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i No- 31,729 


* *K PARIS, SATOBDAy -SUNDAY, FEBRUARY 23-24, 1985 


ESTABLISHED 1887 


CIA Says Growth 
■ Soviet Military 
Spending Dropped 


r.v:,n> 

i'SSS 

■ --reti-TT; 




United Press International 

Washington — soviet nnB- 

tary expenditures in 1981 exceeded 
VS. Urinary spending by 45 per- 
cent although the overall growth of 
funding the Kremlin dedicated to 
its arrow forces has been in do- 
dine; the CIA said Friday. 

A one-page statement was re- 
leased by the CIA to clarify testi- 
mony it gave in November to the 
Joint Economic Committee of 







the 
tor 
sin. 

The 
mire 

militar y 


ay by 
Sena- 
Proxmire of Wisoon- 






•. Prox- 

the growth in total Soviet 
spending from 1965 to 

a yea^aaftiiat since 197<£1thas 
declined to a rate of about 2 per- 
cent a year. 


Space Plans 
'Central’ to 
U.S. Defense, 
Senate Told 


By Bill Keller 

New York Tima Service 

WASHINGTON — A lop Pen- 
tagon offidalbas told Congress 


But the CIA said Friday that 
information “presents a narrow 
view of Soviet military growth” be- 
cause defense spending is not an 
accurate measure of the capabili- 
ties of the Soviet armed forces. 

“CIA has repeatedly emphasized 
that trends In Sonet military 
spending are not a sufficient basis 
upon which to form judgments 
about Soviet capabilities,” it said. 

“The rate of increase in spending 
estimates does not give an appreci- 
ation of ibe large stocks of strategic 
and conventional weapon systems 
deployed by the Soviets during the 
part decade,” it said. 

The CIA and the Pentagon's De- 
fense Intelligence Agency often 
have been at odds over how to 
measure Soviet military might in 
comparison with that of the United 
States, and their separate analyses 
of the growth rate of the Soviet 
aimed forces have conflicted. 

Die Pentagon's endorsement of 
the latest CIA findings appeared to 
settle the differences between the 
two intelligence agencies with 
agreement that “the cost of [Soviet] 
defense activities has exceeded that 
of the United Stales by a large 
margin, despite a decline in the rate 
of growth.” 

Measured in 1983 dollars, the 
CIA Mid, Soviet Tnifi' fary spending 
was about 45 percent greater in 
1981 than U.S. outlays that year. 
The Soviets also spent about 45 
it more than the United 
; for buying weapons. 

But a chart depicting both U.S. 
and Soviet mili tary costs between 
1974 and 1983 showed Moscow 



Reagan Says He Wants 
Removal of Sandinists 


Tha Anooatid Pre» 

A poster in Moscow exhorts Russians to vote in Sunday’s Supreme Soviet election in the 
country’s 15 repuh&s. Each seat has just a single candidate and voting is compulsoiy. 



Russians Hear First News of Illness 


Dollar Surges 
As Reagan 
Refuses to Act 

Reuters 

NEW YORK — President Ron- 
ald Reagan, asserting ai Itis press 
conference that the U.S. central 
bank wiQ not intervene in fordgn- 
exchange markets to depress the 
dollar’s value, helped push the cur- 
rency to record highs Friday in Eu- 
rope and New York trading. 

It was the fourth consecutive day 
that the doBar set new highs against 
the world's principal currencies. 

Mr. Reagan said Thursday that 
the United States’s trading part- 
ners bore the primary responsibil- 
ity for strengthening their own cur- 
rencies. He s»id that their currency 
problem would dissolve if they im- 
proved their economies. 

“I thinlr that the problem of the 
dntlnr today IS that OUT trading 
partners have not caught up with 
our economic recovery,” Mr. Rea- 
gan said 

Asked if he had considered deal- 



Ptesdent Ronald Reagan 


that President Ronald Reagan’s spent about S224b31ian compared 
proposal to develop antHMssfle to $170 b3Bon for Washington dur- 


def eases in 
al program' 


'dop ft 

is ‘mot an option- 
t is “central” to UJ5. 


- Cli ' h 




military planning weB into the next 
century. 

The official, Fred C flde, the 
undersecretary of defense far po- 
licy, said Thursday the program 
would begin with apartial defease 
to protect U.S. missiles, possibly m 
the 1990s, then in the next century 
would grow into a foil system that 
would protea cities as wriL 
Mr. Btie portrayed the Strategic 


ing 1981 — a difference of about 32 
perpent. . 

Between 1977 and 1983, the CIA 
said, Soviet forces received 1,100 
intercontinental ballistic missiles, 
700 submarine-launched missiles, 
300 bombers. 5,000 fighters. 15,000 
tanks and “substantial numbers” 
of surface warships, nuclear- 
powered missile-carrying subs and 
attack submarines. 

During the same period, it said, 
U.SL /races received 135 ICBMs, 


DefenteImtia^asn»recfasnre,.3W sub-launched missiles, no 
thing than have otha'admmistra- bbrnbeis, 3,000: fighters,’ 5,000 "■ 
tion offidaKThose officials gener- J — : 1 ‘ : ~ 


“~-r= 
"»c= J- 


rsS- 

sTW- 


jC*' 


■jw ' 

jss- 


i & 


VP. 




tanks and 106 major warships. 

Mr. Proxurire said: “It is time for 
Washington to take official notice 
that Soviet military procurement 
has been stagnant for the past sev- 
en years and to stop acting like 


Robert Gates, CIA deputy direc- 
tor for intelligence; told a secret 
session of the joint subcommittee 
last November that, “Before 1976, 
growth in total [Soviet] defense 
spending had averaged about 4 to 5 
percent per year. After 1976, the 
rate of increase in spending 
dropped appreciably, to about 2 
percent a yrar.” 


By William J. Eaton 

Lee Annies Tuna Service 

MOSCOW — President Kon- 
stantin U. Chernenko failed to 
pear Friday to make a major 
tried speech. The Kreadm said his 
doctors had advised him to stay 
away. 

It was the first formal acknow- 
ledgement that Mr. nimiBilm, 73, 
was under doctors’ care. He has not 
been seen in public since Dec; 27. 

■ His absence, as weO as the virtu- 
ally unprecedented admission of a 
Soviet leader's illness, were seen by 
Western diplomats as a sign that 
his condition was serious. 

Mr. Qienjenko is known to suf- 
fer from a lung condition, appar- 
ently emphysema, that makes it 
difficult fra him to breathe. 

hi recent weeks, Soviet officials 
have said to diplomats that he was 
ill although one government 
spokesman said he was on a winter 
vacation. 

In a speech read fra him, Mr. 
Chernenko took a positive view of 
U-S.-Soviet aims control talks in 
Geneva that are due to start on 
March 12. 

"There is no shortage of gloomy 
forecasts which doom the negotia- 
tions to failure in advance,” he 
said. “But we do not share them. 
Agreement is absolute^ necessary 
and quite possible/’ He also pro- 
posed a U.S.- Soviet statement on 
the 40th anniversary of the end of 
World War II to renew commit- 
ments fra peaceful cooperation. 

But his failure to appear for his 
most important speech of the new 







5* 


.-•5 

IS# 


ally have emphasised that it is only 
a research program that may or 
may not lead to deployment of a 
. defensive shield. • 

Mr. Reagan's senior arms con- 
trol adviser, Paul H. Nitze, in a 
speech Wednesday, laid out stria 
conditions that must be met before 
the administration can decide 
! whether to deploy anti-missile 
weapons in space. These conditions 

included assurance that the system 
■ could survive a pre-emptive nudear 
attack, and would cost less than 
offsetting measures the enemy 
might devise. 

Mr. fide, appearing before the 

Senate Subcommittee an Strategic 

and Theater Nuclear Farces, con- ^ -» jj ’mjrm T 

Greeks Use Minor Issues 

jc” in newspaper aooounts. 

“In a sense, he was stating the 
obvious,” Mr. Ode said Mr. Nitre’s 
conditions,- he said, would apply to 
“any weapons system, whether it's 
an anti-tank system or an anti-mis- 
sile system. If it’s not effective, you 
don’t go ahead with it” 

Mr. Ikle’s remarks drew protests 
from several senators* who said the 
initiative had been sold to Congress 
and European allies as a research 
program with no certain outcome. 

Senator Gary Hart, Democrat of 
Colorado, said that Mr. Dde and. 

- Mr. bfitze seemed to be saying 
“vastly different” things. 

“We don’t quite know whether 
this is aresearoi program or wheth- 
er it's central to thedefeose of the 
United States,” Mr. Hart said. 

Mr . Bde, in his opening remarks, 
said: “The Strategic Defense Initia- 
tive is ok an optional program, at 
the margiiLof-the defense effort. 

It's central The doe and one-fifth 
percent of the budget that it re- 
quires for the coming fiscal year 
(Cantimaed ou Page 2, CoL 6) 


year was bound to overshadow the 
statements in his prepared speech. 

7he address, to voters is Mos- 
cow, normally would be televised 
nationwide on the main evening 
news show and run in all the na- 
tional newspapers. 

Traditionally, members of the 
ruling Politburo make these 
speeches in advance of the single- 
candidate elections to the supreme 
semens, the nominal parhaments of 
the IS Soria republics. 

Mr. tTiwnaikn was Ty wnmgifd 

far a seat in the Russian federa- 
tion's parliament from Moscow’s 
Kuibyshev district His election is 
assured when voters go to polls ou 
Sunday. 

As the general secretary of the 
Communist Party and the head of 
state, Mr. Chernenko was assigned 
to speak last, after the other mem- 
bers of the Politburo had delivered 
speeches to their constituents. 

- Foreign said 

earlier this we&tfiai they expected 
Mr. Chernenko to deliver his 
speech - in person. But an official 
told correspondents on Friday af- 
ternoon that the Soria president 
would not be there. 

Victor V. Grishin, a Politburo 
member and first secretary of the 
Moscow dty party, announced that 
Mr. Chernenko “would not attend 
the meeting on doctors’ recommen- 
dation," accocding to Tass, the offi- 
cial news agency. The Tass report 
was broadcast on state radio. 

Over the past eight weeks while 
Mr. Chernenko has not been seen, 
a steady stream of Iris messages and 



$1,075, down from $1,085 on 
Thursday. 

Mr. Reagan’s comments were 
seen as a clear indication that the 
recently revived spirit of coopera- 
tion between major central banks 
was faltering, with little chance of 
ing with the harmful impact of the the U.S. joining its European allies 
dollar on U.S. export mdus- in any new initiative to stem the 
id that " ’ 


He Assails 
Managua as 
Totalitarian 

By Hedrick Smith 

New Turk Tone* Service 

WASHINGTON — President 
Ronald Reagan, in the bluntest as- 
sertion to date of Iris admini stra- 
tiou’s goals in Central America, has 
declared that his objective is to “ip- 
move” the “present structure” of 
the government in Nicaragua. ■ 

He used the first news confer- 
ence of his second term cm Thurs- 
day ni g ht tor a harsh attack on tire . 
Sandimst government, tririch he 
condemned as a “totalitarian, bru- 
tal, crucT regime that does not 
have “a decent leg to stand on.” 
[Secretary of Slate George P. 
Shultz Friday that if addition- 
al aid was now denied to the rebels 
in Nicaragua, that country would 
fall into “the endless darkness of 
Communist tyranny” and direct 
and costly American action might 


strong dol 
tries, Mr. . 


Konstantin U. Chernenko 


statements may. have given ram-- 
nary Russians the impression that 
he was busy at work. 

But there have been a series of 
signals that indicated that the Sovi- 
et leader was not wdL For exam- 
ple, Greek officials said that Mr. 
Chernenko canceled a meeting 
with Prime Minister Andreas Pa- 
idreou on Feb. 12 because of ill 
Ith. Soria officials denied there 
was any such meeting scheduled. 

Soria officials have expressed 
resentment at Western reporters’ 
questions about the leader’s health 
— a subject that is considered ta- 
boo in Soria society. 


tries, Mr. Reagan said that “toying 
around” with the value erf the dol- 
lar would rekmdle inflation. 

“We put ourselves into the infla- 
tionary spiral and that we don't 
want,” Mr. Reagan said of calls to 
intervene. 

“It reinforces the belief that a 
strong doOar is an integral part of 
U.S. policy, which is not gang to 
change in the near future;” said 
John Mctague, chief corporate cur- 
rency dealer at Wells Fargo Bank. 

“Any central bank action with- 
out the Federal Reserve has no 
hope of having a lasting impact on 
the dollar” Mr. Mctague asserted. 

The Deutsche marie took the 
brunt of the dollar’s advance on 
Friday. 

The U.S. currecny rose to 339 
DM for the first time in more than 
13 years in early trading in New 
York, after opening Friday at 
33847 DM and closing Thursday 
,$l 33555 DM The dollar climbed strong 
ieveri higher during th* dry to close *' ' ' - 
at 13925 DM and many traders 
expea it to break the 3.40-DM lev- 
el soon. 

Another major casualty was the 
Swiss franc. The dollar opened in 
New York at 23562 Swiss francs — 
a 10-year high — compared with 
2327 francs at the previous dose, 
and ended Friday even higher at 
2357 frames. 

By the dose in New York, the 
dollar was quoted at 1037 French 
francs, up from 103675 francs, and 
at 262.95 yen, up from 26137 yen, 
despite central bank intervention 
in Asia. The pound dosed at 


dollar’s rise. 

His remar ks followed aplea by 
Prime Minister Margaret Thatcher 
of Britain to help restore the 
strength of sterling. 

But Mrs. Thatcher, a close ally of 
Mr. Reagan, «pgfa«*tf during her 
three-day visit to Washington that 
ended Thursday that the key to 
hatting the dollar’s advance lay in 
wining America' s record S222L2- 
billion budget deficit anticipated 
for the current finan cial year. 

“What we really need is their 
recovery to bring the value of their 
money up in relation to ours,” Mr. 
Reagan said of the sluggish eco- 
nomic performance of U3. trading 
partners. 

He also stressed that the strong 
dollar helped Americans by reduc- 
ing the cost of impaled goods and 
kept inflation down. 

In European trading, the pound 
was partly insulated against the 
g dollar by the high British 
Use rate, now at-s4 percent The 
bare rare is the rate oa which banks 
determine the interest charged to 
borrowers and paid to depositors. 

However, the British unit dosed 
in London at $1.0765, down nearly 
a cent bom $1.0823 on Thursday. 
In Frankfurt, the dollar ended at 
338 DM, up from 3348 DM previ- 
ously. and in Paris, at 10338 
French francs, up from 10346 
francs on Thursday. 

In Tokyo, the dollar ended the 
day at 262375 yen, up from 26 1 JO 
yen. 

[Despite the dollar's gains 

(Continued on Page 2, CoL 1) 


[Mr. Shultz said that Americans 
had “a moral doty” to help “the 
freedom fighters” who are engaged 
in combat with the government of 


ore to do so might eventually farce 
the United Stares itself into action 
there was the first such public 
statement by a senior administra- 
tion official. ] 

In other remarks. President Rea- 


• Appeared to role out interven- 
ing to depress the rising value of the 
dollar against other currencies, say- 
ing, “the problem of the dollar to- 
day is that our trading partners 
have not caught up with our eco- 
nomic recovery.” 

• Spoke about Soviet “viola- 
tions” of past arms agreements and 
warned that in a few months his 
administration would have to 
“make a decision of whether well 
join them in violating the re- 
straints.” 

• Ruled out any new taxes, in- 
cluding a national consumption tax 
or a rax on imported oil as devices 
Tor rairing additional revenues. 

• Defended his embattled bud- 
get director. David A. Stockman, 
and vowed to keep him in office, 
despite complaints from veterans 
groups, farmers and others about 
Mr. Stockman’s blunt criticism of 
federal programs benefiting them. 

• Affirmed bis support for to 
search on the space-based missile 
defense program, saying it does not 
violate any trea ti es, procuring to 
negotiate with the Soviet Union be- 
fore actually deploying any such 
space defense system. 

• Denied that the United States 

(Continued on Page 2, CoL 2) 


To Keep Pressure on U,S. 

. By Henry K 

New York Tima 


Kamra 

Service 

ATHENS — For many months, 
senior Greek and American offi- 
cials have been preocc up i ed with 


relations at U.S. military bases and 
the renewal of a dvfl aviation 
agreement 

It is rare for such routine busi- 
ness to reach the higher levels of 
government between friendly na- 
tions. But in the case of Greece and 
the United Stares, the bitterness 
engendered by these issues and the 
amount of woe both rides have 
devoted to them is widely viewed as 
a reflection of the greater contro- 
vexties dividing the countries: nu- 
clear weapons, the Atlantic alliance 
and the confrontation between the 
Soviet bloc and the West- 
Senior officials of the Socialist 
of Prime Minister An- 
Papandreou say the objective 




5* 





INSIDE 



WP 

Dole (fe- 
to die 
President 

^ credit 

beipfor fanners. Page 3. 


Sol.; Robert 
sanded an 
Hfibbster as 


■ U-S, prosecutors hope a trial 
in Boston will prove the exis- 
tence of a UiL ‘Mafia.’ Page 3. 

■ Phnom Penh is still a capital 

with Httie joy ax years after the 
V ietnames e takeover of Cam- 
bodia. P*ge & 

ARTS & LEISURE 

■ The coating safe of Florence 
J. Gould’s Impressionist pic- 
tures is tutting a world record 
— for publicity. Page 6. 

BUSINESS/FINANCE 

■ Gtfcorp has agreed to acquire 

a key London money-market 
broker. P»ge9. 

MONDAY 

A special report on Cyprus: 
Momentum is the key wend in 
the UN peace effort on the di- 
vided island- 


of their stands ou relatively minor 
issues, as weC as on major policy, is 
to use the limited powers of a small 
nation to rrornnand its allies, prin- 
cipally the United Stares, for what 
Greece considers favoritism to- 
ward Turkey. 

The labor issue at U.S. bases 
seemed to be resolved at an excep- 
tionally lofty level last August 
when Ronald S. Lauder, the US. 
deputy assistant secretary of de- 
fense, flew hoe to resolve a wages- 
and-hours dispute involving about 
1,000 laborers and derks with Yan- 
rris B. Kapris, the Greek deputy 
foreign minister. 

But the issue remains alive be- 
cause of a dispute in interpretation 
over retroactivity. With Greece 
charging that the United States de- 
fies Greek labor laws, it 
the personal attention of Mr. 
as and the US. ambassador, Mon- 
teagle Stearns. 

fit its early stages, the labor con- 
flict brought violent incidents, for 
which two U.S. servicemen were 
tried and sentenced in absentia. 
The sentences remain a diplomatic 
issue because, in die A m eri can 
view, the trials were miscarriages of 
justice. 

An interim accord on civil avia- 
tion was announced Thursday afte 
more than a year of negotiation. In 
reaching the accord, Mr. Papan- 
dreou and Mr. Kapsis had met with 
Mr. Steams on an issue that would 
normally have been handled by 
tarfiniegi experts until it was ready 
to be signed. 

The original agreement, which 
dated to 1946, was renounced by 
Greece. It was characteristic of the 
state of Greek-American relations 
that an Athens gover n ment spokes- 
man announced the action to the 
press one day before the U3. Em- 
bassy was informed by diplomatic 
note. The spokesman said the ac- 
cord was of “colooial character.” 

The aviation issues, which will 
have to be settled over the next year 

while the interim agreement is in 
effect, are an American request far 
an additional carrier to be allowed 
to fly the New York-Aihens route. 

(Continued oo Page 2, CoL 5) 



Nf* 


HAPPY ENDING — Hiring Ngor, left, who plays a CambodSan reporter in the film 
“The Raffing Fields,* was reunited Friday ha Nice, France, with his niece, Kai Point 
Many, and her husband, Dom Pischangna. They were thought to have died in 
Cambodian prison camps, from winch Mr. Ngor escaped to tbe United States. Her 
fandy, which nms a restaurant in Cannes, recognized Mr. Ngor from a piblitity photo. 


EC Proposes Members 
Widen Immigrant Rights 


BRUSSELS — The European 
Cmnunssioa announced Friday a 
drive to improve the rights erf 12 
minion immigrants in the 10 Euro- 
pean Community countries in the 
face of economic recession and 
growing racism. 

The recommendatio ns included 
granting voting rights to all mi- 
grants. 

The social affairs commissioner, 
Peter Sutherland of Ireland, said 
that European Community mem- 
ber-states should introduce educa- 
tional reforms to help migrant chil- 
dren, and that EC laws on the free, 
movement of workers and social 
security provisions should be 
strengthened. 

He said at a news conference 
that it was vital to combat racial 
tensions and ensure successful inte- 
gration of migrants into their new 
countries. Information campaigns 
should be directed at tbe people of 
countries sending and receiving mi- 


In New Zealand 9 . IPs Rugby Over Atoms 

Furor Over Visits by U.S, Warships Is Secondary to Tour of South Africa 


By Steve Lohr 

New York 71mes Service 

WELLINGTON, New Zealand — Earlier 
ihic month, the government AeriAeA to refuse to 
give a U3. destroyer access to the country’s 
ports because of the possibility that the warship 
might be carrying nuclear weapons. The action 
angered the Reagan administration and raised 
doubts about the future of New Zealand's mili- 
uiy alliance with Australia and the United 

S lates. 

In New Zealand, the furor was notable chiefly 
because it diverted puhKc attention from what 
Prime Minister David Lange has called “per- 
haps the mast contentious issue of the earning 
year.” 

The issue: whether New Zeeland's national 
rugby team wifl go ahead with a scheduled tour 
of South Africa. 

Rugby, New Zealanders say, is their national 
religion, and the question of whether to engage 
South Africa on the rugby field has been a 
continuing preoccupation of New Zealand poli- 
tics for years. 


The Labor government of Mr. Lange has left 
no doubt about its position on the issue. 

In an address to the nation last month, the 
prime minister said that “tire New Zealand 
Rugby Union has in Grant erf it a great opportu- 
nity to kick away one of the struts of apartheid 
by refusing the invitation to tour.” 

But to Cecil BLazey, 75, the chairman of the 
New Zealand Rugby Football Union, sports 
and politics are separate domains, and playing 
rugby., in South Africa or anywhere else, is an 
inalienab le right, a basic tnmian freedom. 

In Mr. Blazry’s view, rugby prowess “is part 
of our outlook on Ufe.” 

“Rugby is a contaa sport,” he said, “and New 
Zealanders are a competitive people.” 

As a Weston diplomat here noted: “Lange is 
tbe man who controls whether the ships come or 
not But he cannot keep tbe rugby team home. 
AH be can do is urge them to stay.” 

To an outsider, it may be difficult to appreci- 


racism, sexism, law and order, individ- 
ual liberty vs. national interest, urban vs. rural 
young vs. old. 

Among New Zealand’s population of 3 2 mil- 
lion, there are 200,000 players on organized 
iftams, and more than 500,000 people are iu- 
votved in the sport, including membership in the 
nation’s many date supporting rugby. A loss by 
die n^rional team in international competition 
is deemed a national disaster, and die senes with 
the South African team, if it comes oft, would be 
the rugby equivalent of the professional football 
championship in the United Stales, the Soper 
BowL 


newcomers, he said. 

“The changed economic and so- 
cial situation which faces the com- 
munity today is characterized by 
high unemployment affecting all 
disadvantaged groups, including 
migrants,” Mr. Sutherland sakL 
“Ihese drenmstances have tended 
to lead to an increare m discrimina- 
tion, radsm and xenophobia aimed 
at sectors erf the migrant popula- 
tion.” 

Mr. Sutherland urged doser con- 
sultation between the commission 
and governments of tbe 10 commu- 
nity countries about the nearly nine 
million migrants who come from 
outride the community. Results of 
such cooperation so far had been 
insufficient, be said. 

Commisaon officials have testi- 
fied to a European Parliament in- 
quiry on racism that there is gnaw- 
ing evidence _ of racial 
discrimination in the community, 
notably among- low-level officials 
and at border crossings. 

Of the 83 milli on immigra nts 
from Outside die community coun- 
tries, 940,000 are from Portugal 
and 620/100 from Spain, both, of 
which are due to join the communi- 
ty next year. Otter ‘ ' 
d u de 


lj) million 

Algerians, 750,000 Yugoslavs" 
660,000 Moroccans and 220.000 
Tunisians. 


Co ncern about the rize of the 
immigrant community at a Hn ^ of 
Mgh unemployment has increased 
the support for rightist antMmmi- 
grant political groups, especially In 
France where Jean-Marie Le Pen's 
National front captured 11 
cent of the vote in last year’s 
bons for Ou European PartaenL 

CcafrarytoMr. Lc Pen’s aflega- 
Ifins that in 


In the past, the issue of the South Africa hons that the 10 axnmanitv 
■ 'i& govern- g* » Hood of 

a-faBen. Mr. Sutherland said 

was “rather 


rugby tour has been an issue on which 
meats in New Zealand have stood or “ 

An article of conventional wisdom is that the 
government of Sr Robert Muldoon was kept in 
power in the 1981 elections because Sr Robert 


eunipappreto derided to endorse a tour of New Zealand by 
ate the depth of emotions stirred or tbe scope of The South African Springbok team, a dedarm 
domestic issues embraced by thedebate over the ™ - 

proposed rngby tour of South Africa. The issues (C on ti nue d on rage 2, CoL 7) . 


Sutherland said (fc^zeoffo 

the number of n mnant 
w** 4,6 taflUra^ workers 

tbe comnmm^s 


cent of 
*- 


i 










it , **R 


Seoul Apologizes to U.S. 
f or Airport Incident 



% Don Shannon 

wbo a «TOxnpanied 

/Wchave, accepted these expns- 
of regret and consider the 
closed,” a department 
M Qo« 3 ian, said at a 
“raiding on Thursday. He said 
a* aoutn Korean govenunent offl- 
oiafly responded Thursday after 


Dollar Surges 
As Reagan 
RefusestoAct 


(Continued from Page 1) 
against the Deutsche mar k in New 
York, West German banking 
sources said Friday that the 
Bundesbank is unlikely to inter- 
vene heavily to support the mark if 
the United States is clearly reluc- 
tant to move against the dollar 
through intervention, Warren 
Getkr of the International Herald 
Tribune reported from Frankfurt 
[The absence of West German 
central bank intervention in the 


easier informal expressions of cc- 
gret ova the incident were made. 

A rndee ensued at Kimpo Air- 
port when Mr. Kim, who had been 
in self-imposed exile in the United 
States for two years, returned to 
Seoul on Feb. 8. Security agents 
forcibly separated Mr. Kim and his 
wife from their hugely .American 
entourage. The Stale Department 
later accused South Korea of 
breaking an agreement to assure 
Mr. Kim’s smooth homec oming . 

Foreign Minister Lee Won 
Kyong of South Korea said. “This 
unfortunate incident should never 
happen again." according to Mr. 
Djerejian. The foreign minister 
“also expressed regret that the orig- 
inal plan for the embassy person- 
nel’s access to the exit ramp was 
changed," Mr. Djerejian said 

According to the U^.-Koreac 
agreement, a South Korean For- 
eign Ministry official was to have 
boarded Mr. Kim’s plane in Tokyo 
to explain the arrival procedure in 
Seoul, where U.S. Embassy staff 
members were meeting the group. 
The Korean official did not appear, 
however, and the embassy officials 
were barred from the tarmac. 

Representatives Edward F. 
Feighan. Democrat of Ohio, and 
Thomas F. Foglietta, Democrat of 


Ivania, who formed part of 
lion, issued state- 


open market Thursday and Friday 
' will 


suggests that the Bundesbank 
let what appears now as largely 
speculative buying of dollars run its 
coarse in anticipation of a market 
correction, these sources say. 

[“The strong dollar can surely 
help along West German GNP fig- 
ures by stimulating exports," one 
Frankfurt banking source said. 
“But we will have to watch careful- 
ly the potential for higher inflation 
and for higher capital outflows,'’ he 
added.] 

Gross national product measures 
the total value of goods and ser- 
vices, including income from for- 
eign investments. 

“You may think the dollar is 
gong up too quickly, but nobody is 
going to buck the trend because the 
market is always right just because 


the U.S. 
meats of satisfaction on Thursday 
over the South Korean apology. An 
aide to Mr. Foglietta said the con- 
gressman, who was knocked to the 
ground in the airport scuffle, was 
“pleasantly surprised” by the 
move. 

However, concern lingered over 
the fate of Mr. Kim, who has beat 
under house arrest since his return. 
The aide to Mr. Foglietta said the 
congressman “hopes that Mr. Kim 
will be able to join the political 
process and be free to travel” 



William J. Schroeder, second recipient of an artificial 
heart, waving a greeting on short trip outside hospital 


Plans Made for 4th Heart Implant; 
Schroeder May Be Discharged Soon 


United Press International 

LOUISVILLE, Kentucky — Plans for discharging William J. 
Schroeder, the second recipient of a pe rmanen t artificial heart, are 
under way and Murray P. Haydon, the third and latest recipient, is 
“doing very well’’ the experiment’s director said Friday. He said that 
another implant could be performed next week. 

Dr. William G DeVries, in his first public comments since Mr. 
Haydon’s implant last Sunday, said the Humana Heart Institute had 
not admitted a candidate to become the fourth recipient of a perma- 
nent artificial heart 

Dr. DeVries said Mr. Haydon is still using vital monitoring machin- 
ery which would be needed for a fourth implant. As soon as he is off 
the equipment, “We’d probably be ready to do another one, it 
probably would be sometime next week." 

Dr. DeVries has performed all three implant experiments using the 
Jarvik-7 heart. Dr. Barney B. Clark, who later died, received the first 
in 1982 

The hospital has test-driven a van specially equipped for Mr. 
Schroeder. S3, of Jasper, Indiana, and the shopping cart-size unit that 
that powers his beak. He also has a compact alternate drive unit 
about the size of a camera case. 


Peres Says Any UN Talks 
Depend on Russia, China 


WORLD BRIEfe 


Compiled by Our Staff From Dispatches 

TEL AVIV — Prime Minister 
Shimon Peres said Friday that Isra- 
el mi gh t reconsider United Nations 
talks on the- Middle East if the 
Soviet Union and China changed 
their attitudes toward Israel 

Israel’s rejection of such a UN 
conference, which has been backed 
by Communist and Arab countries, 
has been based on objections that 
Moscow and Beijing, both penna- 
oent members of the UN Security 
Council are hostile to the Jewish 
stale. 

“The (iimimiim we expect from 
the Soviet Union is to resume dip- 
lomatic relations and adopt a {non- 
partisan] attitude." Mr. Peres said. 
He spoke at Tel Aviv airport Fri- 
day after returning from a trip to 
Romania- 

Asked what Israel would do if 
there were changes in Soviet and 
Chinese positions, Mr. Petes re- 
plied, “We will reconsider our atti- 
tude towards the UN and the role 
the UN can play.” 

Mr. Peres also said Israel will uot 
hasten its withdrawal from south- 
ern Lebanon because of recent Shi- 
ite Moslem attacks on Israeli 
troops. 

“We have to implement our 
plans as planned, “ he said, “and I 
wouldn't suggest we shall change 
our plans because there were at- 
tacks.” 

At the United Nations, Lebanon 
delivered a protest Friday to CJN 
secretary-general Javier Perez de 
C uellar , rhargtng Israeli “aggres- 
sion and abusive practices" in a 
continuing series of raids on Shiite 
Moslem villages in southern Leba- 
non. 

A bomb killed a Lebanese civil- 
ian and a Moslem gunman was 
slain Friday in an exchange of Ore 
with Israeli troops as guerrillas 
launched at least three attacks 
against withdrawing troops, the Is- 


raeli government said. Israel has 
responded to the strikes with raids 
on villages suspected of harboring 
guerrillas. (Reuters. UPI. AP) 

■ Abu Mdaf $ Afire, Editor Says 

Abu Nidal the Palestinian guer- 
rilla leader reported to have died in 
Baghdad hospital more than three 
months ago, is alive, according to a 
French journalist. 

Reuters reported from Paris that 
Luden Bitteriin. editor of France 
Pays Axabes. a monthly review, 
said in a ideviaon interview Friday 
that he spoke with Mr. Nidal earli- 
er this month in the Syrian-held 
Bekaa Valley in eastern Lebanon. 

Mr. Bitteriin said Mr. Nidal told 
him be had had a heart attack and 
had undergone several operations. 


Space Plan 
Isn’t 'Option’ 


Reagan Declares Goal of Removing Sandinists 


what the majority drinks does pre- 
said Leslie Puth, an analyst 


van/ 

with Irving Trust, the London 
stockbrddng firm. 

Bullion dealers in Europe said 
the dollar's surge had little effect 
on gold prices. Gold was quoted in 
London at a late bid price of 
5298.40 a troy ounce, down 51.45 
from Thursday. In Zurich, the met- 
al fell to $298.45, down 51.90. 


(Continued from Page 1) 
is preparing plans for a withdrawal 
of its four military bases from 
Greece after anti-American state- 
ments by Prime Minister Andreas 
Papandreou- 

ror months. President Reagan 
has parried questions about wheth- 
er his goal was the overthrow of the 
Sandinist government, gradually 
backing away from his April 1983 
declaration that “We are not doing 
anything to try to overthrow the 
Nicaraguan government. 


change in the Nicaraguan govern- 
ment. 

Gone from his appeals for re- 
newed American aid to the Nicara- 
guan rebels were assertions used in 
. the past that this c ampaig n was 
needed to halt the flow of arms to 
leftists in El Salvador or to put 
pressure on Nicaragua to make ne- 
gotiating concessions. 

When he was asked the direct 
luestion of whether he was seeking 


His unusually open declaration 
day of objectives punctu- 


on Thursday 
a ted a week of escalating adnnnis- 
tration attacks on Managua and 
increasingly open demands for a 


the overthrow of the Sandinist gov- 
ernment, the president sidestepped 
it But when he was asked whether 
his goal was to remove the Sandin- 
ist government, be replied: 


Communist totalitarian state, and 
it is not a government chosen by 
the people, so you wonder some- 
times about those who make such 
daims as to its legitimacy." 

Later, pressed 1 again to say 
whether this did not mean he was 
seeking to overthrow the Sandinist 
govenunent, be replied, “not if the 
present govenunent would turn 
around and say" to the Nicaraguan 
rebels, “all right, if they’d say, ‘un- 
de.’ or ‘all right and come back into 
the revolutionary government and 
let’s straighten this out and insti- 
tute the goals.’ 


million in covert aid supplied 
Central Intelligence 


through the 
Agency, had arisen because the 
Sandinists had betrayed the origi- 
nal goals of their 1979 revolution 
and removed other groups. 

The Reagan administration is 
trying to win congressional approv- 
al of 514 million in renewed covert 
U.S. aid to the anti -Sandinist re- 
bels. 

Congress last year voted to halt 
the covert assistance. 

Earlier Thursday. Secretary of 
Defense Caspar W. Weinberger 
predicted that without military 
pressure on Nicaragua, the Central 


As be has before. Mr. Reagan 
“Well remove it in the sense of charged that the current rebellion. American country would become 
its present structure, in which it is a financed largely in the past by 580 “another Cuba in this hemisphere" 

.and provide a military base for the 
Soviet Union and a direct threat to 


THE NEW YORK HERALD, 


WIMI.E N"J ZLfe>. EUROPEAN EDITION— PARIS. Wl.liM'-SDAT, JANUARY lMI.-Itt |.M I. PAGES. PUB, 15.; IMD01, 2*; KBAOTHTIS, 23. 


QUEEN YICTORIA PASSES AWAY AT OSBORNE HOUSE. 


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CHURCH OFFICIALS CALLED. 
tBri ai a i aiki^i raarir 



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UA security. 

Regarding alleged Soviet viola- 
tions of past arms agreements, Mr. 
Reagan said that the United States 
was continuing to abide by the sec- 
ond Strategic Anns Limitations 
Treaty signed by President Jimmy 
Carter and Leonid I. Brezhnev, 
then the Soviet leader, in 1979. 


Greeks Use Minor Issues 
To Put Pressure on U.S . 


(Continued from Page I) 
continuation of TWA’s right to car- 
ry passengers between Athens and 
other European and Middle East- 
ern destinations and changes in (he 
passenger capacities each airline 
devotes to the Athens-New York 
route. The American airline now 
carries about three-fifths or the 
traffic. 

Senior Grade officials said the 
issues, petty as they might seem in 
relation to the greater disagree- 
ments between Greece ana its 
American and European allies, re- 
flected the determination of the Pa- 
pandreou government to give con- 
tent to two fundamental goals of its 

The more obvious aim is to un- 
derscore the fact that Greece has 
turned the page on a period when, 
as Mr. Papandreou and his sup- 
porters believe, the United States 
exercised nndne influence on 
Greek domestic and foreign policy 
decisions. In the American, view, 
this point no longer needs to be 
made, if it ever did. Greek critics 
believe Mr. Papandreou exploits it 
for domestic political benefit 

The officials said a more pro- 



Andreas Papandreou 


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found objective of these relatively 
minor actions, as well as Mr. Pa- 
pandreou’s emphasis on points of 
difference with his allies and his 
desire to stress common ground 
with the Soviet Union ana other 
Communist nations, was to retali- 
ate for what be considers the imbal- 
ance of the Western alliance in fa- 
vor of Turkey. 

■ US. Deities PiAoot Flans 

President Ronald Reagan has 
denied that the United States is 
preparing jtians for a withdrawal of 
its four military bases from Greece 
because of mowing anti-American- 
ism there. Reuters reported from 
Washington. 

Just hours before Mr. Reagan 
made his denial in a news confer- 
ence Thursday, two of his top offi- 
cials told a congressional hearing 
that the administration was explor- 
ing alternative Mediterranean loca- 
tions for the U.S. bases. 

Recent criticism of the United 
Stales by Mr. Papandreou had 
prompted the move, (hey said. 

■ Presidential Vote Moved Up 

The Greek parliament wiD elect a 

new presdent on March 15. two 
months ahead of schedule, incum- 
bent President Constantine Cara- 
mantis announced Friday. 

The Associated Press reported 
that Mr. Cmaaala. 77, is expect- 
ed to run unopposed for a second 
five-year term, out has not yet an- 
nounced his candidacy. 


50 Reported Killed in Mali Air Crash 

BAMAKO, Mali (UPI) — An Air Mati passenger rime exploded antf 
crashed Friday shortly after takeoff from Timbuktu, luffing 50 of (he 5t 
people on board. Fifteen of the passengers reportedly wera fowgners. 

tha tic Pmha«v Daw. Kroner. fflMDoativeidentifira 


An official of the U.S. Embassy , Dave Kj 

non was not immediately possible. He sad there were a few Americans 


aim vtaj uui t — ■ . ^ — - — - 

■among the 43 passengers and eight crew. At lea st fire of me dead; 
reportedly were from international relief agencies working in refugee 
nm tk in the region, which has been suffering from drought 
Air Mali officials said the Soviet-built Antonov-24 dewtoped engine 
trouble shortly after takeoff. It turned back to'nmbuk^to^mgine 
caught fire and exploded about two and one-half miles from the airport. 


(Con tinned from Page 1) 

wifi build the very core of our long- 
term policy for reducing the risk of 
nuclear war.*’ 

Several senators pressed him to 
explain whether the system would 
be designed to protect just U.S. 
missiles or the entire population. 

“It would be a combination of 
the two.” Mr. fide replied. At first, 
he said, the system would be de- 
signed to protect the missile fields 
that are the presumed target of So- 
viet military planners. In this early 
stage they also could be used 
against accidental firings or attacks 
on cities, though with less assur- 
ance of success, be said. 

As both rides reduced their in- 
creasingly useless offensive mis- 
siles, be said, the shield would be 
expanded to protect cities. 

Mr. Ikle acknowledged that 
Moscow might fust respond by 
building more cruise missiles and 
bombers that could sneak under 
tbe defensive shield. 

But even in that case, he said, the 
nuclear balance would be more sta- 
ble because those weapons are 
much slower. 


82 Gang Members Held in U.S. Sweep 

WASHINGTON (NYT) — Federal agents in eight states, aided by 
hundreds of slate and local law-enforcement officers, have attested 82 
members and asso ciates erf tbe Bandidos motorcycle gang on narcotics 
and weapons charges. . 

The gang is suspected of being involved m the manufacture and. 
distribution of dangerous drugs, especially stimulants such as iratham- 
phetamine, or speed. Wffijam H. Webster, director of tbe Federal Bureau 
of Investigation, and Francis M. Mullen Jr., head of the Drug Enforce-, 
meat Administration, who announced the arrests Thursday, said the 
operation was the largest ever against a motorcycle gang. _ - 

The arrests, in Arkansas, Colorado, Louiriana, Missouri, South Carou? 
na South Dakota, Texas and Washing ton, stemmed from a 16-month 
investigation. According to offidals crf the ding agency, it resulted in 
indictments against 89 people. Additional arrests were expected, they 
gjiid Tbe Bandidos are estimated to have 300 to 400 members nation- 
wide. 


Filipino Rebels Hold Bishop 9 8 Others 


ZAMBOANGA CITY, Phflippmes (AF) — An aimed gang she* cut 
the tires of a Catholic bishop’s minibus on Friday and kidnapped the 
party of 1 1, forcing them into tbe southern Philippine bush. 

Spokesmen for the militan' said they believed the abdu ctors wer e 
Moslem secessionist rebels. Both the Moslem bands and C ommunis t 
guerrillas roam the area of Mindanao Island around the highway oq 
which Bishcv Federico Escaler was traveling to Zamboanga with a party 
of three nuns and seven other companions. 

Father Josi Baca tan of the Jesuit-run Aieneo de Zamboanga college 
said word of tbe kidnapping was relayed to Bishop Escalo’s fellow Jesuits 
by two women in his party who were freed after about three boors. He' 
said tbe abductors apparently let them go because they could not keep up . 
with tbe march through the rough MU country. ‘ 


Explosives Stolen in Luxembourg 


LUXEMBOURG (Reuters) —Half a metric tern of explosives* detona- 
tors and fuse wire were stolen from three quarries in Luxembourg tins 
week, prompting fears they could fall into the hands of anti-NATO 
guerrillas, police said Friday. 

Carrieres Fridt, a. Luxembourg quarry company, said thieves took 500 
kilograms (1,100 pounds) of explosives, one nkmeter (more than half a 


■ Russia Urges More Vigjlance 

Marshal Sergei L. Sokolov, the 
Soviet defense minister, called Fri- 
day for increased vigilance in de- 
fense of Communist gains, Reuters 
reported from Moscow. 

In an article in the Communist 
Party daily Pravda. his first major 
public pronouncement since his ap- 
pointment two months ago follow- 
ing the death of Dmitri F. Ustinov. 
Mr. Sokolov attacked U.S. plans 
for developing a space-based de- 
fense. But, he saicl Moscow was 
ready for business-like arms con- 
trol talks. 

‘The complicated present-day 
international situation, which is 
shaped through the fault of reac- 
tionary imperialist circles, necessi- 
tates a heightening of the Soviet 
people's vigilance and of their 
readiness to rise, aims in hand, at 
any time in defense of socialist 
gains." he wrote. 


mile) of fuse wire and 465 detonators. Police said it was too early to say 
whether it was simple theft or connected with a recent spate of guerrilla 
attacks directed mostly at targets across Western Europe related to the 
North Atlantic Treaty Organization. 

Sources at NATO’s Brussels headquarters said there was consktaable 
concern ova- the incident. Dynamite stolen in Belgium in Jane tamed up 
is attacks in Belgium, West Germany and France. “No one knows for 
sure that terrorists were involved, but tbe Belgian incident is very much in 
people’s minds, and half a Lon is a lot of dynamite,” one source said. 


South Africa Ooses Nuclear Plant 


CAPE TOWN (Reuters) — South Africa’s only commercial nudear 
power station, a French-built plant that began operating last year, has 
been shut indefinitely because of flawed piping, tbe operators said 
Friday. 


The state- run Electricity Supply Commission said it had foand that a 
variety of stainless sled pipes that car 


it carry water, some linked to tbe reactor 
systems, contained iron impurities that could corrode. 

' The senior general manager, l.D. Van der Walt, said there was no 
danger involved in the shutdown of the 2J-biflion-raiid (51^5-bflUon) 

by Framatome of 


Koeberg plant north of Cape Town. The plant, built 


France from a design by Westingbouse, could stay dosed for several 
at the i 


months, sources 


: commission said. 


Cypriot House Censures Kyprianou 

NICOSIA (Reuters) —The Cypriot parliament patted Friday its very 
first censure motion against President Spyros Kyprianou after a two-day 
debate on his Handling of failed talks on the future of tbe divided island 
last month. 

The 35-member House of Representatives voted 23-12 for a motion by 
the rightist Democratic Rally Party criticizing Mr. Kyprianou's handling 
of talks at the United Nations in New York with die Turkish Cypriot 
leader. Rauf Denktash. The talks foundered over the status of a draft 
agreement, which Mr. Denktash said was ready for signature but which 
Mr. Kyprianou said needed further negotiation. 


The motion called for presidential elections unless Mr. Kyprianou 
: draft agreement and ceased to regard himself as 


immediately accepted the < 
representing majority opinion in Cyprus. Mr. Kyprianou is not obliged to 
comply with the House motion. 


For the Record 


The nufitary ruler of Bangladesh. President Mohammed Hussain Er- 
shad, ordered the postponement Friday of Sunday’s deadline for nomina- 
tions for parliamentary electrons, which are scheduled forAprU 6. (AFP) 
South African police sad Friday they arrested a union leader, Tbaza- 
mile Gqweta, on treason charges, the eighth activist held this week for 
allegedly trying to overthrow white rule. (AP) 

Prone Minister Rajiv Gandhi of India will visit the United States, 
France. Algeria. Egypt and Switzerland, in June, the govenunent an- 
nounced Friday. (UPI) 


In New Zealand, It’s Rugby 
Over the Warship Furor 


(Continued from Page 1) 
that was popular in key rural dis- 
tricts that gave Sir Robert's Na- 
tional Party the election. 

Yet the Springbok tour erf 1981 
touched off some of the largest and 
most violent demonstrations in 
New Zealand history. Hundreds of 
people were injured in dashes in- 
volving the police, anti-apariheid 
protesters and rugby enthusiasts. 

New ZeaJand rugby has been a 
major international issue as welL 
Because New Zealand sent its team 
to play in South Africa in 1976. 
mast of block African nations boy- 
cotted tbe 1976 Olympic Games. 

To Mr. Blazev and others, the 
disturbances during the 1981 
Springbok tour were a law-and-or- 
der problem, and the protesters 
were an unruly minority trying to 
stop a lawful event. 

Among those lobbying against 
tbe tour is John Mimo, chairman of 
HART (Hall All Racist Tours). 

He said that middle-dass women 
probably constitute the largest sin- 
gle contingent of people opposed to 
the tour and said the women arc 
also protesting the “male-dominat- 
ed patriarchal society that domi- 
nates New Zealand.” 

Public opinion on the issue 
seems divided, but moving toward 
opposing the tour. 

■ Ban Applies to British, Too 
New Zealand will ban from its 
ports any Brilisb warship carrying 


Thatcher of Britain said Thursday 
in Washington that Britain, Kfce the 
United States, would not disclose 
which of its ships carried nuclear 
weapons. Mr. Lange is to visit 
Washington and London next 
week. 

In a separate move, Mr. Lange 
called in the Soviet ambassador, 
Vladimar Bykov, and told him that 
Moscow should not try to make 
propaganda out of the dispute in 
the ANZUS pact of Australia, New 
Zealand and the United Stales. 


Nathan Pritikin, 
U.S. Nutritionist, 
Commits Suicide 


Compiled by Our Stiff From Dispatches 

SANTA MONICA, California 
— Nathan Pritikin, 69, a nutrition- 
ist who advocated a low-cholsterol 
diet to prevent and treat heart dis- 
ease, committed suicide in a hospi- 


tal in Albany, New York, after a 
resurgence of leukemia, a spokes- 


or suspected of carrying nudear 
weapons, Mr, Lange said Friday in 
Wellington. Agence France- Presse 


reported. 

He said that New Zealand's ban 
on visits -by U.S. warships that 
might have nudear weapons also 
applied to Britain's navy. 

Prime Minister Margaret 


woman for the Pritikin Longevity 
Center here said Friday. 

Mr. Pritikin, 69,, killed himself 
Thursday night, Eugenia K3- 
loran of the Pri HVfn center in Santa 
Monica. 

The Albany county coroner, 
John J. Marra, said; “1 think be 

used a razor to rot his elbows— the 

arteries in his elbows. He bled to 
death.” 

Ms. Kdloran said Mr. Pritikin 
had killed himself because of “in- 
tense suffering” due to leu k em ia 
complicated By anemia, kidney 
failure and impending fiver faihlie. 

(AP. VPI) 



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AIR PATROL — A newly de^gsed UJS. Customs patrol boat surges out of die water 
near Miami as agents rave W illiam von Raab, tbe oo n an b s i oner of customs (second 
from rieht), , a test ride. Tbe 39-foot (12-meter) craft can travel at more than 60 knots, 
said tbe $150,000 cost was offset by tbe sale of forfeited smugglers’ vessels. 

AMERICAN TOPICS 


■e* Nudesrft 


1 -■ '•-.i: 


>n**arejfcp 


Great Lakes Water 
Won’t Flow South 

The eight stales and two Cana- 
dian provinces with shorelines 
on the Great Lakes have signed a 
***(11621 Lakes Charter’* to head 
off any attempt by the booming 
but patched Southwest from di- 
verting the water. 

“This is 8 dear signal to the 
Sun Belt that we stand united to 
protect the greatest fresh water 
resources in the world,” Gover- 
nor James Blanchard of Michi- 
gan said after the signing cere- 
mony in Milwaukee. The 
agreement was signed by state 
governors and provincial pre- 
miere, or their representatives, of 
Michigan, Indiana, Dlinois, Wis- 
consin, Minnesota. Ohio, Penn- 
sylvania, New York, Ontario and 
Quebec. 

The charter binds each of the 
states and provinces to notify 
and consult each other cm any 
proposed major project for di- 
verekra or consumption of Great 
Lakes water. The agreement 
lacks provisions for enforce- 
ment Minnesota’s governor, 
Rudy Perpich. a farmer dentist, 
said, “lx takes time to grow teeth 
— 12 years for wisdom teeth.” 


Low-Kick Brew 
Doesn’t Score 

U.S. beverage manufacturers 
have found that in an age that 
exalts lean looks and healthful 
habits, the “kw” road, as in low- 
fat milk and low-calorie soft 
drinks, is the way to go. Low^- 
calorie beer has done well too. 
But low- alcohol beer — with a 
1.8 percent alcohol content com- 
pared to more than 3 percent in 
regular beer — has failed to 
camh an. (No major A m erican 
brewer has come out with a no- 


aJcobd beer like those some Eu- 
ropean companies are marketing 
in the United State!) 

People complain that low-al- 
cohol beer lacks the “kick” of 
regular beer and tastes watery. 
Bob Colasurdo, a Port Chester, 
New York, distributor, says that 
young men 18 to 25 consume 
more beer than any other group 
and “the young person doesn't 
drink beer because he likes it, bnt 
because he wants a high.” 


Astrological Logic 
And Counter-Logic 

Overheard at brunch at the 
SoHo Elephant and Castle res- 
taurant in New York Gty, ac- 
cording to a New Yotk Times 
reader, Edwin Kennebeck: 

First Man : It’s true I was bom 
on January 10th but Fm not real- 
ly a Capricorn. 1 deride what I 
am, and Fve derided that ITn a 
Leo. 

Second Man : That’s a typical 
Capricorn attitude. 


Keeping Princeton 
This Side of Paradise 

Princeton, New Jersey, has a 
convenient location midway be- 
tween New York Gty and mla- 
delphia, a handsome u niversity, 
some s plendid residences mH a 
number- of .splendid residents 
past and present, such as Albert 
Einstein and J. Robert Oppen- 
heimer, John O’Hara and Joyce 
Carol Oates. 

F. Scott Fitzgerald was enrap- 
tured with Princeton while a stu- 
dent there; and oae of his titles. 
This Sde of Paradise,” could be 
borrowed to describe the place. 
The New York Times reports 
that Princeton also is multiethnic 
and mnltiradal and is hying to 


remain unpretentious. It is an 
uphill effort Some familiar 
haunts on Nassau Street — an 
ice cream parlor and a tobacco 
snore, for example — have been 
replaced by designer-clothes 
stores and gift shops. 

Says Mayor Barbara Boggs 
Sigmund, “We’re experiencing 
te rminal cutesificaticm, boau- 
qudfication and bankification. 
It’s getting so you can’t gp into a 
luncheonette m Princeton with- 
out having those Hamn plants 
hanging down in your face.” 


Short Takes 

lslip Terrace Junior High 
School rat Long Island is oae of 
several thousand schools in more 
than 40 states that keep suspend- 
ed pupils in school instead of 
sending them home for a few 
days. Suspended pupils spend 
the entire school day in a small 
cubtde, doing class work. The 
old idea of let's call Man and 
Dad doesn’t work any more,” 
said Robert J. Sidling, the prin- 
cipal. “We knew when we sus- 
pended a tfydpm he had a day 
off and was not getting anything 
meaningfuL” 

To keep poor people warm 
during this year’s bitterly add 
winter at a cost they or their 
welfare agency can afford, com- 
munity groups and utilities in St. 
Louis and other places in tbe 
Snow Belt are revrang the hearth 
room of old. The groups and 
companies selectively insulate 
and heat only one reran in the 
house to be used during cold 

Electric Instimte in Washington, 
says, “It reverts bade to pioneer 
days, when everybody stayed by 
the fire.” 

— Comp iled bv 
ARTHUR HIGBEE 


U.S. Hopes Trial in Boston Will Expose a f Mafia’ 


By Fox Butterfield 

New York Tiroes Service 

BOSTON — For a long time, 
German) J. Angiulo has ««»**«*«* to 
have good cotinectirais. In 1975, a 


reeled traffic at the funeral of Mr. 
Angulo's mother and provided a 
motorcycle escort for the cortege, 

headed by 17 flower cars. 

Last week, a former teller at dm 
First National Bank of Boston as- 
serted that, for years; the bank had 
accepted paper bags filled with 
cash from Mr. Angiulo and his four 
brothers, who, tbe Federal Bureau 
of Investigation says, made up 
most of the leadership of the city’s 
crime syndicate. Tbe hank has de- 
clined comment. 

Much about the Angulos' con- 
nections may be laid bare next 
month, when they are to go cm trial 
on racketeering charges growing 
out of accusations that they were 
involved in six murders, attempts 

to IriD two witnesses called before a 
federal grand jury, an effort to fix a 
court case against a bookmaker. 

In G triaL a Justice Depart 
meat official said, federal prosecu- 
tors hope to be able to prove in 
court for the first time that an 
American Mafia exists, with all its 
hierarchy and organized criminal 
activity. Others, alleged to be mem- 
bers of organized crime, have de- 
nied that such a cohesive, Salian- 
styie organization exists. 

The central charge against the 
Angiulos is that they were members 
of a aiznmal enterprise that the 
indictment describes as a “family” 
of La Cosa Nostra. The indictment 
was handed op in September 1983 

»nHw {he 


and Corrupt Organization Act Of 
1970, which has become a favorite 
uxd of federal prosecutors in com- 
bating organized crime. 

The law prohibits the operation 
of an “enterprise” by a pattern of 
racketeering. The prosecution cm 
prove r a c ket eering by showing that 
the defendants were guilty of any 


bQlkra in cash transfers with Swiss 
banks and was fined S500j000, a 
record. 

The evidence for the Angulo tri- 
al is based rat mrae than 850 hours 
of conversations secretly tape-re- 
corded bythe FBI in the Ananias' 
shdbby office in the North End, a 
predominantly Italian- American 


the government's protective wit- 
ness program after he testified in 
several trials against underworld 
leaders. 

Mr. Zarmino is quoted as saying 
that Mr. Russo “was a very bril- 
liant guy, who stepped right out 
with a carbine.” 

“We clipped Barboza.” the tran- 


Prosecutors, with 850 hours of secretly taped recordings in evidence, 
want to convict the entire leadership of the crime syndicate in the city 


two of a list of 32 different state or 
federal crimes. 

Moreover, the prosecution here 
is part of increasing efforts by the 
government to convict the entire 
leadership of the crime syndicate in 
a particular dry. Federal prosecu- 
tors previously have been success- 
ful in New Orleans, Los Angeles 
and OeveLand. 

Tbe trial has no connection to 
the Angiulos’ relationship with the 
Bank of Boston, the okiest in the 
country, and long a symbol of Yan- 
kee power. A separate grand jury 
r epor te dly is investigating whether 
the bank accepted the Angiulos’ 
cash without reprating the transac- 
tions to the Internal Revenue Ser- 
vice, as normally required by feder- 
al law. 

Some executives at the bank, its 
nffiwwU conceded, pot the Angiu- 
los on a special list that exempted 
their daaly from the reporting re- 
quirement and allowed them to 
purchase as much as $1.7 million in 
cashier’s checks in 1982 alone. The 
hank alcn pleaded guilty earlier this 
month to failing to report $122 


section of Boston. With federal 
court approval, the FBI implanted 
an electronic eavesdropping device 
in January 1981. Other FBI agents 
' those entering and leav- 
ing the "buHding. where the Angiu- 
los were 

Tbe day after the recording end- 
ed, in May 1981, FBI agents raided 
tbe Angiulos' office and seized 
nearly $700,000 in cash and nego- 
tiable securities. 

A small portion of transcripts 
from die tapes was released by a 
lawyer for Gennaro Angralo in an 
attempt to show there was insuffi- 
yimt evidence for his intfictment. 
He has been in jail since September 
1983 awaiting trail 

In one discussion, between Hario 
Zarmino. who the indictment says 
was then a lieutenant in the An- 
giulo organization, and two men 
described by tbe prosecution as 
Angiulo “soldiers,” Mr. Zannino 
explained why he had recommend- 
ed the promotion of Joseph Russo. 
According to the indictment, Mr. 
Rnsso shot and killed Joseph Bar- 
bosa, the first person placed under 


script continues. “I was with him 
everyday ... He made snap deri- 
sions. There, he couldn't get in 
touch with nobody. And he accom- 
plished the whole pot.” 

In another conversation, Mr. 
Zannino and Mr. Angiulo talked 
about the slaying of Walter Ben- 
nett, a local underworld figure. 

Mr. Zannino: “You know Fran- 
kie Salemme? . . . Where do you 
think Frankie was? He was in tbe 
beach wagon inside a carton and he 
got the gun at Walter Ben- 
nett’s bead... If you see him make 
a move, crack him. Call Lany over 
to the car. Larry will take and 1 
him.” 


I bury 


Mr. Angjuk): “No problem.” 
According to the indictment, Mr. 
Angiulo, 65, was the “underboss” 
of the New England branch of La 
Cosa Nostra, headed by Raymond 
L.S. Patriarca, in Providence, 
Rhode Island. If convicted of all. 
counts, Mr. Angiulo could face a 
sentence of 170 years in prison, a 
fine of $240,000 and die forfeiture 
of much of Ms property. 


Filibuster Goes On os Reagan Orders Aid for Farms 


His older brothor, ^uoreNiMjo 

Angiulo, was indicted as tbreoun- 
seSSrSth Mr. Zanano, Danw> 
Angiulo, and Samuel ^Grajuro 
described as lieutenants. Twootner. 
Angiulo brothers. Francesco, f.An- 

S and Michele A. Angudo. were. 

listed as soldiers- Mr- Zannmo says- 
he is too 31 to stand trial- , 

was voy good at making money,, 
said a former assooatewbo rc- 

disciplined, and good at analyzing 
Ms legal and financial situation. . 

His two real estate companies,' 
tbe Huntington Realty Co. and 
Federal Investment Inc., neia 
properties such as the fanner KOr 
more Hotel, which was add .for 
5800,000 in 1981 to Boston Univer- 
sity for drandtory use. 

But on a secret t^pansof 
which were made pubbe by the FBI 
in the 1960s after an investigation, 
Mr. Angiulo says; “My Hving is m 
the nnmbera business.” 

Gennaro Angiulo lived in a spa- 
dons oceanside compound, with a 
sw imming pool in Nahant, a fash- 
ionable suburb with a fine view of 
Boston’s skyline. Henry Cabot 
T jvtge was boro only a few bouses 
down the road. Mr. Gennaro also 
went fishing on a 68-foot- motor 
yacht. whk£, the FBI said in a 
court document, was purchased for 
$300,000 with cashier's checks 
from the Bank erf Boston. 

Mr. Angiulo has been held with- 
out hall since Ms arrest in 1983. His. 
prolonged incarceration and the . 
evidence that tbe government pens- 
trated Ms organization may have 
cost him his leadership post, the 
authorities believe. An FBI agent 
has reported that Mr. Angiulo has 
been demoted to a mere soldier. 


The Associated Pros 

WASHINGTON — President 




tioaofthemdby 
ton who had said it did not offer 
farm er* ewongh relief. 

The tann- stale Democrats, who 
had been, blocking other Senate 
business in support of farm aid, 
«i<t later Friday that the adminis- 
tration's actions constituted pro- 
gress. They contended that Mr. 
Reagan would not have done any- 
thing without the pressure from the 
senators who have refused to give 
up the Senate floor fra three days. 

However, the Senate majority 
leader, Robert J. Dote erf Kansas, 
whose state has many farmera, said 
Mr. Reagan’s action left those car- 
rying oat the filibuster “standing 
out there naked. It ought tobe over 
now.*** 

The Reagan plan would liberal- 
ize somewhat the requirements for 


fanners to obtain credit under tbe 
administration’s previously an- 
nounced relief package of $650 mil- 
lion in farm credits. 

Tbe new measures include a 
sligh t earing of qualifications fra 
farm banks reeking UJL guaran- 
tees of risky bans and increased 
guarantee levels, as well as assur- 
ances that adequate credit will be 
made available in tiim» [or spring 
planting to fanners with credit 
problems. 

The Democratic leader, Robert 
C Byrd of West Virginia, said Fri- 
day the administration Had edged 
closer to the Democrats* demands, 
but he said be wanted assurances 
that the foil Senate would be able 
to vote next week on a more liberal 
Democratic credit-aid package 
now moving through the House. 

“Until we can get that nailed 
down,” Senator Byrd said as the 
filibuster continued Friday, “we’re 
not in a position to say we’ve got an 

agreement -> .. - • - 


Senator James R. Sasser, Demo- 
crat of Tennessee, sab Friday that 
a draft of a new proposal received 
from Apiculture Secretary John R. 
Block “appears to be much more 
satisfactory" than the one received 
Thursday. 

In an anwirymcement that fol- 
lowed die collapse Thursday night 
of to expand adminis- 

tration relief efforts, the presiden- 
tial spokesman, Lany Speakes, 
said Mr. Reagan ordered Mr. Block 


on Friday “to fully implement ex- 
itiouaty tbe poUries set forth in 
the agreement that was presented 


pedit 


the policies set forth in 
that wai 

. . which the Democrats' said last 
night they would not accept. 

“It is the president* s desire,” Mr. 
Speakes said, “that we move quick- 
ly an an administrative baas with- 
out the necessity of legislation so 
that we can provide adequate fund- 
ing for the planting season, which is 
be ginning m many sections of the 
cpuntiy. . 


Several Senate Republicans, in- 
cluding Senator Dole, had urged 
the administration to announce its 
plan after negotiations to resolve 
the filibuster broke down late 
Thursday. The filibuster has held 
up the confirmation of Edwin 
Meese 3d as attorney general. 
There was no movement Friday to- 
ward Mr. Meese’s confirmation. 

[Republican senators vowed Fri- 
day to keep the Senate in session 
until Mr. Meese’s nomination was 
approved. United Press Interna- 
tional reported.] 

Tbe filibuster began Wednesday 
and has continued despite Mr. 
Reagan’s insistence that bis emer- 
gency farm credit program is ade- 
quately aiding farmers. 

The offer to liberalize slightly the 
rutes of the adnrimstration’s loan- 
guarantee program was unani- 
mously rejected by Democrats, 
who called it too weak. 


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1 


Kidnapping Case Strains U.S. -Mexican Relations 


J By RonaldJ. Ostrow 

Las Angela Tunes Service 

- WASHINGTON — Friction 
over increased border searches for 
Bues to the whereabouts of a kid- 

full-blown a Jq^omatic dis- 
puter&etween the United States and 
Mexico. 

Mexico’s . ambassador formally 
expressed “deep concern” to the 
United States over tbe searches and 
fjJS. of ficials' have complained that 
a. Mexican court in Guadalajara is 
{pampering their investigation of 
the ki dnapp ing. 

Ambassador Jorge Espinosa de 
lbs Reyes met Thursday at the State 
Department with Kenneth W. 
Dam, a deputy secretary of state, 
and protested that the border ' 


crackdown is “inconristeat with 
tbe spirit of friendship and under- 
standing.” 

- The U.S. ambassador to Mexico, 
John Gavin, returned to Washing- 
ton Wednesday night for consulta- 
tions. 

US. officials indicated that the 

istcred^cars crossing the border 
may be relaxed soon. 

Tbe searches, which are causing 
■long delays at border crossing 
points, were instituted last week, 
mainly in an effrat (o tnm up cMes 
in the Feb. 7 abduction in Guada- 
lajara of a Drag Enforcement Ad- 
ministration agent, Enrique Ca- 
in area a Salazar, and the 
kidnapping erf a Mexican pilot, Al- 
fredo Zavala Avelar, who flew oc- 
casional missions for the agency. 

But U.S. officials acknowledge 
privately that the step also was de- 
signed to pot pressure on Mexican 


question.” The Mexican note also 
complained that the searches woe 
instituted without consulting (he 
Mexican government 

Both the Mexican government 
and UJ>. border cities have com- 
plained that the searches have cre- 
ated massive traffic jams at border 
checkpoints and devastated UJS. 
businesses dependent on Mexican 
customers. 

■ Links to Colombia 

In Miami, an agent of the 
Enforcement Administration 
Thursday that drag traffickers sus- 
pected of kidnaping Mr. Camarcaa 
in Guadalajara are believed to have 
joint drag operations with Colom- 
bian traffickers, The Washington 
Post reported. 

Arthur SediBo, a Drug Enforce- 


ment Administration agent sta- 
tioned in Mexico, identified the 
suspects as members of the Miguel 
Fehx Garrardo and Rafael Caro 
Qui terra drug-trafficking families. 
“They have merged their activities, 
and they are not restricted to one 
drug,” Mr. Sedillo said in testimo- 
ny before the President's Commis- 
sion on Organized Crime. “They 
are planting opium and marijua- 
na,” he said. The commission cm 
Friday completed two days of hear- 
ings on heroin trafficking. 

The abduction of Mr. Camarena 
came up several times during the 
hearings. John C Lawn, the deputy 
administrator of the Drug Enforce- 
ment Administration, testified that 
drag traffickers in the Guadalajara 
area have threatened witnesses to 
the abduction. 


