Skip to main content

Full text of "International Herald Tribune , 1985, France, English"

See other formats






'*7>C 


The Glohal Newspaper 


Edited ia p ; 


■- "S^Sf n 


Printed Simult 
in Paris, Lond6 
Hong Kong/Sj 
The Haeue Ajf- 


a 5^x 


u-Zufick 


WEA7> ® °*TA APPEAR ON PAGE 16 

No. 31,694 ~~ 


Herald 


INTERNATIONAL 



(tri 


.. 1 i 

n ': r °'ZZ, 


n Post 


Mpm_AODDui. toad_LS-Sffi Norway—7S0NJE' 

Iwn_JOS. ^_IWfflifn Ob«i OLTDOBak 

BbNu*-0*50 IN" k ^ m _ _ -»D£« 

Wff—-*"» Com_Su. 1A00 Qb *'-430R* 

C«*»-a070 jufl S*rfA.afaoJJOB. 

Denari . MOD*. ”*^~T See* HOPW 

Emu-1007. . Uw> T— W.—7.00S*. 

Mm_ 700 fM $w««tand.UD&* 

frm..._ mf '**”- ,K “- I«w-05001V 

Gum*,^UDOM. '**»-35C«» TurWy_I.C.WUJ0 

Oretotatofl—JOP. **»««—UAL-frjDPrt 

Cr«K_SO Dr. Ncft'rfcKfe„2AFl US. ML |6ir4_SUS 

Iren_1)5 tab Ngera _170 K. YugtaloMi—!7tJD 



• :: 




Gromyko Says U.S. 
Must Act Seriously 
On Weapons Talks 


ZURICH, MONDAY, JANUARY 14,1985 


ESTABLISHED 1887 




m 

•:*■ •Cs r . 


•••.. "'iu- 


; - '"•V‘t& S r C '' 






■: -**c 


Brcmncr abo “‘ n* possibility of reduces 
Mfwrnw _ strategic armaments." 

. 1 7^S2p»?^ ndre, . A .- Groni y- Voiciiig skepticism on U.S in- 

S^S^k^ ?n -?? 1Ster,said tcnlions * Mr. Gromyko criticized 
Sunday that the United State musi as devious and perfidious Washine- 

banniDg lon ’ s >o cot tin ue a SlS- 

weaponsmspace ifit wants to Lot research program into a soace 
make progress on curbing nuclear anti-missile system that the Reagan 




*!>***• 




a ^ a .... administration calls the Strategic 

appearance, Defense Initiative. It is popularly 
^ h r e ^ referred to as the “star ware*’ pro- 
warned the Uj. secretary of state, gram. K 



Police Kill 2 Separatists 
In New Caledonia Riots 



£^L!L. S i!?M “ ntinued , Mr - Gromyko assailed U.S. 


DUdear p1 ^ 10 ^linue the research 
would whde agre «ng to negotiate a ban 


yrar*=i-rvs- 


^iSW 


jeopardize the basis of new arms on ^ 

“ 5 . /a-_* ... .. Wasting ton that if it failed to dis- 

Mr. Gromyko s discussion with cuss such weapons in the spirit of 
four journalists, lasting one hour the Geneva accord, “This would be 


and 50 minutes, was devoted main- a useless, futile 0 ^ 013 ^ 2 / 
fy to spelling out the Soviet Union's “Without reachine an 




ty to spelling out the Soviet Union's “Without reaching an accord, si- 
deternnnation to hold the United multaneous and inter-rdated in all 



States to an agreement reached in the three directions,” he said. 


Geneva last week to discuss a ban “there can be n< 
on space weapons. the realization ol 

Mr. Shultz and Mr. Gromyko upon in Geneva, 
agreed Tuesday 10 start negotia- Western diploi 


“there can be no advancement in 
the realization of what was agreed 
upon in Geneva.” 

Western diplomats said that Mr. 


Caupdtd by Our Swff Fnm Dispatches 
PARIS—Police in New Caledo¬ 
nia shot and failed two leading sep¬ 
aratist figures amid weekend riot¬ 
ing that was brought on by the 
earlier shooting of a European 
fanner’s teen-age son. 

A state of emergency has been 
declared, and France has sent l.QQO 
more security forces to New Cale¬ 
donia to reinforce law and order. 

The decision to send the contin¬ 
gent of gendarmes and paramili¬ 
tary police to New Caledonia was 
made Saturday at an emergency 
meeting of senior ministers chaired 
try Prime Minister Laurem Fabius 
in Paris. The reinforcements will 
bring the size of the internal securi¬ 
ty force to 3.280 mro. 

The declaration of a state of 
emergency on Saturday followed 
the shooting by police of two lead- Eloi Machoro 

mg figures m the Kanak Socialist 

National Liberation Front during Liberation Front, which claims to 


riots in the capital, Noumea. represent most of the native Kanak 
The rioting began Friday when people, is demanding indepen- 


tions on preventing an arms race in Gromyko was clearly responding 
space and curbing both intermedi- to statements from U.S. officials 


European settlers became incensed deuce from France. Independence 
at the killing of the white farmer's is opposed by most of the Europe- 


atfr. and long-range missiles. over the past few days suggesting 


“If no progress is made on ques- that failure to agree on a space ten 
10 ns of space,” Mr. Gromyko said, would not derail possibte agree- 


lions of space,” Mr. Gromyko said, would not derail possib! 
“it would be superfluous to talk meat on nuclear weapons. 


FRIENDLY WARRIORS — General John Vessey, left, die chairman of the U.S. 
Joint Chiefs of Staff, met on Sunday with Zhang Aiping, the Chinese defense minister, 
in Beijing before a banquet The general is on a weeklong visit to C hina. Page 2, 


teen-age son. It diminished Saiur- an, Polynesian and Asian residents 
day night after French authorities who make up 57 percent of the 


declared a slate of emergency, im- islands' 150,000 people. 


posed a dusk to dawn curfew and French authorities said the two 


• c -* v y_.,. 


'Linkage’ 
May Hamper 
Progress in 
Arms Talks 


Mr. Gromyko said the I Ini t ed 
States had been persuaded to link 
the issues auhe 14 hours of talks in 
Geneva, which be described as “not 


easy and sometimes very compli¬ 
cated.” 


U.S. Aid to Afghans Mushrooms 


banned meetings of more than five separatist leaders were killed after 
people. There was no indication on Kanak militants opened fire, but 


lion in the struggle of the Kanak 
people for its independence.” He 
made it clear that he was withdraw¬ 
ing his party’s earlier partial en¬ 
dorsement of the Pisani plan. 

The territorial High Commission 
issued a detailed denial of Mr. Tji- 
baou’s charges. It said that Mr. 
Machoro and bis top aide, Marcel 
Monaco, were accidentally killed 
by police sharpshooters with orders 
only to wound them. 

Members of Mr. Machoro's fam¬ 
ily tried to prove Sunday that he 
was shot in the back. They insisted 
that the authorities hold a second 
autopsy on the body after officials 
reported that he was shot in the 
shoulder from the front. The result 
of the second autopsy, carried out 
late Sunday, was not immediately 
available. 

In a statement Saturday in Paris, 
Mr. Fabius endorsed Mr. Pisani’s 
proposals as ‘in the interests of all 
the communities on New Caledo¬ 
nia.” Support, however, appeared 
to be dwindling for the plan in New 
Caledonia following the upsurge of 
violence and the hardening of atti¬ 
tudes on both sides. 

In the first sample of French 
public opinion since Mr. Pisani's 
plan was announced last Monday, 
a poll sponsored by the weekly 
news magazine Le Point and pub¬ 
lished this weekend found that 49 


The Soviet Union, he said, “be¬ 
lieved and continues to believe that By Bob Woodward aid package to the rebels is ap- 

it is impossible to leave space and Charles R. Babcock Poaching $500 million. The 
aside.” sources aim said that there has 

“After all.” Mr. Gromyko add- WAStrnnTfiN rvn« ra i be™ discussion that the rebels 
ed, “it is possible theoretically to lnS%^^Scv’7^i “d to could use $600 million in the 1986 

' aS ^j^ ha i , ^® wi,en ? uc ' rebdsfightiiQ^ovwforces in Af- ^y^- 
cess could be achieved m questions ^ mushroomed into The Afghan operation and the 

of strategic armaments and m qoes- ^ y.S. coven operation maimer in which it has expanded is 
turns ol intermediate-range nuclear ^ ^ Vietnam War eraaccoid- becoming a subject of intense con- 


Quesfiotis Increase With Size of Covert Assistance Flan 


aid package to the rebels is ap- but the Cl 
proaching $500 million. The sources said, 
sources also said that there has 
been discussion that the rebels . 




By Bernard Gwcrtzman 

™ lions of inten 

WASHINGTON —The Geneva a rmiimcn K w 
agreement to begin three sets of _ v-itc 
arms negotiations left unresolved “J/ 0 ,, . 1 
the key question of whether a fail- Umte< 


but the CIA vetoed that, the reported tense but calm. 


SSSSS -"ssa- 1 -"- H5SS23 

RepOTts from Noumea on Sim- The most prominent of the vie- percent of those questioned wanted 
day said thathundreds of heavily tims was Eloi Machoro, 38, leader New Caledonia to remain in the 
patroffing 0 f a hard-line Kanak separatist French Republic while 33 percent 
&OUp ' H « bad bad been named wanted it to become independent! 
earners and trucks. Tbe capital was security minister in a “provisional Mr. Pisani's proposals envisage 

reported tense but calm. K a nak government'' and had made France giving up sovereignty over 


Troops were guarding the resi- two trips to Libya over the past two 
dence of the government delegate, years to seek support for toe inde- 
Edgard Pisani, who recently un- pendence movement. 

e — : i—u— r > m • _ .... 


particular controversy has 
Mr. Wilson’s successful ef- 


UmUUU m ““ 1,00 fons to obtain money for toe CIA vefle ‘? *.P*“ for independence “in " Jean-Marie Ijibaou, president of 
__ y . ‘ . to supply advanced, heavy anti-air- ■ssoaation with France” from the the self-proclaimed provisional 

T* 1 * Af^an opoation aedthe rannft ng to ^ a beginning of 1986 following a ref- government, said that the falling of 
aimer in whidnt has expanded is erendum in July. the two separatists was a “barba- 

coming a subject of intense coo- (Combined on Page 2. CoL 4) The Kanak Socialist National rous act” that “created anew intiia- 


NolLS. Preconditions 


mg to sources. 


becoming a subject ot intense con¬ 
troversy in the administration, the 


(Combined ob Page 2, CoL 4) 


the two 
rousact' 


iratists was a “barba- 
t “created a new ritua- 


French Republic while 33 percent 
wanted it to become independenL 
Mr. Pisani's proposals envisage 
France giving up sovereignty over 
the island but retaining responsi¬ 
bility for intemal and external se¬ 
curity. Tbe secretary-general of the 
neo-Gaullisi party, Jacques Tou- 
bon, said Saturday in Pans that his 
party would soon pul forward its 
own proposals for dealing with the 
crisis. (WP, AP, AFP, Reuters) 


With Representative Charles ^ Congress. 


Hie United States will continue Wilson, Democrat of Texas, as a Several of these officials, who 


vi ’ -SALS TJIaL r r£ 


ure in one set of talks could derail &nns limitation talks with the Sovi- chief catalyst for the rapid escala- asked not to be identified, said that 
progress in the others, according to 61 Union without preconditions, non, they said. Congress has nearly tbe program has grown too much 
—n-6 mm tripled the Reagan administra- and too fast They said it is in 


■■caV 

"»“*T 


senior Reagan administration fi- 
dals. 

As a result, officials said Satur¬ 
day. the negotiations could be im¬ 
periled oven before they.start by a 
disagreement over “linkage” — 
with pn^ress on the American goal 
of reducing nudear weapons possi- 


jr>H 1*05 bly held hosi 


despite Soviet statements masting tripled tl 
that the negotiations will not sue- tion's initial i 
ceed without provisions outlawing program I 
space weaponry, Mr. Shultz said about $2$ 
Sunday, according to an Assoriat- fiscal year, 
ed Press report from Washington. The figu 
He said in a television interview: 80 percent 
“I think that the fact there is a penditnres 


non s initial request for the Afghan 
program to what will amount to 
about $250 million for the current 


yrjr=. 

Irfsiinc- * 


ere& ~ 

■x Nit -- 


ed Press nqx>rt from Washington. The figure represents more than 
He said in a television interview: 80 percent of the CIA’s annual ex- 
“I think dial the fact there is a penditnres for covert operations, 
relationship among different types the sources said, 
of arms that we will be talking In addition, three other conn- 
about is something that we believe tries, in the Middle East and Aria, 
and have advocated, and the Soviet are expected to provide S200nril- 


bly held hostage by a Soviet inris- relationship among different types 
tence that toe United States agree °[j*nns that w wd be talking 
to halt its program of researchInto about is something toai we telieve 
space weapons. and have advocated, and the Soviet 

“Tlwreisan ambiguity there, I Union does too." 
grant you,” an official said, “and 


Union does too.” 


Eon. With that money, the annual 


danger of getting out of hand and 
may trigger an psmlatinn of Soviet 
military operations in Afghanistan. 
• Others, inducting Mr. Wilson 
and cbngresrional supporters, said 
that the U.S. government was not 
doing enough, that equipment be¬ 
ing used was second-rate and that 
tbe rebels were not getting enough 
supplies and ammunition. Some 
have advocated supplying new, so¬ 
phisticated ground-to-air missiles 




yrn<= 

IrrJ- ■ 

- 

*.i Uao-‘- 


■" - 4 . 

' 


•>*> 




r d&. 




only tune will tdl if it stands in the n 
way of an agreement.” 

The ambiguity was unavoidable, 
officials said, because the two sides -. 

approached the talks in Geneva 
last week from different perspec- X Xf J. J 
lives. They said that Secretary of 
State George P. Shultz proposed By Hi 

three separate sets of negotiations: humane 

medium-range nuclear missiles, BERLIN 
strategic arms and defensive weap- countries-as v 
ons. Mr. Shultz, they said, argued appear dearlj 
that these should be independent of cessful talks 
each other, so that if an agreement Secretary of S 
was possible in one area it should and Andrei A 
not have to await progress in an- foreign minisi 
other. The two Ge 

This was because tbe United bloc countries 
States wants to resume the two sets own in the res 
of negotiations on nuclear arms gotiations and 
that were halted by the Soviet of the East- 
Union in late 1983, without having w bole. 
to trade away the long-term re- Bonn, \ 

\ search program into blocking in- expressed bo| 
coming missiles, known officially Helmut Kohl i 
as the Strategic Defense Initiative. a fresh start i 
and unofficially as “Star Wars." with initiative 
But Foreign Minister Andrea A damaged rda 
Gromyko, seeking to halt tbe U.S. ^ to resume 
research program, argued strongly Germany, 
in Geneva for one overall negotia- For Erich 
tion to take up all issues, they said. German Conn 
At first, be wanted a commit- the thaw ber 
meat to scrap the initiative as the Washington m 
price far resuming nuclear arms find the Russii 
talks, a senior official said, but fi- initiatives he fa; 
nally agreed to a compromise relations with 
worked oat in part_through Amen- other members 
can verbal concessions. tic Treaty Oigi 

Mr. Gromyko, in effect, was es- _ 

ponring the “pmhrdla talks” con- 
cept raised by President Ronald 
Reagan in September but subse- Tr -mgyf 

qnentiy dropped by Washington. Y 

Washington agreed to the Soviet 
preference for general language 
saying that the goal is to achieve 
accords “aimed at preventing an yc 

arms race in space and terminating g em j ian j H 

it on earth. tinn nf 

Mr. Shultz wanted to avoid ter- 

nmoli^y snffiestmg that jhe space ^ 

program might lead to an arms Bzny Afl( 
race in q»oe.” a participant said. Qo ^ m d| 
“But we agreed to that f^tena as qq the subu 
the price for getting the talks going ^ ^ 
again.” Trov Cantv, 

The two conntzies “Bui we v 


Success in Geneva Stirs Optimism 
For Renewed East-Bloc Ties to West 


By Henry Tanner 

huemaneual Herald Tribune priority. Started b uilding when (he Russians 

BERLIN — East European For olbcr East-bloc nations, the walked out of the Geneva confer- 
countries-as well as West Germany favorable outcome of the super- ence in late 1983 after NATO be- 
appear dearly relieved by the sue- power talks last week could signal gan deploying Pershing-2 and 
cessful talks in Geneva between the end of a period of unprecedent- cruise missies. Western specialists 
Secretary of State George P. Shultz ^ tension between Moscow and its say. 

and Andrei A Gromyko, tbe Soviet allies and the beginning of greater Moscow’s hard-line policy of 


ported to be his most immediate most of the East European capitals 


started building when the Russians 









Western specialists 


> Th» Iwi a hl Pnu 

Demonstrators in Noumea, New Caledonia, gat h e r around an overturned car that sores as a barri cade 


foreign minister. 

The two Gennanys and the East- 


Pressure'has grown in Belgium 


freezing centals with the West anti No Second Honeymoon for Reagan’s White House 

forcing its allies to do so met with J v (J 


bloc countries have stakes of their to delay deployment of NATO 
own in (he resumption of arms ne- nudear missiles there. Page 2. 


gotiations and in ite.improvement - 

of the East-West climate as a leeway in East-bloc countries' for- 


foremg its allies to do so met with 
sometimes ffl-conceaied opposition 
in East European capitals. 

Moscow had made it dear that it 


By Hedrick Smith 

New York Tima Serna 


changes last week was but another chief of staff, James A. Baker 3d— tive, sa 
symptom of the dynamics of that may only add to centrifugal forces some id 


Moscow had made it dear that it WASHINGTON — One key to change. After triumphantly pro- already at work, 

wanted to be the sole decision- understanding power in Washing- claiming that he would keep his The first 12 days of 1985 have 


In Bonn, government officials specialists here. 


eign policies, according to Western maker in the Soviet Woe when it ton is knowing which election — 


came to relations with the West the one to come, or toe one just past found 1 


expressed hope that Chancellor Reports from Eastern Europe Mr. Honecker, who canceled a —counts most. 


team. Mr. Reagan has 
Dsdf with new cabinet of- 


Helmut Kohl may be able to make also indicate that leaders there re- visit to West Germany last Seplem- in J 9 g] f president Ronald Rea- 


a fresh start in his Eastern policy gard the new Soviet-American con- 
with initiatives to improve badly tacts as a sign that thejockeying for 


ber, was not the only East Europe- gan had a high-riding honeymoon 


NEWS ANALYSIS 


damaged relations with Moscow power within toe Kremlin leadcr- 
and to resume dialogue with East ship that followed the death of 


an leader to fed this pressure; To- because the capital was in the thrafl ficers in the Treasury. Interior, En- House has being disbanded whole- 

dor Zhivkov ot Bulgaria also of toe Republicans’ 1980 sweep. By exgy and Education departments sale, and in an extraordinary move, 

early 1982, with the midterm elec- and a new White House chief of Senate Republicans have taken toe 

tions approaching, his party was in staff. budget initiative away from the 

a defensive mood Yet the movement brought in no president. They plan to produce 

This year, normal rhythms seem new faces. Nor did it seem to signal their own blueprint before Presi- 
upset. With astonishing speed, a grand new strategy, but rather a dent Reagan's reaches Capitol HiD. 
Washington, if not the public, is bade against tired Wood by shuf- Yonnger Democrats in the 
discounting President Reagan’s fling the lineup. House of Representatives have 

1984 landslide. Power, initiative The most significant of last spnmg a successful rebellion, top- 
and political talent are ebbing week’s chang es — toe job swap pling a senior committee chairman, 

away from toe While House. between Treasury Secretary Don- And Vice President George Bush 

The burst of cabinet and staff aid T. Regan and toe White House and other Republican hopefuls are 

openly scrambling to tine up politi- 


produced a series of surprises that 
have altered toe capital's chemistry 
of power. 

The masterful political team that 
has managed the Reagan White 


Gennady. President Yuri V. Andropov last 

For Erich Honecker, toe East February may be ending and that a 
German Co mmunis t Party leader, more moderate line could be 


toe thaw between Moscow and emerging. 


Washington may mean that he wiQ 
find tbe Russians willing to accept 


East European Kremlin watch¬ 
ers. like their Western counter- 


initiatives he basplanned for closer parts, are repeated to see Mikhail S. 
relations with France. Italy and Gorbachov, a powerful Politburo 


delayed a West German trip. eariy 1982, with the midter 
Although Janos Kada r , toe Hun- tions approaching, his party 
garian leader, visited Paris and a defensive mood 
President Nicolae Ceausescu of This year, normal rhythm 
Romania went to Bonn, both visits u pset. With astonishing 
produced mea^ results because of Washington, if not toe pu 
Soviet disapproval, diplomats in discounting President Reagan’s 
Bonn and Paris said at the time. 1984 landslide. Power, initiative 


other members of toe North Atlan¬ 
tic Treaty Organization. This is re¬ 


member, as a rising moderate force. 
Tension between Moscow and 


Now some specialists here expect and political talent 
ew overtures toward toe West away from toe While 
(Co n ti nue d on Page 2, CoL 2) The burst of eabii 


Victims of N.Y. 'Subway Vigilante’ Tell Their Side of Story 






.J1, 

>y 


have a single delegation at future 
negotiations — the Soviet plan 
that would be “divided into three 
groups* —toe US. idea. 

The lan guage of the document 
included the dear suggestion that 
there was some relationship among 
tbe various negotiations. 

"The sides agreed that toe sub¬ 
ject of the negotiations will be a 
complex of questions concerning 
space and nudear anus, both stra¬ 
tegic and intermediate range, with 
all the questions considered ana 
resolved m todi inrendatioasnip, 
it said. 

Mr. Shultz said Wednesday on 

(ContHHied on Page 2. Col 1) 


By Margot Homblower 

Washington Post Semee 

NEW YORK — The four youths who were shot by 
Bernhard H_ Goetz, the "subway vigilante.” had no inten¬ 
tion of stealing from him but were on their way downtown 

to break into video arcade game machines, according to 
one of the four. 

Barry Allen said none of the group threatened Mr. 

Goetz, an electronics specialist accused of shooting them 
on the subway on Dec. 21 
Mr. Allen said one of the group, whom he identified as 
Troy Canty, asked Mr. Goetz for $5. 

“But we wasn't planning on robbing him. We bad no 
intention of robbing him, he added 
In an houiiong interview Thursday while walking 
through his South Bronx neighborhood and hitching a ride 
to Manhattan’s Bdlevue Hospital, Mr. ADen described his 
life as a high school dropout, a cocaine addict, an unwed 
father and a convicted offender who has served time in 


her 11-monto-old daughter. All but two of toe children 
were fathered by different men. 

“I never knew my father,” Mr. Allen said “He left when 
I was a little boy.” 

His 17-year-old brother, Benjamin, is an A student, he 
said, while his two sisters, Tanya and Patricia, Wand 15, 
are also good students who stay out of trouble. When his 


Overwhelmed judges in New York City’s Criminal 
Court handle an average of 10 cases per hour. Page 3. 


mother found out about the shooting, he said, “She was 
saying toe hopes it traitors us a lesson.” 

Mr. Allen said he dropped oat of the ninth grade in a 
high school equivalency program two momhc ago to try to 
get into a drug rehabilitation program, but he had not had 
a chance to apply. 

He said be has been stealing from video arcade ma¬ 
chines for a year and a half, making as much as $500 an a 


jail He said he had learned a lesson from the shooting. sensed two short jail terms in 1982 and 1983. 

The four youths Kve in Claremont Village, a pubi M l .% ^ “ That ’ s 1 

houstog project in toe heart of toe buraed-Sit, rabble- J ™'*'o gp right, to 

SI Bronx. Thirty.griuMoolring brick Uprises 


house an overcrowded population, about 70 percent black 
and toe rest Hispanic. 

“Those projects are some of toe worst in the city,” said a 
policeman at the 42d Precinct 
Mr. Allen, who turned 19 on Thursday, said he is toe 
oldest of five children of Mary Allen, a former switch¬ 
board operator who has been oh welfare since toe birth of 


wanted to gel in a drug program. I wanted to go right , to 
get a job, to step down from all this crime.” 

Describing the Dec. 22 incident, Mr. Allen said he and 
his three companions were on their way to “break into 
video machines. Everyone in toe block do toaL” 

Mr. Canty asked Mr. Goetz for the $5 to play video 
games, Mr. Allen said 

“Only one pawn approached him,” Mr. Allen said. 
"He had no reason to be scared” 

But Mr. Goetz replied, according to Mr. Alien." TO 


give it to you,’ and he pulled out a gun and started 
shooting. I tried to run. People started screaming." 

While Mr. Goetz, 37. has become a popular symbol of 
resisting crime. Mr. Allen said “He ain't no hero. Thai 
man took toe law into his own hands, man. He got to be 
punished” 

Mr. Canty, a 19-year-old who lives in the same budding 
as Mr. Allen, accompanied him in a reporter’s car for part 
of toe interview but repeatedly urged him not to reply to 
questions. 

Mr. Canty said both youths had sold their story to toe 
National Enquirer for $300 and had allowed the Enquirer 
to take pictures of their bullet wounds. His attorney later 
confirmed the arrangement with the Enquirer, a weekly 
tabloid 

According to Mr. Canty’s attorney, Howard R. Meyer, 
Mr. Canty, has servo! two 20- and 30-day jail sentences 
for petty larceny and bss been arrested six or seven times 
for shoplifting or breaking into video arcade machines. 
Tbe two screwdrivers police say he was carrying were not 
weapons. Mr. Meyer said 

"My guy never had crimes against individuals,” Mr. 
Meyer said “He puis botes in video machines, not in 
people." 

While Mr. Canty and Mr. ADen are recovering from 
their wounds. Darryl Cabey. 19. who was paralyzed from 
tbe waist down, remained in a anna Friday m critical 
condition and was suffering from pneumonia and a chest 
infection. James Ramsrur, 18, underwent a second opera¬ 
tion on Thursday and was reported in satisfactory condi¬ 
tion Friday. 


Younger Democrats in the 
House of Representatives have 
sprung a successful rebellion, top¬ 
pling a senior committee chairman. 
And Vice President George Bush 
and other Republican hopefuls are 
openly scrambling to line up politi¬ 
cal talent for their 1988 presidential 
campaigns. 

“Everyone had anticipated some 
honeymoon period with the kind of 
victory we had” a Reagan cam¬ 
paign leader said “There’s not go¬ 
ing to be a second honeymoon. Tbe 
momentum we should have had has 
never been translated I don’t think 
the president is in as good shape as 
be was a year ago in terms of get¬ 
ting the job done.” 

Robert J. Dole of Kansas, the 
new Senate majority leader, has ex¬ 
plained in tdfing terms why Re¬ 
publicans are treating the Reagan 
budget as dead-before-arrivaL 

“Tbe president does not have to 
ran for re-election any more,” he 
said “but a lot tti top rest of us do.” 

Ute mood in Washington may be 
out of sync with toe mood of the 
country. In a New York Times- 
CBS News poll Jan, 2-4, President 
Reagan won his highest public rat¬ 
ing since eariy 1981, with 65 per¬ 
cent approving of bis handling of 
the presidency. His new approach 
to toe Soviet Union won strong 
public support. 

If toe shakeup of Mr. Reagan's 
high command troubles him, he 
gave so agn at his news conference 
last week, his first since July. 

He was as relaxed and genial as 
ever, a model of flexibility. He 
smiled on the Senate budget inita- 


tive, saying: “Maybe they’ve got 
some ideas we haven't thought of.” 

He was willing to bend on freez¬ 
ing cost-of-living increases in So¬ 
cial Security retirement payments 
if "faced with an overwhelming bi¬ 
partisan majority in both Houses." 

Critics see toe president as a 
creature of indispensable staff 
managers, but Reagan loyalists 

“troi^a’^- Mr. BakerTMichael K. 
Deaver, the deputy chief of staff, 
who said two weeks ago that he was 
leaving; and the presidential coun¬ 
selor, Edwin Meese 3d, who has 
been nominated for attorney gener¬ 
al — showed toe president was no 
one’s puppet 

But the Regan-Baker job swap, 
initiated from below as a package, 
left the president open to appearing 
passive. Moreover, itcoulaadd to a 
vacuum at the center. 

Since 1981, the tightly knit 
White House team has seemed to 
call many of toe shots. Under Mr. 
Regan, a less-seasoned political 
strategist, the White House could 
see decision-making gravitate to 
the cabinet 


President Reagan has decided 
mf to abolish toe Council of 
Ecooounc Advisers. Page 11. 


INSIDE 


■ A Libyan diplomat was shot 

to death outside his hone in 
Rome. Page! 

■ Rrazfltes are optinristic after 
three years of crisis. Page L 

SPORTS 

■John McEnroe defeated Ivan 
Lendl, 7-5, 6-0, 6-4, to win the 
final of the Masters tennis tour¬ 
nament Page 17. 

BUSINESS/FINANCE 

■ Tbe United States was toe 

most economically competitive 
country last year, a study ; 
found. Page 11. i 

PERSONAL INVESTING j 
The Tokyo stock market pre¬ 
sents fresh challenges for inves¬ 


tors in 1985. 


Page 7. 


























Page 2 


INTERNATIONAL HERALD TRIBI NE. MONDAY. JAM ARY U. I98o 


Top U.S. General Starts 
Round of Talks With 
Chinese Military Aides 


By Jim Mann 

£*« Angeles Tima Service 

BEUTNG — General John W. 
Vessey Jr., chairman of the U.S. 
Joint Chiefs of Staff, has begun a 
series of talks here with Chinese 
military officials that are expected 
to help iron ont plans for the first 
visit by U.S. Navy ships to Chinese 
ports in 35 years. 

General vessey, accompanied by 
several other high-ranking U.S. 
military officials, arrived Saturday 
morning. After a brief welcoming 
ceremony, be met with his Chinese 
counterpart, Yang Dezhi, chief of 
the general staff of the People’s 
Liberation Army, who once direct- 
ed Chinese troops fighting the 
United States during the Korean 
War. 

General Vessey is the highest- 
ranking U.S. career military officer 
. to visit China since the Commu¬ 
nists came to power in 1949. His 
trip is the latest in a series of ex¬ 
changes over the past 18 months 
between Chinese and U.S. defense 
officials. 

previous visits, Chinese 


countries,** he said. “This should be 
treated seriously." 

General Vessey. in bis toast to 
Chinese officials, said, "The con¬ 
tinuing development of friendly re¬ 
lations between our two armed 
forces is in the interests of our two 
counties and is beneficial to peace 
and stability in this region and 
throughout the world.” 

■ Anns Agreement Reported 
China and the Uni Lad Slates 
have agreed on a package of mili¬ 
tary sales intended to help modern¬ 
ize the destroyers in the Chinese 
fleet and on a port call by three 
U.S. destroyers to Shanghai in 
April. The Washington Post 

Q uoted U.S. officials as saying Fri- 
ay. 

Chinese naval officials, who 
completed a six-week visit to 
Washington and to military sites in 
the United States last'month, 
agreed to buy sonars, torpedoes, 
gas turbine engines and a sophisti¬ 
cated shipboard Gatling gun in¬ 
tended to shoot down anti-ship 
missiles, the officials said. 

The Chinese would like to be 



Holding ins pistol, Farag Omar Makfayoan, a Libyan diplomat, lies on the ground outside 
his house in Rome after he was killed in an ambush. He apparently wounded his attacker. 

During previous visit ~ ' m**»«*. »,u. 

N if vy ^ ps J!S bm^tw Lib yan Tiinlnmat Is Slaill in "Romp 
LE * diplomat is siain m itome 

immediately known how many de- The Associated Preu and shoot twice at the assailant, 

stroyers would be involved in the ROME — An assailant shot and police said, 
naval modernization program. But killed a Libyan diplomat in an am- A spokesman for the Libyan 

bush outside his home on Sunday, 


calls along the Chinese coast Ad 
nriral W illiam Crowe, commander 
in chief of the U.S. Pacific Forces, 
is with General Vessey here, and 
U.S. officials acknowledged Satur¬ 
day that the two men would proba¬ 
bly discuss the proposed port calk 
during their weeklong visit to Chi¬ 
na. 

U.S. officials have said that if 
such calls were arranged, navy 
ships would probably pul in at 
Qingdao, on the North China 
coast, or at Shanghai. General Ves¬ 
sey and his delegation are sched¬ 
uled to tour Chinese naval facilities 
and shipyards in Shanghai this 
week. 

During the past year, U.S. and 
Chinese officials have expressed 
concern about Soviet use of the 
naval base at Cam Ranh Bay 
Vietnam. And after the visit h 
last month by a Soviet first deputy 
prime minister. Ivan V. Arkhipov. 
U-S. officials are working to ensure 
that General Vessey’s visit does not 
go unnoticed. 

Although General Vessey has 
not scheduled any press confer¬ 
ences and his meetings with Chi¬ 
nese military officials are private. 


if all aspects of the agreeraen 
fruition, sales could total several 
hundred millions of dollars. 

The sales would represent the 
most si gnifican t mili tary transac¬ 
tion so far with China since De¬ 
fense Secretary Caspar W. Wein¬ 
berger cleared the way for weapons 
sales during his visit to Bey ing in 
September 1983. Officials cau¬ 
tioned that the Chinese, who have 
expressed interest in certain sales 
ana then backed off in the past, 
have not yet signed any contracts. 


(reach 

police said. 

The Libyan managed to draw his 
own gun, they said, and apparently 
wounded the assassin before col¬ 
lapsing. 

Police said (hat Farag Omar 
Makhyoun, 31. was shot three 
limes near his home in central 
Rome. 

A woman who witnessed the at¬ 
tack from her apartment window 
said that Mr. Makhyoun was sur¬ 
prised, but was able to draw his gun 


People’s Bureau, or embassy, said 
that Mr. Makhyoun was a member 
of the Popular Committee, a com¬ 
mittee set up in 1979 by Colonel 
Moamer Qadhafi's radical regime 
to replace the position of ambassa¬ 
dor. The spokesman, who declined 
to be identified, said that Mr. Mak¬ 
hyoun had worked in the embassy's 
press office for three years. 

Police said they found a silencer- 
equipped gun near the victim and 
suspected that be may have wound¬ 
ed his assailant because blood- 


in 

ere 


Pentagon Gains Voice 
In Technology Exports 


By Fred Hiatt 

Washington Past Service 

WASHINGTON — President 

___ Ronald Reagan has authorized sys- 

news photographers are Kano al- tematoc Defense Department re- 


re taries of state, ddense and com¬ 
merce, officials said Friday. 

Mr. Reagan intervened after the 
Commerce and Defense Depart¬ 
ments failed to reach agreement on 


New Pressure 
In Belgium to 
Delay Missiles 


view of high technology exports to to a™ after mot* than two year. 


a ._, . . 

General Yang, who is in charge of ^ se ®* n ^ concents more promi- 
the world’s bi gges t army, referred hen<* in trade policy, according to 
obliquely to the sensitive question admi n istration officials. 

The decision was contained in a 
classified memorandum signed this 
month try the White House nation¬ 
al security affairs adviser, Robert 
C. McFariane, and sent to the sec- 


of continued U.S. arms sales to 
Taiwan. 

*There are still difficulties and 
obstacles in the way of developing 
the relations between our two 


Soviet 'linkage’ May Harm 
Progress in Talks With U.S. 


(Continued from Page 1) 
his way home Iran Geneva: “The 
way in which the relationship will 
emerge in the negotiations them¬ 
selves remains to be seen." 

But he agreed that there was "a 
presumption of a certain relation¬ 
ship." Whether this means, be said, 
that an agreement reached in one 
forum will automatically be accept¬ 
ed “depends upon the judgment of 
both parties about whether they 
can go forward given the sense of 
relationship involved." 

He said that the United States 
felt that if there was an agreement 
worked out, for instance, m strate¬ 
gic anus, “it should go forward," 
but, he added, “That isn’t necessar¬ 
ily the Soviet view. 


missiles through technology carried 
aloft by satellites, but also the Sovi¬ 
et plan to upgrade their anti-ballis¬ 
tic missiles around Moscow, and to 
develop new radars and anti-air- 
craft systems that call into question 
Soviet compliance with the anti- 
ballistic missile treaty of 1972. 

Genera] Rowny said the Soviet 
tide agreed in the negotiations to 
the Shultz formulation that discus¬ 
sion of space weapons “will not be 
confined to space alone, but that 
there will be ground-based systems 
targeted on space.’' 

■ Weinberger on MX 

Defense Secretary Caspar W. 
Weinberger has said that success in 
arms talks with the Soviet Union is 
dependent on congressional sup- 


The directive allows the Penta¬ 
gon to review all commercial appli¬ 
cations for licenses to export cer¬ 
tain types of equipment to 15 
noncommunist countries from 
which the Defense Department has 
said it fears that the equipment 
could be reshipped to the Soviet 
Union. 

The list of countries is classified. 
But sources said it did not include 
members of the Coordinating 
Committee, or Cocom, a grouping 
of North Atlantic Treaty Organiza¬ 
tion countries and Japan that mon¬ 
itors Western technology sales to 
communist countries. 

Exports that wall come under 
Pentagon jurisdiction include com¬ 
puter parts, scientific instruments 
and other equipment that Defense 
Department officials believe could 
have military application. 

The long-running dispute re¬ 
flects a disagreement between the 
constituencies that the two depart¬ 
ments tend to represent, officials 
said. Defense Department officials 
have been most concerned with 
what they see as a hemorrhage of 
valuable Western technology to the 
Soviet Union, while Commerce De¬ 
partment officials have worried 
that the Pentagon would delay and 
impede harmless trade, injuring the 
position of U.S. companies in the 
world market 

Pentaeon officials said Friday 


By Richard Bernstein 

New York Times Service 

BRUSSELS — As Belgium’s 
meet 
Reagan on 
Monday, pressure has increased on 
the government to reject the imme¬ 
diate deployment of NATO cruise 
missiles, officials and diplomats 
here say. ":*■*. - 

The government of Prime Minis-: 
ter Wflfried Martens has agreed in 
principle to deploy 48 of the nucle¬ 
ar missiles on Belgian sofl unless 
the Soviet Union reduced the num¬ 
ber of SS-20 intermediate-range 
nuclear missiles aimed at Western 
Europe. 

To that end, the Belgian govern¬ 
ment has been carrying out major 
construction at the air base in Flor- 
ennes, 40 miles (64 kilometers) 
south of Brussels, preparing for the 
eventual arrival of the missiles. 

But the major opposition parties 
have turned the deployment of the 
missiles into the top political issue 
of the day in Belgium. Even Mr. 
Martens’s own Christian Social 
Party formally took the position 
last fall that ihe final decision on 



Wilfried Martens 


ish Socialist Party, which reversed 
its earlier support for deployment 
into militant hostility toward it, has 
effectively used the issue of the 
missiles to build support. 

Recent polls suggest that if the 
election were held now, the govern¬ 
ing coalition, which includes the 
Christian Social Party and the Lib¬ 
eral Party, would lose its majority 
in Parliament 

The government according to 
officials here, believes that post¬ 
poning a derision on tbe deploy¬ 
ment could help its election 
chances. But il also feds that a 


deployment should be delayed to failure to deploy on schedule would 
give ume for Soviel-American arms harm Belgium's relations with its 


On Saturday. Lieutenant Gener- that they viewed the presidential 

. L “Jf "“P™* Abated 

Press reported from Washington. 


al 

the U.S. delegation to the strategic 
arms talks in Geneva, said there 
could be problems in negotiations 
if Moscow demanded that agree¬ 
ments on the nuclear arms issues 
depended on an accord on barring 
space weaponry. 

He said (he United States should 
"try to accentuate tire positive and 
say wherever we can make pro¬ 
gress, we should let that progress go 
forward." 

Appearing an the Cable News 
Network, General Rowny said: 
“We can hope that we're not going 
to be slowed down by the slowest- 
paced element here" — the space 

weapons program. 

He said the Russians did say in 
Geneva that if progress could be 
achieved in some areas, “we should 
try to get independent agreements 
on some of these areas and I think 
that’s an encouraging sign, but I 
think we just have to wait and see." 

' General Rowny also sought to 
dear up another matter that was 
left ambiguous in Geneva. The 
joint statement did not define tbe 
meaning of “space weapons." But 
Mr. Shultz said in a news confer¬ 
ence on Tuesday that space arms 
included those weapons "whether 
based or targeted on earth or in 
space." 

This meant Mr. Shultz regarded 
as subject to consideration at the 
negotiating table not only the 
American plan to look into the fea¬ 
sibility to guard against incoming 


mg an 
Cable 


UNIVERSITY 

DEGREE 


may aujMy lot 

BACHE L Cifl S MASTE ff S 04 DOC tORU £ 
Send detailed resume 
tor a free evaluation 

PACIFIC WESTBM UNIYERSrrr 

MTOOvenmnBM OHT) Encno CALShXUSA 


The defense secretary spoke dur- 
ppearance Saturday on the 
ews Network. 

"It is not a bargaining chip," he 
said of the space research program, 
likewise. Mr.-Weinberger said, ap¬ 
proval for the 10-warhead MX mis¬ 
sile was necessary for the United 
States to win concessions. 

Optimism 
For East Bloc 

(Continued from Page 1) 
from Hungary. Bulgaria, Poland 
and perhaps even Czechoslovakia, 
the country where the Soviet line of 
the last 15 months seemed to have 
evoked the least criticism. 

Mr. Honecker is expected to 
make his first visit to a NATO 
country, Italy, within the next few 
months, returning a visit by Prime 
Minister Betlino Craxi of Italy Iasi 
year. 

Mr. Honecker's goal, it is be¬ 
lieved. is to strengthen internation¬ 
al acceptance of East Germany as a 
permanent state. 

Improvement of West Germa¬ 
ny's relations with Moscow and re¬ 
sumption of the dialogue with East 
Germany, which has been reduced 
to routine contacts, are not expect¬ 
ed, however, before tbe 40th anni¬ 
versary of the Nazi defeat in May. 

Moscow’s propaganda campaign 
against West German "revan¬ 
chism" is expected to continue at 
least until that time. The Russians 
launched this campaign last sum¬ 
mer, citing West German officials, 
some of them prominent in Mr. 
Kohl’s party, who raised the ques¬ 
tion of the provinces (hat Germany 
lost in 1945. 


It means that a long impasse 
has come to an end." an official 
said. "It means that the security 
concerns expressed by (he Depart¬ 
ment of Defense from the earliest 
days of the administration will now 
be given greater weight." 

Commerce Department officials 
said, however, that they were satis¬ 
fied with the mechanisms for re¬ 
view and appeal created in the 
presidential derision. 

The directive allows the Penta¬ 
gon to tap into the Commerce De¬ 
partment computer to review infor¬ 
mation collected about specific 
license applications. Some business 
representatives have opposed this. 

The Pentagon must object within 
15 days after an application is filed 
if it wishes to halt an export. 

If Commerce Department offi¬ 
cials do not share Pentagon con¬ 
cerns about a specific license, the 
matter is to be resolved by a com¬ 
mittee on which Donald R_ Fortier, 
deputy national security affairs ad¬ 
viser. would cast the deciding vote. 

Either cabinet secretary could 
appeal tbe committee decision to 
the president, according to officials 
familiar with the directive. 

■ Two Convicted in U.K. 

A London court convicted two 
businessmen Friday of selling U.S. 
computers to Bulgaria, Reuters re¬ 
ported from London. 

The court sentenced a company 
director. John Ludham. 42. to the 
maximum sentence of two years’ 
imprisonment on charges of ex¬ 
porting prohibited goods. His asso¬ 
ciate, Christopher M illi n gton, 40. 
received a suspended sentence of 
Tour months on related charges. 
Both men admitted the charges. 

Tbe court heard that they ob¬ 
tained licenses to export six com¬ 
puters worth £500.000 (3560,000) 
to Switzerland, but then secretly 
arranged for them to be sold io 
Bulgaria. 


control talks to produce results. 

“The Belgian issue is being 
looked al with a lot of concern." 
said one diplomat from a country- 
in the North Atlantic Treaty Orga¬ 
nization. "It won’t be the end of the 
world if they don't deploy, but it 
will be important because of its 
effect on NATO solidarity." 

"It would make things difficult 
for the Dutch if they find them¬ 
selves deploying without their Be¬ 
nelux partner." the diplomat said. 
"Alliance solidarity is also very im¬ 
portant to the Germans, as well as 
to the Americans." 

Mr. Manens's situation has 
grown particularly difficult be¬ 
cause the government must by law- 
call for elections by Dec. 8 of this 
year. Diplomats here and Belgian 
officials said in interviews that the 
major opposition group, the Flem- 


NATO partners and reduce its in¬ 
fluence within tbe alliance. 

NATO derided to try to negoti¬ 
ate a reduction in the Soviet arsenal 
of SS-20s and, if the negotiations 
faiied, to go ahead with the installa¬ 
tion of NATO Perching-2 and 
cruise nuclear missiles in Europe. 
Belgium and the Netherlands both 
went along with the basic NATO 
position but said they would make 
final derisions after reviewing the 
situation. 

The Dutch government said in 
June that it would review the situa¬ 
tion in November of this year and, 
if the number of Soviet missiles 
deployed exceeded 378, would go 
ahead with the installation of 48 
NATO cruise missiles on its territo¬ 
ry. NATO says the Russians have 
already excelled tbe 378-missile 
ceiling, with 387 SS-20s deployed. 


Army Units 
Deployed on 
Road South 
Of Beirut 

By John Kifner 

New York Tima Service 

BEIRUT—The Lebanese Army 
has begun deploying its forces 
down the coastal road south of Bei¬ 
rut in a much-heralded step in the 
government's attempt to extend its 
authority beyond a few neighbor¬ 
hoods in tbe capital 

The effort began Saturday after 
weeks of haggling between rival 
Christian and Druze militias. 

The lead elements of a 1,200- 
member force have reached a point 
within two miles (3.2 kilometers) of 
the Israeli occupation line at tbe 
Awali River, north,of Sidon. 

But anarchy continued unabated 
in mostly Moslem West Beirut, 
with two more car bombs on Satur¬ 
day killing two persons and 
wounding about 23. One bomb hit 
a Druze-owned gasoline station 
and another went off in the almost 
entirely S unni Moslem neighbor¬ 
hood of Fakhani, causing the 
deaths and the most damag e. 

Militiamen of various factions 
were out in force at key locations. 


WORLD BRIEFS 


Inquiry Sought on Missile Accident 

RONN (WPl_West Germany’s opposition Social Democrats have 

dSa^l investigator, into 

Pershing-2 missile ignited as it was being unpacked at a U.S. mflitaiy base 
Friday, killin g three soldiers and injuring 16. ■ 

Meanwhile a seven-member team from the Army Safety Center in 
Fort Rucker Alabama, arrived Saturday to investigate the accident at 
Sip Red leg. near Heilbronn in southern Gennany. and a Mod'15 
cO^hs was fiown in from the U.S. Missile Command in Huntsville, 

^LtfldEg members of the Greens party, which guided ^ nationwide 
campaign that tried to block installation of the missiles, 
accident vindicated their argument that U.S. troops in West Gennany 
should not be entrusted with weapons of mass destruction. 

Pope Assails Human Rights Hypocrisy 

ROME (NYT) — Pope John Paul II, using sharp l angua g e in bis 
annual welcoming speech to the Vatican’s diplomatic corps, reFored to 
the 10th annivereaxy of the signing of the Helsinki accords and criticized 
nations who defend human rights abroad while violating them at home. 

He seemed to aim his remarks on Saturday al tbe Soviet Union and its 
allies, referring to "grave problems that arise where the state has adopted 
an atheistic ideology." The pope praised the resumption of aims negotia¬ 
tions between the United States and the Soviet Union, and urged 
wealthier nations to act with “generous love" to resolve the problem of 
the "enormous debts” of Third World nations. 

In an apparent reference to the persecution of Christians in some 
Moslem countries, the pope spoke of the “astonishment and the senti¬ 
ment of frustration among Christians, for example in Europe, who 
welcome believers from other religions, giving them the possibility of 
exercising their worship, and then see Christian worship forbidden in the 
countries where these believers, who are in the majority, make their faith 
the stale religion." 


icy Ft 

The victim's wife told police that 
her husband earned a pistol be¬ 
cause he had received several anon¬ 
ymous telephone threats, the Ital¬ 
ian news agency ANSA said. 

An anonymous telephone caller 
to The Associated Press office in 
London said the attack was carried 
out by a group called Al Barkan. 
ihe Arabic word for volcano. 

The group has claimed responsi¬ 
bility for the Jan. 21. 1984, killing 
in Rome of another Libyan diplo¬ 
mat, Ammar el-Taggazy, and for 
an attack against a top Libyan offi¬ 
cial in Tripoli the same year. 


were oui m lorce ai Key locations. , _ - .. .« • 

brandishing automatic weapons (J.S. BlSIlOp oloCKS 2 Abortion vJlIllCS 

“State, 8 ^K^wtattar NEW YORK (NYT) -Tta Roman 

n - - York, has obtained a temporary court order blocking efforts by two 

Planned Parenthood clinics to begin providing abortions. __ 
Attorneys for Bishop Howard J. Hubbard obtained the order Friday 
just hours after Planned Parenthood had obtained approval from the 
state Health Department to offer abortions at clinics in Albany and in 
Hudson. 

The order by state Supreme Court Justice John Pennock bars the 
department from issuing a final operating license to Upper Hudson 
Planned Parenthood pending a hearing on Jan. 23. A spokesman for the 
National Conference of Catholic Bishops in Washington said Saturday 
that the Albany diocese may be the first in the United SiaLes to try to 
block the opening of an abortion clinic by going to court. 


(he army deployment would be 
merely cosmetic— as have been 
most of its deployments and the 
security steps announced since the 
pretense of sovereignty broke down 
in the face of a Moslem revolt in 
West Beirut in February — or 
whether tbe army would be able to 
open and control the road. 

The issue will become even more 
important if Israel withdraws south 
from the area around Sidon. In 
talks with Israel Lebanon has ob¬ 
jected to Israeli demands for a 
broader deployment of United Na¬ 
tions troops, saying that such a 
move would violate Lebanese sov¬ 
ereignty. But this position has been 
undermined by Lebanon's inability 
to send its own army down its own 
major highway. 

The main coastal road going 
south from Beirut has been dosed 
for 11 months, largely because of 
clashes between Christian and 
Druze militiamen along the coast 
and just inland. 

The Druze controlled the area 
south of Beirut International Air¬ 
port to the burned-out village of 
Damur, while the Christians held 
an enclave just to the south, around 
Jiyeh, to tbe Israeli line. 

Much of the delay in deployment 
was caused by the objections of the 
Druze, but the final snag had been 
the refusal of tbe Christian Phalan- 
gists to pull out several hundred 
guerrillas brought in from else¬ 
where. The Christians finally 
agreed to do so. 

Units of the newly formed 12th 
Brigade, which is to include both 
Christian and Moslem troops and 
officers, moved out in a 20-vebicle 
convoy of trucks, jeeps, and seven 
French-made tanks on Sat unlay 
rooming, flying brand-new. over¬ 
sized Lebanese flags. 

Women along the way threw rice 
and rose petals at than, as they 
have previously for Palestinians. 
Syrians, Israelis and troops of the 
multinational force. 

■ Rabin to Offer Plan 

The Israeli defense minister, 
Yitzhak Rabin, said Saturday that 
he would propose a unilateral 
phased withdrawal of Israeli sol¬ 
diers rrorn southern Lebanon, The 
Associated Press reported from Tel 
Aviv. 

Mr. Rabin's plan, announced 
during an Israel Radio interview, 
apparently would leave tbe area 
under the control of the South Leb¬ 
anon Army, a pro-Israeli Christian 
militia, instead of tbe Lebanese 
Army, as the Lebanese government 
warns. 

The defense minister said the 
withdrawal would begin at the 
Awali River. Israeli soldiers would 

f iull back from along the eastern 
rent with Syria at a later dale. 

He gave no timetable, saying 
only dial it would be executed in 
stages "so that we can maintain a 
freedom of decision, to change 
things if it turns out that develop¬ 
ments are significantly different 
from what we expected." 


Turkey Criticizes Creek Defense Plan 

ANKARA (Reuters) — Turkey has denounced a new Greek defense 
policy as inconsistent and a “grave development" The Greek govern¬ 
ment approved last Tuesday in Athens a policy that officially emphasizes 
Turkey, a fellow NATO member, rather than neighboring Communist 
countries as tbe main threat IO Greece. 

A spokesman for the Turkish Foreign Ministry, Yalim Eralp, said 
Friday, "TTie inconsistency of a country which wants to deploy its armed 
forces against a member of the same alliance is there for ail to see." 

Mr. Eralp described the new Greek policy as “a grave development for 
Turkish-Greek relations and the NATO alliance." 

Zia Sets Date for Assembly Elections 

ISLAMABAD, Pakistan (AP) — President Mohammed Zia ul-Haq 
has announced that elections will be held Feb. 23 to replace the parlia¬ 
ment disbanded in July 1977 with the imposition of martial law, which is 
still in force. 

General Zia said Saturday that, although tbe elections for the National 
Assembly are expected to start a process of power-sharing between the 
armed forces ana elected civilian representatives, political parties wifi not 
be allowed to take pan in the campaign. 

He said Moslems wifi vote for Moslem candidates,, and non-Moslems 
will elect non-Moslem candidates. Pakistan is an overwhelmingly Islamic 
country, and General Zia has been enforcing the religion’s code of law. 

Savimbi Promises to Free 22 Hostages 

JAMBA, Angola (Reuters) — Jonas Savimbi, the Angolan guerrilla 
leader, has met with foreign reporters to disprove rumors of his death and 
has promised to free 22 foreign hostages unconditionally. 

Mr. Savimbi addressed about 2,000 supporters at a rally at bus bush 
headquarters at Jamba Friday, then met tbe four journalists. He said 
reports of his capture or death were Angolan government propaganda 
and joked: “I will die many times before I reach Luanda," Angola's 
capital. 

He said his National Union for die Total Independence of Angola 
plans to step up its guerrilla campaign with car bombs and attacks on 
multinational companies. He said Lhe hostages seized two weeks ago by 
UNITA were making their way on foot to Jamba, which has no telephone 
or telex links with the outside world. 

Galvin Will Lead U.S. Latin Forces 

WASHINGTON (WP) —Lieutenant General John R. Galvin, head of 
the US. Array's 7th Corps in Europe, has been named commander of 
U5. forces in Latin America, succeeding General Paul F. Gorman. 

General Galvin, 55. wifi become a four-star general when he replaces 
General Gorman on April 30, the Defense Department announced 
Friday. Pentagon officials said General Gorman, 57. had been offered a 
range of positions in a vain effort to persuade him not to retire. 

One plan called for General Gorman to command NATO forces in 
Europe for two years, then replace General John W. Vessey Jr., chairman 
of the Joint Chiefs of Staff, when his term expires in 1986. When General 
Gorman insisted he wanted to return to private life, the Pentacon asked 
General Bernard W. Rogers, the NATO commander, to serve two more 
years in Europe. 


For the Record 

Major aspirin manufacturers in the United States have agreed to 
develop labels warning about the association between the use of aspirin 
for children and teen-agers and the often fatal Reye’s Syndrome. fLAT) 

An explosion caused by leaking gas erupted Saturday at a meat market 
in the Warsaw suburb of Falenica, killing at least six persons and injuring 
about 30. official news organizations reported. (UP!) 

West German explosives experts defused a home-made bomb Sunday 
left outside the from entrance of a regional West German Armv head- 
qiurterc at Wiesbaden, police officials said. No group immediately 
claimed responsibility. (UPI) 


¥ 


Questions Increase With Size of U.S. Aid Plan for Afghans 


(Continued from Page 1) 

aon some officials view as a poten¬ 
tial escalation. 

By year’s end, the U.S. program. 
Much supplies weapons, ammiini- 
tioo. clothing, medical supplies and 
money for food, is expected to sup¬ 
port an estimated 200,000 to 
300,000 full- or part-time rebels 
who are battling a Soviet Armv 
believed to number 110,000 troops. 
Intelligence reports and various 
other accounts describe the conflict 
as one of the most savage of mod¬ 
ern times. 

A congressional critic of the es¬ 
calation said, "We should have 
learned from Vie tnam about over- 
technologizing primitive people.” 

Although there are hundreds of 
cases documenting human rights 
violations by ihe Soviet Ararv. the 
U-S. government has confirmed re¬ 
ports that the rebels drugged, tor¬ 
tured and forced 50 to 200 Soviet 
prisoners to live in cages. 

In addition, congressional 
sources said (he rebels may be as¬ 
sassinating Soviet military’officers 
and administrators. U.S. InleRi- 
gwtee officials said they cannot and 
do not control the operations of the 
rebels and have no knowledge erf 
any assassinations. 


fall of 1983 with a secret Wilson 
amendment to the defense appro¬ 
priations bill recbanneling 540 mil¬ 
lion of Defense Department money 
to the CIA for the Afghan opera¬ 
tion. the sources said. 

Part of tbe money was for the 
new, foreign-made, heavy anti-air¬ 
craft cannons. Another 550 million 
for more supplies and weapons was 
repro g rammed al Mr. Wilson’s ini¬ 
tiative in Lhe same way Iasi July. 

Tbe Senate, at the urging of Mal¬ 
colm Wallop, Republican of Wyo¬ 
ming, then took the lead in increas¬ 
ing the annual aid to the point 
where it is about 5230 milli on for 
fiscal 1983. 

The specific amount for 1983 is 
difficult to calculate, according to 
sources, because there is some un¬ 
spent money from previous years 
that is expected to be used this 
year. But the sources said that 
spending would range from S250 
miBion io 5280 million. 

It is dear from interviews with 
more than 20 officials familiar with 
the Afghan coven aid program that 
over the last 18 months, while pub¬ 
lic attention has been focused on 
the CIA's activities in Nicaragua, 
Congress opened the dollar flow to 
Ibis much-less-visible program. 

By contrast. Congress lost year 


"Uk large increases began in the cut off a funding program for op¬ 


ponents of the government in Nica¬ 
ragua that was one-tenth the size, 
costing S24 million a year and sup¬ 
porting 15.000 rebels fighting the 
Sandinist government. 

Some Reagan administration 
and CIA officials at first opposed 
the large increases in the Afghan 
operation and were not sure that 
the supply line, which runs through 
Pakistan, could absorb the in¬ 
creased How. But officials said that 
after facing years of public con¬ 
gressional hostility to the Nicara¬ 
gua program, the ClA finally went 
along on Afghanistan. 

"It was a windfall to ibem," said 
a congressional intelligence offi- 
daL “They’d faced so much oppo¬ 
sition to covert action in Central 
America and here comes the Con¬ 
gress helping and throwing money 
at them, putting money their way 
and they decided to say. ‘Who are 
we to say no?’" 

Increasing the Afghan program 
also gave Congress a chance to 
show it was not soft on commu¬ 
nism and Soviet expansionism, 
ial sources said, 
le sudden mushrooming of aid. 
through supply pipelines set up af¬ 
ter the Soviet move into Afghani¬ 
stan in December 1979, also has 
created serious control problems. 
By some accounts, as little as 20 


percent of the weapons and sup¬ 
plies reach the Afghan resistance 
because the material must travel a 
long, complicated route. The CIA 
maintains that 80 percent is getting 
into tbe hands of the fighters. 

Government and intelligence re¬ 
ports also show some cases of hu¬ 
man rights violations by the rebels. 

According to two sources, the 
rebels have made requests for as¬ 
sassination equipment and asked 
for information on locations of 
high-ranking Soviet generals and 
administrators. But there are no 
proven, dear cases of assassina¬ 
tion. The CIA is prohibited by ex¬ 
ecutive order from supporting as¬ 
sassination directly or indirectly. 

One source said that the resis¬ 
tance was “not going to worry 
about a presidential executive or¬ 
der and they arc certainly going to 
ask for sniper weapons and if they 
ask for them, they’re going to get 
than." 

A December 1984 report from 
Lhe Helsinki Watch Committee, en¬ 
titled “Tears. Blood and Cries — 
Human Rights in Afghanistan 
Since the Invasion, 1979 to 1984 “ 
describes tactics, including torture 

and assassination, that allegedly 
are being used by both sides. The 
human rights group's 212-page re¬ 


port devotes 172 pages to the Rus¬ 
sians and 16 to the rebels. 

Through ail of this, officials said, 
the government 0 f President Mo¬ 
hammed Zia ul-Haq of Pakistan is 
walking a diplomatic tightrope be¬ 
cause most of the covert aid is 
channeled through his country. 

Many details of the Afghan av 
ven aid program teive been report¬ 
ed since the operation began during 
the Carter administration. But offi¬ 
cials said the increase in the last 18 
months and the lobbying of Mr. 
Wilson, with the support of most 
members of Congress, have al¬ 
lowed bttle time for debate on the 
consequences of various tactical 
decisions. 

ir s f nio ‘! Carter administration 
official said there were serious 
from the beginning. An 
official said: “The question was. 
Do wc give them weapons to kill 
themselves?’ because that is 
what we would be doing. There was 
no way ihey could beat ihe Sovi- 

< * ucs * on here,’’ ihe official 
said, was whether it was morally 
‘hat in order to keep 
the Soviets ofr balance, which was 
the re ason for the operation, it was 
possible io use other lives for 
our geopolitical interests." 


* 












INTERNATIONAL HERALD TRIBUNE. MONDAY, JANUARY 14, 1985 


AMERICAN TOPICS 



Brazil Shows Optimism 
After 3 Years of Crisis 

G^mlhde, Economic Recavery 

And Rock V Roll Tunes Are in Air 


Pat Fortier, who has been mugged twice, wears a suit of 
anuor as a protest as he walks along a street in Detroit 


2d Reagan Inaugural 
To Continue 4 Days 

President Ronald Reagan’s 
second inaugural celebration 
will last four days, highlighted 
by eight black-tie balls, a na- 
rional prayer service, a “greater 
emphasis on youth and free 
events" and less on “black-tie 
events,” says Michael K. 
Deaver, the outgoing deputy 
White House chief of staff and 
general chairman of the presi¬ 
dential inaugural committee. 

Mr. Reagan will be sworn in 
at a private ceremony at the 
White House on Sunday as re¬ 
quired by the constitution. 1116 
official outdoor inaugural cere¬ 
mony at the Capitol, the big 
presidential parade down Penn¬ 
sylvania Avenue and the inau¬ 
gural balls will take place on 
Jan. 21. 

Inaugural festivities win start 
Friday. Admission to the inau¬ 
gural ceremony is free, but by 
invitation only. Parade tickets 
start at S1LS0. The “hottest 
ticket in town” is the Saturday 
evening gala produced by 
Frank Sinatra. Tickets are $200, 
but the only people who can 
buy them are the 6,000 people 
who were invited by the White 
House. 


Last Dusky Sparrows 
Singing Swan Songs 

The world’s last three dusky 
seaside sparrows, whose salt 
marsh habitat in central Florida 
was drained to make room for 


highways and the John F. Ken¬ 
nedy Space Center, are living 
ow then last days in a comer of 
Disney World that is not open 
to the public, the Los Angeles 
Times reports. 

All are males. With no female 
of the subspecies left, each of 
the males has been coupled with 
the next best bind, a Scott's sea¬ 
side sparrow, a cousin from 
Florida's Gulf Coast In a pro¬ 
cess called back-crossing, the 
idea is to mate each generation 
of offspring with the remaining 
purebreds. This will produce 
75-percent, then 87.5-percent, 
then 93.75-percent duskies and 

SOOD- 

The Florida Audobon Soci¬ 
ety, with state approval is 
hnriring the bdated program to 
save the dusky. But the U.S. 
Fish and Wildlife Service has 
remained aloof. Says Harold 
O’Connor, a service biologist, 
“Legally, a 98.4-percent dusky 
isn't a dusky. The bird we 
would get through cross-breed¬ 
ing would not be the bird we are 
losing." 

Short Takes 

One result of the growing 
get-tough attitude on minx: is 
that more juveniles charged 
with serious offenses like rape 
and murder are bring tried as 
adults, 1X000 in 1982, up from 
10,400 in 1975. The National 
Center for Juvenile Justice says 
the actual number is far higher. 
In the past five years a score of 
states have adopted laws allow¬ 
ing for automatic trial of juve¬ 
niles as adults in serious cases. 

' When members of Congress 
want to know whether a bill 
the y are fra ming is constitu¬ 
tional. they call cm Johnny H. 
Killian, 46, the expert at the 
Congressional Research Ser¬ 
vice. Mr. KUBan can cite Su¬ 
preme Court decisions over the 

past two centuries. He anno- 


tales the constitution and close¬ 
ly reads all derisions of Lbe high 
conn — except tax and securi¬ 
ties cases. Mr. Killian says he 
finds some of these “incompre¬ 
hensible.” 


Notes About People 

When Robert SbofEner, wine 
and food critic for the Washing¬ 
tonian magazine, showed up 
last mouth at “Jean Louisa! the 
Watergate." Jean Loris Paila- 
dm himself informed him that 
two SboSner reviews had been 
bad for business, and refused to 
serve him. Mr. SbofEner called 
in the police; who explained' 
that service was required by 
law. 

Mr. Shoffner then was in¬ 
formed that the kitchen was out 
of everything except cold appe¬ 
tizers and dissert Hie left, and 
filed a complaint the next day 
with the local Office of Human 
Rights. A few days later, he 
wot to the restaurant and ate a 
$95 meaL Both aide and res¬ 
taurateur suggested that they 
were ready to let bygones be 
bygones. 

Dan Write, 38, has been 
after he shot and 
MHk, a fellow 
San Francisco 


freed six 
kilted 

member of 
board of 
or George Mosoone, on Nov. 
27, 1978. Mr. White, convicted 
of manslaughter after his law¬ 
yers argued that he had been 
suffering from diminished men¬ 
tal capacity, has been living on 
parole in Los Angeles for the 
past year. He is now free to 
return to San Francisco, but 
many people there, including 
Mayor Dianne Frinstrin, have 
said that be should stay away 
for his own and the public’s 
safety. 

Rita M. Lavefle, forma- chief 
of the federal toxic-waste clean¬ 
up program, is awaiting a deri¬ 
sion on her appeal against a six- 
month prison sentence and 
$10,000 fine for lying to Con¬ 
gress. “It’s been two years of 
sheer heQ,” said Miss Lavdle, 
36, who is Jiving with friends in 
San Diego. She says that with 
the appeal decision pending, 
she can't get a job, but she has 
been lecturing on college cam¬ 
puses and writing a book. 

Thirty years ago last month. 
Colonel Jobs Pari Stapprode a 
rocket sled that accelerated in 
five seconds to 632 miles (1,018 
kilometers) an hour, then was 
brought to a stop in 1.4 seconds. 
Colonel Stapp, a physician, was 
subjected to .40 times the force 
erf gravity, four times what the 
early astronauts felt. His re¬ 
search was used in the design of 
spacecraft, airplanes and cars. 
Now 74 and retired from the air 
force, be says the only lasting 
effects he suffered “are all the 
lunches and dinners I have to go 

to now.” 

Excuses beard in the state 
Traffic Violations Bureau in 
New York Gty, as recounted 
by Larry Waldman. the head 
judge, in The New York Tunes: 

A driver ticketed for stopping 
his car to eat a sandwich, block¬ 
ing traffic: “I am a diabetic and 
! must eat small, regular meals 
many times a day. My doctor 
says I can’t vary my schedule." 

A driver ticketed for running 
a red light: “1 have a tinted 
windshield and you can’t tdl 
the color of the light through 
the glass." 

— Compiled bv 

ARTHUR HIGBEE 


Charles E. Kelly, World War H Hero, 
Dies; Won Medal of Honor in Italy 


NEW YORK—Charles E. Kel¬ 
ly, 64, the World War H boo 
known as Commando KeUy.died 
Friday at the Veterans Adrmmstra- 
lion Hospital in Pittsburgh. 
sylvania, after a bowel operabon. 

Mr *- 


.Kelly, asdf-employedhouse one 
pamrermRttsburglLwaslheflrrt of the war., 
enlisted man to recave the Medal 


He was awarded the highest US. 
military medal for single-handledly 
fighting off a German platoon, ea- 
ablinghis own detachment to with¬ 
draw safely from Aitavilla, Italy, 
SepL 1, 1943. His act became 
; of the most talked about events 


By Jackson Diehl 

Washington Past Service 
RIO DE JANEIRO — Mobs of 
Brazilians are gathering to cele¬ 
brate warm weather, international 
rock stars 
trends and a 
that has propelled Brazil into a fes¬ 
tival Of national good feeling. 
After three years of economic 
hardship and political crisis, Brazil¬ 
ians have begun the new year with 
the sense that their nation has re¬ 
gained its good fortune and shining 
potential. “There is a feeling that 
we are going to wake up next week 
and everything is going to be 
green," stud Alexandre de Banos, a 
poti tical scientist. 

For the first time in four years, 
employment, production ana na¬ 
tional wealth are all on the increase 
in Brazil, and economists are pre¬ 
dicting that the surge will last 
through the year. Salaries in private 
industry have been rising for the 
past six months. In S&o Paulo 
alone, 110.000 new factory jobs 
opened last year. 

fix weeks before its traditional 
carnival, Rio has galvanized the na¬ 
tion's youth with a 10-day, Slt- 
million international rock festival 
that opened Friday in Baixada de 
Jacarepaguk before an exuberant 
crowd of more than 100,000 peo¬ 
ple 

In Brasilia, meanwhile, thou¬ 
sands of politicians and their sup¬ 
porters are ceremoniously gather¬ 
ing for the expected election 
Tuesday of the civilian opposition 
leader, Tancredo Neves, as Brazil's 
new president, ending 21 years of 
military rule. 

“People have a feeling that they 
have broken through the old sys¬ 
tem, and a new era is beginning," 
said Raphael de Almeida Magal- 
haes, a politician of Mr. Neves's 
Brazilian Democratic Movement. 
“Tancredo is the symbol of that 


Everyone is looking ahead to great¬ 
er participation and solutions for 
their problems.” 

The revival ol the characteristic 
national optimism of Brazil’s 130 
, buoyant economic million people may soon prove un- 
i change erf government founded. Despite the economic 
growth of 4 percent last year, a 
foreign debt of $100 billion and 
inflation of 220 percent threaten to 
drag the country into another re¬ 
cession. Poverty, unemployment 
and urban crime remain at high 
levels, and Mr. Neves’s unwieldy 
political alliance has ya to settle on 
even a basic plan of government. 

Nevertheless, many Brazilian 
leaders seem to fed that the worst 
of the country’s trials are over. 

“There is not going to be any 
more recession,” said Rui Barreto, 
the president of the Confederation 
or Commercial Associations of 
Brazil. “There can’t be, because we 
can’t have anything worse than 
what we have had." 

If this proves true, Brazil could 
become a model for a region still 
struggling to overcome one of the 
worst economic crises in its history 
and could consolidate a trend to¬ 
ward democratic government. Like 
most of its South American neigh¬ 
bors, Brazil was stricken by reces¬ 
sion in 1981 and a collapse of fi¬ 
nancing for its foreign debt in 1982. 

By late 1983, the nation's mood 
had hit bottom. San Paulo was 
shocked by rioting, and sackings of 
supermarkets by hungry mobs 
spread from Rio to the impover¬ 
ished northeast. Pa capita income 
dropped 10 percent below its 1980 
level. The military-backed govern¬ 
ment of President Joao Figueiredo 
appeared destined to supervise a 
restricted competition for a new 
president between two unpopular 
candidates of the ruling Democrat¬ 
ic Social Party. 

As in Argentina and Uruguay, 
Brazil's crisis provoked a * 



Honduras, El Salvador 
Aid Nicaragua Rebels 
Following U.S. Cutback 


biier* 


Tancredo Neves 

in the established economic and 
political order. Yet the Brazilians 
found their own, distinctive route 
for change, mixing rebellion with 
smooth conciliation and the slow, 
subtle construction of a national 
consensus. 

Unlike in Argentina's case, for 
example, Brazil's economic minis¬ 
ters willingly accepted the econom¬ 
ic stabilization plans of the Inter¬ 
national Monetary Fund, thereby 
pleasing commercial banks and 
Western governments holding its 
foreign loans. The government 
then simply neglected to carry the 
programs oul 

Seven limes in the last two years, 
Brazil has agreed on a formal “let¬ 
ter of in lent" with the IMF spelling 
out austerity measures. In each 
case, it has quietly ignored the most 
disagreeable steps. 

At the same time, Brazil has tak¬ 
en the steps necessary to expand its 
exports at a s tunning pace, amply 
surpassing the IMF targets, reviv¬ 
ing the internal economy and al¬ 
lowing it to plan to meet its pay¬ 
ment obligations for the first time 
next year without fresh bank loans. 

The emergence of civilian rule 
has followed a similarly circuitous 
course. When millions of citizens 


RkMti 


Paulo Salim Maluf 

prestige — and a measure of con¬ 
trol — by refusing to alter the sys¬ 
tem of an indirect election by an 
electoral college. 

Nevertheless, the public pressure 
eventually led to an alliance of op¬ 
position and government party 
leaders behind Mr. Neves, the 74- 
year-dd opposition leader and for¬ 
ma prime minister, malting him 
the overwhelming favorite ova his 
military-backed opponent. Paulo 
Salim Maluf, 53, in Tuesday’s vote. 

Brazilians thus expect to avoid 
the partisan strife and alienation erf 
the military that have accompanied 
the return of other Latin nations to 
civilian govemmenti 

This harmo nious style carries its 
own risks. The evasions of Brazil's 
economic technicians have left it 
with dangerously high inflation 
that most economists expect to in¬ 
crease in the coming months. The 
eccentric political process has pro¬ 
duced a leader focused on building 
alliances rather than defining his 
positions, with the result that no 
one is sure bow Mr. Neves will lead 
the nation — or if he will be able to 
lead it at all 


By Philip Taubraan 

Sew York Times Service 

WASHINGTON — Honduras 
and El Salvador have replaced the 
United States as key sources of aid 
to Nicaraguan rebels, according to 
Reagan administration officials 
and members of Congress. 

They said Israel had also in¬ 
creased its aid to the rebels, provid¬ 
ing more weapons and advice. 

Although the three countries be¬ 
gan assisting the rebels several 
years ago, the levd of their support 
and its importance to the insur¬ 
gents increased as assistance from 
the United States diminished and 
eventually ended daring 1984, the 
U.S. officials said. 

The support has raised questions 
in Congress on whether U.S. arms 
and other supplies sold or given to 
Honduras, El Salvador and Israel 
are being diverted to the Nicara¬ 
guan rebels. That is barred by both 
foreign aid legislation and a specif¬ 
ic ban on U.S. aid to the rebels. 

As UJ5. aid to the rebels ran out 
last year, the officials and lawmak¬ 
ers said. Honduras became a major 
supplier of ammunition to the in¬ 
surgents, and □ Salvador took ova 
the job of maintaining the rebels' 
small air force. 

El Salvador and Honduras are 
impoverished nations heavily de¬ 
pendent on U.S. aid. Officials from 
both countries, while denying pub¬ 
licly that their governments are 
helping the rebels, have said pri¬ 
vately that aid has been provided. 

Israeli officials have also denied 
aiding the rebels. 


Representative Joseph P. Ad- 
dab bo, Democrat of New York, 
chairman of the defense subcom- 
Moreover, neither the economic mil lee of the House Appropria¬ 
te or the political temporizing seem tions Committee, said in a recent 
to respond to Brazil's underlying 


Iras’ and, in so doing, effect a 
rather devious contravention of the 
law.” 

A dminis tration officials denied 
that U.S. foreign aid had been fmi¬ 
nded to the rebels. 

The State Department, com¬ 
menting, on the Addabbo letter, 
said: “As we have slated before, the 
United States has not provided 
funds to third countries for the pur¬ 
pose of supporting coven activities 
in Central America. We are not in a 
position to comment on allegations 
of activities pursued independently 
by otha nations.” 

The recent Honduran assistance, 
according to an administration of¬ 
ficial, has included “tons of ammu¬ 
nition.” 

He said that although there was 
no formal agreement with Hondu¬ 
ras that the ammunition would be 
replaced by the United States, it is 
understood by both U.S. and Hon¬ 
duran officials that "Honduras 
won't end up with a shortage of 
bullets.” 

Administration officials said this 
indirect method of aiding the rebels 
followed a pattern set in 1982 and 
1983 when Honduras supplied the 
insurgents with more than 6,000 
Belgian automatic rifles. 

The Hondurans gave the rebels 
the rifles, which a forma Hondu¬ 
ran military officer said were “like 
new." after the Honduran Army 
got new automatic rifles from the 
United States, administration offi¬ 
cials and members of Congress 
said 

The Salvadoran aid the officials 
said, consisted primarily of letting 
the rebels use Salvadoran military 
airfields to base their aircraft. 

The Salvadoran Air Force has 
helped maintain the planes and has 
provided fuel and ground-control 


course, wnen millions ot citizens to respond to Brazil s undertone letter to Secretary of State Georee K ~r ■ - 

turned out oo the streets eariy last economic ailZSh iTsM^ m iSed Z S?*' attamtslrenon offices 

year to demand a direct presiden- as its grossly unequal distribution countries receiving U.S. foreign as- 

of income and increasing rural tm- sistance aid may be utilizing a por- 
povcnshmenL tion of such aid to assist the ‘con- 


tial ejection, the military and the 
Social Democrats presaved their 


Dole Bars 
Increase in 
1985 Taxes 


By Jonathan Fuerbringcr 

New York Tima Service 

WASHINGTON - The Senate 
majority leader, Robert J. Dole, has 
declared that there is no chance of a 
tax increase this year. 

“No one is pushing taxes and I 
think the chances this year are 
zero,” the Kansas Republican said 
in an interview Saturday. “We just 
ought to face up to that.” 

Senator Dole again insisted that 
a Emit on cosl-of-Sving increases in 
Soda] Security payments, which 
provide retirement, disability and 
survivor benefits, be considered as 
part of a package of spending re¬ 
ductions aimed at cutting huge fed¬ 
eral budget deficits. 

In recent comments, made after 
Senate Republicans met to work on 
a deficit-reduction plan, Mr. Dole 
said tax increases should not be 
considered now. Instead, be said, 
efforts to tackle the budget deficit 
should emphasize spending reduc¬ 
tions. He had previously left the 
door open for tax increases, refa¬ 
ring to them as a “last resort." 

“If we finish the first round” of 
spending reductions. Senator Dole 
said Saturday, “there is an outside 
chance we may go back to the last 
resort. But we might as well be 
realistic, we’re not going to stick 
taxes in there." 

He said Senate Republicans were 
still aiming to reduce the federal 
deficit to $100 billion in 1988, but 
he said they might fall short of that 
goal. Nevertheless, be said chances 
were voy good for approving a 
deficit-reduction package this year. 

The basic proposal under con¬ 
sideration by Senate Republicans is 
a complete freeze on all federal 
spending, including the military 
budget and cost-of-living increases 
in Social Security payments. 

In a meeting of members of the 
Senate Republican leadership on 
Wednesday. Senator Pete V, Do- 
menici of New Mexico, chairman 
of the Budget Committee, present¬ 
ed a List of more than 70 proposals 
for eliminating or cutting pro¬ 
grams, in addition to the freeze. 
Most of the program proposals 
were included in President Ronald 
Reagan's outline of planned budget 
cuts. 

Soda! Security benefits “should 
be considered like everything else" 
in planning a spending freeze. Sen¬ 
ator Dole said. He said that “it’s 
going to be tough” to freeze otha 
government cost-of-living in¬ 
creases for pension and benefit 
programs without doing the same 
to Social Security. 



Duarte Expected to Delay- 
New Talks With Rebels 


GETTING UP TO SPEED — WiffitunX Shroed^, 
who received a mechanical heart seven weeks ago, has a 
vigorous workout on an exercise cycle in the Louisville, 
Kentucky, hospital where he is recovering. “Ks 
strength is improving,” a hospital official said. 


N. Y. Criminal Courts 
Verge on 'Legal Death’ 


The Associated Press 

NEW YORK — New York 
City’s Criminal Court, Lbe forum 
that apparently helped sour Ban- 
hard H. Goetz on the criminal jus¬ 
tice system, is a court where judges 
handle an average of 10 cases an 
hour, one every six minutes. 

A crushing case load has brought 
the court to the verge of “legal 
death," according to a New York 
Bar Association repeat. Little more 
ijian one-half of one percent of 
Criminal Court cases go to trial 

Mr. Goetz, who has confessed to 
shooting four youths as they ha¬ 
rassed him on a subway train on 
Dec. 22, grew familiar with the 
court after being mugged in 1981. 

Mr. Goetz complained to friends 
of having to spend more than six 
hours in the Manhattan Criminal 
Court building, while the youth 
who mugged him was out in less 
than three. Lata, the case was sub¬ 
mitted for noncriminal mediation. 
Eventually, the youth spent four 
months in jail, but acquaintances 
say the experience seemed to have 
embittered Mr. Goetz. 

Mr. Goetz is not alone in his 
frustration with Criminal Court. 

The Bar Association report 
termed it “a system out of control 
— a crowded, heavily time-pres- 


231,899 arrest cases, 10 percent 
more than 1982. Police reported a 
13 percent increase in arrests in 
1984. 

Judges, under what the bar re¬ 
port termed the “extreme pressure” 
of crowded calendars and jails, 
sometimes dismiss meritorious 


By James LeMoyne 

New York Times Service 

SAN SALVADOR — Senior 
Salvadoran officials say that grow¬ 
ing political pressure has made it 
unlikely that President Josi Napo- 
le6n Duarte will pursue peace talks 
with leftist rebels until after nation¬ 
al elections are held in March. 

The dimming prospects for talks 
appear to be a result of increasing 
polarization as the five-year war in 
El Salvador grinds on and vying 
political interests prepare for the 
elections, which will determine 
control of the legislative assembly. 

After seven months in office, Mr. 
Duarte is openly confronting the 
conservative-dominated assembly 
on a new electoral law that appears 
to favor parties to the right of his 
Christian Democratic Party. With 
his party seeking a majority in the 
legislature. Mr. Duarte is consid¬ 
ered too politically exposed to risk 
pressing talks with the guerrillas. 

“I see it as very difficult to have a 
dialogue now," said a senior gov¬ 
ernment minis ter, “It's hard to sit 
down to talk when the interna) po¬ 
litical problems are so grave." 

Salvadoran officials emphasize 
that they have made no decision on 
whether and how to meet the rebels 
again. But two government negoti¬ 
ators at the last round of peace 
talks in November have said that 
they will counsel Mr Duarte not to 
press further talks now. 

When be began talks in October, 
Mr. Duarte bad high hopes of 
forming a national consensus sup- 


Public opposition to the talks has 
been led by Roberto d’Aubuisson, 
leader of the far-right Nationalist 
Republican Alliance. Business¬ 
men's associations also have pub¬ 
licly distanced themselves from 
Mr. Duarte, and conservative aim y 
officers are believed to have pri¬ 
vately criticized his decision to ne¬ 
gotiate with the guerrillas. 

Although rebel spokesmen have 
publidy asked to meet with govern¬ 
ment representatives, they say 
there has been no response. 

The other major split between 
Mr. Duarte and his conservative 
opponents is over the electoral Jaw. 
It gives an advantage to conserva¬ 
tive candidates by allowing the Na¬ 
tionalist Republican Alliance and 
the National Conciliation Party, 
the next hugest conservative party, 
to nrn the same list of mayoral 
can did ates under separate party 
symbols. 

Mr. Duarte, who has vetoed 
parts of the law, and members of 
his Christian Democratic Party 
contend that the country’s many 
illiterate citizens vote for party 
symbols rather than nmnw of can¬ 
didates. They say those people will 
not realize (hat they are voting for 
the same candidate when they 
choose between the two leading 
conservative parties. 


’Said. 

Israel, which started aiding the 
rebels in 1983, has continual to 
provide them with Soviet-made 
arms captured in Lebanon during 
the Israeli invasion in 1982, accord¬ 
ing to Reagan administration offi¬ 
cials. They said Israeli shipments of 
rifles, grenades and ammunition to 
the rebels had picked up since last 
summer. 

■ Rebel Deception Afieged 

Nicaragua’s Foreign Ministry 
accused rebels on Saturday of plan¬ 
ning to disguise themselves as San- 
dimst troops and attack four bor¬ 
der villages in neighboring Costa 
Rica to provoke a crisis between 
the two countries. Rollers reported 
from Managua. 

The Foreign Ministry statement 
came a day after Costa Rica’s secu¬ 
rity minister said his country was 
pressing friendly nations, including 
the United States, Venezuela. West 
Germany and Israel, to provide 
anus so it could to defend itself 
from possible external attack. 

Costa Rica has no standing 
army. The minister. Benjamin Piza, 
said the country’s Crvfl Guard 
needed 30mm maduneguns, mod¬ 
em rifles and otha equipment. 


DIAMONDS 


war. After two meetings, that effort 
appears to have collapsed. 


