quebec Province 
artSO Quebec Province 
art 90 Quebec Province 
IX Quebec Prov net 
5150 Guebee Province 
5150 Quebec ProunCe 
art jo Ourtxx Province 
SUO Quebec Province 
art 150 Quebec Province 
5 00 Quebec Province 


IT. 92 Dec TO 
10% 94 OCT *B 
10 95 Nov to 
M'.-aFWl 111 

16' .-09 May iu 
lk'b99Mm TO 
14 91 Jul 108 
IP. 91 OCT TO 
14 *92 Nov M8 
lift 93 Dec 101 
17% 93S« 102 


1281 

11 * 

10X1 

1170 

IUI 

1382 

1209 

1259 

IUI 

1181 

1X33 


1253 

1660 

1589 

I1JO 

1097 

1083 


I 

1 

129k 

143k 

11M 

1IJ9 

1250 


art 15 Quebec urban Cammunii 14% 96 Jun W5ft 1447 
525 Redpam induelr.es 
SKID Pavai Bcnk Ol Canada 
ai540 Pavel Bane Ot Canada 
art 35 Royal Bam- Ot Conoco 
5100 Tteyal Bank Ot Canada 
ecu SS Royal Bon* 07 Canada 
140 Ro>bi Bank 01 Canada 
5 TO Rural Bar* Ol Canada 
art 40 Royal Bunk Ol Canada 
art* Royal Bank Ol Canada 
cnSSO Royal Trustee 
1 30 Ravel T natal 

ISO Roy lease 
cnS40 Rovnal 
art id Sam-Loureid 
575 Soskoicnewan Province 
5106 Sack oiCTiewon Province 
S 125 Saskatchewan Province 
5 >00 Sdskaldewan Province 
5>25 Sc&kuicnewon Rmuia 
5100 sart mta ierai Province 
5 TO Saskalctawcn Ptavlnce 
5 TO Seosram Co 
5115 SeacrmnCoW/w 
art so Scars Acceptance 
5 100 SMI Canada 
5125 5nettConada 
540 Sunaun^ Sears Accent 
art 40 Simmons- Sears Aetna I 
art JO Sac Habitation Quebec 
enS35 Soe Hvpomeaue Procon 
STS SuncsrlK 
art 25 Te«aS9ull Canada 
125 TanJom 

SIM TarenlaDommon Bank 
550 Taranto- Dammmn Ban*, 
art 50 TorantbOdmUlian Bank 
art 50 Tortxm>Murua polity 
artSO Trnmalto Utilihes 
art loo TranMita Utilities 
S3 Ttgiaconada Pipelines 
575 Transcanada Pipelines 
5100 Transcanada Pipelines 
* WO Transcanada Pmellnas 
art a Tr tree Coro 
arts Union Corbtee Canada 
art 50 im km CortMe Canada 
art 30 Vancouver 


9% -350ft 99% 1135 U36 932 

6'. 9k Mar 97 11791210 LSI 

4ta94l* ov 95% 1130 181 

Sft-toNev 95% 11751183 660 
81)99 Feb 89 1215)271 9J6 

13 91 F«b 1D4 1X07 1256 

lift 97 Jun 166 1147 1 1 id 

9 92Auo 65k; 1XID 1033 
91} 93 Jul 61 1181 1080 

10 9* Mar 66 1176 UJk 

9 35 Mar 100ft .*1 IM Lto 

10% 3* Aar tota 11X1 1641 

14% 3k Jul IITA 442 1160 

lift 37 Apr lOr.l 11 JO R42 

16 37 OCT 108ft 1586 1489 

IT-.: V Nor 107V; 11*4 I486 

tft-aajon n 1033128} Lis 

IT IS Mar HJ7 3401 1589 

16% 38 Sap 107 M8I 1545 

16' 1*19 Ape |D9ft 1154 15X11 

14ft -09Aue 107% 1211 1146 

iy. S*D*C tlOu IUI 1153 

1) "*0 Nov 104ft 1184 1144 

12 93 Jul TO n.ar 1X00 

!?'.94Feb 163% 1173 1170 11.92 
12 95 Jan 991. 1284 1X63 

95 Nov I5to 117*11X71053 

ius 

8* Sep 6*1: 1335 1D4B 
U 36 Anr 1C 1107 im 

W 3k May 9k 1171 1039 

VftMAnr *4 11* 1255 10.11 

11:l*F(b 100 11* 1180 

Uft 3* Mar IC 1ST 70 19 

lO'i 51 Dec 95% 11£Q 1176 

12% 92 Jan 101 1253 1282 

9 92 Feb BS'a 1219 I2AS 1053 

10 94Moy to 1181128711.11 

12ft 38 Nov 100% 1X22 1253 

ir.39j|4 102 11X0 

1 1'. 35 Jim 1073 973 
IT*. 36 Dec 117 1266 

17ft 37 Mm WJft 1584 
8% 36 Sec 97% 1072 
16ft 38 Nm 111*. 1227 
16 39MOT 114 1150 

11% 39 Nov 1074 1121 
K7% TOMnr to 1127 
10% 92 Mur toft 1155 
15 92Aug IIS 1183 

12% 39 Oct 104 1154 

7 -*3 May 111 521 

14 91 Aug IWto 1209 


15% 91 Sep IIJ IZtf 


l4*»92May 169 

17d3INov lllto 12X5 
1*% 3* Apr 1 1 Dl*7 1226 
15% 36 Jan 105 1354 

I9-: 36 Dec 105 1412 

13ft 91 Nov 113% 117* 
n 3* Jun to 11591173 1020 
If: 34 Jun «S% IflB 1472 
17.5 31 Apr HH 11X7 
17ft 39 Apr 107: II* 

13ft 39 Nov 99% 1381 
11 "to Q a 106 1150 

17 39 Feb 113 1257 

IWtoDec WH 1232 
S'niTJin 99ft 1187 


1225 


Llf 
1431 

..... 14* 

14 *2 Mar liota 1X50 14-e 

12 69 Oct 101 12*6 1287 


1 7% 36 OCT 189to 14.13 
Ik 39 Oac 197to 1172 


<% 36 tkar 9Sft 1352 1430 16 


9 SO wammeirUiy 
1(0 WinntenOlv 
SX Winnipeg City 
art 50 Winnipeg Glv 
art* Xerui Canada 


16 3* Jmi IBift 1429 
12 94 Aar 105 1205 

T7 16 Oct 1IT4 1055 
6ft 17 May «lto 11X4 
15% 36 Jun 107% 12* 
12% 91 San lBtto 1191 
12 36 Sen 102 If* 


DENMARK 


520 Denmark 
520 Denmark 
It 100 Denmark 
SIOB Denmark Kin 
171 Denmark 
art 100 Denmark 
SJD Denmark 
* MO Denimwk 
ecu 75 Denmark 
ecu 75 Denmark 
5 TO Denmark 
S 100 Denmark 
S10O Denmark 
1H0 Denmark 

V ZdJP) Dvrmark 

STO Derwnar* 

5750 Dwnorl 
siea Denmark 
y TOOO Denmark 
SIN Denmark 
SIS Corisbero-Tuborg 
s 15 CooentwoenCltv 
S 15 CacentBoaiCVtv 
52$ Conenhogen Citv 
SIS Capenflasan County A4it 
S 10 Ciwenhogen Tetopnene 
SIS Caeanhopen TMeMiona 
Sio Capenhooefl Telephone 
S25 Elsom huttonrtFunm) 


6 15 Jim 99 3J5 «*3 406 

9% 35 Dec 99% 1018 10.11 *2 

7)* IT Sen 90 1225 1196 681 

134 38 Aug 104 ft 11.45 1113 

10% 39 Apr *7*3 1152 1111 

11 39 Ocl 101% 1151 1281 

n >90Jon m 107k 11.90 857 

11% *90 Jun Wft 11X5 1177 

10% 91 Mar 113ft 1417 
10% 91 Mar 101ft HL40 

12 91 Ma- 101ft 11X3 

13 91 Mar IM'u 1156 

14 91 Jul 107% 1115 

13% 91 SCC 165ft 1196 
*% 92 Jan *5% 7J4 
D *3 Jm ia 1255 
12% 92 Feb 161 1252 

lift 92 Aar 97% 11)97 
IU 92 Mot 1U 7* 
l]U 93 Dec 101ft 1175 
8% 36 Apr 
» 3S0CT 
4 35 Nov 
8ft 37 Apr 
7%37F*I 


II 70X6 1173 8J3 
99ft 9X9 9X9 985 
96ft 1070 1183 672 
94ft 98911* 6* 
*7 98*1173 7J9 

V 35 Apr in* 571 584 LM 
Eft 36 Feb 98 1077 1071 6X7 

6% 3k Aar W 10X113X2 7jn 

_ I 35Mor 100ft 115 LH 

S12 MOriBOM Bank Denmark 6% 34 Jen toft 10791021 SM 
SIS Mortgage Bank Dennxrk 7ft9iJ«m _|L tall 11X4 6S 


558 Mortgage Bam, Danmark 13 93 Jan 112% 72X3 


1 12 Prlvglbart« 
ecu 40 Priyamanken 
5 100 Prhrorbonken 


14ft 38 Apr TO 023 
I IV. 91 Oct >83% 1053 
17% 95 Fib «W U67 


12X0 

14* 

1690 

1291 


FINLAND 


Sin Ftntand 
S7S Finland 
y 16000 Finland 
5 100 Rntand 
ISO F intend 
nkrjOB Ftntend 
370 Fktknfd 
r 15080 Finland 
S50 Finland 
5 75 Finland 
*50 EnsbCutaeit 
*50 FHMsn EnpaT Cradll 
115 Fkmisli Ewart Cradll 
*50 Finnan Export CradU 
*75 FMnteh Export CradH 
SMB Ftenfcb Exoorl Cr XAv 
SIS Rnnlsh Muniaoo Loan 
S15 FlmUi MunKtoo Loon 
$15 HetsMudty 
S2B lodMtae Bor* Finland 

*» InkHlrl FunO-FWond 
SIS MirtgoarBank FWad 
IU Martoaae Bank nraand 
SIS PahemaOy 


985 

1413 

625 

1179 

1189 

1054 


taVlte 99ft 9.97 
15% 37 Apr IN UN 
6% 37 J 1X1 101ft 741 
lift 36 Jan 101 1187 

lift 3B top 102ft 1054 
in* 39 Jun Ml 1015 ._ . 

llftWOCT 707 1X16 1787 7IJ9 

6% 19 Nov VSIft 771 617 

0%93Ocf Skft 118713.13 iail 
12% 94 New JO 1187 IUI 
IIft90Mor to*& 1183 11X5 

117ft 3S Jul WCta 683 11.45 

131636 Apr 111 11X6 1161 

U%3»D*C 106ft 1053 1165 

12% 37 Nov 103% 1UH 1379 
13% 39 Nov TOto 1173 1X2 

6% 37Mor 95% 1089 1231 6X1 
8% 39 Fab 90ft 1189 1280 987 
ON 34 Nov 97% 1081 1US 9* 
I 37 Dec 92 11831287 670 

1% 37 top 94ft 10741X41 031 
■ft 3k Feb toft 1014 11X1 411 
ir%99Nov Ml 1L43 1IJ7I183 
0% 3k Dec 97 10X2 iui 9JB 


FRANCE 


H1S0 


Acropart Dr Ports 
Aoultalne Snaa 

SsiSIs 

Banoue Franc Com Ext 



CateMNoti 

Calm Hat CradZ^ 
Catese Nat Cred Aw 
Cate* Nat Oed Asr 
CoTOe Nat Eaarale 
Coboa Nat Eovrnle 

■ Hal Encrate 

■ NatEnarate 


Calssu Nat T e le cuuxn 
Caine Net Telecomm 
Cato* Not Telecomm 
Cerise Nof Tataeamnq 


Cnorbonnoon fnm 
GeBdACdire 
Cte Fin Dr Porta* 

CM Not Du Rhone 
ClnMdsLotarge 
aments Laftrige 

Cradii Eaurivn pvillM 
Cradll Fanair Ft XAv 
C redit Fwidrr Fraacn 
Cradll Fanner France 
Credll Fancier Firmer 
Credit Nofiand 
Credfl NoHwul 
Cradll Notionoi 
CradH Hotlorel 
EteCTrkata Francs 
EloCTrldlg Frtma 
EteCTridte France 
EtactrictteFrixici 
EteCTrldtaFfigice 
EleCTrtate France 

EtodricfleFnra 
EieCTrid* Franc X/ar 
EiectrfcltaFnmcr 
eteetrtale Frame 
Electnote France 
EJIAmAton* 

EM Aaullalne 

Ernp Ihmcal 

Ffancaka Petrates 

GazDaFimx 

CoiDcFrgnce 

GicDnFitm 

Gar De France 

GarDaFfwa 

Lotorge Caepea 

La Nickel 

MJcodln 

MICTielln 

MJCTwIin 

m Icrid In 0/3 

Padiinev 

Paiatal 

Peggeat-Cdrakn 

Pbnl-A^llousHn 


lift 37 AM 
10 35 Nov 
14ft 36 Mar 
U 3k Nov 
14ft 37 Jun 
lift 31 Mar 
9 39 Mar 

15 3* Mar 
15% 3* Aug 
U 31AM 
im 32 Sea 
nft-woa 

MV, T* May 
lift 31 j«i 
13 -93 Jun 
11% 31 Jul 
15% 32 Jun 
13*35 toe 
»% 37 Dee 
1235 36 Nov 
9 36 Mav 
9% 31 SMI 
1*% 35 MOV 
15% 3k Jun 
15ft 37 Mar 
9ft 37 Mar 
11% 30 Jan 
13% 31 May 
lift 32 Apr 
9% 35 Apr 
13% 31 Jan 
13 3] Feb 
1176 39 Jul 
6 3k Mar 
9ft 31 Jun 
8% 39 OCT 
12ft 39 Od 
0%3! Jun 
13ft 32 Jon 
9 33 May 
12ft 3$ Dec 
lift 35 Jun 
□Ik 30 Jun 
lift 19 Sec 
H 36 Oct 
6% 36 Mar 

7ft 37 Jul 
12ft 36 Feb 
ion 31 Mav 
12ft 37 Jul 
lift 31 Fab 
lift ■» AM 

UtaWJan 
Ift 36Dac 
lift 31 Feb 
WH34D0C 
MUSS Apr 
9ft 3k Apr 
0ft lk Mo* 
6ft 37 Jin 
1276 37 OCT 
13 TEJtxi 

16 38 Jul 
Mb 39 Apr 
11% 30 May 
IfftWMoY 
6ft 35 Jan 
8% 36 Apr 

12 30 Nov 
9ta 35Nnv 
k 3900 

9 35 Mar 
Uft36 Jon 

13 37 Sap 
U 39 Nor 
17% 33 MOT 

15ft 39 Apr 
f 36 May 
9% 36 Mar 
7ft 38 Feb 

10 34 Aw 
f% 36 Sep 
» 3S0ee 

14 M7AW 
9% 37 Feb 
Tto 37 Aug 


TOJft IU7 IU 12* 
99ft 1061 »A1 WHS 
104% M2! 1251 

107% 10« UJS 
W4ta 1150 1114 

100% UJk 1187 
92ft lUtlUk 973 


169 1212 

IU I1W 

105ft 12X6 
97% 1286 
Mk 1X79 

167 1232 

105 1225 

96% 1XS 
183% 1087 
110 1282 

107% 121312M1U 
99 JIJ9 HJO 1187 

102 12* 12U 

lift It* 9J4 

*3 T0761U2 9L3B 

IB* 1283 122k 

113 1X12 13* 

114% 1X41 1276 1189 
82ft 1172 1147 1 1 JM 


11176 

128* 

1127 

1189 

1274 

IUI 

1386 

IUI 

H* 

1145 


1176 

1287 

1126 

92$ 

12* 

12*8 

1L19 


99 1152 

116% 1173 

10% II* 

TO 692 
101% 1283 
lEVj 1289 

105 S90 

97ft 10X2 084 621 
If 162 9X0 

toft WM 1386 9.12 
10ift 1U7 II* 
TO UBS 1273 
166ft HIS 1179 
R 1129 Ml23 

165 98* UJJ 

98 122* HQ 

W* 1223 UCT 

106 12* 1U7) 

to 1182 9.11 

97ft 1121 1165 697 
08ft 13091681 647 


1222 

IL27 

WH 

1X71 

ion 

1335 


Mlft 1208 
toft 11X7 
103% 11X0 
10* 1085 

into la* 

wj »* 

91 9J11LII 6X7 

H4ta 1BN 1U6 

Rffib IQS 1KB 

190% 9.IJ It 14 

991i IBM 9X7 

97% PO.T1 1143 47* 


88* 

1223 

1271 

1071 

1322 

106 

1181 

7.1k 

E2S 


9J6 


94ft 1U6 
104% 1080 
102% lJJtt 
V 11X6 
UBta 1LS 
99 11* 

97ft 11X9 
96 7* 

TO 787 
in 1 1-72 
99ft WJ* 

*7% 952 9S 6J4 
HO 6X4 1X4 9 A 
* 988 mi 

H6 HU0 1276 
M4 UMWU4 W8J 
ID 1183 1281 

W 0,46 H.» 14X3 
97ft 1LU I2S 923 
99 1031 19J1 97* 
90 11X1 DM 6S 
86ft 12X7 1297 1156 
92 1108 1276 1085 

99 1023 W24 989 

787ft 71X1 njt 11S3 
9Bft 1063 HJB 920 
90 1210 19.41 U3 


And Security 


Yield— 

Middle Ave 

Mai Price Mat Lite Curt 


SC Part AutnofiHes 
eoi40 Reg Ante Trmn Paris 
HIM Renault 
ft 200 Renauii 
tf 180 Rhene-Pautenc 
HTO Sairtl-Gabata Pt Mbuss 
IU SUr Dev* km Res tonal 
s 50 SncfNatCbamlraFer 
sa SnciNatCitemMFar 
■ to 5nd 7*01 Cbemkts Fer 
STS Suet Not OwmirgFff 
19 too NtrlOianlns Far 
SH0 Snci Ndi Owins Far 
STO SncfHatawmdrtFar 
IM Sncf NdtCTcmlm Fer 
ooikl SbctNotOnnliKFar 
<119 Tow OH More* 


9 *91 Nov 
16ft 92 Aor 
9% 85 Jul 
7% 17 Mor 
2ft 17 Apr 
r.-UMov 

15ft -92 Apr 


86 Hid onion 

103ft 1015 1687 051 
98% 12J9 957 

91ft 12JD 129* 75? 
89ft 1U4 1£79 Uf 
toft 1181 95Q 

Kfcft llto 12X6 1455 
l?ft 15 Mav Wft 981 1211 

6ft 83 JOT 99 Ml 9J1 457 
lift Of NOV «1 ft 11X4 IU] 
13 HFtaJ IM 1203 11.35 129 
9 *92 DtC Eft 1251 MX5 lOffl 


12ft T2 Dec IMft 1228 
lift 93 Mar IDO 118* 
Hurt* Mar to 11X0 
11% 94 Mm IBM 1056 
9ft 87 Mar 9 Tu 1089 


1228 

11i3 

11 * 

ms 

9X4 


GERMANY 


$73 Bast Flnenor Euraee 
STO Bat Flncma Eurep* 
SIM BastO venae X/» 

If TO Bat TncaCTlenlics 
S19 Borer l<m FtnancX/w 

IU Barer Inll Ftnoncx/w 
S ft Bayvrlscbe Mere test* 
ISO BmpQ/sEneemrSK 
5*30 Carrangnkadt Finance 
SUO CamnuraMk Fteencg 

* NO Commerabimv Financa 
SIN Ca n i i T M nb a nk inH W/w 
SHB C amip erabwik ibM taa 
I SB Deeeeta tail Fin Wile 

I » Dpsusm Inti Flu X/vr 
S10S Devtacbv Bonk Flrorax 
STO DauliCtie Bom FloOTCe 
tm Deurtcm Bank Flraice 
HOB Dcutscm Bank Lipi WAv 
I MB OnfxrK Bank LiaXTm 
siao DraxteerFinanca 
S2S CutatteHnutasiweN* 
*125 Hoethsl Flnonc* XA. 

5 85 HmCToI Finance XAv 
149 Scfnring Inti Fin X/vr 
SM StemanWestern Fin 
$29) Siemens Western XAv 
S70 Vtbo Inti Fftonce X/w 
STO votksmenOverNm 

* 160 WesHb Finance 

ecu 50 Wtaritb Finance 


11% 17 Nov J» I IX 

9ft 19 Feb 93ft 12X3 


Timor W 1699 


11 

7>2T7tPar 
10ft 67 Jun 
r«TOFeo 
13% -a* OCT 

lift 91 MOT 
13ft W OCT 
lift -90 jan 
11 -flMor 
7 IS Jun 
7 TO Jun 
0% 93 Mov 
B%93Mav 
ItftVOCT 


112 

1656 

11PB 


rift 138*1425 &2S 


99% 1057 
67 1L51 

IH 1189 
«ft 1U2 
103ft 1206 
97ft 1219 

96 11.94 

103 629 

57ft 1X75 

97 677 
S3 1 LS5 
111% 1057 


1051 

129 

11X1 

129 

11.79 

118k 

614 




14% -09 Aug M7W 11.95 
13ft V Sea 105% 1124 
6% -91 Mav 104ft U8 
etaVl May 7Hi 71.19 


II 90 Apr 
TtaRFtO 
6% 19 Jut 
6 93 Feb 
ktoNOAw 
9 -05 Dec 
7% 90 Mar 
1 91 Dec 
7% -67 May 
11* TO Dec 
Wft9i Jen 


•Jt 

1IJ7 

12^ 

a 

1125 


97% 1L5S 

97ft 1083 1111 La 
85 1X34 784 

67ft IT* 7JD 

a% fji 73 * 
TO LB L91 9JXJ 
67 1134 681 

«ft II* 

93 11* 

100% 11J9 

*04% lto 


IS 

IS 


ICELAND 


$10 

SIS 

sa Iceland 
*» intend 


8% 64 Jon 

8 17 Feb 

9 "87 Feb 
17% 92 DOC 


to 11.11 1X12 683 
toft 1U9 1256 L54 
to 118S U12 987 
*91$ 1283 1283 IUI 


IRELAND 


SIS iraktad 
S25 Ireland 
ISO Ireland 
ecu 50 intend 


f IS Mar 
r. 99 Feb 
lift 94 Apr 
UF. 95 Jon 


100 6X3 6X3 980 

90 1X59 1165 917 

00% 1X94 1X74 

««% 1029 1026 


ITALY 


$20 Alto Romeo, ml 
SM CasBiMenaeiorna 
S5D CansarztoOtCredUp 
sa Enel Erne Nm Enerao 
SM Em Eidv Nm Idrocor 
*a Enl Entv Noz Kkocur 
SX Enl Ente Nor Idracar 
$20 Enl Ente Nm idracor 
S 7S Femme Drib SUto 
SIS Olivetti lull 1*40) 

SB Site Soc Fin Teteeamm 

SIO Turin Olt 


7% 16 Apr 
* 15NW 
7ft 90 Jtu 
7ft 85 MOT 
Ift 97 Jan 
7 TOJcn 
*%«Juo 
6% a now 
S taVFeb 
tftlSNov 
7% « Mar 
9 91 May 


*9% 12X1 1236 781 
99 27.99 34M 6X6 

33 11X78 1271 8 J5 

f*ft 17.74 2BS3 784 
97 TB5k 1)89 787 
E 1154 1525 B24 
94ft 077 1123 7.14 
94 IX9UL23 7.16 
N 1181 1U4 9.11 
79 1082 1063 9X6 

99 1233 120 xn 

91ft 1084 11-50 9X3 


JAPAN 


SIOB Bora Ol Tokyo Curacao 
S 125 Bank Of Tokyo Curacao 
1100 Bant Of Tokyo Curacga 
5)00 Bm*0f Tokyo Curacao 
S100 BanX Of Tokyo Curacao 
SIO Cau> Computer W/vi 
SM Caste ComoirierX/p 
*50 OiuBuEleCTrie Power 
SB CluiOOku Ehctr Povrar 
*25 Cumrm Tokyo Hotetng 
SIM DaFiCTii Kanoro Bank 
S7S EiPorFtmoorl Bank 
s 100 Full inti Finance Hfc 
SB Futlkuro Xld W/n 
SB Futlkuro Ltd X%) 

SB Htuonv^CumiUdW.-p 
*8 ttazum^GorrixMXJp 
*60 HituciilZnen 
550 Hokkaido Elecfr Power 
SB ttekuriku Electr Power 
S IOO Indus! Bank Jraril Fin 
S135 ladusl Bmriuooan Fte 
SUO indusl Brab Japan Fki 
SN0 Indus! BtPik Japan Ftn 
130 Indus* Bonk Japan Fin 
S too Industrial Bank Japrat 
S 125 Industrial Bank Japan 
artSS Industrie* Bank Japan 
SIN Industrial BbtA Jams 
SIM industrial Bulk Japan 
ISO ItabCCoXMWiw 
SB itub C Co Ltd X/w 
*50 Hub C Co Ltd W/w 
SB Itob C Co Ltd XAv 
$40 Hob C Co Ltd 

$15 Japan Awruiei 

*70 japan Airlines 
SUO Japan Atriuws 
SS* japan alrimei 
so JananAlrikui 
S5D tenon Develop Book 
S75 Japan Duvutep Bank 
sa Japan SmibRuflbeW/p 
SX Jason SrrtbRubbeXA. 
SB JincoCoUdW/p 
sa juscoCoUdX/te 
SIOB Konoiaectric Power 
SX korobo industry W/w 
sa Karobn industry XAv 
SIM Kyawa Flramcr lh»l 
SX Kyudiu EteCTric Prawr 


16B% 1183 
90% 1185 


IFlBSw 

It 90 Apr 

lift 90 Dec Wft 11J3 
13% 91 Jur 100% 11X1 
12% 95 Jon 101% 1234 
5% 99 Mar 111 298 

5ft 99 Mar 32 11X5 

IJliflAw HO >251 
13*699 AuC 103 1241 

S%960ec to*: 1185121k 9X3 
ITk 90 OCT TOft 11X9 11X5 

ITkTl Jun 110'u 10J0 lim 

10ft 90 May «t% 11J1 1134 

7% 99 May 91 10/7 &S2 

7% 99 Mav 66% 12H 699 

9% 99 Nov 101 ft 683 9.11 

9% 99 Nov 91 llffl 10.16 

lift 90 MB' 99ft 11X311X61X56 


1283 

1130 

113? 

1259 

1287 

539 

7.1| 

1286 

129* 


161 


I?ti 99 Nov 101% 11X0 
17% woct iar;. 1X52 
IDA 96 Aor w% 1084 
lift 99 Mar TOft 1X33 
17ft 9* OCT 104ft 1182 
11% 91 Nov 
11% -95 Dec 
lift 90 Fob 
13ft 91 Jul 
12 91 Doc 
10% 92 Jm 
10ft 96 Jen 
II *07 Feb 
11 87 Feb 
7ft 99 Mav 
7ft 9* Mov 
■3% 9* Aug 
II 93 Jun 


11.93 
12*1 
10.90 
1184 
1332 
11X1 1136 

1145 1X39 11X1 


97ft 11X6 
110 11X4 

100% 1183 
toft 1L71 
06% 11X3 
141 73» 

99 11X9 

*6 6X4 

85ft 1281 
107ft 1XM 
*9 1L17 1X21 1X»1 

in -94 May 107% 1X16 11X6 

1M94AOB 111% 1134 1202 

II 97 Nov ?»% 1X02 1U2 1183 
UfttoAor to 1181 1IJD 10.90 


IL15 

72X1 

11«7 

1136 

1130 

7 80 

1X11 

781 

677 

1179 


15ft 97 FN 101% 1031 
12% 9* Od 104% 1086 




a&7S Long-Term 
1100 Long-Term 
S IM Long-Term 
Long-Term 

Long-Term 

Long-Term 

STO Long-Term 

I WO MdRMMiCorp 
S1O0 MntebeaCoW/w 
SIM MlnebnaCoX/w 
SX Mltaubisiu OamkW<w 
Sa MitoublshlCMmtaXAv 
.SIM MlttoboMCorpWra 
SMC MlliuMriH Carp-x/w 

smss 

STO MilsablsM Corn 
SHO Mttsobisfu Carp 
5290 MltsobteMCorp 
$50 mitoubW Estate 
*100 Rutsobtetv Fm(/U)«y« 
SIM iMteuUnW Finance 
$50 MlteOTNUiGasW'w 
*50 MltoublsMGOSX/W 
140 Mitsui** Metal w<w 
140 MHsuOisM Metal AJw 
SIM MlteubisM Matal WTw 
SIM Mltoubfeto Metal XAv 
*H MllubbM Reyoo 
*50 Miteui EngfaramiWAv 
SM Mitsui EncfaWBinX/w 
*50 Mdwil EnoraerinW/w 
$9 MtaPErsteNrinX/w 
550 Mitsui Finance Asia 
SIM Mitsui Flnmce Asia 
1100 Mitsui Flncra Asia 
SUO SAItsul Tfual Flo thfcs 
SIM MIBui Trust Fin IUJ 
SIM Nlpnon Clean Bonk 
SM Nippon CraMI Bank 
SM0 Nippon Cnett Bank 
STO N logon CraSI Bonk 
SUO NIpponCraCTtBonk 
STO Nippon Credit Bank 
sun Nippon Cram flank 
STO NtenonKokon Kabul* 
S 50 Nippon Minina W/W 
SB NtepanMMAgXJw 
S SO Nippon Sh/naan 
SB Nippon TcteeraTateob 
SS Ntepon Teiegre TaftMi 
STO Nippon Tetegro Tatepb 
STO Nippon Tgtegrn Tatepb 
SIN NiopenTateoraTetepn 
SB NbamnVaMnKobucM 
Sta NOabo Iwal Corp W/w 
S70 Nteho Iwal Cnrp X7« 
STO Nwnurp Europe 
S 100 Nomura Soarings to/w 
siM Nomura SncarmesX/p 
556 O U MlOtM GumlW/w 
SB ObbawnW-Gunil XAr 
SX Onvpn Tateiil Elo WAv 
SB omraiTotetaEMXAv 
SB Onodo Cement Co Wrtv 
536 Onodo Cement Co XA» 
SS Driwa Leoskte (rart) 
S40 Renown Inc W/W 
5*0 RenownlacXAt 
IX Rlcsb Co Ltd X/w 
SB Sallaraa Inti Ihkl 
S50 Sanvra lob Finance Hk 
SM Sonwn ln« Ffnance Wt 
STO 5onwa mb Finance Me 
*38 Sapporo Br un er I ns 
SB 5etno TraraooriM W/w 
sa Selno TnsroafM XAv 
SIS 5*lyv Stores Mor XA> 
SB 5efru Stores Dac 

5 SO SHBotai Etedr Power 

sa Suntttamo Construe wa> 
*30 Sumitomo GenCTnic X/w 
SIM SwnMonnCaraannten 
SB Sumtomo FhnreaAslo 
STO StmiltamoFInoncaAste 
5 19 Sumitomo FteOTM AMO 
STO S uHtfl aoteFlnarofAski 
Id Suraitomo Heavy In w/« 

*40 Sumfterao Heavy In XAv 
540 sundtamoReoHvW/w 
540 suratimno neoiiy x/w 
SIOS Sumttann Tnal Fin Hi 
*109 Torre Kabo Flnoxsftt 
SB TMWku E te ctr i c P ow e r 
Stag TakCTAstaUd 
STB Tokyo Etectric Co W/w 
SX Tokyo Electric Co XAv 
SIM Tokyo EleCTricPmrar 
SB Tokyo jtamnBS 
SB Tokyo Sanyo Elect WAv 
SB Tokyo Sony* Elect XAv 
ISO Taror Industrie* W/w 
$50 Terav lndatrie* X/w 
sa Toyo Engineering V9Ar 
sa TayoEwteMrttaX/w 
STO YamaJcW toll 
SUO ywwdo Trmt Finance 


7% 9* Mov 
7% 99 May 
I 98 Dec 
I 98 Dec 
13*614 OCT 
6% 99 Feb 
*%94Ft* 

12% %J May ]ID% 1184 

11 % « jui 104 ixto 

lift 99 Apr 196ft 11X9 
16% 99 AM 107% 1296 
11% 91 Jan 96% 1223 


to LSI 
86ft 1X97 
U9 3X6 
67ft 1227 
IH 11X9 
toft 1X3 
B 11.79 



13 93 Dec 133% 1138 
lift 91 D*C H0% IUI 


6%9IF*b 
6% 19 Feb 
11 17 Jan 
11 97 Jan 
5% 9» Nav 
5% 96 Nov 
13% 99 JOt 
10ft 90 May 


101 *31 

12% 1205 
1C ia 
*9 1L59 

tk 650 
Oft 1134 
107% 1UB 
' ' 1U3 


12ft 91 May 1E% 1136 
10ft97F*b 97ft U83 
10% 95 Feb 97ft 1185 
UtaBMcr Mlft 1X13 
17% 19 Nav ra3% fix* 
11% TO JOT Mft 11.73 


kftlfMOT 
kftBMnr 
S% • Feb 
5% 99 FeO 
7ft II Nov 
7ft 99 Nav 
« 99 APT 
U%97D*C 
10% 97 Dec 
7% 96 OCT 
7% IB OCT 


« 6X5 

■4 1281 

15 5X8 

S3 11X6 
u 6J4 
05ft 1201 
90 1230 
1)9 d AS 

96 1234 

*1% 1000 

16 11% 


lift* Dec UO% 1149 
12ft90Auo 101% 1131 
13% 92 Feb 49ft 1234 
12ft1*Ncv 103ft 1183 
13 91 Feb lis>% lie 
13ft 91 Jul 106% 1177 
15% 99 Aug 11|% ITJ7 

11 90MOV 96% 1184 

12 90AM 107% 1X29 
lift 90 Nov 100% 1131 
12ft 97 JOT 101ft 1253 


S3 

fU 

1214 

S3* 

a 

1274 

1X12 

1421 

IXM 

1)30 

ixn 

n« 

HLa 
T220 
HA2 
IUS 
584 
740 
735 
1X1 1 

lw 

687 
12X5 
HUS 
1181 
1077 
ion 
I LSI 
rexi 

17? 

