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INTERNATIONAL 



'NEATtiE* DATA APPEAR ON PACE 12 

V No- 31,685 



Published With The New York Tunes and The Washington Poet 


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ZURICH, THURSDAY, JANUARY 3, 1985 




ESTABLISHED 1887 


U.S. Proposal on Income Tax 
Chills Real-Estate Investment 


L ..’. By Gary Kiocc 
iVfn- York Times Semite 

NEW YORK. — Despite its un- 
certain fate, the U.S. Treasury De- 
-ja parunenl's tax simplification plan 
'*> is having a chilling effect on some 
.-'-.real-state investments. Econo- 
■ : mists predict that the plan, if en- 
'v acted, would depress home values 

- and make many types of new con- 
stniction unprofitable. 

•/ ; Even though it remains unclear 
: whether President Ronald Reagan 
abd Ccngrcss will endorse the plan. 
- some investors, developers and 
.' would-be buyers of vacation homes 
. have become reluctant to-enter into 
deals, given the far-reaching effect 
; the plan would have on real estate. 

Economists say the plan's sharp 
curtitilmenl of most real-estate tax 
benefits would dramatically alter 
the economics of real estate for 
boraebuyers. developers, investors, 
tenants bid landlords. 

“Houses built on tax deals are 
going to get hurt, and investments 
■> based on tax benefits are going lo 

- get hurt,” said George Stemlieb. 
director of the Center for Urban 
Policy Research at Rutgers Uaivet- 
sry. 

under the Treasury plan, most 
deductions, credits and exemptions 
would be eliminated or scaled back 
in order to lower individual tax 
rates to three brackets of 15, 25 and 
35 percent. The maximum individ- 
ual tax rate is now 50 percent 

The plan would also curtail 
: many of the tax benefits that have 
helped subsidize the cost of home 
ownership and rental housing and 

• helped increase the attractiveness 
of real estate for investors. 

.For homeowners, the Treasury 
tax plan retains the deduction for 
mortgage interest but its value is 
reduced because of the tower tax 
.rates. The deduction is now' worth 
as much as 50 cents on the dollar 
for a taxpayer in the top bracket 
But under the Treasury plan, a $1 
deduction would be worth no more 
v^'than 35 cents. 

* 7 In addition, real-estate taxes 
could no longer be claimed as an 

■ itemized deduction. 

*. The plan also places a cap on the 

■ amount of mongage interest that 
can be deducted on vacation homes 
10 S5.000 plus, the amount of ops 

f investment income the taxpayer re- 
ceives;- ■_* ■' 

_ •' For someone with no investment 
income and no other interest ex- 
penses, the new rales would pro- 
vide a deduction only for vacation 
home mortgages of less than 
$40,000 at prevailing rates, or 
about $417 a month. 

The Treasury plan would make 


the after-tax cost of carrying even a 
principal residence more expen- 
sive. As a result, home prices would 
have to fall in order to keep the 
costs in line with what prospective 
homebuyers are willing, or able, to 
pay. 

According to analyses of the 
Treasury plan by private econo- 
mists, the elimination or reduction 
in value of homeowner tax benefits 
would lower ihe value of existing 
homes by about 10 percent overall. 

Owners of moderate-priced 
homes would likely see much less of 
a drop. But economists foresee 
higher-priced residences and vaca- 
tion homes losing 20 percent or 
more in value. 

The economists' forecasts also 


'Houses built on tax 
deals are going to get 
hurt, and investments 
based on tax benefits 
are going to get hurt. 9 

show the plan depressing construc- 
tion activity, particularly of multi- 
family rental units, which could put 
sharp upward pressure on rents. 

So far. there are no signs (hat 
residential borne sales or prices 
have fallen. Bat other segments of 
the real-estate market have been 
affected. 

Reports have circulated in the 
industry that some development 
projects have been postponed or 
canceled. Financing deals nave gone 
begging for lack of investors and 
prospective buyers of vacation 
homes have backed out of deals. 

Lester Day, president of Ameri- 
can Diversified, a real-estate in- 
vestment and development compa- 
ny based in Costa Mesa. 
California, said that since the Trea-. 
sury proposal was announced in 
laic November bis company has 
canceled more than $50 million in 
residential apartment and commer- 
cial building projects, plus three 
rehabilitation projects ranging 
from $5 million to $20 million each. 
. Stan Ross, co-raanaging partner 
of Kenneth Leventhal & Co_ an 
accounting firm specializing in real 
estate, said his clients have 
dropped between $50 million and 
$100 million in projects, and can- 
cellations among buyers of vaca- 
tion homes have gone up 15 per- 
cent. 

“The uncertainty is paralyzing 
some people.” said Anthony T 


Niosi, a vice president of Merrill 
Lynch. Hubbard Inc., an arm of the 
giant brokerage concern and a 
leading underwriter and sponsor of 
real-estate limited partnerships. 
Mr. Niosi said sales of tax-orienicd 
partnerships has slowed sharply, 
but sales of other types of real- 
es laie ventures where lax benefits 
are not significant have hardly 
been affected. 

The cutback in deductions that 
would take place under the Trea- 
sury plan does not mean that an 
individual's overall tax bill would 
necessarily go up. In fact, the Trea- 
sury estimates that nearly 80 per- 
cent of taxpayers will find their tax 
bills the same or lower under the 
tax plan. Furthermore, it is not 
clear which, if any, of the Treasury 
tax proposals will become law. 

Bui Kenneth T. Rosen, director 
of the Center for Real Estate and 
Urban Economics at the University 
of California at Berkeley, said the 
tax changes could significantly in- 
fluence purchase decisions because 
the smaller tax deductions would 
have the effect of increasing the 
relative cost of housing compared 
to other goods. 

As a result of higher carrying 
costs. Mr. Rosen estimated, a 
$200,000 home would drop about 
18 to 20 percent in value: a 
$100,000 home about 10 to 12 per- 
cent, and a $50,000 home about 2 
to 3 percent v 

Jesse M. Abraham, an economist 
at Data Resources Inc, an econom- 
ic consulting and forecasting firm, 
said his company’s computer anal- 
ysis of the Treasury proposal’s im- 
pact on the general economy and 
the real-estate sector shows mort- 
gage rates could be expected lo Tall 
by nearly one-half of 1 percentage 
point partly because residential 
construction is forecast to drop by 
about 8 percent. The drop in rales, 
he said, could partly offset the ef- 
fect of the loss of tax benefits on 
home prices. 

According to the analysis, he es- 
timates a $384,000 home would 
lose 20 to 25 percent- in value; a 
$205,000 home would drop 15 to 20 
.percent a 5128.000 home about 13 
percent an $84,000 home about 8 
percent and a 545.000 borne about 
4percenL A $25,000 home would 
gain slighdy in ' value, the analysis 
found. 

Vacation homes would likely be 
hit harder than residential homes 
because of the cap that would be 
placed on mortgage interest deduc- 
tions for second homes. 

Mr. Rosen estimated that vaca- 
tion homes running about S 1 25,000 

(Condoled on Page Z CoL 5) 


Treasury Department Estimates of the SimpHtteation 
Proposers Impact cm FamBy Taxes 

Percentage of In each tocome category wtioee taxes wM be increased. reduced or remain the 


\ 
r 



:_ 9 ssthan St 0,000 to SI 5.000 lo 520,000 to *30,000to S50,000to 


$10,000 $15,000 


IsioOO WOIOOO S50!000 $100,000 $200,000 


- Fondly Economic Income Spure* Tmmury OaparfriMor Office of Tu Ant** 


The Nn» Yort Tuna 


Gandhi Removes Mother 

her Leading Assistant Is Granted an Indefinite Leave 


Mr. Dhawan, 47, a career civil 
servant controlled Mis. Gandhi’s 


The Assoc luted Press 

NEW DELHI— Prime Minister .. , r ■ . - 

Rajiv Gandhi has replaced four top appointments with official viators 
aides to his mother, the prime min- and aUjtomentsmid telephone 
ister’s office said Wednesday, in- calls reaching ; her office- 
eluding the man long considered He was widely regarded as her 
most pow&ul figure in gray ey n^ wid^g 

Indira Gandhi’s government- 

The top aide, Rajinder Dhawan, ^ directly with die leading 
a Punjabi, was Mrs. Gandhi’s spe- manbets of ^ Gandhi's cabinet, 
dal assistant for more than 22 - • ■ - f <n 


years. He was standing beside her 
when she was shot to death Oct. 31 
by two Sikh members of her secun- 
tyjtuard. 

He has been replaced as the key 


the chief ministers of India’s 22 
stales and the foreign ambassadors 
in New Delhi. 

Mr. Dhawan fust became widely 
known in official and diplomatic 
circles after Mis. Gandhi suspend- 


• lie naa uctu . . — . 1(V tc „„ l 

furore or the prime minister s staff ed the constitution m 1975 and 
by Vincent George, a member of niled by decree under a state ot 

t i:_», rknerim TYiinnritv Mimvencv. 


India’s Christian minority. 

. The prime minister's office smd 
Mr. Dbawair was granted indefi- 
nite leave. 

Officials also said Mr. Gandhi 
removed three other fop members 
of his mother’s personal staff: 
KLM. Sharma. R.K- Sikri and Y. 
Dhawam The Times of India said 


emergency. , 

During the two-year state oi 
emergency, he was one of the .most 
powerful centers of influence in the 
government. But when Mrs. Gan- 
dhi lost the 1977 election, he re- 
signed from government service to 
continue as her private assistant. 

He resumed his old position 
when she returned to power in Jan- 




Mr. Gandhi India's youngest 
prime minister, is known to admire 
Western technology and computer- 
ized administrative methods. One 
recurring theme of ihe election 
campaign, which be won in a land- 
slide last week, was his determina- 
tion to stamp out “corruption, inef- 
ficiency and laziness" in the 
bureaucracy. 

Mr. George has served as Mr. 
Gandhi’s aide since 1980, when Mr. 
Gandhi entered national politics 
after the death of his brother. San- 
jay. 

■ Stock Price Rise Continues 

Indian share prices continued to 
rise after Mr. Gandhi’s election vic- 
tory. Reuters reported Wednesday. 

After an average 15-percent in- 
crease Tuesday in share prices on 
ihe New Delhi stock exchange, 
slocks continued moving up 
Wednesday when the biggest slock 
exchange at Bombay reopened. 

Brokers said share prices at the 
Bombav. Calcutta and Delhi stock 
exchanges also rose in Wednes- 
day’s trading. 




Beijing 
Firm on 
Reforms 

Zhao Asserts 
Market Pricing 
Must Succeed 


Nakasone Arrives in U.S., Begins Talks Willi Reagan 


Prime Minister Yasuhiro Nakasone of Japan saluted an honor 
guard on arriving at the airport in Los Angeles. East-West 
relations and trade problems were on the agenda when he met 


Wednesday with President Ronald Reagan. Officials suggested 
the leaders might agree that their representatives discuss ways to 
reduce the expected $34 billion U.S. trade deficit with Japan. 


Moscow Warns Against Optimism on Arms Talks 


By Seth Mydans 

.Vrw York Times Service 

MOSCOW — The planned re- 
sumption next week of discussions 
about arms limitation has raised 
hopes among Russians for im- 
proved relations with the United 
Stales. But Soviet officials appear 
to be approaching the talks cau- 
tiously. 

Recent articles in the Soviet 
press have called the meeting in 
Geneva next Monday and Tuesday 
between Secretary of Slate George 
P. Shultz and Foreign Minister .An- 
drei A. Gromyko a hopeful sign. 
But they warn against yptiihisii.. 

Soviet siatements have por- 
irayed the meeting as a Soviet ini • 
liative and placed the burden for 
success on Washington. But they 
say the United States has so far 
offered little reason to hope. 

“The New Year gives rise to new 
hopes,” Pravda said on Tuesday. 
“It is with such semimems that 
peace-minded people in the world 
have received ihe news of the new 
Soviei-Aroerican talks.” 

Bui in another article, the Com- 
munist Party daily said that “there 
are certain signs that are a source of 
apprehension” and that “we have 
no illusions." 


Reagan Instructs Shultz on Strategy 

Los Angela Tima Service 

PALM SPRINGS. California — President Ronald Reagan has given 
Secretary of State George P. Shultz his final instructions for dealing with 
the Soviet foreign minister, Andrei A Groymko, next week in Geneva. 

Mr. Reagan’s “final marching orders” — as they were characterized by 
the White House — were delivered during a strategy meeting Tuesday 
with Mr. Shultz, Defense Secretary Caspar W. Weinberger and Robert C. 
McFariane. the president's adviser for national security. 

The meeting was held at the golf-course estate of the publisher Walter 
H. Annenberg, where the preadent celebrated New Year's Day. A senior 
administration officiaL speaking on condition that he not be identified, 
said the main topic was how lo respond to any Soviet “gambits.” Mr. 
P.iijjan may confer again with Mr. Shulr? when be returns ?o the White' 
House on Thursday, presidential aides said 

Officials have said ihe United Stales intends to suggest at Geneva that 
arms bargaining be divided into two categories: one for offensive weap- 
ons. and another for defensive systems, such as Mr. Reagan’s Strategic 
Defense Initiative, which would" establish a defense a g a ins t missiles in 
space. 


“Whereas the White House has 
taken a somewhat different tone 
than before, in the Pentagon there 
are still no signs whatever of 
change.” Pravda said. 

“World diplomatic practice 
knows that negotiations have been 
used as a method for gaining time, 
as a means of a false alibi in the 


eyes of public opinion, and as^an 
attempt to swindle the partner." 

As the New Year arrived. Ameri- 
can residents here found them- 
selves being asked by Russians 
whether President Ronald Reagan 
was softening his approach. “What 
do you think, are things going to 
get belter now?" they ask. 


Oslo Tracked Soviet Cruise Missile 
In Flight Over Norway and Finland 


Reuters 

OSLO — A Soviet tactical cruise 
missile flew over northern Norway 
Friday and is believed to have gone 
down’ in neutral Finland after fly- 
ing across the border, a Norwegian 
Defense Ministry spokesman said 
Wednesday. 

The spokesman said that Lhe 
missile had probably been fired 
from a Soviet submarine in the Ba- 
rents Sea. where the Soviet Union 
was holding a naval exercise at the 
time. 

The missile was tracked by radar 
Friday when it Hew in from the sea. 
past a Norwegian village and into 
Finland, he said. 

“We have information to the ef- 
fect that it must have downed in 
Finland." the spokesman said. 

Norwegian military authorities 
were leaning toward the theory that 
ihe missile may have accidentally 
gone off course and flown over 
Norway, a member of the North 
Atlantic Treaty Organization, he 
said. 

A spokesman at Finland's air 
force headquarters said it was un- 
aware of the incident. 

The Defense Ministry’s chief of 
staff. Frederick Bull-Hansen, said 
ii was the first recorded instance of 
a missile being flown over Norwe- 
gian airspace. 

Cruise missiles are capable of 
carrying nuclear warheads; Mr. 
Bull-Hansen said he did not know 
if the missile was armed. 

Cruise missiles are in effect pilot- 
less aircraft that fly at subsonic 
speeds to their targets. They can be 
programmed to fly low, hugging 
the contours of the ground to elude 
radar. 

In Brussels, a spokesman said 
NATO had no knowledge of the 
incident and would await reports 
from the Norwegian authorities be- 
fore making any comment. 

Government ’sources said Nor- 
way. a member of Lhe North Atlan- 
tic Treaty OraanirftTn. was likely 
to protest in the suggest terms 

Although it is a member of 
NATO, Norway has banned nucle- 
ar weapons from its soil and air- 
space. 


The borders of Norway. Finland 
and the Soviet Union meet at the 
northernmost tip of Scandinavia, 
just inside the Arctic Circle. The 
Defense Ministry spokesman said 
the missile was tracked as it passed 
over Pasvikdalen, a small town 
close to the Soviet bonier in the 
Norwegian- district of Finnrnark. 

It then flew over the Norwegian- 
Finoish border into Finland before 
disappearing, he said. 

Finland, whose 1948 friendship 
Lreaty with the Soviet lotion com- 
mits it lo repel attacks on its neigh- 
bor by other nations, has been iro- 
proving its radar detection 
equipment on its northern borders. 

The Kola area of the Soviet 


Union, close to northern areas of 
Norway and Finland, is the home 
of the Soviet Northern Fleet, whose 
submarine force carries most of 
Moscow’s second-strike nuclear ca- 
pability. 

NATO deployment of U.S. 
cruise and Pershlng-2 missiles in 
Western Europe was ibe main fac- 
tor causing the Soviet Union to 
break off arms control talks with 
the U rated States. 

President Mauno Koivisto of 
Finland said in a New Year’s mes- 
sage Tuesday that cruise missiles 
were a source of particular concern 
for northern Europe and urged the 
superpowers to ban them or restrict 
their use. 


The official New Year's message, 
read out on television as the Krem- 
lin’s Spassky Tower lolled mid- 
night, placed the talks in the center 
of hopes for 1985. 

“Much importance is attached to 
the Soviet Union’s new initiative 
on talks with the United Stales on 
preventing militarization of space 
and on limiting and reducing nu- 
clear armaments," the message 
said. 

Western diplomats and Soviet 
sources say the talks are indeed of 
vital interest to the Kremlin. They 
. note that Moscow proposed, the 
-ta.‘ks stx weeks- ago a.\a* id iog 
insisted Tor a year that a return to 
the negotiating table was impossi- 
ble. “They have had to face reali- 
ty,” a diplomat said. ‘They need to 
talk.” 

Nevertheless, these analysts cau- 
tion that the talks will be a slow, 
painful process. One Russian with 
access to official thinking said: “1 
believe the talks will go on limply 
for a few years, without results. 

He said he believed that neither 
Mr. Reagan nor the Soviet leaders 
were prepared to make the conces- 
sions that an agreement would re- 
quire. 

But Western diplomats also note 
that both sides have already gone 
some distance in softening their po- 
sitions. In October, the Soviet 
Union was still saying that there 
would be no return to arms limita- 
tion talks until the United Slates 
removed its new medium-range 
missiles from Western Europe. The 
start of deployment of the missiles 
in late 1983 was the cause of the 
suspension of talks on strategic and 
medium-range arms. 

But the Soviet leaders appear to 
have dropped that condition, at 
least to the extent of exploring pos- 
sible approaches to renewed talks 
starting next week. 

It is a turnaround that many 
Western analysts thought the Sovi- 
et leaders too conservative to make. 
“I have got to say they have shown 
more flexibility than 1 would have 
thought,” a diplomat said. 

Some diplomats had predicted 
that the worid would probably 
have to wait for change in the Sovi- 
et leadership for a break in the 
impasse in relations. 


Don James, the University of Washington coach, gets a 
boost from his players after their 28-17 New Year’s Day 
defeat of Oklahoma in the Orange BowL Page 13. 


INSIDE 

■ Violent election protests 
mark a year of challenge for 
Mexico’s ruling party. Page 2. 

■ Another abortion dink has 
been bombed in the United 
States, drawing demands for ac- 
tion to stop such attacks. Page 3. 

■ In Sweden, one reporter de- 

tects a wailing of old certainties 
about the superiority of the na- 
tional culture. Page 3. 

BUSINESS/FINANCE 

■ The dollar continued its re- 
cord surge. Page 7. 

■ brad is shaken by a report 

on the collapse of banking com- 
pany shares. Page 7. 

SCIENCE 

■ A US. draftsman with no se- 
curity clearance has become an 
international expert on the So- 
viet space program. Page 5. 

TOMORROW 

The celebrity architect and de- 
sign consciousness in urban 
building were notable phenom- 
ena of 1984. In Weekend. 


U rated Press International 

BEIJING — Prime Minister 
Zhao Ziyang. acknowledging there 
is anxiety over the changes allow; 
ing more of a free- market econo- 
my, vowed in a speech published 
Wednesday that China would “not 
vacillate” in its campaign to re- 
structure the economy. 

In a New Year’s address to 300 
officials. Mr. Zhao said “we must 
remain steadfast and unshakable” 
in carrying out the economic 
changes announced in October. 

The changes will largely allow 
China to do'away with 35 years of 
Soviet-style, centralized planning 
and let market forces set prices on 
hundreds of commodities formerly 
subsidized by the state. 

Mr. Zhao acknowledged that the 
changes in pricing was causing the 
most worry among Chinese, who 
are long accustomed to state subsi- 
dies on everything from rice to 
housing. Western economists esti- 
mate ihe subsidies account for 50 
percent of China's national budget 
each year. 

“In addition lo the anti-reform- 
ists reforms." Mr. Zhao said, “there 
are some of our comrades, well- 
intentioned people, who are a little 
anxious, worried about our re- 
forms. especially the price re- 
forms.” 

Bui. he said, economists agreed 
that the country “must cany out a 
reform of the’ economic system, 
that it's wrong not to carry out 
price reform.” 

“Price reform is the key lo the 
success or failure of the reforms.” 
he said. “Bui price reform can pro- 
duce risks and can bring on a rise in 
commodity prices and anxiety over 
commodity price increases.” 

There were isolated reports of 
panic buying of a number of con- 
sumer items immediately after the 
economic changes were announced 
io "LiC-. OciL-l-r. Eur 'he eo' vrr- 
ment quickly replenished supplies. 
The real effects of the changes are 
not expected to be felt until later 
this year. 

“The main danger is inflation, 
where we would see Ihe standard of 
living shrink.” a Western diplomat 
said recently. “Its a politically ex- 
plosive prospect” 

Also for the first time; many 
money-losing factories will not be 
aided by the government provok- 
ing fears of unemployment in the 
estimated 15 percent of the state 
enterprises that failed to make a 
profit last year. 

“We must not vacillate with the 
appearance of a little twist and turn 
or a little disturbance.” Mr. Zhao 
said. “And we cannot we will not 
permit the occurrence of major 
complications, On this point we 
must slay clearheaded. It only has 
advantages, no disadvantages." 

Mr. Zhao also said the slate mo- 
nopoly on the purchasing and mar- 
keting of agricultural products 
must be progressively abolished 
and called for more diversified 
farm production. 


Polish Agent 
Says Plot Was 
At High Level 

By Bogdan Turek 

United Pros hntmanvual 

TORUN. Poland — A secret po- 
lice agent buttressing earlier testi- 
mony. said Wednesday at a trial 
that Lhe order lo kill a popular pro- 
Solidarity priest had been issued by 
top-ranking police officials. 

The plot “had broad prepara- 
tions at the top,” said Lieutenant 
Waldemar Guraelewski, one of 
four agents implicated in the mur- 
der of the Reverend Jerzy Popie* 
luszko, 37, an outspoken priest who 
was kidnapped and strangled in 
October. 

“By the lop, 1 understand one of 
the department directors in the In- 
terior Ministry or a deputy minis- 
ter.” the lieutenant said. The Interi- 
or Ministry controls the stale 
police. 

Lieutenant Chmieleswki. 29. 
was the second police agent to tes- 
tify that the order to kill the priest 
was given from high officials. 

The trial which began in the 
northern city of Tontn on Dec. 27, 
was reconvened after the New 
Year’s holiday. 

Lieutenant Leszek Pekala, 32, 
testified that he heard his superior. 
Captain Grzegmz Piotrowski. talk- 
ing to Colonel Adam Pietruszka on 
the telephone about the killing. 
Lieutenant Pekala also said last 
week that Captain Piotrowski had 
asked him to take part in the 
“risky" operation. 

Lieutenant Chmielewski also tes- 
tified he had once overheard Cap- 
tain Piotrowski speaking over tne 
radio with General Zen on Platek 

(Continued on Page 2, Col 2) 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


Election Protests Open 
Year of Challenge for 
Mexico’s Ruling Parly 


By Soli Sussman 

Associated Press 


suffered serious setbacks in local 
elections in the northwestern states 


MEXICO CITY — Violent pro- of Chihuahua and Durango. 


tests have broken out over purport- 
ed electoral fraud in northern Mex- 
ico as the governing Institutional 
Revolutionary Party enters a year 


The National Action Party won 
the mayors’ offices in Ciudad JuA- 
rez and in the two state capitals. 
Since then, however, the Institu- 


that will test i ts long domination of lional Revolutionary Party has reg- 
the country. istered nearly clean sweeps of local 

The party's opponents are find- elections, 
mg new strength among people dis- Its opponents allege that thegov- 
grumled by economic crisis, auster- eminent, fearful of further sel- 
ity and corruption in government, backs, has returned to the electoral 


The northern state of Coahuila 
was reported tense Tuesday after 
the opposition refused to accept 
mayoral victories awarded to the 
Institutional Revolutionary Party. 


a manipulations of the past. 
r Jesus GonzAles SchraaJ, general 
[ secretary for the National Action 
; Party, said Monday in Piedras Ne- 
gros that after the voting in Chi- 


The party was declared the mo- huabua, the governing party “de- 
ner in 35 of 38 mayoral elections eided to put pressure on and 
held in December in Coahuila. But organize a systematic campaign to 
angry supporters of the main oppo- intimidate the people." He said, 
sition party, the National Action "They are trying to make people 
Party, burned the municipal build- lose faith in the vole." 
ing and jail in Piedras Negras in a The National Action Party is a 
protest Saturday night that killed center-right party that its critics 
at least one person and injured contend has lies too dose toprivaie 
nearly 80. enterprise, the Roman Catholic 

In Mondova, an industrial dty Church and U.S. interests. But un- 
1S3 miles (251 kilometers) to the like the smaller, splintered parlies 
south. National Action backers oc- of the left, it has been able to pre- 
cupied the plaza and municipal xat itself as motivated lately by 



Beirut Begins WORLD BRIEFS 
First Steps — 

Tn Rpnnpn Riots Mar New Year in South Africa 

J. U nCUpCll JOHANNESBURG (Reuters) — A black man died in a township riot 

r 1 T1 1 and a white boy was seriously injured when black youths stoned hdiday- 

I j Aafitfll Kmn makers in New Year’s unrest in South Africa, police said Wednesday. 

The 22-year-oid man was found dead in Sebokeng township, 30 miles 
The Associated press <5 ° 501,111 of Johannesburg, after a local government offidal 

•iniililiafrom jt-JiSSl S 

Wednesda \ as the firet s Si” ? ish ?P Desraon ^ i Tutu - of the Nobel Peace Prize, 

re^S'ih?[onE^7<^d^ad caJ, ^ d Wednesd3 y for economic sanctions against South Africa unless 

reopening ine long-LlOSca roaa. condition* fnr ih* i-numni'c imimhi Kia^t ... : . 


h'rrini- 


(50 kilometers) south of Johannesburg, after a local government offidal 
fired birdshot to disperse 200 rioters who were stoning a liquor shop on 
New- Year’s Eve. In other inddems, about 50 black youths stoned two 
groups of white holidaymakers driving in beach buggies along a bench 
□ear Port Alfred, on the south coast. 


building and swore in their defeat- practical rather than ideological 
ed candidate as mayor. concern. 

About 200 opposition supporters A vote for National Action is 
continued to occupy dty hah Tues- considered as much a vole a gains t 
day to keep from turning it over to the governing party as it is pro- 
the Institutional Revolutionary National Action. 


Party’s candidate, Salvador Marti- 
nez, who also has been sworn in. 


The violence in Coahuila is a sign 
that many citizens are no longer 


Troops patrolled Mondova, Pie- willing to accept old-style, one-par- 
dras Negras and at least two other O’ domination. Opposition to Ibe 
cities in Coahuila state. government has also resulted from 


EXIIX IS OVER— Patriarch Shemidah 3d. with staff, walks with followers outsiders 

mona^ery m Egypt’s Natnm Valley. The patriarch was deposed as bead of the Coptic 
t^rtiiodox Church and banished to the monastery in 1981 by the Egyptian government, 
which accused him of promoting sectarian violence. On Tuesday, the patriarch learned 
he would be allowed to resume his duties as bead of the seven-miDion-member church. 

Vietnam Shells Cambodian Posts; 
Thailand Says It Will Protest to UN 


meanwhile, announced a five-point ,7™ -a r ■ UOD 1130 “ OI ^proved by Wat 

government program to determine LOns,der “““» 011 !om & companies to withdraw their 

the fate of those kidnapped in re- 
cent fighting in the Lebanese civil 

17 East Germans Give Up on Asylum 

Moslem and Christian sectors for BONN (UPI) — Seventeen more East German refugees who sought 
six days. as vlum in the West German Embassy in Prague gave up their struggle and 

The road survey was made by 12 'eft f°f home Wednesday, government officials reported, 
senior police officers, state and pri- Their departure left 40 refugees in the embassy. The East Germans 
vate radio stations said. They also •tegan entering the building on SepL 13 in an effort to win permission 
traveled through the Druze-held from the East German government to move to West Germany, 
hills overlooking the highway, from When a flood of the East German refugees forced West Germany to 

where many of the artillery pieces close the embassy to tbe public OcL 4 there were about 170 East Germans 
and snipers have fired on the road inside. But the number dwindled as East German authorities repeatedly 
in the past weeks. refused to grant them permission to emigrate. 

On Thursday, the officers are 

scheduled to tour the Christian- i-vi , ■» „ „ _ 

held section of the highway, be- IjrCFUlHIl UlSSlCieiltS I JfllWl Kn iTinmgfB 

twinning S^^IsS^upied j B ^ N ^ tU K P1) ,efdsts claimed responsibility Wednes- 

south at Sidon, the radio reports £ ay for ba % b ?““** 9 ° Fra ^ h Md Turfa sh installations to back a 
said. ^ hunger strike by imprisoned members of the Red Army Faction. 

Under the plan worked out ^“ l new* omnizations. the supporters of the 

among mibtia. police and armv Faction said th^ bombed a French Embassy buDding in Bonn 

commands, the offiSrs were^o % Uj S J, SSP?* offi “ “ ** ™ <* 

make sure that al> fighting along SJfjRSuS Su " day Md a Turkish insulate m Mfinster, 140 kilome- 
the coastal higfawav had stopped \ ?? I °l ^ 0a Chnsinu ^ 

P22J5? "E-** “5"^ 


.ifc To} 1 


f i t = r r * 


The Associated Press 


The Institutional Revolutionary an economic austerity program de- NONG SAM FT HuiiinH — 

inv hqc nrnvi.W «n'ik !i. (ifinni tn rwlnrv in inflnlinn raio .-1 ... . .. . _ ' . Mlllinu temtOiy. 


cursions from Cambodia into its 


Pany has provided Mexico with its ^edio.rfua aj iii^tionraieof Vieuiani sidled Cambodian 


presidents for more than 50 years, 
controlled the National Congress, 
and held the governors' offices in 


100 percentTn 798r807^t to ““ra umoocuan post- Wednesday was the ninth day of 

l«S3 ! M?mady60pncenl!nT984 aJo “ 8 , i? comlxi1 “> and around resistance 

Th?c«S^Soride Se t ?,^ 1 bori “ ^ camps inside Cambodia. Hundreds 

oooosiriT^rhT. saidthat it planned to protest lo Lhe of Cambodians and Vietnamese 


r „.„ ai _,:|] d _ . . town of Damon r to remove mines. 

fer f K «^h mounds and barricades that 

ter of Ampi I camp, the fronts have hfncknl rh,* ™„fhho..nd 


NATO. 


, D - . . — have blocked the southbound road 
headquarters, north of Rithisen. since nghting last February. 

Vietnamese news media, moni- The police operation was expect- 
tored m Bangkok, have not com- ed to be completed bv Sunday 
merited on the border fighting, when a 1,200-member regular array 
which erupted in November at the force would be deployed along the 
start of Hanoi s dry-season offen- 25-mile (40-kiIometeVj road be- 
sive and escalated Christmas Day tween Beirut and the northern edge 

when Viein.mvo* unite t p. ■ _ _ . ° 


all 31 states. Its network runs paral- opposition with its best chance in JSS 
lei to the government and reaches ^any years to loosen the grip of the 

mio virtually evety hamlet in this governing party. TheVlefnameo.r^S JI. 


into virtually every hamlet in th 
country of 72 millioa people. 
During his 1976- 1982 arimini 


have been reported killed or 
wounded in the offensive, although 


jnng hu 

tration/Presideni Jos6 L6pez Por- border where National Action has S’ 0 " WlUl - ^ P^5 mmiisl Rithisen and drove out its 60 000 

tillo, in the face of steadSTdrop- it* strongest traditional bases. HfEJ ifSpS ff“ ^ V,e ? ara 1 ^ wh ° civilian inhabitants, 

n no vnfne _... A iu TTi™, Kf neia oy tne KJimer Perales Na- invaded Cambodia in late 978 nnd , 


Seven governors’ races are due in The Vietnamese fired for 40 min- no precise figures were available. 
1985, including two alon« the U.S U ^f Wlt ^ ,Y t, S? I Z- aild mortars on The Khmer Liberation Front is 
border whS^Naiional An inn k J SECt0rs of i he R 1111 ^ camp on the allied with the Communist Khmer 


when Vietnamese units assaulted 


ping voter turnout, pul through Those races in Sonora and Nuevo tional LiberaL^ ^nrTrr/?Hino ^ vaaed m late 1978 and Vietnam has 160000 trooos in 

Mfrssaffg 

JMsaaraas tefiassfa'* ia-tri 


t f“ ™ d Jesse Jackson in Rome to Meet Pope 

The police operation was expect- ROME (LIPI) — The Reverend Jesse L Jackson, a U.S. dvil rights 
ed to be completed bv Sunday, leader, arrived Wednesday in Rome for an audience with Pope John Paul 
when a 1,200-member regular array 11 31,0 said he hoped to discuss with the pontiff South Africa’s apartheid 
force would be deployed along the system and international disarmament. 

25-mile {40-kjTometerj road be- “Th e position taken by the pope on peace in the world is a source of 
tween Beirut and the northern edge hope for all oppressed men," Mr. Jackson said on arrival. He called the 
of Israel's occupation zone. Polish-bom pontiff "the pre-eminent moral fi gur e in the world.” 

Rival Druze and Christian mili- Mr. Jackson said the pope has been a "great help" to the people of 
tia commands have pledged to co- Poland because he has called attention to the situation there He said that 
opfraw- J 0 " 1 cofdd provide similar help to black South Africans by helping 

Mr. karami's national coalition to 03,1 attention to the apartheid system of racial segregation, 
cabinet met Wednesday at Presi- 
dent Amin Gemayel s presidential 
palace in suburban Baabda id over- 
see tile first stage of the operation. 




When President Miguel de la could be tough going for the gov- 
Madrid took office in December eming party. 

J982, he started a campaign of But the vast resources at the 


™ ™ uwui u,uuai inauLu diM grenades TTi,D^r™.™:4.L ,n, . iviiuici nucuuiun rront Melds 

a™ 8 * ^ f0f ** ^ ^"national Commiitee of guSuiLliSwSw^ S S™ 1 l2m ***£- Ae M™* 

TfT*’ , i die Red Cross said that it treated 19 ll on MonX a^dTiS ™ ^ ^ dian M.OOOaiid the 

mounded guerrillas on the Thai 25 hospitalized and liSZdd- Sihanouk group about 5,000. 


■^ral renewal" to rid the govern- command of the In^tutionalRev- Sfcrf iTSSr wSnxdn 

*5“” ? . ^ ^denary Party and its control of There was no estimate ofVietna^- 
campaign was the promise of dean the government make it difficult to ese casualties. 

'ffiiiuM..***,. J*3£teW£SSl 


■der Wednesday, ter treatmenL This compared with 
mate of Vietnam- 100 on Sunday, one of the bloodiest 
r- ■ ... . days or combat since the war began 

Foreign Ministry five years ago. , 


Sihanouk group about 5,000. 

■ Retreat Is Reported 
Vietnamese troops were appar- 
ently beginning to retreat from 


Nations the latest Vietnamese in- 


nve years ago. . Nong Samet after suffering heavy 

Thai intelligence sources at the losses. Cambodian resistance lead- 
border town of Aranyaprathet said ers told Reuters in Ampil on 
that the V ietnamese also dropped Wednesday. H 


ucm rtuun uemayei s presiaenuai C— 2 T 1 O n l , m _ T _ 

palace in suburban Baabda io over- 'll IjankR OflVS KebeiS BieW U D Brill OP 
see lhe first stage of the operation. minvinn , A m o 

Mr. Karami said the government kIvu! Sn ' a , n ^ Tamil guerrillas have blown up a 

had agreed to help Lhe families of ...S n *? r Jaffn a- distmpting deliveries of food and fuel 
those kidnapped m recent fighting to lhe n orthern capi tol, the government has announced, 

to determine the Tale of their rela? S “ d Tu ^ day iV 1 t ,he PtemHas, who seek a separate 

lives. He said Lhe government SSSlS SZ 10 'S'l !? 11 ' Sn WooKlSetol 

would work with the International ^ oBl ^ tan ? m 311(1 .^a! on the Jaffna Peninsula. 

Committee of the Red Cross to ^ £L m 3r lt r 0uJd ^ at lcast 3 10 

secure the release of those kid- / ^f 10lhe ?‘ said supplies needed for security forces 

napped. could be flown m but other residents of the area would face shortages. 


Philippine Opposition Agrees on Candidate Plan US Tax Han 

ChiUs Market 
For Housing 

(Continued from Page 1) 

could drop 25 percent in value un- 
der the Treasury plan. 


Reuters 

MANILA — A group of Philip- 
pine opposition politicians backed 
by prominent businessmen signed 
an agreement Wednesday on a 
method for choosing a presidential 
candidate if an early election is 
called. Elections are now scheduled 
for 1987. 

The agreement would allow 14 
people to nominate opposition can- 
didates for president and rice pres- 
ident and would take effect in case 
of a vacancy in the presidency be- 
fore the end of the term of Presi- 
dent Ferdinand E Marcos. 

The signatories said the move 
followed reports of Mr. Marcos's 
recent illness and the possibility 
that he might not complete his six- 
year terra. 

The presidential palace has de- 
nied reports that Mr. Marcos has 
heart or kidney problems and has 
said that he is recovering from asth- 
ma, influenza and allergies. 

Signatories to the agreement in- 
clude Jaime Ongpin, a wealthy 
businessman: Corazon Aquino, 
widow of the murdered opposition 
leader, Benigno S. Aquino: two 
members of parliament: represen- ' 



io determine the fate of their rela- 
tives. He said the government 
would work with the International 
Commiitee of the Red Cross to 
secure the release of those kid- 
napped. 

■ Norway May Cut Force K7 

A “JUTS Reported Sighted 

lions peacekeeping force in Leba- .C 1 , Federal Aviation Administration said 

non, or UNIF1L. unless Lebanon utemSS the ,!| Tecka 8? of a Plane has been spotted 50 miles (80 
and i^ad reach a security agree- U *T r and . is beheved t0 Extern 

menu a Defense Ministry spokes- p 8 ™ 98 °- wluch dtsappeared Tuesday, 

man said in Oslo on Wednesday, _ Jr x 311 ^tem spokesman in Atlanta said the airline had not received 
according to Reuters. a . r fP ort *° d d 131 3 reported sighting of a wreckage later was 

Finland has also expressed con- aSSE! p!°» ^ 3 I 0 ? f ° rauuio p. Flight 980 was en route from 
cem over the mandate of its troops , -H 03 /’ *?*•*. ^ 3 J persons on board. The State 

in Lebanon. Norway and Finland J 311 “ {JaiManan Davis, wife or the U.S. ambassador to 

provide more than a quarter of the a . r M ' L>av ^’ was among those on board the plane. 

5. 240- member force. I* . s P°^ maa dial the sighting, reported to ihe agency, was 

A Defense Ministrv snokesnwn . ae Dy 3,r and from a distance where positive ideniificarirm cnnM no. 


C°razon Aquino, fornier Senator Lorenzo M. Tanada, center and JaimTcto^lT, 
businessman, s.gnmg an agreement on choosing 


talives of political figures now in a “ndidate. 


the opposition little time to choose 


the United States, and four Tormer 
senators. 

C>n Dec. 26. they signed a decla- 
ration of unity that contained com- 
mitments for tiie chosen candidate, 
if elected, to draw up a new consti- 
tution. legalize the Communist Par- 
ty. release political prisoners and 
remove U.S. military bases. 

. Among the possible candidates 
in the group are Mrs. Aquino as 
well as the former senator's mili- 
tant younger brother. Agapito 
Aquino, and a former Marcos as- 
sistant, Rafael Salas, who is now 
head of the United Nations Fund 
for Population Activities. 

Under the constitution, an elec- 


Former Senator Salvador H 
Uurel. president or the United Na- 
tionalist Democratic Organization, 
did not sign the agreement. 

Mr. Marcos. 67, who has been in 
power for 20 years, has announced 
titot he will run for re-election in 
1 Vo7- 


We ^-^ day in lhe ki,ltfd 34 Lhe >' w ‘cre entering the 
or nn^Tic^ P ^;.^ 8 ^ may ‘ I 13 ” in ^gOZa. 75 rite 


or and his three bodyguards in one 
incident and wounding a provincial 


{120 kilometers) north of Manila. 


Economists, such as Lawrence . A Ministry spokesman k- Ir °re a distance where positive identification could not 

Chinierine of Chase Econometrics. S* d lhai Nonva y considered UNI- dh ; rt wr ® cka 8e was in the general area where the 

believe the hardest-hit real estate F1L P° we nesstecanycHitiHman- P ^ nearJ rom 10 minutes before it was due to land at La Paz. 

sector would be mititifamiiy rent- dale 10 kee P d,e in Lebanon. 

For the Record 

10 , 000 StmmUd 

ab^nce oT benefits. waiv«l extradition in Concord. New Hampshire. WednSdav 

Fora Night m wauM^relum volununly to N W York to to ch^gc of n„™p,S 

Beijing Station wed^, 5 ^. ““ “ Mass - h ? 

as attested by the eunent glut of outgoiog senator, m a ploy to give Mr Kemm advanMe^Sriw 

office space .0 many ones, thereby BEIJING - Ten thousand 0VI ? 5 « oLber freshmen senator. Mr. KerVa S^{^J2S2S 

depnving other segments of the people were stranded for the 10 ^ sworn in Thursday for his own fuil^Lv-vranmT^ , JS 

eronomy or investment money. night at a railroad station in The world chess chaimHon, Anatoli Karntw n n 

The Treasury rontends free-markei Beijing on New Year's Eve be- Kasparov, agreed toTdrawWednesdav intiie 37th G ^ 

forces should direct investment to cause zealous officials wanted Mr - Karpov leads 5-1 y n ^ 37lh c^ne of their match, 

ite most productive uses rather to meet a 1984 target for com- Vietnam mil probably execute five , j l A t Pi 

— SBh5r n “ dis,on m - " ofricial Mid SSS.Y 2 SS£ aferiw-j ^ 

J ■’ warning so they couid finish re- 17 " ' - * 

furbishing a signal box. accord- 
ing to the China Daily newspa- 
per. 

The work was scheduled to 
be completed in 1984 and rail- 
way officials wanted to be able 
to report that it had been done 
on time. 


New*’ Peonte^ Commi f u f' governor his wife, their driver and 
Mav™ R ^ mvo . h . ed ' bodyguard were severely wounded 


Meanwhile, unidentified gun- three bodygSrds wgTg aSd Ulfed *"*>*”* 500 

Polish Agent Says Plot Started at High Level 

all thnre ha\-e admitted they When Lieutenani Peknln ivr 


aaias. wno is now • . r. .. 4,11 uirec nare aamitiea Lnev 

head of the United Nations Fund Hesaj 1 . d - ^ Colonel Pieiraszka wS 

for Population Activities. wronfnS to he S ° l ** ch ^ Raiding in die crime. 

Under the constitution, an elec- Lieutenant Pekali Lieutenant laiSpt? P if-! eJc * wh ? «■* Cap* 
tion raust be called within 60 davs Chmielewski andf,n2? F* 0 ^ 0 ^ 1 s superior, has been 
- .. . 


j 1 'I,, r- • Abra Governor Andres Bemos de P f ^ cia,ion - which has allowed warning so they could finish re- 

govemor and killing his son in an- and his family were ambushed as bu,ldm 8 s 10 ** wnuen off in 18 furbishing a signal box. accord- 

°^P° i,ce re P or !® d \ they were driving toward Banauet. years ? would be replaced by a sys- ,0 S 10 ^ China Daily newspa- 

Sajd *L was 001 200 m il« north of the capital The ,eni litat stretches out the write-offs P 6 ^. 

Wiown wfaeiher ihe CnmmnnKi governor his wife, their driver and °. vcr a much !°f«er period of time, . Tbe w °rk was scheduled 10 

bodyguard were severely wounded providing the owner with °e wnjpteted in 1984 and rail- 

and his three-year-old son was smaller deductions each year. way officials warned to be able 

killed. In addition, the tax plan would !?„ ihalilh * db *™ d °ne 

reduce lhe value of interest deduc- U 

tions on mvesLmcnt properties by 

at High Level iz££^BoS0 o InSingapor 

When Lieutenant Pekala was reduce lhe interest income bv an „ 

asked if he was aware that he was ™“nf s« by the Treasury so' that 

taking pan in a murder, he replied. M 16 recipient is no longer taxed on T SJIN ' J A p ° R E — Goh Chok 
“When Piouowski said that a man i ncor >K due solely to inflation. X on ®* was sworn 10 Wednes- 


For the Record 

Bernhard H. Goetz, who confessed to shooting four teen-agers who 
investigators said tried to rob him Dec. 22 inTFew York aSSnm 
waivwl extradition in Concord. New Hampshire, Wednesday. He said he 
m^!dr retUm vo,unl;inly 10 New York 10 face charges 6f auempied 

seltson ” 85 ™ U -S- «*»»*■ from Massachu- 

c ,^ 3V 0 *? ve on ® da y of lhe ,enn of Paul E Tsongas. the 
ovcr?iS nfSI? l r 0r 'iI n 3 10 &ve Mr - Kern- an advantage in sSiriiy 

s ? ,al ?. rs - Mr - Keny. a Democratwas scheduled 
O 'r^f W0m 10 ^ llursda - v f° r bis own full six-year term. ,AP\ 

The world chess champion, Anatoli Karpov, and his challenger Garv 

Mr 1 fSSwfflSl. draW Wedj,eSday in 37,h of 


Pipr 


•: ' ? i i \ 

; a j.-:. 


SSTJSStSZSffS French prime 
? s, !g h * ^Tuestry. tRemm 


"S i 1! ,n a m,lltary P nson for refusing lo serve in Ltbanoo. 

,’" ,0 ' verae,1 ‘ itl ^ kidnapping of Uk 


T. ,*e!^ ^ 3n S J ^ ¥ o^d^^an/mori 




In Singapore , a Technocrat Goes Ft 


medical plan that reduced state 
subsidies for health care and shift- 


rnusi die, I thought it was untrue. I Furthermore, the lax rules would SL ^ :^P por ^ S J J? sl 
thought we were only kidnapping eliminate a prime attracrira for in- muusleT “ d defensc 

the priest-" dividual inv^tore teSSSuS £ 

Lieutenant Chmielewski testi- shelters. The rales would prevent &iSS!^ r £-?fv l,a H 
fied that he and Lieurennnl Pkkala ^al estare 5Yndrcn.es -SS S 
wwe afraid that Father Popie- w,rfl m°re than 35 investors — 11? ^ ^“ esso . r - . 

luszko could suffer a heart a luck ff 001 passing tax losses on to par- has^ * h ° 

during the kidnap- 1 — *-• ■ limmic n>i^ .... .1. ™* Deen “e defense minister since 


Tong, who was sworn in Wednes- ed the burden onto the taxpayer 
day as Smgapore s first deputy The "medisave" plan was attacked 

Dnme minid^r nnH u., V.- . : 


rssgjssw: 


during the kidnapping but their su- Jjnpante wfio use these los^eTto 
penor. Captain Pioirowski. got a reduce personal income-tax tiieSin^JSa™^ r^ tol i 2 
“blessing" by unspecified pef^ bills. ““ 


■-JWI 


THE ADVANTAGE I S INTER- CONTINEN TAL 
ABU DHABI INTER- CONTINENTAL HOTEL 


ftif ii'wrvjlhins vjII >y 


I'l >. liix 4I5"!. Tdc^k iSjpCl 


■nr |ti|i-r-< iintini'nl.iKik<v,ij|, (P 


“My participation in the murder 

was the result of my thoughtless- ,h l0p to 861 nd °f the 

ness and naivete," Lieutenant Pe- . ... 

kala said. “It was a nightmare I The three adso said they intended 
was too obedient" 10 discredit Father Popieluszko b>- 

He admitted that he was aware f? rdn & ^ !o dri nk a bottle of 
C4 - the political consequences of the ,K,uor - 

1 plot and that he was told on his The trial indictment charges the 
arrest "where the body was" and order to kill the priest originated in 
mat the “hiding of the body could "'be highest level" of government 
| spark riots in the country." and that the three police officers 

were promised awards for carrvmc 
■- ^ it out. 

AUTHORS WANTED 

DV II V DIIDl ICUrn f? penadof law. has urged 

BY N.Y. PUBLISHER 

laotAng utod/ boot puUshv . s?y*jJ8 the killing was a “provoca- 

wyu o i oil rypg, fiowr. noo*jw>. pew™. uon intended to cause instability. 

^aa^aggia.’S . Foleshrrv.tomcd lon g lm«ir, 
514 w. 34«I Sr . New Y ff k. Kt r ^ nl ° r newspaper stands in major 
,0001 n,l « » buy papers, which have 

earned long reports on the trial 


AUTHORS WANTED 


U”du.g urbady bo ^ Pvtfafw xtks ow 
wyte o f oH j rypw. fiebort. nan-fttar. po-try. 

ISo^jJa*' 516W - 34rt,SrNe * 7of«. 


Italy Sets Ban 
On Plastic Bags 

The AsMviutcd Pros 

ROME — The Industry Min- 
istry announced Wednesday 
that plastic bags will be banned 
throughout Italy beginning in 
January 1991. 

The ministry also banned by 
the same date all packing and 
bags made with fibers that can- 
not be recycled. 

Plastic bags, used in super- 
markets and in most shops, are 
not biodegradable and are con- 
sidered a major pollution prob- 
lem in many countries. 


island s fast-growing industrial sec- 
tor. 

He carried out a Swiss-type civil 
defense concept, raised public con- 
fidence in the armed forces and 
pushed high technology plans in 
the military and industry. He also 
became the chief strategist of the 
ruling People's Action Party. 

Moving from the private sector 
in 1976, the 43-year-old technocrat 
gradually worked his way up the 
political ladder and was brought 
into lhe central executive commit- 
tee oT the People's Action Party 
two years later. 

He mapped out plans for the 
1980 and 1984 elections, which 
give his party landslide victories. 
For a man who started without a 
strong grass-roots following, Mr 
Goh does a good job of keeping the 
parly machinery well-oiled. 

He was the prime mover of a 


by opposition political ponies. 

Most of the opposition leaders 
said they believed that Mr. Goh 
was the obvious choice to lead the 
People’s Action Party after Mr. 
Lee. 

Mr. Goh is at ease with journal- 
ists, a trait not shared by most of 
his party colleagues. He is ap- 
proachable and has an easy smile 
but does not have Mr. Lee's formi- 
dable presence. 

“He's not very charismatic," said 
a dose friend of Mr. Goh. “But he’s 
probably more liberal in his views 
and a son of a consensus builder. 
He puts his ego relatively low and 
tnes to draw out other people's 
ideas. * 

A senior official of the Trade and 
Industry Ministry, a portfolio that 
Mr. Goh held from 1979 to 1981, 


said: “He can get io the rom of 
problems quickly and solve ihem." 

Mr. Lee. who has been leader of 
Singapore for 25 years, has indicat- 
ed that he may step down i n 1988 
when he will be 65. 

Speaking at the swearing-in cere- 
mony at the state palace. Mr. Lee 
said the new 13- member cabinet 
would be strengthened in the com- 
ing years by still younger men in 
parliament, including junior minis- 
ters. 

Finance Minister Tony Tan. a 
key member of the group of rising 
young offidals. said the younger 
leaders, under Mr. Goh’s guidance, 
would give the ruling partv “a fresh 
new image and a new burst of life." 

Opposition leaders said ihev 
were not surprised by the composi- 
tion or the new cabinet but doubted 
ihe new team could match the per- 
formance of the old guard of whom i 
only three, including Mr. Lee. re- 1 
mam. 1 


S' 2 .. y- 


fffe 

:< I^= 


Correction 

defense minister ©f Singapore. SSh Chok Tb£ Jffi r™ 
deputy prune minister, retained the defense norrSlS W t A - r “» l 


r . ' :> ' f? 

W 3 SU 










INTERNATIONAL HERALD TRHNJNE, THURSDAY, JANUARY 3, 1985 


Page 3 


Abortion Unit 
Bombed in 

U.S., Stirring 
New Protest 

... By Margaret Engel 
and Lyle V. Harris 

' Washington Post Service 

.-..Washington — An abor- 

non clinic in Washington has bees 
hashed, prompting new requests 
that President Reagan, the FBI and 
other federal agencies take action 
'. 'jo stop violence against abortion 
xfiflics. 

■ The blast, which took place early 
. Tuesday, caused extensive damage 
.tinside die HiUcrest Women’s Surgi- 
, Center and broke more than 230 
'window in two apartment build- 
ings across the street. There were 
no injuries. 

The bombing was the Washing- 
. ton area’s fourth in two months 
and the 25th attack against abor- 
tion facilities nationwide since the 
beginning of 1984. 

- Clinic owners, abortion-rights 
advocates and women's groups ex- 
pressed anger over the bombing 
and urged stronger U.S. govera- 
; meat efforts to end the violence. 

“We urge all Americans to call 
• upon President Reagan to put the 
full force of the U.S. government 
behind efforts to seek out, identify 
and curtail these criminal activi- 
ties,’’ said a spokeswoman for Faye 







Property damage being checked at the Washington abortion dink after the explosion. 


Waitleton , president of the 
Planned Parenthood Federation of 
America Inc. The organization 
does not operate abortion clinics 
but provides abortion counseling. 

Miss Wattleton and others have 
criticized the FBI for not investi- 
gating the bombings. Lane Bonner, 
an FBI spokesman, said the agency 
is not involved because there has 


been no evidence of a conspiracy. 

“These incidents are being ag- 
gressively investigated by the U.S. 
Treasury Department’s Bureau of 
Alcohol, Tobacco and Firearms, 
and they have primaiy jurisdic- 
tion,'* Mr. Bonner said. “If we 
found evidence of an organized 
group, then we would be the lead 
agency. But we have no evidence of 


Clark, Top Environmental Official, 
Tells Reagan He’s Planning to Resign 


hen Ent 


By Stephen Engelberg 

New York Times Service 

WASHINGTON —Secretary of 
the Interior William P. Clark has 
told President Ronald Reagan that 
be intends to resign and return to 
his ranch in California, a spokes- 
man for Mr. Clark has announced. 

The spokesman, Albert R. Bra- 
shear, said Tuesday night that Mr. 
Clark met with Mr. Reagan in Cali- 
fornia before New Year’s Day to 
say that “his job was substantially 
accomplished and it's lime to go 
home." 

Mr. Gaik, S3, replaced James G. 
Watt as interior secretary in No- 
vember 1983. Mr. Dark, who has 
played the role erf troubleshooter in 
several areas for the Reagan ad- 
ministration, was appointed at a 
time when Mr. Watt's policies were 
under he?vy criticism by environ- 
mentalists. 

[A White House spokesman told 
United Press International that 
Mr. Reagan has “great confidence 
and high regard for Mr. Gaik. He's 
sorry to see him leave the adminis- 
tration."] 

Mr. Gaik's planned departure is 
a potential setback for conserva- 
tives within the administration. He 
was seen as a counterweight to 
mare moderate members of the 
Reagan inner aide such as James 
A. Baker 3d. the president’s chief of 
staff. 


Conservatives are likely to be es- 
pecially concerned about Mr. 
Clark's departure since another in- 
fluential conservative. Edwin J. 
Meese 3d, the presidential counsel- 
or, is schedules! to leave his White 
House post soon to assume control 
of the Justice Department. 

Mr. Brashear likened the depar- 
ture of Mr. Clark to the recent 
resignation of William D. Rndcel- 
shaus. the bead of the Environmen- 
tal Protection Agency, who had re- 
placed Anne M. Burford, a Reagan 
appointee whose policies had also 
been attacked by members of Con- 
gress and environmentalists. 

“He was sent to do a job, much 
like BOl Ruckelshaus, and now that 
job is substantially completed," 
Mr. Brashear said. “He liked it here 
very much, but at every opportuni- 
ty he would say how mudi be en- 
joyed his ranch and how much he 
wanted to get back to it" 

Mr. Brashear said it had not 
been decided when Mr. Gark 
would leave the Interim Depart- 
ment, but he said the transition was 
likely to lake several months. 

Mr. Clark came to Washington 
four years agp as Mr. Reagan's 
deputy secretary of state. In Senate 
confirmation hearings for that 
post, be was ridiculed for demon- 
strating a lack of knowledge in ba- 
sic areas of foreign policy. But he 
went on to win a reputation as an 


able adviser to arid troubleshooier 
for the president. 

Mr. Reagan named him national 
security adviser in 1982. a post that 
gave hun direct access to the presi- 
dent but sometimes put him ai 
odds with other top White House 
aides. 

Mr. Gaik a favorite of Republi- 
can conservatives because of his 
hard-line foreign policy views, was 
criticized by some in the While 
House for winning presidential ap- 
proval of key decisions without hav- 
ing them processed through the bu- 
reaucracy. 

Mr. Gark's association and per- 
sonal friendship with Mr. Reagan 
dates to the president's days as gov- 
ernor of California. From 1967 to 
1969. Mr. Clark served as chief of 
the governor’s staff in Sacramento. 
Mr. Reagan later appointed him to 
the state Superior Court, then Ap- 
pellate Court and finally to the Cal- 
ifornia Supreme Court. 