The Associated Press 

BELGRADE — President Mi¬ 
guel de la Madrid of Mexico will 
pay an official visit to Yugoslavia 
lata this month, the state-run news 
agency, Tanjug. reported Sunday. 



c YOUR BEST BUY 

Single diamonds at wholesale prices 
by ordering direct from Antwerp, 
the world's mosr important an- 
diamond market. Give diamonds 
to ihe ones you love, buy for 
invest mem. for four enjoyment. 
Write airmail for free price list 
or call uk 

Joachim GoWenstein 
diamanfexpoit 
EatabBabed 1928 

iMihwwpm 6B, MOW taWonl 
Belgium - TeL.- (32JJ) 234.07-51. 
Telex: 71779 *yl b. 
at ihe Diamond Club Bldg. 



Last September, Manhattan's 
district attorney, Robert M. Mor 
genihau, accused Judge Jay Gold, 
who had removed more than 100 
cases from active status in a two- 
week period, of “clearing his calen¬ 
dar at any and all costs." 

Although pressure keeps the 
turnstiles moving, it also mi ligates 
against a trial, a court’s mostcostly 
and time-consuming proceeding. 

“While students of criminal jus¬ 
tice may argue about whether a 
healthy court system should try 5, 
10 or some greater percent of its 
cases, there ts no debating that a 
court system which tries less than 1 
percent is in its death throes.” the 
bar report concluded. 

In 1983 only 1,316, or six-tenths 
of I percent of Criminal Court's 
231,899 cases went to trial. 

Prosecutors and defense lawyers 
have trouble getting trials for even 


. that it shouldn't be off limits, 1 
isaid. 

President Reagan said at his 
news conference test week, for the 
first time; that he would “look at" a 


___ ______high-priority cases, so justice boils 

“There is broad, bioartisan sud- sured ’ continually depressing mar- systematic plea bargam- 

ibere ts broad, bipartisan sup- kclplace - m ^ *g. The prosecution's ultimate 

to dispose of cases has overshad- ^meat — a 15 more ^ a 
owed everything else.” bum. 

In 198 j, Joseph W illiams, the Besides the lack of trials, the 
court’s administrative judge, de- court's sluggishness has two panic- 
scribed its quality of justice as “al- ularly vivid manif estations*, 
most niL" Asked if things have im- •Suspects arrested in Manhat¬ 
tan average of 33 hours 
administered in the before arraignment, according to 


deferment in Social Security cost- 

proved sincc.helau^hed and said, «n„ e 
tatatot objected strongly to I ““ * tt “ m ** before 


an 


of Honor in the war- 


Mr. Kelly earned $40,000 for his 
book, “One Man’s War." 


any rednetons in Social Security 
payments. 

Senator Dole directed Republi¬ 
cans to produce their own deficit- 
reduction package after the Reagan 
administration said its proposal, Vo 
be included in its 1986 budget, 
would result in a budget deficit of, 
about $140 billion in 1988. 

The president is scheduled to 
present his budget on Feb. 4, 


Criminal Court is not of the highest 
caliber.’’ 

Criminal Court is a city-wide 
court system that processes all ar¬ 
rests and decides al] misdemeanor 
charges. It also handles lesser drug 
and assault charges, as well as of¬ 
fenses such as theft, prostitution 
and vandalism. 

In 1983, the last year for which 
figures were available, the Criminal 
Court’s 62 active judges handled 


the city. Thar means an arrest car¬ 
ries a seemingly unconstitutional 
jail term. 

• The enforcement of summons¬ 
es has been all but abandoned. In 
1983, 73 percent of the 638,055 
people issued summonses for of¬ 
fenses such as disorderly conduct 
failed to respond in mail or in per¬ 
son. The backlog of unanswered 
summonses stands at more than 
four million. 



In Athens 

there's one luxury hotel the rest are judged by 

HOTEL ATHENAEUM 
INTER- CONTINENTAL 





THE ADVANTAGE IS INTER-CONTINENTAL 

OINTER-CONT1NENTAL HOTELS 



89*93 Syngrou Avenue, (301) 902 3666 Telex 221554 
For reservations call: London (01) 4917181, Paris: (01) 742-07-92, 
your nearest Inter-Continental office or your usual travel agent. 


/ 




■- .Jl. 


Page 1 - 


MOMIAY. JANUARY I+. 19«5 


Hera lb 


INTERNATIONAL 



(tribune 


PnfalMW Wftij Tfip !»k >ork Ti h hk and Tbr Wai4un£toii Port 


The Quest for Stalemate 


If arms control were chess, the objective 
would be best defined as stalemate: I cannot 
knock out your king without jeopardizing my 
own, and vice versa. Where the only possible 
move is suicidal, both sides are stuck — de¬ 
terred — provided no other pieces can be 
deployed to upset die balanc e. 

The chess analogy, though not perfect, of¬ 
fers a perspective on last week’s Soviet-Ameri- 
can agreement to try again to negotiate arms 
control. The analogy suggests that it is right 
this time to talk about every piece on the board 
and every imaginable move. And it suggests 
why Secretary of State George Shultz is right 
to ask that Congress not remove this or that 
American piece until he learns more about 
how the Russians would respond. 

The analogy also suggests what is wrong 
with the Soviet comen lion that there would be 
progress even in partial accords, such as limit¬ 
ing the total number of pieces or closing pans 
of the board. And it suggests what is wrong 
with President Reagan's contention that a 
good missile defense could offset any offense. 
If the agreed objective is stable deterrence, 
then a reliable offense is also the best defense. 

But what are stable and reliable deploy¬ 
ments? When does an offense become so vul¬ 
nerable that it requires a defense? When does a 
defense itself become a destabilizing threat? 
There can be no dependable arms control 
without a working definition of stalemate and 
of what nuclear knights, rooks and pawns can 
do to each other in various combinations. 
Unless these conceptual questions are ad¬ 
dressed at the outset, all bargaining about 


Social Security’s Turn? 


During his press conference on Wednesday, 
President Reagan repeated a point he has 
made frequently in defending his campaign 
decision to put Social Security off limits 
for budget reductions. 

“Social Security,” Mr. Reagan said, “is not 
part of the deficit problem. It is totally fi¬ 
nanced by a payroll tax.... If Social Security 
spending were reduced you could not take that 
money saved and use it to fund some other 
program in the deficit.” 

How right is the president? 

Economists will point out that, insofar as 
the drain on private investment capital is con¬ 
cerned — which is the main reason for worry¬ 
ing about deficits — it makes no difference 
whatsoever which programs are net contribu¬ 
tors to and which are drains on the Treasury. If 
Social Security payroll taxes exceed benefit 
payments, the surplus in the oust funds is 
invested in Treasury bonds and thus can be 
used to finance other programs. That is why 
Soda! Security is included in the unified bud¬ 
get, which measures total federal outgo for 
comparison with total federal revenues. 

Bat while President Reagan’s statement is 
not strictly correct in terms of Social Security’s 
impact on the deficit, he is making another 
important point. Social Security retirement 
and disability benefits are financed by a “re¬ 
gressive" payroll tax—that is, a tax that takes 
a much higher proportion of incomes in the 
low and moderate income range than it does in 
the higher income range. This higher burden 
on lower incomes is justified by the fact that 
the benefits paid for by the payroll tax replace 


a higher proportion of incomes at lower levels. 

It would, however, be very unfair to cut 
Social Security benefits substantially, leave the 
payroll tax intact, and build up a big surplus to 
offset deficits elsewhere in the budget Hus 
would amount to making lower-income people 
pay for the fact that corporate and personal 
income taxes are too low to pay for other 
domestic and military spending. 

There are reasons, however, why some re¬ 
straint on Social Security benefits would be 
justifiable. One is simple fairness. Current So¬ 
cial Security beneficiaries are entitled to bene¬ 
fits far exceeding their own past contributions. 
Many people receiving Socud Security are in 
poverty or on the brink, but most are not If 
you are going to make further cuts in other 
programs that primarily serve the needy, it 
seems fair to ask some sacrifice from middle- 
and upper-income beneficiaries as well. 

Despite recent reforms, the Social Security 
trust funds could use an extra cushion of cash 
both to protect the retirement fund from the 
effects of another recession and to delay fur¬ 
ther the time when the Medicare fund goes 
into the red. That is why the president said that 
an “overwhelming bipartisan majority” in 
Congress just might persuade him to let a 
temporary freeze on other nonmilitary spend¬ 
ing extend to Social Security. Not surprisingly. 
House Democrats promptly declined to take 
on such a responsibility. 

But if Congress and the White House get 
serious about deficit control. Social Security is 
likely to be called to make some contribution. 

— THE WASHINGTON POST. 


Alfonsm’s Year of Survival 


When Radi Alfonsin took office as presi¬ 
dent of Argentina a year ago, many feared that 
his term would be a mere interlude between 
coups o f generals and demagogues. Yet here he 
is heading into his second year with his popu¬ 
larity — and Argentina's credit — intact. He 
has skated superbly over the thinnest of ice by 
postponing the reckoning that will now be the 
real test of his leadership. 

Argentina is a rich country that is deeply in 
debt and unused to economic sacrifice. At first 
Mr. Alfonsln held out hope for a painless 
recovery, insis ting that Argentina would not 
sacrifice long-term growth by submitting to 
the demands of creditors. In September he 
accepted the austerity program essential for 
obtaining fresh credits through the Interna¬ 
tional Monetary Fund. 

Now he needs to convince Argentines that 
there cannot be long-term growth without 
a curbing of inflation, government spending 
and wage increases. 

Those unpopular conditions are spelled out 
in an agreement rescheduling S14 billion in 
commercial bank loans and providing $6 bil¬ 
lion in new credits from die banks and the 
fund. Argentina can now pay overdue interest 
on its total debt of $45 When. Its interest rates 
are being shaved and repayments stretched 


out, cm slightly less liberal terms than those 
obtained earlier by Brazil and Mexico. 

This rescue and austerity are justified even 
though Argentina’s annual inflation rate is 
now about 750 percent. There is every prospect 
of real growth once people begin to believe 
that this appalling rate is tapering down. Mod¬ 
est recoveries in Mexico and Brazil augur well 
for a richer Argentina, while world trade ex¬ 
pands and interest rates keep falling. 

What strengthens Mr. Alfsonsin's hand is 
the weakness of his opposition. Peronisl labor 
bosses have huffed and puffed, but their pro¬ 
test strikes have failed to catch fire. The defen¬ 
sive and discredited armed forces show no 
taste for feuding with a civilian president who 
won 52 percent of the vote and now commands 
even wider support. 

If Mr. Aifonsin can carry his people with 
him in imposing equal sacrifices, this could be 
a turning point for Argentina. 

All this can quickly sour in a country whose 
workers too often demanded a free lunch and 
whose affluent citizens have looked to the 
armed forces to protect their privileges. But 
one year on. Argentina seems still excited by 
its regained freedoms and by Mr. Alfonrin. 
That isn’t everything, but it is a lot 

— THE NEW YORK TIMES. 


FROM OUR JAN. 14 PAGES, 75 AND 50 YEARS AGO 


1910: Halley 9 * Comet Neare Earth 
PARIS — Halley’s comet is advancing with 
increasing speed towards the sun and earth. 
According to M. Camille Flammarion, the 
astronomer, there will not be many favorable 
opportunities for common mortals to observe 
the celestial visitor. But on May 19 the comet 
will pass before tbe sun, and a good view is 
expected two days later when tbe comet will 
again become an evening star, hastening rapid¬ 
ly away from the centre of the solar system and 
lighting the twilight with its flaming rays. It 
will shuae bright during the last ten days of 
May. The earth mil encounter tbe tail of the 
comet during its passage before tbe sun, and 
according to the analysis of the comet's spec¬ 
trum just begun at tbe Harvard Observatory, 
cyanogen, a poisonous gas. is present. 


1935: Amelia Earfaart Goes It Alone 
PARIS — Amelia Fariiart. at thirty-six. has 
shown that the high road of adventure in the 
air is not dosed to her because of age, because 
she is married or because she happens to be a 
woman. Her [Jan. 11-12] flight from Honolulu 
to Oakland, California, over 2,300 mQes of the 
Pacific’s treacherous waters, is an achievement 
that ranks with that of the men flyers of the 
day. Sir Charles Kingsford Smith, Colonel 
Charles E. Lindbergh. Captain C.WA Scott 
and others. Her achievement can be said not 
only to equal tbe performances of these men. 
but some might be inclined to say it was 
greater, for where in most instances recent air 
performances have been made with two or 
more aboard. Miss Earhan, who is in private 
life Mrs. George Palmer Putnam, flew alone. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HA Y WHITNEY. Chairma n 19581982 

KATHARINE GRAHAM. WILLIAM S. PALEY. ARTHUR OCHS SULZBERGER 

Co-Chatmen 


LEE W. HUEBNER, Publisher 

PHJUP M. FOISIE Executive EAror RENE BONDY Deputy Pubiuhtr 

WALTER WELLS Editor ALAIN LECOUR Associate Pvbtaker 

ROBERT K. McCABE Deputy Editor RICH ARD H. MORGAN Associate Publisher 

SAMUEL ABT Deputy Editor STEPHAN W. CONAWAY Doeaor of Operations 

CARLGEWIRTZ Associate Edam FRANCOIS DE5MAISONS Director tf Omdaaan 

ROLF D. KRANEPUHL Dirmar of Adremwg Salts 
[nierfuruxutl Herald Tribune, ISI Avenue Cbaries-de-GaalJc, 92200 Neuflly-snr-Seinc. — 

France. Telephone?*?-1265. Telex: 612718 (HciaklV Cables Herald Paris. 

Dirtaeurde la publication: Wafer N. Thayer. E'S&lajp 

Asia Headquarters, 24-34 Hennessy ltd., Hong Kang Tel 5-285613. Telex 61170. 
MandgingDir. ILK.: fiofw MacKkhm, 63 Long Acre, London WC2. Td 8364802 Telex 262009. *—— 

SjL au capital de IJ0Q000 F. RCS Naumt B 732021126. Commission Parimre No. 61337. "*^° r 

US. sdecrbHlon: 5284 yearly. Second-dan postage paid at Long Island Citv. N.Y. I HOI. BHU 
C 1Q8\ Imemauavd Herod Tribune. AB rights reserved BK££Sal 


-- ‘ To Perle, 

For 'Star Warn , 9 Only the Narrowest of Roles Patience Is f 


numbers and types of weapons is bound to faiL 
It has been five years since the Soviet Union 
and the United States had any such baric 
discussions. In stalking out of negotiations in 
1983, the Russians made their biggest fuss 
about the least important disagreement, con¬ 
cerning medium-range missiles based in Eu¬ 
rope. In the maneuvering about starting over,- 
Mr. Reagan was most reluctant to include the 
“Star Wars” technology (bat is. at best, a 
remote possibility. 

sort that should be iradS^r restraint qn tbe 
excessive deployments of multiheaded inter¬ 
continental missiles. The best path to stale¬ 
mate is to exchange these forces slowly for a 
limited number of single-warhead, mobile mis¬ 
siles, which would be invulnerable to pre¬ 
emptive attack. Such a reliable retaliatory 
force would need no Star Wars defenses and 
would never be feared as a first-strike threat 
[s this the agenda now decided upon? The 
official communique from Geneva implied 
that: It promised a “strengthening” of “strate¬ 
gic stability.” That is possible only if neither 
ride claims or fears superiority. 

But it took a year to proclaim this negotiat¬ 
ing objective and 14 hours of haggling between 
Mr. Shultz and Andrei Gromyko to find words 
for it. It remains to be seen whether both rides 
are truly committed to achieving stalemate. 
The theory of it is not that difficulL The longer 
the next round of talks drags on, tbe more 
likely that one or both of the superpowers are 
looking to “win” this futile game. 

— THE NEW YORK TIMES. 


P RINCETON. New Jersey — 
The arms control talks in Gene¬ 
va Last week identified the strategic 
defense initiative, known as “Star 
Wars.” as a major topic of East- 
West negotiations. But what is a 
citizen to tbrnk of Star Wars? Can 
an effective defense system be bull? 
If not, does a partial system intend¬ 
ed to defend land-fused missiles 
make any sense? If implementing a 
partial system would be dangerous, 
should the program to develop Star 
Wars be maintained as a bargaining 
chip as Washington enters negotia¬ 
tions with Moscow? 

Tbe answers to these questions 
are no, no and basically no. 

Star Wars is futile, dangerous and 
costly. Research should be contin¬ 
ued to avoid bong surprised in case 
the Soviet Union makes a technical 
breakthrough; but the United 
Slates should not proceed beyond 
research to a major arms buildup. 

The stark fact must be stated: We 
cannot protect most of our people 
firm) nuclear attack. Cities cannot 
be buried under reinforced con¬ 
crete. They are vulnerable to low- 
flying cruise missiles, submarine- 
launched missiles and nuclear 
weapons detonated by terrorists. 
Star Wan would not protect us 
from any of these weapons systems, 
nor can it proride safely for our 
urban centers against land-based 
intercontinental missiles. 

As several recent technical stud¬ 
ies have shown, the ride that lakes 
tbe offense in a nuclear exchange 
has an enormous built-in advan¬ 
tage. Missiles that rapidly burn 
their fuel on launching, deployment 
of decoys in midoourse and “hard¬ 
ening” ttf warheads to make them 
less vulnerable during the ter minal 
phase of their flight would all great¬ 
ly increase tbe task of a defense 
system, requiring hundreds of mas¬ 
sive. expensive wd vulnerable bat¬ 
tle satellites. 

A strategic defense would present 
technical requirements far beyond 
the state of today’s an and barely 


By Henry Bienen and Jeremiah P. Ostriker 


consistent with the laws of physics. 
The data management and software 
problems strain the imagination 
even of Star Wars advocates, who 
say 10 milli on lines of error-free 
computer code would be needed. 

Still worse, a Star Wars defense 
would create an incentive for yet 
another multiplication of offensive 
missile systems — with all tbe dan¬ 
gers of aeddeni, sabotage or misuse. 
In the absence of an arms control 
accord, an opponent can keep add¬ 
ing weapons to saturate any missile 
defense, and it is Tar cheaper for tbe 
Kremlin to add one missile than for 
the White House to destroy one. 

Can Star Wars be used effectively 
as a bargaining chip? History is not 
encouraging. Placing Pershing-2 
missiles in Western Europe was jus¬ 
tified as a way to bargain with the 
Soviet Union. In response, tbe 
Kre mlin added to its own missiles 
in Central Europe. Moreover, once 
the United Stales spends billions on 
a weapon system, government agen¬ 
cies, private corporations ana re- 

4* /ua&'ter WBS&urr 


search institutions push for contin¬ 
uation. Then, when America's 
cosily, useless bargaining chip is put 
in place, the Soviet Union moves its 
own program forward. 

In proposing Star Wars. Presi¬ 
dent Reagan hoped to create a safer 
world. In fact. Star Wars will only 
increase tension- Defense Secretary 
Caspar W. Weinberger said at the 
end of 1983 that one or tbe most 
frightening prospects for America 
would be the development of an 
effective Soviet missile defense. Pre¬ 
sumably, the Kremlin bolds parallel 
fears. Certainly, it would be tempt¬ 
ed to respond in kind —and proba¬ 
bly also to increase the number of 
its nuclear warheads. 

Star Wars will not proride for the 
safety of the American people. Nor, 
without substantial reduction of 
weapons od both sides, can it give 
.the United Slates a cost-effective 
defense for hardened missile rites. It 
can only be used as a bargaining 
chip. Yet tbe chips cannot be cashed 
in once the momentum of the pro¬ 


gram increases, and rhe momentum T* ■ 

h sssvs dnna.iM jNo V irtue 

would make it feasible to build a 

strategic defense against land-based Will Sam Pfatf 

intercontinental missiles: If nuclear By WlUlHm 

arsenals were drastically reduced AR1S — Was the United States 

under a closely monitored treaty. J-* threat to peace” in the 

then systems could be built that 30 years ago? The leader of the 

would vn fact, not fantasy, moderate Conservative Parly in Britain’s 

the nuclear threat. The Star Wars House of Lords, Lord Salisbury, 

research program should be conuo- dioughi so. The British cabinet, with 

ued only if inextricably linked to Winston Churchill as prune minister, 

negotiated major reductions in of- resolved in 1954 to build the hydro- 

feorive weapons. . £eo bomb as a means by which Brit- 

It is not too late to drastically Jjj, cou )d restrain (he United States. „ 

scale back this program, pie anti- ^ appeus m the British cabinet £ 

ballistic-missile: program. then*- papereYorittA just published under ' 

ar airplane and B-70 high-allitude ^ie 30-vear declassification rule, 
bomber, despile heavyiniiial ^ 1954 , t hing s did not seem so 
ending, were stopped^henthar djag/atm uuhMJnited States, how- 

technical def iciencies w ere exposed. the East-West coo- 

Henry Bienen is a professor ofpoli- 

tics and international affairs or to <& Mr. Dulles as a Puritan preacher 
Pnnceton University. If"™** p - ^ M recognized American 

Osmker is chairman of the asiro- £ d * r fxrvcd a re- 
pkystcal sciences department^ They majtably cc^ 0Ils ensical president, 

contributed this comment to The New Dwight y Bseabov/cr _ a bran who 

lorn limes. possessed a soldier’s skepticism 

about what war can accomplish. 

And yet? Is it possible thatthe U.S. 
government really was close to 
bunching a “preventive war," as the 
British government feared? Lord 
Salisbury believed that “the United 
Slates might decide to bring the Easl- 
West issue to a brad while they still 
had an overwhelming superiority in 
atomic weapons.” Churchill believed 

-^ the risk of war was “extreme,” while 

S&v “of all nations involved, the United 

Slates would suffer least" 

Churchill, moreover, understood 
/jJl , 0 Americans as well as any Englishman 

1 jj is likely to do. (Few do; the more 

I intelligent understand that they do 

not Americans are no better at un- 
derslanding the English. Much mis- 
J SsjawBfr chief arises from a common lan- 

\ J guage.) He was in a privileged 

position. He knew Eisenhower wdL 
One hesitates to say that he was 
.< .jI wrong. My own opinion is that the 

_ United States was not then as close to 

launching war as the British feared. 
Nonetheless, the idea was floated and 
1 o YWT debated in Washington, and tbe 

>fyfc AT 5)T* mood there was certainly more ag- 

Vi ▼▼ UA gressive titan anywhere in Europe. 

U still is. Richard Perle. the asris- 
forces as the two advanced toward vml secretary of defense who is ede- 
rach other across Europe. brated (or notorious, choose your ad- j 

There’s a smoldering fire there. If jectivej as Washington’s most*^ 
we could just blow on it, it would effective opponent of arms control 
burst out again,” says Mr. Hits, a concessions, recently told The Wash- 
former Raytheon vice president. mgton Post that the idea “that we and 
This anniversary year 15 the time to tbe Russians could compose our dif- 
Uy in small, human ways to revive ferences, reduce them to treaty con- 
thai warmth by reuniting those who straints, enter into agreements and 
once kindled iL There should be re- treaties reflecting a set of constraints 
unions—noL just on the Elbe, but in and then rely on compliance to pro- 
Murmansk and Poltava and in the duce a safer world — I do not agree 
American factory towns where Soviet with Q f that" 
soldiers and workers trained to use Here again is evidence of the 
the planes, tracks and Jews, specially American absolutism. If you believe 
built locomotives and freight cars what Mr. Paie believes there dearly 
that were so vital to victory. j$ no reason to have gone to Geneva 

In both the United States and the 10 tatv with tbe Russians. You con- 
Soviet Union, an effort should be front them with nulitaiy force. But in 
made to assemble and print first- fact, the Reagan adminis tration has 
person recollections of this extraordi- resolved to taSTwcm to Geneva, and 
nary tune of cooperation. There agreed to go on tatlrfng 
should be gatherings of scholars and The strain of absolutist thinking is 
combatants from the victors and the nonetheless a permanent factor in 
vanquished. We may find some guid- Washington’s approach 10 world af- 
ance toward a future of peace. fairs. Ideas of preventive war and the 

The Washington Post. rejection of negotiation follow from 

an identification of the opponent as ( 
a evil; you do not compromise with ^ 

n TAT* pn fYov) evil, this, in turn, derives from Amer- 

B 1 " * 1 ican Puritanism, a Calvinist religion 

of the predestined elect — and 
es of (hem all, from the F-I 8 fighter damned — and also from American 
to the Aegis cruiser. There are, the ahistoricism. 
president can be assured, some genu- These newly published British cab- 

rne turkeys among them and some inet papers emphasize a lesson very 
real savings to be realized. hard for Americans to accept: that 

Most people think that cuts in the the most important virtue in policy- 
defense budget would save money making is patience, 
only in the future. But there is already What were the great issues of 1954? 
much that could be saved in the bud- Anthony Eden, the British foreign 
gets of the past We can still recap- secretary, feared that Japan and Chi- 
cure vast sums of money allocated on na would get together, creating a “de¬ 
paper but not actually spent Few rishe shift in the world balance of 
people realize that many of the dol- power." Washington and London 
lars that were appropriated in the feared that China, ally of the Viet 
1983 and 1984 fiscal years — and in Mirth insurgents in Indo china, would 
some cases further back—have even invade to drive out the French, 
yet to be paid out by tbe Treasury. They feared that war in Asia would 
The military has. in govemmentese, lead to war between China and the 
“obligated” these sums by signing WesL The Soviet Union. China’s ally, r 
contracts for them — for new mis- was expected then to join in. with 
siles. tanks and aircraft. But many of hydrogen bomb attacks on Britain 
these contracts can be canceled with- and the United Stales. But Churchill 
out the government having to pay refused to take the apocalyptic view, 
anything like their face value. He went privately to Georei Malen- 

» very much doubt that Ronald kov. the Soviet leader, and attempted 














A Proper Time to Acknowledge the Debts of War 


W ASHINGTON — Throughout 
the Soviet Union today there 
are men and women who owe their 
lives to American generosity. And all 
across America there are families that 
exist only because of the sacrifices of 
the Red Army. The debts date from 
World War Q. Mutual obligations, 
they remain largely unacknowledged. 

This year both countries will cele¬ 
brate the 40th anniversary of then- 
victories in Europe and tbe Pacific. 
The official observances will be cere¬ 
monious, stirring and, in most cases, 
separate. It has Become inconvenient 
for officials in Moscow and Washing¬ 
ton to recall tbe wartime alliance, just 
as it is difficult to commemorate the 
transformation of Germany and Ja-. 
pan from foes to friends. 

But as we devise tactful ways to 
honor the postwar reconciliation, we 
should also look for means to refresh, 
if not restore, the atmosphere of U.S.- 
Soviet cooperation. 

During the four years from Hitler's 
invasion of the Soviet Union in June 
1941 to Japan's surrender in 1945, 
American and Soviet troops saw little 
of each other. The link-up at the Elbe 
River on April 25, 1945. joined ar¬ 
mies (bar had m aintaine d communi¬ 
cations with one another only at the 
highest (and often most strained! po¬ 
litical level. Tbe individual, human 
contact that burst into joyful celebra¬ 
tion there and in similar encounters 
in Czechoslovakia was the exception, 
not the rule, in tbe conduct of the 
alliance. While 1 believe we should 
commemorate the meeting on the 
□be, many other activities led up to 
that momrat and made it possible. 
Those all-bul-foigotten endeavors 
deserve to be remembered. 

It should not be impossible to find 
survivors of the joint Soviet-Ameri¬ 
can crew that sailed the cruiser U.S.S. 
Milwaukee from the Brooklyn Navy 
Yard to Murmansk in the spring of 
1944. As the ship was formally hand¬ 
ed over there, Americans stood the 
port watch for several symbolic days 
while Soviet seamen took the star¬ 
board duty. To recreate that camara¬ 
derie, at least briefly, we need only 
take our memories out of mothballs. 

In that same spirit, the military 
reoord keepers could perhaps track 
down the men and women who 
served together in building and oper¬ 
ating three airfields at Poltava in the 
Ukraine. It was there, on June 2. 
1944, that 73 Flying Fortresses land¬ 
ed after a flight flora Italy and a 
highly successful bombing run on the 
enemy airfield at Debrecen in Hun¬ 
gary. Poltava, tbe battlefield where 
Peter the Great destroyed the Swed¬ 
ish Anny in June 1709. was the one 
site in the U.S.S.R. where Soviets and 
Americans conducted joint combat 
operations: 18 shuttle-bombing mis¬ 
sions that made history at the time 
but have become footnotes since. 

Somewhere, though, one American 
airman who flew on ihai first run 
may still recall his reaction when he 
landed: “Russia! Nobody ever told 
us it was pretty.” And among Ids 
hosts then there may still live some 
who remember the four months of 
Operation Frantic when the bases 
were built from scratch by American 
and Soviet soldiers who competed in 
trying to learn each other’s language 
and who delighted in passing off hair- 
curiing obscenities in English or Rus¬ 
sian as formal or endearing phrases 
suitable Tor social use. 

There sorely still are merchant sea¬ 
men in tbe United States who sailed 
some of the 2,660 ships (77 were lost) 
on the Murmansk ran. bringing more 
than 15 million tons of supplies to the 
Soviet Union. Even if souk Soviet 
recipienlsjoked wryly about our can* 
of Spam being tbe “Second Front,” 
others christened American butter 
“Roosevelt’s Smile." Statistics show 
that U.S. provisions were enough to 
provide the 12 million members of 
the Red Army with a half a pound of 
food a day throughout the war. 

For some civilians the food and 


By Charles McC. Mathias 

The writer is a Republican senator from Maryland. 


clothing that came from private, rath¬ 
er than Lend-Lease aid. was truly 
life-giving. Leo Gmliow, a Christian 
Science Monitor correspondent in 
Moscow in the 1970s, says he was 
warmly welcomed whenever he iden¬ 
tified himself as a former official of 
the Russian War Relief. 

“You saved my life," his secretary- 
translator told him, recalling the 
American overcoat he had received in 
an orphanage in mid-war. 

As a reporter. Mr. Gruliow also 
covered the story of the American 
Red Cross official who repatriated a 
group of 800 to 900 orphans who had 
been evacuated early in the war from 
Leningrad to the Far East. In a jour¬ 
ney that lasted almost a year, be 
transported them by sea across the 
Pacific, by rail across America and by 
boat home again after the war. 

“Whatever the silences in the offi¬ 


cial press, whatever the propaganda 
and the level of hostility," Mr. Gra- 
tiow believes, “the Russian people 
don’t forget. They know all about 
what happened." 

Most Americans, however, do not 
know or have forgotten. And Soviet 
officials have tried 10 erase the folk 
memory of tbe wartime collabora¬ 
tion. Yet there are moments of un¬ 
publicized gratitude. 

Traveling last August on a Dnieper 
River excursion steamer from Kiev to 
Odessa. Ray Ellis, a former Lend- 
Lease official in the Soviet Union, 
was surprised when the captain pre¬ 
sented him with a bowL He was told 
it was an award for his wartime ser¬ 
vice. which had included 10 months 
in Novosibirsk helping Soviet work¬ 
ers build a radio-tube factory so that 
their units could establish and main¬ 
tain communication with American 


Military Spending: A Lesson for Reagan 


W ASHINGTON — Among the 
tangle of motives that drive 
people in power, a concern for how 
they are regarded today is. at least 
among the more thoughtful, accom¬ 
panied by a concern about how they 
will look tomortow —when the judg¬ 
ment of history begins to be delivered 
and their performance is assessed in 
light of its results. This concern is 
both idealistic and practical. 

Certainly, it is idealistic in its re¬ 
gard for tbe opinion of future genera¬ 
tions. But it also has a practical as¬ 
pect for each public official who 
chooses to contemplate what his all- 
around standing —and, more partic¬ 
ularly, hisjob prospec ts and salary 
level —wifi be in 5 or 10 years. 

This sensitivity to hisioiy is espe¬ 
cially strong these days among the 
more knowledgeable and conscien¬ 
tious members of the Reagan admin¬ 
istration. Amid tbe gaiety of the inau¬ 
gural parties, they are experiencing 
anxieties similar to those felt by their 
predecessors in the Nixon adminis¬ 
tration. The Nixon men. like the Rea¬ 
gan people today, seemed to be bask¬ 
ing in the bright prospects that come 
from an electoral landslide. But the 
insiders knew that there was. to use 
John Dean’s word, a “cancer" grow¬ 
ing within tbe administration that 
would ultimately threaten its place in 
history. The fear Of informed Repub¬ 
licans today is of some thine far more 
innocent than another Watergate, 
but potentially far more dangerous: 


By Charles Peters 

tbe laziness of Ronald Reagan. 

Those who view the deficit as a 
problem of increasing gravity know 
that il cannot be controlled without 
significant cuts in the military bud¬ 
get. They also know that these cuts 
must be made with due regard to 
maintaining enough military power 
to command the world's respect This 
means that cutting must be based on 
a careful review of each major weap¬ 
ons system and of the strategic con¬ 
cepts that dictate its need and the 
ways in which it may be used. 

What everyone dose to him knows 
is that Ronald Reagan has not once 
in his presidency displayed the slight¬ 
est inclination to do this kind of 
work. His unwillingness to let himself 
get mired in detail is well known and, 
indeed, in many respects, has been a 
welcome relief from his workaholic 
predecessor's preoccupation with the 
minutiae of the presidency. But in 
regard to defense, we need Ronald 
Reagan to be more like Timmy Carter 
— to be willing (0 work hard to 
master the subject at hand. 

Some posable defense cuts are ap¬ 
parent even without diligent study. 
Closing unnecessary bases and end¬ 
ing early retirement demand courage, 
not midnight oil. But figuring out 
which tanks and planes and ships and 
missiles are really needed means 
learning tbe strengths and weakness- 


forces as the two advanced toward 
each other across Europe. 

“There’s a smoldering fire (here. If 
we could just blow on it, it would 
burst out again,’* says Mr. Ellis, a 
former Raytheon vice president. 

This anniversary year is the time to 
try in small, human ways to revive 
that warmth by rami ting those who 
once kindled iL There should be re¬ 
unions — dol just on the Elbe, but in 
Murmansk and Poltava and in the 
American factory towns where Soviet 
soldiers and workers trained to use 
the planes, trucks and Jews, specially 
built locomotives and freight cars 
that were so vital to victory. 

In both the United States and the 
Soviet Union, an effort should be 
made to assemble and print fust- 
person recollections of this extraordi¬ 
nary time of cooperation. There 
should be gatherings of scholars and 
combatants from the victors and the 
vanquished. We may find some guid¬ 
ance toward a future of peace. 

The Washington Post. 


to the Aegis cruiser. There are, the 
president can be assured, some genu¬ 
ine turkeys among them and some 
real savings to be realized. 

Most people think that cuts in the 
defense budget would save money 
only in the future. But there is already 
much that could be saved in the bud¬ 
gets of the past We can still recap¬ 
ture vast sums of money allocated on 
paper but not actually spent. Few 
people realize that many of tbe dol¬ 
lars that were appropriated in the 
1983 and 1984 fiscal years — and in 
some cases further back—have even 
yet to be paid out by tbe Treasury. 
The military has. in govemmentese, 

_ 1 __ l., _:_ 


-- . t ~ - - ' —M.wij IV JVUI JJL. wjuj 

siles. tanks and aircraft. But many of hydrogen bomb attacks on Britain 
these contracts can be canceled with- and the United Stales. But Churchill 
out the government having to pay refused to take the apocalyptic view, 
anything like their face value. He went privately to Geoigi Malen- 

» very much doubt that Ronald kov. the Soviet leader, and attempted 
Reagan is aware of this budgeting to get East-West talks started He 
anomaly. Perhaps, if he discovered it temporized and bought time. 


or were told about by his associates, 
he would begin to feel a little bit 
guilty about what he does not know 
about the defense budget. He is not a 
stupid man. If he gets down to work 
now. he may still be able to salvage 
the place in histoiy that his subordi¬ 
nates have begun to worry about. 

The writer, editor of the Washington 
Monthly, contributed this comment to 
The New York Times. 


How ngbt he was! Today the Viet¬ 
namese Communists and China are 
enemies. China and the Soviet Union 
are enemies. Washington courts Chi¬ 
na s favor. Russians and Ameri cans 
have been talking, cordially or cheer¬ 
lessly, since 1954. while the Russian 
masses eat Kansas wheat. How lucky 
that we did not blow them all up in 
1954! Mr. Perle, meet Churchill. 

International Herald Tribune. 

Ail rights reserved. 


Letter From Lisbon: Ruckus Over a Smuggling Ring 

From Ken Pottinger 


A MAGISTRATE a police commissioner, a 
naval captain, two bank officials and two 
National Guard officers are among 47 persons 
being questioned by Portuguese detectives in 
connection with an alleged smuggling ring. 

Police believe the group brought in thousands 
of dollars of American cigarettes from Switzer¬ 
land for sale in Portugal and Spain. Tbe well- 
organized racketeers are said to nave used high- 
powered launches to land the goods on the coast, 
a sophisticated radio network to warn of posable 
customs traps, and big intercontinental trucks to 
deliver the merchandise. 

The tale, which has had extensive media expo¬ 
sure here, would be banal if there were not 
charges being made that the smugglers enjoy 
protection at the highest levels. 

A scandal touching leading personalities in the 
Sodalist-led coalition appears to be brewing. 

And while the government is fiercely committal 
to an ami-corruption drive, it seems supremely 
unconcerned with what detectives have turned 
up in the smuggling case. Few believe the impli¬ 
cations of the case will prove fatal to the 18- 
month-old alliance, and me reason is intimately 


bound up with tbe way Portuguese society works. 

This is a smalt dose-knit country, and smug¬ 
gling is a time-honored profession thai is handed 
down from father to son. In a recent investiga¬ 
tion. a Portuguese magazine found what it por¬ 
trayed as widespread corruption among those 
responsible for policing parts of the Spanish- 
Portuguese border. 

While the law dearly defines and punishes 
smuggling, efforts to halt the clandestine trade in 
shellfish, coffee, electrical goods, dgarettes. ba¬ 
nanas and diseased caule face enormous barri¬ 
ers. Some nosy officials have been found dead in 
highly suspicious circumstances. 

But the current smuggling case has interesting 
historical echoes. According to the weekly news¬ 
paper Expresso, the traditional smuggling rings 

are closely linked to national politicians. 

Tbe paper claims that before the return of 
democracy here in 1976. the three main groups of 
"contrabandists” as they are called, worked to 
provide funds for noncommuiust opposition 
movements fighting the Salazar dictatorship. 

In those hectic days the smugglers were often 
called upon to help whisk leading resistance 


ty works, figures out of the country. Their knowledge of 
3 d smug- clandestine border crossings was invaluable 
s handed One report even has it that Mirio Soares then 
nvesuga- a young and outspoken opposition lawyer', was 
it tl por- smuggled over the frontier by helpful contraban¬ 
ds those dtstas. Similar favors were said to have been 
Spanish- granted to others who arc now leading members 
of the ruling party or in the government, 
punishes The government has yet 10 respond 

ssf 

the favors owed them from times gone by If that 

westing is the case, the smuggling saga seSns dwtinedTo 
Jy news- be suffocated. The financial ramifications of the 
mg rings rase are great - the uncollected customs dutiS 

s. amount to millions of escudos. Bui ii looks like 

rtum of the government’s future will ao t be called into 
roups of question over clandestine bananas and contra- 
orked 10 band tobacco. 

tpraition International Herald Tribune 

■ship. 

:re often 

distance (Other tetters Appear on Page 5.) 







*W| 




£ * 9 

* m 


t o D 


INTERNATIONAL HERALD TRIBUNE, MONDAY* JANUARY U, 1985 


Page 5 


;t3 %; 

1 * ! 


By Thomiis L Friedman 

n-jy™' Ya * r, «« Sffvitr 

JERUSALEM - There Ls an 
old saymg here that Israel is a 
BE*" Joves immigration 
Si H^i^tT n,granls ' anival 

worn S,- CW * mo P lhs of »>*»»» 

10,000 Ethiopian Jews has dem- 

rSS, JDSlho ^ true ' ai,dhow 

laise, that saying a. 

There is, for the most pan. a 
ht* l v b i ,e *»of pride tffihe 
if?* °! Ethlo P b ’ believed 
to be descendants of the biblical 
wipe or Dan, are retur ning [q 
gmr ancestral land Stories of 
Ethiopians arriving barefoot and 
ragged at Ben Gurion Airport, 
and immediately kneeling to kiss 
the tarmac, have touched even the 
coldest beans. 

.,*3 ® encra *’ foe arrival of the 
black Jews has been greeted with 
a f !*y c of volumeerism: families 
offering hospitality, some den lists 
offering free dental care, and even 
a few building contractors under- 
teking to fix up run-down apart¬ 
ments. 

At a time of almost unremitting 
bad news in Israeli headlines, the 
Ethiopian influx has been a wel¬ 
come morale booster, a reminder 
to Israelis about why they created 
a Jewish state in the first place. 
One reason ihe story could not be 
kept quiet for long — the publici¬ 
ty prompted a halt in the secret 
airlift that Israelis hope will be 
only temporary — was that al¬ 
most everyone involved warned to 
tell someone about the remark¬ 
able rescue. 

But despite the initial good 
feeling, than are dearly going to 


Facing Reality After the Wi 



A fence at Ashkdon, Israel, separates an Israeli child from two Ethiopian children. 


The mayors of several develop¬ 
ment towns have asked the gov¬ 
ernment to send no more than a 
few Ethiopians, not because of 
color, but because of lack of cash. 
As Amir Peretz, mayor of Sderol 


Arba settlement outside Hebron. 
“Other places don’t want them. 
We will take all they can send.” 


Israeli. One reason Ethiopian 
Emperor Haile Selassie refused to 
let them emigrate to Israel before 


w- — --y cr-'-b rutu, UUtYUI UX iXlUUI 

be senous difficulties in absorb- in the Negev desert, told the mac- 

mi? thf* nrawimm "_ vr . . r, . _ u ... V™ 


ing the newcomers. 

like any country, Israel has its 
racists, ready to grumble about 
“black Jews,” but they are rela¬ 
tively ins ignific ant. 

More troubling is the resistant 
to the Ethiopians from financially 
strapped development towns, 
where many of them are being 
senL These towns are already bur¬ 
dened with unemployment, 
chronic shortages of funds and 
social tensions. 


azine Koterel Rahseev. “We have 
received'’ Ethiopian families “and 
I think that they have been ab¬ 
sorbed well. But there aren’t any 
more empty apartments in 
SderoL Our young couples don't 
have apartments.” 

One community that has been 
eager to absorb the Ethiopians 
has been the Jewish settlers m the 
West Bank. “We have 60 Ethiopi¬ 
an families here,” said Elyakim 
Haetzni, a leader of the Kiiyat 


The Ethiopians for the most his overthrow in 1974 was be- 
part fed comfortable in places cause their presence buttressed 
like Kiryat Arba, where there are his claim to being a descendant of 
good religious schools and a King Solomon. 


strong religious atmosphere and However, like many otherJew- 
wfaere they are among Israelis ish immigrants, the Ethiopians 
who share the deep spiritual mes- have had their Judaism called into 
sianism that many of the blade question. Israel’s rabbinical au- 
Jews have preserved through the thorities are insisting that they 
ages. undergo ritual immersion to reaf- 

A1 though in Ethiopia they fol- firm their Judaism, which many 
lowed only the Five Books of Mo- of the Ethiopians are now indig- 
ses and were not exposed to the nantly refusing to do. 
traditions of Judaism contained “As soon as we come we are 
in the Talmud, the Ethiopians told: ‘Convert,' " Yitzhak Israel a 
tend to be much more observant 24-year-old Ethiopian, told the 


of religious laws than the average Jerusalem Post “Why did we 


“ come? Because we are Jews and 
this is our country.” 

Compared with other waves of 
Jewish immigrants, the Ethiopi¬ 
ans present several special chal¬ 
lenges. For one thing, no Israelis 
speak the Ethiopians' native Am- 
p baric. A Hebrew-Amharic dktio- 
h nary has been prepared and the 
government is considering an 
Ambaric radio program. 

Unlike Soviet Jews, whose 
main difficulty is in adjusting to 
Israel's open political system and 
capitalist free maHrw, the Ethio¬ 
pians have to learn to cope with 
all the complexities of living in a 
modern technological culture. 

Their main difficulties, wrote 
an anthropologist, Alex Vingrod 
of Ben Gurion University, have 

4 concerned “their color and the 
cultural gap between them and 
the Israelis.” And, he added: “As 
opposed to the Israelis. Ethiopi¬ 
ans are polite. The ’clever’ Israeli 

%' behavior is something foreign to 
them.” 

The Ethiopians, though, are 
fast learners. They have quickly 
come to reseat stories in the He¬ 
brew press that portray their first 
days here, when some ol them 
supposedly put their shoes in the 
refrigerator or washed clothes in 
» the toilet To their advantage, the 
Ethiopians are extremely eager to 
assimilate, anxious to discard Af¬ 
rican robes for the jeans and jack- 
in ets of most Israelis. 

“The Ethiopians have not 
wanted to maintain their old sod- 
, ety here or have their own syna- 

5 gogue,” said Jeffery HaJper. a He¬ 
brew University anthropologist 
“They feel that they have come 

" home. Now that they are here, 
“ they want to be more Israeli than 
° the Israelis.” 

y ■ Syria Racks Meeting 
P- Libya’s official JANA news 
y agency said Saturday that Syria 
has endorsed a Libyan call for an 
emergency meeting of the Arab 
e League member nations to dis- 
a cuss the airlift of Ethiopian Jews 
e to Israel, The Associated Press 
e reported from Tripoli 


Guerrillas Report Probes by Vietnamese at Border Gamp 


The Associated Press 

SAN R.0 CHANG AN, Thailand 
— Vietnamese troops have probed 
the defensive perimeter of one of 
the last Cambodian anti-Commu- 
nist resistance camps along the 
Thai-Cambodian border, a guerril¬ 
la leader said. 

Loeung Sinak, leader of San Ro 
Changan camp, said the Vietnam¬ 
ese fired mortar rounds and ma¬ 
chine guns at his front defense line. 
He said be ordered his men not to 
respond for fear the Vietnamese 
would be better able to pinpoint 
their positions. 

The guerrilla commander said 
there were 1,400 fighters in the 
camp, which is controlled by the 
National Front for the Liberation 
of the Khmer People. The camp's 
civilians have been evacuated to 
this area inside Thailand, which 
has the same name as the camp. 


Mr. Loeung Sinak said the Viet¬ 
namese were about two kilometers 
(1.2 miles) from his defenses, which 
were studded with bunkers and laid 
out in an L-shape. The camp, built 
last June, is fronted by thick forest, 
making attacks difficult. He said 
the Vietnamese were moving tanks 
into the area, but he did not know 
the direction or number. 

The Vietnamese have overrun 
the guerrilla headquarters of Ampfl 
and attacked or seized a string of 
other national front camps along 
the frontier. Hand’s troops also 
have fought the'Communist Khmer 
Rouge, but they have not attacked 
the stronghold of the third major 
resistance group, which is loyal to 
Cambodia's former ruler. Prince 
Norodom Sihanouk. 

Indochina analysts say this dry 
season offensive may be the biggest' 


launched by Hand in the six-year 
war. 

The national front president. 
Son Sann, toured this United Na¬ 
tions-sup ported refugee evacuation 
site Sunday. About 32^00 Cambo¬ 
dians from the Ampil and San Ro 
Changan camps are being tempo¬ 
rarily sbeltoed hoe about 1-5 kilo¬ 
meters made Thai territory. The 


rflla camp that straddles the fron¬ 
tier. - • 

Mr. Son Sann. 73, a former 
prime minister of Cambodia, con¬ 
demned Hand for attacking con¬ 
centrations of civilians along the 
border. He said that Vietnam, a 
member of the United Nations, 
was violating the charter of that 
world body. 

Vietnam, which invaded Cambo¬ 
dia in late 1978, defeated the 
Khmer Rouge government and set 


up a pro-Hanoi government in 
Phnom Penh, has taken on the bulk 
of (he fi ghting against the resis¬ 
tance. 

The official Phnom Penh press 
agency, SPK, reported Smday that 
Defense Minister Bou Thong had 
sent a message of congratulations 
to his troops and those of Vietnam 
on their “recent victories along the 
Cambodian-Thai border.” 

Mr. Bow Thong reportedly noted 
that among resistance postions 
captured were Phnom Kombot, O 
Bek. Dangkum, Phnom Chat, sec¬ 
tion 204, position 164 and hills 322 
and 250. 

There was fighting Saturday at 
the resistance camp of Rithiren. 
More than 20 artillery rounds hit 
positions while light weapons fire 
was exchanged, according to na¬ 
tional front officers. They said four 
of their soldiers were killed and 


Lawyer Closes 
Sharon Case, 


three were wounded during the day 
and previous night 

Rithisen, near the Thai border, 
has been under siege for 19 days. 
Vietnamese troops hold most of 
what was once the largest national 
front camp. 

Major General SaJya Sripbea, 
commander of the Thai Eastern 
Force, said in Aranyaprathet, Thai¬ 
land. that Thai soldiers completed 
laying down up to seven kilometers 
of barbed wire Saturday to demar¬ 
cate the international border at 
Ampil. 

Thai military officials near 
Aranyaprathet also presented to re¬ 
porters five of six Vietnamese sol¬ 
diers they said had defected and 
crossed into Thailand Jan. 8. 
Two of the five were identified as 
officers and ah said they were tired 
of fighting in Cambodia and were 
seeking exile in third countries. 


Kennedy Says Pretoria 
Is Not Open to Change 


Tie’by Time 


By Arnold R Lubasch 

Sete Tort, Tims Sertke 

NEW YORK — Ariel Sharon’s 
lawyer, summing up his libel c ase 
I against Tune, has denounced the 
magazine for printing an “outra¬ 
geous lie” about the former defense 
minister of Israel 

“We came in here with proof that 
it was a lie, that they knew it was a 
lie and that they published it,” the 
lawyer, Milton S. Gould, said Fri¬ 
day in U.S. District Court in Man¬ 
hattan. 

Mr. Gould told the jury that a 
Time article about a 1982 massacre 
of Palestinian civilians by Phalan- 
gist forces in Lebanon had falsely 
“put the stamp of a mass murder¬ 
er" on Mr. Sharon. 

The jury was to begin deliberat¬ 
ing Monday after hearing final in¬ 
structions from Judge Abraham D. 
Sofaer, who has conducted the two- 
month-long [rial 

The crux of the case is a para¬ 
graph in the article that said Mr. 
Sharon had discussed a need for 
revenge with the Phalangisl leaders 
before the massacre and that the 
discussion was died in the secret 
appendix of Israel’s official investi¬ 
gation of the massacre. 

Pointing to an enlarged copy of 
the paragraph, displayed on a plac¬ 
ard, Mr. Gould called it “that piece 
of infamy over there.” 

“It’s a lie,” he said, adding that 
“the lie was exposed" by a key 
Israeli report that was presented 
Wednesday as evidence. 

“Why don’t they come out in the 
open," he said of Time, “and say, 
*we told a lie, we are sorry, we 
shouldn’t have done iL 1 " 

“Your verdict wfl] determine 
whether he win go down in history 
as a great man, a great soldier.” Mr. 
Gould said, or “whether he will go 
down as aland of monster, another 
Herod, a man who ordered a mas¬ 
sacre of women and children." 

Time’s lawyer, Thomas D. Bare, 
had defivered the defense's summa¬ 
tion Thursday, conceding that the 
magazine made a mistake by saying 
the seem appendix mentioned the 
revenge discussion. But he told the 
jury that the article did not libel 
Mr. Sharon. 

Mr. Barr said that Time believed 
the mistaken part was true when it 
was published, that the rest of the 
article remained true and that the 
magazine had properly used “con¬ 
fidential sources” in reporting a 
difficult story. 

He emphasized in his summation 
(hat Mr. Sharon was required to 
prove that the article defamed him, 
that it was false and that Time 
“knew or should have known” that 
it was false. 

Mr. Gould said the disputed 
paragraph in the article contained 
“vicious speculation" based on the 
“personal Was” erf a Time corre¬ 
spondent and that it had been 
aimed at destroying Mr. Sharon’s 
reputation. 


By Alan Cowell 

New York Tima Service 

WINDHOEK, South-West Afri¬ 
ca —Senator Edward M. Kennedy 
has said that be does not believe 
that the white authorities in South 
Africa are committal to “meaning¬ 
ful progress" on chang in g their ra¬ 
cial policies. He indicated that be 
would seek punitive legislation de¬ 
signed to force change. 

“Support for the measures will 
be broader than the Smith Africans 
think,” he said Saturday after a 
three-hour visit to Windhoek, capi¬ 
tal of South-West Africa. 

The territoiy. widely known as 
Namibia, is ruled by South Africa 
in defiance of the United Nations. 
Nationalist insurgents have been 
fighting a low-level guerrilla war 
against South African rule for 18 
years. 

An aide to the Massachusetts 
Democrat said one idea under con¬ 
sideration was to seek support for 
“self-triggering legislation” (hat 
would invoke punitive measures 
against South Africa if it did not 
make progress within a specified 
period on three issues: citizenship 
for South African blacks, the vote 
for blacks and an end to forced 
removal of groups from what the 
government has designated “white 
areas.” 

Previous congressional moves 
against South Africa have called 
for degrees of economic sanctums. 

The aide said the Question was 
not whether there would be legisla¬ 
tion, but what form it would take. 
Current UJ3. policy toward South 
Africa is called “constructive en¬ 
gagement,” based on the notion 
that quiet persuasion is more effec¬ 
tive than confrontation. 

The policy has shown few con¬ 
crete results, but some South Afri¬ 
can commentators say that threats 
from the United States would 
pronqrt the white leadership in Pre¬ 
toria to reject outside demands for 
change in its policies of racial sepa¬ 
ration, or apartheid. 

Zn September, the South African 


government implanted a new con¬ 
stitution offering a limited political 

voice bm no real power (o people of 

Indian and mixed racial descent, 
and excluding the black majority. 

Rtf erring to the South African 
authorities, Mr. Kennedy said: “I 
do not think that they are commit¬ 
ted to reform. 1 did not gather from 
my conversations with government 
officials that they are committed to 
progress on basic issues.” 

During his week-long visit. Mr. 
Kennedy has sought to display 
alignment with those opposed to 
the white authorities. He was the 
guest of Bishop Desmond Tutu, 
winner of the 1984 Nobel Peace 
Prize, and the Reverend Allan Boe¬ 
sak, president of the World Alli¬ 
ance of Reformed Churches. 

When be arrived in Windhoek, 
Mr. Kennedy was met by about 100 
hostile demonstrators at the airport 
representing white rightist opinion 
and the views of those supporting 
what is called the Multi-Party Con¬ 
ference, a South African-sponsored 
alliance of small organizations op¬ 
posed to the insurgency movement. 

Jin the South African black 
township of Soweto on Sunday, 
Mr. Kennedy was forced to cancel 
a farewell speech when black pro¬ 
testers threatened to disrupt the 
event. He had been due to deliver 
the address at the home of Bishop 
Tutu, Reuters reported. 

[The senator said before leaving 
for Zambia that he regretted -not 
being able to speak, but added that 
be was leaving South Africa with “a 
sense of hope” and “warm memo¬ 
ries."] 

His reception from supporters of 
the insurgents at Katalura town¬ 
ship, outside Windhoek, was cor¬ 
dial. The nationalist movement is 
led by the South-West Africa Peo¬ 
ple’s Organization, a Soviet-armed 
group based in Angola to the north. 

The or ganizati on is not outlawed 
in South-West Africa but may not 
bold public meetings because its 
constitution advocates the violent 
overthrow of South African rule. 


In Dubai 


* 

i 


THE ADVANTAGE IS INTER- CONTINENTAL 
DUBAI INTER-CONTINENTAL HOTEL 

P.O. Box A7b. Bin Yaw Street, Telex: 4577» 

For reservations call your nearest Inhef Continental sales office. 


LETTERS TO THE EDITOR 


DOONESBURY 


ti.W 


Hanger and die Diet PHI 

Regarding “Fattening Manhat¬ 
tan, or the Vanished Piir (Weekend, 
Nov. 23) by Mary Bhane : 

Ms. Bhime cites fashionable peo¬ 
ple in New York who are “dose to 
panic” because certain diet pills, 
distributed by manicurists and 
doormen, are no longer available. 
These pills apparently allowed peo¬ 
ple to eat enormously without gain¬ 
ing weight- The users now fear that 
after consuming quantities of rich 
holiday food, they will become fat. 
In the same edition, the news 
. report “Chicago Becomes City of 
f the Hungry" says that 29 J percent 
of the (Sty’s population — more 
than one person in four—is at risk 
of going hungry. It also says that 
hospital admissions for symptoms 
of malnutrition have increased 
signifi cantly. 

I am unable to think erf an appro¬ 
priate comment. Perhaps some oth¬ 
er reader can help me. 

ELAINE W. SEN IG ALU A 
Rome. 

One, Two, Cha-CharCha 

The Jan. 3 “People" column said 
that the bandleader Xavier CugaL 
“in the 1960s. introduced the Unit¬ 
ed States to such Latin American 
rhythms as the cha-cha.” But jt was 
in the earty 1950s that he intro¬ 
duced the cha-cha- Auwngtte pop¬ 
ular Latin dances of the 1960s was 
t u the bossa nova. 

* LEONARD NEWTON. 

Ferragudo, Portugal. 

Cold, Wet, Free 

Doonesbuty. med to find the rea¬ 
son for foe woridwide problem 
street sleeper* Hus vas Hfciya 
Park in downtown Tokyo. J 
caved identical answers Wjny 

SSMiWS! 

M,d thai commodity de- 

* RUDOLF VOLL. 

Hong Kong. 

The French on China 

ZSX'XX'** ■** 

If Charles ae aUO ting 

“Let China sleep, .oeW“ q 

Napoleon, who corned thesayn^ 


which, incidentally, is very much 
out erf date in our time. 

ROBERT SCHUMANN. 

Casablanca, Morocco. 

A Shekel-Doflar link 

In response to “Israel: How to 
Stay Sovereign in a Flood of Shek¬ 
els(Dec. 27) by Joyce R. Siam 

The Aridor plan, pan of which 
the Israeli government is imple¬ 
menting, not only called for strin¬ 
gent budgetary controls, but, in full 
cognizance of politicians’ inability 
or unwillingness to control their 
budgets, it imagined a novel disci¬ 
pline: The method was that all 
transactions, contracts or budgets 
be dollar-labded [to be paid in dol¬ 
lars or doUar-Iinked shekels). This 
made it impossible to print more 
shekels than there were dollars on 
hand, as the receiver of payment 
would have the choice of currency. 
In short, he who had to pay had to 
have the dollars. Those of course 
could not be run off the press. 

A not negligible secondary bene¬ 
fit would have been to ehminate in 
one fell swoop the indexation sys¬ 
tem — the bane of present infla¬ 
tionary control —- since salaries 
would also be quoted in dollars. 
Israel’s inflation rate would have 
changed overnight to that of the 
United States. No more. No less. 

S.CSCHIFF. 

Paris. 

One Bird Per State 

Regarding Russell Baker's “ Ob¬ 
server ” column (Dec. 19): 

Mr. Baker made some good 
points about teams keeping their 
names when they change location. 
However, his last paragraph is in¬ 
accurate: The Atlanta Flames have 
moved. They are in Calgary and are 
known as the Calgary Flames. 




Also, why should (he Philadel¬ 
phia Eagles be called the Phoenix 
Eagles? Why not the Arizona Ea¬ 
gles? Doesn't Minnesota have the 
Minnesota Vikings? What is good 
for Minnesota must be good for 
Arizona. (You also solve the aw- 
kard situation of having a team 
named after two birds.) 

STEVE WHITE 
London. 

No Sexism, Please 

Regarding the report "Sporting 
Gifts and Their Saddening Cav¬ 
eats" (Dec. 19): 

This is not the Middle Ages. 
“Glamorous blonde females" are 
not necessarily instruments of sin. 

I am sick of the kind of equation 
between women and immorality 
that this report draws, to wit: 
“Only last weekend, as the 38-year- 
old fallen idol awaited the prospect 
of pleading for his liberty, he was 
photographed at the Mayfair night¬ 
club in the company of glamorous 
blonde females and filled glasses.” 

Leave the blonde females out of 
iL Leave all (he females out of iL 
DARBY TENCH 
Florence. 

Street Artist’s Lament 

Regarding “Duel at Sunset: Key- 
West at Odds Over a Daily Rinat’ 
( Dec 6) by Jon Nordheimer 

As an artist who performs on the 
street my bean sunk when I saw 
this report- The businessmen don’L 
know what they are losing if they 
ban performers. Nobody goes to 
Key West just to buy tourist trin¬ 
kets. The people also come to see 
jugglers, mimes and other artists. 
These performers fulfill a need. 

STEVE GOETZ. 
Florence. 


BROADCASTING TO CABLE COMMNIES 
IN RJROPE 6 THE UK VIA SATELLITE 


CHANNEL 

PROGRAM, MONDAY 1481 JANUARY 

UK TIMES 1135 WCHEL UEORAMD A FRIENDS 
1430 THE MATURE OF THINGS 
15.00 SKYTHAX1 
1540 SKY TRAX2 
1&25 SKY TRAX3 
17JO QRE£N ACRES 
1000 BRADY BUNCH 
16J0 THE GREATEST AMERICAN HERO 
19L2Q VEGAS 
20.15 THE UNTOUCHABLES 
21-03 ICE HOCKEY 
Z2-10 SKYTRAX 

(XjHVCf SKY CHANNEL SAraUTE TELEVISION PUC FOR FURTHER INFORMATION 
TELEPHONE LONDON (01) 6X 4077 TELEX 266943 


TM JUST CAME 

ovaimM&s. 

SIR. ITS ABOUT 

I owns DR.Jwm. 

J it, mm? 



on. Rim. 
1ST MS 
SBB. 


Vllnp- 


BR.jmm.-mmi 
TRANSPLANTSPEC- 
IALIST YOU BROUGHT 
IN FROM SR! IANKA. 

\ b 


& vv 



IUAMIUK miTHtSySOARr 
SSfijLXSir* DOBmCHMGS 


WORLDWIDE ENTERTAINMENT 


LEPLUSCElEBHECASARETDU MONDE 



20 It Diner dansant 
Champagne et Revue 
400 F 

22.7 30 et D h 30 

Champatjne et Rp-.tie ‘.F-s 

270F offiv'l.T riM-RlS 

* *. T L i--pi.f-,sr‘-s ,:'L • -• *:>•- •n 


IF YOU GET 


A KICK OUT OF SOCCER, READ 

ROB HUGHES 

WEDNESDAYS IN THE IHT 


A sequel to The Godfather Never Sleeps, 
this new book presents another satirical 
look at the unpredictable state of 
Nigeria, this time from the volatile years 
of the Civilian Government to the recent 
military coup. 

J. K. Randle’s writings are articulate, 
extremely humorous and make 
compulsive reading. His satirical 
commentaries on the economy of 
Nigeria are dangerously frank. i 

Who is Fooling Who? serves as a i 

voice fur the Nigerian people; it M 

expresses their hopes, fears and ^ 

frustrations for the future of their / 
country. This book will leave you / 
with a dear understand ing of life in / 
the roost prosperous and most 
populated country in Blade 
Africa W 

Who is Fooling Who? has 233 
exciting pages and comes 
casebound, direct from the 
publishers, at £8.95 a copy. 


im 


Ssg; 


■ I ■ West African Book Pubhsben Lid, 
13 Southgate Street, Winchester, . 


Hampshire. SQ8.9DZ. 


Copies of 

The Godfather Never Steeps 
avwtflbk at 

£1&9S per copy ( 


'The Godfather Never Steps” is available 


*£0 London: (i) Harrodi Ltd (iij Foyles 
Bookshop (iii) Dillons Bookshop; 

*In Cambridge: (i) Heffers Booksellers 
(ii) Bowes 8c Bowes; 

* In Oxford: Blackwells Bookshop; 


*!n Philadelphia: Afro-American Historical 
& Cubural Museum; , 

* In Los a Angeles: California Museum of 
Afro-American History Sc Culture; 

* In Paris: UNESCO Duty free shop. 


Please send me.copy/copies tit Who is Footing Who? at £8.95 per copy. 

Please send me. copy/copies d The Godfather Stiver Saps at £10.95 per copy. 

I enclose cheque/postal order No . for . . 


Address ■ 

Signature 

























International Bond Prices - Week of Jan. 10 

Provided by Credit Suisse First Boston Securities, London, Tel.: 01-623-1277 

Price# may vary according to market condition# and other factors. 


RECENT ISSUES 


Mol Pnce Mol Lila Curr 


Price Mat Ult Curr 


Amt Security 


Con. luuc Pr. Mu Pr. YleM 


STRAIGHT BONDS 

All Currencies Except DM 


-YWd— 

MMC#r Avt 
Mol Price Atol Ufa Cutr 


AUSTRALIA 






f-'-n. 1 

f FT'" “ ’ ' 










T*fl9 

“•a 

“",25 

,ws ,s 

1159 
& 
iiS 
"MS 

1U3 
1157 
U29 
1245 
1113 
IMS 
U31 
1416 
EUS 
1131 
13.13 
1151 Mfl 
U39 a. IS 
13.M 

w uu 1U3 



sooitiAtrtca ninmjui NO 

Angle Amaricon Curv 7k 87 Mar W 

ExrnnEkOrSmlT SkTBDoc W 

Escmn Elect. Supply llkR Jun K 

Eseom Ektfr 5wlr H>VI»er W 

SOUTH AMERICA 
bnn iwtidk n 

Colombia IV ¥1 Feb BlSk 

Veneniefa nation 7S 

EKMm BV-NOei »jvj 

tfcpfzugtna Teteg ftm c 8VT7Dec Dh 

SPAIN 

Spam ISM 17 Aor M*k 

AuMobtos 7 17JM N 

ini Insfltut Hoc Indil 1 ®Oo MVS 

Pntranar IkRDec ?5 

Fetron ur TV IB Jan *B 


1156 17.14 

1147 I2J94 714 
tin 1154 US 
1136 13.11 

11.13 1UI 954 


17JK 03* 10.lt 
MJ» 71.98 HL17 
1435 1751 1117 
ItLtll Bit 
IU7U9I 948 


IMS 1A5B 
*11 1140 74S 
*40 1027 63* 
1146 13.13 OS 
11.12 1316 011 


SUPRANATIONAL 


BELGIUM 


■euSS Emm 
SUB Gmtta 
as 75 KraM 
HHS Salvor 


Banting Ebat MUM 107 676 

e ilk 10 Jen «4M nil 

kiflaia 13 vzJm 99k rzw 

9VV7APT M I LID 


7T 

■■—■' 


•:-; 


22 












33= 




5=Cg 


zt 


SSB I 

fr 

CM6B I 


cnsss inn 

aJS i»! 

is 
S3 
"SB 

alia 

art 4* 

<mxi 

ITS 
art 30 
art 50 i 

660 Haw 
175 Nn 
675 Now 

en*7S 16 m 

IB S 

111 N 

art JO N 




1179 1357 
1178 
Nil 

1136 
1041 
1133 

1141 I1JS 
1113 
IU3 UM 

IliP US 

1146 1137 

11S 1158 1145 

ns lua 

US 1211 

1137 US 

117 IS 

IIS 
MJ3 MS 

1017 HI* US 
1131 
1123 
NS 
US 


-HIGHEST YIELDS- 

to Average Life Below 5 Years 


Brazil 

Colombia 

Venezuden Tekphanc 

Mexico 

Venezuela 

wwu Foods Oft Capua 
Camaian Fed Electric 
Enl Enf* Naz Mroar 
fWtonot Tr omamH n* 
Inti Harvester Croat, 
Onto- Caaalld O/a 
lawne- P o d enc 
□monti Uzfcoye 
PadJUUUUBon 


SV 07 Dec 
SVTIFob 
FA-BY Dec 
nviMr 
nttoo 

SVTIlMy 
I ¥7Feb 
7 08 Jan 
6k NFS 
9VR Aor 
7560700 
7k 07 Apr 
7kT7Jul 

mvA« 


. 09 Fab 
iWU 
17 jan 
37 Jon 
KBHi 
SVTSHov 

iwsejs 
1016 TO May 
13k V? Mar 
IIBVMr 
77k B* MOV 
liVRJun 
64k Itllar 
6k W Mar 
SVWFeb 
SVWFeb 
¥9 Apr 
■ T7 Dec 


T9 Fab 
i BOND* 
VI Fab 
i T9 Jll 
■8* Alio 

EXE 

I’m Na« 
iVJFeb 
13k V, Sep 
6k T9 Mar 
6k« Mar 
13ft ¥9 Od 
OkT/Mar 
tMvajm 
Ilk TO Fob 
DkviAao 
iJkWJko 
6k » Feb 
6k V Fib 
12k VI Dec 
dkUNov 
NATO Nov 
6k ¥9 Apr 
MVMr 
7k v Aar 
7k TV Aar 
fftRJd 
TV Fib 
TV Fab 
T9 war 
VI Mar 
T»Dec 
iVOSw 
¥9 Mar 
TV Mar 
¥7 Mar 
¥7 Dec 
¥9 Aar 
¥9 Apr 


-HIGHEST YIELDS- 

to Average Life Above 5 Years 



10 ViJul 67k 17.1110K 1457 
Ik VI Dec 71 1IM UN 1133 
M VI Feb Ok 1331 1448 11S 
* VI Feb N 1157 14.111135 
9k WMor m 13411607 1156 

9 33 00 81 1357 U74 11.il 

10 34 Aim |4k 1158 1343 1LO 
13k VI Dec *8 UM 1123 1351 

9 V2 Aub Ok 1346 031 >678 
17 V6 Dec llek 1406 USD HS> 

i4kvoAM ns uii no nr 

U VO Alia lDW t3J72 13S U53 
Ilk VI Jon 96k 12S 1314 1114 
9 VJFeb M 11911247 ULO 


—HIGHEST CirRREIVT YIELDS— 


sno Mexico 
*175 Mates 
>M GatlStansOAFinal 
575 Pamex PetrohuiMmtlc 
670 Nortbani Indiana Pub, 
STS OMa Edbon Finance 
STS Gaidar 

575 Tranacaaada Pipelines 
OHS Kadonal Rnanctera 
art 60 Geaaral Mokn Accept 
OHIO Sctm-caurtn, 
art60 HudsmsBay 
cm IS Sac Hypattagai Praam 


17k TS Mar 
18k TS Jul 
lTYlTSOO 
17k Tf Nov 
1716 TO Oct 
17k TO Oct 
lTkWOd 
17k WOO 
17k T7 MO- 
18 "H7 OcJ 
1716 T7 Mo¬ 
ll ¥7Nav 
TTkWDac 


lHk 1306 
109 IS 
KM 1110 
io6k nn 
ns ns 

I MW 1614 
N7k 1111 
M* M38 
HU 1753 
HMk 1457 
lOzu. 1554 
107k 1441 
HM 1171 


STS EBi Eutop imnnt Bank 7 IT Doc *1 
SMI 0b Euraa Invest Boot WAR Jon un% 
SWO ElbE utop (matBoat IkTIFfb 93k 
IS ElbEutopInvcdBant PATSFtb 96k 
Hr 600 EJb Eirop Invert Bank Ilk ¥8 Apr 10416 


UZk 1132 
9i 693 
87k 1234 
Vtk IIS 
«k us 

IMk IS 
lik T240 
iia 
us 
him 
w 
ns 


in Cause 
140 Cntaaa 
MO Cokw 



UdargeCOBpee 

LoKkttt 


IM E0>EuraphnadBank II RJua «*k 

19 Elb Elman Mwit Daub WTOSea V 

suo ElbEunvlnmtfBade KWTOSop UMk 

HOT Elb Enron Inved Bait VkTBOc 4 '6k 

S3S Elb Eurua Invest Bank MRDft .Ik 

SIS ER>EuroplimsiBmk UkWMw HM 

iW EtoEurautmestBrn* m.¥Mr WIU. 

ITS E»Euranbarest Bank VkTVMov 92 

15000 EDi Eutop tmsl Bank 7k T9 Sop 117k 

S9 EHtEarmi Invest Boa* 7kV0Fm Ok 

5 TOO Elb Eonm Invtal Bonk 12k VO Apr 9Bk 

IM Elb Euran Invest Book UkVOMov 102k 

SOT E10 Europ invest Book * VOSao »k 

15000 ElbEmpbneotBonk BkVODac H7k 

SOT Ek Eorup Invest Bank IlkVIDK «9k 

1100 Eli Eureo invest Bank OkVIFab 88 

19 EBtEonw Invest Book H VI Mar RMk 

S125 EJbEwep InvestBa* 11 VIMnr 97k 

139 ElbEuraplnveslBank VkVIMor 17k 

1» Elb Europ tawesl Bonk UkVIJim 100k 
115 Ob Europ Invest Bank □ VIJM 1H 
ISO Elb Eirai Invest Bank llkTIAog W 

SOT Elb Europ Ipvest Bank mviNav 1131*. 

3HS EJb Europ Invest Bank Ok VI Dec Ml 

580 E» Europ invert Bank UkVJJan 97 

19 EM Europ invest Bank WkVSFeb 96k 

ISO Elb Eurao Invest Ba* IV VS Apr Kk 

15000 Elb Eurap Invest Ba* IVTlJun HMk 

*W0 Elb Europ invest Bonk UkVZJul 11M 

125 Elb Eonoa invest Bank 9kV2Dac (I 

SIR) Elb Eurap Invest Ba* MVJFab Ok 1229 

SOT Elb Euraplnvesl Bo* lOVVJMav *rw 1114 

SOT Eft Europ hivesl Bank 9kV3Jul Ilk 1138 

S M3 EB> Europ Invest Bank UkVJOct lHk 1193 

SUM EBi Europ invest Ba* 17V 74 Apt IM 1153 

SOT ERt Euraplnvesl Book n V6Jka Wfk 113] 

s 75 EB. Euraplnvesl Bari. Ik 76 Dec M 1139 

BUB Eundom kk-BTMpv *6 1130 

TOM EuroHma 017 76 Apr T00k 436 

H-S00 Euranmo 10kT7Oct MTV 089 

S6B Eerbffma Ik TO Jot Ok 1L15 

19 EuroHma 7kT8Fab 91k 1U6 

1OT0 Guraflmo MTIRw 106 609 

IS EuroHma BkTOJan 93k MM 

S75 Eoronmo 13ViT90ct IBWi U4I 

19 EuroHma II VOMar Ml I6«8 

IIH EuroHma 17V. 71 May lane IU4 

10000 Euroflmo 7k 74 Mar 107V 751 

155 Into-JUnerlcanDevBk UkT7Dee 117 1115 

IU later-American Dev Bk 11V 71 Mar 99V 1141 

*15000 lnter-4mericon Dev B* BkVlNav M7V 745 

1150 Inter^VmerlcDn Dev Bk 17V VI Nov inu. 1237 

SHH Irrto-v&cwrtaai Oev BX 11 77 Dec 13 1243 

15000 Infrr-AmertcooDev Bk 7V73H0* HU96 
r WO Nurdlc liMnhncfd Bk IF*. 84 Apr HOW 
ISO Nordic investment Bk IIV17Dec WM 

STS NordicInvcslmenl Bk MVtIFab 97V 

SS NartttlowstmartB*. SVTIMav 91 

r MO Morale Investment Bk DkVSJul 107 

175 Nardk imestmcnl Bk 11V 70 No* 583 

I®0 Work!Booh **¥SJ«i 994k 



1710 world ( 
SOT World! 


IB IU9 
9fk 9541 
IWV IIA) 

94 1226 

«7V 1139 1 
•3 11201 

91 1153 

107 1137 

98V 10651 
111 1L90 

96k 1151 
lfl0*i. 1LT7 
91V 1LS3 
IMV 557 
00k 1137 

95 I1M 
Hk 1U6 1 
97k 11511 
93k 11.17 
88V U2S 
96V 1097 
95k 1675 1 


6100 Warla l 

>91 WtorldE 


*a« nunwaH 

S1S8 WortdBonk 
rt 75 World Bo* 
in World Bonk 
DOT World Book 
175 WorMBom 


SVTSJul 
Ik 16 Mar 
Fu-MDoc 
BV 77 Dec 
104k T9 Apr 
TV WSea 
Ilk 73 Mar 
SMTSJan 
9 76 Mar 

17V R Nor 

Ik IS Doc 


SkTSAar 
■ 77 Apr 
SVTkFtb 
u VOMar 
11V 71 Mar 
HUTS Oct 
llVTkJan 
9 76 Sap 
11* 77 Jon 
9k 77 Jut 
U* 77 Sap 
13 79 Jan 
14k T9 Mar 
Vk 70 Feb 
Ilk V0 Nov 

HBATJjqn 

MkTOApr 
7k 77 Fib 
7k 71 Dec 
NT 71 Dec 
Ik 73 MOV 
MVMr 
W-MApr 
8k ¥9 Mar 
10V T9 Dec 
9V 76 Jan 
,9k T6 Feb 
14WT7Jul 

11 70 Feb 
9 71 s«e 
17 71 Oct 
8k 73 Mar 
13V 71 Ha* 
9V. 74 Jot 
HATS Dee 
9 IS Mar 
svisjun 
9W16 Jan 
IVTomm- 
7VS7MO- 

9 SO Mar 

MV 7| Feb ' 
HttTlAUB 
SVN Nh 
•V 75 Oct 
9 TS Feb 

12 88 Aar 
BkTf Jut ■ 

94fc19AbB 


SOT WorM Bank 


ft 400 S wede n 
1150 Snertm 
SH0 Swe den 
SUf SeadBP 
SOT Sweden 
SUM Sweden 
SOT Semton 


I Bk llVTIAar NOk 

I Bk IIW17 Dec MOW 

I Bk MVRFeb 97* 

IB*. svUMar 9i 

(Bk Bk VOJul 107 

iBk livvoNe. m 

NATS Jun 914k 

14 86 Apr IM 
MR Jut 95 
MVRJul HP. 

16k R Sep MOV 
MV 77 May IM* 

7V-a7Jtm 94k 

nv 87 Jun 9Mb 
U T7 Am IMk 
1IVT70ct MB 
ISVTBMoi 1W* 

MV 71 Apr 9tk 

16 18 MOV MTV 

15 TO Aon IM 

UVTiAaa MM 
Ilk78Aus Ml 
UkRSep 1144k 
MkRNov M6 
Ilk T9 Feb MOV 
10k T9 Apr 98 

IMTIDk 90 

M)4k 70 Jon 91 1142 M.W 

■ IkTOAoo MB* 1140 1147 

uvvooet ns uto iu? 

11* 70 Oct 9M 1150 112 

6* VI Fob H9V 673 737 

11V 71 May IM 1129 IMS 

12V VI Del MS 1L6I 1214 

HV72Mor M6k 7.11 7J4 

0 VIMnr HS 736 741 

104*71 Apr 95k 1151 1L6) 

II 73 Sot M1V 1146 1139 

TVRNov MM 7.M 7JI 

II 73 Nov W 931 HU8 

1»74Sot NS ItJS I22t 

17V 74 Nov M2V 1137 1M4 

11 74 Dec 40 1134 1123 

11770 Jot MM 1157 1150 

OV 03 MOV TS 1141 1241 U50 

SWEDEN 

lm-RAUB MOV 11.10 1218 

13V ¥5 Sen Mk 1126 1211 

8* 17 Jot 9Sk H58 1135 047 

MkTSDec WV 1156 US 

17V TV Apr MM 1149 12B4 

9VT9MOT 94k T14B H22 

Ilk ¥9 Dec 99k 1141 1141 

(WTOAUO IH 7.U U9 

1H673AJU0 IN 1154 11.U 

IT* 74 Use *9V HOT 11*7 


Jon 
Mir HOW 
JOT 103k 
Fen Ml 
Jot no 
Sot 102 
Feb 9fk 

MOT HIV 
Feb 107V 
MOV 168k 
Jon MB 
Sep 97k 
Mar 994b 
Mr 91ft 
Sen 97k 
aot 9«b 


IM0 IDF 
SWO Id I 
SSB Id mnI 
130 ina mil 
■ TOO 


tAun B3k 
I Nov 9SV 
IA00 NS 
I Feb 98V 
I Nov KK 
I Mar 92V 
i Jot 106 
iFeb MO 
Auo 08ft 


Apt 93 
Jid 95 
Otar MM 
Dec 90 
Jot 9M 


UN TO NOT 
llVVTOd 
HVTBJOT 
13V It AW 
11VWDC1 
9k 73 Al« 

‘i*?1 9S 

7ft 71 Job 
rwR-nii 
Ilk 71 AW 
9VT6Jid 

mviur 
NARFcb 
UVWSeo 
Mb ¥6 Mr 

ms 7i doc 
17 Jen 
b Tf Sen 
17 Mar = .. 
b 78 Nov 91 
119 Mr Ml* 
WOec 95 
*74 Mar 91V 
SR JOT 96 
, «od »n 

;sr s. 

,19 Apr MSV 
i T9 JOT 103 

■ 71 Mar «*1 
■85BOO tm 
¥6 Mar 97 
RNO* 95 
T9 Dee 97V 

1 71 Dec *ni 
i¥9J*i US 
i¥9Mar WTV 
¥9 Sep 104 
iVIOCI 10» 

■ T9 Mar MOV 
i ¥7 Jun 94k 
i ¥7 Mar mm 

¥900 MTV 

70 Jo* 96V 
VI Fab 99k 

71 Aw Mk 
TS Dec 9S 
iTSJan 97k 
*89 Ape HI 
RUar *6k 
71 Oec 99V 
RAPT W 
RAW 1» 

■37 Od 108k 

S Apr Mlk 
Mir 105» 

¥5 Apr Win 
R JOT Mlft 

WJd fcv 
rjoi ram 
¥7 Mar ram 

5 00 H3V 
Feb TO 

U ¥■ Feb Ilk 
UkTOAw H7k 
15 ¥9 Mar M7 
HkVOFeb 99ft 
Ilk 70 Oct Hlk 
13k ¥7 JOT 101k 
6k 74 Dec 97V 
9VV5MOT MB 
IB* T9 Aw MS 
ISkRJOT TOM 

n v An* nm 

UV¥7Mar Ml 
9V¥9JO 93 
IBkV3Apr W 
8KRNOV Kk 
nvuoci M3V 
IMRDeC 93 
17k TBOd M6 
16 TOApr 105k 
12k D Mar 100k 
HVJai Hft 
m ¥9 APT MS 
7V17 Nov 91 
nv 70 Mar ft 

B Dec Ml 
Od M2k 
¥9 Dec U2k 
87 Aw WTk 
72 Od M8% 

¥9 Apr 99k 
87 JOT 97k 
VOMar 101 
91 Jot MO 
91 JOT OSk 
91 Od NIK 
98 Dec 99 
*9 Jon MS 
97 Apr 98k 

S od m 

aw » 

Be Aor 07 
91 Mar 103 1121 

16 Fab 97ft HUH 
86 Mar kk 733 
86 Od 97k ram 
17 Mar 96k 746 
09 JOT »7 1649 

96 Mar 99V 1U1 
OVMar 9Ik 1211 
93 No* OM 1121 
89 Dec 99V 11.2 
17 Jot tj 12U 
19 No* Nik 1150 
N JOT 97k IUS 
92 Jaa 99k IUS 
06 Jan *8 Hff 
IS Jut 98k 1146 
H Dec an 
16 Apr 96k 
NJtll 97k 
75 Feb 90 
H Jot NOk 
16 Sop 113k 
17 Mar TO 
17 Sop 103 
WMor M 
NMar 93k 
17 Od MM, 

QFeb 92 
M Jot 99k 
19 Feb M7 

SSS BS 

M Dec MOV 
It Aor 9TA 
16 Am H 
71 AW M3 
D Dec mw 
19 Sip TO 

ssr ns* 

if 

nod N4 

SS^.S 

n Feb « 

BJua 9BV 
l7Mar HS 
7 Feb M 
Jd TO 
Od Mift 
APB 97 

aw rat 

Jan HSk 
APT M6k 



West LB 



ZERO-COUPON BONDS 

ioartfr Fkd OriaMOHertegi OOhna 

Makrthr Amt War Price Prw 


Eurobonds - DM Bonds • Schuldscheine 
for dealing prices call 

DUSSELDORF 


Wesldeutscho Landesbank. Hud Office. PO. Box T128.4000 OusseWorM 
international Bond Trading and Sales: Tetephone 826 3122/8 26 3741 ° ' 
Telex 8 581801/8581882 

London 


Westdeutsche Landesbank. 41. Moorgaie. London EC2R 6AE/UK 
Telephone 6386V11 - Telex 887984 

Luxombooni 


West LB International S.A., 32-34. boulevard Grande-DuchesseChartnwT 
Luxembourg. Telephone 4 4741-43 ■ Telex 1678 ^ 


Westdeutsche Landesbank. BA lower. 36th Floor. 12 Harcourt Road 
Hong Kong,Telephone 5-8420288 ■ Telex 75142 HX 

Marketmakers in Deutschmark Bonds \A/0St I R 

Westdeutsche Landesbank 












































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































Page 7 



h Investor 


f- | k INTERNATIONAL 4 f 

IteralOsafes er> bune 



UK 


»* 


Monday , January 14, 1985 


PERSONAL INVESTING 


INVESTOR'S 


Notebook 

U S. Junk Bonds 
Get More Respect 

1 ° W ‘F ade ’ ^Bh-yielding securities that 
iavesior5 “ 1984, seem headed io 

s££3™5'£S SKSSR JEMSE 

,asl ,ear ™ dominal ' d ^ 

■ PWtops, managing director of Morgan S tanl ey's high- 

yield securities unit, estimates the volume of new offerings will 
be about 20 percent higher than last year’s $12 billion. “It's 
becoming an increasingly important segment of the fixed-in- 
come market, he said. 

