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Z^y^Jhlel Newspaper 
V^^^mted in Paris 
"'rnnted Simultaneously 
in Paris, London, Zurich, 
Hons Kong, Singapore, 

The Hague and Marseille 

WEATKK data APPEAR ON PAGE 14 


Heralfc 


ENTERMTION 


» v> j~*- 


Jji No- 31,706 


Published With Hie New York Tunes aSkml 

• ZURICH, MONDAY, JANUARY 28, 1985 


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ESTABLISHED 1887 


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Pope 

Assails 

'Errors’ 


Kswja 


D He Begins Tour 

*®I Of IL> T T r " ] 

In Venezuela, 
^ Explains Synod 


■ ri=3 ?i^Jhc|Tl!? By Don A. Schanchc 

" pJ^- Los Angeles Tima Service 

■^■ajuan/fcj CARACAS— Pope John Paul n 

"Uffi of (C has began his sixth visit to Latin 
‘.f -ri* America with a condemnation of 

a T - aa ^fej radical dements of liberation ibe- 

n ~ ology and an explanation of his 

jjffc unexpected call tor an extraordi- 
nary synod erf bishops. 

*5 j The synod will be “a confirm a- 

^ l«33 uon of the Second Vatican Coon- 
v- "ftiCiji'S cfl," the pope told reporters as he 
-“-■MsaJui* Hew to Caracas. 


"resuisjj’^ cfl," thepope told reporters as he 
flew to Caracas. 

1 'A Ashjnaiu,, , To cnucs of his conservative phi- 

i ' 3 1 ktsophy who feared that the pur- 

pose of the synod might be to hunt 
^ some of the reforms drawn up 20 

' .“^ 5a Bica^ yean ago by the council — orVati- 
‘ SCR5- can H, as it often is called — John 

epsatj' Rsul scoffed that “people loo king 
t=*v us* backward doi’t see progressL" 

•'■ -SC i>jj. Cardinal Agpstino Casarod, the 



U.S., Soviet Will Resume 
Weapons Talks March 12 


By David Hoffman 

Washington Post Semce 

WASHINGTON — The United 
States and the Soviet Union have 
announced that negotiations on 


Search for Security: 

A Case for Space Arms 

The case for developing a space- 


ihat agreement on arms control 
could be achieved only if the pro- 
posed separate talks on space 
weapons, strategic arms and medi- 
um-range arms were imerrdaled. 

In announcing that negotiations 


nuclear weapons will resume based defense system U made by ^ opea I2i . a Soviet 

March 12m Geneva. Zbigmew Bmezmsb, Robert Jas- ^<3^ Vladimir B. Lomriko, 


President Ronald Reagan said 
Saturday be would seek an agree- 
ment on arms reductions during his 
second term but that the effort 
might take longer than four years. 

“I wouldn't try to confine it to 
four years, because I know how 
long negotiations have taken with 
diem," Mr. Reagan said in a White 


and to M Kampdman. SSHt iiS^OT whSchK 
who is heading the US. detention Swiet Uriion ^ ^ aoagi 

for arms talks with the Soviet He ^ repeaIed a waraing £ 
Union. Page 4. Mr. Gromyko that continued de- 

ploymenl of medium-range nuclear 

The U.S. position has been that missiles in Western Europe would 
they are “interrelated," but that “pul the talks in Geneva into ques- 


agreement in one area does not Uon.” 
necessarily have to await agree- “This is a serious warning,” be 
is. Statements by the said. 

g jgne y Tsss have indi- Mr. Lomoko said success at the 
oscow bdieves there negotiations would depend on how 
: agreement in several closely the two sides followed the 
The question was left agreed agenda in both substance 
the statement issued and form. 

1 and the Soviet for- The agenda, agreed upon in the 
Andrei A. Gromyko, Geneva talks between Mr. Shultz 
g in Geneva early ibis and Mr. Gromyko, said the three 
subjects to be dealt with would be 
Soys Talks Related “considered and resolved in their 


House interview with radio cone- meet in others. Statements by the 
spoodems. Soviet press agency Tass have indi- 



- ■ f:-p n , 

. - . - 




— 'Cscas^ to alter the reforms. In his remarks /|/V/|T)/i/)//| f M"S '£1 
r ^ on the plane, the pope added that -ifiCAw lAJlA^iAjL 1/ VIC 
:.r. the purpose of the synod would be vv 

“to hold the line, the orientation of By Alan Cowell lion, the , 

taC\£ coun ® L New York Tima Service greSS, WOUl 

"I am convinced that, through mw & mmpcot ro c of sabotage 

.. : the council, the Holy Spirit spoke JOHANNESBURG — Nelson 

• - . ' ■ - to us,” John Paul saM. Mandela, SouLh Afnca s most nmnAs lhfl1 

■ -V7 In a Speech to Venezuelan bish- proauneni jaded nationalist, was 1 w 

at theApostolic Palace in Ca- quoted m. a nuemterview as saying 
.“:?:::i-^theta!toofteworkl' 5 795 to armed followers would can . ^ 

million Roman Qtliolics plimged tocemtharwaragamsl white rule 
r.T directly into one of the mostbuni- if to aathondes would -legdne 

— mg of church issues. . ui treat iwlBtt a pohnral party and 

■■ ftESfc bishops to negotiate with us" SjSJ 


By Alan Cowdl litrn. the African National Cot- By South African law, Mr. Man- the Cape area, I would break the m “J l ?iP 0 S JS,y ^ Ti‘c C / 1 | OUSC 

