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INTERNATIONAL 



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No. 31,691 


ZURICH, THURSDAY, JANUARY 10, 1985 


ESTABLISHED 1887 


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Change From Below 
Hits White House 

Fatigue, Restlessness and Low Morale 
Conspired to Reshape Reagan Staff 


' By Hedrick Smith 

Sew York Times Service 

Washington — it is rest- 
lessness and Hu g gin g morale after 
four years in officii rather than a 
grand strategy to reshape the gov- 
ernment audits policies, that have 
brought a string of changes and a 
sense of upheaval to the Reagan 

adminis tration. 

Typical of President Ronald 

NEWS ANALYSIS 

Reagan's detached style of leader- 
ship, officials say, a string of high- 
level changes were initiated from 
below, rather than being ordered 
by the president himself. 

Contumity was one of the con- 
stant refrains of the Reagan cam- 
paign, and President Reagan made 
a point after his re-electicra of ask- 
ing top officials io stay on for his 
second term. 

But, especially daring the past 
week, his administration has been 
hit by a string of resignations and 
shifts that will see four cabinet offi- 
cers depart and three top presiden- 
tial aides leave. 

“There was no plan for all of 

Hodel Is Reported 
Garik’s Successor 

The Associated Press 

WASHINGTON — The U.SJ 
energy secretary, Donald P. Hodel, 
has been eftosen to succeed William 
P. dark as secretary of the interior, 
and President Ronald Reagan has 
derided to txy to merge the Interior 
and Energy departments, adminis- 
tration sources said Wednesday. 

On Tuesday night, Mr. Hodel 
branded as “speculation” reports 
of his selection to succeed Mr. 
dark. “As far as I know, President 
Reagan has made no decision,” he 
raid The White House personnel 
director, John SL Herrington, is 
“the only nany an the Ost” to suc- 
ceed Mr. HodeJ at the Energy De- 
partment at this point, one source 
arid, blit the president- hes not 
made his decision yeL 

The source, an Interim- Depart- 
ment official who spoke on condi- 
tion he not be identified, said that 
Mr. Reagan would try to persuade 
Congress to approve a merger of 
the two departments on the ground 
that the move would reduce the 
federal deficit Two years ago, 
when the administration tried to 
merge the Energy and Commerce 
departments, congressional leaders 
were not convinced that any sav- 
ings could be achieved- 


Kennedy 
Visits Wife 
Of Mandela 


The Associated Press 

BRANDFORT, South Africa — 
Senator Edward M. Kennedy met 
Wednesday for an hour with the 
wife of Nelson Mandela, the im- 
prisoned black leader and major 
symbol for opponents of apartheid 
in South Africa. 

The Massachusetts Democrat 
embraced Winnie Mandela, and 
the two wait into her modest home 
near Brandfort 

“Winnie Mandela is a seance of 
inspiration for people all over the 
world who care about freedom and 
who care about human rights, who 
care about the fam fly." Mr. Kenne- 
dy said afterward. 

“She has demonstrated this by 
her life and her couumtznan. her 
Jove of this country, her love of her 

family, ter kwe of her husband," 
said the senator, who is in the fifth 
day of a visit to South Africa. 

Mr. Kennedy nwl alone with 
Mrs. Mandela, who is under a ban- 
ning order that restricts her to tins 
<an«i| fann town 348 kflometers 


prevents her from meeting wiL, 
more than (me person at a time and 
prohibils South African news orga- 
nizations from quoting bet. 

She said before the meeting with 

Ml Kennedy: “We welcome peo- 
ple like him who are sympathetic to 
our can s**- He is most welcome. We 
wetoane iatematiotal pressure im- 
posed on Smith Africa." 

‘ But she added, “We have never 
thought that our salvation is from 
outside is ottr struggle.’’ 

Mrs. Mandela, 50, who has been 
burned for all btil 10 months of the 
last 23 years, said she has bees 
arrested repeatedly for “technical 

■ i mM kjw hmmnfl nmff 


ucanaib -r ’ . . 

that South Africa’s whito-mmority 


band under strict conditions, Mis. 
Mandela said: U I have nothing pos- 
itive from the slate on his. release. 
My hu sband would not accept any 
conditional rekase." 

Mr. Mandda, 66, die leader of 
the African National Congress, 
(Continued on Page 2, Col- 1) 


this.” a departing cabinet member 
said. 

A While House official echoed 
that assessment, saying: These 
changes arose m dependency. Peo- 
ple were tired where ibey were:” 

Nonetheless, whether by acci- 
dent or design. President Reagan 
ha« positioned himyif to pursue 
two main policy objectives as bis 
second term gets under way: Anns 
control, with Secretary of State 
George P. Shultz meeting the Rus- 
sians in Geneva, and tax reform 
with James A. Baker 3d, widely 
regarded as one of the most politi- 
cally astute and well-connected 
strategists in recent years, installed 
as Treasury secretary. 

Already, the president has sig- 
naled his willingness to let Con- 
gress take the lead on dealing with 
budget deficits. 

Some White House officials con- 
tend that the changes will give a 
drifting admin istration a badly 
needed “shot in the arm.” But other 
Republican partisans worry that 
the changes, coming two months 
after the election, will stall the pres- 
ident at the crucial beginning of his 
new term and eventually deprive 
him of political expertise at the 
core of his White House. 

All expect the appointment of 
Donald T. Regan as White House 
chief of staff to bring changes in the 
way the White House and cabinet 
operate and in the avenues of ad- 
vice to a president who has histori- 
cally leaned heavily on his immedi- 
ate lieutenants. 

For when the changes are finally 
over, and many officials predict 
more, certainly at the second and 
third levels of the White House and 
the Treasury Department, the pres- 
ident will be left without any of the 
Californians in his immediate cote- 
rie as the While House team that 
masterminded his greatest legisla- 
tive triumphs in 1981 isdisbanded. 

At the White House, the presi- 
dent will see the departure not only 
of Mr. Baker but also Michael K. 
Deaver, the deputy chief of staff, 
who is resigning, and Edwin Meese 
3d, the presidential counselor who 
is the nominee for attorney general. 

From the cabinet. Ml Reagan is 
losing Attorney General William 
French Smith; Interior Secretary 
William P. Clark; Education Secre- 
T. H. Bell; Jeane J. Kirkpai- 
chief delegate to the Urn ted 

(Continued on Page 2, CoL 2) 

James A. Baker 3d and Donald 
T. Regan are contrasts as per- 
sonalities and as aides to the 
president Profiles, Page 3. 



Reagan Hails 

Accord Setting 

Resumption of 
Weapons Talks 


The Soviet foreign minister, Andrei A. Gromyko, waved 
farewell Wednesday before leaving Geneva for Moscow. 


Secretary of State George P. Shultz held a press confer- 
ence in Geneva at the conclusion of the arms talks. 


Signs of a New Era in East - West Relations 


By Leslie H. Gelb 

New York Times Service 

GENEVA — The meeting be- 
tween Secretary of State Gerage P. 
Shultz and Foreign Minister An- 
drei A. Gromyko was in the end as 
much a foreign policy signal as it 
was a starting point for arms con- 
trol 

Diplomats on both rides intend- 
ed the Geneva sessions as an un- 
mistakable sign (hat, after five 
years of saber-rattling and recrimi- 
nations, the two superpowers are 
going to try to get along. 

At the same time, Soviet and 
American officials remain skeptical 
about prospects for arms control. 
Despite the progress here and the 
agreement to rrrntmne talking , the 

two rides are still far apart. 


three negotiating areas — 1 * space 
weapons, intercontinental-range 
n uclear forces and medium-range 
nuclear forces — Mr. Gromyko 
seemed to get the better of the bar- 
gain. Mr. Shultz had argued in fa- 
vor of greater separation of offense 

NEWS ANALYSIS 

and defense, so that progress on 
offensive weapons would not be 
impeded. But his aides said the 
American side did not feel strongly 
about iL 

Cutting through the long hours 
of mil at over two days and the for- 
mal lan guage of the communique 
five 


stood, as interviews made clear, 
that an improvement in overall re- 
lations required a resumption of 
the arms control dialogue. 

Soviet officials in Moscow have 
been telling visiting Westerners for 
several weeks that superpower rela- 
tions are “one body, and that in- 
creasing trade cannot be sepa r ate d 
from resuming arms talks, which in 
turn cannot be separated from pos- 
itive rhetoric. American officials, 
particularly in the State Depart- 
ment, make similar remarks. 

Why, th*n, is there a push from 
both capitals for overall improve- 


Compikd by Our Staff From Dispatcher 

WASHINGTON — President 
Ronald Reagan said Wednesday 
that he was very satisfied with the 
agreement to resume arms talks 
with the Soviet Union negotiated 
by Secretary of State George P- 
Shultz and Andrei A. Gromyko, 
the Soviet foreign minister. 

Mr. Shultz went directly to the 
White House after his return from 
two days of talks in Geneva to brief 
Mr. Reagan before the president’s 
news conference Wednesday night. 

President Reagan was asked if he 
was pleased with the outcome of 
the Geneva talks. 

“Extremely well satisfied,” be re- 
plied. 

The United States and the Soviet 
Union announced late Tuesday 
night that they had reached a com- 
promise agreement on resuming 
negotiations on limiting and reduc- 
ment? There are theories, but no mg nuclear arms and on ‘^event- 
consensus. ing an arms race in space. 

The 


American hard-liners continue 
to think it is a trick, a tactic to get 
the American people to lower their 
guard and reduce military spend- 
ing. Hard-liners and moderates 
agree that Moscow does not want 
an all-out race with American tech- 
nology in space-based defenses or 
in most other strategic areas. The 
costs to the Soviet economy of try- 
ing 10 match American technology 
are enormous. 

Another theory favored by many 
(Continued 00 Page 2, CoL 3) 


agreement on the goals and 
format for the talks was worked out 
during two days of what were de- 
scribed as often sharp debate. 

The agreement that after 
13 months in which no arms con- 
trol negotiations have been held, 
the two rides have agreed under a 
new format to resume the talks on 
limiting medium-range missiles 
and on reducing strategic arms. 
Both these iraotiations had been 
halted by the Soviet Union. 

In addition, under pressure from 
the Soviet Union, the United States 


has agreed to negotiate on “pre- 
venting an arms race in space. 

Aides to Mr. Shultz said that 
concessions on procedures had 
been made by both sides. The Rus- 
sians consented to return to the 

talks on nuclear arms and the Unit- 
ed States agreed to talks about all 
tbe space programs, including the 
planned programs involving space 
defensive research. 

Mr. Shultz's aides said that at one 
point Tuesday it had seemed as if 
the Soviet Union might end the 
discussions without agreement on 
resuming anns-control talks if the 
United States did not renounce its 
space research program, which is 
called the Strategic Defense Initia- 
tive by the adminis tration- 

Under the terms of the accord 
for the talks, the Soviet Union and 
the United States will send one 
“umbrella” delegation that wiD en- 
compass three subgroups. These 
groups will deal with space weap- 
ons and with the now-suspended 
negotiations on medium-range 
missiles and strategic weapons. 

The date and place for the nego- 
tiations will be agreed upon in the 
next month through diplomatic 
channels, the statement said. 

The goal of the two days of talks 
had only been to establish the 
framework for future talks on nu- 
clear and space issues, not to nego- 
tiate details of such an accord. 

Mr. Shultz said on his return 
Wednesday to Washington that 

(Continued on Page 2, CoL 1) 


Soviet Takes 


was this message: If the last 
years was a period of rising ten- 
sons without direct confrontation. 

Officials on both sides Tuesday the coming period will be one of 1 », p 

night described the talks as procc- lessening tensions, even though rig- kuTCCllt IOl* 
dural and philosophical, with few nificant arms control accords will 

e xchang es on specific issues. be very difficult to conclude: • A n p If 

Moscow won a major procedural Before the gathering. Western I HIkS 

concession by getting lix American and Fasiehi diplomats r. v _'Ognizcd ^ 
side to agree to the objective of that it would be far easier for Mos- 
“preventing an arms race in space.” cow and Washington to improve 
Previously, the administration had me foreign policy atmosphere than 
been willin g only to “discuss” the w mak e the difficult concessions 
arms race in space. necessary to produce arms limiia- 

And Mr. Shultz gained Soviet tion pacts, 
agreement that the negotiations on M it vmld better 

space include ground-based missile mood-music would be to end the 

polemics and to six down at the 
table with each other, as the two 
sides are doing now in Moscow to 
itiOTiK trade, and as they did in 
Concerning the agreement to Geneva, 
have only one delegation cover the Both governments also under- 


defense systems as well as space- 
based systems. Previously. Moscow 
wanted to talk only about space- 
based missiles. 



TWO men cany a coffin toward the Hospice of Grasavilliers after the fire-. 

Death Toll in Frozen Europe Nears 1 00 


Roam 

PARIS — Deaths related to Western Europe’s 
worst cold spell in years neared 100 on Wednesday 
and the authorities reported chaos in ground and 
air traffic throughout the continent. 

Heavy snow and rain over the past week have 
' rail road and canal traffic throughout 


and disrupted air traffic, with airports 

shutting down as far south as Rome. 

France again bore the brunt of the harsh freeze 
with the death toll reaching 29. Most of the dead 
were vagrants or elderly people. 

In Spain, 21 fatalities related to the cold have 
been reported. Some victims were vagrants who 
froze in the streets and 12 deaths were caused by 
accidents attributed to the snow and cold. 

Damage to Spam’s fruit and vegetable crops 
along the Mediterranean could reach 10 billion . 
pesetas (557 million), according to the news agency 

EFE. 

Switzerland reported the lowest temperature. 
The v illage of I-a Brevine had a tow of minus 4L2 
centigrade (minus 422 Fahrenheit). 

In Namur. Belgium, the Meuse River froze for 
the first time since 1962 Traffic around the coun- 
try was severely disrupted with 90 perctm of liie 
rail service shut down. 

Rome’s secondary airport, Ciampino, was 
dosed by snow and the city’s principal airport, 
Leonardo da Vina, had to shut down danng the 
night Tuesday but was reopened Wednesday. 


In northern Greece, heavy rain and snow cut off 
many villages and small vessels have been banned 
from the Aegean, which was swept by gale-force 
winds. 

Temperatures in Britain rose slightly but fore- 
casters predicted another plunge this weekend. 
Freezing temperatures have kept snow on the 
ground in many parts of London and throughout 
the southeast pan of the country. 
a 24 Die io Fire in France 

Fire swept through a> hospice housing elderly 
and bedridden patients in Grandvffliers, France, 
early Wednesday, killing 24 people, police officials 
said. The Associated Press reported from Grand- 
villicrs that about 156 residents, some bedridden, 
had escaped. 

A search for more victims and the identification 
of the dead continued for more than 14 houra after 
the fire broke out at the Hospice of Grandvilliers, 
about 100 kilometers (62 miles) northeast of Paris. 

According 10 police, a frozen pipe burst, leaking 
water onto electrical wires that snorted and started 
the fire. 

IS Cold Kills 294 in India 

The death toll m two weeks of biutrh cold 
weather in northern and eastern India has risen to 
294, the Press Trust of India said Wednesday in 
New Delhi 

The cold eased slightly Tuesday in New Delhi 
and surrounding areas. 


Compiled by Our Stiff Fran Dispatches 

MOSCOW — Official Soviet 
news organizations Wednesday 
bailed the U.S,- Soviet agreement to 
hold arms talks as a victory for 
Kremlin policy and proof of Mos- 
cow's determination to bring the 
White House to a realistic disarma- 
ment agreement. 

“The Soviet Union, Soviet diplo- 
macy consistently stand for check- 
ing and reversing material prepanK 
tions for war,” wrote Yuri- 
Kornilov, political analyst for the 
government press agency, Tass. 
“This is precisely why our country 
has addressed President Reagan 
with a proposal for tbe U.S.SJL 
and the U.S-A. to open talks.” 

Tbe meeting in Geneva between 
Foreign Minister Andrei A, Gro- 
myko and Secretary of Slate 
George P. Shultz was described by 
the government daily Izvestia as 
“two tense days" of fear that U.S. 
srubbomness would prevent fur- 
ther talks 

“But although the discussion was 
difficult, a mutual desire to begin 
new negotiations won out,” the 
newspaper said. 

Soviet press treatment of the 
U.S. attitude was generally more 
positive than has been usual over 
the 



U.S. officials quickly began visiting aSBed governments to brief their leaders on the Geneva 
talks. Tbe officials include, from left, Robert C McFariane, national security advises 1 ; 
Mark Palmer, deputy assistant secretary of state; Kenneth L. Adehnan, head of the Arms 
Control and Dfeararament Agency; and Paid FL Nitze, special envoy for arms controL 

Allies Praise Geneva Arms Session 


IBS&njM U S - Moves to Brief NATO, Western Leaders 


their Western counterparts in pro- 
claiming the Geneva agreement as 
only a fust step. “Fears vanished 
wiib the news — there will be nego- 
tiations,'' Izvestia reported. 

Despite attempts to present Ge- 
neva as a triumph of tbe rationality 
of Soviet policy, reports and com- 
ment were kepi to the newspapers’ 
foreign policy pages. 

Mr. Kornilov, of Tass, warned 
that the new negotiations woqld 
require a more flexible attitude 
from the United States on the issue 
of anti-missile space weapons if 
they were to succeed. 

Outlining Moscow’s basic posi- 
tion. Mr. Kornilov said: “The 
U.S.S.R. proposes a freeze on nu- 
clear arsenals, agreement on a full 
end to nuclear-weapons testing, 
and the prevention of the arms nice 
spreading to areas yet uncovered 
by it.’ 

All of these are long-s tandi n g 
Soviet suggestions. Nowhere was 
there mention of a dropped Soviet 
demand for removal of new U.S. 
missiles from Europe before a re- 
sumption of talks. 

Some analysts speculated that al- 
though there appeared to be genu- 
ine Soviet concern about the space 
weapons project to give the U.S. 
nudear invulnerability, completely 
altering tbe strategic balance, it had 
also given Moscow a way back to 
ihe negotiating table. 

"The build-up of ibe space weap- 
ons issue and the eventual 'umbra- 
la' lalltt format has allowed tbe 
Russians to talk again, including 
on nudear weapons, without sun- 

[Continited on Pajje X CoL 5) 


By Paul Taylor 

Reuters 

BRUSSELS — U-S. officials 
were warmly welcomed Tbesday by 
their NATO allies as they briefed 
them on the U^. -Soviet agreement 
to open a new set of arms negotia- 
tions. 

Paul H. Nitze, a US. special en- 
voy for arms control led tbe round 
of briefings by giving tbe NATO 
Council of Ambassadors details of 
the meetings between Secretary of 
State George P. Shultz and Foreign 
Minister Andrei A Gromyko. 

A NATO spokesman said. “The 
North Atlantic council warmly 
welcomed the briefing and the 
prospect that the Geneva talks will 
lead to substantive negotiations at 
an early date.” 

Senior NATO officials said there 
was a consensus that the meeting 
achieved as much as could have 
been expected but that there was 
no narrowing of the differences on 
major anns-control issues. 

“The Americans seem to have 
done extremely well on the issues of 
form, and form was what these 
talks were really about,” a NATO 
official said “The questions of sub- 
stance will come later.” 

Another official said Mr. Nitze 
had emphasized the need to main- 
tain a unified allied front through 
what was likely to be a long and 
difficult process of negotiation. 

Officials quoted Lord Carring- 
ton, the NATO secretary-general, 
as saying it was important that the 
West European allies be fully in- 
volved with the Americans in the 
negotiating process. He said be did 
not want the allies to end up acting 


as referees between the two sides. 

NATO diplomats said Wednes- 
day's briefings, along with visits to 
key capitals by members of Mr. 
Shultzs delegation, underlined 
Washington's commitment to con- 
sult with its allies. 

Mr. Nitze later briefed Prime 
Minister WBfried Martens and 
Foreign Minister Leo Tindemans 
of Belgium in Brussels. He was 
scheduled to visit Bonn on Thurs- 
day and The Hague on Friday. 

Assistant Secretary of State 
Richard Bun was to meet with 
NATO experts on medium-range 
nuclear missiles and then was 
scheduled to fly to Tokyo to brief 
Japanese leaders. 

Prime Minister Yasuhiro Naka- 
sone, meanwhile, said the Geneva 


INSIDE 

■ A Pofch uofice captain tolls a 
court why he took part in the 
kidnap-murder of a pro-Sob- 
daiity Catholic priest Page 2. 

■ (IS. gives El Salvador a gun- 

ship of the type used in the 
Vietnam War. Page 3. 

■ Israeli rntphues raided the 

suspected base of a pro-Syrian 
Palestinian movement in East- 
ern Lebanon. Page 4. 

BUSINESS/ FINANCE 

■ US, tmemptoymest rase was 

12 percent in December, a 
slight gain. Page 7. 


agreement “brings brightness to 
tbe peace and stability of the 
world” 

In Oslo, the Norwegian foreign 
minister. Svenn Stray, said the 
agreement represented a turning 
point in relations between Moscow 
and Washington. 

The outcome of the Geneva 
meeting apparently does little to 
help the Belgian government in its 
dilemma over whether or not to 
accept NATO cruise missiles on its 
territory, beginning in March. 

Mr. Martens’ cabinet, under 
pressure from disarmament cam- 
paigners in an election year, had 
delayed a decision pending the 
Shultz-Gromyko touts and his 
scheduled visit to Washington next 
week. 

a Kohl ‘Cautiously Optimistic’ . 

The Washington Post reportea 
from Bonn: 

Chancellor Helmut Kohl wel- 
comed Wednesday the decision by 
the United States and the Soviet 
Union to embark on new talks 

Mr.'Kohl said he was “cautiously 
optimistic” about prospects fot 
success but warned that the negoti- 
ating process would require “much 
time and much patience” because 
of the “difficult and fateful” issue 
involved. 


Prime Minister Margarc 
Thatcher of Britain lauded tin 
U.S.-Soviet agreement, The AssociJ 
ated Press reported Wednesday 
from London. Mrs. Thatcher waj 
briefed on the talks by Robert C 
McFariane. the U.S. national seen! 
rity affairs adviser. 







Page 2 


U.S. Air Force Manual 
Calls for 'Superiority’ 
In Space Arms, Forces 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 





d WORLD BRIEFS 


By Fred Hiatt 

Washington Post Service 

. WASHINGTON — While poli- 
ticians in the United States and the 
Soviet Union debate the dangers 
and merits of militarizing space, 
the U.S. Air Force is operating un- 
der a policy that calls For “gaining 
and^ maintaining space superior- 
ity,*' according to internal air force 
documents. 

The air force’s basic war-fighting 
manual rewritten and reissued last 
year as basic “aerospace doctrine.” 
argues that the military should no 
longer draw distinctions between 
the atmosphere where planes oper- 
ate and outer space. 

“Space is the outer reaches of the 
aerospace operational medium,” 
the new manual says. “Space, as a 


Arms Accord 
Is Hailed 
By Reagan 

(Continued from Page 1) 

both sides wanted to begin arms 
negotiations as soon as possible. 
He immediately went to the White 
House to brief President Reagan. 

“When we start I just can't say,” 
Mr. Shultz said aboard his plane 


part of that medium, 
unlimited potential an 


irovides an 
opportuni- 


ty for military operations and a 
place where the air force can per- 
form or support all of its missions 
and tasks. 

Signed by General Charles A. 
Gabriel air force chief of staff, the 
new manual incorporates an earlier f 
air force text on space warfare that 
General Gabriel signed in 1981 
That document. “Military Space 
Doctrine,” spells out what the air 
force sees as the need to develop 
space-based weapons and train 
“space forces.*’ 

“The air force will maintain U.S. 
technological superiority in the 
aerospace and ensure a prolonged 
war-fighting capability by develop- 
ing the potential for combat opera- f 
lions in the space medium,” that 
man u a l states. 

In a foreword to the manual 
General Gabriel wrote: “The na- 
tion's highest defense priority — ” 
deterrence — requires a credible j 
war- fighting capability across the 
spectrum of conflict. From the bat- a 
ilefieid to the highest orbit, air 8 
power will provide that capability." 

"Space is the ultimate high 
ground,” Genera] Gabriel said. 



To Discipline 
Priests, Says 


Savimbi Reported Seriously Wounded 

i iSBON (AFP) — Jonas Savimbi the Angolan rebel leader, has been 
seriouslv wounded during an attack bv government forces on his head- 
quarters in the south of the country, the Portuguese news agency said 
Wednesday. , . , . . 




The Associated Press 

TO RUN. Poland — A secret po- 
lice captain charged with the kid- 
nap-murder of a pro-Solidariiy 
priest testified W ednesday ih3i he 
carried oui the attack because of 
his frustrations with his superiors' 
indecisiveness in curbing the activi- 
ties of outspoken Roman Catholic 
clergymen. 

Captain Grzegorz Piotrowskj 
continued his testimony for a third 
dav in the trial in which be and 
three other securitv officers are 


at the headquarters of Mr. Savimbi’s guerrilla organization, the U ttion for 
the Total Independence of Angola, at Jamba, a small town near the 
border with South-West -Africa (Namibia), it added. 

Rumors that Mr. Savimbi had been captured by Angolan troops 
circulated in South .Africa in mid-December. He has not appeared in 
public for several weeks, and did not make his usual address at Christmas. 

Thais Order Vietnamese From Border 

T.A PHRAYA. Thailand (AFP) — Thai troops ordered Vietnamese 
soldiers away from an area on the Thai side of the Thai -Cambodian 
border Wednesday, one day after the main Cambodian resistance camp 


charged in the October killing of of Ampil fell to Vietnamese forces. Thailand's armed forces chief. 


the Reverend Jerzy Popieluszko. General Anhit Kamlang-ek said. 

Captain Piotrowskj described General Anhit said that Vietnamese troops were approaching an 
how he worked long hours raoni- anti-tank ditch that he said was one kilometer (.62 miles) into Thailand 
toring the actions of militant cler- when Thai soldiers instructed the Vietnamese over a loudspeaker to 
gyraen and how his superiors re- withdraw. Hie Vietnamese did so. the general said, 
fused to take definitive actions They apparently had come from Ampil the anti-Vietnamese resistance 
against them. base that Vietnamese forces routed with tanks and artillery cm Monday 

At one point, be said, he gave the and Tuesday. A Thai officer also said there were indications' the Vietnaxn- 
Polish interior minister. General ese might be digging in for a longer stay at the border. 


Andrei A- Gromyko, center, and aides as they returned Wednesday to Moscow. 


Talks Seen as Symbol 
Of East- West Rapport 


fused to take definitive actions 
against them. 

At one point, be said, he gave the 
Polish interior minister. General 
Czeslaw Kisczak. a letter outlining 


(Continued from Page 1) 


Two separate but related U.S. specialists on Soviet affairs is that 
military space programs have Russian leaders know their econo- 
drawn criticism from some mem- my is in trouble but refuse to make 
bers of Congress and sharp attacks the necessary decisions to decen- 


“Wben we start I just can’t say ” f rom Soviet officials. traiize political controL Thus, the 

Mr. Shultz said aboard his plane The air force * developing a sat- theory runs, they are looking for 
from Geneva. “But I think we both eUite-kflling rocket that has been externa! help, much as they did in 
want to get started as soon as it is tested twice. In addition, the Penta- the early 1970s, in the form of 
practical to do so ” gon launched its Strategic Defense trade, credits and Western technol- 

V Mr. Shultz said Lhat there was no Initiative, popularly known the ogy. *■ 

call for celebration and that the “star ware program, in response to Seeking external help is easier 
negotiations would be Ion 0 and a ^ fr °m President Ronald Rea- than making internal reforms. And 
com pl e7L e gan to develop weapons that could so, many experts say, Moscow 

“So we can fed pleased that we s * 1001 down nuclear missiles. wants to dear the way for more 
have a good agreement, but no- The Reagan administration has economic intercourse with the 
body’s hatshould go in the air.” he argued that space has been “milita- West, and to do lhat means resum- 
jaid rized” for years, with surveillance mg the arms talks that Soviet lead- 

Mr Shultz said that there had satellites, intercontinental ballistic ere broke off more than a year ago 
been “uos and downs" in the talks, missiles that fly through space and, when NATO started deploying 


traiize political controL Thus, the mand larger concessions from 


/y -m -m ri p Fousn interior minister, uenerai ese might be digging ui for a longer stay at tne border. 

5 Symbol Last Europe # ¥ _ t 

_ U *| rp |1 piduszko. He said General Kisczak I hlTlfl to I fpftll All PoTtfi tO lH V 6 S LlllCHt 

/ Raonort lalKS ^on ihe^ -I^wU^kdy HQNG KONG (AFP) - China plans to open ail its coastal areas to 

/ J. llW/l/t/l It Sr^nihenl’aii ^ ** ” foreign investment and trade to speed the country’s economic growth, a 

. - . A OTPPTHPnt Can lain Piotrowski *3 and stale councilor. Gu Mu. said Wednesday, the Chinese news agency 

There is still a widespread view JlfillCCmClU captain noiro»ski. ana Xinhua reported 

in the administration that the Sovi- ° T Mr. Gu. according to an dispatch monitored m Hong Kong, made his 

et Union ts superior to the United (Continued from Page 1) comment during a meeting with a Chinese-Ianguage newspaper delega- 

States ra strategic weapons. Amen- p ] y reversing their previous post- mur J er suberic^ Colonel ,ioa from Thailand. 

can officials are determined to de- ^ ^ said. Pi ic He said the move would “speed up the absorbtion of foreign funds and 


There is still a widespread view 
in the administration that the Sovi- 
et Union is superior to the United 


™ Zr ” £d he refused to ^ONG KONG (AFP) - China plans to open all its coastal areas to 
take uo the ciian foreign investment and trade to speed the country s economic growth, a 

Captain Piotrowski. 33. and s H* le Gu Mu - said Wednesday, the Chinese news agency 

“Sag ,o an dispatch raomtored in Hcng Kong, made his 


tion," an analyst said. \A->m Pirtmot-I '47 ic char^ad ne sain UK move wouia spccuup uicaoM-tuuuuui luiajiuumuauu 

mand larger concessions from -‘This is what both sides have Ljth instigating the crime All four lhe 'mp 011 of new technology and accelerate the country’s economic 
Moscow than they are prepared to been edging toward since the nSSfteif con- growth.” China has opened up 19 areas to foreign investment so far. It 

give. Moscow continues to mam- space-weapons talks idea erupted P established four special economic zones in the southeast, near Hong 

tain that mere is a balance of forces ^ summer.” he added. tu ' ff i-i eie-hth dav Kong, in 1980. opened up Hainan Island in the far south in April 1983 

and that concessions must he -n.~ m ,ne 1510 ,ls eigflin aa\. fT „ji.i — r,, 


- : _ ' * r . — UCCU CUKillK IU»4IU LUC 

give. Moscow continues to mam- space-weapons talks idea erupted 
tain that there is a balance of forces summer.” he added. 


an^that concessions must be The seven-nation Warsaw Pact Captain PiotrUslti made his 

w-asexj^roadoptacoordinat- 3boul fnistradons 

Thus, as administration officials ed public stance on the issue at a UI1 der questiomn a from Artur 
explained, their position here was meeting of party and government Kujawa. the chief judge, who said 
to continue to demand that the first leaders next week in Sofia. -.ninn? 


established four special economic zones in the southeast, near Hong 
Kong, in 1980. opened up Hainan Island in the far south in April 1983 


Captain Piomwd a made his and lhen °P ened 14 coasud dries ApriL 
uements about his frustrations 

Filipino Minister Admits Rebel Gains 


Kujawa. the chief judge, who said _ 

he wanted to explore the defen- MANILA (NAT) — Defense Minister Juan Ponce Enrile warned 
dam's motivation for the kidnap- Wednesday that the Communist insurgency in the Philippines was 
ping. becoming increasingly bold and effective, noting that a “serious upsurge” 

The captain said the Interior in rebel activities readied in the deaths of 2,000 civilians and military 
Ministry officers responsible for personnel last year. 

monitoring the church had "no free Ntr. Enrile described the insurgents’ operations as “the most fonmda- 
Saturdays. no Sundays.” He ex- ble threat to our national security today,” adding that during the past 
plained that “some clerics wanted year the rebels bad increased the size, scope and sophistication of their 
to make some trouble.” military operations. 

Captain Piotrowski said “how His remarks, made in a luncheon address, were the most detailed 
could you stay calm" when people appraisal to date from a high-ranking government official of the insur- 
alwavs ask you “what is going on, genc/s recent gains. Mr. Enrile termed the situation a “crisis.” adding 
why are things like they are. and that the insurgents aimed to gain sufficient popular support to threaten 
you have no answer.” the current government. “The grand design is to forge not only a military 

He described how he discovered stalemate,” he said, “but a so-called strategic stalemate with the govern- 
"tons” of underground literature in mem in all its political economic, social and psychological dimensions." 


wants to dear the way for more priority was for Moscow to reduce “The Soviet-American statement motivation for the kldnan- 

Mvtnnmie .nf^rroirro- onrh the fro 1 » w— I A S n,OU ' aUOn ! °r UlC XlOnap- 


The Reagan administration has economic intercourse with the its arsenal of larae and oowerfnl has Me bevond expectations,' 

, , , i ■, 1 s -i n, . ..■."I”-. 


argued that space has been “milita- West, and to do that means resum- 
rized” for years, with surveillance ing the arms talks that Soviet lead- 


. , _ p | TIP 

land-based missiles. said the Warsaw dmly Zycie Wars- ^ ^ lhe 

To make the equation even more zaw Y-. R has confirmed the un- Minis try officers responsible for 
complicated. President Ronald qu*s Uona ble suaress of the Geneva monitoring the church had "no free 
Reagan announced a year ago that meeting, its key importance for the Saturdays, no Sundays." He ex- 
tie would give new emphasis to de- further shape of rrianons between “some clerics wanted 

veloping space-based defenses to two superpowers.” i 0 make some trouble." 


been “ups and downs” in the talks. 


when NATO started deploying 


But be added: “I don’t think either 10 J 1 ” 5 S ™* 51 Union, an existing new medium-range missiles in Eu- 


Gromyko or I gave any indications anti- satellite weapon 
that we were going to gp home or However, the U- 


walk out of the 


He added: 


However, the VS. Air Force 
manual makes clear that the mili- 


rope. 

For the Reagan administration’s 


“ “That wasn’t the atmosphere at uuy J* P 1 


alL” 

Before returning to Moscow sdes- meant bad relations with allies. As 

Wednesday, Mr Gromyko said "Space-based weapon systems more and more officials in the ad- 
tbat the accord was a step toward c0uld contribute to deterrence in ministration came to say, they had 
'dialogue. peacetime and to more rapid coo- to show they were able to manag e 

“The entire world knows well f^ct termination or increased sur- Soviet-American relations or else 
that the situation in the world as a vivability in war,” it says. forfeit support from allies and the 

whole laigdy depends on the state 1116 15-page manual cautions American public, 
of U.S.-Sosnet relations," he said, ^ U-S- activities in space are re- Passion for arms control within 
adding' “This is but a step com- stricted by international law, which the administration is still widely 
paredto the immense tasks which prohibits testing nuclear weapons recognized to be modest. The divi- 
are to be addressed in the course of m space or stationing any weapons sion between the Pentagon hard- 
the negotiations on space and nu- destruction there. In one liners and the State Department 


u-b Air Force ror the Kragan admmistration s protect people against misale at- ItcaUed the agreement "the most 
ear that the mill- part, many officials came to believe ^cks And he knued that the important in their relations to 
to move wrii be- that a bad relationship with Mos- date.” 


yond satellites and ballis tic mis- cow was bad politics at home and 


that the accord was a step toward c0ldd contribute to 


'dialogue. 


peacetime and to more rapid con- 


“The entire world knows well nict termination or increased sur- 
that the situation in the world as a vivability in war ” it says, 
whole largely depends on the state ^ 15-page manual cautions 
of U-S.-Soviet relations," he said, fh® 1 U-S. activities in space are re- 
adding: “This is but a step com- stricted by Internationa] law, which 


whole basis of nuclear deterrence da ^- alwavs ask vou “what is going on, 

had to be reconsidered. Instead of L Pra f u f SfM d result was why . Mt ^ they Ve. and 
relying on the power to destroy, he "hopeful and positive, but repeat- V ou have no answer.” 
maintained, the emphasis should “ Czechoslovakia s usual anti- ’ He described how he discovered 
be on defense. American stance. nnuentia^ “tons" of underground literature in 

: forces still exist m the U.SA. which Mr 


~ r P owas ‘ „ to make some trouble." 

hea^eement the most Captain Piotrowski said “how 
in their relations to could you stay calm” when people 
... . always ask you “what is going on. 


This idea, it seemed, both fright- SUU ^ S[ m ^ u “ 7 ^., .“f Mr. Popieluszko’ s apartment dur- 

ened the Russians and impelled “Y disannamait talks with mg a search in December 1983 that /^b ; wt *. tt 1 11 17 . , J 

them to return to the bargaining dlc Umoa - commen- led to a one-day arrest of the priest. vilifl6S6 WntCFS LlpllOld T re6QOHlS 


ublt. Soviet leaden demtoded Union has bean 

“dy for a aoastmeUve dialoEtte 
uon of outer space. for a long time bm efforts of one 

The result was Geneva, not so side are not enough," the Prague 
much because officials on either commentary said. 


the neg o ti ations on space and nu- 01 mass oesiruction there, in one 
clear arms.” (UP/. NIT. Reuters) paragraph, it deals with arms limi- 

rations, saying that the air force 

“will continue to study arms con- 
T z- | n trol options.” 


He said “grown men cried" in the 


is as deep as before, side believed there was much he 


Kennedy Sees 

Mrs. Mandela 


but advocates of making tough 
concessions to reach agreements 
are few. 


The Soviet Union has been | nlerior ^ Ministry when they 
ready for a construcuve dialogue Icanied that the Reverend Popie- 
for a long time but rfforts of one luszko ^ ^ m free ^ 
side are not enough, the Prague ^ 

commentary said. Captain Piotrowski recounted 

die events after .he ldUing. when, 


BEIJING (LAD — Several of China’s leading writers asserted 
Wednesday that their country now enjoys a vastly expanded literary and 
artistic freedom, but they also acknowledged that this freedom still has Us 
limits. 

Speaking at a group press conference after the end of a nationwide 
literary convention here, the writers praised China’s current political 
leadership for allowing them greater independence. They said, however 
that they do not anticipate any great outpouring of literary worts critical 


' .• ' y “ ' ' .. >1 




(Continued from Page 1) 
which is seeking to depose the 
South African government, is serv- 
ing a life sentence for sabotage and 
trying to overthrow white- minority 
rule Since his conviction in 1964, 
be has become the symbol of black 
suffering under the country’s 
apartheid system of racial segrega- 
tion. 

JThe South African government 
denied Wednesday a request by 
Senator Kennedy to visit Mr. Man- 
dela in prison, United Press Inter- 
national reported. Justice Minister 
Kobie Coeisee said Mr. Kennedy 
did not “qualify" for a visit thaL 
could “prejudice” the possibility of 
a future derision to release Mr. ; 

Mandela.] 

The government began allowing 
Mrs. Mandeb “contact visits” with 
her husband in June, she said, and 
extended the monthly visits from 
30 to 45 minutes each. Mr. Man- 
deb. in a prison near Cape Town, 
previously talked to bis wife over a 
telephone through a divider made 
of bulletproof glass. 

Since their marriage in 1958, ; 

when Mr. Mandela was awaiting 
trial on a treason charge, she said: SEES SON DDE — Annie 

“I’ve never really spent any time before witnessing the exec 
with him. I’ve never really lived Roosevelt Green, 28, was 

with him." Green, who claimed be 

1 have never known what it is to ( 

be married." she added. 

Mrs. Mandela said that prison \W71 •» TT t 

guards were always present to W illtft H011S6 ' 
monitor conversations during her 

v ^ s - , , (Continued from Page 1) 

In the past 23 years, she said, 

“I’ve never had a private con versa- Nations, as well as Mr. Regan. The 


V • - .* -s -?. 1 ' *' *. •' ■ • ; 

Pfjz:- ■ i 



for arms control but because of the many have accepted basing of Sovi- Z? w leadershj P for allowing them greater independence. They said, however 

realization that overall relations ct medium-range nuclear missiles "lLLL, ™ J ^ that ^ do not anticipate any great outpouring of literary worts critical 

could not otherwise be improved, as part or thTbloc’s response to SS of the S° verament - . 

deployment of NATO Pe^ing-2 “ . l ^' Al OTe P° m ^ OTe wnto - - Wan g Meng, was asked what might happen if 

- 35STmSiteb.WBtE Se " 0 a Chmese auLhor decided to publish a wo* lading j.anrgnrihVl^t 

East Germany’s official media become wife of Mao. Miss Jiang was one of the principal architects of the Cultural 

reported the agreement without im- u e ea ' Revolution and is now in prison in China. “If a writer writes a book 

mediate comment, as did news or- — praising Jiang Qing, OK, let's imagine the aftermath,” Mr. Wang said. 

ganizations in Romania. The mass media would criticize him. When he walked on the street, 

Hungary's Communist Party E’ flirr Rrvhw people would spit on him.” He added, “The publishing houses would not 

newspaper Nepszabadsag. in a re- JTcB XJUt Du/CoTi j publish such a work- 


reported the agreement without im- 
mediate comment, as did news or- 
ganizations in Romania. 

Hungary's Communist Party FmoDin> people would spit on rum." fie added,” the publishing houses would no 

newspaper Nepszabadsag. in a re- JTcc L/tu mjUKGT j publish such a work- 

port from Geneva, welcomed the jn i r/.n 

'EttZttSSZSl noAVtiagm Yugoslav Rebuts Conspiraq, Charges 


SEES SON DEE — Annie Green participated in a prayer vigil Wednesday in Atlanta 
before witnessing the execution of her son at a state prison facility in Jackson, Georgia. 
Roosevelt Green, 28, was convicted of killing an 18-year-oW woman in 1976. Mr. 
Green, who claimed be was not guilty, invited hrs mother to the execution. 


comprehensive arras agreement. 

(Reuters, AP ) 


Judge in Britain Bans 
Reporting on Baby Case 

The Associated Press 

LONDON — A London court 
on Wednesday ordered a ban on 
reporting about a baby bora of a 
surrogate mother, a court official 
said. 

The Family Division of the En- 
glish High Court took temporary 
custody Tuesday of the 5-day-old 
girl known as “Baby Cotton." She 
is the first known baby born in 
Britain to a woman paid to serve as 
a surrogate mother. 

A court official said that Sir John 
La ley. a senior court judge, had 
ordered “a total blanket restric- 
tion” on publicity. 

“The judge is particularly con- 
cerned that there should be no 
steps taken to lead to the identity of 
the father of the baby.” be said. 


White House Change: Fatigue, Restlessness Played Role 


Vli rf . , (Continued from Page 1) network was symbolized bv the 

“I'v^nMapS ronvS£ Nations, as well as Mr. Regan. The "^ngness to lei Mr 

lion with him. EvSy word is moni- administration will also lose WiJ- S^Jft£3TlSE?CI? £ 
-H" bam D. Ruckelshaus. head of the DOar ” ™ M & ^ 

— b-*— < Rmc ° r ta 

WHAT would LIFE BE LIKE Mr. Reagan, who led a Sun Bell 

WITHOUT rrt ?°d alliances, the degra to which consa^Srtbeffion against a Re- 

WEEKS® ^ al '5 S< L th o faces pubtican Party establishment dom- 

EACH FRIDAY IN THE iht and the chemistry of the Reagan hv s rZT^a^ers 


network was symbolized by the as did the Senate majority leader, that Mr. Regan would have pro- 


WHAT WOULD LIFE BE LIKE 
WITHOUT rrt 

WEEKEND 

EACH FRIDAY IN THE IHT 



Inlaif 

irm 


come the principal figure of his 
political household. 

Mr. Reagan, who led a Sun Belt 
conservative rebellion against a Re- 
publican Party establishment dom- 
inated by Wall Street financiers 
and Eastern politicians, has now 


Robert J. Dole. posed giving up the treasury De- 

For these conservatives consider partment to lake the less-glamor- 
Mr. Regan more of a convert to ous post at the White House, 
their philosophy tlut economic -j asked him why he wanted to 
growth is the best medicine for Jed- ^ to the White House to be the 

whipping boy for all of us in Qm- 


Mr. Baker. David A. Stockman. 


said Senator Dole, “but he 


■•f-.t I* n . , WW«#f muu UUl HU 

, 111 command at said he was an ex-marine, he could 

Wy.onkuUs probably handle it.” 

expea Mr. Stockman to leave his K , r .k- t 


■Mill 

SM, 


uuu i^uiciu uvuuudiu, uos uv‘» leave uis >/. n-i,-,. .u, 

installed a former Wall Slreeier as office next summer after a budget 
bis cbirf a»d pmonal is pa^. tagh his office sS 


W frl 


THE ADVANTAGE IS INTER* CONTINENTAL 
MASSARRAH INTER- CONTINENTAL HOTEL 

HjwivjH Mrvel. ^.md: ArjHu, Ti V $>Z7. Telex ^500?5 

for \\«ui iw.irH ItiU-i.i ontnum.d v.il, . vllivv 


lieutenant 

in policy terms, however, the 
president’s intimates insist the 
changes that have been snowball- 
ing in the last week will not mean 
any change in presidential policies 
and priorities. 

“The president isn't going to 
change, no matter who sits in lhat 
job." said a longtime Reaganite. 

But such Republican conserva- 
I lives as Representatives Jack F. 
Kemp of New York and Newt 
Gingrich of Georgia found as much 
cause to cheer the selection of Mr. 
Regan for the top White House job 


© UNIVERSITY 

degree 

fti Ut». » md «i«l c 1 Wwfc PpH i m 

*ou may ouridf '■* 

a*r.Hfio»s m*s»fb sonoocioftflif 

Send detailea rnume 
tor a free evaluation 
PAC3RC WESTERN UNIV®SfTY 

MUMiritlln) iMtl En&no CA 1 t> 4 XuSfl 


U.^wouldbc-noch.n.ge-no* 

don were gM 10 LheidofS a fc S gfan « uai . a “ ' 

domination of the While House by bts strong cocacctions with in 
Mr. Baker and Mr. Denver S ent^ coronal tadnv 
known as pragmatists and who Already, officials are predicting 
have often blocked them on both » ^ of ‘feranon at the 

personnel and policy. Some sug- Whl,e House '® d ? Mr - Re P m ' 


Urge the Court 

The Associated Press 

VENDOEUVRES, France 
— Five hundred villagers in this 
area of central France have 
asked a court to free their baker 
so they can again have their 
daily bread. 

The residents of Ven- 
doeuvres. Sainte-Gemme, 
Migne and Mezreres-en-Brenne 
said Tuesday in a petition to the 
court that they bad no intention 
of interfering in the justice sys- 
tem. But they “refuse to walk ! 
many kilometers in the snow 1 
now that the baker is in prison 
for a family problem." 

Marc Fricaud, 44, one of two 
bakers in Vendoeuvres, regular- 
ly delivered bread to the homes 
of the town’s elderly. He was 
sent to jail last week for failing 
to pay 700 francs (about $73) 
monthly to his former wife to 
help support their two children. 
The town’s other baker has not 
been able to keep up with the 
extra workload. 

Mr. Fricaud stopped the pay- 
ments when his children came 
to live with him. However, 
friends said, be failed to com- 
plete the proper paperwork to 
officially change their place of 
residence. There was no imme- 
diate word cm bow long Mr. 
Fricaud would remain in jail. 

But every day that passes is 
too Jong for tne elderly resi- 
dents of the area, who said it 
was not only the bread they 
missed. “When one is old and 
cut off from everything, it is 
reassuring to know there will be 
someone passing by each day,” 
one villager said. 


quickly suggested that the pros- ! c 

pects For overhauling the tax svs- 

tem have improved because of his r T , 

sfeOJ as a legislative tactician and Lgypt days it S Getting 

his strong connections with influ- p l m; ort/wv 

ential congressional leaders. * Tench Mirage- 2000 s 


gjested the change was important to w * dl era P^ as \ s . on cabinet 

combat what they described as mo- government and cabinet councils 


rale problems, policy infighting and l«s of Mr. Baker s dependence 
and disarray among the Reagan 00 a ughtiy runpohUcal team cen- 
high command. tered in the White House staff. 

“You need a new team over Because all three senior White 
there," said a cabinet member. He House officials are leaving. Mr. Re- 
added: “1 wish it had happened a gau is not expected to have to share 
year ago, and 1 say that without pa*«r with other presidential aides 
regard to values or" philosophy. It as Mr. Baker did. 
has to do with agenda and organi- However, several confidants of 
zational ability the president who say Mr. Regan 

Mr. Baker’s urge 10 move out of lacks the political experience and 
the draining inside work of the finesse of Mr. Baker suggested this 
White House into a more visible could leave the president without 
post, such as secretary of the Trea- sound political advice at his elbow 
sun,, had been long known, hut unless knowledgeable strategists 
mans politicians were surprised are brought in by Mr. Regan. " 


Agence Trance- Prase 

CAIRO — France will deliver 20 
Mirage-2000 fighter-bombers to 
Egypt at the end of the year. 
Egypt’s deputy prime minister and 
defense minister, Abdul Halim 
Abu Ghazalah. said Wednesday. 
Under a contract signed in Janu- 


BELGRADE (Reuters) — A prosecution witness testifying before a 
district court in Belgrade said Wednesday that there was nothing secret or 
1 illegal about meetings attended by six Yugoslav dissidents being tried for 
conspiracy. 

Jovan Mine, a psychologist, was the latest of a series of prosecution 
witnesses who have failed to support charges that the six conspired to 
undermine the state at private meetings since 1977. He said he did not 
know why the six were accused and why he was called to give testimony. 
“Our gatherings resulted from our need to exchange intellectual opin- 
ions.” he said, “and there was nothing illegaj in them.” 

He produced two letters signed by nearly 100 Yugoslav intellectuals 
who admitted attending the same gatherings and said that if the meetings 
were illegal, the signatories also should be before the court. 

Time Jury to Get Secret Israeli Data 

NEW YORK (AP) — A U.S. district judge ruled Wednesday that the' 
jury in Ariel Sharon's $50-nuilion libel suit against Time magazine will be 
allowed to hear evidence from secret Israeli documents and also will be 
told of Time’s reservations about the information. 

The Israeli government released on Monday the answers to three 
written questions submitted by Judge Abraham D. Sofaer about the 
secret documents that Israel had previously refused to provide for 
security reasons. On Wednesday, Judge Sofaer ruled that the complete 
Israeli reply to his questions was admissible as evidence, as well as a 
complaint by Time’s Israeli lawyer, Chaim Zadok, that he was not 
allowed to see ail the secret documents that the magazine deemed 
“crucial" to its defense. 

Time asserted in its Feb. 21, 1983, issue that General Sharon, then 
Israel’s defense minister, had “discussed" with Lebanese Christian Pha- 
I an gists the need for revenge far the assassination of President-elan 
Bashir Gemayal the day before the Phalangists killed hundreds of 
Palestinians in Beirut in 1982. The magazine has contended that the 
information to back up its article was contained in the secret documents, 
which were part of an Israeli commission's investigation of the massacre. 

Shipping Fraud Trial Starts in Greece 

PIRAEUS, Greece (Reuters) —The trial of 25 people alleged to have 
mounted the biggest fraud in shipping history by scuttling a huge oil 
tanker after selling its cargo illegally to South Africa began in this Greek 
port Wednesday. 

Accused are 1 8 Greeks — seamen or shipping agents — and seven 
people or other nationalities, including FredenckSoudan, the Lebanese- 

Jan” 17*55)" Wh ° ° Wned lhE 92 ’ 228 ' ton SaJem ’ which sank off Senegal 

■ The charge sheet said the crew unloaded 180,000 tons of crude oil in the 
South African port of Durban without the consent of the Shell Oil Co. 
which owned the cargo. SouLh Africa paid 544 million into Swiss bank 
accounts for the crude, it said, adding that the vessel was insured for $24 
million and the oil for $56 milli on 

For the Record 

Tbe 40th game of the world chess chanminn<dri» tuac aiiinnmwt 


daSw ^fctirAWrf Hitita Mfc Kar g® v i . , « ads the maid, 5-1 and needs one more victoiy to 
Abu Ghazalah. said Wednesday. world lltJc ' (APi 

Under a contract signed in Janu- i>tntting seamen employed by the French state railroad moved toward a 

ary 1982, Egypt would become the compromise Wednesday by removing cables blocking the entrance to the 
first country outside France to re- nf A r - and - c ^ ann , ferry terminal in Dunkirk, union sources said, 
ceive the warplane. Tbe Egyptian J™!. l r s P lJle ,s over to restructure services on the loss-making 
government is believed to have Sealtnk routes. (AFP) 

placed options for another 20 Mi- ,, A,l ?*„, 0 ? 0 “ J e ’ ““tor of the French libera) evening newspaper Le 
rage-2000s. Monde. Wednesday announced he was a candidate to succeed outeoine 

Andre Laurens as managing director and publisher. (AFP) 

, ,, ~~ ~ 71 The drift back to work in Britain's almost 10-month coal strike 

TneP aaty Source fat continued apace Wednesday as 289 more miners broke ranks with their 
m tfaxiatHHial Inves to rs, union and returned to the pits. The union contends that 140.000 miners 
jffenatfSZC rtb B .r remain on strike. fAF} 

Jm-.' *nB former W e>( German economics minister. Otto La,nb«lorff. was 

formally charged Wednesday with tax evasion in the Flick pnIniLal 
* » bSSH Vr\ bribery affair, j Hunu state i.vurt t»ffici.il said. (Reuters) 


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Regan and Baker Are Contrasts , Both as Personalities and as Aides to the President 


Head of Treasury 
Is Reagan Loyalist 

By Peter T. Kiiborn 

Nw York Tuna Service 

WASHINGTON — Donald T. 

Rcgm, the loyal Treasury secretary 
wfiota President Ronald Reagan 
made his chief of staff Tuesday, has 
been an enigma through the first 
four years of the administration. It 
has never been dear, as his views 
on issues have shifted and changed 
over that period where he really 
leans. 

The simple answer is that Mr. 
Regan shifts where the president 
shifts and leans where the president 
leans. Rarely, since be was first 
appointed to the Treasury, has Mr. 
Regan stood apart from the presi- 
dent on the nation's major econom- 
ic questions — the budget deficit, 
growth, taxes, budget cuts — that 
often produced open splits within 
the administration and sometimes 
even within the White House staff. 

A supremely confident, self-as- 
sured executive, Mr. Regan said 
that it would be premature to dis- 
cuss changes he would make in the 
White House. Bui a close adviser to 
the president said Mr. Regan 
would restore discipline and a 
sense of momentum (o the staff. 

“There's a sense of disarray and 
some morale problems over there." 
the adviser said. “We’re wasting 
some time. Don will exert some 
discipline." 

A former senior aide to the presi- 
dent said, however, that Mr. Re- 
gan, whatever his skills in manag- 
ing personnel, had yet to prove 
himself as a political broker of the 
conflicting interests, both inside 
and outside the administration. 


Tm a political novice. 
I’m a free-market 
person. 1 believe in 
competition.’ 


Republicans in Senate 
Study Spending Freeze 


By Jonathan Fuerbringer 

Vw York. Tima Service 

WASHINGTON — Senate Re- 
publicans began considering on 
Wednesday a basic proposal to re- 
duce the U.S. government deficit 
by freezing spending across the 
board and eliminating all cost-of- 
living increases next year, accord- 
ing^ congressional sources. 

The freezes would affect both 
military spending and the Social 
Security program of retirement 
benefits and disability payments. 
President Ronald Reagan refused 
both choices in his bu d get propos- 
al, which feD about $40 billion 
short of meeting. the administra- 
tion's goal of ' trimming the deficit 
to $100 btUiohby'1988. On Friday, 
Senate Republicans began their 
own attempt to meet the target. 

The proposals were worked up 
by Senator Pete V. Dcmenio, Re- 
publican of New Mexico, who is 
chairman of the Budget Committee 
and of the Republican leadership's 
budget group. 

In addition to the freeze, the 
package anil offer Republican sen- 
ators a list of possible program 
eliminations and spending cuts be- 
low current levels, most of which 
already were outlined in the p resi- 
dent ’sbudget proposal in Decem- 
ber. The staff of the Budget Com- 
mittee has developed some 
additional proposals, including a 
revamping of military retirement 
benefits and cals in some foreip 
economic aid programs, tne 
sources said. 

White House officials indicated 
this week that they welcomed the 
effort by the Senate Republicans 
and even suggested that Mr. Rea- 
gan could accept elimination of the 
cost-of-living adjustment for Social 
Security if it was backed by Demo- 
crats. 

The Republican budget group, 
senators who are committee heads 
or members of the leadership, were 
to be asked Wednesday whether 
they want to endorse the across- 
the-board freeze or modify it, and 
which of the additional cuts they 
can accept. 

Con gressional aides said that if 


U.S. Bars Interviews of FBI 
Concerning Donovan Probe 


Washington Patl Service 

NEW YORK —The Justice De- 
partment, after pledging its full co- 
operation, is now rousing to allow 
the Bronx authorities to interview 
FBI agents and others in connec- 
tion with the indictment of the U.S. 
labor secretary. Raymond J. Dono- 
van. 

Prosecutors in the office of the 
Bronx district attorney, Mario 
Merola, said at a state court bear- 
ing here Tuesday that they had pro- 
tested the department’s refusal to 
permit questioning of the FBI 
agents and to supply certain docu- 
ments, but to no avafl. 