If**®' PollCC Chief SayS signed to put pressure on Mexican ito or i ri 1 jp* _ g-% 

ll r Goetz Didn’t Act ^ , ^ efI ® s Lubo, First Group 

af-llip ^ In Self-Defense expressed friistiation over a Mexi- Of Jaded Boatlift Refugees 

** 1 can federal courts issuing of an J J J. U 


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New York Tima Service 

/ NEW YORK — The city’s po- 
lice commissioner, Benjamin 
Ward, asserted that Bernhard H. 
Goetz, who shot four yotmg men 
who surrounded Mm on a New 
York subway train, did not act in 
self-defense and shopkl have bees 
indicted "for some level of assault, 
right up to possible attempted mur- 
der.” 

Mr. Goetz shot two erf the youths 
in the beck, the commisskHier said 
Thursday. *1 don’t think, legally, 
any lawyer believes that what 
Goetz did was self-defense, not as 
to the two with the boles in tiidr 
bade,” he said, *»Vmg a position 
tlnif put him in d i rect conflict with 
Mayor Edward L Koch. Both men 
are lawyers. 

A New Yak grand jury has in- 
flicted Mr. Goetz fra criminal pos- 
session of a gun but not fra at- 
tempted murder. 

* “The facts that make out a self- 
defense argument are not there, 
based on the information known to 
me and the information that’s in 
the press,” the ccsruuzsszooer said. 

He added that the overwhelming 
pubhc support fra Mr. Goetz had 
not surprised tom. “Tm not sur- 
prised that you can round up a 
lynch mob,” he said. *T think that 
the same kmd of person that comes 

ait and applauds the lynching is 
the first that cranes out and ap- 
plauds someone that shoots four 
kids.” 

. After initially voicing concern 
about people “taking the law into 
their own nands,” the mayor has 
become supportive of the decision 

toindtotG^fracriimnalposses- 
aonof a gun but not for attempted 

Murder. He now maintains that 
Mr. Goetz acted in sdf-defense. 


amparo — a sort of restraining or- 
' der — on behalf of suspected drug 
traffickers in Guadalajara. An am- 
paro, wMch means to shelter or 
protect, is issued to protea people 
who claim they are being harassed 
by (xrftee. UJS. officials said the 
court order bad Mocked the ques- 
tioning of 10 to 12 suspects and 
stymied Drag Enforcement Ad- 
ministration investigators. 

Earlier in the investigation, the 
U.S. attorney general, William 
French Smith, curled his counter- 
part in Mexico to protest the re- 
sponse of Mexican officials to Mr. 
Camarena’s abduction. In addi- 
tion, President Ronald Reagan has 
written to President Miguel de la 
Madrid of Mexico to express con- 
cern. 

Edward Djergian. a State De- 
partment spokesman, on Thursday 
turned aside questions of whether 
Mr. Gavin, who is also rfisnzsring 
the general safety of Americans in 
Mexico, had recommended that 
Americans be warned not to travel 
there. “Those are internal U-S. de- 
liberations which 1 can't be drawn 
into.” he said. 

. Mr. Espinosa’s complaint, which 
Mr. Djergian said “will be given 
close attention by us,” asserted that 
border searches “cause unneces- 
sary irritation for the population of 
bordering cities in both countries 
and do not resolve the problem in 


New York Times Service 

ATLANTA — Twenty-three 
Cabans have been flown to Ha- 
vana, the first of more than 2,700 
unwanted refugees who could be 
sent back as part of an agreement 
between the United States and 
Cuba. 

US. immig ration officials said 
the 23 men u) Thursday’s group, 
Kke most others being Mid as un- 
desirables in U.S. government japs 
and mental hospitals, had commit- 
ted serious crimes either in Cuba or 
the United States. Therefore, they 
were subject to deportation be- 
cause they were legally ineligible 
for residence in the Umted States. 

In return fra Cuba agreeing to 
accept tbe return of 2,746 refugees 
from tbe 1980 boatlift, tbe United 
States has promised to allow about 
20,000 Cubans to immigrate each 


year. About 1,750 of the refugees 
awaiting transfer to Cuba are in the 
Atlanta Federal Penitentiary. 

Earlier Thursday in Atlanta, the 
U.S. Court of Appeals cleared the 
way for the deportation of 16 of 
theCubans who were sent to Ha- 
vana when h overturned an order 
from a federal district judge. The 
judge had forbade their deporta- 
tion because of what he called un- 
resolved legal issues. 

While armed guards looked on, 
the Cubans, dressed in bine prison 
overalls and wearing wrist mana- 
cles, boarded the airplane, parked 
more than 700yards man the near- 
est building. They were accompa- 
nied on tbe two-hour flight to Cuba 
by nearly 30 guards ana other offi- 
cials of the Immigration and Natu- 
ralization Service and the Bureau 
of Prisons. 



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ace4 



SATURDAY-SUNDAY, FEBRUARY 23*24, 1985 


Wer^tioival 




Messages From Thatcher 


feSS?® frequently perform 
semce of conveying European arm- 
presidents. Ttafu what 
™>??ret Ttedier was doing in the past few 
Wash ington. Because she aaSSTwith 

of the world, and is a 
^Svative m his sense of the word, she can 
Retake that delicate duty with less risk of 
“^^tetandaig than other West European 
pwjUnans mighL In her address to Congress 
sne ranmded her audience that Europeans 
“nader themselves to be active contributors 
to the alliance, entitled to a voice in the great 
questions of Western policy. 

Regarding the Strategic Defense Initiative, 
Mr. Reagan’s project to build a defense against 
nuclear missiles, she underlined an important 
distinction. She firmly supports his decision to 
puisie the scientific research that the concept 
requires, she told Congress. Bttt deployment is 
another matter. The United Slates and the 
Soviet Union have signed a treaty limiting 
anti-balhstic missile systems. If research now 
leads toward deployment, “that would of 


coursejte a matter for negotiation under the 
treaty." Those words “of course" were a tact- 


ful touch. In fact there are people in Washing- 
ton who talk as if the treaty were almost a dead 
letter. In urging Americans to keep any new 
developments wi thin the bounds of 


arms centred agreements, Mrs. Thatcher was 
reflecting a view deeply held in Europe. 

With similar tact, rite cast the economic 
issues in terms of the industrial countries' 
obligations to the Third World. She was too 
restrained, and too skillful, to make any refer- 
ences to subjects of such local sensitivity as 
budget deficits and trade balances. But she 
observed that the ways in which “we in the 
developed countries” manage economic policy 
affect growth rates and the availability of capi- 
tal for everyone else. Europeans are sharply 
aware that their own prosperity depends on 
the American expansion mid what happens 
neat to the American dollar. 

Europeans see the American economy slid- 
ing farther and farther out of balance under a 
government that keeps congratulating itself on 
its economic successes. The Europeans worry 
about a United States that seems prepared 
simply to ignore the growing extent to which 
its good life depends On money borrowed from 
(he rest of the world. Amid the pleasantries 
and compliments, she said: “We cannot 
preach economic adjustment to thorn’' — the 
poor countries — “and refuse to practice it at 
home.” That line should have made, her audi- 
ence, both at the Capitol and at the White 
House, at least a little uncomfortable. 

— THE WASHINGTON POST. 


Failure in Buenos Aires 


When a country's economic strategy proves 
bankrupt, a change in economic leadership is 
called for. That alone justifies the resignations 
of Argentina's economics minister, Bernardo 
Grinspun, and the president of its central 
bank, Enrique Garda Yfizquez. But there is 
little indication that this shakeup fresh 
policies rather than merely fresh faces. 

The 14-monlh-old government of President 
Rail Alfonsin deserves credit for its political 
and moral achievements. It has restored con- 
stitutional government in a country that ap- 
peared for several decades to have gone astray. 
But in the all-important task of revitahring a 
debt-ridden, inflationary economy, the gov- 
ernment has been an almost total failure. 

Mr. Alfonsin wasted a year and much politi- 
cal credit trying to drive a tough bargain with 
Argentina's foreign creditors. The terms he 
finally obtained were harsher than those grant- 
ed by the game creditors to the more concilia- 
tory government of Mexico. 

Argentina is now unlikely to keep its pledge 
to the IMF to halve the 600-percent inflation 
rate of October 1984. Instead the rate has 
continued to rise, reaching 25 percent in Janu- 


ary alone. Highly publicized negotiations for a 
“social pact” between business and the unions 
have so far yielded only pledges of short-term 
wage and price restraint, and have postponed 
more sensitive questions of employment and 
real wages. Meanwhile, both Argentine and 
foreign investors have been scared off from all 
but the most speculative ventures. 

The closest thing to a coherent program has 
been the government’s recently proclaimed 
five-year plan far economic development, em- 
phasizing export industries. But even that js 
more an articulation of ends than of means. 

Juan Sourrouflle, the principal author of 
that plan, is the new economics minis ter. But 
the impetus for reform can come only from 
Mr. Alfonsin hims elf. Only he, if anyone, has 
the mandate to bargain for the cooperation of 
Argentina's powerful unions, most of which 
are allied to the Peronist opposition. 

Mr. Alfonsin aim* to become the first elect- 
ed president of Argentina in 30 years to serve 
out his constitutional term. But to save himself 
and democracy, he will have to put his eco- 
nomic house in order without further delay. 

— THE NEW YORK TIMES. 


Other Opinion 


Reagan’s Teisty little Indy’ 


The passages [in Prime Minister Margaret 
Thatcher's address to the U.S. Congress] quot- 
ing President Brezhnev on the “total triumph 
of socialism all ova 1 the world," the bits about 
Soviet “global hegemony," subversion and ex- 
pansionism and the attack on the “muddled 
arguments” of those who believe that “Rus- 
sia's intentions are benign” lode a little ally, 
nay groveling, when stacked against what the 
prime minister [was] saying to Mikhail Gorba- 
chov two brief months ago. Then Mrs. Thatch- 
er was hymning the need to “build up confi- 
dence arid trust in one another and in each 
other’s approach.” So what happened? Notih 
ing happened. Only the audience changed 
There may be some temporary benefit now 
in being perceived as Ronald Reagan's feisty 
little lady across the water. That, however, is 
not necessarily a benefit that win endure. 

— The Guardian (London). 


followed through on them. Rather than react- 
ing as Mr. Weinberger did, it would be wiser to 
treat them, as Mr. Papandreou himself did 
recently, as “squabbles between friends.” 

— The Bosion Globe. 


Imperfect History on Deadline 


Papandreou Goads Washington 


The Greek government continues its nicely 
calculated balancing act between the United 
States and the Scndet Union. 

Prime Minister Andreas Papandreou visited 
Moscow to meet top Soviet leaders. Almost 
anything be said there was likely to irritate the 
Reagan adminis tration. Last month Mir. Pa- 
pandreou said that he would order the with- 
drawal of American nuclear weapons from 
Greece unless all the Balkan countries were 
declared a nuclear-free zone. 

This is one of those empty ideas that is 
periodically talked up and never goes any- 
where. Instead of ignoring the prime minister's 
comment. Secretary of Defense Caspar Wein- 
berger rushed forth saying that Mr. Papan- 
dreou’s remarks threatened “a serious weaken- 
ing of NATO." [Mr. Papandreou’s] hints and 
threats can get tiresome, but he has never 


Now that the celebrated libel cases brought 
by Ariel Sharon and William Westmoreland 
have ended, consider these questions: Did Mr. 
Sharon encourage Lebanese militiamen to 
murder Palestinian refugees? Did General 
Westmoreland mislead Ins bosses by down- 
playing the size of the opposition force in 
Vietnam? Most of us, I suspect, still cannot 
positively answer those questions, despite 
months of testimony and volumes of evidence. 

So pity poor reporters wrestling with such 
issues under deadline pressure. Imagine how 
much harder it is for them, if high-powered 
lawyers, armed with millions of dollars, 
months of time and government subpoena 
power, cannot get to the bottom of issues. 

Typically, reporters have a few hours until 
deadline, a rough idea of what they need to 
know and only their own silver longues as 
leverage with sources. Then they face an editor 
who barks at them, as one does in Thomas 
Thompson's book “Celebrity" — “Take a deep 
breath and lei it come ouL You got seven 
minutes.” The story may not be perfect 
After the two libel trials, the public should 
have a better understanding that reporting is a 
complex and difficult process, where truth is 
elusive and often deliberately obscured. It 
should show more patience with the inevitable 
errors and abuses, and support open records, 
public meetings and the general forthrightness 
needed for fair and accurate reporting. 

— Cart Sessions Stepp, a former reporter 
who teaches journalism at the University 
of Maryland, writing in The Baltimore Sutl 


FROM OUR FEB. 23 PAGES, 75 AND SO YEARS AGO 


1910: Riots Spread in Philadelphia 
PHILADELPHIA — Rioting was renewed 
ast night [Feb. 21] and continued until late 
his afternoon, nearly 7,000 police being tm- 
ibie to restore order as sympathy for the street 
;ar workers' strike spread. ’Die Mayor ap- 


teahxi to the military authorities for help, and 
1,000 of the State Militia were drafted into the 


jty. The appearance of the troops seemed to 
[rive the strikers into even greater fury, and 
everal desperate conflicts took place. Bayonet 
barges, however, only temporarily cleared the 
trcets, and as soon as one mob was dispersed 
noiher congregated in a different part of the 
[ty. Pitched battle between police and the 
Bikers occurred in the Germantown district, 
nd one man was killed. The police have been 
reated so savagely that their patience is ex- 
austed and they are now using their chibs as 
idously as their opponents have done. 


1935: A Determined Aviator Sails 
NEW YORK — Colonel Hubert Faimtieroy 
J ulian, “the Black Eagle or Harlem,” onetime 
Air MmistCT of Ethiopia, resplendent in a sky- 
blue uniform and spurred riding boots, sailed 
[on Feb. 22] on the liner Europe to offer his 
services to Emperor Ras Taffari Makcnnen, 
should there be a war between Abyssinia and 
Italy. Colonel Julian, who has the distinction 
of bring the first man to attempt a flight from 
New York to Abyssinia —the flight ended in a 
crack-up in the Harlem River a few yards from 
the take-off — would have preferred to fly to 
Addis Ababa, but was forced to admit that 
flying conditions were not ‘'propitious." Colo- 
nel Julian hopes the Emperor will again place 
him in charge of the Abyssinian air force, a 
post from which he was ousted when, in 1930, 
he crashed a plane al the feet of the Emperor 
during the latter’s coronation ceremonies. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chatman 1958-1982 


KATHARINE GRAHAM. WILLIAM S. PALEY , ARTHUR OCHS SULZBERGER 

GbChairmen 


UUP M. FOISIE 
ALTER WELLS 
3BERTK McCABE 
IMUELABT 
\RLGEWDRTZ 


LEE W. HUEBNER, PuUbhcr 
Exeaene Editor KWD] 1 

Associate Edtoor 


Deputy Editor 


Associate Pvbtuher 
Associate Pubiahar 
Director af Opgmtsms 


SIEFxlATI n.wDnnn* Vj UF"*™ 

FRANCOIS DESMA1SONS Director of Clrcutamm 
ROLF D~ KRANEPUHL Disratr of Advertising Saks 

— K 

mmssssSSsF** 


on 



Observe the Fine Print in the SDI Support 


W ASHINGTON — By the Pragmatic Sanc- 
tion, Emperor Charles VI won pledges 
from other European rulers to accept his daugh- 
ter Maria Theresa as empress of the Hapsburg 
domains. When she succeeded him in 1740, Prus- 
sia, Bavaria, Saxony and other states broke their 
promises, precipitating the War of the Austrian 
Succession. Since then a basic diplomatic princi- 
ple holds that states should not be asked to make 
promises that they cannot be expected to keep. 

That principle is bring flouted in the selling of 
President Reagan’s Strategic Defense Initiative. 
Mr. Reagan has been so extravagant in backing 
“star wars” that to cast doubt connotes con- 
tempt Thus an implicit loyalty test obliges 
American and allied officials to endorse the SDI. 
But the fine print in the pledges of support 
reveals bottomless misgiving. 

A ringing note of enthusiasm for the project 


By Joseph Kraft 



was sounded at the outset by Mr. Reagan. An- 
nouncing approval for SDI research in a speech 
on March 23, 1983, he said it would ^render 
nuclear weapons “impotent and obsolete.” In his 
inaugural address this year he struck the same 
ecstatic tone, describing the SDI as “the most 
hopeful possibility of the nuclear age” — a “way 
of eliminating the threat of nudear war.” 
Secretary of Defense Caspar Weinberger is 
almost as enthusiastic as the president Bui he 
knows that many people, especially in West Ger- 
many, think development of the system would 
violate the anti-ballistic missile treaty of 1972 
and unleash a new arms race with the Soviet 
Union. So a speech, delivered for Mr. Weinber- 
ger to a conference in Munich on Feb. 10, said 
modestly, “President Reagan has proposed noth- 
ing more than that we explore the possibility of 
defending ourselves and our allies against ballis- 
tic missiles through a research program that is 
entirely consistent with our treaty obligations.” 
Secretary of State George Shultz knows even 
better that the most likely outcome of the re- 
search program would be a better capacity to 
defend particular missile sites against an enemy 
strike. He also undezstands that even if a total 
defense could be developed, both superpowers 
would want to keep some nudear weapons as a 
hedge against conventional attacks. So in testi- 
mony to the Senate Foreign Relations Commit- 
tee on Jan. 31 he delivered a truly minimal plug, 
saying of the SDI, “Defensive' measures may 
become available that could render obsolete the 
threat of an offensive first strike." 

British Prime Minister Margaret Thatcher un- 
derstands that the United States, under the force 
of the Reagan rhetoric, could renege on its pledge 
to use the threat of assured destruction to block 
Soviet aggression in Europe. So, in her speech 


endorsing the SDI to Congress an Wednesday 


she inserted a warning from Winston Chord 
against American abandonment of the deterrent 


strategy. Chur chill said in his last address to 
Congress. Mrs. Thatcher recalled: ‘^Be careful 
above all things not to let go of atomic weapons 
until you are sure, and more than sure, that other 
means of preserving peace are in your hands ” 
Chancellor Helmut Kohl also understands 
that a move from research to development of the 
SDI would break the 1972 ABM treaty ard 
probably poison hope for an arms control ac- 
cord So in declaring Ms support for the SDI at 
the Munich conference, he stipulated anew that 
it “is a research program.” sanctioned by “the 
ABM treaty." Mr. Kohl said: “With the SDI the 
United Stalraisuyingtofindawayinadialogue 
with the Soviet Union to reduce dependency on 
nudear offensive weapons over the long term.” 
What all this adds up to is a pious fraud The 
American people, contrary to an impression giv- 
en currency by the Reagan rhetoric, are commit- 
ted to peace and full of doubts about growing 
nudear stockpiles. The only way to sell them on 
yet another huge new weapons program is to 
«]uaie it with the dream of a world without 
nudear weapons. Hence the constant reiteration 
by the president that the SDI holds out the 
possibility of making such weapons “obsolete." 

Most American and allied officials know that 
this claim is bogus. But instead of taking a 
powerful president head-on, they speak with 
forked tongue. They praise the SDI in terms faint 
to the point of early damnation. 

The test will come in arms control negotiations 
with the Russians. Moscow has made plain that 
scrapping the SDI is a condition for reducing 
intercontinental and medium-range missiles. 

Most of the allies, and some American offi- 
cials, believe that Mr. Reagan, given a chance at 
a solid arms control agreement, could be talked 
out of his support for “star wars." So if arms 
control is to have a chance, there must intervene 
a de-bamboori emen t of Ronald Re agan . 

So far it is hard to see which of his advisers will 
have the guts to declare that with the SDI he risks 
becoming an emperor without clothes. 

Las Angeles Tunes Syndicate. 


To Do Its Job, the Fourth Estate Must Earn Its Way 


P ARIS — Under the ancien regime 
there were three estates — the 
nobles, the dergy and the bourgeoi- 
sie. There never was a fourth. 

But with the spread of demands for 
liberty and democratic institutions, 
public opinion became an important 
source of power. Hence, the press, as 
the vehicle for information on which 
to base opinion, came to be called 
“the fourth estate.” 

It has been faring various kinds of 
trouble in democratic countries, all 
essentially about the way the power 
of information should be used and 

mumagp d, whirh aknmwms finanry-ri 

In the United States, extravagant 
Hbd suits by Israel's General Arid 
Sharon and America's General Wil- 
liam Westmoreland challenged re- 
ports on how military decisions were 
maHp- The results were not punitive 
in themselves, but the trials imposed 
tremendous fin an cial burdens on the 
defendants. Still, the results helped to 
buttress the law on the right to dig 
out the undertide of public policy. 

In Britain, the case of dive Pout- 
ing, whom a jury acquitted of im- 
properly giving Parliament a govern- 
ment paper, did not involve the press 
but did provoke broad criticism of 


By Flora Lewis 


won 


extremely constraining Official 
rets Act. The verdict reflected a 


the 

Secrets 

public sense (hat the right to conceal 
information about national affairs 
should not be total and arbitrary. 

fix France, the current problem is 
more prosaic but no less crucial 
to independent responsibility. Le 
Monde is in grave trouble. It cannot 
pay its bills and needs a quick infu- 
sion of some S2Q milli on to survive 
and have a chance to flourish a gain. 

Le Monde is France's most serious, 
important national newspaper. It is 
hard to imagine what France would 
be tike without it Twenty percent of 
its circulation goes abroad, to Europe 
and French-speaking Africa. It is one 
of the great voices of the world press. 

It was founded in 1944 after the 
liberation. Existing papers had been 
compromised by collaboration with 
the Nazis: the others had ceased to 
exist under the occupation. General 
de Gaulle charged Hubert Beuve- 


Mfeiy with establishing a reliable ; 
per free of the corruption and wil 
distorted politics of the prewar press. 


assure independence, effective con- 
trol was put in the bands of the pa- 
per’s journalists — worker self-man- 
agement in a modified form. 

It worked marvelously for a time. 
The paper was prosperous enough to 
finance itself. But in the last few years 
circulation dropped from a peak of 
450.000 to 350,000 and debts piled 
up. The cumulative effects of high 
salaries, overstaffing, encrusted hab- 
its and idiosyncracy took their toIL 
Andre Laurens, who look over Tor 
a while last year, failed to persuade 
the staff that some drastic measures 
were needed. So he resigned and they 
voted in a new director last month. 
Andrh Fontaine. It is his job not only 
to tighten tip and spruce up. but to 
find the funds to keep the paper ahve. 
The problem is how to raise money 
without abandoning control 
Le Monde has always been an es- 
tablishment paper, but Mr. Laurens 
sees it as having a tradition of opposi- 
tion. Mr. Fontaine concedes that it is 
normally “deferential" to authority, 
but it makes its own derisions. For a 



There was, of course, the old prob- 
lem of money and management To 


long time it tilted left, which pro- 
Socialisls 


voked friction when the 


for diversity and recognition 1 
fourth estate needs to represent ev- 
erybody outside the halls of power. 
The New York Times. 


What Galbraith Meant About Guts in the Embassy 


N EW YORK — A high time is 
being ta d in the diplomatic 
world in reaction to what the U.S. 
Ambassador to France, Evan G. 
Galbraith, said to New York Times 
reporter John Vinocur (IHT. Feb. 
14) about the difference between 
professionals and non-professionals 
out in the diplomatic world. Alas, 
what came out of it all is a classic 
example of what students at rheto- 
ric long ago classified as “ignoratio 
denchr — taking up an argument 
by addressing yourself to something 
different from what was said. 

Consider Secretary of State 
George Shultz. He was encouraged 
to believe, both by the distorted 
account of the newspaper story and 


By William F. Buckley Jr. 


by a few of its rabid exegetes, that 
Mr. Galbraith was questioning even 
the virility of the Foreign Service. 


Why else say, for instance, referring 
to a U.S. diplomat killed in Namib- 
ia last April: “The guts that [For- 
eign Service officers] display is just 
really inspiring. Til rive you an ex- 
ample that apparently Ambassador 
Galbraith has no knowledge of. See, 
his knowledge is not complete. 
When Mr. {Dennis} Keogh was 


ays 

some 31 volunteers from the For- 
eign Service to go and take his place 
in that dangerous assignment. So I 
think that when be says, ‘It takes the 
guts out of people,’ somebody ought 
to tie his tongue for him.” 

Which indeed somebody should 
do — if that was what Mr. Gal- 
braith said, let alone intended to 
say. But he was talking about some- 
thing entirely different, and what he 
said is indisputably correct 
Mr. Galbraith is making no point 
whatever about the personal physi- 
cal courage of the Foreign Service. 
These are people who go out and get 
killed in pursuit of duty. He was 
talking about a complaint which is 
really quite common, and has been 
for many years, and is probably a 
birthmark of democracy. 

John F, Kennedy is quoted in 
Arthur Schlesingers book as groan- 
ing and moaning about the State 
Department's “[expletive deleted] 


’stan a nuclear war. Harry Truman 
expressed total exasperation at his 
inability to consummate a particu- 
lar objective in Latin America. 

Why should this be so? A retired 
professional diplomat, Lawrence S. 
Eagleburger, wrote about it in the 
Foreign Service Journal of last No- 
vember. He spoke of a need for “the 
willingness to tell people what you 
think, even if that will hurt your 
career or get you in trouble." 

Thai Mr. Eagleburger said, is the 
kind of guts that tends to be dis- 
couraged in the Foreign Service, as 
in the bureaucracy in general. “Not 
whether you're willing to stand on 
the street corner in the middle of a 
revolution as bullets whistle around 
your head. That’s not the kind of 
guts I’m talking aboul” 


it from the point that Mr. 
Jbraith — like Mr. Eagleburger 
" — was trying to make, it is that 
there builds into all bureaucracies a 
tendency to go with tfaezeitgeisL 
An example of that right here and 
now is the supercilious position 
egged on us by many members of 
the American scientific establish- 
ment together with the pacifist wing 
of the intdligienlsia, whose meaning 
is: Lay off “star wars.” And the 
easiest way to do that is to agree to 
suspend work on it in return for the 
pleasure of Soviet company at the 
negotiating table: 

President Reagan is against any 
such concession. So is Ambassador 
Galbraith — who is in Paris at the 
pleasure of the president 
Mr. Galbraith mil soon have left 


Paris and gone back to the private 
Jour 


You can hardly be plainer than 
that but the reporter aid not men- 


in capacity" to implement President 
John F. Kennedy's foreign policy. 


lion the Eagleburger essay on which 
Mr. Galbraith was elaborating, the 
result being that everybody — in- 
cluding Mr. Galbraith — had to go 


killed in action doing a job for peace 
in southern Africa, within a matter 


Lyndon Johnson complained 


that about the only thing an Ameri- 
can president could actually do was 


around saying the obvious things, 
that For 


namely that Foreign Service officers 
are distinguished professionals. 
Bui you see, that redirects the 


sector. As the Wall Street Journal 
editorialized, commenting on the 
whole issue, this is a shame. Mr. 
Galbraith arrived in Paris four 
years ago, one-half Cotton Mather, 
one- half Will Rovers. And he got 
the word around mat glittering cos- 
mopolitan center. Ronald Reagan’s 
word. It sounds just fine in French: 
A bas les common isles! 

Universal Press Syndicate. 


LETTERS TO THE EDITOR 


In the Foreign Service 


In response to the report “Galbraith 
Derides US. Career Diplomats as 
Timid ” (FA 14) by John Vbucur 

I am struck by the divergence in 
tone and substance between Am- 
bassador Galbraith’s views and 
those of his colleague in London, 

Ambassador Charles H. Price 2d, 

who is also apolitical appointee. 

ML Price said in a reoem speech: 
“In fad one of my most refresh- 
ing and satisfying experiences has 
been working with so-called bu- 
reaucrats in our government both at 
home and abroad. I have rarely 
served with people of such intelli- 
gence, dedication, competence and 
in many incrances physical crana ge 
... And I want you auto know how 
fortunate we are to have Amoicans 
of this caliber representing us 
around the world." 


I served under several ambassa- 
dors, including John Irwin in Paris 
in the 1970s. A political appointee, 
he gave considerable rein to subor- 
dinates, who did not hesitate to use 
vigorous initiative or express an 

r an. Since Mr. Galbraith feds 
is a problem. I suggest, on the 
strength of his reputation for shoot- 
ing from the hip, that he begin with 
himself. A necessarily disciplined 
and structured system such as the 
Foreign Service can be no better 
than its leadership. 

JAMES K. WELSH, Jr. 
Jussac, France. 


made they are graded on how well it 
is carried oul Either they spinel ess- 
fy cany out an uninformed political 
appointee’s off-the-cuff rendition 
or foreign policy without commenl 
or they inject the voice of their expe- 
rience into the policy process. 

What does the nation expect? 
ROBERT MARSHALL 
U.S. Embassy, Vienna. 


RLE KNIGHT. 
London. 


1 read Mr. Galbraith’s remarks 
with grim humor. Perhaps he has 
fmgpLten that, unlike civil servants, 
Foreign Service officers do not have 
lifetime tenure. The Foreign Service 
has an up-or-out system based on 
yearly efficiency reports written 
the officer's superior — more 


I am proud of Ambassador Evan 
G. Galbraith and I agree almost 
entirely with Ms description of For- 
eign Service officers. 

At least here in Europe, most 
US. Foreign Sendee people arc 
“liberals.” The United States needs 
more ambassadors with guts. 

ANTHONY MANTYKQWSK1 
Carrouges, France. 


more frequently a political appoin- 
tee like Mr. Ga“ 


Galbraith. When an 
officer “begs to differ” with his su- 


perior, he puts his career on the fine. 
Thus I oo not see where Foreign 


Service officers “lack guts” if. as 
Mr. Galbraith sees than, they are 
thwarting policy at every step. 


They are paid to giveprofessional 
advice on foreign policy matters 


based on training and experience. 
Once a policy decision has been 


Anyone familiar with the Foreign 
Service must admit the justice of 
Mr. Galbraith’s complaint. There is 
an unfortunate tendency for profes- 
sional Foreign Service officers not 
to take unpopular positions or to be 
bald in expressing opinions. He is 
also Correct in maintaining that 
many persons outride the career 
Foreign Service can function vesv 
well as U.S. representatives abroad. 

But Mr. Galbraith is wrong to 
conclude that the influence of the 

_T 

stances he notes among career offi- 
cers derive from powenessness, and 
America has more frequently been 
Hi-served than well-served by the 
naming of political ambassadors. 

For every political appointee who 
has done credit to his role there are 
others who have embarrassed them- 
selves and the nation. The career 
Foreign Service officers who find 
themselves dependent on such peo- 


ple for advancement tend to avoid 
confrontation with them. 

The solution is not to weaken 
the career Foreign Service but to 
strengthen it by removing the perni- 
cious influence of partisan politics. 
Ambassador Galbraith's remarks 
reflect the attitude that has created 
the problem. His suggestion for 
change would help neitSar the For- 
eign Service nor America’s foreign 
policy but would weaken both. 

DAVID A. KORNBLUTH. 

Hong Kong. 


career diplomats should be reduced. 
Many of the unfortunate dreum- 


Mr. Galbraith is not wrong in 
suggesting that the Foreign Service, 
although loyal and discreel is not 
imaginative or assertive. The ori gins 
of this malaise go tack to another 
Republican administration. 

John Foster Dulles displayed ap- 
palling indifference when toe team 
of McCarthy and Nixon savaged his 
Foreign Solace. Those whobowed 
their heads and silently endured the 
lies and calumnies of the far right 
are now senior officers t rf the State 
Department. Is it any wonder that 
they are cautious? And which young 
people today will embark on a dip- 
lomatic career without a private for- 
tune or bank directorship to faD 
back on when they assert them- 
selves and are passed over? 


ELWOOD A. RICKLESS. 

London. 




The Verdict s 

P* • . ; 


Will Be Left ; 



« v . Glerin Fran* 
P. w ...» p.wStr* 

.. .j.. 






By Philip Geyelin ;* 

W ASHINGTON — As ptomtifU/; 

defendants, lawyers and jurors-.,,, 
all sound off with iheirotra opinions' 1 
the libel suit by- General William*- 
Westmorland against CBS lies in ,, ( 
legal limbo —a loss, presumably, lot,', 
dose students erf libel law. But Judge. . J 
Pierre Levalhad a point when he said> 
that the absence of a verdict may be a 
gain for those with an eye to history “ 
and to the lessons still to be learned' " 
from America's Vietnam experience.,. t 
“Judgments of history are too snb- : ^ 
tie and too complex to be resolved,., 
with the simplicity of a jury’s ver-. 
dkl" thejudge told the jury, adding: 4 
“It may be for the best that the ver-/. 
diet will be left to history.” He spoke - 


sS^ifrOB * ajri ’ 7fsa 

„,vii 

.reives, 

ejone-afia* 




BSsSSStS 

>**¥ U,’ hciuurf a 
. disrupted 

l -:cttu lom! 

• „ i« hei^ws tit* v 

hsnsmen M« 

-, ri i\ince 


^ r ^ incc f cr 
1 ***■ culture m ablt 


uhr ?* 


If indeed there was 
a ^conspiracy f it was 
aimed at Hanoi. 


j killed ii 

ltd »•».»» 

swi on a?* 11 - 

: gw 


- because they thought they 
! count on automatic support. 

That makes it all the more impor- 
tant now that the new money be 
found outside the banks, almost all 
nationalized, and politically affiliat- 
ed organizations. It will not tpe easy, 
because investors cannot count on 
much profit or any say. 

On the face of it. Le Mondcfs tribu- 
lations seem to indicate that journal- 
ists are not much good at running a 
b usiness ; and (bai business, the ano- 
nymity of money, is the only reliable 
base for an independent press. There 
is a lot to be said for that Bui as Mr. 
Laurens paints oul & lot of papers 
run strictly for profit have foundered 
and disappeared over the years. 

This is an enduring dil emma. Huge 
companies like CBS and Time may 
appear to the public as beyond ac- 
countability, selfishly focused on 
commercial success, but without suc- 
cess, independence is ai risk. 

There is no simple formula to guar- 


of “the creation in this courtroom erf 
an extraordinary, unique and rich re- 1 ’ 1 
cord for historians to study.” There/' 
can be no doubt about that. . ' 1 

But at least as interesting as what 1 ' - 
was laid tare about the conduct oT 1 
the war and the jiggery-pokery with-' 1 
intelligence data is what is missing . _ 

— the huger context that for reasons 
of relevance to the particular issue at 
hand did not play much of a part ix£% 
the court proceedings. — ’ 

Leave aside whether CBS was right ^ , n TT 

or fair to accuse General Westmore£ ^ , K0|liX UU vJ • 

land of taking part in a “conspiracy* x 
to deceive the American public. Con: » 
grass and his president, 
ger game was afoot in the year iA 
question, 1967, and General West- 
moreland was by no means the only 
or even the most important 


443 Miner 


conspuaty — , 

‘JSaSfciT Board Says 

« v*»ar irt-* ^ * 


was 


idem. 


The „ 

Johnson. In his bode “TET!", Wash- 1 r 
ington Post correspondent Don. a 
Oberdotfer gave the nam e “Success' 1 " 
Offensive” to the game. It was a great", 
home-front public relations effort — 7- * 
speeches, interviews, television ap-j. 
pearances, briefings — featuring not 
only General Wes t moreland but also „ 
the ambassador to South Vietnam^.-, 
Ellsworth Bunker, the president's na-„- 
tional security advisor, Walt Rostow, ' 


r-.e Pm; 

LONDON — More th 
ajn: miners abandoned t 


Il-fljotuh coal strike Frida; 
jasnent reported, fotiowi 
Elapse Wednesday of wl 
lewamrat was the f 
jimpi ;o end the dispute b> 


and die top 
gon, Robot 


man in Sai- , 


r, among others. 

; was to shore 

up sagging support for the war effort' , 
in Congress and among the public^ 
But its real purpose went to the very J 
heart of the Vietnam War’s limited, 
purposes and unconventional strata ' 
gy. T-ar>Wig front lines and uncoiv _ 
cerned with permanent leirrtariaT. 


gains or losses, the war’s whole point, f 
was to promote negotiation by the ’ ,. 1 
psychological effect on the enemy oT - 
“search and destroy.” 

That meant winning tatties,: But it , 
also meant conveying in the most’,' 
convincing way (1) that America’s ^ 
side was winning the war of “attri-~ ? 
don” and (2) that the American pub-, 
lie was determined to ga on support: “ 


script It 
duplicity 


mic Fu 

residenl But he refused^ J 0 

tssssr**- wse inKu 


if there was a “conspinicy” at J 
work, it originated in Washington *' 
and was aimed at Hanoi's state erf 
mind. The notion that General West- 
moreland was conspiring in Saigon to- u 
con Lyndon Johnson by sending' 
rigged intelligence data via his supers 13 
ors to the president does not fit the- 
>l It also suggests a doree of 
_ that is quite out of General ^ 
Westmoreland’s character. ^ 

Not that he could have been un- 
aware (rf the damage that would have- ‘ 
been done to Mr. Johnson's “Success*- ‘ 
Offensive” by public airing of «►"> 
favorable baffle reports. He was, in 
fact, the point man for the “Success 
Offensive ’ and a close collaborator. ’ 
President Johnson summoned him-'' 1 
home in April of 1967 to speak to the-’-'- 
annual meeting of The Associated. 
Press and to address a joint meeting 
of Congress. He was back again ixr 
July and stopped off at the White* 
House to report “tremendous pro--' 
grass” to a press conference assem- v 
bled by the president. But he refused^ 
lo allow even ' 

him into making predictions 
He was back again in November 
when, with the president's tacit ap- 
proval, be made his famous speech at 
the National Press Club, laying oul a „ 
four-phase plan by which U.S. forces; * 
would become “progressively super-’ 
fluous” in Vietnam — the first flow- 
earing of “Vietnamization,” as Press-*. * 
dent Nixon would cook to describe' J 
iL By this time. General Westmore* 1 
land was ready to say: u We have, 
reached an important point when the ^ 
end begins to come into view.” ’•*" 
His speech was called “Progres^- 
ReporC So was everything else is--” 
sued for public consumption from;, 
top American officials in late 1967.'-' 
Not suiprisingly, there was a resur- 
gence of public support. Its artifidal-.i 
inspiration accounted in large meat,-* 
sure for the catastrophic impact ofr 
the so-called Tez offensive by the - 
North Vietnamese in early 1968* 
Even though tins country-wide eno j 
my uprising wound op by any mob- .>■ 
tary measure as a heavy enemy der 
feat, the shock effect on public _ 
opinion was devastating.' 

1 don't know whether this larger ^ 
perspective is exactly what Judge Le-> 
val had in mind when he told tilt: 
jurors, “There can be no Sttch tiling « \ 
the legal power to fix the judgment of * 
history — such judgments must be “ 
left to study, reflection and debate." 

But his instincts were right- A verdict ■■ 
one way or another on tire narrow y 
issue of libel in Westmoreland vs.-"- 

CBS would have contributed little 10 
the verdict of history on Vietnam. . 

Washington Post Writers Group. •< 


moo. ^ 

Leadjrs 0 ; Britain's Co 

• pt government said Th 
fcKOOUld ta nc n ’- cre ^ 
taergy Secreurv Peter Wall 
tei ar acveisrated crumb 
ee strike. 

Newspaper? depicted the 
is feaaer of the National 
a'Mmewerkers. Arthur Sra 
sohied and facing defeat 
The Silicon Ccai Board ; 
el ihai 443 miner? went b 
; wck on the early shift Frida; 
®mi officials predicted t 

• ally that more miners wot 
ta to work >:r. Monday ti 

^ wciter day since the strike 
ri March. 

. Aac-rdir.s to die coal b 
otidl $* .9^;; miners, or 47 p 
rf 186.06- union members t 
pyrorfL are tow back at wot 
1 Mr. ScargJJ disputed the I 
ad said in a statement tha 
.*■130.000 and 140.000” 
.■wn’s membership, which i 
n 196.000. were suii 02 strik 
Mr. ScarpL who acknowj. 
■J; teen are reruraii 
maintained that S’ 
J 1 toe miners who struck 
•te begmnins had ?iiii not 

tat 

None of Mr. Scar gill's fi 
^sundr Lhose of the 

Thursday, the union le 

wSf formula 1 

Wtti by the traces Union 

. ame lur.c^nenlal issut 
dose Uneconomic mii 


% Charies P. Wallac 

•iMiSJlf 008 *** Ira 

Vsday 0 ^™ 5 publi 
that the 

5SE for the fa 

S SuK* 1 ? 1 111 Kux 

J 4 * rel? aDd lssa ^ 
Naiio^V 011 b l ds for s 


JJnied b™? ^bers ant 

5? l AsseiS. e ^v e ,thc: 


catastrophic impact »u Assemki., r'^uve, the 
Tet menrivc by the - Jg only ft 

amese hi eariv 1968.. ' *JbW?? sa «t m the ral-i 


states TiT"? 4 m *he oil-: 
«... toat bne the Gulf. 1 


.. w 0canri; J 


? iSjSi wil h leanings 

**■£*£. «J25 


10 «ffs,I 0 , Ulerdislri 

■£ %iv , Islamic . 

Static 


Shiite Mosl 
C With ^!L Were re Ptoced 

^ dipl ° mal5 

* fa,e ri^ 5 Sectari4n awl a* 


Letters intended for publication 
should be addressed u Lom to the 
Editor " and must contain the writ- 
er's signature, name and fuB ad- 
dress. Letters should be brief and 
are subject to editing. We cannot 
be responsible for the return of 
msofitiud manuscripts. . 





^ . ~~ ~~ ■ 

^^^Uganda Warriors Face fin Enemy: Famine 

Toll; ^Besest by MilitaryCampaign and Marauders, Karamojong Battle Starvation 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 23-24, 19B5 


By Glenn Frankel 

Waxktagtm Post Service 


KAABQNG, Uganda — High counfryade without trousers. scalded upon his Dodo th people, a tors ana U 


KAABONG, Uganda -High 
TV -^GT(v ’atop an and plateau m this remote 
-t'vuM^^^iwntlKastem comer of Uganda, a 
it jbe- tribe of African warriors is fighting 

% for- survival a gai ns t nature, govern-' 
■ta! ]. JVmenis and themselves. 

The Kjaramcgong, a fiercely inde- 
til!&P aident oolfcc a on-af dans, have 


gone, ejffled to Saudi Arabia, and describing what happened in 1980, 
Karamcfong men stfll roam the when warriors with AK-47s de- 


two governments launched a joist 
campaign using Kenyan helicop- 
ters ana Ugandan soldiers. Fields 



J Moy 

Utiua / 

\ < 

'Pakwach — . 


SUDAN 

MOUTH 

' 6 du * 


UN Assails Iran, Iraq 

Over POW Treatment 


By Elaine Sdolino 

.Vrw York Tima Service 


ed. “has not been 

indeed, the most violent in prison 


But Kmaamfong defiance also subgroup of the Karamojong. went untended .and whatever cattle 


threatens their survival. 


Food shipments are sporadic burned our houses.' 


for surviva] against nature, govern-' here in part because raiders fire 


hi • ^ V T'i r Dan beset by drought, lawlessness ^Olhes. government, having a political cri- almost totally dependent 

T '.^^^ and a joint Ugandnn-Kerryan mdi- Two Ugandan businessmen were sis, was too weak and distracted to on grain Supped herc'on an irregu- 

... • ’Jftu-. ifc'lawinmnii ign last year that people tolled in December, and an em- hdp, and Western aid agencies lar by such aid agencies asthe 

ied between several doz- ployee of the World Food Program were slow to grasp the, dimensions World Food Program and UNI- 

asl hundred tribesmen of the United Nations, supplier of of the emergency . CEF, the UN ChDdral’s Fund. 

Fv dknmtwt planting most of the gne i a c ucy food, was - Various other soaps of cattle ... - : 


here m part because raiders fire The drought that followed that 
upon trucks and rob drivers and year killed about 50,000 people of 
passengers cot only of their goods the 360.000 who dwell in these 
and valuables but also of ' their highlands. Uganda’s post-Amin 


“They lolled many people and the Karamojong could not hide 
burned our houses.” were quickly seized, slaughtered or 

The drought that followed that sold by the Ugandan nufiiary. 
year killed about 50,000 people erf Thus, when a new drought struck 

the 360.000 who dwell in these KaramojE' last year, there waspo* 
highlands. Uganda's post-Amin t^riai disaster. The Karamojong 


-...ZAIRE' 




s' ta*y campaign last ytar that people tolled in December, and an em- hdp, and Weste 
t^bere say lolled between several doz- ployee erf the World Food Program were slow to grasj 
fen ana several hundred tribesmen of rite United Nations, supplier of of (he emergency. 


id seriously disrupted planting. 
Only a tmn lifeline of emer ge m 


most of the eme rgency food, was 


be ^ and starvation. 
'*n! rv 1 ^,^: These berdsm* 


genei only early thiTmanth. has beat reduced by J 5wght and ^ dur “ 8 ^ 1980 f^ffloe. 


Mybertde ^ BomtxA ./’Tnrrv ^f 
r‘ m __»Z^KAiffAL aS tl p 1 

KENYA 


ambushed last mouth and shot in marauders from Somalia, Ethiopia, Unruly of Texas researches 
the arm, which subsequently bad to Sudan and Kenya also roam this tn one^ty pical set> 

be amputated. The incident led UN territory. UN officials estimate that jj 011 P rovutce; 60 peromi of 
o ffi ci al s to suspend travel by ihdr the total herd, wi 
employees in the area, a restriction measure of K& 


the total herd, vdnchb the uldmaie the children younger than l year 
measure of Karamojong wealth, and 30 those aged 1 to 5 


! * 

\ I 

MSarara'-, 


York — A report by a three-mem- . 

ber United Nations study group uKiocumation ^ worse ___ - m 
has concluded that both Iran and physical brut^O' ^^ ^ 

Iraq regularly mistreat each other's inq->e «*» ■?” 

ssrcl™r°“ ODO,Ib ' S 

Pfcrez de CuHlar. was drawn up and assaults on sexual organs, 
after visits *o prisoner of war camps The team also received reports ol 

in Iran and Itm. Itis estimated that collective punishment, such as 
Iran holds 50,000 Iraqi war prison- lengthy confinement and^drartva- 


down a proud and The tamers of culture and isola- raiders to 150,000 from 450,000 

iture in which rettfr don dtat have insulated and pro- during the past five years. 


v ttons, passing down a proud and 
aggressive culture in which cattle 
^rustling and spear throwing are 
o. among the most honored activities. 
. 'ftEach family lives in its own farti- 


tecled the Karamofang arc growing 
moreporous. 

In 1979, when Mr. Amin’s gov- 


ai/ftcj -'scacn raxnuy uves m ns own rorn- “ 

compound, and men proudly ernmeat was nearing 
bear scan on the left shoulder, one amegong raiders tool 


L ast year, Karatst^ong raiders gram started a s 

took advantage of the death of Ma- ing program for 
jor General Oyite Ojok, the Ugan- Doreen Gihangf 
dan Army chief of staff, who kept a trier hospital esri 


That rate has fallen sharply since i^7> 
UNICEF and the World Food Pro- |^| 
gram started a supplemental feed- 
ing program for children. But Dr. 
Doreen Gihanga of the local dis- daril 
trier hospital estimates that at least 


^anoaI 


the first three years, but 
st year's crop failure the 


od or sugar for nearly a year, 
hip mens erf beans, oil aria sug- 


: for each adversary killed in battle, nuy to pillage the government cattle, then set an ambush that re- area are senousiy mamounsaco. 40,000, all of whom are dependoit 
No government has been strong armory in the town of Moroto.tak- portedly lulled more than 100 tocal John Wilsoo, an agricultural spe- onafood-for-woAprogram^- 

*°fd fc- enough ^ to curb their activities, uig ax least 1000 aatqmatx: weap- militiamen pursuing them. They dalisl for the Britisb-based Oxfam phed by the United Nations. Thee 

m When the former Ugandan dicta- ons. That unset Ae ddicare balance then fled mto neighboring Kenya. reUef age acy, antidpated the are 16,000 others at a camp in Na- 

5iT i. ton Idi Amin, issued an edict in °f power that had existed among gm the Kenyan and Ugandan drought and established a c*mp mahi 

- - ui: C; -V 1975 demanding that these proudly the dans of Karamqja. governments decided it was time to four years ago between two river- The problem of hunger in gencr- 

-i iv naked warriors wear trousers or “They had guns, and we had teach the Karamojong a lesson. In beds at Kapedo in the mace fertile al involves not only the aituvmt D f 


then lied mto neignoonng Kenya, relief agency, anticipated the are 16,000 others at a «mp to Na- 
But the Kenyan and Ugandan drought and established a camp mahL 
governments it was time to four years ago between two river- The problem of hunger in gencr- 


populauon swelled to almost ar woe suspended because they iVtCD m( 
40,000, all of whom arc dependent had what an aid worker described in g av iai 
on a food-for-woric program sup- as “a tendency to fall the bade 
plied by the United Nations. There of the track.'’ Everyone took a r T c*$ 


auuHu m.- uwniuijuuuu.MH.-wwi* — — r — -- ~ — aner last ve&rs CTOD failure the shmny^is ol beans, oil aod su«- ,w_ i, r . fv i ~ 

amqongradeis took the oppottu- farm mar this area. his 75 percent of the^ram her popuiarit^wcSSf toritaott ar^T^spend^because ^ S ri$?POW 

mty to pdlage the government “tUe, tora stf an ambushAatrc- area are senouriy malnounshed. 40,000. aU of whom arc dependent had whata?S worker described 

armory m the town erf Moroto. tak- portedly lulled median 100 toal John Wilsoo, an agricwlturdspo- on a food-for-woric programs^- as “a tendency to fall off the bade ^ rSi 

mg ar least 2,000 auromata wesp- militiamen pursuing them. They daiist for the Britisb-based Oxfam pbed by the United Nations. Then: of the track.'’ Everyone took a rmT of the Ked 

ons. That upset the delicate balance then fled mto naghbonng Kenya. relief ageQcy> antidpated the are 16,000 others at a camp in Na- share, he sad, from the aim- to _ 


lengthy crautoeanent and^deprrv^ 
ers and that more than 9.000 Irani- tion of food and water, and it heard 
ans are being held in Iraq. allegations of retipous pressure <» 

The inquiry was the result of the non-Moslem prisoners and at- 
first on-site investigation of prison- tempts to convert them to Islam, 
er camps by a UN grotro since the fn one Iranian cam the team 
war began m March 1980. It made said it saw a group of more than 
specific recommendations for im- 190 non-Iraqi detainees from y 
provemeats. countries. They apparaaily mduo; 

The investigative team was set ed both volunteers in the Iraqi 
op by the secretary-«meral to look Army and civilians who sa id th ey 
into events at the Gorgan prison were oQ worker! or fishermen, 
camp, in northern Iran, after a riot Among them ware Egyptian, Leba- 
broke out there last October be- nese. Somali and Sudane 


are 16,000 others at a camp in Na- riiare, he said, from the army to 
mahL local businessmen to the drivers 


sere last October be- nese, Somali and Sudanese nanon- 
ral POW factions dur- ate, and smaller numbers ofnation- 
a team from the Inter- ais from Algeria, Djibouti, 
mmittee of the Red Ethiopia, Jordan, Libya, Maurita- 
nia, Morocco, Nigeria, T uni s ia and 
ans subsequently ac- the United Arab Emirates, 
d Cross of spying and The report also concluded that 


risk being shot rat sight, he was spears, and they took otur cows and their first cooperative military ef- eastern portion 
— « ;C deeded and ignored, Mr. Amin is left us hungry.” said intiang Aldo, fort since Mr. Amin’s downfall, the He only aun 


tion of the region. food but also the type. There have 
attracted 1,600 persons been no protein-rich beans, cook- 


rtL hSJ 2 The Iranians subsequently ac- the United Arab Emirates, 
kxal busnassrwa to the drjvere oised the Ked Cross of ^ying and The report also concluded that 
vagned to feny the food north, provoidng the riot, and it halted all the Iraqis have concealed hundreds 
Nonetheless, new shipments of Cross activities in Iran. Under of detainees. On the Iranian side, 
beans are exprotea to begin amv- the Geneva Conventions, the Inter- the team was able to visit only eight 
ing next month. national Committee of the Red of 16 orison camps. According to 




the team was able to visit only eight 
of 16 prison camps. According to 




•$443 Miners 
^Return, U.K. 
SBoard Says 


. - ’ ' The Associated Pros 

. LONDON — More than 400 j 

. ; ';'\- : ~ r T?n»re nnners abandoned Britain's I 
\:.i 1 1-month coal strike Friday, man- 
‘ 5 ; agftmenl reported, fdkywmg the 

r -. ,i -^. coQapae Wednesday of whar the 
2 : ’ ' • government said was the final at- 

- ^r rr . tempt to end the dispute by negoti- ' 
■v-iv:*. -i^JatSm. 

Leaders of Britain's Conserva- 

- — -^_- . ; tive government said Thursday 

'■ - there would be no more talks, and 

•• " — .cirr * ^Eocrey Secretoy Peter Walker pro- 

- ;^v.dkted an accelerated crumbling of 
• ' r'T.K'z- to® strike, 

?•:— - -j Newspapers deleted the hard- 
■ -• .‘line l«idw of the National Union 
. ^ ^Gnewoikers, Artimr Scaipn, as 

- _ ^Tr todated and facing defeat. 

■ The National Coal Board report- 

/ , • — ^ed thal 443 miners went batik to 
. — -wwi mt the eariyshift Friday. Coal 
j^Tbopd officials predicted tmoffi- 
" , _ ^_,d^Dy that .more miners would re- 
to wade on Monday than <m 
. J - ." "Tany other d^y since the stoke began 
? ‘ , T‘;r' h« Marti' , 

‘r - According to the'coaT Siitffs" 

^’"j rco^nt. 87,940 ininiers,.or 47 percent 

- 7 ’'of, 186,064 union members on the 

• '• ^:payrtdl, are new back at work. 

s - Mr. Scargffl disputed die figure, 

-• - ~' and said in a statement that “be- 

-- ^/ tiwen 130,000 and 140,000” of the 

" ^nnjtm’s membenshm, vririch it puts 
v . ■- ■ ; '- : 'ai^96,000, were stul cm strike. 

. Scaigill^ vrim adoxowiedged 
, . -^-rtfaat some men are returning to 

- - _ 7 --'-wqrk, also nia j n tamffd that 87 per- 




A West Berlin official holds a cocker spamel that was rescued from hdmd die BeriSn 
WaD. Bat Gertrod Wihfel was disappooited to find that he was not ber gassing Cocky. 

Dog Who Came in From the Cold Spumed 

. \ -Tte Associated Press But the 60-year-old West Berliner, breaking into 

.BERLIN East Germany returned Friday a clears, said her. missing Cocky had a white spot qb 

cocker spaniel that wasiescued.by border guards, his head while tins one had a white spot an its 


from the Bafin WaB, but a tearful woman said the 
dog was not her missing Cocky. 

The West German diplomatic mission in East 
Bodia ananged the black dqg’s return after he was 
rescued by guards with a crane. East German 
officials tirmrH him over to a West Berlin offidaT 
'at a border crossing, and be was taken to Gertrud 
WflrfeL 


his head while tins one had a white spot an its 
cbesL 

Authorities said that the dog would remain in 
the custody of the person who picked him up at the 
border. If the owner is not found, Mrs. Wtlifel will 
be given the dog, they said. 

An official recalled one case where the East 
Gomans demanded payment to return a parrot 
that flew across the wall 


'’the beginning had still not gone 
ck. ' 

' ftfone of Mr. ScargflTs figures 

. „i: 7-wqre malar to those of the coal 
aboard. 

j.' ^ On Thntsday, the nnkrn leader* 

v ' - Jated^y^the Union 
' ... ’• - pxss, the national labor federation' 

. ._ ; t' Thclatestpca^^w^collapsed 
f 'in the same ra ndarecntai the 

■ 7 ' -,^x 3 »nFs insis tence that it retain the 
~ ' i:-'i^tt to dose uneconomic mines. 


Phnom Penh, a Capital Without Joy 


By Ceorge Esper 

The Associated Press 

PHNOM PENH — Bythc9P.M sleq> ovanighl at their jobs. One erf the main tourist attrac- 

curfew, Phnom Penh’s streets are The darkness seems to be (he tions in Phnom Penh is Tuol Skng 
deserted except for the few exempt harbinger of the mood of Phnom Museum, the mnseum of crime that 
foreigners who are hra rffti g tonne Penh’s maze than half-wMan re si- was once a high school. Govera- 
from fKn™*r at the city’s overside deals, even though this capital city ment authorities say Pol Pot turned 
restaurants. is making a comeback after its dev- the high school into a prison where 

In the shadows, GnmhnHian sot- astation by the Khmer Rouge re- Ins foloweis humiliated, tortured 


sleeping mats in their shops and other noo-Conummist resistance 

homes. The restaurant workers will groups. 

sleep overnight at their jobs. One erf the main tourist attrao- 


resl&urmts. 13 mjuonga h«k 

In the shadows, Cambodian sol- astation by the 

<fi er 3 man checkpoints. Cambodi^ P°t- 

ans are already laying out their The Cam both 


Islamic Fundamentalists 
lose in Kuwaiti Election 


" i:?. Oiaifes P. Wallace : 

las Ange la Time Service 
KUWAIT — Islamic fnndamen- 


iS tiiat the tide Of f mulam gn tiifian 
has peaked and turned.” 

The results from Wednesday’s 


' '-'$ ; aW recarded since the Iranian polling also mggested, according to 
‘S-r .T, . _~T ■ TtnKHoal analvrtc tmn- ihnt vntm 


- - - "evolution as a potent and growing 

"xrfiticti force throughout the Mlce- 
$ ■ etp worid, has suffered a setback in 

■; 'Sections far Kuwait’s tiny but in- 

- ' . ^Ttienrial legislarare. 

• - flection returns made pubficmi 
: ' .. vlbursday indicated that the two 
■ ' ' - ■smcipal gxjkesmen for the funda- 
•- ^ oentalist moyement in Kuwait, 
7 *. - '' Chakd Sultan lea Sbaheeo, 
o% ttoir r^electkai bids for seats 
the Naticmal Assembly. 

> ' With 50 elected members and 15 

^ ' phtxnted by the executive, the Na- 
lonal Assembly is the only func- 
-■"’.'v- iohmg parliament in the oil-rich 
i '• irab states that fine the Gulf. Par- 
■ament’s powers are limited, how- 
1 ; '' ver, and the go v e rnm ent dosed it 

. ■--* a 1975 for five years. 


poEtica} analysts here, that voters 
have become increasingly frustrat- 
ed with the government smee 1981, 
particularly on such economic is- 
sues as the decline in oil prices and 

« Bnanrinl aandri mvnlvmg a mas- 
sive slock market frand. 

A total of 31 of the deputies 
elected Wednesday to the assembly 
were new candidates. The losers 
included Mohammed Yousef al- 
Adsam, the assembly speaker and a 
.dose ally of the government, and 
Jasim al-Saqr, the head of the as- 
sembly’s foreign affairs committee. 

The primary beneficiary of the 
discontent was the Democratic Al- 
liance, a loosely knit groiq> of poli- 
ticians that had been in eclipse 
since I98L 


gjme of Pol Pol and killed thousands of Cambodi- 

The Cambodians will tefl you ans, including peasants, teefani- 
that they have, many, many prob- dans, monks, ministers, doctors, 
leas. First it was Pirf Pot, whose teachers and students. 

. Cmnm^t govern^ kfllwl Peopk in the streets are friendly 
hundreds of thouonds of people a foreigner; fo some 

and mfheted unurfd misery on the they^e fortSmmng about 

. their fedings. 

Now that he is gone, driven mto 

the mountains by Vietnamese in- U®® woman working in a statc- 
vadets, the Cambodians say there ran store took the risk of asking far 
is stfll little joy in their country help in getting out of the country, 
because of the Vietnamese they de- Cambodians pass on letters to for- 
testand see as colonialist overlords. . eigners to be maile d to their rda- 
Vietnamese shantytowns with tives and friends in the United 
■ restaurants, caf 6 s and merchandise States. 


stalls have sprung iip on the banks 
of .the Toole Sap River. 


Movies are a main source of en- 
tertainment. In addition, die dry 


Vietnamese soldiers, weapons has a zoo which has only two de- 
slung over their shoulders, patrol phants, a park which draws large 
the roads. Sunday crowds and a national sta- 

A young government employee diuxn. 

in a state-run hold said recently, . , . , _ 

“This is not my country anymore.” . ^c^egant hotels are nm- 

Another government eitiployee **« ** ^52 

said, “We have many dimities Widar bold m the aty was called 
because of the Vietnamese." the Le Phnom dunng the war. 

The Vietnamese invaded Cam- Now, a Cambodian woman 


bodia on Omstmas Day 1978, re- ***)» bosband was executed by 
moving the Khmer Rouge and in- Pol Pot troops because he wotted 
stalling a Communist government for the Americans stands at the 
headed by President HengSamrin. entrance to the hold with her 
Cambodians are reminded dafly daughters and hands out a letter. 


erf the atrocities of Pd Pol 


“1 am very 


_ ’ the letter says, 

V"" and thegoverinnent dosed it Western observers surmise that “I have two daughters. I have no 

*7^ 3 1^75 far five years. she dose to the Dem- this is a campaign by the Heng money to makea living. And I have 

’ ■ ; . jwo candidates wifaleamiigs to- ocratic Alliance were elected Samrin government to justify the some problems in my life. I have 

Sunni Moslem fundamental- Wednesday, inducting Ahmed al- Vietnamese occupation and to keep been sick for a kmg tune. I havenot 

; 1 'an were dretie? in other dirtricts, Khatib, whose election to the as- Cambodians from switching loyal- any money to buy m ed icin e. I am 

‘ y; -dping to crf&et the losses Mr. sembly in 1975 was one of therea- ties 10 the Khmer Rouge and two sad all the time.” 

^ a leader of the Islamic Re- sons cited by the government as — — — — — — — 

.» 'ival Society, and Mr. Shaheen, justification for the body’s dosore. 

- ; ; ^d of the Social Reform Sodety, Supporters of the Democratic 
' -•« E gading f ututam entfllist group. Altinn ce staged jubflant edehra- 
V- - Howew. te two Shnte Modem tions in &wail on Thursday mom- 

h.r H ANNEL | 

I- ':iS^T ari ”“ d,n£m I PttOGRSAI. SATURDAY 2W FSfUJAflY | 

'$% Dipioniaii: analysts said the fail- I ^ ^ Bimommamm*.- I 

%' re of the Kuwaiti ftmdamaiialwts, T^ations with the United I WAg sky trax 2 ■ 

• ••■ 'ho scored major gains m the last stairs, carticulariv coccernmg the ■ laao sky trax 3 

%:^mMl,to^»tidthar SSr^rStothel ™ I 

\ > qwer base in Kuwait suggested united States, winch they said ■ ibjo starsky ihutw ■ 

, mt thdr influence may have Kuwait vulnerable 10 | *j^^j* RBTUNQ I 

'■ pressure. I S?™! U,E 1 




BROADCASTING TO CABLE CQMPUHES 
IN BJRC3PE & THE UK VIA SATHim 


-etping to offset fee losses by Mr. sembly in 1 975 was one of the rea- 
' ■•‘iiipn, a leader of the Mami e Re* sons cited by the government as 
' '.' ival Society, and Mr. Shaheen, justification for the body's closure. 

eqd of the Social Reform Sodety, Supporters of the Democratic 
-•« E pitHwg fundamentalist group- Alliance staged jubilant celebra- 
r- HoweTO, te two Shnle Moslem tions mKnwni l on Thursday mom- 

' ■ affinnoo is fflpaasd to be 

openly anti-government in the new 
■ ffisT ^serebly. Dnring the 

r , . »oaaie vrews. . campaign. Democratic Alliance 

i DmkxnatKanah^saKlUieM candidates were critical of Ku- 
’■ .. re of the Kuwaiti rundainaitalists, waifs rdatiems with the United 
ho scored ori or gains m the last state, particulariy coccermng the 
’ T ^tion in 1981, to tapand then investment of oil revenues in the 
,..i qwer base in Kuwait suggested united States, which they said 
. urt tfcefr influence may have ^ Kuwait vulnerable to U.& 
... ridwd a p&tean,. pressure. 

V, fTshtm is now » secondary is- — ■ ■ ■ 1 


A N N E L 

PROGRAM. SATURDAY 23rd FSRUARY 


UK TIMES 12JD0 

ms 


ICE HOCKEY 

A MetlC AN SPORTS CAVALCADE, 
INTHWATIONAL MOTOR SPORTS 
SKY TRAX t 
SKY TRAX 2 
SKY TRAX 3 

SWISS FAMILY ROBINSON 
CHOPPER SQUAD 
STARSKY a HUTCH 
ALL STAR WRESTLING 
MOVIE TIME 
FROZBI ALIVE 
SKY TRAX 


‘ ' * ujfcT said a Weston diplomat who 
; . '- a . - Aed that he not be identified, 
'■ ^ r° Dhe perccptirai in Kuwaiti society 


MCKE IEVVS IN LEffi TIME 

TO* WORLD m 16 PAGES 

QMlYMTtC IHT 


CONTACT SKY CHANNEL, SATSUTE T&EVSON PIC FOR RffjTHER INFORMATION 
TELEPHONE LONDON (01) 6364077 TELEX .286943 


Vienna Minister Resigns 

O 

After Money Allegations 


Cross is responsible for monitoring the International Red Cross, only 
the condition of detention of war 35,000 of the about 50,000 Iraqi 


The A s s o c i ated Press - 

VIENNA — Construction Min- 
ister Kari Sekanina, long one of the 
most powerful figures m Austrian 


# prisoners. 

g|py The UN mission was made up of 

"Id III AHVIW members from Austria, Norway 
O and Venezuela. The team via led 

A II , , * * , eight prison camps in Iraq and 

AUC 2 HI 10 I 1 S Iran during a two- 

“The right of so many ihrmsnnrfg 
Friedhelm Frischenschlager, a of men in POW camps," the report 
member of the Freedom Party. says, "mostly in the prime of their 
Following an outcry of protest, life; wasting their best years away 
both Mr. Smowatz and Mr. Fris- in confinement deprived of virtu- 


labor politics, resigned Friday fol- cfaenschlager pubtidy apologized, 
lowing alle gations of irregularities A spate of press reports on Mi 
in his financing of a private villa Sekanma’s financial dealings fol 
and his use of union money. lowed his resignation on Monday. 

Mr. Minina b»d stepped down Mr. Sekamna said in an inter 
Monday from his post as chief of view on Thursday that he wa 


eedom Party. says, "mostly in the prime of mar 
mtcry of protest, life; wasting their brat years away 
tz and Mr. Fris- in confinement, deprived of virtu- 
idy apologized, ally all the amenities of life, uncer- 


prisoners held in Iran have been 
formally registered. 