New York Tima Service gress, would not halt its campaign dela — like his wife, Winnie, who is order and walk to my home in ^ 

triHAMMPqmnir. of sabotage “unconditionally.” The a “banned" person living under se- Soweto 10 be with my wife and 

Son* government de- wteteslrictiSsiii the rtipote torn daughter." ^ 

™ CflSK'^SSaSS to&ShAW^ Iraynalbeq ' 10 “ d ^ ^' S SeCUri,J POl !“ 

quoted in a rare interview as saying ““ an> ucgonaltons can u, South Afnca. mamtarn that ^re woe strong ties ^ ^ talks. 

his armed followers would call a _ p .... In the interview, Mr. Mandela between the African National Con- The other neentiaiors wilt he for- 


Pope John Paid H is andauded by Veneziwlan bishops Palace in Caracas, to (fisdpiroe "erring jHiesfs." On Tues- 
before admonirinng than, in a speech in tbe Apostolic day, he is to fly to Ecuador for two days, then go on to Peru. 

Mandela Offers Truce if Pretoria Talks 


lion, tbe African National Con- 


The three- tiered negotiations are caied that Mos 

to deal with long-range missiles, will have to be a 

medium-range missiles and space areas at once. Ti 

weapons. Talks on both categories ambiguous in it 

of missiles were suspended in 1983 bv Mr. Shultz : 

after the NATO deployment of rign minister, A 

U-S.-built Pershing-2 and cruise after a meeting i 

missiles in Western Europe. month. 

Tbe space weapons talks are a ■ Moscow Sa 

bm “w category et rnlK The Rus- S eth Mydans 

e “erring priests." On Tues- ^ btodt Nfr Reagan i rams reported } 

toadswL th^ra onto Pera. s P ace - bas f d P us ^ lc ^aisc sys- 5^ u 

mo days, mei go on to rent, tem, now in the research stage. Mr. 

Reagan has said the nonnuclear 1 ■ 

missile defense, known as tbe Stra- 

r-g~% -m-m tegic Defense Initiative, eventually 

rg m fwMMmr* could make nuclear missiles “impo- 

A/ X tent and obsolete.” 

The announcement was made si- 

the Cape area, I would break the nndianeously by the White House 

ordeTand walk to my home in and Lhe Kremlin. The U.S. delcga- 


will have 10 be agreement in several 
areas at once. Tot question was left 
ambiguous in the statement issued 
by Mr. Shultz and the Soviet for- 
eign minister, Andrei A. Gromyko, 
after a meeting in Geneva early ibis 
month. 

■ Moscow Says Talks Related 


Seth Mydans of The New York interrelationship." 


Times reported from Moscow: 

The Soviet Union said Saturday 




This is a phrase that the Soviet 
(Continued on Page 2, CoL 5) 


In the interview, Mr. 


truce in their war against white rule 
if the authorities would “legalize 


rym_ a « . •— — — » — - j • - - - - _ T iic other QC&oD3iors will be for- 

Tot prospect of discussions cur- ^ l i ia[ the ANC, outlawed since gress and the banned South Afri- Senator John G. Tower of Tex- 

ranly seems remote, ance the au- 1960 m South Africa, had been can Communist Party. as | OD g-range missfles and a 

^ forced into “armed struggle” by the “Personally 1 am a Socialist and career diplomat. Maynard W. Glit- 
^ 1“ n.i- goverament s attitodes. He dqnct- I believe in a dassless society,” Mr. man, 00 medituD-range missiles. 

^ war f ? u 8 ht Mandela was quoted as saying, Paul H. Nitze and retired General 

ooundymea, however, as havmg - Bul j ^ no reason to belong to Edward L. Rowny, the former ne- 


priests who “disfigure the gospd hve w 
message, using it at the service of M*- ^ 

ed ftd Quickly et: e 

- eration.” a Brit 

iAL HEJAifi TKtS His re f was to specialists Rarha 
m . in the “theology of liberation," Mand 
.-it leaders of a movement in the Potsd 
church — particularly in the Third The 
■* -» :: * World — who have beat cautioned don c 

' T ^ the Va&an.againA^allowmg . jMc,S 

" , i *rV ' Marxist coocqris and mode of ' pve a 
thought to “comipt” the social and on on! 
religious work and the message of The 

tATJiSc -u_ 


U UK# OUU1MIUM wwuu . rwvorrl ( L a iVTP ac * e _ — — V' OO UU IVUg'IOUgV. UUAUiU OiiU a 

us, treat us like a political party and forced mto “aimed anigg^e by the “Personally 1 am a Socialist and career diplomat. Maynard W. Glit- 

tototoewitl lltt " SSl£Ra2i5Srn£ on nWSmfmm n,^ 


njntfl thev da we wiB have to ^ continued aipremacy and rule «j the war fought by his exiled 
livevdS iw aiSdrtS? saS out its other conditions for negotia- ^uymen, however, as having 

many blais here as thrirtiOT lea J prisoners. T* 5 8» fo n r ^ va ^ 

dr Uo nrao mmtcvl Ku 1 AtH RpthPlt * ‘ nMldum mctellaViAnc nnrl (hp nmu 


er. He was quoted by Lord BetheH, tli ... 

a British member of the Enropean . ^ anthonhes 

Parliament, who talked with Mr. have not said why thqr ageed to 
Mandela earlier this month at P^t ^ Mandela to be rnter- 


“We go for hard tarots only, 


any political party at the moment.” gotiator for long-range missile 
Referring to prison conditions, wfflbe adrjsas to Secretary 


ring to the policies of racial com- for his studies, as well as censorship JVJ £ - 
paitmenlalization in South Africa, of mafl ^ iimita lions on who 


f^anoor priron idCapeTowti. viewed by Lord BetbelL 
TT V . Mr. Mandda, 67, is serving a life 

The interview ^ywred in a Ion- sentence, imposed in 1 964. for sab- 
t h e . o n^ Sunday. 0 ^g end for plotting a violent 
jMc.- M andda had b een ^fl owed to rK-nintinn irriaii 


“Civilians must not be touched." coyjd him 

He expressed deep n^ret oyer ■. But in compa 
tbe explosion of a car bomb outride Lija prison 01 


JVC - 

ItiWi**" 


tbedinrcfa. 