They said they were told that 
they would have to wait until the 
FBI and the Justice- Department 
complete an inquiry into alleged 
improprieties by agency officials 
pe rtaining 10 tie DtHMJVan CSSC. 

The inquiry concerns allegations 
that a federal judge was misled in j 
1979 when government attorneys j 
sought to justify the FBFs con tin- ; 
ued electronic surveillance of one 
of Mr. Donovan’s co-defendants, i 
Wiffiain P. Massefli, a reputed Ma- 1 
ha member. 

Tape recordings from that sur- 
veillance constitute the centerpiece 
of the state’s case, winch accuses 

Mr. Donovan, Mr. Massdli and 
right others of defrauding the New 
York City Transit Authority of 
about $7.4 rmIUoa on a subway 
construction project 



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that compete for the president's 
ear. 

Mr. Regan's appointment marks 
another coup, characteristically 
one Lhai he engineered himself, in a 
career that he began in the U.S. 
Marine Corps. He left as a lieuten- 
ant colonel and moved cm to the 
training rooms of Merrill Lynch, 
where he moved up quickly to ac- 
count executive and battled on up 
through the steps of the senior 

m anag ement. 

Once chairman, he took on the 
entire Wall Street club in breaking 
down its cartel-like system of fixed 
New York Stock Exchange com- 
missions and close alliances that 
kept upstarts out of the business. 

The secretary, who is 66. is a 
sometimes garrulous, sometimes 


Donald T. Regan 


short-tempered, vigorous man. He 
seems to nave thrived in the Trea- 
sury. but has often snagged himself 
in the thickets of politics, where he 
readily admits he needs more expe- 
rience to be an effective chief of 
staff. 

To the astonishment of a Senate 
committee last year, for example, 
he suggested throwing away the 
1984 economic report of the presi- 
dent “He can't hack it on the HilL" 
said Harald B. Malmgren. a Wash- 
ington economic consultant with 
close ties to the administration. 

"I'm a political novice," Mr. Re- 
gan said Tuesday. “I’m a free-mar- 
ket person. I believe in competi- 
tion." 

The tax plan that he proposed in 
November was the measure of that, 
he said, because it seeks more near- 


ly equal treatment of individuals 
and different industries. 

Mr. Regan's aides said he ac- 
cepts little at face value. “He's not 
wedaed to conventional wisdom," 
said R.T. McNamar. his deputy. 
“He wants to see the analytical un- 
derpinnings of anyone's argu- 
ment." 

Donald Thomas Regan is a man 
Mto masterminds, orchestrates and 
controls. Detractors, the legions of 
orthodox economists on both the 
left and the right who oppose his 
pro-growth, supply-side economic 
views, credit hurt with important 
achievements through his years in 
the Treasury, 

He takes credit for having man- 
aged the rescue of the developing 
country debtors, such as Mexico, 
Argentina and Brasil, not by sel- 
ling up a new institution to help 
them make payments tm their loans 
but by working through each crisis 
case by care and requiring that the 
private banks, not governments, 
provide most of the necessary aid. 

Mr. Regan threw himself ener- 
getically into the shaping of the 
Treasury’s tax plan, putting his 
personal prestige behind an ambi- 
tious proposal that has been widely 
attacked by businesses but that has 
won widespread support. 

It was Mr. Regan, the confident 
manager-planner who engineered 
his own appointment to the top 
staff job in the White House. Last 
month, he said, when he heard 
rumblings of William P. Gark's de- 
cision to resign as interior secretary 
and from Mr. Reagan's inner circle 
and put them together with reports 
that Michael Kl Denver, the presi- 
dent's deputy chief of staTf, was 
interested in leaving, too, and that 
lames A. Baker 3d. had wearied of 
the job of chief or staff, be ap- 
proached Mr. Baker. 


Texan Won Fight 
For Legislation 

By Francis X. Clines 

J Vffitf York Time} Service 

WASHINGTON —The artistry 
of James A Baker 3d at political 
compromise is such that his desig- 
nation as the next secretary of the 
Treasury has quickly been rated as 
improving the chances for Con- 
gress to craft a bipartisan measure 
for simplifying U.S. income taxes. 

As chief of staff, Mr. Baker has 
been more a political strategist and 
technician than a spokesman on 
monetary policy and fiscal matters, 
and thus his views on economic 
policy are publicly undefined. 

But Mr. Baker was the first ad- 
ministration principal to signal 
within days of President Ronald 
Reagan’s re-election that biparti- 
sanship rather than confrontation 
would be the strategy on the diffi- 
cult issue of tax simplification . 

Now he can pursue this full time 
in assuming the major cabinet port- 
folio that was a remaining goal of 
the tall Houston millionaire. 

Mr. Baker's style with Congress 
has forged major success for Mr. 
Reagan in the past four years. 
These included piecing together co- 
alitions for the early budget and tax 
victories, for minimizing the politi- 
cal damage from the Social Securi- 
ty issue and for defending the presi- 
dent's MX missile program. 

“More titan anyone else, he has 
been Mr. Indispensable in the first 
Tour years of the administration," 
said Ken Duberstrin, the Reagan 
administration's former chief lob- 
byist on Capitol Hill, who rates Mr. 
Baker's political instincts as the 
sharpest in the city. 

James Addison Baker 3d, 54. will 




'More than anyone 
else, he has been Mr. 
Indispensable in the 
first four years of the 
administration/ 





bring to the Treasury post a useful 
mix as an experienced corporate 
lawyer, a veteran of the Commerce 
Department in the Ford adminis- 
tration, the manager of Mr. Rea- 
gan's re-election campaign, and, 
most important of all. a successful 
gambler in tbe politics of Washing- 
ton. His achievement has been in 
reaching across political ideologies 
to create support for presidential 
programs. 

Washington veterans note that 
Mr. Baker's talent for compromise 
has brought him close to such 
Democrats as Representative Dan 
Rostenkowski of Illinois, the chair- 
man of the Ways and Means Com- 
mittee, who will be a principal in 
the tax amplification issue. 

Mr. Raker's currently most 
pressing credential for the financial 


' ' k 
... 


James A. Baker 3d 


community, perhaps, is his attitude 
toward the record federal deficit. 
On this, he fought recently for tbe 
president's endorsement of an 
across-the-board budget freeze, 
only to see Mr. Reagan side once 
again with Secretary of Defense 
Caspar W. Weinberger and spare 
the military budget from deep cuts. 

After four years of ideological 
buffeting. Mr. Baker is cautious 
around conservatives, although he 
became an angry partisan in stop- 
ping an attempt by White House 
conservatives to introduce poly- 
graph, or lie detector, tests as a 
staff loyalty tool to stem unautho- 
rized news disclosures. 

His other intramural struggle of 
note involved facing off against 
William J. Casey, the director of 
central Intelligence, in their contra- 


dictions over hew some debate 
briefing papers were obtained in 
1980 from President Jimmy Car- 
ter’s re-election campaign. 

Mr. Baker’s departure from the 
White House, expected in the 
spring, raises a variety of questions, 
principally whether his successor. 
Donald T. Regan, will be able to 
quickly build a staff of strategists 
and executives as effective as Mr. 
Baker’s. 

Some administration officials 
speculated that Richard Darman, 
the assistant to the president who is 
Mr. Baker's deputy and architect of 
strategy, also is likely to move over 
to Treasury to specialize in interna- 
tional finan ce, or eventually be- 
come the president's next budget 
director. 

As a Republican who twice op- 
posed Mr. Reagan's bid for the 
White House, in behalf of Presi- 
dent Gerald R. Ford in 1976 and 
George Bush in 1980. Mr. Baker 
was hired as an unexpected outsid- 
er in the early Reagan administra- 
tion. Eventually be succeeded in 
outranking most of the president's 
old-line cadre or Californians. He 
prevailed over the continuous criti- 
cism of the self-defined “movement 
conservatives" that his knack for 
making pragmatic deals was a dan- 
ger to the president's own princi- 
ples. 

Mr. Reagan never agreed, and 
while Mr. Baker will depart the 
White House bruised and weary, he 
is leaving with the obvious reward 
he sought and with a fresh chance 
to engage in the dealing on Capitol 
Hill that be prizes. An associate 
noted Tuesday that Mr. Baker, 
characteristically, has taken a care- 
ful early reading on his confirma- 
tion chances in the Senate, and they 
look favorable. 


Gunman Pasts El Salvador Gets Vietnam War-Type U.S. Gunship 


Congress passed most of the list of 
options, which will cover three 
pages, the deficit would be reduced 
to $100 billion in 1988 and would 
balance in 1990. There is no tax 
increase included in tbe deTidt-re- 
d union outline. 

Senator Alan K. Simpson, Re- 
publican of Wyoming and the new 
majority whip, said that Mr. Do- 
meniri would ask the committee 
chairmen to come up with “bard 
figures" on acceptable reductions 
“so we can begin to cut" 

Mr. Reagan is scheduled to send 
his budget to Congress on Feb. 4. 
The Senate majority leader. Robert 
J. Dole of Kansas, said Friday be 
wanted the Republicans to finish 
by Feb. 1. 

In comments Tuesday, he said 
that tax increases 'should not be 
considered now, but added, “If we 
get to that last resort, then, of 
course, that will be another mat- 
ter." 

Mr. Dole and Senator Richard 
G. Lugar, Republican of Indiana, 
indicated Tuesday that the tax re- 
design or simplification plan that 
was produced by Treasury Secre- 
tary Donald T. Regan would be 
modified significantly. 

Mr. Lugar said the plan was “go- 
ing under some midcourse correc- 
tions” mined at “stimulating in- 
vestment" His comment fits with 
remarks by Reagan administration 
officials who indicated Monday 
that there would be a restoration of 
some of the depreciation and other 
business tax breaks removed in the 
initial proposal. 

The president is opposed to 
heavy reins on the growth of his 
military budget His package in- 
cluded only minima] savings, total- 
ing under $30 billion over three 
years. A freeze for one year would 
save more than $106 billion over 
three years. It is not dear whether 
Congress would approve a military 
freeze. 

Mr. Reagan proposed eliminat- 
ing two dozen programs, inducting 
subsidies for the Amtrak passenger 
rail system and other mass transit 
and revenue sharing with the states. 
All these will be considered. 


On Dec. 5, Mr. Massdli's lawyer, 
John Nicholas [annum, filed a mo- 
tion to suppress the tape. He al- 
leged that they were tainted by 
“blatantly lawless Ladies" involv- 
ing a government informer named 
Michael Orlando. 

Mr. lannnwi said that Mr. Or- 
lando, who once worked as Mr. 
Masses's chauffeur and allegedly 
served as his “hit man" in a 1978 
Bronx murder, not only led FBI 
agents into Mr. Massdli's ware- 
house in 1979 to help them plant 
listening devices, but then started 
turning up in the taped conversa- 
tions. 


BailinKY. 

Subway Case 

New Ytwk Times Service 

NEW YORK — Bernhard H. 
Goetz, who is accused of attempt- 
ing to kill four young men who 
accosted him on a subway train last 
month, has posted $50,000 cash 
bail and has been released from 
jail. 

Edward Hershey, a spokesman 
for the dty's Department of Cor- 
rection. said he believed that Mr. 
Goetz had used his own money 
Tuesday afternoon to bail himself 
out of the prison, where he had 
been held since Thursday. 

[Mr. Goetz appeared briefly 
Wednesday in Manhattan Crimi- 
nal Court, but Judge Jay Gold 
postponed the hearing until Jan. 16 
at the request of District Attorney 
Robert Morgenthau. The post- 
ponement was granted so addition- 
al evidence could be given a grand 
jury considering an indictment 
against him. United Press Interna- 
tional reported. 

[Mr. Goetz said nothing during 
his brief appearance, and his law- 
yer, Frank Brenner, said later that 
his client would not testify' before 
the grand jury because “he is under 
no obligation" to do so.) 

Many New Yorkers, outraged by 
street crime, have hailed Mr. 
Goetz, 37, as a hero who took ac- 
tion to defend himself. 

In other developments in the 
case Tuesday. Mr. Morgenthau, re- 
fused to gram immunity from pros- 
ecution to three of the four young 
men who were shot by Mr. Goetz 
last month after they surrounded 
him and asked him for money. As a 
result, they refused to testify before 
a Manhattan grand jury Tuesday. 
The fourth man remained hospital- 
ized. 

Mr. Morgenthau would not say 
so, but lawyers familiar with tbe 
case said he did not want to run the 
risk that their having testified could 
make them i mmun e from prosecu- 
tion for other criminal charges 
pending in Manhattan and in tbe 
Bronx. 

A witness who testifies before a 
grand jury in New York State is 
granted automatic immunity from 
prosecution for the crime at hand 
as well as for any other crime he 
may happen to mention, unless the 
witness waives bis immunity. 

The four young men, all from the 
Bronx, have criminal records, 
mainly in the Bronx. They have had 
a total of 10 bench warrants issued 
for their arrests because they failed 
to keep court dates. 

Tbe most serious felony charge is 
a gains t Darryl Cabey, 19, who has 
been paralyzed from the waist 
down since the shooting. He is 
charged with committing an armed 
robbery Ocl 13 with what the po- 
lice said appeared to be a shotgun. 


By James LeMoyne 

New York Times Service 

SAN SALVADOR — The Unit- 
ed Stales has provided the Salva- 
doran Air Force with a gunship 
specially designed for counterin- 
surgency warfare, a major increase 
in the weapons available to El Sal- 
vador's military, according to U.S. 
Embassy officials. 

The gunship. a propeller-driven 
AC-47, is mounted with night-vi- 
sion equipment and three .50-cali- 
ber machine guns able to fire 1 500 
rounds a minute. 

Called an “airborne fire support 
platform," the craft was delivered 
to El Salvador two weeks ago and is 
now ready for combat, the officials 
said Tuesday. 

The gunship is essentially a con- 
verted, slow-moving, twin-prop air- 
plane mounted with machine guns 
designed to be fired in tandem and 
with great precision by the plane's 
pilot, according to the embassy of- 
ficials. 

A Western official said the gun- 
ship might have been used to repel 
a rebel attack in the east of the 
country on Monday night, but his 
account could not be amfinneA 

The craft is similar to gunships 
used in Vietnam but has been in- 
tentionally built to have a much 
reduced rale of fire, U.S. officials 
said. Those used in Vietnam were 
dubbed Puff the Magic Dragon for 
their ability to fire up to 18,000 
rounds a minute From specially de- 
signed miniguns. 

The aircraft is expected to be 
effective against large-scale attacks 
by guerrilla units, bot is considered 
unlikely by itself to prove decisive 
in the war. 

Although delivery of [he gunship 
had been expected, there was no 
warning that it already had been 
delivered and was ready for use, 
U.S. officials in El Salvador and 
Washington predicted in October 
that at least one gunship would be 
sent to El Salvador sometime this 


Vandenberg Launching 1 

Postponed Until 1986 

Los Angeles Tima Service 

LOS ANGELES — The first i 
launching of the space shuttle from 
Vandenberg .Air Force Base in Cal- 
ifornia has been delayed until early 
next year because of problems in 
meeting the shuttle's ambitious 
schedule, the space agency and the 
U.S. Air Force announced. 

The launching had been sched- 
uled for Ocl 15. but the shuttle ' 
Discovery, which is to be based at j 
Vandenberg, will remain ai the 
Kennedy Space Cenier in Florida 
for two more missions than had 
been expected, officials said Tues- 
day. The delay also will provide an 
“added margin’’ of time to ensure 
dial the secreL military payload h 
will carry on its first mission from 
Vandenberg will be ready. 


The Reagan administration is 
prepared to send a second gunship 
if the Salvadoran Air Force decides 
it would be useful, according to a 
Pentagon spokesman. Colonel 
Donald H. Brownlee. 

The gunship is one element of a 
new Salvadoran strategy to take the 
initiative in the five-year cavil war. 
The strategy also includes training 
and equipping new helicopter as- 
sault forces, opening a new army 
t rainin g school and organizing lo- 
cal civil patrols in towns around die 
country. 

Provision of the aircraft is an 
indication of the increasing U.S. 
commitment to the government of 
President Jose Napoledn Duarte 
and confidence that the Salvadoran 
military is capable of properly con- 
trolling advanced weaponry. 

The United States has recently 
delivered four additional Huey 


UH-1 helicopters, giving the Salva- 
doran military 35 of the aircraft. At 
least five more helicopters are ex- 
pected to be delivered later in the 
year. 

The air force also has six A-37 jet 
fighters that are in almost daily use 
on combat missions. 

Human rights organizations 
have warned that misuse of a gun- 
ship could cause many civilian ca- 
sualties in the populated areas 
where much of the war has been 
foughL The Salvadoran Air Force 
has bombed towns on at least three 
occasions, killing civilians. 

Americas Watch, a New York- 
based human rights group, took 
extensive testimony last year from 
peasants who contended that the 
air force had bombed their villages. 
Such charges prompted Mr. Duarte 
to issue new orders last year man- 


dating greater control over air force 
attacks. 

“The rules of engagement for 
this aircraft are the same as for 
others," a Western official said. 
“You've got to have positive con- 
trol over bombs and bullets." 

Salvadoran rebel leaders have 
said that they were concerned by 
the likely introduction of a gunship 
into the war. The officials said they 
would consider such a weapon a 
significant heightening in the con- 
flict and. while not offering a pre- 
rise statement, hinted that they 
would take measures to defend 
themselves. 

U.S. and Salvadoran officials 
have worried that such hints could 
mean the rebels would tty to de- 
stroy a gunship with a surface-to- 
air missile, a weapon that is not 
believed to have been used in the 
war up to now. 


one of the 

informal 

eating places 
at the 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Please cull 

Phone 030/83131 Telex 922222 
or 

fThtffeadinffHotds of ibelUbHdj 






Meet the 
New French 
Cabinet 

February 26, 1985, Paris 

Following the success of our 1982 conference, we are pleased to announce a one day briefing session 
focusing on “ Modernization : Priority for the French Economy " 

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: 

Pierre Minister of Economy, Finance and Budget 

E<filh Cresson, Minister of Industrial Redeployment and Foreign Trade. 

Hubert Curien, Minister of Research and Technology. 

Mfcbd Ddebarre, Minister of Labour, Employment and Vocational Trading. 

Roland Drnnas,* Minister of External Relations. 


■Mr DuEMhctamnaednprnOpie. 


SALON NAUTiaH! 


CNIT 


INTERNATIONAL f 


Additional insights will be provided business executives actively doing busi- Far advertising information and 

by a panel of international business- ness with France. editorial synopsis, please contact 

men and bankers. To register forthis exceptional inter- Mandy Lawtber, Advertising Manoger 

Each presentation will be followed national conference, please complete Special Reports, in Paris on 747 1265, 
by a question-and-answer period, and md return the registration form below ext. 4504. 

smuJtaneous FrendvEnglish trarda- without delay. If-— I 

tion will be provided at aU times. In May 1985, the IHT w® publish an 

An important aspect of the confe- in-depth Special Report on the latest _ [jj 

nence will be the extensive opporfani- economic developments an d ^ Hfi W 

ties to engage in informal discussion policies in Franca | 8H| (BB - ■ ■ 

^ fa ajirentpoBqr makers COMBiB^KERHStSTRAnONFORM 

and wrtn ofar_ Hedse return tektemafonqlHB^ 


ORGANISE PAR LA FEDERATION DES INDUSTRIES NAUHQUES 


12-21 


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.. The conference wS be. heklaf: . 

The Inter ^ontinertal HcM - 3, roe de CastigSone 
75040 Paris CedexGl - *feh 26&378Q -Tetex2201U 
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preferential totes, dtetais please contact tne haM’.- 
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Participation fee; ff 2950.or^cjurvafeffl • 

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includes coctdcds/ lunch confer®^ 

Indvded in the doaim^^ «jpy onheT985 

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Dcheekendosed QpfeflBetinwpiae. \ 

Fees are payable in advance of the conference, and 
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Israelis Raid 
Lebanon Base 
Of Pro-Syrian 
Pales tinians 


United Press International 

BEIRUT — Israeli warplanes 
raided a suspected Palestinian base 
in eastern Lebanon's Bekaa Valley 
Wednesday. 

In Jerusalem, the Israeli military 
said the planes scored “good hits’' 
on a base of the pro-Syrian Pales- 
tinian movement, the Popular 
Struggle From, near the town of El 
Mai}, about 26 miles (42 kilome- 
ters) easL of Beirut. 

But a Lebanese police spokes- 
man said initial reports inmcated 
two rockets exploded about 220 
yards (200 meters) from the nearest 
buildings used by the Popular 
Struggle Front and said there were 
no casualties. 

The attack was the first Israeli 
air strike into Lebanon in six weeks 
and came two days after Israel said 
it had broken off talks with Leba- 
non on security arrangements for 
Israeli-occupied southern Leba- 
non. 

In Beirut, meanwhile, police and 
the U.S. Embassy reported no pro- 
gress in the search for the Reverend 
Lawrence Martin Jenco. an Ameri- 
can who is director of Catholic Re- 
lief Services in Lebanon. He was 
kidnapped Tuesday by gunmen. 
Ther priest is said to be in urgent 
need of treatment for a heart condi- 
tion. 

The priest was the eighth Ameri- 
can to be kidnapped in West Beirut 
since Moslem militiamen took over 
the Moslem half of the capital last 
February. Three of the Americans 
have been released. 

After a meeting of the Lebanese 
cabinet Prime Minister Rashid 
K a rami said bis country was 
“keen” to continue military talks 
with Israel at the Lebanese border 
village of Naqoura. 

Official sources said the cabinet 
also considered preparations for 



Refugee Flights Halted 
By Sudan, Airline Says 


Rcvm 

The Reverend Martin Law- 
rence Jenco was kidnapped 
Tuesday in Beirut 

the deployment of l .200 Lebanese 
Army troops along a key southern 
coastal road, where paramilitary 
police fanned out Wednesday. 

Military sources said a 200- 
member police unit had encoun- 


By Richard Bcrnsrcin 

iVe-H’ York Tima Set tux 

BRUSSELS. Belgium — A Bel- 
gian charter airline stopped carry- 
ing Ethiopian Jews from the Sudan 
to Israel because of pressure from 
Sudan, a spokesman for the airline 
said Wednesday. 

“The mission was interrupted in- 
dependent of the company." said 
Paul Degeiter of Trans European 
Airways. “It was not we who 
slopped it, but the operation had to 
be terminated." 

in a telephone interview, Mr. 
Degeiter declined to specify wheth- 
er the airline had received instruc- 
tions directly from the Sudanese 
government. But be indicated that 
landing rights had been withdrawn. 

"It is a question of being able to 
land," he said. "If you want to go 
somewhere, you have to have land- 
ing rights." 

The airline announced Satiirday 
it was canceling the operation, 
which had brought about 7,000 
Ethiopian Jews to Israel after brief 


tered "no problems” as it secured stopovers in Western Europe, 
most of the highway to the Israeli Airline industry analysts and the 

front lines in southern Lebanon 

and took up positions in surround- 
ing hills. 

The sources said the army would 
move along the road either Friday A cc/ir/e tht> fort urfiv 
or Saturday in advance of any Is- WO MSSnUMS 

raeii withdrawal of its estimated 
10,000 troops in southern Lebanon. 

Israel maintains Lebanese troops 
cannot secure the south. 


West Bank School 


For Arab’s Death 


■ Israeli Cabinet Discussion 
Israel's 10-member inner cabinet 
discussed Wednesday a unilateral 
pullback from South Lebanon after 
the failure of withdrawal talks with 
Beirut, Reuters reported from Jeru- 
salem. 

Peres 


Belgian press have described Trans 
European Airways as an aggres- 
sive, growing concern that has sev- 
eral military contracts with the 
United States and others in addi- 
tion to its charter flights. 

It was founded in 1970 by 
George Guieiman. who is reported 
to have close lies with IsraeL 
The company's also flies Moslem 
pilgrims from Sudan lo Mecca, an 
involvement that might have led to 
its being chosen to fly the Ethiopi- 
an Jews from the Sudan. 

■ Refugees See Prejudice 
Ethiopian Jewish immigrants are 
deeply hurt by tbeir portrayal in 
the Israeli press and feel they are 
viewed as primitives, Reuters re- 
ported from Tel Aviv, quoting a 
psychologist working with the refu- 
gees. 

.“They feel the Israeli people look 
down on them." Zvi YadiiL chief 
psychologist of Lhe Jewish Agen- 
cy’s immigration departmenL said 
in a state radio interview. 

An Israeli, interviewed in a 
northern town where some of the 
immigrants are staying, was quoted 
in a leading daily as calling them 
"something out of the ISth Centu- 
ry” 

Mr. Yadin said the use of the 
term "falasha” also was disturbing 
“‘Falasha’ is a dirty word to 
them," he said. "It means ‘strang- 
er,’ and that’s what they were called 
in Ethiopia." 

He said the press had done the 
immigrants a disservice by listing 
venereal disease as one of the ail- 
ments afflicting them. In fact, only 
a few cases had been discovered, he 
said. 


United Press International 

JERUSALEM — A report from 
Bir Zeit University on the West 
Bank says that an Arab student 
killed Nov. 21 was not shot by 
soldiers acting in self-defense, as 
the soldiers claimed. The university 
demanded a full investigation. 

Nicaragua Rebels 

Prime Minister Shimon Peres photographs, said “the army em- it o i« • 
planned the session to be explor- ployed shoot-to-kiH heavy gunfire U TgG uHIldllllStS 
a lory with no final decision until against students without any form ^ ^ _ .. 

after the arrival next monday of the of warning.” The report said rifles 1 0 i/DGIl 1 BikS 
United Nations under-secretary- with telescopic sights had been T 


under-secretary 
general. Brian E. UrquharL aides 
said- 


SC/ 


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CONTACT 5KY CHANNEL. SATEUTTE TELEVISION PLC FOR FURTHER INFORMATION 
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used. 

It also said a car trying to take 
the wounded student, Sharif Tabi, 
to a hospital had been delayed 25 
minutes while soldiers taunted the 
Arabs and the student died. 

The report said that after stop- 
ping the demonstration supporting 
Yasser Arafat, chief of the Pales- 
tine Liberation Organization, sd- 


The Associated Press 

TEGUCIGALPA. Honduras — 
Three Nicaraguan rebel groups 
have urged the leftist Sa/idinist 
government to begin negotiations 
with them within 30 days, saying 
they would be willing to stop fighL- 
ing if talks led toward “democrati- 
ze lion.” 


Blocks Play More Powerful Roles in U.S. House 


By Milcon Coleman 

Washington Fast Sertice 

WASHINGTON — The Con- 
gressional Black Caucus, peren- 
nially written off by some detrac- 
tors as a powerless social club, 
has assumed a new prominence in 
the House of Representatives, 
highlighted by the selection of 
two of its members as chairmen 
of key committees. 

Representative William H. 
Gray 3d. Democrat of Pennsylva- 
nia.” became chairman of’ the 
House Budget Committee last 
week. His selection followed by a 
few months the ascension of Rep- 
resentative Augustus F. Hawkins. 
Democrat or California, to chair- 
man of the House Education and 
Labor Committee. 

Black Caucus members, most 
of them with relatively safe seats, 
now head five of the 22 standing 
committees in the House. 

Blacks also serve as chairmen 
of two of the five less-important 
select House committees and of 
several subcommittees. They also 
hold high-ranking seats on other 
influential House panels, includ- 
ing the Ways and Means Com- 
mittee. 

Overall. 20 House members are 
black — one of every 22 House 
members, but one of every four of 
its committee chairmen. 

Caucus members and others 
say this signals a “coming of age” 
of the black lawmakers, the ad- 
vent of more sophisticated poli- 
ticking and a long-sought focus 
for the caucus. 

It also offers the black legisla- 
tors the opportunity to have a 
stronger imprint on House legis- 
lation and a chance — collective- 
ly and individually — to play 
more powerful roles in Capitol 
Hill politics. 

However, some wonder about 
the effect of the new strains on 
the black representatives to re- 
solve their sometimes conflicting 
roles as spokesmen for their ra- 
cially and economically integrat- 
ed districts, for the poor, for 
black Americans in general and 



William HL Gray 3d 

now for diverse congressional 
panels. 

“My guess is that in the Black 
Caucus in (he next two to four 
years, as they move into positions 
of leadership and prominence, 
there’s going to be a sort of iden- 
tity crisis." said Norman J. Orn- 
stein, a political scientist at' the 
American Enterprise Institute. 

“All of a sudden you can't as 
comfortably play the role of pur- 
ist or conscience." Mr. Omstein 
said. “You can’t ignore the needs 
of people who don't agree with 
you as chairman, or you won’t be 
chairman very long." 

Representative Mickey Le- 
tand. Democrat of Texas, the 
chairman of the Black Caucus, 
said the new reality is likely to be 
an important element La the suc- 
cess or failure of Mr. Gray as 
Budget Committee chairman. In 
most recent years the caucus has 
focused much of its dissent on the 
budget and presented alterna- 
tives. 

“We have to reorganize our 
game plan in terms of the bud- 
gcL" Mr. Leland said. “We have 
to look at it from the point that 
we have a sympathetic ear. and 
we have to protect his credibility 
and his integrity. We don't want 


Julian C. Dixon 


Bill to be Just a one-term chair- 
man. 

"He also can’t be shackled lo 
being a black represen la live. He 
has to he a universal representa- 
tive of the Congress. We can no 
longer be parochial." 

"It’s just an added responsibil- 
ity." said Representative Julian 
C. Dixon. Democrat of Califor- 
nia. who preceded Mr. Leland as 
caucus chairman. “Bill Gray will 
have to reach a very delicate bal- 
ance in (tying to bring together a 
budget." 

Mr. Dixon was chosen Friday 
to succeed another black. Repre- 
sentative Louis Stokes, Democrat 
of Ohio, as chairman of the Corn- 
mi tree on Standards of Official 
Conduct, the House ethics panel. 

Representative Ronald V. Del- 
imits. Democrat of California, 
beads the District of Columbia 
Committee and the Armed Ser- 
vices subcommittee on military 
installations. Representative Par- 
ren J. Mitchell. Democrat of 
Maryland, heads the Small Busi- 
ness Committee. Mr. Leland is 
chairman of the Select Commit- 
tee on Hunger, and Representa- 
tive Charles B. Rangel. Democrat 
of New York, heads die Select 
Committee on Narcotics Abuse 
and Control. 


Mr. Gray and Mr. Dixon won 
chairmanships with some hdp 
from relatively recent House 
rules that provide for rotating 
chairmanships and memberships 
on some panels. The others have 
benefited in large part from lon- 
gevity that observers say is com- 
mon among black members of 
the House. 

The late Representative Wil- 
liam L Dawson. Democrat of Il- 
linois. began the flow of big-city 
black Democrats to Congress 
with his election in 1942. Since 
then. 32 other blacks have fol- 
lowed. Twenty still hold their 
posts. 

Black Caucus members invoke 
the names of Mr. Dawson, the 
late Representative Adam Clay- 
ton Powell, Democrat of New 
York, who was chairman of the 
Education and Labor Committee 
from 1961 to 1967. and former 
Representative Charles C. Diggs 
Jr.. Democrat of Michigan, chair- 
man of the District Committee 
from 1973 to 1979. in their sup- 
port for the seniority system. 

Without that system, they con- 
tend. the three might not have 
ascended to their posts. And lack- 
ing an ironclad seniority system 
now. blacks are less likely to be- 
come chairmen of additional 
committees. 

“We don't really think that rac- 
ism in this country has so dimin- 
ished," Mr. Rangel said, “that 
given the opportunity to vote on 
individuals based on their experi- 
ence and ability that we could 
overcome that without the assis- 
tance of the seniority system.” 
Observers say it is ironic that 
Mr. Gray, in only his fourth term, 
has become virtually the most 
powerful black in the House. But 
they also note that he won the 
chairmanship of the Budget 
Committee by exhibiting mastery 
of the political process in the 
House. 

That, observers say. indicates a 
new breed of black lawmaker that 
Mr. Omstein describes as "more 
institutional players" than some 
of their predecessors and elders. 


The Associated Press 


The rebels said Tuesday in a 

diers went into the university cafe- communique that they were willing TOKYO — North Korea post 
teria and “smashed all the windows “to keep open the doors to 3 polili- ^ OT Wednesday talks oilm- 
with their nfle butts and broke up absolution i to the grave problem of ^Linai] issues with South Ko- 

icaragua. , rea and threatened to put off 

M,o r Robdo Oilgas signed discussions for the dura- 

the statement for the Costa Rica- 
based Democratic Revolutionary 
Alliance; Adolfo Calero Poriocar- 
rero for the Honduras-based Nica- 
raguan Democratic Force; and 
Wydiffe Diego for Mi sura, an or- 
ganization of Nicaraguan Indian 
guerrillas. 


North Korea Delays Talks in South 


furniture. 

The Israeli Army refused direct 
commenL Military sources said the 
Israeli troops fired warning shots. 
They said the soldiers even aided 
the evacuation of the wounded stu- 
dent by removing roadblocks but 
that the students impeded the ef- 
fort. The sources denied that the 
cafeteria was damaged. 



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lion of a scheduled three-month 
military exercise involving U.S. 
and South Korean troops. 

The hu mani tarian talks, which 
were scheduled to take place Jan. 
23 in Seoul are being postponed 
because they are "incompatible" 
with the "war rehearsal" maneu- 
vers, according to a report by 
North Korea’s official Korean 
Central News Agency. Sponsored 
by the Red Cross, the talks were to 
consider Lhe reunification of fam- 
ilies separated by the division of 
Korea after World War II and the 
Korean War. 

Officials in South Korea an- 
nounced last week that Team Spirit 
'85, the 10th annual Team Spirii 
exercise, would start Feb. I and Iasi 
until the end of ApriL The an- 
nouncement said about 200.000 


U.S. and South Korean troops 
would take pan. 

North Korea's Red Cross chair- 
man. Son Song HL told his South 
Korean counterpart by telephone 
Wednesday lhat "the war rehearsal 
act limed to coincide with the de- 
parture of our delegation for Seoul 
ou a noble humanitarian mission is 
undoubtedly an act going against 
humanitarianism and a grave prov- 
ocation," according lo the North 
Korean report, monitored in To- 
kyo. 

“Furthermore, your side, as the 
host inviting us. tries to brandish 
bayonets and give off a powder 
smell against our side, the guest," 
Mr. Son was quoted as saying. 
“Under such conditions it is terri- 
ble indeed for us to go to the terror- 
ridden place." 

A second round of separate talks 
aimed at exploring economic coop- 
eration is scheduled for Jan. 17. 
They, too, are jeopardized because 
of the Team Spirit maneuvers, said 


Vice Prime Minister Kim Hwan of 
North Korea. 

Mr. Kim telephoned South Ko- 
rea's deputy prime minister. Shin 
Byong Hyun, and called Team 
Spirit "a provocation that lays arti- 
ficial obstacles in the way of (he 
planned economic talks and an in- 
sult to our side, which put forward 
a peace proposal" the North Kore- 
an news agency reported. 

He said it would be "impossible” 
to hold the economic talks if South 
Korea went ahead with the exer- 
cises. The first round of economic 
talks was held in November. 

The November discussions were 
the first direct talks between the 
two governments in four years. 
They originally were scheduled to 
resume Dec. 5. 

But North Korea postponed the 
economic talks to this month fol- 
lowing a gun battle in the Demilita- 
rized Zone when a Soviet national 
defected across the border to South 
Korea. 


TWA Loses Case 
On Pilot Age Bias 

Lsa Angela Tima Seme* 

WASHINGTON — The Su- 
preme Court, lightening the rules 
against age discrimination, held 
unanimously Tuesday that Trans 
World .Airlines violated the law 
when it denied pilots older than 60 
the same chance to switch to less 
demanding jobs that it gave youn- 
ger pilots. 

Although the airline was not re- 
quired to grant transfer privileges 
to any pilol if TWA did allow 
younger ones to change jobs for 
other reasons, such as medical dis- 
abilities, it could not deny others 
the opportunity merely boa use of 
their age, the court said 

But in an important concession 
to the employer, the justices also 
ruled that TWA was not liable for 
more costly double-damage awards 
to the pilots who brought suit 
against the airline. 


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INTERNATIONAL herald TRIBIXE. THLRSPAY. JA.M ARV 10, 1985 


Page 5 


SCIENCE 


IN BRIEF 


New Technique Could Replace Scalpel 

LONDON (AP) — Researchers at London’s Hammersmith Hospital 
have announced the successful development of what they say is a 
revolutionary new surgical technique that can make the scalpel redun- 
dant in many instances. 

Professor David Allison, director of diagnostic radiology at the hospi- 
tal's medical school said the technique involves ultra-fine tubes “armed" 
with a variety of tiny implements and guided along veins and arteries to 
the kidneys, liver, brain and other parts of the body. 

He said the tubes can be used to seal arteries after s tabbings, road 
accidents or in the treatment of ulcers. Kidney stones and gallstones can 
also be removed using the new technique, and blocked arteries in the 
limbs, kidneys and even the heart can be cleared. Dr. Allison said. 

Rare Whooping Cranes Brandi Out 

LARAMIE, Wyoming (NYT) — Wildlife researchers have foond that 
some of the 160 endangered whooping cranes in the United States, which 
now inhabit summer and winter sites in four different areas, may soon 
make a fifth area — Wyoming — ihrir permanent summer home. 

If a new whooping crane colony is established in Wyoming it will give 
the rare birds an additional area for propagation, thus enhancing the 


Conditioned Reflexes Show Brain Controls Immune Defenses 


there were only 29 


sasing i 

whooping cranes in the United States. 

The w hoopers, as they are called, have been wintering in New Mexico 
and Texas and summering in Idaho and Canada. Researchers say a group 
of about nine now has taken up summer quarters in Lhe upper Green 
River Basin section of Wyoming. 

lhe Homicide Rate Follows the News 

SAN DIEGO (NYT) — Widely publicized news accounts in which 
violence is rewarded — for example, a championship boxing match — are 
followed by a brief but significant rise in the national homicide rale, 
according to a report in the current issue of The Journal of Communica- 
tion. 

On the other hand, news articles about violence that is punished are 
followed by a brief decline in the homicide rate, according to the report ft 
said the drop in homicide rates was as great after a life sentence as after 
an execution. 

And widely-published items about violence that is neither rewarded 
nor punished do not seem to affect the homicide rate at all. The research 
was conducted by David Phillips and John Hensley, sociologists at the 
University of California at San Diego. 

Mastodon Bones Unearthed in Texas 

AUSTIN, Texas (AP) — A downtown construction site has yielded 
mastodon bones, teeth and tusks, and experts said this week the pit may 
rank as North America's second-largest repository of bones from the 
prehistoric elephani-like beasts after a si milar ate in Missouri. 

The bones, lying in what may have been a watering hole more than 
10.000 years ago, were discovered 17 feet below street level by a backhoe 
operator who noticed a flash of ivory in a mound of gray clay. 

Scientists used hand shovels Tuesday to rift through the damp soil 
where the first bone was found Dec. 30, while bulldozers scooped up dirt 
from other parts of the excavation for a 22-story office tower. 

Mastodons died out more than 10,000 years ago, but at least one of the 
tusks discovered was well-preserved by the clay. Luddius said. 

Too Much Water Endangers Infants 

WILMINGTON, Delaware (NYT) — Infants suffering from a wide 
variety of ailments, from simple restlessness to convulsions, may in fact 
be “drunk” on water. 

If, for example, they are fed with excessive amounts of very diluted 
formula, they may develop an extremely rare but potentially fatal 
condition called water intoxication, according to Robert E O'Connor of 
the Wilmington Medical Center in Wilmington, Delaware. 

Body cells swell and cellular metabolism is disturbed. Symptoms are 
restlessness, nausea, vomiting, diarrhea, weakness and convulsions. How- 
ever, Dr. O'Connor warned that giving Infants too little water when they 
are 31 may leal to dehydration. 


By Harold M. Schmcck Jr. 

New fori Times Service 

I N the elastic experiments of the 
Russian physiologist Ivan Pav- 
lov, dogs salivated when a bell rang 
because they had been trained so 
that their brains associated the 
sound with the presence of food. 

Now, American scientists have 
evoked a similar conditioned reflex 
to show that the brain can exercise 
direct control over cells of Lhe im- 
mune defense system, the body's 
mam bulwark against disease. 

Other recent experiments in the 
United Stales and abroad have 
shown that the two hemispheres of 
the brain influence the immune de- 
fenses in different ways and that 
some brain chemicals nave specific 
effects on immune cells. 

It has long been known that the 
body *5 two most important win- 
dows on the outside world are the 
brain and immune defense system. 
Everything we hear, feel, see or 
imagine comes through the brain. 
And almost every virus, microbe or 
other foreign particle ihaL invades 
the body triggers some kind of im- 
mune response. But the specific ef- 
fects these two master systems ex- 
ert on each other have been 
relatively little explored, partly be- 
cause the interactions are so com- 
plex. 

Some ingeniously designed re- 
search is now beginning to reveal 
details of the brain's effects on the 
immune defenses. The findings 
have raised hopes (hat eventually 
the research may lead to better 
treatments for disorders in which 
the immunological defense system 
is deficient or active in some abnor- 
mal way. 

One series of experiments has 
shown lhat the activiiy of certain 
immune defense cells called natural 
killer cells can be greatly enhanced 
by the brain's trained response to a 
totally extraneous stimulus from 
the outside world — a strong odor. 
The killer cells are part of the 
body's surveillance system that 
protects against invasion and prob- 
ably against cancer. 

ThE research was designed by 
Novera Herbert Spector of the Na- 
tional Institute of Neurological and 
Communicative Disorders and 
Stroke, a unit of the National Insti- 
tutes of Health. The experiments 
were done mainly at the University 
of Alabama medical school in Bir- 
mingham by Brent Solvason, 
Viihal Ghanta and Raymond Hira- 
hito. 

Mice were exposed for three 
hours at a time to the odor of cam- 
phor. The scientists showed that 
exposure to this odor, by itself, had 
no detectable effect on the immune 
system. 


:xpem 

the mice were also given injections 
or a synthetic chemical called poly 
l.C (for poljMorinic-polycyiidiljc 
arid), which is known to enhance 
the activity of natural toiler cells. 
The exposures were repeated nine 
times in a strategy similar to that of 
the Pavlovian conditioning in 
which dogs were given food every 
time a bell rang. In each session of 
the immunity experiments, the 
mice were exposed to the odor and 
given injections of the chemical 

Then, in the fOih session, the 
mice were exposed only to the odor 
of camphor. They received no in- 
jections at all. Nevertheless, every 
mouse showed a large increase in 
natural killer cell activity. 

ThE effect, Spector said, was 
comparable to that or Pavlov's ex- 
periments in which animals could 
be made to salivate simply at the 
ringing of a belL In the new case, 
the animals' brains evidently acti- 
vated the immune defense without 
waiting for the poly LC.just as the 
dogs had begun to salivate in the 
Pavlovian experi meats without 
waiting for the Tood to appear. 

In the new experiments, several 
different control groups of mice 
were given treatments that were 
similar but not identical to the in- 
jections and exposure to odor (hat 
were the crux of the research. This 
was done to make sure that the 
effect was really whai it seemed to 
be and was not a result of some 
unforeseen aspect of the experi- 
ments. For example, some animals 
were exposed to the odor of cam- 
phor and given the injections in 
each of nine sessions. Then, in the 
10th session, they were not exposed 
to the odor at all, but were given 
injections of harmless salt water. 

When the two groups were com- 
pared, the scientists found that the 
animals in the experimental group 
— those given only the exposure to 
odor of camphor in the 10th session 
— had natural killer cell activity 
three times as great as the animals 
in the “control" group that lacked 
the exposure to Lhe odor in the final 
session. 

This threefold difference was 
strongly significant, Spector said. 
Furthermore, the animals that had 
been “conditioned" to the odor had 
39 times as much activity of natural 
killer cells as another control group 
that was exposed to the odor of 
camphor and given injections of 
salt solution in each of 10 sessions. 

The research was reported in De- 
cember at the National Institutes 
of Health in Belhesda. Maryland, 
at the First International Work- 
shop on Neuroinununomodula- 
tion, a word coined by Dr. Spector 
to embrace studies of the links be- 


tween the brain and the immune 
defense system. 

Another report at the workshop 
demonstrated that the two hemi- 
spheres of the brain have different 
effects on the immune defenses, a 
circumstance that had been sus- 
pected since scientists such as the 
late Norman Geshwind of Harvard 
University reported that left-hand- 
ed people were more likely than 


tntnractkns 

BetwMdttn 

Nonroua System 
And Hu team* 
System 


right-handers to suffer from disor- 
ders of the immune system. 

The new experiments, 
by Gerard Renoux of the 
School of Tours in France, showed 
that the destruction of parts of the 
brains of mice had different conse- 
quences, depending on which side 
of the brain was affected. 

The experiments were done with 
a breed of mice known (o lack any 



strong dominance of one brain 
hemisphere over the other. Never- 
theless. when a large portion of the 
front surface portion of the ani- 
mals' left hemisphere was removed, 
the number and activity of certain 
immune defense cells called T cells 
was reduced. When comparable 
surgery was done on the right hemi- 
sphere instead, no difference in T 
cell numbers was found, but the 
activiiy erf T cells appeared to be 
increased, Renoux reported at the 
meeting. 


A HESE findings offer specific 
clues to a generality that has been 
obvious to scientists for a long 
time: That the brain is not only the 
organ ihai controls behavior, but is 
ultimately (he monitor and gover- 
nor of every aspect of body func- 
tion and chemistiy. For example, 
the brain and nervous system influ- 
ence the digestive system and or- 
chestrate the complex chemistry of 
the endocrine glands. In turn, the 
functioning of these vital systems 
can have profound effects on be- 


havior — necessarily through ef- 
fects on the brain. 

The new discoveries suggest 
many specific interactions of a sim- 
ilar kind between the brain and 
immune defenses. The brain's mes- 
sages to the several hormone-pro- 
ducing glands and the circulatory 
system affect the immune system, 
and in mm the activity of the im- 
mune defenses, directly or indirect- 
ly, influences the brain. 

' And the sheer power of the ef- 
fects the brain on the body as a 
whole is amazing. From the dawn 
or history, medicine and folklore 
have been replete with illustrative 
anecdotes, even though the means 
by which these effects work have 
usually defied explanation. 

Scientists have confirmed that a 
wircb doctor can cause death by 
convincing the victim lhat he or she 
is going to die. Many studies have 
shown that some patients will stop 
feeling pain after a doctor has ad- 
ministered an inert substance, or 
placebo, provided the patients be- 
' Lieve they have received powerful 
painkillers. 


f Nudear Winter’ Could Be 
Less Severe Than Predicted 


D.F. BodvThe Now VoA rum 


By Lee Siegel 

The AssociaicJ Press 

L OS ANGELES — Long periods 
* of sub-freezing weather are 
unlikely in a "nuclear winter," but 
smoke from a nuclear war still 
could block enough sunlight to 
drop summer temperatures to near 
freezing and destroy crops, re- 
searchers say. 

"The intensity of the cooling is 
not as great as originally pro- 
posed,” said Alan Hecni of the Na- 
tional Oceanographic and Atmo- 
spheric Administration, 
summarizing the findings by re- 
searchers at California's Lawrence 
Livermore National Laboratory 
and Colorado's National Center 
for Atmospheric Research. 

The new studies were based on 
some of the most sophisticated 
computer simulations yet devel- 
oped to estimate what might hap- 
pen if a nuclear war set cities, in- 
dustrial centers and forests afire, 
blocking sunlight and plunging 
Earth into a dark, cold "nuclear 
winter” for survivors. 

The original nuclear winter the- 
ory was proposed about two years 
ago by atmospheric physicist Rich- 
ard Turco, astronomer Carl Sagan 
and their colleagues. It predicted 
that smoke and dust could reduce 
average, annual Northern Hemi- 


sphere temperatures from about 55 
degrees (13 centigrade! to well be- 
low freezing for months or longer. 

The new studies, presented Mon- 
day to the American Meteorologi- 
cal Society, don't eliminate the pos- 
sibility or an extended period of 
subfreezing weather, but simply 
show a range of possibilities. 

Thai range extends from a pro- 
longed deep freeze over much of 
the Northern Hemisphere lo 
shorter periods of near-freezing 
temperatures over much smaller ar- 
eas. 

The researchers found that a nu- 
clear war during summer could re- 
duce temperatures from (he 70- to- 
90-degree range down to near 
freezing in the central portions of 
continents for shorter periods ot 
time than envisioned in earlier 
studies, said atmospheric physicist 
Michael MacCracken. They also 
found temperatures probably 
would not change much in coastal 
areas. 

But he said even brief periods of 
near-freezing temperatures would 
destroy many food crops. 

Lawrence Livermore researchers 
found that smoke from burning cit- 
ies in the Northern Hemisphere 
would spread to the Southern 
Hemisphere far more rapidly than 
had been believed previously. Dr. 
MacCracken said. 


(dthamnthusnaeus. Many of the world's children 
who turji' suffered from Leukaemia are now alive 
due to the properties discovered in the 
rosy periwinkle. It originated 
in Madagascar, when thousands of 
endemic plants are m danger. 



Hants have fed the world 
and cured its ills since life began. 

Now we’re destroying their principal habitat 
at the rate of 50 acres every minute. 


W e live on this planet by courtesy 
of the earth’s green cover. Plants 
protect fragile soils from erosion, 
regulate the atmosphere, maintain 
water supplies for agriculture and 
prevent formation of deserts. Without 
plants man could not survive. 

Yet, knowing this, we are destroying 
our own life-support system at such an 
alarming rate that it has already become 
a crisis - a crisis for ourselves and an 
even bigger one for our children. 

The figures alone should tell the story 
- we destroy a tropical rain forest three 
times the size ofSwiteerland every year, 
within 25 years only fragments, of the 
vast Malaysian ana Indonesian forests 
will remain. 

What we are destroying 

Much of the food, medicines and 

materials we use every day of our li ves 
is derived from the wild species which 
grow in the tropics. Yet only a tiny 
fraction of the world's flowering plants 
have been studied for posable use. 
Horrifyingly, some 25,000 of all 
flowering species are on the verge of 
extinction. 

Once the plants go, they are gone 
forever. Once the forests go only 
wastelands remain. 



Photo: Courtesy at Richard Ev*m Schultes 

Dr. Richard Evans Schultes , director of the 
Botanical Museum ai Harvard University, has 
spent 13 yean in die Amazon jungle collecting 
die "magic' plants of myth and legend and 
making them avodable to Western medicine 
and science. “The drugs of the future," he says, 
grow em the primeval jungle.’' 

Who is the villain? 

There is no villain - except ignorance 
and short-sightedness. The desperately 
poor people who live in the forests have 
to clear areas for crops and fuel, but 
they are doing this in such a wav that 
they are destroying their very livelihood. 

Add to this the way in which the 
heart is being ripped oui of the forests 
to meet the demand for tropical 
timbers and we have a recipe for 
disaster. 


What can be done about it? 
The problem seems so vast that there is 
a tendency to shrug and say “What can 
1 do?" But there is an answer. 

The WWF Plant 
Conservation P r og ra mme 
The World Conservation Strategy, 
published in 1980, is a programme for 
conserving the world’s natural resources 
whilst managing them for human 
needs. A practical, international plant 
conservation programme has been pre- 
pared based oa WCS principles and is 
now well under way all around the wodd. 

You can become part of it 
The WWF Plant Conservation 
Programme is a plan for survival which 
you can help make a reality. Join the 
World Wildlife Fund now. We need 
your voice and your financial support. 

Get in touch with vour local WWF 
office for membership details, or send 
vour contribution direct to the World 
W'ildhfe Fund at; WWF International, 
Membership Secretary, World Conser- 
vation Centre, 1 19ti Gland, Switzerland 



Saw the plants 
that save us. 


WWF FOR WORLD CONSERVATION 


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Page 6 


THURSDAY, JAM ARV 10, 1985 


INTERNATIONAL 



Publixhrd Will Tbr .V* \orit Tine* and The Wvfiingimi Part 


Arms Talks Are On Again 


tribune 'The Era of Armaments Has Ended 


0 • o 


Secretary of State George Shultz went to 
Geneva to reopen arms control negotiations 
with the Soviet Union. Late Tuesday he fairly 
claimed “success." After 14 hours of talfcs with 
the Soviet foreign minister, Andrei Gromyko, 
the two announced that their countries would 
soon start talking about space and nuclear 
arms (strategic and intermediate-range) with 
the ambitious aim of limiting and reducing 
their arsenals and eventually of e liminating 
them. So after a frosty 13-month interlude 
brought on by Moscow's boycott of the 
START and INF talks, the United Stales and 
the Soviet Union will be back at a table. 

Each side, it appears, is giving up something 
to get there. Moscow dropped its rigid and 
noisy insistence — the Gorbachov line — that 
the “star wars" program be terminated as the 
first order of arms control business. The Rea- 
gan administration seems to have backed off 
its earlier position, asserted strongly in the 
days preceding the Geneva meeung. that it 
would noL even consider submitting “star 
wars" to discussion with Moscow. 

The upshot is that space arms will for the 
first lime be included in a negotiation. The 
discussion of America's Strategic Defense Ini- 
tiative, of special concern to Moscow, will 
allow the United States to press its concerns 
about wbal Mr. Shultz called “the erosion of 
the ABM treaty" — an evident reference to 


Baker to the Fire Station 


The Treasury Department can only be 
strengthened by the switch of jobs between it 
and the White House, in James A. Baker 3d it 
gets an extremely able administrator capable 
of imposing a consistency’ and purpose that 
Treasury policy has not often shown in the 
past four years.' But Mr. Baker will be working 
in an administration that regards the matter of 
whether it really wants an economic policy, or 
needs one. as an open question. 

Meanwhile, the imbalances in the American 
economy continue to grow. The most obvious 
of them is the federal budget deficit, but the 
more immediately dangerous is the deficit in 
international payments. That one leaves the 
United States vulnerable to sudden changes of 
mind on the pan of foreign investors who do 
not necessarily have much concern for stability 
in America. Working at the Treasury in the 
months ahead is going to be like doing duty in 
a firehouse. As long as inflation stays relatively 
low and business keeps expanding, there will 
not be much to do beyond the usual routine — 
polishing the fire engines’ brass, in effect — 
because the president does not see the need to 
do much. But if inflation starts to rise or the 
economy to slide, the bells will ring at the 
Treasury and the secretary will have to move 
very fast in highly technical operations that, 
to Mr. Baker, are not familiar. 

He will need. First of all. to recruit a stronger 


corps of specialists than the Treasury now 
possesses. The Treasury has not been well 
staffed in recent years. The erosion in the 
structure of senior civil servants had been 
going on for some years before this adminis- 
tration cam e to office. In the past four years 
there have been visible gaps at the political 
level as well, particularly in the crucial areas of 
monetary affairs and international finance. Jf 
the dollar’s very high exchange rate should 
suddenly drop, the strength of the perfor- 
mance in those offices would make a great 
difference to the adminis tration and the record 
that it will leave in American politics. 

Beyond the ability to respond with technical 
skill to an emergency, the next secretary of the 
Treasury mil need to think carefully about the 
administration's machinery for making eco- 
nomic decisions. That machinery is not in 
good working order now. One of the principal 
jobs, the chairmanship of the economic advis- 
ers, is vacant- He Office of Management and 
Budget has only a limited role. Above all, there 
is the growing atmosphere of indifference to 
all the money troubles. The view at the White 
House is that those carping economists, with 
their dire predictions, are wrong once again 
and that things are going along very nicely. So 
they are, for the moment. But if that should 
change, it might change very quickly. 

— THE WASHINGTON POST 


Other Opinion 


A r Happy Ending 9 in Genera 

When diplomats get together to talk about 
talks, their objective is to establish a frame- 
work for substantive negotiations. Secretary of 
State George Shultz and Soviet Foreign Minis- 
ter Andrei Gromyko achieved that precise, 
limited and highly important objective during 
their two days of discussions in Geneva. We 
welcome the Geneva accord as the “important 
beginning" described by Mr. Shultz. The 
American and Soviet governments, despite 
tbeir ideological differences, have no higher 
obligation to themselves or the world than to 
bring their nuclear rivalry under control. 

— The Baltimore Sun. 

The Geneva conference undeniably had a 
happy ending. It should not be forgotten that 
Mr. Shultz came to Geneva without expecting 
much to result. Bui the political will to reach 
an agreement was there. The Soviets have 
softened their position a great deal in the last 
few weeks, without obtaining the same degree 
of concessions from Washington. 

— La Libre Belgique [ Brussels!. 

The public, awash in television hype, must 
desperately need a primer to the almost hyster- 
ical focus on the Shuitz-Gromyko encounter. 
Before the Reagan era. such a meeting in 
Geneva would have been routine unto bore- 
dom. Today it has the air of a Second Coming. 

Wars, even cold wars fought by proxy with 
big defense budgets, are essentially political 
struggles; and to win them you must gain and 
hold the political high ground. Here the Rea- 
gan administration has seriously defaulted. 
The sterility of the administration's record in 


nuclear arms negotiation, exacerbated by So- 
viet propaganda and bluster, has steadily erod- 
ed the unity and patience of America's Euro- 
pean allies. I think it probable that Ronald 
Reagan, whose judgment is often superior to 
his advice, has at last sensed tins. 

Soberly viewed, the Shuitz-Gromyko talk 
may be merely the latest in nuclear-age bread 
and circuses, bringing arms control no nearer. 
Yet if they convincingly satisfy the craving cm 
both Atlantic shores for reassurance, they may 
do more to strengthen the hand of the West 
than a dozen MXs or B-ls. 

— Syndicated columnist Edwin hi. Yoder Jr. 