781 

LSI 

971 

NL80 

*46 

1X07 

7.40 

M3 

1187 

119* 

1231 

114* 

1181 


ll%93Fab 
13ft 91 Sop 
6% 99 Mor 
6% 99 Mar 

Wft90jOT 
lift 90 Fab Blft UJ7 
12% 91 AM 106 11.36 


97 1185 

TOft 1X63 
1*5 447 

65V3 1133 
ran* nil 
toft 1127 
tota HU* Wi9 MJi 
1U1 


1381 

HJ7 

1134 

HAS 

1241 

1XU 

12X7 

4W 

789 

1244 


10% 92 Feb 
13VS 9* Aue 
6ft 99 Feb 
MblfFMl 
17% 91 Dec 
6% 96 Nov 
416 V Nov 
7% II Apr 
7% 99 Apr 
kftWApr 


97 


Tin 

KJ5 

1287 

7a 

JZS 

541 

789 


7ft 9* Aar 
7ft 14 APT 
9ft 9k Jgl . . 

4 19 Feb toft MJD 

I 99 Feb 01% 1222 
5% 99 Mor 02ft 10X3 
lift 90 Mor fl riM 
11% 99 Dec 100% 11X6 
13% 90 Sap ' — 
1140 99 JOT 
lift 99 JiX 
6% 99 MOT 
4ft 99 Mor 

II 97 Mo- 
il 97 Dec 

11% a Jot 
7ft 99 Apr 
7ft 99 Apr 
B%92MW 
15ft 99 Jul 
10ft a JOT 


ixa 

105% 1132 
69 ».to 

63 1112 

99 1233 

111ft 295 
83ft 11X6 
171 239 

06% 1U5 
IS &D7 
82ft 1235 
126ft 1JB 

« n.a 

97ft 1186 1280 934 
LS« 
7X 
ta 

1X72 
1132 

103 1181 1213 

toft 11.40 I Lto 11J9 


LS3 

487 

£ 

pi 


104ft 1281 
toft 9J7 
Dft 1219 
to 11X2 
to 1180 
toot 11X1 
likft to 
lift 1L7T 
97 1123 

117% 1185 
Mft 1187 


17% 91 MOV 107% 118] 
11% 92 MOT 99ft 17X3 


'Mot 
6% a Mar 

I *DfC 
I W Dec 
17411 Fob 


R 


17% to Sep 
nta-riFra 
6ftS9Mar 
Hi 99 Mor 
13ft 99 Jul 
12ft 94 Jul 
lift 97 Jun 
lift 17 Jan 


rift 882 

17 1211 

lllft 781 
to llto 
lBft 1251 
Mlft lXtl 
MSta 11.lt 
102 113* 

93ft 643 
63 11.97 

104 1049 

104% 1143 
737 3489 

11C 


1281 

74» 

U3 

11.11 

1X11 

ua 

583 

SS 

1235 

1181 

6S3 

ii 


10% 97 Mot 


6ft 99 Mar 
int a doc 
O ta 90 Apr 

LUXEMBOURG 

SM BM-Bdnk Mil X/W TV: TO Mav 

494 BMA>4 IpH W/w 7ftaMov 

MEXICO 


540 Mexico 
SX Med co 
1175 MuJcs 

sa Corntetan Fad Etectric 
>75 COTiMod Fed EJeCTric 
ensa Hodonol FteonCTera 
$75 PmwxFairaieetMvuc 
la Pemm. ftdratebt Marie 
sa Pemra PatreteosMtedc 
LIE PemexPetralwsMexlc 


Oft 17 Mar 
0% 91 Dec 
lift 97 Jul 
0 97 Fab 
13 97NOv 


■ft 97 Sap 

ius a jui 


MISCELLANEOUS 


SB Bauxites De Guinn 
* 75 Develop BkSMonpara 
S3 Stagcpora 
520 TriiraatpidwFirtaiK* 
177 Tmot a p tn a Ftecnct 


7% 97 >40v 
6% -85 Jut 
4ft 95 OCT 


NETHERLANDS 


sa 

s« 

S30Q 

sm 

SM 

SB 

SIB 

1(0 

sa 

sm 

sa 

*75 

*75 

sao 

ta 

S75 

$60 

sa 

5300 

SSM 

SB 

SHO 

SUO 


Mm 

AmavNv 

Amro Bank 

Amro Bonk 

Dpp DukSI sufe Mines 
Dam Dun State Ulras 
DsmDgidiSMa Minas 
EimiaNv 
Gtst-B recodes loti 
Hcttmd Airilnaa F7n 
M edwtoddMC—to 
NederiendjeGaunte 
Nufliniandu cnatnle 
pbfiba GteeHacne W/w 
PMUpsGtecddmgX/w 
MTOtaanfc Mdrtand 
ScBInHFtaaiK* 

Sbeu hdl Flaance 
Sbtot ipfl none* 

5h*n SrBI Finance 
TnraenBo Finance 
kinllwer Kv 
UnHevgrNv 


HtaWFdb 
6 97AOB 
13 a Nav 
11% BAud 
iv. v jot 
S ft 96ACO 
UftTIMor 

lift tT MOV 
1% 15 Jul 
17% 9IMcv 
10% a Apr 

iitaaoo 

11% 71 MOT 

ataajui 
6% a Jut 
11 9| Mot 
I 160k 

7ft 97 JOT 
7% 97 Ate/ 
itaaFab 
leftaMiB- 
9% 97 Jut 
9% 80 JUl 


107ft 

5X0 



IUO 


115V 

US 

ik) 

U 

1281 

1X1 

90V 

11/4 

ixa 

tony 

1186 

1207 

04 

IL7S 


111 

584 

L76 

93 

118915X4 9.14 

01 

an mi 

wa 

IH 

*049 

U82 


1221 131 

3*0 

99 

1139 

1X13 


17 Jk 


tal 

032 

14J1 

H4 

1415 

1587 

7H- 

1183 TIC 

989 

94ft 

1157 TUI 

1117 


1122 IAN 


KB 



95 

*811181 

Lte 

toft 

ion rail 

405 

9/ft 

uina 

687 

HD% 

1149 

IXTO 

*6 

90S I LIE 

0X3 


1180 

12a 




93 

11/9 1185 

M7 

92 

11*1 12X1 

981 

Mft 

1X73 

112 

IN 

11.15 

IU9 

Mft 

1181 11/1 

UB 

ISO 

122 

12X5 

98ft 

1099 

1LTO 

99% 

1U0 

lljfl 

98ft 

1189 

1143 

w 

8X3 

6X1 

02% 

1X13 

LU 

M 

114k 

112 

»Sft 

10841180 

130 

93 

11/6 11J9 

OM 

81% 

1087 

LU 

19% 


919 

97% 

1144 

1X13 



9-51 


*6% iB47 ixn teas 


NEW ZEALAND 


sa 

S H 
STO 


New Zea tend 
NewZcckvU 
MeblM 
New Zealand 
New IMId 


5% 95 Jul 
6ft 96 MOT 
8% Si Dee 
mvdk 

10% 99 Aor 


«ta 985 *88 SB 
97 9XB1181 623 


Ami Security 


y.*ie- 

V.-TCTe 4.T 

mu: Pr<X tut -*eC 


Trite— ■ 

via* Ave 
vsl Fr.TT VCF Lila CvW- 


> 150BB Now Zealand 

SB Bank 01 New Zealand 
536 Dev Fin New Teal j/c 

SJS Hi Faresl Rroductr 
5 25 Nr Fores) PreCuCT* 
»» PHVkire Minin* 


7m-p3es 
lift 93 MCT 
8fttSJ.n 
; is v— 
r:;. V .m. 
J.uOC 


« r_x 

IT - IIJ ill u: 
9S>: •;«» : ■* 

KVs TV "-«■ 

^ : -X3 


j =:(.!£ .r-.r-xisn. 
5 L c S S.'S? SSto 

’ * X E:i. 'rs -.MS"' 


&::: e«£.-m -.h-k-i 

*'! S?E-'X -evSCTtv 


NORWAY 


. -k: 


: • -wJ-.i =: 1L*9 1 1X2 1.B 

■"i^scr -31 . 514! 

:r i '.j in lb 1 • -X 1-15 

*- av» i64% tti; ua lid 

s:! ^- K § K ,>a, 8S 

W . M6 6-55 


i:, 17 vx 
f - ; 36 Apr 


SX Norwv 
SIS Bergen Cilr 

115 Borraganrd 
S50 DenNanieCreoiWik 
S5t Den NoreFe Crednoeni 
r*r 100 EUearrbnsni 
nur ICO EkXPQillilHlK 
SB EkSdarriirunf 
SS EksaantKian* 

$75 EksPBrilinonj 
STO ExsaaniweiK .«.-*■ 
rJrZB EkiPormrcnj 
19 Ekxosriloon* 

STO EksBQrilinors 
5100 EkiPbriUnans 
nk/ TO EkoPkririiwns 
nkrioo Noren Hvoatputerarun 


S’: tSiat 
1 T tsr 
i'i Ta Fe; 


■W ST iZ SJ* 

9s hi: -- as sc 

n s.-. 

153:. 122 


I! : v:ct :c. Jf 


1037 


sit ll'i 1 *; 



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1100 Norik Hydro 
*50 Norsk Ultra 
SS OpptendskroH Krebia 
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115 0*>o City 
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525 
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South Aina 
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Saudi Alrlcu 
Angia American Con 
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Escom Ekctr SuOT'y 
Ekcom Eleor Suooiy 
Etemn Eleor Supply 


S 97 Fee 
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1:.: 19 Jul 

7 1 : 97 Mor 
ll: 4k Dec 

lift » Jot. 
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95 llto 11X1 L42 

£4 12s- ’244 t?I 

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9 Z~. 1281 1X79 

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Vent cue! an TetoPhane Bft 97 Dec 

SPAIN 


«0 1248 1LS1 9.17 

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74 1481 17X5 t’Xl 

46 9.17 tR 

88-r 12T 14“ -. 3 : 


STO Spota 
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S9 iniinttituiNdci'idu 
SIS Cdnoor 
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15ft 97 Apr lO 
7 97Jul 77 
B 17 OCT 9X: 
Sft *6 Dec 96 

7ft -as Jan 91 


11X7 1A3 

•24:1171 7ll 
10.93 ;24S lit 
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1187 ljftl 6JX 


SUPRANATIONAL 


S7S Asian Daveicp Ban* 
* 15000 Asian Develca Berk 
>15900 Aston Deveteu 3an> 
v 15000 Asian Devtteo Bam 


BfttoAue ft 
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!ft -n Apr ttr-: 
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1146 2.90 

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“.77 LCS 

1/5 632 


■HIGHEST YBELDS- 


to Average Life Below 5 Years 


YHE 

HIGHEST YIELDS TO AVERAGE LIFE 


BELOW 5 YEARS 




530 

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99 

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THE 


HIGHEST YIELDS TO AVERAGE LIFE 
ABOVE 5 YEARS 


SB 

SB 

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540 
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Dome Per retain 
Hudsons Bar 
Mexico 

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Macmillan Btefori 
Caisse Nat Auioroules 
MoamiiOT Btoedei 
Ecs Euro CocIL Sleet 

Omjwo-Carlet*jn 

Canodwn Vilifies 
Renter ruifl inv Hotem 
Naval Berk Of Canada 
Pmral Bank Of Canada 
E ta Eurea invest Bank 


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— HIGHEST aiRRENT FIELDS — 


THE HIGHEST CURRENT YIELDS 


$175 
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STO 
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Onto Edison Fnarre 
Gull Stain ODFidot 
O ftio Etfaon Finance 
Norftem inedonn Publ 
GwBlar 

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Bril Cotomoia Mivnap 
Nactonal Plnanoera 
GOTtoai Molars Accept 
Saml-tourem 
Hufcans Boy 
Soc Hrpamaaue Procan 


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17ft 92 OCT 
17"} a OCT 
17 LSSeP 
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1 7ft *27 Mgr 
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110 tad 
106 1122 


105 ILLS 
107 11/7 


17A 971 Iter 
IS 97 NOV 
IT: Bk Dec 


107 ILK 
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106 1484 

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1687 

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IB Council 01 Europe 
160 E a Eure Coal & Sleet 
H150 Ecs Euro Coal S Steel 
SIS Ecs Eura Coni & Sleet 
B30 ECS Euro Coal L Steel 
STS Ecs Eura Cool LSTOt 
*50 Ecs Euro Cool L Steel 
« 190 Ecs Euro Cool » Steel 
SB Ecs Euro Coed L Sleet 
STO Ecs Euro Cool & Steel 
ia Ecs Euro Dm L steel 
550 Ecs Eure Coal LStete 
13 Ecs Eura Coal & SieCT 
Hr MO Ea Eura Coal & Siee' 
*75 Ecs Eure coal & Sleet 
I ISO ECS Euro Coal B Steel 
SZ Ecs Eure Coal L Steal 
550 Ecs Eura Coal » Start 
STO Ecs Eura Coat & Steel 
STO Ea Euro Coal L Steel 
SZ Ea Eure Coal fl aw 
550 Ecs Eura Cool fl Steel 
1350 Eec Euraa Eoanam Cam 
veuBO Eec Euron Ecunem Com 
ecu 40 Eec Europ Eoanam Com 
ISO E*c E otop E canom Com 
S6S Eec Europ Eamam Cam 
ecu* Eec Lump Ecgnom Com 

* TO Eec Eurep Ecanom Cora 
I SB E*e Europ Ecanom Com 
SSfl Eec Eoroo Ecanom Cum 

150 Eec Europ Econom Cam 
580 Eec Eurigi EcmoiT) Com 
S7J Epc Eurep Eamam Cam 
STS Eec Eotop Econom Cam 
570 Eec Eurep Econom Cam 
S50 EacEurap Ecanom Cam 
iu Elb Eurep lnv«VBtrt< 
sa Elb Europ invesr Bonk 

SS Elb Europ Invest Bonk 

SB Elb Eurep Invrat Bank 
SM Elb Eurep Invest Ban* 
IS Elb Eurep invest Ore* 
SIS Elb Earap Invert Bank 

151 Elb Eurep Invest Bo* 
sz Elb Eurep tavert Bank 

SIOB Elb Eurep Invest Bonk 
H 175 E lb Eurep invest Bcnk 
S50 Elb Eurep Imrast Bank 
SZ Elb Europ Invart BOTk 

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SHO Elb Europ Invest Bank 

I2S ElO Eurep teen) Bar* 

Hr 60S Elb Eotop laws! Bank 
STO Elb Euraa Invert Bank 
SB Elb Eurep tmresl Brafl 

SMB Elb Eurep invert BOTk 
fl TOO EteEure* Invert Balk 

*> Elb Eotop lovesi Bonk 
BIB E» Eurep Invert Bank 
STO Elb Eurep invert Bonk 
S73 Elb Europ Invert Bank 


556 Eft EurtP Invert* 
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*« Elb Europ Invert Bo* 
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IB0 Eto Eurep Invert Bank 
STO Elb Europ invert Bank 

18 Elb Eurep Invert Bar* 
*125 EJB Eun» tavert Bank 

S8 EBiEu 

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SB Elb Eurep Invert Bant 
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IH EIDF ' 

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6': Ik Jvn 
4'T 96 Dec 
k': 97 Mar 
14ft K Mor 
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6*l970d 

11*: 30 Mor 
13'-: 3000 
0'4 9*OCT 
ate "09 Dec 

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113 -99 Aug 
•A *1 Jul 

* TT Apr 
4 45 Jun 
9 ft May 
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9% ft Apr 

I 8* Jan 
n 97 Jul 
ms 37 Jut 

II Am Jul 
11% 71 Feb 
14% 73 Apr 
lift 71 Jul 
12 73 OCT 
11% 73 OCT 
17 73 Dec 
11% 74 Feb 
1 1 >1 76 Jon 
IM. 45 mar 
11 75 MOT 
II TSAug 
lTWftOec 
9V) 95 F« 
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7A37 0CT 
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■VtftFeb 
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lift V Apr 
II ft Jun 
■taWSeo 
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9k.3I0CT 
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12% 39 Aor 
9% 31 May 
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7W70 Feb 
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13% 70 Mav 

* 70 Sen 
0% 70 Dec 
Ilia TO Dec 
9%71Fe0 
11 71 MOT 

11 71 Mar 
♦% 71 Mar 
UteTl JOT 

12 71 Jul 
1)%7IAU0 
16% 71 Nov 
12% -ri Dee 
11% 72 JOT 
10% 72 Feb 
Sta 72 Apr 
0% 72 JOT 
15% 72 Jul 
9%T7D« 


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79. 74« 743 

99’: 1147 K83 

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)0JA IU) 1057 
103ft *X4 1173 

105% 981 104* 

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1293 12X3 1186 
IMA 1033 1082 

TOft 1185 1X74 

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101 1180 1180 
101% 1185 IUI 
94A 1182 HAS 1189 
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tote 1180 118* 1180 
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9»ft 6481 9J2 

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*0 11.1* MJD L*3 

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tote 9J4 1057 S8J 
97te 1XJ 9X3 687 
95 te 1049 844 

97% 770 LS0 687 
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93*te 101312X7 784 
93 10X5 1 14t 780 

rite 1080 ta 90 785 
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104 983 9J1 1186 

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tote 1081 989 

tOdte lUIII/kMXS 
102% 1184 1281 

95 11X6 10X6 

101ft 780 785 

91 1L14 1181 a/3 


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1184 

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ZERO-COUPON BONDS 

£1 flte tffl 9 *f.2? fcr !!S» 0, !5S 


Seorffr 


Amortcop hdl Group 
Astan Omu> Beak 
AtJOTlKRWTfteMOj 
BcferMIFtooce 
Beatrice Fans OTs 
CenwMI Soua o/» Fin 
OrtcraMor Fin Sarv 
CBRigBtarFhScr* 
Ct obust S ovin esBera 
OHMCTteBank Flaance 
DaPaniO/iCgattal 
Euaerifiim 

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G« Da Franca 
GgiDeFnaro 
Gawret Etadric Cred 
GerandEieCTrlcCraO 
General Etedrlc Cnd 
General Electric Cred 
General Electric Cred 
GenendMitoine 
GOTgrafMHtsinc 
Gmoc O/J Rnoaa 
GraoeOraFlnOTcz 
GowcaraFinoae* 

Guft KJ Finance 
Maw England Life 
NOWBe Inu nrt mw d Bt 
Peanry Jc Global F In 
PnpdcaCagttal 
RepsksCaattaf 
PfdHp Marrh Cradfl 
Pnatortkil Realty Soc 
rtt i nriOT B| OTm 

5«in overtax 
iggra Ovanota 
SeonOversens 
54*dtsn Export Credll 
Swedish EototI Credit 
Suits Bam Caro 
wet l* Forgo inti Fin 
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VB 

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11 Sec 1994 

$19 

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4 Fee 7993 

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5250 

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5 72 Sweden 
STO Swccen 
5 32 Sweden 
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13* > 73 Apr 96-A 11J0 
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|| 1 7* Jan 74A UXD 

S'. OT Mov 72': 12.11 1297 11 

SWEDEN 

tal 35 Aug 100A UJk 12/0 

ir-I S5iOT ICO. 1181 12X4 

0A *07 Jun «6 10X110X0 8X9 

It': S3 Dec IOTA 11X3 1127 

13% 09 Apr IJT: I1Z 

*A 09 Mov 45% H84 

ll : 21 Dec ICOA 11X7 

Y : 70 Aug IGTte 7.to 

ir. TSAug ISA 11X6 

HA 74 Dec in'. IU9 

9 . W/en to ten >IJ0 

«':-SkMor 99 taSt 1185 487 

IJEjIM 100' i L15 LU 985 
: 7C Jun «5 1X19 1X05 


HIT 

It87 

105 

10.17 

1X» 

1083 

ILte 

IT84 

1181 

118k 

I7J1 

IS 

IL30 

IUI 

nxs 

845 

m 

1X24 

1174 

7X7 

1058 

1215 

1192 

ItZ 

ItXl 


tl.' 

1018 

1181 

0X9 

1185 

11/2 


TAM Dec «■; *81 98« »J0 
fefe.Var *k 10*5 1195 677 
01:05 Apr Sl'ft H81 1271 «i0 
4A7ISep ST: 1200 1226 10X7 
10% -*9 AOT 9Tte i^u HU 
ISA 42CCT TO 12<S 1210 12*7 
fi'y 41 Sap 93 : 11.1011X4 08* 
BA 97 Dec «4 1X31 9X1 

TvSItai TO : 787 780 1.X 
6AVOCT *r- 10.17 12D9 TX2 
F: 39 Fee 97 1X08 13X2 *24 

9 96 Od 77 10X9 93 

ISA W Dec iar: 1070 15X1 

IF: 07 Jut TOA 11.11 1289 

12 70 Nov OTA I2J13 I20J 
Ft 3? Mar 91te 11.19 9X9 

fra-feAsr ISA. 108311X1 982 
9 Be Aug 77ft 1085 11.17 9X1 
85 Jur 9Bta 1186 11/6 LW 
91 11/4 12*7 981 

. _ BS 11.12 1285 843 

llte-MMOT TOft 11X0 1147 

9 71 Dec 40 11.1* 1244 11100 

I -37 Jan tote Hun 1088 BJS 
"BA Dec 97 IIJ* 11.47 */* 
Bft a Jan Ku 10/2 1157 9.19 

f.bWr *0ft 1055 1184 9J7 

S45 Svenske rianaetobanken UA-QAar TOP. 1221 1125 

STO Siwnsiiat’CTicetsbOTden taA19Ftfb HI'v IX*6 1222 

* -05 Dec *9% *XS *82 
7A-07NCV 95 9.71 1090 L16 


BA 81 OCT 
T\ TOOK. 


rtkZ Sranoe* Invert Sank 
SIS Sywen invert Btmk 
17 SCC Sverige Invert Baik 
SO Swedirti Busan Credit 
Si® 5«edirti Ecort Credit 
Sta SwOTrin EOTOriOedlf 
cm 53 SmOTrt) Ejodt: Credit 
IB Swediiti Escort CrwW 
cnS53 SweOirti Ereori Credll 
S IK SweaWi Eerari Credii 
STO Sweoirti Eraari Creed 
Sit? Swtetrti Laoprr Credo 
SIX Sweeub c apart credll 
SIX Snediin E isan Credit 
SS? Swtdisk State Ca 
STS Svdpiiensac Krgfl 
SZ VSlvs 
SZ Vain 

SZ voted 

SIC v:lvo 


lTtekSMay W\ _ 
IDA'S* Mar TO 10X1 
15ft H Jan UDft 1271 
Cats Feb TO'. 1214 
II A 00 Jul 99 A 1180 


12 A SB SOT 99-12 1237 
0'S 1LJ3 


111; $9 Fib TO') _ 
ISA L* MOT W- 1284 
14% 70 Feb 1G8A 1Z83 


1284 

I0M 

US 

12X7 

1IJ4 

1231 

1184 

14X2 

Uk3 


UftTOMOv TOft IZJj H80 125k 


IK. 74 Feb 99“: W83 I0ffl 


15ft -87 Jan rer-i 1040 _ 

9ft *86 Sea 9P. tare 1154 986 
*1 : 'IS Mor 1 00ft 489 983 

0 07 Mar er.y 1X14 M 


07 SOT 93% 11117 1183 


11 00 Aug 9 Tl 1189 

SWiYZERLAND 


1X17 


■ a Gbo-Goavintix.* 
STO C-fCii Su-sse Bonomas 
S 153 C-edil Susse Bahcmas 
STO C-edii Surase Bca w.-w 
S TO Crpii Surase Ban X w 
SIC Crec.r Sutuv F.n >L'w 
*43 Pirelli mfi .V’w 
S2S Sirs Bank Cera C/6 
1ST Swi» Sail Caro W * 

S ICO Swiq B=Rk Ccrp X-'w 
STO UrJsr Bk Siberian} 
STO UtfcnBkSwUleriBrrt 
SUO liman Bk Swlbnlsnd 
BIDS Unon Bk SwUrerkaid 


6ft 73 Nov 
10te19Dec 
10'i 73 Mor 

7 70 JOT 
7 70 Jun 
11% 77 Feb 
6% -00 JOT 
13' <70 JOT 
Bft TJ jun 
6ft 73 Jun 
HRi ¥7 Nov 
10 VMcv 
41 "99 NOv 
IT- 7 1 JOT 


86 ®.14 

99 U/6 

9* 7075 
TO &JJ9 
n IL43 

TO 11/5 

KBA *8$ 

tVA 1081 

9* 60* 

757 1087 
101 10X7 

99te KU6 
lOlte 1055 
104 11X0 


785 

1081 

108t 

MB 

083 

1L75 

173 

HX3 

651 

120 

KU8 

1005. 


UNIYED KINGDOM 


SX®) 
S3 
SX 
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S75 
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United * ntgdom 
Linecse :ml 7. nones 
ftrlecse inti Finance 
Allied Brewer 
Adiec Cc 
Atllea Lrons 
Ali.ed cm 
Amecaiiat Ewtorai 
BjrctttS BOTk loti 
Barctay* Ora Invert 
BiBChCrrmgiOT 
Bat Inti FirvuKe 
3rt Inlt Firanre 
flat inH finance 
Bnecnan mil Bermuda 
Bcc Finance 
Boovr->c 
BCTvnrerCOTS 
Bnt.gt Lane mu 
British Otygen Finonc 
Brtilrti O. .gen Finatvc 
3ohvi0<rgen Fmanc 
Br- rtai Pttroi Caaia 
3rit«: S-eet Cere 
9n-cu Fuyonce 
Cnaburr ScRwenpes 0‘s 
Capitol Ceumtes Prop 
Covenharr lull 
Charier Console Ora 
Cigna O '6 France 
Commercial Union 
Cot/ftsulelnllFIn 
Ceurtculd* inti Fin 
Emi Finance 
Finance Pgr Industry 
Flntmce Far Indurtrr 
Finance Far Industry 
Finance Far Industry 
Finance Far industry 
Finance For Industry 
Finance Far industry 
Finance For industry 
Finns Inn Finance 
Ftsans Inn Rootct 
P isans mil Finance 
Gertetner Hokftng 
Gold Fields Bermuda 
Grind Metraa Finance 
Grand Mefrap Haleb 
Grerd Mel rep Hotels 

GuCrilior Renat EscTan 

GusInter n af i anBt 
Gus Interne! tonal 
Hombras 


0>73Mov 00te 114)6 >253 IflBJ 

• 56*07 10 H8S11X9 e.n 

0ft 81 OCT 91 ixniua *82 
lO-yTOMor 97 1184 11X5 1L57 

g>«' to Dec 
literal Feb 

17ft 72 OCT 

lT.-MJon 

■te-WSoo 

TV. Fl CUT) 

TteLTNdv 
11 LIDec 
10ft 71 Dec 
1-8* Feb 
7-. 57 Feb 

9% 86 Jul _ — 

9A72MOV OtetlMIUSNM 

■ -STNov “ 

10A 7® jm 


97% 

7.17 

kfl 

7T3 

1154 

1X92 

102 

1118 

12X0 

101 

1129 

m2 

97 

10.12 UU1 

LSI 

84 

1UB 

10.12 

90 

1140 14JM 

8-U 

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1142138] 

L43 

99% 

H.10 

1180 

13T. 

1186 

IL9I 

W% 

10X3 10X4 

840 

VJ 

1XW 083 

033 

9/ 

1106 

MBS 


92 

11841347 

L7» 

97 

1149 

1180 

IC 

IU* 

1182 

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13X2 

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ero. 