The pope sternly exhorted tbe 


...... revolution. Ho alreadv was in jad 

gtvea newspMermtoviewmpm- for olbCT offenses whenihesen- 
00 only otcc before, m the 1960s. was handed down. 

U»dB-toUd«crib«dton»-. 

Swho regretted rioknee b!S 


■ VI liU JIUUiM. IU nwi IU VWUVI^UIU , II , , < 

of mail and limitations on wto ^ weapons would be 

could visit him. Herny F.Coooer, an^ictalat the 

. . Arms Control and Disarmament 

\ But m comparison with his years Agency. 

^ s ™ ® n R °hben Island, The Soviet negotiating team will 


bishops to be vigilant “in order to f^roa^leit^Mheo^d^ ing hair, an impeccable olive-green to tbe condition that he live in ™ r 

CiTO-i rcmiwe from ttefltedt tbe enors rfSStiS^S2S,?Sf51 black shoes and wdl-creased Transkei, the tribal homeland for was quoted as saymg. 
Gmwxiy that threatoi h — a ddicaie duty, man who has lost no defiance or MVy ^ ue lrousers - Xhosa-spealring people. “1 am in good heai 


^ which requires a special pastoral 
tact, both in order to win over the 
errant and to prevent the faith of 
the community from bong dam- 
aged.” 

John Paul added that “unfortu- 
fc*rsn naidy there are not lacking those 
r V vAo, abusing the misrion to teach 
i what they received from the 
wus. '•*=. church, proclaim not the truth of 
*0^; Christ but their own theories, at 
‘ times in open contrast to the magis- 

91 & terium of the church.” 

77 He asked the bishops to firmly 
correct those priests and thedo- 
SSLiVj giaos^dto, he believes, have strayed 
from “cornet doctrine," and to 
“above all, imp ede he who abuses 
the authority received from the 
chnreh." .. 

k&j ll was John Paul’s 25th trip away 
>i: from Italy since he became pope in 
1978. He is to remain in Venezuela 


co mmitme nt to his cause during his 
imprisonment. 

Mr. Mandela said his organiza- 


His manner. Lord Bethel! said, 21 1 W09 ItHWOl 1 WVUiU WWTV4 OVMJlUiiig HI uiu uiH4iiun, " Tv>lh III I VT-1 nnW i l K 

was more self-assured than that of obey any restriction," he said. “If not true that I have cancer. It is not ■„ 

his keepers. ihey codfinri me. for mslsnce. to true that I had a toe amputated." 

chief of the U3. desk at the Soviet 

Foreign Ministry, who took part in 

"14| A • * • D XT previous talks on long-range mis- 

General s Assassination "a. a. 

V-L Ceremonies gotiations win resume, Mr. Reagan 
TVT fTl . * ■ A 11* was asked in the interview with 

r J>lew 1 erronst Alliance wm Avoid Hate K^3pa?aat 

, „ . .. „ ... The Associated Pros sessment that prospects for an 

Italian and West German activists can or other separatist groups or agreement were better than in lhe 

in the 1970s when the Red Brigades has spilled over from Middle East WASHINGTON — Pres- , s. _ 200 j- 

and the Red Army Faction were struggles. Under Mr. Mitterrand, dent Ronald Reagan says he v s^d *Mcan under 

major terrorist organizations that France has taken a more visible hopes that edebrauons rraiem- sund^J^because Mr. Nitze was 

posed sotous threats to political role in support of NATO. benng theend of World War IJ a velCTan ^ pasl negotiations in 

stability m Europe. In recent weeks, security precau- ^ n 9{ , “recalling aD of the ^ has “gone to the 

The new group, however, lades uons have been tightened around hatred of the era. table and come away without anv- 

ihe sophisticated or ganiz ation and NATO, U^. and other official Mr. Reagan also said Satur- thing that was of really any great 
urc °* sympathize^ that buildings throughout Western Eu- day that after attending a May importance." 

SSasaiss grzRssti szkblvS. 

Europeans distanced themselves as from a computerized mtefli- Uenna ^ y - lea8l n 11 “ W*. 

from aumpis to overthrow demo- 8®“ c® 1 ® i n L thc Wiesbaden Butthe Wlute House spote- ncalltbe Soviet Union opedy 
craiic government bv terrorism. nradquarters of the West German man, Larry Speakes, said tOT themselves saying that they wanted 

Tbe^ew groups claim that they federal P olic ^ bas ehmmated the trip may not eximd to May 8. to see lhe number of weapons re- 
are atiackingnuSkr weapons Md main extremist movements in Eu- the anniversary of V-E Day — duced and have even gone so far to 
thp. rope. victory m Europe over the Ger- say what we have said, that they 


tbe explosion of a car bomb outside prison on Robben Island, The Soviet negotiating team will 

a military headquarters in Pretoria V.ture tie said he was subjected to be headed by Victor P. Karpov 
in May 1983 in which 18 persons physical assanlts, hard labor mid who previously headed the Soviet 
were killed, many of them blacks, psychological persecution, “the delegation to talks on curbing long- 