New Accountability in Nigeria 

This was the First Christmas in Nigeria's 
history, wrote a Lagos columnist, “when so 
many representatives of an entire generation 
of powerful and influential men will be sin g in g 
their carols in jail." Therein lies the main 
achievement of the year of military role that 
began with the coup of Dec. 31. 1983. 

The idea of accountability has been reborn. 
A spectacularly corrupt regime was over- 
thrown. Also overthrown was the “received 
law" — - to quote the columnist in the Lagos 
Guardian again — that if you belonged to the 
right class in society "your crimes may be 
visited on your property and your bank ac- 
count but never on your person." 

If ihe incarceration of hundreds of rich 
politicians has convinced a generation that it is 
a mistake to salt away millio ns from public 
funds, then General Mohammed Buhari has 
undoubtedly done some service to his state. 

— The Times { London ). 


FROM OUR JAN. 10 PAGES, 75 AND 50 YEARS AGO 


1910: Change in China Is Discussed 
NEW YORK — China's awakening, the par- 
ticipation of her people in government and 
matters connected with the advance of the Far 
East engaged the attention of Lhe American 
Economic Association at its session here {on 
Dec, 31]. Mr. T.L. Chao, of the Harvard Law 
School, read a paper on “The Old Regime in 
China," in which he reviewed periods of histo- 
ry and explained Lhe altitude of the inhabit- 
ants to their rulers. “Government and Public 
Opinion in China" was read by Mr. Chang 
Lau Chi, of the University of Wisconsin. “The 
press in the leading cities of China." he said, 
“is coming to have the same type of interest as 
It has in Western cities. The newspapers are 
bang edited by men of liberal views. There are, 
moreover, several for women." 


1935: Iraq Seeks Censure of Persia 
GENEVA — Oil will stand behind the scenes 
in the Council of the League of Nations which 
opens here [on Jan. II]. Iraq has invoked the 
League Covenant against Persia, which in- 
volves the frontier dispute involving Abadan, a 
shipping port on the Shatt-ol-Arab River for 
the Anglo- Persian Oil Company. Foreign 
Minister Kazemi of Persia has demanded the 
revision of the present Iraqi- Persian border. 
Basing itself upon the 1913-14 protocols be- 
tween Persia and the old British Empire, Iraq, 
according to M. Kazemi, maintains that the 
Persian -Iraqi frontier is on the Persian bank, 
instead of in the middle of the Shatt-aJ-Arab 
River. He will urge, be said, doing away with a 
treaty which gives Iraq jurisdiction over the 
waters of the Persian port of Abadan. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HA Y WHITNEY . Chairman 1938-1982 
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C I9SX International Herald Tribune All rights reserved- 


W ASHINGTON — One day in March 1945, 
Senator Arthur Vandenbetg of Michigan 
sat down beside the desk of President Franklin 


indications of Soviet cheating on that earlier 
accord. Along with space arms, there wfl] also 
be ralkrt on strategic and intermediate-range 
missiles, the familiar categories on which stale- 
mate had already been achieved. This “com- 
plex of questions,” in the Geneva communi- 
que's phrase, will be taken up by Soviet and 
U.S. delegations divided into three groups. 

There has been no movement in East-West 
arms control since the Soviets' invasion of 
Afghanistan in 1979. The labs and the produc- 
tion lines, however, have not been similarly 
inactive. Is there a place now for cautious hope 
that thing s are a bit different? Mr. Reagan is 
resuming negotiations not just because of 
“peace" pressures, some perhaps self-generat- 
ed. but because he feels his rearmament pro- 
gram has evened up the bargaining odds. The 
Soviets appear to have deep anxieties about 
America’s tremendous technological thrust 
and thus a further incentive to deaL 

A formidable backlog of disagreements and 
difficulties lies in lhe way of substantive pro- 
gress. Only the “objectives," not the all-impor- 
tant details of Mr. Reagan's and the Kremlin's 
negotiating strategies, were pursued at Gene- 
va. StilL it is good to have the two countries 
engaging again in what Secretary Shultz called 
“the necessary give and lake." and agreeing 
finally to address the serious issues. 

— THE WASHINGTON POST. 


D. Roosevelt in the Oval Office and noticed on 
FDR’s desk a copy of a speech with a heavy line 
under these words': “If World War III unhappily 
arrives, it will open new laboratories of death 
too horrible to contemplate." 

Within a month. FDR was dead, and in anoth- 
er four months the atomic bomb was dropped on 
Hiroshima. Ever since. Americans of conscience 
have wrestled with the problems it posed. 

Early on. the issue became bipolar, as the 
Soviet Union joined the nuclear dub. By now Lhe 
weaponry has so increased in force, numbers and 
accuracy that human life In the Northern Hemi- 
sphere, if not on the entire globe, could be 
destroyed in a nuclear exchange. 

Having stood in the rubble of Hiroshima and 
Nagasaki three months afteT their destruction 
and having written about this subject for more 
than 30 years, I believe some points merit empha- 
sis today as America and the Soviet Union again 
discuss what to do about nuclear weapons. 

The United Slates and the U.S.S.R. are like 
“two scorpions in a bottle, each capable of killing 
the other, but only at the risk ofhis own life," as 
J. Robert Oppenheimer once put iL 
To get out of that bottle. President Kennedy 
said, “we must re-examine our own attitude as 
individuals and as a nation," 

He meant that the problem was political: that 
the scientific arrangements in any agreement to 
curb midear weaponry must rest on a political 
base acceptable to both superpowers. All these 
decades, the scientists have raced ahead of the 
political leaden and their diplomatic emissaries. 

We all know that American and Russian atti- 
tudes toward each other have been permeated 
with fear and hatred. Perhaps most Americans 
agree with President Reagan's characterization 
of the Soviet Union as “the focus of evil in the 
modern world.” a country whose leaders “reserve 
unto themselves the right to commit any crime, 
to lie, to cheat-” The spew of fear and hatred the 
other way round, based on Marxist-Leninist dog- 
ma, has been no less intense. 

At times, as in the numerous crises over Berlin 
and the 1962 Cuban missile crisis, the superpow- 
ers have seemed to be moving inexorably to the 
brink. It was Soviet Premier Nikita Khrushchev 


By Chalmers M. Roberts 


who remarked, after Cuba, that “there was a 
smell of burning in the air." 

Mr. Khrushchev drew an important lesson 
from Cuba. In the following year the Soviet 
Communist Party adopted his new formulation 
that “the atomic bomb does not adhere to the 
class principle" ti.e.. it will not destroy just the 
capitalists): “it destroys everybody within the 
range of its devastating force" (us Communists, 
too). Both sides now have long recognized shat. 

Andrei Gromyko, the veteran Soviet foreign 
minister who met Secretary of State George 
Shultz this week in Geneva, has noted: “The 
systems of the control and direction of arms are 
becoming increasingly autonomous ... from 
the people who create them . . . The govern- 
ments] must do everything possible to be able to 
determine the development of events and not to 
find themselves in the role of captives of events." 

Despite all the disirusL then, there exists a 
rational basis — self-preservation — for the 
superpowers to negotiate ways of lessening the 
chances of nuclear war. Now. in Geneva, we have 
conducted a new exploratory round. 

We have been there before, beginning in 1 946. 
when Bernard Baruch introduced the American 


The Press: 
Standards 

plan for an international atomic energy agency TT* O 

with the somber Biblical words, “We are come to 1 i IkII • 

make a choice between the quick and the^dead. ^ 

That moment, however, was not “ripe." as the y, . . 

diplomats say. Nor has it been ripe on subse- By rnilip ueyeiin 

quent occasions when one side or the other felt it 

was being locked into a dangerous inferiority. tj-ARIS — While the libel cases 

The two 'strategic arms limitation agreements, ± brought m New York by General 

SALT-! and -2, came at moments when the William Westmoreland and Ariel 

superpowers felt they were at rough parity. Sharon are heavy with legal unplica- 

Wiliiara C. Foster, a wise American arms con- tions, they are equally heavy in their 

trol negotiator, described the circumstances nec- potential effect on relations between 

essary Tot success as that moment when “the the public the press and the makers 

technological stars and planets" are “in favor- erf American foreign policy, 

able conjunction, so to speak." Such is the contrariness of the oon- 

For three years President Reagan contended servaiives, fallen-away Democrats 

that America was in a state of inferiority, suffer- and others of right-wing persuasion 

ing from a dangerous “window of vulnerability." in Ronald Reagan's legions that no 

The Shuitz-Gromyko talks were possible only matter who wins —- the generals, CBS 

because Mr. Reagan in early 1 984 began publicly or Time m aga z i n e in whichever case 

to accept the notion of rough parity, although it — the press will take a beating. Libel 

is apparenl that there are administration foot- denied will be proof positive Uial the 

draggers. notably in the Pentagon. “media" are destructively all-power- 

Rj chard Nixon and Henry Kissinger showed fuL Libel damages awarded win only 



flv Cummings In lhe Winnipeg Free Pres. 
Distributed bv Cartoonists & Writers Syndicate. 


is apparent Lhat there are administration foot- 
draggers. notably in the Pentagon. 

Richard Nixon and Henry Kissinger showed 
that agreement (SALT-1) was possible at a time 
of rough parity even if there were bitter political 
differences. Today, despite strong differences 
over Poland. Afghanistan. Central America, hu- 
man rights and numerous other issues, nuclear 
parity has been evident enough to make the 
moment "ripe" for the Geneva meeting 
.And “the technological stars and planets" are 
in conjunction: Mr. Reagan’s “siar wars" con- 
cept offers a bargaining chip, something to trade 
for a major lessening in the menace of the Krem- 
lin's overwhelming number of land-based inter- 
continental nuclear missiles. 

It is easy to be a pessimist to feel that human 
history is so full of misperceptions and miscalcu- 
lations that there is little reason to expect that 
Americans and Russians will not ultimately 
stumble into a holocausL 
Still, how can we do other than hope that as 
President Eisenhower put iL the superpowers 
have “sense enough to meet at the conference 
table with the understanding lhat the era of 
armaments has ended and the human race must 
conform its actions to this truth or die?" 

The writer is a retired chief diplomatic corre- 
spondent for The Washington Post. 


Middle East: Look lor a Crossroads Not Far Ahead 


P ARIS — The Middle East is ap- 
proaching another crossroads. 


There have been many important 
changes in nearly two generations 
since the Jewish state was founded. 
But the timing never coincided in a 
way that could bring Israelis ami Ar- 
abs closer to a settlement Whenever 
one side neared a willingness to 
move, the other wasn't ready. Now a 
small chance for approaching com- 
mon ground appears on the horizon. 

Again, timing is everything. Egypt 
and Jordan are in a hurry. The Egyp- 
tian es tablishm ent, both supporters 
and critics of President Hosni Mu- 
barak, is edgy. The surface is calm, 
but they note telltale signs of unrest 
in their country, which is normally 
placid but is capable of explosions. 
There is a sense of lack of direction, 
of impatience seeking a new goal 

They don't know what to do, and 
they look to Washington for inspira- 
tion. Many Arabs have swallowed the 
axiom that the United States cannot 
take any foreign policy initiative be- 
fore elections. So they figure that 
something must happen in 1985, or 
soon after, or they will be left to 
despair another four years. 

“Even a gimmick,” one senior offi- 
cial pleaded, “but something soon, 
something to break the feeling that 
the peace process is stagnant." 

Jordan’s King Hussem is pressing 
because he realizes better than most 
that Palestinians in the West Bank 
and Gaza are not frozen in time. 

He fears that Israeli settlement in 
the areas is becoming an irreversible 
step to annexation, which would con- 
front both Israelis and Palestinians 
with new catastrophes. He has moved 
with unaccustomed audacity in re- 
storing relations with Egypt and 
hosting the Palestine National Coun- 
cil which aggravates tensions with 
Syria and costs him support from 
Saudi Arabia. He wants U.S. help to 
close Arab ranks behind him. 

There are signs that Israeli policy is 
moderating more than might have 
been expected under a fragile coali- 
tion government. But before Jerusa- 


By Flora Lewis 

lem can consider the divisive ques- There is no money to continue the 
tion of how to launch negotiations, settlement program. The bitterly con- 


ii must resolve two emergencies. 
They are an important part of Mena- 
chem Begin 's legacy, a painful bur- 
den that has weakened the country 
more than it realizes despite its over- 
whelming military power. 

One is to reverse the continued 
degradation of the shattered econo- 
my. The other is to extricate Israel 
from the debacle in Lebanon. 

It is surprising, given the acerbity 
of Israeli politics, that Prime Minister 
Shimon Peres does not justify the 
hard measures he must take by point- 
ing out that he inherited the mess. 
Politicians explain that the need for 
coalition prevents distributing blame. 

Israel needs time to digest the 
shock of its condition and face the 
tough effort of turning it around. In a 
way, the depth of its trouble is a help. 


trovers i al issue of whether it is even- 
tually to be pursued can be put off. 

That pan of Mr. Begin's legacy is 
in abeyance. Meanwhile, timid steps 
are beginning to improve Egyptian- 
Israeli relations, which he left to sour 
by presuming that the late Anwar 
Sadat tacitly accepted a separate 
peace with Israel a treaty for the 
return of Sinai and nothing more. 

The evidence is that Mr. Sadat and 
his countrymen really expected the 
other part of the treaty — on Pales- 
tinian autonomy and an eventual ne- 
gotiation on West Bank and Gaza 
sovereignty — to be implemented. By 
n„ the "interim five-year period 


Arabs and Israelis both worry about 
the other side's internal politics. Is- 
raelis, with reason, have always wor- 
ried about instability in Arab coun- 
tries as a potential flaw in any covert 
or official agreement. Arabs who take 
some comfort from Mr. Peres's desire 
for peace and Ezer Wdzman's new 
cabinet role of seeking contacts wor- 
ry that moderates may be swept out 
by the return of a rampaging Ariel 
Sharon at Israel's helm. 

So a favorable moment for the 
peace process may be coming, but it 
probably won't last long. It will be 
important for the United States to 
stretch the time available with deli- 
cate diplomacy, small steps of reas- 
surance for Israel and hope for Ar- 
abs. Then, when the time is ripe in a 
year or so, Washington should insist 


As a result 


egacy to 
It of the 


Begin period. 


The New York Times. 


Middle East: Italians Busy Out in Front 


R OME — For the first six months 
of 1985 Italy bolds the presiden- 
cy of the European Community's 
Council of Ministers. The Rome gov- 
ernment scans determined to try to 
rally European support for an initia- 
tive in the Arab-Israeti conflict. 

Prime Minister Bettino Craxi has 
bad a series of meetings with Arab 
leaders in the last two months. He has 
visited Riyadh. Cairo, Algiers and 
Tunis. Early last month he had a long 
meeting with Yasser Arafat at PLO 
headquarters near Tunis. That visit 
was criticized by some members of 
the Italian coalition government and 
caused resentment in Israel. 

Mr. Craxi was accompanied by 
Foreign Minister Giulio Andreotti. 
The two men came home apparently 
convinced that Mr. Arafat nad made 
a firm break with the more extremist 
members of bis movement and might 
be ready to abandon armed struggle 


By Enrico Jacchia 

with the Israelis and agree to formal 
recognition of the stale of Israel as 
a condition for the start of Isradi- 
Palestinian negotiations. 

An Arab League meeting expected 
soon in Riyadh would bean occasion 
to count the Arab states that would 
back Mr. Arafat if he took the 
plunge. Mr. Craxi’s entourage has 
insisted that this rare opportunity 
ought not to be wasted. 

Mr. Craxi has had undisputed suc- 
cess in improving Italy's economic 
conditions and curbing the inflation 
rate. But be is aware of the- limited 
political and diplomatic resources he 
commands in any foreign policy ini- 
tiative — although he dais have a 
long-established friendly relationship 
with Israel’s Prime Minister Shimon 
Peres, a fellow social democrat. Ita- 


ly’s coalition government is split on tries, including 
Lhe issue of Arab-lsraeli negotiations, often gel surpr 
Most Christian Democrats and So- men t,” del amen 
cialists are believed to favor an Ara- sion that inve 
fat- Hussem formula involving a Pal- turns on other c 
es liman state on the West Bank, are typically fri 
federated with Jordan. Formal secu- Israel is died as 
rity guarantees would be offered to The stunning 
Israel The Israelis have so far reject- cases coming tc 
ed any suggestion of an independent courthouse on F< 
Palestinian entity on their border. powerful suppoi 
The other side' has its champion in that “the elite m 
the leader of the Republican Party, a double standa 
Giovanni Spadotini, who has just vis- news," as Mr. L 
ited Israel. In his public remarks in He acknowta 
Israel and at home. Mr. Spadotini “operational p 
acknowledges a need for Palestinian American press i 
“autonomy" but he systematically societies, but he 
avoids the term “Palestinian stale." problems to set 


go to show lhat the news business is 
recklessly irresponsible in its reach 
for attention-getting sensations that 
enrich careers and bottom lines. 

Public trust will be shaken once 
again. This will be largely the doing 
of ideologues in prominent places 
who would rather reinforce thor mis- 
perceptions of how things work in the 
real world than get on with the busi- 
ness of making do with life that is 
unfair and with a world lhat is some- 
times kindly and often cruel 
As documentary evidence, I offer 
an excerpt in a recent issue of Public 
Opinion magazine from a book to be 
published in the spring by Michael 
Ledeen, senior fellow at Georgetown 
University’s Center for Strategic and 
International Studies. The book's ti- 
tle. "Grave New World," is in tune 
with Mr. Ledeen's views on public 
opinion, the press and foreign policy. 
He worked briefly at the State De- 
partment for Alexander Haig. His 
intellectual connections include Hen- 
ry Kissinger and Jeane Kirkpatrick. 
His jaundiced view of a freewheeling 
press is widely shared. 

He starts with the proposition that 
“most top officials" begin the morn- 
ing with compilations of press clip- 
pings; this conditions their days 
work and has “more influence on 
politics than even the most secret 
intelligence.” That is cause enough 
for anxiety, coining from a former 
insider. But you have to accept it 
if you are to entertain the rest of 
his reasons why the performance of 
the press has a “devastating effect 
on our foreign policy." 

This is so, the argument proceeds, 
because tire press is afflicted by “ig- 
norance of the world.” “abstract 
moralisra that permeates our popular 
culture” and. even worse, ambition. 
It (Erects its eflorts at grabbing the 
attention of readers and viewers “not 
much interested in foreign news ex- 
cept as it affects them directly and 
dramatically.” The result is a relent- 
less search overseas for “an American 
angle," preferably scandalous. 

So far. this is an arguable theory. 
But when it is applied to coverage of 
foreign policy, tne press becomes no 
better in Mr. Ledeen's eyes than the 
“San Francisco Democrats" as seen 
by Jeane Kirkpatrick: “They always 
blame America first” 

Here is the heart of Mr. Ledeen's 
grievance and to the relevance of the 
libel suits. The press is “super critical 
of our leaders, while foreign coun- 
tries, including our worst enemies, 
often get surprisingly gentle treat- 
ment," be laments. “On the rare occa- 
sion that investigative journalism 
turns on other countries, the targets 
are typically friends and/or allies." 
Israel is died as an example. 

The sunning coincidence of these 
cases coming together in the same 
courthouse on Foley Square becomes 
powerful support for the argument 
that “the elite media have developed 
a double standard for reporting the 
news," as Mr. Ledcen puts iL 
He acknowledges that there are 
“operational problems" for the 
American press in closed, totalitarian 
societies, but he does not allow these 


raids the terra Palestinian state. problems to get in the way of his 
Compromise between these two conclusions: “The United States and 


Musical Chairs: Who Plays the Tune ? 


approaches would appear difficult 
StilL an unexpected visit by Mr. 
Andreotti to King Hussein in Am- 
man Iosl weekend has indicated that 
supporters of the PLO-Jordan for- 
mula want to move quickly. 

It is no secret lhat most West Eu ro- 


ils allies are bdd up against stan- 
dards that are not applied to the 
Soviet Union and its satellites and 
proxies. Relatively minor human 
rights transgressions in friendly 
countries ... are given far more at- 
tention and subjected to more intense 


pean governments are uncomfortable cri tidsm than are far graver examples 
with the situation in the Middle East, of countries hostile to us.” 


W ASHINGTON — The one 
thing you can be fairly sure 
of about these changes in the white 


House staff and the cabinet is that 
they were not planned by the presi- 
dent or approved by him until the 
day before they were announced. 

He does aot like change, and why 
should he, having been re-elected 
by winning in 49 states with the old 
gang? The -explanation is that they 
imposed their wishes and ambitions 
on him, and not vice versa. 

This is a funny outfit Everybody 
calls his own signals. Some, like 
Attorney General WHliani French 
Smith. Judge William Clark and 
Mike Deaver. just take themselves 
out of the game. Others, like Secre- 
tary of Labor Raymond Donovan, 
who should be fired, are allowed to 
stick around. Some, like the eco- 
nomic advisers, just drift away, and 
the president lets them go or stay 
with a wave and a smile. 

There is a good argument for 
shaking up an administration after 
four years and switching officials 
from one job to another or letting 
them go when they are tired or 
hungry, but it is hard to figure the 
logic of the recent changes or de- 
cide who. if anybody, is in charge. 

Take the swap between Jim Bak- 
er as White House chief of staff and 
Donald Regan as Treasury secre- 
tary. This is like telling the piano 
player or even the director of the 
orchestra to play the fiddle. 

Nobody around here really be- 
lieves that President Reagan 
thought Secretary Regan would be 
a better White House chief of staff 
than Mr. Baker. Or that he thought 
Mr. Baker, at least for a while. 


By James Reston 


would be able to testify in Congress 
as effectively as Mr. Regan about 
ihe administration's mystifying 
policies on how to get rid of the 
alarming budget and trade deficits. 

But Jim Baker — like Howard 
Baker of Tennessee, the former Re- 
publican leader of the Senate — 
was bored with the endless task of 
pulling the president's chestnuts 
out of the fire, and wanted out. Mr. 
Reagan did not want them to go. 
He had to persuade them to stick, 
accommodate them or lose them. 
He did not persuade them. 

What is particularly interesting is 
why James Baker insisted on lav- 
ing the White House — ■ and he did 
insist, although he denies it — just 
when Edwin Meese, Judge Clark, 
Jeane Kirkpatrick and the other 
conservative supporters of the pres- 
ident were resigning and leaving the 
White House to the moderates like 
Vice President Bush, whose cam- 
paign against Mr. Reagan in 1980 
was ran try James Baker. 

It dearly was not that (he presi- 
dent wanted or urged Mr. Baker to 
leave. The guess here is that Mr. 
Baker was tired of the endless feuds 
between Secretary of State Shultz 
and Secretary of Defense Weinber- 
ger over foreign and defense policy, 
and the quarrels between conserva- 
tives and moderates in his own par- 
ty over the budget deficit. 

Mr. Baker is not the first and wBl 
Surely not be the last to opt out of 
this confusing policy tangle. Dave 
Stockman, the budget director, will 
probably be next to go, Mr. Shultz 


is trying to weed out those right- 
wing ambassadors who thought 
their public support of Senator Jes- 
se Helms was more important than 
their diplomatic responsibilities. 

Most important, the balance of 
power between the president and 
Congress is changing. It is not only 
that the Democrats retain a major- 
ity in the House, but that the Senate 
is now in control of Republican 
leaders who question not only the 
president's domestic economic pol- 
icies but also wonder about his de- 
fense and foreign policies. 

The resignation of Mr. Reagan's 
closest friends and advisers in the 
White House and the cabinet have 
added to his problems. Even the 
Republican leaders in Congress are 
asking why so many are leaving him 
and why so many others who are 
slaying insist cm taking jobs be real- 
ly does not want them to have. 

The more the members of ibe 
cabinet, the White House staff and 
Congress look at recent presidents 
like Ronald Reagan or Jimmy Car- 
ter, the more they begin to tnink in 
the night that they could do the job 
themselves and maybe even better. 

The two Bakers are not immune 
to this dream.. Howard of Tennes- 
see went back home to run for pres- 
ident in 1988. James, tired of the 
anonymity of (he White House, will 
now be out front as secretary of the 
Treasury, testifying on the Hill and 
appearing on television. He will not 
have the power be had in the White 

House, mil he will have the publici- 
ty. That, unfortunately, seems to be 
the most important aspect of presi- 
dential politics these days. 

The New York Times, 


But the first formal statement of EC 
policy on the Arab- Israeli conflict, 
the so-called declaration of Venice in 
1980, was resented in Israel which 


Strictly speaking, Mr. Ledeen is 
righL Underlying the legal question 
in the Westmoreland trial is the pro- 
position that American leaders are 






regarded it as pro-Arab. At the recent and ought to be held to a stricter 

summit in Dublin. Italy’s EC part- standard of truthfulness and respon- ^ 

tiers refused to give the Italians the aveoess to the public than, say, Sovi- L \ 

mandate they sought for another et leaders will be. Because Americans 

Middle East initiative. prize Israel's democracy and help de- IW/^^23 

Mr. Craxi has gone ahead on his fend it by furnishing Israel with arms r i 

own, apparently believing that if Mr. and economic aid, should they not be 

Arafat can bring himself to make a entitled to hold Israel to a higher . ' .. a*.., 

concrete gesture toward Israel, sever- accountability for what it does with • : 

al key West European governments those arms than would be applied, ' N : .- 

would change their stance. say, to Syria or Lybia, with whom >' 

The goal of an EC-supported ini- America has no such relationship? '• : 

dative would be a confederation be- Holding self and allies to different, '■ c' = . ^ 

tween Jordan and a Palestinian state higher standards, in short, is part of '' 
on the West Bank. If Mr. Craxi has what those libel suits, whatever their 

bis way, Washington could find itself outcome, are all about. As a general k 

with a difficult diplomatic choice to principle, I don’t understand what ^ jUi 

make in the Middle East. Mr. Ledeen thinks is wrong with thaL L -. 

International Herald Tribune. Washington Post Writers Group. 


make in the Middle East 

International Herald Tribune. 


LETTERS TO THE EDITOR 
Eight Centuries Later Giving the Gold Away? 

In response to “ Terrorism : Inter- Regarding " Gold Upturn Not Fore- 

national Lynch Law Isn V the Answer" seen in Near Term " (Jan. / ): 

(Dec. 18) by George Ball. What is the meaning of the state- 

Mr. Ball mentions the ! 2th century ment lhat "the price of gold has 
Assassins. It is interesting to recall dropped more than 150 percent in 
that rite Assassins, whose name came less than five years”? If it had 
from the Arabic for “hashish user." dropped by 100 percent, it would in 
were ranatics who received, along my reckoning have come down to 
with the promise of martyrdom, a zero. Are we then to understand that 
supply of hashish before they at- gold is now fetching a negative price? 
tacked their victims. The erratic ac- There are precedents in the press 
tions and the victims' descriptions of for this imprecise and rather absurd 
the terrorists on the hijacked Kuwaiti- formulation, ca. “a devaluation oT 
airliner in Tehran last month suggest 400 percent’* However, I have come 
that the hijackers may have been nigh to expect numeracy from the Inter 
on hashish or some other drug. national Herald Tribune. 

ALEXANDER S. REINHARDT. BASIL GONDICAK 

Lisbon. Boulogne-Biltancouru France. 




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WAUSTMET WATCH 

An 'Ominous’ Precedent 
For Reagan’s New Term 

By EDWARD ROHRBACH 

Imamtiomd Herald Tribune 

C ALVIN Coolidge was president and the “business of 
America was business” the last time share prices rose cm 
Wail Street during the first year of a Republican’s new 
presidential term. That was 60 years ago. 

“It’s ominous,” said Robert H. Stovall, Dean Winer’s director 
of portfolio strategy. “All Republican presidents since 1925 have 
presided over declining markets in the years of their inaugura- 
tions.” 

While no one ever accused Ronald Reagan of being reticent, 
WaS Street seems Lo be detecting a growing resemblance between 
him and Coolidge, who was known as “Silent GaL” Ralph Bloch, 
technical analyst at Moseley Hallgarten, notes that the percent 
age of market advisory ser- 


Hie talk is of 
a peak in March, 
then black holes 
and videos cycles . 


vices that are bullish toward 
stocks is the highest since Au- 
gust 1978 — and is within 
shooting distance of the “Oc- 
tober Massacre*’ of that year. 

“1 am not suggesting anoth- 
er massacre." be said, “merely 
pointing out that history 
strongly suggests that it is very 
difficult to envision a major leg north with more than 60 percent 
of the advisers looking for it” 

Amid the widespread optimism, it is not easy to find the 
bearish view. There is Richard J. Hoffman, who runs an invest- 
ment firm in New Jersey. But even he sees stocks up sharply in the 
short run. 

“The bullish case is growing because value is there — but the 
real question is sustainability,” be said. 

Mr. Hoffman said there seemed to be a growing trend toward 
“a vision of nirvana” amid “belief in continued low inflation and 
an extended business cycle” He added, however, that “in our 
analysis the extended cycle scenario will not come true. Instead, 
the economy will enter a recession in early 1986 following a 
vicious spiral of rising inflation, rising rates and a falling dollar. 
As a consequence, the euphoria will evaporate as rates begin to 
rise in the spring.” 

T HE ride up, however, which Mr. Hoffman sees happening 
in spurts, will elevate the Dow average to new highs, 
peaking in March between 1,350 and 1,400. 

He interprets as positive the news that Donald T. Regan and 
James A. Baker 3d will switch jobs at the Treasury Department 
and the White House. He said that Wall Street’s “main hangup” 
this winter has been its doubts on whether U.S. government plans 
for d ealing with the tax issue and the federal deficit were 
believable. 

The biggest current error in the conventional wisdom on the 
market, he said, is the assumption that not enough funds are 
available to fuel a significant advance. “But when the time comes 
for the market to go up, the cash will come from other sources,” 
he asserted. 

But Mr. Hoffman also warns that after peaking this spring, the 
stock market is bkefy to fall precipitously: “There is a serious risk 
of black holes of illiquidity forming during the rush for the eodL” 
So his investment strategy is to avoid the risk of playing 
volatile stocks that promise to.jump the highest in the Sucker 
rally” he foresees. By March he advises a portfolio 37 percent in 
cash and the remainder “in a very defensive posture,” comprising 
utilities such as telephone issues. 

J. Anthony Bocckh, editor of the Bank Credit Analyst, which is 
published in Montreal, also takes a cautious attitude toward Wall 
Street. He believes that “technical factors suggest vulnerability in 
the short term.” 

Fundamental factors, however, are beginning to improve, he 
said, adding that “a more positive attitude could be justified in 
(Continued on Page 13, CoL 7) 


Currency Rates 


■ ■ ;L!>. 


S 

S 

OJA. 

FJr. ILL. 

GJdr. 

BLF. 

S F. 

YOtl 


Amsterdam 

3574 

A8CS 

112.95- 

34*85* 0.1839 

— 

5*43* 

134.96 ■ 

14024 y 


BnntaB(a) 

4140 

7135 

20*245 

4536 3241 1 

' 177225 

— — 

23934 

24*8* 

to- ■- 1 

Frankfurt 

11473 

3413 


3044 * U3BS BOSS 

• 4.995* 

119*3 * 

12425* 

L":i Jiff 

Umdoo 0» 

1-M3 

__ 

14055 

11*385 231570 

4JD74B 

72.12 

38201 271.145 


Milan 

1.M475 

2*1980 

614.14 

200*1 

543*9 

30*84 

704.11 

7*31 

. «.iratJn r 

1 

s 


1.143 

11535 

9*4 1*39*8 354 

4310 

2M1 

25470 

_T 

■ J 

Parts 

9JW75 

1LMBS 

3*631 

4.965 x 2711 15795* 

345723*043 • 

_r>C 

Tatra 

yw Off 

79071 

MM 

3427 1315 ‘ 

> 71.10 

40173* 

9487 

— 

. '!'”C li' 

Zorich . 

ms 

00332 

83*2* 

27295* 01344 

7484 

• 4.1775* 

— 

18872 * 


1 ECU 

07039 

04166 

1MI 

4*213 1*67*6 

2*154 

445842 

18638 179217 

■ 1, "Tf 

1 SDR 

0775882 

08314 

009081 

9*4342 MjQ. 

34898 

61*709 

15854 248704 

J ... * 

lb 




Dollar Values 






Bqotv. C " m,BW 

Par 

ILLS 

s 

.EOS*. 

_ Wr 

Cucnmx uiu 

bL. C ” nwct 

Par 

US5 


OMU teMMI 

van 

atru 

mure 

18 (89 

04547 JtemnS 

22015 


MSI Austria MttHoa 

an 

080U itroaii ibefcti 

45150 

0*70 S-AMcaarraw Z8K 


08157 Mgtao Ha- Iraac 

4X72 

32(9 

KMandtew 

03059 

00012 5.KWOODMOA BH.19 

07574 CMOtalS 

us 

MW Motor- rtflooft 

2*745 

OBOSB Saara. paten 

17LJ5 

■ n,] 

08184 Otasli 

fcraas 

11*15 

01892 Marw. Ararat 

9.154 

OM04 And krona 

9855 

* t ■ ’« litf 

0.1518 FtaUAmark 

45475 

0852* 

PM.PM0 

W.W2 

08254 Tatarat 

37*0 

£::ss 

emn anttanauw 

rau» 

08059 

ParLaXcndo 

14(20 

08344 ThUbcWt 

27225 

B.QS1 HCMKaaoS 

788*5 

02292 Saudi rlyaf 

3582 

02723 UJLE.db1MBi 14775 


Interest Rates 


Eurocurrency Deposits 


Jan. 9 


Franc ecu 

!0<fr. >0* ttt • 


O-Morft Franc Marti* 

1M. SVfc-S* <*-*»* - W4 

3M. 3 Mi - Bft 5Vi - SI* 4W, - 9W - IB 10VW- lOW *"• - rik 7*i 

3M. BUi-Btb 5«.-5%4Yh-4W0W-lfl*»i ID* - 11 Hi 9* - *fc 5 

AM. m - a* S’* ■ Mb -4* win- w* u*.- uw **. ■ ** B* 

IV. Vfc - m s*-S% « -** 10*. 18* II*- II* ?*■»*.«* 

Rnte apeikab* to trtterixr& deposm & si mMiTHW ' ' 

Sources: Monm Govwtv tOoUar. DM. SF. Pound FF }; Uonts Bat* (ECU)J OtOonk 
(SOW. 


SDR 
7* -8 
■ 8* 
B!fa 
Mi 
9 


Asian Dollar Rates 


Jan. 9 


1 B0. 

a*-s* 

Source: ftmiitrx. 


In 

B* 


B* 


BAM. 

a* -a* 


<moL 
m -b* 


Wi -Mi 


Key Money Rates 


Discount Rote 
Fadend Funds 
Prims Rote 
Broker Loon Rote 
Comm. Paper. 35-17V don 
hntnlh Treasury Bill* 
frynanfh Treasury BJIi* 
cdu 3fe»dav» 
CDtMtfdm 

West Germagy 

Lombard Rate 
OwenUQM Rate 
One Month interbank 
Smooth interim* 

4-monlh Interim* 

France 

Intervention Rohr 
Coll Money 
One-man interbank 
J-msntb interbank 
4-monih interbank 


Close Pm. 

B 1 
> 7* 

K* iim 

9-WU«9U'W* 

7X75 MS 
77} 774 

7J5 7.W 

770 1JU 
775 BJ» 


5J0 5J0 

559 55S 

SJ0 550 
5*0 5* 

580 590 


10ft 10* 
10* IB* 
HU* KTB/14 
10 7714 10 W 14 
W 1714 10* 


Britain 

Bank Bow Rote 
Call Money 
71 -dav Treasury Bill 
3 -mOfrfh interim* 

J«wm 

Discount Rate 

Can Money 
iHFdav interbank 


s 

4 1/74 
4 1/14 


1 

OVm 

4Ui 


Gold Prices 


] 


Sources: Reuter* Comment***. CrMU U- 
emOs, L fords aanfc Son* of Tokyo, 


ajjl pm. oth 
204 JSS WAS -576 
tM5 - - 

300*5 300*4 - 540 
19775 30150 + 075 

290*5 30050 - 150 

vm~ - kMTO + 750 

OHtdoi Bulnus far umdon. Ports end uaem- 
baviweeeteno ana dosln# price* f» Mow 
und Zurleft, New York Cornea current contract. 
All prices te U54 oer ouTCC. 

Source: Reuters. 


Hone Kano 
Lexwfflboura 
Paris HIS kilo) 
Zurich 
London 
tum York 


Test Seen 
Nearing 
For OPEC 

Study Predicts 

Financial IUs 

Reuters 

NEW YORK — OPECs cam- 
paign to maintain its price struc- 
ture is approaching a major test in 
the financial markets, according to 
analysts at Salomon Brothers Inc. 

“The weak links in the chain are 
'already close to breaking,” says a 
research report on the bond mar- 
ket. The study, released Wednes- 
day, was prepared by Graham 
Bishop, who is based in London, 
and Paul Mlorok, who is headquar- 
tered in New York. 

They said the lest will be a finan- 
cial one “because OPECs needs 
are measured in dollars of export 
revenue, rather than bands jjct day 
required to. balance the physical oQ 
market.” 

Separately, APS. the official Al- 
gerian news agency, said Wednes- 
day that 13 ministers erf the Organi- 
zation of Petroleum Exporting 
Countries are to hold an extraordi- 
nary meeting in Geneva on Jan. 28. 
The agency said minisrers are to 
discuss controls on oil output and 
prices and price differentials on 
various kinds of petroleum. 

The Salomon analysis said the 
richer OPEC countries — Kuwait, 
Libya, Oman, Saudi Arabia and 
the United Arab Emirates — have 
absorbed all the reduction in ex- 
port revenues since 1982 but the 
poorer nations have accounted for 
the bulk of the deficits. 

Because these poorer nations are 
unlikely to be able to finance their 
projected deficits, their options are 
limited lo cutting imports, cheating 
on oil prices and quotas, ceasing to 
service tbeir debt or receiving large 
financial grants from rich OPEC 
countries, the Salomon analysis 
said. 

They said there will be a progres- 
sively greater risk of a dedine in oQ 
prices as financial pressures on the 
weaker OPEC members intensify. 
But “a major price cut is unlikely to 
stimulate adimfonat consumption 
for two years or more,” while “the 
need to cut imports, or borrow 
more, wffl be immediate” for these 
poorer nations, the authors said. 


Are Fund Assets Ready for a Move Into Stocks? 


TOTAL FWANCUL ASSETS («d ofRurtir, UHttMOMotav): 
m Corporate Bond* 

1444.1 . ssiai 


Ttuauor Banda Q Stock* 

15825 OU S0D2.4 


j OpanMarkatPapar* 
M07* 15835 


KB35 4624.1 100% 





IB IV 

1083 

' Money marturt kntnjmonta 


90 

80 

19 
60 

50 

40 

30 

20 
10 
0 


Source: Federal Reserve Board 
Tha Nsw Yort Tone 


U.S. Jobless Rate 

Edged Higher 
In December 


Bonds Slipping From Favor in U,S. 


By Fred R. Bleakley 

New York Times Serrice 

NEW YORK — Investors in the U.S. stock market 
have plenty of worries, ranging from the sire of the 
federal deficit to the longevity of (he American eco- 
nomic advance. But more money managers these days 
are creeping back into stocks for one simp le reason: 
Bonds have become less competitive. 

“The easy money has been made in the bond mar- 
ket,” said Martin D. Sass, president of MD. Sass 
Investors Services Inc. He was referring to the big 
dedine in interest rates in the last seven months of 
1984, which resulted in a run-up in bond prices. 

Indeed, bonds clearly were the place to be during 
that period. While the average stock in the Standard & 
Poor's 500 returned 14.3 percent, with dividends in- 
cluded. long-term Treasury bonds scored nearly twice 
as well, racking up a return, including interest income 
and price change, of 27 3 percent For the entire year, 
bonds also held the edge, 13 2 percent to 62 percenL 

But, Mr. Sass said, “Now is not the time to bet the 
ranch on bonds.” He is shifting 5100 million into 
equities, as he whittles down his company’s cash 
account and reduces the bond portion of its $1.5- 
btllioa portfolio to 40 percent, from 50 percent. 

Until a few weeks ago, Charles H. Brunie, chairman 
of the Oppenheuner Capital Corp^ also believed that 
bonds were more attractive. Bnt now he expects that 
stocks will perform about as well as fixed-income 
securities this year. 

His company, which has about S5J billion in pen- 
sion assets under manag ement, is buying $100 million 
in bonds and putting an extra S250 million to work in 
the stock market especially in consumer-oriented is- 
sues. such as Best Products Co. 

“Bonds have had a nice move," he said. “It’s time 
for stocks to get going.” 

Few people, however, expect stocks to -take off soon. 


In fact, indecision appeared to grip both the stock and 
the bond markets last week as prices bounced errati- 
cally. And many investment professionals are not 
saying the decline in interest rates is finished. 

But compared to stocks, “the outperfo nuance of 
bonds is over.” said John A Mend ebon, group head of 
market analysis to? Dean Witter Reynolds Inc. 
“There's something left in bonds, but there's more 
potential in stocks,” he stated. 

Many professional investors, including H. Kent 
Atkins, chief investment officer of Bankers Trust Co., 
are now taking their cue from projections or expected 
performance from the three key investment choices — 
stocks, bonds and short-term cash investments. 

Mr. Atkins, for instance, who oversees the invest- 
ment of about $12 billion in assets of pension funds 
and other institutions, said his bank expects stocks to 
return 16.5 percent this year, bonds 13 percent and 
short-term cash securities 9 percenL 

Usually, say the experts, the odds favor stocks when 
they are expected to produce an annual gain of better 
than 15 percentage points more than high-quality 
bonds. If the expected gains for both stocks and rands 
were about even, the odds would favor bonds because 
they are considered less risky. 

For those investors with discretion over where they 
put their money, the asset-allocation models they use 
to guide them in choosing the proper mixture of stock, 
bond and cash investments strongly favored bonds 
over stocks around mid- 1984. 

Suresh Bbirud, chief portfolio strategist for Hist 
Boston Corp^ noted (hat at the end of last May, bonds 
were weighted heavily in the mixture because the then- 
current yield of long-term Treasury brads alone was 
13.9 percent annually, while his expected total return 
(Continued on Page 9, CoL 1) 


The AsMOdazed Press 

WASHINGTON — Unemploy- 
ment edged up to 12 percent of the 
civilian work force in December as 
a surge in Americans looking for 
work surpassed the creation of 
about 340,000 new jobs during the 
month, the government reported 
Wednesday. 

The number of Americans actu- 
ally holding jobs in December rose 
to a record 106.3 million, but the 
total of unemployed increased to 
8.2 million as the labor force ex- 
panded by 390,000, the Labor De- 
partment report said. 

The department also revised the 
jobless figures for the two preced- 
ing months, which had originally 
shown the unemployment rale de- 
clining to 12 percent in November 
from October's 7.4 percent. 
Wednesday's report revised those 
figures to 7.3 percent for October 
and 7.1 percent for November. 

Meanwhile, the number of “dis- 
couraged workers,” those without 
jobs but not counted as unem- 
ployed because they have given up 
looking, increased to 1J million 
from the September level of 1.2 
million, the department said. 

A year-end slowdown in U.S. 
economic growth had led many 
economists to expect that the job- 
less rale would either rise a bit or 
remain fiat in December. But wide- 
spread predictions of at least some- 
what faster growth early in this new 
year suggested that the unemploy- 
ment increase will be short-lived. 

The unemployment rate, which 
reached 10.7 percent near the end 
of the 1981-82 recession, dropped 
to a revised 12 percent last Jane 
but bounced back, to 7J percent 
before beginning to dechne again. 

An alternate overall unemploy- 
ment rate, which combines tne 
114J million- member civilian la- 
bor force with the roughly 1.7 mil- 
lion members of the armed forces 
stationed in the United States, rose 
to 7.1 percent from 7 percenL 

The biggest gains in employment 
were a hike of 95,000 in businesses 
providing services and an increase 
of 85,000 among manufacturers. 

Among specific groups, the La- 
bor Department reported that the 
unemployment rate for adult males 


rase to 6-3 percent last month from 
6.2 percent in November, while the 
rate for adult women slipped to 6.4 
percent from 6.5 percenL 

For whiles of both sexes, the de- 
partment said, the rate rose to 62 
percent from 6.1 percent; for 
blacks, it fell to 15 percent from 
15.1 percent, and for hispanks, the 
rate rose to 10.2 percent from 10-1 
percenL 

Among black teenagers, the 
group with the highest 


meat, the jobless rate was 42.1 per- 
cenL up from 41.2 percent in No- 
vember. 

Before Wednesday’s announce- 
ment, analysts said (hat slower- 
than-antidpated retail sales con- 
ceivably could contribute to 
pushing up the unemployment rale 
a tenth of a percentage point or so. 

The nation’s largest retailers all 
reported increases in December 
Christmas sales from a year ago, 
but the levels were disappointing 
because they were less than many 
retailers had hoped, financial ana- 
lysis said. 

New claims for unemployment 
compensation benefits, one indica- 
tor of the health of the U.S. labor 
market, rose by 5,000 to 405,000 in 
the week ended Dec. 22, the Labor 
Department reported last week. 

Janet L Norwood, the commis- 
sioner of labor statistics, said in 
testimony prepared for a Wednes- 
day hearing of the congressional 
Joint Economic Committee that, 
after seasonal adjustment, the re- 
tail segment of the job market post- 
ed no gains last month. She noted, 
however, hefty increases in retail 
employment in October and No- 
vember. 

She added that five industries 
had December employment levels 
actually lower than at the official 
end of the recession in November 
1982 — mining, steel, tobacco, pe- 
troleum and coal, and leather. 

She also said two-thirds of the 
increase in job creation in the last 
two years was in services, and that 
“in the goods-producing sector, 
very few industries had added more 
than the number of jobs lost during 
the recession." 


] 


Pirated Recordings 
Big Business in Portugal 


Late interbank rates or Jan. 8/9, exdwing fees. 

Offiad fixings for Amster d am, Brussels, Frankfurt, Milan, Paris. Now York rates at 
2 PM. 


s5terflB*:L15SJ Irish c 

loi aimnordal Iraac lb) Amounts ntaW tabuv one pound tel AmaurisnewM tobuyona dollar (•» 
unDsof w (xl units of 1*00 (vi Units al WJ08 

lAmstmrdaml; Bonouo <Su BenVuxI BnasoW: Bmea Commerciofe 
Italians (MHanii Ommicai Bank (New Ydr kli do fWs ^ 

(SDIUj Btatoue Ante el hdemoNonolo tTlovesmaemont (dinar, rival dmem). oner dam 
Bum Reuters aodAP. 


] 


By Ken Porringer 

Iruemanonal Herald Tribune 

LISBON — Rogerio P., a Lisbon 
gypsy, has profitably hanked pirat- 
ed music cassettes on the Praija de 
Espanha for the past four years and 
says that his trade, out of a suitcase, 
makes him a good living. 

His wares, priced today at 180 
escudos (about $1.05) each, cost 
only a third of the genuine article. 
His pitch is lucratively repealed by 
hundreds of other hawkers on 
street corners and at fairs around 
the country. 

The peddlers are supplied by a 
backstreet growth industry that is 
mowing its products into the U.S. 
and European markets, causing big 
headaches for interaational record- 
ing companies. 

The cassette pirates, thought to 
produce more than 7 million illegal 
articles a year, have become priori- 
ty targets for the legitimate indus- 
try, which in a recent report cast 
Portugal as the major European 
center for pirated recordings. 

Patrick W. Hurley, European 
vice president for operations for 
CBS Records, a subsidiary of New 
York-based CBS Inc. and a giant in 
the record and tape business, said 


awe p™*. 

?* w. 
7 7 

e?/1A 9 7716 
TO 7714 ID 


Pound Recovers 
Early Losses; 
Dollar Higher 

The Associated Press 

LONDON — The British 
pound sank against the dollar 
Wednesday before rebounding 
late in the session, while the 
dollar gained against several 
other key currencies. 

In London, sterling fell to 
$1,138 in the morning before 
recovering to $1,142 at the 
dose. The pound dosed at 
$1.1485 Tuesday. _ 

The pound's decline followed 
reports that Britain was selling 
its North Sea oil on the spot 
market al less than the official 
price. Paul Nald, chief econo- 
mist for British stockbrokers 
Phiilipis&Dre'w, said the pound 
also was weak because British 
interest rates were being held 
low. 

In Tokyo, where trading ends 
before it begins in Europe, the 
dollar rose to 25S yen from 
253.725 Tuesday. 

Other late dollar rales in Eu- 
rope. compared with Tuesday 
closes, included: 3.1672 Deut- 
sche marks, up from 3.1385; 
2.6455 Swiss francs, up from 
2.639, and 9.6975 French 
francs, up from 9.62. 


that his company was among the 
hardest hiL 
“For the past decade, Portugal 
has figured as the top producer of 
pirated cassettes and as a major 
illegal exporter of pop records, at a 
financial loss to the European in- 
dustry last year alone of as much as 
$20 million.” he said in a recent 
interview in Lisbon. 

Mr. Hurley said that the illegal- 
ity lies in contraventions of con- 
tract restrictions between the li- 
censee and the licensor that limit 
production and sales of a particular 
recording lo the Portuguese mar- 
ket. 

Local recording industry chiefs 
have been hauling the pirates and 
peddlers for several years. Howev- 
er. they complain that legal sanc- 
tions against the pirates and ped- 
dlers are derisory. 

Carlos Pinto, bead of the Portu- 
guese branch of the London-based 
International Federation of the 
Phonographic Industry, said that 
fines for peddlers were laughable 
because suppliers guaranteed iJhem 
free replacement of any cassettes 
confiscated in police raids. 

Luis Francisco Rebelo, president 
of the Portuguese Society of Au- 
thors — the national copyright or- 
ganization — said that recording 
artists in Portugal were losing mil- 
lions of escudos a year through the 
activities of pirates. 

“An artist receives approximate- 
ly 8 percent of the sale price of each 
record or cassette. If we consider 
that 80 percent of the Portuguese 
cassette market is pirated, we get 
an idea of how much money is at 
stake,” he said. 

The society has triggered a num- 
ber of successful police raids 
against illegal cassette sellers, and 
it said that a new, stronger Jaw 
protecting the property or artists 
and intellectuals is due to be passed 
by the Portuguese parliament early 
this year. 

However, industry sources be- 
lieve that until heavy prison sen- 
tences are imposed on the pirate 
chiefs, whose activities are said to 
be well documented by private in- 
vestigators, the business will con- 
tinue to flourish. 

The maximum sentence upon 
conviction for music piracy is now 
a year in jaiL 

The Portuguese branch of the 
phonographic irade group recently 
stepped up pressure on the govern- 
ment to put an end to pirate activi- 
ties. And a senior Portuguese trea- 
sury official assured Mr. Hurley of 
CBS that the government was do- 
ing its best to implement anti-pira- 
cy laws. 

“So they should.” said Mr. Hur- 
ley, who aninmed that the Portu- 
guese tax authorities lost the equiv- 
alent of SI. 6 million last year in 
(Continued on Page 13, Col. 5) 


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‘1 


ADDRESS 


LZZZ. 


>HT. 10/1 ZB 




N M ROTHSCHILD ASSET MANAGEMENT 






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Page 8 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10. 1985 


j_ NYSE Most Actives 


VoL 


AM) 

AT&T 

Nwtlnd 

IBM 

Sctihnb 

IHPowr 

UrrtOyn 

SwBeU 

SPBTV 

Comdri 

HoUdav 

Gotei 

Exxon 

NtSeml 

CMIHdn 


13073 1 
*2245 ■ 


7*39 


NM 

Low 

Uof 

Ctag 

TOto 

Uft 

19 

+ (6 

2016 

19ft 

2016 

+ ft 

51 

46(6 

47% 

—2ft 

« 

119% 

34% 

120 

3516 

+ to 
+ 96 

22% 

22ft 

22ft 

23ft 

22% 

22 

+ to 

68ft 

68ft 

68ft 

411* 

40ft 

4096 

+ ft 

14% 

Kft 

15% 

— ft 

46% 

a 

46 

56ft 


— to 

+ ft 

40* 

44ft 

4496 

+ to 

lift 

11(6 

1196 

+ 9b 

1ft 

116 

7% 

+ ft 


1 Dow Jones Averages ) 


Omit HIM Low Lad CUM 


Indus 115179 1309,47 119034 120074 + 11X4 

Trans 87.71 56721 SS6.02 SUM + tJS 

Ulll 14645 147.93 14693 W7.14 + 031 

Comp 484.19 490*6 4825* 48857+ 4X6 


NYSE Index 



Hie* 

Law 

aw 

Compowto 

9SM 

94X1 

94X1 

industrial* 

108.93 

loexo 

108X1 

Tramp. 

89X1 

89X7 

89X7 

U fill lies 

51.16 

51X7 

51X7 

Finance 

96X7 

95.96 

96X0 


IS5Z 


7040 
10 * U 
9030 

SIS 


NYSE Diaries 


Advanced 
Declined 
Unchanged 
Total Issues 
New H lofts 
New Lows 


ten 

Pm*. 

1877 

840 

s 

695 

483 

2038 

2018 

Al 

53 

u 

20 


Odd-Lot Trading in N.Y. 


Sales 


jon. a 
-KM-7 
Jon-4 
Jon-3 
jon. 3 


■included In If* s 


Bar 

1SHX7S 407227 
1*3373 437523 
171471 3*6534 
143504 386972 
133530 389.17* 
s I Mures 


•sort 

476 

786 


8*5 

1.118 


Wfednesdaps 



VoLafX PJU 

0480X00 

Pm.3PJW.voL 

76X20X08 

Pm coMolidated dose 

113,230.190 


Totdes mctode Dm nationwide prices 
op to nedasioooa Wall Street 


am Pre*. 





Composite 

vnaminc's 

Finance 

Insurance 

utilities 

Banks 

TrcnsP- 


week Year 

Close Noon Age 
24440 24450 - 

291 QS 259X4 — M 

-99JQ — — 28553 

-7653 — Clsd 24X89 

23581 - - 

230X4 — — gf.W 

ZI95Z — — 288J9 


HUnaB 
vrotain 
TIE 
DomeP 
AM InN 

TexAlr 
Ultrrrte 
Amdahl 
Del mod 
GHGda 
Resrt A 


j Standard & Poor’s index 



Htate 

183-22 

Prevlau* 

Law 

182X1 

Close 

182x2 

Today 
3 P-M. 
183X6 



Pm. 

CIOM 


U3.I0 

141.95 

14231 




7264 


75X2 


1*3.99 




69 J3 

Finance 

Composite 

1E46 

164X9 

16X91 

IA5.ll 


industrials 

75.95 


ad 2M 

^ ’E 6 

2727 14* 19* 

2018 3* J*e 

187$ ioh n* 
153* »ft Wto 
1512 14*. 13% 

1330 29* 24* 

1276 12 11V* 

1225 OTb 37 
1156 149* 14% 


2316 

to 4K 
616 — to 
19* +A. 
34* 

109* + M 
T2to +1ft 
14to + to 
2% — I* 
lift + 16 
3746 + 9* 
149* + V* 


Today 


7250 

6950 

75L7A 


AMEX Stock Index 


Htaa 

20252 


Today 
3 PAL 


201-49 


KBIU 


2DZ76 


nMoam 

HMtLow Stack 


Oh. YJd. PE 


Close 
OuetGito* 



23% 

Mto AAR 


73 







30% 

9ft AGS 



10 

101 

13ft 

13ft 

1396 + % 


17ft 

13% AMF 

XO 

35 

78 

220 

Uto 

U 

14% — % 



2416 AMR 




7521 


36(6 

J7 + ft 


209b 

1816 AMR pf 

2.18 1IX 


13 


19ft 

19ft + to 



27% AMR pf 

2.12 

SJ 


964 37% 

36ft 

37 +9* 

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22ft ANftpl 

2X7 

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» 

23ft 

23ft 



4496 ASA 

3X0 

AJ 


1051 

48% 

4696 

47ft +1ft 


30% 

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1.9 

10 

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17 



3696 ADtLab 

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30 

13 

2853X 40ft 

39ft 

40 


23ft 

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20 

18 

352 

7216 

7196 

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27to 

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236 

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12% 

816 ACmeE 

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13 

19 

9ft 

916 

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Uft 

17 + to 


189* 



TO 

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16 

15% 

15ft— to 


2116 

84* AdvSvs 

Xlt 7 X 

17 


1096 

10ft 

104* — % 
28ft +1% 


41% 

25% AMD 



13 


29 

27% 


Mft 

Aft Advent 

.12 

IS 


39 

8 

796 

8 + to 


1516 

896 Aerftex 



11 

63 

lift 

lift 

119* + % 


39 

27(6 ABtnLf 

2X4 

73 30 

7869 

36ft 

36(6 

36% 


58ft 


5X7*104 



55 

54% 

54% — to 


34% 



4X 

12 


06 

06ft 

26 +11* 


516 

24* Alteen 





3ft 

0ft 

7ft— to 


409* 



26 

10 


46 

45% 

46 + % 


30% 

13 AlrtlFri 

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SJ 

10 

« 

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10ft 

18ft 


416 

1ft AlaMoa 

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45 

4 

3ft 

4 + to 


31% 

2696 AkiP PfA 332 12X 


20 

31 

30ft 

30ft 


79* 

A AlaPdpI 

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19 

7ft 

7(6 

79*+ % 


71 

61% AlaPpf 

9X0 12X 


lU8z 

7016 

68% 

70>6+1to 


828 110 
37 7 A 
.14 15 
54 24 
58 25 
120 42 
120 U 
4.1 


250 60 


*4to S* AfaPpf 
134* urn Atones 
171* 916 AlskAIr 

224* 154* AHMrto 
2 9% 23V* AIM9RS 
4116 23V* Alcan 
364* 27V* AtaoSta 

259* 17 AlexAlx 150 
28V* 1446 Afexdr 24 

87V* 439* AllgCp 158b 15 8 
34 184* Atalnl 1.40 61 34 

229* 1516 Atolnaf 119 122 

93V* 81 AMI PfC 1125 124 

30 244* AlMPer 170 93 

2* 1546 AllenG 50b IS 

374* 2Bto AlldCps 150 55 

*34* 539b AMCppf 674 1U 

113 99 AidCppniDO 11-5 

1071*1004* AWCpf 1149elll 
231* lOto AlldPd 

S6V3 38 A1MS1T 

1*4* 5V* AlltaCh 

40 24 AllBCpf 

3496 20 ALLTL 

4896 3046 AKSa 

27% 155* Anton 

3416 22% A*nHee ... 