PP1 


A spate of press re p o rts on Mr. tain of their fate, could not but stir 
Sekanma’s financial dealmgs ferf- deep emotions in every one of ns.” I 
lowed his resignation on Monday. "The most vivid images that we 
Mr. Sekanina said in an inter- have carried bade from the POW 
view on Thursday that he was camps,” it continues, "are fear. 


ported 

Snowatz 


“deeply stricken by anonymous ac- loneliness, uncertainty, isolation, 
cosatians” about Tnknw> of Ins in- bitterness and despair." 
ffnence for financial gain and of Itcondudrathatmneithercoiin- 
umon funds for private uses. try are prisoners ‘Treated as badly 

He told the Austrian news agen- as alleged by the government of the 


the national Metalworkers’ Union, “deeply stricken by anonymous ac- loneliness, uncertainty, isolation, 
citing “overwork” and “family rea- ensa turns" about rnisase of Ins in- Intteroess and desjair." 
sons” ffnence for financial gain and of Itc£mdudesthatinnathercoun- 

The Austria Press Agency re- union funds for private uses. try are prisoners “treated as badly 
ported that Chancellor Fred He told the Austrian sews agen- as alleged by the government of the 
Snowatz accepted his resignation cy that there was nothing flkgal other country.” Nor arc they treat- 
from the cabmet during a 30-min- about die financing of his heme in ed as well, it adds, “as daimed by 
ate meeting in the Chancellery. the exclusive Huflnng district, or the government of the 
It was the latest in a series of about a car which be had bought power.” 
recent blows to the Socialist-led wig borrowed money . The group found that the Gor- 

rovernment- The mHn? coahti on . He said he once borrowed __ - u. -■ 




poroor w®** 


recent Wows to the Socialist-led 
gov ernment. The mKng coafitioo, 
following violent protests, retreat- 
ed in December an plans to demol- 
ish forests near the Danube River 
for a hydroelectric d.-nn. 

The coalition of Socialists and 
the Freedom Party is still tom by 
arguments over the return of a Nazi 
war criminal from prison in Italy. 


axxjui a car wmm uc naa oougm power.” 

*Hc 1X Sl i r^ borrowed 

ff J=S6K»S« 

Mr. Sekamna, 58, is a member of ' 

Mr. Sinowatz’s Socialist Party. He „ F „ u w D , - 

took over leadership of the Metal- « 0 g 8 Kill Man Wear Belgrade 
workers’ tmkHl in l977. The Associated Preu 

He became constrnction ntinis- BELGRADE — A pack of does 

ter .in 1979. Mr. Sinowatz an- attacked and Idfled a 54-year-old 



Walter Reder, convicted on mass, tranced that Transport. Minister- man in a Belgrade suburb near a 
mnrder charges, was received on Ferdinand Laana would take over chfldrcn’s pari, the newspaper No- 
bis return by Defense Minister as interim construction minister. vosti reported Friday. 1 


INTEMifflOm EDUCATION DIRECTORY 


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Computing, Sport end Eng&ih len- 
pjage Earier and uramer holiday 
courses far B to 18 year cto. far 


Hello mother, 
hello father... 






PREPARATfON FOR: 

MCAT • FMGEMS 


THE SPECIAL REPORT 
ON INTERNATIONAL EDUCATION 

will appear on - 

FEBRUARY26 

and not on February 27 as previously announced 



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Send detailed resunri 
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Supplement listing over SO 
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^fcVGLAND 








r. 


Pa fte 6 


INTERNATIONAL HERALD TRIBUNE, S ATURD AY-SUND A Y , FEBRUARY 23-24. 1985 


ARTS /LEISURE 


Gould Art Sets Record — for Pre-Sale Publicity 


fraenttmonal HeraU Tribune 

IXTTVut 


. . , uk saie to 

24 to Sotheby's in 
New Yoric, the Impressionist pio- 
of the late Florence J. Gould 
began achieving a world-record 
peJ of pubhdty. Christie’s is try- 
n»g to do the same for “The Adop- 
tion <rf the Magi" by Andrea Man- 


Sround, not much consideration 
has been given to the quality of the 
it e m s . The selection shown in Lon- 
don, now on view at La Fonda don 
de L’ Hermitage in Lausanne 
through March 5, hardly bears oat 
the implicit suggestion of the auc- 
tion-house spokesmen that here is a 
string of masterpieces. 

Millions are useful for building 


SOUREN MelBOAN 


tegna, to be sold April 19 in 
London. What makes the propa- 
ganda effort so striking is not just 
its intensity but its passive accep- 
tance by tire media. 

The wceklong exhibition of the 
Gould pictures at the Royal Acade- 
my that ended Feb. 10 led to a 
spate of articles in the London 
press, as had been the case in New 
York. With the Gould name much 

in evidence and more than a hint of 

the millions of dollars in the back- 




■£ 



" : ' X'w : . 

: ! . '* ' -> ,;vr/\.. •= s , v " ^ .. 


!w ' 1S3 



•*, -v- , • •V A 

■ • ' 1 -* - 1 • XI 


y-r- ■ v 

S': , - : 1 !i 


Van Gogh’s Saint-R6my landscape (detaiD. 


AUCTION SALES 


M e Pierre CORNETTE DE SAINT CYR 

Auctioneer 

24, Ave. George-V, 75008 PARIS. 

TeU (1) 720.15.94, 723.47.40, 723.47.42. 
Tofox: 21031 IF/ 608. 


H&TB. DROUOT - PARIS 

Tuesday, March 12, 1985, at 2 p.m. & 9 p.m. 
Wednesday, March 13, 1985, at 2 pjm. 


Rooms 5 & 6. 


VERY IMPORTANT COLLECTION 


RUSSIAN ART 


POSTBS, DRAWINGS, WATBtCOLORS, 

XDClh Cent. PAVINGS, THEATER, AVANT-GARDE. 


Altman, Benois, Detneka, Dabu(insky, Gont c ha r ova, Kustodiev, Lebe- 
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::XX:S ; * : r : : r j : '■ , ■ •' 


ENAMELED OBJETS D’ART 
SILVER 

Fa barge, Ovtdwmikov, Soudkov, etc.. 


PubBc vkiwtng j 

Monday, March II, tram 11 ajn. to 6 pja. and 9 pjn. to 1 1 p-nc 


Expert in charge; 

NLG. BASMADJ1AN 

90 BkL Rasp at, 75 006 PARIS. Tel: (T J 222.00.97. 
Catalog an request F.Fr. 100. 



= INTERNATIONAL = 
JEWELRY AUCTION 

on Sfltanby, Msrdi 9, 1985, 2 pan. 


at Hold Europfiiscber Hof 
in 6900 Heidelberg 

On view: 

Wednesday, March 6, to Friday, 
March&, 1985 
daily from 11 ami - 7 pjn. 
Antique Jewelry from 
Aristocrat Private Collection 

Distiflgrashed Diamond and 
Gemstone Jewefry 
Briffiant-at solitaira to 6 a, Bust 
Burmese rubies end sapphires, _ 
Colombian emeralds, targcaqnaiTwrinrs 
and other precious jeweb- 

Snrffboxes - Silver - Watches 


Dissofotkm of a cofkcbM of gold, 
gald/ezumel ft porcelain snuffboxes, 
Faberge silver, 18th century silver, 
pocket watches with repeater ft musical 
chimes, and other objects of virtu. 


Ctfslngor whh color OostiatioBS of afl 
Jewelry (DJHL 20) oo request. 

Trensch & Krntfii GmbH 

Jewelers ft Auctioneers 


SoGemtraBe 29. 
LWOO HddeSxrg, W.Oa 

m;WCai/B9T4er02M/* 
Tefee 8S814S6 nogod 
sTlnAKlaaS)pBibtelvJMA7ftSa> 


up a collection, but not everyone is 
a Paul Mellon or a Norton Simon. 
Florence Guild started buying on 
a large scale in the 1950s, when the 
best was still available. She knew 
Daniel Wfldenstem, the dealer who 
bandied some of the greatest Im- 
pressionist works. She was closdy 
acquainted with Colonel Daniel 
Sddes, one of the greatest collec- 
tors of rare books and autograph 
manuserrots, for whom the art mar- 
ket has tew secrets. In short, she 
had access to the right people. 

Bat collection is like creative 
work: It cannot be done by prosy. 
Possibly she did not mean to track 
down masterpieces but simply to 


live against a background of paint- 
ings by impressionist and Modem 
Masters just as she enjoyed the 
company of French writers such as 
Andie Gide and Jean Cocteau. She 
often acquired great names, seldom 
great works. 

Her most important painting is 
probably Van Gogh's “landscape 
with Rising Sun, Saint-Remy,” 
done in 1889, a year before the 
artist’s death. But its importance 
lies in the scarcity of Van Gogh 
works today, rather than in any 
magic about the painting. It does 
not quite manage the whirling 
brash work movement nor the dra- 
ma conveyed by the combination 
of intense color and bold composi- 
tion in his most gripping work. 

Gould should have been able to 
afford a major Monet but acquired 
only a vary fine one, “Antibes vue 
de la Satis.” This is a landscape 
done in 1888, when Monet had 
gone through the impact of the 
P ointillis t movement and was grad- 
ually reverting to the first Impres- 
sionist style. The bluish-green dots 
of the leafy tree in the foreground 
and the mauve trail of houses of the 
distant harbor have great charm. 


been given to him by his mother is 
one of the finest animal portraits I 
have seen. Two still iifes, one of 


apples in a plate and one by Fan- 
tin-Latour mowing four peaches. 


no more. 

Gould bought a Gaugin from the 
fabulous Pont-Aven period that 
just misses being one of Ins best. 
The “Paysage aux Canards,” dated 
1888, is a confused blur of color 
with an empty green patch in the 
lop right comer. She also bought 
indifferent Degas pastds — a study 
of a woman toweling herself, as 
ungainly as they come, in one of the 
artist’s less inspired moments; and 
one of three dancers, lacking both 
the perfect balance in the observa- 
tion of movement that he could 
achieve and the subtle composition 
of his great pieces — the fore- 
ground is an empty expanse. 

Her best Impressionist work 
stricto sensu (the 1889 Van Gogh 

belongs to a category of its own 
doser to the visionary art of the 
Expressionists and Fauves) is per- 
haps a C&zanne landscape vigor- 
ously done in quick, terse brush- 
strokes. Gould came closest to 
buying a museum piece with a por- 
trait by Toulouse-Lautrec. “La 
Gownesse Cha-U-Kao,” painted 
in 1895, shows a dancer standing 


rank as minor masterpieces, bo 
does another, a vase tilled with 
flowers by VmDard, unexpectedly 
done in sad, almost drab hues. 

A very early Corot landscape 
done in Rome around 1826 to 1 828. 
when the artist had just finished 
studying under the academic Jean- 
Victor Benin, is an enchantment. 
The view of the San Bartolomeo 
Island and bridge is as unconven- 
tional as possible, and the contrast- 
ed light and shadow effects on the 
walls anticipate much of what was 
to be done two decades later. Even 
the unpleasant cleaning that the 
work seems to have undergone in 
fairly recent times did not ml] the 
very delicate palette of this won- 
derful specimen of French Land- 
scape pouting. 

These are relatively small things, 
though, for a collector with such 
means at her disposal- They will 
not be the main target of the vast 
amount of money that will un- 
doubtedly be spent in ApriL The 
quantity, the easily trotted-out 

namw, the glam OUT of milli ons 

with a touch of retro nostalgia, and 
Sotheby’s admirable tom-tom beat- 
ing make up an explosive cocktail 
that will almost certainly bring the 
highest total ever from a single auc- 
tion — not unpleasantly so, as the 
beneficiary is to be French medical 
research. 

Christie's “Adoration of the 
Magi” by Mantegna is a different 
case. A painting by Mantegna be- 
ing up tor sale is a sensation be- 
cause nearly every work that mat- 
ters by this artist sits in some 
museum and is unlikely to leave. 
The “Adoration of the Magi” must 
have made a deep impression when 
it was executed — in about 1500, 


three -quarters, her upper body 
sliehtlY thrown back. There is a 


slightly thrown back. There is a 
suggestion of pseudomanliness 
about the pressed lips and the 
cknched fists that are half stuck 
into her pockets; Cha-U-Kao was 
known to be a lesbian. Here Tou- 
louse-Lautrec , at his most strident, 
has produced one of his more 
forceful portraits. 

It is, however, among the works 
in a minor key that Gould seems to 

have made her best buys, as if there 
she had allowed herself to be guid- 
ed by some instinct rather than 
famous signatures. Toulouse-Lau- 
trec has done far greater portraits 
than “La Gownesse." but his 
sketch of a little black dog that had 


Andrew Lloyd Webber Mass 

Reuters 

NEW YORK — Lonn Maazel 
will conduct the American Sym- 
phony Orchestra at the premiere 
Sunday at New York's Sl Thomas 
Episcopal Church of Andrew 
Lloyd Webber's Requiem Mass. 


AUCTION SALES 


M" RENAUD 

Auctioneer 

6. Rue de la Grange ■Batefieie, 75009 PARIS. 
Tel.: 770.48.95. Telex: DROUOT 642260. 


HOTEL DROUOT PARIS 

Friday, March 8, 1985, at 2:30 p.m. — ROOMS 5 & 6. 

OLD AND MODERN MASTER PAINTINGS 

Franz YKENS "Vase de Fleurs" - Camille PISSARRO “La Foire a Gisors" 


Paul SERUSflER “Bretonnes au bard de I'Auhw" 


FURNITURE & OBJETS D’ART 
of the XVlIlfh Century 

Mahogany Bureau plat, stamped G. KJNTZ 
having belonged to the Marquis de La Fayette. 

SILK ORIENTAL RUGS 

Public viewing Thursday, March 7, from 1 1 a.m. to 6 p.m. 

Experts: Mesas. Ryoux, de r o wm erva u H. D36q, Chevaflier. 


SOTHEBY’S 


FOUNDED 1744 


Geneva 


Entries are invited for the sales of 


Fine Jewels, 

Art Deco Boxes 
and Precious Objects 
in Geneva, May 1985 


Sotheby's experts will be visiting the 
following cities to examine jewellery Tor 
inclusion in this sale: 


Amsterdam Monday 1 1 th March 
Brussels Monday 4th & Tuesday 5th March 
Cologne Thursday 7th March 
Copenhagen Wednesday J3tb March 
Frankfurt Wednesday 6th March 
Lausanne (Palace Hotel) Friday 15th March 
Monte Carlo Wednesday 6th & 

Thursday 7th March 
Munich Tuesday 5th March 
Paris Monday 1 lth-Thursday 14th March 
Vienna Monday 4th March 



A diamond bmv- 
kaot brooch. 
French, mounted in 
platinum, sold in 
Geneva in 
November JS®4 for 
S.Fr. 63.800 


If you wish to make an appointment to see one of our experts, 
please telephone or write to us: 


32 Rue de TAbbaye, Brussels 1050 Tel: 343 50 07 


St. Apcm-Sirassc 17-29, [Kreishaus Galerie), 5000. Cologne 1 
Tel: 249 3M 


Tel: 249 3M 

Brcdgade 27, 1260 Copenhagen K. Tel: 13 55 56 
Steinlestrasse 7, 6000 Frankfort/M. 70 Tel: 62 20 27 
24 Rue de la Cirf, CH- 1204 Geneva Tel: 21 33 77 
Le Sponing d’Hiver, Place du Casino, Monte Carlo Tel: 30 88 80 
Odeonspbtz 16, 8000 Munich 22 Tel: 22 23 75/6 
3 Rue dc Miromcsnfl, 75008 Paris Tel: 266 4060 
Anenohigaun 4, HI 47 Stockholm Tel: 101478/9 
Singerstrasse 16. 1010 Vienna Tel: 52 47 72/3 


heard, in the ecstatic concert of 
admiration triggered by Ouistie’s 
press office's subtle campaign, 
about tbe faded colors. They re- 
quire a 3,000-watt spotlight loglow 
again — but not for long, for such 
intense lighting could quickly caus e 
irreparable damage. One can't help 
feeling that the canvas has been 
cropped; the lower half of the hand 
of one of the Three Wise Men, 
holding up a porcelain bowL must 
have been visible originally. 

Christie’s calls this the most im- 
portant Old Master picture to be 
auctioned since the £7 3-million 
Velasquez portrait of Juan de Par- 
eja in 1970. One wonders; Soth- 
eby's “Resurrection" by Dirk 
Bouts, sold in 1978 for £1.87 mil- 
lion and now owned by the Norton 
Simon Foundation, seems at least 
as important. It is also far better 
preserved. What about Guistie’s 
fabulous Poussin “Holy Family” 
from Chatswonh Castle, sold in 
1981 for £1,650,000? It is perhaps 
Poussin's masterpiece — certainly 
one of three or four of his greatest 
pictures. 

Memories are short Once sold, 
pictures cease to be news. When the 
dust settles, hardly anybody will 
remember the unremarkable paint- 
ings of Florence Gould, and few of 
Lbe Mantegna's recent admirers 
win continue to pay homage to the 
“Adoration of the Magi" 




m 


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WSon E. Sooro/Thi N*w York Tro t. 

TOWER TREND —First the Museum of Modern Art, now the Solomon R. Go^enheam 
Museum: The latter is seeking city approval to build a S12~mfllion, 11-story addition to its 
Frank Lioyd Wright building, but for its own use, unlike MOMA’s income-pnxfiidzig 
Museum Tower. Inset is a Wright drawing envisioning a similar, slightly smaller tower. 


London Exhibitions Focus on the Work of Women 


By Max Wykcs-Joyce 

international HeraU Tribune 


L ONDON —At the Slade School 
t of Art in the first decade of 


• -.,V\ Vv"; 


Christie's experts say — for there 
are eight other versions of this 
work, all considered by scholars to 
be of tbe same period rather than 
later copies. The provenance of the 
painting adds to its lure: It comes 
from Castle Ashby, whose fabulous 
collection of Greek vases was sold 
at Christie's in 1982. Moreover, the 
“Adoration” was exhibited at the 
Victoria and Albert Museum's 
“Splendors of Gonzaga” show in 
1981-1982, when it was virtuahy 
rediscovered after having been in- 
accessible to the public since the 
turn of the century. 

The painting, executed in tem- 
pera on linen, is not exactly in pris- 
tine condition. Not much has been 


this century it became the custom 
for women students to be called 
only by their surnames in an at- 
tempt to treat them on a level with 
the males. On tbe other hand, from 
the very outset of tbe Royal Acade- 
my of Arts, this was not a problem; 
women were admitted as equals, 


Angelica Kauffman and Mary 
Moser being among the 33 


Moser being among the 33 
Founder Members in 1768. 

Tbe Royal Academy’s attitude 
has triumphed and is currently 
typified by a retrospective show of 
sculpture by Dame Elisabeth Frink 
at the academy. She is now one of 
seven women full members, with 
two additional women associates. 

The exhibition consists of more 
than 120 works, mostly bronze fig- 
ures. Die earlier pieces depict the 
aggressive male — human , animal 
or bird; the more recent works de- 
pict the gentle malt* in the form of 
what Frink calls “tribute beads” — 
“a tribute to all people who have 
died or suffered for their beliefs, 
stripped of everything but their hu- 
man courage.” 

When she was at Chelsea School 
of Art from 1949 to 1953, Frink 
was among the prizewinners in the 
international competition for a 
“Monument to the Unknown Polit- 
ical Prisoner." From those success- 
ful student days, she has remained 
faithful to the figurative ideal un- 
moved by the fashion for abstrac- 
tion in the 1950s and '60s. 

"Elisabeth Frink, Sculpture," 
Royal Academy of Arts, Burlington 
House, Piccadilly, Wl, to March 24. 
□ 



travel — Spain, Hong Kong, Cana- 
da, tbe West Indies and Wales, 
most of. which are represented in 
this show of recent work at the 
Upstairs GaUery. 

“ Jane Corsetlis," the Upstairs 
Gallery ; Royal Academy, Burlington 
Bouse, Piccadilfy, Wl, to Marat 1 


Greek myths are the inspiration 
of Sandra Budtett’s recent paint- 
ings at the Art Show. This a her' 
first one-woman show since tearing 
the Slade School of Art last ram- 
mer. It is nobly impressive, espe- 
cially her handlin g of paint, as in 
“Bacchus My Brother, an image 
conceived on a vast scale. 

. * Sandra Buckett," Art Shaw, 23 
Jordan Place, Fulham Broadway, 
SW6, to March 1 (dosed Saturdays, 
but open Sundays 11 A.M. to 5 
P.M. ) 

□ 


Jorgo Uw ww ti 

Elisabeth Frink amid some of her sculptures. 


Lillian Deleyoryas has a consid- 
erable reputation as a textile de- 
signer. It is the sense of color and 
composition required of successful 
textiles which she brings to bear cm 
her “Paintings, Water-colors & Pas- 
tels” on show at Gallery 10. Many 
of the best of these are flower 
pieces and sunlit landscapes; and 
some of tbe most telling are those 
where she portrays a detailed land- 
scape as a backdrop to a flower 
arrangement on a window ledge. 

“ Lillian Delevoryas, ” Gallery 10, 
10 Grosvenor Street. Wl, to Feb. 26. 


prints, drawings, constructions, 
etc. The texts are mostly her own or 
sometimes by the few authors who 
inspired her. 

" Natalie tFArbeloff: Artist's Edi- 
tions/ Bookworks. " Bertram Rota, 
30 & 31 Long Acre, WC2„ to March 
I. 

a 


Mary Mabbutt, a graduate of the 
Royal Academy Schools, is a realist 
painter of genius. In her show of 
recent paintings at the Paton Gal- 
lery, she often reverts to sdf- por- 
traiture in hex larger works, por- 


wiih her daughter, Shirin Goles- 
taneh, trained in Pennsylvania and 
Florence, with whom she now 
shares a show at the Gnistopher 
Hull Gallery. 

The only attribute their an has in 
common is a facility for good draw- 
ing. Since the two are so different 
from one another, this mother- 
daughter exhibit makes the work of 
each excellently complement the 
other. 

“Sylvia Edwards/ Shirin Goles- 
taneh, ” Christopher Hull Gallery, 17 
Molcomb Street, SW1, to March 9. 


i raying herself at particularly 
magical moments in her everyday 


The London Ifniversity Institute 
of Education is presenting the first 
one-woman Shaw in England of 
Piera McArthur, who is New Zea- 
land-born and now based in Paris. 
She works in bright colors and in a 
markedly Expressionist manner; 
her main subjects are the human 
face, equestrian groups, and musi- 
cians at work. 

“Piera McArthur Bloomsbury 
Gallery No. 1, University of London 
Institute of Education, 20 Bedford 
Way. WCL to Feb. 2& 

□ 


life, such as “Summer Shoes” — 
herself trying on footgear in a Cor- 
nish shoe store — and a number of 
serene self -portraits with Windsor 
and Newton, her two cats named 
after tbe artists' color suppliers. 

She has a somber sense of color 
occasionally enlivened with a speck 
of great brightness, and a predilec- 
tion for angular shapes. This is 
work in the best tradition of poeti- 
cal realism. 

“ Mary Mabbutt," Paton Gallery, 
2 Langley Court. Long Acre, WC2, 
to March 2 (dosed Mondays ). 

a 


Jane Corseflis, as the title of her 
book “Painting Figures in Light” 
(Watson Guptfll, New York, 1982) 
shows, is preoccupied with light 
and its effects. “Sunlight and shad- 
ows is alhemel love and paint over 
and over again in all its varying 
moods and intensity," she says. 

Corseflis has been able to in- 
dulge this preoccupation by much 


Mikey Cuddihy and Helen 
Giadwick share the main gallery at 
the Riverside Studios. In separate 
but related exhibitions, they seek to . 
come to terms with their own per- 
sonal histories. 1 

■ - Mikey Cuddihy in “Rock. Scis- 
sors, Paper*’ draws outlines of her 
body on wallpaper; she inter- 
sperses the outlines with portrayals 
of other images of persons and 
tilings, and these all come together 
to set an emotional ambience. 

In “EgoGeometria Sum,” Helen 
Chadwick imprints on geometrical 
plywood forms photographic im- 
ages of her body and remembered 
objects symbolic of her growth, de- 
velopment, and change from child- 
hood to tbe present. These are aug- 
mented with a series of 
photographs made in coQaboratiou 
with Mark PQkmgton; the photos 
are of the artist “ manipulatin g 
(with various degrees of difficulty) 
these forms from her past” 

In the foyer of the gallery, in an 
exhibition called “C him ires” 
which has been financed by the 
Association Fnmcaise <T Action Ar- 
tistique, Annette Me&sager has (se- 
ated nocturnal monsters from dis- 
torted, cut- up and overp ainled 
photographs of the human frame 
set in a gigantic painted cobweb. 
Not for nothing does the artist say, 
“I fed like a Queen of the Night” 
“Mikey Cuddihy/ Helen Chad- 
wick/ Annette Messagpr” Riverside 
Studios, Crisp Road, Hammersmith, 
W6, to March 9. 


•£Tof saretioa. la 

frjrrfr reached the l 
ril »niwi with turn for . 

in '■esri. 

Armenian roots 
-ta or the land he had 
i^.^-Aereofpnrni 

and -arc ^.e he a 

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rmim mjes re! 

rjirs-.ws. upends or o 
in aidant ccr 
-a T .+ ht> riiier. which « 

Aniwrcan 

is the L riled State 
hi' schiVtiTyv and bega 
artist a: (he age oi 
■jiatiY choosing to . 
■ Gork'-' - which, in Ru 
bnier. Hd brought an < 
enesudh- Armenian, 
•o hii work, assimilate 
so-iLioas brought to 
k-. jsairss such as Pa 
C'corze 4 Bracue and 
«r.o 3 : mti nine were 
France. ie.'Jaed the itK 
realise lie Andre Mas 
Fenc Malta, and out 
un':kei> combinatioi 
ground ar.c experieno 
:c frJucn the first m 
of Rh.:i hoi fincc been 
e^er.uaUy American a 
7b; ■■Armenian” st 
ircarirt ir. his con 
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yerre - •••: j! pathos and a 
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re’ ■ hat he had lived 
ci-iic Amorce the even) 
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Lie studio where he \ 


New Magazine About En glish 


The Associated Press 


lbe French critic Michel Seu- 
phor introduces the exhibition of 
“Artist's Editions/Bookworks” by 
Natalie d'Arbdoff at Bertram Rota 
this way: “She is gifted with an 
onmitalent whose fertility and elo- 
quence is apparent to alL” 

Born in Paris, d'Arbdoff has 
lived and worked in London as 


Lindsay Barthlomew is in the 
best tradition of British watercolor 
painting in her latest show, “Re- 
cent Watercolors,” at the Thacker- 
ay Gallery. As so many of her 
famous forerunners, she is at her 
best as a landscapist Her special- 
ties are the Scottish counties of 
Argyll and Perthshire, where die 
passes much of her time. 

“Watercolors by Lindsay Barthol- 
omew," Thackeray Gallery, IS 
Thackeray Street, Kensington 
Square, WS, to March I. 

□ 


L ONDON — English is becom- 
/ ing an international commod- 


ity. like oil and the microchip, ac- 
cording to English Today, a new 
magazine about the use of English. 

English Today's first issue esti- 
mates that 1.4 billion of the world's 
4.6 billion people speak English 
fluently or speak some English. 
Adding those who have some 
awareness of English in speaking, 
listening, reading or writing, the 
number may be 2 billion, it said. 

Cambridge University Press has 
announced that it will publish the 
magazine four times a year. 


computers and other vitally impor- 
tant matters need their reviews;”' 
McArthur, 46, a Glasgow-born 
lexicographer who has taught En- 
glish in Bombay and Quebec, said 
the journal would be the first to 
bring foreign and native users ef 


tfee" ei 
for 1 5 mi 
•ing <73 L 

“Soto 

the 

men. xfc 
51 -miilic 
ana her 
March. ' 
li'.led "N 

^ with 

Me. ;h« 
m dia.-ne 
A bast 
pU’e. a( 
easi 
btr.ns, a 
m;-,. 

tbe si 
^uirasi 


English together. 
The first issue 


painter, designer, nruralist, print- 
maker and teacher since 1963. Ap- 


propriately in a bookstore famous 
tor its stock of modem first edi- 
tions, die is mounting a show of the 
“limited, unlimited and one-of-a- 
kind books” illustrated with her 


Sylvia Edwards, Boston -born 
and Massachusetts-trained, has 
long had an excellent reputation as 
landscape pastelisl, a draf tswo- 
man, and elegant fantasist. She has 

now dropped her married name of 
Golestaneh to avoid confusion 


“English is in just about every- 
thing the human race docs, and it is 


developing and diversifying in all 
directions,” said the magazine's 
editor, Tom McArthur. “It is be- 
coming very difficult to claim that 
English around the world is still 
amply one language any more. So 
it needs a review, just as science. 


The first issue includes a gazet- 
teer of “history, usage, fact, fashion 
and fallacy” in terms such is 
“American," “Anglo" and “Aus- 
tralian”; definitions of important 
Islamic nBpi^e and words; and a 
computerese glossary. 

McArthur said the journal Ver- 
batim, written and published by 
Lawrence Urrfang in Connecticut, 
was not really a competitor “be- 
cause that's for word buffs." 

“We will have things that inter- 
est the word buff , but we are naDy 
a clearinghouse for news about En- 
glish.” he said, adding that Mr. 
Urdang, a lexicographer, would be 
writing for English Today. 


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DOONESBUKY 



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BUSINESS / FINANCE 


Statists* ‘2. 

p.11 P«no 6orr nbh, 
AMEU-**®** , p. B Grid MQrteti 
NYSE & *** p.i4 Htohs a, Lam , 
OxtedW***" p.7 interest fates , 

p.lD Martel Sammarv » 
Co mnwrfHf* pjo OTCSMck 0 

Plowonm p.iQ Ottier Manets p, 

EamhigO — — 


THURSDAY, FEBRUARY 23, 1984 


Page 7 


WALL STREET WATCH 

Dean Witter’s Mendelson 
Likes Contrarian Signs 

By EDWARD ROHRBACH 

InienuiiiiMiul Hi-rolJ Tribune 

B ock when the bull market was snorting and pawing the 
ground, not everybody was convinced that investors 
were still in for a rip-roarin' ride. Last May. John A. 
Mendelson, who now heads Dean Winer's market- 
analysis group, said that Wail Street looked tired and that the 
first leg of the bull market had ended. A long “intermission" was 
needed, he said, before stocks could resume a broad advance. 

Wail Street’s reaction was "shut up and deal." In fact, the 
market did continue to surge for another month. But in June, the 
more speculative issues topped out and the blue chips supported 
Lhe averages, masking a decline that has buried even them the last 
six weeks. - 

In another recommenda- 
tion that seems better with 
time, he advocated selling 
IBM at $134 a share in Octo- 
ber at the stock's peak. Bui he 
also erred on the side of cau- 
tion, recommending gold 
stocks for a period last fall. 

"Things are looking better 


Mendelson thinks 
that Wall Street 
is now at an 
'intellectual low/ 


for Wall Street now." said Mr. Mendelson. who reinforced his 
reputation bv remaining unconvinced when the market rallied 
sharply for a few- days in early January. “The intermission isn't 
over yet but there are encouraging signs, the best since last 
spring.” 

Apart from a better bond market, what looks good to techni- 
cians such as him. however, are the contrarian indicators that 
look just terrible to most investors. For example, his net-volume 
figures of stock purchases and sales — "which show how fast 
people want to get in or out of the market" — are indicating 
“more aggressive" selling. 

Moreover, he thinks that Wail Street is now at an “intellectual 
low," in which the rationale is being built up on why stocks are 
taking such a beating. What the market needs to bottom out, he 
said, is an "emotional low." when "fear of further losses" is the 
dominant theme. 

His hunch is that it may come at the 1,100 to 1,050 range on lhe 
Dow average, a level "not more than a few months ahead, and it 
could be weeks or days away." 

W hen the market does turn, Mr. Mendelson expects a very 
broad advance, because "Wall Street has been correcting 
itself in basically every sector.” 

Value Line argues that interest rates are not the right place to 
look for clues about the stock market's future behavior, maintain- 
ing that “the recent slide in stock prices is out of all proportion 
with events occurring in the money markets." 

Interest rates are remaining remarkably stable; the investment 
advisory service says, with the Federal Reserve holding the 
discount rate steady at 8.5 percent for over a year — the first time 
since 1969-70. 

Value Line, whose stock recommendation of the week is Philip 
Morris, blames "increased worry about the economy’s capacity 
for growth" for Wall Street's decline. 

Goldman Sachs interprets the pullback as caused by investors 
trying to raise cash reserves, a phenomenon stimulated by in- 
creasing concern on the way that stocks are reacting to earnings 
reports. 

What the firm wants to see before calling a market bottom are 
cash reserves rising substantially, an improved bond market and 
“most importantly, stocks acting better in response to good and 
bad eariunigs — for example, 'dropping a'smaH fraction when 
earnings are only modestly short of expectations." 

On the bright side, Leon G. Coopexman and Steven G. Ha- 
ll ora of Goldman Sachs' investment-policy committee make 
these points: 

• A Dow decline to 1.100 would represent a 15 percent drop 
from the peak, not unusual in the context of a bull market 
correction. 

• Although the firm was scratching for attractive stocks three 
and six months ago, Goldman Sachs is encouraged by what it 
believes to be an increasing number of "cheap” stocks that it is 
willing to buy. 

Nevertheless, they think that the market's upward potential 
"will be contained by the highs of early 1984 until both investor 
liquidity and confidence are rebuilt: we continue to believe 1984 
wul be a year where returns on cash beat the stock market." 

Jean de Jonghe d’Ardoye, senior investment analyst in charge 
of North American markets at Socifeifc Gfcnferale de Banque in 
Brussels, Belgium’s largest bank, said Wall Street's downturn is 
(Continued on Page 1L, CoL 4) 


CURRENCY RATES 

Lute imerfaoni rates an Feb. 22 , excluding feet. 

Official fixings For Amsterdam, Brussels, Milan. Paris. New York rates at 2.-00 pm EST. 


Amsterdam 

Bruiartital 

Frankfurt 
London fb> 
Milan 

Mew York (ct 
Part* 

Tokyo 

Eerie* 

1 ECU 
I SDR 


S 

10125 

54,425 

2*59 

1.4527 

145340 

BJ236 
yn ns 
tiOTJ 

04391 

1A5M3 


79.1475 

34*35 

2J99-80 

1,4525 

11.95 

mo? 

3.1*43 

(LS7B4 

0J2521 


DJW, 
11181 « 
20*825 

34*52 
419.2* 
£*575 
308-49 ■ 
86.97 
62J05 * 
2 - 2*2 
240456 


FT. 
36-595 ■ 
*44 
TOM' 
114236 
200-69 
a 7945 

28-23 

26.71* 

6.914 


ILL. 

0.1 BJ1 
3-3075 * 
1413 a 
2JW.98 

1442J0 ■ 
4.9885 x 
14.10 • 
0.132? 
1-387,41 
123742 


CUT. 

18.15* 

88*3* 

44*2 

548.*? 

2.9987 

27142* 

77.18 

TUBS* 

6 ASM 

11656 


B.F. 

5 J8? ‘ 


7? 22 
30237 
5445 
15.057* 
42*52 * 
44203* 
45.91* 
57*699 


S.F. 
117 J5* 
24.935 
12150 • 
11813 
75150 
2.1908 
371*0* 
105.91 

14413 

1305 


Yen 
12924 v 
21471* 
1.144 • 
138*2 
749* 
23110 
■15363* 

05394 • 
19543 
2453*9 


N.Y. Stocks 
Are Mixed; 
Volume Up 

United Prm Iniemutiuiuil 

NEW YORK — The New York 
Stock Exchange was mixed late 
Wednesday, with Wall Street trying 
to break oui of a six-week slide that 
had carried averages to a 10-month 
low. 

The Dow Jones industrial aver- 
age. down 5 points at the outset, 
was ahead 0.74 to 1,140.07 an hour 
before the dose. It dropped 9.53 to 
1,139.34 Tuesday, Lhe lowest level 
since it finished ai 1.124.71 on 
April 8. 1963. The average, which 
lost 6.07 Friday, had skidded 24.50 
the previous four sessions and 
147.33 since the first week in Janu- 
ary. 

Declines led advances by about 8 
to 0 . Turnover was about 75.4 mil- 
lion shares, up from the 59.4 mil- 
lion that traded in the like period 
Tuesday, lhe second slowest ses- 
sion of the year. 

Prices were mixed in moderate 
trading of American Stock Ex- 
change issues. 

Analyses said the recent slow- 
down in selling intensity indicated 
that the market might be gening 
close to a bottom to the slide that 
began after the first week in Janu- 
aiy. 

"The only thing lhat has hap- 
pened is that traders have stopped 
selling.” said Dudley Eppel of 
Donaldson, Lufkin & Jen retie. 
"We are in a mini-rally and the 
question is whether it can hold. The 
way selling has dried up it could 
but there is no surge of buying 

Mr. Eppel added, however, that 
if an attempt at a rally fails, "we 
could see another debacle soon." 

"1 think institutions are ready to 
begin buying," said Michael Metz 
of Oppenhamer A Co. “They’re 
just wailing for someone to sun if 
off." 

Analysts said many investors 
stayed bn the sidelines "this session 
to wait until President Ronald Rea- 
gan’s speech Wednesday night. 

Investors were also believed to 
be watching as Democrats and Re- 
publicans tried to get together to 
work on the cuts in the huge federal 
budget deficit that experts say has 
kept interest rates high. 

General Telephone & Electron- 
ics was one of the most active issues 
with a block of 818,000 shares at 
35k,. 

AT&T was active. Inmos Ltd. of 
England, s seiracc n dact'-'r compa- 
ny, has rejected a $65 million 
AT&T takeover bid. 

Continental Illinois was high on 
the list with a block of 981.000 
shares trading at 19. 

Gulf CHI was sharply higher and 
Mesa Petroleum was active. Mesa 
officials and their associates an- 
nounced plans to offer S65 a share 
for 13.5 million Gulf shares. Gulf 
has pledaed to fight any takeover 
bid by Mesa. 

Chrysler, which offered S206 
million of commercial paper in Eu- 
rope. was active and lower most or 
the day. General Motors and Ford 
also were active. 

Baxter-Travenol was active and 
lower. The slock fell 1*4 Tuesday 
after the company, which raised its 
dividend, said it expected lower 
first-quarter earnings. 

Beatrice Foods, which lost 1^ 
Tuesday after jumping 4 1 /* last 
week, was lower in active trading 
Nestle SA of Switzerland on Friday 
denied reports that it was preparing 
to make a bid. 


The Growing Pains of a ‘Mature’ US. Chemical Industry 



Lower Profits 

CnemxAi /nauafr* 
swims 

mBdMxia 

tfdoUHs 


S14 

12 


ID 


■74 'TO '71 *ao 


FTttoWry , 


Source.- Cooxnwca Deosnmant 


Mesa Attempting 
To Raise Stake 
In Gulf to 21 . 3 % 


Thx IWw York Tam 


U.S. Chemical Firms Are Struggling 
To Adjust to Foreign Competition 


By Sccvcn Greenhouse 

tow York Times Srnju- 

NEW YORK — It happened in steel, it happened in 
copper and now it is starting to happen in basic 
petrochemicals. 

A once-thriving U.S. industry reaches maturity 
while still young. Then producers in developing coun- 
tries. which often have lower costs Tor raw materials 
and labor, build new plants. That floods the world 
with excess capacity and forces many manufacturers 
in the developed nations to dose their higher-cast 
operations. 

The same pattern is developing in the petrochemical 
industry. It has resulted in a shakeout among U.S. 
makers'of basic petrochemicals such as methane and 
ethylene, which are used as building blocks for more 
sophisticated chemicals. 

Basic petrochemicals, also known as bulk or com- 
modity petrochemicals, are key components of every- 
thing from polyester to plastic bags, from styrofoam to 
antifreeze. In ihe United States, basic petrochemicals 
account for about 45 percent of total chemical indus- 
try sales, which totaled SI 89 billion in 1983. 

Accompanying the shift away from commodity pet- 
rochemicals is a move by U.S. chemical companies 
roward specialty chemicals — higher value-added 
chemicals that have specific uses ana are often geared 
to specific users. 

"The bloom is off the rose in petrochemicals," said 
Charles H. Kiine. head of a chemical consulting com- 
pany based in Fairfield. New Jersey. "It's the classic, 
old shakeout when an industry matures." 

Monsanto Co. has stopped producing several basic 
petrochemicals, and Cities Service has moved out of 
petrochemicals altogether. 


Analysis predict that there will be more dropouts 
from the high- 1 o image, commodity petrochemical sec- 
tor, which is led by such giants as Du Pom Co., Dow 
Chemical Co„ Union Carbide Corp. and Celanese 
Corp. The roster of major producers of basic petro- 
chemicals also includes Exxon Corp. and Shell Oil Co. 

For instance, more than 20 companies now produce 
ethylene glycol a key ingredient in fibers and anti- 
freeze, but Mr. Kline predicts that by 1990 there will 
be fewer than 10. 

During their years of record profits in the 1970s. 
U.S. chemical makers — seeing no end to the growth 
of demand — eagerly added new petrochemical 
capacity. 

This eagerness to expand has come back to haunt 
the industry, however, because worldwide demand has 
fallen far short of expectations and developing coun- 
tries such as Mexico, Saudi Arabia and Kuwait have 
built large, efficient petrochemical operations that 
exploit their inexpensive and ample supply of raw 
material. In addition. Canada's Alberta, with its plen- 
tiful supply of natural gas, is busy adding petrochemi- 
cal plants. 

Ail told, these additions will raise worldwide capaci- 
ty by almost 10 percenL Already they have helped 
push down the capacity utilization rate of some Uii. 
petrochemical operations to less than 70 percenL 

"The oil-producing countries are doing what pro- 
ducers of raw materials always do,” said Mr. Kline. 
“They don't warn to just sell raw materials. They want 
to upgrade them, add more value to them and make 
more money from them.” 

According to Myron T. Foveaux, an economist with 
the Chemical Manufacturers Association, natural gas 
(Continued on Page 9, CoL 5) 


West German Cabinet Approves 
Money for Development of Airbus 


Reuters 

BONN — The West German 
cabinet agreed Wednesday to aid 
effort * in develop a new version of 
the European Airbus, leaving the 
size of the British contribution to 
the four-nation project as the only 
dement still in doubt 

The Economics Ministry said the 
cabinet agreed to provide 1.5 bil- 
lion Deutsche marks ($560 million) 
in interest-free aid, equal to 90 per- 
cent of West Germany’s share of 
the development costs of the Shetl- 
and medium-haul A-320 Airbus. 

The move will allow Airbus In- 
dustrie, a consortium made up of 
France. Wesi Germany, Bn rain 
and Spain. 10 start building the A- 
320 as soon as Britain decides 
whether to allocate funds 10 the 
project. State Secretary Martin 
Grnener told reporters. 

The U.K. government is expect- 
ed 10 announce soon its response to 
British Aerospace's request for 
Lwo-thirds of the £640 million 
($930 million) total British contri- 
bution. 

Mr. Greener, who is in charge of 
coordinating West German Airbus 
policy, said that “the indications 


are" that Britain will support the 
project 

If the British prove unwilling to 
provide hacking.. Airbi^ executives 
have said the project would still go 
ahead with additional French and 
West German funds. 

The 150-seaier, twin-jet A-320 is 
scheduled (0 go on the market in 
1988. Airbus Industrie says it will 
be more fuel-efficient than the 
competing 737-300 model made by 
its major rival, Boeing Corp. of the 
United States. 

Mr. Greener said the Airbus 
consortium has 51 firm orders for 
the A-320 and options on another 
45 so far. Airlines are expected to 
need about 3,400 short- and medi- 
um-range planes starting in 1988 
when they begin replacing old 
models. 

Airbus Industrie already builds 
the larger wi debody A-300 and A- 


310 versions. Broadening its fleet 
with the single-aisle A-320 should 
increase sales of all its models, Mr. 
Greener said,, 

The consortium includes 
France’s stale-owned Aerospatiale. 
Deutsche Airbus of West Germa- 
ny, British Aerospace and Spain's 
government-owned Casa. The 
planes are assembled at Airbus In- 
dustrie’s headquarters in Toulouse. 
France. 

Deutsche Airbus, wholly-owned 
by West Germany’s largest aero- 
space company, Messerechnuti- 
Boelkow-Blohm. is to build most of 
the A-320’s fuselage and vertical 
tail assembly. 

Mr. Greener said Deutsche Air- 
bus will receive the 13 billion DM 
by 1990 and will not have to repay 
the money until A-320 sales have 
covered iis development costs. 


77ir AssimieJ Prn: 

NEW YORK — Mesa Petro- 
leum Co. said Wednesday that it 
and a group or co-investors will 
make an S877.5-- million public of- 
fer for 13.5 million shares of Gulf 
Oil Cotp. 

Mesa said the offer will be pan 
of an overall plan for eventually 
gaining control of Gulf, which is 
the fifih-largest U.S. oil company. 
As pan of that strategy, the inves- 
tor group said it would challenge 
the Gulf board by proposing its 
own slate of nominees at Gulfs 
shareholder meeting in May. 

Tire Mesa group, which already 
owns 21.7 million Gulf shares, 
would increase its stake to2L3 per- 
cent of the 165 million Gulf shares 
outstanding if the new offer suc- 
ceeded. 

At Gulf headquarters in Pitts- 
burgh, a company spokesman. 
Keith Anderson, said that Gulf 
"has no response at this time” to 
the announcement by Mesa. Just 
last week. Gulf announced its "firm 
opposition" to any move aimed at 
taking over Gulf. 

Mesa, which is based in Amaril- 
lo, Texas, also said it would raise 
S300 million by selling newly is- 
sued securities to Penn Central 
Cotp. If the Mesa group succeeded 
in eventually gaining control of 
Gulf, Perm Central would have a 
right of first refusal in connection 
with the sale of certain Gulf assets. 
Mesa said. Penn Central is a diver- 
sified energy company with inter- 
ests in oil exploration. 

The group has suggested it might 
dismantle Gulf by selling off most 
of its assets if it gained a control- 
ling interest in the company. 

The Mesa announcement contin- 
ues a long battle between Gulf 
management and T. Boone Pickens 
Jr., the Mesa chairman who heads 
the investor group. Last December, 
Gulf defeated Mr. Pickens in a 
proxy fight lo move Gulfs corpo- 
rate charier from Pennsylvania to 
Delaware, a move designed to com- 
plicate any effort by Mr. Pickens to 
oust the Gulf board. 

The Pickens group has been try- 
ing for months to pressure Gulf 
into spinning off about one-half of 
its domestic oil and natural gas 
reserves to shareholders in ihe form 
of a trusL Gulf management, which 
opposes the idea, recently filed suit 
m an attempt to prohibit the Pick- 
ens group from buying more shares 
of Gulf stock. 

In its announcement Wednes- 
day, Mesa said the tender offer for 
133 million Gulf shares would be 
at $65 a share. Gulf stock closed 
Tuesday on the New York Stock 
Exchange at $52,625 a share. 

Mesa also said the investor 
group would reserve the right to 
purchase more than 13.5 million 
shares if more than the target num- 
ber were validly offered by Gulf 
shareholders. Mesa noted, howev- 
er. that any purchase of more than 
133 million shares would require 


the investor group to get additional 
financing and consents. Mesa said ■ 
the manners of the group intend to ' 
seek sneb additional financing. 

John F- Boros, Mesa’s secretary* 
and treasurer, said $638 million of 
the $8773 million raised for the- 
planned tender offer is Mesa mon- 
ey The rest is current mero- 
tere of the Gulf Investors Group, 
including Wagner & Brown. Har- 
ben International Inc.. First City 
Financial Corp- First City Proper-' 
lies too. Sunshine Mining Co.. Far 
West financial Services Corp. and 
First Gty Trust Co. 

Renault Seeks 
To Eliminate 
3,500 Jobs 

The Associated Pica 

PARIS — Renault, the state- 
owned automaker, said Wednesday 
that it win seek government autho- 
rization 10 offer early retirement to 
3,500 of its 160,01)0 car workers to 
help trim labor costs. 

Union officials, however, reacted 
by saying they would demand that 
new workers be hired to replace 
anyone who retires. 

Renault's plan is similar to a job- 
reduction plan announced recently 
at Peugeot, the privately-held auto 
group. 

A Renault spokesman said the 
job cuts would be voluntary and 
would involve workers at its Paris 
headquarters and at suburban 
plants and research centers. He 
said the company did not intend to 
lay off any workers “the way things 
stand at the moment." 

Union officials said the auto* 
maker also planned to announce d 
proposal to trim 3,750 jobs from 
the work force of 27.000 at its 
truck-building division, Renault 
Vehicules Industrials. 

Jacques Guilloi. a representative 
of the General Confederation of 
Labor, the Coramumst-Ied labor 
union, said his organization was 
demanding 3300 hirings 10 com- 
pensate for the pionned eariy re- 
tirements. 

“There is no overemployment at 
Renault," he said. 

Unions will have a cbmce to 
respond to the proposed job cuts 
with management at a meeting of 
Renault’s labor-management com- 
mittee next month. 

Renault is expected tc report a 
1983 loss of almost 2 billion francs 
(about 5240 million ) last >ear, com- 
pared with a loss of about 1 J bil- 
lion francs in 1982. The truck divi- 
sion alone will account for about / 
1.8 billion francs of the 1983 loss;' 
analysts estimate. 

Peugeot said recently that it 
would trim the work force of its 
Talbot division by about 6.000. 


Directors Clear Way 
For Reuters Offering 


Dollar Values 


1 

Emin. 

OWS6 

0.0533 

04177 

DS017 

0.1029 

0.1746 

04009 

0.118] 


CWTOTCV 

Aostroiln* 
Antrim tcMMno 
BeMlMfhLlrmc 
CurcnHmI 
Doris* krone 
Florin nark 

Greek aracMM) 

Mona Knot 


USJ 

14688 

167*5 

5*575 

12*74 

07175 

5.7285 

101.125 

7.7945 


Currency 


I 

EwfV. 

1.153 IrfcUl I 
04073 Israeli MMri 
24153 Knwttlrinar 
0428 MriOf.lIMVIl 
01112 Norm, krone 
04717 PhiL peso 

04075 Pert, escudo 
ojus Saudi rival 


Per 

ULSS 

04673 

IKL58S 

02928 

223*5 

7434 

1*45*5 

133406 

15085 


Currant, 


5 

Eqetv 
*4*08 StoanooraS 
04225 5. African rood 
04013 5. Korean woo 
0406* 5pao.B* seta 
8.12*1 S wed. krona 
04249 Taiwan I 
04415 TMIboM 
02723 UJLE.dbtem 


Per 

USJ 

2.1285 

1.7158 

79020 

15244 

75165 

40.19 

22475 

14725 


f Sterling: lit! lrWi£ 

(a) Commercial Ironc (bl Amounts needed to buy one Bound Ic) Amount* needed to buy one eel lor 1*1 
Units oCMOliil lirihrilAOO tv} Unllsotlft 
hjQ.: not auofetf; na.: not available. 


INTEREST RATES 


Eurocurrency Deposits 


Feb. 22 


Seu Preach 

Dollar Denarii Franc Storting Franc ECU SDR 

n . 9H 516.5*1. W ■» 9'A ■ «8 M.WH-lh M-l 

9 Yh - 10 S’* ■ 50* 3*. -in fn-fn 15 - 151* 90. - 99* 91* ■ Me 

10 - 10V* sm. - 5 Ak tek - » or, - 9 V. tSte - 158* 94* - 998 9te ■ 9V» 

10 VU- 10 «. 5 - * N - 3 n, 98* - 90S IStS - l*W 98, - 10 W* ■ 9te 

10* ■ IN* »W ■ 6* fn-4lw m ■»« M • 741* 10 - IBM OKi - «, 

Wra rrv'V"**'* “ intnrbank deposits o * SI mutton mbntmm tor xwrimHonU. 


Key Money Rates 

United Slates 


Close Pnev. 


kcouri Rale 
merai Farris 
line Rale 
«ksr Loon Rate 
mm. Paper. 30-179 do vs 
north Treasury Bills 
namti Treasury Bills 
11 30-59 da vs 
II MHS? dovs 


ermam 


Rote 

Rafe 

H .Interbank 
flier bank 
tier Bank 


81* 
» 
II 
10?: 
945 
948 
9.22 
9.2 S 
9-30 


SJC 
5S5 
5*0 
5 95 
* ID 


SV» 

9*k 

11 

lOVi 

9.45 

9.10 

9J4 

?.t? 

945 


SJO 

S-iS 

5*0 

* 

0)0 


Japan 


Discount Rote 
Cali Manev 

44Fdo> interbank 


9 S •» 

O'v *** 


Britain 


Close 

Prav. 

Bonk Bose Rale 


9 

9 

Can AAoitev 


9 K 

9 K 

vi-aav Troooura Bill 

8 57/M 8 57/M 

3-mante interbank 

France 


9 *» 

9 *. 

intervention Roio 


12 

13 

Call Manev 


11V 

12k* 

One-manin irtwtwnk 

12V 

123k 

3 -fnonin imeroank 


12» 

12V* 

t-monih interbank 


My. 

1M 

COLD PRICES 


A M. 

PM. 

Chie 

won* Kgng 

387475 

m .is 

+ 410 

Lu.ftoDOoro 

19009 

— 

+ 140 

Pon* il3 5vilai 

JV2J4 

394*4 

+ 6M 

Zorult 


3M25 

* 610 

Lana on 

19240 

39575 

* 0.25 

New lor* 

399.70 

- 

11J0 


By Bob Hagerty 

International Herald Tribune 

LONDON — The board of Reu- 
ters Ltd. said Wednesday lhat ii 
had approved a controversial re- 
structuring of the company to per- 
mit the sale of shares to the public. 

The restructuring will allow the 
newspapers that own Reuters to 
reap big profits on pan of their 
shareholdings while retaining con- 
trol of the company, which pro- 
vides news and financial -data ser- 
vices. 

A senior Reuters official said the 
sale probably would come in mid- 
May. Analysts have estimated the 
company's iota! value at £1 billion 
t$1.45 billion). The board did not 
specify what proportion of the 
company would be sold. But at 
least 25 percent of the shares will 
remain with newpapers in Britain. 
Ireland. Australia and New Zea- 
land. 

Reuters said the new structure 
would prevent control of the com- 
pany from passing to "any one 
interest group or faction" and 
would protect the news service's 
integrity mid independence. 

The statement appeared partly 
aimed at a flaring fears thai public 
ownership would compromise ihe 


company’s general news service. 
While that business is unprofitable, 
the fast growth or electronic finan- 
cial-information services has pro- 
duced huge profit increases for 
Reuters in recent years. Some jour- 
nalists and politicians worry that 
new owners will be less devoted to 
preserving the unprofitable parts of 
Reuters. ■ 

To Iimii such pressures. Reuters 
plans to issue special shares lo its 
present owners, providing them 
with enough voting rights to over- 
rule the new shareholders. 

Many big institutional investors 
object to being second-class share- 
holders in terms of voting rights. 
Such objections are likely lo pre- 
vent the Reuters shares from being 
sold at the highest possible price, 
analysts say. 

Michael Nelson, general manag- 
er of Reuters, acknowledged that 
some investors would oppose the 
arrangement. But. be added. "We 
are determined to maimaio control 
by the press." 

Reuters is due to report its 1983 
results in mid-March. For 1982. the 
company repoled after-tax profit 
of £33.4 million on revenue of £179 
million. 


Sources Canunerjaonk Sank ot Tak.o. 
i. tor (is Bank 


(initial Imnm kst LaoM* Pa/ls anO Lurem 
ouvia. aocouia ana cIovm s*icp% *or hwio 7 jhio 
and Zuncii iim ram Coiwm cu<r«i* cbbiioci 
ati once* w Oil t»cr ounce 




Weekly net asset value 

Tokyo Pacific Holdings N.V. 


-a m on February 20, 1984: U.S. $126,01. 

Listed on the Amsterdam Stock Exchange 


Information: Pierson. Heldring & Pierson N.V., 

Herengracht 214, 1016 BS Amsterdam. 


Futures 
Outlook far 

1984 







Tlie volatility of the current economic and political climate in the world has left 
many investors with a feeling of uncertainty with regards to futures investments. 

At Bache Securities, our futures analysts have put together a new trilingual 
report that suggests the possibility of significant profit potential in futures. It's affin 
our new Futures Outlook for 1984. 

Our comprehensive report covers: financial futures, currencies, metals and stock 
index futures and is must reading for traders, hedgers, or concerned investor. 

Call or write for your free copy of our Futures Outlook for 1984. . 


r- ■ 

I Bache 
■ Tfetl-* 

I Please 
Name 


Bache Service Center. 3-5 Burlington Gardens. London W1X 1LE 
ThL 1-439-4191; Telex: 263779 

Please send roe a free copy of your Futures Outlook for 1984. 


1 


Address 


Phene 


BagjeSegnbes 


Amsterdam, Athens, Basel. Brussels. Buenos Aires. Chiasso. Dusscldor£ Frankfurt, Geneva. Hamburg. " "T I 

Monte Carlo. Munich, Sew York, Pons. Si. Cmx, SL Thomas, San Juan. Singaporr. Stuttgart. Tokyo. Zurich ^^tugano. Madrut V 








INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 23, 1984 


NASDAQ index 


AMEX Most Actives 


Commute 

indurfrtots 

Flnonca 

Insurant* 

Utilities 

Banka 

TronspL 


Week Year 
Ooa Naas W Ase 

2*9.84 24939 2S233 958.17 
381.56 BUT 285.T7 3TJ51 
mBS - 27057 ZB.I7 


34753 — 
294.19 — 
TOM - 
341.87 — 


24736 mil 
22115 31933 
90532 16237 
24636 71333 


VoL HWl 
3840 It* 
STM B* 
2701 3» 

3461 2748 
1735 UK 
1596 T9V» 
1526 21 W 
MS 3*1 
874 134, 
834 38 


Owe Cho* 
n't + 

IK +Hfc 
3tt — I* 
Z7V4 + V6 
14IK — 44 
18 — 1% 
M»4 * 44 
334 

1314 + 36 
373, — 14 



Ptwr. 

Today 


One 

2 Am. 

Bonita 

7153 

70.91 

unimes 

6757 

6737 

industnata 

74.10 

74.16. 


AMEX Stock Index 


Kuwait Forms 
Concern to Ease 
Its Stock Crisis 

Thr AssodaeJ Press 

KUWAIT — The Kuwaiti government is 
selling up a SI -billion investment concern to 
help tie up the loose ends from the souk ai - 
manakh, the unregulated stock market that 
crashed 18 months ago. Finance Minister Aii 
Khalifa al-Sabah announced Wednesday. 

Sheikh Ali said about 33 percent of the new 
company’s shares will be distributed among the 
market's creditors in the same ratio as their 
debts. The government will own about 40 per- 
cent of the investment company’s shares and 
the rest niU be sold to the public, he said. He 
gave no value for the shares- 

The company is the latest in a series of 
government actions aimed at settling the crisis. 
The crash left investors holding about S94 bil- 
lion in mostly worthless post-dated checks and 
knocked Kuwait's economy into the doldrums. 

Sheikh Aii said the cabinet had approved a 
plan to establish the investment concern using 
cash, real estate holdings and stock in Kuwaiti 
companies owned by important dealers who 
have been declared bankrupt by an arbitration 
panel. 

Earlier, the government had devalued the 
debts of bankrupt dealers by about 75 percent 
to bring them into line with the value of their 
resources. 

‘The company was set up to do justice to 
both debtors and creditors,’' Sheikh Ali said. 

Sheikh Ali took over as finance minister six 
months ago after the resignation of Abdul-Latif 
Yousef ai-Hamad, who had differed with the 
government over the handling of the stock mar- 
ket crias. 












































































































INTERNATIONAL HERALD TRIBUNE, THURSDAY, FEBRUARY 23, 1984 



-A W' T! ^ V 
' V • ■*. ij V: 
iS 1?'. «. £ 

tefr 



0r % 



■*c!u 

sA 

-• ,'rv. / 

: -. 

r-A V 

. ~~~ r 




BUSINE 5 $ ROUNDUP 


ASEA Reports ’83 Profit Rose 55% 


Juris Kaza 

Iwtvnjriiuiii/ 1/cralJ Tnhunt 

STOCKHOLM — ASEA AS. 
ihe Swedish power-engineering, 
electrical and heavy industrial 
group, reported that its 1983 profit 
before taxes and appropriations in- 
creased 55 percent to 2.02 billion 
kronor (about S256 million) from 
lJ billion in 1982. 

In a preliminary annual report. 
ASEA said it was raising its divi- 
dend to six kronor per share from 
five kronor, and it forecast that 
1984 earnings would improve, -al- 
though the rate of improvement in 
earnings is expected to be distinctly 
lower." 

ASEA’s sales rose to 30.23 bil- 
lion kronor from 25.78 billion kro- 
nor in 1982, while order inflow to- 
uted 27.26 billion kronor, up only 
slightly from 26.69 billion kronor 
in 1982. Return on iota] capital 
increased to 19.7 percent from 17.2 
percent in 1982. 

The company explained that the 
number of very large orders had 
dropped noticeably during the 
year, while small and medium- 
sized orders increased. Excluding 
orders for more than 100 million 


kronor, as well as orders to FMkt 
AB. the air-processing and envi- 
ronmental-control subsidiary, or- 
der inflow was up 20 percent, ac- 
cording to ASEA. 

Gerry Nordberg. a partner in 
New York’s Reinheimer Nordberg 
Inc., a research and brokerage firm 
specializing in Scandinavian mar- 
kets, said he thought ASEA was 
being very modest in its 1984 earn- 
ings forecast “We’re thinking of 
them doing at least $8 per share," 
noting that for American investors, 
ASEA had reported its net income 
per share os 55.51 in 1983. 

Mr. Nordberg said tire improve- 
ment in ASEA's profit would come 
largely from the upturn in world 
economies and increase investment 
in the company's areas of special- 
ization. such as long-range, high- 
voltage power transmission, public 
transportation, and industrial 
automation. “They have gone as far 
as they con in rationalize lion of 
current ASEA businesses," he said. 

Mr. Nordberg said that a possi- 
ble future source of earnings im- 
provement from internal measures 
was Flackt, a majority- held subsid- 
iary that recently reported that its 
1983 pre-tax rarnings fell 1 1 per- 


cent to 184 million kronor. Flflki’s 
sales rose 9 percent in 7.63 billion 
kronor. 

Analysts regard Fl&ki as having 
good market potential with such 
products as energy- recycling flue 
gas systems for indusuy. automat- 
ed industrial painting equipment, 
and systems for conversion of pow- 
er plants to alternative fuels. 

“There is a very interesting po- 
tential to see the contribution from 
FlSkt rise." Mr. Nordberg re- 
marked. “They have put in some 
ASEA managers in the past few 
months and they are imposing bet- 
ter controls." 

According to Mr. Nordberg, the 
only threat to ASEA’s continued 
rapid earnings and soles growth, 
could be changes in the foreign- 
exchange area. “If, in fact, the 
Swedish krona becomes stronger or 
there is a revaluation of the krona, 
it would have a negative effect," he 
said. 

Ion Jacobson, an analyst at Lon- 
don’s E-B. Savory Milln, a broker- 
age specializing in Scandinavian 
shares, remarked "I don’t think the 
[weaker] dollar will have that much 
of a negative effect" 


Charter to Spin Off Insurance Subsidiary 


By Michael Blumsrein 

Afim • York Tima Service 

NEW YORK — Charter Co. 
plans lo spin off its insurance sub- 
sidiary to stockholders in an at- 
tempt to reduce investor confusion 
about its two businesses. 

The parent company will take 
the name of a subsidiary. Charter 
Oil Co„ the announcement Tues- 
day said. Stockholders will receive 
a tax-free distribution of the com- 
mon shares of what is now tbe 
insurance subsidiary, which will 
become Charter Financial Co. The 
same management is to continue to 
run both companies. 

Raymond K. Mason, chairman 
and chief executive, said in an in- 
terview that separating the busi- 
nesses should offset- some of the 
negative publicity that both have 
suffered recently. 

Charter's oQ refuting and mar- 
keting business has been in a slump 
with the rest of the industry. 

Then, in the wake of publicity 
about weakness in tbe oil business. 
Charter’s insurance business took a 
nose dive when Dean Witter Reyn- 
olds Inc. and Merrill Lynch & Co. 
curtailed marketing of a primary 
product, the single-premium de- 
ferred anmuty. 

Charter, which had 16.6 million 
shares outstanding at the end of 
1983, said it intends to declare as a 
dividend one share in the financial 
company for every existing share/ 
Dividends on the old shares would 
then probably be cut in half, to 12VS 
cents. The financial company 
would be a “growth company that 
would not pay dividends to start, 
said Mr. Mason, who controls 
about 18 percent of Charter's slock 
outstanding. 

Of tbe company's Si .82 billion in 
assets, about 5129 million will go to 
the financial company, Mr. Mason 
said. 

Charter, which is based in Jack- 
sonville, Florida, had been consid- 
ered a leading growth stock in 
1979, when its shares hit $50 and its 
oil refining and marketing busi- 
nesses were profitable: By last year, 
however, raining had become one 
of the oil industry’s worst seg- 
ments, and Charter’s profits had 
fallen sharply. Its stock tumbled, 
too, trading last year between 58 
add 513.75. It has been trading re- 
cently around 5) I. 

The company, a major distribu- 


tor of fuel in New England, has 
said it is now shifting its emphasis 
from refining oil to marketing 
products. 

Charter also announced its 
fourth-quarter earnings Tuesday, li 
said net income was SI4.9 million, 
or 63 cents a share, on revenue of 
51.58 billion, up from 56.2 million. 


or 18 cents a share, on revenue or 
$1.23 billion a year earlier. For tbe 
full year, net income rose to S6I.7 
million, or $2.35 a share, on reve- 
nue of 55.66 billion, from S35.3 
million, or $1.04 a share, in 1982 on 
revenue of 54.02 billion. 

The company tied the profits 
jump to gains on its investments 


Timex Abandons 
Effort to Market 
Home Computer 

New York Times Seniie 

NEW YORK — Timex 
Corp., alter watching sales of its 
inexpensive home computers 
dwindle to virtually nothing 
over the last year, has officially 
abandoned its effort. 

But because Timex, which is 
based in Middlebury, Connecti- 
cut, is privately held, it could 
not be determined how much 
the company lost in the venture. 

Timex was the third compa- 
ny to be driven out of tbe busi- 
ness by a price war that led to 
industry lasses of more than Si 
billion last year. The other two 
are Texas Instruments and 
Maud Inc. 

Timex is believed to have 
slopped manufacturing its Ti- 
mex 1000 and a successor mod- 
el the Timex 1500. last summer. 

la a statement Tuesday, C.M. 
Jacobi, vice president or mar- 
keting and sales, said: "We be- 
lieve instability in the market 
will cause die value of inven- 
tories to decline, making it diffi- 
cult to make a reasonable prof- 
it. Further, we are concerned 
dial those conditions wil] strain 
trade relations between manu- 
facturers and retailers, a rela- 
tionship which the company 
values very highly." 

However, Mr. Jacobi said the 
company will continue to honor 
consumer warranties and per- 
form repairs, as well as supply 
parts to other companies in the 
computer industry. 