Mr. Mandeb said be had rqect- food is good, and there are no prob- range missiles. It also will include 
ed an offer of freedom that was tied | emsw , th the staff, raoal or other- Yuli A. Kvitsinsky, who, as chief 
to tbe condition that he live in wise at ^Ismoor, Mr. Mandela Soviet negotiator for medium- 
Transkei. toe tribal homeland for was quoted as saymg. range missiles, worked on tbe 

Xhosa-spealring people. “1 am in good health,” he said, **“ ^9°^” fora ? ula 

“If I was released I would never according to the interview, "It is was ^ 



The Soviet Union las 
named its three chief 
negotiators for tbe new 
round of arms talks with 
the United States. They 
are Victor P. Karpov, 
above left; YuK A. Kvit- 
sinsky, light; andAlexei 
A, Obnkbov, lower left 


his keepers. 


they confined me, for tnciamy. to true that I had a toe amputated. r 


France Says General’s Assassination 
Was First by New Terrorist Alliance 


He asked the bishops to iinniy B Toscoh Fitchett 

,-from “correct doctrine," and to PARIS —The ass assin at i on of a 
» “above all, iinp^dp. he who abuses Defe nse Ministry official was the 
' the authority received from the fast murder earned out by a new 
chinch." alliance of terrorist groups in 

£ It was John Paul's 25th trip away France, Belgium and West Germa- 
; from Italy since he became pope in ny, French officials said Sunday. 

; 1978. He is to remain in Venezuela The groiys that have joined 
until Tuesday, then fly to Ecuador forces are Direct Acuonm France, 
jfor a Utile more than two days the Red Army Faction in West 


I talian and West German activists can or other separatist groups or 
in tbe 1970s when the Red Brigades has spilled over from Middle East 


before proceeding to Peru: 

The pope received an enthusas- 
(Continued on Pegel.CoLl) 




i 2 ¥-*yi 

0 j£>. 

< 

5 - 

.-.' k 




»*y» ■ * 
fr* Tjf- 


Germany and toe Fighting Com- 
munist Cells in Belgium. All are 
believed to have relatively few 
members. 

Direct Action claimed responsi- 
bility for the slaying Friday of Brig- 
adier General Raid Audran, 55, 
who supervised international arms 
sales at the Defense Ministry. 

Direct Action said in a statement 


and the Red Army Faction were 
major terrorist organizations that 
posed serious threats to political 
stability in Europe. 


struggles. Under Mr. Mitterrand, 
France has taken a more visible 
role in support of NATO. 

In recent weeks, security precau- 


Tbe new group, however, lads boos have been tightened around 
lhe sophisticated organization and NATO, UA and other official 
toe network of sympathizers that buildings throughout Western Eu- 
exrsied before police largely cur- ^ especially in West Germany, 
tailed tbe groups activities, French . 

and West German police said Wcsl Gennan officials have 

As governments gradually »id that ihqr bdiewe police wadt. 
rounded up toe extremists, leftist cowdinated on a Ear ope- wide ba- 
Europeans distanced themselves sis from a computerized intefli- 


from auempts to overthrow demo- 
cratic government by terrorism. 
Tbe new groups claim that they 


gence center in toe Wiesbaden 
headquarters of the West German 
federal police, has ehmmated tbe 


are attacking nuclear weapons and raain estremist movements in En- 
tire Western alliance, statements ro P e - 


apparently aimed at winning sup- 
port in the “peace movement" op- 



to news ot ganiranons that General posed to NATO’s new generation 
Audran had been killed by the “Eh- of nuclear weapons, 
sabeth van Dyck o jmtnand ." Miss Leftist revolutionary terrorism is 
van Dyck was a Red Army Faction new in France, where political vio- 
member killed by West German Jence generally involved Corsi- 

police in 1979. 

In recent months, the three 

groups have waged a sabotage cam- — -m • 

paign in Western Europe, planting 

bombs at industrial companies. Mf 


French officials agreed with this 
view and added that French and 
West Gennan extremists appeared 
to be operating from Belgium, 
where the authorities have less ex- 
perience in countering their activi- 
ties. 


Reagan Hopes 
V-E Ceremonies 
Witt Avoid Hate 

The Associated Press 

WASHINGTON — Presi- 
dent Ronald Reagan says he 
hopes that celebrations remem- 
bering the end of World War II 
will not be “recalling all of tbe 
hatred” of tbe era. 

Mi. Reagan also said Satur- 
day that after attending a May 
2-4 economic summit meeting 
of Western nations in Bonn, be 
would stay over for “a couple or 
days” on a state visit to west 
Germany. 

But tire White House spokes- 
man, Larry Speakes, sard the 
trip may not extend to May 8, 
toe anniversary of V-E Day — 
victory in Europe over toe Ger- 
mans in 1945. 

Mr. Reagan said his state vis- 
it “will be close enough to the 
time that, 1 think, ihai if there's 
any observance it would be 
there and with our hosts, toe 
1 Gennan government.” 


From Lebanese Cabinet 

The Associated Press mascus to explain the r esignation 

BEIRUT — Prime Minister Ra- decision to Mr. Jumblat and Abdel 
ghiri Kanun i canceled an emergen- Halim K hadd a m , first vice p nan- 


cy cabinet session Sunday as mem- 
bers of toe Lebanese government 
tried to persuade a key Sunni Mos- 
lem cabinet minister to withdraw 
his resignation. 