144 98V* AMm of 350 

3 1% AmAsr 

IV 1416 ABafcr 10 

45V* 524* A Brand US U I 

281* 244* ABrdpf 175 105 

451* S3 ABrdpI 267 42 

7716 5016 ABdCSi 150 25 9 

26 191* ABHUA 5* 35 11 

S I* 17% ABusPr 56 17 T2 

40V* Am Con 220 52 12 

16 2116 A Can pf Iso 125 

40 3* ACanpl 3JM 69 

109 M3 ACanpl 1325 135 
1996 >6% ACapBd 220 117 
2346 25V* ACapCv UM2U 


1 TB 


35 
18 
8 

1 T77B 
10 81 
8 1203 


154 7 X 
120 32 
20 12 
1.10 47 
35 


172 
TO 
0 158 
9 2984 
1959 
9 3355 


14% 6V* A&ntC 
5316 42V* ACvan 
0% 18% ADT 

S ft 15V* AElPw 
25 AmEap 
25 13% AFomll 

36to 1946 AGflCP 
916 54* A Gill wt 

5146 AGnl pfA 631el12 


ISO 18 
S3 42 
124al05 
128 IS 
54b 27 
SO 1* 


57 

729k 


30% 


571* AGnlpfBSSSe 85 
39V* AGnpfD 254 $2 


ISO 


2201 64% 431* 631* +1 
8 5 12V* 12% 12% 

B 349 154* 14% 14%— I 

>8 19 209* 20% 20%+ % 

11 1049 27 2tVk 36% 

ID 4038 2846 281* 28% + 16 

11 345 31V* 31 3146 + 16 

112B 24V* 34 2416— V* 

22 Z1% 2 2 +*, 

74 73 74 +1% 

231* 231* 23W — % 

18% 18 18 — V6 

90% 90 90% + % 

29Va 2B% 29 

174* 17V* 17% — % 

34% 34V* 3416— % 

300x40 599* 5V% — 16 

9 104% 104% 104% + % 
222 1031* 103% 103% + to 
14 19% 19% 19% — V* 
8 2042 30% 49% 49%— % 
6% 456 616—16 

2516 25% 25%— to 
24% 24% 34% + t* 
37% 344* 37% + % 
1416 15% 16 
„ 24 234* 23% + to 

S 103 102 103 +1Y* 

130 2% 216 2% 

If I7to 17% 17% — to 
228 42% 41% 42% + 4* 
21 24 25% 25% — to 

4 63 63 63 + 1* 

949 6216 61% 61% — to 
36 23 22% 22% — to 

35 20% 20V* 20% + to 
581 SO 49V* 58 +1 

1 23% 23% 23V. + 16 
7 43% 43 V. 43% 

2 104 106 104 

25 18% 18% 18% — V* 

135 2796 27% 27% + % 
23 716 7 7 + to 

815 50 49V* 49% + % 

310 21% Zlto 21% + 16 
588 21% 21 21% + % 

758 37V* 36% 37 + % 

155 24 23% 21%+ to 

668 25 24% 34% 

II IM I I 

S 53% 539* S3** — to 
70 69V* 6W* — 16 

470 $016 49% 50 +16 

ID 30 29% 30 + % 

22 816 BV6 B’A + to 

nsi sn* 51% st6 + % 
1 232 232 222 
1694 2816 27% 27% — V* 
'211 7616 74% TAft+lft 
651* 65 65% + % 


12 


SJ- & 


25% AHerlt 
7to Attotsl 

46% AHern* 244 SI 

34716210% AHmepf 250 3 

42% 2616 A HOW 1.12 All 

70 62% Amrtcfi 640 73 

73 50% AinGrp M3 __ 

125 11 TV* AIGPPf 5A5 45 I 1191* 1191* 119V*— I to 

28V6 18V* AMI 50 32 1118931 I9to 18% 19 + to 

•to 316 AmMaV — - 

39H 2796 AN1RSS IB 61 7 
369* 22% APrmid .741 03 4 
15 9 ASLFta 7 

19 15 ASLFIpf 019 12J 

10 ASMP. 50 63 27 

15 
9 


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22% Am Sid 
15V* ASIarli 
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46)6 AStrptA A3B US 
51 AStrptB 650 1X1 
20(6 14% AT&T ISO S3 




36to 30to AT&T pf 354 105 
37% 31 to AT&T pf 174 IQS 
41 27 AWalr 150 45 

AWatpf 1X3 XI 
AWOlpf 135 11.1 
AWaSpf 135 11-2 
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to + % 
349*+ % 

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V 


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Ito 129* Amnws 
19 AmStti 
37to 2596 Airated 
716 19* Anacmp 

30 19% Anataas 


19V6 Anchor 
AnCtav 


341* , 

119* 91* AndrGr 


21% Mto Angelic 
Anheus 



158 AJ 
1-32 as 
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54(6 44 AnhMPf 350 6 J 

7S 1396 Antxtr M 15 20 

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16% 101* Anttwir 54b 35 7 
1496 916 Apache JR 25 10 

4 I* ApdiPwt 
20to 15% ApdiPun2SOol2JJ 
66 55to ApPw p< 012 1X0 
31 17% API Ota ‘ 

29% 8 ApMMa 

231* 15% ArefiOn 
229* 14to ArtiPS 
28% 23 ArtPPl 
95% 79 ATlPPl 


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78 10% 101* 10% + V* 
57 1796 17% 17to— I* 
30 731* 72V* 73% + 9* 
23 53% 53% 53%— to 
20 17% 17 17 

36 13% 13% 13to 
49 12% 1296 12%— to 

s n ,o & ,a » 

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51002 62V* 521* 62% + 96 


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lto to ArinRI 
13% 99* Armada 
23% 9 Al-mco 
33V* 18 Anneal 3.10 IDS 
20 15% ArmsR s 48 24 

34 22% ArmWIn 1J0 35 

» 18% AraCP UD 4J 

299* 13to ArowE JO 
221* 16 Artro 32 
19% 14 Arvln S 
34to 17% Aearco 
299* 20% Ashton 150 
40% 31V* AgftlOPf X96 
61V* 45% AsdDG 250 
98 73 AsdDPf 4.75 

28% 18% Athlon* 150 

25 lfWAICvEl 258 

52V* 40% At] Rich 350 .. 

3816 32** Aft RC Pi X75 10J 

135 97 Ah Re of 280 ““ 

20 Wto AttaeCp 
44% 1896 Auoal J2 
40% 291* Auta pl 52 
4996 24 AvcaCp 
99% 52 Avcopl 
23V* 159* AVEMC 50 
32 23 Avery 50 

15 10 Avtall n 

47% 27 Avne! SO 

26 19% Avon 250 
4296 18 Aviflh 


1.12 

Al 

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27 21 

1528 
17 

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V SS3 

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u 

7 

206 

15ft 

u 


X 

18 


8 

689 

1946 



184 

10ft 



167 

25ft 

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13 

36ft 

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6U5 

53ft 

53 


A 

84 

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18 

35 

21ft 

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2931 

43ft 

105 


4101 

35ft 

38 


4 

101% 



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15 

14 

746 

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39ft 


10 

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760 

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12% 12 12% + to 

10% TO 10%+ % 
21 20to 21 + % 

20V* 20 20% + % 

33% 33 Vi 3316— to 
2816 28to 28% 

15% 15% 15% + to 
1796 1794 + to 
If IVto + % 
10% 18% 18% + to 
25% 25 25% + to 

36% 36% 3696 + 9* 
52% 53% + V* 
839, 8394 + 96 
71% 20% 21% +146 
24% 24% 3496 + % 
4216 42% 421*— to 
35% 3446 3546+1 
101 to 101 to 101 to— % 
14% 13% 13%— 96 
39* 21% 2196— to 
39% 3096 39%+ % 
" 49% 4996 

99 99 — % 

19% IVto 19% — to 
30% 309* 30%— to 
I2to 12% 12% + V* 
34% 33% 3444 +1 
20% 20% 20% 

21% 21% 21%+ to 


At 

31 

33 

M 


13a 

30 


3J 16 192 131* 
IS 11 345 27% 

5.9 le HOT 15% 

IS 15 45 20% 

140 96 

2.9 II 17 441* 
15161 1662 12% 

II 1M 9% 
205 40% 
400Z 41% 
319 279* 
909 4% 

126 S7V* 
327 41% 
5 47% 
188 36 
110 23% 


35 10(6 BMC 
319* 189* BalmCS 
23% 15 Bkrlntl 
2SU, 18% Balder 

3 % vlSaldU 

45% 28% BalFCP 

23V* Uto BaITvMI 

15% 79* BailrPk 

40% 30% BaltGE X20 &0 

43 361* Bah ptB 4LSP 10S 

77 2096 BncOOe ISO 37 10 

6% » Bon Tex JO A3 24 

SS 38 Banaaa 1.10 xi 11 
43% 29 BkSOS 250 55 6 
5316 43 BJcBaS pf 3S5e 85 
Uto Mto BkNY LW U i 
25 15% BnkVd S ISO 45 8 

22% 141* BnfcArn 131 85 10 1889 I8V. 
52 to 40 BkAm Pf 5Jlel1S 513 44% 
86 66 BkAm of 853ellS 

71% llto BkAm pf 758 
3DI* 27% BkARSY 250 7.9 
5Bto 3796 BanfcTr X70 4.9 
23% 19V. BkTrpf 2J0 11 J 
39 35 BkTrpf 4J2 IIS 

12% 7V* Bonner ..Qe J 
3796 19 Bord 54 X0 10 
23V* T8 BamGP SO 4S 6 

44 32V* Bamel IS U 1 

46 33 BamJ pf 2-37 55 

33% 19V* Baryidr 50 U 12 

T2 0% BASIX -12b 1J IB 

27% 171* Bowen 78 XD 16 
24% 1196 BnxtTr J3 
30 1996 BayStG 250 

3996 28% Bearing ISO 

36 24% BeofCa 170 

651* 461% Baatpt X3B 
4116 ■ 


>7% 13% + % 
26% 27%+ V* 
15% 15% — U 

44% 44%+ to 
12 % 12 %+ % 
9V* 996+ to 
40 ttto + to 
40V* 411* 

26% 27%+ V* 


19 


170 165 


12% BddnH 

301* 19V6 BdHwl -56 
X 191* Bel Hot Pf 57 
83 66 BeUAtt 650 

27% 2296 BCE a^ 2-28 
359* 19% Behind 73 
35% 27V. Bet l$o S 250 
SOV. 33% BetaAH 72 
2716 209* BemlSS SB 

Mto 73 Bndxpf 4S4 
23 BenfCp ZS0 


60 7116 
118 149* 
8 36 301* 

6 1911 55% 
V 22V* 
II 36% 
3 10to 
691 22V. 
74 20V* 
847 4296 
238 44% 
36 21% 
154 10% 

507 & 

25 10 2273 13% 
VJ 0 25 28% 

10 II 308 34 
55 9 I960 29to 
63 76 54 

2J» 14 916 41 
349 696 

32 tOto 
18 169* 
447 74V* 
T34 24to 
1343 7996 
262 26 U. 


16 117 44 

II 10 26 

IS 83 

- 9 1812 33% 

17 BsmlPt 2S0 113 . Xi TOto 

■to 314 BenotB -L5e 4.1 8 409 3% 

16U 7% Bern Efl * 309 Mto 

796 .3% Berkey 


II 


*9% Mto BeTftSft 
Wto 37% BemStpfSSO 115 
2996 18% BeltlSIPf 258 IIJ 


191* Beverly 
24% 18to BlgThr 
29% 1716 BtacfcO 
m 20 BtekHP 
48 14to BtoirJn 
S 37 BtakHft 
s 9V* SM Boelnp 
44% 32% BotaeC 
SS 46 BdtaeCpf 


5% Boftfler 
is 59% BanHn 
S% M% BorvWd 
0% 4% Bormne 


J 

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IS 19 
4S 16 
33 12 1420 
6J 7 
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55 11 

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25% M% Bawtrn 
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41 BrMM 
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Zlto BrltPI 
9V* BrltTpP 
2% Black 


309 

102 4 

297 llto 
2923 181* 
» 4396 
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200 31% 
367 7SV. 

2JV* 
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309 18% 
8V 45 
3340 5596 
2568 4Sto 
22 52% 
36 21 
539 65% 
1121 21% 
52 51b 

34 
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14 12V* 
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39 


8 275 


IK* 

71* 

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3J4 95 
1.17 19+ 

1X6 IIS 
JM 13 10 2061 
ISO 5 S 10 123 _ 
ISO XI 15 i486 51% 
36 21 3% 

tJ4 "“ 4639 ?§S 

181 31* 

l-B 73 47 179* 


51% 53V* +1% 
40% 41 1* + % 
47% 47to 
35V. 36 + 9b 

22% 22% — to 
18 18% 

«3to 44% +1% 
7096 7096+ 96 
14% 14% — % 
30% XKi 
54 55% +1% 

2196 22% + % 
36% 36% + % 
lOto 10% 

21% 32% 

X 30 

42 42%+ % 

4J96 44 — % 

21% 21% + V* 
W 1016 
25% 26 + to 

13 13% - to 

28% 38%— to 
33 33 — % 

2896 S9Ei— to 
53% Si%— *• 
40% 41 + to 

6b 6%— to 
10% Mb + % 
16% 161*— to 
23% 24to + to 
» 2416 + % 

70% 79V* + % 
26 26b * % 

23% 23% + % 
33% »%— to 

43 43%+ % 

25% 2S%— % 
81% Bit*— % 
32% 33% +1 
20V* 2Bto+ b 

Jto 3% 

13% 13% + % 
3% 4 + to 

11% 11% 

17% 18% + % 
42to AH* + % 
21% 22%+ % 
31% 31% + 9* 
70 20 — to 

23% 23%+ % 
26% 27 + % 

17% 18b + % 
44% 449*— % 
54% S%+ % 
39b 39%—% 
S2% 53% + to 
20% 21 + 14 

63% 65b 4-1 to 
21 21% + % 
5V4 51*4- to 
33% 3l%— % 
10V* !«%+%* 
12% !2%— to 
20% 21% — % 
28% 29 + % 
50% 51% +1 
3% 3% 

22% 22V* — to 
W% 13b + V* 
3% 3% *■ % 

■ 7% 171b 


36 

79 

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312 

83 

8 

37 

35% 

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22% 

19% 

BkUGpf 

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9 

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22% 

33% 

29 

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395 12J 


34 

31 

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5 

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17(6 

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33% 

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BrwnGp 

1J6 

50 

10 

498 

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26ft 

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42% 

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15 

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38 

3696 

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20 

8 

346 

34% 

33% 


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15 

835 

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3716 

309*— ft 

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778 

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14% 

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17ft 

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15 

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17% 

24 

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447 

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50 

35 

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79 

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1757 

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7ft 

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BriNPf 

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117 

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49(6 

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1596 + 9* 

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173 

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15 

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310 I9J 


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- -£ 


Rate Hopes Buoy Stock Volume 


United Press inrenuitionoi 

NEW YORK — The slock market pushed 
higher in its best advance of the new year 
Wednesday as investors took encouragement 
from signs that interest rates might be easing 
once more. 

The Dow Jones industrial average was up 
9.38 to 1,201.98 about an hour before closing. 

Advancing stocks led declines by a 2-1 ratio 


broker loan rate to 9 percent from 9‘/4 percent 
Jerry Hinkle, of Sanford C. Bernstein Co„ 
said the stock market seems to hve strong sup- 
port at the 1,180 level on die Dow index. The 
first three trading days of 198S saw the market 
drop to that area but it has been able to recover 
this week. 


Although prices in tables on these pages are 
from the 4 P.M. close in .Veic York, Jar rime 
reasons this article is based on the market at 3 

P.M. 


among the 1.961 issues crossing the New York 
Stock Exchange tape. 

The five-hour Big Board volume amounted to 
about 83. 1 million shares, compared with 76.4 
million in the like period Tuesday. 

Analysts said a combination of modest eco- 
nomic growth, moderate inflation and lower 
interest rates could help the stock market in 
1985. 

Before the stock market opened, the Labor 
Department reported the unemployment rate 
was 7.2 percent in December, compared with a 
revised 7.1 percent in November. 

The federal funds rate on overnight loans of 
reserves between banks was 8 percent at mid- 
day. unchanged from late Tuesday. 

Southwest Bank, a small Sl Louis institution, 
announced a cut in its prime lending rate to lOfe 
percent from l (Hi percent effective Thursday. 
The 1 (Hi-percent level has bear the prevailing 
rate in the banking industry. 

U.S. Trust Co. in New York lowered its 


.Mr. Hinkl e said institutional activity was 
relitively light, with some interest in the stocks 
of savings and loans, automakers and utilities. 

Gary Ciminero. chief economist at Fleet Na- 
tional Bank. Providence. Rhode Island, said the 
slock market is facing an environment of re- 
duced earnings growth but lower interest rates. 

He said the earnings prospects have bom 
overly discounted by the market, while lower 
interest rates could lead to expanding price- 
earnings multiples which would trigger a “pret- 
ty good move in the slock market/' 

Although economic growth in 1985 will be 
only half as fast as in 1984, “I don't see a 
recession.” Mr. Ciminero said. 

He said the Federal Reserve has rapi 
backtracked from a tight money policy whic 
slowed the economy in the third quarter. The 
new Fed posture combined with the stimulative 


effect of the budget deficit “should keep the 

cord" 


economy cruising along of its own acco 

On the trading floor, American Medical lo- 
lernalional was near the top of the active list 
;ond up a fraction. A block of 750.000 shares 
crossed at 19 and a block of 500,000 shares 
crossed at 18%. 

AT&T was up a fraction at midday on heavy 
volume. 

Schlumberger moved higher in active trading. 


12 Monte 
HtfiLow Stock 


DJv. Y*L PE 


Sit. 

MDsHtfiOM 


OoM 
tool ame 


3Jte 24% CBI In 




ID*. 

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29 23% CIG pf 

91* 496 CLC 
33% 21 CNAFn 
10V* 8% 04 A I 




11 

2X0 6J0 19 
235 93 


lJODtlX 


13 


41% 34% CPC lilt 2JD SJ 14 


19 14% CP NM 1X0 7.5 0 54 

26% 18% CSX 1JM A5 7 2830 

»% 22 CTS 1J0 XI 13 50 

1 


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ssmsra 

24% 13% Cal tan 
1996 11% Canvnl .12 
30% 15% CRLkO XC 
9% 3% CmpRt .16' 

14% 12% CBRpfB 250 
72% 54% ComSp 250 

43 28% CdPoCB 1X0 
59% 23 Carl « 68c 
174% 123% CnpCItl JO 

44 30% CapHtd ‘ - 

189* 11 Carina E 
36% 24% Canute 
83 S096 Carnot 

30% 13% CaraFI 
26% 19% CarPtt 
2394 19% CarP pf 
58% 36% CarTec 
10% 7% Carrol 

40*. 30% CanPlr 

32% 18% CarfHte 1J2 S3 45 
27% 19% GmTWI XB 18 10 



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41% 41 41% + % 



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12% 12% _ 

12% 12% 12% 

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1-02 


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3396 1596 CstrC pf »J 
5296 2B% CafrpT 50 14 
2591 16 CeCO J6 X7 
8396 6296 CataMV 4X0 5J 
38% 34 Catanat A50 IIJ 


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2.10 U 10 102S 39% 39% 3996 
47 J 13 126 8% 89* 8% 

1JD 3J 17 14 37% 37% 37V*— % 

546 ZR* 23 23% + to 

172 26% 26 26% 


8.1 9 40k Mto 149* 14% + to 


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38% 304* Cartel 
24% 17 Certaxn 
22% 16% CenSoW 150 85 
25% 14V* CenHud 284 114 
23% 18% CenllUl 114 94 
a 36 CnILtPf 4J0 114 
17% 14 CnllPS 1X0 93 
22% 179* CnLaEI 146 88 
3396 29% CLaElPf AI8 12J 
M% 2% GeMPw 140 U7 
18% 14 CnSaya 
1796 10% CVIPS 
17% 7% CantrDt 
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25 18% Gwrvlll 

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2796 17 CosoAlr 
289* 16% CAmpIn ... 

28V* 19 Own I pf 120 
56% 4316 Cllml pf 460 
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12% 1 wlCtlrtC 

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38% 3796 38% + % 
8% Sto Bto + to 
37% 37% 37% + 9* 
2396 23 2396— to 

22% 229* 229* 

25 24% 25 + % 

23% 22% 22%- % 


4 
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217 

292 

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17to 17 !7to— to 

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11303 


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IV 13% CneftKM X6 X7 8 2 18 18 18 

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35% OtNY* 236 63 5 131V 34V. 33% 34 

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S8to 48 ChNYrt 4570127 5 54 54 54 + % 

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9 306 239* 23V* 23 to— to 

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7 4896 67% 68% + 96 
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152 H .1 3,13 30to 30% 30% + 9* 

270 A3 11 43 51 to 5096 50% — to 

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7 17 43to 43V. 43to 

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520i 30 V X 


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40to 29to Omni 
43 189* CNWSf 

IWto 9496 ChIMIW 
74% 47 OilMI Pf 
25to 16 ChlPnT 
15 79* OikFull 

3Sto 24% ChrlsCr 
11J% 5 ChrlUn 

13% 99* Chroma 

S4to 42 Oirm pf 
Bto 39% Chmlr 
53 347* Chubb S 

32 Tito Church 
Alto 35% On Bell 
15% Sto OrtGE 
31 24 CtftGpf 

ASto SO CtaGpf 
64% 48 CtnGDi 
459* 50 ClfrGpl 
24 20 On Ml I 

3394 209. Cl rclK 
29% 1696 ClrCHv 
1V96 13% Circus 

40% 379* attarp _ 

86 68% Cltlcppf SJSetlJ 

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101 9716 CHcp pfB 9 JOe 9 J 

44% 32 aiYlnv 3-00 5.1 
68 4V% CTrlnpf 200 13 

26K 2196 OWn oi 2J7 IIJ 
11% 6% Chair 37 9.1 
» 339* CIsrilE 1.10 A1 14 

13% 6% OavHm M 

26 17 ChrCII 1O0 JLS 

20to 139* CfevEl 252 125 
97 77to CIvEI pf IMValSJ 
17to 10% Clevak X0 S3 
17V. 1 5*4 Cfvpkpf 273 1X5 
20% 1496 Clwpkpl 1X4 11.9 


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216 112 
4X0 1X3 
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9J8 1A5 
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34 23 14 


206 55 


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2JA 43 14 2988 
478 


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250 


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309* 22% aueltP 
19% 14% duel pf 
29*4 12to Cooetun 
3914 23% Coastal 
66 49 Cocoa 

20% 94* Coteco 
37L, 2Sto Column 
36% 20% Cetp Pol 
399* 27% CallAlk 
161* 9to CdiRSas 
31% Sto Col Pen 
57 391* Coitlnd .. _ 

37% 27 CoIGOS X10 98 
26% 3116 CSOpf X45 
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107 90 CSOpf OI57S 1A3 

107% 97 CSOrtnISTS 14X 
43V. 27to Comein 2X8 SX 10 
35% 2594 Cmben 1X4 5J 13 
21% 8 Cornetts 

30 15V. Commit 
499* 16% Comdr* 

28to 21% CimvE 
289* 2lto CwE PI 
I6to 13 CwE pf 
16to 17V. CwE rt 
2196 UP* CwE PI 
M9* KB* CwE rt 

25% Mto ComES . 

3f* 20% Comsat 1-20 45 11 

5, 16% CPSYCS 74 3 2 * 

39% » Com oar -SSe 1,9 n 

21% 11 ComnSc 10 

79 Crtva 29 3886 

2>'u W Coital 27 13 1} JM 

22% IT 6 Conolr 740 1.1 12 79 

18to 13% CmnE I 152 67 7 I 

25 19% CraiNG 2X0 9J 9 14 

18% 10% Conroe XB 33 6 Ml 

31 to 23% Cans Ed 2.12 7X 7 891 

40% 3$ ConEpf 4X5 1X1 
M34 38 ConE Pi M0 IIJ 


lMl 64% 63% 63% 
lOQz 64 64 64 

55fc 45% 45 45 

164 Bto 22% Zlto + % 
687 Slto 32to 33% +1 
4te 23% gv. 21% + I* 
II 57 1796 17% 17% 

6 6783 37V. 37% 37to + to 
479 72to 72 72% 

297 8<V* 8596 HF*. + 96 
20 98 98 98 —1 

9 2175 39V] 39% 3916 
13 60% 60% 60% 

76 24% 24% 24% 

65 7% 71* 7%+ % 

502 27% 26% 26% — % 

29 13 12% 12% 

67 18V. TB 18% + % 
5 1654 199* 19% 1996— % 
84V* 83to 841*44% 
35 11% llto llto— to 

7 16% 16% 16% 

VS% 15% 1S% 

29% 29 29% + to 

161* 16% Mto— to 

301* 29% 30 — to 
19% 18% 18% — to 
16 15% 16 

2816 28 281* + to 

44% 63V* 43% + to 
12% «% 12% + to 


JO 

J» 


1J 11 
23 11 
3 


1X0 105 
]X2 5-0 
1X0 124 
2X0 12X 
237 IIJ 
2X7 1U 
133 10.1 


34% 2$ Cons Pd 1X4 
79% 30% OnFrts 1X0 


34% 3ito 24% — M 
38% 38 3te*_ to 

15% Mto 15% + to 

26% 26% 26% 

5296 £16 52% +1% 
33 3Zto 33 + to 
25% 2516 + to 

1 18 18 18 + to 

10X1041*104% 104% + % ' 

110x104 H5 ID6 +1 
307 39 38% 38% — to 

323 33V* 3316 33V* + V. 

405 12 llto 11%— to 

24 15% 15% 159* 

. 9171 16% 14% 15% — to 

7 2267 Bto 28% 20% + % 

2 28% 28% »*+ to 

1516 15% 75% — % 
Mto 15% 161% + l« 
21 20% 21 + W 

23% 23% 23% + 16 
23(6 23 23 

27 am 26%- to 

26% 26% 26%+ to 
299* 29% 799* 

13% 13% 13% + 16 
34to 3 Ito 34 + to 

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17% 17% 17% 

34% an* 24% 

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_ 30% 30 30%+to 

80701 38% 38% 389b— to 
9 42% 42V* 42%+ V* 


mui*ti 
HWl Law Slock 


Of*. YkL PE 


Sta. 

MOs High Low 


QOK 
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4216 

Mto 


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52 
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164* 

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26% 

17 


716 

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Slto 

4% 

244k 

48% 

33% 


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31 CnsNG 2J2 S3 t 
4% CoraPw 2 

1316 C/iPpfB 450' I8X 
2316 CnP pfD 7X5 19J 
2S% CnP pfE 7J2 19* 

25 OlPpfG 7J4 19X 
11% CnP prV 4X0 21.1 
916 CnPprU 3X0 20.9 

10V. CnPprT X78 70X 
1116 OlPprR 4X0 71.1 
10% CnP orP 198 2L3 
10% cnPprN 3*5 285 
7% CnPprM t5S 202 
7 CnPprL 2J3 79X 

11 CnPprS 4X2 21X 
7V. CnPprK 2X3 19 A 

23% ClMCp 2X0 7.1 5 
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9b Cortll ft 

12 CntlllPf 
to CtllHdn 

18 Control 1J2 7* 9 
24% CtOcfn *6 L9 11 
2246 Canwd 1X0 II 13 
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30 CaapIPf 2X0 85 
109* CeopLb X3e 3 3 
12% CoprTr xo 13 B 
11% Coopv+s XO 14 13 
11% Capwld 58 Al 12 
19(6 CpwldPf 2X8 IIJ 
18% Cardura *4 Al W 
10% Corel n 56 A7 11 


low 


27 
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24% 

2316 
29% 

SS 

74(6 59% ComG 
3116 224* CarBIk 
54% 39% CoxCrt 
M* 4% CroJo 
40% 27 Crane 
38% CrayRa 
Mto Crock N 


i 40% 40% 

I 49* 4to+ V* 
i 25 25 — V* 

i 38% 28% 

38 39 — % 

40 40 +1 

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1716 1716— (6 
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, 19V* 199* + % 
189* 18% + % 

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184* 19% + 9* 
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36(6 36% — to 
7 74*+ % 

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3716 37(6+ % 
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2216 224* + 4* 
31(6 344* + % 
31% 31% + % 
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29V. 29% + to 
33% 3416 + % 


12% 1394 — % 
17 17to + % 


39% 

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164* MM 
13% 14 +1V* 
20% 21 to + 96 

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1916 CrmpK 1J0 SX W 
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43 CrZtlpf AX3 9* 

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150r 68 

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19ft DE pfF 

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59 

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11 

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3X2 135 







24V. DEptL 

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23 





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ftfkl 


932 130 





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14 





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133 

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625 







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360 72 


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1185 





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802 

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36 





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2X8 BJ 

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57 Duke pf 

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28 Dukepf 

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USA 



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15% 

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907 



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109 

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2896 28% 2B%+ % 


Uto 251* 
33% 21% 
26% 20% 
22% 13 
796 3% 
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1% to 
13% 6% 
15% 6% 
19% 9% 
28% 19«6 
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78 60to 
56% 37% 
210 164% 

27V. 20V. 
ZH6 2016 
43 32% 

19% 13 
29% 18% 
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28 23% 

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89* 44* 

10(6 796 

24% 13 
19% llto 
20 54* 

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10 % 5 % 
25 1196 

31 to 24% 
1996 1496 
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to to 
39 22% 

30 1816 

2 Zto 17% 
58 51% 

3to 1% 
21% 9% 
20 164* 

719* 16 
35% 23U 
5% 3 
18% 11% 
38% 28% 
(4% 9% 
14% 8% 
15% 129* 


EGG XB 15 18 

eswi 50 ax ia 

EootoP 1X4 4X 9 
Eases X4 2X 
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EAIrpfB 
EAlrofC 

EastGF 1J0 4* 9 
Eaatun 1.94 11X 6 
EsKod 3J0OA5 14 
Eaton I JO ZJ | 
Earanauoxa cj 

Echllrr A U 12 
Eckert 1XO 35 12 
EdlsBr 1X0 A8 8 
EDO -24 15 I] 

Edward *0 34 16 
EPGdrt Z35 ISA 
EPG pf US 111 
EPBpr 

El Toro I) 12 

ElocA* 

EMM 13 

EMM pf 1X0 111 
EtatSPS .08 A 25 
flora *0 AX 12 
EbcJnt 30 

EmrsEI 2X0 3X 13 
EmFMi Ml 9 A 16 
EmnrA JB 3X io 
E rnftarr 1X8B SO 8 
EmpOs 1 J6 9X 7 
Ems> PI 50 11.1 
EnCkC 

EnsKp J2 2X 15 
EnlsBu J6 IX 12 
Erterai 1X0 73 18 
Eracftrt Aj3all5 
Emm 20 

CMara 

EnniCn ijs* 7.1 
Entexln ijo ax 7 
E Quito* 1J70 U is 
Emlmk 

Eqmkpf 2J1 155 
Eqinas 1J3 5.1 s 
EouHcn .12 12 7 
Ertmnt JOo IJ Is 
Essasn JJ9* x 10 


619 

628 


10 

77 

101 


32 314* 3196— to 

»» » »* + % 
234. 23% 23V* — Vi 
1016 17% 18 — t* 
416 4% 4to 

WJ «£- % 

io 1 * io% io% + to 
u% nv* n% 

O 12to 13 13 

2SS2 279* 27 27*. % 

» 17V* 16% 17 

71% 70% 7T9* +1 
349 SB% 52 5316 + 16 

1 310 710 210 

.S! “ 25% 2516— <|* 

1060 a% 28 V* 28 % + % 

IMS 33% 33% Sto- to 

45 77to 279* 77% + to 
74 11% ,1%_ * 

35 4% 4% 4% 

33 8% 8(6 Bto 

” B 21% 32 + % 

» »3% 13 1J% + to 

124 79* 7to 7to— to 

m 88% 67% 6816 + % 
260 1Q'6 9% ID 

471 169* Mto 16%— to 

348 38% 281* 38(6 
B 18% 18% 1896— to 
S7DI *V* 4% 4% + V. 
W1 _ V* to— 

304 28 27% 2796 + % 

149* 311* 29% 31 +14* 

.4873 32% 219b 22 — % 
2Q50to 54% 54% 54%— .16. 
341 a 2 2 

W 8 9% 10 +% 

» 17% 174* 174b 
146 B% 20% 20% + % 
38 3216 B 33 

93 4% 4% 4% + V* 

3 Uto 149* 144* 

460 3416 339* 3396— % 

133 10% 10 Bto + % 

M 11% 11% 11% 

320 15% 14% 159* + % 


17 Month 

Div. Yld. PE 

5b. 

100* HtohLn. 

5u5?arp* 

12 Month 
HW Lew Slock 

Ov. 

Sh. 

vie. PE iddkhwilm 

Oosf 

Oust Ctroe 






19ft 

19V* 

199* 

15ft 

99* Huff* 

x0 

11 

8 67 

Uft 

129b 

12% 







35% 

2SN. 

25ft + % 

21ft 

12% HuofiTi 













17 

31% 


3Sft 

ITto HucnSo 













3ft 

3ft 

3ft + V* 

33 

21% Human 

xa 

IX 














17% HuntMf 

.44 

IX 











|1 

109* 

10ft— ft 

JPft 

Sft HutlEF 

xo 

08 




39ft 

30 EeCeto 

1X0 

115 

10 

190 

36 

as 1 * 

3 Stt— * 

23to 

iri Hvdrol 

1.92 

BA 





45% 

36ft Eonm" 

3X0 

7 X 

7 

76sl 

44% 

449* 

44ft + ft 

II ! J 

J — 



— 





1 





7 402 

27% 

26ft 

27 




— 




■■ 


99a 




51 173 

9% 

9% 








wr 

7ft 


25% 

22% ICNP1 

070 

10X 

7 

25% 










\ 'll 




1.92 

IIJ 








VI 


4 


\ 7 Ji 




ixa 

BX 

10 17 

18ft 











44 + ft 



1x0 

15 










rt: 




46 ITTptH 

4X0 

7X 







28 

03 

15 

IS 

17% 

12% 

12Vs— % 

76 

40 ITT plK 

4X0 

7J 





16ft 





32 

in* 

lift 

11% 

n 

44% ITT pfO 

5X0 

1UJ 








45 

9 


1696 

16ft 



29 ITT pfN 

225 

SX 







3X0 

9.9 


17 

36% 

36% 

36% + to 

88 

42% ITT pfl 

4J0 

ax 

4 

SAto 





.16 

IJ 

9 

35 

IJft 

13% 

13ft 

25ft 


120 

7J 

22 300 

U% 







19 


23ft 


Ztft— ft 



328 

BX 





























191b 



17% IllPO+r 

0X4 

UX 

612197 



22% 







10% 




IT* UPowPt 

004 

109 




15% + % 





10 


(94 

5ft 


11% 

14% IIPOWPl 

010 

IIJ 

70a 

18 



rr% 

29ft FediCO 

1X4 

4J 

7 

7 


339* 

34 

17ft 

15 llPowpf 

021 

1ZX 

20Qi 17% 







21 


33ft 


32ft— ft 

34% 

rsi 

4.13 

103 

ll*0z 33% 



37% 

299* Fa MOV 

150 

45 

10 

271 

32 


32 + % 

31 


178 

108 

1060z 30 

29% 

29% + % 

05 

Mft Fedtita 

.16 

IX 


SMI 

15ft 


1S94+ ft 

50 


5J5 11 J 

220 





-70 

35 

7 

148 

21 to 


19ft— 1ft 

50% 

tLtoUii'133 

5J3 

101 







170 




48% 


48%— 3 

34 

2 T* llPowrt 

4X7 

13J 

50z 










71% 



29ft 

21 to ITWi 

X4 

72 

15 46 

389b 







17 


isto 



37% 

27ft ImpCnm 2XO 

52 

13 >»42 




55*. 


040 

A7 

8 

560 

51% 


SOft— % 

7% 

59* 1mm Co 



13? 

8% 

5% 

8%+ 9* 





f 


7(ft 


25% — to 

I5to 

89* INCO 

20 

IX 

4475 

12% 





0DQ 

65 

ia 

74 

31 


3Bft+ to 

«% 

49 inaiMrt 

7JA 105 

3000 579* 57% 

57% +1% 

24ft 

4 FlnCAA 

JO 

25 


3606 

8% 

79* 

8 

17% 

14 IndlMat 015 T08 

5 

1696 

16ft 

16ft + % 



6.74*205 


181 


37% 

32ft + ft 

17ft 

14% indiMPf 

225 109 

40 

17% 

1714 

17% 







4ft 

4 

4 

25% 

left InaiGsi 

1X8 

&T 

A 4 

23to 



22ft 

1596 Firestn 

XO 

44 

9 

606 

1 

17 

1716 + to 

15 

5% In ex cp 

.14 

05 

15 130 

59a 

5% 

$%— % 





7 


r ‘ y | 











79ft 

2116 FBkSYS 

1X1 

54 

7 

148 

r ». 1 

25% 

2S%— to 

SSft 

35% Inserf? 

2x0 

53 

297 

46 

45% 

45ft + ft 


Mft FBoal 

XOa U 

IQ 

643 


539* 

54ft + ft 

U 

27ft InsRof 

035 

73 

M 

32to 

31% 

32to+ ft 

27 

16ft FstCXte 

IS 

63 

15 

2791 

21to 

3096 

21 — % 

15% 

10ft insrTee 

Si 

40 

1? 1 

13% 

13% 

13ft+ % 

»(6 

13U FIB Tex 

IJO 

8 3 

13 

107 

15% 

1496 

14% 

Sft 

19ft Inld5(l 

SO 

03 

1127 

779* 

71ft 

22%+ to 

56 

48 FtBTxpf 5X7e1AI 


100 

41ft 

41ft 

41%— % 

43% 

38% lniastpt 4J5 11.1 

167 

Oft 

42% 

<296+ % 


119* FtCttv 




495 

19% 

10ft 

19to + ft 

2Tft 

14 IroJico 

1X0 

SX 


18% 



18ft 

1096 FFedAi 




MTS 

15% 


15% + ft 

17to 

4% imp (ft 



4QS 

4to 



45to 

30to Flnftte 

034 

55 


ra 

43 

47ft 

42ft + % 

39% 

lift intpRac 



6 104 

Uft 

14% 



21 Flnftl of 0J7 

88 


10 

06ft 

04% 

059*+ to 

Sft 

19 intaRrt 

3X3 

3.9 

44 

72 

71% 

219*+ % 



24 

06 

9 

1157 

Vft 

9% 

9ft— % 




2 

4496 

449b 

44%— to 

4Aft 

Jlto FN5IB 

2X8 

62 

6 

<3 

nil 

46 

46ft + ft 

42% 

25(4 intgRpf 

A25 

IA5 

28 

79% 

79(6 

29to— to 


901* FNSIB pelJftelLJ 


565 

G3 

99% 

999b— lto 

Wto 




53 


B% 

8V* + % 

7% 

4% FslPo 


100 

693 

6to 

SV6 

A 

18% 

15ft 11 case 

010a! IX 

3A 

18% 

17ft 

18% + % 

Ml* 

20'6 FstPdBf 0X3 10.1 


3M 

06 

35% 

06 + to 



3X8 


11 743 


Uto 

61 + % 

289. 

2D FlUnRl 

1J4 

7X 

13 

441 

teft 

Mft 

36ft— H 

K5ft ISO Inter at 

7JS 

19 

6 

31 1309*131 +1% 

20 

1496 FtVoBk 

Af 

A3 

8 

63 

19ft 


17ft 

(Sft 


xa 

56 

A 433 

UP* 

10% 

1096+ % 

259* 

16 FlWtaC 

120 

4J 

7 

49 


25 

25 — ft 

51% 

41 infrtk 

2x0 

U 

A 28 

45 

44% 

45 + ft 


X5e 5 


.1*0 5 » 
2.16 &8 9 
XB 19 11 


36 101* 10% 10% + to 
8 122 29% 28% 28%— % 

J6 IX 10 1291 25% 25% 2596 + 4* 

il 17 11 »3 3296 32to 32% + 4b 
50 23 12 69* 299* 29’6 294b + 16 
1X1 13.1 11* 12% 12*. 12(6+ (6 

JO X 19 171 33% Bto 3216— 16 
II 464 20% 1946 199* 

35% 35 3516 + 16 

2496 2416 24% + % 
14% 13% U + to 
4(6 4% 4W + V* 

17(6 17 |7I* 

14% 1496 14*.— V* 

49 48% 48H— to 

44% 4396 4416 + % 

11% 1191 1196 
a 61% 614b— % 
1216 12 12(6 + V* 

9% 9 9% + to 

299* 29% 29% + to 
8% Sto Bto + to 
17 16% 1696 + % 

30% 30V6 30% + to 

n%23to2Ito+«6 

3996 29 Fruttfpf 2X0 7J 40* 279b 26% 77% + to 
319* 20 FlWuo XO 1J 9 274 31% 31 319* + % 

499* 15 Fuaapf IJS 25 5 SO 49 50 +1% 


12% Bto FbhFd 
29% 20*. FHFnG* 

30% 14% FleetEn 
35% 22to F Verona 
30% 239* FlexlV 
124b 10(6 Find pl 
35 19% Fllotsr 

3696 12% F tool PI 
36% 2996 FloEC 
24% 1896 FloPrg 
24% 11% FVaSIl 
TDV* 3 to FlwGon 
17% 11% Ftowrs 
33% 14% Fluor 
54% 43% FootaC 
51% 33 FordM 
12 10(6 FI Dear 

63% 4516 FIHoWd 1X4 2J 15 
M% 10 FrttWtl X4 IX 12 


1296 6% FaxSiP 
40% 27 Fmdaro 
11% 5% FMOG 
25% 13% FrptMC 
34% 2D% Frtetrn 
33% 19 FnMtvfS 


45 
325 
ISO 

65 

X0 23 17 135 

XO 2J 475 414 
220 45 9 7 

1X00 3X 3 7487 
1J6 115 29 

183 
261 


XB 75 M 15 
1X4 35 60 188 

1 51*21 X 133 
X0 36 13 1578 
XO 20 17 68 

60 2J 5 374 


Bto IS GAF 
32 20 GAFpf 

34% 25V* GAT X 
41 to 19% GCA 
65% 48% GEICO 

iSS kgp°cp 

«to 34% GTE 
25 21% GTE pf 

2296 19% GTE pf 
10 4% GalHod 

5096 33% GonaTt 
23 17% Gaps Jr 

30% 10% Gcoftd 
23to 13% GetaD 
65(6 53% GamCd 
40 30(6 GtiCort 

22% 15% GAInv 
4596 2996 GflBcsft 
28 1696 GCfnra s 

27 1696 GCnpfS 

21 12% GnDat 6 

70 42 


.Uta x 

130 IX 
1J0 3J 

13 

JB 15 10 


2X8 75 
2X0 8.1 
2X8 11.1 


1X8 

50 

5 


59% 45% 

31% 23(6 GGth 
31(6 26% GGftipf 
22 1216 Grttact 

19% Bto GftMows 


344b 15% Gainst 
60 419b GflMllts 


16 
206 
559 
26 
51 
■ 

b ms 
1 

39 
104 

3.1 18 1083 

23 12 62 

JJ 13 
27 12 

126 

150b A2 IS 
3XSe18J 
1X0 23 8 
IX ■ 

1.9 

18 1034 
15 9 3811 
18 12 7946 
48 9 1148 
2X113 363 
63 14 

2.1 2 446 

25 11 15 

IX 16 1192 


119 

59 

I 

640 

143 


X0 

-46 


12 


17 

34 

IM6 

659 

163 

817 


SZVf. 61 GMd 
43% 33 GMEn 
39 Bto GMotpf 275 105 
52(6 44% GMof pf SXQ 95 
12% 3to GNC .16 3X 13 

11% 7(6 GPU 6 

6716 46% GenRr 1X4 23 H 

9 5 Gnftafr $ 

Slto 3JJb GnSIgnl IJO 19 t« 

11% PtoGTFIPf US IU 300 

12 10 GTFlpf IJO 106 500 

8% 5% Gen see 9 225 

39 m GnRod .10 X 17 344 

2SVb 15 Ganteo 1X0 315 

22 16% Gal pf 1X8 85 3 

3Jto 24 GenPts 1X2 3J lj 1017 
2596 18 GoPoc XO 13 II 2196 

36to 33 GaPc Pf 224 6.1 16 

27to 22% GaPwpf 3X4 110 44 

30% 25% GaPwpf 3J6 121 12 

72 17to GaPwpf 256 123 4 

71 17 GaPwpf 252 121 5 

24% 2116 GaPwpf 275 123 3? 

62% « GaPwpf 7X0 135 ~ 

6196 51% GaPwpf 7J2 13.1 
32 20% GertP* 1.16 43 10 

21 12 GertrS • .12 X 12 

10% 7% GlarriP 

llto 596 GlbrFn 

26(6 I6to GlflHHI 
53% 42% Gillette 
1796 11% G loose 
9% 4% GlotaM _ ... 

26 1796 GIOMIpfSJD 16.9 

15% 8% GWNug 

AV* lto GUN wt 

25% 11 GkJWF JO J 

36% 24% Gdrich 156 5-V 

3t% 23 Gaodvr 1X0 Al 

20% 13% GordnJ 52 3J 

36% 19 GouU 58 3J 12 1093 

46% 36% Grace 2X0 7X 10 922 


65 47 GfOtagr 1J4 23 12 1(XE 

13% SV* GIAFst X0 25 § 1442 
18 11% GtAtPc 9 995 

39% 27% GtLfcln .900 2X 9 283 

21% 15% GNlrn IXSellX 6 2 

43 Vi 31 GtNNk 157 A6 7 1221 

67% 51% GtNNkpfAJS 85 22 


25 24% 25 + to 

31% 30% 31% + 96 
3216 3196 32V* + % 
24% 21% 2396— to 
58% 57% 58% + (6 

5 496 496 

6to 6 6 

41V* 40% 41 + % 

2496 249* 249*— (6 
22% 22 22to + (i 

6 5% 6 + (6 
48% 47% 48 — 9b 
21% 21 21% + % 
lOto 109* lOto 
15% 1496 15 -9b 
64% 64% 64%— % 
35% 34% 25% + % 
Mto 16% 164* — - 16 

247 43% 41% 43(6 +1 
389 25% 34(6 14%— % 
24% 24% 244* — (6 
14% 14 144*—% 

69% 68% 6896+ (6 
SI 56% 57% + 96 
55(6 54% 54to + (6 
30% 30% 30% 

30% X 30%+ % 
1896 18 1B% + % 

9% 9(6 9%+ V* 
16% I Sto 16% + % 
234 45 12 1352 49% 48% 49(6 + % 
4J5T 6.1 5 6167 77% 76% 77(6 + % 
1099 45% 43 45to Pl 
3 36*. 36 36to— (6 

5096 49% 50% +1to 
5% 5(6 516 

11% 11% 11(6 
62 61(6 61% + % 
8% 79* 8% + % 
46% 45% 45%— % 
11 II II — % 
Uto 12to 17(6 + to 
6to 6% 6 to— % 
15% 154* I5%— % 
20 19% 20 

19% T9to Itto + % 
3214 3196 B + M 
34% 24(6 M%— to 
34% 34% 36% — to 
2716 269* 36% — (6 
28% 28% 28% + (6 
20% 20% 20% + % 
289* 20% 2096+ % 
23 22% 22*+ % 

T06»l 58% 57% 57%— 1% 
70*; 59 59 S9 + % 

172 24to 24% 34% 

153 146* MV* 14% 

8 8% FT+ ft% 

1637 10% 9% 10*. + % 

54 23% 23% Bto— % 

681 54% 53% 54% + % 

13 (24* 12% 12% 

242k 4% 44* 496 
30 20% 20% 209i— % 

7651 10V* 10 l(Fb+ 4* 

919 2% 2(6 2% + <6 

6 17E5 24 Zlto 23% + 6* 

6 161 26% 25% 26to 

7 2S22 26% *to 2»to— % 

7 48 16% MV* 169b + (4 

21% 28% 21 

39% + to 


S3 

2X0 


5 

23 14 
A8 11 


■24 11 


11 


1X0 

.16 

J2 


269* 16% GtWFIn 
199* 9% GWHbj 
15% 1116 GMP 
256* 104* GreYft 
5 2% Cruller 

20 12% GrowG 

94* 69* GrobE I 
299* 21% Grumn 
5% 416 Gnirtal 
23% 14% Guardi 

32 20 GuIHrt 

35 25% GtfWsf .90 33 

£2 56 GHWOf 5JS 9X 

Mto 11% GtrilRa 3,2 

13% 10 GIISTUf 1X4 IU 
58% 39 CmUpf SX9el2X 
30% M GlfSU nr 3X5 116 
339* 27 GttSU pr 4X0 11X 
764* 55% GH5U Pf 8X8 IU 
20(6 12% GAarn SSm AO 
MV* M Gallon 


IS 10 3009 
» 308 
1J2 IIS 9 5 

IJO A7 12 561 
5 276 
Xfl 12 15 49 


55% $4% S5%+ % 

14 13% M + V. 

156* llto 156*— 16 
37% 37 37 —1 

16% 1616 16(6 

33 32(6 329*— I % 

56% 56 56 — % 

25 MV* 24% +1 
14% 14 14—1* 

15 14% 15 + M 

254* 2516 759* + V» 

39* 3(6 39* + to 
189* 1BV* 18% — % 


X0 


IX 10 1060 S6* 7% 09b + % 

3J 7 85 36% 21 269b— 9* 

23 25 137 54* 59* 5%+% 

IX 13 SO 23(6 23to 23V6 
3.1 7 95 22 V. 72 2216 + to 

~ 8 KXW 209* 279* 28% 

17 58% 57% 58% +1% 

5 324 13% 11% ll%— 4* 

6 KJ37 13% 12% 13% + % 

100 45 45 45 

26 28 to Tt 2Sto + % 

25 Bto 32 37to + 9* 

HU 71% 71% 71%+)% 
S Ml 13% 13% 1396— % 

2 6 149* 1446 14% 


H 


1X0 A3 
1X0 66 


42 

110B 


9 2955 


IJ. . 

-92 

•66 

XO 

1X0 

32 


9 A 

U IS 
AX 16 
12 12 
U 12 
IJ 17 
I 

U 18 
33 13 


63 

19 

961 

256 

316 


1J8 5X 12 
1.12 3X 9 
1X0 11X 10 
9 


w 


7 416 HRTn 

26 19to HollFB 

44 26(6 Hatbtn 

1% 96 Kaltwd __ 

1% 5% Hah*d pf X6 7X 

5596 30% HarorP 2X4 4X 
13% 11% HanJS IXTalOX 
1*9* 15% HanJi 
42% 21% Hftdlra* 

20 15% HOAdH 

24(6 I6to Hanna 

45 23% HorBrJ 

49 32% Hartnd 

17V* 79b Harntah 

39% 14% HrpRw 
42% 22% Harris 
15 104* HorGrn 

25 19 Horace 

32% 23% Horfm* 

16(6 13% HattSe 
21% 154* HawEJS 1X4 73 
1196 B HavoaA .10e .9 
34% 1596 Hadetn 
13% 5> HtBLBta 
1596 9% Hecks 
23% Uto HectaM 
30% 144* Htalmn 
3196 154* HefllO 
45 32 Hefnz 

30 1296 HalneC 

25% M HtamP 

54* 34* HemCo 
134* 11% Heroine 
30 2716 Her cuts 

19 139* HerltC 

4116 28(6 Harativ 
24% Sto Hessian 
25 9 Heafnpf 

45% 31% HewlP* 

20 17% Hearcel 

17% 12 Mishear 
12% 8% HtVoll 

349* 17% Hllnbrs 
584* 45% HI Hon 
44% 31 Hfiaenl 
5196 35(6 HondBV 
75 4516 MoflvS 

27% 12 HomeO 

204* 114* HmFSD . . 

9% 8 HmaGPf 1.10 12X 29 

369* 20% Hromlta JO .9 27 1238- 
896 HmstF n X0 IS 


36 IX 44 6V 
B S3 IS 13 
X 250 Of 
JOe IX 30 946 
X8b 2J 9 282 
J6 IJ II 360 
1X0 16 n 1242 
5 73 

J 17 23 45 

IS 

.90* 7X 39 
IX 45 9 2951 
XSe J 31 83 

1X0 lx 12 250 

14 
5 

22 X 13 5601 
X0 2X >4 2 

JO 10 23 96 

.15 IX 9 85 

JI U If IN 
1X0 3.1 15 338 
J8e X 12 1597 

jo io i3 eoc 

MW IX 12 36 

31 190 

7 423 


59* 5% 59b 
Bto 239* 23% 

279* 26% 2716 + 96 
lto 1% lto + % 
Bto I 8 
469* 44 461* + to 

124* 13% 134* + % 
194* 19(6 19% + Ml 
4196 40to 41%— to 
169* 169b 169* 

1816 Ml* 1816 + % 
44 424* 43 + 4* 

47% <7% 479*— % 
99* 94* 99. + to 

31% 3096 31%+ % 
4W 27% Z74* 27to 

10 nun 12 + % 

234* 23% 234* + 9* 
149 299* 29% 29% + to 
15% 15% (5% 

21 to 20 % 21(6 + to 
11% II 11% 

36 36 36 — to 

lOto 10 H5 
II H% 11 +9* 

Mto 13% M + % 
M% 16 MH + 96 
10% 18% 18% + (6 
449* 439* 444* +116 
M IS*. 16 + to 

I486 19% 194* + (* 
446 4*. 446 
11% 114* ll%— to 
334* 31% 3296+ % 
18% 18% 1B%— 4* 
384* 38(6 184* + (6 
69* 6to 6(6 
lOto TOto 10% 

35% 34% 34% + 9* 
25% 25% 754*— to 
16% 16% 16% 

104* TCP* 104* 

20% 19% 20% + 4* 


60to 41% Honda 


1.90 3X 
MU «X 
1.12 A5 


18 


9 2460 
9 IB 
8 69 

59 

JO IJ U 1873 
2X0 9J 13 S> 
36 2.9 13 iee 
XO U 11 

US U I 


20% 19% Haovru 

26% 18 HrznBn 

10 lib Horten 
484* 3541 HospCp 

29 21% HOMtn 

Sto 204* HOiMtiM 
19 13% Heu Fab 

344* 24 HOUSlol . 