COMPACT NOTES 


Broken Hffl Proprietary LttL's 
case against Bell Resources Ltd. 
was adjourned until Thursday in 
the Supreme Court of Victoria, a 
BHP spokesman said. BHP, the 
Australian industrial conglomer- 
ate, is seeking an injunction to pre- 
vent Bell from registering any ac- 
ceptances for its tender offer for 16 
million BHP shares until it supplies 
information on its finan cial posi- 
tion to BHP shareholders. 

Chrysler Corp."s subsidiary, 
Chrysler Financial Corp.. is issuing 
$206 million in six-month commer- 
cial paper in Europe, the issuing 
agent, European Banking Co. Ltd., 
said. It was Chrysler's first Europe- 
an borrowing since its debt was 
restructured in May 1980. Priced at 
a discount, the notes give proceeds 
of $195.6 million and effectively 
yield one-half percentage point 
over London Eurodollar rales. 

Dresdner Bank AG has set up a 
holding company for 10 percent of 
the shires of Bayerische Motoren- 
Werke AG, tbe automaker, to take 
advantage of new tax benefits, the 
bank said. Dresdner owns 50 per- 
cent erf the new holding company, 
called GFA-Gescllschafi fur Amo- 
mobifwerte MBH. The other 50 
percent is bdd by various domestic 
institutional investors. 

Eagle Computer Inc., which 
makes a personal computer com- 
patible with those made by Inter- 
national Business Machines Corp., 
has announced an agreement to a 
permanent injunction that ends an 
IBM copyright infringement law- 
suit. Corona Data Systems Inc. and 
IBM readied a similar agreement 
last month, in the same California 
court. In its suit against Eagle, IBM 
charged that Eagle's entire line of 
16-bit computers violated its copy- 

r **Enka Htrff^BV, a Turkish con- 
tractor and industrial company, 
has agreed to sign a S 100- million 


syndicated loan Saturday in Istan- 
bul. Enka said the three-year stand- 
by credit, managed by American 
Express International Banking 
Corp., would be used by three com- 
panies in tbe Enka group. 

Fujitsu Ltd. said it has developed 
the world’s fastest one-kilobit static 
random access memory chip, from 
which information can be extracted 
at a speed of 0.9 billionth of a 
second. The chip was developed 
under a project sponsored by the 
Ministry of International Trade 
and Industry to manufacture su- 
percomputers, Fujitsu said. 

lnchcape BHD has announced 
the formation of a Singapore- based 
insurance brokerage venture with 
Bain Dawes PLC, a British broker- 
age house. Tbe new company. Aus- 
tral Pacific Insurance Brokers PTE 
Ltd., will have an authorized capi- 
tal of 500,000 Singapore dollars 
($235,000) and an issued capital of 

250.000 dollars; Bain DawesTmer- 
national Holdings Ltd. will control 
51 percent of the new company, 
and lnchcape. the Singapore-based 
financial house, will hold the re- 
mainder. 

March & McLennan Inc. said it 
has a completed a merger with the 
Henrijean group in Belgium, 
through direct and indirect subsid- 
iaries. Marsh & McLennan, the 
New York-based insurance group, 
had previously owned 63 percent of 
Henrijean. considered the largest 
insurance broker in Belgium. 

Marubeni Dap, a Japanese oil 
refining group, has announced the 
renewal erf a direct-deal import 
contract with the National Iranian 
Oil Co. for about 20,000 barrels per 
day of Iranian crude oil. The agree- 
ment, which runs for the nine 
months that began last Jan. 1, is 
one of four it has with the Iranian 
concern that provide it with about 

70.000 barrels per day. 

Mitel Corp. has won a contract , 


ADVERTISEMENT 


CITY INVESTING COMPANY 

(CDR's) 

The undersigned announces that aa from 
24th February 1984al Kas-Assoriaur 
N.V.. Spuitiraat 172, Amsterdam, 
div.ep. aa. 41 of the CDR’s Gty In- 
vesting Company, each repr. 10 
shares, wifi be payable with 
Dfla. 1 1,82 net (tfiv. per record-dale 
3.1.19B4; cross $ -.45 pan.) slier deduc- 
tion of 15% USA-iax = S -. 6750 =» 
IKla. -2D9 per CDR. 

Div.rps. beJoofpna to noo- residents ofThe 
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of an additional 15% USA-lax (=■ $ - 
,6750 - Dfls. 2,09) with DQs. 9.73 net 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 10th February. 1984. 


New Issue 
February 23. 1984 


This advertisement appears 
as a matter of record only 


EUROPEAN INVESTMENT BANK 

Luxembourg 


DM 250,000,000 

8% Deutsche Mark Bearer Bonds of 1 984/1994 



Offering Price: 
Interest: 
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March 1, 1994 

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Deutsche Bank 

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Commerzbank 

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Dresdner Bank 

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Westdeutsche Landesbank 
Girozentrafe 


Baden-Wtirttembergische Bank 

Aktiengesei Ischaft 

Bayerische Hypotheken- und 

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Aktiengesel I schaft 

Joh. Boren berg. GossJer & Co. 

Bankhaus Gebriider Bcrthmann 
Deutsche Girozentrafe 

- Deutsche KommunaU»nk - 
Hamburgische Landesbank 

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Bankhaus Hermann Lamp* 
KommanditgeseUschaft 
Merck. Rnck & Co. 

Sal. Oppenheim jr. A Cie. 
Trinkaus A Burkhardt 


Badisehe Kommunale Landesbank 

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Berliner Bank 
Aktiengesellschaft 
Richard Da us A Co., Bankiers 
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Deutsche Genossenschaftsbank 

Georg Haucfc A Sohn Bankiers 
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a Metier seel. Sohn A Co. 

Simonbank 

Aktiengesellschah 

Vereins- und West bank 

Aknengesellsc-haft 

Westfalenbank 

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Bank filr Gameinwirtschaft 
Aktiengesellschaft 
Bayerische Vareinsbank 
Aktiengesellschaft 

Berliner Handels- und Frankfurter Bank 

DeibrQck & Co. 

Effecteitbank-Warburg 
Aktiengesellschaft 
Hftssische Landesbank 
- Girozentrafe - 
Landesbank Saar Girozentrafe 

Norddeutsche Landesbank 

Girozentrafe 

J.H. Stein 

M. M. Warburg-Bnnckmann. Wirtz A Co. 












U.S. Chemical Firms 
Struggling to Adjust 


valued at least 44 million Canadian 
dollars (S352 million) to supply 
telecommunications equipment to 
British Telecom, the Canadian 
group said. Shipping begins imme- 
diately, Mitel said, adding that the 
contract extends to tbe end of 
March 1985. 

Ricoh Co. will make an 8-for- 100 
bonus issue on May 21 to share- 
holders registered on March 31, to 
repay premiums on a 20-billion- 
yen capital increase last October. 
Tbe bonus issue will raise the Japa- 
nese office equipment manufactur- 
er's capital lo 387.4) shares worth 
19J7 billion yen ($82.78 million), 
compared w’ith 358.71 million 
shares worth 17.94 tuition yen. 

Security Pacific Corpus subsid- 
iary, Security Pacific Leasing 
Corp., said it has established a sub- 
sidiary in Singapore called Sec urity 
Pacific Leasing Singapore PTE 
Ltd. . •. 


(Contimed from Page 7) 
stocks in these countries often cost 
one-sixth as much as those, in the 
United Stales. He said that such an 
advantage would enable Alberta, 
for example, to deliver methanol to 
the Gulf Coast of the United States 
at 78 percent of the U-S. producer 
price. 

New competitors with low-cost 
feedstocks are not the only prob- 
lem for the U.S. petrochemical 
companies, however. Executives 
here complain that the internation- 
al strength of the dollar, up more 
than 60 percent since 1980 m rela- 
tion to several foreign currencies, is 
squeezing the U.S. industry. 

And deregulation of the price of 
natural gas, a vital raw material, 
has gone far to eliminate one of the 
UJL industry's big advantages. 

“In tbe 1970s tbe U.S. had a 30 
to 40 percent advantage over Eu- 
rope in raw materials costs," said 
Anamha K..S. Raman, an analyst 
with the First Boston Corp. “Now, 
largely because of the decontrol of 
natural gas prices, there is only a 
single-digit percentage advantage.” 

As a result of the strengthening 
dollar, (be weakening advantage in 
raw materials and the building of 
plants in developing countries, the 
American chemical industry's ex- 
ports, which doubled from $10.8 
billion in 1977 to $21.2 billion in 
1981, dropped to $19.9 billion last 
year. 

The international position of the 
U.S. industry “has deteriorated 
quite seriously since 1981,” said A. 
Nicholas filippello, chief econo- 
mist for Monsanto. “I really don’t 
expect tbe trend to be reversed by 
any substantial measure in the near 
future.” 

Yet the crisis in petrochemicals 
has another important cause: The 
industry, in a sense, has done its job 

Ronald M. Whitfield, an analyst 
with Data Resources Inc., said: 
’The petrochemical business 
maleic material* used to displace 
natural materials: wood, glass, cot- 


ton, steel But you can only substi- 
tute so Tar. We've really saturated 
many traditional markets. Tbe new 
growth markets such as electronics 
and biotechnology just don't have 
the same volume.'* 

In addition, imports by the Unit- 
ed States of so many textiles, auto- 
mobiles and other goods that use 
an abundance of chemicals have 
cut into the domestic industry’s 
growth. 

These factors help explain why 
the petrochemical industry, which 
once grew almost twice as fast as 
the US. economy, now grows only 
slightly faster. They also explain 
why analysts say petrochemical 
prices will rise at just half the over- 
all rate of inflation. 

The long-range view- is the U.S. 
won’t get out of petrochemicals, 
but they will be downplayed with 
tittle expansion in that area,” Mr. 
Foveaux remarked. 

The strategy of tbe domestic in- 
dustry is not only to slash capacity 
in basic petrochemicals but also to 
rely more on sophisticated special- 
ty chemicals that are still beyond 
the technology of many developing 
countries. 

Specialty chemicals include 
products for controlling algae 
growth in water -cooling towers, ac- 
ids for etching, anti-corrosion 
agents mui chemicals used in nuk- 
ing semiconductors. These high 
value-added chemicals, unlike ba- 
sic petrochemicals, are relatively 
immune to commodity cycles. Also 
they often represent an item of only 
small cost to the customer. 

Specialty chemicals are not the 
only direction in which chemical 
companies are moving. Some com- 
panies are trying to develop ad- 
vanced materials, such as conduc- 
tive plastics to replace copper in 
wire or new highly magnetic chemi- 
cals. Other chemical companies, 

such as Du Pont and Dow, are 
getting more involved in pharma- 
ceuticals. And a few. notably Du 
Pom and Monsanto, are investing 
heavily in biotechnology research. 


Viel 

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Baxter Traveno! International N.V. 

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Deutsche Bank 

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Morgan Guaranty Ltd 


Bayerische Vareinsbank 

Aktiengesellschaft 


Abu Dhabi Investment Company 

Arab Banking Corporation (ABC) 

Baden-Wurttembergischa Bank 

Aktiengesellschaft 

Banca dal Gottardo 

Bank Leu International Ltd. 

Banque Bruxelles Lambert S.A. 

Banque de Neuflize. Schlumberger. Mallet 
Barclays Merchant Bank 

Limited 

Bayerische Landesbank 

Girozentrala 

CIBC Limited 

Compagnie de Banque 
at d'lnvestissements. CBI 
Credit Lyonnais 

Crcd itanstalt-Ba nkverein 
Deutsche Girozentrafe 
-Deutsche Kommunafbank- 
Effectenbanfc-Whrtm rg 
Aktiengesellschaft 
European Banking Company 
Limited 

Genossertschaftliche Zentralbank AG 
Vienne 

Groupement Privfi Genevois S.A. 

Hessische Landesbank 
- Girozentrafe — 

tatituto Bancario San Paolo di Torino 

Kredietbank N.V. 

Lehman Brothers Kuhn Loeb 
International. Inc. 

Merck. Finck&Co. 

Mitsubishi Finance International 
Limited 

Morgan Stanley International 

Norddeutsche Landesbank 

Girozentrafe 

N.M. Rothschild & Sons 

limited 

Smith Barney, Harris Upham&Co. 
incorporated 

Sumitomo finance International 

Trinkaus & Burkhardt 

M.M. WSrburg-Brinckrnann, Wirtz & Co. 

VkfesTfalenbank 

ALliengesellSChaft 


Swiss Bank Corporation 
International Limited 


Algernons Bank Nederland N.V. 

Amhold and S. Bleichroeder, Inc. 

Julius Baer International 
Limited 

Bank of America International 
Umited 

Bank of Tokyo International 
Limited 

Banque GCnOrale du Luxembourg S.A. 
Banque Paribas 
Baring Brothers & Co.. 

Limited 

Berliner Handels- und Frankfurter Bank 

Citicorp International Bank 

Umited 

County Bank 

Umitad 

CrMIt du Nord 

Darwa Europe Umitad 
DG Bank 

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Skandinaviska Enskilda Umitad 
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Umited 

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Aktiengesellschaft 
Hambros Bank 

Limited 

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Umitad 

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Uoyds Bank International 
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Samuel Montagu & Co. 

Limited 

The Nikko Securities Co.. (Europe) Ltd. 

Sal. Oppenheim jr.&Cie. 

Salomon Brothers International Umited 

Soeifttd G6n4rale 

Sumitomo Trust International Ltd. 

Varband Schweizerischer Kantonalbanken 

S.G. Warburg SCo. Ltd. 

Wood Gundy Umited 


Union Bank of Switzerland (Securities) 
Umited 


Amro International 
Umited 

Atlantic Capital 
Corporation 

Banca Commerciale Italians 

Bank fflr Gemeinwirtschaft 

Aktiengesellschaft 

Bank J. Vbntobel&Co. AG 

Banque Indosuoz 

Banque Populajre Suisse S.A Luxembourg 
Bayerische Hypotheken- und VtfeehaeUBank 
Ak tiengeseUschsft 
Chemical Bank International 
Limited 

Commerzbank 

Aktiengesellschaft 

Cnkfit Commercial de France 

Credit Suisse First Boston 
Umited 

DelbrQckftCo. 

Dresdner Bank 
Aktiengesel Ischaft 
E uromobilhtn S.p.A. 

Gafina International 
Umited 

Goldman Sachs International Corp. 

Georg Hauck&Sohn Bankiers 
KommanditgeseUschaft auf Aktien 

Industriebank von Japan (DautschianHi 
Aktiengesellschaft “wemand) 

Kleinwort. Benson - - 

Umited 

Landesbank Rheinland-Ptaj* 

- Girozentrafe - 
Manufacturers Hanover ' 

Umited 

B. Metier seal. Sohn A Co. 

Morgan Grenfell &Co. 

Umited 

Nomura International Umitad 
Orion Royal Bank 

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imSr SChrOd * rW, M‘C 0 . 

SocUu Statai, d« 

Wrai'na-undWwthank 
Aktiengesellsqhaft * 






•••** 












INTERNATIONAL HERALD TRIBUNE, THURSDAY. FEBRUARY 23, 1984 



wft a 

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35 ft 17 ft 
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314 * 34 ft 
50 33 V, 

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30 25 ft 
41ft <Stk 
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259 * 254 * 
47 % 45 ft 
20*4 191 * 
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aa — I* 

3034— ft 
45i* + a, 
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2SK— ft 

44ft + ft 
Uft— 14 
14ft— I* 
2n*— ft 

an— h 

93ft +1ft 

sou— ft 

30V, 

9ft— ft 

m + u, 
38ft— ft 
4 — ft 
19ft— ft 
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lift + c* 
37ft + I* 
SBft+ I* 
34ft— ft 
14ft— ft 
3Sft+ ft 
47U+I9* 
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34 10*. 

473 24ft 
542 221* 
13 77ft 
3401 9ft 
S3 311* 
135 32ft 
833 an 

731 13ft 

im nv* 

209 Xft 
S 7ft 
251 4ft 
IB 34ft 
3 27ft 
103 159* 
817 54ft 
7 112 
189 40 
1494 Uft 
17 Bft 

384 an 

2253 40ft 
332 Bft 
37 Jft 
3 14ft 

H7 ail* 

57 lift 


19ft 10ft 
24ft 24ft— ft 
31ft 31ft— ft 
77ft 27ft 
9ft 9ft 
Bft 38ft + ft 
31% 32 — ft 
33ft 34ft -3* 

13 13ft + 1* 
30ft Bft + ft 
18ft TBft-T 

7 7% + ft 

4ft n— ft 

34ft 24ft— ft 
27% 37V, — ft 
14ft 15ft + ft 
53ft 51ft- ft 
110ft 110ft + ft 
39ft 39ft— ft 

14 14ft + ft 
8ft 8ft + V* 

24 94 — ft 

39ft Bft— U 
19V* 20ft + ft 
3ft 3ft— ft 
16ft 14ft + ft 
71 91ft + ft 
lift lift 
45ft «ft— 1ft 
Bft 34ft + ft 


Un 


9 

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56ft 

55ft 

55ft— ft 



177 


15ft 


Rrtn jb 



155 


9ft 

9ft + V. 

14 

10 

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141* 

14ft 

14ft 


JM 

16ft 

5617 

32 

270z 37ft 

12 

73ft 

127 

27ft 

23 

37ft 

288 

9ft 

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13ft 

1046 

26ft 

220 

7ft 

23 

18ft 

545 

Bft 

306 

56ft 

<6 

10 ft 

2360 

40ft 

249 

lift 

9 

Bft 

24 

lift 

382 

12 ft 

146 

13ft 

3* 

7ft 

175 

1 ft 


annual rate aldlvMei 
■‘autoarino dividend. 
— QMied. 
now warty low. 

nd 

plustll 

Kk d 

Ivhtond. 


pa 












ft 

B —3 
23 ft + ft 
21ft 

33ft + ft 
14** 

m 

S7ft+ ft 
19ft— ft 
25ft— ft 
17ft— ft 
13ft— ft 
12ft -V ft 
40ft + ft 
22ft 

iivs + ft 

14ft 4. ft 

am— «* 

39ft+ ft 
34ft— ft 
34ft— ft 
4SH— ft 
ft 
ft 
ft 


U.S. Futures Prices Feb. 


BAKOLA 1983: 
Another plus year 
Quality growth continues 


1983 at a glance* 


Balance sheet total . 


Due from banks 


Securities 

Due from customers (non-banksl 

Due to banks 

Due to non-banks 

Own bearer bonds 

C apitol and reserv es 

' r-rl'.Tiinaiy r«?iulrs c; _■ 1 ?:*rrber 31 , Po 3 


34 21ft ZaleCD 1-26 +7 II 82 27 an 24ft— ft 

21ft Mft zanto 04 IS 10 524 191* 18ft 18ft + ft 

52ft 31ft Zorns JO J II 356 14 31V* 31ft— 

38ft 13ft ZenlttlR 12 40? 27 26ft 27 + ft 

27ft 19ft Zero* 3t 1J 17 64 20V, 20 20 — ft 


1J2 5J 11 143 34ft Mft 34ft — ft 


*OP« 

Hloh 

Low Seme 

Cho. 

Dec MBS 

0U 


441 

Mar 


087D 

440 

Ext. Softs 87032 Prav. Softs 22436 


Prav. Day Open tnt- 790*9 up436 


JAPANESE YE 

N 



Mar 004299 

L l it 

M42M 004279 

+11 

Jun 004331 


• T «. 

+12 

Seo 00438; 

pf ■ - vfr 

TT-i 

+16 

Dec 004411 



+28 

Esl. Sales 1711 


fts 7004 


Prav. Day OPonM. 3447* up 18 


Industrials 


41ft 27ft UAL 
gft B UAL Pi 2-40 94 
Bft 17ft UGl 104 T1J 
25ft 20ft UGI of 17 S 110 
10ft 10 UMC J* 31 
5ft 3ft UMET Jla 0.9 
Oft 4ft UNCRas 




in DM million 


23369 


7459 


2610 
11 990 

8477 

1537 

11954 

513 



Than Indue* wre a wol t i d immedtaMv 
baton the mortal dose 

59 COMP. INDEX 
points and cants 

Mor 155-95 15600 155.15 1S&-4S —41 

Jim 1SU8 150-75 157.10 157-45 — X 

Sap IOTAS W9A3 159.10 159.10 — X 

Mar 16133 1624S 142X5 162J5 —.11 

Jun 164-05 16405 1*405 1*4-05 +.Tt 

Eat. Salas Prav. Satom 4UMB 

prav. Dev Open im. 39426 up 77* 

VALUE LINE 
points and com 

Mar 179-55 18030 17X40 17175 -JO 

Jun W-53 MZ50 18040 1B100 —X 

Sop 18320 164-40 18320 18MB +L20 

EM. Sates Prav. Salas 

Prav. Day Open inf. 4474 

NYSE COMP. INDEX 

points and coals 

Mar 8705 7000 09 JO 8940 . -3 

JWI 9090 71 -K 90-50 90-60 —33 

SOP 9140 9248 9148 9140 — JC 

Doc 71*0 9340 7190 91*0 — JB 

Mar 91*0 93-90 7190 7190 —.10 

Jun 94J0 94.90 9*90 9*90 —.15 

EM. Solas pray. Softs mjn 

Prav. Day Opanlnl. 9440 oH 90 


Close Previous 

Moody's N_A_ » 1,047.10 f 

Reuters 1.96150 1,96030 

DJ. Futures 14138 141.20 

Moody's : base 100 : Dec. 31, 1931. 
p • preliminary; f - final 
Reuters : base 100 : Sep. IB, 1931. 
Dow Jones : base 100 : Dec. 31, 1974. 


COMPANY 

EARNINGS 


Revenue and profirs, in millions, 
ore m local currencies unless 
otherwise indicated 


Sweden 


Dividends Feb. 22 




Revenue : 

H1.230. 

2020. 

25.7 

u 

United States 



Warner Communications 

4ffi Owar- 

Revenue 

Net Income .. 

Per Shore 

1983 

usa 

606 

0.10 

1< 

1,1 

33 

0 


I Si'-'' 


Revenue 

343a 

409a 

Nel Income. 

(0)4170 

25701 

Per Shore — 

, 

3.96 

a. fe&v 




AMEX Highs- Lows Feb. 22 


Bodisch® Kommunaie Landesbank, 
Monr.heim, achieved good results 


The balance sheet lotal rose by 
3 % to DM 23-4 billion. Both net 


in 1 ? 8 ?, expanding its alreadystrong interest income and earnings again 


roOftM position. 


showed increases. 


The year « positive performance 
resulted largely from expanded 
loan volume. Foreign lending also 
grev* favorably, primarily export 
financing. 


RypGypS 3 WO Ixo 


Company 

Per Amt 

pot 

Rec . 

INCREASED 




Ciena Cora 

Q 

AS 

4-18 

3-13 | 

F&l Florida Bonks 

Q 

.ID 

3-15 

35 

MacOermld Inc 

O 

-2* 

+2 

312 | 

STOC K*SPL ITS 



Double Eagle Petroleum — 1 

■tor - 10 


MocDermld Inc — 2-tor-l 




SPECIAL 




New Yorker Moo 

. SZ3S 

3-15 

3-8 

RESUMED 




Trlco Products 

0 

35 

3-19 

38 

REDUCED 




NL industries 

0 

as 

3-30 

315 

OMITTED 




wells-Garoner Etodranlcs 




USUAL 




Abrams industries 

a 

08 

3-27 

3-7 ! 

Allied Bancshares 

0 

,T7 

3-31 

39 

Clllcooo Rivet 

Q 

JO 

3-20 

35 

Colemon Co 

a 

JO 

3-16 

3-2 

Cora States Fnd 

Q 44ft 

+2 

31 . 

Crvstal Oil Co 

o 

09 

4-5 

322 

Detroit A Canada 

Q 32 ft 

4-38 

+20 , 

Dominion Resources 

a 

■44 

3-20 

31 

Donovan Cos 

0 

39 

4-15 

331 

Farr Co 

Q 

.05 

3-15 

329 

Fit Virginia Banks 

Q 

.1* 

+16 

300 

General Bancshares 

Q 

-25 

+23 

330 

General Mills Inc 

B 

JT 

5-1 

+10 

McCormick A Co 

□ 

33 

+10 

326 

Medford Cora 

B 

.IS 

3-13 

328 

New Yorker Mog 

0 

.15 

3-15 

38 

Northern Trust Coro 

□ 

48 

4-2 

39 

Pittsb-DosMomes 

Q 

.10 

5-4 

+90 

Placer Develop 

O 

as 

3-24 

3-7 

Prewov Inc 

Q .12 ft 

3-15 

35 

Sterna Aldrich Cora 

□ ,17 ft 

3-15 

32 

Tenncnl Co 

Q 

02 

Mt 

31 


London Commodities 
Feb. 22 

Figures lit sterling per metric ton. 
Gasoil in 110. dollars per metric ton. 


Hteb Low Close 
SUGAR 

Mar 12240 119 JO 119 JO 119 J5 
Moy 122-33 I25J5 12SJ0 12175 
1469 lots ol 50 tons. 

COCOA 

Mor 1489 1457 1463 1465 

MOV 1491 1464 1470 1471 

Jul 1492 1466 1447 1464 

Sen 1488 1460 14M 1461 

Dec 1483 1455 1455 1457 

Mar 1477 1440 14*0 1462 

Mo* 1474 1460 1440 1464 

10J2S lots erf to tons. 
COFFEE 

Mar 1050 2JN8 2030 2032 

May 1.927 1.904 1,916 1.917 

Jly 1455 1436 14*0 1442 

San 1414 1.795 U*8 1401 

Nov 1.783 1.765 IJtf 1,767 

Jan USB UX IJ30 1.732 

Mor U20 1JQS 1,701 U04 

6050 ton of 5 vans. 

GOLD 

Fab N.T. N.T. N.O. NA 

API 401J0 39340 399.S 379.90 

Jun 807.18 40220 405.50 406J0 

Aug N.T. N.T. 41140 61150 

Ocl N.T. N.T. 419-50 00-50 

Dec N.T. N.T. 42600 42800 

MNIols«l IBB troy 03. 


11* JO 117.73 
125-75 12*00 


2020 2012 
1,916 1.917 


1473 1485 
1496 1497 
L703 1704 
1.700 1701 
1488 I4B9 
1483 1484 
1480 1484 


2047 2048 
1.935 1,936 
1452 1457 
1417 1418 
1.785 1,787 
1748 usa 
U 16 1,718 


388J0 388.90 
39240 37340 
39040 19940 
40340 40600 

N.T. N.T. 
N.T. N.T. 



Alphamd 
BrownFor fi 
CtotrFod n 
EvaiPnn , 

H to Ironies 
KOBOkCp 
Lumet s 
MCHoe B 

PGE 17 3SPIF 

TIE Comm s 


AmExpr wt 

CotoCba 

OtamndBothn 

Rlcnba GE 

InHHydmn 

Kcntron n 

McCorOn 

DtewnlMed 

Semtecn 

Unlv Ctoor 


BaitvMfo wl 
Corridore Cp 

Esprfln 

FmltorHoM 

JocobsErte 

KnoooCp 
McDowEnl 
NtwtaryEno 
SwoertorCra 
Vulcan Cora 


NYSE Highs-Lows Feb. 22 


BADISCHE 

KOMMUNALE LANDESBANK 
GIROZENTRALE 

Head Office: Augustaanlage 33 . D- 6 S 00 Mannheim 1 (West Germanyl. Tel. 16211 458-01 
Branch in London. Subsidiaries in Luxembourg and Zurich 


Iraq Wants to Lift 
Oil-Output Quota 

Return 

ABU DHABI — Iraq, whose 
economy has been hard hit by its 
war with Iran, wants talks at the 
□cxi OPEC meeting on increasing 
its oil-output quota, Oil Minister 
Qassem Ahmed Taqisaid Wednes- 
day. The next OPEC ministerial 


won LOW Ctow Clive 

SUGAR 

Mov • L5*3 US7 1J56 1J43 -32 

Auo 1.700 1445 14M 1470 -29 

Od UB8 1.735 IJ30 1.735 —35 

DOC N.T. N.T. 1410 1425 —85 

Mar 1,9*0 l.*75 1.965 1475 — 30 

May N.T. NT. 2035 2030 —30 

Esi. voL: 1000 tots ot 50 to™. Prav. actual 
soles: 757 loK. Optn Interest: 10083 
COCOA 

Mor 1.975 1.946 1445 1458 -115 

MOV 2040 2015 2015 2017 -92 

Jly N.T. N.T 2030 — —74 

Sap 2090 2085 2070 — — 88 

Dec 2095 2075 2045 2053 —95 

Mqr N.T. N.T. 20*5 — “M 

MOV N.T. N.T. 2085 _ — -68 

Est. voL: 200 lots of ID to™ Prav. otduol 
soles: 338 tots. Ooon Mtarasi: 1.154 
COFFEE 

Mir 2440 2X40 2430 2450 — 15 

MB* a» 1SB IKS IM -11 

Jly 2J00 20BQ 2050 2070 —10 

Mu 2090 2030 2020 2030 —25 

NOV 2010 2010 U90 2015 —30 

Jon 2000 2.180 2.175 - —15 

Mar N.T. N.T. 2.150 20BO_-2D 

Esl. val.: 30 lots Prav. actuol sates: 30 lens. 
Open Interest: 241 
SOYBEAN MEAL 

Mar 204 206 — 207 — 1 

NtoV N.T. N.T. — 177 —1 

Jtv N.T. N.T. — 178 unai 

Sep N.T. N.T. — 200 +1 

0C» N.T. N.T. — 200 +1 

Dec N.T. N.T. — 210 —2 

Jan N.T. N.T. — 211 —2 

Esl. vol.: 27 Into of 50 Ions. Prav. ACRiOl 
sain: 43 tots. Open Hitomt: 228 




March by the Organization or Pe- 
troleum Exporting Countries, did 
not match what he said were Iraq’s 
vast reserves and its production ca- 
pability. Iraq's oil exports have 
dropped to about 900.000 barrels a 
day from a peak of about 3J mil- 
lion before die outbreak of its war 
with Iran 41 months ago. 

Mr. Taqi said Iraq's oil pipeline 
to Turkey had returned to full op- 
eration after what he said were 
technical troubles over recent days. 
An explosion occurred on the pipe- 
line Monday because of a pressure 
build-up near the southern Turkish 
town of Adana. Iraqi officials said. 




London Metals Feb. 22 
FiBures hi storting pit metric ten, 
Silver In pence tv trer ounce. 



Today 

hwi Biwio copper camoeni 

MW 77700 797 J8 

amonttn 1 01100 101801 

Cooper Canutes: 
wot 7B3JB 786 JO 

3 months 100600 100630 
Tin: spat 803000 804000 
3 months 847000 807300 
Looditpoi 26000 261 00 


99800 99906 
107000 1 020 JO 


3 month* 
Zlne:spot 
3 months 
Silver :soof 
3 months 
Aluminium: 


287 JO 27000 
*9000 *8100 
477 JO 67)00 
64700 *4900 


sool 101600 101700 
3 months 10*100 1041 JO 
N.cfcehspol 3.11500 3.17000 
3 months 126140 124300 


103150 102150 

1048-50 104900 

3.18900 3.19000 
30*300 126506 
































































-* 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, FEBRUARY 23-24, 1985 


ARTS /LEISURE 









- -- V; 3, 


:as:j 




-■ -a 

lac'S 


[Armenian 

Painter’s 

■ 

Odyssey 

■ 

[ By Michael Gibson 

! fnunuutBnd Herald Tribune 

P iARIS—AidakGQricyQHW- 
i 948) was one of tbe key figures 
•of American art of the 20th Geatmy 
‘and he exercised a decisive influ- 
'ence on the great generation that 
■followed — Marc Rothko, Barnett 
'Newman, Jackson Pollock, Willem 
*de Kooning. Yet little of his work 
'has been shown in Europe so the 
Ismail but interesting exhibitio n by 
■the Cnlbenldan Foundation, at the 
; Portuguese Cultural Center in Par- 
’is, is something of an event 
■ "Gorky" was a pseudonym, he 
yvas not bom in the United States 
.and his real name was Vosdanig 
■Adoian. He was bom in Armenia at 
’a tragic moment of its history, and 
.was rated as a child to five through 
tlm years of genocide and forced 
Zmarch of his people to Caucasian 
Armenia. He was IS Men bis 
■toother, at the end of that ordeal, 
!died of starvation. In 1920 be and 
his aster readied the United States 
where their father lived and were 
reunited with him for the first time 
in 12 years. 

His Armenian roots, the memo- 
ries of the land be had been forced 
-to leave, were of p rime importance 
to Gorky and throughout his short 
and tragic life he constantly re- 
ferred lack to his native land with a 
burning nostalgia, both in his art 
(many of the titles refs- to Arme- 
nian sites, legends or concepts) and 
in his abundant correspondence 
-with his aster, which was written in 
.Armenian. 

In the United Stales he finished 
his schooling and began working as 
an artist at the age of 21, signifi- 
cantly ch oosing to call himself 
“Gorky” which, in Russian, means 
bitter. He brought an extreme, and 
■essentially Armenian, seriousness 
to his weak, assimilated all the in- 
• novations brought to Western art 
“by figures such as Pablo Picasso. 
Georges Braque and Joan Mir6 
who at the time were working in 
‘'France, learned the most from sur- 
-’realists like Andri Masson and Ro- 
berto Matta, and out of such an 
''unlikely combination of back- 
• ground and experience he brought 
to fruition the first manifestations 
5 of what has since been hailed as an 
essentially American art. 

The “Arm enian ** seriousness is 
„ apparent in his correspondence, 
itv/hich is saturated with a farm of 
: sorrowful pathos and a flowery lyr- 
..idsm that are no doubt pan of the 
.-artist’s cultural heritage, but exac- 
erbated by exile and by the memo* 



Tchaikovsky , Verdi Works Provide 
Interlude for Bavarian State Opera 


: r . 


Among the events which had 
impressed him was the burning, by 
>.,the Turks, of a library of 10,000 
“flhnnmated Armenian, manuscripts 
— an event subsequently duplicat- 
ed by a private Quantity, a fire in 
rthe studio where he was working 


Arshile Gorky (shown at 
right in 1937) and his “Avi- 
ation: Evolution of Forms 
Under Aerodynamic limi- 
tations III” (1935-36). 

which destroyed a large number of 
his works. 

But (his seriousness is also ap- 
parent in the way he judges the 
Surrealists: “Surrealism is an aca- 
demic art in disguise. . . . Hie 
quality and tradition of art mean 
very little to its partisans. They are 
inebriated with psychiatric sponta- 
neity and inexplicable dreams. 
. . . Their ideas are odd, flippant, 
almost frivolous. In regard to 
panning they are not as serious as 
artists should be in my view. Art 
most remain serious. . . . You 
don’t laugh at what is dear to you." 

' It was Andnfe Breton, however, 
who haded Gorky as a renovator of 
. Surrealism and the greatest and 
most original artist in the history of 
American art to that day. . 

Gorky was obviously a man of 
great personal intensity. He was 
also an exceptional storyteller who 
fascinated his young American col- 
leagues. He wa^mraDy, a man 
tmnfad by misfortunes. After the 
fire in his studio in 1946, Gorky 
underwent an operation for cancer.. 
Two years later he was involved (as 
a passenger) in a car accident ih 
which he broke his neck. As a result 
his right arm remained paralyzed 
and he could no longer paint 
Shortly after the accident his wife 
left him, taking their two childre n 


*-t 

■ v 

.-'V.-C- 

T" ^ 


Swedish f Crazy Man ’ to Plant 
Abstract Tree in Utah Desert 


1 




, By Tom Harvey 

.*■ United Press International 

:t\ 7END0VER, Utah — An ab- 
W. strict steel and concrete 
*tree” eight stories high and visible 
Tor IS miles f24 kilometers) is grow- 
ing on Utah’s barren salt desert. 

“Some people are going to say, 
- Tt was a crazy man who did that,’ ” 
rvaid the Swedish artist Kari Mo- 
_ 'men, who has bcenworiringon the 

. minio n project for foot years 
" - > wd hopes to finish it by ndd- 
r-X-r March. The tree-shaped sculpture, 
. - -'C.?' titled “Metaphor,” will bedeooral- 
- /,* ;bd with six multicolored concrete 
. .“i -y.'j* : balls, the largest 13 feet (4 meters) 
■ .in diamete. 

A base for the 400-ton work is in 
-place, about- 26 miles (42 kilome- 
ters) east of Wendover. The tree is 
bong constructed in Salt Lake 
City. 

The statue wifi provide a stark 
contrast to the seemingly endless 
. Bonneville Salt Flats, west of Salt 
' [Take City, where the world land 
.speed record was set in 1970. 

- \ . Momen said the unbroken ex- 

. - [pause of the salt flats caught his 
' ’ L imaginat ion on a drive from wash- 
• . ington to San Frandsco.T saw the 
.Wgest canvas Pve ever seen,” re> 
caUod the former architect and ur- 
[ban planner, who is from Stock- 
. --- '.‘.hohn. 

■ *■' .rj. Momen said be became obsessed 
with the idea and approadied the 
[ -'J;. .43tah Land Board about erecting 

■•^.. .Jns tree on stale-owned property. 
Jle was told tins would be difficult 

• ^ :; -' /- for a ncm-chizen to do. 

i'V Board nffiriala directed him to 
I-r> • r -K. B. Senmani, a Salt Lake Gly 

“ ■ '-..\oigHK5erwhoisalanddevdoperm 

;. .‘.r-iWendovet, a small town rat the 

• I'^-.-Nevada stale line. Stamanri, who 
" # '• Jwpes the tree wfll become a tourist 

, attraction, pushed the project 



throagh two local planning boards, 
the land board and the Federal 
Aviation Administration — the last 
because of the tree’s height. It is 
estimated that two mTHo n cars 
travel-past the statue site annually. 

Senmani and Momen got a local 
concrete contractor DanReimaim, 
to join the project. Concrete had 
newer before been cast for such 
large round objects as the balls, 
Momen said. Romamihad to over- 
come engineering problems such as 
allowing for expansion and con- 
traction of the concrete during the 
wide temperature va riatio ns in the 
desert. 

The structure must also with- 
stand winds of up to 70 utiles an 
hour. Steel piles were sunk 85 feet 
into the desert floor to support the 
tree. 

The structure will contain about 
■ 200 tons of concrete, 100 tons of 
rod; and 100 tons of steeL 

To a little bit crazy,’’ Momen 
admitted But, he added, if just half 
of the car passengers seeing his 
work like it, he'll be happy, and “if 
they don’t enjoy it, still they have 
something to think about” 

The tree is designed so its trunk 
is not viable from a distance, leav- 
ing the multicolored balls appear- 
ing to hang above the desert floor, 
changing hue with the light and 
weather. 


The Anodeud Press 

BERLIN — East Germany 
marks the 300th anniversary of 
George Frederick Handel's birth- 
day Saturday with a new produc- 
tion of his first and probably least 
known opera, “Almira,” at Leipzig 
Opera House under the direction of 
Uwe Wand. 



COLLECTOR’S GUIDE 


•y4>’ 


Antique and second hand Fair 

FOIRE A LA FERRAILLE ET AUX JAMBON5 

MARCH 16th to 24th, 1985 


PARC FLORAL 

Bois de Vincennes 

— PARIS 12* — 

Ch& tara i Ji VtontM 


Trcae day's: MARCH 13 , 1 4 , 15 . 

Organisation O.G.5. 

des Ros;ers, 93400 Sglnt-Oucn. Tel.: 263 44 44. 



By Andrew dark 

Iiuenumorul Herald Tribune 

M UNICH — After hs com- 
pleie cjde of Wagner operas 
two years ago, and with plans well 
is han d for ao equally ambitious 
Richard Strauss marathon in 1988, 
the Bavarian State Opera this sea- 
son has diverted its attention away 
from the two composers most 
closely associated with Munich's 
operatic history. 

the Italian, Russian and 
neglected German areas of Ibe rep- 
ertory have been sharing the lime- 
fight. underscoring the National 
Theater’s reputation among major 
German opera bouses as the one 
that consistently attracts the finest 
singers. 

For its new production of Tchai- 
kovsky’s “Queen of Shades,” the 
company has imported a produc- 
tion team and several principal 
singers from the Soviet Union. The 
result is magnificently sung bat 
suffers from an old-fashioned pic- 
torial opulence. 

The stage director, Joaltim Shar- 
oyev, has done little more than 
faithfully recreate the Bolshoi pro- 
duction, which follows the compos- 
er’s instructions slavishly and em- 
ploys elegant scene paintings by 
Georgi Meshishvifi — a theatrical 
spectacle in the grandest Peters- 
burg-Imperial manner. But the op- 
era’s Byranic romantic strains are 
underplayed. 

As in the Bolshoi production, 
Vladimir Atlantov sings Herman 
with directness and consistency of 
vocal production over the soaring 
vocal lines. His voice has unrelent- 
ing dramatic strength — a rare at- 
tnbnte among tenors today — but, 
as an actor, his displays of torment 
and n asdrai are l«« than convinc- 
ing. Elena Obraztsova, another So- 
viet singer, who tends to be less 
satisfactory in French and Italian 
roles, could not be better cast as the 
countess, ha solid good looks and 
dark vocal colors proving just right 
fra the crabby old lady of icy au- 
thority and patrician breeding. 


Obraztsova's husband, the con- 
ductor Alps Zhtuaitis, is perfectly 
at home with this score, keeping a 
firm rein on the emotional climaxes 
and drawing polished playing from 
the orchestra. The greatest plea- 
sure, however, comes from Julia 
Varady, who follows ha exquisite 
Tatiana in the Munich production 
of “Eugene Onegin” with an equal- 
ly convincing performance as Lisa. 
She holds the stage with delicacy, 
anH her voice, although not big, has 
a good range; ha fast vibrato con- 
veying tenderness and vulnerability 
without obscuring pitch. 

The main Italian production of 
the season will be a new staging at 
the end of March of Verdi's “Mac- 
beth,” u> be condoned by Rjccardo 
Mori. In the meantime, the compa- 
ny h** bfg n fl "sting off its existing 
Verdi with mixed success. Of the 
revivals of “Rigoktto," “Aida” and 
“Do n fnAx^ ** ffrfr las t has artrarred 

the best casts, with experienced 
performances by Mirella Freni as 
Pii<ah«»th and Nicolai Ghiaurov as 
Philip n. 

But of all the current Munich 
repertory, the new production of 
Hindemith’s little-known opera 
“Canfflac” provides the best com- 
bination of music drama. It 
marks the l at e st chapter in the ex- 
ploration of neglected G e rman op- 
eratic repertoire by the Bavarian 
State Opera’s intendant and chief 
conductor, Wolfgang Sawallisch. 
The version used is the original 
1925 score, which the composer 
tried unsuccessfully to improve in 
1952. The opera tells the story of a 
master goldsmith who is so proud 
of his creations that he kills at 

his customers to recover his trea- 
sures. It touches on a recurring 
thema in Hindemith’s stag* works, 
the relationship between the artist 
and society, and presents an ugly 
picture of both. 

The feature of the work that 
comes across most strongly in Mu- 
nich is its energy and economy, 
rather than the neo-baroque struc- 
turing of aria, duet and passacagfia 


that took its first audiences by sur- 
prise Evenly divided into three 
short acts, the opera hurtles to its 
dose in less than an hour and a half 

of music, and the production by 
Jean-Pkrre Poonefle seizes on ail 
its fleeting pleasures with an almost 
lustful relish. 

Ponnelk pays no more than lip 
service to the setting that Hinde- 
mith chose, after an E. T. A. Hoff- 
mann stray — Paris daring the m- 
den regime. The new production’s 
concentration of black, white and 
silver-gray — relieved only by the 
gold jewels of the central act and 
the blood-reel hands of the mob in 
the last scene — evokes a timeless 
atmosphere, recalling a world of 
sordid humanity similar to that of 
“Cardillac’s” near contemporary, 
“Wazredc.” POnndle’s stage de- 
dans are characteristically stylized, 
with an almost surreal effect in the 
street scenes and a selective use of 
mime in the boudoir and workshop 
scenes, underlining the work’s gro- 
tesque elements. 

Donald McIntyre acts the title 
role with the feverishness demand- 
ed by Pomtdle’s conception, but 
his voice lacks the penetrating 
strength and steadiness h once en- 
joyed. Robert Scbonk as die Offi- 
cer ran fir ms rhat he is the most 
promising young Goman dramatic 
tenor to be heard today. The rest of 
the cast is excellent, and Sawal- 
hsch’s comprehensive grasp of de- 
tail, together with the virtuoso 
playing of the orchestra, give the 
production a foundation of convic- 
tion * n d twhniral assurance. 

Further performances of “ Don 
Carlos ” March 2, 5 and 9; "Cardil- 
loc” Aforfc 3,7 and 21; u Queen of 
Hearts ” March 28 and 31; several 
performances in April. 



The boudoir scene in “CartfiBac.’ 


WANTED 

RAOUL DUFY 

HRST SUPPLEMENT OF THE CATALOGUE RA1SONN6 
OF THE PAINTED WORK BY MAURICE LAFFAiLLE 

The Louis Carre Editions and Co. are looking for any 
information concerning the works of Raoul Dufy, in view of 
publishing the first supplement of the catalogue raisonn£ of 
the painted work. 

Editions Louis Carr6 and Co. 

Service doaimentafion 

10 Avenue de Messine 
~ 75008 PARIS ( 1 ) 562 57 ~ 


with her. Two weeks laiar Gorky 

hangwH lrinwadf 

The exhibition at tbe Gulbcn- 
kian Foundation is composed of 
works belonging to tbe artist’s 
nephew, Karlen Mboradian. It is 
an intimate show that includes 
some of Gorky’s youthful works as 
well as same important pencil and 
crayon drawing of the lak years. It 
is presented here in a catalog con- 
caved by Karim Mooradian. The 
foundation's decision, to .exhibit. 
Gorky’s work was determined, in- 
cidentally, by the fact that Calouste 
Giilbenltian was an Armenian, al- 
though the catalog makes an ingra- 
tiatingly far-fetched attempt to es- 
tablish a connection with Portugal 
by demonstrating that the Portu- 
guese and Armenian royal families 
had had common ancestors going 
back to the 9th century. 

Arshile Gorky, Portuguese Cul- 
tural Center, 51 Avenue altna, Par- 
is 16, to March 9. 


Faberge Collection Displayed 


The Associated Press 

L ONDON — The royal coDcC- 
/ tiou of jeweled eggs, rlnrU, 
inkwells and other glittering bau- 
bles made by Carl Fabergh, the 
goldsmith who provided luxury 
gifts for the Russian czars, was put' 
on exhibition Friday by Queen 
Elizabeth II. 

Geoffrey de Bdlai gue. Surveyor 
of the Queen’s Works of Art, called 
the collection one of the finest of 
pieces fay Fabergfc, whose work- 
shops were shut down by the Bol- 
sheviks in 1918. 

“The craftsmanship of the Fa- 
these works 


A spokeswoman said the 341 
works on display woe one-third to 
one-half of the royal collection. 
They are an display in the Queen’s 
Gallery at Buckingham Palace. The 
exhibition, the 20th since the 
Queen’s Gallery was opened in 
1962 to show the British royal trea- 
sures, wifi be open for at least six 
mouths, every day except. Man- 
days. No dosing date has been set 


ANTIQUES 


Amsterdam 

Oude Kunst 
in De Nieuwe Kerk 

3rd ART AND ANTIQUE DEALERS’ FAIR 

28th Feb. - 10th March 

Open from 11. Q0 a.m.to 6.00 p.m. 
toe. and thurs. from 11.00 am. to 9.00 p.m. 
and Sunday from 12.00 a.m. to 6.00 p.m. 

FREE CATALOGUE FOR THE FIRST 10.000 PAVING VISITORS 

V.H.O.KL organisers of the Art and Antique Dealers' Fair DELFT Information: 020 - 233904 



highly prized,* de Bellaigue said. 
“The work at every level was first- 
rate. Tbe second-rate was never 
sold. As the royal families bought 
them, so it became fashionable to 
exchange Faberg£ presents." 

Fabcrgi died at age 74, in a Lau- 
sanne bold, in September 1920. 


INTERNATIONAL 
ART EXHIBITIONS 


PARIS 

-GALERIE MERMOZ 


PRE-COLUMBIAN ART 


.6, Rue Jean-Mermoz, 75008 PARIS. Tel.: 359.8ZA4 , 


STOCKHOLM 



STOCKHOLM 
ART FAIR 

20-25 MARCH 
1985 


Head Office 
Leif Stable 

SOLLENTUNAMASSAn AB 
Box 174 

S-191 23 Sollentuna 
Sweden 

Tel. -r 46 8 96 00 60 
Tele* - 12955 SofoirS 


LONDON 

= MARLBOROUGH =n 

FINE ART 

6 Albemarle St., W.l. 01-629 5161. 

RED GROOMS 

Recent Work. 

(First major London Exhibition) 
Until March 1st. 

IBustr&ed catalog avaSabk. 
i=MoiL-Fit, 10-5:30; Sab., !0-12J0=U 


PARIS 

e= WALLY FINDLAY =a 

Galleries International 

new yoric - Chicago - palm beach 
beverty h5b - pans 

EXHIBITION 

BALARIN 

Sculptures 

GAMMER -F. GALL 
HAMBOURG- WGNOLES 
MICHEL-HENRY « SEBIRE 


Impressionists anti 
post impressionists 
2 Ave. Matignon - Paris 8th 


Tel : 225 . 7074 . i 
TO M to 1 - SW Ip 7 fun . 


Hotel George V - 723.54.00 
31 Ave, George-V - Paris 8th 

. «m. M rt.ia3Qn.wv-1 |»riAMto9pjv 


ZURICH 


GALERIE 

BRUNO MEISSNER 



Paintings 

15th to early 20th ^ 

century 


Bahnhofslrasse 14 
CH-80U1 Zurich 
Telephone 01-2119000 




mmmm 

smmmrmam 


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Page 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY' 23-34. 1985 






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10156 101 JK 10120 -IMS 
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New hMb 
N ew lows 
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421 490 

2017 3934 

79 81 

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Pm consoUdaled close 12WS9AW 


Standard & Poor’s index 


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


industrials 

Trnrtsp. 

Utilities 

Finance 

Commute 


HIM Low Close Cfi'ff# 
SOI JO 300.13 20033 — OJM 
16087 158-59 159J9 — 0/5 
7B/5 78.14 78/2 —040 
2094 3065 3069 
180.41 17973 179.36 — 083 


I Dow Jones Bond Averages! 


AMEX Stock Index 


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NYSE Closes With Modest Loss 


12Monffl 
HfetiLo* Sw* 


51k Oa» 

ph>. m pe laanwiLoio Ouat.pi'pg 


CMsntn 
High Lew Stock 


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14 5558 33% jj% 32%—% 
■ n U ,, 86 108k »% 10%— Vb 


Untied Press Imenuinvial 

NEW YORK — The New York Stock Ex- 
change dosed lower Friday, ending the day and 
the week with a modest loss. 

Analysts said the market appeared to be in a 
consolidation phase following a sharp advance 
earlier this month. 

The Dow Jones industrial average fell 3 JO to 
1,275.84. For the week, the Dow lost 6.18. 

The New York Stock Exchange index 


dropped 0.50 to 104.0 1 and the price of an 
average share decreased 17 cents. Standard & 


W2 23% 22% 22%— % 

12 2 J* ”8 ,V%— Vb 

4 26 26 26 — Vb 

7 31% 31 |b 311b 

-78 7% 7% 7% 

’SE 2* 77% 779b— Vb 

SDQl 67 66 Mi 67 + vb 

.2 125 vs* 

443 18% 18» 154b 

.84 14% 15% 15% — Vb 


12 96 35% 34% 34% — % 

_ 217 2*% 28 28Vb — % 
V IB 34% 23% 34% + % 
8 35 779* 77% 77% — 4b 

gxjH* 24Vb 249b + % 

2 WVb Wta mb— % 

. 4 ^Svbg%=K 

8 840 Mklmm-W 

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3 27% 27% 27% 


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43% 25 Am Exp 1J8 U 14 3023 41% 40% 40% —1 

30_ 13% AFORUI 54b 23 IS 124 2B4b 28% 25% 

m* AGdCp TJDO 3L4 9 2963 30 

5% AGnl Wt 657 

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67 43% ACn Ipf 12S 53 20 

S3 40% AGflMD 254 A4 377 ... 

32 25% AHertt 1IX 35 12 15 31 304b 31 — Vb 


average share decreased 17 cents. Standard & 
Poor’s 500-stock index fell 0.83 to 179.36. De- 
clining stocks led advances 1,01 1 to 591 among 
the 2,012 issues traded at 4 P.M. 

Big Board volume totaled 93,680.000 shares, 
down from 104,020,000 traded Thursday. 

After reaching an all-time high of 1,297.92 
Feb. 13 on the Dow index, the stock market 
declined in five of the next six sessions. 

The market's hesitation has been linked to 
new worries about interest rates. During the 
week, the Federal Reserve chairman, Paul A. 
V Dicker, said the Fed had stopped easing credit 
conditions, although it is not tightening. 

That was followed by a report that the econo- 
my had grown at a 4.9 percent annual rate in the 
fourth quarter of 1984. higher than previous 
estimates. 

Roy Blumberg of Advest Inc.. Hartford. 
Connecticut, said the market was in a “diges- 
tion phase" after recent gains. He said the 
market would be choppy for a period of weeks 
but that he did not foresee any sharp drop. 

He said the stock market could trade in a 
range between 1,260 and 1,320 on the Dow 
index in coming weeks. 


Mr. Blumberg said he was not worried by the 
Volcker statements because “Fed policy only 
affects the stock market when you go to ex- 
tremes." 

Ralph Acampora of Kidder, Peabody said 
the stock market is “unwinding" in secondary 
issues. He said the situation was similar to that 
in September 1982. when the market did little 
following an explosive advance in August. “In 
hindsight, that 20 days set the stage for another 
advance," Mr. Acampora said. 

Composite volume of NYSE-listed issues on 
all U2S. Exchanges and over the counter at 4 
p.m. totaled 110,055,900 shares, down from 
123.324.500 Thursday. 

The American Slock Exchange index fell 2.07 
to 226.10. The price of an average share de- 
creased 12 cents. Declines lopped advances 
345-219 among the 779 issues traded. Volume 
totaled 7,220.000 shares, down from 8,420,000 
Thursday. 

The National Association of Securities Deal- 
ers index of OTC stocks lost 0.81 to 286.18. 

On the trading floor, Mobil was the most 
active NYSE-listed issue, up 1% to 287a. Stock- 
holders approved anti-takeover measures and 
the company said it is studying possible spinoffs 
of some operations. 


79h 3 EvwiP 274 5% 5 5 — w 

%b 65b Evan pl 1/0 17J 14 6 78b 8 — M 

14 10% Evan Pf 2.10 MU - 8 7JVT »»»»—% 
41% 30 ExCtto 1/0 4J 10 15) 2GM 37% 38%— K 
16% 13% EACtfUr UTellJ 35 15% 15% 15%— Vb 

42V; 364* Exxon 140 7J 7 6Z79 46% 46% 46% + % 


33 211b Human M 23 14 2597 29% 28% 29 —1 

27V? 17VS HurrtMf JO IS 17 28 2Hb268k»?k+Va 

47% 2J» HuflEF JO 21 19 3318 38W 38V* 38=*b— W 

25% 18% Hydra! 131 73 B 41 Wa 24 24V» + lb 


2 61 9VS 

230 14 54 170 44% 

IJI V f I453x 22 

28 22 IS 14 17% 

52 12% 

JO 42 10 257 19% 

3/0 9J 29 38% 

.18 1J 10 37S T5V2 

22 2 23 51Q 30% 


d60t 16 13 
5 


102 20H 
7 16% 
4 28% 


j u t as 21% 

J 17 II 91 12 


10 149 6 

1/4 4* 7 10 36 

23 4W4 37% 

HM 37 

IJI 4.1 10 146 37V* 

.16 J 6634 17% 

20 32 I 30/ 22% 

t/4 6J 14 6H 2Z7* 

JO 42 14 SI 18% 

2/0 44 9 356 55% 

120 4J 11 144 28 

ZOO *6 10 22 30% 

20 Z.T 2522 9% 

M 112 15% 

6J4*1B2 128 37% 

21 4 

JO 4/ 9 1859 18% 

1J2 3/ 9 35 28% 

I/O 48 B 1945 33% 

120 4.1 18 204 29% 

120 1J 10 664 65% 

122 SZ 20 2665 34% 

577411.5 170 50% 

120 8J I 2S0 16V* 

9 19 12% 

7 570 19% 


234 49 1 2535 47% 
227 0.1 33 29% 


Ford was second among the actives, up ft to 
44ft. Ford announced higher prices for big cars 


and low-rate loans for small cars. 

Genera] Motors fell ft to 77ft and Chrysler 
lost ft to 32ft. 

Phillips Petroleum was third among the ac- 
tives, up ft to 48ft. Results of the shareholders' 
vote on the recapitalization plan were delayed 
until Saturday. 


2J7 BlI 33 29% 
24 22 10 615 10% 
UO 5.9 7 126 49 

1 120*11/ 9 102% 

9 1049 7% 

2/2 BJ SM 30 

1J4 6.1 15 43 30% 

J4 42 B 115 20% 
129 46 B 5 26 

U» 27 33 20 34% 

J5e J 38 tm> 
122 4.1 8 176 32 

4/3*102 100 45U. 


J6 1J II 459 27% 
J8 22 14 42 38% 


12Mantn 
High Law Stack 


SO. Close 

Dlv. Y li PE loss High Law OuaJ. Cn'iw 


12 Month 
High low Stock 


SK °«t 

DJv, YM. PE 108s HHHILOW Quoi-Ortm 


9 2914.— % 

1% 11%— Vb 

£» £%i* 
S%g%=?S 

30% 31 — Vb 
Hk 9% — Vb 
56V* 56% + % 


33% 32% 32% — V* 


38 26% AH OSU 1.12 3/ 10 27R5 — ™ „ 

83% 62% Ami-left 620 72 < 1818 83 82V* 8296— % 

78 50% AIrvGrp M A 16 1149 71% 71% 71Vb— *b 

28V* 18% AMI 72 II 14 1577 23V* 23% 2316— % 


23V* 23% 2316— V * 
3% 3% 3%-Vb 


20% 14% 
36% 28 
23% 19V* 
32Vj 29 
26% 13 
32V* 22% 
43 26V* 

40% Zf% 
39% 25V* 
17% 12 
22% 13% 
17% 15V* 
21V* 1416 
30V* 23 
58% 35 
7% 6Vk 
21V* 19 
50% 44V* 
1BV* 12% 
65V* 44% 
30V* 12V* 
12 3% 

15 10% 


1.32 6/ 26 101 

3.12 8/ 8 286 

U7 1U 1 

3JS 1ZB 23 

JO J 11 43 

1J6 48 11 113 

IRS 16 16 309 
1.00 2/ 9 1033 
M 1J 18 167 
M 29 37 89 

JO 4/ 1 86 

2.16 12/ 12 
13 54 

1/4 59 21 960 

1/0 25 .8 1083 
J5 BJ 4 

2.12 9J 3 

540*11.1 37 

J4 4.9 16 110 
240 4J 11 1871 
32 27633 203 

2.10 19.1 46 


20 20 
36% 36% 
22% 22% 
30% 30% 
26 25% 


42% 42 
38% 37% 
39V* 38V* 
15% 15% 
17% 17% 
17V* 17% 
18% 18 
28 2 7% 

55% 55% 
6% 6% 
21% 21V* 
SOU 49% 
17% 17 
41 60% 

19 19 

5 42a 

11 II 


20 

36% — % 

22%— <M 
30% 

25% 

28% 

43 — % 
38 % + % 
39'6 + % 
15% 

17% — V* 
17% — % 
78% + % 


55V— % 
6 % 

21% + 16 
SO'A + (6 
17 — % 
60% + 16 
19 — % 
49*— Vb 
11 


46V* 23% 
47 25% 

2616 11% 
21% 916 
29% 10V. 
24% 11% 
24% 10% 
23% 10% 
16 7% 

1416 7 
24V* 11 
1S% 7% 
43 23% 

10% 49b 

4% % 

509b 12 
4% % 

9% 4% 
24 18 

394b 24% 
33% 22% 
3V* 1 

34V* 26 
37% 30 
27 10% 

20% 12% 
34% U% 
21% 11% 
Z7% 1916 
2S% 16% 
1516 10% 
40 2994 

42% 22% 
57V* 39% 
9VS 4V. 
40% 27 
78% 38% 
28% 16V, 
Z1 ISVi 
23% 19V6 
50% 34% 
38% 27% 
5V% <3 
63% 50 
26% 1816 
31% 12% 
88% 61% 
10 % 8 % 
45% 30% 
49% 27% 


CnPPfD 

CnPpfE 

CnPprV 

CnPprU 

Cap ptT 

CAP OCR 

CnPprP 

CnPprN 

CnPorM 

CnPprL 

CnPorS 

CnPPrtt 

OttlCp 

Conti II 

ConMIrt 

Cntlll Pf 

CHiHdn 

CntfnfO 

ContTel 

CtDala 

Cinwd 

vICaobU 

Cnnpr 

Cooalpf 

CoopLb 

CaorTr 

CaowvB 

Cordoro 

Caraln 

ConrG 5 

CarBIk 

CoxOh 

CraKi 

Crone 

CravR* 

CrnekN 

CrckNPf 

CrmpK 

CrwnCk 

CrwZot 

CrZolPf 

CrZelpfC 


22% 4516 
230z 45 
21 2516 


155 20% 
U 21% 


22 23% 
19 23% 
13 22% 
15 14% 
& 14 

a n% 

9 14V* 
344 47% 


594 9% 

2562 316 


4 43 

1741 1% 


172 7/ 9 
72 28 44 
1 J0 32 12 


57 9% 

1024 2396 


2551 35% 
283 31 



1J2 66 15 
Z90 79 
J3B J 3 
J II I 
JO 1-9 14 
M U 
2 ZB 1U 


73 1% 

1752 33% 


32 J6% 
269 15% 


466 19% 
954 21% 


84 12 17 
J6 60 .3 
TJB XA 14 
180 26 30 
J4 / 18 


4 13% 
1 21 % 
204 26 


21 14% 

1274 37% 


33 38% 
255 56% 


1/0U46 11 

ze u 
2.18 114 
I JO 5J 10 
10 

180 34 12 
4/3 96 
4J0 ao 

/ u s 

39 

2J0 27 4 
1.10O11J 
UO 14 10 
1.10 2J ID 


14 8'6 

7 35V* 
458 70% 


131 25% 
7 IfVi 


921 32V* 
10 48% 


11 57 
14 34% 
817 29 


471 8116 
3lx 10 
7 35% 
101 49V, 


45 4516 +1 

44% 45 
24% 25 — Vh 
30% 20% + % 
21% 21% + ta 
23% 239b + W 
23% 23% 

22V* 2216—9* 
14% 14% — % 
14 14 + Vb 

23V* 23% 

14% 14% 

41% 41% — % 
8% 8% — % 
2 % 2 %— % 
42% 43 +1 

1% IV.— Vb 
9% 9% 

2316 2316— % 
35% 35% — % 

30 31 + tta 

1% 1%— Vb 

33 33 — % 

36% 3694 — 16 
15% 15% 

1916 199b— % 
20% 20%—% 
13% 1396 + % 
21% 21% 

259* 2596 + Ml 
1396 14 + 14 

37 37W— 96 

J8U 38V6— 16 
S5% 5416 + % 
8% 8% 

35 35 — % 

6»% 6»%— % 
25% 25% 

19% 19% 

22% 22% 

49% 494* + Vb 

31 31V* —116 
4896 481* 

SO 56 - % 
23% 23%— 16 
W* 29 — % 
799b 809* -1% 
9% 10 

35% 35%- Vb 
48% 49 + % 



80 25 13 208 3Z% 

1/1 128 17 1296 

JO 8 20 152 369b 

16 365 29% 
.160 A 12 34 38% 

116 87 C 359 25% 
/0 1A 13 t09x 17 


111 » 

ZD ZJ 20 2)0 M/M. 