Salim al-Hoss, the labor and 


dent of Syria. 

■ Hoss Said Frustrated 

Earlier, John Kifner of The New 
York Tima reported from Being: 
The resignation comes as the 


*moi m-nu», UK HOW «iu government faces two crises: toe 
education minister and a lormer imminent con™* of toe once-re- 
prane rmmsto- submitted huiesrg- ^*,1 LeiS^ononiy and tire 
nauon Saturday. He has been toe ^ ^ withdrawal 

mam mahator between toe shmrply fSEwSfrern Lebanon, 
divided facnons that make up Pres- ^ Has& , an economist who 
idOTt Amin Gemayds coalition 5^ as Se minister from 1976 


ca ^*f )e V r , , . to 1978, has spoken privately in 

Mr. Karami gave.no date for toe recent weeks of his increasing frus- 
next cabinet meeting, which nor- nation and his desire to leave the 
many is hdd every Wednesday, the cabinet He has held back, Leba- 
staie radio said. Sunday’s session nese sources said, only at tbe insis- 
was scheduled to discuss toe cur- 10** of Lebanon’s duef Sunni reli- 
rency depreciation and ways to sal- gi OU s leader, or grand mufti, 
vage the ecOTomy. Sheikh Hassan Khafed 

Mr. Hoss met Saturday night On SepL 5, Mr. Hoss nanowly 


to 1978, 


say what we have said, that they Mr. Hoss met Saturday night On SepL 5, Mr. Hoss nanowly 
would like to see tire diminalion of with aides of Walid Jumblat, tire escaped death when a car bomb 


nuclear weapons entirely.” Dnize Moslem leader who holds 

A White House official said that ^ ^ PUb_ 

toe two nations were going into toe bc works m the cabma. 
talks with differing views about A delegation including two of 
“linkage” between each set of ne- Mr. Jumblat's aides and an adviser 


Dnize Moslem leader who holds exploded as he arrived to escort 
the portfolios of tourism and pub- Sheikh Khaled to a religious ccre- 


gotia lions. 


to Mr. Hoss left Sunday for Da- 


groups have waged a saootage cam- -m • a -u » 

&"aT e SSraS Remembering Auschwitz 

£d^SMySitieSS5 Survivors Return to Mark Liberation 


Soldiers of the Indian 

Army manuring daring 
the Republic Day parade 
in New Delhi. Rtge 5. 

iNsroE 


' ■ Presided Reagan *91 fight 

.,j*V Senate Republican efforts to 
s cm military spending. Page 3. 


C? 

M 

>;a 

diV* 

%:■:? 


North Atlantic Treaty Organiza- 
tion installations. The bombs 
caused extensive damage. 

“We think it is a desperate final 
spasm of anti-Western terrorism 
which has been largely brought un- 
der control in Europe,” a French 
security official said. But he ac- 
knowledged that these groups 
c oo ld prove hard to neutralize 
completely. 

The Socialist government in 
iFrance has frequently beat criti- 
cized for laxness on security issues. 
The leaders of Direct Action — 
Jean-Marc Rouillan and Nathalie 
Men to n — were released from 


By Tony Barber The Goman spelling of Auscb- 

Reusers witz has been superseded here by 

OSWTECIM. Poland — Eight d- fae Polish equivalent. Oswiedm. 
deriy Jews, symbolizing the fair The neighboring village of Bir- 
miiKnn people of more than 20 na- kenau was toe first right that vio 
o Dualities who died in the Nazi rims had of Auschwitz as they ar- 
rived by rail from all over Europe. 


Tbe Austrian chancellor apolo- 
gized to a Jewish group for the 
welcome given a Nazi Page 2 


concentration camp of Auschwitz, 
took part Sunday in a candle-hl 
procession to mark the 40th anni- 
versary of its liberation. 

The eight, all twins who survived 


apok). The camp was opened in May 
'or the and has been preserved as it 
Pace 2 was found by Soviet Ukrainian 
886 troops who liberated it oo Jan. 27, 
. 1945. 


BUSINESS/FINANCE 

■ OPEC «dn*gtpr <i are again 
trying to reach an agreement oo 
pri cing Page 9. 

TOMORROW 


French prisons in an amnesty after UKAgnt.au wins wno smvivea 
President Francois Mitterrand's the ramps gas chambets snd finm 
decrion in 1981 Both remain at s 9 u ads and who now arc lsnieh 
large, reportedly in Belgium. 


The march Sunday commemo- 
rated a similar procession of 
thanksgiving held by survivors im- 
mediately after their deliverance. 

The twins were tokens not only 


squads and who now are Israeli of survival but also of the biological 
citizens, sang psalms and whis- experiments conducted at Ausch- 


gc, »^«a j pered among themselves during toe- witz by tire camp doctor, Josef 

A revival of terrorist activity was ampfe 45-mumte ceremony. Mengefe. 

® dicl S? !■? 5* ^ night fell over toe bleak and rv Menadc became known as 


' The Stare Dqjartment soon will 
‘ . give Ccmgress a report on drug 
' traffidangthatcomd determine 

r ^ which nai ion s receive U.S. aid. 



/ 


. • 1 L. ttT ‘ SUilWIV iAAMUWUJ. 

predicted last week by West Ger- ^ night fell over toe bleak and 
man officials who said they bad §Qgwy camp in southern Poland, 
discovered defini te links among the diey walked under a steady drizzle 
French, West Gennan and Belgian f rom die rail track at Birkenau to 


groups. 


the iron 


of Auschwitz bla- 


In shooting General Audran, the 2oned with the Gennan inscription 
extremists seemed to be adopting Aibeii Macht Fret, or Work Makes 
tbe urban guerrilla tactics used hy Free. 