- s ua . ders ““^ a b!e. Junk bonds pay an average 
300 to 400 basis points (100 basis points equals I percentage 
pomt) above government and high-grade corporate paper. The 
higher yields compensate investors for purchasing debt securi¬ 
ties from companies with low credit ratings. 

... , to e njarfeet is not as risky as its names suggests. The term 
junk bonds covers all bonds rated Ba or lower. A wide 
spectrum of companies fall into this category and include many 
large corporations, like Metromedia Broadcasting Corp. 

In fact, Mr. Phillips says that less than I percent of companies 
that issue junk bonds go bankrupt Not surprisingly, analysts 
recommend investing in a diversified portfolio of junk bonds to 
m i n i m ize risk. Mr. Phillips calculates that a portfolio of junk 
hoods yielding 16 percen t wih in six years produce the same cash 
return as a portfolio of A-rated bonds yielding 1216 percent, 
even if the junk portfolio loses 32 percent of its value because of 
bankruptcy. 

This is not to 
say that the gap 
between the 
yields on junk 
bonds and higher 
grade paper will 
be as wide as it 
has been. The 
growing market 
and influx of in- 
I vestors could 
start having an 
impact on yields 
this year. “It's a 
safe conclusion to 
say that over time 
spreads will come 
down,” Mr. Phil¬ 
lips said. 


Attractive Yields 

Averaqe yields in percent of Junk 
bonds by Industrial sectors 

Jurat 5 Nov. 15 Dec.14 

| AirtbiM 

16.38 

17.27 

17.94 

| Beale Industry 18.13 

15.43 

1&3S 

' Baetrontea 

1838 

18.14 

19.14 

Eimrsy 

18.15 

10.16 

15.80 

Madia 

15.07 

14-60 

14.84 

UWMaa 

17.97 

16-28 

15.55 

20-year U.S. 

Treasury bond 18.18 

11.78 

11.74 


SiweKMvDan Btentoy | 


CDs in U.S. Offer 
Real Estate Kicker 

More U.S. brokerages are teaming up with savings and loan 
institutions on offerings of certificates of deposit whose returns 
are linked to the performance of the S&Ls’ real estate loan 
portfolios. The instruments are being touted as a way for 
investors to have the security of a federally insured CD and the 
inflation protection of a real estate invesunenL 

The form of the CDs varies substantially depending on the 
issuer, but they typically require a minimum purchase ranging 
from $2,000 to $10,000 and mature in from 8 to 12 years. 
Investors are guaranteed a minimum return that varies from 5 to 
9 percent, substantially less than that available on conventional 
CDs. But the investor could receive additional return if the 
S&L's return on its loan portfolio exceeds a specified level 

The instruments have been criticized by those who believe 
that investors are giving up too much yield for the real estate 
kicker. The critics also worry about the S&Ls’ expertise in the 
real estate business. But the brokerage houses counter that 
investors will find few other real estate plays with comparably 
low risks. “In the vernacular, it's the best thing since sliced 
bread," said an executive at Shearson Lehman/American Ex¬ 
press, which underwrote a $60-mIHion offering last November 
for a Utah SAL 


Old Masters Sale: 
Testing the Market 

Sotheby’s will hold its first old masters auction of the new 
vear in New York on Thursday. The auction, which is held every 
six months, is considered a useful price guide to art investors 
interested in important old masters. Broadly speaking, these can 
range to price from $20,000 to $500,000. . .. 

Strong demand by American coflectom. winch has helped 
posh prices higher to recent seasons, makes the auction in the 
United States even more interesting to watch. _. 

kalian works of the 14th and 15th centiuy will be featured tn 
this week’s auction. -Madonna ai^Onld surroim^ by Vir¬ 
tues” by Jacop di Cione is expected to fetch between $60,000 

interest will be works by 17th and 18fc century 
Dutch masters- Paintings of 18th century Dutch artists are not 
rSK as those of the 17th century. Not surprisingly, 

St 

impffltant 18th century ^8 Sgfgjj 

Mayer is expected to go for $30,000 to $40,000. 



*** ■*** Espa9uL 


Targeting Tokyo’s Winners in 1985 


Fashionable 
Sectors in 
Japanese 
Stocks 

Financials: 

Banks, insurance compa¬ 
nies and other financial in¬ 
stitutions, the big winners 
of i9B4, are considered 
overpriced by some but 
still may score additional 
gains this year. 



By Terry Trucco 


New 

Technologies: 

Japanese stocks are high 
on the lists of technology- 
minded investors. This 
year, optical electronics 
stocks are expected to 
benefit from strong do¬ 
mestic demand for tele¬ 
communications gear. 


COMMODITIES 


Gold: Bottoming Out 


By Barbara Rosen 


A LONDON banker tells the story of 
the diem who came into the bank hut 
summer clamoring to buy gold, then 
trading at about $365 an ounce. After 
some strenuous cajoling, the banker talked bis 
dienr out of it True, gold had fallen quite far from 
the beady $800 range of four years earlier. But the 
point, the banker reminded him. is to buy as near to 
the bottom as possible, and it stiQ wasn't dear that 
gold's decline had ended. 

The client accepted the advice with some rctuo 
uuice. Two days later, gold fell through the $365 
barrier, shedding about $25 in a few days. 

Shortly after the steep fall, the diem called the 
banker on tbe telephone. -Do you think be called 
to thank me?" asks the banker. “Of course noL AD 
he said was, ‘now we've gpt to buy.*' 



umw uiw wwvuub UOa 

: price dropping to $250 
finding some support. 


professional trackers of the yellow stuff are far less 
sanguine than the average amateur. 

Gold experts hesitate to say how much further 
the price of gold mil drop. Many have been embar¬ 
rassed by past projections, ana December's brief 
fall below the psychological barrier of $300 an 
ounce has only added to the confusion about 
prices. Gold dosed Friday to London at $304.25 
but again dipped a few cents bdow $300 on New 
York’s Commodity Exchange. 

Few, however, seem to think the decline has 
ended Some experts see the i 
an ounce or lower before ' 

Pinpointing tbe bottom, however, is no easy task. 

David Williamson, director of metals research 
for Shearson Lehman/ American Express in Lon¬ 
don. believes that central banks could step in at 
some point if prices continue to drop. Central 
banks, be argues, own huge stockpiles of gold and 
would intervene to protect their reserve positions. 

Others disagree- "I don't honestly ihinlr the 
central banks are as obsessed by gold holdings" as 
that, counters Michael Coulson, gold analyst at 
Phillips & Drew, the London broker. “If they do do 
anything in the gold market, it's merely smoothing. 
They don’t do anything to nun tbe tide." 

So far the U.S. and Western Europe central 
hanks have shown no visible interest in the market 
and have generally waited cm tie sidelines. 

Julian Baring, a mining analyst at James Capd & 
Co., sees some support coming from traditional 
consumers among jewelry manufacturers and in¬ 
dustrial users. That demand, however, probably 
will not emerge until the price falls to about $240 to 
$250 an ounce, he said. This was the price range 
that seemed to stir demand in 1982, Mr. Baring 
said. 


Gold Prices 

Annual average 
prices, In dollars 
par ounce 



76 '77 '78 '79 '80 '81 '02 >83 '84 

Source: Shetroon LBhman/Aanrtcan Express 


economists see a return to such an environment. 

With members of the Organization of Petroleum 
Exporting Countries still divided, the price of oil — 
tbe culprit behind previous bouts of inflation — 
seems safely under control. This not only makes 
chances of double digit inflation low, but it has 
sharply curtailed the cash availability of some 
OPEC members, traditionally major gold buyers. 

eclipsed by financial instruments that are thriving 
to the low inflation environmenL US. Treasnry 
bonds, currently yielding about 11.75 percent, of¬ 
fer attractive returns. 

Of major concern to tbe gold investor is that 
such disincentives could persist for some time. 
Economists are predicting nominal U.S. interest 
rates of 9 to 11 percent far 1985. At the same time, 
inflation is not expected to climb much above 6 
percent. 

It is unrealistic now to expect investors to come 
to gold’s rescue, Mr. Baring said. Gold “may look 
(Continued on Page 1ft, CoL 3) 


Bui as goldbugs go about trying to gauge the 
metal’s floor price, they cannot ignore the persis¬ 
tently bearish fundamentals. As long as inflation 
stays low and the dollar and interest rates to the 
United States stay high, there is little incentive to 
buy gold. 

Mr. Williamson notes that the last time gold 
rices zoomed was to the 1970s Mien inflation was 
igh and real interest rates were negative. Few 


El 


Next Month 

Options on stock indexes have proved ate of 
the hottest new investment instruments. In its 
Feb. 11 issue. Personal /averting will look at 
how index options can be used in the individual 
investor's portfolio strategy. Other articles will 
focus on West German stocks and Swiss retd 
estate. 

Personal Investing is published on the second 
Monday of the month. Readers are urged to 
make the appropriate inquiries before commit¬ 
ting funds to any investment. □ 


O N Jan. 4, the first trading day of 1985, 
tbe Tokyo Stock Exchange observed its 
annual opening-day rite. Led by a flock 
of young women in kimonos, about 
3,000 traders and officials filled the cavernous 
exchange and clapped their bands to unison, a call 
for luck and prosperity in the new year. 

ti has rarely tailed. For well over a decade the 
Tokyo exchange has seen extraordinary growth, 
fueled by a strong Japanese economy. The Nikkei- 
Dow Jones index of 225 stocks has risen steadily 
each year, bounding from 3,817.22 at the close of 
1974 to 11.542.60 on the final trading day of 1984. 

Such consistency has burnished the Tokyo ex¬ 
change's image among foreign investors, especially 
Europeans, who in recent years hare stepped up 
activities to a market once thought too difficult to 
analyze and understand Foreign ownership of 
Japanese stock rose from 1.4 percent of the market 
in 1961 to 5.1 percent in 1983, and foreigners now 
account for some 20 percent of all tr adin g. 

But the mood around Kabutocho, as Japan's 
Wall Street is known, is more cautious now than a 
year ago. Prices are expected to climb less briskly 
and more erratically, though many believe the 
Nikkei-Dow will still hit 13,000 by the end of this 
year. 

Instead of export-oriemed blue chips leading the 
way, however, experts are looking at lesser known 
issues -to contribute to tbe market's vitality. This 
wiD make 1985 a “fairly tricky year for investors." 
as one Tokyo analyst put iL 
Indeed, as investors expand their search beyond 
the narrow field of well known blue chips, they wfll 
find themselves confronting a difficult and com¬ 
plex market Its idiasyncracies range from the 
legendary heights of priw/eaming multiples to the 
fairly common practices of stock manipulation and 
insider trading. 


Tbe high price of Japanese stocks is perhaps the 
most talked about phenomenon to investment co¬ 
des. The high price/eamings multiples associated 
with Japanese stocks hare long been a major deter¬ 
rent for many investors. Even Japanese investors 
shuddered at this year’s multiple for the market 
which climbed to a historic high of 34.2 to Decem¬ 
ber, compared with 9.9 on the New York. Slock 
Exchange. 

Experts argue that a straight reading of Japanese 
P/Esis misleading. Japanese companies, especially 
high-technology concerns, invest aggressively in 
new equipment which lowers earnings and inflates 
P/Es. They also understate profits by reporting 
only the consolidated earnings of the parent com¬ 
pany, without including the earnings of subsidiar¬ 
ies, as American companies do. 

In fact. P/E ratios were expected to drop by 20 
percent last year when a law went into effect 
requiring Japanese companies to include subsidiar¬ 
ies to earning reports. Companies complied, but 
not until after parent-company figures had been 
published and used to determine P/E ratios in the 
market. 

While each stock should be evaluated individual¬ 
ly, experts say that to many cases annual potential 
growth to terms of consolidated earnings should 
ideally be slightly less than the P/E ratio. If a 
company's consolidated earnings are expected to 
grow 30 percent annually, buyers can justify a 
stock with a P/E multiple of 30, they say. If the 
price is 50 times its potential earnings, the stock is 
too expensive. 

Analysts say a more accurate guideline m japan 
might tie price/cash-flow ratio, which takes depre¬ 
dation into account. Such a formula wiD result m a 
substantially lower price formulas and could gp a 
long way toward avoiding common misunder- 
(Continued on Page 8, CoL 5) 


PROFILE 


One Approach: 
Small Stocks 

C OMPARE the numbers,” said Hisamichi 
Sawa, seated to his wood-paneled office 
at Prudential-Bachc Securities, overlook¬ 
ing the Imperial Palace moat in Tokyo. 
Tbe Nikkei-Dow Jones index of 225 stocks, he 
noted, appreciated 15.7 percent last year, but tbe 
exchange's index of 300 stocks on the “second 
section, the smaller, less heavily ca pitaKygri com¬ 
panies, showed growth of about 29 percent. 

While stapling for some, the figures were hardly 
surprising to Mr. Sawa. As director of research at 
Prudenlial-Bacfae for five years, he has long beat a 
proponent of smaller stocks. And his views are 
even more interesting now that attention is shifting 
away from Japan's well-known, export-oriented 
stocks. 

Mr. Sawa’s fascination with Tokyo's second sec¬ 
tion is understandable. Price gains can be stagger¬ 
ing. For example, shares to Fanuc, a leading maker 
of numerically controlled maehjne systems, almost 
tripled in price in 1983. while Taoky Electron, a 
major importer of semiconductor-manufacturing 
equipment, appreciated 98 percent. 

This year, even Mr. Sawa, who bolds a master 
degree to business administration from New York 
University, concedes that the outlook for the smaO- 



Hisamichi Sawa. 


Al-VUraerid 


er stocks is not so rosy. Many of the stocks in 
fashion this year are the heavily capi talized i s s ues 
traded on the Tokyo exchange’s first section. 

Nevertheless. Mr. Sawa believes that a number 
of smaller issues will still do weD to 1985. Bui an 
investor will have to have a sound grasp of more 
(Con tinned on Page 8, CoL 5) 


Your partner 
in managing your 
personal assets 
around the world. 





PrivateBanking 

International 


For information on our worldwide 
PrivateBanking services, call or write: 


Mr. Barry Geller 

Chase Manhattan Bank t Switzerland) 
63Ruedu Rhone 
1204 Geneva. Switzerland 
Tel. (41 22J35-35-55 


Mr. Paul Lakers 
The Chase Manhattan Bank., N. A. 
Woolgaie House, Coleman Surei 
London EC2P2HD, England 
Tel (44 11726 5310 


Europe Geneva. Amsterdam. Frank furl, Jersey, London. Luxembourg. 

Monaco. Munich, ftuis, ZwkIi. Western Hemisphere; New York. Miami. 
Houston. Los Angeles. Sun Francisco. Vancouver, Montevideo. Nassau, Panama, 
Puerto Rico. Asta/Parific; Hong Kong. Singapore Middle East: Bahrain 














.ja~. _ 


Page 8 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 14, 1985 


THE FUNDS 



4th QUARTER GAINERS 


1984 GAINERS 


*;yaer end five yaw* ending Dee. St, 1984 

5-YEAR GAINERS 



G.E. L.T. Interest 

+11.3% 

Prudential-Bache Utils. 

+38.6% 

Fidelity Magellan Fund+314.2% 


Fidelity Select Financial +10.7% 

Vanguard Quality Div. 1 

+25.6% 

Lindner Dividend 

+246.7% 


Composite Income 

+ 10.4% 

Copley Tax-Managed 

+23.9% 

Lindner Fund 

+219.8% 


Vanguard Quality Div. 1 

+ 10.4% 

American Tel. Income 

+22.3% 

Vanguard Qual. Div. 1 

+213.8% 


Ohio National-Bond 

+ 10.0% ■ 

Franklin Utilities 

+21.4% 

Phoenix Stock 

+213.3% 


Franklin Utilities 

+ 9.9% 

Energy and Utility 

+21.2% . 

Phoenix Growth 

+201.5% 


Century Shares Trust 
Energy and Utility 

+ 9.9% 

+ 9.3% . 

Fidelity Select Utilities 
Fidelity Qualified Div. 

+20.9% 

+20.9% 

American Capital Pace+200.6% 
United Vanguard Fund + 189.9% 

•• 

Axe-Hougton Income 

+ 9.1% 

Windsor Fund 

+ 19.6% 

Nel Growth Fund 

+ 185.4% 

. >: 

s' . 

Copley Tax-Managed 

+ 9.0% 

Sequoia Fund 

+ 18.6% 

Loomis-Sayies Capital +182.9% 

■y 

LOSERS 


LOSERS 


LOSERS 



44 Wall Street 

-26.4% 

44 Wall Street 

-59.6% 

Directors Capital 

-72.3% 


First Investors Nat. Res. 

-24.6% 

44 Wall Street Equity 

-38.4% 

44 Wall Street 

-51.3% 

\ 

Sherman, Dean 

-23.5% 

United Prospector 

-36.8% 

First Investors Nat. Res. - 26.9% 

y 

Strategic Investments 

-19.4% 

First Investors Nat. Res. 

-34.8% 

Deacon Income 

-17.9% 

v ; 

Ftnancial Portfolio-Gold 

-19.3% 

Strategic Investments 

-34.0% 

Sherman, Dean 

-13.9% 

/ 

United Service Gold 

-18.0% " 

Aggressive Growth 

-32.6% 

American Investors 

- 7.5% 

; ■ : 

Keystone Precious Met. 

-16.8% 

First Investors Discovery-32.4% 

Goldconda Investors 

- 6.5% 


United Prospector 

-16.7% 

Hartwell Leverage 

-31.6% 

Steadman Amer. Ind. 

- 2.3% 


Fidelity Precious Metals 

-16.5% 

Sherman, Dean 

-30.9% . 

Lexington Gold Fund 

+ 0.6% 

■*> K 

Vanguard Special-Gold 

-16.4% .. 

Directors Capital 

-29.9% 

Steadman Oceanograph. +6.8% 




iL- 




Targeting Tokyo’s Winners 


How U.S. Mutual Funds Fared 


ThaltevYofcT* 


By Fred R. Bleakley 

I NVESTORS who played ii 
safe in 1984 by buying U.S. 
mutual funds that empha¬ 
sized dividend and interest 
income and conservative stocks 
had good reason to celebrate on 
New Year’s Eve. 

It was a year when the U.S. 


economy slowed down faster than 
the experts expected, and compa¬ 
ny earnings in general failed to 
meet analyst predictions. The 
funds that climbed the most were 
those that invested in bonds and 
the common stock of electric utili¬ 
ties, regional Bell Telephone oper¬ 
ating companies and other busi¬ 
nesses that benefited from a 
decline in interest rates. 


Topping the list of best-per¬ 
forming funds for the fourth quar¬ 
ter, or for the year as a whole, were 
the likes of General Electric Long 
Term Interest Fund, PrudcntiaJ- 
Bacbe Utilities Fund and Van¬ 
guard Qualified Dividend Portfo¬ 
lio 1 . 

Yon have to gp pretty far down 
the list to find many general-pur¬ 
pose equity funds." said A. Mi- 


Bank offshore with Royal Trust 
in Jersey... 



9 3 4 


%* 


No tax deducted. Wide range of call and fixed terras. 

Minimum US$10,000 or £5.000. 

...and receive specialised trust 
and investment advice. 

Royal TVust is Canada’s largest trust company. Established in Jersey for over 20 years 
Royal Trust is one of the island's major financial instltutionsand provides a wide range 
of personal banking and financial services including specialised trust and investment 
advice of particular interest to citizens who work or travel abroad a great deal. 

Royal TTust also has an office in the Isle of Man. and associated companies 
in other key offshore or low tax financial centres, including Bahamas, Bermuda, 
the Cayman Islands and Liechtenstein. 

For further information about opening an account or details of our other personal 
banking services please post the coupon below or call Chris Btampied on Jersey 27441. 
I'Raie correo at lime of going lo press) 

^ Mr C Blamplerf. Royal Ttvsi Bank Mersey) Limited, ^ 

| P.0 Bo* 194,Royal TrustHouse,CoTomberlc, i _ 

1 Sl Heller, Jersey. Channel Islands r-i iunDMnMia.fn,ii» 1 == 

I LJ *i»l nv^ii6 I 

Name______ 1 ■■ 


I Address _ 

I - 


ROYAL 

TRUST 


l_- 


- I 


Copies of ihe latest audited 
accounts on request from the 
Resident Managing director 


1 Lip per. 

Analytical Services, recently re¬ 
leased performance rankings for 
648 mutual funds. Nol included in 
the rankings were tax-exempt or 
money-market mutual funds. 

In fact, equity mutual funds 
fared more poorly, on average, 
than the Standard & Poor’s 500 
index during the last three months 
of last year, for the sixth consecu¬ 
tive quarter. The average perfor¬ 
mance of 424 stock mutual funds 
for the year, even with dividends 
reinvested, was a minus 2.09 per¬ 
cent, while the S&P gained 629. 

Only one equity mutual fund 
that does not wn ph.na'Tg dividends 
and income made it into the tabu¬ 
lation of the year’s 10 best funds. 
That was the lOtb-ranked $441- 
milli on Sequoia Fund, which had 
made a big bet on the stocks of 
food and tobacco companies, 
whose earnings were strong. 

Two of the top 10 funds were 
managed by the same individual, 
John NefT, one of the deans of the 
mutual-fund business. They were 
the second-ranked SI 15-million 
Vanguard Qualified Dividend 1 
fund and the ninth-ranked $2.4- 
biHion Windsor Fund. 

- “The stocks which per f ormed 
wefl were the safe, sane, dull and 
boring kind, which are exactly our 
type of investment,” said Mr. 
Neff, 53, who has been managing 
the Windsor Fund for more than 
20 years. His investments last year 
in both Windsor and the Qualified 
Dividend fund included electric 
utilities and the regional Bell Tele¬ 
phone operating companies. Both 
funds are part of the Vanguard 
Group. 

The year’s best performing 
fund, the 596-million Prudential- 
Bacbe Utilities Fund, jumped 
ahead by investing in electric, non¬ 
nuclear. utility stocks and the sev¬ 
en Befl Telephone regional com¬ 
panies. □ 

The New York Times 


(Continued from Page 7) 

s tanding s that crop up when trying to under¬ 
stand Japanese accounting methods. 

Using such fundamentals in selecting a stock 
is not always effective, however. Cases of so- 
-caDed "story stocks" (Zairo-Kabu), shares 
pushed higher by “good stories." such as a 
report of a medical breakthrough or a mining 
discovery, are common and often lead to sharp 
market fluctuations. 

The Tokyo market is especially susceptible to 
such manipulation because there are relatively 

is dominat- 
in vestment 
Nikko and Nomu¬ 
ra—that account for more than half of ail stock 
trades. Japan's 12 other full-service brokerages 
are in some way affiliated with the big four, and 
no foreign firm has a seat on the Tokyo ex¬ 
change. Only last month, Merrill Lynch's bid 
for a seal was rejected. 

Last spring, Nomura predicted a large price 
increase in Hitachi slock, which happened to 
coincide with a new convertible bond issue that 
the securities firm was underwriting for Hita¬ 
chi. Trading feverishly. Nomura helped lift the 
stock from 850 yen in January to U)10 yen in 
April. The Hitachi bonds sold. Nomura pocket¬ 
ed its commission and a month later shares 
were trading at 850 yen. 

Such binges are usually "not so serious," said 
a foreign analyst who asked not to be identified. 
"As long as you know what's going on you 
either have nothing to do with it or you take 
advantage of iL But you most really be switched 
on to what's happening and when ” 

Investors are best advised to stick with fun¬ 
damentals. "If you try for shares on a value 
basis for the long term, you can win. But to try 
joining speculative movements, that’s not the 
game foreign investors should play." said Akio 
Milnmi, a Tokyo financial adviser. 

Nearly everyone agrees that investors will 
play a considerably more complex and cautious 
game in 1985 than they did last year. The 
American economy’s slowdown is expect lo 
further decrease export demand. At the same 
time forecasters expect Japan's gross national 
product to expand by an inflation-adjusted 4 to 
4.6 percent this year, down from 5.5 percent in 
1984. Corporate profits, meanwhile, are expect¬ 
ed to grow between 8 and 12 percent, compared 
with about 25 to 35 percent last year. 

Many of this year’s "fashion stocks" are 
geared to the domestic economy and fall into 
several broad categories — optical electronics, 
which stand to gain from increased use of 
optical fibers in Japanese telecommunications, 
new industrial materials, factory and office 
automation, biotechnology, certain deregulated 
industries and companies with so-called "latent 
assets," mostly manufacturing concerns with 
attractive land holdings or particularly efficient 
management. 

Financial stocks, such as hanks and insur¬ 
ance companies, which were I984's surprise 
winners, are expected to remain stable and may 
rise slightly, analysts say. And if the domestic 
economy finally rouses itself, retail stocks, no¬ 
tably weD managed restaurants and upscale 
stores, may benefit. 

"Up until now you could find fast growing 



The facade of the Tokyo Stock Exchange 


segments m tugh-teeb fields, but now we have a 
momentary standstill and must play with some¬ 
thing else," says Tetsuhiro Miyake, manager of 
institutional research at Nomura Securities. “If 
you take the long view, fundamentals are fine. 
But for the short term — the next one or two 
years —foreign investors would do best to buy 
stocks favored by Japanese financial institu¬ 
tions." 

These include banks, power companies and 
latent-asset companies. Such stocks tend to be 
harder to analyze and spot than high-growth 
technology companies, however. 

Among Mr. Miyake’s recommendations are 
Sumitomo Marine, an insurance company; 
Mitsubishi Real Estate; Sumitomo Corp.. a 
trading company; Kansai Electric, a power 
company. Mitsubishi Heavy Industries, and Hi¬ 


tachi Cable, which is involved in optical elec¬ 
tronics. 

Another category popular with analysts this 
year includes stocks that will benefit from in¬ 
creased Japanese exports to China. Though 
China accounts for only about 5 percent of 
Japan's total exports, these grew 16 percent last 
year, makin g China Japan's second largest mar¬ 
ket. 

Among the beneficiaries are transportation y* 
machinery and consumer electronics. Compa¬ 
nies on Prudential-Bache’s China-related list 
include Nissan Diesel, Sanyo Electric and Nis- 
shin Transportation. 

Shoji Osnima, manager of Vickers da Costa 
in Tokyo, lists Canon, a popular choice in the 
optical^electronics category, Hitachi, Nippon 
Electric Co. and Toa Nenryo, a refinery that 
could benefit from declining oO prices and 
efficient management □ 


Hisamichi Sawa on Small Stocks 


(Continued from Page 7) 

than just routine fundamentals to 
play tbe second section. 

Pitfalls abound. Prices can veer 
dramatically because of the com¬ 
paratively small number of shares 
outstanding, among other reasons. 
One of last year’s top performers, 
Kyoe Sangp, a subsidiary of Mit¬ 
subishi Electric, went from 1,010 
yen in February to 6.000 yen in 
October, then down to 4,300 yen 
in December. 

“The problem is how to gel out" 
before a plunge, says Mr. Sawa. 
“Smaller companies can drop 
fast." 

Adding to the risks is the diffi- 



Abetterway 
to invest in U.S. 
Treasury bills. 

And rated AAA for safety 
by Standard & Poor’s. 


/ fn an uncertain world economy, it’s 
comforting for investors to know there 
Is an investment on which they can rely 
-United States Treasury bills, backed by 
the direct guarantee of the U.S. govern¬ 
ment and supported by the wealth of the 
United States of America. 

Of course you can buy T-bills on your 
own -if you want to do the paperwork, 
track maturities, pay the various fees, and 
limit your liquidity. Now, through the 
purchase of shares in Capital Preservation 
Fund International, the investor has a 
convenient, tax-free way to invest in 
U.S. T-bills. 

Safe 

Capital Preservation Fund Inter¬ 
national is the only off-shore investment 
fund top-rated for safety by Standard & 
Baori, the Internationally recognised 
raring service. The AAA raring reflects the 
Funcfs portfolio of U.S. Treasury bills... 
“the highest quality with an unquestioned 
credit-worthiness.” 

Convenient 

You can redeem or invest on any 
business day with no sales fees or 
commissions. Both bearer and registered 
shares are available. 

Tax free money market yield 

tbur investment is exempt from U.S. 
income, estate, and withholding taxes. 

You earn money market rates daily for as 
long as your investment remains in the 


Fund and your return is rolled up into the 
share price. 

Management you can trust 

Shareholder records are maintained 
by Banque GeneraJe du Luxembourg, one 
of the oldest and most-respected banks 
in Luxembourg, in accordance with 
Luxembourg^ strict banking standards and 
code of confidentiality. 

Your investment is protected by strict 
operating procedures. All the Fundus assets 
are held securely inside the United States 
by the U.S. Trust Company of New York. 
U.S. Trust releases funds only after receipt 
of the equivalent value in U.S. T-bills and 
will effect a redemption from a CPF 
International account only upon receipt 
of verified instructions from the share¬ 
holder through the Funcft custodian, 
Banque Generaie du Luxembourg. 

The Investment advisor for the Fund 
is Benham Management Corporation of 
Palo Alto, California, which manages more 
than US $2.3 billion in similar funds inside 
the U.S., including the original Capital 
Preservation Fund. 


rirtnger 

Telex: 2987-Tel: <7 5612. 

Please send your Prospectus to: 


BfllS 



Country:. 


Capita/Pr ese rv ati on Fund International. 


suawnupnoirt mi ow received on the o* the ivospectuv -cr ior distribution in tw uwrHumomw > *cett to WBicvs 

WHOSE BU3NESS IMOl«5 THE RCOUISITIOH BiPOW OR HOU3MG 'X SECURITIES,WHETHER K. niraih OR M AGENT 


Lombard 
offer you 
so much more 
for 

your money 


Noflcg Depos it Accounts 




% 

PA 


St months noise ert wlhorawai 
interest credited or Paul raft 
yearly Mnwnum deoost 1500 


R»ed Deposit Accounts ) 


m \ 

Per a TWO YEAR Drat period I 
inreml is poq annually I 

Other rales araitaljtefw 1-5 J 
year* Mmtmum OcprjerT t I DOO 


I P eter la t Uncoma Pe p oalta | 

DfflSLE 
TOUR MONEY! 

IN JUST 7 YEARS ! 

Vnwmim deposit C5JQ00 i 
Ewmtomw W art pa I 
Compounded annually 


Tbs ram* quoted Moot «e for 

te*mHn ftofcfftT5 teT top o ndJra 

OMKfeiiaiBrpfeglBpua. 


At Lombard we offer you the choice 
from a specially designed selection ol 
Deposit Account schemes. 

Ybu can choose from Notice. Fixed 
and Deferred Income Deposits and 
within each scheme you have also the 
choice of a wide variety of terms. 

Some of the benefits offered by a 
Lombard Deposit Account include: 

• Ybur funds will eam a good rate of 
interest 

•All interest and deferred income is paid 
without deduction of tax at source. 

• Complete confidentiality is assured. 

•A service which we believe Is second 
to none. 

• Peace of mind of knowing that you are 
dealing with a 
member of one 
of the largest 
banking 
groups in 
the world. 

Different terms 
maymptyto UK 



LOMBARD 



Name. 


Address. 


To: Mr Alfred Eagleton. 
Lombard North Central PLC, 
□apt 594,17 Bruton Street 
London W1A 3QH, B4GLAND. 
Tel:01-409 3434. (Ext. 484). 


Please send without cessation I 
details of Lombard Deposit 1 

Accounts and Lombard Cheque I 
Savings Accounts together with I 
current Interest rates. a 

B Deposits held In Staffing J 
Cheque Sayings Accounts I 


tBLOQi CARWL5 PLEASE} 


J 

i Resd.n England No 33700J Rag* Office LsnWanlHouaa. CuiswiSlnwl.LondonWlAlEU. j 

L A member ottira Nation! WesbiJnster Bank Group s 

whose capital and reserves exceed £2.300,000.000 I 


cuhy of applying the usual finan¬ 
cial measurements in valuing these 
stocks. 

“Assets are usually very small 
so it's meaningless to look at (he 
ratios of share prices to assets," 
Mr. Sawa says. More important 
for these smaller companies are 
their management capabilities, 
levels of technology and growth 
potential. 

In general, investors should nol 
venture into smaller stocks with¬ 
out some knowledge of the history 
of tbe company in question, the 
trading range of its stock price 
over the years and current market 
fashions. 

Mr. Sawa also said that it is 
prudent to know if the company 
has links to any of the large Japa¬ 
nese trading groups, such as Sumi¬ 
tomo. Mitsui or Mitsubishi. Top 
officials in each group meet regu¬ 
larly and discuss plans and strate¬ 
gies for various member compa¬ 
nies. 

Last year was widely viewed as 
the year of the Sumitomo group, 
whose stocks performed particu¬ 
larly well. It was led by the aston¬ 
ishing rise or Sumitomo Bank, 
which climbed from 500 yen in 
January lo 1.900 last December. 

The word is that Mitsubishi 


group is this year's armointed, Mr. 
Sawa said. Among the possible 
winners are such first-section is¬ 
sues as Mitsubishi Real Estate, 
Tokyo Marine and Life and Mit¬ 
subishi Warehouse. But second- 
section companies affiliated with 
Mitsubishi could benefit, too. 

For many. “The Japan Compa¬ 
ny Handbook" and "Second Sec¬ 
tion Firms” have proved to be 
useful English-language guides to 
companies listed on the Tokyo ex¬ 
change. Both are published by 
Toyo Keizai Fhmposha Ltd., 1-4 
Hongoku-cho. NQronbafhi. Chuo- 
ku. Tokyo 103. (Telephone: 81-03- 
246-5470). 

Aside from such trickle-down 
benefits. Mr. Sawa also sees po¬ 
tential gains in some key sectors in 
the second section. One positive 
area for 1985, Mr. Sawa said, is 
optical electronics. 

Two potential attractions are 
Tayo Kudo Kqji. a subsidiary of 
Sumitomo Electric, which does 
distribution-line work for tele¬ 
communication construction, and 
Nihon Denseisu Kyogyo. which 
also stands to benefit from Japan's 
push into fiber telecommunica¬ 
tions. 

Mr. Sawa also believes that the 


current bearish talk about the sec¬ 
ond section could prove prema¬ 
ture. especially if tbe U-S. econo¬ 
my improves sufficiently to allow 
exports to sustain comfortable 
growth. “Then the foreign investor 
may want to put money in the 
small high-tech stocks" in Japan, 
he said. 

Another wild card that could 
affect the market for smaller 
stocks is the possibility of tighter 
controls on margin buying, the 
purchase of stock on credit using 
the shares as collateral. As of late 
December, margin position was at 
2.9 trillion yen, an historic high — 

2 percent of tbe total market capi¬ 
talization. 

As the ratio of margin positions 
to total capitalization approaches 
25 percent "we can expect a light¬ 
ening of the margin requirement," 
Mr. Sawa believes. 'Hie current 
rules allow investors to borrow up 
to 50 percent of the value of the 
shares they buy. 

But the exchange may clamp 
down by requiring investors to put 
up as much as 60 or 70 percent of 
the purchase price of the shares. If I 
so. investors will probably start 
looking for less expensive issues 
on the second section. □ 

— Terry Trucco 


Lom Tennysons class*: Knes: -R*ng out the old. nng in the new. ring out the false, ring In the tn*»- 
have relevancy even in milieus as non-poetic as Wall Street. In late July. 198Z while the DOW 

800 . our analysis defied prevaifing opinion, stating “the OJtvWLLTOWH^oOo!^ffOreHnTir^refl^OnAATOt« 

9th.1982. BARTON'S, in mirroring the malaise on the “Street” mused: The marfcrt»aTOtobe^vtKii^E«^te» 

futureandndoesrftwork'.The rest ishlslory: the Bull rampagedtoaJanuary4.i984 hkjhoft2a&2^Slr^lS^ 

prophets of doom: the same species who. a! $800an ounce. SSSS 

Chinese commodes and other coHectibles, awaiting a fiscal Apocalypse. noaf a precious metals, antique 

In addition, CGR focuses upon emerging equities w»th Ihe dynamics to mature into tnmnanra 
recently recommended -Junior oH that gushed from $2 lo S16. before a 4-i spW as the M ' 

major field In Texas as ine company discovered i 

For your compNmemary copy, please telephone, or write to. 

—-- 

Telex 18536 



CAPITAL 

GAINS 


n 


Name: 


Address: 


* 


I Phone: 

LZTZ 


NT 14/1 


Past performance does not guarantee future results 


J 





















Sit 


.be 






fc.v 


I \: i 

ir ? *> * 


? Ap;, 




* 


The boupscc 

Upbeat Note 
Sounds at 

End of ’84 


INTERNATIONAL HERALD TRIBUNE. MONDAY. JANUARY U. 1983 


Page 9 


Yearly Activity on Major Stock Markets 

Monthly cioee of selected share price* on major international stock 

exchanges 


I 


_By Nicholas D. Kri^f 
T HAS BEEN a difficult year for most 

““provemeni in the fourth quar- 

i^pMMsssssa 

countnes. many analysts expect 1985 to be 

J2lrfS ,r lSiS dex * a w ? >s ' u *°f stock prices 
** ^ rpse 1 percent during 
the year, according to David M. Gong, a vice 
president of the T. Rowe Price h,SoS 
Fund in Baltimore. Most of that gain came in 
the last three months. Mr. Gong said. The 
index is compiled by the Geneva-based Capi¬ 
tal International Perspective. r 

“Probably the outstanding performer of the 
year was the Japanese bank shares.” he said, 
noting that some financial slocks doubled 
uieir value w the first and third quarter; 
Some bank slocks also did very well in West 

. Germany. 

t Tokyo Hong Kong turned in the best 
performance among major exchanges in the 
world. Hong Kong’s average share prices have 
lumped about one-third in ihe last 12 months, 
much of that coming in the last three months 
after China and Britain agreed on the future 
of the colony. The “one-country, two-sys¬ 
tems" policy would preserve a capitalist role 
in Hong Kong for 50 years after it returns to 
Chinese rule in 1997. 

Average prices on the Tokyo Exc han ge — 
which has been one of the best performers for 
most of the postwar period —have risen more 
than one-fifth this year, bolstered by a healthy 
export sector and anticipation of the financ ial 
deregulation in Japan 
The ex change-rate factor was crucial this 
year as the dollar continued its unexpected 
rise against other currencies. For example, the 
share prices of gold mining companies in 
Johannesburg rose about 20 percent during 
the year, but the country's currency, the rand, 
was falling much more quickly. 

, 4 Likewise, stock price indexes in London 

? gained about 20 penxm over the year, but the 
pound depreciated by the same amount 
against the dollar. On the other hand, market 
indexes in Australia, Singapore, Sweden and 
Switzerland as well as Toronto and New York 
lost value even in terms of their own curren¬ 
cies. 

Hie strong dollar also bad an impact within 
each index, for in many countries the shares 
that performed the best were those of compa¬ 
nies that exported to the United States. Their 
depreciated currencies made, their goods 
cheaper in the United States, and their busi¬ 
nesses flourished. 

London's market, continued in good form. -. 
throughout the year and put on a fine perfor¬ 
mance in the fourth quarter. The successful 
sale of British Telecom shares in the fall gave 
the market a final spurt to about 580 on the 
F inan cial Times All-Share index, up 14 per¬ 
cent fox the year. 

Toronto’s Stock Exchange is stumbling 
badly. 


New York 

Dow Jones Industrials 



r—1250 


1200 


1150 


1100 


DJFMAMJJASOND 


Toronto 

Toronto Stock Exchange Index 


i— 2500 



— 2400 


r- 2300 


ff f 2100 

DJFMAMJJASOND 


London 

Financial Times Ail-Share Index 



DJFMAMJJASOND 


Frankfurt 

Frankfurter Allegemeine 
Zeitung Index 


afer 

mr 1 ' 

fe-lfc 

m 

D J F MAMJJA5 O N D 



Tokyo 

Nikkei-Dow Jones Average 



D J F M AM J JAS O N D 


Hong Kong 

Hang Seng Index 


1200 


1100 


1000 



D J F M AM J JAS O N D 


The Nn* YeHi lim 


Slade demand for Canadian commodities 
such as oil, nickel and lumber has contributed 
to the slumping market. The overall metals 
index is down 23 J percent. 

Share prices on the Frankfurt Slock Ex¬ 
change, west Germany’s largest, staged a 
strong recovery in the last quarter, led by 


impressive gains in the banking and insurance 
industries. Those gains pushed the 100-share 
Frankfurter AUgemeue Zeitung index to a 
high for the year of 377J2 on Dec. 1, from a 
low of 317.17 on July L □ 


The New York Times 


CAPITAL STRATEGY 

FUND LIMITED 

Garrmore Fund Managers 
International Limited 

6 Caledonia Place, St Helier 

Jersey Cl - 

Tel: 0534 27301 

I Telex: 4192030 


Fund 

Price* 

Yield (%j 

Siring Pep 

£ m 

150 

U5$ Depot* 

J 1JDU 

7 SB 

DM Depeal 

DM 5.105 

425 

Yen Depost 

Yen 51503 

527 

SwJt. Dept 

Sfr. 5073 

ISO 

N. American 

S 103 

(L50 

Japan 

S 1 22 

0.60 

Pacific Batin 

$ 1.13 

060 

lid Growth 

$ 0.99 

060 

British 

£ 1.18 

ZOO 

Staffing Gib 

£ 1.09 

10J0 

(nil. Hah Income 

$ 0.96 

1200 

Yen Conv. Bond Yen1231-Q0 
•PtiusaUl/1'85. 

3.20 


*Y 


Britain's answer 

to the Krugerrand 

The Isle of Man Government s 
Platinum Noble, the Platinum 
Bullion coin containing 1 troy 
ounce of pure platinum. 


Buy by phone or request 
free information pack 
(inducting offshore (aahties) now. 


K3M Government, 

30 fly Place, London 
EC1N6RT 
Tel.: 01-404 0970 




(Thursdays and 
Saturdays, too) 

Start your day 
v wtj^srru le with 

BuchwalcL 


Foryour international 
financial business 
we are ready to explore 
virtually any avenue. 



As a Luxembourg-based Eurobank 
we can offer you interesting local 
advantages - and as a specialized 
institution within the Dresdner Bank 
Group we can open up new horizons 
for all your international financial 
transactions. 

We offer credit facilities of almost 
every kind, syndicate major loan trans¬ 
actions, buy and sell securities on all 
the world's important markets and 
conduct money, precious metal and 
foreign exchange transactions, spot 
or forward, in all leading currencies 
and categories. Our business part¬ 
ners are leading companies, financial 
institutions, government agencies and 
high net worth individuals. 

Maximum flexibility and comprehen¬ 
sive expertise enable us to custom- 
'tailor our financial services. If your re¬ 
quirements are not catered for by 
existing schemes then you are our 
kind of client Unconventional solu¬ 
tions are our strong point We look 
forward to hearing from you. Phone 
straight through to our Corporate 
Banking and Private Investors' Ser¬ 
vice and ask for Mr. Ehinger or Mr. 
Ristau - on Luxembourg 4760 237 or 
4760277. 



Dresdner Bank International 



Tracking the Newsletters 

The best advice: 

measure return 
against risk 


By Leonard Sloane 


T HE recommendations of one in¬ 
vestment newsletter ihax features 
option-trading strategies rose 80 
potent in value through the Hist 1 1 
months of this year, according to one tally of 
newsletter performance. The recommenda¬ 
tions of another newsletter, hi ghlighting tech¬ 
nology stocks, are down 49 percent. And then 
there are dozens of others whose records fall 
somewhere in between. 

For more than four years, the Hulbrn Fi¬ 
nancial Digest, a monthly UJS. publication, 
has been tracking the successes and failures oF 

about 60 newsletters that advise individuals 
on how to buy and sell securities. 

Its latest finding, based on results from the 
January-November period, is that this year 
has been a difficult one for the newsletter 
advisers. Sharp fluctuations in securities 
prices took a toll on many of the portfolios 
recommended in these letters. 

One lesson, savs Mark Hulbert, who edits 
the 5135-a-year digest from Washington, is 
that investors should be aware of what kind of 
advice they are following. 

“It really is essential to be aware of the 
relationship between risk and return,’' Mr. 
Hulbert said. He said that in recent years, at 
least, investors could have opted for less risky 
investments than those recommended by 
many newsletters—and thus have made more 
money. 

The ironic thing," he said, “is that about 
half of the newsletters since 1980 have under¬ 
performed the T-bill rate." 

Tbe 60 or so newsletters that Mr. Hulbrn 
reviews recommend about 95 investment 
portfolios, for which he calculates perfor¬ 
mance ratings each month. Although he uses a 
standard approach in malting all nis calcula¬ 
tions, some of tbe newsletter owners—partic¬ 
ularly those whose recommendations have 
fared poorly — take issue at times with his 
methods. 

In fact, one of these disagreements Oared 
into a court battle last February when Yale 
Hirsch, editor and publisher of Smart Money, 
charged that the Hulbert methodology is 
false, deceptive and misleading, and he sued 
for $10 mini on in damages. Three months 
later, Mr. Hirsch brought a legal action 
against Dow Jones ft Co. and the Chicago 
Tribune Syndicate, charging libel and product 
disparagement in their coverage of his news¬ 
letter’s ratings by Mr. Halbert. The suits are 
pending in federal district court in Newark, 
New Jersey. Mr. Hulbert has not rated Smart 
Money since December 1983. 

Notwithstanding these methodological is¬ 
sues, ihe Hulbert Digest shows that there have 
been some clear winners and losers over tbe 
past year. Same option-trading strategies, for 
example, fared wdL while technology stocks 
had a poor year. 

• -Furthermore, there were few really big win¬ 
ners. While the top-performing letter, tire Op¬ 
tion Advisor, showed a hefty gain of 80 per¬ 
cent, the fifth-best record, achieved by the 


1 Rating the Market Perf omance of 

I Investment Newsletters 

Newsletter ranking based on portfolio performance of selected stocks, through 

Nov. 1984 

I Best Record 1 

Newsletter 

Subject 

Performance 

The Option Advisor 

Options 

+80.0% 

B.t. Research 

Stocks 

+21.7% 

Systems and Forecasts 

Options, Stocks, 
Convertible Bonds, 
Mutual Funds 

+17.4% 

The Granville Market Letter 

Stocks, Stock Index 
Futures, Gold Futures 

+ 14.9% 

International Harry Schultz 

Letter 

Stocks, Commodities, 
Foreign Currencies, 
Stock Index Futures 

+8.7% 

I Worst Be cord 1 

California Technology Stock 
Letter 

Stocks, Options 

-49.0% 

R.H.M. Survey 

Warrants, Options, 
Low-Price Stocks 

-30.5% 

High Technology Growth 

Stocks 

Stocks 

-38.4% 

New issues 

Initial Public Offerings 

-31.8% 

Value Line New Issues Service 

Stocks 

-28.8% 

Source: HolbertFinancial Digest 


International Harry Schultz Letter, showed a 
gain of only 8.7 percent. 

In contrast, many of the losing strategies 
showed substantial declines. At the bottom of 
the pack, according to Lhe Hulbert survey, was 
the California Technology Stock Letter, with 
a 49-percent decline during the January-No- 
vember period. But many other funds also 
showed double-digit losses- 
Over the same period, the Wilshire 5000 
Value-Weighted Index rose 0.6 percent, the 
Standard ft Poor’s 500 Index increased 3.5 
percent and the Dow Jones industrial average 
tell 1J percent. In all three cases, dividends 
are assumed to have been reinvested monthly. 

Bernard G. Schaeffer, executive director of 
the Investment Research Institute of Cincin¬ 
nati, which publishes the Option Advisor, said 
the best remits were achieved by his newslet¬ 
ter’s conservative portfolio. This portfolio 
takes advantage of spreading, a strategy that 
involves the simultaneous purchase and sale 
of various calls and puts. A call is an option to 
buy a specified amount of a stock at a speci¬ 
fied price, while a put is an option to seD stock 
in tbe same way. 

T HE “market action over the past 
six months, even through the Au¬ 
gust explosion, has been in a side¬ 
ways trading range pattern,” he 
added. “Spreading strategies are designed to 
do very well during moderate movement in 
the market. We target for a particular objec¬ 
tive and when we reach it, we close out the 
position." 

Another winner that used sophisticated op¬ 
tions strategics was Systems and Forecasts. 


Th* Mr* Yo* T ™ 

published by the SignaJen Corp. of Great 
Neck, New York. Gerald Appel president of 
the company, said that he prefers selling, 
rather than buying options because it has 
mathematical benefits. 

A LSO AMONG the five best-per¬ 
forming newsletter writers in the 
Hulbert computation was Joseph E 
Granville, president of the Gran¬ 
ville Market Letter of Kansas Gty, Missouri. 
Mr. Granville attributes his newsletter’s suc¬ 
cessful performance in 1984 to a short-term 
mechanical barometer based on volume mea¬ 
surements that be created 

“From the ashes I built a new imagg, a new 
foundation," he asserted, referring to his 
widely publicized bearish predictions in 1982 
in the teeth of the bull market that developed 
in August of that year. “Joe Granville is sec¬ 
ondary to the indicator that tells the move.” 

But even with the barometer, Mr. Granville 
was still a bear on the slock market last year. 
“We’ve been notably short between January 
and July," he said “We went long in late July, 
went short again in August and have been 
generally short since August." 

As for the poor performance of technology 
portfolios, Bud Anderson, editor of High 
Technology Growth Slocks of Maynard, Mas¬ 
sachusetts, a newsletter among the bottom 
five in the Hulbert rankings, explained the 
problem this way: “It’s not (hat the compa¬ 
nies we follow are not growing, it's that the 
price/earnings ratio has contracted The 
problem with the group is that they tend to go 
up too far and gp down too far." □ 

The New York Times 



We think the 
U.S. market 
is about 
to take off. 



Action Alert 


19&5 INVESTMENT OUTLOOK 


At Bache Securities, we see the pieces to fuel a major U.S. market 
rally falling into place. U. S. inflation is down, interest rates are falling 
and we see solid earnings growth rather than a recession in 1985. 

The time to take advantage of the U.S. market is now, but not 
without our 1985 Investment Outlook. It offers all our thinking, plus the 
45 stocks we recommend for the coming year and many promising bond 
opportunities. 

Make sure the U.S. market doesn't take off without you. 

Call or send in the coupon to the Bache Securities office nearest you. 

Bache Securities, 

London: 5 Burlington Gardens, England WLXILE, Tel: 439-4191, Telex: 263779 
New York: 199 Water St.. U.S. A. 10292, Tel: 791-1000 

Hong Kong: Shell House, 24-28 Queens Road Central, B.C.C., Tel: 852-5-229 051 Telex: HX 62201 
Singapore: Wing On Life Building, 150 Cecil SL, Republic of Singapore 0106, Tel: 22107 
Zurich: Wasserwerlestrasse, 10, Switzerland 8023, Teh 361-4422, Telex: 813316 


Please send me a free copy of your “1985 Investment Outlook." 


Name __ 
Address 


Telephone 


Bache Securities 


Inter national offices: Amsterdam, Athens, Basel, Brussels, Buenos Aires, Cologne, Chiasso, 
Dusseldorf, Frankfurt, Geneva, Hamburg, Hong Kong, London, Luxembourg, Madrid, Monte 
Carlo, Montevideo, Munich, New York, Rotterdam, St. Croix, St, Thomas, San Juan, Singapore, 
Stuttgart. Tokyo and Zurich. 






















I INTER NATION A L IIKKALD TRIBl'M£. MOMUY. JANUARY I I 


Pape 10 


SOMETHING DIFFERENT 


This 1929 Mercedes SS 38/250 was auctioned in 1979 for $320,000. 

The Four Wheels of Fortune 


By Lynne Curry 

J EFFREY Tydir-James 
spends most of his work¬ 
ing hours looking after the 
200 beef cattle on his 
farm. But after work, be is often to 
be found in his farmyard garage, 
tending his collection of antique 
cars, which includes a 1929 Rolls 
Royce and two Bentleys. 

Mr. Tydir-James, a Welshman 
who invests only in British-made 
cars, has a simple reason for his 
hobby. “It’s our national heritage. 
I’ve always admired the spirit of 
the old boys who built the cars and 
the way they raced them." 

But antique automobiles have 
other compensations. “These cars 
are fun, fellowship and they beat 
inflation," said Michael Worth- 
ington-Wiiliams, auto consultant 
to Sotheby's, the auction bouse. 
Whatever the attraction, sales of 


antique cars are booming. In De¬ 
can bo - , an American collector 
paid £270,600 (about £323,000) at 
Sotheby’s for a green 1930 vintage 
Bentley coupe, which became fam¬ 
ous when it raced a train from 
Monte Carlo to London in 1931 — 
and won. It was the highest price 
ever paid for a European car at 
auction 

Three months earlier, a 1936 
Dusenberg brought $800,000 in 
Reno, Nevada, making it the most 
expensive car ever auctioned. The 
Dusenberg was part of the collec¬ 
tion of the millionaire casino pro¬ 
prietor, Bill Harrah, who is 
thought to have owned about 
1.400 historic cars when he died in 
1978. 

Though the numbers sound at¬ 
tractive, buying antique cars is not 
a safe or cheap investment. An 
investor buying a S 100,000 car can 
often double his money in less 



f The Value Line provides 

OBJECTIVE 
EVALUATIONS of 
AMERICAN STOCKS 

The Value Line Investment Survey continually reports on 
more than 1700 American stocks. It provides a vast amount 
of statistical history and forecasts, all of which are reduced 
by Value Line's computer-based programs to two simple, 
easy-to-apply indices: (1) The rank for Timeliness (Relative 
Price Performance of the stock in the Next 12 Months) and (2) 
the rating for Safety (Price Stability of the stock plus financial 
strength of the company). 

An introductory subscription brings you all the full-page 
reports to be issued in the next 12 weeks on the more than 
1700 American stocks and S3 industries regularly monitored 
by The Value-Line Investment Survey—for just $<£, about 
half the regular rate. You may take advantage of this offer rf 
you have not had a subscription to Value Line in the past two 
years. Send payment along with name and address together 
with this ad to Dept 313J02 

THE VALUE LINE 

711 Third Annin. Now York. N.Y. 10017. U.SA 

Payment in local camndaa (British £S5, Frandb frtilO, Swiss frISS, DM2901 
■nd raqasstsfcr ■to mHoi i should bs liwrtnd to: Vslas Una. All: Aim- 
aadmda SrinUMto. 2 Am. 4* VD» 7S007 Pari*. (TsL 551.058). 

Domouted by KLM Royal Dutch AtrUnoa Publication Distribution Sarvtca 
.Wotfantf Allow 4 to 6 nMks for delivery. _ _ . 


than five year, but costs can quick¬ 
ly eaL up the gain. 

The expenses include storage, 
often in temperature-controlled 
garages, insurance, repairs and 
restoration. According to Mr. 
Brooks, restoration cost alone can 
exceed the value (rf care at the 
lower end of the market. For ex¬ 
ample, he said, an investor may 
pay £15,000 to £20,000 to restore 
the vehicle, even though its actual 
market value is only around 
£ 12 , 000 . 

“If you are investing, the return 
is in terms of pleasure," said Rob¬ 
ert Brooks, director of vintage cars 
at Christie's, the auction bouse. 
“Don't expect 10 to 20 percent a 
year." 

Changing fashions ran affec 
the antique-car market In recen 
years, for example, racing can 
have become increasingly popular 
and demand now outstrips supply 
The result, according to Mr 
Brooks, is that a 1956 single-seal 
Masers li 250F driven in many 
races was sold for £2*500 to £3,00C 
in the mid-1960s. Today, because 
of its distingmsbed racing history, 
it is worth about £120.000 to 
£130.000. 

The best sellers at the top of the 
market experts said, are the Rolls 
Royces, Bentleys, Dusenbergs, 
Bugattis, Alfa Romeos, Mercedes, 
Delages, HispanarSuizas, Isotta- 
Fraschinis and Napiers. Virtually 
any historic racing car with an 
interesting background could be 


added to the list according to 
Sotheby’s Mr. Worthington-Wil¬ 
liams. 

Over the years, certain cars have 

Brooks added, notably the Type 
35 BugaitL Made in the 1920s, its 
earliest price was £350 to £400. 
Today, it can bring £100.000. 

Nonetheless, Mr. Brooks said 
that Rolls-Royces remain Chris¬ 
tie’s best-selling car. A large num¬ 
ber from the 1930s have survived 
because relatively few were used in 
. military service during World War 
II. Moreover, it re tains its reputa¬ 
tion as the best-made car in the 
world, and over the years those 
who have owned Rolls-Royces 
have generally kept them in good 
condition. 

Over the last five years the rate 
of price increases for antique cars 
has eased. Mr. Brooks said. Dur¬ 
ing 1981-82. when the recession 
began to bite, car sales and some 
prices actually fell. Within the last 
18 months, however, the market 
has stabilized wj th prices and sales 
equaling if not surpassing the 1980 
level 

“Confidence is bade in the mar¬ 
ket," said Malcolm Barba, Soth¬ 
eby’s director of vintage and veter¬ 
an cars. 

But for the true car buff, it's the 
pleasure principle, not prices, that 
count “You can’t drive stocks and 
bonds." a Texas architect said re¬ 
cently while shopping for antique 
cars at Sotheby’s in London. :£> 


Gold’s Prospects 


(Conthmed from Page 7) 
cheap to an American, but it 
doesn't look cheap to me" 

Even political turmoil that old 
standby that traditionally had 
driven prices higher, seems to have 
lost its sway. Since the Soviet in¬ 
tervention in Afghanistan, gold 
prices have failed to rise signifi¬ 
cantly in reaction to conflicts 
around the globe. 

The I ran-Iraq war is a good ex¬ 
ample. Some experts contend that 
the conflict has actually put pres- 







Market Deposit Accoun 

i high rates of interest 
and 

cheque hook 



_ ... . _ Dollar 

British expatriates and 
overseas residents who have 

opened sterling or US dollar accounts with Tyndall Bank (Isle of Man) 
Limited are enjoying the benefits of high rates of interest and the 
convenience of a cheque book -giving access to their deposits at all times. 

This joint facility was pioneered by the Tyndall Group's offshore banking 
arm whose substantial presence in the UK money markets enables them to pass 
on rates of interest normally only available to major investors. 

In addition to the above facilities the sterling and dollar money accounts 
offer the following benefits: 

G Security - deposits are placed with local authorities and building societies 
as well as recognised banks or their wholly owned subsidiaries. 

G High interest - paid gross without deduction of tax. 

G Your own cheque book - minimises correspondence, simplifies transfers and 
direct payments, and gives access to your funds at all times. 

G Interest credited four times a year - means an even higher return 
because interest is earned on the interest The current rate, if maintained, 
equals 9.44% p.a. for sterling and 7.55% p a. for dollar accounts. 

Minimum opening deposit: £2J500 or USS5.000 or equivalenL 

Tyndall Bnnk lisle of Man) Limited incorporated in the Isle of Man. is licensed under the Manx 
Banking Act 1475 and has a paid up share capital of £1.750.01)0 
The Tyndall Group is one of the leading investment management groups in the UK and is wholly 
owned by Globe Investment Trust P.L.C. - the largest LIK investment trust company. Funds 
managed within the Globe Group exceed £1.000 million. 

iCRaie at time of going to pm *. Current rare published daily in ike Financial Times 
Send off now for a booklet and application form by completing the coupon below. 

L — —Tyndall Bank (Isle of Man) Limited — — 

Dept IHT, PO Box 62, 30 Athol Street, Douglas. Isle of Man 
Telephone: (0624) 29201 Telex: 628732 
Please send me details of Tyndall Bank Money Accounts □ Sterling □ Dollar 
I am/am not a customer of Tyndall Bank (Isle of Manl Limited. 


Address--—.. 


-- - ---IHT Jjivk? 


sore on gold prices because there is 
concern that the participants may 
be forced to sell assets to finance 
the continuing struggle. 

Adding to the somber outlook is 
the prospect <rf an increase in sup¬ 
ply that could easily swamp a 
modest upswing in demand. Large 
numbers of gold mines are con¬ 
tinuing to come on stream, push¬ 
ing Western gold production up 
by a further 7.7 percent in 1985, 
compared with a 6.25-percem rise 
in 1984, according to a forecast by 
the London firm Grievson Grant. 

Although some producers were 
trying to shore up prices by cutting 
production this year, it is doubtful 
that the reduction win be big 
enough to reverse gold's slide. 
Moreover, major producers such 
as South Africa are unlikely to cut 
production as long as the dollar 
remains strong. Although the 
price erf gold may be low in dollar 
terms, the decline in the value of 
currencies such as the rand keeps 
domestic profits up. 

In addition, some observers be¬ 
lieve that the Soviet Union, whidi 
has sold only moderate amounts 
of its gold reserves ova ibe past 
few years, may increase its sales to 
generate foreign currency. 

For all these reasons investors 
should exercise restraint. A sud¬ 
den leap in gold prices does not 
signal that all the bearish factors 
have suddenly faded away. 

“Joe Public can afford to miss 
the first 5 percent" of any rally, 
advises Mark Wood, a mining an¬ 
alyst with Grievson Gram. Adds 
Mr. Con Ison: “In the immediate 
term. I'd steer wefl dear or iL“ 

For those who feel compelled to 
buy, Mr. Williamson urges them 
to “nibble at the price at these 
levels, but not make any real com- 
mitmenL" 

“1 think gold has a future." be . 
said, but “one can't prove iu" 
Gold demand bas been around for 
a long time, he said. “I'm not pre¬ 
pared to write off several thou¬ 
sands of years of history at the 
drop of a Iiat right now." □ 




Comparing Total Returns 


stocks 


30% 














Bonds 


& 












//V 


25% 


20 % 


15% 


10% 


5% 






-5% 


- 10 % 







- 



SP - 

til 

Si 



WM 


Total return for 12 months 
ended November In local currency 


Total return of 12 months 
ended November In dollar terms 


Source: inlsrSecflMMrcS Corn-. SlonrfortJ. Conn©cffci/t. Bond iodmxmt aiaproortatvy. Equfly tnOaxaa ara trym Capttat htivnatlanal 


Total return is a measure of per¬ 
formance that reflects both 
chang es in the prices of securities 
and the income they provide, ei¬ 
ther in dividends or interest- It can 
be used as a gauge of the relative 
attractiveness among markets. 

The chan above illustrates the 
performance of stock and bond 
markets in su countries during the 
12-month period ended in Novem¬ 
ber. The absolute rate of return is 
given in local currency and in dol¬ 
lars. 

As such, it is not adjusted for 
inflation or local taxes. Gains and 
loses were measured by comparing 
market indexes at the end of No¬ 
vember with their levels a year 
earlier. The chart does not take 
into account variations in the mar¬ 
kets during the 12-month period. 

The biggest shift in November 
took place in Canada. Total return 
on stocks in the 12 months to 
November was a negative 9 per¬ 
cent, compared with a negative I 
percent in October. □ 


Eurocurrency Deposit Rates 

interbank rates on deposits of $1 million or equivalent. Quoteq offered on smaller 
amounts can vary substantially. Provided by Noonan Ashley Pearce, New York. 


30-DAY 



7 Deutsche 
— mark Swiss 


franc 



■ ■ i i i ■ ■ 


OCT. NOV. I DEC. 


60-DAY 


D8l !f SChe Swiss 
mark £ WISS 
franc 







OCT. NOV. I DEC. 



December’s Leaders and La gga rds * 


C ONTINUED fascina¬ 
tion with British Tele¬ 
com helped London re¬ 
tain its No. 1 spot 
among the three major stock mar¬ 
kets in December. The Financial 
Tunes industrial share index rose 
by a healthy 3.8 percent during the 
month to dose out the year at 
952.3. 

A favorite on the London ex¬ 
change since it was floated last 
November, British Tdecom easily 
topped the list of winners with 
impressive gains in its first full 
month of trading. 

Powell Duffryn, the transporta¬ 
tion and engineering conglomer¬ 
ate, came in second on the list of 
gainers following a takeover bid 
by Hanson Trust, which also made 
the list of lop winners. Arthur 
Guineas was a close third because 
or the brewery's expansion plans. 

Meanwhile, fear of a price war 
with OPEC nations took us loll on 
British oil stocks. Investors were 
eager to sell off shares of compa¬ 
nies involved in North Sea oil. 
Three of the five biggest losers for 
the month — Ultamar, Lasmo and 
Britoil — arc involved in oil pro¬ 
duction. 

In New York, the Dow Jones 
industrial index managed a 1.9- 
percent gain, ending at 1.211.57 at 
the dosing bell on Dec. 31. 

A small Florida company, 
American Agronomics, was the 
biggest gainer on the Big Board. 
Stock in the frozen orange juice 
producer had been selling for un- 
da $2 when it caught the attention 
or some institutional investors. 
Analysts said sharp movements in 
such relatively low-priced shares 
are not surprising. 

Scovill, maker of Hamilton 
Beach kitchen products and Yale 
locks, came in second. The board 
of directors of Scovill rejected a 
buyout attempt before Christmas. 
Nevertheless, the board was said 
to be conadering selling the coxn- 

Technology issues, meanwhile, 
were prominent on ihe losing side 
of the Big Board. Storage Technol¬ 
ogy, which makes large computer 
storage devices, led the list of lag¬ 
gards. The company, which has 
been facing stiff competition from 
IBM. filed for protection from its 
creditors under U.S. bankruptcy 
laws last October. 

Union Carbide stock slipped 25 
percent as a result of the tragedy in 
Bhopal, India. Market analysts 
fear that the multitude of injury 
suits being filed against the com¬ 
pany could erode its financial 
base. 

In Japan, the Tokyo stock mar¬ 
ket was firm. The Nikkei-Dow 
Jones average gained 1 p e r c e nt 


Gainers and Losers 


The stocks on the New York. London and Tokyo exchanges that 
showed the largest percentage gains and losaes In December. 




Percent 

Gain 


Dec. 31 
Price 


Percent 

Lose 


Doc.31 

Price 


New York Stock Exchange: 

Compiled by Media General Financial Services. Prices in dollars 


American Agronomics 

57 

2.75 

Storage Technology 

28 

2.25 

Scovill 

45 

39.25 

Commodore Int'l 

27 

16.38 

Republic Gypsum 

43 

18.75 

Houston Oil Royalty 

26 

9.B8 

Gifford-Hill 

41 

24.38 

Union Carbide 

25 

36.75 

Financial Corp. 

33 

3.50 

Nutrl/System 

24 

5.50 

Cordura 

30 

22.88 

Equimark 

23 

4 13 

Greatwest Hospitals 

28 

13.88 

Wackenhut 

23 

17.00 

Comdisco 

27 

11.13 

Allis-Chalmers 

22 

5.88 

Belding Heminway 

27 

17.25 

LE. Myers Group 

21 

4.25 

Danaher 

24 

7.00 

Montana Power 

21 

19.25 

American Stock Exchange: 





Computer Consoles 

56 

11.88 

Heizer 

67 

2.63 

PEC Israel Economic 

39 

11.25 

Swan ton 

30 

4.75 

EtzLavudLtd. 

37 

34.38 

G.l. Export 

27 

6.50 

Intercole 

34 

8.38 

Restaurant Assoc. 

26 

5.63 

Jensen Industries 

33 

15.00 

Gales Learjet 

25 

11.88 

Over the Counter: 






Ragen 

81 

5.88 

Alamo Savings 

53 

11.00 

ATE Enterprises 

71 

6.00 

Eastmet 

44 

4.25 

Bitco 

65 

11.13 

Sooner Federal Savings 

39 

16.50 

Widcom 

59 

7.75 

Ulfrasystems 

39 

10.00 

Electronic Modules 

52 

17.88 

Kaypro 

39 

2.00 


London Stock Exchange: 

Complied by Capital International. Prlcea In pence 


British Telecom 

Powell Duffryn 

Arthur Guiness 

Hanson Trust 

Ranks Hovis McDougall 

Charterhouse Rothschild 

Glynwed 

Currys 

United Scientific 
Telephone Rentals 


Tokyo Stock Exchange: 

Complied by Capital International. Prlcea In yen 


111 

106 

Ultramar 

n 

213 

37 

445 

Lucas industries 

10 

255 

34 

243 

Barrat Developments 

9 

80 

23 

343 

Lasmo 

8 

323 

21 

138 

Britoil 

7 

200 

19 

105 

Racal Electronics 

6 

262 

19 

167 

Ferranti 

6 

170 

18 

623 

Lesc Services 

5 

288 

IB 

260 

Tricentot 

5 

193 

18 

215 

Hepworth Ceramic 

5 

144 


FIDELITY MANAGEMENT INTERNATIONAL. INC 
announces that Units are now available in ihc offshore 

INVEST & PROSPER FUND 

We in the nun) nccllciti ciport-oncalcd dnJLir-earning hauneun in Cinla 

Rfca. uuluinp gntcrnmeni imxninnind Ihe Caribbean Basin liuiume. nthicti allmi 
lu-(rcc enirv in Ihe USA for 12 yean 

Ewepiionalh Inch yirlih and pmnh can he obtained, with ifiinlcmfr paid fiec nfui 
tu Panama. Currently, over half our portfolio r> shewing rcliirm in uiicu ul Si""- 1 
For ifilnrtnatxm about our Fund, and other rerwein inthidinp rcuiknci and passport, 
post the coupon or telephone. 

PO Bor IWi.JWSSan Antoniode Bclen. Cnsia Rkn Tel*: l50t>i22-1*5® Jc’3-7Jfi2 


YES. please send me fuH details abut the offshore INVEST & TROSPER FUND. j 
Name ___ _ I 


Address, 


Couni rs 


Tel.. 


Sumitomo Trust 
Yamanouchi Pharm. 
Hokkaido Takushoku Bank 
Mitsubishi Trust 
Tokyo Electric Power 
Mitsui Trust 
Kansai Electric 
Daiwa Bank 
KyowaBank 
Asahi Chemical 


during December, closing at 
11.542.6. 

Banks were generally favored, 
thanks to industry deregulation 
plans announced by the Finance 
Ministry. These include easing re¬ 
strictions on some international 
activities. Also helping, the sector 
was a decision to allow certain 
bank issues to begin trading on 
margin in December. 

Sumitomo, which is now mak¬ 
ing plans to enter the international 
arena, was the biggest gainer. 
Hokkaido Takushoku Bank and 
Mitsubishi Trust also benefited. 
Yamanouchi Pharmaceutical, 
whidi will begin marketing a new 
anti-olca drug in 1985, was the 
second biggest winner. 

Toho. the biggest gainer in No¬ 
vember, was last month’s biggest 
loser. One of Japan's four major 
motion picture companies, Toho 
attracted buyers in November 
with rumors of hidden real estate 
assets. Last month. Ihe market be¬ 
come skeptical of the reports, 
sending the stock price sharply 
lower. □ 


842 Toho 

2,730 Nippon Gakki 

496 Daiichi Seiyaku 

690 Shokusar Jutaku Sogo 

1.800 Hoya 

649 ttokam Foods 

t ,590 Taiyo Fishery 

496 Ono Pharmaceutical 
460 Gakken 

738 Daifuku 


10.750 

1,300 

1.650 

224 

2.160 

478 

238 

6.910 

1.440 

780 



Futures 

Traders 


Scrv, “>*“ h “ « 

communic-dnon costs, lurihcr disarms will betiegcSd W> 
low commissions and qualify service ihac can Chanac Thp 

LIMD-WALDOCK 

l?.Av V.Ltnr Hugo. Par,-.. France 


Send fur nur European Services Brochure 

Niimi:__ 


'*iw>. i • n.wi. 


AildresN. 
City- 


PhmcL 


—Country. 



Ii-mW 

- InlnniliuMI 



















' K PolS 

• ;5si 




: : 

•• ^"' 1 3i £}t 

xVigi 

»*■ 

•Xr-ZSs 


MONDAY, JANUARY 1477 985- 

eurobonds 

New Issues Flood Market 
As Buyers Take a Week Off 


flcralbS^ribunc 

BUSINESS/FINANCE 


*>N 


-.si * 

. •• • 7J:% 

.v^t* 

• . .\ : 

•• 

:: V: *T" 3 * 

••••.- - *'A 

- to., 


UivT* 


By TERRY GROSS 

International Herald Tribune 

N 2 Y P RK "T** *^<3 two to make a market, a seller 
Thls «* bul ruthless truism seems to 

Fnmk^S for !? llcn i ast by a lot of people in the 
^ Eurobond market who should have known better. 

n JhS^E sho £ agB of s ? ers - T** ttew-issue market was 

Ik mucb that lt seemed as if someone had 
whispered m the ears of afl the syndication people: “Bring out 
your uredorour weak, your ridictdously overp^d.” g 

By week s end. there had been something like 45 new issues, for 
a dollar equivalent total of 

about $4 billion. _ L "’ i _ — 

“An atmosphere of almost Eurobond Yields 
total unreality,” was the wav £!.*■* End#d 9 

aLondon trader described iL Sg KMU*^ SS J 
At times like this I JUSt U-S-* medium term. Ind. _ 12 M % 

switch off.” Can -* medium term__ 1117 % 

,J^ e ^r- tafact - w train ’}s; 

the response of almost every- ecu short term __ &m % 

one on the buy side of the ecu medium iefm . 9.50 % 

equation. A coUeciive yawn |Sa & -- o * 2 

was vaguely audible over the flx ig term. inmSTZ Im % 

din of telex machines churn- plx medium term _____ 9£? % 

ing with announcements of ** **** t - u,emt>ouro stock e*- 


■ • r 1: 


- V * 1 iliiUi! 


“An atmosphere of almost Eurobond Yields 
total unreality,” was the wav fj? *■* EntW 9 
aLondfln trader described iL Sg MJSTiZ SS 1 

At times like this I just U-S-* medium term. Ind. _ 12 L» % 

switch off.” Ca « medium term__ 12.17 % 

J^ e ^r- tafact - wtrsrsn ’tsj 

the response of almost every- ecu short term __ bai % 

one on the buy side of the ecu "wdium term . 9.50 % 

equation. A collective yawn £{£ & -- !*■ 2 

was vaguely audible over the flx tg term, mmnst. _ In i 

din of telex machines churn- plx medium term _____ 9sa % 

^ ing with announcements of ** UMmeours stock e *- 

new issue after new issue. cftDn ** i 
Estimates of how much of Market Turnover 

this paper had remained un- S?*ff b2J5SITi 

sold at the end of the week m ua Donors) 

ranged from about 40 per- Total Donor eoSKS&h 

cent to 95 percent of what Cedal them 5 . 792.90 2045.10 
had been brought out Euroc,ear bmlto ijwm 1417.70 

To be fair, several of the " 

issues went quite well, and one new product was brought out. But 
in the main, the weds was characterized by too much paper priced 
far too aggressively. More than $1 billion in the bonds was priced 
to yield less than U.S. Treasury bonds of comparable maturity. 

“It used to be called the primary market trying to lead the 
secondary market down in yield,” said another trader in London. 
“It always ended in crying.” 

Among the paper priced through Treasuries were $300 million 
issued by International Business Machines Carp., 5200 million 
by General Electric Credit Corp., $300 million by the World 
Bank and a number of issues by Japanese banks. 

Market participants said that about half the IBM issue had 
been sold by Friday, while the GECC paper was b eing offered at 
less 2%, a substantial markdown. 

issue that fared better was the first foray in the 
B Eurobond market by Federated Department Stores Inc., 
N —" the chain that owns Bloomingdale's and a number of other 
major U.S. retailers. 

The five-year bonds, which were rated triple-A, sold very well 
when they came out at par, yielding 11 percent. Even though 
comparable Treasuries were trading at about 1114 percent, trad¬ 
ers said the Federated issue had been completely sold. 

In addition to quantity and price, there was a third problem: 
lack of retail demand. One London portfolio manag er said that 
he hadn’t bought a new Eurobond smee well before Christmas. 

“Investors are really sitting on their han ds for the moment,” a 
London trader said. “People seem to be as fully invested as they 
want to be.” 

While much of the new paper last week was in straight dollar 
bonds, creativity also reared its head, in the form of warrants 
exercisable into Treasury bonds but offered at a fixed price in 
Deutsche marks. 

The issue, which was put together by Salomon Brothers, is 
somewhat complex in structure. According to W Ji. Bruce Brit¬ 
tain, a vice president at Salomon Brothers in New York, it is 


designed to bring together “the currency options market and the 
options on fixed-income securities in the united States.” 

Half the 400,000 warrants run through Jan. 9, 1986 and were 
priced at $55 each. The other half, which expire a year later, were 
priced at $67JO each. 

The exercise price was set at 3,221.94 DM per $1,000 bond. 
This represents the dollar offered price of the 1194 Treasury bond 
due Nov. IS, 1994, pins 1*4 points and multiplied by the spot bid 
foreign exchange rate for Deutsche marks. 

Mr. Brittain said that the issue's appeal could go in two 
directions. Those investors who believe the dollar is ready to 
decline would be attracted to a strike price in Deutsche marks . 

The warrants could also appeal to someone who “believes 
exactly the opposite,” he said. “They could be an insurance policy 
for someone whose portfolio” was structured in the expectation 
of a further rise in the dollar. 

“The firm has quite a sophisticated set of products for inves¬ 
tors who want to hedge dollar holdings." he said. “And we are 
trying to project that interest into the non-doflar market. We’re 
(Conthmed on Page 13, CW. 4) 


Currency Rates 


Late interbank rates on Jan. 11 , exducBng fees. 

^ Official fixings fix Amsterdam, Brussels, Frankfurt, Milan, Paris. New York rates at 


0 


UmtOem (b) 
Mlkm 

New York I c) 
Paris 
Tofeva 
Zurich 
1 ECU 
I SDR 


1437JD 118775 

- 1,1195 

9643 1BJB2 
2S3LM 38666 
ZM 19827 
07058 0.4343 

0.97424 088785 


01515 Hauls 
00071 Ora* 

01282 Km I 


USJ 

as 12241 
SKbBDae 22.18 
OLfnac 4131 
■ S 1J21 

WBM 112585 
Wt 440 

rotfcma 129JB 
mi 7JU 


DM. FJr. 1U- Gf 

112885* 38.835* 01835 
20035 4537 02413- 17 

- 32475* 1425 X 81 

35485 109053 2.18640 

616.14 20075 54 

2.169 9703 154750 3 

3J&5 - 4575 X 2 

8044 2430 13.13- 7 

• 27-35 * 01343 74 

SIMS 48049 154484 72 

207789 941388 109147 34 

Dollar Values 

* rwwi, Per 

M». C * T, " CT UiJ 

09914 Irtabc 14085 

08015 fsroMIsbekal 4420! 

12745 KanMANr 03853 

04031 UUn.rtMgU 2481 

01094 None kraM 9.12 

8JB24 PUlMM 19.107 

08059 PorLuCado 17000 

02795 Saadi rival 3501 


IF. Yea 
13459*14042 9 
2187 3488- 
119.19-15415* 
2.98 28088 
73482 754 

2558 25440 
1557518075* 

9405 - 

- 1.0609 ■ 

18409 170892 
25846 248548 


Equiv. U08 

04548 StaaaporaS m 
0<7S OAMcaeraad Z1D52 
00012 S-Karmwaa 82950 
0009 iMLMario 17350 
01188 Swed. kroon 9J33E 
00254 TahMat 3938 
00367 TbalbaM 27775 
02723 UAE.tt*aai 1*725 


ss*n«m:Li 49 instil 

(a> Cammardal Franc (bl Amounts needed la bwvone oound Ic) Amounts omcM la buy ana dolfeirl') 
Units of MO (x) UaM el MOO Cvl Units oHOOOO 
NA: not auoted; MA: not available. 

4 Sources: Bourne du Benelux (Brvtsetxj! Banco Conunerckrie Itolkma (Milan); Banaue 
HatiauHf Of parti /Ports); IMF fSDRH Banqu* AnOe el H mn atmeti flmasUssmeni 
UBnar. rhxA iffrftam). other data faun Reuters and AP. 


Las t Week’s Markets 

AH figures are as of dose of trading Friday 


Stock Indexes 


DJIndus— 

T4IUP 

1,18476 +177 

DJ Util_ 

147.26 

14654 +OK 

DJ Tran*._ 

57252 

55X03 +352 

5 & P100_ 

165.77 

16100 +3J» 

S&P5D0 — 

147 JO 

16268 +258 

NYSE CP— 

MJ7 

7460 +2» 

DatihmPndnMBiKlti^arStes. 

USritain 

’FT5E ISO— 

I.24&60 

UK60 +250 


766.10 

94100 +167 


Money Rates 

Uwfrri States LmtltflL Prw.wt 

Discount rate-* 8 

Federal funds rote— 8 8 ** 

Prime rate-- ^ 


i 5 
6 VS 

620 025 


iwSmT tJ5M9 IJ62J0 +7J3 
11 ' 55M& +TS 

West Gennady 


Discount-- 

Coll money- 

«Way Interbank— 

West Germany 

Lombard. 

QvemlgJll- 

V™onth Interbank— 

Britan 

Bank base rote. - - 

Coll money—- 


550 55D 
540 555 
5J5 5.70 


10V* 9ft 

8Vh r* 


3 -mantti Interb ank — >0tt lov ^ 

pnBor U8ML Pm*. HCtfW 

STiwI index- 14580 laM0 Unm 
Gold 

SSmputLflx.S 3005 30215+136 

lBBadaoUdabbda&*RiU lnmJeme0lfel 


U.S. Seen 
As No. 1 
Economy 

Survey Demotes 
Japan to.3d Spot 

Agcncr France-Praxe 

GENEVA —The United States 
and Switzerland riic pLiryri Japan 
last year as the most economically 
competitive countries in the world, 
the European Management Forum 
said in a study released over the 
weekend. 

The forum, a private, non-profit 
economic study foundation based 
in Geneva, publishes an annual 
comparative survey of 28 national 
economies, based on statistics from 
such organizations as the United 
Nations and the International 
Monetary Fund. 

The 1984 study found that the 
United Slates, Switzer!and, Japan, 
West Germany, Denmark and 
Sweden were the world’s six most 
competitive economies, in that or¬ 
der. 

The report said the United States 
merited the top place because of its 
ability to create jobs, the strength 
of investment and the drive for in¬ 
novation, which compensated for a 
big trade deficit and a chronic fed¬ 
eral budget deficit. The United 
States had ranked third in 1983. 

Switzerland retained its second 
ranking of 1983 because of its abili¬ 
ty to 3dapt to external constraints, 
a national consensus on economic 
matters and the dynamism of its 
financial markets, the repent said. 

Japan was demoted to third from 
first place, largely because of the 
effects of a relative lack of natural 
resources. West Germany retained 
the fourth place it had occupied in • 
1983 because it benefited largely 
from European free-trade polices, 
the survey said. 

By contrast, France and Italy 
had the poorest ratings of major 
non-Communist inaustrialized 
countries, with France placing 19th 
and Italy 21st. 

France was criticized for what 

the survey said were mistakes in the 

management of macroeconomic 
policy, a high level of state inter¬ 
vention and a low level of consen¬ 
sus on soda! and economic mat¬ 
ters, according to the forum. 

Italy was credited with only one 
strong point — its encouragement 
of innovation. 

The annual study was the sixth 
by the forum, whose president is 
the former French prime minister, 
Raymond Barre, a noted economist 
and a leading member of his coun¬ 
try’s conservative opposition. 

The findings were based on a 
large number of criteria. Among 
them were employment, invest¬ 
ment, industrial efficiency, finan¬ 
cial dynamism, national stability 
and the confidence shown by cor¬ 
porate leaders. 

Rounding oci the 20 most com¬ 
petitive countries were, in order 
Canada, the Netherlands, Norway, 
Finland. Austria, Saudi Arabia, 
Belgium/Luxembourg, Britain. 
New Zealan d, Australia. Ireland, 
South Korea, France and Malay¬ 
sia. 

The other countries listed were, 
in descending order: Italy, Brazil, 
Turkey. Spain. India. Mexico, Por¬ 
tugal and Greece. 



1h* Maw Yorit Tiir 


Entrepreneurs Fear U,S. Tax Plan 
May Block flow of Venture Capital 


By Gary Klott 

No* York Tints Service 

NEW YORK — To U.S. entrepreneurs, the 
Treasury's tax-simplification plan threatens to 
bring to an end the venture-capital boom that has 
kept their cash-hungry businesses well nourished 
in the last several years. 

The fear in northern Calif ornia's high-tech Sili¬ 
con Valley region —pud in garages and basements 
across the country where upstart companies are 
born —is that, if the Treasury plan were accepted 
without modification, capital-gains tax rates 
would rise. Venture capitalists contend that a low 
capital-gains rate has been central in attracting 
investors to what are inherently risky ventures. • 

Last week, the Treasury plan received a boost 
when administration officials said President Ron¬ 
ald Reagan would endorse a modified version of it. 
Even so, venture capitalists may receive a reprieve 
because one of the modifications under serious 
discussion is the continued preferential treatment 
of capital gains. 