JO 2J 838 2072 18% 

ZJ0 4J 11 12 52% 

280 45 3 151 59 44% 

1J6 118 57 11% 

1/4 ZZ 14 70S 67% 

Z4 20 IS 1049 15 

/8 68 11 25 10% 

184 38 54 511 2696 

2.130237 294x 9% 

M 30 IS 1SW 29 

50 22 15 57 279* 

M 25 6 1572 24% 

2/0 68 152 30 'A 

Z0 1.1 10 397 35% 

US ZJ 11 56 


9 9V6— % 

6419 6SV2-1 
71V* 2JV*— 9b 
1296 1296 
12V* 1296-9* 
19% 19% — ■* 
38% 3894 + V6 
15% 15%-% 
30% 30V6 — Vb 
20% 70% — 94 
16% 16% — 9b 
28% 28% — V* 
M'A 20% —14b 
11% 11% 

5% 6 

35% 35%— % 
37% 37V* 

37 37 —1 

37W. 3716 — % 
16% «%— 96 
21% 22 + <4 

22% 22% — V* 
18% 18% + % 
SS 55%— % 
2796 2796— 16 
30% 30% 

9(6 996— % 

5% 

37%— 'A 
3%— V* 
189* 

289* + 16 
3316— % 
29% + 16 
65 + % 
249b— % 
509b— % 
1616—1% 
12 % 

19—9* 
47%— 9* 
299b— 9* 
10% — 16 
48% — % 
102 %— % 
79* + 16 
30 + 9b 

30b.— % 
20V*— % 

26 — Vb 
369* 

1096 

32 — % 
45% 

27 — % 
38% — '6 
31V* — V 
12 % — % 
369* — % 
2St*— % 
38% 

24%— % 
17 + 9b 

5% 

2®%— 9b 
18% 

5296+16 
44%+ 9b 
11V*— % 
47%+ 94 
15 + 9b 

10—16 
26% — 96 
9 + % 

10%+ « 
27 — V* 
24 >6 — 1 
29% — 94 
35% +1% 
54 90 


35*. 21ft 
105% 43 
1996 1716 
119b 4% 
27% 22% 
17% W 

70 14 
42(6 20% 
709* 44 
66% 40 
SS 44% 
51% 28 

71 42% 

23% ISIS 
48% 309b 
23% 13% 
23% 17% 
19 14% 

19% 15% 

35 2716 

37% 25 
52V* 489* 
37 28% 

33% 25% 

36 21% 
39% 2796 

9% S9* 
1496 8% 

569* 4S 
41% 49 
17V* 14 
1B16 149b 
289b 16% 
15 SV* 
24 V* I3<6 
50% 35% 
37% 2794 
15% 10% 
29 19% 

48V* 389b 
21 U 
12 39b 

2 6(6 11% 
30% 19 
54(6 43 
37% 25V. 
1496 716 

19 15% 
4516 55 

MO 120 
159* 9V* 
53% 41 
14% 8% 

24% 1496 
138' A 99 
23% 14 
29V* 22% 
11% 5% 
7% 2% 

SO 23% 
42% 2IP6 
3416 1794 
4496 32% 
27% 23 
57% 4* 
17% 9 
446, 3211 
75 68% 

154 1 24 

36% 34% 
1716 10 

20 15% 
2D 1*94 
19(6 1416 


2996 21% 
31% 25 
33% 26 
I 39b 996 
35 23% 

54 43% 


fCIWa I JO 19 
1C Inert 3JD 15 
I Own 
ICN 

JCNPf 2JD 103 
IKAln 182 11J 
IRTPrs 1/8 0.3 
ITT Cp 180 3.1 
ITTpfJ 480 6/ 
ITT PiK <30 17 
ITT 040 580 BJ 
ITTPfN 2JS 5.1 
ITT pH 480 78 
IU lilt 1 JO AS 
IdatMF 128 82 
IdealS 

IIIPOWT 2/4 118 
llPowpf 2.13 12J 
UPowpt 2J5 12.1 
llPowpf 112 12.1 
llPowpf 178 118 
llPowpf 5J5 112 
llPowpf 4/7 12/ 
rrPOWPf 480 127 
ITW* J4 1.9 
Impawn 280 5J 
ImpSC# 

IN CO JO 18 
rndlMpf 786 128 
IndIMpI 7J6 12/ 
indiMp! US 128 

IndIMpI 225 17J 
Indie** 188 6« 

I mutes .14 28 
Intinlc 

inaarR 2/0 5J 
InnP.pl 2JS 4 A 
IngrTbc 84 48 
IntdStl 80 2.0 
InWSl pf 4JS 102 
I ml Ico 180* 47 
irapRs 
InfpRsc 

imaRpf 383 12/ 
Intvttpf 4/1*110 
IntgRpf 42S UZ 
iniRFn 

IficDSe 2.MMU 
intarco 10B 48 
Inter pf 725 5/ 
intrtst /0 45 
Infrtlc 2/0 58 
(ntmed 

IntAJu . 22 12 

IBM 4Z0 13 
imctrl JO 1 J 

intPlav 1.12 48 

infHarw 

IntHrwt 

IntHpfC 

InIHpfA 

intHpfD 

intMln 2/0 63 
IntMult 124 61 
InTPapr 2ZO 4/ 
IntRcs 

InlNm 2.48 SA 
InlNtpf 6Z0 8/ 
IntNI pfJOJO 42 
IntPUGP 188 11 
InfBakr 

tntsfPw 180 1X3 
InPwpf 220 118 
10WPEI 180 98 
I awl 1C 224 10.1 
lonuRi 380 10.1 
Ipafco 282 82 
IpcOCP 84 29 
IrvBks 184 58 
IrvBkpf 115*102 


430 50V6 50% SOW— 16 


CAP .150 8 >1 
GAF Pt 121 1/ 
GAT X 1J0 3 8 14 
CCA 13 

GEICO 88 1J 10 


CCA 13 

GEICO 88 1J 18 
CEO 
GFCP 

GTE 108 7/ 8 
GTEpf ZOO 72 
GTEPl 2Z8 11 J 
GalHou 

Gan* It 1/8 22 19 
GaPStr JO 18 13 
Gears* Z0 11 15 
GOO) 86 10 14 
GmnCa 111 

GamllC 
Gem 1 1 I 

GrjCorp 1 80S 1911* 
GAtnw t/3a 9/ 
OnBcMl 180 22 9 
GCInms Z0 12 II 
GCnPts Z6 18 
GnDals 19 

GnDvn 180 U 10 
GonEI UO 15 12 
GnFds 280 42 10 
GGth 2580c 
GnHow .40 U 3 
GnHous 24 18 38 
Gainst 80 15 19 
GnMIlb 224 48 13 
GMol 5J0r 48 5 
GMEn ,T5e J 
GAtatpf 175 92 
GMatpf 580 9.7 


19 

180 IJ TO 
UO 15 12 


22% — % 
35% — % 
33(6 + 9b 
2816— <6 
6S% + % 
594 

7 V*+ % 

419b— V6 

r;r 

3496— V, 
1296— % 

rs 

«T* 

17%+ Mr 

449.— VI 

59%+ % 

6%+9b 


2m 20 

34% 23% 

24% in* , 

1496 10%. 
43 24% 

45% S4V6 . 
57 44% 

55% 45% . 
14% 1296 . 
9(6 S% . 
40% 3S 
4416 37%. 
29% 21% . 
259b 15% . 
2BV6 2196 . 


1.12 4.1 12 

j 2i ; 

.hi / n 

1/4*128 
12? 32 7 
9J4 144 

8.12 143 


2.18T3J 

21 

U0 33 14 
186a 43 9 
180 48 17 
80 32 14 
I/O S3 15 


184 27 
524 28% 
340 23U 
72 12% 
442 42% 
lOQz 65 
Ste 57 
UDt 54% 
44 16% 
14 8% 

5223 379b 
89 49% 
23 24% 
428 2S% 
297 279b 


2696 27 + % 
28% 2B8b— ft 
27% 27»— % 
12 12 — % 
419b 419b— % 
65 65 

57 57 +1 

54% 54% 

1616 16V* 

81* 8% — % 
37 37%— ft 

43 439b- %b 

2496 24%+ ft 
3496 3416—1(6 
26% 27 — ft 


,’jSzS 


M 28 

10 

248 

JP 1/ 60 

240 

1-28 A3 

9 

327 


44 

106 

-18b 1/ 


343 

424 47 

10 

177 


16 

1262 


IB 

lift 

JO 18 

12 

98 

24 1/ 

8 

156 

74 28 

14 

1214 

280 122 

7 2314 

130 13J 


lQOz 

7J7 13/ 


1640* 

1280 12/ 


Ittz 

Z8 18 

16 

326 


1390 

1.92 88 

8 

220 

80 18 

> 

8K 



154 

Ui 23 

18 

207 

120 4 A 

12 

205 


1Z0 38 10 
1/0 RL7 7 


1/0 RL7 7 
932 133 
724 131 
175 11/ 

124 111 
313 133 
312 13J 
375 118 
3/0 132 
3A2 112 
480 T3J 
A 12 133 
US 1ZV 
80 3/ 12 
84 O 22 

225 A0 

1JM 9J 11 
ABO 11.1 
180 18 13 
14 

U0 1/ 40 
2/0 48 4 
4 


184 ZT 21 
7 


GnStanl 180 16 13 
Gcnsca 8 

Go Rod ,10 / 25 

Gensto 1.00 
GanPIs 1.18 3/ 16 


GflPcpfC2J4 68 
GaPwiit 344 128 
GaPwpf 376 1ZS 
GaPwpf 286 12/ 
GaPwpf 282 128 
GaPwpf 275 11 J 
GaPwpf 780 1ZI 
GaPwpf 7J2 127 
G*rt»P* 1.16 4 Z 10 
GerbSs .12 / 14 


12V* SVo 
4% 196 
27V* 11 
36% 24% 
29ft 23 
19 1396 

32% 19 


ST 3T 

15% 8ft 
18 1196 

45% 27V, 
21% MHr 
42% 31 
67% 51% 
23ft 16V* 
19*6 9% 
14 Vb 11% 
29ft 18% 
6% 29) 

13% 8% 
1196 6% 

29% 2196 
26% 24% 
Bft 4% 
26% 20 
35 25% 

34% 11% 
30 14ft 
14Vh 10 
50% 39 
24 

33% 27 
20 % 12 % 
19% 14 


GtffHIII 82 1.9 21 
Gillette 2/0 4.7 II 
done 

GSBbltA J4 4J 
GtebMpf 380 13/ 
GldNua 13 

GktNwt 

GldWF JO 8 4 
Gdrfch 186 5J 12 
Goodrr 1/0 5/ 7 
GaranJ 82 38 9 
GauM 41 illl 
Groce ZM 6.9 10 
GmJnor U4 u 14 
GtAFdt Z0 W 8 
GIAtPc 9 

GtUcln 180 2 A 10 
GNfrn 785* »/ 8 
GtNNk 182 A1 8 
GINNk Pf475 IJ 
GIWFkl 88 3Z 10 
GWH*p 48 

CMP 1J2 118 9 
Gram U0 4j u 
GrtHler IV 

GrowG* JO IS 16 
GnibEI 8B 8 U 
Grumn 180 3/ 8 
Gnimpi 280 ioj 
G rulkd .16 2J 
GuIHrd 80 18 8 
GttVtal .90 ZQ 10 
GoHRs U 7 

GulfRpf 1J0 6J 
GH5IUI 1/4 12 A 6 
GffSUPf 5/9*128 
GUSUPr 3LBS 13L7 
GH5UPT 4/0 13J 
GAoro 85* U 10 
Gutton 40 U 14 


33 
721 
186 
793 11% 
. 385 3ft 
11» 249) 
402 29% 
3146 28% 

15 179b 
Mix 25% 
743 40% 

24 65% 
901 14% 
728 15% 

25 39% 

1 1916 
1430 37 

6 619b 
4147 26% 
354 17% 
31 15% 
5196 28% 
659 5 

BO 12% 
306 10% 
94 32 

2 26% 

93 7% 

16 24% 
1680 3296 
538 16ft 

2 21 
890 13ft 

1 47% 

14 2SV* 

15 22% 
33 16% 
20 18V* 


!%-* 
71% +2 
38% — l 
51 %+ % 
7% — ft 
12ft— % 
74(6 + W 
11%— % 
50% + % 
5% — ft 
1716 + % 
22 % — % 
3+16— % 
25%— % 
34 ft + % 
JWb— % 
29% + % 

28% — ft 

1996— ft 
24% + Vb 
64% +1% 
*1 —2 
26V*— ft 
20 ft — % 
11 + % 
9%— ft 
26% + ft 
55ft— % 
14 

m 

22 %+ % 
11% 

Z%- ft 
24ft— 46 
29% 

28% 

17ft— % 
?4%— 4* 
40% — ft 
45ft 

14—96 

1596 

39 — % 
19ft + ft 
3696— % 
6196 

26ft— % 
17ft— ft 
1 5ft— 9* 
27%—% 
496— ft 
13ft— ft 
10% 

2796— % 
26ft 

7 + ft 

24ft— ft 
32%— ft 
15%+ ft 
20% 

13(6 + ft 
47% + 96 
28ft + % 
32%+ ft 
16% + % 
18ft— ft 


696 KOI 

9% 

33 
2694 
77% 

1296 
14% 

15ft 
8% 

14ft 
29ft 
36% 

72% 

28ft 
18 
17ft 
17% 

49 
1096 
12ft 
68 

27V6 
22 
I 

19% 

20% 

11 

1BH 
26ft 
16% 

14 

atft 

6146 
62 
42ft 
399b 
21ft 
1796 K 
16ft K 
17% 

30% 

9696 
12 % 

29% 

11 

44ft 
13 


M 19 
JO 1.1 
1J7 79 
.40 48 
2J* 1L7 5 
480 110 
180 1.9 11 
136 138 4 
196 15 7 
132 108 
U3 107 


1/6 1J 
/ 11 I 
180 IS 
075 10.1 
1-76 19 14 
U0 38 7 


80 14 18 
2/4 98 8 
.44 17 
UO 88 
1.10 38 26 
1.33 5JJ n 
zee 2/ 19 
IJ M I 
480 48 
480 48 
1/4 38 
220 AA 10 
26 U IS 
220 82173 
22 1/ 19 
JC- 42 24 
480 11J 
HUM 92 


ZM 52 11 
A0 79 12 
.141 J 27 
JO 48 7 


135 Oft 8% 8Vb— ft 
940 IS 14ft 15 — ft 
22 39% 39 39 — ft 

2974 36% 35ft 35ft— ft 
260 37% 3596 36 — ft 
478 19ft 15% 15% 

156 18 1796 17ft— ft 

5 17% 17ft 17ft— ft 
560 10% 10 10ft 

5297 W% 20ft 20ft 
lOQz 34% 34V* 34% + ft 
178 539k 53% 52V* — 1% 
498 18% Wb 18% + ft 
Z14 3S 34ft 34%+ ft 

8 22V* 22 22 

» 21 2096 am 

1721 43% 42ft Oft 
f tlf til Ilf — 96 
767 19 18% 1896— ft 

6 18 1796 179*—% 

69 87% 87 87 —1 

678 46 45% 45% * 9b 

■1 32% lift Jl% — % 
97 1% 19* 19b— ft 
79 21% 23ft 23% — V) 
194 25 24ft 34ft— Vb 
63 lift lift 71?*+ ft 

5 20 19% 20 + % 

882 32 31% 31%+ ft 

95 26ft 26 26% — % 

B9 18% 18ft 18% — % 

1359 35% 35 35 — ft 

7 82 82 82 

9 82% 81 82 — % 

1 S5 5S 55 

005 49% 49% 4996 

192 32ft 32ft 32% — % 
140 27% 27% 27%+ ft 
SS 3»ft 19% 30 — ft 
693 |fl% 19 19 — % 

200z 35% 3SV* 35% +lft 
5 101ft 10!ft I0V6 

70 12% 1296 12% 

166 38% 38% 33% 

42 2096 20% 20% 

153 SO 49% JO + 9ft 
944 22% 20 20 —1% 



386 12 A 
1-25 7 Z 

IS 

UO 6.9 7 
JO 2Z 
2/4 9/ 

34 IJ 14 


I 86 4/ IS 
JO .9 12 
f 287 118 
180 3/ 10 
I 41 UU 
I/O AA 11 
JO 18 23 
Z8 Z4 r 



U 

1/ 

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» 430 
IS 1055 3 
201 1 
1526 
46 
82 
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1210K4 6 

11 

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28 

12 B! : 

3/ 

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8 230 2 

1/ 

12 10$ 1 

M 

10/ 

138 

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US 


72 

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63 

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9 

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4J 

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28 

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Mr 

U 

80 

2 Z 

UM 

J 






iMKM/i! 


■ H- . '■ ' 








K 1 






V* 
25 
42 

42% —1 
17ft- ft 
18ft 

179b— % 
2196— ft 
ld%— V* 
53% 

ft 
% 
% 
% i 


23% UU 
<9% 36% 
28% Wb 
Mft 79* 
42 32% 

14% 9ft 
12ft 9 
16% 10 
5ft 2% 
2596 17% 
26 17% 

52ft 2Mb 
53% 38% 
42 36 

19ft 11% 
39ft 24 
29% 2SU 
23% 12% 
19 13% 

24% 10% 
41% 22% 
59 41 

57 40 

lift 5% 
20 1* 18ft 
3J 21 
2% 1* 
35ft I«ft 
51% SOft 
34% 27ft 
lift 9ft 


32 

1.1 

21 

M 

IJ 26 

1/0 

68 

7 

J2 

U 

11 

M 

IJ 

15 

M 

U 34 

PU4 

37 


JDe L5 26 

MO 1/ 

IS 

TBt 



180 

10 14 

184 

U 

11 

4L25 10/ 


180 

1880C 

27 

6 

JOB 11 

& 

82 

18 

17 

.16 

J 22 

VO 

47 

5 

687*114 

mel2Z 




4 

i 



180 

V 

8 

1/0 

48 

8 

582*14? 


82 

18 

36 

82 

19 30 


20ft 

19ft 20ft— % 

51 

48ft 5046+2% 

23% 2296 23% + % 

13% 

13ft 

1396 + ft 

41 

40 

40 —ft 

19ft 13% 13V,— ft 

12 

lift 

12 —ft 

13% 

12ft 

13 - ft 

3% 

2ft 

2ft— U. 

23% 

Bft 

ZJ% + ft 

1996 

W 

19 —1 

SQ% 49 

49% — 96 

46ft 

46% 

469b— ft 

41 

41 

41 +66 

13ft 

19% 

1396 

38 

37% 

37%— ft 

3ft 

3% 

3% 

14% 

Mft 

149*+ % 

18% 

18 

18% + % 

22ft 22 

22 — ft 

37% 

36% 

36%— V» 

52ft 

52% 

S2ft 

48 

47ft 

47ft- ft 

8% 

7ft 

7ft— ft 

34% 

24 

24ft- ft 

31ft 

31% 

319b 

ft 

ft 

ft 

33% 33 

33% + ft 

49 

49 

49 —ft 

54 

S3 

54 + % 

11 

if 

11 -ft 


86ft 58% MWTtCt M 8 W « 

57% asft MnfiM 2X0 15 42 

54% 30% MartM 1-34 U 1042 

83 £ MrfMrrf AST 4J 28 

U% Bft MWVK -2 « X SI 

33% 22% Masco 86 18 16 308 


IZ HO 339b 33% 33% + % 
55 100 99 99 — VS 

138 18% 18 18% 

56 335 10% 9ft 10 — % 
« 26% 26% 26% 

2Sx 16ft 169b Wb+ % 
7 17 19ft 19ft Wb 

9 39S2 32ft 329b 3296 

10 60V, 60% 40%— ft 

m sm snt. a — % 

13 58ft S3 59% + % 

2 4396 43ft 43ft— % 

11 60 59 60 

24 456 17ft 17% 17% — % 
B 61 48' 3996 39ft 

S® 15ft 1496 1496— ft 

6 1193 23ft 23ft 23ft— ft 

SWte 17% 17% 17% — % 

200Z 19ft 19ft 199b 

3301 34% 34 34 —1 

sm. 32 32 32 

525 5196 51% 51% — % 

40Dz 36 36 36 — % 

47 22 2796 27ft— 1ft 

14 318 34% 34 34%+ % 

10 1166 37% 37% 37ft— ft 

12 256 896 89b S9k 

2339 13% 13 13%— ft 

3001 55V* 55% 55% +1V6 

ssaz 61% 61% 61% + % 

13 17ft 17% 17% — % 

19 18ft 17ft I7ft— % 

7 45 28% Z7% 279b— ft 

261 79b 7 1 — % 

23 233 18% 17ft 18% + ft 

18 163 49ft 49 49ft— ft 

13 37 36% 36% 

19 13 14 13ft 13ft— ft 

682 2S9b 23 35%— ft 

34 4 4ft 46ft 4696+ % 

11 B30 219b 20 219b +Tft 

202 5ft 5ft 5ft— % 

6 40 16% 76ft 169b 

8 24% 23ft 34 + % 

10 44% 44% 44%— 9b 

Z7 3196 31% lift— % 

151 12ft lift 12 — % 

39 181) 17ft 18ft + % 

12 837 64% 63ft 64% + % 

2 138 138 138 — % 

7 1271 1Z% 12% 12ft— % 

8 383 53 51ft 51ft— lft 

36 92 1166 II HM— % 

10 21 22% 22ft 22ft 

12 9190 134% 13Z%132% — ft 

11 149 23 2296 23 

15 1127 28% B% 3816 + ft 

3008 10ft 9% 10% + ft 

465 «4 6ft 49k+ ft 

47 499b 49 49ft— % 

31 38 37ft 3794 + ft 

271 32 31 32 +1 

12 511 419b 41 41 — % 

9 44 28ft 28ft 2Bft— % 

28 2314 574 51ft 52% • 

19 25 15ft 159b 15% + % 

8 729 44% 44 44%+ % 

14H 74% 74 74% +2% 

21 156 155 156 +2 
11 779 35 34% 34%— % 

31 16ft 16ft 16ft + % 

8 42 ISM 1896 15% 

. um 179. 1996 1966 + V) 

B 138 18ft 19%+ ft 

7 31 27ft 27% 27%— 9b 

1 31 3096 30ft 30ft 

8 409 33ft 33 33ft + ft 

II SO 1?V* Tift lift— % 

7 219 339b 33% 33% + % 


56 18 16 308 

7% MOOMr .H H *2 
159b MQ8M MO 10H 12 __90 


3ft 7% MWWf 
27% 209b Mas CP 288 118 
11% 9ft MoSInC 1J2 128 




Mt J IB 370 
II 539 


10% 4% MOtetwt 169 

32% 15ft Mattl Bl 230 8.1 6 

15V* 9% Mcoconi , _ 7 Ml 

49% 30% /WOYD6 1 J2 U M ™ 

49 ft 36% Mavto 2 J 0 a M 10 66 


32% 25% McOrpf 2JO 73 
23 20% McOrpf 2/0 1U 


319b 23% Mctterl 180 6/ 18 80S 


12 6Vt MeO rlffit M „ jJS 

10% 6% McDW JO 2.1 » W 

6196 40ft Meant ■ 82 UM W9 

BZ% 476b McDnD 184 28 » 354 

42% 319b McGEd 7-00 *9 62 34*3 

4896 34 McGrH I/I U H IRK 

36% 1996 Mclnts 10 


4ffft 32ft McKOB ZZ0 62 11 5054 


64(6 54 MCKpt 1J0 79 5 

15% ID McLacB 9 20? 

6% 3ft McLoOWt 17 

36ft 1996 IWcNcU 80 34 7 1 

41(fa Z7ft Mead 1J0 3.1 9 158 

24ft 1296 MOSrvx 84 1.1 16 720 

36% 24% Metftm JA 39 9 273 

51 33% Medan U8 53 * 4J* 

27 22ft Malian Pf 2J0 10/ . 14 

45V* 3096 Me twill 1/4 15 12 58? 


61ft 40% Merest 181 28 10 
99ft 78V6 Merck 120 13 IS 


6S96 39% Mentttl 180 1/ M 24 

36ft 22 MerLvn 80 2/ 32 7326 

3% 2 Mfl-joOf 593 

22 13ft MwaPt _ 5 1765 

359b 25ft MesaR UO» W » Tx 
8ft 5% Mewt) Jlell.l 7 807 

5ft 2% Mastefc 3 

58% 48V* MlEpfH BJB 14/ « 

396 2% MexFd -17B 62 86 

19ft 17 MhCnaf 2jQ5 MLS T 

26% 22% MhCnpf 3.19 1X2 B 

16% 12 MOlER 1JB 18 9 40 

7ft 4% NUddb* 86 8 14 199 

45ft JEW MJdaan Ut U f jp 

14ft 9% Mktsm U8 12 Z 5 2731 

MW 17% MWROtt 180 53 » 13 

28% 22 MWE 2/8 iai 10 48 

17% 11% MIHnR ZB U 15 165 

86 49% MVW 3LSB 42 13 MRS 

3196 2396 Min PL 2J6 98 B 251 

21ft 636 Ml 3ft I ITS 665 

20ft 15 MoPSv lJ9b 6Z 7 33 

22% 1896 MoPS pr 2/1 115 1 

34% 2896 MaPSpf 4.12 125 12 

1196 4 Mitel ■ J71 

32% 23% Mobil 130 7 A 9 25979 

4 % viMablH 1SB 

996 5ft ModCpf >3 ft 

2596 U% MotwBC X0 1/ 10 57 

15 8% MohkDt 571 

22 14ft Monti 80 48 27 26 

51 40ft Monad* 130 SJ 8 8161 

31% 26 MntDU 186 RJ 8 148 

29 16ft MonPw 100 8J 11 275 

18% 14ft MonSI 1800111 92 


84% 83% 83% -1% 
<796 <7 67ft + ft 
52% 51ft 51ft— ft 
88% 79% 30% -t % 
12% 12 12 — % 
32ft 3T» 32 -1 
12 lift lift 

17ft 17ft T7ft 

1% 3% 3% 

27ft 28% 26tt— ft 
1 11% 11 Tl + % 

sm 99 % sm- ft 

ins im raft— % 

9% 9% 9%— % 
30ft 30% 30ft + % 
14Tb M Mft + tt 
47W 46% <7% — 96 
48% 67ft 48 
Oft 28% 2D9b + % 
2294 22% + % 

27ft 28 + % 

S9b 8ft Bft + 16 
9ft 9% 9%-Vb 
59ft 59ft 59% + % 
81% 81% 814b— lb 
:W% 4ffl% 40% 

44ft 44% 44ft— Vb 
34ft 34% 34% — ft 
)BA 38% 38V2 — % 
61ft 61% 61ft— ft 
14% Oft 13%— % 
5% SI* 5V>— Vb 

26% as% 

.... 38% 38ft + ft 
32% 22% 224b— % 
Tft 30ft 30ft— % 
I* SB% 51 
HV* 26ft— % 
42% 41% 41% —1 
60% 59% 68%+ ft 

^^”2ft- ft 
18% 18 18%—% 
30% ^2996-% 

3ft 3ft 3ft 
57 57 57 

2ft 296 2ft 
19% 19% 19% 

26% 26% 26% 

U 15% 15ft— % 
7ft 7% 7ft— % 
46% 45% 45% 

144b 14ft 149b— ft 
18ft Wft 18ft + ft 
36V* 26% 36V* + ft 


r * i i&a 

>, !f s ar.3 f3 liKi: 
-It ., r .d wildem 
l%; e :-k^-orda 

f ■. jj 

■ -L. crtffcT r 


14ft 14% 14ft + % 
B3Vi 82% 8S4+ Ml 


309b 30% 3096—% 
7 6ft 7 
2096 20% 20%-% 
21ft Ztft 21ft + % 
32ft 32ft 32% + % 
6% 6% 44b— ft 
29ft 27 28ft +196 
1% 1 I — % 
74b 7ft 7% — % 
25 Wi 24ft— % 
11% 11 . 11% + % 
17ft 17ft 1796— ft 
44% 4346 44(6— % 
30% 30 30 


;■ . " solid r 

- ii -j-iiition 

X-^niica, Fr 

“V-c E 

hank. Hroii 
f? a3 «. Doss i 
#.4ir.e: hroc or 
\v >y Aracntiix 
. -■;-•( -sources 
.u econoo 
^ 3ce> r.o: sear 
^r^:- V'genun 
oie :c macs Ini 

VSfe(^y » 

■ j_r. .v*enuc 

banks have 

in sernat! on at oebt <J 

our ccji 
jt. America] 
-r— -d differe 

cuerd’ov-rlhepla 

iti ut with it. 

- +as : 

6-cffr.dous affect c 
ccrur.uei. “Bui the 
; n lio’/u He ha 
r*s!2r/:ic3 a? u«B. 


224b 22ft 229b + Vb 
17ft 17ft 17ft + % 
9% 8ft 9 
5196 51% 51%— ft 
23ft 234b 23ft — ft 
28 27% 28 + Vb 

464b 45ft 45ft— 4b 
3996 39% 39% + ft 
22ft 22% 2296 + ft 

20 199* 1944— Vb 
299b 28ft 29% 

3596 34% 34ft— % 
25% 25 25 —ft 

18% 18% 18%—% 
41% 4096 4096+ % 
29% 28% 29 +% 

21 2096 2096— % 
13% 13% 13%—% 
3ft 3ft 3» 


9% 696 NVQNY 80 89 B 114 


SB 34ft MooreC ZJD0 38 12 81 

25% T8W MOraM IJK 4Z 13 34 

2Bft 23% MnrMpf 280 U W 

49% 2BV6 Moron » 2J0 48 8 53M 

42% 26ft McarKnd 1/8 33 10 153 

3196 18% MeneS JO 15 9 226 

30% 12 MfeRty IJteOJ II 268 

31% 20 Martens M U 13 847x 
44% 29% Motrlas AA 18 11 3094 

259b 1596 Munfrd 54b 31 U 27 

23ft 14 Mum 383 22 

43 26% MurptlC 1/0 X4 IS 179 

38% 23% MurpO 180 3/ 11 696 

2396 1896 MurryO UO 58 10 34 

13ft 11 MutOm 1/4*189 61 

lift 3ft MvvrLR IU 


23ft 16 NAFCO 
60ft 3946 MBO 
24 14% NBI 

22% 164b NOT 

® 3. ncnb 


30% 20ft ..... 
22% U Nl Ind 


\ "»sw- 

46% 33% NWA 
544b 38ft NabscB 
28ft 21 Nadeo 
29% 20 Nashua 
38% 30ft NatCan 
18% lift NtOtVB 


20% 20 
58ft 5796 
17ft 17% 
21ft 21ft 

2S2 JL. 
2m 28% 
22% 21ft 
11 % 11 % 

JL 

44ft 43ft 


20ft 

57ft— ft 
17ft— % 
21ft— ft 
35ft— ft 
28ft— ft 

S5TE 


Bft 2246 NafOttf 
*7%- 75 NDtatnt 
19% 16% NDiSfpr 
20 lift NatEdu 
29% 17% NatPG« 
45% 27 NaKJyp 
Mb 2% NtHam 
33ft 23% Nil 

69 56 Nil pt 
29% 174b NMOdE 
1096 bft N MlneS 

29 2096 NtPrvat 

1696 9% NtSWTlt 
2996 21% NISvcIn 
IB lift Nsmd 
13 10 Norcon 

29% 21ft NevPw 

18 144b NewP pf 
20% 19 NewPpf 
16ft 14% NovPpf 
13ft 8% NOWSvL 
39% 2B4b N Ena El 
26ft 2096 NJRsc 
3% 1496 NY5EG 

70 55% NY5 Pf 
13% 13% NYSpf 

30 24 NYSPfD 
18ft 13% Newell 
44ft 29 NewflOf 
15% II Newtill 
10% 7% NwMRs 
54ft 31 Newmt 

5ft 19* Nwpark 
17ft 12 NlaMP 
34 26 NiaMal 

33 3096 MioMsZ 

41% 34 NlaMpf 
19ft 154* NkteSII 

loft 10 ft Nicatet 
30% 24% NlCOR 
38% 24 NICOpf 

19 12% NablAf 

89 48*1 NarlKSa 

33ft 16% N art In 
419* 3996 Nontr 
19 12 Nartek 

5696 42 NACod 
45% 28% NAPM9 
21ft 139b NEurO 
15% 10ft NoestUf 
15% 11 NlndPS 
48% 41ft NIPSpf 
44% 33ft NaStPw 
33% 28 NSPw pf 
36% 30 NSPw Pf 
35% 31 NSPWpf 
13 St NSPw pf 
42% 29ft NarTei 

5% 21* Nltnat a 
44% 23ft Nortrps 
42% 40ft Nwtlnd 
23% 19% NtvfPpf 
224* Oft NwSIW 
38?* 3096 Norton 
32% 21% Narwst 
58% 48% Mwsfpf 
56 20ft Novo 
379. 26 Nucor 
* 4(6 NutrlS 

soft 58ft NVNEX 


26% Bft 
Bft 

3796 <oe 

IB IS 
™ 26% 

62% 


im+ % 

43%—% 

28% — ft 
16%— % 
T 


Ir-S 


180 3/ 11 205 

12 MB 


27% 

IB DM 12 
183 29ft 29 
I 17 17 

70(te 17% 1696 
100 * 20 20 


43ft + % 
3ft 

30% + 9b 
62% —3% 


TS orrf amS 

7e;L'» LT.e fNtF 
they 
C]rjy a h 
feitir- asd ^tiser p 
ir. ai wefl, 

? ;'!v .‘d i re goveran 
avlL -errealed isifls 
127Z.T' iti by t he IV 
Era^: fid it wcul 
and fore.^r. cebt re 
dsi;mS. 3u: banka 
br.nc on a pot 
adz-mi'.TJ’jcr. of PTi 
Mir other count 

“SS’-.r. j debt prob 
Pro 1 ’. R'Ju: zer Dortfci 
rL'icr.. 'Ye: today, i 
•TiVje to icoL as if it 
.V-.d ^r.a'.oie Kaic 
Fund. " f he Costs a, 
i csvrzrier.if and nat 
c-~ri- P.ttent t] 
1 _-. :• :o wed i 
(Gn 


w%— % 



17 — W 
lift— 1% 
28 +% 


T7%+ % 
20 + ft 


1 

I7ft 

17% 

17% + 

ft 

41 

119b 

lift 

lift 


94 

3Wb 

Bft 

30% 


60 

26 

25ft 

2Sft — 

ft 

429 

22ft 

znt. 

22% — 

% 

300: 

68% 

6U% 

60% +1 

2 

IBft 

m* 

17ft— 

ft 

2 

aw* 

29ft 

29ft 


1951 

17ft 

l/» 

17ft 


JO 

47 

44% 

44ft— 

» 

16 

15ft 

US 

15 — 

% 


: * 

:2:: +!=s 

"CiTs 
ICS 3/45 

]•: ^ ZJAASS 


3 8ft 8ft Bft 
31 363 42% 42ft 42% 

222 296 2ft 296 + % 
6 2109 17% 16ft 17 

581b 33 31% 31%— 1% 


; 41 
16ft 16% 
17 16% 

29ft 29 
29 29 

15% 15% 
46 65ft 
16ft 1696 
40 3Vft 
17% 16ft 
56 5596 

45% 44% 
16 15ft 
159* 15% 
12% lift 
43ft 43% 
4296 42% 
33% 33 
36 36 

34% 34% 
<1% 41% 
369b 3596 
3% 3% 
i43ft 42ft 
53ft 53% 
23 21 

12 % 12 % 
36 359* 

2696 2696 
53ft 53 
29ft 27% 
3696 36 
4ft 4% 
80 79ft 


36 

41 +1 

Mft 

16ft— Vb 
29ft+ % 
29 +% 
15ft 

6S94+ (6 
16ft 

39%— ft 
17 + lb 
5596— % 
44% — 96 
16 —ft 
15% 

12% + 9b 
43% + ft 
42V* — Vb 
33% +2 
36 

34% — 1 

am— m 

36% — ft 
3% 

48 — % 
5394— ft 


U, ‘S 3;;=.:- r* 
U*4t t .. ' 

»»( 3^-7.: 


12 % + (6 

am— ft 

26%— ft 
539*+ ft 
29ft— Vb 
36 —ft 
4%— ft 

7996 


,5l TVll». — ; ri| 

’Ails - | |i ' 

/WCrr a... 
***■ -<r,' :. = 
'"•Pnj-,;-.,*. 



30 13 

5 24% 

26% 15 
19% 13% 
13% 11% 
179b 12ft 
*39* 30ft 
29 20% 

10% 59* 

1996 13% 
17% lift 
73% 53ft 
13 9% 

279b 21 
33ft 27% 
43ft 23ft 
34% 36% 
* 25V* 

28 20 % 
7% A 
4 194 

!L 

39% 31 
596 3 
16ft 12 
l«ft 10% 
2496 12V* 
12ft 5ft 
37% 25% 
17ft 12% 
5% 1% 


143 

.20 UJ 19 475 
UO « W 1759 
17 2510 
80 48 14 127 
38 917 
12 17 

.16 2J 408 
1.12 38 12 1*7 
JB 42 21 <2 


S% Wb-% 

12% KHi-tt 

is sr * 

7t« 7196- V- 

Tift 

26% 27 + % 
33% 3?% —I* 

30% 3096-4% 
3796 38 —% 
27% Z7ft+% 

££ S 

i» 

v s *r 

ttS-s 

’SW 

37% 37V,— 1 


4J0 
































u * l \ 

v- f ? 






Statistics Index 

AMEX Aden P.13 E 
AMEX MghUtoanP.13 I 
NYSE Wien p. B ( 
NYSE htgra/tam P .10 1 
ConadMi mat P.u * 
Currency rutm P. 9 ( 
CofTimoalilcs P.m ( 
CMwWend* P.10 { 


Earnings reports P .11 
Fitna ran nom p.n 
GoW m orta rs p. 9 
Interest rates P. V 
Morfeat summery P. I 
OlMUm P.M 

ore stack p.u 
Other awrkati P.U 


licralbs^^eribunc 

BUSINESS / FINANCE 






SATUHDAY-SUNPAY, FEBRUARY 23-24, 1985 


ECONOMIC SCENE 

Of Debt and Deficit Fears: 
Harking Back to the 1920s? 

By LEONARD SILK 

iV«r York Tuxes Ser nnr 

N EW YORK — The financial world is in a mood like 
Urn described by the Austrian writer Robert MusD in 
the late 1920s — one of “irregularity, change, sliding 
forward, not keeping in step, collisions of things and 
affairs, and fathomless points of silence in between, of paved 
ways and wilderness, of one great rhythmic throb and the 
perpetual discord and dislocation of all opposing rhythms, and as 
a whole resembling a see thing , bubbling fluid in a vessel consist- 
ing of the solid material of buildings, laws, regulations and 
historical traditions." 

In Argentina, President Raul Alfonsin has dismissed his eco- 
nomics minister, Bernardo Grinspun, and the president of the 
central bank, Enrique Garcia 


U.S. Stocks 
Report, Page 8 

Page 9 


central oanx, unique Uarcia _ 

Vazquez. Does this move 

mean something or not? * Solv ing debt 

Both Argentine and U.S. ,, . 

banking sources say the problems IS 

change in economic leader- .,^. 1 , .f,-. 

ship does not mean a change mostly politics, 

in policy. Argentina will still nol economics/ 
struggle to meet International 
Monetary Fund terms for re- 
paying its debts and controlling its mfla tmn- 

Said an Argentine official, who insisted on anonymity: “The 
foreign banks have the best interests of the banks at heart. They 
did not like Grinspun. But he has not resigned because of the 
international debt question. You have to understand the political 
dynamics of our country." 

Said an American banker, who also asked not to be named: 
“There were differences of opinion between Grinspun and Vaz- 
quez all over the place, and endless fending, and the president gpt 
fed up with iL 

“Grinspun was seen in a gambling casino, and it had a 
tremendous effect on the people who are suffering," the banker 
continued. “But the president could not fire his friend Grinspun 
in isolation. He had to ask for the central bank president's 
resignation as welL That was a teal loss." 


OTH Argentines and Americans agree that the agreement 
|-% with the IMF will be hard to sell politically and the big 
-M-Jr question they raise is whether Mr. Alfonsin hims elf is 
prepared to carry a harder fight to the trade unions, business, the 
military and other political forces in Argentina. 

In Brazil as well, the international debt problem is far from 
solved. The government has announced emergency measures to 
cool overheated inflationary expectations and meet the domestic 
targets set by the IMF. 

Brazil said it would release funds only to meet state payrolls 
and foreign debt requirements, with all other state spending 
deferred. But bankers in Rio de Janeiro are afraid the decision 
will bring on a political storm in the early days of the new 
administration of President Tancredo Neves. 


Many other countries, in Africa, Latin America and, in Asia, 
te Philippines, are not out of the debt crisis. 

“Solving debt problems is mostly politics, not economics,” says 
rof. Rudiger Dombusch of the Massachusetts Institute of Tech- 


Prof. Rudiger Dombusch of the Massachusetts Institute of Tech- 
nology. “Yet today, unlike in the 1920s or 1930s, the problem is 
made to look as if it were solely an issue of economics.” 

And Anatole Kaletsky, in a new study for the 20th Century 
Fund, “The Costs of Default," says: “For at least 500 years, 
governments and nations have regularly defaulted on their for- 
eign debts. Recent history suggests that sovereign lending de- 
faults have'foUowed a 50-year cyde of monotonous predictabfli- 
(Couthmed on Page 11, CoL 3) 


Currency Rates 


Lots interbank rates on Feb. 22 , excluding fees. 

Official fixings for Amsterdam, Brussels, Frankfurt, A (San, Paris. New York rates at 
4 P.M. 


c i 

Amsterdam UB 4.I2S 

Sraurtsta) 484425 732575 

Frankfort 138 1M5 

tendon (b) 1.0745 




Milan 

2,10830 

236480 

42275 

203.94 

— 



NwaVaritCc) 

— 

1875 

33925 

10J7 

2.11200 



F«n» 

18338 

11.132 

30547 

— — 

4.904 a 



Tokyo 

2*1375 

2B439 

77.98 

25.52 

1200 • 

i 


Zorich 

2454 

10673 

88275* 

27 JITS • 

0.7355 



(ECU 

04573 

04774 

? ns* 


1JS4 l 14 



' 1 SDR 

B. 953882 

0X843 

332385 904041 207885 

Dollar Values 


OUT. B.F. 

5437' 

17.7575 — 

8823 * 1MB’ 

4.133 7133 

550.14 3059 

3B415 4822 

24985 15.1995 ' 
4876 38835* 

71345 • 11875' 


S.F. YW 

M09-MS53 r 
234775 25.92* 
11044* urn* 
1074 28125 
733 SO 8022 
2457 242.95 
1422519376 ■ 
9242 — 

14887 ■ 

14781 171728 
17164 24941 


Phmi P s Eastern's L 
Suspends U.S, Airline 

Meeting 

a Cycle of Crisis 

Vote Continues 
On Capital Plan 

is the ultimate pilot His celestial 
Compiled ty Ov Staff Fnm Papatdm exploits are legendary: America 

BARTLESVLLLE, Oklahoma — remembers how he read from the 

Phillips Petroleum Co. recessed its Bible on Christmas Eve as he 

special stockholders' meeting Fri- commanded tbe first manned or- 

day and said the vote count on its bit of the moon. Sing* then, Mr. 

$ 8 -billion recapitalization plan Borman's sights have become 

may not be completed by the tune more terrestnal. 
the meeting resumes Saturday. For nearly a decade, be has led 

The plan, which would pul a chronically troubled Eastern Air 

large block of slock in employee Lines the nation's third-largest 

hands, is aimed at fighting off a carrier. But he has failed to break 

takeover bid by Carl Icahn, a New ^ of financial crisis that 
York financier who has offered 560 haunts the Miami -based carrier, 
a share for 45 percent of the com- TroubJe struck ^ 

P a 5-J': ll . ... _ .. . month. The airline fell into tech- 

Phillips proposed tiw recapital- ^cal default to its bankers over 
izauon in late December as part of ils lability to draft a new em- 
an agreement to prevent a takeover plovfJ .. wage conlract Qevemb- 
btd by another investor group led ^ ne ^ UaI j ot]S produced the 
byT- Boone Pfckens Jr.. chair^n nee dedTgreement, but deeper 
of Mesa Peholeum Co. The Mesa problems remain, 

group «s obligated by tie aero- f^ero has been unprofitable 
^t to vote its block o^milbon ^ , 979 and it is undear when 

Phillips shares in support or the h ^ make ^ 

rerapitaliration plan. has had $380 million in losses 

Since the Mesa groty wthdrew. over laa fivc years , and ils 
Mr. Icahn ^ acquired 7.5 nulhon debl ^ S2 j billion. 

Shan3 ^ r B S ,ps . ,w i an , d ^ Labor relations are touchy and 

proposed a two-step plan to ac- ^ goodwill that Mr. Borman 

qrnre the company. once enjoyed is now gone. 

The furet step calls for Mr. Icahn -whi Borman came in, he 
to pay $60 a share for 70 million ^ of good will from 

shana of the company s stock, or md dSrVbecn total- 

$4.2 billion d cash, which would ^disapau^- D . Qvmw 

pve him a controlling 51 percent of ^ a Uo r and profes- 

the company. He then proposes to ^ al Harvard business School, 
acquire the remaining , shares with Robert j Joedid£t an analyst 
securities valued at $50 a share. M sbearson-Lehman Broth- 
Howmrer; the offer is condiuon- ^ ^ ^^*5 ^ ^ 

ed on Phillips stockholders reject- hnr t and the company itself 

tng the rompany’s pl am w 0 ] probably just drift along in 

mbps stock dosed Friday at iu Drifting uthe 
$48,375 on the New York Stock best way I can put it." 

Exchange, up 50 cents. Bul &. Borman, 55 , predicts 

The meeting al Phillips head- 

' quarters in Bartlesville was re- 
cessed so that the votes could be rj • 

tabulated. Phillips officials said f J 

that voting would remain open un- J 

til 4 P.M. Saturday, when the meet- 

ing resumes. Phillips has 154.6 mil- 05 „ 

lion outstanding shares, and 50 MILAN — — The Milan Bourse, 
percent, or 77 2 million shares, are spurred by foreign interest and the 
needed for the measure to pass, strong dollar, is having one of us 

a 1 c -a*.. w. biggest booms smee the end of 

Also Friday, Mr. Icahn released w “J7j w „ 

a letter from M. Kenneth Cory, W ?[ ld War “ . _ . . . 

comptroller of the state of Califor- Share pnees have increased! by 

niTin which Mr. Cory said he 

planned to vote the Phillips stock of , Fnday , s ctos *7 ^ 
under his control against the recap- Index Bourse, the market 5 

iialization plan. most com^er^vesharc-pneem- 

F ., . , dex, stood at 4,102 points, after 

Phmps s^ shareholders wotdd techl dcal corrections Thursday and 
receive $60 m debt seam ues for 38 Frkb had from a 

percent of the shares, S3 32 market ^ of 4 2 68 on Wednesday, 
value in a new preferred slock for • - . ... , 

ach common ihare fdlowmg That fibres compare 

capitalization, and $50 caah per Bonrsc s ail-umc tagh 
common share in a self-lender offer 7™, Jan - 1 ^ lnd “ 
for 20 million shares following re- slood at 3,3S0 - 


Eastern ’s Long, Troublesome Flight 

U.S* Airline Eastern’s TaZfspin 

Unable to Break I Not Income I F Long-Term Debt 

m miwAansotooflara m srdionioi toiler i 

Cycle of Crisis 1J9 sas 


Not Income 

i In rnubOTs o» aaaan 


Long-Term Debt 

m BMions a) dollaif 



Citicorp to Buy 
Money-Market 
Firm in London 


a rosy future for his company 
and himself. 

“I'm confident we will emerge 
from 1985 and this decade as a 
tough, competitive and success- 
ful company," be said. “The av- 
erage Eastern employee knows J 
care about him and his future. If 
I didn't think the employees felt 
that way, Td leave and I don't 
intend to leave." 

Yet many blame Eastern's cur- 
rent problems on Mr. Borman, 
the astronaut-hero who be came 
one of America's best-known 
businessmen when be took to the 
airwaves as Eastern’s pitchman. 

Critics contend that Mr. Bor- 
man spent money for the latest 
aircraft when the airline could 
not afford them — amassing the 
debt that now hangs over it. 

Eastern’s continued inability 
to make money leaves it vulnera- 
ble on many fronts: to .a reces- 
sion, low-cost competitors and 
any unforeseen events that may 
come ils way. 

Its financial weakness has 
forced Mr. Bonnan to yield an 
extraordinary amount of control 
to Eastern’s lenders and its em- 
ployees. 


Tha Now York Tim 

Employees own 25 percent of 
the company and hold four seats 
an the board. Yet even this level 
of involvement wasn't enough to 
stave off the frantic negotiations 
earlier this month, as labor bat- 
tled the company and the bank- 
ers turned up the heat. ' 

When Mr. Borman became 
chief executive in 1975, the com- 
pany was, even then, teetering on 
bankruptcy. He upgraded the 
fleet, streamlined routes, im- 
proved service and turned in four 
straight years of record profits. 

But that success began to sour 
in the early 1980s, as the impact 
of deregulation unfolded and hit 
Eastern harder than most other 
airlines. Its East Coast corridor 
became the first battleground for 
fare wars and low-cost entrants 
scampered into its New York-to- 
Florida lifeline. 

“Lots of other airlines didn't 
know how to spell People Ex- 
press. We sure did," said Mortem 
Ehriich, Eastern's senior vice 
president for planning. 

With fuel prices hitting new 
highs in the mid-1970s, Mr. Bor- 
man directed Eastern's buying of 
(Continued on Page 11, CoL 5) 


By Bob Hagerty 

haemaaanal NcraJd Tribune 

LONDON — Citicorp an- 
nounced Friday that it had agreed 
to buy a key London money-mar- 
ket broker, furthering iu ambitions 
6! becoming a major force in the 
British securities market. 

Citicorp said it had agreed to pay 
£7 million ($7.6 million), or 440 
pence a share, for Seccombe Mar- 
shall & Campion PLC. which has 


such as fixed commissions on secu- 
rities trading. 

Seccombe’s chairman and man- 
aging director, David Campion, 
said his company needed a power- 
ful parent to cope with “the brave 
new world of international finan- 
cial supermarkets" that is being 
forced upon the small specialists 
who traditionally have dominated 
London’s securities business. 

Seccombe, with net worth of £4.8 
million, is the smallest of the right 


acted for more than 60 years as the 

Bank of England's broker in the pubhcly-owied discount houses, as 

money-market finns are called m 


money market. 

The Bank of England raised no 
objection to the planned acquisi- 
tion. The central Dank said that it 
plans to begin handling its own 
money-market trading as of next 
Jan. 1. a move that finanrial ana- 
lysts said tbe bank was likely to 
make in any case. 


London. 

Citicorp plans to become a mar- 
ker maker in gflis. or British gov- 
ernment securities, once the Lon- 
don Stock Ex chang e begins a new, 
U.S.-style system of trading in gilts, 
probably (ate next year. 

John Rogers, an executive direc- 
tor of Citicorp's London invest- 


The purchase “makes a lot of mem hanking uni i noted that the 
sense for Citicorp.'' said Chris Phil- London money market, which gen- 


lips, an analysL at P-B Securities, a erally deals in instruments matur- 
new London-based stockbrokerage ing in less than a year, is closely 
partly owned by Prudemial-Bacne related to the market in longer- 
Securities Inc. of New York, term gilts. Both markets snare 
“They've acquired people who are many of the same investors, 
used to dealing with the Bank of In the United Stales, where Ctti- 
Fngland head on." oorp is a major player in govern- 

The bank is obtaining member- meat securities of all maturities, the 
ship in “the club" for a small out- same dealers trade in the short and 
lay, observed Norval Reed, an ana- long ends of the market. Bul Mr. 
lyst at Grenfell & Colegrave. ' Rogers said that two distinct types 
Citicorp and several other U.S. of traders are likely to remain in 
banks and securities firms are tak- Britain, at least in the near term. 
ing advantage of the restructuring Thus, Citicorp wanted to “com- 
of tbe British stock market to take plete the circle" by owning a dis- 


of tbe British stock market to take 
leading roles in the trading of Brit- 
ish securities. The restructuring is 
op ening ownership of stock ex- 
change member firms to outsiders 


count house. 

Discount houses trade in such 
instruments as short-term bills or 
notes, certificates of deposit, local 


and eliminating many of the idio- government paper 


treasury 


syncracies of the London market, (Continued on Page 13, CoL 5) 


Foreigners, Dollars Fuel a Boom at Milan’s Bourse LoanforManfla 

Cj ]y{ ccts £L S nag 

Return StilL some investors are haunted chanzed in the nasi two vears and futures for the first lime in more o 


MILAN — The Milan Bowse, 


StilL some investors are haunted changed in the past two years and figures for tbe first time in more 
by memories of 1981, when the last the increased presence of institu- than a decade, and corporate prof- 
speculative bubble burst and the lional buyers promises to have a its have surged. 

Bourse was forced to close for the stabilizing influence," said Sandro Gabriele Cavalli, manager of 


first time since 1917. 


Gerbi, editor of a Milan stock-mar- Barclays Commisaonaria. a bro- 


kerage firm owned by Barclays 
Bank PLC of London, said: "For- 


Most stock-exchange analysts ket newsletter. ken^ fim ownol by Bardays 

see a shakeout sooner or later in Isidore Albertini, a director of Bank PLC or London, said: ror- 
Milan. But they see no repetition of Albertini, one of Milan's most re- OB * 1 investors nave cleany been im- 
such spectacular crash landings. xpected stockbrokerage firms, said: pressed by die much publicized re- 
There are two main reasons for “The maioplawrs this time around ® r JJ* 


coveries of the big industrial 


Micic arc iwu m«un icaauu* -r-v ~ : . „ i:|._ r-_. j pji: 

this, they say. First, there is a new are mutual funds and foreign rnves- corporations like Fiat and Oil 

interest aroonn institutional inves- tors with real money, and that ts veui. 


interest among institutional inves- 
tors, many of them from abroad. 
Second, the strong dollar allows 
foreigners, most particularly Amer- 
icans, to invest cheaply in stocks 


tors with real money, and tnat ts 
producing a market with solid 
foundations." 

Giovanni Botlazzi, head of 
Bourse statistics, said: “I am not 


Another new force in stock-ex- 
change investment in Italy are the 
mutual funds. 

The funds are still in their infan- 


capitaiizauoiL 


(AP, UPIf 


Mobil Shareholders Approve 
Steps to Prevent Takeovers 


that have benefitedfrom a recovery able to quantify the value of over- <y. Qnty l 5 are J? operation, and 69 
in the Italian economy. seas orders coming in, but I have ■« awaiting official ctearance. But 

“The structure of the market has never seen so much interest from a srerfy by Studi Ftnanoan, a 

abroad." Rome-based analysis group, said 

Some market watchers believe that mutual funds had accounted 
that foreign orders account for as for about 6 percent of Bourse vol- 
Seoul Agrees much as half of daily share volume, ume in January. This, compared 


The Ajoodated Press 


Mobil's slock closed at $28,875 on 


Boafo. UJSJ 

DJW AHStraflOil 14124 
18424 AMblaascUIIM 2US 
aaM BaJpJu fia. frac <741 
1721 CmOtatS U87 

MKM DanMi kroon I2.M 

8.VU4 Rnnhti morttm 4925 
011874 OfMfe tfrneftna 13120 
0.1283 HawKnoS 7795 


_ , Cwnmw 
Eootv. 

0929 IMt 
00014 man (MM 
32331 KmRttidkW 
U»n (May. ringgit 
0.1084 Korw.ftraM 
00552 PULMMO 
0 JBS 4 PWttaCDdo 
0279 SowS rival 


84945 S. African rood 24222 
04012 S.Koneoa«n 14040 
04054 Span, peseta 10520 
0. *053 SwedLkraaa 9494 
04255 Taiwan s 3922 
04354 TOol bant 20495 
02722 U AJE. dtrtaam 34735 


tsterttao: 1.171 irHhi 

(al cammorctal franc (b) Amounts needed to buy one pound tc) Amoanls neaded to buy aw dodar (*) 
Units at TOO U) Units at 1400 <v) Units at IOuOOO 
NjQ.: not qualed; NJL: not avgiuxe. 

Saurxxs: Baaauf ab Benelux (Brussels!; Banco Commercial e Holland IMUonl; Chemical 
Bank (New York); Banaue Nationals de Paris (Parish IMF (SDR): Banaue Ant w el 
’ Internationale trinvcatbsemenl (dinar. rtyaL dlrttom}. Other aata from Neuters and AP. 


NEW YORK — Shareholders of ihe New Yoii Stock Exchange, up 
Mobil Corp^ the second largest 51.75. 

U.S. oil company, voted Friday to k 35 * month, MooiTs new presi- 
approve measures designed to dent, Allen Miuray, said that each 
thwart hostile takeover bids. segment of Mobil s operations was 

The meeting, which took place in being measured against, the top 
Fairfax, Virginia, had been sefaed- competition m its field with a view 
tiled last month, apparently to ‘oward other giving the business 
avm a possible takeover by T. the money it needs or divesting it 
Boone Pickens, the Texas oilman. The measures approved by the 
Mr. Pickens expressed interest in shareholders included: 

Mobi! after his bid to take over . SlaggeriDg Uie terms of mem- 


Interest Rates 


j , - • Staggering the terms or mem- 

n^?e^mCo.eQdedma b^of ^ bead of directors, mak- 

7 Q nr ing it icqxKsible to unseat a miq'or- 

Mobil said dial 79 percent or iw of board in one dection. 


Eurocurrency Deposits 


Feb. 22 


more of the votes that were cast at 
Friday’s meeting, representing 
351.6 milli on shares, had voted in 


• T.imiting the use of two-tiered 
takeover offers, bids in winch a 


Swiss Franca _ 

Dollar EVMorfc Franc Starting Franc ECU SDR 

1 M. 801 .. 89 W ilia - 4 *. 5 R. - STk UlW- MX. 18 H- 1 D 9 k 9 A - IB 8 V*. - 844 

2 M. 9 Vfc - 9 V. « Xi - 4 W. 50 k - » 14 V% - 14 % IMA - 10 W. 10 - WVs Btk . 9 

344 . 99 w - 9 A. 4 »fc - 4 te SH - 5 W 14 W ■ 14 W 10 9 U- 11 W 10 *W- 10 ^ 8 * - 910 

6 M. 90 W - 99 W 6*. - ih S 9 W - 59 k 13 *.- 13 H. 11 ¥,- 11 % 10 tW- 10 «. 9 W - 9 » 

1 Y. 10 *.- lOfc 4 tS - 4 fU SOW- 59 k 12 Ok- 13 K. 11 % - 11 Ok 10 N.- 10 «. 9 V 5 ■ W* 

Rotes oonHaMe to Mertmnk deposits of SI mflTton minimum fiereautmenfl. 

Sources: Manx* CuormtY (dollar. DM. SF. Pound, FFh Lloyd* Bank (ECU); Citibank 
(SDR). 


Asian Dollar Rates 


urn. 

BOk -BOk 

Source: Reuters. 


I mol. 
91 k - 9 H. 


favor of each of the measures. Mo- bare majority of the stock is bought 
bil has a total of 407.7 million under one set of terms and the- 
shares outstanding. remaining stock is bought for less. 

. Separately. Mobil's chairman, 

Rawleigh Warner Jr. reiterated ^ stockholders wuh the same 
MobQ's plans to evaluate the possi- lerms - 

blespinoff of some Mobil holdings. •Prevention of the practice 

Mobil with about $35 billion in known as “greenmail" by requiring 
assets, has interests in retailing, pa- a vote of shareholders to approve 
perboard packaging and chemicals slock buybacks from any share- 
in addition to <mJ. holder who has owned 5 percent or 

Tbe stock market reacted favor- more of Mobil’s stock for less than 
ably to Mr. Warner's comments, two years. 


Key Money Rates 

United States □ 


Discount Rule 
r cdtral Funds 
Prime Rota 
_ Broker Loan Rate 
Comm. Paaar, 30-179 dans 
. S^nentti Treasury EUlls 
V 4-montti Treasury Bills 
*■ COM 30-89 days 
CDS 4049 davs 


Lombard Rote 
Overnight Rate 
One Month Interbank 
Smantti Interbank 
6-month Interba nk 


B 7/14 B 11/14 
tflVtr ro» 

9 W- 9 Mt 9 W- 9 V 9 
8 S 5 BA 5 
L 34 824 

BS 0 848 
844 845 

824 8*4 


440 440 

155 US 
145 545 

4.15 6.10 

440 UA 


Britain 

Bonk Bose Rate 
Call Money 
91-dov Treasury Bln 
3-month interbank 

Japan 

Discount Rote 
Coll Morwv 
MHIov Interbank 


14 14 
1319 14 
13%* 139k 
14V. I4M 


1 Dow Theory Forecasts Expects 
J Much Higher Stock Prices Ahead 

■ We expert much higher longterm modi price* ahrad, and if wffl EH 
- In tbe coupon below and itan H lo ua, We'D aeod yos oar mn-orml 


Gold Prices 


iniervenlign Rale 
.Can Money 
One-month interbank 
3 -month Interbank 
6 -monfh Interbank 


10V> I0V9 

» MV 
imv 
10 * 

u mt in ro* 


Sources: Reuters. CematerraanK CiddULr- 
onaata Uayds Bank, Bonk ot Tokva. 


AM. PM. arias 
Hong Kang CloSKl 

Luxembourg 299.75 — — 2.90 

Parts (US MIDI 29723 29845 - 3 J 72 

Zurich 39825 29 M 5 - 1.90 

London 29880 29840 -145 

wear Tout - 2 WJ 0 - 44 fl 

Official fixings far London, Paris and Unem- 
bour«. oaaniiiB and daskio orlcn tor Hang Kong 
Bid Zurich, New Tort; Come* currwn contract. 
All prices In USB vet ounea. 

Source: Reuters. 


Markets Gosed 

All markets were dosed Friday in Hong Kong, Singapore, Malaysia 
and Taiwan for the Chinese New Year holiday. 







Seoul Agrees 
On S ted Curbs 

New York Tunes Service 

NEW YORK — South Ko- 
rea has agreed to confine its 
steel exports to the United 
Stales to 1.9 percent of the do- 
mestic market and has ap- 
proved the categories of steel to 
be covered by the limits, the 
U.S. Trade Representative’s 
Office said Thursday. 

.Officials said the agreement 
reached last week ended talks 
between the two nations that 
began last year. Similar pacts 
have been reached with Spain, 
Mexico, South Africa, Finland, 
Australia, and the European 
Community. 

Negotiations with Japan are 
continuing, bul talks with Bra- 
zil are nearly completed, offi- 
cials said. These countries ac- j 
count for about 90 percent of 
the steel the United States im- ; 
ports. 


■fill RESERVE 

V INSURED DEPOSITS TRUST 


RES IN DS* 

An Account far the Cautious investor 
Id Protect and Increase Capital 


US, DoS or Denominated 
Insured by US Govt. Entities 
important Tax Advantages 
C o mpetitive 
Money Market VteJds 
No Market Risk 
immediate Liquidity 
Absolute Confidentiality 


CHEMICAL BANK, New York 

Custodian 

CAYMAN NATIONAL BANK 
AND TRUST 
Registrar 


RES IN DBP 

Case Portals 93 

1211 Geneva 25, Switzerland 

Please sand prospectus and 
account application to-. 


which in recent weeks has quadra- ^ nlmosl no mutual fund vol- 
■pled to more than 100 billion lire UIDe ^ ast ^y- 
($49 million). Despite the boom, doubts re- 

Accor ding to Mr. Gerbi. most of main. Some analysts warn that Mlr 
the orders from abroad are from Ian’s size — only 200 stocks are 
U.S. institutional investors, such as listed — makes it vulnerable, 
pension funds and insurance com- “Tbe trouble is that the Milan 
parties, who are cas hin g in on the Bourse; with only about 30 stocks 
dollar’s strength against the lira. which can really be taken seriously. 
Underpinning mdr interest has is nol much of a stock exchange,” 


Underpinning their interest has 
been the steady improvement in 
Italy's economy over the past 18 


Bardays’ Mr. Cavalli said. The 
Bourse has a market capitalization 


months. Inflation is back in single estimated at $30 billion. 


Reuters 

MANILA — Questions from 
three or four creditor banks 
have delayed completion of a 
new $925-miUion loan and S3- 
billion revolving-trade facility 
Tor the Philippines, central 
bank sources said Friday. 

They said Jose Fernandez, 
governor of the Philippines cen- 
tral bank, has gone to New 
York to meet the counliy’s 12- 
bank advisory board to try to 
resolve the issue. 

The banks questioning legal 
aspects of the loan include the 
National Commercial Bank of 
Saudi Arabia. 

Several foreign government 
creditors and banks agreed last 
year to reschedule $ 1.1 billion 
of the country's foreign debt 
over a period of more than 10 
years. 


= CHARTER = 

M/Y “AEGEAN CHALLENGE* 


125 Ft 12 persons go anywhere. 
We arc the best in Greek Islands. 

Mediterranean Cruises Ltd. 

3 Stadiou St, Athens. 

TeL: 3236494. Tlx.: 222288. 


OPPENHEIMER 
OFFERS YOUR IRA AN 
ALTERNATP/E 
TO GUARANTEED 
LOW RATES. 


F or IRA investors seeking the 
assurance of a fixed rate, we 


IT assurance of a fixed rate, we 
suggest a bank* 

For those investors more 
concerned with how high the 
rate of return is, than with how 
fixed, we suggest another route. 
The Oppenheimer Special Fund. 

Became over its life, the 
Special Fund has the best perfor- 
mance tecord of all 361 mutual 
funds that have been in existence 
that long— an astonishing total 
return of 940%?“* 


So if you had been able to 
put $2,000 a year into a Special 
Fund IRA since the Fund’s 
inception, your IRA would have 
been worth $104,570*** as of 
December 31, 1984- That’s an 
average annual return of 21.5%. 

The Special Fund provides 
an IRA investment based on the 
philosophy that the 
opportunity for a 
higher return is pref- 
erable to the certain- 
ty of a lower one. 


r~ToM.Tucker Smith , . IHT 22/2/1 

I Oppenheiiner &. Co. 62-64 Cannon St. London EC4N 6 AE England 
l Telephone 01-236 6578 

I Pfearc lend me an IRA appticanon and « Special Fund pnMporcui i»-kh more complete laforn* ■ 

1 lion, including all charges and expenses. Til read IT carefully before I invest or send money. 

□Ill’ like to open an IRA. □lUKSetosurirchinvIRA. 




Ntf tank** uMhn *i USA 


1 © 1985 Oppenheimer Investor Services. Inc. *Bnnk IR As are insured and generally have li wd imereM 
rates, whereas ihc Fund's net auei value Ihictuaies and may he subject to loss. ’’March 15. 1975-Decetnbef ■ 
31. 1984, Upper Analytical Services, Inc.^Asuinunga SZjDOO investment on March 15. 1973 (inception 
of fundi) and $2,000 annual invest menu on fant business day of each year thereafter with all dividends and 
distributions reinvested. An performance is not an indication of future results. In the period shown, 
stock prices fluctuated severely and were generally higher at the end than at the beginning. 











Pa gelO 


INTERNATIONAL HERALD TRIBUNE, S ATURD AY-SUNP AY , FEBRUARY 23-24, 1935 


frida^ 


tlMentti 

HWU-ow Stock 


Sis. ClBt 

Dh.YM.PE MfeWenLaiii OlwLCWfle 


12 Month 
Htfltl LOW Stock 


su. Clou 

Qiv. YH PE 'BPS Hhtl ko* Q«a. OiB8 


Closing 


„rtca 


say*’ 

3*lh S6a 




3?ft u* 

a 

a ** 


wSSSS 1 M u 

pWP MB £, 

p£S? t * 

gjootfr xo is 


« 54% 


Pencen 

£»»V 236 <» 
2+0 IQjd 
JOP l.Pl 45D tta 
£gj-w MB tty 

^OT -tfarxq T£4 

£>H-fer2» ITJ 

£g£i«y M> ia3 

Po PLdprtas ij+ 
Paw.tfpr335 QX 

WJ-nrnoo T2J 

£S-pc bjob i2j 


sarg’g 


pmfl 230 is 
gWwaf 230 4+ 

pyy wf ’■« U 

£*n»HBi 250 <3 
PtoiEn 150 yj 
PMOY Zs \n 
P«w»0o 150 IS 
PwkEI M 21 

Prmkm us lax 

P*ryDr 58 15 
Prtrte 150 35 
PriRs 3X8a14+ 
PgRapI 157 10.1 
PWnv i-nyoij 

K5w> ** " 

sserrsns 

PM M El 230 126 
PMEpf 360 121 
PtlHE M 450 111 
PM IE 3 275 UJ 
WIN Ml 125 


g w asw 

■2 12s in 

17 IW m 

il* 

■ mw a« 

3008 37 
UOx 67% 
27H 
40 24% 
tttz 66% 
30 2m 
26 29% 
15b 92% 
208101 
156B 62% 
100c 67 
» 696 XPft 
1 57 

.. W 25 


*ft »!r+% 
«% OH + 16 
T*W IM4 


J 

2*« + % 
g% + 1% 

27% 

&=£ 
3fc + * 

92V. — V. 

i<n + Mi 

«*-!* 

F*» 

24% + % 
<S + % 
ls%— Vb 
3fl6— * 
4 + % 
27 —66 
9—16 
2116 — 06 
3586- * 
25ft + ft 
15ft 

«.+ ft 
W6— ft 
19ft— ft 

45V.— ft 

36 -ft 


S ix 45ft 
1 15ft 


W _« 37 


SM 

4 

16 - M 36 

24 25ft 
36 1516 

M 382* anS 

^ s* 

24 9791 306 
4 3098 16ft 
IWl 29 
300Z 34 
BUt 61ft 
65 Wft 
U 9ft 
300Z 55ft 
53 9ft 
12SZ12D 
BOc 108ft 
® 46ft 
13108 55ft 
200 k 54ft 

8 1474 1% 

13 273 24ft 

3 59ft 
913752 48ft 
V 193 27 
9 1044 35ft 
7 01 31 

14 76 20ft 

10 BD 44ft 
7 330 32ft 

44 124 2216 

11 341x39* 

2 70 
SB lift 
U 13 - 13 
1* I ISO 
a 107 12ft 
10 0 lift 

37 101 18ft 

31 972 24ft 

0 241 13ft 
30 20 

65 10 17ft 

4 JOB 17ft 
5Qz 97ft 
9 21ft 
33 rift 
9 33ft 
is as6 as 
0 1663 25ft 
1008 41ft 
56ft 35ft 

17 49 24ft 

7 34 35ft 

15 4730 18ft 

22 3» 29ft 
13 1735 57ft 

23 47 13V. 