■ Laxalt Is Candidate 

Cass Peterson of The Washington 
Post reported from Washington: 

The names of Energy Secretary 
Donald P. Hodel and Senator Paul 
Laxalt Republican of Nevada, 
have surfaced as possible succes- 
sors to Mr. Clark. 

Representatives Dick Cheney of 
Wyoming and Manuel Lujan Jr. of 
New Mexico, both Republicans, 
are also likely to be in the running 



Chester A. Rouning, 90, Canadian Diplomat, Dies 


A few York Tunes Service 

NEW YORK — Chester A. 
Ronning, 90, a Canadian diplomat 
who carried out a confidential mis- 
sion to Hanoi in 1966 in an attempt 
to get peace talks going between 
the united States and North Viet- 
nam. died Monday of pneumonia 
in Camrose, Alberta. 

Bom in China o f missi onary par- 
ents and fluent in Chinese, Mr. 
Raining was widely regarded as 
Canada’s leading expert on China. 

After a visit to Hanoi early in 
1966, Mr. Ronning went to Wash- 
ington carrying the North Viet- 
namese government’s first offer to 
begin peace negotiations with the 
Johnson administration if the 
United States announced a halt in 
its bombing of North Vietnam. But 
the United States did not stop the 
bombing until March 1968. 

Before his Hanoi mission, Mr. 
Ro nning was counselor and charge 
d’affaires of the Canadian Embas- 
sy in China from 1946 to 1951; 
head of the American and Far 
Eastern Division in the Depart- 
ment of External Affairs from 1951 
to 1953; ambassador to Norway, 
the land of his ancestors, and Ice- 

DOONESBURY 
mmwmot£5 
cHtfc/mi.HAve |r— 



Chester A. Ronning 

land from 1954 to 1957; and am- 
bassador to India from 1957 to 
1964. 

Leo Robin, 84, 

Hollywood Lyricist 
LOS ANGELES (UP!) — Leo 
Robin, 84, an Oscar-winning lyri- 
cist who wrote the words to theme 


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FM SORRY, SIR, 
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songs adopted by Bob Hope. Jack 
Benny ana Maurice Chevalier, died 
Saturday. 

Among Mr. Robin’s creations 
were “Louise.” Chevalier’s song: 
“Love in Bloom," Benny's theme, 
and “Thanks for the Memories." 
Hope's tune. He won his Oscar for 
the “The Big Broadcast of 193S." 
He also wrote the words for “Dia- 
monds Are a Girl’s Best Friend." 
and “Beyond the Blue Horizon." 

Mr. Robin did the scores for 
more than 30 movies. 

Nobuhiko Ushiba, 75, 
Japanese Diplomat 

NEW YORK (NYT) — Nobu- 
hiko Ushiba. 75. a leading Japanese 
diplomat, international trade nego- 
tiator and former ambassador to 
the United States, died Sunday of a 
liver ailment at a Tokyo hospital. 

As ambassador to Washington 
from 1970 to 1973 and again as 
minister of stale for external eco- 
nomic affairs in the late 1970s. Mr. 
Ushiba was involved in efforts to 
smooth tensions with the United 
Slates and other Western countries 
over trade imbalances and mone- 
tary instability. 

Seymour Peck, 67, 

N.Y. Times Book Editor 

NEW YORK (NYT) — Sey- 
mour Peck, 67, an editor of The 
New York Times Book Review 
who also bad served as cultural 
editor, editor of the Sunday Arts 
and Leisure section and a senior 
editor of The New York Tunes 
Magazine, died Tuesday when the 
car he was driving was struck bv a 
car traveling the wrong way oo the 
Henry Hudson Parkway. 

Mr. Peck’s bssan his newspaper 
career on PM in 1942. In 1951 he 
joined die Sunday Department of 
The New York Times. 

He served as editor of the Sun- 
day drama section from 1952 until 
1 956, when he moved to the maga- 
zine to produce stories in all the 
arts. After 1963, he continued to 
wort for the magazine and again 
served as editor of the drama sec- 
tion. In 1976. he was appointed 


culture editor of The New York 
Tunes, responsible for the daily 
coverage of the arts in every Held. 

Charles J. Kennedy 
Magazine Publisher 

NEW YORK (AP) —Charles J. 
Kennedy. 49, publisher of Town 
and Country magazine and former 
publisher of Newsweek, died Mon- 
day of cancer in New York. 

Mr. Kennedy became publisher 
of Town and Country in September 
1983. after resigning as the publish- 
er of Newsweek the month before. 
• Other Deaths: 

Raoul Peoe du Bos. 72, a theatri- 
cal set and costume designer who 
won two Tony awards, after a 
stroke Tuesday in New York. 

Gabriel (Flash) Horde. 49. for- 
mer world junior lightweight box- 
ing champion, in Manila of lung 
cancer. 

Sidney R. Garfield, 78, the doc- 
tor who founded the Kaiser Perma- 
nent Medical Care Program, the 
nation's first prepaid family health 
plan. Friday in Orinda. California. 

Katfae Dassler, 67, co-founder of 
the Adidas sporting goods compa- 
ny. Monday of a bean attack. Mrs. 
Dassler and her husband. Adolf, 
started Adidas in Herzogenaurach, 
near Nuremberg, in 1948. 


Anti-Nuclear Part)’ Gets 
Australian Senate Seat 

The Ass pooled Press 

PERTH, Australia — The Nu- 
clear Disarmament Party appears 
to have won its first seat in the 
Australian Senate. The incumbent 
senator, Jack Evans of the Austra- 
lian Democrats, said he conceded 
the seat for the state of Western 
Australia to Jo Vallentine as count- 
ing from the Dec. I election contin- 
ual. 

The Nuclear Disarmament Party 
emerged as a surprising force with a 
single theme of opposition to nu- 
clear war. The party has called for 
the end to military' lies with the 
United States and the banning of 
all nuclear forces from Australia. 




exhibition sale of 
Iranian and Oriental carpets 
at wholesale prices 

from 10 a.m. to 12 p.m. f ind. SUNDAYS, until JANUARY 8 

at HOTEL GEORGE-V 

31 Avenue George-V, Paris 8 e 


In Sweden, the Old Certainties Wane 


any organized conspiratorial enter- 
prise." 

As in other abortion-clinic 
bombings, a man saying; he was 
part of a group calling itself the 
“Army of God," claimed responsi- 
bility for the blast. In a telephone 
call Tuesday to The Washington 
Tunes, the caller said an Ohio abor- 
tion clinic would be bombed next. 


By John Vinocur 

New York Times Serriee 

STOCKHOLM — The Tower of 
Babel stood in Uppsala, and wan- 
dering Swedes spread order and 
civilization afar. Greek goddesses 
were really Swedish women who 
had trekked south, their language 
becoming the longue of perfection, 
the ver nacular in paradise. 

Swedenborg, the 18th-century 
mystic philosopher, considered 
such theories, and mulled over the 
idea that Sweden was the original 
Garden of Eden. His contempo- 
rary, Olof Rudbeck, insisted that 
Atlantis, no myth, never mind the 
cold, had existed right here at 
home, the light of the universe, the 
hope of mankind. 

By comparison, the Swedish 
Model, once so confident, speaks 
more timidly these days, internal 
debate often involves egalitarian 
millimeters (does an outboard mo- 
tor require a luxury tax?) and it is 
accompanied by a shriveled reflex 
to admonish the rest of i he world, a 
retreating conviction that Sweden 
has only the right lessons to give. 

The time from the last weeks in 
December until after New Year's 
Day is a special one for (he Swedish 
Model because work virtually 
stops. Dec. 24 is a free day. and so 
is Dec. 31. Industry knocks ofl, and 
national defense, according to 
Svenska Dagb/adet, is virtually 
nonexistent from Dec. 21 to Jan. 7. 
SAS, the national airline, drops 
Paris from its Stockholm schedule 
for the holidays, the market aban- 
doned to the French. 

In terms of the Swedish Mode! of 
a half-century of social democracy, 
so often praised for its generosity, 
this is a high point: It's not an 
offidaJ vacation (everyone gets five 


weeks), but almost no one is on the 
job. Sweden coasts. 

The strange thing about the peri- 
od this winter is that it is hardly one 
of self-satisfaction, and the old cer- 
tainties. The Social Democrats, 
who face the votes in September, 
have their lowest poll scores in a 
decade, and are likely to leave pow- 
er by the end of the year. It is not a 
question of alternating govern- 
ments, but of a deep c h an g e in 
national tone. 

Bemt Carlsson. the former gen- 
eral secretary of the Socialist Inter- 
national, and now a roving ambas- 

REFORTOTS NOTEBOOK 

sad or, sat with friends the other 
day looking at the stillness of the 
season. He had almost teen strand- 
ed in London at Christmas because 
there was no SAS flight to Stock- 
holm. 

“I wonder,” be said, cautiously, a 
true party man , “if Sweden can gp 
chi without adjusting its working 
schedule to meet the realities of the 
outside world.” 

Expressed, the biggest newspa- 
per in Scandinavia, ran an unusual 
article on New Year’s Eve, with a 
headline saying that Sweden's last 
chance for survival was to imitate 
the United States. By local stan- 
dards, it brushed the incredible. 
The cruel heartless. American bul- 
ly — according to Swedish journal- 
istic convention, at least — was 
bang held up as a positive example 
of success by Ulf Nilsson, the pa- 
per’s star reporter. 

As for the original Swedish Mod- 
el, he wrote: “Instead of changing 
our country into tbe perfectly egali- 
tarian society, it was changed into a 
nation of lax -evaders and workers 
who will only accept cash under the 


counter. Worse, it’s been changed 
into a country of standstill, dead- 
locked into stagnation. And yes, 
even in Sweden, people are realiz- 
ing iL” 

In general, it has beat a bard 
season for Swedish certainties, 
among them that the country has 
somehow escaped from racism, and 
is in a unique position to lecture 
others on their tailings. 

Two researchers at the Universi- 
ty of Lund, David Weston, a Bril- 
on, and Richard Sotto, a French- 
man. discovered a collection of 
skulls once used to prove in the 
19S)s and 1930s that the purest 
strain of the Germanic race had 
populated Sweden, driving out 
F inns and Lapps of lesser ’racial 
merit-" 

The skull collection fit in with 
the founding in 1921, at the request 
of two Social Democratic legisla- 
tors. of an Institute of Racial Biolo- 
gy to investigate “racial degenera- 
tion” threatening the tall, blond, 
Swedish trite deemed “the purest”, 
of the Germanic peoples. 

The researchers said that the in- 
stitute ran parallel to a program of 
mass sterilization, involving 15,000 
people, ending only after World 
War 11. 

The literature of the period, now 
resurfaced, has rebounded to strike 
Alva Myrdal, the 1982 Nobel Peace 
Prize winner, who called for a 
strengthening of the sterilization 
laws in (935. 

The last castrations in Sweden 
on “humanitarian grounds" are be- 
lieved to date to 1979, after tbe 
wartime sterilization law was 
changed, but Mr. Weston insists 
that the extraordinary aspect of his 
research is “not just the racist ma- 
terial that it shows, but Sweden's 
near-total refusal now to deal with 


During the Christmas period, 
N.G. Gejvall, a professor at the 
University of Stockholm, accused 
Mr. Sotto and Mr. Weston, in turn, 
of making a “very unreliable and 
sensational" sioty out of a “quite 
ordinary collection of skulls in a 
dusty old attic " 

Mr. Weston fired back for the 
New Year: “That Sweden should 
be constantly pointing at other 
peoples’ racism and hiding its own 
is a fact that can only be interpret- 
ed in the worst possible way." 

Tbe Swedish Model, when it has 
been criticized most effectively, has 
been accused of over-regulating so- 
ciety, of calibrating existence into 
such narrow quantities of measure 
as to weigh Swedes down with a 
sense that their lives, even without 
malevolence, are controlled. 

Some Swedes point to limited 
degrees of deregulation in the 
Swedish securities and foreign ex- 
change markets as the first signs of 
a counter development. But the re- 
flex to perfect, to cut finer into 
daily life does not disappear easily. 

In December, the Swedish par- 
liament voted a law providing that 
children concaved by artificial in- 
semination could, on reaching their 
majority, find out tbe name of their 
“biological father." 

Justice Minister Slen Wick bom 
defended the bill as protecting “the 
frankness of the parent-child rela- 
tionship," while those opposed said 
it was unnecessary, and an enor- 
mous potential complication in the 
lives of people who simply wanted 
children, but could not have them. 

The Swedish state has remained 
true to the continuing need to fi- 
nance the Swedish Model. The 200 
kronor ($22) fee paid the sperm 
donors is now fully taxable. 


Social Change May Loosen Mafia’s Hold on Sicily 


William P. Gark 


Except for Mr. Laxalt. all were 
considered for the post after Mr. 
Watt's resignation in late 1983. 
Each is highly regarded in tbe Re- 
publican Party's conservative wing 
and each could be expected to be 
comfortable with a policy that em- 
phasizes resource development and 
budgetary austerity. 

Moreover, all are “God-fearing 
Westerners." the term Mr. Reagan 
applied to Mr. Gark when he chose 
him to head the Interior Depart- 
ment. That credential is a virtual 
requirement for an office that has 
broad authority over millions of 
acres of Western lands. 

But the nomination of either Mr. 
Hode! or Mr. Laxalt could draw 
strong opposition from critics of 
the administration's natural-re- 
sources policies. 


By E.J. Dionne Jr. 

New York Times Service 

PALERMO. Sicily —The Mafia 
has come under strong attack here 
as a result of far-reaching changes 
in Sicilian political and social life, 
many Si cilians say. 

The stepped-up assault on orga- 
nized crime, many believe, has per- 
manently altered tbe relationship 
between' the Mafia and the people 
of this island. 

Magistrates, politi cians, church 
leaders and ordinary Si cilians who 
express this view do not play down 
the importance of recent police 
breakthroughs, notably the confes- 
sions of a former Mafia leader, To- 
masso Buscetta. 

Nor do they argue that the war 
on the Mafia has teen won. Indeed, 
some Sicilian authorities contend 
that, in certain respects, the Mafia 
is more powerful than it was a de- 
cade ago. 

But two months after the first 
wave of arrests that were spurred 
by Mr. Buscetta' s confessions, Si- 
cilians who have been studying the 
Mafia for years arc in broad agree- 
ment that its hold on Sicily is not as 
strong as it once was. They rite 
several important factors behind 
this change- 

One is that the Mafia’s involve- 
ment in the international drug 
business has weakened its base of 
passive support among Sicilians, as 
has a wave of killings involving 
magistrates and political leaders. 

“All this killing, all the heroin 
affected every family here." said 
Judge Giuseppe DiLdlo, one of the 
magistrates investigating the Ma- 
fia. "There are a lot erf people who 
finally realized how important it 
was to get rid of the Mafia." 

Another factor is that a new gen- 
eration of magistrates with few ties 
to traditional local political and 
business leaders have been spear- 
heading the fight against the Mafia. 1 
These magistrates, it is agreed here, 
are less subject to political influ- 
ence than were some of their prede- 
cessors. 

In addition, the Roman Catholic 
Church in Sicily, led by Cardinal 
Salvatore Pappalardo, who was 
named archbishop of Palermo in 
1970. has become a major ally erf 
the anti-Mafia movement, “fn 14 
years, the church has had a great 
deal to do with changing public 
opinion,” said Antonio Calabro, an 
editor of I'Ora, a leftist Palermo 
daily. 

Officials also cite these other ele- 
ments in tbe overall weakening of 
the Mafia: 

• New laws, notably one allow- 
ing magistrates to look into the 
bank accounts erf organized crime 
groups and to seize property, have 
substantially increased tbe state’s 
power to prosecute. Improved rela- 
tions between Italian and U.S. 
prosecutors have also strengthened 
the hands of organized crime's op- 
ponents. 

• National political leaders, 
some of whom were ready to enter 
tacit alliances with organized crime 
leaders here, appear far more reluc- 
tant to do so now, fearing a politi- 
cal backlash in parts of Sirify and 
tbe rest of Italy. 


• Although Mr. Buscetta’s reve- 
lations have greatly helped investi- 
gators make arrests ana push otter 
inquiries forward, bis testimony 
appears mainly to have accelerated 
a process that was already taking 
place. 

"Tbe declarations of Buscetta 
were important but not derisive," 
said Francesco Renda, a Sicilian 
historian. “The movement of ideas 
was already miring place." 

The movement of ideas dis- 
cussed by Mr. Renda was spurred 
partly by the gradual rise of Sicily's 
economic and educational level 
and much urban development, 
some of it financed by the Mafia 
itself. 

Palermo reflects these chang es. 
Side by side with the distinguished 
old city is the Palermo of modem 
high-rise towers. 

“People come down here expect- 
ing everyone to be wearing black 
and seeing women staring out from 
behind shuttered windows." said 
Terry B. Shroeder, the director of 
(he U.S. Information Service in Pa- 
lermo. “They are amazed to find a 
modem, sophisticated metropolis." 

The statistics support the vieWof 
a transformed Sicily. Illiteracy, 
once widespread, had dropped to 
10.7 percent by 1971 and to 6.5 
percent a decade late, according to 
Italy's National Institute of Statis- 
tics. First-year enrollment at uni- 
versities has increased by 4.6 per- 
cent over tbe last decade. 

In the meantime, between 1970 
and 1980, individual income rose 
by 27.7 percent, taking inflation 
into account. 

But the economic statistics also 
underscore another fact: Between 
1970 and 1980, consumption in- 
creased- 46.6 percent. Some of this 
gap between income and consump- 
tion is explained by the Italian tra- 
dition of tax evasion. But some is 
also attributable to “black money" 
arriving through the Mafia. 

“Palermo, on paper, has one of 
the lowest average incomes in Italy 
but is near the top in consump- 
tion,” said Damde BiHitieri. a jour- 
nalist who covers the Mafia for D 
Giornale di Sicilia. “Tbe difference 
between income and consumption 
is the Mafia.” 

There is considerable debate in 
Sicily over how much of tbe money, 
especially from the drug business, 
actually reaches tbe pockets of 
honest Sicilians. 

“Most of the drug money goes 
abroad: to Spain, the United 
States, a lot to Canada, Switzer- 
land, to building hotels around Ita- 
ly." said Luigi Colajanni, tbe re- 
gional secretary of tbe Communist 
Party, reflecting a widespread view 
among the Mafia’s foes. “Only a 
fraction of it stays here, maybe 20 
percent 

Others think tbe “trickle-down" 
effect may be greater. But the very 
source of the huge increase in the 
Sicilian Mafia’s revenues over tbe 
last decade has also been behind 
the organization's loss of whatever 
popular esteem it once had. 

With the breakup of the so- 
called French connection and the 
shutdown of the heroin factories in 
Marseille, a significant share of tbe 



$&*■ 

Undid Pm htenrt i and 

Tomasso Buscetta, a former Mafia boss turned informer, 
arriving in court to be interrogated by Italian magistrates. 


drug business apparently moved to 
Sicily. The Sicilian Mafia took over 
a large share of the drug trade to 
tbe United Slate and served as 
brokers with traffickers in the Mid- 
dle EasL 

The new business had two im- 
portant effects. It transformed tbe 
Mafia, leading to a series of gang 
wars. And it enraged many Sicil- 
ians. 

“What has changed in Sicily," 
said tbe Reverend Emtio Pinta- 
cuda. a Jesuit sociologist who di- 
rects an anti-Mafia research insti- 
tute in Palermo, “is the relationship 
between the Mafia and the social 
structure." 

. “Drugs changed everything." 
Mr. Colajanni, the Communist 
Party official, said. “Tbe old Mafia 
had a lot of families and a lot of 
levels of decision. But the interna- 
tional drug business required a 
concentration of derision-making. 
It opened up a war to reduce the 
number of pretenders. The Mafia 
moved from a familial, peasant cul- 
ture to a capitalist culture" 

According to Father Pintacoda, 
the Mafia’s decison to go heavily 
into tbe drug trade was seen by- 
many Sicilians as an attack on their 
most basic values. It also, he said, 
encouraged a change in attitude 
among Sicily’s elites. 

“The drugs hit first, as they al- 
ways da in the upper-class fam- 
ilies. ” Father Pintacuda said. “The 
bourgeois families began to see that 


the Mafia was entering their own 
bouses, their own families." 

The gang war, in which 400 peo- 
ple were killed between 1980 and 
1983 alone, had another effect, 
tearing apart tbe traditional re- 
straints tbe Mafia bad operated un- 
der. The result was a series of kill- 
ings of the Mafia’s foes in the 
magistral ure and among political 
leaders, including General Carlo 
Dalla Chiesa. who had teen sent to 
Sicily as a prefect to lead the war 
against organized crime. 

The killings enraged Sicilians 
and reinforced tbe estrangement 
bgpra by tbe drag business. “The 
killing of Dalla Chiesa was tbe big- 
gest mistake the Mafia could have 
made," said Leonardo Scrascia. 
perhaps the best-known living Si- 
cilian novelist and a student or the 
Mafia. 

While public reaction against the 
Mafia was growing, a quieter, long- 
term change was taking place in 
Sirity’s Catholic Church. Car dinal 
Pappalardo came in 1970 and made 
clear that the church would not 
remain sflent any longer in the face 
of the Mafia. Some church leaders, 
like some conservatives, had seen 
the Mafia as a force for social sta- 
bility and solidarity. 

Cardinal Pappalardo's sharp at- 
tacks found resonance among a 
generation of Catholic laity that 
had been affected by the new mood 
in the church spurred by the Vati- 
can Counril IL 




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Prisoners of Conscience 


U is noi sure that Burke uttered the famous 
line credited to him: ‘The only thing necessary 
for the triumph of evfl is For good men to do 
nothing." But the exhortation is valid. Decent 
impulses are diffuse; evil is willed and spenfic. 
This is bitterly understood by political prison- 
ers who are torn from normal life for the cnme 
of belief and who vanish into a Umbo where 
persons become abstractions. Not since the 
eras of Stalin and Hitler have penal colonies 
darned so many victims. Their ordeal mocks 
faith in progress and reason, embodied in the 
most hypocritical United Nations document, 
the Universal Declaration of Human Rights. 

What has changed in recent years is that 
good men and women in the freer countries are 
speaking out. Rights groups have grown in size 
and influence, firing the weapons of publicity 
and shame. In America Lhese forces have add- 
ed “conditionality" to the jargon of politics, 
persuading Congress to make financial and 
military aid conditional on respect for human 
rights. And all these groups give prisoners of 
conscience the dignity of a human face. 

With the help of such groups during the past 
year, we have drawn attention to some typical- 
ly cruel cases. Here is a progress report: 

ftaza Kazim. a Pakistani lawyer, was ab- 
ducted by security police in Lahore last Janu- 
ary and has been held ever since without 
charges. His family has finally been able to 
visit him. After refusing to discuss the case, 
officials now hint that he may be tried, m 
secret, for conspiring with an unnamed foreign 
power. If there is acase, why not an open trial? 

Silvio Gaude and Gregoire Eugene. Haitian 


opposition leaders, are no longer under deten- 
tion or house arrest But neither feels able 
to speak out against the regime of Presadent- 
for-Life Jean-Claude Duvaiier. 

Maciej Bednarkiewicz, a Polish lawyer 
framed by the police and threatened with pro- 
secution for daring to represent political cli- 
ents. saw the charges dropped in July. He 
is again practicing law while the regime strains 
to cleanse itself or even worse atrocities. 

Reha Isvan. an educator, is the only woman 
among jailed leaders of the Turkish Peace 
Association. She is pursuing an appeal Six co- 
defendanis have finally been released. 

Aldo Zuccolillo, publisher of ABC Color in 
Paraguay, is now at liberty. His paper, once the 
country's best seller, is still suppressed. 

Srdja Poporic, a Belgrade lawyer, has been 
called as a witness in the case of six dissenters 
he wanted to defend. Under Yugoslav law he is 
thus disqualified from representing them. 

Hiber Comeris, a Methodist minister in 
Uruguay who was tortured and denied an 
open trial, may be released by an amnesty 
expected when the country regains a civilian 
president in March. 

Andrei Sakharov, the Soviet Nobel laureate, 
is in his sixth year in banishment in the closed 
city of Gorki. His implacable jailers deny him 
contact with the West and will not let his ailing 
wife. Yelena Bonner, leave the country. 

These victims are not statistics for burial in 
a common grave. They illuminate an authentic 
adage of Burke: “Abstract liberty, like other 
mere abstractions, is not to be found." 

— THE NEW YORK TIMES. . 


The Soviet-Chinese Thaw 


A certain mellowness suddenly touches rela- 
tions between the Soviet Union and China, the 
erstwhile allies whose falling out 25 years ago 
transformed international politics as nothing 
else since World War II. No, the two Commu- 
nist powers are not back in political harness, a 
development far from the possible and one 
that would bring a fresh upset in the global 
balance of power. But with the passing of time 
and of leaders personally committed to their 
feud, the fires have been banked somewhat. 

The turn came a few years back, after Mao 
and Leonid Brezhnev. Their successors in ef- 
fect set a new Chinese-Soviet agenda, reducing 
the priority of the inflammatory issues of ide- 
ology. leadership and disputed territory and 
taking up a more modest list centering on 
immediate security tensions. In today’s cli- 
mate; even those security issues appear less 
urgent; at the least an effort is bong made to 
isolate them from other questions. 

Both sides now find it possible to seek areas 
of practical cooperation. Kinder words and 
cultural exchanges began sometime ago, and 
on Dec. 28 three technical agreements were 
signed, including one to modernize some of the 
did Soviet-installed factories in China. That 
Moscow sent and Beijing warmly received 
Ivan Arkhipov, the Kremlin official who most 
symbolizes the good old days of Chinese-Sovi- 


et accord in the 1950s, indicates the public face 
both nations want to put on their current tie. A 
limited expansion of trade is the next target 

Americans sometimes feel a slight crawl at 
the back of the neck when the Soviet Union 
and China treat each other civilly. The United 
States does not want to seem to be egging the 
two on in thtar disputes, but it cannot help 
appreciating the geopolitical comforts, from a 
U.S. viewpoint, of their split. In fact, the 
American experience with Moscow teaches 
that cultural and economic connections take 
one only so far. Beneath the new Chinese- 
Soviet ties persist the rivalry and distrust that 
limit the two countries' warming. 

A degree of political competition is now 
evident on all sides of the Washington-Mos- 
cow- Beijing triangle. With Ronald R ea ga n 
having conquered his initial reservations about 
dealing with China, the Kremlin is moving to 
deny him an uncontested hand in Beijing. 
With Mr. Reagan also making an opening to 
Moscow, the Chinese, by doing new business 
there themselves, are taking out a little insur- 
ance. The People’s Republic, focusing now cm 
internal reform, seems eager to induce Mos- 
cow to start competing with the West in pro- 
viding the wherewithal of China's economic 
progress. It is lively, and it*is peaceful 

- THE WASHINGTON POST. 


The Unending Strike 


The British miners' strike grinds hopelessly 
along, producing much violence but little pro- 
gress toward a settlement. Eleven years ago, a 
similar strike brought down Edward Heath's 
Conservative government in a mailer of weeks. 
Now, eight months after the strike began, 
Margaret Thatcher’s Conservative govern- 
ment remains as Firmly in power as ever. What 
accounts for that vast difference? 

Economists say that rising unemployment 
has cowed the British labor movement. But 
that is only a small pan of the answer. The 
internal balance in British politics has shifted, 
and the unions have, in general, lost both 
power and moral authority. 

The earlier standing of the miners' union 
goes back to a series of bnital collisions be- 
tween mine owners and miners in the years 
between Lhe two world wars, swinging public 
support strongly in favor of the miners. When 
a Labor government nationalized the mines 
immediately after World War II, the opposi- 
tion was minimal. Whatever lhe friction be- 
tween them, the Conservative Party, like most 
British voters, accepted the unions in the post- 
war years as a legitimate political instrument 
or Lhe working class. 

All that changed in the 1 970s. The miners’ 
union was one of the less obvious victims of 
the oil crisis of 1973. The enormous increase in 
oil prices mode offshore production profitable 
in the North Sea. and British oil production in 
turn made coal less essential Next, the oil 


prices set off severe inflation that, as in other 
countries, increasingly frightened voters. 

In Britain these problems were aggravated 
by the demands of strong unions and, as voters 
began to blame them for iL the leadership erf 
some of the unions migrated sharply leftward. 

Ever since the miners' union first moved 
toward a strike last March, its leaders have 
adamantly refused to allow a strike vote 
among their members. That refusal has drawn 
attention to some of the less appealing impli- 
cations of the leaders' Marxist convictions, 
and explains Lhe extremely tepid support that 
they have been getting from the rest of the 
trade union movement. 

But, however radical in its politics, the min- 
ers' union is simultaneously extremely conser- 
vative in its social aims of preserving miners' 
jobs even in the most worn-out mines — as the 
union puls it, preserving the jobs for the sons 
and grandsons of the present miners. Mrs. 
Thatcher undoubtedly is correct in observing 
that the rigidity of that demand, in defiance of 
all economic limits, is not consistent with the 
rising standard of living for Britain. 

As the unions' confusion filters up to their 
political arm. the Labor Party itself becomes 
increasingly distracted and confused. It leaves 
Mrs. Thatcher stronger than ever. And it 
leaves the British government destitute of the 
vigorous and coherent opposition that any 
government needs. 

— THE WASHINGTON POST. 


FROM OUR JAN. 3 PAGES, 75 AND 50 YEARS AGO 


1910: Birds Flee tbo flying Machines 
PARIS — Ornithologists are unanimous in 
deploring the decrease of the winged species in 
France, where birds are becoming more and 
more scarce. Among those who had made 
appeals to Frenchmen to adopt measures in 
view of preserving birds on French territory is 
Comte Clary, president of the Sainl-Hubert 
Club de France. Comte Gary says that the 
advent of aviation reads the departure of the 
feathered tribes. When they see flying ma- 
chines which lake the form of tremendous 
rapacious beasts of the air, the birds are panic- 
stricken and flee. True, Comte Clary expresses 
the opinion that the arrival of the winged man 
and the departure of the feathered tribe is but 
momentary, and he goes so far os to say that 
the time wall come when flying men and birds 
will “understand" one another. 


INTERNATIONAL HERALD TRIBUNE 
JOHN HA Y WHITNEY. Chairma n 1958-1982 

KATHARINE GRAHAM. WILLIAM S. PALEY. ARTHUR OCHS SULZBERGER 

Co-Chairmm 

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Qt% 






SECRET LAUNCH 

smSlbnu 

Classified to the 
D^afrtmentcyD&ise. 

Xharfe, 


in 


Is Not Irrelevant to Arms Control 


W ASHINGTON — The US. 

delegation to the Shuliz-Gro- 
myko demi-summit has packed its 
shirts and socks and illusions (the 
socks and shirts are in suitcases, the 
illusions in an enormous trunk), so 
this is a good lime to notice a state- 
ment that recently issued from Presi- 
dent Reagan, a statement concerning, 
a subject that arms controllers insist 
is irrelevant to arms control. The sub- 
ject is Afghanistan. Mr. Reagan said 
continued Soviet butchery there is “a 
serious impediment to the improve- 
ment of our bilateral relations." 

Now that is simply untrue. The 
Reagan administration is so eager for 
“improved" relations (“improve- 
ment" means less friction, which 
means more UB. passivity as the So- 
viet Union behaves as it always does) 
that when Mr. Reagan spoke to the 
United Nations last year, his refer- 
ence to Afghanistan was so brier and 
limp that William F. Buckley said the 
.president “made it seem as though 
the poor Afghans were suffering from 
chicken pox." 

What the Afghans are suffering is 
told in a report from Helsinki Watch. 
That organization monitors compli- 


By George F. Will 


ance (where the Soviet Union is con- 
cerned. comprehensive noncompli- 
ance) with the Helsinki accords. The 
report tells of the fate of two broth- 
ers. aged 90 and 95, both blind, who 
remained in their village when every- 
one else fled from a Soviet offensive 
Iasi year. The Russians tied dynamite 
to their backs and blew them up. 

Between 4 million and 5 million 
Afghans (about one-third to one- 
fourth of the pre-invasion popula- 
tion; think of 60 million Americans) 
are refugees in Pakistan and Iran. 
They have fled because, the report 
says. “Lhe crimes of indiscriminate 
warfare are combined with the worst 
excesses of unbridled state-sanc- 
tioned violence against civilians." 

The authors of the report met an 
Afghan doctor who has lost 42 mem- 
bers of his family, two of them re- 
cently burned alive. The authors col- 
lected abundant evidence of 
“civilians burned alive, dynamited, 
beheaded: bound men forced to lie 
down on the road to be crushed by 
Soviet tanks; grenades thrown into 
rooms where women and children 


have been told to wait. ... From 
throughout the country come tales of 
death on every scale of honor, from 
thousands of civilians buried in the 
nibble left by fleets of bombers to a 
young boy's throat being dispassion- 
ately slit bv a Soviet soldier." 

the Sovteiizaiion of Afghanistan is 
advanced by ripping tens of thou- 
sands of children from their parents 
and sending them to the Soviet 
Union for “education." And of 
course there is the usual Soviet tor- 
ture system: “Mothers were forced to 
watch their infants being given elec- 
tric shocks. ... A young woman who 
had been tortured inpnson described 
how she and others had been forced 
to stand in water that had been treat- 
ed with chemicals, which made the 
skin come off their feel." 

The Reagan administration’s de- 
sire, meanwhile, is for Moscow — 
which has signed the UN Charter, the 
Geneva conventions and the Interna- 
tional Covenant on Civil and Politi- 
cal Rights — to sign more arms 
agreements like those it now violates. 

The arms control lobby will say 


Office Pool: 

Questions 

For 1985 

By William Safire 

W ASHINGTON — Here, for the 
high rollers of punditry. is the- 
office pool in Cassandra’s Casino. 
Nobody ever gets more than four 
correcL but when you hit on a big 
one, all the predictions that went 
awry are washed away. 

I. The White House chief of staff 
at the end of 1985 will be (a) James 
Baker, (b) Michael Deaver; (c) Rich- 
ard Damian; (d) Robert McFarlane; 
(e) William Clark. 

2. The juiciest political scandal of 
1985 will involve (a) illegal eaves- 
I under the table; 
lie-detection ex- 

favoritism. 

3. The real increase in defense- 
budget authorization will wind up 
(a) 7 percent or more, as President 
Reagan seeks; (b) a compromise be- 
tween 4 percent and 6 percent; (c) 
less than 4 percent for the first lime 
since the Carter administration. 

4. The constitutional amendment 
that will pass is the one fa) for a 
balanced budget; (b) for school pray- 
er, (c) against abortion; (d) none. 

5. The Reagan administration will 
succeed in gelling (a) funding for 
“contras"; (b) substantial tax simpli- 
fication; (c) a big cut in Medicare 
costs; <d) funding for the MX missile; 
(e) none of these. 

6. The economy will be la) recover- 
ing from recession; (b) headed into 
recession; (c) recession-free. 

7. Mr. Reagan's most controversial 
decision will involve (a) the commit- 
ment of U.S. troops abroad; (b) a 
powerful response to a terrorist at- 
tack; (c) international restraint that 
will be attacked as a failure of nerve; 

for an assistant 


tha t Afghanistan is irrelevant to the 
business of arms control. But the 
arms control process rests on illu- 
sions about the fundamental dynam- 
ic and aims or the Soviet regime. That 
regime reveals its essence daily in 
AJabanisian. It is a regime interested 
only in enhancing its military edge S^rouS 
and the resultant political gains. It XWmdST 
successfully uses the arms control w™3 aown. 
process only for that purpose. 

On the U.S. side, that process rests 
on the radically false premise that the 
Soviet regime desires agreements that 
will coding a relationship of “live and 
let live." (The words are. astonishing- 
ly, those of Paul Nitze, special arms 
control adviser to Secretary George 
Shultz.) The Soviet regime is not in 
the “live and let live" business. 

As a last rhetorical resort, arms 
controllers quote Churchill’s formu- 
lation, “Better jaw-jaw than war- 
war." That formulation is true, but 
hardly exhausts the alternatives, and 
ignores the Fact that the Soviet regime 
regards jawing as a facet of waning. 

U.S. policy, illuminated by the light 
shed from burning Afghanistan, is: 

We jaw-jaw while they war-war. 

Washington Past Writers Group. 


Two Roads Diverged: A Year of Superpower Chokes 


W ASHINGTON — The new year brings the 
40lh anniversaries of two important darts in 
the history of U.S.-Soviet relations: the end of the 
Second World War and the beginning of the Unit- 
ed Nations' long, tormented search for peace. 

It would be interesting if the United Stales and 
the Soviet Union set aside a few days in 1985 to 
celebrate together the days when they did some- 
thing in common. For they have disagreed for so 
long now about everything that they cannot quite 
believe they can agree on anything. 

This is the psychological cancer that is growing 
in the world: a general acceptance of pessimism 
and even cynicism about whether these two clumsy 
nuclear giants will ever really work together, even 
marginally, for a safer world. 

U is unreasonable to suppose that Secretary of 
State George Shultz and the Soviet foreign minis- 
ter, Andrei Gromyko, meeting in Geneva next 
week, will make much progress on the control of 
nuclear weapons on earth, let alone in outer space. 

This is the hardest part or the tangle, the end 
result and not the cause of 4Q years of distrust. But 
if they start at Lhe beginning, the two might at least 
be able to agree on the possibility of compromise, 
if not peace, and use 1935 to retail their common 
sacrifices and hopes. 

There is no doubt that the 40th anniversary (rf 
the end of World War II will be celebrated. The 
question is whether Washington and Moscow will 
celebrate it together in remembrance of their coop- 
eration or celebrate it separately, each taking cred- 


By James Res ton 

it for their common victory and adding to their 
present disunity. It all depends on how the thing is 
done and who is invited to the ceremony. It could 
be a vengeful remembrance of victory over the 
Nazis and Ore Japanese militarists, or a reminder 
of the revival of Germany and Japan and their 
reconciliation with the peaceful family of nations. 

The chances are that less attention will be paid 
to the 40th anniversary of the signing of the Unitoi 
Nations Charter in San Francisco on June 26, 
1945. If so, this would be a misjudgment of history, 
for if the UN has “failed" as many people suppose, 
the fault lies with its member nations — particular- 
ly with its five principal “veto powers" — and not 
with the principles ol its Charter. 

The tragedy of these 40 years is simply that the 
nations have not been faithful to the principles of 
the Charter they signed in San Francisco. Maybe 
the Charter expected loo much, but the signatories 
committed themselves in a solemn treaty to do 
certain things worth remembering: 

“To practice tolerance and live together in peace 
with one another as good neighbors. . and “to 
lake effective collective measures for the preven- 
tion and removal of threats to the peace, and for 
the suppression of ads of aggression. . 

All this, of course, has been violated, like the 
vows of a marriage, and after 40 years of violation, 
the principles are even being mocked by self-styled 


realists as the illusions of dreamers. But there is 
nothing wrong with dreaming, with a gun on the 
night table, and keeping alive the hopes and prom- 
ises of better days. 

It may be that the greatest danger at the begin- 
ning of 1985 is the growing conviction that recon- 
ciliation among the nations, the races and die 
diverse political, economic and religious ideologies 
is unattainable and maybe even impossible. 

Histoty does not support an assumption of end- 
less conflict. The French and the Germans have 
composed their ancient enmities. We Americans 
have forgotten to “Remember Pearl Harbor’’ as 
President Roosevelt advised us to do. 

The religious wars went on for centuries on the 
contested theory that there was only one road to 
eternal life, but even these conflicts were finally 
composed when the balance of power finally led to 
compromise and tbe spirit of toleration. 

At the turn of the New Year, the United States 
and the Soviet Union are, in a way. at another fork 
in the road, where, as the poet Robert Frost once 
said, the road taken and the road not taken make 
all the difference. 

Anniversaries as symbols have their uses. Who- 
ever divided time into years seemed to know that 
we all need a pause for reflection about where we 
have been and where we are going, and nobody 
needs such a pause at the beginning of tbe New 
Year more than the old men who now preside over 
the Kremlin and the White House. 

The New York Times. 


Amo ng the f Contras,’ a Growing Sense of Betrayal 


1935: Scientist Predicts an Airless End 
NEW YORK —Tbe human race is not slated 
to perish in the flames, as the New Testament 
predicts, but is due to die from asphyxiation, 
according to a comforting New Year’s prophe- 
cy made by Professor Henry Russell, president 
of the American Association Tor the Advance- 
ment of Science: Professor Russell’s words, 
however, do not form an oblique confirmation 
of the forecast of those calamity-mongers who 
periodically announce that humanity is going 
to be wiped out by poison gas in a future war. 
The professor was speaking scientifically, and 
he referred to the eventual exhaustion of the 
oxygen in the air we breathe. At tbe same time, 
there appears to be no need to worry about this 
state of affairs, for Professor Russell estimates 
that it will be 1 ,000,000,000 years, more or less, 
before the oxygen supply gives ouL 


P ANAMA CITY — Sometimes in 
Central America, you wonder 
who hates the Americans more — 
their allies or their enemies. It does 
not matter whether you agree with 
U.S. policy in the region — T certain- 
ly do not — but you cannot help 
observing that the Americans are of- 
ten as disliked by their allies as by 
their adversaries. 

The growing bitterness felt among 
the “contras" fighting on the border 
between Nicaragua and Honduras is 
a case in poinL It is a lesson the U.S. 
Congress should consider carefully in 
the coming weeks, whether or not it 
decides to renew the aid to the con- 
tras suspended in May. 

Consider what happened to Edgar 
Chamorro, a former official spokes- 
man for the Nicaraguan Democratic 
Force. On Nov. 24, he was unceremo- 
niously dismissed from bis post after 
be criticized the manual on psycholo- 
gical guerrilla operations distributed 
among the contras by the Central 
Intelligence Agency. When I met him 
in Miami that day, he spoke very 
harshly about his former “best 
friends!” the Americans: “We had a 
marriage. We all knew it was a mar- 
riage of convenience. Yet now they 
treat us like a prostitute." 

Mr. Chamorro’s repudiation of the 
CIA manual put him at odds with his 
fellow insurgents. But when he talks 
more generally of his disillusionment 
with the United States, be seems to 
voice an increasingly widespread 
feeling of betrayal. 

Above all he is Inner that the 
United Slates did not invade Nicara- 
gua and “didn't really want to estab- 
lish the contras" there. Nor does be 
see any prospect of change: “They 
won’t leave us completely without 
money. They may channel 'it through 
private aid. But they won’t do enough 
to allow us to win." 


By Lucia Annunziafa 


Tbe past few months have seen a 
frantic quest by the contras for mon- 
ey and new allies. Same of them, such 
as the Miskilo Indian leader Brook- 
lyn Rivera, tried and failed to negoti- 
ate a settlement with the San dims is. 
Others, such as the former business- 
man Alfonso Robelo Callejas, looked 
to the Socialist Internationa] and 
sympathetic Latin American neigh- 
bors for aid. Meanwhile, Costa Rica 
and .Honduras have followed Wash- 
ington's lead, distancing themselves 
from their former contra proifegfis. 

Some people in tbe United States 
may find this encouraging — the end, 
at last of their country's dJ -conceived 
covert war. In reality, this is not the 
end but the beginning of a new prob- 
lem. Tbe Americans nave abandoned 
the contras not only without money, 
but more importantly, without any 
political prospects. 

Even when its support for the con- 
tras was strongest, the United States 
continued to maintain diplomatic re- 
lations with Nicaragua: Representa- 
tives from tbe two countries have 
been meeting regularly in Manzani- 
llo. Mexico, for months, apparently 
discussing prospects for peace. 
Meanwhile, Washington is said to be 
pleased by the contras' operations: 
Even if they have not succeeded in 
taking a single town, from the Ameri- 
can point of view they have been a 


useful means of putting pressure on 
the Sandinists. 

The snag is that the contras them- 
selves have a much more ambitious 
goal, and there is no way to bridge the 
gap between their hopes and the task 
assigned them by Washington. As 
Mr. Chamorro noted: “The Ameri- 
cans built up the contras officially to 
stop Lhe flow of weapons from Nica- 
ragua to H Salvador. Privately, they 
promised us on many different occa- 
sions that they were helping us to 
overthrow the Nicaraguan govern- 
ment. With time, it became very dear 
that they weren't working toward ei- 
ther of these goals." 

The problem today is that the con- 
tra opposition is no longer merely an 


American creation — and it is deter- 
mined to survive even in spite of an 
American change of mind. 

If Congress chooses, wisely, not to 
renew its aid, it will in effect hand the 
contras over to someone else — Hon- 
durans. Israelis. CIA subcontract 
men or “private" organizations in the 
United States. It hardly matters. 
None of these approaches will solve 
the problem Washington has created 
along the borders of Nicaragua — the 
problem posed by this homeless 


army, without a plausible goal or ef- 
fective control, this new force lor 
destabilization in Central America. 


The writer reports from Central 
America for the Italian daily newspa- 
per La Repubblica. She contributed 
this comment to The New York Times. 


8. Tbe biggest letdown of the year 
will be (a) heart-transplant surgery; 
<b) Halley's comet; (cj Wall Street; 
(d) Boston College’s Doug Flutie. 

9. The Democrat leading as a 1988 
presidential nominee in the early sur- 
veys of party officials will be (a) Gaiy 
Hart: (b} Edward Kennedy, (c) 
Mario Cuomo; (d) Joseph Biden; (e) 
Bill Bradley. 

)0. Israel will (a) have a new gov- 
ernment; (b) adopt the austerity-free 
market ideas that will trigger large- 
scale UJS. aid; (c) neither: (d) both. 

1 1. Tbe faction in the administra- 
tion that will emerge as predominant 
will be (a) Weinberger-CIark-Casey- 
Kirk patrick; (b) Shultz-Baker-Bal- 
drige- McFarlane; (c) Mike Denver 
and Nancy Reagan; (d) the standoff 
among the three will continue. 

12. The Strategic Defense Initia- 
tive (a) will still be booted at as “star 
wars" and will not be funded; (b) will 
be used as a bargaining chip to re- 
duce Soviet land-based missile ad- 
vantages; (c) wfli be the centerpiece 
of U.S. defense planning. 

13. Tbe Soviet leader at year’s end 
will be (a) Konstantin Chernenko; 

(b) Mikhail Gorbachov, (cj Grigori 
Romanov; (d) Viktor Grishin; (e) Ni- 
kolai Ogarkov. 

14. China will (a) reach a surprise 
agreement with Taiwan; (b) dispense 
with chopsticks; (c) have a rap- 
prochement with the Russians; fd) 
continue on the capitalist road: (e) 
have this decade's upheaval. 

15. The new justice of the Supreme 
Court will be (a) Paul Laxalt; (b) 
Robert Bork; (cl Antonin Scalia; Id) 
William Clark. 

16. The price of a barrel of oil at 
year's end will be (a) unchanged from 
the current level; (b) between S25 and 
S22; (O below S22. 

17. The most significant book to be 
published in the coming year will be 
(a) David McCullough's biography 
of Harry Truman; (bl Dominique 
LaPierre’s book about Calcutta; (c) 
An anna Stassinopoulos’s biography 
of Picasso; (d) the first volume of 
Frederic Cassidy's Dictionary of 
American Regional English. 

18. Replacing Paul Volcker at the 
Federal Reserve will be (a) Alan 
Greenspan, continuing anti-inflation 
policy; (b) Preston Martin, modified 
supply-side policy; (c) Walter Wris- 
ton. expansionist policy; (d) nobody 
— Mr. Volcker wUl not quit. 

19. The ally to give the United 
Slates the most trouble will be la} 
Japan, refusing to lower trade barri- 
ers; (b) Spain, pulling out of the 
North Atlantic Treaty Organization; 

(c) West Germany, turning Green; 
Id) Mexico, dumping its citizens 
across the U.S. border, (e) Pakistan, 
developing the Islamic Bomb. 

20. Leading the polls of registered 
Republicans for 1988 presidential 
nominee at year’s end will be (a) 
George Busb; (b) Bob Dole; (c) How- 
ard Baker: (d) Jeane Kirkpatrick: 
(ej Jack Kemp. 

My own choices, betting on many 
Jongshots, are: e, c, b, d, b, a, b, b, c, 
<L d, c, c, e, b, c, d, b. a, a. (That 
should be hard to read.) Next year, 
when you send in those “And you call 
yourself a pundit?" cards, be sure to 
include your own selections: If you 
don’t play, you can't win. 

77ie New York Times. 


LETTERS TO THE EDITOR 


Letters intended for publication 

should be addressed ' ‘ Letters to the 
Editor” and must contain the writ- 
er's signature, name and full ad- 
dress. Letters should be brief and 
art subject to editing. We cannot 
be responsible for the return of 
unsolicited manuscripts. 


There Is a Norway 

Contrary to often popujar myth. 
Norway is not Sweden, but is a coun- 
try of its own. lying to the west and 
south of Sweden. Thus the caption 
under the photograph of Liv UU- 
raann in your Dec. 21 edition reveals 
the need for a geography lesson for 
those responsible. 

EDWARD NAHEM. 

Oslo. 

Hunger and Politics 

Your Dec. 19 opinion item by 
Cameron Duodo. writing in The Ob- 
server, was captioned “Technology to 
Feed Africans." But the main con- 
straint is not technology, it is politics. 
Starvation in Ethiopia and the other 
Sahelian drought countries could 
have been avoided using simple and 


well-known technologies which, how- 
ever, ore not popular with centralized 
bureaucracies. 

Such bureaucracies like monu- 
ments: big dams, major canals and 
giam pumping stations rather than 
minor works such as terraces, small 
dams and small pumps, which can be 
largely built and operated by the 
peasant villagers themselves. 

The monumental works are expen- 
sive. and. where constructed, as in 
Nigeria and Mali, have fallen far 
short of expectations, at least in 
terms of food production. 

The minor works, where local-vil- 
lager initiative has been mobilized, 
have been much more successful. An 
outstanding example is the Punjab 
region in India and Pakistan where 
minor works have provided the main 
basis of a “Green Revolution." 

Known, established technology 


was used in this case. It was not 
necessary to employ remote satellite 
sensing or solar energy cells. The key 
was to mobilize individual initiative 
by means of medium-term loans to 
fanners — either singly or in groups 
— to finance many thousands of 
small, pump-fed wells. 

To assist the villagers in organizing 
the efforts required, bureaucrats 
must spend much more time in the 
villages. And the central bureaucrats 
must relinquish some power to the 
villagers, to local bureaucrats and to 
knowledgeable technicians. 

For this to happen, it seems to me 
imperative for aid donors to apply 
pressure — in a sensitive way, of 
course. Otherwise, the central bu- 
reaucrats will not budge and Africans 
will continue to starve. 

PHILLIP Z.KIRPJCH. 

Athens. 






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IN BRIEF 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


Page 5 


SCIENCE 


- - h 


Device Aids Underwater Explorers 

■ 1225! EP 1 “ as ? achusel,s (NYp - In tests 5f shore in Calif or- 
ma s Sanu Barbara Basm, researchers have demonstrated that a “body 
submarine - the undmvater counterpart of a spacesuii - can enable 
divwjo descend 2,000 feet below the surface; yet nwdo rthSS 
unobtrusive to the marine life bong observ ed . ™ 

„J£ 5 bow much wtfve already learned” said Dr. G. Richard 
Harbison of the Woods Hole Oceanographic Institution after t aid n o nan 
in the t ests. He specializes in gelatinous marine organisms that are rarefy 
if ever, brought up intact by nets. 

According to Woods Hole, the device, known as a Wasp, will open to 
observation the abundant life few have seen or studied in the field” The 
Wasp must be tethered to a surface ship, but carries its own life support 
system, proving an environment wiih normal air pressure. Using foot 
pedals and other devices, the diver can control its articulated arms with 
^daws at i he ends for specimen collection. A Plexiglas dome enables the 
occupant to look in almost all directions. 

Language Is Clue to Migratory Tribe 

. SAN FRANCISCO (AP) — An antbropoiogisi says he has discovered 
a language link between Siberian tribes and California Indians and the 
discovery helps show that the migratory people traveled the West Coast 
3,000 years ago. 

Ouo von Sadovszky. a professor at California State Um versify- Fuller- 
ton, near Los Angeles, said his evidence shows similarities in 80 percent 
of about 10,000 different words and forms of grammar used by two 
Siberian tribes and 19 tribes in California. 

Professor von . Sadovszky 1 s study also traces similarities in hunting 
methods, weaponry, prey, mothering, marriage, magic religion be* 
tween California Indians and 23,000 Vogul- and Ostyak-speaking people 
m Siberia. The tribes still inhabit an area on the European side of the Ural 
Mountains north of the Arctic Circle, he said. 

U- S. Satellite May Visit Asteroid 

WASHINGTON (UPI) — The 1986 Galileo satellite miss ion to Jupiter 
wiQ have the option of taking a side trip to examine a large asteroid, the 
U. S. space agency said. 

The National Aeronautics and Space Administration said the flyby 
would take place depending on bow well the Galileo mission goes. 

If it is authorized, it would occur in December 1986 and the Galileo 
satellite's arrival at Jupiter would be delayed from August to December 
1988, NASA said. The satellite would spend 22 months around Jupiter 
after the flyby and 20 months if it goes straight to the planet, the agency 
said. 

New Snow Machine Uses Bacteria 

DENVER (NYT) — A snow-inducing bacterium is being tested by ski 
resorts in Colorado to determine whether it would augment standard 
snow- making methods on the slopes. 

The maker of a product that uses the bacterium. Pseudomonas syrin&ie, 
says it produces more snow than standard snow-making methods and at 
warmer temperatures. 

Large concentrations of the product, called Snomax, are are injected 
into underground snow-making pipes at a rate so that every drop of water 
cranes out with an ice nucleus around which snow can form. Its makers 
believe it will prove to be vastly more efficient than the current method of 
using water and compressed air. 

Artificial Mouth Chews for Research 

MINNEAPOLIS (AP) — An artificial mouth, capable of doing a 
year's worth of chomping in 24 hours, wifi test new materials that could 
be used to improve false teeth, bridges, crowns and fillings in milli ons of 
real mouths, researchers say. 

“It’s part robotics, part computer, part biology,” said Dr. William 
Douglas, a dentist who leads the University of Minnesota team that built 
the mouth. “While Tm sleeping, it’s still chewing. It never gets tired, as far 
as we know.” 

Dr. Douglas said he and bis colleagues are using the device to test 
materials — based on mixtures of resins and new ceramics — developed 
by dental supply companies. The materials are more natural-looking than 
conventional silver-based fillings and gold crowns, he said. 



Space-Age Detective Tracks Soviet Secrets 


By William J. Broad 

Hew York Times Service 

N EW YORK — Although he 
has no security clearance, no 
government job and no access to 
information gathered by American 
spy satellites, Charles P. Vide has 
become an international authority 
on the Russian space program. His 
detailed drawings of the Soviet 
Union's secret rockets and space 
shuttles have been used in congres- 
sional studies and by aerospace ex- 
perts around the world. 

Mr. Vick, a dapper, 38-year-old 
draftsman and planner for a large 
engineering Turn near Washington, 
works in his spare lime collecting 
hundreds of books, documents and 
photos, combing obtuse public re- 
cords and combining that informa- 
tion with intuition to produce pre- 
cise technical drawings of secret 
Russian designs. 

His skills as a space-age detective 
were underscored recently when 
the Russians provided the first 
complete photos of their workhorse 
Proton booster rocket that carried 
the two Vega spacecraft toward Ve- 
nus and Halley's comet The pho- 
tos clearly show that Mr. Vick had 
correctly deduced the size and 


OP. Vick 


shape of the booster rocket several 
years ago despite the intense secre- 
cy surrounding iL 

Mr. Vick is himself a living illus- 
tration of a point made repeatedly 
in recent arguments over revela- 
tions of U.S. military secrets — 
that a devoted individual, using 
public records, can often penetrate 
a government's veil of secrecy. 

Are the Russians building a giant 
booster rocket to send men to 
Mars? Are they constructing a fleet 
of space shuttles? Mr. Vick knows. 
He recounts with fervor the history 
of these shadowy programs as he 
proudly displays drawing after 
drawing. 

“It's important to realize how far 
the Soviets are and where they’re 
going,” be said in a recent inter- 
view. “Once they test these new 
boosters, the Soviets will have dem- 
onstrated everything to carry out a 
manned dreumnavigatioa of Mars: 
ion propulsion, nuclear power 
sources, long duration life support 
and a]] the associated technol- 
ogies.” 

Drawings carrying tbe now 
familiar signature “Copyright C. P. 
Vick” have been published by the 


time combing 
puMcations 
for dues to 
Soviet rocket 


g-S— -M ■ - 

■us arawwtgs 
am often the 
only ones 


to the 
West. 


• v v4 3 


f. * " 


->r> 


-*3? ;t: tr i- 


- -'mm 

l ■ ft*: '.'M 


Congressional Research Service, 
the Congressional Office of Tech- 
nology Assessment, Aviation Week 
& Space Technology magazine, the 
Journal of the British Interplane- 
tary Society, tbe Encyclopedia Bri- 
tannica, and the Illustrated Ency- 
clopedia of Space Technology. 

“He's a sleuth.” said Leonard W. 
David, programs manager for tbe 
National Space Institute. “Lots of 
information is available about the 
Soviet space program, tot you’ve 
got to be patient to come up with it 
That is Vick's great strength.” 

The service Mr. Vick provides 
the public is valuable. For years the 
federal government has used spy 
satellites to peer into the heart of 
the Soviet Union, but the photos 
are kept secret because the govern- 
ment does not want to reveal the 
power of its eyes in space. Thus, the 
government knows a great deal 
about Russian rockets, while the 
American public does not. 

