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The Glo^B*StcweM^)er 
Editw T Hf rjig ^ 
Printed Simultaneously 
in Paris. London. Zurich. 
Hone Kong, Singapore, 
The Hague and Marseille 

WEATHER DATA APPEAR ON PAGE U 

No. 31,727 


INTERNATIONAL 




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Published With The New York Times and Hie Washington Post 

* ZURICH, THURSDAY, FEBRUARY 21, 1985 ~~ 


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ESTABLISHED 1887 


Israel May Speed Up 
Withdrawal Plans 

Even Former Partisans ol Invasion 
Of Lebanon Now Doubt Its Utility 


zr&u - 


By Thomas L Friedman voices to those calling for a speech- 

New York Tunes Service er pullback. 

JERUSALEM — Mounting Is- The new mood was evident Tues- 
raeli casualties in southern Leba- day ™ Yedioth Aharonoth, Israel’s 
non and a growing feeling that little kuBfist newspaper, which is tradi- 
is to be gained from staying (here tionally pro-Likud andealhusiasti- 
are generating heavy pressure to ca^Y supported the invasion of 


pull out the occupation army even 
faster than originally p lann ed . 

The Israeli cabinet u expected to 


Lebanon in June 1982. In an un- 
usual front-page editorial signed by 
the editor in chief, Hazel Rosenb- 


hold an extraordinary session soon ^ um * *be newspaper said: 


to set a date for the second part of 
the three-stage puDout, primarily 


“What is bong done to us by the 
Lebanese — ibesr gangs and gov- 


from the eastern Bekaa from with emment authorities — is the worst 


the Syrians. 

The second stage, which would 
pull back troops to within 10 to IS 
miles (16 to 24 kilometers) of the 
Israeli border, is expected to take 
place in April, after the snow melts. 
The final stage is tentatively set for 
August 


thing, the wildest hooliganism. 
They are murdering our people 
who are in the process of a nil] 
withdrawal from the area. They 
lurk waiting for them behind every 
coma- to loll them before they get 
out of the hell.” 

ft added that the Syrian presi- 
dent Hafez al-Assad. was “stand- 



Thatcher Warns 
Of Effort to Split 
West on Arms 




This China Airlines 747 landed safely in San Francisco were damaged by the landing-gear doors, which were 
after falling six miles over the Pacific. The rear stabifizers ripped off when the pilot lowered them to control the falL 


On Saturday, the first phase was mg behind the murderers along 
completed when troops were with- with that complete zero Amin Gc- 
drawn from the area around the oiayeL” 
port city of Sid on. On Sunday, Yi- Because Israel does not want to 
gael Hurwitz, a former member of . respond to these attacks by de- 
the conservative liknd bloc who is straying the southern Lebanese 
a minister without portfolio, pro- towns and people, the Yediot ex- 
posed to the cabinet that the army loriaj continued: “We do not have 
withdraw without any further wait- the means to paralyze them in any 
in&- other way. We must get out of 


withdraw without any further wait- the means to paralyze them in any 
tag- other way. We must get out of 

On Tuesday, Communications there, not in stages, long-term or 
Minister Amn nn Rubenstem, as short- term, but immediately — to- 
wdl as several Labor Party and day — and not stay there even a 
Likud members of the Knesset. Is- minute too long." 


rad’s parliament, added their 

Sudan Acts 
To Reform 
Economy, 
U.S. Says 


Jumbo Falls 6 Miles Toward Pacific ; U.S. Court 
Pilot Restarts Engines , Lands Safely Enhances 

Compiled by Our Staff From Dtspaidia gj nes , » ^ then that “their other slow the plane by lowering his T euerai O WclY 
SAN FRANCISCO — A jumbo three engines ceased as they were landing gear, but the doors of the " 

jet flying from Taiwan lost power descending,” according to a landing gear were tom off. evident- I nrAr Hf atoc 

in afi four engines Tuesday and spokesman of the National Trans- !y hitting and damaging ihe left "Cl lZ7mI.IA79 

plunged more than six miles (about po nation Safety Board in Wash- end right horizontal stabilizers. 

9 kilometers) toward the Pacific ington, Ira Furman. The spokesman for the transpor- By Linda Greenhouse 

Ocean before the engines restarted. A spokesman of the San Francis- , Hr ; on lvwdraM a ! 0-foot seoion New Tork Times Service 

The Boeing 747. en rant from ro lnlanational Airport, Ronald “ f ^ SltSzer was tom oil. WASHINGTON - Taking the 

Taiwan to Los Angles with 250 WiIsm, , said China Airiinra Fligh d ^ ^ of the right rare step of overruling one of its 

passengers, was extaiavdy dam- No. 6 had beta imeventful until aabUizer was also severed. own recent precedents, the Su- 

aged but made a safe emergency shortly before 11 AJd., when the preme Court has significantly eo- 

laodingai San Francisco more than airliner was at 41,000 feet (about The left wing flap was damag e d . Kanrwt [he power of the federal 


an hour Later. 12.500 meters) and brunch was be- 

About 50 pet^le complained of mg served about 500 miles west of 
minor injuries, including head and San Francisco. 


12300 meters) and brunch was be- Mr. Wilson said the pilot slowed pnve rn n w 'nt re gular** ct» m > artiri- 
inp served about 500 miles west of his dive after two minutes and re- .k a » harf 


A senior Defense Ministry offi- ,wau w 7“ l " u "““S’, and a five-foot section of the right rare step oi overmimg one ot ns 

dal commealed upon readme H* J* stabilizer was also severed. o'™ "went precedent, the Su- 

editorial- “If thevare ealKne for a ® ff “ ° ul a sa ^ e eaner 8 eDc y shortly before 11 A31., when the . preme Court has significantly at 

^S^walto^aeSoS Umding al Frandsco mon ^ airliner was at 41,000 feet (about The Wt wing flap was damaged, ha^ ^ JfLhe fieral 

left to ask us to stav Thev would 811 ^ K>ur lalEr - 12^00 meters) and brunch was be- M;. Wilson said the pilot slewed government to regulate state activi- 

have suDoorted our' Sion of About 50 people complained of ing served about 500 mfles west of his dive afler cwo mmutes and re- ties that had beeT^dered im- 

0Uf mvafl0D “ minor injuries, including head and San Francisco. gained control at 9,000 feet and mune from federal control 

c- ■„ neck strain, dizziness and nausea. He said the airplane “encoun- contacted San Franasco, declaring T . . ^ »Ka 

fc—aftra-d— 1 -** S? r^S e “ Cya,,d “ li,,S coSf^hSS..°Smtt 

reason to speed the withdrawal, fiSJSfliuiSlS . ' . the subject erf fSaSm, created a 

Reuters reported. At a press can- Created “nd released, and two shear occnrs wfam there are abrupt Afu* landing. Captam Ma Ho new framework for analyzing the 
f erence s^rrirodays of talks with ^tentos rernuMd hospi- changes m the direction or speed of apologized to the passengers for constitutional balance between 

Italian officials in Rome, he said: ^ head mjimes. airflow “the inconvenience and discom- federal and state authority. 

-tuli: When the plane began its dive, “The 747 went mto a very sharp, fort" _ , , _ . ■ J . . , 

“People were poppi^g^ like pep- steep end swift des 


neck strain, dizziness and nausea. 
Several people passed out when the 


and nausea. He said the airplane “encoun- comaciea aan rranasco, aeuanng T . , . . ■ - # . 

out when the tered turbulence that may have an on-board emergency and asking ^SSmSsSL 

i r. . i _ j i .L i n i,n^ court’s most nnpt .tam mlmgs on 


nis dive aiier two mimues ana re- ties that had been considered im- 
gamed oontrol at 9 fl°0 ta and mU ne from federal controL 
contacted San Francisco, dedaring - . . ... . . 


By Terence Hunt 

The Associated Press 

WASHINGTON — Prime Min- 
ister Margaret Thatcher of Britain 
warned Congress on Wednesday 
that the Soviet Union will attempt 
to divide the West during arms con- 
trol talks and warned that “we 
should not expea too much too 
soon” from the negotiations. 

Echoing a theme sounded by 
President Ronald Reagan, Mis. 
Thatcher said, “La us be under no 
illusions: It is our strength and not 
their good will that has brought the 
Soviet Union to the negotiating ta- 
ble in Geneva.” 

Mrs. Thatcher was the first Brit- 
ish prime minister to address a 
joint session of the House and Sen- 
ate since Winston Churchill did so 
on Jan. 17, 1951 After ha speech, 
which was interrupted 24 times by 
applause, she went to the While 
House to confer with Mr. Reagan 
on arms control the U-S. budget 
deficit and the soaring U.S. dollar. 

Although Congress is deeply dir 
vided ova how to trim the budget 
deficit, Mrs. Thatcher said: “We 
support so strongly your efforts to 
reduce your budget deficit. No oth- 
er country in the world can be im- 
mune from its effects — such is the 
influence of the American econo- 
my on us all” 

Mrs. Thatcher’s Conservative 
Party has said that the U.S. deficit 
is draining international capital. 


pushing up interest rates and weak- 
ening currencies abroad. 

She said that the current strength 
of the dollar — which has driven 
down the value of (he pound and 
made foreign goods less expensive 
in the United Stales — is causing 
difficulty for some U.S. export in- 
dustries and creating pressure for 
trade barriers to a free market. 

“1 am certain that your adminis- 
tration is right to resist such pres- 
sures,” she said. “To give in to (hem 
would betray the mulioiis in (he 

The dollar continued higher on 
European foreign-exchange 
markets Wednesday. Page 7. 

developing world, to say nothing of 
the strains on your other trading 
partners.” 

As Mrs. Thatcher addressed the 
legislators, about 100 supporters of 
the Irish Republican Army demon- 
strated outside to protest the Brit- 
ish military presence in Northern 
Ireland. Armed security police 
lined the streets around the Capi- 
tol 

In ha speech, Mrs. Thatcher de- 
nounced the IRA as “the enemies 
of democracy and of freedom, 
too.” She said that she and Prime 
Minister Garret FitzGerald of Ire- 
land were united in seeking a politi- 
cal solution to the problems of 
Northern Irdand. 

Urging Americans not to give 

(Continued on Page 3, Col 3) 


Eighteen persons been a powerful wind shear.” Wind clearance to land. 


court's most important rulings on 
the subject erf federalism, created a 


were treated and released, and two shear occurs iwhen there are abrupt After landing, Captam Mri Ho new framework for analyzing the 

fknltt qtfonnitntr rOmOinoH nooru. phiMnar in fl»n tiiiiilinn m lUirtAil nf a _ • i .a # ..... J D 


I talian officials in Rome, he said: 
“I believe we should continue the 
plan in its totality and as 


Reagan, 'Greatest Fan 9 
Renew an Acquaintance 


increase 
i attacks 


u/ACTiTxr~iYSxr c Several recent developments 

W^GTON-Sodan has seem to ha ve brightened the gniw- 
deared away most of the obstacles - fee&n p g™* remaining in 
Mocking the resumption of US. Lowmom 

•' The first was the shazpjncrease 
meni has announced. in the number of gaeniia attacks 

The department said m a state- .. . . _ . 

man Tuesday night that “relations (Continued on Page 2, CoL 3) 

between the United States and Su- T" 

dan are excellent” and that such 

programs as food aid, development KPTIAI 

assistance, and military aid, total- X BBtilJIO llt/IJUI 
ing nearly $200 million, have not X . 

been interrupted. 

The department was responding 
to a report in The Washington Post 
last weekend that the United States 
and several otha countries had cm 
back aid to Sudan because of eco- 
nomic turmoil in the country. 

The statement said the reports 
gave rise to “the incorrect conrfn- 
rion that there is a crisis in relations 
between the United States and Su- 
dan.” 

The statement said that “several 
icon tbs ago it was decided to delay 
furtha dispersement of our eco- 
nomic support fund program pend- 
ing the Sudanese government's im- 
plementation of an economic 
reform package.” 

“In recent weeks the Sudanese 
government has announced its sup- 
port for many of the dements of 
(he economic reform package un- 
der discussion between us, thus 
clearing most of the obstacles" to 
resumption of the aid plan, the de- 
partment said. 

The department also noted that 
Vice President George Bush would 
visit Sudan during an African tour 
next month. 

“His visit underscores the dose 
cooperative relations existing be- 
tween Washington and Khar- 
toum,” the Stale Department said. 


“People were popping up like pop- steep and swift descent,” the 
com," said a passenger, Seksan spokesman said, “spiraling violent- 
Caniyo of Los Angeles. ly to the left. 

The crew told the Federal Aria- “During this descent, the air- 
tioa Administration that “they had plane was subjected to extreme 


steep and swift descent,” the , , , , . . The court ruled, 5-4, that federal 

spokesman said, “spiraling violent- P* 5 P iSS T S d i“ j T* and hewr standards 

ly to (he left. and expressed gratitude and adrm- cover employees of pubhdy owned 

“Dunne this descent, the air- rat * on for plot’® handl in g of mass transit systems. In immedia te 
-I.-. lac situation. practical terms, the decision is like- 

ly to lead to higba wages for transit 


a problem with one engine of the stress, and anyone who was not , “1 had given up, when 1 looked 


aircraft and they were descending strapped down wastluown.agajnst sea . nearly all these em- 

fforo their altitude because they the ceiling and the right hand side coming up at me so fast,” said Har- payees receive more man me mnn- 
didn’t think they should maintain of the cabin." old Chom of Riverside, California. m ™ 1 wage, tray typiofly work 


(CootiiiDed on Page 2, CoL 3) their altitude with only three en- He said the pilot attempted to 



tAP) (LAT s P^ t shifts, with long breaks be- 

( h ‘ ’ tween the morning and evening 

rush horns, and would receive in- 
m creased overtime pay. 

I jPfkfYT'tfi By extension, the decision also 

restores mast state enmloyees to 
protected status under the Fair La- 
The Associated Press bor Standards Act A 1976 dea- 

ARANYAPRATHET, Thailand sum, which the court overruled 
— Vietnamese troops trying to lake Tuesday, hdd that the constitution 
a hilltop inside Thailand clashed did not permit Congress to extend 
with Thai forces Wednesday, kill- wage and hour coverage to state 
ing an officer and seriously wound- employees because to do so would 
ing two soldiers, Thai military offi- “directly displace the stales* free- 


The Associated Press 


rials said. 


dom to structure integral opera- 


The comman der of ihe Thai tious in areas of traditional govern- 
anned forces. General Arlhit Kam- mental fu nc tions.” 
lang-Ek, said the Thais and Viet- As important as the decision is 
namece exchanged artillery fire as for state and local employees, the 
Vietnamese soldiers attempted to court went further: it swept away 
take Hill 347 in Buriram province, the theoretical underpinnings of 
about 60 miles (95 kilometers) what has been known as the “new 
northeast of here. federalism.” This was the doctrine, 

General Arthit said in Bangkok for whiefa the 1976 decision served 
that a sub-lieutenant was killedand ■» raHying ay, (hat the consti- 
two enlisted men seriously wound- tutioii B>ves^e stales spectal pro- 
ed. He said that the Vietnamese lecuons mid sets affirmative hmtis 

were lata forced back into Cambo- “.^^^3?Sf 8power 
j;. to interfere m state affairs. 


dia, where they were battim 
rilla groups resisting Cam 1 
pro- Vietnamese regime. 


With “rare exceptions," Justice 
Harry A. Black mun wrote for the 


T- : 


majority Tuesday, the amstiuitjcm 
South of Aranyaprathet, Thai looses no such limits. Ratha. he 
military sources said, Khmer &fdA ^ slates ^ pr0V ecied 
Rouge guerrillas trymg to pern* against federal intrusiCHis into their 
true deeper mto Cambodia fought s^ereignty only to the degree that 
off Vietnamese troops Wednesday ,l„. .k. 


INSIDE 


■ New Zealand is excluded 
from more military maneuvers 
by the United States because of 
its anti-nuclear policy. Page 2. 

■ The Spanish pilots' muon 
died a faulty map in the Bilbao 
crash that killed 148. Page 2. 

■ Farm-state senators threaten 
to Hold up business until their 
aid plan is approved. Page 3. 

■ The Vatican warns laity to 
avoid “secularization.” Page 5. 

■ Mexico protests against U.S. 
border inspections. Page 3. 


' V ' '* v - ■; ’ ; 

~ ‘ . . 

•r» • • . 

* *. ^ . 

- . . : --rf. 

■ -v r ' 


off Vietnamese troops Wednesday 
along a 12-mile from 
Such clashes have occurred since 


they can nse the “political process” 
to protea themselves. 

It is “the structure of the federal 




last Friday, when Vietnamese government itself” that protects the 
forces swept into tbe Phnom Malai- stales. Justice Blackmun contin- 
Phum Thmey strongholds of the ued, and not any “judicially creat- 
Khmer Rouge, forcing them to ^ limitatinns on federal power.” 


He said efforts by (he 




isJimer Kouge, iorcing mem u> ^ inrutatirms on reoerai power, 
break up into small units. He said efforts by ihe Supreme 

The sources, who asked not to be Court and the lower courts to un- 
identified, said the Vietnamese also pose otha limits on Lbepowa of 
staged probing attacks Tuesday Congress had proven “both ira- 
against the defenses of Sanror practicable and doctrinaHy bar- 


By Bernard Wemraub 

New York Timer Service 

WASHINGTON —They met at 
the economic summit in Ottawa in 
1981. Tm Margaret,” she- said, 
grinning. Tm Ron,” he replied, 
shaking Her hand. 

From then on. Prime hfinista 
Margaret Thatcher, who arrived 
here Tuesday night, and President 
Ronald Reagan have engaged in a 
remarkably warm friendship, a 
friendship cemented by their simi- 
lar conservative ideologies. 

“He genuinely likes ha, and I’ve 
heard him talk aboui this dose per- 
sonal rapport that they have,” said 
a ranking White House official. 
“He finds ha a charming person, 
an engaging conversationalist. He 
also regards her as a very forceful 
leader, as someone who shares his 
view of less government, of a free 
economy.” 

“1 think he's marvelous.” Mrs. 
Thatcba said on the American 
television program “60 Minutes” 
on Sunday. Tm his greatest fan.” 

A British official in Washington 
remarked: “She’s very straightfor- 
ward about how much she likes the 
president. They both have sfanflar 
objectives, ana their views of the 
world, in many respects, coincide." 

“Besides,” he added, *Jhey enjoy 

Security for Mrs. Traidier is to 
be especially tight in the aftermath 
of a bomb attack against ha at the 
Conservative Parly conference in 
Brighton, England, in October. 
Mrs. Thatcher narrowly escaped 
injury in the attack, in which four 
people were killed. 

Demonstrations by U.S. sup- 
porters of the outlawed Irish Re- 
publican Army are expected dnring 
ha visit to Washington. As one 
British official said, “There's going 
to be pretty efficient, pretty tight 
security." 

Terrorism and European reac- 


tion to the threat of violence by 
various groups, inclu ding the IRA, 
are expected to be among the sub- 
jects that Mrs. Thatcher will dis- 
cuss with Mr. Reagan. There have 
been indications that the United 
Stales is displeased at the way West 
European nations are dealing with 
terrorist groups that move from 
one country to another. 

“We, for years, have been con- 
cerned about the problem erf terror- 
ism and have been pushing our 
friends to do more,” a Reagan ad- 
ministration official said Tuesday. 
“And when I say, 'do more,' that 
means more coordination amongst 
police forces, more exchange of in- 
telligence information that would 
help ns apprehend these terrorists, 
more work in the legal area to im- 
prove extradition.” 

The official added: “In recent 
months and weeks we think some 
real progress has been made. And 
the British have been very support- 
ive, given their own experience with 
terrorism.” 

Although economic and security 
issues wifi dominate the Reagan- 
Thatcher talks, UX officials indi- 
cated Tuesday, the main reason for 
the visit is a chance for the two to 
renew their acquaintance 

“With the president’s re-election, 
vrith the start of a new term, she 
wants to make contact with the new 
team,” a British official said. 

When Mrs. Thatcba met with 
Mr. Reagan al Camp David, Mary- 
land, on Dec. 22, after a trip to 
Asia, she pledged support for the 
research phase of the administra- 
tion's space-based missile defense 
plan, called the Strategic Defense 
Initiative. Before that meeting, 
Mrs. Thatcher had indicated some 
wariness about the UJk effort 

On Tuesday, the administration 
official who briefed reporters on 

(Continued on Page 3, CoL 4) 


Thai troops damSng guard over three Vietnamese soldiers captured in a dash Wednesday. (Continued on Page 2 , ■ 

Shultz Says Nicaragua Is Behind 'Iron Curtain 9 


By Bernard Gwertzman 

New Tork Tunes Service 


called the Nicaraguan rebels “free- 
dom fighters” and “our brothers,” 


WASHINGTON — Secretary of and urged continued aid in the face 
State George P. Shultz has said that of strong opposition in Congress. 


Changan, the last camp of the ren.” 

Khmer People's National Libera- Citing the presence of state dele- 
tion Front still intact after a three- gations in Congress and the states’ 

ptored in a dash Wednesday. (Confined 2, Col® gf 

' ' process ensures that laws that un- 

^ # . duly burden the states will not be 

Behind Iron Curtain 

implying that once the states have 

to say how ihe administration the time , Leonid I. Brezhnev was 19 s1 a j 0 Congress, the judi - 
planned to aid the rebels, whether the Soviet leader. aaT y should interfere rally withTx- 


SOENCE 

■ Drugs may improve learning 
as steroids aid athletic perfor- 
mance — and lead to similar 
ethical problems. Paged. 

BUSINESS/FINANCE 

■ Paid Vokber, the Federal Re- 
save Board chairman, says the 
central bank has stopped easing 
its mooetaiy policy. Page f. 

■ SaaS Arabia is in the midst 
of a painful poiod of retrench- 
ment, one that may last through 
the rest of the 198)$. Page 7. 

■ Personal income in the Unit- 

ed Stales rose 03 percent in 
January. Page?. 


the people of Nicaragua have fallen 
“behind the Iron Curtain" and that 
the United States has a “moral 
duty” to prevent this from becom- 
ing permanent. 

It was the first time that any 


characterized Nicaragua in terms 
of the Iron Curtain. 

Before the House Foreign Af- 
fairs Committee on Tuesday, Mr. 
Shultz enlarged upon the adiminis - 


Mr. Shultz appeared before the 
comntiitee primarily to defend the 
administration's request for S14.8 
billion in worldwide foreign aid for 
the 1986 fiscal year, which begins 
on OcL 1. 

But much of the discussion was 
ova simpon for the Nicaraguan 
rebels. Mr. Shultz was pressed by 
Representatives Geny E Studds. 
Democrat of Massachusetts, and 
Michael D. Barnes, Democrat of 


it would seek continued covert aid, 
or some new approach. But in justi- 
fying the need tor direct American 
aid, he asserted that Soviet control 


The Soviet Union, while sup- wane reluctance, if a all 
portive of the Sandinist govern- In a bitta diss entin g opinion, 
meat in Nicaragua, and a supplier Justice Lewis F. Powell Jr. accused 
of arms to it, has avoided taking the majority of abandoning the 


ova Eastern Europe now was be- any formal action to bring it under court's 


ing extended to Nicaragua. 

“I believe very strongly that we brdDa. place the doctrine that federal po- 

rn the democracies simply cannot But Mr Shultz spoke as if Nica- litical officials “are the sole judges 
put up with a Brezhnev Doctrine,” ragua was’faUing under Soviet con- of the limits of their own powa.” 
he said. “As you know, the Brezh- jjj tha t was preventing Justice Powell said, “The states' 

nev Doctrine, in effect, slates that this from becoming final were the rede in our system of government is 
once a country has been taken mto actions of the rebels. “What we a winner of constitutional law, not 
the socialist camp it never can have in Nicaragua is a government of legislative grace.” 
leave. Or to put « more colloquial- that is bad news," he said. The derision. Garcia vs. San An- 


the Soviet military or political um- review and of estal 


place the doctrine that federal po- 
litical officials “are the sole judges 
of the limits of their own powa.” 

Justice Powell said. The states' 
rede in our system of government is 


ration's latest justification for Maryland, to suggest alternatives 
help in g the anti-Sandinist rebels in to covert aid. 

Nicaragua. In the past, the admin- Mr. Barnes, who heads the sub- 
istration bat argued that aid was committee on Western Hemisphere 
needed to interdict arms to rebels affairs, said he was frustrated that 
in El Salvador. Increasingly, the the administration did not use in- 


leave. Or to put it more colloquial- 
ly under the Brezhnev Doctrine, we have to support those tooio Metropolitan Transit Au- 

SSS who stand uoforfreSKdde. fell* 

SfiEHSJM 

said of I the rebels. “I see no reason dissenters. Justices William H. 
wh >‘ we should slam the door on Rehnquist and Sandra Day O'Con- 
WMa JpSttMmrn j^ 1 because they have nor, each suggested in their own 

n^r^rwivSnTOirialli^gfiR on somehow been taken behind the opinions that the chapter may not 
r ff o“°^™ro fr° Q Cunam. if yon think of thai ^ W cloi«d,»dX Tuesday", 
keep the country communist. Al (Continued on Page 2, CoL 7) (Continued on Page 3, CoL 6) 


The derision, Garcia vs. San An- 
oio Metropolitan Transit Au- 


la a radio broadcast on Satur- dimsts. the ground that it was necessary to 

day. President Ronald Reagan In response. Mr. Shultz declined keep the country communist. At 



(Continued on Page 2, CoL 7) 


President Reagan and Prime Minister Margaret Thatcher 
with Mr. Reagan's dog. Lucky, on a White House lawn. 



Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 




U.S. Plans to Drop 
New Zealand From 
Naval Maneuvers 


The Associated Press 


WASHINGTON —The United 
States has dropped New Zealand 
from more military exercises and is 
planning new naval maneuvers 
with Australia only, U.S. Navy and 
Australian officials say. 

The new exercises are designed 
to replace Sea Eagle, the anti-sub- 
marine exercise canceled when 
New Zealand refused earlier this 
month to drop a ban on visits by 
U-S. nuclear warships, U.S. Navy 
officials s aid. 

The anti-nuclear policy of the 
New Zealand government has pro- 
duced a rift in the joint defense 
pact between Australia, New Zea- 
land and the United States known 
as ANZUS. The United States rou- 
tinely refuses to say whether partic- 
ular ships are carrying n uclear 
weapons. 

Secretary of State George P. 
Shultz cautioned Congress on 


Tuesday against cvarcactin g^by 

land Lamb aodotirar products. “I 
don’t think we want to transform 
an ally into an enemy,” be told the 
Senate Bndgpt Committee. 

“We believe that those who live 
by freedom and benefit from free- 
dom ought to be willing to stand up 
and defend it/* Mr. Shultz added, 
“so we're disappointed in that as- 
pect of the New Zealand perfor- 
mance. But basically New Zealand 
is a friendly country with similar 
values and we don’t want to overre- 
act to what they have done.” 

A US. military officer said Tues- 
day that “there may be an exercise 
scheduled between the U.S. and 
Australia to provide similar train- 
ing to that of Sea Eagle.” 

“It’s likely,” he sad, “because 
the need for that kind of training is 
still there.” 

In Canberra, meanwhile, the 
Australian Ministry of Defense 
said that the United States had can- 



U.S. Team 
Successful 
At Laos Site 


WORLD BRIEFS 


Belgium, NATO End Talks on Missiles 

t, _i ■ — WedneerUnr 




Spanish Pilots 
Cite a flauved 


celed a major military exercise in- 
volving it, Australia, New Zealand, 
Ci inaria and Britain. 

Code named RolIcaO, the naval 
operation was designed to test each 
nation’s ability to guard merchant 
ships in wartime. The exercise, 
which was to have been held in the 
next three months, has taken place 
annually in the Indian and Pacific 
oceans. 

Defense Minister Kim Beazley 
said the United States informed 
Australia of the decision on Tues- 
day. U.S. officials gave no reason 
for the cancellation, Mr. Beazley 
said. 


Map in Crash 


United Press International 

BILBAO, Spain — Spain's union 
of pQols said Wednesday (hat a 
map issued to aviators did not 
show the television tower that an 
Iberian airliner struck before crash- 
ing into a mountainside, Irinmg all 
148 people aboard. 

Carlos Espinosa, pres dent of 
Iberia, acknowledged that the map 
was faulty, but he said the absence 
of tlm two objects “did not explain 
the accident." It was the third ma- 
jor plane crash in Spain in less than 
IS months. 

More than 700 rescuers worked 
through the nigh t to gather remains 
of the victims from the Iberian Air- 
lines Boeing 727 that crashed Tues- 
day en route from Madrid to the 
northeastern city of Bilbao. 

The plane hit the tower atop Oiz 
mountain, 18 miles (29 kilometers) 
from Bilbao, then crashed into the 
mountain and burst into flames. 

“Something’s wrong in Spanish 
aviation when there are so many 
accidents,” Manuel Ldpez, the 


Airman 1st Class Irvin Bnnta examines tmexploded ordnance and a six-barrel, 20mm 
ca nnon from a U. S. C-130 gun ship that was shot down over southern Laos in 1972. 


The Associated Press 

NONG SONG HONG. Laos — 
A U.S. -Laotian team has excavated 
human bones and personal effects 
that may have belonged to some of 
13 UJS. airmen whose gimship was 
shot down in southern Laos during 
the Vietnam War. 

UJS. and I antian soldiers have 
unearthed bone fragments, teeth, 
shreds of military uniforms, live 
ammunition rounds, twisted guns 
and other remnants of a C-130 gun- 
ship shot down near the tillage of 
Nang Song Hoag more than 12 
years ago. 

Colonel Joe Harvey*, head of the 
US. team, said the joint excavation 
had turned op many parts of per- 
sonal equipment, including shreds 
of uniforms, steel inserts for jungle 
boots and parachute harnesses. 

“We’ve found human remains at 
this crash site, but 1 don’t feel it 
would be appropri ate to comment 
on exactly what they are until they 
are analyzed,” said Colonel Har- 
vey, who is bead of the Honolulu- 
based US Joint Casualty Resolu- 
tion Center. “We also have to think 
about the families. " 


BRUSSELS (Reuters) — Belgium ended consultations Wednesday 
.with its North Atlantic Treaty Organization ■JbBWjrptap* te mstalk 
lion of cruise missiles as 48 ami-nuclear demmstratore --one area* 
planned missile — began a 100-kilometer (60-mflc) pretest march on 
Brussels from the proposed deployment ate. 

An official spokesman said' Foreign Mimstff Leo TmdfflMaswaa 
preparing a report for Prime Minister Wilfaed Martens oilbe dqjtoy- 
mmtplabs afto talks with the NATO seccrtaty#^ Carmg 
ton. Mr. Martens’ center-right coalition is spht over whether to go ahead 
with deploying the first 16 of the U.S.-bufll missies. 

Theprime minister, under pressure from NATO partners tomammin 
alliance unity by installing them, has promised a decuaan tofheaidef 
March. Bui government sources said a quick rnmigvas unlikely tf the 
issue got embroiled in internal coalition politicking by the Social UUis- 
tians and liberals ahead of general elections in December. 


Dublin Seizes IRA Funds From Bank 


DUBLIN (Reuters) — The Irish authorities Wednesday seized more 
than 1.7 million Irish pounds ($1.6 million) in funds banked by the Irish 

• 1- A f! nnoirirt Rrifich miff tTI PJfYTtWm 


Republican Army to finance its drive against British rule m Northern 
Ireland, the Dublin government announced. 

The money, held by the Bank of Ireland, was frozen under an 

rot^jbat the money, raised undo- threat of “kidnapping and murder,” 
was about to be moved overseas. 

A government statement said an unnamed bank had transferred the 
money to the High Court in compliance with an order served by Justice 
Minister Michael Noonan. The Bank of Ireland’s Dublin headquarters 
confirmed the transfer but said it would not disclose details, of the 
account or the account holder. 


Israeli Pressure Grows to Speed 
Army Withdrawal From Lebanon 


The suggestion that a new exer- 
cise might be scheduled without 
New Zealand came after an an- 
nouncement by New Zealand’s 
prime minister, David Lange, that 
he would visit the United States to 
defend his country’s anti-nuclear 
policy. 

Mr. Lange said he win stop over 
in Los Angeles next week en route 
to Britain and attempt to reassure 
American officials that the ban 
does not mean that New Zealand is 
no longer a U.S. ally. 

His stopover is not considered an 
official visit and he has no plans to 
meet with President Ronald Rea- 


p resident of the pilots’ union, said 
Wednesday. 


Wednesday. 

Mr. Lopez said the last map is- 
sued in 1981 tty Iberian airlines did 
not show either Oiz mountain or 
the 164-foot (50-meter) tower. 


Mr. Espinosa said the pilot, who 
id landed more than KX) times at 


bad landed mote than 100 times at 
Bilbao airport, was flying lower 
tha n his normal a ltitude at the time 
of the crash. 


gan. 

In a radio interview on Wednes- 
day, Mr. Lange said the cancella- 
tion of joint exercises with the 
United States did not seriously af- 
fect New Zealand's defense capa- 
bility. 

Despite the rift, the two coun- 
tries plan to be co-hosts of a mili- 
tary management conference in- 
volving sddiere from 21 Asian and 
Pacific nations, the New Zealand 
defense minister, Frank O’Flynn, 
said Wednesday. 


(C ontinued from Pag e 1) 
on Israeli troops. Allay rarely 
passes without an Israeli soldier 
being killed or wounded. 

On Monday, two senior Israeli 
officers were killed in ambushes — 
Colonel Avraham Hido and Major 
Shaul Zehavi Their deaths were 
reported on the front pages of every 
Israeli paper. 

[Foreign Minister Yitzhak Sha- 
mir wanted Wednesday that Israel 
would take tough measures to stop 
attacks troops. The Associated 
Press reported from Td Aviv. 

[Interviewed on Israel Army ra- 
dio, Mr. Shamir said: “Israel will 
take all necessary measures, includ- 
ing the sharpest and toughest, to 
defend the lives of our soldiers in 
Lebanon.”] 

“People here have the feeling 
they want to detach themselves 
from Lebanon like you detach 
yourself from a plague,” said Zeev 
Schiff. the military correspondent 
of the newspaper Ha’aretz. Mr. 
Schiff, who has just returned from 
an 18-month stay in Washington, 
wrote last week of the stark con- 
trast between the Israeli Army in 
Lebanon now and the one he left a 
year and a half ago. _ 

"“It is not just a’ different Leba- 
non,” he wrote. “It is first of all a 
different Israeli Army. It is aston- 


ishing and painful. What the peo- 
ple *Iio have initiated this war have 
done to the Israeli Anny is unfor- 
givable. You no longer talk about 
’what the Israeli Army is defend- 
ing* but about ‘who wQl defend the 
Israeli Army/ ” .. . 

“In Lebanon,” he added, “you 
can see an army that has experi- 
enced first hand how military 
might is rendered impotent.” 

Israeli leaders and the public 
also have been upset by remarks 
made Saturday in Sidon by Presi- 
dent Amin Gemayd of Lebanon in 
which be praised the attacks made 
by Lebanese on Israeli troops. Mr. 
Gemayd’s family had been aided 
for years by load and, for the 
Israelis, represented Christian Leb- 
anon. 

Defense Minister Yitzhak Rabin 
said Monday that Mr. Gemayel’s 
declarations demonstrated how 
“all concepts of fidelity in Lebanon 
are worth less than the skin of a 


caught Mr. Rabin a bit off guard, 
even though be veiy much favors 
the withdrawal 

“Getting out of there just doesn't 
just depend on the weather ” said 
Mr. Rabin. “It also requires prior 
deployment, so that we will be 
ready for anything that happens.” 

■ French Observer Killed 


garlic, and how much any attempt 
to trust a relationship has no basis 
in reality.” 

The newspaper Ma'ariv de- 
scribed Mr. Gtanayd’s remarks af-a 
“very sad eulogy.” and added' that 
the alliancg between Israel and the 
Christian Phalangists was “one of 
the gravest errors m Israeli policy.” 

The public mood has shifted so 
quickly that it appears to have 



Don't cut the cord. 


It's a shame when distance cuts you off from the folks you were 
once close to. But it doesn’t have to. Asimple phone call to the folks 
you miss in the States helps keep you dose. Surprisingly dose, even 
though you're far apart. 


AT&T 


Thais Report 
Clash With 
Vietnamese 


Chernenko Is Said to Plan Speech 

MOSCOW (UPI) — Soviet officials said Wednesday that President 
Konstantin U. Chernenko is expected to emerge from eight weeks <rf 
seclusion cm Friday to deliver an election speech. 

Mr. Chernenko, not seen in public since Dec. 27, will deliver his speech 
in the Kremlin and “it wfll probably be on television," erne Soviet official 
said. Other officials also said that the Soviet leader was plan n i n g an 


Gunmen shot and killed a 
French truce observer at his post 
southeast of Beirut on Tuesday, 
The Associated Press reported 
from Beirut. 

A communique identified the 
victim as Major Paul Rhodes. 


■ PLO Approves Strategy 

The Palestine Liberation Organi- 
zation Executive Committee has 
approved the accord on a joint 
Middle East peace strategy signed 
.by its chairman. Yasser Arafat, and 
King Hussein of Jordan. The Asso- 
ciated Press reported from T unis. 

Details of the accord, signed on 
Feb. 11 in Amman, have not been 
made public. However, it is report- 
ed to call for some form erf joint 
Jordanian- PLO or Arab-PLO dele- 
gation to an international peace 
conference aimed at the creation of 
a P alestinian state on the Israeli- 
occupied West Bank and Gaza 
Strip. 


(Continued from Page 1) 
month Vietnamese offensive 
against the Cambodian resistance. 

Vietnamese gunners fired artil- 
lery rounds into Sanror Changan 
and wounded three or four guerril- 
las in fighting along the defense 
perimeter of the camp. 

Colonel Chettha Thanajaro. 
deputy commander of Thailand's 
Eastern Border Field Force, said 
chat Thai units south of Aranya- 
prathet have been placed on full 
alert and that gas masks were being 
issued following allegations by 
Thailand that Hanoi was using tox- 
ic gas against the guerrillas. 

Thailand has sent a protest note, 
to the United Nations, asserting 
that four rockets filled with phos- 
gene gas and hydrogen cyanide 
landed on its territory earlier this 
month. 

The Thai military has scheduled 
a press conference in Bangkok on 
Thursday to provide what h says is 
evidence’ of the use of toxic gas. 

Meanwhile, a Thai officer in 
Aranyaprathet said Wednesday 
that 36 Vietnamese soldiers were 
seeking to give themselves up. He 
quoted them as saying they were 
tired of fighting and wanted reset- 
tlement in third countries. 


appearance. . , . ' 

One official said that Mr. Chernenko, 73, would not speak m the 
Kremlin's Palace of Congresses, the main auditorium inside the red walls 
and the traditional site for speedies. Soviet officials have confirmed that 
Mr. Chernenko’s absence was caused by illness, but have provided no 
dues to its nature or seriousness. 


U.S. Drops Opposition to N.Y. Project 

NEW YORK (NYT) —The federal Environmental Protection Agency 
said Tuesday that it bad withdrawn its formal opposition to Westway, 
removing a major obstacle to the highway and development project 
proposed for the West Side of Manhattan. 

The decision by the agency's new administrator, Lee M. Thomas, is 
nnUkdy by itself to resolve mare than a decade of litigation. But unless 
two other federal agencies formally object, the Army Corps of Engineers 
is expected to grant a crucial landfill permit for the $2rbulion project as 
soon as Friday. 


State officials predicted Tuesday that, barring furthur court delays, 
edging of the Hudson River could begin by summer to create 169 acres 


dredging of tire Hudson River could begin by summer to create 169 acres 
(68 hectares) of laud for parks, housing and commercial and industrial 
development. The highway would run beneath the landfill far about half 
of its 42-mile (6.7-kuometer) route between the Battery in lower Manhat- 
tan and 42nd Street. 


Reverend Moon Denied Parole In U.S. 


WASHINGTON (AP) — The U.S. Parole Commission Wednesday 
nied parole to the Reverend Sun Myung Moon, the spiritual Leader of 


■ Thai Artillery Deals 

The Thai Army is to buy an un- 
specified number of long-range ar- 
tillery pieces and is considering 
guns of South African and Austri- 
an manufacture, Agence France- 
Press in Bangkok quoted an army 
spokesman as saying Wednesday. 

The spokesman said that specifi- 
cations called for a gun with a 
range exceeding 39 kilometers. The 
largest artillery piece in the Thai 
arsenal is the U.S.-made 155tnm 
gun, with a maximum range of 38 
kilometers, the spokesman said. 

■ Chinese Troops Ready 

President Li Xhumian of China 

said Wednesday that the estimated 
500.000 Chinese troops stationed 
along the Chinese- Vietnamese bor- 
der are at “combat readiness” be- 
cause Vietnam has ignored repeat- 
ed warnings to stop invading 
Chinese territory, United Press In- 
ternational quoted the official Xin- 
hua news agency as reporting from 
Beaing. 

Western diplomats said they be- 
lieve that the Chinese vow to re- 
pulse alleged Vietnamese invasions 
is an excuse for Beijing to take 
retaliatory action against the Viet- 
namese successes against Cambo- 
dian guerrillas. 


denied parole to the Reverend Sun Myung Moon, the spiritual leader of 
the Unification Church who is serving an 18-month prison sentence for 
income tax evasion. 

Mr. Moon began serving his sentence on July 20, 1984, at the medium- 
security prison in Danbury, Connecticut. His new projected release date, 
which takes into account good behavior, is next Aug. 20, according to a 
Justice Department spokesman. 

In denying parole to Mr. Moon, 64, “the comsnsskm said the normal 
amount of time for someoneserving prison far this type of offense is 10 to 
14 months. It saw no mitigating circumstances to reduce that time in the 
case of the Reverend Mr. Moon,” the spokesman said. 


South Africa Squatter Site Still Tense 

JOHANNESBURG (UPI) —Scattered incidents of violence brake out 
Wednesday at Crossroads, a black squatters’ camp near Cape Town, 
where the death toll from rioting earher this week rose to 16 with the 
discovery of four more bodies, police said. 

Police also announced that seven blade dissidents arrested Tuesday in 
a nationwide crackdown on groups opposed to the government would be 
arraigned in Durban on Thuralay on charges of high treason, which cany 
possible death sentences. 

Police reported an uneasy calm in Crossroads that was broken 
Wednesday by scattered incidents of stone-throwing. Tire squatters’ town 
was the scene of two days of rioting Monday and Tuesday, sparked by 
rumors that (he 60,000 residents were to Be forcibly evicted by the 
government from their shacks of wood, tin and plastic. Government 
officials denied that an eviction of camp residents was planned. 


France Bars Ministers at Bomb Trial 


PARIS (Reuters) — The French government Tuesday barred nrinistera 
from giving evidence at the trial of three Armenians accused of a bomb 
attack at Orly Airport two years ago in winch eight persons were killed 
and more than 50 injured. 

In a letter read in court on the second day of proceedings, Justice 
Minister Robert Badinter said the cabinet had rejected a defense request 
that the ministers appear at the trial in the Paris suburb of CretaL 
Jacques Verg&s, the lawyer for the three, Tuesday asked President 
Francois Mitterrand and two ministers to appear as witnesses, saying the 
government bad held negotiations with Armenian guerrillas in the past 
The two ministers cited were Gaston Defferre, interior minister at the 
time of the attack, and the secretary of state for the aged, Joseph 
Franceschi, who was then secretary of state for public security. 


■ Camborfia Dories Using Gas 

The pro-Hanoi government of 
Cambodia rejected Wednesday 
chaty t by Thailan d ih*i Vietnam- 
ese forces were using chemical 
weapons, describing the assertions 
as a bid to play down Hand’s re- . 
cent victories against the Cambodi- 
an resistance, Agence Franco-Press 
reported. 

The official Phnom Penh news 
ag/eoey, SPK, said in a dispatch 
monitored in Bangkok that the 
Thai charges were entirely false 
and had been repeated too often to 
be credible. 


For the Record 


Jeosef Qerap, Poland's Roman Catholic primate, arrives in London 
Thursday for a 10-day visit designed to stress spiritual unity in Euro- 
pe. (Rouen) 

The mayor of Aroben, m Hesse, West Germany, Ernst-Hubert Midiae- 
lis, was convicted by an East German court m Berlin Wednesday of 
organizing a “subversive action” that caused the death of an infant. He 
was sentenced to six years in prison, the East German news agency ADN 
reported. (AP) 


Correction 


20 Prisoners Tortured, 
Honduran Group Alleges 


Tuesday’s closing price of the U.S. dollar against the Deutsche made in 
London was given incorrectly in Wednesday’s paper, it should have been 
3-315 DM to the dollar. The doting price for Frankfurt on Monday also 
was incorrect. It should have been 3.2945 DM to the dollar. 


Reuters 

.TEGUCIGALPA, Honduras — 
The Honduran Human Rights 
Cn mtnisri nn has d emanded nffi- 
dai investigation into (he treat- 
ment of 20 political prisoners it 
said were tortured last week, ac- 
cording to its leader, Ramdn Cos* 
todio. 

Officials at the federal peniten- 
tiary in the Honduran capital con- 
firmed on Tuesday that the prison- 
era had been placed in a special 
wing, but refused to comment on 
the torture allegations. 


Shultz Describes Nicaragua 
As Behind f Iron Curtain 9 



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(Continued from Page I) 

which can exteud around (be 
world." 

The term “Iron Curtain” was 
first used by Winston Churchill in a 
speech in 1 946 describing the grow- 
ing Soviet control over Eastern Eu- 
rope. 

W. Studds, who asserted that 
the Nicaraguan rebels had carried 
out political murders and other 
questionable actions, scorned Mr. 
Reagan’s descriptions of them as 
“our brothers " 

He said he thought that Lewis 
Carroll author of “Through the 
Looking Glass,” in which every- 
thing is reversed, "had been 
brought back to life and hired by 
the White House as a speech writ- 


“Can’t we agree on something 
that has a chance of soccesaT Mr. 
Studds said “The strugric for fn»- 
dom should be something more 
than a contest between oar terror- 
ists and char terrorists.” 


Costa Rica has asked Nicaragua 
to cut the staff of itsembassy fron* 
47 to 10 because of a dgrioananc 
dispute, Reuters reported ham 
Costa Rica on Tuesday. 


President Luis Alberto Mon# 
has said he is studying a range « 
measures to retaliate against Ma- 
nagua’s refusal to release a Nicara- 
guan student who Costa Rica 
was kidnapped by pohce&oin & 
embassy in the Nicaraguan capital 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 


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Farm State Senators 
link Aid Package to 
Meese’s Nomination 


C 







By Dan Baiz 
and Margaret Shapiro 

Washington Post Service 

WASHINGTON — Angry farm 
suite senators, desperate for an 
emergency aid package for farmers 
on the brink erf bankruptcy, have 
threatened to hold hostage legisla- 
tive actions in both the Senate and 
House of Representatives until the 
program is worked out with the 
White House and Senate leaders 
and scheduled for a vote. 

The farm state legislators threat- 
ened Tuesday to filibuster the vote 
in the Senate on confirming Edwin 
Meese 3d as attorney general and 
are considering the possibility of 
attaching a farm-credit package to 
an emergency aid program request- 
ed by the Reagan administration 
for African drought victims. 

“We cannot wait," Senator Da- 
vid L Boren, Democrat of Oklaho- 
ma, said in threatening to filibuster 
the Meese nomination. “We need 
action in the neat few days to avert 
disaster." 

Senator Mark Andrews, Repub- 
lican of North Dakota, said that an 
“obvious coalition" was forming 
among senators who oppose Mr. 
Meese and those who want action 
on larm legislation. Mr. Boren pre- 
dicted that it would be “very hard" 
for the Senate leadership to find the 
60 votes needed to shut off debate 
and force a vote on Mr. Meese. 

The filibuster threat provoked a 
testy response from the Senate ma- 
jority leader, Robert J. Dole, Re- 
publican of Kansas, who warned 
his colleagues not “to play political 
games" over the nomination. 

He told the farm state legislators 
that if they continue to pressure 
him on farm aid by tying up the 
Meese nomination. “We may not 
get around lo addressing the prob- 
lem." 

[On Wednesday, as meetings 
concerning the timing of the vote 




were held between lawmakers and 
Reagan administration officials, 
Mr. Dole called the delaying tactics 
“blackmail." The Associated Press 
reported. 

[President Ronald Reagan's 
chief spokesman, Larry Spokes, 
also denounced the action. “To 
bold the Meese nomination hostage 
for farm legislation is just not the 
way to do business," he said. “We 
want the Meese nomination to 
come forward and be voted on, so 
the new attorney general can take 
office." 

[“We’re adamant" on the issue, 
the spokesman said, adding that 
the white House would be willing 
for farm issues “to come up in the 
Senate and stand on their own two 
reel."] 

Senator Tom Harlan. Democrat 
of Iowa, said Tuesday that some of 
his fanners have been “waiting two 
to three years" for help from the 
government. He asked Mr. Dole 
earlier why it was more important 
to take up the Meese nomination 
now rather than helping farmers 
“who are going under." 

Mr. Dole predicted that Mr. 
Meese would win confirmation eas- 
ily, despite objections to his nomi- 
nation by some Democrats. 

He ana Senator Jesse Helms, Re- 
publican of North Carolina, chair- 
man of the Senate Agriculture 
Committee, met with Mr. Boren, 
Senator J. James Exon, Democrat 
of Nebraska, and Senator Alan J. 
Dixon, Democrat of Illinois on 
Tuesday in an effort lo bead off the 
filibuster. 

The farm state legislators 
emerged to say that Mr. Dole and 
Mr. Helms bad agreed to get the 
administration to “price our vari- 
ous proposals for helping thou- 
sands of beleaguered farmers who 
face possible bankruptcy if they 
cannot get credit to hup plant their 
spring crops. 




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REMEMBERING TWO JIMA — Edward J. Moramec of Milford, Connecticut, and 
Isao Chshima of Japan hold their national flags over the manorial unveOed tins week on 
too Jima, where one of the fiercest battles of World War II was fought 40 years ago. 
Several hundred veterans and their families assembled on the island for the anniversary. 

U.S. Bankers Mexico Protests to U.S. 
Greet Shuffle Over Border Inspections 


Congress Urged to Take 
Lasting Action on Deficit 


The Associated Pros 

WASHINGTON —Rudolph G. 
Fenner, director of the Congressio- 
nal Budget Office, said in congres- 
sional testimony Wednesday that 
only long-term changes, not tem- 
porary spending cuts, would be ef- 
fective in reducing the “chronic" 
federal budget deficit. 

“There are no simple and' obvi- 
ous ways of painlessly reducing 
deficits," Mr. miner said. He gave 
the House Budget Committee a list 
of 123 recommendations for reduc- 
ing the deficit 

Mr. P enne r was the first witness 
as the committee began full-scale 
hearings on the budget before 
drafting a spending plan that is 
expected to differ significantly 
from the one President Ronald 
Reagan snhmittpd Lost month. 

He told the panel that, barring 
spending cuts or tax increases, and 
assuming good economic growth 
through the end of the decade, the 
deficit would rise from this year's 
level of slightly more than S200 
billion to nearly $300 billion by 
1990. 

If ibe nation suffers a recession, 
be said, the deficit could rise to 
$425 trillion by the aid of the de- 
cade. 

Mr. Reagan's budget for fiscal 
1986, which starts Oct 1, calls for 
deep cuts in domestic programs 
combined with a S30-biUion in- 
crease in defense spending. 

Many House Democrats appear 
ready to accept some domestic 
spending cuts, but others, includ- 
ing Representative' William H. 
Gray 3<C a Democrat of Pennsylva- 
nia who is the budget committee's 
chairman, have said they want a 
slowdown in Mr. Reagan's defense 
buildup as part of an overall defi- 
cit-reduction package. 

Mr. Fenner’s report on options 
for reducing the deficit included 88 
ways to cut spending and 35 possi- 
bilities for increasing revenues. 

The spending proposals included 
cancellation of the MX multi-war- 
hcad strategic nuclear missile, at a 
savings of more than $10 billion 
through 1990. The list also includ- 


ed many of the domestic program 
cuts the president has proposed. 

The options for raising taxes in- 
dude higho- levies on dividends 
and capital gains, eliminating tax 
breaks that some businesses are 
permitted to use, and raising in- 
come tax rates across the board by 
10 percent 

As a nonpartisan agency, the 
Congressional Budget Office made 
no recommendations an whether 
Congress should enact any specific 
option. 

But in his testimony, Mr. Penner 
tried to direct Congress' actions to- 
ward long-term changes. 

“Policies that simply postpone 
expenditures are unlikely to im- 
press financial markets, even 
though they may significantly re- 
duce deficits in the short run,” he 
said. Thus, he said, such policies 
were not likely to bring about a 
decline in interest rates. 

“Conversdy, policy changes that 
promise long-run savings may have 
a big market impact," even though 
those savings do not affect spend- 
ing immediately, he said. 

■ Cats Linked to Poverty 

A study by the Congressional 
Budget Office says that cumulating 
the 1986 cost-of-living adjustment 
in federal benefit programs would 
save $6.6 billion next year but 
would push 530,000 people into 
poverty. The New York Times re- 
ported from Washington. 

Two-thirds of the newly poor 
people would be elderly, the study 
said. In 1984, for example, an el- 
derly couple was classified as poor 
if it had an annual income of less 
than $6,280. 

The budget office studied 10 
cash benefit programs with auto- 
matic inflation adjustments. The 
programs, with automatic inflation 
adjustments, account for $254 bQ- 
■ hon, or slightly more than one- 
fourth of ail federal spending this 
year, the study said. 

With no change in current law, 
the anticipated cost-of-living ad- 
justments would increase federal 
spending by $7 billion next year 
and by a total of $153 trillion from 
1986 through 1990. 


In Argentina 

By Nicholas D. Kriscof 

New York Times Service 

NEW YORK. — American 
bankers have welcomed the ap- 
pointment of Juan SouiTOuille as 
the new economics minister of Ar- 
gentina. They said he appeared to 
be less abrasive than his predeces- 
sor, Bernardo Grinspun, and more 
committed to an economic disci- 
pline that bankers say is needed in 
Argentina. 

But many bankers cautioned 
Tuesday that it was too early to tell 
if the ministerial shuffle, an- 
nounced Monday night, represent- 
ed a fundamental change of policy. 

An Argentine official in the 
United States confirmed reports 
that President Raul Alfonsln had 
asked Mr. Grinspun to resign. The 
president of the Argentine central 
bank. Enrique Garcia Vazquez, 
was also asked to resign and was 
replaced by Alfredo Concepridn. 
former secretary of internal com- 
merce. 

The official, who asked not to be 
identified, said, “It’s simply a 
changing of the guard, and a more 
aggressive approach, and more co- 
ordinated, mi inflation." 

UJS. bankers dealt with Mr. 
Grinspun, often in arduous negoti- 
ations, over Argentina’s $45-iriSion 
foreign debt, the third-Iaigest in the 
developing world. Only the debts 
of Brazil and Mexico are larger. 

Many said that Mr. Soiurouflle, 
who was educated at Harvard, had 
poshed for export-oriented policies 
and- an assault on inflation. These 
economic views generally are 
shared by Argentina's approxi- 
mately 320 creditor banks and by 
the International Monetary Fund. 

Mr. Sourrouille, 44, in his previ- 
ous position as planning secretary, 
had drafted a five-year plan for the 
Argentine economy calling for pro- 
moting the country's neglected ag- 
ricultural sector, and for encourag- 
ing agricultural and industrial 
exports. 

A recent article in El Econo- 
mis ta, an Argentine economics 
journal said that Mr. Sourrouille 
also favored attacking shortterm 
problems, of which infla tion is the 
most pressing, before moving on to 
other tasks. Inflation was more 
than 750 percent in the 12 months 
ending in January. 


By William Orme 

Washington Post Service 

MEXICO CITY — Mexico has 
delivered a diplomatic protest note 
over paralyzing customs inspec- 
tions of Mexican border traffic and 
other expressions of American dis- 
satisfaction with Mexico's search 
for a kidnapped U.S. narcotics 
agent. 

For the past four days, Mexican 
motorists crossing into the United 
States have been subjected to ex- 
haustive inspections by U.S. cus- 
toms officers, who are said to be 
seeking clues to the Feb. 7 abduc- 
tion in Guadalajara of Enrique Ca- 
marena Salazar, a U.S. Drag En- 
forcement Administration official. 

The resulting border tie-ups have 
been “dearly a way of putting pres- 
sure on the Mexicans to shape up 
and get something going” in the 

f!amerena inv estig a tion , one in- 
formed U.S. source said. 

In response, Foreign Minister 
Bernardo Sepulveda Amor ordered 
Mexico's ambassador in Washing- 
ton, Jorge Espinoza de (os Reyes, to 
present a diplomatic note to the 
State Department d emanding an 
explanation, Mr. Sepiliveda said 
Monday. Breaking with precedent, 
the United States did not inform 
the Mexican government of the 
border action beforehand, Mr. Se- 
pulveda said. 

A State Department spokes- 
woman in Washington declined to 
comment on the report of the dip- 
lomatic protest 

“We haven’t found any justifica- 
tion whatsoever” for the U.S. ac- 
tion, Mr. Sepulveda said Monday 
on Mexico’s slate television net- 
work. 

There have been no break- 
throughs in the Camarena ca se , 
and U.S. law enforcement officials 
think that Mexico “is not pursuing 
its investigation with vigor and in- 
tensity," a U.S. source said. 

Last week. Attorney General 
William French Smith sent a cable 
to iris Mexican counterpart, Sergio 
Garda Ramirez, also “expressing 
frustration and disappointment* 
with the Mexican response, the 
U.S. source confirmed. 

Mexican officials voiced resent- 
ment ai this U.S. criticism, saying 
they have deployed needy 100 fed- 
eral police agents and 200 slate 
policemen in the search for Mr. 
Camerena 




AFL-QO Alters Traditional Policy , 
Urges Freeze on Military Spending 

Washington Post Service 

BAL HARBOUR, Florida —The AFL-CIO, for the first time in its 
30-year histor y, has «n«t for a freeze on nrihtary spending if 
domestic sp ending is cot or frozen. 

The acti on Tuesday by the executive council of the 13-mmion- 
member labor federation marks a departure from its consistent 
support of military-spending increases. It was prompted by what the 
AFL-CIO called President Ronald Reagan’s insistence cm financing a 

comnrittedtoa strong defense," said ^ne 
Kirkland, president of the federation. “But we are equally committed 
to a strong economy and social justice at home. We will, therefore, not 
support inc r—wri spending at the expense of programs that 

are vital to our domestic welfare. 

“We strongly oppose the proposition that the security of this 
preseat generation night to be paid for by future generations or that 
the security of the affluent classes in our society ought to be paid for 
by further stripping the neediest classes in our society." 

In the past, the federation has strongly supported miktary- spend- 
ing increase lyqp isfl of the strong anti-CtHumunist views of its 
leadership and because many jobs depend on the defense industry. 

Mr. Kirkland said that organized labor still supported increased 
military spending, but “only if it is equitably paid for.” During Mr. 
Reagan’s first term, the AFL-CIO proposed that military increases be 
funded by a surtax on corporate and personal income. 

Rather than increase taxes, Mr. Kirkland said, the administration 
has cut taxes, “especially for the wealthy, thereby shifting a greater j 
burden for defense on working Americans.” 


Thatcher 
Speaks in U.S. 

I 

(Continued from Page 1) 
financial aid to the IRA, she said 
the money “is used the buy the 
deaths of Irishmen, north and 
south of the border." 

Reiterating her support of U.S. 
research on Mr. Reagan’s program 
of space-based defense against nu- 
clear weapons, the prime minister 
said, “Tbe United Sates must not 
fall behind the work being done by 
the Soviet Union." 

A British official who accompa- 
nied Mrs. Thatcher said that she 
“draws a clear distinction" be- 
tween research and actual deploy- 
ment and that she believes that 
deployment must be subject to ne- 
gotiations with Moscow. 

While Mr. Reagan has held out 
the hope that the plan, known offi- 
cially as tbe Strategic Defense ini- 
tiative, will lead to the abolition of 
all nuclear weapons. Mrs. Thatcher 
sounded a different theme, quoting 
from ChurchiB’s 1952 address to 
Congress: 

“Be careful above all things not 
to let go of tbe atomic weapon until 
you are sure, and more than sure, 
that other means of preserving tbe 
peace are in your hands." 

She added, “Thirty-three years 
on, those weapons are still keeping 
the peace." 

Noting that arms talks are to 
resume in Geneva on March 12, 
Mrs. Thatcher said: “They will be 
intricate, complex and de m a n di n g. 
And we should not expect too 
much loo soon. We must recognize 
that we <h»n face a Soviet political 
offensive designed to sow differ- 
ences among ns, calculated to cre- 
ate infirmity of purpose, to impair 
resolve and even to arouse fear in 
the hearts of our people." 

“We know [hat our alliance, if it 
holds firm, cannot be defeated,” 
Mrs. Thatcher said. “But it could 
be outflanked. It is among the un- 
free and the underfed that subver- 
sion takes rooL” 

WHAT WOULD LIFE BE LIKE 
WITHOUT n? 

WEEKEND 

EACH FRIDAY IN THE IHT 


Reagan, 'Greatest Fan’ 
Renew an Acquaintance 


(Continued from Page 1) 
condition that he not he identified, 
said there was “no disagreement on 
the basic thrust of the Strategic 
Defense Initiative." But be conced- 
ed there could be some disagree- 
ment between the United States 
and some European leaders on the 
long-range implications. 