10 91 44ft 

0 319 19ft 

40ft 42 
U 10ft 
7 840 7ft 
31ft 7ft 
Uft 50ft 

3£§' 

lift 40 

2 Self* 

5 a 

0 14ft 

17 12ft 

TO 13ft 


PMIEW UJ 114 

PMIEpf 7X5 tu 


PMIE of U3 1U 
PbHP» 17X2 U3 


PMIE Of 1525 U? 
PhHEpf 950 U2 
PM Eof 7X0 14.1 
PMIE nf 775 U3 
PMISub 1X2 7 + 
PtoiMr 3X0 aS 
PMtoin +a u 
MXIInpf £00 1 3 
Ptinp«t 2+0 sjo 
PMJVH +8 £5 
PMAyf JO X 
PJMHS 2X2 75 

Plttfcry 1X6 3X 
P I 000 W 1X4 3X 
PlonrEf ,I7r jg 
PltnvB 1X0 3X 
Pttnflpf 2.12 27 


PtanRa 20 ix 
Pkmfrn .16 IX 


JOm 2d 
I M 33 
jj» ax 

JO 5 
X0 40 
40 23 
! 1X2 104 
IT JO 11X 
! 240 12X 
I 440 13X 
r 432 133 
1X4 47 
I 2.16 64 
f 4X0 MIX 

f 4X4 UJ 


Frtmr* 200 57 
PrtnwC 

PrtmM .12 A 
ProdG 160 4X 
PrORjti X2 2X 
PraMr 1X0 11 
PSwCol 1X2 9X 


PraMr 1X0 11 
PSvCol 1X2 9X 
PSCMpf 7.15 113 
PSColpf 110 UX 
P31«W 1X0 US 

PSInpf 1X4 134 
PSInpf 9X4 163 


Slnpf 8X2 16X 
Slnpf 038 14X 
Slnpf 9X0 160 


PSM M,,u 

PSMHpf 
PNHpJB 
PNHpfC 
PNHpfD 
23 7 PNH pfE 

19ft 5ft PNHpfP 

Sft^^sWixoux 

1 3ft raw psecpf 1x0 iox 

35ft 20 PSECpf 4X0 113 
37 2946 PSESf* 430 71X 


33ft— ft 
61ft— ft 

a-* 

55ft + ft 
916 + ft 

66ft— ft 
55ft— ft 

S- ,B 

0666— ft 
23ft— ft 
59ft— 1 
4016+ ft 
36)6 

35ft— ft 


7 53 

40 10ft 
56V 4ft 
14 353 27ft 
a 2500 23 

10 7B5x 9ft 

20 17 9ft 

17 799 41 

14 25 23ft 

11 1832 29 

15 7 XV. 

: 44 9 

7 146 
4 
274 
20 

6 406 
11 016 
10 3610 
24 190S 

n 99 

10 100 

10 1507 

n an 

14 S3 

7 97 
109 
33 
16 

7 974 
U 



> 15 207 
1 9 9058* 
1184 

X 

l 18 199 
I 32 43 

! B 160 
i 10 61 

I S 4529 
I 7 235 
1 11 290 

12 SOS 

14 8 

0 325 

13 1062 

3 

11 463 
6 

23 60 

22 344 
10 1449 

14 34 

13 an 

7 493s 

S 3639 
34 
61 


21 —ft 

ink— * 1 

4ft— ft 
am— ft 1 
33 
Oft 

Oft— ft 
40ft— ft 
23ft + ft 
20ft + ft 
3016+ ft 
17 + ft 

10ft + ft 
17 —ft 
7ft— ft ! 
lift + ft 
Oft — ft 
39ft + ft 
40ft— ft 

raft + ft 

77 * ft 
60ft + ft 
30ft + ft 
15ft + ft 
41ft— ft 
41ft— ft 
12 

ISft— ft 
15ft 
35 
4ft 

40ft— ft 
17ft- ft 
3616 — ft 
39ft— 1 
57 + ft 

35ft 

2PM— ft 
12ft + ft 
34ft 3416+16 
15 13 — ft 

36 34 —ft 

55ft 55ft 
33ft 33ft— ft 
29 29 -ft 

30ft 31 — ft 
7ft 8ft + ft 
14ft 14ft + ft 
15* 16 — ft 
33 33ft—* 


U.S. Futures fas 


UAL J5m 1 J 7 
UAL M 2X0 7X 
UCCEL 30 

UG1 2X4 9 X U 
UGlPl 275 117 
UKCRM 

U RS XOb 29 19 
USFGa 200 6X3B3 
USG 3X6 49 7 
UnfFnf 3S> 1.7 14 
UnMV 4X00 4X V 
UCflRIPS 1X4 44 » 
UnCarb 340 87 0 
UnJonC 

UnEIOC 172 10X 6 
UnEtpf 350 121 
UnElPf 450 129 
UnElpftMH 121 
UElPfl. 8X0 ILO 
UnEI Pi 298 127 
UnEfpf 213 123 
UnElPf 273 IV 
UflElpf 7X4 121 
UE1 PfH 8X0 13X 
UnPoc 1X0 28 12 
UrtPCPf 7X5 49 
unfravl JO )X M 
UnrvlPi 800 11X 
UnttOr 64 

UnBmq 16 

UQdTV .14 X 66 
UnEnrp 2X8 84 33 
U Ilium 2X0 11X 3 
UllhiP) 197 14X 
UlllUP) 230 UX 
UllhJPf 4X0 14,1 
UlliuPl 190 142 
Unillnd J2U24 13 
Unit Inn X2 A 31 


4SV6 — * 
32ft+ft 

22*+ ft 
23ft-+ ft 
9ft+ ft 
13ft + ft 
30*— ft 
69ft + ft 
38 — ft 
SO —1ft 
37 -ft 
JP — ft 
5ft 

Uft+.ft 

29 

34ft— ft 
30ft 
61ft +2 
23* 

17V6+ ft 
23ft— ft 

X 

48 —1ft 
47ft— ft 
TOSft — 1* 
15*- 16 
70 +1 
4ft— ft 
12ft- ft 


Saoson Saasen 
HWl LOT* 


Open Htfi Low Close a*. 


Grains 


WHEAT <CBT) 

&000 bu mini mum- dofkn per busfwi 
401 3X7* Mar 341ft 150* 

4X5 332ft May 13716 3X0 

in 127ft Jul 129 3X1* 

176ft 12FK SOP 12916 132 

163ft 137ft Dec 329ft 3X1 ft 

174ft 3X3 Mar 3X4 345ft 


EH. Sales 11X00 Prev. Sales MC 
Prw.Doy Open lot- 39,166 up9» 


147ft 3X9* +X1 

136* 139ft +21 V. 
329 13116 +21* 

179 331ft +X1* 

3X9 Xflft +21* 
3X4 3X5* +21* 


2145 2X15 Mar 203$ 2030 

2130 2035 May 2030 2D30 

2035 2035 JUl 2030 200 

Est. Sales Prev. Sato 2300 

Prev. Dav Open Int. 22908 of! 7 
ORAHOE JUICE (NTCE) 

1&000 IDLr cents per Ih. 

IB5JD 11859 Mar 170X0 171X0 

1B5X0 151X0 Mar iron 171.90 

164X5 15520 Jul 171 JO 17220 

182X0 15775 SeP 17120 171.10 

IS! 23 157-00 Nov 

180X0 15620 Jan 

177 JO 156X0 Mar 

16250 160X0 MOV 

J irf . , 

Est. Sales 500 Prev. Soto _8» 
Prey. Dar Open InL 6.937 affiei 


3017 2030 
2020 2035 
2030 2030 


T69XD 17025 
T70XD 171X0 
171 JO 17125 
TOJO 17BA5 
16895 
16755 
14755 
16755 
16725 


COPPER CCOME3Q 


CORN(CBT) 

5X08 bu minimum- dollars per bushel 
12ft £45 Mar Z65ft 266* 


230 271* MOV 271* 273* 

131 £74* Jul 274* £76* 

371ft £6B 5CP £60 248* 

£95 343* Dee 243* 244 

110 £73 Mar 271* 272ft 


2M* £45* —20ft 
271* 272* -JO* 
174* 175ft +X0* 


247* 168ft +X0* 
243 2X3* +.00* 

271ft 273 
274ft 277 — XO* 


X*+ * 
S* + ft 
17ft + ft 
28*+ ft 
16 

30* + * 
13*-* 
21ft + ft 

14* + ft 

Oft— * 
41*— ft 

ft?* 

53ft 

133ft + ft 
28 — * 
37ft— 1* 
73*— ft 
12ft 

41ft— ft 
37* + * 
23* 

2S*+ * 
14ft + ft 
31*—* 
36* 

22 

46ft— ft 

714 

30 — * 
35 -1 


3X1* 276ft May £77 177ft 

Esi. Sates 35X00 Prey. Sales 27J26 
Prev. Day Open Int 132X02 off 19 


UJerdk >Ji 42 9 


31 + ft 

20ft + * 

44*+ ft 


32* 

32*— ft 
39*+ * 

70 

lift— ft 
13 

15*+ ft 
lift— 1 
21*— ft 
10* + ft 
ft — H 
13*+ ft 
19ft + ft 
17ft 
19ft . 
97 

21*— ft 
33*+ ft 
32ft + ft 


33 —1ft 
2 Sft— * 
4IM 

35 —ft 
34ft + ft 
35ft— * 
18ft + ft 
29*+ ft 
57ft + ft 
13 — * 


44ft— ft 
19ft— * 


61 + ft 

18ft— * 
7ft— * 
7ft + * 

50 

51* + * 

3*-* 

if* + * 

11 — * 
MU—* 


14*— ft 
Uft— ft 
lift— ft 
13* + ft 
34U— ft 
3tft— V6 
12ft + 16 
36 +2 
36ft 

40ft- ft 
44*—* 
rasft+ft 

Sift— 1ft 


*■*?£ 


PSEGpf 515 125 
PSEGpf 5JB 115 


105* 92 PSEGPf11X2 1L2 
18ft U PSEGPf 219 12X 
98 46ft PSEGpf 610 120 
20ft lift PSEGpf 2X3 115 
65 SS PSEGpf 0X0 124 
63ft Sift PSEGpf 752 111 
45 51 PSEGpf 7X0 !U 

81ft 6S* PSEOP* 9X2 121 
4ft Tft Putrikk 
13ft 7* Poehlo J6 U 

9ft 6ft PR Cera 

IS V* PuaefP 156 127 
21* Wft PutteHm .12 X 
41* 23* PUPOIat 158 45 
10* 5ft Pynt 


fl 

st 

3b 42V!i 
271b 7Sft 
14 2* 

9 58 12 

5 35 7* 

9 275 13ft 
29 780 19* 
14 340 28* 
9 06 9* 



35* 35ft— lft 
30 

16ft + * 
12ft— ft 
Sift + ft 


16*+ ft 
27ft— ft 
36*— U 
20*— ft 
28 + ft 
47 — * 
27*—* 
0* 


UKOlrG .12 3 0 
USHom 

USLeas 10 15 10 
USStae 16 21 12 
USSteel 1X0 16 U 
USSflPf 454e 95 
USStlor 1275 95 
USSHpf 225 8J 
U ST oft 172 45 13 
USWBSt 540 7J 0 
usicfcn 35 

UnTdls 140 13 9 
UTctiBf IB 61 
UMTel 152 82 9 
UMT2pf 150 52 
UWR6 120 73 \9 
Untlrdv 20 X 21 
UnJvFd 1X4 18 17 
UnLeat 1X0 *5 B 
Unocal 1X0 11 12 
UpWei 256 55 » 
U5LIFE 1X4 17 II 


11 

11 14 
10 22 

12 6S1S 

16 491 
19 33 

123QZ 
9 6 

13 211 
9 161 

14 83 
1140 

534 
266 

23 U2x 

10 157 

24 19 
16 

ia BO 49 

13 347 48ft 
U 4*6 8* 

11 389 32* 

15 60 37ft 

10 47 

11 79 

3 

n 34 

14 ism 
14 1549 


10* 

34* 

36ft + ft 
36 —ft 
24*— ft 
26 — ft 
30* + ft 
14*— ft 
7ft— * 
50 
24ft 

U — * 
74*— ft 
72*— 1* 
25ft* * 
20ft 

15ft + ft 
22 — * 
47* 

36* + * 
41 — * 
_ SI*— ft 
70* 21ft— ft 
2D* 20*+ ft 
Uft 14*—* 
5146 40 + * 

44* 45 + * 

2S* 24ft + * 
17ft 17ft + * 
16* 16* + ft 
29* 29*— ft 
32ft 33*+ ft 
9* 9*— ft 

19ft 19ft 

II*— ft 
20 + ft 

1916+ ft 
30*+ ft 
lift— * 
45* 45* 

2946 3M— I 
44* 45* + * 

’5S « 

SS* 58*— ft 
20ft 2D*— ft 
lift lift 
30* 30*— * 
33ft 33*— ft 
9ft «6— ft 
48* 48*+ » 
47ft 47*— ft 
S* I* 

32 32 —ft 

37* 37ft* * 
U* IS*— ft 

aw 20ft— ft 

34 M +ft 
14* 14*— ft 
Sift 55 
36* 36* 


USLFpf 235 6X 
UJlfeFd 1X4011.1 
UtaPL £32 95 10 
UtPLpf 2X0 1U 
UtPL.pt 250 UJ 
UtPLpf 2X4 11X 
UtPLpf 2X4 11.1 


50TSEA6fS (CBT7 
5X00 bu mhilmunv dollars per tushel 
750ft 5X« Mar 573 5J6ft 


6120 

61X5 

Frit 

9120 

5530 

Mar 

62+0 

MW 

APT 

9230 

5630 

MOV 

BSJ25 

57X0 

Jul 

8110 

5738 

SOP 

BL25 

5830 

Dec 

B4£0 

59+0 

Jan 

BOOO 

59+8 

Mar 

7400 

- 61.18 

May 

74+0 

eijo 

Jul 

7890 

6130 

Sap 

7Mt 

4fl«B 

Dec 


756 553 

671 £.95 

6X0 5.97 

L79 610 

7X2 623 

779 6JS 


651ft May 556 559* 

591ft Jul 557* 559ft 
553 App 5.98ft 6X1 ft 
693 SOP 357 6X0 

597 NOV 6X2 4X4 

S Jan 4.13 6.14 

Mar 453* 6Jt 
_ MOV 


31ft + ft 
34*+ * 
2S* 

21*+ ft 
18*+ ft 


779 6J5 May 

Est. Sales 26X00 Prev. Soles 29597 
Prev. Dav Open Inf. 75J60 w»W 
ICBTJ 

rton 

Mar 13.10 12050 
May 134X0 13450 
Jul 13950 1 4050 
Awe 14250 14250 
Sen 14SJ0 U550 
Oct USJO i4een 
Dec 152X0 15380 
Jon 1B50 155J0 
MOT 159X6 159X0 
Tew. Sato 13X64 
I. 44,327 UP 733 

SOYBEAN OIL (COT) 

60X00 1 bs- doDan per WO lbs. 

30+0 22.95 Mar 28.11 2848 

30.10 2280 May 27.15 27X5 

XUO 2270 Jut 24X0 24X0 

2720 2250 Aup 2695 2625 

2425 22J0 Sep 2SJ0 2SJ5 

24X0 2250 Oct 25.15 25JO 

2475 2290 Dec 24J0 2475 

£453 2260 Jan 2470 3470 

Est. Sales 14X00 Prev.Sokn 15563 
Prev. Oav Open im. 44X09 up44i 


572* — JBft 
5X6V. -XS 
5.96* — X5ft 
5.98ft — X6* 
557 -X4ft 
6X0* —04ft 
4.12ft — X3ft 
6X4* -Ml 
632 — X4 


120X0 —JO 
134.40 — X0 

740X0 — X0 

142X0 — X0 

usxo —ixo 
U8X0 —50 
15280 —1.19 
15480 — 1.10 
159X0 — 1-20 


Rnv.DayOpeniRL 92733 oft 2X73 

SILVER (COMEX) 

5X00 trsvaz-- cents pot fray az. 

7XL5 607 X FcO 
1620X SOU Mar 601 J 609X 

MOY 4100 417 J 
Jul 618X 627X 
Sen 629X 638X 
DOC 650X 455X 
Jan 65ZJ &SX 
Mar 6448 6648 
May 600X 40DX 

Jul N 

See 7Q7X 7Q7X 
Dec 

Prev. Sato 34746 
int. BSJ34 UP 1X67 


BRITISH roUMDIIMMl 
S Per saun»l Bofart tauiite OMD Bl 
1 J17D 1X765 Mar H2S HHS 

1^350 1X6U Jun 1X605 1X665 

1X«0 *p 

17710 1X620 Dec 1X500 1X990 

Est. Sales 7X23 Prw- Mbs 
prav. Day Open tnl. 23X87 UP 

CANADIAN DOLLAR UMM? 
SPWcn^lPoWeatJrtSURgl . __ 
JQSQ 7290 Mar jg J** 

JZ71 JlPI 7«g 

7249 Sep 7180 7182 

756* 72M &K -7T75 .7175 

7504 7224 MOT JVXJfU 

KSt&SR 

.10430 JMOO _5eP_ . 

Est.Soto 2 Prev-»M» 1M 

prev. Day Open Inf. 2X58 up96 

GERMAN MAR ROMM) 

Spertnarfc-lPoWerartBSOWl 
XUO MO Ear M «« 
J733 •>*» S5 S? 

JMS X* SOP - MOT J0» 
7610 J071 DPC JD51 J0S1 

7251 7201 MOT 

EsL Sdn 71X16 Pray. Sales OkJOk 
Prev. Day Open int 4M9I iMlXO 

JAPANESE YEW CIMAU 
Speryefr lP^ ea^ RVOO OgW 
004695 JC3RS MOT JQ38M JC3817 
00+450 X03 P4 ^-“gg^ggS 
004750 XQ3876 S«> JS3870X0308S 

004150 XQ3M7 Dec 

8511 Prev. Sates 7X91 


IX6M TAOS 
1X5*5 1X540 


7176 7179 
7139 709 
7100 7W 
jvb Jm 
jan 707i 


J0N30 J063B 
X9640 X9SU . 
X9M 


7951 7952 
7976- 7978 
J009 JOIl 
J051 J044 


SWISS FRANC OM*« „ 

5 per franc- l aotf itequob 1QJ601 ■ ' 

— . jupf _XOT7 7523 7SH 7996 —38 

Jim 7544 7B8 7534 7541 —36 

MO R» XN XK J95 -M 

+360 7650 Dec J616 -34 

Esf.Saha TTjWI Pw.SgK » 

prev. Day Open Inf. 28,124 up 1X38 . • 


Industrioii 


Z7XS 2870 —.10 

2780 2772 —73 

24+0 2443 — X4 

2555 2472 

2SJ0 2570 — X2 

25XS 25.10 —.13 

34+5 24X5 —.15 

34J0 2470 —.15 



265X0 261X0 —4X0 
24SX0 262X0 —4X0 
267X0 243X0 —4+0 
268X0 24870 —4X0 
276X0 274.10 —5X0 
284JD 280X0 —SJO 


LUMBER (CUE) ^ _ 

rnm 

!££ WESES s 


157 JO Sep 14470 14470 
14148 Nov 166X8 USXO 


17050 Jon TTIX8 171X0 
174X0 Mar 173X0 I75XO 
esr-aaies 3X71 Prw.Sato 4172 
Prev. Day Open int 9,994 up 6 


MOJO KU» -MU 
MPJ» 150JD —3XO 
156X0 10X0 -35C 

mao 161X0 — axv 

MUD 16270 -UQ 
168XO Mam —17ft 
172X0 T7ZXO — Utf 


32* 21* VFCerp 
19 5* Valera 


5ft 2* 
26ft 14* 
6*b 2* 
19*6 5* 
46ft 30* 
73* 9ft 
25* 17* 
6ft 9ft 


76 X IS 
+0 3X 10 
X0 IX 16 


im» (* 
39ft 23* 
43 Mft 
66 54 

73* 60ft 
33* 68ft 

66ft 52ft 
61ft 49ft 
43ft 51ft 
24ft 14ft 
40* 25ft 
77 38 


1700117 
X2 1.1 17 
5X0 11X 
772 117 
8X4 12X 
975 117 
772 1L» 
770 128 
7X5 117 
17N 7 X 14 
IS 

2X0 3X 11 


32ft 31ft 
10 * 10 
SOW 20* 
3 2ft 
25* 24ft 
3ft 2ft 
7* 7* 
40* 40 
13* 13 
25* 25 
4ft 4ft 
10* UJW 
31ft 39ft 
: 42* 42% 
4SVl 45* 
1 73ft 73ft 
62 60* 


3ft + * 

20ft + ft 


25* + * 
3 

7* 

40*— ft 
13* + * 


OATS (CBT) 

SDOObo minimum- Oof Jar* per bushel 
1J6W 170* Mar 174* 174* 

171 1X0 May 1X9* 170* 

, 17>ft 1X4* Jul 1X4* 1X5* 

179 1X2 Sep 1X2 1X3 

1 MTft 1X7 Dec 1X6* 2X4* 

Est. Salas 300 Prev.Salas 391 
1 Prev. Day Onsn inf. 3.964 aft 2 


1.74 174* — XOft 

1X9% 170* -X0* 
1X4% 1X5* +80% 
1X2 1X2% 

7X6* 1X6* — X0* 


Livestock 


200z 41 60 

«b 63% 63% 
36 24ft 34ft 
404 41* 39% 
12 76* 76ft 


4ft + ft 
TO* + % 
Wft— ft 
42% +1 
45%+ % 
73ft 
82 

64*— * 
60 —1* 
43% + ft 
24*— ft 
99ft + * 
76* 


I CATTLE (CME) 


moOBOass cents perlh. 
19X0 68+0 APT 

66X5 

4630 

6895 

4615 

— XS 

CIjSJ 

63.15 

tea 

66.10 

66.10 

6557 

65-95 

— J5 

6530 

61+0 

Oct 

6+75 

6675 

6430 

64+2 

—.10 

67X5 

6168 

Dw 

66X0 

6632 

66X0 

66X2 

-XS 

47+5 

65X5 

Fab 

66X5 

66XS 

6632 

6642 

—08 



117 JO 11775 117X0 116X0 
117X0 110X0 116X0 114X0 
114X0 117 J0 HASS 11525 
11450 11 SJO 113X0 114X0 
113J0 USXO 11225 11150 
119X0 

ales 999 
IS up73 


COTTON 2 (NYCE1 
SUKOtta- cents per ft. 

7935 6275 Mar 6850 6850 


17 May 4450 6473 
15 JlH 6SXS 6650 


77 JO 686 0 Oct 6S7S 6S75 

4570 Dec 6578 6184 
O.IO Atar 
70X0 035 MOV 

70X5 *8J0 Jul 

Est. Sato MOD Ijwy.sgto 
Prev. Day Open inf. 17709 off 293 
HEATING OIL (HYMN) 

< a oa4 - e ^ar^r » ™ 

as ss ss as 

m5o SS jST 6tm 

69X5 6135 JM <8X0 6850 

Est Sales Prev. Sato 5X74 

prev. Day Open Inf. 15X34 up 503 


42X0 «2X6 +X0i 
64X4 64.10 —08 

64X6 6491 -S 
6138 65X5 —77 

4441 


7X10 TAB +72 
69X0 69X0 . —36 
68X0 6835 — UX 

67X0 6779 —1X0 

6830 <845 — IX% 


Est Sato 55X00 Prev. Sato 44433 
Prev. Day Open IitU367T3 up 2401 


. Est. Sates 12927 Prw.Sato 11442 
Prev. Day Open int. 54J9B up 637 
FEROER CATTLE (CMEI 
44X008)5.- cents per lb. 

7475 6S7S Mar 7855 71X0 


Financial 


20ft W1COR 
34ft WObRpf 


2J0 84 4 

450 97 


30* WalMrt 
28ft Walom 
15ft WkHRsa 
23* WatCSy 
22 waltJe 
7ft WOKJpf 
29% WottJpf 
17* Warnco 
17 wrnCm 
28* warm. 
14* WartiGa 
19ft WrtiNat 


XI IX 10 

jo 

71 J 25 < 
X8 U 19 


45 IX 14 
170 13 8 
1X0 1QX 
140 3J 

a U 11 


148 4.1 13 
IE U I 
1X8 £9 15 
£48 128 4 
X0 IX 18 
J2 17 12 
JO IX 11 


2tft 26*— * 
46ft 46* 

32ft 32ft + * 
20* 20ft— ft 
7* Sft+ * 
OB-Uii 
53*+ % 
19ft— * 
35 — * 
34ft + * 
**+ * 
48ft + * 
71* + * 
23* + * 
36* + * 
19 

28 + * 
19* + ft 
49 +* 


7470 6740 APT 71X0 71 XS 

7275 44X5 May 7L20 7170 


7370 66+0 Ann 72J0 72J0 

73X0 67X0 5eo 7TJ0 71+0 

7232 67.10 Oct 7135 71+5 

7370 70+8 Nov 7270 7230 

Est Sato £441 Prw.Sato 1799 
Prey. Day Open Inf. 11731 up 160 
HOGS (CMEI 
30000 B)a^ centa per lb. 

5445 4SLI0 Apr 47X0 47X0 

55+fl 48+0 Jun 5273 5273 

5577 4875 Jul 5370 5370 

5437 47 JO Aua 5270 5230 

51.75 45X0 Oct 4735 47X0 

50X5 4430 Dec 48.10 4870 

*9JU 4425 F«P 48+2 4842 

4735 4530 Apr 4635 4635 

i Est. sales 4X30 Prw.Sato 1329 
I Prev. Dor Open tirt. mJJ? up 41 7 


THU 7030 
71.15 7137 
70+0 7BX0 
71X5 7270 
71+5 71+0 

7170 7130 

7270 7212 


US T. BILLS (IMM) 

St mMtton-efaof most. 

9271 8739 Mar 91X4 91X9 

91 JP B7.74 Jun 91.13 9170 

9133 66X4 Sep 90+6 9073 

90X0 8577 Dec 9034 9034 

9035 86+0 Mar 90X7 9 w 

9077 87X1 Jun 89X4 89X4 

90X0 88X0 Sap 89X6 09+4 

8933 89.19 D«C 

Est. Sato 16J72 Prw.Sato 18310 
prw.Day Open InL 46X82 upl» 


9136 9139 
91X2 91X5 
9030 90+0 
9023 9076 
89X5 89X9 
8*76 89 JS 
8936 8934 


CRUDE OILWYMB) 
iXDObbL-doNanperbM. 

31+5 34+7 Apr JAW 773* 

30X8 3438 May 2430 24+5 

2935 2470 Jun 26XS 24.16 

2936 3110 JM 24X0 26X0 

2937 7 414 Aua 

2930 24X8 Sep 2SXS 3SJS 

29 JO 74 Oct 

2930 2140 Nov DR KID 

2930 ZL90 Dec 25X0 25X0 

2930 74 m Jan 

2730 24X2 MOV 3442 3441 

3430 3430 Jun 

JM 
*W 
Sep 

24.15 3<X2 Feb 

Est. Soto Ptwlsaies 10344 

Prw.Day Open ML 30343 pp491 


3473 7SL78 

■KM «« 

25X0 26X3 

35X3 25X3 
2574 
2SXS 2570 
2570 
25X0 2577 
3SX0 2578 
2578 
3442 7578 

2578 


10 YR. TREASURY (CBT) 

SI 00X00 prln- pta &3M80t 100 pet 


44 PJ 44 « 

51X0 S1XS 
52X2 53.12 
51 XS 52.15 
4730 4770 
47X5 48.10 


83 

70-25 

A tar 

8M 


79-2 

79-15 

— 14 

82-3 

7*9 



784 

7848 

—14 

81-13 

75-18 

SOP 

7*22 

7s-a 

77-10 


—14 

80-22 

0M 

79-26 

75-13 

75-18 

77-22 

Dec 

Mar 

7*2 

7*2 

7*30 

7*24 

7*8 

— u 

.—14 

—14 

Est. Seto 


Prw.Sato 11X96 





ifock Indexes 


Prev. Day Open int. 4S3BI uplJ 




12* Webbc J0e X 13 
29ft WefaMk 70 2X 13 
30ft WettaF 2+0 4J 7 


PORK BILLIES (CME) 

XVXOOlln.- cents per lb. 

8170 60.89 Mar 69X0 <9X5 

0X0 61.15 Mar 69X0 70.15 

82+7 62.15 Jut 7000 7QJ0 


40 WolFpf ASOelOJ 
22ft WbIFM 2X0 104 13 
13* Wentfya 78 17 17 
16* WestCo +4 2.1 12 
34* WBtPIP 270 54 4 
9* WstCfTO 1X4 
2ft WtaAIrL 
* WtAlrwt 
8* WAtrpf 3X0 11X 
a* WAIrpf 2.14 117 
4 WCHA 

81* WPocl 6 

5* WUrUon 
34ft WnUnpf 


ggts 

I s ** 


.SS+2f 


V* 


48* +1* 

Jg"* 

ss-* 

7«J-% 

IT* 

13ft 

Mft— * 
266ft— 4ft 

5%=a 

St’S 

wf 

76*— ft 


5* + ft 

46% — % 
3 4ft 
SI 


8035 6070 Aua 66X0 687S 

75.15 63.15 Fftb 7CL58 70X0 

. 73+0 64X0 Mar 6930 6930 

Est. Sato 5X43 prev. Xato 6+98 
Prw.Day Open ML 15JSS up 147 


6875 69X5 
69X0 6977 

6975 69+0 

6775 67X7 
70.10 7070 

6930 69X5 


WnUpfC 
WnUpfS 
WnUpfE 
WUTIpfA 

WstBEl 1X0 37 10 
Westvc UJ U 9 
35 Wereiii U0 47 20 
34* Wevrpf 2X0 6X 

S5JRS5 4 " ” 

25 WbPlfpf 5X0 14X 


19* 37* GUOfcOl 174 37 11 337 37ft B% 37ft 

31* IS QuakSO X0 37 24 MOT » 21*— ft 

11% 6ft Quarto 37 43 9* 8ft 9M + U 

33% 23 Qoartar 1X0 47 9 981 34* 32% 33* +1* 

36ft 14 QIC Rail 74a IX 19 355 23ft 21* 23*+ ft 


IXft + ft 
33* + * 
Mft + * 
36*+ * 
42 — U 
21* + ft 
31 + ft 

117*— ft 


25* WbPffpf 5X0 14X 

IS S l 

36ft WMtCpfClXQ 73 

14% Whtttak X0 25 8 
6ft wiebMt 17 


39M 

II + ft 
J%— * 
lft— ft 
**— ft 
M*+ * 
5* + ft 
113* + ft 
9 — * 
29*—* 
35ft— 1 
4*— * 
7ft 7ft- ft 
9* fft+U 
30% 30%—* 
40 40*+ * 

30ft 30ft- ft 
40ft 40ft-* 
49ft 49ft— * 

SS ss=,* 


COFFEE C (NY CSCE) 


US TREASURY BONDS (CBT) 
(«PCNnOU)0»Pts A 32rto of TOOpcft 
77-15 57-37 Mar 70-17 70-23 

77-15 57-20 Jun 69-18 69-23 

76-2 . 57-10 Sep 68-26 68-29 

7+5 57-6 Dec 68-3 68-8 

72-30 57-2 Mar 67-23 67-23 

70-14 56-29 Jun 67-8 67-8 

70-3 56-29 Sep 66-18 66-3 

69-26 56-25 OOC 6+7 6+7 

69-12 56-27 A tor 65-16 45-16 

69-2 6+3 Jun 65-16 65-16 

68-26 6+21 SUP 

Est Salesman Prw.54des21 6.174 
Prw.Day Open ML22S.1 01 up 372 
GNMA (CBT) 

sioaxoa prin- piaa SBidiei iMpcf 


SF COMP. INDEX (CMEI 
paints and cents 

1BS3S 153X0 Mar 18035 181.10 

18873 156-10 Jun M3X5 184+5 

191X0 160X0 Sep 187X0 187.10 

194X0 T7S7U Dec 19070 19070 

Eat. Sato 59X02 Prw.Sato 65JF7 
Prw.Dar Open lot. 56X15 up 1,797 


T79X5 180.15 
18240 18330 
18S70 18675 
189.10 190X0 


09-13 09-36 
68-12 68-27 
67-22 0+3 
67-1 67-14 

0+18 66-29 
6+4 6+15 

65-24 6+3 
65-13 65-25 
*5-4 65*14 

6+28 65-8 
65-1 


153X0 

ina 

Mar 

142X5 

144X8 

142+5 

143X0 

+J0 

lying 

722X1 

May 

142X0 

142X0 

141X5 

14136 

+39 

749X0 

121X0 

Jul 

141X0 

14155 

148X1 

14137 

++J 

14730 

127X0 

S«p 

159X5 

148X0 

139X5 

140+6 

+XI 

74273 

1293S 

Doc 

13875 

779X0 

13853 

1X9X8 

+33 

147X0 

12858 

Mor 

137X5 

138+0 

137X5 

13808 

+X3 

139X0 

131X0 

May 




136X8 

+37 

IV *J1 

18530 

Jut 




13531 

+X6 


7*17 

57-5 

Mar 

6*15 

6*18 

6*3 

6*7 


4*27 

57-17 

Jun 

6*24 

6*25 

6*9 

6*18 


69-4 

5*13 

Sa> 

6*7 

6*7 

67-27 

0-23 

6*13 

5*4 

Doc 

<7-2 

67+ 

673 

ST-5 

—7 

60 

58X0 

Mar 

<*22 

6*22 

6*20 

6630 

~6 

67-0 

5*25 

Jun 

<*11 

6*11 

6*4 

6*4 


67-3 . 

6*3) 

Sop 




6*31 

—9 


VALUE UNHOCCBT) 
points and cents 

286X0 148.18 Mar 199X0 300.10 

219+0 173X0 Jun 204+5 20458 

71230 18535 Sep 

210+a 210+0 Dec 38930 28930 

Eat. Sates Prw.Sato 3X40 

Prw.Dav Open Int. 6+53 oft 264 
NYSE COMP. INDRXfNYFV) 
point s an d cents 

188X0 8830 Mar wtn ns.10 

189XS 90X0 Jun 106X8 10730 

111J8 9L3S SeP M840 MAW 

11255 10139 Dec 1H+0 111X5 

EsL Sales 14+01 Prw.Sato 8X86 
Prw.Day Open inf. 10+63 oft 295 


187X0 198X5 
302X8 20330 
206+5 
20930 20930 


103XS 104+5 
105X5 1D6+5 
107X0 188+5 
189X8 1KM3 


Commodity Indexes 


Eit.Soto 500 Prev. Soles 1.163 
Prw.Day Open InL UUnfllll 


Ext. Sates 1300 Prev. Sato 1,999 
Prev. Day Open Int. 12+54 ott J17 


SUGARWORLD U(NYCSCB) 
112X00 Itar cents per lb. 


m/a 48%+ ft 
31* 31ft- ft 


8 WUtrdn 

T‘K!JJS7 

2 WfllTTcl 


WHstirO .10 IX 17 


41ft 28ft 
94% 67* 
3ift m 

as* 29 * 

9* 6* 
4ft 3 
18 12* 
37* 25 
8* 5ft 

21 lift 

Vft 4* 

65 47% 

T7M 8ft 
48* 34* 
13ft 7ft 
23% Mft 
25 28 

16* 9ft 
17* 9 
13* 8 
Wft 7* 
2ft ft 
37ft 23 
6* 3* 

2 lft 
21ft 
46* 

22 
26* 

34ft 
29* 

ion 

33* 


1X4 23 12 
4X8 4+ 
£12 7.1 
3X8 10 + 

30 2+ 9 


56 U 10 
1X8 73 13 

A4 4J TO 


1X0 33 17 
+0 4.1 35 
£12 10X 
3J4S1+1 . 
133*10.1 10 

JO 2j| 


XO 2J10 


Reeoyp ,34 ax J 
RapNY 1+4 JX I 
RNYpf £12 10+ 

ss&rafl 7 

OP'S t} ai 

Rwco X0 £1 11 
RmSy 1X4 5J 12 

%£& +4 M 11 

Raynln 3+0 0 8 
Reyln pi 4.10 8+ 
RWMpf 

SS» \m tt 9 

SSSJ ’S ?5 1. 

RvrOtcn M 

RobshW 1.12 £4 I 
ROMm 1X0 4.1 19 
Robins 36 ,13 17 
RocbG £30 UX 3 
RocfiTl 2+4 73 9 

RPdnrt 1X8 17 JO 
RanmH 2X0 2X 11 
ROWIn ^ 

ROfCRin J8e 1 J 30 
RMblES X5e J 24 
Ratlins N W II 

gssr M ai w 

Sto 1-12 17 M 
Rowan M X123 
RpylD £B7b 5+ 5 
Rubrmd +4 IX 18 

RuaBn 17 

RtaTOO Xi A4 8 
RralH IXO 4X 15 

RWMrt IXBblJ n 
RVbmd X0 £4 17 
Rymers 5 


1756 39* 

143 30 
M20 3S* 
229 6ft 
282 4% 

436 17% 
1847 37* 
998 7ft 
14 19ft 
243 5 

571 64% 

11 13ft 
742 46ft 
261 10 

2 21 * 
4 20* 
31 13* 
315 15ft 
111 11 
48 9 

12 lft 
11 26 * 

330 <* 

114 lft 
51s 
95 
8 
11 
215 
2 
67 
2191 
86 


38* 38*—* 
90% 90% — ft 
29* 29*— ft 
35* 35* — ft 
7ft 7ft— ft 
4* 4ft 
17* 17*— ft 
Wft 36*— * 
6ft 7ft + ft 
19% 19ft— ft 
4ft 4ft— ft 
M 64% 

12ft 72* 

45ft 46 
9ft 9ft 
21ft 21* + ft 
20* 20*— % 
Uft 13ft— ft 
15 15ft + ft 
10ft 11 + ft 

0ft 9 +ft 
I 1 — ft , 
36* 26* 

6 6 — * 
lft lft 

30 +* 
43ft— ft 
20 % 

25* 

33* 

29% — ft 
19ft— ft 
26 —I 
13* 

38 + ft 
20 % 

14*+ ft 
78*— ft 
48*— ft 
109ft + Vk 
38ft— ft 
29ft 

21*— ft 
30%+ ft 
6*— U 
33* 

39 

23ft + * 
20 —ft 
33*— ft 
36*+ % 
70*+ ft 
54ft— ft 
20ft— ft 
19 —ft 
Uft— ft 
2ft 

15*+ ft 
80% +146 


.18 X 13 33 
+0 U 18 
232 93 7 10 


»%— ft 
31 — ft 

*3*+ ft 


25* WlnDtx 1X8 5.1 « 
7* Wlnnbo .109 J 17 
5ft Wlmar 14 

3* WtnterJ 

25* WtacEP 228 7 J 7 
68ft WhE pf 8X0 11+ 
99% WhC Pi 7JS UX , 

25ft wracPL 2+4 ax x 
24ft WISCPS 236 £1 7 
27% Wlfoo IX U I 
OS Wlfoo pf 2X5 1J . 
9% WotvrW M 73 IS 
18ft Wood PI XO 33 14 
29ft WWurtti 1X8 44 10 
<2% WOtwpf UB 33 
2ft WrtdAr 

45 Wrtpfy ixo oil 1) 
2ft WurtW 

10* WyteLb -32 £1 18 
16% wvnra +0 2X8 





53*— % 
48* 

24ft + ft 
17ft + ft 
24*— ft 
56* 

25ft— ft 
14* — K 


7ft — ft 
22% — ft 
19ft— * 
18ft + ft 
17*— ft 
Zlft 

18tt— ft 
8ft— ft 

P+l 
21*—* 
47% — * 
50%— ft 
35ft— ft 
30ft— % 
21 

Wft— ft 
26 —ft 
26*+ * 

25*— w 
29* — ft 


39ft 40ft + * 
28ft 29ft + * 
23* 23* + ft 
10* 11* +1 
14ft 14* + ft 
26* 27ft + ft 
2% 3ft— ft 
6ft 6* 

31ft 33ft— ft 
Wft 19 — * 
7* 7ft— ft 


13+0 

3X6 

Mor 

297 

199 

3X5 

3X6 

— v12 

injo 

4X6 

May 

4.18 

4X0 

4X3 

4X4 

— .11 

9.95 

4+0 

Jul 

4J0 

4-51 

437 

4X8 

— X7 

9X5 

475 

See 

476 

476 

4X3 

4+8 

—m 

9X5 

4X6 

Oct 

4X6 

498 

483 

4X4 

—06 

735 

5+3 

Jan 

£49 

5+8 

5+0 

5X2 

-J0 

933 

5X5 

Mar 

5X6 

5X6 

5X4 

5X5 

— X7 

£15 

+15 

MOV 

4.15 

4.1S 

4.15 

6.15 

— X3 

6+9 

6+9 

Jut 

4+5 

6+5 

6+4 

6X8 

— .70 


CERT. DEPOSIT (IMM) 

51 million- pts nf W0 pc* 

91 JO 85+3 Mar 90X6 90X3 

91-20 EL30 Jun 9030 9QJ6 

90+0 05X0 Sep 89J1 89.71 

90.17 B5J4 Dec 09X6 09X6 

mj» 8636 Mar 

89+6 86+3 Jun 

88+8 87X6 SOP 

EsL5ato Prev. Soto 630 

Prw.Day Open InL 1X809 off 114 


9076 9080 
90X1 90X4 

8931 8931 
89J6 *9X9 
8676 
8833 


Ctase ’ 

Moody's . . 96080 f. 

.Reuters — 2X25.10 

D-J. Futures - . . .. 120.76 

Com. Research Bureau. 24000 " 

Moody's : base 100 : Dec Jl, 1931. 
p - preliminary; f - ft no I 
Reuters : base 1 00 : Sep. I*, 7931. 
Dow Jones : base 100 ; Dec 31, 1974. 


TVeyfouj 
- «6£90 f. 
2X22X0 , 
127 34 , 
247+0 , 


Est. Sales 14+20 Prw.Sato 1ABS0 
Pfw. Day Open inf. 8L742 eff87 
COCOA (NVCSCE1 
10 metric tans- s Per Ian 


31* 31ft— ft I 
78 78 -9 

78 70* +1* 

2Pft— ft 
31ft + ft 
38ft— * 
2M +29* 
11 — * 
23 + * 

41ft— ft 
58ft + * 
3ft + ft 


2570 

1981 

Mar 

2158 

2155 

2117 

2126 

—23 

2570 

808 

Mov 

US 

Z173 

2M4 

2155 

-22 

2400 

2049 

Jul 

2158 

2133 

7142 

— U 

8415 

2053 

Sep 

SS 

3155 

2135 

2135 

—25 

2X37 

1999 

Dec 

2032 

ms 

7030 

—5 


EURODOLLARS (IMM) 

SI milHon-frtsotlOOpct. 

91X8 05. 14 Mar 9053 9058 

I- 9088 82+9 Jun 8979 89X7 

9033 8433 Sep 9975 8932 

09X7 84X0 Dec 08X3 00X0 

■9+8 8AI0 Mar 0B34 8059 

89.15 8673 Jun *26 8835 

88X4 87X8 Sep 8811 08.14 

8927 8778 Dec 87X0 87X4 

eh. Soto Prw.Sato 50+89 
Prev. Day Open ML106+13 up 1X78 


Market Guide 


90+8 98+3 
89+1 89+6 
89.10 99.12 

88+9 8870 


1813 Win 
87X8 97X0 
87+8 87+8 


ffYCSCB: 

NYCB: 

COMEX: 

NY me: 
KC8T: 
NTPC: 


CMoobo Board of Trade 
CMoopo Mancanffie Excficnne 
international M u notwy Mortal 
Of OUcaan MaramMa Excbanae 
New York Cacsa Sonar, Coffee E 
New York Conan ExOaose 


New York Mw’c o n H le Ex c hange 
Kansas CHy Board of Trade 
New York Futures Exchange 


Dividend# Feb. 22 j London Commodities 


London Metals Feb. 22 I Cash Prices Feb. 22 


4 

15* 

21ft— * 


Per Amt 
DECREASED 


Feb. 22 


Fhura in sterling per metric ton. 
Silver In pence per troy ounce. 


46* 33* Xerox 100 6+ W 8434 45% 44* 45ft + ft 

51* 45* Xerox Pf 5+5 186 344 51ft 51ft 51* + ft 

» 19 XTRA +4 2+ 10 299 27 26% 36*—* 


BmswckMnfl&Sfnlt Q 37% 
DISTRIBUTION 
Mesa Royalty Trt M .17 % 
INCREASED 


Figures In sterling per metric ton. 
Gasoil In US (Wtors per metric ton. 
Gold In Ui doliars per ounce. 


tsh— * 

60 -Wt 
30 + % 
43ft— ft 
16 —ft 
1*— * 
Uft + ft 
7*4- ft 
» —ft 
32ft— * 
12 * 


29ft 24 ZcdeCp 1X2 AS 

22* mi ZatofA +0 35 

24ft 14ft Zapata X4 5+ 

X 30 Zavre +0b 3 

31* IBM ZSMttlE 

27* 18 Zara +0 1+ 
20ft 20% Zeroed 
31* 21ft Zumin 1X2 A3 


1X2 AS 9 41 29ft 29* 29ft + * 

+0 85 3 23% 23 22ft +1% 

X4 5+ 11 154 15ft 15% 15ft 

+0b 7 13 467 54% 58 SS*— lft 

8 700 23 22% 22ft + * 

+0 1+ 19 625*25*25* + * 

2 21 21 21 + ft 

1X2 A3 11 263 11* 30* 31 + ft 


Amor Cantrld Indus 
Dy oo Petra Cora 
Ecterd Carp (J.) 
Kimberly-Clark 
Ryder Systems 

South lend RovoltY 

\ urd Vlro Bnkstin 


1-12 3+ 

61 M 
+1 3-U 
M H 
3-20 3-7 


I Vlry BeoOr Fed SAL O J36 


iS it 


Walter Cora IJ.) 


1-15 3-4 

+1 3-14 


1 INITIAL 

I Local Fedl S&L' -J07% 3-25 3-11 


NYSE Highs-Lofts 


Feb. 22 


SPECIAL 

Em Radio A Elec . 72 +12 3-29 


357 S 


STOCK 

vircoMfaCora .10* 5-6 +1 


w»+ * 
12 — * 
52ft + n 

24 + * 

12ft— ft 

23ft— ft, 
lift— ft' 


NSW Ml OHS 79 


31% — ft 
17*+ ft 
43% — ft 
24*— * 
Mb— ft 
5*+ ft 
18% + % 
30ft— % 
40 +* 


14*— * 
17 

11% + ft 
37%— % 

o%+ ft 

17% — ft 

rs 



STOCK SPLIT 
Ryder Systems — 2-for-l 


NSW LOWS < 


USUAL 

Amer Petraflna 0 

flank New England Q 

Brawn & Sharae Mfo Q 

CWom p ion Inti Carp Q 

CtramamMfp Q 

Claw Cora G 

CoramonweaWfi Ed Q 

Coro I r Cora Q 

Donovan CLA Q 

Dresser Indus - 

Durr-FIMouer Medic O 

Edwards (AG.l Q 

Eice Induttrfee Q 

Fansfeet Inc Q 

FF Bankers Ftartoo C 

Firsr Financial Cora Q 

First Vermont Fuel G 

Florida Matt Banks 0 


Ktek Lew a» 
SUGAR 

Mar 114+0 111X0 I1VJ0 
May 11930 115X0 115X0 
Auo 127X0 124X0 123X0 
Oct 13520 131X0 131X0 
Dec T4Z00 742X0 138X0 
Mmr 156X0 156X0 15X00 
MOV N.T. N.T. 160X0 
£257 left Of SO tom. 
COCOA 

Mar £209 £180 £182 
May 2J12 £176 £178 
JIV £189 £160 £161 
SeP £167 £1* 2.141 

Dec 2X24 £008 £01 1 
Mcr £016 1.981 £803 
May 2X10 £005 1+96 
4.145 lots of 10 tens. 
COFFEE 

star 2X75 2X40 2J72 
MOV 2+25 £383 2+16 
JtV 2+5 2+18 2+47 
Sen 2+77 £438 2+75 
l«OV ! 2+90 2+40 2+K 
Jon 2+75 2+H 2+7S 
Mar N.T. N.T. 2+60 
3J9V lets of Stans. 
GASOIL 

Feb 260X0 2KL00 26075 
Mar 23230 228^1 23235 
API 221X0 717X5 21575 
MOV 71575 211X0 21125 
Jun 213X0 711X0 211X0 
JIV 713X0 711X0 711X0 
AUB 215X01 215X0 211X0 
SeP N.T. N.T. 711X0 
Oct N.T. N.T. 211X0 


111+0 112X8 112+0 
116X0 USXO 11838 
134X0 126X0 126+0 
132X0 134X0 13A20 
739+0 139+0 740+0 
154+0 'P 756JH 
161+0 162+0 763X0 


£184 £184 £185 
£179 £185 £186 


Today Prevtous 
High grade amour cathodes: 

SPOl 1J6800 1J69X0 IJflJO 1X62X0 
\ 3 months 1X9 000 UtoJO 1JKJ0 1JB8S0 
Conner cathodes: 

soot 1744X0 1X66X0 1X57X0 1X59X0 

3 months IjesXQ 1X87X0 1X82X0 1X85X0 

Tin: SPOl 10X55X070X60X010X35X010X34X0 

3 months 10X66X010XAUB1QXSX010X56XO 
Lead. Mol 33530 33630 33230 33330 

3 months 34680 34430 342X0 34150 

Zinc: spot *25X0 830X0 872X0 814X0 

3 months 009X0 010X0 793X0 794X0 

Sliver: spat 55730 55030 55030 559X0 

3 mont h s 574X0 577X0 570X0 57830 


Commodity and Unit 

Coffee 4 Santas, lb 

Printclath 64/30 38 %, yd — 

Steel billets (Pitt.), ton 

Iran 2 Fdrv, Philo, tan 

Sleet scrap No 1 fwv Pitt. _ 

Lead Spot, lb 

Copper elect. Eb 

Tin [straits), lb 

Zinc, E. SL L. Basis- lb ... - 
Pallodhjm.az - 

Shyer N.Y.oz 

Source; Aft 


£162 £170 £171 
£144 £152 £153 
LOTS 2X07 £*» 


£008 1.996 £000 
7X05 1X96 1X97 


Z1f»c:seOt B2SX0 030X0 B72XO 874X0 | 
3 months 009X0 010X0 793X0 794X0 | 
Sllver:a>et S573D 55850 55030 559X0 ! 

3 months 574X0 577X0 578X0 57838 
Aluminium: 

wot 1X15X0 1X16X0 1XUX0 1X12X0 
3 months 1X50X0 1X51X0 1X46X0 1X47X0 
Nlckel.-spof +750X0 A740X0 4+65X0 4+70X0 
3 months A745X0 A74800 4+85X0 4+90X0 
Source: /teuton. 


Paris Commodities 

Feb. 22 


Sugar bi French Francspw metric ton. - 
Other figures In Rows per in kg. 


£373 £334 £335 
£418 £375 £37$ 
2+50 2+0* 2+01 
2+77 2+32 2+34 
2+U TJX 2+54 
2+00 2+40 £445 
2+00 3+30 2+40 


DM Futures Options 
Feb. 22 

W. Gwmon Mot.12S.000 oofa. ewn pw wort 


SUGAR' ^ L ~ “ 

MOV 1+30 1+00 1+10 1+13 

Aug 1X15 1+93 1+90 1X00 

Oct 1J75 1355 1350 UBS 

Dec N.T. N.T- 1+70 1+35 


Mar V45 1-725 1 323 1377 

Men- .N.T. N.T. 1370 1390 

EBt. voL: .LOOOWs of 50 tons. Pray, 
coles: L37S lets. Open Interest: 18X14 
COCOA 

Mar 2+30 2X89 £380 2+09 

Mar £410 £380 £382 £387 

JIV N.T. N.T. £360 — 

Sep N.T. [LT. - £350 

Dec N.T. N.T. — 2JD5 

tor N.T. N.T. — £200 

May N.T. JILT. — 2300 

Est. voL: 75 tots of 10 tens. Pray, 
seto: 231 tots. Open Interest: 1X93 
COFFEE 

Mar £560 2X30 £537 i-«t 

May 2+05 £580 £600 £415 

Jly N.T. N.T. 2+27 2+43 

50P N.T. N.T. 7J« 2+7S 

Nov N.T, N.T. 2+50 £690 

JOn N.T. NT TAX X 02 

MOT N.T. N.T. £630 £4*3 

Est. voL: a tots of 5 tons. Prev. 
sates: 9 IdK Open Interest: 1ZS 
Source: Bourse xJuCommerxM. 


1719 tots of 100 tons. 


264X0 254JS 2KX0 
73230 73175 234X0 
770J5 222X5 22£75 
27375 217X0 71775 
21130 71625 71530' 
27130 213X0 716X0 
216X0 213X0 219X0 
220X0 3X100 222X0 
22£0D 213X0 225XB 


Strfte 


CattoScHN 

Pett-Settfe 

Price 

Mor 

JOB 

Sto 

Mar 

ton 

seel 



— 


0X2 

039 

■to 

29 

064 

1X5 


814 

858 

— 

30 

8T7 

0+2 

1X2 

a+4 

1X1 

1X1 

31 

U* 

e+i 

6X9 

1+] 

ua 

1X6 

32 

0X1 

838 

0+2 

2+8 

2+6 

2+6 


Estimated low to. 9+45 

Cota: Thurs. wL 5X47 open toL57J35 
Pad : Thwrs rot. 37* open M. 21214 
Source: CME. 


Source e: Reuters ana London Petroleum Bx- 
C tango igasoHI. 


AMCAUIt 

SakmtCp 


FwflHmeLnof Gen Growth MnatAcst 
SOHO LOW 


Gent BntahorosCra 
Genl Nutrition Inc 
Gerl SlBhot Cora 
Gee Putnam Fd 
Halliburton Co 
Hunttneton Bnkshn* 
IfaltoCora 
Inll Aluminum 
I n t r o w es t Fin d 
Investors insurance 
KN Energy Inc 
Ket lm ereen Corn 
Leawnrey Transp 
Loctiie Cora 


49* M* 
12* 7* 
30 lft) 
26 15 

23 M 
18* 11* 
’0 5% 

2ft * 

32ft 19ft 

5S S'* 

35ft 25 


mi <5ft 
10* 10ft 
28 37* 

17* M* 
IS* 18ft 
17* 16* 
7ft 6* 
1 * 1 * 

32 31% 

33 »* 
30% 29* 


48ft— ft 
10ft— * 
27% — ft 
17*— ft 
18*4-* 
IStk— * 
7 —ft 
1*— ft 
uft— * 
3296 + ft 
30*+ ft 


U.S. Oil Refiners Ask 
For Import Protection 


AMEX Higte-Lows 


Feb. 22 


NEW HIGHS 26 


New York Timet Service 


stodt only. Unless otherw ise 
[annual dlsburstfflirts based on 


WASHINGTON — Independent al refiners 
say the Organization of Petroleum- Exporting 
Countries and other foreign oil producers were 
flooding the United States with cut-rate gaso- 
line. thus threatening the domestic refining in- 
dustry and national security. 


AMCEntn 
Baldwin See 

Ounfer MU 
Frantz Mto 
MartlnPrac 
RBWCP 
UnByBuy 


AmCont tnd AmFrudB 
CcrdlffEewt OtodelHW 
Damson 373b DrtverHors 
Giant Food Greiner 
Padcppf RpoanBrad 
Spectra wf StsphnCton 
VWcanC OTP 


AfimaiAl 

Conneritme 

£sq Rod El 

iCHCoro 

RttylncTr 

SuperFd 


S&P 100 Index Options 

Feb. 22 


Britain’s Retail Prices 
Rose 0.4% Last Month 


a v Jane ApF 

-\mela Tone: 

.Sl cm< 


< St. - !** 5S 

bc* J* dedicated th 
plant of ft 

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Mar M Mor Jm 
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IB ft* - ■* - l/M ft 16 — 

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171 7 I* ft - * 1 Ultra 2 

its » ra m n, i% 2ft 3* 4 

in in 3 n si* in sa t iv, 

185 * lft 27/ft lft 9 W. % to 

HI t/U ft 1* 2 - - - - 

tfSl/Nte ft lft — — - - 


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| Mm-lneCore 
MoskmdiSWN 
Mto-Amertca indm 
NY Timas Co ABB 
Occidental Petra 
OUa Indus 
pencil Cera 
Perkto-Elinar Cora 
putt & W vlro HR 
PNC Fnd Core 
preM & Lambert Inc 
ftonsUvrfl Core 
Rudd to* Caro 
Showboat Inc 
Suratrand Cara 
Swift in de pendent 
Thomas Industries 
TriBuneCa 
Trite* Carp , 

Trlcn Producte Carp 
Utd Energy 

Utd Jersey Banks 
l/rrii Bancorp 
Western Svg# 8 Loon 
ZaieCora 


NEW LOWS 6 


Spencer Cos TemcoCda a TabesMex 


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Mato 

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assumed^ hv surii^ opm- ^ 


ex-rtah**. 


upon imported crude off for dependency upon 
foreign gasolme,” said Otaris £. Walker, the 
former Treasury official turned lobbyist who 
represents the newly formed Independent Re* 
flneis Coahdon. 

Mr. Walk® and refining executives pleaded 
Thursday at a news confoence for the govern- 
ment to impose quotas, perhaps combined with 
e tariff, to protect refiners from what they 
portrayed as predatory foreign competition. 

The refiners said that more than 115 U.S. 
refineries had shut down since January 1981. 
independents supply about 25 percent of the 
market and about 50 percent of jet fud, (he 
coalition said 

The independent refiners, who are called that 
because they buy all their crude oil and produce 
none, said that gasoline imports had jumped 
265 percent since 1981. 


The Global 
N 


Reuters 

LONDON — British retail 
prices rase 0.4 percent in January, 
after December’s 0.1-percent fad 


Asian Commodities 
Feb. 22 


the government said Friday. 

The year-on-year rate in January 


SINGAPORE GOLD FUTURES 
u+spwwga 


VNid H®*. . 

SUSSES 


■biased concent. 

t i£r*** 

ef Sd.2«« e*® 


TWfcoHwtaH 177719 
16M cm ton W. S21+N 
Total wt abut 91W 
TaM put mmlntlSja 

HI* *7726 UtelTOS CI0NWB2— 877 
Source: CBOE. 


was 5 percent, compand with De- 
cember’s 4.6 percent 


Hto LOW SOW* 

Mor N.T. N.T. 299X0 

API »1+Q J00-2D 30TJO 

Jun N.T. N.Y. XBN 

voiunw: 212 tato of H» ot 


Banks in Philippines 
Reduce Reserve Deficit 





Mexico Holds Its Oil Prices 

The Associated Proa 

MEXICO CITY — Mexico's ex- 
port oil prices for the month of 
March will remain at the same level 
as in February. Pemex announced 
Friday. The state oil monopoly said 
prices will remain at $27.75 per 
barrel for its light Isthmus crude 
and $2550 for the heavier Maya 
variety. 


MANILA — Philippine com- 
mercial banks reduced their reserve 
deficiency to 1.78 billion pesos 
($98.34 million) in December from 
3.4 billion pesos a year earlier, the 
central bank said Friday. 

The required reserves of the 36 
banks totaled 17.67 billion pesos in- 
December against available re- 
serves of 15.89 billion. This com- 
pares with required reserves of 
14.88 billion and available reserves 
of 1 1.47 billion a year earlier. 


Hie Daily 
Source for 

International 

Investors. 


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Tandberg Data Loses 2 Top Officers 


By Jane Applegate 

' Los Angela Tuna Seme* 

ANAHEIM, California — Less 
than a month after a lavish celebra- 
tion in which Prince Harald of 
Norway dedicated die new maim-' 
fa cu uing plant of Tandberg Data 
Inc, two top officers of the compa- 
ny have quit, citing differences with 
its Norwegian parent company. 

. Robert Chartrand. president, 
and Nick Ham, vice president of 
sales and marketing, tendered tbdr 
resignations last week, bat their de- 
parture was not announced until 
Thursday by the Anaheim, Califor- 
nia-based concern. 

They were replaced by Kjdl 
Froyshd, a vice president of Quo- 
based Tandberg Data AS, rriw was 


named chief executive and interim 
president, and Art FEtt, a former 
director of marketing for Archive 
Corp. in Costa Mesa, California, 
who becomes nee president of 
marketing and sales. Tandberg 
Data manufactures back-up com- 
puter storage devices. 

Hans La drop, chairman of 
Tandberg Data AS, who was in 
Anaheim for a board meeting, said 
in a statement that he expects to 
appoint a new president in the next 
month or so. Mr. FroysEd will re- 
main chief executive, and will be 
dividing his time between Oslo and 
Anaheim. 

Mr. Chartrand. who joined 
Tandberg Data two and a had 
years ago as first vice president and 


general manager, said Thursday 
that his departure “had been brew- 
ing for some time." He said that the 
“general conservativeness" of the 
Norwegian parent company nude 
it difficult for the UJ5. subsidiary 
to keep pace with the volatile, fast- 
changmg personal computer mar- 
ketplace. 

Tand berg’s new plant is expect- 
ed to produce 40,000 to 50,000 tape 
drives a year and generate about 
pf) wwifiw i in 

“The rapid appointments, both 
of which are effective immediately, 
indicate to the industry thar Tand- 
berg Data is committed to its U A 
manufacturing plans and product 
marketing strategies," Mr. Lodtup 
said. 


Harvester Posts 
Operating Profit 

Room 

CHICAGO — International 
Harvester Co. took a 'charge of 
$479 mlllicfi in the quarter end- 
ed Jan. 31 from the $488-mil- 
Jion sale late last year of most of 
its farm machinery to Tenneco - 
Inc. 

Harvester also said its board 
had agreed to omit payment of 
quarterly dividends on its stock. 

. The company said it had an 
Operating profit in the first 
quarter of $22 nu&ian, or 14 
cents per share, on sales of $840 
millioo. This compared with a 
toss of $5 million a year earlier. 
However, that figure excluded a 
597-million charge from losses. 


y: 


- -• *n 

_ -«> ~s;i 


•• w» a: 

*■ a«. r. r: 

• a .* IT. 




AMC Plans Cut 
InProduction 
At U.S. Plant 

Reuters 

SOUTHFIELD, Michigan 
— American Motors Coup, has 
announced plans to cut daily 
car production al its assembly 
plant in Kenosha, Wisconsin, 
by 15 percent and place 600 
hourly workers on indefinite 
layoff, effective Monday. 

The reduction, the second in 
two months, was described as 
part of an effort to reduce in- 
ventories. 

A spokesman for AMC, 
which is 46-percent owned by 
Renault, the French automak- 
er, said production of the Re- 
nault Affiance and Encore sub- 
compacts would be trimmed to 
730 a day, from 860 at present 

The reduction will be the sec- 
ond in less than two months at 
Kenosha, AMCs only US. car 
plant In another measure 
aimed at reducing inventories 
of cars, AMC has idled the 
plant for the past two weeks. 


BTRto Get Dunlop Data for Takeover Bid 


By Bob Hagcrty 

In te r na tional Herald Tribute 

LONDON — Dunlop Holdings 
PLC, battling a takeover bid from 
BTR PLC probably wiQ release 
more financial data by March 11, a 
Dunlop financial adviser said Fri- 
day. 

His disclosure came as BTR, a 
London-based industrial conglom- 
erate, rignafaf that it would await 
further info rmati on before decid- 
ing whether to raise its £31-m31ioa 
($33-m3Kon) bid for the rubber 
and sporting goods company, 
which cantos with it around £300 
millbn of debt. 

BTR said it was extending its 
current ofTer until March 7 and was 
reserving the right to extend it be- 
yond ink date. Under London 
takeover rules, BTR has until 
March 18 to decade whether to in- 
crease its offer. 

. The same rales, however, require 
Dunlop to disclose details of its 
1984 financial performance. Don- 
lop is expected to show another loss 
for last year, on top of the BOO 
milli on in tosses in the previous 
four years. 

Dunlop may announce at the 


same tune details of a new recon- 
struction plan, designed to raise 
£142 million by selling new shares 
to its shareholders, said Leslie 
Goodman, a senior executive at 
Hitt & Co, the merchant 

hnnfc advising Duntop. BTR’s bid, 
announced Jan. 18, torpedoed 
Dunlop’s earlier reconstruction 
plan. 

Once more information is avail- 
able, BTR is likely to announce a 
substantial increase in its offer, in- 
vestment analysts say. 


Th e current offer is two new 
BTR shares for every 59 ordinary 
Dunlop shares. Bared on BTR s 
current share price, that offer val- 
ues Dunlop at 21.3 pence a share, 
or a total o f £31 mShoa. As an 
alternative, BTR is offering 20 
pence per Duntop share in cash. 

On the London Stock Exchange 


Friday, Dunlop shares dosed al 45 
pence, up one-half penny. 

BTR also is offering a total of 
about £11 ™1 Hon for Dunlop's 
preference shares. 


Daimler to Acquire the Rest of MTU 


Reuters 

STUTTGART — Daimler-Benz 
AG said Friday it plans to become 
the sole owner of MTU Motoren- 
und Turbin en-Uni on M&ncben 
GmbH by acquiring die 50- percent 
stake hdd in the company by Mas- 
dtineafabrik Augsburg-Nftmberg 
AG (MAN). 

Daimler has hdd 50 percent of 
MTU, which in turn has a majority 
in MTU Friedrichshafen GmbH 
since the company was formed in 
1969, a company «t»tement mid. 


The company gave no financial 
details. But its acquisition of MTU 
is a useful addition to Daimler's 
activities in auto and engine manu- 
facturing and a logical step towards 
widening poop activities in the 
field of high technology, Daimler 
said. 

MTU produces aero-engines in 
cooperation with foreign aerospace 
firms, high-performance diesel en- 
gines and dectromc-control and 
monitoring equipment for ships. 