7X19 

11X7 


10ft 73 Jot 
lift 77 Fed 
!te -0» Jan «4te 1039 11.11 9.13 
■ltaTooc tony ixn iijd 
7ft TO OCT 87 10321287 031 

9 80 Nav 9Jte HU4 11/3 *52 
«teL7Dee « 1148125*1000 

71,0700 82 1*3917X7 9.1S 

17* 33 Aug IMte 1189 1184 

k’bttDec *7 103*1036 L7* 

•ft 15 OCT 49% 1135 1036 9J2 
Jft "94 Dec 95*0 1090 11.10 1021 
*ft 19 AOT *4 11.10 1157 984 

14 16 Apr ID 1132 1029 117) 
•ft V Dec 97te 1079 1088 taQO 


11 -BFOT 
lift 08 Oa 
10 "S* Mor 
lTteWJui 

IPb -M jul ... 

lOte TO May «*te nj» 


100 1199 111 

IDte 1187 1287 

*7 1094 11 JB 10J1 

«Jte 1189 1180 12X0 
110 1211 


IM 


SZ 


SX 

STO 

SM 

$15 

S25 

*75 

S/5 

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$9 

IX 

tu 

sx 

IH 

suo 

SZ 

IB 

*25 

IZ 

$40 

SX 

SM 

SIM 


t tamme n op Property 
WOTier Smdetev 
h* Samuel Group 
Howaen Alev Flngn X/w 
ta Finance Xrie 
td flltf Flnmce 
id Inti Finmce 
too Inti Holdings 
invertors In Industry 
imrestarstn Industry 
Investors in industry 
KtolnwOTT Benson Lons 
Las™ EiroHruicf 
Utgai General Assur 
LtovdS Eimflnonce 
Lanrho InH Ftnonce 
M et reco l Estate 
MetrmolEtfBte 
Midland Inti Ftnonce 
Midland InM Finance 
MkBand Inti Finance 
NaHoaal Coal Baara 
NMtaMl Coal Board 
HatHGnndiars Bank 
Man WertmHstar Bonk 
HaltVN 


IW 17 Jul 
10ft 07 Dec 
Ift Y1 Agg 
11 UMOV 
10b -z Jul 
Wte-WSOT 
9% Sa Jan 
7Vj TT Dec 
l V Jut 
IWtaMOT 
*lb Y9 Apr 
•ft® Dec 
7% "07 OCT 


\iSt 


94 11X0 1286 L71 

9Sft 1211 IL73 
Kte ILK 1293 1036 
•kte 12X2 KM 1180 
•9ft 1L01 118610X3 
97% 1153 11.10 

9* IIU4 1044 934 
flte 11.13 1197 820 
W HUS 7293 LSI 
to 1180 11/2 0/4 

92 1204 1179 1L33 
99ft 1048 I0M 957 

93 1139 1213 L42 


17 -09 Dec lOOte 1X04 
13% 71 SOP 104 1229 


IteVNov 
•ft 91 JOT 
TO* 70 Jun 
8ATt7Jan 

7te"92Feb 
10 IS Mar 
12 -09 Mar ID 
lift 71 Dec Ml 
W%730d 


1X94 

1174 


Nuft Westminster Ftn 
Noil Westminster Fta 
inti Flnmce 


XJn 


III 


Reed iruernatmal 
Rbm Internal lone* 

Rbm Overseas Fhiaoee 
Rio Ttnt^zinc Finone 
Ratbscblld im> Haktai 


9SIS 11821233 LW 
« <111 ■ 5X7 1X10 

a ns* M80 
77 1085*0*3 051 

93 ifl 982 L06 
H8I MJk 

11X4 11JI 

llXa 11X1 

9»% M83 11.17 

0% 77 Mov 93ft 1184 | A I? 1BJ 
n 72 Jul KJ2V6 1247 IUI 
Wte 1X14 12JB 0X 
Mft 12)7 1229 1X97 
99 12X1 KU 

97ft 10X01085 897 
05 1182 1180 981 

97ft 1038 1809 Lto 
S H84 042 »029 
to 1209 118k 

•Sft 1004 1823 L38 
toft IIJ* 1235 98J 
93 1079 1188 833 

toft MI7 9M 

9Tb 10.1318/7 9.14 

14% 71 Dec IWft 1281 13X0 

11% 72 Nov 100% 1187 11/2 

8ft 16 Jun 9»ft 11X0 1212 LSI 
1% W NOV 96 11X81214 7.11 

*ft 71 Mar 98ft 1176 TUB WJB 
l6%-B9Mar IH 1543 tall 
9 f/MOV to 11X5 11X5 9X8 
I 81 Mor 96 1ST 10X8 033 
9 72 Am 06ft 1178 KM 1LM 
lift 73 Nov 96ft 1237 1205 

Mft 70 Aug Ml 1347 1237 1294 


7ft -BI Feb 
lift to Dec 
12 10 Jul 
Stalk Dec 
I 71 Feb 
Ita-MDBC 
0> 725OP 
lift to Dec 
0 77 Sep 
Sft 70 Oct 
7% 17 NOT 
f Jun 
to jm 


Security 



MMA I Am 
P riCB MS H£r 


M0 aowniree Moctintasft 

IX HawtitreeMeckibW* 

$75 Ravsaj* inti Fwancf 
ISO SaMirti Finance 
s» scoflOTd inti Fpwnra 
iu soonurternmonoi 
19 Mitel on Trust 

sx sSSi§w-«n" 

sri siauBitEsbrtesLiM 
US Town City tteiief MaB 
■ 29 » Finance X?« 
iso ueFinancg 
sx united fltacuifsluti 
United Ootnimons Trus 
sx wrtlarne FeundnUga 

US Whllbread Ce 
IB wHIicnn&tr tu Em* 

S1D0 Wllnama Gtyns Nedfri 

UNITED STATES AMERICA 



" ITjRt&su 

navi 

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?!ft 

ix 



<20 


Sin flptno XHt OOunMv 
sin 

«11 Aman inti Cturial 
S75 Amo* toll R botc* 

$40 Ainefttto > * w y» 

I <5 American AirttrmQ/5 
$100 Amer^Brartts 
5150 American EOTrasouw 
S2S American Emits O/i 
sn* Americao E ottuss ora 
SM American ForelOT Fwr 
SS) AtneticonFOTetBnFw 
□VI SO American Hospital 
ioo immtcaaMmaeailM 
$125 American Savings fiM 
S100 American Savinas In*) 
S4O0 American TetaenTetag 
$25 Amoco Oil HOkfino* 

$100 AnheBSer-BjBdi Util 
SZ ArtmnpPjCp 
S$B Arteeno Ps Finance 
S 75 Arizona Pi Finance 
IS Arizona Ps Finance 
*60 Arizona Ps Finance 
sa AimcnOra Finantx 
SS juwandOil Fmonee 
s im Astra 

* joo Smtic RiadtoM Os 
SO Atlantic BLCTWeid Os 

SZ ArtPO'sCOTUtCl 

sm Avco ora canitot 

* 26300 Avan Capital Cara 
SIS Banoer Punto Inft 
*300 Bank Ol America 
$250 flank Ot America 
SIOO BankmieriCaOit 
SUO Bankars Trust Nv 
560 Beor Steonn Co 
$200 Beatrice Finance w/w 
s TO BmandM ora Fkione 
IX Baneflced Q/s Fmanc 
ia BeitericauQra Ffejmc 
STO Bonetlcnd O/k Ftame 
*20 Blue Bell IPdt 
S5B Boise Cosrate Coro 
SIM Borderline 

SIM Boston inH Finance 
SX Burlington Ora 
SSB Burrtkigns mn Flnonc 
$59 Campbali Sava O/s Fin 
$68 Carolina Power Liant 
SS Carrier inn 
sn carter Howtey Halt as 
siao cumc 
140 CDs Inc 

$180 OieSdbreaOTHPaHU 
1400 Ctwvrtm Capital 
$150 Cltrvrtor FMOndd Co 
$125 CllleoniOra Finance 
$t80 ancerp Ora Finmce 
5400 Citicorp Q/» Finance 
*200 Clilcorpara Finance 
$100 CJtmrp ora Finance 
$ 100 ancare O/S F nonce 
$100 entcera ora Finance 
1% Citicorp Ora Finance 
$100 CUlcorp O/s Finance 
S ISO Cities Service O/s 
$75 City Fedarm Savings 
512 Coosi Fed infl Flnanc 


*<?« ot nar /’Tiw 
15 to APT TO . ffiJ*. ? K 
ilt-MFeb NK IDHUtne 
fta^ toApr *7 IUJ® ,2 
ULi 72 Aar TB790 UJU , -wB 


ktatojul 


lPetoiar W'ttH • ■ 

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53 

\--3UB 

’IS 

_VSt 


12*9 to Od TOft IU*. 
MtetoApr Ma m3. 

UFA 70 Aar 96 
4T17JW1 «1 ..028 

I to Mar Mft OD 
13% 7* AOT 102% US 
11% 75 Feb 97 wo 
12 to AOT VB- JU4 
13% to Mav 1B3 113 

14% *89 MOT I051A tan 

StatoOCT 99 7Ji 7/5 ijn 

11H70JOT 99 TIM 

12ft 72 Feb 99ft Oik 

165. $8 Jul ia Ufl 

16% W Feb HSft U33 nj 

Ik to Ft* 185ft.- IUI- -SS 

11% 70 Jan Mft tax ... nm 
IStetoDK 100 OH- - m* 
8 W Jot 93 ILStarau 
16% 72 Fob 112W llXJ sS 

12** 70 MW 105% IUI- 
13% TO May IBift B8I 
9% to Mar TO- 016 

Wfttoimay w tui 

6% 71 DOT « 7X1 

tm a st 
H2U N» 

tin um 
M taixei 
KSft 1185 
W7% M87 
100 toM 
96 IU7 


itt « M 
12 to Aar 
■ toMar 
1 9ft TO SOT 
12% to Del 
U to S«P 
lBfttoSOT 
9% to Jul 


14% 70 May TO! OR. 
14L. TOOK 70412 1137 
12 71 Feb TOU 1283 

7% to OCT — 

12 73 Jan 
12ft to OCT 
UteWJoo 
7% to Apr 


B 

Its 

TM 

1® 

IU 

i 

■S 

m 

T2U 

H2i 


nit 

103% Till " 17.17 

187 1282 -Bi 

toApr « liana ui 
15% toMar 1B4ft 1U3 iss 
14 toAOT m» TX75 ■ - Ufl 
16ft TO Fab 106 KM...* 

8 to Jun 93 TU3OJ6 I40 
— W 


«%l6Ja1 TOft MM 
11% 72 Dec 99ft 1186 
kite 74 Dec *5% 1181 
17 73 JOT W1% T184 

17% to OCT MOft lUfl 
13% 74 NOtf IB- 1281 
15ft 15 Mot Mft 481 
n*b 1* Apr nnv nx 

11 16 Jul 99*54831 

12 117 OCT IBTte 1LI4 
10% 70 May 95 TXP 
1 FU 73 OCT Wy' 1185 
11% 72 Feb 99*4 1188 
M 73 Mar «ft 1186)186)89 
11% 79 AOT HI 1X9- Ufl 
n TO Sea Mlft Kl7 
ITftTODK 102 lira 
12% IS May TOft 1U4 


1X0 

MS 

<-■ 

1142 

w 

MS 

ixn 


$100 Coco-Cota Gvnpany X/W IP* 03 UM TOft KR 


SIM Coco-CotaComptmt 
lira Coco-Coto run Flnemc 
$100 Coca-Cola mil Flnonc 
S 180 CaarCok) Inti Flnanc 
$100 Cacn-Cata Inft Fmanc 
SIOO Cammumcat Salellita 
HOD Canualinil 
S5Q Conoco EuiolinancD 
5 50 canwUdrted Fans Os 
S 180 Continental Group O/s 
STS* Continental Group O-s 
SIX Continental I Kinoo 
SUO Continental Illinois 
SX C m i llnmta l T ulep hon e 
SSB Corn Products CPC 
SX Corntag International 
SZ Cracker Natienai Bot* 
SSD Cummins O'* Finance 

SIS Cutter -Hammer 

5250 Dude Sovmg* A Loan 
SX Dana Interwlotal 
SOS Oort & Krati Finance 
suo DtaitaiEautantentOra 
SIX DawChemictdO'i 
SX0 DowOiemiadO/i 
SX DowCondnoOrt 
STS Drawer Ora Finance 
$200 Do Pont O/i Capital 
$400 Du Pan! O/s CodUqI 
$300 DuPontO/sCopffcd 
S 150 Du Pont ora Capital 
SM Duke Power O/s Fmanc 
553 Eokm Finmce 
SIM EiBVCb Finance 
SX Esso O's Fmance 
S50 Esso ora Finance Mar 
*50 Em 0/5 Finance Nav 
two Fed Deal Stores 
$200 Fad Ham Loan Bank* 
$300 FeU National Mart Ass 
5125 First Fed MteMgan 
STO FhrWa Fader Savfnas 
STO Fluor Finance 
SHO Ford Motor Credit Co 
*100 Fiord Motor Credit Ca 
$108 Fart MotOT Credit Co 
SIR Fort <M Flnmce 
SE General AnwricTfOTiss 
IZ General Cable O/s 
$380 Ganaral Etectric Crea 
STO General Etectric Cred 
$300 General Electric Cred 
$200 General Etectric Cred 
*200 General Eltaric Cred 
SUB General Electric Cred 


11% 71 OCT TOft was 
15% TO JIA1 TO n/3 
12% to Aug W7 tail 
11% to OCT TO ta® 
91$ 72 Aug 94% Mil. 
lift 75 Feb 97ft 006 
12% 71 May »0% 12» 
8 76 Feb TOft Wt 
TV: 71 JOT Sft IUI 
TftUjbl - I Sft 03 
lift 73AM 91ft 019 
9% TO Jul 95 D04 

15% toMar ns MX) 


1427 

HZ 

n® 

(120 

its 


-IXM 

IU) 

ma 

iua 

tut 




9J9 


tu 


1% TO Feb 
total* Sen 
Jft TO Mar 
to ft TO Apr 
tan to Dec 
I to Jun 
13ft WScp 
0 toMar 

7% 70 Nov .. . „ 

n% 79 Mar 101% an 
0 TODec -95% nro M 
9ft 74 Mar 09% IUI 1X191872 
Ift TO Jun 97ft 1053 Tin 833 


W441U9 042 

n4ft ox um 
98 HU0128S 107 

94 nn ixn 

HE OM 144} 
93ft 1X27 1X71 ta 
mta 1188 125) 

94ft IXM 041 Ifl 
91ft 7X3 787 

ns 


12ft to OCT 103% 11X7 

i/tatoMcr u» tan 
14ft TO Dec lOft ns 
MfttoAoe HBft 1280 
11% 75 JOT 101 1X07 

15ft to kur HSft 1244 

13% to Jm 
lift 73 May 

• 75 Sea 
■ TO Mar 

• TO No* 

11 70 Feb 
11 to Dec 
Tift 71 Dec 

13% »JUI 


SS 

ufli 

mf 

1X14 


1110 


TOft IZfl 
TOft II* 

NO 801 U 180 
97ft 185) 1181 1/1 
96ft. MX 10X9-1X1 


l*_ General EJearK O/s . 4b TODec » 

SX General Mills Flnana I TO Mor «7W 


99% 1X06 
WX, 1X47 
99(0 1185 

.. 104ft 1X03 

12% 09 May TOIL 1X43 
14 « Sea tan. IUS 
11% 70 Feb TOft 11/9 
12% 71 OCT 107V 1211 
13 75 FDD 99% 1384 
12% toMar Mft tm 
I'ktoJun 93ft 11X1 UX 

91ft 1184 13/1 

101 1LM I 

137ft 1X24 I 

9 Tk 1X12 1 

96% TOM I 

•SMSS-j 
* Mi 


SX General Skills Ftnonce 

:s sk, f . 

SX General Maters 0/* Fl 
$100 GararaiMatanOraFl 
$65 GearsW-PoCTflc Flnon 

sis Geitvoauiii 
$180 GmocO/sneonca 
STO Gmac O/i Finance 
$100 Gmac O/s Ftnoncr 
*308 GmacOraFtoance 
SIN Gmac Ora Fluonc* 
SIN Gmac Oft Flnonca 
SIM Gmac O/s Finance 
$150 GtrexOra Flnmce . 
$130 GanocO/i Flnmce 
IUS Gmac Oft Ftaance 
*300 Gmac O/s Finance 
SUO Game Ora Finance 
WS Goodyear a/1 Flnmce 
v 12500 Goodyear Tug Rubber 
IX Gould InH Finance 

SHO Gram Finmce 

SX GW Finance 
S7S Git Flnmce 
IX Gfe Finance 
SS5 Gte Finance 
ecu x GfeFmonet 
SIS Gle International 
suo Gull Oil Finance 
$100 GuH Oil Finance 
$« GuH States Oft Flnan 
*63 Gull Stales Oft Flwn 
5 75 Gull Slates Utilities 
STO GuW L WHIera taferc 
US Haas O/s Camnl 
SX Hertz Copiial Carp 
$15 HBtan mt ern u i lun oi 
$100 H oneyw el l HW FUemc 
SIOO HausrtMOFlnoncelnl 
$208 ibm Credit Corp 
$300 Ibm Credit Carp 
*100 Ibm Credit Carp 
suo ibm Credo O/s X/w 
$280 Ibm world Trade 
*35 Ic Industrie* 

035 Ic Industries 
Sft Ic industries 
$180 Ic Industrie* W/w 
Side ic Industries X/w 
$75 ic Industries 
01*50 ta Industries 
Sft Iclntalrtes 
SJC Iflinds/tewurFiMOC 
$ WO iiltaota Power Fmanc 
*9 tnoemll-Rond Infl 
$115 Inti Harvester Oft Fl 
$15 inti Horrertar o/s Cn 
$75 Inti Paper Ora Ftnanc 
*15 tall StanOTrt Etectrt 
SZ mnsfemdoraEtortri 
SX Inti Standard Etedri 
IN InSt Standard ElecSri 
*75 inti Standard EteCTrt 
$75 lUAnttnes 
siao Hi Antilles 
$145 itl Financial 
$S luOverseos 
$75 Jobn Hmcack O/S Find 
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$100 XmnecoK Inn 
SX KktOeWidltrO/a 
SMO Kfmberir-Clwk 
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$75 Levi Strauss Inti Fin 
SUO Mocy Credll carp 
sno Mocy Rh Oft Finance 

$100 MonutoCT Hanover X/w 
SUO MawiacJ tfanarar O/s 
$100 ManutoCTHmoverOft 
SSO Manufad Hanover Ora 
SIM Mmufact Hanover Oft 
Sft McdonatasCanwatei 
725000 MaMnatasCerparotun 
*75 Mcdunoidi Finance Co 
*7* Mcdanakte Ftaarez Ca 
$» Mcdnnnell Douglas Fin 
SNO Metlan Bank 
SHO Merrill LvndiCo 
$NM MenUl Lynoi Co X/w 
$200 MamULnK/ioraCm 

$35 MoHI Inti Ftaroa 




*0671 


0% toMar 
lift -87 Nnv 
12 to OCT - 
10% TO Feb 
w to Jul 

11 7IFOT 
9% 71 AIM 

. (fctoDac 

I Oft to JOT. 
a TOAdr'l 

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15ft TO Jun M) 1286 1517 

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WtatoMOT 90 11/7 1817 

15 TODec 103% Uto 
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wtaWFeb 9* njB 

11 TODec 101 M/0 

UfttoAua Mlft 1280 
121* to OCT 106ft M9T 
9 TOApr 99% HL15 
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12 toMar TOft 1184 

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lift to Jon Milk 102 
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Bft TO Apr W: »BT182 *K 
II taJUl «% 1181 JJ? 
11% -95 Feb wn% 1184 ns 
lira VI Jan M 112 
rift TO See toift U3J 
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Mft VSop in» TLM 
19% to Wot 9Sft 1J5 
W% toMar 91ft 1ZS 
12% to OCT lOft 1X0 
•ft to Jan « 784 

9% to Fab 92ft nz. 
lift TO Jan 9* JIN 
17 TO Fib 186 lf» 

13 token Mlft U26 
17% TO OCT 103% IUJ 
ITftTODec Milk 1L» 

W ft toApr 86% 1UD 
7 TO Aug 96 


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(Continued an Page 10) 



West LB 



Eurobonds - DM Bonds • Schuldscheine 
for dealing prices call 


DUSSELDORF 


Westdansche Landesbank, Hand Office^ PQ Box 1128, 4000 Dussaldoifl 
International Bond Trading and Sales: Telephone 8 26 31 22/8 26 3741 
Telex 8 581 881/8581 882 


London 


Westa'eutsche Landesbank, 41. Moorgate. London EC2R 6AE/UK 
Telephone 8386141 - Telex 887 984 


Luxam bourn 


WastLB International S.A^ 32-34, boulevard Grande- Duchesse Charlotte, 

Luxembourg, Telephone 4 4741 - 43 - latex 16 78 


Hong Kong 

Wastdeutsche Landesbank. BA lbwer, 36th Hoot, 12 Harcourt Road, 
Hong Kong, Telephone 5-8420288 - Telex 75142 HX 


Marfcetmakers in Deutschmark BondsWSSt I R 

Westdeutsche Landesbank 







ll.~- — 







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KU riY-UNXS3 

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New Eurobond Issues 


New Interest Structure Created lor Iceland Credit lounaPtmmmg 


Issuer A "K* j n> 

(millions) 

fioatmg rate notes 

BonkAmerico $400 

Electricity Generating $195 

Authority of Thailand 

Great Western $100 

financial 

Hydro Quebec $200 


Petroleum Authority 
of Thailand 

Sod 6 t& G 6 n 6 rde 

Sod£t§ GGnferale 
Abadenne de 
Banque 

Thailand 


World Bank 


Consolidated Gold 
Fields Finance 

RXm-COUPON 

American Inf'l 
Kawasaki Steel 
Mellon Financial 

Mitsui Real Estate 
Development 

Nabisco Brands 
Nestle Holdings 

S. Africa Local 
Authorities Loans 
Fund Board 

Swedish Export Credt 
SeHsu USA 
World Bank 

Denmark 

EQWTY-UNKH) 


Mat. Price eT? 

week 


1997 1/16 100 

2005 % TOO" 

1995 » JOO" 

2005 libor 100 

1995 3/16 100 

2005 1% 100 

1997 1/16 100 


”78 Ow 3-morrti Libor, HH monthly. Crttobte o* per on any 

MBf* paymant date otter 1986. Few 032% 

?975 Owr 6-marth L2»r. Cafcfcle at par on any interasf payment 
date (Sorting I960 and redeamdote at par in 1995, 1997 and 
2000, fas P30*i 

?8.90 ^tt ‘Timntfi Irfmr OWInfilo nf prr mi TfflffnnrlrnctiiiiiM/iiii 
at par in 1992. Fens 130%. Du unii i niiu ns 550,000. 

^9.92 (nterest pegged to (north rate far Euradoikn, set monthly. 
Cefcbte at par in 19S9. Fbm 0375% Denomnatiora 
SlOjQOa Payable May 1. 

— Over (month Libor. Coilabie at par m 1988. Fees K% 

P975 Owr (/north Libor. Callable at par on any irteresl payme nt 
date starting 1988 and ledeemcfck at par in 1995. 1997 end 
2000, Fees 030% 

>9-88 Over 6nonth Libor, set monthly, Coflobb of par on any 

interns* payment dote after 1986. Fens 0.1 6%. 


1995 1/16 100 — Over (month Libor. CaUile at par in 1987. fas 0.16% 


100 99.B2 Over 6-manfti Libor. Calable at ptr an any interest payment 

date starling 19® aid redeemable at par in 1995, 1997 and 
2000, Fees 035% 

100 99.95 Omr money market equvrtant yield Ear 3- month US. 

Trecwjry bite. CalUgte at par in 1996. Swilchabfe an every 
interest p a ymen t dote starting Sept 19B5rto a 3-monih note 
pegged to the U3. T-bUI rate. Fees 0.15%. Denominations 
WOjQOO. 

100 9935 Over 3-nJwtth Libor. Fee* 070% 


1990 10% 100 97 JO Calable at par in 1 989. 

1992 10% 100 — Noneaflable. 

1995 11% 100 97.83 Calable at TOOK in 1992. 

1992 10% 100 — Noneaflntete. 

1990 10% 100 98.16 Noneaflable. ~ 

1988 9% 100 9935 Noncdkto. 

1990 8% 100 99 Noneaflable private placemert. 

1992 11% 100 98.15 CJobte at 101 in 199a 

1990 9U 100 — NongJable. 

1995 8% 100 99 JO Noneaflable. Sinking fund to start operating in 1991 to 

produce can 8-yr average He. 

1992 9% 100% 9.45 Calable at 101 in 1990 


2000 open 100 


Semimual coupon ind ica ted at 3% Coflatte at 104 in I960. 
Convertible ot on expected 5% premium. Terms to be set Feb. 


By Carl Gewirtz 

International Herald Tribune 

PARIS — A new twist in the 
structure of Euronote facilities was 
introduced last week by Manufac- 
turer* Hanover Trust in a relatively 
small operation for the National 
Bank of Iceland. 

To protect underwriters against 
the risk of not Finding buyers for 
the one- to- three month certificates 
of deposit or bankers acceptances 
that the Icelandic bank plans to 
sell, the rate of interest it pays will 
be based on the cumulative amount 
of paper underwriters have had to 
take. 

Up to now, the market has seen 
sliding interest scales based on how 
much underwriters take at any one 
time. In this case, the scale slides cm 
the cumulative total over the five- 
year life of the operation. The ma- 
turity. in foci, can be increased te 
10 years if the National Bank of 
Iceland elects to extend and if the 
underwriters agree. 

In all, Iceland is looking for 580 
million, but only S55 million will be 
underwritten by the banks. The re- 
maining $25 million can Ire offered 
for sale, but underwriters are under 
□o obligation to supply the funds if 
buyers are not found. 

A tender panel will be asked to 
bid for the paper. If the toms are 
not acceptable to the Icelandic 
bank, the underwriters will be 
obliged to provide the funds. In 
that event, the cost is set at 18.75 
basis points over the London inter- 
bank offered rate, or libor, for a 
cumulative amount of up to $220 
million. After that, the underwrit- 
ers' charge rises to 22J basis points 
over Libor for a cumulative total of 
up to $440 million and to 25 basis 
points if the cumulative total rises 
higher. A basis point is a hundredth 
of a percentage poinL 

Whether the underwriters take 
the paper or not, they receive an 
annual underwriting fee of 10 basis 
points — meaning the effective an- 
nual income to banks taking paper 
would really be 28.75, 315 and 35 
basis points over Libor, respective- 
ly. Hie banks also earn a one-time 
front-end fee of 15 basis points. 

The charges represent a big sav- 
ing for the Icelandic bank, which 
last year paid % point over Libor 
for the first six years and % point 


over for the final four years on a 
S 90- million, 10-year syndicated 
credit. 

The sliding charges on the cumu- 
lative total of paper taken by un- 
derwriters is aimed at not penaliz- 
ing National Bank of Iceland for 
temporary disruptions in the mar- 
ket — when selling any paper may 
be difficult — but making the bor- 

SYNDICATED LOANS _ 


rower pay if underwriters consis- 
tently must stand up if the paper 
cannot be sold, implying a poor 
evaluation by the market of Ice- 
land's credit standing. 

Meanwhile, Turkey, which bad 
hoped to raise $500 mutton through 
the sale of short-term advances — a 
technique tha t many bankers ar- 
gued was inappropriate for a coun- 
try of Turkey’s credit standing — is 
stuck at $450 million and managers 
wil] meet Monday to deride wheth- 
er to close the deal at this level or 
uy to hold on to try to achieve the 
goal. 

Managers blame the shortfall on 
the Japanese, who had been target- 
ed to underwrite $160 million. In 
fact, they have taken only $30 mil- 
lion. Bankers report that Ministry 
of Finance guidelines make Turk- 
ish loans a “resemble asset," 
meaning less profit for banks who 
must set aside such reserves. 

It is still uncertain whether Por- 
tugal will find underwriters for its 
Euronote facility. Here, too. there 
are serious questions whether the 
medium-term outlook for the coun- 
try's economic performance justi- 
fies expectations of being able to 
find buyers for the notes. In addi- 
tion, the %-point margin over Libor 
on the companion syndicated cred- 
it is considered “thin" given the 
outlook and the high level of banks* 
existing exposure to Portugal 

For their part, managers of the 
loan report they are satisfied with 
the prepress of syndication and are 
optimistic that the goals will be 
reached. 

AGA, the Swedish gas and 
chemicals concern, intends to tap 
the market for up to $75 milli on. 
B anks have underwritten a $50- 


million, seven-year program of 
one- to six-month notes and the 
remaining 525 milKftn will be of- 
fered for sale on a best-efforts basis 
with underwriters not committed 
to supply the finds if investors can- 
not be found. 

The underwritten notes will car- 
ry a coupon of 56 point below Libor 
and will be offered for sale at a 
discount from face value. The max- 
imum yield at which underwriters 
must agree to take the notes is set at 
8 basis points over Libor. 

The annual underwriting fee is 
1/16 percent. 

Thailand chose to tap the float- 
ing rate market for $400 million 
broken into three separate transac- 
tions for the government, the Elec- 
tricity Generating Authority and 
Petroleum Authority. The terms 
were identical — 20-year paper 
that investors can redeem after 10, 
12 or 15 yean, bearing a margin of 
% point over Libor — except for 
the fees. The government paid 25 
basis points while the ag meiec paid 
30 basis prams. 

Malaysia is expected to follow 
this pattern and soon offer 5300 
millio n of FRNs while Spain this 
week is expected to offer 5350 mil- 
lion of 20-year FRNs bearing a 
margin of 1/16 poinL over Libor. 
Ranks can expect to ek^ out a high- 
er return on the Spanish paper as 
the six-month coupon will proba- 
bly be set monthly, allowing banks 
to pocket the difference (currently 
13/16 percentage point) between 
the two rates. 

This wide yield gap explains why 
the FRNs for Bank of America, 
Hydro Quebec and Soctete Genfer- 
aie — aU using the miemarrh for- 
mula — were so well received last 

week. 

In the syndicated loan market, 
which is increasingly viewed by 
bankers as headed for oblivion, the 
Korea Exchange Bank is seeking 
$600 million for eight years. Inter- 
est will be set at % point over Libor 
for the first three years and % point 
over thereafter. Alternativdyjend- 
eracan opt to use the prime rate as 
the base, in which case the margin 
would be 10 basis points over 
prime or 115 basis points over the 
90-day rale for certificates of de- 
posit. 

KEB will pay front-end fees of % 
percent. 


Response to East Germany's re- 
quest for money has been tremen- 
dous. The SI 50-million loan has 
been doubled to $300 milli on and a 
further increase before syndication 
doses is not ruled ouL Lenders 
have the choice of pricing the sev- 
en-year loan at % point over Libor 
or Vi point over the prime rate. 

Given the pricing, which looks 
generous in today's market, the in- 
crease comes as no surprise. But' 
even the loan for Vneshtorgbank, 
the Soviet Union’s foreign trade 
bank, will be increased if the Rus- 
sians want to, despite terms that 
were regarded as shockingly low. 
The seven-year loan of 50 million 
European Currency Units bears in- 
terest at 'A point over the interbank 
rate for the Gist three years and % 
point over thereafter. 