The official pointed out specific 
concerns among Europeans that 
their security could be at risk if the 
United States chose to protect its 
own territory with a defensive 
shield against nuclear weapons. 

“We, in our discussions with the 
Europeans, have made completely 
clear," he said, “that we would not 
want a strategic defense system 
that only protected the United 
States, that kept the Europeans un- 
protected. This is the sort of issue 
that will come up in the talks." 

Shortly before flying to the Unit- 

Navy Offers Bonos to Pilots 

New York Times Service 

WASHINGTON — The U.S. 
Navy, worried by a sudden increase 
in the number of pilots leaving the 
service to work for commercial air- 
lines, has begun offering cash re- 
enlistment bonuses of up to 
536,000 lo its fighter pilots. 


ed States, Mrs. Thatcher said she 
would be conveying “very, very 
strongly” the British concern about 
the $200-bDlion U.S. budget deficit 
and the disparity between the surg- 
ing dollar and tbe British pound. 
Since the start of 1984, tbe pound 
has lost nearly 25 percent of its 
v alue against the dollar. 

For his part, Mr. Reagan is ex- 
pected to discuss the “nudear aller- 
gy" among U.S. allies that was evi- 
dent most recently when the Labor 
government of New Zealand, 
which has adopted an anti-nuclear 
policy, barred a UJ3. destroyer 
from paying a port call because the 
Pentagon would not declare that it 
was free of nuclear weapons. 

DEATH NOTICE 

Mrs. WALTER BESTERMANN 
In mentonum and with d eep regret 
her famil y announce the di^ath in 
1 Brussels on February 14, 1985, of 
Mrs. Waher Bestennann, 
born Catherine Leytm. 

She is survived by her daughter-in- 
law Mrs. Carmen Bestennann and 
three grandsons, Stefan, Andrew 
and Alexander. 

Avenue Molifere 278, 1060 Brussels. 
6 Woodlawn Avenue, Wellesley 
Hills, Mass. 02181. 


BROADCASTING TO CABLE COMPANIES 
IN EUROPE &THE UK VIA SATELLITE 

C H A N N E L 

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TELEPHONE LONDON 101) 636 4(177 TELEX 266943 


One factor slowing the investiga- 
tion, some U.S. officials suggested, 
could be the influence of Mexican 
drug rings over some local law en- 
forcement authorities. Mr. Camar- 
wia, at the linw* of his kidnap p ing 

was believed to have been investi- 
gating tbe bribery by narcotics traf- 
fickers of imidmtified officials. 
Mexican police spokesmen said. 

If the U.S. authorities “have evi- 
dence of inefficiency in Mexico’s 
police forces, they should present it 
to us formally, without resorting 
first to these kinds of pressures,” an 
aide to President Miguel de la Ma- 
drid said. 

John Gavin, the American am- 
bassador, met with Mr. de la Ma- 
drid on Monday afternoon to dis- 
cuss tiie issue, U.S. and Mexican 
sources confirmed Tuesday. One 
item believed to have been dis- 
cussed was the possible issuance by 
tbe State Department of an official 
“travel advisory” warning Ameri- 
can tourists of the potential risks of 
a visit lo Guadalajara and its envi- 
rons. 

■ Mayor Takes Refuge in U.S. 

The opposition candidate in the 
violently disputed contest for may- 
or of Piedras Negras, Mexico, said 
Tuesday that be was staying across 
the border in Eagle Pass, Texas, for 
an indefinite period after receiving 
“threats, inehirimg death threats" 
in his own town. The New York 
Times reported. 

The candidate, Dr. Eleazar Co- 
bos of the National Action Party, 
said that “if the political repression 
continues in Mexico and Piedras 
N e gra s” be might seek political 
asylum in the United Stales, bat 
was awaiting instructions from the 
party leadership. 

The move followed a new out- 
break of violence in Piedras Negras 
last weekend in which at least four 
people — three of them Mexican 
judicial policemen — were hurt 

Since its municipal elections on 
Dec. 2, Piedras Negras has become 
one of the Mexican government's 
most intractable political prob- 
lems. 

Both sides acknowledge that the 
vote for mayor was dose, but the 
state legislature, which is con- 
trolled by the governing Institu- 
tional Revolutionary Party, award- 
ed the office to Carlos Juaristi 
Septien, the ruling party candidate 


U.S. Court 
Enhances 
Federal Sway 
Over States 

(Cootmned from Page 1) 
decision itself may soon be a target 
for overruling. 

Chief Justice Warren E Burger 
also dissented. Justice Blackmun’s 
majority opinion was- joined by 
Justices William J. Brennan. Byron 
R. White. Thurgood Marshall and 
John Paul Stevens. 

The key role was that of Justice 
Blackman. He had been a reluctant 
member of tbe 5-10-4 majority in 
the 1976 decision, which was writ- 
ten by Justice RehnquisL That de- 
cision, National League of Cities 
vs. Usery, struck down Congress* 
extension of the Fair Labor Stan- 
dards Act to state employees by 
resurrecting one of the most ob- 
scure provisions of the bill of 
rights, the 10th amendment 
The 1 0th amendment provides 
that powers not granted by the con- 
stitution to the federal government 
“are reserved to the states respec- 
tively, or to tbe people.” The Na- 
tional League of Cities decision 
found in drat amendment an affir- 
mative check on the ability of Con- 
gress to exercise its power over in- 
terstate commerce in ways that 
affected the “states as states." 

It was the first time in 40 years 
that the court had invalidated an 
action taken by Congress under tbe 
Commerce Cause power, and the 
decision appeared to herald a ma- 
jor shift in the federal-state balance 
of power. 

That promise did not material- 
ize, however, as the court seemed to 
p ull back from the full implications 
of the 1976 decision. In 1972, for 
example, the court ruled that em- 
ployees of the state-owned Long 
Island Rail Road had a federally 
guaranteed right to strike, despite 
the 10th amendment, because run- 
ning a railroad was not a “tradi- 
tional” state function. In 1983, a 5- 
4 decision that Justice Blackmon 
joined held that Congress could 
cover state employees under the 
federal age discrimination law. 

By the time the court reached the 
mass transit case, it was apparent 
that the National League of Cities 
doctrine was severely frayed. A 
Federal District Court in Texas 
had ruled, based on tbe 1976 deci- 
sion, that San Antonio was im- 
mune from being required to pay 
its mass transit workers according 
to federal wage and hour scales. 

Both the transit workers and the 
federal government appealed to the 
Supreme Court, ar guing that mass 
transit was not a traditional state 
Function and that the 10th amend- 
ment analysis should not apply. 

The National League of Cities 
issued a statement saying tbe court 
had “clearly upset any semblance 
of balance between the interests of 
federal policy and our once-proud 
traditions of local self-govern- 
ment" 

Justice Blackmun's 28-page 
opinion (fid not discuss tbe 10th 
amendmen t. Rather, he discussed 
the extent to which the National 
League of Cities approach had 
proved “unsound in principle and 
unworkable in practice." 

Kangaroo CbR to Be Opposed 

Reuters 

SYDNEY — Conservationists 
said Wednesday that they planned 
protests over an Australian deci- 
sion to allow nearly two million 
kangaroos to be shot this year. 


U.S. Studies Responses 
To Treaty Infringements 

By Walter Pincus reel, by the Soviets and their surro- 

Wadungton Post Service gates in Afghanistan, Laos and 

WASHINGTON — The Penta- Cambodia." 


By Walter Pincus 

Washington Post Service 

WASHINGTON — The Penta- 
gon is studying an increase in U.S. 
strategic nudear forces “either in- 
side or outside existing arms con- 
trol constraints.’’ or deployment of 
its own missile defenses if ihe Sovi- 
et Union breaks the 1972 ami-bal- 
listic missile treaty and deploys a 
nationwide defensive system, ac- 
cording to Assistant Secretary of 
Defense Richard N. Perie. 

Mr. Perie said this “will be ex- 
pensive." but added that unless 
Congress appeared prepared to 
support such an effort “we would 
simply encourage the Soviet Union 
to further erode the ABM treaty.” 

He also said at a dosed session of 
the Senate Armed Services Com- 
mittee discussing Moscow’s treaty 
violations that “we must now cre- 
ate penalties" that deny the Rus- 
sians the “benefit of the advantage ( 
they gain from a violation." 

Before the same panel, Kenneth 
L Ari d man, director of the Anns 
Control and Disarmament Agency, 
announced “tbe apparent cessation 
of chemical weapons use in 1983 
and 1984, if our information is cor- 


Mr. Adelman said he hoped that 
“if there is a cause and effect,” it 
was exposure of the violations by 
the United Slates that “influenced 
Soviet behavior." The State De- 
partment’s director of politico-mil- 
itary affairs, Lieutenant General 
JohnT. Chain. Jr„ also appeared at 
the closed-door session. Unclassi- 
fied versions of the officials' pre- 
pared statements were released 
while the three were still testifying. 

The three made clear that alleged 

Soviet violations, which were de- 
tailed in a report sent to Congress 
on Feb. 1 by President Ronald 
Reagan, would, as Mr. Perie said, 
be “a significant element of new 
arms control negotiations with the 
UBB.R." 


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America Held Hostage 


What has been happening in Lebanon — 
and not happening in Iran — betrays a little- 
noted condition: President Reagan has no bet- 
ter answer to hostage-taking and terrorism 
than did President Carter. 

A shadowy gang, presumed to be a group 
called Islamic Holy War, has held Tour Ameri- 
cans for months, presumably to win the free- 
dom of some terrorists. It held a fifth Ameri- 
can, Jeremy Levin of Cable News Network, for 
nearly a year until he escaped last week. 

Syria promptly freed the fleeing Mr. Levin, 
as if to distance itself from the kidnappers in 
its region of influence. This brought Resident 
Reagan's call of appreciation to a government 
that usually appears high on his list of regimes 
promoting terrorism. The president plainly 
hopes for more Syrian help. 

Old memories of odd "private” ambassa- 
dors are really stirred by the recent arrival in 
Beirut of Muhammad Ali to lend a hand. But 
there is no point in mocking this desperate 
diplomacy, as there was no point in mocking 
Jimmy Carter’s. These efforts underscore the 


difficulties of dealing with unscrupulous ad- 
versaries who offer no easy target for reprisal. 

Clearly, Lebanon is not an appropriate tar- 
get for Secretary or Stale George Shultz’s re- 
cent desire to "isolate, weaken or punish states 
that sponsor terrorism against us.” But what of 
Iran, which does have an all-powerful govern- 
ment? Ten weeks have passed since its soldiers 
ostentatiously stormed a hijacked Kuwaiti air- 
liner to seize four hijackers who had lulled two 
Americans. It will not extradite them and has 
made no move to bring them to trial. That is a 
violation of the Hague convention against the 
unlawful seizure of aircraft, which Iran signed. 

Harboring hijackers is a threat against all air 
travelers, and Iran offers an excellent target 
for lawful and appropriate reprisal: the sus- 
pension of air service. Forbidding flights to 
and from Iran would hurt, and it would hurt 
even more if pressure were applied to make 
other nations join the boycott. 

Action in Lebanon is plainly difficult, but 
inaction toward Iran seems inexplicable: 

— THE HEW YORK TIMES. 


Warm words are flowing from Washington 
to Damascus to thank the Syrians for their 
pan in the f reeing of Jeremy Levin, the Ameri- 
can journalist held captive nearly a year in 
Lebanon by the terrorist group Islamic Jihad. 
Officials have it in mind that four other Ameri- 
can citizens are still hostages and that the 
Syria ns may yet be helpful in securing their 
release. The government of President Hafez al- 
Assad has used ihe occasion to present itself 
to the United States in the winning role of 
humanitarian and enemy of terrorism. 

All right, the United Stales needs the help of 
many other governments in protecting its citi- 
zens on foreign soiL But let us not get carried 
away by the fantasy of Syrian-American 
brotherhood in the cause of anti-terrorism. At 
some point it would be interesting to know 
how it was that Islamic Jihad long managed to 
hold Mr. Levin — and manages still perhaps to 
hold the four other Americans — behind Syri- 
an lines in a part of Lebanon that Syrian 
troops have occupied for almost 10 years. Not 
so many months ago the United States was 
openly accusing Syria of responsibility in ter- 
rorist acts directed against American forces -in 
Lebanon. This is not even to mention the 
ruthless violence that the Syrian government 
has used against its own citizens at home. 


The Jordanians and some PLO elements 
seem to be moving now toward a new round 
of Arab-lsraeli negotiations. Whether they ar- 
rive depends, in one indelicate but essential 
particular, on whether the principals avoid 
being killed by the Syrian government or its 
Palestinian clients. The Syrians, distrusting the 
current odds, refuse to sit down with the Israe- 
lis and negotiate. They fear, however, that a 
Jordanian-Palestinian combination will sit 
down, leaving Damascus out in the cold. As- 
sassination is a standard Syrian-favored tactic 
to help keep that from happening. 

How. then, should the United States deal 
with Syria? The country has an undeniable 
importance in its region, as it demonstrated 
anew by tolling the Lebanese- Israeli withdraw- 
al accord of 1983. It has the Soviet backing to 
make it a significant military power and the 
means to stay engaged in the political maneu- 
vers of the Arab world. American diplomats 
now indicate, wisely, a readiness to take Syria 
into direct account. At the least, its interest in 
spoiling the initiatives of others must be blunt- 
ed This appears to be one basis of Washing- 
ton's rather exuberant praise of Syria after Mr. 
Levin’s release. It will help to keep in mind 
however, that the Syrians play a hard game. 

— THE WASHINGTON POST. 


Dresden in Perspective 


Forty years after 1,100 British and Ameri- 
can bombers destroyed it, guilt about Dresden 
still lives. The sources of that guilt, however, 
have become fatuous as well as being factual 
In thinking about Dresden, it is helpful to 
nurture a sense of perspective, and of irony. 

Once, the eastern Gentian city denoted deli- 
cacy: lace, porcelain dolls, culture. After the 
raids that began on Feb. 13. 1945, Dresden 
came to mean devastation. By some estimates, 
1 35.000 people died; by comparison, the atom- 
ic bomb in Hiroshima killed 71,000. 

But the devastation even of Dresden has 
been exaggerated Revisionists equate this 
three-night holocaust with the Holocaust in 
which the monsters of Nazism immolated a 
whole generation. That is where the sense 
of perspective comes in. 

Americans can feel sorrow for the desola- 
tion of Dresden, but it is the same sorrow once 
expressed by an American air commander. 
Lieutenant General Ira Eaker: "I deeply regret 
that British and U.S. bombs killed 135,000 in 
the attack on Dresden, but 1 remember who 
started the last war and I regret even more 
the loss of more than 5 million Allied lives 


in the accessary effort to completely defeat 
and utterly destroy Nazism." Not to mention 
the other tens of millions of victims — Sov- 
iet soldiers and civilians, Germans and non- 
Germans. Jews and non-Jews. 

A sense of irony is useful in appraising the 
line taken by East German C ommunis ts since 
1945: Dresden shows Western barbarity. As 
Sydney Gruson of The New- York Times wrote 
from Dresden in 1959, their aim has been “to 
transform the bitterness that Dresdeners un- 
doubtedly feel over the raid into sympathy for 
the Communist cause.” Last week Erich Hon- 
ecker, the East German party leader, suggested 
that Western leaders remain mad bombers, 
impervious to Dresden’s grisly lessons. 

The irony here concents the reason for the 
raids. The allies probably bombed Dresden ip 
propitiate the Russians. Scholars describe 
Churchill as eager to impress Stalin with the 
West’s ability to aid the advancing Soviet 
armies. Stalin's progeny, however, ignore that 
pressure in their denunciations of the West 
The bombing of Dresden was horror enough 
without the bombing, also, of history. 

— THE NEW YORK TIMES 


Other Opinion 


Anti-NATO Gangs in Europe 

The Kremlin warned to keep its missiles in 
place but deny NATO the ability to respond in 
kind. The members of NATO stood firm, de- 
spite demonstrations in dries throughout 
Western Europe. Having lost that struggle, the 
Soviets may be attempting to achieve the same 
ends by terrorist tactics. When different 
groups in five nations begin attacking the same 
targets with a plentiful supply of explosives, 
that is more than a coincidence. 

— The Houston Chronicle. 

Terrorists have long been known to cross 
borders to commit their crimes, acquire weap- 
ons and explosives, receive training, obtain 
money and conceal themselves before and af- 
ter attacks. What is different about the latest 


eruption in West European countries is that 
the gangs involved seem to have adopted 
roughly the same international target: NATO 
and the American military presence. 

NATO is not the right fonun for dealing 
with a threat to civil order. For the past few 
years contacts between the police forces and 
the relevant government departments of EC 
members have quietly been growing closer. A 
joint approach to terrorism may ensue, which 
ought to imply harmonization of extradition 
laws and procedures and ultimately criminal 
codes in dealing with cross-border crime. 

If a Belgian bombs an American base in 
Germany and flees to Holland, it will be no 
disadvantage to be able to know that if he is 
caught anywhere between Jutland and the Pel- 
oponnese his fate will be the same. 

— The Guardian (London}. 


FROM OUR FEB. 21 PAGES, 75 AND 50 YEARS AGO 


1910: Tnrhey Angers the Bnlgarians 
ATHENS — The anger of the Bulgarians is 
wrought up to a very high pitch by the law 
against brigandage Turkish officials are ap- 
plying the law both to Bulgarians and Greeks 
[in Macedonia] with severity. Any one de- 
nounced as brigand or conspirator is con- 
demned to death. Families and relatives of 
those arrested are held as being party to the 
crime, are dispossessed and, having forfeited 
their houses and lands, escorted over the fron- 
tier [with Bulgaria]. But that which hits the 
Bnlgarians equally hard is that the Turks, 
while diminishing the Christian population in 
Macedonia, are increasing the Mussulman in- 
habitants there. The new im m i g r a nts are 
placed along the frontier to form a dividing 
line between the countries. Sofia papers write 
fiercely as to the necessity of war with Turkey. 


1935: Where Does Outer Space End? 
PARIS — It was announced recently from 
America's greatest observatory. Mount Wil- 
son, that nebulas five hundred million light 
years away had been photographed. Hu previ- 
ous record was about four hundred million 
light years, so that the volume of the universe 
has been more than doubled. The sounding 
has been made only in (he one direction in 
which the telescope was pointed but, no doubt. 
Dr. Edwin Hubble will be able to make similar 
tests in other (Erections and round out the 
universal sphere. Perhaps the most important 
fan about the new discovery is that nothing 
new was found. The greatest discovery which 
awaits the astronomical space voyager is that 
of where there are no more nebulas or stars 
and space is empty or perhaps ceases even to 
be space -—whatever the phrase may mean. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HA Y WHITNEY. Chairma n 1958-1982 
KATHARINE GRAHAM. WILLIAM S, PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


PHILIP M. FOISIE 
WALTER WELLS 
ROBERT K. McCABE 
SAMUEL ABT 
CARL GEW1RTZ 


LEE W. HUEBNER. PuUither 
Exeaaite Editor REN£ BONDY 

Editor ALAIN LECOUR 

Deputy Editor RICHARD H MORGAN 

Deputy Editor STEPHAN W_ CONAWAY 

Amaau Editor FRANCOIS DESMAISQNS 


Depiay Publisher 
Astodau Publisher 
Asntiau PnbMter 
Director of Operations 
Director of Gradation 


ROLF U. KRANEPUHL Director of Adrtrtitatg Stdet 

International Herald Tribune, 181 Avenue Cfcarics-de-Gaulle, 92200 NeraDyrsur-Sane, 

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C 1985, International Herald Tribune. AU rig/us reserved. 



Manila and Seoul: Working 
For a Less Imperfect Future 


By William Pfaff 


P ARIS —What has been happening in South 
Korea and the Philippines is instructive. 
The Philippine republic started oul in 1946 as 
a rambunctious democracy with American-style 
institutions. These did not survive the political 
turbulence of the 1950s and '60s. The constitu- 
tion was amended in 1973 to make Ferdinand 
Marcos, who had come to office in 1965, both 
president and prime minister without fixed term. 
Martial law was imposed from 1973 to 1981. The 
country's government became what President 
Marcos has correctly called "constitutional au- 
thoritarianism,” with the emphasis on the noun. 

The term equally fits South Korea. Except for 
one year at the start of the 1960s, South Korea 
has been under more or less dictatorial rule since 
the republic was created in 1948, when an old 
and authoritarian. nationalist, who had struggled 
in the 1930s to free the country from Japanese 
rale, Syngman Rhec, was elected its president. 

In both countries, opposition leaders who had 
taken refuge in the United States came home. 

The Filipino, Benigno Aquino, was murdered 
when he landed in Manila m August 1983. The 
investigating commission reluctantly appointed 
by President Marcos has assigned responsibility 
for the crime to military men, the highest ranking 
of whom. General Fabian C. Ver, is related to 
Mr. Marcos and is one of his closest friends. 

In Seoul, Kim Dae Jung arrived home at the 

be ginning of this month He W8S immedia tely 

placed under house arrest and was blocked from 
aAinescing (he Korean public, a fate already 
endured for some years by South Korea’s other 
important opposition leaders. Nevertheless, a 
newly formed opposition group, the New Korea 
Democratic Party, has won a quarter of the seats 
in the National Assembly elections on Feb. 12 — 
coming in second to the governing party of 
president Chun Doo Hwan, ruler of the country 
since a military coup in 1979. 

The U.S. government has looked upon these 
events with a divided min d, attentive to former 
UN Ambassador Jeane Kirkpatrick's distinction 
between “authoritarian” and “totalitarian” re- 
gimes. The policy counsel usually drawn from 
that intellectual distinction has been that one 
should support the former on the assumption 
that the alternative is the latter. 

Under previous administrations in Washing- 
ton, policy was also irresolute, wanting to see 
human rights respected but not at the cost of 
weakening governments committed to the Amer- 
ican »lli anert The Philippines has the most im- 
portant VS. air and naval bases in the western 
Pacific. South Korea, rescued from North Kore- 
an invasion in 1950-51 by a largely American 
army (operating under UN auspices), still has 
some 40.000 American troops stationed there. 

North Korea, on the other hand, is undoubted- 
ly one of the places Mrs. Kirkpatrick had in mind 
when she spoke of "totalitarianism.” It is proba- 
bly the closest to the totalitarian model we have 
in the contemporary world — "totalitarianism'' 
taken to mean a system of ideologically motivat- 
ed government which seeks not only political 
control but domination of the society s value 
system, its education and intellectual life, sub- 
stituting ideology for religion, etc. 

Totalitarianism, though, has proved a system 
thus far unable to perpetuate itself. It has consis- 
tently crumbled as the first revolutionary genera- 
tion passes, as in China — and even in the Soviet 
Union, where the present system, however un- 
lovely, bears little comparison to Stalinism. Al- 
though the son of North Korean dictator Kim II 


Sung is apparently being groomed to succeed his 
father, to continue a fam 5y rule that has lasted 
since 1948, it may be doubled that the experi- 
ment will succeed. Even in that effort, one sees 
the dynastic influence override the Leninist one. 

South Korea and the Philippines, while very 
far from democratic government, are quite as- 
tonishingly vulnerable to pressure and change. 
Parliaments exist in both countries, however 
powerless. Elections are thought necessary, ev en 
if rigged. There actually are opposition leaders, 
even though they live under house arrest Politi- 
cal murders do not take place in silence, but have 
to be investigated. All this represents a degree of 
freedom ana of government accountability that 
the people of Poland and Czechoslovakia, for 
example, would be grateful to possess. 

The investigation of the Aquino murder was a 
most impressive event Of course it was in pan 
the result of outside pressure. That pressure 
reinforced real political forces within the country 
with which President Marcos must now deal and 
which may well prove beyond his power to resist. 
Kim Dae Jung felt be could return to South 
Korea because a crowd of American well-wishers 



went along, and the U.S. Embassy was compelled 
to look after (hem, and him as well The elections 
which followed have significantly weakened the 
position of the Chun government. 

This is not much, to be sure. Ours, however, is 
an imperfect world, in which it is important to 
take note of the fan that some situations are less 
imperfect rimn some others, and to pay tribute to 
those people — Ffljpino and Korean in these 
cases — who cause this to be so. 

•“ 1985 William Pfaff. 


A Case for Breaking With Marcos 


N EW YORK — The rally- 
ing cry of the Commu- 
nist-led New People’s Army in 
the Philippines is the “U.S.- 
Maroos dictatorship.” This sug- 
gests that the way to defeat the 
Communists and restore de- 
mocracy to the Philippines is 
for Washington to sever its ties 
to President Ferdinand Marcos 
or, at the very least, require an 
end to human rights abuses as a 
condition for U.S. aid. 

"The United States should 
withhold support or aid of any 
kind that will prolong Marcos 
in power,” says Jaime Ongptn. 
46. the Hamid-educated presi- 
dent of Benguet Corporation, 
the country's oldest turning and 
engineering firm, with more 
than $200 milli on in assets. 

The Reagan administration 
is seeking $100 million in mili- 
tary aid and S95 milli on in eco- 
nomic aid for the Philippines 
for the current fiscal year. 

Opponents of suspending or 
conditioning aid argue that 
while such an approach might 
result in Mr. Marcos's ouster. 
there is no assurance that his 
successor would be better. 

But the suggestion that his 
successor would be worse, that 
the only alternative is ibe New 
People's Army, insults many 
Filipinos, who fear that contin- 
uation of the regime feeds the 
Communist insurgency. 

During Mr. Marcos’s reign 
the armed forces have expand- 
ed fivefold to some 250.000 
men- The United States has giv- 
en Mr. Marcos nearly SI billion 


By Raymond Bonner 


in military aid. Despite this 
manpower and money, the New 
People’s Anny, which appar- 
ently does not receive signi- 
ficant outside assistance, has 
grown steadily. It was not 
formed until 1969: today it has 
between 10.000 and 15JOOO well 
armed guerrillas, a militia of 
some 10,000 and the backing of 
perhaps a million Filipinos. 

Residents of Davao, the 
country’s second largest city 
and capital of Mindanao prov- 
ince, where the guerrilla fences 
control vast rural areas, rou- 
tinely point out where “spar- 
row units.” as the Communist 
asmsonaiiftfi teams are Cal l e d, 
have gunned down policemen 
on street comers. In Samar 
province, one notices few mili- 
tary patrols, a sign not that the 
military has control but that the 
New People's Army does. 

The Philippines does not 
need more money for an army 
that has been unable to solve 
the problem and is widely 
viewed as pervasively corrupt 
and abusive. What is needed is 
a sweeping reform of the nrili- 
tary so that j'l not the New 
People's Army, obtains the sup- 
port of the people. 

"The people have lost their 
respect for the military — 
there’s no question,” said a re- 
tired general who fought the 
Huk insurgency in the 1950s. 

When you ask why the gov- 
ernment has lost support, why 


the guerrillas’ ranks have swol- 
len, the response from business- 
men, priests, lawyers, house- 
wives and American diplomats 
is “military abuses.” 

Jails hold between 800 and 
1,200 political prisoners, ac- 
cording to reliable accounts. 
Reports of torture and arbitrary 
killings by soldiers and police- 
men Have increased sharply in 
the past two years. Yet "few 
within the military are seriously 
punished for abusive actions, 
according to a human rights re- 
port released this month by die 
U.S. State Department. 

It is disingenuous to argue 
that conditioning aid would 
amount to improper interfer- 
ence in the internal affairs of 
the Philippines. The United 
States has been a powerful ac- 
tor in the country since it took 
the a rchipelago tram Spain in 
1698 and will continue to be as 
long as it continues to use Gaik 
Air Force Base and Subic Bay 
Naval Station. The issue is how 
Washington is going to act 

It is specious to argue that 
conditioning aid will jeopardize 
the bases. The greatest threat to 
them is from uie New People’s 
Army, and that threat increases 
with every day that Ferdinand 
Marcos remains in power. 

The wriler is author of “Weak- 
ness and Deceit: US. Polity and 
El Salvador." After visiting the 
Philippines last month forthe Law- 
yers Committee for international 
Human Ri&ts, he cotmbiaed this 
comment to The New York Tones. 


Americas: Contempt for the Court Is an Old Story 


N EW YORK — The Reagan ad- 
ministration's decision to boy- 
cott the World Court should provide 
some pause. It is absurd that UJ5. 
leaders have not learned the lessons 
of the past The consequences of such 
ignorance can only be tragic. 

The United States has long been 
selective about which laws it would 
observe and which it would ignore in 
its relations with Central America. 
This selectivity has led it to sabotage 
not only the indigenous efforts of the 
Central Americans, but even its own 
efforts to promote respect for inter- 
national law in the region. 

At the turn of the century, Theo- 
dore Roosevelt and the Progressives 
wrestled with a new concept of U.S. 
global involvement. They reached a 
general consensus that the U.S. eco- 
nomy needed to operate on a global 
scale if it were to prosper. They also 
concluded that, with the exception of 
a few cases, the United States would 
not seek to build a formal colonial 
empire. Tlx: United States would be 
the first truly informal empire — an 
empire of commerce and investment 
backed by U.S. naval power. 

To this framework the Progressives 
added their own concept of the 
"white man's burden” — a commit- 
ment to bring “civilization'’ to those 
countries with which the United 
States traded. “All that this country 
desires,” Roosevelt said, "is that tire 
other republics on this continent 
shall be happy and prosperous.” But 
this happiness would not arise spon- 
taneously. He continued, "They can- 
not be happy and prosperous unless 
they maintain order within their 
boundaries and behave with a just 
regard for outsiders 
To achieve those goals, US. force 
would be employed to open the world 
to, and then protect, US. trade and 
investment And Washington would 
reproduce abroad its own image of a 
“happy and prosperous" nation. Ar- 
guing the Central Ame ricans 
lacked institutional forums to resolve 
their disputes, Roosevelt would pro- 
vide the forums from Washington. 

The Central American Court of 
Justice, created in 1907 and partially 
financed by Andrew Carnegie, was 
the showpiece of the reformist side of 
the U.S. drive in Central America. 
Hoe was an arena in which Central 
Americans could resolve their differ- 
ences peacefully. And it worked. 

In 1908, for example, the president 
of Nicaragua protested that Gua- 
temala and E Salvador had en- 
croached upon the internal affairs of 
Honduras to force the installation of 
an anti-Nicaraguan government. The 
court heard the case and ordered all 
the governments to reduce their mili- 
tary forces and refrain from med- 
dling in each other’s affairs. They 
agreed, and war was averted. 

Within five years Washington had 
begun to undermine the authority of 
its own creation. Then, as now, it 
employed its myriad weapons to in- 


stall in Managua a government more 
sympathetic to U.S. interests. 

Washington opposed the national- 
ist government of Jos6 Santos Zelaya. 
In 1909 the U.S. government backed 
a conservative revolution that origi- 
nated in the Caribbean coastal town 
of Bluefields. When two U5. citizens 
were caught laving mines in (he San 
Juan River — how little some things 
change! — and were executed by Ze- 
laya’s troops. Washington bad all the 
encouragement it needed to inter- 
vene. Zelaya resigned and it ultimate- 
ly installed its choice as his successor. 

When the U.S.-backed regime 
came under fire in 1912, President 
William Howard Taft sent in 2,600 


By Steven S. Voik 

troops to demonstrate continued 
U.S. support. The issue of military 
intervention was raised before the 
Central American Conn of Justice. 
When the court ruled against Wash- 
ington's actions, the United States 
ignored iL U.S. troops would stay in 
Nicaragua for more than 20 years 
before leaving the country in the 
hands of the first Somoza. 

The United States chose again to 
defy the court — this time provoking 
its total demise — after Washington 
and the U.S. -backed Managua gov- 
ernment entered into a treaty in 1916 
giving the United States exclusive 
rights to build and operate a trans- 
oceanic canal in Nicaragua. Wash- 
ington also offered to ^guarantee” 
Nicaragua’s "stability,” but this at- 


OUR (LEUTfcAL AMeRteAW ^ 
POREi&N PtoLJeY 

ro c.ecuMSn^ucej 
UM-+W Does *JDT change 
t.s • T>f€ CiffCUWSTfcNCES. 


By Poncho In El Noclonol iCarocos). 
Cartoonists & Writers Syndkart*. 



tempt to create a protectorate was 
rejected by the UJ5. Senate. 

Costa Rica. E3 Salvador and Hon- 
duras were appalled by U.S. moves in 
the region, and charged before the 
Central American Court of Justice 
that the United States and Nicaragua 
had violated their territorial integrity 
and pre-existing Central American 
treaties. The court agreed, and once 
again Washington rejected the tilling. 
At the urging of the United States. 
Nicaragua withdrew from the court, 

Washington's decision to ignore a 
judicial institution of its own creation 
certainly taught the Central Ameri- 
can nations that any attempt to build 
a framework for tire evenhanded res- 
olution of international problems 
would sooner or later hit against the 
bard rock of U.S. intransigence. 

The Reagan administration’s re- 
cent slap at the World Court will only 
convince Central Americans ana 
world opinion that little has changed 
in seven decades. Washington still 
m aintain* that UJ5. interests take 
precedence. More than disrespect for 
the World Court, (he Reagan admin- 
istration's decision shows a disregard 
for the rule of law and reason tn a 
world sorely in need of both. 


The writer is a fanner president of the 
North American Congress on Latin Amer- 
ica, an independent research armxmztttkm 
based in New York. He caiOibuted this 
comment to the Las Angeles Tones. 


LETTERS TO THE EDITOR 


Still More Gould Be Fed 

The overpopulation doomsayers 
are stffl with us. But the habitat of 
Homo Sapiens, unlike that of most 
in fra Humans and plants, is not limit- 
ed to one or several places; our habi- 
tat is virtually the wnde Earth and its 
waters. Moreover — and this is the 
crux, of the matter — the human spe- 
cies does not depend helplessly on 
what nature has to offer but has the 
capacity to dunge and increase the 
canying capacity of most of its varied 
habitats — and has so demonstrated 
for at least 10,000 years. 

To say that Ethiopians, Ugandans, 
C hadians, etc, must starve because 
each group has outbred its capacity 
to feel its population is to ignore 
interdependency in the 20th century 
and the consequaices of maldistribu- 
tion of the Earth's resources, actual 
and potential In any case, jeremiads 
on the threat of overpopulation are at 
least premature. There may indeed 
come a day when the limit of our 
ability to feed all the world's people 
— no matter how resources are ulti- 
mately pooled — will be reached. But 
it is not here now, and it is not unlike- 
ly that the scientists and technolo- 
gists of the fulure will be able to avert 
that eventuality for a long lime.' 


Maldistribution of available food 

stocks is the immediate cause of to- 
day’s massive starvation. But it is 
existing economic and political insti- 
tutions tha t virtually mandate the 
perpetuation of such tragic maldistri- 
bution. While we may not now or in 
the near future be able to amend the 
economic and political arrangements 
that tolerate starvation in the midst 
of global plenty, we ought not there- 
fore allow our understanding of the 
problem to be clouded by raterated 
references to overpopulation as the 
enduring cause of starvation. 

ROBERT A. MANNERS. 

Brandos University. 

Waltham, Massachusetts. 

Two Meetings, NotTTiree 

Edwin M. Yoder, in “Yalta Facts: 
The Tragedy in Context” (Feb. 3), 
writ® of World War ITs “three major 
meetings between Roosevelt, Chur- 
chill arid Stalin.” The three men met 
only twice, in Tehran (1943) and Yal- 
ta (1945). Stalin did not attend meet- 
ings between Churchill and Roose- 
velt in Casablanca (1943). Cairo 
( 1 943) or Quebec (1943. 1944). 

BERNARD S1NSHE1MER. 

Boulogne-Billancourr. France. 


In Defense of McEnroe 

In rapense lo “Bounce die Superbrats" 
( Letters, FA 2) and * No to Americas 
• Tennis Punks" (Other Opinion, Jan. 29): 

As a British veteran watcher of 35 
Wimbledons, it annoys me when 
Americans apologize for John McEn- 
roe. It would take stronger language 
than his — or even Jimmy Connors s 
— to do justice to certain officials 
whose incompetence is equaled only 
by their pomposity. And how can 
knocking over a .tray of paper cups 
compare with Sweden vandalizing a 
tennis court to create a freak surface 
and nullify opponents’ superior skill? 

How sad that critics nave finally 
worn out McEnroe’s notable loyalty 
in the Davis Cup. Should the current 
crap of Swedes follow Bjorn Bog’s 
example, once in ibe big money 
league they won’t waste further ener- 
gy on anything so umemunerative. 

Those who equate sportsmanship 
with nice manners should read some 
autobiographies of “gentlemanly” 
former champions who snigger over 
the cunning tricks they uSedto upset 
their opponents while taking care to 
keep within the letter of the law. 

S. STEWART. 

London. 


The Dollar: 
Investors 
Keep It Up 

By Martin Feldstein 

and Kathleen Feldstein 

W ASHINGTON —It is not nec- 
essary for bargain hunters to 
fly to London for a Hanods sale! Hie 
record merchandise trade deficit of 
the United States is dear evidence 
that foreign-made goods are readily 
and cheaply available is America. 

Americans are choosing foreign- 
made goods over domestic ones be- 
cause toe dollar has risen dramatical- 
ly. It buys on average nearly 70 
percent more foreign-made mods 
than at its low point in 1980. with 
sterling down to less than SI. 10, the 
dollar buys almost twice as much in 
British goads as it did in 1980, Thus, 
U.S. imports outstripped exports last 
year by more than $100 billian. 

The dramatic rise in the dollar has 
happened in the last four years as the 
United States became the waridTs 
mecca for financial investors. Both 
foreign and American, investors are 
attracted to UJ5. investments by the 
higher real interest rales and greater 
safety. The real return on invest- 
ments is higher, relative both to past 
and to present yields in the Umted 
States and other countries. 

In the 1970s, short-term invest- 
ment s earned just about enough in- 
terest to keep up with inflation. Now 
short-term investments earn nearly 
five percentage points more than the 
inflation rate, and investments with 
longer maturities earn substantially 
more. The rise in U.S. real interest 
rates has greatly exceeded the interest 
rate rise in other major countries. 

The main reason for die increase in 
U A real interest rates has been the 


At some point foreigners 

are going to be rductant 


to continue putting a 
larger and larger than 
of their portfolios into 


dollar securities. 


rise in the budget deficit. Govern- 
ment borrowing to finance the deficit 
now absorbs more than half of all net 
savings. That far outweighs the in- 
crease in demand fra investment 
funds by U.S. companies experienc- 
ing improved investment incentives 
resulting from lower inflation and 
from the 1981 revisions in business 
taxation. The increased demand lot 
funds raises the rial interest rate and 
leads in turn to the strong dollar. 

Careful followers of ibe financial 
markets may be puzzled that the dol- 
lar has continued to rise in recent 
months despite the fall .'in interest 
rates since last summer. The princi- 
pal reason is that the interest rate 
decline has been primarily a reflec- 
tion of lower expected inflation rath- 
er than of a lower real yield. 

Expected inflation has declined 
since last summer fra two reasons: 
The economic slowdown has sharply 
reduced the fear of overheating, ana 
the available inflation experience has 
refuted the monetarists’ predictions 
of a return to double-digit inflation 
by the end of 1984. In addition, the 
dollar appears to have been strength- 
ened recently by the reduction in 
overseas loans by UJ5. banks. 

Although the over-strong dollar 
has had a devastating effect on UjS. 
exporters and on companies that 
compete with foreign imports, it has 
bad some goad effects on the UJS. 
economy. The inflow of foreign funds 
win be enough this year to finance 
half of the government deficit or 
roughly 40 percent of all net invest- 
ment m housing, plant and equip- 
ment, thus postponing the adverse 
effects of the enormous deficit 

But the dollar must fall eventually. 
Its abnormal strength depends on a 
continued higher real yield on UJS. 
investments, on expectation that 
yield differential will last and on the 
continued willingness of foreign in- 
vestors to risk bolding dollar securi- 
ties. At some point foreigners are 
going to be reluctant to continue put- 
ting a larger and larger share rtf their 
portfolios into dollar securities. 

When the dollar falls, the higher 
prices of imported goods w£B put an 
upward pressure on prices and wages 
in America. Past experience suggests 
that a 10-percent fall in the dollar 
leads to a 1-to- 1 5-percent rise in con- 
sumer prices after a Jag of about 18 
months. Without the rising dollar in 
the last few years, current 4-percent 
inflation would have been more like 5 
percent. But that means that when 
the dollar falls the upward pressure 
on prices could temporarily raise the 
inflation rate to 6 percent or more. 

A tough monetary policy in re- 
sponse to a falling dollar could avert 
the increase in inflation, but only at 
the cost of slowing economic growth- 

ca might find iLsdTbac^krthe same 
comer as in the 1970s, with both 
slower growth and higher inflation. 
Even if the dollar comes down gradu- 
ally enough to avoid that problem, it 
is a fairly safe bet that America will 
experience a temporary jump in infla- 
tion as the dollar falls sometime be- 
fore this decade is over. 

The lowo" dollar will also mean a 
smaller inflow of capital from abroad 

and therefore less funds available to 
finance borrowing in the Umted 
States. If the dollar falls substantially 
before a resolution of the budget defi- 
cit, the likelihood will be sharpty 
higher interest rates and a sharp con- 
traction of investment in housing and 
in plant and equipment- That is why 
we continue to hope that Congress 
and the administration will get to- 
gether to deal with the budget deficit 
before it is too late. 


Martin Feldstein is a former chairman 
of President Reagpn’s Comal of Eco- 
nomic Advisers. His wife. Kathleen is 
also an eccmmis. They amtnbitted this 
comment lathe Las Angeles Times. 






eft, 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 


Page 5 


**Ph 




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■ 


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• ■ 


Soviet to Sign 
Agreement 
On Nuclear 
Inspection 

Reuters 

VIENNA — The Soviet Union 
and International Atomic Energy 
Agency said Wednesday that they 
are lo sign an accord opening Sovi- 
et nuclear plants to inspection for 
the first time. 

Andronik M. Petrosyan is. chair- 
man of the Soviet State Committee 
for the Use of Atomic Energy, was 
due to sign the “safeguards" accord 
with Lhe atomic agency’s director- 
general. Hans Blix, on Thursday, 
they said. Moscow reached agree- 
ment on the issue in September. 

The agency, founded in 1957 to 
foster peaceful uses of atomic ener- 
gy, has 112 members. Under its 
safeguards system, it sends inspec- 
tors to monitor the fuel cydes of 
dvQ nuclear plants. 

Members that had nuclear weap- 
ons before joining the agency are 
not obliged to sign safeguards ac- 
cords, but the United States, Brit- 
ain and France did so voluntarily. 

The agreements apply to civilian 
nuclear plants and are designed to 
prevent the undetected diversion of 
civilian nuclear material to military 
projects. 

The system is a major bulwark of 
the 1970 international Treaty on 
Nonproliferation of Nuclear 
Weapons, signed by 120 countries. 
The treaty, which comes up for 
review in September, was designed 
to prevent the emergence of new 
nuclear weapons states. 

The atomic agency has long en- 
couraged the Soviet Union and 
China to sign voluntary agreements* 
to boost confidence in safeguards. 

China is now the only declared 
state with nuclear weapons not to 
submit to inspections. Beijing, 
which joined the agency last year, 
says the system runs counter to 
Third World interests because it 
favors the industrialized world's 
monopoly on nuclear weapons. 

Contents of safeguards agree- 
ments re main confidential and, in 
the case of nuclear weapons states, 
usually apply only partially to their 
civil programs. 

The Soviet Union operates about 
40 civil nuclear reactors and man y 
more are under construction. 


A Philippine Mayor Is Killed 

Roam 

MANILA — The mayor of the 
northern Philippine town of Can- 
daba, Gonzalo Martin, was killed 
Tuesday when he slammed his car 
door on a cocked pistol in his belt, 
the police said. 



UN Probe Gtes Suriname for Executions 


MELANESIAN GIRL INJURED — Gabriella Beou, 10, was evacuated by helicopter 
from Thio, New Caledonia, on Wednesday after being hit on the head when the car in 
which she was riding was stoned by Melanesians seeking independence from France. 

Vatican Warns on *! Secularization 9 


By EJ. Dionne Jr. 

ROME — The Vatican has 
waned Catholics involved in “tem- 
poral and earthly affairs” to avoid 
being “so influenced by seculariza- 
tion'* that they adopt alien ideas. 

The statement on Tuesday was 
pan of a working paper on the 
mission of lay people. Archbishop 
Jozef Tomko, a Slovak who is sec- 
retary-general of the Synod of 
Bishops, said it was addressed to 
Catholics involved in “politics, 
trade unions and so on." 

The statement could take on par- 
ticular importance in the United 

DOONESBURY 


Mnewtcm, iumr 

YOU 70 ANSWER THIS 


States, where there has been discus- 
sion among Roman Catholic bish- 
ops and Catholic political leaders, 
notably Governor Mario M. 
Cuomo and former Representative 
Geraldine A. Ferraro, both of New 
York, on the obligations of Catho- 
lic politicians. 

When asked whether the state- 
ment was addressed to American 
Catholic politicians. Archbishop 
Tomko said he did not know 
enough about the American politi- 
cal situation to reply. 

He also issued a statement on the 
Synod of Bishops that Pope John 


Paul 11 has called for November. 
The statement mentioned press re- 
ports on lhe synod and emphasized 
the pope’s commitment to the val- 
ues and ideas of the Second Vati- 
can Council 

Some church leaders have seen 
the call for a synod as an effort by 
the Vatican to impose more strin- 
gent discipline. But the Vatican has 
been at pains, since it announced 
the synod in January, to emphasize 
the pope's commitment to the val- 
ues of Vatican U, which was seen as 
opening the church to the modem 
world. 


By Iain Guesr 

InienuiaonaJ Herald Tribune 

GENEVA — After conducting 
the first direct investigation by the 
United Nations into political kill- 
ings, a Kenyan lawyer has accused 
the military government of Surina- 
me of murdering IS prominent op- 
ponents. 

The lawyer. Amos Wako, was 
appointed in 1982 to head the UN 
inquiry into summary executions. 
He via ted Suriname last July at the 
invitation of the government. 

Last year, Mr. Wako asked 21 
other governments to reply to accu- 
sations by human rights groups of 
killings and appealed to a further 
' 13 to halt executions after the 
rights of appeal had been denied 
His report is due to be released 
soon by the UN Human Rights 
Commission. 

Delegates at the commission 
agreed that Mr. Wake's mission to 
Suriname could prove significant 
for the UN's H uman rig hts machin- 
ery. 

If Mr. Wako is seen as objective, 
they said, that could encourage 
other governments to allow turn to 
visit, if he is seen as being loo 
favorable to governments, howev- 
er, that could anger the groups that 
furnish most of the human rights 
information to the United Nations. 

Delegates also said that Mr. Wa- 
ke’s report could determine wheth- 
er the Netherlands will resume aid 
to Suriname, a former Dutch colo- 
ny. A 10-year aid package of 2.5 
billion guilders ($675 milli on in 
current dollars) begun in 1975 was 
frozen after the murders in 1982 
with approximately one billion 
guilders still unspent. 

The 15 men were arrested in Su- 
riname on Dec. 7, 1982, taken loan 
army barracks in Paramaribo, the 
capital and murdered the follow- 
ing night in circumstances >hm still 
provoke intense controversy in the 
country. 

The victims included virtually all 


the leaders of the democratic oppo- 
sition to the military government, 
lead by Lieutenant Colonel D&si 
Bou terse. Among them was a for- 
mer minted of justice and the 
chairman of the largest indepen- 
dent trade union. 

According to the government, 
the men were shot while trying to 
escape. That explanation was re- 
jected by relatives of the men, who 
viewed the bodies afterward and 
concluded that the men had been 
shot at dose range after being se- 
verely tortured. 

Mr. Wako presented both ver- 
sions in his report before conclud- 
ing »H»r the IS were summarily exe- 
cuted and that their deaths had a 
"traumatic" effect on the whole 
population. 

In another passage, Mr. Wako 
stated: “The military officers in- 


formed [me] that the events were 
considered as ’necessary* and 
‘based on the principle of survival/ 
It was a question of ‘them’ or tis.’ " 

This, a delegate said, was tanta- 
mount to saying the government 
was directly responsible. 

Observers agreed that the inter- 
pretation of these findings could 
affect the UN's ability to mount 
direct investigations into such ar- 
eas as torture, disappearances and 
kilims. 

Sum crimes, they said, are so 
abhorrent that governments often 
are on willing to answer queries, let 
alone adnnl UN investigators. 

Faced by such reluctance, they 
said, UN human rights reports are 
starting to show increasing sympa- 
thy for governments' points of 
view. This, they said, was a feature 
of the latest UN report on El Salva- 


dor by Jos6 Antonio Pastor Ri- 
dreujo, a Spanish lawyer. 

Mr. Ridreujo’s report, released 
in Geneva on W e dn e sday, noted a 
“considerab le decline" m killings 
by d M fH squads, while expressing 
the “moral conviction” that “grave 
violations” had been co mmit te d by 
Salvadoran guerrillas. 

M any human rights groups stul 
rrminuwn that only governments 
can be held legally responsible for 
violating UN frnman rights con- 
ventions. 

Last year, Mr. Wako also made 
several major concessions to gov- 
ernments to win their cooperation. 
He did not name the 21 govern- 
ments accused, as he did in his first 
repent. He also emphasized kil l in gs 


only six of 
plied. 


21 governments re- 


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The Dangers of ' Brain Steroids 9 in Mental Competition 




IN BRIEF 


By Michael Schrage 

H'aJmgton Post Service 


T F SPORTS ARE a microcosm of 

X life, the cnnlmversv raimvin/t. 


■1 life, the controversy surround- 
ing athletes who use drugs to sharp- 
en their competitive edge offers a 
disquieting vision of what is in 
store for people who live off Iheir 
wits. 

As surely as anabolic steroids 
can temporarily boost athletic per- 
formance, research in the chemistry 
of the brain will yield drugs that 
can boost human memory, learning 

and t hin icin g 

“The basic science of neuropep- 
tides and neuro transmitters . . . 
is exploding.*' said Dr. James L 
McGaw, director of the Center for 
the Neurobiolog}' of Learning and 
Memory at the University of Cali- 
fornia at Irvine. 

“This is space travel of a differ- 
ent type," said Dr. Herbert Wein- 
ganener, chief of cognitive studies 
at the National Institute of Menial 
- Health. “We're sitting on a revolu- 
tion that rivals quantum physics in 
the 1920s." 

Research in mental disorders 
such as Alzheimer's disease is yield- 
ing insights into the chemistry of 
memory. Many scientists are grow- 
ing much more comfortable with 
speculation that a new generation 
oT n europharmacol ogi cals can en- 
hance brain function. 

By the turn of the century, Dr. 
McGaw, Dr. Weingartener and 
■ other scientists predict, this revolu- 


tion in science may spawn a revolu- 
tion in pharmacology creating the 
brain's equivalent of steroids — 
with all the moral ethical and prac- 
tical problems that implies. 

Steroids and similar drugs have, 
for better and worse, a definite im- 
pact on an athlete's physiology and 
performance. Their effectiveness 
and pervasiveness has created a sit- 
uation where virtually no winners 
in international competition can be 
sanctioned until the athletes have 
submitted to urinalysis. 

If relatively safe drugs to im- 
prove memory and cognition seep 
into the market, what will happen 
when they are viewed as productiv- 
ity tools' and used accordingly? 
Will they give their users an unfair 
advantage? 

On one level, there is nothing 
new in this. College students have 
been notorious for (along amphet- 


amines to slay up late at night to 
cram or finish term papers. Am- 


crara or finish term papers. Am- 
phetamines. though, have all the 
subtlety of a jackhammer when it 
comes to cognitive enhancement. 

The drugs that science and the 
pharmacology industry will explore 
should be more finely tuned to the 
brain’s chemistry and may offer 
much of the benefit of cruder drugs 
with fewer of the unpleasant side 
effects. 

Despite its image as a computer- 
like device, the brain more closely 
resembles a sack of chemicals that 
are constantly interacting. Billions 


of brain cells — neurons — float in 
a sea of chemical message-trans- 
mitters. When a few thousand or a 
few million pulse in concert, inter- 
esting things begin to occur. 

Scientists are learning more and 
more about neurotransmiuers — 
the chemicals that tell neurons how 
and when to pulse in sequence. It 
may rake two or three chemicals 
acting on one another or a neuron 
to create a particular signaL Re- 
search is determining what specific 
neurotransmiuers yield specific re- 
actions. As scientists discover these 
chemical ensembles, they are build- 
ing the elements of drugs that can 
be aimed at specific sites in the 
brain to generate specific behavior, 
such as improved memory. 

There will no doubt be a huge 
market for relatively benign drugs 
that can sharpen concentration or 
enhance learning and memory. But 
what does it lead to? 

Will a Soviet chess team have to 
submit to urinalysis? What of the 
millions of high school students 
raking college entrance examina- 
tions? Law school graduates taking 
the bar exam? 

Should it matter that students 
and professionals in lough, com- 
petitive mental situations turn to 
drugs for a quick boost in cognitive 

nnvliirtiirifvl 


in the rococo phrasing of one 
doctor, it is the difference between 
"psychotropic hedonism and psy- 
cbophannacological Calvinism.” 

“This is sort of happening now 
with cocaine," said Dr. Sidney Co- 
hen. a professor of psychiatry at 
UCLA who has studied drug-abuse 
patterns for the National Institute 
of Drug Abuse. “Cocaine usage is 
not entirely for euphoria. Some ex- 
ecutives are using a snort of cocaine 
to make them ‘think better* before 
they go into a meeting Maybe 
they’re even using it successfully, 
until they start overdoing it- H 
It may be that “thinking better" 
is simply a rationalization to ex- 
plain away a cocaine addiction, but 


several neuropharmacologisis and 
psychologists say many psvcboac- 
live drugs can improve cognitive 
performance — the ability to con- 
centrate. for example — "albeit at 
the price of undesirable side ef- 
fects. 

After researching the question, a 
Harvard University psychiairisL 
Norraan E Zinberg said": “We got 
the impression that these drugs 
were more effective [at cognitive 
enhancement) than most people 
would like to admit.” 

The analogy to the sporting 
world still holds: People are not 
just using drugs as medicine; they 
are using them as a tool to improve 
performance. Because of that cm- 


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productivity? 

Perhaps the Nobel laureates of 
two or three decades hence will use 
drugs to enhance their mental abili- 
ties as they do their research. There 
is a certain logical evolution to this: 
The 1960s saw drugs as tools for 
“consciousness expansion” and 
chemical pleasure. The 1980s and 
1 990s are likely lo be different. Per- 
haps there has been loo much em- 
phasis on die mood-changing qual- 
ity of so-called recreational drugs 
and not enough on the fact that 
they can affect people's perfor- 
mance. 


Jtn Krakflh* Wahnflttn Pod 


eial distinction, the Food and Drug 
Administration says it will be giv- 
ing careful scrutiny to the cognition 
enhancers. 

“If you can go from six tries lo 
four in remembering a list after 
taking a drug.” said Dr. Paul Leber, 
director of the division of neuro- 
pharraacologjcal drug products at 
the FDA's (tffice of Drug Research 
and Review, “is that worth any- 
thing? What are the attendant 
risks?" 

He pointed out that “drugs have 
die action you want, the actions 
you don't want and the actions you 
don't know about. You can do 
things for short periods of time, but 
what's the long-term cost?" 

Dr. Leber said that, because 
these drugs uouid be designed to 
enhance normal conditions rather 
than allay abnormal ones, the FDA 
would probably impose very strict 
standards regarding potential side 
effects. The agency might approve 
such drugs, however, if their bene- 
fits could be demonstrated. 

There are more immediate and 
practical considerations. “The 
brain resists frequent medication. " 
said Dr. Floyd E Bloom, director 
of the division of predinical neuro- 
science and endocrinology at 
Scripps. “It develops a tolerance 
for drugs." 

Though Dr. Bloom said he dis- 
liked the idea of drugs to aid nor- 
mal cognition, he conceded that “it 
would be very likely that we could 
find safe stimulants ... for short 
periods for people tike space shut- 
tle pilots or nuclear power plant 
operators.” 

In essence, the scientific and 
technological underpinnings for 
this pharmacological revolution are 
there. The real questions seem to 
revolve around the cost-benefit 
trade-offs for the individual who 
would take these drugs. 


Mount Wilson Telescope to Retire 

LOS ANGELES (NYT) —The 100-inch (250-cenrimeter) lekscopecn 
Mount Wilson, long the world’s largest, is to be mothballed July 1. 

The instrument, succeeded by ever-more-powerful telescopes, was 
responsible for many basic discoveries, including the one in which Edwin 
P. Hubble showed that the universe was expanding uniformly in all 
directions. Although the site has “light pollution” from Los Angeles, the 
atmosphere above it is said to be unusually stable, making for good 


viewing. - 

The Carnegie Institution of Washington, which operates the Mount 
Wilson Observatory, has said it is open to proposals by other institutions 
to operate the telescope: The institute plans to nm tbe observatory's 
solar-observing towers and 60-inch stellar telescope only 35 long as 
operating funds last. 


Sharks Called f Big, Slow, Clumsy’ 


SAN FRANCISCO (UPl) — Movies have portrayed the shark as a 
swift, lithe killer. But John McCosker. director of the Steiniiart Aquarium 
at the California Academy of Sciences in Golden Gate Park, who recently 


studied sharks off Australia, sees the beast quite differently. 
“It isn't fast and it isn’t graceful,” Mr. McCosker said. “It 


“It isn't fast and it isn't graceful,” Mr. McCosker said. “It really is a 
big. slow, clumsy fish.” 

Mr. McCosker. an assistant and a photographer went to Australia to 
study the physiology and behavior of sharks, which have killed at least 
seven swimmers and injured more than S3 off Northern California in 
recent years. Testing sharks’ swimming speed, they found it to be less 
than 3 "miles (4.8 kilometers) an hour. 


Earth’s 'Pacific Plate’ Shifted Course 


LONDON (NYT) — From evidence around edges of Earth’s “Pacific 
Plate” and alignment of the youngest Hawaiian islands, scientists theo- 
rize that the plate made a subtle course change five million years ago that 
would account For intense deformation and uplift of landscape along 
California's San Andreas fault. 

In the journal Nature, Dr. Allan Cox of Stanford University and David 
Engebretsen of Western Washington University propose that the change 
occurred when, beginning about 14 million years ago, sections of the 
southwest pacific Floor that had been sinking into the Earth began to 
break loose. 

Motion of Earth's surface plates constantly alters geography. The 
Hawaiian chain has been formed by movement of the Pacific floor over a 
“hot spot” within the Earth whose eruptions produced the islands one by 
one. 


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Isotope Testing to Aid in Search for Columbus’s Remains 


By Bill BiUicer 

Los Angela Tima Service 


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I RVINE California — Where 
are the remains of Christooher 


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MEDICAL 

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A are the remains of Christopher 
Columbus? In Spain, Italy, Cuba or 
the Dominican Republic? 

Seven years before the 500 th an- 
niversary of Columbus's landing in 
the Americas, this mystery is of 
political significance, said Jon- 
athon Ericson, 42, a professor of 
social ecolo©r at the University of 
California at Irvine. He hopes to 
solve the riddle this summer using 
atomic tracing of bones and teeth 
believed to be those of Columbus. 

“It’s a geopolitical issue.” Pro- 


fessor Ericson said, noting that 
“the whole world will be interested 
in this in 1992. Every country will 
be marking the 500th anniversary." 

Columbus died in 1506 in Valla- 
dolid, Spain and was buried there. 
The body was removed a few years 
later, either to Triana, Spain, or to 
Seville. 

In 1541 or 1542, the remains 
were shipped to what is now the 
Dominican Republic, where Co- 
lumbus landed on his first voyage. 
During excavations at the cathe- 
dral of Santo Domingp in 1795. 
human bones and ashes, presumed 
by some to be those of Columbus. 


were found next to the high altar. 
Early in the 19lh century. Spanish 
authorities shipped the remains to 
Havana. Later, they were moved to 
Seville, Professor Ericson said. He 
added that there were reports of yet 
another move: to Columbus's 


birthplace, Genoa. Italy, early in 
the 20th century. 


the 20th century. 

Professor Ericson believes some- 
one dse's bones were moved from 
Santo Domingo to Havana. In 
1877, he said, a small lead casket 
was found in the cathedral of Santo 
Domingo, marked with the initials 
CCA. possibly for “Christopher 
Columbus. Admiral” in Spanish. 


The remains in the casket will be 
tested this summer. If that proves 
negative, the search will move to 
the other claimants. 

The test will use strontium iso- 
tope characterization. Strontium 
enters food in small but lasting 
amounts. Its isotopes vary accord- 
ing to where the element was at the 
time it entered the food. -Ericson 
wiQ go to Genoa (0 leant the com- 
position of strontium where Co- 
lumbus was bom and grew up. He 
will then test the remains in Santo 
Domingo. If the isotopes are the 
same, he said, the proof will have 
been established. 


PASADENA Calif ornia (AP) — Scientists say an invisible egg-shaped 
power supply zone, 20 to 30 times the size of Earth and about 400,000 
miles (648.000) away, helps create the Northern and Southern Lights, or 
aurora borealis and aurora australis. 

The zone is always on the side of Earth away from the sun, Lou Frank, 
a physicist at the University of Iowa, said at the Jet Propulsion Laborato- 
ry during an international conference on solar wind interaction with 
Earth's magnetic field. 