Entrepreneurs, who represent the Apple Com¬ 
puters and the Federal Expresses of tomorrow, are 
lobbying to keep capital-gains rates from going up. 
To them, the Treasury proposal to raise these rates 
evokes worrisome memories of the 1970s, when 
financial backers were nowhere to beTound in tbe 
face of high capital-gains taxes. 

The 1970s were “Death Valley days” for venture 
capital, said Daniel T. Kingsley, executive director 
of the National Venture Capital Association, a 
Washington trade group. 

Venture capital — tbe lifeblood of these forma¬ 
tive enterprises—virtually dried up after Congress 
raised the top capital-gains tax rate in 1969 to 49 
percent, from 25 percent. 

Not until the capital-gains rate was cut in 1978 
to 28 percent did venture capital start flowing 
again. After the 1981 Reagan tax cuts brought the 
rate down to 20 percent, the flow turned into a 
virtual flood. 

At present, 60 percent of the appreciated value 
of an investment held longer than six months can 
be excluded from taxes, which translates into a 
maximum tax rate of 20 percent on long-term 
capital gains. That is sharply below the top rate of 
50 percent on wages and other income. 

Under the Treasury plan, capital gains would no 
longer receive preferential tax treatment, but 
would be taxed the same as wages, at rates of up to 
35 percent. The cost of the asset, however, would 
be adjusted for inflation, so investors would no 


longer be taxed on appreciation due to inflation. 

“The effect on venture capital would be ex¬ 
tremely adverse,” said Oscar K Pollock, a partner 
at Ingalls ft Snyder, a Wall Street securities firm. 
“Venture capital would be hit the hardest of any 
sector of tbe investment spectrum, because there 
you are aiming for very large real gains.” 

In the speculative world of venture capital, in¬ 
vestors tend to invest in a number of cnrnp»nii^ 
hoping that one or two wifl become big successes 
over the course of seven to 10 years and more than 
offset the losses on tbe rest The preferential tax 

tax reward atlracliveeaough to^e worth the risk 
and the long wait, Mr. Pollock said. 

“One can say other factors were also involved, 
bat the correlation between the capital-gains rate 
reduction and the increase in commitments of 
venture capital money is unmistakable,” Mr. 
Kingsley, toe Washington trade group official, 
said. 

When the capital-gains rate was raised in 1969, 
tbe amount of new private capital committed to 
venture-capital companies plunged. It went from 
$171 million m 1969 to $97 milli on in 1970 and to a 
scant $10 million in 1975, according to Venture 
Economics Iiul, a research group. When the capi¬ 
tal-gains rate was. cat in 1978. commitments 
jumped to $570 mill ion, from $39 million in 1977. 
And after the 1981 Reagan cuts, commitments 
surged to 51-8 billion in 1982 and $4J billion in 
1983. 

Venture capitalists contend that these figures 
demonstrate bow critical the tax incentive is. 

“We were 36 hours away from bankruptcy in 
1974,” said Representative Ed Zschau, a Republi¬ 
can from California who founded System Indus¬ 
tries in 1968 and built the company into a $120 
million-a-year computer data storage equipment 
manufacturer. “It took me six months in 1974 to 
raise $750,000. and that was a drop in the bucket, 
but that was the way thin gs were men.” 

He added: “In the early 1970s when my com pa- 

sources had pretry much (ktedup. WhatTdid 1 ^ 
and what so many other companies had to do — 
was to seek capital from foreign companies. But in 
order to get tbe money, we had to sell licenses or 
technology or go into joint ventures. Unfortunate¬ 
ly, we sold a lot of our good stuff off.” 

Stanley E. Pratt, publisher of Venture Capital 
Journal, a trade publication, said preferential capi- 
(Continued an Page 15, CoL 5) 


Page II 


Reagan to Keep 
Economic Panel, 
Officials Say 


By Peter T. Kilbom 

He h- York Times Service 

.WASHINGTON — President 
Ronald Reagan has derided not to 
abolish his Council of Economic 
Advisers or remove it from the 
White House, a senior administra¬ 
tion official said. 

“We'U keep it,” the official said. 
A ranking adminis tration econo¬ 
mist confirmed (be report. 

The official said the president 
had not yet approved his senior 
advisers’s recommendation to re¬ 
tain the council but was likely to do 
so. “We took a whole list of things 

io him yesterday,” the official said 
Friday, “and I feel rather confident 
that lie has made up his mind.” 

“1 think they found it would cost 
too much to dismantle it," said Mi¬ 
chael Beskin of Stanford Universi¬ 
ty. one of several economists 
sounded out by the White House 
about becoming the council’s 
chairman. Tbe chairmanship has 
been vacant since Martin S. Fdd- 
stein resigned in July to return to 
Harvard University. 

The senior member of the coun¬ 
cil, William A Niskanen, who has 
been performing a chairman ^ du¬ 
ties, has said that if be is not named 
chairman he will resign. T he other 
member, William Poole, plans to 
leave tbe council this week to re¬ 
sume teaching at Brown Univena- 
iy- 

Other economists who have been 
mentioned as possible chairmen 
are Rita Ricardo-Campbell, Thom- ■ 
as Sowell and Martin Anderson, all 
at Stanford; Mr. Niskanen; Beryl 
W. Sprinkel, undersecretary of the 


Treasury for economic affairs, and 
Sidney L. Jones, undersecretary of 
commerce for economic affairs. 

Pressure is building on the presi¬ 
dent to name a new chairman be¬ 
cause tbe legislation that estab¬ 
lished the Council of Economic 
Advisers requires its chairman to 
testify before Congress about the 
president's economic policies. 

When Mr. Feldstein was tbe 
chairman, he often infuriated the 
White House political staff and 
Donald T. Regan, then secretary of 
the treasury, by publidy question¬ 
ing their reluctance to raise taxes to 
reduce the federal budget deficit. 

Mr. Reagan was asked in an in¬ 
terview last month with Human 
Events, a conservative weekly pub¬ 
lication, if be was considering clos¬ 
ing down the council, and the presi¬ 
dent said. “Yes, that's right.” 

Since it was created by Congress 
in 1946, the council has often 
played a central role in policy pfen¬ 
ning by giving the president aca¬ 
demic guidance unaffected by the 
sometimes special interests of such 
government departments as tbe 
Treasury, Commerce and the Of¬ 
fice of Management and Budget. 

. After Mr. Reagan won re-elec¬ 
tion in November, the While 
House staff explored the idea of 
asking Congress to repeal the 1946 
law authorizing the council or to 
reduce its influence by transferring 
it to the Treasury or Commerce. 

“It’s my opinion that all the talk 
abou t getting rid of it, abolishing it, 
sending it over to Commerce or 
Treasury or what have you —that's 
not going to happen," the adminis¬ 
tration official said Friday. 


Thatcher Is Said to Be 
Ready to Defend Pound 


The Amodaied Press 

LONDON — Prime Minister 
Margaret Thatcher and her govern¬ 
ment have not abandoned the 
pound and will “respond appropri¬ 
ately’’ to any more sharp drops in 
its value, an authoritative British 
government source said Sunday. 

The assertion followed reports in 
two British newspapers that Mrs. 
Thatcher and Nigel Lawson, the 
chancellor of (be Exchequer, were 
prepared to let the pound slide to 
parity with the dollar. 

In London on Friday, (he pound 
— under pressure from falling oil 
prices which cut into the revenue 
Britain earns from its North Sea 
fields—slipped to a record trading 
low of $1,123. before finishing at 
SI .1248. In New York, it hit an all- 
time low of $U1S5, about 20 per¬ 
cent below its value of January 
1984, before recovering to $1.1195 
in late trading. 

The Sunday Times and Sunday 
Telegraph quoted unidentified offi¬ 
cial sources as insisting that Brit¬ 
ain’s currency reserves would not 
be used to defend the pound 
against tbe dollar. 


“You can be absolutely certain 
we are not going to throw money at 
the pound. We are not gang to 
defend a particular parity,” one 
source was quoted as saying in the 
Sunday Telegraph. 

However, the authoritative gov¬ 
ernment source contacted Sunday 
said: “To suggest that the prime 
minis ter and the chancellor are in¬ 
different to what’s happening on 
the exchange markets would be 
wrong. Obviously, they are con¬ 
cerned.” 

Although there was no precise 
target for the pound-dotfer ex¬ 
change rate, the government was 
prepared to “respond appropriate¬ 
ly” should the pound continue to 
drop “strongly and rapidly,” said 
the source, who insisted on ano¬ 
nymity. 

The source noted that Friday, 
British banks — with the encour¬ 
agement of the government and the 
Bank of England — raised their 
base lending rates by 1 percent to 
1016 percent. 

Higher interest rates tend to in¬ 
crease a currency’s value as an in¬ 
vestment 


laker Is Said 
To Get Offer 
For Settlement 

United Press International 

LONDON — A dozen major 
U.S. and European airlines are of¬ 
fering rash to the defunct Laker 
Airways to settle a Sl-billion law¬ 
suit sources close to the negotia¬ 
tions said Sunday. 

The sources said the lawyers for 
the airlines, which include British 
Airways, Pan American, Trans 
World* Airlines, Lufthansa and 
Swissair, are offering up to $50 mil¬ 
lion. mainly to creditors of the 
bankrupt British company, to call 

off an antitrust suit. 

Liquidators for Laker, which 
collapsed in February 1982, filed 
the action later that year against 
several international airlines, alleg¬ 
ing that they had conspired lo cut 
tr ansa tlantic air fares and drive 
Laker out of business. 

-The lawyers are tal k i ng with 
Freddie Laker in a hotel room in 
Miami right now. It’s not tine Lak¬ 
er has broken off the deal, be has 
turned down nothing." said one 
source, who was closely in touch 
with tbe talks. 

The sum being offered is around 
550 million, the source said, adding 
that Sir Freddie stands to coDecl $2 
milli on to $3 milli on. 

The main beneficiaries would be 
the bankr upt airline's creditors, 
mainly its employees and suppliers. 
Under an agreement being negoti¬ 
ated by Bill Parke, a London law¬ 
yer, 14,000 small creditors claiming 
less than £50.000 each will get all 
their money. Major creditors will 
get £50,000 and 20 percent of the 
balance of their claim, the source 
said. 

British Airways is reportedly 
leading the airlines in the negotia¬ 
tions. 

"The response so far is very posi¬ 
tive,” from creditors, the source 
said. 


GM’s Small-Car Gamble Is a Key Test for U.S. Auto Industry 


By Warren Brown 

Washington Peat Semce 

DETROIT — General Motors 
Corp. is taking its last chance at 
building email cars in the United 
States. 

It is a $5-billion gamble called 
Saturn Coip. —a new GM subsid¬ 
iary that is expected to roD out its 
first subcompact model by 1990. It 
represents the industry’s most im¬ 
portant test for the balance of the 
decade. 

GM, the largest U.S. automaker, 
virtually would stop producing 
small cars in tbe United States if 
Saturn fails. But GM would contin¬ 
ue to sell those models. 

“You don’t have to be a full-line 
manufacturer in order to be a full- 
line provider,” Roger B. Smith, the 
GM chairman, said in an interview. 
That means GM would fill its 
small-car needs with imports, 
mostly from Japan and South Ko¬ 
rea. 

Ford Motor Co. and Chrysler 
Crap., GM’s chief domestic rivals, 
would be expected to follow the 
leader — escaping high U.S. pro¬ 
duction costs by bringing in high- 


quality small cars built overseas for 
less money. 

That development would wipe 
out several hundred thousand U.S. 
jobs. It could also leave U.S. car 
companies vulnerable to import at¬ 
tacks on their strongest end of the 
domestic auto market — mid-size 
and big cars. 

Bui a successful launch of Saturn 
Crap. — the creation of which was 
announced last week at the GM 
Technical Center in Warren, Mich¬ 
igan — could bring about major 
changes in the U.S. auto industry. 
That, at least, is the thinking of 
most auto-indnstry analysts and 
officials commenting an the pro¬ 
ject 

James A Mateyka. auto-indus¬ 
try analyst with Booz Allen ft 
Hamilton Inc* said that if GM fails 
with Saturn, “that’ll certainly send 
a message to Ford and Chrysler 
that smaS cars can’t be built hoe at 
competitive prices.” 

“GM dearly is giving small-car 
production in this country one last 
go. And I guess that they’ve con¬ 
vinced themselves that going with a 
new corporation, working every¬ 


thing up from scratch, is the only 
way they can do it,” Mr. Mateyka 
said. 

The analysts rite three reasons 
for their beltef. 

• Saturn ultimately will be joint¬ 
ly fashioned by management and 

NEWS ANALYSIS 

labor. Officials of tbe United Aulo 
Workers are working closely with 
GM*s top management to get the 
new company moving. 

GM and tbe UAW have a history 
of contention — one marked by 
strikes, costly management prac¬ 
tices and protective union work 
rules, and triennial boosts in pay 
scales—now an average S23 hour¬ 
ly, including benefits. AD of these 
have helped to place GM and other 
U.S. automakers at a disadvantage 
with foreign competitors. 

Saturn and the union are talking 
about different forms of compensa¬ 
tion, different plant-floor proce¬ 
dures, and other changes to reduce 
production costs and ensure quali¬ 
ty- 

• Saturn will establish a new dis¬ 


tribution system aimed at eliminat¬ 
ing problems in new-car delivery to 
customers and high-pressure price 
negotiations between dealers and 
buyers. Saturn will have its own 
dealership network. Current GM 
dealers with high consumer satis¬ 
faction ratings are prime candi¬ 
dates for the new franchises. 

• Of the $5 billion GM wiD 
spend on the Saturn project in the 
next three to five years, S3.5 billion 
wfl] be invested in new plants and 
facilities. The rest will go into oper¬ 
ating expenses. 

Computerized, automated pro¬ 
duction and business administra¬ 
tion systems will abound. Car as¬ 
sembly wfl] involve a few major 
pre-fabricated modules and sec¬ 
tions, instead of the time-consum¬ 
ing piece-by-piece method com¬ 
mon in many U.S. auto plants 
today. 

Saturn cars also will be designed 
to take maximum advantage of 
production technology in the new 
assembly line. Currently it works 
the other way, in that the factory is 
set up to meet the engineering 
specifications of tbe car. 


The use of modules will change 
radically the role of suppliers. 
Many suppliers now build and ship 
batches of one kind of part, such as 
a steering gear component. Under 
the modular system, suppliers 
could be required to build and ship 
whole sections of a car. 

A key objective of the proposed 
production changes is to reduce the 
□umber of worker-hours needed lo 
make a car. GM now requires an 
average of 130 worker-hours per 
car, but wants to cut that to 70 or 
75 hours per unit 
Fewer worker-hours mean lower 
costs. For example, transferring IS 
worker-hours lo its suppliers — ei¬ 
ther by going to a modular assem¬ 
bly system or using some other 
method — would save GM at least 

$800 milli on ann ually in labor 

costs, according to a report pub¬ 
lished last August by New York- 
based Sanford C. Bernstein ft Co_ 
a securities research firm. 

GM and its U.S. peers primarily 
are competing against Japan in the 
battle for the lucrative domestic 
small-car market, which accounted 
(C ontin ued oa Page 13, CoL 3j 


Japan Railroad Seeks Private Management 


Banque Rationale de Paris 


The Associated Press 

TOKYO — Japanese National 
Railways, the government-owned 
railroad that has been been unprof¬ 
itable for 20 years, has proposed 
turning itself into a unified, pri¬ 
vately-managed corporation that 
will generate a profit by 1990, ac¬ 
cording to a spokesman. 

But the plan brought criticism 
from others involved with the rail¬ 
road's rehabilitation. 

The chairman of the Japanese 
National Railways Reform Com¬ 
mission, Masao Karod, said the 
plan contained no basic sugges¬ 
tions for financial reform. The 
commission, established under the 
prime minister's office in June 


1983, will submit its own plan to 
Prime Minister Yasuhiro Naka- 
sone this summer. 

Japanese National Railways reg¬ 
istered a record annual loss in fiscal 
1983 of $6.64 billion (1,683.9 bil¬ 
lion yen). This brought its overall 
debt to $79.92 billion. 

Tbe railroad spokesman, Mit¬ 
sumi Nakaraie, said Friday that un¬ 
der the plan, tbe system would con¬ 
tinue to be financed by tbe 
government, while management 
would be switched to the private 
sector beginning April 1,1987. The 
railroad's proposals were submit¬ 
ted to.the government Thursday. 

Mr. Nakaune said the corpora¬ 
tion would not. in general be split 


into local companies. There would 
be two exceptions, however, in 
which local groups would manage 
tbe two most profitable parts of the 
system — in Hokkaido, Japan’s 
northe rnmost main island, and tbe 
southwestern island of Shikoku. 

The 13,125 miles (21,258 kilome¬ 
ters) of railroad controlled by Japa¬ 
nese National Railways would be 
reduced to 7,500 miles, Mr. Na- 
kaun e said. He said that 85. local 
lines would be replaced by buses 
and (hat 70 local lines would be¬ 
come subsidiaries of the national 
railroad. 

The profitable high-speed lines 
known as shinkansen. or bullet 
trains, would not be affected. 


U.S. $75,000,000 

Floating Rate Notes 1987/1990/1994 

In accordance with the provisions of the Notes, notice is 
hereby given that for the six months 11th January, 1985 to 
11th July, 1985 the Notes will bear an interest rate of 9lfe per 
cent per annum and the coupon amount per U.S. $100,000 
will be U.S.S4,587.85. 

Agent Bank 

Samuel Montagu & Co. Limited 





















t 


12 



INTERNATIONAL HKRALO TKIBI NL. MOMMY. JAM ARV I I, 1983 


International Bond Prices - Week of Jan. 10 


Provided by Credit SnLsse First Boston Securities, London, Tel.: 01-623-127.7 

Prices may «rj according lo market conditiona and other laaora. 


-tx* 

Nftldte Art 
Mol Price Mot Ufe Curt 


in 

sa 

!i 

*fl 


570 

S« 

its 

iJS 

sa 

sa 

sisa 

IHO 


(Continued from Page 6) 


Trailer Train Finance 
TnaaaanMrica Ftaonda 
Tronjornertco Ora Rno 
Tronocolnlt 
Traaacoinfl 
TramoceonOollOU 
Trcmoewn Gulf oil 
Tnmauan GuH oil 
Trarlne 

TrwDraFlnoncB 

UeMFIaa 
Union Cam 0/1 Ftaanc 

UntoiCtittaaOra 
Union O* Inti Fkumc 

United TtOwohioite 

United Tectnctooln 


§H™ 

WtidFatdsOrafttifa 





11%TOIto* 
7 TO to 
nsoc 
151417 Apr 
14% 18 Dec 
1 ISOCI 
a 16 Mar 
mvjai 
7 TO Dec 

nnoci 

IM1O0 
11% 19 Nov 
I4W19 Mar 
7ft IT Fab 
ll%Wto 
1214 V Oct 
Mb 19 Jan 
liv. TO Jen 
I 17 Mar 
TJVj170d 
mil Mar 
5% TO No. 
m 10 Fab 
tmits* 
ohidk 
15 15 Sep 
IS 17 Mar 
IBVi TO May 
1IU TO Ho* 
12% 1700 
U 17 Aw 


m 

a 

95ft 

im 

N5% 

am 

Wft 

92V, 

«% 

M 

HIM 

HOW 

1U 

94% 

Wb 

H2% 

mu 

67* 

mb 

w 

am 

74 

mu 

IIM 

67*6 

MlVi 

ID 

w 

69 

ns 

HSth 


1U3 1U1 U2S 
TUBS 7J3 

1124 104 Uft 
1274 1456 

1454 1144 

imUM M4 
uaru is 
rue m 2 blit 
725 7J* 

IUI1U4 9.11 
1U1 IUU 
1121 1144 

1440 1475 

M/S 11/5 722 
HJ6 1123 

1171 52J» 

US 674 

I LBS . 1157 

IL91UI UK 
ILI1 1*44 

1149 UK 

15211/53 727 
M7I 1041 

054 1252 

1X16 1X93 

HU4 144) 

ixs use 

1121 ION 

1173 1142 

1122 1X01 

USA 1141 


DM STRAIGHT BONDS 


Australia 

Australia 

Australia 


4m W 


dmaa Australia 


H 

tin lot 
dm SB 
tin 100 


AUSTRALIA 


7 17 Fata 
814*700 
4 TO to 
5W19HOV 
HU TO Mr 

9%-flFfl 
9% -91 Dec 
746 62 Nov 
4% TO Jan 
TV, 64 Nov 
6% 17 Nov 
7W14 Jim 
6% 17 Jul 
7W9044ar 
746 12 Apr 
44618 Jill 
IftTOHOV 
4% 17 Aim 


Hamenm Iran Fin 
Meant Isa Rnance 
Mount In Ftaaneo 
PaauaNmv Guinea 
ftWMtadAlwiWna^ 

AUSTRIA 


in 

1U 

99V. 

HU 

104% 

in 

11116 

MB'! 

MO 

in 

HM6 

tar. 

9M 

7EK 

nm 

19 

m% 



am so 
tin 7a 

dm SO _ 

MW ViennaCHv 


AW IS Apr IM 
74614 Mav IMft 
■WVMpv 1(2 
mwjiii mn 
54610 Nov HV, 
■4612Jim W% 

i% to 00 ion* 

■ TOJdl mu 

74614 Mar KB46 
11 16 Oct H4 
ftK«c MS 

■ WFeb raw 
9 -B7M0V m 
SftWNm M3 *j 

tHWDK 100% 

HkTOSap UFA 
716 IP Oct 10146 
7*611 Feb Itfl 

raveHNov hn 

9% 12 Aar low 
8%-*2Jti W 
7 t) Ptb 1C 
446 W Mar NS 
a TO Jut H4U 
n.-K5Mcr ram 
4 17 Dec 9844 
ewH7Jua raw 
ia%HJlH 115 
AWIBMav 99 
ai/wto im 

5*6 73 Apr tm 
946 74 Mar 114* 
94671AM W6 
BU15 Jim HI 
OftTOOd 102 
4%-BJun 99 


593 521 684 

AM am 

677 - 

Aia a2a sas 

AH 774 

771 AS 

72S 6/3 

681 735 

417 488 

772 7.7B 

484 A58 473 
75D 7/a 773 
784 724 UO 
788 7/4 

724 754 

787 721 682 
4.17 An U5 
489 AB1 651 


451 U5T ATS 
729 7.U 7J1 
7/9 699 831 
658 7J7 

AM AM SH 
7/1 754 

7/5 7.17 789 


730 

7jn 

7.14 

AH 

445 

784 
7/1 

6.42 

ua 

A92 

785 

821 

784 

752 


7/7 
7/2 

ins, 

929 
780 
9X5 
821 
A/a 
128 
725 

TjO 

937 
BAD 
753 
5L» 581 484 
tn in 60 

7JS 787 

58B 48* 871 
A4t A73 Afli 
7/4 844 

770 <35 

788 734 4*7 
444 Aft 435 
471 754 555 
757 841 

Iff 78 18 
577 549 EL42 
784 757 833 
781 7.W AC 


-Yield- 

Middle Aye 
Mat Price Mat Ufe Curr 


BELGIUM 


Am MB Betgaieciric Finance 


10ft 1* Jim IM4A TM 
11 VI Oct inv, B29 


CANADA 




!§ 

i 

i 

Ss 

amiS 

dm MB 
dm an 
dm ISO 
dm leo 
tints 
dm 13D 
tin MO 
tin 158 
dm TOO 
tin 150 
dm 150 
tin MB 


Air 

Air 

Ames 


rial 8k 


Export Devote Cara 
MotittaHvdre-EKtr 
M o nB o ba Prov6i ce 

Manfkiba Province 

Montreal CHv 

Montreal Cttv 

Montreal Cltv 

Mmdraaiarv 

Montreal otv 

No* Bnmadck Praetae 

Went bu nd bm d P i u vtnce 

Nawfoundtand Prgvfoa 

Nna/nniiztoa Prpvtnce 
Kwa ScotM Power 

Nova Scotia Province 

OteortaHrtroEfaefr 

Onftolo Hvdro-Electr 
O nta ri o liv ti teE tear 
Ontario Pi uvluca 
Quebec Hrtiu 
Quebec Hydro 


MMArr Mift 
* tIAos 11196 
7% TO Jim Mi 
lun Dec 104% 
BftTOOct Ml% 

7 nttar unu 

4*TOO0 MO 

«*17ju> 100 
7*613 Mav 104% 
7% H Oct 1)3 
IWlAJul 103% 
7 VJul UWU 
7 TO Apr MB 
e TOSop 96% 

«%tojui 99W 

HV5H MM 

B 16*00 WM 

AW Mav 10W 

iftTO Apr 100% 




I 


OutiWcHWroEioctriC 

Qoebec HvdroHEtedrfe 

QaabacHydro-Eteefric 

Qwbec Hvora-Etedrie 

Qutiac Hydroelectric 

Ho et b l Prortnce 

ShMc Province 

Quebec Pravlnca 


7% 16 Dec m 
71614 Dec W4 

s?sr sa 

18% 51 Dee 114 
■ 13 Feb NSW 
TWHDtav 




Qo e bec Pr o elnce 
Qoebec Provtnco 

Quebec Pivtacr 

Rmal Bimti^m 


4*617 Anr 
4V6-»Aup 
4%17Dec HO 
fbUMcr 181*6 
7*617 Feb HIM 
7%-njim ran* 
41b 17 Jot 'Itm 

4 id Mov me 

71611 Apr 104*6 
rawnseo 115% 

10% 17Feb IU% 

7%18Aub H2*6 


BOB 787 &4B 
455 API 
487 ASS 
673 ATI 625 
AH 787 
7.IS 7/B 
A» U« B31 
454 4*1 655 
459 656 780 
U til Ui 
ATI 680 A77 
544 482 454 
A91 448 ir 
575 525 AH 
6/0 437 6/8 
4J0 48? 485 
AH A14 750 
522 454 721 
6.19 5a 5/4 
A4B *» 559 
525 A39 AM 
424 7.18 

721 884 

784 757 

485 721 

AH 454 788 
AH 4/7 AH 
451 AH 

A2I 425 

587 533 439 
A49 729 

4/1 7.U 

414 551 A/S 
A51 450 ' 


Amt 


5ecurlly 


dm 70 ind Mtee Soak Fin laid 
dm h RaataratitiiOv 
dm HO RauMruMOr 
dmaa Tvu Power Compear 
dm 50 Union Bo* Of Flnkem 


7 17 Jul 11066 ATS AH A97 
SW-SApr 97k AH 788 587 
a uses M246 753 781 

4 18 Feb 91 AH 737 AK 
4*618 Dee 9BW 488 A97 457 


FRANCE 


454 

7.18 

931 



dm loo 
An 188 
tin HI 
tinlSB 
dm US 
dm MB 
tin 75 
tier 225 
dm 73 
dm TM 
tin 40 
tin 75 
tin 60 
tin MB 
■Iran 

dm 40 
tin# 
dmfl 
dm HD 
tin UD 
tin MB 
An U8 
tin IDS 


Denmark 
Copenhagen Cttf 
CapenhapesCnv 

c mn h uM wiatv 

iCIty 

atv 

iTefasPiane 


capenhapaa Tateatiaw 
DenDanakaBatit 
Juflend Telephone 
JUlftiid TekPlnna 
Jcdtceid Teteatmo 


DENMARK 


7W14Feb 
7% 17Mav 
«*i7Dee 
4 IF* 
ID 18 Mar 
7% 18 Mov 
4*619 Feb 
9% 19 Mar 
79619Apr 
7*619 No* 
9V, 90 Mov 

8% 12 Feb 
me 12 Mir 
8 *92 Mav 
796 14 Apr 
7*614 Nov 
7*614 Apr 
TVb-HDec 
M17 Sea 
4 10 Nov 
sh-mjb 
WB7. 

7 17Mav 


97** 

107% 

10W 

mb 

M4 

U2 

IB1V6 


435 77i 
1ST 7.M 
484 488 477 
484 A14 
732 9J2 


BWUJiri 


7 njot 
BtblOJal 
7Wirod 


657 440 

884 728 8H 
781 7# 

4J9 727 

IM% All U 
MKl 759 727 

117% 7*1 987 

IBB TM 777 
UM 758 758 

MI% 756 755 

tank AH 457 758 
Hit* A34 ASS 751 
9BVS 487 7JI 425 
94*6 457 7J9 423 
nou 720 780 ii9 
NOW 788 AM 754 
722 m IM 
421 421 AO 


Morftim M Denmtifc 
MortgaMBankDonmtit mum 
Mortgage Bank Demnark 8*6131 

FINLAND 


tip 158 Flnkmd 
tin too Finland 

dm 150 Finland 

tin 108 Fktand 
tinlSB FHtand 
dm Uo FMond 
tin HO Finland 
tin 158 Flnlnnd 
dm 50 HeUMUOtv 
dm 75 Imatran Velma 
dm# ind iwboB ankFktand 



BJH 

8J8 

131 

7JH 6/7 889 


725 TXT 682 


4J6 63S 7X 

Hi 

TM 


tjj 



Ml 

615 

*i| f 1 *^ 

7/3 

7JB 

| • '',^1 

785 

9/5 

m 

7/8 

611 

99ft 

634 


104% 

489 

U 

W2% 


7JD 


5% 14 Fab 
1IV] 14 Nov 

I 14 Dee __ _ 

7 17 Apr IB 488 124 444 

7*618 Mar »T% 417 737 

9% 19 Apr 108*6 729 |5( 

8 II Nov 185*6 684 759 

71411 Apr nz*6 781 731 

Mb 12 Jim 10816 721 751 143 

8 17 Jem 102 &■• ASB 784 

I 14 Dec Ml 7/0 7.17 7.93 


tin 88 

II 

II 

£3 

1 

Bs 

AnlOS 

if 

II 

sis 


ScmlS Fraac Cam Ext 
Banaae Fraac Cam Ext 

Banaae Ft« Com Ext 

W&mS 

Catae Nat Ttiecemm 

ggg. 


5% ta Jan H16 

5S% 



7*613 Feb KM 
I 11 Mar W*6 
8*618 Jill KM 
7*617 Apr IBW 

ntlHav 184% 
4 170d 9816 

me 14 Feb Me 
8%-HNov MW 
•W12 Sep 194% 
8*6l30ct 104*6 
8*615 May IBM 
7*4 H Apr H1W 


Soct Nal aiemlna Fer 

USSSSSStaF? 


8 18JUO HU, 

7*614 Apr UIIW 
7%-njan low 
MUMav Ht 
7%13*tar 984% 
IHUDoc 18496 



I MM WAv 
Voba Lntl RnmnWJ* 

Vsbaimt RnoncrX/w 

Vodamopen bdl Fki 


GERMANY 


3*414 Feb 
7*619 Nov 
8 VNOv 
7% 14 Feb 
4 10JUI 
4 10Jen 
8 12 Sap 
8 II Sep 
8 -91 Jul 
3*6 U Nov 
8% 14 Nov 
WV Mav 
3*614 Dec 
4 “»Dec 
4 13 Dec 
7% 13 Mar 

ICELAND 


M3V, 

KI% 

104*6 

112 

92 

137% 

M4 

m*6 

184*6 

79*6 

180 

UZ* 

177*6 

85 

181*6 


754 7/1 753 
A44 750 
421 4# 457 
4/1 ATI SJ9 
727 884 
785 784 
TM 724 
758 731 781 

454 483 AM 

751 725 Ad 
AH 452 459 
7/2 727 
734 721 
AS 42] 837 
5H 421 
1ST 177 
Ml 758 
TM 7J9 
785 784 

731 757 
756 134 
A9S 449 487 
758 781 
7/4 185 
7JS 125 
750 180 
443 A54 144 

732 752 
SP7 1089 
724 _ 725 
AH 422 7/5 

755 721 751 

752 TM 8.14 
7.14 7.n 755 
729 73t 727 


497 7.19 

ATS 737 

S21 Alt 783 
433 7.19 

150 1ST 

574 435 

118 485 

U9 759 

78S 754 

IM 185 

484 488 

423 ATI 423 
288 384 

88 114 

AM 421 

AH 7.13 


dm» tertmd 
dm 75 Iceland 


dm w Indata 
tin MO iretata 
MntX lnlM753U 
dm MB Iretata 
dm HI Iretata 
dm HO Ireland 
dm ISO Irehrnd 
tin UD iretata 


7*617 Apr tank 7J4 All 754 
9%-HJui 117 793 554 


IRELAND 


M*6-»Dec Hi 
9*617 Sen HJ*6 
7 -U-ltii 91 
IMNJdI MS 
MU Sea ww 

iuudk ki» 
M12 Mav 101*6 
■ 94 Dd IBM 


ITALY 


dm HQ AilenAiNmlamStradr ItiNJun 184% 

dm 110 Gonmnia Dl Cradle 8*611 Jm H2*6 
tin H0 Cradloo Craiflo Own 8 11 Jul 10M 

drain FerrovfeDePoStota NIKr H4*6 

*■ HI FerravlrDeVoStato I n Anr m% 

dm MO Oilvalfl lntl (hul Mil Jan M4*>> 

JAPAN 


ATP R5S 

7.15 980 

727 851 7.14 

734 &I8 

728 Ul 

753 7.95 

7JI 799 

754 751 


AH 751 
881 721 821 
7.K 4/1 751 
788 US 


dm 50 
dm MB 

dm 120 
tin no 
An# 
dm IN 
dm IN 
dm IN 
Anno 


Bonk 01 Tekvo Curacao 
Book 01 Tokyo Curacao 
Pull Electric Co WAv 
Full Intt Finance I# 

HtBmno-Gafll LM 

Japan AMtav* 

Japm DavatDP Bu* 

Japn Davetpn Balk 

MunklP 


M17 Jan HD 
7% 10 Feb UM 
31k ID Apt 99b 
7% 12 Feb 102*6 
1 * 6 Ilian m 
M17 Niiv HI 
7*6 17 Sen ram 
7*6 90 Jut ran, 
7*611 Jut urn 


732 

48* 


123 

731 

AH 

AH 

AH 

ATI 

787 


S.!J 

781 

11/ 

755 

844 

789 

7/1 

725 

IM 


American Exchange Options 

For the Week Ending Jan. II, 1984 


Option & Price Calls 


Jon Anr Jan Anr 


Aetna 30 

17W as 

37*6 « 

Am Cvo 45 
<1% SO 
49% SB 
Am ExP 70 
38*6 25 

**6 30 

JMh 35 
31*6 48 

Am Horn 45 
52% SB 
51% SS 

BamLm 25 
24 30 

EMM 15a 
33*6 
Burrgti 


7*6 

2*6 

l-t* 


13 

8*6 

3h 

m 

8*6 

3*6 

Hi 

1 


3*6 

*6 

5V, 

IK 

9-16 


8% 

49k 

1W 


saw 

C Tei 
22% 


35 

50 

55 

M 

21 

25 


4% 
1 

1b 
r % 

r 4 

M0 7-14 


3*6 

*» 

2*6 


5*6 

2% 

1*6 


29 

30 
35 
40 
H 
85 


29V, 

O-M 
J4V9 
MW 
39*6 
Don* 

B4W 
8**6 
DtS Eq 85 

IB7W H 

107*6 95 

107W IM 
107*6 HK 
M7*6 110 

107*6 111 
Dtmey 50 
43% B 

41% U 

41% IS 

41% 70 

du Pnt 45 
«* SO 

48% 55 

25 
10 
20 
25 
» 
25 
K 
IS 
20 


1-M 3-16 

*6 Ik, 


4V, 5*6 

7.14 23-14 
1-14 


416 

2W 

W 


14*6 

<1* 

8*6 


Goodvr 

24*6 

Could 

17*6 

Grevhd 

25*6 

Houihl 

33*6 

Hutton 

30% 


18*6 
13 

a 

316 

H-14 6 

h 31 
>3% r 

1% 9*6 

n sv, 
3-14 93-14 
1-14 2 

4 4*6 
3-14 14-14 
1-14 7-14 
116 25-M 

r *6 
1*6 2 % 
r 7-14 

5 5*6 
ft* 1*4 

396 3W 
H 15-14 
r r 
5*6 7 


r 3-18 
r W 
r r 
r r 
13-14 2 

r r 
r l-w 
1-14 M4 
r r 
1-14 *6 

1*6215-14 
r 1-14 
r *6 
» 2W 


1*6 


i-14 13-14 
1*6 Vi. 


r 7*6 

r s 

r 1 

*6 2*6 

r r 

r 9-16 

1-14 96 

*6 16-14 

% 2*6 

*6 
2(6 
4W 


496 

4*6 

8*6 

r 

S-M 

9 

196 

s 

*6 

2*6 


Option & price Colls 


38*6 

38% 

38% 

Lfllv 

45% 

45% 


30 

35 

« 

55 

M 

45 


ManHan 20 
34*6 30 

34*6 35 

34*6 40 

Merrtl M 
21% 25 

28% 30 

28*4 S 
MoaPI IS 
1796 28 

T796 25 

Mairta 31*6 
MW 14*6 


*6 296 *6 

1-14 1S-14 5 

r W r 

11 r r 

5V* 4*6 r 

*6 296 r 

r r r 

4*6 796 r 

1*6215-14 114 

t 19-14 

1 896 

3*6 4*6 

3-14 1W 

M* 6-18 4% 

7*6 3% r 

r *6311-14 
r 3-14 r 


H 


1*6 

3-14 


3-14 

296 


34% 

25 

9% 

r 

r 

r 

34% 

30 

4% 

5% 

M6 

11-14 

34% 

35 

% 

2ft 

*> 

Ml 

34% 

40 

1-16 

5-16 

5% 

1 

34% 

45 

3-16 

r 

r 


PIMPS 

18 

r 

r 

r 

% 

14% 

15 

>14 


% 

Ilk 

Pitney 

3 

11 

r 

r 

r 

38% 

38 

595 

r 

r 


36% 

U 

1-U 

2% • 

% 

1% 

34% 

0 


% 



Proe G 

45 

18f% 

£ 

r 


55% 

50 

5% 

r 

r 

% 

55% 

55 

15-16 

2% 

v,i 

11-11 


55% 

9AI« 

Svbron 

TRW 

75*6 

Tandy 

75 

25 

25 

Tnoco 

33% 
Thrttv 
U Card 


Util 

57V, 

27V, 


5V* 

I 

596 


3% 

5*6 


*6 71-14 
1-14 7-14 

1-14 r 

3% 4 

9-14 *4 

r W 

3-94 1% 

1% 

3*6 
314115-14 
1-14 6-14 


5-14 

5 


r 1-94 
7*6 7W 
77-H 3% 

M4 13-11 
» r 
1113-14 
r 3-14 


r 5-10 

1*6 25-94 

4W r 

r 11-14 

BV» 1-14 ** 

496 *6 1 7-14 

9-14 3% 

6*6 7*6 

11*6 r 


r l-M 
1-14 1-14 
r 21 ft 


Option & price Calls 


Puis 


WnCoNA 5 r r 

wastrxi 22% 4% s 

X4W 20 «*6 7*6 

34% 751 13-14 3*6 

74% 30 r 96 


r 13-14 


Fob MOV Feb 


A M F 
MW 
AMR 
349k 
34% 
34% 
ASA 
47*4 
47*6 
<796 
47*6 
47*6 
AmCon 
58% 
50% 
Art*, 
17 
17 

Avrari 
3596 
3596 
15*6 
Bailv 
13*6 
91% 
Cam™ 
ZHk 
2M6 
71*6 
Can Ed 
Coavis 
18*6 
10*6 
DunBnd 


FIMtae 
FI rest 
17*6 
Fleet** 
34% 
24% 
GCA 
34% 
39*6 
GEO 
4W 

GaMNo 

10*6 

Grace 


15 *6 1 t-M 

28 1-14 3-14 

25 11% r 

30 416 r 

35 7% 

48 tk 

40 7% 

45 3*6 

SO 11-14 

B 5-14 

40 *k 

45 1-U 

45 5% 

50 13-14 

H f 

15 2*6 


4 
IW 
r 
5% 
ZW 
196 
W 
% 
r 
r% 
w 

3*6 
ft6 M4 
r % 


30 4*4 

35 1*6 

# *6 

a 1-14 

ID 3*6 
15 3-14 

» 9-94 

25 594 

30 IM4 

35 III 

# r 
30 11-14 I 1-14 
15 3ft* JW 

28 *6 1*6 

28 r 5-14 
40 4% 7*6 

45 2*6 r 

78 *6 

10 % 

15 7U 

20 % *6 

» 4 r 

21 2 3 

9 % 1 

20 496 5 

25 15-14 31-14 

30 3-14 *6 

5 r 11-14 

10 f 1-14 

M 96 13-14 
IS 1-14 3-14 
35 r r 


3*4 

1*6 


2*6 

% 

>14 


2% 

% 


% 

11-14 

4 

7.14 

19-16 

4 

I 

raw 

r 

1-14 

% 


M4 

IW 


3-14 

19fc 


1-14 

11-14 

r 

3-1* 

l*k 

5W 


** 

2 

r 

1% 

3 

5% 

81k 

raw 

14*6 

r 

116 


496 

t 

5-14 

3% 

r 

*6 

2% 

5% 

11% 

r 

r 

r 


11-14 

4*6 

*6 


Option & price Colls 


Puts 


3996 « 

3*M 45 

HailFB 25 
zs% JO 
La Poc IS 
23*6 28 

23W 25 

(WACOM 15 
11*6 » 
N DM 25 
25*4 30 

MMedEfl 28 
23*6 25 

N Seril 
11% 

NoMAI 
13% 

Nava 
25% 

25% 

25% 
ODECO 20 
23 25 

21 30 

Pennev # 
47*6 4! 

47*6 SO 
47*6 SS 
47% 60 

PWfPt 
' 44% 

44% 

44% 

44% 

44% 

Rtvco 
3*94 
74% 

IfeVCM 


A14 11-14 

t-ta *6 

5-14 1% 

r % 

1% r 

396 4 

*6 196 

496 4W 

*6 1*6 

1 % r 

M* % 

3% r 

% I 

2% 213-14 
3-U 1-14 


IW 7% 


1*4 IW 


13-14 

W 


2*6 

I 

*6 

396 


r 5-14 


Soane 

*8% 

48% 

48% 

40% 


7% 

3*6 

W 

3-14 

1-14 


196 

* 

W 

96 

r 

13-14 

W 

13-14 

*6 

W6 

4*6 

3*6 

15M 


5W 

2% 

1% 

7-14 

3-14 

r 

2 

1-14 


12 

BV6 

4*6 

316 

% 


% 

IW 

T% 


• •14 

3 


1-14 

5-14 

4% 

11% 

r 

W 

116 

5W 


3-14 

I 

2-4 

5% 


*6 

25-16 


SJnaar 

25 

7% 

r 

r 

r 

31% 

30 

2% 

3% 

% 

1% 

31% 

35 

>11 

1ft 

r 

4ft 

Slang 

25 

3 

r 

r 

ft 

27% 

30 

% 

1-14 

7ft 

r 

Starar 

40 

7 

r 

1-11 

% 

a 

45 

3 

r 

11-16 

r 

47 

50 

% 

2% 

r 

r 

Tanncp 

35 

2% 

r 

% 

i 

37% 

fl 

>14 

% 

r 

3ft 

37% 

45 

1-U 

5 

8'6 

g 

Vartan 

15 

r 

r 

1 

1% 

37% 

40 

% 

3% 

r 

r 

37% 

45 

r 

1ft 

r 

r 

total 

15 

5 

5% 

1-16 

>16 

19% 

20 

15*14 

2ft 

1% 

1ft 

l*% 

25 

% 

11-M 

r 

r 

19% 

30 

M4 

% 

r 

r 


Mar Jun Mar jut 

Atari £45 

28% 30 11-14 IW 

28% 35 1/4 7-14 

Afflax I51U-I4 7% 


Option & price Calls 


MW 70 
AmBrnd 40 

43% 61 % 

Ajar co 78 % 

If 25 3-14 

Bad F 35 r 

26 JD *6 

26 35 W 

BMlFar 35 4*6 

» 40 1*6 

39 45 W 

BucvEr 15 W 

CMM « 

4716 45 

47*6 50 

Cbevrn 38 
30*6 35 


3-la 

3% 


1*6 

16 

4*6 

1% 


IW 

W 

w 


196 


7-14 

IW 


396 
W 
1% 
w 

1-14 

Cooitt as 3H 

78% 30 11-14 

*% 35 r 

■era 30 IW 

3896 35 >14 

EmrsEI 45 5*6 

70% 7Q 196 

7096 75 6-94 

G Tel # 2 9-14 

41% 45 >16 

Gil let a r 

55% 

GlobMr 
ZW 


1496 

MW 

HeroH 

33% 

tort 

6% 

LTV 

11*6 


7-14 


15 %fc 

20 W 

30 3*6 

as f-14 

u w 


i 

H 

r r r 

IW r r 

1*6 1>16 17-14 

*6 r 

r r 

4W r 

IW 2% 

*6 r 

2*6 W 

M r 

r r 

l*k 1% 

1*6 r 

3W *6 

*6 r 

r 1 % 

1*6 r 

w w 

1-14 r 

r 1-14 

IW 19-14 

.7*4 


w 


4DW 


1% 

11-14 

15 1-U >M 
H IW 2W 5-14 7-14 
15 >14 7-14 
31 


4B11M4 
45 >14 


P9l Mur 7B 91W 12% 


IW >11 
3 1 >14 
1% 


1% 


396 


80*6 75 

HW 802014 
00*6 US W 

PrtnwC 15 25-14 

20 W 

SFo5P 38 5W 

25*6 25 1 >14 

2596 30 >14 

Mat 3416 r 

StOOtl a 


41 

41 

41 

Tatox 

34% 

34% 

34*6 

Vblara 

4W 

wndtfcr 

22 

27 

Total 


« 7W 

45 % 

50 1-U 
25 11% 

30 7 

B 3% 
m til* 
5 2>U 
10 W 

is m 

28 7W 
25 


716 % 

4% 2 

2 r 

ZW s-u 

% 196 

r r 

IW r 
W r 

3 5-11 
r >11 
3 1>U 

W 4% 
% r 
r Ml 


4% 1% 

3*6. 3% 

r 7-14 011 
*6 3*6 

r 1-14 *6 

3 % 

W 1 7% 

volume 47/34 

Onen mterau 2472.158 
r—Not traded.» - N one o Horad a—0 M. 


Mutual Funds 

Ctoilna Prices Jan. IL1184 


NEW YORK fAPI— 
The toliaarlno auato- 
ttora. suppIM tor ltie 
National Association 
at Securities Deal¬ 
ers. Inc. are the pric¬ 
es at which these 
securities could have 
been said inoi Asset 
value* or bought 
(waive plus sales 
cherae! Friday. 

Bid Ask 


BostFFd 
Bowser 
Bruce 
Bull & Bea 
CraittG 
Eauitv 
Goicn 
HIYW 
Cohrort 
Eauitv 
Inca 
Social 
TxFL 
TxFL 
Calvin 
AsBGt 
BUlICk 
Candn 
Dtvtd 
Hlinc 
Month 
Nt KVS 
. TxFra 

Cardrd 
Cut 5hs 
Chart Fd 
CUD Dir 
Chestnut 
ICIGNA 
Grwth 
HIYId 
Incorn 
Marti B 
Colonial 
CapA 
CpCsh 
Fund 
GvSec 
Grwth 
HI YM 
incarn 
OPtlnc 
OPt I 11 
TaxEx 
Columbia 
Fixed 
Grth 
Murtic 
Cwttfl AB 
Cwtth CD 
Compos IM 
Bond 
Fund 
Tax 

.Concord 
Constet G 
leant Mut 
Coniev 
CpCash 
Ctrv Cap 
Crtterton 
Crnrce 

InvQI 

Pilot 
OualTx 
SunbH 
DFA 8m 
DFA Int 
Dean 
CalTF 
DwGt r 

DIvGt 

HPrtd 

indVl r 

NI1RJHC 

SaarTx 
Tax Ex 
USGvt 
uVrldW 


Bid Ask 
1145 U>2 
ZiO NL 
10101 NL 
Go: 
im nl 

10.93 NL 

I. 17 NL 
1X8* NL 

Grow: 
9442 NL 
1581 NL 
17JZ NL 
10/0 NL 
1/8* NL 
Bullock: 
7JP 7.73 
1482 17-54 
7 JO a/7 
IW 384 
1175 T1J9 
118* 1X12 
10.93 Jl.« 

989 1007 
11.11 11.90 
11.16 12J0 
1X14 NL 
Uft NL 
KL04 NL 
47J3 NL 
Funds: 
unovall 
988 1X14 
4J4 7J1 
780 787 
Funds: 
1X71 1587 

4726 tS^n 
14.U 1580 
11J1 1X44 
9J7 1048 

ij? as 

itaA» 

II. 931151 
Funds: 

1X13 NL 
2184 NL 
unwran 

1J8 m 

181 284 


DMC 
Decal 
Detaw 
DMCA 
Tv Fro 
Delta 
DiT CG 
DlT AG 
DIT Cl 
Oir COO 
DGDhr 
DadCx Bl 
DodCx St 
Drax Bur 
Drevfus 
ABnd 

CalTx 

Drevf 


US NL 

944 NL 
*M NL 

2484 NL 
1788 NL 
584 NL 
780 NL 
4404.NL 
1580 1454 
Funds: 

km lira 

988 HUH 
BIB 494 

i am 
iSSKt 

wmar: 
ltt/S NL 
7J4 NL 
1X97 NL 

txn ixsi 

1083 NL 
484 NL 
UL32 NL 
988 1429 
1439 NL 
988 NL 
Group: 

945 10.13 
unovalt 

unavtii 
484 7.90 
unayall 
1074 NL 
1577 NL 
9J7 NL 
unoTOH 
25J4 NL 
2588 NL 
24/1 NL 
1746 1X33 
Otp: 

1383 NL 

1384 NL 
1X53 IMP 


Interm 
Levrae 
GttlOp 
NY Tx 
SpI Inc 
Tax Ex 
Thru C 
Eeel ghi 
E aton 
EHBai 
EHStfc 
GvtOtol 

Grwth 
HIYId 
IncSas 
Invest 
SoEat 
TaxJW 
VS 5pi 
Eberstadt 
Chem 
EnpRs 
Survey 
EmpBId 
EnaUIII 
Evrsm r 
EwrorTtt 
FPA 
Cdrnir 
Nvrlnc 


FrmBG 
Federated 
Am Ldr 
CPCsh 
Exctl 
Fdllnfr 
GNMA 
HI lem 
I no. 
Short 
51 Gvl 
Slock 
Tx Fra 
US Gvt 
Fidelity 
Band 
Canon 
Canttd 
Oestny 
DJscv 
Ea Inc 
Exch 
FHM 
Fndm 
Gvl Sec 
Hllnco 
HI Yld 
LI Mun 
Maoei 
Mun Bd 
MassTx 

Merc 

Purlin 

SotDet 

SelEn 

SelRn 

SetHit 

SetMt* 

SetTeh 

Serum 

SocSIt 

Thrift 

Trend 

FkiuCap 

Financial 

Band 

Dvna 

FncITx 

Indus! 

Incovn 

WrbTT 

Fit 

Bnd Ap 

Disco 

Govt 

Grwth 

Incom 

lntl Sec 

NatRns 

90-ID 

apm 
Tax Ex 

ne*Fd 

44 WlEa 
44 mm 
Fnd Gth 
Founders 
Grwth 
incom 
Mutual 

Seed 

Franklin 

AGE 


BUS Ask 
12/1 NL 
15.19 17/8 
9-0 NL 
1X38 NL 
7/7 NL 
11.11 NL 
480 NL 
687 781 
trance: 
780 785 
11/0 1X51 

1X15 1X03 
418 475 
472 5.14 
881 943 
407 8.77 

1477 1108 
1436 1479 
1U1 1X25 

Grow: 
9.14 189 
103311JV 
1X251389 
1589 1439 
2X51 NL 

97.16 NL 
1459 NL 

Funds: 
9.38 10JW 

881 ML 
1X2S U51 
1417 1787 
1X14 NL 

Funds: 
1X95 NL 
unovall 
unovall 
183 NL 
1X63 NL 
19/1 1X27 
7X36 NL 
1X32 NL 
1027 NL 
1416 NL 
U9 NL 
8/5 NL 
Invest: 
456 NL 
5410 NL 
987 NL 
11J9 NL 
1881 NL 
2631 3481 
4X72 NL 
1584 NL 
1289 NL 

981 NL 
883 NL 

1185 NL 
X26 NL 

3435 3581 
477 NL 

982 1X02 
1X23 1281 
11/9 NL 

1186 1180 
9J4 9.14 

2089 20JU 
1788 1783 
MS 1J4 
21812184 
17/01774 

11.17 1182 
9JR NL 
3736 NL 

1478 NL 

Proa: 

423 NL 
486 NL 
1412 NL 
420 NL 

882 NL 
786 NL 

Investors: 
12.15 1X10 
1X83 1184 
1181 12/1 
-480 7/3 
5.72 685 
1X121434 
430 470 
1X74 1X92 
582 5/1 
480 98P! 

1088 NL 
434 438 
412 NL 
451 493 
Group: 
6/3 NL 
9421 NL 
9/0 NL 
2156 NL 
Group: 
355 170 


ONTC 
FedT* 
GoM 
Grwth 
NY Tax 
Option 
Uhls 
Incom 
US Gov 
Eautt 
ColTx 
FrdGG 
Fd ofSW 
GITHY 
GT Poc 
Gale Oo 
Gen Elec 
Eltnln 
EHtiTr 
EIFnTx 

ISJlo 

Gen Sec 
GinlelEr 
Glnlel 
GrtHEm 
GrdsnEs 
Grth Ind 
GrdPkA 
Ham HOA 
Horl Gth 
Hart Lev 
Hamelnv 
Her Man 
Hunan 
Bond r 
Colli 
Emm r 
Gwth r 
Opt Inc 
Gvl Sc 
Nall 
NY Mun 
IRI 5Kfc 
IDS 

IDS Ag r 
IDS Ea 

IDS lltr 
ID9 Bd 
IDS Ols 
IDS Ex 


Bid Ask 
1/8 HU2 
1X19 1081 
BJB9 L72 
ll/S 1235 
983 1034 
407 454' 
680 479 
233 2.19 
735 734 
475 X12 
437 684 
1478 1X56 

987 1X78 
1084 NL 
17JO NL 
1431 NL 

Inv: 
1X67 NL 
unovall 
1X01 
unovall 
1X8* NL 

1086 NL 
3480 NL 
7581 NL 

884 NL 
1131 NL 
1X44 NL 
1X37 2038 
5X1 193 
6J6S NL 
WJ1 NL 
1X25 NL 
7X2B NL 
Group: 
1083 NL 

988 1X08 
939 NL 

1281 NL 
935 NL 
981 NL 

1087 1080 
9.95 9086 

14/7 1X15 
Mutual: 
581 NL 

LSI NL 
583 NL 
459 476 
413 6/S 
475 530 


IDS Grt 14J2 15JB 
IDS HIY 384 415 
IDS ND 789 7.99 
ID5 Proa 414 6/6 
Ml/I 10/1 1188 
IDS Tx 1/5 263 


Stack 

151 

Grwth 

Incom 

Trsl Sh 
industry 
Int invst 
Imret 

Eauitv 
GvtPI 
HIYId 
On*n 
1TB 
Inv Bos 

Inv Rest, 

law 

ivyGth 

Ivylnst 

JP Grth 

JP Inca 

Janus 


Grwth 

USGvt 
Tax Ex 
Kautmn 
Ketneer 
CalTx 

incom 
Grew 
HI Yld 
mtiFd 
Mai B 
Optn 

Summ 
Tech 
TotJD 
USGvt 
Keystone 
CwBW 


15J0 1683 
787 URI 
786 786 
Gtmo: 
435 633 
X71 405 
1X0 11/4 
435 NL 
989 1082 
Portfolio: 
SM NL 
881 NL 
470 NL 
B86 NL 
Grow*: 
unovall 
unovall 

1484 1587 
488 531 
IX# NL 
1X10 NL 
11182 NL 
13JS 1498 
424 496 
1184 NL 
Hancock: 
14/0 ISAS 
1235 1X47 
084 9J* 
980 1X23 
.14 NL 
Funds: 
1X14 1X71 
418 470 
9134 1142 
HUB UL78 

12/8 1X64 

413 454 

11.12 1X15 
3281 2/71 
1X53 1180 
1193 1413 
47S 9.11 
Mni; 

__ 15/1 NL 

Cws B2r 17/3 NL 


Cus B4r 
Cus Kir 
Cus K2r 


781 NL 
unovall 
unovall 


BM Ask 
Cus Sir unovall 
Cus Sir unovall 
On 54r 407 NL 

lntl r 466 NL 
KPM r 1X19 NL 
TsFr r 747 NL 
KMPea r unovall 
LeSBMas 2183 NL 
LeftCap 1674 NL 
Lohlmret 1776 NL 
Lavme 6JB NL 
Lexington Grp: 
CLdr Fr 1184 1381 
GahlSd 286 NL 


GNMA 
Grow 
Resh 
UndDv 
Undnr 
Loomis 
Cobh 
M ut 
Lord 
Atflltd 
Bnd db 
D8V Gf 
inoom 
TgxFr 
TaxNY 
ValAp 
Lowry 
Lutheran 
Fond 


776 NL 
7.16 NL 
ISA NL 
2X17 NL 
18/0 NL 

unavail 

unovall 
Abt-tt: 

932 973 
*82 9089 
729 7.W 
330 123 

984 1033 
9821X10 
931 1X07 
&A2 9/3 

Bra: 
1488 1566 
880 085 
687 733 
Flnonrt: 
930 1033 

985 1X45 
unovall 
unovall 

XU 9® 
7417 1X86 
unovall 
1X53 IUS 
1235 1235 
«J6 933 
666 7.18 
983 1411 
686 7J1 
2425 NL 
222S NL 
Lynch: 
1180 14 M 

- 19/6 2481 

Eau Bd 1135 1181 
FedSc 989 1423 

WB 

1453 1473 

9.77 987 

634 9/2 
686 12S 
1633 17.14 
1478 1183 
460 *73 
11/3 1X22 
6.11 688 
486 498 
1463 NL 
9921 NL 
HUB NL 
11.18 1X22 
Omaha: 


Muni 

Mass 

MFI 

MFG 

MIT 

MIG 

MID 

MCD 

MEG 

MFD 

MFB 

MMB 

MFH 

MMH 

MSP 

Mathers 

.Meschrt 

Merrill 

Basic 

Caplt 


Farm 
HI Inc 
HI Oil 

mm id 
inTmi 
LtMat 
MunHl 
Muni In 
PocFd 

PIMIX 
scfTch 
, SPI Vai 

[mm am 

MkSAHI 
MwBBV 
.MSB Fd 
M*d I Gvl 
Mut Ben 

Mutual of 
Amor 
Grwth 
Incom 
Tk Fra • 
.MHQuol 
I Mut Stir 
Mat Avia 
Mat Ind 


Baton 

Band 

CaTxE 

FedSc 

Grwth 

Prefd 

Incom 

Strati 

Du Ex 

Totfte 

Folrtd 

NotTele 

Nationwide 

NatFd 

NatGIh 

NotBd 

ME Life 

E BOlll 

Grant* 

Incom 


9J1 NL 
5/8 586 
434 937 
’ 937 1473 
1489 NL 
5473 NL 
9/8 1436 
1186 NL 
Securities: 
1X93 !SJ« 
X22 3/7 
11 JO 11.13 
1160 1144 
835 468 
734 731 
413 7/7 
482 *82 
444 4*1 
4*8 6/5 
787 444 
11.77 1X08 
Ftls: 
1410 1412 
7J> 4/1 
929 HUM 
Fund: 
unovoil 
unovall 
10X7 11JS 


Ret Ea unovall 
Tax Ex 476 738 

Ne u btrger Berm: 


Enrgy 
Guard 
Ubly 
Mcmhl 
Partn 
NY Mun 
NY Venl 
Nowt Gf 
Newt Inc 
Nicholas 
Nlcfcal 
NkA II 
Nchinc 
NE inTr 
NE InGr 
NovnFd 
Nuveen 
Omooo 


BM Ask 
17J6 NL 
3486 NL 
381 NL 
682 NL 
1/80 NL 
1-08 NL 
7J6 404 
2427 NL 
424 NL 
Group: 
2607 NL 
11.90 NL 
UO NL 
11/4 NL 
IIJ8 NL 
1260 NL 
7JB NL 
1X72 NL 


Oppwnhelmer 


AIM 
Direct 
Eg Inc 
Onpen 
Gold 
HI Yld 


Fd: 


Boev 
Sped 
Tar oel 
Tk Fr* 
Time 
OTC Sec 
PcHzCOI 
Paine 
Allas 


1534 16/4 
1417 1*36 
681 785 
&2B 9JH 
680 7.10 
1493 1X16 
21J5 23J3 
1189 1287 
19/1 21J1 
1535162 
7.94 434 
9181 9X08 
1538 1438 
1X25 NL 
tNeUbor: 
464 9/9 
1X22 14/5 
9J9 1X22 
*J4 1X21 
VJ81X2I 
1X76 NL 
831 NL 
414 NL 
1035 NL 
786 889 
Series: 
1496 ll.*8 
143* 1632 
1334 140 
834 981 
1181 1X71 
1033 

Grp: 
496 780 
831 464 
21.17 2X30 
Ptlo Fd 1X0 1/54 
Fund: 
880 9-73 
3031 3230 
15.15 1686 
1330 1/31 
USD NL 
Funds: 
unovall 
unovall 
■35 NL 
1X33 NL 
unovall 


GNMA 
HIYId 
invGrd 
POXWM 
Pam Sq 
Pram Mu 
PermPrt 
Phlla 

Phoenix 

Be km 

CvFd 

Grwth 
HIYW 
SlOCk 
PCCp 
Pilgrim 
Moa c 
Moo in 
PAR 


Fund 

II Inc 

III Inc 
Plllrna 
Price 

Grwth 

Gthlnc 

Incom 

inti 

Ere 


N Harlz unovall 


ShTrB 

TsFiT 

TKFrSl 

PrtnPTE 

Pro 

MedT 

Fund 

incom 

Prudential 
AdIPfd 
Eauitv 
GJtti nr 
GvtSc 
HIYM 
HYMu 
MuNY 
NDec 
Option 
Qualtv 
Rsch r 

pU thlty 

Corn, 

CalTx 

Coal, 

CCArp 

CCDac 

InkaSc 

Int Eg 

Georg 
Grains 
Hmtilh 
HI YW 
Incom 
Invest 
NYT* 

optn 
Tax Ex 
USGtd 


531 NL 
0/6 NL 
SJ33 NL 
*37 e.n 
Servlon: 
471 NL 
*37 NL 
8/1 NL 
Bache: 
2X02 NL 
1401583 
1466 NL 
nun i4ic 

932 10/2 
I4JU.M.7B 
1039 NL 
1131 1287 
1446 1581 
1/88 1X16 

433 NL 
1137 1231 

Punas: 
1331 144/ 
1X44 1/11 
732 NL 
4582 46.** 
4661031 
1099 1231 
1664 1783 
14*8 1230 
14781230 
1637 16/7 
1534 143/ 

434 7M 
9.9S 1004 

1481 1534 
1083 1180 
2135 22JI 
1431 14 91 


vista 
voyag 
Quasar 
Rainbw 
ReaGr 
RochTx 
Rove* . 

SFTEdt 
Safeco 
Eouit 
Grwth 
Inco 
MunK 
^IPOUl 
Catrit 
Grwth 
inco 
Sped 
5cudder 
CalTx 
Devrl 
CapGr 
Grolnc 
Incom 
lntl Fd 
MMB 
NYT CX 
Security 
Action 
Band 
Eautv 
Invest 
Ultra 
S elected 
Am Shs 
SpI Shs 
SeUgtnon 
CapFd 

CmSIk 

Comun 
Growth 
Inco _ 

MassTx 

MletiTx 
MiimTx 
Natn'x 
NY Tex 
cnioT* 

Sentinel 
Baton 
Band 
Com S 
Grwth 
Secnioto 
Sentry 
Shecrson 
ATIGt 
AorGr 
Appro 
Cal mu 
F tfVol 
Glabot 
HIYW 
MoGvt 

MMun 

aSTS 

Sierra Gl 
Sigma 
i Caplt 
Inco 
invest 
SpcI n 
Trust 
Vent 
SB Eatv 
SB IB.Gr 
■Jen In 
Serlninc 
Sewer 
State Bond Grp: 
Com St 5.13 S/I 
Diver* 621 461 
Praam 7/1 432 
StFrm Gl 9.17 NL 
SIFrm H 1286 NL 

isistraef_Inv:, 

Exch 80/9 NL 1 
Grwth r 0.13 nl 
I nvst 6X70 6X07 
Steadman Funds: 
Am ind 2.70 ML 
ASSOC 82 NL 

invest I JO NL 
Ocean 5.92 NL 
Stain Roe Fds: 

Band 8/1 nl 
C ap Op 19/5 nl 


BM Ask 
1480 1417 
1Z.72 1639 
4X0 NL 
1*1 NL 
1X12 1434 
*82 1473 

737 NL 
9/3 140 

Secur: 
938 NL 
1631 NL 
T1.V1 NL 
11/2 NL 
invest: 
9/4 1426 
1083 11/3 
9/5 HUB 
1639 NL 
Funds: 
9/6 NL 
S/43 NL 
1381 NL 
1230 NL 
11.76 NL 
21/4 NL 
731 NL 
1410 NL 
Funds: 

738 

729 X1B 
S3* 586 
413 089 
782 422 
Funds: 
1085 NL 
HUM NL 
Group: 
933 1473 
1X00 1X14 
752 422 
S/1 635 
1185 12/S 
7.11 7/6. 
724 7/0 
733 7SZ 
720 78* 

7.16 782 
734 7J9| 
Group: 

9 M 1085 
420 478, 

17.16 1073) 
1X65 1343 
39/0 NL 
1416 1134 

Funds: 
70.95 NL 
141* 1473 
17.92 I4H7| 
1X97 1/71 
40 676; 
1924 2478 
1825 1921 
1X84 1382 
1X0 1/12 
1/14 1488. 
531 NL 
1425 NL 
Funds: 
1X86 1/05! 
7/2 433 
129 451 
687 7.18| 

11.17 1221 
491 920 
11*2 NL 
479 9J3 
1/09 1423 

Z64 NL 
19.13 2414, 


Disev 

Sped 

Stock 
Tex EX 
ToiRal 
Unfv 
StratCdP 
Strati nv 
srrat Gth 
Stronpln 


NL 
15.13 NL 
1/07 NL 
832 NL 
21/9 NV 
1/83 NL 
6/1 7221 
5/5 4T7i 
1464 NL, 
1721 NL 


BM A9k 
SlrngT 1453 NL 
Tel incSh 1/00 
Templetun Group: 
Fran 1481 1131 


Global I 
Glob II 
Grwth 


3224 

1436 1127 
6/3 1082 
H/5 1X73 
Thomson McKinnon: 

Gwth unavaU 

Inco unavflll 

Door unovall 

Tutor Fd 17.76 NL 


20Wi 
Gift r 
Grwth 
Select 
Ultra r 
USGv 
Vista r 
USAA 
Grwth 
Inco 
Sblt 
TxEH 
TxEII 
TxESh 
Unified 
Acum 
Gwth 
Inco 
Mull 
Untied 
Acem 
Band 
Gvt sec 
inlGfh 


Cenlurv: 
/i9 4jn 
12/1 NL 
22/4 NL 
444 6/7 
1412 NL 
4J4 4J6 
Group: 
1X17 NL 
1035 NL 
1330 NL 
1134 NC 
11.11 NL 
1433 NL 
Mcmnt: 
495 NL 
I7J9 NL 
1139 NL 
1X83 NL 
Punas: 
7J1 443 
SJ9 539 
519 5/1 
SW 


Con Inc 1/53 1538 
HI Inc 1X37 1437 



MuSht 
Weilsi 

WMItn 
wndsr 
venturln 
woiist 
weta Ea 
Wstart) 
wood 
devea 
Neuw 
Pine 

YesFd . . 

NL — No load 
(sates chare*) 
t— Previous day* 
auota. r- Redemption 
Choree may apply. 
—Ex AvIOhxL 



Ami 

dm# 
emu 
tin W 
dm no 
tin 100 
dm IN 
tin IN 
tinlSB 
tin NO 
dm T2D 
dram 
am in 

dm 158 
tin JU 
ae an 
dm no 
drain 
tin rag 
tin# 
dm 50 
dm WO 
Cm in 
tin no 
tin HO 


Scouil, 

JoOtii SfnHtOjuHMf 

Juice CaLk) 

Kontti Elactrlc PtM»r 

KabaOtr 

Koto City 

KobaOh 

KnbaOty 

Koto arv 

Koto City 

KatoOtr 

KabotaLM 

lonp-Tgnn Credit Bonk 
kUtUblM Hsovy 
4MX0M9I Haoa* WAv 
MftmobM Haovy X/v 
MltaHM Metal WAV 
NtopM Credit Bo* 
Nlpptii Tei aixu Tdetii 
nMhmWetdiHVar 
Rtirltas Waldi X/w 
Sianttano FknKi tide 
SwnHemo Finonoi Ada 

Tokyo Eladric Powvr 
Y o ka t ai ii ai Oty 


-Yi««- 

MiJdW Ave 
Ual P'i« Mol LttQCtir 


WAV Apr 
5%8IFvb 
7%-8a Mov 
7%-MFCb 
Wasajtx 

WV«n 

tn vjua 

nh-DOcf 

8 ">0 Jul 

7 13 Jim 

7% SO Apr 

8 hkn 
7% V Doe 
JW-BfAnr 
MVIKr 
3% 19 Dec 
7%H Apr 
SVISFob 
5% 18 Jul 
M 88 Jut 
7% 90 Nov 
8 *1 Au* 
MseSMov 
a 84 Aug 


raid 

144 

101 % 

HI 

0% 

102% 

M8 

w% 

ran 

161% 

m 

wit* 

KO% 

iimv> 

60% 

« 

rank 

IBM 

HP 

M1V, 


LUXEMBOURG 


dm ran Arbcd Finance 
«*» g2SS?SStitirej 


6%-87 Jen !*% 
9 87 Jan 188% 
7%-Mtim Ml 


MEXICO 




6 83 Apr 19% 
7% n Jan 99 

-- -- 8 84 No* rank 

tinraa Common Fed EtodMc TH-BKa* ran* 
tin 156 Cwn&IonFtaElectric 4%8BAie 97 
tinUD Nadaxti Flmdrag II. 90 Mar 10ft 
dm ran PWiimi PNralao i Wexlc 86 Jan VP* 

MISCELLANEOUS 


tin in Arab Bonus Qn> 
*n88 Ind Mlnta Dev Bk ireo 
tin a Ita Minin Dev Bk Iren 
tin in MaknrPa 
tinlSB Mogul France 
dm 150 MosalFlnancB 
tin 108 Nan BataOtHuifary 
tin W0 TreMBrapNaturGa 


8 88 Sap 
7% VMto 
7% 87 Jul 
6ft 88 Sop 

4%-njoi 

8% 94 Jon 


tf% 

99% 

97% 

US 


aft IB Nov 99ft 


■93 Nov W1% 

NETHERLANDS 


dm 135 
tin 290 

tints 

dm IH 
tin IH 
drain 
Ann 


dm IBB 
dm SB 
tin 140 
tin 200 


dm 80 
drain 
dm UO 
draw 
tinraa 

tin UB 

dm 100 
dm 200 
dm 150 
dram 
tin 29 

tin 20 


tin 59 
dm 75 
dnS 
tins 
dm» 
dram 

I 

dfliUD 

» 

M 

mis 

£8 
tin in 
tin HO 
drain 
dm in 
tin in 
dm 88 
tin 78 
tioU 
dnH 
drain 
dm 80 
dml50 
dm 150 
dins 


AfctoNv 

Baxter Ttuvenol laH 
BlrFkxxu 
EPM (hoetavHaegevi 
Saw m o e ic ii H oooovi 
NwtotkxK ha Gcaume 
Phinpi Gtoeflnmami 
Ptmkn atoai lanp W/w 

FhntaGlaAataea 
Robotank Nederiata 
SheU ton FManat 
StoO lntl R nance 


9 90 MOV 

7% 94 Feb 
7*-94 Doc 
8ft 85 Jim 
7% 88 Aw 
9 *88 Dec 
9% 81 DOC 
JftVlDK 
8ft92Jun 
7%94 0cl 
6ft-87 Asr 
6% 89 Feb 


183% 

JS 

rant 

I82n 

H5 

M8% 

rat 


NEW ZEALAND 


NewZMkM 

NeeZatista 


NawZoakmd 
Now Zealand 
NawZtokmd 
NewZatiota 
Now Zealand 


5% 86 Mor 
7ft II (toy 
7%-HNov 
1 %-vJan 
7 87 Fab 
9% 87 Jul 
7% 87 Sap 

7% 88 Jul 
BUWOcf 
9%WDac 
7% -71 APT 
7% TIOd 


NORWAY 


AnW Oo 3antaot Mr* 

AreWaoSonpdalVerk 

aersonatv 

Beranaty 

Den Nome Induslrvbk 

Den Norsk* Industrftk 

Narpw e. 

NargaaHvtoMdonxdn 


Noreos Kommuredbonk 
NoratoKon i rMuHhaak 
Moran Kanmuntibonk 
Nonas Koranxeralta* 
Nona Kemmurafttiti 
fkxws Kommunokxx* 
Horan Koamonolnnk 
Maratae 


Norsk Hydro 
Nonk Hydra 
Honk Hyttn 
Mores Hydro 
Oslo atv 

(Ha OtV 

atioatr 
ostaatv 
oda atv 
SraKvIna 
Siotob Don thnfce 
Staton Don Ncrske 
Trandhakn CHv 


W 87 Dec 
w%VJnt 
HBMir 
7% 89 Fob 
6%89Jun 

6 89Mav 
3% 85 Mar 
7% 87 Mot 

8 89 Nov 
mmoa 
8% 87 Mr 
6% 89Jan 

7 89 Anr 
7% 89 Aug 
6 890 k 

6 90Aw 
7% 91 Jul 
8%-94 Dec 

8 88 Jm 
k tit Nov 
7% 88 Dec 

7 89 Jul 

9 -DMar 
6% 89 Jut 
Eft 92 Jan 

9 928to 
7ft 87 Jan 
9 87Mor 
8% 99 Mar 
«%90Jlli 
7% 83 Mr 
8ft 85Jwt 
6 -8IS0P 
6ft 89 Mar 
5% 88 Apr 


100ft 

in 

99% 

M8% 

m% 

H2% 

nu% 

118% 

raw 

ram 


166% 

107% 

raa 


BM 

ram. 

99ft 

rat 

161ft 

99 

«% 

nn% 

104ft 

ran 

Hft 

Ml 

ISlft 

Ml 

raw 

IBS 

HK* 

m% 

rat* 

ram 

tom 

ram 

rank 

99ft 

9(19 

97ft 


zn ra.% 

7/0 IM 

509 153 , JT 

673 688 7/7 
558 US 
US Ut 651 
A# 456 
680 7JU 

7.19 7.73 

611 497 

4/7 661 7.16 
7/1 TXT 
673 7/4 

237 335 

9.19 423 

357 119 

7.11 7JB 
6U 557 
331 439 

7/7 599 

7J3 701 757 
4/9 7/1 

6J4 658 

6/1 158 7/8 


755 687 
8/0 493 
694 7.14 


926 605 
7/4 7J4 722 
IM 723 7/3 
655 655 731 
7/2 8/7 6M 
9/8 1838 
727 702 
8M HL19 


IM 7X3 

tm *53 
692 731 MS 
777 774 801 
7.11 653 

7/6 751 7/5 


Ul 7/4 873 
7.13 730 

7# 7/3 

6/7 6/5 845 
756 747 771 
654 6/9 7/8 
689 939 

146 349 

7/1 BD 

754 759 

634 686 *47 
642 615 60 


6M UO 
TM 67* 746 
593 5J9 752 
6» 637 
686 673 658 
753 893 
458 TM 
4/S 7/6 
7.11 7JB 
731 80S 
731 734 
7.17 732 


7J9 - *51 

837 9/1 

6JM 5/7 8/8 
6/S 651 7.15 
674 673 67S 
608 614 642 
474 S74 

732 732 735 
649 479 4.13 
643 641 US 
BID 7/3 8/4 
448 444 62 
641 686 686 
697 673 737 
624 6J6 686 

637 6# 611 
7/9 6# 751 
TM 737 7/2 
700 £N 778 
633 615 688 
6W 675 7.18 
659 6/6 690 
8/5 851 491 
653 6# 670 
TM 7.19 Ul 
774 754 8 M 
372 527 736 
748 654 075 
7/2 737 846 
6/0 651 671 
7.14 7/3 748 
/U 611 836 

638 6# 685 
640 6/4 652 
651 6/1 589 


PHILIPPINES 


tin HO Ptmwlnn 


6% IB Apr 99% 9/0 

SOUTH AFRICA 


tin no 
tin rag 
tin in 
tin ns 
dm 150 
tin in 
drama 
tin MB 


Sutih Africa 
5titii Africa 
SOuOh AJrta, 

South Attica 
South Africa 
ESeom Badr Supply 
Escom Etactr Swot* 
EScotn Electr Supply 


M-aSNev 103* 507 587 825 
7% 86 Nov Wl* *89 6/5 754 
7 77 NOV 102% 614 591 695 
8ft *1 tec TOM 2/8 615 

7% *2 DOC 99 7/3 7JO 

8ft-85 Apr 181 M8 173 842 
■ 86 Mar 182% 577 U8 751 
6% 87 Sen 77% 7.19 733 636 


Am: 

am TO 
dm in 
dm 158 

Cm in 

tin 150 

ris 

dm HD 
dm HI0 
drain 
dm me 

sss 

tin in 
dm no 
tin 150 
dm in 
dm U 0 


dm ISO 
dm 156 
tin ISO 
tin no 
drain 
dm 150 
dm 158 

am in 
dm uo 

tin 250 
tin iso 
dm 150 
drain 
dm 200 
tin 100 
tin 150 
dm in 
dm ISO 
tin W 
drain 
tin 158 
tin 135 
tin MB 


Seturif* 

EiCBm eJtdi SuooW 
Exam EJvcfr 5uti**r 
Exaxn EkctrSuBft- 
Escom EJeclr SubpIv 
E jcom Clear Swoiv 
Escom ElectrSuoal, 
Iscor Iron Steel 
l icor ind StnH 
Hear Iran ShnU 

Inr iron Steel 
Hear Iran SM 
JsRnietieraOTv 

JahcmesOura Oh 
Jot to P oA wB Cnv 

POP TEtacam Pramta 
Post Taiecora Pretoria 
South Atria, RoUwori 
South Africa Tromoar 


-Yield- 

MiOdl? , 

MCI PiKe Mdl LUC Cur, 


ViiVNOT 
7 VMor 
IftYOApr 
9ft*PJUl 
I flAor 
8%-92 Sop 
7% Jun 
7 t? Anr 
7 88 Mar 
9 88 Mar 
5ft » Nov 
84 XP 
.. 84 Oct 
4% 87 Sop 
■ 90 Oct 


18 


194 

99% 

TOft 

104% 

(Pi 

lfl% 

raft 

99% 

98% 

M3ft 

101% 

ra 

184 


7ifi 8/9 
734 744 ,JB 
1/5 831 

831 957 

SM «J 
7.93 All 
7/0 757 7.74 
739 752 704 
745 7/0 7/9 
7/9 938 

7.93 7/1 135 
7.95 7/4 BM 
748 <0 

752 834 444 

7.95 U0 
7.95 831 

734 7.M 745 
7/3 734 


SOUTH AMERICA 


Aratnluw 


Arganltnc 

Brasil 

Snail 

Brail 

Bratf 

Brazil 

Brmfl 

VknereeH 

Venezuela 

Vmrnxta 

Bta laraentael 

Bndelbrazfll 

BDMUnzzlII 

Comp Eiwra Soa Paula 

Corap VoW Da Rio Dace 

EMrabraf 

Elatraxto 

Etetrobrn* 

Uo«rr5erviC8S Brozfl 
UgA-5ervtan Brazil 


4ft8SMar 
eft 88 Nov 
7ft 89MOY 
6% 85 Feb 
■l mod 
7% 87 Jan 
8 87 Aw 
4%870d 

9% 18 Jun 
4 88 Mar 
4ft -90 Nov 

9%taHov 

7% 84 Mar 
4% 84 Mar 
8ft 87 Aar 
7 -27 Nov 
8ft 84 OK 
4% 86 Anr 
7 87 Feb 
7 87 Sap 
f% 84 May 
8ft *8 Jon 

7 MOri 

8 KOrt 


99 1354 

95ft 7/0 
*7ft 819 
99% 7194 
Hi% 7J9 
97ft 8/8 
l*ft 8/4 
99% 678 
103ft 834 
94% 7.94 
92% 819 
105% 855 
97ft TM 
98% 938 
Ml ft 7J1 

reft 7/8 

Ml ft 7/8 
97* 8«I 
94% 878 
97 838 

97ft U0 
99% 84V 
97 7JM 
MV, 838 


SPAIN 


657 

830 '6/1 
8S5 7/9 

6/1 
7.14 840 
744 
812 
6/1 676 
tm 
937 633 
885 7JM 

831 934 
?5» 
4X7 

731 837 
7/2 7.11 
737 BJ7 

690 
7J4 

9JR 732 

691 
839 854 
851 732 
Ul XD 


615 


pn HO Auraor 




4 88 Mav <7% 691 
8% *2 Aw H4V, 744 

7ft-88 Feb 108% 7.17 685 743 
8 -840c, 101% 735 69? 7.91 

5% 17 Oct 99% 494 698 677 

FA 16 Feb 108% SS8 *91 897 

■V Jon 101 TM 731 7/2 


7% 92 Jan 99% U2 
8 %-91 Mav 101% 757 
» -«2 MOV 113ft 753 


7/3 

7/9 

891 


SUPRANATIONAL 



10 



dm 100 
dm in 
an 135 

tin 160 

dm 150 
tin 150 
dm 150 
dm 300 
am uo 
dm no 
dm 7$ 
tin 125 
tin HO 
tin ISO 
dm ISO 


tin 150 

dm MO 

tin no 


tin 33) 
tin 250 
dm 200 
dm 308 

drain 
dm 30 


-Slow 

8J& 

umIDI Uf trurape 

Coundl Ot Europe 
Council Of earape 
Council Ot Europe 
Council Of Europe 
Courted Of Europe 

Council Of Europe 
Council Ot Europe 
Co Euro Coat 8 Sloe! 
Ea Euro Cool A Steal 
EaEuraCtiU&SM 
Ecs Euro Coal 6 Steel 
Ea Euro Coal ASM 
Ecs Eure Oral ASM 
Ea Euro Coal 6 Steel 
Ecs Euro am 6 Steal 

tolls cSifito! 