“There was some resistance" to 
the low margins, admits lead man- 
ager Credit Commercial de France, 
but it adds that the terms clearly 
are in line with market conditions. 

ICO, the Spanish state holding 
company, is renegotiating terms on 
a SI 80-million loan signal in 1979. 
The original nine-year loan is to be 
recast for 10 years bearing a margin 
of % point over Libor, down from 
the original % poinL ICO is to pay a 
W -percent renegotiation fee. 


Improvements in 
Economic Zone 

Reuters 

BEUING — TbeZhuhai spe- 
cial economic zone bordering 
Macao plans to spend 700 mil- 
lion yuan ($244.8 million) this 
year on improving facilities for 
foreign investors, the New Clu- 
I na News Agency said Saturday. 

The funds, almost three times 
the amount spent in 1984, will 
pay for completion or a road 
system and installation of pow- 
er and water supplies and tele- 
phone services m the zone, it 
said. 

Zhuhai is one of four sp ecial 


economic zones set up in South 
China*' 

The zone already has an in- 
dustrial estate and shipping 
links with Macao and British- 
ruled Hong Kong. 


Turkey to Hold U.S. Talks 

The Associated Press 

ANKARA — A high-level Turk- 
ish delegation flew to the United 
States on Saturday for negotiations 
on textile and ready-wear exports, 
Turkey’s major export items. 


EUROPE 1 COMMUNICATION 

The Board of Director, of ihe EUROPE 1 COMMUNICATION 
company met under ihe chairmanship of Mr. Pierre Barret to close the 
account? of Ihe fiscal year ending on September 30. 1964. 

1) Net results of ihe company amount to FF 10.477.000 (against 
FF 20,322.000 for the preceding fiscal year) after tax on profits or 
FF 28.093,000 and after exceptional provisions of FF 6 1 , 172.000 
mainly concerning the SSE Tele-Monte-Carlo branch which showed a 
heavy' deficit, taking into account the takeover of the cost of a possible 
withdrawal of its Italian branch T.V.I. 

2) Consolidated results (not finally settled) will be about 25 million 
Francs, of which approximately half for the croup share, against 

FF 22,61 1.000 in 19&-83. 

3) In view of the much improved outlook for the 1984-85 fiscal 
year, the Board will propose to the General Meeting, the date of which 
has been set on Marrn 28. 1985 in Monaco, to resume the distribution 
of the dividend, interrupted in 1984. at a price of FF 15 net pershare. 

4) For the first quarter of the 1981-85 fiscal year, the pretax 
turnover for radio-broadcast in" activities of the group amounted to 
FF 151.612.000 against FF 151,485.000 for the same period of the 
preceding fiscal year. A 5.90% rate increase in 1985, after 3% in 
1984, should allow the group turnover to return to a more normal 
growth: this is confirmeaov the results of the month of January 1985 
which showed a 6% increase compared with January 1984. 


Maruzen 


1990 8% 


Optec DaUdu Denko $30 1990 8% 



Shin-Bsu Chemical $30 

TdyoYuden $50 


2000 3% 


Noneaflable. Each 55,000 note with I warrant emrdiable 
into [hares at 585 yen per share and rt 260.95 yen per 
dollar. 

Noncd ta bla. Each $5,000 note with 1 warrant exw enable 
into dims at 692 yen per share and at 260.95 yen per 

J-te- 

□oiqr, 

Senacmuafly. C*** 1 *" at 104 in 1988. Convertible at 1,185 
yen per ten and at 262 j 50 yon per dollar. 

Semiamuofly. Cnflnhlrt at 104 in 1988. Gorrvertfole at 1,294 
yon a dim and at 26160 yen per dolor. 


FRNs Are Bond Market’s Bright Spot 


(Contimed from Page 7) 

million of undated “flip-flops.’’ 
Holders can convert the paper to 
three-month notes by giving up the 
half-point margin paid on the un- 
dated paper. 

As in the past, the World Bank 
shuns using the London interbank 
rale for its cost of money. “That's a 
rate that reflects the cost of money 
for commercial banks; we're not a 
commercial bank," says the World 
Bank treasurer, Eugene Rotberg. 
The base rate is the three-month 
U.S. Treasury bill rate. 

Bank of America, Soctete GtSner- 
ale and Hydro-Quebec are using 
the mismatc hing technique on their 
issues, in which coupons tied to 
three-month Libor or six-month 
Libor are reset monthly. This al- 
lows bank investors to pick up ex- 
tra yield by funding their purchases 
with one-month money mule earn- 
ing interest at the higher three- or 
six-month rate. 

The fixed-coupon market was 
overshadowed by issues bearing 
coupons that were widely regarded 
as unrealistically low. 

Nestle was offering to pay 9% 
percent for three-year money, while 
Nabisco and American Interna- 
tional Group offered 10% percent 
for five-year funds. Nestre was 
quoted at a discount of % point, 
and Nahdsco at less 1%. These 
prices were not deemed realistic. 

Dealers suspected that once the 
lead manager. Union Bank of Swit- 
zerland, made allotments to under- 
writers, the prices would sink, as 


have UBS-led issues for Kodak,- 
Rockwell and Mobil 03. 

As UBS has in the past sought to 
“punish" underwriters for selling 
paper at big discounts by altering 
than no paper, and thus forcing 
than to scramble te cover their 
sales, a true trading price docs not 
emerge until after allotments have 
been made. 

AIG. by contrast, also a triple-A- 
rated borrower, ended the wedc at a 
discount of 2% points. 

Nestle caused some surprise by 
not carrying a guaranty of the par- 
ent Swiss company and by n ot be- 
ing listed on the Luxembourg or 
London stock exchanges, as is stan- 
dard procedure. But traders said 
the rarity value of the name, the 
relatively small amount and the 
short maturity could overcome 
those deviations. The problem, 
they said, was the unattractively 
low coupon- 

Dealers say the fixed-rate bond 
market will be stuck in a rut until a 
powerful rally in ihe New York 
market fueled by dedming interest 
rates, justifies the low coupons of- 
fered here, or until underwriters 
slash prices even further and at- 
tract buyers for the billions of dol- 
lars of unsold bonds cluttering 
their shelves. 

A New York rally may be a long 
time in coming. Pnoes there ended 
lower last week, and analysts be- 
lieve that while the Federal Reserve 
is not currently tightening credit 
policy it certainly is in no position 


“The Fed," said Henry Kauf- 
man, the Salomon Brothers chief 
economist, “has derided to tolerate 
the fact that the recent growth of 
money supply has overshot its tar- 
get bands because of continuing 
favorable price developments and 
the relentless strength of the dol- 
lar." 

But this tolerance, he warned, 
“may be tested should monev 
growth remain on its present high 
trajectory in the next month or 
two.” 

Other analysts, meanwhile, say 
that a continued dollar slip on the 
foreign exchange market may give 
the Fed the elbow room it needs to 
tighten up on credit policy. The 
dollar listed at 3.26 Deutsche 
marks late Friday in New York, 
from a high around 3 JO DM earli- 
er in the week. 

The previous slide of the mark 
and very substantial sales of do- 
mestic DM bonds, which poshed 
prices down and yields up, caused 
West German bankers to dose the 
DM Eurobond market for three 
weeks. The scheduled issues for 
Spain and the In ter American De- 
velopment Bank were canceled. 
The moves had a salutary affect on 
Eurobond prices and bankers said 
selling in tne domestic market has 
abated. 

Meanwhile, investors this week 
win be offered a currency play on 
the dollar against the European 
currency unit. Hectricile de France 
is expected to launch a dollar FRN 
that holders can convert te an ECU 
instrument at any time. 


Treasury Bonds Fall Amid Note Sales 


By Michael Quint 

Hen York Times Service 

NEW YORK — Urge amounts 
of notes and bonds sold by large 
institutions, along with efforts to 
attract buyers for U.S. Treasury 
securities, forced Treasury bonds 
sharply downward here Friday. 

The impetus for lower prices was 
iruirearead by the fear that foreign 
central banks could make a con- 
certed effort to stop the rise in the 
value of the dollar. 

Rumors that foreign central 

U.S> CREDIT MARKETS*" 

banks might try to curb the appre- 
ciation «the dollar through inter- 
vention in the foreign exchange 
markets or capital controls have 
swept through the financial mar- 
kets with regularity each Friday ibe 
past few months. 

If the value of the dollar were to 
fall, traders expect that prices of 
U.S. debt securities would drop as 
foreigners liquidated holdings. 

But on Friday, the impact of the 
rumors was greater than usual be- 
cause securities dealers wanted to 
limit their exposure to risk in ad- 
vance of a three-day weekend. The 


U.S. Consumer Rates 

For W— k Endad Fab. IS 

pwcchnok savings. — 530 

To* Exempt Bonds 

Bond Buyer aV-Bond li*te« 9 A 

Monov Market Funds 

DonoalWs 7-Dav Average— BJU 

Bank Monev Market Accounts 
Bank Hate Monitor index — BJM 

Homo Moriaaoe 

FHLB average - 1X61 


“The finan cial markets are say- 
ing that something is going on with 
the dollar," said Raymond Dalio, 
president of Bridgewater Asso- 
ciates, a Wflton. Connecticut, advi- 
sory firm. “Something to halt the 
advance of the dollar is in ihe 
cards, but what it is, nobody 
knows.” 

Geoffrey Bell, president of Geof- 
frey Bdl& Co* a financial advisory 
firm to foreign governments ana 
institutions, said “the appreciation 
of the dollar has created a danger- 
ous situation" for the world finan- 
cial markets. 

The drop in Treasury note and 
bond prices was a surprise to many 
analysts, because it came at a time 
when economic and monetary sta- 
tistics could point to stable or lower 


lion were signs of low inflation and 
moderate economic growth that 
would normally keep bond prices 
firm. 

By late Friday, the Treasury’s 
1 1 %-percent bonds due in 2015 
were offered at 99%, down nearly 
one point, to yield 11J2 percent. 
Prices of other issues were also low- 
er. with the !Jt4-perceni note due 
in 1995 offered at 99 12/32, down 
%, to yield 1 06 percent. 

While Treasury note and bond 
prices were falling sharply, demand 
for tax-exempt bonds was relative- 
ly strong. Underwriters for a $428- 
mfllion issue of bonds for the Pres- 
byterian Hospital in New York 
City were able to raise the price of 
9%-percem bonds due in 2025 to 
100. from 99 'A announced on 
Thursday. 

In the corporate market, a S30Q- 
miffion issue of collateralized mort- 
gage obligations was offered 
through First Boston Ccrp. 

The obligations, which are 
backed by Federal National Mort- 
gage Association mortgage* backed 
securities, were offered with yields 
of 10.62 percent for obligations 
with an estimated life of 2.1 years: 
1101 percent for those with a 7.1- 

iunr lir»> 11 1J fnrlhi* If) 1 


Bank Expects 
A Payment 
From Peru 


New York Tima Senior 

NEW YORK — Peru, one of the 
most troubled of Latin America’s 
debtors, will pay at least $20 mil-, 
lion in overdue interest to creditor' 
banks this week, according to Citi- 
bank. 

Peru stopped payments last July 
on almost all of its $ 13-billion debt, 
although in January it made a SSI- 
million payment to avoid its arrears 
from becoming ax months over- 
due. It is believed to have accumu- 
lated some $160 milliou in arrears. 

Although creditor banks have 
placed considerable pressure on 
Peru to resume debt payments, and 
have curtailed essential credits for 
financing trade, the government of 
President Fernando Belarinde Ter- 
ry had resisted a resumption of 
payments. 

The government faces a cash 
shortage and an election April 14 
that the ruling centrist party is ex- 
pected to lose by a wide margin. 

The statement Friday from Citi- 
bank, which heads the committee 
of bank creditors, quoted Peru's 
finance minister as saying that par- 
tial payments would be continued 
on a monthly basis. 

J Consolidated Trading 
I Of NYSE Listing 

I Week ended Feb. >5 



Gold Options tpteiis'u.t 


1575-173 22S%75 
tJS- 773 17251075 
1 75 IB 11351275 
025 1U> 725 075 

001-050 425 575 
Qfll- 050 225 150 


Gate 30525 -30575 

VakanWUteWeU&A. 

I, Qua do Maot-BtuK 
1211 G«w-ni 1, SwitmteBd 
Tct 310251 - Telex 28305 



THE 





IH national 

COMPUTER 

CONFERENCE 


The Eighth National Computer Conference will be hosted by ARAMCO in Al Khobar, 
Saudi Arabia, on 17 Muharram 1406H, October 1, 1985. This will be a continuation of 
seven national computer conferences since 1394H (1974). 

The National Computer Conference will be sponsored by ARAMCO as an industrial repre- 
sentative for the first time following successful conferences sponsered by academic 
representatives in the Kingdom. Never-ending development in computer technology, its 
effect on managing computer resources and wide spread computer use in industry suggests 
the following appropriate theme: 

1 COMPUTERS IN MANAGEMENT AND INDUSTRY' 


Pacers a-e 'rvitec on the foTovvinc :oc.cs 





I I. Computer Management and Utilization m 

2 . Computer Graphics S 

3. Office Automation p 

4. Computers in Education s 

5. Data Security || 

6. Centralized vs. Distributed Systems |g 

7. Computers and Simulation m 

8. Computers in Industrial Processes || 

9. Other (Specify) g 

The conference will include working sessions on the following key issues. |||| 

1. Computer Industry in Saudi A* S 

2. Automation of Industry s 

3. Computer Literacy and National Concern g 

4. National Computer Data Communications 1| 

Requirements ■ , ® 

The deadline for receipt of paper topic abstracts (minimum 250 words, maximum 700 
words) is March 6,1985. The notification date for acceptance of abstracts is April 15,1985. 
The full text of papers accepted by the selection committee is to be submitted by July 17, 
1985. Abstracts and papers should be mailed to the following address: 




CHAIRMAN, Paper Selection Committee 
8th National Computer Conference 
ARAMCO P.O-Box 1748 
Dhahran 31311, Saudi Arabia. 


IPR - 1 85) 


For further information please contact any of the following Aramco offices in Saudi Arabia. 

Dhahran 875-5935 Jeddah 653-4655 Riyadh 464-1055 ext. 223, 













Page 10 


INTERNATIONAL HERALD TRIBUNE. MONDAY. FEBRl ARY 18. 1935 


International Bond Prices - Week of Feb. 14 


Hhue aw 

■»> Prior Mol UbCurr 

(Continued from Page 8) 

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ID* *06 Dec 104* 753 971 


I OnHan&prlcc Calls Puts I Outlon & price Calks Pun 


American Exchange Options 

For the Week Ending Feb. 15, 1985 


Option & price Calls 


Friday. Feb, « 
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r*y erase Price OdlF-untPuiy-unt 
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This announcement appears as a matter of record only. 


ABN Bank 

AlF^mene Bank Nederland N.V. 


ECXJ 100,000,000 
94 per cent Bonds 1985 - 1992 

Annual coupons February 15. 


Algemene Bank Nederland N.V. 
Banque Brussel Lambert N.V. 

Banque Paribas Capital Markets 

Kredietbank International Group 

Societe Generate de Banque S.A. Swiss Bank Corpora 


Banque Nationale de Paris 
Credit Lyonnais 
Societe Generale 


Swiss Bank Corporation International Limited 


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Ea Eura Cam & Sleet 7*92fep IN 
Es EuroCoel 1 Sleet 7Dr93jan Wft 

E a Eura COM 6 Sleet 9W94jon 104* 

Es Eura Coal* Sled 0 9tNov HU 

Eec Euros Ecanom Com I 92 Jan 101ft 

Eec Euroo Etonom Com SftHjim in 

EecEuraoEunamCem HKkUOel 187* 

Eec Eurcp Ecanom Com 9ft9«Apr MT- 

Eec Ewop Ecanom Cum I 9* Nov IN 
Ek Eurao Ecanom Com 7ft 95 Feb *** 

Etc Enra> Ecanom Cam 7*9 »nov w 

Fit Eurao invest Bank 7*l6Mar ID* 

EibEuree Invest Bonk 7ft DOd 101* 

Eft Eurao Invest Bank A* 17 Mor 99ft 

Em Euns invest Bank 6 17Seo 90* 

Eib Eurap invest Bonk 6ft IS Fee m 
E.b Europ invest Bm* 7 Djul 100ft 


UNITED KINGDOM 


Elb Europ Invest Bm* 
Eib Eurap invest Boric 


« 19 Aug 97ft 


74) 823 

790 743 

740 .40 

60b 7.16 63S 
74* 744 630 
640 644 698 
750 7.W 

£71 649 £35 
731 735 727 
123 7.1 5 IM 
038 7.95 93S 
845 842 tM 

3.M am 93* 

810 802 150 
749 7.9o 

748 729 809 
729 727 744 
847 840 823 

an 804 an 

741 128 am 

743 747 747 
829 ai9 850 

742 640 746 

7JT 724 721 r 
7.17 933 

630 646 ISO 
640 £41 693 
649 637 650 
ID* 62! 
694 638 75* 
040 832 927 
762 740 

Ml 724 £54 
7.47 742 

857 80S 929 
7J0 734 7.11 
IM 747 748 
TM IM 743 
899 86S 931 

744 741 7.93 

746 740 

kb am 

814 an 9.0 

IS HI W 

im im am 

742 74S 729 
726 165 

499 223 747 
671 631 744 
6H 727 656 
664 747 649 
675 *74 £75 
690 64b 6M 
659 740 614 


ADM Chemical D/s 
Baratovs O/s Invest 

Borders OJSInyesl 
Barckivt O/s inved 
Bass Cantmedat Fkn 
Beectam FinanchHtna 
Bs echom Grow 
Bowater Inti FMancE 
Burundi OH 
CauriaiMsInllFln 
Guest Xeen Netfietokl 
la inti Flncmce 
id tntf Finance 
Id Inti FWmai 
Metropol Estate 77S 

Metranol Estate 
Metrawl Estate 
Midlond Inti Finance 
Natl Westminster Bunk 
Nett Westminster Fin 

Natl Westminster Fin 
Ram. Xerox Finance 
Heed I n t e ractional 
South Scotland Efedr 
Shmdord Chartered Bk 
TraWaar Hone F In 


7* 14 Feb 
6ft W MOT 
Mb ft Jua 
8* -90 Dec 
Me 13 Oct 
8*1200 
7ft '94 MOV 
0* 19 Jun 
I* IS Nov 
6* 17 JUI 
I* 19 Nov 
J* 16 Dec 
6ft V May 
**93 Mar 
bftVAua 
7 UMOV 
7* 91 Feb 
8* 90 Od 
I HOd 
11 9100 
7* 92 Jan" 
7ft 93 Apr 
7AVJtn 
7 18 Fab 
6* 18 Jon 
JrtWOCt 


HB* 731 
97* 735 
Sift 746- 
M3ft 723 
MB* 791 
HD 750 
*0 737 

U4 736 
INK 7JB 
IN 648 
WT* TM 
INft 732 
(91b 7.11 
Mft 7.H 
99 7.17 

TBB* tun 

«* &23 
111ft 8B 
HQ* 7.17 
lltft 721 
« 8IL 
too* 731 
99* 734 
OTi. 690 


rigor House Fin 6ft W Oct W 641 

UNITED STATES AMERICA 


Amertem Eiaoress Inti 
Avan mil Finance 
Bankamertca O/s 
Beatrice Foods OTs 
Beneficial O/S Hnanc 
Block & Decker FUtanc 
QFManeywell BaN 
attcurp D/t Flnoncu 
Cn 1 11 u ndnre Finance 
EmtwrtOrsCoaHal 
Cmac O/s Finance 
OouMIntl Finance 
Gould Inti Finance 
InN Standard Ekdrl 
Intf Standard EJectrl 
inn Standord Electrl 
I H An lines 
IH AnWIas 
itt Carp Mew York 
MakxxBdi Finance Co 
MaftmaMs Finance Co 
Mcdonatdi Finance Co 
Peoslca (Vs Finance 
PhBlo Morris InttCa 
Pump Morris mil Co 
Ptillbi Morris inti Co 
Reynolds Rl OTs 

Sperry Curacao 
Starring wnritna Pro 
Sunlnlf Finance 
Tenneceinll 
UntM Technologies 
United Teehrotoytes 

Wells Fargo Ml W/w 


5*17 Jon 
7ft 93 Feb 
5* 99 MOV 
7* 91 Sep 
9ft 19 May 
9* 19 Sea 
5ft 90 Aug 

8 92 Jun 
7*92 J»1 
9*19 Jul 
1*17 ad 
8*19 Dec 
7*91 May 
ranDtc 
7ft 93 fug 
7* 14 MOT 
9* 92 Aug 
7 93 Jan 
7 90 Jon 
8'4 92Qd 
7ft 12 Dec 
7ft 94 Jul 
7* HFeb 
9ft 19 Feb 
0*90 MOT 
7ft 90 Dec 
70494 Jon 
0 94 Jul 

Tb 94810- 

7ft 10 Aug 

9 92 Jo* 
7V. 91 Od 
7*92 Dec 
6* 10 NOV 


Price —Com. Period— —Conv. Price p/sb— 

EUROPE 


CONVERTIBLE BONDS 

Cun- L- . * *, ' 

-Chiv. Price p/sb- ^rraisK [ Am Security * 


* — ' eric* 

% Mot Price -Cura. Period- -Ceev.l 


Ago Ab 
AK4O2930 
AlinutueCOPil D40 
AhitmsK iidl 
Amro Bank 8S.92 
Ba hoick Nederland 
Bbc Brawn Bovvrt £24 
Bbc Brami Baverliotn 
BeednmFM 33932 
Boors Ca Ltd 
Ciba-GelgvO/slN 
Crwkt Suiur Balwmos 
Craall Suisse Bahamas 
E led rowan Finance 
EHevtrr Ndu4B38 
Eirnto Nv 4126 
EswtteAb 
Gervab-Oonane 23 
HaiaonO's Finance 
Hanson O/i Finance 
Hauaovens3462 
Id Finance IS 
Id Inti Fin 114.77 
Inchcam Bermu 15123 
1 nchcane Bermu 9J27 
lntgrd»o O/S SOT 
inlenhanO/s HUB 
Atelrapofiton Estate 
Moel-HeiuMSSiv 345 
Hank Organftal b£H 
RottHiMHis mil 138138 
Smdaa Finance SOT 
Sonikn O/sibS 
Sandvlk Ab2174 
Slater Walker XI435 
Surveillanci 
SunieHUmcn 
Swiss Baik Co OTs 
Taylor Woodrow Inti 
Thom mil Finance 
Ubs lluxenftaurg) IN 

Ubs (oanatno) UN 


•ft 96 Sep 
4ft ■»> JOT 
b* 93 JOB 
«ftVMar 


8ft9SMnr 
T 1 - 92 Jw> 

7ft 8* Mot 

5 17 Jun 
9*9500 
9* 96 00 
5ft 18 Aug 
8*9900 
6ft970ct 
bft93Apr 
8 9SAW 
5ft 90 Oct 

6 93 Od 
8* 9) JOT 

7 99 JOT 
4'i 93 Fee 
Oft 92 Jun 
5 95 Dec 
Aft none 

6'-* Mar 
5-U MOT 

6ft 93 Jun 
0 . 1 94 Jun 
ift90Dec 
8ft 90 Dec 
7 -rajui 
4ft 17 Mot 
5 19 Mav 


SB Akla Endmwrina S*96Mn- 

S« Ajinomoto Co 7ft 95 Mar 

540 AlhnomoioCo 5*96 Mot 

5 128 AiftKxnola Ca 3 99MOT 

530 AaMOaltcctCo 7 ft Mar 

515 Ada Ca 5ft 93 Jot 

570 Bridgestone Tire Co 5*96D« 

IN Cmeil nc 6*94Dec 

S® Conan Inc «95Dec 

SSB Canon me 7 97 Jun 

SI) Dtp Nipaon Printing tklMn 

150 Dateline 6*94 Aug 

IN Dainipaan Ink Chermcd ft 94 Mar 

515 DahuaHauM induslrv 7ft 91 Mar 


550 Dctwa 5eairittes 
5« Dohwi Securities 
S88 Fork Ltd 
SN Fulltsu Ltd 

SIN Fulllsu Ltd 
1 M FunUiowa Elecrrtc 
S40 Hlkicni Cidrie Ltd 
s« Hiiodii Credii Cora 
5158 HUodHUd 
SSB Honda Motor Co Lid 
SN Hondo Motor Ca Ltd 
5 IN Hondo Mater Ca Ltd 
SN I to- Y0b nan Cu Ud 
S25 JaecsCaLfd 
VS JacaCaLM 
JdKsCaUd 


5*-* Sep 
5* 98 Sen 
3* 98 Sea 
5W9(S«i 
i 9* Mar 
5ft 91 Mor 
5ft 9t Sen 

5 9ft Sot 
5ft 9) Ma- 
li* 1» Mar 
5* 97 Fee 
5ft 98 Feb 
5* 91 Aug 
7* 95 Mar 
svi 9) Mar 

6 92 Feb 


SIN JVC VIcter Camp Japans 97 Mor 


528 Koo Soot Co Ltd 6 92Sv 
STN Kawasaki Sleet Co 5ft * Mir 

550 Komatsu Ltd 7ft 9Q Jun 

S5D Kanhdilniku Photo 4 9BAw 
SN KamuHreku Ptida 4 99 Aar 

529 KatabiAJva Ca Ltd 7 fftFflh 

148 KyewoHaUio Koava 6ft 97 Doc 
SB MokJfa EMC W»k» eft 99 Aup 
S38 MonU Co Ltd 6*91 Jot 

550 Morui Co Ltd 6 96 Jan 

SIN Moral Co Ltd 3*99 ion 

SWI Matsushita Elec Indus 6*98Nov 
11N NWsusnlta Elec Works 7* 95 Hot 
s» MtnanmCoUd 5*98Sep 

S3B Mkwtto Comera Co 7ft 95 Mar 
I4B Mtnaria Camara Go i 96Mar 

S6B WtwOksM Corn 6*91 Mar 

SB MitsubtsW Carp 6 92 Mar 
5 40 MibubUKCarp 6*94 Sep 
IB MftaAKNElKfrOi A 94 Mar 
SUM Mitsubishi Eledr Co 5ft 98 Mar 
SHU Ml Kubtstn Heavy Ind 4ft 90 Mor 
SN Mitsui Heal Estate £ 95 SOT 
SB Mitsui Real Estate 7ft 96 Mor 
S48 Murata Mtxi utac lur Btfl SU.96 Mar 

SIN Muron Monutacturlng 3* 99 Mar 
SUB Murata MPOTtadiiTine 3* 90 Mar 


5 96 Mar 

6*91 war 

6 93 MOT 
6* 94 5«P 


SIN NecCeraaretlen 7ft IM Mar 
IX N|ig0a Engkieerina 7* 96 Mor 
SB Ngppen Electric 5U97Mar 
S66 Nippon Kcgoku 4 99Sw 

sno Nippon KakOT 6* 96 MOT 
55B Nippon OB 5* 98 Mar 

SB Nippon OH 3ft 9V Mar 

SB NipaenScBm 7ft94oa 

in Nippon Seflm 3ft -moa 

SWO Nusan Motor 5*9BMar 

548 tnsshe Iwri Corn I 96 Mar 
SIS NtttD Electric Indus) 6 92 
IX WHo Elestot Indus) 6 94 Sop 
540 NttMEIedric imuri SftDSeo 
SB Kyk LtaeN moan Yusot 7*9b uor 
ITO Okl Electric 3*9V5ao 

SN Otrtnkn optical Ca oftT/Od 
548 QnoPtkmwhttuiicd TA98NW 
560 Orient FIootcs Co 5ft 97 Mor 
19 Orlnii Leasing Co SftNSen 
JU HINBC6LM 6ft 91 Sec 

568 Ricoh CaLM M9S5CP 

13 San*va Electric Co Jft WMw 
59 Sanya EledricCa 5 96 Nay 
SN SecamCoLM S 9* Nov 

SN SveamCaLtd WJiNw 

59 SekJsul House LM 1 97 Jot 
SSB ShB-Mfft 3WNFM 

STB SundtamCora 7ft 99 Mor 
S3 Sum Bomb Electric 5* 97 Mar 
SB SumllangMeM Indus! & 92 Mor 
SN Suirtteme M etal HiduBT 95 Sep 
SSS Sunritonn Metal Indusl 5* 96 Sep 
S40 Takede RHom Ca Lid 3* IS Mor 
SHQ Tokyo Sanyo Etechtc JWVtNgv 

578 Tokyo Carp 74. 95 Sen 


5ft 97 MOT 

5ft 91 Sen 
61691 Sep 
6* 95 5m 

Jft WMw 

5 96 Nov 
i 98 Nov 
W99NUV 
1 9f Jot 
3*101*0 
7ft 99 MOT 

5* 97 Mor 


578 TekyuCorp 
540 Tokvu Land Carp 


»95Sen 
7* 96 Mar 


IN Toshiba Caron *9 Co 3% 94 Sec 
SSB TaNHooCorp 7*94Sm 

S28 TovaMeiftaKMsha 7ft 96 Mor 
5 so WocaalCam * 99Aug 

S5B Y a no k W ieairilte i 98 Soc 
IN YamonoudW Pharma 4 90 Dec 


124 I Feb 82 

93* ISeptf 
79 16 Jen 01 

87"t 1 50P69 
IX lJcnTO 
85 17 AOT 78 

67 1 Jul 79 

89 I Feb W 

IB IS Sep 73 

92 1 Feb 79 

11« 35ean 
95-; 1C Jan 77 
81* 1 Oct 79 
B>i P 00 53 

1« I Mav 33 

1.1 IS Jun 73 

99* 1559079 

1)6 15 See 72 

312 IS Jon 81 

283 I Aug 81 

89 I JOT 69 

116'- 1JOOS4 
112 IMarTa 
84 I50C1T7 

76 IS Feb 81 
97* 2 Apr 77 
91* 100 83 

15 i Feb 81 

ItQ 2 Jan 85 

61 16 Feb 74 

123* l Jan 73 

109 100 83 

140 31 Od 77 

101* 2 JOT 78 
a I jan 73 
94* I Jul 83 
86* 1 Jill 14 

■b* I Sea 90 
95 15 JnnBl 

90 1 Nov 78 

123 1 Jim 77 

91* i Fen B0 


152 1 OdSl 

IS) II FvbB 
13) 13 Jul II 

90ft 3QAOT84 
IN I NOV 7? 
81 I Sea 78 

97ft 7 Mor 82 

777 23 Aug 79 

190* S Jon 8 1 
717 1 Jul 82 

I May 71 
n 1 Nov 79 

ft X Aug II 

IH I Aug 76 

124 18 Dec 81 

1 Od S3 
5 Jon 14 
no 1 Jul 81 
9*ft I May 14 
« U JuKI . 
U9 R Feb 82 

77 1AM 81 

145* 31 MOT 81 : 

2C I May 79 

189 1 Marti 

US 2S JunfiJ 

248 22 Jun 78 

(4* I Nov 80 : 

71 loan 
fl I Ju4 77 
H IS Jim S3 

284 10d77 

72ft tsmll : 

139 X Jun 75 

I* 25 Oct 83 

IN 12 Sep 84 

T7D I APT 81 

IM I FebS3 

UI* 2*Aua84 
IH 1 Jut 76 
1 Jul 81 
■v 10 Jul B* 

<37 2D Nov 75 

107 20 NOV 81 

92 17 Alov 83 

HW 4 NOvN I 
Mft 1 oaai ; 
UI 1 Mav 76 

129 T Aup 77 ! 

96 15 Oct 79 

Wft 4 -im 57 ; 
94* 1 Jun B3 I 

98 4 Jan 14 : 

147 I Od 77 

182 15 Jan II 1 

186 29 Jul 61 ' 

lit 21 Feb 81 i 

IM* 16 Jul 84 I 

fl 7 Jan 65 : 

75* 15 Jan II 1 

147* jFeb87 : 
IBS IS Oct 34 

76* 1 Jul 81 i 

16 n Apr 
76 28 Mar 

168 1 Dec 79 

98 T9 Nov U 
89 5 Apr 81 ! 

84 t7Qa N 1 

778 1 5a>77 

3» IJulT* 

195 2Swll 

m i aotii ; 

(7 1 Oct 64 

112ft 7 Dec 82 
714 ISMotUI 
89 1 Mar 82 2 

99ft Z! Jun S3 
384 1 Dec 76 

in n jul n 

97 lAprN S 

84* 1 Od 81 ; 

134 38 May 13 ! 
14 lOdll ; 
II < Jun 64 ' 
II 14 Dec 84 ; 

86 17 Mav Si 1 

137 II Mar 82 i 
10 I Nov 76 2 
S3 2 Feb 81 
M* i Octal : 
65 75 Odd 2 

N 3 D6C 84 1 

119 1 Dec 86 : 

t» BAprll i 
9b* J Sea U 
IB INov79 ' 
17* I Dec 00 2 

87 150C114 I 

ix 3 Awn 

256 310083 ! 