Dr. Frank said the zone uses magnetic forces to trap electrically 
charged panicles from solar wind. Detailed satellite photos of the auroras 
let researchers calculate the location of the zone in Earth's magnetic 
“tail" the part of Earth's magnetic field blown away from the planet by 
solar wind, Dr. Frank said. 


New Device for Detecting Radiation 


NEW HAVEN, Connecticut (AP) — A Yale University engineer has 
developed a method for detecting neutron radiation that he says improves 
protection of workers exposed to radiation. 

Professor Robert E Apfd’ chairman of mechanical engineering, said 
his “superheated drop detector” emits an immediate warning of radiation 
exposure and measures the amount a worker is exposed to. 

Professor Apfel said the device had been in development since being 
patented in 1979. He said be hoped a version that can be carried in the 
palm of the hand would be ready for commerdal disiribution within a 
year. 


I* TiJ 

■ionie 




■■ -vre- 






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Statistics Index 

AMEX nriees P.io E arnteai nan P.lS 

amex Mam/kxKP.io Finn mi nans p.ia 

NYSE artcn P. S Gold mortals p, 7 
NYSE nton&AauR P. 9 inUnti ram p. 7 
Canadian stocks P.U Mortal Mnanarv P. I 
Currancv rm P. 7 OMtanS P.ID 

Commxnilm P.W OTC stock P.12 
Dividends P.10 Otfter morkats P.14 

THURSDAY, FEBRUARY 21, 1985 


licralb^feSribunc 

BUSINESS / FINANCE 


U.S Stocks 

Report, Page 8. 

Page 7 


WALL STREET WATCH 

It’s Time lor Caution, 

Some Analysts Assert 

By EDWARD ROHRBAGH 

International Herald Tribune 

W 'ith Wall Street bounding to historic highs, is this the 
time for investors to be bold? Most market advisers, 
perhaps trying to out-bull each other, think it is. But 
not everyone is upbeat, and a few are downright 

bearish. 

“R> ^ market's last hurrah,” declares Joseph C. GeneraKs, 
tech n ical analyst at First Boston. In fact, he warns, a 4 percent to 
S percent pullback will begin almost immediately. 

**I expect a final toot for the Dow the Hist half of March, 
pushing it to the 1,320-1,360 level,” he said. “But that is only 
catch-up. The broader S&P- — 


One adviser sees 
the stock market’s 
current surge as 
a Hast hurrah.’ 


500 and the New York Com- 
posite Index won't make sig- 
nificantly higher highs, and 
they've probably peaked al- 
ready.” 

Mr. Generalis, whose views 
dash with First Boston’s “of- 
ficial" opinion based on a pre- 

diction that the Dow Jones 

will soar above L5O0 in the next 12 months, sees the 1985 surge in 
stock prices as just another “stampede" in the 1982-1986 market 
cycle. 

“But compared with the others, it’s taken much longer and hat 
required significantly more volume to gain substantially less 
ground,” he said “Higher equity prices — much as the Pied 
Piper's music — continue to attract an ever-increasing number of 
followers." 

He added that the “clear-cut consensus” that has evolved is 
that “One, DJIA of 1 ,400 during the first quarter is a cinch; two, 
equity participants can ‘go for if with abandon for a while 
because the Fed is ‘on their side’; three, interest rales will 
continue to decline, but even if they don’t, it won’t matter much 
for a while; four, inflation is dead; five, dollar considerations are 
immaterial — no one knows what’s going cm anyway; and six, 
secondary/ tertiary stocks are once again being perceived as 
‘value.’" 

H E warned that the expectation level among investors is 
higher than anytime in a decade, citing so-called senti- 
ment indicators such as statistics showing that more than 
60 percent of market advisory letters are bullish and that, wish 
earmarked for investment in stocks by institutions is at low levels. 

“People become bullish after they’ve made their commitment 
— when they’re already in the market,” he said. “It’s only before 
they invest that they're hesitant" 

Philip J. Roth, technical analyst at ELF. Hutton, also is skepti- 
cal about Wall Street’s 1985 advance, putting him at odds, too, 
with his firm’s basically bullish views. 

“In the face of the general euphoria,” he said, “the market’s 
rate of gain is slowing appreciably.” 

He noted that in January, stocks as measured by the New York 
Stock Exchange Composite Index climbed 9 percent, while in the 
first two weeks of February the gain was only 2 percent “Buying 
is becoming much more selective," he said, “with a lot of stocks 
starting to correct like computer issues did last week.” 

Mr. Roth, whose longer view is more positive, said his advice to 
investors now is “to be at least as concerned with taking profits as 
with looking for new buy ideas.” 

Profit-taking, he said, should be directed at these groups: 
banks, insurance, aerospace, publishing, speciality retailing and 
hotels. 

Ernst-Otto Nedehnann, in charge of investment at Hamburg’s 
* (Contmned on Page 13, CoL 5) 



Lola interbank rates on Feb. 20 , excluding fees. 

Offidal fixings for Amsterdam, Brands, Frankfurt, Milan, Paris. New York rates at 


2PM 

g 

f 

OIL 

FF. 

ItJU 

Ok*. 

BF. 

04. Yob 

Amsterdam 

17425 

4.113 

11345* 

37445* 

0-1833 

— 

5432* 

13340*14350 If 

BnmaliM) 

A6J9 

7247 

ao.no 

65718 

3JS55* 

17.7585 

— 

21225 25463* 

Fraoktert 

am? 

343 

— 

32495* 

142 X 

6032 ’ 

4975 * 

11006* 1476* 

London (M 

1487 

— 


11.0483 

123553 

4.103 

7271 

106*5 281855 

MUfta 

2AS240 

224140 

417JO 

MWjn 

— 

54545 

30413 

729 JO 7481 

NowYortcCc) 

_ 

14074 


102015 

206X00 

178 

6746 

242* 26145 

Porta 

70.1625 

11498 

-Timw 

— 

44515 X 

22016 

1021 • 

1409515013- 

Totete 

240975 

wn 

71134 

25J1 

1248* 

6033 

391 JO* 

9245 

ZBrtd) 

2416 

34712 

84J0* 

27-775* 

01371 

7440* 

441 65* 

14BQ3 * 

1 ECU 

04704 

0413V 

22264 

6J098 

157556 

25215 

447729 

1485517449* 

I SDR 

099304 

047792 

3.18797 

9.74895 

NA 

340*4 

64072 

27011 250427 


Ewh. UAJ 

2477 Australians U771 
0JH29 Antrim idtBttaa 2129 
UM9 Batatas fin. front 66» 
07487 Canadians US 

UU2 DaaMUcraa 114775 
ft.1457 Rnataft raarUte UQ s 
BARS Grade drachma 13190 
OBU Hang Kami 7TWS 


Dollar Values 

i 

Btelir. 

09421 him I 
08014 ttraoHcMnl 
12373 Konefflflmr 
03*12 
OIK* 

0455* PUL pom 
04056 Pert escudo 
04191 SmdlrM 


Per I 

U5I EmN. C ""“ CV ILSJ 
mis MOs Simmon i 2455 

mis 05127 SkAMamrOBd L95D4 

OJOB* 0JXTT2 OKornowM BUM 

lists aims 5nan. pacta 18240 

9 MSS 6.106* Stad. bona M5T 

18463 MOSS Totem I 3932 

17936 03357 TMbaM 206*5 

UUI 02723 UAE.Mrtam 14725 


I Storting: 1.1655 Irish E 

(ai CamnwcM tan: a> Amounts nwdtd fa bur m poond (c) Amemts aoMM to bur am doltar (*l 
Unite at 1D0 (s) Unrts olUMO (y) Units ol 10660 
HA: not mniUfl ha.: not available. 

Sources: Batman do Benelux (Brussels); Banco CammertMn ttadaao (Milan); ammko) 
Bade (Hew Yak): Batman National » On Paris (Paris); IMF (SDR); Batman AraOe nt 
intematkrmle dlnvesttesarntmt (dinar. tlyrd, tUrtrnm). oner Mahan Routers andAP. 


Interest Rates 


] 


Eurocurrency Deposits 


Feb. 20 


Dollar D-Mark Fraoc Starftaa Franc ECU SDR 
1M. 8* -8te 5te- 5*. Sw - Ste 14W- 14* 10*5- 1091.9* - 70 Bte-lta 

2M. H.HkR-l 5*S - 5* 139b - M IMS - 10 WW 9 te - ID Vk I ta - 6m. 

3M. gw, - 9 K 6 - SVb 5* - 5te 13M - 13W 11 fc- 11V. 10 - 109b Ml - 8* 

4M. m - m 6 W - 6 *. 5% ■ So* T2%> IlH, I1H- llMi 10 te- ID lb Bib - PVb 

1Y. lOta- WH. 5Hi - Mb JWi- 5W. Mb- 12W llta- .11 te 10 10 ta 9H -9fc 

Rates avBaWo to interbank deposits of si million minimum (anauMad). 

Saunas: Maryan Guaranty (dollar. DM. SF. Pound, FF); Uoyds Bank (ECU); OBbank 
(SDR). 


Asian Dollar Rates 


Feb. 19 


Tins, 
gw -gow 
Source: Routers. 


Sows, 
m -9 


3mos. 
* -91b 


S mas. 
9fc -9*. 


B B 

P4 8H 

1DV* 1BU 

P-9IA MIA 

445 ISO 

8.16 013 

846 &20 

820 &0B 

B25 8.16 


Key Money Rates 

United States 

Discount Roto 
Federal Fuads 
Prime Rote 
Broker Loan Rate 
Oamm. Paper, 38-179 dan 
J-raonth Treasury Bills 
frmenth Treasury Bills 
CD"* 30-50 dan 
CDteMMPctovs 

West Genawy 

Lombard Rate 680 640 

OwmU M Rata 550 545 

Om Mmtti Interbank 565 545 

3- month Interbank 4.W 615 

6-maath Intsrtx tak 6 M 6JD 

France 

Interv en t ion Rote 10W 10W 

Call Money Wi 1«* 

OaoHmonttl interbank ItHOlQ 11/16 

^mantti interbank lMfc 10» 

*tnontti i n t« bo nk UK 10 9/16 

Sources: Routers. Commerzbank, Crhdtl L V' 
ornate Uoyds Bade, Bank at Tokyo. 


Britain 

Bank Base Rate 
Call Money 
91 -day Treasury Bill 
Xnanlti interbank 


14 

14 

12M 

M 


14 

14 

13% 

14 


Discount Rote 
Call Money 
40-day interbank 


5 5 

6 6 Hi 
6 7/16 6 7/14 


Gold Prices 


] 


AM. 


arm 


Herat Kong 

Luxembourg 
parte (125 kilo) 
Zurich 


PA 
CM 

ftaec — + 040 

30247 30L77 — 039 

30110 301*5 + 030 

MW 30290 + 030 

New York — *650 — 040 

Official fbdnos far London. Parte and Luxam- 
boura, nearing and dating orta* tor Hong Kang 
Bid Zurich. New York Crane* currant contract. 
All pticm in U4J oo r ounce. 

Source: neuters. 


Markets Closed 


Car Quota 
For Japan 
In Dispute 

Reagan Urged 
To Stand Aside 


By Stuart Auerbach 
and David Hoffman 

Washington Post Service 

WASHINGTON — A cabmtt- 
levd committee unanimously rec- 
ommended Tuesday that President 
Ronald Reagan should not pres- 
sure Japan to continue the so- 
called voluntary restraints on Japa- 
nese auto sales to the United States 
for a fifth year, administration 
sources said. 

The recommendation, the first 
administration decision in one of 
the most explosive trade issues of 
recent yean, will become an ele- 
ment in the overall review of trade 
relations with Japan. 

Mr. Reagan “is more concerned 
about opening Japanese markets 
than in now to adi'ise them on auto 
restraints." a White House official 
said. “He is looking at this in the 
overall trade context. He is com- 
fortable with not moving specifi- 
cally" on auto restraints. 

Thus the recommendation by the 
Cabinet Council on Commerce and 
Trade will not go directly to Mr. 
Reagan, but instead will be tied to 
the administration's larger efforts 
to open Japanese markets to highly 
competitive American products. 

The recommendation that the 
president take a passive position on 
the car quotas came as key con- 
gressmen, organized labor and 
three of the four major U.S. auto- 
makers pressed the White House to 
continue past March 31 the re- 
straints that limit auto sales by Ja- 
pan in the United Stales to 1.85 
million cars a year. 

Pressures on the White House to 
push to renew the auto quotas in- 
tensified with the publication last 
month of the United Stales' record 
$123.3 billion trade deficit, with 
Japan responsible for the largest 
single share of it, $36.8 billion. Ja- 
pan's auto sales of $20 billion 
amounted to more than half of the 
trade deficit. 

Senator John C. Danfonh, Re- 
publican of Missouri, planned to 
introduce Wednesday a resolution 
with at least 30 cosponsors calling 
on the president to leave the auto 
restraints in place until Japan sig- 
nificantly increases its purchases of 
U.S. products. 

American auto makers are split 
on whether to continue the re- 
straints, with General Motors — 
which has made arrangements to 
import small autos from Japan — 
the only one to favor ending them. 

Ford, Chrysler and American 
Motors, as well as the United Auto 
Workers, want the quotas contin- 
ued. Those three automobile com- 
panies have threatened to drop 
planned investment in American 
facilities and to begin importing 
more foreign-made cars if the re- 
straints are not retained. 


Pickens, Jacobs 
Increase Shares 
In Unocal Corp. 

The Associated Press 

LOS ANGELES — An investor 
group led by the Texas oilman T. 
Boone Pickens has said that it has 
increased its holdings in Unocal 
Corp. to 8.5 percent, and Irwin L 
Jacobs, a Minneapolis investor, 
said he has acquired a “substan- 
tial" stake in the firm. 

Last Thursday, Mr. Pickens’ 
group. Mesa Partners II. an- 
nounced that it had acquired 7.9 
percent of Unocal's outstanding 
shares for $584 million and that it 
intended to spend another $616 
million to buy more stock. Unocal 
is the parent of Union Oil Co. of 
California. 

David Batcbelder, vice president 
for finance of Mr. Picken's Mesa 
Petroleum Co. in Amarillo, Texas, 
said that the partnership filed 
amended documents late Tuesday 
with the U.S. Securities and Ex- 
change Commission in Washington 
indicating the larger holdings. 

Meanwhile, Mr. Jacobs said that 
he had acquired a “substantial" 
stake in Lfoocai, but he declined to 
specify how many shares he owns. 
He also declined to say whether he 
soon would file documents with the 
SEC as required when more than 5 
percent of a company's stock is 
bought 

Mesa Partners said that it did 
not presently want to seek control 
of the energy concern, but suggest- 
ed that Unocal might be a candi- 
date for restructuring. 



OS tacome and Economic Growth In Saudi Arabia 


O puf ni nfit Ofl ffi w mm 
in ballons of dattara- 


Economic Orowtti 
p o rcont chsnoa In real CLD-P- 



73 76 77 76 11 W tU5’ 


73 75 77 76 ’81 -83 *85' 

Bowen: Whortan E ee namenk* 


lha N»w York Tin 


After a Booming Decade, Saudis 
Rein in Their Drained Economy 


By Kenneth N. Gilpin 

Hear York Times Service 

NEW YORK — After a breathtaking decade, 
when rising oil revenues financed more than S550 
billion in development programs, Saudi Arabia is 
in the midst of a somewhat painful period of 
retrenchment, one that may last through the rest of 
the 1 980’s. 

The sources of the problems are easily seen: 
declining oil revenues and the bankrolling of the 
Iraqis in their war with Iran. 

After peaking in 1981, government oil revenues 
have dropped sharply. Last year Saudi Arabia 
earned $43 billion from its oil sales, $70 billion less 
than it took in three years earlier. 

Estimates vary on how much the Saudis have 
spent so far financing the Iraqi war effort, with 
numbers reaching as high as $20 billion. With the 
decline in oil prices, there have been rumors in the 
oil markets that Saudi financial assistance has 
been ebbing, and that they ha ve been increasing oil 
shipments to Iraq in lieu of money. The Saudi 
government has said nothing about its finan cial 
role in the war. which began in September, 1980. 

As a result of these factors, government spend- 
ing has slipped dramatically, and the economy has 
spem the last three years iu recession. 

In spite of continued softness in oil prices, 
economists at Wharton Econometrics currently 
are forecasting a five- ten ths-of- 1 -percent increase 
in the kingdom's gross domestic product this year. 
Gross domestic product is the measure of the total 


value of a nation’s goods and services, excluding 
income from foreign investments. 

The overall slide has had an impact on the Saudi 
population of 10 million. In 1981, per-capita gross 
domestic product stood at S19 ,500. But by last year 
it had fallen to roughly $13,000. according to 
estimates from the UJS. Embassy in Riyadh. The 
Saudi private sector, once growing vigorously, is in 
the midst of a violent shake-out. And foreign 
companies reportedly are experiencing payments 
delays of up to one year. 

“Over the past 18 months there has been a 40- 
percent to 50-percent drop in gross domestic prod- 
uct," said one American banker, with responsibil- 
ity for Saudi Arabia. “The government is out of 
money for this year’s budget, and they have to wail 
until April before they get another one. I think 
they are hitting hard times." 

With more than $1 25 billion in reserves, includ- 
ing gold, and no foreign debt, the Saudi govern- 
ment could have cushioned the slowdown. But 
American businessmen, consultants and bankers 
suggest that the current turmoiJ is one that King 
Fahd, who was in Washington on a state visit last 
week, is not entirely displeased to be witnessing. 

“A member of die Saudi government told me 
recently that over the past 10 years they had begun 
to fed guilty, that things were coming too easily for 
them," said a former UJS. diplomat who now 
serves as a consultant for companies wanting to do 
business in Saudi Arabia. “Nobody is crying for 
(Continued on Page 13, CoL I) 


Fed Has Stopped 
Easier Policy, 

V olcker Testifies 


By John M. Berry 

y/eshmgian Pan Service 

WASHINGTON —The Federal 
Reserve Board chairman, Paul A. 
Volcker, said Wednesday that the 
central bank stopped easing its 
monetary policy last month, a step 
that means the five-month slide in. 
short-term interest rales likely is 
over. 

With both the money supply and 
the economy growing more rapidly 
than they were last fall, Mr. 
Volcker told the Senate Ramlring 
Committee, the easing of policy, 
which began last August and 
helped foster a 3-percentage-poim 
drop in some rates, was ended to 
prevent “overshoots" in monetary 
growth and possible inflation prob- 
lems later. 

But in his testimony, Mr. 
Volcker also stressed that the Fed 


Income in U.S. Rose 0.5% in January 


The Associated Press 

WASHINGTON - Personal in- 
come in the United Slates rose 0.5 
percent in January but was out- 
stripped by a 0.6-percent increase 
in consumer spending, the govern- 
ment said Wednesday. 

The income increase was attrib- 
uted largely to pay raises for feder- 
al civilian and military employees 
and cost-of-living adjustments in 
several federal pension and other 
government benefit programs. 

Without those and other factors, 
the Commerce Department report 
said, the January income increase 
would have been 0.1 percent In- 
comes had been up 0.4 percent in 
December. 

The consumer-spending figure 
continued a slight downward trend 
started in December, when there 
had been an 0.8-percent increase 
over the previous month. Consum- 
er spending, which includes virtual- 
ly everything except interest pay- 


ments on debt, had been up 0.9 
percent in November. 

Analysts generally have agreed 
that relatively strong consumer 
spending has been the driving force 
in an economic rebound registered 
over the last several months. 

Overall personal-consumption 
spending increased $13.5 billion in 
January compared with $18.1 bil- 
lion in December. But purchases of 
durable goods such as automobiles 
and appliances dipped $1.6 billion 
in January, compared with a $9.1- 
bQlion increase in December. 

Because of an unusually cold 
January, following a mild Decem- 
ber. purchases of services increased 
$15.3 billion in January compared 
with a SI 9-billion increase in De- 
cember. When purchases of elec- 
tricity and heating gas are removed, 
however, service purchases in- 
creased only S7.1 billion in January 
— less than December’s S10.1 bi- 
lion. 

Private wages and salaries in- 


creased at an animal rate of 11.8 
billion in January, compared with 
$15 2 billion in December. But gov- 
ernment wages and salaries in- 
creased $4.6 billion in January, 
compared with $1.6 biOion in De- 
cember. 

A 3-5-perceni pay raise for feder- 
al civilian personnel and a 4-per- 
cent raise for military personnel 
accounted for 519 billion of the 
January increase. All of the month- 
ly wage figures are translated to an 
annual rate for comparative pur- 
poses. 

Farm income declined $16 bil- 
lion in January, compared with an 
increase of $600 million in Decem- 
ber. The department said the Janu- 
ary decline and the December in- 
crease woe due largely to subsidy 
payments. 

Personal saving rose slightly to 
an annual rate of $155 buhon in 
January, compared with SI 54.9 bil- 
lion in December. 


money 

economy to grow at a 3^-percenl- 
io-4- percent pace. That should be 
fast enough for the unemployment 
rate — 7.4 percent last month — to 
fall below 7 percent by the fourth 
quarter of this year, he said. 

The Open Market Committee, 
the Fed’s policymaking group 
which met last week to review the 
economic outlook and set official 
targets for money supply 
for this year, expects 
rate also to be in the 3&-percent-to- 
4-percent range, Mr. Volcker said. 

The committee reaffirmed the 
earlier growth target of 4 percent to 
7 percent for the M-l, the nation's 
most closdy watched measure of 
the money supply. The committee 
also decided that, given the recent 
slower pace of the economic expan- 
sion, that it would be better to nave 
money growth somewhat faster 
ihnn that early this year »nri slower 
later in the year. 

Further, Mr. Volcker explicitly 
said that the sharp rise over the last 
three months in M-l and M-2 had 
not left them too high relative to 
the Fed's targets. 

The M-l measure indudes cur- 
rency in circulation and cash-like 
checking deposits at financial instir 
rations; M-2 is a broader measure 
that also indudes savings deposits. 
■ Other PtajediaDs Increased 
Mr. Volcker also said that the 
Fed had decided to slightly in- 
crease the upper end of its targets 
for both M-2 and M-3, the broadest 
measure, which indudes M-2, large 
time deposits and other items. 
United Press International report- 
ed from Washington. 

Mr. Volcker said the new M-2 
estimate for 1985 was increased by 
OJ percent to a range of 6 percent, 
to 9 percent. The top range of M-3 
also was increased by 03 percent 
from the Fed’s July forecast to a 
range of 6 percent to 9.5 percent 
The M-l actually grew at 52- 
percent rate in 1984, M-2 grew 7.7 
percent and M-3 grew 10.5 percent 
The money supply is critically 


The Dollar Rises 
ToNewHighs 
Across Europe 

The Associated Press 

LONDON — The U.S. dollar 
continued its upward march on Eu- 
ropean foreign exchange markets 
Wednesday, shattering more re- 
cords despite an announcement of 
a looser U.S. monetary policy. * 

The U.S. currency hit all-time 
highs against the French franc and 
Italian lira and rose to 13-year 
highs against the Deutsche mar k 
and Dmch guilder. But it lost 
ground against the Swiss franc. 

The British pound closed at 
SI. 087, equal to the pound’s all- 
time European doting low set on 
Feb. 12 and lower than late Tues- 
day's SI.093. 

Currency dealers said the dollar 
dropped rater the announcement 
that the U.S. Federal Reserve 
Board had decided to raise mone- 
tary growth rate targets for 1985. 

There were no reports of inter- 
vention by central banks Wednes- 
day, but the dealers said West Ger- 
many’s Bundesbank sold S300 
million Tuesday. 

Dollar rates in late trading 
Wednesday in compared with 
Tuesday’s fate rates: 33280 DM, 
down from 33150; 2.8167 Swiss 
francs, down from 2.8190; 10.1675 
French francs, up from 10.1525; 
3.7685 Dutch guilders, up from 
3.7S85 and 2,057.62 Italian lire, up 
from 2,047.00. 


important for the health of the 
economy. Cutbacks in the supply, 
applied to fight inflation, can trig- 
ger a recession, but too much 
growth over time can create high 
inflation, with the right path be- 
tween the two the responsibility of 
the Fed and the committee. 

Mr. Volcker told the panel the 
new money supply growth figures 
“do not represent any change in 
policy intentions” and are expected 
to “support another year of satis- 
factory economy expansion with- 
out an acceleration of inflation." 

He said that the projections as- 
sume that Congress will make some 
significant reductions in the federal 
budget deficit that would help 
dampen both interest rates and in- 
flationary expectations. 

It also assumes that the dollar, 
which has been breaking records 
with other foreign exchanges, 
would “fluctuate in a range encom- 
passing its level of recent months." 

Mr. Volcker said U.S. interven- 
tion in foreign exchange has “been 
quite limited" in recent weeks and 
had had a “useful, but limited in- 
fluence.” He said, “I think we 
ought to stand ready to do it," 
when circumstances in dica te that 
intervention would be useful 


Fed , FDIC Masked Continental Loan 


By Hobart Rowen 

Washington Past Service 

WASHINGTON —The federal 
government’s $3. 5 -billion, five- 
year cash loan to the troubled Con- 
tinental Bank of Illinois was ar- 
ranged last May so that it would 
not show up anywhere as a budget 
expenditure, according to a new 
report bv the Congressional Budget 
Office. 

The money was pul up in cash by 
the Federal Reserve Bank, and the 
loan was then assumed by the Fed- 
eral Deposit Insurance Corp. as 
pan of the overall government bail- 
out of the Chicago bank. 

The CBO report, which in gener- 
al says that the Fed should be more 
accountable for its spending, re- 
veals that instead of the normal 
procedure by which the FDIC 
would have directly acquired the 
cash by the sale of its own securi- 
ties, the Fed’s discount window 
“served as (he source of financing." 

Under the regular procedure, a 
S3.5-billion FDIC loan would have 
shown up as a budget expenditure 
item. The way it was done, there is 
no record of the loan in the budget. 

Normally, says the CBO report, 
loans and equity assistance from 
the FDICs fund are listed in the 
budget as expenditures; repay- 
ments of assistance are listed as 
offsetting collections. An FDIC 
sale of securities would show up as 
a decrease in the agency's unobli- 
gated balances. 

In the Con Linen La] case, because 
the cash was provided by the Fed, 
eliminating the need for the FDIC 
to disburse cash or to draw down 


its equity, the Office of Manage- 
ment and Budget decided that the 
transaction did not have to show 
up as a budget outlay, the CBO 
study says. 

The FDIC then assumed Conti- 
nental's debt of cash to the Fed, 
acquiring in exchange some of 
Continental's troubled loans. 
“Over the next five years, the FDIC 
will pay the interest and principal 
payments due on these loans to the 
Federal Reserve," financing any 
shortfall from its own reserve fund, 
according to the CBO. Any FDIC 
losses will show up as expenditures 
in future budgets, a congressional 
source said. 

A former Wisconsin congress- 
man, Henry S. Reuss. said “it is 
unheard oF for the Fed to use its 
discount window for a five-year 
loan. He suggested a bad precedent 
had been created, whereby the Fed 
had printed money to help bail out 
a bank. However, a House Banking 
Committee staff member said the 
Fed window was used on a smaller 


scale in the Franklin National 
Bank case. 

“The Continental Illinois loan is 
not recorded in the FDICs budget 
because the FDIC did not provide 
any ’budgetary resources,’ even 
though the FDIC did assume the 
risk of loss in the transaction." ac- 
cording to the CBO report. “The. 
loan is not recorded in the budget 
under the Federal Reserve's ac- 
count because the discount opera- 
tions of the Federal Reserve are 
excluded from the budget,” 

■ Executive Cleared 

A U.S. district court judge has 
dismissed a class-action suit 
against James D. Harper Jr„ head 
of Continental's real estate divi- 
sion, The Associated Press report- 
ed Wednesday from Chicago. The 
summary judgment is a “complete 
vindication" for Mr. Harper, said 
his attorney, Richard F. Levy. 

Shareholders had contended that 
Mr. Harper and other bank execu- 
tives had tried to conceal the scope 
of Continental's losses. 


All markets were closed Wednesday in _ 

aa and Taiwan because of the Chinese New Year holiday 


Weekly net asset value 

^ T5 Tokyo Pacific Holdings N.V. 

^ on February 19, 1985: U.S. $137.62. 


t 


Listed on the Amsterdam Stock Exchange 

Information: Pierson, HekJrtng* Pierson mv, 

H er engra ch t 214,1016 B5 Ams te rdam. 


We are pleased to announce the 
following appointment 


Administrative Managing Director 

M. JOHN DEMIRJIAN 


IB 


L. F. ROTHSCHILD. UNTERBERG, TOWBIN 

«(.l itALHNu fc*CM*UGfcii 

55 Water Street, New York, New York 10041 


WE BELIEVE CONTAINERS 
BELONG IN YOUR 
INVESTMENT PORTFOLIO 


PRIMARY 
PERIOD 
5 YEARS 


INCREASE 

YOUR 

WORKING 

CAPITAL 

100 % 


GUARANTEED 


SECONDARY 
PERIOD 
10 YEARS 


RECEIVE 
EARNINGS OF 

280 % 

ON CASH 
INVESTED 


PROJECTED 


TERMINATION 
PERIOD 
15TH YEAR 


RETURN OF 
CASH 
INVESTED 

100 % 


GUARANTEED 


$ Containers are high earning, 
frilly insured, tangible assets 
with a 15 year working life. 

* The Transco Group is the 
world’s leader in producing the 
highest annual rental return 
with the lowest commercial risk. 
$ 2000 serious investors have 
already purchased containers 
worth over US$35 million 
which are managed by the 
Transco Group. 

4c These serious investors 
enjoy a secure US DOLLAR 
income from participation in 
international trade. 

* DO NOT MISS THIS 
EXCEPTIONAL OPPORTUNITY 
TO ADD CONTAINERS TO 
YOUR INVESTMENT 
PORTFOLIO. 

£ For full details, without 
obligation, fill in our coupon 
today. - 

TRANS 
CONTAINER 
MARKETING AG 

Geflertstrasse 18, 

CH-4052 Basel, Switzerland. 
Tel; (061) 4223.77 
Telex; 64446 taco ch 
MIMMUM US$12,000 INVESTMENT 



To; Trans Container Marketing AG 
Gellertstrasse 18, CH-4052 Basel, Switzerland- 
Please send me full details without obligation. 

NAME: 

■BLOCK CAPITALS} 

ADDRESS: „ 


I 

I : - - - 


HI 4 








INTERNATIONAL HERALD TRIBUNE. THURSDAY. FEBRIARI 21. 198j 


NYSE Most Actives I 


HoufCIi 

V3L Hlotl 

<6547 27* 

LOW 

27 

Iffff 

27* 

CBM 

+ * 

PiiilPet 

22631 48 

47 

48 

+1 

ISM 

14558 134% 

131% 

133% 

+1* 

OmPn 

14334 34% 

32* 

34* 

+ % 

Am Em 

13950 42* 

41% 

41ft 

— * 

Unocal 

13316 47% 

45* 

46ft 

+1* 

AT&T 

12467 21% 

21* 

Zl% 

— * 

L«kM 

12384 52 

48 

49* 

—a* 

FBkSvs 

11693 34* 

33% 

34 

+ * 

SobtCp 

11332 17 

16% 

17 

+ * 

UnfTol 

Ilia 34 

23% 

23* 

+ * 

SCalEi 

10424 23% 

a* 

22* 

+ % 

FordM 

7853 45* 

44* 

44% 

— % 

Mobil 

7526 27* 

26% 

a 

-* 

Sears 

8753 36 

35 

35* 

_ 


Dow Jones Averaoes 


OHBWfh 


India 1290.1S im5i iznja iaxiJ + i « 

Trans 63076 642SJ 42606 (3375+ 1S5 

Util 14908 1S107 W9.11 15039 

Camp 52X06 529.61 51975 32474+ 056 


NYSE Index ) 


Composite 

Industrials 

Tramp. 

Utilities 

Finance 


Prmloof Today 
High low Owe 1P-M- 
105.16 104.94 105.12 10S.J9 
12053 12047 12050 12153 

in* wzg ioi5i ioiis 

5192 5191 5352 5194 

11144 11053 11040 



Wednesda&s 


NASDAQ Index 


NISE 


Closing 



AMEX Most Actives 


VOL 


HlQti Low tot OH 


week 
CR»e 
34.91 
309.10 
3325* 
337 JS 
20X28 
750.72 
264.19 


Year . 

NaOfl A« **° 

216.90 29657 Z49J6 

»” ss as 
r ssss 

_ 25JL3B 20166 
_ M294 24157 


wanaB 

Hotter 

ImsGP 

verisim 

BowVal 
DooneP 
VTOttm 
do mis 
BAT 
AmdaM 
GrtucC 
TIE 


2714 7** 

2% S* 

2% gw 
S* 5% 
U4k T» 
21ft 2* 

i» ]J5 
47 

4 3* 

17 I4i% 
3744 36* 
9% 9* 


271ft + ft 

2% 

Zfs +* 
5% +40 
13% + * 
m -4ft 
13* + % 
47 4* 

5* — IW 

r =£ 

916 -ft 


VoLat3P.NL 


9701MW 


PrcT.SPiA. yoL 7186im 

PrevcmsoUdatodeiBse 118S34JH 


Standard & 


Tables include the nationwide prices 
up to the closing on Wall Street and 
do not reflect late trades elsewhere. 


HlBh 

induslriuls 23156 

Trauisa. ijgjl 

utilities 79 ■7' 

Finance .gj-f? 

Composite 13151 


Preview „ TMW 
Law Close 3 PAL 
I01.7E MU4 73JB 
1MSC 162J1 1^5 
7XB4 7S.97 70.9; 

2152 51.3 2#.i9 

165.95 101-33 -.81.** 


Ir-SSix^lS 

oaie t* 00 " 1 I Today 


Benda 

UHllhos 

Industrials 


owe 

7457 

7152 

77.12 


Today 

Noon 

7194 

HUB 

7756 



Today 
3 PAL 
23157 


iSttfcm 
Hitnum Slack 


Div. Yld. PE 


Volume on NYSE Turns Higher 


D». VIC Pa IPS h'S» U* 


Ciew I "Van* 1 ! 

Cur:.?.!* ' “jirLzoSlXk 


YHL PE 


Sis Ouse 

lmtHnaiLnw quol.Ch'w 


M 


?sift isvi — vc. United Press International 

im u* i6w + % NEW YORK — The New York Stock Ex- 

g* change was holding a modest gain late Wedoes- 

T S?5=JS day. helped by a spurt in the stock of IBM 
** Sv, t £ which gave a psychological lift to other issues. 
« «* «* + * The c 5 ow Jones industrial average wa s up 
176 to 1,28335 shortly before 3 P-M. EST. 

■g; J?n. SSSJu $ 53 jo Sis 20 + * | Advances led declines 810-705 among the 

mi e+ Adwsya sit 65 ij w u* h% it* + % I 1,971 issues crossing the NYSE tape. 


23% 16* AAR 
24* 9% AGS 

1816 12W AMCA 
17* 131% AMF 
39* 24V>< AMR 
23* 18* AMR Pi 
14* t% APL 
49*. 449*i ASA 
Z7 16 AVX 

364* ABIUte „ 

25* levs AccOWO* 04 15 W 

23* 12% AemeC Ml 25 

in 8* AcmoE 
17* 15 Ado Ex 


JQ 35 37 
9 

211 105 ^ 

250 45 
52 10 IS . 
150 25 15 3801 
217 

„ _ 164 

S2b3S 12 8 

2.1 lei 2.4 72 


23* 23+ 33VS 

18 17* 17* + * 

10 W 10 + * 

17 16* 17 + <4 


.13 


150 

-60 


Zi 11 
X5 13 
37 


950 125 
9X4 11.9 
.92 7.1 


41* 25* AMO 
13* 6* Advesl 
14* 8* Aerflex 
42* 27* AetTILf 
58* 52* AOLPf 
32* 15* Atimns 
4* 3* Alieen 
51 36* AirPrd 

24* 13 AJrOFrt 

3 * A! Woos 

37* 31 AkiPBl 254*11.1 

33 2S* AlaP PfA 352 123 

7* 6 AlaP dpi JB7 135 

73* 61* AlaP Pi 
79* 63* AlaP Pi 
13* 10* A louSCS 
19* ru AtekAIr 
34* IK Alberta 
3C* 32* AJbfSBS __ 

35* 23* Alcan 150 

34 27* AJcnSId 150 X4 12 

29 17 AlcxAlx UIQ 15 

3E* 19* Alexdr 36 

89* 62* AlleCp 3561 25 8 
26% 23 AfsCPPf 256 IU 
28% 18% Alainf l^a 41 
22* 15% Alain* 3.19 1J.1 
94*81 Alai PIC Il-g 125 
30* 24* AllcPw 170 95 8 
23% 15% A Rent* JOb 35 11 W 

39% 38% AIUCps 150 45 B 2786 
62* 53* AldCppf 624 JOB 

107 99 AI«o PT1250 1 1 J 

1G7* 1D0% AtdCpf 1259*115 
23* 10% AJhlPd 
56% 38 AllaStr 
14* 5* Aiiucn 
37% 34 AibCPl 
27 20 ALLTL 

25* 20% AiphPr 
43 33% Alcoa 

27% 15* Ama* „ 

43% 32* A mas Pi 350 
34* 22% ARlHeS 1.10 
2% 1% Am Aar 

19* 15* ABakr 
65* 5Z* A Brand MO 
77% 50% ABdcU 150 
25* 19* ABklM 56 
23* 18* AHusPr 54 

55% «* A in Can l» 

34* 21% A Con pf 250 115 
48 26 ACaiPl 350 65 


|4 3807 33* 33* 33* +1 

1.1 88 11* 11 11%— Vft 

14 69 14% 13% 14 

254 65 39 3411 41 40* 40*— U 

5570105 Si ffl* 5^+ % 

130 45 17 3294 Hfc » 30% 

30 27 3* 3 3 

502 50* 47* 50 — * 
S9 23* 23% 23% 

71 1* 1% 1* „ 

113 36* 36* 26*+ % 
2 31% 31% 31% + * 
48 7* 7% 7%-* 

11801 73* 73* 73* 

IBs 79 79 79 +1 

116 13 12% 13 + * 

9 4278 19* 18* 19*— * 


The five-hour Big Board volume amounted to 


Although prices in tables on these poses are 
from the 4 PM dose in New York, for time 
reasons this article is based on the market at J 


P.M. 


John Burnett of Donaldson, Lufkin & Jen- 
relte said Mr. Volckef s commons may have 
disappointed souk investors who were looking 
for a further decline in interest rates. 

Trude Latimer of Evans & Co. said there was 
a drying up of selling pressure lateTuesday that 
carried over into the Wednesday session. She 
said morale of traders had been suffering from 
weakness in computer issues and a positive 
report from IBM improved the tone of the 

market. . _ . ... 

Although selling abated, Ms. Latimer said, 
many buyers were bidding just below the mar- 
ket and thus the advance was not ru nnin g away 
with itself. 

A publication of Merrill Lynch, Inc. said “the 
recent advance has considerably more upside 


21* 9* Ertnra .. 

2D 16% ERt*E n 1-2SC 6B 

37* 23% iouStax 1 JO 45 14 

17* 11* SOTkPl 2JI 164 

14* 8* Erbmnt 


148 10* 10* 10% 

43 IB* 18% 1HW + % 
HI 20% 19% 19% — A 
29 37* 36* 37 + % 

US 4* 4* vy 
6 IS 15 U. 

186 40TA « 40* 

11* 11* H% * * 

13* 12% 12% — % 

21* ZT* + % 


4J 6 

... IJ> B 

14* 5* crumm '-J J* sii is, - :|w - — + * 

PI III llliis 


46* 46* 46% —1 


about 98,600.000 shares, .compared with 


is* u 20 so 24 % 24 24* + * 7*1 iwi non in the same neriod Tuesday. recent weeks the advisory said, readings 

I as J iti* |=S 7i S^sS^ s ST*Wpcp>r.- -—6 

mem of Commerce reported personal income times m the past 15 
aaSPBi * percent in January after seasonal 

Th^Deoember figures were revised to an On the trading floor, Stauffer ^Ontalw 
increase of C.4 percent instead of an increase of near die top of theactive list gdupa 
OJ^mSiL thefigures were affected by at midday. The stock gamed 
chai^M^ the timing of government transfer Chesebrough-Pond s announ^l plans to ac- 
paySts, including a social security cosl-of- 


.18 

33 


4 3 10 
9J 

u io 

J 34 


50 


131 

6 

69 

23 

8 1054 


27* 27* 2M+ % 
19* 19* 19%+% 
94% 94* 94* 

30 29% 29*— * 

19* 19% 1**- * 
39* 3B% 39% + % 
62% 62 62%+ % 
10 106% IQS 106% +1% 
445 10S*104*1K* + % 


2.12 U 


LTL 154 7.1 


10 
9 1872 
499 
10 
in 


j® 


Ms 15 B 10 

,i0 u 12 

45 14 4377 
266 
II 57 
65 9 237 
25 10 W61 
15 11 32 

25 li 6 
55 11 456 

16 


19* 16% ACopBd 250T15 
33% 25* ACopCv 6560215 
1 TA 6* ACantC 
56% 42* ACvon 
29% 18% ADT 
31% IS* AElPw 
43% 25 AltlExU 
30 13% AFamll 

30* 19% ACnCP 
12 5% AOfU «* 


75 

18 

U 11 

1.90 35 12 2233 

52 35 29 798 

256UI05 8 154D 
128 XI 1513958 

J4b 13 13 257 

150 35 9 1300 

57 51% AGfiJP<A6»115 581 

B3* 58* AGnl DIB 5.90a 7.1 18 

S 40% AGnpfD UA 45 704 

13% 7* AHabl _ 

57* 46% AHane 2J0 

38 26% Alto 1-12 

83% 62% AmrWi S-0» 

78 50* AlnGrp r -44 

130 112* AIGpPt 555 

28* IB* AMI -72 

^^^2^ 45 9 119S 

1«S 15 ASLFlPtXWm 
16 10 AS1UP 50 5J 16 

35% 22* AmStd 150 M 12 
54 26* Am Stof 54 U 11 

46* ASIrplA AM 67 
SI AStrofB 6* 128 
14* AT&T 150 


158 
S.1 12 1984 
33 11 5030 
75 8 5225 
5 16 600 


22 * 22 % 22 % + * 
55* 54* 55* + * 
8% 6* 7*— 1% 
31 29% 2M4-1* 

26% 25% 75% — % 
23 23 23 -» 

38% 37% 37*— % 
19 18% 18% + % 

35 34% 34% — % 

27* 26% 27% 

2 1* 2 
18% 18% 10%+* 
65* 65* 65*+ * 
66% 65% 66* + * 
24% 24* 24% 

23* 23* 23* 

53% 52* 53% „ 

24% 24% M%— % 
47 46* 46* + V> 

19% 19* 19% 

30* 30% 30* 

M 9% ?%-* 
54% 54 54% — * 

27% 26% 26% — % 
21* 2V* 21 „ 

42% 41% 41*— % 
2 9 28* 28*— * 

30* 30* 30%— * 
11% 11% 11%—* 
55 55 55 + % 

83 82% 82»— * 

61% 60* 61 — % 
ID 9% 10 + % 

57% 56% 56% — V> 
34* 33* 34% + % 

83% 82* 02*+ % 
75 74 74%—% 


f . = „ firwil Chescbrough-PomTs was higher on heavy 

h ^^S^eserve Board diainnan, Paul votoxne. The^inpany reported fourth-quarter 
A.^ld^d f^te^Si^althe na of $1-07 perXe vs. 84 cents m the same 

aa&Myssv 


ne aim saiu LUC i cuuai vitvu avumam - m . * f i 

mittee has not changed the target for the M-l creased their stakes inUuocaL 

monetarv measure. The upper bands For two Other oils woe mixed with Exxon.Mobi] and 


Smd^mra^^M-2 C ancf J ft-3rwere raisoi'* tate Siandard lower at midday. 


12 Month 
HiphLow Stock 


Wv. Yld. PE 


SB. 

w* mania* 


O0M 

Quat.Ch'M 


U 


1 Jta 7.1 6 


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44% 27* AWatr ZJOO 4J 
22 13% AWatr wl „ ... 

12 10 AWatPf 1 33 104 


92 

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122 
708 
892 
ISO 

_ 44 

54 1712467 



17 10 1878 


27% 20% AmHoH 148 

f l 53% ATrPr ‘ 

1% 4% ATrSc 
78* 58% ATriln 
32 26* Anwran 

34 17 AmnOa 

29* 21* Aimtak 
28% 18* Anxfoc 
17% 10* Amtee 
38* 26* AMP* 

24 14* Am pea 

21* 12% Amroas 
28* if Amain 
38% 25% A wBlad 
5* 1% Anacmp 
30% 19% Analog s 
30% 19% Anrijor 
38% 24* AnCcy 
11% 9* Andrer 
23* 16% Anoallc 
78% 5S*L AnhM 
57% 44 AnlWWPf 340 
22% 13% AnBrtr -28 1 j tt 
27* 13* Anw »-»c 
16% 8% A nHwm M J 15 

19% 15* Aort>PunX40«lL3 

B% ” S3 104 
3T* 27% ApPwPf 4.18 1M 

Era'll 

21% ArOiDn .14b, ^ 
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23% 13* ArtBst .40 IJ 
24* 16 Arido Ij* 

% % ArinRt 

13% 9% Armocta 

21* 9 Afmco 

30% 18 Anneal i» 

23% 15% A wiMR * A 
38 22% ArmWIn 1M 

33% 18%AT0CP 138 
26* 13% ArowE 30 
22* 16 Aflra S3 

H% 3M AfriSSf 200 
W* 2W* aS(0?I 140 54 

61* 45* AsdDG 140 *4 10 
98 73 ABdDUl 4M « 

25% 18% AtfOanj 140 72 10 
25% 19% AfC/B 248 94 
52* 40% AHRWi JOB 
38 32* AMRCPf 3M MJ 

125 97 AflRept 240 2S 

20 11% AttasCP 

34% 18% Auocrt 
46* 29* AutoDt 

50* 24 AvcaCB 
1A 15% AVEMC 
39% 23 AWWY 
15 io Avlail n 
41 27 Avnof 

25% 19% Awn 
36* 18 Avdln 


47% 46* 46* — 1% 
43* 42% 43* + % 
13% 12% H + % 
18* 18 18 — % 

«s% S* S% +i% 

21% ”% 21%— * 
36% 36* 36*- * 
24 37% 37% 37%— % 
65 44% 44 44*— % 

2 22% 22% 2*% + % 
400z 11% 11* 11% *■ % 
Til 77% 26% 27% + % 

« s- ^S% + » 


Mg* 90* ®a2fi5 t 101 

4* 3% BritLnd 

30 21% BritPT 

15% 9* BrttTPP 
6% 2% Brack 
20% 14% Brekwy 

OT5 » BUI6 PI X95 124 

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a 26* BrwnF IM « 14 
40% 23% Brrenrt 140 IS J 
39% 25* Bf3hW * At U M 
17% 12 BucyEr 44 19 Zt 
22% 13% BundV 40 44 7 
17* 15* Bimkril XM 124 
21* 14% BurmCl 
30* 23 Burl I ltd 
58% 35 BrtNth 
7% 4* BriNopf 
50% 44* BriNpf 
18* 12% Burndv 
(5* 44% Hurrah 
20* 12* Buflrln 
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15 10* Butn Of 110 193 


70 


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100 m 3* 3% + * 

43 42% 43 + * 

39% S* S* + % 

BS*a*-; 
bbbts 

6% 4% 6%-M 
50 49% 49* 

17* 17% 17%— % 
61* 60 61% + * 
19% “ l«+% 

5 4* 4*— * 

10* 10% 10*— M 


13 

144 59 21 
140 25 
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5406112 


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08 

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240 44 11 2982 
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33% 24* CBIIH 
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13* 13% 13* 

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3 22* 22* 22* + * 
360 25 34* 25 

44 21 3871 <7% 44* 44% 

601 36* 36* 36*— 1 

28 WSKTi 
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50 24 12 22 + 

50 14 16 1051 36% fi 


urn 8* 

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71 14% 

27% If* 

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3M6 22% 

42 14 '7 

47* 32% ColFd Pf 4J5 102 
24* 13* Col Bui Mr 14 90 
18% 11% Comm! .12 4 

30% 15% CRLfcB 40 

14* 12* CpRPfB ZM „ 
72* 54* CamSP 248 U 11 
44% 28* cdPaco 140 
21* 14* COllPEO 40 
59* 14 ConlR*C „ 
179*123* cnoajs 28 
48% 30* C toHW 
17% io* Carina o 

S% iSi 

WSZSPZ: 

S 14 30% cm^lr 1M M T9 

S f s 

15* 9* CgfCNG 140 94 4 
18* 9* CaaHCli 

33 15% CrilCPf 1*2 

52% 28% CatraT ^ W 
27% 14 C«0 M U 12 
94* 42* CMafW 4J 9 
40* 34 CatoiPf 441 11-1 
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41% 30% CtoW _ 2J0 54 

^ ]*. SSSW" 242 U 

St CW1HUJ 244 114 
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42 34 CnlUPf 4J0 105 

17% 14 cm I PS 14D 94 
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X 29* CLa.EIP#4.1l US 


MMonm 
Hto Law Stock 


Dhi. YM. PE 


S* 

MOsHlotl Low 


CUM 

QuOt-ChW 


11 6% FHInd 

67* 41% FMC 2M 
82 51% FMC pf X» 

23% 17% FPL Gp 148 
13% 9% FabCtr 38 
14% 9* Facet . 

20% 15 FalrctkJ J8 
39* 33* Fairepf 340 
14% 9* Falrfd 

33 16* FamDIr 

22 10% FanDwl 

19* 14% FOllGtTn 
33% 27* FrWstF 
is* 14% Faran 
13 8% FayOra 

7 4* Fedora 

37% 29% FwflCo 
45% 27% FedExp 
39 29% FdMoa 

19% 10% FedHM 
27 16% FcdPB 1 

23 16 FodRII 
1B% 13% FdSonl 
57% 42% FodDSt 
31% 22* Ferro 

37 25* FUCSt 

'£S 3* FlUcppf 4b 1L2 
47* 14* FlnCppt 6J40184 
9* 2* FnSBar 


3 92 

13 54 171 

33 S 

84 9 6963 
33 15 7 


33* 21% Hotel In 240 
37* 29% HoughM 44 
19% 13% HouFcb 'A0 
36% 24 Hanint 143 
BC% 54'-3 HOimaf 237 
54 36 HOlniPf 230 

76 61 Holnlpl 643 

23* 17% Houirte 
34* 39% HouNG 
29 9% HouOR 

23* 13% HawICn 
26* 29* Hubbrd 
13% 9% Huffy 
21% II* HuCtlTl 
25 lT'A HuatlSP 
33 21* Human 

27* 17* Hunt MI 
41% 23% HUMEF 
25* 18* HvdraJ 



^^s;-% 
80 80 80 — % 
53* 53* SJJtS 
75* 75* 75*+ * 
22 % 22 * 22 % + * 
66% 45% 44* ^ 

r st ms 

964 15% 15% 15* — % 
47 21 20 * 20 *— * 
30% 30% 30*— * 
26% 26* 26% — * 


40% 39* 39%- * 
24* 21% 24* + * 


24 


144 


129 

112 

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146 

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Where will you be 
without gola if the 
dollar drops again? 

The “almighty dollar” today is 
not quite so almighty. 

Its recent fluctuations on foreign 
exchange markets may be j ust a 
hiccup. Or the beginning of the 
greenback’s long-awaited decline. 
Whichever the case. Krugerrand gold 
bullion coins are your best 
protection against currency 
instability. 

Can you think of a better refuge 
when the dollar is in doubt? 

Ask your bank or broker about 
Krugerrand gold bullion corns. 

international Gold Corporation 
1. rue de la Rdtisserie 
1204 Geneva - Switzerland 


2 
115 
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krugerrand 

Money you can trust 


12 Month 
HJsfi Low Stock 


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U 11 3507 
40 13 1162 
7 187 
20 9 1181 
XI 17 TO 
9.1 16 
49 


11 
7.1 7 
39 7 


44% 23* Loewi ad 
34+ TO Loalcon JO 0 20 
33* 19 LomFta 1.16 30 12 
at* if* LomMia ■ 15 

28% 17% LnSfor . ISO 70 6 
53 44 LonoSpf 507 W0 

8% 3% LlLCo 3 

30* 16 ^ ULpfB 
48* 21* LILP&J 
50* 23% LILpJJC 

■» rata a 

9% LILPfV 
11* ULPfU 

8ft LiLpfT 
Z7* LILPfS 
* 

7 LILMO 
55 34 LonsOr 

33* 18* Lorrri 
15 lBft LOGsnl 
37 22* LoLOfKf 

25% 17 LoPac 
31% 2Sft LaPLrt 480 150 
23% 16% LoPL Pf X16 130 


478 44% <1% 44*— * 

17 21* 21* n* + * 

475 73% 73 73*— % 

2 20* 20* OTft 

912123 32 48 «*-» 

jD U 12 ni 33* 33 33 — % 

108 0 11 667 133 121*132 44 


616 
129 
0 21 570 
UM5 2* 

X7 13 W 


46% 42% 44* +1* 
34 33* 34 + ft 

31* 30% 30%— % 
24* 24 at*— * 
25 Xfft 25 


21% 

21% 

37 

30* 

S? 

15% 

17* 


28* 21% LowvGfl UJ 
49% 36 Lowrii ZM 
30 16* LOWH * 

3$% 10* mum 1.16 
32 23% LU&V95 64 

19% 15% LuckYS 1.16 
16 TO% LufcOiH 08 


in 

31 
229 
61 
223 

K N 1 8* + % 
10b 25* 25* 25* + % 
15b 42 « « 

Mb 43* 43* 41* 

18% 18+ M%— * 
W% 18* 18* + * 
18% 18* 18% 

22% 23* 22*— * 
17% 17* 17*— % 
54* 53* S3*— 1* 
Uft 13% T»— * 
15* 15* 15* _ 

30 14 140 57% 51% 52 — * 

08 IJ 18 422 31% 31* 31+—* 

,lSn'A&SS:| 
1 ! gS 8 $g*TS 
«s.sa^is 

48 47% 47%+ * 

39* 29* 29% — U 
24* 23% 24 — * 
29% 29% 29% „ 

19 18% 18%—* 

15% IS 15 — % 


90 7 
40 7 
1.1 17 
40 14 

10 a 
6 3 10 
12188 


no 

19 

490 


a 

418 

106 


0 15 
XI T7 
20 25 
10 18 
11 13 

0B8 *0 11 1367 M% 33* »%- * 

jo uwasw a* 51% ® + 

100 IJ W 86 75* 74 74ft— % 

S wS 18* 18 IB* + * 

7 998 21ft 21* 21+ — * 
36 9 8% 9 

* 20 5 "l! StStSt-l 

27* 19* Hoovrll UJ ffl 10 n » 25% 2* + » 

wu 18 HlxnSfl 1.W 44 9 64 25ft 25% + 

26 20 Hr^Pf 198*110 » 25* 2M «* + ft 

10 aft.HoriOT „ ,, „ w* 

48%. 05% HwriCP 00 IJ 14 2187 


M 


5% 5* 5+— + 
46% 45% 46*— * 


zm 13* MACOM 32 1.1 B «09 
49% 34% MCA 08 10 23 1W4 
26ft 14% MCorp 100 6.1 7 1204 
42 34 MGorpf XJB BJ 2 
14% 7% MDC » U W » 
<1* S* MEI 04 1.1 16 S46 
14* 9* MGMGr 04 U 34 VJ 
12* 9 MGMGr Pi44 30 _l 
16* W MGMIM JOe IS B 
2S% 17* MGMHO Mo 20 15 
26 17ft MB LI0 
59% 36+ Mocmll 
53ft 38* MOCT 
19% lift Mod Rea 
39% 34 MOOta 
29* 20* MotAri IMOC 
23+ 12* Manhln M 10 4 
19 13+ ManhNf J2 10 I* 

34+ 10* ManrCS .16 3 23 


J» 

IM 20 U 
104 X2 U 


554 


214 


00 XI 1 


20% M 38* + * 
49% 47* 48%+ ft 
23% ZI* 33*— % 
39* 39* 39*+ * 
13ft 13% 13% 

42 41* 41% + * 

14 13% U%— * 
12 * 12 * 12 * 

13+ 13 13% + % 

33% 9 23% + % 

30* a an* + * 
50* a 30*+ + 
47 46% 46ft + * 

13+ W* W0— * 
38% » 31*- % 
21 % 21 * 21 % + * 

15 14% 13 + % 

17% 17% 17% — * 
23+ 22* 22%—% 


. *«VP 
46* 33* MWA 
54% 38* MotocB 
IT. 21 Naico 
29ft V Nariwn 

30* 30% IWCan 

SKSESSS 

“Tffi \fo 

4+ 2* NfHom 
33% 23* Mil X, 

29* 17+ NMedE SX 
10% 4% NMlraS 

29 20% NtPreri IM 

16% 9* Nnsml , 

29% 21% IHSucIn 100 

18 11% NStand M JJ W 
13 TO Nsrcon 08o JJ J 
29* 21% NevPw 276 9J I 
14* 11* HwrPBf 100 11-9 
28* 19 NsuPM X30 110 

w^Msa a a 

3* 14% NYSEG 204 1X7 6 

24 N X3^. 55 H-i 

a 19% NYS PfA 3JTW11S 
U* 13* NYSPf 112 110 
a 24 NYSpfD 375 127 
lift 13* Nowell 
45* 29 wmn l 
15* 11 NewNl 
W* 7* NwMRs 
54ft B Newmt 
5ft 1% Nwoork 
17ft 12 NtaMP 
29* 22* NioMBf 
34 7b Nlcmpf 
41* 34 NtaMwf 
19% 15+ NtaO» 

18ft 10% Nlcato 
38* X(* NICOR 

19 12* N0MAI _ 

69 68* NoffltSO 301 

33ft 16* Mori* 0 

41% 29% Norrir 200 Afl 9 
50 41 Norrir of 4jaalO0 

If 12 Noriefc M S 7 
56% 42 NACeol IM U 7 
44ft 28* NAPtllS 100 20 W 
aft 13% NEvrO 104s w.1 9 
IS* 10% NoeSfUt 1S8 107 
15% 11 NlfBffS 1S6 110 
44* 33% NoStPw 134 70 
33* M NSPWff XM 110 
37 31% NSPw pf 4.10 110 

59* 51 NSPwPf &J0 110 
63 51 NSPW Pf TM 11.1 

42* 29ft NorTsI 00 10 
5* 2ft Wham a 

42% 23% Norms 1a . a 
62* 40ft Nwttnd 101 50 14 
23% 8ft NWSIW 


35 28* 20* 20+ „ 

in SiT% 

ssssast* 

37* 36% W -* 
<£4&4E-ft 

S3+ SB.it 63%+ * 

r ^3 t* 

ss a SI! 

„ a«* »* JSttt ft 

tox 87* 87* 87*+ % 


231 


12+ 1Mb 12+ 

3% 3* 3ft 

ssg+% 

10% 9% W+ + t! 

27 27. 27 


H 42W S* ^ 3* + % 

“ 5! ’* 

0 S*KS*tS 

nab w* 13+ WJ— 
20b 19ft I2S 3 J. » 
13 16ft 16% Wb +» 

T2 SS5 K wl+ + 


11 S 22 + a+ 
18b n a ?L 
60 “ 


__ 20 11 
04 14 a 
4JB03X8 
ABO 73 .. 
IM 20 H 


200 IU 6 
XM 130 
+18 120 
505 1X5 
1JS81X) 

.12 J 94 
3JM 1X3 __ 
.12 0 » 
S.1 9 


25* as* 25* + ft 

W* 18+ Wg+S 

w+ »+ sgr * 

17ft 17+ TT+— g 

sssssr; 

74 17% T7 JL-rS 
417 29% 29* Jgf g 
DID 14* U* 15% + * 


32* 21* Narwst 
50* 48* Nwripf 
57+ SO Nwripf 
56 30% NOW 
37% U Nucor 
9 4* NutrtS 


100 .60 W 1WB 
6.159110 257 


1411114 H* *3? Ml. 

ffasi 


10 W 
67 

7S B 


!■?» 


Mb fl4+S 


80% 38% NVNEX W» 

(Continued on Page 9) 






{rftasa/i fme 


g- *: « ii: 


L— - :-r» 


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\-- X * 

-v ^ 


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Uta 43 42* y. 

"irpiES 


£910110 _ .15 SS SS S+i % 


79%+ ft 













INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 


Page? 