Mr. Vick attempts to Till that 
gap. Signs of his calling are found 
throughout his apartment in Gaiib- 
ereberg, Maryland. There are cam- 
eras, bookshelves, drafting tools, 
file cabinets, aerospace magazines, 
models of Soviet rockets and more 
than 500 Russian books. 

Mr. Vick started to follow the 
U. S. space program seriously while 
still in high school. He eventually 
became fascinated with tbe Rus- 
sian program as well and learned 

to read Russian. 

His detective work intensified 
as both countries pressed the race 
(o the mooa. In the 1960$ the Rus- 
sians were struggling to build a 
large rocket known in American 
aerospace circles as the Type G, be 
recounted. It was a monster, much 
heavier and nearly as tall as the 
United States' s Saturn 5 moon 
rocket But it never successfully got 
off the ground, and blew up on 
more than one occasion. The Rus- 
sians released no photos of it 

Hot on the trail of the rumored 
rocket. Mr. Vide located an obscure 
Russian bode, published in 1977, 
that gave an important clue — a 
picture of the rocket's service tow- 
er. “I got it at a used book store,” 


tore of the gantry. “The individual 
service levels dictated tank areas, 
interstage areas, engine bays and so 
on. Your tower has a crane on the 
top, which defined tbe center line 
of the launch vehicle. It amounted 
to just fitting the rocket to the 
form.” 

Mr. Vick's drawings of the Type 
G booster were eventually pub- 


frowAfc copyright C P.Vick 


lished by the Library erf Congress 
in a study directed by the late Dr. 
Charles S. Sheldon, an internation- 


ally respected scholar on the Rus- 
sian space program. “Thee con- 
ceptual drawings are included m 
the absence of anything more de- 
finitive in the open literature, tbe 
report said. 

That early coup led Mr. Vide 
deeper into the realm of Russian 
rocketry, incl uding space stations 
and the beginnings of a shuttle 
fleet. Lately he has Focused on the 
Mars rocket, known as Type L. 
which appears to .be tbe biggest 
rocket the Russians have ever at- 
tempted to build. 

Mr. VICK said satellite photos 
have played a role in his work, 
although they are publicly avail- 
able ones from the Landsai space- 
craft. He pulled out a large Landsai 
photo of the Baikonur Cosmo- 
drome at Tyuratam, the largest and 
most versatile of the Russian 
launching ates. To the inexperi- 
enced eye it showed nothing more 
titan a few scattered lines, but Mr. 
Vkk pointed out what he said were 
roads, launching pads and build- 
ings for vehicle assembly. 

Elaborating on bis analysis of 
tbe same site. Mr. Vick unveiled a 
second, more striking photo, about 
two feet on a side, taken in Decem- 
ber 1983 by space shuttle astro- 
nauts. At its center was a liny white 
dot, which Mr. Vick said was the 
new Russian Type L booster. “Just 
look at that white monster," be 
said. 

The British journal Nature re- 
cently agreed with Mr. Vick's anal- 
ysis of the photo: “From the solar 
elevation and the length of the 
shadow,” the magazine said in its 
Oct. 18 issue, “the vehide would 
appear to be more than 90 meters 
tall, in good agreement with Mr. 
Vick's speculation.” 

No one has yet reported a 
launching of the new Russian rock- 
et. Aerospace experts say it is not 
unusual for a new rocket, American 
or Russian, to be moved on and off 
its launching pad months and even 
years before its maiden flight. 

In sounding the depths of the 
Russian space program, Mr. Vick’s 
detective methods are sometimes 
quite direcL Every May Day the 
Russians parade some of their 
smaller missiles through Red 
Square in Moscow. Mr. Vick said 
he photographs these as they flash 
across his television screen. 

Has he ever thought about going 
to the Soviet Union? With a far- 
away look in his eyes, Mr. Vick 
mentioned a museum devoted to 
the Soviet space program near the 
Tyuratam launching ate. 

“I’d give my right arm to get in 
there,” he said. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


NYSE Most Actives 


VOL 

Ktah 

Low 

Lot 

Ctea 

PW1PM 10874 



2244 


ATAT 10446 

19* 

19 

19te 


IBM 8725 

122* 

no* 

ia 

— 1% 

NindPS 8293 

11* 

11* 

11* 

— ft 

NICOR 7092 

29% 

TO 

TO 

— * 

Exxon 6516 

44* 

44% 

44% 

— % 

FoftiM 6079 

45* 

44* 

46* 

— 1 


TO 

35* 

35* 

—lft 

HoSPCO 4912 

38 

36% 

37* 

+ ft 



11% 

tl* 


PHOTS 4613 

a* 

30% 

30* 

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9* 

9* 


MobU 4492 

AMR 4294 

27* 

TO 

16* 

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36 

35* 

35* 

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Dow Jones Averages 


OpMlfltt km kat OH 
incM wo5» mzM meg ii«£— ijjo 

Trans SS7.13 34003 SUM 5S1J0 — 4A& 

& iSS JSi 3 


NYSE Diaries 


NYSE index 


AMEX Diaries 


NASDAQ index 


AMEX Most Actives 


Pmfm 

Hies Low cm 

ESSSrtais iixsb imw im3 

i Trtoi*. «6i nvi 

, Ullllim 51.57 51.03 5157 

Finance 07.43 97.09 9763 



Advanced 
Declined 
uncnaneod 
Total issues 
New Hieta 
New Low, 


dost Prev. i 

2M 386 

2d ac 

ZT2 211 

74 8 S39 


Declined 
tln c nemoed 
Total Issues 
New Htata 
New Lows 


| Odd- Lot Trading in N.Y. 

Bor Sales •»' 

Dec. 31 1 40.983 5314 IB 2J 

Dec. 28 — 127.750 495,144 12 

Pec. 27 ■■ — .. 112.152 420,779 14 

Dec. 24 — B4949 32X88? 41 

Dec. 24 94174 309428 3 

'included in Hie sales fleures 


VoL at 3 P-M_ S5J4M80 

Pro*. 3 PJUL voL 4&14MN 

prev cMtolMateil dose WJH.ire 

Tables Include the nationwide prices 
up to the cJoslna on Wall Street 


| Standard & Poors Index | 

previous Today , 

Mian Low Close 3 P-i*- 1 

VST 0 * « W KSi 

BBSS ;i£ its ?iS W 

COToSle 167JJ 14446 1A7J4 14541 1 


Composite 

industrials 

Finance 

Insurance 

undue* 

Bans s 

Tronso. 


week rear 

Close Noon aw 

24745 244.77 345JE 
Z4CL73 240.15 H§04 
298 jR - gpi 

283.11 — 28X44 

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239 J9 — 236JB 



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Dow Jones Bond Averages 


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Industrials 


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previous Today. 

HfBB Low Close J PAL 

HM09 20233 209-74 20L40 


;Y. ,rt 


12 Month 

HtoflLo* Stock 


Sis. Class 

Wh Wpfi Low Quot.cn 'bo 


NYSE Fears Increase in Rates 


17 Month 

Hn8l tow Stock 


ZSVi 16ft AAR 6B 20 14 207 18% U Bte — tt, 
30V, f* ACS 10 108 13V, 13 13V, + 44 

1794 13ft AMF JO XS 80 TM 14% M* TO- ft 
41te 34 Vk AMR S 4394 U 35V. 3Sft— 94 

TO 18* AMR pf 7.18 115 4 19* l?te 19* 

4 IV, 27V, AMRof 2-12 55 '™ iff 1 X.* TO— % 

25* 2Z*k ANftpf 247 114 1 2JW 23% 23% + ft 

14* 8* API. 1 O inn 70* Wft — * 

49* 44* ASA 100 44 234 47* 44* 44*— I* 

30Vl 16 AVX -32 15 10 147 17W I7ft 17ft — * 

4BK 34* AHUb I A0 15 13 2113 41% 40% TO— lft 

23* 16V, AeartMJe 44 25 18 » 22% 22V. ffli— % 

27* 12ft AcnwC 40 15 42 13* 13 13* + * 

12* B* AenwE JZb 39 II S 9* 9* 9* 

IB* 15 AdoEx 211012-9 140 14* 14* >S%— * 

18* 11* AdmMJ 5 21 I II 14* 16 Mft+te 

71ft B* AdvSv* Alt 74 17 87 W* 10ft 10ft + ft 


27* 12ft AcnwC 40 35 43 13* 13 13* + * 

12ft B* AenwE Mb 39 IJ 5 9* 9* 9ft , 

IB* 15 AdoEx 2110129 140 14* 14* >S%— * 

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71ft 8* Advflys Alt 74 17 H7 10* 10ft TO + % 

4ft 25ft AMD 13 2177 27ft 28* 29 — ft 

14ft 4* Ad vM .12 15 38 7ft 7* 7ft + * 

15* 8* Aortlex ID 20 IBM 10 10ft + ft 

37 27* AotnU 244 7J 30 757 36ft 34* 34ft— ft 

58* 52* AetL.Pt 5070100 7 54ft 54ft 54ft + ft 

34ft 15* Ahmns 120 44 11 1071 TO TO 24 - ft 

5ft 2* Alteon 47 2ft 2* 2* 


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48* 34ft AlrPrd 150 24 W 1282 46* 45* 44ft + ft 


— * L'rutcrf Press international George Pirrane of Dreyfus Corp. said the 

— ft NEW YORK — A retreat on Wall Street first session of the new year represented “more 
* picked up speed late Wednesday, with oils, an absence of buyers" than any heavy selling. 

+ * autos and technology issues all headed lower. He said Monday's rise was due to some 
— ri5 The Dow Jones industrial average was down artificial factors including index program oper- 

ZiS 13.91 to 1.197.66 an hour before the close. The 3U ®“ £y professional. . 

tE Dow had gained 7.40 Monday in the last session Northern Indiana Public Service wssoffa 
of 1984 fraction in acuvc trading. A block of 200,000 

1* r-\ _ ftno cm - „ shares crossed the tape at 1 1%. 

+ * Decbnes led advances 90&-591 among the Actively traded AT&T was lower at midses- 
T* 1.916 issues traded. sj on . 

+ 5 The five-hour Big Board volume was about Phillips Petroleum was near the top of the 
+ *» 54.9 million shares, compared with 66.1 miliion acl ive list and lower. Several other op issues 
^ in the like period Monday. were showing losses at midday, including Mo- 

bil. Unocal. Indiana Standard, Ohio Standard. 
Sun Co., Exxon and Chevron. 

Piedmont Aviation was sharply lower at mid- 


30ft 13 AJrtjFrt 40 35 W 

4* l* AtoNtoa JMU 

7* 4 AtaPdPf J7 125 

71 61ft AfaP pf 908 134 
101 85* AlaP Of 11.08 11 J 

Tift 63% Atop pi 1M 110 
44ft 54 AlaP of 858 111 
13ft 10* AfcxrtC 3 92 74 8 

17* 9* AfskAlr .14 A 8 

29ft IS* Alberta 54 25 17 

29ft 22ft Albfctiw 48 24 12 

41* 23ft Alcan 150 45 10 


32 10 277 IB* 18* 18ft 


49 4 3ft 3ft— ft 

13 7 6ft 7 + ft 

S0z 47 44ft 47 
Mz 97 97 97 
601 77V, 72V, 72ft — 1ft 
490z 63 42ft 43 +lft 
24 17* 12ft 12ft— ft 
591 15ft 14* Mft— * I 
38 2C* 20V» 20ft— ft 1 
830 27 28* ffl*— * 

440 28ft 38* 28*— ft 


Although prices in tables on these pages are 
from the 4 P.M. close in New York, fir time 


34ft Z7Hi AlcaSM 750 19 II 143 30* 30ft 30ft + * 


25ft 17 AtexAbc 150 44 
38ft 16ft Alexrir 23 

B7ft 42ft AllaCP 150b U I 
21* 23 AtaCnof 284 IIJ 

34 13* Alalnt 1-40 45 39 

23ft 15* Alain Pf 219 123 

93ft 81 AlalptC1T5S 124 

38 Tift AIIBPW 270 9-4 8 


204 32* 22ft 22ft 
49 30ft 20ft 20ft + ft 

4 77ft 77ft 77ft 

5 25ft 25* 25* 

38 23ft 32ft 22ft+ ft 
II 17* 17ft 17ft + ft 
5 89ft 89* B9ft+ ft 
7B7 28ft 28ft 28ft— ft 


reasons this article is based on the market at J ^ ^ "K** lh * a brokerage house took 
p M the stock off ns buy Iisl 

~ Hospital Corp. of America was off a fraction. 

The company said it signed a definitive agree- 
Prices were mixed in moderate trading of mem to purchase New Century Life Insurance 
American Stock Exchange issues. Co. from E.F. Hutton Group Inc. 

As the new year began, a survey of econo- General Motors, Ford and Ch/yiser were all 
mists showed many expecting interest rates to lower at midsession. Chrysler said it will up- 
increase as the economy rebounds. They said grade and automate stampimg plants in Micfai- 
there may be further small declines before the can and Ohio at a cost of 5120 million. 


Sis. Close 

Dhi. YW.PE tOto Utah Loti QueLCTw 


17V,— * 
4 — * 
12ft 

48ft— 1ft 
37*— U 

18*— * I 

142 — 3ft 
43 
lift 

33*— ft 
82 + ft 

21V,— ft 
24ft— ft 
22 + * 
39ft— ft 
8ft 

38 + * 

23ft 

27ft— * 
I4ft+ ft 
13 + ft 

22 — ft 
31 

28* 

80 —1ft 
37ft 
8 * 

34ft— ft 

23 + ft 
22ft— ft 
25*+ ft 
23* 

42 +lft 
17ft— ft 
22ft 
32* 


250 17 12 131 


50 .1 15 97 

154 U 10 827 
A 4 

142 34 10 10 

29 14 1340 
54 19 11 47 

258 105 7 3400 
257 121 M 

2-56 U 18 02 

47 4 13 74 

150 $2 17 13 

142 55 45 52 

A 14 18 107 



190 

140 

4 

339 V* 


04 

53 

11 

39 Mft 

16 Mft 

1O0 

11.1 

5 

17 17ft 

17 T7% 




0 10* 

10* 10* 

JB 

LS 

8 

22 9* 

9% 9% 

360 

,20 

8 

b a* 

a* au> 


M is* AiftnG Agb 25 to 138 17* u* it - ft there may be further small declines before the can and Ohio at a cost 

3 7n oUi AlldCP & iJSO U 6 lodS M — lQ . i. _ __i w i . « - . 


44ft 53* Awcupf 454 M4 ' 7 «ft «o* so* + * Hi les take an upward path. 

l Many analysts linked the stock market pefor- 
17* «!h^ 1110 41 * ]& 4 6ft 4 !ft^ft7» of 1984 to worries about interest rates. 

2s* m aultl 144 75 e si 24* 23ft z<* -4 ft As rales came down in the second half of the 

33 27 ALLTPf 244 64 1 31ft 31ft 31ft— ft ^ , 

27 2o* AWipr -40e i9 is is 2ift 2i* 2iu year, the market attempted to rally on several 

55 it* a !S£‘ 'm “ 8 S uft “ft ft occasions bul there was no follow-through- 
.i^.^ Ro° SS * "i ,^,^^+ift Monday, Bankers Trust Co in New York 

» raised its Broker loan raLe from 9W percent to 10 

os* 52ft ABrand 275 59 ™ 22 b 44vS si*- ft percenL Ihe federal funds rate on loans of 

28ft 24ft ABrdpf 2.75 10L4 11 26 25ft 26 + ft .... l ..... i l a . . ■ , 

77* so* ABdcat 150 24 9 8ii u 43ft 63ft— * reserves between, banks was 9 percent at mid- 

28ft 19ft ABMM 44 35 II 104 24ft 23ft 23ft— U 

73Vn 17ft ABusPr 56 U 12 II 20ft 20ft 20* aa >- 

SS 40ft Am Cart 290 54 12 39050*50 SO— ft 

48 34 A Cano* 340 49 19 43* 42ft 43* +1* 

W9 1IO AConpf 1355 134 1 104 106 Mf 12ManUi Ste. Close 

otS XScS 454r045 g lagg ^ + £ agjg-gi* PIOTM-PE WSHWILON HuotOiW 

If* 4ft AContC 3 27 7 Mb Mb— ft 31ft W 

53ft 42ft ACvan 1.10 29 11 1019 SO 49 49ft— lb 19ft 15ft 

29* IS* ADT 934520 33 20ft 20ft + ft 3427* 


lie *6* ^ ^ftT * man 06 of 1984 to worries about interest rates, computer. Coleco said it sold the entire Adam 
si «* •* ft As rales came down in the second half of the inventory lo an unidentified retailer. Analysts 

is 21ft 21* 2iu year, the market attempted lo rally on several apparently were pleased the company would be 

821 37* 34ft 36ft- ft K.„ ih~~. f^ll„„, iU 1, TL ... ST/l 


Coleco Industries Inc. gained after it an- 
nounced it would stop making the Adam borne 
computer. Coleco said it sold the entire Adam 


S lift i6* is* + ft occasions bul there was no follow-through- able to concentrate oa its successful Cabbage 
”*] iMv5iSfti^+ift Monday, Banker’s Trust Co. in New York Patch doll business. 

1S ?5 i7ft i7v! 17*- *1 its broker loan rate from 9fc percent to 10 Bellwether IBM was lower at midsession. 

mb mv, gw* ft percenL The federal funds rate on loans of Digital Equipment, Burroughs, Honeywell, 

812 63 6M 42ft- * reserves beiween banks was 9 percent at mid- Data General and Texas Instruments had 


SS 4 Oft Am Con 2«0 54 IZS90 5D*«1 SO— ft 

48 34 A Can of 340 69 1ST 43* 4ZV> 41* +1* 

109 103 A Con pf 1395 134 I 104 104 Htf 

19ft 16ft ACapBd 250 119 62 18ft 18ft 18V4— ft 

33* 25ft ACapCv 656C245 32 U* 26ft 24ft + ft , 

14* 4ft AContC 3 27 7 Mb Mb— ft I 

Oft 42ft ACvan 1.10 29 11 1019 58 49 49ft— lb 

29* 18ft ADT 92 4520 33 20* 20ft + ft 

71ft 15ft AElPw 22401U 7 1814 21* 28* 20*— U 

» 25 AraExa 158 35 19 4148 37V, 36ft 37 — ft 

25 13ft AFamll 54b 27 12 235 23ft 23* 23ft + ft 

24* 19ft AGflCp 90 35 9 638 26 25ft 26 — ft 

9* 5ft AGnl wf 229 8* 8* 0* 

57 51ft AGnl o(A 6310119 12 S3* 53 53 — ft 

72ft 57ft AGt8 pfB 595o 84 T2 71 71 71 —ft 

55ft 43ft AGfllPf 395 5L9 1 54* 54* 54*— ft 

53 39ft AGnpfD 2M 51 421 52ft 52 57M— ft 

38* 25* AHortt 148 37 « 7 29V, 29* 29*- « 

14ft 7ft AMotet 39 8* 8 Bft 


55* 44* AHama 244 52 12 1183 50ft SB+ 56*— ft „„ 

42ft 24* AHatp 1.12 44 9 771 28ft S* 28*— ft I 38ft Sft 

n 63» Amrtcn 440 79 8 IBM 74ft 76 76*- ft n 

50ft AlnGrp M 3 15 458 47ft 64ft 67ft— * 20 14ft 

112ft AIGppf 545 44 9 122ft 171 121 -!ft 44* 10* 


12MonUi 
Hlan Low sox* 

33ft W 
19ft 15ft 
34 22* 

28 18ft 
29ft 13* 

22ft 16 
19ft 14 
34ft 18ft 
29ft 20* 

48* 33ft 
61ft 45* 

98 73 

28* 1Mb 
25 19ft 
52ft 40ft 
38ft 32ft 


Dl». YU. PE Ufa wall Lew OuatctiW man Low Mod, Dlv. YU. PE HQs Hfgti low QuotCD'ac 


140 4 J 
423 1TJ 
240 5,1 8 
495 54 
140 14 IS 
248 103 7 


8 W W* W* + ft 
218 14* 16% 18ft 
483 33ft 32 32*— lft 

SO 29 28ft 28ft + ft 
382 15ft 15* 15ft 
2 14* 16ft M* 

385 19* 19ft m 
991 19* 18ft 18ft- ft 
2M 34ft 24 24ft + ft 
22 39* 3Mb 38ft— lft 
394 51* 9M 50ft— ft i 

ii az n* an*— a I 

2 19ft 191b 19ft 
403 24* 23ft 24 —ft 


»ft AMI 40 3.1 11 
3* AmMor 

27* ANtffei 222 54 7 
23ft APnsH 941 23 4 
9 ASLFta 7 

15 ASLF1 of 2.19 124 
18 AShlo M 43 24 
22ft AmSM 148 53 10 
ISft ASterll 14 

24ft Am Star M 14 8 


40 3.1 11 am 20* 19* 19ft— ft 
1340 3* 3ft 3* + * 

122 54 7 254 88ft 37* 30 —1* 

24t 23 4 545 32* 32ft 37ft- * 

75 11* TO* 11* + ft 

51 17* 17ft 17ft— ft 

18 12ft 12ft 12ft 

31ft 3D 30 —ft 

23 22 22 22 

724 39ft 39 . 39ft— ft 


148 S3 10 472 30ft 30 
14 23 22 22 


41ft 24ft Am Star 44 U I 724 31ft 39 39ft— ft 

» 46* A54rpfA 4JB 88 612 91* 49ft 49ft— ft I 

»* Jgb ATAT 120 *43 1318444 19ft If* T9*— * 

S£S5iS;S5SK BSLlL^ill 


44* 18* 

40* SVa 
49ft 34 
98* 52 
23ft 15ft 
32 23 AVOW 

15 10 Avhdi a 

49ft 73 Avnot 
36 19* Avan 

42* 18 Aftfln 


XSO 64 17 2999 44* 43* 44 — ft 
395 109 600z 36 24Vi Mft 

280 29 5 105 104*104* — 1 

34 U* 14ft 15ft + ft 
92 U 14 212 22ft 21* 71*- ft 

43 U 18 345 3Sft 38ft 38*— * 

10 1151 49ft 49ft 49ft + ft 
36 98* 98ft 98ft— * 
40 39 II 7 19* 18ft ISft 

40 15 14 * 2 31* 31ft— * 

7 271 12* 13ft 12*+ * 


JO 15 13 

200 94 M 


937 34ft 33ft 33ft— 1* 
3 938 71ft 71ft Tift— ft 


36ft 30ft AT&T of 244 189 
37ft 31ft AT&T of 394 105 
41 27 AWatr 140 4.4 6 

51ft 35 AWot pf 143 21 
27ft 2Mb AM Hot! 248 94 11 
*3* *T r f r U5o 89 
9* 4ft ATrSc 
TPfl 58* ATrUn SJSo 7 A 
XVi 26ft Amcrwt 148 54 7 
30ft 17 AmesDs ill J 14 


H 34 34 M + ft 

43 34V, 34* 34*— ft 
11 34ft 36ft 36ft— ft 
40* 46 46 46 +1 

40 36ft 26ft 26ft— ft 

1 1ft 1ft** 

4 71 ft 71* 71ft + ft 
7 28* 28* 9ft + ft 


03 60 Affmpf SJ2 65 

30* 91* Amotak 40 13 13 
30* 18* Artrfoc 5 

20 10* ATOfcsc 5 

39* 26* AMP s 44 20 16 
» 14* AmPCO J0 1.9 44 

21* 12ft Amreps 6 

24ft 19 ARiSta 148 54 7 
H M* Aimtad 140 A3 17 
7ft I* Anoonp 
30 IMb.Analooi . _ 17 


ft K'ttSS 55 15 
3 SB 

74% 53ft Anlmn 200 2* 10 
+• . Anhoopf 340 64 
M lg6 Artxtr JO 14 30 
17 ,fib Anttwm 44 J 13 
V&f Wl Anttaw 44b 1$ 4 


M 414 W 26* 26 91 — ft I 

^69 7 78* 77 77 -lft 

IS 5 ?® s^=a 

44 24 ,S,S 

■30 1.9 44 4 16 15* 15*— * 

_ * 2?31 13ft 13* 12*— ft 

48 54 7 449 Mft 2* 24ft 
40 44 17 27B 37ft 36* 37ft + * 

, * » 1 2ft 

. .. ]? IK 23* 73 23 —ft 


]/» 74 18 2M 21ft 20V. 31 + ft 
"SHI? W 35* 3Sft 35ft— * 
•25 24 21 14 9ft 9* 9ft 

-56 19 ID 51 17ft 77ft 17ft— * 

280 24 10 927 73ft 71* 72ft— * 

S2« S2* 37* + * 
98 14 20 719 17* 16* 17 — * 

44 J 13 387 13* 12* 12*- ft 

44b 34 4 5 12ft 19ft 19*— ft 


M* 9* Apache 90 24 10 369 10 


^ ia. — — - 369 10* 10 10ft 

4 ft ApchPwt 91 * ft * 

S' 81 .** i* 1 «* + ft 

ApPwpt &I2 124 10002 63ft 63ft 63ft +9ft 

5* 32? *-'8 114 66 31* 30ft 31ft + * 

31 17* AplDta 1.121 34 17 3629*29 29*+* 

£5 *. i.wtiu 68 JR 10ft 9* If* + ft 

££ IS? 14 1978 19ft 18% 18*— ft 

SS If 6 !!■* 4 ‘E. 7Z3 * 21*— ft 

gift 2 Arjppl 1046el28 STOOi 85 83 03 —*ft 

» AtJPf; 1* 124 8 77* 77* 27* + * 

SS I? 14 £J2** .'S 25 r 39 14 15* 15* 

14 » 1jm 45 14 111 ««* I** 16*- ft 

lft * ArtnRf 537 * * + 

1M. 9* Armada 26 22 12 11* 12 + * 

23* 9 Armco 410 10 9* N + * 


96 14 U 9 

275 

198 79 II 109 
90 14141 « 

390 79 7 409 
IJJO 4J) 9 967 
90 44 94 1707 
1.1B 2.1 11 29 

240 60 4 402 
3450 89 11 

204 57 4 100 

140 4.1 1 43 

192 85 ID 4145 
S31el2A 213 
248 79 

240 83 8 36 29* 

270 4.9 6 1395 54* 
2JQ 117 48 

493 IIJ 51 
Ota 4 19 9 

44 20 9 796 
JO 34 7 14 

1J6 11 8 377 
237 SJ 5 
i® 27 13 123 
-12b 1.1 11 20 

78 AT 15 263 
JS 2J Ml 1V55 
4 16 S 
240 99 I 26 
140 JO II 133 
17® SO 9 1631 
398 64 27 

190 30 13 314 

1 

96 21 H S3 
47 24 13 

84 8 9S2 
298 165 

92 19 10 101 




?k + * 

27* 

lift— ft 
20 *—* 
*+ Mi 
2* 

43*— lft 
lift— % 

9 

40ft— ft 
25*— % 
4ft 

51*— * 
39*+ ft 
46% 

3Sft + * 
241b— ft 
17ft— * 
49 —ft 
14%+ Mi 
98*- * 
54*- 1b 
21 * + ft 
36* + * 
UU + ft 
22 — ft 
21 *— * 
43*- ft 
45 - ft 
92* 

10ft- ft 
25ft— * 
13ft 

24ft + * 

a*— m 

33ft 

28*+ * 
52ft— lft 
39* + ft 

10* + Vi 

25*- * 

79*—* 


340 74 8 2309 
72 17 15 5 

40 33 11 11 

444 50 3 

240 60 * 233 
430 127 2 

ash -02 iffisz 

.150 4.1 a 166 

I 169 

II 20 

94 21 12 455 
40 39 «Sfi 

549 123 160 

290 117 37 

A 1.1 10 441 
48 14 u sn 
44 24 12 456 
148 69 7 39 

96 34 9 164 
240 53 13 38 

140 26 15 2825 
1.90 40 11 423 
540 99 44 

.1» J 25 108 
272 49 9 580 

72 4J f im 

53 5* 

394 94 0 472 34* 
1.17 117 49 W 

146 120 3 12* 

Jta 14 10 647 21 
140 59 TO 96 29* 
140 3.1 15 1678 52ft 
38 15 3* 

1760 84 6 162 22* 
561 12* 
88 

192 74 23 

3.12 117 8 W 
3.95 127 B 
9D 19 5 27 

196 51 10 377 
148 27 14 437 
LOO 34 B 529 
48 14 16 363 
44 34 Ml 
2.16 127 2 

144 49 12 282 
140 34 7 1112 

95 81 4 

543011.1 211 

44 57 14 32 

5L*B 44 II 3473 
98 11 3CS 

L10 179 10 


34ft + ft 
42*+ ft 
26*+ * 
n — 10 

33ft—* 
33*+ ft 
34 
3* 

ISft- ft 
4 

II*— * 

17*— * 

40* 

21 + ft 

30ft— IM 
20*— ft 
23 — ft 
27ft + ft ] 
16ft + * 
45* + * 
54*— a 
39ft— lft 
52*+ ft 
21ft + ft 
63ft— 1* 
2T% 

4ft— * 
34* 

10 + ft 

«ft— * 

20ft 

29 

51*— lft 
3* 

22ft- ft 
12ft— U 
3 

17. — * 
35ft-— * 
31 

16ft- ft 
2Mb- ft 
36ft— ft 
33ft— * 
33ft— * 
14ft + M 
16* 

25*— ft 
46ft— ft 
6* 

48ft + H 
V«*+ ft 
56ft—* 
16*—* 

5 + ft 

12 + * 


To Our Readers 

The International Herald Tribune is seek- 
ing to improve the quality of its statistical 
package. In so doing, we are making changes 
in some items. We welcome readers’ com- 
ments. 

23 ft 15ft Crt-Mod 40 24 11 20 

27* 17 CoaiAh- 40 2.1390 155 

28ft 16* Ctanpln 40 17 10 2527 
29 19 Own I of 1J8 5.1 11 

56* 43* ami Of 440 9.1 22 

12 8 ChamSa 40 44 10 182 

12ft 1 vIChrtC 212 

lift lft vl art pf 19 

52* 35* Chase 345 74 5 1977 
44 36* Chasopf 575 127 11 

58 40 Chase pf 697*129 1 

57ft 51 ChasOPf 6200)1.9 2 

19 13* Cholaeo 46 37 8 16 

36* 31* Chamorf 148 56 11 39 

35% 23ft CUNY* 296 67 6 543 
35* Zft CUNY Pf 147 59 86 

58* 48 ChNYPf 6J7ol23 10 

56* 46 ChNYPf 599*119 346 

39ft Site Chose* 104 37 16 74 

39ft 3Zft CtwEfn 1.92 54 10 SB 
4014 30 Chovrn 240 77 7 3672 
43% 18* CNWst IQ 115 28ft 25* 25*- * 

1VS* M% CM Mho 81 33 IM WS IBS — I* 

74ft 47 ChlMI Pf 1 66 66 66 — ft 

2SU. 16 ChIPnT 7 34 19* 19* 19ft— 16 

15 7* ChkPuJI J3t 17142 23 Bft 8* 8ft 

24* ChrlsCr Ml 14 


liMonlR 

WWi Lpo SlocL 

38ft 23’- 
40 28ft 
34ft 25* 

51* 35* 

15 10* 

23* 15* 

18 14* 

40 2316 

52* 42* 

34te 30* 

44 39 

30ft 2216 
69ft 59ft 
67 S7 
25 31* 

32* 28 
6V* 60ft 
67ft 51ft 
Is* lift 
IB* 14 
16ft 1Z* 

55 43ft 
18ft 812 
22* 17ft 


36ft 26 Vi 
33* 21*4 
26* 20* 
22* 12 
7* 3ft 
4ft I* 
1* ft 
13ft 691 
15ft 6* 
19ft 9* 
27* 191* 
>8 I Zft 
78 60* 

56ft 37* 
210 164ft 

2714 3014 
29* 2D<4 
43 32ft 
19* 13 
29ft ISft 
22* If* 
ZB 23* 
14* 9 

is* eft 
8* 2* 
8* «* 
1014 7* 
24ft 13 
19* lift 
20 5% 

71* 58ft 
10* 5* 


lOteHiotiUw qutf.amo I hwiuw Ste« 


190 47 10 27 34* 23* 24* + ft 

52 U 12 55 34ft 34ft 34ft— ft 

\J» 69 10 2417 27* 27 27ft— * 

37b 1-7 21 200 41* 41ft 41ft— ft 

90 49 76 11% 11 lift- ft 

J® 49 M 849 IBM 17* 17ft— * 

2JM 112 37 18ft 17* 17ft— ft 

JSa 1 J 11 101 37ft 37% 37ft + ft 

U» 61 I 2330 49* «* 48*— * 
390 107 9 32* 32* 32* 

C5» t 4 42ft 42ft 42*9 

20 U 7 187 2916 28* 29 

820 |14 20z 66 66 66 +1 

790 1 24 22Dz 63 61ft 63 +1M 

209 1U 23 23* 23* 23*+ ft 

395 129 44 32 31ft 32 — ft 

8JS 129 l5D0z 66ft 66ft 66ft + ft 

108 27 20 465 65V, 64* 64*— ft 

294 116 7 524 15ft 13 15ft 

2.10 1i2 ISOOz 17* 17 1716 + ft 

2.10 140 23 15 15 15 — ft 

720 137 15b 52ft 52ft S2ft +lft 

08 18 7 33 18ft 9ft 10ft + ft 
JO 7 13 25 22* 22% 22ft— ft | 


7 4ft HRTn 

26 19ft HallFP 190 63 

44 27ft HalMn 198 6J 10 

lft * HaUwd At 7.1 

8ft S* HaltidPf 96 79 

55% 30* HamrF 294 A3 8 

13ft lift HanJS l+Tall.l 
18% IS* HanJI 1048 99 

41 21ft HndlmB 72 23 14 

20 ISft HandH 96 49 16 

34ft 16% Hanna 90 23 W 


51s. Cme 

10* Hten low Qu°«. Qibo 


4 Mb 5ft 5ft 
7 24ft 23ft 23ft— ft 


190 43 77 «ft »ft 23ft 

190 6J 10 1723 29% 28% 28ft 

90 7.1 1753 lft 1 1% 

96 79 412 8 7% 7%— ft 

104 49 8 389 47* 47 47 — ft 

L47H11.1 27 13% Uft 13ft 

IOW 99 43 >9 18% IS* + ft 

72 23 14 97 40ft 89ft 40% + ft 

96 49 16 145 16% 16ft 16% + ft 

90 23 13 5 17% 17ft 17% — % 


45 23ft HorBrJ 198 13 11 161 45 4«6 6Mb- ft 

49 32ft Hortad 72 17 17 2 *2* s £± . „ 

12* 7% HornWt 7 49 9Vb Bft 9. + 16 

29* 14ft HrpRw 90 29 16 51 28ft MVJ 28ft + U 

43% 22* Herrin 98 U 12 *43 Bft 26ft 17ft 


98 19 18 38* 
90 39 13 393 
194 49 9 46 

94 29 384 

672 
43 
37 
105 
77 
15 

130 5.1 8 1332 
1.94 IM 6 215 
3J0o AS 14 3559 
t-M 23 8 581 
090 49 2 

3h 39 II 137 
190 19 12 821 
IM 18 I B 
J4 M 12 SS 


31ft 31ft— ft 
24 24ft + ft 
29V, 29ft 
16% 16* + % 
4 4M 

"* « 

10 ft 18 ft — 1 
II ll*+ ft 
13ft 131b— * 
24* 2546— ft 
16% 17 —1 
ft to* re%— 1 
52 53 —lft 

210 210 

137 25ft 24* 25 —ft 
821 28* 28 28ft— * 

B 33% 33ft 33ft 

SS 16 ft 16% 16*— ft 


12* 7% HornWt 7 

29% 14ft HrpRw 90 29 16 
42% 22* Herrin 98 33 12 
15 10* HcnrGrn 

25 19 Horaco MB 5J 12 

32% 23% Hortnu 1.12 19 9 
1616 13* HetfSo 190 IIJ 11 
21* 15* HewEI 9 194 7.9 5 
11* 8 HeveaA .100 .9 8 

34* 15* Haztetn 06 I J 47 
13% 9 HazLat, 9 11 II 

15* 9* Hacks JB 27 36 

23% 13* HodaM JBo 19 30 
39ft 14% HaUmn 98b 2.9 9 
21% 15% HeJIlfl 06 19 II 
45 32 HOlnz 190 27 12 

30 12% HelnaC 5 

35* 18 HOlmP 34 19 23 
5* 3% HemCa 

12* II Homlnc -90a 77 
38 27* Hera, In 190 49 9 

19 13* HcrltC Ota J 11 


n a% 2o% a%+ u 
643 m 26* 27ft 

23 12% 12 12% — ft 

27 24ft 24 24% + ft 

579 28ft 20 2Mb- ft 

3 16% 16 16 - * 

115 21ft 20* 20*— * 

72 lift 10* 11 + ft 


36 1J 47 92 28% 27ft 27* + * 

OUT! 2* 9* •* 0%— % 

JB 27 36 264 10% IP* 10ft 


J0o 19 30 438 13% 13ft 13% + ft 

98b 2.9 9 207 1714 16* Wb — ft 

06 19 II 10 18ft 18ft 18ft— * 

190 17 12 313 43* 42% 43 

5 37 16 15% 15ft— ft 

34 19 23 5S9 IT* 19* 17*— * 

11 4* 4% 4%— M 

.900 79 15 11% 11% II* 

190 49 9 588 34ft 33ft 33ft— * 

Ota J 11 14 IBM 18* WV>— ft 

190 69 22 32* 22* 22*— ft 


23* 18* HOTttC pf 190 69 22 32* 22% 22*— ft 

41 te 28* Horahr MO 14 12 185 38% 38% 38*— U 


90 13 14 173 24% 23* 24 — ft 

2J5 107 3 22 71* 22 + * 

51 27* 27% 27% + ft 

12 96 10* 10* ID*— te 

364J 4 0* Bft Bft + ft 

45 3* 3% 3* 

14 31 4* 4ft 4% 

190 12.1 7 Btt 8* 8* 

JOS A 24 27 21* 21 21% + M 

90 62 12 2 13 13 13 + ft 

31 242 7* 7% 7ft— ft 

190 18 13 454 69% 68ft 68ft— I* 

J4t 99 16 367 IS* 9* M 


24% 5* HOtston 
25 9 Hrrtnpt 

45ft 31% HOWfPk 33 9 13 

30 17% H«x cm 90 SJ 17 

17ft 19 HtSfcoar JO 3.1 

12ft Bft HlVofl .15 19 9 

25 17% Hllnbrs 91 39 11 

58 45ft HllfOrt 190 11 15 

44% 31 Hitachi Jta 9 12 

51% 35% Holiday 30 21 U 

75 45* HolhfS 100 19 12 

37% 12 HomoO 31 

ao% 11% HntFSD 7 


21 4 5ft 6 +ft 

1 9ft 9* 9* + * 

33 9 13 2586 34* 33* 33* 

90 SJ 17 46 28 27 27 —1 

JO 3.1 24 16 15* 16 + ft 

.15 19 9 84 9ft 9* Oft 

91 29 II 27 20* 20ft 20ft— ft 

190 3.1 IS 376 58% 57* 58 + ft 

Jta 9 12 18 14* 14% 14*— % 

90 2.1 13 733 43* 42* 42*— * 

100 19 12 39 72% 71* 71*— <A 

31 2557 17* 17 17*— * 

7 748 W* 19* 19ft + * 

1.18 129 29 8% Bft 8* 


a* 

21* 


73 

11* 

.moA X 

20 

M 

140 

17U 

16* 

re — 

* 

re* 

19% + 

ft 

31% 

24% , 

Enihart 1.40b <8 

9 

128 

29% 

29ft 

29* — 

ft 

a* 

21ft— 

* 

19* 

14* 1 

mpDs 1.76 

99 

7 

13 

1B»» 

UF* 

IB*— 

ft 

23% 

23% — 

* 

4* 

3* 1 

mppf JO 

11.1 


life 

4U 

4 

4* 


so* 

50*— 

% 

<Rb 

4 1 

mperi 50 

110 


Uta 

4% 

4te 

Ate — 

te 

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% 1 




378 





1 

ift + 

ft 

39ft 

22* 1 

jibICp 77 

26 

IS 

10 

27% 

26* 

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1* 

1* + 

ft 

29 

18* 1 

MiBu 56 

1.9 

11 

38 

29* 

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28* — 

te 

47* 

47% + 

ft 

32* 


luercf, 160 

70 

17 

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21 

TO 

TO— 

* 


75 45* HolhfS 100 19 12 39 72% 71* 71*— <A 

27* 12 HanwD 31 2557 17* 17 77*— * 

ao% 11% HntFSD 7 748 W* 19* 19ft + * 

9* B HmaG Pf 1.18 128 29 8% Bft 8* 

36* 20ft HrtHJIW 30 IO Z7 645 21ft 29% 21 — ft 
20* 8* HiRStFn 98 19 4 13 11* lift lift 

60* 41ft Hondo 90e 9 10 ZIB 48ft 48* 48ft 

66% 46ft Hamlin 190 XI 10 1569 63 62 62 —1* 

38% 19% HopvrU 104 44 9 M 23* 23ft 23ft + ft 

26* 18 HrznBn 1.12 41 8 17 26 2S* 25*— * 

ID 3% Horton 39 4* 4% 4* + % 


ID 3* HorUan 
48* 35* HoSPCo 


98 1J 12 4834 38 


28% 71* Hotel In 260 9.1 13 JW 25% 28 


35* »* HauahM 94 29 
19 13* HooFab A0 21 

Mb 34 Houslnr 1.75 53 
72ft 61 Holntpl 435 9.1 


17 33* 33'A 33*— ft 
34 19 18ft 19 
444 32* 32* 32* 

2 69 69 69 


40% 60% 

52ft 52ft— 14 
52* 52* 

18 18 
36* 26ft— ft 
33ft 34ft— % 
33% 34* + ft 
53* 51*— ft 
51* 51* +lft 
33* 33*+ U 
. 33% 33ft— * 
7 3472 31% 30* 3Mb— * 
10 115 2tft 25ft 25ft— ft 
81 33 186 IBS IBS — I1 m 

_ 1 66 66 66 - V!. 


34 19ft IP* 19ft— * 


35* 24* ChrlsCr 981 19 39 34 

13* V* Chroma 18 10 

33ft 20* Otrvrnr 1 90 12 4 4299 32 
53 34* Chubb n 2J0 4J II 404 S3 


23 0ft 0* 8% 

39 34% 33* 34% + ft 


53 34* Chubb n 220 43 

30ft 21* Church 00 27 
43 35% CIn Bell X12 7J 

ISft 8* CtaGE 214 144 
31 34 ChlGpt AM 139 

33% 24ft CfnQ of 475 M9 
OS* 90 CbiGpf 9 JO 140 
52ft 39 CinGpf 794 199 
64% 48 CinGpf 9JB ISO 
46% 90 CinGpf 992 U9 
14* 20 CblMH 72 24 
33ft 20ft CtrcJK 34 23 
27% 16ft Ora ty 08 9 

19ft 13% arcuf 


18 10ft 10* 10ft + Hi 
99 32 31% 31ft— ft 
52% 51ft Sift— ft 


08 27 17 254 30% 9ft 30 — % 

3.12 7J 7 31 43 42* 43 + % 

Vi 144 6 1334 14* 14ft 14% 

4JM 139 200B 29ft 38% 29% + % 

435 XAA mu 33 31% 33 +1 

9J0 149 140z 42% *2 42% +1% 

794 14.9 TOQt 5ft 50 50 +1% 

9J8 150 SOB 69 62 62 

992 1*9 mt 44 64 64 +1 

72 3433 429 21ft 29% 21ft + ft 
34 2J 14 252 31ft 31% 31* 

OB 9 12 187 21ft 20* 21 —ft 
II 54 17% 77% 17%— % 


40% 27% cniow 206 59 4 1478 39 38ft 38%— * 

44% 32 CllYlnv 280 S3 9 2570 38* 36ft 3Sft— % 

68 49%OVInpf 290 34 6 60 99* 59*- ft 


26* 21ft CtVlnpf 207 110 
lift 6% Qatar J2M0J 


23ft CJorkE 1.10 4J U 310 26 


49 24* 34* 24* 

57 _7M 6ft 7 +ft 


73* 4% OtwHnt .. . 

26 17 0*01 TOO 57 97 17 

20* 13ft ClovEI 292 130 5 1519 IP 

5^6 46% Ch/Eipf 740 135 4Hz 55 
17* W* Ctavpk J& 48 

17* 15* CTvnfcpf 231 139 

Mft Qvpfcpf 104 IIJ 

31 22% Ctornt M0 4j 

17ft 14ft ChibMn 

30* 22% ClVOttP 100 14 


15 139 13% >3 13 - * 

,1? gsfa j a* a 


»to 55 54 95 + % 

28 12ft 13* 12ft— % 

1 16% 16% 16% - * 

3 16 15ft 15ft- % 


W* 23% Coastal 90a 19 4 1186 29 28* 29 + ft 

« COoaCI 276 49 13 1830 62% 61ft 61*— % 

SS J? 4 P 5 ''™ , _ 3515 14% 12* 14 +1* 

37ft 25* Cafomn 1 JO 44 9 236 21* 25*26 — % 

2*% »% CataPal 138b &3 M BS3 26* 24% 24%— ft 


104 IIJ 3 16 15ft 15ft 

M0 4J 10 148 29 28ft 28ft 

100 14 8 m 28 27* 27% 


90a 19 6 1W6 


128 28 27* 27%—* 

351 mb 16ft 16*— % 
|l«6 29 28* 29 + ft 

H tas » 8*7, £ 

236 21* 25* 26 - % 


39* 27% CallABl MB XI 7 
16* 9* COlFdBS .16 1.1 II 
3Jft 3W Col Pen 190 il 9 
57 39* COrtlnd 290 49 10 

37% 27 CWGan XU 99 7 
.26% 21* CSOpI 395 


OTb 34% C8I In 
fflft 41% CBS 
10* 4* CCX 


190a 54 10 m 25 25% + % 
300 Al 9 Bft 73* 72* 73ft +lft 
_ 10 .30 5* 5 5* 


385 38* 38 38*— K 

181 15 14ft 14% — % 

212 27ft 27ft 27*— % 

92 51* 50ft 51 — % 

267 34 33* »ft— * 

9 26* 25ft 36 + % 

110x105% 105% 105% +1 
90x106% 705 106%+% 
282 38*- 37* 38 - % 


2L SiS"* wo 59 19 1114 44* 44 44 U— % 
»% 3Mi CIO p< 273 100 M 27% 27* 27ft— % 
J* _ __ 30 5 5 5 + % 


9% «* CLC X 5 5 3 ♦ % 

“ CNA Fn 13 200 32% 31% 31%- % 

w% ,5ft CNAI 1J80119 27 10% 18 10% + * 

41* 34* CPCIirt 730 SJ 14 363 40% 39% m 

1?. 35? CPNrt 190 79 1 34 18* 18* 18ft— * 


+ ft s '* tJun v x + n 

» CSOPfalS^ 1+5 110x105% 105% 105%+I 

*9S. 35. C#OPtnli25 14J 90x106% 105 106%+% 

1 S? P’^' 1 59 10 2S2 38*- 37* X - % 

+ % ¥£ ^ W 12 683 32ft 31* 32* + ft 

+1* ,1, JO 1J 11 3M 11* 11% lift + ft 

25 J6 2J 12 470 17ft 16* 16ft- ft 

- % 25 Camdro 4 3514 17% 16* 17 + ft 

-ft 23? 21? S"!2* 300 109 6 2059 27* 27* 77ft— * 


19 14ft CPNtl 190 79 

26* 10ft CSX 104 49 

33* 22 CTS 100 30 

15% 6ft C3 Inc 
28* «?? Copal 92 39 

13ft 8* Capflor 
23* lift Cm Fed J2 20 
flft 32* CalFdpf 4JS 114 


24% 13% Cal ten 
20 lift Catrnnl 


190 79 8 34 18* 18ft Uft— * 

Hi M „ 7 V36 24% 23ft 23*— * 

looxore M mv, ran rate + ft 

„ . « ,2 1«? W* 10%- ft 

92 39 9 747 26* 26ft 26*+ % 

— .. 12 *2S 10 *% W*— % 

JB 20 4 735 16% 75* 15*— % 

4J5119 144 42 41% 41ft 


49ft 16* Cantdrs 
28* 31% OttwE XX 109 
Xft 21ft CwEaf 192 il 
W* 13 CwEpf 190 127 
16* 13* CwEpf 200 1X0 
95* X CwEpf 11 JO 127 
79 65 CwE PtB 890 119 

65 S3* CwE pf 8JB 139 

21* IS* CwEpf 137 11.4 
24% 20* CwEpf 187 12J 
25% 16* Comes 732 93 


1 27* 27ft 21ft + * 
IS 15 14ft 15 + * 

27 15% 15* 15* 
14800* 92 91ft 92 +2* 

300ftt 71 71 71 + ft 

60* 63 62% 42% —1 

3 20ft 20ft 28* 

B 23* 23* 23te— * 
7* 84% 24% 34*— * 


35r IJ 80 ,13 14% 14* Mft— % 
.12 9 X 12ft 12% 17ft + * 



34% 20* Comsat IJ0 4J 10 670 26% 25% 25ft— % 

2L Jf* £ pwc » H J 23 565 26* 26 26M— % 

Compar 95a 10 II 7 »% sa Mft 

Ji S?" 15 ® 10 170 14 13ft 13*— % 

2,. — . 32 681 37ft 36ft 36ft— ft 

27% 9* CanAas 07 11 14 290 2B* 27ft 21 + ft 

»* 13* Cnoalr J4b 1.1 11 614 21ft 21 21% 

W* 13ft CanEl 192 B9 7 6 17 17 17 — % 


}»% CnnNG 390 99 
I Bft 10ft Conroe M xo 


aft Cons Ed in 70 7 3006 


6 17 17 17 — % 

30 25 24% 25 + % 

MS 14ft 13* 11*— 1 


35 ConE pf 485 129 18800, 

38 ConE Pf 500 IIJ 4 

25 QjnsFd 194 49 10 10BB 
20ft CnsFrts 1O0 X9 11 241 

31 CnnNG 232 59 B 158 

4ft CotxPw 2 989 

13 CnPotA Al6 IftS ZOSs 

13* CnP PfB 400 205 450* 

25* CrtPPfE 772 21 J 100* 

11% CnPprV 4.40 733 5 

9* CnPprU 300 S3 17 

10* CnPprT 33t 218 ,3 

11* CnPprR +00 2X2 re 

10% CnPprP 398 213 II 

10* CnP prN 305 21 J 5 

7* CnP rtM 290 200 4 

7 CnPprL 233 IM 25 

11 CnP PrS 402 S3 19 

7* CnPprK 283 21.1 12 

23% CnfICp 280 7.1 S 413 

4* Conti 1 1 4K 

ft Cantll rt MM 

12 Cnfllfpf 13« 

ft CD I Hfln 1811 

18 CanfToI IJ2 7J 9 684 

24ft CtData 96 \3 11 2041 

33 CnOtpf <50 122 JD0K 

22* Canwd lOD 13 12 121 


1 vICookU 

» Caopr IO MM ft 
30 Coapl P« 290 89 3t 
Wft CodpUi Jta 9 3 49 

17ft CnorT r a 23 8 400 
lift COOTT/ta 88 29 13 sea 
lift CopwM 98 46 11 I4f 
19* CpwhlBf 298 111 128 

16% Cordura 04 30 15 62 

iwa< Coraui 92 <3 11 29 

W% ComG 294 3J 16 1PJ 
aft CorBtk 1J» 13 24 247 
23% COwtes A 3 37 J 
39ft CoxCrtl J4 J 76 543 
4* Craig is 

» Crane 180b 49 a 793 
38% CrovRS 16 670 

IK? C™«hN j _90 .19 1922 

15* CrckN pf lie 122 70 

m. CnmpK 120 59 10 24 

14* CrwnCk 13 JB7 


1Mb Ceram JB 4J 1 
W% ComG 294 53 l 

aft CorBtk 1J» 13 3 
a% CMOS A 3 3 
39ft ConCm J4 J 7 
4* Craig 

a Crane 190b 49 2 
38% CrovRs 1 

16* CroefcN A 19 
15* CrckN Pf 118 122 
19* CrmpK IX 59 II 
34* CrwnCk } 


a* CrwZ*) 190 10 II S47 

43 CrZBlpf 493 I0O 7 

50 CrZWpfC490 XI I 

M* Cutbro 90 26 6 1IU 

24* Culhwf si 219 

«* CutnErt 220 19 4 108 

30* CurtW 1-30 18 V 5 

27% CVda» 1.10 U » m 


30M— ft 
37% —1% 
42ft + % 
a + * 
2Bft+ % 
Mft— % 
4ft 

a +i% 
a 

36* +1* 
19* + % 
16* + % 
17% + * 

IB 

18* j 
17*— * 
12 - % 
11* + ft 
18* + % 
11 % 

36% — * 
5ft + ft 
1ft + ft 
37%+ ft 
% 
a* 

34%— * 
37 +1% 
30ft + * 
I* + » 
28ft— * 
32%+ * 
134* + ft 
17*— % 
16% 

12% + ft 
20 %+ % 

X —I 

45* 

36*— * 
5T%—1 ft 
24* — 1% 
17ft— * 

a* + % 

44ft— ft 

raw — ft 

46% — * 
55% + % 
a 

44ft— ft 
76ft— 1 
31ft— ft 
»* 


3* lft 
aft 9% 
70 16ft 

a* ,6 

35% a* 
5ft 3 
30ft 28* 
14ft 9% 
14% Bft 
15% 12ft 
22* 15ft 
34ft 20% 
33* SB 
11 3 

10% 7 

41 30 

16 13ft 
45% 36% 


13ft 6U 
63 41V 

76% Sit 
4Sft 35V 

W 

9VI 

15 
3371 

9« 

M* 

MV 
841 
4* 

19* 

27* 

29% 

ion 

T 

is* 

22* 

25* 

4 

14* 

2% 

15* 

19 

50* 

a* 

34% 

34ft 

18% 

44% FCW 
13* PfBT 
40 FIBT 

ii* Ftcir 
10* FFed 
X* 

21 

7* 

a* 

4% 

X* 

30 
14* 

16 

45ft 
XU 
a* 

»* 

14% 

22 * 

23* 

10* 

19% 

12% 

29* 

IB* 

11% 

3* 

11% 

14% 

43ft 

a 
MM 
45* 

» 

6% 

a 

5% 

u% 

HHS 
1? 
a 

K 


I Jta 7.1 66 17% 16 

U » 62 7 74 20% 2® 

l JO 5.1 13 13 34 X 

13 4* 4 

1J2 <8 6 61 35* 35 

.12 12 7 IX 10% 10 

Jtte 19 15 78 11% 11 

JJ9o 9 10 10 14ft M 

50b 42 M 17 70 19 

J2 30 II IB 25 24 

-85 29 tt 435 32% a 


65 2 2 2 

265 10% 9* 9*— * 

66 17% 16ft 17% + ft 

74 20ft 20% 20ft + ft 
13 34 33% 33% — ft 

13 4* 4% 4% 

61 35* 35ft 39M— ft 
IX 10% 10* 10ft 
78 11% 11* lift 

10 14ft 14ft 14ft 

17 70 ,9ft 19ft— ft 
155 25 24 34 —1% 

435 32% X 32ft + % 
83 3* 3ft 3*+ % 

11 7% 7* 7% + * 


90 4J 11 113 37ft 36ft 37% + % 31ft 5* Omncra 


22% 17% Hgul»ld 298 112 6 2616 22% 77 TPM— * 

63* 40* HouNG 200 SO 9 365 49* 39% 40*— % 

SJ 9* HeuOR 2.I9B22S 64 10% 9* 9*— % 

23* 11 HowICp A 73 70 6 15* 14% 14ft— ft 

26 20% Hubbrd 230 VO 11 55 34% 24% 24ft— ft 

16ft 9ft Huffy 90 32 8 85 12% 12* 12% + * 

aft 12% HuoflTI 98 17 230 13% 13ft 1JM— ft 

. a 77 QhE Pf 1076 1U 130x 85 85 85 — % 

17* 12* OflMotS 98 17 17 ,1 15 14ft 14ft— ft 

61% 51% OhPpfB 790 130 2I0OZ 58% 57% 58ft +1% 

18* 15 OhPPfG 227 129 1 17% 17ft 17% 

IM* 9«va OflPPfFWDO us 6002104 104 104 + ft 
23% 19% OkSoGE 280 87 9 822 22ft 22* 22ft + % 
8* 7 OkJoGpf M SOU * 8 7ft 8 