SkJ-178 * ifcr 295-77) 
MT.TUO' Ml 12SAS7 
5585:9 
1MW 

SfliUD- WI42JM 

nui-smiM 

52MJ.1 

SIN 

Pl«- pfcBSBE 

pica-aicaH 
5675 
lira 
S 1250 
S13S8 

ntll9A6- nll7£7«3 

Ml SAB - nflWJKB 

skria - pfr 326-517 
H 13AA1C0 
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S40-P79J7* 

Mr 98 - Ml IB1J94 
bBOD 

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P3E5 -P4QV398 
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0618-01331899 
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SUED 
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d348 - P60L6S2 
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tX- IN 
1382 387 
6AM 
9171 

7JB- *2* 
IM 4M 
OM 2A4 
IN 2.44 
87- 2J9 
Ji £56 
118- 189 
19JN 4M 
ZIX 4N 
2082 283 
a- 148 
it IM 
445- 2J5 
£12- 118 
483 2J7 
6$9 2J7 
52J0 
789 81 
451- 178 
1981 434 

JA-S7 124 
4 88 147 
735 147 
4333 261 
HUT 986 
14192 2J3 
1145 1U 
12b 129 
tO- 139 
40 2« 
14173 222 
I8J2 rx 
1436 IX 
5621 A IS 
Oil £57 
2251 386 
»F 284 
U.18 286 


281- 3S 

386- SO 
737 .90 

953 .90 
UI- IX 
9JB 205 
LG- 1J9 
IX- 51 
57- 51 
57- .91 
JS- L07 

2886 282 

287- 288 
2S1- 1J5 

in- .n 

3JJ7- ST, 
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lUb 88 
lit. 141 
M3- 1J» 

27 JO IU 

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283- 63 
32- 63 
81- 63 
185- 34 

XT2 15* 
1938 L99 
2-33- 247 
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UI- 182 
28 82 145 
144- 180 
135- IX 
2.12 IX 
K26 U6 
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298- LB 
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£18- IX 
433 IX 
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287 LH 
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548- 184 
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284- L15 
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£21 288 
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1-50 83 
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I1X 23 
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183- 186 
38F 286 
£14 X 
MM 291 
IX- Jt 
289- X 
153- X 
PM 163 
1534 37 

5JH 86 
112- .13 
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288- 182 
5M- 182 
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UNITED STATES AMERICA 


4 W Dec 

5 HI Apr 
IftNOd 


Ad ons sogrnpb 1158 4ftH8Mov 
Aknkn lider4o42£3 1ft V5 Dec 
American Cot njs 4ft M May 

AmericOT Supra* 1131 4ft 17 May 
Amcrl<BiM«flOI4BX 9ft 17MOY 
American Motor 14LS5 6 13 Apr 
Americai Tabott BN SftNAuo 
Am* Inarp If.M 5 17 Sep 
Apache inHFtaiUI 9* 76 Jun 
Bankers InHUXU 5 «Jim 
Banuri O/s Fla 2524 7ft VR Aug 
Beatrice Food) 57JI 7ft N Nov 
Beatrice Foods OJl 4ft 91 Aug 
Beatrice Foods X71 4*92 Sea 

Beatrice Feede4U6 4*7] Aug 
Mocker Energy 4SX IftTSJul 
' uraadwavHHale 2£H IftVJun 
Carrier 0/s 3468 6 WDec 

Cdc Control Dal 1655 5 HI Apr 

Charter Inll Fl 30ii IftTIOd 
Chevron O/s Fln&U7 5 N Feb 
Cnrvsier O/s MlD 5 HI Feb 
Chrysler O/s U61 4ft X Mav 
Conuat Inti 2086 7ft 78 Od 
Conti Tel IOH4Z18 5*HBMar 
Crutdier Financ 29.46 SftTSDcc 
Cummins Ini Fbi 1BJS eftHSOd 
Cummins wt Fin 2765 5 HI Aug 
Daman Cora U3S 5ft 17 Dec 
Deutsche Temca 581 5 H4Mov 
Dtdantiani Inti HH 5*NMar 
Dtwan Ftaance ZUI IftTSOd 
Dynaftaron Intfllja 9*75May 
Eastman Kodak HL42 4*WMov 
El Ecu Ltto ltd 21.98 4ft 17 Dec 
Eledrao Memari H85 5*NDec 
Esterikie intt 2531 BftTSOd 
Fed Dept StaresUX 4*H5Dec 
Fodders COoilal 71.16 S tlMav 
Rresl one O/s 3*84 
Fold Inti CopJI 2937 
Ford Inti Fkwn 2668 5 HINtar 

Gofcsry Oil Inti B63 I* 76 JOT 
General Electrl l£77 4ftl7jur 
Gentsca World 2&x 5*'88Mor 

GUIett* Comp US2 4ft W Dec 
GUtaHe O/S Fl U61 8 NMar 

Grace wr O/s I7A5 5 16 Apr 
Great Western 3Ua 7*78 Jun 
Helmeridi Povm I7X 7*9SOd 
holiday Inns MB 8 WOd 
HanmrweH Caolt 1567 6 36 Nov 
Ino O/s Floonce 3893 £ 77 Aug 
I no 0/5 Finance 2111 8X11 Sen 
Inti Shetd Elec (IN 5 »Feb 
Inti Stand Elec i£45 S4 TODoc 
Inti Stand Elec 17.14 IwWNov 
inHTelaatune 17 J2 eftWOd 

Intercom Hofei SU0 7 MJub 

Ise FfeiHaMtna!4n 4*16MOT 
m Sheraton 1155 6*0 Jul 

Kaiser Aunmam 4062 S 18 Feb 
Kidd* Walter 3160 5 19 Feb 

Ktader-Cwe inf S87 6ft 71 Aug 

Lear Petrol Lpc41m ■ WJun 

Lear Pefrai L pc U 06 * TSOcf 
UvlnUSSW 5 88 Jul 

Marine Midland Kae 5 16 May 
Marian Inll Fbi 6780 9 7500 

ManmutaalMlgelUI 4X17 Jul 
MassmutMlMigeSUDB 74 Jul 

Mds Casual ChlZX j* WMay 

Ugilnll Fin 4197 *W«ffte 
MiM Ca frtfl 3T3S 
MahOKnlnlilUZ 
Monsanto IntlZlOi 


5 88 May 

6 16 Mar 
5 *88 Mot 
I* 76 Jan 


Nlcar O/S Fin 2789 
Northern! ' 


IV. 75 Dec 

7 9/ Dec 

5 17 Jun 
4* 'BOO 
I 75 Not 
4'i 17 Jun 
5*17 Dec 

Is Fin 77 J9 10ft 75 May 

3331 7 78 Mor 
SftNSep 
8* 75 Dec 

6 *89 Dec 
JctntllZW 4* 17 Aup 
CapItoniJa 8 7b Apr 

Capital 64X 4ft M Nm 
Devote latl 5 18 Feb 
78 Dec 
4ft W APT 
5 71 Jun 
5ft DOd 
5ft W Mor 
4ft 11 MOV 
12* 77 Aw 
5 WJrt 
26JT 6ft HI Jut 

8 74 Dec 
4ft 18 Fab 
4ft 17 Jun 
IHk 74 Mav 
lift 74 MOV 



73 1 Dec 68 maturity 

61 X Apr 81 maturity 
95 1 Mav If maturity 

139 ISMavTl maturity 
115 X Aug 82 maturity 
t» 1 Oct 72 maturity 
3S U mov 69 maturity 
O 1 Jun 73 maturity 
77 14 OdSl maturity 

1 Dec 67 maturity 
Aug 83 maturity 
1 Jul 71 maturity 
I Mot 72 maturity 
1 Aar 73 maturity 
1 Aar 74 maturity 
0 MOd 80 maturity 
15 Jun 73 maturity 
31 Jul 70 maturity 
17* 15 Oct 68 maturity 
23 5 Feb 80 maturity 

212 lAugU maturity 
92* 15 Aug M maturity 
WW 15 Dec *8 maturity 
V 15 Oct S3 maturity 
n 1 Apr 69 maturity 
19* 4 May 81 maturity 
143 XJunH maturity 
Til 1 Mav 69 maturity 
1 Jul 73 maturity 
97ft 1 No* 67 15 Apr 16 
257 I Od 68 maturity 
47 23 Feb ll maturity 

111 9 Sea 80 maturity 

0 IS May 69 maturity 
85* 1 Oct 73 mabrily 

79 is Jut 69 maturity 
8m 7 Apr 81 maturity 
IX 15 Jot 66 maturity 
49 15 Dec 77 maturity 

It Dec 68 matu rity 
1 Od n maturity 
121 XAOT74 maturity 
31 7 May 81 maturity 

155 IS Jun 73 maturity 
76 ft INavffl maturity 
*7 X Jun 73 maturity 
H9 1 Mar S3 maturity 

97* I Aug 67 maturity 

91* X Dec S3 maturity 
97 6 May 81 maturity 

im 1 May 71 maturity 

1 Jul 72 maturity 
129 1 MOV 78 76 Jut 97 

IDS* l April 25 Aug 00 
SB 15 Aug 61 maturity 
11* 1 Jun 19 maturity 

8e* ISMayTO maturity 
86* 15 Apr O maturity 
95* 30 Mot 79 maturity 
(] I Jan 67 3 jan 16 

86 1 Feb 70 maturity 

m 1 Aug 69 maturity 

1 S«» 69 maturity 
HD IS Aim 83 maturity 
103* 17 Dee 79 maturity 
IB2* 4 Feb 81 mohrltv 

87 I Feb 69 maturity 

93* 15 Dec U maturity 
if 5 Jot 81 maturity 
87* 15 Mar 73 maturity 
95* X Sea 51 maturity 
<2* 1 Jot 78 maturity 
M U Mar 81 maturity 
fl* 4 Apr 83 maturity 
(1* 15 Mar 73 maturity 
184 1 May 66 matu ri ty 

41* 11 FebSt maturity 
174 15Jim71 maturity 

IX 1 Jun 49 maturity 
102ft 1 Dec* maturity 
US 19 Join 28 Feb 98 
75* l May 49 maturity 

tJdll maturity 
I Jut 70 maturity 
_ . Aug 73 mat ut tty 
122* 25 Dei *1 mtfuritv 
92* 15 Jul 72 maturity 
98* I Mav 69 maturity 
£7* 3 MOT 81 maturity 
fl 3 Jan 73 maturity 
97* 31 Mot 69 mahpny 

X X Apr 73 maturity 
HJ3W 1 J<n 70 mrUimtv 

m* 1 Jan 69 

7 Jan 83 ma._.„ 

1 Feb 73 maturity 
BNovB maturity 

2 Aar 09 maturity 
at* 15 Mor 74 mafOTttV 
HO* 15 Mav 7] maturity 
wr* 1 Mav 84 maturity 


7J7 568 

13* 741 

7X £18 

7J4 ZN 

7J7 953 

as ass 

im ax 

7J9 73*. 

an 7 23 

I3t »jj 

4.13 7« 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


PHILLIPS 



IS ICAHN FOR REAL? 

Can Carl Icahn really finance his proposed first-step partial tender 
offer for Phillips? Can he borrow $4.2 billion? 

We don’t think so, even though Drexel Burnham says it 
is “highly confident.” 

Read his proposal carefully. Icahn admits he will not buy your 
stock until: 

1 . He raises the money 

2. He eliminates your “Fair Value” Rights 
by having them redeemed or otherwise 

3. He defeats the Recapitalization 
We think his conditions cannot be met. 

IF YOU WANT THE BENEFITS OF THE RECAPITALIZATION NOW, VOTE 
FOR IT NOW! Phillips Board of Directors has unanimously rejected 
the Icahn two-tier takeover proposal and believes that the 
Recapitalization is the best deal for you. 

Time is growing short. Please sign, date and mail Phillips WHITE 
proxy card or follow the Datagram procedure outlined below. 

If you need further information on voting, including instructions on 
voting by Toll-Free Datagram, call the Company toll-free at (800) 

431 -2624. You may also call D. F. King & Co. collect, at 
(212) 269-5550 in New York, (312) 236-5881 in Chicago, 

(415) 788-1 1 19 in San Francisco, or (213) 215-3860 in Los Angeles. 

, TOLL-FREE DATAGRAM VOTING PROCEDURE , 


Phillips has established the following simple toll-free telephone procedure 
which, if you are a shareholder of record, you may use to vote your shares: 

■ Call Western Union ton-free 1 -800-325-6000 any time day or night (in 
Missouri only dial 1 -800-342-6700). 

■ Tell the Western Union operator to send a pre-pa id Datagram to Phillips 
Petroleum Company, I.D. #F 7014. 

■ Read the following text of the proxy card: 

PHILLIPS PETROLEUM COMPANY 
Bartlesville, Oklahoma 74004 

Special Meeting of Stockholders To Be Held Friday, February 22, 1985. 
This Proxy is Solicited by the Board of Directors. 

The undersigned hereby appoints Wm. C. Douce, Melvin R. Laird and W. 
Clarke Wescoe, or any of them, with individual power of substitution, proxies 
to vote all shares of common stock of Phillips Petroleum Company which the 
undersigned may be entitled to vote at the special meeting of stockholders to 
be held in the Adams Building, 4th Street and Keeler Avenue, Bartlesville, 
Oklahoma, on February 22, 1985, at 10:00 AM., CST, and at any and all 
adjournments and postponements thereof as indicated below 

THE BOARD OF DIRECTORS UNANIMOUSLY 
RECOMMENDS A VOTE "FOR" THE PROPOSAL 

□ FOR □ AGAINST □ ABSTAIN 

1 . A proposal to approve a recapitalization as set forth in the Proxy Statement- 
Prospectus of Phillips Petroleum Company (the "Company”) dated January 
31, 1985, pursuant to which: (i) the Company's Certificate of Incorporation 
(tiie “Certificate") would be amended to reclassify each outstanding share 
of the Company’s common stock, $1 .25 par value (the “Common Shares”), 


into .62 of a Common Share, plus one share of a new class of exchangeable 
preferred stock, $1.00 par value, of the Company which will be exchanged 
immediately after issuance for debt securities of the Company; (ii) the 
Certificate would be amended to increase the number of authorized 
Common Shares from 200 million to 300 million and to authorize 200 
million shares of preferred stock; (iii) the Certificate would be amended to 
provide for classification of the Board of Directors, elimination of the ability 
of stockholders to act by written consent and certain related matters; (iv) 
the current directors of the Company would be classified into three classes 
numbering six, five and five directors, respectively, with terms ending at the 
Company’s Annual Meetings in 1985, 1986 and 1987, respectively; and (v) 
the Company would create an Employee Incentive Stock Ownership Plan 
(the “EISOP”) and sell not more than 32 million Common Shares to the 
EISOP at the market price thereof. 

2. In accordance with their best judgment upon all such other matters 
necessary in connection with the foregoing proposal as may properly 
come before the Special Meeting or any adjournment or postponement 
thereof. 

This proxy will be voted in accordance with the specification made for the 
proposal. If no specification is made, this proxy will be voted FOR the 
proposal. 

■ Tell the operator how you wish to vote your Phillips shares. Management 
recommends a vote “FOR” the proposed Recapitalization. 

■ Give the operator your name and address exactly as they appear on the 
proxy cants previously sent to you. 

NOTE: If your shares are registered in "street name" with a brokerage firm or 
bank, you may not vote your shares by the Datagram procedure. In this case, 
please telephone the party at the brokerage firm or bank responsible for your 
account and make arrangements to vote your shares immediately. 


2 


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7 y)c*A&& 


CNTERINATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


Page 13 







UCI SS m » 3Mi— % 

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683 13M 

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Page 14- 


INTERNATIONAL HERALD TRIBUNE. MONDAY. FEBRUARY 18. 1985 


a 

a 

a 

■i 

a 

a 

■ 

■i 

a 

■ 

■ 

■ 

a 

■ 

■ 



1 Snap up 
5 Covent Garden 
offering 

18 Sullen 

14 Actress Keeler 

15 Mulcts 

16 Coin in 
Cremona 

17Baal,e.g. 

18 A square, like 
Caspar 
Milquetoast 

20 Contrive 

22 Solemn 

23 Snare 

26 Golfer's 
cheapest 
purchase 

27 Wordsworth's 
"... Tlntern 


29 Kind of 
materia] 

31 "Where there 

no Ten 

Command- 

ments”: 

Kipling 

35 Kin of Bronx 
cheers 

36 Havoc 

38 By way of 

39 Eastern title 

40 A square, Ola 
Sinclair Lewis 

41" Let 

Them Clash," 
Burns poem 

42 Sun. text 


43 Soporific 

44 Suffix with 
ascend 

45 Plane starter 

47 Rickenbacker, 
for one 

48 In a quandary 

49 Yuk! 

51 Rank below 
baronet 

53 A splitting, as 
of atoms 

57 Most recent 

60 Foursquare 

63 Assert 

64 Pulitzer Prize 
author: 1958 

65 Ostracize, in a 
way 

80 Descartes 

67 Kitten sounds 

68 Avocet 

60 Explosives 



1 Grating 

2 Loutish 

3 On the square 

4 Reporters 
covet these 

5 Tender 

6 More, in music 

7 Lineman 

8 Autumn 
shades 

0 Until now 

10 More like 
stickum . ' 

11 Resort near 
Venice 


25 Square up 

27 Embarrass 

28 Cinematic 
nickname 

30 Blanch 

32 All square 

33 Sibling's 
daughter 

34 Country singer 
Tucker 

36 Chart 

37 Nice summer 

40 woogie 

44 Across 

46 First prints of 
movies 
48 Mellow 
50 up 

(hibernates) 

52 Cove 

53 Froth 

54 "Bus Stop" 
creator 

55 Fume 

56 Ensuing 

58 Dispatched 

59 bien 

61 Seven, to 
Severus 

62 Wright wing 


WIZARD of ID 


® New York Tones, edited by Eugene Moleska- 


DENNIS THE MENACE 



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SUSPECTING 
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CALLS MARTHA'S HOME AND THE. 
BOV ANSWERS 


y I WISH I HAD KNOWN YOU 
DIDN'T HAVE SCHOOL TODAY, KENNY ! 
I COULD HAVE PICKED YOU UP FOR 
LUNCH AND MAYBE A MOVIE ' 


LIKE I SAID, 

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TO SEE HOW YOU 
hr WERE, BERT' 


CAN I CALL YOU | 
BACKT I WANT TO 
TALK TO MY MOW/ 


'Are xxj sure ito setting allihe 
CANDY MY 60DY NEEDS?' 


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LIKED HIS 
WORK BECAUSE 
HE WAS THIS. 


SPORTS BRIEFS 


Track Records Are Set in European Meets 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


wrnnim 

(Answers tomorrow) 


■ | Jumbles: DAILY BUXOM SOIREE BONNET 
rnQay Answer. What people wfih tireless energy often 
become — TIRESOME 


WEATHER 


SEN FTEN BERG, East Germany (Combined Dispatches) — Sprinter Marita 
Koch and shot putter Ulf Timmennann set world indoor bests at the East German 
track and field championships here Saturday. Koch ran the women's 60-meter dash 
in 7.04 seconds, lowering the 7.08 she docked Jan. 29, 1983. Timmerraann heaved 
the shot 72 feet, 8 inches (22.15 meters), bettering the mark of 72-3 set by American 
George Woods in 1974. Meanwhile: 

• Galina Chistyakova set a women's indoor best for the long jump at the Soviet 
national indoor track meet in Kishaniev, Moldavia, Tass reported. Chistyakova 
cleared 23 feet, 9 Vi inches, to better the 22-1 1 ‘A set by Haike Dauie-Dretsler of East 
Germany. 

• Walter Ciofani of France set a world indoor mark for the heavy (15.6- 


kilograjn/34 J9-pound ) hammer at the French national indoor track and field 
championships in Paris. His throw of 24.1 1 meters improved the 23.94 meters set by 


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Norway's Tore Johnsen in 1984. 

• Giu liana Sake of Italy bettered her own indoor best for the mile walk at an 
international meet in Genoa; she clocked 6:28.46. lowering her mark of 6:43.59, set 
Feb. 4, 1984. (AP, UPl) 


Navratilova Beats Evert in U.S. Tennis Final 


DELRAY BEACH, Florida (AP) — Martina Navratilova crushed Chris Evert 
Lloyd, 6-2, 6-4, here Saturday to win the women’s singles title at the International 
Players Championships. It took Navratilova an hour and 10 minutes to avenge a 
straight-set loss to Evert in a tour event at Miami earlier this month; before that 
loss, Navratilova had beaten Evert 13 strai gh t 
The earlier loss to Even "just got me going again — got me excited about playing, 
and gave me something to prove," Navratilova said. 

Americans Scott Davis and Tim Mayotte were to meet in Sunday' s men's final. 
Davis downed 1 Ith-seeded Tomas Smid of Czechoslovakia, 7-6, 6-4, 4-6, 6-3, late 
Friday, and Mayotte eliminated Jan Gtinnarsson of Sweden, 7-6, 6-2, 4-6, 6-1. 


Blackburn 1-Shot Leader in San Diego Golf 


LA JOLLA, California (DPI) — Woody Blackburn, who last won a PGA 
tournament in 1976, shot his third straight 66 Saturday to take a one-stroke lead in 
the San Diego Open. 

Blackburn had seven birdies for an IB-under par 198, creeping past Ron Streck 
and Gary Hall berg into sole possession of first going into Sunday’s final round. 
Streck, who shot a 66 on both Friday and Saturday, was at 17-under 1 99. Hallberg, 
after a 69 Saturday, was one back at 200. 

Pieter Oosterhuis, who shot a 64 Friday for a first-place tie with Hailberg after the 
second round, shot 70 Saturday and ended up in a ne for fourth with Fred Couples, 
Johnny Miller, Vance Heafner and Bobby Clampeti at 201. 


d-doudv; to-ftwnri fr-folr; MioflrMwrcmt; pc-ocrfl/ cWudYTiwWft; 
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Demonstrator Knocks Budd Out of Race 

BIRKENHEAD, England (AP) — A demonstrator protesting South Africa's 

«■ r . ....... r.i_. ir J U 



*KON0; CfeudV. Torn* f6- IS (61 ■ -SSI. MANILA: Fair. ram#. 31—23 
SEOUL: Faoov- Team. 5--7 U1— 191. Singapore: Thunder- 
0IVCr ilfnp. 31—23 IBS- 731. TOKYO; Fair. Temp. 13 — 5 (54 — 41 J. 


, _ leading . 

kilometer (3.1-mile) race when the demonstrator ran from the crowd and landed in 
front of Budd. She swerved to avoid him and was unable to continue the race, which 
was won by Angela Tooby. Police said three demonstrators were arrested. 


GirordeUi 
Wins Title 


In Slalom 


Compiled by Our Staff From Dispatches 

KRANJSKA GORA, Yugo- 
slavia — Marc Girardelli, re- 
bounding from two disappoint- 
ing performances in the world 
Alpine championships, edged 
Ingemar Stenmark of Sweden 
Saturday to win a men’s slalom 
race and clinch the World Cup 
title in that discipline. 

Ninth after the first run, Gir- 
ardelli was nearly flawless the 
second rime. His winning rime 
of I minute, 43.1 1 seconds was 
.05 seconds better than the 
1:43.16 posted by Stenmark. 
who led Girardelli by .61 sec- 
onds after the opening leg. 

Jonas Nilsson of Sweden, 
who upset Girardelli in the 
world championship slalom, 
skied to a third-place tie with 
Paul FFommelt of Liechten- 
stein. Both docked 1 :43.S8. 

Girardelli. who skies for Lux- 
embourg, had settled for a silver 
in slalom and a bronze in giant 
slalom at the world champion- 
ships and was third in a giant 
slalom here Friday. 

The victory was Girardelli's 
fifth of the season in slalom and 
gave him a maximum score of 
125 points in that category. 

Girardelli added 25 points to 
bis overall score and, with eight 
races remaining, his 240 points 
put him 33 ahead of the defend- 
ing champion, Pirmin Zurbrig- 
gen of .Switzerland. Bui Girar- 
delli can score only 10 more 
points — by winning two of 
three remaining giant slaloms 
— ■ while Zurbriggen can collect 
up to 140 in downhill, giant 
slalom and slalom. (AP, VPI) 


BOOKS 


FRAGRANCE: The Story of 
Perfume From Cleopatra to Chanel 


The original use of perfume, preserved in the 
Latin from which the word comes, was as 
incense kindled to the gods. Morris takes up 


By Edwin T Morris. 304 pp. 
Illustrated. 524.95. 

Scribner. 597 Fifth Avenue, 
Aft*- York, .V. Y. 1 0017. 


the sioiy in Mesopotamia, where the most 
d of all incenses was that of the cedar of 


prized — 

Lebanon — the name “Lebanon" itself is de- 
rived from an Akkadian word for incense — 
and moves on to trace the development of 


perfumery both sacred and secular in the Nea 
East, i 


Reviewed by John Gross 

I N the preface to ‘•Fragrance.’* Edwin T. 

Morris’ tells us that when he first became 
inieresied in the history of perfume he felt 
embarrassed. It was “as if I were researching 
Ernie or had become the archivist of idleness. 
Bui the more he studied the subject, the more 
substantial it seemed, touching as it did on so 
many aspects of culture and society. 

To write che full history of fragrance, indeed, 
would call for the scholarship of a Fernand 
Br aud el, and while Morris's book has no such 
pretensions, it does cover an exceptionally 
wide range of topics, from the chemistry of 
solvent extraction to the olfactory habits of 
fish. Fortunately, however, Morris, who teach- 
es fragrance at "the Fashion Institute of Tech- 
nology in New York, has not allowed the more 
austere aspects of his subject to overshadow its 
glamour. 

He begins by getting down to essentials — 
ihe “essential oils” on which all perfumery 
depends. Most of these derive from plants, and 
Morris analyzes their various aromatic group- 
ings in beguiling detail. Flowers that give ofT a 
languorous sweetness, for instance — jasmine, 
lilies, hyacinths, honeysuckle — are signaling 


, Greece and Rome, the Arab wOrid. India, 
China and Japan. 

It is a survey that ranges from the balm of 
Gilead to the slaves called “cosmetae"wbo 
prepared scents for Roman matrons. We learn 
of the musk that was mixed in the monar of 
Persian mosques so that they would exude a 
soft scent when they were struck by che rays of 
the sun. and pay our respects to Lady Murasa- 
ki (her name means “wisteria"), who around 


to the moth, on whom they rely for poOmation. 
and commercial seems with this heady r r 


fragrance, such as White Shoulders or Je Re- 
viens. “would meet with a moth's approval." 
Indeed, “despised as he is among men, the 
moth is the true aristocrat of scent" 

In addition, a few essential oils are derived 
from fossil fuels or animals. Ambergris, for 
example, is secreted to protect the intestinal 
lining of the sperm whale from the sharp bones 
of the cuttlefish it eats. And civet is one of 
those products that make you wonder about 
prehistoric methods of research. Who on earth 
first thought of removing a fatly substance that 
is formed near the genitalia of civet cats and 
has “a revoltingly fecal odor," even if ii does 
become “extremely agreeable and strongly fix- 
ative when hlenderi with other essences’ 4 ? 


D 

e: 

El 

El 


Solution to Friday's Puzzle 
M 1 1 I RTV 


AS 


E A 


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ties” at which two players “listened" to dper- 
ent types of fragrance and discussed their qual- 
ilies. 

By contrast medieval Europeans, who sel- 
dom took baths and would have had every- 
thing to gain from perfuming themselves, were 
late developers. Renaissance humanism, the 
opening up of the spice trade, and increasing 
mastery of distillation and glassmaking au 
combined to produce a more positive altitude, 
however, and by the I Sih century, the Europe- 
an perfume unde had begun to assume its 
modem form. An Italian barber who went to' 
Germany to seek his fortune in 1709 founded 
the dynasty that marketed eau de cologne; 
venerable concerns like the house or Hcaibi- 
gant were established in Grasse before the 
French Revolution. 

Ihe French continued to dominate the in- 
dustry throughout the 19th century, and well 
beyond. The great names of the Second Empire 
included Guerlain (which created tbeir long- 
lived Eau lmperiale for the Empress Eugenie) 
and Worth (which pioneered the idea of a 
fashion bouse marketing its own perfume). 
Eugene Rhzunel, the head of the bouse, wrote 
the fust serious histoiy of perfume (published 
in 1865), a learned work printed on scented 
paper. It was Guerlain which also created the 
most fashionable perfume of the BeDe Epoque, 
‘•Jicky” (the nickname of a young member of 
the family called Jacques). 

la the 20th century, French perfumers 
showed themselves the supreme masters of the 
art of packaging. Francois Coty (a Corsican 
whose real name was Sporluno) commissioned 
Rene Laiique to design his bottles ami hired 
Leon Bakst to design a box for his powder, 
using paper of red, black and gold. It was Coty, 
as be watched departing American soldiers 
buying up vast quantities of perfume, who was 
the first to grasp the full possibilities of the 
American market. Others followed — Jeanne 
Lanvin, for example, who created a perfume 
called Mon Pecbe that didn’t catch on in 
France until she switched to the name under 
which it was being successfully sold in the 
United States, My Sn. 