Wetbiesdays 

MSE 

Qosfa^ 


Tobies Include the nationwide prices 
bp to the dosing on Wall Street 







WM 


•4;ar:T:] 





2.503556.186 
I *79.4716*4 
2_850.l9S.fiM 




ID7.977jM9 
18 4 10,471.747 


3N24UU 

1,117,640,717 



PROPERTY & ASSETS 


I. CjUiIhIum 
7. Subiiary ntpoMiiiin 

&aud< Arabup Moniar> Afmcy 
1 Cuban dmx> mih 

Saudi Arabian MuacUft A|OKr 


DEPOSITS WITH BANKS 

1 In Saudi Araeia 

2 Abnud 

INVESTMENTS: 

|Nm n a m m lovnl si real 

oimiikn idul 

1 Snam and accurtm of 
nuklalwnoiu 

a| In Saudi ADM 
Oj Abroad 

2 Other nanimtnra 

LOANS AND ADVANCES— Me 
(Lea pnnbirai Ira had and 
draibriul drfml 

1 To 

i> PmueSecnr 
h| BanAr 
VI (Wan 

2. Bab ourchaicd and dhuunitd 


1 Bank piuihn and o(bB 

rral naif In tea m mahiaHoa) 

2 Fufiviim, Italian and 
raudunm [k\a oorauuon) 


OTHER ASSETS 
1 Cvtaonm'lublillalof 
ouBLandins arcecunm 
7 Other aiaeit 


CONTRA ACCOUNT'S 
CoaoPKtt' lUkalllM under 
piaianlen, leucn of ciedfl 
ll.TT7.l64/aS and MhM oMfkimai 



AUDITOHS' REPORT 

. „ . n.ijn mm —a uir imeud ftofii and Lou Aacn.ni „ i in [he book i and tMcunm a Maimi tnmo oMIr Head Office and Bnnehn si The National 
** h ?12i^5!!2 , i£.^*»COTOMnT*hin4 h» ai». "* *" h rubm-llad by The Mraugen of the ninet fhanchcv. and cernl* in be m au nuance rlanMk. 

CmamcUl “raik jrg., .«| eudjauiom -hbH * r crarMdrrrd neenun toe ihf euro** ol our audit 

We hsuoabunaed if* keeoun irsmeM f*»n me RnancialNiuiewi <H The Nawuul Cdanmnial Bank ai Wrfl Tail Hdian. 1404 H. fSSdi September 1484) 

* accnidancr -ah trne.all, accnaed a« 0 unLn,r...K4*wnd a. iho-f b- lb, bookL 


JEDDAH 19tS fanuar>- ’**5 

2gm Rabfn Thanl. 140S H 


ISSAEL MOlTWCG.IJfil 
ACCOUNT ANTS A AUDITORS 


ISMAIL A ELHABBAMIS! 

ACC (XI NT ANT A AUDITOR 


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH ZUL HUJAH, 1404H. (25TH SEPTEMBER, 1884) 



Salam an) en**» Sf*** **P“«*» 
Oiracran' Fan, BanummahK 14 - 
Sff.bc dura 

RroAton In, DH*«IUlP>-* u: - 

I| DcfVKtkllonor 

bufldtifS, hirMirt m 
OJ Older 


NET PROFIT FOR THE YEAR 
•f-fcdi 

i) TwAri# 

b) Balann (arrtod m BUance Smwf 



Net Income from Fm>p Eachanw 
J6J7.J63.M3 Tiroucwwn and Bluer enen 

Net Incur 'mu Immunenn and 
l9J.-JO.7aj leaJetuie 


TOTAL INCOME 




m NATDNAL 

COMPUTER 

CONFERENCE 


The Eighth National Computer Conference will be hosted by ARAMCO in AI 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 develop.ment in computer technology, its 
effect on managing computer resources and wide-spread computer use in industry suggests 
the following appropriate theme: 


Papers are invited on the following topics: 



1. Computer Management and Utilization 

2. Computer Graphics 

3. Office Automation 

4. Computers in Education 

5. Data Security 

6. Centralized vs. Distributed Systems 

7. Computers and Simulation 

8. Computers in Industrial Processes 

9. Other (Specify) 


i$- The conference will include working sessions on the following key issues. 


IS 

p 1. Computer Industry in Saudi Arabia 
S 2. Automation of Industry 
§1 3. Computer Literacy and National Concern 
|| 4. National Computer Data Communications 
M Requirements |j 

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 1 7, 
1985. Abstracts and papers should be mailed to the following address: 




CHAIRMAN, Paper Selection Committee 
8th National Computer Conference 
ARAMCO P.OJJox 1748 
Dhahran 31311, Saudi Arabia. 


IPR • 1 35] 


. 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. 








































































































ir ?. 


Page 10 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. FEBRUARY 21. 1985 


Wednesdays 

AMEX 

Closing 


mot IPA. 




Pm.39M.nL. 


Prer. consolidated dose 7414008 


Tobies include me nationwide prices 
up to the dosing on Won street 
and ao not reflect late trades elsewhere. 


>3 

fy. Lc* yccii 


Pw. ym. PE 


Sis. 

JOfcMWLw 


Qm 

CnO.m’Be 


7 '* 
3% 

IS - * 


jo u n 

.12 J 14 


.14 

M 


415 


JO 

JO 

.IS 


SUB 


30 

120 SJ U 


2% i 

6 

10ft 

13% 

2% 

9% 

7% 

12% 


JX, 


JS SJ 15 
9 


JO 


lift 

in, 

OTk 

■ZVt 

54 

r% 


.15 


375 ADI ft 
Ift ADI wt 
% AlCPh 
„ - B% AL Lab 
IM 12 AMC n 
513 Ift AM intt 
73V. 58 ATT Fd n M2e 7.1 

4 31ft AcmePr 
151ft 84 AemeU 
1E% 10ft Action 

9’* 3*5 Acion 

3ft ik Adn wt 
3ft IVS AfflnRs 
2Bft 15ft AJRuSI 
*>'« 15 Adobe 
Sft Sft Aeronc 
254ft AHiPtai 
9% 4 AirExa 
14 5ft A if cal 
5% 34ft Alomca 
8316 65*6 Almlton 
< 2 AlnTn 

7 54ft AJotw 
1? TO: Alpftaln 

lift ft Alton 
28i« It AteaCp 
194ft 9ft AmsJehl 
156 6V*= Amedeo 
BA, 4%, AmBItt 
Sift 4 Am Cap 
341* 12U A Exowl 
9 54ft A F rue A 
84ft 54ft AFruc B 
12% 7% AHIttlM 

8 4 AISTOftl 

196 124ft A/IAZSA 
26 6 AMBla 

10 3 AmOU 

64% S3ft APetl 

B6 1ft Am Pin w 
IT*! 70ft fiPracs 
8ft fiVft AmRltv 
Uft 116 ARovIn 

5 3 ASelE 
1% Ampai 
Sft Andal 
3 AnOJcb 
9 Amino 
614 Anutas 

6 vlAnol v 
3*6 ArsoPt 
5V» Artsy n 
4*6 Arrow A 
9% Arundl 
51ft Asmrg 
8Vk Astra* 

2% As Irate 
ft amcm 

3Vft Atlas wf 

4% Audio* 

496 324ft AuraSw 
224ft 134ft AvanUls 
44ft 36 BAT 
376 221ft BDM 
3ft 141. BRT 
Jft BSN 
V* BTK 
Tk Bodnar 
7ft Be* or 

re i BoWwS 
.. 2% BalvMwt 
25% 71 Eon Fd 
<6 «4ft Bonstro 
9*6 6Vft BnhBIO 
46 36 Berea 
44ft 2ft BomEn 
17ft 745 Bormtl 
66 4 BoryRG 

156 106 Baruch 
96 4% Baara 
46 16 BesfOi 

226 116 Bold Bln 1-BO 112 
86 Sft Beltran 
26 6 Beftrwt 

50 32 BntStdA 

53% 326 BnfSrdB 
2S6 19 BsraBr 
5M 36 BathCP 
306 156 BIcCo 
46 Blltrt Id 
196 BlnkAAl 
146 BloRA 
176 Bless no 
6 BlOCKE 
96 BfotmfA 
19lft 106 Blount 8 
35ns 196 BoMrP 
116 BOwVal 
Ifl-ft 96 BowIA a 
26 Bawmr 
12 Bawne 
... 56 BradNt 
386 216 Brscna 
32 226 BmFA 

33% 23% BrrtFB 

4 36 BntFpf 

5 76 Buckhn 
54k 36 Buckh of 

146 9 CHB 
9% 5 CM I Cp 
47ft 26 CMXCp 
196 136 CRS 
196 96 CacsNJ 
1% 46 CcoleA 

T 1B6 cSirrtn 

56 Cal tan n 
6 Caltnwt 
76 Colprop 
96 Cameo 
3 campnl 


n 


3J0 12 

33 


4 

S 21 

is ia 

17 


All 


IM 

72 

2 

S7 

40 

1423 

42 

25 

8 

397 

04 

25 

15 

09 
532 
250 

57 

15 

65 

54 

77 

10 
19 

149 

137 

141 


56 9m 3%-tt 
26 16 16—6 
16 16 16— 6 
116 T)% 116 + 6 
196 10 196 +16 

54ft 56 56 
776 776 776 
46 46 46 + 6 
106 106 106 
176 176 176 + 6 
56 56 56 

6 6 6+6 
26 26 26 
28 274% 28 + 6 

196 196 196— 6 
76 46 46— 6 
356 346 346 
76 76 76 
86 86 86+ 6 
26 26 26 
006 00 806— 6 
36 36 36 
76 76 76 
136 136 136— 6 
16 16 16— 6 
256 256 256 


l J 21 1403 * 17 146 166— 6 

X 289 106 96 106—6 
KB 6 S 06 86 06 
22 S3 76 46 7 + 6 
316 306 306— 6 


lBBOQz 9 06 


1A IS 
34 


2J 7 
12 


96 

76 


86+6 
86+6 
96 
76 


6 

2.1 9 
33 

20 


JBe 1.1 26 
LOOoll 19 
JO U 7 
.121 3 j0 
-IS A 23 


<2 

d 


06 
96 

» £ *-* 
4 4 4 

526 606 42 +16 
6 6 6 
146 146 166 + 6 
66 66 46 + 6 
156 156 156 + 6 
4 36 4 + 6 

76 26 26 + 6 
56 5 5 -6 

46 46 46— 6 

136 73 136+6 

7 7 7 —6 

16 16 16 
56 56 56 
46 46 46 + 6 

96 96 96 
196 196 196 
76 74* 76— 6 
106 106 106 + 6 
26 26 26 
16 16 16 
» n » 

46 46 


56 

76 

136 

176 

96 

46 


11 
1414 
248 
9 72 

21 93 

51 

AOe 34 11 4 

48 93 


16 476 476 476—6 


106 186 186—6 
4 36 36— IX 

356 356 356— I 
3 26 26 

^ If*- 
12 116 116 
166 146 156 + 6 


020 34 

47 

9* 

9% 

9V5 ■ 

te 


39 

3% 

3Vi 

3%- 

% 

2X8e BX 

28 

25* 

25% 

75* ■ 

% 


25 

5% 

M 

5ft 


40 43 29 


61k 

8% 

Bft— Vk 

S3 

63 

4% 

4«k 

4% ■ 

Mi 

40 

4 

3% 

3% 

3%k— % 

00 24 

19 

m 

8% 

m- 

te 

144 

711 

5* 

5% 

5ft— Vk 

0412X1* 

11 

12 

12 

12 

Vk 


24 

17 

31V 

36 

196 


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32 1J 17 
■4WMLP 
73 U 7 
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1-00 43 11 


tabu a 


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27 

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156 

3 

152 

8 

II 
1 
7 


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26 2 2 —6 

126 13 136+6 

~ 36 36 


25 

23 

J 


19 

116 


44 

19 
24 17 


210 
227B 
9 1 


23 


Tt . 

306 304% 306+ 6 
386 386 386+ 6 
256 256 256 + 6 
46 46 46+6 
226 226 226 
46 46 46 
23 23 23 

15 IS IS + 6 
306 306 306— Vi 
16 16 16+6 
176 176 176 + 6 
176 176 176— 6 
32 30 316 +16 

136 136 136 +6 
10 HI m 

36 36 36 
176 146 176+ 6 


U0 

XB M 10 
JH 20 ID 
AO 107 


JO 


12 

1.5124 


34 


5 


46 

16 

106 

146 

46 




JO 


392 
117 
2 
34 
2 
109 
77 
50 
14 

I 3 s S* SStJS 

12 ,8S 


96 06 96 +6 
24 2S6 256— 6 

316 316 316— 6 
326 326 336— 6 
3% 36 36+ 6 
5 46 46 

56 56 56 + 6 
136 136 136— 6 
86 06 86 
36 3 3 —6 


301 8J 
-32 2J 


226 134ft CMarco 


346 256 C WInft 
Cardiff 


11 


.10* 


3 15 
20 


71ft 46 

116 Mft CartA 
116 56 CareEn 
436 34 CoroPsf i00 1U 
76 36 CasMan J4M5L5 10 
196 146 CatrtIA » J» 4J 9 
336 256 CaftFd 2J0a OB 
T6 6 Ccnfanf 50 

306 206 CanMPf 3JD US 
136 96 Cents* IJOellJ 
96 46 Cetoc 
46 2Vft ChmoH 
176 126 CtimpP 
39 196 UltlMA 


X 

105 

17 

14 

10 

27 

5 

198 

4 

57 

13 

297 


226 236 2W + 6 


56 

16 

96 

M 

36 

156 

346 

76 


Sft 
16 
96—6 
136— 6 

U6— 6 


J0 


206 146 OrfRv 

3 96 CIHDVO 

96 Oilltns 


24 9 
17 
48 17 
A 20 
SS II 


216 116 Citadel 
246 146 CltFsf 
426 286 Ciarmt 
436 216 Claras! 
2J6 736 Ctopcry 
96 36 Coanltr 
4% Cohu 
1 Coif wt s 


.15 


3 21 
12 

MM>4J 7 
1.93e 47 

jsiun 

.1* J 13 


106 

7 

166 

15 

36 

JI6 

126 

196 

106 

22 

126 

96 


2D U II 20 96 


114 

89 

19 

n 

J0* 27 12 
5 


86 Cwnlns 
6 ComdrC 
7 Compo 
66 CompD 
76 CtnpOl 
56 CtnoFrf 
>16 Cnaun 
46 ConcdF 
56 Cannlv 
196 12 ConrHm 
116 56 Conast 
76 16 Conqwl 

116 86 ContsCKr 

% 6 ConOGwt 

96 46 vtCwrtA 
126 56 vICltfA Bf 

276 126 Coni MU 
36 6 Coradtoi 

36 36 CasCrn 

1 6 CoftCrwt 

06 56 CntCrd 
26 16 CaurtW 

26 6 Crwtrd 

126 76 CrsfFO .15# 1J 11 
33 236 Crass I J2 4J 15 

316 196 CrawiM U» 3.1 8 
226 96 CrnCP 
176 76 CrCPB 

246 14 CwCPPf 1J2 1U 


J4r 11 21 
Me 40 


17 
10 9 
2 


■39 

OO 


1J 13 
11 9 


JOMOO 11 

O U I 


148 1IJ 8 33 


231 40 13 
-92M10 19 
9 

K 

15 

JO U 11 


■W» 22 l> 


96 46 CrawnC 

14 86 Crawnl 

46 T CrutcR 
166 26 CnrstO 
246 136 CuUc 
28 216 Curtice 

96 ft Oaten 
36 16 DWG 
266 176 DaleEn 
106 36 Dansan 

36 6 Dam wtO _ 

326 186 DamSFf ISO MJ 
2*6 206 DamSPt ITS 1SJ 
24 136 Data Pd .16 3 

96 36 Datarm 

M 36 DeRas# 

146 116 DetVdl 

Iltt 36 tWnwd 
«k 4 Dsontm 
116 76 Demi 
16 94ft DevtCP 
WW 54k OtoOA 
U 56 DtaaB 
116 B DtaBfh 
96 2 Dio Icon 
<76 716 Oinrd 4 
66 36 Dhidftn 
96 6 Dir Ad n 
B6 56 Disks 
3% 16 DarneP 

296 226 Damir b 140 
13 46 Downey 

36 T6 Orfltor 
176 46 DrlwHS 
396 256 Ducam 

4ft M Dun ICO 
30 326 Duplex 

206 13 DurTsI 
146 96 Dynlct 

216 186 Oynmr 
1048 66 EAC 
166 116 EECO 
76 36 ERC 
66 26 Eaeia 
236 IS EstnCa 
«, 316 EslBP 
116 66 EdwB g 
36 16 ElAlfdD 
226 156 ElcAm 
56 36 ElecSd 
106 56 EWiw 
126 106 GmMd n 
16 6 EnsMtt 

36 6 EnrSrv 

176 12 ESDn 
56 36 Enstrpf 
116 56 Ero ins 
326 l«ft ESWV 
76 16 ESOrtt 
346 276 EeqRd 
126 74* EwJ B 
126 7 EvTJ A 
96 7 Excel tl 
6 2Vi ExptSv 
126 86 FPA 
226 106 Fablnd 
II 96 FtConn 
Wt 106 FtF’SLn 
136 11 FWvmB 
176 12% FlschP 
18% 76 FlteGE 
m% 226 FltOEaf400 1W 
1114 86 FlanEn 
<2 236 FkjRck .70 !J lo 

304ft 2241 Fluke IJBt *J 12 
116 6% Foodnrt 
10 7% FaotaM 

96 46 FJWJID 23 

110 486 FofdCn d+OOe 

22 15. FarsiC A .10 .7135 

38 


56 
16 
96 
136 
26 

as 

106 106 106 
... 106 10 106— 6 
030* 426 426 42% +16 
73 46 46 4% 

17 186 186 186 — 6 

2 326 326 326 

37 16 16 16 + 6 

AGz 20% 24 34 —6 

45 136 136 136 
10 76 76 76—6 

436 36 36 36—% 

4 146 146 M6 + 6 
190 376 37% 37% 

10 am 206 206— 6 

35 96 96 V% 

50 21 206 206—6 

4S0 316 196 Z1 +16 
50 226 226 226— % 
20 416 406 41 +6 

22 436 426 436 +1 
45 236 236 276+ 6 
50 46 56 56—6 

9% 9% 

544 06 46 46— % 

04 156 156 156 + 6 

1179 116 11 116— 6 

543 1% 16 16 
127 86 8 I 

12 f 86 36 

412 106 106 106 + 6 
441 106 96 96—6 
I8W 176 186 + 6 
96 96 96 
9 06 9 + 6 

196 196 196 +6 
76 7 7 

36 36 36—6 
96 96 96 
_ 6 6 6 

374 96 96 96 + 6 

44 12 116 12 + 6 

98 
1033 

45 
7 

99 
20 

7 
14 
144 
1 

91 
9 
If 

3 
340 

19 
414 
402 
19 
ns 

941 

13 
77 


14 

9 

7 

100 

177 

9 

201 




* w + * 

76 76 76— 6 

16 16 16 
6 6 6 
116 116 116— 6 


306 306 306 + 6 


316 316 316 
126 116 126+1 
96 96 96+ 6 
19% ISM W4 + 6 
46 56 46 


136 156 Wft+W 


2 

1 

10 1059 
347 


13 IS 


16 1% 16 
4 36 4 + K 

236 226 236 + 6 
256 256 256 
3 26 26—% 

3 26 3 +6 

246 246 266+ 6 
5JJ 5% ^+6 

236 236 236—6 
246 246 W6 
176 176 176— 6 
06 06 86 +6 
86 ■ 86 
14% 146 t46 + M 
" 36 36+6 



5% 56 


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46— % 
116 + 6 
26 

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12 
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JOe 1J 
J0ol4* 

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Tib 2.1 

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JO 24 
JOe IS 

77 

06 

40 U 7 
IJOqM 7 
Jdb2J 7 
JO 6.1 II 
14 
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7 
14 
1218 
5 20 


24% 11% ForasH. 
2M Fatamf 
41 24 Front: 

8 <% FrdHty 

276 14 FreoB 
10% 76 Frtntm 
6Jfc 5 FrboErt 
106 96 Frtana 
am* K PflKti* 
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3 2 3 II 
7.1 17 


156 IS 
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116 116 
26 26 _ 

47 456 47 

56 56 S6— 6 

06 86 86+ W 
76 76 76—% 
26 26 2\— 
r r:-** 28 >'■ , . 
i. . :i% lit#— u 
16 16 16 
126 126 126 + 6 
346 34 346+ 6 

Va fw Vt 
206 206 2B6+ 6 
106 196 106+6 
146 136 14 
20% 2D* 206 
7% 9 9 — ft 

146 146 146 
06 66 46— % 
26 26 26— 6 
906 90% 206+6 
336 326 326+ % 
106 10 106 
16 16 16— 6 
216 21% 216— 6 
36 36 36 

8 7% 76+ ft 

,s 5 ,a & 

16 16 16 -Hi 
15% 146 15% + 6 
36 36 36 + 6 
126 lift 126+1% 
38 34% 23 236+ ft 
4 3ft 36— % 
34 356 34+6 

8*k 86 16— % 
0% 86 86— 6 
06 86 06 
56 5% 56 
106 W% 10% 

176 17 17% + 6 

106 106 106— % 
396 296 396+ ft 
13% U 13ft— % 
14% 14 146— % 

96 9% 96 
20% 25% 356 
106 106 106 + 6 
40% 40 40% 

296 29ft 296+6 
lift 11% 116 + 6 
96 96 96 
96 9ft 9ft 
:110610961I06 +36 
216 216 216— 6 

19 186 106—6 
16 16 16 

40% 396 40 — 6 
0ft 56 06—6 
22% 22ft 226— ft 
9ft 96 96—% 
76 76 76 
186 WW 10% 

20 20 20 — 6 
13% 136 136 + 6 


7ft 4ft FrtAwt 
196 10% Furvtln 
116 3% GHC En 
3ft GIEnst 
4% GR1 
2ft GTI 
96 GotaxC 
1ft GdxvO 
346 Goran 
' GotLIt 
7 Goylrd 
9% GehnS 


.171 17 


12 

no 


lift 
96 
3% 

'3* 

33 .. 

146 10 

n 


130 


5% 2ft Gamo 
17ft 12ft GDaftw 


42 a 

17 

18 
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W 

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JOe 40 15 
.10 0 15 


JO 


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11 


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AO 1.1 M 1570 


12 
321 

jibu n 
■53 

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46 2ft GnEma 
776 lift GBMlcr 
8ft 2ft Genbca 
14ft lift GOftWOr 
11 7% Geo Res 

2ft 1ft GeoR wt 

8% GeaRsafUDO 104 
196 Giant Fd JO 17 W 
8ft GirtYIp 
16ft Glottis 
31% 22ft Gtnmr 
0ft 2% GfMfRn 
W% 106 Gkov 
96 «k GaMW 
16 J&GMHd 
29ft 23 GarRua 
25% 19% GoukJT 

10 6ft GiahCp 
246 I5ft GnWAu 
lift 86 Grant 
26 l Grant wt 
Wk » GrTedt 
33% 25 aiAmt 
386 24 GrtUkC 
336 8ft Grenmi 
96 4ft Grafner 
13% 8% Grdcti 
10 106 GltCdB 

326 196 Gtfstr 
10% 46 HAL 
10% 12 HMG 
15% 9% HUBCn 

76 Hwrerft 
256 H antra 
16 Harvey 
96 Haters 

2ft Hater of 
406 256 Hasting . 

21% 146 HlttiCrn U2e 93 
96 56 HlttiCB 
196 136 HlthES 
15% 106 HetthM 
96 «6 Hetnwr 
76 He (nick 
2 Metier 
26 HekJcr 
36 Hedont 
6 HrimR 
4% HershO 
26 Hlndri 
9% Htotran 
2% Hotmon 
._ . 06 HauvCn 
34% 25% Harml 
22% 86 HntHar 
7% HmH wt 
116 HaHPtv 
16 HotlPwt 
4% HauOT 
■ HaraE 
06 Howl In 
41% m HubelA 
41ft 28% HuMB 
10 7% Husky a 

101 206 ICH 

4% (CO 
26 1PM 
06 IRTCpn 


88 

4 

21 

2 

12 

24 

93 

1 

3 
24 

4 
33 
» 
29 
77 
17 
33 
13 
91 
S 

138 

40 
ZZ 

1 

11 

41 
41 

5 
70 
4 


11% 

37 

2ft 

X 

35M 


00 40 
08a 41 11 
.931 9A 7 
JO 24 13 


IS 

58 

90 

50S 

200 

14 

9 


0M 0% 06 
19% 196 196 
4ft 4 4 

10 9% 9%— % 

5ft 5H 5ft 
3ft 3% 3ft 
12ft 12 126 + 6 

2ft 2ft 7ft 
21ft 28ft 29ft + % 
126 12% 12% — % 
10 10 10 
lift 116 116+ 6 
4ft 4% 4ft 
156 156 15% 

4ft 4% 4ft +% 
M6 T06 106 
56 46 Sft + % 
146 Uft 14ft + 6 
96 Oft 96+ % 
2ft 2ft 2ft + 6 
9ft 96 96+ 6 
39% 29ft 296+ 6 
96 96 96—6 
296 29 296+6 

336 256 236— ft 
36 » 36+6 
106 1 06 186 

5* % r« 

29% 39 29 —ft 

246 246 246— % 
14ft Uft 14ft 
23ft a 236+6 
12 lift lift + 6 
2ft 26 2ft— 6 
136 13% 136 
21ft 31ft 31% + 6 
37ft 306 37 —ft 
23 22% 23 +1 

9ft 96+ U 


IJft 12% 126 


1 14) 7 


156 

10 

56 

21% 

2ft 


12 

34 

it U II 
J0* 2J U 
.10 3 M 

1131C 

104 

37 


5 

15ft 

06 
13% 


10% 

10 

3ft 

9ft 

106 

18% 


71 

30 

20 

9 

.12* 1.5 10 
1J30 12 11 
.711 63 13 




K72 


TO 


1J0O2U 


... 136 18% 

386 206 306+ % 
06 Oft 06+6 
126 126 126+ % 
146 146 106— 6 
I 9ft 9W 96+ ft 

0 37 37 37 

0 16 16 16 
142* 30ft 29ft * + % 

432 XM 35 356 + % 

1 416 416 416 

71 20% 206— 6 

96 86 9 — 6 
Uft 14% Uft + 6 
156 Uft 14ft— ft 
9% 9 9% + ft 

15% MX 15% + ft 
2% 7% 2ft 
Sft Sft 3ft— ft 
7% 7 7 - % 

1 % 6—6 
46 4ft 46+ ft 
2% 3% 3%— ft 
15ft U Uft— 6 
4 4 4 

B 7ft 76+ ft 
34% 346 84% + ft 
11 706 706+ ft 

3% 3% 3%— 6 
Uft 10 10 

3ft 36 3ft 
4ft 4ft 46+6 


19 

50 

4 

52 

14 

IM 


JO* 10 9 
1J0 30 17 
134 33 12 
.15 

JS J 17 
12 

«r 10 £ 

.12 2.1 ” 27 

ImpGP .12* SJ 9 3150 
16 Imalnd 189 

30ft 25ft Impona 100 
70ft 46 Intmt 
: a ft 166 lnslran JS 
Sft 16 IrafSy 
TV. insSvpt 


16% 16ft 10% + ft 


9 

5% 

11% 

06 

26 

26 


ft 118 


2ft 12% 12% — % 
406 40% 40ft— VS. 
40% 40% 40ft + ft 
86 8 8 
330 W1 996101 +16 

92 4ft 0ft 0%+ 6 
23 3ft 3ft 3V* — ft 
5 9% 9% 9ft— ft 


** & atf 


3ft 


17 

L4 29 
11 
9.1 


Zft _. ... 

2ft 2ft 2ft 
85 84% Uft— ft 

96 9% 96 
20ft 3) 20—6 

7ft 2% 2% 

2% 2% 2%— ft 


9V) 

4% IntCTYU M 

22 

9% 

9% 

9% 



54 

14 Vk 

«3% 

Uft— % 

5% 


635 

3ft 

Sft 

3ft + % 

17% 

m IntHrt 29 

13 

9% 

9Vk 

9ft + % 


8% IIP X90 80 29 

5 

10ft 

lOVi 

18ft + % 


I Intota 

11 

1H 

1ft 

Mk 



6 

27 

26ft 24ft— ft 

5Ml 

j Italy ” M 23 23 

4 

3ft 

Sft 


17% 

livk Jadvn Job 04 9 

7 

14% 

Mft 

Mft .. 

99k 


34 

7 

6% 

Aft— Vk 

Sft 

2ft -tetAm A 

49 

3 

2% 

3 

3% 

4k JefAwt 

71 

% 

% 

ft— ft 

8 Vk 

39k Jetran 49t 6X 1* 

22 

SVk 

7ft 

BVk+ % 

6Vk 

2% JohnFd 

114 

6 

SVk 

5ft + ft 


30 23 M 


JO 

00 


*6 

17% 

15 

46 

46 

Sft 

0ft 

5% 

3ft 

15 

156 


L0 20 
33 B 
19 

J0O42 9 
-5W 17 2* 
JO U 
JD 13 10 
10 


19 

JQr 0 

IS 
15 

00160 


232 


36 23 

.15* * 

34 33 10 
.16* .9 11 


% 

186 

B 


19 

JB 3 90 
10 

011 33 10 
4 

.M 3 34 
JO 2.1 15 

ll 

08e 53 


00 30 19 


100 93 
JOe 


.12 


7 

1J ’■ 

4 55 

n 


Wft 7% JotmAffl 
7% 46 JmnJkn 
36ft 88% KnGCPt 450 I2J 
4% IM KtWokC 
14% 10 KOVCP 
10ft 9% KaorNn 
6% 3 Kenlrn 
19% 14% Kenwln 
n 106 Kotehm 
5% Keren 
8 KrvPft 

5 MavCa 
2% Kkldewt 
3ft KRarn 
3ft Klnark 
8 Kirby 
36 KltMfa 
7ft KMtVi 
8ft Knooa 
86 Knoll 

776 XI KaearC 
3 16 USB 

4ft 76 La Bora 
7ft 2% LaPrtt 
41ft 23ft LakeSg 
Uft lift LndBnn 
17ft 11 Ldraksi 
17% 96 Laser 

13 8% Loornrt 

9ft 2ft LeePh 
0ft 3% LefcRHT 
9ft 5 Levitt a 
4% 36 Uffld 

3% 1% Loan* 

37ft 20% LorUnr 
10% 89* Lumet 
13% 0ft LundVE 
10 l Oft Lurla 
14% 96 Lvdals 
33% lift LynCSv 
10ft 8% LvnchC 
14ft llftMCOHd 
^ 

1 MSA wt 

Sft MacScn -14 13 
% Macrod 
25% 17 MeFS 
15% Bft MoJorte 
35 17% Monad 

5% 3ft MorkPd 
Z2M 21% Morrnpf 135 1 U 
286 11% Mrdiln 
1*6 7% MartPr 
15% 86 Maaind 

Bft 5 Mates 
22ft 12ft MdlRsh 
19% 8% MatScn 
296 I* Matrix* 

17% 17ft Mar Eng 230 120 37 
40% Uft Mavflw 30b 2J 12 
11% 8 McCOG 230*303 
3% 7ft McRae A .10# 30 
3ft 2ft McRae B 
lift 7% Models! -T2e l.l 
70% 53 Medio 
lift 12ft Medlq 
10% 5ft MmxSL 
13% 7ft MetPra 
28 11% Metex 

35 15 MtlraC 

8ft 4ft MchGn 
lift Bft MMAm 
24% 13ft MkDnd 
9ft 76 MbenW 
216 146 NttCtdE 
476 33 MMCF 

TOft 8ft MonMe 

38% 31% MonPpf 400 11J 
39ft 33 Menftpf 450 1*L7 
17 106 MeoaA Job 13 17 

3% MlgRfwt 
17ft MteGHt 104* 70 7 
ft Mcrtra 
26 MtM*d 
4% JUavteL 
3 Murom 
36 Mas BAT 

6 Mum wt 
76 Mywln 
56 Norte* 

106 NtGsO 
176 NtPotnt 

1 NetoUJ 
256 NHamp 
196 lift NMXAT 
16ft Wft NPhxRt 
286 13 NProc 
42% 22% NYTIm* 

7ft 36 NewbE 
17% 10% N*woor 

14 116 NwpEI 
116 5ft NlctlaSs 

a lft Noellnd 
2% Natan 

Uft nr NerdRn 
n 13ft NaCdOe 
5% 2ft NuHrzn 
lift Sft NvdDt 
146 96 NURtoC 
84% 16% OEA 

27ft 14ft Odcwd 
7*k 4 OdetAn 
7% gfc OdetBS 
2S» 13% OMM 
3ft OOkUF 
3% Opentin 
5% OrtatHA 
1 Ormond 
356 71ft OSmivn 
10% 6ft OxfrdF 
11 76 omrkH 


128 106 10% 106 
2 56 5ft 56 

ate 35 35 35 — % 

22 2ft 2% 2% 

92 176 *06 12* + ft 
5 136 126 126 
1b 4% 4ft 4ft + ft 
■ 19 106 19 

61 15ft 15ft 156 + % 

U 9% 9 96— ft 

917 11 I Oft 106+ ft 
34 76 7ft 7ft— ft 

1043 4ft 4 46+1 

10 4% 4% 4% + ft 

10 4ft 46 4ft 
396 36 3ft 36 , 

9 5% 5ft 5% + ft 

47 3% 3ft 3ft 

15 12% 12ft 176 + ft 

12 146 14% U%— ft 

357 27% 20% 27ft— ft 

Ift fft 14k 

a 3 a + ft 

56 56 56 + ft 

306 306 306— % 
14ft 14ft Uft 
17% 17% 17% — ft 
136 Uft 136— % 
12ft 126 12ft— ft 
7ft 7ft 7% 

0% 0% 0ft +% 
7ft 7 7 

36 3ft Sft— % 
2ft 26 16+ ft 
753 376 37 37% + % 

31 156 IS 15% + ft 

9 12ft lift lift— % 

40 12ft 12ft 12ft + 6 

4 14% 14% 14% + ft 

ITS 34% 336 3446+1% 

55 96 

26 Uft .... . 

2% 2ft 7% + ft 
86 ■% Oft— ft 
1ft 1% 1% 

Uft Uft Uft + 6 
4ft 4 4ft + ft 
136 13% Uft— ft 
Ift Ift Uh 
15% 15 Uft + ft 
86 86 BN 

23ft 23% 23%— % 
Sft Sft Sft 
7146 7146 2146 
23ft 22% Z26— Ift 


T 

4 

I 

36 

9 

12 

147 

7 

149 

144 

'X 

33 


2 

57 

155 

107 

1 

*7 

97 

78 

134 

!S 


9% 96— ft 
Uft 18% + ft 


19% 106 19ft + 6 
16ft + % 


179 


1.10 15 14 
JB 1.1 IS 
-37T 47 9 
.15 U U 
10 15 
41 
86 

04 40 13 
A0 L7 a 
44* 27 9 
44 10 13 
130 21 11 
56 54 8 


146 1546 .. 

7ft 7% 7% — % 
71 aift 21 + % 

18 17ft 18 + % 
276 20ft 2»ft— ft 
156 15 156+ % 

81% 356 30% +1% 
10ft 96 10 
2% 2ft 2% + ft 
2% 7% 2ft 
11% 10V. T06+ ft 
70ft 756 766+Jft 
18ft ISft 18ft + ft 
7ft 7% 76 + ft 
12ft 12ft Uft— ft 
196 19 19 + ft 

25 ■“ " 


U 

1 

190 

n 

9 


7ft 7ft 7% — % 
Uft lift lift— ft 


— ft 


Sft 

19ft 

3ft 

8% 

76 

Sft 

12% 

7% 

Uft 

9% 

14 

77 

50 2 * 


17 


.18 


70 11 

10 44 

U I 11 
J 20 1474 

38 SO 
-791 45 11 3 

J9 M 16 30 

UDe &0 10 407 
32 U 14 M 
as*4j 4 — 

42 1J 15 
K5D 114 0 
S 


7ft 

0% 

0 

4 


13 

i 0 U 
Si 
57 
I J 17 


.15 


25 

11 12 
16 

72 M H 

S'S’i 


23% 23 
ff% ff% 8% 

176 17% 17ft— ft 
476 47 476 + ft 

HJ% 106 lff%+ ft 
140* 37ft 376 376 
Ute 386 316 386— Ift 
151 166 15% 156— ft 

757 3 6 3ft 3% + 6 

61 19ft 19 19 

790 Jft 16 Ift +% 
at S 4ft 5 +ft 
7 4 4 4 

2 4% 4% 4ft— ft 

T35 <6 ifft 06+ ft 

12 6 ft 6 + ft 

0 lift lift Uft + ft 
44 86 86 86 + Vk 

136 13 Uft— ft 
216 206 21% + ft 
1% 1% 1%— ft 
9Kk SOft 506 
18% 1|% 10% 

156 15% 156 + ft 
206 196 196— 6 
396 386 39% 

5ft 4ft 56— ft 
T7% 14ft 10ft— ft 
13% 13% Uft 
lift 11 11 

2ft 2% 2% 

2ft 26 2ft 
m» 12 12% + ft 

15% 15% 15% + ft 
3ft 16 3ft 
Uft 10% 706 
lift 10ft Uft + ft 
21% 216 21ft— ft 
21% 21 21% + ft 

7% 7ft 7M— ft 
2ft 7 7ft + ft 
256 25% 25% 

0% 0ft 0% + ft 
SX 5% SX+ ft 
7ft 7% 7% — ft 
Ift 1% lft+ ft 
30% 356 30ft + % 
9 9 9 —6 

10ft 9% 9ft— ft 


13 10ft PGEpfA 1 JO 124 
11 86 PGEpfC 1JS 124 

106 Bft PGEpfO US T2J 
10% 8% PGEpfE 1JS 124 
106 8 PGEefG U 1Z8 

34 2Bft PGEPtF 424 1X8 


5 n% 


Wi 24% POEPfZ 404 1X0 
■' ” i&fY 130 124 


77 216 PGI 

Sift 176 PGEPW 157 124 
19% Uft PGEtrfV 2J2 121 
Tift 17 PGEpfT 454 U.1 
21ft 17ft PGEpB 202 X23 
9% 7ft PGEpfH 1.12 12.1 
196 15% PGEPTR 137 1U 
10% 13ft PGEFfP 205 124 
17 U% PGEpfO 200 120 
106 13% PGEPlM 1 J0 124 
186 14ft PGEFfL 345 125 
176 13ft PGEPTK 204 112 
19ft 15 PGEPfJ 232 125 
96 7ft PGEpfl 109 >21 
34% 146 PGTm . 1.12 43 
37% 31 PacUnf 4J4 110 
ft 316 PaeLtPf 4JB 110 
43% 34 FacUPf 4J5 UJ 
04% 53% PacLlPf 704 120 
2% ft Panes 
39 27% Pal (CP 


25 10% 
21 106 
11 706 

2 336 
24 »6 
SS 27 
9 21 

41 19% 
8 21 

42 21ft 

4 9ft 
133 Wft 
140 10% 

11 IM 
7 14 

5 U 
19 10ft 
5 186 

21 9% 

130 24 
3001 376 


Sft 

9ft 


£ 


ParoPfc 


17% 

Sft 

Bft 

ifli 

11 


15% ParkCti 
10% ' 


PWTCfl 
2% PayFen 
5ft PUMG 
7% PECJsr 
86 PwrTa 
236 7S6 P*nTr 
8ft 1ft PE CP 
20 20 PteRE 

Uft .8% PnebS 


T^IO^iranrU 


00 «g 
19 

0Oa*7 ^ 
37 

.» 1J U 
J2t 00 21 
08b Ad It 
UD 0J IP 
jsntj 9 
200 08 10 
00 40 31 
' 1J » 


Panfrnv 

32ft 23 PertnFC JO 21 11 
14ft 10ft Ptrbll n 
116 J* P9rtrtpt l.W 10J 
7ft 3. Pwlw 
Ift 6 PitLwt 
10% Cft PefLapI 105 71J 
13% 7% PetLe of 2JB 23J 
19% in* PetLPPf 843 230 _ 
7ft 1% PN1LD 42*11 J 2 
36 PfcoPd 

26 PlWl Wt 3 

5 PlonrSv 43 

46 Ptiwvo 40 100 10 
PIIOM 00 ZJ 
Pttiwar 1J0 25 11 


23BE 406 
100Z 03% 
34 ft 
527 396 
M Bft 
14 Sft 
17 22% 
89 72% 
3 56 

11 7ft 

nob io% 

5 10ft 
10 19% 
33 16 

a TS6 
2 Uft 
4V 136 
TO 1% 


" 8* 


12% 12% — ft 
10% 18% 

10% »%— ft 
106 18% 
w io + % 

33% 336+ % 
316 31% 

2S% 70 — 1 
206 21 
Wft 19ft + ft 
28ft 21 
71% 21ft + 6 
9% 9% — ft 
19% Wft— 6 
Mft Uft 
10ft 10ft + % 
16 U + ft 
IB U 
186 10ft + ft 
186 186+ ft 

226 226+1% 
306 376+1 
376 38 + ft 

41 48—6 

266 38ft + ft 
7ft 9% + ft 
8ft 8ft 
22 27% — ft 

176 72ft— ft 
5ft Sft— ft 
7ft 7ft + 6 
86 10% +1% 
10 Wft+ ft 
19 19 

Ift 1ft 
356.356—10 
106 Oft— 6 
13% 136+ ft 
1% 1» 


W6 
0 
11 

MM If 
71% 57 


12% 46 Ptzznln 

20% 13ft PterDB 
It 76 PIvGfll* 
2% PhrRB 
4ft PCCWEV 
7H PortSra 


AS J 9 


53 

115 lift 
113 Sft 
42 ft 

38 8 

39 FK 
730 14% 

70 26 

IDS 4ft 
25 4ft 
25 t 
9 Sft 
48 146 
10 71 


"M 


126 

TOft W6 
3ft 3ft— ft 
ft ft— ft 
7% 7ft 


Mft 14% 


r 2 

4ft 46+ ft 
46 4ft— ft 
Sft 0 




36 

7ft 

72* 

176 

32 

in 

9% 

6 


14 


72^ PMMPr 


. _ POWKT 
6 PreAiRt 
66 PIWRB 
3* PrtsM 


12 

79 

It 

.10b J 51 


5V 18% 
34 156 
3ft. 
4 


1 

114 


HE 11 
14 10ft 


30ft 

1 


. Mft + ft 
709* 70ft— ft 
9% 9ft 
10 18 — % 
15% 156 + % 
3H 36 + ft 
Sft 5ft— ft 
KM 11 +ft 

&& 


1 1—6 


13 Month 
Hun LOW SW 


DhA m PE 


SS. 

Kfo High Lor 


Close 

Owl Cns* 


21 15ft PraCTs IJ2 7J 11 
20ft 186 PrevEn 2J4 7J 7 
19 14ft PfltpfC 20* 120 
33 2Sft PgtplE 4J7 119 
20% 156 PstpfD 22A 110 
7ft 4ft PwrtoG 


SPk 20ft Wt- % 
206 266 266 
18ft 18ft 186 + 
31ft 31% 31ft 
206 206 206 + H 
7ft 76 76— % 


5KJS-. Sc«:' 


Ooen H : «n Law Oose Che. 


a U.S. Futures Fe&.a« 




rx 2M 


Season Season 
High Law 


Doer H;9h Lc„ Cose Crt 


24 ID Quetoas JB 


3 2K 23ft 23% + % 


Grains 


no 5 
5ft 3ft 
9ft 3% 
30 126 

4ft ft 
146 106 
7% 4 
46 1ft 
17ft 106 
476 27ft 
476 306 
Sft 5ft 
4ft 3% 
18 9% 

4% 1% 

18% 10% 
4ft ft 
2Sft Uft 
31% 206 
7 2 

5% 3% 

29ft 21 
29ft 22% 
7ft 3ft 
106 11% 
22ft 106 


RAI 

RMS El 

RTC 

Ransba 

RatKH 

Rovsn 

RtlncT 

Red law 

ReedB 

R**rf A 

Rasrt B 

ResiAx 

RexNdr 

RMerP 

RCBTCv 

RtaAie 

RioGDr 

Rckwyj 


A» &A 11 


00 06 
25 4ft 


J2 3d 


2 3ft 
95 19% 


02 29 9 
12 


28 1% 
14B Uft 


00b 40 11 
20 
n 


at 

151 


76 

4ft 


27 156 
05 4M 
108s 45 


tZoorPn 

RovPkn 

Rudkk 

RudCkpf 

RBW 

Rusastt 

Ryksff 


IT 

49 

8 

10 

Z> 

4% 

00 17 17 

37 

lift 

1 

25 

2 

35 30 

ID 

3 

17% 

Ift 

32 22 20 

32 

24ft 

.12 4 15 

23 

3* 

IDO 

30% 

4ft 

4ft 

J6a 2X ia 

3 

27ft 

36 2.1 


26% 

8 

52 

7ft 

08 L» 11 

114 

Tfft 

JD 20 14 

225 

22ft 


46 46— 6 
46 46— % 
3ft Mi-6 
Uft 19 
16 16— 6 
146 14% 

76 76 + ft 

46 <6—6 
Uft 156—6 
424k 42ft- ft 
45 45 

7ft e +% 
46 ili 
116 116+ % 
1ft J + 6 
17% 17% + % 

16 Ift 

ZSft 246 
X 3018+6 


4ft 

0% 

0 

Uft 

10ft 

3ft 

7ft 

06 

38% 

23% 

U 

“ift 

St 

5% 


30 


50 1Z2 
1J0 11J 


3ft 

136 


35 

40 

15% 

53% 

156 

06 


7% 

5* 

15% 

14% 


18% 

M6 

3 

14ft 

15% 

7ft 

13% 

7 

lift 

18* 

10 

B6 

11 

9* 

10 

106 

Uft 

13ft 

37% 

110 

21% 


156 

10*1 

306 

46 

IS 

10 

24% 

Sft 

£2 

3ft 

*9% 

b 

106 

17* 

27% 

3% 

18% 

15ft 


4* 5FM 
3ft SM0 
86 SPWCp 

7 soo* 

76 Salem 

* S Carlo 
06 SDOBBf 
7% SDeopf 
316 SDeopf 405 125 
18% StJoont 208 11J 
336 SOnJW 2J0 53 9 
236 Samel* jo 2.9 io 
3% Scetmr* A3t 02 13 
46 Sound B .IS 2J 7 
4* Sound A JO 30 7 
3ft Scepfro 

14 5chelti Ji 15 12 
1ft SchoMP 44 

106 Schwab 00 30 17 
36 SdAtet -10 10 
23% SdLse U 

30 Scape 34 J 12 
11 ScurRn 

34 S6d Co JO .9 7 
106 SecCcv .10* 1.1 9 
26 SdsPro 
ft SetoWt 
3% Seta 
TM Semite 

Uft Srvbco 04 11 10 
Sfe Servo 88 

56 Servetr 02t 70 7 
7* Seton* .12 3 12 

8% ShoerS UOe 88 5 
1% Sharon 

96 ShOFWt -10b 1 J 02 
10% Serai 00 29 11 
5% SJtCO JO 29 25 

8 SlfeflSAl JO L5 13 
46 SHvrcst 

10% SmthA 08 25 
9ft SmthB 08 10 
12ft Snyder 200 111 12 
56 SaHtren 14 

8* SMfCap JS* 12 
7* SCEdpf 102 11 J 
7ft SCEdpt UJ6 11J 
7ft SCEdpt Ktt UJ 
*6 SCEOpI 1.19 UJ 
106 SCEdpt 105 1 15 
27% SCEO pt 1 JO 17 
946 SCEdpMZOO 11.1 
lift SCEdpt 2J0 110 
10 SCEdpt 2J1 11 J 
46 Sprkrnn 
0ft sprkpt 
1S6 spfcrre 
36 SpedOP 
9% S*>mv»r 
4ft StHavn 


5 
14 

2 

9 

9 

87 

94 

81 

32 

1 

4 

309 

11 

74 

09 

8 

ll 

11 

4 

6 


19 

8 

110 


179 

1 

14 

6 

14 

1 

J7 

TOT T 


100 111 
.14 J 


13 


J4 

J8 


20 19 
1.1 SB 
_ 14 7 
Dn is ii 
73 


00 30 13 
15 
12 

JD 20 31 


9% 

36 

28ft 


136 StdPrd 
53 StdStir 
11* StorrtH 
0% Statu 
146 Stenan 
I* Start El 
46 StrtExt 
5ft SterfStt 
1ft Stratw 
5% SumttE 
116 SumtE pt I JO 113 
0ft SunCtv 
5 SunSLn 
5ft Sunalr 
116 Sunjr 
14% SwprFd 
6 Suocr* 

0* SuPInd 
UM SuorSr 
3ft Sosaueh 
3 Swantn 
16 SwttEn 

196 Swtftln 1J0 48 11 
4* Svnalov 
9ft SvSEn 


J4 U 14 
08 2.9 13 
04b 1J 12 


2 

1 

32 

W 

329 

S3 

37 


0 12 
23 10 
7 


.10 3 20 


21ft 22 


116 46 
17 76 

21% 56 
15ft 4% 
18% 13 
11* 0* 
13 9* 

6ft TK 
4% 1* 

22% 13* 
S96 33% 
86 3V 
10* 7% 
46 1* 
140* 70 
7* 2 
31* 21% 
11* 8% 
176 76 
5ft 2% 
<* 36 
10ft 5 
UM 5* 
10% 56 
22% 106 
176 3% 
36 X 
Sft 3% 
10% 26 
726 50 
9% 4* 
13% 7* 

12% 8ft 
19* 71% 
18% 13% 
7 3ft 
14% 3% 
46 26 
156 9% 
27ft 206 
0% 36 


T Bar 517 57 23 

TEC .109 .9 22 

TIE 14 

Til 49 

TabPd* JD JJ 11 

TandBr 


00 33 13 


19 

14 

8 

1J 10 


JO* J10A 


Tasty 
Team 
TeftAm 
TchSym 
TeteOp 
T*teTP 
Tetetri 
Tchad n 
TelanR 

TffJacnrj 

Tetttoc ,04 1J 14 
TelDta' Jta 15 10 
Tatad 04 

Teleaph 

Tennev* 17 

Tatnor 

TexAJr 5 

ToxAE JH 57 4 
T*XAEPf 

Txscnn 9 

ThorEn . 31 

ThrD A .10 2.1 13 
Tkiwnil 

TolEd pfIOLOD 145 
Tort* I 12 

Ton pro 34 
Tm*Lx XtSr J 9 
T ms Tec 36 33 10 
Tronmn 00 20 8 
Tr|Hm* 10 

Trtdex 21 

Tubivwx 12 

Tultu 04 U U 
TurnCi |2Q u I 
TWirwt 


19 • Bft 

24 II II 
1502 ** 9* 

39 11% 11 
42 176 17 
28 7ft 7% 
59 12% Uft 
10 4ft 4ft 
33 2% 26 

09 22ft 226 
9 50% 566 
79 5* Sft 


81 10% 166 


4 26 

IBOQzUO 14] 
50 3ft 36 
57 27ft 296 
229 IIP* 10% 
2 106 106 
105 4% 4ft 

15 46 t* 

12 5% 5* 

OT II T* 
125 7ft 4ft 
45 20% 19% 
84 4ft 4 
II 2* 2% 
4 4* 4ft 

10 46 4 

200* 466 47 
40 9 8ft 

2 10ft 10% 
4 10% 10 
80 18% 10ft 
35 15* IS 
31 Sft Sft 
48 56 5% 

24 2% 2* 

42 Mft Uft 
7 27 26% 

158 4ft 06 


9 

II 

9ft— ft 
lift + ft 
176— 6 
7ft + ft 
126+6 
4*+ ft 
2%+ ft 
226+6 
546 — 6 
• 56— ft 
10ft 
26 

144ft +4'i 
36— ft 
29ft + % 
10% + 6 
106 

4ft + ft 
4*— 6 

if*+a 

!»-* 
4 -ft 
Zft 

46- 6 
4—6 
47 —16 

9 + % 

10V, 

10 — ft 

15*+ % 
5% 

5*— 6 
2* 

14% + * 
26% 

0*— 6 


7 2 

24% 8% 

* 6 
15ft 116 
116 Bft 
71 146 

446 33% 
36 1* 
3% 1% 
15 106 

22ft 186 
B6 46 
20 10 * 
13* 7* 
10% 5* 

23* 15 
15ft 96 


USRfotf 

U Unite 

llnlcorp 

unfeppf JS sj 
U nimrn JOe sa 
UAtrPd 34b 23 
UnCosF ljoob 23 
UFoodA .18 M 
U Foods 

UtMed 3St 43 
USAG wt 
UnHetV J4I14J 
tlnltvB 
UnvCm 
UnfyRa 

UnlvRu JO* 4J 
UnvPot 


11 

9 153 

IS 1429 
2fl 
183 
11 48 

9 at 

25 42 

22 18 
15 22 

25 

13 44 

10 

15 20 

32 75 

8 2 
86 


8 3* 

1!£ n* 

156 14* 
»% 96 
20V. 196 
44ft 44 
2 7* 

1* 1% 
14 13* 

126 22* 
<6 0* 
20% 20% 


3 

11* 


15+6 

9% 

19*— 1 
44%— ft 
2 

1ft— 6 
136 — * 
22* 

4%+ 6 
20% + % 


11 * 11 * 
«W 8ft 
18* IB* 
15* 14% 


11* 

Bft— * 
ll*+6 
15 


10% Mb 
» 75% 

27% 156 
13* 4% 

56 2* 
23% 14* 
86 3% 

15* 11* 
I* 3* 


V5Tn 

VW7VR 

Voteprs 

Vortrtm 

V*rO 

VtAmC 

VTRah 


137 03 t 
44 14M 


14 

' 1J 10 


9% 56 

7 2% 

11* M* 
U* 45% 
86 06 
12 * 8 
1B6 Wk 


Verlpt* 

Shatech 

Vtoxi 

Vlntoe 

VI rra 

VatnH 

VIbjdJG 

Veptax 

VutcCP 


10 10 
IJ 


14 

1 

10 

2740 

2 
00 
14 

147 

8 

6 


Mr 2 M 


JS 3J 12 
31 IS 13 
000 22 10 


W6 106 
24 34 

27% 27* 
Sft 56 
3 3 

22 21 6 
5* Sft 
12* 126 
5* 5* 
9* 9* 
86 8 % 
4* 46 
18% 18% 
00* 00 
8 I 
10* 106 
18% 18 


106 

24 

27* 

5*+ * 
3—6 
22 + % 
Sft— 6 
126— * 
56— 6 
9ft— 6 
•%— % 


78ft— % 
40 — % 
■ +6 
lWk 

186+6 


W 


8% 0% 
27ft 17* 
IS 106 
JT% 23 
32% 22ft 
3* % 

9* 3* 
93* 60% 

at 17 

10* 0ft 
8* 75* 
27 13% 

7% 1% 

5% 36 

17* 11* 
56 36 
13% 7 
U 0% 
Sft 4* 
56 2% 
25% 14* 
■8 % 
38 31* 

18 7* 

136 8% 
J4 5* 
IS* 7% 
19* 14* 
30 14 

236 96 

46 a* 
11% 7* 
3* 1 
23% 19* 
40% 356 
10* I 
15* II 
0* 2ft 

17% 12* 

34 27* 

206 17 
7* 36 


WTC 

Wolbar 

Wotea 

Wanes 

WoneC 

WmCwt 

WteHs 

«MiPH 

WRIT 

WotscA 

MM 

Wttddpf 


22 

00 U 15 
00 2J 9 
.14 0 17 

.11 0 14 


4 

56 U 16 
100 6J 17 
JO U 6 


2ML U0 


WWdten 

wahnon 

WeWTb 


12 

A .1 14 
.12 2J 3B 


Weffco 

WeWrt 


A2 25 7 


WTUPf 

wsrarc 

wsax-e 

WDfafll 

WlHithn 

WIRET 

WslnSL 

WhEnfi 

WtteltO 

WiUcacG 

WltanB 

Wtntln 

WtaPpf 


400 UJ 

It 

JO U 
21 
15 

109* 7J 15 
1J3*40 a 


IMcWoor 

WwdeB 

WWdeef 

Worthn 

Wrath* 

WretHe 


2J40ML1 
4J0 11J 
00 M 11 
32 33 7 
24 

1 JO 111 
JO 10 12 
m .1 
J5* 10 


37 7* 

33 27% 
73 Uft 
503 27ft 
18 24* 
S3 1% 
2i a* 
229 95 
12 25% 
10 10 
33 Sft 

2 19% 

95 26 

10 4 

45 ISft 
15 4* 

44 Bft 
212 13% 

3 8 
2 i a 

7 24% 
75 2 

SOx 37% 
M2 17 
T2 10* 
1734 J2» 
91 U 
30 196 
5 286 
SO 21% 
50 2* 

91 11 
1 1* 
30 22% 
IlOy 486 
A 10% 
29 M 
43 4ft 
23 15% 
0 31 
75 30 

45 0* 


76 7*— * 
20* 20*- * 
Uft 14ft + 6 
24% 27* + * 
26 26 — * 
16 16 
86 86 
92% 9S +7% 
25 25% 

W- 10 — % 
5% 5%+ Ml 
19% 19% + % 
26 2% — % 
4 4—6 

15% 15% 

4% 4*+ 6 

86 8% 

12* 136 + % 
8 8 
3* 3 

24* 24ft— * 
17k 2 + 6 

37* 37* — * 
16* 17 — 6 

10% w% 

11 * 12 * + 6 
156 15% 

1 Bft 19 +6 

286 tin 
22* 27*+ 6 
2* Ift 
W* 11 +6 

1% 1% 

22 22 % + % 
39% 406+1% 
KM 19*- % 
13% 73ft 
46 4ft 
14* M*— 6 
20* 30*— % 

% *4* 


IS 5* YonkCe ««»»», 

5* « Yarany M 13 13 6 5ft Sft 5ft + 6 


12 5* ZJmer .10 U 94 7* 76 76—% 


^ AMEX Higha-Low Feb. 20 


MEW HIGHS 30 



usclrf!!pff7wt 


HEW LOWS 


BHtranCp 


MORE NEWS IN LESS TIME 

THE WORLD IN 16 PAGES 

DAILY IN THE IHT 


WHEAT (C8T7 

! LOW bo minimum- dollars ocr bvsrjol 
iU L37ft Mor ItS'i 1ft -. 

I 4J5 L32V; .VtCV LiSft *J7 

3J7W JUT 1SS: 

3J06 Sea X!*6 IS-s 

143 a 137V. Dec 139ft 303ft 

3.746 303 Mar 143 304 

Est.SdlM Prev.Sdln 12J15 

Prcw.Doy Open ini. 3&014 ueUSO 

corn (can 

LOOObu Minimum- dollars per Bushel 
L2S6 Zts Mar 207ft 148 

ua Z .72% Mcv V-4V4 


4 4 — % 

276 27*+ % 

at* 25* + 6 

7ft 76 
15* 15* + % 
22% 23% 


4% 6 4% + 6 

3*1 3H 3% 

3% 36 36— % 
8ft 8% 8% + ft 
B% Bft B%— ft 
1ft 1ft 1ft + ft 
7* 7* 7* — % 
86 86 86 
37 366 306— % 

2Zft 226 22ft + Vi 
50ft 546 54ft— 2% 
28% 77* 27*— * 
5% 5 94 

Sft 0% 0ft 
4ft 0* 0* 

4ft 4ft 4ft 
226 22% 22ft + 6 
7* 26 2* 

146 13ft 146 + ft 
76 7% 7ft— 6 
29* 29* 29% — 6 
40% 39ft 40 
13ft T3ft Uft— 6 
53% a 53% + 6 
15% 14% 15 + % 
3ft 36 Sft + ft 
16 1* 16+6 
7% 7 7 — % 

3* Sft Sft— % 
M 14 14 — V. 

10ft 106 106— 6 
Oft Sft Bft 
17* 176 176— % 
lift Uft lift— 6 
16 16 16 

13 12ft 13 — % 

14 13% 13ft— 6 

7 0* 7 

Uft Uft Uft— 6 
4* 4ft 4% 

10* 10% 14ft— ft 
106 16 lt—6 
156 14% 15% + % 
7ft 76 76+ % 
ID* 10% ID*+ 6 
9ft 9 96— 6 

9ft 96 96— % 
9ft 9% 9ft— * 
10ft 10% 10ft 
136 13 136 + IB 

35% 35% 35%— ft 
107ft 107ft— ft 


2036 

+25 

3JS6 

3J9 

3J9 

3.41 


3-iT.V — 

33t — JXJi. 
120% -J Oft 
3J» 7 —X - 
3J9-7 — JC’i 
IM 


X5 Mcr 
.... ZZ 5 W5V 

c st.5C'"! ?rev.S=les IASS 

Fro. So* C-e-.lnl. ZL257 va‘i25 
□RANGE JUICE (HYCEJ 

::JK , JSA-ier.r>pe' , t 

T«J3 - LS. ‘Tar MIX 17C0O 
May 1719! 17150 
-U ' 172iE 17X50 

Sea 17LS5 17153 
Scv TeAJO 149.75 
Jen 
.•Aar 
Vn 
Jui 

En.SslR 'JCC Frav. Sales 1492 
Pre <. Dc I'Ooen mr. 7J30 upi<3 


2235 2330 

306 


+11 

+11 


:a£jc mjc 

1U— 'iSJJC 
13 IK ’rjs 
isu; (sue 
113 JS 'S0W 

■-JS iicJi 
•cXM IHOC 


14875 109J5 
17ESS 77075 
17100 171.65 
\70A3 17058 
14&J0 109 JS 
10BJOO 
10BLI5 
14100 
10600 


— JS 
-00 
—wi5 
— IJO 
—05 
—JO 
— J5 
—JO 
-JO 


Season Season 
High Low 


Open HM) LOW date Chg. 