Dr. Mengde became known as 
the "angel of death” for his experi- 
mental operations performed on 
twins, dwarfs and crippled people, 
some of them children, among toe 
inmates. Only 183 twins who sur- 

(Continned on Page 2, Col. 4) 



Survivors of the Nazi camp at Auschwitz marcbed Sunday through the camp’s iron gates to 
commemorate tbe 40th anniversary of its liberation by Soviet troops. The camp in south 
Poland has been preserved as a memorial to the four million people who died there. 


mony. 

He was described by political 
sources as ‘Ted up" and in "total 
dismay" over the inability of Mr. 
Karami’s nine-month-old govern- 
ment to accomplish anything sig- 
nificant. 

Mr. Hoss had become con- 
vinced, these sources said, that 
President Gemeyal, a Maronite 
Catholic, was not making an effort 
at revisions in the system by which 
political power is apportioned 
among religious sects, with tbe edge 
held by the Christians. 

Changes were vaguely agreed to 
in principle at meetings of the fac- 
tional leaders in Switzerland last 
winter. In September, a weeklong 
session of the cabinet, described 
then as the "last chance fere Leba- 
non,” was held in Mr. Gemeyafs 
hometown of Bikfaya. A large com- 
mittee was named to draw up 
changes, but it has never met. 

In addition, associates say, Mr. 
Hoss has become increasingly up- 
set over the continuing anarchy in 
West Beirut and over the collapse 
of the economy. 

On Friday. Lebanese bankers 
look the unusual step of stopping 
trading in foreign currency for two 
hours to halt tbe deterioration of 
the Lebanese pound, which hit a 
record low of 13 to tbe US. dollar, 
ft was six to the dollar in June. 

■ Bern Issues Warning 

Nabih Beni, toe leader of Leba- 
non's Shiite Moslems, mid Satur- 

(Gm tinned on Page 2, CoL 6) 




Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY. JANUARY 28. 1985 


Austrian Chancellor 


Apologizes to Jews 
For Nazi’s Welcome 




Auschwitz Survivors 


L'mlai Press fnwmauonal 

VIENNA — Chancellor Fred 
Sinowatz apologized Sunday to 
Jewish leaders Tor Austria's un- 
timely welcoming last week of a 
newly released Nazi war criminal. 
Major Walter Reder. 

The president of the World Jew- 
ish Congress, Edgar M. Bronfman, 
interrupted a conference session 
Sunday afternoon to say Mr. 
Sinowatz had sent him a personal 
message with the words “1 am terri- 
bly sorry." 

Mr. Bronfman said. “I think that 
for us, this probably doses the mat- 


and that officials from the Soviet 
Embassy in Washington have al- 
ready contacted the World Jewish 
Congress to arrange details. He 
said be would convey a message to 
Soviet officials from Prime Minis- 
ter Shimon Peres of Israel during 
the visit. 

Jewish leaders at the conference 
opening Saturday night called for 
Mr. Frischenschiager's resignation 
and criticized Mr. Sinowatz for 
calling Mr. Reder’s welcome “a po- 
litical mistak e" rather than a moral 



|| Return to Nazi Camp 


mil 


Quiet Songs, Candlelight Procession 
Mark 1945 liberation by Soviet Troops 


{Continued from Page 1) 
vived Mengde’s experiments are 
believed to still be alive. 


Dr. Mengele, who still is at large, 
Mild now be 74 years old. Several 


Walter Reder 


No mention was made as to 
whether Mr. Sinowatz intended to 
dismiss Defense Minister Fried- 
helm Frischenschiager, who met 
Mr. Reder at Graz airport Thurs- 
day and escorted him to Maninek 
military barracks in Baden, 20 
miles (32 kilometers) south of Vien- 
na. 

Mr. Bronfman said Sunday the 
that Soviet Union has invited him 
to Moscow to discuss a range of 
Jewish questions from the emigra- 
tion of Soviet Jews to the Middle 
East situation. It would he the first 
such visit by a World Jewish Con- 
gress president 

Mr. Bronfman said the visit 
would take place in mid-March. 


one. 

In a meeting Sunday morning, 
Mr. Bronfman said the Congress 
hoped the Austrian government 
“will say what should be said — in 
two words, we're sorry." 

He said that although some of 
the 200 delegates to the conference 
wanted to close the meeting in pro- 
test “we decided we should cam- 
on with normal business. We are 
here for important discussions." 

Mr. Reder. 69. was sentenced to 
life in prison because of the massa- 
cre in 1944 of 1.830 Italian civil- 
ians. The Italian authorities re- 
leased him six months before a 
recommended date in answer to 
appeals by various world leaders, 
including Mr. Sinowatz. 

Sources in the congress said lead- 
ers of the Amman Jewish commu- 


nity met Sunday morning with Mr. 
Sinowatz morning to explain the 
view held by the majority of the 
body's members that a personal 
apology was essential but not Mr. 
Frischenschiager's dismissal. 

They said Mr. Frischenschiager's 
dismissal could weaken Mr. 
Sinowatz's Socialist-dominated co- 
alition and encourage anti-Semi- 
tism in Austria through a rise of the 
conservative opposition party. 

This was the first tune since 
World War II that the World Jew- 
ish Congress has chosen to assem- 
ble in Vienna. Austria, which was 
annexed to Germany in 1938, lost 
almost its entire Jewish population 
of 200,000 in World War U. 