“Fragrance" is a satisfying piece of work. It 
reflects the pleasure that the author takes in his 
subject, and if it isn't printed on scented paper 
it does at any rale have some excellent and 
well-chosen illustrations. 


UlN D E RlL A I R 


LAOS 


anno 


John Gross is on the staff of The New York 
Times. 


BRIDGE 


Bv Alan Tmscort 


I N Many bidding situations 
there is no convenient ac- 
tion and a player must seiile 
for the least evil. A common 
example arises when a minor 
suit is bid and the next player 
has length in both major suits 
with enough strength to make 
a bid. 

For this reason many tour- 
nament players use the Mi- 
chaels convention, a cue-bid in 
the openers minor to show at 
least 5-5 distribution in the 
major suits or conceivably 5-4 
or 4-5. 

If this is not available, the 
choice lies between an overcall, 
normally right wilh 5-5 or 54. 
and a take-out double, normal- 
ly right with 44. 

The big headaches arise with 
4-5 distribution, as on the dia- 


gramed-deaL from a rubber 
bridge game. If North over- 
calls one heart, he runs a seri- 
ous risk of missing a spade fiL 
And if he makes a take-out 
double, convenient enouj 
against one club, he runs 
nsk of hearing a two-dub re- 
sponse: He could not then bid 
two hearts without grossly ex- 
aggerating his high-card 
strength. 

North’s double was success- 
ful in this case, leading easily 
to four spades, apparently a 
simple contract, alter East- 
West had bid clubs to four- 
leveL An inspired defense was 
forthcoming from East- Wes L 

West decided that his part- 
ner's iwo-club bid implied dia- 
mond shortage and that a dia- 
mond ruff was the best hope 
For the defense. He therefore 
led the diamond ace and fol- 


lowed the deuce. East raffed 
and drew the right inference 
from the deuce. This was a suit 
-preference signal suggesting a 
dub return, so he underfed his 
honors to . secure the second 
and decisive, diamond ruff. 


WEST 

♦ too 

9 A JH J 

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NORTH 
A KQ 43 
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EAST (D) 

♦ 87 
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»A JC J 8 74 - 
SOUTH 
A A 3 802 - 
too 

« KQ 107 

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UdtUfli: 

EM SOMA Woat North 

Pus Past 1 « DM- 

2* 3* 4* 46 


West led ms diamond oca. 


Nets Thwart King, Knicks, 126-117 


The Associated Pros 

NEW YORK — Bernard King 
has 154 points in three games 
against the New Jersey Nets this 
season, but the New York Knicks 
have nothing to show for it 

King scored 55 points, his sixth 
game with 50 or more in his career 
and his third this season, and led 
New York from a 27-poinl deficit 
to within two points of tying the 
score Saturday night before the 
Nets went mi to a 126-1 17 National 
Basketball Association victory. 

“That’s something 1 don’t like to 
address — scoring a lot of points 
and not winning,” said King, the 
NBA's leading scorer with a 32- 


game winning streak against 
against New York, led by 12 points 
at halftime and outscored (he 
Knicks, 194, in the first four min- 
utes of the third quarter for a seem- 
ingly comfortable 81-54 lead. But 
King had 13 points as New York 
went on a 26-7 tear in the next six 
minutes to close the gap to 88-80 
with 1:43 left in the period. 


New York continued to 
away in the fourth quarter and £ 
□ally cut the deficit to 112-1 10 with 
three minutes left. 

Bui Buck Williams, who led the 
winners with 31 points, bit a field 
goal and then a three-point play to 
rebuild the margin to seven, and 
New Jersey was able to coast home 
from there. 


3 Goals in 42 Seconds Propel 
Devils Past Maple Leafs , 6-3 


NBA FOCUS 


point average. “We were down, and 
as a result i became more aggres- 
sive offensively. With the unit we 
had on the floor, I had to score." 

King, who scored 60 points — 
the highest in the NBA in six years 
— in a 120-1 14 loss to New Jersey 
Christmas night now is averaging 
51.3 points in three games against 
the Nets this season, all Knick 
losses. 

Elsewhere it was Philadelphia 

125. Detroit 114; Houston 122, 
Cleveland 115. and Kansas City 
1 1 1, Seattle 106. On Friday it was 
New Jersey 124, Detroit 123; 
Cleveland 112, Philadelphia 107; 
Indiana 1 14, Chicago 96; Phoenix 

126, Dallas 103; Denver 129, San 
Antonio 119; Utah 109. the Los 
Angeles Clippers 100; the Los An- 
geles Lakers 120. Atlanta 111; 
Portland 93, Washington 89, and 
Boston 107, Golden Stale 100. 

King said he and his teammates 
“may have gotten carried away" by 
the excitement of rallying from 27 
points behind. “When we got it 
down to two, that's when it came 
apart, 71 he said. 

Said Net Coach Sian Albeck of 
King: “There's no way we can stop 
him, bat I'd rather win the game.” 

The Nets, who now’ have a six- 


Compilrd fry Our Staff Front Dispatches 

TORONTO — Tun Hig gins. 
Ullrich Hiemer and Phil Russell set 
a team record by scoring in a 42- 
second span Saturday night to 
spark the New Jersey Devils to a 6- 
3 victory over the Toronto Maple 
Leafs. 

The threegoals rallied the Devils 
from a 2-0 first-period deficit. 

Higgins convened a long re- 
bound at 9:22 of the second period 
and defenseman Hiemer found the 
top left corner 21 seconds later to 
tie the score. Defenseman Russell 
put New Jersey ahead for good, 3- 
Z when his short-handed 55- footer 
eluded goalie Tun Bernhardt at 
10:04. Russell's goal allowed the 
Devils to better by 34 seconds their 
record for the fastest three goals. 
The team mark had been set Oct- 
23, 1974, when the franchise was in 
Kansas City as the Scouts. 


calls by officials, including one on 
Russell's goal. 


Toronto, trailing 4-2, apparently 
he end of the second 


scored at the 
period, but referee Ron Fournier 
conferred with the goal judge and 


NHL FOCUS 


Elsewhere Saturday it was De- 
icago 4; 

Islanders 4, Hartford 4; Calgary 8, 


rday i 

troii 7, Chicago 4; the New York 


Winnipeg 4; Philadelphia 5, Ed- 
monton 4; Vancouver 3, Boston 2; 
Buffalo 4, Montreal 3; Quebec 8. 
Pittsburgh 1 ; Sl Lewis 6. Minneso- 
ta 4, and Los Anodes 5, Washing- 
ton 2. On Friday it was Montreal 4. 
Buffalo 3, and die New York Rang- 
ers 8, Edmonton 7. 

Dan Maloney, the Maple Leaf 
coach, attributed the loss to two 


ruled that time bad expired before 
Gary Leeman’s shot entered the 
net. Maloney also disputed Rus- 
sell's goal. Russell bad scored after 
taking a pass at the Toronto blue 
line; television replays, indicated 
the pass was offside. 

“Thar's two goals — they £flve 
one to them and took one away 
from us * — that decided the out- 
come of the game without any 
question," Maloney said. 

“We end the period with a goal- 
That’s an up note and you start to 
go again. The puck was in the neL 
Russell's was offside. We’re in do 
position to allow, to give up, two - 
goals like that" 

Toronto had led on two opening- 
period goals by Peter Draacak «wn 
Higgins, Hiemer and Russell wait 
on their binge. Pal Verbeek made it 
4-2 before the period was over. 

John Andetson scored for tjtt 
Leafs to make it 4-3 in the third, 
but Rick Meagher and Md Bridg' 
man added insurance tallies for tt* 
Devils. (VPf,AP) 


franc* 






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INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


Page 15 


SPORTS 


F ^® DefeatS Scotlalld iu Ru 8 b y’ 1 1 ' 3 Bramble Homme rs Maneini, Keeps Tide 

By Bob Donahue clean match, if hard. Roy Laidlaw selectors demoted him to the win a, suiting rack on the right, Galhon ' JL 


By Bob Donahue 

International Herald Tribune 

PARIS — By never giving up. 
David Leslie's Scots escaped a rug- 
by rout Saturday, but not a beating. 
. 'Three bursts of applause from the 
. / French crowd in the dosing min- 
. utes saluted Scottish spirit and re- 
proached the home team for botch- 
ing the show. France's 1 1-3 victory 
• margin should have been bigger. 

Colin Deans, playing for Scol- 
• land for the 37th time, could not 
. recall a faster game. The French 
i': attacked and harried in frenetic 

: FIVE NATIONS RUGBY 

fits. The patchy match made for 
:. cxd ting tdevision. with the help of 
close-ups and replays, but it tanta- 
> lized onlookers. “It could have 
:.i been a classic,” summed up Ray 
Gravdl. the Welsh center turned 
/ commentator, in a typical plaint. 

-* Scotland, which won all four of 
its Five Nations matches last year, 
' -- has now lost to Ireland and France. 
Why the plunge? Teams usually 
find grand slams a hard act to fol- 
low. Scotland’s in 1984 was its first 
since 1925. After peaking to that 
height, key players have found it all 
v the harder to recover form due to 
injury and snowed-oot weekends. 

At Saturday night's banquet, 
Leslie had a more obvious explana- 
tion for Scottish failure: French 
power and skill. “The best team 
won." the new captain cheerfully 
declared, addressing the French ta- 
hie. “We’re quite sure of that ” 

The French started fast, bent on 
; repairing reputations after an inept 
9-9 draw against England two 
. . weeks earlier. Three times in the 
first quarter France ran penalties 

• instead of kicking. Lopsided terri- 
- tonal advantage enabled flyhalf 

Jean-Pairick Lescarboura to at- 
tempt a drop and a penalty goal 
before Scottish fullback Peter Dods 
scored first with a penalty in the 
17th minute. 

That goal punished a punch by 

• French flanker Laurent Rodriguez. 
Later in the half, Lescarboura’ s 

. only successful penalty kick fol- 
lowed a punch by Scottish prop 
Gerry McGuinness. Yet it was a 


clean match, if hard. Roy Laidlaw 
came off at halftime, hurt by a 
kidney-level tackle by French cap- 
tain Philippe Dintrans as the Scot- 
tish scrumhalf swiveled for a des- 
perate defensive punt near his line. 

Players complained about the 
balls supplied by Nike, France’s 
new outfitter. Kickers said it was 
too light — “a toy ball like you'd 
buy for your kids," said Dods. Les- 
carboura concurred. Lineout 
throwers, hooker Deans and 
French scrumhalf Jer&me Gallion, 
also complained. French left wing 
Patrick Esteve fumbled three likely 
scoring passes, juggling with the 
unfamiliar ball each time. 

Despite swirling gusts in the Par- 
is sunshine. Dods said the wind was 
not a problem. Whatever the expla- 
nation, his recent average of 13 
prams a match slipped as be missed 
two kickable penalties. Wing Peter 
Steven missed one and center Keith 
Murray muffed a drop. 

French kickers threw away 22 
points. Lescarboura, who had been 
averaging 12 points a match, 
missed three penalties, two drops 
and two conversions. Fullback 
Serge Blanco missed a penalty. In 
alt the game's five goalkickers con- 
nected twice in 14 attempts. Many 
punts failed to find touch. 

Without the fumbling and the 
miskicking — and a botched push- 
over early in the last quarter, when 
No. 8 Jean-Luc Joinel impatiently 
picked up the ball in an advancing 
scrum Iks than a yard from Scot- 
land's line — gutsy Scottish de- 
fense would not have been enough 
to prevent a runaway. 

Instead the second half was 
scoreless and Scotland spent more 
than 40 minutes only righipoinis 
down. The Scots, not the French, 
sang at the banquet — a lusty ver- 
sion of “Bye, Bye Blackbird*’ at the 
moment, after dessert, when ear- 
nest speechifying was due to start 
at the head table. In effect, young 
Scots made the first speech. 

But the prince at the Parc des 
Princes was Blanco. Praised as 
“rugby’s Pele” early in his career, 
he had a so-so season last year after 
renal suraery and then an off day in 
the 1985 opener. So the French 


selectors demoted him to the wing, 
bringing in a rookie, Jcr&me Bian- 
cbi. at fullback. But Bianchi hurt a 
knee in a club match; Blanco got 
his position back. 

The result was a virtuoso attack- 
ing performance ih3t had (he 
crowd chanting “Blanco, Blanco." 
Taunted Leslie: “We have a word 
of advice for the French selectors: 
Blanco is definitely a fullback." 

Twice the 26-year-old runner 
burst through the navy-blue de- 
fense like a knife parting taut silk. 

The first tiy. a minute after 
Dods’s penalty, was reward for the 
sacking of flyhalf John Rutherford 
by French forwards. From the re- 


sulting rack on the right, Gallion 
launched an attack leftward. Les- 
carboura and center Philippe Sella 
flicked the ball on to center Didier 
Codorniou. who sent Blanco soil- 
ing between Scotland's centers. 

The second came in the 35th 
minute, when Lescarboura checked 
to droplock, changed his mind and 
fed Sella on the right. A long pass 
and Blanco was through ig-iin 

Four more French tries seemed 
dose, as English referee Laurie Pri- 
deaux played advantage rather 
than whistle at every chance. The 
refereeing. Leslie said, was part or 
the reason for a “great match" de- 
spite both teams' mistakes. 



French fullback Serge Blanco in action against Scotland. 


By Michael Katz 

New York Times Service 

RENO, Nevada — A breathtaking if bloody 15-round fight, which 
began with a skull and crossbones and ended with expressions of love, 
may have gloriously camped the boxing career of Ray Maneini, not 
with victory but with mgnity. 

Livingstone Bramble, sometimes belligerent, sometimes hateful in 
the buildups to his two victories over Mandni. entered the ring with a 
skull and crossbones on his trunks. He left it, 15 grading rounds later, 
embracing Mandni and telling the former champion. “Ray, I love 
you, I love you.” 

Bramble found it was much tougher retaining the World Boxing 
Association lightweight title Saturday night than it was winning it 
from Maneini last June 1 with a 14th- round knockout In fact, all 
three judges wound up giving the 24-year-old from the Virgin Islands 
the verdict by a angle pram. 

Judges James Rondeau and Dave Moretti had Bramble ahead. 143- 
142, in a nonstop bout that was among the finest in recent years; judge 
Ed Levine bad Bramble ahead, 144-143. 

Mandni did not complain. He did not look like a winner, with bad 
cuts over both eyes and his left eye nearly swollen shut, while Bramble 
was unmarked. 

But fighting with those handicaps — twice, in the eighth and 15th 
rounds, referee Mills Lane interrupted the bout to ask the ringside 
physician whether the 23-year-old Mandni could continue — the 
challenger rallied in the later rounds. If these woe to be his final 
moments in the ring, he made them some of his finest. 

“That’s the question you guys want to know — should 1 go on?” be 
said at the post -fight news conference. “Right now, it doesn't look 
good, does it? 

“But it wouldn't be fair to myself if I answer right now. I need a rest. 
I need some tender loving care from my family. I wish I had a wife. 
But if my heart says, 'Hey, I came that dose to winning,* I’ve got to be 
true to myself. I’ve got to go on.” 

His manager, Dave Wolf, said he would prefer Mandni retire. 

“There was so much dignity in that ring tonight,” said Wolf. “This 
is the right way to call it off. But the decision is up to Ray. He’s earned 
that right And whatever his derision is. I will abide by it” 

Bramble, now 23-1-1. listened as Wolf and Mancini’s father, Lenny, 
expressed their hopes that the storybook career would end now. 

“There’s no way Ray Maneini should retire, unless be wants to 
retire," said Bramble. “He fought a tough fight a great fight" 

Bramble fought a better one, although he was not as dominant as be 
had been in the men's first meeting. That be rather easily picked off 
Manrini’s punches and countered with stinging blows of his own. 

But Saturday night there were long times when Mandni om boxed 
the boxer and Bramble ou (slugged the slugger. For the most pan. they 
stood in the middle of the ring, swinging. 

Bramble's punches were the harder. He often staggered Mandni 
with right uppercuts, but he also was effective with his jab. The 
champion switched back and forth from orthodox to southpaw 
stances, but was most effective fighting as a right-hander, where he 
better utilized his 9-inch (22.8 centimeter) reach advantage. 

Mandni, now 29-3 (his only other loss was to Alexis Arguello), 
fought a wiser battle this time. More and more, his punches were 
down the middle, through Bramble’s long-armed defense and they 
landed with better accuracy. But except for some moments in the sixth 



Th® Auoooted Prm 

A bloodied Mandni kept throwing punches at Bramble. 

round, when a series of right hands had Bramble backing up, his 
punches seemed to have little effect. 

And that was when be had to change from attack to defense in 
order to protect his damaged eyes. In the fifth round, Maneini was cut 
on the right eyelid. Then, in the sixth, for the first time in 20 rounds 
against a man who claims to have a “coconut head." Mandni 
discovered that coconuts could be shelled. 

But Mancini’s frail skin did not give him the opportunity to 
bombard. In the seventh, his left eye was cut and it swelled nearly shut 
almost immediately. 

He had u> resort to boxing from the outside and Bramble now was 
in control of the fighL 

Bui somehow MancinTs great heart and desire kept him going. And 
as the fight, and quite possibly Ins career, neared the finish, be reached 
down and with the same intensity that he won the title for his father in 
1982 from Art Frias, he almost won this one for himself. 

■ Costello Retains WBC Crown on 12-Round Decision 

Bill Costello retained his World Boxing Council super-lightweight 

crown Saturday with a unanimous 12-round decision over top con- 
tender Leroy Halev. The Associated Press reported from Kingston, 
New York. It was Costello’s third successful defense of the crown he 
won from Bruce Curry in January 1984. 

■ Costello, now 30-0, dominated from the seventh round on. Working 
off a straight jab and hooks to the body, Costello lowered Haley’s 
record to 49-5-2 on judges' decisions of 119-109. 116-111 and 118-111. 


Runners Gray, Brisco-Hooks Set Marks 



Valerie Brisco-Hooks 


Compiled by Our Staff From Dispatches 

SAN DIEGO — The Michdob 
Invitational is generally known as a 
showcase for miJers, but the mid- 
dle-distance stars shone brightest 
Friday night. The spectators’ howls 
for Johnny Gray had barely subsid- 
ed when Valerie Brisco-Hooks 
brought them to their feet again. 

Gray and Brisco-Hooks set 
world indoor bests at 880 and 500 
yards with a vengeance, their times 
trimming a full second off the re- 
spective records. 

Brisco-Hooks, wearing a set of 
USA gear she wore when she won 
three Olympic gold medals in Los 
Angeles, roared to 1:023 in the 
500, smashing the standard of 
1 :033 set by Roslyn Bryant in 1977 
and equaled only once since, in 
1982 by Janine MacGregor. 

But on Friday, Brisco-Hooks 
pulled others with her inside the 
record: Diane Dixon placed second 
with a 1 :02J and Cristina Cojacaru 
of Romania, finishing third, also 
bettered Bryant’s marie by a tenth 
of a second. 

In her rookie year on the indoor 
circuit, Brisco-Hooks took the race 
away from Dixon and Cojacaru on 
the final lap. After fighting off a 
brief challenge by the Romanian at 
the start of the lap, Brisco-Hooks, 
running in second, set ha sights on 
Dixon. She pulled around her and 
beat ha going away. 

Gray, who holds the U.S. record 
outdoors in the 800, easily beat his 
two competitors and finished with 
a 1:46.9, improving on Randy Wil- 
son's world best of 1:47.9, set in 
1982. “I’m overjoyed,” said Gray. 
“Outdoors I feel" I can take the 
record to the low 1:40s within the 
next two years.” 

“I can do it if I run smart. To 
ns give you an example of running 


smart. I’m calling this meet my last 
of the indoor season. 1 don’t want 
to get greedy." 

Romania's Fita Lovin missed 
lopping Maiy Decker's 1:59.7 in- 
door mark in the 880. Lovin easily 
won with a 2:003. Romanians 
came through in the women s mile 
with a one-two victory ova Ire- 
land’s Monica Joyce and the Amer- 
ican Ruth Wysocki. Wysocki led 
until the bell lap, when Doina Me- 
linte and Maricica Puica charged 
ahead and sprinted headlong to the 
finish. Melinte was the winner in 
4:29.2. Wysocki held on to third 
with a 4:353. 

Valey lonescu's victory in the 
long jump (21 feel, 74 inches) 
made it an impressive outing for 
the Romanian women, who rarely 
ran indoors because erf a lack of 
facilities, according to their spokes- 
man. 

In o liter events. Eamonn Cogh- 
lan won the men’s mile and Doug 
Padilla used a blistering kick to 
take the 2-mile run. Greg Foster 
picked up victories in the 50- and 
60-yard hurdles. Alice Brown won 
the women's 60-yard dash. 

The showdown between Cogb- 
ian, Sydney Maree and Steve Sant 
in the mile failed to materialize. 
Coghlan running away from the 
pack with one lap to go and win- 
ning easily in a surprisingly slow 
3:57.5. 

Maree had hoped for a searing 
pace in hopes that be could hold off 
Coghlan. But the “rabbit,” Arizona 
Stale's Eddie Davis, turned the 
half-mile in 1 :59 instead of the 1 :54 
Maree was looking for. 

Scott took the lead momentarily 
and he, Coghlan and Tom Smith 
battled for control until one lap 
remained. Coghlan then swept past 
them and cruised home. fAP, UP ! J 


Hockey 

National Hockey League Standings 


Basketball 


Selected U.S. College Scores 


WALES CONFERENCE 



Del rail 

17 

31 

10 

44 

215 

244 

FRIDAY'S RESULTS 


Pot rick Division 




Min neso to 

14 

30 

11 

43 

194 

233 

EAST 


W L 

T 1 

Pts 

GF 

GA 

Toronto 

13 

37 

7 

33 

177 

248 

Adetotii 97, Oowtlng 81 

Washington 

35 16 

8 

78 

244 

176 








Colby 79. Connecticut CoL 61 

Philadelphia 

33 16 

7 

73 

238 

177 





Columbia 47, Dartmouth 43 

N.Y. Islanders 

X 22 

4 

44 

257 

219 

Edmonton 

40 

12 

4 

84 

294 

198 

Cornell 44. Harvard 43 

N.Y. Rongers 

IS 29 

9 

45 

199 

234 

Calgarv 

29 

22 

7 

45 

247 

228 

E. Connecticut 65, Bowdota 6X OT 

New Jersey 

18 X 

7 

43 

189 

225 

Winnipeg 

29 

24 

6 

44 

255 

268 

Maine 49. Utica 44 

Pittsburgh 

18 31 

5 

41 

191 

251 

Los Angeles 

25 

22 

11 

61 

258 

243 

Norwich 64. Bates 41 


Adams Division 




'Vancouver 

17 

33 

8 

42 

197 

293 

Perm 79, Brawn 72 


Moses Found Not Guilty in Vice Case 


The .4ssodaied Press 

LOS ANGELES — Hurdler Ed- 
win Moses was found not guilty 
Friday Of soliciting an undercover 
. policewoman posing as a prosii- 
iuLe. 

Moses, who won gold medals at 
be 1976 Montreal Olympics and 
■be 1984 Los Angeles Games, 
sroke into a smile after the verdict 
was read in Municipal Court here. 
Tc hugged his defense attorney, 
/id ware Medvene, as the court- 
1 oom filled with applause. 

Moses, his attorneys, his wife 
dyrdla and his motha slipped out 
be back door of the court building 
tnd refused to talk to reporters. 

Edward J. Guarino, deputy city 
iitnrney, lata said, “We can't doty 
d this ray the tremendous amount 
f sympathy for Edwin Moses. Tm 
Toud of the effort we put on.” 

The jury foreman, Harvey Add- 
nan, 58, a professor in research 
nd statistics at Pepperdine Uni- 
ersity, said, “We didn’t feel the 
rosecu (ion's case was strong 
nough. There were a lot of incon- 
istendes in the report that left rea- 
anable doubt." 

Another juror. Albert Moreau, 
rid the first poll of the jury was 10- 

with one abstention in favor of 
cqiritiaL The second ballot was 

n»nminy g i 

Moses had faced a six-month jail 
mte&ce and a SI ,000 fine, ai- 
lough a first-time off aider is usu- 
Uy given a small fine and placed 
a probation. 


Moses, 29, had testified Thurs- 
day that in the early morning hours 
of Jan. 13, a woman approached his 
car and mentioned two sex acls and 
that, after speaking with ha brief- 
ly, he drove away. Moses said he 
struck up a conversation with her 
because be thought she was a fan 
who had recognized him. 

“I left the scene immediately. I 
had no intention of stopping. 
When 1 turned the coma. I started 
accelerating. I just left, 1 * he testi- 
fied. 

On Tuesday. Officer Susan Gon- 
zales testified that Moses initiated 
the conversation by saying. “Nice 
night,” and that he pulled his car to 
the curb and waved ha ova. She 
also said Moses asked her “How 
much fra an hour?” and described 
the sex acts he wanted and men- 
tioned $100. 

Moses won Olympic gold medals 
in the men’s 4(JO-meter hurdles in 
1976 and 1984. He is unbeaten in 
109 consecutive races, one of the 
longest streaks in track and field 
history. Moses has lowered the 
world record four times, the last 
lime on Aug. 31, 1983, with a clock- 
ing of 47.02 seconds in Rieti, Italy. 
His last loss was in Aug. 26, 1977, 
to Harold Schmid of West Germa- 
ny. 

Last year, Moses was named 
winner of the Sullivan Award as the 
nation’s outstanding amateur ath- 
lete for 1983. At the 1984 Olympics 
he was chosen to recite the athletes* 
oath at the opening ceremonies. 



Moses after Friday’s verdict. 


Buffalo 28 14 12 48 209 159 

Montreol 28 20 10 44 221 1W 

Quebec 27 22 I 42 234 20t 

BoSI On 25 2S S 9 214 205 

Hartford II X 7 43 IBS 245 

CAMPBELL CONFERENCE 
Nerrli Dhrttloo 

SL Louis 27 19 10 44 219 208 

Chicago 24 29 3 55 227 23b 


Transition 


BA5EBALL 
American Ltam 

BOSTON — Reoched contract agreements 
with Glenn Hoffman, Rwrtslop. and Tommy 
McCarthy and Mitch Johnson, Pitchers. 

KANSAS CITY— Signed Pot Sheridan and 
Darryl Motley, outfielders, w one-vear con- 
tracts. Signed Jamie Quirk, outfielder -In Beid- 
er. and Mike LaCou. pitcher. Id minor league 
contracts. 

National League 

CHICAGO— Announced die resignation of 
Andrew McKenna board chairman. 

CINCINNATI— Signed Eddie Miner, oul- 
flelder. to o one-year contract. 

MONTREAL — Signed Steve Nicosia, col Ch- 
er. to a one-vear contract. 

NEW YORK— Announced that Jesse 
Orosco, pitcher, lost his SO lory arbitration 
case. 

PITTSBURGH — Announced that Jose De- 
Lean, pitcher ; Rofoel Bel Hard. In) (elder, and 
Hedl Vargas, Hrsf baseman have agreed to 
one-year contracts. 

HOCKEY 

Motional Hockey League 

LEAGUE— Announced the aula malic two- 
game suspension of Harold Sneosli. defense- 
man, at Minnesota after receiving nls fourth 
game miscondud penalty of the season in a 
gome ogolnst Detroit on February 14. 


European Soccer 


ENGLISH FIRST DIVISION 
Chelsea l, Newcastle 0 
Points Stand tags: Evert on 52; Tottenham 
O; Manchester United 45; Arsenal. South- 
ampton 43; Sheffield Wednesday. Liverpool. 
Nottingham Forest 42; Chelsea 40: Norwich 
3o; West Bromwich 35; Aston Villa 34; Wes) 
Ham 32; Queens Park Rangers 31; Leicester, 
Newcastle 30; Watford. Sunderland 29; Cov- 
entry 25; IPSwIctr. Luton 22; Slake IX 
FRENCH FIRST DIVISION 
Lille 1. Metz 0 
Monaco X Rouen 0 
Monies 4. Tours 0 
Brest 4. Best la 2 
Toulouse 0. So chau a o 

Toulon Z Aunerre 0 

Nancy X Lens 1 

Paints Standings: Bordeaux 39; Monies 36; 
Toulon3l: AuxerreX; Brest, Metz 27; Mona- 
co 24: Lens 25: Baslia 23; Paris 5G 22; So- 
chain, Lille, Money, Morsel He. La ual 21 ; Tou- 
louse X; Strasbourg. Rouen 17: Tours 14; RC 
Paris II 

WEST GERMAN FIRST DIVISION 
Armfnlo Bielefeld X Borussia Dortmund 0 
E Intro cm Frankfurt 4. SC KorKruhe 2 
VFL Bochum a. FC Schalke I 
Points Standings: Bayern Munich 26;.- 
Werder Bremen 3S; Cologne 24; Bavem Uer- 
dinoen22; Bor. M'glad bo ch. Hamburg 21 ; VIL 
Bochum, Ein. Frankfurt X; WaliHiol Mann- 
heim. VIB Stuttgart, scholke 19: Kaiserslau- 
tern. For. Duessektorf 17: Bayer Leverkusen 
14; Armlnla Bielefeld, Karlsruher 13; E In. 
Braunschweig 12; Bar. Dortmund 11. 

ITALIAN FIRST OIVISOIN 
Aral cm to Z Fterentino 2 
Aveiiino z Cr om onose 0 
Como 1. Napoli 1 
Lazio 0. Ascoii 0 
AC Milan X Juventus 2 
S o mpdorio X Roma 6 
Torino 1, Udlnese D 
Verona 1, inler-MIlan 1 
Points Stand logs: 

Verona 28; Inter 27; Torino 2S; Sampdoria, 
Milan. Romo 23; Juventus 22; Ftorentina 2D: 
Nano il. A la Ian to 18; Aveiiino. Como 17: Udln- 
ese U; Ascoii 12: Lazio 10; Cremonesa 7. 

SPANISH FIRST DIVISION 
Allelleo Madrid Z Valencia 3 
Murcia 0. Hercules 2 
EsMho) 1. Seville 0 
Malaga 1. Real Madrid 1 
Eicne l, Atnfetic BIIdoo 0 
Zaragoza a Santander D 
Bells 1. Gil Dn 2 
Real Sodeaod 0. Barcelona 0 
Osasuna X Valladolid 0 
Points Standing*: 

Barcelona 41 ; Allelleo Madrid 31 . Gilan 29; 
Valencia. Real Madrid 28; Real Sodedad. Zo- 
ragezo 24; Attilef Ic Bilbao, Santander, Sevi I la 
75; Osasuna Bens. Malaga 23, Va I local id. 
EsaaAol3l:Hercuiesl9; Eicne IS. Murcia 14. 


FRIDAY’S RESULTS 

Edmonton 3 2 3—7 

M. Y. Rangers 4 8 3— * 

Hedbera (12). Paveilcfi (71. Rogers 2 (19). 