79 54% Hofntpf 137 12 

50% 36 Holnlpf 2X8 5.1 

77% 61 Holrtof 635 90 

22% 174* Hwlnd 148 IIJ 6 

63V* 394* HOUNG 100 41 10 

30 94* HouOR UScQOJ 

23 to It HowICp xO 26 20 

36 30% HiteOra 330 8X II 


46% 46 46% — to 

71% 7046 71%— 4* 
17(6 17% 17% 

194b 19 I9to + (6 
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714* 21% 219* + % 

Uto 1216 Ul* + % 

51% SO 51% +146 
56% 559b 55% + % 
21 % 2JV. 23% 

S 24 25 + % 

49b 4% 44* 

3936 3916 39% + I* 

28. 779b 27% 

B% 3246 339b + 4* 

18% llto 1016 

33% 32% 3294- % 
73% 73% 73% 

4896 484b 48%—l% 
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2T6 21ft »%— 4b 
. 414* 419* 41% + to 

SAP 11 IK 10% 

3* l$to MV* (Sto + M 

79 26% 7*% 24% + % 


i£ 

3 

4 
4 

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128% 99 IBM 6X0 17 1213092 T2046119%120 + 16 


79 to 

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1.12 

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14 

324 

27% 

06% 

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13% 

5% 

IntHarv 




1997 

8% 

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inlHrvrt 




183 

5% 

5% 

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44% 

23% 





3 

40% 

40 

40%+ % 

50% 

20% IntH PfA 




8 

33% 

37(6 

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78 

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13 

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26% 

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49 

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599* 

46 

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44 

11 

3759 

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17% 

9 





29f 

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375 

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36 

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189b Mto lowaEI 1X0 10X ■ 
274* 21% lowllG 2X0 9J 7 
19% 17 tawIMpf 131 IU 
309* 35 lawaRS 3X8 105 7 
33% 26 I PD ICO 292 9X 8 
144* 94* (peace M ID 10 
3416 21% irvBks 1X4 5X 4 
$4 4246 IrvBkpf 5.19*11 S 


100 

51 


18(6 174* 1816 + 9b 
2716 27% 27*4 — V* 
1900i 18% 18% 18% — to 
57 29U 29 29(6 + to 

117 32% 321* 32% + % 
94 119* 11 11%+ 9* 

4 S> 32% 37% 32% + 46 
80 45% 4516 45(6 + % 


274* 20 JWTs 
35% 23% J River 
19 12% J arrowy 

15 10% JapnF 

4] to 2796 JcffPIS 
64 54 to JerCpt 

55 47 JerCpt 

16% 124* JerCpt 
74* 5% Jewlcr 
42 28 JaftnJn 

49% 37% JoftnCn 
309* 21% Jaroen 
22% 15% Jotaem i 
32% 714* Jay Mto 


1.13 A 5 H 31 25(6 2446 2496— 46 

41 IJ t 337k 30 29% 2946 

.10 X t 188 174* 17(6 17% + 4* 

1.15* 9-5 4B5 12% lift 12% + V» 

1J2 3X 18 I046 3816 3746 3B — 4b 

9J6 14X 508 64 64 6* 

B-00 IAS 2750* 54 53% S3* 

2.18 I IX 15 169b 14 149b 

19 99 7% 7% 7% + to 

1J0 3J 1$ 2571 3646 34% 36% + 4b 

1 -86a 43 9 92 <34* <3 43%— % 

1-D0 <2 14 4 24 34 24 + (6 

X0 18 13 340 21% 21 Zlto + % 

1X0 SX 13 2173 2446 24% 2416— Mi 


10% 


64* KDI 
«% KLMs 
39% 33 KMIpt 


JO 


37% 2646 Kmart 


23 10 61 

12 1990 

4X0 125 5 

1J4 IS 8 2512 

13 30 
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1-37 SJ 23 
XO A2 3484 
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1X4 


36% 24 KNEng 
22% 12% KntsrAl 
25to 14% KolsC* 

22% Uto KrtCof 
16% 8% Koneb ... _ 

30% Mto KCtYPL 236 11.9 
33% 39 KCPLpf A35 MX 
36 29(6 KCPLpf 4X0 ITS 

18 Mto KCPLpf 220 IZ6 
19to 15% KCPLpf 233 I2X 
59(6 36% KCSou 1X0 2.1 13 

15 10>to KCSonf 1X0 7X 

18% 12% KanGE ZJ6 114 6 
35to 27% KonPLl 3J6 &2 7 
33to 18 KaPLpf 3.32 11X 
20% 1716 KaPLpf 233 I IX 
31% 174* Katvln 
86 49 Kalypt 

17% 10% KaufBr 
169* 17% Kaufpf 
8394 68 Kaufpf 
4296 27 KeltoDB 
319* 21% Kellwd 

4% 1 Kenal 
3516 19% Kenim 
25 209* KYUHl 

18% 11 KerrGI 
26% 18% KerGpt 
349* 26(6 Kerr Me 
23% 1A% KeyBk 
49* 2% KerCnn 
23% M Kevslnt X8b 10 17 
35 to 26to Kldde (-20 4_\ 19 
489* 39% KJmtoCs 2J0 A7 9 
31 21to KnohlRd 36 2 X M 
369* 1796 Kop*r 2J0 9.1 74 
34 MV. Kolmar J2 IX 12 
23% 17% (Copers XO AX 17 
•03% 96to KopprpfHUB 100 

16 IW Karuon 

39% 29% Krosar Z0U SJ 12 
31 25to Kuboru X2e 2.T 26 

>8% 10% Kunims X0 u 11 
67% 44% Kvocer 9 .141 J 28 
19% 13 KYser X0 IS 6 


2X 

27 8 
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1.74 AX 12 
1X0 1* 6 


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1.10 AB 7 


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13% 139* 13% + to 
34 34 34 

31% 344b 35% + % 
29% 29 29% 

1496 14% 14% — to 
17% 17 17% + (6 

16% 16% 14% + % 
10 9% 9% 

_ 20 !W* 19% — to 

100* 37% 32% 37% + % 
20CZ 35 34% 35 +2 

39 17% 17(6 17% + (6 
14 1546 18(6 18% + to 
350 49% 48% 48% — % 
1407 13% 13% 13% + to 
588 1796 17% 17% 

“ 339* 33% 33% 

20% 20% 20%+ % 
19% 19% 19% 

24to 224* 24 +1(6 

41% 41% 41% +1% 
M% 14% 1446 + % 
14% 14% 149* 

73% 73% 73%+ % 
40% 3916 40 + % 
279* 27% 2796+ % 
1% lto lto 
21% 21 21% + % 
7446 74% 34Vi 
13 121* 13 + (6 

20 20 20 + to 

26ft 26(6 26% — % 
2316 2296 21 — % 
M3 3% 

Mto I6(* Ml* + to 
29 »% 29 + % 

47% 47 <7 — % 

307 28% 25% 2896 + to 
46 259* 25(6 2516 — to 
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523 18 17% IB 

2 101 100(6 108(4 

09 Mto 1* Mto— to 
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4 2514 25Vi 2514—11* 
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137 54% 53% 549* + 46 
24 I7to 16% 17to + (6 


•1 

1 

368 

2 
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27 27% LN Ho 

159* 7% LFE 
10 Ato LFE Pf X0 5.9 
17% 12to LLERv 222*148 
lift 8 LLCpI 
19% 8% LTV 
30% M LTV* 

60% 45'2 LTV pf 
31% 1816 LTV pf 
W 50% LTV pf 
179* 13 LTV pf 
18ft 10% LQirlnl 
26% ISto LacGis 
12% 8% Lafarge 
31ft 2396 LafTOPf 2X4 
lBft 179* Lamaur J4 
3% 196 Lomsas 


4 

51 

A 

1671 

3 

2831 


106 IA2 
535 9.1 
125 BX 


1J0 

JO 


109 

2 

13 3130 
8 211 
149 
22 
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Al 


14% 10% Lawtlns Si 49 11 1377 
261* 13% LearPf Ji S 13 978 
294* 20% Lera'Pot 2X7 1M 210 
49% 37% LeorSg 1X0 Af 9 49 
19% 14 LeaRnis J6 ZX 12 IA 

39% 24% LswyTr 1J0 SJ3 io 


30% 

20% Lee Enl 

XO 

06 

16 

52 

131* 

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20 

U 

17 

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21% 

15% LeaPlat 

X4 

13 

9 

91 

5 

7% LehVat 




159 

19% 

IF* Laftmn 

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126 

19% 

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20 

IJ 

16 

55 

33ft 

16 UucNI 



6 

TO 


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1.9 

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23*0103 


2X0 II . 
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1X0 IX B 
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37% 23 LeviSI 
47% 25% Levi ft 
$0 389* LOF 

79 a LOF pf 

26% 21 LVBTyCp 

474* 53 Ullv 3J0 Af 18 A43 

T5V6 Urnllod 3 * J 10 1574 
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141% 1 M% UncNpf 
21 18% LlnePI 

80 56V* Litton 
4896 30% Lockhd 
4Zto 30% Loti tie 
W6% 70% Loews* 

329* 19 LamFIn 
33% 249* LUroMt 
29 to 17% Ln5tar _ 

53 44 LaneS rt SJ7 11.1 

1% 39* LVLCo 
33 16 LILpfB 

53% 21% LILpCJ 
S 8% LIL MX 
9 LILpfW 
9% LILpfV 
1116 LILpfU 
8% LILpfT 
2716 LILptS 

6 LILpfP 

7 LILpIO 
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2996 18% Loral 
IS II LaGeni 

M 2K LoLand ... 

IP! 17 LoPoc . XBb U 28 UN 
31% 38% La PL Pf AJ0 1SX 38 


17% 

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48% 


1JB 


36% 34% 06% + to 
13% 13 13 — % 

8% 8% 8% 

IS 13% 15 +1 

10 10 w 

11% 10% IV + to 
1496 1446 14% + ft 
49 49 49 + % 

22% 21% 71% — % 
SB 58 58 +1 

1596 Uto 15% 

1096 10% K%— ft 
15% 25% 3SVj + Vi 
8% 8% B%— % 
25% 25(6 Uto + % 
14% 14% M% 

2 % 2 % 2 %+ % 
11% 1116 Tl%— 6, 
22 2!to 21% 

25% 25 25%+ % 

44to 434V 44 + % 

>516 1516 15(6 
29ft 294b 29ft 
30% 29% 30(6 + % 
1016 KJV* lOto— ft 
19 lift 19 

3 2% 3 

15% 15to 15% 

13 12% 12 + (6 

JIto 31 31 — to 

06V* 2516 26 +46 

37% 37% 37%+ Vb 
43% 43 43(6— % 

49% 49 49 — % 

04to 34to 34to + (6 

65% 45 659* + H 

779* 77(6 274* + (6 
27% 37% 3796 
2 151 151 151 —216 

11 20ft 20ft 20ft + 16 
370 45% 65 45 — 16 

275V 42 41 41% — to 

33 33% 33 33%+ 16 

513 W3 10196 102% +2% 
342 31 2F46 31 +lto 

44 33% 339* 339* + to 
144 24 Zlto 239*— % 
58 49% 48% 40%— % 

3 42S3 Bto 7ft «% + to 
2607 26% 24 24to+ % 

lOQz «% 40% 40% — I 
49 1846 18 18% + % 

1846 189* 184* + 46 
1896 18% 189* + |6 
22% 32 224*+ % 

18% 17% MW. + % 
51% 51 51% +1 

M 134* M + % 
14% 159* 15% 

4416 43% 43%— % 
25 24% 34% 

llto II 111* + I* 
29% 39% 29% 

23% 23% 2316— 1+ 
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■ Free booklet 

EuropeanGuide 
to Gold 

andKtojgertanck 


This iwwty published bn vhurv reviews 
I the investment ikanUntsid’Hiilil jjvJ pnv 
" udes tniiJ^eini h»ni and white mhuy 


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11 12 
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2X8 11.1 
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33% 22% Masco 
12% 716 MassMT 

18% 15% MOSM 
4% 2(6 MaseyF 
25% 204* MasCp 
11% 9% Maslnc 
80% 9196 MatauE 
134b 4(6 Mallei 
18% 4 Motel wt 
3096 16(6 Mattlpf 
15% 9% Maxom 7 

43% 30(6 MavDs 1-72 Al V 

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23 to 20% McDrpf 2X0 12X 

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1-24 19 U 


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11(6 4% McDtd 
55ft 4846 McDnls 
73% <7% McDnD 
414b 314b McGEd 
484* 34 McGTH 
3346 1946 MclfltO 
44(6 32% Me Kan 
69 S4 MeKPf 
15% 10 McLean 
6% 3% Mct-eawt 
25% 19% McNeil -90 U S 
4116 77to Mead 12D U 1 
22 1246 Mesnm J4 IJ 13 

43% 04% Medtm J4 IX 7 
51 33% Mellon 2X0 SJ 7 

2*% 22% Medan pf zxo IU 
45% 3096 Mrtvlll 1J2 X6 11 
59 4014 Merest 1J0 22 9 

97% 78(6 Merck 120 U M 1141 
Merdtti X0 IX 13 146 
Meri-vn XO 10112 7297 


131 

474 

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210 

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91 

534 

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70 70 70 

996 916 9% + to 

27% 264* 2696— to 
1146 llto 1146 + % 
18% 18(6 1846— 16 
24* 0% 2%— % 
26 2596 36 + ft 

Uto 11 Uto+ to 
63to 621* 43 +146 

10% 10% 104* 

7% 74b 7%+ to 
264b 06% 24%+ I* 
I Sto 10% 13% + % 
42 404* 42 +1(6 

44% 4396 Mto 4 % 
259* 25% 2546 + % 
28ft 20% 20ft— % 
24% 0<% 24% + 16 
4% 4% 4% 

71A 716 7(6 + to 

54% 5296 54% +1)6 
67% 66% Mft— % 
37% 3446 37% + to 
42% 41% 42(6 + % 
27(6 27 27% — % 

39 28% 3896+ to 

4146 41 61% — to 

1096 IQtt 10%— to 
4to 3ft 4 —to 

Mto 33(4 33ft— ft 
18(6 17% 17ft- ft 




05% U -to 


4 i: 


483 


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22 13ft MnsoPt 
35ft 24% MesaR lJ4e 5.9 
9 5% Meant! XleTSJ 

■ 21% MtEpfC 3.90 1*2 

53 44% MtEnfG 7X8 15.1 

4 2% MenFd -I3e *7 _. 

14% 12 MdlER IX U 1 8 

42% 32% Wtan 336 SX 8 106 

1496 9to MkSUt 1 JB 111 5 2100 

25% 17 MMRrt 1X0 SX T9 34 

2716 22 MWE 2X8 9J 10 35 

lBto 11(6 MIllnR X0 11 13 30 

BS% 6916 M MM 3X0 42 13 1407 

30(6 23% MfnPL 2X6 BJ a 197 

2696 7to MtenltU 95 

19ft U MoPSv IJObU 6 140 

2016 1746 MoPSpf 2X4 IIJ 8 

22% 18% MoPSpr 2X1 12J 3 

I4to 4 Mitel 311 

3Z% 23ft Mobil 230 BJ 8 3946 

Sto % YlMoblH M2 

9% 5ft ModCpI 41 




®* 24to 

3 2% 2ft 

17 14% 17 + (6 

37 25% 29% 2946+ ft 
75 Aft Aft Aft— ft 
!» 27% 27% 27%+ ft 
3301 509* JJW 5096- ft 
247 2ft 296 296 
15% 15ft 1596 
41 40% 41 + (4 

1396 U% 13% + to 
Uto It 10% + to 
2716 26ft 27% 

12ft 13% 12ft + to 
79 78% 70ft+ % 

3096 30(6 30% + ft 
9 9 9 +to 

20 19% 19ft + ft 

20% 30% 2096 + % 
20% 20% 20% — ft 

4 5% 5%— (6 
24% 06)6 01% + ft 

96 % ft— ft 


24 

16% MoflOSC 

XO 

IX 

9 

49 

23ft 

72ft 


1696 

B% Malik Dt 




2WI 

1? 

10ft 

1196 +1ft 

Mto 

1 49b Monrcti 

JO 

AB 25 

38 

1696 

16% 

1696+ ft 


4Mb Monsns 

130 

SX 

8 

1823 

47ft 

47to 

423b + to 

3016 

26 MntDU 

05A 

BX 

B 

84 

29ft 

79ft 

29ft + ft 

304% 

16ft MonPw 

000 

VJ» 


761 





Uft NlonSt 

1X0DV0X 


132 

17% 

Mft 


87b 


XO 

vx 


87 


lift 


45ft 

3496 MooreC 

2X0 







25% 

left MOTBM 

1X4 

43 

11 

A3 

27% 



8096 

56% Morgan 

4A0 

M 

1 

PfO 

78ft 

77% 

7Bft+lto 


2Bto Moron wl 



6 

jrvi 

39to 



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1X0 

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B 

200 

33ft 

33ft 



18% Mottos 

xo 

A3 


27 




10 MigRty 

lX4e 9.1 

11 

186 

18 

17% 




M 







46ft 

29to Motrlos 

M 

1.9 

10 A»6 

Mto 




15% Munfrd 

S402A 

II 

92 

2096 



23% 

14 Munsna 



IS 

11 

17ft 

17ft 



26 MurpflC 

1X0 

33 

9 

35 

38ft 

379* 

38ft + ft 

36% ZJV3 MUTpQ 

1X0 

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V 

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18% MurryO 

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AJ 


11 





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2X0 47 7 
11 

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1-32 11 


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59 


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42 

2.9 12 139 
15 15 M82 
45 9 11 

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24 16ft LitPLPf 3.16 MJ 90 226. 22 22% 

Uto 23ft LxuvG3 2X4 9J 8 344 06% 36 26ft 

4996 36 LOWStS 2X0 AX 6 62 459* <4% 4496—1(6 

25% 16(6 Lowe* J* IJ 15 734 25 0446 25 + 16 

74% Hto Lateral 1.16 SX 12 2664 21ft 2Hh 21ft + ft 

32 23ft Lutmi -54 2X 18 54l 27ft 2696 37V» + ft 

!*ft IK* Luckvs IJ* AA 9 3» 17ft 17% 17ft 


169b left Lukens 


11159 


12% IK + % 


M 


2196 

13ft MACOM 

22 

12 20 

MAS 

18 

17% 

17%+ ft 

469* 

34ft MCA 

X8 

03 

18 

950 

39ft 

384* 

38% — % 

»to 

169* MCorp 

IX 

6.9 

5 

257 

70% 

30ft 

20b— to 

1396 

79* MDC 

23 

09 

* 

37 

11% 

II 

11 — ft 

40 

31% MCI 

X4 

12 

15 

270 

37ft 

37 

37% + to 

IS*. 

9to MGMG r 

A* 

3 3 

30 

436 

12 

11% 

n 

16% 

109* MGMUs 

20e IX 

16 

BK7 

lift 

10% 

11 — 9* 

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2ft AAGMuwt 



41 

2ft 

2*6 

2(6— to 

Sto 

17% MOMHD 

JOB JX 

13 

261 

20to 

19% 

2D — ft 

2816 

17% MB LI a 

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12 

19ft 

19ft 

19%+ 9b 

47 

25 Macro II 

1X0 

23 

14 

140 

43% 

43ft 

43*6 

53ft 

38% Macv 

1X« 

76 

10 

1890 

42to 

4094 

43(4 + % 

41% 

36 Moevpf 

425 UX 


Ilk 

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3694 

37 +1 

1996 

11% Mad Res 




59 

12% 

12 

12 — % 

43% 

24 Master 

XO 

04 

6 

533 

34% 

34 

34 — % 

29% 

17% MSfASt 




40 

06(6 

26 

06(6 + to 

36 

12% Monti In 

jagzx 

A 

38 

15 

14% 

1446— to 

IVft 

13ft MonhNl 

JJ 

00 15 

3 

lift 

Hto 

lift + ft 

1896 

10ft ManrCs 

.15 

.9 

14 

60 

Mft 

Mto 

189b + ft 

41% 

72% Mir Han 

320 

9fi 

4 

TOW 

35% 35% 

33ft— to 

59 

41 MfrHpf 

AJ7C13J 


8 

47ft 

47% 

47%+ % 

57 

40 MfrHpf 

&8N10I 


104 

44% 

449b 

44%+ ft 

13% 

5% vIManvf 



4 

348 

6ft 

5% 

A + ft 

2Bb 

18 to vffHnvipi 



5 

19 

19 

19 

3096 

01 MbPCO 

1X0 

07 

re 

371 

27ft 

069b 

36b— b 

496 

3 Marrtt 




15 

3ft 

3ft 

3ft 

2ft 

1 Atarate 




US 

11b 

1ft 

1ft 

2896 

in* Mar Mid 

1X0 

5J 

s 

34 

08% 

28 

38 + ft 

51ft 

4096 MarMpf 522*101 


4 

44 

44 

44 * ft 

43% 

27to Morion 

J2 

IJ 31 

300 

43 

43ft 

4296+ to 

74% 

996 MartC 

J 2 

01 

36 

7 

10% 

W 

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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 


Page 9 


BUSINESS ROUNDUP 






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P&O, Sterling Plan 
A £l-Billion Merger 


By Bob Hagerty 

International Hernia Tribune 

LONDON ■ — Peninsular & Ori- 
ental Steam Navigation Co. is pre- 
paring to merge with Sterling 
Guarantee Trust PLC in an ex- 
change of shares valued at nearly 
£1 button (about $1.14 billion). 

The shipping and construction 
concern said Wednesday that it 
wa& discussing terms with Sterling, 
a real estate and industrial services 
company that already owns 20 per- 
cent Of P&O. 

The terms for the long-expected 
combination were expected to be 
announced Monday. 

Sir Jeffrey Sterling is chair man 
of both P&O and Sterling, and the 
combination would spare him and 
bis top aide, Bruce MacPhaU, from 
having to divide their time between 
the two. 

“You wiD have a strong compa- 
ny in m anageme nt terms," said Da- 
vid Hams, an analysL at W. Green- 
well & Co. 

Mr. Harris predicted that the 
new concern would search out ac- 
quisitions. 

Analysts said the merger is likely 
to take the form of a shire swap on 
the baas of one P&O share for 
every four to five Sterling shares. 

On Wednesday, P&O shares 
were suspended from trading al 
325 pence apiece, and Sterling at 74 
pence. 

Sir Jeffrey, 50, was recruited in 
1983 to strengthen P&O's manage- 
ment in the face of a hostile take- 
over bid from Trafalgar House 
PLC. 

After a government inquiry de- 
layed the battle, Trafalgar backed 
away last year. 

Analysts say Sir Jeffrey has put 
new life into P&O, a 150-year-old 
company 

“1 intend to lead P&O from the 
front,” be said in an early message 
to employees. 

In his first 1 8 months, he has sold 
P&O’s headquarters and two oil- 
trading units. 

Last week, P&O agreed to sell its 
unprofitable feefy services between 
Britain and France, for £I2J mil- 
lion. 

Sir Jeffrey also is credited with 
having revived Town & Gty Prop- 
erties, a forerunner of Sterling 

UidonCftrbide 
Assaik Lowering 
Of Its Debt Rating 

New .Kart Times Service 

NEW YORK —Union Carbide 
Corp. has complained that the low- 
ering of its debt rating by Standard 
& Poor’s Corp. was excessive and 
unwarranted. 

S&P said Tuesday that Union 
Carbide debt was being revised to 
the lowest investment grade be- 
cause of the gas leak Dec. 3 at the 
company'splant in Bhopal, India. 

Union Carbide's senior long- 
term debt was lowered to BBB plus 
from A its subordinated long-term 
debt to BBB from A minus, and its 
commercial paper to A-2 from A-2. 

“We don't believe the action was 
warranted by the facts or legal 
analysis of the Indian situation,” 
said J. Clayton Stephenson, execu- 
tive vice president and chief finan- 
cial officer of Union Carbide. 

S&P said the change was neces- 
sary not so much because of the 
company’s potential liability for 
the gas leak, which killed more than 
2,000 people, but because of the 
accident's potential “negative spill- 
over” onto suppliers and custom- 
ers; because management attention 
would be diverted into defending 
against lawsuits, and because of the 
company’s “constrained access to 
capital markets." 

Mr. Stephenson denied all of 
those assertions. He said that only 
a few Union Carbide managers 
were handling the Bhopal situa- 
tion, and that the company had 
only minima] refinancing needs. 


Guarantee, after the British 
erty market crash of the mid-1* 

Because Sir Jeffrey’s prestige is 
running hi g h, analysts said, the 
merger plan should win approval 
from shareholders, 

"The City is prepared to give Sir 
Jeffrey the benefit of the doubt,” 
said Richard Hannah of Phillips & 
Drew. 

P&O has worldwide interests in 
cruise and goods shipping. It also 
owns the Boris construction group 
and smaller interests in road trans- 
port and h ankin g. 

For 1983. P&O had pretax profit 
of £56.6 million oa sales of £1.3 
billion. In the first half of 1984, 
pretax profit totaled £21.1 miffion, 
up 90 percent from a year earlier. 

Sterling Guarantee recorded pre- 
tax profit of £16.5 millio n on reve- 
nue of £199 million in the year 
ended in March 1984 and £10.1 
million in the fust half of the cur- 
rent year. 

Aside from commercial property 
in Britain and the Boston area. 
Sterling has interests in catering, 
exhibition centers, warehousing 
and guard services. 


South Korea’s 
Samsung to Sell 

A256KQdp 

Reuters 

SEOUL — Samsung Semi- 
conductor & Telecommunica- 
tions Co. said Wednesday that 
it has developed a 256K dynam- 
ic random-access-memoiy chip, 
which it plans to begin market- 
ing worldwide in ApnL 

The company said that a new 
a plant, scheduled for comple- 
tion in March 198S, would be 
capable of producing 60 million 
of the new chips a year. 

A company spokesman noted 
that South Korea would be- 
come the third country in the 
world, after the United Slates 
and Japan, to produce the 256K 
chips. 

Samsung now markets 64K 
dynamic RAM chips and plans 
to export about $300- million 
worth of semiconductors this 
year against SKO -mffli nn worth 
last year, the spokesman said. 

He said worldwide demand 
for 256K chips is estimated at 
$3- billion worth in 1985 against 
$1 billion in 1984. 


Japan’s Cabinet Told to Draft 

FCA Fails to Meet Net-Worth Level New Measures to Opm Market 



The Associated Press 

DALLAS — Diamond Sham- 
rock Corp.'s c hairman, William H. 
Bricker, has said his company’s 
board rejected a merger with Occi- 
dental Petroleum Corp. because of 
unhappiness over the fate of Sham- 
rock managers in the new company 
and the margin of profit for Sham- 
rock shareholders. 

In an interview Tuesday with the 
Dallas Times Herald, Mr. Bricker 
said the proposed merger initially 
seemed to offer great benefits to 
Diamond Shamrock shareholders. 

He said the merger also had the 
blessing of top executives of both 
companies. But Mr. Bricker said 
that he rfiang pd his mind about the 
proposal during discussions Mon- 
day with his board. 

The merger, which would have 
created die seven tb-largest U.S. ail 
company, fell apart Monday after- 
noon, just hours after the heads of 
both companies announced a ten- 
tative agreement. 

Mr. Bricker said die S3- billion 
stock-swap plan was conceived 
Jan. 2 when he was talking to Ar- 
manH Hammer, Occidental's chair- 
man, about another matter. 


The proposed merger bad called 
for the shareholders of the two 
companies to exchange their stock 
for stock in a new company on a 
one-for-one basis. 

That could have given Diamond 
Shamrock shareholders a substan- 
tial premium, since Occidental's 
stock was trading at about S25 per 
share when tbe tentative agreement 
was reached, while Diamond 
Shamrock's was close to $17. 

But word of the negotiations 
quickly spread cm Wall Street 

The rumors pul the participants 
under "tremendous and unneces- 
sary pressure" to go public while 
the merger discussions were still in 
the early stages, he said. 

After both companies an- 
nounced Friday that they were dis- 
cussing a merger. Diamond Sham- 
rock’s stock rose sharply in trading 
on the New York Stock Exchange 
while Occidental's fell. 

By the time tbe board met Mon- 
day, trading in the stock of the two 
had cut to only $2 or $3 the premi- 
um of $6 or $7. Mr. Bricker first 
thought Diamond Shamrock share- 
holders would get, he said. 

Mr. Bricker said the Diamond 


COMPANY NOTES 


of 1983, Union Carbide 
billion in long-term debt 


Borden Co. was warned by the 
U.S. Justice Department that it win 
face antitrust action if it follows 
through with the proposed acquisi- 
tion of a resin plant owned by 
Reichhold Chemicals. 

Cheng Bd Oil Development 
Corps, an affiliate of Japan Nation- 
al OB Corp., said it will start com- 
mercial production of crude oil in 
October at a rate of about 8,000 
barrels per day from a well in west- 
ern Bohai Bay. 

Ghma Cement Co. of Hong Kong 
will be acquired by mainland inter- 
ests under a plan worked out by its 
lenders, the newspaper Wen Wei 
Po reported. The newspaper said 
Kin Kwong Investment Corp. and 
unnamed special investment zones 
in China wdl acquire the company 
for debt 

Compression Labs, based in San 
Jose, California, said it has signed a 
three-year agreement giving Sony 
Corp. rights to market its video- 
teleconferencing systems in 24 
Asian countries. 

Hessische Landesbank-OrozcD- 
treks, Frankfurt-based bank-hold- 
ing company, said it expects to 
maintain its 1984 dividend at 
1983’s level In 1983, the bank paid 
out S percent of its capital base, or 
25.25 million Deutsche marks 
($8.04 million). 

Hughes Aircraft Co. said it deliv- 
ered three missiles to the Air Force 
in late December, die first such 
deliveries since the military services 
found “serious weaknesses" in the 


company's quality control six 
months ago. 

lshikav^ima-Harima Heavy In- 
dustries Co. erf Japan said it has 
been licensed by Union Carbide 
Corp. to use its unipoi process for 
making polypropylene and poly- 
ethylene. IHl said the agreement 
will allow it to bid on the design 
and construction of plants world- 
wide using the process. 

MQ CoBUimmcatiOPsCorpL said 
it and Continental Telecom Inc. 
have agreed to a settlement in 
MCI's antitrust suit against Con- 
TeL Terms were not disclosed. 

IVBchefin Tire Co. announced 
that it is cutting more than 2,500 
jobs in Britain as pari of a large- 
scale streamlining operation. Mi- 
ch din has reported it is losing $1.5 
million (£1.3 million) a week on its 
British operations. 

Pakistan International Airlines 
said it plans to sell its 10 Boeing 
Co. aircraft — seven 707s and three 
727s — within the next two years. 

PUmps Petroleum Co. said its 
unionized workers in Texas and 
Utah have agreed to defer pay in- 
creases while Lhe company re- 
groups after fending off a takeover 
bad by Mesa Petroleum Co. Phillips 
notified non-union employees last 
week that there would be' no pay 
iucreasesiu 1985. 

Tidewater Inc. said its board has 
rejected as inadequate an offer by 
Irwin L. Jacobs to acquire the com- 
pany in an offer valued at $25- to- 
$28 a share. 


Bonds Slipping From Favor in U.S, 


over the coming year for the aver- 
age slock in the SAP’s 500 was 10 3 
percent. 

That wwraeh of a negative spread 
had never shown op in the 20 years 
tiitwi such tabulations have been 
kept, be said. 

‘‘Either stocks were grossly over- 
valued or bonds were vastly under- 
valued,” said Mr. BhiraL What 
happened, he said, was that “the 
maAeti: corrected the unbalance 
and interest rates fell dramatical- 
ly." 

Long-term Treasury bonds 
Tuesday were yielding 1 1-47 per- 
cent about 2 percentage points be- 
low their high last year. 

Mr. Bhirud said both stocks and 
bonds are now about equally val- 
ued. Hie said that he would not add 

to short-term cash investments now 
because the returns are low, but 
would put that money to work xn 

both stocks and bonds if those mar- 
kets head lower. 

Some investors figure the times 
are too treacherous to commit 
themselves one way or the other- 

“We’re dug into a foxhole for the 
time h«ng " said Peter J- Ander- 
son, preSent of IDS Advisory 
Group, a large pension-fund mon- 
ey manager based in MimieapoJM. 

His stock portfolio is loaded with 
conservative issues such as utilities, 
financial stocks and consumer- 
goods companies in the food, to- 
• bscco and drug industries. 


Floyd L- Smith, chief investment 
officer of Mutual of New York, an 
insurer that manages about $3 bil- 
lion in separate-account pension- 

fund assets, said: “We don't think 
either stocks or bonds will do muth 
over the next few months. But this 
could be a rime to get in a position 
to benefit from stocks outperform- 
ing bonds after that." 

Strong congressional action on 
reducing the federal deficit would 
flash a green light to both stod and 
bond investors, the expens say. 

Most analysis and money man- 
agers, however, give Congress no 
better than an even chance of lad- 
ling the deficit in the current ses- 
sion. 

And some, including Leon G. 
Cooperman, chief of investment 
policy for Goldman, Sachs & Co., 
said the odds are even lower. That, 
he added, is ominous for stocks, 
and serves as a counterbalance to 
the good news that the Federal Re- 
serve is earing its grip on the money 

supply. 

Another bad sign for stocks, be 
said, is that the cadi level erf institu- 
tional portfolios is extremely low, 
indicating too much bullishness 
and too hide reserve buying power. 

Mr. Cooperman added that he 
does not expect much fireworks 
this year on the New York Stock 
Exchange, with most trading taking 
place within a range of 5.100 to 
I 300 on the Dow Jones industrial 


average. The Dow closed Tuesday 
al 1,191.70. 

Nonetheless, many stock inves- 
tors are bullish. 

Mr. Atkins of Bankers Trust, for 
example, favors stocks because he 
expects the U.S. economy to stay 
on track throughout this year and 
well into 1986. 

He said he sees inflation remain- 
ing moderate and the U.S. gross 
national product, after adjustment 
for inflation, advancing more than 
4 percent. GNP measures the total 
value of a nation's goods and ser- 
vices, including income from for- 
eign investments. 

To position the bank’s $4J5-biI- 
Hon equity portfolio for the coming 
year, large purchases of stock in 
Royal Dutch Petroleum Co., Hew- 
lett-Packard Co„ Eastman Kodak 
Co., General Re Carp, and Ameri- 
can International Group were be- 
gun over tbe past several weeks, 
Mr. Atkins said. 



VUclng Resources 
International N.V. 

NAV. as at 31-12-84 
541.23 


INFORMATION: 

Pierson, Heldring & Pierson N.V,, 
Herengrocht 214, Amsterdam. 


The Associated Press 

LOS ANGELES — Financial 
Corp. of America and its chief sub- 
sidiary, American Savings & Loan 
Association, fell below federal net- 
worth requirements at the end of 
1984, the company has disclosed. 

But the Federal Home Loan 
Bank Board had agreed to take no 
supervisory action. FCA said Tues- 
day. 

FCA and American Savings are 
required to have capital equal to 4 
percent of assets, but feu below 
that net-worth requirement in June 
amid (me of the worst deposit runs 
in U.S. banking history. 

Most savings and loans are only 
required to maintain a 3-percent 
ratio. FCA, because of its financial 
position, is required to maintain 
the 4-percent ratio. 

The company said Tuesday that 
its year-end 1984 financial results 
will not be released until mid- Feb- 
ruary, pending completion of an 
independent reassessment of its 
real estate portfolio and the ade- 
quacy of its loan-loss reserves. 

At tbe end of the third quarter, 
however, FCA had capital of about 
3.07 percent of its assets, compared 
to 2.92 percent in June. 

FCA said ii hopes to meet the 4- 


ecision 


Shamrock board was also con- 
cerned about the small role its 
managers would play in tbe new 
company. 


percent requirement by the end of 
1985. 

In addition, tbe company said 
that the bank board had respond- 
ed favorably" to its recovery plan 
for 1985, which calls for reducing 
assets by more than ]g percent, to 
$24.5 billion, by year-end. 

FCA’s assets are currently about 
$30 biQion, compared to a peak of 
$32.42 billion in the third quarter. 

However, FCA’s chairman, Wil- 
liam J. Popqqy, noted, “We realize 
that we have set ambitious objec- 
tives which only can be met if a 
reasonably favorable interest rate 
climate prevails in 1985." 

An FCA spokesman, Paul Nuss- 
baum, said a rise in interest rates 

could deflate the recovery plans. 
Falling rates allow FCA to sell its 

high-yielding fixed-rate nwitg 

loans at a profit in the 
market. 

As part of its recovery plan, FCA 
said it would also attempt to halt 
the growth in American Savings' 
portfolio of troubled loans — those 


on which payments are overdue — 

and tO maintain the Stability of its 

deposit flow. 

Use company said it would also 
strive to keep general and adminis- 
trative expenses about S35 million 
below the 1984 level through cut- 
backs announced last October. 

Those cuts included laying off 
one-fifth erf the firm’s 7,500 work- 
ers and reducing wages by up to 20 
percent. 

FCA has previously said it ex- 
pects to show a loss in the fourth 
quarter. 

DiitdiUiieiKiploymeiit Falls 

Reuters 

THE HAGUE — Dutch season- 
ally adjusted unemployment in De- 
cember fell to 776,900 from 
794,700 in November and was 
down sharply from 829,200 in De- 
cember 1983, according to provi- 
sional figures released Wednesday 
by the Social Affairs Ministry. 


By John Burgess 

Washington Past Saner 

TOKYO — Prime Minister Ya- 
suhiro Nakasone has ordered his 
cabinet to draft new measures to 
further open tbe Japanese market 
to foreign products, Officials said 
here. 

Mr. Nakasone told his cabinet 
Tuesday that priority should go to 
sales from abroad of telecommuni- 
cations equipment, electronics, for- 
estry products, pharmaceuticals 
and medical equipment. 

He ordered the minis ters to re- 
port back to him by the end of 
March, officials said. 

lhe prime minister had prom- 
ised President Ronald Reagan in 
talks last week in Los Angeles that 
he would foster imports as a means 
of reducing the ballooning U-S. 
trade deficit with Japan. 

The sectors Mr. Nakasone select- 
ed for special attention are ones in 
which UJL companies are competi- 
tive in other foreign countries but 
in which they say their sales are 


hindered by formal and informal 
barriers in Japan. 

Mr. Nakasone preposed no spe- 
cific measures at Tuesday’s cabinet 
meeting, according to official ac- 
counts. 

It was ywniwar whether (he packn 
age would contain new steps or 
concentrate on reaffirming Japan s 
resolve to proceed with previously 

announced measures! 

cede S^rS'S^^place 
the major blame for the U.S- trade 
deficit on what they say is the low 
quality and high price of U.S. prod- 
ucts, the strong dollar and lacklus- 
ter marlfpjing by American firms. 

Under Mr. Nakasone’s plan, 
each ministry is to set ip a special 
internal committee under its top 
career official. . 

Mr. Nakasone also told his min- 
isters to meet with foreigners who 
have been appointed as advisers to 
a special cabinet committee on 
trade relations that was set up late 
last year. 


in recent years, Mr. Hammer, So. 
has ousted half a dozen Occidental 
officers with whom be disagreed. 
He was considered unlikely to ease 
his grip on the company. 

The proposed merger was ap- 
pealing to Occidental, Mr. Bricker 
said, because the company would 
receive M Lop-flighi Diamond Sham- 
rock management, financial flexi- 
bility and high-quality coal and pe- 
troleum assets," 

Mr. Bricker said there were never 
plans for him to lake a role in lhe 
new company. He said he had 
agreed to leave for $5 million. 

In Los Angeles, Occidental de- 
nied rumors it was trying to salvage 
me merger. 'This matter is dead," a 
company spokesman said. 

In trading Tuesday, Diamond 
Shamrock fed by S1.87V& a share to 
$18.12%. It was the Big Board's 
most active issue for the second 
straight day, with 3.7 million shares 
chang in g hands. 

Occidental's stock rose by SI pa 
share to $25. 


Hcr al&SiSrib unc 


PERSONAL INVESTING 

On Monday, January 14 

in the international Hernia Tribune: 

The Tokyo stock market can bewilder even tbe most seasoned individual investor. 

Personal Investing takes a close look at how tbe market works and tbe ways 
tbe pros target tbe promising issues. 

Gold's latest declines have revived the question of whether 
the metal is finally near its bottom. 

Mutual fund investors with a cautious approach reaped their reward in 1984*. 

Personal Investing lists the gainers ana the losers. 

Antique car buffs often find their hobby provides lucrative returns. 

And more: 

AH in tbe International Herald Tribune. 

Bringing tbe worid's most important news to 
the world's most important audience. 


INTERNATIONAL POSITIONS 


EUROPEAN 

MARKETING 

MANAGER 

Rapidly growing American manufacturer of 
BLOOD CHEMISTRY ANALYZERS seeks sales- 
oriented manager to develop business in 
countries where we do not have subsidiaries. 
Our overall company growth has exceeded 
25% per year over the past five years but our 
markets in Southern Europe have not kept 
this pace. 

Candidate to possess: 

• At least five years' experience in safes of 
bio-chemistry instrumentation 

• Language skills in French, Italian, Spanish 
and English 

« Proven track record of sales successes and 
sound business decisions 

• Ability to deal well with people 
Excellent salary, boons, benefits and 
growth potential. Please respond with 
G.V. and salary history to 

Box D 2129, International Herald Tribune, 
181, Are. Ch.-de-Gaule, 92521 NeuBy Cedes. 

An equal opportunity employer. 


Overseas 


CAREER 


P 0 S I T I 0 A S 


We seek professional men and women for exciting 
career positions overseas. Opportunities are at the entry 
level. 

A bachelor's degree is a must, an advanced degree is a 
plus. Preference is given to applicants who demonstrate 
successful business, study, or related experience 
abroad. You must be proficient in one or more foreign 
languages. U.S. citizenship or PRA is required. 

Salaries are supplemented by generous overseas allow- 
ances. No fees of any kind. Our clients include both 
business and non-profit organizations. 

Send your resume, qualifications, home and office 
phone numbers, in absolute confidence. Advise if you 
will be in the United States in the coming months and, 
if so, dates and phone numbers where you can be 
reached. 

Schreiber-WeUs Agency 
P.O. Box 4181 
Grand Central Station 
New York, NY 10163 
USA 

An Equal Opportunity Employer, M/F 




is looking for a 

TRAINING 

ASSISTANT 

For Fontenay aux Roses (92). 
Function will include secretarial 
work and the production of 
visual aids for training courses. 
The choosen candidate should 
be of english mother tongue and 
have a good knowledge of 
french for her work. 
Some experience in using 
computers would be a plus. 
Send CV and photo to 
Personnel manager, CTI, 
4 & 16 avenue 
du General LecJerc 
92260 Fontenay-aux-Roses. 



The Wcwld Bank, a leading International institution In the field of 
economic development with headquarters in Washington, D C. 
Invites applications tram qualified men and women lor the posi- 
tion o! Chief. Job Evaluation and Grading Unit. 

This Is a recently created position in the Compensation Depart- 
ment following the establishment ol a new Bankwide grade and 
salary structure based on the Hay methodology. 

As Chiel of this unit, the successful candidate would carry the 
institutional responsibility lor the on-going review, administration 
and management of the Job Evaluation and Grading Program in 
the Bank. As the focal point for all related activttles. me qualified 
applicant would be expected to provide both the leadership 
and skills to support and advise Bank Managers In areas of job 
design, evaluation, and grading procedures. 

This is a unique growth opportunity for a resufts-orfented person- 
nel and/or compensation professional who combines manage- 
ment skills and knowhow in these areas with a broad-based 
experience In Human Resources Management In an Interna- 
tional environment. Ability to deal with staff at all levels of respon- 
sibility. in addition 10 excellent command ol written and spoken 
English and graduate degree in Personnel Management or 
related fields, are essential. 

The World Bank offers a competitive salary and benefits pack- 
age. The position Is based at the Bank's Headquarters in Wash- 
ington. D.C. Please send a detailed curriculum vitae quoting ref- 
erence No. S4-f RA-Q2Q2 to. 


Staffing Division 

Personnel Management Department 
World Bank 
1810 H Street. N W. 

Washington, D.C 20433 

USA 



Director. 

International 

Operations 

Digital Switch Corporation 
seats an Individual of 
demonstrated experience 
to structure and mai tage 
international business 
opportunities lor Hs broad 
range of telecommunica- 
tions products. 

The successful candidate 
will bring fo the position a 
minimum of 5 years direct 
experience in international 
market development and 
sales In the telecommuni- 
cations arena. A degree in 
EE/Ph is required and fluen- 
cy In one or more foreign 
languages is desirable 

Wsumd and salary history 
should be submitted to: 
Digital Switch Corporation. 
PO Box 35144. Dallas. TX 
75235. 

Equal Opportunity Employer 
Principals Only. Please 



Digital Switch 
Corporation 


EXECUTIVES 

AVAILABLE 


r — Internati o na l Banking — , 

INTERNATIONAL 

FINANCE 

MANAGEMENT 

VICE PRESIDENT with U.S. 
banks, 42, monied, graduate 
business degree, native German 
speaker, 14 years experience in 
Europe and U-SA seeks new 
challenging position beginning 

mid- 1985. Internationally mobile. 
Executive- 5earch firms invited 
\ Vrite: Lfi-T, Athens, 

(Exl BK), 26 Pbdaraa Su, 
10673 Athens, Gr 


r CANADIAN EXKUTIVE-i 

seeks multinational employment 
worldw i d e- IB years experience with 
American power plant consulting engi- 
neering & construction companies, TO 
yeeri of which he* been in project 
management aid Over 4mn of iiw 
has been in Taiwan and Philippinei. 

P.O. Bax 9/4, 

I Mrimti, Mania, PhSppims._ 


TAX LAWYER 


French, 36 . 10 year', inn legal & lay 
experience with lav. firms m France & 
Afnea Experience In petroleum indus- 
try. Seeks corporate counsel « manege- 
fneri pennon U.S.. Europe c-r oversees 
Rgeni English Able re ebram per 
"•i ,n US 

W'l* Box b-2127, Herald Tribune. 

I— — *252! Nau illy Ceda*. France. 



Page 10 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 


Wednesday^ 

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T °Nh* Include ttw naflenwMe prices 
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n Month 
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(Continued frora Page 8 ) 



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PERSONAUT1ES PLUS 

MARY BLUME 

IN THE WEEKEND SECTION 
OF FRIDAY’S I ITT 


Over-the-Counter 


Jan. 9 


NASDAQ Notional Market Prices 


Sales In Nat 

nos mm Low 3 pja. carat 


Soles to Net 

MBs Htoh Lew SPJHLCtraa 


HU. MK 

iSiR ATE 


21 * 22 * + 
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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 



Page 11 


What makes Morgan 

the most innovative bank 

in both the Eurobond 
and syndicated loan markets 


When theleading participants in the world’s 
capital markets were asked by Euromoney 
magazine which bank is the most innovative 
in the international bond and syndicated loan 
markets— “the best house for introducing suc- 
cessful new techniques”— Morgan ranked first 
in both areas. 

“Morgan is a corporate finance-driven mer- 
chant bank, (which) may explain some of its 
inventiveness,” Euromoney wrote in its com- 
mentary on the poll results. “It tends to see the 
securities business from a company’s point of 
view; its corporate finance officers estimate 
how the bank’s forex, swap and Eurobond 
capabilities can minimize costs and meet the 
particular needs of the client company.” 

Morgan has earned this recognition by put- 
ting our uniquely comprehensive set of capa- 
bilities to work for the long-term interests of 
our clients. 

□ As a major participant in the capital, 
credit, and local currency markets, as well as 
in worldwide foreign exchange, government 
bond, and bullion markets, we have excep- 
tional opportunities for exploiting intermarket 
arbitrage for the benefit of our clients in inno- 
vative ways. 

□ Morgan is the leading counterparty that 
can act with equal proficiency as either princi- 
pal or agent in rate and currency swap trans- 
actions. Our especially strong capital position, 
reflected in our AAA/Aaa credit ratings, 



The Euromoney Boll 
“Which bank is the most innovative in 
terms of new instruments and pricing? 


Eurobonds 

Rank 

Vfotes 

1 

Morgan Guaranty 

96 

2 

Credit Suisse First Boston 

71 

3 

Salomon Brothers 

62 

4 

Merrill Lynch. 

47 

5 

Morgan Stanley 

24 

6 

Orion Royal 

8 


Swiss Bank Corporation 

8 

8 

Manufacturers Hanover 

6 

9 

Citibank 

5 


Morgan Grenfell 

5 


Samuel Montagu 

5 


Smith Barney, Harris Upham 

5 

Syndicated Loans 

1 

Morgan Guaranty 

48 

2 

Citibank 

45 

3 

Chase Manhattan 

27 

4 

Samuel Montagu 

15 

5 

Credit Suisse First Boston 

11 

6 

Bankers Trust 

9 

7 

Merrill Lynch 

6 

8 

Bank of America 

5 


Manufacturers Hanover 

5 

10 

Chemical Bank 

4 


Lloyds Bank International 

4 


'Asked of managers in the international bond and syndicated loan markets. 
Source; Euromoney, October 198-?. 


enhances our role as principal and can reduce 
client costs and risks in each swap we arrange. 
□ Because Morgan concentrates on the in- 


ternational capital markets, we can devote all 
our worldwide resources to providing superior 
service in these markets to our clients. 

A recent example of Morgan innovation: 

For a $500 million Kingdom of Sweden 
floating-rate note issue, our Eurobond under- 
writing subsidiary, Morgan Guaranty Ltd, pro- 
posed the first U.S. Treasury-style auction in 
the international capital markets, then com- 
mitted to place a competitive bid for the entire 
issue. The package gave Sweden the lowest 
cost related to the London Inter-Bank Deposit 
Bid Rate ever achieved in the Eurodollar float- 
ing-rate note market. And its success led to a 
second Swedish auction issue, for $700 million. 

Other recent examples: profitable Deut- 
schemark defeasance transactions for three 
major US. issuers, and zero-coupon Eurobond 
issues which we swapped into floating-rate 
funding for Electricite de France, Nordic 
Investment Bank, and Swedish Export Credit. 

Measure our performance. Let us compete 
for your mandate. You’ll find we deliver imagi- 
native, cost-effective services in the capital 
markets with the same high quality and skill 
that have long been hallmarks of all Morgan \ 
banking business. 


Morgan Guaranty Ltd, 30 Throgmorton Street, 
London ec2n 2dt 

Morgan Guaranty Trust Company, 23 Wall 
Street, New York, NY 10015 


The Morgan Bank 





.CVTERNATIONAL 


TRIBUNE, THURSDAY, JANUARY 10, 198o 



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821 

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11 

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15 

15 

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41 

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119 

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80 

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9 

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JO 

38 

24 

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JD 

18 

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76 

11 

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5 

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88 

13 

6 

87 

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88 

38 

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152 

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20% 15% 
16% 4V 
19% 14% 
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17% 5% Varik Co 5 43 5% 5V 5V 

5V 4 Ytetbiy 88 18 11 ID 4% 4% 4% + % 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 


Page 13 


* i 




-•> >>- ■- 

5 - 5, 

: . - ~ - v 

■ .* — ■'* 

- > • .N. 

•jft li*- 

; r-J ftT 1 * 


— ' ;1 





t *. 
i * M 


U.S. Futures J»»-9 


Swoon Season 
HUft Low 


Open KWi LOw Ooso Crtfi. 


Grains 


WHEAT (CBT) 

£100 bo mUDmim- doltari par bushel 
137% Mar 141 uw 

MS 3JQVi May 3J4ft 138 U. 

3.HI 127ft Jul 329ft um 

U6ft i2f sen uaft aaift 

163ft 137ft Dec HO 140ft 

U4ft 144ft Mar 343 343ft 

EM. Sates Prow. Sales 6,136 

Prev. oav Open Int <W UP464 
CORK (CBT) 

5009 bu minimum- doltari per luM 
M5ft 1M ««r 540* 170 

130 172ft May 17<ft 175ft 

3X1 174ft Jut 177ft 178ft 

121ft 171ft S4P ITS 172 

195 2Mft DSC 246ft 167ft 

lia 176ft Mqr 177ft 177ft 

321ft 221ft May 223 184 

Est. Setts Prey. Soles 21702 

Prev. Day Open lnLI32d91 up 751 
SOYBEANS (CBT) 

SOW bu minimum- <Mlan per bwhel 


341 left +X5 
M4 137ft +JBV2 
X39 139ft +X0VS 

129ft 129ft +J»Vh 

139 139 +20ft 

343 242 +21 


248ft 249ft +2 1ft 
174 175ft +4 Oft 

276ft 278ft +J»Vs 
170ft 271ft +J0ft 
245 244ft 
27sft 176ft 
283 221ft 


TJ9 

ASM 

Jar, 

573ft 

JJ9 

7.90ft 

SX9VJ 

Mar 

SX4 

SX9ft 

777 

5X1M 

MOV 5.95 

6X1 ft 

7X9 

SXtft 

Jul 

AJQ 

60S 

7J6 

5X5 

Aug 

6X5K 

«X9ft 

471 

STS 

Sep 

6X1 

6X2 

6X8 

5 X» 

Nov 

AXOft 

4X0 

679 

6.10 

Jan 

614 

6.15ft 

7X2 

6M 

Ator 

4 76 

678 


EM. Sates . 


Pray. Sain 43JM2 


S71I4 

Ml 

5.92 

6i00ft 

tun 

5.97 

577ft 

6.11ft 

626 


sjbv, +.n 
188ft +.Wft 
4XBft +.11 ft 
647ft +.10 

&09 +.11 

622 +JMft 
107ft +asft 
6.15ft +25ft 


678 


17930 

nuo 


Prow. Dev open Int. 48407 up2B7 

SOYBEAN MEAMCBT! 
Wtono-dOttvspertM 
3MLQ0 134B0 Jan 19?J» 140X0 

2 09X6 140.10 Mar 144X0 145.70 

20520 14540 May 15080 151 JO 

19650 15QJB Jul 15440 15640 

15120 Amp 15750 15050 
15400 Sep 15940 15940 
15540 Oct 15940 16000 
16240 D« 164.00 164i» 
Eat Safes P rev. Sales 16467 

Pm. Dav Open lirt. 37.126 off 405 
SOYBEAN OIL (CBT) 

MUno be- dollars nor 100 fee. 

3050 2253 Jon 2555 25.95 

3040 22.95 Mqr 2SJ2 2S2fl 

30. IB 2250 MOV 2455 2470 

30JB 22-70 Jul 2+20 2425 

37.20 2250 AUB 2450 2400 

2105 2250 Sep 2390 2190 

26X9 2290 Oct 2130 ZLM 

2475 2270 Dec 2350 2350 

Eat Sales Prev.Sotas 14474 

Prm. Day Oaen int 38436 off 629 
OATS (CBT) 

SAOObu mini mum- dollars per bushel 


13050 14040 
14360 14560 
149.10 15150 
15440 15670 
U6JB 15750 
15940 15940 
15300 15840 
16350 16350 


+44 


+250 

+260 

+260 

+260 

+220 

+240 

+140 

+50 

















■ k I i- 1 






















irfu.] 



l .1 '■ 



r^v+i 




Ki;i] 


Ej.k.1 

r.i' 1 















176ft 

1.73 

Mar 


1J*K 

177 

178ft — JXJIl 

1.91 

171 

MOV 


17610 

174ft 

IJSVi 

— XOft 

L78ft 

1X9 

Jul 




171ft 

+X0U. 

179 

1X» 

Sep 

1X6 

1X64* 

1X6 

1X6ft 

+X0ft 

IXZft 

172ft 

D»c 




1X9 



ESI. Safes prev. Sales 537 

Pr*v. Day Open Int. x7A7iipM 


Livestock 


CATTLE (CME1 
40500 Rn.- cents per Ha. 


47X0 

62X0 

Fab 

*470 

44.90 

OJ2 

4K0 

Aor 

6670 

66X5 

6817 

6SXB 

Jun 

66.70 

6677 

66X5 

6X15 

Aug 

65.15 

6575 

65.10 

61X0 

oct 

6X30 

6178 

65X0 

63X0 

Dec 

64X5 

6477 


Est. Sates 20664 Prey. Safes 27.175 
Pm. Dav Open int. S9715 0H16O 
FEEDER CATTLE (CMC) 

44500 Ibv cents per lb. 


7200 

6575 

Jan 

70X0 

70.95 

73XS 

45.75 

Mar 

72.15 

72J0 

72X0 

67X0 

Aor 

TUO 

71X7 

7076 

64.95 

May 

6970 

6975 

70X0 

6660 

Aug 

6970 

69X5 

6870 

67X0 

Sep 

6835 

6870 


47.10 

Oct 

6770 

6835 


Ext Sales 1555 Prev. Sales 1640 
Pm. Dav Oaen Int. 6499 off 114 
HOBS (CME) 

30500 1 be.- cents per ft. 


642S 

65.95 

6642 

6457 

6110 

6442 


7035 

7175 

7095 

6955 

6950 

6025 

6790 


6447 55 

6550 -52 

6117 — 53 

6447 —.10 


7062 

71J 


+42 
— 3Z 


7155 —.17 

5952 +57 

6945 +55 

6055 +48 


5X30 

<757 

Feb 

SMS 

S27S 

5770 

SU7 

+77 

54X5 

45.10 

Apr 

49 JO 

49X5 

49X0 

4975 

+.15 

55X0 

48X0 


54X0 

54.10 

5X30 

5375 

—.12 

5577 

48.95 


54X5 

54JO 

53X0 

5415 

—77 

5417 

47X0 


Site 

5X80 

5X20 

5X50 

—.12 

51.75 

45X0 

Oct 

49J0 

49J0 

4X90 

4970 

+.15 

50X5 

46X0 

Dec 

49.10 

49X0 

4870 

4975 


4970 

4625 

Feb 




49.W 

+1X0 

4735 

4575 

Apr 




4A7S 



Esi. Sales 7450 Prew.Sales 12774 
Pm. Dev Open Inf. 25543 up 275 
PORK BELLIES (CME) 

30500 tbs.- cento per lb. 

8155 6095 Feb 7155 7175 

8140 60.10 Mar 7385 7397 

8250 6L15 MOV 75.15 7S40 

8267 6115 Jul 75X8 7640 

0065 6040 AllB 7400 7475 

75.15 6115 Feb 6020 6090 

7140 6430 Mar 

Ext Solos 9,17* Prev. Sales 10433 
Pm. Dav Open ML 14442 Oft w 


7250 

7107 

7473 

7545 

7340 

8740 


7340 

7157 

7545 

7857 


+43 

+42 


73J3 +65 

8742 +40 




COFFEE C INYCSCE) 


37JDO Umu- cents* 
15190 me 

lerth. 

Mar 

14270 

14X51 


143X4 

152X0 

122X1 

May 

140X8 

140X8 

139X0 

14X59 

14970 

121X0 

JuJ 

13B40 

139X5 

13878 

139X4 

147X0 

127X0 

SeP 

137X0 

137X5 

136X0 

137X1 

141X0 

12975 

Dec 

136X0 

13670 

136X0 

13630 

13490 

12BJB 

Mar 

ik an 

I35il0 

135X0 



Ifi 


134X0 

136X8 


13436 

Esi. Sole* 

L425 

Prev. Sates 

832 




1 

+55 

+142 

+143 


Pm. Day Oaen Int. 1$M8 up S3 
sucomrowLD 11 (nycscei 


112X00 Ibx- cents per lb. 

1XKJ 2X7 Jan 

108 

3X8 

3X0 

3X8 

+X4 

1368 

4X1 

Mar 

471 

476 

470 

473 

10X0 

471 

Mav 

451 

474 

4X8 

472 

+.10 

9.9S 

• 463 

Jul 

499 

M3 

456 

Ml 

+11 

975 

490 

3w> 

574 

i26 

574 . 