Mr. Frischenschiager, who left 
Vienna on Saturday for an official 
visit to Egypt, has denied he is 
considering resigning and said he 
was only acting on orders. 


would now ne 74 years old. Several 
Nazi-humers. including Serge and 
Beate Klarsfdd and Simon Wie- 
senchal of the Vienna Documenta- 
tion Center, believe he is alive and 
living in Paraguay. The govern- 
ment there has revoked his citizen- 
ship and maintains be disappeared 
more than a decade ago. 

The liberation of Auschwitz was 
also commemorated Sunday in 
West Berlin, where 800 people 
gathered in the Jewish Community 
House to "honor the victims and 
condemn the perpetrators,” and in 
Vienna, where delegates ..to the 
World Jewish Congress said Kad- 


vors who visited the camp earlier in 
the day. touring its huts, gas cham- 
bers and crematoriums and reciting 
the songs they sang to maintain 
morale while they were prisoners. 

Several broke down and wept as 
they recounted their experiences 
amid the snow-covered barracks 
and barbed wire fences of the 








camp, which has been preserved 
almost exactly as it was found. 

“I saw it with my own eyes.” said 
Vera Krieghel. “They took little 
children out or the wombs of moth- 
ers and threw them onto a fire. It 
was terrifying. I remember the 
shrieking of those poor women. 

“How can I forget it?" she said, 
“h is inside us. it is rooted inside. It 
was a hefl.” 

People of more than 20 Europe- 
an nationalities as well as Ameri- 
cans, Egyptians. Chinese and Gyp- 
sies were killed at the camp 
between May 1940 and its libera- 
tion. 

Many died in the gas chambers 
which the Nazis blew up along with 
the crematoriums when they evacu- 
ated the camp on Jan. 18. 1943. 

Official visitors to the weekend 
anniversary ceremony included a 
team of parliamentary deputies 
from Brazil and a military delega- 
tion from the Soviet Union, which 
laid a wreath in honor of the 
camp's Soviet victims. 

“Were we cowards?" said Eva 
Kor. “Were we afraid? No. we were 
heroes because we went to our 
death as martyrs." 

Michael Vogl recalled how his 
father, who fell iU and was trans- 


dish, the Jewish prayer of mourn- 
ing, for the Auschwitz dead. 


ing, for the Auschwitz dead. 

In Moscow, official news organi- 
zations maited the date with praise 


for the Red Army troops who liber- 
ated the camp and for prisoners 


a ted the camp and for prisoners 
who resisted the Nazis. The Soviet 
accounts did not mention that 2.5 
million of those killed at Auschwitz 
were Jews. 

The eight people at Sundays 
procession were among 50 sum- 


Party Expels Author of Silesian Article 


BONN — The author of a news- 
paper article that envisaged West 
German troops liberating parts of 
Eastern Europe has beer, expelled 
from the governing Christian Dem- 
ocratic Party, a party official said. 

Rudolf Sprung, the parly’s 
branch c hairman in the Goslar 
area, said Saturday that officials of 
the branch voted unanimously to 
expel Thomas Finke, who wrote the 
article in The Silesian, the official 
organ of the League of Silesian Ex- 
iles. The league says it represents 
millions of Germans who fled or 
were expelled when Silesia became 
part of Poland in 1945. 

Mr. Sprung said the expulsion 
vote was taken because the “ab- 
struse thoughts expressed in the ar- 
ticle have nothing in common" 
with Christian Democratic policy. 

The article was attacked in both 
West and East Germany. It fueled 


a dispute over an agreement by 
Helmut Kohl, the West German 
chancellor, to address the league's 
annual rally in Hanover in June. 
About 150.000 people are expected 
to attend. 


The article spoke of West Ger- 
man forces being greeted as libera- 
tors as they marched into German 
territories that became pan of 
Communist Europe after World 
War 1L 

The article imagined the Soviet 
Union, collapsing under the strain 
of a war with China and a Moslem 
uprising, withdrawing its forces 
and clearing the way for the West 
German troops. 

The West German government 
described the article as “irresponsi- 
ble, rininflg jn g and foolish." 

The dispute over Mr. Kohl’s de- 
cision to address the rally began 
when the Silesian League said the 
event’s motto would be “Forty 


years of banishment — Silesia re- 
mains ours.” 

Mr. Kohl who would be the first 
chancellor to attend the annual ral- 
ly since 1965, refused to go unless it 
was changed. 

Herbert Hupka, The leader of 
the league, later announced a new 
slogan: “Forty years of banishment 
— Silesia remains our future in a 
Europe of free people.” 


In Soviet, Name 
Of Khrushchev 
Is Still a Taboo 


[ Russians Assail Article • 

Tass, the official Soviet press 


agency, Sunday called the article in 
The Silesian the work of a mad- 


The Silesian the work of a mad- 
man. Reuters reported from Mos- 
cow. 

Both Tass and Pravda, the Com- 
munist Party daily, assailed what 
Moscow sees as groups of West 
German “revanchists," a term used 
to describe anyone with plans to 
recover land Io*:t to Poland, 
Czechoslovakia and the Soviet 
Union after the war. 


Pope Begins His 6th Visit to Latin America 


(Continued from Page 1) 
tic but not overwhelming welcome 
on his arrival in Caracas and dur- 
ing his motorcade into the city. 
Venezuelans, although predomi- 
nantly Roman Catholic, are less 
observant of their religion than 
people in most other Latin Ameri- 
can countries. 