Ea Eire Coat ASM 

Ecs EwacealASM 

to Eure C0BI & Stnel 

to Eure Coti 6 HM 

EcsEureCealiSM 

Eec Euroo Econom Com 

to Eurap Ecaxxn Com 
Eec Eureo EccnamCom 
Eve Euros Econom Com 

BgBS 

ISSE 


EBEuran limit Bart, 
ElBEurep invest Baik 
ES> Eurap irrwat Bank 
ElbEura invest Boat 

El b Eurap invest Bank 

Cim ut utn 
Eur ota u i 
Enruhraa 


7%-8/Jun 
I <7 Hov 

8 YiAnr 

7 *85 Apr 
5ft-88 Mov 
7%-89 Aw 
18% 19 Oct 
M -96 Mov 

Sft-reNev 
7% VI Mor 
ID *1 Apr 
91412 APT 
9% 12 Aw 
8% 12 Nov 
8ft 13 Nov 
7% *4 Apr 

8 14 Sep 
6%PNev 
6ft *8 Mar 

7 88 Jul 
8ft 88 Jut 
4% 18 Nov 
7% 19 Mov 
TftWOcl 
10 WlApr 

MU 91 Od 
W *3 Feb 
8% *2 Jim 

8 *2 Jul 
8% 12 Nov 
Tfc-WFrt 
8% 13 Jul 
8% *3 Nov 
8% *4 Fib 
7ft 14 Dec 
8ft « Apr 
7ft-88 Mov 
7% -84 Oct 
HiffJgi 
6ft V Jul 

7 88 Jen 
6ft 80 Apr 

-81 Nov 
■88 NOV 
..j-88Dac 
7% 10 Jen 
10 Apr 

8 10 Aw 
10 It Mar 

7 H Apr 
7ft *2 Bap 
7ft *3 Jan 
6% II Jan 

8 16 Nov 
8 12 Jen 
8% 17 Jun 
KM 1300 
*%-98 Anr 
8 -WHO* 
7%-95 Feta 
7ft-9# Nov 
7V,-86 Mar 
7% 1600 
6ft 17 Mar 

6 17 Sez> 
6% 18 Feb 

7 18 Jul 
6 19 Aug 
Eft 19 Nou 
5% 18 Men- 
4 1800 
9ft-90 Doc 
6ft 11 Jen 
5% 17 Nov 
7% 13 Apr 
4% 37 Sen 


4 

7%\ 

fftl 


181% 

ram 

w* 

man 

97% 

U2% 

112% 

H8% 

W€% 

MSft 

188 

108ft 

Wk 

M6% 

M5% 

M3% 

ram 

98% 

18 

100ft 

ram 

90% 

HI 

raw, 

108% 

raw, 

ram 

w 

183% 

ram 

HBft 

188 

HOW 

UM 

now 

180% 

181 

raift 

104ft 

108% 

102 


ram 
788ft 
MJft 
*4% 
104 
107% 
99% 
111ft 
HI ft 
W9ft 
103ft 
ram 
106% 
in 
now 
ram 

183 

100% 

181% 

102 % 

99% 

99ft 

108% 

1017k 

*9 

103ft 

96ft 

Mb 

707% 

99% 

98% 

100 % 

100 


7/3 

7J4 

in 

4/7 
666 
7 AS 
951 

935 
tm 
75) 

936 
■53 
850 
7/1 


645 
Ul 
741 
4/7 
648 
689 
746 

804 

753 
7.15 
839 

757 
7/5 
751 

7/5 808 

IM 757 
749 IM 
679 TM 614 
6/8 7JD 62S 
414 67* 4/7 
6 B 1X4 
602 7.14 437 
694 674 7.M 
691 635 753 
820 757 932 
834 773 934 
613 741 9.11 
880 750 841 
739 7J4 

7J1 7ft TM 

745 MS 7/8 

738 754 8# 
172 7/1 7/9 
7/6 7/1 7.95 
744 745 7# 
7.17 7# 8# 
6/4 613 743 
654 607 7/1 
7JM 930 
83! 619 6# 
624 IH 666 
618 1# 644 
833 6/7 

6/7 616 749 
618 73* *09 
7.11 7/4 

610 6/1 543 
759 759 

548 751 937 
7.14 7/1 755 
7/0 743 TM 
125 7J9 739 
616 748 B/7 
IM 7/1 7 JO 

732 7J2 

744 757 

877 802 938 
814 7/1 8JB 

758 730 7J4 

746 739 7/8 

731 743 

458 U0 736 
608 533 754 
6/1 671 652 
61* Ul 60 
60 611 6# 
653 638 6/1 
635 442 606 
7/0 031 

606 6/5 144 
672 631 

7.91 856 

6/1 656 

644 Sffi 

733 734 
621 622 625 


Ami 

am 100 
amid 
dm SO 
dm SO 
dm TO 
dm 100 

if 

dm 100 

dm no 

» 

ansa 

£1 

SS™ 

dm 200 

Si 

tin 400 
tin 250 
tin ISO 

Hi 

Si 

dm 100 


Seesni- 

EuraHrtw 

EuroHmp 

Euroftma 

Eurotkna 

EuraHma 

Euroflmo 

EuraHma 

Eureflmo 
EuraHma 
Eurofbna 
E oroHmo 
EunrfIPW _ 

Iittar-Anuxlcpn Dev DJ 

Inter-Amortcon Dev Bk 

lotar-Anwricoe Dav Bk 

InterAnartm D*V Bk 

inter-Amrricon Dev Bf 

Mur-American DevBfc 

MerdK Investment Bk 

Work, Bank 

World Bank 

World Bank 

Wold Bomb 

world Bank 

World Book 

world Bank 

world Bank 

World Bank 

WarMBank 

world Bank 

world Bank 

World Bonk 

World Bart 

World Bonk 

World Bank 

WeridBB* 

World Bank 


Mkldte 
Mol Pr«« 


5ft 18 Feb 

tft-MMor 
8 1800 
5ft 80 Nov 

4ft 19 Feb 
Jlh *8 Jot 
8ft *800 
7ft *1 Mor 
16% *1 Nov 
9 -92 Apr 

7% -91 Jul 

71b *4 Mar 
8ft165a> 

7 17Jti» 
<% 17 Jun 
4% VIM* 
4% 18 Jan 

8 19 Jul 
4%-84 Jan 
5ft IS APT 
4ft IS Mav 
4 »Sto 
■ 14 Jan 
IB 14 May 
7ft 14 Jun 
71b 14 Doc 

7 -87JCPI 
5% 17 MOT 
4ft 17 Mir 
4% 11 MOV 
SftlSJuo 
4 ISAw 
7% HAW 
5% *8 Feb 
» -70 Mav 

8 *0 AW 
II -91 Sep 


reft 

HOft 

110ft 

M% 

KHft 

18 % 

ra*% 

103% 

111 

181ft 

1BZ% 

182% 

W 


99ft 

98% 

MZH 

100% 

s% 

TO 

inft 

IBM 

182% 

102ft 

187% 

108ft 

108% 

IBM 

104ft 

98% 

103% 

46% 

111 % 

IDift 

111 


——Yield-' 

Ave 

Mjl UfcCvrf 


tat 44* 
627 6B4 
7.19 *24 
602 622 
677 S.IB 
654 
7JB 
673 
8JB 
70 
735 

6J4 675 

4/4 TXT 
694 1X3 
673 
734 

IS 53. 
S54 

IS 627 

tS/37 
5.49 451 
62* 

6/7 6/1 
636 

6D- ire 
694 
635 
671 

6/4 6H 

731 

6N 

750 


750 

5/0 

624 

729 

725 

724 

*33 

129 

7/4 

TM 

60 

697 

678 

678 

633 

75T 

623 

5M 


758 

*51 

730 

735 

6/1 

67/ 


SWEDEN 



Srndtti EjostI Croat! 
SwreUsta Export Gnxffl 
Swedish State td 


8 17 Feb 
9% 87 Apr 
* VIMiv 
9% 18 Mar 

7% 19 Jul 
7ft 19 AW 
/ 19 Dk 
8% WOK 
m'BSeo 
9% 12 Mar 
7% 14 Mav 

6% W MOT 

5% 18 Jon 
5% 18 May 
7%86 Job 
7ft 17 Fob 
7% 19 May 
8% 17 Apr 
7% If Fab 

4% 17 Mar 
7 18 Mar 
9ft IT fine 
10%-91 Nov 
7 IS Mar 


££ 

W*% 

105% 

M7% 

$£ 


108% 

Ngjb 

100% 

E* 

97% 

Ml 

188 

Ml% 

■SK 

IWb 

M4% 

189ft 

w* 


7.11 7M 

8/3 956 

TM 67J 

7/5 *0 

698 753 

JJS IM 

655 673 6U 
751 TM 

7.14 70 

609 697 

738 758 

6/1 650 673 
638 691 691 
651 7.11 558 

692 667 7/7 

70 70 70 
688 735 

608 756 8/4 
IM 690 731 

693 7JH 628 

694 688 699 

70 90 

■36 M2 934 
All <U3 697 


SWITZERLAND 


Tft-fOJui re Hi 
MNDK 181ft LK 


tw5s Bank Carp Fk, 

UNITED KINGDOM 


tints 
dm rag 
dm NB 
tin 258 
dm 88 
dm 123 
dm 288 

dm 58 
dm 50 
am rat 
tin MO 
din TO 
dm ISO 
dm TO 
Units 
tin TO 
dm TO 
dm TO 
dm 125 
am TO 
dm 75 
dm TO 
TO 
tin 121 


dm 70 
tin TO 
tin 150 
dm 120 
tin 100 
daiMD 
tin US 
tin 158 
tin TO 
tin TO 
dm 108 
finis 
dm TO 
tin TO 
dm TO 
tin TO 
tin TO 
tin 208 

dm TO 

tin 108 
draw 
dmzn 
tin 19 
tin 108 
dm MB 
dm t2S 
tinire 
tin 250 
dm 108 
dralOO 
tin TO 
dm Ul 
dmS8 


junta ChemtaU 0/1 
BarcUn Ora Invaat 
BarckmO/b liwavt 
BbrckmOra Mvest 
taxsConttamfolFin 
B eadramFlntiuJefiiM 
Baecham Group 
Bomatpr lntl Fbwnca 
Burntotuhl 
CaurttiiktsInttFin 
Guest Keen Hell Maid 
id lntl I 
Id lntl I 
Id bdl I 

1779 


Mkfctalntl Finance 
Natl Wctim Inter Bart 
Natl We s tmi ns t er Fki 
Natl Westminster Fin 


7ft 14 Fob 
6% 19 Mav 
8%-91 Jun 
mb-WDto 
8ft *200 
tft-9200 
7%-HNev 
SftW Jun 
■ft 15 Nov 
/ft 17 Jul 
8% It Nov 
7ft X6 Dec 
6% 17 Mav 
Oft 12 Mar 
4%17AW 
7 18 May 
8ft IBOd 
1 TO 00 
T7 VI Oct 
9% II Jan 
7ft *3 Aar 
7% TO Jaa 
7 TO Fib 
4ft US Jim 
6ft 17 00 


•5% 

mi 

SS 

IBM 

im 

104% 

HHb 

IBP 

104% 

wire 

m% 

99% 

(8ft 

Ml 

181 

184% 

Ilf 

1 12% 

ire% 

100ft 

MP% 

«% 


7.19 

677 

7/0 TM 
TM 743 
758 TM 
731 
734 
Ml 

6# 665 
648 647' 
681 

655 628 
5/8 539 

652 653 
12b 7JS 
698 618 
M2 

670 6/7 

731 

756 

TM 

IM 697 

673 644 
691 

653 655 


735 

678 

Bfffc 

7X5 * 

777 

731 

115 


60 

651 

685 

7JU 

825 

TM 

934 

US 

731 

731 

695 

657 

651 


UNITED STATES JkMERlCA 


___Inti 

Awm Ita Flreocr 

BanfctiMrico Ora 
Beatrice Foods 0/3 
BartflckX ora Flaanc 
Bkxti fc Oadrar Flnane 
CH-HeaevtoU Bail 
C ltkorpO/l Finance 
Commodore Finance 
btiJiarf Ora CopHaf 
Gone OA Finance 
Gould Ml Fbnmce 
GwMIfltl Fbxmce 
loll Skmdant Elearl 
iittf Standard ENKtrf 
lidl Staadord Elodil 
lltAltfllTO 
IttAntOtaS 

AKdiimM* Flaanec O, 
Mahtaahb Finance CO 
McdonoMi Finance Co 
PODdcnQraFlnanai 
FhDlP Morris MH CD 
Philip Morris lntl Co 
PtUIlP Morris lntl Ca 
Reynolds Rl Oft 
Sperry Curacao 
SterOopWInlhrapPra 
Sun lntl Finance 
TBOMCalnll 
unllad Tedmotastei 
United TcdenftglH 
WeUsForaalnflWTa 


5ft 17 Jan 
TftTOFdb 
5%-raitov 
7%-re sen 
9ft 19 May 
9ft 19 Sen 
SH-fOJ*u 0 
■ *2 Jan 
7ft *2 Jen 
9% -89 Jul 
8% 17 00 
«%«D0C 

7% 91 May 
7% -90 DOC 
7% *3 Aug 
7ft *« May 
9% VJAuo 
7 *3 JM 
■ 1**200 
7ft 12 Dec 
7*414 Jui 
7ft TO Feb 
9ft 19 Fob 
8% *8 May 
7ft YB Dec 
7%-94 Jtil 
1 14 Jul 
7% 14 Mar 
7ft VAW 
9 rejui 
7ft 1100 
2% 12 Dec 
CftTOMov 


18ft 

M»ft 

*1 

185ft 

107% 

ram 

IBM 

TOW 

& 

KD4b 

TOM 

M4% 

IBM 

TO 

188 

toft 

ns 

102ft 

103ft 

wz* 

H7% 

IB4% 

105% 

W3ft 

HK% 

ram 

M2ft 

H8% 

MM, 

ran* 

151 


621 

139 

734 

688 

70 

7.15 

IM 

70 

TM 

8/1 

674 

70 

733 
618 
732 
7.19 
7/0 

7.18 
737 
677 
722 
683 

734 
7.U 
4JB 
699 
7.14 

7.19 

679 642 
774 
677 
634 

52JIL47 


S3 

70 

61? 

738 
8 S3 
BM 
7/2 
70 
754 
131 
196 
Iff 
752 
784 
7/B 
735 
■54 
1X4 

TM Mr 

6J8* 

70 

Ifb 

IM 

7JB 

7W 

120 

7/7 

732 

734 

lO 

7X7 

im 

438 


CONVERTIBLE BONDS 


Amt Security 


—Coo* Price nratr— 


Curr. 

Com,, yms. 

FrmJh% 1 Anil Security 


% Mat 


EUROPE 


S3) 

» 

ssu 

su 

525 
SB 
*B4 
S57 
5 3D 
SM 
599 
SM 
SMB 
SSI 
S2B 
S25 
*25 
H100 
SB 
*25 
S40 
HE 

ii 

“ss 

*15 

VS 

!b 

ICS 

*115 


9ft *4 Sod 
4F% WJun 
6ft*3J0n 
4% 17 Mor 
5ft 19 Jan 
7 *200 


Ago Ah 

Mira 79M 

ATOUlBlConil 1788 
JUumtaalaii 
Amro Bank 8597 

Babcock Nederiata _ 

BbcBrawnBeuetl534 4rt*SD*e 
me Brawn BmamXBO 4% TOOec 
Beediam Fla 339/2 4»*7Sep 

Beats Ca Lid kMHAug 

Obd-GatovO/sl/O 4 14Jul 
Credit Suisse Btitornra 4% 11 Doc 
CztaUSutae Bahamas 4% *0 Dec 
“Tnctrowoft Ftawicr 3 18 Jun 
Bsavter-Nti, 480 BfttSMar 
EmM Nv4U4 7% 'll Jun 

Ess0ie Ab 7% 18 May 

Garvafs-tenm7} 5 VJun 

KanwxiOra Finance 9ft *500 
HaraaoOira Finance 9ft*4O0 
Hoqtovens 34/2 5% TO Aug 

id Fbuice 125 awreod 

Id hAI Fin 12/77 OftreOd 
Induspe Bennu 15131 ifttSApr 
indtatieBarmudZ? 1 75 Aw 
irntershcpOras/O 5%70Od 
intenhopO/sJUO 6 73 Od 
8% 74Jon 
7 79 Jan 

__ 4% *3 Feb 

Robununs lntl l#L4B 4ft 72 Jun 


131 

92ft 

73 

87 

170 

«1 

48ft 


I Feb 82 IS Jun 96 Skr ITS - tfcr 286555 
1 Sep 49 maturity Ml 121/0- Ml 120.148 
1/Jaa 81 maturity 1SBV9 

1 See a* maturity _ 112204,5 
1 Jan 70 J! Dec OS M141J0-MI413W 
17Apr 18 15San92 Pill - n 170967 




Sandoz Finance 5JB 
Sends O/s US 
Sti>MkAtaZU4 
Slater Watior 3340 
5urveBkHus 


5 75 Dec 
MTOOK 
4% 18 Mor 
5% VMav 

6ft7]Jun 

_ 4ft ta Jun 

. .. Co ora 4% 78 Dec 

Tavler Woodrow InH 8%*0Doc 

Thom lntl Finance 7 TO Jul - 

Ubi (kRomtaurg] LOB 4ft 17 Mov 
Uta ipaoamal I5JM 5 79May 


_ 1 Jul 7* maturliv 

19ft 1 Fob 84 maturity 
1# 15Sap 78 MAw 92 
UO IFWW 1 Jul 93 
114 I Sop 7* maturity 

97 Hi Jti) 77 maturttv 

54ft 1007* maturity 

Bft 17000 29Jun91 
151 lMavre a Fab 95 Ml 39/6 - hdl TUMI 
1» 15 Jun 71 molwfly IrflSUJ-Ml 05.171 

94V, 155*0 79 j Mav 89 jkr 153 - tir J163J7 
142 l55oo72 maturity HI1461W 

371 15 JaaII 70095 PC - p86759 

382 1 Aw 81 70096 ' - 

90 1 Jon 69 maturity 

U5% 150084 10099 

102 i May 71 1 Sen 97 

82ft 15 Oct 77 18 Mar 97 
74 15 Fob 81 15 Jul 95 

93ft 2 APT 79 maturity 
94ft 1O0D maturttv 
«3ft 1 Fab 81 15 Dec »5 
MB ZJfilBS 1 APT 99 
59ft 14 Feb 74 maturttv 
124% i Jan 7] maturttv 
108 ft 1 Od n maturity 
\51 *10077 mahahv 


12SJ3/8 
IMS 
PI49-P2S554! 
D TO ■ p 177377 
5475 

siooo 

11250 

sias 


, 0 - p 111267 

MHB-Mtfcwnv 

pin 

PMO - pitUH 
PW -p 57X99S 
0 455 - P 9305/4 
*240 
*245 

P239-P0U92 
5306184 
P 618 -D 1240/91 

p *7 1/2 p ran 

S424 
*283 


IX American Con 1789 4L TOMa» 
1# Aniartcan Erprus D33 4L 87 May 
S25 AmericanMadlca4836 9%-97May 
IS AmerlcaiMalar 16I5S 4 92Apr 
550 AZD*rteenTobacc5S54 5V.TOAW 
530 Amt Incarp 19.14 5 175ap 

IS Appcke IM,Fin4124 9ft 94Jun 
SM Bonkor*lntlLu3613 5 *84Ju) 
10 Barnett Ora Fin 2534 7 >a9BAw 
* 20 Beatrice Foods57.14 7ft 98 Nov 


S2S Beatrice Foods4173 
*25 Beatrice Foods 2SJI 
525 Beatrice Foods 4194 
S25 Blocker Energy4671 
535 Braadwav-HaMT/M 
S7 Carrier0/s240 
*15 Cdc Central Oat 1655 
550 Charter InH FI 2651 
550 Chevron Ora Fm 6437 
*40 Chnrster ora 1613 
148 Chrysler O/i ll/l 
Sill Cnmaailntl2644 
125 Cadi Td 101018 

*31 Crutcher Flaanc 290 _ 

SIS CumatasIMFlnlXS iftTODa 
128 Cummins ml FM Z7/5 5 18 Aw 
, SM Damon Coro 1175 
tin Til Deatxhi T«aea 5# 

*1 Dldauhanr Inll 26H 
111 DbtamFlntiKe33.98 
SIS DvnaledronInt61/1 
*71 Eastman Kodak 100 
*15 El Era Lato ln< 21/8 


6% 91 Aw 
4ft 92 Sen 
4% 93 Aw 
8% 75 Jul 
4% W Jun 

4 19 Dec 

5 TOAor 
1ft 94 00 
5 TO Fob 
5 TO Feb 
4% TO Mav 
7% 91 CO 
5ftTOMti 
5ft 95 Dec 


5% 17 tec 
5 14 Mav 
5ft TO Mar 
8ft 9500 
9ft 95 MOV 
4ft V May 
4ft 17 Dec 


IU Electron Memari 39/5 5ft TO Doc 


95ft 2 Jan 7* SMarffikrJDl#- *4ira 


91 

94ft 

87 

II 

91 

114 

97 


I Jan 73 14 May 87 
1 Jul 83 maturttv 
1 Jut 64 maturity 
13*0 81 maturity 
UJtiiSi 1 Havre 
-1 tow 78 ra Jut# 
1 Jun 77 maturttv 
1 Feb88 maturity 


pi 15-0 259X2 
HMD 
litre 
5200 

p247 - P5161X, 
P248 - D56950Z 

snu 

5742/3 


JAPAN 


*30 AMa Enalnaertna 
Id Ajinornate Co 
t# AilnomatoCa 
8121 AHnamoktCe 
536 AitiU Ootlccil CP 
SU Asia Co 


5ft'll Mar 
7ft 9S44cr 
5ft 96 Mar 
3 99 Mar 
7 -M Mar 
5% 73 Jan 


10081 SMar91 YJI10- 646272 
Y522.98- r 


*2* E5torllneIni)2531 
520 FMDapIStans34J9 
(X Feddera Capttat 7J.16 
*U Firestone ora UA4 
*58 Ford lntl Coat, 2931 
575 Fond 101 Finan36U 
II] CalaavOII Inll 5U62 
150 Cenenrt Elearl >677 
*15 Geneva wwia 2632 
SSD GfllstteCamp 169] 
*1* GUMteOisRllSI 
SIS GraceWrO/s 17.4S 
ISO Grant Western JQJO 


8% 75 Od 
4ft *85 tec 
S re May 
5 TO Mav 
/ 16 Mar 
5 TO Mar 
8ft 94 Jan 
4ft 17 Jun 
5ft TO Mar 
44,7V Dec 
I TBHor 
5 16 Apr 
7ft TO Jun 


*78 BridoesteneTIreCo 5ft76Dec 
*80 Canon Ik &ft 14 Dec 

I® Cansnlnc 6%95teC 

*51 Cana) Inc 7 97Jun 

s\5 Da, rtlppen Printing 6ft TO Mov 
*50 Dateline 4ft9,Am 

S4D DabUppanInkChealcai 96/litv- 
*15 OalM Horae Industry TV. 91 Mor 
*50 Doha)Secuttfles 5ft94S«p 
1# DahtoSecurities SftTOSep 
*80 FormeLW IftTOSea 

*80 FulhwUd 5ft94See 

SU8 FuHtwUd 3 99Mor 

*60 Funjkna Electric 5ft 96 Mor 
(40 HHacMCobteLM 5%76Sep 
54B HHacnlCredH Carp 5 76 Sen 
5150 mtdWUd 5 %74Mar 

158 Hondo Motor Co LM 5ft19Mti 
183 Hondo Muter CoLM 5ft 97 Fob 
SU Hondo Mohr Co Ud SftttFdO 
*50 Ito-YekcdoCDUd 5ft93Aug 
SS JatraCoUd 7ft 95Mar 

SS JOCClCoLM SftTOlWx 

*40 JuksCoLM 6 92Feb 

(TOO jvc victor Cento Japan 5 97 Mor 
128 Kaa Sms Co Ltd l 93SCP 
* TO KabMtil Sttto CO 5% 94 Mor 
ISO Komatsu LM 7Vi90Jun 

*58 KopMrtroku Photo 4 98 Anr 
125 KaWxfUva Ca LM 7 9*F*b 
S# KrinedHOhko Kaovu 6ft 97Dee 
SS 64toRa EteC Works 4% 99 AW 
*38 Mart/Co Ltd 6ft9IJen 

ISO MpndCoUd 4 94Jan 

*108 MotratitteEieeIndus 4%90 Nm 
im MatNdhHaEtecworta TftTONM 
IB NUttetoaCaLM 5ft98Sep 
*30 Mkartto Camara Ca 7%9SMti 
8# JWneMCtizwraCa S 9* Mar 

*40 MUsuMMCnru 4ft 91 Mar 

146 MltwblMCere 4 93AVzr 

*40 MttMbTOICani 6ft91 tap 
*88 MttnrtrtsMElectrGa 5%-WMar 
*100 MHsubtibi EtedrCo 5ft 9* Mar 
SHS MllBtiMdHravylta 4%99Nto 
*20 IMtsM Real Estate I 93Sta 
*3* Mas/ RMrt Estate 2% 94 Mar 
sa i terateMtiMw t urteg 5% 94Mar 
*m MureUAtatatacfurtng JfttoMar 
SMB MorofaMoouiaetertep Ift-tUktor 
*158 NtcQoratiDltan 7ft TO Mar 

*30 Hlteoto En p V m rtnp 7ft TO Mar 

*88 MipaenEiearic 5 % 97Mar 

*40 MpponKagaku 4 79Sep 

IH NkxnaUtan 4V, TO Mar 

*50 N tenon 041 5ft TO Mor 

158 NlPPunOn 2%9tMar 

*38 Ntepaatafte 7ft TO Oo 

*70 NtamaSeiko IftTOOd 

me NiaanMeter 5%-tduar 

*« tJtsiho tool Cera 1 TO Mar 
IIS xltn EMetric Indus, t 77 San 
120 NttteEtedriehtoufl 6 TOS4P 
*# tone Etedrie ttaost 5ft TO Sen 
SSD Nvb LteaNKuoa VosanTMTOMor 
*ra OKI Etedrie 3*>79taP 

I# OtrmpusOeflCBICa *%77O0 
*« OnoPwmaatutkta 3ft78Hov 
IH QrhmtrtnancaCe SftTTNter 
558 OrtnlLaesteeCa 5ft90Sen 
IIS RMIC8LM aft tiS ea 

*40 RIcMICPLM 4447(Sap 

SS Smew Electric Ca 8%9SMar 
150 SanaEtedncCo S 94Nov 
S# SecsmCoLM 5 TOKto 

SB SKomCPUd I%79Nav 

*58 SabMHagMLM 1 TOJtii 
*58 SteTMM _ 3ft9DFeb 

STD SoniMatav 7 %-vvMor 

*50 5ianMninoElectric 5ft 97Mi r 
13D SmzrttoMO*tatollnauxt4 92Mm- 
*58 SumatumaMctDl todmt 7 95Sen 
*50 SumRtitvMata3lnda0Sft945ea 
SIB Tokyo Stine Etedrie JftTONav 
*70 TakyuCtiP _ 7%9SS«P 

*< rekniLtiMCsrv 7ft re Mor 
SB TaaMbaCranks Cs 3ft to Sap 
69 YatittoCani r-TOSan 

■TO rove M a nte l KnHbn 7ft TO Mor 
SSD WoeoolCtiB 4 TO Aw 

*50 Yomoidrt Securities * to to 

SSD Ytinoroudlf Pltermo 4 98DK 


190 11FlbBUMti9S Y532.98- 559JH 
136 PJuiBl 32Mar94 Y8038- °5B.9«0 

•5ft XAPTH 22«W99 Y 1159 - iHIZB 
90ft 1 Kav79 15Mar» Y457J8-572341 
■ ltoll I Jon 93 Y 48458 - 476187 
104ft 1 MarO 20Me96 Y47D-5D9.UI 

278 21 AW79 38Dec94 Y39IJ1- 466J45 

IMft 5 Jon 81 21 DOC 95 Y 58110 - 487/45 
228ft 1 Jul 63 70 Jun 97 Y 5*150- btUTP 

015 ) May 71 30 Apr 14 Y1JA58- 9*716 

77 I Nov 79 39 AtmM YSU- 95/399 
169ft 30 AW 11 25 Mar 94 Y 764/0- 297/51 
128 IAW76 1SMK6T Y 51040- 1317» 
UO U Dec 81 35 Sep94 YM10- mss 
132 10083 25Sep98 V45690- 473/18 

141% 5 Jti)84 73Son91 Y7B32JO- 7543JI77 
194 1J0I1 Z)S«p*» Y4MJB- 095/55 

99 lMSyH 2*Mar99 Y 137*98- 147204 
U3 15JulBt 21 MarW YH0-2N.MI 

151 (F0) 82 2) to 94 Y515- 575479 

74ft 14Jul81 73Sen 16 YUtXN- 179901 
144 31 Mtiri 79 Mor I* Y#640~ 576JD4 

220 I MOV79 24 FOOD Y4JS.90- SMJ17 

152 1 Mar 83 20 Feb 97 Y7J9/0- I14K9 

13859 BJan83 I7F«« Y884 - 90051 

354 23Jim7* »AW9J YI2S0- 983JI7 

85 1 Nov W 71 Mar *5 V 38678- 44UM 

n 10011 21 Mata Y07.10- 533.7U 
97ft t Art 77 19 Fab92 YBD6W- 736244 
83% 18 Jon (2 IB Marti Y 7772 - 2565B5 
2B 100 77 15 to 92 Y3HM- 376393 
74 Iton 25MarH V229 - 248/98 

149 38 Jun 7* maturttv Y34878- J01.no 

87% 210083 13Apr98 Y 472 - 727JB8 

USft 1 Atoll IS Fib (4 Y 419 - 742301 

11* 1 Feb 83 TV Dye 97 YAK- NU3* 

93 29AM84 I9AW99 Y1DB- 1134897 

W TJlH74 38Jan91 Y4B6B- 517/M 

128 IJaltl IJMtt Y189<B-7141139 
454 28 NOv 7* 19 Nov TO Y489 - 342934 

teift 20 NOV PI SDNOV95 V 590 - 706744 

91ft l/MtoSS 30tofl Y467 - 71L571 

114ft ,Nov90 28tear95 Y 43628- 48408 

73ft IO081 21 Mar TO Y8240- TO9/51 

IB 1 MOV 74 maturity mu- 396/B 

U3 1 Art77 30MOT93 Y 389/8- 371/12 

Ml 150079 maturity Y4SL28- 5TU05 

ntSlfc 4J0QB28Mti«4 Yffl-3BX«B 

TO 1 JunD 30 Mor 96 V 3ft- 422784 

99 4J0I84 24Mar*9 YJS3- 27XS46 

I# 10077 29Site92 YtM- 199JU 


*60 Haknerl0iPOMH>17J> 7ft 9500 


SU Horidayli«W3657 

*58 rtenwwetl Coett 1667 
*® mo ora Fkiatcv 7m 
*50 IDO ora Fima23JI 
*50 lntl Stand Etec 1690 
SM inN Stand Elec 1545 
*» 101 Start Eftc I7J4 
550 intt Teieptone \/xz 
*28 intercom Hotel BU0 
SIS IMFlnHoMmg74J2 
*70 lit Storafan 18/5 


ns 00 

4 16 Mav 

6 TOAup 

BLOOSto 

5 BFee 
S’/18 Dec 
4% TO NOU 
4%-87 00 

7 TO Jun 
4ft TOMor 
iftWJri 


*10 Kaber Aluminum 40/2 5 TO Fab 


114 UJBnn SSMarTO Y494- .... 

172 29 Jti 81 19 Mar H Y13710- 151101 

U7ft 21 Feb 14 19Mar99 YZUUB- 3548.175 
rasft UJUlta 17 Mar DO T23TO- 2489/03 
97% 7J018S 34Mar00 T1295- 1370J33 

73 UJan81 25Mor96 YST- 381941 
US 5 Feb 83 25 Mti 97 Y 49620- 777/M 
UB% 150084 73to*9 Y1441 - 1HX43I 
79% t J0It TOMor96 Y HI - 218*71 

B II April TO Mar 98 V 944- lttn.174 

87ft 28 Mar 14 17-Mti 99 y KBS - 1141/58 
178 IDten 140094 Y319J0- 381/99 
181% t9Nav>< 280099 Y414- *44634 

91ft 5April 24 Mar<5 Y4140- *0479 
82 1700B 22Mart* Y341.H- 415.1*4 

292 1 SeP 77 29 to 92 Y 477/8- 651/54 

323 1 JUl 79 29 to94 ¥ 735 - 8561# 

308 1 tap 81 23 to 96 Y 846 - 9*7/27 

IMft 1 April 75Mm94 Y29650- 146H4 
Bft 1O0U 22to*9 YBS-«t*a 

«I% 7 D«C82 240097 Y11570- 113/641 

108 15Mar5, 20NovVI YSraJB- 631304 

*4% 1 Mar83 25Mor97 Y 927TO- MS409 

IHRfc TO ton ntoTO Y3MO-301T877 
331 1 Dec 74 29 to91 Y1I9/I- 77503 

157 31 JtiB 21 Sea95 VH80- 558354 

*7ft 1 Apr 18 21 Mar95 T577JB- MB/91 
79ft 1O0I1 TONPvM YS9Z3B- 461/89 
Ul TOMayBS TOMavTO YTriO- 3U6534 
■5ft 100K4 » Nov 99 
54 4JunB4 BJan 99 

81 14 DM M 31 Fab00 . __ 

95% 17MOV*/ ITMtiVt V 593 - 44U73 
W 11M082 20Mar97 Y 577JB- 604*4 
117 1 Nov 74 JO Alar 92 V 1790- 

83ft 3 Feb II 21 Sap 95 Y I7SJ0- TOU*9 
45 tDctr TOtoW VMJ-TOg 
91% ItteCff I9Np»f9 Yrt- *W 
ns lOaeB 22Sap95 Y2B0- M 

ID 8Apr81 TOMtrM Y2BL40- 341/73 
IB 3 toll TO to 94 Y164J-ITO9«9 

W* lltnn 29to94 Y W43J- Will 
91 1 Dacia 21 Mar94 Yt93-IMM 

61 150014 24Aw99 Y Bt - B7/n 

nr JAwU 23 to98 V426W- 451J* 
11O0B3 71 Open Y157137- 1442/77 


*30 KiddeHotter31/8 
*51 NhWerCare IM 5U7 
*38 Lear Petrol Lpc 42/4 
*« Lear Petrol LacHM 
*40 UvlntmiT 
*3i Marine MltimaZUO 

128 Morion lntl Tm 47JO __ 

*35 PAUSmuIuaiMloe 3IJH 4% 17 Jut 
*15 MannwtualMtgetUI I to jo) 
*15 Mdt Capital Cal 120 sftWMov 

SB MMll#Fin63.97 - 

*75 MM Ca InH31 75 
120 MebasCBlnH2U7 
IS Monsanto lntl 33JU 
*50 Maran Entrpy0/5 
59 Haraaa NO'ilt.U 
*7 hoimmIC an5148 
IH Ntcnr Ora Fki37/9 
550 Northern letaco3171 
*30 Pan AmarkJXi 79JS 
*H Penpe RraiceJLSl 
*25 Panne* Je Eurap 18/7 
1JS Penary Jc Inll 1X19 
ITS PcortCBGOMNI2631 
in RomaoeCOPttel 6423 
*« nrawtlDeveia 1618 

ire Rerionwcara25.14 
150 RdfnaMiMetata22J77 
tn ton itawtrieH/i 
115 Scma/S CMM 3206 
*15 5aaria tntt Cap 5L54 
158 South Cam Edl 41/1 
130 South taco Corp 45.19 
*15 Sauttioeil Alrii 3611 
*15 Spe0ra-Pt>rrtc9 23J* 

SU Sperry RanaCo 19# 

*50 totab ln« Fbi 17/4 
*1*00 Texaco Capital 30JB 
ISM TaxocsCnrtfntSa/O 
ITS TeriKDIPurape)220 4ftTOJti 
*25 Tam lntl Alrf 4697 7ft VJAuo 

sm nnco RnanraXiLi —- 

ire Tosco ina Fki 34JI 
IH Trarani Inll 15/P 
520 TrtarpOilCai J2J» 

*M Tm Hitt Fteone 19/5 
*50 Uurtr Finance 28/7 

530 Uarae IM Fla 3X7* _ 

*« Warner Lambert 38/1 JftVAer 
*38 WornarLambtit 163* 4%TOAer 
*38 (tonerLambertM# 4ftl8Aw 
*75 xeraaCaraaJ* 5 TO Dec 


5 hFrt 
4% TO Aw 
S -89 Jun 
8 TOO0 
5 TO Jut 
S TO May 
■V5O0 


7 97 Dec 

5 87 Jim 
eft-MOd 
I *95 Nov 
Pul? ten 
5% 27 Dec 
18% Vi May 

7 TOMor 
PuTOto 
8ft TOOec 

6 19 Dec 
4ft 87 Aw 

8 94 Aar 
6% *6 Nov 
* TO Feu 
8 TO Dec 
4% TO Apt 
5 TO Jun 
5ft 87 00 
5% 89 Mor 
4% 88 Mav 
17ft T7 Aw 
5 *87 Jut 
4ft TO Jul 

5 TO Doc 
4% TO Feo 
4% 12 Jun 
11% TO May 
lift TOMav 


r/TOMor 
8 TO OO 

f% TOD4C 

8ft TO to 
5 TO Fab 
7 Vito 
8»i TOMor 


Price —Cenv.Pniod- 

95 1 Mav 69 maturity 

1 ft 15 May 73 maturity 
38 Aw 83 maturity 
10033 maturity 
15 May 59 maturity 
ft 1 Jun 73 maturity 
73ft lJOdli maturity 
171 1 Dec 47 maturity 

lllft 1AUSB3 maturity 
169 1 Jut 71 maturttv 

121 1Mar 72 maturity 

103ft 1 Apr 73 maturity 
133 1 Apr 74 maturity 

42 2OO0B maturity 
SSft 15 Jun 73 maturity 
M9 II Jul 70 maturity 
85ft ISOU# maturin' 
30 5 Feb ft maturttv 

184 1 Aop44 maturity 

99 15 Aug 68 maturity 

93ft 15Dec# maturity 
77ft 15Q081 maturin’ 
te I Apr 69 maturity 
41 4 May 11 maturity 

135ft 30 Jun 73 maturity 
2B i Mov 49 mat u rity 
76ft 1 Jul 73 maturttv 
reft 1 Nov 47 U Aar 84 
723 10068 maturity 

44ft 23 Feb Bl maturity 
98 9 to 50 maturity 

liA4av49 matur i ty 
■ Od 73 m on riry 
15 Jut 69 meiu-tty 
7 Apr 51 maturity 
15 Jut 64 mohottv 
15 Dee 73 maturity 
31 Dec 68 maturity 
loon maturity 
30 Apr 74 maturity 
ju 7 Mav It maturity 
TBW IS Jun 73 maturity 
73ft 1 Hov 48 maturity 
*4 JO Jun n maturity 
«w» lMwIS maturiiy 
*7ft 1 Aim 47 maturity 
85ft 28 Doc 83 maturliv 
92*Y 6 May II maturttv 
l Mar 71 maturity 
uwre msuritv 
i MOV 78 24 Jut 97 
— - J*Pf»l 8AW00 
8Jft ISAug# maturity 
10ft 1 Jun 49 maturity 
84ft 15 May TO maturity 
85ft 15 Apr 73 maturity 
92ft TOMor 73 maturity 
93 1 Jan 67 3 Jan 86 

t Feb 70 maturity 
i*W49 maturttv 
■S»49 maturity 
15 Aug 83 maturity 
17 Dec 79 maturttv 
4Fabl1 moturiiy 
- . I Febee materilv 
lift '5DecM nterturlry 
IV 5 Jon IT maturity 
Uft IS Mar 73 maturttv 
93ft H toll maturity 
6!ft I Jfflt 70 moturiiy 
n 13 Mor 11 maturity 
Uft 6 Apr 83 maturity 
lift 15Mar73 maturity 
** I Mov a* nxuurtty 
“ roaturily 

15 ten 73 mgturirr 
J Jun 6 ? maturity 
JDtaJJ materilv 
19 Jut 83 28 Feb 98 
1 May 49 maturttv 

* Jul 81 maturity 

I Jul 70 mater Ky 
I Aoo 73 maturity 
2500 81 materilv 
IS Jul 73 maturity 

1 Mav 49 raaturUv 
3 Mar Bt maturttv 
3 Jen 73 maturity 


Qpr 

Cm. YU* 

—Cany. Price p/ti— Pno-Sirib 


iS ,/3 

128/30 

36ITO 

SM 

*331/4 
*211/8 
S29JD0 
539571 
*171/2 
*227/8 
SB 
*223/4 
1717/1 
*411/2 
*2* 
S4U20 
*43/4 
115535 
*42 


1X42 5.92 
55 153 
13/2 -X28 
1XW . 
Xl> 609 
I98JB 151 
65/2 373 
TXT- 654 
143 122 
TJI 586 
4/6- 5/8 
JD- 5Jb 
42*. 5J5S 
BUTS 
5/27 138 
L99- 7/1 
5083 1.93 
766/7 
151- BH 
104/8 1/3 




a 

B2W 

7#ft 

90 

II? 

46 

82 

129 

114 


ITS 

105ft 

723 

102ft 


85 

II 

*5ft 

91 

HI 

101 

74ft 


144 

164 

100 % 

HO 

73ft 

34 

95ft 

84 

lllft 

77ft 

Uft 

re 

94 


31 

97ft 

321 

135 

1*4 

75 


98ft 31 Mor 69 maturity 
“■ 33Aorn maturity 
ltore maturity 
> Jon 49 maturity 

7Jmin maturity 
IFnb73 maturttv 
B Nov 81 maturttv 
n 2 Aar 8a ntaturlly 
W UMti-74 maturity 
99ft 15 May 73 maturity 
100ft 1 May 54 maturity 
99ft 15 Mav M meturitv 
lift 15 Apt 49 m ot intv 
2 ^ % Deere maturity 
89 14 0081 materity 

lift I Apr81 100095 
«ft materity 

Jlft 24 Fen B, nateritv 

5 ** ,.'£*»! ttatertfy 

WSft IS Mar 16 materity 
44 BOC81 maturity 
§Jft !*nr 73 maturttv 
lift I Aar 7* mafirttry 
113ft 1 May 69 maturity 
12 I Jon 75 maturity 


5731,2 

17643 132 

*#7/8 

410 4/9 

IZL7M 

XS 773 

I3U44 

(IXU 

*541/2 

440- X» 

S36U0 

157- 259 

*721/4 

64198 175 

dm 170 

5554 603 

*791/4 

380- 114 

1291/3 

54553 

11X220 

6/5 X22 

lb 

2BJN 5JJ 

5/51/1 

3679 183 

SB 1/2 

4*950 

*39/67 

fl# 252 

*41 

657- 4/9 

1471/4 

2840 

IBM 

4189 471 

331640 

J> *57 

*1700 

6> 457 

51*3/4 

34471 

5403/8 

1/6- 388 

*38 

346# 

*67 

U-63 452 

*54 

Iffl 453 

157JJ0 

4149 789 

5 H 

1618 149 

*57 3/4 

2181 481 

*3S 

5/4- 1.94 

*40 

1354 3/1 

51X330 

647- 637 

sa 

143 6J1 

* 5X910 

5151 U3 

144730 

8184 30 

556550 

110 30 

1541/8 

4/91 1# 

*11-240 

14773 

*0450 

9M 1# 

*53 910 

»m ua 

*34/20 

3634 418 

*31/70 

579 783 

*16148 

JIBS 41 

S73J30 

696 .92 

*38 1,4 

4138 91 

*16140 

2778 

*40 

•17 5J6 

*14 3,1 


5331/4 

*6-32 9/6 

*38 

fl 9/1 

182 

37/63 

316/80 


*311/2 

10/3 

*•1/2 

7471 177 

sa 

2JB- 543 

*311/3 

SQM 416 

1571/4 

X76 *17 

*16700 

IS- 116 

1381/3 

2673 10Jf 

*29646 

271 1J6 

*1X570 

117J9 

*321/4 

14480 

*51550 

1178 516 

*82630 

5/10 5M 

SB 

UD 489 

iissre 

13514 

*5* 

1481 X93 

*36 

Ml/I 4.9J 

*392/4 

IXftS S/J 

*4300 

IBTO 2JI 


S45JC 
111/33 
% 16188 
*3XIM 
*38/00 
142 3/4 
*511/1 
*57 
SSD 
*58 

*44 1/4 

*i«ira 
*33.110 
5373-1 
*46130 
5 311,6 
*521/2 
534 3/8 
1301/2 
*« 

*61 I/) 

ttt 

*143 


4J3 472 
195- M 
161- 9JQ 
4X6 144 
2767 S 
4171 

>XI3 673 
1XU 2/0 
OJ9 8B3 
4633 a/2 
1158 in 
7.93 
2287.57 
7B)/e 
21/1 608 
51# M 

l#r LU 

7X3 Js 
490/4 
2S0 6/7 
47% 637 
369. 637 
225/8 U K 


j.- 


HIGHEST CURRENT YIELDS 


wauOUk/l LUIUIUIII t IKi l .1 1 % - 

On convertibles having a conversion premium 
of less than 10%. 


*141 Eldart f/v 355W 
*15 DvPOteriran 10 8183 
*» Soutti Colli Edl 41/8 
Its mxcumitwolMteaUH 
*56 tea O/i Finance 33/1 
*30 Tnrt Menka Kateba 
IB 5aitkya Etedrie Co 
IS EmenaAb 
S3* Lear Patrol Lac 43L88 
*31 Aotitl Optical Ca 
*35 Bapced, Nederland 
130 ApaAb 
*75 GUtette ora Fi 1653 
SU Alia Co 
*7* PapekDCaaitel2632 
*» MOPt-Hemnw6B5 
*5* Mate FtnaaCE 3*67 


Uft TO Jul 
(ftTOMav 
13ft TO Aw 
S TO Jti 

SS & 

9 89 Jun 

7 TOMor 

7 TO 00 
fftTOto 

8 TOMpr 
5% 81 Jan 
I TO For 
7 8*Jan 
7 TO to 


lOaft 

re 

*35 

«lft 

103ft 

97 

*7W 

m* 

98ft 

91 

■34 

IttW 

B 

lllft 

U0 

raw. 


28 Septa 
9 Sap BO 
7 Jon H 
JO ton 

1 Aoryr 

ICtecH 
1 AprR 
IS ton 
17 Dae 79 
i Nov n 

17 Apr 7* 

IFeon 

1 Mar 63 
i tore 
35 00*1 
IJtillS 

IS Mar 84 


7 Jti 91 
mtiurttv 
materitv 
mattiltv 

BAimiW 

JTMarvt 

at Marts 

5 MOV *9 

maturity 
IS Mar 9< 
15 San 92 
IS Jim 94 
-notorttr 
I Jan 93 

materitv 
3 Apr ft 

mznurlt* 


aul 1187 bu* 2/33 
11X220 

la 1 " 

v 1*3 - 237 jap 
7*577J0— 036371 

MT1B-SfSij37 

i mUM 

Y4S2M- iSat 

. P Ji2 “ 

zky 178 - vkr 3TO555 

V40*a-Vretcj 

*31 

* 3061*4 
1147.8 


ft 


IB 


140 BiaiVaOav ImuSIJtl 
SUfl Ekten NVB.U 
SS NxiOverate* 111954 
IX Bond k a te ti u m *310 


SU AdtiuRMTOPhlUO 
S« ARnkaUtma#/] 


I TO Doc 
lift TO Jul 
MU 84 Jti 
4ft-84760 


MISCELLANEOUS 

IS Apr 81 maturity «*21KSaall417 


_eta 7 JtiM 

1 MpvH 36 Jul 94 
1 tori 31 to 84 


_ P5t UM 

OU51187au*X91] 10. 650 

MsiBtnrei/re nm ui 

red 6*75*83/9 526 7/4 


Explanation of S\i rih nln 


UNITED STATES AMERICA 


AVMbv 

8% 95 Dec 


n IDecR uiuttfrjjy 
/IB 20 Aar H maturttv 


*« i«m 

571660 29/9 U4 


CN* Canadian Dollar 
ECU European Currency Unit 

EtfA European UBB ol Account 
L Pound Siet UrM 

DM Deutsche Mark 

NMD Norwegian Kronor • DM 


9QH Special D«patea Pi Wns 
T Yen 

LFR Lunmboa/d Franc 
SFR Swiss Front 
FF Frenai Franc 






















































































































































































































INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY U, 1985 


Page 15 


New Eurobond Issues 


Issuer Amount Coup. _ . Vi *W 

{millions} % Price at 

-— *-■-- offer 

ROATtNG RATE NOTH " 

^ So 1997 iT~ l» _ 

^ SHxT 2000 H 100 


Union de Banques 
Arobes et Francoises 

FDCBJ-COUPON 


Austria 

Banque Indosuez 
Boise Cascade 
Chugoku Bectric 

Power 

Citicorp 

Denmark 

Exsportfinans 

Federated 
Department Stores 

Ford Oedtt _ 

Ford Credit _ 

General Bectric 
Credit Cor p 


5100 1995 % 100 H IT 


Ower J*nonfh UxL Minimum coupon 544%. Rru 
rdtofah at par after 1989. Denominaticra $)0j000. 
F»«(MOX. _ 

OwETfrmqwti Libor, R o da ai mrfito a pa aha 1993, 
1995and 1997. Hotcfcri option lo convert into a 3- 
yr floating ram not# paying W Mar 6-month libor 
ttdtarwMwtbod* into argMwt note. Few 1%%. 

Onr 6-fnoriti Libor. AAnmum coupon 5WV CoS 
oWc at pcv on any mtonol payment dots after 
19BB. Pwrlnnm aM u at par aftw 1992. Denorano- 
flora $10,000. Few 1.05%. 


5200 1995 11% 98% 11.47 — 


V IBJ 

•• v Tu 


New England Life 


$100 1992 11% loo U% — 

>50 1992 12 100 12 

$50 1992 10% 100 10% — 

~$100 1992 11% 99% 11.80 ~ 
$100 1992 11% IQQ% n.45 — 

$100 1992 11% 10Q n% _ 

$100 1990 11 100 11 _ 

$100 1990 11% 99% 11.41 — 

$100 1995 12 99% 12.07 — 

$200 1990 10% 99.675 10.46 IT 

$100 1992 10% 100 1Q% _ 

$100 1995 10% 100 1Q% — 

$300 2000 ion too m — 

$5973 1992 11% 100 11% — 


NoncafciUe. $115 m*an feted now and $85 
nation marved for cm 8-mondi top: 


— Ne uc cfc ft ile. 

— First a rfb bfe « 101 in 1991. 


— NoncoBobfe. 


New England Life $149.1 1995 11% 100 11% — 


first eatable at 100V5 in 1992 and at pm in 1993. 
Rut calabie al po after 1909. 


Haider’s o ptan to fix coupon at end of interest 
period in 1989. Extendable lo year 2000. 

first callable at 102 m 1991. Smtong fund to start in 
1986 to produos a 4J-yr overage Ha. 

first arfUla at 102 in 1990. SMmg fund to start in 
1990. 1994 and 199S ft) produce a 9.2-yr average 
Ut. 


New England Life 

Nippon Telegraph 
and Telephone Public 

Corp _ 

Orient Finance 

Sumitomo Gorp 

Swedish Export Credit 
Corp 

Tenneco 
World Bank 
CEPME 


Copenhagen _ 

ECSC 


Finland 


Ireland 


Banoa Nazionde 
DeH'Agncolfura _ 

Banque Fran^aise de 
Commerce Exterieur 

Banque Fran^ase de 
Commerce Exteriew 

Primary Industry Bank 
of Australia _ 

American Medcd 
Inti _ 

Austr uikxi Resources 
Development Bank 

Denmark _ 

Novo Scotia _ 

Quebec Gty 

Z entrotsparfagse _ 

ITT 


Intel _ 

WARRANTS 

Phibro-Sdomon 

Phibro-Salomon 

EQU1TY-UNKEP 

Osaka Transformer 
Tokyo Corp 
Yamato Kogyo 


$89.85 1990 zero 20.40 12.02 

$100 1992 10% 100 10% 

$50 1992 11 100 11 

$100 1992 10% 100 10% 

$100 1988 10% 100% 10.70 

$150 1989 11% 100 11% 

$300 1992 11 99% 11.11 

DM200 1997 7% 99% 731 


Pm!50 1995 7% 100 7% 
DM94 1993 7% 100 7% 


DM200 1992 


1995 ’ 7% 100 7% 


ECU50 1992 10 open — 


10% — NermtfflUe. 

11 — Noncaflafaie. 

10% — Noncedctoto- _ 

10.70 — Haider's option to fix coupon at end of interest 

period in 1988 Extendable to year 1994. 

11% — Nonatebfe- _ 

11.11 — Noncotoje. _ 

7.31 — htenenfcrfrfe. 


7% — Redeemable at par in 1991. 

7% — Redeemable m per in 1989. 


— Redeemable erf 102 m 1990 oral at 101 in 1991. 


7% — Nonaslabte. 


— — CdJable <rf 100% after 1991. Price to be vet Jot. 22. 


ECU100 1992 9% 100 9% . — Nona**!*. 


1995 9% 100 9% — CcdaUe o» 100% in 1992. 


1992 9% 100% 10JO — 
1995 11% 100 11% ~ 


1992 11% 100 11% — 


1991 11% 
1995 11% 
2000 11 % 


100% 11.57 — Nonadable. 

100 % — — 

100% 11.47 — Ccflabie at pc 


Callable at par after 1992. Retractable at holder's 
option in 1992. 


050 

PftSlOO 

y2P,000 

y1Z500 


1995 11% 100 11% — Nonmlgble. 

1990 7 99% 7.12 — Bedaamofefa in 1990. 

1995 6% 100 6% — NoncoMtle. 

1992 6% 99% 6.70 — a*** 


99% 7.12 — Bedeemofcfa in 1990. 

100 6% — NoncnMrfe. _ 

99% 6.70 — first coBaWe at par in 1990. 


$070 1986 — $55 — — 

$070 m7 — $67JO — ~ 


$20 1990 open 100 — — 


$40 1990 open 100 — — 

$30 1990 open 100 — — 


Each warrant s exerrivdde at per into a $1,000 
note of U.S. Treasury's noncoOable 1 life of 1994. 

Each warrant is exerdsoHe at par into o $1,000 
note of U.5. Treasury's no nmllnh le llfes erf 1994. 


Coupon irxfc ute d at BW%- Noncaflable. Warrort 
exerdsdble irto compony's shares at an arbapated 
2 VA prarmum. Term to be sat Jan. 18. 

Coupon indented at BW%- NoncoSabke. Warrant 
toceedtable into company's shares at an anticipated 
premium. Terms to be set _ 

Coupon indented at 834%. Nancatorfrfe. Warrant 
exercisable ittfa company's shares at anartiaperfad 
2h% prarrsum. Terms to be set Jot. 16. 


Debt Market in Pacific, 
Asia Grew Little in ’84 


Renters 

HONG KONG —The syndicat¬ 
ed-loan market in Asia showed al¬ 
most no growth last year and is 
unlikely to expand in 1985, a sur¬ 
vey by Asian Finance magazin e 

said. _ , 

But use of other credit tnstru- 

SYNDICATED LOANS 

meats, such as Eurobonds, yep 
bonds and floating-rate notes is 
growing, the monthly publication 
saij 

In interviews, bankers said many 
borrowers, already wary of la^e 
debt problems, particularly ifl Lat¬ 
in America, are increasingly loot¬ 
ing to negotiable instruments as a 

means of providing finance. 

Asia Banking, another pubhra- 

lion in 1983. . . 

But cnstomeis m the regi™ 
raised $137 bQlioo through Euro¬ 
bonds and yen bonds tot year, up 

from $10.3 billion m 1983. 

Asia Banking saw regional dot* 
H rowersraiSl$3-29billiorithrouggj 
FRNs last year compared witn 
$274 billion in 1983 

“His year borrowers will sect 
other ways to raise credits beato 
syndicated loans.” said Cota wu 

g^ona! 

treasury manager for the tsanq 

As borrowers seek 
greater flexibility, note-issuing la 

ISes are likely to be among the 


more widely used instruments, oth¬ 
er bankers said 

A $ ISO-million, five-year Euron¬ 
ote facility for Korea Exchange 
Bank, signed in December by a 
group of 18 institutions, is one in¬ 
strument that has attracted atten¬ 
tion. 

The facility gives underwriters 
an option to convert their under¬ 
writing commitment to a FRN af¬ 
ter two years. 

The report, said Australia and 
New Zealand, major borrowers in 
the past, are likely to be among 
those turning away from conven¬ 
tional syndicated loans. 

Bankers said they expect little 

borrowing this year from Indonesia 

and Malaysia, which have large, 
unused credits obtained in 1984. 
Taiwan also is unlikely to be active. 

They said South Korea, which 
led the survey’s list of syndicated- 
loafl customers in 1984, will be a 
major customer for syndications. 
The survey said South Korea ac¬ 
counted for $3.97 billion in syndi¬ 
cations, followed by Australia with 
$3.18 billion-__ 

pemex Reports a Fall in Debt 

Reuters 

MEXICO CITY — The foreign 
debt of Mexico’s national oil com¬ 
pany, Petrtileos Moticanos, or Pe- 
mex, has been reduced to about 
$16 5 billion from $20 billion two 
years ago. the company’s director- 
general, Mario Ramfa Beteta, said 
Saturday. 


Saturn Car 
Is GM Gamble 

(Coa timed from Page 11) 

for 32 percent of all auto sales in 
the United States in 1984. 

For ihe Americans, the problem 
is that Japanese automakers build 
quality small cars at a unit price 
that is $1,500 to $2,000 less than 
comparable models built by their 
U.S. competitors. 

“If American car companies 
can't find a way to get their costs 
down, and if the import gates open 
up, you can kiss domestic small-car 
production good-bye,” said one 
U-S- auto industry official who re¬ 
quested anonymity. 

GM has been accused of doing 
just that. 

In its quest for a yearly supply of 
I million, high-Qualiry small cars, 
GM has entered a joint venture 
with Japan’s Toyota Motor Corp. 
to produce up to 250,000 subcom¬ 
pacts a year in Fremont, Califor¬ 
nia. 

GM also planned to import up to 
300,000 small cars a year from its 
Japanese partners, Suzuki Motor 
Co. and lsuzu Motors Ltd. But 
those import plans have been set 
awry by the quotas. 

GM's only homegrown small-car 
lines are the practically identical, 
10-year-old Chevrolet Chevette 
and Pontiac 1000, a total of 207.400 
of which were sold Iasi year. 

Mr. Smith repeatedly has denied 
that GM is abandoning small-car 
production in the United States. 
He says his company needs the 
imports and the joint-venture cars 
lo fill in the gap in his small-car 
lineup until the Saturns start roll¬ 
ing. 


Prices Drop 
On Fear Over 
Lower M-l 

By Kenneth N. Gilpin 

Wrw York Times Semce 

NEW YORK—Continued con¬ 
cern over the U.S. money supply 
sent braid prices sinking for the 
second consecutive session Friday, 
in light trading. I 

Credit-market participants said 
that the sell-off, which was more 
pronounced in the long end of the 
maturity range, bad primarily been 
prompted by continued concern 
over Thursday’s money supply re- 


U.S. CREDrr MARKETS 

port from the Federal Reserve 
Board. 

That report showed that the na¬ 
tion’s base money supply, M-l, 
which measures cash in circulation 
and money in readily available 
checking accounts, continued to 
grow strongly in December. The 
increase amounted to 10.7 percent, 
even with a decline of S500 million 1 
in the final week of 1984. j 

in the view of many analysts, 
that report showed lhai economic 
activity is picking up steam, all buL 1 
eliminating the possibility of fur¬ 
ther easing by the Fed anytime 
soon. 

Traders shrugged off a report 
Friday that showed Lhai inflation 
as measured by the Producer Price 
Index registered a small 0.1-per¬ 
cent gain in December. 

However, prices were affected by 
the news that Americans had taken 
on a hefty S7.95-billioa more in 
installment debt than they had paid 
off in November—another sign of 
economic resurgence. 

Much of the day's decline was in 
longer maturities. 

In secondary trading of govern¬ 
ment securities, the price of the 
Treasury's bellwether 30-year is¬ 
sue. the 1 l%s of 2014, declined by 
more than half a point for the sec¬ 
ond consecutive day, to a close of 
100 29/32 to yield 11.64 percent. 

Meanwhile, the government’s 
20-year bond, the 1 l%s of 2004. fell 
by 18/32, and ended the day al 98 
23/32 to yield 11.79 percent. 


U.S. Consumer Rates 

For Weak Emfed Jem. 11 


Passbook Savinas_5 j50 


Tax Exempt Bonds 

Band Buyt 20-Bcnd Index 9AC 

Moray Martel Funds 

Donoghurt 1-Pav Average_8J1 

Bank Monev Martel Accounts 
Bank Rate Monitor Index - £L26 


Issues Flood 
Euromarket 


(ContiiHied from Page 11) , 

pressing at the frontiers of these 
new markets." 

The issue was another in the 
growing list of products that are 
designed with a particular type of 
end user in mind. 

But for the general market par¬ 
ticipant. it was a source of some 
confusion. 

“I first heard them described as 
nonsense," a trader in London said 
of the warrant issue," and that 1 
turned me off from buying them. T 
m not sure I understand them." 

He said that while they might be 
good investments, there was rarely 
a good secondary market for such 
products. 

“There’s lots of beautiful things 
you can do with warrants, but the 
idea of using them as a hedge 
breaks down if you are reliant on 
being able to take the hedge off" 
be said noting that warrants are not 1 
always easy to sell 


London Exchange 
To Set Rules Soon 
For New Members 


LONDON —The ruling council 
of the London Stock Exchange ex¬ 
pects to publish suggested rules for 
the entry of new member firms in 
the next few weeks, an exchange 
statement said. 

The exchange has appointed a 
committee under its deputy chair¬ 
man, Patrick Mitford-Slade, to su¬ 
pervise the introduction of new in¬ 
formation, settlement and 
surveillance systems. 

The new framework will be need¬ 
ed to cope with the advent of nego¬ 
tiated commission rates -ind new 
dealing systems due by the end of 
1986. 

Market sources said the ex¬ 
change council bad debated its new 
entry rules last week. 

A rash of merger initiatives be¬ 
tween exchange firms and outside 
financial interests has lent urgency 
to the establishment of clear-cut 
regulations. 


Gold Options frfcJteyou. 

1 Mu My 

» W2SSU5 yJ5®75_ 

300 12THI3S0 71A0-2L5D 2S7S31JD 
3U 425-775 1MM&3B 22*3375 
320 30-450 MU51175 1701850 

330 iO 225 70 B5fl EIOU3D 

*0 1 flO IQ I 47S U5 I 9J1HU5 
Gckt 33175-3Q53 

VakmsWUteWcM&A. 

t. Ouai eta Mo»«xae 
1211 Gram l. S tet mUud 
|T«1 31BZ51 - T*tex 28305 



Oxford on America 

(A Confidential Document) 

America is changing; that is agreed. 
Why, and from what, and to what, 
are not agreed. 

Yet these questions touch us alL 

For two years, 15 senior scholars 
from Oxford University studied these 
questions in depth-Their findings are now 
presented in America in Perspective. 

America in Perspective is a detached, comprehensive look at 
the state of America today and the potential ofAmerica tomorrow. 
It grinds no axes and pulls no punches. It is based on fact, not 
opinion. Its purpose is understanding, not advocacy. 

In 269 pages, America in Perspective casts a penetrating light 
on American politics, economics, markets and society. And a 
controversial light on the future of the American dream. 

Above all, America in Perspective provides an objective 
account of America now and where it will be in ten years time. 
It may be the most comprehensive study of America in existence 
today. 

Commissioned privately as a major $200,000 Oxford Analytica 
study, America in Perspective had such a profound effect on its 
sponsors that they now urge that it be given a wider audience. 

Accordingly, a limited number are being released for public sale. 
Ifou can obtain a copy by means of the coupon below. 

America in Perspective: the more important America is to 
your company or you, the more you will profit from it. 


OXFORD 

ANALYTICA 



TO. OXFORD ANALYTICA LTD.. 9LA HIGH STREET. OXFORD OXI 4BJ. ENGLAND. PLEASE SEND ME_ 

OF AMERICA IN PERSPECTIVE. Ol ENCLOSE MY CHEQUE FOR SM5 PER COPY. □ PLEASE BILL ME - MY COMPANY. 

NAME-._ADDRESS_:_ 


COPY IES 


eribunc 

**“ — — »■ .. — — - - 

^INFERENCE 

Schedule 

1985 

MEET THE NEW FRENCH CABINET 

February 26, Paris 

THE INVESTMENT CLIMATE AND INCENTIVES IN EUROPE 

Cosponsored with Plant Location International 

April 25-26, Brussels 

TRADE AND INVESTMENT OPPORTUNITIES IN HUNGARY 

June 13-14, Budapest 

THE INTERNATIONAL BUSINESS OUTLOOK 

Cosponsored with Oxford Analytica 

September 19-21, Oxford 

OIL AND MONEY IN THE EIGHTIES 

Cosponsored with The Oil Daily 

October24-25, London 


For details on any of these conferences, please complete the form bdew and mail it to Interna¬ 
tional Herald Tribune Conference Office, 181 Avenue Charles-de-Gaulle, 92521 Neuilly Cedex, 
France, or call Susan Lubomirski, our Conference Manager, in Paris on 7471265. 


Please tick appropriatebox(es) 
| [ French Adroinistiaiioi) 

I I Investment 
'— 1 Incentives in Europe 

I | Trade and 
1 — 1 Investment in Hungary 

| I International 
1 — 1 Business Outlook 

| [ Oil and Money 


Surname 

First Name 

Position 

Company 

Address 

Qty/countiy 

Telephone 


14-1-85 














Page 14 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 14, 1985 


1 a P 



Sales in Net 

100S High Low CioW dm 


>• 

(B 

sa 


AEL* 

AFG 

ASK 

ATE 

AomRI 

Acadin 

Arartrtn 

AcuRov 

MacLh 


U 


JO 


IS 

sa 

SB 

*40 

ton 

is 

sa 

sa 

IIS 
SM 
»BOOO 
5 ISO 

sa 

IS 

*75 

su 

S 1*0 

in 

SHC 

ST! 

S7! 

sa 

sa 

IS 

*H* 


AdvCJr 

Aequtm 

Ah Bah 

AocsRt 

AlrMd 

AlrWtsc 

AbkMI 

Ah* Pc 

AtoxBs 

Alfln 

Algorex 

AteoWt 

Alteon s 

AlkfBn 

Altnet 

AtoMfc 

Altos 

Antes) s 

AWAhl 

AmAdv 

ABnkr 

AQxrrs 

AContl 

AFdSL a 

AmFrst 

AFletc 

AG root 

AmlnLf 

AMoont 

AMIS 

AN tin 

APhvGp 

AQuasr 

ASecC, 

AmSoft 

ASolor 

ASura 


JO 50 


JOB 

t 

JSr 10 
-55r 23 


to 


I JO 17 


IJZ 6J 


Amrttr 108 U 


dan 
dm 79 
dm 25 


dm2* 

dm a 
dm 30 
dm 30 
dm a 
dm >0 
dm S 
0n«5 
dm M 
dm to 
draw 
dm 5 
am W 
adntJ 


AmrwBt 

Afflam 

AmskB 

Amends 

Anadlte 

Afl logic 

Anal v I 


Andrew 

Andros 


An 13 

draM 

dm 10 
dm W 
dm 15 
am K 
dm IS 
dm H 
ana 
dm if 
dm If 
dm If 
dm If 


i if 


dm It 
dm II 


i K 


dm If 
An If 
An I! 
dm if 


Am 

dm H 
dm N 
on li 


ApoMCs 

AppteC 

AbIBIo 

AohJCm 

AnkiMI 

AoldSir 

ApI 5 wt 

Archive 

AraoSv 

AflzB 

Artel 

Asdttst 

Aitrosv 

Aicor 

A Kiev 

Alt Am 

AfhitBc 

AtlnFd 

Alton 

Annas 

AISeArs 

Austron 

AtmtOc 

AutTrT 

Autmtx 

Auxtsn 

Avocrp 

AvnfGr 

Avntek 

Avatar 

AvVclGo 

AzfcM 

Aztdi 


mm 21* ii% + 

79719 17% 19 +1 

166718* 17* 10 + 

35 4 1* 4 + 

56110* 17* IS* + 
96tio mm 
ioi71 ou. m w*— 
u iU9Tm i»% im+ to 
4299 5to 4to Sto + lto 
633 9* 7* 9» + lto 

791 6* 619 ito— 
2113 4* 1H Mt 
79114% 14% 14*— 
13037 35% 36* + 

41711* Wto 11* + 
3754 9* B* m + 
41317% 15 16* + Ilk 

_ 27425 MU M + 

L2D 14 136234ft 35* 35* — 
92818* 17 17* 

128911 6* 10* + 3* 

174613* 11* 13* + * 
40 24 38017 16* l«i+ * 

J4 17 384522* 21* 22* + * 
2663 3* 3* 3<6+ * 

1241 Bto 7* 7*— ' 

2446 9* 9 9ft— 

40 22 10018*6 10 18*6 

1924 8* 7* 0* + * 

1242 9* 0* 9* + * 

JO 42 151411* 11* 11*— * 

13741316 12to 13 
866 7* 7*6 7* 

00 4J 2241416 13* 14 + * 

t 134 7* A* 6*— * 
148 39 181337* 36 37* + 1 

JO S M 9205 3216 38% 32 +1* 

40B 4J 193010*6 V* 10* + * 
saa 9 7* 9 +1 

2618 17* 18 + 16 

75429* 29* 29*— to 
107 4* 5* 6V. + to 

2331 lto 1* iK— 
28717 14* 17 

63016* 14* 16*6 + 2 
2346 3* Tto 3* + 16 
3343 to * * 

00758* 57V. 58 + * 

30718* 17*6 10* + 1*6 
399 5 4* 4» 

93522*6 21* 22* + 
1016* 15* 16* + 

99 6* 5* 6*6 + 
167911* 11* 11* 

964 6 4* 5* + 

201 9* 9* 9to+ 
136536 34* 30 + 1* 

305 716 6*6 m— * 

779 9* 9 9*+ * 

1472921 18* 20to-.+ 1* 

4289630*6 27* 29* + lto 
143420* 26* 20 — * 
<8513 13* 13 + * 

129927* 25 37* + TI6 

1S3 9* 8*6 8*6— 1* 
3 * * *— " 

*00 4 3* 4 + 

52919* 18 18* + 

74022* 21* 22 + 

96 7* 7to 7* + 
87514* 13M 13*— 

1071 6* £* 4to + 

57315*6 14 14to + 
614* 14* 14*— 

_ 2971B 17* IB + 

3J 199626*4 25* 26*6 + 

139 9 Sto Sto — 

315 9* 9to 9* + 
29632*6 31* 31*— 

vziioto rib nut 

46 3* 3* 3*i + 

38916* 16 16* — 

181 9* 8* 9* + 1 
2680 6* 6 6to+ W 
546 6* 5* 5*4— 

34 9to 9* 9*6— 
233312* 10* I3to + 
227721 19* 20to + 

17716* 15* T6to + 
187717 IS* 15* + 

243 4* 4* 414 — 

48 2* Zto 2* + 


2 A 


.10 14 


.12 IJ 


30 


.12 


40 17 
JOS 50 
MO 22 


JO A3 


ami 

dm: 

dm; 

dm 


BBOO ZOO 43 


BFl Cm 
BlWOb 


dm » 
mnt 


BPI Sv 
BRCom 


81943 <1* 43*— 

989 1* lto 1* + 

,10a 1J 314 6* 5* 6* + lto 
645 2to 2* 2*6 
15910* 10ft 10* — 


I 


AMr 

37 

37 

Am 

49 

49 

Am 


Banctoc 

BanoH 

BkNE 

BJcMAm 

Bankvt 

BonfaG 

BaronO 

Barton 

BsTnA 

BosAin 

BsatF 

BavBfcs 

Bayty 

sar 

BnchCt 

Banhan 

Banhnwt 


JO 4J 
1J4 4J 


JO 10J 
184 5J 
1J0 88 


04 14 


JOa 13 
120 3.1 
.12 18 


■ 

a 

Am 

S3 


BevHS 

St 

I BHihios 
Bind* 
Bto Res 


J2 13 
1J0 38 


761 7% 

6* 

7*4 

* 

233017% 

16* 


to 

14319% 

18 

18% H 

% 

169326% 

25tt 

at - 

it 

225 6% 

5% 

6 -1 

ft 

621 7* 

7 

7to— * 

236SB 

55% 

57 - 

% 

68211% 

lift 

llto- 

* 

1IM10* 

9* 

10% H 

ft 

71027 

Mft 

26% H 

% 

7B 7* 

7 

7* H 

% 

171 3 

3* 

M- 

* 

170 9* 

9 

9ft H 

% 

355 7W 

7* 

71b -1 

* 

35935% 

35 

15*-1 

* 

89243* 

43 

43*-1 

* 

416 6% 

6* 

6* H 

to 

64210* 

9% 


* 

489 6* 

5% 

6*4 

* 

298 7to 

7* 

7*5 + 

* 

43415* 

wto 

14%— 

ft 

245 fft 

Bto 

Sto- 

% 

73115% 
1031 fi 

Mft 

* 

Uto- % 
* +H< 


100334 
642 7* 


Bail 

» 

(Mi 

s 

Bur 

9 

9 

C T 
X 
Coo 
7S 
CrZ 



33* 33*+ * 

56012* 10% 13* + I* 
32 lto lto lto— *6 

28310* 9* 1® ■+ 16 

3987 6*6 3* 3*—216 
13620* W* 30* + to 
1542 4% 3* 4* + to 
6 0+2 
4* 5 + ' 

7 0 + ! 

7* 7*— 1 

+ ! 


492 . 
520 8* 
1115 Bto 

720 to 
20428 
99718* 
2304 7* 

iSiS 

wu 


SM 


27* 27*— * 
17* 18 
7 7* + * 

8* B*+ * 

^ II* + lto 
5* 5* + * 
3 3*6— K 

21 21H+ * 


Sates In Net 

100s High Low Close Ctrte 


Bufftan 1334 lto lto 1%+ft 

BuikfTr 12120* 19* 19* + ' 

Bmltm .IBs U 144118 17 17* + * 

BiHTBr 184616* 15 16 + 16 

BMA IJ4 48 57749* 48 48 — 1* 

Buelntd 10041 4* 3 4* + 1 


C COR 

CPRfib 

CBTBC -56 

CBT 1J0 

CML 

CPI 

CPT 

cap 

Cache 

CACl 

CbrvSc 

Cailtn 

CalAmp 

CO IA6IC 

CalS tv a 

CalknP 

Colnv .16 

CanonG 

CapFSL 

Capon 

Card Dli J2g 

Card* s 

Carotin 

Carter! I 

Caseys 

Ceiicar 

CnfrBc 1J0 

CanlLor 


321 7* 6* 7to+ 1* 
1568 8 7* 8 + * 

IS 23221V 22* 22* + 1* 
SJ 152616* 34 36* + * 

2955IB 8* 10 + 1* 

322515* 14 14*— * 

3535 AM 5* 5*— * 
126 6* 6* 6*— to 

793 3* 1* 3* + * 

1083 4to 4* 4to+ * 
965519* IB* IB* + * 
34 3 1* 2 — * 

860 3* 3* 3*+ * 

1136 B* B* 8* + to 
630 3* 7* 3*+ * 
241 1* 3 Sto + to 

1J 1329 8* Bto 8to+ to 
67517* 16* 16*— * 
2689 B* 8 0* 

1841 1* 1* lto+ * 
.1 24014* 13* 14* + 1* 

iSS'X IS 

6246 9* SM 9to + 1 
33814* 14* 14M— * 
2417 1616 16*+ * 

64 291328* 28 28* + * 

2005 9 8* 9 


CdnBcp 105b 5 A 16938* 3716 38* + * 
CnBstlS 1J2 S3 20025* 24* 24* 
CFdBK 1.12 X9 9629 28* 2S* 

Cwitran JO IJ 548934* 32* 34 + 1* 
CorbrA .13 IS 139 6 S* 6 + to 

Cermth «so 4ta 3% Sto — * 

Cehra 1995 WM Bto 10 + 1 

CilodTh 122 lto lto lto 

ChncCp 67 4* 4* 4* + * 

ChOPEn 725 Sto 4to 5*— * 

ChrmSs .IB 1.1 109317 ]6to lift 


aikPm 
ChkTeh 
ChLwns SB 
dmmax 
ChrvE 
Oilail 

OnSPac 
Chanter 
Chronr 
ChrDwi Jl 
Chvmt .10 
CkilBB 
Cipher 

Ciprlco 

□non 
CtzSGa 
CtzFId 3 
CIzUtA 
CtZUIB 
Cl hr Fed 
CfyNCp 
CM rats 


14 


34 


1J2 7J 


CiOrtU 
ClearCh 
ClevtRt 
attitma 
Coast F 
CebdLb 

CocaBI« J6a 10 

Coeur I 

Cooontc 

Call ruts 

CotohR 

Cotaoen 

Collins 

CalLfAc .«2 11 
Col me 

30 


89314* 12* 13*+ * 

<8 8 7to S 

48627 26* 36*+ * 

1060 6* 5* 59h— * 

.129 U 43712* 11 12* + 1 

666613* 12* 13 + * 
66580* 79* 79*— * 
120419* 17* 18*— 1 
3010 8* B 8*+ * 
99413* 12* 13 — to 

131011 10* 10to+ * 

12326* 25* 25*— * 

174222* 20* 22 + to 

I TAB 9* Bto 9* + * 

267 6* 5to 6* + * 
36 3 3 476420* 19* 20* + 1* 

J/l U 23628* 279k 27*— * 

t 50629 28* 29 

UW 4J 7921* 37* 27*— * 

JOe 1.9 434911* 9* 18*+1 
JBb 3 3 14524 23* 23* 

J 245630* 2t* 30* + 1* 


19 

a 

J9e J 


+ 16 


+ 2* 
+ * 


J6 


62126* 25* 26 
IBS 15* 14* 15 
20620* 19* 19* 

427 9 B* 9 
227Mto 13to WM + 

675II M 10* + 

4627* 26* 27* + 

55013 12* 13 

BBS 3* 2* 3 — 

336921 IB* 21 
889 5 4to 5 
120813* 12to 13 + 

366 5* 4* 5 

20129* 28* 99* + 
335417 16* 1AK + 

Cototit S 70 44 580416* 15% 16 — 
ColDto 1368 lto * lto + 

Comal r t 6Z313 1294 13* 

earnest s .12 J 140220* 20 20% + 

Canxtta .16 IJ 230214 12* 13 — 

Camdtal 1564 2% 296 2* + _ 

Comoro 110 SJ 66437 34to30* + 2* 

CmceU .92 3J 64127* 27 27to+ * 

C ml Stir JOa 47 18011V. IBto lOto— to 

CwfthF 1J4016J 141 Bto Bto Bto— to 
CmwTI 1J0 5.1 15029* 26* J9* + 3* 

~ 767 4 3* 3* 

17 245419* 18 19 + 

24310* 9V. V* + 

142826 34* 25* + 

9771 fih 6to 6* + 

Jlr 713* 13 13* + 

40 14 287325* 24* 25 — 

1050 7to 7 7„ — 

1918 I* lto 1tt + 

796 3 2% Zto 

33T4T2* II* 11* + to 
65119* IB* 19 + * 
2098 4* 2* 4to + 16 
1231196 10* 11* + 1* 
29S 5% 4* 5H + * 
344 7to 7* 796+ to 
1390 ■ 7* 7*— * 

14 2071 8* 8* 8to + * 
2879 3* 3 3* 

89516* 15* 16 
149 3* 2to 3* + 

ms 

338 1* 

656 6 
60 516 
265 Zto 
179 6* 

1* 4¥s 
4618 196 
155 9 . . 

47671* 30* 21 — 
3J40134 126226* 34* 74*— lto 
lJBoMT 10717* M* 1696— * 
3J6 114 148726 24* 25 — * 

i 8* 7to 8 + to 

35* 32* 33 —2* 
5* S Sto— to 
6 5*. 5to+ to 

32 31* 3196 

13* 


Sales In Net 

lOOs High Low Close Clt'ge 


Crtcnn 

CiimaC 

Cronin 

CrosTr 

CwnBk 

Crump 

OjilnFr 

CuUmn 

create 


.M 


t 


IJ 42014* !3to M* + * 
1390 2% lto Z* + to 

30813V. mi. 13*+ * 

JO U 525324* 22* 21* + lto 

MMU fto TO* + to 

44 22 127920 WM 20 + 1M 

74 3J M3 25 21* 25 + * 

J6 3J 1B2S17* M* 17*+ to 

40522 20 23 + 3* 


DBA 

DEP 

DotSVSY 

DakBF 

DmnBta 

DarlGa 

DBdcrd 

Dtaio 

DtSwtctl 

Dalpwr 

Datncp 

Dtastti 

Datum 

Dawson 

DebSh 

DectsO 

DeklbA 

Daiclen 

Delhi Dt 

DM hum 

Donetcr 

DonlMd 

DetacEl 

DkmDt 

DtaoPr 

Dkwonc 

Diceon 

Dlcmed 

Dieieo 

DtaiCm 

DtaltSw 

Dlonex 

out Lae 

Dvtaod 

DocuOl 

DtrGnl 

OamB 


.Me a 


37 


43712 IBM 12 + * 
207 7* 7to 7*— M 
886325 22 24* 

98626* 23* 25* + 1* 
745 4* 4* 4* + * 
3289 B4 85+2 
96917* MM 17* + * 
182111* 11 11to+ M 

3124 6* 5* 6to+ 1 
459 4to 3* 4* + * 
7813* W* 13*+ * 
536 «to 3* 4to+ to 
70S 6to Sto 4M+ * 
311 6 5M Sto— * 
84617* 16* 17* + * 
492113* 119k 13* + 1* 
34 102421% 2Sto 21* + M 
IJ 229149k 1416 14*— * 
87 lto 1* lto + to 
468 lto 1* 1* 

1208 5* 5 S*+ U 

2643 7* 5* 7to+ lto 
47 4* 4* 4* + K 

308 Sto 3* 3U— * 
2V 9 8* 9 

19628 3% 2* 3* + to 
29112* 11* 12* 

23312* 11* 12* + I* 
360 5* 4* 4to + to 
265616* 14 16 +2 

1213623* 21* 23* + 1% 
21326* 24* 26* + U 
406 6* 5* 6* + to 
3812764 9to 8% 9 

336 4* 4* 4*— to 

JO a 190522V. 20* 21% + lto 
I JO 44 44926* 25* 26* + to 


84 


DrdiH JO IJ 12113* 12* 13* + to 

DoylDB J8 4J 104918* 17* 18* + 1 

Orantz .15e IJ 5310* 9* 10* + to 

Drexlr 19010* HI* 10* — 

DrevGr 54316 13* 15* + 1* 

Duck A a J2 IJ 485719* 13* 19* + 5* 

DunkD S32 14 1M123* 22M 23* 

Dra-lnm J6 5J 77910* 10 10* + * 

DurFH .16 L2 35412* 12* 13 + to 

Dynscn t 454 3* 3* 3* + to 
Dynfch 9 248520 18* 19* + 1* 

Dyson 225910* 9M lOto + to 


Soles M Net 

100s Hion low Close Ch'se 


Fuon a 

ForAin 

ForestO 

FortnF 

Forms 

Forum 

FortOT 

Fcxmvr 

Fremnt 

Fudrcfc 

FulHBn 


J9 

M 

UM 


J 75313* 12* 12*— 

33 20227* 27* 27*- to 

54 B9318* IBto 18*+ * 

62115* 14* 15*+ I 

1138 3* Zto 2to— to 
J UK3 7* 6% 7to + * 
14 816 6% 5% 6to + * 
139132* 21* 32V* + * 
U 197717* 16* 17*+ : 

368110% 8* 10% + 2 
11 42414* 14M 14* + * 


GTS* 

Galileo 

OsmoB 

Sand He 

Garda 

Genotch 

GnAut 

GnHme 

GenetE 

GenetL 

Genets 

Genex 

Genova 

GaFBk 

GerMds 

GlbsG 

GieaTr 

GlenFd 

GMCerr 

GdToco 

Gotaa* 

Galt 

Could P 

Gr eco 

Gruntre 

Gnraftt 

Gmtisc 

GWFSB 

OBavCs 

GreraiT 

Gtoeti 

Guflfrd 

GKBdc 

GHNue 

Gull 


.10 


245310* 7* Bto—Zto 
2S2UM 13 U 
1J 728 8M 7* 8% + % 

3S'K l * ’St** 

392839* M* 39* + 3* 
431 0 5* 5% + to 

272 7* 7 7to+ * 
667 3* Sto Sto + to 
168 Sto Sto SM— to 
10194 5to Sto 5*— to 
2651 5% 5* Sto + * 
JOB 11 133 5to 4% 4%— to 

__ 53210M 9* 10 — 

JO 14 331 5* 5ft 5H+* 

JT J 111527* 26* 26* + * 
27817* 15M 17to + I* 
1704310% 8* tflto + 1* 
23311* 18* 11 + * 

408 to fi H —* 

239515* 14ft is*— to 
36511* 11 llto + 

36 63 53316* 15 16* + 1* 

44 19 21311* 10* 11*+ % 

925 8* 7 7*+ % 

229 9to 9* 946+ * 

17162 5* 4 446— * 

4Be U 53515* 14* 15 + M 

26712* W* 12* + 2 
88416% 15 16% + 1% 

259913ft 12 13+1 

40115 Mlk 14*+ to 
2470315* I4M 14ft— » 
133 2* 1* 2* + % 

J5f J 154 9* 9 9* 


EH Int 

EIP 

EotrtCpf 

EualTI 

EaoTwt 

earl Cal 


390 Zto 
IJ 5713 
54M * 
7512 5* 
423 8ft 
47 5to 


zto 

”* 

4* 

6* 

Sto 


2Jk-H 
12* 

to+ U 
Sto + to 
414— 2* 
to 


.Mb 1.1 


J8 3 


.12 


SB J 


CaoiAni 
Comlna 
C omS y s 
CmpCnl 

asp 

CompC 
Cmpcre 
Campcp 
Campus 
CCTC 
CmpAs 
CRtAut 
CmoOt 
CptEnt 
CmotH 
Cmpidn 
CmoLR 
Cmntwt 
CmpPd 
CmpRi 
Cm Tank 
vICptUs 
Cmpwtn 
Cptcff 
Cmsnra 
Comahr 
Cmpshp 
Comkti 

as?; 

CnCoo 
COmft 
CCapS 
ConFbr 
CnPupa 1JB 19 1 

^ “*^1 
CttHitC i 

Cntlnfo f 
SilVBl 

Convrae 
CoprBfa 
CoorsB M 
CopvM 
Corcom 
Corrfls 

CoreSt 2JS 


14* 14* + 
to lto— 


Sto 

5to 

2to 

6* 

3* 

1* 

8 * 


6 + 


SS 


Oto 

1% + 
aft 



Carr us 
Cosmo 


48996 Bto Mb _ 
152317* Mto 17 
„ 896 3* 3 3*+ * 

12 426218 17* 17%+ to 

213625* 20 23%+ 4* 

26 8* 7* 8* + to 
3255 V* BM 9*+ to 
4J 184244* 43ft 44* 


2035 4M 
781 Sto 


Do. 