XJ3 

+X0 

9JH 

5X7 

Oct 

i*3 

5X3 

■SJ7 

5X3 

+12 

973 

6X2 

Mar 

661 

469 

677 

6X1 

+X9 

670 

6X0 

Mov 




649 

+X0 


Est. Sales 9630 Pm. Sales S663 
Prev. Day Open lot 86683 up2ST 
COCOA (NYCSCEI 


I0mefrician»'$per Ian 
2570 1988 Mar 

2087 

20M 

2079 

2089 

2570 

2BB 

MOV 

2182 

21 IB 

210 

2117 


2049 

Jul 

2107 

2112 

2185 

2113 

3415 

2053 


2112 

2112 

2110 

2116 

2337 

1999 


2047 

2032 

2043 

2089 

2095 

2020 

Mar 

Mov 




2869 

2049 


Est. Sales 1825 Pm. Sales 4471 
Pm. Dav Open int 71644 pit 93 


Season Season 
man low 


Odo« Htah Law Close On. 


ORANGE JUICE (HYCE) 

1 MOO tar cents per lb. 

18S60 109X0 Jan <5660 15750 156X0 15660 —.15 

18560 11860 MOT 15825 15960 1S770 15875 —.15 

185X0 15150 May 15968 16040 15945 16050 -40 

18655 155X0 Jut MOM MATS 15060 76050 —JO 

18160 158X0 Sop 158X0 15850 15750 15850 

18150 1574S Nov 15840 15840 15750 15745 

18050 15950 Jon 15645 15645 15600 15550 —65 

16560 15975 Mar 15A30 15430 15430 15550 —69 

MOV 15550 —65 

Ett.Sales 600 Prev. Sales 651 
Pm. Dav Open Int. B4Z7 up 36 


Metals 


COPPER CCOMEXI 
25X00 tar cents Per lb. 


92X0 

5565 

Jon 




58X0 

+175 



Feb 




5870 

+175 

9370 

55X0 

Mar 

5778 

sut 

5770 

5870 

+175 

92X0 

5670 

MOV 

5865 

m 

5860 

5970 

+175 

1875 

57X0 

Jul 

59X0 





82.10 

57X0 

5CP 

5950 

6065 

5950 

6060 

+178 

$475 

5BX0 

OK 

61X0 

61X0 

61X0 

6178 

+1.15 

8470 

S9M 





eaxo 

5960 

Mor 

62X0 

62X0 

62X0 

6775 

+118 

74X0 

61X5 

May 




AflflC 


7460 

6170 

Jul 

4375 

4375 

6325 

6165 

+1X5 

70X0 

6270 

5ep 




6405 

+1X0 


Est. Sales 11500 Prev. Sales 10586 
Prev. Day Open Int 85640 uo«2 

SILVER (COME XI 
URtnya-annwrlrertL 
157SX 5*2X Jan 5865 619X 


5865 6156 +285 


1T930 6495 Mar 8555 67U 

1D48X MHO May 6855 48SX 

94SX 6730 Jul 6855 7005 

9405 6815 SOP 

Est. Sales 27X00 Prev. 5otcs 27452 
Pm. Day Open Mt. 81588 up 901 
PLATINUM (NT ME} 

SDtrav ot- dollars per troves. 

447X0 264X0 Jon 37DX0 275X0 

44760 270.10 APT 273X0 20100 

44960 27850 Jul 277X0 289X0 

39300 2S45D Oct 285X0 29400 

37350 29400 Jon 

EsI. Sales 2654 Pm. Softs 2408 
Pm. Oav Open Int. 15526 eft 278 

PALLADIUM (NYME) 

100 lip CK- Pollers per 07 


Feb 

Mar 

5945 

6340 

5925 

618X 

ran 

+205 

4485 

mw 

604X 

AHfl 

402X 

6387 

+28* 

Jul 

613X 

643X 

610X 

639X 

+26* 

Sep 

621 X 

A48X 

i.-inn 

649.7 

+286 

Dec 

629X 

666X 

639X 

6657 

+286 

Jon 




6717 

+386 


6824 4086 
6942 +286 
7044 +286 
7187 +286 


26880 27870 +11 JO 
271X0 202X0 +11.10 
277X0 28850 +11.109 
20490 29550 +11.10 
31040 +11.10 


GOLD (COM EX] 

100 trov ol.- dollars per troy ox. 

33360 298X0 Jon 300X0 300X0 380X0 30440 



2*670 


29*70 

307X0 


*«ic cji 


mg 1 


30400 

304X0 


307X0 

51450 

300.70 

Apr 

30X50 

310X0 


r >.l 

510X8 

305X0 

Jun 

307X0 

314X0 

I'l 

1* 1 [■ V ' i 

483X0 

309X0 


311X0 

317X0 

311x0 

|Ut*1 

493X0 

3)460 

Oct 




32X70 

48*60 

31860 


321X0 

328X0 


32778 

485X0 

325X0 


331X0 

^k«l. i| 

333X0 

33X00 

4*6X0 

335X0 


330X0 


FT! 

33870 

4357S 

33670 

Jim 

33860 

f« ^ii 

33860 


<2860 

34X00 





35070 

39570 

348X0 

Oc! 

34X30 

35X30 

34270 

35640 


Est. Sales 50X00 Pm. Safes 51697 
Pm. Dav Open lnt.174328 up 1531 


+760 

+760 

+760 

+760 

+760 

+760 

+7.78 

+270 

+760 

+750 

+7.90 

+7.90 

+850 


Financial 


US T. BILLS <I«IM) 

SI million- pts of IN pet 


9LM 

87 J9 

Mar 

91X9 

92X5 

9176 

9179 

+X5 

9168 

87.14 

Jun 

9161 

91X9 

91X0 

91X3 

+X7 

9171 

8694 


91X4 

91.12 

91X2 

91X7 

+x* 

9043 

8577 


9049 

*073 

9X4* 

*070 

+.11 

9077 

8640 


9079 

9061 

9073 

*038 

+.12 


87X1 


90.10 

*012 

90.10 

9011 

+.13 

8975 

88X0 

Sep 

Dtc 

89X4 

89X4 

89X4 

89X5 

8941 

+.12 

+.12 


Est. Softs 12421 Prev. Sales 10601 
Prev. Doy Open Int. 44547 up I 

M YR. TREASURY (CBT) 

5100X00 win- PtSl 32ndi OI100 act 
81-27 70-25 Mar BO-21 60-30 

B+7 706 Jun 79-30 BO- 7 

80-23 75-18 5oo 79-17 79-19 

78-28 75-13 Dec 

78-23 75-16 Mar 

786 77-22 Jun 

Est. Sates Prev. Soles 7635 

Pm. Dav Open Int. 35610 Off 1J4I 
US TREASURY BONDS (CBT) 

<8 pct-SlDOXOO-Pts 8.22ndsaf 100 pet) 
77-15 57-27 Mar 71-22 7141 

77-15 57-20 Jun 70-28 71-6 

76-2 57-10 SOP 70-5 78-15 

716-5 576 Dec 4017 69-27 

72-30 57-2 Mar 69-1 69-10 

706 56-25 Jun 48-19 46-29 

602S 56-29 SOP 68-11 40-19 

69-26 56-25 Dec 67-78 68-5 

S9-7 56-27 (War 

68- 11 5+3 Jun 

67- 19 6+21 Sop 

Eat. Sates Pm.SataslSZAM 

Pm.OavOeeninLlMJM ettXl07 
GNMA (CBT} 

51 00X00 Prtn- pts a 32ndso< 100 pet 

69- 17 57-5 Mar 6915 6920 

695 57-17 Jun 60-36 6926 

68- 20 5913 Sep 

48-13 594 Dec 

67-15 58-20 Mar 67-7 67-7 

694 5+25 Jun 46-25 66-25 

45-23 4+21 SOP 46-13 66-13 

Est-Salea Pm. Sates 14* 

Prev. Dav Open int 7X50 up 106 

CERT. DEPOSIT (IMM) 


91JB 

S3 

Mar 

9174 

9174 

9175 

9040 

Jun 

9072 

90L73 

9049 


85X0 


9B30 

9072 

*870 

8943 

8574 

Dec 

8977 

8977 

8977 

■9.18 

8654 

Mar 




BOBO 

8663 

Jun 




87X6 

87X6 

Sep 




Est. Sales 

932 Prev. Soto 3 

424 



Prev. Day Open ML 14783 oft 20 
EURODOLLARS (IMM) 

SI mlllkm-pisot 100 pet. 

9883 85.14 Mar 90JS 9095 

9022 82X9 Jun 9032 90JB 

■974 84X3 SOP 89 J* 89X5 

89 JS UXO DOC 89X5 8962 

88.92 86.10 MOT 89X0 fl*X7 

08X1 8673 Jim B8X7 M77 

8831 S7XS Sep 8840 06. 40 

8927 BtLfll DOC 88X0 8420 

Est Sales 27X11 Prev. Sales 2L786 
Prev. Day Open in. 09.204 aft 136 

BRITISH POUND (IMM) _ 

8 per pound- 1 Petnl equal n 50X08 1 
Jan 

1X170 1.1355 MOT 1.1360 LW20 

12250 1.1340 Jun 1.136S l-t37S 

1X450 1.1330 Sep 


60-10 80-20 
7930 7930 

7913 7913 
78-29 
70-15 
70-2 


71-16 71-18 
70-2S 70-25 
70-3 70-4 

69)7 6917 
691 691 

0-17 68-19 
697 68-7 

67-21 67-20 
67-18 
67-9 
47-1 


6911 6914 
6922 6923 
492 
67-17 
67-2 67-1 

6+20 4+20 


89-37 

89X6 

8878 


90X5 90X9 
9027 nuo 
8976 8979 

89J5 89 J5 

89X0 B9XC 
■8+7 8869 
8940 8941 
8820 8916 


1.1410 
I.I3S0 1.1400 
1.1355 1.1370 
1.1350 


—2 
— 3 


— 3 

=3 

-3 

=3 


+.11 

+.12 

+.14 

+.15 


+.11 

+.11 

+.12 

+.12 

+.13 

+.14 


Season Season 
Hbn Law 


Open Hftti low Ckno Oft. 


1-2710 1.1330 Dec 1.1325 1,1325 1.1325 1.1940 +» 

Est. 5o tec 9X16 Pm. Satec B.1B1 

Prev. Dav Oaen Int. W2S3 up 1,154 

CANADIAN DOLLAR (IMM) 

S ncr dir- 1 Mbit rouola ELMO) 

MSB 7446 MOT 7»1 7S59 .7549 

.7835 7440 Jim 7536 750 7534 

7585 .7507 See 

.7566 .7495 'Doc 

Esi. Solas 1,183 Pm. Sales 1JB9 

Prev. Dav Oaen Int. 7X3 off ill 

FRENCH FRANC (IMM) 

Seer franc- 1 point ewobtOXOMI 
,1)985 .10235 MOT .10305 .10305 .10305 .18305 

.11020 .10210 Jun .10310 

.10430 .10200 Sep .MM 

Est. Seles 25 Pm. Softs 

Prow. Dav Open ML 291 

GERMAN MARK (IMM) 


seer mark- 1 paun equate SOLOflOi 
6(10 7160 Mar 7172 

7)92 

7169 

7187 

+14 

7733 

7188 

Jun 

7197 

7316 

7192 

7214 

+U 

7545 


Se p 

7226 

7228 

72» 

720 

+12 

7410 

7257 

Dec 

7280 

7280 

7378 

7275 

+12 


Est. Sates 23785 Prev.Sotos 25X38 
Prev. Dav Open Int. 36728 off 1x89 

JAPANESE YEN (IMM) 
spot yon- 1 point eauofc SBXOOOOl 
084495 A03931 Mer X03936 X03946 X03931 X03940 
00445)) JXm« Jun XOM8 JM1971 X63964 X0397D 
804150 JN4013 SeP JUMBO 1 JD4004 XQ399S X04000 

aoasa jmmmi ok xm 0 «sxhs 4 sxo 4 im$xo 4O4S 

Est Sates 0539 Pm. Sales 6X79 
Pm. Dav Open Int. 14X91 oR48 

SWISS FRANC (IMM) 

Spar franc- 1 naftt equals 50X001 


XUS 

7796 

Mar 

7801 

7818 

77V2 

7811 

6900 

7836 


7839 

7833 

7830 

7851 

6830 

7890 


JttO 

7900 

7880 

7891 

6360 

7*45 

Dec 

7*25 

7*25 

7925 

7935 


Est. Sates 17J76 Prev. Sabi 1+657 
Prev. Dav Open int, 19579 oft 400 


—12 

—10 


+13 

+13 

48 

+4 


Industrials 


LUMBER (CME) 

1 30XW bd. tt - 1 per 1X80 ba.n. 


V' V* ■ 






\ , T ■ 






w/L4 ■ 




1 7 ^1 1 


fA t | 

















r i 1 ■ 

|l ./ fl 













—1X0 
+70 
+ .10 
+J0 
+70 
+M 
+50 


Est. Softs 3X67 Pm. Sales <174 
Pm. OOV Open Int. 9X619 up 463 

COTTON 2(NYCS> 


50X00 tot.- cento per lb. 
7975 65.12 Mer 

67X3 

6774 

66X0 

67X7 

+X3 

7970 

6670 

Way 

67.92 

MM 

67 JO 

68X0 





68X8 

6X75 

6865 

6840 





6032 


6672 

6660 





6860 

6840 

6872 

6640 


7675 

6975 

Mar 

Mov 




6975 

7040 

+X5 


EsI. Sates 3J00 Pm. Sales 3X34 
Prev. Dav Open Ini. 18X38 upt} 


If EATING OIL (NYME) 


42X00 oaF cents per gal 
0675 Feb 

72X0 

7X40 

72X0 

72M 

+X3 

EMC 

i860 

Mar 

7060 

taJS 

6965 

69.94 

+X3 

S2J5 

64.90 

Apr 

66 70 

4865 

*7X5 

67.95 

+.10 

8240 

66X0 

May 

6775 

67 JO 

6640 

67X0 

+.10 

7860 

6150 

Jun 

66.90 

47X0 

6660 

6660 

—70 

66X0 

75X0 

Est. Sotos 

66X0 

75X0 

Jul 

Dec 

Prev. Sales 11X62 


66.95 

7100 



Prev. Dav Open ML ZU88 uo200 


CRUDE OIL (NYME) 
1X00 bOl - dollars per bbt. 



If^Tl 


rri 

| Ifr ] 

|-4 |l 

i.ri 





1 



w - ■ * 1 



r ' 1 


|.I ] 






r-V 1 





\ -4 1 J 



t-V 


I./ 1 ] 

l-l-l 

0- V 1 

V > j 















1 V. 1 

w - k . 1 

■ 





J.f J 

( V J 

W* - b. . I 

* 



(i*7| 




l.k>l 








1 <1 



l-fL] 

I *1 

|-V.| 


1- v_^ 

ft.i . 1 

- 







|.v| 



try* -1 





r - 1 f* ■ 



W~ N 1 





| i <| 

- 

mTTL 

W r f‘ 1 













[■ i-1 








t . | 









Prev. Oav Open Inf. 56750 up 3X41 


Stock indexes 


I Indexes compiled shortly before martlet ehnel 
SP COMP. INDEX (CME) 


points and cents 







IS025 15370 

Mar 

147.10 

169.15 

147.10 

16670 

+175 

1BQ7B 156.10 


170.10 

172.15 

170.10 

170.90 

+1.10 

17770 175.70 


17740 


17740 

17740 

+178 

Est. Soles 

Prev Sales 53, IBS 




Prov. Day Open int. 39779 up 738 




VALUE LINE (KCBT1 






points and cents 







19650 168.10 

Mar 

182X0 

18460 

18270 

18340 

+170 

19760 173X0 

Jun 

18570 

18660 


18660 

+1JS 

190X5 16575 

Sep 

186.es 

189.10 

18845 

189.15 

+170 

Est. Sales 

Prev.Sato6 3X92 





Prev. Day Open Mt. 4735 up 75 
NYSE COMP. INDEX (NYFE) 
do bits and cents 

1Q3X0 8870 Mar 9+50 9775 

105JM 90X0 Jun 987S 99J0 

1QSJ0 91J5 Sec 9970 10175 

102X0 10170 Dec 182X8 102X0 

Es>. Sates Prev. Sates iitsi 

Prev. Dav Open Int. 7.180 up 378 


9650 97.10 +70 

9B7S 9895 +X5 

1X70 10175 +1X5 
102X0 102X8 +1J0 


Commodity Indexes 


Moody's. 

Reuters 

DJ. Futures. 


Close Previous 

964X0 f 96050 f 

1,93250 1.92260 

NA 12112 

Com. Research Bureau. NA 24200 

Moody's : base 100 : Dec. 31. 1931. 

P - preliminary; f • final 

Reuters : base 100 ; 5ep. IS. 1931. 

Dow Jones : base 100 : Dec. 31. 1974. 


+.W 

+.15 

CBT: 

CME: 

IMM: 

NY CSCE: 
NYCE: 

-90 

COMEX: 

+40 

NYME: 

+30 

KCBT: 

+20 

NYFE: 


Market Guide 


Chicago Board of Trade 
Chicago Mercantile Exchange 
intcmalftnol Monetary Martlet 
Ot Chicago Mercantile Exchange 
New York Cocoa. Sugar. Coffee Exchange 
New York Cotton exchange 
Commodity Exchange. New York 
Mew York Mercantile Exchange 
Kansas City Beard ot Trade 
New York Futures Exchange 


London Commodities 

Jan. 9 

Fkwres hi slerfina per metric tai 
Gasoil In US. dollars per metric ton. 
Gold In 115. doliora per ounce. 


Previous 


120X8 121X0 
179X0 129X0 
14820 139X8 
74770 U7M 
153X0 1S3X 
168X8 16840 
175X8 175X0 


12178 
129X8 
148401 
14770 
154001 
16980 1 
T7SX0 


1,948 1.932 1X33 
1.952 1.945 1X46 
L9S3 T.9SI 1.952 
1X56 1X49 1.958 
1 AM 1X86 1X88 
1X94 1X80 1X85 
1.915 1X65 1X85 


High Low 
SUGAR 

Mar 122X8 119x0 120X8 
May 130X0 mx 128X0 
Aug 14OX0 139X0 140X0 

Oct I4BX0 >4670 144X0 

Dec N.T. N.T. 153X0 

Mar 168X0 168X0 16870 

May F7S20 17828 174X0 

1790 lots Of SB tons. 

COCOA 

Mar 1X59 1.932 1X47 

Mav L962 1.942 1X50 

Jly 1,962 1X46 1.9S2 

See l .W 1«8 1.955 

Dec 1X00 1 BBS 1X93 

Mot 1X92 1® Lffl7 

May 1X92. 1X87 1X55 

4X39 lots d 10 tons. 

2X50 2X92 2X97 2^4 2X41 
Mar 2720 ^«7 2J15 2JI6 2780 2701 

MOV 2^ 27« ZJ16 2^ 2^4 2^ 

Jly . U27 2X99 2725 2^6 27V2 2X»4 

Srp 1326 2J00 1322 2726 1»2 ZOT 

6tev 2720 2701 2721 2722 2X93 2796 

Jan 2707 2707 2X10 2730 2785 2700 

4X01 loft of 5 tons. 

GASOIL 

Jan 22675 32+00 22+jffl m00 m2l 

FM> 227X0 224X0 22475 234JB 22675 H7JM 
MW 221JB 319X0 Jl5S 2T9J0 22175 221J0 
Art 717S0 H4J0 J74.W 215X0 21800 21825 
toy 21650 21150 21150 219-00 217X0 217X0 

Jim 2WJ* 2 L» 310X0 214X0 215X0 217X0 
Jim 4VJJ0 4i*w w 212JM 7,^00 

& NX NX flMO ^XO 212M H1X0 

See N.T. NT. 212X0 223X0 218X0 22SX0 

2X89 lota of 188 tons. 

GOLD 

Fob m O" 299X0 30150 302X0 30L90 ^2X0 
Apl krtjw 30168 305X0 389X0 30470 30+00 
273 (oft of WClrorot 

Sources: Reuters and London Petroleum E»- 

change (gaaoW- 


London Metals Jan. 9 

Figures fn sterling per metric ion. 
Silver to pence PW lW ounce. 


Today 

Htoh flrode copper comodM: 
gvt 1,16X00 1,164X8 

3 months 1,172X0 1,172X0 
Copper cathodes: 

BX* 1,161X0 1,161X8 
J months 1,173X0 1.175X0 
Tin: spot 9795X0 9J0800 
3 months W40JD8 9^3080 
Leadispot 370X0 3BLOO 
33850 329X0 
725X0 726X0 
71150 714X0 
SZ7J8 52850 
539X0 540X0 


Previous 

1,152X8 1.153X8 
L159XB LliOXO 


3 months 
2Mc: spof 
3 months 
Sltvw.’spot 
3 months 
AhnnUum; 
spot 

3 months 


1.145X0 

1.UOX0 

9X71X0 

9X85X8 

303X0 

329X0 

716X0 

707X0 


536X0 


1.147X0 

1,140X0 

9X85X0 

9X18X9 

385X0 

moo 

718X0 

708X0 

SUXD 

537X0 


918X0 91800 
941X0 942X0 


NtefcH:sPot 4725X0 4^5^ 
3 months 476880 47*1X0 
Source: Routers. 


988X0 909X0 
931X0 931X0 
4.175X0 4,185X0 
4705X0 4710X0 




DJ7 160 — 

& iM Tto S IS S 

W3 M8 US J31 “ ~ 


B tfeUOOiOlH- 
Edluumai B lg t»N.15g . . 
pwk-tSS; ml OB eeen lot. I3XO - U 
Seurat: CMB 


Paris Commodities 

Jan. 9 

Sugar ft French Fumes per mettle ton. 
Other ftaura h Fames per Ifflkgi 


SUGAR 

High 

LOW 

Cla 

Mar 

1770 

1740 

1746 

Mav 

M» 

1X83 

1J94 

Aug 

1417 

1670 

1685 

Oct 

1X45 

1X35 

1X11 

Dec 

N.T. 

N.T. 

1420 

Mar 

1733 

1725 

1730 


Esi. vol.: 1.900 lots of SO ton*. Prev. 
sates: 1.160 toft. Open Interest: 10735 
COCOA 

Mar ZT40 2121 2121 2124 

toy 2150 2145 2115 2140 

Jly N.T. N.T. 2140 — 

Sep 2140 2140 2145 — 

Dee 2090 2090 2000 2X95 

Mar NT. NT. 2X« — 

My NT. NT. 24*8 — 

Est. vol.: M tots of 10 Ions. prev. 
sales: 84 lots. Open Interest: 713 
COFFEE 

Jon 2480 2480 2X70 2X10 

Mar 2525 2510 2515 2X25 

May N.T. NT. 2X00 2530 

Jly N.T. NT. 2500 2530 

Sep NT. N.T. 2500 — 

Nov NT. NT. 2500 — 

Jan N.T. NT. ,2X00 — 

Est. vai.; 23 loft Ot 5 lor^Prev. 
sates: 23 tots. Open Interest: 291 
Source: Boone do Commerce. 


— 10 
— 15 
— 6 
— 4 
uneft. 
Unch. 
actual 


+ 2 
+ 8 
+5 
+ 5 
— 3 
Unch. 
Unch. 
actual 


+ 12 
+ 15 
Unch. 
+ 5 
+ 5 
+ 10 
+ 10 
actual 



Company Per Amt Pcnr Rec 

USUAL 

Church's FrdChtcfc. Q 70 2-11 1-25 

Uht First Cbrp Q -05 3-15 2-15 

union Enterprises 0 70 2-1 M5 

westmoretand Coal O -10 3-11 M8 

A-Amwal; JAtoetbly; Q-Quorterty; s-5«m+ 
APiRHd. 

UPI. 


Mortgages Back 
£ 50 -Million Issue 

fnrematlonai HerttiJ Tribune 

LONDON — Morgan Grenfell 
ft Co. and Bank of Ain erica have 
announced w hai they described as 
the first seenrities issue backed by 
British residential mortgages. 

The issue is £50 million ($57 mil- 
lion) of 25-year Doating-raie notes 
sold by Mortgage Inifinnediaiy 
Note Issuer (No. I) Amstadam 
B.V. Early redemptions will reduce 
the avera g e life of the notes to 
about seven to eight years. Interest 
on the notes is to float at 0.375 
percentage point over the prevail- 
ing interbank rate for three-month 
sterling deposits. The Dutch com- 
pany is to buy £50 million of Bnl- 
ish residential mortgage loans from 
Rank of America. 

The two banks said Monday that 
they believe the issue, which is be- 
ing" offered to banks and other in- 
stitutional investors, “represents a 
significant pointer to the way m 
which such mortgage lending may 
be fuodsl in the future. 



HQNG-KOKG GOLD FUTURES 
UAUdT ouace 

Close Previous 
High low Bid Ask Bid Ask 
Jan _ N.T. N.T. 29fl.CC SUM 302.00 JO*J» 
Feb _ 29&00 29605 299X0 301X0 304X0 306X0 
Mar _ NT. NT. 301X0 303X0 304X0 306X0 
AM _ NT. NT. 303X0 305X0 303X0 310X0 
Jun _ NT. N.T. 307X0 359.00 312X0 314X0 
Aug _ 312X0 31200 311X0 313X0 316X0 310X0 
Oct _ N.T. N.T. 3I#J» 315X0 321X0 323X0 
Dec _ NT. NT. 331X0 323X0 326X0 328X0 
Valuing: 23 lots at 100 oz. 

SINGAPORE GOLD FUTURES 
Oil per ouace 

Prev. 

Hftti Low Settle Settle 

F«b 299.90 7T7M 29960 304.70 

Ator N.T. N.T. 30160 30L7D 

Art NT. N.T. 303.70 306X0 

Volume: B62 Ms at 100 o*. 

KUALA LUMPUR RUBBER 
tolavsian cants per kilo 

Dose Previous 

Bid Ask Bid Ask 

Feb 18975 19075 190X0 191X0 

tor 1»4X0 19475 195.75 19600 

Anr 19LSD 199X0 19960 20050 

Mat 2C3JX 205X0 205X0 306X0 

Jun 307X0 200X0 200X0 209X0 

Volume: 73 tots. 

SINGAPORE RUBBER 
Singapore cents per kilo 
Ctasa 


Previous 



BM 

Ask 

BM 

Ask 

RSS 1 Feb - 

14975 

17075 

170X0 

170X0 

17175 

17225 

new 






15*75 

RSS 3 Feh_ 

156X0 



1S72S 


149X0 

151X0 


15175 

RSS 5 Feb- 

141X0 

14300 

I487S 

15025 


KUALA LUMPUR PALM OIL 
tolavsian ringgits per 25 tons 
daw 
BM 

Jtei 1.190 

Feb - 1.145 

Mar 1.170 

AM 1.170 

Mav 1.160 

Jun J.!» 

Jly 1.140 

':1s 


1740 1710 

1710 MW 


1710 

1700 

1700 

J.JW 

l.lto 


1700 

1700 

1.190 

M0O 

1.170 


NOV. 


Volume; 2 loft at 25 ions. 
Source: Reuters. 


1.110 1.160 

1.180 1.160 


1780 

1760 

1740 

U40 

1730 

173) 

1710 

1700 

1700 


[ S&p 100 Index Options 

Jan. 9 

Chicago Board 


Strtae 

CoUs-Last 

Pels- Last 

Price 

Jan 

Fflb 

Mar 

jon 

Fflb 

Mar 

145 










ft 

ISO 



14ft 

_ 

1/16 

ft 

ft 

155 

7ft 

9 


1/16 

9,16 

1 

IM 

3ft 

5ft 

ft 

1ft 

2ft 

16$ 

■ft 

7ft 

4ft 

Jft 

4ft 

5 

170 

ft 

1ft 

2ft 

8ft 

8ft 

Bft 

175 

1716 

ft 

1 h 


•to 

13ft 

180 

1/16 

Hi 

7/16 

— 

— 



Total colt volume 122X52 
Taft) coU Open bit. 514.171 
Total pul volume 7BJ72 
Total put open Int. 285,704 
Index: 

High 16137 Low 16155 Close 161X5 — 0.14 
Source: CBOE. 



Commodity and Uail 
Coffee 4 Santas. I0_ 


Prtnldoth 64/30 38 vs. vd — 

Steel billets IPItt.j. ton 

iron 2 Fdry. Philo, ton 

Steel scrap No i hw Pitt. _ 

Load Seat, lb 

Copper elect, lb 

Tin IShvUft). lb. 


ZlflC, E. 51. L. Basis. ID . 

Pal kid I urn, a: 

Silver N.Y. oz 

Source: OF. 


Wed 

Year 

Ago 

178 

IJS5 

178 

0X5 

473X0 

453X0 

213X0 

213X0 

81X2 

B08* 

1023 

26-28 

64*067 

6* ft- 72 

57771 

02287 

045 

0.49 

171-126 

156ft 

6005 

7.90 


Company 

E arnin gs 

Revenue and profits, in millions, 
ore in local currencies unless 
otherwise indicated 


United States 
fleet Financial Group 


4th Quar. 

1984 

1983 

Net Income.. 

17.9 

144 

Per Shore __ 

0.99 

043 

Ynor 

19M 

1981 

Net Income _ 

65X 

52J) 

Per Share 

163 

3.19 

Per share resutts adtusted hr 7-toc-l Stock 

spill. 




Teledyne 


4th Over. 

1984 

198$ 

Revenue 

- 867.2 

791.1 

Oper Net 

22.9 

W.D 

Oper Share — 

1.96 

4J7 

Tsar 

1914 

1913 

Revenue 

3690. 

2.980. 

Oper Net — 

209 J) 

304X 

doer Share— 

1172 

14J7 


NBJauorter net excludes special tar credit 
of S67J million. 1 984 year net excludes lai 
audit ot SIDS million and a OOi n ol SWflJ 
million from sate. 


Gold Options 


(prices ft S/ol). 


&*) 37X0.29750 

Vilens WUteWeM&A. 

I. Qwai du Maoi-Btonc 
1211 Geneva L Switzoftnd 
TeL 310251 ■ Teles 28305 


Weekly net asset value 

Tokyo Pacific Holdings N.V. 


k — on Jonuary 7, 1985: U.S. $128.14. 

Listed on the Amsterdam Stock Exchange 

Information: Pierson. Heldring & Pierson N.V., 

Herengracht 214. 101 BBS Amsterdam. 


Pirated Recordings Are Big Business 


{Continued from Page 7) 
uncollected revenue on records and 
tapes sold outside legitimate com- 
mercial channels. 

Besides the problem with tapes, 
the recording industry is also con- 
cerned about illegally exported re- 
cords. which, starting around 1979. 
began flooding the European Com- 
munity. 

So troublesome did this trade 
become that national recording in- 
dustry associations around Europe 
have mourned a coordinated effort 
to stamp it ouL 

One of those who was alleged to 
have been involved in pirating was 
Jose Marques Serafim. 

Rebutting allegations against 
him. Mr. Serafim said recently that 
his company — Riso e Ri trao Dis- 
cos Lda — acted solely as an inter- 
mediary between Portuguese re- 
cord producers and export 
markets. 

"We buy the finished product, 
including the overstocks of local 
record companies, and sell them in 
Europe and other markets,” he 
said. 

Mr. Serafim added that because 
he bought overstocks from compa- 
nies whose pressing contracts for a 
particular record or label had ex- 
pired. he got them at a considerable 
discount, allowing them to be ex- 
ported at competitive prices. 

He stressed that in European 
terms, the number of recordings 
being shipped from Portugal was 
“minute." 

Yet private investigations by the 
recording industry across Europe 
show, according to Mr. Hurley. 


that illegally exported Portuguese 
recordings have have had a major 
impact in EC markets. 

In rate case, documented by in- 
vestigators and shown to this re- 
porter, more than 25,000 copies of 
an Elton John record were discov- 
ered in the Netherlands shipped by 
a suspect Portuguese presser whose 
am tram to produce the label in and 
for the Portuguese market alone 
had expired four mouths earlier. 

Mr. Hurley complained that 
overpressings were the biggest 
source of fraud enily sold long- 
playing records from Portugal up 
to the end of 1981. 

According to Mr. Hurley, the 
scheme works like this: 

A Portuguese producer is li- 
censed under a contract to press 
and distribute a label in Portugal 
for a limited period, usually three 
to five years. At the end of the 
contract, he promises to supply a 
"certificate of destruction” to the 
licensor signifying that he has de- 
stroyed the master tapes and press- 
ings -and disposed, by a certain 
date; of all unsold stocks of the 
contracted label. Buu said Mr. 
Hurley, as the contract nears expi- 
ration, unscrupulous pressers over- 
produce stocks that later find their 
way to European and U.S. markets 
as cut-price bargains. 

In other cases, the presser alleg- 
edly makes himself a copy of the 
record masters and tapes before 
destroying the oriainals so that he 
can continue producing the prod- 
uct without paying royalties, fees, 
taxes and other costs incurred by 
the legitimate producers. 


j Floating Rate Notes 


Jan. 8 


Dollar 


II Pte 

fdx 

May 



II 790 

1375.1575 

21003500 



II 303 

825 973 

16501800 

34253600 


II 310 

400. 550 

1150-130) 

18752025 


II 38 

ITS 300 

am 950 

J4SM6JD 


II 31 

075- 175 

sm«o 

10251175 


II * 

023 070 

300 450 

750 900 



Issuer/Mln am/Mat. Coupon Next Bid Aikd 
Allied I rl!llSV9S 99k 105 9tJ» 9tA* 

Allied Iridi5’6«l 1IH 17J iwjem** 

Allied ir 191 S’-* 9V. 6-7 UKX3UX147 

Allied IrfcJi teere tflw 2D-5 »5*> 95te 

Arab Bks Coro 516-96 121; 1+1 9977 1D0X7 

Anantlc Ftn lnl-«4 105+ 3+2 100X0100.15 

Ben Comm. Holland SVi-Nfft 6+ 99J6 99J6 
BCONazl. (MR) 510-91 mo 264 1002810071 

Boncn Dl komo -91 **. 7+ 99X4 99X4 

Baa Santa Spir1to» -VI W. 2+5 *9X5 99.15 

Banco Pwn4Wa5 MT 21 5 9925 19025 

BkOtGreeca -91/94 11V. li-l 903(9053 

BkOt Ireland 5t-i9 9>1 2+3 tatU5U025 

Bk 01 1 retail 5Ur92 II 25-1 9925 10025 

Bl Montreal SVi-W ft XM 1006510025 

Bk 01 Montreal 5-96 I'M 28-1 KXLBUIMt 

Bh 01 Monlrcol 5>6-t1 HR. 304 100X510098 

Bk 01 New York -96 11K 1+1 106X0100.10 

B6 Ot Nava Scrtio 59.-41/9] m 30+ 1007770057 

Bk ot Nava Strtio w*-*4 ww n-i 10022] can 

BkOt Tokyo 5W-93 11 264 WOXOIOO^ 

Bk Ot Tokyo 5te-*9 29-1 1 80^100^ 

Bk 01 Tokyo -87 12* 38-1 IDOAHM 

BkOt Tokyo SW-feMarVl m +3 U14010150 

Bk or TrtLV051^<fe<*/71 ft 7M lOCJIKBSl 

B> America 5W-te 0*. 2B-3 100X0103.10 

BankWi Trull 5W94 (V- 35-3 100.40KEJX 

Baofeera Trust 5Hr9» 9*. ft-J M0.1BTO3B 

84 ArtdDe ImeSt 5to-S7/n 13 2M 9L5a 99J0 

BOI5-95 99k 17-6 10025100X5 

BM 5-99 119k 11-4 1002710027 

Bo InOosusStoBO UK 1+1 101.60101X0 

Bo Indocile! 516-99 13 h. 21-3 WIXOtR-U 

Ba LUnion Eur 5M-8I N 303 1 00301 00+i 

Btts5V-87 171k Tf-l 1003719042 

UR, 384 100X510095 
BleoSte-tonM Mv. 77-1 1003410044 

Bice 54 99 13V. 13-3 1005310013 

BIX 51+ 95 1ZM 62 TiOTHlOtXa 

BnpSVHeMl 32-2 10X1010670 

Bnp 51+87 11% 2W ftJS bid 

BnoSV^XVta 10% 31-1 1002710027 

sssar R ii 6 bbw 

Bop 516-96 12V- 22-1 U0JS106* 

Ba Partook -oorp fth 11-3 KQJ8W648 

Ba Warm* 51WI/94 » +3, 101350045 

Bardavs Overseas 5-95 12V) 1M J01-U10l> 

Bardoys Overseas 5 -90 97% 17+ lOUSHOW 

BarttoyiOversaosS-rero U>v. 1-5 *»■« ™XB 

Bordovs Overseas 5 -04 IM « JJ02O1MJO 

Bergen Bk6VM Wi 2+2 UUftoa.18 

Bergen Bk5ys-88791 ntw 101 IRLOmp 

KOaBeleStledecMm 9 »J 992 6 99J S 

King Beft Stfjod-997D4 11* 114 lDOSlODAS 

King Berg 5 ion-94704 fit. 9-7 10026 0036 

King Baft Stft+wrp Dto U-2 ITC+fl*-* 

COXSte-M I2te 11-2 10025100X5 

Crrr 55.-02 Mb UJ 190431005] 

CneoSki-9um 17ft 263 10CLB1CAK 

Cncn 5W90/95 9* 74 lUVUSW 

CrtW-90 1 19W 3*4 lnOiTSm* 

Cnli’4-91 ItS* 05 1005I10B5fl 

Ctec(Wklv) 5>*4* ft 17-J MM 

ObCMk-94 17V. U-l 00307*45 

CortorelS+LJVrM _ Tlk »t 16085106.15 

Cliasa Matoattan 5W-93 l» 31J 

OwseS'S-M fa, M 9924 99J4 

OWTBcrtBkSVrM 19k 27-3 1004610050 

Oerrdak IWklvl Sk-96 ft 1+1 *82*^® 

CtelitlaMo Bk 5W41 9N 11-7 W02S1IO.« 

OirtSMnta-94 129. 6-3 19Q4aiOaJO 

emcore (Whirl Aua5V96 ft U-l *»21 M 

cillcorp seat S’*-** tte RJJJ-J 

CHI Octet- 7»* 301 »25 9LB 

OHggrg6-N Wk 13-3 IKkto^g-” 

emcofP- Undated- iHk ft-l 222?? 

ComenRr*±i€»i*5SA-«f ft 2J-2 MM 

Cununentxmk noe 81 IWh 305 M3Z1BU2 

Comaunaute Urtntre - 

De Montreal 51+91 12a* 103 laURWXl 

CdSW-86N8 12 263 106.91101X1 

CdSk.-9679S 13-00*4 1012?trJ2 

Cd- 49/as 94* 31-5 106151 HUB 

C4J5'44trt6 17% 77-2 16601005a 

eopn»5’+*7/92 101* 124 108X5100.95 

Cesrnt5te-M 9H +3 1 0034 10644 

Credit DuKord51*-W/97 9Vt 27-6 10035106*5 

Credit Fonder SV4-B/93 12 94 100X010690 

Credit For E<»ort5l4i-97 9te 1-7 »9.9i 10054 

Cl Lvon5W-91/96 lWfc 114 lOOgMOa 

Crsdrt Lvon5V.-57 171k 21-3 100210025 

Credit Lvon 5M-9BN7 17 94 101X4101.14 

D BffltLvon 51+897*4 Mfc 9-7 1 (0251 0115 

CreGI Lvon SW-fl/tS 90* 25-5 IQ1X5UU5 

credit Lyon cre+9 94* Z7-6 100X4 

credit Lvon Ste-ian9^9* I7L 101 W0.1S«)(L25 

Creclt Lvon JV.+m92/a* 99. 166 1064310622 

Crea Natl Site 5W4I 12* 101 1«L4BM05D 

CredNon&na5k*46/*4 \7te 11-3 iobjurio 

Credttanslott - -94 Un. ll-l 100.1710037 

CradttanHOlt 54+91/97 90k 103 106431002] 

Crednamtatt 5X0-96 12* 25-2 100.01*123 

Dal IcW KangyoSWAi Mte 1+5 100X10048 

Danslce one 51*99 9. 7-2 WMHW.il 

Den Morske -novfO 9% 17 7 9925 18055 

DenNortke-decta 9k. 19-3 995510650 

Denmark. 5teHon66/90 fa. 9-7 loasstooxe 

Denmark S'+acttB^O 1114 154 100.92101X2 

DenmortSW44 1» 102 106651W73 

Denmark 5Vro«g lift 03 B0J11EU1 

DteEreie- 

OeOereldltaCIie SW91794 170k 201 9991 100X6 

Dreghwr Bonk SV.-93 lift 104 106X515115 

□reamer Bore ite« fa* 257 99.92 100X7 

Dreamer Boo* 5*.-92 175. 27-2 WQJ010040 

Eldorado Nudttr SteW 120. 28-2 IM3Jm« 

Edt5te-99 17te 2S-2 1005110040 

EdlSte-95 I2VJ 1+2 100.411005* 

End- -93 90k 1+6 10BX2M0.12 

EO0JW9B n». 26-: 10L54MO44 

Eecs -86790 99k 07 UB35T004B 

Exterior Irll- -96 9tk 7V* 99X6 99.96 

FemvteSWdf 17V, X-2 1005710047 

Firsr Batten Inc 5tetei/W ns s-s 91« t95i 

FKSICWcwoS’J.-N to 11-2 180X2750. T2 

First City Texas 514-95 n. 2+1 979k 2% 

Ftry interstate 5Vi -95 fa +3 9974 99X4 

Full • -04796 124* l+l 100X5100.15 

DenitremeeSte-C 11 304 lOOTOlXJi 

CenfbiQnc*5'*-K.+2 9V. 706 laOSlBXJ 

Cenflremce 5 -97/94 171* 2?1 IOOX51BU5 

C»5VrS9 99k 11-2 10020150X0 

91/1711-3 1OOJS10O48 
Gib-aera too. 1+5 9791 

GdJ5Vii-96 ta 305 1 00X010040 

GlroS16-91 9. 27-3 1902010088 

Grind fan 5V92 12 207 1088210053 

Grind lavs r+«4 I2*j n 1004110021 

DreoS western Fin 51+94 T+ 21-3 99X6 9946 


Issuor/lAte imn/Mot. Coo poo 
MU Samuel 5U-96 12*. 

Hill Samuel Perp (Vi pons 0% 
Hteona Amert c ong PA-5S I1«k 
Hydro Quebec 5*. -N IP* 
icire>urtnet--91 13‘u 


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Rea. Ireland --M 
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Italy (Resetoikl 5H-95 
Clta6i5W47 
ttalv -89/94 
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Klein«ar1 BeMan 51+51 
KteHnpori Boman 516-48 
Korea Dev Bk 71 J85 
Korea Excnonge 7v»JB 
LJncrtn5te-99 
UovdsSVrVI 
Llavta 5W42 
Uavds-4M 
Ud>5V>Hiri99 
Ltd: 51+65 
LldlSVHlM85 
Ltcb 51+86 
L Kb 51+92 
Nlalvasta 5te-94/D9 
Maloyste 5l+apm/92 
Malarila 51+dec897T7 
Mclavsto 5V8B793 
NM Han 0 /Sms 51+94 
Aten Hen I Wklvl 516-9* 

Marine Midland 51+N 
Marino Midland 51+46 
AterineMUond-W 
Mellon Bk 51+46 f«. 

MkOand 5V-i-fl 12*k 

AAldlondS-at 5th 

AAMtend 51+92 18 

Midland 9 -91 U 

MkBa«J5-59 13H 

Mitsui Fin H+56 12th 

SSSSSffiS* % 

SSKSSSCS ^ 

Nat Bk Arabia 516-45 99k 

NatlMtestoiinSV+VI 129* 

Natl Mfestmto 5V+95 91* 

Natl Wostmta 51+4* 11% 

Natl ftestm In 51+97 ION 

NcatWeshnln-perp 129k 

NeMOv54+M 124* 

New ZacAand 516-87 lit* 

New Zealand Steel 5V+92 9V* 

Nippon EmtIB) 51+90 1» 

KSSIS^ 

Nome Int Fin 51091 101* 

OkbSI+M HR* 

CHb 5*4-94 10*k 

at-esm lie* 

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Dttstwre A*tnlna--i4 » 

PHn 51+41/94 I2VS 

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Royal Bk Sad tend 51+16794114* 
Sol toma 9+91/0) tie 

Samoa lnLFto5>+M link' 

Samoa -94/7004 12ft 

Sanaa InL Fln5fe-92 1714* 

ScrerHncvkyi Fbi5'+aprt3H9k 
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Seal Iona Int Fla 516-97 11*k 

5nd5l+» 

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SFi.5V.-fl9 946 

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Sadote Generate 9+40/9S 1M 

SocteteGflnerateS'6-98 lflv* 

SodeteGflnMorn+94 ■ 12*. 

SoctetoGonwiiteSM-nawM 10* 

Snd)-91 10ft 

Spain I Kingdoml 5ft-92797 17ft 

Klnodom Ol Spain Sft-93 1793 

Spain -95 9* 

Stand Ctwl Sft40 XTh 

Stand Dial S^-9* K> 

Stand Chart SW-71 15ft 

Stand Chari Ste-mnrlB I2te. 

Stand Chart -pera 10ft 

State BkOt lrefia64647 9ft : 

Sumltemo finance SVMfl 17ft 

Sumitomo Trust 5V* -92794 17* 

SundmUlnnken+IS lift 

Sveraka Jtandels 47 12ft 

Sweden9-91 M4h 

Sweden 51+47/B9 17». 

Soeden 5'493/n 1W. 

Sweden Sft 46/93 121* 

Sweden -flt/94/99 


Note Bid Asicd 
25-2 IOOJ71 00-57 
305 9395 
2+1 100X810118 
23-1 1005010040 
ts-l 99 25 150X5 

04 1000710023 

5-6 lOOXObld 
70S tDOtfllOtUi 
164 10CL53100W 
10-7 1004)5100-15 
37-4 592S 100.10 
+3 100230100.40 

2V3 WTftSM 

05 99.97 MUD 

102 MO93101X1 
1-2 1X6^,10636 

05 «B5fl1DtL6B 
102 1DB2210BJ7 
22-1 I0L52IB147 
54 Wta 95V» 

04 99ft 99ft 
12-6 06X099X5 
304 10U015UB 
66 MdtBMIXO 
1+1 I0BJ5M025 
22-1 100JSmS5 
t+S 99.95 bW 
IVi 100X710692 
IM M02X1B0JO 
31-5 1004010020 
106 99J9 9949 
04 1602510699 

54 100X100.45 

202 150.5710042 
303 150JB1DB.12 
1+1 97.55 9720 
01 1502310043 
101 99X6 95.55 
101 9923 99J3 


HKU4 10054 

nuoiotxo 


Sweden -90/05 
Tolya Kobe 51+92/04 
TokuolnSV, -92/94 
Tokai Asia Ltd 51*46/99 
Toronto Dominion 51+92 
Toro Trust 516-92/99 
TUO 5*4-94/04 
Union Bk Norway 5Vi -99 
unttedO/5easBk6-8( 
Williams + Glvns 516-91 
World Book -94 
Yokohama 51+91/94 
Zent r olesportaMo Ift-91 




u». 

17*. 

99k 

12ft 

90h 

9 

12ft 

9ft 

17ft 

096 

lift 

17ft 


9/7 1(04110046 
10-7 99.11 9923 
205 10040100X5 
103 (5058155X1 
12-4 1005306X3 
1+7 1504X10120 
1+6 10BX6MB56 
02 9750 90S) 
21-7 96X0 99X0 
29-3 9925 l»X 
103 100X4105X4 
207 9623 9192 
2-4 ltBXOlRUB 
1+1 10035(8853 


Non Dollar 


(ssaer/AAln aan/«teL Coupon Next Bid Aikd 


PrevN Brunswick -89/94 
Am -97 

8* Montreal 51+04 
Bk Tokyo -BB/ta 
B0lnaasuez5 l +9l 
aflaora 5.1/4 cff-W 
Orpine 51+96 
Cred Natl Site SV09I/55 
Denmrrk 93/9010 
I.IJ.S-M 

Kngaam Betoken 5 -a< 
UW«55-ta 
Bid Sft-90/93 
YceksWre 55+91 794 
Credit Fonder 51+99 


(lib 102 
10ft 1+4 
lift 201 
90k »-2 
tab 21-2 
pc t IS-7 
Mft 71-1 
«k 103 
pci 23-2 
Wft 15-1 
I09h 101 
9th 25-3 
10t* 2+1 
10ft 77-3 
10ft 04 


96X2599425 
99.73 99X8 
99X5 99X0 
99X0 

9940 99JS 

99.12 9927 
99X0 99X5 
99X8 99X5 
99 JO 10US 
99X5 99X0 
99X3 9956 

79.12 7L27 
1002510050 
99X2 99.77 
99X8 83 


Source : Credit Suisse- First Boston Ltd. 
London 



Kingdom of Sweden 

U.S. $750,000,000 
Undated Floating Rate Notes 

In accordance with the provisions of the Notes, notice is 
hereby given that for the six months interest period from 
9th January, 1985 to 9th July. 1985 the Undated Notes will 
carry an Interest Rate of 9^6% per annum. 

Interest payable on 9th Julv, 1985 will amount to 
U.S. 5474.50 per U.S. 510,000 Undated Note. 

Morgan Guaranty Trust Company of New York 
London 
Agent Bank 


in this way. artists, record com- 
panies and the government are de- 
frauded of milli ons of dollars a year 
by pirates apparently acting with 
impunity, said Mr. Hurley. 

Worse, be said, the pirates have 
now starting attacking recording 
companies’s current bestseller lists. 
Recordings made by singers such 
as Mi chad Jackson. Stevie Wonder 
and Lionel Ritchie, made by licens- 
ees for sale in Portugal alone, are 
being illegally exported to Europe 
and the United States. 

Mr. Hurley said that tens of 
thousands of his company's top 
hits are affected by this unde every 
month, “disrupting our markets in 
the EC and hurting profitability. In 

turn, we and other companies are 
deprived of the cash needed to re- 
cord and promote new artists, and 
this is where piracy is having its 
most insidious effects." 

Responding to the charges. Mr. 
Serafim denied that any of nis com- 
panies were involved in such activi- 
ties. He said masters of recordings 
all carried their own identity 
marks, which would make it easy to 
detect the type of activities out- 
lined by his accusers. 


ProfUSiaring 

ToBeCutatGM 

fJeK iWt Times S/fitct 

DETROIT — General Mo- 
tors Cotp. production workers, 
who were told during union- 
contract negotiations last sum- 
mer tbaf they could expect to 
receive about SI. 000 in profit 
sharing for 1984, will gel only 
about Half that amount, the 
company says 

Company officials said Tues- 
day that profit sharing is lifcely 
to amount to about $550 per 
worker this year, or $90 less 
than the average $640 paid in 
1983. even though 1984 profits 
areexpecled to approach S3 bil- 
lion against the $3.7 billion 
earned in 1983. 

GM officials said the reasons 
for the decline, despite the larg- 
er profits, are the effects of 
strikes last fall at plants in the 
United States and against GM 
in Canada and the larger num- 
ber of workers dividing up the 
profit-sharing pool. GM has 
called back about 100,000 fac- 
tory workers since the end of 
1983 . 


A Precedent for Reagan 


(Continued from Page 7) 
coming months.** He thinks the 
dollar will remain “relatively high," 
but warns that a “broad topping- 
out process is in place." 

Michael Murphy, editor of the 
California Stock Technology Let- 
ter. points out Lhat “this 18-month 
bear market has beaten up on all of 
us. . . . Institutions, stockbrokers 
and individuals are all fed up." 

“The best thug we can do for 
you right now," he tells Ms readers, 
“is remind you that it will get bet- 
ter, it always gets better, and it 
always seems worst just before it 
gets better." 

He dies a recent D rexei Bum- 
ham poll of institutional investors, 
in June 1983. at the top of the 
market, 79 percent of these inves- 
tors were b ullish and fewer than 5 
percent were bearish. These pro- 
portions. he notes, shifted steadily 
in the months that followed that 
survey, and the most recent survey 


found that only 36 percent of the 
investors were bullish while 26 per- 
cent were bearish. 

“We suspect they’ll be as wrong 
at the bottom as they were at the 
top.’’ Mr. Murphy said. 

For the first time in eight months 
the advisory letter has elevated 
eight stocks to an “aggressive buy 
list." Described as "untroubled 
companies at very attractive 
prices ." they are Apple Computer. 
CCT Corp-. Engineered Systems & 
Develop mem. Fluorocarbon Co_ 
Lynch Communications Systems, 
Micom Systems. Tylan Corp- and 
Xidex Corp- 

As for overall market perfor- 
mance, the Value Lines Investment 
Service is forecasting that the Dow 
index will maintain "an average 
level of about 1 .290 in 1985." While 
lhat sounds tempting. Value Line 
admits that its 1984 forecast called 
for the Dow to average 100 points 
higher, at 1.390. 


ADVERTISEMENT 


INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 
9 January 1985 

The ne( as**t votoe quotations shown below are supplied by ttia Funds Haled wltb IM 
exception of some fund* whose quotes ora based on issue prices. The fallowing 
marginal symbols todicata freq u en c y Of quotation (applied for the IHT: 

M> -dolly; lw)- weekly; (b) -W-moniMy; (D-repufariy; fD-lirogulPrty- 


AL NIAL MANAGEMENT 
lw) Al-tol Trust, SA. 

BANK JULIUS BAER 0 CO. Lid. 


—Id > Eaulbocr Amarlcn 

—Id I Eouibaer Eurooe__ 

— Id I Equlboer Pacific 

—Id i rzmnnr _ 

— Id I Slock bar ________ 


—Id ) Bwr Be it ob U i ga n 1 1 S3+70 

S 137.26 LLOYDS BANK INTL. POB 438, Geneva )1 

— *lw) Uavds Inti Dollar SUCJW 

— f(wl Uavds Infl Euraaa — SF 1(0X0 
— Hw) Lloyd* InVI Growth _ SF 1035X0 
— Mw) Lloyds InVI Income-. SF 307X0- 
— +(wl Uavds Infl Pacific SF 138X0 


SF 932.15* 

SF 11A1J3Q 
„ s 10X7X0 
SF 113SXQ 

SF 1151X0 PARISBAS— GROUP 
SF MVX0 —rid ) Cortexo I ntor national. — ■ S83JD 
SF 1S97X0* -lw) OBLI-DM___ DMJ^TJ/ 


— fd 1 C5F Fund 

— Id ) Crossbow Fund. 

—Id ) ITF Fund N.V 

BANQUE INDOSUEZ 
—Id I Aston Grawht Fund- 
— <w) Olwbond- 


-riwIOBLIGESTION 
SF2487 -Jwl OBLI-DOLLAR 
SF]0X6 — ( W )OBLI-YEN 



-lw) FIF— America. 
— lw) FIF — Europe — 
— lw) FlF — PgeKlc_ 


— Id ) I ndosuaz Multibonds A. 
—Id ) internet Mu It (bands B- 


S 1X19 — |wl OBLI-GULDEN 

—Id I PAROIL-FUND^__ 

S10J4 — IdlPARINTERFUNOj™ 

"SF BLSS — Id I PAR US Troaxurv Band_ % 100X1 

. S 17X6 Raval Bank Of CanadoPOB 24LGiMmsev 

_ JPXJ -+lw) RBC Canadian Fund Ltd—. 5 70X5 

. S 16X1 -+(w) RBC Far EnalAPaclflc Fd. S 10.12 

. S89X3 —flw) RBC Inrl Capital Fd. S 1L34 

% 1X7.51 -+(w! RBC Inrl Income Fd. 1 1ILS7* 

■D'TiuuuHwm a uuw -+ld 1 RBC MaftCurrencv Fd. 622X9 

BK1T ANfiiAgPQp Z7I, SI. HMWfi JWiV fwl RBC North Amfir Fd I fl 0*1" 

— lw) Bin Dollar IncxxYM SfUJBUr* ” ‘"Mnwi*. 

— lw) BrltX ManaO-Cu-T 18X4“ StOkHPIFOND INTL FUND f4*»«6PII)_ 

-Id ) Brit. IntlX ManoaoorH 50.952 S 1 !? 

— Id ) Brit. Intu tonoo-Porlf C 1.123 — <w>Act: Bid SiBOOtfer 55.17 

— lw) BrtlJJntwarsal Growth — 50.940 SWISS BANK CORP. 

-Iwl Brti.Galtl Fund * JSK — <d > Amorfcn Voter SF 53575 

— lw) Brlt4Aanoo.CurT#ncy ‘ ‘ - - 

— fd I Bril. Japan Dir Pert. Fd - 
— lw) BrHJersov Gilt Fund — 

—Id ) Brit. World Lets. Fund — 

—Id J Bril, work) Techn. Fund- 

CAPITAL INTERNATIONAL 

— lw) copnol Inn Fund 

— fwi Capital Italia SA 


I'** —Id ) C+Mark Bond Selection DM 12120 

*25 — W > Dollar Bond Sctoclkm s 132.95 

f&5! — Idl Rorin Bond Sfltocton — FL 12X34 


CREDIT SUISSE f JS5UE PRICES) 

— Id) Action* Sulraos SF 350.75* 


* —Id ) Intcrvakir. 

SIL731 — (d 1 Japan Portfolio. 