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Attaatic Rkhfield hit’s Indone- 
sian subsidiary, Atlantic Richfield 
Indonesia lot, plans to spend 
about $800 mill km on oil explora- 
tion and development in Indonesia 
this year, company officials said. 
They said the expenditure reflects 
continued high activity in Indone- 
sia. 

Greyhound Cotp. has announced 
plans to produce a new 102-inch 
(259-ceatuneter) wide- body inter- 
city bus, which will increase seating 
space by six inches. Deliveries will 
be gjn in October, Greyhound said. 

, GTE Cbcp. has announced re- 
ceipt of $2£5 million in U.S. Army 
contracts for production of elec- 
tronics systems, test equipment and 
spare parts. 

Holiday Inns Inc. said it plans to 
repurchase up to 3.7 million more 
shares of its common stock and 
common stock equivalents, in addi- 
tion to the 6 3 million shares it 
acquired recently in a tender offer. 
That purchase left about 29.2 mO- 
fion common shares outstanding. 

Marabem Oom, the Japanese re- 
fining group, said that its u^. unit, 
Aurex Inc, and two Canadian 
groups. Sihvzado Mines Ltd. and 
Tri-Con Mining LuL, will take part 
in a gold-mining venture next Oc- 
tober in Wthwestem Alaska. It 
said the mine should produce 
about 1.5 urns of gold a year. 


Maschinenfabrik Angsburg- 
NOrnberg AG said its MAN Truck 
& Bus Corp. unit, based in Cleve- 
land County, North Carolina, had 
received a $473-mfllion order for 
362 buses from the Chirag n Trans- 
port Authority. 

Petioles PLC has gained a 103- 
percent interest in two North Sea 
modes through its Dutch subsid- 
iary, Prolex BV, Pelrolex an- 
nounced. It identified the Mocks as 
J/3B and J/6, in the British sector 
of the North Sea. 

Royal Dutch/Shel Gimp has 
obtained orders from the Soviet 
Union for more than £7 milli on 
($736 million) for crop protection 
chemicals, the company an- 
nounced. The orders came from a 
British government-sponsored ex- 
hibition in Moscow. 

Sperry Corp. said it has received 
a S33- million computer order from 
ICA/EOL, the third largest grocery 
chain in Sweden. The Older is for a 
Spmy 100/73 multiprocessor and 
a 14 DCP communications proces- 
sor. 

United Technologies Carp, said 
it has been approached about the 
acquisition of its Inmoni Corp. 
subsidiary. It did not identify the 
interested parties, and did not give 
a potential price. Inmont, which 
makes paint and ink products, had 
sales of $1 bOfion last year. 


Of Debt and Deficit Concerns 


(Continued from Page 9) 
ty. Today’s problem borrowers 
were among the nations which de- 
faulted in the 1930s, the 1870s and, 
in some cases, the 1820s." 

But this time, so far, none of the 
major debtor countries have de- 
faulted. Is the crisis really over? 
Mr. Kaletsky warns that the cur- 
rent calm may be deceptive and the 
period of greatest danger may lie 

aihwiri 

The danger has been forestalled 
thus far by the rapid expansion of 
the U3. economy, which has stim- 
ulated recovery is the industrial 
world and staved off worse prob- 
lems in the third world. The imme- 
diate issue is how well founded the 
American and world recovery real- 
ly is. 

This week Paul A. Volcker, 


chairman of the Federal Reserve 
Board, told Congress, “We are in a 
real sense living on borrowed mon- 
ey and time." 

Mr. Volcker is con ti n uin g to ex- 
press his anxieties about the dan- 
gers inherent in the soaring budget 
deficit and the trade deficit, stem- 
ming in lam degree from the over- 
valued dollar. And a particular 
worry is the big U.S. dependency 
on the inflow of foreign capital. 

Is aD this anxiety excessive? The 
mam counter to it is the continuing 
U.S. expansion- The large majority 
of private economists as wdl as (he 
administration and the Fed expect 
the expansion to continue through 
the rest of 1985. The Fed expects 
the rate of growth to be 33 percent 
to 4 percent, and some economists 
think it could be somewhat faster. 


Company Earnings 

Revenue and profits, in millions, are in local currencies 
unless otherwise indicated 





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Year HM WS3 

Revenue B2M. 7-8TO 

Oner Net BU 7B4 

oper 5hore_ U6 US 

Denmark 

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Year 1«M - 1981 

ProW UIX 


Credit Suisse 


United States 


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Revenue UHL 1 J 3 L 

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Per Shore lilo 891 


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Astra 

Year • 19M WtJ 

Revenue WM. XS50. 

PnrfBs S 2ZB 631.0 

Per Shore 17 Jt 11J> 

Bofiden 

vw mj wm 

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Proffl— — 

Per Shan 2X0 228 

Switzerland 
C3kt Gcjgy 

Yetr MM I* 

Profit? '.IN »» 


Convsrgsnt Tsch. 
«hOaer. IfM WO 

Revenue USS 45.1 

Oper Nel laNwl AD 

Oper Shore— — G15 

Year 19M 1*85 

Revenue 3*18 1£L2 

Oper Net 00 I7J 

Oper Share_ 082 0 M 

a: lass. nU nets hcMe tax 
credits of SM mUUoa hoar 
ter and at SIM mUHon to year, 
but excrude taero otStsaw- 
lien ht auartar and a 1 St LI 
mutton ai Year ham discon- 
tinued operations. 

Emery Air Fr eig ht 
enooar. ifN ra 

Revenue __ 21 (LD 1918 

Net Inc 79 73 

Per Share tua 040 

Year 198* . 1IO 

Revenue 81X8 69 LD 

Net Inc 220 25J 

Per Shore— U0 141 

mr auartar net mcSudes 
c/iaroaotseoUOt and gala d 
ft A mHtten 


FukJhU Ind. 

MkQtror. 1*8* 1*83 

Revenue M2J 2*08 

Net Inc (o)220 114 

Per Sant — 0*0 

Yeer nu 1*88 

Revenue 8*9 8*10 

Net Inc. 1^ 204 

Par Sucre — 1.1* 


Ftvehouf 

««nr. 198* W83 

Revenue <703 *220 

Kef Inc 22* 109 

Per Share— 1.14 0*7 

Year 1*8* M 

Revenue 2800. 2100- 

Net Inc KJ L4 

Par Share— 481 027 


OMH 


Net Inc 

Per Sham. 


m* 1*82 

5945 5*05 

370 36.19 

121 1.11 
1984 1983 

22H. 2.1KL 

1«J 7*5.9 
5.18 438 


Leaseway Titattp. 

etfiGear. HM m 

Revenue 342* 3140 

OperNei — 12* 110 

Oper Shore— 106 097 

Year 1184 M82 

Re ven ue 1042 1030 

OperNei — 423 4U 

Oper Shore 154 146 

Nats exclude tastes of 5X4 
million as SM million In 
o v orter a ndefSJMmDUen vs 
547 million In year tram tHs- 
eoniinuad op e r at i ons. 


Eastern Air 
Cannot Break 
Cycle of Crisis 

(Continued from Page 9) 

aircraft, incurring enor mous debt 
to buy Airbuses and Boeing 757s. 

This has given Eastern the 
newest and most fud-effictont fleet 
in the United States — just as Aid 
prices have fallen to lows not seen 
m many years. 

The debt for those purchases 
consumes about $235 million in in- 
terest expense an nually , which has 
pushed Eastern’s debt-to-equity ra- 
tio to a precipitous 8-toi. As a 
result, the first €Vi cents of every 
dollar earned at Eastern goes to 
repay that debt. 

"Their financial situation is very 
serious," said Hans Flickert, an an- 
alyst with EF. Hutton. “They’re 
highly leveraged and their expenses 
virtually eat up all their revenues." 

Mr. Borman strongly deferds 
the aircraft purchases, particularly 
the Boeing 757, which he daimed 
has been "profitable from the day h 
hit the property." 

Debt aside, he maintained: “If 
you don't have the latest equip- 
ment m a free market, it doesn't 
matter how friendly your people 
are. They're not working at People 
Express wages." 

Analysts say it is difficult to fault 
Eastern for miscalculating the di- 
rection of od prices and that a mod- 
em fleet is an admirable goal. De- 
spile this, they still question 
whether Eastern mortgaged its fu- 
ture with these planes. 

“Whether the airplane acquisi- 
tions were a gpod tn a bad move is 
not the question. Eastern simply 
couldn't afford ft," said one hanker 
dose to the company. 

Over the years, Eastern employ- 
ees have beat asked to participate 
in a variety of wage-reduction pro- 
grams under the promise of a prof- 
itable fu nn y, The financial rri«>4 
have their toll on the psyche 
of employees. 

“We've had eight years of recy- 
cled crises every ax months." said 
Charles E Bryan, president of the 
International Association of Ma- 
chinist Aerospace Workers, 
District 1 00, which represents East- 
ern employees and is the biggest, 
toughest bargaining amt- “Tbe em- 
ployees are tired of living hike that’' 
“Eastern's got a bureaucratic, 
onBtanstic and autocratic way of 
dome business that doesn't work," 
said Robert T. Bropby, chairman 
of the negotiating committee for 
the Air line mots Association at 
Eastern. “We all have oar faults 
and one of Borman’s is that he is 
very paternalistic, especially to the 
pilots. In negotiations, the compa- 
ny keeps drawing lines in the sand. 
It becomes a little like the boy who 
cried wolf." 

Even as staunch a supporter of 







Some Conflicting Signals 


It la Flying Cfoter 
To the Bmakavop Point... 

EMMro'B pouanQW load taetcr wa. km 
W— tawt wa d fi c ro i . tuff tepwcont 


ItaYMdtaBattar 
Than the industry 1 *... 
E—mii mn ui mol d p or roronua 
MNHWnkM. MMroymnoi; 


But it’s Stock Price 
Is Vary Depressed 

EMtem a weakly N.YSE dosaat 
<*>B*roa«Mro 


58- J / \ 

^ Load Factor 
54 Cj i i — i i 

78 78 '80 


Mr. Boonan as William J. Usery 
Jr n the former U3. labor secretary, 
who was hired by Eastern to medi- 
ate between it and its unions, ad- 
mits that Mr. Borman has prob- 
lems with his employees. 

Bat Mr. Usery has a more chari- 
table w phntrfffl i; “Borman's fault 
is that he’s too desirous to be help- 
ful to employees. He promises to 
do things and later, he can't deliver 
them. It appears that he's not deal- 
ing fairly, but that’s just not true. 
It’s a minor miracle that he’s kept 
the airtine together." 

Mr. Borman bristles at ins crit- 
ics. 

“All that military t»fk is the big- 
gest baloney," said Mr. Borman, 
who spent 20 years in the Air Force 
and led tbe ApoBo S mission in 
1968. *Tve been chief executive of- 
ficer of a major airline longer than 
anyone else, and I've taken Eastern 
through four of hs most profitable 
years. And I unilaterally reject an 
autocratic approach." 

The labor negotiations that 
spanned the last several weeks were 
omraig Eastern's darkest hours —a 
crisis that some say Mr. Borman 
precipitated, but one that he 
blames an the unions 

It came after a year of tenuous 
labor rapprochement, resulting 
from the 1984 wage agreement in 
which the employees gave up a 
scheduled 18-pcrcent wage increase 
and accepted a one-year wage 
freeze in return for 25 percent of 
Eastern’s stock and four seats on its 
board. 

This tradeoff reflected a belief by 
tbe workers that concessions would 
be required to keep Eastern viable: 
Still, the unions were awaiting the 
lifting of the wage freeze scheduled 
for Dec. 31, 1984. 

Eastern also had to submit to its 
lenders, by Dec. 31, 1984, a new 
business plan — which included a 
final determination of Eastern's 
1985 wage costs. 

Eastern is chronically in viola- 
tion of its loan agreements that 




require it to marntgip a certain de- 
gree of financial health. But each 
year Eastern’s bankers grant a 
waiver that, in effect, makes the 
violations meaningless. Whether 
this waiver would be extended 
a gain He wnHai qq Eastern’s abili- 
ty to produce a 1985 wage contract. 

Negotiations were going no- 
where and on Dec. 31 Mr. Borman 
announced that the wage freeze 
would be continued and that the 

18-percent increase would not be 
insotnted. It was an action that 
infuriated the unions, put the two 
sides in court and stopped the ne- 
gotiations. 

The talks didn't resume in a seri- 
ous way until Jan. 18, when Eastern 
agreed to pay the 18 percent as a 
show of good faith to get the nego- 
tiations back on track 

On Feb. 8, Eastern and its 
unions agreed to a two-year con- 
tract with a 5-percent raise in the 
first year above the frozen wage 
level and a 6-percent raise in the 
second year. 

These wage increases are to be 
offset by productivity improve- 
ments from the workers. Eastern 
expects that better productivity 
will offset the higher wages — re- 
sulting in no net increase in East-, 
era’s expenses in 1985. 

But the real Han gar was mane 

than & -Oniplf labor tiff. 

• The leaders had agreed to extend 
their Dec. 31 deadline for an agree- 
ment — the day when the waiver 
would expire — by one month. 

But Jan. 31 came and went and 
[here was stiD no wage cot tract. 
This puL Eastern into tariwwrai de- 
fault on its book loans — meaning 
that it was still making its interest 
payments, but with its waiver dead, 
it now was obligated to prove a 
level of financial health that it 
dearly could not show. 

As a result, the lenders could 
force acceleration of payment on 
Eastern’s debt, a move that would 
bankrupt the company. 

While h was doubtful the banks 


J A BOND JFMAM J J A BON DJ 

IMS IBM ’* 


DmUtwraATn 


would do that, tbe specter of bank- 
ruptcy was banning to send rip-, 
pies of fear through ticket agents 


This most recent predicament re- 
flects the fact that over the years 
Eastern has had to trade control of 
the company with the unions and 
banks to gam finan cial rdief. 

Fastem's bankers keep it on a 
short leash through the a nn na ^ 
waivers, which, as a practical mat- 
ter, wwfmc that Eas tern's lenders 
must approve the airline's basic 
business plan «»eh year. 

Eastern has yielded even more to 
its employees: With four represen- 
tatives on the board — including 
two union leaders, Mr. Bryan of the 
machinists and Robert V. Calla- 
han, president of Transport Work- 
ers Local 553, which represents the 
flight attendants. 

Mr. Borman says that the com- 
pany wiD give up no more control 
“We’ve gone as far as we can go," 
be said. “To yield further control 
will deny us access to the public 
equity markets.” 

As part erf the 1984 wage freeze, 
the employees began to participate 
in — and help direct — a massive 
productivity program. 

The savings from the wage 
freeze, plus an estimated $50 mil- 
lion in productivity savings helped 
account far a remarkable turn- 
around in Eastern's 1984 financial 
performance. 

Operating earnings, which had 
been about $100 milSon in the red, 
swung by some $300 milli on in one 
year's time to reach a $189.6 mil- 
lion operating profit for the year. 

Eastern dosed tbe year with two 
consecutive quarters erf profit, al- 
though for the whole year it had a 
loss of 5373 milli on on revenues of 
$43 billion. This compares with a 
loss of $183 million in 1983 on 
revenues of $3.9 billion. 

For 1985, the company is pre- 
dicting it will produce a profit — 
some $90 mfllion. 


HUNGARY 

A CONFERENCE ON 

TRADE AND INVESTMENT OPPORTUNITIES 


^5 


^r///« 1 1 1 nwv>////i i uwwv* 

nifffiiiiim* r«Hiuim\«\ 

■ ■BBI ■! lift .*1 illli'll'.lMIll 
[■BBUBI HI U' '■< 

Inuii him*** mu tome weal 
Bwiui 1 1 1 if n » imi 1 1 1 w«/ 
texvu — 


v v \v% 

>n\»\ 

U mil 

b aaaai 
\aaaaul 
aatrmS 

irrrwM 


SPONSORED BY 

THE INTERNATIONAL HERALD TRIBUNE 
Budapest, June 1 3-1 4 , 1 985 

The Intematkyd Herald Tribune conference on ‘Trade and Investment Opportunities in Hungary" 
wiflbeoFkeeaintecesttoanyexecutiveaxKBmedcixwtf^ itim between East and West. 

The conference provides an extrcKxrbaryoppcxtunity for h&inesslerxkrs to examine 
how the Hungarian government is approaching questions of donKSthc^intemathnal economic 

end offers Western executives on unusudocaxhnfordrectaantodvrithbusinesslecxfersfrcxnEastem Europe. 

Senior executives wishing to register for the conference should complete end return the coupon below. 

JUNE 13 JUNE 14 

Keynote Address: The Bating System 

Mr. J6zsef Mcsrid, Deputy Prime Master Mr. Janos Fekete, first Deputy President. National Bank of 

The Economic Outlook Hungary 

ProfessorJfcsef Bogn6r, Director, Institute of Worid Econorrks Western Banking raid Hungary 

of the Hungam Academy of Sciences b/f. Gdxiel Bchler, Vice President and General Manager, ■ 

Foreign Trade Bcr* of America N.T, \fenna 

Mr. ktvfrn Tbr&k, Secretary of State for Foreign Trade Inctastridl Outlook 

The Fta Year flan Mr. Ferenc Horv6Jh, Seaetcry of State for tnebstry 

Dr. Janos Hti6s, Searetoy of Stale, National Planning Board Pcmelof ffcmgrafen hufodridids 

Afternoon Address Afternoon Address 

Dr. Armand Hanmer, Chairman and Chief Executive Officer, Prcfasor Hdxxd Fortes, Director, Centre for Economic Poky 
Ocddentd Petroleum Corporation Research London 

Investment Incentives aid Tea Free Zones Jaeit Ventures 

Dr. P«er Medgyessy, Deputy Minister of Finance Mr. Ldszlo BorbeJy, Director Generd, Department for 

Barter International Manetcry Affairs, Ministry of Fmcnce 

Mr. S6ndor Demcsak, General Manager, Hungarian Foreign Pceiel of Foreign Companies _ 

Tracing Barir Moderator: Mr. T&tke Bede, President, Hungarian Chamber of 

Commerce 





.... „ 

r J 3 .. s’* - ~ 












_• \ Jt 


?g*I2 


INTERNATIONAL HERALD TRIBUNE, SATURD AY-SUNDA Y , FEBRUARY 23-24, 1985 


Over-the-Countei 


Sain In 

ions man Law 


Feb. 22 


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11917* 17* 
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14414 13* 

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150 29V, a* 
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260 118 7 21* 21* 

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120 3 2ft 
205 17 16ft 
553 39ft 2B* 
4417* 17ft 
38B 7* 7* 
302 6ft Sft 
510ft I Bft 
30 1.1 2018* 10* 

276 93 11127ft 27* 
3313ft B* 
36 25 16314ft 14* 
91 4 3* 


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18ft— ft 
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50 2to 2* 
1813* 13ft 
142 2Bft 23ft 
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159 £to 6 
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318113* 13 
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777 X 29ft 
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12495 10* 
34 1.1 54 av. 


76 22* 
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INTERNATIONAL POSITIONS 


Ble 117 14* 
605 im 
JO 38 19 aft 

mu* 
zoo 48 mait 


J8e 18 9M 
70 a* 
241 9ft 
JSB S 34G 11 


f 

l Mergenthaler linotype, one of the leaders in text and graphic front-end systems, laser-based 
; typesetters and typography, has an immediate opening at our headquarters near Frankfurt for a 


911* 

140 34 7515! 


1940 
1734 Sft 
42 12ft 
14447 M* 
8811* 
5*5 5* 
.100 4 67 17* 


10 —to 

aft+i 

23* 

14ft + * 
Mb 

lift— * 
23ft + ft 
16 +1 
13ft + * 
8* + ft 
14*+ * 
13* 

am— m 

15*— ft 
so*— ft 
15*— to 
8*— to 
9 — ft • 
10ft 

11*— ft 
30ft— ft 
39* 
sft + * 


71957W 

81 9* 
17 50V. 
Ill 9ft 

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3414* 

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28i a 

40 12 

4T 

. 1214ft 
74 Mb 
147 8* 
1127 
133 
S917M 
1810ft 
33 12ft 
538 15* 
14627ft 
4 13* 
821 Aft 
145 47 
67 45* 
12 99 
23 30V, 

54 11* 


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55 55*+ * 

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23* 33*— 1 
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56325* 
60 28 13823 
JI 99 36332ft 
.12 M 19 Sft 
2511* 
165 32ft 


Marketing Programs 
Manager 


3BS 3ft 
1510ft 
88 28 29634* 


- 1965 will be &a exciting year at Linotype, as 
v an extraordinary range of new products is 



introduced. Fast-paced product introductions 
demand a person with exceptional capabili- 
ties to coordinate activities between opera- 
tional departments and marketing companies 
worldwide. 


Our marketing programs manager will be 
responsible for development of product intro- 
duction {dans, including product positioning 
strategies, competitive analyses, pricing ana- 
lyses and project milestone plana. Launch 
activities and schedules must be coordinated 
and monitored closely until the product has 
been introduced and is in full production. 

The successful candidate will hare an 
fw ffrnatirtnal, high-tech background in pro- 


gram management, product marketing or 
applications training, with woiking experi- 
ence in the graphic arts, data processing or a 
similar market. A unrveisity degree in mar- 
keting, computer science or printing manage- 
ment is desirable. The ability to gather and 
understand facts quickly, and to coordinate 
diverse activities simultaneously, is also im- 
portant. 


tvif* 

1* 14 

85 J 30 9ft 
871 lft 
4817ft 16* 

28 5ft 5ft 
A2U* 20ft 
6 30* 30 

ISO 7* 7* 
1S717 ISft 
537 24ft 26 ft 
IJZ 54 129 35*4 35* 

188 U 3446 45ft 
180b 18 374 74 

11 17ft 17ft 
88 14 5226* M 

240 16 21 43ft 43 

915* 15ft 
2314ft 17ft 
10 14ft 14ft 

29 lift 10* 
274 30* 18* 


34 + ft 

lift 
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17* +116 

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34 — to 

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13* 

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17M+ ft 
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20* + to 
30*+ * 
7V»+ * 
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31 Mb 
72T9W 

1199 9 

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34 2 A 1SJ1V4 

32 5ft 
32 4 
89 7* 

413 TM 
382 55* 
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382 17 


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82 28 167 22ft 
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A 7 

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94 24 

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134 U5*+l* 
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14* 14* — to 
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23ft 23* 

26* 26ft— ft 

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39* 39*— to 
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20ft 20* + ft 
8* 8*—* 
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10* 16* I 

5 5 

Uft 14* + to 
17ft 17ft 


Floating Rate Notes 


Feb. 22 


Ii you meet the above requirements, are 
fluent in English (with good knowledge ol 
German as well) and would welcome an 
opportunity to relocale to Frankfurt, please 
send your curriculum vitae and recent salary 
history to: 


• i- 

Personnel Director 
Mergenthaler Linotype Division 
Linotype Haus 
Frankfurter Allee 55-75 
[L6236 Eschborn bei Frankfurt 

West Germany 


Linotype 

Erfahrung 

&Qr/a//fi7t 


OVERSEAS ASSIGNMENTS 


■ ^ - nostions are awflahle for qualified professionals and 

Asia, the. Pacific Batin and the Middle East. 
SSgSf mus t have a minim u m of 5+ years experience and 
—JrSrte training or educational background in Construction, 
rnmmuiBcanons, Logistics and most Medical and 


aie svauawe. aome posraor 
.^^pskicxation forward resurae/CV. to: 


exempt 


3 Ficor OTB Tower. 
TANTALUS INTERNATIONAL S Oueerrj Roac. Cerdra' 
THF TAUT-LLIS GROUP Hoog Kong 

ln &. 214446 


"INTERNATIONAL 

POSITIONS” 


appears every Thursday & Saturday 


TO PLACE AN ADVERTISEMENT contact your nearest 
International Herald Tribune representative or Max torero: 
181 Ave. Oiaries-d«-Gculle, 92521 Neuilly Cedex, France. 
TeL: 747-1245. Telex: 613 595. 


| Issuar/MaL 
AitodinuifS 
MUM Irhfi 92 

Aflt«l IrbtlB 
MMJririiMrp 
Arab Bits Carp* 
AltertcFbUntH 
BaCenm. iM.H 
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Beam Safe SM.fi 
Banco PbitoK 
Bonk Of ArafricoW 
Bk CM Grata 91/94 
BA Of Grass 91 
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Bankers! rat 94 
BMteTfUStH 
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BBLTS 
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1 BalndsHK* 

BUG 89 

BPCE87 

BFCEoda 

BFCEIanM 

8FCE99 

BNP 95 

BNP 8? 

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BNP 86/96 
BNP99 
BNP 19 
BNP 11/91 
BNP* 

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Bo warms 89 m 
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King Brig esn 
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Bum Bank to 
Bergen Bonk Oct 18/91 
King Bets fi/Qi 
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CNCA 90/97 
CNCA 90/95 
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OOC94 

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Chose 09 w M 

Chemical Bk94 Oft 274 

Chemical WMv) 94 9ft +3 

Chris Ionia 8k 91 916 13+ 

Christtantali 1 2ft W 

CJftara fWUr) tt*199t 9ft « 

oilcara Saal 96 Tft 1+3 

CM Oct 94 91 Bft 394 

Ottcarow 9ft 124 

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CHKSCPW 8ft 2M 

Canmwnbank89 »to 21+ 

Cflranate*t*w89 Wto 20+ 

Comra u no u lc Jr brine 
De Montreal 91 
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CCF74/4S 
CCF 89/96 
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CradHOa Nani 89/92 
Cite Fonder B/93 
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crLvsa 91/96 
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Cite Lrete* to/* 7 
Cite Cvwincfi8t/V4 
Cradll Lvtnnata 91/95 
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Dai Norsk* norH 
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Coupon Ned BM Askd 
KAk 1+ 

9ft 26-2 
9ft »7 
Tft 285 
Bft 3+7 
9ft 54 
8* 27+ 

Tft +3 
916 11+ 

12ft 63 



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NEW DELHI — India has eo- '2 
tered the world market to buy * 
white sugar and may purchase at " 
least 500,000 tons in the year aid- J 
iag September, trade sources said - 
Friday. 

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aimed at covering a domestic short- ■ 
age, In 1983-84, a shortage /arced .. 
India to import 500,000 tons of . 
sugar, its firsi imports in three ■ 
years. India failed to meet its 1984 . 
international sugar agreement ex- 
port quota of 650000 tons, selling - 
only 300,000 tons. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 23-24, 1985 


SEC Eases Rules on Changes in Mutual Fund Fees 


By Nathaniel C Nash 

New York Tunes Service 

WASHINGTON — The Securi- 
ties and Exchange Commission has 
decided that mutual funds would 
no longer need its authorization to 
alter the fees that brokers get far 
selling the funds' shares. The move 
effectively Trees the SEC and the 
funds from a substantial burden of 
paperwork. 

But in reaching the decision 
Thursday, the SEC stopped short 
of allowing the brokers themselves 
to reduce their commissions in a 
bid for more business. 

Thai leaves in place a system of 


fixed-commission rates set by the 
so-called load mutual funds, which 
some Wall Street analysts regard as 
anti -competitive. The effect of the 
ruling on the commissions that are 
charged to customers of load mutu- 
al funds will be minimal, analysts 
said. 

Of the 5160 billion in assets held 
by stock and bond mutual funds, 
more than half are held by the load 
funds, which charge commissions 
to cover their costs. Under the 1940 
Investment Company Act, these 
funds must list commission sched- 
ules in their prospectuses. 

The other funds, no-load mutual 


funds, do not charge commissions, 
and meet their costs by taking a 
percentage of trading profits. 

In a public meeting, the co mmis - 
sioner unanimously accepted a 
proposal by the SEC staff that 
would remove the agency from the 
price-setting process. 

Under current rules, any pro- 
spectus for the load funds must 
include the fees they charge to vari- 
ous typ^ of customers. The funds 
must seek approval from the SEC 
whenever they want to offer a spe- 
cial rate to anew category of inves- 
tor. 

The mutual fund industry op- 


posed a preliminary SEC stall pro- 
posal to let brokers cut their 
charges to investors whenever they 
wished. That proposal had been 
offered for public comment in 
1983, but was not included in the 
final staff proposal 

Some industry officials had told 
the SEC during the comment peri- 
od that the agency did not have 
authority under the Investment 
Company Act to give brokers com- 
plete freedom to cut prices. 

Officials at the agency confirmed 
that such legal concerns had result- 
ed in a pullback from the original 


Options Approved on Swiss Franc, Sterling 


Arums 

WASHINGTON — The Com- 
modity Futures Trading Commis- 
sion unanimously approved on Fri- 
day the Chicago Mercantile 
Exchange as a market to trade op- 
tions on Swiss francs and British 
pound futures. 

Many of the conditions in the 


options contracts are identical to 
ones approved by the commission 
for trading Deutsche mask futures 
options, the commission staff said 
in recommending commission ap- 
proval. 

Under the proposed options con- 
tract, one Swiss franc or British 
pound option contract win give the 


Gticorp to Buy London Firm 


(Continued from Page 9) 
bills. They act as intermediaries be- 
tween the Bank of England and the 
commercial banks, snaking up sur- 
pluses of funds or providing money 
to fill in shortages. 

Over the past 18 months, Gti- 
corp has rapidly bought into areas 
of the British financial markets tra- 
ditionally reserved for local firms. 

It agreed in principle last year to 
acquire a minority holding in 
Scnmgeour, Kemp-Gee & Co, one 
of London's biggest stockbrokers. 
Earlier, Citicorp acquired a stake in 
a midsized British broker, Vidas 
da Costa, which has offices in 
Hong Kong. Singapore and Tokyo. 
Gticorp has options to increase its 


holdings i& both brokerages to 100 
percent as soon as the London 
Stock Exchange rules permit. 

Gticorp aim owns a small Brit- 
ish life insurance company and last 
year acquired Grindlay Brandts In- 
surance Brokers Ltd, an insurance 
broker in the Lloyd's of Loudon 
market. 

In addition, Gticorp last year 
bought a London-based commod- 
ity futures broker, Lonconex Hold- 
ings Ltd. 

In December; Citicorp's British 
commercial banking uni t became 
the first overseas bank to receive 
the payment-settlement privileges 
of the British Gearing House Sys- 
tem. 


holder the right to buy or sell one 
contract of £25.000 or 125,000 
Swiss francs. An option is a right to 
buy or sell at a specified price with- 
in 'a specified date. 

Exercise price intervals will be 
one cent for Swiss franc options 
and two and a half cents for pound 
options. 

In newly- listed contract months, 
the Chicago Mercantile Exchange 
win list call or buy, and puL or sdl 
options, with exercise prices near- 
est to the previous day’s settlement 
price of the underlying futures con- 
tract and at the next two higher and 
next two lower exercise prices. 

Trading will end two Fridays be- 
fore the third Wednesday of the 
contract months, which is six busi- 
ness days before the end of trading 
is the underlying futures contracts. 

Option prices will be quoted in 
dollars or fractions of dollars pa 
pound or Swiss franc. 

The minimum price fluctuation 
wiQ be one point pa Swiss franc 
and five points per pound and each 
one- tx* five-point change in the 
value of the proposed option con- 
tracts is worth S12J0. 

No maximum daily price limits 
are proposed. 


CiborGeigy Net 
bi ’84 Up 583% 
On Higher Sales 

Reuters 

BASEL — Ciba-Gdgy AG, 
the big Swiss chemicals and 
drug producer, said Friday that 
its 1984 group profits rose 58.2 
percent, to 1.19 billion Swiss 
francs ($421.9 million) from 
776 million francs a year earlier, 
on the strength of higher vol- 
ume sales. 

Group net totaled 1.19 bil- 
lion francs last year against 776 
million francs the previous 
year. As the result, the board 
decided to increase the divi- 
dend to 35 francs a share, after 
31 francs on 1983 results. 

“Sales growth was achieved 
principally through volume 
growth and product mix im- 
provements." the company 
said. “Increases in selling prices 
remained distinctly below the 
rate of inflation, low though the 
latter was.” 

Turnover, which had been 
announced in January, rose to 
17.47 biDiao francs from 14.74 
billion francs. i 


■nnssEns 


EUROPORT TAX 



INTERNATIONAL CLASSIFIED 


(Continued From Back Page) 


LOW COST FLIGHTS 


NEW YORK 

RGTEAM 

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Pa g* 14 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, FEBRUARY 23-24, 1985 


ACROSS 


1 Brazilian 

“Gryontfce' 

Wabash 

iQQ&tis. 

GeoiXeSand 
raigrapher 
M Glads 
1® Pierre's 
goodfaye 


ACROSS 


ACROSS 


gson flowed 

21 Neither raw 

yoo crack 


Emerson 
•SBrochfi 
*3 Andretti’s 
' vehicle 
2 Speechless 

avS^*”" 

___ CoEabTfo^ 

27 Drama by 
Samuel 
Johnson 
gfttaiie genus 

29 Just -boys 

grown heavy*’: 


30 Dressed to the 


31 Farewells to 
schooldays 
35 Skips about 


dO Crosby or 
Cohunbo 


45 Oscan, 

Umbrian, etc. 


44 Illness canned 

by plasmodia 

d* Locomotive 

4* Fluff 

50 Maldlve’s 
capital 

51 Titan, ter one 

53 Humorous 
spelling of 
"fish” 

54 Danish 
composer: 
1860.1939 

55 Garrison 

54 Dutch pupa of 
Rembrandt 

58 She abducted 
Cleltus 

W "As thick as 

three in 

Scott 

61 Goodbyes to 
G.I/s 

64 Bush leaguers 

67 Post post, for 

short 

«8 fire 

70 Racket 

71 Fairy-tale 
Requisite 

78 Finale for 
Fischer 

82 Tra^s cousin 

83 Goa, Daman 

and 

84 Decalogue 
□umber 

88 Work's home 


87 Lambs’ dams rr~ 

88 Acknowledg- 
ments of pmt 13 " 

90 A hormone, fr.r 

short 23 

92 Father of 

Delight 27 

94 Dido 

95 Mothballs IS 

97 Flourished IS 

99 Puckered 35 

fabric 

190 Sights at « 

Newport 

102 Grades *9 

103 Survive 

104 Future * 

benedict’s last 

hurrah fl i 

107 Hawaiian 

farewell mm 

111 Actual Jig 

112 Bog down 71 

113 Nanny’s mate 

118 - — add 32 

119 Can 

120 Jacob's-sword es 

121 Juan’s 

farewell m 

122 Primitive 

starter 100 

123 "Beau Geate” — 

author HI 

124 Neither masc. pi 

norfem. 107 

125 French 

126 Scars on cars ns 

127 Marine fish 

128 MU. 122 

decorations 

129 Kind of beam TSs 


’Bye-Lines sydaleo.burgener 


PEANUTS 


1 [2 13 14 Is 



15 


17 

23 


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26 




30 


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lTHI5? I 


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REAPS- AM X 
.AMRTAR J 




YOU SHOiiLi? CEMENT 
THESE ROCKS TDoETHER. 

it'll make a setter 
WALL ..All UJE HAVE TO 
DQ 15 APP WATER _ 


OKAY, TURN ON 
THE WATER! BRINS 
THAT H05E OVER HERE! 


130 137 138 


141 142 143 144 





rsTBHM 


BLONDIE 


rsTT [MBpo 


I64T [65 


71 172 173 174 


[7B 179 ISO 181 


[64| [06 


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BEETLE BAILEY 


107 1108 1 109 1 110 1 


[il3|114|1t5|11C|l17? 




© New York Times, edited by Eugene Maleska. 


down 


DOWN 


DOWN 


DOWN 


DOWN 


DOWN 


DOWN 


1 Draped 
garment 

2 Jewish month 

3 Apollo 17 


11 Of bodily 

structure 

12 Panglass, to 
Candide 

13 Cultural 

14 Farewell 


5 Boyer’s ‘Til 
be seeing you’ 


6 Treadles 

7 Bring out 

8 Meant to offer 
i mpr o v e ment 

9 Without 
restraint 

10 Double-duty 
schoolrooms 


15 Places 

16 Child's need 

17 A Rose by 
another name 

38 Father of 

flairmn 

32 Intoxicant in 
liq. 

33Spyorg. 

34 Before, in 
poesy 


35 Taunted 

36 Observe Yom 
Kippur 

37 Heavenly food 

38 Make eyes 
watery 

41 Old Irish 
alphabetic 
system 

42 Amphion’s 
wife 

43 Put into a 
computer 

44 Whitelaw and 
Ogden 

48 Felix Knill's 
creator 


47 Arne oratario 


59 Barberry 
shrub 


52 Disintegrates 
55 Powered 
bicycle 

57 Kind of orange 
59 Place for a 
muleta 
62Gatsby 
63 EcoJ. is one 

65 Former 
nuclear agcy. 

66 Sign 
69 Circean 

71 Houyhrihnm, 
for one 


72 Primes for 
crimes 

73 Ornamental 
loop 


91 Menace 

93 Breathes 

94 An opening line 


107 Starting 
quartet 


74 Ancient 
Edomite 
capital 

75 Type of pipe 

77 Almuce, e.g. 

78 Legion of 

79 Flooded 

80 Stiffen 

81 Lang ridge of 
sand 


96 Andaman or 
Tasman 

98 Dancer Michio 


108 Space an a 
snake’s face 


99 Buff 


109 Algerian port 
HOSoupcon 
114 Conceit 


85 Forget itl 
89 Reverses 


101 Hen tracks 
00 paper 

103 Pulls away 
forcefully 

105 Painter 
Matisse 

106 Suffix with 
planet 


115 Jurassic 
subdivision 


116 Noted mezzo- 
soprano 


I17NIeuport's 

river 



WILT ON HIGH 

By Tom Sharpe. 236 pp. $13.95. 
Random House, 201 East 50th Street, 
Hew York, JV. Y. 10022. 


Reviewed by Miciuko Kakutani 


BOOKS 

cases involving inflatable dolls, dogs 
>k on LSD, anttierrorist assaults on golf 


Milty-type fantasies of transforming their hum- 
drum middle-class lives into something more com- 
pelling. And both have an uncanny talent for get- 


WIZARD of ID 


— murder cases involving 
running amok on LSD, anti 
courses, that kind of thing. 


pelling. And both have an uncanny talent for get- 
ting themselves into preposterous situations. 


As “Will on High" opens, poor Henry already 
seems to have more than his snare of problems: as 


Tr? 


cW--Xa&- & up 


T HOUGH Tom Sharpe's fiction has earned him 
comparisons with P. G. Wodehouse and Evdvn 


X comparisons with P. G. Wodehouse and Evelyn 
Waugh, as well as a solid place on the British best- 
seller lists, be has yet to win more than a cult 
following in the United States. Last year. Vintage 
Books reissued half a dozen early Sharpe titles, and 
now, with Random House's publication of his latest 
novel, “Wilt on High," American readers have an- 
other chance to discover the Rabelaisian humor of 
this gifted British farceur. 

Certainly Sharpe’s comic sensibility will not be to 
everyone’s taste. His novels can be hysterically 
funny, but they are also nasty, misanthropic and 
relentlessly vulgar — slapstick in tone, outrageously 
wild in conception. Reading them is like watching a 
Money Python routine: besides bad taste and soph- 
omonc sex jokes, one can anticipate satiric jabs at 
every public institution and private pretension 
imaginable and all maimer of ridiculous high jinks 


Like Kingsley Amis, Sharpe wants to expose the 
absurdities of daily life in dreary, postwar Britain. 


seems to have more than his share ot problems: as 
head of liberal studies at Fenland College of Arts 
and Technology, he is haring to cope with textbook 


and he leaves virtually no aspect of contemporary 
culture unscathed, la “Wilt on High." the welfare 
state university emerges as a refuge for nitwits and 
second-rate minds — disaffected professors who 
hold endless committee meetings and use phrases 


and Technology, he is baring to cope with textbook 
shortages and drug use among the students, and at 
home, his wife. Eva, and his four beastly daughters 


are slowly driving him mad The four “bints," as be 
calls them, have Been wreaking havoc on the neigh- 
borhood — they've electrified a fence and souped 
up a la winnower so that it does 80 miles per hour — 
and the sexually importunate Eva has taken to 
drugging his beer with an aphrodisiac thai produces 
embarrassing side-effects. To make matters worse. 
Henry is having money problems, and he’s begun 
moonlighting to pay the bills: he spends Tuesday 
evenings at a prison, teaching a gangster about 
E. M. Forster, and Fridays at a U. S. air base, giving 
lectures on British culture. 

While Henry's plight may initially seem plausible 
enough, events have a way of skidding out of control 
in Sharpe’s novels, and his hapless hero soon finds 
himsdfeaught in a maelstrom of misunderstanding. 
The daughter of a prominent lord has been found in 
the school boiler-room, dead of a heroin overdose, 
and it seems that the convict Henry has been tutor- 
ing has suddenly overdosed as welL Henry, the cops 
figure, must be the missing (ink between the two 
deaths, and they begin tailing him on his daily 
rounds. 

As usual, Sharpe demonstrates a remarkable in- 
ventiveness with plot, though this time he never 
quite untangles the hodgepodge of hectic events into 
a satisfying ending. There are episodes involving a 
libidinous next-door neighbor and a foul-minded 
officer's wife that seem to have been included sim- 
ply for their salacious value, and there are equally 
extraneous scenes featuring bad puns and one- 


like “expressive attainment" and “post-natal abor- 
tion.” women peace workers are portrayed as 


kooky housewives who believe that “the bomb is 
symbolic of the male orgasm." and Americans as 
bumbling lunatics who assume “that even the most 
ineffectual liberal do-gooder must be a homicidal 
Stalinist." 

No doubt Henry Wilt, the put-upon hero of this 
novel — who previously appeared in “Wilt" and 
“The Will Alternative" — will also remind readers 
of Amis’s Lucky Jim. Both are wimps, beset with 
insecurities and resentful of those blessed with mon- 
ey, good looks and power. Both harbor Walter 


DENNIS THE MENACE 


Solution to Last Week’s Puzzle 



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uzjou uuuu uaauu □□1100 




60CVORA 

mtopw 

4mm 




REX MORGAN 


I VE BEEN WAWT1N& TO TALK WITH YOU I 
FOR SOME TIME NOW, MARTHA— BUT A 
IT SEEMED THAT IT WAS NEVER 

Convenient for us to be alone 1 


YES. I N I've NEVER BEEN GOOD AT EXPRESS I NS " 
KNOW, HOW I FEEL, MARTHA, SO I MIGHT AS WE a 
KEITH— J BLURT IT OUT' TM IN LOVE WITH YOU --- - 
. A — 1 AND HAVE BEEN FOR A LONGTIME' Hi 





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> VOl' RE LAZ V, &ARFIELP. . 
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Line the worlds 

GREATEST MOOSER? 


LAZV. I ACVVURE 
THAT IN A CAT 


liners. If "Will on High” lacks a certain coherence, 
however, it is still a lot of fun — and serves as a 
fitting introduction to this outrageous writer’s work. 


Michiko Kakutani is on the staff of the New York 
Tunes. 




i w a i r w m Synactffctoc. 


Wirid Slock Markets 


f ia Agence France- Presse Feb. 22 

Closing prices in heat currencies unless otherwise i n dicated. 


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WEATHER 


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SralCM Fa*. Turn 11—9 (53 — 4 * 1 . MMIS-A-. Foh-. 

HOMO -3 » 07 — 12). SlMGARORC: 

gV«-^TONY°: Fa.r.Tcn»*-l 148-341. 

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PwimdRIc. 
Pstroles Use) 
Pmw*o( 
Pockjln 
Priwl a iiws 


Radaute 
RouemH Udal 
SMs Rasslanol 
sour.Pwriar 
TeWrrwcan 
Thomson CSF 
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264J0 269 

285 289 

51 JD 51.10 
196 19B* I 
254 as 
1279 

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2005 2005 

537 5*0 

2360 Z3R5 
584 505 

232 233 


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MIM 

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220 220 
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29B 305 

395 «10 

536 550 

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21 24 

85 86 

318 SIS 


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Nippon Yusen 

Nissan 

Nomura Sec 

Olympus 

Ricoh 

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Sonv 

Sumitomo Bank 
Sum llomo Chem 
Sum Homo Metal 
Tab*/ Cord 
TatstM, Marine 
TakedoChetn 
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Tokyo Elec Power 
Tokyo Marine 
Torov Ind 
Tosh Wo 
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Reuters 

Royal Dutch £ 

RT7 

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SM Chartered 
Tate and Lyle 


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1000 1000 
1425 1630 
6600 6750 
1250 1260 
2450 J700 
2600 26S0 
7000 7050 
975 975 

51Q5 5325 
1620 1640 
610 610 
3273 3* 
570 570 


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312 311 

283 29* 

NJX 360 
171 173 

198 2£E 

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238 238 

266 260 


AftorsvarMen Index -. 391*0 
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Aeatri Chem 
Asahl Class 
Bank of Tokyo 
Brkteeslone 
Canon 
ci ton 

Dal Nippon Print 
Datwa House 
Full Bank 
Pull Photo 
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Hitachi 
Honda 
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Japan Air Unas 
Kollma 


DJ. Index : 7Z147M 
Freeloee : nnu* 


P revious : 951 J8 


F.T.38HKU*: 975J9 
Provleas : ft* JO 




AEG Teletunken 
Aliiam Vers 
Bail 
Bayer 

1 Bayer J4Yaa. 
Bavcr.Ver^ank 
BMW 

CommeRbonk 
Conusumml 
Daimler Benz 
Demina 

Deutsche Babtiock 
Deutsche Bank 
Dresdner Bonk 
tHIB Schulfyt 
OHH 
HOchl W 

Howhsi 

Houscft 

IIOluIHlHi 


Kan 4 Sail 
Karitadt 
Kauftiot 
KHD 

Kleeckner Werhe 


110 111 
1025V3 1031 
197 JO 19250 
301 JO 198JB 
314 311 

321 324 

38* 381 

16X30 165 

13 171 JO 
656 £52 

356 356 

16950 165 

40120 dURn 

191 JO 192 
21950 271 

1(0 JO 140 

460 460 

196J0 193 

108 107J0 
392 399 

168 168 
uuga 

7iW 7770 



> siivi sms 

.ran 177 IP 

■n Gold S77VS 577 

148 143 

612 *14 

JD4 507 

355 341 

353 158 

235 238 

37 37 

Stow 295 397 

165 167 

Indus ZO 246 

560 SM 

Hama SI 3*3 244 

Telecom 1239* 125 

637 641 

220 216 

5cttw 168 IP 

cons an at 

*-rw . 158 159 

510 507 

149 14* 

SOI Ml 

* 437 4* 

203 28 * 

1 CHS 324 

45 MYt 

293 293 

«£ S 
20 * 210 

2*0 241 

692 694 

206 207 

429 *35 

882 879 

38 210 

-Bonk 5S7 559 

in 173 

2S6 257 


Banco Comm 

Centro fe 

CToahoteta 

Cradltal 

Farmltaiiq 

Flat 

FlraMer 

Generali 

IFI 

iroicemetni 

M e&oOa nca 

Montedison 

Olivetti 

Pirelli 

RAS 

Rlnoseenfe 

SIP 

Srtfa 

Standa 


19201 19195 
3390 3275 
8010 7650 
2710 2390 
12290 12468 
2659 2750 
53 S* 
40500 41100 
7485 7899 
82200 81900 
86510 57300 
1540 1577 
6910 6935 

2215 DU 

68990 69700 
65650 66&50 
2121 2105 
2869 2975 
11700 1219S 


AC l 
ANI 
ANZ 
BHP 
BoraJ 

I Bougainville 
Brambles 
Coles 
Cptnataj 
CRA 

I CSR 


1U 190 

263 265 
ta *57 
53* 540 
377 329 
195 198 
385 ITS 
390 385 
265 265 
S62 564 
281 290 


Kao Soap 
Kawasaki Steel 

Klrtn Brewery 
Komatsu iu 
Kubota 

Matsu EtacJnds 
Matsu EtecVtorks 
Mitsubishi Bank 
Mitsubishi Chem 
Mitsubishi EMc 
Mitsubishi Heavy 
Mitsubishi Cora 
Mitsui ond co 

Mitsubishi 

Mitsumi 

NCC - 
NlkkoSeC 


Bank Leu 
Brown Bavarl 
Clba Gelev 
Credit Suisse 
Elect rowett 
Georo Fischer 
Jacob Sucttam 
Jelmoil 
Landis Gvr 
Nostle 
Oerirkan-S 
RocneBabv 
Sandaz 
SChlmUer 
Sul mt 
SBC 

SaMr 
Swiss Voiksbank 

Union Bank 
Wtmorthur 
Zurich ins 


2*40 2*25 
2720 2705 
745 745 

MOO MOO 
1970 1970 
1688 1690 
6*15 6410 
1475 1M5 
8875 91M 
MOO 7975 
3770 3750 
346 3*2 

370 369 

1166 1150 
1500 ISOS 
3685 3670 
*390 4250 
30500 20600 


SBC Index : 43240 
Prestons : 832.lt 


| "A: not aootod; NA: Ttot* 
aval lob Mi xd: eiedhrldeM. 


NJ. Urged to Revoke Resorts license 


MiB Index ;UH 
Previous :1JM 


Air Uaulde 
AlsttiamAt]. 
Av Dassault 
Banco I re 

me 

Beureue s 
B5N-C5D 


Carrataur 
Club Med 
Coflmes 
Dumez 
EHMiiftalM 

SSEi, 

Hochette 
Imetol 
L ota roe Coo 


Metre 
Michel In 
MMPeraiar 
Moet Henrassv 
Moulinex 


Moulinex 

Nord-Esl 

Occkteilato 


630 63$ 

226,90 227 

1150 1165 
592 604 

5«9 570 

*48 630 

5468 2453 
197D 1963 
12S5 1261 , 
m$Q 230 
618 618 
249 24LSD 
1001 1 (Q 8 | 

570 to 
1788 1820 ! 

8X90 8690 
*3150 *9550 
2125 2084 
2*35 2*30 
1730 I72S 
HS4 854 
77 JO 7650 
1975 >978 

10640 107 JO 
77 JO T» JO 
781 70S 


The Associated Press 

LAWRENCE TOWNSHIP, 
New Jersey -— New Jersey’s top- 
gaming official has recommended 
that Resorts International Inc.’s 
casino license be revoked because 
payments were indirectly funnelcd 
to Prime Minister Lyndien O, Fin- 
ding of the Bahamas as a bribe. 

Trading of the company’s stock 
was halted as a result. 

Thomas O' Brien, head of the Di- 
vision of Gaming Enforcement, 
said there was a “reasonable infer- 
ence" the company’s officials knew 
payments would reach Mr. Pin- 
dfing in 19S0 and I98T. 

A Bahamian commission investi- 


sorts. which opened the first Atlan- 
tic City casino in 1978, denied thai 


‘any bribes had been paid. 

The chairman of the Casino 


Control Commission, Waiter N. 
Read, said the panel would vote 
whether to relicense Resorts on 
Tuesday, ibe day the firm’s license 
expires. Hearings began Jan. 31. 


700AMtPrce 
an* Aeklaitos 
5533 AankB E 
SOO Agra tnd A 
9014 Alt Enaruv 
500 Alto Ndl 
RM Aiooma SI 
2104 AndrsWAf 
23 Arscen 
1630 Atcal ( 

1Z62 BP Canada 
4088* Bank BC 
200327 Bank hs 
394*9 Barrtck a 
*890 Bonanza R 
1300 Brakrne 
3300 Brama lea 
)8CDBre»dDM 
12S3S BCPP 
31895 BC Rem 
20655 BC Phone 
73*00 Sn/rwwk 
3500 Budd Con 
79650 CAE 
*00 CCI. A 
15300 CD WbBI 
159650 Cod Frv 
9700C HOT Wot 
200 C Pockr* 
17634 Con Trust 
6151 CGE 
79320 Cl Bk Com 
lUOOCdn Not Res 
536851 CTlrtAI 
2S2359CUIIIB 
5600 Cora 
32620 Cabmeae 
1700 C Dlsttj A 
15300 COlItta B I 
1*700 CTL Bank 
3906 Co nvct i tr» 
200 Conwemt A 
SOSDCoseka R 
250 Canron A 
4*50 Crawnx 
17013 Czar Res 
10J5S3 Dwttt Dev 
2000 DoonA 
8835 Denbon A 
TTaap w toiBi 
22000 Dove Icon 
4077 OFcknan A f 
2677 Dicknen B 
400 Damon A 
1*450 DehncoA 
17070 Du Pant A 

69W DvtOX A 

3990EtaflnmX 
100 Etna 
2800 Equity Svr 
6743C FatconC 
31904 FI cnbrao* 
517 Fordv RH 
*50 Fed ind A 
100 Pad Plan 
1S00P at* Fin 
■ 300 Fraser 
100 Fniehauf 
ISMGendtsA 
*5860 Geac Comp 
797*4 Sk»vd« 
*300 Gtorohor 


29200 Oouknrat 
IN Goodyear 
108 Graft G 
16200 Grandma 
2KQGrantfee 

250 GL Forest 

snetPodtic 

440GrevhM 
33I0H Group A - 
1230 Hawker 
239* HOVC3 D 
4327 H Bay Ca 
11*6* imasco 
6100 indol 
400lneHs 
’ 8 S 3 inkvsHJo 
970o inM Thom 
665* inter Pipe 
106 Ivoco 8 
ISeajannock 
600 Kam Hot la 
2500KUrisurH 
500 Kerr Add 
17415 Laban 
I8*W Lac Mart* 
3400 LOni Com 


Noumes Proteste Threatened 


gating Mr. Pindling’s financial af- 
fairs turned up S43 1,000 in pay- 


ments received by the prime 
minister, but an attorney for Re- 


Agence Fraitce-Presse 

NOUMEA, New Caledonia — 
Rightist leaders in New Caledonia 
have threatened to call mass dem- 
onstrations unless the French gov- 
ernment suspends an expulsion or- 
der served Thursday on five rightist 
white settlers accused of fomenting 
ethnic disturbances. 


Htoh lowchmc ctju* 
443VJ 43W *JVj — v, 
SliVa 1414 16IU— W 

S13W 13W 133X+ Va 
S 6 V 1 64* 645- I* 

520Va 20*5 20W— Vi 
5153* 153*. 153- 
522 21 21 — 1W 

5243* 2*3* 2434 
518 IB 18—16 
59 I* 9 
S25V? 2AU. 263*— W 
553* S3- 54-— V. 

SVM, 1334 I3W+W 
135 1» 135 9-3 

*15 *10 *10 

55 *95 49S — 30 

5179* 179* 179b- to 
SHU » DU. + U. 
SHto 11 II 

3*5 3*1 2«* — 4 

X2T\ 22VS SW— 34 
«6 1544 1544 + W 

133 22W 22W 

51644 1648 169* + to 
53644 26V. 26 Vi — v. 
569* 6V> 6V4 — to 

515*4 14to ISto + to 
S24W 2*4. 2*14 — to 

S29W 39W 29W — to 
S3IW 31 V, 31 to— 9b 
546 64 66 +3 

5309* 3034 3034 
34 X 34 +4 
59W 89- B*b— 9* 

517 17 17 + to 

S11W 119* 119*+ to 
*634 4to 6W — W 
S6to 6*b 444 

569* 6to 6*4 — to 
SJJto 111* I7V6» — Mr 
SSto 5to Sto 

«V* BV* Bto- to 
387 282 2B5 

51194 11V* 11W— to 
5174* 17V, 174* 

169 165 169 +4 

3*3 350 335 

395 380 395 +15 , 

SM 13W 139*— 9* 
513V* 12ft 13 — to 
510 TV. 10 +ft' 
*80 *70 4^1 —30 

56 5 5 —to 

ZSt 255 255 i 

538W 22 283* ! 

SI7to 17 17 + to 

S39W 3844 XK- to, 
564* 6ft 6H- to 
18 IB — a*' 
- Sto 6ft— to 
*Wft 17ft 17ft— 1 I 
W7 9*W MW— 39*1 
VV 270 270 +10 

014b 31ft Sift— ft 
QIW 21ft 21ft 

S3 115 ]tto+ ft 

18ft 19 + ft 
21 21 + to 

Z7W Z7ft— to 
lift 12ft— 9* 
2M 3f3 264 + I 

into T0V4— to 
5ft 5ft + ft 
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SI 31 31 

55 53 SS +2 

46 *6 46 +1 

i*SftSft + * 

S3* Vi 3*W 3*W— U 
57ft 7ft 7ft— to 
521 W 31 'i, 31ft+ V% 
5253b 2Sto 259* + to 
5179* 1714 1716- ft 
SSJto S3ft 529*— to 
SMto 44 Mft— V* 
SISto 15W ISto+ft 
Pi lift 74 + to 
S9V* • 9 


ISOOLocona 
2400LLLOC 
11073 Loblow Co 
300MDSHA 
750 Me Ian HX 
19737 Mertand E 


2*008 Motion At 
14500 Motion a 
200 Mo ran v 
S600 NotM sco L 
6*515 Norando 
I*S5Noreen 
1916 Nva Alt At 
(UONowscn W 
14700 NuWd la A 
iSOO Oak wood 
6825 Oshowa A f 
15833 Famour 
iSoofonCanP 
AM Pembina 

*00 Pnom v on 


M0 Pine Point 
1800 Place GOO 

22S76 Plooer 
WOPravlao 
3200 Oue Sturg o 
looaoo Ravrackt 
563* Rodpatn 
39366 RdStsnhsA 
2300 RolcttfioW 
31365 Rm Serv I 
2805* R«vn Pra A 
700 Roaer*A 
2700 Roman 
160 Rottvnan 
19006 Sceatra 
XOScoffst 


700 Sears Con 
21238 Shell Can 


5704b 709b 109* 
S29V. 29% 29%— to 
S19W 199* 19ft- ft 
S20to 2DW 20W 
526 25ft 26 • 

425 *25 42 +5 

516ft Uto 16to— % 
SMto 76W J6W 
522 22 22 

S26W 26 36 —to 

S18ft 15ft 1 89b— % 
5149* 14W I4M 

57 6ft Jft-^1* 
522 21ft 22 

45 62 62 — J 

55 *90 5 +10 

1349* 23ft 23ft— lto 
SSVi *90 Sto 
S3 28 28 —ft 

5179* 179* 179* 

57% 7V. 716— to 

517 3644 264* — % 

no im no + 5 

523ft 234* 23ft— to 
530 19W 19W— W 

365 ASS 360 — J* ■ 

58 794 8 

535V* 34** 35 + to 
5229* 229* 224b— to 
5144* 149* W4b 

195 190 190 — 8- 

IIS 115 115 — 5 

99ft 9W 996+ to 
51146 11V* Uto- % 
S42W *2W 42to 
55ft 5ft 5ft— to 
52094 20W 2044 + to 


36775 Sheer Itl 
dj Sfiwia 

SOODStatW B I 
3420 5outnm 
33732 StMcoA 


wiosvipfra 

1S25 Sleep R 

6000 Sydney o 
SWOTolcorp 
*soo Torn 
100 Teat Cota 
57750 T*ck si 
_ ffOTaledyne 
26859TM Can 
9745 Thom N A 
61234 Tor Dm Bk 
16775 ToraJar B f 
200 Traders A 7 
2310 TmsM* 

100 Trmty Res 
89B44 TrnAJta UA 
30780 TrCon PL 
4*K6Trlmac 
SOOTrbec At 
31250 Turbot 
BS4UntearaAf 
840 Un Carbld 
12M6U Entortso 
6200 U Keno 
1400U Sbcoe 
WBVerstlAI 


02 ft 22 W 22 W— J 6 
571* 79* 79*- J 
»% IV. 8 to— to 
si oft tow in*— J* 
557ft 57 57% + £ 

522ft 22ft 22to+W 
237 230 230 —J 
32S 315 315 -W 
S24ft 24% 2416— to 
26W 2SYi 2*»+W' 
95 95 « ' " i 

520 19W 0' +to 

572 H « + * 
512 1196 119to-V| 

510ft IBft 10 ft + »' 
5139* 33% 33ft- %. 
5539* S3fa S3ft+ « 
519ft 19ft 19Vb— ft' 
519% 19 19 

522% 

57ft 7W 7ft + V* 


*60 HO 460 

Sft TtW »»+Ur 


UWVeatBran 

ii20QweMund 


uamweMwad 
eOOQWesHorto 
391 30 WexTmln 
MOOwmson 
2121 WaadndA 
4650 vk Bear 


SSft 23ft 224b— ft 
4*5 640 445 + 5 

S2S 2fl4 25 , . 

M Si 59—1 

S8U. lto aft- V' 
sin* in* im ^ 
512ft 17to 17ft-.*, 

T F iT-i 

sw* lift lift- to’ 
516 16 16 + *. 

17 17 17 - 2 

577W 13% 13ft-,ft 

577 » 76 —lto 


577 » 76 —in 

SIBft Wft Oft- ft 
sm* lift ltft+to 


Tom sales 11,089X35 short* 

am PwJorf 
nEMMn: zsrm saosjo 


35367 Bdnk Mont 
10600 Cl L 


7031 Con Bath 
3S71 DomTxtA 
2600 MntTret 
6*360 RcTBk COQ 
32W Power Coro 
6500 RaltandA 
4IP0 RpHondB 
130381 Royal Bank 
200 RovTrstco 


3* + to 
71ft 71ft + 9* 


512 12 12 

103 ltQ 102—1 
538 37W 37ft— ft 

BtOft Mft 1614+ to' 
2494 2494— % 

77 27 — % 

511% 11 II — ft 


Kish LOW CUM CM* 

gs&sr* 

SISft Uto Wft 
5)ift liftilto— J* 
515ft 15ft IB*— ^ 
8169* 96ft H*« ^ 

08ft 2 BW »b-to 

20 a»+to. 

571 20 71 +> 

53094 Mi3n*+£ 

518ft 18ft 18ft+ * 


I «W» B I MUI llfffl litf Hrra ■ 

Total Soles Z744M8 shorn. 

am* Wj«« 
UtdeslrMs Index: n&» 


George Yec 

\c* • T.mrr Ser 

ST. PETERSBURG. 1 
Is Gin Car.e: glad t«? be 
is sain e ciiision the 

Expos, the '.iira tivu tr 
after 10 fui: >easons? V 
rei-g.K or. fus foi 
tins 

CerumK sol Carter u 
.Ibnrsday ia his first da 
camp. He ^srared every! 
ii»iTJ fceiuit anodic t 
on June 14'. when ’*'e pla 
pcs for the firs’, time, up l 
night ganas " 

There »as nothing re 
about Carter’s knowing 
aie and time of his firs' 
lith the Expos. AS :cr afl. I 
am cot oni> a p’.ayer. I*e 
ihegameai weii.’’’ 

He is .• eviiector of 
cads, arc like anv true 
knows tha: Garv 'Carte 
April S. iS-54. Culver Cit 


l?rr.vr -3T 




i. 

SSf K : Tvv- ir 
















| ^*'-4 


? m 

m 




as 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY, FEBRUARY 23-24, 1935 


SPORTS 


NASLin Ruins: Financial Ills and Death of the Spirit 



Pel6, in the glory days. 


By Paul Gardner 

A far York Tuna Strike 

NEW YORK — It bints to say it, but the 
North A m e ri can Soccer League is dead. 
Dead in the sense that it has lost its spirit, its 
vigor, 'its promise; in the sense that it can 

continue existing only as a f*p»« shadow of 
what it once was. 

At its New York headquarters on the Ave- 
nue of the Americas, once a warren of bus- 
tling offices that spread over two floors, the 
staff is down to apaloy six. In the largest of 
the r emaining offices, enveloped in a dood 
of agar smoke, sits — or more likely, paces 
— ihe interim NASL president, Qrveioye. 

He hi trying to conjure up enough dubs to 
pat together a 1985 season. In the unlikely 
event that he can succeed, it is dear such a 
season would be a short, low-budget affair 
that would entail a dramatic drop in the 
caliber of operations and level of play that 
the NASL established in its halcyon days of 
the late 1970s. 

Almost certainly, it would be a season 
without the New York Cosmos. For so long 
the symbol of NASL glamour and quality, 
the Cosmos are in deep financial trouble, 
searching far investors to /end off collapse. 

It was only 10 yean ago that the Cosmos, 
then managed by Toye, sparked off the soc- 
cer boom of the 70s by signing Fete. The 
dramatic coup shoved soccer firmly under 
the nose of iteU-S. public. Within two years, 

the Cosmos were drawing crowds of more 
than 70,000 and the NASL grew to 24 dubs. 

It was a feverish growth, as the NASL 
tried to do in the space of a few seasons what 
had taken the National Football League 40 
years. The name of the game became Keep- 
ing up With the Cosmos; other dubs began 


spending lavishly, and usually not too wisely, 
on imported foreign stars. 

To meet piayer salaries and budgets, the 
NASL had to get a national television con- 
tract. Thar came in 1979. with ABC. It really 
did look as if the final piece was in place lor 
U.S. soccer's triumph. 

The turning point came quickly. After the 
1980 season, ABC, discouraged by poor rat- 
ings, did not renew its contract. The number 
of NASL dubs dropped to 21, and the slide 
was on. Profitability was still a distant pros- 
pect. national TV had come and gone, atten- 
dance was stagnating, expenses were getting 

higher. 

And by then the NASL was finding its 
tentative efforts to encourage the develop- 
ment of U.S. players were backfiring. A new 


opposed to the whole idea of expensive for- 
eign imports. This new breed of home- 
growns had agents and were backed strongly 
by a players' union. They demanded and got 
high salaries. 

When Howard Samuels was brought in as 
the NASL's president in 1982, he had one 
task: to bring finandaJ sanity to the league: 
He was bonified at finding a lack of fiscal 
responsibility, owners who would not cany 
oat his budget-control ideas. “They’re cra- 
zy," he said, “and that they complain about 
the huge losses and threaten to get out of the 
sport. 

But the NASL had always had other prob- 
lems, unique to soccer, that it had never 
solved, and in some cases never redly faced 
up ta A basic difficulty was that of introduc- 
ing a new sport to Americans, with the sell- 
ing to be done by people who generally had 
litjle intimate knowledge of that sport. 


Few league owners ever displayed more 
than' a superficial grasp of the nature of 
soccer. They saw it mainly as something 
popitiar everywhere else in the world, a com- 
modity that could be marketed for the U.S. 
audirnrr, 

Soccer is not a commodity. It cranes with a 
100-year history of human involvement, a 
sport calling for a peculiarly intimate and 
passionate involvement with its fans. 

But than is no such thing as instant inti- 
macy. It takes time to develop, it needs a 
history, and that was something the Ameri- 
can public could not bring to soccer. It is just 
such intimacy that allows the world’s soccer 
fans to forgive thdr sport its excesses and its 
aberrations. 

The aberration that American owners 
could not forgive was that soccer was too 
inconsistent a game. Wfaenii was good it was 
grand, but when it was bad it could be deadly 

The boring games were a source of much 
perturbation to the NASL owners. Searching 
for a sedation, they focused on goal-scoring, 
and all «™mngr of ideas were advanced to 
increase it But here the owners ran into 
another obstacle that infuriated them. The 
ultimate control of soccer’s rules lies with the 
Federation Internationale de Football Asso- 
ciation. And that group refused to allow the 
brash Americans to play fast and loose with 
the rotes. 