A 

A 

DIO 


4 + ft 

sto— to I 


EoonLb 1J4 18 370627* 26ft 27to + 
EdCmp .12 TJ 872 9to 8 Bto — 

Educom JB 2J 822 4 3M 4 + 

EHconx 114312* 9* 12* + 2* 

EtOlIc 998 7ft 7* 7to + to 

EIPos \M 11.1 546113* 1M 13to + * 
Elan J7e .9 564 8 7% 7ft— to 

460 8* Bto Bto— to 

3214* 13% MU+ * 

437 5* m S*+ to 

1935 7ft 6* 7* + 1 

227317M 16* 17*— to 
301711ft 9* llto+2 
63819* 18* 19 + * 

69318* 17% 17ft— to 

7313* 12* 13* + to 

37 5* 4* 5U — 

499 7ft 
8557 8to 
25 6* 

127 6ft 
K&7 8 

82929* 26* 29* + M 
IBS 9 B% 8ft— * 

S * * til* 

3812* lift 12*+ U 
29013M 12% 13%+ * 
21 VOW 16 18* + 1% 

263118* 16 17*— to 

738 Aft 4 6* + to 

■Mo 11 407630ft 29ft 30ft + lto 
111414)ii 13* 1^ + ft 


emit a 
Eldon 
EkfrM 
Elecfilo 
EfCnltl t 
EloNucI 
ElcRnf 
ElModl 
ECpIsrt 
EictMIs 
ElranEI 
Emcor 
EmpAir 
Emu Ins 
Endta 
Endvco 
EndoLs 
EngCnv 
EnFact 
EnaOlls 
EngRsv 
Enaati ■ 
EntPub 
HnzoBl 
Equaf 
EalOfl JO 
ErlcTI 
EvnSut 
ExcalTc 


*% 

7% 

7% 

6 

6* 

7to 


7%+ to 
B + to 
6 

6to 
7%+ * 


-22 IJ 


12 


Exnvlr 


411 ft 




277014% 9% 13ft + 3* 


JB 2J 


Route 
Flimtec 
Flttrlk JO 
Final co JO 
Flnamx 
Ftntaon 
FAJaB s 1J0 44 
FtAFkl 33 28 


17 

5J 


. Ip 95 m 7* Tto + to 

Ml J2r J 1493 S% 5* 5to+ ft 
FamHI a 633 1M 1* 1ft + to 

FarmF t naiv* ibm 18% — ft 
FrmG 1JS2 11 720349ft 47ft 49ft + * 
FedGrp 127123* 21* D* + lto 

Ferothl 2402 <ft 5 Aft + 1ft 

FHjrrni 9713ft I3U 13ft— to 

FUHcr 140 SJ 99448 46ft 48 + 1* 

FltthTh 220 18 9358* 57* SB 

21624* 22* 2416 + 1ft 
32113% 13 13ft + 
24315 14* 15 + * 

107 3ft 3* 3ft + * 
996 6* 6ft 5* + Ml 
493 9 Oft Bto + ft 
73022ft 22* 22ft + ft 

_ 18227 25* 25*—!* 

1.10 42 15l326to 25% 26* + * 

180 SJ 5451 49* 49ft— 1 

54*3% 13 13*+ * 

120 11 834J3M 22ft 23* 

719 IBto 16* 18* + 
987811ft 11* 11ft + 
32SJM5& 9* 10 + 

37414* 13ft 14 
18919 lift IBto + 
18719* 18* 18% + 
21818* 17ft 18* + 

JO IJ 220122* 21% 22* + 

1J0 SB Z1B31* 31 31 

15531ft 31* 31*— 
15652ft 51* 51ft— 
87015 13* 14* + 

23427 26 

26921 20* 

62 8* 7* 8* 

1.10 SJ 5022D* 19* 20* + ft 

140 54 100829ft 29 29ft— to 

U 617135ft Mto 3Sto+ to 

3135 Aft 5* <*— * 
48 U 63314ft 13* 14ft + ft 

JOB 12 248616* ISft 16* + * 

Tl 13 339231% 39* 31 + lto 

106215ft 14 15*+ Ik 

JO 14 13612ft 12* 12* + * 

„ .26555* 4* 5*+* 

jn J I M314* 13* 1316— ft 


FtATn 
FtBnOh 
FtColF 
FComr 
FDafoR 
FExec 
FFdMic 
FFdCal 
FFFtM 
RFnCn 
FFnMst 
FfFIBk 
FJerNt 
FMdB 
FNIICIn 
FNtSap 
FRBGo 
FtSvFla 
FSvWI* 
FtSecC 

FTenNt __ 

FlUnCe 1JH 
Flukey 
Flexstl 
FiaFdl 
FINFI8 
FlowSy 
Flurucb 
Fonar 
FLtonB 


JOB 1.1 
JD 63 


140 11 
160b SJ 
J2e .1 
96 36 
40b IJ 


14*+ * 
26*— * 
21 + ft 


HBOe 
HCC 
HCW 
KiMO Am 
Habers 


.16 


.10 U 


HateSy 

Halml 

HamOll 


HaraG 

HrttNl 


.10 

34 


Hottiwy 

HawfcB 

HlttiAs 

HtthCSS 

Hlttiln 

Hlthdyn 

HechoA 

HKhaB 


Helix 

HenrdF 
HerttBit 
Hertey 
HlberCs 140 
Hicham 
Hagan 
HmFA* 
HomeHl 
Hmeett 


Honlnd 

HaakDr 

Hoover 

Honlnd 

HwBNJ 

HungTg 

Hunt J 8 

HntgRs 

HuntgB 

Hurco 

Kvbrttc 

HyoeAt 

Hyponx 

HvtekM 


S 200717ft 16* 17ft + 1 
J 219 7* 7* 7* 

113 5* 4* 5 + to 

46410 9 9*— ft 

100614* 12* 14* + 1ft 
26 6 5* 5ft 

423 2* 2 2* + * 

1070 l^+% Ml 

17114 13* 14 

.. ... 13930* 29* 30*+ ft 

140 AJ 212527 25* 26* 

.20 22 87 9* 9 9 — * 

38 33 456 Oft 8* 8ft + * 

785017 13ft 15*— 1* 
107419 16% TBft + 1* 

245 7ft 7 7* 

3150 3M 2% 3*— * 
.16 J 71022ft 21 22ft + 1* 
74223ft 21* 23ft + 2 
673 AM 6* 6to+ to 
14127ft 34ft 27ft + 3 
11136 34ft 36 +1* 

21743ft 43* 43ft + % 
41 4M 4to 4%— * 
49 146820% 19ft 20*+ to 
14510ft 10ft 10*+ ft 
14509 7 5ft Aft + ft 
66916ft 15M 15ft + to 
15990 9* 7* 9* + Zto 
148 7ft 7* 7ft 


.10 


J4a 23 
1JD 3J 


JA 

IJ0 

1J0 


L48b 43 


32 5B313 17* 17*— U 

4.9 4220* 19ft 28*+ * 
34 205727% 28* 29*+ ft 
271 SM 4M 5M+ % 
14271V* IBto 19 + to 
409 5* 4* 4% + ft 

35621 21 21 + * 

429 9* 8ft 9 — ft 
49935 36 34ft- * 

180 4ft 4* 4* + * 
202417* 17 17*— * 

472 5* 4* 5 + Ik 
336 6* 5* 6* + * 

132 7* 6* 7* + ft 


1LC 

IMS Int 

IPLSv 

ISC 

lent 

imimex 

l mu no 

Imuoen 

Inaanp 

indPHtt 

lndiN 

InfoRic 

Inttm 

InfraIn 

ImtNtw 

l nt item 

litlaDr 

IntgGon 

ISSOO 

into! 

InttSy 

IntrTei 

Intmd 

Irddyn 

IntrfFtr 

Intrtac 


5912 9to 
787 A 
797 6* 
210 3to 
118 21% 
215 4* 


140 +1 70634 


.16 


Intrmgn 


InCanE 

i ntciin 

I Game 

InttClno 

Inter* 

InMoMl 

IRIS 

IT Carp 

InITafal 

Imrare 

Iomega 

Isambc 

rw 

ltd pf 


Jle 


125 8* 7ft 7ft 
14373AM 35% 36% + 1 
197 1* TM 1* 

8M 8%— 

3M 3% 

6 6* 

2% 2%— to 
1ft I*— to 
4 4ft— to 
Jft 23* + 3ft 
t?ft 34 +1 

32924ft 25* 2«to+ to 
24028 19 28 + * 

2 7 7 7 — to 

16818 17* 18 + to 

6604 9* 8* 9to+ ft 
132711* Mft 11* + to 
' 129 J* JM 3* + * 
10817* 17 17*+ * 

2668930* 27ft 30* + 3 
9* 8* 9 +•* 

1* 1* 

13* 13ft- * 
8 8* 
hi* ioto + to 
... .. s% 6*+ * 

1443251* 47* 51* + 1ft 
CUM 6to 5ft 6* + ft 
155418* 16ft 18* + 1* 
183 6* 5% Sto 
219 Zto 2ft Zto 
202213* 12% 12ft— 
72514* 13ft 14 to — 
128817* 16U 16* + 
15913 13* “ 

1621 6% 6* 

2823 lto 1% ... 

33915* 14% 15 — 

1202 4% 3% «* + 

J 2058 4* 3* <*+ , 

5653 9* 8* 8%+ to 
18612* II TZto + lto 
4248 5% 5* 5*+ to 
4226* 25ft 25ft— ft 


446 lto 
188215 
241 Bft 
IJ 106211 
614 6* 


inn t 


Sales In Net 

lODs High Law Close Chge 


June 

Justins 


JH 20 


81327* 20* 22 
48915* 13% 15 


+ lto 
+ ft 


KLAS . 
KVPtir 

Katnan 

Karchr 

Kasfer 

Kavden 

Kelvin 

Kemp 

KvCnLi 

Kevex 

KeyTm 

KevCms 

Klmbal 

Kimbrk 

KbicaM 

Kinders 

vlKess 

Kray 

Kruor* 

Kutck* 


234217 1 5% 16*+ ft 

69 4ft 4* 4to— * 
J* U 38222ft 20ft 22% + 1* 
1358 MW 13* 14* + * 
JOt 44 22113ft 12% 13* 

2291 7* 6% 7* + * 
11320 lto lto 2* + M 
1J0 Al 38644% 44* 44ft— to 
JO 13 82337* 35 35% — 1 

656 5% SW 5ft + * 
748 9% 9* 9* 

BS A 5* 5*— * 

34 U 13729 27 Z7 — 1% 

118 6 5to Sto— to 
883 •% 7* B* + ft 
J6 A 3127l» 14* 15* + ft 
38 to to to 
J6 J 311013 9ft 10 — 1ft 
J2 24 292113* 12% 13% + * 
.16 J 175625* 22% 25% + to 


LDBmk 
LJN 
L5ILOO 
LTX 
La Pate s 

LaZBy 

LadFm 

LakJlw 

LamaT 

UmocHi 

LndEF 

LdmkS 

LanaCs 

Loncdv 

Lawsn a 

LeeDta 

Lelnar 

LewtaP 

Lexicon 

Lexldla 

Llebrt 

Ltlnvs 

UeCam 

UIvTuI 

LlnBrd 

UncTei 

Undprg 

Lb CMS 

LocalF 

LonoF 
Latin 


IJ4a 3J 
-12a J 
.16 
JO 
60 


40 


902 9* Bto 9 + 

1382 7 Sto 7 + 

275615* 12% 14*+ 1 
196618* T7to 18*— * 
51315* 14* 13 + * 

19033* 34* 35 + to 

84715* 13to 15 + lto 

IJ 13SB14W 11* 13*+1ft 
63 23913 17* 12ft 

64215* 15 15to+ % 


JOa 10 
35m u 
JB 1.1 


34 


1JB 54 


Lvphai 


44 521013% 13* 13to+ to 
561 6ft 6* 6* 
65839* 39 39* + to 

186 6% 6% 6M+ % 

31325% 24* 25ft + 1* 
2651 69k e* 6to+ to 
28512% 12* «%— 

>38 4™ 5S at 

395 3* 3 3* — 

J 32922 21* 21*— 

4 4042* 41ft 42* — 

52? i* 6 6to — 

14 231214* 13* 14* + 
400823% 22% 23 
7J 39130 29* 29* + 

10 644 5% 4ft 5* + .. 
671B2S* 23* 26* + 1ft 
38015* 14ft 15ft + ft 
51422% 31* 22ft + * 
939525* 22ft 249k + % 
8519% 19 19*— * 

133115% 14* 15% + 1% 


M 


MCI 
MIW 
MPSIs 
MTS S 
MTV 


MoctlTc 

MadcTr 

MadGE 

MagCtl 

MalRt 

Malrtte 

Matsd 

Manltw 

MfnN 

Marcus 

Mareux 

Mamst 

MrldN 

main 

Maestor 

MattiHx 

NbatryS 

Maun 

Max we! 

MovPt 

MavnOi 

McCrm 

McFad 

McFarl 

Medex 
MedCre 
MedClSt 
Medfix 
Meant s 


120 94 


JO 43 
100 4J 
J8e 19 


J5e 

140 


S4 


J- 


JBRnt 

JncteoS 

JoALfe 

JamWlr 

JefSmrf 

JafMart 

Jerloo 

Jltv* 

Jonlcbl 

Janet A 

Joopten 


M IJ 


12 


.12 


282 MM 14 14 — * 

541 4M 3% 4 + to 
15W30ft 29% 20* + * 
124421ft 18 21* + 3* 

86820* 17ft I Bft— .* 
711 7ft - 
J 231017 Ti 
1340 % 

184 4 3ft 3ft 
525 3% Sto 3% 

SJ 2269 9to 7ft 9*+ 1ft 


irm IB" — >n 

6% 7 + * 

'Mf+to 


MentrG 
MercBs 192 
MercSk 148 
MrchCa 
MerSv 48 
MrdBc 240 
MrdBPt 150 
MerrlB 1J0 
MervGi 
MetrAlr 
MetSL 40 
Micom 
NUcrD 
MIcrMk 
iWcntr 46 
NUcrTC 
Mfcmp 
MlcrSm 
MdPcA 
MdStFd 40 
MldBkS 1.12 
MdwAIr 
MIllTch 
MHIHr 44 
MUllcm 
Minipr 44 
ffllBSKT 
Mlmtrs 
Mixctier 
MGcnK Jle 
MoMCA 
MoMCB 
Morflne 140 
Moledr 
Mam JS 
ManCa 140 
MoKar 
MontCI JSe 1.9 
MonArtt 
Monoitt 
MoraiC 
Mar Fla 
Mar Kg 


77124 Sto 7ft B* 

M 5ft 5 5 

142 6 S* 6 
51517ft 15 17ft + ltt 
186818% 18 18% + * 
10211ft lift 11*— ft 
416 AM 6 4W— * 

4111U* 13% 14*+ M 
34623* 22M 23*+ 1 

36113 lift 11*+ U 

583 8* 0 8 

36711% ITto lift + ft 

304611ft 11 11% + 

53419 W* 18*— ft 

29046ft 45 46ft + 1ft 

19914ft 13* 14*— * 

568 7ft 6ft 6% 

J 629 7* 7 7ft + ft 
34 318444ft 43* 44* + 1 

28329 27Vi 28* + 1ft 

16705 5* 4* 4* + U 
100611 10* 10ft— * 

4 11627 26* 26*— * 

620523* 20ft 23*— * 

45910ft 8% 10ft + 1ft 
1186 4ft 4* 4ft + * 
82 39b 3% 3ft- 
17 136832* 31% 32* + 

30010* 19 10 

61312* 11% lift— 

J 429 7* 6* 7ft + 

1491 Aft 5* 6* + 

68814ft 13% 14* + 
61416ft ISto 16% + 

126 6ft 5% 6to + 
252813* U 13 +1* 
436221 IBto 20* + I* 
58 41633ft 21% 33 — * 
19 19743% 43 43 — ft 

6813 13* 12* 

17 14023% 22ft 23% +1 
6.1 73640 38ft 39*— * 

83 22530 29 30 + ft 

46 10321 20* 20ft + ft 

7BB1S* 12ft 15 + 2* 
76017 II 11% + to 
50310% 9ft 10to+ ft 
014628* 25 28 + ft 

718 4* Sto 4to+ * 
4910% 19* 10% + to 
IJ W70 Sft 4ft 5 — * 
1071325* 20 21 to— 3to 

1889 5 4to 49k— * 
80S 5M 5 Sft— * 
464 fHk 5* Sto— ft 
12 78618* 17% 18* + % 
34 7*529% 29ft 29* 

419 4ft 3% 4 

397 2 Ift 2 + ft 

IJ 452734ft 32% 33ft— to 
401 4 3* 4 

1J 124635* 33* 34ft + 1ft 
13116 4 2ft 3* + to 

138219* 19* W%— M 
1812 >2 13 

26014% MM 14% + * 
191 Bft 7% 8 
5519 8% 7% 8*— ft 
30637* 35to 36to+l* 
401 8* 7* •+ * 
152931% 29 31ft + 2* 
32 121044% 43* 44% + % 
996 3* 3fti >%+ ft 


14 


46010ft 17ft 18* + 
167 8% 8ft 8% 
1448414* 12% 14* + 


TJ0 4 A 140030 28ft 


MotCto 
Mulliml 
Mylar S 




.181 


IJ 61813% 12% 13ft + 

14 3I293B* 36ft Wto + 2* 
A 136325 24 24% + ft 


N 


NCACP 

NMS 

NaPOdS 

NBflTeX 

NfOvS 

NtCPtr 

NData 


82 7% 7ft 7% 
4BB 3ft 2ft Bft + 
I6I13M 12* 13 
+0 51021 20ft 20ft— 
+9 101838* 37% 38* + 
1.1 57521ft 30% 21 ft + 
SJ I860 9V. Bft Bft— 


Sales in Net 

1003 High Law Chne Ciipe 


NHJIhC 

NlLumb 

NMlcnt 

NTech 

NatrBtv 

Nougie 

NetsitT 

Nefsan 

Nwksec 

NetwkS 

NtwfcEl 

tHuirgs 

N BrunS 

NE Bus 

NHmpB 

NJNats 

NYAIrl 

NY A wt 

NwMBk 

Newets 

NwpPh 

NICaIg 

NKkOG 

Nike B 

NdrOen 

Nordstr 

Norsk. B 


14271ft 

101 Sft 
3958 4to 


JO 2J 


414 4to 

997 5% 
347 8 
738 Bft 


NAtllns 

NestSv 

NWNG 

NwtFn 

NwNLs 

NwatPS 

Novmtx 

Nexen 

NUCtPti 

Numrax 

NutrfP 

NuMed 


1209622% 
246 4 
4 41V 

829 8* 
U 8143Z* 
3J 69223* 
4J 172024 

"STC 

. 76011* 
J 185923ft 
1136 6* 

IS 1 * 

' 44 8840 9 
U 24211 
IJ 340531* 
> J 27639% 
987 Aft 
286 7% 
1199 8* 
8.1 2920 IB 
34 125 39V< 

2A 675598% 
94 B442Z* 
174 4M 
11 128444ft 
1206 5to 
267 8* 
719 9 
25710 


20% 21 + ft 

4ft S 
4to 4% + ft 
3ft 3* + ft 
4% 4to— * 
Pk 5*— * 
7ft 8 t ft 
7% 8ft + 

7ft 7*— ._ 
20 * 21 — 1 * 
3% 4 + ft 

33 U 
7% 7to— * 
31 31 

21 23 

23ft 24 + 

^ * 
10 * 11 + * 
22* 23ft + ft 
5% Aft + ft 
Zjj 3% + % 

8% 8ft— * 
17* M 
28ft 31 +1* 

V 39ft A 1ft 
6 6 *— * 
7ft 7% 

Tto 0* + % 
I6M 17ft + 1ft 
39 39ft 
27% 30ft + 2% 
2B% Zlto A 1 
4ft 4* 

43% 44* A * 
5* 5to+ ft 
Tto 7to— * 
8* Bto— M 
9* 9to+ * 


OCGTe 

OafcHIII 

ObJRnc 

Oceaner 

Odikis 

OflsLoa 

Do I IMS 

OMoBc 

OtiloCa 

OMKat b 

Old Rep 

OtdSpfC 

OneBcp 

On Line 

Onyx 

OetlcC 

OpttcR 

OrSxsnc 

OrtXI 

OrfoCo 

Osnmn 

OttrTP 

ovtexp 

OwenM 

Oxeca 


479 2ft 
1947 1% 
165216 
606 2 
93 16 139136 
152 SJ) 250* 
168 54 51746ft 
61723% 
JB 19 301832* 
160 I2J 1283% 




PLM 

PNC 

PabUB 


.12 

132 


Sft 


Paccar use 2j 


PoeFV 

PocTel 

PocoPti 

PancMx 

Panaoii 

Pori Bin 

PorkOh 

PatntM 

Pntrkl 

PauiHr 

POUlPt 

povn 

PaVChx 

PeakHC 

PeoriH 

PegGId 

PenaEn 

Pentar 

PaooEx 

Poop pi 

Percept 

PersCpt 

Petrlto 

Pbrmcf 

P5FS 

PhllGl 

PtinxAm 

PIcSov 

PicCofc 

PlonHr 

PIOMSIs 

PoFoik 

PIcyMo 

Purex 

Pos»l 


JO 54 


.13 IJ 


40 4J 


40 17 


10 9 Sto 

5J 195647ft 45% 
626310% 18 
82748 45 

1585 8ft 8 
66114* 13 
43614* lift 

197 7ft 7ft 
200015% 14 
5510* 9* 
25714% 13* 
3774 6* 4ft 
1082 Bft 7* 
119813ft 12 
227 7% 6ft 
7022* 22* 
3498ID* 9 
178713 lift 
381322% 22 
J6f IJ 3225 6* 5* 
U» 73 iB 26* 25ft 
19 136328ft 26* 
745311* 9ft 
1370 to to 
163 7 6% 

269 9 8% 

U 242826* 35% 
386 6 5% 

18857 Sto 8% 

JT 30 779416ft 15* 
149 3% 1* 
717319* 18* 
40 3J 43718* 17% 
91 29 669733% 32 


36 


1.12 


.12 IJ 49B B 


Pu wrtc 

PwConw 

PrecCst 

PrpdLa 

Preway 

Priam 

PrtcOn 

PrtcCos 

Prlronx 

ProdOp 

ProoCa 

ProetTr 

Pratcol 

Pravln 

PuilTm 

PurtBn 


.16 3J 
.16 J 
120 BJt 


24610% 10 
408227* 25ft 
127623* 21 
TB6 7% 7ft 
2B6 1% 1ft 
121616M 15% 
340 7ft Aft 
59331ft 32* 
126 6to 6* 
592 * Sft 
ZS77 5* 4to 
60716% 15% 
205446 41ft 
63616* 15 
194 4% 4% 
5335* 34ft 
31514ft 13* 
332 3* 1ft 
27015ft 14% 
2566 4M 4 
48616ft 14* 


5ft— * 
46% + ft 

io*+ * 

48 A3 
Bft— ft 
14ft -» to 
14 + % 

7ft 

15ft A I 
Wft+ * 
14% A to 
Sto A 1 
8ft + to 
13ft + * 
7ft + to 
22* 

10ft A 1ft 
lift— 114 
22% A to 
Sft- ft 
259k— ft 
26% — 1ft 

***** 
6%— ft 
Bto 

26 — ft 
Sto— to 
Bto A to 
15% + to 
3% A ft 
19* A * 
IBft A ft 
33ft A 1* 
7ft A ft 
10% A * 
»ft— ito 

aito— i 

7ft 

lto 

16*+ ft 
7ft A ft 
32*— ft 
6* 

3ft + to 
Sft + ft 
to — to 
44ft A 2* 
16* + I* 
4%+ * 
34%— ft 

13*— ft 
2ft-t* 
Wto— ft 
4ft + to 
16 A lto 


QMSs 
Quadra 
QuaKfG 
Qua IS y 

Qoarhn 

QuestM 

Quixote 

Quotm 


48 17 


225111* 12% 13 + to 
11V 4% 4ft 4ft— ft 
17025ft V* 24ft A ft 
B33 3ft 2* 3 + ft 
173931ft lVto 21ft A 1 
1653 4 Sto 4 A % 
35110% 10 10 — ft 

11568 9% Bft 9 + % 


Net 


Ret lob 
Renal 
RpAuta 
BpHHtl 
ResIrSv 
Reuter I 

ReutrM 
Rexan 
Rev Rev 1J4 
Rhodes s JO 
RIMIm 
RichEI 
RHzys 
Rival 
Roodss 


RebNua 

RabVsn 

Rocfcor 

RawsSI 

RoseSB 


RoyBGo 

Roylnt 

RavPIm 

RavIRs 

RovlAir 
Rust Pel 
RvanFo 


Sales in y . K ,_. 

i09s High Cha : 

otS! 5% »- * 

- “ rf* {F : * 

.1Je 14 91611* 10% S 

^3* 

iSzift 20* 21ft +„ 

JO 6J 258113* I|* 13ft + J* 

" ’is 

256714% 14 14* 

39a IJ 4719 16 19 

Mo |i 262031 19ft 31 + I* 

•* “ ^ "BS 3 ft- 

, Iw , S* + 

B l* + 


259 ISM 12% 13 — 
111519% IBM 19ft* 


SAY Ind 
SCISv 
SE1 
SFE 
iP Drug 
RT 


Safeco 
SafHHti 
Sl Jude 
St Paul 
Salem 

San Bor 

SandCW 
Satelca 
SateiSv .12 IJ 
5avnF 140a 43 
J7 2J 


JSr .7 


scanop 


SconTr 
Schener 33 3J 

SchlmA JA 2J 

Sclmed 

u 


SciMIc 

SclStf 

SctSrSv 

5dtex 

SeaGal 


SecTag 

SEEQ 

SMbel 

semicn 


JO +1 


177511* 10 10% + 

686613 lOto >3 + 
24713* 13ft ISto 
,10r 1.1 430 9 7% 9 +1 

1 62914% 13ft 14*— % 

SHI i6 U 159518ft 17* IS + V« 

smlcrd rnJto* n% Mft a i* 

1 JO 4J 693733 30* 33 + % 

9715ft 13ft 15ft + 1ft 
1237 B* 7ft 8 — % 
100 6J 960750ft 47% 49*- 1* 
654 3* 3 3to A * 

V 7* 7 7* A * 

103 8* 8 8* + * 

300 to % * + ■* 

57 7 6ft 7 + * 

4035* 34ft 35ft 
59128% 26* 28% A lto 
828 7ft 7 7ft + 
44613* 12% 13* A 1 
31410 9% 9ft 

10416* 15ft 16 A 
57 8ft 7ft Sft + 1 
54 Sft 5 Sft + ft 
10$ 8 T% 8 A ft 
277 4% 4 4to+ * 
3911* 11 11* A * 

578 4 3ft 4 + ft 

24316* 15ft 16*+ ft 
948 7* 6* 6to— H 
56245 7% 5V. 7 + lto 

B61 2% 3% 2%+ ft 
1264 5% 5% 5* 

31919ft lVft 19*— to 
743 Bft 8 8ft + ft 

_ JS J 8910 7ft Tto 7to + ft 

SVCMer JS J 880712 11 11* A ft 

svmoot 1.12 34 718230 27 39% + 2* 

Service t 7916 15% 15ft— ft 

SvcFrct 563 5ft 5* 5%— M 

SevOak .16 1.1 28914ft 13* Wto + ft 

ShrMed AB IJ 32B427* 37 Z7ft + ft 

ShwmtE 140 54 132930V. 29ft 30V. 

Shelbv .16 .9 44917 16% 17 A to 

237817* M* 16% + to 

113332% 31% 33% + ft 

9613* 13 13* + to 

79 Sto 4ft 5 
3520 8* 7 8* A 1 

115312ft IBto 12 + ft 

30716 14* 16 +1 

36615ft 13* 14ft + I* 

600 Bft Bto B* 

539 Wto 13ft 14* + * 
24615* 14ft 15ft + ft 
2& 4ft 4 4 — ft 

23216ft 15 14* + to 

4491Hk 18% Ilto A to 

227 4ft 4 4ft— % 
B40 3% 3% 3%+ to 
12 7% 7ft 7M— ft 
118938ft 36 38ft A Zft 
8251 Zto 12 1Zto+ 1 
241 7» ito 7 
244317ft 15ft 17 + 1ft 

25540 39 40 + 1 

218516ft T4to 15%— % 

58926 33ft 24 + % 

527 4* 4 4ft— ft 
80531ft 30 Mft— ft 

... _ 48123% 22% 23 — ft 

.10 IJ 2117 8ft Tto Bft 
1JS 43 189739% 38% 39ft + * 


.16 


Sheidhi 
Shentrv 
SfxxrSos 
Slmsmt ,10e 2J 
Silicon 
Silicons 
SHIcVdI 
SHionx 
Since 

Slmplft JO U 

StPPin 

SUCp 

Staler 

Skipper JM J 

SioanTc 
5mitnL 
smlttiF 

Society 1J0 4 a 

SoctvSv 
50ftech 
SoftwA 

SonocP 1 JOa 10 
5onrFd 

SoBaH M IJ 

SoHaae 

SfhdFn J3 IJ 

Soutrst JB u 

Sovran 
Sovran 


SpcMlc 
SpanA 
Speeds 
Spctran 
SpccCH JS 
SpertlD 
Spire 

Stars™ 

Slot Bid jg 
Shindy s 1J0 
SldMIc 


JSe 1 a 


9 


2ft + 

3% A 
12ft + 1 
12ft + ft 


344 2* 2 
150 3% 3 
138612* II 
52213ft 11 

465 6 5% _ 

122 3ft 3 3ft 
47015 14ft 15 A % 

153413 11% lift— % 

3J 1266 5% 5M 5ft 

+5 71822ft 21% 22ft + ft 

761819* 17% 19ft + 1 


SMRco 1.15 2J 17946ft 44ft 46 +2 
Standun 229 5ft ift Sft + % 

stanhos 120 59 34721* 20* 20ft— 
StaStB 1J6 2J 1S7B47ft 46* 46% + 
SIOteG ,15b 29 628 5ft 4% 5ft + 

323 6% Aft »ft— 

163 4ft 4ft 4ft + 
29113% llto 12% + 
20923* 21ft 32ft— 

227 6 5% 6 + 

139 9ft Bft 8% 
446010* 9ft 10 + 


5feforr 

StamrL 
SWwStV 
Stwlnt Jl 
Stffel 

StockSy 

Stratus 
SlrwCs 
Stryker 
StuartH 
Subaru 
SubrB 
Sunwna 


3Hft 34ft 25* + 1ft 


46ft 47ft—4 


R 


RAX 


RPMs 
RodSvs 
RodtnT 
Rudies 
Radian 
Rouen 

06 

Rat nr 
Romtefc 

1J6 

RnvEn 

Rsodna 

Recoin 

-24 

RedknL 

Reeves 

04 

RocvEI 

JO 

Real, s 
Rehab 

J9 


166510 
Xf 146414ft 
1931 Wto 
134010* 
645 9* 
47710% 
4734 Cto 
3J 97447ft 
1000 5% 
68613% 
77820 
231 Aft 
64328% 
3668 5* 
XI 1029 64k 
J 84413* 


IJ 


3L2 


8ft 9 — % 
13ft 14*+ I 
13ft 14 A to 
9* 10ft 
Bft 8to + 

9% 9%- 
5* 6% + 

46% 47% + 

4% 5ft + 

13 13* + 

19% 19% + 

5% Aft + 

37% 28* + 

5ft 5ft + 

6% Ato¬ 
ll* 13* + 


112121ft 22ft 23ft + 1ft 


Mb 1J 1570. 

563_ . _ 

SB 14 198 3% 3* 3%+ ft 
1J8 14 40817*115 117*+1% 
1 U 4.1 22844% 43 44% + 1% 

1501 3* 3ft 3ft + % 
J9e IJ 1644 7% 

435 Ira 
487 7% 


SuPl 
SupSky 
SuPftex 
SoorEu 


t 


.14 IJ 


7% 

Ift 

6* 

B* 


!Kh 

Syntrax 

Stmwi 

SyAsoc 

Syftln 

Swjnfo 

BS 


J4 IJ 


J4I J 


at** 

... _ ... 7ft + ft 

254310 B* 8ft— lto 
28116ft 15% 15%— ft 
3B 8% 8% 8U+ ft 
1506 m 4ft 4ft— ft 
38112M 10ft lift + lto 

“ vS 9ft- % 

1516 4% 4 4to+ * 
4513% 13ft 13ft— * 
26616* 15% 16ft - 
1262 6% 5% Sto— % 
6% 0* + 1% 
6ft 7ft 
15% 16% + 1 
10* 12% + Ift 


TCAOJ 
TOCVlv 
Tandem 
Tandan 
TcCom 

Teles 
TJcmA 
TeiPlua 

Telcrft 
TaKcrd 
Teles let 
Tetvld 
TrttXJS 
Telxan 
Temco 
TndrLv 
Term DT 

Tesdata 
Texan 
Textne 
TherPr 
TTwmdc 
Ttwtfd 
ThdNs 
Therm 
Tlwrtec 
ThauTs 
3Com 
TlmeE s 

T me Fib 
Tiara rv 

Tofu I 
Totl5v i 

TrakAu 

TrwdSv 

TrtbCm 
TrusJo J6 
TBkGas 1J0 
Tuck Dr 

TwnCtY 
Tyson F JO 


Sales in Net 

100s Htpn low Ckne Chue 
<2 J 977 W* 13% 14ft 
• K 192 8* 7% Bft 

12045 SO* 17% 2M+ 1% 
81568 8% 6* 7ft + * 

73 7 4ft 6% + ft 

210819 17 17% — %M 

t 304524 22* 23% A 1 

4657 9% 8ft 9ft + to i* 
363 Sto 5% 5ft + ft 
— | c 191219* 17 ISft— tto 

me IBM 16ft 17% + 1* 
13116 3ft 2* 3%— * 


JSe IJ 


_115 

77617 
136 4 
14 6% 
65610 
93 Zft 
270 1* 
18413 


T4M 14% 

15* UM + 1* 
3% 3%— to 


1JI 12 


8% 9 — * 
2ft 2ft— * 
lto 1*+ ft 

_ 12ft 12% + % 

66414ft 13% ISft + % 
116413ft Wto 12ft+ 2% 
385 7ft 7* 7%+ ft 

39933ft 33 33ft + ft 
77411% 9to lift + 2 * 

298310% 8 10* +2ft 

503417% 15% T? + % 
Ifi 7ft 6% 7%+ ft 
165511ft 10* lift 
10610% 18% 10%— to . 
2310 1% 1% lto—to 

72114 13ft IS* 

9714 13H W + to . 

30113 10ft 12*+ 1ft 
307710% 9* 9*— % 

no 2* 2* 2*— to 

4027 25% 27 +1 

3J 390633ft 31% 31ft + t% 

126 Sft 4ft ito— ft t 
496 3ft 1% 2 + to £ 

2 49934 31% 32% — 1 tr - 


IJ 


J6e 


USLICO 1J0 
UTL 
Ultny 
lingmn 
Unlfl 
vlUnioll 
(JnPIntr 
UnTrBc 
UACom 
UBAIcfc 
UBCal 
UnEdS 
UFnGrp 
UFsIFd 
UGrdn 
UPread 
US Ant 

US Bcp 

US COP 
us Dam 
us Hr, 

US 5hlt 
ussur 
USTric 
us Tr 
UStatn , 
UnTelev 
UVaB* 
UnvFm 
UnvHlf 
UnvHId 
UFSBk 
U rarCr 
Uxcnfe 


4J 


,10e 1.1 

1 JB 4J 


8028ft 27% 28 — % 
12517% 17* 17* 
J11774 9% 7 8 — 1ft 

358716* 14* 16 + ft 

1613 9ft 8% 9ft + ft 
1580 1% 1ft 1ft—to 
139518ft 18ft IBto— to 

LB 33458 49* 4m— ft 

126927 36* 26*— % 

194 HIM Bft Bto— 1% 
80323* 22% 23*+ ft 

1295 Zft lto 2ft 
832 8% 8ft Sto— to 
37614 13 13to— ft 

76817ft 15ft 17*+ 1% 

16910* 9ft 9%— ft 
304 2% 2% 2to+ ft 
39 520225% 24ft 25% + 1ft 
277 2* 2% 2%— ft 

273 5% 8 8 — ft 

734833 29 30ft-ZH 

JAe 1J 381 3% 2ft 3to + to 
210415% 14* 14M— ft 

1J0 107 27511* Hft lift 

|iO u 16045% 44ft 45 + * 

JO IJ 731524ft 19* Mft— 3% 

26116% 16ft 16ft 

L44 4.1 139135% 34% 35 + ft 

134716* 14ft 16 +Ift 

220618* 10 10*+ ft 

144 4ft 3% 4ft A Vi 

195 9 Bft 9 

757 Sto 5* 5% + ft 

J70 1.9 167 4 3ft 3% • 


1J0 


i A %-|- 


VLI 

VLSI 

VMX 

VSE 

VUlid Lb 

ValFSL 

ValNtt 

VatLn 

VonOus 

Vaiuefl 

VectrG 

Ventrex 

Veto 

vlcanF 

Vlcorp 

VlctraS 

VldcaCp 

VtodeFr 

Viking 

vtraTek 

VHTecn 

Vodavi 

Volt Inf 

Volvo 


1J0 
joe i J 
AO 2J 


752 6% Sto 6* + ft 
3774 8* 7ft 8* A to 
225110* Sto ID + to 
33 8% 8 Bft + 1 
594513ft 10% 12%+ ft 
405 9% 8ft 9 + ft 
4J 122430 29 29% + to 

57425* 26ft 25 + ft 
65314ft 13ft 14ft + 1 
75012ft 9ft 11* + 1ft 
603 ft * ft + * 
3090 4* 3% 4%+ * 

168 to ft ft 
2tse 3% 3 3%— to 

267315 WM 15 + * 

454 3% 3% 3 

12419* W* 19%— ft 
73912 11* lift— ft 

23212ft 10% 11* + ft 
16818* 17* 18 
B6B 3 2% 3% 

868 7ft 6ft 7%+ ft 
52717* 16ft 17 — ft 
190426 24% 26 +1% 


W 


JB 42 30821% 20% 21 
48 J 13821* 28ft 201 


+ ft 


J6 19 


42 


WD 40 

WalbrC — _ _ . 

WikrTel 2558 VO* «* 9% 

WihE 146 LI 285720% IV 20* + m 
WFSLl jgt U 6Z1Z8ft 26% 28 + ft 
58811% 11% 11* 

1484 7* 7 7ft 
30012% 12ft 12* 

574 9% 9ft 9%+ % 
4946 45% 45%— ft 

629 7* Sto 7* + 1% 
653 9 7% 8 — 1 A 

533 4ft 5 5* k. 

774 Mft I2to 14% + 1ft 
86819ft 17% 19 +1 
2519ft 19* 19ft— ft 
741 Mft 13% M — ft 
01525* 25 S — ft 
1372 3% 3% 3% 

1751 9% 7% 9ft + T% 
4J186B837* 33% 37ft + 2 


WMSB 
wovefk 
Webb, 
wesfFn 
WnCosS 284 
WstFSL 
WMicTc 
WMIcr 
WrTlAs 
WmorC JO 
WEtwdO 
WahwdC 


XI 


Wlcnt 

WVdcom 

Mfliimt 


X5 


288 8* 
776213 


TBC 


157011 Mft 10% 


WtllAL 

Wimsn 

VMisnF 

wiisnH 

Wlndmr 

WlnnEn 

WtaerQ 

WbodD 

Wtorttig 

Writer 

WYmon 


2356 8% 7% 0M— 

1451G* W 10 — ft 
1018 9% 9% 9% + to 
JO IJ 52211% 11% 19%- ft 
ST/ IJ 1691 5% 4to 5* + % 
1995 3* 2* 3* + to 
JO 43 42319ft 18% Mft— ft 
JO X3 33818% 16% 18% + ltt 
36 7A 172223* 23 23M + ft 

.156 20 19 8 7ft 7*— ft 

JB 3J 123325ft 24 24%+ ft 





P. 


% 

*ff«i 

%.* 


jn • 


& i ■: \ - j 


&- . 

%V- 

%*■ 


Ff" - 


K 

nf. 


L-r 


r#- 

R|U 


% 


y~. - - 
: s 




£ 

*9*_ 


S'- • 


s; j 




3 


0=s 

Iff* - 
<&!- • 


=*? 


X 


Xebec 
TUcor 
Xktex 
y low Ft 

ZanLbB 

Zentec 

Ziegler 

ZianUI 

23tei 

Zlyatl 

Zandvn 

Zvmas 

ZrTrex 


1J0 


J80 4J 
1J4 40 


5458 4 3% 4 

214211M 18 11% + % 

428212* 12 12ft 
24 603335* 32 35ft + Ift 
78219% 18ft 19%+ % 
1634 4 Zft 4 + 1ft. 

4M1I» 11% II*— * 
38031* » 31 — ft 


■34 16 


440 5 

130 7 
442 9* 
516 lto 
1082 2 


5 + ft 
6* 6ft + ft 
8% 9%+ to 
1% lto 
lto Ito— ft 



Soles in Net 

WB» High Low Last Chw 


JO 

33 


t 


JOa L6 


JO 2L2 
Jle J 


SJ 


A&MFd 
AAI me 
ABSn 
AECs 
AFP 
AMCM 
AST 
AT4E 
AVMCp 
Abrams 
Accra Rs 
Ace to 
ACMAT 
AcmeG 
AeroEn 
Aero un 
Advsn 
Admed 
AdfsnW 
Adla 
AdvRas 
AdCot 
AdvGwi 
AdvSem 
AdvTei 
AdvtLds 
AerSvc 
AerSv, 

AH Bcp ijo 
A pnicog JJ 
AMAut 
Alguab 
AlamaS JO 
Alonco 
AUkAp 
AbkBc 
AhkNl 
Aiaten Z20 

Alton at 
Atdcn 

AlaxEn 

Aneoln joe J 
At Sea s 

Alenprg Ata U 

S5SI 

AllyGar 

AloScftr 

Altalr 

Altrmx 

AHron 

Amrfrd J7e IJ 
Amrtbc 133 53 
AmBusph 
AmAaor M0 4.1 
ABKig JOa 19 
ACeHTl 

ACentpf X44 16J 

AmEcat 

AExpl 

APDfra M2 SJ 
AFnpfD 1J0 11J 

AFnpflE IJO IIJ 
AFnpfP IJO >44 
AFom JO 10 
AlndmF 1.» 7J 
Alnteor 


S»3 4* 6. 4*+ * 

180 2to 2% 2ft 
116 7ft 7 7 — ft 

17913* 12ft 13*+ 1ft 


203 2* 
111 Zto 
2163 9% 
2U 6% 

199 8M 

200 «% 
135 4ft 
10624 

4% 


63 


2* 2% + 

2* Zto 
8* 9M+ I 
5% 6ft + i 
8 Bft + I 
6* AM 
3to 4ft+ : 
23% 23ft— i 

512* 13ft 12*+ 1 
260 2% Zft 2% 

,740 ^ % 

42521% 20% 21* + I 
50431% 31* 31*— ft 
90917ft 14 14*— * 

383 6% 6 6 

Zft 2ft 
3* 3*— ft 
13* 16*— * 
«% 5 + ft 
2% 2%+ ft 
1% 1% 
ito 1% 

19 19 

Bto 9 + * 
3% 

4ft 
B 


Sate, In Net 

100* High Low Leal Ctrae 


B 


35 2ft 
51 3% 
28317 
217 5ft 
38 2% 
214 1ft 
469 1% 
1019 
740 9ft 
46 4ft 
41 4* 




645 
442 % 
129 6* 


4ft + * 
4M— ft 
9 —1 


% 


%+fc 

6 — ft 


59 


5014% 14% 14% 

35137 32 37 —4 

6* 6* 

AVI. Aft 
3 3 

51 52+1 

5* 7ft- % 
48* 50 +1* 

19ft 19% — ft 
Zft 3ft+ft 
8ft 9M+ % 
10 10 
7ft 7ft 
4% 5*+ % 
9* 9* 

4* 4* 

23 23 

6% Aft 
24* 24* 24* 

. 315* 15* IS* 

1135 4ft 2% 3* + ft 

6721ft 31ft 31ft 
104310ft 8* 10 +1* 
47 3% 3% 3% 

3425 25 25 

2 8* H* 8* 

Bft 8% Bft 
13* 12* 12* 

45 9* 9ft 9ft— ft 
315% 15% 15%+ ft 
259613ft T3ft 13ft + 1 


6* 
16 6% 
174 3 
2752 
1143 B 
850 

iS'S? 

231 9* 
110 
5 7ft 
1446 S% 
682 9* 
4* 
540 
129 Aft 


AlnvLf 280 11 16 6% 6* 6%— 

ALmJd I 6ft 6ft 6M 

ALndun 78 6% 6% 6% 

AmLht Sft 5ft Sft 

AMdSv ,15b 1.1 30014 n* 18% + ft 

AMtol 2995 V 

AMkfl wf MM3 % ft ft 

AMenir 469 3ft 3* lto 

SEE? “ 55 wS^ "toU 41 

AmPac 32 2to 3to 2% 

AHecr ,14b IJ 35410 9ft W + * 
Am Rest 122 3* 2% 3* + ft 

AmSIlM 280 6 6 6 

ATruH 40 5% Sft Sft 

AWHCP t 18 4ft 4ft 4ft 

Aattraf 29716* 16 16*+ * 

Aaibdar 299 7ft 6% 7 + ft 

Amort 1J0D2J 7441 38* 41 +2* 

Ampaipf 31 SJ 16 M Sto 9* 

Aantrpf JO IU 29 S* 5% 5* 

AndrGr 15211% KM 11% + ift 

Andrea 09 Z* 2to 3to+ M 

Andrei n S3 Zto 3 + M 

Andovr 62 6* 6* 6* 

AnpSA Mm 60 122311ft ink II — * 
AngAGe JK 25 2974 8% 7 to fl +* 
AohCM 45 8 3 3 

ArabSh 56 6% 5 5 — Ilk 

Arden 38914% 13% u + ft 

ArtvDca 2*2 1% ift ito+ft 

ArtnM 2811ft lift lift 

Arnold J0 XI 2729 39 29 

ArowS 2J4 69 74J 43 42 

Andoa 1801 6* 6* 6* 

AmRan 17 4 4 4 

AsdSao Jib 3J 29625* 25* 25*— 1 
AeedCo 47 Sft 5 5ft + ft 

AotaWd It 7 6% 7 + ft 

AEtrcm 3484 3% 3% 

Aotian .MU 8 H 8% 0* + ft 

Aefrsvun .» a ia +1 

£ 9 S% f + to 

AOGeLt 2J2 Li l&AZgft 2Kt »% + T 
AKPrm J3e A 857*7 7*+* 

-- 47814ft B* 14ft + 1% 

280 3% 2% 3 + * 

6910 9% 10 + % 

279 3% 3* 3%+ ft 

498 9ft 9 9ft 


AudVkJ 

Ault 

Aufoetv 

AidMed 

AutoSy 

Autootta 


.16 IJ 


Awdon 

Avatnpf 


30 2ft Zft 3ft 

68 4% 4* 4%— Ik 


86 5* 
19 5% 


5% 

5% 


5% 

SM 


BGS 

Bacardt lJ2a 4J 
BrtrFn JOa 2J 
BaWLy JO IJ 
Battek 

BncOpf UO 9J 
BnPonc 224 64 
BcxicnP 230 61 
BCOM pf 2J0 11J 
BnTxcv V46 IU) 
BkDcrfw 3M S3 
BkGroi J2 IJ 
BkLau 

BkManS 340 94 
BkNHm 1.12 33 
BhSau JBb X0 
Bnkeast 1J0 61 
BnfcFsf 
BkrNte 

BTrSCl 140 XB 
BknlhG 

Bktowa 156 XB 
BkMAmMJD 11.9 
BarbGr 


Barden 

BonU 

BxTnB 

BaeESc 

BsRinf 

Benin 

BaufcNa 

BayPoc 

BavFdl 


IJO X3 


178 Bft 6 6 — ft 

4921 19* 21 + 1* 

43934* 34 34* + ft 

44 44 

32216% 14* 14*— 1ft 
5056 55 56 + 1 

1335ft 33% 35 + Ift 

3336ft 35% 36 + ft 

1322% 22% 22% 
57513% 13* 13* 

2755 SS 55 
2317* T7* 17* 

IS* 15* 15* 

836 36 36 

322S 33 53 

17623 23 23 

7729 ZB 29+1 
19710% 10 TOM + * 
54 2% 2% Zto— ft 
40537* 36ft 36*— % 
213 13 13 

4641* 41* 41* 

921 21 21 

3 3 — ft 

30 30 — * 


87 3ft 
6330* 


sag 

BellPtr 

Belwet 

Benhnun 

Berklne 


Berk Ho 
Bibb, 
b motes 
BloMed 
BiMedun 
Btorrwt 
BjoTcC 

Bird l Of 1 JS 162 

Blrdvw 

Blrtdir 

filtUJ 40 3J 
Bktsiua 

BluckD IJO U 

Blomfid 

BluMSp IJ 

BiRdoun 

Bhieekv 

BhraOGa 

Blvwar JSe IDS 

Bahema 40b 12 

BootoB 

Boon El t 

BaattiFs JO IJ 
Bownfr jue 2J 
Bradvw .106 J 
Brairae JOe 
BmchC IJO 44 

UiiUUI 

Brenner 

OrenIB 4] S3 
Brood F Pie J 
BrotHII J6c 68 

BrakrM 

BrwnRb 

Brace Rb 45 75 
BcfcevF 

Buffets XZTelOJ 

Bcrmb .T4o 5J 

BurnaS 

Bunt 

BurlH 

ButtrJ 

esKsr ,ji « 

BverCs • 



1789 9ft 

7* 

9* + I 


30 fft 

9 

9to+ ft 


192 1 

* 

to 

f 

2531 

W 

+ 


94 2* 

3% 

2to+ * 

050 43 

411 

10* 

10*— * 


325 4to 

4ft 

4H+ lb 

J2e ID 

49 4 

3* 

4 + * 

,14e 3J 

425 «to 

4ft 

4ft— * 

08 40 

2415* 

15* 

IS* 

.10b TJ 

265 8 

7% 

Tto— * 


5B 3 

3 

3 

1 

197 2* 

3% 

3% 

00 XI 

39 

37 

37*— 1* 

65 9% 

9% 

9% 

ZOO 100 

1120 

19* 

20 + * 


280 300 +2S 
16220% 20 20ft- * 

166 3% 3ft 3*— ft 
’ 3to 3ft 

4* 4*— ft 
12ft 13ft + I 
lto 2* + 
13% 13 
3% 4to+ i 
Sto¬ 
ll — 

6* 


206 314 
SB 4to 
114313ft 
719 3* 

2313 
3597 4ft 
S4 5U 

18511% 11 
98 6* 6* 


2230V1 30ft Mft — 

676 3* 2% JM + l 
40717% 17* 17%+ ' 
111* lift 11* 

56 3ra 3 3 —4b 

B 5% 5% 5% „ 
1873 •% 7* Bto +to 

53812* II 12%+ 1% 
413 B 7ft 7ft— % 
104 6to 6* 6W— M 
37522ft 73* 22ft + * 
143 2to 2* Zto 
19430 30 30 

.69 3% 3* 3%— * 

14027% 27* 27*— ft 
1092 1% 1% 1% 

10 7 7 7 

412 H 12 

tow fiv 7& fit+n 

'sts r sars 
62 6 6 6 
18110 9* 9*— * 

38733ft 31% 32%+ % 
152 2 3* 2 + 

’‘S.ZS 4 *% 7% + 1* 
466 ^2 ,B K W 

isfisjsssa 4 

44 1* 1* |* 

UO 2* 2ft 2% 


* 


CCB. J) XI 
CCNB J20 XB 
CCX Nt 

SS* 

asa 

CaAnue JB IJ 
CalDia 

CoVFBk 1J8 6J 
CaUky som 36 
Canwr* Z40 74 
Ccdmar 
Caltnun 

Cahtm t J7e IJ 
CanaG wt 
Cononl .no 4 
Conrad 

CopSwt .Me TJ 
CapBen ijaa 44 
CapTrn JSe SJ 
Cartsbo 
Caracas 
Caraeht 

cade MB jj 
C enjtSv Joe 3J 
Cwftoc 

CnBkSV 40b Z2 
CnJerBh 1,10 XI 
CnJerSv 


4626 
1524 
1314* 
29413* 
63 1% 
7 Bft 
322 4* 

3m Mft 

51 Sft 
217% 


+ 1 


+ % 


25 26 

33* 24 
14* !4to 
13* 13*— % 
% 1%— ft 


CPOCMlt 

CnPoSv 


JOe 12 


11331* 
15416* 
27 2% 
3 7ft 

376127* 
136 7* 

15315% 

7029 
73 Sft 
16 7% 

— ** 
535 4% 
1UZ* 
9* 
1313* 
5918ft 
13921% 
6 9* 
258 S* 
389 

29 9* 


.3% 3»— % 
14ft 1«ft 

5% Sft 
n* >7*— * 

5. 25 

30* 31* 

16 16* + * 
2% 3%+ ft 
7 7 — ft 


7A 27%+ 1% 
6% 7%+ % 
15V. II*— % 
St 39+1 
4* 4ft— to 
7ft 7% 

Ift 3ft— ft 
4% 4% 

47* <3* 

9% 9* 

U% i3ta+ to 
UK 18% 

20 31%+ 1% 

9* 9* 

5% 5%+ * 


9* 9* 


Sales In Net 

ions High LOW Last Ctrge 


CRsvU .12 15 
CWlsBn J4b 3J 
Cenhjrt 

CntvPas jOW 9 
cenvii t 
Cerdvn 

cortran 

Oimppt .10 IJ 
Chapra! 

ChapE of 1 JD 11J 
Cha rail 
CharCh 

CbartCp 1J2 35 
ChrtFdJ 

Charwoz 

ChattiM JOa 45 

awtlm 46 29 

CheezD ,10r 24 

Cheflnt 

Chemtx 

Chmfxun 

ChmFab 

aiwpke 

aiewte 1J0 66 

Chessco 

aitAut 

amis 

Chiron 

CM tend IJO 56 
Cbm Fin 2J0b 29 
CkiMlc Jlr 
arc Inc 144 1L7 
CtzSau 1J0 X3 
CfxFtnl 

ClzGtP 48 b 17 
CJzSLn 401 53 
atzSFs t 
CtyFdpf 750 95 
OFd pfB Z10 104 
City Ben .96 X3 
CkaJcC 
CtasfdF 
OaySlv 

aowCp 58 xa 

CoastM 

CaastRV 

Cstllnt JSe 23 

Cut Soy 

CobRec 

CalFdl 

ColABtl 48b XO 
CBC0PA 40B 4 9 
CotnBcp JB XB 
CalnGas 152 9J 
COfGEpf 150 12J 
Cohan Fd 
CotSav 

CotuMUl IJO XI 
Conor XB J 
CmndAr 

Com Bcp 4Ss 4.1 
Cam Be of 
CamBsti IJO 44 
CamCIH 1.92 16 
CmBCal 54b 14 
CmdBn 2J0 XI 
CmIDcl 

CmdFd 

ComlNt JO 34 
CwNtFn JSe J 
CmwRt JBS 65 
CmwSv 

ComSiir JO 7J 
CmoUi 
CmevM 
CmorsL 

Cm pick 

CmoSve 

CmpDm 

CmHzun 

CmptMt 

cmpSvs Jie 

CmSvn 

empire 

Corns tk 
Cantos I 
ConeCul 
condor 
ConStF 

Conna Jl T.i 
ConnWt 144 99 
CanTam 40e U 
ConWt B 140 75 
OIFSL 
CtlHltun 
ContStl 

Canttns .12 4 

ConvFd JAe 5J 
Canwed JO 2J 
CaakDt 

" [SPi 3J7 117 


7% 


% 

2 

4to 

Sft 

8% 


6% 

S* 

2* 

9 

5% 

Zto 

7ft 




. un 


C0tn5LI 45e X7 
Courar 40 2J 
CourOfe 
CowsnH 

CousPs 52 15 
Cavnai 

CradTr 56 4J 

CrttHmi 

Cramer 

CrwfcJC 46 XJ 

CrazEd 

CnAut, 

CnenA 50 8J 
CueInd 

Culp at 15 
Como 

Cwteo .14 4.1 
Crberth 

CtptSv 50e IJ 
Cyprswt 


139 8 

4« W to 
2810* 10 
3417% 17% 

Sl'lfi ’SC 

177 Sft 5% 
148 * * 

20718% 18% 
36 7* 7% 
9 7 7 

10129ft 29ft 
II 7to 7* 
9210 «8 

20419% 19% 
13317ft 17 
22 4ft 3% 
290 % 

434 2% 

W 5* 

319 k 

206 8* . 
6224ft 27% 
3 4 6 

147512% 10% 

152321% 20% 

197 6% 4* 
6918 17% 

19475% 75* 

32611% 10% 

11613* 13% 
10B3T 30% 

8 2% 7% 
17% 17ft 
10 7 7 

73511* 11* 

74021ft 22% 

4220% 19 
11430 29ft 
260 7% 

M 5* 

154 2% 

188 9% 

13 6 
162 2% 

80 7* 
57113% 13 
« 3* 3* 

220 Uto 14% 
13M 16 

11812% 13% 
48929 25% 

83415* 15ft 
2615 14* 

499 6 5% 

1716 7* 7* 
732 32 

4B 9* 9% 
3 4ft 4% 
711* 11 
5314* 14* 
13445% 44* 
20773 66* 

2315 14* 

11339% 3V 
5 Sft 5% 
1282 0* 8% 
6123% 23% 

1137* 37* 

1911ft Wto 

27514% 14* 

90 Bft Bft 

188 4 4 

422 4 3% 

58 5% 4* 

n b* Bft 

325 Bto 7% 

189 7ft 5* 
8ft 8 

115 6% 8* 

1514% 14% 

175 S 4ft 
431 Bto 7* 
740 6* 6* 
3436 8* 7 
5 6% 4% 
3* 3* 
310* 9* 
53 7% 7 
18014* 14% 
1135 35 

4519* in 
913% 12ft 
15417* 12% 
1151 W to 
26733* 31* 
137 6% 5* 

1422 21% 

46 3* 3% 
27124% 24 
401 3* 2% 

647 3* 3 
13116* 15* 
17486 86 

419 6* 

1840 Bto 
17116% 

315 1* 

4012 12 

» 

49 Sto 8% 

8619% 19ft 
182712ft lift 
24 4 3% 

IS 6 5* 

12 3% 2% 
337 6* 6* 
514 % h 
80 3* 3% 
433 Sto Sft 
1311* 11* 
3ft 3% 


7ft— * 
- - * 


4* 

7ft 

16* 


»tt+ ft 
17ft— * 

iq%+ * 
i%+ * 

Sto + * 
* 

10ft— * 
7ft— to 
7 

29% 

7% 

10 
19ft 
17ft + ft 
4%+ * 
to 

Zto + ft 
5ft + % 
A + % 
8* 

24%+ 2 
6 

12*+ Zto 
21 + ft 

<%+ ft 
18 + ft 
75*— % 
lift + to 
13*+ ft 

>1% 

17*+ ft 
7 

11* 

24 + 1% 

20% + ltt 
29*— * 
7 + * 

5* 

2%+ ft 
9ft + ft 
5%— % 
2ft 
Tto— u 
13% + % 
3* 

ISto + to 
16 
73% 

27 —2% 
is*+ to 
15 

k + * 

*9% 

4ft 

II — * 
14* 

45 — ft 
73+6* 

L 

Sft 
BH 
Zf% 

37* 

II + ft 
14* 

Bft 
4 

4 + * 
Sto + * 
B*+ ft 
8% + ft 
AM + 1ft 
•ft + ft 
Oft— ft 

14* + ft 

5 + 
B»+ * 
8* 

8*+ 1% 
6% 

3* 

18*+ 1 
7ft + ft 
14*+ * 

3* 

12ft 
17 +4* 

to 

32—1* 
6%+ ft 
21% — ft 
Sto 
24ft + ft 
3. ♦ to 
sto+ to 
16* + 1 
86 


8 + % 
w 

’5* 


reft + * 
12% + to 
4 

4 + * 

3% 

6* 

* 


sto + M 
II* 

3% 


DAB 

DCNY 

DHTch 

DUtes 

□Ml 

DNAPt 

DHAPun 

DOC 


I 3 6% 6% 6% 

USe JJ 31245 49 44* 

1855 3* 3 3* 

235715* 1Z% ISM 
42010 9ft 9ft 
353 3% Jto 3% 
351 4* 4 4* 

311 6% 6% AM 


+ 5* 
+ * 
+ 2to 
— * 
+ . * 
+ * 


Sales In Net 

100s High Law Last Choc 


50 Z1 


1.1 


DST 
DaNbrs 
Dal El JOB 

DairMt t 
Doners JOe 15 
DataPe 

BS ■ 

Dauphn 1.96 59 
DavtSW .We 1J 
Daxar 
DBeer 
Decom 
DeitNG 1J4 9.9 
Dettak 
DttoQn 
DenlMA 1J0 
DeniMB 1J0 
DnpGty Z14 £L7 
Desgnh 

DefrxCs 158 65 

DefCon JO 7.1 

Deveicn 

Devry 

Dower 

Dio Cry s JO 10 

Olbral IJO 17 

DtckenA 

DJefcenB 

Dickev 

DtrcRs 

□kmrBl AO 49 
DMEIc 
Dlstrlb 
DIxnTI 
DomMl 
Danovn 156 
Doskod 
DM Eos 

Dpi Lam AO 15 
DresBk iJ5e Z7 
Dreshr J5t J 
DressBr 

DrcwWt 

DriefCn 
OnnSi 
DualUft 
Dumaa 
DuqSys 
Durrtn 
Durltti 

Durhms 1.16 13 
Dwteint 
Dycom 
DvnRs 


135 9% 

"?* 
8510 
ITS 
16 7ft 
604 5M 
7* 


9* 


Jle 5J11799 4 
268 3to 


9% + 

4% + 

Jtt 4%— 

9* 914— 

15 15 

7ft 7% 

4* 5to+ 1 

_ 7* 7* 

8433% 33* 33% + 
5711 18% 11 + 

275 7to 7to Tto 
Jto 3 - 
3 3* + 

zrawto 10* io* 

68 Sft 5* 5*— 
5113* 13* 13* 

4812 11% 12 + 

24811 10* II + 

17937* 37 37* + 

19 6ft 6* 6ft + 
4328ft 28 28ft + 
612% 12ft 12ft 
293 6% Sft 4ft + 1 
686 7% 7ft 7%+ * 
>0 5% 5* 5% + ft 

12726* 25 26* + 1* 

31227 23% 27 + ltt 

190 3ft 3ft 3M 
2 3to 3% 3to 
991016 Mft 10ft 
M7 lto 1% 1%— ft 

9% SB + ft 
3% 3ft— * 
*% Cto+ * 
6 % 6 % 

. 4to 49b 
716* 16* 16* 

1A95 lto 1ft lH 
13 Ift I* 1ft 
28911% 10% 11* + 1ft 
362 60* 61 + * 

27 9* 9* 9* 

aiTift Tt 

158e 53 219834* 23* 24ft + ~ 
SO 3% 3* 8% + 

23 Jto 3* Jto + * 
M 3ft lto 3* + ft 

15013% 13 13ft + % 
392)1% 18* TO%— * 
58115ft 13% 15ft + 1* 
13234% 34% 34%+ * 
228 5% 4% 5% + 1 

36 9* 9* 9* 

31 6 6 6 


L2 


3710 
139 3* 
78 4to 
168 6% 
27 4to 


EB Mar 

EILtnst 

EMC Ins 

EMF 

EMPI 

EZEM 


ABb 13 


50 7ft 
34 4% 
6 6% 
333 3to 
136 6 


»%+ W 
4to+ to 
6ft 
3ft— to 
4 

II — 1 


Easfrm 

168 

644 4* 

4 

4 

Eostavr 

EatnF 

00b 10 

324ft 
91 9 

MU 

8 

24% 

8% + 

EatVan 

A0 24 

517* 

17 

17 — 

EduStt 

t 

3931% 

X 

31* + 

EdSault 

U6bKL5 

313 

13 

13 

Elea, 

Sb fi 

3715 

IS 

15 

ElderB 

8112 

12 

12 


EhtorB 

ElcScl 

Eictmg 

EltxWW 2J0 

Elmans 

EXCCa 

EmpCOs 1J0 

Enroot 1J0 

Eaonth IJO 

CnrVnt 

EnglnSv JDe 

EiwkRs 

EnaMea 

EntrCai 

Envrdn 

EnvSrJ 

EuvrT s 

EnvrnP 

Epslln 


37b XB 


EatBcp 
EqtOcB 
EatlwaB US 63 
EafloA 15B 6J 
ErtUn 
ErckGd 
ErleLac 


EsexCt X32 104 

EvfR un86 

Evrad 

Excnint 

Expdtn 

Expdlun 


62 4% 4% 4% 
12819ft 18* M* — 
29418* 17% 18* + 

6429 38* 29 + 

6213% 13ft 13* — 

311 11 11 

734* 34* 34* 

53720 19* 19% + 

4716 15% 15% 

55 8% 0% Bft 
31418% TO* UM+ft 
259 Tft 1% 1%—to 
315 3ft 3 3ft 
7X113 12* 18 + % 

960 3% 3 Jto + % 
18614% 12 Mft + 2% 
6611ft It ltft+ ft 
1231 4 5 6 +1 

46116* 16ft 16*+ ft 
408 7 6th 6to— to 
39418% 18% 1F% 

7 9* 9% 9% 

38919 18* 19 + to 

2519% 18% 19%+ * 
2918* 18* tB* 

398 3* 2* 2*+ ft 
981 88 88 

74 4% 4ft 4ft 
1023 31% 23 + ft 

5* SM 5* 

22 4 3% 4 

3613 11* 12 + * 

63 Tto 7% 7% 

136 Bto m Bto 


FM Nat j4r 34 
FMI wt 

FaMNM JD u 
FalrLns .16 35 
FdtrFla 
FaleLlo 
Falstaff 
Fardv 
FrmHm 
PriiiHo t 
FarmBr JO 34 
F-rrOl ag^TA 

FdGrfyi JB U 
FedNII 

Fldctrpf 35$ Ll 
Ftdftfl 

Flu pf JO 48 
Fkillnd 

Ffelnst 50a 10 



921 21 Jl 

lees 1* to ito +* 
mil* ii* n* 

300 5 «ft 5 + ft 

291 4% 6ft 6% + - to 
261* 60 61* + 1% 
250 5* 5 5 

93 4% 3% 4 — * 
*3525* 25* B*— % 
904 Jto 3% 3% 

8134 31* 33*— 1* 

21 Bto 0% 8ft— ft 
146 8% Bft 8% + to 

128)0 9% 10 + ft 

82 Zto 7% 2% 

1340ft 40 « — % 

90 9% 9% 9% 
3710* 9* Wto + to 
3 3* 3* 3* 

10 6% 6% 6% 

71 6% 6ft 6ft— * 
6029* 24* 25 
915* 15* 15* 

150Z7 25* 27 


GObrtA 
Gtamls 
GtecH 
Gadfrvi 
GWFkf 
GoMRs 
GaMato 
GtdCvd 
WdEl 
GoktSI 
Goody 
Gradm 
GrptiMd 

Graven 
GTAmC 
GAmPrt 
SUUHO 
OtAmRs 
GtLkFd 
GtSaFd 
GlWasti 

3027 25* 27 + * I GrwAd 

<J« Wft 15 + * «H*TS1 


Sales In Net 

100, High Law Last Chtoe 


za 


73 


FABkPBAJO 
FABkPB B50 
FtAPad 
FBncTx A0 
FICapt* 

F ICar In JO 26 
FICoiBs JOe 1.1 
FtComB 

FTCmd 144 45 
FConns 150 XA 
FDtMot 

FEstCp IJO 43 
FtEma 150 25 
FExec pt .95e 4.1 
FFwst 

FFdNH JOe 14 
FFdAust 
FFdBrit 
FFChar 

FtFdIVo .108 3 

FtFdSC 

FlFldSL 

FF5vMon 

FtFnd 15<b S3 

FHawOk 

nillCOB 1JB 55 
FirndBc IJO 19 
RlmJi 

FlnstBk t 
FlnstCp .92 44 
FfJerp# XOO 6J 
FJer pfS Z8B 9J 
FtKvNI 144 4.1 
FtMkA 46b 44 
FtMldB 150 7.1 
FMdwC 
FtMtlSv 
FNtCal 

FtNtLa JSe U 
FNtStpi 4J0 8J 
FtNatn 

FNHB 40b 30 
FNttlSL 40 35 
FiailBn U0 XI 
FtOklS 
FtPeoNJ 

FPaopt 1J9 1X9 
FSecKv J6b 34 
IStSrce 436 30 
FtSttUt 

FtUtd 40e J 
FtVoty j 40 79 
FtVIFn 1580 55 
FfWnFn 30b 17 
Fttmklll 150 AJ 
Fstoutf 1.12 26 
FtfsHl 

Firstar 250 5J 


24 1123 t 7% 


30 


Ftaona 

Floater 

FTOMIH 

Fkicfcln 

F lortxs 

FhjCom 

FlaCypr 

FkiGutl 

FlyTlor 


7* + 

10 10 
51 0ft 8% 8% 

19 5* 5* 5* 
2936* 26ft 36* + 
1219% 19* 19% 

283 9 0% 8% 

37 4ft 4* 4*— 
1133% 33% 33% 

4839 32% 33 + 

36414 13* 14 + 1 

3644* 44ft 44* + ' 
.10745* 45% 45* 
21523% 22% 22ft + ! 
2513% 13% 13ft 
35613* 19% 13* + ■ 
29519ft 15% 19 +3 
135 8% Bto Bto 
3714% W* 14*— i 
B13to 13% 13% 

601 6% 6M 6to— 1 
sa 7* 6* kto— ' 
ass se in 
8634 34 34 

332S 25 25 

4519* 18ft IBto + I 
2837 36 37 +1 

Bill IS 11 +1 

6610% 10ft 10% 
3320* 28* 20* 

2344% 44 44 — % 

16232 31* 33 

23734% 34 34% + ft 

22111% u !Wk+ to 
30817 16* 17 + * 

4% 4to 4to 
84327 24* 26to + 2* 

13 6% Aft 6to 
220* 20 20 — 
1645* 45 45* + 

47013% 13% 13% 

1730 19ft 19% 

2912* 13% 12% 

4635* 35* 35* 

310 Tto 9% 9* + 

20 8 7ft 7to- 

712* 12 12*+ * 

221 21 71 

99314% 14ft 14% 

167 9ft 9 9ft + 

S3 53 53 

2627* 27 27* + 

4324 24 24 

819 5ft 5 Sto + 

17* 17* 17* 

9342* 42* 42* 

11437 37 37 

17644 


to 


23a US 106713% 13* 13*— ft 


52e 2J 


55b 25 
JOe so 


ForGetr 50 IJ 


Forscti 
FfWyne 
Forum wr 
FndrFn 

FrttiPn I JBb 46 

FourStr_ 

FmkJds. ZOO 56 
FrakBc JOa ff 
FrnkCP IJSelftO 
FmkEl M 49 
FmkRs 54 J 
FraeSG U08 86 
FreeFdl 
FreeSL 
FreaCi 
FrfFSCn 
Fruits .10e X3 
FrenFd JB 35 
FullPh J7e ‘ 
Fdsnet 


Ill 11 11 

65 «U 4tt 4ft — 

■t a% 3 3 — 

ssam 4* s* + 
1424* 24% 34* + 
UM M M 
79 V6to 16to 16to 
9 9 9 

38 6% 5ft ift + 1 
85 1ft ltt Ift— * 
38 Sft 5 5 

3940 39* 40 + * 

109 9% 9ft 9ft+ to 
19 2* 3* 2* 

5323% 21 »«.— * 

28 3* 3* 3* + ft 
3B* 25 35* + * 

51116% 15ft 14% + lto 

113* 13* T3to 

11514 „ 13% 14 

15426% 25% 36% + 

484221k 21 22 + 

544 ift 689 66k 
18511 tOft 10* — 
ZU» M » 

Jft % X 

_ 4713% 13* 12% + 

5 651313* 12* 13* + 1 

40* 4 


ft 


Funfme J5r I.I 51 4% 4% 4% 


GKSvs JB IJ 10116 15* 16 + * 

GAC Lq 1.089286 M3* 3% 3* + M 

GolstirA 48030 29* 2»%— .ft 

GfduMV 1*5612 Mft lift + I* 

Gombri 34710 Bto 10 + 1* 

On Bind J6 X0 24713 Mft 12 +T 
JOe 6 16416* 15% 16*+ % 


OnMag JSe J 


GnPtiys 
GnShal JSr XI 
GTet 56pf .90 I2J 

GTetSDt 1J0 ELS 

GenesB 1 JOa 25 
Geneve .10 5 

GeaWsh 

GaBnd OSe 1.1 
GennF JOe u 


9ft 9ft 9ft 

_7* 7ft 7* 

21814% 14* Mft + 
W 7 7 7 

40 I 7% 8 + 

6737* 37* 37* 

4940* 40* 40* 

80 2* 2 3* + 

2 4% 4% 4% 

5911* 11 It — 
am 2 3 3519% 19 10ft 
130 69 22125 24* 25 + 

.m 26 87 4% « 4* + 

.18* 16 90B2T2* 12* 12* 

92 3 A 21215* 15* 15* 

419134% 11* 13* + 
178 2 1* 2 

43 2 1ft Ift— 
28 Zto 34% Zto 
13116 15* IS* — 


J39 4A 


J4 >6 



to 

13 

n + 1 

JB 2.9 

11610% 

18 

10% + % 


164 ftt 

7* 

7%— 1 


68 lto 

3* 

3ft + * 


■ L-.1 

9% 

9*- ft 

31 33 


fin 

31tt 

00*14.1 

48 4U 

3* 

4tt+ % 


3413% 

13% 

13ft 


95 lto 

ito 

ito 


430 9* 

8* 

9*+ % 


468 IVb 

Bft 

8ft 

00* LO" 

IBB ift 

6 

6% + ft 


236 136 136 
5 3% 3% 3ft 


Sales In Net 

lOOs High LOW Last Ch'ae 


Graman 
GwthFd 
GuarFn 
GuarC 60 
GuarNI 
GuordP 64 35 
GoesIS 

GKApM 50 26 


ZB 


56 9 8 9 +1 

170 Sto 4ft 4to+ * 
245 6* 6% 6* + ft 
3731ft 21* 21K+ ft 
1906 34% 3% 34% + 4% 
4012 13 13 

47711% 10% II — % 
01 7% 7* 7%+ ft 


H 


HHOIIT 

HEIT* 

HEIMn 

HPSC 

HactiCo 54 U 
Halifax Jto 3 
Halml un 
HamOPf US 126 
Homnd 

Hanvli 96 19 
HarknD 

HrffStm XOO SJ 
Karvin 

Hauser JSe 16 

HavrtV 68 X6 

HowfcC t 

HawthF USe 60 
HHA Wt 
HetstC 
HeritFd 
Heira 

Htahvid 

HVnesL 
Hal Ivin 50 15 

HhedPk 160 7J 
HgfmD IJO 55 
HmBns J4 xi 
HFdAtl t 

HFdFI 
HFdMS 

HmFRk JOr 13 

HraaSL 

. J 

HrznAJr 

HstnOF 

HstnOpf 

HwrdB 1.12a 48 
Hydro tr 
Hvtefcun 


4% 

9% 

3% 


66 4ft 4% 

748 9% 9ft 

46 3% 3% 

348 ift Sft 6 + 

1319* 17* 19* + 2 
48 4* 4* 4*— * 

37 3* 3 3 

6616 15% 15% + ft 

23 4% 4% ito 

20527* 27* 27* 

IBB 1* 1% lto + * 

5459* 58* 59* + I 
26090* 37 40* + 2* 

IB 16 K 16 

2413* 13 13* + 

25 3 3 3 

1232* 22* 22* 

423 7* 6tt 7 — 

25 B 7to 7* 

913 13 13 

3.. 3 


to 


JBb 45 2183 1% lto lto 
100 Z5 344%* 40* 40* 
1017ft 17 17 

43A2B* 20* 20* 
3020 19 19%— 

0127 27 27 

115 U 15 
SW V* 8% 9 + 

4to 4% 446 + 
19010 9* 9*— 

22816 15* 16 

» 9* 9* 9to 
75 4% 4% 4% 

420 14% 1ft lto 
17 9 0% 9 

323* 33* 23* 

15 2% 2* 3*— 
29 4to 4 446 + 


181 
1DBS 
115 
IPC 
IRE Fn 

l VS Fn Z2B 75 
IdtoWld JO X3 
I mark 39 65 


I 


Imfm un 
ImprBc 

impfnun 

Imrea 
incaRsa 

Ind Bcp 1J2 56 
Indpflk 160 45 
IndSqS 1J6OU0 
IndBnc Mr 19 
Indinsr 1J2 4J 
indnoF 
indlN of _ 
IdpMtot Z66 95 
IndnHB 1J0 XI 
InACous asm 4J 


indEl 

IndRes 

inertD, 

lntointt 

infoSc 

IntNe 

iranedC 

InsttuE 

InstCI 

KtstCas 


t 


Jto ZB 


60r xo 


.11 16 


55 

55 


itoClrc 
inteaFn 
InWII 
i ntrSBk 
intrcDv 
Int Lie 
InHken 
inf Lab 
InBWM 
IBkWlA 
InCrna 
InOalrv 
Int Eton 
InFNnwt 
laFhnmi 
Int HRS 
Int Rash 56 
IntlSL 
intSWp 
intThor 
inThrwn 
Inhihse 
IITtPVpB 160 
in tnrm 50 
Infrtrn 
Intrwst 60e 45 
InvtDs 

InGNMA Z74O1X0 
■nvstftL 

IwoSoU 128 &J> 
irwtng 56 
Irwin nv J6 


16 3 2* 21b— ft 

231 36 37 + 1 

281 Sft 4ft 5 + ft 

6 64b ift 6ft+ ft 
356 2% Zft 316 + ft 
15128* 28% Wt + ft 
324% 34% 34% 

14 3to 3ft 3* 

416 3* 3ft 3*+ * 
21 8* 8 8ft + * 
40 Tto 7* 7to+ ft 
Mft TOft 10%— % 
859 7% 6* 7% + Ift 

464 2 Ito lto 
1435* 35% 35*+ ft 
6130 30 30 

10216 15ft 15%+ ft 
16 7to 7% 7ft 
176301b 29% 30* + 1* 
14 4U 4* 4ft— ft 
79536% 26 Mft + ft 
4227% 37* 27* 

7733% 33 33 — ltt 

13 5* S% 5* + ft 
1192 5, 3% 4jft+ % 

971 A 3 3 Hi— ft 

158 5ft 5% 5% + ft 
94 I Zto 134% 12%+ % 
34 4% 4% 4ft 
78 3* 9ft 
15410ft 10. 

356 5% 4ft 

3* 

2* 

SS 


Sales In Net 

100, High Law Last Ch'ae 


JemRec 

JelAun 

JtmmE 

JaneVs 

Jasfvn 

Judvs 


JOe X0 
158 40 
.13 25 


3% 3to + 

3* 3ft + 

Sft 6* ♦ Ift 
3ft 3ft 
38526% 24* 26* 

3 4% 4* 4*— 


480 3ft 
12 4* 
238 6* 
31 3ft 


XS 


58 Z5 


KMW5v 
KTRON 
Komnst 
KnCtvL ZM 
Kappa 
Kaypru 
Keane 50 
KallvSA 04 
Kelly5 B 02 
Konara 
Kengtn 
Kyinvst 
Kevttn 
KewnSs 
Keycan 

KevsIFn 
KayPort 
Klnglnl 
KnaWld 

Kinney .toe U 
klneypf 157 114 
Khierun 
Klemrt 
KtaafG 
Kk»Vd 
Knapev 
Knritslr 
KustEl 
KyteTc 


61 8* I 8* 

TOT 5% 3* 5 + 1* 
126 3ft 3% 3%— 

1573* 73 73* 

144 7 6% 7 + 

979 3* 2ft 3* + '* 
7mk 9% 10ft + 
69126* 26* 26* 
27626* 26* 26* 

159 3 3 3 

4711 11 11 

2111% 11 11% + 

113 4% 3ft 4* + 
7412ft 12ft 12% 

20 8% 0* B% 


% 


lJ4e 50 


150 45 


t 


4117 16* 17 

19124 22 24 + I* 

76 9 Bto Bft + *_ 

96115ft U 15% + 2ft 
88 fft 7% 7ft 
610% 10% 10ft 
17 17 17 

41 6* 4* 6* 

908344* 35* 35*— 

17 3% 3* 3% + 

15231 30* 31 + 

2 7% 7% 7% 

44 5 4ft 5 + * 

422 3 Zft Zto + 


JSe 


LCS» 

Laeon a 
LocidSt 
LadMpt 2J3 
LdVwT A 50 
LdtwTB JD 
LamRs 


75 


06 25 


SUm Z3 


102 


LdLnSL 
LaneTI 
Larwn 
LaserCp 
LnadOv 
Lesco 
LMFGa 
UJIFFh 
UbtvHa 
LlbUBC 
Uebrrn 
Maine 

UKhP 54 15 
Utv A 5 54b XI 
LJncFki MO 4J 
UncLfe 08 17 
LtnerCp 

UqSak 32 29 
UadAIr 100 Li 
UftlATt 30 39 
LandnH 

UraGSm 155 IU 
LouGpf 1J6 110 
LvenMt 


30 4 4 4 

195 Ift 7* 7* + 

1115* ISft 15* + 
19930 25% 38 +2% 

7116ft 13 16% + lto 

158216 14 16 + Ift 

718 7ft 6* 7%— * 

1J0 40 110038 29* 30 + - 

JO X4 280 Bft 8ft Bft + 

506 Ift 1* Ift 
23425% 24* 25ft + 1 
347 5* Jtt 5%— ft 
3 1ft 1ft 1% 

176 T2 Mft 12 + 

10513 14* 15 + * 

56010* 10 10* + * 

121II* TOft 11* + ft 
5738% 38* 30% 

1005164% 16 lift 
66 4% 4 4% 

18* 18* It* 
19111* lOto 11 — * 
1840 39* 40 + * 

9718* 17ft 18% + 1 
41 5* 5* 5* 

3628* 27 38* + 1* 

3819% T«* 19ft + % 
2823* 33* 33* 

289 7ft 7% 7ft 
11104% 10% Mft 

15ft 15* ISft + % 
11716% 16% 16% 


M 


355 8ft 
301 64% 

54 Zft 
91 Sto 
351 4ft 
714 9% 8 

T3D 28 
ii 4* 

”8 u to 
299 2ft 
Z1 9 
76 7U 
16 4to 


7* + 
10% + 
5 + 
8% + 
#% + 
ato- 


xi 


20 


(I 


lartinv 

ItOYoKd 


5J8e2XS 
47f 3 


— to 
4% 

« + !* 
4% 4ft— ft 

lto 3ft + M 
8* 9 + * 

7* 7* 

_ _ 4% 4* 

3740* 40* 40* 

446 3% 3* 3ft + ft 

141 1* to 1* + ft 

829 7* «ft 7* + % 

370 3* 3ft Zto—to 
M2 7 6% 7 

68 7to 7ft Tto + to 
142)4* 13% 14* + ft 
3537 54% 54% Sft 

669 64% 6ft 64% 

260 3ft 3ft 3%+ ft 
325* 25% 25to+ ft 
am Bft a* au + * 
6 6 sft 6 + ft 

22014* 14 14 — * 

70 » 8* 9 + * 

3221 21 31 

109 4to 4% 

1314116 4t» 

37 4to A 

20 sft n 

3532* 32* 22* , 

7141 40 40*+ ft 


61ft +„ to 

4to+ft 
3V% + to 


104 94 


JLO 
JMBl 
JP Ind 
JtKbma A0 20 
JtffrGp 

JeffBcp . J .. 
JetfBih 100 10 
OeftNL 3 04 35 


115 ift 4* 4ft + 

16517* 17* 17* 

Mil* 11* M* 
16615* 15% 15* + 
10415 14* 15 + 

10010ft 14* 14ft + 
9932 3 Pm 31%— 

am 20* i«ft 


MCI wt 
MCMCa 


54 Z9 


1J0 


4S SJ 
J2r J 
UOa X7 

J2r 10 


MPSBC 
MDmdi 
MaOMpt 
MaaicC 
MaomP 
nal 

_BK 

MobGp 
M aanvt 
MameN 
Mafclta 
ManfH » 

Monica IJO SJ 
MarPet Z35e1X7 
MartnT 
Mrfciva 

MTwan JO 4.1 
MklFd 08 40 
Abort km 
Merest 

MorshS 00 3J 

Marsh It X13 4J 

McaemP 

MatfiAP 

MauILP 

MovrdK 


V4546 lto 
10 8ft 
143 3% 
72i 

IB * 
3057 7* 


SSSTa as 

MAW 108 SA 

McGrtti 


McGrea 
MecfiTC 
Mertrtr* 

MkScbu 

M e 05 t »i 

iwedlGl 

mvermu 

M«-BPa J JB 49 

MerSlN 1JB 20 

MS i 

MesbAv _ 
MethdA .13 IJ 
Meifxffl jo t.t 


MatrTI 

Metrml 

MevrPl 

A4kJU 

Micfistr 

MkhNtl 


Mb J 


JH 30 


ft i +*' 
8ft 8% 

3* 3%+ ft 

<U 96 

M 25*+ I* 
3ft 3% 

* * 

_... 7 7 — * 

174614% 13% 144%+ % 
1110 10 ID 

11211* II* II* 

61 ift 6% ift + to 
1633% 30% 33% + ft 
420% 19ft 20% 

220 9to 9»% 9ft + to 
15824% 24% 24% + to 
2015% 15 15 

154 6to 61% 6b« 

218 5* Sft S* 

3619% 19% 19% 

4015 13* IS + 1* 

23 3* 3* 3* 

314 8% 7ft ■ + % 

143 HI 14* 14% — ft 
8558ft 50ft SD% 

1566 1* 8V. 8* + % 
60 6* 4* 6* 

740 48 40 

235 2ft 3% 3ft + ft 
64 2ft 3% Zft 
■ Sft 5% Sft 
36 9* 9 V* + to 
29511% lift 114%+ % 
433 32 32 

139 A 5% A + ft 
3432ft 22 22ft + % 
38 4ft 41% 4% + to 

1013ft 11* 13 — ft 
71231* W% 21* 
97519% 19 19 — ft 

Si 0 4 4 

47226* Z5JA 26* + I 

1837% JTto 37% + to 
10 70 70 

4842 41% 42 + * 

931016 10 10 — % 

42 Bft B Bft + ft 
58 3* 3 3 

117 9* 9ft 9%— ft 
11 fft 9U 9ft 
3710 JJk 9J% 

13 3% 3ft Zft 

239161% 16% 1AW+ % 

913 » U 

1 6% 6% 6% 

3188 4* 3* 4* + 1 
60917* 171b 17* 


Sales in Net 

100s High Law Lasr Ch'ge 


Mlcrbto 

MJcrpra 

Micros 

MdABs 96 XI 
MdANtl ijoe 7J 
MdsxWs 
MdkJCa 

MdwCm 1J0 30 
MdwFn 1J0 u 
Mbnden 

MlneSot JB 15 
MnrRs 
MhmF 
MJnetnk 
Minst wt 
Mis VIA 

Mitsui ,17b 0 
MobGas JA 75 
MadCN JSe J 
AtonAvt .1$ 45 
Mongr 

MograF 150b 40 
MooraP JB 30 
Morton 

me sb 

Moalnea J4b 30 
Mueller 150 70 
Mutltks 

Mdima 35a Ll 
Musto 
MUtREI 
Mutan 

MUl5vL IJO 20 


12Z 5* 
1896 3* 
401 Zto 
5718 
1417 


5 5 - * 

3 3ft + % 
2ft 2* + 9h 
16* IB +1* 

_14% 16% — ft 

11417% 16% 17%+ 1 
1519 18% 18% — ft 

1727* 26 27*+ I* 

4114 14 14 

696 * ft ft— % 
6351 51 51 

5OT 35 6829 6 6* Aft +* 

■16 ]0 2411* 11* 11* 

2SB4 4* 4to 44% 

288 6% ito tto— n 

*4 4* 4 4*- * 

29 26* 27*+ 1 

4612* 12% 12* 

286 6* 6 ito + to 

ll I* jto 3*+ ft 
60 1ft 1* lto 
4313S* 24* 25* + 1 
7036% 25% 25% 

6 2% 3% 2H+ M 
33014* 14* 14* + * 
23513% 12* 13* + l 
10332% 21* 23% + % 
41522% 3m 22ft 
S% 5% 5% 

106 2* 2 Zto+to 
410 9% 9 9% + ft 

463 3% 3* 3to- to 

41 43 42 


’ago i Arh 


r.r 


-n- 


i-u 


« - 


N 


JOe 20 
UOO LS 
.960 4J 
04b 20 
J0I 1.7 


05e 80 


NBSC 
NEC 
Nonomi 
Nopcol 
NarruC 
NaahFn 
NsnCtBk 
NB Alss 
NIBusSy 
NtCaatt 
NCtvBn 
NtCtvpf X70 LA 
NrCttv ijo *9 
Non Be 08 30 
NOWNJ 200a 4.9 
N Herds 
NParae 

S!!S" 

Nipnra 

NSeelns so 18 
NtShae 

NBUEUz 102 50 
NIWnLI 
NlnwdP 
NirSuns 

Nautila 03e 13 
NevNBc 

NwAFs 
NwFrPT 
NY Mar 

NYrkr 00a J 
Nwesifry 1.10 S0 
NwMBun 
NwPk wt 
NVOJ 

Nhsan J9r |.» 