33% 25% Ol In I JO 50 0 347 3)1* 2W& a® 

37 20% OflMrtr 108 29 19 106 37% 37 37 


0,6110 X ISM, ISft ISft— Ml 
UO 79 4 6516 44ft 44% 44%— % 


6 10 7ft 7* 7% 

UO U I 219 56V, 55* 56 — % 

735 33 1 69* *9* 69* +2* 

174 64 S 277 « 44% 44ft + % 

wf B 22% 22ft 22% 

-28 22 15 3 13% 12% ,2% 

41 lift 11* 1,M — % 
30 4JB 9 303 16ft 16% Wb— % 

390 100 a 36% 36% 34*— * 

.16 1.1 9 la U* 14 14 — % 

23 .9 T9 374 34% 23ft 23ft— % I 

98 49 8 SB Wft 19% Wft + Mt 

30 20 15 242 IB* 10 10* 

9 84 5% 5* 5*—* 

194 40 1 419 34* 33* 33ft— * 

21 1224 36* 33% 33ft— ft 

1J7 43 9 24 31% 31 31% + * 

.16 M 3008 15ft 14% 14ft— % 

JO U 8 IO a* 20% 21* + * 

*-20 2J 1 S3 S3 53 +3 

194 49 15 TUB 21 20ft20%+% 

30 S3 17 17 15 Mft 15 

290 4J 8 628 51% 51% Sift— * 

IX 48 8 16 24ft 24* 24ft + % 

TOO 6.5 10 TO .0 30ft30*—* 

30 23 1269 8 7ft B + % 

6349213 » 32 31% 31% — ft 

82 3ft 3% 3ft + % 
98 49 9 383 17 16% 16ft— * 

08 .16 8 140 24ft 24 24ft + ft 

*20011.5 11 54 54 M - % 

198 59 7 270 26ft X* Xft 

IM X9 11 SS a* 30% 30% — 1 

.Ota 1.1 9 400 54* 51ft 53ft— 1* 


Bft 7ft B* + % 


23ft 14 Onrtdo JO SJ B 31 Uft 14ft 14%— % 
32 36% ONEOK 254 90 B 58 28ft 38ft 28%— ft 


33 26% ONEOK 254 90 B 

25ft 19* OronRk 204 X0 9 

13ft 5% Oranca J3f 13 M 

X 19% OrtonC 26 19236 

16% Bft Orion P 27 

3SKt 24 Orion Pt 275 109 

29% I Bft Out rate I 94 22 9 

a* 13* OvrtiOr 98 XI 9 

Mft 17 OvmTr 24 29 U 

aft 13% OvSbfp 58 30 7 

Mft 25% Owenc 190 <4 8 

46* a* Owenlll 1 98b 43 8 

20% 10% Oxfords 90 16 6 

25* 17* HuohSa 33 19 8 

X 27% Human 98 30 11 

34* 17% Hunt Ml 94 1.0 15 _ _ 

39% 23ft HtrtfEP 30 28 X 1047 29 


23* 18* Hydrel 1.92 8J 


254 90 B 58 28ft 2Bft 28%— ft 

204 X0 9 128 2Sft 24* 25ft + % 

33! S3 M 35 10*18 W — * 

26 19336 23 21* 20* a* + * 

Tt 115 9 8ft V +% 
MS 109 73 26 29 26 

94 2.3 9 297 28% 28 M — % 

96 XI 9 35 Wft 19% 10% + % 

94 2.4 13 137 27ft 27 27%—% 

.50 30 7 1493 13ft 13 13 —1* 

190 <4 8 356 32 31ft 31%— % 

93b 42 8 677 40ft 39* X — * 

90 16 6 583 MM 10* ,1* + * 

33 U I 24 17% 17* 17ft + % 

98 30 11 40(1 23% 22ft 22ft— ft 

94 1.9 15 S 23* 22% 23* + * 

30 23 70 1047 29 X 28%— 1% 


17 22% aft 23%+ * 


X* 21 ICIndS M0 46 
04* 67* 1C In pf 3J0 43 
9* 4ft ICN 

25* 23% ICNpf 730 18 J 
17% 14 INAIn 1J7 119 
19ft 13* IRTPr* 190 XS 
47ft 20ft ITT Ca TOO XS 
W% 46 ITTpfH 400 70 

79 44 ITTpfJ 400 79 

H 40 ITT atK 400 7J7 

2 44% ITT plO 500 90 

88 42% ITT pH <50 XJ 

25% 15* III Int ia» 7J 
38% 30* IdohaP 328 85 
26 13% WSffilB 


M0 49 B 1043 28% 27* 73 — ft 
3-50 43 3 83 83 S3 

51 M 9* 9% 9* 

2JD 10J 13 25ft 25ta 25*— % 

137 119 59 16% 16ft 16% + % 

190 XS 10 6 18ft 18* 18* 

TOO 3.5 0 3500 29ft 28* 29ft— % 
400 7-Q 7 57% 57 57 

400 79 3 S3 52% 53% +1 

400 7J7 5 32 51% 53 

500 JO 34 55% 54% 55*— * 

4J0 8J 4 54% 54% 54% + ft 

12? 7J 72 134 16% 16* 16% + % 

328 BJ 7 470 38ft X* 30% + M 

66 13* 13* 13ft— ft 


Ifif—T- 294 U.l 6 1254 23* 73% 23* 


1-5 M 15 2482 21% 20% 20ft- ft 


5020128 2 

IX X7 14 171 
5470K1 2 

14 14 


7 45* 45* 45ft + ft 

1 15 14* 15 + ft 

2 41% 41% <1% 

i4 re re re — * 

n 14 13* 14 + * 


16ft 13% I Row of 204 125 
IB* 14% UPawpf 2.10 119 
X% 27* 1 1 Pew pf <13 1X5 
a 25 llPowpf 3J0 129 
«% 37% IIFownf <640110 
39ft a* ITWa 94 23 is 


l Ota 1S% Mft V6ft+ ft 
iota 1B% 18% 18% + % 
5«S 33 33 +1 

470z 30* X * — % 

X X* 39* ay* 

jn a% 28% a* 


2J4 59 7 W79 43* 42* 43* + * 

2JT U 8 26ft 26ft 36ft + * 

24 27 9 384 9 B%9+% 

IB SJ 1 34 46ft 46 46— ft 

„ 102 248 6% 6 6% + % 

X62 10J 119 25* 25% 25* + * 

104 7.1 13 W 24 25ft 25ft— ft 

,9* <4 B SB 19* 19 19ft 

1.® <9 7 34 24% 24ft 24% — * 

625 129 2ta 49% 49% 49% —1 
1O0 XI 18 49 32* 32 32*— * 

Ota J 37 10* 10% 10* + % 

- .0 SS Tt 2B* 28* 

36 19 10 753 26% 2d% 24*— * 

■88 X* 13 12 34% 33* 34% 

X 73 12 MX 29ft 29ft— * 
191 IX* 41 13ft 12% 12% — % 

JO 9 X 35 34* 34* 34*— ft 

. II 233 70 19% 19* + ft 

-Me J II 14 3eft 34* 34*— ft 1 

l IS J'l .! 473 23* 23ft 23* 

90 30 12 1 Uft 13% 13% + ft 

_ 150 4* 4% 4* 

O U 17 155 f*ft 14ft Mft 

A 73 463 404 14* Mft 14ft— ft 

230 <4 10 a SO* 50 X — 1 

19ta 39 3 4079 45ft 44ft 44ft— 1 

}J6 IIJ . 54 12 lift 12 + ft 

198 JO 14 a 8 59* 30% SB*— ft 

94 39 12 472 lift II* lift + ft 

,■*> M 13 1*0 8 % «% 0 % + * 

1-S* 39 61 I* 30 29* 29* — te 

197021 j ..mi an a* 8% + * 

90 39 13 1847 16ft 14* Mft— * 

30 20 15 153 30* 311 30 

5 671 23 . a* 22ft- * 

«s 72 5 27* 27* 27*— ft 

90 IJ 8 318 a 30% 30*— * 


3£b 27* impawn 200 X0 13 10)5 33ft 33* 33*— ft 

M 5* impICp 223 Bft 8ft Bft % 

15* Bft 1HCO JO 19 3647 12* m2 ink— % 

59% 49 indlMpf 7J4 140 IDta 5Sft Mft Bft 

Mft 54% IntBMpf 898 1X8 BOi 63 63 63 — % 

12! I 4 IndlMpf X15 IX* 3 16ft Mft 16ft + * 

17* 14ft fndlMpf 733 13.2 3 17* 17 17 — % 

2Sft 16% IndlGll 198 B0 6 16 23* 23% 23% — te 

15 5% inaxeo .14 2J 16 289 4% 5ft t 

cd£ ! B,fn,c , 11 1® 17% 16ft 16*— % 

S'* SJ? llW * rR 790 5J 324 45ft 45 45*— * 

IlfBRpf 2J5 7J 10 32 31% 32 + % 

|5% Wft inarToe 94 <0 19 7 13ft 13ft 13ft— % 

37* 19ft iitMSn so 73 6(6 23% 27b wu u 

4WJ »ft lnW3f Pf 435 11.1 32 42* + % 

TjiS 'ite M ,0 ,S3 ,8 * 18ft IB*— % 

T2te 4% IrapRn as 4ft 4* 4Vi— Ih 

MRsc 5 43 144<| )a ukk— ix 

33v^ 19 JnVgRpf XOQ 140 20 21^ Tib jra*, 

54*4 * fntgRpf Ufrui \ 

15^ 7*4 InfRFn 25 gte ru »vh— Vh 

XltallJ J ,r ITS iSS- % 

“« H f ,0« 60% 59% 59%— * 

5J 6 UV6 10% 10ft 10% + * 

290 59 4 77 44% 43% 43ft— ft 

, „ . „ » 9ft 9% 9* 


18% 15ft IlcpSe XIOdllJ 

M SB Interco xos 52 

Wft 9% Infrtnf 9a 53 

51% 41 irrtrm 290 U 

.15? J* |rtm «i 

1X% 99 IBM 490 33 


2 i? IS®. 490 39 12 8724 122 ft 120 * 120 ft— 2 * 

Tgb InfFtay 1.12 <1 15 *10 27 * 27 V. S*— * 


Wft S% Inf Han, 
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44% 23% ItlfHpfC 
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X 17* IntHpfD 
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33 23 InfMult 


2 W 8 8ft 

a S* 5 S%— % 

95 42* 41 fl —IV, 
3 31 30ft 31 
18 25 24* 34*— 1 


» Mft InIMIn 2-60 7.1 ,1 867 37 36ft 3&%— ft 

33 23 InlMulf 1.76 60 8 Tt aft ? 

S2 !2g° or ?5SJ* 53 Mte- ft 

I?S JL Itrlffcs 14 115 12ft 12* 12"* 

.3? 14 ! n 'Mr ,t \ _?98 59 8 649 42ft 42 42% + te 


25* 15 GAF .108 9 
32 M GAF of 120 U 
34% »4 GAT x I JO 29 
41* 19% GCA 14 

65* 48ft GEICO 08 IJ ,0 
10% 4 GEO 
13* 5* GFCp 
£? GTB XX 79 7 
M* T9ft GTEPf 298 11J 
M 4ft OofHou 
X* 33ft Gonatt 190 XT W 
Mft 17% GfloSfT JO 29 11 
30* 10ft Ooarbt 90 JJ 13 
29* 13ft GflKP J6 39 14 
65* 53% GomCO IX 

40 30* GflCrtra 1 JBb 49 14 

27* ISft GAIOV XOtalU 
45* 29* GnBtiefl 100 29 B 
7S 14* GOtimi J 14 f 
27 MteGCnpfS 96 ,0 
a 12% GfUMtl X 

6WJ 42 GnDyn 100 19 W 
W* 4flte GflrtEI 220 19 12 


. iS" . A V A 25 26 * 25 + % 

120 39 88 31% 30* 31* + te 

MO 39 588 33% 33 33% + * 

14 523 24* 24 te 24% 

08 12 10 r> M 57* 57*— % 
107 4* 4ft 4ft + % 

S 6te 6 6 

XX 79 7 2021 40ft 40ft 4Q%— % 
298 IIJ 15 72 a* M + U 

52 ft 5* ft + te 
190 XI IS 862 47* 47 47* + ft 

JO 24 11 47 20* X* 20ft 

9B 39 13 X 11% lift 11* + % 

J6 39 14 47 16* 16* 16*— % 


42 % 32 * InlNfifl 298 SJ a 449 42 ft r> 49 Vh A- it 

«£ te* sal 2 ‘s* 

,2s {£», ijISSr 5* 16* 16V, 16% 

j** imstPw ion lxi 7 a ia* is* is* — % 

» 16* InPw Pf 128 120 Ita 19 w {» 

18* 14* iowaEI 1J0 109 7 122 IT* 17ft 17ft % 

Mft 21% fowllG 2-40 93 7 a 27 24* 2«S 

m2 lowlllpf 2J1 1X1 aooa ie% ie% 19% 
m? 5 3J * a >DJ 7 41 Xte 30 30% + % 

wft a Ste £££, *2 M I 2 s* Mft m*- * 

SC JSIS8?, -A S : z S* Sffi,* 


49 14 673 34% 33* 33*— % 


59ft XU Gone 


fS°'K . 2* l«k Mft 14*— % 

'■00 29 B SB 42% 41% 92%+ ft 

90 19 9 289 27 25* 25ft— 1 

96 lO 21* 25% 25ft 25ft — ft 

.. ?! m ,4 * 4 '■ S * W«*+ft 
'■M M » 1464 69ft 69% 69* + te 

XX X« 12 2469 56% 55* 56 — ft 


TO JV9T s 1.17 4J 1, 71 26* 26* . ■■ 

35ft 23% JRIwr J6 IO 9 268 m2 ST t .7 

re 12% Jomnwy .10 3 9 lOS iSj 10% wZ±. % 

il* vsr Xi m P «S « = % 

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SS, 47 Jorcta auo i<| «ta to, sm. +1 

16* 17* JerCPf XT8 13J 10 1*14 j* + ^ 


5Vft 45% GnFdn 2J0 45 9 1082 55ft 54ft 55 — ft 

« <*£» A0 *0112 S» Ste 30% £%_ 3 

12% 6% GGIti wf 43 V Bft 9 + te 

a* 26% GGrtIPf 1.90 43 6 30* 30 30* 

73 12* GnHont 90 23 2 aS17*17ftl7«+l% 

19% lft GAHoun nun *} iov5 9* 9* 

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SJK 4J s r *■' 5 ago 7»* 77% 77ft— * 

43% 31 GMGn 1027 42te 41* 41* ft 

3J 33* GMOfPf 175 KU 3 36* U* 36* + " 

SS *£? gUP" 1 500 100 950teS0 ffl% 

13% 3ft GNC .16 30 13 78 5U 5 94+ in 

lift TV, GPU 7 509 lift 11* 11% 

SiS T 1 SS*£. *94 23 22 749 6M6 62* tfft-1* 

9% 5 GnRofr 5 49 e* 7* 7ft __ * 

5 * a n Step ! 100 30 13 356 <7 46* 46ft— % 

J* .Sf 1 5*?°? .8 _B* 5ft 5% (ft 


16* 12* JerCPf XT8 1X5 10 

■ 5ft Jew ler 17 26 

£5 » Jofwj n 1J0 39 14 210, 
2S g% JafmCn ,Aa <s 9 m 
W* 21ft Jorgen 100 4J 14 7 

22% 15ft Jaefens 00 u 14 tm 
I 2ft a* JovMfg 191 U M iS 


6ft 4* 6* + % 

JW *4 35% 35ft— % 

1W 41* «ft a* + ft 

S I ZK 23ft Mft— ft 

Mft 22 Vi 22* + ft 

25ft 25* 2Sft+ ft 


10% Aft KOI 

14* Oft KIMS 

37ft 2g* Kmart 1J4 36 8 4092 35 


Jft Bft * 

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34* 34ft— ft 


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3L. 160 bj 1 wft reft reS 

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0?* IB GoPae 00 3J 11 1808 25 94* 34ft— ft 


n !2 ISit 2222 ^ ,-2 M 0 « <25 lift 11 % 11 %— % 


'He was f/te first to bring Grass Group products to Mars ' 




31% 21ft DtroCP IX <9 8 811 26* 74 X — ft 
7ft 4ft Danapr 35 7 Aft 6ft % 

S! .E? S*“ .’I" 3 IM- iS* 

89* *£* OartKr <M 50 10 434 84* 84 84 —I* 

SS 3?^. 3°*°°" IB J1X 58% 56ft 56% - 3* 

3D% ,3% Datam in 1440 ag w re*—, 

17* Bft DtaOea JO 2J 9 84 f Oft * + ft , 

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S5* 5rry 100 36 19 9M 30 9ft 9ft 

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45* 27 OeltoAr 40 19 8 2311 44* 43* 43ft + * 

SB Wft DlxChk 1JA XI U 234 57 56* 56*— te 

^ lg* S?" 1 * 1 * jo 33 23* 33% 27* +% 

25 SSSU? , ,S 471 43 42 — % 


Iff? S?" 1 * 1 * JO 33 23* 27% 27* + % 

42U 30* Dennys IS 471 47% 42 42 te 

34ft 26% DOSafO 190 <1 N 106 34 »* S* 

16% 11% PelEd. 168 IM 7 1831 ISft Wte Si— % 


«% OWE pf 7JA 1X7 

3«te 20 DCprn X24 116 9 23* Bft B* + % 

24% Wft DE pfQ X13 130 42 Z*i 22* SS 

34% if DE pfP 112 136 23 23 JJ + te 

5!? 32? DErtfB 735 1,0 53 21* 22% 23* + * 

05* !?k DE XrtO 390 1X6 3 25 Ste X + ft 

SfJlKJK » 35% 34* X -% 

gbjgSSrafxS ^ j 

g^|^-iStT5 S7ra 2 SJSSSS:+% 

IE? SS* SSfia U0 IJ II 237 77% 71ft 72% + ft 


.171% S% 51% 52% + % 
lllta 54% 51* 53*— * 


m 


For our 1384 Annual Report, write: 
Grow firoup.Inc. Pan Am Building 
200 Park Avenue, NY 10166 Dcpr.G. 


3<% 19 DE PfP X12 116 

23 K£ DEgfB X75 itS 

SS 12S Bi"! 0 J* m 

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X S4te DE PTL <M 13LB 
M* 24% DEnfK <12 136 

25 12& B5S» r ** 10* 

25% re* Dexter 00 <2 


K% M* DMU 


S* 5,, g^ZL 234 f* 40 »» MVi 36%— * 

?!JS 0-9 1 02% 32% 32% 

S£ 25 a* ’J 1 49 26% XU B* 

30% 25% GaPwpf 3J6 139 7 X 27ft B — ft 

5 4 19% l« Wft + te 

fo* 1* ass.* ■“ j ,a t ' 9* T r- % 

’JW ,** GlbrFn 5 117 9* 9% 034 ft 

SS SI S™ U 14 74 24% 24ft 24% — ft 

re* mt Cbillr 060 46 11 513 57 Uft 56ft + ft 

If* 11W CNmC If 11 143| 17M— •«- 

« GIOMM J24 5.1 273 Ai AH oi wl ll 

26 17* tMMiMrtfXSO 170 n 20 19ft an + £ 

ISft fft GWNUO 10 747 re JJ W , _ ft 

Oft IftGfdNwf re Zft 2 2M+te 

75* 11 WtflfF JB 0 6 291 24 9% Bft + te 

08* 04ft Wrtdv 1J6 SO 6 U2 27 26* 24ft % 

SS goodvr 160 <2 7 1755 26* 25* »*— * 

s;^g^r a a is ’s 

32* .H? S*AF»» 90 30 8 473 13% 13ft UH 

IB lift GIAIPc o ua 16ft IS* IS*— a. 

»% 27% GfLkln Ma 19 ? “ s m! Bft* W 

SS nlklSL !'S 4, H S 11. 15* lift + te 


is IS % tt" ^ ?Kss?si +s 

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t0 36% KCSOU IA UU 267 4Sft 45te «te— U, 

17 12% KonGE X36 1X9 5 2789 17ft 17 rr _ S 

TT' HS ,fJ 9 199 33% 33te 3J% 

SS It E aPLP ! 2X1 ”- 7 >2 '9* W% Ip*— % 

SS IS 4 5?f Lo/ 023 110 7 IB* IS* »% + ft 

55 E5S ^ a,vl,, _ 170 23ft JO% 23ft + % 

1 7V> jmtr KoutBr 90 26 9 17 15% 15% 15% 

16* 12% Kaufpf 1-50 10-1 22 Mft 14* 14% + ft 


,7* lift G lease 

4% GIOMM 34 if 
36 IT* GIOMApf XS0 170 
15ft f% GWNua IB 

6ft I* G«N wf 
25te 11 HMF JB O 6 

34ft 0Wb Gdrtch 156 SO b 

5S SL gooavr 160 6J 7 

I2 44 fiontaj J2 11 7 

06% >9 Gould 68 30 12 

46ft 34% Gross 200 7.1 10 

46 47 Grataor 104 23 12 

12* .W 1 OfAFM 90 30 8 
J* JW* GIAIPe 9 

JWl 27% GfUkln .no 19 9 
2S S!i ,rn 105*1 1 J 6 

43M n GfNNk IO U T 


16* 12% Kaufpf 1_50 lfLI 

42* 27 Kallagp 1.74 *J 12 

*!■* !S rt, *0 >00 Xf 4 

4* l Kanal 

jg« ltft Ketxnf _ _ „ 

» 20% KvUflt X3A 9J 8 

18% 11 Kei-rGJ 94 16 

25? *H !rrWe U0 40 12 

2Jte U% KayBfc 1.10 40 7 

6ft 3% Keren n 


JO 38 » IM 21 te a 
236 9J 8 «B 24ft 34 


, ? JSS JES «S5 + % 

170 23ft 23% 23ft + ft 

17 15% Uft 15% 

22 Mft 14* 14% 4. % 

MS 39% 38ft 38*— Tft 
24 25ft 25ft 35* 

B lte lte lte 

IM 21te a 21 

re 24ft 34 24* 

6 12ft I2U 12* — ft 

981 37* 37ft 27% — ft 
73 23% 23* 22*— ft 
3 3% 3% 3ft 


«!» 27% GfLkln .TCo 29 9 tt JB 37% 37ft + te 

3S a 9k iJF’Jj S Hi" gft Ifi - S 

SS “S SKSS ■* u g ,4 g a 

m I!* CMP 1J9 ,10 9 a Is 14% 14ft— % 


SS if. £?J5? nt .-S 0 " u rm 16% lift ia* 

~~ *0 re ita 28% j** am 

48ft 39ft KlmfiC B 200 46 9 454 47* 47% 47*+ % 

KltaMfM -W 26 14 JW 29 28% TO-* 

S? 4 wt M 7! 145 25* 25% 25* + % 

TOe IIS ESE? -S U V2 67 T7te T7% 17lb— ft 

2* 5^5*3 -00 *3 17 257 18% 17* U 

SST® 1 *00 ,u 70r 34% 34% 34% 

™. icoreon H 14% w ,4% 

Mft Krew 200 S.1 12 2BS 39ft 3 8ft 39 — te 

2££ K Mlf m s 60 36 ,0 54 17% 17 17 — ft 

*7% «4% Kvocerl .141 J 28 12 55ft £$* S5* 

re% 13 Kner 60 36 a 24 16* loft 16ft + ft 


1>lte JW Digital M m li0VkU9*l«Ah— lie I 

** Vsi S5f ev 0? 73 Ml 40V, 40 Mft + te 


^Sft W nuriin 7,1 2 J 36% *% 74%— te 

iS 6 % K'S .Ii 3 S ffi » „ 

2A S** 0 517 TO 28% TO— * 

g*K. 8 HS 3 1 aST'BS'tS 

B Dorttav 1« 2.1 IS 151 48* 48% S*I % 


Awlgrip. Devoe. Ameritone, three of our well-known I brand names. 


223 1 J25 “*^9 -i* wa 

»* »ft Damn 272 9S 8 517 


26* Uft Grcvn 1JO 49 10 
5 3* orailer j 

20 13% GrawG 90b 7.1 IS 

«te GrnbEi 08 ,0 la 
2W> a* GfUmn 100 3J 7 
36* &H Grutn pf 280 1X9 

gomtal .H JJ 23 
S* 1 ?™; -OB 19 tl 
5 J" CoIHra 0 ii 7 
15 25ft GJfWs, .ID u , 

9 °SS*» » 5 

13% » GHSfUt 164 1X7 4 
™ gWOUPf 490 U0 
WA 2» GHSU pf 56tal2J 
1* GrtSUpr las ]<o 
***• V GKSU pr <40 130 

30* 12% GMn ita <8 B 


1 JO 49 10 I3B 34ft 04% to + % 

0*0 W «S 84 Uft THY, Mft— % 

IM 4> *% JJ* » 7te — * 

if® * 30 TO 26ft 37% 

-USD 7IL9 2 2M 2 M 

3 MU 1 2S 
0 U I 48 S3 21% 22 + te 

■» M a 1417 TO 27% 9 - ft 

aS'iPFF* 

TMui SJ 4 ^SW+Mb 

*» * M 13% 13ft 13* 


'SJ *1 fcfcfcSr ua,l ‘* 
{« ktt=5 w 

30% 14 LTV A 931 3fl 

N% 45% LTVpf 500 109 
TO LTV pf X06 140 
*® 5C% LTV Of 3JS 90 

jg 10 % t&U TJS 117 

ini j* '3 55 


SS SB* 

U<A TOlSJpi"* a 13 n 77 ^ ^ t1% 


48 27 TO To + te 
» TO 12 ft 12 % 

'fT 15% 14* Wft— % 
24 lft 7% 7* -k ft 

I, , 0 * 10 % , 0 %— te 
996 10 9* 9% 

I 14* 14* 14* 

* X 47* 48 +3 

207 21* 20* a — te 
10 Site 53 53 — 2 

3 l«ft Wft M* + % 

43 IB* »* 10* 

84 24U TO 34te + * 

20 8% 8* 8* 

.80 M* 14* 14* 

U» 2* 2% 3% 

TT 11% 11* 11% 


( Continued on Page g) 


Wn 7? 


1 '• : . . 

, A . 




w. 5 - %. 

Sf?-,:- 









Statistics Index 

AMEX Prtm Ml 
*MfiX hMMXMHP.il 
krse prices p. A 

MYSE nfafe/tow p. 8 
CoRSttn stocks P.12 
Comnev into P. 7 
Commoantitt p.io 
DMMldS P.10 


Eorrtfics reports p 7— 
Ifltt note* P. B 
Gold nwftehi P. 7 
I literati rotes P. 7 
Malwt summary p. a 
Qwtats p.10 

OTC stock p.10 
nwrtets P.12 


THUBSDAY, JANUARY £1985 

WALL STREET WATCH 

Feeling Grows That Stocks 
Will Score Big Gains in *85 

By EDWARD ROHRBACH 

International Herald Tribune 

A RISING chorus of top market analysts is predicting a big 
advam*for stocks begmning early this year. The “key 
factor bound the burgeoning optimism, says Edward 
Kerschner, c hairm a n of Paine Webber's investment- 
P 0 ^ ^ been the decline in interest rales, 

i- v?v m < fl** c ^ er aod farther than most investors be- 

lieved likely, he pointed out. “Moreover, evidence of renewed 

ewMjotmc growth has relieved investor concerns about the possi- 
bility of a 1985 recession.” 

The firm has been neutral and cautious towards Wall Street for 
a year and a half, but with 


P aine- Webber thinks) 
current fundamentals 
are better than before 
the 1982 boll market. 


these new elements, be de- 
clared, “The underp innin gs 
for the next up-leg of the bull 
market are now in place.” 

Current Paine Webber 
studies show an 85 percent 
probability of stocks outper- 
forming cash and a 47 percent 

probability of stocks outper- 

forming bonds this year. 

a morc positive outlook for the stock market than prior 
to the 1982 bull market,” Mr. Kerschner asserted. On Aug. 12, 
1982, me beginning of the last bull market, the firm’s studies 
showed the same 85 percent probability of stocks outshining 
cash, but less than a 40 percent likelihood of stocks outperform- 
ing bonds, he said. 

While Mr. Kerschner sees the present interest rate picture 
paralleling mid- 1982, he does not anticipate that it win ignite the 
.same kind of explosive rally. “I see a non-event type of upswing, 
driven by value, with the averages advancing to new highs before 
the year is out," he said. “Investors will look back next fall and 
say, 1 should have bought stocks last New Year’s.’ ” 

Fifteen stocks selected by Paine Webber to outperform the 
market in 1985 are Advanced Micro Devices, Browning-Ferns, 
Citicorp, General Electric, Hartmarx, K mart, Phifaro- Salomon, 
United Technologies, Aetna, Chase Manhattan, First Interstate, 
General Mills, IBM, McGraw-Hill and Royal Dutch/ ShelL 
Rated “unattractive'' and to be avoided, the company says, are 
Alcoa, Armstrong World, Caterpillar Tractor, Cindnnad Mfla- 
cron. Cross & Trecker, Du Pont, Genuine Parts, Ryan Homes 
and U.S. Steel. 

Drexd Burnham is also taking a more upbeat view of stocks. 
The firm’s director of research. Burton M. Siegel, and the firms’s 
Abby Joseph Cohen, cite several positive factors, led by “good 
value in the stock market relative to bonds,” They also see 
evidence of “overdone fears and oversold sectors in the stock 
market," plus “signs that the economic slowdown had troughed 
and is bong reversed.” 

F INALLY, there is the so-called January effect, they say. 
“It’s not unusual for the market to rally following Decem- 
ber portfolio pruning,” they say. “The current undervalua- 
tion of high-volatility and smah-market-capitalization stocks 
could lead to a noticeable January move since these are areas that 
often perform best early in the year. AH in all, we see factors 
falling into place for a strong equity market” 

Stocks on Drexel Burnham's “priority list” are Intel, RH. 
Macy, Harris Corp„ AMP Inc., Student Loan Marketing Associ- 
ation and General Electric. 

Kidder Peabody’s director of quantitative analysis. Robert L. 
Hflgin, also likes the relative attractiveness now of stocks to 

(Continued on Page 9) 



Late interbank rates on Jan. 2 , excluding fees. 

Offidri fixings for Amsterdam, Brussels, Frankfurt, Milan, Paris. New York rofes at 
2 PM. 


Amsterdam 

BmstWa) 

Frankfurt 

London Ort 
MHan 

HawYorkCd 
Pent 
Tokyo 
Xorfca 
I ECU 
I SDR 


* 

C 

row. 

FJF. 

ru_ 

GUT. 

BJF. 

S7=. 

Yen 


* Ml 

112JU • 

36X7 • 

0.1836 

— 

4433* 

13650* 

1070 v 

058 

TIM 

3X0285 

6J46 

37»* 

177485 

— - 

242775 

WM • 

3.1727 

3 jB 7 



324B5* 

1688 * 

8860* 

47*2* 

12170* 

1 17615- 

1.M85 


1633S 

11.135 

273873 

4.1035 

7277 

1032S 

28678 

VM150 

£229-00 

61440 

200JHJ 

— — 

54447 

30687 

74273 

7737 

__ 

1.1445 

3.1 70S 

9.7275 175000* 

3586 

6355 

76” 

25250 

9J1 

VL1D9 

310603 

— 

4H6X 

2-7121 153875 ■ 

370938622 • 

Closed 

Closed 









07016 

06144 

27294 

6X233 

1368-52 

25164 


15428 176545 

0777548 

0X542 

3-10147 

worn 

IJKTMT 

15021 

62.1525 

Mm. 

N.O. 



Dollar Values 






UJ5A 

06246 AvstnAanS 1JX2J 
00433 Austrian scbHHito 22.14 
ftfllSB MWB IUB.IIWC 63J0 
17961 C a n a d ian S 1-3224 

amt Draw knot 11715 
IH» pMMnarfc AM 
asm OnMAdracoaa MJS 
0.127a ttraoKMBS 7625 


tenser 


c 

EnuW. 

0588 Irish t 
MOM Isroflti thekti 
37M5 KmdUflnr 
MOM MMmr.rimH 
6.W91 Mon*, krone 
06507 pwlpmo 
0 am Partetarta 
027*1 Saudi rim 


Per S 

USS *mto. ^ USs 

1J121 04572 StagworeS 1187 

41100 0j® 94 S. African rend 36016 

07QS2 00017 £. Korean woe 82U0 

74425 08058 5Ma.Mxria 17155 

9.1 US 0.1104 SnwLkraM VMS 
\9J3Sb 002S3 Tahmsf VJO 
UPM OHM# TbulboW 27.175 
iww 02723 UA£.dirliam 15725 


terthM:l.VOS Irish c 

Cam mar eta! franc CM Amounts needed ratauv ora pound Icj Amounts named fg buy one Hollar 1*J 
Us of 188 Ul Untie aflJOW Cv> Units oliaSDO 
L' rat quoted; HA; oof avaDaHe. 

ureas: Bonn* do Benelux (Bnaseft): Banco CommorcHM Itallana tUUnnl; 

Me (New York); Banaue National* de Paris (Paris); IMF ( SDK I; Banov# Arabs et 
vn>a H ecate drinveeHe te tnent (dinar, rtrol dlrttam). Other data from Reuters am ap. 


Interest Rates 


Eurocurrency Deposits 


Jan. 2 

Preach 

D-Mark Franc Sterling Frrac ECU SDR 
IM. 8M. - Bh SSL - 5* 4ft - 4*i »tk - 9 W 10 Mr IS* 9ft - 9% 7* - Bft 
2M. 8ft - Bft 5ft-S%41t.-4'tfc*ft-9ft 10%u- 10* 9W ■ 9 »h ■ - ift 

IM. Ilk -l<h Ih-JS M - a 9 -9ft law- » tlk-th I - 814 

AM, th -9S 5 » ■ 5 5V 4 Oh - 4 W *v» -9 th IT -llfc fh ■?*. Bft -Bft 

1Y. 9>ft - 9W. 5ft - Sm 4ft - 4» 99V - 9ft lift - lift 9ft - 9 ft Bft - 9 

am vs audUaUU* to latertxnk deposits at si million minimum (or equivalent). 

Sources: Morgan Guaranty (donor. DM. 5F. Pound. FFI; Uards Bank (ECU); Citibank 
isoej. 


Asian Dollar Rates 


I no. 

IN -Mil 
Source: Realm. 


2mos. 
8Vt -M 


JltWO. 


Amok. 

?ft -?*v 


1 war 

9 9V -9% 


Key Money Rales 

United States 


Discount Bale 
Federal Funds 
Prime Rate 
Broker Lean Rat* 

Comm. Paper, 30-179 dan 
SmonHt Treasury Bills 
6-montn Treasury Blits 
CD's XhEf dan 
CD's (MH9 dan 

West Germany 

Lombard Rote 
Owntatu Rate 
One Monffi Interbank 
3-nxxitb Interoonk 
Mnontft lateriwik 

France 

Intervent io n Rate 
CM Manor 
One-montti Interbank 
Srarafti tmeraonk 
Mwtn traei book 


Clue Prey. 

8 8 
84li 9% 

10% 10ft 
?ft.Wft9V.-10tt 


ut 

780 

A17 

7J0 

785 


am 

782 

8.14 

aio 

B-ia 


Bonk Bate Rate 
Call Money 
91-day Treasury Bill 
3-moo tti tniertwnk 

Japan 

Discount Rate 
CBH Money 
i&dav Interbank 


dose Pm. 

9ft Wt 
9Ui 9te 

9 9 3732 

10 5/14 10 1/14 


5 S 

Chd 4 9/14 
- ftSO 6 


580 5J0 
580 580 
£80 580 
580 585 
580 585 


1DM 10M 

m wz 

10 11/1810 M/14 
10 5/14 KM 



Kona Kara 
UfKdttbaura 
Ports I12J U»l 
Zurich 
London 
New York 


AJJL PJKL Ch'oe 

304-45 30785 - l^J 

■ — 2,70 

30751 38423 - 587 

— CM — 

30625 30550 - 

— 30240 — £30 


Sources; Realm C ommeaban*. Criat Lv- 
ooads. Lloyds Bank. Bank of Tokyo. 


OH idol fUlnas ter London. Paris ®td Lu*e«n- 
bawworanira o«l ctoslw wlces far hom Kmo 
aid Oirtch, New Yak Comm arntii contract. 
Ail prices In US* per ««*■ 

Source: Realm. 


Lets dosed 

ui markete were closed Wednesday in Japan, New 
Taiwan and Switzerland for holidays Markets were ro 
[ Thursday in South Korea for a holiday. 


BUSINESS/FINANCE 


Page 7 


Midland 
Unit to 
Post Loss 

Crocker Deficit 
At $324 Million 

By Bob Hagcrty 

International Herald Tribune 

LONDON — Midland Bank 
PLC announced Wednesday an- 
other huge loss at its 57-percent- 
owned California unit, Crocker 
National Corp., prompting ana- 
lysts to predict a plunge In Midland 
earnings. 

Midland said Crocker, jolted by 
a slump in the California agricul- 
ture and real estate markets, ex- 
pects to report losses of about $215 
million for the fourth quarter and 
S324 million Tor the full year, com- 
pared with a 1983 loss of 510.4 
million. The British bank also said 
it was pumping $250 million into 
Crocker with a purchase of con- 
vertible preferred stock and reduc- 
ing the amount it plans to pay for 
the 43 percent of the U.S. bank it 
does not already own. 

Midland shares sank 27 pence to 
dose in London at 347 pence 
apiece as investors digested unex- 
pectedly bad results from Crocker 
for the third time in the past year. 

London analysts revised their es- 
timates for Midland's 1984 pretax 
profit down to a range of £85 mil- 
lion ($98 million) to £90 million 
from the previously expected £250 
million. In 1983, Midland had pre- 
tax profit of £225 million. 

But Midland officials insisted 
that other parts of the company 
remained healthy and said they 
would keep the dividend at 1 983 s 
level of 25 5 pence by dipping into 
reserves. 

Under revised terms of the bid 
for the rest erf Crocker. Midland is 
offering adjustable-rate preferred 
stock valued at $27 per Crocker 
.share, or a total of $224 million, 
rising as high as $250 million if all 
conversion rights on Crocker 
shares are exercised. Previously, 
the offer was $249 million of pre- 
ferred, tiring as high as $275 mil- 
lion. In addition. Midland has 
withdrawn its offer to pay as much 
as $25 milli on more in 1988 de- 
pending on Crocker profits over 
the next three years. 

The new terms have been accept- 
ed by the directors of Midland and 
Crodeer but remain subject to 
shareholder approvaL 

Starting in J 981. Midland ac- 
quired its 57-percent stake in 
Crodeer for $820 million, or an 
average of $67 a share. On Wednes- 
day, Crocker shares were trading in 
New York at about $24.50 each. 

Brian Goldthorpe, a Midland di- 
rector, blamed Crocker's problems 
largely on “bad lending” by the 
management in place before Mid- 
land began to tighten its control 
over the California hank a year ago. 

Crocker's founh-quaner loss 
comes after providing S326 million 
for posable loan losses. The bank 
also wrote off $253 million of loans 
during the quarter, bringing its re- 
serve for possible loan losses to 
$300 miilion- 

For the full year. Crocker made 
provisions of S525 millioa. 



E. Gerald Corrigan 


New Chief of New York Fed Faces 
His Biggest and Most Visible Test 


By Robert E Bonn err 

New VivA. Times Service 

NEW YORK — He is usually outgoing and 
effervescent, but on that spring day in 1982, E. 
Gerald Corrigan was subdued. The elegant Wash- 
ington office of Paul A Volcker, the chairman of 
the Federal Reserve Board, had been converted 
into a war room of sorts, where an unmistakable 
tension gripped some of the most powerful men in 
the central bank. 

It had just been learned that an obscure securi- 
ties firm in New York — Drysdale Government 
Securities Corp. — would not be able to pay 
millions — perhaps hundreds of millions — of 
dollars that it owed to a number of brokerage 
firms. No one knew just how much was involved or 
who all the players might have been. 

But one thing was clear It was a giant crisis that 
threatened to wreck the world financial system. 

The Fed needed someone who could find out 
exactly, and quickly, what was going on and who 
could mediate among the warring financial institu- 
tions. each of which argued that the others should 
take the loss. That go-between would also have to 
reassure the big New York banks that the Fed 
would provide whatever liquidity might be needed 
to keep the system afioaL 

The men in the room tapped Mr. Corrigan, the 
president of the Minneapolis Fed, for the job. And 
he was. by all accounts, a success. 


Over the years, Mr. Corrigan has become one of 
the closest confidants and a fishing friend of Mr. 
Volcker, whose trust in him led to Mr. Corrigan's 
appointment as the Fed's chief emissary in dealing 
with the Drysdale crisis. 

That confidence has now catapulted Mr. Corri- 
gan, 43, from the Minneapolis Fed into one of the 
most important jobs in the world financial system 
— Lhe presidency of the Federal Reserve Bank erf 
New York. 

On Wednesday, Mr. Corrigan assumed a pivotal 
role in the rapid evolution of the financial system. 
He was also thrust more deeply into the debate 
over the appropriate mix between fiscal and mone- 
tary policy, and over whether the United Stares 
should take action to reduce the dollar's value in 
the foreign-exchange markets. 

The importance of his new position is reflected 
in Mr. Corrigan's salary. Among government offi- 
cials. his pay of $153^00 wiE be second only to the 
$200,000 earned by President Ronald Reagan, and 
more.than twice Mr. Volcker’ s salary of $72,600. 

The fact that at only 43 he has reached so high a 
position in the Fed feeds speculation that someday 
he might be lapped for Mr. Vok^er’s job. A recent 
poll of 163 executives by Drexel Burnham Lam- 
bert Inc., a New York brokerage firm, showed that 
Mr. Corrigan is their second choice to succeed Mr. 

(Continued on Page 11) 


Dollar’s Surge 
Continues in 
Europe Trading 

Bundesbank 
Hints It May 

La DM Fall 


Realm 

LONDON —The dollar contin- 
ued its surge of 1984 in the firat 
trading day of 1985 Wednesday. 
Although the pound recovered 
modestly from an eariy record low, 
it finished vulnerable and bdow 
$1.15. The dollar had ended 1984 
Monday at its highest levels of the 
year. 

The dollar dosed in Frankfurt at 
3.1727 Deutsche marks, up from 
3.148 DM Monday; at 9.72 francs 
in Paris, up from the previous 
92592, and the pound in London at 
$1.1485, down from $1,159. 

The pound was sold heavily in 
the morning by corporate and in- 
terbank traders to reach a record 
London lew of $1.1390. The cur- 
rency recovered a bit later, but re- 
mained shaky; 

The sterling index, which mea- 
sures the pohnd’s value against 17 
currencies, dosed at 72.5, or 0.5 
down from Monday. The index fell 
to a record low of 72 J during the 
day. 

Dealers attributed the decline to 
weak prices for North Sea oil and 
British authorities' opposition to 
intervention to support the pound, 
which has been falling steadily. But 
dealers also said the currency suf- 
fered a psychological blow when 
Midland Bank PLC announced 
that its U.S. subsidiary, Crocker 
National Corp., of San Francisco, 
expects to post a fourth quarter 
after-tax loss of $215 million. Deal- 
ers said this, in particular, provided 
the impetus to drive the pound to 
the record low. 

. The dollar was supported by the 
Federal funds rale, which opened 
at 8K percent and rose to 9 percent, 
and to the belief that the U.S.econ- 
omy wifi grow strongly in the first 
quarter. TTie United States is ex- 
pected to keep interest rates com- 
petitive to entice overseas money to 
fund the huge budget deficit. 


Iran Claims OPEC Clearance to Discount Prices 


Return 

LONDON — The Organization 
of Petroleum Exporting Countries 
will allow Iran to discount the price 
of its oO to help offset increased 
insurance charges for tankers using 
the Khaig Island oil terminal in the 
Gulf. Tehran Radio said Wednes- 
day in a report quoting Iran's oil 
minister, Mohammad Gharazi. 

Iraqi planes have attacked at 
least six tankers using the Khaig 
Island facility in recent weeks. 

In the report, which was immedi- 
ately disputed by Iraq, Mr. Gharazi 
said that Iran nad agreed at last 
week’s OPEC meeting in Geneva to 
maintain the organization's bench- 
mark price of S29 a barrel, but that 
an increase in insurance rates for 
shippers using the Kharg Island 
terminal bad made Iranian oil un- 
competitive at that price. 

“When insurance rates in the 
Gulf are increased from 5 percent 
to 15 percent, we must determine 


the oil price in such a way that our 
oil win be competitive with other 
OPEC countries," he said. “This 
has been agreed on with OPEC." 

But in Baghdad, the Iraqi oil 
minister, Qassem Ahmed Taqi, de- 
nied that OPEC has agreed to let 
Iran discount its oil prices. “Such a 
subject was not even discussed" at 
Geneva, he said. 

Meanwhile, reflecting wide- 
spread expectations that oil prices 
will fall further, prices of crude oQ 
futures contracts plunged to record 
lows Wednesday on the New York 
Mercantile Exchange- Early in the 
afternoon. West Texas Intermedi- 
ate crude for delivery next mouth 
was trading at $25.95, down 50 
cents from last Friday, the last 
trading day beFore the new year's 
holiday. 

Before the latest attacks, Iran 
had increased its expons to nearly 
2 milli on bands a day in wbai 
diplomats said was an attempt to 


make up a shortfall in foreign-ex- 
change earnings after two months 
during which exports stagnated at 
about i million barrels a day. 

Mr. Gharazi said that if OPEC 
members abide by the production 
ceiling of 16 million bands a day 
agreed-to in Geneva, Iran’s quota 
of 2.3 million a day would be 
enough to meet its budget needs. 

In a related development, mean- 
white, sources at Norway’s state- 
owned oil company, Staiofl, said 
Wednesday that lhe_ company wBl 
await developments in world crude 
prices before setting its retroactive 
December price. 

Norway, along with Britain, the 
other major North Sea oil produc- 
er, have been warned repeatedly by 
OPEC about the consequences of 
undercutting the organization's 
prices. 

Siatoil has switched to monthly 
pricing since it dropped its contract 
crude prices in October, and has 


said it will set its price for Decem- 
ber retroactively. 

“We are going to wait for a few 
days to see how the market devel- 
ops before taking any action," the 
sources said They added that the 
company would not necessarily 
wait fbr Britain to set a price on its 
Brent crude before acting. 

On the Amsterdam root market 
Wednesday, traders said that prices 
for Brent slipped from Monday's 
levels but were little changed from 
those quoted in the wetter UR 
market immediately before the 
New Year's holiday. 

Brent cargoes loading this month 
sold for between $26.50 and $26.60 
a barrel 

■ Mobil Cols Heating Price 

Mobil Corp. has lowered its New 
York bargeload price for home- 
beating oil by half a cent a gallon, 
Reuters repented Wednesday. The 
reduction brings its contract price 
for No. 2 ofl to 77 cents a gallon. 


By Warren Gctlcr 

fni emotional Herald Tribune 

FRANKFURT — In what may 

signal a w illingness by the Bundes- 
bank to let the dollar climb steadily 
without intervention, the dollar 
surged against the Deutsche mark 
Wednesday. 

It dosed at 3.1727 marks here 
after trading as high as 3.1835 DM, 
with no West German central bank,, 
intervention reported. It was the. 
first time since floating exchange - 
rates were introduced in 1973 tbit 
the dollar had risen durum a day’s 
trading above 3.18 DM. On Mon- 
day, the dollar had been fixed at 
3.148 DM. 

When the dollar last topped the 
3.17 DM level in heavy trading 
SepL 21, the Bundesbank inter- 
vened heavily, taking dealers by 
surprise and forcing the dollar 
down to the previous record fixing 
of 3.1624 DM on that so-called 
“Black Friday” in September. 

The Bundesbank vice president, 
Helmut Schlestngcr , said in an in- 
terview Wednesday that the central 
bank did not intervene again at the 
3.17 DM level because, “in contrast 
to SepL 21 — when we sold more 
dollars than usual to overcome 
what we considered to be disorder- 
ly conditions in the market — we 
see today a very gradual rise of the 
dollar to its current record leveL” 

Mr. Schlccnger went on to say 
the Bundesbank’s concern that an 
increasingly strong doO&r would 
threaten to import inflation into 
West Germany — through more 
expensive raw-materials, which are 
usually priced in dollars — has 
abatted considerably as the na- 
tion’s inflation rate appears to have 
stabilized at 2 percent and raw- 
material prices are rising more 
slowly than the advance of the dol- 
lar against the mark. 

Bundesbank officials have ac- 
knowledged in recent months that 
the strong dollar's threat to West 
German price stability has been 
enough to prompt the central bank 
to intervene in support of the mark, 
even under orderly market condi- 
tions. With inflation and raw-mate- 
rial prices at present relatively sta- 
ble, Frankfurt banking sources are 
saying that the path is dear for the 
dollar to make a steady climb over 
the next several months without 
interference from the Bundesbank 
if West German inflation remains 
steady at 2 percent a year. 

Foreign-exchange dealers in 
Frankfurt Wednesday said the dol- 
lar’s push above 3.17 DM was 
bowled by the on-going perception 
among investors that there is stiO 
no alternative to the dollar, and by 
the sense that U5. interest rates 
have firmed and belief that the Us. 

(Continued on Page 9) 


Austrians Israel Is Shaken by Report on the Collapse of Banking Shares 

Tighten Curb 
On High-Tech 


] 


Jan. 2 


By John Tagliabue 

New York Times Service 

VIENNA — The Austrian par- 
liament has approved legislation 
aimed at stopping illegal shipments 
of U.S. technology to Soviet bloc 
countries. 

The carefully worded legislation 
provides jail terms up to two years 
and heavy fines for companies or 
individuals that violate the terms of 
licenses issued by foreign govern- 
ments for the import of goods to 
Austria. The amendments, which 
do not mention the United States, 
also add several types of computer 
equipment to the list of goods that 
require Austrian export permits. 

The amendment to Austria's 
trade law, which unanimously 
passed the lower house in Decem- 
ber, reflects Austria's concern that 
it nu^ht lose access to U.S. technol- 
ogy if it fails to convince the Rea- 
gan administration that it intended 
to prosecute violations of U.S. ex- 
port law. 

The move also appears to be the 
result of a conservative shift in the 
government of Chancellor Fred 
Sinowatz following his key cabinet 
changes in September. Foreign 
Minister Leopold Gratz said in an 
interview that the main purpose of 
the new law was to assure Austrian 

(Continued on Page 9) 


By Edward WaJsh 

Washington Post Service 

JERUSALEM — Israel's gov- 
ernment and banking establish- 
ments have been badly shaken by 
the release of a scathing report by 
Lhe stale comptroller on the col- 
lapse of the price of stocks in Israeli 
banking companies in October 
1983. 

The report, released iaie Mon- 
day after months of investigation, 
said the bank-share collapse "was 
the inevitable end of a protracted 
financial ad venture in which Israeli 
banks had been engaged for nearly 
1 1 years. When the bubble burst." 
the report added, “it had the force 
and dimensions of a catastrophe 
for the economy" from which Israel 
has still not recovered. 


To Our Readers 

Because of technical errors, 
the U.S. stock tables published 
in Wednesday's editions were 
from Fridays trading and not 
from Monday’s. We regret the 
inconvenience caused readers. 


Prime Minister Shimon Peres, 
acknowledging that the managers 
of the Israeli economy had made 
numerous mistakes in the past, was 
among a number of public officials 
who railed Tuesday for the estab- 
lishment of an official commission 
of inquiry to fix individual respon- 
sibility for the bank-share crisis. 
Mr. Peres said he saw “no alterna- 
tive" to a further investigation. 
Such a commission, which would 
be sirm/ar to the bodies that investi- 
gated Israeli intelligence failures 
before the 1973 war and the 1982 
massacre of Palestinian refugees in 
West Beirut, could bring criminal 
charges against banking officials 
and findings of negligence on the 
pan of government officials. 

Release or the repon came at an 
inopportune time for the Israeli 
government, which is seeking a re- 
cord amount of aid from the Unit- 
ed Slates totaling almost $5 billion 
over the next 18 months to help 
overcome the current economic cri- 
sis. The report was a sharp remind- 
er that many of Israel’s economic 
problems are the result of misman- 
agement and what the comptrol- 


ler’s report railed “the mass pursuit 
of the ’golden gods’ of easy profits" 
by the public. 

At the time of the bank-share 
price collapse, the government in- 
tervened in the crisis to prevent the 
collapse of the entire banking sys- 
tem. To stem the panic selling of 
bank shares, the government guar- 
anteed that it would purchase the 
shares at a fixed price from the 
public over the following six years, 
an obligation that increased the 
government’s domestic debt on pa- 
per by almost $7 billion. 

The comptroller, Yitzhak Tunik, 
estimated that the final cost to the 
government from interest pay- 
ments to the shareholders and re- 
demption of the slock will be $2Ji 
billion, which is almost equal to the 
amount of economic and military 
aid that Israel will receive from the 
United States this year. 


The Israeli public, which had en- 
gaged in an orgy of stock specula- 
tion that was encouraged by the 
country’s large commercial hanks, 
lost the equivalent of millions of 
dollars in the collapse. Many Israeli 
families bad invested all of their 
savings in bank stocks, which, be- 
cause of their constantly rising 
prices, had become the favorite ve- 
hicle for staying ahead of the coun- 
try’s rampant inflation rate. The 
stock price collapse sent a severe 
jolt through the economy and 
marked the beginning of die eco- 
nomic crisis that now plagues the 
country. 

According to Mr. Timik’s report, 
Israeli banks, in desperate competi- 
tion with each other to expand 
their operations, particularly 
abroad, artificially inflated the val- 
ue of their stocks to raise increaang 
amounts of capital from the public. 


Between 1977 and 1983, the banks 
raised $1.6 trillion at low cost to 
themselves through this method, 
the report said. 

During this same period, while 
Israel’s gross national product in- | 
creased by 3 percent a year, the , 
yield cm bank shares averaged 21 
percent a year, according to the , 
report. , 

As the speculation continued, 
the price of shares in Israeli banks - 
bore no resemblance to their real i 
value. Before the crash, the report 
said, the market value of the stocks i 
was nearly three tames the value of 
the banks’ adjusted capital. 

The comptroller’s repon did not 
fix individual responsibility for the 
banking crisis, but made clear that 
government regulatory agencies, 
were negligent in not attempting to : 
prevent it. 


Options (prices fa S/M.J. 


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1003 - 120 ) 






iso. 7 m 

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MS-IQTS 

14531030 


175 23 

& 2 S- ?;5 

1131275 

350 

075 - ITS 

47 S 575 

IS) 

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27 S 475 1 

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IVilean WUte WeU SA. 

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J 12 JJ Cram I.S«toW 
[TeL JIBSI -Tetet 2*305 


ADVERTISEMENT 


SEARS H0L0IN6S PLC. 

(CDRe) 


The undersigned announces, that as from 
4th January, 1983, at Kns-Associalie 
N.Y„ Spuislraal 172, Amsterdam, div. 
cp. no. 20 of the CDR’n Sears Hold- 
ings PLC, each repr. 100 shs. at 
25p, will be pat able with Dfla.3,14 
[re interim dividend for the year ended 
31.si Januarv, 19B5. 03p- per share). 
Tit eredir £-.34 * Dfb. 1.41 per CDR. 
Non- resident of the Lriled Kingdom 
can nrd\ claim this lax credit when the 
relnanl tax treat) meets litis lacifiry. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

.Amsterdam. 20th December. 19Bk 


ADVERTISEMENT 


HITACHI LTD. 

The undersigned announces that as From 
4th January, 1985 al K&Aasocuae N.V^ 
Spnktrul 11*2. Arosieidam, dir. cp. 00.24 
iicrampuiied b\ an " Aifidmi") of dv CDRs 
Hitachi Lid. will be parable with 
Me. 23,95 per CDR. repr. 500 she. 
and Dflfl. 47,90 net per CDR, rear. 
14)00 she. (die. per record-dale 3Q.9.1984; 
yum Yeti 4^- p- &».) after deduction of 15% 
jjrmswae las = Yen 300.- «= Dfc. 4,23 per 
iBR. repr. 500^ Yen MO.- «= Ddo. &46 
per CDR, repr. 1,000 shs, Without an AfTida- 
iii 20% Jm. ins = Yen 400.- “ Dik 5.64 
per CDR, repr. 500*1*. Yen 800.- - 
WK 1 1.28 per CDR. wtr. 1,000 shs.. mil be 
({•ducted, .flier 30.4.1985 the div. will only 
he paid under dtdurtwn of 20% Janj but trap. 
rfia.2L54i Dfb. 45.08 or* per CDR repr. 
rsp. 500 and 1.000 shs. each, in accordance 
with the Japanese m regulaliora. 

AAJSTEKDAM DEPOSITARY 
COMPANY N.Y. 

Amsterdam, 21 b! December. 1981. 


BANK IN LIECHTENSTEIN 

IS PLEASED TO ANNOUNCE 
THE OPENING OF ITS SUBSIDIARY 
IN FRANKFURT 


Ulrich Fehrmg and Alois K. Bin; ?u Ldwerutdn, Managing Directors 
Bank m Ueditemtein (fiwnk^urr) GmbH, Mainjer Landstrassfi J, D-6000 Fiwik/un am Main, 
Telephone 69/256020, Telefax 69/25602-159, Telex 4185862. 


BANK IN LIECHTENSTEIN AG 

Hmengasse 12, PL-9490 Vaduz 


.1 E 9 I laex-n tan* 











Page 8 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


Wednesdays 

MSE 


17 Month 
High Low Slock 


Sta. Cteo 

ISOsHMlLa* QuPLOfgf 


12 Mm Hi 
High Low Met* 


Tables include the nationwide prices 
up to Hie closing on Wall street 


TJ Month 
H Mi Low Sloth 


Sis. Clow 

DW. YtaLPE 100S Utah Low Amt Pi 08 I 


(Condoned from Page 6) 
ijo 4.1 9 in 
1 JA 24 12 8 

I5B U TO 303 
SO 3.1 13 17 

b U II 12! 