Greschner (B), Ledvord 14), Ruotsalalnen 
(19), Lorouche (201; Gretzky 2 (541, Hunter 
(12). Carroll (7). Krushelnyskl (34), Cottay 
(221. Kuril (53). Shots on goal: Edmonton (an 
Hanlon) 12-10-12—34; N.Y. Rangers (an Fuhr, 
Mooa) 15-13-15— a 

Montreal 118 1—4 

Buffalo 2 10 9—3 

McPhee ( 11 1, Robinson 2 (101, Noslund (32) ; 
Maloney (3). Follono (251. Hornet 113). 5 tots 
on goal: Montreol (an Borrasiel 49 9 - 1 — 25; 
Buffalo (on Penney) 7**0— 2). 

SATURDAY'S RESULTS 
Hartford 2 1)8—4 

N. V. Islanders 12)8—4 

K- Dtaeen (141. Malone (14). Turgean 120). 

Pobemon (4; ; Bossy (44), LaFanfalne 2021, 
Jonsson (10). Shots oa goal: Hartford Ion 
Smith) 844-3—25; N.Y. I slanders 11-9-9-2— 31. 
New Jane* 8 4 2—4 

Toronto 2 8 1—3 

H tog Ira (13). Hlemer (5). Russell (3). Ver- 
heefc (101. Meagher (5). Bridgman (17); Ihno- 
oak 2 (19). Andersen (14). Shots on goal; New 
Jersey (an Bernhardt) 4-14-12—32; Toronto 
(on Reset)) 1 l-*-B — 25. 

Edmonton I 2 1—4 

PMtodelpfato I » 1—4 

5 In Iso lo 125). Howe (15). Sutter ( 10). Corson 
(141. Young (2); Anderson (30). Messier (12), 
Cottev 2 (24). Shots an goal: Edmonton (hi 
L indbergh) n-n-il— 31; Philadelphia (on 
Mooa) 1 3-18-4 — 37. 

Boston 8 2 8 8-2 

Vancouver I t I I — 3 

Neeiv (121. Smvt 1191. Grodln (28); Unse- 
man ( 19), Lufcowlcri (•). Shots aa goal: Boston 
ion Bradeur) 10-11-7-0—28; Vancouver (on 
Peelers) 4-7-TD-l— 24. 

Winnipeg ) 2 1—4 

Calgary 3 3 2—8 

McDonald 2 (14), Tambelllnl (19), Been 
(Ifl.PepHnsfci (131, Kromm (19). Quinn (12), 
Looto (24); Mullen 2 (25). Bosch men (21). Ar- 
nief (18). Shots on goal: Winnipeg (on Lsme- 
Un> 4-8-19—33; CutoaTv (on Hayward. Ben- 
rend l 17-14-15—48. 

Buffalo 2 1 8—4 

Montreal 2 I 8-3 

McKenna 2 (131, Locombe (2), Houslev 
(12); McPhee 2 113), TremBkjy (2T). Shots oa 
goal: Buffalo (on Penney) 4-7-7—30; Montre- 
al Ion Souve) 13-4-7—24. 

Quebec I 4 1—8 

PtttHwrgb 0 o 1—1 

Souve (9),P. Slastny (251. Hunter (151, Gou- 
let (39). Ashton (21), Maxwell (4), Moller (5). 
Paiement (12); Rissling 15). Shan on goal: 
Quebec (on Herron, Romano) 8-14-13—35; 
Pittsburgh (on Sevionv) 13-1X7-31 
Washington 8 t 1—2 

Los Angel es 8 I 1—5 

Ruskowski (13), MocLellan (23). Taylor 

(321. Hardv (10), Fox (241; Haworth (17). 
Christian (24). Shots on goal ; Washington (on 
Jonocyk) n-14-8 — 35; Los Angeles (on Rlo- 
gln) 13-4-7—24. 

Minnesota • 2 1—4 

SI. Loon 2 2 8-4 

Romaoe 7 IS). Mullen 2 (29). Dutaur (3). 
Sutler ( 30} : Plot! ( tl), Bel lows 2 (231 . Graham 
12). Shots an goto: Minnesota (on Uut] 5-13- 
12—30: St. Louis (on Melansan) 11-12-9—32 
Chicago 2 2 8—4 

Detroit S I 1— » 

Foster 2 (10). Larson (It). Lambert I Ml. 
Lalselle 2 (4), Bold rev (18); Ludzik (9). B. 
Wilson (41.S. Lormer (351. Lyslafc (13). Shots 
oa goal: Chicago (on Stefan) 12-11-12-35: De- 
troit (on Bannerman-SkorodensM) 7-12-4—25. 


Rochester 99. Union 981 SOT 
St. John's U. Pittsburgh 43 
St. Lawrence 52. RP| 41 
Yale 48. Prlncshm 46 

MIDWEST 
Coe 70, Grinnell 47 
Cornell. Iowa 77, Knox 70 
Denison 81. OberQn 49 
DePauw 102. Linden vx>od 48 
Ohio Northern 47. Mortem 54 
S. Dakota SI. 76, Mankato St. 43 
Upper Iowa 71, Bueno Vista 43 
FAR WEST 

Biota 84. Axvcn PocHiC 59 

Cal Poly SLO 5X Cal St. Los Angeles 44 

Coi-Dovt* 73. Son Francisco SI 72 

Chico St B9. Sac ra me n to St. 59 

Lewis A Oark 41 Whitman 42 

Mesa 92. Western SI. 71 

Nevada- Reno 84. Montano 81 


NJM. Highlands 90, Adams St. 78. OT 
Son Diego 60. Santa Clara 57 
Sonoma St 94. Hayward St 88. 2 OT 
W. Washington 96. Whitworth 83 
Wyoming 5*. Southern Colorado 47 
SATURDAY'S RESULTS 
EAST 

Allred 85. Rochester Tech 64 

AmerlciPi international 75. Bentley 57 

Boston Col. 62. Vil Ionova 41 

Boston U. 41. Vermont 45 

Bowdoln B0, Connecticut CoL 47 

Brooklyn BZ Hanford 43 

Bucknell 75, Delaware 71 

Buffalo 51. 114 Geneseo St. 97 

Canlshjs 70, Niagara 51 

Colby el. E. Connect (cut 59 

Connecticut 74, Delaware St. M 

Cornell 75. Dartmouth 54 

CW. Post BA Dtst. of Columbia 77 

Delaware Valley 48. Drew 47 

□revel 54. Rider S3 

Duke 81. Notre Dame 49 

Duauesne 71. Temple 60 

Elmira 71. Ithaca 45 

Fairfield 73. Iona 71 

Foirleigh Dickinson 67, Robert Morris i 

Fordham 49, Manhattan 55 

Georgetown 87. Providence 73 

Gettysburg 97. Aibnoht 84 


National RaskpthaTI Association S tandings 


EASTERN CONFERENCE 


31 29 22 30—112 



Atlantic Division 
W L 

Pci. 

GB 

Philadelphia 26 34 31 24-187 

Hinson ft-129-ia 25. Bagiev 7-102-416. Free 7- 

Boston 

43 

10 

Jll 

— 

210-1 16: Mai one 4-1714-15 24. Toney 9-21 1-371. 

Philadelphia 

42 

11 

791 

1 

Rebounds: Cleveland 47 (Hinson. Bagiev ■] : 

Washington 

28 

26 

J19 

15Vz 

Philadelphia 54 (Malone 23). Assists: Cleve- 

New Jorsev 

27 

27 

500 

16W 

land:® l Bagiev 151; Philadelphia 19(OweSi. 

New Yurt. 

18 

36 

333 

25» 

Tonev. Ervlna 4). 

Milwaukee 

Central Division 
34 17 

£T> 

_ 

Indiana 20 28 34 33—114 

Chicago 25 25 25 21— 94 

Detroit 

31 

22 

-5BS 

5 

Williams 9-12 4-7 34 Sllpanovlctl 7-14 9- 1023; 

'Chicago 

25 

24 

,490 

10 

Woolridae 7-14 10-12 24. Jordan 8-20 1-2 17. 

Atlwila 

?2 

31 

415 

14 

Rebounds: Indiana 57 (Stlpanovlch 16): Chi- 

Cleveland 

17 

36 

J2I 

)9 

cago S (Johnson 1 1). Assists: Indiana 20 1 Kel- 

Indiana 

17 

34 

.321 

19 

logg. Slchttno 5); Chicago 22 (Jordon 6). 


WESTERN CONFERENCE 
Midwest Dfvfsito 


Denver 

34 

to 

•6X 



Houston 

31 

21 

-596 

2 

Dallas 

28 

25 

JOB 

516 

San Antonia 

27 

24 

JSB9 

tVz 

Utah 

25 

28 

472 

8V» 

Kansas City 

17 35 
Pacific Division 

J27 

16 

LA. Lakers 

37 

16 

■698 

— 

Phoenix 

24 

27 

491 

11 

Portland 

24 

28 

442 

72» 

Seattle 

22 

32 

407 

15W 

t— A. Clippars 

21 

» 

J94 

16 

Golden Slate 

11 

41 

312 

25V* 


Golf 


AUSTRALIAN MASTERS 
(At esr-73 Hunllnedoie. Me I Bourne I 
Ber. Longer. W. Ger. 76-44-71-78—28) (S34AOO) 
Nick Fatao, Britain 47-73-71-73-284 (517.700) 
Greg Norman 76-72 4S-4S— 284 (S17.7D0) 
Anders Forsbrana Sweden 74-71-70-75—290 
Frank Nobllo. New Zealand 73-72-74-72 — 291 
ion Baker-Finch 73-72.71-76—291 

Peter Senior 73-78-71-70—392 

Mike McLean. Britain 73-78-77*9—792 
Ossie Moore 73-73-77-70—291 

Akira Yatje, Japan 73-70-74-74—295 

Mika Harwood, 74-73-75-73 — 295 

Graham Marsh 72-80-73-70—295 

Sandy Lyle. Britain 74-74-74-74- 294 

David Graham 74-74-77-72—299 

jerry Andersen. Canada 69-81-75-74—299 
Bab Charles. New Zealand 78-74-74.75—301 
Gordon Brand Jr, Britain 76-77-74-74—183 
Som Torrance. Britain 74-77-75-76 J O* 
S. Andersen-Chapman, Can. 78-74-77-73—304 
Bill Brink. UA. 75-80-77-72— 3&4 

Kris Mae . U.S. 79-74-76-76-305 

Ove Sell berg. Sweden 79-74-77-78—308 
Boa Beauchemin. Canada 78-77-79-77— 111 
Moral Mlkoml. Japan 90-73-83-81—317 


FRIDAY’S RESULTS 

Detroit 34 29 18 32—123 

New Jersey 34 28 29 33—124 

Rlehcodcaal 1-1 87-930, Dawkins 1 1-15 58 27; 
Tyler i3-\s 4-4 28. Thomas 9-25 88-11 26. Re- 
bounds: Detroit 45 (Trier 12); New Jersey 52 
(Williams 191. Assists: Detroit 25 (Thomas 
14); New Jersey 25 (Richardson 11). 


World Cup Skiini 


MEN'S SLALOM 
(At Kranlska Goto, Yugoslavia) 

1. Marc GirardellL Luxembourg. 1 minute, 
4X11 seconds. 

Z Ingemor Start mark. Sweden. 1:43/16. 

X Paul From men, Liechtenstein, and Ja- 
nas Nilsson. Sweden. I:43BA 

5. I vane EdollnL Italy. 1:44.11. 

4. Klaus Heldenaer. Austria. 1:4520 

7. Thomas Stangasstaoer, Austria 1 :452i 

8. Didier Bouvet, France. 1:4M7. 

9. Roberto Grtals. Holy, 1:4549. 

IX Michel Vlan, France. l:«582. 

11. Mathias Barthold, Austria. 1:46J*. 

IX Ernst Rledlsoeraer. Austria. 1:4489. 
IX Marco TorxuzL Italy. 1 :46.1«. 

14. Peter Paaangelav. Bulgaria. 1:4448. 
14 Dtatmar KohUrtcnrer. Austria, 1:4670. 

MENS OVERALL STANDINGS 
I. GirardellL 240 points. 

X Plrmln Zur brt ggen. Switzerland. 207. 

X Andreas Wenzel, Liechtenstein, 17X 
A Franz He Inzer, Switzerland, 132. 

S Peter Muller. Sw i t ze rland. 128. 

6. Thomas Burglar, Switzerland. 12X 

7. St on mark, 114 

4 Helmut Hafiehner. Austria 111 
9. Peter Wims&eraer, Austria 111. 

IX Bo I on KrlzdL Yugoslavia 99. 

11. Martin HansL Switzerland, 9X 

IX Peter Lusdier. Switzerland. 92. 

IX Max Jutan. Switzerland, 84. 

14. Oswald Tafadv llaly, 82. 

15. MorkusWosmaier, West Germany; Roth 
ert Ertacher, Italy; Richard Promotion. Ho- 
ly; and Hons Enn. Austria 74. 

MEN'S SLALOM STANDINGS 
1. Ci ranted!. 125 points. 

X SlenimVk, 78. 

X WenzeL 

4. Paolo de Chieia Italy. 70. 

5. Krizal, 49. 

6. Nilsson. 67. 

7. Oswald Talsch. Italy 47. 

X Edallni and Frommelt, 45. 

IOl Heidegger. Austria, 42 


Phoenix 32 28 29 37-124 

Dallas 28 25 28 22—183 

Nance 9-14 5-4 2X Edwards 4-9 9- ID 21; 
Agutrre 9-20 7-8 25 Blackman 9-15 2-4 20 iRb- 
bouads: Phoenix 44 (Nance 10); Dallas 49 
(Vincent, Perkins 10). Assists: Phoenix 30 
(Mocv 111; Dallas 18 (Harper. Blackman. 
Perkins «). 

LA Clippers 33 II 26 22-188 

Utah 28 28 34 2S— W9 

Griffith 13-30-13 28. Bailey 8-2) 10-11 26; 
Smith 10-17 5-7 2X Nixon 8-14 54 21. Reboands- 
:Los Anories 50 (MJohnsonl); Utah 54 (Bal- 
tar 161. Assists: Las Angeles 21 I Nixon 10): 
Utah 24 (Green 8). 

San Antonio 24 25 28 20—119 

Denver S3 IS 25 36—129 

English 17-31 54 39, Nalt 8-19 1-2 17; Gervln 
14-2211-1239, Gilmore 7-9 4-8 IXMoore 8-2) 1-2 
18. Rebounds; San Antonio 51 (Gilmore ID); 
Denver M (Mott. English 12). Assists : San 
Antonio 19 (Moore. Robertson 51; Denver 30 
(Laver ID). 

Washington 22 28 22 17-89 

Portland 32 17 28 26-93 

Thompson 7-13 7-9 21. Drexier 7-19 3-( 18; 
Malonc 9-17 08 IX McMIllen 4-12 3-3 14 Gus 
Williams 6- IS 3-4 14 Reboondt:washlnakxi49 
IMahom IS) : Portland 43 1 Bowie 20). Assists: 
Washington 23 (Gus Williams 12) ; Portland 22 
(Valentine 10). 

Atlanta 32 21 32 26-111 

LA. Lakers 38 29 24 27-128 

E a. Johnson 8-16 6-7 23. Scott 7-11 7-7 21; 
Ed. Johnson 10-23 8-1 1 29. Wilkins 7-16 3-5 19. 
Rebounds: Atlanta 44 ( Rnmbls 101; Las Ange- 
les 52 (Levtagstoa Wilkins 9). Assists: Atlan- 
ta 38 (Ed. Johnson 13); Los Angeles 33 (Eo- 

. Johnson 161. 

Boston 28 38 27 23-187 

Goman Stan 37 25 18 70 — m 

Bird 10-22 5-534 D. Johnson 9-2D 3-4 21 ; Short 
11-25 7-929. M. Johnson 13-28 1-1 27. Reboends- 
: Boston 52 (Parish 22); Golden State 51 
I M. Johnson 13). Assists: Boston 22 (Bird. 
Alnae. D. Johnson 7) : Golden Stale 26 I Short. 
Flovd 71. 

SATURDAY'S RESULTS 
PMhKMphia 31 3S 29 38-125 

Detroit 38 31 33 38-114 

Malone 11-19 11-11 3X Ervins 9-14 11-11 29; 
Tvler 11-34 2-2 24. Thomas 9-19 4-4 2X Re- 
Moods: Philadelphia 53 (Malone 18) ; Detroll 
79 (M Jones 101. Assists: Philadelphia 21 
(Barkiev. Cheeks 5).- Detroit 28 (Thomas 9). 
Hew Jersey 32 It 32 33-121 

New York 27 23 31 33—117 

Williams 10-14 11-1931, Gmlnski 10-188823; 
Kino 19-33 17-23 54 Walker 7-16 4-4 14 Re- 
boands: New Jersey 55 (Williams 13); New 
York 51 (King il). Assists: New Jersey 29 
(Richardson 9); New York 25 (Sparrow 8). 
H Button 23 38 35 34—123 

Cleveland 23 31 33 35— US 

Sampson 13-25 15-17 41, Uovd 9-13 7-12 25; 
Free 17-30 5-S 44 Hinson 9-17 1-3 19. Rebounds: 
Houston 63 (Sainoun 71); Cleveland 44 (Hin- 
eon. Turpin 8). Assists: Houston 25 ( Hollins?) ; 
Cleveland 39 (Bosley, Free 9). 

Kansas CHv 26 34 34 27—111 

Seattle 27 31 27 21— 1M 

Johnson 15-23 4-5 34. Olberding 5-10 X4 13. 
JVood&on 4-18 1-211; Wood 9-16 7-7 24 5lkmo 9- 
15 4-4 22. Rebegnifs: Kansas Cltv 57 
(Mer ■ weather 18): Seattle 46 (Chambers 12). 
Assists: r.onsosClty 29 (Thcvsi6i; Soattteji 
(Henderson B) 


Hamilton 94 Rochester 70 

Harvard 59. Columbia 54 

Holy Crass IQ. La Salle 79 

Hunler 14 Baruch 78 

Loyola. Md. 64. Long island U. 77 

Marshall 44 Davidson 43 

Massachusetts 63. George Washington 55 

Navy BA William 4 Mary M 

Nazareth 77. Hobart to 

New Hompsnire CoL 1 IX New Haven 104 20T 

New Hampshire 41 Colgate 42 

Northeastern 74 Ohio St. 74 

Oswego SI. 54 Buffalo S3 

Penn 7X Yale 44 

Princeton 74 Brown 54 

RPl 44 Clarkson 57 

St. Banoventure 87, Rutgers Bl, OT 

St. Francis. Pa. 9X Wagner 83 

St. Joseph's 71 Rhode island 56 

St. Petort 77. Army 72 

Siena 77. Maine 63 

Skidmore BX Mktatabury 77 

Svtarttimore 64 Havertord 61. OT 

Syracuse 74 Louisiana SI. 44 

Towson St. 44 Lehigh 42 

Urania 54 Bloomfield 52 

wash. 4 Jett. 94 John Carroll 77 

west Virginia 74 Penn St. 45 

SOUTH 

Alabama 74 Auburn 71 2CT 
Citadel 9). W. Carolina BS 
George Mason 44 Jomes Madison 62 
Georgetown. Kv. 87, Thomas Mare 44 
Georgia 84 Florida 54 
Green sb oro 44 N-C-Groensbaro 43 
Jacksonville Si. 9X Term. -Marlin 12 
Louisiana Tech 59. McNeese St. SB 
Memphis St. 74 Florida St. 48 
Mixshsipol SI. BX Kentucky 49 
N. Carolina St. 84 North Carolina 74 
Richmond 6X East Carolina 40 
Sam Houston SI. 79. SE Louisiana 78 
South Carolina 110. Florida Inti 72 
South Florida 61. Jacksonville 60 
Southern u. 101. Alabama 51. u 
Tanwo 77, Florida Tech 59 
Tennessee Teen 44 E. Kentucky 4a OT 
Vo. Commonwealth 94 Ota Dominion 71 
Vanderbilt 84 Temesse* 82 
Virginia 62. Georgia Tech 55 
Virginia Tech 44 Tulone 45 
Woke Foresl 91. N.C-Wllmlngfon 71 
w. Kentucky 44 South Alaoamo 61 

MIDWEST 

Akron 47, Murray Si. 64 
Bowline Green 84 W. Michigan 57 
Chicago 44 SL Marbert S3 
Cincinnati 44 S. Mississippi 45 
Denison 64 Kenyan 53 
DePauw 7B. Washington, Mo. 50 
E. Michigan 81. Cent. Michigan to 
Illinois 68. Wisconsin 49 
Illinois SI. 44 Wichita St. SB 
Indiana Si. 78. Bradley 75 
lowo St. 72, Kansas to 
Konsas St. 44 Nebraska «2 
Kent St. 99. Ball St. 88 
Lavola, iil 89. Evansville 80 
Marquette 61. Dayton 55 
Mlchiocn 44 Minnesota 64 
Michigan St. 57. Iowa 55 
N. Dakota 81. M. Dakota St. 67 
N. Illinois 63. Miami, Ohio 61 
Obertin 77. Case Western 71 
Ohio Wesleyan 79. Allegheny 58 
Oklahoma SB, Missouri 64 
Purdue 74 Northwestern 57 
SL Louis 62, Detroit 61 
4 Dakota SI. 74 SI. Cloud St 47 
S. Illinois 92. Drake 48 
Toledo TL Ohio U. 45 
Tulsa 74 Creighton &3 
Valparaiso 79. W. Illinois 73 
Wittenberg 61. Ohio Northern 54 
Youngstown 51. 84 Austin Peav 44 

SOUTHWEST 
Angela Si. 8X E. Texas St. BO 
Arkansas St. 49. N. Texes St. SB 
Butler 71 Oklahoma Cltv 63 
Lamar 94 Toxas-Arilngten 52 
Oral Roberts 74 Xavier. Ohio 47 
Pan American 72. SW Texas 58 
So. Methodist 72. Louisville 44 
Texas 75, Baylor 72 
Texas asm 67. Texas Christian 40 
Texas southern 44 Grom bJ Ing 44 
Texas Tech SX Arkansas 50 
Texas-San Antonia 61. W. Texas St. 55 

FAR WEST 

Alaska-Falrbanfes 71. Seattle Pacific 70 
Arizona 44 Southern Cal 55 
Boise SL 74 Idaho TL OT 
Brigham Young 71, Air Force 61 
California 43. Stanford 41. 20T 
Chico St. BS. Stanislaus SI. 60 
Colorado 84 Oklahoma St. B3 
Colorado St. 94 Utoil 87. OT 
E. New Mexico 74 Abilene Christian 6B 
Fresno St. 66, Lang Beach SL 52 
Great Falls 6X W. Montana 55 
Humboldt S», Sacramento 52 
New Mexico St. 79, Pacific 44 
Nev.-Lax Vegas 99. Cal-lrvlne 89 
N. Arizona 49. Montana St. 44 
Oregon 84 Washington St. 82 
Pepaerdlne 84 Portland <0 
Raeky Mountain M, N. Montana 46 
St. Mary's. Colli. 71. San Diego 61 
Sun Diego SL 99. New Mexico B0 
Santa Clara 9X Lavola. Call!. 55 
Seattle 112, Concordia Ora. B3 
S. Oregon 65. Columbia Christian 64 
Texas- El Pom «. Hawaii 6X 
UCLA 49. JV/bOmi si. 45 
U»oh st. 67, Cal.-Santa Barbara 55 
Washington 64 Oregon SI, 45 
Weber Si. lox Idaho St. B6 







frage 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, FEBRUARY 18, 1985 


-,.^r 




LANGUAGE 


Lying and Consequences 


Bv William Safirc 

W ASHINGTON — “I came 
here to prove that Tunc lied,” 
announced Arid Sharon after a li- 
bel jury had found that a paragraph 
in a story about him was defama- 
tory and in error. “We were able to 
prove." the former Israeli defense 
inmister said, “that Time did lie." 

“The jury said not that we lied,” 
countered Henry Grunwald, 
Time's editor in chief, “but that we 
made a mistake in good faith, and I 
just wish Mr. Sharon would stop 
talking about the jury proving that 
we ‘lied.’ ” To back up his interpre- 
tation, Tune's editor pointed to ihe 
jury’s finding that no malice had 
been proved. 

Thus, a new fight broke out over 
the meaning of the word lie. Was a 
lie merely an untruth — or was it an 
untruth, or falsehood, told with 
malicious intent? 

The central point in U. S. libel 
law affecting celebrated people has 
to do with intent — was the state- 
ment published maliciously, know- 
ing it was wrong or with “reckless 
disregard” of whether it was inac- 
curate? Interestingly, the central 
point in the semantics of the noun 
lie and the verb to lie has also to do 
with intent — is inadvertent or 
honest error a lie? Do you lie when 
you make a false statement, think- 
ing it to be the truth? Or do yon 
merely misstate the facts, quite dif- 
ferent from a deliberate distortion'! 

The Oxford English Dictionary 
defines the noun as “an act or in- 
stance of lying,” which doesn't help 
much, but that gets to the essence 
of the word as it was defined about 
a century ago: “a false statement 
made with intent to deceive; a 
criminal falsehood.” It contrasts 
this criminal, malicious meaning 
with white lie. which it defines as “a 
consciously untrue statement 
which is noi considered criminal; a 
falsehood rendered venial or 
praiseworthy by its motive.” In the 
OED. the meaning of lie. the blade 
variety, is unambiguous; a lie is 
told (originally “made”) with con- 
scious, deliberate intent lo deceive. 

No less an authority than the 
lexicographer Samuel Johnson pre- 
ferred a loose construction: “John- 
son had accustomed himself to use 
the word lie,” wrote Boswell in 
1781. “to express a mistake or an 
errour . . . though the relater did 
not mean to deceive.” That was 
odd: in Johnson's Dictionary, fie is 


defined as “criminal falsehood.” 
and a quotation is given from the 
English clergyman Robert South: 
“A fye is properly an outward signi- 
fication of something contrary to, 
or at least beside, the inward sense 
of the mind: so that when one thing 
is signified or expressed, and the 
same thing not meant, or intended, 
that is properly a fye." 

However. Johnson also quoted 
Isaac Watts's "Logick." which 
seems to me to give another slam to 
the word: “The word lie ... im- 
plies both the falsehood of the 
speech, and my reproach and cen- 
sure of the speaker.” In that sense, 

lie is an attack word on the speaker 
who is in error, and is a charge of 
lack of moral probity in the speaker 
rather than a specific description of 
bis intent to deceive. 

Perhaps that is why, in Meniam- 
Websters Ninth New Collegiate 
Dictionary, “a charge of lying” is 
given as one sense or the word, and 
then in the crucial sense — the 
“malice” meaning that concerns us 
here — two different meanings are 
given: the clear and narrow one of 
“an assertion . . . believed by the 
speaker to be untrue with intent to 
deceive” and the looser usage re- 
ferred to by Boswell: “An untrue or 
inaccurate statement that may or 
may not be believed true by the 
speaker.” Other dictionaries, such 
as Webster’s New World and Ran- 
dom House, also stress the first 
meaning, including intent to de- 
ceive or mislead, and then add an- 
other meaning of “to convey a false 
impression” without necessarily 
being criminal or deliberately de- 
ceitful. 

Where does that leave us? Did 
“Tune lie,” as Sharon holds a jury 
has decided, or did lime not lie, as 
Tune says a jury has decided? 

My semantic judgment is this: to 
most people, although not to alL 
the word lie embraces the meaning 
of “deliberate." I think the juiy’s 
understanding of the word is the 
same as put forward by Time and 
by independent lawyer Abrams: 
“an untruth told with knowledge of 
its untruthfulness.” 

For savage savants who do not 
wish to be chilled nor denied the 
ability to blast public figures, this 
advice from the poet William Blake 
may serve: 

A truth that's told with bad intent; 
Beats all the ties you can invent 


New York Times Senior 


'Lave Moil’: Tales Dirty Cars Tell 


Don’t Turn Up With Red Dust If You’ve Told Your Wife 
You’re Going to Block Loam Country 


By Iver Peterson 

New York Times Semce 

D ENVER — There is a story 
going around town con- 
cerning a local woman who never 
thought twice about her hus- 
bands long business trips until he 
returned from what he said was a 
visit to Lincoln, Nebraska, with a 
thin coat of red clay on his car. 

In Denver, even an unsuspect- 
ing spouse knows that red dust is 
not associated with the black 
loam of corn country. And it 
t ake? only a brief inquiry to learn 
that such a coat is the badge of a 
visit to southern Utah, a place of 
gorgeous views and discreet mo- 
tels where, it developed, the trav- 
eling man had been enjoying a 
respite with another woman. 

The dirt on a car can rub off in 
more ways than one. Along with 
bumper stickers, travel decals 
and the back-seat duller that 
usually betokens children in the 
ramify, automotive din offers the 
observant passerby a clue to the 
home, job or even the character of 
a car's owner. 

The outward language of auto- 
mobiles is not confined to Ihe 
West, of course. In New York 
City, mangled or amputated 
bumpers and fenders reveal the 
veteran of allernate-side-of-lhe- 
street parking wars. Mere owner- 
ship of a Volvo or of a Saab 
speaks volumes. 

But in the West mud has spe- 
cial meanings and qualities. The 
region is growing rapidly, for one 
thing, and rapid growth . means 
muddy streets lined with 
S 300.000 houses. It means acres 
of tom-up prairie waiting lo be 
planted with a neo-Cotswdds 



ty of epoxy glue; hardened, espe- 
cially on shoes and rugs, it as- 
sumes ah the pliancy of industrial 
diamond. Early settlers did not 
live in adobe houses for nothing. 


cottage development and, for 
many people, the chance to live 


on a ranch within sight of the dty. 

All those phenomena produce 
cars easily identifiable by the 
mud they bear. High Plains mud, 
when soft, has the adhering quali- 


The West boasts not only the 
best mud in the United States but 
also the most grit. Municipalities 
around here do not use much salt 
to melt the snow on streets be- 
causeii makes cars rust Instead 
they use heavy applications or a 
sand that seems to include a high 
proportion of stones. It does the 
trick on the snow, but by spring 
the roads are banked by small 
Saharas of dirty sand and pebbles 
that pepper cars and billow into 
miniature sandstorms behind 
passing trucks. 

So spotting a longtime Denver 
resident is fairly easy. If the hood 
has been sandblasted down to the 
primer and the windshield is so 
pitied by sand that one has the 
sensation of peering through a 
screen door, the car has been 
around this city at least two 
springs. 

; distinction in the road- 
■y goes to the Colora- 
dan who lias chosen to live in a 
mountain community like Ever- 
green or Conifer. As late as June, 
when the plains below are warm 
and green, patches of snow per- 


sist at higher elevations and the 
cars of these mountain people 
still have snow tires and cany a 
fine, late-winter silt of sand and 
dried mud. 

Not surprisingly, people here 
have learned to live with dirt on 
their cars, even to cherish it and 


appreciate its finer distinctions. 


for example, oil drilling in- 
volves something called “drilling 
mud.” a combination of rock dust 
produced by the turning drill and 
water pumped in and out of the 
hole to cool the bit and bring the 
mud to the surface. 