Metofs 


COPPER tCOMEXJ 


L31 170% 

1216 XTOft 

L95 205 

L10 174% 

121V* 1796 

cst. Sales 


Jui L7B X7B% 
Sep X71 171 

Dec IM 140 
Mar 1746 174% 
May ISO lea 
prev. Sales 23J70 


204% 

273 

175% 

149 

104% 

+73% 

179 


200% — Cl 
1.-?% —.516 
-Jlft 
20? * -S3 

104% —.016 
173% — Jl% 
17»% — .016 


I M 

I CIS 


Prev. Day Open im.l3<032 off 333 


SOYBEANS (CBTJ 
5000 Du mini mum- aol lars p*t Bushel 


Mar 1746 JJOTk 
May iB» 5.936 
Jui eJN6 AM 
Aug 6J36 000 
Sep LOT 004 
Nov 4JIS SJJai3 
Jon 017% 018 
Mor 130 031 

May 

__ Prav. Sales 3+515 

Prev. Day Open lot. 75,148 uo85B 
SOYBEAN MEAL (CRT) 

100 ron> dollar? per tan 
707 M 130.10 Mar 130J0 130.90 


7 ,«r+ id? 

7.97 031 % 

7.99 5J16 

7J4 i*5 

071 09S 

008 5.97 

079 01C 

732 634 

739 635 

Est. Sain 


5L736 

5J7 

5.97ft 

000 

5.99 

LC3 

015 

029 


537<-j -21’- 
S.»t6 Tjlft 
032% +J1 

6JJ5- x -DC’A 
0C3 

6X46 — J1 

0T8 — JJUt 

4J7ft — J»% 
037% — Jl% 


25X09 ‘.bs.- cent? eerib. 
sZZ *105 Feb 

f- 53_5C Mar 

61X5 

61X5 

»XS 

59X5 —1X0 
60X0 — 1XS 

sZ4J 

«JC 

£Z25 

5*03 

Aar* 

MOV 

62*3 

69 /A 

*j\m 

6045 — US 
60.90 —1X0 

S 205 

S7XC 

Jui 

6115 

Al?fl 

6140 

*1X5 — 100 


57 JC 

Sep 

63JC 

6160 

6Z15 

62.10 —IAS 

5^05 

sajo 

Dec 

*440 

*4J0 

62X8 

4295 — 1JS 

8400 

KLK 

55 JC- 

5?ja 

JBl 

6115 

6515 

64X0 

6170 —1-30 




6505 

6505 

65X0 

6405 — 1JD 

74.4C 


Jui 

6605 

6605 

6605 

6475 —IJO 

TS-Sfl 

7230 

4203 

6flJT 

Seo 

Dec 




6505 —IJO 
66X0 —1J0 


Esi. Seles (7 JOG Prev. Sates 10.193 
Prev. Day Open InL 908*7 up 170 


SILVER (COMEX) 

AJOCtroi oi-cer, Taper trey ox. 


20SJKJ 
19050 
180.00 
179 JD 
I8CJO 
lBJJM 
14100 
20050 
Ssl. Sales 


1730201 
14X10 
145.10 
147 80 
15080 
15000 
15X50 
10000 


May 136-70 13600 
JUI U170 14000 
Aug 14070 14080 
See 14050 US-50 
Oct 15100 15100 
Dec 15700 157X0 
Jen 15050 15BJ0 
Mor 

Prev. Sales UA07 


129 JD 
7309G 
MI 00 
14670 
147 X 
IS0J3 
155-50 
15750 


13300 -03 
13603 -JO 
14155 —03 

14503 — JC 

148J8 

ISldO —33 
15000 —IXO 
15061 — IM 
10630 — JO 


7 ZU 
16223 

609J 

S3£J 

Feb 

Mor 

6250 

6375 

6220 

ftyto 

15130 


Apr 

634X 

6365 

631 X 

6303 

A34X 

14*10 

*030 

Jui 

645X 

6463 

6410 

6444 

nMX 

614X 

StP 

65*X 

657 J 


*56.1 

1U0X 

<310 

Dec 

6710 

6710 

6685 

6720 

72I5X 

11*20 

633X 

6490 

Jon 

Mar 

692X 

*920 

*37 J 

6694 




7020 

7020 

7020 

7U5X 

9450 

9*00 

7620 

673X 
*81 X 
740X 

Jut 

Sep 

Dec 

7530 

7500 

7500 

7150 

7287 

749X 


-u 

-15 


—30 

-30 


-07 

—07 


=2 


Prev. Day Open I nt. <2J«3 off 30 


21 306 71 + ft 

1 Ifft 19ft 19ft 
04 4ft 6* 4ft— ft 
8 7ft 76 7ft + 6 
55 X 29ft 29ft + 6 
j 66 46 4* 

45 10ft 9% 106 + % 
71 7 7 7 

106 23* 23* 236+6 
3 71* 71* Tift— W 

107 19* ISft 18ft— ft 

7 9* 9* 96—6 

30 1ST. 18Va U* + ft 
13 2* 2* 2* 

22 71* 21 21* + * 

41 7* 7* 7ft 

26 26 26— 6 
0 6 6 
136 136 136 
9* «* *6 + V. 
6% 4% 6% 

4* 0% 6% — 6 
14* 15% 14*— % 
IS 24* 14* 246 — % 
50 I* 1% 1% 

IM lift 11% lift + ft 
770 !+* 73* JJ*— * 
SO ft* 6* 6*+ % 
00 46 3% 36 — 6 

11 1ft 1* 1ft + Vi 
1S6 25% 346 256 + % 

2 £ 4 * 5 


*0X00 lb»- ooitefs oer 100 lbs. 

7295 Mo r 7397 

2352 

27.97 

2S09 

-k.4T 

30.10 

SOO 


27X2 

2755 


2750 


3000 

SJ9 

Jui 

2600 

26,73 

2*40 


27 on 

22J0 


2«X0 

24.10 

25X0 

26X7 


2605 

22J0 

Sea 

2550 

2SJ0 

2500 

25J0 

T.10 

26X0 

2290 

Oct 

2+95 

2505 

24X5 

2505 

*A5 

24.75 

22W 

Oac 

ZOS 

24JD 

24-25 

J4J3 

+03 

2405 

2340 


7405 

24 JO 

2430 

2430 


Est. Soles Prev. Softs HOW 

Prev. Dav Ooenlnt. 42.903 up BOB 





OATS (CBT) 

S.OOG bu mini mum- dollars oer bushel 
1546 1.70% Mar 1.75% 1-756 

109 May 1J06 IJOft 
104% Jui 1446 105 
104 See 1036 104 
107 Dec 108 108 

Prev. Sales 362 


1.91 
1JS6 
1.7* 
1.06 
Est. Sales 


1J5 

IJO 

I04W 

>03% 

108 


1J56 

1.70% 

105 *00% 

103% — J06 


Esl. Sales Prav. Sates 30901 

P’sv.ocv OaeninL 64322 untJ5i 
PLATINUM (NYME) 

Eirai at-Co/larsaerfrayoA 
330SC 27X5C Feb 

zzyi 27000 Mar 

447 JO 265-50 Apr 27050 277 JO 

44900 27X00 Jui 281 JO SI JO 

2930C 276-50 Oct 287 JO 227J0 

37300 2S4.D0 Jan 29400 294.50 

Est. Seles 788 Prav. Sales U45 
Prev. Dav Open int. 14J28 off Uft 

PALLADIUM (NYME) 

100 trev ez- del !ars per az 
14359 107 JO Mor 12000 t26J5 

15900 10050 Jim 125X0 12053 

14*00 10050 Sep 12150 123.50 

(4105 10073 Dec 12100 12300 

12700 114.00 Mar 12X00 12X00 

Esi. Sales 741 Prev. Sales 384 
Prev. Dav Open int. 4J81 aft 46 1 


274190 
275J0 
27450 27090 
2S0JM 28200 
28000 28020 
29X00 29S-20 


— .10 
— -ID 
—.10 

—10 


1ZL00 12X40 
12X00 12X90 


12100 12L1S 


12100 120.1 
12X00 U905 


-ax 

-ass 

—205 
— IS 
— 205 


P rev. Dav Open lid. X»37 oft 71 


Livestock 


CATTLE ICME) 

40000 1 to.- CBMS P*c lb. 

07-50 6X50 Feb 6440 6+40 

69X10 63A0 Apr 4000 60.72 

6900 d5XH Jen 0000 0X15 

6707 6X15 Aug 6602 6457 

6X90 6100 Oct 65.10 0X30 

4705 6X40 Dec 6600 64-80 

6705 6X25 Feb 60JO 6600 

Est. Sales 11.141 Prev. Sales 1X716 
Prev. Dav Oden ini. 5X183 oHUDv 
FEEDER CATTLE (CMS) 

44X00 lbs.- cents per lb. 

705 6SJ5 Mar 7100 7105 

74X» 67.40 Apr 7105 71.90 

7X75 64.95 MOV 71X5 7100 

7X70 6000 Awe 7200 7X50 

7XOQ 6700 Sap 7100 71.90 

7X33 07.10 Oct 71 JO 7130 

7X20 7X40 NOV 7X05 7205 

Eat. Sales X355 Prev. Sates X491 
Prev. Day Open Int. 11JS9 oft 212 
HOGS CCMfi) 

30X00 lbs.- amts per lb. 


0X95 

66J0 

6735 

6005 

ftUS 

0000 

6080 


MAO 
&4J2 
47.*2 
60J5 
6X00 
6600 
67 JO 


—30 
—JO 
+J2 
— Ji 
—.10 
—.10 


GOLD CCOMEX) 

100 trav az.- dollars per tray ax 
52X00 296.70 Feb 30300 30X20 

29800 Mar 

mw 0ar 30X70 336.10 
SSS jSl 31X20 310 JO 
30X50 AuQ J14J0 31400 
31400 OCt 31900 11930 
31700 Dec 32400 32X20 
32X00 Fee 

330J0 Apr 33400 33400 
33600 Jun 
342-00 AMO 
34X39 Oct 
Dec 

Esi. Sales 22JD0 Prev. Sales 2X333 
Prev. Dav Oaen ini. 13X926 UP 1.177 


mac 
51400 
51XH3 
48X00 
«9 lx 
409 JO 
48X50 
490 JC 

43X70 

42X40 

39X70 


302J0 


30X50 

J04JK 


30400 306JM 
309 JO 31000 
31190 3U.1Q 
3I9J0 jrpJB 
32X70 225.10 

33400 320.10 
34200 
34X20 
354J0 
MIX 


—30 
— JO 
-.10 

+.10 


+00 

+00 


Financial 


! OS T. BILLS (IMM) 


7082 
7100 
7X20 
7X00 
71 JS 
77 JO 
72X5 


7000 
71 30 
71 JO 
7X32 
7100 
71 JS 
7205 


+J5 

+J7 

+J5 

+J5 

+00 





5075 

5100 

5065 

5105 +J8 

si oaooo Prtn-ats 

5445 




4705 

46*5 

4700 +03 

S3 


5508 

4800 


52.17 

5075 

51X5 

5272 +57 

B3-3 

7tW 

S5J7 

48.95 

Jui 

SIS 

5160 

52X0 

53J5 +05 

81-13 

75-18 

5437 

47 JO 


52-55 

50*5 

5015 

5047 +X2 

83-22 


5175 

45X3 

Oct 

48.15 

48.15 

47X3 

48X0 —.15 


75-18 

58X5 

4609 


4805 

43J7 

4330 

4830 —.10 

79-26 

77-22 

4970 

4625 

Feb 

4840 

43.se 

4805 

4805 

Est. Soles 

47 JS 

45 JB 

apt 




4630 

Prev. Dm* Open 1 


Si rniiilon-prsbnaopcL 

9179 

917V 

9174 

9175 

— J77 

91X1 

87.14 


9104 

9104 

9105 

9106 

— X9 

9101 

86.94 

Sea 

9079 

90X3 

9079 

90X0 

-37 

90.90 

8477 

Dec 

9046 

7046 

9048 

9043 

—sa 

90X5 

56-40 


90.11 

90.11 

9011 

9011 

—06 

9027 



F9-B3 

WJB 

59X2 

B9-84 

—36 

90X0 

88X0 

Sep 

B960 

89 JO 

89 JO 

89 64 

—XI 

8953 89.19 Dec 

Est. Sales prrv.Sotes 6X35 

Prev. Dav Open Inf. 47X87 up 457 


8944 

—XI 


10 YR. TREASURY (CBT1 


Jun 80-4 MM 
Sep 79-10 79-10 
Dec 78-22 73-23 


Est. Sales L91* Prev. Sates 84F1 
Prev. Day Open Int. 29 JB1 ott 1X2D 

PORK BELLIES ICME) 

38X0C lbs.- cents per lb. 


Prev. Soles 5.197 


80-17 80-12 
79-17 79-17 
78-26 78-27 
78+ 78-7 

77-21 
77-5 


—27 


—29 

—31 

—11 

—13 


US TREASURY BONDS (CBT) 


8IXS 

6095 

Feb 

7030 

7100 

6977 

71.17 

+97 ; 

8100 

60.10 

Mar 

6*00 

7050 

6&90 

7030 

+1.13 1 

82X0 

6US 

Mav 

7UJH 

Tax 

69.75 

7CXZ 

+75 

8047 

6015 

Jui 

7015 

71X0 

6975 

70X5 

+J8 

B3J5 

(C20 

Aug 

*8-50 

•900 

6600 

69.12 

+1X7 

75.15 

7140 

6115 

64.00 

Feb 

Mar 

71X0 

7100 

70X5 

7103 

6773 

+.18 ! 

1 


Est. Sales X363 Prev. Sales SJ05 
Prev. Day Oaen Int. 14J7B up 71 


Food 


COFFEE C(NYCSCB) 

37 J00 lbs.- cents per I b. 

15X70 123JD Mar 14X80 14429 


77-15 

57-27 

Mar 

71-13 

7115 

7+36 

7+28 

—30 

77-15 

57-22 

Jun 

70-12 

20-16 

*9-27 

69-28 

—30 

74-2 

57-10 

S«p 

69-19 

69-20 

69-2 

49-2 

—30 

76-5 

57-8 

Dec 

6+31 

6+31 

6+12 

4+13 

—30 

72 -30 

57-2 

Mar 

6+1? 

SJ? 

47-28 

<7-28 

—30 

70-16 

26-29 

Jun 

<7-25 

67-14 

<7-14 

—29 

73-3 

56-29 

Seo 

*7-1* 

67-1* 

67+ 

<7-2 

-29 

*7-26 

S+2S 


67-2 

*7-4 

6+25 

6+23 

—29 

69-12 

5+27 

Mor 

6+27 

6+27 

6+16 

6+14 

-29 

69-5 

6+3 

Jun 

6+19 

6+19 

6+10 

6+6 

— 29 

68-26 6+21 
Est. Sa let 

Sep 66-15 6+15 
Prav. Safest S7J55 

6+31 

6+31 

-39 


Prev. Coy Open lm_22Sj77 
GNMA (CBT) 
nO0XOOorin-Pts&32mteof 100 pd 


15X00 
14920 
147 JO 
14X35 
141 AO 
139X0 
13059 
Est. Sates 


122X1 

121X0 

127X0 


May 14X15 14X15 
Jui 14105 142X0 

SCO 14025 14825 

12925 Dec UBL9D 139-50 
12850 Mar 13700 138.10 
131X0 Mcy 

13050 Jui 13X50 11X50 
Prev. 5c les 4042 


14100 141-79 

139X5 uaxi 

13923 13903 
13825 13803 
13703 137 JB 
137X0 13038 
13525 
135J0 13425 


—^9 

-103 

—106 

-1.13 


'A 

—127 

-103 

-1-50 


70-17 

57-5 

Mar 

<9-1* 

69-22 

69-1* 

69-17 

6+27 

57-17 

Jun 

6+28 

6+31 

68-24 

6+26 

69-4 

5+13 

Sep 

6+10 

6+10 

6+5 

6+A 

65-13 

59-4 


<7-25 

67-25 

*7-20 

67-20 

68 

5+20 

Mor 

67-8 

67-8 

67-4 

<7-4 

<7-8 

*74 

5+2S 

6+21 

jun 

Sep 

6+26 

6+26 

6+21 

4+21 

6+7 


BRITISH POUND (IMM) ' 

3 per pound- iP«ntMMl9«XgOT 

1 0170 12765 Mor IXM5 LOHB 

12330 1X675 Jun 1X785 7X790 

1 MS0 1X650 See IX7« 12745 

12710 1X660 Dec 1X770 1X7K) 

Eat. Sates MU Prev. Sates 3025 
Prav. Day Open i nt 2X674 up 339 
CANADIAN DOLLAR (IMM) 

SPerdfMpeMeaufltoSaflWl 

JB050 J4® Mar J3» 74)0 

2835 JM Jun XU 

-7585 -7365 Sep 7365 7346 

3566 .7357 D«e 

7504 7» Mar 

Est. Sales 1391 Prav. Sates 1J» 
Prev. Day Cam Inf. 14272 up7C2 
FRENCH FRANC (IMM) 

SPer franc- 1 point equofaM JgO Ol 
.11905 XT82S Mor X9795 X979S 

.11020 X9B15 Jim -W7M X9760 

.1000 X9740 See JN730 X77M 

EM Safes 14 Prev.Salea 8 

Prav. doy Open InL 2050 op 4 

GERMAN MARK(IMM) - 
I Per mark- 1 point eauafsSOXWI 
0110 J0M Mor JOlt JOT8 

0733 JB37 JWl -3840 -3041 

JM5 JH to JU JW 

0610 Jioo Dee J090 3098 

0251 2201 Mftr ^ 

Esi. Sales 19X40 Pw.Srtes 201» 
Prav. Dav Open int. 50095 off 858 
JAPANESE YEN UMhO 

seer yen- Ipotrtt equal* CXOpOO l . 
004695 XQ38K Mar XP 38 46 X 8 M 47. 
004650 XQ3M 4 JWl XC M77 X CT 78 
004150 - 00876 5*P XM909JB3909 

E^tes^Pr^sate. 11.05 
pS^Day Open Ini. UXK OfHXBS 
SWISS FRANC fIMM) 

SS is S £8 & 

0300 0675 Dec 0657 0*57 

Esi. Sates 13247 Prav. Sert«»17A54 
Prav. Day Oaen ini. atxn ott 327 


1XOT0 1X838 
1X715 1X530 
1X08 1X520 
lxan ix7oo 




- A 

1 ’* . •• N 


Jims X9795 
X9750 X97S0 
X9530 X971B 


-88 

-35 


2999 2003 
2822 2027 
2048 2053 
0080 300 
2118 


—13 

—72 


S - •*»- 


—14 


1X03836 


2543 2S5B 
0574 J5B2 
2819 2814 
2457 2457 


—11 
— M 
— 71 
— II 


industrials 


LUMBER ICME} 

151X0 148JD .49.10 -200 

14740 MOV 100-50 161X0 15860 15890 -540 

Juf 167 JO 167X0 16X50 160X0 — US 
Sep 17140 17100 16*XO W9J0 —3-70 
NOV 172JD 17200 170XO 17040 -340 

Jan 177X0 177X0 17500 17X50 — 3Jfi 

195X0 17X60 Mar 1B1X0 181-50 17V JO 179J0 — SJD 

Est. Sales 1193 Prav. Sates 12V4 
Prav. Dav Open Int 9X65 up 50 


23850 15X00 

19700 15700 

186.10 165X0 

187X0 171 JO 


COTTON 3 (NYCE) 


58X00 Ite.- cents per ft. 

6345 

6190 

6300 


6+62 

Mav 

64X8 

66,13 


79X5 

6545 

Jui 

6545 

&s 

A5JD 


65-75 

Oct 

6509 

65JS 

73X0 

6508 

Dec 

6193 

46.13 

65X5 




7635 6700 Mar 

70X0 67X5 May 

70X5 6800 JUI 

Ear.Satee 4300 Prev.Sates <4£Sp 
Prev. Day Open Inf- 20X31 uoUN 


8721 

67.95 

6845 


—18 

—16 

—12 

—15 




HEATING OIL (HYMN) 

42X00 oof- cents per eol 
B3J4I 67X0 Mar 73JQ 74X8 

8275 6X05 Apr 71X0 7105 

8200 64X0 MOV 0900 6935 

78 40 6300 Jim 6805 69X0 

4940 6X35 Jui 6805 0905 

71X0 69X0 Awe 6905 6905 

7130 7033 Sep 7030 7030 

Apr- 

Feb 74X0 74X0 

Ect. Sales Prav. Sates 5.954 

Prav. Day Open int. 15294 off 631 


7348 

7172 

— J1 

70.90 

71X9 

—32 

6630 

6904 

-42 

6625 

68X8 

—00 

<840 

6908 

+.M 

was 

*940 


7030 

RL20 

.18 

—.40 

TAX K 

74X0 




CRUDE OIL (NYME) 


1X00 bW.- Uotlors per M4. 
3145 24.47 Apr 

27.15 

2703 

27X9 

27.19 

—.18 

3008 

240B 

May 

2L55 

26X1 

2607 

26J4 

— -06 

29 J5 

2409 


2605 

2*5) 

2602 

2603 

— X4 

29J4 

24.13 

Jul 

26X5 

3600 

26X3 

2600 

+X7 

29 J7 

2405 


26.10 

26.10 

26.10 

26.10 

— M 

24X2 

2492 

Feb 

26.15 

26.15 

26,15 

26.15 

— JD 


Ejl Softs Prav. Sales 130« 

Prav. Day Open ln>. 51X13 off 6X11 


\iL eiC.-r-. V; 


Stock indexes 




(Indexes aamciled ehorttv before 
SP COMP. INDEX (CME1 
Points ond cents 

18505 15130 Mor 18125 18140 *0X0 

18805 156. W Jun IB4J0 18060 18810 

191X0 16BX0 Sep 187X0 18800 187X0 

19890 17508 Dec 19120 1*1X0 19121 

Est Sam Prev.SahM MX49 

Prav. Dav Open int. 51X67 ott 1X21 


morket cfoee) 


181X0 —60 

184X5 —70 

isaxo —40 
I9TX0 


VALUE UWtKCBT) 
points ond cents 

206JD 16&.10 Mor 30005 203.10 199.90 

219X0 17300 Jun 2D4JD 207-50 2D4J0 

Esi. Sales Prav. Sales 3.1)5 

Prev. Day Open InL 6X78 often 


iaitlc L'. i.r i 


200X5 — JS 

20190 —1X8 


NYSE COMP. INDEX (NYFE) 
points and rente. 

108X0 8809 Mar 10520 10600 I0SXS 

189.95 90X0 Jun 107.10 HR45 1D6JC 

71720 9135 Sop 109.15 1MLW 10880 

112X5 10100 Dec 111X8 111X0 111.10 

Est. Sam Prav. Sates 10789 

Prav. Day Open int- MV406 off 135 


10520 — 48 

107.15 —50 
10880 —75 

111JD +Jfi 


2-ssri [-jcTi 


. Est. Sale* Prav. Soles 213 

! Prev. Day Open Hit. 5X34 up 30 


, CERT. DEPOSIT (IMM) 


Prav. Dor Open Inf. 12,778 ott 783 
SUGARWORLD 11 (NY CSCE) 


12X00 lbs.- cents Per (A 

412 

+13 

3X2 

L98 

— .IE 

10J0 

4.12 

May 

403 

402 

4X6 

402 

—.12 

90S 

445 

Jul 

465 

4J5 

440 

4J3 

—.16 

905 

475 


490 

400 

475 

4X3 

-.13 

9X5 

494 

Od 

5X7 

5X8 

4X6 

4Jh 

—.14 

705 

545 


5J3 

SJ3 

SJ3 

636 

+JH. 

903 

sro 

Mar 

6JU 

6X4 

5X5 

5.96 

—.75 

7.15 

6.15 

Mar 

633 

602 

600 

606 

— X9 



Jul 

6J9 

649 

6*9 

6J6 

—JK 


1 Slmnikin-ptsetioopct 

1 9100 B5J3 Mnr 

91X9 

91X9 

91X0 

91X1 — .13 

1 9100 

8500 


9049 

90JD 

9U3 

9003 —.15 

1 9030 

8500 

Seo 

89X1 

89X1 

3931 

09X0 — U 

90.17 

8504 


8906 

0906 

•906 

0908 —.11 

8908 

85 56 

Mor 

89X1 

■9.11 

89X1 

89X1 —.11 

8946 

8643 


8803 

8803 

8803 

■803 —.10 

87X6 

97X6 


8848 

8S4S 

8848 

8848 —00 

| Est. Soles 1.12* Prev. Sates. 

402 




Est. Sales 18534 Prev. Sates 17X04 
Prev. Day Open int. eSuTiti aft 489 


COCOA (NYCSCBI 
1 0 metric tons- 5 per Ion 
C57a 1968 Mar 

2570 3J20 May 

2400 2W9 Jut 

56)5 2053 5 cp 

2337 1999 Dec 


2120 2150 
7l» 2180 
7141 2167 
TI4D 2160 
TON 2045 


2105 2132 
210 7164 


2140 2153 

7140 7)53 


+29 

+27 

+24 

+22 

+13 


Prev. Day Open int 12.909 oft 56 


EURODOLLARS (IMM) 

51 ml lltavpts of ) 00 pet. 

9U8 65.14 mot 9005 *006 

90X8 8249 Jun 90-06 «OX6 

9003 8403 See 8*43 89X5 

89X7 84X0 Dec B9XI 89X2 

S948 86.10 Mor 8866 88X6 

89.15 86.73 Jun 63x4 86X4 

B8JB4 87X8 Sap 8818 8818 

8907 8708 Dec 87X8 8704 

Est. Sales Prev. 5cm 36070 

Prev. Do y Open 1nt.lO406B w»M8 


90X3 90X4 
*9-92 MX4 
8909 89X1 
■8X7 88X8 
■862 8163 
8834 8805 
88X8 8811 
87X8 87X9 


— 14 
—15 
—14 
—13 
—12 
—11 
—10 
—10 


Commodify Indexes 


Moody*. 


Reuters 


DJ. Futures. 


Close 
MOJOf 
2X27X0 
NJL 
N.A. 


Com. Research Bureau. 

Moody's : base 100 : Dec. 31. 1931. 
p - preliminary; f - final 
Reuters : base loo : Sep. 18. 1931. 
Dow Jones : bose TOO : Dec. 31. 1974 


Previous 

962X01 

2X3000 

123X5 

243X0 




Morket Guide 




CBT: 

CME: 

IMM: 


NYCSCE: 

NYCE: 

COMER: 

NYME: 

KCBT: 

NYFR: 


Chicago Board of Trade 
CWcdbo Mercantile Ewhanoe 

international Monetary Market 

Of Chicago Merc a ntile Exchange 
New York Cocoa, Swear, Caffe* Esteona* 
New York Caftan Exchange 
Commodltv Exchange. New York 
New York Me r c an tile Exchange 
Kansas City Board of Trade 

New York Futures Exchange 


-- 




■ ■ ' ' 


London Commodities 

Feb. 20 


Figures in sterling per metric lor. 
Gasoi I In U^. dollars per metric ton. 
Gold In U.S. daftars per ounce. 


High Low Oose Previous 
SUGAR 

Mac 11640 11140 111X0 111X0 116X0 11640 
12140 116X0 11040 11800 )210O 12)40 
129X0 125X0 177X0 12740 129JB 12940 
13700 13340 13500 13i*C 13740 137X0 
N.T. N.T. 141X0 1J2X0 14340 14400 
N.7. N.T. 157-00 157^0 )5SJsH 75900 
N.T. N.T. 164X0 164X0 165X0 1*640 
2057 lots Of 50 Ions. 

COCOA 

Mar Zlttl 2.116 2.168 1179 2.HB 1120 
2.182 1124 2.177 1180 2.135 2.131 


May 

Aim 

Od 

Dec 

Aka- 

May 


MOV 

Jiy 

5*0 

Dec 

Mar 

May 


2.1*6 2.114 2.163 2.1*4 2.130 2.121 


Mav 

Jty 

sea 

Nov 

Jan 

Mtir 


2.749 2.100 2.148 ZM9 2.104 ill _ 

2X17 1.900 2X00 2X15 1.9*0 1.9*5 

2X00 1.975 1.995 2X00 1.980 1.992 

1.995 1.983 1.980 1.995 1,9*0 I.9B0 

6089 lots of 10 tons. 

COFFEE 

Mor 2040 2015 2035 2037 2030 2033 

L381 20efl 2081 Z0S3 2070 2072 

Z410 2090 2410 1415 2400 2402 

2432 2417 2432 2435 2425 2427 

2450 2430 2450 2460 2437 243* 

2437 2430 2440 2450 2435 2417 

N.T. N.T. 3425 3435 343* 3433 

2.142 lots of S tom 
GASOIL 

Feb 255X0 23200 25305 254X0 2S2J0 25300 
■0435 230-75 23L75 233X0 23135 2 X 2 X0 
223X0 22005 22230 22205 221X0 22105 
21BJ0 216X0 218X0 21805 216X0 217X0 
21SX0 21400 21L50 21505 21105 214X0 
714.50 714X0 714X0 215X0 71205 214X0 
215X0 7)4X0 712X0 218X0 212X0 217X0 
N.T. N.T. 210X0 721X0 212X0 220X0 
- . N.T. N.T. 309 JH 224.00 215X0 222X0 

1445 lots of 100 tons. 

GOLD 

Apt 307X0 307X0 N-Q NJ3. NX. N+L 
IS lots of 100 troy oz. 

Sources: Reuters and London Petroleum Ex- 
c tempo toasolll. 


Mor 

AM 

Mav 

Jun 

Jlv 

Aug 

See 

Oct 


London Metals Feb. 20 

Figures in sterling oer metric ton. 

Silver m pence per troy ounce. 


Previous 


Today 

Htgn aradc copper antodn: 
snot U8BX0 109«J» 1084X0 JJB400 
3 months 1010X0 1 010 JO 1007 JO 1008X0 
Copp e r ml h o dw: 

Spot 1095X0 1058X0 1X81X0 1083X0 
3 months 1006X0 100800 1002X0 1005X0 
Tin: spat 10X3*0010X480110X35X01804800 
3 months 10X50X01 USUDTOMAODTAMIOO 
Lead: wot 338J0 339X0 337X0 33850 
3 months 347 JO 34800 3*850 347X0 
Zinc: Spot 633X0 834X0 810X0 B12X0 

3 months 798X0 79850 790.00 79QJ0 
Sitter: spot 570X0 571B0 56500 566XQ 
3 months 5X30 SWJ6 5»34» 585X0 

Aluminium: 

spot 1X17X0 1X17JQ 1X12X0 1X13X0 
3 months 1X51X0 1X52X0 IX47J0 1X4830 
Nickel: Spot 4X60X0 4X65X0 4X22X0 -U3UQ 
3 months 4X75X0 4X80X0 4X37X0 4X38X0 
Source: Reuters. 


U J L Average Earnings 
Rose by 6.5% in 1984 


Reuters 


LONDON — Average 
in Britain rose 6.5 percent in 
year to December, undianged from 
November, the Employment De- 
partment said Wednesday. 

The increase in the year io No- 
vember had been provisionally sei 
at 6.6 percent The December index 
was set at a provisional seasonally 
adjusted 163.4, base 1989. 


Paris Commodities 

Feb. 20 


Sugor in French Francs per metric Ion. 
Other figures in Frmcs pjr WO ko. 


High 

SUGAR 

LOW 

Close Cii'oe 

MP> 

1420 

1080 

1088 

10J5 

— 29 

Aug 

1309 

1470 

1483 

1484 

— 25 

OC1 

1065 

1J39 

1J36 

1545 

— 29 

Dec 

N.T. 

N.T. 

1400 

IJ25 

— 25 

MCT 

1.730 

1,715 

1005 

1015 

— 35 

Mov 

N.T. 

N.T 

1060 

1000 

-so 


Est. voi.: 1450 lots at SI tons. Prev. actual 
sales: I486 lets. Oaen Merest: 180*1 
COCOA 

Mar 2075 20*5 20*5 2070 +48 

MOV 2075 2025 2070 2075 +47 

Jlv N.T. N.T. 2035 — +35 

Seo N.T. N.T. — 20« + II 

Dec N.T. N.T. — 2000 +5 

Mor N.T. N.T. — 2,190 + 10 

Mav N.T. N.T. — 2.190 + 15 

Est. voi.: 72 lots at 10 ions. Prev. actual 
sales: 96 lots. Owm interest : 1X51 
COFFEE 

Mor 2JT5 2JTJ 2510 2JJ0 -5 

May N.T. N.T. 2J3Q 2J70 —25 

Jlv N.T. N.T. 2J60 2J90 —10 

Sep N.T. N.T. 2JB* 2J09 —16 

Nov N.T. N.T. 2J9Q 2415 Unch. 

Jan N.T. N.T. 2400 — +5 

Mar N.T. N.T. 2J9Q 2420 — 7 

Esi. vol. : Slots of 5 ions. Prev. actual sates: 
ll lots. Open Interest: 165 
Source: Bourse du Commence. 


Indonesian Debt Increases 

Reuters 

JAKARTA — Indonesia's for- 
eign debt wiB rise to S24.6 billion 
by the end of March, from S23 J 
billion at the edn of December, 
Finance Minister Radius Ptawiru 
said Wednesday. 



Get the latest 
low-down on 
high-tech in the 
weekly column on 


Techno 

!°Sy 


Dividends Feb. 20 


Company 


Per Amt 
DISTRIBUTION 


Pay Rec 


Beneficial SW 
INCREASED 


_ .10 3-15 3-1 


Century Teteo 
Dvnoledi un 
First Atlanta 
Fsl Boston Inc 
interpublicGp 
trying Bancorp 
Magic Chet 
MEICOTP 
Merchants Natl 
St. Lawrence Com 
Uniroyal Inc 
Wells Fargo & Co 


a jo 

Q 07 
_ !l7 

Q JD 

a 07 

a 49 

Q 05 

a. 12* 
a 00 

Q 07* 

a X4* 

a xa 


3-75 3-1 

4-5 3-15 


U 


4-1 
4-17 
3-75 2-27 


3-29 3-1 

3-15 .34 
+7 3-15 


IS 

3-25 


3-1 

+15 

3-4 


+f* 3-29 


STOCK 


Geneorp _ J PC +19 

Haiivn Products -50 PC 3-15 

Uncial Cedar Home* -10 PC 3-)5 


OTF Eaufftee 


- MOP C 4-8 3 .25 


STOCK SPLIT 


Capital HaWInbCarp— 2-for-l 
Flrsl At Ion la Carp — 3-tor-2 
La Petit* Academy —4-far-3 
Omax Tetenolopy — 2-for-l 
Savers F«JI 5&i_ — 2-tor- 1 
Wshory Intertedmotegy— Hor-4 


USUAL 


Align Group Inc 
Allied Boncahoras 

American CVnnomld 
ArlBma Boncwest 
bi tea Cora 
Br tags 8. Stratton 
Clopay Carp 
Cotemcei Co 
Continental 8 cp 

Cooper indue 
Core States Fnd 

Delta Nat Oas Co 
Detroit Can Tunnel 
Donaldson Ca 
Duauesne Light Co 
EKter -Beer mem St 
Fire s tote Tire 
Fst Florida Banks 
Fit Svos Florldo 
Foot* Cane BeMna 
FrlseJVs 

Gen i Emptovnent 
Global Marine Inc 
Illinois Tool Wks 

inferFtrsf Carp 

In termor k Inc 

KammCan 
Kelly Services A 

Kelly Services 8 

Manitowoc Co 
Maora Cora Ltd 
Mors* Shoe Inc 

Natl Interorouo 

Northern Trust 
Pad He Scientific 
Piccadilly Cat 

Porter (H. K.) 

Pub Svc E tec Gas 

Savannah Foods 

Slama0Udrtcti 

StePanCo 
Trton Inc 
UM Fire & Cos 
VF Carp 
velcro industries 
Whirlpool Com 


Q -IS 

4-8 

+1 

a 07 

3-31 

+0 

a 47 »k 

3-29 

+! 

0 00 

3-20 

+5 

.'Kl 

+15 

3-6 

a .40 

+1 

+1 

Q 04 

+15 

+1 

O 00 

+15 

+1 

a ji 

+15 

+1 


4-1 

3-1 

Q J2 

+1 

+1 

O 06 

+15 

MB 

Q 02ft 

+29 

+19 

G .16 ft 

+14 

+1 

O JI ft 

+1 

+6 

Q X5 ft 

+15 

+28 

0 00 

+22 

4-4 

Q .10 

+15 

3-4 

9 30 

+29 

+15 

5 36 

+1 

+15 

O XSft 

+15 

4-5 

a X5 

+26 

+11 

a X6 

+15 

+15 

Q .16 

+1 

+0 

a .is 

+29 

+73 

a jo 

+15 

+1 

O .14 

+15 

+1 

Q .1* 

+15 

+1 

a .13 

+« 

+1 

Q 00 

+10 

+T 

O JO 

+1 

+8 

. 00 

+11 

3-8 

QX6% 

+39 

4>T 

Q JB 

4-1 

3-8 

O .10 

+1 

+T1 

O .75 

+1 

3X 

- J3 

3-15 

3-4 

Q JB 

+29 

+7 

0 .40 

+1 

+15 

O .15 

+15 

+1 

O .17 

+15 

+1 

0X2% 

+1 

+1 

Q JO 

+15 

+1 

Q 08 

+10 

+8 

Q 03 

+1 

+1 

Q JD 

+TS 

+1 


A-Airaucd; M M ont hr. t+Roorteriy; S-SemF 
Annual. 


Source: UP*. 


Industrial Output Index 
Revised Down In Japan 

Reuters 

TOKYO — Japan's December 
industrial production index was re- 
vised downward to a seasonally ad- 
justed 120.2 from a preliminary 
120.5, the International Trade and 
Industry Ministry said Wednesday. 

The revised December industrial 
production index was down 0.7 
percent from November, when it 
was up 0.3 percent from October. 







Commodity and Unit 

Coffee 4 Santos. U) 

Prlntdatti 64/30 38 Vj. yd — 

Stool Mitets fPftf.J. fan 

iron 2 Fdrv. Phlia. ton . — 
Steel scrip No 1 hvy Pitt. - 
Lead Spot, lb 


Copper elect, fb. 
Tin (Straits), ib . 


ZJac. E.SIL Basis, Ib , 
PoHodlum.oi 

Silver N.Y-az 

Source; AP. 


Wed 

Aoo 

145 

1-53 

0-70 

0X5 

47100 

453X0 

213X0 

213X1 

79-80 

97X8 

1+21 

2+2B 


694+72 

60278 

QJ1 

>2+13) 

159-162 

601 

9435 


\ S&P 100 Index Options 

Feb. 19 


Britt Ufc-laU 
RtaMarM Mar Jmej 
155 M - 26* - 

Mg 19% - - - 

MS W 15*5 - — 

in r* nw nv» - 


ns s 7* rw io 

EB W w JH Hi 

«5 ft 2V| Ah 5 

IN VU 13/162% 3% 

N5 1/16 It 11/141*. 


POIVLeR _ 
Mar AN Mar J*M 

1/M 1/M ft 
1/14 ft ft 
J/lft 3/14 ft 
3/14 13/34 Uft 


ll/M2ft » 
J* At S 
7ft 7ft Ift 
- Uft - 


ft 

1 

11/M 

3 

4 


ToMcoHyakxnc HUN 
ToM cM open M 422JS2 
Total Dal vekm OM 
TaW pul aoan M.3D2 4M 




HftfaUUl Loo 177 J) OKi*U2 
Source: CBOE. 


DM Futures Options 
Feb. 20 

«L German Mork-r&NO nwteoBfcw mrt 


PNsSNH 


GaRs4cltle 

‘ « i 

aS SS ass 

H 8 8 


Mae Mar 
29 IX* 

Joe 

sept 

30 

835 

ixt 

148 

31 

888 

mi 

1X2 

32 

0X1 

002 

067 

33 

1X0 

a.H 

847 

34 

1X9 

0X8 

801 


.■S- -tr 


894 382 — 


BeHmetetf total rut 7 JSZ 
Com: Tubl vol 4308 oaen M.BXH 
Pels : Trev «et 3X18 open lot 22X0 


Source: CME 


Petromin Promises Rise 
In Gas Exports io Japan 


The Aoodoled Press 

TOKYO — The Saudi state oil 
concern. Petromin, has told Japa- 
nese importers it Mill increase liq- 
uefied petroleum gas shipments to 
Japan to 85 percent of contracted 
volume in March from 40 percent 
in February, importers said 
Wednesday. 

They attributed the bdqw-con- 
tract shipments to Petromin's m* 
duced crude output in line mb 
OPEC quotas ana said it will lead 
to supply rightness here. March will 
be the fifth successive month m 
which Petromin shipments are be- 
low contracted volume. 




m 


SATIRE IN VtfMDS AM) HOURS 

doonesbuky 

DAiurwireiHT 


























ir- 

J& %)* 
^ 5 

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>a1‘- ■ --^tr 

Bi M & * 

= ^ ^ li 

•■ v *. S{ 

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Hw " * 


.£.§£*1 

■ -AVaf S! 


: — 


■ «S 5 


• r = A :•-- 

.-:■ llli 


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, ■ } * t; i 


BUSINESS ROUNDUP 

Texaco Unit in Nigeria 
Cuts Output in Dispute 


By Bob Hagercy 

International Hendd Tribute 

LAGOS — A contract dispute 
with Nigerian National Petroleum 
Corp. has sharply reduced oil pro- 
duction from five offshore fields 
operated by a local affiliate of Tex- 
aco Inc., industry sources say. 

Alex Nwokedi, NNPCs chief 
spokesman, confirmed Wednesday 
dial Texaco was seeking to obtain 
certain benefits accorded to other 
foreign oil companies without ac- 
cepting all the terms of a new con- 
tract they have signed. He said Tex- 
aco would have to accept the whole 
contract if it wanted to resume full 
production. 

"They cannot intimidate this 
country and they cannot blackmail 
us, ” Mr. Nwokedi said. 

A Texaco spokeswoman in New 
York said the state-owned NNPG 
recently ordered the Texaco unit, 
Texaco Overseas (Nigeria) Petro- 
leum Co., to reduce production to a 
first quarter average of no more 
than 42,000 bands a day from De- 
cember's level of 80,000. 

The Texaco spokeswoman said 
that relations with Nigeria re- 
mained amicable and that the com- 
pany was optimistic about resolv- 
ing the dispute. She declined to 
discuss details. 

The oil involved accounts for 


*■ - • -• -si 


Olivetti SpA, the I talian elec- 
tronics company, said that it has 
acquired a 493-percent stake in 
Acorn Computer Group PLC, a 
London-based educational com- 
puter company. Aeon said it plans 
to issue 27 sew shares for every 20 
existing shares at 8 pence per snare 
to raise £12.1 million ($13.2 mil- 
lion) for which Olivetti has agreed . 
to subscribe. 

AEed Corp. of Morristown, New 
Jersey, has introduced a new super- 
strength polymer fiber that it says 
is 10 w’fflw stronger rhan sted ^ 
resistant to ultraviolet light and 
sea-water deterioration. 

Atomic Energy of Canada Ltd. 
said that it is laying off 540 employ- 
ees at its nuclear reactor design 
offices in Montreal and Mississau- 
ga, Ontario, over the next 10 
months. The government-owned 
company blamed the layoffs on re- 
duced activity in the industry. 

British BedricTtaction Co. said 
it is renewing its bid for Initial 
PLC, another London-based in- 
dustrial garment company, foflow- 


onjy a small part of Nigeria's aver- 
age daily production of around 1.4 
million barrels, but the dispute 
comes when Nigeria is straining to 
maximize its oil revenue in order to 
service its $20 trillion of foreign 
debt. 

The five fields are owned 20 per- 
cent by Texaco, 20 percent by 
Chevron Corp. and 60 percent by 
NNPC. 

In the past two years, NNPC has 
signed new contracts with most for- 
eign oil companies operating here. 
These agreements allow the foreign 
companies to take NNPCs share 
of a field’s production when the 
state oil company does not wish to 
do so itself. In such cases, the for- 
eign companies are allowed to earn 
a profit of $2 a barrel on NNPCs 
stare after paying operating costs, 
taxes and royalties. 

Some oil executives say this for- 
mula amounts to a $2 discount on 
oQ sold by NNPC although NNPC 
disputes this interprets ckm. 

Texaco has resisted the new con- 
tract partly because it considers 
certain elements too vague, a 
source said. At the same time, he 
said, Texaco is unwilling to contin- 
ue producing at peak levels without 
obtaining the $2 benefit received 
by others. "There's cheaper oil else- 
where, " he noted. 


ing clearance by the British Mo- 
nopolies Commission. British 

Of TnitiaP e^r ^ruu y shares g 
percent of preferred shares. 

Boomg Aircraft Corp. of Seattle 
said that British Airways has or- 
dered three more Boeing 757 jet- 
liners. The airline previously 
bought 18 of the jets. Financial 
details of the new order were not 
disclosed. 

Chrysler Corp. said it plans to 
transfer assembly of its Dodge 
Ramcharger utility trucks to Mexi- 
co City from Warren, Michigan, 
this autumn. A Chrysler spokes- 
man said no jobs would be lost 
because pickup truck production 
would increase at the Wanen plant. 

Dat-Idd Kangyo Bank Ltd. of 
Tokyo said it is negotiating with 
the Island Development Bank Ltd. 
of Brunei to buy 20 percent of Is- 
land Development's outstanding 
shares. Dai-felii said that it would 
be the first Japanese bank to have a 
presence in Brunei. 

Dafmkr-Beuz AG said it boosted 


AT&T to Extend 
Toll-Free Service 
To British Users 

Reuters 

WASHINGTON — Ameri- 
| can Telephone and Telegraph 
; Co. announced Wednesday it 
would expand its international 
toll-free 800 telephone service 
network to include Britain and 
allow users there to place toll- 
free calls to the United States. 

It said it had arired the Feder- 
al C ommp li on s Commis- 
sion to approve a startup April 
S. AT&T said British Teleco- 
nnmicadons Inte rnational PLC 

has beat offering a similar toll- 
free sendee for callers from the 
United States since November. 

It said US. subscribers under 
the AT&T service would pay 
$84 (£76.85) per hour or $1.40 
pa minute, plus $36.% a tine a 
month for connection to the 
AT&T network and SS0 a 
month for access to the British 
Telecom network. 

AT&T Communications, 
based in Basking Ridge, New 
Jersey, also announced Ibesday 
that it had expanded its interna- 
tional direct-dial service to nine 
additional locations. 

The locations are Gibraltar, 
Zimbabwe, Tanzania, Uganda, 
Swaziland, Zambia, Lesotho, 
Brunei and the islands of SL 
Pierre and Miquelon, off the 

Canadian coast. 


its world group turnover 8 percent 
last year to 43 3 billion Deutsche 
marks ($13.08 billion) and posted a 
satisfactory parent company result 
despite a labor dispute and difficul- 
ties in the c omm er ci al vehicle field. 

SAF mid that its Char- 
moues oilfield in the Brie Permit 
south of Paris is a commercial find 
and appears to be larger than the 
nearby Donnemarie field 

Exorir Inc., of Great Neck, New 
York, said h has been granted a 
US. patent for Exovir-HZ Gel, a 
product to combat recurring out- 
breaks of oral and genital hopes. 

Pan American Wcrid Airways 
has broken off rafts with the pilot's 
master executive council after re- 
jecting the group's proposal for a 
new contract, the coondl says. 

Toshiba Corp. of Tokyo said it 
plans to spend 20 billion yen ($76.9 
million) to set up a new 14-sloiy 
electronic engineering center to im- 
prove semiconductor design Con- 
struction of the new center, in Ka- 
wasaki, is expected to begin in 
June. 


Icahn Lists 
Backers in 
Phillips Bid 

By Tamar Lewin 

New York Times Serriee 

NEW YORK — Carl C Icahn, 
who is trying to take ova Phillips 
Petroleum Co, filed Tuesday with 
the Securities and Exchange Com- 
mission a list of about 40 institu- 
tions providing him with $13 bil- 
lion of financing for his tender 
offer, his lawyers said. The filing 
appeared to be an effort to oounta 
assertions fay Phillips that Mr. 
Icahn Iwfa tna financing he needs. 

The list shows, according to Mr. 
Icahn’s lawyers, that the two larg- 
est commitments have been mao: 
by First City Financial, which 
agreed to provide $187 minion, and 
the Pacific Investment Manage- 
ment Co., which agreed to provide 
$145 million. The other commit- 
meats were for less «han $100 mB- 
lion each. 

Mr. Icafan has ma/te a tender 

offer of $60 a share for 70 miffinn 
common shares of PhOlips. 

Holders of Phillips common 
stock will vote on their company's 
proposed recapitalization plan Fri- 
day at a special meeting. 

Batterymareh Financial Man- 
agement, which balds 13 million 
Phillips shares, or about 1 percent 
of the total, said Tuesday it would 
vote against the plan. 

Harrison J. Goldin, the New 
York City Comptroller, wifiniiiw-H 
Tuesday that he would vote the 
praties for 334,600 Phillips shares, 
owned by city employees’ unions, 
against the recapitalization plan. 

Swiss Will Help 
In Sante Fe Probe 


BERN — Switzerland will aid 
the U.S. investigation of 
insider trading in shares of Santa 
Fe International Co., the justice 
ministry said Wednesday. 

The ministry the govern- 
ment had turned down requests by 
several foreign nationals to refuse 
the U.S. appal for legal aid. 

The United States first sought 
Swiss help in March 1982. after 
Kuwait Petroleum Co. had bid to 
take ova Saute Fe in 1981. While 
details of the takeover were being 
worked out. unknown persons 
placed orders to buy a large num- 
ber of Sante Fe shares through 
Swiss banks and made substantial 
profits when the takeo ver was an- 
nounced, die ministry said. 


Instrumentariimi Says 1984 Earnings Rose 1.2% 


By Juris Kaza 

International Herald Tribune 

STOCKHOLM — Oy Instro- 
memaxium AB, the Finnish 
of diagnostic scanners, optical 
equipment and hospital supplies, 
has reported that its operating 
earnings were little changed in 1984 

from 1983. 

However, in a prefimmaiy report 
issued last week. in ^n i f ra rntjmnm 
said that What it famingc 

before reserves, less taxes, rose 573 


percent to 95.3 million maikkaa 
($13.8 xnillkHi), from 60l4 miTIinn 
maikkaa in 1983. 

Operating earnings totaled 953 

milium markkas, up 13 percent 

from 943 million maikkaa m 1983. 
Instrumemarium's wee president. 
Antero Partanen, w! the net 
earnings increase was largely the 
result of i mpr ovement in the com- 
pany’s financial net, the sum of 
interest expense and interest in- 
come. 


“Interest income was very high," 
Mr. Partanen said, mentioning the 
company’s high cash and time-de- 
posits position at the end of 1984. 

Sales in 1984, adjusted for infla- 
tion, rose 13.9 percent to 8153 mil- 
lion markka a - from 716 millwm 
maf klr afl in 1983, TiK t mmwiMriiim 

reported. 

Mr. Partanen said dial 1983 net 
earning? were burdened in pan by 
an 1 1 -6-nrinion-markkfla fee paid 


to Merrill Lynch & Co. fcff manag- 
ing the Hdsmkz-based group’s list- 
ing *nd share issue on the over-the- 
counter market in the United 
States. 

Per-share earning s iose 45 per- 
cent to 2234 imnkkafl from 1534 
murky AH in 1983, a figure which 
Mr. Partanen said Was adjusted for 
a UiHffft dividend last December 
which gave a new share for every 
two old shares. 


NEW ISSUE 


These Notes having been sold, this announcement appears as a matter of record only. 


U.S. $500,000,000 


FEBRUARY 1985 




Credit National 


Guaranteed Floating Rate Notes Due 2000 


Unconditionally guaranteed by 

The Republic of France 


Credit Suisse First Boston Limited 


BankAmerica Capital Markets Group 


Banque Paribas Capital Markets 


Banque National de Paris 


Credit Commercial de France Girozentraie und Bank der osterreichischen Sparkassen 

Aktiengesettschaft 

Lloyds Bank International Limited Mitsubishi TYust & Banking Corporation (Europe) S.A. 


Sumitomo TYust International Limited 




T, 

an ' E 





■ ‘V i * 


- - 

• ; • 5 1 











The world’s 
fastest 
interna 

It’s a whole new 









Page 12 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. FEBRUARY 21. 1985 



Over-iiie-Coimter 

NASDAQ Notional Market Prices 


Feb. 20 


Sales m m?i 

iKfc High Law JPM.Cn'gc 


Aiw fa 

AECs 

AEH 

AFG 

ASK 

ATE 

Awn P.i 

Accdlfl 

Awtrtn 

AeuRev 

Aeefas 

AdocLb 

Aesst 

Aaiww 

AavCr 

A3vG.ii 

AdvTcl 

Aeculm 

-AHBSfl 

AocvPi 

AldAuf 

AlrWiJ 

AlfWK 

AI&kMt 

AJwBs 

Alfln 

AJgo-e» 

Ales/WI 

AllMBv 

AUdBn 

AlWCro 

Allow 

AllvGor 

AlpMJc 

Aim 

Ament 

AWAIr] 

AriAOv 

ABkCt 5 

ABnfcy 

AmCwr 
AConn 
AFCSL 5 
Arllhn 
Ament 
A Flute 
AFum 
AGreCt 
AmlaLI 
AlnvU 
AMagnl 
AMS 
AAUSw 
ANMm 
APh%G 
AOuasr 
ASecCs 
Am Safi 
A Safer 
ASurg 
Amrltr 
Amrwsi 
Amgen 
AmskB 
AmM f s 
Anotflre 
Anloglc 
Antriyl 
Anoren 
Arntovr 
Andrew 
Angros 
Adooec 
apoioC s 
AcoteC 
AnlBia 
ApiaCm 
.AsIdMI 
Apiesir 
adiswt 

Archive 

'Argo5v 

ArXiB 

Armel 

Ariel 

Ashlar 

AsdHsl 

AstroM 

Asfrcm 

As it on 

Astros v 

Alter 

AlIGsLt 

A] | Am 

A Uni Be 

AtlnFd 

AtIRn 

All Res 

AISeAr 5 

Austran 

AhwtJOe 

AulTrT 

AuloSV 

Avtmlx 

Auxtcn 

AvntGr 


J! 2.J 


30 t.S 

ro .v 


so ts 


SS 5V 

W 15 

33 77 

;o7 n'k 

S3-> 

13 4 * 

51 22'.’* 

FBI IPs 
13 P* 
pszr* 

ID l»V 
396 7 Vb 
14 13 A, 

40 35 % 35 
ICS Eft BK 
3 i't ft, 

273 e’1 6* 

«W 5'» 4'% _ 

•17 Mft Mft Mft + ft 
15 31’A 31ft 31'% + ft 
2 4's 4*% 


Sft 

15 

34to 
22 ft 
:i 
4 
22 
lift 
v* 
z?ft 

10ft 


S'". 

15 — ft 
24 s 

72*a — Km 

<to '•* 
7*’’« f "i 
f2’:» — 'A 
7ft + * 
Eft— ft 
18ft + 

7 -V, 
9ft- ft 
MU— * 
0ft + Ik 
6ft A ft 
A* + u 
5 - V* 


.73e .7 

173 1J^% 

UM 

73*+ * 

9 

,48 13M 

13Vft 


ZSr |4 

AS ,7'a 

16%. 


1.40 3.7 

463 38V? 
1,1 2,6% 
4B2 7>% 
544 19% 

38 

21V. 

fi 

1836 

J8ft— ft 
21ft — to 
Aft— ft 

,9ft_ ft 

40 2.0 

25125^1 

VI'.. 

2 Oft— ft 

J4 02 

*31 Sale 

25^1 

25",— ft 

1 89C 44 

70 71%. 
,47 4to 

21 1: 

35 B’e 
871 12ft 

31 ft 
4ft 
lift 
fi 

ISM 

214.— ft 
Aft — ft 
12 + to 

Sft 

12ft 

40 ZJ 

2B7 17ft 
393 fi- 
ll 10-.-J 

17ft 

a * 
10* 

17to— ft 
fito— Vj 
1C* + ft 

430 JB 

5 I6M 

15ft 

Iffft- * 

-50 05 

254 Mil. 
29 14 

197 SH 

14H> 

1 3ft 

Bft 

14ft 

m. + ft 
Bft + ft 

40 J J 

B3 15 

,4ft 

144. 

132 4.7 

ft 26?% 

26'/; 

26 ft 

t 

*, a 



140 35 

52 1 C'+ 

42 vy 

42ft— ft 


42912k. 

11'. 

12ft +lto 

St IS 

?41 36 : < 

36<l 

35* + to 

436 10 

296 lift 

SOft 

13'-%— 


.15!) .9 

ura 12 


1 4ft 4A. Mi + \* 
311ft 11 11 — ft 

19 21 2D4ti 21 A 4i 
5 1«U 14V* 16U + ft 
TO 33'A 33 33ft + ft 
116 7ft tft 7 
431 is to 


Soles in Net 

ICO! HtOfi LW iPM. Ch'tt 


Avntek 
Avert or 
AvIctGp 
AetcM 
ASM! 


SO o 


217 24ft 2334 24V* + 4 
39 17* 17 ,7ft + K 
259 17* 17U. 17ft 

4 4% 4% 4 ft- Mi 

5 24% T* 2ft — ft 


s 


9SDO 

SFicm 

BGS 

BiWCb 

BPlSv 

BRCorr 

BalrdC 

Baiiek s 

Bait Bcd 

BnPonc 

BancsM 

BeoHw 

Bondoc 

ESongH 

BkGnm 

BkNE 

BkSou 

BkflAAm 

Bonkvt 

BontaG 

BaranD 

Borton 

BSTnA 

BasAm 

Bs«IF 

Bovaks 

Bavlv 

BIFuses 

BglINt 

BellW 

BndtCJ 

Bentxm 

Bantm wt 

Berkley 

BosICp 
B etxl-b 
BavHS 
B1MJS 
QtaB 
Big Bear 
Billings 
BlnOty 
BlaBes 
Blogen 
Blomel 
Blosrc 
SlDlcR 
Blrdlnc 
BtstiGr 
Hosiers 


2JJC 19 
■>0g 15 


490 51«. 51 51 — U 

301 2» ITk 2 

21 9 BM m 

10 6Vi 4ta 4V0 

85 3M Zfk 3V% 

919 UK 12ft 139% + ft 

22 8 794 B + W. 