44 24 9 5 


ZMolftf 186 

08 14 16 250 
S 14 
>U0 U 3 
135 74 II 319 
72 M ? 59 

122 U ? <24 
475 47 2 

22 U 12 7 

340 A* 10 444 

.24 .9 IV 527 

144 44 9 332 
3440147 » 

340 3.1 9 383 
85o LO 9 12S4 
IB 24 12 ft 
140 14 B 466 

1-lft U U MSI 
UM1U m S3 
140 75 * WB 

t5J7,w tmi 

a 


1.28 2.9 12 a 

88 IJ 1ft BS 

44 47 9 10 

IJO 3J ID 309 
40017 a 904 
440 164 10* 

lift 144 29* 

24 m a in 
240 43 ft 31 

22 13 IS 451 

1.1ft 15 12 100 
34 24 18 47 

1.16 U I W 
40 15144 9 



44ft 

1514 

10+14 
1H- M 
314 + 14 
29 +214 

3914+ 16 
31 to 

2514 + 14 
36*+ 14 
43W — 146 
7004—1 
2214— V. 
64*— 114 
sm-tt 
3W4+ *4 
20* + 14 
6ft* 

45* — 14 

a 

M2W— <ra 

31*— 14 

his 

7 + 14 
17* 

17*— 14 
17* + * 
20 *+ * 
10* 

49*9 — * 
13*+ * 
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44 — 14 
2ft* 

IT*— 14 
30*— * 
21 *— * 
a + v. 
22 + In 

a + * 
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21 — H 

27 

17* 

II* + * 



nun ns it* 19* 19*— * 

n U» *25 40 39* 3!*— * 

IJ2 43 ft 407 21 20* 20* + * 

J3 U I 41 1114 10* 11 V* + * 

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84 37 a a 12* 12 12—14 

AM 19 II 11* 11* II* 

JOB 1J IT 977 12* II* II*— (6 


IS 2* 2* lYa — * 
.400 10 13 59 20* 20* 2014+* 

S3) 1 19V. 1914 1914 

180 22 U 42S 46ft 44* 4s*-l* 

JIM 2ft 10 443 41 40 40*—* 

4J5 11.1 VOz 38* 38* 38ft + * 

129 1Z% 12* 17* + M 

JO 2J ft 486 35* 35* 35* 

220 26*26*24*—* 
JOb 20 ft 251 15* 14* 14*— * 

I 23 U 5 15* 19* IS*— * 
.15 Jll 159 17* 1ft* 1614—1 

120 88 4 997 34* 3ft* 34 V.— * 

LS7C139 229 47* 4ft* 47V.— * 

UM1S 8 12 43* 47b 43* 

4 293 5* 5b 5*—* 

37 19 M* IB*—* 
LOO 10 10 992 2ft* a* 2ft* + * 

10 3* 3* 3* 

41 lft 1* 1* + * 

UO 58 A 87 28* 28* 29* + * 
S2 IJ 30 147 43V. 41* 41*— 1* 

JS 33 55 W low 9* 10* + * 


JOb 20 ft 
IK 2D 15 
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120 8J 4 
LSTelM 
IL8H1S8 

4 


ijo 77 » 

34 J 16 894 
280 4.1 41 400 
1J4 3.1 SO 
4J7 68 179 

.12 13 11 543 
nun 413 
.1* U 13 358 
IJO 97 12 DM 

2J8 lift 48 
133 115 a 
ASr 3 10 1134 
1959 
270 
444 
ft 41 
172 4ft a 1276 
2ft0o S 8 IB 49 
220 U 8 

UO 12 ft 13 
IJO 7ft M 790 

jo za is v 

JO Ift 12 2200 
1J2 23 9 107ft 
200 S3 T2 20ft 
1J4 38 15 1355 

240 63 10 207 
10 153 
959 

JO 39 * 1 

130 13 4 229 
24 13 13 » 

36 2ft ft 475 
260 5ft 0 202 
280 lift 1 ft 
132 37 10 1700 
130 23 9 32 

130 3ft M 1375 
30 15 13 143 

JO 11 MB 4191 
494 
5 1049 


l« U IS 21 

ua mi io si 
40 11 n 21 

140 43 13 96ft 


L44 110 1 

133 

UO 83 0 4492 
Ml 
115 

40 1J 9 42 

351 

40 54 22 48 

L30 54 B B38 

lsa as a 40 

LOO IBS 7 1488K 
IJOalOft 49 

JO 9ft 8 173 
LM Aft 12 80 

IJ4 4.7 1] 12 

LAO 5ft 7 907 
1ft 

140 ft.1 8 147 
20 42 B 62 
ft* fS U 205 
J4 2ft 12 640 
44 U ID 2278 
Mb 2ft 11 ft 
IS 7 
140 V 9 M 
OO 40 9 306 
30 62 10 30 

J4*11J 45 

137 




15* 

34*—+% 
57* — I* 
43*—* 
71* + ft 
916 + * 
Z7W— * 
W*— W 
28* + * 
2* 

25* + 16 
11* + * 
42* +1* 
VM— * 
7 

251ft — * 
12* 

38*+ * 
45 +16 

25*— * 
21 + * 
24* 

4*— * 
71ft 

SI*— ft 
7BW— 1* 
37*—* 
4116— 1ft 
17 + ft 

38*+ * 
lift— * 
ft 

B16— Ift 
34 — Vi 
17*— ft 
27 

44ft— U 
24ft 
35* —2 
55ft— 1 
93*— * 
54 —ft 
25*— lft 
3 + * 

17*— ft 
30*— lft 
6ft + ft 

2 + ft 
52ft — ft 
2*+ ft 
25ft + W 
15* 

4* 

40*— ft 
14 + 16 

17*— ft 
26*— ft 
1216+ ft 
78*— ft 
29**+ ft 
9 + * 

19*— ft 
28ft + ft 
5* 

6ft 

22V6— * 
18*— 16 
14* 

42*— IV. 
2916+ ft 
19 + ft 
17 
8* 


2916 
14 

17* 14* 
16* 14* 
14* 8ft 
40* 28* 
24* 19 
23 14* 

30 24 

69 5 5ft 

a 19 * 

17ft 13ft 
29 ft a 
77* 13* 
40* 28* 
16ft 


1JS 187 

n 

IJB 73. i 


230 11J 18 

Ui U 6 «3 
21 

35 3 97 

42 23 12 1945 
11 

1JH 40 11 12 

13 4644 

IJO 17 11 146 
J U 1 5 

A U ft 10 
174 m i a 
141 116 18002 

174 9-9 196302 

1-93 11J 3 

50 44 5 11 

148 18 6 914 
284 7J 7 13 

144 io? 6 an 

US 113 SEQz 
ISO 135 70* 

10*114 1 

129 13 

US 2 

S3 18 13 

a « 

31 
9 


Sta. Ck» 

188* High law QunLOfw 1 

17ft 17ft + ft 
13* 14 + * 

a a 


17 Month 
High Law Steel 


Sis. Cl£t* 

Kte High Law Cuot- C.vat 


II Morn 
HlOh u-* Stk> 


28ft 20* + * 
38ft 39ft + * 
2* 2ft 
27ft 27*- * 
22* 23ft— ft 
a a — * 

«** 34ft— ft 
lift— ft 
27 27 + ft 

14ft 14ft + ft 
18ft 18ft— ft 
28ft 28ft 
12ft 13ft + ft 
17ft +Tft 
W* 14ft 
lift lift + * 
Mft 36*— * 
25* 25*— ft 
22ft 27ft— * 
3816 2016— * 
iO 45 + ft 

22* 22ft— * 
14* 14*— ft 
27* 27*— ft 


14* 12 PaurcN JO 54 13 O IS 14ft IS - to 

lHh 10* Ponfm a 223 Uft lj* 13*— Vi 

a lift Pokes 1> 72 15* IS* 15ft 

)l* 6 porfcOri .16 14 157 4* 6ft 6'* 

34* Sft PorfcH 1.12 36 M 189 31ft 31ft 31ft — ft 

ti* uft pofKPn 42 34 a K 15* 15* 15* 

7ft lft PWPtrl Ml i* 1* I* 

24ft 14 PwlNW 44 14 16 554 ZI* 23ft 23* + * 

i fcSfe ss »s » Russia 

’ns **Rar •* 11 is is * 

gift 36* PenCin 41 409 47 46* 44b— V. 

|S 94 Pcncpr 5J7 46 110 114*114 114 — 4i 

Wft 46 PtnnoV 244 SI 7 997 46* 44ft 44V,— ft 




48 

9 

107 


■covlfl 182 

A9 

14 

2406 

56 

cevllst 250 

16 


3 



18 

5 


9to 1 

«aClpf 186 

lira 



12 

*aC ptC 210 

1A4 


2 bl 

14911 

«La rt 81 

28 


3C9 


37ft 30 PoPI-lrt 480 J18 

47 57* POPLPI fflO {34 
27* 23W »PL*2£ U 
23* ® PnPLdPtl90 123 
65ft 54 ft POPLBT 860 134 
29* 25W PaPLdPf275 134 
Uft 65ft PoPLpt 9J4 >14 
97ft 81* PBPLprllJO 115 

42 54ft POPLpr 8« 117 

48 58ft PoPLpt 870 I3J 


US M I 653 25W 25 


lOz 34* 34ft Uft +1 
SO* 64 64 U + '6 

ii at* a* aw * 
14 23ft 23 23ft 4- ft 
ate 62ft 47ft 42ft— ft 
48 a 27* 30 — ft 
5000: Bl* 81* 61* +7ft 
lib 85ft 88ft 88 V. 
sox an saw ssto 
108* (4ft 63V* 63ft— lft 



15ft 15ft— ft 

9ft 39ft— ft 

12* 12* + ft 

8* B*+ ft 
as* is* 
i* l* 

6 1252 17ft 17ft 17* 

100: 35 35 » — ft 

50: 27 Z? 27 — W 

1140: 31 31 31 

630z 56ft S4ft S4ft +2 

27 16V6 16 M — * 

a 890 15* 15 IS — ft 

W 14 7092 39ft S* 28*— * 

S 35 931 13V, 13 Uft— ft 

S3 B 996 5B* SB* 58*— W 

I 44 a 54 36 ISft 35ft— lft 

J 7 442 1 5* 15 15*+ 16 

11 6 12 48ft 48 48 — * 

14 9 172 38* 38ft 38ft- * 
109 9 17 14 Vi 14ft 1416 
104 5 1491 14ft 14W 14V. 

114 6 8292 11* 11* II*— ft 
189 " ' 


35 

140 14 11 540 
248 S3 17 2767 
4 

100 SJ II 587 
190 79 12 641 

490 14 9 105 

46 1.1 12 183 
42 56 74 

6J0 11 < 1520 


48*— ft 
10*+ ft 

a + ft 


lift— * 
5* + V. 
74ft— ft 


4* 2 
779* 25ft 
35* 34* 
17 9* 

23* 20 
22ft 18ft 
51ft 4016 
III 105* 


25ft 16 NAP CO JOb 44 H 0 18 18 18+M 

51* 39* NBC 290 47 7 483 51* SI 51 — * 

28* 14* NBI II 445 18 IS* 17 —I 

30ft 16ft NCH 72 4.1 11 19 17* 17ft 17ft 

36 Vl 23 NCMB 142 3J 9 250 35* 35ft 35*— ft 

33 20* NCR a JO II 8 3008 a* 25* 25*— * 

34V> 13 NHltd 7 163 17ft 1616 16ft— * 

17 imtNLlM 40 1J 78 755 11 , KJH 10ft— ft 

2ft ft NVF 2S8 * ft ft 

49 33ft NWA JO 24 9 1313 40* 4016 40ft— 16 

54 38ft NabacB 248 4.9 11 393 51ft 30* 51 — W 

UV6 71 Notes IJO *7 13 636 26ft 25* 25*— 1* 

39* 20 Nashua 8 39 38* 27* 27*— * 

37Vl 27ft NatCan IJB 12 I 31 31* 31ft 31* + V6 

65 SI NCortpf ISO 2J 3 Uft 54ft Uft— «ft 

18* lift NfQivs a 15 14 1706 14* U 14ft— * 

a 22* NotOM 120 85 13 99 26ft 25* 25*— * 


45* + * joaftioiv. 
21* + ft 107 TOO 
70 — ft 34ft v 
39ft 30ft 2<ft 

33*— ft 14ft 9* 
19ft a 22ft 

17ft— ft 33 25* 

* 60* 45 

S3* + ft 26* lift 

S£+2 

gft-lft 65 51 

19* I 

B*+ ft I 

**+* av. io 

a 34* 

) 24* 15 

* 19* 1316 

18 + * 12* lift 

51 — * 17ft 12* 
17 — t 41* 30ft 
IT* 29 20* 

35ft— * IBft 5* 


2* I*+ ft 
24* 24*— ft 
2716 Z7VJ— Vl 
11* 11* + ft 
20* 20* 20*— ft 
19 19 19 —ft 

49* 49* 49*— ft 
108ft 107* 106 

105 104* 104ft + * 

106 la 106 + ft 
22* 22ft 22ft + ft 
28* 27* a — ft 

n* 13* is* 

27* a 27* — ft 
31ft 31* 31* + * 
a 55* 55ft— * 
24ft 24* 34*— ft 
27* 27* 37* 

14* 14ft Uft + ft 
42 42 43 +1 


13ft 7 ft Playboy 
35* aw Pftswv 
23* 16ft PQOOPO 


34* 25* Pohortd IJO 16 21 227 27* 27* 27* 


844 13* 13ft 13ft—* 
65 16 15b I5b 

54 10 17V. 17*— * 


20* 13b 
19 11* 

71* 52* 
3516 a 
3216 27* 
38* 23* 

39 24* 
916 4 

6 1* 
22ft IS* 

40 31 
4* 3 


J 8 35 to ia SW 25 a + * 

194 43 ■ 1130 33* 32* 3316 + ft 

60 1 9 114 21 20* 21 

1.70 11 J 10 15b 14* 14b + ft 

ISO 111 » 12ft 12ft 12ft 

im 105 7 13* 16* 16* 16ft 
132 11 12 333 41* 40* 40b— * 

IJO 4J 13 163 35 a* 24b— * 

JBf J 33 6ft 6 • 

7-00 144 9 13* 13* 13* 

90 ZB II - 40 14ft 14ft Uft 

590 7J 8 1116 48* 48* 48* 

2.32 9-3 7 541 25 24* 24* 

4J7 110 10 31*31*31*+* 

Ml 23 35 172 27* 27* 27*— ft 

UO U It 21 37* 37* 37* 

577 4* 4* 4ft 

133 2* 7 3* + * 

JO 1J 13 a IS* U* Uft— * 
130 63 10 348 37ft 34ft 34ft— ft 

13 347 4* 3* 3ft— * 


24* lift Powers 90 3 B 846 13b 13* 13ft— ft 

24* 15 PdbToJ JO Si 15 45 16 15b I5b 

19ft 13ft Portoc 90 13 54 IB 17* 17*— ft 

17* 13 PortGE 1-82 113 5 1140 16* 16* 16ft— * 
9012 90 PoGPf 7150 12J IBte 93* 93* 93* 

21b T7* P«K»P4 IKS 12J 8 20* 20ft 20'6 + * 

33ft aw Peropt 490 ua a a 31 * 31 * + * 

32ft 28* ParGPt 432 114 44 32 31ft 31* + ft 

3a 2536 Pottrch 1.56 59 II 27B 28ft ZSft 28* 

25ft 19ft PofmEI 1.94 79 I 234 25* 25* 25* + ft 

74ft a* Pol El Of 294 JJ 5 76 75* 70 +1* 

41ft a PtKEIpf 450 11J 1570: 39 aft 38V. — b 

37* 25* Prnnrl M 19 U 73 31 aft 30ft— 1* 

3Sb 23 Prinks 100 61 6 95 33ft 33 33 

21* lift PrtoneC 15 33S1 17*, 17 17 —I 

2S* 16 PrtmM .12 5 31 US 25* 24ft 25 — ft 

59* 45* ProcfC 290 49 11 1453 54* 56* Sift— b 

14* 7ft PrURsh ja 29 20 43 10b 10% 10b + ft 

47ft 31 Proler 1.40 3.9 8 1* 35* 35* 35* 


19* 76ft PSvCoJ IJ2 109 
18ft 14ft PSColpf 110 IIJ 
13* 4* PSIrx! IJO 139 
25 19ft PSInpl US 152 
8* 6 PSInpf liM 139 

« 4* PSInpl IDS 14.9 

X 36* PSln (rt 7.1 S 165 
a 44* PSInpl 852 17J 
57 43 PSInpt 858 16J 

40 46* PSInpl 854 169 

12* 3* PSvNH 

19 6 PSNHpf 

19* 6% PNHatB 

20 8* PNH PTC 

24 7 PNHpfO 

25 7 PNH pfE 
21b 516 PNHpfF 
3* 7* PNHptG 


152 109 0 440 19* IP* 19*— ft 

2.10 IIJ 3 10* 10* 16*— ft 

IJO 114 2 1007 7% 7* 7ft + ft 

US 152 Ufa 23* ZJ a — * 
1JU 13.4 3402 7ft 7ft 7ft + * 

IDS 14.9 ZOO 7b 7* 7ft + ft 

7.15 165 1D4O0Z 43ft 41 43ft + * 

852 i7j Jim so* a a —i 

aj8 i6j iwz a a a 

694 169 ana m m 5a — * 

1 642 3* 3ft 3»+ * 

TOO: 9k. 916 9* 

35 9* f 9 

4 13* 13* 13* 

2 II* II* II* 

11 12* 12 12 + * 

33 10* 10 10 

8 10ft 10* 10ft + * 


ADVERTISEMENT 

INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 
2 January 7985 

The nef as set value qua tattoos mown bvfcnr ere supplied tn Ibe Fund* listed win tlw 
inception at soma funds whose quotes are based oo issue prices. The foitowttis 
nwrvinal emtsh ladxsts fnquenev of quotations (applied far the IKT : 

(d) -daily; (w) - weekly; (W - M+noatMV; ID -resuforly; (I) -IrnmuJarlr. 

AL MAL MANAGEMENT 

(w) Al-Mal Trust. &A 514001 

BANK JULIUS BAER LCO-Ud. 

— Id ) Baertwod SF 91090* 

— id I Cottar. — SP liuno 

—Id 1 EauUner Ammrica 6 KKODQ 

—Id ) Eauftmer Europe 5F 108600 

— Id > Eauibaer PacIHc SFlllBIM PAR I SB AS— GROUP 

—Id 1 f.rrttmr — SF 9AU0Q — (d ) Cortexa I nl«rnattoooi 5 USB 


Floating Rate Notes 


2M6 19* PSvNM 288 12J 9 298 24* 24 24 - ft 
37* 20* PSvEG 232 1U 7 1*42 36b a* 24ft— ft 


Jan. 2 


I , r Issuer /MW cpa/MaL Coupm Next Bid Askd 

I D ° llqr I HillSaniuvlSbJi ITT. 

ISSMrTNUn CpaiMal. CaeoMltexl Bid Askd H(U Sonhwl Pjn, Sbuuj 9b 


ARWd Irish SW-95 
Allied Irish 5ft JI 
Allied Irltt 5ft JT 
Aifaed irBli-aeru 
Arab Bfce Carp SW-ft 
AlksdleRnim-94 


9% W4 9*95 9955 
11* 17-4 I0090HM50 
13* 7-1 1802510035 
ID* 29-5 Ub fSft 
7316 MW 99J7 99J9 
18* K-1 ms 1(008 


Bca Canon. Itolkeile SWMf* +4 9*45 *175 


SF 96180 — (d l Cortexa 

—Id 1 Slw rfctw SF 1557 JO* — (wlOBLI-OM DM U45J24 

-IdlCSFFund- SF24J4 ZiZi^ jgg^’g g 

Zj 2 i fr?c , 2S EW - —— * — (w)QBLl-YEN _I Y1D4.1U.SCI 

(d 1 ITF Fund N.tf. 513J1 _ (wl OBLl-GULDEN FL 194975 

BANQUE INDOSUEZ — (d ) PA ROIL- FUND 59293 

— (d) Aslon Growth Fund 51DJ7 — 1^ J PARI NT ER FUND _____ 599.92 

— iwi Diw ri m i. 1 . sf bi is — id 1 PAR U5 Traawrv Band_ S 10OW 

— <wl FIF — America S 1783 RovaJ Bank 

— (wl FIF— Euraee S9J5 -+(wl rbC 

— (wl FIF— Padflc 1 15.93 -+<w) RBC 

— <d 1 indosuez MuKUiands A 590.12 -Mw) RBC 

— (a I indasuRMulllbandiB S 14tH -+tw| RBC 

BRITANN(AJ>OB 271. SI. HeINr. J«Wy Z . rll 51? 

— (w) Brtt. Dollar Income 500859* l ' 

— (wl Bf It J MonaaCurr 560* SKANDIFOND IN TL. FUND (464-236X18) 

— (d I Brit. IntLSMaittflAartf S0 l 944 — (w)lnc.; BM S4JS Otter 5615 

— tcDBrd. IntuManao-Partf Cl. 115 — (w)Acc.: BM SAJSOffer — » — 55.15 


4«0 OBLIGESTION- 
<wl OBLI-DOU-A R_ 
4») OBL1-YEN 


5B45) 

. DM1J45J24 

SF9190 

S1J8614, 

. Y 1O6.1U.B0 
- FL 1049.75 


- S13J1 — (wl OBLI-GULDEN FL 184975 

— Id J PAROIL-FUND 5 9163 

5 1087 — W l PARINTER FUND 199.92 

- SF H1L55 —Id I PAR US Treasury B»id_ S 18084 
. S 1753 Royal Bank 


_ S9J5 -+IWIRBC 
. 5 li« -H*l RBC 
590.12 -HW) RBC 
S14UI -+|wl RBC 
___ -+(d I RBC 

5S3L_. -+|W) RBC 


BaiNatLanraSVn IDIk 2M 1082710037 
Banco tH Know 91 9* 74 9142 9932 

acs Santo Sclrlfo 514-91 9b 2M M95 fta 
Baiai PMoAftOS 10* 284 9935 M2S 

BA 0t Greece -T1/T4 Uft W-l 
Bfc CM Ireland SIM* V* 3-2 
BkOf lriHondSb-92 13 S-1 

Bl Monfrooi 5W-90 9* 20-6 

B6 Of Montreal 5 Ji 10b 2B-I 
BX Ot Montreal 5W91 ID* 264 
BkOtMwYorii-W _11* 1+1 
Bk Ol Nona Scotia Sb4Bri210* 384 
not Nora ScuHo5b+4 13* 11-1 
Bk Of Tokyo 5*92 II 3*4 

Bk«TokTB5V.-B W*. 19-1 
Bk Of Tokyo-17 Uft 381 

Bk Q( Tokyo SIS fc t8» IT1 12* +2 
BkOf Tokyo Sft-dec88/*l lft 134 
Bk America 5ft -M M 283 

Bonkers Trast 5*44 8* 25-3 

Bankers Trust SW-ft 9* U-7 

Ba Arobe invest 5*67/91 13 2M 



—td) Brit. Inti jManao-Portf C 1.115 — IwlAcc: Bid S4JS Otter _ 

— («•> HrfLyntynrail Growth 50.9(0 SWISS BANK CORP 

— twl Brtt.GoM Fund S0J57' -(d ) ATr^rtcnVaJ™ 1 

Zm ! —Id | D-Mark Bond Seied Ion £ 

z}i r — <d I Dollar Sand Selod Ian, 

"jy ! Ml J £2K PlU .851 ~ ld ! Rort " B « ,d Selector^ i 

H<S Sril' 2523 _ld 1 »narvaJor 

— la I Brtt. world Tochn. Fund. 5 0J47 — m i fmvm PnrNnlln 


—to I Brtt. Wbrtd Tectxv Fund. 
CAPITAL INTERNATIONAL 

— Iw) Capital int'J Fund 

— Iw| Capital Italia SA 



■0^2- — (d 1 America Valor SFS34JS 

«om —(d) D-Mark Bond Sriecf Ion DM12148 

*£•51 — td 1 Dollar Band SalPctlan. S 1313B 

.851 — ,tf J Fw1 " Bowl Seiecion— FL ixtjb 

en’jj? — 'ntOIVoJor SFflUJO 

S0J47 —id) Japan PorMollo SF 017.00 

—Id ) Swiss Foreign Bond Sel- SF 109J9 

S32J9 — «d) SwWsvalorNewSer. • SF 275.75 

sia?4 -Id I Unlv. Bond Seioet. SF81J5 

— Id ) Universal Fund SPlllM 

UNION BANK OF SWITZERLAND 

— Id) AmeoU-iSh. SF3950 

— Id ) Bond- invest SF 71100 

— Id ) Foma Swiss Sh. SF 12550 

— |dt Jaaan-invest SF 939.50 

— IdlSafttSmittiAfr.Sh. SF 48050 

— Id 1 Sima Istodc Price) SF 20450 


UNION INVESTMENT FranKturt 

—Id 1 Uni rente — DM taio 

— (dlunlfands DM 19JS 

— (d)Unlrak DM 71.26 

Other Funds 

Cw) Acfttonds investments Fund. 5 2058 
(wl Acnucst InM — S 

Iwl Aouita Infemational Fund_ S104J1 

OIT INVESTMENT FFM }k \ lnane * LF ,?!££2 

— Hd I Concentre DM3443 1 S .1 TnS Sr i n H Fd '/ Ac ' ici " 

-+ld ) im i Rentenfond DM 9160 ft] B » 1 JV» 

Duiw ft Haruin 6 Uovd George, Brussels (w) BNP Infertxjnd Fund 510521 

—(ml D&H Canuiwdllv Poal_ 577X04 "* w) Bondseto-lssuePr. SF M1JS 

—iml Currency & Gold Pool Jl7ua*~ (ml Canada GM-Mortoage Fd sass 

— (m> Winch. UleFul. Pool _ 5 57840*** (d ) Corttol Presorv. Fd. Inll Slim 

— (ml Tram World FuLPODl. S 79*35-’* (wl Citadel Fund- 51.79 

F6C MGMT. LTD. I NV. ADVISE RS { d ! r^'a" uSS?{S?-S ,n- V 07 ? 

hlSrZPZSSZ m ' E(X 0W2J4 * fl ?„ « 1*> 1^49 

<”> C^umbi a SecurlHes PLloxiT 

— Iwl FSC Ortental _______ STAJn (d 1 Cons. Banks Fund S1J40J0 

TVKla Iwl convert. Fd. inn A C^ts 0942 

WQ .92 (wl canvwi. Fd- inri b Certs 5 2571 

S 100-00* IwlD-GX. $71X0 

S»S (d ID. Witter WM Wide IriTH 99.75 

s5Sf: ID I Di-oAkor Invest. Fund N.V J 940.47 


—Iwl F8rC Altantk— 
-(wl F8.C European. 
—1*1 FBC Oriental— 


5II9J0 (d ) Dreyfus Fund IntT. 53*25 

51913 (w) Dravius Intercanthient 5 3QJ3 

5 5023 <wI Tf* EstrtiiVimenr Trust $ 1J4 

SMJe W 1 Europe Obligations LF 2JB9.no 

51IJ8 <r> £'2* § a9ia fy n3 *114821)0 


s i 3 XD<" lb 1 Fifty Mars Lid. ikkav 

SJX 94 (Wl Finsbury Gnuo Ud 110943 

52SJ9* }"1 Fan^glnx^lssue Pr — — SF 287X0 

FORBES PO B07GRAND CAYMAN (wl Formula Selection Fd-^I~SF 72a 

London Aueni 01 -839-3013 Id ) Fond Italia J JOBS 

— Gold Income!. _ 1 616* Id I Govemm. Sec. Furxl»_ — 506.70 

— 1*1 Gold Appreciation S4J2 id I Franki-Truu irrtenlns_ 0M4I44* 

— Iw) Dollar Income. — __ J 7.79 (wl HaussmannHhtos. N.V s 99.00 

— Im) Strategic Trodlnu % IW Iwl HesHa Funds 596.9$ 

GEFINOR FUNDS. (b 1 ILA imi G^d BoraL- Hr 1 

—Iwl East Investment Fund 5356.91 15 1 HD ™ 5?^ 

—in 1 Scottish world Fund UI533 J“{ JJ!S2S.t. . S JH? 

—iw) Stole Si. American S13L30 VSfl 

CaatLGuidi.idXenAoentJI-4914230 Y?J1 

Id) lnvastoOWS_ DM4145 

IM Invosi Aliantlauci S4J9 

(r I iloltoriunc Inri Fund SA *9.90 

(wl Japan SolecNon Fund S 101.05 

(wl lagan Pact He Fund S96E3 

Id ) Klelnworl Benson Inri Fd S2D-14 

iwl Klelnworl Bens. Jap. F A S 7182 
Id I Letcom Fund ______ 5 MM9.06 

(Wl Leverage COB Hold 115221 

Id I Uauiboer — 5 1.3*2-00 

[wl Lloyds intL Small Cos. 5 1274 

iwl Lmrtunft ... SW 2 * 

(ml Moonofund N.V, 5 154.17 

Id ) Mediolanum Sel. f a S 1265 

70*8 IblMeleore YinOMJQQ 

055) IwtNAAT 5 1(129 

r r uMjfrucuT .„u. a Id NlWco Growth Pa ckaoe Fd 5 920274 

&- 1 . MANAGEMENT (UK) Lio. (ufl Nlnrkm Punrt Knot. /f 

riJi « ”5 1 -' nSSSc tm^taSitPSsz. bKS 

-+d I G.T. Applied Science _ 514.15* l_l M a m e 5134.15 

ijiir I- riLg; Inil NSP F.l.T, 5 15655 

~ (J’ — AH5I (ml Opoorlualty Investors L«_ S 34.17 

-H* » 9-1- A uMCpj ta FlWd SZLI9* Iwl PANCURR1 I w 1 14J0 

Zli fit nSSSe 1 !^ 1 .‘f « \ r l Fort *» Sy-. H E _»1 Geneva SF JJ97J0 

!“ | “-J- g°ltf 'Fund — — 513.10 ir ) Permed Value Fund N.V 5 1.13748 

—46 1 G.T . Bond F\jno_ 510** ih 1 Pi.bvW- _ S 751 M 

— td I C-.T. Global Tcctuirov Fd s 1ZJ7 (wl PSCDFiiSflg w ^ 9 

— Id CT. Ho nshu P atwinder __ 523.W «J > Putnam ton Fund 5 55.18 

—Id I G.t. i nves t a icni Fund * itJ (b ■ pri— Tech , , 8873 . 1 * 

— 12 } S'l' S mall_CaFund— Ml J£ (w) Ouaniutn Fund N.V- 5 iirn-n 

— Id 1 G.T. Tachnaloev Fund 52529 irf I Bmm Fund icTSiiS 

-Id IG.T. south China Fund 5 1X49* Id ) LFlSoJ? 

EBC TRUST CO,( JERSEY! LTD. « De * Krf,S - 

whimw g Ml 

INTERNATIONAL INCOMEFUND ri2!22ru22ST!!Ii Funl ^c a .i?m 

— (d I Shari Term 'A‘(AGCumi_ 1 1 *362 Iwl TecMMri Growth FMld_-_ SF 18101 

—Id 1 Short Term 'A' (Dlstr)— _ 1 1J138I" (*l I*v* Poc. Hold. iSeol S V?_5? 

— (O I Start Term -B- [ASfem 5 U227 '<-} T «yO PC C+ftld. N.V. S 12X71- 

— (0 ) purl Term 'B 1 iDiSlr! 5OJ036- T 

—Cw) Lena Term 52121 (d t T uraupiu Fund 

Iwl Twoedv Jrowne n.v.OaS5A 81.95653 


BotndosottSWV 13ft U-l 

Bq indasue: 5ft-*9 12ft 3M 

BqL'UnlanEor5ft-4* lft BK) 

aiaSb ia 12ft *1 

BlceSVwjcttS Wb 304 

Bice 5ft- Km* 13ft 721 

Bio 51649 12ft 1H 

BnoS’A-95 lift M 

B»S»WeMl lift ZM 

BaoSft® lift 75-3 

ano5V!-i5/ffl i>$ n-i 

Bno7V>ftj*» 9ft 134 

EnoSft-W Wfc S4 

SVo lftSO 9-5 

Bnp -00/91 12*4 ed 

Bnp 5'v-M 12ft 72-1 

Bn Portars -oerg *6 IM 

Ba Warns 5W -89/94 12ft +3 

Bardan Owrseos 5-95 13ft 31-1 

Barchm Oveneas S -90 *ft 174 

Bard cm Overseas S-oera 1*6 V5 

BarctaTS Overseas 5 -IN 12ft +3 

Bergen Bk 46^-89 9ft »1 

Bergen BkJVMWI lift 14-1 

Kino Brio SIN dec 99/M fft K-l 

KineBetoSMochW/Ot Uft IM 

KtteBt*DS)onJ4AH 13ft 9-1 

Kfeig Beta Slip -pare 17ft 11-3 

Ccnsw-98 lift 

Ccc* 9*453 9ft 

encash 'KM 12ft 

Oicn J16-W/y5 9ft 74 

Cnt5!6-« Uft 344 

Cnl 5ft-*l raft X5 

Cibc fWkly I Sft-96 lft 3-1 

CB>C 5)6-94 1216 U-l 

Carteret S+LSli-M 9b *5 

aw Manhattan Sft-Q 12ft SH 

Choi* ?6-09 9ft 53 

Oemlcol Bh 5V94 Eft 27-5 

Owndeol (Whlvl 5V*4 lft +1 

Christiana Bk5U-9J 9ft 11-3 

CI«($Uan<a-94 «J6 63 

Citicorp (Wkiy) Aw^vW gft 7-J *942 

CillcorpSeat516-*6 9ft 193 W23 

aiioctta- in* sn »s 

ailtarp4-94 9ft 123 ICU9 

□ilcorp- Unaoted- lift 15-1 7910 

Canvntrzux* pij» Ob 21-2 

ConmnaoMiim* Iffh 30-5 

CammUrbMontreoIJ'iNIJft 183 
CriSbJkrtl 11 363 

015^-95^5 I2« 9* 

Cd -8»/96 9ft 31-5 

COS’. -WOW in* 297 

Ceome S5.-B7<V? IOj. 17* 

Ceome5ft4i 9ft +3 

Cram CM Nard P4-S/92 9V4 34 

Credli Fancier 5 '<>-01/93 17 «4 













l 1 




— Id ) G.T. Applied Science 

— Id » G T. A svan H.K. Gwtn.F0 
—iwl G.T. Asia F'«vr - 

—Id ) G.T. Australia Fund 

—id 1 G.T. Europe Fund 

— fd 1 G.T. Dollar Fund 

— Id 1 G.T . Bora Fane. 

— fd 1 G.T. Global Tcctinlov Fd 
— <d j g.t. Honshu Pathfinder . 
— Id I G.T. investment Fund— 


EBC TRUST CO.t JERSEY} LTD. 
1-3 Seale 51-51. Helier^S34-343Jl 
TRADED CURRENCY FUND. 

4>tdiKK.: Bid _»J** Ot»r 

e>(aiCnp.: Bio 8IQJB Oner 


Cdy+MWt in* 297 

CewneSV*7cV5 10 a. 12k» 

C*ome5ft4i 9ft +3 

Cram DU Hard P+89/92 TV; 34 

pNllftur1'6«j) 17 «4 

Craw For Extort y-JJ 9ft 

Cr Lvan SV6-91/N lift 

credli Lron 5W47 tj>. 

CmdKL*ft»S'6-95rt7 13 

CrWiitriWS’.JWW Uft 

Cram Lvan 56. 9I/9S hi 

Credli Lvan cre-*9 9ft 

Credit Lvan 13b 

Credit Lvm55i-lsfl93/*6 r* 

Cm) Natl SilaSV.-a 13ft 

Oed Nall Sift SWftOm ir-* 

Cra m mri c h-44 lj-w 

CrBdttwB}aJl5to+)/97 »sw 

crasimnsmii snob 17*. 

DCildUKaaevu5ft4» ia*. 

DanskeOlleSb-ta 9ft 

D*n Naryka -aoriO *ft 

Den Henke -0ec» 916 

Denman. S'v+mffl/W 13ft 

Denmark 5 , v-oci®/93 lift 

Oerener* yv-o* qft 

Dynrnan, sft-eerp IS* 

□ieE rstOed5ft-92/94 12*6 

Drenlner Bon* SV-91 111: 

Drainer Bonk 5‘i-09 9b 

Dreamer Bonk 5ft- *7 II a 

EkSvQda Nuclear P--09 Oft 

MR-* 111* 

Edl 56, 94 13H 

Eot>--7) 9b 

Eob5b4D lift 

E(C»-Oja PUS 

Exterior I nb-b 9ft 

Ferravle 5ft49 17W 

Fim Boston ineswaut* w, 2-5 

Flrv OdccsoSivM ID 71-3 

First at» Te«a 5W85 lft a-i 

First UdersW* S’ftOS 9ft 63 

Foil • -94 "94 1+1 

GanHmanceSft+7 II 50-. 

Geeflnanoe 5ft gt<92 9ft 254 

Germ ranee $-*2/M IT » -32-1 

GdjStt-09 fb 11-: 

Gttr<M7 * 1 / 1211-3 

Gtt-aera Wft 1+5 

Gilt 5ft -W *96 39-S 

GlroSft-91 9 27-2 



Hlioano Anwricoao 5Vr-f5 Ilk. 
Hydro Quebec 5ft +< 125. 

icinoualrie--*! 13ft 

Indonesia -8»rtO 12 

1W5V7-8S M 

lb)5ft-noyM 10ft 

lietom) 5ft-*4/9* 121* 

Rep. I reland --W I3N 

DUSb« 10 ft 

notv I RtoublVcl Sft-9* IS* 

C lloll 51607 1216 

Italy J*/W 9b 

IP. Morgan 5ft Y? 9*6 

K0p--tab(2 13(2 

Kop594-mov93 )*ft 

KJekrwort Benson 5ft+1 10*ft 

Kleloworl Benson 5(646 13ft 

Korea Dev BK7U0* » 

Korea Exchange TVr-H 13 

LtacoMSft-W fb 

Uavd5Sft+] Kb 

Lkmb5ft+2 tav 

UoviB-B* 11V> 

Lld>5ft-iuav 13*6 

Llcb5ft45 10ft 

Ltcb5Vi-tiji« W 

LtcbSft-te 9ft 

UO)5V.-*2 « 

Matyapa 5ft 44/0* 996 

Malaysia 5ft4S9f*/*3 12 

Malaysia Sft-decS/72 10 

Motaysio Sft-88/93 Oft 

Man Han 0/ Seta 5ft 44 H/l 

McoHen (yyvtr) 5ft-*A *ft 

Marine MkAard 5ft -M lift 

Morin* MUlapd 5ft -96 9ft 

MartaeiWaiand-0) tft 

Meilon B* Sft-96 9ft 

MMkmd 51V91 129. 

MUIondS-f* 9ft 

PUcSand 5(6-83 9ta 

Mttlond*-?! II 

Midlands-** IS* 

Mitsui FblSft-94 1 2ft 

Morgan Grades 5 +4 Uft 

Moriuope Den Sft 40^3 1296 

MartaaeaDmSft-R 9b 

NalBk Detroit 5ft-*» Pft 

NolBkSAnmtaSft-9* 9ft 

NatlWestmtaSU-f) 1296 

Nail West min 5V»-*0 916 

NanWtMmta5ft44 lift. 

Natl WBMmfti 5(642 ttft 

Notl PRdtmbi -aero 12ft 

•Mste Ov 516 -94 1315 

New zeakmd 5(6-07 lift 

New 2eo<and Steel 5'6 42 ft* 

NhmanCredlfBk 51*40 IS* 

Nippon Credl) Bk Sft-B 9Vi 
Nippon CradllBLMftM 1X18 

Nordic int Fki 5W41 10ft 

OkBSftJt 10ft 

0ib5ft4l 10V. 

Olb -45/9* lift. 

QdttveMMrw 5*641 Pft 
Offshore Morins -4* 13ft 

PlreS 5ft41/94 ITVj 

Pk banked 5 41/91 Mi 

QvtensfcridStoJi 10ft 

amte 56.41 I3W 

RovolBk Scotland 5(646/94 1 IIS 
SaHonwSft 41/91 9ft 

Sonna tnt Rn5U4l lift 

5oh*n) -14/2004 ir» 

ianwatm. Fin 5*643 12ft 
Scondbwvlon Flo P+asr93 lift 
Sctak fl navlon Fla 5ft4ecf3ft. 
Scotland <niFln5ft47 Uft 
Soctyi-W lift 

5*0*51640/93 9% 

LF.E5ft4» 96. 

SFE.-91 9ft 

Socrtle Generals 5U40,'95 I3C 
Soriete Generate S’- 40 Hr » 
SocGenMorSft-ta 12ft 
Saeteie Generate Sftnovft 10ft 
SncO-91 IIP* 

Spain (KJnoaoin) 5ft42rt7 12ft 
tcmodomOi Spout 5ft-Q Wi 
Soori49 9ft 

Stand Own Jib-id 17^ 
Mono Chart Sft-94 13 x 0 

Stand Chart 5ft41 10ft 

StWdCbOflSftenarBI 12 a. 
Stood Chart -oera Uft 

Skm Bk □( India 66*47 9ft 
Sumitomo Fbwnai 51s48 17ft 
SonHtomoTrusi5'v4Z/*4 17S6 
Svn*vatacnken»a lift 
Sweden 741 lov. 

Sweden 5ft -87/89 13*. 

Sweden S' 6-93/83 Wft 

Sweden SftJBYS 17ft 

Sweden 49/9+99 *« 

Sweden aero- Uft 

SwtdM-90/QS lues 

TorvoKobey-PT^ lift 

IGkiigl»Sft43/«4 1216 

TokOl Asia Ufl SWWW 9ft 
Toronto Dunlram P647 12b 

lovo Trtai 4 w-?!^9 9ft 

TvoSft4V0» 9ft 

Union Bk Norway 5ft-99 17k. 

UmMO^rmBtl-P **. 
wHiwms y Glvns 5**41 17ft 
World Bonk - 44 iS» 

YskoftOTaXi-ei/W lift 
Zen>ralesiortassc5ft-n 13ft 


| Non Dollar j 

luuee/Mhi cpe/Mat. Cduraa Next BM Askd 
PnwN Bramnck -89 <94 lift 19-7 98X7599X3 


1X6 loss PSEGpf 140 lira 
33ft 30 PSEGDf LOB IIJ 
as 2*4* PSEGBt 4J0 lira 
Oft 3546 PSEGpf 536 12J 
11(6 IS PBEGPt 2.17 12J 
2Dft 1646 PSEG Pf Z43 U0 
raraft 55 PSEGpf 7JD 128 
64 5B PSEGpf BXS 11$ 
62(6 SUh PSEGpf 7J2 115 
(Oft 51 PSEGpf 740 12J 
416 Th Public* 

1346 74* Pueblo .16 17 
12ft <06 PR Com 
15 9(6 PugetP 1J6 112 


1 124* 12ft 12ft + 16 

32 32 32 —life 

120= 34 34 14 +1 

108= 40*6 409* 40% + 46 
3 17 1646 17 + V. 

77 1816 1044 18ft— (6 
10z 61 41 61 +1 

UOz 431*; « 60 

Sb 5546 5544 S$46— ft 
220 : a to 60 +Ufe 
50 27k 79* Tft + ft 

M (46 9V» 9<k 

353 646 646 6ft — Va 

564 lJVfe 1316 1346— ft 


27 181k PuiteHm .12 J a 1561 IS* lift 184* + V. 

45V, 23ft Purofaf ITS 4A 17 189 29 28ft » + (6 

9ft SVfe PVTO 7 91 8ft 74* 816 


aft 27ft QuakOs ie« 38ft 3746 X — ft 

1946 IS 0uak5O JO 44 13 217 lift 17ft 18 — 16 

12ft 646 Quaiwx 42 <1 0 7ft 8 + 16 

329* 33 Questar 140 12 » 191 30ft 29ft »ft + 46 

20ft 14 QfcReil J0O 1J 13 18 16 15ft 15ft + ft 


54 3J 7 
-92 24 15 

M 47 I 


.16 IJ 6 9 9 9 — ft 

L04 29 11 1107 34 35ft 3Sft— 96 
350 105 200: 32 32 32 +1W 

X12 75 £i 79 28ft 28ft— V. 

355 11.1 » 33 329b 32ft + ft 

J0 24 10 257 Bft846 Bft+ta 

« Tfc 3ft 3(6— ft 

54 3J 7 H ?5 1446 14ft— ft 

-92 24 U SB 35Vb 34ft 35 — 44 
9 MB Sft S46 5ft— ft 

M 47 I 618 1746 10 +16 

222 446 44* 4ft + It 

44 J 16 934 53ft S2Vb 53ft +1 

44 134* 13 13ft— 46 

140 40 15 2235 48ft 40ft 404* + ft 
M 48 56 175 lft 8ft 89* 

112 >20 17 17 16ft 16ft— ft 

IJSe 9J If a 13ft 1346 1346 + (6 
T3 45 1 2ft 12(6 124b 
88 3.1 14 164 996 946 946 

13 40 SH 846 B46— ft 

47 ft 4k 46 

JO 25 9 441 3246 32 32 — ft 

S 135 Sft Sft Sft— ft 

41 lft 146 lft + ft 

40 15 II 30 4tHb 40ft -47ft— 46 

5* 37) 9 199 1846 10ft 18ft— ft 

1/0 (I 7 74 3916 3846 30 — ft 

212 9 9 1 2146 2146 214*— to 

5.12 128 3 24V, 24V, 24V,— ft 

689*121 3 55ft 55V, 55ft— (6 


1 212 128 
1 JSe 9J 16 
T3 


rad 15 11 30 

56 XD 9 199 
150 A) 7 74 

212 9J 1 
3.12 128 3 

689*121 3 

184 58 7 304 

211 era 6 
-32 20 33 34 


1J4 5-4 II 1412 

jo 17 ■ a 

A0 11 10 214 
140 4J 10 1914 
4.10 85 152 

i« :» 7 bi 
AS# 68 6 

188 58 * 79 

180 9.1 33 

8t 1A 14 <25 
15 172 
1.12 38 7 42 

150 A2 15 17 

J4 3J 14 299 

220 IIJ 5 2E0 
284 7-3 9 70 

1XO 33 * 1953 
200 11 9 03 

8 114 


JO* 17 26 

44 

!7Vk 

jza 

.1 


159 

15 

86 

A0 

IS 

81 

ft* 




69 

2to 

84 

48 

7 

144 

14(6 

183 

A3 

12 

284 

259k 


80 J 1072 9ft 
287e 5.9 4 54*1 J9\6 
84 18 17 514 64ft 
11 259 
J6 A0 B 63 
irao 40 U 154V* 
iraab 2 j a 33 a 
80 28 H 27 
4 56 


9(6 + 96 

25ft 

Ml* 

24(6+ ft 
11 — ft 

34ft- ft 
lift— ft 
13 —1 
71ft— ft 
48 + ft 

34 + ft 
71ft— 1ft 
27ft- ft 
T9ft + ft 
24ft— Vi 
616+16 
29ft 

35ft— ft 
19ft— ft 
18ft 

33ft + ft 
30V, + Vi 
63ft— to 
43U.+ ft 
17 —to 
15 + to 
»to 

7ft -t- to 
Mto — to 
55ft + ft 
0ft— ft 
48ft— ft 
44 — ft 
14*6— 96 
(Sft 

25ft— ft 
479k— I 
21ft 

Kttfe + ft 


14ft 

Tft— ft 
a —ita 

Z7ft 

31 — ft 


Grad WMHm Fin *WJ4 12- 21-3 



Am 97 

9k Montreal 5’/> *4 
Bk Takvo-fla/90 
BalndasumSft+l 
OttcarpSiMcit-i# 
CeomeSft 9* 

Crag Notl Sire Sft+l.fs 
Danmark W98- H 
1 1.1.5 84 

KmedomBaMtum5-9< 
Uovo»5-W 
sndsftrasm 
York store 74+1/94 
Credit Fencer Sft+t 


10'. M-2 9M7WJB 
11*6 72-3 *955 ttJO 
to* IM ȣ0 
ftk 21-2 toJS WJ0 

« IM WOS^IS 

neS<v-9* Iff.* 71J ««75 99.10 the previous S3 wooki piira the current week. but not the iateif 

Notl SIM. Sftei.95 9<* *] ».l H4i Irodfna day. WhorU a Mil or stack dividend amounting 10 25 

narkevn-to eel 22-2 ta.77 99.92 percent or more has been sola the year's ntett-taw range ond 

5-94 lflft 15-1 99J0 n*5 dividend are shown tor the now Hock anlv. Unless otherwise 

dan Batetum 5 -« 10ft 10-1 9952 <KU noted, rateb at dividends ore annual dUOUTSemanls bawd on 

»$-** 9b 25-2 «U«?2S the faftrsl ctedorof ton. 

Sftraam m. ">l igws’.tns# 0 — dividend olaiexlroisl. 

itoreS’4+1/94 Bi IM 9953 99*7 0 — ortnual rate of dividend Dfui stock dividend. 

it Fencer Sft-99 In Ml] ta.73 BO c — Ikruidoflno dividend. 

cla — coiled. 

5ow>-ce Credit Sulssv-rirst Baton Lnt. d — new veort v low. 

dkm e — dtvidond declared or paid in Preceding 12 months. 

dividend in Conodian funds. suWocl la 1 5ft non -residence 

tax. 

I — dividend declared altar sot II -up or stack dividend. 

I — dividend paid fhta year, omitted, deterred, or no action 
taken at kdesf dividend meeting. 

k — dividend dedeved or PoM this *enr. an accumulative 

Issue with divldnvfi In orreorv 

n — new issue In the Post $7 wee* &. Tne ntah-low ranao begins 
1 ip with the start o* trading. 

uc rtd — ne*l dnv delivery. 

P/E — prlcc-eormnos rolm. 

r — dividend declared or ooid In or ecodlnu 12 mon t hs, plus 
„ slack dtvrdend. 

kflnCiS N V ' — Slop. SPUL Dividend boptns wltn dalo at saNL 

1 — dividend paW m siach in BTCcectna iz months. estimated 
I OO A lie Ct no -71 open value on e»-divi«end or e«-disiribullon dote. 

1984: U.5. $133.71. 

v — rradtnu h alted. 

«) — In nanfcriJPtCT or recatoeKMB or twin# rmratfatlrad un- 
r. , _ . dor ihc Bonkn/picy fl d. or securities owuracd by 9uch cam- 

dam Stock Exchange 

wl — when Issued. 

trrt — wlltl worronfi. 

kfrinq & Pitacson N_V_ 
it 214,1016BS Amsterdam. 


Oto 3396 SCM 200 48 9 76 4216 4196 42 — to 

43ft 23»? SFN 1J8 38 20 143 434* 43 43—96 

12ft 796 SL(nd« JBOZfl Id 4 loto VJto toft— V* 

30 !’ V > 5£?. Tec 83 O 11 906 71ft 2B 20 —lft 

a 15 5aMno JM J 21 in 1SH ISft 1596 + ft 

23 16 SabnRv 285eI68 194 T7V6 16H 171% + *» 

Uft lift 5 tad 0s J4 1J 14 479 1496 14 14ft 

10 5ft StadSC 79 42 7(6 7 716— ft 

27ft Wb Soncm * 19 293 9696 2$ 25 —19% 

, »ft nto Sertewv 180 5.9 9 5W 2796 27 7716 

35ft 2496 Sana 84 18 13 2S6 339% 27ft 31 — ft 

20 ISft SlJoLP irao 88 7 17 1916 19 19 

!2?% * SPaul IJO IM W7 1« ta 10 — to 

12ft 4ft 5olcn/ e 7 7 7 — to 

34Vb 21 SatlloM .16 8 14 320 aft 25ft 25ft— ft 

23ft 179% SDIeGs 210 9J 7 175 22 2396 Sft- ft 

10ft 6ft SJUOnB 82*129 9 665 Tft TVb 7ft- to 

51 Uft Sa/tt r 5 86 18 14 885 35to 35to 3Sft— 9% 

24ft 1896 SAnttRI 184 9J 12 17 21 2Bft »ft 

7t*i zaft sfosop irae u to 3101 isto zsu. 25ft— 96 

Vi UV4 SDtWet 180 O M 4C 33 22ft 32ft— to 

17ft 12*6 Saul RE 30 is 44 5 17t6 17ft T7ft + ft 

19ft 12ft SavElP 180 88 6 78 18ft 17?* IB — to 

lift SovE Pf 12S 128 17 ,0ft 10ft 10ft + H 

Bto 34k Savin 514 596 5 5ft + '6 

11(6 Sft Sovtnpf 180 ISJ 1 10 10 TO 

Oft 1P4 SCANA 135 U I sn ZM DV, 23V,— to 

40 33 SCftrFW TJB 4J TO 722 36ft Sft 36 

55 3Sft schimb la) u u M7 an 37% J — to 

JSft 7V. SOAK .12 18 19 (IQ IIP* TO’A 10ft— 16 

29 19(6 scnclnd 76 1) II 233 2$ 24ft 30% + to 

59ft 39ft ScofFef 180 XI 30 64 Sift 50 SBft + ft 

3496 2S'u SOBttP 1.12 3J 10 546 33 341% Sft— ft 


to — to 

7 — ft 


40 33 32ft 32ft— to 

5 1716 17(6 1716 + 96 

n 18ft 17ft 18 — ft 

17 I0*b 1096 10*6 + 96 
514 5ft 5 596+ (6 

1 10 18 TO 


42ft Jlft Penwit 220 5J W 226 39ft 38ft W*— W 

24ft 20 ponwpf 180 78 37 23 22ft 22ft + ft 

4596 30ft Pemuof 22058 10 121 4496 44 44— ft 

15ft 9V6 PeapEn 18* 78 7 256 15ft 15ft I5to— ft 

33 ft 23ft PepBov 8 U U 3 29ft2S>ft29ft+1i 

4596 34ft PepsiCo 180 40 20 1195 42ft 41ft 42 — ft 

511% 17ft pert. El 86 21 16 1489 26V, 26to 26ft + ft 

Iflto Tft prmtan l-22el5-5 7 K 1 n Tft + to 

18to 17ft Pdl-yDr 20 18 13 45 17ft 17ft 17ft— ft 

37V, 26to Petrie 180 48 14 104 32 lift Jlft + ft 

32ft 2616 PriRs ISSelJra 56 Z7ft 26ft 27ft + to 

17ft 14 PefRSPf 187 108 4 14ft 14Vl 1464 + to 

Bto 49% Ptrlnv 103e2M 20 4ft 4ft 496+ ft 

42ft 2*ft Pflier IJ2 13 IJ 3269 42 40ft <0ft— lft 
2716 12ft PrrefpD 233 lift 13ft 13ft 

48ft 34 Phelnpr 580 138 4 36W 36 3616 + ft 


34ft 25 ft SOBttP 


341% 3416—9% 


Sales iVouros ore unamual. Yearly hlatis ana low* retleo 
e previous 52 weeks oius the current week, but not the tatesf 


JARDINE FLEMING. POB 70 GPO Ho Ko (wi Tweedy .Browne n.v Closes % 183887 

— lb > -I F Janan Tnjsl. — Y 4786 Id 1 UNlCO Fund 

— (b I 3.F Saulh East Asia $27 >8 Id 1 UNI Band Fund _ 

—lb 1 J.P japan Techno lag* Y 21721 (b I UNI COWHoi Fund 


NIMARBEN 

— fd I Class A 

— (w i class B - U J 

— 1» 1 Class C - Joann - 

g«8«SE NASSAU GROUP 

Pfl SS57E. Th* Hoove 10/01 469670 


s SM (wl United Can. Invr. Fund Ud 11.22 

*A50 I w) wedge Europe N.V S4850 

iwl Wedge Japan N.V. S 8117 

Iwl Wedgp PocHIc N.V. S 57.15 

*«rrS (wl Wedad UJ. N.V. S52I7 

*79^ imi t»(ncsie8i*T Financial ud. 1X51 

.9 7900 (m) Winchester Dtvaninedwe *1987* 

Id ) World Fund SJ 1 io_n 

fwj worldwide Securiiles s/$ 3to_ *40x5 
I w; war id wide Saeciai 57S 2v* . 1 1887.13 


r i 


Lutecn c BF e ~ 8 ^' S " um Pr«WSi FL - DuKD Florin; LF — 
• SF T S** 5 Fiona; o — asked; + — OHer Prices :b — bh) 
SHFa^rimlh 5* f - l ? ll; N C.-N 8 tCrammunlcaf 0 d:o- 

S,ock Sf*!* - Ek-Dlvldend; - - Ev-Rfs: — — 

‘."S?* H JSZ‘ V, ""OwnW-Pt***- 6 A -Coupon i *• — Fornwfly 
SJJSJ, 1 *! W jr Price IMI. 3% aralim. charoo: ++ — dolly stack 

Dr*ce os on Amsterdam Sroct ExaionK 


Weekly net asset value 

Tokyo Pacific Holdings N.V. 
on December 28, 1984: U.S. $133.71. 

Listed on the Amsterdam Stock Exchange 

IntafRiatiaasPlefSOR. Netting & PtenonN.V_ 

Herengrjch: 214, 1016 BS Amsterdam. 