Frustration among owners almost reached 
apoplexy. It was not a situation that could 
continue for long; the NASL has a high 
instance of tranaent ownership. Only once 
in its 18-year history has the league fielded 
the same lineup of dubs in consecutive sea- 
sons. Without dub stability, there was never 


any league ideality, and die rivalries never 
developed. 

Despite repeated assurance from owners 
that “we're in this for the long haul we’re 
going to srick.il out," no more than half a 
dozen have shown long-term persistence. 

Others, frustrated u-whai they saw as 
their attempts to Americanize soccer, tamed 
to indoor soccer, where FIFA's control is less 
well defined and where rules can be changed 
to ant what is seen as “the American way." 

The rise of che indoor game, represented 
by the Major Indoor Soccer League, was the 
final blow. As the NASL tried to cut its 
player salaries, the MISL began oatbidding 


the attempt to impose the 
ted States at the pro level has 


n for players. 

Undeniably, 
sport in the Um 


sport in tire United States at the pro level has 
failed for now. Bat what the NASL has 
accomplished is to spread the sport through- 
out the United States, to plant roots that 
were so lacking when it started in 1967. 

Ironically, youth socoer is fioarUhmg as 
never before, all over the country. Add to 
that the evidence of last year’s Olympic 
Games, when crowds of more than 100,000 
turned out to watch soccer matches, and it 
really does appear that there is strong hope 
for a pro soccer league in the United States. 

Bat not now. The only hope for the NASL 
is to keep the flame of the pro sport burning 
until the current soccer-playing youth, both 
boys and girls, become parents. At that 
point, soccer will begin to nave the tradition 
it has lacked in this country. With that mil 
crane the intimacy between fan and sport. 

(Serving as a c omm e nt ator on telecasts /or 
aU three major networks, Paul Gardner has 
covered the North American Soccer League 
since its inception in 1967.) 


Carter, Wearing a Mets Uniform, 
Says Y engeance Is Not on His Mind 


By George Vecsey mqor-leagne 

New York Times Service name: 'The ! 


5CQC>:{ 

’C*\K I 

v, i 

jn 

n i 

A . 




. ST. PETERSBURG, Florida — 

tlw cmy dmstoTas the ^Montreal 

i Pvpn*, the team that trad«j him 

after 10 full seasons? Will be be 
seeking revenge on his former team 
-this season? . 

; 'Certainly not. Carter insisted on 
.Thursday m Us first day in Met 
tamp : He assured everybody that 
Jit will be just another ball game, 
on June 14, when we play the Ex- 
pos for die first tune, up there, in a 
bright game.” 

• There was nothing remarkable 
about Carter's knowing the date, 
site and time of his first meeting 
with the Expos. After ah, he said/T 
'am not only a player. Fm a fan of 
the game as wdL” 

Hie is a collector of baseball 
bards, and like any true fan, he 
knows that Gary Carter (Bom: 
■April 8, 1954, Culver City, Calif.; 


major-league games: 1,408; nick- 
name: ‘The Kid”) is the baas for 
the pwmanf dreams of Met fans 

thi; gi-gcrwi 

Those hopes drew more than 300 
fans to the first day of workouts for 
pi tcher s catchers on a delight- 
ful morning on Thursday, and 
prompted Frank Cashen.theMets’ 
general manner, to say: This is 
more people man we had in Shea a 
few years ago." 

Carter, the new kid, was blend- 
ing m with the Mets like your ordi- 
nary five-year-contract, pexmant- 
hope, personable old pro. He fit in 
anonynxmdy by being directed to 
die most visible motmd-and-plate 
site to warm up three pitchers who 
just happened to be asrigned to 
him: Dwight Gooden, Ron Dar- 
ling, and Jesse Orosco. 

Between pitches, he chatted with 
visiting tdevisum interviewers, 
tossed off one-liners to the Mels’ 
publicist. Jay Horwitz (“Did you 


r a n* i n i 


-:- V' 

- w.\y' 





spend the winter locked in a closet, 
or what?”), and talked with his new 
teammates. 

“It was a little strange coming 
over here,” be said, “but once you 
get in the clubhouse, it’s the same. 
Guys are the same." 

At a press conference, Carter 
said: *1 don’t believe in leadership. 
Everybody’s a leader. Keith Her- 
nandez is already a leader at first 
base: Wally Batman is a leader at 
second base because that’s ins re- 
sponsibility. If pitchers want to 
make me off, they should. Tm just 
doing my job bemud the plate.” 

Carter said he was eager to play 
on the same as Hernandez, 
who last year turned in the best 
angle anwnn by any regular in the 
team’s history, hatting Jll with 
superb defensive play and guidance 
to the younger players. 

Carter also has a friendship go- 
ing with Steve Garvey, another of 
those autograph-signing, hand- 
shaking, always-accessible rarities. 
OnThnrsday, Carter did a marvel- 
ous latent-movie imitation of Gar- 
vey Hexing his Popeye forearms in 
die batting cage and regally hold- 
ing up his right hand to titeace 

Carter’s ratdig - h >^e 

“I like Garv,” Carter said. "I 
played in a tennis tournament with 
him the other day. He won it. I told 
hnn. You deserved to win. And I'D 
vote fra: you in ’88, too.’ ” 

Carter isn’t running for anything 
at the moment, except the pennant 
that eluded him for a decade in 
Montreal. The Mets thought he 
had enough left to trade Hubie 
Brooks, who was cither their short- 
step or third baseman of the future, 
along with Mike Fitzgerald, their 
regular catcher last year, Herman 
Wmi rin gharri, ail outfielder who 
aright be ready, and Floyd Yon- 
mans, a promising pitcher, for a 
man who has squatted behind the 
plate in 1,257 games. 

From the flip ride of the baseball 
card of his mind, Carter can reche. 
facts Kke: “The major league re- 




Dwight Gooden begins to work out the stiffness of winter at die Mels’ training camp. 


Basketball. 


NBA Standings 

EASTERN CONFERENCE 
AftaaltC DMsfoa 

W L Pet GB 

Boston 44 12 JI6 — 

PMtadetohta O H » M 

WasWrerton 29 TO SIS IS 

NtwJtnty 27 3i JH\ Wi 

New Yorts IS 37 377 Z5VS 

Cotaral nMHw 

Milwaukee 29 17 A9* — 

Octroi! 32 23 582 SV. 

Chtcooo 25 28 .472 12M 

All onto 24 31 .43* JOS 

Oavotond W 34 345 Nib 

Indiana 17 M JD9 211* 

WESTERN CONFERENCE 
MMmrt DMston 

Denver 35 » A3* - 


Houston 12 E JR » 

Do Has 30 25 A45 5 

Son Antonio 27 21 Art > 

Utah 3* 29 473 9 

Koran aty II 37 J27 17 

POCMIe DMA) 

LA. Lolw rs 40 1* -714 — 

Phoenix 27 29 482 U 

Portland 25 30 ASS Wi 

Seattle 23 32 418 Wh 

LA. Clipper* 22 34 .393 II 

Golden Slate 22 43 MB 27% 

THURSDAY’S RESULT 
Lee toWei 21 31 39 22-121 

Kaaeae City 21 21 a 25—117 

Wbrtftv 12-tS 2r4 24, AtxM-JaCOar 7-U FW 
23; Them 10-22 M 2L EdJahncon,9-l9 M ZL 
Rebounds: Los Angela* 54 (Ea. Johnson 10); 
Karaae City 40 (Thompson 11). Assists: Las 
Araotoe35 ( Ea- Johnson 171; Kansas City 29 
(Thera 9). 


Hockey 


cord for games i 
A1 Lopez. Jim S 
and he says he’s 
Bob Boone has < 


1 is 1,918 by 
xghas 1,465 
» to beat me. 
to 1,600 but 


Ti 


The Nm Yodi T« 

Gary Carter: “In the dnhhoose, it’s the same.” 


j SPORTS BRIEFS 

X NBA Lakers Defeat Kings, 123-117 

KANSAS CITY, Missouri (AF) — James Worthy scored 27 points and 
: ; Earvin Johnson added IS points, 10 rebounds ana 17 assists to lead the 
■ Los Angeles T Akers to their ninth straight National Basketball Assoda- 
turn victory, a 123-117 decision over the Kansas City Kings Thursday. 

? >n r _ii_ i 1 I .v- n :e. «ilh . 4(1-14 am 


-- •. 23 paints from Karcera Abdul- Jab bar. Kansas City’s Reggie Tbeus led 

, 1 iris team with 28 prants. 

" y. * The game was stopped for about 15 urinates when the Lakers’ Larry 
r Spriggs and the Kingy Mark fflbertling got entangled in a shov i n g ma tc h . 

ij J Rookie T wiggs Leads in Miami Golf 

■1 £, £. ; MIAMI (UFI) — Greg Twiggs, a rookie who hasmusedtiB cut in his 
£ : oflly fair FGA tournaments, ocsiqua«d gusty winds with a 4-nnder-par 

r’- . V: y. 68 Thursday to take a one-stroke lead after one round of the Doral Open. 


Kratzert, Barry Jaeckd, and Mara McCumbcr. 

< Indoor Trade Records Are Bettered 

„ ' : 'Jy /■ NEW YORK (AP) — Diane Dixon shattered the wrald indoor best m 

V ; . : UAA. ifuinnr TraX and Fidd* ChampKmships at Mwfison Square 
V* ' Garden. 

%!! *, Dixon’s twsclmjke the previous record of 5239, set by Valerie Brisco- 

! t Hooks, on Feb. 2. Brisco-Hodcs also had qualified far the 440, bat 

^ *, withdrew eaifig in the week to concentrate on defendin g her title in the 

r S v* 220-yard dariL , 

>,H ■; -In Turin, Italy, tm Thureday, Stef ano Tflli set a world mdoor besi of 

ftr- ; 20i2 seconds in the 200 meters on the last day of the Italian Indoor 
J5>- f Chranpsxainps. Hffi bettered the 2037 set last year by^ West GennanYs 
Ralph DidAe. 

^ ^ NHL Announces Playoff Schedule 

+ MONTREAL(UPI) —The NHL playtrffs will begin 10 wth the 

\ top four nmners-opm each divirion craopeting in a best-of-five senes, toe 


. tcagiie armn imrwi i nmsnay. - 

^ V wnmers of tte epeoing soies will advance to the best-of-seven 

* A ' dtviskttLfinals, with the four sumvorstneeting m Ae eonferena !«iampi- 

% > onririps. The fiamp hril Cmfetmc&chainfrion wffi then meet the Wales 

” Crarfe rengg winner in the Stanley Cup final. 

V - ’ " ■ 


he’s 38. If I averse 135 times five 
years, I could be dose to it.” 

He caught 135 games last year 
and played 20 at Grit base. He srid: 
“If Keith wants to rest against a 
few tough left-handers, that’s his 
prerogative but he's the best first 
baseman in the National League 
and we don't want to disturb that” 

As eoexgetic and pubho-rdations 
minded as he is, Carter is studious- 
ly avoiding any kind of “straw- 
tiut-sths-tne-dnnk” aura that Reg- 
gie Jackson brought upon himself 
when be joined the Yankees in 
1 977. In Montreal, he was the most 
visible member of the franchise for 
a decade, and in the end, he was 
stung by his own prominence. 

After the Expos failed to win 
again in 1983, and an injured Car- 
ter hit only .270 in 145 games, bo th 
low for him, the Montreal chair- 
man f~harles Bronfman, second- 
guessed the deciskm to give Carter 
a long-term contract. 

“Mr. Bronfman never said any- 
thing directly to me after that,” 
Carter said, “even after I came 
bade and had a good year last 
year.” He also said Be did not think 
that John McHale. the Expos’ exec- 
utive who initiated contact with the 
Mets, had been acting on his own 
initiative. 

*Td been loyal to the team. I'd 
traveled aS over Canada, Td b trill a 
home up there” Carter said Thurs- 
day. “When they brought up a 
trade, I could have nixed it, but I 
dktoV 

Carter is trying to biend in with 
his new team. He picked up the 
brand-new press guide on Thurs- 
day to take bade to his reran, to 
study the careers and personal his- 
tories of his new teammates. 

“Pve always studied the mess 
guides,” he said, “The knowledge 
I’ve gained has enabled me to call 
the game. Once in a white it mil 

pay off. Maybe it will help us get in 
the World Series.” 


NHL Standings 

WALES CONFERENCE 
Patrick DMdoa 

W L T PI 6F GA 
YteN u tagtao 3* 1* I >0 257 IIS 

PtiKadetoftfO 25 1* 7 77 23 110 

NY I Starters 31 « 4 4« 270 235 

NY Ranom 1* 30 * 47 211 241 

Mew Jersey II 32 I 44 199 239 

PtmtMrofi 19 31 5 43 199 252 

Adams DtvUOen 

Montreal 29 71 W *| 22B 199 

Buffalo 28 17 12 41 213 145 

Quebec 29 23 8 55 355 215 

Boston 35 2S I 50 217 207 

H orf f or tf 20 31 7 <7 202 2SJ 


CAMPBELL CONFER! 
NerTta Dfrtefea 
St. Louts 27 21 10 

Qiieaso 27 29 4 

Detroit 11 31 11 

Minnesota 1* 33 II 

Toronto 14 39 7 

Smyths DMNen 
x-Edmonton 42 12 d" 

WtanJpes 30 25 7 

Calgary 29 24 7 

las Angeles 25 23 11 

Vancouver II 34 8 

KCUqefMd playoff Spot 


54 223 216 
58 234 233 
47 222 270 
43 2D1 241 
35, 187 2tS 

10 309 285 
S! 252 270 
45 274 M2 

43 259 252 

44 204 3M 


THURSDAY'S RESULTS 
Led A p plies 1 3 1 — 5 

New Jersey 1 2 8-3 

RusJtawskl (14), Taylor (34), Nlcholts (38), 
Fok (25).MocLeitan (24); Ludv1g2(101,TroF 
Hor IS). 5Mb on 9 eat; Lae Anastas (an 
Reach) 12-13-7—32; New Jersey Ion Jaoecvk) 

10- 11-14-35. 

Toronto 18 0—1 

P tll l rt l lk iOl u 8 2 1—4 

Prona (32), Crovert (19), Paulin (!«, Smith 
(12); Terrion (91. Skats aa goo4: Toronto (an 
UnaborMi) 4*4- -14; PnHrtelptita (on Bern- 
hardt) 12-11-12—35 

Hart ford 18 2 1—4 

N.Y. Rangers 2 118-3 

Turgeon (22), NetrfeUl (18), Malone (11), 
Cole (71; Rogers (21i. S. Patrick (8), Sund- 
strem (U). Skate an goal: Harttom (on Hen- 
ion) 7-7-93-3*; New York (on Weeks) 4-13-11- 
1—29. 

WtaMpeg 1 2 0-3 

NY llfidtr* 8 8 8-8 

Eliott (8), SmaU (ZD, Mullln (271; Nystram 
<i). Tanem (32). Shots oa goal: Wtantpog (on 
Hrubey) 7-13-5-35; Now York (an Hayward) 

11- 13-11—35 

■tasotootoa 13 1-4 

Vaacww 1 ‘ 1 8-3 

Admin 2 (4), Gartner 3 (38). Haworth (11); 
Tanft (28). Skriko (U). Shots on goal: Wash- 
ington (on Brodeur] 15-12-9 — 3*: Vanc o uver 
(on Rtocdn) S- 12-14 — 34. 


Selected College Results 

EAST 

Boston U. 78, Niagara 51 
Brooklyn Con. 95 Dataware St 74 
Duauesne 55 Rhode Island 51 
Marykmd 91, Tuwon St. 31 
Rutgers 85 Pern St. <7 
Skkhnore 87. Lyndon St 53 
St. Joo» nh*t 75 St. aonaventure *4 
Temple 55 George Washington 54 
Wat VfroMo 75 Massachusetts 74 
W. Virginia St 102. W.Va. Tech 100 
- SOUTH 

AkL-BIrmtoWkn* 45 HC-OiorioHe 55 
American 85 East Carolina 79 
Aubu rn Mo n t gomery 82, TMIodego 55 
Davidson 71. VMI 53 
C s o nd n 85 Auburn 84 
Ga. Southern 47 , ArL-Uttto Rock 54 
Houston Baptist ST. Osoraia SI. 48 
Jacksonville <7, S. Atotoama 56 
Louisiana Tech 73, Lamv 55 
S. Carolina 79, Cincinnati 50 
Tennessee Tech 75 Middle Term. 70 
Vo. Common woo rtti 85 W. Kentucky 52 
W. Carolina 95 E. Tennessee St 74 
MIDWEST 
inirmts 55 UKSona SO 
IIUnNs St. 75 W. Texas St 58 
Minnesota 75 Northwestern 48 
Nebradco 75 towo St 57 
Ohio St. 85 Purdue a 

SOUTHWEST 

Arkansas SL 51, HE Louisiana 54 
Brmflev 59. Tulsa M 

Stephen F. Arattn 57. Sam Houston St. 6S 
FAR WEST 
Air Force 52. Wyo rn tn u 49 
Frano SL 75 Utah SL SB ' 

Hawaii 59, Ban Dtaoo SL 48 
Nev^Las Veaas 80, New Mexico St. 57 
Oregon 45 Arizona 40 
Oregon SL % Arizona St 54 
San Dtaoo *1. Portland 57 
Stanford 85 Southern Cal 45 
UCLA S3, CoIHomla 48 


Transition 


Te nnis 


MEN’S TOURNAMENTS 
(At La Ouktta, California) 

Second Roand 

Tomas Smta Czechoslovakia, dot Todd 
Netaon, Ui. 1-5 75 6-4. 

Third R 00 M 

JtaimvComorL UJLdeL BredGRberLU i, 
55 02. 

Aaron Krldatein, UA-drt. Shahar Petklss. 
IsraeL *5 65 

Grog Holme*. UL dot Toons SmkS. 
CxechosfovaMa 75 5-1. 

Lfoor Plmefc. Czechoslovakia def. Jose HI- 
mm 5patav *5 55 
John Lkrydk Groat Britain, dof. Ben Tsstsr- 
nwiL UL 55 55 - - 

Larry StotaikL Ui-def. Scat! Davis, UJ. *- 
1.55 

David Pate. Ui. dot Hank Pflder, Ui. 85 
75 55 

Tartk Banhmiies. France, del Russell 
Slmnsav New Zealand, 52. 53. 

(At Toronto] 

5eCMtf PflfHft 

A Mere Jorryd (1), Sweden, del. Mike De- 
Palmer. U S. 45 51. 55 
Woltefc PIbak. Poland, dot. Fnmdsco Gon- 
zalez, Paraguay. 51. 55 *5 
Kevin Curran ( 3 ), South Africa, dot. Paul 
Amwcone. U£. 7-4 [Ml. 53. 

BadSctwttz, US. def. Joftd SaOrL U^-5-7 (3- 
71.5155 

WOMSm TOURNAMENT 
(At owdand. California I 

Second Roosd 

I Claudio KaM^Kllsdv WtaN Cermanr,det. 
Iftlvda Moulton, US. 4-1. 5Z 
, Barbara Potter, Ui-detRoWnWliH&UA. 
In 45 

Helm StOma, CzechosiovaftkL do*. Deb- 
bie Seence, US. 6-1. 55 5-1. 

Hano MsidlKava, Czoctmto vMtkz, Set. 
Kim Shooter, UL Va, M. 

Chris Evert Ltavd, UA.deL Peanut Louie, 
US- 53. 53. 

Andrea TemwarL Hungary, del Cather- 
ine Tanvler. Frm M 55 



FINED — Anders Jarryd 
of Sweden deputes a call in 
a match in Toronto. He was 
fined $500 for swearing. 


BOSTON— stanod Slew Lvons,tMMbose- 
nmn. More SuUhoai catcher, art Sam Ham, 
first baseman. 

CLEVELAND— Stanod Rick Bahermo. 
pttcher, art Jerry WlUard, cu fo h er. id one- 
ymar contiodL 

MINNESOTA — won Its salary arbitration 
aasa with Tom Br u n an sK y , autfMdar. 

TORONTO— Reoehed a contract aaree- 
mont with Frw Monrtauo, Innekfor. Named 
Joe Lonoett ravine minor league Instructor. 

National 1 — y— 

CINCINNATI— Signed Dave Veto Gerber 
and Dave MTteyrOitahers, Cart WlUis and Ran 
Robtasa rw pttchan. to anereor cantrach, 

MONTREAL— Last its salary arbitration 
eras wttti Tto Ratnes. outfielder. 

PITTSBURGH— Stored Lute Clementa. 
outfielder, art amlaned him to Bradenton at 
the Gulf Coast Rookie League. Readied a 
ovi tract agreement wttti Bobby BordDa. out- 
fielder. aa a one-year contract. 

BASKETBALL 

IfnmwiU R a e k efhoH JradoHM 

BOSTON B lond Roy Wlffloms. guard, to 
an offer sheet. 

FOOTBALL 

■MM fooM LsaaiM 
. BUFFAL O Named Dk* Moseley defen- 
sfwe todEfMl nudL 

CINCINNATI— Signed Oris Coillnswortli, 
wide receiver, to a multi-year contract. 
Signed Wovne Peace, quart e rback. 

DALLAS— Stoied Randy White, defensive 
tackle, to a four-year co nt ract. Signed Bob 
H ewfm . quarter buck. 

(wood states Football League 

ARIZONA— su sp ended TrutnataeJonraon, 
wide recglvgr, ta-.lhe first four »oiti« 8 of the 
season. 

PORTLAND— (Mamed Tom Porras.quar- 
tertodc; Charles Hartfeon and Neff Hams, 
defensive backs; Daryl Wllksmn. dsfsnslvs 
end; Mike Harris, wtcfo receiver. FronkJe 
Smith and Kurt Janh w. tackles, art Run 
Brawn Jr, nose tortile. Sipttd Tammy 
Haynes, sornerbodc Waived Maria Mont- 
gomery, conwrbartL 

TAMPA BAY— Traded John ConeL often- 
Nm tockfo. to Memphis far David Graham, 
defensive itaemon. 

FOOTBALL 

Itattsd states Football League 
HOCKEY 

Naifongiifedw lAagw 

NHL Susp e nd e d Al Second, forward, Chl- 
eooo Block Hawks, for one name for bis third 
name mixxpeuct ol ihe season 



Wade Campbell of the Wimnpee Jets knocks the New 
York Islanders* Duane Sutter to the ice in a battle for the 
puck at the Jets’ goal. The Jets defeated the Islanders, 3-2. 

Flyers Down Leafs, 4-1, 
For 6th Straight Victory 


Lee Angela Tuna Service 

PHILADELPHIA — Brian 
Prop p. Murray Craven and Dave 
Poulin scored in just over two min- 
utes in the second period Thursday 
ri ght to l«»d the Philadelphia Fly- 

im focus 

os to their sixth victory in a row, a 
4-1 tri u m ph over the Toronto Ma- 
ple Leafs. 

A first-period goal by Greg Ter- 
non gave the Maple Leafs the early 
lead, but Propp died it at 7:24 of the 
second period with his 32d goal of 
the season. Craven broke the tie a! 
9:11, and just 24 seconds later, 
Poulin gave the Flyers a 3-1 lead. 
Derrick Smith added a goal at 
14:41 of the third period. 

The Flyers’ goal tender, Pelle 
Lindbergh, got his 27th victory, the 
highest m the league. He had a 
rather easy night, facing only 16 
shots. 


Lindbergh- who has worked in 
48 of the Flyers* 58 games this 
season, is a major reason that the 
Flyers are challenging Washington 
for first place in the tough Patrick 
Division. 

Three years ago. the Flyers were 
so high on Lindbergh, a Swedish 
Olympic star, that they traded 
away Pete Teeters, an outstanding 
goal tender. For two seasons, Lind- 
bergh, often injured, was a disap- 
pointment 

Now, at 25, he has started living 
up to expectations. 

**I like the chance to play this 
much,” he said. *T obfy played 36 
games last season, and I haled it on 
the bench. Playing so much oves 
me a chance to keep my amfidence 
up, even through the bad times.” 

Elsewhere in the NHL. it was 
Hartford 4, New York Rangers 3; 
Los Angeles 5, New Jersey 3; Win- 
nipeg 3, New York Islanders 2, and 
Washington 6, Vancouver 2. 


AU Eyes Are onFlutie 
As USFL Opens Season 


The Associated Press 

NEW YORK — After less than 
three weds of practice and one 
exhibition game, Doug Flutje will 
make his professional debut in Bir- 
mingham, Alabama Sunday as the 
United ‘States Football League 
opens its third season. 

Flu tie, the 5-foot-W (1.76-me- 
ler) Heisman Trophy winner, will 
be at quarterback for the New Jer- 
sey Generals against the Binning- 
Karri S tallions, the third H risman 
Trophy winner snared by the 
USFL in three years. 

But Flutie bears an even greater 
burden than Ms predecessors — the 
Generals’ Herscbd Walker and 
Mike Rorier, now of the Jackson- 
ville Bulls. 

Because the USFL has voted to 
move to the fall in 1986 after hav- 
ing lost more than $100 million in 
its first two springs Flutie is being 
asked to generate public interest 
and snare a network television con- 
tract fra the fall that so far has not 
been forthcoming. 

Hie line extends even to oppos- 
ing coaches. 

“He’s a Fran Tarkenton type — 
and you know who holds all the 
NFL pasting records,” said Roflie 
Dotsch, Birmingham's coach. 
“Flutie has a lot of running ability, 
like Fran, and he has the intangi- 
bles. It’ll be tougher for him be- 
cause of his size, but heU be one of 
the rare ones who makes it despite 
his size:" 

The USFL enters this season 
with 14 teams in Eastern and West- 
ern conferences, replacing the 18 
teams in four divisions that played 
last season. There were 12 teams in 
the opening season. The regular 
season schedule is 18 games, with 
the top two teams in each confer- 
ence and four wild-card teams 
qualifying far the playoffs. 

The season follows a turbulent 
■arm nvr and fall in which four 
teams merged into two, three other 
teams were transplanted and the 
Pittsburgh Mauls* folded. 

The changes did in the league’s 
only two champions: The Philadel- 
phia Stars, who won last year, have 
moved to Baltimore, and the Mich- 
igan Panthers, the 1983 champions, 
have merged with the Oakland In- 
vaders and will play in Oakland. 
The other merger involved the 
niriahrana Outlaws and Arizona 
Wranglers, who will play as the 

Arizona Outlaws. 

The USFL’s opening weekend 
starts off Saturday night when the 
Orlando Renegades, last year’s 
Washington Federate, play at Tam- 
pa Bay. 

Flutie’s debut shares equal lull- 
ing Sunday with the meeting be- 
tween the USFL’s two other prime 
young quarterbacks — Jim Kelly of 
the Houston Gamblers and Steve 
Young of the Los Angeles Express, 
who will meet at the Los Angeles 
Coliseum. 



Doug Flutie 

But most of the attention wiQ be 
on the Sunday debut of Flutie. He 
will start Sunday’s game less than 
three weds after signing the esti- 
mated 57-nriIlion, five-year con- 
tract that led the Generals to trade 
quarterback Brian Sipe to Jackson- 
ville the next day. 

But although he got the starting 
job immediately. Fin tie has had 
only one pro game — an exhibition 
game a gainst Orlando last week in 
which he threw intercgjtions on his 
first two passes and finished with 
seven completions in 18 passes for 
174 yards. 

“ft was a typical rookie debut,” 
said Flutie, who graded himself ax 
C-plus. 

The game will mark the first reg- 
ular season use of televised instant 
replay on appeals of controversial 
plays. 

Under the system, each coach 
will have one appeal per half on 
calls involving fumbles, pass recep- 
tions and a player’s progress over 
the goal fine. If the team loses an 
appral, it also forfeits one time out. 

The game in Los Angeles fea- 
tures two of the league's best quar- 
terbacks and two of its most finan- 
cially hard-pressed teams. 

The l eague alr wuty it nmnmg th#» 
Express, which lost S17 million last 
year after drawing only about 
10,000 fans a game. And league 
officials are closdy monitoring the 
underfinanced Houston franchise. 

But there is little argument about 
the abilities of Young and Kelly. - 

Young, whose $40-m3Hon con- 
tract iradg him the highest pill of 
the high-paid rookies in Los Ange- 
les last season, came on strong in 
the second half to throw for 2^61 
yards and lead the Express a 10-8 
record after a 2-6 start. 

Kelly threw fra 5,219 yards and 
44 touchdowns in leading the ex- 
pansion Gamblers to a 13-5 record. 

“I think you can expect a wild 
game when these two dribs get to- 
gether,” said Los Angeles’ coach, 
John HadL “Players tike Young 
and Kdly represent the futurcof 
this league.” 





~ly-- 


P «ge 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 23-24. 1985 


art BUCHWATJ) 

Color Blackmail Gi 


^A^GTON-Ewsin* 

f \tbe oQ casts hack m 



“Yon don't want to buy it You 
warn jo anncumce you’re buying iL 




VS* ^ DOW ** 


off 



Bodmald 


the 
sitting 
on it untfl the 
P™«gonp”he 
stud. 

“But what 
about my fanta- 
sy? I need the 
money right 
now” 

“Why don’t 

you make a bid 

on an ofl compan 

“How cantina-. uu . 
an oa company if there £5 an 
glut?" 

“Y°n make your fortune 

on oil You’D make it attempting to 
take over the company ” 

*Tm listening.” 

__ □ 

Name an oil company, any oil 
company." 

“Phi llip s Petroleum out of Bar- 
tlesville, Oklahoma." 

“That’s a good one. T. Boone 
nckens made a pass at thmi and 
Tailed.” 

“Well, if he couldn’t buy it how 
can I?" 


U.S. Makes Grants 
To Dance Troupes 


The Associated Press 

YTTASHINGTON - The Na- 
VY tional Endowment for the 
Arts will award $5.8 million in fed- 
eral grants to 112 professional 
dance companies, the agency has 
announced. 

The largest amount, $500,000, 
goes to American Ballet Theatre of 
New York. The smallest, $6,450, is 
for American Deaf Dance Compa- 
ny of Austin, Tern. The grants 
must be matched by private or lo- 
cal-government funds. 

Others included New York City 
Ballet, $350,000; Alvin AUey 
American Dance Theater, 
$300,000; Joffrey Ballet, $275,000; 
Merce C unningham Dance Com- 
ay, $250,000; and Martha Gra- 
l Dance Company, $210,000. 


JWU IV UUJUlg Ik 

to today's world of high finance the 
easy money is made not from pro- 
ducing oil, hit from producing 
threats." 

“1 don’t see how I can make 
dougfa from threatening to buy an 
ml company.” 

“Haven’t you ever heard of 
greenmail?” 

“What’s greenmail?” I asked. 
“It’s like blackmail, only it’s le- 
gal. Now this is what you’ve got to 
do. You announce your intention 
of taking over Phillips for $9 bil- 
lion." 

“Wait a minute, where do 1 get 
$9 billion?" 

“From the banks, you dumb* 
belL” 

“What do I put up as collateral?” 
“The Phillips Petroleum Compa- 
ny. If you sold ofr all its assets it 
would be worth $15 billion." 

□ 

“But I don’t own Phillips yet 
How can I pm it up as collateral?" 

“It doesn't matter if you own it 
or not at this stage. The bank 
doesn’t have to give you money. All 
it has to do is promise to provide it 
for you if you win the takeover. In 
the meantime you can buy up 
enough stock to become a threat 
Once the word is out that you're 
serious about the takeover you can 
demand an inflated price for your 
shares in exchange for promising 
not to raid Phillips again.” 

“1 don't want to do anlhing iHe- 
1 in my fantasy,” I warned my 
lend. 

“Everything I've told you is le- 
gal. That’s the beau tv of today's 
takeovers. You don’t have 10 pro- 
duce anything, or employ people, 
or worry about Japan. AH you have 
to do is make nasty noises and you 
can walk away with a fortune.” 

□ 

“What land of money are we 
talking about?" 

“The last guy who tried to take 
over Phillips is ahead somewhere 
between $50 milfioa and $100 mil- 
lion . and he didn't have to find one 
cup of ofl.” 

He continued, “Just think — if, 
in your fantasy, you become a 
greenmailer instead of an oil drill- 
er, you could have the management 
of any petroleum company on their 
knees. That, to me. is a real Ameri- 
can dream.” 


The New Friends of a Neoeonservative 


By David Remnick 

Washington Pas Senior 

N EW YORK —After 25 years of editing 
Commentary magazine, Norman Pod- 
horetz can safely say that “name-dropping 
for me is just a matter of mentioning former 
friends.” 

There are a few friends left, but not many 
of the old ones. At a dinner given in Podhor- 
etz’s honor recently, Henry A Kissinger, 
Mayor Edward L Koch of New York, the 
civil rights activist Bayard Rustin, Senator 
Daniel Patrick Moymhan, departing UN 
Representative Jeane J. Kirkpatrick and Sec- 
retary of State George P- Shultz toasted the 
dean of the necKMnservatives. 

There is something about Podhoretz, 
something about his politics, his tone, that 
scrapes on the nerves of many who still con- 
sider themselves liberals or radicals. 

“Oh, it's nothing new,” Podhoretz said at 
his Manhattan office. 

He is a s mall, balding, conservatively 
dressed man. The office is modest. The Ox- 
ford En glish Dictionary and bound volumes 
of Commentary fill most of the shelves and 
copies of the Times Literary Supplement. The 
New Republic and the New York Post form 
an eclectic pile on the desk. 

“My wife and I vacation in East Hampton 
during the summers,” he said, speaking of the 
ire he has aroused. His wife is the writer 
Midge Decier. “Sometimes HI be on the 
beach or in the supermarket or at a restaurant 
and Hi recognize someone from the old 
crowd. Sometimes they’ll just ignore me or- 
p relend they don’t even see me." 

Podhoretz’s circle of friends and writers for 
Commentary include Moynihan. the histori- 
ans Robert W. Tucker and Richard Pipes, 
and the social and literary critics Cynthia 
Ozick, Irving Kristd and Hilton Kramer. But 
when he was first a rising star in the New 
York intellectual world, Podhoretz counted 
among his friends Norman Mailer, James 
Baldwin and dozens of others on the left. 

“A lot of people I broke with, I really like,” 
Podhoretz said. Further, “I was a member of 
a third generation of New York intellectuals 
and I suppose there is a fourth generation, 
but nothing as salient and cohesive as the first 
three generations were.” 

Commentary has changed in ideology a 
number of times, and that has helped keep it 
alive. 

When it began in 1945, it was on the left 
but decidedly anticommunist. Its influence 
waned in the late 1950s but revived when, at 
age 30, Podhoretz became editor and began 
publishing major works such as Paul Good- 
man’s “Growing Up Absurd.” In the late 
1960s. Commentary became critical of the 
New Left In recent years it has drifted even 
farther to the right 



Commentary’s Norman Podhoretz 


description of it in the memoir "Making It” 
(1967). Here was an editor of a highly respect- 
ed intellectual monthly admitting his uncon- 
trollable desire for publication, for praise 
and. at least in intellectual terms, for power 
and fame. 

Podhoretz grew up in the Brownsville sec- 
tion of Brooklyn, the son of Eastern Europe- 
an Jewish immi grants. Brownsville was a ra- 
cially troubled area in those days. It later 
became tbe backdrop for one of Podhoreiz's 
most controversial political essays, “My Ne- 
gro Problem — and Ours." Telling of his 


experiences “in an ‘integrated’ slum neigh- 
borhood where it was the Ne 


But it was notf merely politics that set so 
, what made every- 


many against Podhoretz. 
one’s teeth ache was his ambition and his 


fegroes who perse- 
cuted the whites and not the other way 
around,” the essay caused a sensation when it 
came out in Commentary 21 years ago” 

Podhoretz was called a racist in some cir- 
cles and praised for his courage in others. He 
was dismayed, perhaps, but the attention 
could not have pleased him more. 

He studied at Jewish schools and seminar- 
ies as weD as at public schools and Columbia 
University. In “Making It” Podhoretz said he 
used to tdl girlfriends that if he did not 
become a great poet by his 25th birthday, he 

would kill himse lf. 

Columbia was a center for writers and 
critics and Podhoretz studied with nearly all 


the best-known teachers: Mark Van Dorem 
F. W. Dupee and above all. Lionel Trillins, 
author of "The Liberal Imagination Pod- 
boretz excelled as an apprentice critic, but 
discovered himself lacking as an artist next to 
classmates such as Allen Ginsbeig (later a 
victim of Podhoreiz's pen). 

“Even Mark Van Dorea who admired ev- 
eryone's poetry’, clearly thought little of 
mine,” Podhoretz recalled. 

When he went to Dare College, Cam- 
bridge. for three years of graduate study, 
Podhoretz once more found extraordinary 
teachers. F. R. Lea vis. the critic who did 
much to promote George Eliot, D. H. Law- 
rence and Virginia Woe!/, helped Podhoretz 
publish his first article, an appreciation of 
Trilling for the British journal Scrutiny. 

During a trip to New' York in the summer 
of 1952. Podhoretz visited the offices of Com- 
mentary. which had been founded by the 
American Jewish Commiitee. It regularly 
published the work of a wide, diverse circle of 
New York intellectuals known to Podhoretz 
as "the family.” Most, like KristoL Nat’ an 
Glazer, T rilling . Dement Greenberg and 
Delmore Schwartz, were Jewish, A few, such 
as Mary McCarthy and Dwight Macdonald, 
were noL 

“What I wanted was to see my name in 
print.” Podhoretz wrote in “ Making It,” “to 
be praised, and above all to attract atten- 
tion.” The article that provided (he attention 
was a brutally unfavorable review of Saul 
Bellow's first "major novel, “The Adventures 
of Augie March.” 

In his second volume of memoirs. “Break- 
ing Ranks.” Podhoretz described his political 
transformation. He wrote the book as an 
“explanation” to his son John, now a critic 
for Tbe Washington Tunes, of how he en- 
couraged the swing to radicalism in the 1960s 
and then turned so decisively against iL 

After the Soviet Union invaded Afghani- 
stan. Podhoretz, Kirkpatrick, Ben Watten- 
beig and others were invited to the White 
House to talk with President Jimmy Carter. 

“It was on the way out of that meeting in 
which we voiced reservations and he an- 
swered us very defensively, that 1 said. That's 
it, I can’t vote for this man.'” 

Podhoretz, after so many years of resisting 
it, said he now accepts the term of neoconser- 
vative. But he added, *Td be happier with tbe 
term neonationalisL Being an American na- 
tionalist. especially on the left, was not exact- 
ly popular for a long time.” 

Podhoretz’s top priority for Commentary 
these days is (0 describe the Soviet Union "as 
a totalitarian system which wants to create an 
international order, much like Nazi Germany 
did” 

“And domestically,” be said "the main 
change for me in the '80s is that I no longer 
believe in any kind of democratic socialism at 
alL I'm more enthusiastic about capitalism 
than ever before.” 


PEOPLE 


Testing for Tainted Cash 


Vice President George Bosh’s 
son Jeb was surprised to find that 
his money, like that of 10 other 
prominent southern Floridians, 
was contaminated by cocaine 
literally. Bush and others, includ- 
ing a former Miss America, Byte® 
Barber Brandton, agreed to have 
their $20 bills rested for traces of 
the drug in a recent survey for The 
Miami Herald The only bill that 
didn't have microscopic traces of 
the narcotic was submitted by 
Broward County Sheriff Nick Na- 
razro. Jeb Bush is chairman of tbe 
Dade County Republican Party.” 

□ 


trine. It won’t change life for ns* 
Snyder, who attracted national-at- 
tention with a 51-day hnnger strike 
and a segment on “60. Minutes,” 
sold his story for Sl50.000.and will 
use tbe money for bis shfttarJHe 
aided his hnnger strike whetiPrtsS* 


for the shelter. 


A High Court judge in Nairobi 
dismissed a restraining order Fri- 
day barring Miss Africa. Rhadija 
Adam, from leaving Kenya after 
Adam testified Thursday that the 
Miss Kenya contest last fail was 
rigged in her favor. The judge's 
ruling cleared the way for Adam, 
24, to begin a modeling assignment 
next week in Europe and the Unit- 
ed States for the French designer 
Yves -S a ft* Laurent Adam, named 
Miss Africa in November in the 
Miss World contest faces a rivD 
suit filed last week alleging that she 
violated her exclusive-services con- 
tract with Marketing Matters Ltd., 
the local company that -ran the 
Miss Kenya am test. Answering the 
restraining order demand, Adam 
testified that the Miss Kenya con- 
test in October was “a fix, a fraud" 
hinging on her having signed a con- 
tract with Marketing Matters that 
gave the company op to 50 percent 
of her earnings for the next {year. 


Eddie Morphy’s jokes about 
AIDS and his use of obscene-words 
have disturbed everyone firciin -ho- 
mosexuals to LoriBe Ball, BIH 
Coshy and Bed Skelton. But the 
comedian told Parade magazine, 
referring to Ball: T don’t expect a 
70-year-old woman to be into my 
show. You'll never hear anyone 
tween 11 and 28 going. That Eddie 
Murphy uses coo much profani- 
ty.’ ” Later in the interview Tie 

eased up, saying: T want toapdo- 

gizc to the ray people, and to any- 
one who’s been offended by any 
kind of thing that I’ve done. To 
Lucy, to homosexuals, to Red Skd- 
ton, Jackie Gleason — to anyone 
who doesn’t agree. A big wet loss. 
Tm just trying to get alsuigk” " 

□ 


Timothy Leary, who i _ 
body to use LSD during the U 
is now pushing computers for ev- 
erybody and calling himself a 
“cheerleader of change." Leaiy 
told 300 University of Iowa, stu- 
dents: T think the human race has 
just begun. You're going to be in- 


volved in a wave of intelligence. 

ey of drag 


Pope John Paul IL in a jesting 
remark during a meeting wuh 400 

he’d lie^yearoff tostiafy and 
meditate. One of the parish priests 
proposed that priests get a sabbati- 
cal year. John Paul responded: "I 
think that's a good idea — if it also 
applies to the pope.” 

□ 

Scriptwriters are wandering the 
streets of Washington, interviewing 
homeless people who will be por- 
trayed in a CBS-TV movie about 
Mitch Snyder, an advocate for the 
homeless. Bat the film project is 
"alien to us and the way we live,” 
Snyder said at the shelter he runs. 
T spent the morning waking peo- 
ple up in the shelter, picking up 
cigarette butts and cleaning tire la- 


Leary, 64, whose advocacy 
use cost him his position as a Har- 
vard University psychology lectur- 
er and led to arrests, is president of 
Futique, a company producing “in- 
teractive software ’ to replace 
books. Futique’s first project was 
“Hnddcbeny Finn." Leary said 
the program allowed the reader to 
participate on a computer screen, 
malting the novel more exciting. . 

□ 

Move over, Yd Brjroner. Anoth- 
er bald hero is coming to Broad- 
way. Mayor Edward L Koch’s best- 
selling autobiography, “Mayor," is 
going to be made mto a musical to 
challeng e Brynner's latest farewell 
stint as the star of “T1 k King and 
L" “It was Ed’s idea.” said Charles 
Strouse, who wrote the songs for 
“ Annie.” Koch won't appear in the 
show, which is expected to open in 
mid-April, just in time for Ins third 
mayoral campaign. 



B v Bernard C 
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VOICE OF AAGHCA, Washington 
D.C, b reauiting conti nuoudy far 
quaSfied inSeraotionol rado broad- 
craren in the Htmgarian language. 
Salary ranges from 52 1 .Sun to 
326^381. Gradates must have a flu- 
ency to Hungarian & a prafiaency m 
Englak To que^fy, a conddate must 
hwe experience njoumafism, trans- 
tnag/nterpratinB English into Hun- 
Hurmian above 
level qr 


ganan, teaching Hungarian above 
the high sdtaoT level or admg m 
Hungarian. Interested candidates 


Hungarian. Interested 
should send resumes tot Voice of 


America Recrutment & Racement D+ 
vmora Roam 1192. 330 Independence. 
Awe., SLW, Wrehington, D.C 20547. ' 
V.OA a on equd opporturiiy 
emptoyer. ■ 


OVBtSEAS POSmONS. Hundreds of 
top paying positions amiatie. 7 an 
free mcomes. Atnacnve benefits. Op- 
porturriie, lor aO occupations. Free 
defeats. Overseas Employment Ser- 
vices, Dept. HT, P.O. Box 460, Town 
of Mount Royol, Quebec. Canada 
H3P3C7, 


MULTUNOUAL femtfe needed at 


personal assstani, inter preter, etc, 
tor couple traveling world. 


couple travelng 
own hendwrifing, mdtide 


pasuMs. Reply may lohe 3-5 weeks. 
Bax 40418. (JlT.. M Long Acre, Lon- 


don. WOt 9JH. 


TQUR LEADERS REQUIRED FOR 
adterrture/arrq&iM tours tn Europe. 
Age 21/35. PSV licence & ianguo 
an adv ant age Season _Afxil/ 


tober. Apply m wiring to Trek Ewo- 
TrriTHouse. The I 


pa. Trek House. The Buttnng, Ded- 
dnflton. Oxford! OX5 4 TT. 


RECRUTBL Ewe tent opportunity tor 
mdriidial o' orgonreatiun to reauit 
for mo&cd & veterinary schools. En- 
dure representation in your country. 
Send resume to: Rau University. 460 
West 34 St. New Yo+, NY 10&J. 


EMPLOYMENT 


GENERAL POSITIONS 
WANTED 


AMERICAN WOMAN, 41, long feme 
resident Europe, brkngud Engfish/ 
German, knowledge French. £ 
encte joumdiini, translating, a 
IY, ulf T arganualions seeks position m 
smfar or related field. Please write 
Box 2118. 1 Jit, Friednchstr. 15, 6000 
Fnonkfurf/Atan 


GERMAN LADY, 40. absolutely seri- 
ous and ratable, pood appearance, 
long iru'l high leridieaefeym experi- 
ence. muUfinoHl, widely trawled, is 
looking tor chctfengmg position, free 
to reidacn. Plecse write to Bax 21 19, 
LH.T.. Friertochstr. 15. D60Q0 Frohk- 
furt/Mjn, West Germany. 


B4GUSH WOMAN, 
indrpendant nature 
venture - weD acquainted with ril the 
axis. Sybaritic bankrupts, smokers, 


thaw lading humor need nat oppfj. 


London bared Bar 40448. IJi 
Long Acre, London, VVC2E 9JK 


YOUNG WOMAN, mil experience m 
press: promotion, advertising, re- 
search. trreslaMn. Fluent 
French & German, seeks post in mt' 
art world of wofahing, research, 
sdas. Bo» 1810 Herald Trftune. 
■>2521 NcwBy Gedex. Fnmce 


ATTRACTIVE. CAPABLE, educated, 
trawfed American lady wonts pasi- 
»on in Poris ; ® assbtant or Guf Friday 
for executive mon.'woman. Cun 
4847 W. Sunset Blvd.. Tampa, 
33627. Tel: 813/837-8266. 


INFANT TEACHES, vegetarian cook, 
learning herbcAsm, seeks jab from 
August around Toulor, St. Raphael » 
Annbes. No au pew. be in St. Raphae 


Easter. Phelps, Hat 6 76 Hobnas 
tndan NW5 


Road, London I 


ATTRACTIVE LADY 38, Huent Engfeh. 
French, German, Italian. Sporash, 
commercial experience saris position 
personal osststam or PR to irtl bus- 


neiunan, free to rravd, aho 


igrily. Paris 555 56 51 {ilom-lpm] 


lempo- 

lpm| 


YOUNG MAN reeks pr 
speob Engii 
60 77 Pons. 


tab 
and French. 


International Business Message Center 


*a33nn throughout 
rata: Viks Italic 
Street. London Wl. 
orTefex-89M53 


’. Braduire / 

93 . 
1J439 


ATTBtT?ON EXECUTIVES 

MsBthyaorh 
intfwfrdarnal 




bunti MfeteflustAareMd 
of a nffian reo ri ere vtpM- 
trife moto of mAobi arm in 
fe rii w t end ladadry, wO 
mad ft Jotf tmlOK ire (Ptmia 
613S95I before IOom, ma- 
nning dad we eon fetor yaa 
bade, end your manage wl 
qppfe a within 48 hoar*. Tbe 
rale in US. $9.80 or toed 
eq uMd nr f per the. Yea and 
hrdode t m t p ioH end VureS- 


BLS1NESS 

OPPORTirNlTIES 


THIS WEEK 


March 4th 


in 


BUSINESS WEEK 


INTERNATIONAL 


• The Rridm How Tdreowir Fm 
Distert Corponrie D ahmrior. 


• Holy: AUT and QMKs An Odd 
Couple TWs Rourshvitg. 


a mrwLiiai ewarone 
Stream Only A “Gnmd* 
Hutto"? 


NOW ON SALE 
AT ALL 

INTHNATIONAL 

NEWSSTANDS. 


WAX 
prices. Tit: I 


horn 


BUSINESS 

OPPORTUNITIES 


MONEY TREES ? 


YE51 Invest in one of America's most 
exciting technaloricot breatohrou^ts in 
a b*on doRpr ndustry. B JOO nut Irm 
planted & od*fiancW 7QJXX) to be pkn»- 
ed toon Kflh atnuol oar rings assured 

far many, ma ny ye arn. 

BROOKS'S ENaraSH JNVTTH3. 
Mafend amdabla in Engfeh, French, 
Germoi. Arobe. Box 1/78. Herald 


Triune, 92571 NruBy Codex. Trance. 


C 3 E M CONTROL COMMAND 
COMMUMCATK3N BECIRONK 
MOOUIES 

P reswo s its bw of nvniolure wirefesa 
tele v isi on tia mm itteis with video A ou- 
do riemob for apptoXiom m reeunty, 
KfcSrel & commercial fields, 
far further Womofion on (fifect jafe or 




14, rue de Pronoy 
73017 Pore 
Phone mj 227 62 62 
T-to 64(756 SET F. 


TOP QUAliTY HOUSEHOLD 
aid GIFT CAMXE 
Exporter ii loetangfor nebabfe m^xxt- 
eri . (fittfouion or BperiencBd agents. 
VlfatB fOJ 

HAWMEX BNISRPRI5E INTI 
PO Box 34070,3005 G8 ROTTRDAM 
TdHotod (101 222245 Tfe 26401 Intx 


SWBS FRANCS WANTS) 


mg bank pramtsary note and Ui. gow- 
ernment securities, far mfotmalion <on- 

SSiiSSM.® 

P rin cfo uh only. 


MAJOR US HNANOAL GROUP 
teeb marketing organrajhan to offer 
senior cor jx ir tf g notes, guaranteed 
by major European imurana argani* 
zoMn. Nate aantes mter^st and profit 
p arrinpoto to be offered by pro 
ipeclus to privote and in tfit iw iob 
mveston. Tcp fljgfo board with prov- 
an record. Extri&n? bank references. 
Cbmnterdd oca p ia iO B Carp., P.O. 
Box 820, Geneva 1211 Switzerltitd. 
T«+ 41-2.3285 30 Taler 22703 Of. 


BUSINESS 

OPPORTUNITIES 


BUYER WANTS 
Fragrances/ Ptarmaceuticak 


Mcjo^nohond vritaiesafer & importer 


Joobng for name band ho- 
grarajm- YSL. Opwm._ Aroma, EstM 


eta. Aha name brant 



in USA . 

MV BVfBOTtSB. Our representctfive 
wiX be in England & Europe March 

8-17, 1985. 


USA-SUCCESSFUL DALLAS, TEXAS 
OtLgaS dnfirtg CCmpony looking for 

fare&i investors. Mr. Del Hagen, 
Great West Energy, Inc.. 5944 Liriter 
Lane. Suite 10Q£ Data, TX 75225. 
Tet t214) 36W767, Tefau 730197. 


U.S.A. PARTNER WANTS. Fete 

{pouring duo efiors greed mvefflwf 
oppenlnihea m new European con- 

/703? 73+7950 L/5A 


HOW TO OAM fWACIAL mdepov 
deuce so you can retire and enjoy IM 
far free info send setf -addressed en- 
velope n Mote. CP. 6298, 00195 
Rome. holy. 


GOURMET RESTAURANT- Seats m 
Poriuite tor 100 cars. 20 year tease. 
Neor WoMa. Howai. Hons Stow* 
808-528-2866 (USA) 


BUSINESS SERVICES 


MTl 

BEAUTIFUL PEOPLE 

UNUMfTB) INC 
UiLA.fi WORLDWIDE 


A complete soad & busnosj service 
. coflecfian tf 
& muhikngud 
mfividurii far: 


fatorvCoiirierc i ol4VttePrometiiw 
Convenfioo-Tratk Show+Pfote Palm 
Speed EvenWmoge MriterfJ’R's 
Scad HosteHoiteaes&itertvteri 
Social G ompo nm ifrTour guides, etc. 


212-765-7793 
212-765-7794 
330 W. 56th &l . NLY.C 10019 
Senece i 
Needed 1 


BUSINESS SERVICES 


YOUNG COME. B£GANT A MTL, 
accompany 8a a oraenze your jo 
t«ew£ m Brussels. £». 
penence m dteingudied & tasteful 
activities. T<± 322/673 51 56. 


FRENCH HGH FASHION MODEL, 
27. PR/PA experienau Kstory ol Arl 
rvd, bringud 


aoduate. free to travel. 
toaJti for London bawd apanings Td 
3 pjn, 9 pm, 01-225 1068 fUKT 


HOW TO GET a Second Passport, re- 
port. 12 countries anctfyzed. Ful de- 
tab: WMA 45 Lyntfturil TCE, Sfe. 
Nbr. 50T. C Hong Kong, 


TAX SERVICES 


UK CHARTERS} AccountonCs prowd- 
ing US federd lax struct Lovett 
Whiomwn&Co. Tet (07073) 39330 


FTNANOAL 

INVESTMENTS 


VITL COMMODITY HUM reeking 
■raden for NY, Cheapo & overnight 
imrtets, Pelham TradmgCb- 375 5 . 
End Are.. *245, MY. l8J802T3.912- 
1*42. Ui Me 422408 V. Undrey. 
Amsterdam; 1077 Worid Trade Cen- 
ter, Strmnnsfe Loan 1639, Tefi 20- 
626433 Tie: 13314 Lex Vorhoef. 


WO! PURCHASE NOTES owed or 
war ant-red by Arab qotfernemenh i 
OPEC countotB. We hove fere 
arxxrtt USS. Tefc 36l 6500 Zunch 


OFTICE SERVICES 


Your Office in Germany 

we ora “At Your. Service" 

• Complete office lerwcai ol tort 
prestige addresses. 

My etMpped offices for die short 
term or me knfl term. - 

• Imernetiondfy ri pined office and 

professional staff at your cfopotd. 

• Con be fcgtrir used ss your wrpo- 
rote donate tor Gcrmcmy/ Europe. 

6 Your business operation con start 

mmrSatdr. 


lano Butlnere Servku GmbH 
Ureco-Hmsom Hobhourenpork 
Jurtusaretrossa 22 
6000 Fraricfort am Man 1 


Tek 0611-590061 
Tetex; 4US61 


EMPLOYMENT 


GENERAL 

POSITIONS WANTED 


YOUtMANMITALY-RefeedAineri. 
can dplamat in Itqfy can handte your 
needs with praduens Matter, Via 
198 Rome. 


AtSjje 8, 0019 


YOUNG GOMAN ACTRESS, feghly 
educofedOdbrd degree loola for 
y. London 


new job opportunity.: 


>2450000 


FORMBt DIPLOMAT, 35, bored 
french fifvisro accepts imorMtexnd 
offers dbo free trawL Tefc Germany 
931 -274261 


YOUNG MAN fiASKKM MOOS, 
23. is feofena far an interesting — 
non. Tefc London 101) 385 947? 


EDUCATIONAL 
POSITIONS AVAILABLE 


SUMMER SCHOOL RBQUBE5 experi- 
enced, qwffied ffl. leaden June 24 
thru August 2*. who, in ockfition to 
leading duties, wffl be fuBy involved 
in SI ntensive program of sports, 
activities, trips aid dornitory superv- 
s»rL For farther detafe write, mdud- 
ing resume, to The Director, Tau 
England Summer Program, Thorpe, 
Surrey TW3Q 8TE ~ w 1 


lOBL Diptoma & 3 yem expenenoe 
mtmrmim required tor 'contra dfcter- 
neni": 20 houn. Monday ■ Friday 
AM. Semi intensive. RO/hlour + so- 
cial security. Match ■ December 85. 
LJuly, Aug. outL Courses m Levalob 
Ferret fax 17V4. Herald Trixme, 
9S21 Neuilly Cede*. Fronoe. 


TRA1NMG ORGANIZATION reeks 
Engfeh teachers n Maths &Physcs + 
general Engfeh. Mature pi of essences 
with working papers requited. R “ 

lor fal day urnpkjytnent. Write 

1813. Herdd Tribune, 92521 NeuiDy 
Cedric. France 


SFEAKWBA needs expenenced HU 
teachers far South Paris suburb. Tefc 
078 3302 


NATIVE ENGLISH teacher 
enoe. papers necessary. Tel 
15 78 oft ri n u cins 


EDUCATIONAL 
POSITIONS WANTED 


TEACWR OF CHMESE self defense. 
WB trareL 2 months intense* tixjmra 
course, fighting prinopob. Ti 


l»eattiirtg technques. CKnesn mitoexy 
strategy, prife^hy. psychology. Prv 
vQie instruction for gifted dvta, irfer 
«ted inefividuob & mtary or 

For mfo write or cot FA. 


Vargas. P O. Box 60327, Los 
Angefov CA W060 Tel Q1 3826-1 «8 


DOMESTIC 

POSITIONS AVAILABLE 


Z AH PAIRS- I hour from NYC One 
fantify: 3 dddian- 5, 2, infcrt Other 
food yi 2 dridren- 3 & 114. Light 
housmMort. own room, Engfeh sxat 
ing. no smoking. Mutt love chAfcenl 
Ftease send photo, references & re- 
sume Mi Roflwhous, 44 Crassnon 
Ave.. Monroe. NY 10950. 


AU PAIR IMMEDIATE- Near NYC 
Care of infan t & 2H y Mr aid. Light 
_ "fogtish speokng, non- 
nwwnuni 

coO 201^85-2037 or 


gtota Oubennqn. 470 GoK Course 


, Leonia, NJ 07605 USA 


AU PAIR . knmedren position. 5 month 
rid batri. Need hourekmDng strife & 
drivers feense. Sriary S325 month + 
room & board Mat spook Engfeh & 
dogs. References & photo to Mrs. 
Sharon Demoewt, 1065 E H&cWs 
8fvd. Foster Gfe.CA 94404. SftL 101 


AU PACRS-4MMBDIATL Entfbh 
Making. 2 fomSes with voung d*+ 
ten footed ms NYC feokmg for 
iririmuiti 1 reqr stay. Send photo, 
tff, te le p ho n e & references to; 46 
Van Oraten Rri. Hmington Ptri, NJ. 
07640 USA 



Write with 

to Cafim, P.Q Bon 187, 

NY. NY 10040 USA 


AU PAS NBBJB) immedfoHy. One 
hrfant, Light housework. Own room & 
both. Prefer Engfeh tpeateng, nav 
smoker 18-22. Send tetter, photo to 
McCarthy. 4812 W St, N.W, Waft- 
mqton DC 20007. 


AU PAM Ml AML FL Lighi housekeep- 
ing. tang hripfa. ariiers fosnre, 
' r Pmateraemanwo- 


ter. Send resume, photo & phene to 
P.O. Bor 43-1603, South Miami, ft 
33243. USA 


COME TO AMBBCA& five m Boston. 


Pnvote room, crior T.V, plane fore 
a year. S60/w*et Mi. 


it 

Crosby P.O. Bax' 756. Mrirare. Mms 
02176 (iSA 


LADY WANTS) fuS tew for fedw- 
rite ng. Tel: Para 535 6949. 


EMPLOYMENT 


DOMESTIC 

POSITIONS AVAILABLE 


AU MR - 25 rate N.Y.C Housekeep- 
ing & core for eifant. Non-U7xA»r. 
Send rilioto & references to: Sowing 3 


Spirno Land, New Oty, 
1O9S0 USA plfl 634-Sof: 


New York 


MOTHERS KELPS5 Nffl3B3 fe Miami. 
FL beamring May J. Pbore ad (305) 
895^77 or unite in Engfisfa Skkmer, 


11551 S.W. 106 Tem». Mm, ft 
33176USA 


DOMESTIC 
POSITIONS WANTED 


PARISIAN IADY 30t excritent refer- 
■noet teefa Aufair pod (rime 
if mrfare pmtfl for nWi doss 
Ftorcfio or Cc&torrea, ovn ddden 


onimeb, rfinen Scene*. Ban 1807, 
HartSoTr" 


F rance 


rribune, 92521 NeuRy Cedes, 


B4GUSH BXICATB) mature Sri lon- 
kanwith references in dearing work 
& obfity to work fad, seeks aart/fufi 
time job in any capacity in Para. Tel 
B44 6441 & cut for Muthukumaru 
leave message. 


ALWAYS AVAILABLE - AU MSS. 

ntal 


dridren'i nanny, mum'i helpers ft __ 
bwe d w tf la dass kwnn domestic 
hefo worldwide. Cal Sfoone Bureau. 


London 730 8122/51 42(24 hourd U- 
'.Tto8950670&.OANEG. 


GEMPAGY. 


ALWAYS AVAAAElf LONDON onfy 
bobyminders & la dare ddy mdefc. 
CaH Sloane Bureau. London: 730 
8122/5142 UCEMf. AGY. 


ENGLISH NANME5 & Mother's Hdps 
free new. Nash Agency, S3 Church 
Road. Have, UK. l&Blfa 29044/S 


AUTOMOBILES 


NEW CARS, DOT CONVERTED 
trt to the ' ' 


For 

500 


U5. new avedabte: 
Priomino leather, 

vm 

^ te^®r- fa^ 

afaf 

teatoer. K 

500 SEC 

loaded. USS 39JJ01 
500 SH. Noufa-bfae. 
hdy eqinxed, USS371 

Kies Auto Coravoraon. h _ 

7 Stuttgart 70, P.O. Bn 
Tel 071 1/760966/767815. 1 


AUTOS TAX FREE 


LMJLSA 
OFROAL 
ROUSROYCE . 
DEA1£R FOR BELGIUM 


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BENTLEY 

r. do MiddeRwurg 7442 
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TEL: 2-673 33 92 
TLX: 25459 


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brown 


n* 725596a. 


OTR094 OS. Brown. 7 i 
redo. FI 5.000. Paris 


80 


km. 


AUTO RENTALS 


CHANC R0IT A CAR. Frwtige an 
with phone; Rofc Spirit, Mnedes, 


Jaguar, BMW, fimouanes, anal car*. 
46r fieri* Charron. 75008 Paris. 


Tefc 


7203040. Tetex 630777 F CHAROC 


AUSTRIA A EAST EUROPE USS15.00 
per day. Autabcnsa. fianzenbruset- 
eretr. ft A-1020 VienreL Tel: 241594. 


AUTO SHIPPING 


HOW TO IMPORT A EUROPEAN 
CAR MTO DC 05 JL 
Thu document etqtidre fitly what one 
nut do to bring □ Car itto file U_S_ 
t and \oQdtf. It inctarfsu new ft 
« jto P ,,an I 

DOT & fcPA cenrervan addrusa, cvi- 
tom deeranc* & jhsjjrig praadim 
at writ tn legal paints. Become of the 
strong data, you can lave up to 
U5S16.Q00 when buying o Mercedes, or 
BMW in Europe & aborting it to fa 
States. To receive this manual, send 
USSlSJOfodd US$1 -Si for pasted 
PL SdSdl, Postfadi 
7000 Stuttgart 1, West Germany 


CAR SHAPING ft SBWiaS 
As ^edefind German oar forwder 
we are your best eonnecnan far Euro- 
pean pdtup, rea/aufroigN, US eu- 
toms, banfina cenverfeon DOT / E9A 
in New YorC Howftn Lot Angetej. 
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Free entsrane mfribrochure. 
OBSKH ft V. KOS5 OHft 


3 HamKruer-fluahafen, W. Germ. 
101S11 - 738601, Tbt 9230963 


SHBPWNG CARS WORLDWIDE 
fa Slipped 29750 TautW Ca 
With bum Vetarii in 1913 

CALI MATINA AT 

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AMESCO. Krlb*atfl 

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7140. 


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0044071. 


beratonn GmfaH Id: .. 

fiditipra over Europe *ra/tcMfvtB. 


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■vebdes & txiedQn cars. ANQjQ 
FAQRC Sipping. London 9g B201 1 


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THAFeCAR 20 nie Le Sueur, 75116 


fen. Tefc 500 0304. Ffas 8^9531 
AiBwerpi 2B 99 85, Cannes 39 5 44 


FROM STOCK 

Mercedes 280 51, new sand red 
Mercedes 500 SL new, btock 
Mergtdas 500 SEC, new. hfodt , 
Mercedes 500 Sl/SO/SK. new. 
and man others an 
QxHoc. Ferrari. Jaguar, Songs Raver, 
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Same day regrirotton paesBtfe ' 


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Tet 01/202 76 10. Tetex; 815915. 


• TAX HE NEW M9CHJB 4 

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SHKlIOh hMteri GmbH 

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Keeping a eanaant stock of more Aon 
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Trcnoo SA, 95 Naortfetoau - 
Tel 323^ KlSnTtAfcS B 


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P.C.T. 


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Hrerlaan 1, 2008 Anhnra, Belgian 
Tefc 3/231 39 W 
Tit 35546 PHCART B - 
Apply lor pj colou r eriefogpe 


DAWAJi TRADE 


BMTL DBJVBIY 

We keep a la rge rip dt of 

moot cv broods 

Ti 02/M8 55 13 
Tefas 65658 
42 rue Lera, , 
1050 Brussels. 


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G8MAN CAR M SHOBTBTJW£ 
Contact our cfBce m Mam 
Peter Liebicher Tor Free Coi> • 

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Wit sd new MEBBS, flaWtf 
Fbradhe, Ferrari and afar metafc; 


PAGE 13 
FOR MORE 
CLASSlHB>&' s 


imprimepar Offprint, 73 rue de rEvangile, 75018 Paris. 


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.tours a 
po->.cd V Fi 
iion>. 2nd th, 
wnra.-r.ed ac 
dtca;i-c fi; 
2Pou; s.t 

Enipwyfiss 
' - arii Hcissm 

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ifis j_afave;;e 
said -.o iVesi 
• i' 1 :"-; oaid 
^rv.re. idea 
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p *- s P 
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2J. io? 6> s . 


2 nd «s ,M av 
bu’i 

ciaup-d rests 
PlCiSIyaL 


J ■»**!. wa 
f* florist 
Uodon.He 


wilh" 
Placed 2 dl 

S^oT Lh 

tej? aws 



J a»nes Mere,