107 9ft 9 »ft— ft 




a 21* 

aw 

aft 


224 

u 

26 44ft 

43 

43ft —7* 

.W 

44 

3519ft 

19* 

19ft— ft 

U4 

43 

22 39* 

79 

29* ■ 

ft 



876)0 

Dft 

9* + * 

58 

95 

47 Bft 

6 

fift ■ 

ft 

4(1 

18 

3»* 

22 

a +1 

284 

43 

567ft 

67ft 

A7ft— * 

48b 

19 

2733M 

a 

33ft. 

ft 

180 

U 

S612 

n* 

lift 




36 lift 

lift 

lift + ft 

72 

73 

246 32* 

31 

52 ■ 

* 



10 9ft 

• 

9to— ft 



47 3%% 

3 

Jft + ft 



72 7ft 

Tft 

Tft 




8 94% 

94% 

9to— ft 

JOc 

33 

95 36ft 

25% 

26ft - 

ft 

7-3) 

4 A 

89 48 

47ft 

40 - 

ft 

.12 

14 

20 Bft 

8* 

Bft 




64 ,Zft 

12ft 

12*— ft 



81 6* 

A* 

6*— ft 

-ltt 

U 

2B BK 

Sft 

Bft— ft 



9 Bft 

Bft 

Oft- 

* 



ITS IB* 

179% 

18ft- 

* 



55 12* 

lift 

12* + ft 

33 

21 

5815ft 

15 

15 —> 



257 ft 



uo 

XI 

as 38ft 

37ft 

38ft - 

ft 



17 Aft 

A* 

6ft 




2619ft 

19 

194% ■ 

ft 



71 15ft 

15ft 

154% ■ 

ft 



34 12ft 

12* 

12*— * 



70 3ft 

3ft 

3ft 




A 25* 

a* 

25* 




46 , 54% 

5* 

Sft 




164 7* 

7ft 

74% ■ 

ft 



414 left 

15* 

left +lft 



aiissAT 

I 


Boo ton 

1-50 

4,7 

BobEvn 

20 

14 

BollTc 

-lb 

IJ 

BstnDIg 

BsmFC 

.IM 

4 

BroeCo 

BrncDC 

1.70 

48 


84 

3 A 

BrwTom 

f 




1.1 

Bulftyn 

SulldTr 

Brulun 

20 

18 

BurrBr 

BMA 

S86 

4.1 

Businid 

Butlrj 



B-ulIrMI 

132 

5J) 


3 4ft 
109 9* 
140 9ft 
40 ft* 
160 6ft 
98 ft 


4ft 4ft— ft 
Oft 9ft 
9ft 9ft— ft 
4ft Aft— ft 
6ft 6ft + ft 
ft ft 


63 31ft 31ft 31ft 
145 19 IBV* IS* — ft 
7 Bft Bft 8ft— ft 
14 8ft 7ft Bft 4- Vi 
>35 77 14ft Idft 
21313ft 13 13ft 
38 29* 29ft 29* 

HO 7 Ht 7 Ik 
B9 3ft 3* 3ft 4- ft 




33 
699 25ft 
545 20ft 

720ft 
414 51ft 
1178 7ft 

34 19ft 
10 26ft 




1ft 

25ft 2Stt— ft 
20 20ft + ft 
20ft 20ft 
SOft 51 + ft 

7 7ft + ft 
IS IS — ft 
34ft 16ft + ft 


3a 11 
IDO <4 


a /ft 7i% 7ft— ft 
304 >0ft ID ID 

428ft 26 27 —1ft 

49 41V* 40* 40* 

16 9ft 9ft 9ft— ft 
273 IB* 17ft 18ft 
295 7ft 7ft 7ft 
48 9ft Oft 9ft— ft 

5 4ft 4 4ft + ft 

183 3ft 3ft 3ft— ft 
141 6 5* 5ft— ft 

1S4 19ft 18ft 16ft— ft 

6 Ift lft 1ft— ft 

128 4 3ft 4 + ft 


1.08 

55 

1 IB* 

10* 

18* 

+ 

46 



734 lift 

lift 

lift 





76 Sft 

3* 

3* 



ft 

240 

6J 

17 37* 

36 

37* 

+lto 



267 4 

3ft 

Jft 



ft 

.16 

U 

69 12ft 

12ft 

12ft 

+ 

ft 

,1<e 

IJ 

a b 

74% 

8 

+ 

ft 



120224 

234% 

24 

+ 

ft 

1MI 

1 0 

10 16to 

left 

16ft 



30 

XI 

287 91% 

f% 

Vft 





230 2ft 

2ft 

2ft 

+ 

ft 

JOm 

.1 

26,0ft 

10ft 

10ft 




110 12^ lift 


1.80 6 2 


2.0SD 4.9 
1J2 48 
1.12 18 
-60 U 


„ lift— ft 
132 1% lft Ift 
399 10* 10* 10ft + ft 
134 17 16W 16ft + * 

7 23 22 72 — 1* 

50 29 1(> 29 29 — W 

4914 13ft 13*— ft 
10 42ft 42ft 42V* — ft 

51 28* 27ft 27*— ft 
46 29ft 29ft 29ft 

142 37ft 36ft 36ft— ft 
85 1ft lft 1ft 


Valeais Vfh&s Wtfa SA 


fja S. yam Ju V ml-Stonc 
’;lj !2I1 Geneva I. Sniueriaad 
Sj Tel. .*1025! - Trie* 25335 


891 

A 

Tl 14* 

,4* 

14*— 

* 



S3 124% 

12ft 

12ft 

- 

* 

.12 

15 

136 9ft 

Tft 

0ft 

r 

ft 



29 4* 

Aft 

4* 





26012ft 

124% 

12ft 

- 

ft 

.10 

12 

17 ?* 

3 

7ft 

2 

7* 

¥ 

ft 

ft 



391 Tft 

7* 

/ft 

• 

ft 

■IB 

18 

445 6 

255 18* 

Sft 

10ft 

TBft — 

ft 

ft 



an ,4* 

14 

Wft- 

ft 

48 

2J 

7 17ft 

17ft 

,7ft — 

* 



247 1 7ft 

17* 

17ft 





56 Bft 

7* 

7ft— 


28 

U 

430 274% 

2 ?'m 

29* 





41 7* 

A* 

7* 


ft 


Soles in Net 

100s High Urnr 3PJA.Ch'9e 


.12b ,9 


-38 28 
.» S 
248 U 
.128 A 


t 


120 

1 M 


U 


.10 

-30 


Jdo 1 A 
t 


QlFaO 
OirvC 
OilChl 
ChlPQc 
Chills 
CMffler 
Oirmrh 
ChrOws 
Chyma 
ClmPin 
Ctotos 
CMni- 
Clprten 
Orcan 
CtzSau 
CtzFIda 
CtxGtP 
CtzUtA 
CteUlB 1J4 U 
atyFeo 
ctyNCo 
Ctalrsts 
CtortJ 
aeproi 
ClevtRt 1J2 74 

arnfme 

Coast f 
C otoaLb 
OKOBfS 
Coeur 
CMenle 

Cahmts 
ColabR 
Colagen 
CoiFCI 

Collins 
ColABn 
CBCOPA 
ColLtAc 
Coirrlr 
Co Ion I 
Col Dig 
ColuMlI 
Cornoir 
Co meats 
Como to 
Oomdfot 
Comerc 2.10 12 
CmcnU SI XI 
Cm 0 Co I Mb IS 
CmeiBn 2JD0 5-1 
CmlShr _50a 19 

CurfttlF IJMI5.I 
CsmAm 

Com I ml 36 14 
ComSvs 

ComShr M 5J 
CmoCrd 
Compaq 
CmgoT JUr 
CafflpC 40 1*6 
Cm Peru 
Conwch 
Campus 


21 7ft 7K 7ft 
3 13* n 13 - ft 
935 lift 11 lift + ft 
11 BO 00 H 


8024ft 23ft 23ft + ft 
27325ft 


23ft 24ft + ft 
84 Bft B 8 - ft 
76 15ft 1 4ft 14ft— ft 
*27 12 lift lift— ft 
SBTft 69 89ft 
238ft 30ft 30ft + ft 
53121ft 30* 30ft— ft 
36 lift 11 11 — ft 

22 6ft 6ft 6* 
7684ft 34 34ft 
226 77ft 27ft 27ft- ft 
2 17ft 17ft 17ft 
44 30ft 30 30 - ft 

_ 6 30ft 29ft 30ft 

JSe 10 1234 12ft 12ft 12ft 
■B8D 16 5526ft 24 24ft + ft 

451 171b 16ft 17 
S 28ft 27ft 28ft + ft 
717ft 17ft 17ft- Vs 
55 19ft 19ft 19ft + ft 
75124k I2U 12ft + ft 
9116 15ft 15ft 
92 13ft 13* 13ft + ft 
75 36ft 33ft 24ft -t- ft 
19S 15 14ft 14ft— ft 
331 3* 3ft 3ft— ft 
15824ft 24 24ft + ft 
107 Oft 5ft 6ft + ft 
161 13 12ft 12ft 
10 16ft 16ft 16ft -t- ft 
134 5ft 5* -5ft 
617ft 17ft 17ft— ft 
13 12ft 12ft 12ft + ft 
218 32ft 32 32ft + ft 
785 19ft 19ft 19ft + ft 
43 143717V. 16ft 17* 

MS lft ft 1 — ft 
UR 15 11 40ft 40 40ft + ft 

t 32 16* 16* 16ft + ft 

.12 3 8B26ft 26ft 26ft 

.16 13 3065 IS 13ft 13*— 1* 
439 3* 3V!i 3ft— * 
131 40* 39ft 40* + ft 
529ft 29* 29ft— ft 
SIS* IS* 15*— * 
21 39* 39* 39* 

41 12* 12ft 12* + * 
IT 91% Bft Bft 
38 3* 3ft 3ft— ft 


48h V 
M* 4J 
S2 IS 


-74 


11322ft 23* 22ft + * 


93 9ft 9ft ft 

1011* 11* 11* 

29 32 30ft 31ft— ft 
2176 »ft 9ft 9ft + ft 
3814 Uft — " 
18729* 29ft 

Ski 


J» A 


.12 IJ 


OS J 


CCTC 
CmpAs 
CPtAut 
CmpDl 
CpfEnt 
CmpfH 
Cmpjdfi 
Onpi-R 
CmpiM 
CmpNet 
CmpPd 
CmsRs 
CmTnsk 
vICpIUs 
C mputn 
Cptcfl 
empire 
Cmsrvo 
Camshr 
Camstk 
Cmpshp 
Comte h 
Cancpti 
ConHrs 

CannWt 148 93 
CnCop U6al40 
CCapR 168a 9S 
CCopS X36 14.0 
CmFbr 


*-* A 


13* 

29ft 

TV.— ft 
1* 

3ft— ft 
17* 

2S + * 
7ft + ft 


923)3 

25125ft 24* 

89 7ft 7ft 
32 13* 13ft 13ft — * 
60 7* 7ft 7* + ft 
35 Bft 8ft Bft + ft 
140 7ft 7* 7ft -P ft 
207 6ft 6* 6* 

479 9ft Sft 5ft 
10 Bft 8ft Bft + ft 
75119ft 19ft 19ft 
2 4* 4* 4* 

76 I9ft 19* 19* — * 
41 Ik 16 lft— * 
541 8* 7ft 8ft + ft 
750 6ft Sft Sft + ft 
B10 9* 9*—* 

805 4* Sft 4ft + ft 
64 8 7* 7ft- * 

34 9* 9ft 9* 


US ft % &- 


77 tft 8M _ _ 

97 24* 24 24* 

19 15* 14ft 15* + ft 
380 24ft 34 21 

31 17* 17* 17* + * 
321 34* 23* 34 — * 

3 |H Jit - 

CnPans 128 32 2174 40* 39* 39*— * 
Cons Pd Me 14 31 5ft 4ft 4ft— * 

95 Sft 546 Sft— K 

34 34M 34 34ft— ft 

24913ft 13* 13ft— * 
56 4ft 4* 4*— ft 

461 9* 9U 9* + ft 

205 7ft 7* 7ft— * 

4149 J8*S 10 10* 

1161 20* 1* 19ft— ft 
374 5 4* 5 + ft 

Z37 1571 15ft 15ft— * 
386 23* » 3Bft— 2ft 
3T« Sft 7* 8 — * 

515 9ft 9 9ft 

66848* 48 48ft— ft 

M 4ft 4* 4ft 

482 4ft d dft+ U 

133 22ft 21* 22ft -4-1 
84 14* 14 14 — * 

4 0 9 9 9 

220 20 19ft 20 + ft 

37 14 14 14 

4*7 28% 28U 28* 

8 13* 13* 13* 

51 24ft 24 24* + * 

I CD 28 27V. 2 B U 

9722ft 22ft 22ft— * 
3SBB 8 —ft 
6023 22V, 23 + ft 

313ft 13* 13*— ft 


A0 IA 


U 


Consul 
Cat! Ben 204b 60 
aiHIts 
CtlHItC 
Cnilnfo t 

Cl Lost 
C dnvgf 
Convrse 
CoprBk) 

Coots B 
Copy Tel 
Cor com 
CortfH 

CoreSt 208 
Corvus 
Cosmo 

CousPs 03 14 

CrkBrl .14 10 

Cramer 

CrtnEd 

Cronus 

CrasTr A0 20 

CwnBk 

Crump 44 lO 

CulhtFr M 34 

Culhjm 06 2JS 

Culo OB 10 

Cvcare 

CyprSv one 10 


DBA 

DEP 

DLllES 

DnlrMt 

DalsvSy 

DahsF 

□mnBlo 

DarlGo 

Dafcrd 

DtalO 

DtSwfCti 

Datpwr 

Do tscc 

Dtajlti 

Datum 

Dawson 

DebSh 


7314* 
IS 9* 
601121% 
2211* 
2593 35* 
22419* 
2S 7 
599 

682 23ft 
36912* 
A95 8 
72 4* 
917 
65 4* 
87 Tft 
48 7 

-Me TO 78 20ft 


.13 

-24 


10 


14* 14*— ft 
9 9* + * 

12* lift + ft 
10* 11* + ft 
33* 34ft + ft 
28* 29 — * 
Aft Sft 
99 99 —2 

M 23ft + * 
11* 12* + ft 
7ft 7* + ft 
4* 4*- ft 
17 17 — ft 

lft 4 

7ft 7* + ft 
6* 7 
28* 20* 


Sales in Net 

100S HM Low SPJA.Cli’oe 


DecIsD 

DeUbA 37 XI 
Oelctim 08 14 
DtHloDt 

Del TNG 104 94 

Dettaus 

Denelcr 

Deni AM 

DMOflft 

DeteeEl 

DntrxCs 110 3J 
Dewey 


OSS lift 
111 23ft 
113 18 
274 lft 
1511 
9 lft 
564 Sft 
444 Sft 
58 7ft 
15 41k 
131* 
14 4ft 


18 10 
29* 23ft + Vi 
17* II 
lft lft + ft 
11 11 
lft lft- * 
Sft 5ft 4- ft 
8 B* + * 
6* 6* — ft 
4ft 4ft 
31* 31* 

6 4 * * * 


DteaOt 

DtooPr 

Dtaaonc 

litre! 10Q 13 


-34 15 


Diemen 
Dialog 
OPgfCm 
DtaltSw 
Dlorax 
DistLAQ 
Dyfood 
DccuOl 
DlrCnl 
DamB 
DrchH 
DoylDS 
Drantz 
DrewNf 

Drexlr 
DrwGr 
DuckAs 
DunkD 
Durtim s 108 
Durlron J6 
irFll .16 1.1 


JO 0 

121 42 
30 1.1 
08 40 
■lie 10 


DurFll 

Dvracn 

DvnieCs 


49 4ft 

5412 
716 5 
43 30 
779 13* 
241 13 
38 6* 
I73ZZ* 
519227 
933* 
34 7* 
2306 9* 
251 |ft 
590 27ft 
43 28ft 
BDIBft 
160 20 
108 11* 
347 I* 
121 13* 
28 18* 
78619* 
201 77ft 
34>Mft 
34 lift 
3315 
479 5* 
282 7* 


4 4 - ft 
II* II*— ft 
4* 4ft— Vi 

29* 30 + * 
13 13*— * 

12 13* + ft 

6* 6*— V% 
22 22 * — * 
26* 26ft— * 
32* 33* + ft 
7 7 - * 

9ft 9* 

3ft 3ft + ft 
26ft 26ft— ft 
28* 28* — ft 
17* 17*— ft 
19* 19ft— ft 

lft |ft— fc 
13ft 13ft— ft 
10 18* + * 
19* 19ft— ft 
27 27ft + ft 
40 40* + ft 

11* 17*— * 
14* 14* 

5 5* 

27* 27*— ft 


.12 3 


EH tilt 

EMPI 

EZEM 

EapIGpt 

EaoITT 

EOflTwtA 

EotnF 

EoonU) 104 15 


EdSoult 136b 94 
EdCmo .12 10 


Educam 

Elkoruc 

ElChJc 

EiPas 

Elan 

Elbltg 

EMerS 

;Mgn 


146 100 
07e 0 


EWon 

EWrM 


02b 1-6 
.16b s 


EtocBlo 

ElCatti s 

EleNucf 

ElcRni 

EIMMI 

ECelxri 

ElctM* 

ElizWW 240 8J 

ElrenEI 

Etncnr 

EmpAJr 

Emulxs 

E ra d hi 

Endvco 

EndoLs 

EnoCnv 

EnPnct 

EnaOH* 

EnoRsv 

Enpph s 02 1 J 

EnlPub 

Envrdn 

EnvSvs 

EbbbI 

EaiKH 

EatOll 00 X5 
EricTI J4e 19 
ErfeLac 
EvnSut 
Exavlr 


53 3 
4415 
113 4 
» 7ft 
16 9* 
2914 Til 
940 5 
1 5ft 
3811* 
392 29ft 
1214ft 
94 91% 
119 Aft 
20 13 
243 9* 
56714* 
66 9ft 
3212ft 
27 14 
12 17* 
55 d* 
32S 8* 
320 26* 
303 74H 
105 17 
1418ft 
7a IT* 
103 7* 
26 31ft 
tax re* 


101 ft 
174 9ft 


1043 12 
146 6ft 
123 Tft 
2275144% 
17628* 
548 9* 
on 7»* 
130 ft 
513 
04 16* 
84 3ft 
21 21 
24)20* 
513191% 
16 B* 
2294 32 
1 87 
62 15 
33913 


3 3 + ft 
14 16 — * 
3ft 3ft 

7ft TVS— ft 

* 

Aft Aft + ft 
Sft Sft — ft 
II* Uft+ * 
29ft 29ft + * 
14ft 14ft 4- * 
9* 9ft 

4 4ft+ ft 
I9ft 13 

9 9 ft+ ft 

14ft 14ft— ft 
8* 9 + ft 
lift lift— * 
13ft 13ft + ft 
17* 17* + * 
Aft dft 
8 8 — ft 

25ft 26 + ft 

14 74* 

16* 17 
18ft 18* 

16* 16*— * 
6* 7ft+ * 
30ft 31ft + ft 

' W 

9* 9* 
lift II* + * 
5ft 6 - ft 
7ft 7ft— Vs 
13ft 14ft 4- ft 
27ft 27*— U 
Sft 9* 

7 7ft— ft 
* * 

13 13 

M* 16* + ft 
3* 3* 

20 2016 — * 
19* 20 + * 

19ft 19ft 4- ft 
■ft 8ft 
31ft 32 
87 87 

14ft 15 + * 

12 12* 4- * 


FOP 

FMI 

FOirOi 

FamHIS 

FrmHm 

FaraiF 

FrmHa 

FrmG 

FedGrp 

Feroflu 

FI bran 

Rdkr 

FIMtiTh 

Ftaale 

Fllimec 

Rltrtk 

Final CD 

Fbtlnsf 

Ftnarruc 

Fin loan 

FAlQBs 

Fat Ami 

FtAmat 

FtAFIn 

FtATn 

FtBnOh 

FICalF 

FComB 

FComr 

FCome 

FDakiR 

FEatCs 

FExnc 

FFdVUc 

FFdCnl 

FFChor 

FtFnCp 

FFnMBf 

FtFIBk 

FtlllCps 

Ftlndl 

FfndSk 

FJarNI 

FKvNts 

FMdB 

FTMMB 

FNllGa 


02r J 

-Id IA 


10 8 
364 6ft 


1J6 19 


240 43 
200 X4 
A0 20 


40 Z3 
30 41 

JOB 2 S 


1.12 40 
U0 40 
39 53 
.72 ZJ 
1.10 40 
200 SO 


130 40 

roe is 


J0 40 


130 1* 
109 28 
306 20* 
203 4ft 
1095 60* 
lid 30* 
160 6ft 
23 17 
3151 
26 64* 
1484 31ft 
96 14 
11 T7Vi 
72 4* 
42 0 
397 7ft 
60 10* 
IB 25 
10 30 
4 17ft 
722 

357 27ft 
353* 
316ft 
I 4* 
83 25 
70 35* 
27124ft 
4532 
1210 14* 
1081 lift 
3 18ft 
162 15ft 
13120 
3721* 
206 24 
520* 
199 IS* 


6 * 

ft 



8 + ft 
Aft 

1VV ft + * 

27ft 38 + ft 

an* am- u 

4* 4ft— ft 
59ft 60* + ft 
29* M 
6* 6* 

16* 17 + ft 

50* 30*— ft 
64* 64* + * 
30* 31 + * 

I5ft 15ft— * 
17* 17ft 
Aft 4ft+ * 
7* 7* — ft 

6ft 7* + ft 
10 10* 

24* 24* 

X 30 
17ft 17ft +1 
32 32 + ft 

27ft 77V: 

53ft 53ft— * 
lift 16ft 
4* 4* 

24ft 25 
34ft 34*4- * 
24ft 24ft — ft 
31ft 31ft 
>4 lift— ft 
10* 11*4-* 
II* 16ft 4- * 
14ft lift 
l»ft 2D + * 
21 21 

23* 23*— * 
20* 20*— ft 
IS 15ft 4- * 
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157 3* 3ft 3ft— * 
49 47* 4dft 47* + ft 
269 dft 6 6 — ft 

55 0ft 01% Bft+ * 
I7D 7ft 7ft 7* + ft 


.14 2J 


J1 


.93 |J 


Gal IMs 
mtoBc 


OnloCa 
OldKni 6 
OMRec 


Ufl 26 
252 5.1 
268 54 


JS 24 


OkJSptC 260 128 
OneBcp ,13e 3 


On Line 

Onyx 

OotlcC 

Optic R 

Ortoanc 

Orbll 


212ft 

12ft 

17ft— ft 

348 2ft 

Tft 

2»% 


71 44% 

Aft 

4* 


S 3ft 

3 

3* 


217 Ift 

3ft 

3ft- * 

49215ft 

15 

15 — * 

9 2ft 

Tft 

2ft— ft 

227 42ft 

42 

42 — ft 

249* 

48ft 

49ft ■ 

ft 

141 494% 

4VU 

49to - 


79 25ft 

23ft 

25ft— ft 

124 351k 

JJto 

fiffft 


4 214% 

214% 

214% ■ 

* 

292 17ft 

171% 

17ft- 

ft 

19 7 

Aft 

Aft 



Orton 

Oshmn 

OffrTP 

OvrExp 

OwnM 

Oxoca 

PLM 

PNC 

POtlSfB 

Poccar 

PocFsf 

PcGaR 

PacTel 


JO 

236 


PocTei 
PaooPn 
PancMx 
Pananh 
Park On 


517 2ft 2* 2ft + ft 
354 16* 16 16 — * 

475 40 37* 39* +1* 

405 17ft 16* 17ft + ft 
236 7ft 7* 7*— ft 

41 d* 5* 5ft— Wf 

218ft ,0ft 10ft— ft 
319 IBVs 19 
41 28* 2B 28 — * 
159 14* 13ft 14ft— ft 
16015 14ft 15 
55 4 3ft 4 + ft 

65 dft 6 6 — ft 

4S5SI* saw soft— * 
6 Mk 9ft 9ft 
120a 24 178 50ft 49* 49*— * 
123 9ft 0ft 9 
74 34* 34 24 — * 

25 14ft 14* 14* 
111912ft lift 12ft 
59 dft dft dft 
522 20* an* 20* + * 
28 IS* 14* 14ft— ft 


.12 

2J3 


28 

46 


1.40b IB 
JO 56 


1JQ 

2J0 


60 26 


9ft -S 
3ft 

?ft~ 
13 - 


Ml .» 

160O 34 
280 46 
120 73 
84 28 


(.12 U 


: PomiM 
Pairkl 
Patnct 
Pctnat 
poo (Hr 
i PgvlPt 
PCTN 
( PCVCtW 
] PeOkHC 
r PecrlM 
PC8GM 
PennVa 
Panbco 
RenaEn 
Pen*ar 
Pertws* 

PeaoEx 
PeooRt 
Percept 
PeraA 
FenCot 
Pe< rife 
Phnmcf 
Phrmkt 
PTirm wt 
P5FS 
PNICI 
PnnxAm 
PtcSav 
PlrtgM 

PtooHl 
PlanSU 
PoFotfc 
P icy Mg 
Porex 
Powell 
Powric 

PwCcnv 

PrecCst 
PMRsk 
Prod La 
Preway 
Prlom 
PricCm i 

PrlcCos 
PrlnvD 
Prfrunx 
PradOe 
ProIltS 
PragGo 
Progro 
PmpiTr 1J0 84 
PrctCnS 62 28 
Protcot 


•Id 26 


Pro* In 
PniLlA 
POSNC 

puirrm 

PurTOn 

QMS l 

Quadra 

QuakC t 

QaalSv 

Quantm 

Quest M 

Quixote 

Quotrn 

RAN 

RLICo 

RPMS 

RnflSys 

RndtnT 

Rudlcr 

Radon 

Rngon 

Ralnr e 

Ramtak 

Ravmds 

RayEn 

ReadrtD 

Recotn 

Red toil. 

Reeves 

RoeyEl 

Regia i 

Ret lab 

Renal 

Reoca 

RntCnlr 

RoAuto 

RpHtttl 

ReeExS 

RestrSv 

Reuteri 

ReutrH 

ReverA 

Rexon 

Rev Rev 

Rhod«s 

Ribtim 

RtcnEI 

RltlYS 

Rival 

RoodS s 

Rabesn 

RabNue 

Rabvsn 

Rocdcar 

RkMKS 

Rostn&t 

RoseS B 

RaspICii 

Rome 

fiOMFr 

Rovlnf 

RovPIm 

navfRs 

RovlAlr 

Rulelnd 

RvafPei 

Ryan Fa 


139 6ft 6* Aft + V% 
88 Bft 0* Bft— ft 
2526 25* 26 + ft 

5 a 30W 32 +1 

04 IT* 17ft 17ft 
37 1«% 10ft ID* + * 

4 22* 23* 22* . 

IS 13* 12ft 13* + ft 
91 15ft 15* 15ft 

143 17 2dft 26* 

140 d* 6ft dft— ft 
SB 47ft 45ft 46* +1* 

24 44* 0* 44* + * 
40 29* 28* 28*- * 

75 30ft 30ft 30ft— ft 

12? lift 11 11 — ft 

7221 9ft . 9* 9ft- l%% 
754 ft ft ft -rt 

34 16 9* 9*— ft 

672 15* 14ft 15ft + * 
314 11 10ft 10* + ft 

40 29* 29ft 29ft- ft 
169 7* 7ft 7* + ft 
778 10 9Vt m 
KM I 8ft 
1280 In 9ft 9ft + ft 
48r 38 3742 16ft 15ft 16V% + * 

10 4 3ft 3ft— ft 
1071 23* 24ft 25 

60 27 1922ft 22* 23ft 

S3 18 72432* 32 32ft + ft 
.12 14 5 9 0* Bft- ft 

46 lift II* lift— 1% 
985 34* 34V. 34* + ft 
86 28* 25ft 25*— ft 
156 3 2* 3 + ft 

12,9ft ia* 18*— ft 

46 Bft Sft Sft— ft 

.16 J 27 JS 34* 34* 

J4 24 333IU 30ft 30ft+ ft 

3 Sft 5* 5ft— Vk 
45 4ft < 4ft 
SB 7* Aft .«*+ * 

4u is* n* is* 

645 56* 55* 56* + ft 
590 Aft 5* 6ft + ft 
84 17* 16* 17* + * 

25 Sft S S — ft 
3 10* 10* 10*+* 

5 38* 38ft »*— * 

15 5* Sft Sft 
4214ft 14* 14*— ft 
MM 22W 32ft — ft 
39 Sft Z» 2ft 
a 15 14* 15 + ft 

13U0VJ 99 99 — ft 

6J2m 21ft 21ft 
353 Sft 5 5 

220 19* 10* 19ft + * 
125 15* ,5 15* 

563 4* 4ft 4ft 

2 13* 13* 13* + * 
12 3 3* 3*— ft 

327 aw a 28v% + ft 

219 4ft 39% 4 — ft 

44 lift 11 lift + ft 
107611ft 10* 10ft— * 
134 9* 9ft 9ft 
1618* 18* 18* 

S39 17 16* 16* 

,13016ft IS* 14 + * 
19112 ,1*11*-* 

23010ft 10* 10ft 
50 10 99% 9ft + * 

47 7 Aft dft 

197 34* 34* 24ft 
371 6* 6* Aft— ft 

12 25ft W* 24* 

26 19* 19 19 — * 

76 22* 22ft 22ft 

11 8 7* 7* + ft 

12 34ft 34ft 34ft 

448 0 * 8 8 — * 

171 6* 6* 4* + ft 

5114ft 14 14ft 

35 io* urn 10 * + * 

62 4 3* 4. + ft 

78 7ft dft 7- + * 
306 II* 17* 18* + * 
224 9* 9* 99% 

035151% 15* 15*— * 
M0 1* 1* lft + ft 

89 ISW 14* 15 
46 15* 15 15* 

104 34* 34 * 34* + * 
93 12ft 12 12ft— ft 

175 Aft dft Aft- ft 

143 43 4Zft 42ft— ft 
1514ft 14* 14* 

64614 13* ,3ft 

144 27* 27* 27* + * 

198 Sft 3* 3*— * 
658 14ft 14ft 14ft + * 


.16 33 
A 17 
.16 .4 


2J8a 2J 
IJ0 84 


JO 2.1 


30 73 


38 

U 


180 4.1 


28 

1J 


M 15 


M 45 


•Me 18 
JHO A 
1A4 115 


25 

U 


54 


3.1 2025 32* 31ft 32* +1 


48 58 
-28a U 
JSd 1.1 
40 2.9 
18B 1 3 
.130 IJ 


SABHai 

SAVtnd 


. iV Inrf 
SCI 5y 
SEI 
SFE 
SPDrug 
SRI 

5afccrri 
Safeco 
SalHttti 
st June 
StPaul 
Sal Cot 
SanBar 
SIManB 
Sale! cn 
SafefSv 
SavnF 
SvBkPS 
5 corOp 
S canTr 
Scherer 
StMmA 
Sctmed 
SdDvn 
SdCrrtp 
Sclll 


JOr U 
t 

60 16 


I JO 41 


380 


05r A 
Mb XA 


.12 14 
UOa 46 
84 28 


SClSft 

ear 

SfloGal 


38 33 


4K< § 7ft 7ft— U 
1014ft 14* 14*— ft 
17011* 11* lift + ft 
15715* 15 151%— U 

2011ft lift llft-t- 1% 
< 23W a » — ft 
5P 27 34* 34ft— ft 

T93BW SOft 30ft 
47 41* 40* 40ft— ft 
133 ,0ft 10* Iff*— ft 
22071 TDft 20ft— * 

mi n b* oft + ft 

,91 6* d* 6ft 

726 iff* ian tow— v% 
17 5* 5ft Sft— ft 
1 14ft 14ft Wft + * 
40 26 35* 25* 

4 Sft 0ft Ift— ft 
a 15* 14* 15* 
82013* 12ft ,3ft 
60179% 179% 179% 

W7 Iff* FM Sflft + ft 
3110* 17* 17* 
519* T9V% 19*—* 
23718* Wft 18*— ft 
30337 36* 36* 

332 10ft 10 18ft + ft 
437 11* IS* 10* + W 
52 209557ft 57ft 57* + * 
276 39% Sft 3* 

119 9ft 9 9 + * 

nnir* 

65 Bft 0* JH— ft 
5734ft 34* 34ft + * 
67389% 28* 20*— ft 
?00 10* Iff* 10*+ * 
9113ft 13* 13ft , 
11611ft 10* 10*— * 

AT m *- * 

” 7* 7W 


ABt'X 


9 —ft 
9* + H 
7*+ 1% 
7*— ft 
5ft— * 


— Hue 
SeowFd M 4.1 
SctttBM 180 65 
SeeAFn .10b 3 


108 

19513* mi 12 "+ * 

?T1 19* W* 19*— * 
332 7ft 7* 7ft 


3331 8* 


«ft + * 


15^7* 7 7* 


I Id* id* Id*— K 


BS5- 

Selbol 

Soled 

Semlcn 

Seroor 

Srvmof 

SvcMer 

Svii'iint 

Servlco 

SevOok 

ShrMed 


JO 3.1 


85 A 


88 J 
1.W 38 

.16 18 
M US 


• 15* 15 
415* 14ft 
257 M J* 
1081 5* 4* 
149 26 25* 

39 II* 10* 
25 9* 9* 
B42 8* Bft 
59 29% 2* 
116715 
410 » 


.. +1 
15 + * 
Wk— ft 
Sft— ft 

•* + ft 
8* 

2ft+ ft 
14* 15 + ft 

Mft 34* + * 


Shwnfa US 


.16 


86 


Shelby 
Shrldla 
Shoneva 
SbonSos 
Snosmt 
StomCs 
Silicon 
SI I Icons 
Slllctfal 
5HIOIX 
Siltec 
SlmAlr 
Slmoln 
SlDbln 
SfsCD 
Staler 
Hrieoer 
StoanTc 
SmHliL 
Sodefy 
SoctvSv 
Sofledi 
SoftwA 
SonocP 
SanrFd 
SoBast 
SoHosn 
StttdFn 
Soutrat 
Sovran 
Sovran 
SpcMic 
SoanA 
Soccdv 
Soetran 
Speech 
SpertlD 
Selre 
SiarSra 
SfofSM JO 
Shjndy 5 180 
SMMIC 
5MRM 1.16 

Slondun 
SmnMT 
Stanhoa Ufl 
S taste 186 


4219ft 16* Iff*—* 
209 16* 16ft Idft— ft 
250 339% 32* 32* 

99 33ft 32 M — * 
7131 20ft 20ft- ft 
127 12* 12ft 134%— ft 
106427* 26* 2d*— ft 
1262 134% Wft 15ft + ft 
16 6 4 — * 

7 7 

0ft 9 + * 
15* 16 — * 
19 19 — * 

19* » + ft 
9ft »ft 
9* 10 
97 17* 17ft 17ft— * 
45 17* 17* 17*— ft 
4 Sft 5 5 

*2323 IB* 19 —1 
ail* ,1ft lift- ft 
65*7* 7 Tft 


4 7 
11* 9 


391 16ft 
i I?ft 


951 
158 20 
A 9* 
5910 ft 


159 30b 3* 3*— ft 
42 42* 43ft 42ft— ft 


UOa 16 
.15* .9 


493 T2W 12* I2W + V% 

im ftft 
300 19ft 19* 191% 
a 46ft 45* 46 
7817* 17ft 17* 


A 

15 

54 27ft 

»M 

27ft— ft 



183 59% 

54% 

Sft— * 

52 

IJ 

45 29* 

» 

29* 4 

k ft 

188 

48 

10025 

24ft 

23 + ft 

.10 

U 

496 84% 

8ft 

8*4 

■ ft 

158 

4.1 

17141ft 

41ft 

41ft— ft 



» 24% 

2ft 

2* 




10 Sft 

«% 

Wfc 




2614ft 

W* 

14*- 

- M 



9313ft 

13 

13ft 



85 


a 8ft a 816 
3 3 3 3 

4015ft 14* 14*— ft 

ji um low low— ft 
121 7* 71% 7* 
174J7* 27* 37ft— 16 
721 30* ,9* 19*— ft 
17 Sft 54* 54*- ft 
35 Sft 5* 5* 

5141* Mft 14ft — * 
81 24ft 33ft 34ft 
191 54* Mft Sift— * 


.15b 12 


32 38 


,90b U 


SfOleG 
5M0ar 
StemrL 
SlewStv 
Sfwtaf 
SIIM 
StockS? 

Srofus 

5rrwC* 

Stryker 
Sfuorm 
Subaru 
SubAlr, 

SoWS 
Sudtmr 
s ue sb 
E unmu 

SutrtfB a .96 44 
SvmBA 220 44 
SumfHl 89e 3 
Suited 
SunAMd 

SunSL I _ 

Sunwsl 140 15 
SuoRto .Id 3 


OS u 
148 IJ 
JS •* 
1.92 4J 


M A* 6* 61% + ft 

184 7 6* 7 + ft 

47 Aft 6 Aft + ft 

3115ft 15V% 13*- ft 
134 W M 
1» 79% 7* 7*— ft 
1S7 lift lift lift + ft 
343915 ,4ft. 14*— ft 

13 53 98 52 —ft 

33433 30* 32 +7* 

n d* 4ft 4* 

5834 IB 134 +1 

53 5* 5ft 5ft 

6446* « 46-16 

504 lift Wft 11 +ft 
14711ft 13* 13ft 
291 3* 3* 3* 

021* 21ft 21*— ft 
1248 48 48 — * 


1M,, SS % 


13 


M 3 


.12 3 


80 18 


32 IJ 


83 £ 




32 L4 


U4 68 


ThouT a 
3Com 
TTmeE a 
Tmapm 
TTprory 
Tofu a 
TooavA 
ToflSr t 
TrakAu 
Tran La 

Tmsrrf 
Triad Sv 
TrlMIc 
TrWCm 

Trim 89 l.l 

TruSJa 40 U 

TBkGa 180 38 

Tuck Dr 
TwnCly 

TyaanF 38 3 

33 


61 _ 

378 10 10 

320 8* 8H 8* 

840 39ft 39ft 
85 Iffft W* W* 

2 9ft 9ft 9ft + ft 
4612ft 12 It. — ft 
284 1ft Tft Ift 
261 13ft tZ* 13ft— ft 
155 5ft 5* 5*— ft 
mil 100% lOft-H 
444 S 4ft 47%+)% 
514ft Mft Idft . 
5021ft 21 21ft + ft 

18 dft dft d* + » 
3611 W* Iffft— ft 

338 776 7* 7* + V% 
3019ft 19ft 19ft 
20413* 13 1£6+ ft 

25 IB* 17* 17*—* 

4 6* d* d* 

7 TV. 7* 7*— ft 
45 tft 8- Bft- ft 
IddUft 32 36 +4 

0910* 10ft 10* 

4958 25ft Wft 25 — * 
DM 4* dft tft + ft 
15 14ft 14 14ft + * 
07 9 0ft 9 

1 21ft 21ft 21ft— ft 

19 0ft 8* Sft— ft 
136 5* 

69? 21* 20 

287535ft 3fl% 

644 11* lift 
106 Sft 8 
Id 23ft 23 . 

384 19* 19* ,90%— ft 
486 3* 3ft 3* 
7019ft Wft 19ft— ft 
159 Wft 19 Wft 

5 4* 4* 4* 

10 7ft 7ft 7ft + ft 

24 2ft 2* 2*+ ft 
100 9 Sft I +ft 

2 f* 1* 1*— ft 
5 lft lft 1ft 

25 19 14* 14*— ft 

8213ft HH W + ft 

1 12* 12* 13*— * 
4 37* 36* 36* 

2 12* 12* 12* + ft 
70914ft 13* 13*- ft 

1158 15* 15* 15* + ft 
559,1* 11* lift— ft 
240 Mft 14 Mft 
334 lOW 10* 10ft— ft 

S I* lft Ift— ft 
14* 13* Mft + ft 
43 5 «% 5 + ft 

5,7* 77 77* 

24 M 13* 73*— ft 
AS 18ft 18 10ft 
30 JH 3ft 3ft 
0511* lift lift 
990 7 4ft 7 + ft 

3 2* 3* 3* + ft 

M Sft 0* Bft + ft 

3 30 29ft 30 + ft 
,7434 33* 33*+ ft 

39 Aft 4* dft 

56 1* lft lft— ft 

,8738* 37ft 38 — ft 


. i+1* 
25ft — ft 
lift— * 

2& + * 


UBUCO UD 
UTL 

UlfrQcp 138 44 
UltTSV Jde .7 
Ungmn 

Untbcof 1-53 11.1 
Unlit 


UcPlntr 
UnTrBc 
UACom 
UBAns 
UBAIsk 
UBCot 
UnDom 
UFnGrP 
UF XtF4 
UGrrin 
UnNMx 
UPread 
US Ant 
USBcp 
USC m> 
US Doan 
US Em- 
us Hta 
US Shit 
USSur 
USTrk 
US Trs 
UStnfna 
UnTetev 
UVoBa 

L/fTVFm 

UnvHH 

UnvHU 


240 

.13 


44 
A 
J0 3.1 
■tOJ 78 
188 45 
84 6J 


AS* 32V!l 32ft 
286 24ft 22W 23* +1 
3729ft 29 29 — * 

385 8ft Bft Sft + ft 
57222 21ft 21ft 
1 13* 13* 13* + * 
12411ft 11 lift— ft 
69919ft 19 19* + * 

2154 54 54 

107 a* 3Dft a + ft 
147 38* 20ft 28*— ft 
I 9* 9* 9* 
15024ft 23* 24ft + ft 


5512* 12ft Wft— ft 
9ft+ ft 


33m 13 


180 


linger 

Ueeate 

VLl 

VLSI 

VMX 

VSE 

Valid La 

vonn 

VOIFSL 

VOlFro 

VMM tl 

VaILn 

VanDin 

VanShk 

VOnzntl 

Vorlen 

VOdrG 

Vetoed 

Ventre* 

yjOMlF 

vfcorp 

VktraS 

VledeFr 

Vfktna 

viratak 

VMTlitf 

Volvo 

Vbrloc 


159 9* 9* 

21315ft M* M* 
9519ft W* 18*%— ft 
711* II* 11*+ ft 
14 ,1ft 11 lift 
30 8* 3* 3* 

3J 1247 26* 26* 25* + ft 
150 4* 4* 4*— ft 
SI 446 446 4*—* 
IBB 7ft 6* 7 + U 
SIS 29ft Wft 29 + ft 
J6e U 387 Sft 4* 4* 

.106 S mi 22 21* 3144— ft 

U0 SB 413* Wft 13ft- ft 

120 4® 637W* 29* 3Q* 

30 J 4724ft 34 Wft 

33 18* IB 181% + ft 

144 37 <0 Wft 38ft 38* + ft 

SZ7»M 29 30ft + ft 

UW 14* Mft 14* + ft 

55 4ft 4ft dft 
07 7#* 9* 10* + ft 
18 » 6* 6 • — ft 

364 d* dft dft— ft 
.146 24 6369 596 5 Sft + ft 
157 7* 7* 7ft + ft 
216 Wft 10ft 10* + ft 
789 11 189% 11 

B Iff* 10* 10ft + ft 
188319* 17* 19* +1* 
317ft 17ft I7ft + * 
264 18 9* 90%— * 

5 7 7 7 —ft 


■15e IS 


14 


2 


25 3055 
14 


38 


s rsi: 

3«lJft 13 1316 + ft 


40 3J 




30 U 


.lie 


33m ,B 


8* 9ft 

52T 

75 * * 

J 1 #* 1 #*# 

il'li ^ 17 * 

s 2saa* 3i* 22* + * 
154 4 3* 3ft— ft 


1312* 12* 12* 


■Mr 14 


W J. 


148 


.12 


40 

WolbrC 
WlkrTel 
WshE 
WF5L.S 
WM8B 
WshScs 
Wave* 
Waxmn 
Webbs 
Wechrtn 

WBkSMl 

w«ibtts 
WtsiFn 
WnCasS 284 


13* . .... 

311 IS 10 
ITS lft 1* 1* 

282 Vft 8* 8ft— ft 
239 20* 20ft 20* 
<8938* 30* 30*+* 
6J 9* 9ft 9ft 
30 Tft 7ft 7* 
1124ft 24ft Wft— ft 
20 27ft 27* 27*+ ft 
33412* 11* 12* + ft 


21720ft ,9ft Wft +fc 


86 J 
-36 2J 
U0 153 
JO 44 


WstFSL 

WMJcTc 


44 


WMicr 

WWLfa 

WTWt 

WmarC 

WSTWdO 

WstwdC 

Wettra 

Wait 

WMam 

Wlllmt 

WIIIWW 

WIITAL 

WmaSn 

WltSnF 

WltanH 

Windmr 

WbmEn 

WbSGa 

WlaerO 


34 23 


40 28 
.10e 4 


M 


145 38 
■56 44 


JO 

87 


144b 64 

... JB 4.1 

WsMn .16 U 
Woodp 40 U 
WorttlW 44 23 
Writer -15e IJ 
Wyman 80 2.9 
Xebec 
Xkor 
Xkkex 

V tow Ft 181 2J 

ZenCbB 

Zentec 

Zleatar 48a JS 
ZtaaUt 134 34 
23tel 
ziyod 

ZOndvn 34 38 

Zvmas 

Zvtrex 


<24 21 20ft 

17013* 13ft 13* + ft 
5719ft 19* 19* 

204 Bft SH 8*— ft 
5319 18* 18ft— ft 

19*13 12ft 12* 

26 77% 7ft 7* + ft 
411ft lift lift— ft 
32 25* Wft 25ft— ft 
6511* lift 11*+ ft 
15 65* AS* 65* + ft 
30 10ft ,0ft ,0ft— ft 
7 9ft 9* 9*+ ft 
SB 8 8 

11 15ft M 15 +1 
15 20 19* 19ft 

39 20ft Mft 20ft— ft 
123ft 23* 23ft— ft 
24 2Zft 21* 23U + ft 
44026* 26ft 26V%— * 
2631 5* 5ft 5M + H 
123 7* 7* Tft 
374 42* 42ft 42ft 
3 12ft ,2ft 12ft + * 
610 10* 10 10* + ft 

17 Mft M M 
7 9* 9* 9*— ft 
7413* 13ft 13ft— ft 
Z1B 7 6* 6H— * 

35 J 4* 4*- ft 
1 22ft 22ft 22ft— 1H 
23 2144 aft aft— ft 
254 7 d* 7 + ft 

.130 Mft U lift + ft 
24,20* 27* 270%+ ft 
W 9 8* 9 + ft 

,3328ft 27 27*- ft 

715 d 5* 6 + H 

64611* 7OT4 ,7 
73615* 15ft IS*— ft 
36097ft 37ft 37ft + ft 
84728* 28 (Bft— ft 
17 4* 4* Aft— ft 
39 13* 12ft 12ft— ft 
536ft KM 36ft 
7 5 5 5 

118 7* 7ft 7ft— ft 


54 I0j£ 18* TOK 


160 _ 
1«1 2ft 


2* 

2 


3* 

2 - ft 


j Floating Rale Notes 


feb. 19 


Dollar 


■/Mat. 

*nM irm « 

a i near run -n 

Aided lrfcb-87 
ASM Irish -pent 
Arab Bka Coro 46 
Aitanito Fki ini 44 

BaComm.lM.-46 

Ban Nat Lama -91 

Banco CH Roma -91 
BM9 Shi SpVlto -91 
Banco PMo« 

Baric Of America -97 

as I’M Greece -91 /W 

BkOI Greece -97 
BkOt Ireland -(9 
BkOt Iretand 41 
Si Montreal -90 
Bk Of Montreal -tt 

BkOfMonJreal-91 

BkOt- New Yer* 46 
‘ Bfe M Nova S«oNa JI/93 
Elk Of Nava Scotia -94 

BkOf Tokyo -RJ 

S Of Tefeve -89 

Of Tokyo -07 
S* Of Tokyo -feM&yr 

Bk Of Tokyo -dedB/71 

Bk' America -H 
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INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 


Page 13 


Executives Leant How to Do Business, Asia Style Some Advisers Turn Bearish 

D.. / — . . ■ i/" ^ ■ r n -r. __ nr.ii t* : l . 


By Barbara Crosscrtc 

York Tima Service 

BANGKOK — “Most Ameri- 
cans are so uninformed about 
Southeast Asia they couldn't teQ 
you whether Singapore is north or 
south of Hong Kong,” said David 
W. Clark, head of LydaU Inc. of 
Manchester, Connecticut, as he 
paused over coffee to explain to a 
group of Thai reporters whv be and 
hundreds of other foreign business 
executives had descended on Bang- 
kok last week. 

Mr. Clark, whose company pro- 
duces specialty fiber materials ni- 
ters ana seals for industrial and 
medical use, is a member of the 
New York-based Young Presi- 
dents’ Organization. Nearly 500 
members of the international busi- 
ness group from more than 20 


in the garden next to the confer- 
ence hotel someone bad installed a 
few tigers, elephants and pythons, 
which presumably served to dem- 
onstrate the unique risks in region- 
al agribusiness. Conference partici- 
pants also learned about Bangkok’s 
communications problems by try- 
ing to phone home. 

The cream of Thailand's political 
and economic establishment and a 
host of regional scholars and offi- 
cials made speeches or led semi- 
nars. So did Robert S. McNamara, 
former secretary of defense and 
former president of the World 
Bank; Kurt Waldheim, former sec- 
retary-general of the United Na- 
tions; Prince Norodom Sihanouk, 
former Cambodian bead of state, 
and Malcolm Fraser, Australia’s 
former Conservative prime minis- 


co imtries, with an equal number of ter, who attacked the Reagan ad- 
sdousk and frwmric had mm* r™ * ministration's economic policies 


spouses and friends, had come for a 
weeldong study session on South- 
east Asian cultures and economies. 

Not everyone may have left here 
knowing the latitude of Singapore 
(it is south of Hong Kong) but they 
probably learned almost every- 
thing else, from bow to plant rice 


for the damage they have done in 
the rest of the world 
“A lot of these guys are big Re- 
publican contributors," an Ameri- 
can official in Bangkok said of the 
organization's members, about 60 
percent of whom come from the 


and how to give alms to a Buddhist United States. They heard 
monk to the laws governing joint- after speaker voice criticisms of one 
venture agreements in Thailand, or another American policy or 
Malaysia or Indonesia. practice. 

In between, they heard about po- “The American businessman is 
lygamy, business entertaining and just beginning to learn that he will 
Thai massage techniques. They have to look at Southeast Asia as 
also visited local companies and a part of his market." Mr. Clark said, 
dockside slum. adding that the strength of the dol- 


lar has made selling abroad in- 
creasingly difficult. 

"The dollar thing crept up on 
them," he said, and they have seen 
some of their markets go away. 
“Unless you have roots here," Mr. 
Clark said, “your Bret toe in the 
water now should probably be buy- 
ing." 

As one of the organizers of the 
Young Presidents’ “Bangkok Uni- 
versity," Mr. Clark bad compiled a 
handsome Business Opportunities 
Directory to be distributed in Thai- 
land. It described the companies 
represented at the conference, 
along with their existing orpoten- 
rial interest in the region. The aim 
was to facilitate contacts among 
small to medium-sized businesses 
in North America. Europe and 
Asia. Eighty percent of the Ameri- 
cans here last week had never been 
in Thailand. 

Many of the members of the 
Young Presidents’ Organization 
are beads of companies that are 
well below the scale of most multi- 
nationals but just right for smaller 
nations’ needs, the conference or- 
ganizers and local officials said. 

To join the organization, a mem- 
ber must have become — before the 
ape of 39 — a president, managing 
director or chief executive officer 
of a company employing more than 
50 people. The company must re- 
cord $4 million in sales, if the busi- 
ness is manufacturing; $25 million 
in billings if it is a service company, 


or $80 million in assets for a finan- 
cial institution. 

The countries of Southeast Asa 
(with the exception of the Philip- 
pines) have some of the healthiest 
economic growth rates in the 
world, and most of the regional 
nations, with their free-enterprise 
economies, are eager for United 
States investment, both because of 
American strengths in certain de- 
velopmental areas and as a balance 
to Japanese penetration of the re- 
gion. 

Ed Stanley, an executive com- 
pensation consultant from Port- 
land. Oregon, who is president of 
the Young Presidents' Organiza- 
tion, said that countries often had 
problems finding decision-makers 
from medium-sized companies, 
which rarely had foreign opera- 
tions. 

"If you can match a country’s 
development or technical needs to 
someone else's desire, you have an 
opportunity," he said in an inter- 
view. 

Feders on business ventures had 
begun to go out before the sessions 
began, Mr. Stanley said. Brian Lac- 
ey, the organization spokesman, re- 
ported that Thailand’s Board of 
Investment had received about 100 
applications by the end of last week 
from foreigners interested in pursu- 
ing business in the country. 

Mr. Stanley said he was’elated at 
what he viewed as a successful exer- 
cise in economic diplomacy. 


on Wall Street just by convening 
Deutsche marks into dollars to buy 
U.S. equities could be reversed. 

Moreover, he pointed out that 
Wall Street, like many other world 
stock markets, is at an historic high, 
"another cautionary signal." 

The only U.S. stocks being 


(Continued from Page 7) 

Berenberg Bank, is also inclined to 
believe that Wall Street's 1985 surge 
is a “final burst" rather than the 
stan of a sustained advance. 

While optimistic about most 
fundamentals id the American 

economy and basically positive . c 

about Wall Street, he sees the bought by (he bank are companies 
strong dollar weakening the com- with purely domestic operations: 
petitiveness of U.S. companies, Burlington Northern. Delia Air- 
with this growing pressure on earn- lines and Atlantic Richfield. The 
ings undermining their stock mar- multinationals, such as Philip Mor- 
ket performance. “Profits could ris and IBM, are being sold, 
flatten this year, particularly for For investors who have mkwl 
the multinationals," he said. the Wall Street rally this year, Mr. 

And as the value of the dollar Nedelmann offered this advice: 
soars, he added, the currency risk "You may have lost an opponuni- 
fadng foreign investors increases, ty, but ii is better than losing mon- 
He is worried that Lhe 123- percent ey by buying into a market that has 
gain over the last 12 months reaped peaked." 

Chesebrough-Pond’s Net Rose in 4th 

United Tress international Sales rose to $1.9 billion from S1.7 

GREENWICH. Connecticut — ... _ , , 

Chesebrough-PomTs lac., which wmpany s chanman. RaJph 
plans to acquire Stauffer Chemical, La- ^ ““I? 4 ““g 5 

said Wednesday that its fourth- ^ ecUne d !* 10 in the 

quarter earnings rose to $36.6 mil- %**** for 

^ - - operating divisions, increased in- 


Company Earnings 

Revenue end profits. In millions, or e In lo cal currencies 
unless otherwise Indicated 


Canada 


Algoma Steel 
year HH W*i 

RMM 1.100. 

Net LOSS ms 136J 

Ford Canada 

UH Qaar. im 



Hewl e tt-Pa ck ard 

llTOMr. mb «•» 

Rnenw 1.530. 1.270. 

Doer Net 1100 WO 

CKM SWSf*_ 045 030 

1984 net excludes antn at 
Si II million. 

Hormet (Goo. A) 

lit Qoar. IMS IW* 

RMM 3S7J iSLt 

Net Inc. 029 1107 

Per Shore 886 1.15 


Moore 


4th Quor. 
Revenue — 
Over net . 


Per Shore- 
Year 

Revenue 

Prnfll 

Per Snore — 


1M4 

529.1 
3974 
1 36 
IM* 
1020 . 
1257 
430 


HD 

4CM 

2SJ89 

&88 

IMS 

UHL 

984 

347 


Revenue 

Goer Net — 
Oper Shore— 


Loows 

1M4 
1490. 
122.15 
1-50 
1H4 
5400. 
30431 
173 


19*3 

137X 

7931 

&97 

1M3 

534a 

29457 

339 


South Africa 
Impcda Plat. Hdgs 


lit HaH 

Profits 

Per Shore— 


If 

91.19 

887 


1M4 

13733 

1.17 


United States 

Chosofa 


lion, or SI. 07 per share, from S29.8 
million, or 84 cents per share, a 
year earlier. Sales rose to $488.8 
million from $433.7 million. 

The company said, however, that 
1984 earnings (tipped to 51193 mil- 
lion. or 53.40 a save, from S127.9 
million, or $338 a share in 1983. 


terest expenses and the strength of 
tbe dollar. 

Cbesebrougb announced Tues- 
day that it would take over Stauffer 
Chemical in a $1.25 billion transac- 
tion financed entirely by a revolv- 
ing credit agreement with several 
banks. 


4th Qoor. 

Raven uo 

Nat loc. 

Per Shore — 
Year 

Revenue 

Net Inc. 

Par Shore — 


Pond's 

1M4 
4888 

364 
1J» 


1858 

119.5 

340 


IMS 

433.7 

294 

884 

1M3 

1400. 

127.9 

388 


1983 net* exclude stains of 
I42J million m Quarter ond of 
szej million In rear from dla- 
conUnued ooerattona. 

Lucky Stores 

4th Quer. 1984 I M3 

Revenue 2M 2320. 

Net Inc. 344 38.7 

Per Shore— 071 076 

Year 1M4 IMS 

Revenue — 9-240. bjto. 

Net Inc. 946 1054 

Per Shore— 134 Z05 

Year nets Mude loss of 

U.7 million vsoolnofSSJ mil- 
lion from sale of units. 


Northrop 

TL iJffi m 

i e&s= * ss 

Year 1HM IMS 

R eve nu e 3898 U4IL 

Net Inc. I6« 10W 

Per Share — M3 231 

Per snore result* adjusted 
forjWor l milt in Ann. 

Perlrin-Bmer 

SB 58 

JEiKrSz: So 

Revenue — JS fl 

a? & 

1984 Six^naam nel I ncludes 
ootn of SIS million and Oiarve 
of S10 million. 

Phibno-Scfomon 


Revenue. 


net 
. 7aaa 
.<0)1300 


inn 


MCA 


Crown Cork Seed 


4th Quar. 

Revenue 

Net Inc. 

Per Shore- 
Year 

Revenue 

Net inc. 

Par Shore — 


IM* 

292.9 

1)36 

099 

1964 

1370. 

59.51 

OB 


After a Booming Decade , Saadis Must Rein in Their Drained Economy 


. Dmm 

IN Q ear. IMS 

Revenue 76X1 

Net Inc. <a)202 

Per snore — 

a: loss. 


1983 

2710 

996 

076 

1983 

1300. 

5LS4 

UQ 


1H4 

886.9 

2JJ 

nm 


«hO»ar. 

Revenue—. 

Net Inc. 

Par Share 

Year 

Revenue—. 

Net Inc 

Per Share 


IM* 

4976) 

105S 

039 

1984 

1650. 

9494 

1.96 


1M3 

3954 

2439 

032 

1983 

1380. 

147.16 

334 


Mohasco 


Oh Quar. 
Revenue — 

Net Inc 

Per Shore — 
Year 

Revenue 

Met Inc. 

Per Shore — 


1984 

1913 

58 

tua 

7984 

7163 

174 

251 


1983 

1773 

4-55 

066 

1983 

64X8 

13.1 

1.91 


Morrison-Knudsen 


(Continued from Page 7) 
them, and they aren’t crying for 
themselves.” 

Tbe oil-financed development 
has been almost unprecedented. 

"In an economic sense, tbe Sau- 
dis have moved from the 1 8th cen- 
tuiy into the 20tb century in 10 
years,” said an economist at a New 
York bank, who asked not to be 
identified. "They wanted to prove 
to the world that they could do it 
Now, all of a sodden, they are like 
everybody else, and are scrutiniz- 
ing costs and moving ahead much 
more carefully. For foreign firms. 


this is no longer a wonderland of 
easy money.” 

Vafaan Zanoyan, director of 
Middle East Services at Wharton 
Econometrics, said that “ihe transi- 
tion could have taken place much 
more gradually if ofl revenues 
hadn't dropped so dramatically in 
the past few years.” 

"Right now. the Saudis are at a 
juncture in which tbe entire econo- 
my is changing gears, from a con- 
struction-based growth economy 
into a much more sober, produc- 


made in industry, infrastructure 
and the like now nave to start pay- 
ing off. In making a major transi- 
tion like (hk 1 altitudinal changes 
have to take place as well as institu- 
tional ones." 

In addition to its transition from 
an economy in which government 
spending plays an overriding role 
to one placing much greater em- 
phasis on the private sector, Saudi 
Arabia now is promoting technol- 


ogy transfer through a new set of 
joint-venture guidelines for foreign 
companies. 

In a circular issued late last year. 
Sheikh Mohammed Ah Aba Khah, 
Minister of Finance and National 
Economy, stipulated that individ- 
ual contractors, companies and 
Saudi joint ventures were obliged 
tO Subcontract a minimum of 30 
percent of their operations lo Saudi 
contractors. 


Foreign contractors are allowed 
to import their own used equip- 
ment, but are otherwise required to 
purchase necessajy machines and 
equipment from Saudi agents. 

But the private sector that Saudi 
Arabia is counting on to spur its 
future growth is much smaller than 
il was even two years ago. 

Over the past 18 months, acute 
cash flow problems caused some 
1,500 companies to either go out of 


business or ask for cm agency fi- 
nancing due to cutbacks in govern- 
ment spending and the resulting 
squeeze on the private sector, said 
David T. Mizrahi, editor of the 
Mideast Report, a New York- 
based newsletter. 

"We have some problem loans," 
the American banker admitted. 
"Companies can't go through tin* 
sort of deflation without being im- 
pacted.” 


Firestone Tire 


•Hi Quo 
Revenue . 
Nel 1r 


IK Guar. 

BnvnUf 

ins 

1984 

938a 

p«r Shore — 

hbvtiiw 1 ■■ 

NM Inc 

)7J 1 

na 

Revenue 

Pw Stan — 

039 

023 

Net Inc 

1984 net endues Income of 
S4 million from discontinued 

Per Share 


1984 

5393 

162 

138 

198* 

2220 . 

4X6 

4.13 


1993 

6032 

153 

145 

1(83 

zim 

413 

X97 


o pe rat io n s and credit of u 
■MU 


National Can 





4th Over. 

1984 

1983 

Fremont General 

Revenue 

Net Inc 

431.09 

U1 

3967 

L82 

4th Qaar. 

1*8* 

1983 

Per Shore — 

042 

067 

Revenue _ 

1188 

93J) 

Year 

1964 

1181 

Net Inc 

869 (0)147 

Revenue 

1710. 

1.658 

Per Shore __ 

HIM 

«— 

Net me 

43.16 

22.11 

Year 

1984 

1981 

Per snare — 

425 

2.13 

Revenue 

419X1 

3377 

1984 vear nel Includes gain 

Nel inc 

2fL4 

174 

of S2J million 

hum mti*- 

Per Shore — 

187 

0.11 

ment of claim. 




Nel Inc 
Per Share — 

Revenue 3MUL 297SL 

»!&•= Jg 

a.- has. 1984 nets Made 
nriteaffofSZM million. HAtfe 
1983 nets include charge at S3 
million. 

Revlon 

4* Qaar. IN* 1M3 

Revenue. — 

Net inc 3738 3621 

Per Shore — M7 123 

Year IM* 19M 

Revenue MM- 

Nel Inc I1Z1 IJlj? 

Per Share — 19* w 

4th Qaar. Ml IMS 

Revenue 5237 4777 

Net Inc. 49-g £7 

Per Share — M3 Ml 

Year M64 1983 

Revenue . 1290- 1.778 

Net inc. 1973 1727 

Per Shore — 338 XJ0 

Texas Utilities 

41ti Quar. 1984 1983 

Revenue —• f«-5 

Net inc — - 985 1107 

Per Shore 077 M0 

Year 1M4 IMS 

Revenue - — X930- 1490. 

Net Inc 52624 46147 

Per Shore 4-15 X90 

Uniroyal 

4th Quar. 1964 1181 

Revenue— 5184 5D7J 

Deer Net 162 207 

Oper Shore— 042 036 

Year 198* 1983 

Revenue 2.120. 1,930. 