27ft 12ft PftofpD 233 lift 13ft 13ft 

48ft 34 Phelnpr 580 138 4 36ft 36 3616 + ft 

3«4 2 pft PlUbfB 8* 18 9 6613 31ft soft SW— 1ft 

16 9 PDlloEl 230 MJ 6 1345 15 WftU+to 

TSZ+ft 29ft a Phi IE Pf 280 138 TOO: 27ft 27ft 27ft +1 ft 

«a _2L 33 25 PhllEnf 480 (AJ 11(K 30 JO 30 — Vfe 

Sto_ S 34 25ft PhflEPf 488 148 33Bt 32ft 31ft 32to— to 

S2 " 50ft 40 PhNEPt 780 1 A0 WCU SB 50 50 

,32 62ft 50ft PhllEpf A7S lil 40: 50 SB SB 

1,2_ I* 10ft 6ft RlJIEpf 181 138 22 Tft 9ft 996 + ft 

S5ft 43 PWIE Pl 785 118 IJB: 529* S2ft 5296 + to 
S% + v* 10W 696 Phil Epf IJB 128 41 99* 91* 9ft— 1% 

30ft — ft 1169*97 Phil Pi tJ.W ISA 106: 111ft Ulto Ulft +1 

£ 106ft 87 PhdE PtlSJS 1A5 20:105 IQS 105 +196 

a _ 2 72 55 PWIE PI9J2 1A2 20: 67 47 67 — 96 

as _ E 50 44 PWIE pf 780 148 ISfa 5J 53 54 +19* 

56ft 40ft PhllEpf 785 158 100: 51ft 51ft 51ft + ft 

20 15ft PhllSub 1X2 78 II 32 T7ft 17ft 17tfe 


50 44 PMIEpt 780 148 ISb S4 53 54 +19* 

56ft 40ft PhllEpf 735 158 100: 51ft 51ft 51ft + ft 

20 15ft PhllSub 1X2 78 IT 32 1796 17ft 17VS 

B3ft 62M PtillMr 380 48 TO 1753 0D9* 799* 79ft— 1ft 

17ft IIP* PhJlpin 80 28 10 276 17to 17ft 17ft_ ft 

56ft 33ft PMIPel 240 58 610871 44ft 43ft 43ft— 11% 
28ft 16(6 PhllVH 80 U B 128 24ft 2396 2416— ft 

39 27 to PledAvl J8 8 T V2B6 35ft 23ft 34 —2 

32 2396 PltNG 222 7J 7 42 31ft 31 31 — ft 

21 14 Plefl 4 3 IS 14ft 14ft 

45ft 33 Ptfsbry 786 U 10 5Q3 44to 44 44 — to 

33 2196 Pioneer 124 A1 7 1317 31(6 a 30(6—1 

3996 17 PLom-EI .17r 8 42 36 211* 91U 3116 + 9* 

36<6 26ft Pllrrrfi 184 38 10 3«6 35ft 34ft 34ft— ft 

72 53V. PllftB Bt 212 21 B 70 69 69—1 

16fe 996 PlttSftl 177 9ft 9ft 9)6— to 

1796 896 PtanRs JO 18 11 240 13ft 1396 13Vfe— 16 

2*Vj 12ft Ptantrii .16 U 12 27 13V. 13to 13 Vb 

13ft 7to Plavtxrr 3 6 Uft 11 11—16 


33 & T 1726 35ft 33ft 34 —2 

232 78 7 42 3191 37 31 — H 

4 3 IS 14ft 14ft 

786 U 10 503 44to 44 44 — to 

IJ4 A1 7 1317 31(6 X 38(6—1 

•17r 8 42 36 211* 2116 31(6 + ft 

184 M 10 ft 35V, Mto 34ft— ft 

212 21 B 70 » 69 —1 

177 9ft 9to 9)6— to 
JO 18 11 240 13ft 1396 13Vfe— 16 

.16 U 12 37 13V. 13to 13to 

3 6 lift 11 11—16 

182o 48 11 13 2396 23V. 23V*, 

80 38 16 149 11 to 15*6 15ft — ft 


15ft 
2ft 
14(6 
ny. 99* 
X 23V* 
3(6 15ft 
36 2S*i 
17 81% 

43ft 32 to 
43ft 259* 
S3V* 32ft 
1896 1516 
Uft 2 
47ft 30ft 
20ft 2D 
27ft 1416 
9 3ft 
3096 31ft 
33 24'6 

20ft TVfe 
59V, 43ft 
52 34ft 
15ft 7ft 
10ft 6(6 
33ft 23»% 
34ft 19ft 
19ft 14 
23 14ft 
Xft 28V, 
15ft ID 
56ft 37ft 
38ft 25ft 


Sis. Claw 

Cm., rii pg ioas ftigii Lcn cuot.qiae 


» — to 

39ft 

95 +lVa 
29ft— 16 
10ft + ft 
1696— ft 
10ft 

3ft + ft 
399*— ft 
1PA— ft 
» 

ffft— ft 
64ft— ft 
31ft— ft 
99to— to 
S1ft+ ft 
13to— to 
23ft— 9* 
1396+ ft 
19 +ta 
Bft— ft 
Xto- 96 

»ft+ ft 

*596- ft i 

1296 

1696+ to 

3296— ft 
56A.+ ft 
29ft— ft 
28ft— (6 
16ft + ft 
1096— 1% 
Sft +1 
54 —1 
34ft— ft 
33ft— Ml 

14 
23ft 

35ft— ft 
20to— V6 
27 — ft 
42to— ft 
2Sto+ ft 
7to + ft 
229. 

18ft— ft 
Sft— ft 
36ft + to 
2396— to 
261%+ 96 
27ft + ft 
lift— ft 
696 
22 

15to— ft 

U 

70ft 

20to + ft 

20ft 

lft Uft— to 
ft 22 — ft 
to 4196— 9% 
3396 

39 — 9k 
5296 —71* 
209k— 9* 
1896+96 
Uft 

Sft— 1 . 
41 to — to 
7496 

18ft + ft 

15 

249*— 19% 
29ft— ft 
101%+ ft 
179% 

3 

17 +96 

10—96 
2816 

1796— to 
29(4 + 96 
10ft 

39ft— to 
31 — ft 


a* 3ft 
80 28 9 94B 40to 

IB 37 17ft 

M \J U 3* 24ft 

180 38 B 362 26 

82 8 22 3522 65 

136 SO 8 3570 Uft 

AJBo 67 5 991% 

2A4 47 7 *65 Sift 

10 19 139k 

M 18 15 111 28ft 

72 53 14 129 139* 

80 28 7 210 

200 26 10 45 

2i2e 78 4 *32 

70 25 7 643 

180 48 145 

76 27 10 157 

B (42 

A7 12 5 

98 7 77 

21 U 475 
73 6 

3 13 687 

12 1 

38 23 95 

21 10 111 

D t « 

IJ U 43 
29 13 327 
58 6 691 

11 1143 

9 63 

30 
3 

8 34 

10 St 

a 2705 

13 17 

7)8654 

6 4103 

7 10 



i jo era i3 >46 
S-6G 7.9 B 1351 
83 28 14 2*5 
188 98 8 149 
S3 38 26 79 

23 77 


Growing with 
the need to manage 
our water resources 

Products from several Ametek 
Divisions are used to manage 
the capacity of deep wells, help 
farmers reduce irrigation 
needs and provide clearer, 
better tasting drinking water. 
Write for latest repo its to. 

AMETEK 

Dept. H, 

410 Park Avenue. 21st Floor, 

New York. NY 10022. 


12 Month 

HfrhLnw Stack Diy.Vld.PE 

71 60*6 VaEPPf 284 138 

7796 6Kfe VaEPPf 975 138 
62ft 52V, VoE pfj 772 121 
SJ»% 47V* VaEPPf 7 JO 127 
2B9* Uft Vtanay 189110.1 11 
38ft 25ft vara ad 13 

7306 58 VuienM 284 38 10 


Sta. Ctase 

lBhHwiLow fiwtgrB 

2004 68 6796 <8 +2 

TS* 75(6 75 7516 + 96 

90* 59 59 59 

4fe Mto Mto Mto +196 
31 189% IBM* 10ft + ft 
St 359* 34tfe 34 to— 1 
56 6996 6896 0096— 9% 


27ft 20ft WICOR 230 08 6 U3 27 

2996 209* Wocftvs 82 37 10 462 2Sto 

2Sto 16ft Woddlt 80 38 K) ,12 171* 

99* 6ft Walnoc 119 1(7 7ft 

1 38(6 WalMri J1 8 22 2345 3896 


269* 

21ft— to 

8 10 12 179* 17 17V6 + to 

119 1(7 7ft 64* 70l + to 
8 22 2345 3096 37ft 3896+ to 


45(6 2W* Watara J8 10 10 M4 8SH 44ft 44ft— to 


180 28 r 425 4lto 4IM 41ft— to 

184 108 14 £0 10 17ft 17ft 

1657 Jto Sto 29* + to 

-40 .9 409 46ft 459k 459k— ft 

151 »to 20to + to 

80 58 9 IS ISft Uft 14ft— ft 

11 496 4to 896+ to 

(JO AO 4 574 30 25V; 2996— ft 

88 18 20 35 29(6 29ft 29V. + to 

59 Oto lft 8(6 — to 

230 11 11 404 46ft 44ft 44ft— lft 

180 A1 13 201 44to 44 441%— ft 

17 162 81% 8 Bto + to 

9 6 69* 696 0ft 

88 22 11 448 32(* 3IV1 31 to— to 

82 IJ IJ 825 34 3Jto 33ft- to 

.90 58 10 14 15ft 159* 159* + ft 

1X6 58 11 350 19to 19to 19to— ft 

240 78 B5 32K32 121% + to 

18 I 11 12 11 +U 

180 38 12 675 4B9* 47to 47V, —lft 

J6 1.1 15 591 34(6 31to 33V, — ft 


22ft 15ft WkHRSDlJO 200 18ft IBto 18ft + V% 

32V6 2396 WoJCS* 85 18 10 28 3)to 31ft 31ft 

32ft 22 WaHJa 170 38 7 240 Jlft 31 3Tft- to 

996 Tto Wottjpf 180 118 210, Sft 01% 0to— ft 

4Z96 29to Wait) Pt 180 38 8 42 42 O 

28ft 18 wamco 88 48 7 7S6 IBto 17ft TS to + to 

299* 17 WrnCm 971 20ft 20V6 20to + ft 

36*. 28ft WomrL 1AB A4 12 1990 34ft SJft 33ft— ft 

IBto 1496 WasNGS 1 J6 &5 7 315 1990 II 18ft— to 

20ft 159% WtaiNat 188 58 11 29 2196 21 to 2lto— 1% 

209* 16 WstlWT 248 1X4 7 196 1096 lift 101% 

47ft 27ft Waste 80 18 14 557 Alb 

27to IB Watfcjs 22 \A 13 137 2216 _. 


88 22 11 
82 12 14 
.90 58 10 


47ft 27ft Waste 80 18 16 

27to IB Watfcjs 22 18 13 
13ft Sft WavGos JO 21 10 
10ft 4 VitaonU 
12 9to WeanPf 
24 v a 121% WatttO .158 J 14 
37ft 29ft VtetaMk 84 1 J 14 
4996 3016 WoltsF 116 A7 7 
28ft 22(6 WelFM 280 108 11 
IBto i3v* Wendy t 20 17 u 
309% 16(6 tttaatca 84 25 9 
53to 3496 WsfPTP 270 68 6 
1246 99* WsTctTn 184 
5V6 2ft WnAbi. 

216 96 WTAtrWt 

8(6 WAb-pt 280 188 
Uft 4 (WCNA 
109 81 WPoel 

3996 Bto WUnlon 
K 269* WnUnpI 
9ft Sto WnUpfS 
I Jto 5ft WnU PfE 
209* 8 WUTIptA 


188 58 11 29 21ft 2l(fe Tito— ft 

IM 1X4 7 196 1096 Iflto IBto 

43ft 43ft— 16 

_ 21(6 22(6 +1(6 

JO 11 10 I 9to 9to 9to— (6 
ti » Sh Sft— to 
S 11 II 11 

.158 J 14 165 21U 20ft 20ft— ft 

84 1 J 14 21 3716 30ft 3696— ft 

LI6 A7 7 024 47 46ft 46ft— ft 

180 108 11 4226 25ft 26 + ft 

7H IJ U 090 Uft 16ft 16ft + ft 

84 25 9 122 17ft 17to 1796 

TO 6J 6 717 30(6 3596 36ft + ft 

84 4 lift lift Tift + to 

149 3to 3ft 396+ to 

7 to ft ft 

180 118 10 lift 11)6 11)6 

217 49* 4ft 4 to— V* 

6 1 IMFkilOOft 100ft— (6 

I4*B 196 0ft OKI— 16 

801 3 I Tto 27(6 WO — lft 

67 396 396 Sft + to 

57 6(6 6 6 

32 1(6 lft Oto + to 


Mto 24 TECO 270 78 8 1*6 

15to 79a TGiF IS 149 

14(6 lift TNP 1.19 88 7 28 

36 17 TRE 180 58 14 18 

Bl 559* TRW 380 Al 18 404 

I79to!34 TRW Pi 480 18 2 

•14V, ivs Toe Boat M 

70 49 '6 ToffBrt 1.12 IJ 13 20 

15ft 9ft Talley IB UC 

17ft I3to Talley pf 180 63 33 

61ft 40ft Tanttrd 3J0 &8 12 39 

439* 23(6 Tandy 9 1319 

)6to lift Tnaycft 12 i 

78ft Sift Tekirrut 180 18 8 293 

Jto 21% To I com 5 24 

302ft 147V. ToWYn 13 289 

SQft 13to Telrdle J2 1.9 25 125 

3616 Uft Tele* 12 798 

17ft 759* Terrain Jo 13 W 499 

44ft 329% Tendon 292 78 a 2131 

399* 21U Terdvn 14 463 

209% gft Tosorn 88 A1 17 85 

3*9* 2076 Tenor pf 216 KL2 62 
489* 31 to Texaco 380 BJ 8 2293 

42ft 3396 TxABc IJ2 48 8 07 

48 V. 36% TekCm 186 AO 7 BIS 

35to 26 (% TxEst* 220 78 9 369 

58 52 TxETPf 6JBell.9 SOI 

* Oft 25 Tnlnd 80b 29 16 1)1 

149to 11196 Tea Inst 2J0O IJ 9 721 
Sft I Texlnl 293 


U 463 
M 4.1 17 85 


2 TV, 11 TexOGs .18 18 11 242D 

39 X TfcPoc 80 IJ 17 14 

2 8to 2096 TesUtll 236 9.1 6 1483 
8(6 2 Tend In 6Q 

43to 25ft Textron 180 58 12 721 

9ft 51% Thocfc _ 21 

22ft 139* ThermE 23 48 

38- 28(6 ThmBIS 1J4 38 14 124 

Thamln '88b 38 18 7 

Thm/Aed 80 28 7 87 

Thrifty 82 28 U 591 

TMwtr JO 48 236 

■i> Tleerln 218 

3396 Time J2 IJ 13 875 

12 Tlrnplk 19 434 

2BI6 TlmeM IJ* 36 II 1295 

49 ft Timken urn, 38 12 107 

2B96 TodStTD 1J2 A3 4 140 

31 2216 Tofchm 80 27 10 21 27ft 

ISft 139* TalEdls 252 148 5 194x lift 

25ft 34ft TotEd pf 3172 IA6 1 25to 

2»to 22 TolEdPf 3L7S 1A7 27 2 Sft 

259* 2D Tat Ed Pi 387 148 15 Mto 

32 251% TolEd pf 47B 148 3 Ito 

TBft 13ft TolEdPf 21* IA1 5 Uft 

17ft 13to TotEd Pf 221 UO 11 15ft 

48ft U Tonka 80 J 4* 43 

Toot Rot 88 18 11 14 30ft 30 

Trciims 180 37 11 377 31(6 31 

TaroCo 70 18 9 Wl 13ft 13 

Tosco 19* lto 1 

Towle 33 12 IT 

Towtopl 84 53 1 896 I 

ToyRU 21 3149 3966 30 

TorR tel 93 - — 

Trocar J4 U 13 293 

TWA 8 334 

TWApf 235 167 227 

TWApfB 2.25 118 42 

Traram 18* 62 13 *07 

Tran Inc 222 11 J 30 

TARIfv 1800 88 I 

Tramco 284b 48 9 193 

Trnscpf 387 69 21 

TranEx 220 107 206 

Tr aracn 5 29 

TrGPpf 685 93 Ifa 
Trtisotl 19 26 

Tronwv 180 SS 9 23 

Tnmtd .40 18 18 3*20 

T**k> wtA 156 

T *vW pf 200 7.1 3 

Tydd at 1J0 IIJ 155 


29ft 29*6+ to 

Bft 596 + 9* 
13ft 1316 + to 
19ft 20 
71ft 72Vi 
(Sftlffift— ft 
4(6 496+ lb 
00(6 40(6—21% 
13ft Uft— ft 
16(6 16(6 + U 
5*ft 5*ft— ft 
24 249*+ (6 

12ft 12ft— ft 

2ft 2ft 
20*62*496 — lft 
1616 16to + 16 

Sift 31 +ft 

9ft 9ft— to 
21to 21ft + to 
34 34 - to 

32(6 33(6-1 
3Sto 39 
» 29 —»fe 

SJft 53ft+ 16 
27(6 27(6— to 
117961179*— 1*6 
11% 1(6+ Mi 

(Tft 1796— ft 
31)6 31)6— 4k 
25ft 26 —ft , 
Tft 216+ ft i 
33(6 33*6— to 

19** 19* -1 | 

31ft 34*6— ft ; 
18 . W — ft 


20ft 1 Pft WstaEs 180 38 9 2610 2*ft 25ft 20 — 1% 

40ft 31ft Vtastvc 1J2 3J B 90S 37 35 35ft— lft 

3Sto 25 WerertI 1-W 44 16 3704 29ft 29V* 29ta + 9* 


45 349* Wrvrpf 280 78 

X9a 439% Weyrpr 480 98 
92 74(6 WhsILE 575 78 

Sft UV, WhelPH 
43 31ft «9hPifpf6J» 17.1 

3B 25 WtlPttpl 580 188 

50 3*ft WMrtpi 780 A3 
47V, 74V* White 180 58 
4196 179* WtlUaM 
22(6 14ft Whfftafc 80 28 
9 69* WMNdl 58 

I Oft 8 Wlltrd n 


76 39ft 391% 39ft— ft 
14 47ft 47ft 47ft + ft 
20z B2 B2 82 +lft 
50 13ft 13ft 131ft + ft 
30: 35 35 35 +1 

3001 2*ft 26ft 20ft— ft 

5*4 46ft 459* 46ft— ft 

29* 291% 2896 29ft + ft 

50 22to 21ft 21ft + ft 

240 23 71ft 21ft— to 

W ■ 7*6 0 + V. 

6 9*6 9*6 9ft— to 


31ft ZH6 William 180 47 7 1123 39* 29ft 29ft— 16 


lcn* 2 WlbnEI 

10ft 6(6 WHshrO .10 18 17 


2 ft 2*6 2 ft 
*96 *ft Oft 


25ft WlnDIx 188 52 11 103 32V, 31ft 32ft + ft 


ISft 7ft wiratte .io* 3 
15ft Sto Winner 
10(6 3U Winter J 
3Jft 25(6 WtScEP 228 7J 
00 59ft WISE Pi 775 11 J 
259* 231% WtsGpf 285 107 
30to 259* WIscPC 280 07 
Bft 24(6 WfacPS 256 02 
39ft 279k WHO, 180 AS 


.10* 7 13 1B31 


1031 15ft UVi Uft— 1 
112 6)6 6ft Oft— (6 

38 4ft 4ft 4ft + (6 
22* 2196 31ft 21ft + ft 
20* 65 65 65 —1 

I 33* 2344 33* 

307 299* 29ft 29ft— (6 
287 3196 309* 31ft— to 
52 34 33(6 3316 — 9* 


179* 9ft woivrw 74 23 14 13* 10ft 101* 1096— ft 

27ft 10** WOOd PI 72 38 14 S3 209* 209), 209* 

38ft 29ft Wafwth 180 49 9 124 37 369* 37 


5V. 2ft WridAr 

*0 45 wrtoly 
Bto 3to Wurttzr 
»1* HP* WvleU, 
30Vj left Wynns 


32 22 10 

80 13 7 


124 37 3*9* 37 

1) 2ft 29* Tft + to 

37 *1 5996 

13 3(6 3ft 

630 14)6 Uft Uto— 16 

96 19(6 1U* 1096 + ft 




15(6 15(6+ to 
19ft 19ft 


,« me-W^IT 

(73 43ft 42ft 42ft— ft 
434 109% 10(6 10(6— (6 
2*5 Oft 38 38 —29* 

107 52V, 52 52 

140 31 Vi 309* 30V*— ft 
23 27ft 279k 27V, + ft 
IMx 10V. 17)6 18 — to 
1 25V, 2Sto 25V6 + to 
27 IS* 25V, 25V, 

15 23ft 23(6 23to— 1% 
3 2*ft 299* 2996 — (6 
S 1*9* 1*9* 1*9* + to 
11 1591 ISVt, 159* + 9* 
66 43 41V. 43 +2 

14 30ft 30V, 30ft— ft 
377 31(6 31 31to 
W 13ft 13 ISto + ft 
IM lto I lto + to 
33 12 11)6 11)6 + ft 

1 8 (* B9* Sft— 9* 

149 39U 389* 3896 

■ ' 2 Sto 25ft— ft 

ZSft 30 — (6 
IBto lOto— (6 
13*6 13V, — to 

20 30* + 96 
2b 26V. + ft 
184* 189* 
lift lift 
Sift Slto— 9* 
55ft 55ft— (6 

2 1 7Tto— to 
Oto Sto + to 

7ito 71 to— to 
9V* 9(6 
32ft Bto— ft 
29 29V. —lft 

131% 1316— lto 


Slto 33ft Xerox 3J0 7.9 II 2041 38 379% 37ft 

50to 45to Xaraxpf 585 IIJ 39 48to 4BV, 48ft + ft 

30(6 19 XTRA 84 29 9 44* 2316 2Jto 221%— lto 


319* 24 ZaloCP 1J2 X1 824926 2Sft 26 + ft 
24 19(6 ZoMdtA JD 29 3 20V, XV- 20ft— 1 

3fto 15(6 Zapata At S3 13 75V lift Uft 16(6— ft 

49 28ft Zayre 80b J 12 431 44ft 4316 83*6— 1ft 

389% 19ft ZenltaE 7 470 20 I9to 199* 

Bto 10 Zero 80 17 )7 225 Z3ft Z39* 2396— to 

30to Zita Zumln 1J2 81 11 86 Uft 259* J5to— to 


NYSE Highs-Lox's 


AmStornfA 

BefcrarlndPt 

CIIILf 4 50p 

DrextrtBdF 

HlltanHtl 

IntWorth 

T. tower Co 
MooreCp 
PotEI 2 44Pt 
Scott Paper 
Temple InW 
WripJey 


AMI Inc 

Hau*MnG4» 

TexArnBnch 


Amsted 
CNA Fbil 
ClartPnHm 
EnnhjBF 

Hofrilnv 

JerCe B 12M 
LHHnn 
NBD Banco 
RltyRetTr 
Saavil 2 50a 
UnEI 4pfm 


Am foe Inc 

OverShlp 

TxPacLd 


AndrsCiay 

Carnatn 

GbISO 1525p 

GnDvnam 

IdcttoPw 

Jastfcns* 

WWtotMS 

Omarklnd 

RIwarOaKn 

StPacCp 

UnEIBpIL 


Asdrco inc 
PoooPnocI 
Warnaca 


Ara Corn 

CenHudGas 

ConAaras 

HanJhn Inv 

IiiPw4 20pt 

Key Banka 

MlchCG31«p 

Ptilllplnd 

RollbisEnva 

Strut MW 

Wotanwn 


BcJfyMta 

Sanderas 


1J2 53 

9 

959 3 

lft 36*k 

I? — ft 

SSK322 


328 2 

to 24ft 

251%+ Vi 


W 

63 i 

ft 6 

Oto 

80 28 <40 

9 1< 

ft 16ft 

16ft 

180 37 



269* 

2696— ft 

84 25 

11 

1043 3 

(6 33Vk 

339*— ft 

.1* 26 

29 

26 i 

ft Ato 

Ato 



282 1 

1696 

Uft— ft 

.100 8 

M 

4 l: 

Vt 1596 

I5to+ to 

UQ (03 


* IS 

lft (OV. 

10ft + v* 


TucsEP 240 4J 9 
TutUM 83 48 9 
Td1«l>i 80 47 10 
TycoLfi 80 38 f 
Tyler 70 24 0 


20 UAL 80a 1.1 4 1112 
34 UALpf 240 78 44 

7ft UCCEL 30 *S 

16ft UGf Ui M 12 28 
left UGf Pi 275 111 «50x 

3 UNCRa 291 

10 URS 80b 38 13 12 

179* USFG* 200 77 B 1100 
45 USG 200 5.1 A 11*5 
40to USGpf 180 38 I 

12ft Uni Dm 80 28 0 63 

lift UniFrjl JO (J 13 1? 


12ft UnJDviT 80 28 0 63 

lift UniFrjl JO (J 13 19 

75 UnffNV A30e A* S 79 

Jlft U Camp 8 184 48 18 471 

27ft UrvCarh 280 97 13 3338 

4ft Uni OOC Bl 

12 UnElec 172 108 * 1131 

Mto UrEIpMMJO 113 35 

48to UElPfL 9XO lira 15tt 

181% UnEI Pf 198 111 29 

131% UnEI pf 213 137 2 

191* UnEI pf 273 111 1 

49 UEIPtH MO 138 390: 

34(6 UnPoc 180 48 14 2619 

83 Ufl Pc Pf 7JS 7.9 SO 

9ft Unitary) 83* J S <07 

53V, Unryl M 880 127 «fc 
Jft UnllDr 52 9 

l UA. UnBritt B 124 

9ft UBrdpf 12 

30ft ucnrrv .u jin im 

33ft UnEnra 288 9.1 12 187 

9 Ulltum Z0O 1AB 2 135 

19 Ulllunf 3J7 1*8 I 

17 11 UllWOf 270 lira loot 

2S 29V* UIIWVl 4M 1*7 10 

13ft 10 UllkfPl 1J0 157 68 

35 15ft unitlnd 82» 27 II 304 

Uft 25 V, UJarBfc 18* 47 ■ 28 

9ft UldMM 8 1* 

25 23 UsatrG .13 8 7 1SB4 

13 51% USHam 1014 

38ft USLea* 

23 usaioe 
22 USStoOl 
49ft USSIf Pf 
1159* USSIIor 
22ft UOSTTPf 
□lto US Too 
55ft u swear 
Uto (JnTcflf 
27ft UTdiPf 
1796 UnITel 
21Vk UNTW 
12 UWR S 
72 Unitrda 
l«ft Untvpr 
IBft UnlvFd 
ISft ULoofi 
30 Unocal 
45 Uplettt 
23to USLlFE 
25 USLFPt 
Sto UdfeFd 
30ft UlaPL 
319% UIPLpf 

zito UIPLpf 

17ft UIPL pt 


30to+ to 
ITVk— to 
27ft 

22ft + (6 
9(6 
1196 

27to— 96 
5916— to 
S3 


552 YLE¥° *■» « 

23f% Sto Votora 
76 14 Voter pi 384 323 

to 216 Votovln 
Mto I4to VanOra .92 48 
71* 3v« varco 

^ vSS" 40 48 

s 'S«S x “ 
'S"S 


||=S Inquiry Is Asked 
II;; Of Ex-Officers of 

Uft 144* 

- - - - Bank Bumiputra 

Htai to Robert Mahoney 

27ft Reuters 

+ u KUAL^ LUMPUR — An inquiry into Ma- 

27 to_ 9 * lay.’toa's biggest banking scandal Wednesday 
gv— to odled on the authorities in Hong Kong and 
w* + (6 K uaia Lumpur lo investigate aUegai ions of cor- 
sn% + »* ruption against former senior executives of 
5 Bank Bumiputra. 

if 11 - t% Jn a released by the Ministry of Fi- 
» + to nance, a three- man committee detailed pay- 
229 *— 1 * ments made to named employees of Bumiputra 
w Malaysia Finance, the bank’s Hong Kong sub- 

2£_ ft sidia O' 

«to- to BMF paid out SI billion between 1979 and 
6i —1 1983 in bad loans to property developers such 

to£ + * as the now-collapsed Caman Group headed by 
aoto— to George Tan. 

aw! S The inquiry team, set up a year ago under 
Sto + to Auditor-General Tan Sri Ahmad Noordin. said 
Sta + 5 )l had prims facie evidence of corruption and 
SiSz ft criminal breach of trust against bank employ ees 
ct+ (% und other*. It urged Malaysian police and the 
^ + v, Hong Kong attorney general to begin invesiiga- 
34to lions into its findings and lo charge those re- 
^Sz’i* sponsible. 

jgv,— The release of the 33-page report came as 
2 *h~ Bank Bumiputra 's new executive chairman or- 
7Wk * *■ d«ned a temporary freeze on all loans by the 
w** + to bank’s overseas brunches. 

£ Tan Sri Basir Ismail, who look over as head 
15 ft— to of the country's largest bank on Monday, said 
to* -v ft the freeze would last while the bank worked out 
I?*— w new lending limiu, and guidelines for its six 
foreign branches and two representative offices. 
Mu,— 9 * The bank also planned a major review of ail 
“to senior staff, he told reporters after chairing his 
In* + * firsi board meeting. 

iv2 + £ Mr. Basir replaced Nawawi Mai Awin as pari 
of a boardroom reshuffle prompted by the stale 

— — I oil company Peironas. which rescued the bank 

S w to “to + ft lasl September. It look over Bank Bumiputra’s 
3Ai 313 « l lft 'Sto ’k* + to en . li T c *? on S debt and pumped in S130 

.« as • n sow iw* 2 oft jt- to million in cash in return for a 90 percent stake. 

■2* >2 399 37H ^ 3raS- 9% Tbe Ahmad Noordin report detailed pay- 

5 «,S SSIStaS =5 011:015 ftxeived directly or indirectly by four 

ijobiio 29 low 10 " io 1 * - executives from George Tan and compa- 

82 u ta 5*5 32 ft 329* 32** + i% nics within the Carrian group. 



ISft 

8i(%+ ta 
359*+ 9* 
37 + Vi 

41fe 

14 — to 

ao + (% 

99 +1(6 

229*— 1% 
i*ft— ta 
321% 

999* 

4816— 9* 
92ft— to 
13ft— to 
65 —I 
3ft + ta 

10ft + ft 

30V.— ft 

37V. + |% 
13to— ft 
34ft + ft 
141% — Hi 
14ta+ ^ 
Ijto— to 
19ft— ft 
32ft + to 
15ft 

J3ft + to 
Oft 
34ft 

25to— lto 
25*6—9* 
soft— to 
128 — to 
34ft 

atft + ft 
70to 

36ft + 9k 
33 + to 

22 — ft 
36ft— V* 
ISft— >6 
3616— 96 
IB + ft 
2M 

in.- i% 

35ft— 11% 
69 —IV* 
33 V,— 96 
33 
9ft 

221* + U 
239* 

24i% + to 
199>+ (6 


13 7 378 26ft 25ft 24 to— to 
622 6ta Oto Ota + (6 
a 17 17 Uft 17 + ft 

« Tft 2V, 2ft + 1% 

2 6 n 38ft 19ft 20ft + to 

I 3ft 39* 2ft— 1% 

^ » »» 3M6 36 Mto— 9% 

j a as into io io — (% 


r« w 

1 'Vi’i 


V 

: -<f-_ . 























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Page 9 








.• s ' i 
. : 

‘ * t 

■ *!'"• ■ i 


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business roundup 

Coleco, Seeing Losses, 
Sells Computer Supply 


The Associated Press 

WEST HARTFORD, Connecti- 
cut — Cdleco Industries Inc. an- 
nounced Wednesday that it has 
soM its inventory of Adam home 
..computers and expects to report 
substantial losses for the fourth 
quarter and full year of 1984. 

The inventory was sold to a retail 

chain, which was not named in the 
announcement. Coleco said ii 
would meet its obligations to own- 
ers of Adam home computers. 

Company officials said there was 
a significant increase in fourth- 
quarter sales oT the Adam “as a 
result of price reductions and other 
promotional programs.” 

But Arnold C. Greenberg, presi- 
dent and chief executive officer, 
and Leonard £ Greenberg, chair- 


to report sales of more than 
S800 million for 1984, of which 
more than 80 percent wQ be de- 
rived from its toy business. It said 
that unit was expected to earn more 
than 5100 million pre-tax for the 
company. 

Adam, unveiled in June 1983. 
was designed to be a high capabili- 
ty, low-priced home computer. Co- 
leco introduced the Adam with 
considerable fanfare and promised 
to deliver 300,000 of the home com- 
puters between September and 
Christmas of that year. 

Industry analysts praised the 
computer — which despire its low 
cost included keyboard, high-speed 
tape drive and memory, Ic tier-qual- 
ity printer, software and video 
game joystick for less than 5700 — 


that current unstable condiuons 


in the home-computer marketpl ace 
are requiring us to sell our Adam 
inventory at prices below cost” 

The Greenbergs said they thus 
decided fo sell (he entire inventory, 
consisting of hardware, peripherals 
and software. Coleco will continue 
to develop and produce software 
programs for Adam, they said. ■ 

The size of the anticipated losses 
was not disclosed Wednesday. A 
year ago, Coleco had a loss of 535 
million on sales of S175 million in 
the fourth quarter. For all 1983, 
Coleco had a loss of S7.4 million on 
sales of $596 5 million. 

Coleco said Wednesday that it 


ty to reach its goal By December, 

Coleco acknowledged it could not 
reach its objective and only 
shipped about 95,000 of the units 
by the end of 1983. 

aeLnnt/j^^ 11 ^ r 3 K>n ’ was reported to be prone to mal- 

acknowledged the “enormous" functions. 


BASF to Invest 
$ 226 Million 
In Coal Units 

Reuters 

LUDWIGSHAFEN, West 
Germany — BASF AG said 
Wednesday that it plans to in- 
vest more than 700 million 
Deutsche marks (5225.8 mil- 
lion) in its Auguste Victoria 
coal mine in Mari and on the 
modernization of related coal 
operations. 

A company spokesman said a 
new shaft at the mine will be 
sunk at a cost of 300 million 
DM, while a nearby coal-fired 
power station will be equipped 
with filter systems at a cost of 
230 million DM. 

In addition, it said, 200 mil- 
lion DM will be spent on filtra- 
tion equipment for BASFs 
headquarters here. 

The spokesman said the in- 
vestment program will be car- 
ried out between mid- 1985 and 
the end of 1989. 


costs and difficulties with Adam. 

Coleco began 1984 with high 
hopes for its computer system, es- 
pecially in light of the decision by 
several companies to drop out of 
the home computer-video game op- 
erations. It reached an agreement 
with Honeywell Information Sys- 
tems of Newton, Massachusetts, to 
provide a nationwide chain of re- 
pair centers for Lhe Adam, which 


Bui today, Coleco officials said 
“rapidly changing consumer pref- 
erences, frequent technological de- 
velopments, overproduction and 
significant and continuing price 
cutting have created an unusually 
volatile business market which is 
likely to continue for the near 
term." 

Coleco said it prefers to place its 
investment in its toy segment 


Saarstahl Looks 
For Chief After 
Prospect Refuses 

Roam 

VOLKUNGEN, West Gama- 
ny — West Germany's troubled 
Saarstahl steel company is search- 
ing for a new chairman following 
the retirement of JQrgen Krackow 
and the sudden refusal of the only 
candidate to accept the post, the 
company said Wednesday. Saar- 
stahl is a subsidiary of the Luxem- 
bourg-based steel group Arbed. 

A Saarstahl spokesman said 
Wolfgang Bernardt, a former exec- 
utive of the Korf steel group, had 
declined to take over as chairman 
of the country’s most heavily subsi- 
dized industrial company. Mr. 
Krackow left on health grounds 
Dec. 31. 

The spokesman said the board 
had not considered any other can- 
didates and would have to start 
bunting for a successor. 

The spokesman said Mr. Ber- 
nardt’s decision was surprising be- 
cause the promise of public funds 
assured that Saarstahl would con- 
tinue operating in 1985. The Euro- 
pean Commission last week autho- 
rized the Bonn government to 
provide Saarstahl with 80 million 
Deutsche marks (525 million) to 
cover expected operating losses for 
1985. 

The commission has given Bonn 
permission to gram subsidies of 
543 million DM in addition to last 
week's gram. Bonn is planning to- 
tal T nancing or 750 million DM for 
Saarstahl. 


Citieorp Files New Plan to Underwrite Securities 


By Nancy L Ross 

Washington Past Service 

Citicorp, which has played a ma- 
jor role in expanding h anks ' powers 
and geographic reach, has devised 
yet another way to skirt a half , 
century-old prohibition a gain st 
commercial banks underwriting se- 
curities. 

If approved by the Federal Re- 
serve Board, the Gtioorp strategy 
could start a new round of competi- 
tion in the securities industry. 

Citicorp filed a request Dec. 7 
with the Federal Reserve Bank of 
New York to permit its 2^-year- 
oki subsidiary. Gticorp Securities 
Inc., to underwrite corporate 
bonds, commercial paper, mort- 
gage-backed securities and munici- 
pal revenue bonds. 

)t based the application on a pro- 
vision in the 1933 Glass- Steagall 
Act that allows a bank-holding 
company to underwrite those secu- 
rities, provided that the bank does 


so through a separate subsidiary 
and provided that underwriting of 
those securities is not the subsid- 
iary’s principal business. 

No other bank has ever tried to 
take advantage of the provision, 
which could become the third ma- 
jor loophole in federal banking reg- 
ulations to be utilized by Gticorp. 

The big bank found a way to gel 
into the insurance business by uti- 
lizing a South Dakota state law, 
and expanded its operations to five 
states by estab lishin g non-bank 
banks despite restrictions on inter- 
state b anking . Previously, by usng 
a law nv«nr to save troubled sav- 
ings and loan associations, Gticorp 
managed to get a toehold in Cali- 
fornia. 

The money-center leader has 
asked the Fed to permit Gticorp 
Services to do np to 20 percent of 
its business in corporate bonds, 
commercial paper, mortgage-relax- 
ed securities and municipal reve- 
nue bonds. The subsidiary’s main 


business would continue to be U.S 
government obligations and mon- 
ey-market instruments —business 
opened to banks by Glass-Sleagafl. 

After the New York Fed passes 
on the proposal it will go to the 
Federal Reserve Board for a deci- 
sion. Such a controversial issue is 
liable to be studied for quite a 
while. 

During the last session of Con- 
gress, the Reagan administration 
tried unsuccessfully to promote a 
Ml granting bank-holding compa- 
nies new powers through subsidiar- 
ies. The Gticorp application differs 
from that proposal in two major 
ways. It goes beyond what the ad- 
ministration would have permitted 
to include corporate-bond under- 
writing, but because of the limits of 
the Glass-Sleagall Act, would not 
permit the subsidiary to make 
those underwriting activities its 
principal business. 

Asked if the application were a 


response to Congress’ inability to 
act — just as. the non-bank bank 
and South Dakota loopholes were 
— a Gticorp lawyer said no. He 
denied that the bank was trying to 
exploit another legal loophole, in- 
sisting that the provision had been 
known for years. He conceded this 
was the first time it had been ap- 
plied for this purpose. 

In 1983, the Fed approved the 
acquisition of Charles Schwab & 
Co„ a discount broker, by BankA- 
merica Corp. The securities indus- 
try brought suit, but BankAmerica 
won in the Supreme Court last Jan- 
uary by citing the provision discov- 
ered by Citibank —that underwrit- 
ing would not be the principal 
business of the subsidiary. 

In a related case involving Bank- 
ers Trust of New York, the high 
court ruled last summer that the 
commercial paper was a security 
but did not say whether Bankers 
Trust's operations constituted un- 
derwriting. This decision threw the 
bank's effort to sell commercial pa- 
per back to the Federal Reserve. 



-m -- '*Q S g?' 

Meet the 
New Bench 
Cabinet 

February 26, 1985, Fails 

Following the success of our 1982 conference, we are pleased to announce a one day bribing session 
focusing on “ Modernization : Priority for the French Economy Z 
With the cooperation of the French Government, we have gathered together the key ministers most 
directly involved with policies affecting business activities in France. 

The program will include presentations by: 

PSeoe Beregovoy, Minister of Economy, Finance and Budget 
Edith Cresson, Minister of Industrial Redeployment and Foreign Trade. 

Hubert Omen, Minister of Research and Technology. 

Michel DeLebarre, Minister of Labour, Employment and Vocational Trading. 

Roland Dumas? Minister of External Relations. 


Additional insights w3l be provided 
by a panel of international business- 
men and bankers. 

Each presentation will be followed 
by a questfon-and-answer period, oral 
simultaneous FrendrEngfish transla- 
tion will be provided at off times. 

An important aspect of the confe- 
rence will be the extensive opportuni- 
ties to engage in informal discussion 
with the current policy makers 

nr w4 uiitk nttiar — 


*M. Dwa houra(fld<npit|it 

business executives actively doing busi- 
ness with Frances 

To register for this exceptional inter- 
national conference, please complete 
and return the registration form below 
with out delay. 

h May 1985, the IHT wffl publish an 
in-depth Special Report on the latest 
economic dewsfopments and 
policies in France. 


For advertising information and 
editorial synopsis, please contact 
Mandy Lawther, Advertising Manager 
Spedal Reports, in Reals on 747 1265, 
ext. 4504. 


Ret albSSfalSrib unc 



Austrian Parliament Gears 

ji • «i « 

i Technology-Export Curb 


(Continued from Page 7) 
industry unhindered access to high 
technology. 

“I bope with this ruling, even if it 
does not cover everything 100 per- 
cent,” he said, “that we’ve- proven 
we're prepared to create a legal 
basis that enables us to prosecute 
abuses.” 

Senior UJS. diplomats here wet 
coined the measures, but said 
Washington would study their ef- 
fectiveness closely before passing 
judgment 

“What we are teffing than is, 
now you have the smews," one dip- 
lomat said. “Whether you have the 
muscle and flesh to make it effec- 
tive, we have to wait and see.” 

The United States has applied 
increasing pressure on Austria to 
tighten control of exports of sensi- 
tive technology. Reagan adminis- 
tration officials have asserted re- 
peatedly that Austrian controls 
were lax and permitted the export 
of sensitive technology, such as 
powerful computers, to lhe Soviet 
Woe, where it is used for military 


, Department has 

said that, under export regulations 
scheduled to take effect Jan. 16, it 
would refuse licenses to neutral 
countries such as Austria unless it 
approved their export controls. Of- 
ficials have asserted that an infor- 
mal agreement with the former 
government of Chancellor Bruno 
Kreisky early last year failed to 
ping leaks to the Soviet bloc. 

The measures are a sensitive is- 
sue for Austria, wirich wants to 
avoid upsetting the Soviet Union 
by what might sean to be a breach 
of its neutrality if if hdped the 
United States mock high technol- 
ogy exports to Eastern Europe. 

Austria is also a major trading 


partner of the Eastern bloc, and 
Mr. Sinowatz, who succeeded Mr. 
Kreisky in May 1983, has visited 
Moscow and East Berlin to discuss 
trade ties during the bloc's craning 
five-year plan, from 1986 to 1990. 
Austrian companies are seeking 
major contracts from Eastern bloc 
nations, particularly in the area of 
factory construction. 

Mr. Gratz said the measures 
would enable Austrian customs of- 
ficials to cooperate more closely 
with the United States. In recent 
years, LLS. officials have com- 
plained that Austrian customs offi- 
cers refused to help in tracking 
abuses on the ground that Austrian 
law had not bom violated. 

The way was apparently paved 
for the legislation in September, 
when Mr. Sinowatz shuffled his 
cabinet, naming Mr. Gratz to re- 
place Foreign Minister Erwin Lane 
and appointing Franz VjaniLsJcy to 
replace Herbert Salcher as minister 
of finance. 

One diplomat said the new cabi- 
net members represent a clear shift 
of influence in the governing So- 
cialist Party from the left wing loy- 
al to Mr. Kreisky, whose policies 
often annoyed Washington, to the 
moderate wing that is more willing 
to cooperate with the United 
States. 

Austrian businessmen and bank- 
ers generally supported the mea- 
sure as a way to avoid tougher U.S. 
sanctions. 

Nevertheless, the potential for 
differences lingers. Mr. Gratz ac- 
knowledged that the new measure 
did nothing to enable Austria to 


Stock Outlook 
For New Year 

(Continued from Page 7) 

competitive investments. He notes 
that the so-called equity risk premi- 
um — the difference between the 
expected return from Standard & 
Pew’s 500 portfolio of stocks and 
52-week Treasury bills — currently 
stands near 6 percent. 

“This is higher than at any rime 
since the period between Aug. 31, 
1982 and May 31, 1983," he said, 
“when the S&P 500 appreciated 36 
percent.” 

While the firm’s investment po- 
licy committee is maintaining its 
bearish attitude towards stocks, 
Mr. Hagio commented: “Applying 
historical guidelines, the best time 
to increase one's exposure to the 
stock market is when one is reason- 
ably compensated to take such risk. 
With the equity risk premium at 5.7 
percent, now is one of those times!” 

Moseley Hallganen's investment 
policy committee is favorable to- 
wards Wall Street as the year be- 
gins. It sees “attractive buying op- 
portunities among many secondary 
issues that are off sharply from 
their 1983-84 highs." 

Cited are American Medical In- 
ternational. Decision Data, E&B 
Marine, Gould, Hospital Corp. of 
America, National Medical Enter- 
prises and SA.Y. Industries. 


INTERNATIONAL POSITIONS 




As a leading international computer manufacturer, ranking second largest in the world, Digital Equipment 
Corporation is expanding rapidly into new markets. In Germany, more than 2,000 employees generate a turnover 
approaching DM 1 billion, which points to the increasing growth and success of the company. Our newly 
established US Forces Department located in Frankfurt requires a 

Sales Representative 

The task awaiting the successful applicant is to introduce and sell the entire range of Digital products (word- 
processors, computers, software) to the US Forces in Germany. 

This position requires that candidates have: 

• BSc or BA 

• Previous sales experiences within the high technofogy field (preferajb/y in computer sales) 

• American citizenship and the ability to obtain US Security Clearance 

• A good knowledge of the German language 

Correspondingly, we offer a wide range of company benefits which include an excellent salary, a company car 
(choice of either a BMW, Mercedes or equivalent) and a pension' scheme. 

AoDlicants should send a full curriculum vitae with references to Peter Ringsteben, Personnel Manager, 

Frankfurt, Tel. 061 02/503628. 

For further information, please do not hesitate to contact us. 




Digital Equipment 6mbH, Personalabteilung 
Am Forsthaos Graveabrudi 9-11, 6078 Neu-lsenburg 2 



ogy through Austria in sealed con- 
iners. “He 


unners. 
can do. 


ere, there is nothing we 
be said. 


Dollar Surges Against Mark 


• (Continued from Page 7) 

economy will continue to be strong 
in 1985. 

The dealers said that Bonn’s pre- 
liminary estimate of a record trade 
. surplus in 1984 of 54.9 bfflioa DM 
-{about $17.5 billion) — a widening 
from a previous record of 51-3 bil- 
Bon .DM in 1982 and last year's 
surplus of 42.1 billion DM — failed 
to bolster the mark against the dol- 
lar because the record surplus had 
already been discounted. 

A government official, in Frank- 
. furt said that West Germany’s cur- 
rent account surplus for 1984 
would approach 15 billion DM 
from 1QJ billion DM in 1983. 

. The current account is a broad 
-jn?asure of a nation's financial 
fc : .; dealings that includes trade in mer- 
diandisc and non-merchandise 
pea&f such as services. 


One Frankfurt dealer at a U.S.- 
based bank said he expects the dol- 
lar to dimb to 3 JO DM by the end 
of the first quarter this year. He 
said the U& currency would prob- 
ably fall toward 3.10 thereafter, on 
the assumption that the differential 
between U.S. and West European 
interest rates would narrow from 
spreads in the money markets now 
of 4-5 percentage points. 

Mr. fohl esmger ^ ^ that despite 
the lowering o* the U.S. discount 
rate by the Federal Reserve recent- 
ly, he said a similar reduction of 
discount rates among other central 
bank* would be a “complete mis- 
judgement” 

“Lowering of discount rates in 
other countries would be counter- 
productive for the exchange rates 
or European currencies, Mr. 
Schlesinger said. 


SINGAPORE AIRLINES 


Invites appCenti on s from suitably qvaSffod cancfidatef for 
empl o yment in Singapore as: 

B74T COMMANDERS 

REQUIREMENTS: 

valid ATPL acceptable to licensing authorities in Singapore with 
endorsement for B747 aircraft and current instrument rating. 
Miirimnni 7000 flying horns as first or second pilot including 
1000 boon in command on the B747. 

Pilots who have more than 500 boors bat less 1000 hours in 
command on B747 may be considered if they have 1000 hoars in 
command on DC10 or Lockheed 101 L 

TENURE ET PROSPECTS: 

Minimum 2 yean with possibility of extension. Applicants should 
be aged 57 yean or below. 

GROSS SALARY (Sj8 PER MONTH) 



— _ Approximately 10.000; 

Mamed: Approximately 11,000. 

SERVICE BENEFITS: 

* Monthly company contributions to Provident Fund; 

* School tees and rental subsidies; 

* Meal, night-stop and productivity allowances while on flying 
duties 

* Transport allowance payable on a round 

* Free medical and dental treatment for 

* Free medical insurance scheme for idipiMk dependants and, 

* 6 weeks' animal leave with provision of air travel for employee 
and family. 

APPLICATION; 

Phase submit your application to c 

NtisKjflw Panomwl Services 
Singapore Airlines limited 
P.O. Box 501, 

Almdl Transit Centre, 

Singapore 9181. 




SINGAPORE 

AIRLINES 


International Finance Corporation 


The IFC, an affiliate of the Vforid Bank, is increas- 
ing its activities in financing private sector projects in 
developing countries. It wishes to recruit to its Washington 
headquarters staff a number of high quality individuals 
with maturity and proven business judgement, whose 
responsibility will be to apply a critical and analytic mind 
to evaluating investment proposals and promoting 
business development Applicants must be willing to 
travel world-wide. 

Applicants should have formal engineering qualifi- 
cations and subsequent good early practical training in a 
major branch ofoigineering, followed by at least 10 years 
business experience in one or more relevant sectors of 
manufacturing industry with a record demonstrating 
increasingly senior levels of management responsibility. 
Some resident experience in developing countries would 


be an asset. Ability to write dearly reasoned condse 
reports in English is essential. Some consultancy experi- 
ence could be useful, A working knowledge of French or 
Spanish would be an advantage. 

The sectors of industry in which experience is 
currently sought indude mining, petrochemicals, oil and 
gas production, fertilizers, fine chemicals, textiles, pulp 
and paper. 

A competitive benefits package is offered, including 
relocation expenses on appointment and provision to 
maintain cultural ties with home country 

Please send detailed resume, in English, to: 

Miss Katherine Louthood, Recruitment Officer, 
International Finance Corporation, 1818 H Street N. W, 
Room 1-11-141, Washington, D.C. 20433 


IFC International Finance Corporation 


IMS Cl- I flSI' 












EVTERNATIONAL 


TRIBUNE. THURSDAY, JANUARY 3, 1985 


Over-the-Counter 


Jan. 2 


NASDAQ National Market Prices 


sales in Nat 

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SOYBEAN MEAL fCBH 
lMtara- dollars per ton 
2*52 Jon 139 ' 80 137 jn 


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144J0 Mar 1406 14400 
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15850 Sep 

16550 Dec 16650 16650 
_ . Prey. Sales 10501 


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14750 — 1J0 
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15650 —150 
150X0 — 1J0 
15750 -150 
16570 — L30 


Season Seaaon 

HWi Low Open HW 

ORANGE JUICE (NYCE) 

15JW0 Kml- cents per R>- 
185-40 10950 Jan 15955 1605 

1»50 11050 Mar 16355 164J 

185-00 IMHO May 164.10 1645 

18455 15550 Jul 16410 164/ 

18150 161-40 Sap 16X30 I6U 

181-8® 14050 Nav 16150 141J 

18050 157J5 Jan 

16S40 157X3 Mar 

Eat. Sales 1500 Prev. Sates 970 

Prev. Day Open IM, 0543 ONTO 


COPPER (COM EX 1 
2S500 us-cMtspirik 
7250 5550 Jan 5565 5570 

Feb 

S&28 5550 Mar S755 5755 

9250 3640 May 3755 5753 

8875 57.10 Jul 58.10 50-10 

saw 57.5B Sop 5855 MSS 

04X5 5955 Doc 3765 55UB 

84» 5960 Jan 57.90 59J>0 

«J0 3960 Mar 6830 60J0 

l&m sos Mar 6150 61 JO 

7460 61.45 Jul 4? a? 4X20 

7090 <270 Sep 

Est Sales Prey. Sales 4676 

Prev. Day Open Int 0650 op 146 
SILVER (COME XJ 
5M0 Irav Ob- cents per tray eat. 

15756 Si Jan <205 6205 

7235 6305 Fab 6345 4245 

16200 6345 Mar 6294 6274 

15134 6444 May 6964 6384 

14614 6534 Jul 6504 6504 

w&n 5S5 52? “54 *584 

mao am Dec WHO 6784 

12154 6874 Jan 6829 6829 

™ Mnr 6954 6954 

1M84 W9M May 7074 7074 

2£0 SM l 01 T2U ‘ rM5 

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Season Seaaon 

HMi Low Open Htofi Lew Close Chs. 

CANADIAN DOLLAR [IMHO 
5 Per dir- 1 point equals H 
•Sgg 7446 Mar 7505 7543 .7532 7541 +3 

7835 74® Jim 7522 7S25 7520 .7525 

7585 7507 Sep 7525 7525 7525 7322 — 3 

^495 Dee 7515 7515 7515 7519 
Est.Salcs U02 Prev. Salas 364 
Prev. Day Open Int 7775 on 24 

PUNCH FRANC (IMM) 

S nor franc-1 point eauato 5040001 

.11903 .10310 Mar .10235 -1025S .10233 .10245 —75 

.11020 .10438 Jon .18300 

toco .10400 sep .moo .raw .raw .raw -90 

Est. Sales 41 Prev.Sale* 2 
prev. Day Open irrt. ja 

GERMAN MARK (IMMI 
sper mark- 1 point equals S040B1 
A110 JW Altar JIM J177 JM2 J166 —25 

-3JD 7715 Jun JEI X2D4 J191 J195 —22 

J545 J250 Sep J230 X237 JCTI J230 —29 

XS10 J375 Dec 7258 J2S8 J2S7 J2S2 

EsL Sales 12400 Prev. Sales 3467 
Prey. Day Open int 33744 qHT71 

JAPANESE TEN (IMMI 

*gg:g "- * aounls moocooi 

-8PV8* Mar 4Q39BS 403996 409906 403989 +0 

«Eg X -» 

P'evfsoha 1A92 J ’ W " 3 

Prev. Day Open inL 1X342 off 37 

SWISS FRANC (IMMI 
Sperl trimo-l poW equals SO0OO1 

•255 ^ MOT J8*a -asa X837 J841 _oe 

S & g SS S 35 SS 3S 

EsL Sales 1MO Prev. Sates"] 05?" 3X1 3X0 

Prev.oavOpeninL 17461 ohm 


on J0 64 316 7th 
11 2016 

is JOI 2.1 TO 141% 


588 16V 

43 «V 
Si IS 202216 

148 14V 
ACt 4J 12 Mth 
13 7th 
459 IV 
140 4.1 4244416 
JB U 104 34V 
41 3th 
141 9Vh 

J4 14 4027 

3 5th 

44 7U. 

at a z»isvh 


J2 2A 1771316 
.16 A 546 25th 


Mth Mth— 16 
4th 444 + Hi 
22 22 — 16 
Mth I4M 
1416 1416— 16 

?h » 

* 

3th 5to+to 
716 716— 16 
29 29 — th 

5Vh 5th— th 
Mh 6V- 16 
149h 14V— 16 

11V nS* 


Prev. dov Open Int. 37,167 off 451 


oA-nccsn 

3400 Mi minimum- Mtars per bushel 

a J-29W 140V 1.79th I40M +40*6 

{■2L 3-2 f t°, v >-21^ I-SV 173 176V 

l»e Y&u ^ ul 1 - n Vh TJ2 17216 

}t*£ 5S IMVi tM ’46V —41 

iSPzz. ™ „ ■*»-«“ 

Prev. Day Qoen Int. 3734 up 7 


Livestock 


CATTLE CCMEI 
tOAOoita.. cents per lb. 

£» f* 6750 1642 6742 

£1 ? m(S ^ ar ML, ° 4457 46 - 10 “52 

K StS d™ MJ7 47JS 63X5 

^ S ® SS S3 sss 

“rev. DayOpen InL 57X42 up3Sb 


I LDBmk 
UN 
LSI LOB 
LTX 
LafVte 3 

LodFm ,12a S 
LaNflw .16 IX 
LamaT J8 63 
wnxasl AB U 
LndBF A0 4A 
LdmkS 

f-oneC s 40a 21 
Lanai v X5e 19 
Lawsns JB 1J 
LeeOtn 
L o l ner 

LewisP Jtb 34 
Lexicon 
LexMta 

Lkbrt 47 J 
Ulnvs X< A 
LtaCom 

UIVTlN xo 15 

LtnBrc; 

UncTM 3JB 73 
Lfndtea .16 3J 
UrClaa 

LocalF 

LmraF 1X8 64 
Lotus 
Lynden 
LyptWB 


89 Bth BY. 
SB 6V 6th 
1146 IM 12 
12319V ION 
53 MV 14th 
40 13V 13th 
6812 I1V 
2312V 12V 
10615V 15th 
749 13V 13V 
6 Ft M 
1039 39 

12 6th 6th 
4624V M 
376 6V 6th 

0 1ZV 12V 

id & a 

S3 to to 

mi nv 21 

3 41V 41V 
323 6th SV 
322 13V nth 
1258 24V 23V 
2B29Vh 29W. 