In the oil boom, the newest 
Mercedes-Benz outside the most 
chic glass office tower often car- 
ries a fine layer of this gunpow- 
der-gray material on its skirts, a 
kind of status mudpack for the 
wildcatter just back from a tour 
of his “plays,” as the risky busi- 
ness of drilling for oil is so aptly 
known. 

Nondescript dirt has lately be- 
come a status symbol to the 
young men in four- wheel-drive 
trucks, which they usually equip 
with extra-large tires called “big 
fee L” When one of these vehicles 
appears with only the crescent of 
windshield that is swept by the 
wipers showing any color but 
dirt-brown, the driver is signaling 
that he has just enjoyed some 


serious playing in the mud. Other 
motorists typically accord him 
wide berth. 

But the most common form of 
automotive din is the coating on 
the thousands of cars that shuttle 
daily into the city from the grow- 
ing outer suburbs. Gelling the 
roads paved in these districts re- 
quires that all homeowners agree 
to form a special improvement 
district and absorb the cost of 
their asphalt in higher taxes. 

That means there are always 
old-timers on the block who ar- 
gue that din was good enough for 
their pioneer forebears and ought 
to be good enough for all the 
Easterners taking over the land.. 
The roads stay bare and rich with 
earth. 

There is no prestige in the dirty 
layer encasing these cars, only the 
creeping resignation that an auto- 
mobile washed this morning will 
be dirty by sundown. 

So Colorado residents resort to 
humor. 

A Peugeot belonging to a sub- 
urban commuter was parked 
downtown rate day, boring the 
telltale coat of grime. When the 
owner returned to it some time 
later, the country's oldest car-dirt 
inscription had been added with a 
Gallic twist, however ungram- 
matical- It read, “Lave moi!” 


PACIFIC POSTCARD 



By Charles j. Hanley 

The Associated Press 

F tOHNPEI. Micronesia — 
When the Nahnmwariu of Uh 
comes calling, the giant crabs are in 
the poL and the perfume rf the 
il.ing -ilang creeps over their hilltop 
home. Bob and Patti Arthur know 
they have found that “better way” 
they were looking for. 

“It’s not easy but it's nice,” he 
says. No, she says, “it’s paradise.” 
For 14 years, these ex-Califor- 
nians have lived out a fantasy that 
Walter Mi ttys only dream, setting 
up house and bolding court on a 
little Smith Seas isle. 

They are a jet-age Swiss Family 
Robinson, slicing through thick 
jungle and mastering village poli- 
tics. dining by flashlight and 
splashing through tropical down- 
pours, bringing up their boys in a 
world of sharks, stingrays and is- 
land beauties. 

Through it all the transplanted 
Americans have mellowed into 
middle age and become skilled ho- 
telkeepers. making their remote 
hilltop Vil lage a favored way-sta- 
tion for Pacific travelers. 

Patti Arthur explained it to a 
visitor this way: “We were set — a 
house on the beach near Los Ange- 
les, two cars, an airplane, a boaL 
But we just thought there must be a 
better way of doing things.” 

And a better place. Pohnpei. ly- 
ing in the western Pacific 3,000 
miles southwest of Hawaii, is a 
place of misty volcanic mountains 
and rainbow-touched lagoons, the 
kind of island whose flowery scent 
sometimes reaches seafarers long 


f ilaie-sized mangrove crabs and ^ 
ew other local products, food 


before its peaks rise into view. 

“It was love at first sight," Bob 


Arthur recalled of his first landing 
here aboard a seaplane in 1970. 

Actually, the Arthurs' quest had 
begun two years earlier, when he 
gave up his job as a successful Los 
Angeles product designer and, with 
his wife and three small children, 
moved south to the Honduran is- 
land of RoatAn to try to make a go 
of shark-fishing with a friend. Bob 
was 37, Patti 31. 

But Roatan life was limited and 
sharks “not that lucrative," Bob 
said He went island-hopping in the 
Pacific in search of a new home 
He discovered that Pohnpei. one 
of the Mlcronesian islands con- 
trolled by the United Stares as a 
UN trust territory, needed a hotel 
“He talked me into this nutty 
idea," said Patti. “I said, ‘We don’t 


comes by ship from the United 
States. Power outages are regular; 
the telephone system is not. Vehi- 
cles deteriorate quickly in the 
salty, humid air. 

Their eldest sons, Peter, 24, and 
James, 20, grew up as island boys, 
swimming in stingray-infested 


Ut 


fish and speak Pohnpeian, 
the end manying island girls. 

Peter now is building a thatch- 
and-wood house nearby for his new 
family. James and his wife live on 
the hiH The Arthurs' 22-year-old 
daughter and 16-year-old adopted 
son work and study in Hawaii, 
planning eventually to come home 


to Pohnpei. 
In 14 ve 


years, the Arthurs have 
returned to California only three 
times. 

“We have culture shock when we 
go back.” be said. “All the pressure, 
the vehicles, the noise, the media. 1 * 
They do miss some things — 
“browsing in a bookstore" for her, 
“a good hardware store” for him. 


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Or 1st Peris 747-07-29 
IN ASIA AND PAOHC 

contact our local datributar or: 


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24-34 


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me etin gs far 2 to 14 people. Priced 
from $1,295 per couple P* weeks 
fine bod & dm*. tramparKs- 
ris court. Rass & Moncure, 


indudes 
bon, tennis 


Moricure, 

116 M Saint Asaph, Alewnidia, VA 
22314 Tek [703] 


■5276. 


ALCOHOLICS ANONYMOUS h> 
Pork: 634 W 65. Geneva: 
. Rome 678 03 20. 


MOVING 


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WHO BSE FOB YOUR 
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(20-2) 712901 

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tar'l moving by speocfat frwn mjor 


alias in France to ail aties in the 
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msesriMA 


CONTMEX (mar Opera): Costbuv 
tere to 300 cities worldwide -Air/Sea. 
Cal Charlie 281 7881 ftns - Care too 


REAL ESTATE 
CONSULTANTS 


LOOKING TO BUY 

HIGH CLASS PAHS APARTMENTS 
STONE BWHINATIONAI 
TEL: 766 33 00 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


COTE D'AZUR 

MCE CJMEZ RESIDENTIAL 


160 sqjn. jiving space, hall, atranre, 
living, thing, 3 / 


bedrooms, 2 bath- 


rooms, fully equipped techon. kwn- 
dr^room. wge ten ace facing south. 


VBlY^SSf CLASS APARTMENT 


Inviolate panora mi c sec view 
Price: F2A5OJ0O 


LTJN9VERSELLE 


6 Awe Georges Gnmenoeau 
Nrca T*f ” 


06000 Nice. T*(93J 88 44 98 


URGENT. Because af finomraf detail 


sefls new Pont du Card nqperb villa 
325 sqjn. d pound level, rice park of 


71X1 ual, swx pool Value: 

F1AMJW0- Sacrifice a? R , 200 , 000 . 
TW Office hours (73) 92 42 04/ Home: 
(73)69 35 63 



SHTVWD1NG CHRGNKX?RAPH, WATE1? RESISTANT 

AvQfcsbtstn. SteeVaaiib^^ IB kt gokl or efi 1 6 let-gold 

6ft-.' ••• M©nfcw : EbeM;1&^ cle'fe )^CH*2300Ui Chouxde Fonds- 


REAL ESTATE 
FOR SALE 


GREAT BRITAIN 


LONDON SWt. £9Sfl». 3 brckooms, 
efcnrx flat, M floor, wews af Budc- 
'mghom ftJace. Tet London 730 8762 
Mas HJ (Sole Agent) 


PARIS A SUBURBS 


Embassy Service 


8 Awe. de Mnm 
75008 Pm 
Teta 231696 F 


YOUR REAL STATE 
AGENT IN PARIS 


FIATS FOR SALE 

PHONE 562-1640 

FLATS FOR RENT 

PHONE 562-7899 

OFFICES FOR RENT/SALE 

PHONE 562-6214 


AGENCE DE L'ETOILE 

REAL ESTATE AGENT 

380 26 08 


REAL ESTATE 
FOR SALE 

REAL ESTATE 
FOR SALE 

REAL ESTATE 
TO RENT/SHARE 

PARIS A SUBURBS 

SWITZERLAND 

PARIS AREA FURNISHED 

ON EIFFEL TOW® ~ 

4/5 rom^ 6 th floor, bdrany 
MognificenJ view. Tek 549 03 84 

APARTMENTS - CHALETS 

AwMh far Purchase by 

Prices from SFls!f»0™Mortgoges at 
6 M% interest. Write: 

GLOBE PLAN S-A- 
Av. Mon-flepos 24 
CH-1005 Lausanne Switxeritmd 
M (021)22 35 11 1*25185 MHJSCH 

74 CHAMPS-ELYSEE5 8th 

StudaZ or 3-room apartment. 
One month or mom. 

IE CLMHDGE 359 67 97. 

IMh dtann 1 CHARACTER 
large living, tngh ccflmra, fireplace, 
2 berooms. F27[»i)00. 
STONE WrL 766 33 00 

7TH ECOU MIUTAIRE. Luxurious 3-4 
rooms. 135 jgjit, modem decorator 
desni. F7JXXJ per month charges in- 
ducted. Jusmed Ley money: 
FE0J00. Tt± 306 50 56 

REAL ESTATE 
TO RENT/SHARE 

60s, IUXEMBOURG GA8DS4S. Ex- 
ccptiond 200 jq^n. house with char- 
acter ovtatB qpnhm/'anaen deter 
(Tartar, ftijoSJoa Tet 297 55 51 

14* MONTPARNASSE, 4room, bal- 
oony, new buSdfeg. cd comforts, 2 
gtvagBS, cdfar. RJOD/nvanlh + 
dtorge. Tet 57^-3957 or 577-4657. 

GREAT BRITAIN 


DEAL FOR SHORTTBtM STAY. Pans 
stacks & 2 rooms, decor oted. Cantod 
SoreSm; 60 rue Unverste. Para 7 th. 
Tel: m 564 39 4a 

SWITZERLAND 

CHOOSE 

SWITZBIAND 

We haw for feregnere.- A <my big 
dni a of bemiSuT AFABTM04TS/ 
VntAS / CHALETS in the whole 
regnn af Lake Geneva Montmux & al 
famous mountain resorts. Very reason- 
ably triced but aka rite best and next 
oauive. Price from about USS^OjOOD. 
Mortgages at 6 WL Please visd us- or 
phone Before you make a derision. 
H. SfflOU) SA. 

Tour Gnso fi, 0+1007 Lausanne. 
Tel: 21 /25 26 11 Tefa 24298 500 CH 


SHORT lfeiCM in Lotm Quarter. 
No ogenls. Tet 329 38 B3. 

8 fe CHAMPS H.Y5BS- fauribw 5 
roams. Tet 770 94 95 

PARIS AREA RIRN1SHED 

PARIS AREA UNFURNISHED 

50 AVEFOCH 

125 sqjTL, nnny, upper floor, 
splendd reception + 2 bedrooms, 
2 baths, partita HKxH PRICE. 
BCat&VlTY: 

EMBASSY; 562 16 40 

16TH MAGN1RCB4T 

Double rnring + bedroom 
balcony, modem. F6000; 563 66 38 

fast ExeanwE hombfmjmg- 

Prtns& suburbs. Retds.'sdesS51 0945 


REAL ESTATE 
WANTED/EXCHANGE 


AMERICAN LAWYB seek* 2-room 
opm t ment in ancient buHng, Paris 
1st, 3rd, 4ih, 6 th, & 7th, Cherm & 


cuing. WS pay many months m ad- 
vancaT Paris/260 34 72 


! Mr fata 


EMPLOYMENT 


EXECUTIVE 

POSITIONS AVAILABLE 


DYNAMIC MAfiKE’IG EXECUTIVE 
to argarhn in Europe the promotion 
af MM counseling sennas. 

PjCS.. 77 rue St Ftoranfev Paris 8 . 


GENERAL POSITIONS 
AVAILABLE 


MARKETMG TEAM MEMBBB. Kgh 
comnfesons. SeSno prestige service 
to inti businesses. Passport fed, Tet 


329 39 75 Fane. 


MARKETING CO-ORONATOR. fe- 


jeath, follow up, typng. Ruert b> 
gfah. Lafl Mies Sure! 329 39 75 Pbri* 


GENERAL 

POSITIONS WANTED 


kmguaoe* flu- 
rive rtf tesaL 


endy. 11 yean exeaAve 

Sotos experience, widely traveled, 
dyrarec seeb wel remunerated pad 
cxiywher* ei world. Salary & a 
s«on ban. Anything oonsKterad 
Bax 1796. 5011 Bergen, Norway 


International Business Message Center 


ATTtNTION EXECUTIVES 
ftABth vow bawneu nveeMne 
mOMkWmmalkmalHmMni- 
bme, wAenenwn Aon a AM 
af a Mfien imeier* mrarid- 
m ride, moot af whom am m 
btnaaaa am/ JnctoMy, wtt 
mad it. Jmt Meat ae (Paris 
613595) M a m TOaa, an- 
o ari ng A at am can Mn ytxt 
bade, and your amm aga rwg 
enpetr wimmi 48 boars. Tha 
rata » US. $9.90 ae toed 
•qurvnfenf per fin*. Yam ami 

S-'-l -J- a-M- t - JC 

enaoam annpi arm ivnzr 

ddmbSBngaddnm. 


BUSINE SS 

OPPORTUNITIES 


THIS WffiC 


February 25th 


in 


BUSINESS WEEK 


INTERNATIONAL 


a The Tooghetf Job la Bodnese 
Hciw They're RHnaktogU.5. Steel 


1 Britain: 


>W»i 


Thatcher 


Union Carbide Facet A 
In Scotland A Fiaxa 


a Inie ra ob onai OuUoofc iapm 8 
The Sovieb Toft Trade 


NOW ON SAJI 
AT ALL INTERNATIONAL 
NEWSSTANDS. 


UK & OFFSHORE 

COMPANIES FROM £90 


UX + We of Mon + Angulo 
Guernsey + Jersey + (5/fatar 
Liberia 4- Fauna + Delaware 
Ready-mad# or to suit 
Fufl nominee. adn errO r o t iw; 
end oceouneng back-up induing 
bank toradudtom 


SlfCT COMPANY FORMATIONS 
Mt Hawaii. Douglas, bfe.pt Mw 

Ml?? 


BUSINESS 

OPPORTUNITIES 


INVESTMENT PARTNERS 
NHDB) 


• Safe*} fend 
DsnrywwU/ 
a Option to purdme at wefl below 
current market value 

a AdAionoJ finanied pxtnen required 
to complete aurdKEe and lodca this 
to hi^ivyvduabie kmd 
a Short holding period before very 
p i ufiiutto i fide {projected tt 100 % 


d eve fe pon rtertoted in 


„ international touria 
attradfav hotels, duxxnj center. 
• tovest m e n l range US$2 SjCnQ ta 
USEJOWBO 


EUR0-AMBSCAN 
INVESTMENT CORPORATION 
100 N. tfecayne Btvd 
Suite 1209 Atom, R. 33132 
Tel : 005) 35&8097 
Tele* SKIS EURO HiK 


BROKERS WANTED 
to seR property trust mvsstmenti. 
US$5000 ereatea provides USS15A0Q 
bonded return guaranteed. Ptui lent 
free annual inepme of US$2500 plus. 

and con 


Contact Argyfl Comyns i 

United, "Glencoe , Bloomsbury. 


company 


4741 QuocniknL Austraia. ' 
■ 0791 *5762 


Phone (079) . 


AuAda 


IMMIGRATION TO ISA 
MADE EASY 

Attorney & Realtor obtains vista 6 per- 
manent reiidenca. Helps to set up USA 


hid & r es i d e nt* red estate, 
brochure write: David FSrean, 1201 
Dave 9. So 6 M, Newport Beach, CA 
92660 USA. [714] 752 DM 6 . 


WANTS!, DfSTOinORS for Kem- 
bafi Suntan Oil in Greece, hdy, 
France ASpan. Ilka pure coconut ail 
’with floweret mode in Bal, 
Far further information 
g4 467]_42389 (GA) Trite 


739651 G.Attn. Robert Trahan. 


HDUOARY BANKING an tege cat 
bteroBzed foam The Only m ower- 
□d bonk with a n^resentdive office 
in London jpeddrang in this sennet. 
Aidb Overseen Bam & Trust [WJJ 
Ltd. 28 Stock Prince Bd London SET. 
Td 735 8171 


BUSME5S ASSOCIATES, dedfeg m 
knport/Exporf, real estate, ftmaa fl , 
PR, resbMpnfc, emi r onmenf looking 
far further amtods. Kurt Kraegd, ar- 
ndd+koe-Str 10, 2000 Hamburg 20. 
Tefe Gcnnmy PW487275 


YOUNG SWISS tADY SfflCS parmer 
wCng to ferns or ealinanoe a pri- 
veto dub (gymncsiia, sauna enefhair- 
dresser) n lugrao, SwOzatond. 
Please note fa Box 1797, Herald 
Tribune, 92S2T Neietfe Odw. francB 


BUSINESS 

OPPORTUNITIES 


HOW TO GAIN RNAOAL indepm- 
dera so jw can retire and enjoy Hw 
Far free mfo send seV-oddiessed en- 
velop* ta Matter, CP. 6298, 00195 
Rome. Italy. 


BUSINESS SERVICES 


EXECUTIVE OFFICES 
LONDON W1 


hdy funded 
executive offices at 
dress avdUto 
from o 


ak-conddaned 
W1 ad 
periods 


Services mdude: 

• Clfltf'Werateds WweJl 
uUutvah nun 

■ Telephone 
•-rdSi 

* FacsMfe 

• Aucfo-Vaud prasarricAon 
studio 

* Conference rooms 
" Sacr e terid services 


Mocopyng 
Please contact: 


Pan Firraw, Network Nine. 

‘ ~ London WIN 9AF 


19 Strafford 
Tot 01-629 


Tbe 291429 


WTL 

BEAUTIFUL PEOPLE 

UMIMTIB} MC 
U.5.A. 8 WORLDWIDE 


A c o mplete wad & business service 
providra a unigue odfection of 
tdentod, vertalto & multXngtid 
uxkvxknls for: 


ftoshton O snvnerdidWd-Promations 
Canventian-TradB 5hawt?rea Parties 
Speed EvwfcknagB Makere^X*s 
Social Hassji o g asa es Cn t e i t un a s 
Socid Componjons-Tour gudes, etc. 


212-765-7793 
212-765-7794 
330 W. 56th St, N.YjC 10019 
Service V 
Naodod 


OFFSHORE 
LIMITS) COMPANIES 
BANKS 

INSURANCE COMPANIB 


Wbrldwtoe 

Notitoees-Admiriflntoon 
Readymade or Speoaf 


IONDCM SSVESdrf AT1V1 


ASTt3N COMPANY FORMATIONS 
Dept HI, 8 Victoria St 
Douglas. We ti 
Teh 0624 26591 
Tete 627691 SfTVA G 


BUSINESS SERVICES 

HB4CH WGH FASHION MOOGL, 
27, PR/PA experience, Hstory ot Art 
graduate, free to travel, MnguoJ, 
looks for London based Openings. Tek 
3 urn, 9 pm. 01-225 0368 0*1 

A2 PC LYON H4GU5H-GERMAN 
Ironsfaon-senrice via ite 375514 F. 

TAX SERVICES 

FRENCH AM) USA TAX ADVICE & 
returns. Paris based US CPA 359 63 01 

COMMERCIAL 

PREMISES 

PRINCIPALITY 
OF MONACO: 

To buy/ rent SHOPS 
BU9PE5SES OR OFRCE5 
Contact: 

AGHN 

26 Bis Bd Pricesse Chadatte 

MONTE— CASIO MC 98000 
MONACO r«b (93) 50 66 00 
(ext. |51 or 153) its: 479.417 MC 


FINANCIAL 

INVESTMENTS 

ANIMATION HU* PRODUCTION. 
Unique opportunity for pnvnte roves- 
tors to e>wst with wefl eskUshed & 
rapkfly groueng highly cornnerool 

jnriuaion. Wb era cawtering share 

S20h0D. Reply to Marketing CaratA 
Hokfing 5A Cote POstoto ti. CH- 
1211 Genma 17. 

TAX HAVEN BASH) BANK, ocao- 
tamed to handing mattes hi conn* 
denes seek teem dspaun whidt 
would bear itferest af up to 14% per 
annum. European Ovaneaj Bane 
(Wl) Ud, Represertrtive Office. TeL- 
lon)on73Sffl71. Tefa 295555 L5PG 

WHI PU 8 CHASE NOTES owed or 
nnrcrteed by Are6 qowmerteflh Of 
OPK countries. We ham Vage 
amounts USS. TeL- 361 650DZiMh. 

DIAMONDS 

DIAMONDS 

Your best buy. 

Fine damn-ids si any price rage 
d lowed uhofabfe prices 
dmet ham Antwerp 
center of to diamond world. 

Wl guarantee. 

Far free price lot write 
Jaadhim OoMetaein 

SSSSTg: 

PekLaanstraai 62,^3018 Antwerp 
Wafa ■ T«tp2 31 234 07 51 
Tk. 71779 syl b. At to »omo"d Oub. 
Heart of Antwerp Dkimand industry 


OFFICE SERVICES 


WORLD-WIDE 
BUSINESS CENTRES 


Famished Ex ec uti ve Office* 
Coaeiiete with Seoe ta rid, Tslati 
Atknetbbielve, Cotparato 
H e firef r s l u riofi 6 Other rur i ft i es 


AMSTBOAM Euro Suras Center 
99, 1015 CH Amsterdam 
2Z783& Teles 16183 
Executive Services, Athens 
Suite 506, Athens 610. 
7796 232L Tetau 216343 



Nmmrni . _ 

Td: 244949. . . 

BRUSSELS: A Rue de to Prase 
1000 Bnmah. Tet 217 83 60 
Tetei 25327 

DUBAI: P.O. Box 1515, DNATA 
Airfna Cortre Duba, UAE 
Td: 214565 Tefa 4§911 
LONDON: 110 The Strand. 


London WCS OAA, 

836 8918. The. 24973 


Teh 


aOrensijsP 684^ 


Madrid 28020. Tel 270 
270 66 04. Tefa 46642 
MILAN: Via Z 

20123 Mfe*. Tel 86 ^ 0/80 59 Z79 
Tefa 320343 

NEW YORK 575 Mxfatxi Avenue 


New York, NY 10022. 605- 


0200. Tefa 125864 / 237. 

PARIS: BCS, 15 Avenue Victor Hugo 
75116 Ports. Teb SOS 18 00 
Yalaxi 620393F 

ROME: Via Soveia 78. 00198 Rome. 
Tot 85 32 41 -844 » 7D . 

Tefa 6134SB 

SINGAPORE: 111 Nortfi Bridge Bd. 
#11-04/05 feimda Homl STlon 
0617. Teh 3366577. Tht 36&L 
ZURICH: Bmtwra 32 8001 Zurich 


Tel: 01/214 61. 


Tefa 812656/812981. 


PARIS 

Mur QfAMPS H.YSEES 

WIT 

YOUR OFFICE 

«Bh efl facBttes 


LE 5ATHUIE, 8 rim 


75116 Paris. Tel: (3311 
Tefa fesatd620183F. 


Sl5^. 


TOLS OmCE M PAHS MGHT ON 

THE CHAMPS ELYSEES 

LUXURY SBtVKHJ OfffGES 
T eleph o ne qmv mring, Tefa, Fax 
s euetoixit meeting roam 
ACTt 66 Charm Bysees Paris 88i 
Teh 562 66 00. Tbu 649I57F 


YOUR LONDON OFRCE 

CHE5HAM BgqnTVE CPTO 
Comprehensive 1 range of seneojs 
IB Regent eel, London Wl. 
Tel: (01( 439 6288 Tlx: 261426 


Pfocfl Tour Oanified Ad Qukldyand EasBy 

feta 

INIBtNATIONAL HSIAID TRIBUNE 


By Phone* Cofl your local IHT repre s e n t a t i ve with your text You 
vnl be k J o iu ie ii of the cost eimtediately, and once prepayment' is 
moxte your ad wfl ( 44 teV wMm 48 hain. 

Goef: The bade rate is $980 per fan per day + toed knes. Therein 
25 leflare,signi and rxx» in tin frsi Kneand 36 in the folcwing Ena. 
Mnmum space is 2 fans. No dbfareviationi ocoejXed. 

CrecRt Cato Arneriam Express, Diner's Otto, Eunxcrrt Master 
Card, Aam and Vsa. 


HEAD OFFICE 


iATIN AMERICA 


Paris: (For classified orfy): 
747-46-00. 


Bogota 212-9608 

i Aires: 41 4)31 




EUROPE 


.2 536-1S. 
Atfiense 361-8397/360-2421 . 
1 301899. 

: )01) 32944ft. 
(069) 72-67-55. 
:2958-94. 

Ihbam 67-27-93/66-25-44. 
Landcm fDl) 8364802 
Madrid; 455^891/4555306. 
MBor (02) 7531445. 
Norway: {03] 845545. 

: 679-3437. 
i00 7569229. 

Tel Avim 03-455 559. 
Vlsssna: Contact Frankfurt. 


Ohhu b= \ 

Guayaquil: 431 943/431 
Uma: 417852 
Pteme: 644372 
Son Josm 22-1055 
:6961 55S 
: 852 1893 


MIDDIE EAST 


1 246303. 

: 25214. 
Kirwxsfc 56U485. 
Qatan 416535. 

Sairtfi Arabioc 
Jaddoto 667-1500. 
UAJEj Debai 224161. 


FAR EAST 


Brmgkofc 3909W7. 

- :W20W4 

-.8170749. 

: 725 87 72 

1222-2725. 

Taiwan: 752 44 25/9. 
Tokyo: 504-1925. 


UNITED STATES 


AUSTRALIA 


New York (212) 752-3890. 


Sy dne y - 9» 56 39- 


690 8231 


EMPLOYMENT 


GENERAL POSITIONS 
WANTED 


A9A/PAOHC energetic, mvketing 
execubwe with pnwen mean] in Asia- 
/Pacific & Austra&on marketing expe- 
rienced in construction, consumer. 

e l ectrod es . texl toi , eto dncnl& house- 

hold rare marisds. Se el nng career 
OfteortunitytHlhUSorEuropeanaiut- 
tmifliand as either reganol marketing 
executive or iMandihsond mem- 
qger based in fK. IVroa respond to 
(XM, 506 CAR PO Coram fflda, 18 
Lyndhurp Twrooe, Central, ftong 


BANGKOK— BASH> troufto shooter, 
US. atemn. wide contacts. Asa seafe 
tob. french/ Engfe^i/Thai. P.O. Bo> 
1567. Bangkok wO* 252-8336 


SECRETARIAL 
POSITIONS AVAILABLE 


BRUT FRANCE 


Has hnoMtSate aperengs 
for axjmrtenced 

TARES 
_ i French 
Cah RAMS (1) 32276.96. 


Pra l nfe 
WTBgNATONAk 
SKSHAMAt POSITIONS 

TUESDAYS 

i die HT Ocarifled Sedan. 


NORTH AMBBtAN STOCK Broker 
Faro, warily Opera seeks experi- 
enced shorthand typsr/tefasS, £n- 
motor longue or totafly tfirv 
EEC notaiolor 


work permit Hrxn ffe30 to S30 pm. 
Tab 36023 99. 


TRAVEL AGBKT e taalang Car bin- 


mg & telex. Could be US wA 
Frendi or K! working papere. Part 
time or fu8 tme.-Seru CT, do ixt 
rixme. AHad Travel, 5 SqdefOpeni 
Louis Jouvet, 75009 Para 


SECRETARIES AVAILABLE 


GR-TWCSEMEDEUaBKtent- 

porary help people remit bingud or 
Engfah motor (anoue 
Pans 758 62 30. 


EMPLOYMENT 


EDUCATIONAL 
POSITIONS AVAILABLE 


TOHL Dipfemo & 3 yean expajeta 
ntoimum request} for “ounWfdlter- 
min6~! 20 hoars. Monday - Friday 
AM Semi intensive. HO/hour + to- 
ad security- March - tterwflber & 


jJ^^At^od^Gwses in facial 


— ..... Herald Tribone, 

92S21 NeuiBy Cedex. Fhatoe. 


DOMESTIC 

POSITIONS AVAILABLE 


AU PAW WAN1HI to asm for kfar 
tor doctor rauto- Nommo*» 
Please send references or * ' J " 
Afwn Gordon MD, 9W9 
Brooldyn, MY. 11209. 


to: 


global >'ev 
Thf Bant**. 


15 * * 


know anything about hotdC and 
be said. That's the beauty ofilT” 
He found the ideal site — the 
spine of a hill that juts out into 
Pobnpefs turquoise lagoon, a half- 
hour ride up a muddy din road 
from Kotonia. the island’s tiny cen- 
tral town. 

It took six years to open. The 
Village, during which the Arthurs 
had to win over local landowners 
and island leaders to the idea, raise 
capital, and then oversee construc- 
tion of 21 ihmws. the thatched^ roof, 
hillside bungalows that (rake op 
tbdr hoteL 

. The Nahhmwarki of Uh, tradi- 
tional potentate of the local Pohn- 
peian dans, sat on their first board 
of directors. And by 19SJ an inter- 
national travel newsletter had cho- 
sen their Village as one of its 
“Hideaways of the Year.” 

The Arthurs, their driMren, a 
150-pound Irish wolfhound and a 
pride of bousecaLs live in two huge 
ihmws atop the hiZL 
The setting is Eden-like — 
bright-colored lorikeets fly among 
breadfruit trees, the ilang-ilang and. 
other tropical blossoms scent ihe 
pathways, the sun sets spectacular- 
ly beyond Sokehs Rock, Pohnpei’s 

Gibraltar. 

Life in paradise can be inccmve- 
nienL Patti must plan meals three 
months in advance — except for 



Shakes l 

Cabinet 


Intelligence 

Chief to Hea 
Qoi-emtnent 




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«:«•. _rp;:reJ b\ lii 
a-r v;-.. D.;e into 


.3. arms: 
Hie Trend I 
To Fewer an 
larger Ones 


DOMESTIC 
POSITIONS WANTED 


ALWAYS AVAaABE-_AU PA*| 


duUron's nonty, nuimt helpere&t 
torn idles of la das firam oonwta 
IWp woridwitfe. Ccfl Stooro 




ceaPAGY. 


ALWAYS AVABABUEiORDON a*/ 
bobytamdere & Id das daily )«*& 
CiJ Soane Bumai, Loncfa .7* 
8122/5142. UCEMP. AGY. 


ENGLISH NANMB & Mtfhw'slfekf 


AUTOREKTALS 


OIABC 8H4T A CAR 

RoRs Spirit, Mereetfa Jc®*r,»W 

Tete 630997 FCHAflJOC 


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Anhw p: 233 99 85. Cow 3? 43 44 


PAGE 13 

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