J ' r ° 
Noland J4 i_g 


ft 


NarlsOl 

NOANat 

NCorGs 

NoFrkB 

NttiHill 

NWjtTI 

NesrBci 


SJ 2213 13 13 

J7r J 17WMH 33% 34* + % 
347 9 8% 8%— ft 

912% 12% 13% 

3746% 46% 46% 
2SJ1*? 4 W* 19%+ Ito 

UiV* 31* + ! 

5330 29% 30 + to 

££ 8* Bft + * 
190 5* 4to 5* + % 
4 JUto 12% + to 

’“i* S* fi. + * 
1320% an* an* 

3519* 19 19*+ * 

>1069 48* 4V + * 

N 3to 3* 

119 iS )* i*_* 

26 26 26 
92 7% 7% 7% 

7U 7% 7% 

813% 13% 13% 

Sii?? "5 n* + 

8427% 27to 37* 
lAOIlto 1854 11% + 
WBJ* K 3to+to 
148 4* I* 4% + * 
1625 34V, 35 

Ss? 4 J* 3% + % 
3130 30 30 

'«*' * fc-H. 

1771 21 21 

1173 172 173 +1 

U719 18% 19 

1391,3* llto 12 + % 

« 9 8% 9 + % 

*149k 4% 4%1^ 

10030% 20% aSto 

.sa rs at % 
a-* ft * 

50 


It 




.* 


Jlr J 
104 BJ 
1 JOe 30 


60 


NntBns I58a 4J w* 

Nmpin is 22 2S 2S + 

NM. 3 ” ^ ??* ?SftT 

NwNGef 2J7 


vwreto 

Narwss 

Navor 

NovaCp 

Navuun 

Names 

NucMei 

NudSal 


jwK 

if 


J0 2J 


IMsS US ,4Vi 

“sis 1 Y 

ir* iFt,* 

10ft + ft 


V4S13 
7514% 14 


OKCun 
omicp 
O ca-van 
OceltBo 
OfLOPfA 
oh Leapt 
Ooibcrv 114 


J3o XI 18010 


JS 

’SU 1 **+ * 

ia r r z*± 1“ 


L0 


UOa 40 


O gPrli 
Oltoar 
OWFsh 

Oucnt Pf 103 7.7 

SSSSi 1 “• « 

OKdtm 2ao 71 
OWSPIB 200 120 
**“—*■ JSe 2j 
1089110 


Jg 3* 1 
12327 27 

3117 - 


3 — 
37 


7117 16ft 17 + 


OHonF 
One Lot 

Opto 
OpMCa 
OotleSp 
Ootkn 
Ontrtcn 
OreoMI 
dr Ian R 
Dtrtnne 
Ovrsln □ 

Ozacaat 3JQ 140 


Tttxnii 23% 39% 
WfS 44* « 4 . 

sir* j?* 1^7. 

(S'iS ’JJS H* 

6\\ 





0Oe 45 


681 6* __ M 
■36* 36* 26* 

ti 4* 

IS'gk 15 - 
??7.9K .?* 0* 


1WJ6* \S% 16 — 
U’S, ’♦% 14*- 

* 23 * w 3% 
7W 10% 1B% — 


pca int 
PNC pf 
FcGaR 


100 60 
'030 l» 


14311ft 20 


(Continued on Page IS) 


«*+ to 
>■*+ * 
31* * Ift 










































































































































































INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 14,1985 


Page 15 



Qver-the-Connt^ 


Sotw In 


H«, Low (.aat Crroe 


3ff 

-gfc 

Ss 

j* 

'UiU.- 

-S 

S: 

'r-i*. 

A* 

.of* 

r*>£ 


(Continued From Page M) 

Pocinld 
PotMwf 
PoeWB 


m* J 

PodcSy 

Pocwst 

ParPti 

PorTctt 

P WACw 

Pnrtwv 

Porte* 

PosFBs 
PosFAs 
Patten 
Pnhicun 
Pntrtof 
POHrfSu 
Paxton 
Payees 
PeerCtl 100 £3 
Pew AM 72 53 
PertnFef 

PtnnVa 100a 42 
Pentjcp 200 A3 
Panto 


100 40 


3 7 9 9 

« 7% 7^ 

««* I? 6 ,?* 
»0mia ii A + 

Wifi!* 

JP c r * * 


08 27 


toss r Sal* 

"T 4 iss ;r + 

11% llv, + 

*££&£* aR-?.* 

sr vSl» 

ssfj* ?" w 'Sif* ITS 1 * i 

Q1W M vt 

u u- 
?PP ?Vi 71 * 7Vh 


. PaaBnC UO 
I Prop Be a m _ 
1 PftSFIf 
PeroAm 
PaHnd 
PfltDv 
PCTCO 

PtHoIvto .14 20 

PIHrtw .14 20 

Polmwi 

PM Eton 

ptrmdo 

Ptumkt 

phnnurt 

rtvrnun 

prmxMd 

FtanAG 

PhotaCY 


gSTO TO TO + 1 

.to V* Vi 


PhytnMI 

Pfryjin 

PhwTc 

PMBc 

PftdMo 

ptorca 

Piezo 

PlonFrH 

PlonC s 

PWtOr 

PtaJnjR 


PtontrC 04 30 


■% 


Piaamn 

PlnrCBc 

P lawns 

PtVOTrf 

Ponce F 

PixXBsli 

POSGlS 

ProbRtat 

PfdFnct 

pfdRsk 

PMSav 


•SS 2 s ?= 

2% 214 7H— 

ag'TO i s* in?+ 2 

no bv> *w + 1 * 

s^a £ » 

BS! al-s 

34 7 6» 7 + n 

793 3K. 24 Tto—. £ 

.arrF 

23^- T 

^ 3 r , 3 r 3 r + * 

1911 U| u._ 

* 1 * w rj * * 

iB 1 !* TO w * 

«MA 22ft 23% + % 
2 4to 4 % 4% 

” « 44 44 

4122 2! 22 

31 1R* 64 Bft 

wjjji 7 TO*. w 

,2 214 2tt 2U 
’3? 7JA 7V. VM 
41 £to Sft 5W + ft 

TO^^si s 

446^ »* »5+ Mk 


-24 40 


08 27 
04 30 


00 17 
I 


21 

40 


JSr 30 


74 27 


-- >. 


^ y «jw5StoS3 + i? 

SUgSHSISt, 

134 2ft 7% 2% 

01.KL7 « k SS k + ^ 

»» M K» 

3*J* m m+ 14 
IS S* 4 «+ to 

208 an » M-f « 
1453714 3444 37 — U 
*<m 40to 40%— 1 
<7779 77 79+2 

330.4V. 414 4% 

10713 V. 1314 1314 
731 7 «4 7 + 


PresU 

PntnCt> 

Pflmo 

PrtnvD 

PrnMM 

Prafinvt 

Profits 

ProoSva 


gvAmm 

RovGro 

R Welna 


100s Htoh low Lon ch-ao 


lg M4+ to 

3V» wT 


an if, 

aio 

its M 


10r 0 


25e 0 
1.9 


00b is 2121 10 rri 

SS’S! TO ?■ r 

"■ 2°71»* 1514 15% + 

2M3fc J14 *4_* 

3S4 3V. 244 3(4 + 

• im Ul* I7M + 1 
m 814 S44 »4- 

3V. 344 + 
,5712V. 1214 1214 

>51 «|f» tf t% + 

70 7% 7V. 7% + 
555 

3729V1 39 29V. 

iSTO ^ TO* 

7 &r ^ ^ w - 

5314 13% 14 + % 

“lit 1 * Uto 14V.+ % 
1827% 27 27% + % 

ai« 9% 10V.+ 11A 
1B3 19U. 19*4 + 

4iw w m 

S? 1 * % 

22% 21% 22% + 
54414 1344 in- 

IM 3 2ft 2% 
30512*4 llto lift + ft 
7024% 24 24 — ft 

39311ft I0ft 1184+ lit. 
1W54 Sift 54 +2% 

J«J 7 4ft 444 

isa 5s ^+ 

TO 

7 215V. 15 V. 15V, 

156 8% aw av> 

Ml 4ft 3ft 4ft—ft 
-6 149 fl 7ft 7ft + ft 

169410ft 10 1014— 

819ft 19ft 19ft 
387 8ft 414 4ft— 144 
4182814 24ft 28 
4016 1514 14+44 

14122 2)V1 20ft— 1ft 

1991714 1714 1714 + 

17 SW 5ft 5ft 

22 

25 2ft 7ft Tft — 

5 7ft 7ft 7ft 
1661144 lift 1114 
1024ft 24ft 24ft 
IM S 5V, + 

14 Mi 414 4% 

87 Oft 8V4 Oft 
34 414 614 614 
5ft Sft 5ft 
397 2ft 2ft 214 + 
in 17 17 

2110ft 10ft 1014 — 

3 314 314 314 

1300 714 SV. 744 + 114 
94 3ft 2ft Sft + 


.150 10 
Me 20 


00 A3 


104 30 
U 


_; 


ProtCo 
PrOVBc 
ProvLTA 208 
PrvBoat 
PrudFn 

^ ^ ’siis S isi* 

PutJlEq 306 3ft 3ft 3141 

PBSd*: 1.12 40 12924ft 25ft 1 

S!!Sr^ ,-S 14 983314 2JV. 23ft— 
P^nTr 108 30 1428ft 2Hft 28ft 
PvrmO 269 9 BU 814—14 


1 

a 



□ 

QndMIl 

4% 




Qaarrtc 

SOS 2% 

Tft 




10811% 

lift 

11% 4- 


QuebcSf 

Queelch 

67 6% 
74 2% 
33 6% 

6ft 

2% 

6ft 

2ft +Ki 

Qulntei 

206 7ft 

7% 

7V.— 

ft 

1_ 

R 



3 


202 40 
05a 0 

04 +1 


RIHT 
rj Pin 

. RLICp 
—'Ml CO 

■wnFIn 10 s 40 

RonooJr 34 3 3 
RonkO .15a 40 
Raudl t 

Rnymd* jo 30 
Horrka 

REIT Co 202a U 
RoolAm 
RafOCTD t 
RDfKtn f 

RtidAib 


21750 45 48ft— 1ft 

132 614 614 4ft + 14 
11211% 13ft 1314 + ft 
U 2ft 2ft 2V4 
2924 24 24 +2 

135 7ft 714 7ft 
812 3ft 214 3ft +«. 

9 414 4 414+ 14 

6920ft 19ft 20ft + 1 
22 6ft Sft 6 
14327ft 2614 Z7ft + ft 
20 3W 3ft 3ft 
56912ft II 11)4 + 14 
2722ft 21 22ft + 1ft 
273 Oft 8 0 — ft 


R»ldLt> 03a J 1147 4ft 3 414+114 

Ra«J-to 100 40 137ft 37ft 37ft 

Rellron 23 4W 414 414 

gopg o. 144 6ft SH 6ft + 14 

RntCntr 44117ft 16ft 16ft— 14 

RsePBJ 204 b HU 17s2314 2» 2314 + 1 
IftcPna 137a 47 8919 Iflft 19 + ft 

RaslIlK 32a 33 408141 014+14 

tehlnd 786 B 7ft 714+ ft 

ResOM J 2ft 2ft 2ft 

RasExp 409 2ft 2ft 2ft—Mi 

RKtMa 01a J 7910 9ft 914 — hi 
RavarA 104 aj ffiiw lift 11 +.+ ft 
100 £4 2313314 J2ft 33ft + ft 

19 234ft 24ft 24ft 

70 4511ft Wft lift + 1 

3211 11 II 

04a 40 3IT4 lift 13ft „ 

638 2ft 2 7ft+fc 

431 684 614 6ft + ft 

00 6l 5 27910ft 10 10ft + 14 

754 9ft 6ft *ft + »4 
433 5ft 5V. 5ft + ft 
15 4 4 4 

5241014 914 10ft + ft 

30 25520ft 1*16 20ft 

23 316 3ft M 
-iai 10 94 t» 4ft 6« + ft 


s 


RdnrtM 

RckwdN 

RMUnd 

RchiyUG 

Rod into 

RnrCbB 


.. jlnd 
RostWftl M 

OossOf 
RewaPr 


5 K 

BB& 

STV*’ 1 ' 

Saolchl 
fooaAi 
Seoaori 
SIHIGd 
SoninMt 
StMena 
Santos 
Saaol 
5cnrBa> 

ScvrFa 
Soxocio 

Saxtnln 
ScxmOwt 
SeanOon 
SctakE 
SctiSkv 

SctCom 
ScfDyn 
SccHCb 
ScrtpH m 
S eaBnk u 
Seanwfc 
5winc 
SeatlaT 
SaawFa m 
ScNiBId 100 
III 100 
- _ #n 
SbcBcp 
S elect 
Srvmot 

Shoniey 

SMww 
ShapGs 
5hpWW 
ShoraSv 
Sltorawd 
SleraS 
StamaA 
StomCs 
StamaR 
SlftUs 
SJvKlno 
SftStAAn 
SlmKar 
StmAir 
SkvExp 
SnalSnl 
StlwPb 
Sonasto 
SoroPrl 
SCorNIs 

SoMcG 102 b 90 
SoBcdSC job 4J 
SCJWt UO 90 
SOMInrs 

SlhnMt ui 37 
SoPcPi 
SwlBco 
swLw 

S*rtRlt 1J2 110 
SWEISV 100 7J 
SarfM un 
SpwcOn 
Spell in 
Soancflti 
Souarel | 
Stanwsi 

StCTob 00 20 
SMnfdT 
StorGta 
StorTc 

StartoJ 


6ft 4ft 


25 4ft 

71 4W 6 6ft-*- 

IH Ilk Ift 
gW W 12 
St 6ft 6 6 — 

1943111 3016 3014— 
»17ft ^ 17 - 


.04.9,7 sS^ l£ + 
2421 1 * 


100 40 


ShuBen 
5IW8 wt 
StwBpf 220 70 
StwBun 230 65 
ShiarMl 30e 30 
Storeav 

StawSn .15 U 

SfCkYft .16 1J 

Sirota 

SlrtkPt 

StuDS 

SlrtnRa 100 62 
SubAIrl 05 10 
StxJbrv 
SuttS B 

Sum no 1.14 bj 
SunrtSs 

Sum BA 200 53 
Sun Eat 
Sunllte 
SunsJFd 

'’"r 


40 
70 
16 
•10b .9 
1.12 S3 


30 10 


02 40 
04 .9 


M 1.1 


,ior 


00 2.1 


B 8 

as 

as 


10177V. 25 2714 + 214 

112 414 4 414+14 

722914 Z7ft 2914+ 2ft 
493314 31 3314 + 214 

ASC 436 tu 

45410 SV 10 + 1ft 

134 3W 3ft 3W 
101214 19ft 1214 
448 4ft 4ft 4ft— ft 
140Q ft ft — 

15815 1414 1494+ 14 

1824 22% 24 + ft 

n 3W 3ft 3W 
487 614 41b 494 + 
23410 Oft 10 + 

2713ft 13 13ft + 
5419 1814 18ft 

42ft 42ft 42ft 


228 3ft 314 3ft + 
4334ft 34 34ft + 
931214 12ft 12ft— 

1TB Oft • 8ft + 

*4 6ft Sft 6ft 

5535ft 35ft 35ft + , 

14ft 13ft 14ft + 14 
10412ft 1114 12ft + 14 
imnft u Mft + 

569 4ft 4 4 

2629 8 7 794+ 14 

g£ ***!♦* 


275 111 _ . _ 

- ,J ■Sf* TO TO** 


TEL OH 20M23 
TRV 


TSCCp 
TSCI nc 
TSI 
TSR 
TocVlto 
TaroVY 
Tcfmf 
TctiCoat 
TcnCom 
TOlEaC 
Tctiinds 
Tecum 
TecoPr 
TlCinwt 
TktnB 
Tel Max 
Tatomt 
Totapwl 
TWrwn 
TmalE 
Tamtx 5 
Termont 
TwnSJ 
TenVEn 00 
ToroCo 


994 10 — ft 
5 

* 14 

Ift 144+ ft 
7ft 7ft 


02a II 


60010ft 

m S| ft 
6 114 

30 7ft .. 

sms oft t + ft 
40410ft 1616 17 — 1ft 
139 716 6)4 616— ft 
01 Ift 114 Ift + ft 
3910ft 10 10ft + ft 
94 9b ft 
16 4 4 4 

6121 20ft 21 
W 511 5ft Sft 
17387ft 86ft 87ft + 1 
Ift 1% 1ft 
245 8 736 * + V. 

t 1423V. 23 2)16 + ft 

02T 54 22523 1b ft + 

B 5ft 514 Sft 
3812 1016 lift + Uh 

344 ft ft ft 
703 1ft 1ft lft+ ft 
75 6ft 6ft 6ft + ft 
.08 40 1131914 19ft 19)4 + ft 
1J» S» 31717 lift 17 + ft 


00 


1 7W 
445 6ft 


7ft 

5ft 


7ft 
61ft + 1ft 


Sole* In Nat 

I Ob Htgft Law Los! OToe 


TaraMa 
Tava 
Ter Eng 
TCBVd■ 

ThntAV 
TMunar 
TldaRh 
TJarea 
Tknbru 
Tlnsly 

ToktoF__ 

TotefTTr 100 <6 
ToJTr pt £98 *0 
To Bros 
TonavA 
Tor Roy 

Toytfla 04r 0 

Tranlnd f 
Tran La 104 
TmNLs 
Tmsdcr 
Tmsnt 
Tmald 
TrwlBc 
TrovRE 
Troco 
TflCtun 
TrlMlc 
TmC un 

TrlcoPd 100 b 20 
Trtkmr 
TrkiBao 
TrtoTcti 

Trton 09 10 
TrltonG 

TrstNJ 100a 38 
TrsNYs 1.12b 40 
Turf Pw 
TumrB 
TmrB wt 
302 Dto 


1 

02a 10 


05a s 

A 80 


1 

104a J 


> 

02r 


J*a A1 
02 is 


TO TO TO to; si 

35 2ft ni 5)4 
50414 13 13 — 16 

4 5ft 5ft Sft + ft 
293 Sft Sft 5W+ ft 
31 «ft 6 ft 6 ft— ft 
381 8 W 0 8 ft + ft 
48 5ft Sft Sft + ft 
7 7 7 

12452161)9)4150ft + 6 U 
*341W 41 41 - ft 

3031 30ft 30ft— ft 
105 4ft 4)6 4ft 
03 4th 39b 414 

law w A. 

39010ft 914 9)6+ ft 
4 4 3ft 4 ♦ ft 
5010ft lift lift 
38 Sft 5H 5)6 + ft 
31 5ft 4ft 5 — 

125 244 2ft 
631 544 4ft 
57 Sft 3 
«D 9ft 9W 
563 2iV 2ft 
0 816 (ft 
482 4ft 416 
1061794 17ft 1794+ ft 
4742W 40ft 41 — Ift 
4186 Ift 1 I -ft 
54 3ft 3ft 3ft— ft 

S27 OV> 4W 4 V. 

s£ TO ft TOt l 

UMW § 2 AW+ 1 W 
236 51b 516 514 
3317ft 17 17 — ft 

0414 A ft 
1*3 2ft 216 JW 


Valtak Jft 
VanSbk 
VorICf 04 
vartan 00 
vowtoun 
VactAur 
Valero 
I VotoBd 
I ViFaai 
VtFnd 
var»T 
vieom 

Vktfln 
victMfci 


.92 20 


\30a 44 
00 « 


216 + ft 
Sft + Ift 
5ft + ft 
*W— ft 
2ft— ft 
Oft 

4)6+ ft 


VoBeoi 

VOFSI 

Vista Rs 

VI train 

Write 

vuntan 

Vvausfa 


100 40 
00b U 


10 


Klati Law Lost enge 

ire e% 

ew 

»% 

20 Bft 

Ift 

Bft 

32 6ft 

6ft 

Aft 9 ft 

6713% 

1) 

13ft + ft 

63 1ft 

m 

1ft— % 

126 1 

i 

1 

1473*% 

36 

36ft— Ift 

17314ft 

13% 

14% + ft 

4010ft 

10% 

10ft + ft 

427 

36% 

17 + ft 

1M16 

15ft 

16 + ft 

153 Jft 

3ft 

Sft 

723 

23ft 

21 + ft 

2614% 

14% 

Uft 

12412ft 

12% 

TTV 

243 tVl 

6 

6%+ % 

2 5 

5 

4 

120 

* 

a 

31 6Vt 

Aft 

4ft— ft 

265 8% 

7% 

a + ft 

414 W% 

16% 

10 + 1% 

246 Sft 

6% 

5ft + % 


W 


03a 14 


L -1 

ilMorw 

76110ft 

9ft 10ft -fc 1 

__ T 

Trton 

27*15% 

15 15% ♦ % 

1 _ 

J 

_ 1 


UCt 
UCi un 

UMC El 40 
U5P Rf Mm 45 
UST 94 17 
UlIrBcp 100 40 
(jnlbe*. 

Untocpf 103 104 
UnlN wri 
UiMlrct 
Unlmed 

Urdmet OSe 10 
unBcps 100 U 

UnNnYI 1J4 4.9 
urvSoJC 


UBArzs 00 20 

VBkSF 

UBkSB 

UrtBkrs 300 10 
UCarBe 100 4.1 
UCnBsh 

UChrCs 100 90 
IlCul 100 50 
UnDam 04 74 
UFdBk _52e 1» 

UFlreCs 00 44 

UHltCr 

UitHma 

UnMIch 108o £1 
UMoBn 100 b 3.1 

UnBkMJ 1200 2 3 
UnNMex 35m 24 
UnOfcla 04 14 
unSvAte 00 20 
US Ern- 
US Htttil 
USMcd 

US Mutt J0r u 
US Plav 
US PI wt 
USSuor 

us vac 

UTeia 

UnTrrte 

UnVtBn .74 50 
UVoflk PI275 ftj 
UnvDev .I0e 3 


UIWTIA 
UpRtotil 10 

UpPenP 200 11.1 
UtabBc 101 40 


222 Oft Sft 4ft + ft 
358 9ft Bft 9)6 + 1ft 

63 Ift 1ft in 
291216 12 12 — ft 

1025% MV, 25% + ft 
9428% 27 20%+ 1ft 

4212% 12% 12% 

2214ft 14)6 141. 

370 3V. 2ft 316 + ft 
72015% 15)6 15ft + ft 
522 5 4ft 416 
306 5 5 5 

1237% 37 17ft + ft 
13031ft 37ft 37% — ft 
21110 916 10 + ft 

267 9ft 9V% 9U + 
64329ft SMS 29 + ft 

20 «% Sft 6ft— ft 
46)0% 10 10ft— ft 

6712% 12ft 12% + ft 
12224ft 34 24ft 
802 3ft 2ft 3ft + % 
11215% 15% 15% 

1229% 29 29%+ % 

mu 1014 11 + 

41113ft 13ft 13%+ ft 
1617% 16% 17%+ 1 
1710 494 4 4ft + % 
942 144 1% 1% 

7154 53% 54 + 44 

3432V. 32ft 32V. 

42 42 42 

15 9% 9% 9% 

123 7 6ft 7 + ft 

412 12 12 

141 Sft S Sft 
33 9 8% Bft 

141 Sft 4)4 5%+ ft 
206 3% 3 3%+ % 

6214 13ft 13ft— ft 
78 Sft Sft Sft 
49 49 49 

15 Sft 3ft 3ft 
93 6 Slh 6 + to 
4110% 10ft 10% + ft 
2715ft IS 15ft + ft 
34 33% 33% 

03413ft 12% 13%+1 
1247 144 1ft 19b +ft 
* 9 * 

223 4 3M 4 + ft 

17610% 17 10+1 

1621)6 23ft 23ft 


VWacoal 
Woidb 
WtkiTwt 
WlkrTun 
Worn El 00 13 
wan5ci ,n j 
WOtraJat . 10 a 10 
WouaPp 40 43 
Mover 44 30 
Otaxmn 06 A 
. —. 100 160 
WttoTr JO 20 
WWaWs 00 40 
WeKWIs 

WMkG .75011.1 

e 10 a 11.1 

-2 00 90 

wnOim 

WArnBc .70 40 
WnCmcl 

WOeep 204a 7.1 
WHoId 3030110 
WnWsto 

WMorE .Me 22 
WSJU* 04 
wits raw 00 
Wltscp 
WstoSc 

VrtlwdGa 


wambro 108 


14% \4 14 — 

14218 17ft 17ft 
431 4)6 4ft 414 
10114)4 13ft 14% + 
24729*4 29ft 2944 
90106 14% 14)6 + 

63 6% 6% 6% 

453 9 a Bft + 
1513ft 13)6 13ft 
43013ft lift lift + 2ft 
206 7% 79* 7% + 
4313ft 174 12ft— ) 
2011 II II 
4819% 19V. 19ft — 

710 7ft ift 6ft 

297 9)6 9)6 9)6 

307 Oft 1% 8% 

43 7 6)6 7 

11016ft 16 16 

3% 3% 3% 

74335 Eft 34ft + 1ft 
3922016 26% 26ft— 

169 a 7% I 

_ 9 494 494 444 

20 21713% 13 13 

20 9 9 9 

6118 17ft 18 + 

99 4% 4ft 4% + 

410 18 10 


the Ecole Nadonak cfAdministra- 
ikra. the elite French civil servants’ 
graduate school 
A longtime activist in France’s 
Socialist Party, he served as a top 


WlweiC 

Mftonw 40 40 
1 Wlland 

WlfVJA 1,10 U 
WIIVJ B 01 3.1 
1 VAI1WW 06 30 
Will ml I 

WfmoTr 200 4J 
Wilton 
wlrtitM] 

WUSGs 104b S3 
WPtahn .16 
WftfvTs 00 

wrtotltw 08 30 
wvse 


£7 8248% a _ 

1994 2)6 2% 2Vi— 

89 2% 2ft 2% + 

40 153 1% Bft Oft — 

64 5% Sft Sft — 
*931% 30% E% + 1 
1831% 30% 31%+ 1 
ID 10 to 
212 7% 7% 7% 
6646% 46 46 — 

185 4 3% 3%— 

106 3ft 3ft 344 

_ 3X6 25% 2S%— M 

20 348 Sft 5ft Sft + 

20 50 8ft 8)4 BN— ft 

57 9ft 9ft 9ft + 

115 7ft 7 7 — 


XMMag 


9614ft 14% 14ft— ft 


day in Surisbourg, France, contains crat ® an d members of his staff 
no “bright utopian, objectives,** and w * en ^ 130 French F inan c e 
will not provide the program of the Ministry under President Fran 9 ois 
new 14-member commission, said Mitterrand. 

Pascal Lamy. Mr. Delors’s chief of . Mr. Lamy. 37, is a graduate of 
staff. 

Mr. Dclors intends to offer “a 
message on the method” he wQJ use 
H| as president, Mr. Lamy said. 

According to another aide, the aide to both Mr. Delon; and former 
speech will provide indications of Prime Minister Pierre Maurpy. He 
how Mr. Deiors intends to played a key role in supervising the 
strengthen the European Monetary government’s austerity plan, which 
2 J System, which he bebeves is one of was instituted after the failure of a 
■ the keys to fi gh ti ng unemployment program of economic stimulation 
and creating economic stability in that Mr. Manroy began in 1981. 
tbe EC. Mr. Delors’s deputy chief of staff 

However, Mr. Deiors is **001 will be Gunter Burghardt, 43, a 
really in a special hurry" to an- West German lawyer and career 
□ounce programs’* until he has s em EC civil servant, who wfll have re- 
“where things are and where they sponability for external relations, 
can go,” Mr. Lamy said. Mr. Burghardt spent the last four 

While the address mil reflect Mr. years as the deputy staff aide to 
Delors’s personal concerns and in- Kari-Heinz Naqes, the former in¬ 
tentions, it has also been influenced teraal market commissioner who 


YBaorg 

YorfcFd 


.12 

30m 1.9 


101 8(L 7N IH.+IL 
5210% M% 10% 


ZaANII 

Zycsd 

2*00 


37513% 12)6 13ft — 
203911ft 10ft lift + 
33 7 7 7 




Consolidated Trading 
Of AMEX Listing 

Week ended Jon. 11 


v Bond 
VbolRe 

702e920 

806 9 
8146 Bft 

TO SCX* 

VocOrv 



73 6 


6 

VoilAac 




76 

26 — ft 

vcdlen 



16218% 

17% 

17%— 1 

VaWBc* 108 

4.3 

1526 

26 


VaJFro 

.18 

1J 

19 5ft 

5% 

5ft + ft 

VIN BCD 

3000 AS 

6161 

A0 

61 + 1 

s/alinnt 

00 

£1 

30119% 

19% 

19%— % 


Salas 

WaitoB £914.100 

TIE 1044100 7 

Ultuito 1010200 14% 9ft 

AM 1.17900a 4ft 3% 

WDtoitl 1039008 10ft Bft 

TeicAJr 944000 ION V% 

BAT TXMb 4ft 4 

DomeP 719000 Ift 1% 

CrvtJO 661000 2 ft 2 ft 

KevPh 641000 lift 9ft 

Volume: Mnnn™ shara^ 
veor to Dale: 51050000 shares 
Issues traded In: 890 
Advances: 519; declines: 224 
Uncftanoed; \S5 
New Hlaha: 06; new lows: 33 


Htob Low Lost Qs'te 
2414 23 34U +ft 

6ft —ft 
12% -2ft 

ID +1 
fft +ft 
4% +ft 
Ilk +% 
2N —16 
lift +1% 


Treasury Bills 




Consolidated Trading 
Of NYSE Listing 

Week ended Jon. 11 


Doe 

BU 

Alt! Y 

+34 . . 

706 

700 

7.91 

7J9 


1-31 . 

730 

766 

779 

+ 7. 

706 

7.5B 

77? 

Hi . 

702 

7 Sfc 

771 

+21 .. 

... 735 

709 

706 

MB . 

707 

701 

779 

+ 7 . 

734 

708 


+14 

7J3 

707 

707 

+21. 

701 


7.99 

+2H. 

737 

708 

7.91 

+ 4 

737 

7.73 

757 

4-11 . 

7Jt 

7J4 

£oa 

+18. 

702 

7J8 

HIM 

+2S. 

700 

734 

£02 


700 

704 



7.90 



+14 

702 



+23 .. 

7.94 

7M 


S-30 

7.90 

706 

£31 

+ 6 . 

759 

753 

£30 

VU 

75S 

756 

£36 

+» . 

759 

7.9S 

£35 


7.99 

755 

£36 


805 

£01 

£44 


SJO 

£01 

£45 


£15 

£11 

£58 


632 

£18 

£68 

»- 3 . 

£31 

£35 

UI 


802 

£36 

£94 


£03 

£41 

904 

l+». B01 £39 

Soarce- Federal Reserve Bank. 

906 


lotos HWi Low Last Oifte 
12611700 20ft 19% 20% +ft 
8049000 20)6 17% IB —3 
6025008 26ft 23% 26V4 +1% 
4355.n0 124 119ft 122ft +3 

5(391000 2044 18% 2D% +1% 
5(101000 37ft 34% 36 —ft 

4.104.100 45N 43ft 45 +ft 
4024200 2Tu 22% 22% —ft 
3019000 12ft lift lift 
3080000 38% 3Sft 38)4 +2% 
2J9KL508 16ft 14)4 16ft +1)6 
3046000 24% 18% 23ft +lft 
3046008 47ft 42% 46% +384 
£609000 80 75ft 79% +4 

£539000 4*ft 43ft 46% +3 

3JT70DO-OV. 39)4 <2% +7% 
X4A4HW 30ft 36ft 30% +1% 
£45000 37% Sft Sft 4ft 
£315000 2 ft 1ft +ft 

£311500 36% 33ft 35ft +2ft 
Issues Traded In: 2048 
Advances: 1031; dadines: 431 
unctwiead: 196 
New Malts: 189; new lows: 55 


ATT 

DtamS 

OcdPrt 

IBM 

AMI 

Schlmb 

Exxon 

IlIPwT 

NlSeml 

AmEW 

FedNM 

UnlOvn 

Halldav 

GMoY 

FordM 


AMD 
| AMR 
CtllHd 
HewtPk 


Thftvtoak-— 

1*04 same week. 

1985 to date_ 

1984 to dote_ 

19BJ la dole- 


Value 


509000000 shares 
314040000 shares 
516030000 shares 
744039060 shares 
998030000 shares 
960200000 shores 


'n\ 


Chicago Exchange Options 

For the Week Ending Jan. 11,1984 


Option & price Calls 


Jan Aar Jan Aar 


37ft 

37ft 

ATAT 


AH R 
43 
43 
<3 


1-16 

1.76 


3% 


16ft 
Both 5 
UN 
Bwt N 

ft% 

48% 


4™ 


CkHhi 

44ft 

44ft 

Datto 


eat tea 
7116 
7H6 
71ft 
SdUrd 
39 


7ft 716 
2ft 3 

1-16 I 

Sft 5ft 
7-16 13-16 
r 

3)4 3ft 1-14 15-16 

1-16 11-1411+14 3 

M* ft 6ft 

1-16 1-16 11% 


1ft 

3-M 


7-14 
l-M 
3ft r 

W6 ft 

3% t 

+16 13-16 


% 

4H 


4ft +16 
3 Wb 


3ft 


ft 

M 

Sft 

ft 


1ft 


Exon 


3M4 

34ft 


FSKM 

Ftoor 


37ft 


Sift 
21ft 
I 0 M 
£ 122% 
fti 122ft 
-ft 122ft 
127% 
02% 
in Min 
39 

In Pap 
58% 
5m. 
52% 
Jam j 
37ft 
32ft 
Karr M 
27ft 


X u% 

35 9% 

40 4)4 

« % 

46 4ft 

10115-14 
75 M4 113-14 
m +16 11-16 

25 4% 5 

30 ft 13-T6 

38 T ft 

35 9ft r 

48 Sft 5% 

4S ft 17-16 
50 r +16 

30 4% r 

35 % 3% 

40 +16 ft 

45 r +16 

20 Ift 2ft 
15 ft 1 

38 r ft 

30 5% r 

25 ft 2ft 

38 i ft 

25 r 3% 

38+16 ft 
20115-16 Sft 
35 +T4 ft 

10 r 5-16 


1% 

% 
to 
5ft 
Ift 

9 r r 

5 r 1+16 

|% 1 +16 3ft 

\ ft 3 

lto r 


4 +U 
3% 1+16 
7ft r 
4ft +16 


+16 

5 

1-M 

Ift 

Sft 

10ft 

+16 

ft 


+16 

ft 

2% 

7-16 

1ft 

ift 


22ft 24 
Uft 14)1 
Ift 714 
ft 3+16 
r l+W 
Sft r 

r 1% 
■ft r 

3% 5ft 

+16 3% 

r ft 
7ft 7ft 

2ft 3* 
t-U 15-16 

2 2ft 

ft ft 


+M t 
r r 
r +16 
M r 
ft 1+M 
316 3% 


r >16 
+» 1+16 
7-16715-14 
7ft Ift 
17ft r 


r 1+16 


Option & erica Colls 


Pvto 


1Merck 

Ok 
92ft 
93ft 
toft 
M M M 


75 


7ft 

2ft 


bo as 
. M » 
iMonsw 42% 

43ft 40 
42U 45 

t* W A 48 
OS 45 
okwW 25 
29 30 

39 35 

29 40 

«% 35 

41ft 48 
41% 45 

Pood 40 
41 45 

41 50 

pater 35 
26 30 

Jt 35 
fetae IS 
14 % 20 

omm U 
42ft 40 
toft 45 

sum • 

52 45 

52 50 

52 B 
5torTac 5 
Sft 10 
raklvn 170 
717% lto 
237% 208 
231% tie 
237% 220 
217ft 230 
237% Ml 3+16 
227ft 250 +M 

231% 260 M6 


237% SO 
717% 290 
227ft 300 
TeWv* UO 
237% 1« 
T»» In 110 
122ft J* 
127ft 1» 
122ft 140 

12SS 158 
Uriofn 48 
70% « 

>0% 70 

70% 75 

Wfrvarti » 
31ft 25 
21% * 
11% 35 

WMIM “ 
15% >5 

15% » 

*an* to 
toft » 

3*% 48 

19% 4* 


l-M 

+U 

2ft 

l-M 

7ft 

ft 

Jft 

+16 

+M 

r 

If 

11 

I-t* 

1ft 


1-16 

+16 


1-16 

7ft 

2% 


43 

r 

25% 

10% 

Oft 


75 

67 

13ft 

Sft 


4ft 

ft 

1-14 

10% 

616 

1ft 

l-M 

S 

+M 

r 

BN 

416 

ft 

1-16 


AMKAI S iu* 


Option A ertce Colls 



r 

Bft 

Amdahl 

10 





14ft 

IS 

% 



1-16 

A E P 

15 

6% 

r 

r 

% 

21% 

to 

1% 

5ft 

+16 

2% 

Am Hra 

» 

r 



f 

teft 

to 

l+W 



6 

Bft 

35 

r 



% 

AlnGra 

75 

r 


1-14 

r 

A M P IP* 

I** 



2ft 

M 

to 

4 





» 

% 

r 

r 

r 

34 

48 

+16 





40 

17ft 

3ft 

r 

r 1 

58% 

45 

r 



3ft 


X 

B% 

4% 

1-14 

t 

58% 

» 

4 

1% 

r 

r 

Sta* 









2ft 

1%31+14 

48ft 

45 

% 




CBS 

to 




r 

7S 

7S 

2ft 



r 


to 

1+14 



1-16 

15 

*5 

r 



1ft 


148 




3% 


to 

l 



1 

IVft 

» 



4 

4 

CM 

55 




r 

64% 

40 



% 

r 

64% 

65 

1+14 


4ft 

r 

64% 

to 

+14 



r 






r 

24% 

s 

% 



r 

Cm, Ed 3S 




ft 

Bft 

to 




i% 

aim 

5 




r 


IB 




r 

C Dam 

25 

r 



r 

34ft 

30 

5ft 

4ft 


r 

34ft 

35 




jx. 

34ft 




3ft21+% 

CaroGt 

*5 

r 

+16 


r 

0% 











* 


IS 

A 



• 

20ft 

20 




s 


75 



% 

3ft 

DM*I 

to 

tft 



6 

76% 





fft 

76% 


f 



16 






23 

Eawrds 





36 

25ft 

» 


2ft 


47% 


to 




r 

FPlMc 

15 




r 

17% 

20 






so 

21% 





IS 



+U 

i% 

71ft 

to 




3% 

71ft 

(A 




8% 

71ft 





17% 

71ft 


» 




Gen F0 

£ 




r 

Harrft 

25 




r 

JBft 


3te 



r 

»% 






1 Hfwimt 








6% 

r 

ft 

25ft 

40 




i% 

35ft 

45 

r 




H inns 





% 

46% 

45 




ift 

46% 

50 




r 

Hanwll 

45 




r 

Sift 

50 




+14 

58ft 

55 


1% 


7% 

STA 

to 1+U 

7-16 

r 

r 

SBft 

56% 

to 


Fet) 

Mov 


Humana 

24ft 

24ft 

* 

35 

30 

ft 

1-14 

1% 

1ft 

r 

In Fhf 

to 

T 


1% 

ft 


1-14 ft 
r 1+14 


1 - 1 * 

l-M 

1% 


5 S-U 


9% +1* ft 

5% 1+14 IN 
321+14 4ft 
Jft r r 
1+14 r r 
r r 1 ft 

4% 2% 4ft 

3 r r 
1 % r r 
ON r r 
3 r r 
» r r 
10 r r 
r ft i+M 
JH 1% 2% 

ft Sft 4% 
1% 1 1-16 1 +16 
% r r 
3% r r 
ft r r 
r ift r 


ft 

1 % 


6% 

2N 

ft 


Opikm & erica Calls 


Barter 

IS 

% 

+16 

tft 11+U 

13% 

20 

+M 

ft 

r 

i 

BOt Ok 

15 

r 

18 

r 

r 

25 

20 

5% 

5% 

r 

J-1* 

25 

25 

1 

1ft 

r 

p 

Umltd 

25 

r 

5% 

r 


SBft 

30 

% 

1+16 

r 

*V» 

Mcdtm 

25 

1ft 

r 

r 

r 

25% 

30 

% 

% 

r 

r 

MUtoU 

26 

6% 

• 

i 

» 

te% 

25111-16 

2% 

* 

]*14 

16% 

x 

+16 

% 

r 

V* 

21% 

IS 

% 

ft 

r 

r 

N B 1 

IS 

3ft 

4ft 

Vk 

r 

11 

28 

% 

1% 

r 

r 

N send 

10 

3% 

2% 

114 

11-14 

lift 

15 

+16 

ft 

3W 

Jto 

lift 

» 

r 

1-14 

r 

M 

Ntftraa 

32% 

Ift 

r 

r 

r 

Sft 

» 

3% 

4% 

r 

p 

33ft 

35 

I 

2 l-M 

V* 

3V» 

32ft 

40 

+16 

ft 

r 

r 

oed 

30 

6% 

t 

r 

r 

36% 

25 

1ft 

2% 

11-14 

1* 

26% 

X 

% 

+14 

J* 

r 

36% 

IS 

1-14 

ft 

r 

p 

26% 

48 

1-14 

s 

r 

s 

Ow HI 

« 

ft 

r 

r 

r 

38ft 

45 

% 

r 

r 

ft* 

Rorflm 

15 

Tft 

r 

r 

r 

43% 

40 

1% 

Jft 

** 

1 

42ft 

45 

ft 

1ft 

r 

r 

RvnMs 

60 

12ft 

r 

r 

r 

71% 

65 

7 

r 

r 

r 

71% 

7B 

2% 

4% 

11-14 

2 

71% 

7* 

7-16 

1% 

r 

4* 


4N 

1 

tft 

r 

2 % 

ft 

3% 

% 


5% 

Jft 

2% 


+M 


3% 

Ift 


5ft 

Jft 

1% 

% 

5% 

1ft 

+11 

+M 


ft 

ift 

4% 


Sktlta 
16% 
Sautnn 
18ft 
St ind 
SSW. 
H% 
52% 


5% r 

1 1+M 
+14 % 

3 r 


1ft 

+16 


3 

Ift 

ft 

Jft 

+16 


+16 


toft 

58- 

UAL 


U Trtoi 32% 
37% 15 

37% 48 

i non » 
woman jo 
as 25 
wniira 


i% 

1-M 
Jft 
+16 

2% 4 

+M 1+M 

r % 

1-M r 

4ft r 


Sft 

1ft 

% 

2% 


ft 

7)6 

ft 


% 

3ft 

Tft 


r 

r 

toft 

X 

ft 

Ift 

r 

r 

34% 

35 

1% 

3ft 

1% 

2to 

r 

1ft 

28% 

25 

r 

+16 

r 

p 

34% 

to 

ft 

ft 

r 

r 

r 

6 







Revlon 

X 

s 

5% 

+16 

H 

r 

r 







34% 

35 1+M 27-161 1+16 

lto 

% 

% 

Iftor 

Jon 

MOT 

JUOT 


34% 

to 

+% 

ft 

P 

p 

% 

1 







Bean 

35 

i 

t 

vu 

r 

1% 

3% 

AUdSt 

SO 

3% 

5% 

P 

p 

33% 

a 

2% 

3% 

ta 

to 

s 

r 

58% 

55 

3 

r 

P 

r 

32% 

35 

% 

1+16 

29h 

JU 

1 

Tft 

AracDe 

10 

ft 

1ft 

7-14 

r 

22% 

to 

+16 

ft 

r 

p 

ft 

r 

10% 

IS 

1-16 

r 

p 

r 

lr 

a 

Jft 

r 

r 

r 

3% 

r 

Bratov 

45 

r 

au 

3-14 

h 

21 

s 

ft 

1ft 

r 

p 

r 

r 

51% 

a 

1 

4ft 

1* 

2 

5rttfex 

45 

5% 

r 

5-16 

1 

1-K 

7-14 

Sift 

5s 

11-16 

2 

r 

A 

49% 

X 7+16 

3% 

lto 

p 

1+16 

1ft 

Bruns 

X 

4ft 

r 

p 

p 

49% 

SI 

1+16 

ift 

f 

p 

r 

1% 

34ft 

X 

1ft 

2% 

r 

r 

ToWm 

X 

% 

5 

r 

a 

♦ft 

r 

34ft 

40 

% 

1 

4 

r 

Towo 

26ft 

2 

r 

1*4 

2 

r 

ft 

Cafcn 

75 

10% 

r 

r 

r 

27% 

X 

ft 

1% 

3V4 

p 

% 

3% 

Mv. 

n 

Sft 

r 

1 

r 

27% 

31ft 

+16 

ft 

4 

sto 

r 

r 

84ft 

as 

2% 

3H 

JV* 

r 

27% 

36ft 

+16 

ft 

r 

f 

r 

s 

Chon In 

X 

2+1* 

2ft 

7-14 

r 

Tey» 

35 

r 

r 

to 

r 

r 

ft 

21ft 

25 

ft 

ft 

r 

r 

27% 

X 

ft 

1ft 

3to 

nt 

ft 

2 

Ctevslr 

35 

6% 

7% 

»% 

r 

Vloconi 

X 

Ift 

r 

lto 

r 

1% 

4 

31% 

X 

2% 

1ft 

1+16 1+M 

WDlMrt 

35 

6ft 

i 

7-14 

to 

7% 

7% 

31% 

35 

+14 

17-1* 

3* 

4 

48ft 

to 

7% 

3ft 

1 M4 

2 

r 

r 

CempSc 

M 

r 

r 

t 

Mo 

40ft 

*5 

ft 

1ft 

4 to 

r 

% 

t 

15% 

15 

1% 

1% 


r 

«ft 

X 

ft 

r 

r 

r 

1% 

Ift 

15% 

X 

r 

ft 

P 

r 

TOM 




IMAM 

Sft 

r 

Dow Cn 

25 

4 

4% 

r 

r 



Open Mftnrt 4Jnt£0 

r 

r 

28)6 

X 

ft 

1ft 11+16 

r 

r—Nat traded, a—Mono offered o—OfcL 


| Option £ price Code 

Puts 

toft 

V 

r 

+14 

r 

r 

FBort 

58 

7 

r 

r 

lto 

55ft 

55 

3% 

4ft 

r 

r 

55ft 

to 

r 

2% 

r 

p 

Fort 

31 

10ft 

• 

l-U 

i 

44% 

40 

4% 

7ft 

% 

to 

46% 

45 

Jft 

4ft 

Tft 

2to 

4*% 

9 

ft 

2 

r 

Sto 

46ft 

55 

% 

ft 

r 

r 

Gen El 

9 

«% 

r 

+14 

5*14 

a 

9 

4 

SW 

1+U 

lto 

Si 

40 

1+14 

2% 

Jft 

Sto 

GMo 

70 

12 

12% 

ft 

to 

79% 

75 

7% 

Ift 

ft 

lto 

79% 

B 

1% 

SW 

3 

Sto 

79% 

65 

1ft 211-16 

Oft 

P, 

CM 

70 

♦ft 

r 

% 

l| 

79% 

75 

5% 

4% 

1+U 

Mi 

79% 

B0 2+16 

Sft 

3 

Sto 1 

GMWn 

X 

11-10 

1% 

r 

p j 

M% 

35 

1-16 

ft 

r 

p ■ 

HJWiTI 

15 

ft 

ft 

3 l-U 

r 

13 

a 

r 

+14 

r 

r 

1 T T 

a 

18 

6 

r 

* 

29% 

35 

5 

5% 

% 

to 

29ft 

a 

1ft 

2ft 

1ft 


29ft 

» 

% 

1+14 

r 

r 

K mart 

X 

5ft 

r 

r 

p 

35% 

35 

1% 

2% 

1% 

p 

35% 

40 

+ 14 

1+14 

r 

r 

Utton 

to 

7 

r 

r 

r 

64% 

45 

3% 

5ft 

1% 

r 

64% 

X 

1ft 

2% 

r 

r 

•4ft 

75 

r 

1ft 

r 

p 

Loews 

H 

r 

r 

r 

l-U 

107 

•5 

l 

r 

r 

*-u 

107 

W 

r 

r 

r 

to 

107 

108 

Oft 

r 

1% 

p 

HJ7 

118 

4 

8% 

r 

r 

MorvK 

10 

ft 

1ft 

ft 

I 

9% 

15 

r 

ft 

r 

r 

Me Don 

58 

5% 

r 

ft 

r 

54ft 

S 

141 

3% 

1ft 

r 

54% 

18 

ft 

1% 

r 

r 

McDnO 

B 

r 

* 

% 

4 

54% 

53ft 

2% 

9 

r 

% 

54% 

54ft 

1 

1 

r 

% 

MM SU 

M 

Jft 

r 

t 

HI 

Uft 

15 

ft 

+U 

l+U 

r 

NCR 

X 

6% 

r 

r 

r 


THE EUROPEAN COMMUNITY 


Deiors to Outline EC Views Today 

By Steven J. Dryden by consultations he has held with took over the industry portfolio for 

inimvuwiai Heraid Tribune his fellow commissioners, and visits Mr. Ddors. 

BRUSSELS — The new pitsi- W community capitals last falL 
don of the European Community 

Commission. JacqiuB Ddors of 7Ju> NacPnsidmt’s Men 
France, has prepared a low-key in¬ 
augural address to the European Art* Eur OC TOt Sm Loyalists 
Parliament that will outline his per- J 

sonal approach toward resolving Mr. Delors’s eight-man private 
EC problems, according to his cabinet, which in Mr. Lamy’s 

words is “paid for thinking** about 
‘ ades both Euro- 


aides. 

The 


:b. to be delivered Mon- FC problems, includes 


Itrome Vignon, 40, an economist 

who worked with Mr. Driora at the 
Hnance Ministry, is the cabinet ad¬ 
viser on the EMS. 

Mr. Lamy and Mr. Vignon both 
said they had received distinct les¬ 
sons from their years at the center 
of the turbulent French economic 
scene. Ideology, Mr. Lamy said, 
counted less than a knowledge of 
bow to get things dones. 

For Mr. Vignon, it is “not 
enough to have a good sense of the 
situation, the economic instru¬ 
ments.” It is also important that the 
public understand ‘"what is to be 
done, what the steps will be.” 

US. Repeats Opposition 
To increase in EC Tariffs 

American congressmen have re¬ 
stated the U.S. opposition to the 
imposition of extra tariffs on its 
exports to the community as a re¬ 
sult of the membership of Spain 
and Portugal. 

At the biannual meeting last 
week in Brussels between congress- 



Jacques Deiors, 

they said, the United States does 
not want to be penalized twice by 
the imposition of tariffs on such 
exports as oil and fats. 

The two legislative delegations 


men and members of the European also discussed other points of con- 
Parliament, the congressmen said tendon on Lrade, such as proposed 
the United Stales can accept the changes in U.S. agricultural policy 
loss of part of its export market that could result in lower prices for 
that will result when Spain and U.S. products and thereby provide 
Portugal join the community. But, suffer competition for Europeans. 


Japanese Arrive in U.S. 
With Generic Computer 


By Michael Schrage 

Washington Pott Strvice 

LAS VEGAS — U.S. home- 
computer companies fearing com¬ 
petition and curious consumers 
need no longer ask, “Where are the 
Japanese?” 

They have arrived. 

After nearly a year’s delay, more 
than a dozen Japanese companies 
arrived at last week’s Consumer 
Electronics Slow, and showcased 
the first wave of their low-cost 
home-computer hardware and soft¬ 
ware built around the MSX stan¬ 
dard. 

The MSX approadi, which was 
formally announced in Tokyo more 
than 18 months ago, is essentially 
Japan’s attempt to move into the 
U.S. home-compoter market. The 
MSX is a standard for the home 
computer, just as VHS and Beta- 
max are standards for video cas¬ 
sette recorders. 

The standard links microproces¬ 
sor. sound and video chips into a 
unified system. This idmih that 
computer programs written forone 
MSX computer can ran on all of 
them. In effect, the MSX standard 
turns a home computer into a ge¬ 
neric item. 

More than 15 of Japan’s largest 


consumer electronics 
including Matsushita Electric 
Trading Ox, Hitachi Lid- Sony 
Corp- Toshiba Crirp. and Yamaha 
Motor Co., have endorsed the MSX 
standard and are already shi p pin g 
machines based on it in Japan and 
Europe. Philips NV, the giant 
Dutch electronics company, is also 
selling MSX machines. Prices gen¬ 
erally range from $99 to $599. 

Officials at Microsoft estimate 
that Last year nearly half a million 
MSX mwhrnf* were so Id in Japan, 
while roughly 100,00 were sold 
throughout Europe. Industry ana¬ 
lysts generally agree that MSX is 
doing well outside the United 
States. 

The officials project that “some¬ 
where between 250.Q0Q and 
500,000” MSX home computers 
will be sold in the United States 
this year after the machines begin 
reaching retail markets in August. 

Bui in Las Vegas, the reception 
to the MSX was mixed, and ana¬ 
lysts are skeptical of its prospects 
for success in the United States. 

“I don’t think they have a pray¬ 
er," said Tim Bajarin, a microcom¬ 
puter industry analyst with Cre¬ 
ative Strategies International in 
California. 


(Continued faun Page 11) 
lal-gains rales were essential to in¬ 
duce talented individuals to give up 
their guaranteed salaries as em¬ 
ployees and become entrepreneurs. 

Treasury officials argue that a 
35-percent tax rate on capital gains 
that have been adjusted for infla¬ 
tion will produce effective rates 
that are not substantially above 
those in effect during the venture- 
capital booms that oocuned after 
1978 and in the 1960s. 

But Mr. Pollock maintains that, 
at present levels of inflation, the 


U.S. Panel 
Seeks to Alter 
Bank Rules 

The Anadaied Press 
WASHINGTON — A Reagan 
administration study group, react¬ 
ing to signs of problems in the U.S. 
banking system, is set to recom¬ 
mend that banks and other savings 
institutions be required to maintain 
a larger share of assets to shore up 
their soundness. 

The draft recommendations, 
nearing formal approval by a work¬ 
ing group of the Cabinet Council 
on Economic Affairs, also call for 
modifying the deposit- insur ance 

system for the first time in 51 years. 

The study notes that “a modern 
record of 5 percent of hanks were 
identified as problem cases" in 
1984. . 

It found that the top 10 banks 
now control 25 percent of all bank¬ 
ing assets, up Lrom 20 percent in 
1958, and that this trend “makes 
the stability of the largest banks 
even more important to stability of 
the entire financial system.” 

Moreover, it said, “The largest 
banks also seem to have invested in 
some of the riskier loans." 

The report makes five basic rec¬ 
ommendations: 

• Replace the flat-rate percent¬ 
age of deposits that institutions 
must pay into their federal insur¬ 
ance funds with a sliding scale 
pegged to the degree of risk they 
have incurred with their loans. 

• Require the institutions to in- 

Treasury plan is far less generous top 35 percent federal tax—would crease their capital bases, holding 
than under current law. And, he find the Treasury plan less gener- shareholders and other unsecured 
said, the 35-percent Treasury rale ous if an investment’s annual re^ investors more liable for main tain- 
ignored the impact of state and turn was higher than 8 to 9 percent ing financial soundness. 

local taxes on capital gains. Those and inflation was nmnme at 5 oer- . m lmniV4 . 

• impose new accounting and 

disclosure requirements. 


Mobil Proposes 
Plan Aimed to 
Avert Takeovers 

New York Times Service 

NEW YORK — Mobil 
Corp„ in an apparent move to 
frustrate a possible takeover by 
T. Boone Pidtens, the Texas otl- 
man, is caffing a special meeting 
of stockholders Feb. 22 to rec¬ 
ommend major changes in its 
bylaws and thus make an un¬ 
wanted takeover considerably 
more difficult. 

Mobil said the proposals 
were being made “to secure fair 
treatment” in takeover situa¬ 
tions and not in response to any 
specific effort it knew of to ob¬ 
tain control of the company. 

A 48-page report to stock¬ 
holders calls for Mobil to 
amend its certificate of incorpo¬ 
ration to prevent the purchase 
of its own shares from trouble¬ 
some stockholders, a practice 
known as “greenmail”; ensure 
similar treatment for all stock¬ 
holders and stagger the terms of 
directors to make it more diffi¬ 
cult for outsiders to gain con¬ 
trol in less than two years. 

Mr. Pickens, who recently 
readied a truce with Phillips 
Petroleum Co, said he would 
find Mobil's materials “very in¬ 
teresting reading.” 


Entrepreneurs Fear U.S. Tax Plan 



taxes 

dcr the Treasury plan, 
would no longer be deductible oh percent to mate the risk worth- 
federal tax returns. while. 


to the accounting 


» Consider increasing the target 
sizes for the federal insurance 
But the Treasury also argues that funds and impose premhim-pay- 


rarng 

Arthur Andersen & Co„ tax-exempt investors, such as pen- mem requirements on foreign as 


According 
firm of 

New York Qty residents — who sion funds and foundations, and well as domestic deposits for insti- 
would be subject to combined stale foreign investors have become a unions that have foreign branches, 
and city taxes on capital isms of up growing force in venture capital in • Work to improve the function- 
percent m addition to the recent years. ing of the regulatory agencies. 


to 11 


Norte 

(3V. 

NorTH 


7ft 3ft % 

M6 1+14 r 

1 ft r r 

% 2% r 

+1* 1% r 

ft ft r 

rift 
Sft r 17-14 

2% r 3ft 

ft 1% r 

+14 r r 

+14 1 +14 r 

4 f r 

1% Sft I 

+14 1+14 r 

5 r r 


The Daily Source for International Investors. 

[cmlb^SSrUnuieHM- 


1 



rjSo^ntn.*. s* TWoift«»i%..fci 

■nil 


-ssest-. 



[Soviet Union JnteasiJie* 
Its C a mpaig n Agmosi 
NATO Missile Program 




SERVICES 


MTBNAIIONAl BEAUTtRA. feqple 

UNLTD- USA & WOBOWTDE. tS 
212-7657793 / 7657794 


PABKVtPBUCAlD&sopMsted 

■oft , ewnnp ft mb nw. ur m o>. 


L0M3ON Young Gennon/FrenehdS 

once to meet you on your vist to 

London. Ink UK 01-381 6852. 


PARK NOTE IMS PHONE AT ONCE 

757 62 «. Trustful VIP. lady, travel 


SMGAKME NTI GUIDES. G* Sn- 
Bopcre 736 96 28. _ 


BBJNGUAL ASSISTANT to 
Porte 500 SB 17 


HENOI HVB3A. IrOenretmr. Travel 
CompantorL Tet 19316f 78 63, 


RANKTURT - Young Indy compan F 
pen jvi gurie. 64 77 7C 


PARK 747 59 58 TOUBST GUDE. 
Airports. 7 anymittaflht. IfBUrawt 


HONG KONG K-AaOQOO Young lady 
(Agan/Wattam) 


PARK W LADY GUIDE 5334026, 
Young educated, btenojot Agporft. 


Tat 


Young Brftsn I 
212-8&-7386- 


YOUNG LADY 01430 0757 London- 
Ajfporft/Tnave&ng. 


PARK YOUNG LADY 341 21 71. 
VIP PA & hftr^ud rttfprettr. 


ESCORTS A GUIDES 


INTERNATIONAL 

ESCORT 

SERVICE 

USA l WORLDWIDE 

Head office in New York 
330 W. 56tfi Sl, N.YC. 10019 USA 

212-765-7896 

212-765-7754 

MAJOR CRHXT CARDS ADD 
CHBOS ACCEPTS) 

Private ttmrbmd opa Avt dWd e 

TViSb w e d wfcn ti M in to ha* 
boon Murad ac A tap A amt 
axdoma fanot Sorvwa fay 
USA A jtiter w c Mowd 


Indodfao radio 


BMH H 

and TV. 


* USA & TRANSWORLD 

A-AMERICAN 

ESCORT sstvta. 
EVSYWHB5 YOU ARE OR COL. 

1-813-921-7946 

OJ free from Ui.- I-OQ-ZP-OOT 
CoU free From Hondo, 1-BOO-2824892. 
Lowed Bottom uatoon us you badri 


international classified 


(Continued From Back Page) 


ESCORTS & GUIDES 


CAPRICE 

ESCORT SERVICE 
IN NEW YORK 
TO: 212-737 3291. 


LONDON 

Porimon Escort Agency 

67 Oattora Street, 
London Wl 

Tot: 486 3734 or 486 1158 


LONDON 

BELGRAVIA 

Emt Service. 

Tflfc 736 5877. 


LONDON 

BBT ESCORT SERVICE 
TEL- 200 8585 


LONDON 

.^KENSINGTON . 

ecort sauna 

to xawraoNoluRCM st.wb 
IBi 9379136 OR 9279133 
Af major <raS avdi ogiptod. 


AWST0CATS 

leaden Escort Servic* 

128 Wtenora SL Lenten W.l. 
AB motor Crertt ends Accepted 
Tefc 437 47 41 / 4742 
12 noon - mid night 


LA VENTURA 

lew YORK ESCORT SSMCE 
212-8*8-1666 


ESCORTS & GUIDES 


LONDON 

MAMMTE MIBMA110NAI 
MALE E5CORT AGENCY 

let 9M 1607. 


MADRID INT’L 

ESCORT SSMCE 
456+48 CREDIT CARDS 


TEL 245 


ZURICH 

A1EXB ESCORT SBEVIGE 
IB: 01/47 55 82. 


★ ZURICH* 

GMG8TS ESCORT SERVICE. 
TRi 01/363 08 64 


★ MADRID ★ 

TASTE E5COET SEKVKE 
Tot 4117257 - 4117602 


ZURICH 

loft Emt 8 Guide Sams 
T4 01/86 96 92 


MADRID 

1IZ ESCORT fflMCE 
TEL 4117271. VISA CARDS 


SHE-AMS7BBAM 

Escort Service. 227837 


GENEVA ECORT 

SOWS. M 46 09 28 


GMVA •BEAUTY* 
ESCORT SBVKE. 
TEL 29 51 30 


ROME CU0 BREOffi ESCORT 
& G«ade Sm+te 06/589 2604- 589 
1144 {from 4 pm to IQ po) 


VBMA ETDRE ESCORT SBtVKE. 

Tefc 56 78 55. 


ESCORTS & GUIDES 

OPgyABKTBCORTlTRAVH-F 
WS3CB6D + SU STATIONS 

TR: 31 49 17 

AMSTERDAM JASMINE 

E5CORT SBTVKE. 020-366655 

GOCVA-BEST 

ESCORT SERVICE 

TEL 022/29.13 33 

OCSEA ESCORT SBVI0E 

SI Beoudtamp Piece, London SW1 
Tot 01 584 <4513/2*8? (4-12 (Bn) 

CHAR1ENE GENEVA 

Guide Servicd. Tofc 283 397. 

FRANKFURT + SURROUMHGS. 
CoroSnes i Escort 8 travel sense. 

gS%^ G ™‘ pofcen - T 

Bxussas, BELGIUM VJ J*. ESCORT 

8 TIAVa SBVKE. 02/537 33 97 

GENEVA - HBBC ESCORT SERVICE 
Tefc 36 M 32 

AMSTERDAM, Brussels, Artwera The 
Hague. BoWerdcm. Cdege noon 
Service- AmSerdan 005133!- 906266 

DUSSELDOtf - Kdin - Enen - Bern 
0211-395066. ftoaelu fecal Agency. 
AloafitcordL 

DOMMA, AMSTERDAM SCOOT 

Guide SeniocTA 1020)762842 

DUS5BDORF-COIOGNE-B58I E* 
dtaive Bart nrvico. 0211-6799863 

TRANKfWT + SURRQUNDMQS 
Oridna t Enrt SsvicB. 069/364656 

ffAMWOT - PBtA Boon & Travri 
Sendee. TaL 069 / 63 24 05 

KAEfilFS SCOOT SHVK^ Frrxfc- 
firt aea. Tefc 62fflQ5 

UMON ESCORT AGBICY. 
Tefc 935 5339. 

LONDON ESCORT SERVICE Tefc 93/ 
6574. 

tCWYOfiKOIY, MOMQt&prifli. 
no. Be*. Eicon Sarace. 2U8&-1756. 

GBCVA CHAR1BC Guide.serwe. 
Tefc 283 397. 

1OW0NU5A ESCORT SHMCE Tefc 
402 0557 

RBIWRIS AKTOBP NATASCHA 

Escort SenAje. Tefc 02/7317641. 


DUSSEUX3RF/COLOGNE/BOM. 
hrl Escort Service. 0211 / 383141. 


ESCORTS & GUIDES 


(OMSON OLYMPIA BOOST Ser¬ 
vo. Tat 01 381 6852 


COMMA JADE GBEVA Escort Ser¬ 
vice. Tot 022 / 31 26 71 


AMSIBBAHk OASS Enort Service. 
Tet P) 23-193756 _ 


LONDON LAUREN BCORf Santee. 
Hantfrow/Grtwidc TeF. 602 1243 

LONDON ZARA ESCORT Santee. 

Hetehrow/GatwidL Tefc 834 7945- 


MUNKH ■STARWOOD’ Escort 
Gwde Service. Tefc 089/4486038 


PRANKHJRrJHMY ESCORT -Mrow 
el service. Tefc 069/55-72-10 


RANXHJRT SONJA ESCORT Ser- 
«ct Tefc 06948 34 42. 


PIKSSaDCKF/COlOGNE - CC E+ 
corl A Guide Swviea 02TTJ04369 


MINCH + EVBTYWHBE Why na 

Tel W 89 / 91-4493. 


fRANKHJRT/HUNCH Mete Bart 
Service. 069/386441 & 089/3518226 


LONDON MALE ESCORT SERVICE. 

Tefc 385 94 76. 


MUNCH. NOVATE Bart Service. 
Tefc 912314/918132 


"! l,s ^!?-nSSK^L BC0OT ** 

weft Tefc 02/520 23 65. 


n ^ ss ^-^S^ c aam ** 

woe: Tefc 02/520 23 65. 


FRANXHJRT “TOP TBT Ewrt Ser- 
woe. 069/59-6052, 


AM5TBRMM JEANET Bart Service 
Tefc |02fl)32642P nr 34011(1 


COOGW/BONN/DUSSBDaV 

Bart Servira. 0221/124681. 


HAMBURG - KATHRYN ESCORT 5er- 

vio+ M uMukiiqL 040/OTB16B 


RANKFUKT - ANNFe Bart ServiA. 
Tab 069 / 2001-03. 


fSANKRMT ASA. BAB&IFS 

Bcxrt Service. 069/ 62 B8 05 


IADY BOOST mice. Headraw/ 
Gotwidt, London aeas. 0995-448152 


LONDON UICY SCOOT & Guide 
Service. Tefc 01-3730211 


STUTTGAOT-PHVATC Escort service. 
Tefc 0711/2621150. 


TANIAS ESCOOTSVEE. Frankfurt 

area. Tel: 81 01 67 


V0HA - QtauSVE Bart S»vKA 
Tdt 477461. 


MADRB IMPACT SCOOT 4 Guide 

Service. Mufaingud. 261 41 42. 


HOUAPM ESCORT SHVKE. 030- 
222785,030-944530.02997-3685. 


LONDON ntlDE SCOOT Service. 
Tefc 01-373 8849. 


LONDON G8C SCOOT Serws. 
M 370 7151. 


VBMA VIP SCOOT SBVKE. Tefc 
Moral 6541 5B 


I8NDCN AQUAtDUS ESCORT Ser¬ 
vice. Tefc 2262386 


IONDON JACOUBINE ESCOOT Ser- 
wce. Tefc 01-607 7949 













































Pag Pape 16 


INTERNATIONAL HERALD TRIBUNE. MONDAY, JANUARY 14, 1985 


1 1 I 1 —' I" I In li 


lio in 112 ns 


peanuts 



/ lApies ^ 
f ANP 
GENTLEMEN, 
< 1... A 




M ARCIE! 


I WANT TO THANK' VDU 
FOR THIS AWARP... 


BOOKS 



WAGNERISM IN EUROPEAN CUL¬ 
TURE AND POLITICS 


BLONDIE _ 

* OOOH, I SHOULDN'T J 
HAVE Pt_AVED POKER ) 
'^■^50 L-ATHy-_ 


MAKE IT 
THRU THE 
T DAY r— 


NEVER J ( HURRY. 
: FT —' / unupv 


HONEY, 
YOU'RE I 
LATE 


ACROSS 

1-Major 

S In excess 
18-mater 

14 Get one's goat 

15 Danger 


55 Containers for 21 Resinous 


lubricants 
59 Strong 
aversion 
61 Chamber- 
music 
ensemble 


16 Roulette bet at 62 Comic-strip 

Monte Carlo hero 

17 Expensive 63 Ordinary 

18 Loathsome 64 Elbe feeder 

20 Not important 65 Blackthorn 
g f attems 0* Untidy 

SEC? 87De ‘ >ressi0 ” 

measure 

25 Clean up DOWN 

SEES’,, 1 An Indie 

lindST 

ssBidS ’is,, 

■gsa- ^ssssr 

38 Cheer in effervescent 

Cuernavaca 5 shoulder 
3»LawP°mt # ornament 

41 9?^ t ess of 6 Mediterranean 

42 Woolen fabric 7 SKS P 
45 Certain rSSt 

48Writer'Stega »Nourishment 

y- 16 Garland 

SOOther, 11 Ear part 

51 Evergreen 12 Factory 

52 Queen Anne's 13 God of war 

lace, e.g. 19 Brainstorm 


substance 

24 Sapper 

25 Pan’s 
appurtenances 

26 Lowest deck 

27 "Toa- 

Burns poem 

28 Greek island 
28 A southern 

constellation ' 

30 A neighbor of 
Sudan 

31 Plumed heron 
34 Picaroon 

37 Mariner 

40 Made a 
statement 

43 Quack 
medicine 

44 With legerity 
47 Rick the 

catcher 

49 Computer gate 

51 Type sizes 

52 Broadway 
musical 

53 Explorer 
Tasman 

54 Flow: Comb, 
form 

55 Burden 

56 Exhort 

57 Deportment 

58 Separate 
carefully 

60 Compass dir. 


BEETLE BAILEY 

OKAY/ SO X TOOK 
A POKE AT YOU/ 
BUT X MtSSEPVtoU, 



s '—' ms a 1—*s 
A CHEAP VICTORY 
e&r-r BUT I'LL. 

TAK E IT F I 


solpier, you're in 

THE U.S. ARMY/ 


THIS IS FOR 

MISSING/ 


ANDY CAPP 

HECCNC€9CENC3eDa3TAJ<E 
'HP* FLOlT® 

AVVELCOMEV 
Vr-j,- it7T*QWN3£ J. 


UOK 
a) t<m. 


> I BET IT 1 
DID, RUBE 


gC S555? »unw 8 S5 SS! St 

I Paata*— dimiMgcu. 


.THE FISH 
And CHI PS 


® Now York Tones, edited by Eugene Male Aa. 

DENNIS THE MENACE 


WIZARD of ID _ 

(m^u, rcu ^AUYem^i 


^IFI WAHTT0.~tUsStoKe. 


- ■ • : ' * s J 

g 3 r ."t 

o' / ■■ -rrr. ,. 


^■THFN It4> TtX? um 
1 HA&CIP 


T-/+ 







J= 


III 

jSjl (A! 


ii 

i 

11 

o 

jlta 

m 


Of 







REX MORGAN 


PRETENDING TO BE 
A PASSERBY WSZ/MS 
TO HELP, BERT SUPPER 
LY GETS A CHOKE HOLD 
ON THE kTPNAPFER, 
FORCING KENNYS 
RELEASE/ , 

■Or IWMIHn-^1 




Edited by David C. Large and William 
Weber. 361 pp. $34.50 hard cover. 

$14.95 paperback. 

Cornell University Press. 124 Roberts 
Place, Ithica, N. Y. 14850. 

Reviewed by D. J. R. Bruckner 

I N 1914. the Italian futurist F.T. Marinetti 
cried: “Down with the tango and ‘Parsi¬ 
fal’!" So much For Futurism. The tango has 
come back in Europe, and Wagner never went 
away. It is interesting that in Italy, of all places, 
Wagner's operas were so dominant 30 years 
after the composer’s death that avant-gardists 
needed to protesL In Russia, a much more 
fertile ground for Wagnerism, the critic Sergei 
Duiylin resigned himself to it in 1913: “Not to 
want to hear Wagner is possible, but not to 
bear him is impossible.” 

Wagner's music and ideas entered Russia 
late, but they fired artistic revolutions — and 
political ones. If George Bernard Shaw could 
interpret the Ring cycle as socialist opera, 
Anatoli Lunacharsky and Vsevolod Meyer- 
bold, drawing on Wagner's ideas for popular 
theater in the new Soviet Union in the ‘20s. saw 
the master of Bayreuth as the artistic proto- 
communisL After all had be not been with 
Bakunin on the barricades in Dresden in 1848? 
They did not know that, while they mllwd 
Wagner’s family was entertaining Adolf Hitler 
in Bayreuth, tutoring him in polite conversa¬ 
tion and table manners to make him present¬ 
able to the rich of Germany. 

The Hitler connection has clouded the study 
of Wagner for 50 years. Historians routinely 
refer to the spirit of Wagner as the soul of the 
Reich, and Wagner enthusiasts have generally 
followed the lead of his En glish biographer 
Ernest Newman, who, as Anne Dzamba Sessa 
says, “battled to focus criticism on Wagner’s 
music, not his ideas, in order to save it from 
friends and foes alike." It is time lo redress the 
balance, and the six cultural and social histori¬ 
ans who wrote the essays in this volume have 
laid out fascinating lines of inquiry. 

Solution to Friday's Puzzle 


nnciHo oBcina 
EnnanGi anaaacj 
DEdBruna nnaaaaa 
□EHEEiHa QQnnann 
mi3n0 □□□□ anna 
□oaciHnaaa □□□□□ 
□naan naHnoaH 
EusaaoBa 
Ennaaaa annaa 
□coda aadsaaaaa 
□Ddo naan □□□□ 
□EHnniHa □□□Haain 
□□□□□□a u□£■□□□□ 
□□□□□a naaaao 
□aana aoaaa 


•MR/mn 


wSS JShi exile after his participation in 
tfteabortive Dresden revohioon. 

f But Wagner was his own greatest publiast. 
He was also smart; he first assaulted the work! 

1840 to 1842 he wrote 

Particles for the 

de Paris, which were amphfied by Hector Berh- 
1 oz in the Journal des DebaLS. G*Ori^Sand 
wrote about him; Gerard de Nerval celebrated 
’ the world premiere of “Lohengrin m extrava- 
1 gant essays. Champfieury and Bauddare/ 
raised the'Wagnerian flag as the ensign of W 7 
advance troops of arL 

In 1860, among the artistic and social elite 
who flocked to meet Wagner in Paris were 
1 Gounod, Saint-Saftis. and Gustave Dore. The 
cult was to continue to draw “those in the arts 
who were attempting to break with tradition, 
as Gerald D. Turbow puts it here, for another 
30 years, along with many who had great 
influence on political thought; “no cultural 
movement bad such a vital and varied impact 
as did Wagnerism.” 

The ideas — about art, politics, religion, 
everything — in Wagner's books and articles 
are often vague, sometimes contradictory. But 
they came at the right lime and may have been 
all the more influential for their vagueness; 
many people could appropriate them. William 
Weber in (his volume explains their impact cm 
the musical world in an essay tracing the 
changes in taste in the early 19th century wberfr 
musical snobs successfully instituted “a kind ofi 
classically minded p hilistinis m" that resisted 
new styles. 

The musical elite of the time had turned 
concert halls into cold pantheons, insisting 
that only the cultivated could appreciate the 
masters. As a result, in the repertory of the 
Gewandhaos Orchestra in Wagner’s home¬ 
town. Leipzig, for instance. 13 percent of the 
pieces in 1781-85 were by dead masters; by 
(850-55 the percentage was 61. In 1850 Wag¬ 
ner’s powerful tract, “The Art-Work of the 
Future," with its search for a Yolk music and 
its insistence that art — the total work of art 
encompassing all arts — was for everyone, 
pulverized the temple of high culture. 

The writers of this volume do not avoid the 
Hitler connection. Many of Wagner’s preju¬ 
dices. including his anti-Semitism, fit Hitler’s 
program, and the Bayreuth high priesthood 
established by Cosima Wagner ana her chil¬ 
dren made that fit perfect. But this exploratory 
examination of the extraordinary wave q£- 
Wagnerism that washed over Europe for gener^’ 
ations is a salutary undertaking. It is nefa in 
suggestions and insights and/mule the essays 
are a bit uneven, most are very good reading. 


D.J. R. Bruckner is on the staff of The New 
York Times. 




‘tott ISH0UU3A PUT7H4TA UTTLE WFF'RENTLY. 


GARFIELD 


BJlf fW THAT SCRAMBLED WORD GAME 
PjJ by Henri Arnold and Bob Leu 


Unscramble these tour Jumbles, 
one letter to each square, lo (arm 
tour ordinary words. 


HALCK 


PEWID 


OBNIBB 


YORRAM, 





LAST COP OF J 
COFFEE* y 


> I 5PTLLEP 
>30MEL YOO 
.CAN SUCK IT 
OUT OF MY 
^SWEATER 




By Alan Truscotr 

■VT EW methods of signaling. 
1 N however sensible, take a 
Jong lime to gain acceptance. 

One example is the upside- 
down method, in which a high 
card is discouraging. This is 
now finding favor among ex¬ 
perts some 30 years after it was 
introduced in Europe. 

Another is the Smith Echo, 
invented by L G. Smith of En¬ 
gland more than two decades 
ago. It allows Lbc defenders to 
indicate their altitude to the 
suit first led by a signal in the 
suit played by the declarer. 

A good example is the dia¬ 
gramed deal. The defenders 
were using “attitude leads 
against no-trump in which a 
small card shows enthusiasm 
for the suit The eight of clubs 


BRIDGE 


from West suggested tolerance 
rather than eagerness. 

South captured the club 
king w ith the ace, no doubt 
regretting that he had not 
reached a made contract. Four 
rounds of hearts were played, 
and on the first of them East 
made a significant si gnal by 
playing the ten. This was 
“Smith,” and showed a posi¬ 
tive attitude to the original 
suit, clubs. 

When West gained the lead 
at the fifth trick with the spade 
ace, he felt safe in leading the 
dub queen followed by the ten. 
Lacking the jack. East would 
not have shown a liking for 
dabs. 

Now East was able to over¬ 
take with the club jack and 
shift to the diamond queen, 
South guessed right by duck¬ 


ing twice, but after three 
rounds of diamonds West was 
able to lead the dub five to his 
partner’s seven. Now East 
scored his last diamond, scor¬ 
ing 200 and collecting almost 
all the match-points. 

NORTH 

+J1S3 . 

*AJ4 ? 

Wi ili ssT, 

0 A a 2 l'** 11 ” 4QJH7 
*fl»u ♦ X J 7 J 


. SOUTH CD) 

**q?6 
9KQ82 
OX5J 
* A2 

Both aides ten idmua. Tbs 


West led die dob trighc. 


THE MOPEL DECIDEC? 
TO MARRY THE 
ARTIST BECAUSE 
SHE WAS THIS. 

Now arrange the Girded letters lo 
form the surprise answer, as sug¬ 
gested bv the above cartoon. 