1 « « 

151 25th 25 
11 MV 1416 
10 22 21th 
2M34y> 23V : 
.120 28 
10 14 13V 


S16— V 
1 6th 
I2V + V 
19 — 16 
Mth + 16 
13V 
12 
1216 
15th 

13th + 16 
6V+ V 
39 

SV + to 
IZV— V 

ft +ta 

3th 

21th + 16 
41V— to 
4 — to 
13V 

23V— th 
29Vh 
4th + 16 
2516— V 
1416 

21U— V 
24 

20 + V 

13V— to 


OCGTc 

OakHIU 

am Roc 

Oceaner 

Ociria 3 

OfFsLoa 

OaUMs 

OtMaCa 

OtdKnts 

Old Rep 

OWSpfC 

OneBep 

Online 

Onyx 

OptlcC 

OpftcR 

Orbcnc 

OrWt 

OrtaCp 

Osiunn 

OttrTP 

OvrExp 

OmenM 

Omen 


45 3th 
97 3to 
B 2th 
239 SV 
21 Mth 
_ HI 2to 

■92 24 43435V 
2A8 14 11746th 

76 22th 


,130 4 15416th 
11 4W 
S26 Ito 


216 2V 
3V 3V» + to 
2th 2V 
.sv JV + to 
1416 14V— V 
TV Jto + w 
ssth 3SV 
46V 46V— V 
22 22V— V 

n n —to 

17V 20 + to 
MM 141%—* th 
4V 4to+ V 
IV IV 
MV 14V— IV 


SVh SV— V 
IV BV 
9 71% 

7% 7V— to 
111% 11V— V 
■th Bth— V 
SV 20V— to 
24 24 —16 

12 13 — V 

* 

* V* 

3 3 

15V 16 + to 
2th 2th 
19V 19V 
IT 11U + V 
17th 17th— V 
2V 2th— Vh 
6V 6V— V 
17 17 - V 

OH 23V+ M 


to 'SIS 

5V 5V+Vh 
16V 16V — V 
?7V 28 + to 

10V 1BV 
12V 13V + V 
3V 3th 



TC * " 

MV IMS— IV I SHJPt 

m k 2 W* Vx J SmftnF 

W¥t m3 + £ \ £°3fty 1-70 4J 


Financial 


£30 ££ 7138 71,0 

■KSani 60S Prev. Sa Isa in* ® a 

rev. Day Open im. 1+507 off 111 


‘«JO 141X5 141A2 
MM 13VA5 139/18 
13900 138.15 13846 


+S US T. BILLS (IMMI 
+J7 SI rnlllian-pfsof ibopc*. 

9155 87X9 Mar 91A7 9173 

9\A6 57.14 Jun 71.16 91X1 

VL2I rn.Pt Sep 98X5 90X7 

9863 85X7 ^ 9837 

9027 86 M) mat 9041 9805 

»JM 8701 Jun B9X5 0900 

89X1 88.00 San 0750 B7J0 

EsL Sales Prev. Salas 3.906 

Prev. Day Open Int. 40490 up 354 

10 YR. TREASURY (CBTI 
5100400 prln* pta& Slndsoi HlOpct 

81-27 70-25 Mar 79-21 79-2a 

§1-J, 7M. Jun 77-3 79-3 

ra-M 75-10 Sen 

?*-28 75-13 Dec 

78-23 75-18 AAar 

1M 77-22 Jim 

Esi.SalM_ Prev. Sales 1X61 

Prev. Dav Open I m. 36000 off 13 
US TREASURY BONDS (CBTI 
(Bpct-tiauoOpti A 32ndsof nonet) 
77-15 57-27 Mar 70-31 71-2 

77-15 57-IS Jun 707 70-11 

74-2 57-10 Sea 69-21 69-22 

7M 57-« Dec 69-2 69-2 

72-30 57-2 Mar 6B-U 46-18 

7*4 56-9 Jun 66-4 6*4 

2J-23 56-29 Sep 68 65 

«-24 56-25 Dec 67X1 67-21 

49-7 56-27 Mar 67-13 67-13 

S1I Jun 67-6 

ffT-19 64*21 Sep 67 47 

jM. Soles Pruv. Sales 36X98 

Prev. Day Oaen Int JB2A8B up 4X20 
GNJHA(CBT) 

SIMOOSprln- pts &32ndsoMH0pct 
699 S74 Mar 68-15 60-22 

694 5-17 Jun 67-22 67-28 

68-30 59-13 Sep 67*7 67-10 

68-13 59-4 DOC 

67-13 5*20 Mar 

47-4 58-25 Jun 

Est. Sales _ Prev. Safin its 

Prev. Dav Oner int. 7,636 upS7 
CERT. DEPOSIT (IMM7 
n million- pfei of iMpct 
*1-17 8363 Mar 9089 90X3 

9B55 85130 Jun 90X1 98X2 

SS >«» S’-” 89X9 

09 A3 BSJ4 Dec 

09.10 0636 Mar 

S5 86-0 Jun 

IDA4 8746 _S#P 

Em. Sales Prev. Sales IN 

Prwtr.DavOsen InL MAN off SO 
EURODOLLARS (IMAM 

Si mmion-ptsef impel, 
mm KM Mar 90J0 MAS 

11 Sg g S3 RS 

M S3 fi5 

_»-27 094S Dec 

|*5alK Pr»v. Soles 5.989 
Pm. Day Open I nt. 85,128 ua 64 
BRITISH POUND (IMM) 

S Par pound- 1 eomtoaucils 300001 

’-!S5 Mar I.MOB 1.14*0 1 
1JW -m Jun 1.1395 1.1415 1 


J] -4* 91A7 

91.14 91.10 

90X1 90X4 

«34 TOJS 
RUH 9004 
£J5 09X7 

09 JO 09J3 
09X9 


79-7 79-8 

70-19 78-20 
7*2 
77-17 
77-2 
76-20 


70-9 1 70-11 

69-18 <9-19 
<8-31 <841 
4811 6813 
Sf-rn 67-30 
67-17 67-17 
47+ 67+ 

66-20 66-20 
66*19 6819 
6811 6811 


<815 68-19 
67*22 67-28 
67-4 67*10 

6826 
<811 


NX8 90X9 
09X9 89X8 
89X3 
88X6 


90A7 91148 

WET 09 JB 
WAS 89 Jf 
00X5 08X4 


Paris Commodities 

Jan. 2 

Suoor in French Francs oer metric too. 
Ottw Rsures in Francs «r HO kg. 


SUGAR ^ U>W Cte « “ « 
Ma r 1J45 1^5 1X0 1J45 +20 

Mav 1X94 1X85 1JM 1X95 +70 

AUO 1470 1X70 1470 1480 +16 

Ocf 1A25 1J2S 1 -SI 5 IJ25 +23 

Dec N.T. N.T. 1J80 1405 + 16 

Mar N.T. N.T. 1495 1,710 + 76 

Est. val.: 206 lois ol 50 Ians. Prev. ociuol 
sales: 909 lots. Ooon itiieresr : ISX36 
COCOA 

Mar 2X65 2JMS 2JM1 2X71 —6 

MOV N.T. N.T. 2A81 2A89 —5 

JlV N.T. N.T. 20B5 — — 5 

SSU N.T. N.T. MtO — Unch. 

Dec N.T. N.T. 2X60 — — 30 

Mar N.T. N.T. 2JU0 — —30 

mat N.T. N.T. 1060 — New 

EsI. vol.: M lots of 10 tons. Prev. actual 
sales: 48 tols. Open interasi : 711 
COFFEE 

Jbn N.T. N.T. 2450 Z540 +10 

Mar N.T. N.T. 2480 2498 +S 

May N.T. N.T. 2470 2495 +9 

JlV N.T N.T. 2455 2500 + 15 

sea N.T. N.T. 2460 — +5 

NOV N.T. N.T. 2455 — +5 

jpn N.T. N.T. 2451 — Unch. 

EsL vol.: 0 toto of S lonv Prev. actual sales: 
11 lets. Open Inferos!: 292 
source: Bourse du Com m erce 


London Commodities 

Jan. 2 

Figures hi sterling per metric ton. 
Gasoil in U.5. dollars per metric ton. 
GaM in U5. dollars per ounce. 


SUGAR 

Mar 171 JO 11640 12040 12040 
May 1 27 JO 125JBJ 127.40 12740 
Pup 137 A0 T35J0 13740 13740 
OCt 144J0 10X0 144. J8 144B0 
Dec N.T. N.T. 15040 15140 
Mar I AS A0 le/XQ 16540 166X0 
May N.T. N.T. 172X0 I73JO 
417 lots of 50 Ians. 


COCOA . 

Mar 1J66 1471 1473 

May 1495 1402 1485 

JlV 149* 140B 1490 

Sep 1X00 1.892 IAV3 

Dec 1448 1444 1443 

Mar N.T. N.T. 1435 

May n.t. N.T. 1430 

2AA0 lots of 10 tons. 


U9A0 119X0 
mm 126X0 
13640 13640 
143XD 14340 
J5OX0 15040 
16440 16SAD 
171 JO 172J0 


Asian Commodities 

Jan. 2 


HONG- KONG GOLD FUTURES 

uxjperoanca 

HMl Low bS°*AD| BW Vl< Sc 

Jon _ N.T. N.T. 306 00 JtNLOO 30KA0 31DA0 
Feto_ N.T. N.T. 3«UW 31000 3TSS 31UM 
Mar ^ N.T. N.T. 3v0JW 31X00 New — 
AW _ N.T. N.T, 31200 314.00 31408 31600 
Jun _ N.T. N.T. 31700 319JM 31900 32100 
j»W _ 32100 XH0O 32000 32200 32300 XBJO 
gd — _ N.T- N.T. 32700 37900 32900 33100 
^ ^ J3X00 OTW 33400 New — 

Vofijme: 24 lafsaf.lOO ox. 

SINGAPORE COLD FUTURES 
USA ew ounce 


Cash Prices Jan. 2 


m 


(indexes cameNsd abontv be f ore mortun etna) 

SP COMP. INDEX (CMS) 
points and cents 

!».9S 17040 160X0 16840 -140 
ISM2 IS" 17260 t 71 - 2 ® 171X? — iA5 
E^tos “ pS?.^^ "» ,JSJ » ^ 
Prev. Dav Opm InL 42.191 up 532 

VALUE LINE (KCBT1 
points ana cents 

!5HS m ' 5 ’8140 —IAS 

IE-S 2S 12J-I2 ]**■'“ <bl 50 letsn _|£ 

S."*" f45r.A®»S* ,B7 - ia }OM 

Prev. Dav Open int 3AM off 73/ 


London Metals Jan. 2 

Figures In sterling per metric ton. 
Silver fn pence per troy ounce. 


Today Previous 
High mode copper cathodes: 
spot 1,13600 1,13740 1,13940 1.14040 

3monHn 1.1(7000 1.U240 1.13B4D 1.139J0 
Cepoer cert hades: 

spot 1,12800 1,13000 U22A0 1,12400 

3 months 1.1/200 1.1/500 1.13700 1,13900 
Tin: soot 9,97500 9.98500 9,96500 9.96600 
3 months 9,94500 9.95500 7,92000 902500 
Loadisaol 36000 36200 34000 34100 
1 months 12300 33*00 32600 37700 1 
Zlnc:spat 69000 69200 60200 64300 

3 months 6BA0O 68650 67*00 67700 

Silver :MMJl 53900 54000 54100 5*200 
3 months 55140 55200 55300 554L0O 

Aluminium: 

spot 

3 months 


COFFEE 
Jan 2X60 
Mar 2X9B 
MOV 2X99 
Jlr 2X93 
Sep 2X83 
Nav 2J70 
Jon N.T. 

3X63 lots al 


2X20 7X59 
7X46 2JB8 
2X75 2X95 
2X75 2X93 
7JM 2X83 
2X65 2X81 
N.T. 2X70 
5 tans. 


1474 1471 147/ 
|J»6 1485 1486 
1491 1093 1491 
I4«6 1491 I49S 
1448 IM 1445 
1040 1035 1445 
1070 New — 


2.191 2.19S 
2X35 7X27 
2X60 2X70 
JM 3X75 
2X57 2X60 
2X55 2X65 
2X25 2X59 


GASOIL 

JOT 21740 71500 21540 215X5 215X5 21400 
Feb 21700 21500 71540 7I5XS 715X5 21540 
Mar 214.00 21200 212X5 71240 212X5 212X5 
Apl 21200 21000 21000 71840 21 100 21140 
May 71100 310X5 210X5 2MJ0 21000 21100 
Jim 21000 21000 20940 21048 30800 21400 
JlV N.T. N.T. TOOJO 21700 20000 71/00 
Aua N.T. N.T. 2D6AS 21300 20000 31500 
S9P N.T. N.T. 20500 21/00 New — 
1407 fills of HO tons. 

GOLD 

Feb 30900 30600 307.10 307X0 31100 — 

Anl 312.90 31240 NJ2 1 N A N.O. N A 
357 lots al lOOirovajL 


Fed 306X0 

JSTzzr n-t: K- 

Volume: <71 lots of lOOac. 
SINGAPORE RUBBER 

Sieaapere aenfs par kite 
Close 

BH AtK 

RS5 1 Jan_ ITUS 17D4D 

gff I f 1 *- I 7 *® 17*40 

RS5 3 Jan_ 60X5 161.75 

JSS 199X5 
5Hi+"_ I s !- 75 1SL7S 

RSS 5 Jan_ 143X5 14SX5 

gjALA LUMPUR PALM OIL 
Maknrslcm rlaaatts par 25 mas 
Close 

Hid Aid 

Jot IX 20 ixso 

Fob 1X40 1X50 

MOT L2£M 1X50 

AW Lira 1 X/B 

MOV 1.180 SX3 8 

Jun 1,170 1x20 

JT 1.160 L210 

So® HM 

Nov 1,150 1XG0 

Volume: 2 lots of 25 tons. 
Source .- Rmjien. 


Settle setae 
MUO MV-10 
31040 311.10 

31240 313X0 


Prev to** 
Bid AS8 
171X5 17140 

176X5 174.75 

1*100 16200 
15900 1«0O 

1530O 15*00 

14400 14600 


Previous 
BM Ask 
1X25 1X75 

1X10 1X2S 
1.185 1X25 

1.170 1X20 

1.160 1X10 

1.155 1X05 

L130 1XC0 
1.145 1,195 


Dividends Jan. 2 


Per Amt Pay Ree 


A^nv sever. Co g % ,.VZ 

Miwre Financial Grp q xo Mg ’m 

MMoeniiy; CFOuarteriy; s-5end- 


DM Futures Options 

Jan. 2 

u. - °*°ra.M *nasitlle Eactase. 
w. Gerniai MGt-CUBI morta rats per mork 


Commodity Indexes 


gKWpF'S- NXV. I 

Reuters 1,919X0 

DJ. Futurw NJ^ 

Com. Research Bureau- NA 

Moody's : base 100 : Dec. 31. l»1. 
p - preliminary; t - final 
Reuters : base 100 : Sep. 18, 1931. 
Dow Jones : base 100 ; Dec. 3t, I97d. 


965.50 f 
1.908.90 
124X3 
24420 


Mnrket Guide 


tnfS J-JS 5*° 1*U« 1.1425 
T- 5 *" Dec 1.1/M 1.1409 
Eel.Sojes Am Prsv.Selss; 2.149 
Prev.DevOPmtnl. 15024 uott 


1,1430 

1.13*5 1.1/15 
1.1370 1.129S 
UB to 1.1385 
1.1403 I.UR 


COM EX: 
MYME: 
KCBT: 
RYFB; 


Odcooe B oom of Trade 
pHcoe u Mercantile Exchange 
Infernotfanw Marwtary Market 
Of ChkaBejWerc uniiie ExOtanoe 


wqty Baordef Trooe 
Yirt Futures Ejadrame 


Spot 90700 90800 09940 90000 

3 months 92900 92000 92300 9040 

NIcfisIlSOM +17300 +18500 4.12500 4.13000 
3 month* 4X1500 4X2000 4.18000 +18500 
Source: ttoutan. 


S&P 100 Index Options 

Jan. 2 

Chicago Board 


British Business 
Failures at Record 

United Press Imemattunol 

LONDON — Business failures 
in Britain rose to a record 13.647 in 
1984- up 9.5 percent from 1983, 
Dun & Brads tree t said Wednesday. 

The business-reporting firm said 
that bankruptcies among partner- 
ship firms and individuals rose 17J8 
percent from 1983, lo more than 
8 , 000 . 

Retailing, the motor trade, build- 
ing engineering and textiles were 
the worst-hit industries, the compa- 
ny said. London, the southeast, the 
northwest and the northeast re- 
gions of the country accounted for 
more than 70 percent of total liqui- 
dations, it said. 


Egypt, Bulgaria Renew Ties “S, 5 '"!* 

The Associated Press 9 r- — — fl.15 — ^ 

VIENNA — Egypt and Bulgaria £ 2^ iS r, 

have resumed forma] diplomatic S m w w m I? If 

relations. Bulgaria’s state-nm BTA «* <u® osa xu - _ 

^5*5 agency reported Wednesday. f*jj"wte« ioibiwl 4.1/7 
TJnr relations were broken off L SSf!lSSSL?SSS5l!S:g^ 

Source: CME. 


Bom bulls and 
bears him to die 


Commodities 

































































































m 


Jf) 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


Page 11 


Corrigan, the New President of the New York Fed, Faces His Biggest and Most Visible Test 


(Continued from Page 7) 

: Voider, behind only Alan Green- 
^.-span, Ibe economist who headed 
-^-lormer President Gerald R_ Ford’s 
i 1 Council of Economic Advisers. 
•iX'- But *he choice of Fed chairman 
£\;is apolitical one and many believe 


it® Ev? approvcd by ?Ml] y ^ ause . of ^ ™' s p° w * 

. . e - . er over them, few bankers were 

Most participants in the money willing to speak for the record. But 


dusiry, an issue on which Mr. Cor- 
rigan is an expert. 

The nation’s major banks have 


markets ay it is unlikely that Mr. in addition, most say they do not been clamoring for new and greater 
V ° h^L.^ irec1 ^ - e ^ lose ^ or " - know Mr. Corrigan well, even those powers, saying they need these if 
ganbecause that is not how the Fed who at times have worked closely they are to earn enough to build 
works. It is a collegial atmosphere with him. their reserves as the regulators have 


. w h.^miumu wnis> Oliu Uldiiy Dell eve 11' « — _ ~ T — — o — ~ 

. ^ Mr. Reagan would be more likelv w dtrecuon usually is given very All praise his intelligence. “He been demanding. Most big Ni 

1^' io chose Preston Martin the l !?■ Jusl knowledge among was really an outstanding Fed pres- York banks, for example, are eaj 

• . • . .. .. l . n r reo s the direcrors of ihe N m. \wl- JL - j tvmt; 


chairman, if Mr. Voidcer directors ^ l ^e New York bank idem, and obviously we’re sorry to to expand their investment banking House meeting, even if your vi 

i. Even if that were to hmr*»n i~ al . Mr - Yolcker preferred Mr. lose him. but we’re'not surprised. - activities, including the underwit- doesn't prevail. That’s not n 


At a recent lunch, Mr. Solomon. But some see another side to Mr. of the failure in 1982 of the Penn 
who had been undersecretary of the Corrigan's personality. Although Square Bank of Oklahoma City be* 
Treasury before taking over at the be has many admirers within the came apparent Mr. Corrigan be- 
New York Fed. was asked in which Fed, there also are many who per- gan working with Mr. Volcker on 
job he had more power. He did not sonally do not like him. Some com- it- Penn Square had sold more than 
give a direct answer, but the impli- plain that he does not take col- S2 billion in loans to banks around 
cation was dear. "fn Washington," leagues into his confidence, to the country, many of which went 
he said, "you have a sense of power which Mr. Corrigan replies: “1 am sour, and which led to huge losses 
if you are just invited to a White very careful about bringing people at a number of large banks, includ- 


job he had more power. He did not 
give a direct answer, but the impli- 
cation was dear. “In Washington," 


view into my confidence. I want to see jng the collapse of Seafirsl Corp.. 


Mr. Corrigan agreed, and the meet- 
ing was run by the late Ronald 
Gray, the No. 3 man at the New 
York Fed. During the meeting, Mr. 
Coirigan sat quietly in the back of 
the room. 


Hong Kong’s 


vires. Even if that were to haDDen. J? al Mr ' Yolcker preferred Mr. lose him. but we’re'not surprised." activities, including the underwrit- doesn't prevail. That’s not real the color of their eyes." But a close the largest bank holding company ______ T — 

however it could increase Mr Tor Ct)r , n & an was probably enough to said John Morrison, chairman of ing of corporate stocks and bonds, power." He continued, “you don’t associate at the Minneapolis Fed in the Northwest, and the collapse j llU lo Wpon 

riean’s imoortance within X. «, * gel mm the job, they say. Norwesl Corp.. the biggest bank On such issues, Mr. Corrigan sel- have that situation in the central said some people might not like of Continental Illinois National ^1/1 la 

ngoi. J uupuiiaiiic WIUUU me SYS- »UIU_ i r*‘ ■ . _ .. • £? j :r ; „„ " U. DmL A Tmel f"n arhii-h tiiillvra 


tem, as well as the importance of 
“1 ' the New York Fed. because Mr. 
•.-Martin lacks Mr. Corrigan's inti- 
mate familiarity with the banking 
, : system and the Fed itself and 
. . . would presumably have to lean on 
'■ his New York colleague. 

; . Mr. Corrigan’s new post will 
provide him with a highly visible 

- public platform, from which he will 
• “.7 .be able to establish his own identi- 

■iy. His close relationship with Mr. 
Volcker, which dates from the time 
. that Mr. Volcker was president of 
the New York Fed and Mr. Corri- 
. .. gin was rice president there, has in 
some ways detracted from the pub- 
lic perception of Mr. Corrigan’s 
own capabilities. 

. Bankers and even colleagues 
within the Fed often question if the 

- ideas be espouses are his own or 
. merely echoes of his mentor. Even 
" more, they question whether Mr. 

Corrigan’s rapid climb reflects his 
own abilities, or whether his friend- 
ship with Mr. Volcker has been the 
key element. 

. Indeed, many Fed watchers con- 


“When Jerry Corrigan talks we holding company in Minneapolis, dom. if ever, gives an outright^ no. 
always assume it’s on V picker’s be- "He’s a very smart guy and decep- “I try to keep an open mind," he 
half." said one prominent New lively so because he Kas a manner says. “You have to make judgments 
York banker. "In fact.” he contin- of being laid back.” on a case-by-case basis.” But when 


bank." Mr. Corrigan because he “doesn’t 

Despite this power, Mr. Coni- su fooLs wriL’ 
gan has qualities that endear him to Mr - Corrigan himself speculated 
many, and often enjoys making ^t ; some people may misunder- 
bimself the butt of his jokes. And stand his methods of operation. A 

others pick up on it. ! ot ° f '°P. ° n “ 

, • .. ,, , intellectual fishing expedition with 

In wishing him goodbye for ex- my associates." & “When I 


York banker. "In fact” he contin- or being laid back.” on a case-by-case basis.” But when 

ued. "that was partly why Corrigan “Corrigan is bright," said a lead- pressed, he indicated that he would 
was chosen to represent Volcker in ing New York banker. "1 don't be reluctant to allow banks to en- 
New York during the Drysdale af- want to paint him as the next com- gage m *l» underwriting or «)rpo- 
fair. We knew if he gave us assur- ing. but he is a shrewd bureaucrat.” rale equities and bonds^or “exotic 
ances we could trust them.” And bankers say that t>an of Mr. insurance underwriting." 

D..i .. .-K ...1 1 1 1 r< : «_ j - r , ■ > Alihnnoh Mr fivnOHn insists he 


others nick ud on it * 01 Uni£S 1 t0 «? — w . . 

; , . *!. ,, . intellectual fishing expedition with gan is said to have made in dealing gross domestic product is ukely to 

In wishing him goodbye, for ex- my 3 ^ 3 ,^ he said. “When I with major crises was in 1980. when by an inflalion-adjusled 10 

ample, the directors or the Minne- ^ | don’t talk much. I store it an attempt by the Hunt brothers of percent in 3985, Hongkong & 

a P°* ls gave Mr. Lomgan a away an( j j et j t ro y afpumj.” Texas to comer the sflver market Shanghai Banking Corp. says in its 

paper-doll book. caricature or Qf course, Mr. Corrigan is noi a threatened the financial system. January economic report. 


r. Corrigan because he “doesn't Bank & Trust Co^ which had been 
ffer foolTwelL” the nation’s eighth-] argesi coramer- 

Mr. Corrigan himself speculated dal hank, 
at some pec^le may misunder- Not all of his endeavors have 
rnd his methods of operation. “A been totally successful, however, 
of times I like to go on an The biggest mistake that Mr. Corn- 


Rising 10% 


HONG KONG — The colony’s 


ances we could trust them.” And bankers say that Dart of Mr. insurance underwriting." 3;? SI" 6 -,' do, I don’t talk much. I St* 

But people who know both men Corrigan’s shrewdness is his ability Although Mr. Comgan insists he ^ A caricature^ of av ™ ^J! 1 
well axe convinced that Mr. Coni- to expound at length on major [avors gjvmg banks grpter powers, Comean showed him siripoed Of course, Mr. Comgan JS 
gnn is more than Mr. Volcker's banking issues wirhout indicating he says that deregulation by its na- newcomer to die New York 

mouthpiece. Some suspect that on how he might apply those views to uire increases the riskiness of the Thai is where he started his c 


regulatory matters Mr. Corrigan practical situations. For that rea- 
niay have a bigger impact on Mr. son. a top New York banker de- 
Volckcr than tne reverse. But no scribes Mr. Corrigan as an “Irish 
one doubts that in any case the two mystic." 


b^gs^n "! £ t Ch he “f f r dad W ? 3 

blank-chtxk version that says b^ gheii.-siained .chefs uniform to 


paper-ooii o» a feature m 0 f course, Mr. Corrigan is not a 
Mr Comgan showed him stopped newcoraer l0 New York Fed. 
10 lus shorts. Among the clothes in ^ where he ^ 

whidt he could be clad was a spa- ^ ^ economist. That was shortly 
ghett'-simn^ chefs umform to after Mr. Comgan received a doc- 


men think very much alike. “Jerry's complex, he doesn’t al- 

Mr. Corrigan's views are laid out ways appear the same to different 
in long essays that he painstakingly individuals, and it depends upon 
writes. A Jesuit-educated econo- the day.” said a close associate at 
mist, he says he puts the time and the Minneapolis Fed. 
effort into those essays for “mental Many analysis say the liming of 
discipline." Bui the pieces are Mr. Corrigan's arrival at the New 


blank-check version that says be- gnein-siainea cnei s umiorm 10 af^ Mr. Corrigan received a doc- 
cause something is financial in na- symbolize his laie-mgm dinners at tora|e j rom Fordham University in 

ture. bants could do it." Mr. Com- home w.th Mr VoJcker. and a fish- New York, 

gan said. erman s outfit Tor lus outings with , n 1976 a year af ter Volcker 

To the incoming president, the the ch atrman. And because Mr. ,„ Q , nnmm i n^/iMi «r >k- v—. 


Mr. Comgan was instrumental in 
arranging a $M-billion loan 10 
help the Hum's unload their 59 


The administration said last 
month that GDP. which measures 
the total value of goods and ser- 


million ounces of silver. But once vices in an economy, excluding in- 
they got the money, they did not come from foreign investments. 


In 1976, a year after Mr. Volcker 
was named president of the New 


have to sell the metal and the Fed 
had no way of making them do it 


was likely to grow by between 6 
percem and 7 percent in 1985 after 


ways appear the same to different New York Fed represents the “eves Cornganhad to fly so oftento New York Fed, Mr. Corrigan became 

individuals, and 11 depends upon and ^ of offid 5 don r in the do- York. Washington, and Oucago. ^ ^ iden( in 
die day. said a close associate at mes tic and international financial where he helped deal with thenear management and planning. l£t is 

ihe Minneapolis Fed. markets. It is the agem for the U S. f^lure earher m 19S4 of ConUnen- whc n he began working doselv 

Many analysts say the liming of Treasury, and will be the nation's ^ Nhnois National Bank * Trust with Mr volcker. When Mr. 

.. • j Co.. tneMv> also a mloi s nuIfiL w.i_i : , 


He takes his relations with his growth of about 8 percent in 1984. 
staff as seriously as he does his . . 


other dealings. Even before offi- 
ciary becoming head of the New 
York Fed, he held meetings with 


The hank said in its economic 
report that Hong Kong was enter- 
ing 1985 with a renewed sense of 


broad-gauged and philosophical, York Fed is fortuitous. His prede- t h e wor [j. As its head. Mr. Corri- 
givmg little ir any insight as to how cessor. Anthony M. Solomon, was win be responsible for watch- 
ne would apply his theories in the an expert on Internationa] issues jng over the dollar in the foreign- 
real w ond. before becoming president in 1980. exchange markets and he will hold 

They make for difficult reading, and during his tenure Mr. Solomon a permanent seat on the Federal 


I lUuiij y- oiiu will uu mi imuvii <i « , « .r*. 

liaison with centra! banks around c «- there was ■>» a P llot s 0UlfiL 
the world. As its head. Mr. Corn- Mr. Comgan was so well-liked in 


Volcker was appointed chairman 


r. Corn- Mr. Corrigan was so well-liked in of the Fed in 1979, he brought Mr. 

* watch- Minneapolis that he gained the Corrigan along as special assistant 
foreign- nickname. “Cuddles Corrigan." At the end of that year, Mr. Cor- 


officials there, seeking out their confidence and optimism following 
views and showing an interest in signing of a treaty with China 


before becoming president in 1980. exchange markets and he will hold Bankers there say the locals en- rigan moved back 10 the New York 
and during his tenure Mr. Solomon a permanent seat on the Federal joyed seeing a Connecticut Yankee, Fed. where he became senior vice 

w 1.-1 „ r . . . „ ... , ■ 1 1 ■ ■ , 


their ideas. on the territory's future after 1997. 

That sort of sensitivity was The bank said it expects a steady 
shown during the Drysdale crisis as , n Hong Kong's external 

well. In a taxi returning to the New tradCt {higher real wages, moderate 
York Fed. Mr. Comgan told a col- inflation and increased investment 
league that he planned to hold a io planl machinery during 
meeting at the Fed to reassure the 
New York bankers. But Mr. Corri- 
gan was advised that it would be Further expansion in exports is 
awkward for Mr. Solomon if a likely, but growth is not expected to 
member of the Washington staff match the 40 percent rise in 1984, 
were to take charge in New York, the report said. 


but one can feel Mr. Corrigan’s had to deal with the Third World Open Market Committee, the arm whose mother was a librarian and president And later in 1980. he was 


raid that Mr. Volcker handpicked personality and individuality in debt crisis, which threatened ihe of the Fed that sets the nation's father a clothing salesman in Wa- namedpresidenloftheMioneapo- 
Mr. Comgan for the presidency of them — the intensity of his concen- solvency of some of the largest monetary policy. The New York terburv. display such enthusiasm lis Fed. 

Ac Nmi VnrV FoH Ttin ,i ' i r - .> r._ .l'? L A -n l -l: -.j i 


the New York Fed. That is denied 
_ by Fed officials, who insist that the 
’tank’s directors made the choice 
on their own. By law. however. 


[ration, the complexity of his banks in New York, 
thoughts, and his compulsion to fit With that problem now under 
all issues and all questions into a control, the central issue is turning 


unified perspective. 


* nva im iiv« 

77 m Ilk !«,— Vk 

409 m 3 jw 

10k IMk 15*4 16 + *4 


- 2,10 £ 



to deregulation of (he banking in- sales of government securities. 


bank also is the vehicle through for their part of the country, espe- Throughout this period, howev- 
which monetary policy is imple- daily the fanning areas of Mon- er, Mr. Corrigan worked closely 
men ted. through purchases and tana, where Mr. Corrigan is said to with Mr. Volcker. For example, im- 
sales of government securities. have bought some land. — -r._ . 1 — — 


mediately after the consequences 


inflation and increased investment 
in plant and machinery during 
1985. 

Further expansion in exports is 
likely, but growth is not expected to 
match the 40 percent rise in 1984, 
the report said. 


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70*4 70** 

12*4 13 — W 
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914 65k 
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1 3W m 3W 

17 I9*k 191k 19** + Vk 

4 25*4 2SV* 25*fc 

2 1814 1816 1814 

32 31W 31 Vk I1W + *k 


5 UW 7816 1816—16 


11 5 

4*4 JW 
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20 12V, 

1554 ID* 
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RAJ JSt M 

RMS El 

RTC 

Room, .12 J 
RtVBbg n 43 
Ravfrn A2 U 
Rav min 19.00c 
RlEafn 172 1IJ 
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ResalB J6 42 
Resrt A 
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Unlcppf .75 6.1 
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INTERNATIONAL CLASSIFIED 


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7 

13 

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16 

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1<5 

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37b 

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14W 

11* NwpEI 

1JO IU 

B 

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13* 

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3Va 

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1 

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105k 

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7* 


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2* 


2* 


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O 







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Private Mkntb»r«iiipi AvaMbl* 

Tha a w a r d - wine ino urvico bos 


ESCORTS & 


(Continued From Back Page) 


ESCORTS & GUIDES I ESCORTS & GUIDES 


16* OEA 
14* OafewiJ 
4 OcJetAn 
9 QhArt 
IAW CUotnd 
1754 otsten 
3* Opertin 
5* OrtolH A 
5*k OrtolH B 
1 Ormond 
2* Omn 
214k OSullwt 
6* OvarSc 
4* OjrfnJP 
7* OzarkH 


II 

Mb A « 
34 

-24 U 17 

40 20 15 
JO 1 A 12 
24 

3D 83 I 
M 102 9 
11 


M II 

JO 21 7 


17* 17* + * 
20 20 + * 
4* 4* 

16* 16* — * 
20 * 20 *— * 
IB* 18* 

S* 5*— * 
5* SW+ * 
5* rv + * 
iw 1* + * 
2* 2W+ * 
29* 29*— * 
6* 6* 

7* 7* + * 
9* «4+ 54 


, 72* 72*— 1* 
2 * 2 *+ * 

, ft UA 

254 2* 

31W 32* + * 
6 * 6 *—* 
IB* 18* + * 
lit 2 
2 * 2 * 

7* 7* + * 

8* 8* + * 
Ilk lift— * 
3* 3* 

I* 1* T * 

8* 8W+ * 
TO* 10* + * 
1* 1* 

21* 21^k + * 
29* 291k -r Vk 
3* 3W+ * 


WISHING YOU A 
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GODIVA 

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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 



PEANUTS 

/ 

fTS INTERESTING TO 57ANP 
HERE ON AW OL‘ PITCHER'S 
MOUNP tiWEN rrt COVEKEP 

With show... 


I THINK ABOUT AU. THE 
EXCUSES LUCY USEP TO 
HAVE WHEN SUEMIS5EP 
ANOTHK FLY BALL... 




IF WE WERE PLAYING 
RIGHT NOW... 





inn an 



BLONDES 


oonTstt 
THERE r- 


dHH UH 


ACROSS 

1 Census fig. 

5 Verb used with 
thou 
10 Tiff 

14 Showed up 

15 Our place 

16 Singing group 

17“ Three 

Lives": 

Phil brick 
18 Brother, in 
Brest 

IS Prefix with 

drome or 
dynamics 
20 Cheese 
concoction 
22 City In 
Denmark 
24 Too unusual 
for words 
27 Go to bed 
28Gauchogear 
31 Vegas 

34 Extinct bird 

35 "Hie 

Summer": 

Kahn 

38 Expletive for 
Major Hoople 
38 Designer 
Oscar de la 

40 Alcohol 
additive 

41 Prevents 
43 Sea bird 

45 Neither's 
partner 

46 Chilean port 
47PJ3.Q. 


48 Looking 
backward 

54 Kind of equation 

55 African 
mammals, for 
short 

56 Datum 

57 Electron rube 

60 Leave ait 

61 Gem shape 

62 Table Bay Is 
one 

63 Store event 

64 Depend ■ 

65 Curved 
moldings 

66 0gler 

DOWN 

1 Kind of film 

2 Claw 

3 Better 

4 Famed British 
air marshal 

5 Kin of 
apostates 

6 Shell item 

7 Prior, in 
poetry 

8 Type of 
theatrical light- 

dBaraofsiients 

16 British noble 
family 

11 Like some 
exhibition 
games 

12 River at Leeds 

13 As well 

21 Bought before 

23 River into the 
Mediterranean 


i/3/as 

25 Sally of space 
trips 

26 Laundry 
workers 

29 Stir 

30 At a distance 

31 Wife of 
Tyndareus 

32 Maturer 

33 Like 

" Candida’’ 

35 Small flags or 
important 
knights 

37 In a proper 
manner 

38 De 

(superfluous) 

42 of 

exchange 

44 Imprint 

47 Pre-exara 
activity 

48 Futile 

50 Medium for 
“The Answer 
Man" 

51 "Seven Days 
1964 film 

52 Sheer fabric 

53 Fragrant 
compound 

59 Wash 

56 "Tea 

Two," 

Youmanssong 

58 Matador's 
encourage- 
ment 

58 Actor 

Billy 

Williams 



>. THAT'S NOW THE 
SMOKING SECTION 


WHB3E5 THE L. 1 NEXT 
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BOOKS 


Unscramble these tour Jumbles, 
one letter io each square, to rami 

lour ordinary wonts. 


HYSIF 


UGGOE 


THAT SCRAMBLED WORD GAME 
a by Henri Arnold and Bob Lee 

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ARRANGED] 


LETTERS OF DELMORE 
SCHWARTZ 

Selected and Edited by Robert Phillips. 
Foreword by Karl Shapiro. 384 pp. Illus- 
trated- $24.95. 

Ontario Review, 6000 Riverside Drive East, 
Windsor Ontario N8S 1B6, Canada. 
Reviewed by 

Christopher Lehmann-Haupt 

I T is pleasantly disconcerting to read these 
letters of Deunore Schwartz, who died 18 
years ago at the age of only 53. We have 
glimpsed their remarkable author in several 
recent books, including James Atlas’s estima- 
ble biography, William Barrett’s memoir, "The 
Truants;** William Phillips's “A Partisan View: 
Five Decades of the Literary Life;” and Saul 
Bellow’s novel, “Humboldt's Gift,” in which 
the title character. Von Humboldt Fleisher, is 
said to have been modeled after Schwartz. 

A vivid picture has emerged of a b rillian t 
star-duster streaking across the literary sky. 
There is Schwartz the omnivorous intelligence 
who seemed to have wolfed down in a few 
enormous bites the entire culture of Western 
civilization. There was Schwartz the writer of 
nmazing promise, whose early collection of 
prose and poetry, “In Dreams Begin Responsi- 
bility,” was praised by all the gods of literature 
and to this day remains a half-buried classic. 
There was Schwartz the all-night intellectual, 
sustained on a tidal wave of taut by unknown 
quantities of drugs and alcohoL There was 
Schwartz the editor, the teacher, the stand-up 
comic and the friend. And at last there was 
Schwartz the paranoid madman, who drove 
away aH of his friends and finally died alone. 

One has always pictured him as a tragic 
down and a jesting visionary, as well as the 
quintessential New York intellectual — yet not 
quite to be taken seriously. What a surprise, 
then, to encounter the Schwartz of these letters. 

If ever a man was to be attended to, it is the 
figure who emerges in these pages. 

Of course, one has to consider that this 
volume is a carefully edited selection. Robert 
Phillips — the poet, critic and fiction-writer 
who succeeded Dwight MacDonald as 
Schwartz’s literary executor — has racked 
those “letters which refer to Schwartzs own 
work, to literature in general and to other 
writers, for their interest to readers of litera- 
ture. 

‘'Letters that are of interest for style or 
humor are also included,” Robot Phillips con- 
tinues. “and letters that contain biographical 
or other pertinent information about 
Schwartz.” 

The result is a somewhat distorted portrait 
of the subject a series of stills that moves at a 
stately pace through the two best decades of 
Schwartz’s life — the 1930s and ’40s. when he 
was studying and teaching at Harvard, helping 
to edit the Partisan Review, and doing his most 
important writing — but which zips through 
his formative and dedming periods 
One also has to acknowledge that the many 
sides of Schwartz seem well represented here. 
There is the slightly pompous, exhibitionist 
college student who informs a friend that “un- 
consciously, against my desire, an intellectual 
group is around me, looks toward me.” 

There is the critic and literary theoretician, 
now hectoring a biographer for promoting the 


romantic notion that Hart Crane’s homosex- 
uality and alcoholism were essential to his 
poetic genius, now advising a young novelist 
that perhaps he starts too often with an idea 
and then looks for a story to cm body it. “If you 
were able to reverse the process, Schwartz 
'continues, “everything might flow life-size on 
thepage.” 

There is the watchdog of 20th-century poet- 
ay, at one paint infonning Ezra Found that 
•because of the “damning” remadcs about the 
Jewish religion in ‘Culture,’ “I should like you 
to consider this letter as a resignation: I want 
to resign as one of your most studious and 
faithful admirers.” At another point he apolo- 
gizes to Van Wydt Brooks for having taken so 
•long to discover that “Henry James and T.S. 
Eliot were hideous snobs in their work.” 

As William Phillips puts it in his introduc- 
tion. this is “an autobiography in lett&s, the 
autobkMpaptay not only of a poet and writer 
and critic, but also of a professor, editor, failed 
husband, aging lover, baseball addict, cal lov- 
er, compulsive moviegoer, military historian, 
student of literature and superb literary politi- 
cian." 

But whatever Schwartz reveals in these 
pages, be always seems to be rational and 
wonderfully articulate. The marvelous balance 
of his prose prevails, even at the end, when his 
mind has evidently tipped over into paranoia 
and financial obsession. The result is a portrait 
surprisingly different from what one had the 
right to expect Barrett in “The Truants,” 
described a final meeting with a man so dishev- 
eled and crazy that Bairett could only bury his 
face in his hands and weep. 

In this coDcction, we must read between die" 
lines to understand that Schwartz had dearly- 
taken leave of his reason. The result is that we 
sidestep the pity and fear be aroused in every 
one irao knew turn and experienced his disinte- 
gration. We are not so aware of the down or 
the madman as we are of a writer so arrestisgly 
articulate that we are forced to find sense in 
him even after he has stopped making sense. 
The effect is to reacouaiiit us with genius. We 
can no longer make tight of Schwartz. At last 
we understand why his friends were so ob- 
sessed with him. 

Christopher Lehmann-Haupt is on the staff of 
The New York Times. 


Wordbnsters Ban That, 
Among Other Mandates 

United Press International 

SAULT STE. MARIE, Michigan — “Man- 
date,” “Star Wars” as applied to defense and 
“vertical access device” when it means an ele- 
vator head the 1985 Dishonour List of Words 
Banished from the Queen's English. 

The list was compiled by a group called the 
Unicom Hunters at Lake Superior State Col- 
lege and includes words with the suffix “- 
busters," such as “ghostbusteis." 

Two common symbols also were banished 
—the road sign of a circle with a line through it 
meaning “no” and hearts meaning love, along 
with 

“near miss,” which Robot Hancock of Fori 
Lauderdale, Florida, said should be “near tut," 
because it didn't nearly miss, it actually did 
miss. 


t>0S\ <£, 


By Alan Tmscott 

O N the diagramed deal 
West defended a cot tract 
of four hearts after he had 
opened one dub and his part- 
ner had bid one spade follow- 
ing an overcall of one dia- 
mond. 

All would have been well for 
South if he had ducked the 
opening spade lead, but not 
unnaturally he won with the 
ace in dummy, fearing that 
West had led a singleton. 
South should now have drawn 
trumps, since it was a neart 
certainty that West held the 
diamond king to justify his 
opening bid. 

However, South chose to try 
a diamond finesse; leading to 
the ten, and West was able to 


BRIDGE 


win and play his other spade. 
East took two spade winners, 
and West knew that his part- 
ner could lead her last spade 
and defeat the contract 

But be was not sure that 
East would know this: he was 
afraid she would return a club, 
which would be the right de- 
fense in some circumstances. If 
South had held solid hearts 
and a singleton dub, a clnb 
shift by East would be vital 
since South would otherwise 
be able to use dummy’s dia- 
monds to discard his dub los- 
er. 

To prevent a dub return, 
which would have been fatal as 
the cards lie, West made a 
most dramatic play. On the 
third round of spades, he dis- 
carded his dub ace, and his 


partner got the message. He 
played his last spade, and the 
heart jack was duly promoted 
as the setting trick. 

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FIGURES 
POH'T LIE — BUT 
LIARS PO THIS. 


Now arrange toe circled letters to 
lorm the surprise answer, as sug- 
gested by me above cartoon 


Print answer hew: 


(Answers tomorrow) 

Yesterday s I Jumbles:GU,LT WORTHY RITUAL 

I Answer. What does a small Inlay cost these days?— 
A BIG OUTLAY 

WEATHER 




















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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 3, 1985 


SPORTS 


Page 13 


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Huskies Defeat Sooners in Orange Bowl 


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_ t 8»u»r*4>»iBd Prat iMemtsiond 

Oklahoma s Buster Rhymes breaks loose for yardage. 


Compiled by Oar Staff From Dispatches 

MIAMI — Hugh Millen lofted a 

12- yard touchdown pass to Mark 
Pattison with 5:42 remaining and 
Washington scored again 54 sec- 
onds later to upset Oklahoma, 28- 
17. in the Orange Bowl Tuesday 
night and enter a bid for the na- 
tional championship. 

The late rally wiped out a 17-14 
Oklahoma lead bum on Tun La- 
shar’s 35-yard Reid goal with 8:45 
left. An earlier 22-yard effort by 
Lashar was nullified by a pair of 
penalties, including a bizarre 15- 
yard unsportsmanlike conduct call 
against the Sooner Schooner, a cov- 
ered wagon mascot. 

Rick Fenney’s 6-yard touch- 
down run wrapped up the victory 
and gave Washington an 11-1 re- 
cord for the season, the Gist time in 
the school’s 96-year football histo- 
ry it has won that many games. 

Washington's victory may have 
settled the monthlong controversy 
over whom is the No. 1 college 
team in favor of Brigham Young, at 

13- 0 the only unbeaten major col- 
lege team. Oklahoma, which had 
verbally campaigned long and hard 
in an attempt to overtake BYU. 
finished with a 9-2-1 record. 

But the Huskies, who have been 
silent partners for the most part in 
the war of words over who’s No. 1. 


wasted no time voicing Ihdr claim 
to the national championship. 

“We’re No. 1 . We have my vote,” 
Coach Don James said after the 
game. “I think anybody who beats 
a team as strong as Oklahoma de- 
serves to be No. 1. Our kids did a 
tremendous job tonight.” 

The Sooners’ coach, Barry Swit- 
zer, a leading critic of Brigham 
Young and its Western Athletic 
Conference schedule, had said ear- 
lier that he considered Nebraska, 
which defeatd Louisiana State Uni* 
versity, 28-10, in the Sugar Bowl 
Tuesday, the best team in the coun- 
try. 

But he changed his tune Tuesday 
night, saying: “Washington is the 
best team we played and they de- 
serve to be No. 1. They're a better 
football team than Brigham 
Young, I guarantee you." 

The Sooners trailed 14-0 just 
10:36 into the game but had their 
own comeback erased by Washing- 
ton’s final one. 

Millen, who was benched during 
the regular season in favor of Paul 
Sicuro after throwing three inter- 
ceptions and losing two fumbles in 
the first half against Arizona, re- 
placed Sicuro on Washington’s 
first possession of the fourth peri- 
od. 

That series ended with a pass to 


an ineligible receiver, but Millen 
drove the Huskies 74 yards in seven 
plays after Lashar’s Geld goal pul 
Oklahoma in from. 

The key plays were a 30-yard 
pass from MiUen to Danny Greene 
on ihird-and-9 from the Washing- 
ton 27 and a 27-yard burst by Fcn- 
ney to the Oklahoma 17. Three 
plays later. Millen lofted a pass 
that Pattison grabbed near the left 
sideline of the end zone between 
cornerbacfc Brian Hall and strong 
safely Sonny Brown. 

There was plenty of time for 
Oklahoma to rally again but Bust- 
er Rhymes hobbled the ensuing 
kickoff out of bounds at the two- 
yard line Danny Bradley’s first- 
down pass was tipped by defensive 
tackle Ron Holmes and intercepted 
by linebacker Joe Kelly to set up 
Fenney’s clinching touchdown two 
plays later. 

An interception at the Oklahoma 
seven-yard line by Brown killed a 
Washington threat early in the 
third quarter and the deadlock re- 
mained intact until Lashar’s 
fourth-period field goal. 

Several minutes earlier, be had 
kicked a 22-yarder. but Oklahoma 
was penalized for illegal procedure. 

when referee Jimmy Harper 
raised his arms in a preliminary 
signal that the field goal was good. 


Oklahoma’s pony-drawn Sooner 
Schooner, a miniature covered 
wagpo, raced onto the field. That 
cost the Sooners 15 more yards for 
unsportsmanlike conduct and a 
subsequent 42-yard fidd .goal try 
by Lashar was blocked by Tun Peo- 
ples. 

Washington started out as 
though the game would be a blow- 
out The Huskies stormed to a 14-0 
first-period lead on Si euro’s 29- 
yard pass to Danny Greene after a 
fumbled snap by Oklahoma punter 
Mike Winchester and a 1-yard run 
by Jaoque Robinson. 

Robinson rushed for 135 yards 
on 28 carries against a defense that 
yielded only 68.8 yards per game 
on the ground during the regular 
season. 

Oklahoma overcame its early jit- 
ters and tied the score in dramatic 
fashion. The Sooners made it 14-7 
on Bradley’s J-yard run after the 
second of three interceptions 
thrown by Sicuro. And they tied 
the score on the final play of the 
first half, a stunning 61-yard pass 
play from Bradley to split end Der- 
rick Shepard. 

The game was played before an 
announced crowd of 5634, the 
second smallest since 1947. The Or- 
ange Bowl holds more than 75,000. 

(AP. UP I) 


USC Edges Ohio Stale in Rose Bowl 


By Thomas C. Hayes 

Nets York Times Scmm 

PASADENA California — The 
University of Southern Calif ornia 
nearly frittered away an 11-point 
lead in the fourth quarter Tuesday, 
but hung on to defeat Ohio State, 
20-17, in the Rose Bowl. 

Tim Green threw two touch- 
down passes for the Trojans, and 
Steve Jordan kicked two 51 -yard 
field goals as the Pac-10 Confer- 
ence champion defeated the Big 
Ten champion for the fourth 
straight year and the 14th time in 
the last 16. 

The Buckeyes, with a more bal- 
anced offense and stronger finish 
la their season than Southern Cal 
had. started the game a four-point 
favorite. It was Ohio State’s first 
visit to the Rose Bowl since the 
Buckeyes lost to USC, 17-16, in 
1980. 

In addition to seeking to avenge 
the 1980 loss to USC. Ohio State, 
which won the Big Ten champion- 
ship and had a 9-2 record, was 
hoping to even its overall record in 
the Rose Bowl ai 6-6. 

USC, after clinching the champi- 
onship of the Pac-10 Conference 
and climbing to as high as seventh 
in the national rankings, finished 
the regular season with consecutive 
losses to UCLA and Notre Dame, 
for an 8-3 record in their second 
season under Ted Tollner. 

Green; the Trojan quarterback 
who was criticized for inconsistent 


play in those final two games, 
tossed a pair of touchdown passes 
in the first half Tuesday to balance 
Jordan's long-range kicking. 

Rich Spangler, the Buckeyes' 
place-kicker, booted field goals of 
21,46 and 32 yards to keep the Big 
Ten champions in contention, 20-9, 
after three quartos. 

Green was outplaying the Buck- 
eyes' Mike Tomczak even though 
Tomczak bad completed 15 of 22 
passes for 197 yards by midway 
through the third quarter. Blit 
Tomczak gave up the ball twice to 
the Trojans in Buckeye territoiy on 
interceptions and a third time on a 
fumble. 

The turnovers proved cosily. 
Both of Green's touchdown passes, 
the fust for three yards to Joe Cor- 
mier and the second, with 22 sec- 
onds remaining in the half, to Tim- 
mk Ware, came after interceptions. 

Keith Byars, the Buckeyes’ tail- 
back who was the nation’s leading 
rasher with a 150-yard average per 
game, had been frustrated by the 
Trojan defense after racing 50 
yards on the Buckeyes’ third play 
from scrimmage- The USC safety, 
Tim McDonald, who later inter- 
cepted- one of Tomczak’s passes, 
saved the touchdown by forcing 
Byars out of bounds at the five- 
yard line. 

The Buckeyes stalled after 
Byars’s ran and settled for a 21- 
yard field goal by Spangler. 

The Trojans came right back, 
mixing sweeps by the tailback Fred 


Lendl, Vilas Win Matches 
In Las Vegas Tennis Event 


The Assisted Press 

LAS VEGAS, Nevada — Ivan 
Lendl of Czechoslovakia wore 
down Vitas Gerulaitis Tuesday 
night and won his first match in the 
Challenge of Champions tennis 
event. 

Using a strong return of serve 
and some heavy grounds irokes, 
Lendl bested Gerulaitis, 6-4. 6-4, 
without ever being in senous trou- 
ble. 

in an earlier match. GutOenno 
Vilas of Argentina stormed back 
from a one-set deficit to defeat 
Yannick Noah of France, 5-7, 7-6 
(9-7). 6-4, in the University of Ne- 
vada- Las Vegas campus arena. 

Lendl broke Gerulaitis in the 
seventh game of the first set and 
was nol broken until Gerulaitis 


SCOREBOARD 


Basketball 


NBA Standings 


San Anronlo 
Kansas City 


14 IB .438 Mb 

If If 7 


EASTERN CONFERENCE 
A non He Wwiskw 

W L Pc». 

aesten U 6 SI 3 

PltifocMPhla .25 * SOi 

Washington ^ t3 JW 

Now Jorsav 15 I 7 AS* 

New Vortc M S3 353 

Central DltUM 

Milwaukee Ml t MJ 

CMC09O W - 516 

Detroit M H -SM 

Atlanta T3 19 Mb 

Indiana 9 2! .290 

Cleveland b 72 JIM 

WESTERN CONFERENCE 
. MMwest DMsJan 

Denver. 19 1? 40 

Houston IB 13 381 

Dallas 15 >5 M 

Utah 1» W SS5 


pacific Division 
LA Lakers 22 10 481 — 

GB Phoenix It IS _sn s 

_ Pori tend 14 IS .438 B 

V, Seattle 14 18 438 8 

7 LA Clippers 14 19 424 BVj 

}1 Golden Slate 10 20 333 11 

,, TUBSPAVS RESULTS 

ladtaaa M 31 18 33—119 

_ Utah 34 38 37 34-117 

5 Keiiaae 10-38 4-4 24. williams 10-19 +6 24; 
* Dan Hey 11-21 1M1 34 Green 9-17 3*4 21. Ra- 
ja, bounds: Indiana 58 (Williams 14). Utah S9 
12 (Eaton IJJ. Assists; Indiana 35 ( Flaming 5). 
ini*, Utah 24 (Danilov 10). 

pnitadeMMa s* » as 24— m 

Portland »»» *-t* 

Malone 11-18 S-ll 30. Ervina 13-31 1-2 27; 
- vondeweahe 11-84-4 27, Pexsan 10-14 1*3 21. 

1 Reboands: Philadelphia 47 I Bark lev 11). 

jVi Portland 48 1 Bowie ll ). Assists: Philadelphia 

S 30 (Cheeks 9), Portland 34 (Valentine 7). 


Hockey 


NHL Standings 


WoaMnglan 
PMIodeteMa 
MY islanders 
PttKburgh -■ 
NY Ransors . 
New Jersey 

Momreai 

Buffalo * 
Boston 


WALES CONFERENCE 
Patrick 

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A 32 H) 7 51 

Ha » 10 5 47 

fere 20-15 1 41 

l - ‘ 14 17 4 32 ' 

ITS . n W S 29 ! 

IV 12 20 4 8 1 

. Adams OtvWfla 

.31 9 7 49 1 

- 18 12 9 41 I 

15 16 4 30 


OMOec 14 14 4 38 M8 I4S 

Hcrttord 13 17 4 » 110 145 

CAMPBELL CONFERENCE 
Norril DlritJoii 

rhloaao 17 17 3 p 150 39 


Chlcaoo 
SI. Louts 
Detroit 
Minnesota 
Taranto 

Edmonton 
Catoarv 
WhiAlpea 
Las Angeles 
Vancouver 


IS 15 S 35 130 135 

13 19 5 31 W 146 

12 19 4 30 128 148 

A 36 S 1? H3 175 

SnrvTW DWNan 

35 7 4 54 1U 117 

31 15 3 43 M8 151 

19 15 4 e 154 

IS 14 8 38 163 14* 

■ 35 5 21 MB 3# 


Transition 

HOCKEY 

Noltond Nadav ’ League 
HARTFOR D — R e c all ed Rutile Dunn, de- 
- ten4eman.fram Binghamtonai me American 
Hacker Lease* 

COLLEGE 

OKLAHOMA— Named Jim Dorman atten- 
tive coordinator. 


V ° n rUE5DAYTlRESULTS ^ 

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goal: Calourv to* 1 Hurwip dl 13-14-e— 35. mn 
(I iews (pn LemelinJ 10-1 7-13— ^ 


Crutcher with swing passes by 
Green. Jordan’s 5 1 -yard field-goal 
attempt barely cleared the cross 
bar. but it tied the score at 3-3. 