— fd) Swiss Foreign Bond 5ol. 
S3236 — ld)Swt*ivolorNewSor._ 
STOJfl — <d 1 Unhf. Bond Select 

* _J d , unhrona] Fund . ... — 


SF BUS 
SF 822.75 

SFiiau 

SFS65J5 
SF 82X0 
SF 11623 


UNION BANK OF SWITZERLAND 


-10) Band Voter Swl SF 1UAS } BwSlrrorat*' 

—Id) Bond Vtriar (0marft DM ID6J8 I 

-Id) Bond Voter US- DOLLAR — S 108-92 _!S ! 

— 52! — Y “eL°SS2! -«« > sStsMiF^ZIZ 


SF392S 
SF70J5 
SF 1J0XB 
SFM9X0 
SF 66250 
SF 20550 


-d\ cSSS! vSf S&OLLAR. S s 1«2 » S'™ (5tock ■ 

-4d | SF B01X0 UNION INVESTMENT Frankfurt 

-Id CS F«fc-Bonds SF7+00 — Id) unlrenla DM4IU3 

- SF IO0M —(d ) unltortta DM 707 1 

. J .. DM77j4! 


—4a | cs Fonda— (i 

— Id 1 CS Manor Market Fund. 
— Id ) CS Money Morkel Fund 

—id i —rale Valor 

— Id i msec 


j laxrxg —Id I vnlmk. 

dm 101600 Other Funds 


5F 154X0 

SF 692X0 (w) Acllbonds InvgptnenfS Fund. S2a53 

SF 145X0 lw) Actlwest inn s 10.15 

SF 1657S |w) Aqrtla IntsmoHonol Fund— 61(0X4 

Ir ) Arab Finance U S 868X0 

lb I Arlane S 1^1021 

I w) Trusloor IntJ F(L (AE IF) S 10.1 1 

__L. ‘ BF6074 

Dunn A HarolK 6 LtoYdGearofl, Brussels l w) BNP interbond Fund .1)0684 


— Id I Eurooo— Voter 

— 4d ) PacIHe —Valor. 

DIT INVESTMENT FFM 

— Ha I Concentre 

— Hd 1 Inn Rentenfond _ 


DM 74X1 

DM 93X0 id ) BBL FONDS. 


4m) O&H Commodity Pool- SZ73X6*** w> Bondsele+ltawe Pr. 

1m) Currency & Gokl Pool S17SJ3**' 

4m> WlncJv. Lite Fut. Pool— S578X0” 

4m) Treats world Fut. Pool- S 79+25 


.... SF 141J5 

imj Canada Old Morten— Fd S 655 

Id) Capital Prevstv. Fd. Inti 611X5 

(w) Citadel Fund S IJ9 

Id I CJ.R. Australia Fund 69X6 

(d ) CJ.R. Japan Fund s 9X4 


FAC AkGMT. LTD. INV. ADVISERS _ 

1. Uwrera Pouidy Hill, EC4.01X2+4M6 (ml Cterolorid Offshore Fd S 1.796X9 

-Iwl F&CAHantlc 110.19 iw) Coiumbte Securities FL 104.19 

— tw) FAC Europeon SMJ (b ) COMETE S 915.13 


lw) FAC Oriental 



— 4d) Fidelity Far EoM 

4 a ) Fidelity IntL Fund 

d ) Fldelltv Orient Fund — 
—Id 1 FhMIly Frontier Fund. 
—id l Fidelity PodOC “ 


$24X9 |d ) Cons. Bonks Fund S 1X60X0 

(w) Convert. Fd. Inn A Certs S9M 

' ~ - ' *«JB 

*73 JO 

IvtTst S9J3 

InveeLFund N.V — S 974.99 

. ... t . * J3J8 

s ,09s (Wl Dravfus Interoanttnem S 30.73 

X inj, lw) The Establlsnmenl TrusL. 

“ (24*5 (d ) Eurooe Obhaottom. 

- it IT? iwl First Eagle Fund — 

-J ,3, f,. lb ) Flitv Stars Lid. 


-Id Fid SK SM. gmP ST— Hfi* teSSfpr 

-Id) Fidelity World Fund $27.99* J*{ cSSST.m* 10 * Pr 


FORBES PO BSB7 GRAND CAYMAN 
London Agent 01X303013 
— lw) Goto income- - 

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noaoo (d ) Medloionum SeL Fd. 

S 1 1199* ID I Meteore 

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— Id ) G.T. Anriled Science — SK26* iwl KJLM.F $138X8 

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—Id ) G.T. Australia Fund JV (w) PANCURRI lnc_ 5 14X0 


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—Id 1 G.T. Honshu Pothfhuter . 

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—Id I Short Term ‘A 1 lAccum)— . 51.4378 fllf wf” 

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-id 1 Short Term 'B' tDtatrl $0X560* w Tokyo Poc Hold. N.V. S 128.14* 

— Iw) Loop Term. — 62114 {”> T ranspctoi nc Fund.^.^ — — 1B6X0 

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N I MAR BE N {” "gw EurOPe N.V. S4&S4 

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-rib ) J.F Padfic SecS.|Acc) . 
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PB 85578. The Hague 107B) 469670 


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(rat Winchester Diversified** ( io m* 

id ) World Fund SA j 1077 

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Worldw.de Fund Ltd; 9 - Offer 

once os on Am S ierd 0 m Sfock E. change B B *' “ flQllv slock 










































. i *v 


Page 14 


INTERNATIONAL HERALD TRTOUISE, THURSDAY, JANUARY 10. 1985 



PEANUTS 

THEY WANT ME TO REAP 
MV ESSAY WHEN I 6ET 
MY AlUARP MARCIE 


ILL PROBABLY HAVE 
TO PRESS UP ANP 
MAYBE EVEN CHANGE 
MY HAIR STYLE... 


r 5EE IF YOU LIKE IT ) g 
<Tj jlS WAY, S \^/ | 


ONLY IF I WANT TO 60 
P156UISEP AS A RANTEUON 


BOOKS 


f 


O 

■ l SSJ 


ftl I II i*T i'io-a 




BLONDIE 

I'LL HAVE A L 
MEDlUM-WsflE 
-7 HAM... 


r...Butaeep 


l WE'OE SETTING 
/ I NTO PAST FOOD 


ISO! S 

| NOTICED 


ixwy 



$ 

A|| 


ACROSS 

1 Pitch indicator 
S Daughter of 
William the 
Conqueror 

10 London's 
Albert 

14 Emulate the 
good doctor 

15 Gardener in 
spring 

10 Nichols bero 

17 With 57 Across, 
mason’s 
lament 

20 Recreation 
centers 

21 Queen 
Gertrude's son 

22 Grant obtained 
by Hollywood 

23 In person 

24 Leyte neighbor 

27 Steeplejacks, 

at times 

31 Antarctic cape 

32 Gay deceiver 

33 Australian 
honey possum 

34 Small ape 

35 Billet-doux 
opener 

38 Norris Dam 
org. 

39 Amazon 
dolphin genus 

41 Something 
bankers lean 
on 

42 Arabian prince 

© New York 


44 Mason’s 
material 

46 Jerks 

47 Ambassadorial 
asset 

43 Holier- 
thou 

56 Quit 

53 When the lunch 
bunch munch 

57 See 17 Across 

59 Sorrel's kin 

60 Shopper’s 
concern 

61 Leave Logan 

62 Sounds of 
disapproval 

63 Snake genus 

64 Laurel 
bestowed on 
Hollywood 

DOWN 

1 Modish 

2 Woman in a 
Yeats poem 

3 Make one's 
salt 

4 A caboose 
preceder 

5 Role for 
Walters 

6 Soft and fluffy 

7 Mas that say 
"maa" 

8 Wimbledon 
call 

9 D.C. building 

16 Sam Spade's 

creator 


11 Former labor 
leader 

12 Verse 

13 A Balt 

18 Came closer 

19 Chalet feature 

23 Compare 

24 Franks’ 

law 

25 ”A Bell 

for " 

.26S.F. Bay 
county 

27 Street show 

28 Horner or 
Sprat 

29 Split 

36 Top bananas 

32 "Pajama 
Game” actor 

36 Optional 
course 

37 Lessee 

40 They autshout 
words 

43 Coaches 

45 Harum-scarum 

48 Do some sums 

49 Fire-engine 
gear 

50 Tapered tuck 

51 Biblical 
oldster 

52 Neb. neighbor 

53 V. Lopez 
theme song 

54 Monogram pt. 

55 Cartouche 

56 Place west of 
Nod 

58 N.T. book 




BEETLE BAILEY 

you, beetle? 

I'M WA 1 TW 6 //£y^ 


•x COLlLPNT 
I MAKE IT, 


LOOK, hlEXT TIME s WH&R&'s 
"YOU CANY MAKE IT i L. Cfcw, 
SENP A SUBSTITUTE f 


BEETLE? 


W. 


mM- 

l-O 


^ c, 



ANDY CAPP 



1 1 WAS RESETTING u ~ > 
I - 1T*S A'FRj&JbLY’ “WE 
Iȣ3sfrCLOB3B*\OU < 
■ — , IF'jOLlDOh/THAVE ) 
s L TWEBAU- j 


m a 


Times, edited by Eugene Moksha. 


DENNIS THE MENACE 


7^0 


77 f< 




m 


IF m to IS AWD AT THE SECRET IS TO SET 

WXtoMADATtJUmTHENVaiR to WILL 
SWITCH SIDES-* 


IS* that scrambled word game 

r^J (yR-jl y by Henri Arnold and Bob Lae 

Unscramble theaa tour Jumbtea, flxxxxlx. X X X Xll 


GALED 


SUJOT 


WIZARD of ID 


mm 

xpmze 

o&ezA 

PIZ2VIP 


REX MORGAN 

/ Turn s E&rr/vw sou s i 

I BEEN KIDNAPPED AND TM/rTS 
THE LICENSE PLATE OF THE . 
CAE.' rr WAS HEAPING t— V 
. SOUTH ON BUISTOL- ■fe-'l 


AiYOF'lCU 
<SW5Cfi*P 
A PIZZ4P 


...wmi 1 

R 7TJ1TOES 
AW? 
CXOt&i 


dMAum, 

to# PIZZA 

ISfEPg 


Ml/ bWAU- 1 LfAVE 
Ell THE CAP HERE, 
A-V JAKE?*-*" 


YES/ OPEN THE DOOR 1 
OF THE VAN SO I CAW 
t SET THE KIP >N 

> these/ rnm^m 


AUGUST STRINDBERG 




GARFIELD 


1 I THINK 
SKINNV PEOPLE 
ARE F7JNNV... , 


THElR HUNTS KEEP 
FALLING POWN 


THUMP 

THUMP 

THUMP, 


I KNEW A KIP WHO S 
WAS SO SKINNV, < 
ALL HE COOL? WEAR 
i WAS A HAT/ > 


By Olof Lagererantz. Translated by Anselm 
Hollo. 399 pp. S 25 . 50 . 

Farrar Straus Giroux. 19 Union Square 
■ Wew. Sew York , V. Y. 10003 . 

Reviewed by Eva Hoffman 

O NE can hardly imagine a more fascinat- 
ing. or a more formidable biographical 
subject than August Strindberg. Aside from 
writing some of tne most powerful dramas to 
visit the stage at any time, he dramatized his 
o»n life with an uninhibited flair that some- 
times verged on the bathetic, and sometimes 
came close to a form of insanity. 

The extreme volatility of his temperament 
* a s accompanied by an egotism that led him 
from manic peaks of self-esteem to abysses of 
humiliation and despair. His relations with 
women and his attitudes toward them are. of 
course, rich material for a psychoanalytic case- 
study — a study that Strindberg himself was 
constantly pursuing and reformulating in a 
prodigious body of work. 

Lagererantz. a Swedish poet and literary 
critic and the first scholar to undertake a major 
biography of Strindberg in decades, touches on 
all these multiple strands in his subject's life 
and character. Unfortunately, be doesn't delve 
into them with either the analytic or the imagi- 
native forcefuioess required to convey and 
comprehend Strindberg's intense struggles and 
contradictions. The result is an informative, 
but oddly flat study of this most highly etched 
of personalities. 

Indeed. Lagercrantz’s prevailing attitude is 
one of cautious and almost hostile skepticism. 
Strindberg. Lagererantz contends, was basical- 
ly a poseur, always creating scenarios and 
personae that fueled his art but that had only a 
tenuous correspondence to the realities of his 
life. Autobiographical works like “The Serving 
Maid's Son" are treated as a fabric of self- 
deceptions and sentimental exaggerations. 
While that work's first chapter is titled “Afraid 
and Hungry." Lagererantz notes, in fact. 
Strindberg grew up in a relatively well-to-do 
household. Even hiis faiher’s bankruptcy didn't 
cause the family much hardship. And while 
Strindberg continually emphasized his youth- 
ful loneliness, there is plenty of evidence that 
be was sociable and surrounded by good 
friends. 

Strindberg. Lagererantz tells us, got into the 
habit of presen ling himself as the victimized, 
persecuted genius — a habit that may account 
ror the virulence of his attacks on his putative 
enemies in such confessional works as the 
stories in "Marrying." or the highly provoca- 
tive novel "A Fool’s Apology." But while it 
may be true that Strindberg delighted in of- 
fending the sensibilities of the bourgeois 
Swedes of his day. he certainly succeeded with 
a vengeance that gave credence to his paranoia. 
His works often went unpublished and were 
sometimes censored. At best, they caused scan- 
dal and high moral outrage — even while the 
artist was becoming ever more of a celebrity. 
Lagererantz is equally intent on unmasking 



August Strindberg 

Strindberg’s recurring spiritual crises and dark 
nights of the souL For example, referring to 
Strindberg's letter that suggests suicidal im- 
pulses, he writes that it is “aliterary product," 
and that “his alleged stale of extreme agitation 
is described with remarkable linguistic con- 
trol" But again, even if there was method in 
Strindberg's madness, that does not preclude 
the possibility that the state was genuine 

Early on, Strindberg referred to himself as 
’‘unmanly"; be was obsscssed by the size of his 
penis, and equally preoccupied by his own 
creative powers, which he described in un- 
equivocal metaphors of birth and fertility. As 
be grew older, the sense of his “unmanliness" 
gave way to an almost mystical and, at the 
same lime, very modem conviction that human 
identity is hardly a unified entity, but a swirl of 
colliding, nearly impersonal particles and 
pans. In a late novel "The Roof-Raising," he 
wrote, "His own ego dissolved, and the innate 
character was seen to have been the mask 
behind which he had played his part, created 
by assimilation or conditions of life, and ac- 
cording to the law of the greatest exchange of 
psychic elements." 

In such observations, Strindberg looks for- 
ward to the later perceptions of psychoanaly- 
sis, and to such writers as D. H. Lawrence or 
James Joyce. It would have been ill uminating if 
Lagererantz had placed Strindbezg in a wider 
intellectual context — if he had told us some- 
thing about the dramatic soil from which his 
naturalistic plays emerged, or analyzed his 
impact on such later artists as Eugene O’Neill 
and Ignmar Bergman. As it stands, the biogra- 
phy is probably most useful in pointing us to 
the great variety of Strindberg’s work — in 
reminding us that be was a forward-looking 
painter, an ethnographer, journalist, historian, 
amateur scientist, and author of many hardly 
remembered novels and plays. There remains a 
Strindberg stiD to be discovered. 

Eva Hoffman is on the staff of The New York 
Times. 


By Alan Truscott 

G OOD bidding and de- 
fense, plus a small slip by 
the declarer, gave East-West a 
top-score on the diagramed 
deal. A weak jump ovrrcali 
usually needs a six-card suit, 
but West tried it with five 
cards in view of the favorable 
vulnerability. 

North's double was nega- 
tive, rather than for penalties, 
and East then made a key bid. 
Three hearts showed spade 
support buL a desire for a heart 
lead. This was entirely logical, 
for with a long, strong heart 
suit be would have opened the 
bidding. 

South eventually tried four 
clubs, ending the auction. 
West dutifully led a heart, and 
East took the jack with the 
king. He shifted to the made 
ten, and declarer ducked. West 
took the king and shifted back 
to hearts. 

South played low from dum- 


BRIDGE 

my. ruffed then ten, and 
cashed the K-Q of dubs. He 
had to save his remaining small 
trump to control hearts, so he 
led to the spade queen, leaving 
this position: 

KOKH 

a— 

004 

«q«a ■ 

*A 10 


SOUTH 

♦A 

0 — 

4KJ984 

♦8 

South led to the diamond 
king, and would have succeed- 
ed easily if West had taken his 
ace. But he created a small 
problem by ducking, creating 
the illusion that a diamond 
ruff was impending. 

South should have contin- 
ued diamonds, resigning him- 
self to defeat if the defenders 


took a ruff. But be made the 
error of cashing the spade ace 
and throwing a heart from 
dummy. When he that played 
a diamond, it was too late; 
West took the ace and played a 
spade, promoting East’s dub 
jack as the setting trick. 

NORTH (D) 

*q« 

UQJ43 

oqea 

*ah»2 

WEST EAST 

$!& 

6 A7 01052 

•65 *J74 

SOUTH 
♦ A74 
03 

4EJM4 

♦KQ83 


North and Sooth won vulnerable. 
Thabkfctag: 


Nona. 

East 

South 

wm 

Pass 

Pin 

10 

2* 

DbL 

3V 

Pass 

3* 

Pass 

Pus 

<* 

Pus 

Paa 

Pan 

PUS 



Want led ttehnitabt. 


//HAT THAT 
X - RATE C? MOVIE 
DEFINITELY WAS. 


Now arrange I he circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


DOAJIN 


FILMAY 


Print answer here: A 

(Answers tomorrow) 

Yesterday's 1 Jum “ca. LOFTY RIVET FERRET PLEDGE 

| Answer: The only thing co mmon 10 the past, present 
and future — THE LETTER T 


WEATHER 

EUROPE Ulru 1Mlf ASIA 


HIGH 

LOW 


ASIA 

HIGH 

LOW 


c 

F 

c 

F 



C 

F 

C 

F 


8 

44 

4 

39 

ci 

Bangkok 

33 

91 

20 

68 

fr 

-2 

26 

to 

21 

sw 

Banks 

1 

34 

-9 

16 

fr 

16 

61 

14 

57 

Ci 

Mono Kona 

IS 

59 

11 

S2 

0 

1 

34 

to 

21 

fr 

MOM la 

39 

•4 

20 

48 

rt 

-W 

14 

-IS 

S 

0 

New Delhi 

20 

48 

9 

48 

fr 


Betorade -W 14 -IS S o New Da 

BerMn -12 TO -14 7 rr Seoul 

Brussels 4 S t II m Stnootni 

Buttered -5 B t 11 m Singapore 

Budapest A 16 -IS 5 fr Taipei 

Coped haem -7 19 -14 7 lr Tokyo 

CosId Del Sot II SO 4 » r 

DaMIe 2 34 1 34 r A^RI 


EdWbarab 

Florence 

Frankfort 

Genera 

Helsinki 

Istanbul 

Las Palmas 


J JJ "1 5 ° A rulers 

-1 30 -7 19 lr cnlra 

-II 12 -14 7 a rnrnTir 

-IT IS -TS 5 fr gSdZ 

-12 10 -IB 0 sw 

4 39 3 3B r £55" 

21 70 IS 99 d Mnu 

4 39 I 34 fr 

T 34 -2 28 O 

0 32 -9 16 fr LATII 

-S 23 -10 14 fr — 

-12 TO -U 7 o Bpeaoi/ 


I 34 -4 1| SW 

4 43 0 32 O 

32 90 2* 75 d 

14 61 14 S7 r 

9 48 2 IS fr 


10 50 4 39 d 

24 79 15 S9 d 

25 77 15 59 fr 

14 41 7 45 d 

24 79 17 43 d 

31 tt 25 77 d 

24 79 14 57 el 

A 43 3 38 o 


tTIN AMERICA 


Remiovfk 

Rome 

Stockholm 

Strasbourg 

Venice 

Vtaqne 


•12 TO -21 ■* i r Lima _ 

1 34 -7 19 fr kMOfleo at» 

■9 14 -19 -2 a RfodeJanel 

-4 2S -TO 14 o SdoPdOlO 

■' l aJ ‘1 3 ? NORTH, 

2 36 } 34 it AftcborDM 

-W M -13 9 ef 

-IT 12 -17 I a SSSST 


Bomm Aires 33 91 24 75 d 

Lima 24 79 19 64 d 

Mexico CMt 20 68 0 32 d 

Rfa do Janeiro — — — — no 

SaoPmlo — — — — no 

NORTH AMERICA 


-3 24 -4 21 o Stem 

-H 14 -16 3 Cl SmP* 

-IS 5 -22 -4 fr Hpnc tafcJ 


3 38 -2 28 d 

9 48 1 34 r 

-3 24 -II 12 fr 

-3 24 -10 14 d 

-5 23 -B 18 sw 

-4 21 -15 5 fr 

24 79 16 61 Sr 


MIDDLE EAST 




Hoextan 

LosAaaelas 

19 

16 

59 S 
61 7 

41 

ci 

Ankara 

10 50 


38 

O 

Miami 

23 

73 12 




22 72 




MIBIHWPOM 

-12 




Oaamscin 

17 63 









Jerusalem 

11 46 

5 

41 

Cl 

HOSMU 

23 

73 12 



TO Aviv 

OCEANIA 

to 79 


49 

d 

New York 
San Francises 
Seattle 

-2 

13 

4 

28 -10 
55 S 
39 1 

14 

41 

fr 

r 

Aoctonetf 

24 75 

17 

43 

fr 

Toronto 

-12 

10 -17 




» m 

ft 

70 

d 

wos&Satotae 

1 

V -7 

19 


d-doudv; fo-toaov; fr-folr; h-ftofl; 
stashawers: swsnow; sf-starmv. 

o-overensf ; oc-partiv cloudy; 

r-rnlh; 


THURSDAY'S FORECAST — CHANNEL! Ram. FRANKFURT: CtantV. 
Temp. -5 — 14 (23—7). LONDON: Snow. Tamp. 1—2 134— 28), MAORIS: 
Fair. Temp, 2 — | (34 — 18). NEW YORK: OouOy. Temp. 0— 7 132— 19). 
PARIS: Overcast. Temp. -3— -7 (24—19). ROME: Cloudy. Tamp. 2 — -1 


SEOUL: Snow. Temp. 2— -5 (34—18). SINGAPORE: Fair. Ten*. 30—24 
184— 75). TOKYO: FOOT- TeitlA 9— I (48 —34). 


Canadian Stock Markets J*”- 8 

Prices in Canadian cents unless marked S 


Toronto 


900 ADH Pi cp 
9SS0 AOnfco E 
500 A ora I nd a 
540)5 Alt Energy 
7150 Alfa Nal 
7012 Aloamo Si 
MOOAiocen 
l54AroinCor 
4ftO0AfCOf> 

98D0 BP Canada 
27*951 Bank Ml 
75950 Borrlcfe o 
1000 Baton A f 
3574B Bonanza R 
IDO Bratorne 
3«M Bromaleo 
400 Brenda M 
32949 BCFP 
17430 BC Ret 
23S4SBC Ptv™ 
24I0Brtimwk 
14000 Budd Can 
9100 CAE 
S7SCDldbBf 
4887 Cod Fry 
5084 C Nor west 
14300 C Pock rs 
5754 Can Trust 
925C Tima 
22058 Cl Bfc Com 
44oa Cdn Not Res 
J7B45 CTIt*A» 
21000 C UHI B 
71275 Cara 
48Cettnese 
100 CHUM 
575 CDIsfb B f 
4405 CTL Bank 
soioceoweet a 
l900Coseka R 
2200 Conran A 
9000 Crowns 
19050 Czar Res 
144302 Doan Dev 
i7oa Daon A 
5545 Den lun A 
7590 Bunsen B f 
1190a Devercon 
XBMDIcknsnAf 
2SQDDfckn» B 
1700 Demon A 
33220 Dafascn A 
500 Du Pool A 
9000DVMSA 
sw Etetnom X 

1X0 EnKD 
19330 EauUy 5vr 
2500 FCA Inti 
JOOC FotaonC 
4800Fta*rdBB 
933 Fta-tty Res 
400 Fed Ind A 
SfOOFedPlan 
3W0 F CUV Fin 

3500 Fraser 

TOO Fruenauf 
4900 GendJt A 

aiOGcacCmip 
4994 Geocrude 
1800 Gibraltar 
meoGakfearnf 
too Goodyear 
1IB0 Grandma 
584 GL Forest 
4W gi Pacific 
100 Grev find 
3500 Hiding A! 

3300 Hawker 
2328 Haves D 
1088 H BaV Co 
10045 imascn 
4200 Met 
1 101900 IrralK 

300 Inland Gas 
22020 Irrtpr Pipe 
ITOIVKOB 
200 Janmrck 
4000 Kam Kotla 
» Kerr Add 
11981 Laban 


KW Lew CMwe cnee 
53318 32V. 33—— 
situ ms ms— 
SSW 5H 
S199S I8A4 |8%— 
SWA 14 14<* 

STOVs 18Vb 18V1 
5178. 1724 ITU— 
511 11 11 

S79» 71s 714 

S25U 2S"j TS'.'i — >.t 
513 I2U 7244— H 
158 U8 155+7 
SIS'A IS«a 1514 + ft 
400 390 400 + 5 

559* 5V* 5V»+ IS 

SI4VJ IMS 16«S 
58 Eft 8ft + H 
511ft 10 ft 11 + ft 

340 2S7 258 — 2 

*219* 21 IS 21ft 
S133S 13ft 13ft + ft 

nfi i4ft i4ft— , 

514ft 14ft 14ft 
SSft 5ft 5ft 
515ft lift 14ft— ft. 
525 24ft 24ft— ft , 
S29U 28 2Sft— I 
530ft 30 30 — 

314ft 14 141% + {« 

529ft 29ft 29ft + 

19 II 18 
S9ft 9ft 9ft ♦ ft 
517ft 17 17ft + ft 
Sllft lift lift- ft 
54ft 6ft 4ft— 
S37W 37ft 37ft + ft 
55ft 5ft 5ft 
SlOto 10 10ft s it 
Uft 6ft 4ft 
245 240 245—5 

Sllft. lift lift + 
515 15 15 

«5 ISO 154+2 

Si 22 2i! ~ 7 

270 2S8 270 +10 

SM 1594 14 
514ft 14 VS 14ft + ft 
57ft 71% 7ft + ft 
450 445 445 

455 445 445 + 5 

240 225 225 +5 
523ft 24 34ft + 
SWA. lbVa IK, 

528ft 28ft 20ft + 

435 435 435 +10 

515ft ISVa 15ft + ft 
54ft 4ft Aft— ft 
517ft 17ft 17ft + 
514ft 14ft 14ft + <U 
580 SO 80 — ft 
250 250 250 —5 

51 9ft 19ft 19ft + 

571 20ft 71 
512 lift lift— to 
517%. 17 17ft + ft 

*T9ft 19 19 — ft 

524ft 24 74U + 

Sllft lift llft+ft 
304 200 201 + 1 

S7ft 7ft 7ft + 
15ft 5ft Sft— 

1 37ft 37ft 37ft 
44 44 44 

SW 04 84 

S2SU 25V. 25ft + 
524ft 24ft 24ft— I 

140 130 140 +5 

517ft 14ft 171,'. + ft 
519 19 19 

517ft 17ft 17ft 
WSU 45ft 45ft 
SllVa lift llft+ ft 
513ft 13V* 121% + 
SI4ft IA. 14ft— ft 
S34ft 34 34ft + 
S15ft lffi 15ft + ft 
SUM 10ft I Oft 
94 « M 4 6 

514ft 14to Uft- ft 
522ft 21ft 31ft 


’ 14437 LCCWfirls 525 

4400 LOCOJ1C J1IH 

44 LL Lac 524 

4797 Lntrtaw Co 519 

400 MDS H A SlOW 

917DQMICC 300 

3(831 Melon H X 522ft 

41*4* Mertand E 455 

6*54 AAoiSOn A ( $16 

3700Maison B 514 

ilOOMuraliy 521 

1750 Nabisco L S24VA 

22470 Norondo JI7V; 

934 Norcen *1Sft 

107586 NvaAIIAf 57ft 

2245 NOWSCO W 518ft 

5*5GS NuWsI to A S3 

75DOakwaad 15 

1380Ostiawa Af S23U 

18920 PanCon P 528 

5780 Pembina S17ft 

500 FTwnJir OH *7to 

lOOPhwPDlnl 122 

3000 Place GOo 105 

1W10 Placer 522 

500 Prwrlgo S16VI 

300 Oue Sturg o 335 

1000 Ram Pel S5ft 

1300 Ravrack f 58 

1754 Redaalti 132 

34544 Rd Stenfn A 517ft 

1710C RnSuvl IBS 

347 RevnPrpA 101 

1900 Raman S13U 

3100 Rothman 542 

4M0S«ptr* 55% 

14S3 Scnm* 517ft 

4483 Soars Con 57ft 

10730 Shell Can 52JI 

7*42 Snorri it Soft 

IK S tal or 0 t 59' 

3119 sou mm S53 1 

3770 51 Erodes! 512 

13578Sle<CO A S20ft 

1100 Sul Pirn 290 

iOOStoeoR 215 

»Suncorpr 5231 

TOsaSrtfnevo 72 

30CO Taj carp 73 

3100 Tara sm 

WOTeekCpr A 510 

7073 Tec* B I 510ft 

7151 Tea Can 534to 

10050 Thom N A 549 

851743 Tar Dm Bk 5171 

S97 Torpor B 1 sieft 

6^7 Traders A* saw 

TIDTrnsMf 57ft 

*400 Trlnlrv Res 450 

2B799 TmAlto UA 523ft 

4610J TrCon PL $211 

9790 Trlmoc 450 

17750 Turbo f 29 

500 Unicorp A 1 575 

,352 Un CaroW 510ft 

4*340 U Entprlse 517, 

500 U Kano 510 

laoovmiDer 225 

*MOVer»TIAl $55 

3S0V«staroa iWft 

24000 weshtan sits 

400 Weston S7«ft 

lMwaodwdA 10% 

_ 1200 Ylt Bear SUM 

Total Sales : 10,171368 shares 


Hton LOW Cine Chur 
525 24VS 24ft- ft 
JIDft ID 10 
S241S 24ft 26ft- 

519 in. 18ft— 

siaw ll<« i8’+— ft 
300 282 300 +13 

522ft 22 22 ft — ft 

*56 *40 *45 — 5 

S!6ft 16ft 16ft + 
514ft 16 16 — 

521ft 21ft 21ft— 
524ft 34ft 24ft + ft 
517V* 17to 171% + ft 
515ft ISft 15ft— to 
S7ft 6ft 7 
518ft 18ft 18ft— ft 
53 49 50 

55 5 5 

523ft J3 33 — 1* 
528ft 27ft 77ft— 
S17ft 17ft 17ft + to 
STto Tto 7Va — (* 
S22VS 22 ft 22ft + 
105 105 105 -10 

522 ,21ft 21ft + 

5 14ft 16ft 16ft 
335 385 385 +5 
552* Sto 5l%— ft 
58 8 8 

532 31ft JI’t— ft 
517ft 17ft 179S + to 
IBS 175 180 +10 

101 101 101 —10 
S13ft 13ft 13ft 
542 42 42 + | 

ssft sft sto 

5T7to 171% 1 7ft 
57ft 7ft 7ft— I* 
522ft 22ft 22ft— 
■MS *ft Sto 
59ft fto Sto ft 

Uft 57%. 53 + 
512 12 12 

JCOft 20ft 20ft 
290 290 290 + 5 

215 215 215 

S23ft 23ft 23ft— 
22 21 21 + 1 

73 73 73 

S15to Uft 15%, •* 
510 9%. 10 + 

510ft lOto > 0 ft + to 
534ft 36 34 —to 

M9 48 48ft 
517to 17ft 17ft- 
516ft lift Uft + to 
520%. 20H 2017— 
,*7v* 7to Tft - 
450 *45 445 —IS 

SOft 23 ft 23ft— ft 

521ft 21ft 21%.+ 
450 435 43S 

29 3ft 29 + 
57to 7ft 7to— 
■10ft Wft 10ft 
517% 13 I TVS + 
*10 10 IB + 

22S 210 710 + S 

S5ta 5ft S% + 
SHito into wto 
sins lift m-i— 
574* U 74 74 — to 

I Oft 18ft 10ft— Is 
SHM 19ft 10ft | 


| Amsterdom | 

Close Prev. 

ABN 

ACF Holdlno 
Aeeon 
AKZO 
Ahold 
AMEV 
A 'Dam Rub 
Amrobank 
BVG 

aueflrmann T 
CoJand HJdo 
Elievler^fDU 
Fotker 
Chi Brocades 
Kefneken 
Hoooevens 
KLM 
Naarden 
Nat Nedder 
NcdUovd 
Oee Vender G 
Pakhoed 

Philips 

Rabeco 
Rodamca 
Roflnco 
Rorento 
Savor Dulcn 
Unitewer 
Van Ommeren 
VMF Stork 
VNU 

ANP.CBS General Index :1P71 
Preyfaes :H8Jf 
Sower ; AFP. 


Close Prev. 
Bover 19*60 195 

Boyer JHypo. 338 J*0 

Bayer.vertenk 33E50 339 

387 379 

CommerrbcnJi 17* 17*J» 

Conttaumml 117.70 117.10 

Daimler-Benz 413 611 JO' 

Drau-sa 3*4.98 3*4 

Deutaeite Babcock 145 14* 

Deutsche Bank 401 4Ctl*o 

Dresdner Bank 19450 1774B 


Other Markets Jan. 9 

Closing Prices rn iocoi currencies 



PUB-Sdniihe 

GHH 

Moctlllcf 

Hooctol 

Hoesch 

Holxmonn 

Horlen 

Kali U Soli 

Kxrrsrodi 

Koufhol 

KHO 


223 2» 

164J0 1*4 

485 488 

191.10 19750 
99 JO 98J0 
390 387 

178J0 17150 
264J0 242JO 
242 739 

224 219 
_2S7 25BJQ 


Wlnsor 
World inn 


Close Prev. 
£40 5J5 

1JB 1.74 


Hone Sana lodex :1 <769.95 
Previous -.ISXJAl 
Source: Roofers. 

1 Johannesburg 


Brussels 


Arbed 

Sckoert 

Cocfcertll 

EBES 

GS-rnno-BM 

GBL 

Gevaerl 

Hoboken 

KrodJefbank 

Pefrefina 

Sac Generele 

Scrflno 

Sohrav 

Traci fan Elec 


1-445 1A40 

csss 

2S3 258 

lus un 

3.100 tuo 
1350 3075 
1*30 1*10 

kM 6.960 
1J20 1J40 
7J80 9JB0 
4,128 4,138 
3.910 3J70 

5.100 5.100 


Kteeckrwr Wertee 7 4 JO 7U0 
K runo 5 tarn 77 79J 

398 2WJ0 

Lutthoraa 1^ 153 

WAN 1 59 A0 IffiB 

MonRciiTiann 157 I5L40 

Metaltoeseiischoii 318 718.90 
MuentJvRuecfc 1148 1150 

Preussoo 2SS 355 

RJ**taer*-Werke 337 333 

149 168 

fPWrtno 459 JO 459 

Siemens 497«90j0 

Thvsaen 84 B2_8o 

y°ri° 177 178 

Veto 17SJO I7i 

VEW ITira 1JOJO 

Volkvwooerrw em 211 2137D 

CMinmtnk index : 1,111*1 
Previous : 1.I37J0 

Scarce.- AFP. 

\ Hong Kong I 


AECI 

Bar lows 

Bivvoor 

Buffets 

Elands 

GFSA 

Hormcnv 

Ktool 

Nectaank 

PsISIevn 

Rusukrr 

SA Brews 

Sf Helena 

Stool 

Composite Stock in 
Pravtaot^RJO 

Source: Nn&onk. 


760 760 

1025 1K0 
1600 1575 
4825 6650 
1400 1390 
2600 2550 
2700 7700 
7625 7550 
1110 1120 
5450 5550 
1540 1525 , 
655 6*0 

3J7S 3300 
560 560 


London 


Boov sa index : 979J4 
pres lout : 977.13 
Source: AFP. 

I Frankfurt ~1 

AEG-Teietunkan 104.10 103.10 
Allianz store 1063 mss 

Basf 1B4J0 184.90 


Bk East Asia 
Ctieuno Kono 
CWna Utftrl 

crass Harbor 
Hons Sene 
HK Elec 
HK Hotels 
HK Land 
HK Shanghai 
HK Tei 
HK Wharf 
Htiiqi Whampoa 
JartfineMath 
JariSneSec 
New World 
Show Brae 
, 5WK Prop* 
'Stale Darbv 
SMI in 

1 Swire Partite A 
Wheel Mar 
Wheelock 


25 25 

II JO 11^0 

M 14 

1080 18 JO 

45J0 45,75 
M0 4.95 
2788 27J8 
195 4J775 
JJO US 
57 JO 57 JO 
,5.15 530 

isjo use 

178 9.10 

8.10 8 45 

.5.15 1M 
14J0 1*50 

aw ■ 

N.O. — 

1 JB 1 JO 
2220 2230 


AA Cor* $11 

AlUed-Lvons 148 

Airalo Am Gold 590 
Babcock 145 

Barclays 5B* 

Bass 512 

■AT. 361 

Beertnm 38* 

■ICC 258 

BL 38 

BOC Group 278 

Boots 203 

Bowoter Indus 236 

BP 490 

Grtf Home SI 272 

□r II Telecom 1 IS 

BTR 634 

Burmah 231 

Caabury Srtnv 169 

Charter Cans 203 

Coats Potaro 166 

Cops Gold 477 

CowrtauWs 160 

Doftelv 490 

Do Beers 40a 

Distillers »0 1 

DrtofonJeln 124ft 

Dunlop Susp. 

Fisons 2*6 


Frees? Ged 

GEC 

GKN 

Gloxa 

Grand Mel 

Gwlnnesi 

GUS 

Hoitoon 

Howfcer 

ICI 

imps 

LtavdsBank 

LonrtU) 

Lucas 

Marks and Sp 
Metal Box 
MW tend Bank 
Nat West Bank 
PUklngton 
Plessev 
Rocol Elect 
RanofanhMn 
Rank 

Reea Inf) 

Reuters 

Rural DulCh 

RTZ 

Shell 

STC 

SM Chartered 
rale and Lvfe 
Tosco 
Thom EMI 
T.l.oroup 
Trofoloor Hse 
THF 

Ultramar 

Unilever 


Ctose Prev 
521 U, filft 
220 714 

208 207 

1111/32 1IU 

233 232 

717 709 jid 
337 341 nd 
441 441 

750 738 

197 195 

549 544 

165 165 

253 2*3 xd 
127 120 «d 
*10 406 nd 
357 in 

614 59t 

303 300 xr 
210 304 

281 276 , 

590ft 192 

312 306 

558 552 sd 
300 275 

M2to M2to 
584 587 

*48 6S5 

280 778 

47V 477 

*65 454 

340 237 sd 
477 457 

240 240 

355 345 sd 
148 150 

205 711 

tlftll 29/64 


Europe 1 

Gen Eoux 

Hochetie 

imefai 

Lafarge Cop 

Legrand 

roraai 

Moira 

Mlchelln 

MMPefew 


Close Prev 
8« 830 

,555 558 

1.680 1J99 
79 JO 80 , 

379 TO 378.90 
1.947 1.925 
7 rhw 2J4B 
IJ41 1.760 
808 77B 

64J0 44.90 


Poseidon 

RGC 

Santas 

SJrtah 

Southland 

Wooaside 

Wormald 


Close Prev 
255 255 

330 330 

524 530 

147 171 

34 24 

97 92 

in 117 


MoelHermessy 1.920 Ijob 

Mauitaek 91 91 jo 


An Ordinarlet index ; 71 568 

Previous :718J0 

Source: Reviers. 


Nora-Esr 
Occldenlalo 
Pernod Rlc. 


75.40 75 JO 
*58 *50 

702 718 


Tokyo 


Pstroles Use) 251.10 252 

Pouoeoi 759 JO 749 JO 


Pnclaln 
Prhifemps 
Rodlolectm ; 

Rettoulr 

ItoMBscI Udaf 
Skb Roulonoi 
Sour .Perrier 4 

T e le me c o n 
Thomson CSF 
Valeo . 2 

A— « In dex : I89J7 
Previous : 18846 
CAC Indei : 1S7J8 
Previous : 18*. I ( 
Source; AFP. 


42 41.90 
1«0 JO 189 
212.10 220.10 
1 J 2 S U15 
1A80 1J65 
IJ7S L870 
«*-90 492 

7.250 2J*5 

*39 czaso 
237 JO 240 


Singapore 


United Bisculls 214 203 »d 


Vickers 

W-Deep 
wjfofdlnge 
war Loan 2ft 
Woolworth 
ZCI 


222 223 

KOft s aft 

527 527 

CBVa QSto I 
593 570 

13 Uto 


F.TJ0 Max : PB3.N 

PrwiBoc : 971 J« 
Source: AFP. 


Bowstead 
Crtd Storaos 

FraserNoave 
Haw Par 
ineficape 
Kenpei snip 
MaJ Banfcfno 
OCBC 
OUB 

Somb Shipyard 
SI me Darbv 
S SteomsMp 
SiTradlno 
UOB 


OUB Index : 3(1.38 

Previous sawn 

Source: Overseas Union Bunk. 

1 Stockholm 1 


15 1 J 1 

J3 7-S4 
4.98 5.15 

*JV 4JS 
1.91 IN 
2JS 2J5 
IAS 1.46 

sja s>« 

ji ^ 


Ahai 

AiahlChem 
Asahi Glass 
B»di Of Tokyo 
firfdoestone 

Conan 

0 Ni p po n Print 

Dolwo House 

Full Bank 

Full Photo 

Fujitsu 

Hitachi 

Honda 

IHI 

1 lOfl 
JAL 

Kallma 

Karaal Elec Pwr 
Kao Soap 
Kaw Steel 
Kirin 
Komatsu 
Kubota 

Moira Elec Ind* 
Malra Elec Works 
Mltaub Bans 
MJfswbChem 
MitsiA Elec 
MllsiKi Heavy 
MlfsuNshl 
Mitsui 
Mllsuhoshl 
Wiftmi 


1 Canadian Indexes Jon. 9 1 

Noea Previous 
Montreal 109.18 109 .S3 

Toronto 2J55.90 2J48J0 

Montraol: Slock Exctiuiee Industrials Index. 
Toronto: TSE 300 Index. 


Solution to Previous Puzzle 


Montreal 



High LowCtoMCboe 
S2Sto 25ft 25ft 
Sl6to left uto 4- Vs 
SI 2ft 12ft 12ft 
*l2to RVS I2to— to 
514to IJto I* 

S2Bft 28ft IB to— I* 
SUM Ufa Ufa 
SIS IS 15 + % 
938 29** 29t 

■17 16ft 14ft- 1* 

shares 


Japan Vehicle Registrations 

tteinm 

TOKYO — Japanese new-vefai- 
de registrations in December fell 
43 percent from a year earlier, to 
321.909, and were down from 
342,874 in November, the Japan 
Automobile Dealers Association 
said Wednesday. 


bebb oaann aaaa 
□cobs aacian aana 
ncan saaaH aaaa 
Bcnmaaa □□□□□□□ 

□ □£9 aoSCUQ 
□QQQQD9E2 GaOSDS 
□Bin aaaua aaana 
moDc] snatDQ anna 
□CBHa aanaa aan 
□□□coo nsnaanaa 

Banaa oaa 
sennanma QQaacinn 
DDt3D aaaneg □□□□ 
□GQC3 aazinn □□□□ 
BEBB Q[3BHB Bang 


Banco Comm 
Control* 
CWahototo 
Crad Hal 
Familial ta 
Fiat 
F insider 
Generali 
IFI 

Ha t e e m will 

Mediabanco 

Msmadlson 

Olivetti 

PI roil I 

RAS 

Rlnoscenfe 

SIP 

Snta 

5 rondo 


17.900 17J10 

3 370 2 an 

A476 4J47 
2.125 24175 
9J40 4.900 

2.1 JO 2J85 
5425 4975 
35488 35J00 
‘jjjq uon 
»J90*9J00 

48490 *8400 
1 J7S 1.347 
5.951 5.905 
1,968 1,925 
SM0O58J00 
339 52» 

1.912 1J60 
2.178 1132 
*488 8320 


S^Lora. a % 

n a s 

Anas Genoa 1M iaa 

BoUdei 177 178 

E Metro kn 262 259 

344 2*7 

Essolta 310 305 

HofKtahtenkan 19B 197 

Phormocto 215 194 

Sodb Scania 420 420 

ScndvIS 310 360 

Skonska 57 9? 

skf in no 

Swed ish Match 257 257 

valve 33S 224 

AfWra e oi wgi inasx ;«r» 
ptftta : 198.18 
Source: UetoMsbonken. 


NlkkoSec 633 

NiaaanStael 152 

Nippon Ytnen 255 

Nissan 610 

Nomura Sec 932 

Qtataut l.iso 

H ICOK 958 

Sharp IjVO 

Sony _ 1780 

Suml Bank 1760 

Sami Chem 223 

Suml Mofol 151 

Tolwi 209 

TolSbo 406 

Tafcrda 79B 

Trilki 440 

Tk Marina 765 

Tk Pewwr 1450 

Tartar 4*4 

Toshiba 420 

1 Toyota 1JB0 

Yomolctd Sec 617 

New index : 926*0 
Prev i a in :92zj* 
NttttdWXl Intan .117*151 

Previous: 1147979 

Source: Reuters. 


450 *29 

714 738 

90B 830 

442 473 

528 520 

1J90 1J30 
980 ABO 
516 552 

1J60 IJW 
1J70 L620 
U60 U30 
870 851 

1370 1348 
148 1S1 

380 355 

UN 5J89 
285 284 

1450 1490 
807 806 

151 149 

547 5*5 
466 *65 

322 32* 

1-580 1J80 
626 62S 

1400 IJ70 
373 367 

406 405 

257 260 

574 553 

363 150 

373 37* 

1 . 1*0 1490 
1^3 1750 
633 448 

152 1ST 

255 259 

410 470 

932 9*0 

1.190 1.100 
958 M0 
1-090 1-OftO 
1780 3470 
1J6D 1410 
■m 223 
151 151 

209 205 

406 412 

798 798 

440 *38 

765 7B3 

1450 1490 
444 4*5 

, *20 416 

1-20 1,250 
617 610 


Zurich 


MIB I Mn ;NA 
Previous :uiiJt 
(Base 2/1 /IS - 18007 
Seme: AFP. 


Sydney 


Air Liaulde 
Al lPl O m Alt 
AuDotsaull 
Boncalra 
BIC 

Bouvsues 

BSN-GD 

Correfour 

Club Med 

Cofimoo 

Dumcz 

Ell+wllslno 


548 569 

8» BOB 
585 690 

530 

720 7*4 

1*05 1360 
1320 
'■52 UFO 
M 241 JO 
719 727 

330 227 


AC I 
ANI 
ANZ 
BMP 
Barol 

Bougainville 

Brambles 

Coles 

Como!e» 

CRA 

CSR 

Dunloa 

Eiders ixi 

Hooker 

Moaeilan 

MIM 

Mver 

Oakbrtdee 

PekP 


193 193 

238 240 

SM 504 
<88 4M 
314 314 

154 156 

3*8 348 

395 394 

201 300 

476 478 

270 275 

185 187 

305 305 

175 176 

310 220 

229 223 

1*8 167 

67 67 

405 405 


Bonk Leu MX MOO 

Brawn Boverl 1470 1450 

C iBP Geloy 2-590 2J80 

Crodll Sulue " 2400 13*5 
Elect ro w ul l &71S urn 

Gears Fischer 633 U) 

Jelmoll 1,940 1.950 

H5JI* _ MB 5.9S0 

OorhkwHa 1J1S 1435 

RoellO Baby 9.100 NA 

|Utoer 1,700 1J60 

SBC 366 365 

Swissair IA9B 1.103 

UH4*rt Bank X460 3430 

Wintorthur * 4 

Zurich iru. 19425 18.900 

SBC Index: 42898 
Pmiawr *29.10 
source: AFP. 

NO.- nal auafea. NA . not 
a vex taw*: «J- eK«vMtond. 










•> • 

Jv-C 

». J u. - -.. s 







INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 10, 1985 


Page 15 





j-j ne 

:•••. :' J.' aee 

from 

■ i >.'• LiK. 

: r-.-.d: 


- sr 

... ;* 

^ ; S! 


SPORTS 


Strong Foreign Contingent to Spice 1985 PGA Tow 


By Gordon S. White Jr. 

N'cw York Times Service 

NEW YORK — Fuzzy Zoelicr, 
the reigning U.S. Open golf cham- 
pion, was not around for Wednes- 
day's start of the 1985 PGA tour, 
the Bob Hope Classic on four 
courses in Palm Springs, Califor- 
nia. Nevertheless, Zoeller is de- 
lighted. because he can swing his 
dubs again. He even thinks be can 
rejoin the tour when it reaches 
Florida in the second week of Feb- 
ruary. 

Thus the PGA tour, always in 
need of ibe charm and popularity 
provided by players like Zoeller, 
will regain one of its biggest attrac- 
tions after the six Far West tourna- 
ments are held in California. Arizo- 
na and Hawaii 

But by then Zoeller and other 
familiar tour stars may find they 
have some new rivals for fans' at- 
tention. For in 1985 they may be 
facing one of the strongest foreign 
invasions in the history of the PGA 
tour, an invasion led by Greg Nor- 
man and Seve Ballesteros, two well 
known foreign stars, and joined by 
Denis Watson, Tommy Nakajima 
and Bernhard Longer. 

Zoeller won the Open last June 
during five painful rounds at 
Winged Foot, beating Australia's 
Norman in the 18- hole playoff. 
During the tournament he had to 
overcome constant pain in his 
back, and he wore a specially built 
electric belt at night to give himself 
treatment. 

But the condition deteriorated, 
and Zoeller could not tee it up for 
the PGA Championship at Shoal 
Creek, Alabama, in August The 
bade pain was so intense that he 
was hospitalized in Bir mingham 
Alabama, the night before the tour- 
nament began. On Sept 25, be un- 
derwent surgery to repair two rup- 
tured spinal disks. 

Last week Zoeller's doctor told 
him he could begin to practice a 
little each day. 

“1 went right out and hit five 


C-McCotron 

1.566 

358 

277 51X045413 

Cortfora. 

1A6D 

587 

279 S11J81A28 

PlftCDT 

1*407 

299 

235 510,909,948 

Detahoussov 

1JD4 

198 

1W 5 BJ17A39 

veiomucz 

1360 

269 

222 E BJTKMtf 

Dov 

l<695 

400 

2*6 5 7,92X040 

Manic 

1J45 

200 

ITS S7J42A26 

Davfs 

1792 

256 

276 5 6JU0B65 

Vafonzugla 

1J26 

177 

183 S X236J16 

word 

X094 335 

Trainer* 

300 5 5.18X60 


Starts 

151 

2nd Purses 

uukas 

799 

IZ7 

no S5JDX912 

5leptwm 

282 

79 

52 1&2S4J90 

MeAnallv 

477 

74 

56 S4J3X465 

L Barrera 

486 

85 

57 SL3H49S 

Vcoi Berg 

US4 

258 

215 *4.188555 

Gostton 

448 

74 

87 5X44X171 

Hertier 

280 

39 

30 5X3BX7S9 

WMttlngtiani 

429 

53 

57 5X149J12 

Franhel 

359 

58 

69 5X963L345 

Fannhu 

519 02 

Horse* 

47 5X7SM10 


Starts 1st aid Purse* 

Stow o* Gold 

6 

5 

1 SX427M4 

Jotin Henrv 

9 

6 

1 IQ.TOJHO 

Wild Again 

16 

8 

1 S3454JB9 

Goto Danear 

' 11 

4 

2 *1,136325 

SWale 

7 

4 

1 51<D91J10 

Royal Heroine 

B 

4 

2 SUmJBO 

Lash kart 

I 

1 

0 5958,954 

Chiefs Crown 

9 

6 

2 *9209*0 

Desert wins 

8 

3 

1 *91X250 

Ufo** Magic 

12 

4 

4 587X954 


HARNESS RACING 
Drivers 

L William OTtanell SWB9.1B4. 3. John Came- 
MILS7201 JML X Buddy GHmOur, UAOtXU. 4, 
MJchel Lachance, 5X88X39X 5, Mlekev mcNL 
chd 51453.961 <5, Hervo FlllofW h 

Carmine AWwItoHo SXaXVno. ft, Ron Wanles. 
JMJUm. 9. To m H toaMon, sanxus. JO. JJm 
DChem. 8X371489. 


balls toward the take behind the 
house," Zoeller said. “And nothing 
fell apart That’s something right 
there. I had originally thought id 
get bock for Bay Hdl, but now I'm 
shooting for DoraL" The Dora! 
Open in Miami begins Feb. 21; the 
Bav Hill tournament runs from 
March 7-10. 

Last year, the four major tourna- 
ments were won by four of the most 
popular personalities on the PGA 
tour — Ben Crenshaw (the Mas- 


ters). ZoeDer, Ballesteros (the Brit- believed to be a possible future star resolved, he may have problems 
ish Open) and Lee Trevino (the and major tournament champion is with consistency. 

PGA). Longer of West Germany. He will This year the PGA tour may in- 

Trevino won the PGA at the age be playing as a regular member of elude a skins competition at some 
of 44 despite the Tact that he, too. the PGA tour for the first rime this of its tournament sites. This is a 
suffers from severe back pain. With year, so he will be in at least 15 takeoff on the four-man Skins 
Trevino, it is so persistent that he tournaments, and probably more. Game that was hdd in November 
doesn’t practice anymore. He un- He arrives after bang the leadi n g of 1983 and 1984 in Arizona, with 
derwent back surgery some years money winner on the European Jack Nicklaus, Player. Arnold 
ago after being struck by lightning tour last season. Palmer and Tom Watson, 

during a Western Open. The 27-year-old Langer, whose The plan is for a skins game at 

Ballesteros won the 1984 British biggest problem is his putting, fin- each site, with the previous year’s 


during a Western Open. 
Ballesteros won the 19 



Ballesteros won the 1 984 British biggest problem is his putting, fin- 
Open at Sl Andrews at a time ished impressively in the British 
when his back was not bothering Open, tying Tom Watson for run- 
him, although the Spaniard has ner-up. 

-also been similarly hampered from From tee to green, Langer played 
time to time. better golf at Sl Andrews than any- 

But Crenshaw, the popular Tex- one else. But he has the strange 


ergolf at Sl Andrews than any 
else. But he has the strange 


an who attained his first major vie- style of putting left-handed on 
lory in the Masters, does not com- some putts and right-handed on 


plain of back problems. 

Most golf fans will be rooting for 
Zoeller to return to full strength 
quickly. They also want to see Tre- 
vino. Ballesteros and Crenshaw 
continue to win. 

Ballesteros, of course, will be 
leading the group of foreign players 
trying to make their mark. The 
Spaniard has been playing in the 
United Stales for several years, and 
Gary Player of South Africa has 


others. Until he gets his putting 


Palmer and Tom Watson. 

The plan is for a skins game at 
each site, with the previous year's 
winner of that particular tourna- 
ment pitted against the three cur- 
rent leading money winners on the 
tour. No tournament must hold a 
skins game, and so far there is no 
Corporate sponsor for them. If it 
comes abouL the skins games will 
probably be hdd on the Tuesday of 
a tournament week. 




J 


) - •• .*• • 



been around much longer. Bui battle went the way John McEnroe 
there are four other foreign golfers thought it would, "not the way he 
who have given every indication wanted it to. When Tuesday night's 
that they will be able to earn a big opening match of Masters tennis 
share of the record S 22 million-plus tournament was completed, it was 
in purses to be offered in 1985. Anders Jarrvd who had advanced 
Norman, who was the honest lo 3 quarterfinal meeting against 
golfer on the 1984 tour during a McEnroe, the event's defending 
midsummer stretch of about six champion and No. 1 seed, 
weeks, won S3 10.000, ninth on the Jarryd. in command at the ncL 
1984 money list. He and Ballesteros beat Henrik Simdsirom. his Swed- 
are entering their second year as ish Davis Cup teammate. 6-4, 6-1 


Jarryd and Kriek Take ^ 

Openers of N.Y. Tennis | 

NEW ToRjT^tJT S wedish roebattiS was in^sS'mSsS Winner MIchela Figim, flanked by second-placed Brigitte Oertli, right, and Ariane Ehrat 
battle went the way John McEnroe the Stockholm Open the fiisi week 
thought it would. ’not the way he of November. McEnroe won that 

wanted it to. When Tuesday night> match, but the fusty New Yorlrer's J7»_f • • f ^ X Cimec /V WIsVfSVm Sifi/inn 

opening match of Masters tennis temper got die better of him as he £* IQlTll MjBCUtS Ol4/l SS TO & JjMXM/lfl- ull/UUI/ 
tournament was completed, it was smashed his racket against his cHj JL 


The Associated Press 

NEW YORK — The Swedish 


the Stockholm Open the first week 
of November. McEnroe won that 

Figim Leads Swiss to a Slalom Sweep 

smashed his racket against his Q ± 

equipnlent bag, paper cups and a compiled by Our Staff Fnm Dispatches of West Germany. Kiehl finished Munich and then going to 

Ca ^EnrM was fined by the Inter- BAD KLE1NKIRCHHEIM. sevmth W^n^y in ! =44.67 &Wadn^& Austria. Tor a giant 

Mctmroe was irneo wine inter Austria — Qlvmnic chamninn Mi- There will be a women s down- slalom Tuesday, 
national Professional Tennis led P Switzeriand to a hill here Thursday, making up for a Coaches and skiers have been 

Council, pushing him above the ntai racc ‘ h “ “ “ bTSeeled at quoted as complaining about the 

“ auIcltDatlc SSLsdav in the wnmen’s Snriri Alummark. Austria, for lack of amount of travel. “Certainly there 


A-AO, nwi gjIl/hUWf UUJUI UJL fU, LLM WIMIItWIIU US Ulb UVH J ■ - T - - cn/iwm At fhA IlfCt fhm* nhf¥C fcV/ UV UUiWWIMI Mil UUUtCU da UnilUIIUIUUA “ 

1984 money lisL He and Ballesteros beat Henrik Simdsirom. his Swed- h ™ 1 “d S JVU 1 1? him an automatic - m lhe women - s Altenmark. Austria, for lack of amount of travel. “Certainly ther 

are entering their second vear as ish Davis Cup teammate. 6-4, 6-1 2 1 -day suspension. downhill rac*> imderiininp snow. Said Figini: “I hope lo make was a delay on a charier flight,' 

card-carrying PGA tour 'golfer* before Johan kriek ousted 17-year- Deft* outburst, McEnroe LSS it 3 double vfiiy.- ^ Lang said, but ... you just have » 

Denis Watson of South Africa won old Aaron Krickstein, 7-5. 6-3. edged Jairyd and went on to cap- Stren8Lh ° n Figim, who alio won last Fri- acc^t them." 

the NEC World Sena of Golf last The first round was to conclude Fie £ 18 hurtled down the Jup pant sldom race Reports said that as many as 23 

August andf uushed fourth on the Wednesday with Swede Joakim den s Mate wiianaer in the tmaL Figim. to, hurtled down urn a t Manbor, Yugoslavia, is consid- scheduled to take a 

tot^s earnings list with $408,562. Nv«™ CtaS But the ■ffgg. & I Mw 2,67^ (8.760-foot) tn^t wtOt opabte of^aung thtt per- teL, Mon" 

form a nee of Austria s former gj e j 0 engnd the night in 

downhffl queen Annemane Moser- Munich and travel on commercial 


Denis Watson of South Afri- 
ca, the winner of last year's 
NEC World Series of Golf. 


the NEC World Series of Golf last 
August andf inished fourth on the 
tour’s earnings list with $408,562. 
At 29, he may be expected to im- 
prove. 