Print answer here: jXI lI) TO ( J J ) 

(Answers tomorrow) 

y^gy^ I Jumbles: LOUSE SPURN ARTERY DEADLY 

I Answer: People who always da as ihey please are not 
likely to do thla-PLEASE 

WEATHER 


EUROPE 

HIGH LOW 


ASIA 

HIGH 

■LOW 


C 

F C 

F 







Atoorve 

13 

54 4 

39 

r 

BcssfcoK 

31 




&oi stardom 

5 

23 -10 

14 

»T 

KJEIIIWJ 

-4 




Alton* 

11 

52 a 

33 

o 

Hmi-i Stoss® 

18 

64 

12 


BnrcBfcwc 

2 

36 0 

32 


KfeRita 

a 




SJeterssae 

-5 

23 -19 

-3 

Ir 

UtaWDEM 





Boron 

■7 

19 -11 

13 


SMI 





BtaOMIS 

-6 

IB -11 

13 


Shanghai 





Bmdmrcst 

-11 

13 -23 

-ID 

Cl 

Stagapa™ 

>3 




Bodnutof 

4 

10 05 

5 

fr 

Tatoel 

17 




CononhoBon 

-6 

21 -10 

14 

fr 

Tokyo 




36 

Com Del Sol 
Dublin 

9 

5 

4 2 

41 -1 

36 

30 

a 

0 

AFRICA 







HaHtefcJ 

(Stanton! 

Los Palmes 


Nice 

GMta 

Paris 

Pram 

Revtotavfli 

name 

Stockholm 


1 34 -5 as sw 

0 33 -13 » sw 

-7 19 -IS 5 f r 

-a 24 -II 12 Sw 

-II 12 -20 H tr 

S 23 -1 30 Ir 

21 70 13 55 d 

7 45 4 39 r 

1 W -2 21 d 

2 34 -9 14 fr 

•1 X -13 10 n 

-9 1C -11 12 sw 

-W 14 -13 9 tr 

5 41 1 34 r 

-19 14-14 7 lr 

■2 a 4 It Cl 

-9 M -14 7 IW 

4 43 4 39 fr 

5 41 -2 28 r 

•4 2£ -11 12 O 

-7 19 -9 14 Ir 

2 34 -2 21 O 

-5 ZJ -9 1C W 

4 18 -11 12 SW 

-C 21 -12 10 0 


11 52 0 32 o 

20 40 14 57 e 

24 TS IB 64 Ir 

13 55 5 41 o 

21 73 17 C3 a 

32 90 23 73 a 

27 81 18 C4 cl 

« a 5 4i d 


LATIN AMERICA 

BawMS Aires 24 79 I 


Mexico City 
UodeJMr 
5oo Paolo 


24 79 II 64 d 

30 SC 18 64 fa 

34 75 4 39 tr 

28 82 30 68 fr 


NORTH AMERICA 


gggg r. 3 is 3 4 as ^ 

Mrsstain -7 19 -9 14 fr 0 32 -9 

v—ta. 2 34 -2 21 o .CMeaeB -2 n -u 

Vienna -5 23 -9 16 sw pnovy 9 48 -9 

Warsaw -8 18 -11 12 sw Mratt j 2 j 

Z»rtcto -6 2? -12 io e Hamate » Si ic 

MIDDLE EAST . .9 » 

• ' .... Lbs An odes 23 73 10 

Mas 1 34 -10 14 tr Miami 19 U 7 

Bairat 16 61 14 57 r Mtoseannlu 0 32 -id 

p au tas aa 15 59 5 41 d Mnnt i a u l -M 14 -is 

iBmsaima 18 64 9 48 d Naasaa 26 79 20 

rtf Aviv 22 72 12 54 o New York 2 36 -7 

OCEANIA SeeFrendseo 16 61 7 

ImSff 11 !* Seattle 10 50 I 

UKkkmd 22 72 16 61 cl Toronto -l JO .n 

iv«UY 31 88 18 44 d Woshtaotoe 6 43 -4 

ctdnidvi to too nr; fr-folr; Mali; eonreed; oc-oortfy etoutfv; 
sn-showers; sw-snow; st-starmy. _ 


SPORTS BRIEFS 

Stadler Bailies to Lead Hope GoKby Stroke 

lwSSShksS asssBiasss 

Dimes) were in third with 271s. drip Beck and Ed Flori, with 
rorads of 69 eachat La Quinta, were next at 274. ^ 

64^ record 5 Dunes ^ “ 8-undo- 

cw. atreck had dropped 15-fool birdie putts on his last three holes Friday for a 66. 

Two late TDs Help South Win Senior Bowl 

th^P^5. A fe bania —Quarterback Damon Allen of Cal State-FuIIeton 
23 U 7 ^S?* 8 “W® ? aturda y to lead the South to a 

36,h annua ^ Senior BowL the Erst pmT^on.1 

SSoaS 8 *? pass to Stacy Robinson 

In to afiS-yard march andgive the North the lead, 

oa^ Kus UC ^A mtercepted a despoation 

S P t H y ’ 8™^ the West a 28-14 victory over the East in 

Decker Responds to Criticism Over Budd 

r^P! criten, VJS. 


Champion but No Hero, Lewis Looks Back 

D- »_ o_I_ _.. . .. i _ 

1 “Ap t^ose people were terril 

■A ME#' - ' and deserved all the accolades it 




in a 2,000-meter 


MONDAY'S FORECAST 


chappy. FRANKFURT! Snow. 


Tsmjx -a — -IS 118—5). LONDON: QwaroosS bacemhs fair. Tana 4—9 
m —16).MADRID: Ovareast. Tamn.3—-8(38—18). NEW YORK: Fair. Tama. 
J—-4 (36—25). PARIS: Fdr bacamhis doudy. Tern -5—-to 03—14). 
ROME: Ovarant. Tamp. 6 — -3 Io—»>-1 *l *vnr; dtovofr. T«mp. U—T2 

S I—541. ZURICH: SnOw. Tcnw. -7—17 09—18). BANCMKOK: FOBOV. Tama. 

— 23 (90— 71). MONO KONG! Fair. Ttme. 14-13 (41 —Ml/MANILA; 
uoudv. Tin*.>—18 (82-64J..SEOUL: PalrJQMlg, -7--W (If— M. 
SINGAPORE: FMr. Tamp, 39 — 24 (86 — 75). TOKYO: CVMrfv. Temp. 9 — 1 
(49 — 34). 


-j _ , .. - s, -T* ■***• h“«“v n«w snows me Mary we an know rwi*r 

hSa^and^Sat TfelC^ 0 ^ foUowin S ** Olympics were completely natural, 

Mg" "ipoited," but Decker Mid Scott 

S«vr 1 


, By Ira Berkow 

' Next York Times Service 

a NEW YORK - Carl Lewis 
f came in from the cold Friday 
L morning wearing a black faip- 
t length mink coat, black leather 
• pants and a white shirt with a thin 
} black tie. The Carl Lewis seen on 

- television last summer during (he 
[ Olympics was less sartorially re¬ 
splendent. That man cavorted in 

- red shorts and a red USA under¬ 
shirt. Today’s is and is not the same 
Carl Lewis who at age 23 in Los 
Angdes tied Jesse Owens’s mar k by 
winning four track and field gold 
medals — and did it amid duos 
but also boos. 

As Lewis, here to receive yet an¬ 
other award for sports excellence, 
sat down for breakfast in the St. 
Regis Hotel the captain. Des¬ 
mond, appeared at his side. TH 
take your order,” said Desmond, 
“but first I want to congratulate 
you.” Lewis smiled and shook the 
gentleman’s hand. The waiter bent 
lower and in almost a whisper said, 
“And I think all the pressure put on 
you wa& unfair.” 

“Thank you," said Lewis. “1 ap¬ 
preciate that.” 

Down to business now, Des¬ 
mond reported that the eggs Bene¬ 
dict was the house specialty, but 
that the French toast was nothing 
to sneeze at either. Lewis, though, 
politely opted for the fruit cup and 
hot tea with lemon. 

When the waiter departed, Lew¬ 
is, who had just arrived from his 
home in Houston, said yes, be gets 
a lot of people t elling him he had 
been treated unkindly by some of 
the press and some of the fans. He 
said he felt the same way. 

He said he had been unjustly i 
accused of being “aloof” and “ar- i 
rogant." One controversy was j 
stoked when he chose not to stay in 1 
the Olympic Village, “That was a 1 
double standard,” he said. "Most 1 
of the track and field gold medal \ 


winners didn’t stay in the village 
either." 

There was a sense that Lewis 
before the Olympics was already 
marketing himself for a lucrative 
future. Some thought it smacked of 
crassness. “Some people said that 
everything I did was calculated," he 
said “Even after I won the the 100- 
meter dash and I ran to the stands 
and grabbed a flag to run around 
the track with, some reporters 
wrote that (his was calculated. 

“Look, Fve always been exuber¬ 
ant, maybe even a showboat, and 
when I grabbed that flag it was 
spontaneous. The guy I took it 
from said later that be thought I 
was just coming over to shake his 


He had been booed by fans in the 
Los Angeles Coliseum on the eve¬ 
ning when, after leaping 28 feet % 
inch (8.53 meters) in the long jump, 
he passed up four attempts to break 
Bob Beamon’s record of 29 feet 2^ 
inches. 

“I had said many times before 
that if I was ahead. I wouldn’t try 
for the record,” Lewis said “I had 
run in two 200-melH" heats in the 
mornin& and I had a race (he next 
day, aim I wanted to conserve my 
energy." He believed that, even 
though a jump consists only of a 
seven-second burst of energy. “I 
also felt a little sore, and didn’t 
want to risk injury,” Lewis said 

He says be was hurt more by the 
critical press than by the fans who 
booed him. “The press didn’t un¬ 
derstand me," he said “The fans 
who booed just weren’t knowledge¬ 
able about track and field" . 

Although it was a painful experi¬ 
ence, he said be came to terms with 
it “I felt I was being consistent,” he 
said, “and doing what I had done to 
get me there. You're considered 
wrong for doing what yon think is 
best 1 won the four gold medals { 
had set out lo win. And so I | 
wouldn’t have changed anything.” i 



Olympic victor Carl Lewis 


Aitiiough he has won several 

awards for his outstanding S- 

P^^compluhmems. he did 
““me the ultimate popular star 
ofthose Games. It scans he has 
bjwn overshadowed by 

touching Jeff Blatnick. e hean ' 


J “All those people were terrific, 
• and deserved all the accolades they 
got, he said “They were basically 
; ? e ?’, e ^ en Edwin Moses, who 
nadn t been in the public eye that 
much — they were different I had 
been Mr. Olympics since ’81. and 
for the most part ii was all cm my 
shoulders. Then when ’84 came, it 
was like, ‘You’ve gotten us toe, 
now goodbye.’ ” 

He understands that be did not 
become the national hero that 
moved people the way Jesse Owens 
nad. 

“Maybe that will come,” said 
if* 15 - “ Jess ® was my hero, but you 
know, for a lot of people, he wasn’t 
a major, major personality until 
about five years ago, when people 
began to recall his exploits in 1m . 

1 mean, he came back from Bafebf 
Olympics and the president didn’t 
even shake his hand" 

, a ^°T ls 'J bou 8 h * were 
wpeparades. There were none for 

He re m a in s in training, stays 
Hun at 6 feet 2 inches and 175 
pounds (79.3 kilograms), and is 
Phoning to compete in four indoor 
meets this win tor. He plans to com¬ 
pete in summer meets, and is cer- 
tam of at least two more years of 
* “beaded about 
me 1V88 Olympics in South Korea. 

rus other great interest is in be- 
wming an actor. He takes acting 
is?* ** 1 Warren RobeosSi . 
and acce P led a supports’ 

m r a moVie scheduloTio b| 

soot in a few months. “I make, a 

rtS. 1 "??. 1 . J* il agamst drugs and 
tlw wild life,” he said 

anrf „ v .®ry.religious and spiritual 
and wouldn’t lake a role that has 
cursing and that kind of thing I- 

, Us hard to get movies tLu 
don t have that nowadays. 

But maybe,” he said, with a 

ftJJSns."' bri ” 8 hadt lktay - 




G0t& 1 {U 




’^\ is*\ 

















JIJ’j 




-.-■■■sas* 

.-s2^ 

: . . ■Sfl 


-. " C 'rt. ** 

T *5JS% 
-- - 


■ton ft 


;*:*•*» 

'■ ' I 




■■* Section! 




Ho*ta£ 


O rnrcf? 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 14. 1985 


Page 17 


ijf- \ \ 


■- ' 


' -." s «cci4r« 

‘ : ‘r n 


t i.rhafl? 
1^' 


.-• V V* 



SPORTS 


McEnroe Thrashes Lendl in Final 


CowpiM by Oar Staff From Dvpmcha 
NEW YORK — In command of 
every shot in his explosive arsenal, 
John McEnroe dominated Ivan 
Lendl here Sunday to non his sec¬ 
ond consecutive Masters tennis 
championship, 7-5.6-0; 6-4. 

The victory was worth $100,000 
to the top-seeded New York left¬ 
hander. Lendl, seeded third in the 
exclusive 12-player field, earned 
$60,000. 

it was the third consecutive year 
that McEnroe and Lendl have met 

MASTERS TENNIS 

in the final of the season-ending 
tournament and the second year in 
a row that he has beaten the Czech 
right-hander in a straight-sets final 
McEnroe was brilliant. Lendl, 
who had ousted second-seeded 


Set was tightly contested, each man served 11 aces—seven in the open- started going for every thing He 
holding serve through the first 10 ing set — to Lendl's rwa just went for it cm every bail and 

games. McEnroe then gambled in “He played very well” said the shots went in. He’s not exactly 
the 11th game, attacking the net at Lendl said. “I have seen him, ua- known for gutsy play at the end of 
Lendl's lust serve. Il paid off with fortunately, playing well too many dose matches, 
the only break of the set on a crisp times. IT this was the best. I can’t Maybe not. but if anyone folded 

telL” McEnroe holds a 12-9 life- it was Connors. He led the last set 
dmp edge. by 4-1 with Lendl serving at 0-30 

For McEnroe, the path to the and couldn’t win. He led, 5-2, and 
final was smooth and uncluttered, served for the match at 5-3; he even 
the next eight Lendl's road was full of potholes, had a volley in that ga™ tha t 
to 2-0 in the Each got there with an extremely would have put him at match point. 

satisfying semifinal victory Satur- But he didn't win. Lendl came to 
During the final game of the <tay< but the triumphs could not life and started spraying winners all 

The key game was 


cross-court service return. 

Lend] had two break points in 
the 12th game—his only two of the 
set—but McEnroe held. McEnroe 
ihj-T) raced throu, 
games, carrying 
third set 


opening set McEnroe, in a petu¬ 
lant mood, almost knocked himself 
out of (be final. A fortunate net 
cord at set point allowed Lendl to 
reach deuce, and as McEnroe was 
preparing to serve again he sudden¬ 
ly 

tegra 


have been more different- 


over the court. 


McEnroe registered an overpow- the ninth when, at 30-15. Connors 
ering 6-1. 6-1 decision over Swede trussed a chip volley. 

Mats Wilander, the man who had At 30-40, Lendl broke with a 
beaten him in straight sets in last gorgeous backhand crosscourt to 

w _ _ month’s Davis Cup final McEnroe bail, 4-5. He held serve at love and 

and screamed to a pho- needed exactly one hour to win. then broke Connors again with a 

“Shut up.” Then, jug- Next up were Lend] and Con- forehand winner down the line. Re- 
who had ousted second-seeded glnjgthe ball on his racket to settle nors (in quarterfinal play late Fri- jovenated, Lendl held serve, Cou- 
Jimmy Connors in Saturday s his nerves, he bounced the ball into day, Lendl had ousted Joakim Nys- dots punching a backhand long on 

se m if i nals, didn l olay poorly. Bui h« notu Mr.Pnm* rm,;'r«i % train, 6-4. 7-6, while Connors had ®atch point. 

downed Eliot Teltscher. 6-2. 6-4). “I thmk he got tired,” Lendl said. 

"Even in the game at 4-2 which he 


Ivan Lendl 


8«mn/Ue*acf Am kaxiMMtd 


semifinals, didn’t play poorly 
he was up against the world's top- 
ranked player, and McEnroe 
played that way. 

“1 felt I could do anything I 
wanted with the ball" said McEn¬ 
roe, who won 11 consecutive games 
after a victory that completed his 
1984 campaign at 82-3. “For a 10- 
game stretch, I played as well or 
better than I ever played in my 
life.’’ 

Despite the blowout, the opening 


Zurbriggen Is Victor on Injured Knee; 
GirardeUi and Figini Take Cup Events 


Compiled by Our Staff From Dupanjia 

KJTZBUEHEL, Austria — Pir- 
nun Zurbriggen won his second 
World Cup downhill race in two 
days here Saturday but suffered an 
irtjury that doctors say will knock 
him out of competition for ai least 
a week. 

The 21-year-old Swiss tamed the 
Streif Course for the second time in 
24 hours by turning in a blistering 2 
minutes, 6.95 seconds. But the cup 


WORLD CUP SKIING 


zaj knew his second run hurt him. 
“There are four dangerous points 
on this course,” be said. “On my 
first run ] managed them ail On 
the second, 1 made micraL-pg near 
the top and near the bottom.” 

GirardeUi said he couldn’t have 
won had that not been the case. 
“Bqjan made an error in the upper 
part of the course," he said. “Oth¬ 
erwise I wouldn’t have been able to 
touch him. But I had a good second 
run—I attacked.” 

Figini, 19, clocked 1:23.13 



my skis off.” ZQrbriggen said. “I Germany placed second in 1:23.48, 
couldn’t straighten the knee.” Zfir- followed by Maria WaUiser of 
briggen is certain to miss Tuesday’s Switzerland in 1:24.01. Figini col- 
giant slalom at Adelboden, Swit- lected 25 points for her victory, 
zerland and next weekend’s down¬ 
hill at Wengen. 

Marc GirardeUi took advantage 
of ZQrbriggen’s absence to win iris 
third slalom of the cup season here 
Sunday, while in Pfronten, West 
Germany, Swiss Olympic chamjri- 
on Michda Figim scored her fourth 
straight cup victory by winning a 
giant slalom on the fast, icy Brri- 
tenberg course. 

The Austrian-born GirardeUi. 
racing for Luxembourg, climbed to 
within 14 points of overall leader 
ZGrbriggen. Starting third after the 
morning run down a 59-gaic Hah- 
nenkamro course, GirardeUi came 
through with a perfect afternoon 
^effort. His aggregate, trine was 
^:40.68 —18 one-hundredths of a 
second faster than Italian Oswald 
Totsch. 

Yugoslav Bqjan Krizaj, leading 
after the first leg. slipped to third 
with a 1:41.05 docking after a se¬ 
ries of mistakes through the 63 af¬ 
ternoon gates on a course that 
dropped 180 meters (590 feet). Kri- 



ims 


Stop Oilers 


increasing her lead in the overall 
standings with 165 points. 

“The new year brought me luck,” 
said Figjni, who after a poor start 
on the chain rallied after the 
Christmas break. She won a slalom 
in Yugoslavia and then went on to 
take two downhills in two days in 
Austria earlier last week. 

In Saturday’s downhill here. 
Austrian Helmut HOfiehnr was sec¬ 
ond in 2:07.21, ahead of 1983 Kitz- 
bflhd winner Todd Brooker of 
Canada, who docked 2:08.10 in 
covering the dizzying. 35-lrilome- 
ter Streit which dropped an icy 860 
meters through 23 gales. 

American BQl Johnson failed for 
the third time this season to live to 
up to his Olympic gold-medal per¬ 
formance, turning in the day’s 31st- 
best time. But he was disqualified 
for missing the last gate just before 
the finishing schuss. “1 made a mis¬ 
take on the switchback curve be¬ 
fore the compression," said the 24- 
year-cAd Californian. “1 hit the 
compression too fast and got off 
line. I didn’t come out of my tuck 
soon enough, either.” 

Brooker said his third-place fin¬ 
ish ended a drought extending to 
d» 1983 season, when he won here 
and at Aspen, Colorado. “1 was 
more out erf control today than yes¬ 
terday, but I liked it a lot more," 
Brooker said. “It feds great to fi¬ 
nally got a good result.” 

Franz Heinzerand Swiss compa¬ 
triot Peter Mfiller placed fifth and 
sixth, followed by Austrian Peter 


The Associated Press 

PITTSBURGH — The sellout 
crowd came to see Wayne Gretzky 
w the Edmonton Oilers, but the 

Wirosberger and three other Swiss 
„„a — Conrdin Cathomen, Daniel 
Herron stopped 45 shots and Mahrer and Bruno Kexnen. 

nrm tonic Andreas Wenzel of Liechten- 

nflL rUUJ3 si gin , the 1980 overall champion. 

Mario 1 -mi a.a and Troy Leroy “P 1 °* P°“' 

each scored two goals to lead the - 

Penguins to a 4-3 National Hockey 
League victory over the Oilers on 
Saturday night. 

Elsewhere it was Boston 4, De¬ 
troit 
3; 

delphia 3; Buffalo 1, Montreal 1; 

Minnesota 5, Hartford 4; the New 
York Rangers 4, Sl Laris 4, and 
Los Angeles 6, Winnipeg 4. In Fri¬ 
day’s only game, Quebec beat Cal¬ 
gary, 4-0. 

Herron, making only his third 
start in the past 12 games, faced 48 
thots and succeeded in shutting out 


Free, as 6th Man, Tallies 32 
Ahe*NewY^^midaSphiS To Lead Cavaliers Past Buds 


Las Angela Times Service 

RICHFIELD, Ohio —When the 
Cleveland Cavaliers won only two 
of their first 21 games, it was time 
for drastic measures. Coach 
George Karl came up with a gem of 
an idea. 

. _ He made World B. Free his sixth 

^jrclzky, who was looking for his man Although the sharoshooting 
400th NHL goaL guard has moaned and groaned 

“Without question, that was the — ■■■■m ■ 

best game a goal tender has had NBA FOCUS 

against us,” Gretzky said. *^We ~—----—- 

played a solid game that might about the move, it may be the rea- 

haw beat our Mstlifort onrnis son the Cavaliers have become a Man Award, 

trip. Wc had toe®, to Hormt mwnm team rnstead of a *****J&S1™ . 

St ^ s tl ^al»oto^swri^ Co b o^^ho P K"S 

Bnry.^Wto can^ou sayTWto- ^tooStM CaroftoAod hoe! am cookoff 
ever they did they were equal to victory over the Chicago Bulls. It 


the task. 

Herron credited his teammates 
for helping to dose down the high- 
scoring Oders. 

“Gretzky is always behindjhe 
fet, so you have to be careful" he 
slid. “Our guys went at him right 
away. The defensemen did a good 
job. They gave me a chance to 
make the saves. ~ 


was Cleveland’s fourth victory in 
five games. 

Free scored 32 points, including 
seven in a row early in the fourth 
quarter that gave the Cavaliers the 
lead for good. 

Elsewhere in the NBA, it was 
In diana 100, New York 95; Boston 
119, Atlanta 111; Phoenix 109, 


Utah 94, and the Los Angeles Chp- 
Gretzky assisted on all three Ed- pere 104. Golden State 101 On 

monton ioals to raise his league- feduy.l^Bwwn 103.Wasfamg- 

leadmgjrant total to 121. m ’> V* 1 ™ 1 m > JO* 


the bench again for another North 
Carolina guy. What's wrong with 
those guys T 

In his previous nine seasons with 
five NBA teams. Free averaged 
21 3 points. In his 12 games as the 
Cavaliers' sixth man, he is averag¬ 
ing 21.9. 

“I may never be happy coining 
off the bench,” Free said, “but I’m 
happy with the way we are going. 
We are tired of people talking 
about us. Everyone is accepting his 


golliCNew Yorker Iris Angde for^a ta**-**; jSSSSS 

ln j .nnn D4_I oItmt PI IVillic in’*- Pnrflsnrl game hi I thf back rim afld bounced 11. JUM>tw.CanfeAlokuilu 15: Flarmttna 


role.” 

Tbe* victorY~was~the Penguins’ New Jersey 122, Atlanta 103; Phil- Michael Jordan led the Bulls 
th this season, one more than adelphia 115, Houston 108; Chica- with 24 points. His desperate bid 


his right eye. McEnroe required a 
three-minute injury time-out for 
treatment, and when be resumed 
playing be survived two break 
points to end the set 

“I’ve hit myself before, but it 
never hurt as much as that,” said 
McEnroe, who said the injury actu¬ 
ally “helped me concentrate a little 
more — iy got me even more into 
the match. When I got back into 
play I felt fine.” 

Except for that 12th game Lendl 
had only one more break point, 
that coming in the second g»m^ of 
the second set. In the final set 


For three hours two rivals who 
make no secret of their dislike for won -1 felt like be was getting tired, 
each other twisted and turned, ^ was coming to net more and 
punched and counterponched, be- cheating on his footwork. I was just 
fore Lendl prevailed at last. 7-5,6-7 hoping he wouldn’t come back be- 
(7-5), 7-5. cause be has dote that to me be- 

Thefinish was remarkable: Hav- fore” 
ing blown a match point in the Connors nearly did it again Af- 
second set. lost the tie-breaker and ter blowing a 4-1 lead in the second 
fallen behind, 5-2, in ihe decisive set, be faced match point while 
set, Lendl seemed ready to add to serving at 4-5 but survived it when 
his list of famous folds. Lendl netted a forehand pass with 

Instead, with Connors servin g the court wide-open for him. 
for the match at 5-3. 30-15. Lendl Lendl then whined his way 



ners. Lendl made 23 errors and hit 
only 18 winners. 

Lendl 


__said victory was sweet be- 

_, , , . got a couple of breaks on Connors through the tie-breaker, complain- cause be did not think Connors had 

cnro; — and went on to take five ing about calls and the crowd. Both treated him wdl after beating him 
ahSd vfhJS/T “ i ^ ^ games (15 of the next 17 men repeatedly failed to take ad- at Wimbledon last year. “He didn’t 



ahead be plays better," Lendl said. 

The match was over in an hour 
and 55 minutes, including 61 min¬ 
utes for the first set. McEnroe 


points) and the match. vantage of breaks. There was sus- 

“No, I didn’t get tiled,” said pense throughout, but not much 
Connors. 32. “1 made a couple of great tennis. Connors made 36 un- 
mistakes at 5-3 and then be just forced errors and hit only 25 win- 


act sportsmanlike.” Lendl said. 

If Lendl-Connors was a fight in 
which neither fighter could find a 
finishing punch, McEnroe-Wi- 


SMWt/UrMto Pren kifeTOtand 

John McEnroe 

lander was a lightning-fast knock¬ 
out. 

McEnroe had Wilander in trou¬ 
ble from the beginning. In the only 
two games Wilander won, he had to 
survive a break point to do so. 
While serving, McEnroe never 
faced so much as a deuce and lost a 
total of nine points. 

(AP, UP1, WPI 


SCOREBOARD 


Basketball 


Hockey 


Selected U.S. College Scores 


FBI DAY’S RESULTS 
EAST 

BtoWiomton Una’s Point S3 
Brooklyn Col. 12. Maine a 
Clark Sl. Coast Goard 4* 

Harvard ML Prtnartan SO 
Loyola, tod. Sl. St. Francis. N.V. 42 
MkfdMxirv 89. Betas 82. OT 
MJ. Toch 75. Norurtcti 57 
Pom 81 Dartmouth 9» ' 

Rochester Tack ST. RPI SS 
SOUTH 

Florida Toch 80. Nova 14 
Kansas 9C, S. Alabama St. OT 
St. Andrew's 03, Virginia Westovon 73 
Webber BX Ualna-MaOilas St 
MIDWEST 

Dakota Wesleyan 93. Block Hills SI. 79 
DVke IBS, Franklin to 
Knox 77, Cornell, laws 72 
Mankato sl SL Nefa.-Omalw SL 20T 
N. Dakota 69. S. Dakota 48 
Toxoo college SL Benedictine. Kan. 70 
SOUTHWEST 

Southern Mettwdlst 71 Texas ASM SO 
Texas A&l 8L Texas Wesleyan n 
FAR WEST 

CaWJavte 77. Stanislaus SI 75 
Cal Poly SCO Sl Cal-Riverside 48 
Cal Si.-Las Aw —l ee 7L Ok—nan CoL 71 
Great Falls SS. Montana Tech S5 
Montana SI. Boise SI. 51 
Pacific Lutheran 95. Whitman 74 
San Fronds at SL 57. Oilco SI. 56 
5- Colorado SO. Colorado Mines 71 
W. Mont a na 7L N. Montana W 


Pirmin Zurbriggen, wincing 
in pain as be tried to put 
weight on bis left knee after 
winning Saturday's downhQL 

place finish Saturday and is third 
overall ai IV7. 

The Streif against proved to be 
too modi for last year's winner, 
Franz Klammer. The Austrian 
placed 11th, saying he had a bad 
run “from top to bottom.” The 
1976 Olympic champion had lost a 
ski six seconds into Friday’s down¬ 
fall] and said that weighed on his 
mind Saturday. 

“I tfid the best 1 could. I would 
have loved to have won, but my 
mistakes cost me,” he said. “I’m 
going home and have a beer. It’s 
just whai I need.” (UPI, AP) 


SATURDAY'S RESULTS 
EAST 

Albrlohl 6a Su—hanno 58 

tantarat a. Bataan 56 

Barttar 73. «. Mlchoara 63 

Boston CoL 69. Sc ton Ho) I to 

BuCfcnoll 7S. RMar 57 

Conlslus 68. Colgate 42 

Qf ar te x t e n U. 87, w. Virginia Todi 79 

Colby 92. Mlddlcbury 71 

CormocUeuf 74. Ptttaburati 74 

Cottmi 71 Mansi 61 

CW. Pori 69. Adelphl 63 

E. Connecticut 89. Mass.-Bostan 72 

FoirieWi Dickinson 76. Robert Morris 61 

Fart&iam 74. Falrfleid 72 

Georgetown 52, Vtltanova 5a OT 

Harvard 77, Penn 7S 

Hoty Crass 78. Manhattan to 

Ithaca 90. Rochester Tech 69 

King's Point 82. Norwfcft 73 

Lafayette 75. Towsan 51. 5* 

LeMoh 64. Delaware 63 
Lona island U- 74, Loyola. Md. to 
Mercyhurri 77, Buftaio 42 
MuNenberg 70. Urstnus S2 
Now 79, James Madison to 
Niagara 65. Vermont 54 
Northea st ern ft Siena 61 
Prlncrton 71 Dartmouth 57 
Rhode Island 77. Ouauesne 63 
RPI 7A Hobart 69 

Rutgers 8ft Pent SI. 71 • 

5- Connecticut 60. Dow! too 56 

SerlnefteW 81 Williams 57 

SL Anselm's 91 Bowdotn 85. DT 

St. Joseab’s 76. SI. Banaventure 56 

St. Lawrence 81 Alfred 75 

SI. Peter's 6ft La Salle 59 


Syracuse 71, Providence 69 
Tomato 61 George Washington 55 
Union SS. Drew 78 
W. Virginia 81 Massachusetts 59 
WOgner HR. SL Francis. Pa. 91 
Wheeling *1 w. Virginia Sl. BT 
Yale *5. New Hampshire 63 
SOUTH 

Alabama it, Kentucky Si 
Ala-BIrmlnaham SS. S. Ftorido 52 
Auburn *1 Mierisslpol St. S3 
Attain Peav 74, Youngstown SI. 72 
OavtdMn 70. Appalachian St. to 
Delta St. 56, Livingston SL 53 
Duke 7t, Wariilngton 59 
E. Tennessee SL 94. Citadel 9a OT 
Florida 81 Mississippi 64 
George Mason 82. R o d f ord 57 
Georgia 81 VanderbiH 73 
Georgia Southern 61 Samford 58 
lona 71 New Orleans <6 
Jacksonville gs. NX- Charlotte 72 . 
Louisiana St. 71 Tennessee 65 
Louisville 61 Florida SI. 62 
Memphis SL 81 S. Mississippi 60 
Mercer 91 Georgia St. 83 
N. Alabama 51 Mississippi CoL m 
NE Loubtoaa 77. N. Texas SL 64 
North Carolina 65. Virginia 67 
Old Dominion Bl W. Kentucky 76 
Southern U. 101 Grumbling 75 
SW Louisiana 77. Stetson 6$ 

Tennessee Tsch Sl E. Kentucky 57 
Tn-Chattanooga 64. Marshall 61 OT 
Virginia Tech 109. S. Carolina to 
Virginia Wesleyan 94. Methodist 91 70T 
W. Carolina 66. Furman 61 
Write Forest 83. Ctomeon 41 
Webber 99. Maine-Mochlas 72 
William & Mary 67. E. Carolina 53 
MIDWEST 
Betolt 41 Chicago 46 
Bradley 61 W. Texas Sl. 48 
Butter 80. Evansville 68 
Dayton 81, Cincinnati 66 
Defiance 77, Hwxrver 51 
DePaul 69. Houston 58 
Drake 61 S. Illinois 63 
E. lOlnoks 82. N. Iowa 63 
lit Wesleyan 7ft PL Central 59 
Illinois 71 Michigan SI. 63 
Illinois 5t. 16. Wichita SI. 80, OT 
Indiana 91 Wisconsin 68 
Kent SL 64. N. Illinois 56 
Miami (Ohial SB. E. Mkhtggn 48 
Michigan 81, Purdue 65 
Minnesota 65. Iowa 57 
Monmouth. (IL 91 Knox 71 
N. Dakota SL 86. 5. Dakota 74 
K Michigan toi Illinois Tech «6 
Notre Dame 61 Marauette 62 
Ohio St. 79. Nort h w es tern 99 
OMo U. 79. Bowline Green 57 
Ohio Wesleyan 71 Oberttn to 
Oregon St. 56, Kansas St. SS 
Toledo sl Ball SL 67 
W. Michigan 91 Cent Michigan 83 
SOUTHWEST 
Arkansas 64. Texas 58 
Ark.-Little Rock 81 Hanhn-Slmmons 65 
Houston Baptist 61 Centenary 56 
Louisiana Tech 71 TexasrArttaoton 65 
Oklahoma 91 NW Louisiana 62 
Oklahoma Christian 61 SW Oklahoma 54 
Oral Roberts 61 Oklahoma City 62 
Phillips 64. Oklahoma Bo pi 1st 63 


Texas Christian 81 Baylor 68 
Texae-Ei Paso 77. Wyoming 59 
Tulsa 71 CrelgMon 66 

FAR WEST 
Arizona St. 77. CaHFomlo 70 
Biota 73. Cham Inode 61 
Col-Dovls ft S ocnnn enta SL 71 
GnL-Irvine 69, PocHK 64 
Cal Poly SLO 74, Cal Polv Pomona 55 
Cent, wariilngton 107. Seottte pacHfc 97 
Fullerton St. 71 Utah St. 72 
Hawaii Pacific 61 Cal Baatlri 51 
Havtetad St. 59. CMOS St 5B 
Houghton 98. Hawaii Loo 86 
Montana 60- Write 54 
Montana SI. 81 Boise SL 77 


N. Montano il W. Montana 58 
Nebraska 88, Catorodo 51. 71 TOT 
Nevada-Reno IIS. Idaho SL 82 
Nev,-Las Vegas 71 Fresno SL 58 
New Mexico 91. Air Force 50 
New Mexico SI. 85. Long Beach SL 79 
Pacific Lutheran to, W. Washington 61 
Peaoerdine 87, 5W Texas SI. 70 
Puget Sound 77. E. Oregon 51 
San Diego 66. SW Baalist 39 
San Diego SI. 89. Brtriwm Young 70 
San Francisco SI. 69. Humboldt St. 65 
San Jose St. 74. CoLSonta Barbara 55 
Seattle 54. Willamette 50 
Southern Cal 69. W a riih nU un St. 62 
Stanford 55, Arizona 51 
Utah 76. Hawaii 54 


NHL Standings 


WALES CONFERENCE 
Patrick DWtolon 


NBA Standings 


EASTERN CONFERENCE 
AttenNc DtvNloa 


Bocton 

w 

32 6 

L Pet. 
AO 

GB 

PWkxtolPhta 

30 6 

433 

1 

MKuhbstim 

2D 16 

-556 

11 

New Jersey 

17 28 

499 

14V» 

New York 

13 27 

-325 

20 

Milwaukee 

central DMrioQ 

25 14 

441 


Detroit 

28 16 

456 

3V7 

Chicago 

18 19 

■486 

6 

Atlanta 

15 22 

.405 

9 

Indiana 

11 26 

-297 

13 

CfaMtand 

10 24 

294 

12W 

WESTERN CONFERENCE 
MUwari Dtatatoo 

Denver 22 15 495 


Houston 

21 15 

-583 

to 

Drifas 

19 17 

528 

2*. 

Utah 

17 21 

447 

5Vs 

San Antonio 

16 20 

444 

SV» 

Kansas City 

13 23 

J6) 

SVj 

LA. Lakers 

Pacific Divtrien 
26 11 

J03 


Phoenix 

20 19 

sa 

7 

LA. O topers 

18 21 

462 

9 

Portland 

17 20 

459 

9 

Seattle 

16 22 

421 

13Vj 

Golden State 

10 26 

.278 

ISVi 


2* » M 25—181 
37 22 98 24-183 
Bird 16-2504131 Parish 10-163-729; MatOM 
»-15 0-1 2ft Ballard 8-15 12 lft Rebounds; 
Wmhtnotan n (Ruland 91. Boston to tParlih 
M). Aasldsr Washington 271 Rutanft Gus Wil¬ 
liams, FJohnson51.Borion31 CD Johnson 11). 

» 28 27 34-121 
25 28 29 28-182 



W L 

T ! 

PTi 

GF 

GA 

Philadelphia 

25 

12 

5 

55 

180 

126 

Mteriilngton 

24 

12 

7 

55 

174 

132 

NY Islanders 

24 

16 

1 

49 

195 

161 

Pittaburah 

17 

19 

4 

38 

MS 

176 

NY Raieiera 

14 

28 

7 

35 

152 

168 

New Jersav 

14 

23 

4 

32 

144 

170 


Adams Division 




Montreal 

21 

13 

9 

51 

168 

141 

Buffalo 

19 

12 

11 

49 

156 

123 

Quebec 

20 

17 

6 

46 

172 

158 

Boston 

19 

17 

7 

45 

156 

149 

Hartford 

16 

19 

S 

37 

138 

170 

CAMPBELL CONFERENCE 



Norris Dhririoe 




Chicago 

19 

20 

3 

41 

162 

157 

SL Loris 

17 

17 

7 

41 

149 

156 

Minnesota 

14 

21 

7 

35 

151 

168 

Detroit 

13 

24 

S 

31 

151 

192 

Toronto 

6 

30 

5 

17 

122 

193 


Smyrna Dtvtrioe 



Edmonton 

29 

9 

4 

62 

214 

131 

Criaary 

2t 

16 

5 

47 

200 

166 

Winnipeg 

20 

18 

4 

44 

172 

178 

Los Anodes 

17 

16 

9 

43 

185 

173 

Vancouver 

18 

28 

5 

25 

137 

231 


FRIDAY’S RESULTS 

*1 22 26 24—183 
New Jersey 31 3( U 31—m 

B-Wllitoms 6-10 9-12 21, King 8-14 5-6 21; 
WllWns 10-27 7-7 27, S-WHItoms *9 4-4 IX fte- 
beonds: Atlanta to (Levlngston »), New Jer¬ 
sey 60 (ftWItnoms 17). Asrisls: Atlanta 17 
(Ejahnsen. Rivers 4), New Jersey 36 (Rich- 
1 9). 

91 21 28 28—188 
»tO 38 29-115 
Malone 7-17 14-16 2ft Ervtog 5-12 11-11 21; 
Sampeen 13-26 S-10 31, McCray 12-20 04) 26 
Rebounds; Houston 4a (McCray IB), Philadel¬ 
phia 99 (Malone WLAtstriK Houston 27 (Hol¬ 
lins 13). Phitodelphlo 24 (Cheeks. Tonev 6). 
UdNtoa 27 22 26 38-N9 

Detroit 26 28 33 33-128 

Tyler 11-13 S-727, TrlpucM 5-13 3413; Flem¬ 
ing 10-159-1029, KeDopg 9-233421. Rebwmds: 

1 ndana 54 iKeUoap 12), Detroit 56 (Cureton 
III.AMtsts: Indiana 26 (Kellogg, WllfiamsS), 
Detroit 31 (i.Thomas 8). 


Transition 


BASEBALL 
American League 

CALI FORNI A—Re-signed Roto Wllfora, to- 
fielder. Waived Rob Plcclalft infielder. MIL¬ 
WAUKEE—Reached an agreement with RoF 
He Fingers, riteher. an a two-year contract. 
Waived Mike Caldwell, pitcher. 


Clippers 98, Phoenix 84; Milwau¬ 
kee 130. Cleveland 117, and Den¬ 
ver 143, Kansas City 121. 

Since Karl made Free bis first 
man off the bench, the Cavaliers 
have won eight of 12 games and 
have been a tough team to beat 
Free, a 10-year pro, was slow to 
adjust to his new role. But, in the 
past five games, be has averaged 
24.4 and the Cavaliers have started 
to roll. 

“I never thought I would be com¬ 
ing off the bench again. I’m not 


Montreal—S igned Jim Wohlferd. ouf- 
fl(rider, ta a two-year c ata ract. 

football 

tatflOMl Football League 
BUFFALO—Announced the resignations at 
Don Lawrence, defensive coordinator; Mitt 
Jackson, receiver coach; Perry Stoss, floht 
end coach; Pete Corrofi, defensive bocklleW 
coach, end Miner McCrimon. special teams 
and defensive assistant coach. 

CLEVELAND—Named Bill Cowner assis¬ 
tant coach. Announced the resainollon at 
Dove Adotoh, assistant coach. 


European Soccer 


ENGLISH FIRST DIVISION 
£wtw 4, Kewocrte 0 
Leicester ft Stoke 0 
Manchester United a Coventry | 

Norwich I, Southampton 0 
Oumw Pork Ranger* j. Tottenham 2 
stwffiold Wednes d ay 2, West Bromwtti 0 
Sundwtand a Liverpool a Icbondoned at half I 
Postponed (cold): Arsenal vt iMwich. As- 
ten Villa w Watfora. Luton vs. Nottingham 
Forest, west Ham vs. Chelsea. 

Petals Stmflogs; Everton to; Tot ten h am 
V: Manchester united. Sheffield Wednesday 
41: Arsenal 39; SauttkiRteCon 37; Nottingham 
Forest, Norwich 36: Chelsea Liverpool 35; 
ww* Bromwich 34: west Han 3T; Queens 
Park Rimer* jo; Wotford, Lehater 29; A* 
tan Vttta. Newcarite 28; Sundwtimd 26; Cov¬ 
entry 25; ipswlcti 22; Luton 21; stoke 12. 

ITALIAN FIRST DIVISION 
ASCDII l. inter Milan l 
Ataianta 0, Samadorla 0 
Aveillno 2. Verona 1 
Florcnltna ft Noaall 1 
JuvenhA a Lade d 121 minutes; abandoned) 
Milan ft Como 2 
Roma 1, Torino o 
Udlnese 2, Cmnenese 0 

SlobdiB*: Verona 22; inter Milan 



18; Aoulrre Ml HMD 2ft Davis 7-10 (H> IS. 
Robeaeds: Las Angeles52 (Abduklobbar l ij. 
Dallas42 (Aguirre8). Assists: Los Angela27 
(Scott 6). Dallas 24 (Davis 6). 

New York 34 H 24 35— n 

C h ic ag o 38 32 25 29-113 

Jordon8-147-722, Dailey 6-13 kmi 22; Walk¬ 
er 51 16-816. Carter 5-n 2-2IX Reboaods: New 
York 42 (Cummings. WJIUm 61. Chicago 53 
(Greenwood 8). Asrisls: New York 18 (Spar¬ 
row 7}, Chicago 24 (Jordan Si. 

Cleveland 32 34 21 53—117 

Milwaukee 31 » 36 33—130 

■ Mortal of 10-1615-17 35. Pressev 8-136-570; 
Free9-156-7 26. Hinson 9-168-13 26. Reboaeds; 
Cleveland 62 (Hinson 15). Milwaukee 46 (Gre- 
wr 71. Assists-. Cleveland 71 U.Dovfe 12). 
Mllwaulae 39 (Mancrlel 71. 

POrtlood 35 27 24 37-123 

Son Antonie 22 a 27 26 183 

Vandcweghe 19745-52& Jim Poxson 9-176-6 
26; Gervtn 9-24 56 23, Gilmore 56 11-15 21. 
Rebound*: Portland 57 fM.Thampson ID). San 
Anfteilo45(Gilmore 101. Assists: Portlands) 
{Valentine 8). San Antonio 21 (Moore 5). 
1—A. a»oere » 19 26 26—98 

Phaeelk V 79 14 19—84 

Nixon 9-15 54 26, Smith 9-1B 5-5 23; Nonce 5- 
14 7-8 23. Faster 7-15 1-2 li Reboonds: Los 
Angela 64 (Johnson 171, Phoenix 47 (Lucas 
13). Assists; Las Angela IS (Johnson, War- 
rick 3t. Phoenix 25 (Humphries 61. 

Kansas CMv 29 39 36 27—121 

Denver M 34 45 30—M3 

English 11-194-52ft Natt 9-177-825; TheusT- 
12 7-« 25. E-Johman 8-17 8« 24. Rebounds: 
Kansas Gllv 53 [Thompson 12), Denver 51 
(Cooper e>. Assists: Kansas aty 32 (Thetis 9}. 
Denver 25 (English 10). 

SATURDAY’S RESULTS 
LA cupper* 22 27 32 23—184 

finliten state 99 27 at in wrr 

□.Smith 14-24 5-7 XL MaJohnson 9-154-4 22; 
Short 10-27 2-222. Floyd 933 4-4 22. Rebaaedt: 
Los Angetos 94 (WOllon 121, Golden Slate 55 
(L-Smith 23). Aiebte: Lee Angeles 24 (Nixon 
8). Golden Stale 19 (Conner *). 

Utah 24 II 32 IB— N 

Phoenix 26 JS 34 14—119 

Nance 10-154-834, Lucas 10-16 2-2 22; Green 
7-106-620. GrHfWh B-M4-12ft R e b oe w ds: Utah 
37 (Eaton 61, Phoenix 64 (Luces 15). Attests: 
UtahTi (Green.Grttltth. Stockton 5). Pheeftlx 
34 [Humphries. Lucas 71. 

Chicago 28 27 26 IT— 98 

Oevotand 24 22 38 22—101 

Free 11-23 9-10 32. Hubbard 6-13 7-819; Jor¬ 
dan 10-21 4-6 24, Weald doe 8-1B H 21. Re- 
b eo nds : Chicago 53 (Jordan 12), Cleveland 70 
(Turpin 13).'Assists: Chicago 23 (Whatley 7). 
Cleveland 21 (Bagiev 8). 

34 3* 2* 27—119 
17 39 27 37—111 
Abme 10-15 5 S 2ft McHale 6-118-10 20: WIF 
kins 15-23 9-1139. Rivera 5-106-71 a Rebouedt: 
Boston 55 (Ported 13). Atlanta 43 (Rollins 101. 
Assist*: Boston 26 (DJOhnson 9). Atlanta 17 
(E-Jctmson 5). 

New York 25 M 21 25— *5 

l irlkm a 2* It 28 25—HO 

SicMine ftB 6-7 », Kritagg 6-14 6-718; Cum¬ 
mings 9-19 7-8 2ft OrT 7-15 5-519. Refunds: 
New York45 (Orr 11). Indiana34 (Sttpanovlch 
11 >. Assists: New York 20 (walker 9). imBotw 
26 (Slewing 5). 


FRIDAYS RESULT 

Calgary 0 0 0—8 

Quebec 2 0 3-4 

P. Slastnv (17). Hunter (12). A. Slastny 2 
(34). Shots eaaeal; Calgary (on Sevtgny) 3-5- 
11—19; Quebec (on Lemelln) 94-6-21. 


Winnipeg 


SATURDAY'S RESULTS 

J T 
2 2 


2—4 


Shtrtf (121, Dionne (26). Kelly (31. Hardy (7). 
Lapointe 121. Fox (21); Carlyle (61, Small 
(141. MacLean(l91.Plcard(7).SMteim goal: 
Wlmtees (an Janecvk) 88-7-23; Las Ange¬ 
les («i Hayward) 13-18-10—41. 

N.Y. Range r s 2 0 2 8—4 

SL Laois | o 3 0-4 

Paslawski (61, Rvotsalolnen 2 (15). Allison 
l»l. Ftorek (5); Paslawski (6), Barr (7), Mul¬ 
tan (20). Sutter (17). Ibris an goal: New York 
Ian Uut) 12-12-16-2-42; 51. Laris (on Hanlon) 

12- 18-18-361. 

Buffalo I 8 8—1 

Montreal I ■ t—1 

FoilenodBI; Trombtov (17). shots on goal: 
Buffalo (on Penney) 11-5543—21; Montreal 
(an Borrasso) 10-9^55—30. 

Hartford 2 2 0-4 

Minnesota 4 o 1-4 

MctCeaney (IB), Bellows 2 ntl.Pavne flo), 
BrMen 112); Quemovllle (3). Francis 9 (17). 
Fusco (J). Mi do goal; Hartford (an Me- 
loChel 7-6-8—11; Minnesota [on Ml I fen) 14,11. 

13— 3ft 

Edmonton 1 1 1—3 

Pltfsburgb 1 2 1—4 

Lamleux (12). Loiwv t (5). Lemieux 1)3); 
Kntsholnyskl 2 (21), Anderson [23). Stools oa 
goal: Edmonton (an Herron) 17-16-15—48; 
PIHflburgh (an Moag) 18-7-11—0ft 
PHtadetpbki I I 1-8 

N.Y. Islanders 2 0 3—8 

Blotter (24), Hail In (5). Toneif I (25) Bossy 2 
(36); T.Kerr (311. Craven (161. Poulin (12). 
Shntseageal: Philadelphia lonHrudev) 10-7- 
6—33; New York Ian Lindbergh) 148-14—M. 
Washington « 1 2-3 

New Jersey 1 2 3-5 

Muller (11). Htaabis (9). Bruton (13). BrWo¬ 
man (141, Preston (8); Stevens (10). Gould 
(81. Murphy 16). Shots on pool: Washington 
(on Kompourl) 4-18-9—25,- New Jersey (an 
R top tel 04-11—27. 

Detroit l o 3-1 

BOShM 2 8 2-4 

Simmer (25). Unutnan (141, Crowder (151 ; 
Ogradnlck 128). Silk (9). Park (8). Shota op 
goto: Detroit ton Keans) 0-3-7—18; Boston (on 
Mlcafaf) 9-5-14—30. 


Tennis 


WASHINGTON TOURNAMENT 

Oanrtoi rumU 

Zina Garrison. 17). ua.del. Wendy Turnbull 
(3), Avstrotla. 6-2, 7-6 (7-6). 

Manueto Maleeva. 14). Bulgaria, dst. Kathy 
Jordan (8). US- 6-1, 64. 

Kathy RJnahfl. Ui. dot. Hema Akandllkova, 
(21. Cxerttostovakia, 64. 6-1 
Martina Novrafifava, 0). U^,dei. Helena 
Sukavto (S). Cxechoriovahta, 68. 6-4 



eqiled their 1983-84 point total Lakers 121, Dallas 102: Portland 

jg 171 Son Antnnin IOV liKAnfrrln 


123, San Antonio 103; Los Angeles off at the buzzer. 


vnianovs’s Ed Pinckney — sandwiched here between two 

__ Georgetown players —sank two free throws with 11 seconds 

M left in regdation time to force overtime Saturday mght, bat 

ATS , i , t; , ^U s L U0l, * 8e ^ tojSted Hoyas (15-0) woo the Big East game, 52-50. 


MEIK DOWNHILL 

(At KttzbiitwL Aurirtal 
t. Pirmin Zi)fi)flBaen,SwlDertomL3:06J« 
z Helmut Hdflehnar. Austria. 2:8721. 

1 Todd Breaker. Canada 2:08.10. 

4. Franz Helnzer, Swttzerland. 2:0155. 
ft Peter Mriler, Switzerland, 2:0858. 
ft Peter Wfnoberaor, Austria. 3:0828. 

7. canradln Cathomon, Swltzenond. 
2:0199. 

ft Daniel Maftrer, SwHwrionA 2:0929, 

9. Bruno Kernen, Switzerland. 2:09-79. 

10. Mfriiool Motr, Italy. 2:0920. 

MtlTS SLALOM 
(At KttZbriMl) 

t. Marc GtrardelH. Luxembourg, 5201- 

4787—1404* 

2. Oswald Totsch, Ugly. 5252-40^4—1:4086 

3. Brian Krbal, Yugoslavia. 51JJ49J2— 

1:4145 

4 Alex GtaraL Italy. 53454922—1:027 
ft Paolo de Chleso. Italy, 534*4829— 
l:42J7 

ft WenseL 5341-4946—1:4245 
7. Frmt Gruber. Austria. 5137-49—1:42Jb 
ft Ihgemar Stenmark, Sweden. 53254928— 
1:4343 

9. Lars Goran Halvarssaa Sweden, 53.19- 
49.94-1:4113 

10 luono EdallnL Itaty, 53214948-1:41)9 

MEPT5 OVERALL STANDINGS 
I- Zurbriggen. Switzerland. 179 aafaiis 


1 Girordeni, 165 
3. Weniri, 152 

ft Thomas B Order, Switzerland. 93 
ft Hotazer, 78 

6. Krlroi and Marlin Hangl, Swftzertand. 73 

H. Totsch. 71 

9.DeCMowondMaxJulen,5w(tzariamL7B 


WOMEN? GIANT SLALOM 

(Ai piRpitan, west Germany) 

1. Michele FJglfti. Switzerland. 1:2113 
l Marina KMil, West Germany, 1 :ZL«8 

1 Maria Wallteer, Switzerland. 1:24.01 
ft Ellsabem Kirch tor, Austria. 1:2426 

ft Olaa Charevatovo, Czechoslovakia, 
1:2427 

ft Fernando* Blorai Ochoa. Spam, 1:24JH 

7. Erika Hess. Switzerland, 1:2439 

8. Brigitte OertIL Switzerland. 1:2443 

9. Eva Twardokm. uft. 1:2668 

10 Artane Oirot. Switieriand. I:3ft78 

WOMEIPS OVERALL STANDINGS 
1. Figini, 165 prints 

2 Qeritl, 145 

1 Wallber and Ktohi. 137 
ft Kindi tor, 129 

ft Hoes, in 
7. Chorvotova. 183 
O Chrigirito Grigngrd. France, 82 
9. Zee Hoo^ Switzerland. It 
10 Tamara MCKinnw. UA. 75 











Page 18 


HVTERJN'ATIONAL HERALD TRIBUNE, MONDAY, JANUARY 14, 1985 


LANGUAGE 




Restoring Restaurateur Joseph Hauh: Recfaargmg the Batteries The'Settlers’From Chile 


By William Satire 

W ASHINGTON — “As a res¬ 
taurateur ” begins a lettei 
from Gregory Dawson, proprietor 
of tbe Ballroom, a cabaret-restau¬ 
rant in New York. Thai stopped 
me: shouldn’t there be an n in res- 
tauratea'l 

No. The word is French, and 
means more than jnst “a person 
who runs a restaurant”; it means 
“one who restores." 

“What do Ed Koch, Johnny Car- 
son and Jack Klugman have in 
common?" writes Robert Eck of 
Chicago, who devotes a portion of 
his life to tracking down spelling 
miscreants. “They all assume there 
is an a in restaurateur. There ain’t 
They also assume that -eur is cor¬ 
rectly said as oar." 

Because most people pronounce 
restaurateur as rest-uk-nm-toor, the 
spelling could vary. An n may be 
added, but the -eur will remain. 

Hut’s because there are 21 
words in English that have the -eur 
suffix, and they are doing One the 
way they are. Grandeur was used in 
Reagan's rambling summation in 
debate. Auteur, which used to mean 
“author," is now a word for “movie 
director," used by people who go to 
pints rather than movies. The mod¬ 
ern populist hero is tbe entrepre¬ 
neur, dressed in shirt-sleeves and 
putting aside all hauteur, hoping 
one day to become a conglamera- 
teur. 

“In English," ruminates Sol 
Steinmetz of Barnhart Books, 
“-eur is not a productive suffix — 
that is, it does not produce new 
words in English but is always bor¬ 
rowing from tbe French. 1-ike li¬ 
queur in 1729 and migraineur in 
1971." 

What will happen to restaura¬ 
teur “It will probably pickupann 
in our dictionaries," he tells us. 
“The people, not the lexicogra¬ 
phers, write the language." 

Dorothy Reynolds of New 

York wrote recently to complain of 
apksture caption in The New York 
limes that read “a sunny day with 
crispy temperatures." 

“Crispy* What is wrong with 
crispT 

The Latin crispus meant 
“curled"; that meaning is pre¬ 
served in mundues like potato 
drips, which are called crisps in 
Britain: the English use chips to 


denote what Americans call french 
fries, which arc usually too soggy to 
rate lire term crisp. 

Snow and frost curl around land¬ 
scapes and windows, and the cold 
can curl your fingers and toes: one 
sense of aim transferred to the 
weather, peraaps influenced by 
brisk, and crisp came to mean brac¬ 
ing. 

Crisp is a splendid word, blessed 
with a great etymolagjkal pedigree 
that runs parallel to its onomato¬ 
poeia: tbe word’s sound helps 
evolre its meaning. Crispy is an itsy- 
pooism. It’s OK. to say crunchy, 
because the imitative noon, crunch, 
needs a y to turn it into an adjec¬ 
tive, hut crisp is an adjective that 
later was used by Fngffoh potato- 
chip makers as a noun. 

One of the senses of crip is short; 
surely this adjective needs no 
lengthening. Stick with crisp. 

When the dry-cleaning man 
pulls his spotless truck up to my 
back door, I like to hand out my 
wrinkled pants with the order. 
“Give this a full-court press." 

Full-court press is a basketball 
term, meaning “a tactic in which 
defenders closely guard the oppos¬ 
ing team man-to-man the full 
length of the court" Hie object is 
to force a mistake or steal the ball 
by disrupting the normal offensive 
game, and the phrase has been tak¬ 
en into the general lan guage, mean¬ 
ing “all-out effort” 

Forbes magazine recently wrote 
about tax proposals, including the 
one urged by Senator Bill Bradley, 
a New Jersey Democrat a former 
basketball star, in this way: “No¬ 
body expects anything serious to 
happen until next January. Bat 
then we could have a full-tilt boogie 
over tax reforms.” 

Mitch Krauss of Newark writes 
to ask: “Is there a half-tilt or par¬ 
tial-tilt boogleT' 

Malcolm Forbes, whose letter¬ 
head reads “Chairman & Chief Ex¬ 
ecutive Officer" as well as “Editor- 
in-chief" (must be the boss), sends 
along this internal memo to him 
explaining the phrase; “ Full-tilt 
boogie is an all-out dance to rock 
music, which roughly translates 
into an all-out effort Apparently 
was a song title some years back.” 

I like it Well soon see if the 
cleaning man understands. 

New York Tuna Service 


By David E. Rosenbaum 

New York Tima Service 

YT7ASHINGTON — Fifty 

W yean ago, Joseph L. Ranh 
Jr. came to Washington to, in his 
words, “work for the New Deal." 
He has been doing it ever since. _ 

“There was a spirit in 1935 that 
has never come again." Rauh said 
the other day, reflecting on his 
years here. “You had to be in it to 
believe it The idealism was so 
great We had night secretaries. 
We would work all night We 
thought we were saving the coun¬ 
try, and, you know, 1 think we 
really were." 

Many of his peers from those 
days have become “neoliberals” 
or even outrighL conservatives. 
Rauh has not done that. 

Many used their government 
connections to become wealthy. 
Rauh never did that either. 

And most are now dead or 
retired. In contrast at 74, Joe 
Rauh is practicing law full time, 
suing the Central Intelligence 
Agency, lobbying in Congress for 
compensation for Japanese 
Americans who were intoned in 
World War □, defending tbe civil 
liberties of a congressman caught 
up in Abstain, speaking out for 
busing and affirmative action, 
and devoting himself to the 
causes—some popular, most not 
— that have been nis life. 

A list of those causes reads like 
an anthology of American liber¬ 
alism. 

In the 1930s he was law clerk to 
Justices Benjamin N. Cardazo 
and Felix Frankfurter on the Su¬ 
preme Court and counsel to sev¬ 
eral of the alphabet agencies of 
the New DeaL 

In the 1940s, after serving on 
General Douglas MacArthur’s 
staff in the Pacific, he was an 
organizer of Americans fra; Dem¬ 
ocratic Action and a principal au¬ 
thor of the historic civil rights 
plank in the 1948 Democratic 
platform. 

By the 1950s he had become 
the country’s best-known civO 
liberties lawyer, a sworn enemy of 
McCarth y! sm, mid his clients in¬ 
cluded the playwrights Lillian 
Heilman and Arthur Milter and 
Walter Reathers United Auto 
Workers. 

In the 1960s, Rauh represented 
the Mississippi Freedom Demo¬ 
cratic Party and tbe Leadership 
Conference mi Civil Rights. He 







Georg* Tms/The New York Tin 

Rauh: “We thought we were saving the country." 


pounded the halls of Congress, 
incessantly, without pay, and it 
was said that the Civil Rights Act 
of 1964, the Voting Rights Act of 
1965 and the Fair Houang Act of 
1968 would never have been en¬ 
acted without him.. 

His most prominent client in 
the 1970s was Joseph A. Yab- 
lonski, who challenged W. A. 
Boyle’s leadership of the United 
Mme Workers. After Yablocski, 
his wife and their daughter were 
found slam, Rauh forced a feder¬ 
al investigation that concluded 
that the Heaths had been instigat¬ 
ed by the union leadership. 

“Other people may have made 
more money, Rauh said, looking 
back at his career. “But no one 
has had more fun.” 

And it is the fun that Joe Rauh 
likes to talk about. 

Like the time in 1957 when 
Arthur Miller, who was then mar¬ 
ried to Marilyn Monroe, was on 
trial for contempt of Congress for 
refusing to identify for the House 
Un-American Activities Com¬ 
mittee writers he knew to be 
Communists. 

“He called me up the day be¬ 
fore the trial was going to bqpn,” 


Ranh recalled, “and said, ‘What 
am I going to do with my wife? 
She can't slay in a hotel They 
would tear her apart.' 

“I said, ‘Why don’t you stay 
with us?’ I remember going home 
that night and saying to Carl (one 
of bis sons, now a criminal trial 
lawyer here), who was then 16, 
’You’ve got to go to the station 
tomorrow and pick up Marilyn 
Monroe.’ You can't ima gin e his 
expression.” 

She stayed two weeks, and af¬ 
terward, Rauh relates, when a re¬ 
porter asked what it was like hav¬ 
ing Marilyn Monroe around tbe 
house, Carl replied, “It ain't quite 
like living with your brother." 

Five years earlier. Rauh bad 
represented Lillian Heilman 
when she was subpoenaed by the 
Un-American Activities Com¬ 
mittee. In “Scoundrel Time," her 
book about that era, Heilman 
wrote: “I liked Rauh. Shrewdness 
seldom goes with an open nature, 
but in his case it does and the 
nice, unbeautiful rugged, crinkly 
face gives one confidence about 
tbe mind above it” 

What Rauh remembers most 


about that case is that he com¬ 
posed Heilman's letter to the 
committee. That is. he composed 
all but one sentence: “1 cannot 
and will not cut my conscience to 
fit this year's fashions." Heilman 
wrote that. It is what made the 
letter famous, and it is all most 
people remember about it now. 

Of all the civil rights leaders he 
dealt with, Rauh (his name 
rhymes with “wow") has perhaps 
the fondest memories of A. Philip 
Randolph, the long-time bead of 
the Brotherhood of Sleeping Car 
Poners. “Mr. Randolph — I nev¬ 
er called him anything but Mr. 
Randolph —was the most digni¬ 
fied man who ever lived” 

He recalled the day in the 
1950s when be and Randolph 
won an important rivil rights vio 
lory: “Afterward, we were on the 
comer of 14th and K. and I said, 
’Mr. Randolph, we ought to have 
a drink to cdebraie.’ 

“He said. Yes. Mr. Raw' — he 
never could get my name straight 
— ‘but where should we go?' 

“1 had to think. Finally. I said. 
There are two places we can go, 
to the railroad station, or you can 
come to my house.’ 

“He just shrugged and said. 
‘Mr. Raw, you and I havejust had 
a symbolic drink.' " 

Rauh says be tells that story 
not so much to make the point 
that there was almost nowhere in 
Washington then where a black 
man and a white man could sit 
down together, but to illustrate 
Randolph's dignity. 

It concerns him, Rauh said. 
ihaL young people today seem an¬ 
tipathetic to the causes that have 
driven him all his life. But, ever 
tbe optimist, he says he believes it 
is only a matter of time before the 
soda! and political winds shift 
again. 

Last fall he delivered a lecture 
at Clinch Valley College of the 
University of Virginia on civil 
rights. He told the students: “To 
the extent that there is a valley in 
the efforts toward equality today, 
it results from a national fatigue 
based on the unprecedented ef¬ 
forts of recent decades. But one 
can hope — no, expect — that 
this too will pass, that batteries 
will be recharged and that in¬ 
creased racial tolerance will spark 
new gains of which future genera¬ 
tions will be as proud as we are of 


By Richard Boudreaux 

The Associated Press 

V ILLA LAS ESTRELLAS, 
Antarctica — Ana Marla Mar¬ 
tino de Camacho gave up a com¬ 
fortable life in Santiago, took a 
snow survival course in the Andes 
and moved her family to Antarcti¬ 
ca to reinforce her country’s claims 
to the continent. 

it was rough going at first for tbe 
Camachos and five other air force 
families after they arrived at their 
new base on King George Island 
last March. But now, after a sur¬ 
prisingly mild first winter — the 
lowest temperature was -17 centi¬ 
grade (1 Fahrenheit) — the city- 
bred volunteers say they feel Iks 
unsettled by the cold than by the 
isolation and awkwardness of com¬ 
munal frontier life in this duster of 
pre-fab houses called Village of tbe 
Stars. 

To a recent visitor, Mrs. Cama¬ 
cho. 34, an ebullient, dark-haired 
woman, told how the beauty and 
silence of Antarctica had provided 
the peace she needed to cany her 
third'child, a son bom Nov. 21, 
Chile's first native Antarctica^ 

She also spoke of a new closeness 
with her husband and two older 
sons. Then she totaled up the price 
of escape from Santiago’s smoggy, 
agitated capital: She misses fresh 
meal. Her children long for old 
playmates. 

The extended family so impor¬ 
tant to Chileans is broken up. 
grandparents left behind. Mail and 
fresh produce are supposed to ar¬ 
rive monthly, but sometimes the 
vegetables freeze between the air 
strip and the oil-heated storehouse. 
Once all the eggs came broken. 

The discontent, at times, is too 
much for the little colony to con¬ 
tain. Raised voices are heard by 
everyone and the bickering can 
defy military discipline, Mrs. Ca¬ 
macho says, so some f amili es sim¬ 
ply avoid speaking to each other. 

When the original six families 
end their two-year assignments, air 
force officials say. 20 more will be 
taking a turn here, and they wifl 
have a new supermarket, a gym and 
two professional teachers for the 
one-room schodhouse. 

Under a 1961 treaty, claims to 
Antarctica by seven nations were 
suspended at least 30 years. Today 
16 countries have year-round scien¬ 
tific stations in Antarctica, but only 
Chile and Argentina, whose wedge¬ 


shaped claims overlap, are using 
f amilies with children to enhance 
those claims if the treaty ever ex¬ 
pires. 

So far, however, Chiles settle¬ 
ment — like a similar one main¬ 
tained by up to eight Argentine 
families on the nearby Antarctic 
Peninsula since 1977 —has failed 
to break an important psychologi¬ 
cal barrier around the southern 

continent. 

After 90 years of continual ex¬ 
ploration, Antarctica remains a re¬ 
mote white expanse where people 
go not to stay but only to visit* 
huddled in tiny clusters for a yez; v 
or two at most, surviving on the 
knowledge they will return to a 
hospitable part of the world. 

In interviews, the settlers talk 
about “the real world” back in 
Chile, where a third of the popula¬ 
tion lives in the capital. 

Sterne worry their children will fall 
behind in the highly competitive 
school system or be frightened by 
the dty if they stay away too long 

“I cannot see large numbers of 
people ever wanting to live here 
permanently.” said Dr. German 
Camacho, an air force surgeon who 
volunteered for antarctic duty oat 
of a sense of patriotism. “It still 
sounds like science fiction to me.” 

Meanwhile, the eight children, 
aged 2 months to 8 years, warm the 
Antarctic with their energy. Wea$r 
mg bright-colored clothing so iher } 
mothers don't lose sight of them 
through the tiny windows, the older 
ones romp tirelessly in the snow. In 
this austral summ er of near-contin¬ 
uous sunlight it is hard to get them 
to sleep. 

“Do you want to see some¬ 
thing?” asks German Camacho, 6, 
as he leads a visitor to the “mine" 
where he and his brother, Javier, 5, 
“go prospecting" after schooL A 
candle lights the entrance to the 10- 
foot (3-meter) shaft dug horizontal¬ 
ly into a snowbank. 

The fantasy ends when Mrs. Ca¬ 
macho summons them home, 
sweeping the snow off their clothes 
with a broom before they enter. 
Immediately, they switch on the 
television, and the blaring video¬ 
tape of a children’s program 
drowns out adult conversation. 

“We have to take advantage of 
this adventure because our farm? 
will never be this dose again," says 
Mrs. Camacho after ordering the 
TV turned down. “After this, we’re 
going bade to the rat race." 


m.iQOinu i 



ANNOUNCEMENTS 


HERALD 

TRIBUNE 


Ai a new mrate to Ihe 
fatain u fionri Herrid Triune, 
you con now up to hdf 
(he newsstand price, depending 
on your country of residence. 

For defab 

on Sib speod introductory offer, 
write to 


Or M: Pan 747-07-29 
VI ASA MO PACIFIC 
contact our bod distributor or: 


. J i, i, r>K: , »v W 


MOVING 


ALLIED 

VAN UNE5 WTL 

OVBI 1.000 AGBIT5 
in U5JL - CANADA 
360 WOBD4MX 
FREE ESTIMATE! 

PARIS OMborin Interncdion ri 

(01) 343 23 64 

FRANKFURT JSflSS 

(069) 2S0066 

MUNICH IMS. 

(089) 142244 


wiwwu kifl Movfeg 

(01) 953 3636 

CAIRO ABed Vm Ltaat ton 

(20-2) 712901 

USA AM Van Lews toll Carp 
(0101) 312-681-0100 


INTERNATIONAL CLASSIFIED 


REAL ESTATE 
FOR SALE 


GREAT BRITAIN 


-joj lijmI 


MONACO 




REAL ESTATE 
FOR SALE 


PARIS A SUBURBS 


AGENCE DE l/ETOOE 

REAL ESTATE AGENT 

380 26 08 


REAL ESTATE 
TO RENT/SHARE 


GREAT BRITAIN 


SWITZERLAND 

FOBGNBS CAN BUT: STUDKV 
AMRTMENT5, CHALETS, WAS. 
Prion from about SF100,000. Region: 
Lain Geneva. Morsreux A famous 
Mauntrin resorts. We haw far you a 
Ug[ Choice of very reasonably priced 
Swiss homes, but oho the very oat & 
the mart exefirive. BEFORE YOU MAKE 
A DECISION contact; 

H. sraou) SA. 



REAL ESTATE REAL ESTATE 

TO RENT/SHARE WANTED/EXCHANGE 


PARIS AREA 


Embassy Service 

8 An. de M—to e 
75008 Porto 

Telex 231696 F 

YOUR REAL ESTATE 
AGENT Rl PARIS 


EMPLOYMENT 


GENERAL 

POSmONS WANTED 


EMPLOYMENT 


ALWAYS AVAILABLE - AU ft 

dnUrens nanny, mum's helpers 
brandies of 1st dm Sve-in domestic 
help worldwide. Cal Steane Bureau, 

London 730 8122/5142 .. 

CEMP.AGY.Tlx: 


FLATS FOR RENT 

PHOTS 562-7899 

FLATS FOR SALE 

PHONE 562-1640 

OFFICES FOR RENT/SALE 

PHONE 562-6214 




Place Your Classified Ad Qiriddy and Easily 

lathe 


IL11 = I [•;. F • l ■: i I; 1'\ I ■ 11-7H T]7 i 


By Pham* Call your local IHT represe nt ative with your tad. You 
wii be informed of the cast w im ecfatfriy, end once prepayment b 
made your ad will appear within 48hoin. 

Cost: The basic rata is $9.80 per fine per day + feed taxes. There or* 
25 letters, npo and spaces to the first fate aid 36 fa toe foflowtog fine*. 
Minimum space is 2 fines. No abbreviations occupied. 

Credit Cento: American Express, Diner's Oub, Eurocord, Master 
Card. Access and Visa. 


SHUMfiBERGat EXECUTIVE request 
u p atmeri for 12 to 24 months, would 
prefer about 150 tata, Fwruhed, 
dose to Bob de Boulogne, wnh at 
hast 3 bedroom. Cal Mme Bonne- 
rife. 657 1321 Paris office hours. 


REAL ESTATE 
FOR SALE 


Tore Grise 6 04-1007 Lausanne. _ 

Teh 21/25 26 T1 Tefex: 24298 SEBO CH 74 CHAMPS-ELYSEB 8tfl 


n>uii.rii'j.', ia’ii 


PARIS AREA UNFURNISHED j EXECUTIVES AVAILABLE 



Sfudfe. 2 or 3-room upnr f m en t . 
One morth or mve. 

IE CLMBDGE 359 67 97. 


VOUU APARTMENT 105 sqm, bal¬ 
cony 50 sqm, unspoi tobfe s ea view, 
new g ulc nl construction, separate 
Storeroom, Barone. feHmed price. 
USMO.OOO. ft 01-3617786. 


worid Famous resorts: CSANS-MON¬ 
TANA, IB MABlBt£TS, VSWBl. 
VULARS, JUBA,etc. fromSTO 10.000. 
Mortgages 60* ct 6WX> interest. 
REV AC S.A. 

52 rue de Morfbrtferf, CH-1202 
GENEVA. Teh 41-22.4* 15 *0. 
Tefex 22030 


3C 

GBCL 

7re Arc-'.tecs cf Time 



LOUVEOENNE5. TO t£T beautiful 
house on 15 acres, 2 Inge Ihxnn 
rooms, dtomg room. 7 bedrooms, 3 
baifeooms, 7WCs, 2 garages, spec- 
too**, rent aporoxnnatety F20.000 
jncfenve of charges & gerderena 
Wing mm mum one year. Tel: 
723 * 19 Mme Schaeffer. 


SWITZERLAND 


2 WEEKS, TO KM. ROM G5TAAD. 
Jan 75 - Jan 3R.Chafer 3 bedrooms. 
Fantastic view erf Alps. Teh 030/51437 
or 51329. 


SIMULTANEOUS INT BCHttJU far 
business & conferences. Arabc, 

French. Engfeh. Geneva 022/293518. 


GENERAL POSITIONS 
AVAILABLE 


RBKH COMPANY SEEKS Toung 
American man, duties ended in Pons, 
for pert-tone work as representative 
& prospectm for American food 
products, Amencon c o ntacts m Perns 
c*«onq others. Send CV. + fetter to 
No. 2&5B4. BtfjU. 17 rue Lcfaei, 94307 
Vincennes Cedes who will forward 



DOMESTIC 
POSITIONS WANTED 


ALWAYS AVAILABLE LONDON only 
babymtoden & Id dass desfe mads. 
CoS Sloan* Bureau. London: 730 
8122/5142. UCEMP. AGY. 


International Business Message Center 




BUSINESS 

OPPORTUNITIES 


BUSINESS 

OPPORTUNITIES 


OFFICE SERVICES 


PEUGEOT 504 GC. 1982. Only 
20.000 fen. Emritart condbon, at 
Sdriphal - fthraw owner. DfAOOU or 
■qunrinri. Call Scam 52 - 380795 


AUTO SHIPPING 


now to uwarr a European 

CAB INTO THE U S A. 

Th* document enptans fafly what one 
mud do to b-wiq a as 1 irto Ihe US 
safely and tepefy. (I indudes new & 
used European auto pm. buying tips, 
DOT & ErA conversion addresses, cus¬ 
tom cfearoKe & shipping procedures 
as well rr. legal patois. Because of the 
dram dolor, you am save up to 
USJ16.000 when buying a Mercedes, or 
BMW in Europe & importing n to the 
States. To recen/e this manual, send, 
US$1150 jodd USSIJ0 lor postogef- 
P.L. £fa™dl. Podfach 3131 
7000 Stuttgart l. West Gormony 




TAX FREE NEW MERCEDES 

niuu-Ag no „ . c . 1 5W sa, SEC si, immediate deWy. 

•XANSCAB 31 rue U; Sueur. 75116 I fall nnnrt vemcn fan* mwvl 
Pons. Tot 50003 04. r^oe: 83 95 31 

Antwerp 233 W 85 Cannes 39 43 « Untowtafcfa wduriorefe pnead 
I Ca* Selection . caR expertmed 

Sefedfen Import-Export GmbH 




Porto: (For dresrfied only> 
747-46-00- 

EUROPE 

Amsterdam: 26-36-15. 
Athens.- 361 -8397/360-24?]. 
Bnieeeb: 343-1899. 
Copenhagen: (01] 329440. 
FrreiMurt: [069] 72-67-55. 
laueama: 29-58-94. 

Lisbon: 67-27-93/'66-25-44. 
London: (01) 836-4802. 
Madrid: 455-289) /45S3306. 
M3anr [02] 7531445. 
Norway: (03) B45545. 
Romo: 079-3437. 

Tri Aviv: 03-455 559. 
Vienna Contact Frankfurt. 

UMTT3J STATES 

Now York: (212) 752 3890. 


AUTOS TAX FREE 




Bogota 212-9608 
Boones tanas 41 4031 
(Depr.313 
Omscaa 331454 
Ooayaqefl: 431 943/431 
Urn* 417 852 
fame nm 64-4372 
Srei Jaeo: 22-1055 
Santiago: 69 61 555 
Saa Ptoota B52 1893 

MIDDLE EAST 

Bahrein: 246303- 
Jcnfcm: 25214. 

Kuwait: 5614485. 

Ontas 416535. 

Saudi Arabia: 

Jeddah: 667-1500. 
U.A.E.: Dufadl 224161. 

Fag EAST 

Bangkok: 390-96-57. 
Hong Kong: 5-420906 
Manfla: B17 07 49. 
Soowf: 725 87 73. 
Singapore: 222-2725. 
Taiwan: 752 44 25/9. 
Tokyo: 504-1925. 

AUSTRALIA 

Sydney: 929 56 39. 
Mribaumn 690 8233. 




* ,*> 



BUSINE SS 

OPPORTUNITIES 


THIS WEEK 
January 21 fh 


BUSINESS WEEK 
INTONATIONAL 

• f ranc o: More Castor CM for tbe 




HOW TO MAKE US$250,000 
through irufti-fawti msl order criei 
THs report «flO rive you mudi needed 
eiiamnriMntonelpiroueilitoricm.lt 
wS show you how you realy can 
make a quota ndban daflers to just 3 
or 4 months. Order ihe report Trorn 
Concise Batons Services, PO Bo* 


8980. Seritefeto. AZ 05252 USA and 
endose US$10 (or too equivaferc m 
any corw u t i bfe currency). 


BUSINESS SERVICES 


GBCL. 

omaH.MHCN 


SEIFWINDING CHRONOGRAPH, WATER RESISTANT 

Available in Steel, combination of steel and 18 lit gold orafl Ifl kf gold 

BENOTT. 

DEGORSKI 

86, RUE DU RHONE. GENfcVE / CHESERY PIATZ. GSTAAD 


•SErtffB nr**"*™ 

NOWON SALE 
AT AU MTERNATTONAL 

newsstands. 


OORPORAIIONS far 

S2Ml Si 


We ship worldwi d e 
GENUINE CONTINB4TA1. 

DOWN COMFORTS 
Foed with |ui goon down. Also p3- 
lows. Every «e otabbie. Oreedy from 
mamifacJwer. Write or crik Bod 
Nnuhwwer Bettfedern fufei fi. Oreehtr 

Since 6 generations to too trade. 


COMPUTER PORTRAITS 

T-SHUTFOfOS 
. MOWWRfllCOlOB 

gnaikosh mines tori con earn you 
S8000-SI OAOO/ month. New end used 
systems from SIOJXO ■ S3O.0OO. Kemo 
Conwor Co. Dpi. ;|e Bnettow u rir 9 
oOOO Fronlrfun/w. Germany. 

Teb 069-747003 Th : 113713KEMA 


UK OFFSHORE COMPANIES! We 
provide narmee Dfeedar & Secre- 
tayj Cw phto demdfeneri London 
bore accounts opened senufamreuily 



mi s iro n 

BAHNMOFSTHASSE 52 
THE FINANCIAL CENTER 

• Your iriepried Business Services 
Company in toe Rnanad Center 

• Offfes infrastructure: Emaitna 
Offices, defeated telephone, telex, 
message center, mufttogud 
seamens + recepiionets. 

• Domiafe your address of Zurich's 
renowned business street. 

Brnbam Service* Consult Carp. 

Bohnhofrtrasse 52 0+8022 Zm«k 
Teh 01/211 *2 CT. Ito: 013 062 


PARIS 

-re CHAMPS ELY5EB 

RENT 

YOUROmCE 

with <d facSttoe 


AUTO CONVERSION 


DOT/EM CONVERSIONS to U5. 
specs. A c cepta nce guaranteed VIA 
Carp, 6700 Freeport Centre, Brih- 
more, MD 21224. Tel: 301-4&B611; 
H»4TO689v»US 


AUTOS TAX FREE 


NEW MERCEDES 

PORSCHE, BMW, EXOTIC CARS 

FROM STOCK 

tar MU4SM7F delivery 


Taunus&fr. 52. 6000 Frankfurt 
WCerm.. lei(009-232351, tbr 4ltS59 
Infermaeon any by phone or Mlex. 


P.O. Bov 1527, 0-408 Syfce, 

W. Germany. Tel: ffl] 4242-60458. 
60459. 60450, Th.: 24109. i 




EUSOPOHTTAX frs cars 

_ , far free catalog. 

Bo« 12011 , Rgrte rdari Airport Haland 
Tel: 010-423077. Tie 25071 EPGASNL 



Worldwide 

Nonsrwei A dmu iirt nt i ai 
Boat Regstrabons 
Readymade or Speari 

LONDON RSVESSMTATIVE 

ASTON COMPANY FORMATIONS 
Dept HI, 

8 Victoria & 

Bouden, hie of Man. 

TSr«24 34597 
Trin 627691 SWA G 


START IMMGDIAiaY 

Your own office in the Ne to erfands, 5 
ninutoi from Scheshol Aeport, hi a very 
■ice toofena conpfex (fired on a tig 
lob. Completely w s to l e d officer with 
we of telex, computer cq i spment eft-. 
aid if desired <ei intemafionrity trained 
8 prdfesMonri staff at your ifeposaL 
ideal trust or tosdtog ofltoe or ditnbo- 
tfen center. Arismeer, H. VM. Kudei- 
Uum ts a w o g 92.1433-Ae-Adfenear. Teh 
Mkriorto P2977J - 25309 rr 41116. 


YOUR OmCE M PARS RIGHT ON 

IHE CHAMPS ELYSEES 

UKUBY 5SmCB> OffKB 

Tefephone omwenng. Telex, Fox 
seeretonot. meeti uu room 
ACTE. 66 Ousups Bysees PCxis 9th 
Tel: 562 46 00. Tfc: 647I57F 


YOUR LOIOON OFFICE 
at toe 

OCSHAM EXECUTIVE CENTRE 
CompreiiertBve range of services 
150 Regent Street. London W1. 
Teh (01] 43V 62U TIs 281436 


TRANSCO 

TAX RS CARS 

Wfe keep a eonoent stock of mareifejn 
one hundred breed new axs, 
competitively priced. 

Send far free curine & stack fat. 
Trtmoo SA, 95 Noardoloon, 
3030 Antwerp faswum 
Tel, 03/542 62 «) (tobwj. 

Thu 35207 TRANS fa 


YOUNG LADY 

PA/Interprerer & Tounsm Gude 

PARIS 562 0587 


YOUNG ElEGANT 

PARIS: S2S 81 OT 


Wl YOUNG LADY GUIDES 


LOW COST FLIGHTS 


NTQWWAYSTSO.Eve 


TO USA FROM £119 one way 
NATC London 01-734 8100. W °* 


HOLIDAYS & TRAVEL 


TW LAST GREAT LUXURY: told on- 
ws cy. wuteifiiaix m lush iropcri pfan- 


. ——™m jarnarui 

“utowast fahng vflage. Groure 

M12 shore S20Q to S600rd2£ 
Bob & Mancure, toss Aflqv Alexcn- 
dno. VA. 22314. Teh 701549-5276 


PAGE 15 
for more 
CLASSIFIEDS 


FROM STOCK 

Mercedes 500 SL/SO/SEC new 
and many others <& 
CckMocv Ferrto, Jmmv. Range Itow 
Land Rover, rorsene, Mercedes re 


Seme day regrirohon posebia. 

kzkovtts 

□ariderettaw 36. Oi8027 2unch 
TeL 01/202 76 1% Telex: 815915. 


- T 

so^h.mx -i,'s.«owRooXfP? 

LONDON 






Printed by g dz in Zurich (Switzerland)