Ooer Nel — 10X2 713 

Ooer Share- 245 233 

Meta exclude lessee at 833T 
million vs S5J million In 
Quarters end at MU million 
vs 818.9 million In year from 
discontinued opera ti o n s. 


oyan said. "All 


-ADVERTISEMENT- 


INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 
20 February 1985 

The net asset value quotations ihown below are supplied Hr the Funds listed wild the 
exception of some foods whose quotes are based on Issue prices. The fsllowtao 
marginal symbols Indicate frequency of quotations supplied far the iht: 

Cd)- daily; (w) -weekly; (O)-bMnoothly; lr)- regularly ; (I) -Irregularly. 

AL MAL MANAG EMENT 


lion-based economy" Mr. Zan- Tr afalgar HnilSf! 
of the investments c> ^ 

Flans Offering of 
57 Million Shares 


(w) At- Mai Trust. 


S 194D ORANGE NASSAU GROUP 
SI3IUU pb SSSTB. The Bonus ID78) 46900 

BANK JULIUS BAER & CO. Ltd — Id ) Sever D elegatnuwi I I 

-jSifSSSS™ 1 — ce F f££H£ PARI5BA5— GROUP 

=«d 1 iSSSSS wY /wtricu— s iicN 
—Id ) Equlboor Europe SF 119520. ZJS) OBUGESTK»r 


—Id) Bi 

—Id I Grobor 

— Id ) Stoefctaor. 


— Id ) CSF Fund. 


— Id i Croaotww Fund. 
—Id l ITF Fund N.V— 


— (*) OB1_I-OOLLAR_ 

( 5 . F .™|* — {•*! OBLI-YEN 

SF 172720" _|wj 0BLI-GULDEN. 
_ tcicni — (dj PAROIL-FUND. 


SF 1123 — Id ) PAR INTER FUND. 


63430 


DM 1,14831 
_ 5 F 9120 
. 6 1.10630 
Y1MJ7420 
FL 103920 
_ 110436 
__ S 10426 
_ S 10229 


BANQUE INDOSUE2 
—id > Aston Growth Fund. 
— |w) Wverbond. 


< FIF— America 

— (w) FIF— Europe 

— (w) Fi r P oc ffl c 

—Id) indowiei Midtfbonds 
—III) Indoauez MuMbands 


61432 — <d > PAR US Treasury 

ROYAL a OF CAHADAFOB 3MGUERNSEY 

S10J2 -+tw) RBC Owadhxi.Furd Ud 61131 

*SF 8225 Ij* 1 
. S 20.11 ■ +w ' 

' < -Hd I RBC MmjCurrsncy Fd S2235 

* -Hw) RBC North Amor. F«t- S9J8* 

's 14227 SKANDIFOHD INTL FUND (4M-33627D) 

— loimc: Bid 6471 Otter till 

— IwlAcc: Bid 1471 Otter —55.18 



v> t£hr SVENSKA INTERNATIONAL LTD. 

riirtuSuSKSg^ZZ. OM* PDev^reSqJje^JTT^ 

I ) Brit. Intlx MonoftPorH C 1307 ^< b J SHB r-__. 


BRITANNIA7K7B 271. Si. Heller, Jersey 

— Iw) BrHJTalkr Income 602871 

— <w> BifL6 ManaXurr 
— jd “ 

H«i Britlinherwi Growttil 6 0960 — fwi IHB mil Growth FuS 

— Iw) Brll.GoW FWJd *0745- SWISS BANK CORP. 

-<w) BmAtonaoXurrency E1534 —Id ) America VaJar 

— <d I Brit. Japan Dir Pen. Fd 60765 -m | D-Marfc Band SeWctton — 

Brit Jersey GIN Fund, C07T4 —id j Douor Bond Selector — „ 

6123? —40 ) Ftortn Bond Setacton 


.62139 

-619.M 


-tw) Brtt Jersey Gttl Rmd. 

— (til Brit. World Lets. Fund 

— Id) Brtt World TedukFund^— 5 0JBQ — (d ) interwd qr. 

CAPITAL INTERNATIONAL “!? 1 

I w) capital Inri Fund 53S54 

r) ObUuI Holla SA * 1130 ( SSTSS 


SF 64220 
DM 11X35* 
. 112246- 
FL 11745- 
_ SF 9275 

. SF 16475 

—Id 1 5«dsi Foreign Bond Scl SF 10437* 

5F 292JD 


={Si 


Unhwiol Fuad. 


CREDIT SUISSE {ISSUE PRICES) 

ArttaBptow SFisiar union bank of Switzerland 

— ia> uana valor jwt 


—Id) Bond valor swr si- ikl» _ mj AmeoUS.5ti. 

-id) Bond volar o^nprk—— DMitHO 

^d> t S?!Srt USOOLLAR-_ S 11173 j (SSdfStal 


—Id > CS Foods— Bonds. 
— (d I CS Foods — lilrt 


UNION INVESTMENT FranUurt 


SF Iliad — jdJUnwnM. 

“tO 1 1 


-Id > CS Manev Mortal Fund__.S 104020 — w { 

-id 1 CS Money Martel Fund DM1UUB ~W » =T — T~ 

—w i Eneroie— voior jsf 17420 Other Funds 

— Id I Ur “ 


SF 8575 
SF 12732 

SF447S 
SF 5775 
SF 73120 
SF *9620 
SF 50730 
SF 19530 

DM4230 

DM2220 

DM7815 


—Id I Eurupo—Valar-— 
— Id) Pacfflc— Volor 

DIT INVESTMENT FFM 

— Hd J Conarntro. — - — 
— Hd ) inM Rentenfond — 


DM8835 (b ) Artanc. 




— IwlFXCEun 
— Iw) FAC Oriental. 


SF 17420 
5F 10442Q 

SF 15320 Iw) Acffbands Investments Fond. 6 2861 

SF 17620 (w) Acttvest Jnll 61068 

(ml Allied Ltd — 6358 

Iwl Aqulla International Fund— S 11021 

RM2M! (rJArob Finance L? IMU 

5 IjZri 
_ 61039 
BF 5775 
. 610421 
SF 13575 
— 6880 
_ 611.14 
— 6122 
_ 6933 
69391 


(w) Trustax- Inti Fd. (AEIF). 
Id) BBL FONDS. 


Dunn & 

zjjjjj cwTunar 8 GoW PaelZL.S 5x77 — Iw) BNP Interhand Fund 

=iSiwjS^jieS5L^TiJ^— w>BonMtt ?: r* S .Pr 

— (ml Tram world FuL PoeL. 695X12 


Im) Canada GM-MartaaMj Fd 
(d I Caotfcd Freserv. Fd. IntL. 
(w) Citadel Fund. 


F&C MGMT. LTD. INV. ADVISERS „ 

I, Laurence Pounty HIU,EC40M234*ap 

— (wl FAC Atlantic. SJXS1 Id I CJJX. Japan Fund 


(d ) CJ.R. AuBtruita Fund . 


6974 (ml Cleveland Ottehore Fd. — 

62537 (w) ewumbta Securities 

tb ) COMETE. 


FIDELITY POB 628, Hamilton Bermuda _ 

— <m) American values Gammon- 67B77 
— (m) AmerVahNeCumPrel — 610850 
—Id 1 Fidelity Amer. ASMte_ 

Zirf i 6*lfiS ^ > D. Witter WM wide Ivt 1st 697* 

H4 1 BjelUv 5S c 22£ y T> tb ) Dm Wear tnvest^und N.V 6 98431 

Id ) Drertas Fund Inti 6 36.15 


Id ) Cans. Banks Fund— 

•s’ss bsstafflfts 

MS 


6227571 
FL )2?JN 
. 698979 
6 125229 

— 1 951 

- 626.12 
57570 


— (d 1 FkJriltv Olr.SVB6.TY_ 
—Id I FMalltv Far hooIFij- 
-ujnSlVlA Field. 


—Id I Fidelity Orient F«nd_ 

— <d | Fldelttv Frontier Fund. 
—Id j FWefltv Pacific Fund— 
—Id 1 FktelHy SocL Growth Fd._ 
—10 ) Fidelity World Fund. 


612127 
51938 
65439 
62539 
51258 
513X00 
. 61406 
53037 


w) Dreyfus inter conttnem. 
w) The Establtehment Truj 

Id j Europe Obllaotlons 

.... Rrst Eagle Field — 
tb) Fifty St» Ltd.. 


FORBES PO B887 GRAND CAYMAN 

London Asent 0123930)3 
— Gold Inarn* — 

— (w) GaM Aaprectathn 54^ 

— Iw) Dollar Income. 682H 

— (ml Strnteolc Trading 5 120 


Iw) Finsbury Group Ltd- 

a r o us e [ ex Issue Pr — 
Forwrfund. 


GEFINOR FUNDS. , _ ^ 
— Iw) East Investment Fund. 
— jwl Scottish World. Fund. 


635742 
r 12177 

5 ISO. 17 

Coptt Quid I IdJ wLApent2l-49t4Z30 
GLOBAL ASSET MANAGEMENT CORP. 
PB 119, SI Peter Port. Guemsev.flfBMWiS 


d I Goverom- Sec Fund* 

d ) FronW-Trust intemra — 
jW] Houssmonn HlduL N.V— 

tw) Hestto Funds— 

w) Horizon Fund. 


I Stale s». American 


b ) I LA intt GoW Bond- 
ed ) Interfund SA. 


( m) FuturGAM I 
(m)GAM Arbitrage inc- 
Iwl GAMartca Inc. 


Iwl GAM Boston Inc. 
Iw) GAM Ermlfca 


Iw) GAM Franc-vat.. . 

M ) GAM Intenulianal 
Iw) GAM North America Inc.-— 
Iw) GAM N. America Unit Trust, 
tw) GAM Padflc hue,— 

Iw) GAM Start. 8 InM Unit Trust. 

Ira) GAM Syste ms inc. 

(w) GAM Worldwide Inc 


lm)GAMTvcho8A.ClassA — 
G.T. MANAGEMENT IUKI Ltd. 
— Iw) Berry Pot Fd. Ud.. 


S 12237 
S 12137 
$13840* 
S 10823 
. S 1328 
SF 9928 
S 10044 
*10X99 
10X10P 
S 11X119 
U570P 
S 10840 
613228- 
611973 


DM 4371 
5677 
511.14 
510X63 

_ _ 6 10454 

Id ) Ktetnwort Benson Inn Fd. 62247 


lr) I tol fortune InYI Fund! 
» Japan Setactlon Fund, 
wj Japan Padflc Fund. 


w) KMnvnrt Bens. Jop. I 
Id » Lelcom Fw*l— — 
,W1 Leverage C«b» Hold 
Id ) Lkwlboer 


—Id ) G.T. Applied Sctenc*. 


, 5971 

51721* 

—Id ) G.T. Aseon HJC GwttkFd — rt241* 

— (wj O.T. Asia Fund- — ^ .5.370* 

— Id J G.T. AusfTsila Fund *31-52* 


—Id 1 G.T. Europe Fund- 

— (wl G.T. Emu, Small O 

— Idlr - _ 


G»T. Emu, Small Cos. F»«d 

G.T. Dollar Fwid 

—td]G.T. Band Fund 


6937 
-S10J7 

5 1486 

6971 

— Id 1 G.T. Globa] TechrUpv Fd 5U.W 

— Id ) G.T. Honshu PoMMtader 52*m 

—Id I G.T. Investment Fund —— — *1X69 
— Id) G.T. Japan SmanCaFuod- W173* 

—10 1 G.T. Technology Fund B317C 

— Id) G.T. South Chino Fund 61453- 

EBC TRUST CO.OERSEY) LTD. 

KISaale SL7L HeU«vOOM*331 
TRADEO CURRENCY FUND. 

0(d) Inc: Bid W-S2 Offer 39315 

•tdlCap.: BM S 10 - 1 2 Otter __ SI 0.433 

INTERNATIONAL INCOME FUND 
—id 1 Short Term 'A 1 (Atxum) — 6 14JW 
— Id) Short Term 'A* (DUr)—- 612TO* 
— (d j Short Term IF lAeeurn) — *17971 

—Id ) Short Term U' IDIstr) 501072* 

— Iw) Lang Term 




w) Formula Setactlon I 
;d I FandHaUa. 


wl i n lei mor fcef Fund . — ■ 
wi Inn Currency Fund Ltd. 

X ) Inn securttta* Fund 

d) invneta DWS. 

r) Invest Alt 


_ 63X84 

6126 

LF 6136 

61X39633 

. S 881.16 
. 611532 
SF 227.70 
_ S7.17 
SF 7933 
_ 62X17 
_ S 8779 
DM40.96 
. 610825 
. S 10476 
61.10177 

5971 

- 51278 
. 532039 

S 724 

5931 


(w) Lloyds IntL Smaller Cos. 
wl Luxfund. 


ml Maanatund ILV.. 


w) 


Medlatanum SeL Fd, 
M ota are-.. . 

NAAT 


Nikko Growth Package Fd 
Nippon Fund. 


61.12429 
» S17XX 
5137620 
_ 61494 
_ 57135 
. 619419 
_ 61X74 
Y 114366 
5I&14 


6935735 

5 28-12- 

w) Novotec investment Fund — 6 }U33 
(w) *' * ** c 6 14835 

[ml Onport^vimtaBmUdZ. VS3 

‘ ’ PANCURRI InC. 5.1473 


pSSSiySlSe^^lLvl 

PSCQFuoMNV 

Putnam Infl Fund 

Pri— Tech. 


Quantum Fund N.V. 

Renta Fund 

Renflnvest- 


SF 139720 
6 131136 
_ 6991.96 
_ 5 10428 
— 557.92 
594X5B 


. 6334920 

LF 225620 

LF 125538 

Reserve insured Deposits. 61061.1? 


:d) Safe Trust Fund. 


(w) Samurai Portfolio 

Id 


6 6.13 


SF 10970 

sci/Tech. SA Linemboura — 6 1006 
Stale St. Bo nk Eautty Hdqswv 6 890 
Strategy Investment. Fund — Ilf* 
Smhn UtL'f Class Al - ■ *634 


w) Techno Growth FVnd . 
wl Tokyo Pac HakL (Sea), 
wl Tokyo Pac. HofcLN. V . _ 
w) TrenspocHle Fund 


C21J9- [d j Tunqueiw Fund. 


— (b i if south Ead Asia jrassi i nuii«i pmi 

— fbj J.F Japan Technolooy, — Y2ZfW Id I UNI gdnOFIM 

— (bf J.F PocHle SocS-IAcc) 6S» lb 

—lb S J.F Australi a . ■ — * 


LLOYDS BANK I NTUPOB4J8.Gen«g 11 *' 

— Hwl Llords Inrt Dollar * J0XJ0 (w. 

— «W! Lloyds InO Europe— SF 10930 (w 
-ri-lw] uayds Inti Growth— SF 11519 
— Hw) Lloyds (ntl income — SF318M 

—flw) Lloyds inrt PPcMk SF 14450 Im 

NI6AARBEN l - d 

-id 1 dau A —5W25 


— Iw) Class B-UA. 


J1B2.92 (w 


UNI COPltal Fund. 


SF 10246 
- 510042 
613732* 
_ 68235 
-. S 9898 
6225X81 

1148458 

DM 7620 
5 93171 
6 106732 
6130 
64876 
58331 
55745 

6 5249 

Winchester Flnon rtoILt* — 5M6 
W ta d w ater DlycrsHta<ta« — 52M3* 
World Fund c * 5 1034 

StartlwMe Securities STS 3W. 6036 
worldwide Special STS 2fct. 6137534 

Luxembourg Francs; SF — Swiss Francs: a — asked. + — Offer Pr|cH.D bid 
change l 

New; 

W^Swtde'pund "ud ” !& — Otter Price fnd. 3% prelim, charge ; 
price as on Amsterdam Slock Exchange 


United Can. invL Fund 
Wedge Europe N.V— 

Wedge Japan N.V. 

Wedge Pacfflc K.V. — 
Wedae US. N.V. 


dally stock 


. International Herald Tribune 

LONDON — Trafalgar House 
PLC. seeking lo expand its oil and 
gas operations, announced 
Wednesday a rights offering of 
shares to raise about £175 million 
($191 million). 

The construction, shipping, 
property and energy company 
which is based in London, said the 
57.5 million new ordinary shares 
will be offered at 3 1 5 pence a share 
on tbe basis of one for every five 
already held. On the London Slock 
Exchange, Trafalgar shares fell 12 
pence Wednesday to dose at 356 
each. 

Trafalgar also announced a take- 
over bid of £37.2 million, or 240 
pence a share, for Haden PLC, an 
engineering and metal-finishing 
concern. The board of Haden, 
whose shares rose 46 pence to close 
al 280 each, rejected the bid as 
"opportunistic, totally unsolicited 
and unwelcome." 

Trafalgar, which owns London's 
Ritz Hold and the cruise ship 
Queen Elizabeth 2. forecast that it 
would increase its interim divi- 
dend, payable in July, to 5.4 pence 
from 4.7 pence last year. 


ADVERTISEMENT 


THE NOMURA SECURITIES C0 M LTD. 

(CD Re) 


The undersigned announces thal the An- 
nual Report per September 30: h. 1961 
of Tbe Noomra Securities Co„ Lld- 
wiQ be available in Amsterdam al: 
pH-rson. Hcldring & Pierson N.V. 
Algemene Bank Nederland N.V.. 
Amslerdani-Rotierdajn Bank N.V.. 

Bank Mees & Hope NV, 

Kas-Asnocialie N.V. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. February 15th. 1985. 



Opportunities in 
Systems Analysis and 
Development 

Oil/Petrochem Gulf States 

£30,000 to £40,000 
tax free + full ex-patriate benefits 


A major oil company in the Gulf is 
currently re-organising its group 
structure by giving substantial 
autonomy to its 20 operating units and 
subsidiaries and by creating a central 
headquarters to exercise overall policy 
control. 

This re-organisation has led to the 
creation of an expanded systems and 
procedures division to analyse, 
measure and control all aspects of the 
financial and administrative systems in 
head office and the group companies. 
Opportunities for senior systems 
analysts exist in three main areas, 
financial systems, policy and 
procedures and work management. 
Ideally, comparable experience would 
have been gained in a large and highly 
sophisticated company or as a 
consultant. The successful candidate 
will possess at least two of the 
following: 

• a degree in computer science 

• an accounting qualification 


• a production engineering (or work 
measurement) qualification 

• large computer systems and project 
management experience 

• experience of measuring 
administrative efficiency and 
developing large scale office 
procedures. 

Fluency in spoken and written English 
and highly developed interpersonal 
skills are essential. 

The salaries are fully negotiable and 
contracts, initially for two years, will be 
renewable thereafter on an annual 
basis. 

Please write, enclosing c. u, to 
Christophers. Bainton, Executive 
Selection Division, Peat Marwick 
Mitchell dr Co., 165 Queen Victoria 
Street, Black friars, London EC41 3PD 
quoting reference 5959/ L. 


ia 


PEAT 

MARWICK 


■ = ATTORNEY = 

needed lo serve as 

SPECIALIST IN COPYRIGHT 

trademark and intellectual property matters 
for American film industry. 

To be based in Rome with extensive travel in Mediterranean and 
Middle East countries. 

Must write and speak fluent Arabic and English, and have internation- 
al legal experience applicable to these regions. Background in intrUec* 
tuai property field recommended. 

Please send resume Uk 

Box 201, International Herald Tribune, 

Via Della Mercede 55, 00187 ROMA. 


EXECUTIVES AVAILABLE 


L’Ageuro Natieaale Pour PEmploi 

AGENCE SP&CIAUSS DE5 ING&UHJRS ET CADRES 
12 Rue Blanche, 75436 Pern CHJEX 09. 

Tel. : 280.61.46. Exi. 71 - 285.44.40. Ext. 42. 


• DEPUTY GENBAL MANAGER af a civil 
engineering contracting company (in France 
and abroad], French. C..F-, 52. in wadi oi 

similar poufian in EEC Or of management al 
a medium/ vnerfl i ml u sl i ki company. Rot, 

406-PARIS CADRES I rJV. 


-•EUROPEAN EXECUTIVE OVER, 30 
year* experience ASIA, fluent English, 
French, Italian. Knowledge Chinese. SEEK- 
ING challenging managerial position 5.E. 
Asia, Hang-Kong. QirtVj, U.S.A. in consul- 
tancy, internal, contlr. contracting. Imp./ ex- 
port, shipping, ship owning and connected 
industries, marketi n g, banking, administra- 
tion, legal matters. femiKar with trade, in- 
vestments in China. Ref.- 401 -PARIS 
CADRES J VCR 


• INTERNATIONAL SALES/MAR KET- 
ING EXECUTIVE available. British. 46. pri- 
vate pilot 5chifler MSA /SB manogemenl 
certificate, fluent English, French, German, 
Spanish. 20 yean experience direct sales of 
industrial products + agent network supervi- 
sion. Wilting to trowel; relocate lo U.S.A., 
CANADA. AUSTRALIA. NX. U.K. Avail- 
able immediately. Ref..- 3997’AfSS CADRES 
If KB. 

■ SENIOR MECHAMCAL B4GINEER, 

with French and American graduations, 30 
years of practice. French titixen, soon free 
far Paris area or International missions, pro- 
poses any kind of coflobo rnti on In mechani- 
ad companies or canwJtart offices, tempo- 
rary or unlimited contract. (Last jab Rihod 
University, IflOOflOO m 1 . Ref.: dOSTARIS 

cadres i gr 


SALES MANAGER 

FRAME 

for U.S. high technology Engineering company 
Paris based, 

ihi- nru pui-iliun iii\nl\e<- n him durable travel ih-nu^hnut France lo 
p-ircrjie u rapid and M^nificaiil presern-e in the markeL Additional 
rcnimiLMibilitio include M'llin- uu and managing, a >matl »al» office, 
and meelinp f-jle> and profit pwk 

Applit'iinL- must demoitelrale 

a successful career in sales and should be qualified 
lo degree level in engineering 

|nr re Li let I i>ubjci-t). ijimplclc fluency in Engli<>li i- ewenlial. 
tPrcfem-d age range 28-33) 

The excellent package includes attractive salary, 
incentive bonus and car. 

■Ipplicutions with detailed Cl’ tm 

Box 034798. HIT. 63 Long Acre, London WC2E 9JH. 



The Norwegian Agency for 
International Development 
(NORAD) recruits personnel for 
positions in the following African 
countries: Kenya, Tanzania, 
Zambia. Mozambique, Botswana 
and Madagascar. 


MOZAMBIQUE 

Within the framework of the Norwegian development 
assistance to Mozambique. NORAD has been reques- 
ted to provide technical assistance lo lhe shipping 
administration. This assistance is administrated by the 
Ministry of Railways, Ports and Merchant Navy. 

The following vacancy is now to be filled: 

Coastal Transport Adviser 

(project code MOZ 034) 

Duties: 

- Assess and define the status of the coastal iransport 
sector (transport technology, economy, administra- 
tion); 

- Assist in developing river transport and the local 
coastal transport; 

- Analyse conditions within coastal and overseas 
transport: 

- Supervise the work being done by the various Mini- 
stry divisions: 

- Assist in the co-ordination of international assi- 
stance. 

Qualifications: 

- Relevant university degree and experience from the 
shipping sector (private and/or public), planning- and 
administrative experience, preferably from the sector 
of shipping administration. 

Duty station: Maputo. 

Language: Portuguese/Engiish. Language training will 
be given. 

Duration: Two years. 

Date required: According to agreement. 

Basic salary: £ 20528 ^ £ 221 91 . The salary is subject 
to taxation in Norway. In addition, an installation grant, 
overseas and family allowances will be paid. 

Closing date: March 1 5. 

Application forms and further information regarding sa- 
lary, allowances, housing, school facilities etc. may be 
obtained from the Personnel Division, Ms. Kjersti Berre, 
tel. 47-2-31 45 24 or 31 45 50. 

NORAD 

Personnel Division 
P.B. 8142-Dep. 

0033 Oslo 1 
Norway . 

Tel. 31 40 55 


AD 

Direktoratet 
for utviklingshjelp 






Major Challenge 

for a Divisional Managing Director 

High-Tech 

Our client is the French subsidiary of a last growing international group manufacturing High Tech equipment for the electronic, 
space and aeronautical industries. 

Its future development strategy now require the appointment ol a divisional Managing Director. 

He will Have overall responsability for the industrial . marketing and sales development . within the profit centre, particularly in 
respect to increased foreign market penetration. 

A Business School degree, fluency in English and a demonstrable record of industrial and sales achievements with major- 
national and international clients are required for this strategic position. Significant international career oppor- 
tunities are open for the successful candidate able to contribute to the development of the division. 

A highly competitive remuneration and benefits package will be provided. 

Full career details should be sent quoting reference n D HT 37502 to Nicole Le Breuilly TEG 18 place Henri 
Bergson - 75008 Paris. 



(Hone*) 
MnqgBwnr 









Page 14 


INTERNATIONAL HERALD TRIBUNE. THURSDAY, FEBRUARY 21. 198o 


-i |1 |2 |3 u IS ie 


I III III M 111 III ITT 


PEANUTS 


books 


lis 120 1 jMpi" 


WHV, MAY I ASK., = 
ARE VOU BUILPING A ? 
USELESS ROCK WALL? * 




126 127 |2S 


a Ho 


laWa 


134 136 ISO 



T DISCOVERS? THAT 1 HAVE THEN, I DISCOVERED THAT 
TUPMU1VTO F1CK UFA 1 COULD PILE TUEM UF 
mcf ANDTOCARRY IT AW MAKE A ROCK WALL.. 

FROM ffllEFLACETD ANOTHER CARES? 5 ' 


WHEN YOU'RE DONE, 
YOU CAN /WAKE A 5 EC 0 NP 
WALL WITH THE ROCKS 
IN YOUR HEAD! 


THE FINISHING SCHOOL 


her storyteller i pra® * “S5 time a 





By Gail Godwin. 322 pp. $16.95. 
Viking, 40 West 23d Street, 

New York. N. Y. 10010. 


BLONDIE 


rF 


|m m* 


187 IBS 1SB 160 


HOW COME 3 
MEATBALLS? 

, rrs alwws 

BEEN 6 r"' 


’ rLLCUT 
'EM IN / 
HALF 


1 WANTED 6 MEATBALLS! 
NOT 6 SEMICIRCLES r 


WELL, HOW ABOUT THE 
I ROAST BEEF INSTEAD? 


62 l<* 


HOW MANY 
SLICES? 


14 Breakfast 
treat 

15— bean (a 
Ky.tree) 


DIVUICUU — ■> ' . . . 

H Memo beading 20 Fabulous bird . 
57 Fatty's 23 Govt, sponsor 


problem 
61 Deli offering 
63 Clarify 

65" Deadly 

Sins”: Weill 


66 Grippers for 
theGIpper 


theGlpper 

67 Pose 

68 Word with lap 
or drop 

69 Lacquer 
ingredients 


DOWN 


ACROSS SO Alone 14 Breakfas 

52 Workers’ org. treat 

1 Mount in the 54 Breathing 15— bean 

Cascade problems Ky.tree) 

Range 96 Memo heading 20 Fabulous 

7 Break a fast 57 patty's 23 Govt, spc 

10 Spanish problem of opera, 

landlady 61 Deli offering 24 Within: < 

13 Aide 63 clarify form 

14 Puts in a 65" Deadly 28 Footless 

■ setting Sins”: Weill 27 Ha walla 

16 Like the 66 Grippers for loincloth 

Earth’s shape theGlpper 28 Addict 

17 Book after 67 Pose 30 Crabber 

Ezra 68 Word with lap 1958 

18 Disaccustom or drop jBWiseaw 

19 Neighbor of 69 Lacquer 35 Skin 

. Bol. ingredients 38Nodneif 

21 Compact 37 Turn asi 

22 Shoe part DOWN with "of 

;Bs lass — sea 

™“SL. Nazimova 47 Emulat 

3I ?SSS 4 Fluffy dishes Simba 

5 Eastern 48 Like Re 

mb&O derwt hdiday 50 Turkish 

SSffSrSSr 8 Regions cavalry 

m 5S5u™Lrf 7 Memphis-to- 51 BeglnnJ 

d KnoxviUedir. 53 ^^^ 

41 Verdi heroine 

42 Campus bldg. ™? : If gSSlS 

•as* §& »£§& 

44 Cater basely 19 Mecca wee, 

"•gSr 6 * 0 11 Protein SK 

“KT 1 ” 1 »«3Sr si® 

® New York Tunes, edited by Eugene Moled*. 




BEETLE BAILEY 


1 Display 

2 Cupbearer on 
Olympus 

3 Actress 
Naztmova 

4 Fluffy dishes 

5 Eastern 
holiday 

6 Regions 


of opera, etc. 

24 Within: Comb, 
form 

28 Footless 

27 Hawaiian 
loincloth 

28 Addict 

30 Crabberole: 

1958 

32 Wise one 

35 Skin 

38 Nod neighbor 

37 Turn aside, 
with "off” 

40 Slavic nurse 

45" Lay 


I WANT 
TO eo TO 
OFFICERS' 
SCHOOL y 


we'll have 

TO SEE IF 
YOU'RE 
QUALIFIED 
. . FIRST 


minptakims 
A LITTLE 
TEST? > 


NOT AT 8 
ALL i 


I MEANT A . 
WRITTEN TEST/ 


W- 




lX I mx&- 




ANDYCAPP 

I WE’RE hyva^jAL/ 


47 Emulated 
Simba 

48LikeRenard 
50 Turkish 
cavalryman 


LAT&N1GHT 
MUM, WHEN 


TCH.'TCH-V'AVXr. 

ati/viE TO • -cr 

L start, ^sy : 

D- WWFWS T-< 

r/WBBXWE-) ■■ 


STILL,' SOU 
KNOW/ViE- 




t RIGHT, 
> MUM,' 
fSEENOU 

L -merf , 


( THATS MUM* EH?) . ;■ . 

V 1 HEK j 


Reviewed by 

Christopher Lehmann-Haupt 
T TS an airesiing siory «Jat GajiGodwmteljs 
I in her new novel, “The Finishing School 
—her fiist since “A Mother and TwoDm#” 
iers" — though it may not seem much in tne 
summing up. A dreJn of a k*g > jjjg 
compels Justin Stokes, now in her 4(K wdnfi 
bade in her mind to the most significant sum 
mer of her childhood. It is 1956 the y^r Juslm 
turned 14. The deaths within a brief ume of ha 
grandparents and her father h® ve fo [^ > h F 
mother. Louise, to leave the famdy home in 
Fredericksburg, Virginia, and mow J^unand 
her younger brother up North 10 join war 
aunL Mona Stokes, in her house in the CatsloU 

region of New York state. . . . . 

Uprooted, lonely for the South, 
of getting lost among the 
who work for the local division erf IBM. Swan 
gets into the habit of exploring the local farai- 
land on her bike. One day. in a stone hut by a 
pond in the woods, she comes upon .Urcula 
DeVane, a lively. eccentric woman of .auto- 
cratic demeanor, who seems to take a liking to 
Justin and invites her to come around again. 

Though Aunt Mona slightly disapproves 
becauseUrsuia DeVane “puts on aus and 
because her brother, Julian DeVane. once 
treated Mona’s daughter badly wh f" ^ 
laiffng piano lessons from him — Justin does 
go around to see Ursula again. As the summer 
progresses she gets steadily more mvoIv^Jwith 
Ursula and Julian, basking in their affection 
for her, sharing their dreams in Julian s come- 
back" as a concert pianist, and learning bit by 
bit about what Ursula keeps hinting at as the 
family's tragic destiny. 

But as almost always seems the case with 
Godwin’s fiction, the pleasure of lading me 
Finishing School" is nearly equaled by the fun 
of thinking it over afterward — of spotting the 
little details that fit into the. novels larger 


ZE8S&K&Z 

then leaping forward W reveal that 
grown up to become a 
fbteio project herself into other MkiW 
22 Sg her own at an earh^st^ 

STsiiU, the balancing act that Godwin per 


- how Justin's fasdna- ■ 
non wilh a mating stallion profigur»s^nbdi- 
Sy the story’s denouemrat^t Kmns an 
rfStive piece of psychological realism. Ur 
£?£ repeated wn. <t Mg-* - 
Justin’s bedroom wallpaper reflate “h?" 
that she will grow up to be just like everyone 
else," Or the stone hutin the woods *atUrmja 
DeVane iokingly calls Justins Finishing 
School" but that Justin eventually coma 1 to 
22;. place where people’s hves are *fin- 

^The Finishing School" may be <Jd-fod*- 
inned in its preoccupation with such AristtJte- 
SttSral, discave^^nd to 
trade flaw But Godwin’s power to isolate and 
Kte subtle feelings 

rtorv seem almost innovative. If the novel hasa 

m^or flaw, it is the mdodra ?^ e f^ 
Sic buildup to what^one character cans 

-that last awful episode. , , 

But even if _we ™ J*S 


v Aogiuuu uKvauyaKu 

7 Memphis-to- 51 Beginning 
Knoxville dir. 53 "Odyssey” 


Knoxville dir. 53 "Odyssey” 
8 After sieben enchantress 


9 » rose- 

mary... 
Ophelia 
19 Mecca wee, 

e.g. 

11 Protein 
providers 

12 Pallid 


54 Bldg, units 

55 Except 

58 Author 
O'Flaherty 

59 Oppositionist 
66 Mrs. Truman 
62 European gull 
64 Wright wing 


V * • . . 




low toMawttowwieiSwa— ■ 


DENNIS THE MENACE 


WIZARD ol ID t. 

(Ste\}) . tyisr 


(PPIfl 

a o o u~o 



tmm iH-nez^ 


pattern. . 

What the reader eventually sees is that the 
characters range from single dabs of brightly 
colored paint to complexly shaded drawings. 
This variety serves to enrich the novel’s palette 
as well as to distinguish the two worlds that 
Justin Stokes inhabits — the two-dimaisional 
world of the IBM look-alikes and the neb, 
mysterious kingdom where “art’s redemptive 
power” is supposed to prevail. 


ins about a lucau* u— , - ... 

that she “knew the 

oaiy dreams, which mixed together aUsom of 
leavings from the day before, and important 
KS which, in some wonderfully ®onoro- 
cal way, seemed to be able to solve a problra, 
or at list illuminate that prob^by rombw- 
ing a simple, often strange mid symbolic sce- 
nario with powerful feelings. 

She concludes: "The powerful feelings that 
remained with me after one of these dreams 
were the proof that it had been an important 

dream." 

By Justin’s definition, “The Finishing 
School" is an important dream. 


Christopher Lehmann-Haupt is on the staff of 
The New York Times. 


Yesterday's bridge diagram was inadver- 
leutiy switched with today’s. Here is the cor- 
for Wednesday. Thursday’s is 


Solution to Previous Puzzle 


e, o a 


fm* 



REX MORGAN 


IT SOUNDED LIKE 1 
KEKIWY HAD A VERY 
UE6EWT REASON FOR \ 
CALLING YOU. MARTHA f 


YES' HE WANTED TO INVITE 
A GENTLEMAN FRIEND OF 
MINE TO GO OUT TO DINNER 
AND A MOVIE TONIGHT— 

)h. -ri dutch / nms*^ 


WHAT APPOINTMENTS \ 
DO I HASTE TOMORROW. 
JUNE*? WHO IS THAT BRADY 
BISHOPS r, 1 — 


A NEW PATIENT' 

> HE STOPPED BY 4 
) HERE THIS 
'MORNING, ASKING 
TO SEE YOUf HE'S 
YOUNG. ATTRACTIVE, 
7 SEEMS WELL- 
f EDUCATED •) 


Ecoo aasna gyy 
annnia □□hdq 

□Eiann 

BE0QB CiaDIIiaQagQ 
HQD 0130 00H0 
ED 0 O 00 Eia 0 aaa 00 
DEE OG100 DS0 
EQDC1000 aBaa Sll 

B00 0Q00 aga 
eehqh aaaD0naE0 
dese 000 ona 

Ennanaana 

Boa 00000 00aaa 
nnn 00000 O0Q0| 


NORTH 

*083 

<? J4 

o a j 10 1 e 

* A0 * 


WEST (D) 
♦ K7 
C- A S 5 2 
8KI43 
*KQ3 


EAST 

* J 2 

V Q 10 8 7 3 
9 Q72 

• 10 8 3 


SOUTH 

* A Q 10 « • « 

7K6 

0 3 

* J B 7 J 

North S 00 U 1 nen ■widiwraw. 
Tte bidding: . „ 

W«l f* J 1 

Jo 4 * Pass Pm« 

rtiss 

West led a* bout m- 


o *• 


plyyw 


hi 


M fJ-’Sf) 

/'HI 


3 

Va 

^/Tcj I- i 


Bwnev) 

eoSS&jI 


BRIDGE 


By Alan Truscotc 


O N the diapamed deal the 
opening bid of one dub 
was natural, not Precision and 
East overcalled one heart. 

South might well have bid 
four spades at his second turn, 
but be reached the same con- 
tract more slowly by employ- 
ing a convention known as 
"new minor forcing." Two dia- 
monds. following the one no- 
trump rebid. simply asked 
North to describe his band fur- 
ther and was unrelated to dia- 
monds. 

At first sight, four spades 
seems easy, with just three los- 
ers in the major suits. But there 


1 1 THINK MCW'S USING THE CAN OPENER* 


GARFIELD 


THAT SCRAMBLED WORD GAME 
% ty Henri Amok! and Bob Lae 


WHY AR£PE£PLf 
, AFRAID OF MICE? 


MAYBE BECAUSE 
mice carried the 

BLACK PLAGUE IN L3M8 


Unscramble these tour Jurnttra, 

one letter to each square, to ram 

four ordinary words. 


There goes | 
hJs promotion ' 


BAPPRESBi 
l guess r 


RAUZE 


l I PONT KNOW 
WHAT VOU’RE 
TALKING ABOUT 


AS I RECALL, 
HALF OF ? 
EUROPE J. 
, PIE? fl 


PICKY. 

PICKY. 

PICKY 


BETER 


trtM 7 

mxs I. 


was a chink in South's armor 
and the defense found iL 
West led the heart ten, 
which was covered by tbe 
queen and king. East cashed 
his ace and continued with a 
low heart. The Jack would 
have been as good but no bet- 
ter. South ruffed wilh the 
spade ten and did the best he 
could by entering dummy with 
a club lead and playing a low 
trump. 

East ducked and the king 
won in the dosed hand. But 
when on the neat trump lead 
the jack lost to the ace, another 
heart completed South’s rum. 
The spade nine in the West 
hand, an apparently insignifi- 


cant card at the start of - the 
play, had been promoted as the 
setting trick. 

NORTH (D) 

♦J4 

00872 

«II1 

♦AKQJ 

iW IIQI f|L 

9108765 2 Q i a 

*6753 *»* 

SOOTH 
*KQ 10752 
085 
OAK 

*842 

North and South were wanertble. 
Tbe bidding: 

North E«* SM5 ««• 

1* IV 1* 

1 N.T. Pea 20 

2N.T. n* » 

4 * pn Pea Pan 

West tad theteart tea. 


SURWAL 


INGROI 


SOME PEOPLE 
AAI0HT RISE J 
HIGHER IF THEY'P 
LEARW TO DO THIS. 


W>rkl Stock Markets 


Now mange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


Via Agence France- Presse Feb . 20 

(losing prices in local currencies unless olhermse Bukcaud. 


Yesterday’s 


(Answers romonwo 

Jumbles: TEMPO SHEEP THEORY BOTTLE 
Answer What all those suMOSttons^irt Imprmrinfl 
the doughnut business seemed to have 


1 Close Prev 

1 moecknerwenu! 7440 gJO 

Prw. K2'K ,S,D '" 


HOLES1N THEM 


WEATHER 


EUROPE hi oh low 


Algtwve 

Annterdum 

AfMM 


MO W * 

IWW 

Brussels 

Bechonsl 


13 55 n 52 r BOHkOk 

1 34 4 2t O MIIWU 

1 ii 2 34 o Hon Kane 

2 M 5 * d Manila _ 

-* 23 -it 12 * NOWOallil 


-1 30 -11 12 d 
0 32 -8 IB O Ssiww 


-S 23 -If -2 fr 

-3 27 -13 0 el Tajpal 


HIOH LOW 

C r C P 

33 91 24 73 d 

J 17 -11 « W 

I* W M » • 

30 84 24 75 fr 

2S 77 14 57 fr 

j 27 -0 W fr 

4 39 0 32 O 

32 W 25 77 o 

16 61 15 39 r 


3 B -S 5 a T«*y 
SSSdSSi is g « ® S AFRICA 

DabUa 7 45 1 


9 48 5 41 fr 


DehUa 

EAnburah 


6 43 0 32 d Aid Hfri 

■ 46 -6 21 fr Colro 


Oe a e va 

Helsinki 

Istanbul 
u» pomes 


-r 25 -to 0 d cam Town 

j 27 -11 12 fr c mn Mancn 


.10 14-20-4 fr mnwa 

4 25 4 16 fr LOOM 

IB 64 13 S5 O Nairobi 


13 S3 6 « r 

27 81 15 » d 

27 SI 16 61 fr 

16 61 11 S3 d 

V 81 14 41 fr 

32 M 28 82 d 

2S 77 IS 5» d 

17 61 9 48 d 


ABN 

ACF HaJdbiO 
Aoeon 
AKZO 
AhoW 
AMEV 
A-Oatn Rub 
Amrobcnk 
BVG 

Buatirmami T 
Coland Hkfo 
EUevlor-NDU 

Fekher 
dst Brocades 
Helnekan 
Hooaavons 
KLM 
Naaraen 
NalNedder 
Nedrtovd 

OcaVamtorO 
Pakiioed 
Philips 
nobeca 
RnOamco 
RoUnca 
Rorenta 
Rovai Dutch 
Unilever 
VOn Ommeren 
VMF Stork 
VNU 

AHPjCBS Oanaral Index 
Pravloas :WU 


437 426JD 

DXuiso 

MAN 157 JO 150 

Stonetmaai 15AJW 15730 

MetalhwsellsdKitt W M 
MoondtRiKCK 11M 1™ 

Prawsm 9tOJn to 

Stemem 4U 

ThrMcn ISO £ 

i vwto 181M ™ 

vetn f*8 J 2 

VPW 123 123 

vatkswoBemmtlc 197 196J0 

Comm w it oH Index : l.WSO 
Prerk xa : I.IOIJM 


RetklavK 

Rome 

Stockholm 

B fi as ho W B 

Venice 

inmaa 


Zurich ^ 

MIDDLE EAST 


Ttf Alriv 

OCEANIA 

audilaitd 
swfner ^ 


11 52 10 50 O TwaU 17 43 9 4B O 

J S * S O LATIN AMERICA 

4 39 ;5 D fr 27 P 21 70 fr 

^ S3 l i Elatr 5 

U “ -14 “ o M-daijm-re * 2 £ - £ 

-i 25 -14 7 fr WORTH AMERICA 

9 S -2 28 d Aocbomu -J5 ^ ^ 

.10 14 -24 -If d Atlanta t' 43 7 & K 

.2 2 B -13 9 * Boston i !! j U K 

3 37 -S 23 fr CMcma .5 fl T S fr 

0 32 -6 21 fr uamer 2 1 w pc 

-7 19 -14 3 a oatrair ' JJ -5 « 15 

- 25 - ,3 J ,r SSStaS' S 3 * “ S 

LosAnoeles « £ 2 g 

-9 14 -K * * U fjnM m _ 7S V 19 « a 

la 61 IS 59 o M mnaopo Os i 2 3 u 8» 

iSS S3 5 ssr « i 

1741,254 0 •! ills 

5 ? 15 S s .a- l^LLs-S 


Artatd 

Bakoart, 

Cocker HI 

EBES 

G»inno*M 

GBL 

Govoert 

Hoboken 

‘KnsHattmnli 

Petr of [no 

Sac Generate 

Safina 

SoJvbV 

Traction Elec 
VMIleMantoBna 


aeci .jgs 25 

Barrows j™ 

S |1 

GFSA 7700 2665 

« MO 

Ktocrf TIM 7 m 

i i 

; 204.48 SA Brews JJJS 

SIHalMie 349 » 

Basel sn 578 

j composite Slot* Index : JSMO 

1 Previous : 9MJD 


Manes ena So 
Motel Box 
Midland Bona 

Nat Weal Bank 
Pllklnplun 

Pfessev 
Road Elect 
Randfontcin 
Rank 
Ro-dlnll 
Reuters 
Ravel Dutefrt 
RTZ 

Snail 

STC 

5W Chartered 
Tate and Lyle 
Tosco 
Thom EMI 
T.i.aroup 
Trafelear Hu 
TMF 

Ultramar 
Unilever l 
Untied Biscuits 
Vickers 
WUeeP 
MOMtUnuS 
War Lean 3VSI 
Woalwartb 
ZU 


Close n-rv 
TX I2S 

413 416 

337 334 

443 644 

30B 306 

176 173 

TOO 196 

S91<fr 381 h 

350 342 

554 554 

SAB MB 

X 1/3250 15/M 

654 659 

77B 7BS 

IBS m | 

502 499 

468 464 

229 236 

447 454 

ZX 234 

356 363 

149 148 

205 3SS 

11 47/64 1144 

211 214 

244 245 

536 5341* 

S29V. 529%, 

34%. 34%, 

573 576 

17V2 17V, 



797 785 Elders 1x1 

720 719 Hooker 

259.50 254-50 Magellan 
239 235 MIM 

52 52.10 Mver 
m 196 Oakbrldae 
255 254 .Peko 

1269 126S Poseidon 

1500 1«5 RCC 

2005 2037 Santoo 

530 526 SleWl 

2365 2X5 Southland 

495 497 Woods! do 

241 24020 WOT maid 


313 312 

210 212 
23S' 2X 
268 247 

190 190 

70 63 

465 450 

313 295 

412 430 

560 556 

175 HO 
21 21 
36 86 

3X 32S 


Aoefl Index 
P revM e s: HWJ 
CAC Index 
Preeiaas : MM! 


AU Ordhtartoi index : 
Previous :7954a 
| source: Reuters. 


SftMwhi 


Nippon Slnel 

Nippon Yusen 

Nissan 

Normjra Sec 

Otvmaus 

Rkah 

Shoro 

Sony _ , 
5umllo<no Bank 
Sumitomo Chem 
Surrritorno Melol 
Talsd Corn 
Tateho, Marine 
Tnfcedo Cham 
Tellln 

Takvo Elec. Power 
Tokyo Marino 
Toro* Ind 
Toshiba 
Towta 
Yamaldil Sec 


148 143 

2X 241 
603 609 

941 945 

14X 1430 
932 935 

1060 1070 
4X0 4400 
1770 1780 
210 712 

145 145 

198 197 

3B4 MB 
823 83T 

440 436 

1530 1540 
747 740 

476 42S 

430 435 

13X I3X 
597 593 


Canadian sacks aa AP 


&GA. 

AHa Laval 


Astra 

Allas COPCO 

Bolldon 

Electrolux 

Ericsson 

Esselte 

Handel silken 

Pharmoda 

5a*-Scanla 

Sandvlk 

Skonska 

SKF 

5MKHsliMa>ch 

Volvo 


372 

370 

196 

196 

NO. 

360 

400 

410 

in 

107 

183 

188 

307 

307 

295 

293 

3*0 

340 

173 

173 

204 

21$ 

425 

N.Q. 

395 

390 

9658 

77 

194 

195 

239 

23* 

260 

260 


AHamveufdM index : mH 
prevloei : 1 MJ 0 


F.T.X Index : IB1J0 
Previous : 977 SB 


sy**y 


AACoro siljh 

Ained-Lrara 176 

Anglo Am GoM S79VJ 

Baseock M6 

Bordavs 


Current Stock index : 3201 JH 
Prev io us : 317UI 


BAT. 
Beech o m 
8 ICC 
BL 

BOC Croup 
Bools 


Banco Comm 

Central* 

Ctaofiotols 

Credlfol 

Farmtttdla 

Flat 

Flashier 

Generali 

IFI 

IMcenwnll 

Madtabanca 

MontedlMn 

Olivetti 

Pirelli 

RAS 

Rlnasaenfe 

SIP 

Snla 

Sianda 


20200 19700 
3349 3060 
- 8060 £350 
3*50 3381 
12500 11650 
2765 2700' 
M 56 
43950 43500 
7B90 7701 
B3900 B2U0 
■7520 87350 
1578 1546 
7065 6965 
2340 2316 
73000 71350 
6X 65350 
2229 2240 
2926 2890 
12000 12000 


ACI 

ANI 

ANZ 

BHP 

Boral 

BouuoWvUle 

Brambles 

Colas 

Camalco 

CRA 

CSR 

Dunlep 


194 196 

268 272 


& £2 

332 338 

200 196 

393 392 

400 410 

265 255 

556 546 

291 294 

230 224 


Akol _ 

AscXii Chem 
Asatil Glass 
Bonk of Ttf»yo 
BridMstone 
Canon 

Cltoh _ . 
Dai Nippon Print 
Dalwa House 
Full Bonk 
Full Photo 
FulltSu 

Hitachi 

Honda 

IHI 

japan AlrUnos 
Ka[lma 
Konsnl Power 
Kao Soap o 
Kawasaki Steal 
Kirin Brewery 
Komatsu 1W 

Kubota 

MotSU Bjotto* 
Matsu Elec.Worfc3 
MllsuOIsM Bank 

MitauhMii atom 
(Mitsubishi Elec 
Ml isuWsh Heavy 
Mitsubishi Cora 
Mitsui and co 

Mltsukoshl 

Mitsumi 

NEC 

NtkkaSec 


Httkct-D J. Index : 1115137 
Prevftws : 1XUA46 
Hew index : 947 AS 
Previous : *97.18 


Zurich 


Bank Leu _ 
Brown Baverl 
CIbaGelov 
Credit Suisse 
Electrawott 
Georo Fischer 
Jacob Suchard 
Jet mall 
Landis Gyr 
Nestle 
Oemkan-B 
Roche Bobv 


XU 3300 
1615 1600 
2*45 2835 
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Golf 






INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 21, 1985 


SPORTS 


Zoellcr Starting a Long Road Back to PGA Front 

By Gordon S. White Jr. no longer practices, saying his doe- Then, with a chuckle, Zoellcr been in Fort Myers, Flordia. for the 
jvm- For*. Times Senue lor advised against swinging a chib said. “You have to realize 1 was a lust week working, on his game a bit 


By Gordon S. White Jr. 

JVrw Fort Times Serrice 

NEW YORK — There are 
enough bad backs, necks and 
shoulders on the Professional Golf- 
ers Association tour to keep a 
good-sized staff of orthopedic sur- 
geons busy for years. 

Fuzzy Zoeller. George Archer, 
Lee Trevino. Jack Nicklaus, Ray 
Floyd, Jerry Pate and Seve Balles- 
teros are among the more promi- 
nent active players to have suffered 
from back pain and injury in recent 
years. Those seven have something 
dse in common: Each has won at 
least one of the four major tourna- 
ments — the Masters, the U.S. 
teen, the British Open and the 
PGA Championship. 

Zoeller became the most recent 
tour member to undergo surgery 
when he had a laminectomy last 
September. The surgery entails the 
removal of all or part of the bony 
arch of a spinal vertebra. It was an 
abrupt and painful removal from 
the tour for the player who had 
scored one of the year's most popu- 
lar victories when he won the U.S. 
Open in June. Cheerful and quick- 
witted, Zoeller is a gallery favorite 
and one of the biggest draws for 
any toumamenL 

The lour gets him back this week. 
After recovering from his surgery 
and missing the first six events of 
the season. Zoeller was to tee up 
Thursday in the first round of the 
Doral Open in Miami. The 33-year- 
old Indiana native says he's ready. 
“So let’s give it a shot," Zoeller 
said. “Why noL Have to find out 
sometime, don't we?" 

The long list of bad backs on the 
tour is enough to make one think 
golf might be a hazardous occupa- 
tion. Most pros hit thousands of 
practice balls a week, twisting their 
backs on each swing. There is obvi- 
ously some relationship between 
those swings and the occupational 
disorder. Trevino, who has under- 
gone surgery twice since being 
struck by lig htning on a golf course. 


□o longer practices, saying his doc- 
tor advised against swinging a chib 
that much each week. 

Said Dr. Ralph Marcove, who 
operated on Zoeller: “Golfers do a 
lot of twisting. But bad backs are so 
common anyway. Right now. 
Fuzzy looks terrific. He's pain-free. 
What we took out of there was an 
old injury type of thing. I'm opti- 
mistic he will do welL" 

Zoeller s back injury did not 
stem from golf. He was hurt in a 
high school basketball gamp years 
ago. Struck from behind while go- 
ing up for the ball. Zoellcr said the 
next thing be knew he was in a 
hospital bed. 

“It was a definite shot,” Zoeller 
Slid. “He went for my legs with a 
little body block. It was obvious 
that was what he was after. It 
wasn't a good move on his part, but 
it happened. It knocked me out 
cold. I landed on the back of my 
head. I was lucky my -neck wasn’t 
broken. 

“Thank God for being in shape. 
That probably helped me more 
than anything.” 


as OPFsr . 


IRWIN 

'0ELLER 




Year 

Earnings 

Pos. 

1975 

$7,318 

146 

1978 

52,557 

56 

1977 

78,417 

40 

1978 

109.055 

20 

1979 

196,961 

e 

1980 

95,531 

46 

1981 

151.571 

19 

1982 

126,512 

28 

1983 

41 7,597 

2 

1984 

157.480 

40 


Then, with a chuckle, Zoeller 
said, “You have to realize 1 was a 
lean, mean 5-10. 165 pounds. I 
might have been a heck of a basket- 
ball player if 1 was 10 inches taller.” 

If Zoeller injures his back again, 
it won’t be from taking too many 
swings on a practice range each 
week. But that is not because be is 
adhering to the Trevino theory of 
no-practice/ no pain. 

“I can see what Lee means," 
Zoeller said. “But 1 never practiced 
anyway. 1 found out that when I 
was hurt real bad that practicing 
was limited. 1 just warm up in the 
winter to get ready, like I’m doing 
now. 

“But I’m not one who went out 
after I played golf and hit balls for 
hours like some of these guys do. 
What the heck, if you haven’t got it 
when you're out there on the course 
you’re not going to find it on the 
practice tee. 

Like many persons racing seri- 
ous elective surgery, Zoeller went 
to the limit before agreeing to un- 
dergo the operation. 

He won the Open in pain by 
beating Greg Norman in an 18- 
hole playoff at Winged Fool, but 
by midsummer Zoellcr was in so 
much agony at times that he could 
not schedule any tournaments or 
exhibitions without fear or having 
to cancel. Finally, on the eve of the 
PGA in August, he collapsed in 
pain at the course and was briefly 
hospitalized in nearby Birming- 
ham. Alabama. 

Zoeller said he was apprehensive 
about his chances of playing golf 
again when he was hospitalized in 
Birmingham. “When you can't 
even walk, you have to wonder 
about playing golf again." Zoeller 
said. “But I have no doubts about 
the future now. 1 don’t see any 
problem with playing for years to 
come. I don't huh now. you see. 
Back then, I hurt like heck." 

Late in December, Marcove gave 
Zoeller permission to begin swing- 
ing his dubs again. Zoeller has 


been in Fort Myers, Flordia. for the 
lust week working on his game a bit 
— a few solid strokes a day. 

“It hasn’t hampered my game," 
Zoellcr said. “But a month down 
the road, after I play and travel 
again. I'll be able to teQ more. I’m 
not tentative at all and I swing with 
all I have. The distance is still there 
and the accuracy will come-” 

Zoeller said be planned to play in 
nine of the next 10 lour events. 
During the one week without a 
tournament in that time he will be 
on the road conducting business in 
Phoenix and Indiana. That's a 
heavy schedule for someone getting 
back to work after such major sur- 
gery. 

“It’s one way to see how it is." he 
said. 

Zoeller, who enjoys talking to 
fellow players, to fans and even to 
himself once in a while as he walks 
a course, captivates his audience 
everywhere he plays. 

“1 don't just talk a lot for the 
sake of talking,” Zoeller said. “I 
just respond if someone miles to 
me. 1 think we need more of it on 
the tour. But maybe I'm just 
blessed to have the ability to do this 
stuff and to have fun out there and 
enjoy the game. I think some play- 
ers take it a little too seriously. 
Granted, what we are doing is a 
very big business and show busi- 
ness in a way. But a little smile here 
or there is not going to kill a guy or 
not going to hinder him during his 
golf gome.” 

Zoeller has won only six times in 
10 years on the tour, but two of his 
victories were in majors — the 1979 
Masters and last year’s Open. 

“I’ve won a couple of tourna- 
ments that have put me in the lime- 
light more so than other players," 
be said. “I guess as people see it, 
that's a big plus. You know, it is. 
I’m not going to lie to you." 

Zoeller is such an optimist all the 
time that he said, “If I don't have 
any more injury. 1 do look for a big 
year, even though I’ve spoiled them 




Tin New Yiak Tinerfkb farm 

Fuzzy Zoefler in Fort Myers, Florida: A few sofid strokes a day. 


two months out there. There is still 
a lot of golf to be played. I might be 
able to have as good a year as I had 
last year or the year before." 

He won $417,597 in 1983, second 
on the money list. 

ZoeDer waved a white towel of 
mock surrender when he saw Nor- 
man sink a long putt at the final 
regulation hole of the U.S. Open's 
fourth round. He thought Norman 
had birdied the hole to go ahead of 
him as he stood 175 yards away in 
the middle of the 18th fairway. 


But Norman had paired, so 
Zoeller tied him for the 72 holes at 
276. Zoeller won the next day's 
playoff by eight shots in his last 
successful round before surgery. 

He is not one to surrender, so 
Zoeller is going to try to do what 
many golfers are doing — go on 
playing successfully despite yean 
of back problems. After alL Tie- 
vino won the PGA Championship 
last August five days after Zoeller 
collapsed in pain, and he won it at 
age 44 — without practicing. 


Page 15 


Oilers Thrash Leafs; 
Goalie Fuhr Injured 


The Associated Press 

TORONTO — The high-flying 
Edmonton Oilers are looking for a 
goalie. Goals they have enough of. 

After being blanked for half the 
game and trailing. 2-0, the Oilers 
scored nine times in the final 30 
minutes — including six unan- 
swered goals in a six-and-a-half- 
minute stretch of the second period 
— and whipped the Toronto Maple 

NHL FOCUS 

Leafs, 9-4. here Tuesday night. The 
runaway Smythe Division leaders 
ended a seven-game road trip by 
improving the NHL’s best record 
10 42-12-6. 

But a shoulder injury that will 
sideline goal tender Grant Fuhr for 
at least a week dampened the cele- 
bratory mood in the Edmonton 
dressing room. Fuhr stretched to 
cry to block a shot at 18:19 of the 
first period: his stick jammed into 
his left armpit as he fdl to the ice. 

“His shoulder popped out, but 
not all the way ouO’ said Glen 
Satber, the Oiler general manager- 
coach. Saiber said he might uy to 
trade for a goal tender in the wake 
of Fuhr’s injury. “I don't ex pea 
him to be out a long time — a week 
to 10 days perhaps. I don't know 
who we'll bring up. We're got some 
feelers out already. We may hare to 
make a deal.” 

Elsewhere it was the New York 
Islanders 8, Calgary 4; Quebec 7, 
Los Angeles 6; Hartford 6, Winni- 
peg 2; Montreal 5. St. Louis 2, and 
Vancouver 7, New Jersey 5. 

Fuhr, a second-team all-star, was 
replaced by Andy Moog, who early 
in the second perioa yielded a 
breakaway goal to Dan Daoust for 
Toronto’s 2-0 lead. But after that it 
was just about all Oilers. 

Jari Kurri scored three times in 
Edmonton's six-goal run. Glenn 


Anderson also scored three times 
while Wayne Gretzky added two — 
his 59th and 60th — and Mark 
Napier one. Gretzky and Mark 
Messier each had three assists. 

Anderson started the assault 
against goal tender Ken Wregget by 
scoring at 10:00 of the second peri- 
od. It was 7-3 at the end of the 
second after the Mere scored six 
consecutive goals in 6:31 (three of 
them by Kurri in 3:01) and seven . 
goals in 8:58. Wregget was yanked 
in favor of Tim Bernhardt with . 
Edmonton leading 5-2. 

Gretzky’s second goal, a picture 
shot into the extreme top comer on 
Bernhardt’s short side, was his 60th 
in the Mere 1 60th game. 

Bill Deri ago scored twice and 
Daoust and Gary Nylund once ■ 
each for the Leafs, who remain 
eight points behind Minnesota for 
the fourth and final playoff posi- 
tion in the Norris Division. 



Grant Fuhr 




Transition 


BASflBALL. 

Amtrlcoa l 

BOSTON— Agreed ta twins wHti Ed Jurat 
I n Hektar. on a one-year contract. 

California— S igned D.w. Smith and 
Stewart album, pitchers, ta one- year con- 
tracts. 

DETROIT — Named Roper Crate as a No- 
tional Urasuesami and minor leoBue Instruc- 
tor. 

KANSAS CITY-SoU their Class AAA fran- 
chise to Omaha at the American Asocial tea 
Nat land Leaooo 

Cl NCINNATI— Stened Eric Davis, outfield- 
er, and wade Rawdon, InfleMer. to one-year 
contracts. 

MONTREAL— Signed Herman Wlrr- 

n Ingham, out Holder, to a one-year contract. 

NEW YORK— Named Cary Thorne radio 
broadcaster. 

SAN DIEGO— Stoned Garry Temrteton. 
shortstop. In a three-year contract extension. 
BASKETBALL 

National Basketball Association 
LEAGU E— Suspended Bill Rich, head coo- 
eti of Houston, for two names and fined Mm 
S3JW0 tor intentional contact with gome trffi- 
dats. Suspended Tom Chambers, forward of 
Seattle, far one pome and fined him SXOOO tor 
intentional contact with game officials. 