Japan's Nakajima won only 
S79.000 last year and should do fair 
better this season. 

But another foreign golfer widely 


Wednesday with Swede Jcajam B ^ and a subse- 

Nvstrom playmg v «as GerohutB wrist u^ury idled McEnroe 

and Eliot- Teftscher meeting ^ wbcn he led 

Czechoslovak Tomas Snui The ^ United States against Sweden 
top four seeds. led by McEnrot . Cup foT 

await the first-round winners in the c C , aA 

quanetfmaJs of the. JJ'Z' 


event with an elite 12 -player field. 


Auto Racing 

Final 1984 Standings 

FORMULA ONE 

I.NIkl Lauda. Austria. McLaren.Upointfi.3, 
Alain Prod. Franca. McLoron. iSVa. 1 Elio da 
AnoaUs. Italy. Lotus. 33.4. MabonPknjirt. Bra- 
zil. Brabham. 28. 5 l Midwla Alborrta. Itatv. 
Ferrari, Z7Vi_ A Rene Arnaux, France. Fer- 
rari, 27. 7, Derate WorxicL. E no! and. Renault, 
23.ILK«lce Rashara, Finland, Wlll[anis.20W.V, 
NKwl Mansell, Britain. Lofue- Renault. IX 10, 
Palrlcfc Tambay, France. Renault. It. 

INDY CAR WORLD SERIES 
Paints 

I. Mario AfidnrtIL 174 points. X Tom Sneva 
141X Bobby Robot. 137. 4 Danny Sullivan. 118. 
i. Rick Mean IKL 6, Al Unsar. Jr. 1(0. 7. 
Michael AndrattLTOXXGeoH Brabtianv 17.*, 
Al Unsar Sr. 74. KL Danny Onoots, SX 
Earn mas 

I. Marla Andretti, 1927,307. Z Rick Moors. 
S7M.M4.X Tom Snrva, S477Z1D. 4. Bobby Ro- 
haL S&S&378. X Dimny Sul li van, S547JHM. 4. Al 
unser Sr_ soiJWX 7, Michael Andretti, 
*477,230. X Good Brabham S4 1X235. 9. Roberto 
Guerrero, 340X714. JO. Al Unser Jr. S382J64. 

US. GRAND NATIONAL 
Paints 

1. Terry Lnbanl 6. 4J0S paint Si Marry Gant. 
4^4XX Bill ElllatL 4J77 A. Dale Earnhardt, 
4J4SJL Darrell Wattrlp,A22SA. Bobby Alltoon. 
4.1*47. Ricky Rudd. X*1XX Nell BaniwTt. 
xms. GeoH Bad Me, X734.UL Richard Petty, 
3A4X 

Earnhias 

1. Terry Labonl*. OlMM. Z Darrell Wal- 
trtp, *70X375. X BUI Elliott. 144X224. 4. Harry 
Gant. *05X707. X Babbv Allium. S437A34. 4. 
Dale Earnhardt. W1A78X 7. Ricky Rudd. 
M7U02. B. Geofl Bodlna. smm *. Coda Yar- 
barouBh. S3BXB5X IX Dave Mards. 533X744. 


U.S. Horse Racing 
Final 1984 Standings 

THOROUGHBRED RACING 
jockeys 

Mount* 1st 2nd Purse* 


Hockey 

NHL Standings 

WALES CONFERENCE 
1 Patrick Division 

W L T PIS GF GA 


Basketball 


llimi miU-LWWXUUCl wucu UC XU nrnni ri pim OITmur 

the United States against Sweden WUKLU lAir SMtnb 
in the- Davis Cup finaL a ^qp pf 700 meters in l minute. 

There. Sundstrom downed 43^3 seconds; her Swiss team- 
McEnroe in the opening singles m.-tu-s, Brigitte Oertli and Ariane 
and, after McEnroe and Peter Ehrat, were clocked in 1:43.83 and 
Fleming fell to Janyd and Stefan ] :44J2, respectively. 

Edberg in the doubles, Sweden hdd «] ^ very pleased with my per- 

an insurmountable 3-0 lead. form an ce." "said Figini. “I didn't 

So McEnroe wanted to play ^ slightest mistake on my 


Proll, who won back-to-back 
downhills in 1978 at Badgastdn, 
Austria. (UPJ, A?) 

■ Travel Conqitaints Rejected 
Serge Lang, the “father" of the 
World Cup since the circuit began 
in 1966, rejected charges Wednes- 


flights later after a scheduled char- 
ter flight proved to be overbooked. 

“The cuily crildsm 1 will accept 
is that we have too many races" 
1 jing said. The mens' circuit will 
stay in Europe through mid-Febru- 
ary before moving to Japan for a 


day that the international raring Miuri 1 race and a concluding senes 


Sundstrom here. But he rightly fig- way down and the extreme cold calendar involves too much travel, m North Amenca - 

ured Jarryd's experience in doubles didn’t bother me at all " United Press International report- 

would help his net game and ad- - We ' re -n in ^ Tnm .. pj-i-: ed from KitzbiiheL Austria. T TT 

vance ihe oldest member of the commentifBOn^Se sXl Lang a recent jaunt from |oMTl HiMirV. 

Swadiahqtunahereiaioilieqoar- Sk±aK W«i Oemany lo stjalhm France J UUU 

terfmal meeting Thursday nighu duded Maria B Wallisa , s “d then to Austria for four raora n, 

Kxiek’s victory sent him into a fifth in 1:44.61. B ® le “ a week was too tough J510W O vjOlCI 

quarterfinal match Thursday FlkatvMtl M f a us ^ for the men to handle l “The only 

against WDander, the No. 4 seed. ones containing are the coaches," tot. 4 1 

-ST last met in the semifinals of ™ Sdie eld^f dif^ti 8 ."IlKiwKta pretend to be Win Awards 
the Australian Open last month, “ . d °‘ “ c pros —let them be treated as pros. 

when WHander was en route to his Figiiu s victoiy marked the sec- They are just acting like spoiled compiled by Our Staff From Dtspmti 

second consecutive title in 1984’s ood women s triumph for Switzer- little children." nfw vnov — inhn Hf 


NBA S tanding s 


PblknMpMe 
Washington 
NY Islanders 
Pittsburgh 
NY Rangore 
Now Jersov 


24 11 5 53 171 120 

23 11 7 53 147 125 

22 14 1 45 1B7 154 

15 19 4 34 134 14* 

14 » f M M3 158 

13 22 4 30 137 144 


EASTERN CONFERENCE 
Alkane Division 

W L Pel. GB 


Adams Division 

Montreal 21 12 8 5B 185 135 

Buffalo W 12 W 44 152 122 

Quebec IV 17 8 44 188 I5B 

Baskin 17 18 7 41 147 140 

Hartford 18 18 5 37 134 185 

CAMPBELL CONFERENCE 
Norris Division 

Chicago 18 IV 3 39 157 148 

SL Louis 18 18 8 38 138 145 

IMnmsaM 13 19 7 33 140 155 

Detroit 13 23 5 31 148 188 

Toronto 4 29 5 17 119 188 

smvtbe DMslaa 

Edmonton 28 8 4 40 208 128 

Calgary 21 15 4 48 198 158 

Winnipeg 19 17 4 42 182 147 

Las Ananias 18 lo 8 40 175 185 

Vonceuvor 10 37 S IS 133 224 

TUESDAY'S RESULT5 
Hartford I 1 1 8-4 

Buffalo 8 2 2 8—4 

Tirroeon us), Lumlev {OX, Crawford 113), 
Dunn (I); Perreault [13], Andreychuk 2 118). 
FoUgno|l6).SftatsoaM(rt'. Hartford (on Bar- 
rosso) 7-4*0—10; Buffalo Ion Mllenl 6-9-11- 
*-*28. 

Montreal 8 I D— 1 

NLY. Islander* 2 8 1—3 

Trattler 7 112], Januon (9), Natlund 125). 
5liatson goal: Mantrsai (on Hrudevl 9-9-13— 
31; New York (an Soetoeri) 16-J-0-2S. 
Vaacoavar 0 2 1—3 

PllfludtlpItiO Q J J J 

Propp (22). Ron Sutter fTJ. Beroen 2 12], 
Poulin (18); Tantl 1141. Lomov (121. 5m vl 
(13). Sbats an goal: Vancouver Ion Lind- 
bergh) 8-11-14—33; PhlladolpMa Ion Bro- 
deurl 9-15-13—37. 

EdiBoataa ■ 1 • 3—4 

Quebec 0 8 0-a 

Gretzky (42). Kuril («). Carnal I (5), Hunter 

(9). Shots an goal; Edmonton (on Bouchard) 
15-12-6—33; Quebac Ion Moog, Fuhrl 10-11-0- 
27. 

Washington 0 1 3-4 

Detroit * ■ 0—8 

Steven* 2 (9). Gartner (25). Jarvts (B); 
Ogrodntck (27), Lambert ilO). Shots oa goal: 
Washington Ion Mlcatel) 9-11-14— 34; Defrotl 
(on Rlaolnl 9-9-5— 2X 


Boston 

29 

8 

JD9 

— 

Philadelphia 

28 

8 

JD4 

Vl 

Washington 

20 

15 

J71 

9 

New Jersey 

18 

30 

AU 

13» 

New York 

13 

34 

J51 

17 


Central Division 



Milwaukee 

23 

14 

622 

— 

Detroit 

19 

IS 

J59 

2M 

Chicago 

17 

17 

-500 

4U> 

Attanto 

IS 

20 

ab 

7 

Indiana 

10 

34 

J94 

f lift! 

Cleveland 

9 

23 

JB1 

111ft 

WESTERN CONFERENCE 



Midwest Division 



Houston 

21 

14 

MO 

— 

Denver 

20 

15 

-571 

1 

Dallas 

18 

18 

.529 

2V* 

Utah 

17 

19 

,472 

4Vb 

San Antonio 

14 

19 

.457 

5 

Kansas City 

13 

21 

-382 

71ft 


pacific Division 



LA. Lakers 

24 

M 

JM 

— 

Phoenix 

IB 

IB 

500 

4<ft 

Portland 

18 

20 

M* 

BVft 

LA. Clippers 

16 

21 

AD 

9 

Seattle 

15 

21 

.417 

91ft 

Golden State 

10 

74 

JV4 

lavs 


Ascitis; DaliasM iDavfiai, Portland 28 (Voi- 
enttn* 10). 

Denver 30 41 27 28—128 

LA. Lakers 35 25 IS 19— 1M 

English 12-18 15-17 41. Coaeer 10-19 W 30; 
Abdul-Jabbar 1522 57 35. Worthy 11-17 0-2 2X 
Scott 512 58 2X Rebound s : Denver OT (En- 
glish 11). La* Angeles 50 (Abdul-Jabbar 121. 
Assists: Denver 34 (Evans 91. Lob Angeles 34 
(Cooper lo). 


w Selected College Results 


Allred 78, Hobart 73 
Army 6X Fordham 59 
Boston U. 57. CaleoM 54, SOT 
Delaware VaL BX Urslnus 71 
E. Connecticut 79, Fitchburg 5t. 73 
Hamilton 71. Union 85 


.457 5 Nvoch BA, Dominican 74 

jK2 m Patsaam 51- 7X Stony Brook 58 

Rochester Tech 79, Rochester 77. OT 
.684 — SL Lawrence 74, Plattsburgh 5f. 72 
.500 auj St. Peter's 7X Manhattan 43 
MS gvb 5vracuse 44. Boston CoL 58 
UT] * Vermont 60. Mlddleburv 58 


John Henry, 
Slew o’ Gold 


when WHander was en route to his *' l g mJ s victory manteu me sec- i ney are just acting like spoiled compiled by Our Staff From Dispatches 
second consecutive title in 1984’s ond womoi s triumph for Switzer- little children.” new YORK — John Henry 

final grand slam tournament ^ ^recmtcoldspeU^wann won the ^ih championship of b& 

Wednesday’s winners wfll find **“ two previous races weather since late November had illustrious raring career as the win- 

themsdves against tough oppo- *snrppi the ughtly-pKkwi nere 0 f ^ Eclipse Awards were 

nents in the next round on Friday. l“d(I5ih Wednesday in 1.45 J7) schedule, forcing dozens of post- here Tuesday night 

The Nvstrom-Gerulaitis survivor ^d hircnler. ponemrats and venue changes. while Swale and Eillo were honored 


The Nystrom-Gerolaitis survivor l 7 uu “- 
takes on Ivan Lendl, the No. 3 Figmi, who had been sixth in the 
seed, while the Teltscher-Smid sur- women’s overall cup standings, 
vivor advances to a quarterfinal moved m to second ^place. Her vic- 


aietiuie, lorcmg aozens otposi- announced here Tuesday night 
anemmts land venue chants. while Swale and Eillo were honored 

LwtFndaythemmraadaria- posthumously, 
lorn m Bad lessee. West Genna- the winner of the Ken- 


TUES DAY’S RESULTS SOUTH 

How Jersey 20 84 20 27—101 Aloboroo St. 7a Avbi-MonteairMry 83 

Ctovotond 27 29 23 28—187 Ciemsoo 90. Georgia Tech 81 

Free 0-1851327. Hubbard 7-11 7-9 21; Plcn- James Madison ML Old Dominion b8 
ardson 15275229. Kina 9-182-2 20. Birdsong 5 Liberty Baollsl 77. Florida Tech 69 
20 4-4 20. Rebounds: New Jersey *3 IB. wil- Ml w toi a pl Val. St. 74. LeMovne-Owens 67 


■4W*4| T>86UW U4V AMWVMW “MUM RIM t W • hf*TIUW, UIW 99 81U8M V* 5AAW ■■MU 

vivor advances to a quarterfinal moved into second [ place. Her vie- ny; then they Oew to U Mongie, m tucky Derby and Belmont Stakes 
bath against second-seraed Timmy tor y boostai Figini s point total to the Freni* fyrfenees, for a Sunday w j K) dropped dead a week after the 
Connors. ' 105, 12 behind leader Marina Kiehl and Monday senes before flying to j u „e 9 Belmont was voted 3-year- 

old of the year. 

_» B „ . _ _ - ^ j Eillo, who died of colic in De- 

Sabres Tie Whalers on 2 Late Goals g?Sff 

pion sprinter. 

Compiled by Our Staff From Dispatches spective scoring streaks at eight he scored easily for a 3-1 lead. Slew o’ Gold, who missed an 

BUFFALO It took the Buffa- games each. Andreychuk's first tally of the unbeaten year when he lost in the 

lo Sabres more than 59 minutes to Bob Crawford reinstated the night was a power-play bacldtanda controversial Breeders' Cup Classic 
realize they were in a National Whalers’ two-goal margin at the that caromed off Euro’s skate. before being retired to stud, won 


Iloms 13), Cleveland 57 (Hubbard II). Assists: N. Carolina SL 51. Virginia 4S 

New Jersey 23 (Ransev 8). Cleveland 24 [Bag- Nletious SI. 71 Grumbling 82 
ley ID). s - AlQbama **• Wts.-Parkslde 82 

Kansas City 28 32 24 24—110 w Kentucky 7& Jadcsanvllle 84 

Houston 29 33 27 23—112 Waka Forest 79. Furman 84 

Olaluwan 11-21 2-3 24. Hollins 7-13 4-5 18; MIDWEST 

Johnson 11-22 4-4 26. Woodson 516 4-4 20. Re- Chicago St. 7X Jackson 5t. 64 
botmds: Karoos City 48 (Thomason 91. Hous- aevetand St. 8X E. Illinois 71 OT 
tan 51 (Olaluwan 12). Assists: Kansas Cltv 30 Hiram 58. John Carroll 53 
(Thou* II). Houston 31 (Hollins It). Indiana Tech 71, Deliance 65 

Golden State 20 26 22 28— 94 lawn 51. 106, Abilene Christian 86 

3ao Antonio 39 27 33 <0—139 N. Dakota St. 90. August ana. S.D- B7 

Moore 11-17 4^28. Gilmore 510 7-923: Con- Oberlin 79. Kenyan 74 
ner5l42-4 IX Johnson 513 510 UReboaods: Toledo 67, Kent St. 58 

Golden 5tale43< Smith, Whitehead, Aleksinas Walsh BX Urbana 81 
6). San Antonio 68 llovaronl 12). Assists; Wilmington 76. Hanover 56 
Golden State 18 ( Johnson 5). San Antonia 41 SOUTHWEST 

(Moore 13). Midwestern Sr. 74, Sam Houston SL 


13:32 mart- Seconds earlier, Greg Dunn gave the Whalers their his second straight divisional 
^ Malone had registered Hartford’s third twogpal lead of the night al award. 

INUL FuLUS first shot on goal of the period, 8:18 of the final period when be The 4-year-old was named best 

which Barrasso stopped. The re- scored on an unassisted rush with a older male boree after winning five 

Hockey League game, and that bound went to Richie Dunn who shot to the far corner from an all of six starts and earning a smgle- 

they were losing it to Hartford, drilled a shot from the point; Bar- but impossible angle. year record of S2J67.944. 

Then, behind by two goals, the Sa- rasso stopped that one too, but the From then on it was pretty much In becoming the oldest horse 
bres fiaaJy go! down to business. rebound went to Crawford, parked routine — until the final-minute ever voted an Eclipse Award, John 
With 28 seconds left in regula- on the right edge of the crease, and fireworks. (UPI. AP) Henry, a 10-year-old gelding, won 

■inn (imp. Buffalo's Dave Andrev- - his fourth male grass championship 


NHL FOCUS 

Hockey League game, and that 


Then, behind by two goals, die Sa- yasso stopped that one too, but the 
bres fiualy got down to business. rebound went to Crawford, parked 


SOUTHWEST 

MJdMTB3l4f*n Sl. 74 Sam Houston SL 65 


Washington 32 25 24 25-99 N. T»xos Sl. 60, Hardin-Slmmoni a 

Milwaukee 22 22 II 33—95 FAR WEST 

Ballard 512 4-4 20. Malone 515 2-3 18; Mmv Cal-Luttwnn SX Point Lomo Nazarene 52 
erW 12-22 1510 34. Prassov 516 55 20. Re- Gonzaoa 79. Seattle Pacific 68 
bounds: Washington 50 (Mottam 141. MUwou- Nrvodo-Las Vegas AX W. Tern SI. 50 
kee 52 ( Cummings 13). Assist*: Wasnlnotonl* Nn Mexico 71, Cal-Rlvarslde 6 a 
IR utond 8). Milwaukee 21 (Moncrlel 7). N. Colorado 67. Denver 64 
Dallas 21 32 23 32 — 198 N. Montana 65, Great Falls 82 

Portland 21 21 31 29—193 Petwordlne 9ft Colorado 64 


IMoncriet 7). N. Colorado 67. Denver 64 
21 32 23 32— 1U N. Montana 65. Great Falls 82 
21 31 31 29—193 Petsttordlne 9ft Colorado 64 


World Cup Skiing 78 


WOMENS DOWNHILL 
(At Bod KlelnklrcWielm. Austria) 

1. Micfteta Ftobil. SwlUerltmd. 1:4X23 
X Brigitte OerttL 5wllxertand. 1:4X83 
X Ariane Ehart. Switzerland. 1:44X3 

4 ElisobMti KlrctUer, Austria 1:44X3 
S. Marla WoUlnr, Switzer fond. 1:44AI 

5 Laurie Graham. Canada 1:44*4 

7. Marina KleftL West Germany. 1 :4447 
X Slegllnde Winkler. Austria 1;44JM 
9. Carta Deleaa Italy. I:44JN 
TO. Olga Charvatovo. Czechoslovakia 
1:4497 

11. Regina Mossnlediner. West Germany. 
1:4X01 

IX Uba SavliaTvi, Canada 1:45JI4 

IX 5 fork) Watt. Austria 1:4435 

14. Kntrln Gutonsohn. Austria. 1:45J4 
IX Zoo Haas. Swtberlona 1:4X37 

OVERALL STANDINGS 
1. Kiehl, 117 paints. 

X Ftoinl 105. 

X Klrchler. 9X 
4 waillser, 97. 
i Oertli, 08. 

ft Erika Hew, Switzerland 84 
7. Haas, 76. 

ft Tamara McKIrmev, UA 71 
9. Charvatova 6X 
ia Cnrtstelle GuJpnord. Franca 57. 


13-25 3-4 29, D raider 11-23 2-2 25. Rttmmds: Westmonl 81. Col-Bontlst 72 

Dallas 44 I Perkins Bl. Portland 50 (Bowie 81. UCLA 76. OMahoma SI. 57 


With 28 seconds left in regula- 
tion time, Buffalo’s Dave Andrey- 
chuk skated around the Whaler net 
and scored his second goal of the 
game by beating goalie Greg Mil- 
len on a backhander. The Sabres 
then pulled goalie Tom Barrasso — 
and Mike Foligno scored during a 
scramble with nine seconds to play, 
lifting Buffalo into a 4-4 tie with 
the whalers. 

Elsewhere it was Edmonton 4, 


Moore Has 3-Star Night 
As Spurs Rake Warriors 


Compiled by Our Staff From Dispatches 

SAN ANTONIO, Texas — 


Transition 


BASEBALL 
junarleoa Lcoom 

MILWAUKEE— Rfrdioned Jim Kern. 
piiclter.andaEdgnedhlm to Vancouver of tttt 
Pacific Coast League. 

National League 

SAM DIEGO— Signed Tim Stoddard. Pile* 
er, to a tltree-vaar contract. 

FOOTBALL 

Nattonal Football League 

DALLAS^ Announced TM retirement of 
Bob BretHHa. linebacker. 

SAN DIEGO— Named GunHier Cunning- 
ham a special defensive assistant. 

United Stales Football Leagao 

SAN ANTONIO- SfoMd Fred Sims, run- 
ning bach, ond Jeff Lelcfing, HneboCker, 

Hocitev 

National Hockey League 

BOSTON— Announced that Barry Peder- 
son, earner, mill be oul lor the soman, Av 
aulred Butoh Gortog,ce"ter,on wtriversfram 
the N.Y. Iskanders. 

HARTFOREN-ftecoltod Scot Kfolnendord, 
defonsemon, trom Binghamton of the Ameri- 
can Hockey lohw. 

MONTREAL — Recalled Rk Nottresida- 
tome m an , from Shorbrooke at the AHL. 


N.Y.RANGERS— Returrtod Mario PrwMx. 
goal lender, to New Haven of the AHL. 

PITTSBURGH— Recalled Arto Javan- 
olnen, riant wing, and Petert Lenta defense- 
man. from Baltimore of the AHL. 

TENNIS 

ATP— Extended the contract of Mika Do- 
vtea executive director, through 1987. 

COLLEGE 

CA1_— -IRVIME — Announced the resist na- 
tion of Kevin McNair, frock and Held cnoeh. 

DARTMOUTH— Announced the reslgno- 
fton oi Craig Cason, assistant football cnoeh. 

DAVIDSON— Announced that Ed FarrelL 
tootbaii coach will nol refum for the 1985 

"eastern NEW MEXICO— Named Don 
Carthel football coocn. 

PENN STATE— Announced the retirement 
of Bob Pnillfas, assistant football enadi. 

OKLAHOMA ST.— Nomad Loui* CflttWbell 
defensive coordtnator and secondary cnoeh 

PRINCETON— Nomad Onto Cason oMi*- 
tarrt fanlball coach. 

RICE— Named Watson Brawn othlellc di- 
rector to rtoloce Aug>e Erlurth. wno will as- 
sume the titte oi eneculive athletic director. 
Named Greg Mantoolh ossislant football coa- 
ch end wan Hotlowov to assistant athieuc 
director ond recruiting coordinator. 



Quebec 0; the New York Islanders Johnny Moore may invent another 
3. Montreal 1; Philadelphia 5. Van- slal i st fc f or basketball mavens — 
couver 3, and Washington 4, De- t jj e quadruple double. Moore 

. , | sawed 26 points, had 13 assists. 

The tying goal was storybook ^ led down M rebounds and 

stuff. After Andreychuk s tally, the 9 steak Tuesday night in 


Sabres called a time-out to set up a 
plan of attack. They yanked Bar- 
rasso and sent six men oul for the 
crucial center-ice faceoff. 


NBA FOCUS 

leading the San Antonio Spurs to a 




John Tucker had trouble with 139-94 victory over the Golden 
the draw but eventually got the Slate Warriors. Had the 6-foot-2 
puck to Phil Housley, who carried (1.S8- meter) guard stripped War- 
it into Whaler ice. Taking a return rior oT the ball one more time he’d 
pass, Tucker then shot toward the have finished in double-figures in 
Hartford net and into a maze of all four categories. f- 

players —some trying to knock the Elsewhere it was Denver 126, the ^ 

puck away, others trying to knock Los Angeles Lakers 124; Dallas 
it in. 108, Portland 102: Washington 99, 

B ankin g a shot off defenseman Milwaukee 95; Houston 112, Kan- 
Mark Fusco, Foligno finally sas City 110, and Cleveland 107, - 
rapped it past Millen to send the >lew Jersey 101. Johnny Moore 

game imo what turned out lo be a “1 just go out and try to give my ‘ . I have lo go all oul’ 

scoreless five-minute overtime. best effort every night,” said 
“Tucker made a good play to get Moore. “We were agressive on de- c contributed It was a real 
itin from— Ijust turned away and fense, especially trapping, and that rffnr1 w 
drilled ilT said Folignp. who has created a lot of steals for me. I was ^ Gilmore u 

scored goais in six straight games, pushing for that last steal, but yon ^ Robertson 21 and Georae 
•T think it hit Fusco s arm or skate, can t have evaything. Gavin 20 for the winners. Lester 

He was sprawled trying to stop the Moore has been pushing through _ , . . . . . ., 


his fourth male grass championship 

with six victories, a second and a 
1 n TfoT* f third in nine starts for £2,336,650, 

■.Nl/ir which boosted his career earnings 

► bJ Ml/I 1 IO 3^597 ,47 Tha[ , otaI is 

m than S3 million ahead of Slew 0 ’ 

fee Warriors °^ 8 "' b ^ ra>n - 

The other Eclipse Awards won 
by John Henry had been best older 
horse and horse of the year in 1980. 
The only winner of more Eclipse 
Awards was another gelding, Fore- 
go, who collected right. 

John Henry and Slew o’ Gold are 
the leading contenders for horse of 
die year, which will be announced 
at (he Eclipse Awards dinner in Los 
Angeles Feb. 8 . 

All the other Eclipse Award win- 
ners were announced Tuesday 
based on voting by members of the 
National Turf Writers Association, 
The Daily Raring Form and racing 
secretaries of Thoroughbred Rac- 
ing Association member tracks. 

The other winners were Chiefs 
Crown, 2-year-dd colt; Outstand- 
ingly, 2-year-old filly; life’s Magic, 
3-year-old filly; Princess Rooney, 
older filly or mare, and Royal 
Heroine, female turf horse. Flatter- 
Johnny Moore er was named as champion steeple- 

■...IhmetogoallM-' ^horcbyaspi^ammtte 
0 for the second straight year. Second 

eryone contributed- It was a real The other runners-up were Sara- 
icam ertorL^ loga Six, 2-vear-oId colt; Folk Art, 

^ Gtawrc scored 23 points, 2 .yejr-old filly. Gale Dancer, 3- 
Al™ Robertson 21 and Gcoiec y^r^d coll; Mia Oceana. 3-war- 
Gervm 20 for ihe winners. Lesia old filly; Wild Again, older male 


J 1C n«U auianiuu UJUig 8V aiULI kUV j< 8W>V /t | J .* n . ■ 1C V ' - D-—9 

pass, and ii went off of him and much erf his career. He fought to Co f mcr ^ . 7 *. warnors with IS horse; Heatherten, older filly or 

into the net." make the team after being cut from PJ m if “ d added mare: Majesty’s Prince, male turf 

The Sabres have lost just one of the Spurs four years agp. “I’m not Lioiden state ( 10-24) has wot horse; Sabin, female turf horse, and 

their last 16 games (9-1-6) and ai tike Carl Lewis," he said, referring J^ twice m 16 road 8 aras Track Barren, sprinter. 


their last 16 games (9-1-6) and at tike Can Lewis, he said, referring 
home are unbeaten in their last 1 1 to the four-time Olympic gold- 
(5-0-6). On home ice overall, Buffa- medalisL “I have to go all ouL I 
lo is 13-1-7, don’t have the physical attributes 


^ on - . . Pat Day. who rode 400 winners 

a ^i 0010 Jumpcd 10 a 12 ‘ 5 (including Wild Again in an upset 


lois 13-1-7. don’t have the physical attributes Irad^d then ran off streaks of 10- victory over Slew o’ Gold in the 

Until Andreychuk's late goal, of some of the other players, and I ^9“ ^ Gtimore and Gemn Breeders' Cup Classic), was named 

Hartford had been playing superb- didn’t have them in high school or M^ scora^l2 tn the first penod. rider of the year. Wesley Ward, a 
ly. seemingly the way to its first college. That's where 1 developed ^ 2 of 14 first-quarter 16-year-old who rode in New York 

decision over Buffalo in the teams' the work ethic. Each time you go . . 8 °“ lay-ups, dunks and and New Jersey, was voted the lop 


Hw AuwuMd Pnoi 


Cavalier guard Johnny Davis sank this twisting first-period 
shot despite the extended effort of New Jersey's George 
Johnson. Beating the Nets, 107-101, nn Monday, Cleveland 
won a third straight NBA game for the first rime this season. 


19. J LUW UWIVId •* IWUU - — p ■ 1 - l « . , . , 

after the first period, but Gil Per- victory margin was a dub record, me uurd pen«L 
reault took a pass from Housley surpassing a 153-111 triumph over . ^ producing 
and scored on a power play lo cut Milwaukee Ocl 14. 1978. points, reboun 

the deficit to 2-1 midway through “We got aggressive on defense ™»re recor ded 


nlflwfKi a i| !■ . . Preakness winner Gate Dancer and 

By producing doubJe-digjts m saddled 258 winners in all. The top 


Moore recorded his fourth triple- 


ihe second. The points by Perreault tonight and really got after it.” said douWe outing of the season, 
and Housley kept alive their re- Coach Cotton Fitzsimmons. ”Ev- (L'Pl.APi 


was John Franks, who led the na- 
tion in victories (172) and earnings 
(S3. 148.232). (AP. I VPx 



Pape 16 


ART BUCHWALD 


'Singing in the Rain 

\TT ASHTNGTON — Well ev- “I can see where Tort & Tort 
▼ V eryone seems to be back in would want you to be a cartner in 


W Abrtiivu iUN — well, ev- 
eryone seems to be back in 
town, not only the winners, but the 
losers in last November’s election. 
The victors have taken their seats in 
the U. S. House of Representatives 
and the Senate, and the losers have 
taken theirs in one of Washington's 
100.000 prestigious law Grzns. 

Ex-Congressman Turtleback is 
one of the losers, if you caO making 
$350,000 a year 
with Tort & Tort 
a losing proposi- 
tion. 

“I thought 
you'd go back to 
Wistful County 
after you lost 
your seat." I 
said. 

"You ever 
been in Wistful 
County?" Tur- Bndnrald 
tleback asked me. 

"Can't say that I have," I admit- 
ted- "All I know about it is what 
you said on the floor of the House 
— that it was United States's bibli- 
cal Garden of Eden." 

“I’m not on the floor anymore, 
and Wistful County is the pits. I'm 
not just saying that because 1 lost 
the election after serving the people 
there for 20 years. It was the pits 
when I first came to Congress, and 
it's the pits now." 


“Did you ever practice law be- 



fore you 
ficeT 


got elected to public of- 


“No. and I don't intend to prac- 
tice it now. I'm going to be the 
rainmaker at Tort & Tort." 

“What's a rainmaker?" 

“The fellow that makes it rain 
new business on the firm because 
of the people he knows. I may be 
out of office but I still have friends 
who owe me a few favors." 

“Then you’re going to be an in- 
fluence peddler." 

“Never. My job is to provide 
advice and consent to the private 
sector which can’t operate under 
the oppressive laws passed by a 
vindictive anti-business Congress," 
he said- “Clients will come to me, 
not because of the influence I still 
wield, but because of my expertise 
in getting around die overbearing 
rules and regulations I d emanded 
when 1 served the people." 


“I can see where Tort & Tort 
would want you to be a partner in 
their firm," 1 said. “Will vou also 
provide lobbying services?* 

“You can’t be a rainmaker in 
Washington if you are not willing 
to stand up for the things your 
clients believe in. The reason ex- 
congressmen and ex-senators are in 
demand by Washington law firms 
is that we have access to our former 
colleagues on the floor, not to men- 
tion the use of the congressional 
dining rooms and the gym. It’s 
amazing bow much law you can 
practice when you're doing Jane 
Fonda exercises with the chairman 
of a House or a Senate committee.'’ 


“And they don’t treat you any 
differently because you are no 
longer a member of Congress?" 

“They treat you better, because 
now that you're with a big law fum 
you are a potential source of funds 
for their future political cam- 
paigns." 

“What about the administra- 
tion? How do they look on you?" 

“Kindly. If you were a former 
Republican congressman, they 
want to make it up to you for losing 
your election. And if you were a 
former Democratic congressman, 
they are so delighted that you are 
no longer in opposition that they'll 
go overboard to show they don't 
hold grudges.” 

“You can't say Washington 
doesn't take care of its own." 

“Had I known then what I know 
now I would have lost an election 
10 years ago," be said. 


The pbone rang and Turtleback 
picked it up. “WiJJy, how are you? 
How are things at Wistful Tools? 
. . . You don't say? The Navy re- 
fuses to pay you for the Snail Dart- 
er tool kit? . . . They claim you 
overcharged them by $10 milli on? 
No problem, Willy, we’ll not only 
get your money, but well get an 
apology from the Pentagon." Tur- 
tlebadt bit the Tort & Tort timer on 
his desk and then said. “Tell me the 
story." 

After 20 minutes he hung up and 
winked at me. Then be broke into 
song: *Tm sin ging In the rain , sing- 
ing in the ram. What a glorious 
feeling, da de, da da da." 


'Personal Trainers’ Sisape Up 
Clients in Latest Fitness Fad 


By Judy Klemesrud 

New York Times Service 

N EW YORK — To some 
people they are “the new 
therapists." To others they are 
- one of the status symbols of the 
19B0s. To most people who em- 
ploy them they are the prime mo- 
tivators for whipping a flabby 
body into shape. 

They are personal trainers, 
muscled men and women who 
stand over their clients in gyms or 
private homes and exhort them to 
do "just five more" repetitions on 
the exercise machines. The cli- 
ents, moaning and sweating, 
strain to do those final reps. After 
ail, they don’t want to disappoint 
their trainers. 

"Trainers are the new thera- 
pists," said Susan L Scbulman, 
39, a CBS Entertainment execu- 
tive. “It has to do with the whole 
psychological thing of bringing 
you to a vulnerable state. You let 
go of ail the veneer. During my 
workouts, I tell them all sorts of 
personal things, about my love 


W 4^- 




Ina/Thi Mm York Tim 

Patti and Gibby Cohen 
with hanging Risa Stein- 
berg in inversion boots. 


life and stresses at work. And 
when I leave, I'm more relaxed.” 

Scbulman does her one-hour 
workouts twice a week with Patti 
and Gibby Cohen at the gleaming 
new Polygym. The 24- hour gym, 
cm the second Boot of a brown- 
stone, is open only to trainers and 
their clients and will book no 
more than eight trainer-client 
teams at a time. The trainers pay 
$20 an hour for the gym. and the 
clients in turn pay the trainers 
anywhere from $50 to S100 an 
hour. 

The Cohens — she is 38 and be 
is 41 — are among that small 
group of trainers who charge 
$ 100 an hour for their services. 
Another trainer at Polygym. Tbe- 
t resa Lamb. 33. also charges that 
amount The gym is offering a 
$15,000 gift certificate, good for 
“one new body." It entitles the 
bearer to one year of three one- 
hour workouts a week with a 
$100-an-hour trainer. 

The Cohens, like many train- 
ers. got their start at the Sports 
Training Institute in New York. 
Their clients include the actor 
Burgess Meredith, the actress 
Carlin Glynn and Stephen D. 
Hassenfeld. chairman ofthe Has- 
bro Bradley toy company. Cohen 
estimates there are 500 'to 1,000 
trainers in the city who work with 
clients ooe-to-one, either in gyms 
or in private homes. 

None of the trainers is licensed 
or certified, because there is no 
accrediting procedure. Nor do 
they have any national organiza- 
tion. As a result, anyone can call 
himself or herself a trainer. 

“Yes, anyone can be a trainer.” 
said Neal Reed, 36, who has been 
one for eight years. “But the 
proof is in the pudding. The only 
credential yon have to have is that 
people keep coining back." 

Reed was an All-American 
basketball player at Pratt Insti- 
tute, where be studied architec- 
ture. He was racing bicycles when 
he got his first job as a trainer at 
the Sports Training Institute. He 
is now a salaried trainer at two- 
gyms, the Fifth Avenue Racquet 
Cub and the Uptown Racquet 
Gub and Fitness Center. His cli- 
ents have included Arthur Ashe, 


Billie Jean King. John McEnroe 
and Roberta Flack. 

Reed said he trains 10 to 15 
clients a day. Most of the men. he 
said, want io work on their abdo- 
mens. while the women are wor- 
ried that something is happening 
to their thighs. “And there usual- 
ly is something happening to their 
thighs.” he said. 

Speaking of the close relation- 
ships ihat often develop between 
trainer and client. Reed said: 
“You get people in the machines 
who break down and cry. I had a 
woman one lime whose father 
was treating her mother poorly. 
You have to read them and know 
you can't push them hard when 
"they’re having a bad day.” 

An occupational hazard, sever- 
al trainers agreed, is a diem’s 
becoming infatuated with a train- 
er. or vice versa. Reed said that 
before he got married, almost all 
the women he dated were clients. 
“The basic way to meet girls was 
to train them,” he said. 

Tommy Colbert, on the other 
hand, said he tried to keep his 
relationship with his female cli- 
ents “very professional." He said 
the one tune he got involved with 
a diem “turned out disastrously 
— I lost the client and I'll never 
make that mistake again." 

Colbert. 27, has been described 
by one of his clients, the writer 
Gay Taiese. as “the matinee idol 
of the Vertical Gub." He trains 
people at that dub, at Broadway 
Body Builders and in private 
homes. His monthly fee ranges 
f ram $240 to $500. Last win ter he 
spent a month and a half in Tuc- 
son. Arizona, keeping Treat Wil- 
liams and Kris Kristofferson in 
shape while the actors were mak- 
ing the film “Flashpoint" 

Asked why be thought trainers 
bad become so important to some 
people, Colbert said: “Some 
think it’s prestigious and sort of a 
status symbol I know 1 have 
three or' four female clients who 
just want to be seen with a hand- 
some trainer. Manhattan is, after 
all the glitter dome. But for the 
serious person, the motivation a 
trainer gives is unmatchable. We 
push and guide people beyond 
their limits. If you’re there alone. 


tv' 4 - 


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■ .. mass m 

Nad ftroTVi New York Term 

Trainer Tommy Colbert working with Lisette Sabbagh. 


you just won’t do that last repeti- 
tion.’’ 

Some people said they were 
drawn to trainers because many 
or them work in small, less- 
crowded gyms where exercising, 
rather than socializing, is empha- 
sized. “1 come to Polygym be- 
cause there aren't a lot of people 
in striped leotards lined up on 
fancy blue carpets waiting to use 
the machines." said Carlin 
Glynn, who is 44. “I have three 
kids, and I work all the time, and 
I just feel that an hour with a 
trainer is the most effective use of 
my time.” 

Some clients say there can be a 
sadistic element to the tr aining , - 
when a trainer tries to push a 
client too far. Most uy to bring 
the client's muscles to a point 
known as muscle failure, on the 
theory that it is the best way lo 
strengthen the muscles. 

“Some trainers are sadistic.” 
said Saliie Slate, director of pub- 


lic relations at Barnard College in 
New York City. She recalled be- 
ing at a gym where a trainer 
would regularly say such things 
as ’Come on. get mean, don't 
wimp out on me now.’ ” 

“You can get into a weird kind 
of relationship when you're being 
told to do more, berier, harder." 
she said. Her trainer. Jay Scha- 
fran, at the Sports Training Insti- 
tute. was “like a shrink,” she add- 
ed. “He has a laid-back, ‘shrinky’ 
voice and is very relaxing." 

Neal Keed said he didn't think 
he was sadistic but conceded that 
a trainer had to know how to 
“manipulate" people in order to 
motivate them. “One girl I beat 
on — I take a towel and swing it 
at her," he said. “Others I embar- 
rass. I'll say, ‘Even my daughter 
can do one more rep.’ But ifs all 
joking. You never want anyone to 
feel defeated, because they get 
enough of that at home.” 


Disc for Famine Relief 

StiM Leads U.K. Charts 
Britain's biggest-ever selling sin- 
gle. Band Aid's “Do They Know 
It’s Christmas?" stayed atop the 
country's pop chart for the fifth 
week. All proceeds from the disc, 
performed by some of the biggest 
names in British pop music and the 
brainchild of Boomtown Rats lead- 
er Bob Gddof. are going to Elhio- 
pia's famine victims. . : . 
Meanwhile ia Addis Ababa. Gd- 
dof said his shopping list for Ethio- 
pia’s famine victims will include 
food, medicine, trucks, water well 
drilling rigs and tents. “I'll be back 
myself to see that it goes where il is 
supposed to go — die mouths of 
starving people.” said the British 
pop singer. The record has raised 
$7 million so far. 


Yd Bryuner has played the lead 
in “The King and I" more than 
4,400 times since 1951. but be 
hasn't worn out his welcome on 
Broadway. The 64-year-old actor’s 
farewell run as the king of Siam has 
become the New York theater sea- 
son’s first box office smash. When 
the Rodgers and Hammerstem mu- 
sical opened al the Broadway The- 
ater on Monday, the box office 
look in $266,556 and the line of 
ticket-buyers stretched around the 
block. 

a 

An attorney for John Heckler 
asserted that Heckler's wife of 30 
years. Margaret Heckler, 53. VS. 
health and human services secre- 
tary. condemned his client to “a-tife 
of either celibacy or adultery,” as 
Mrs. Heckler’s divorce suit opened 
in Dedham, Massachusetts. Tues- 
day. The lawyer conceded that 
Heckler committed adultery but 
said it was not until four years after 
Mrs. Heckler refused to hare sexu- 
al relations with him. Mrs. Heckler, 
first elected to Congress in 1966, 
“condoned” her husband's infidel- 
ity to keep the marriage together, 
the attorney added. “Site wanted at 
ail costs to avoid a divorce which 
would barm her political career. 
Her political ambitions were all- 
consuming,” “Margaret Heckler's 
main concern is to protect the dig- 
nity of the marriage, the children 
and the family," one of Mrs. Heck- 
ler's lawyers said later. “The whole 
issue here is essentially a financial 
one," Mrs. Heckler said before the 
trial opened. Her husband oper- 
ates an investment business. The 
trial is expected to last two weeks. 




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EMPLOYMENT 


EMPLOYMENT 


EXECUTIVES AVAILABLE | GENERAL POSITIONS 

AVAILABLE 


EMPLOYMENT 


GENERAL 

POSmONS WANTED 


HE ST LOUS. Triple reception. 4 bed- 
rooms, krxuriouuy furnished, exeep- 
tiorrt view. Hrfi rent. 500 66-00. 



MABXETMG MANAGER. 4 years to- 
Wmati urcJ experience in teteonv 
m u rtcatio n i . MBA. fluent m Arabic, 
profidart in German, London fa c e d. 
Reply to Sac 40173, LH.T, 63 Long 
Acre. London. WC2E 9JH. 


GENERAL POSITIONS 
AVAILABLE 


AUTOMOBILES 


Connelly leirtiar. «ire wheels, much 
more, too numerous to mention Tet 
Holland 2977-22643. Tlx 18101 ML 


AUTO SHIPPING 


TRANSCAR 

THE CAR SUPPING 
SPECIALISTS 


AUTOS TAX 


TAX FRE CARS 
P.CT. 

Largo*! Showroom A In ventory 

All makes, at models, brand new 

If* 35546 PHCAZr 8 
Apply for our colour catdogiie 
US$5 ash 





REAL ESTATE 
WANTED/EXCHANGE 


REAL ESTATE 
TO RENT/SHARE 


GREAT BRITAIN 





SURVEY PHOT 

USA based geophysied firm requires 
experienced survey Pilots. Appkay* 
muS hold USA Commeroci Wafc 
bcence ASMS, In a u m ur u Rating & 
jpre o minaiMn of 2500 hours Mb- 
&gme tene. Previous experience re- 
quied in flying low level dose toler- 
ance survey grid navigauan using 
Photo Vaurt, Doppler & Lor an C meth- 
ods Foreign & domestic appointments 
on engie status orty Qualified tmpk- 
a«s send Ml resume toe 

Employment Office 
P.O. Box 2469. 

Houston, Texas 
77252 USA. 


The Oassfied Deportment of the 
INISMAT1CNAI KEBAU) TRIBUNE 

YOUNG JUNIOR SALS PERSON 
to aunt sales team in France to develop 
and new contacts. Exfangual 
French/ Engtsh. Self mmc*ive ond 
dynaftesm appreciated. SC ncwnol or 
worbnq perrmt. Free February. Please 
tend CV. and prioto to 
We* Ferrera 

INTBNATONAL USAID T71BUNE. 
92521 NeutOy Cedes. France 


INTI MOVING COMPANY 5 fflCS 
experienced sties rapwertat me. b- 
inMl Engfah/ French for its Paris 
rffice. Write in EngMi with Of and 
photo with salary requirement ! to 
newspaper who vrtl tronsmri. Bax 
l6Q57tWf Tribune. 92521 Neulfyi 
Cede*, Frtxice. 


PARIS 11) 500 03 04 

CANNES/NICE J931 39 43 44 

FRAhfcFWT (061 07) 80 51 

BONN / COLOGNE 02281 212921 
STUTTGART B7t5)j 88081 

MUNICH fdWJ « 10 45 

SREMEEHAVB't (04711 0063 

NEW YORK QJ3 695 7061 

HOUSTON n3 U31 7605 

LOS ANGELES 2t3 215 3183 

MONTREAL. 51 4 366 6681 

AGENTS WORLD WIDE 
Leave it to us to brmg it to you 


AUTOS TAX 



HOLLAND 


DUTCH HOUSMG CTNTBE B.V. 
Detoxe rentals. Vrtenusslr. 174 
Amsterdam. 020421234 or 6232i2. 




When in Rome: 

PALAZZO AL VBABCO 
Uraxy apartment hawse with furarfwd 
flats, avertable for 1 week and more 

Phone: 6794325. 6793450. 

Write: Via del Vdabra 16. 
00186 Rom*. 






International Business Message Center 


EMPLOYMEIST 


FOR MORE EXECUTIVE POSITIONS 
LOOK UPOSI 

"MIBMAIWMAL POSITIONS" 
PAGE 9 


EXECUTIVE 
POSITIONS AVAILABLE 


ACCOUNTANT - SUPBIVBOS 




NEAR AMHUCAN SCHOOL 
8th PARC MCNCEAU. exsefart con- 
di ton, tome hira. 2 bedrooms, park- 
no. tfueffino. 766 33 00. 


&nbassy Service 

8 Am de Mtam 
75008 Pen 
Tele* 231696 F 

YOUR REAL STATE 
AGENT IN PARIS 

HATS FOR RENT 

SB£CtB) AREAS 
PHONE 562-7899 

RATS FOR SALE 

PHOT* 562-1640 

OFFICES FOR RENT/SA1£ 

PHONE 562-6214 


74 CHAMPS-S.Y5EE5 9th 

Sturfo, ? or 3-ioom apartment. 
One month or more. 

IE OAMBGE 359 67 97. 


w kfm, mod of whom an m 
Awe fw «rt i ndustr y, wiB 
ned it Sad Jeftnr ut (Park 
613S9S1 bofon IOojil. me- 
aning that wte am tefasr yoo 
back, and your mertope m 9 
VPw wimn AS hours. Thm 

rats a US. $9.80 or load 
•q aindent par fete. Yoo mutt 
indudo a myl e t . twtd voriB- 
abh bOng address. 


BUSINESS 

OPPORTUNITIES 


U. S. A. 

EXCITING OPPORTUNITY 

ktouory locaed in the Sun B*>. estat> 
tahed 3 years, sacks COptrt to expicx* 
gm amg tedvulogeal breakthrough, 
egrty ownetilup wet) lanmum me9- 
ment of S50.000. SubtanOrt asatd ap- 
^v e uu ii m i uj i be expgcted, wnti on^Je 

W prc tehu a 

■t co n fidtetc e to- So» 1560, 
Horrtd Tnbune. 92521 Neurty Codex. 
France 


BUSINESS 

OPPORTUNITIES 



LEGAL SERVICES 


OFFICE SERVICES 


YOU* BUSINESS ADDSES5 
IN THE NETHERLANDS 
FuGy serviced offtom, jecratenes and 
busnes advoary senoaes, phone, Mex, 


TRASCO 

nc mhctos speoausts 

Tax free Lt-O. AE nwdeh iriducing 1000 
55. & str etch k mouanes for irenoiate 
stvpmteii ham stock. 

EPA /COT cemficcAon & sh p p mq by 
the expertv 

OraEa FROM SOURCE 

TraKD London Ltd. 

M Hawarden Wl, London NW2 TBH 
Ttk. 01-208 0007 
Trtex 8956CC2 TRAS G 


SERVICES 


WTT 

BEAUTIFJL KOPIE 

UNUMTTH) INC 
U3JV z WORLDWIDE 

A complete social 8. buurtea service 
pravxhng a urvflue caReoion of 
wlemed. versank: & muttifanguol 
■ndrwduah for- 

FortxonJlomm-roal-PrintPTOriiotions 
Conventxm-Trode ShowvPress Parties 
Spead Evenb-lmaga Makers- PR's 
5oart Hasti-Hoit«scs- Entertainers 
Saart Campcnans-Tow guides, etc 

212-765-7793 

212-765-7794 I 

330 W. 56th St.. N.Y.C 10019 
Service Bepresonto x iv eii i 

Needed Worldwtoe. 


NEW YORK 684-7500. Rm. 1102 
VJJ*. Jntl Penand Ass«tant 


WEST 1MSAN LADY COMPANION. 
TeL London 01 331 9B47 


I ”<‘1 WiMi 


mmm 


LOW COST FUGHTTS 


HOLIDAYS & TRAVEL 


| THE LAST GREAT LUXURY: total 
vary, wota-fr o nt m lush Ir 


YOUNG LADY 

PAyinterpeter & Tourism Guxfc 

PARIS 562 0587 


mortmo address. 

EXECUTIVE SSTV1CS AMSTERDAM 
P.OS. 703B1 1037 KJ Amderdam 
Hofiand TX&20.716566 Tbu 14271 





mg <m aooounting supervisor. Tho txS 
wduai must have: 

• Mnmum 5 yean occDunhra 
exp er ien c e with CPA firms. 

• Strang acc o unt in g slA & 
fcnow wdt^ of taw pinowted g e of 
computer s aid audting helpnj 

• Good working bortei^a of French- 

Wfe seek an ogyessvv bright, creative 
profnund wna a seeking an apporflt- 
™ty to ploy o key role m o firm wdh on 
OuManding pratesuarul reputation. 

Hecee send resume. A salary history to: 

Guermd Gabor Voles 
Mrtwtty Cohen 
330 I kx faai Avenue 
New York, NY 10017 


IBSBf 


GQMPUra PORTRAITS 

T-5K*T FOTOS 
NOW IN RHL COLOR 
on aO-ccsh buaness rhet can earn you 
SSOOO - II 0,000 1 month. New cmd ised 
systems fiam SIOlOOO - S30.000. Kama 
Computer Co. M- J10 H eet fmcnrt r 9 
6000 Frartmnf/W. Germcew. 

TeL 069-747808 Tbu 412713 &MA 


IMMIGRATION TO l«A 
MAPE EASY 

Attorney & Rsaitar obtart uoas & per- 
ramtent raadmea- Helps to set up USA 
bus u i emu & locates aynme rcwA mdus- 
rnd & raade n o cl red estate. For free 
faradwe write David Hnon, 1201 
Dave Sl_ Sto 600, Newport Beach. CA 
USA. 914732 0966. 




s PAR7NS HEOURa) vnth 
otfisa m Gewn by Bnruh ertrepre- 
npwienced n taxation & con- 


IMPETUS - ZU0OI • 2S2 76 21. 
Phone f Mu / mevfcax. 


BUSINESS SERVICES 


MSURANCE COMPANES 
Worldwide 

fanfa terttetowta i 
Bod EegstrcAons 
Ecodymade or Speart 


ASTON COMPANY FORMATIONS 
Dept HI. 

8 Victoria Sr 
Do ud ce. Me al Man. 

TS- Ota * 26591 
Telex 627691 SUVA G 


FINANCIAL 

INVESTMENTS 


MENOn/C SffltS far AMB3CAN 
mfrlcRYC FIRMS in PARIS: 
Engfcsh. Betean, Dutch or German 
leoetanei, bxjwf^dge ol French rn 
qwied, English sharlrvuxt BiCnairt 
telenits. Write or chore T38 A verve 
Veto. Hugo, 75116 Pons, France. Tel: 
727 61 69. 


| INTI YCWNG LADY GUtCS 

NEW MERCEDES pw»Taw«^ {&*«». 

PORSCHE. BMW, EXOTIC CARS 1 



TUESDAYS 

■■ the MT O tertM Section. 


SECRETARIES AVAILABLE 


FROM STOCK 

for (AtMBXAfE drtivery 

aesTsama 

For rt iip p in g, ireurance, band, 
con ve rt low in U.SuA. 

RUTE INC. 

Taumonr. S2, 6000 FraiMixl, 

W Gem., tel $ 49 - 237351 . «x 4 llS 59 


YOUNG aEGANT LADY 

PAMS: 525 81 01 


PAMS YOUNG LADY 
MuMEngart. 704 80 27 


tattoo homes, large staff 

K every need A. Corned Umerary 
I School ti w wtg ate m Jano uia i 
soAhcocsi fishing riRoge. Groups 
hwn 2 to 1 2 shor? S200 to SWVdoy 
Rob & Maraxr. Sob Aky. Alexan- 
dno. VA 22314. Tek 7{GW? 5276 


CHARTER A YACHT IN GRSCE. Di- 
born owner al targes) Heel. 
Amencon management. ExceSant 
crow*, govt, bonded. VbW Yadits. 
Aim ThetnstoUsaus 22C, Proeus. 
Greece let 4529571. 4529486. Th: 
21-2000. USA offices.- fir Road. Am- 
bier. PA 19002. Tnl 715 6*1 1624. 


PAGE 4 
POP MORE 
CLASSIFSEDS 





YOUR LONDON oma 

at the 

CWSHAM EXECUTIVE 
Tet (Ol) A39 6208 Tbc 26TC6 


muhAwio 1 secretary Phone. Ida. 
Sjp Oba-Tortoer. DussekJsrf 021 1^5 
23 8? / rix8»l «S OFTA D 


DIAMONDS 





Resoled 

lorycu. 


Small space 
advertising in 
the International 
Herald Tribune 
is less expensive 
than you might 
imagine. 


For price 
details call these 
numbers or 
your nearest 
IHT advertising 
representative. 


Paris: 747.46.00 
London: 836.4802 

New York: 7523890 
Frankfurt: -72.6735 
Hong Kong: 5.420906