' Then, plagued by poor field posi- 
tion throughout the rest of the half 
— largely on the strong punting of 
the Trojan's Troy Richardson, who 
averaged 44 yards in the half — the 
Buckeyes were unable to muster 
much of a scoring threat 

The Buckeyes punted three times 
and lost two interceptions and a 
fumble, before Spangler kicked a 
46-yard field goal, after three com- 
pletions by Tomczak, to leave the 
Buckeyes 1 1 points down, at 17-6, 
as the half ended. 

Jordan's second 51 -yard field 
goal gave USC a 20-9 lead with five 
min utes remaining in the third 
quarter. It gave Jordan six field 
goals from 50 yards or more out of 
nine attempts in his career. 

But the Buckeyes didn't give up. 
When they scored a touchdown 
midway through the fourth quarter 
to make it 20-15, they tacked on 
two points with a conversion that 
drew them within distance of an- 
other Spangler field goal. 



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Doug Flotie (22) lannHip^ a pass daring action at Cbe Cotton BowL 


Sundberg Leads Nebraska Past LSU, 28-10 


won the sixth game of the second 
set to even the set 3-3. Lendl, how- 
ever, broke back in the seventh 
game and went on to the victory. 

Gerulaitis, a Lie substitute for 
Andres Gomez, who withdrew 
from the tournament, thought he 
played well without much prepara- 
tion. 

“I was pretty happy with the way 
I played,” Gerulaitis said. “I really 
haven’t played that much tennis 
lately. I just wish I'd known 1 was 
going to be in this tournament- 1 
would’ve had a different training 
schedule.” 

On Wednesday, John McEnroe 
was to meet Johan Kriek, and Tim- 
my Connors was to face Jimmy 
Arias in the two remaining first- 
round matches. 


The Associated Press 

NEW ORLEANS — Craig 
Sundberg passed for three touch- 
downs and scored another as Ne- 
braska rallied in the second half to 
defeat Louisiana State. 28-10, in 
the 51st Sugar Bowl football game 
Tuesday nighL 

The Comhuskers (10-2) saw its 
top-ranked defense battered 
around by the quicker Bengals in 
the first half before setting up two 
of three second-half touchdowns 
with pass interceptions. 

“We were lucky to be in the game 


the first half." Sundberg said after 
LSU built a 10-poim lead despite 
having one touchdown called back 
and missing a chip-shot field goal. 

“We were fortunate we weren’t 
17 down," Nebraska Coach Tom 
Osborne said. “I think we wore ’em 
down." 

Doug DuBose scored Nebraska’s 
first touchdown when he scam- 
pered 31 yards with a screen pass 
from Sundberg in the second quar- 
ter after LSU had taken a 10-0 lead. 

Then Sundberg gave Nebraska 
the lead for good when be scram- 


bled nine yards for a touchdown 
6:46 into the third quarter. 

Sundberg. who completed 10 of 
15 passes for 143 yards, pul the 
game on ice with a pair of fourth- 
quarter scoring shots to Todd Frain 
that covered 24 and 17 yards. 
Sundberg was voted the game's 
most valuable player. 

LSU built its 1CW) lead on a 37- 
yard field goal by Ronnie Lewis 
and a two-yard ran by Dalton Hil- 
liard that capped a 73-yard drive in 
the second quarter. 


The Tigers (8-3-1) reached the 
Nebraska one-yard line on second 
down in the second quarter but 
failed to score, with Lewis missing 
a 19-yard field-goal attempt, and 
went to the two on a second down 
in the third quarter when Lewis was 
wide left from 24 yards. 

Chad Daffer, who had two inter- 
ceptions. set up one Nebraska score 
with an eight-yard return to the 
LSU 33 in the third quarter, and 
Scott Straus burger's interception at 
the LSU 34 set up another Corn- 
husker score. 


' ■ *, < ‘ ; ■'* ' V* ' *, “ jr*. •' wr r 



aw nrw&fi 


The Brums' Mike Milbwy gives a shove to Craig Laughlin of the Capitals after knocking 
him to the ice. Washington defeated Boston, 5-1, in the game in Landover Maryland. 

Flames Post 5-3 Victory Over Jets 


United Press Uaentautmtd 

WINNIPEG, Manitoba — If ihe 
Calgary Flames improve on their 
1985 debut, watch oul 

The Flames, with Lanny Mc- 
Donald scoring on his first shot of 
the new year, posted a 5-3 victory' 
over Winnipeg Tuesday, handing 
the Jets their fourth straight loss. 

The Flames moved past the Jets 
into second place in the Smythe 
Division of the National ■ Hockey' 
League. 1 1 points behind Edmon- 
ton. 

“Were improved.” Coach Bob 
Johnson said. “The problem is. it's 
tough to make up ground in this 
division. But this was our iflih road 
win and we only had nine all of last 


McDonald scored two goals, at 
2:16 and 5:52 of the first" period. 
On his first goal the ace took a pass 
from Dan Quinn and beat goal- 
tender Brian Hayward to the stick 
side. Then he stripped Dave Ba- 

NHL FOCUS 

bych of the puck at the Winnipeg 
blue line and scored from the short 
side. 

McDonald said Uie Smythe Divi- 
sion is developing several one-sided 
rivalries. 

“Los Angeles has our number — 
they’ve beaten us three straight 
limes. Vancouver is healing Ed- 
monton and. fortunatelv. we’re 


picking up points on Winnipeg," be 
said. 

“Our inability to beat teams 
ahead of us in the standings has 
been our biggest shortcoming,” 
Winnipeg’s coach, Barry Long, said 
after watching his team lose for the 
fourth lime in five games against 
Calgary this season. 

“And it’s not going to get easi- 
er." he said, looking ahead to the 
Jets' schedule, which includes 
back-to-back games against the 
first-place Edmonton Oilers, whom 
the Jets have not beaten in their 
past 18 games. 

In (he only other NHL game 
Tuesday. Washingmn trounced 
Boston 5- 1 . 


Sixers Win 5th 
With Defeat 
Of Blazers 

United Press International 

PORTLAND, Oregon — Billy 
Cunningham, the coach of the Phil- 
£ adelphia 76ers, can’t figure out why 
the Portland Trail Blazers have 
been losing. 

Tuesday night, he watched them 
lose to his team. 1 1 1-106. 

“I haven't seen Portland play in 
awh ile, but the way they played 

NBA FOCUS 

tonight. 1 can’t imagine why they 
have been losing. We were lucky to 
get out of here with a victory.” 

Moses Malone, playing with five 
fouls, scored 12 of his 30 points in 
the last six minutes to preserve 
Philadelphia's victory. 

The 76ers, winners of five 
straight, are 25-6 overall and 13-3 
on the road. The Blazers (14-18) 
have tost three in a row and 10 of 
their last 1 1. 

But C unningham was impressed 
with his Portland counterpart. Jack 
Ramsey. 

“I think Jack is on the verge of 
gelling things done," Cunningham 
* said. “I thought Portland played 
really welL You could look, at the 
expressions on the faces of [Jim] 
Paxson and (Darnell] Valentine 
and you knew they were really go- 
ing to play hard. 

“I’m just pleased we had it in us 
he to match them down the stretch." 

“It seems that every time we 
needed to hold them off, somebody 
|flS would gjve it to us,” he continued. 

, •* Shrugging off a mediocre third 
^ quarter, MaJone made two long 
be baseline jumpers under pressure 
151 late in the game as Portland made a 
run. dosing within four points with 
' 56 seconds remaining. 

Erving had 27 points for the 
” e 76ers, who led by 17 points in the 
first half. The Blazers closed drew 
^ to 85-81 after three quarters. For 
™ Portland, JCiki Vandeweghe had 27 
31 points and Paxson 21 while rookie 
Sam Bowie grabbed 1 1 rebounds, 
ne In the only other NBA game on 
?d Tuesday. Indiana nipped Utah. 
119-117. 




••• - * - • % jm itr« s l 





: 4 ' ? W-..**' A 

hM 


Tto ruinmeid Preu 

. Danny Bradley flips his way to Washington one-yard fine. 

Boston College Romps 
To Cotton Bowl Triumph 



By Gordon S. White Jr. 

Sea York Times Service 

DALLAS — Doug Flulie had 
said it for days: “1 want to end ray 
college career with an exclamation 
mark in the Cotton BowL" 

In the first 20 minutes of Tues- 
day's game, Flutie. (he Heisman 
Trophy winner, passed for three 
touchdowns to launch Boston Col- 
lege to a 45-28 victory over Hous- 
ton in the 49th annual Cotton 

Bowl. 

But Flutie had difficulties, com- 
pleting only two of 14 passes in the 
second half and being intercepted 
twice. He had to call on his running 
backs for offensive punch, and the 
Eagle defense preserved the victory 
by shutting the Cougars down after 
Houston bad crept to 31-28 going 
into the fourth quarter. 

“I guess i ended it with just a 
regular period and not an exclama- 
tion mark.” said Flutie, who com- 
pleted only 13 passes in 37 at- 
tempts for 180 yards. “But that 
doesn't matter. We won. That is 
how I really wanted to end ray 
career most of all — with a bowl 
victory." 

The Eagles finished the season 
with a 10-2 record. They also 
achieved two Cotton Bowl records: 
the most scoring in a game. 45 
points, and total net yardage, 541. 
The previous points record had 
been set in 1975 by Penn State, and 
the offensive record in 1945 by 
Missouri. 

Jack Bicknell, the coach, said: 
“Doug had an O.K. game. You ask 
him. and you’ll find he’s a little 
frustrated. Bui he did so much for 
us so many times. From a football 
standpoint Til never see anything 
like him again. He always made 
things happen. He made them hap- 
pen today even though it was just a 
good game for him. He's human 
and not superman." 

Although Flutie. the only major- 
college player ever to pass for more 
than 10,000 yards in his career, 
there were other heroes who helped 
Boston College win its first New 
Year’s Day bowl game in 42 years. 

One was Sieve Strachan, full- 
back, who had two touchdowns, 
made crucial two- and three-yard 
gains to keep drives going and got 
91 net yards on the ground. He was 
named (he game's most valuable 
player. Another was Troy S trad- 
ford. Eagles’ tailback, who rushed 
for 196 net yards and had two 
touchdowns. 

But without Flutie, Boston Col- 


lege would not have reached the 
Cotton Bowl and there is little 
doubt that without him the Eagles 
would not have won this game. 

Flutie’s three touchdown passes 
matched the bowl record set by 
Ernie 1-ain of Rice in 1938. The 
quarterback gave the 56,522 fans 
early excitement as be began a 63- 
yard touchdown pass play on the 
Eagles' eighth play to Kelvin Mar- 
lin. 

Then he passed eight yards to 
Stradford for a touchdown on a 
fake that had the tailback all alone 
to the left. Flutie completed his 
scoring passes early in the second 
period on a 13-yarder to his room- 
mate and favorite receiver. Gerard 
Phelarc 

By halftime, after Houston had 
recovered enough to score two 
touchdowns. Brnton College led. 
31-14 and Flutie had 166 yards 
passing. 

But Houston held him to 14 
yards passing in the second half 
and one of the two interceptions 
the Cougars made was ran back 25 
yards for a touchdown. 

Bill Yeoman, coach of Houston, 
had praise for Flutie. 

“Flutie is just an excellent foot- 
ball player. He is an excellent, ex- 
cellent quarterback, and there isn’t 
any question about iL It was evi- 
dent, though, today that there were 
a lot more of them than just Fhitie. 
When it was 31-28 1 was kind of 
encouraged.” 

Houston (7-5 L a decided under- 
dog, fell behind by 14-0 because of 
Flutie’s first two scoring passes. 
But the Cougars bounced back as 
Earl Allen look the kickoff at the 
Houston two-yard line and ran it 
back 98 yards for a touchdown, the 
longest kickoff return in Cotton 
Bowl history. 

But Houston erred again as Tony 
Thurman, the Eagles* free safety, 
charged to intercept a shovel pass 
that was actually a pitchoui to a 
trailing back by Gerald Landry, the 
quarterback. The interception gave 
Boston the ball at the Houston 15, 
and moments later Kevin Snow 
made a 31-yard field goal for the 
Eagles’ 17-7 lead. 

In the second period, after Flutie 
passed to Phelan for a touchdown 
and Strachan scored the first of his 
two touchdowns, Houston finally 
got its veer offense working. In a 
seven-play drive of 64 yards, the 
Cougars scored from the two on a 
plunge by Larry Sheperd, and the 
conversion made the score. 31-14. 


UCLA Nips Miami, 39-37, 
With Last-Minute Field Goal 


United Press International 

TEMPE, Arizona — John Lee’s 
third field goal , a 22-yarder with 5 1 
seconds left, gave UCLA a 39-37 
victory over Miami Tuesday in the 
14ih Fiesta BowL 

Lee’s three-pointer capped the 
Bruins’ third comeback of the 
game. UCLA trailed 21-7 early in 
the second period, 24-22 shortly 
after halftime and 37-36 after Mi- 
ami's Melvin Bratton scored his 
second touchdown with 2:58 re- 
maining. 

The victory gave UCLA a 9-3 
record, and Miami ended at 8-5. 

- A last minute drive by Miami, 
which reached the Miami 48, was 
thwarted when UCLA’s Terry Tu- 
rney sacked the Hurricanes' quar- 
terback, Benzie Kosar, as he tried 
to pass. Kosar fumbled and the 
Brauts’ Eric Smith recovered. 

Miami had come from a 36-24 
deficit on two fourth-quarter 
touchdowns by Bratton. Bratton, a 
freshman starting because of a late 
season injury to Alonzo Highsmith, 
scored on a 19-yard run with 9:49 
remaining and then on a three-yard 
pass from Kosar. 

UCLA’s quarterback, Steve 
Bono, overshadowed in the pre- 
game publicity by Kosar, tossed 
two second-hair touchdown passes 
to give the Bruins the 36-24 advan- 
tage. 

Bono’s first scoring aerial went 
10 yards to split end Mike Sher- 
rard. who got open at the back of 
the end zone. Thai score came with 


5:44 left in the third period. On the 
first play of the final quarter, Bono 
learned with flanker Mike Young 

for a 33-yard touchdown pass. 

Bono’s passes came after Greg 
Cox put the Hurricanes ahead 24- 
21 early in the third period. 

UCLA had taken the halftime 
advantage on two field goals by Lee 
in the final 83 seconds. 

The Bruins began the scoring less 
than six minutes into the game on a 
6-yard run by freshman tailback 
Gaston Green, who was named the 
game's most valuable offensive 
player. 

Miami came right back, moving 
62 yards in four plays, the final 38 
coming on a run by sophomore 
tailback Danyl Oliver. It was his 
longest ran of the season. 

The Hurricanes moved ahead 14- 
7 late in the first quarter when 
Eddie Brown scampered 68 yards 
on a punt return. 

Kosar hit freshman Brian Blades 
for a 48-yard touchdown with 
10:03 left in the half. 

It was the first touchdown for 
Blades, who caught only three 
passes during the regular season. 

Two plays after the kickoff. 
Green ran 72 yards untouched 
down the sideline for the longest 
TD ran in Fiesta Bowl history. 

The Brains got a safety with 2:33 
left in the hall when Miami punter 
Rick Tuten was swarmed under by 
UCLA tackier* after taking a low 
snap deep in die end zone. 




AtiAi l " 3e ' I SSI’ 







Page 14 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. JANUARY 3, 1985 


ART BUCHWALD 


PEOPLE 


ah ir.wi rr„ Children’s Tales of Terror and Mischief Chinn F^PandaPah 

J±U ± U txt %JU I must not ugly faces scrawl I ■ long and much-loved use. and *-«■*«■**' 

^ _.r I 8 ^.1 ill rarrv rhiMrpn * vriK- ^ . * : nn hnnevmoon S1HC 


W ASHINGTON — It’s been 
over 30 years since the Great 




W over 30 years since the Great 
Red-Hunter. Senator Joe McCar- 
thy. announced that the State De- 
partment was died with Commu- 
nists. Commiesymps, pinkos and 
fdlow travelers. 

Thai was in the early '50s. and 
things have changed. As far as the 
Republican right wing is con- 
cerned. we have nothing to fear 
from Commies 
in the Slate De- 
partment any 
more. The real 
threats to the 
United States 
today are the 
‘•moderates,” 
who have infil- 
trated the presi- 
dent's own Tam- 
il's a very se- Bodroald 
nous situation according to my 
conservative friends. 

Simon Simple, the leading right- 
wing columnist in the nation, told 
me. "Secretary George Shultz is re- 
shuffling the department, and 
purging all the hard-liners, and re- 
placing them with moderates so he 
can take control of the foreign po- 
licy of the country." 

□ 



“That's a heck of a story. If they 
got control of Foggy Bottom, they 
could force diplomatic solutions to 
military problems. Does the presi- 
dent know what's going on?" 

“For the moment he's slicking 
by Shultz, but the conservatives are 
not going to stand by and see this 
country's hard-line policy go down 
the drain. We didn't re-elect Rea- 
gan to make an arms control treaty 
or keep us from getting militarily 
involved in CenuaJ America." 

“it would be a disaster to purge 
ideological presidential appointees 
with State Department profession- 
als," 1 agreed. “It could lead to 
another detente or. worse still, a 
nuclear freeze. I can't believe 
Shultz would do this if he didn't 
have friends in the White House." 

“That's just iL The moderates in 
the While House are behind the 
whole thing," 

□ 


l must not ugly faces scrawl 

With charcoal on a white-wash'd 
wall; 

Or, as from room to room l walk. 

Adorn them with designs in 
chalk . . . 

The things my parents bid me do. 

Let me attentively pursue; 

The things they bid me leave 
undone. 

Let me essay as much to shun. 

By Glenn Collins 

New York Tima Service 


N EW YORK — The words 
are from “The Good Bov’s 


“Why would a secretary of state 
want to do Lhat?" I asked. 

“Because he's a closet pragma- 
list." 

"Those are strong charges." 1 
said. “I hope you have evidence to 
back them up." 

“I do. Shultz wants to replace 
one- third of Reagan's politically 
appointed ambassadors with for- 
eign service professionals, and he 
plans to substitute six hard-line as- 
sistant secretaries with State De- 
partment experts." 

“Maybe be just wants to beef up 
his staff." 

“Here is the list. The majority of 
Shultz's appointees are reasonable 
people who would sell out the 
country." 


“Are you trying to tell me that 
there are moderates in the White 
House, too? Who are they?” 

“Jim Baker. Mike’Deaver, 
George Bush, just to name a Tew." 

“I never thought of them as mod- 
erates." 

“Why do you think they refused 
UN Ambassador Jeane Kirkpat- 
rick a key job?" 

“She said it was because they 
were male chauvinist pigs." 

“You can be a male chauvinist 
pig and moderate as well." 


IN are from “The Good Boy’s 
Soliloquy,” published in London 
in 181 l;"onJy two copies are now 
known to exist. “The book is a 
guide to children's good man- 
ners.” said Gerald Gottlieb, cura- 
tor or early children's books at 
the Pieipont Morgan Library. “It 
carefully illustrates many forms 
or misbehavior, in the expecta- 
tion — touchingly naive — lhat 
these acts will then be avoided by 
the young. No doubt it was a very 
useful manual of mischief for any 
child worth his salL" 

The volume represents a tradi- 
tional genre in children's litera- 
ture — the book of manners — 
and an original is displayed in an 
exhibition at the library called 
“Small Mischief: Evil Doings and 
Odd Disasters in Early Children's 
Books." The show is an extraordi- 
nary collection of rare early chil- 
dren's books, manuscripts and 
drawings. 

The exhibition includes the 
only extant copy of the earliest 



long and much-loved use. and 
some still carry children's scrib- 
bles and efforts at coloring. 

"These early children's books 
haw suffered from brutality by 
children and disdain by adults," 
said Gottlieb. Early children's 
books are especially fragile be- 
cause many were printed on inex- 
pensive paper and are now disin- 
tegrating because of the add used 
in making wood-pulp paper. The 
books have been mounted in cli- 
mate-controlled cases that are 
shielded from ultraviolet light, 
which can hasten their deteriora- 


Ten .American youngsters who 
helped raise more than S 90.000 to 
save giant pandas were honored at 


postcards. The celebration, which Washington to prepare for the 
also was attended by 20 Chinese round of celebrations surrounding 


children, was part of a tw\>week 


tom - arranged by the .Amen cans 
Chinese hosts, the China Wildlife 


Association. The .Americans, aged j immy Carter will be the first 


1 0 to 16 and all from the Los Ange- American io receive the World 


les area, arrived in China on Dec. 
T? in.H will Imvp for home Friday. 


Methodist Peace Award for “con- 


10th Indian Film Festival 


4 genre France- Prase 

NEW DELHI — Twenty-three 
countries have sent entries to In- 
dia’s 10th international film festi- 
val which opens Thursday. A jury 
headed by French actress Jeanne 
Moreau will award the first prize. 


“What a re the conservatives go- 
ing to do about it?" 

“We're calling for a Senate inves- 
tigation to root out all the moder- 
ates and pragmatists in govern- 
ment Anyone who can't pass the 
conservative ideological Litmus test 
will be bounded out of office." 

“I hope it's televised. I'd like to 
see what a moderate in the Reagan 
administration really looks like.” 

“Don’t worry, you’ll see all of 
them. Not only will they have to 
testify under oath whether they are 
moderates or not, but they’ll have 
to give the names of other moder- 
ates in their cell. If they refuse, 
they’ll be held in contempt of Con- 
gress." 

“It could be [he beginning of 
another witch hunt," I said excited- 
ly. “We haven't bad a good one 
since Joe McCarthy was alive." 

Simon smiled, “May he rest in 
peace." 


surviving printed English nursery 
tale, “The History of Tom 


A page from “The Good Boy’s Soliloquy.’ 


Thumbe the little,” published in 
1621. It offers the original hand- 
painted manuscript of “Little 
Red Riding Hood," written and 
illustrated for the niece of Louis 
XIV in 1695. There is also a letter 
written by Beatrix Potter in 1895.. 
to a 7-year-old, Noel Moore, in 
which she tells and draws a tale 
about “my rabbit Peter" — the 
humble bunny who was to be- 
come the eminent Peter Rabbit 
when the first of her books was 
published in 1901. 

The dements of terror inherent 
in the tale of young Peter Rab- 
bit's close call in McGregor’s gar- 
den animate many of the volumes 
in the exhibition, including the' 
slorv of Tom Thumb, the diminu- 
tive hero who falls into a pudding 
and is carried away by a crow. 
The whole show is, in fact, a 


chronicle or misfortune lhat runs 
from prankishness to homicide, 
from near destruction to utter di- 
saster. The subject headings in 
the display cabinets include 
“Hazardous Play." “Little Glut- 
tons," “The Wages or Sin" and 
“Pure Evil." 


In part, these horrors reflected 
the difficulty of life in previous 
eras “when the rales of child mor- 
tality were horrendous." said 
Gottlieb. The cruelly in some of 
the volumes also derived from a 
sense of humor “that was coarser, 
perhaps, than what we're accus- 
tomed to.” he said. 


i ant curator who helped prepare 
the show. 

“After all they believed that 
there was a very limited time to 
save a child's soul” Gottlieb said. 
Children were seen as infinitely 
perfectible, and the notion of the 
protected sheltered childhood 
developed relatively recently, in 
Victorian times. 

A Tew nondidactic children's 
books, intended simply to be fun 
for children to read began ap- 


pearing in the early 1 9th century. 
The earliest include “Old Mother 


“Many of the disasters lhat 
threatened children in these 
books were considered just retri- 
bution for misbehavior,” said 
Mary-Parke Johnson, the assis- 


Hubbard” in 1805 and “The But- 
terfly’s Ball" in 1807. 

The Morgan Library’s 6,000 
volumes form one of the world's 
greatest collections of early chil- 
dren's books, and the preserva- 
tion problems are awesome. 
Many volumes show the wear of 


uon. 

The books were usually consid- 
ered ephemera, and they were of- 
ten thrown away after the chil- 
dren finished with them. Until 
relatively recently they suffered 
frdm scholarly neglect, too. be- 
cause academics felt that the>' 
were beneath serious study. 

Recently, however, historians 
have been turning to children's 
books to learn about everyday 
life in the 17th. 18th and 19th 
centuries. “They represent an al- 
most invaluable window’ on the 
social and cultural history of the 
times.” said Gottlieb, who m 
1975 presented at the Morgan Li- 
brary the first major exhibition of 
early children's books, a show 
that has subsequently attracted 
scholars from throughout the 
world to the collection. 

For those who attend ihe exhi- 
bition before Jan. 14. there will he 
another rare treat: in the foyer of 
the Morgan Library, in its holi- 
day display case, is the original 
autographed manuscript of 
Charles Dickens's “A Christmas 
Carol” along with original water- 
colors by John Leech that ap- 
peared in the 1843 first edition. 
Sharp-eyed visitors can observe 
how Dickens changed “Old Mar- 
ley’s Ghost” to “Marley’s 
Ghost." and can marvel at ihe 
ability of 19th-century printers to 
decipher Dickens's editing cor- 
rections. But compared with the 
disasters portrayal in the chil^ 
dren’s book exhibition, even Bob 
Cratchit's terrible misfortunes 
seem somewhat ordinary. 

The children's books will be on 
display until Feb. 24 at the Morgan 
Library. 29 East 36th Street. Tues- 
days through Saturdays from 
10:30 AM to 5 PM., Sundays 
from l to 5 PM. It is closed on \ 
holidays. 


22 and wiH leave for home Friday. s j 5 lenc y. creativity and courage" in 
“We haven't had asingle teeny mo; pursuing peace both as president 
raent to breathe._it's_been so busy, 3D( j private citizen. Carter joins the 


io-year-old David Kim said of the | ale Egyptian President Anwar Sa- 
tour. “1 slept through one or the ^ and peace activist Sadie Patter- 
banquets." The American young- con of Ireland in wi nning Lhe prize. 


banquets. The American young- ^qq 0 f Trplnnd in wi nning Lhe prize, 
sters organized a Save-lb^Panda established in 1977. The award will 


committee in July when China sent ^ presenie d March 13. 


two of the rare animals. Yongyong 
and Yingxing. to Los Angeles for 
the Summer Olympics. To raise 


Surgery appears to have saved 


money, the Americans sold Chi- rock star Rick Allen's left arm, 
nese-raade panda pins for SI each which was severed in a car crash. 

. « f r *-» ■ i . v a UI_ TL- 


at ihe Los Angdes Zoo. China has his doctors said Wednesday. The 


the world's only wild giant panda 21-year-old drummer with the Brit- 
population. estimated at 1,000. The ish rock band Def Leppard was 


animals, known in Chinese as "da reported in “stabilized and slightly 
xiong ma o" — big bear cats — are improved" condition Wednesday 


threatened by starvation because of at the Royal H all ams hire Hospital 
a cyclical die-off of arrow bamboo, in Sheffield. England. Surgeons 


their favorite food, and by the en- stitched Allen's arm back on in a 
croochment of civilization on their four-hour operation Monday, the 
rangeland. Li Gulling, secretary day it was severed in a car crash in 


general of the China Wildlife Asso- northern England 


ciarion. said the money raised by 
the California youngsters will be 
used to buy winter clothes and food 


us*» so ouy vnnur uuura buu \ wu ... pe a 7-A™, hirth 

= AM. Tuesday in SLh.tlw> 


Sichuan, Gansu and Yunnan prov- ^ HoS p ilal l0 a 7-pound 

■ nr*oc for etnrumn nanaic * 


inces for starving pandas. 

□ 


20-ounce girl named Kady. It is the 
first child for Zadora and her hus- 


The runner Mary Decker. 26, band of eight years, Meshtfam Rik- 
and the British discus thrower fis, chairman of Rapid America 


Rkhard Slaney, 28. who carried her Corp. Zadora named the baby after 
off the Olympic track after her the lead character she played in a 
stunning collision with Zola Budd I9S0 film, “Butterfly." Her most 
during the Summer Games, were recent project is a record with Jer- 
wed Tuesday in a private church maine Jackson, “When the Rain 


ceremony at the First United Begins to Fall" to be released in 
Methodist Church in Eugene. Ore- the United States this month. 


gon. It was Decker's second mar- 
riage and Slaney* s first. Decker was 


Bandleader Xavier Cugaf turned 


married for two years to marathon 85 on Tuesday at a hospital in Bar- 
runner Ron Tabb before their di- cdona where he is recovering from 
vorcein 1983. . . . Gahl L Hodg- a heart attack he suffered on Dec. 
es, the White House social same- 23. Cugat. who in the 1960s intro- 
tary. and Rkhanl R. BarL the U. S. duced the United States to such 
undersecretary of state for Europe- Latin American rhythms as the 
an affairs, were married in a civil cha-cha. has been m and out of 
ceremony at Rome's city hall hospital since he returned to his 
Wednesday. It was the second mar- native Barcelona from the United 
riage for both. The couple will skip States in 1978. 


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FOR A FREE ESTIMATE CALI 


TRIBUNE 


AND SAVE 


As c new subscriber to the 
Irtfernatorai Herald Tribune, 
you can saw up lo 42% 
of Ihe newsstand pnen, depenrfi 
on vow county of resdence. 


For deiaRs 

an ths speed introductory offer, 
write K* 


BIT SwbKriptions Department 
181, Avenue (MfrdMiaih. 
92200 NeuBy-tar-Seinq, Fnm. 
Or tel: Paris 747-07-29 


AMSTERDAM: 

ATHENS: 

BARCELONA: 

BOMI: 

BREMEN: 

BRUSSELS: 

CAOfZi 

FRANKFURT: 

GBCVA: 

LONDON: 

MADRID: 

MANCHESTER: 

MUNCH: 

NAPLES: 

PARIS: 

ROME: 

VIENNA: 

ZURICH: 


(0711 89.93.24 



DIAMONDS 

Your best buy. 

fine dnmonds in ty price range 
at lowest wholesale prices 
direct tram Antwerp 
center of lhe rfamond world. 
Ful guarantee. 

For free price fcsf write 
Joadwm Ciilitamteii 


UK & OFFSHORE 

COMPANIES FROM £78 


FRENCH PROVINCES 


REAL ESTATE 
TO RENT/SHARE 

GREAT BRITAIN 


EMPLOYMENT 


AUTOS TAX FREE 


GENERAL POSITIONS 
AVAILABLE 


EUROPORT TAX 
FREE CARS 


PARIS EDUCATED. VIP sod*steaied 
young lady conparion. for days, tin- 
ners & evenings. Cat travel. 3770169. 


(YOUNG GERMAN LADES - Mutdm- 


EstaUohed 1928 

Pdftaanstroal 62. B-2018 Antwerp 
Betowr - Tek (32 3| Z34 07 51 
The 71779 syl b. At the Diamond Gub. 
Heart d Antw e rp Diamond industry 


UX. + hie of Mon + Angutta 
Guernsey + Jersey + Gibraltar 
Liberia 4- Banana + Delaware 
Readymade or to Ml 
Full nominee, whrnstralivi 
and accounting back-up inducing 
bank mtrodudions 


NEAR CAM4ES, exclusive property 
overlooking panoramic views. 6 man 
bedrooms, guest apartment, staff 
aaterL pod, terns, garage. 
MjtJOOJJOa SSL 4? La Gaeette. 
06*00 CANNES. Teh (931 38.19 19. 


BEAUTIFUU.Y ESTATE m Tauram 


13.000 iqjm. park, large living, ftre- 

& study, 5 bedrooms, al modern 
es Burda dani 3-car oarage. 


CHELSEA RIVERSIDE 

HOUSE TO LET 

Charming modemsed Viaoticyi house. 
3 bedrooms. Hiring room, 
dining room. Street parbng. 
Available imowtiateV $300 a week. 
Cal Malverns (Agent) on 01 581 2337 


JOB HUNTING? Recenr improvement 
of US «red world economy has ex- 
panded ihe demand m international 
job maiet. We have 16JXJ0 firms 
from 5 continents unng this unique 
and confidently service. Send your 
short Bo-Data CV. f or de tails, 

American career reostk/gc 


EXCAUBUR 

AUTOMOBILES 

are completely hand-built «i America 
and designed after the 1939 Menxdes 
WOK. Only 44 of the 250 umt produc- 


Cail or wnie for free catalog. 

Box 12011 

Hot tei the n Airport, Holland 

r«l^ltfc23Q77 
Telex 25071 EPCAR NL 


gud immediate service m Europe. 

Bruuefc 322/734 38 B6 

DO YOU NTO A FR»*CH-B9GUW- 


S pensh urndang young lady gudef 
Tel- 531 3666 Pan. 


lion far 1985 ore b ong allocated ta the 
European and Mow East market. 


OFFICE SERVICES’ 


SBECT COMPANY FORMATIONS 
Ml Pleasant. Dougtah Is le of Man 
Tefi DoufTna*) 23718 
Tele* 628554 SELECT G 


Todbhei Burglar alarm, 3-car garage. 

Ffl.lOOj0OO.Tdi 47 - 56 01 22 


1250 Oafcmead Parkway. Sixte 210. 
Sunnyvale. CA, 94088-3S99 USA. 


LONDON. Fw the best fumehed flats 
and houses. Consult the Speaafats- 
Phhp*, Kay end Lems. Teh London 
8392245 Tele. 27846 RESIDE G 


GENERAL 

POSITIONS WANTED 


YOUR SWISS BUSIFESS 
BASE N LUGANO 
Fuly integrated busnesi sennets 
f*ione/tela^niaJ .lennoes, 
IraiiilulKWB/aclinuutiarian.r 


B4 ASIA AND WLORC 


bookkeeping Tek 091/231.161 
Tbe 79544 PMSA CH 


Contact our load dbtributar or: 


MannAmcd Horrid Tribune 
1005 Tar Sana Commanid BdUnfl 
24-34 Herniwin Road 
HONG KONG 
Tel: HJC 5-286726 


ALLIED 


HOUSESTIBl. Going aw mi Keep 
your house or Rat safe with profes- 
namds. WW hogwsil. cate lor plants. 
gts^nwsagM, mol. References. Tek 


VAN LINES INTI 

OVER 1000 AGENTS 
IN U^A. - CANADA 
350 WOR1D-WDE 
FKB ESTIMATES 

PARIS DmiiaRiK International 
(01) 343 23 64 


YOUR LONDON OFFICE 

CHE5HAM EXECUTIVE CENTRE 
Uxnprehemive range of services 
150 Regent Street, london Wl. 

; Tel: (01) 439 6288 Tbu 261426 


HOW TO MAKE US$250400 
through multi-level moil order sides. 
The report wd awe you much needed 
inibimaliontotKlpyouinthaplan.lt 
will show you how you (Italy can 
moke a quarter mban doikxs tn [list 3 
or 4 months. Older tha report From 
- Canase Business Services. PQ Bov 
B982, Scwnsdde, AZ B5252 USA and 
endose USS10 (or the equivalent m 
any convertible wrergyL 


MONTE CARLO 


Tele. 27B46 RESIDE G. 
HOLLAND 


Principality of Monaco 

SELUNG VERY EXCEPTIONAL 
APARTMENT, PATIO. 

700 M|.m. private garden 
RcudenW area Center of town, edm, 
300 sq.m, kwig space, large erttrtr&e, 
krge reception. By ary, drong, IV 
room, 4 bedrooms, 3 bare, 1 room for 
stoff with both Large modem tally 


DUTCH HOUSING CENTRE B.V. 

Detune rentals Vderiuulr. 174 
Amsterdam. 020-621234 or 623222. 


SOfMSTICATH) FRENCH model 27. 
bknguaL Free lo travel. Looks lor 
openings Telephone 3 twn. ■ 1 1 pjn. 
London England 225-0368 i 


DATA ENTRY oreJ/qr accounting help- 
er. Write Bos 1584. Herald Tntume. 


er. Write Bax 1584. Herald Tribune, 
92521 NemHy Cede*. Frqnce 


THREE TWMN3S STRIPES desgrwr B 
Hunker reeks position. Tel: (68] 34 32, 


03 3 to 7 pm. France. 


FIDUCIARY BANKING on large a* 
latorafized Ian. The only commer- 
cial bonk with a representative office 


eqwnped taf dien. I targe spare roam, 
smal office, brpa dreuma room, qa- 
rag* Htah dm service 
Ab condfuoned. eledne binds, etc. 
EXCLUSIVE AGENCE INTERMEDIA 
BP. 54 

MC 98001 MONACO CEOEX 


in London speadong in ihe service. 
Arab Overseas Bank & Trial IWJ.I 
Lid. 28 Bloch Prince Rd. London 5E1. 
Tel 735 8171 


IMPETUS > ZURICH * 252 76 21. 
Phone / telex r mabox. 


When m Some: 

PALAZZO AL VBABRO 

Luxury apartment house with fumjhed 
Bats, ova table for 1 week and more , 


SECRETARIAL 
POSITIONS AVAILABLE 


Phone: 6794325. 6793450. 
Write: Via del Velabro 16. 
OOlfeRome. 


Don't min 
INTERNATIONAL 
SECRETARIAL POSITIONS 

TUESDAYS 


Tel: ra 50 66 B4 
Tk. 469477 


PARIS AREA FURNISHED 


in the IHT Oauffted Section. 


ALCOHOLICS ANONYMOUS m 
Engfah . Pans 634 59 65. Genera 
289286. Rome 39 4801 


FRANKFURT 


LONDON, ENGLAND. Dine pnvdefy 
<*oard butane xx&ng jtnp to Green- 
wdi Reretvationi. Tek 01 ■ 480 7295. 


PERSONALS 


WRITE NOW FOR BOOKS Ore m 
Warn. Absolutely tie* ham IPC. P.O. 
Bor 2439. Durban, South A fnm. 


MOVING 


(069] 250066 

MUNICH IJIAS. 

(089] 142244 

LONDON JTXX 

(Ol) 953 3636 

CAIRO Allied Vsi Lines hrif 
(20-2) 712901 

USA Afliad Van tines left Corp 
(0101) 312-681-8100 


BUSINESS 

OPPORTUNITIES 


BUSINESS SERVICES 


SECRETARIES AVAILABLE 


KOUMAft - McCABE SERVICES. 


PARIS & SUBURBS 


Dansakatian.'lelephone' telex/ mai. 
P- OJov Sal. TOOl LAUSANFR, 
SWITZERLAND. Tel: 021/34 82 18. 
Tlx.- 25074 MOCOU. 


Embassy Service 


U.S. A. 

EXCITING OPPORTUNITY 


1LE ST LOUIS 


Industry located m the Sun Belt, esftjb- | 
Hwd 3 years, seeks copra! to <uptai j 
nmaong technological breakthrough. 1 
Equiy ownership wiiti mrnimum invest- i 
men of $50,000. Substantial capital ap- 
preciation cm be expected, With ample 


REAL ESTATE 
FOR SALE 


170 sq.m., to be renovated, ground 
Hoar + lit floor, rue ie Peo-afticr 
Tel- 224 74 60 


a A ve. <fo Mmkn 
75008 Paris 
Telex 231696 F 


GR WTBHM - The Most Rekable Tem- 
porary Personnel in Pam. French & 
Wngyd office personnel. Call Don- 
*Se 75B B2 X 


New far 1985 (Far Europe only) is a 
special General Motors S7 hreWen 
one producing 300 HP. m its natural 
form or 425 HP. when sup* charged. 

| Ths results m prtrfqwus aaeierauon 
comparable to the Bentley Turbo but 
wish a higher maximum speed there- 
fore propeftng Hu no sta lgic exotica 
wilh sports-car kke performance. The i 
banc puce starts around USJ60.000 
and Ihe speaol equxxnent is endec. A 
reasonably loaded bcokbur is priced 
S7 5-00,000 F.OJ. New York wfiids in- 
dudes cf»ce of exterior /interior colors 
and options. Dekvery charges to final 
destination at cad Dekvery approxi- 
mately 8 weeks From order, whle evo- 
cation lasts. Orders con be accepted 
with a deposit of 25% and the balance 
payable at lime of shipment. For more 
information consult esus No. 12 of 
Symbol magazine, ova table e i toBs 
fofoe and hen on dedeis, or Ihe De- 
cember publication of Avail Gorde To 
ptaca an order contact the sole and 
exdus>ve dstobutors- 

EXCAUBUR MOTOR CAR 
DISTRIBUTORS 

Pork Pakoee. Avw d* la Costa 
Manta Crete, Monaco 
Tek 33 - 93 - 25 63 91 | 

Totax: 469870 MC5 


NEW RHD MF9CEQE5 500 SEC, su- 
perb, 1985 specs. Style AutamMve 
LkL^Engana (0203) 470099. Tetax 


SOCIETY DIANE PARIS 260 87 43 
Men & women guides, security & rent- 
mg cor services. 8 am ■ 12 pm. 


LEGAL SERVICES 


LONDON. Ycxmg German /French dli- 
ance to meet you on your yqrt to 
London. Tek UK 01-381 6852. 


US IMMIGRATION vh®. Atrys. Spfc» 
& Rodney. 1925 Bncketl Av, Mwm FL 
33129. Tek (305) 6439600. h. <41469. 


PARIS NOTE THS PHONE AT ONCE 
757 62 48 Trustful V.LP. lady, travel 

companion. 


SERVICES 


wn 

BEAUTIFUL PEOPLE 


UNLIMITED INC 
U SJL A WORLDWIDE 


A complete sood 8 busmess serve* 
providing a unique collection erf 
retarded, versatile & multi kngud 
mdtviduols for: 


FashtorvCommeicial-ftirt-fronrefaam 
ConvontKMvTrode Showsfress Fwries 
Special Eventslmage Makm-PR's 
Sood Hasts-Hosteues-Enlertaners 
5ockrf Companons-Tour guides, etc 


212-765-7793 
212-765-7794 
330 W. 56rti St. N.YC. 10019 
Service Representatives 
Needed Worldwide. 


AUnAMBHCAN Young tadycompan- 
ion. New York. 718-278-7077. 

NEW YORK EUROTCAN LADY 

companion. Tek (212) 679.5172. 

PARIS 747 59 58 TOURIST GUIDE. 
Airports. 7 am./malmghl Inrltrcwel. 

SINGAPORE INTL GUOES. G* 5*v 
gopore 734 96 28. 

SOUTH OF FRANCE: Young lady com- 
poreons. Tel: t93) B5 19 90. 

PAHS YOUNG LADY 341 21 71. 

VIP PA 8. bjUgud jntergteter 
ATHENS. Lady compuieun and person- 
gl aurttarrf Tet BD86I94. 

FRANKFURT - YOUNG LADY torn- 
ixtewn and guide. Tel: fQtffl 44 77 75 

PARIS INTL PERSONAL/ BUSINESS 
Aivnont. Tek 828-7932. 


PARIS LADY INTERPRETS Travel 
companion ftais 633 0? 09. 


LOW COST FLIGHTS 


FRENCH PRONIN CES 


BAGGAGE moved wo Air/Sea USA- 1 
Woridj^. Excess Boggoge &>, Lon- 
don 603 I266/7. Weetana <74 4743 


CON1W8SX: Castbusters to 300 ernes 
wortdwide ■ Av/5ea Cal' Chorfie 
781 IB 81 Pom ■ Cars loo 


eauity protection. 

Write in confidence l& Box 1560. 
Hercrfd Tribune. 92521 NeuiDy Cedex. 
France 


CANNK CAilFOflME VU pe*b opart, 
"tent, vib 160 sq.m, m luxury red 


PLACE VICTOR HUGO (near}, in turj- 
naws townhouse. lovely eportnenr 
kvma, 2 bedrooms. 2 bat hi. 88 sqjn.. 
08 decorated and Fwrxshsd Hann de 
Rosen 272 40 19 


YOlft REAL ESTATE 
AGENT IN PARIS 


EDUCATIONAL 
POSITIONS AVAILABIJ? 


COOPER ST JAMES 

OFFICIAL AGENT 
OF BMW (GB) LTD 


LANGUAGE SCHOOL seeks full time 


denae, 3 bedrooms. 3 baths. Lying 
roam, dmng room, 200 sqm garden. 


1 6th near Fodv. modern OT sqm hreh 
pnee. 525 11 03 or 333 53 03 


PORTUGAL 


Place Your Cl ass HFted Ad Quickly and Easily 

lift Hm 

INTERNATIONAL HERALD TRIBUNE 


PROPERTY OF ROYALTY ufueed <n 
most destroble area m ESTOtU., Par 
■ugaf. House, needmg some renova- 
tion & grounds cover 5000 sajn. Oi- 
lers considered from USS460.Q0CI or 


FLATS FOR RENT 

SHOUT / LONG IBM 

sasaw AREAS 
PHOriK 562-7899 

FLATS FOR SALE 

PHONE 562-1640 

OFFICES FOR RENT/ SALE 

PHONE 562-6214 


mother tongue Engfcsh teachers. Must 
be m possession of EEC passport ar a 
void ‘Carte de Tiavmr.OJIPcxrs 747 


! We are offer tax free BMW's at tourist 
[ pices Left or right hand drive, Amen- 


YOUNC LADY 

PA/lnlm prefer & tomnm Guide 

PARIS 562 0587 


NY ONE WAY 5 1 50. Eve 
West Const 5141. Para 2 


TO USA FROM £119 am way. 
NATO London 01-734 8100. 


are locahcotiofv full factory warranty 
and official deder back-up. , 


HOLIDAYS & TRAVEL 


12 80, Fa Ijreques. 

nOMKSTIC 
POSITIONS WANTED 


Aho (adory-buA bJlet-proaf BMWs & ' 
speoafisl coach-bulckng, tg. i 
.imbukreca, aB tax free fix export. ! 

Coll London (01] 629 6699. | 


YOUNG VIP LADY GUIDE 

Tritmqocd biterprotar 


PARIS 533-8026 


ALWAYS AVAILABLE - AU PAIRS, 

dutaien s nanny, mum's helpers & oB 
binrehes of 1st dans kvem domaxhc 
help worldwide. Cat Sloane Bureau. 


London 730 B1 22/ 5143 124 hours) U- 
CEMPAGY. Hx. fi95067CSLOANE G 


TAX FRS CARS 
P.CT. 


INTL YOUNG LADY GUIDES 
ediwwed. for day. dvinery & travel 
PAHS 8 AIRPORTS Tel: 527 90 95. 


CHAPTER A YACHT IN GREECE. D«- 
ica from owner of largest lleel. 
Amercon rumogemenf. E<crilen> 
crew,, govt bonded. Vd e f YodiH. 

TlvHrt5»ok!ewB TX.. ftroew 
Oreece Tri- 4539571. 4529486. Dxi 
Bood. Am- 

btat. PA WTO. Tel 315 Ml lo2J. 


74 CHAMPS-aYSES 8fh 


[EXOllfiNr COOK, chauffeur. 38, 
| free now. good presenfohon. refer- 
ences. seeks pouhon m private home. 


Lsgort Sh o wroom l Inventory 

AU makes, dl models, brand new 


Ifzerban 1, 2009 Antwerp, Belgium - 
. TA 3/231 59 00 
fir 35546 PHCAPT B 
Apply for ou colour catalogue 
USS5 cosh 


YOUNG MUL7IUNGUAI LADY 

PARIS: 525 81 01 


CHARTBt AEGEAN CHAU94GE 
^ v -13-. I? persons go anywhere 
We are lhe best on Greek Wreak. T4 
K36494. Tb: 222288 
Cruises Ltd., 3 Statkou St . Athens 


By Phone: CoB your local IHT representative with your tent. You wd be informed of the cost immediately, aid once prepayment is made your ad will 
appear within 48 hours. 

Goat: The baric rote a S9.10 per kne per day + load taxes. There are 25 tenors, signs and spoon in the fim fine and 36 m the fallowing ties. Mnwnum 
space is 2 bran. No abbreviations accepted. 

Credit Cvde American Express, Dmeri Club. Eurocard, Master Cord. Access aid Visa. 


1 296 (JS6QA Code.* PcrtugoL 
SWITZERLAND 


Stucka, 2 o» 3 'com apartment. 
One month or mare. 

LE OAREJGE 359 67 97. 


Tel: |94|73 84 7) or wnta GREGOBE 
GUY, La Lunousvw, 83340 Le Thor- 1 


PAIHS 527 OI 93 PA YOUNG LADY 
Why not commumcote with me in 3 
languages even if I have to travel? | 


LAKE GENEVA and 


HEAD OFFICE 


PARK: For France and dl coun- 
tries not listed below: 181 Ave. 
Char tea -de- Gaulle, 92521 
NesiiHy Cedex. Tel.- 747-4600. 


reetiwy (jedex. tet.- ot-i 64W. 

S tar Classified only). Telex: 
il3595. 


NORWAY: RogiMd Mogner, 
Merrio-Boobng Int I. Hruadbak- 
ken 41, tier. TeL: (03] 845545. 
Tetsie 72731 (5rm). 

SPAIN: Alfredo Umtauft 5ar- 
rmento, Iberia Mol 1, 6 D, Pe- 
dro Temara 8. Madnd 28020. 
Td^ 4552891-455 33 06. The 
47747 SUYAE. 


AUSTRIA A GERMANY: 5u- 
sarme KeSer or Stgrid Konrad. 
I H.T., Friedrichstrasse 15, 
D 6000 Frankfurt. T«l.: 
g9) 72 67 55. Tetare 416721, 

BELGIUM A LUXEMBOURG: Ar- 
thur Manner, 6 Cue Lams Hy- 
mans. 1060 Brussels. Tel.: 
343.18.99. Telex.- 23922 AMX. 

GREECE t CYPRUS: J.C Hermes- 
son. Pindarou 26, Athens. TeL 
3618397/3602421. Telex- 
218344 IBS GR. 

ISRAEL Dan EhrficH, 92 UsusHdn 
Street. PCX Box 11297, Tel 
Aw. TeL 45 55 59/45 9l 37. 
Tlx: 34111B BXTV B. EXT 6376 

ITALY 


SWITZERLAND: Guy Van 
Tluiyne and Manhdi Walter, 
"Les Vieras". 1 5 □tetan DaveL 
1009 Pully/Lausanne. Tel.: 
10211 29 58-94. Telex: 
25722 GVTCH. 

UNITED IQNGDOM: Jutat Byrne, 


ECUADOR: Luigi Lcretermo, P.O. 

?Z 3 Si'^S©. < ST5!I!S 

precon ax 

PANAMA: Jim Manuel Hondo!, 
Estucfio Connrftivo Rnonoero 
5A, Apartada 032, P an m i a 5, 


JAPAN: Tadastx Mori, Media 
Soka Japan Inc, Tamuracho 


Bmkfing, 3-3-14. Shimbasta. 
MmcXoJiu, Tofcya 105. Tetax: 


MmcXo-ku. Tokyo 105. Telex: 
25666. TeL 504 1925. 


PERU: Fernando Svnwnfes. Ahno 
rex Ccddenre 155 Pbo R Son 
tadro. Leno-27. TeL 41 >852. 
Tie 20469 GVDSA. 


KOREA: Universal Pubficahom 
Agency Ltd.. UFA Bui Id mg, 
C TO Box 1380, 54 Kvora- 
Dona Chongna-Jro, SEOUL 
Tel: 725877 a Tlx.: 28504 UN. 
IPUB. 


MOUNTAIN RESORTS 

Apartments in Montreux on Lalia 
Geneva. Aba avrxVAta ei famous 
mo u mtain recaris: Wan, Verber, Les 
Diabtarets. Chateau DOn near 
Gsiaod, Leyan. Oxriets ovdtaMe Ex- 
cefent opportunities tar fex nonets. 
Prices Cram SH 23.000. 
tibenrf mortgqces ot 6 mtereS. 

guAeplan s.a. 

Av Mon Repos 24, 1005 Usrame, 


IDEAL FOR SHORT TERM STAY. Paris 
urudms & ? rooms, decor aed. Contact 
Sorefam 80 roe Uravcryte, Pima 7th. 
Tek |1| 544 39 40. 

SHORT TERM m Lahn Quarter. 
No agents. Tel: 329 38 81 


ALWAYS AVAILABLE LONDON only 
txjbyimnders & 1st class dorfy mods. 
CalJ Staanc Bureau, London- 730 
8I22/SU2. LCEMP. AGY. 


TRANSMUNDt BOGIUM. 21 Gestei- 
sefaaan. B-224 1 Zoersri, Antwerp let: 
03-384.1034 TK 32302 Transm 8. In 
stock. Mercedes. BMW, A5Q. 


HONG KONG K-620000 Young lady 
(Auan/Western] componren. 


PARK YOUNG LADY, tounsi guufe. 
Tet B07 B495 Pam 


PAGE 1 1 ‘ 
FOR 

CLASSIFIEDS 


AUTO SHIPPING 


8E5T 18th. 5upcrb 2.’3 rooms, newly 
redone, short or long stay. 387 53 03. 


35 minutes FROM PARIS. Stucfco. Tek 
Pons 22SO025. 


TRANSCAR 

THE CAR SHIPPING 
SPECIALISTS 


15TH NEAR SBNE, 7 room, targe kv 
mg. bedroom. Comfort. Tet 704-4317. 


SwteHand. Tek (21J 22 35 IZ 
Telex: 25 185 M&IS CH. 

The Terraere of Geneva Golf and 
Country Club ■ lovely townhoure* 
owflabta at attractive axes 


TROCADERO. Lwurtain, 2 rooms and 
2 independent looms. 647 5282 


•1 07) 80 51 
228) 21292? 


IJd.T, 63 Long Aer&Laridon, 
WC2E9JK Telj 01B36480Z 


VENEZUBA: Mr. Jim Wufff. 
Apor todo 6111, Cmacas 1010L 
TeL (582) 331454. 7ht 2521 Z 


PHILIPPINE*: Peter Copotesto, 
Atada Representatives Int, 
Garden Haor, Cormthian Pk>. 


PARIS AREA UNFURNISHED : 


1 a! oftractivp prices 


TROCADERO - LUXURY 


WC2E9JH T: 
Tetex: 262009. 


MIDDLE EAST 


a Porno de Raxes, Makati. 

.: 817.07.49. Tlx.: 66112 
MfOPN. 


Sandy O'Hara, International Her- 
ald Tribune, 850 Third Ave, 
New York. MY- 10022 TeL 
2I2-7S2 3fM). Telex: 427 175. 


BAHRAM Barbara Ams. TeL 
693592 


JORDAN: Dr. Omar Af-Hossan, 
Jericho PubUxng aid Adver- 


LAT1N AMERICA 


SINGAPCWE, MALAYSIA: Stan- 
tay Tan, CHG^EY TAN ASSO 
TES, 163 Tras Street, Lure 
d Buktan No. 02-01 . Sinaa- 
pore 0207. TeL 222 
ere 359B3 CTAfMS. 


21207 JCHHTL 


TAIWAN: Ye Chang. EPOCH 


ROME: Antonio Sombroflu, 55 
Via della Mercede, 00187 
Rome. Tdj 679-34-37. TbL* 
020500 PPCSSL 


MAAN: Luigi Rirecati, 20090 
Seyate S. Ftioe. Toro? 5. TeL 


7531 -MS.Tetex: 311010. 
NETkffiB LANDS: Arnold Tees- 


mg/Alfons Grim, Prof. Tufc> 
jhrtnt 17, 1018 GZ Arralmdanu 


Tel-: 020-36 36 15. Telex: 
13131 

PORTUGAL Rita Amboi. 32 Bua 
das J on ek a Verdes, Lisbon. 
Tel„- 672793 & 662544 
SCANDINAVIA 


pajMARK: Aage Petersen, 
Metka- Booking W'l, KC An- 
rijejeni BtvdT 11. TeL: 01) 


329440. Telex.- 16447 [WflT 
COPB4HACBN: Aage Petersen, 
tater -Ad. KC Andersens Bouta- 
vnrd. Die.- 1553 Copenhagen 
V. Denmork 


ARGGNIINA: his Ftaracfi. Av. At- 
vear 1891, Dept. 312. Buenos 
Acres 1129. Tel: 41 40 31 iW 
312 Tetex.- 21930 AiPCH AR. 
BRAZIL Antonie Scavane Sol 
C ana Posted 3099, GEP 01442 
Sao Paulo. TeL- 852 1893. Tire 
1124491 SOCSBR. 

CARIBBEAN: tames Fu>n>, 2)0 
47lh StrMt Sude 1 lr. New 
York. N.Y. 100(7 UiA 
CHILE: RSeardaFuentes Stone, Po- 
seo PfxBips 451, Ofiana IMS. 
Santiago. TeL 61 555 Tbt 
4402680. 

C OL OMBIA: Rafael Ut*e Ibve- 
ra Carrera 11 No. 71-40, Ofi- 
ano 302 Bogota TeL 213- 

96ia Tbu^rmuca 

COSTA MCA: NevBe Hobson. 
Asesores ea Gomnmeaariones 
Ufa, Apartada 2627. 1000 
San tale. TeL- BOfil ^-1055. 
Tht 3201 ASECOa 


KUWAIT: John Mundy. Tel.: 
56U485. Tfit: 46858 ARZCO KT. 
QATAR: Add Sultan. Dona Pub- 
ic Relations, P.O. Box 3/97, 
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Hxj 4984 DANA. 

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Lakeside aparanents m a beaunfirf peek 
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The Global 

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FOR MORE EXECUTIVE POSITIONS 
LOOK UNDO? 

“INTEBNATlOtUU. POSITIONS*’ 
PAGE 9 


NEW MERCEDES] 


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FRENCH LAWYER 8.inter| xeter. Eng- 

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Printed by Qdz In Zurich. (Switzerland) 



an extended honeymoon since 
Burt 38. is flying to Washington 
and back to Geneva to prepare for 


a panv in Beijing where they sang arms control tafiss benveen the 
“WIp Mk " ate chewv candies. United Slaies and the Soviet Union 


“Jingle Bells " aie chewy candies. United Slates ana toe soviet union 
and aoi panda kevs and panda next week. The bnde must return to 

- . r . • - i «.-» niWMna FlW Hi. 


the inauguration of President Ron- 
ald Reagan's second term Jan. 20. 
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