DENVER— Signed Doug Moe, coach, to a 
three-year contract extension. 

HOUSTON— Announced that John Lucas, 
guard, will retain the loom after cample tine a 
40-dav drug rehabilitation program. Placed 
Hank McDowell, forward, on the Injured list. 
SEATTLE — Re-stoned David Thompson, 

BUOrt - FOOTBALL 

Notional Foattwfl League 
BUFFALO— Named Elliah Pins running 
bock coach. 

DENVER— Announced the resignation of 

I J. Gorman, strength and conditioning cooch. 

LA- rams— N amed Lew Erber and Norval 
Turner assistant coaches. 

United States Football League 
ARIZONA— Cut Mike Fox. safety; Phil 
Brumous tackle; Tim MersholL defensive 
tackle; Tim Coombs, Item end, and Daryl 
Davis, wide receiver. 

LOS ANGELES— Released Kris Haines. 
Tommy Norman and Frank McLain, wide 
receivers; Michael Naase. center; Mark 
Stewart, linebacker, and Jov Lawson, defen- 
sive back. 

NEW JERSEY— Claimed Paul Beramann. 
Item end. and Marcus Anderson and Waller 
Broughton, wide receivers. Released Thod 
Jemtson. wide receiver: Ross Armstiw®, 
safety, and Mike MortnL guard. Waived Elan 
Blhika, linebacker; Eric Schubert ptoertek*- 
er; Dwlaht Sullivan, running back; Bill Hur- 
ley. safety, and fitorshall Harris, defensive 
end. 

HOCKEY 

Notional Hacker League 
DETROIT— Recalled Joe Kocur. Ham 
wlna from Adirondack of the American Hock- 
ey League. Assigned Dave (Tiger) Williams, 
left wing, to Adirondack at the American 
Hockey League. 

COLLEGE 

ALABAMA— Named Joe Kktes a ss istant 
football coach. 

ARIZONA STATE— Named Senen Castillo 
associate track coach. 

MICHIGAN TECH— Named Herb Boxer 
hockey coach. 


Golf 


Statistical leaders on the Professional Gott- 
en Association Tour through the Son Dteoo 
Open; 

EARNINGS 

I. Mark O’Meara 51 MASS. X Lomtv Wadfclns 
*1*1850. X Crate Stadler *131654. A Calvin 
PoMb SM4S5. & Ron Streck S77J92. 4. Woody 
Btackburn *74480. 7. Larry Mize % 7160. X 
Carey Paw In **9.1*5. 9, Ed Fieri *67.834. IX 
Doug T email 1664112. 

SCORING 

1. Loony Wadfclns. 6X29. X Crate Slodler. 
4X71. X Ed Fieri, 69.14. X Morris HataUcv. 

69.2S5. Don Poolav. A9.29-&. Gary Koch. 69.41. 7, 
Carey Pavln,tf4XX Larry Mize, 69S& 9, Scott 
Stmpeaa 69.57. IX Ray Floyd. *9At 

AVERAGE DRIVING DI5TAMCE 
t.Andv Bean,27XXXJImDenl.2764LXFrad 
Couples. 27M. 4. Dan PohL2»x & Joey Slndo- 
tor, 2706. X Mac O'Grady. 27X4. 7. Ramie 
Black 271.9. X Tom Purizer, 27X4. 9. Ernie 
Gonzalez. 27XX IX Lon Hinkle, 267X DRIV- 
ING PERCENTAGE IN FAIRWAY 
l. Lae Elder, 831 X Gene U ft ter, JOE X Tim 
Nerri&.79XXMike Reid, J84.S. (tie) Tom Kite 
oad Jack Remver. J8IL 7, Calvin Paeta. 774. X 
David Edwards. -7*9. 9, Dorn Tewell, JOT. IX 
OrvUta Moodv, JS4. 

GREENS IN REGULATION 
LDan Pohl, .7B1.X Corev Pavln. JO. X (tie) 
Bruce Lie trice and Gary Koch, J7B. X Jack 
Nicklaus. 774. x Doug TewotL 767. 7, AI Gel- 
taraer. .763. x Scott Simpson. .7*3- 9. Joddv 
Gardner. 7*7. ix Jim Simons. _7SX 

AVERAGE PUTTS PER ROUND 
L Morris timotskv, 2LSLZ Lonnv wtodkins. 
1 Crate Stadler. 28.19. 4. Rex Caldwell. 
*2S.X tflej Ron Si reck said Den Pooiev, 2SJX 
7 - Don Farsman,2X4XX Ed F tort 7X71.9, (tie) 
Ran Commons and Ray Floyd. 2X91. 
PERCENTAGE OF SUB-PAR HOLES 
f l.LannvWoau<u.a97.X Crate Stadler. J9t. 

L Tam Watson, JB4. 4, Marik CrM«dra,J49-X 
Sd Fieri. ^44. x Chip Beck. JU4. 7, Larrv Mize. 

Lonv RMkarand Ron Slrec*. -23E 
IX 2 tied with JO*. 

BIRDIES 

1. Lorry Mtz*. lax 2. crate Stadler, IDE 1 
Mgrk O’Meara 92. < Willie Wood. 91. X Ed 
Flan, 90. a (tie) Lamty wadfclns and Brad 
Ktwn,*. X Ran Strode. 87. 9, (He) Tze-Oiwte 
nnd Fred Couples. Sx 


Basketball 

National Basketball Association Standings 


Some Reporters, It’s a Sure Bet They’re at a Track 


EASTERN CONFERENCE 


BUS 37—179 



Atlantic Division 



NOW York 30 29 32 27—118 


W L 

Pet. 

GB 

Manerief 10-11 10-14 3a T.Cummlngs 9-H 7- 

Boston 

44 

11 

JOB 


11 25; WOlker 12-257431, Kino 10-18 10-12 30. 

PtiltadHpMa 

43 

12 

.778 

Ite 

R abounds: Milwaukee 53 (Ustar. Pierce 71; 

Washington 

28 

27 

JOT 

16 

New York 51 (Kina. Bannister, Tucker 81. 

Now Jersey 

27 

27 

£00 

I6te 

Asttsts: Milwaukee 27 (Moncriet 8); Now 

Now York 

18 

37 

.327 

26 

York 23 [Tucker ■). 


Control Division 



Par-Hand » 16 27 24— M 

Mllwaukoo 

>8 

17 

ATI 

— 

Kansas Cite 26 3* 28 34-116 

Doti art 

32 

22 

£93 

SV4 

Johnson 16-71 DO 28. Waodsan 613 W 21; 

Chicago 

25 

28 

472 

12 

□roxter 0-16 M 3d M-Thompson 7-8 3-5 17. 

Atlanta 

24 

31 

436 

14 

Rebounds: Portland 40 (M. Thomason io>; 

Cleveland 

11 

36 

433 

1»Vi 

Kansas City 62 ((-Thompson 141. Assists: 

Indiana 

17 

37 

J15 

2M* 



Portland 2* (valentine 71; Kansas City 40 
(Drew 111. 

LA. Lakers 38 35 31 23—127 

Chicago 3t 2S 33 31 — 117 

Abdut-Jabbor ]1-17 5-9 27. Scott XII 1-1 22; 
Wool ridge 12-16 6-7 3X Dailey 11-224426. Re- 
bounds: i — a. Lakers 39 (Abdul-Jabbor 9); 
Chicago 46 (Wooiridae 9). Assists: la. Utt- 
ers 29 tE-iohnson 121; Chicago 31 (Jordan 
Matthews SI. 

Dallas » 39 34 23-124 

Houston 27 27 36 2S-II5 

Perkins 10-13 M 2E Aguirre 9-16 9-15 27; 
McCray 5-7 12-14 22. Sompeon 7-20 69 20. Re- 
bounds: Dalln*49 (Perkins. Vincent 9) .-Hous- 
ton 43 {Otaluwon. Sampson 121. Assists: Dal- 
las 29 tDav Hi Si; Houston 23 (Laavell ». - 


WESTERN CONFERENCE 
M idwest Division 


Denver 

34 

2D 

430 

— 

Houston 

31 

22 

MS 

TVs 

Dallas 

29 

25 

-537 

5 

San Antonio 

27 

27 

-500 

7 

Utah 

25 

29 

463 

9 

Kansas Cite 

18 

36 

J33 

16 


Pacific Division 



UL Lallan 

39 

16 

JOT 

— 

Phoenix 

27 

28 

491 

12 

Portland 

25 

29 

463 

13Vb 

Seattle 

22 

32 

407 

1*VS 

la. Clippers 

22 

33 

400 

17 

GoMen state 

12 

42 

-222 

Wet 


Selected U.S. College Results 


TUESDAY’S RESULTS 
Golden Stale B 19 H 33—104 

Altana 25 21 31 29— 1B7 

Wittman 14-23 0-0 78. E Johnson B-14 5-5 21; 
Floyd 12-26 VI 26. MJohnson S-14 4-4 20. Re- 
baaads; Golden State SO (Short. Smith It; 
Atlanta 40 (Levinoston Rollins 12). Assists: 
Golden Stale 19 I Connor 6); Atlanta 35 
(E Johnson 15). 


EAST 

Clark 95. Williams 76 
Clarkson 7X Plattsburgh SI. 74. OT 
Connecticut CoL 37, Coosi Guard 35 
Etflnboro 99. Indiana. Pa. 54 
Fairfield 106. La Salle 105. 20T 
Georgetown 7X Pittsburgh 46 
Green Mountain 91, New EnaUmd CoL B0 
Hamilton 81. Albany SI. 6« 

Nichols 74, Worcester Tech 72 
Vlltanova 47. 5t. Jaeeph’s 44 

SOUTH 

Aia-Blnmlnoham 6Z South Florida 61 
Georgia Tech 4X Maryland 43 
Hampden-Svdnov 91. Emory & Henry 83 
McNeese SL 72. Lamar 6X OT 
Roanoke 86. Lynchburg 71 
wash. & Lee 63. E. Mennonlle *2. OT 

MIDWEST 
DePauw 95. Rose-Hutmon 56 
Indiana Cent. 80. Wabash 75 


Morntnoskle B7, Monkata St. 86 
Ohio U. 72, N. Illinois 49 
Walsh 90, Ohio Dominican B2 
SOUTHWEST 
Missouri 7X Oklahoma St. 74 
FAR WEST 

U.C. San Dlaao 80, U-S. International 72 
Heyw ar d 51. 69. Cal-Oavls 61 
Humboldt St. 55. Chico SI. 49 
Lewis and Clark SI. Cal. 91, Whitman 58 
Seattle Pacific 96, St. Marlin's 10 
W. New Mexico «x Smile Fo Cal. 74 
W. Oregon 51. W. Baalist 50 


Soccer 


Hockey 

National Hockey League Standings 


WALES CONFERENCE 
Patrick Division 



W L 

T 

Pts 

GF 

GA 

Wadi fatal on 

15 

16 

8 

78 

246 

176 

Philadelphia 

34 

16 

7 

75 

246 

179 

N.Y. islanders 

31 

23 

4 

66 

268 

232 

N.Y. Rangers 

19 

» 

9 

47 

208 

237 

New Jersey 

18 

31 

B 

44 

196 

234 

Pittsburgh 

18 H 5 

Adams Division 

41 

193 

259 

Buffalo 

28 

17 

12 

to 

213 

165 

Montreal 

29 

20 

10 

68 

226 

196 

Quebec 

29 

23 

8 

66 

266 

215 

Boston 

23 

25 

8 

St 

214 

205 

Hartford 

19 

31 

7 

45 

198 

252 


CAMPBELL CONFERENCE 
Norris Division 


St. Louis 

27 

20 

10 

64 

221 

Chicago 

26 

29 

4 

56 

231 

Detroit 

17 

31 

11 

45 

219 

Minnesota 

16 

3) 

n 

43 

199 

Toronto 

14 

38 

7 

35 

186 


Smyrna Division 

x-Edmonton 42 12 6 90 J09 206 

Catoarv 29 23 7 *5 271 23b 

Winnipeg 29 25 7 *5 259 268 

Las Angeles 25 23 11 61 2*4 249 

Vancouver 18 33 8 44 204 298 

Ix -cl I netted playoff spat) 

TUESDAY'S RESULTS 
Lot Angeles 5 1 0-4 

Quebec 3 2 2—7 

Cote fill. PoJemenl (131, Lemieux 2 (81. 
P_5tastnv (27). Hunier < 16). Ashlan 1221: Tav- 
lar (331. Svke* (151. Redmond (61, Smith 2 
(171. Dionne (351. Shots on goal: Los Anaeies 
(onSeviativ.Gasselln) 1X7-6—27; Quebec Ian 
EllOtl 18-7-9-26. 

Calgary 2 1 1—4 

ILY. Isfaaden 4 2 2-8 

B. Sutter 2 1361. Potvin 1101. Fiailev (161. 
KolJur 161, Jonsson (11). Tonelll (31). Bassv 
(4S); Wilson 2 (ll).Macinnls (13). Beers (201. 
Shots oa goal: Catoarv (on Smith) 13-14-6—33; 
N.Y. islanders (on Lemelln. Edwards) 12-12- 
7—31. 


WORLD CUP QUALIFYING 
Asia 

China 4. Macao D 

FRENCH FIRST DIVISION 
Parts St. Germain I. Bordeaux 2 


Edmonton 0 7 2-9 

Toronto 1 3 1—4 

Anderson 3 1351. Nopier (13). Kurri 3 157), 
Gretzky 2 160); Nylund (2), Daoust (15). Dec- 
tago 2 (19). Shots on goaf: Edmonton (on 
wreaoel. Bernhardt 1 9-15-7—31; Taranto (an 
Fuhr, Maao) IM-10— 21 
Montreal I 3 2-5 

St. Loots g 2 o—l 

Cartsoiweau 1 16). Boisvert 2 (7), Smith (12), 
Walter (161; Suiter (31). Hickey (61. Shots on 
goal; Montreal (on Lfut) 1X12-13-37; St. 
Louis (an Pennevl X9-8— 25. 

Hartford 2 1 3-6 

Winnipeg 1 • 1—1 

Malone 117), Ttopelt (6), Turoean (211, 
Quennevllle 161. Robertson 17), Cram bean 
(3); Small (29), Steen 124). Shots on goal; 
Hartford Ian Beta-end) 12-7-6—27; Winnipeg 
Ian Ml lien I 7-6-11—24. 

New Jersey 1 1 3—5 

Vancouver 4 3 1—7 

Sundstram 2 (17), Tantl 2 127). McNab (17). 
LupuI (1 1 ). Smy I (20) .-Lever (8), Ludvig 2 (8). 
Lewis (3). Bridgman (IB). Shots on goal: New 
Jersey Ion Brodeur) 11-6-11—28; Vancouver 
(an Kamppurf) 14-28-13—46. 



By Bill Christine 

Leo Angela Times Service 

LOS ANGELES — When Swale 
won the Belmont Stakes last sum- 
mer, finishin g four lengths ahead of 
a colt named Pine Circle, that was 
not the biggest story in the press 
box that day at Ehnom, New York. 

Andrew Beyer, the racing colum- 
nist for The Washington Post, had 
a bigger payday than Pine Circle, 
who earned SI 13,000 for finishing 
second. 

Beyer, with a fire-figure profit 
already from the daily double earli- 
er in the day, was confident that 
Swale and Pine Circle would ran 
one-two. He was so confident he 
bet $2,000 on the exam. Swale was 
the favorite, but Pine Circle was a 
long shot, which resulted in a 
$125.80 exacta payoff for $2 and a 
return of $125,800 for Beyer. 

Betting in the press box is as 
common as spitting in a baseball 
dugoui. A Churchill Downs 
spokesman said that about 
$100,000 was wagered by journal- 
ists covering the Kentucky Derby 
last year. 

In recent years, Churchill Downs 
has rejected an application for 
Kentucky Derby credentials from a 
newspaper columnist who had giv- 
en the track $1,000 in worthless 
checks. Lalonia Race Course, near 
Cincinnati, once bad a policy that 
it would noL cash personal checks 
in the press box because it had been 
stuck with too many bad ones. 

Hollywood Park announced that 
press box betting for Breeders' Cup 
day last November totaled $34,000. 
That seemed like a small total, be- 
cause the press boxes at Holly- 
wood, Santa Anita and Del Mar, all 


in California, often are visited by 
celebrities on big-race days and 
have a national reputation for hav- 
ing the biggest bettors. A one-day 
handle of $40,000 at Santa Anita is 
not unusual. 

Even Beyer was impressed dur- 
ing a refit to Santa Anita. 

“Out there members of the press 
are not merely passive observers of 
the game." he said. “Most press 
boxes are populated by $2 bettors, 
or at least modest players. But in 
California, almost everybody is a 
serious hanchcapper and a two-fist- 
ed bettor." 

The most viable, though by no 
means the biggest, of those players 
is Gordon Jones, the turf writer for 
the Los Angeles Haald Examiner. 
It is not uncommon for Jones to 
ran $5,000 through the window 
during an afternoon. But, often, a 
good chunk of that money repre- 
sents the bets of his Pick 6 Club, a 
daily breakfast group that pays $15 
a person to share in Jones' handi- 
capping opinions. 

Jones and Beyer grew up with 
academe, Jones' father having been 
the president of Whittier College in 
Whittier, California, and Beyer’s a 
college history professor. Jones had 
a Ph.D. and used to teach journal- 
ism at the University of Southern 
California in Los Angeles. Beyer 
would bare graduated from Har- 
vard but for a choice be made be- 
tween Chaucer and Amberoid in 
1966. 

The final exam, at Harvard was 
in Chaucer and the field for the 
Belmont Stakes included Amber- 
oid, one of the horses trying to 
prevent Kauai King from sweeping 
the Triple Crown. 


Perkins Leads Mavericks 
Cher Rockets, 124-115 


The Associated Press 

HOUSTON — Rookie Sam Per- 
kins is finding life as a forward far 
more rewarding than life as a cen- 
ter. 

“Just playing more and taking 
responsibility has gotten me more 
involved in the game," Perkins said 
after scoring a season-high 28 
points Tuesday night during the 


period, 


MBA FOCUS 

Dallas Mavericks* 124-115 victory 
over the Houston Rockets in the 
National Basketball Association. 

Had the 6-foot-9 (2.05-meter) 
Perkins played center against the 
Rockets, he would hare guarded 
the 7-foot Akeem Oiajuwon. At 
forward, his main assignment was 
the 7-4 Ralph Sampson. 

Sampson scored 20 points, but 
made only 7 of 20 shots from the 
field and had only two points in the 
first half, when Dallas raced to a 
67-54 lead. 

“This is my best offensive game 
and my defense was there, too." 
said Perkins, who started Ids sev- 
enth straight game as forward. 

Elsewhere it was Milwaukee 129, 
New York 1 IS: Atlanta 107, Gold- 
en State 104; Los Angeles Lakers 
127, Chicago 1 17, and Kansas City 
1 16, Portland 96. 

“Since I put him at forward, I’ve 
been very satisfied with his pro- 
gress. That’s what he is. We knew 
when we drafted him it was as a 
forward,” Dallas Coach Dick 
Motta said. 

“I started to use him as the cen- 
ter spot because it's the easiest spot 
on die team to learn. He started 
two weeks late and was behind so 


we used him as a center until he got 
his feel a hide bit and that's when I 
put him out at forward, where he 
belongs." 

Houston, whose four-game win- 
ning streak was snapped, played 
Tuesday’s game with its assistant 
coach, Carroll Dawson, running 
the team. Coach Bill Fitch was sil- 
ting out the first game of a two- 
game suspension he received for 
yanking a referee's whistle last Sat- 
urday dining a contest against 
Cleveland. Fitch also was fined 
S3.000. 

Fitch said that in 1973 “I threw a 
chair at an o fficial — and missed — 
and my owner fined me an extra 
SI 00 for missing. I know what the 
fine was then and I drink it’s infla- 
tionary what they do to you for 
borrowing a whistle. What a differ- 
ence 10 years has made." 

Peridns scored eight points in the 
first seven minutes against the 
Rockets and Mark Aguirre scored 
12 of his 27 points in the second 
period to help Dallas open its 13- 
point lead at halftime. 

The Mavericks increased their 
marg in to as many as 19 points 
early in the third quarter before the 
Rockets dosed to 118-112 with 
2:39 left to play in the game. Samp- 


Beyer skipped the exam and 
went to Belmont to bet Amberoid. 
He was a $2 bettor in those days, 
and Amberoid won and paid $13. 

Tor the day,” Beyer said, “I lost 
$11,987 — the $12,000 education 
minus the $13 I won on Amber- 
oid." 

Beyer, who has a library of Daily 
Racing Forms dating back to 1970. 
said ins dedication to playing the 
horses makes him abetter reporter. 
“When you study horses as much 
as I do, you acquire a greater 
knowledge of the technical side of 
racing, which the casual player 
doesn’t have,” he said. 

Neither man sees a conflict of 
interest in writing stories that per- 
haps could be colored by which 
way his betting luck was running. 

“I don’t think l have to apologize 


for what I do at afl,” Beyer said. “I 
know this is a serious issue at some 
papers, but if I’m good at gambling 
— and I am good — it’s because I 
exercise complete objectivity when 
I select horses. My paper gets the 
same objectivity when 1 write a 
story, regardless of whether Fm 
winning or losing my bets. You can 
read my analysis of last year's Bel- 
mont and not be able to tdl that I 
won all that money that day." 

Beyer might be objective, but 
never accuse him of bong unemo- 
tional Several years ago, when a 
hose he had bet on at Gulfstream 
Park in Florida was disqualified, 
Beyer struck the wall next to Ms 
press box seat with Ms fist, making 
a large hole. Until recently, the hole 
was left unrepaired, son of a monu- 
ment to horse-playing intensity. 



tin Anocrted fan 

SHELL GAME — Henrietta Shaw, 22, win become the 
first woman coxswain in the 156 years of the universities* 
boat race April 6 when she steers the Cambridge racing 
shell against Oxford's. Brace Phi Ip, 22, a former Cam- 
bridge crewman, will be the first person to have rowed for 
both universities in the four-mile contest on the Thames. 


son’s 17 points in the third quarter 
led that rally, with Rodney McCray 
getting a high 22 points for 
Houston. 

“Our defense picked up in the 
second half and 1 thought we had 
an excellent opportunity when we 
cut it to six,” Dawson said. “Then 
our shot selection wasn't what we 
wanted al the time and we weren’t 
patient enough." 


SPORTS BRIEFS 

Reliable Testosterone Test Developed 

HELSINKI (UPF) — Doctors at a laboratory here armocmced the 
development of a “safe and reliable" way of detecting testosterone, a drug 
the International Olympic Committee has banned athletes from using 

Dr. Kimmo KuoppasaLmi, who helped develop the test, said Tnesday 
that the reliability of the new method “is very accurate and practically 
100 percent reliable." The lest will be used, probably for the first tinw» 
during the European Indoor Track and Held Championships in Athens 
on March 2-3. 

Testosterone is classified by the IOC as an anabolic steroid, a synthetic 
male hormone that helps increase strength, muscle growth and body 
mass. 

Pitcher Pena Is Sidelined by Surgery 

LOS ANGELES (AP) — Alqandro Pena, the Los Angeles Dodger 
right-hander who posted the National League's best eamed-run average 
in 1984, underwent arthroscopic surgery on his pitching shoulder Tue^ 
day. the team announced. 

Pena probably will be sidelined for several months, according to Frank 
Jobe, the team's medical director who performed the surgery Pena, 25 
had a 12-6 record Iasi season with a 2.48 ERA. He tied for the league lead 
in shutouts with four, but pitched only once after Aug 24 of 

damage lo his shoulder joint. 







Page 16 


INTERNATIONAL 


ART BLCHWAI.D 

Vigilantes at the Wheel 

TIT ASHINGTON — The vigj- *i can’t believe you, Bart. You 
"" lante movement is really turned into an anunaL” 


people 


French TV’s 'Dallas’ a la Dumas Stidang to Sober Driving 


catching on in the United States. I 
had read about vi gila ntes on the 
subways and vigilantes in the 
streets, but I didn't realize they had 
also taken to their automobiles. 


- Ban Urp, an unusually mild- 
mannered man, revealed to me as 
we drove to work that he carries a 
gun just in case 


another driver 
tries to cut him 
off or take his 
parking place. 

“You would- 
n't use the gun?” 
I asked him. 

“Of course I 
would. If anoth- 
er car attacks 
me, what choice 
do! haver 




fat _ 


<■ 


“I can’t believe you, Bart. You’ve 
turned into an annual.” 

“You’d turn into one too if you 
had to drive to work during rush 
hour. It isn’t safe to be on the 
streets. Where are the cops to pro- 
tect us?” 

“From what?” I asked. 

“That school bus over there, for 
one. The driver's looking at me 
funny.” 

□ 

“He’s looking at you funny be- 
cause you sdQ have your gun in 
your hand. I know our traffic sys- 
tem isn’t perfect, but you’re never 
going to make it better by shooting 
a school bus driver.” 

“1 may not shoot him,” Bart said, 
“but I can scare the beh out of 

him" 

A car shot out from a side street 


By Michael Dobbs 

Washington Past Service 


F I ARIS — Stand by for the 
next insta llment in the trans- 


“Bpi you're taking the law in 
your own hands." 


and Barf put everything be had into 
his born. “Did you see what he did? 


Bart said, “So be it The police 
aren't interested in protecting inno- 
cent drivers from the criminals, so 


He went through a stop sign." 

I shouted, “It's not your prob- 
lem, Bart!" 

“If not mine, then whose; if not 
now, then when?" he cried. “HI 
give him one shot across his hood. 
If he doesn't stop, the next ballet 
blows up the gas tank." 

I grabbed the gun. “Not while 
rm in this car.” 

Bart looked at me. “So you're 
one of them.” 

“Them?” 

“The bleeding hearts who don't 
care about all the drivers out in the 
streets ready to IdD, rape and pil- 
lage the community.” 


cent drivers from the criminals, so 
we have to do it ourselves. Look at 
that taxi driver over there. He's 
trying to get into my lane.” 

“There's construction work go- 
ing on in his lane.” 

“Tough luck for him. One more 
move and he's going to get it right 
between the eyes." 

“You've read him all wrong," I 
protested. “He has his signal on, 
and all he is asking to do is get in 
your lane.” 

“Three weeks ago a dame tried to 
cut in front of me, and I rammed 
into her back bumper. She skidded 
on ice for half a block. You should 
have seen the look of terror on her 
face that somebody finally decided 
to Tight back. She’ll never mess 
with a law-abiding citizen again.” 


inert installm ent in the trans- 
Allan tic row triggered a couple of 
years back after French intellec- 
tuals denounced the threat of 
“cultural imperialism" posed by 
“Dallas." 

Alter criticizing the U. S. tele- 
vision series as the epitome of 
cultural mediocrity, the French 
have decided that anything J. R. 
and Sue Ellen Ewing can do, they 
can do better. 

Tbe Frendi verson of the Ew- 
ing family is alive and well and 
living in a chateau on the banks 
of the Loire. The family invested 
in a newspaper instead oil wells. 
This bong France, family mem- 
bers take a somewhat more prud- 
ish approach to the subject of 
money than they do in Texas. But 
they seem to have lost many of 
their previous inhibitions toward 
sex. 

Launched early in January on 
the Antenne 2 network after a 



The Berg dan in “CMfeauvalloti”; L'ort de vivre at Southforic-on-the- Loire. 

Ihangcs that the “Dallas"- and wielding power. But the trolacd. “In America, you have 


U. S.-style promotional cam- 
paign, France's answer to “Dal- 


BBC to Attempt Rival 

To 'Coronation Street’ 


The Associated Pros 
LONDON — State-run British 
Broadcasting Corp. has started a 
series called “EastEnders” in an 
attempt to compete with “Corooa- 
tioa Street,” which has ran for 24 
years on commercial television 
“EastEnders” centers on a ficti- 
tious square and pub in London’s 
tough East End. “Coronation 
Street" is set in a fictitious northern 
town, also with a pivotal pub. 


“Vigilantes are not going to save 
us from bad drivers,” I said. “Ev- 
eryone thinks the person behind 
the wheel of another car doesn’t 
know how to drive and we all have 
fantasies about knocking them off. 
But if we were able to fulfill those 
death wishes we would wipe out 
half the population in America." 

“You can save that drivel for 
your column,” Bart said. “Once 
people know you're not going to let 
them pass you without a fight, 
they’ll think twice about giving you 
the horn.” 

“Unless they also have a gun in 
their car," I said. “When will all the 

killing end?" 

Bart said, “When the cops start 
protecting us from people on the 
road who shouldn't be there. There 
isn't a driver in America who isn't a 
vigilante in his heart." 


paign, France’s answer to “Dal- 
las" is a 26-part, $6-miDion serial 
called “ChSteauvallon." Like its 
U. S. counterpart it relies on the 
formula of high living and low 
goings-on. France's cultural gu- 
rus have high hopes that the senes 

will Qyyrad in weaning mil lio ns 
of Frendi television viewers from 
their addiction to happenings at 
the Southfork ranch. 

The original Frendi attacks on 
“Dallas” were inspired by Jack 
1-nng, the culture minis ter, who 
devoted a speech at a United Na- 
tions conference in Mexico in 
1982 to calling tor a crusade 
against “a financi al and intellec- 
tual imperialism that no longer or 
rarely grabs territory but grabs 
consciousness, ways of thinking, 
ways of living" 

Recalling the heated debate 
about “Dallas," the executive 
producer of “Ch&teauvallon ” 
Jacques Dercourt, commented: 
“We can't be accused of suc- 
cumbing to “cultural imperialism’ 
with our series. In fact, we are 
trying to combat it with some- 
thing that is distinctly French, a 
series in the literary tradition of 
Balzac and Dumas.” 

Among the things that make 
“Chzlieauvallon” interesting are 
the subtle cultural and psycholo- 


gical changes that the “Dallas"- 
type characters undergo as they 
are transplanted across the At- 
lantic. In France, the same char- 
acter types are mellower, less 
driven, more concerned with 
what the French call Port de vivre 
— the art of living — than are 
their American counterparts. 
“They are less flashy than in ‘Dal- 
las. 1 They don't jar your eyes so 
much with their fake eyelashes, 
red cheekbones and pulsating 
lips. But something essential has 
been lost: the excitement of a 
filmed comic strip that provides 
the basic principle for the Ameri- 
can series,” wrote Annette Levy- 
Willard in the Paris newspaper 
Liberation. 

In their French reincarnation, 
(be Ewings are known as the 
Bogs. The family is ruled by a 10- 
year-old patriarch, Antonin, who 
is universally feared and respect- 
ed. He dies in the sixth episode 
and is replaced by his divorced 
daughter. Florence; who bears a 
curious resemblance to “Dal- 
las’s" Sue Ellen. 

None of the 200-odd charac- 
ters in “CbAteauvallon" is quite 
as angle-mindedly unpleasant as 
J. R. Ewing Even the villains, of 
whom there are quite a few, are 
partially redeemed by a sense or 
honor and family solidarity. 

“It’s quite acceptable for one 
of our male characters to sleep 
with the chambermaid. But it 
wouldn’t do for turn to go around 
peeping through keyholes," said 
Dercourt. 

Like tbeir opposite numbers in 
“Dallas,” the characters in ”Ch£- 
teauvalloa" can be observed 
spending money, making love 


and wielding power. But the 
treatment of these three ingredi- 
ents of television soap operas 
brings out the cultural contrasts 
between France and the United 
Slates. 

“In the States, money is trium- 
phant and everyone is quite open 
about it,” Dercourt said. “In 
France, it is a mystery. There is 
plenty of money around in ‘Cba- 
teauvallon.' but we never quite 
find out where it comes from. 
Money has a dishonest smell to it 
in this country. Everybody wants 
it — but the mechanics of how it 
is made are always hidden.” 

Added Jean- Pierre Petrolacd, 
the principal scriptwriter of 
“Ch&teauvallon”: “Americans 
seem to devote their entire lives to 
the task of making money. The 
French are much more concerned 
with devising ways of hanging on 
to the money that they already 

have.” 

The opening credits of **Ch&- 
teauvallon” show characters 
writhing with each other in bed as 
the theme music wells up. Each 
episode contains sex scenes bla- 
tant enough to be banished from 
American television. One of the 
characters, an unscrupulous poli- 
tician, is shown in a succession of 
explicit poses with a succession of 
women. 

The theme of power is also 
dealt with differently in “ChS- 
teauvallon” than in “Dallas." In 
Texas, power seems to flow out of 
oil wells. On the banks of the 
Loire, it derives from family con- 
nections and an aptitude for po- 
litical maneuvers. 

“France is a more politicized 
society than America,” said Pe- 


two political parties, which do 
not differ from each other very 


not differ from each other very 
significantly in term s of ideology. 
In France, the political spectrum 
is much broader-ranging from 
Communist to fascist. The debate 
is much sharper here.” 

In “Dallas,” power is depicted 
as a means of acquiring money. 
In “Chateauvallon.” it becomes a 
goal in itself. 

To come up with ideas for 
“Chateauvallon." Petrolacci and 
his team of scriptwriters waded 
through years of newspapers to 
see what news items had most 
grabbed the attention of their 
countrymen. The resulL is an 

amalg am of man y of the scandals 
that have shaken France over the 
past decade. Part of the plot, for 
example, revolves around a thinly 
disguised account of the 1979 sui- 
cide of the French labor minister, 
Robert Bo ulin. 


If Dehor Warren doesn’t drive 
straight home, pops into a tavern 
[or a quick one or paries outride a 
liquor store, sharp-eyed passer s-by 
may blow the whistle on him after 
reading the back of Ins car. War- 
ren's car carries a bumper sticker 
i denti fyin g him as a convicted 
dnmken driver and asking others 
to monitor his performance. War- 
ren, 40, is one of 10 drivers carrying 
the slickers on their cars in Mid- 
west City, Oklahoma, a suburb of 
Oklahoma City, as part of their 
sentences for diunktSKbiving con- 
victions. If one of them violates any 
of several strict rules, or removes 
the sticker before six months is up, 
he faces 30 days in jail. Municipal 
Court Judge Ken Spears, who or- 
dered the sockets, Mid, “If you 
gave it to everybody it really loses 
its effect.” Spears said he has sever- 
al criteria for who should be given a 


bumper sticker, including previous 
offenses and, particularly JOT first- 
tixne offenders, blood-alcohol read- 
ings. 

□ 

Gerald Coif, 84. who ended up 
rummaging through trash in search 
of food because he couldn't say no 
to conservative political groups 
contributions, has gotten 
an apology freon 'President Ronald 
Reagan. Coif gradually mailed all 
his savings — more than $4,200 — 
to 27 groups that mailed him solici- 
tations last year. Reagan heard 
about Coifs plight and called his 
granddaughter, Judy Kerrigan. 
Coif is in a retirement home. At 


released in a week. Hie actor play- 
jqg Richard’s lafler. Sir Pierce of 
Exton, mishandled the prop dagger 
and stabbed Galffi during the per- 
formance at the Vig Theater, the 
report said. The aodieace wap- 
patently not aware dial the stab- 
bing, which takes place shffltly be- 
fore the final curtain, was real this 
time. 

a . 

Prfacess Anne of Britain has re- 
sumed a 10-day visit to India as 
president of “Save the CbOdren 
Fund.” The trip was canceled be- 
cause of the assassination Oct 31 
of Prime Minister Into G an dh i. 
After two days in Calcutta, the 
princess is scheduled to visit relief 
centers operated by -Mote Tere- 
sa’s Sisters of Charity, but she will 
oot meet Mother Teresa, who is in 
Australia. . . - Anne’s brother 
Prince Andrew, second son of 
Queen EXxabeth fl, celebrated bis 


duty in the South Atlantic and can 
now marry without his mother's 
permission. Under the 1772 Royal 
Marriages Act, no member of the 
British royal family can many be- 
fore the age of 25 without penrds- 
aon. Andrew’s ship is at sea until 
June, though. 

□ 


Kerrigan’s request, some groups 
have returned $1,500 of the contri- 
butions. 

□ 

Pat has given birth to 

her first child, a gnt The baby, 
named Haley, was born in Tarzana, 


The appeal of “Cbfteau vation” 
for French television audiences is 
necessarily different from the ap- 
peal of an American TV series 
such as “Dallas" or “Dynasty.” 
“Dallas” is popular in France be- 
cause it confirms every cliche ever 
coined on this ride of the Atlantic 
about the United States. In 
Lang’s phrase, it is “a shattering 
indictment of American society. 

The appalling cynicism dis- 
played by a man like J. R. Ewing 
is One in an American. In a 
Frenchman, says Petrolacd. it 
would be unacceptable. "We 
French are quite ready to make 
fun of Americans," he said, “but 
we don't like making fun of our- 
selves.” 


a suburb of Los Angeles, where the 

rock singer lives with ha husband, 
Ne3 QraMo. Her publicist said 
Benatar stiQ planned to tour this 
summer, with the baby accompa- 
nying her. 

□ 


Lasrio Galffi, the actor playing 
Richard Q in a Hungarian version 
of the Shakespeare play, was acci- 
dentally knif ed during the murder 
scene and hospitalized with a punc- 
tured lung, the Hungarian news 
agency MTl reports. Doctors at a 
Budapest dink said the actor was 
recovering and would probably be 


An 18-year-old British flapjack 
thrower beat her Liberal, Kansas, 
counterpart by more than a second 
in the 36th annual Shrove Tuesday 
Pancake Race, to give theEnglisn 
team its second consecutive win. 
SaHy Swallow’s 64-second sprint 
across the S-shaped, 415-yard 
course enabled Otney, England, to 
dose the gap to 19-16 in the trans- 
Atlantic rivalry. Despite months of 
practice, liberal’s winner, March 
Straff, 27, with atime of 65.6 sec- 
onds, was loo slow to beat Swallow 
in the annual race, which marks the 
starfof Lent. 

□ 

Robert Bedford has unveiled a 
master development plan for bis 
Sundance resort near Provo, Utah, 
iivinWinp e xpanded -kfrnng. 100 ad- 
ditional bousing units and a $7- 


tfrinirm pHnfyr for performing arts. 
The actor outlined his (dan for the 
area in Provo Canyon for the Utah 
County Planning Commission. It 
includes construction this spring <rf 
a pavilion, rehearsal hall, screening 
room and conference facility, he 

said. 


LEGAL NOTICES 1 ANNOUNCEMENTS 


citation, ih* fanie of the sue of 

New YqiV By rtw of God Free 

and bd ra mdar*. T* ASS GfETE 
THAMLOHRDE, whose address s 

Sahrfold U, Kras Stod. Germany, 


TOPICAL WATSSUpNT privacy in 


antique-filled plantation hautat on 
Bfaefieki Say, Jamaica's urapofed 
southeast ant Ided for dradori 1 
meetings for 2 to 14 people. Priced 
from >1,295 par coupe per week; I 
indudes tine food & drink, transports- 1 
Hon. tends awrt Ease S Atones, , 
116 N. Saint Asaph. Afewmdia VA 
2231C. Tel; (703)349-5276. 


INTERNATIONAL CLASSIFIED 


JOHANN Bbdt - address atovwm! 
and JOW DOt JOHN ROC, JANE 


and JOW DOE JOHN ROE. JANE 
DOE aid JANE ROE. the nomas 
"John Doe", "John Roe Jane Doe" 
and "Jane Roe" being fictitious and 


REAL ESTATE 
FOR SALE 

PARIS & SUBURBS 


REAL ESTATE 
TO RENT/SHARE 

ITALY 


REAL ESTATE 
TO RENT/SHARE 

PARTS ABEA FURNISHED 


EMPLOYMENT 


being intended to be hem c* law, neat 
of bn or dstributaet of MARIE 
HINQC, deceased, whose ic ade n ce s 
and post o ffice od dnmas are un- 
known rad crane*, with due iB- 
gsnoe, be asartoned. and bong in- 
tended to be ol (Stfributees. personal 
representatives and suaeatrs in «v 
terest of any of the above named 
persons whose names, resdenca and 
post office addresses are unknown 
rad cannot, with due cSigenre, be 
axertoned; rad to ol person who 
would haw or doim to how ray 
interest in this mater os tfatrftmtees. 
heirs at law and next af kin, dr de- 
rived through, m arfranjray tSstribo- 
tees, hen at low and next of bn of 
the decedent, A petition and Affidawt 
having been ddy flW by HYMAN C. 
LEVJNt WHO 15 DOWGLH3 AT Jef- 

I tel U L V'VTJO WN4 I 


US NEWS l woes REPORT 
ONSAIEAT 
BSENTJkNO’S 

37 Ave. da TOpenou Paris 2 


CLOSE AVE KtflJER 
Fokntous tkntes in beautifu l, town 
house, Svmg-dning roam, 2 bedrooms. 
Wed for ertetidning. 766 33 00 


When n Some: 

PALAZZO AL VHABEO 
Luxury oportmeri hews* with fumbhed 
Hats, available for 1 week and more 


AGENCE DE L’ETOILE 

BEAL STATE AGtNT 

764 03 17 


FOR MORE EXECUTIVE POSITIONS 
LOOK UhKJBl 

“INTERNATIONAL POSITIONS” 
PAGE 13 


EMPLOYMENT 

GENERAL POSITIONS 
WANTED 

AMB8CAN WOMAN, 41. tong time 


EMPLOYMENT 


GENERAL POSITIONS 
WANTED 


EXECUTIVES AVAILABLE 


render! Europe, bingud Erigfch/ 
German, knowledge F rench . Experi- 
ence: jorxnrfsm, iiraskiiing. ernb®- 
sy. mtlorg u r a ri un ssettoposMonin 
sirdar or related field. Ptease write 
Bn 21 18, 1.H.T, Fnedrichstr. 1 5, 6000 
Frankfiirt/Mon 


REAL ESTATE 
TO RENT/SHARE 


Phone: 6794225 6793450, 
Write: Via dal Vetotro 1 ^ 


G9CKAL MANAGES, 42. with mo- 
iar Ui corpordion looks far now 


Via del VeUxo 16, 
00186 Rome. 


FRENCH PROVINCES 


REAL ESTATE 
FOR SALE 

FRENCH PROVINCES 


FOR RENT AUG. BS, ORLEANS sub- 
urb, cute, authentic, quiet. Comfort- 
able country house in a part, far 7 
persons, ideal locakon to veil the 
grerf batoned castles & wine region. 
3300 per umeL Cal enqumat: Mr 
AROHAMBAUIT MD (38} 61 52 92 



PARC MQNCEAU. Very oceptiond 
apartment 80 sqm with garden 110 
sqjn. Private entrance to |wk, 2 mom 
rooms eery conve r ient for receptions. 
Tvpeof period fomrfure. FMjCU 
cnorges mduded. TeL 227 39 B6. 


iar Ui axparcrian looks for new 
lavgu e n m tsxope. Addtianafy. 
Vxb industrial sal es and morkewg ex- 
perience in spec ally daiiwis pdy 
men. performance plastic,, riecjiarv 
ics. phcjrmcxEolieols rad textile fibers. 
Write to Wend, PO Bax 1362. D- 
7750 Konstanz. Germany 


ADMNSTRATTVE SECRETARY ‘ 
not waved m Paris, fiiwnt i 
ch/EnqWi Typed /a»y editor ski 
years tassijtanj) to VA Business 


ch/Enqih h. Type d /copy e 
years jassotan’] to VA 
veioprnenf Dept, m 
barfdNy.Nationafity;Ar 


PARIS AREA FURNISHED 


BEAL FOR 5HORT TERM 57AY. Paris 
studios & 2 room, decorated. Contact 
ScreBnt 80 rue Uraverate, Pare 7ltx 
Teh HI 544 39 40. 


GREAT BRITAIN 


PLACE VENDOME 


fenonvme, New York 12748, YOU 
- — OTTO TO SHW 


ARE HBSY QTTD TO SHOW 
CAUSE before the Surrogate’s Court, 1 
Sdfreon County, ctf the Ownty Court 
House in the VAaga of Mortitcato. 
Now Yaik m the County af 5ubrra an 
Math 25th, 1985 at 2pjn. why Q 
decree shoud wtf bo mods in the 
estate of MAKE H1NOC, decoased. 



LONDON. Far the best finished Bra 
rad houses Consult the Speaaksts: 
PHSol go* and lewis. Tab London 
3528)11. Telex 27846 RESIDE G. 


3 bechoom, excectiorxl 
Avertable per morftiAfjp 265 11 99 


FOB SHORT THU* ST AY PARIS: Sto 
das rad 2 rooms, decorated. Contact: 
Safireg*, 6 ave Dekaae, 75008 Par- 
ti. TetHl 35999® 


SWISS WOMAN, 3U Potocdsaena 
graduate, wortang experience foreign 
countries, trfeiguai [Trench, Enron, 
Jtdtopl, tree to Irene) seeks dxAeno- 
ina pib, if pasitio based in Ui 


een cadi Avmlable immetfctiely. 
: 1803, Hereto Tribune, 92521 


CONFKENCE OftGANIZBL French 
women, low £ economics degrees, 
fluent Engksh. executive assistant, 
seeks Parrs breed position in impart/ 
export field or other. Free to travel. 
WVrte Box 1811, Hereto Tribune. 
92521 Ntofe Oder, ftrace 
ATTRACTIVE, CAPABLE, educated, 
t ia nel ud American tody warns pcs 
lion n Preis a asistrat or Gut Friday 


pm (Pare 233 0027). 


GENERAL POSITIONS 
AVAILABLE 


Box 1803, Herald Tribune, 
NetxTy Cede*. France. 


for executive men/ woman. Cuny, 
*80 W. Sunset BM.. Tempo, ft. 
33429. Tek B1 3/837-8206. 


(LONDON MAYFAIR, superb Zbed- 
room Bar • E230/week,- 01-569 8223 


treaty dwindled cl RD ? Cndiedoa 
Tram of Godnoton, in the County re 


MOUGML LOVELY ^bedroom du- 
plex home in beautiful park with 


room <far - C23Q/week,- 01 

HOLLAND 


74 CHAMPS-B.YSEES Mi 


OUARTBt IATW. Luxurious, large kw 
rig, bttkoora^ F8JXO net per nxvuh. 


US. EX ECtirm- ixrty 30 i Sac*- 
wound cartrads. marketing, prred 


Stocfio, 2 ar 3-roarr apretRart. 
One month or more. 

(£ CtAiHDGE 359 67 97. 


SHORT TOM m Latin Quarter. 
No agents. Tet 329 38 821 


yrowd cortrotfs, intyiciinQ, piujod 
u dm ina trati a n. Vast knowledge of 
Midde Bast and Far Eretern rwrkets. 
Arabic speakmg. Will be m London 

Ito 26 -la uJ it* to 

ix r nn g e interview by Feb 22. 


RBKHMAN, 25. S «S poetira as 
Managre af Rwh-styte buhher’s 
shop anywhere. Speeds Engfch, 



re fer e nces, ffease reply Centre, 
Vabmre Rd. London SW4 (UK) 


CLOSERS 


PARIS AREA UNFURNISHED 


GENERAL 

POSITIONS WANTED 


SuBvra, admitting to probate 
ton writing datodj ura 29, 1984, re lb 
tost WB and Testoment, nekhne to 
reed end personal properly, of MAKffi 
HINQC deceased Dated. Attested 
and Sealed February 0?85. (t5j 
EUGfi'E M. HANOFEE, Surrogate, 
TOBY L 


Surrogate, 


CJert Attorney - 
MtLLSL Td Ntt 


[91^4324200, Address: P.O. Bax 45B 
- Man Streefo Jeffawnvflle, New 
York 12748. This d tot to n b served 
upon you as requred by low. You are 
not aUigad to appear m person. 9 
fafl to appear it wO be assumed 


Td P01 38 19 19. 

IN l&AVANCHB. CHAMONDL 
Cantor wo fey, unique 19»h cent, to re. 
Orignd shtx inauefing hxmidxngs, 

F?jxajDQO_ Te li pg 53XS2. 

I GREAT BRITAIN 


DUTCH HOUSMG CENTRE &V. 

Dehnm rertdb. V*nuspr. 174, 
Aireterdam. 000621234 or 62321 


Sth LOVELY 2-raom. character, batfo 
tatchen, tong/ short term, F5,(XO. Td 
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B£ ST UOinS. 14 roam, comforts. YOUNG GERMAN ACTRESS, highly 
F7000 charges mduded for a year, educated -Oxford degree tooto tor 
Tel 325 25 27. new jab opportunity. London 5450060 


S WISS LA DY 37. RtSUCK EngSsti* 
German seeks doknnnQ position, 
free to frovet. Geneva based. Heree 
wnle to- Box 1814, Hereto Tnbune, 
92S2T Neuity Cedax. France 


.1 sdFng lima shoe resort. 
It. Decs at Apartodo4.820 
Ajaanm. PortugcJ or cofl; 


YOUNG MAN FASHION MOOS. 
23, is tooJong to> an nteretong poft- 
eon. Teh London JOt) 385 «47? 


International Business Message Center 


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ATTENTION EXECUTIVES 


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HIGH PROHT 

vwrriGerraan shores m3 weeks. Choose 
youself shares you wral to buy m the 
next weeks from my computer andysis. 
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fcrocriure write: Draid Union, 1201 
Dove St.. Ste 600. titowport Beads, CA 
92660 USA. (714) 752 0965. 


Pre/xoivCammercW-PnnlPromotions 
Convention-Trade ShowvPresc Parties 
Speaof Events-lmogc MakervPft's 
Sored Hoste-HosteMes-Entertaners 
Sood Compomara-Tour guides, etc. 


Manfreux, Vfltors, Verfaier. les Dmbfcr- 
ete. Cholera d"Oex necr Gstoad, Ley- 
sin. PirteRent Opportunism Fra 


Prices from SF123XB0. 
Liberal matnget d 6K% intorast. 
GLOBE HAN SJL. 

Ay -Mra tepas 24, 
CH-1005 Lcnraro, Swibtdond. 


417 % 


Tel: (21) 22 35 12. Tht 2S1 85 MBJS 
&fc*Gthed Store 1970 


GENEVA 


PRIVATE a«DIVIDUAL OFTEBS 
for seta in h«yt of Geneva, tamric 


PROFIT 

actual system track record 

1980 - 1984 

FIND OUT MORE? 


UK & OFFSHORE 

COMPANIES FROM £90 


reskferttaf praperiy of about Z3j500 
sgiL (which catto be eas4y sulxkvrded 


depentbig on rajpifEiiwid srtrafedin 
spooous wdfod garden- Ibis irxque 


Writo today hr FREE Man 
and (tease xvtoeo 
your tolepfio ne number 


UJC + bte of Mra + AnguUa 
Guernsey Jersey + Girdta 
Lierio + P atino 4- Delaware 
Readymade or ip suit 
FuB n omin ee, tdnerislrctote 
and ccco u ntwg b«v-*ip mefudmg 
bank mtiodudtore 


property offers security /[tavacy/irav 
quOfy rad a af» geogrrahienfly m 
Center of town. 5ureta>*a pace is 
and. Prinapefs only reply m mnf 
ame ta Bn 1793, Herald Tribune, 
92521 NeuSy Cedmc, France. 


SELECT COMPANY FORMATIONS 
Mt HecEom, Dou^as, Isle of Mo n 
Td: Doudreffl«4}a7?8 

Tete: aBstsaa g 


PARIS A SUBURBS 


WINCHESTER UFE 

Assurance Semen Limited 
Drat AW 508 

6 Avenue Uoyd George, box 
8-1050 Sneads, Sebum 
T«L (OB 640 32 BO 
Teleju 6x978 dm b 
fcstnoed in Bd^uio 


VAN UNES INTL 


Embossy Service 


INVBTM94T5 
SS OIK AD ON 
PACS7 

TRANS CONTAINS 
AG 



212-765-77V3 

212-765-77*4 

330 W. 54lh St. ttr.C. 10019 


Semce Representatives 
Needed Worldwide. 


UMTTB) COMPANIES 
BANKS 

INSURANCE COMPANIES 



Place Yovr Clasdfied Ad Quiddy and Eadly 

lnlhe 

INTBUiATIONAL HBIALD TRIBUNE 

‘ By Phone: Cafl your kxxd fHT rapnnentrerve with your lexL You . 

well be informed af the cast imroeificriefy, and once pnepaymert is 
made your ad wA eppeor within 48 fioure: 

Cant: The basic rote is $9^0 per foe per day + bed taxes. There ore 

25 Iteiwx iff* and spaces in the <n»Ene ond 36in the foflowsng kneL 
MrinKrm spare is 2 tines. No abbreviations accepted. 

Crwdrt Cade American Express, Diners Oub, Euroeard, Matter 

Card Access and Visa. 


3 HEAD OFFICE 

LATIN AMERICA 

. ftorfe: par dasofied only): 

Bogota 212-9608 , • 

Suwnoe Am: 41 4031 

747-4600. 

(Dept.312) 

431 9437431 

i MOPE 

lima <17 852 

PanaOKC 64-4372 

3 Amsterdam 263615. 

* Afliaafc 361 -8397/3602421 . 

- Bnaeak: 343-7899. 

j Copenhagen. (01) 32944a 

Sa> Joea 22-1055 

Srmdagoi 69 61 555 

Soo Paulo: 852 1893 

MIDDLE EAST 

h Frankfort: (069) 72-67-51 

Bahram: 246303. 

Jaedau 25214. 

Lausanne: 29-58-94. 

Kuwait: 5614485. 

Lisbon: 67-27-93/66-25-44. 

Lebanon: 34 00 44. 

London: (01) 8364802. 

OMar: 416535. 

Saadi Arabia: 

Madrid: 455-2B91 /455-3306. 

Jeddcfli: 667-1500. 

Maara (02) 7531445. 

UJtat: Dubai 224161. 

Norway: (03) 845545. 

FAR EAST 

} Rama: 679-3437. 

Bangkok: 390-96^7. 

Sweden: 08 7569229. 

Tel Aehn 03-455 559. 

Heng Kona 5420906. 

Monte 8170749. 

Seoul: 725 B7 73. 

Vm*i& Canto# harikhtri . 

Stngtyore: 222-2725. 

TaiwaR 752 44 25/9. 

UNTTH3 STATES 

Tokyoc 504-1925. 


AUSTRALIA 

Mew Yaric (7139 752-3890. 

Sydney- 929 56 39. 

San Trandew: (415) 362-8339. 

— 

Me&eume: 690 8233. 




AUTOS TAX 


DOMESTIC 
POSITIONS WANTED 


ALWAYS AVAILABLE LONDON orty 
buOyiwncien & 1st dan daAy mtstfc. 
Cal Soane Bureau, London: 730 
B122/5T42. UCEMP. AGY. 


AUTOMOBILES 


„ NEW CARS., DOT CONVERTED 
Pat exam to the U5. now awdoblm 
soo n, Hue-Bl rek, Pd omtoo leather, 
fidy equipped. U5$27^00, 

506 A Sanalne d. POL leather. My 
erawd. OSS37J000. 

500 SL. Oxxnpagne-me^lc brawn 

loaded. USS 39OT 

500 5&. Nouhc-tfue, gray leather. 


SECRETARIAL 
POSITIONS AVAILABLE 


MINCDVC SfflCS b AMERICAN 
/niPOKVt FKMS in PAMS: 


Engfeh, _ Be 

wo states. 


«■«- • l •- 

VYarKJWJOQ 

NcmneetAdmewIratiOn 
Seadymode er Specxd 


LONDON Re«S8<TATIVE 


ASTON COMPANY FOUHATIONS 
Dept HI. 8 Victoria St 
Doucks, bto of Man 
ftt0624 26591 
Telex 42 7m ETNA G 


OVER 1000 AGS4TS 
IN ILSJL - CANADA 
350 WORLD-WIDE 
fSB ESTIMATES 


8 Awe. de Mean* 
75008 Ms 

Telex 231 696 f 

YOUR REAL ESTATE 


Money trees? 


PARIS Dedwrdes f n ten ia fionB t 
(01) 343 23 tA 


AGENT IN PARIS 


frankrjrt 


(049) 2500*4 

MUNICH IJVLS. 

(0891 142244 

LONDON W ^15X 

(01) 9S3 3636 

CAIRO AtTred Von tiage btl 
(20-2) 712901 

USA Affied Van Lhtec brtT Con* 
(0101) 312^81-8100 


RATS FOR SALE 

PHONE 562-1640 

FLATS FOR RENT 

PHONE 562-7899 

OFRG5 FOR RENT/ SALE 

WONE 562-8214 


YBf Invest in one of Americas rest 
exciting teefmotoreeal breabhreoghs m 
a bfera defer miray. BJCC net ten 
planted & odcWond 20^» to be pick- 
ed soon, Kgh emual erenings assured 


for many, many years. 
B&QKBtS’S WOWHS WVTTffl. 




tfrefaT.ra 


We have over 50 mcoms praduong 
buiUras tit NYC with ltft return. NTC 
« the Hottest red date in the world! 
Box 1805. Hereto Tribune. 9257! Newt- 
hr Cede*. France 



BUSINESS SERVICES 


EXECUTIVE OFFICES 

LONDON W1 


Fnfly furn^ted 
executive offices at 
dress ovofabfe *™*ie 
{ram one mydi 


arcanktoed 
range W1 ad. 


Service* mdud». 

* BxOraree mol 

* Te lep hone 

* Tete 

* Foranie 

■ Aufe-Vsud pretentation 
stodo 

* Conference rooms 

■ Secretreid isrwca* 




Dutch or Gernxxt 
toge of Frendi re- 


500 5H. Nauhe-tfue, 
fety equipped, USS37I 
Kies Auto Conversion, fc 


55SiSW«ite)SirS ™«TOo9^ti»iRii.7aswa 


Don't tpke 
tNTKNADOPWl 
SEOtETJUBAL POSITIONS 

TUESDAYS 

in fbe IffT OrraiSed Section. 





W h i f, . 1 - « 



■ ■•-ifl 

• v ' j *. m 





TRAVEL AQB4CY is bolong fix tdhv 



EDUCATIONAL 
POSITIONS AVA1LAHX 


TRANSCAR 

THE CM SHIPPING 
niMe SPEOAUSTS 

^ 0)500 03 04 

CANNB/MCE 199 39 43 64 

«AN»UCT j&f 07) 80 51 

BONN / COLOGNE (028 212921 
STUTTGART 83^11 88081 


332351, to 4U® 


TAX SERVICES 


YOUR EUNSHS ORKZ 
« LONDON 

• 7 day 24 hour oceeu & oniwraphone 

• FUJ support lerwem metudng; 
secretand, tefex, oopytag. Me. 

• Creporafe BegrOCfltoUn Sernce 

• Short ar long tertn ewiWi 
WarM-WUe BewwM Centres 

1 lOTIw Sfcmd London WC2ROAA 
Tet Ol 836-8918 TTat: 24973 


TOBLi Diploma & 3 yean expenence 
tnximum roqured for "artttit dftw. 
mnk": 20 htwn. Monday ■ Frkfay 
AM. Sam mterewe. WO /hour + to- 
end learty. Mweh - December 8i 
IMy. Aua. orA Goune n LbwIck 
F erret. Bax 1794, Herald Trtxrw 
92531 NetxBy Cedex. Ftraea. 


MUNICH 
BREMSHAVB4 
h®W YORK 
HOUSTON 
LOSANGElfS 
MONTT5AL 
ACW1S 


B9J 93 10 45 
fMTTJ 43063 
112] m 7061 
19 931 760S 
ng 215 3183 
il4] 866 6681 
l WIDE 


Leon it to us to bring il to yOu 


AUTOS TAX FREE 




DOMESTIC 
POSITIONS WANTED 


financial 

INVESTMENTS 


jjWor d-Pracetiin^ 

rrctocapying 


,, . r! T . l . ' l TgrT'l 


YOUR LONDON OFHCE 
a the 

CHESHAM EXECUTIVE CBI1RE 
Comprchert M ve ronra of senxees 
150 Regent Street, London WI 
Tet (01)439 62S8 Thu 261426 




10 YEARS 

We Deliver Core to the World 


J jP 

■ 1 


man of orator doss m Munuti reea. 
Could aha oHQt a new amud in 
adopting to Muredi life. Reply to-. Box 
•785, hferaU Tab™, 92521 NeuTy 
Cedex, France 


TRANSCO 

•feejwg awnjtort stod, ^ ^ 
, JO “ "W cars, 

•"•Aeig i 3XW nappy diarti every ye* 


Please cartad: 

Pam Forow. NetwcrL hkne. 

19 Stratfom Ploce. London WIN 9*7 
Trt 01-429 «« Ttj .<9147? 






Medte 

, Y x M 

impetus 

Phcn? 

* ZURICH • 252 76 21. 

v-et nkiixt* 


ALWAYS AVAILABLE - AU PAJfcS, 
cWtken's nanny, mun'i hetpen & (A 
branches of lit doss live-in drenutic 
help worldwide Cafl Stoane Buiecu. 




Lnndnn 730 8122 '51«3 t?4 ham j LI- 
C6MPAGY Tl. B9506705lC*AfuE G. 


TBANSMUNM BBfflUM. 21 Gestri 
sefaoon, B-72dl 2oeryl A<nwern.Tel- 
03384.1054 Tl. 20302 Wt B Irt 
t»<\. Me>ced «. BMW. ASO 


PAGE 5 
FOR MORE 
CLASSIFIEDS 



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