Only about 10 percent of Vene- 
zuela’s 16 million people are regu- 
lar churchgoers. Local bishops felt 
compelled to mount an advertising 
campaign to build enthusiasm for 
John Paul's visit. 

"The pope wants to be your 
friend,” and “Meet him and find 
yourself” were two of the church- 



UNIVERSITY 


sponsored advertisements that 
have been run. 

Although troubled by the fourth- 
highest foreign debt in Latin Amer- 
ica — $35 billion — Venezuela re- 
mains South America's most 
affluent country in terms of per 
capita income. Yet it has deep so- 
cial divisions and widespread pov- 
erty, made worse by the economic 
pinch that followed the collapse in 
world ml prices in 1982. 

Noting the country’s oil wealth 
in his arrival speech, John Paul 
deplored the fact that there is a 
“wide social strata sunk in poverty 
and even in extreme poverty.” 

He said the condition of the poor 
"testifies to a bad distribution and 
poor utilization of society’s re- 
sources." 


announcement (hat he is calling an 
extraordinary synod of bishops to 
examine the results of the Second 
Vatican Council which ended 20 
years ago. But they welcomed the 
synod as an opportunity for bish- 
ops to discuss directly with the 
pope developments since Vatican 


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■ Bishops Surprised, Pleased 

Elaine Sdo/ino of The New York 
Times reported earlier from New 
York: 

U.S. cardinals, bishops and theo- 
logians said Saturday they were 
stunned by Pope John Paul ITs 


"It seems that the bishops didn't 
know about it," said William Ryan, 
the associate public affairs secre- 
tary for the National Conference of 
Catholic Bishops in Washington. 
“It was a big surprise.” 

Bishop James W. Malone of 
Youngstown, Ohio. who. as presi- 
dent of the National Conference of 
Catholic Bishops will attend the 
synod, learned of the synod only 
Friday. 

“The synod will give bishops an 
opportunity to work in a special 
way with the Holy Father to apply 
the insights and wisdom of Vatican 
11 to present-day problems con- 
fronting the church,” Bishop Ma- 
lone said Saturday through a 
spokesman. 


H'asnwgton Pen Srrncv 

MOSCOW — The Soviet au- 
thorities have resorted to cen- 
sorship to erase from a docu- 
mentary film the footage 
showing Nikita S. Khrushchev, 
the former Soviet Communist 
Party leader, who died in 1971. 

The action involved a joint 
Soviet-Indian production of a 
documentary about Jawabarlal 
Nehru, India’s first prime min- 
ister. The Indian version of the 
film shows Khrushchev meeting 
and conferring with Nehru and 
also includes long scenes of 
Khrushchev's triumphal tour of 
India. Soviet censors, however, 
eliminated Khrushchev from 
the hour-long segment of the 
film shown Friday night. 

However, Marshal Nikolai 
A. Bulganin, who served as So- 
viet prime minister under Khru- 
shchev and who was subse- 
quently disgraced for alleged 
“anti-party” activities, made his 
first appearance on Soviet tele-i- 
vision screens in more thair&l 
quarter of a century. 

Political observers here noted 
that the decision to -eliminate 
Khrushchev from the film re- 
flects continued concern here 
about the man who was forced 
out of the Kremlin in 1964. 

It remains a mystery why So- 
viet censors continue to elimi- 
nate Khrushchev from all films 
and publications while finding 
a member of the “anti-party” 
group and China’s much reviled 
Mao acceptable for wide audi- 


Salira al-Hoss 


ferred to (he camp hospital, would 
say when be visited turn after a 
day’s forced labor: “Survive. Cam 
on the name." 

Then, breaking into tears, Mr. 
Vagi said: “One night. I visited him 
and a man said. They took him 
today. They took him to the 


Talks Begin 
March 12 


Under a Syrian-backed plan, all 
militias were to have left the area to 
let the Lebanese Army reopen the 
coastal road and be ready to move 
into the Sidon area, which Israeli 
troops are due to leave by Feb. 18. 


African Bishops Join March 

The AssvciartJ Press 

SEBOKENG. South Africa — 
Thirty-two Roman Catholic bish- 
ops from southern Africa look part 
in a procession and Mass on Sun- 
day in the black township of Sebo- 
keng in solidarity with people 
killed and wounded in recent 
months. Nearly 1,000 people joined 
in the processioo. 


(Continued from Page 1) 
Union has since emphasized, as a 
key to assuring that the United 
States is prepared to negotiate as 
seriously about space weapons as 
about nuclear arms. 

Success at the talks “can be as- 
sured only by a strict adherence to 
this agreement," Mr. Lorneiko said. 

When asked why the Soviet team 
in the new set of negotiations in- 
cluded men who headed the talks 
that were broken off in 1983. Mr. 
Lomeiko said, “We need the most 
experienced and knowledgeable 
people.” 

Mr. Lomeiko was asked to com- 
ment on the selection of Mr. Kam- 
pelman as the overall head of the 
U.S. delegation. He is a co-author 
of an article in the Sunday issue of 
The New York Times Magazine 
that expresses doubt that talks can 
produce an agreement in the near 
future. 

Mr. Lomeiko replied: “The Sovi- 
et Union does not negotiate with 
individuals. We will take as our 
starting point the position of the 
United Stales as our partner in the 
talks, and not Lhe expressed opin- 
ion of individual members or the 
delegation ” 

Tire spokesman said the Soviet 
negotiators, unlike their counter- 
parts, had experience in arms nego- 
tiations. Also, unlik e the Ameri- 
cans, all three Russians are 
believed to speak the language of 
their opposite numbers. 


■ French Troops Requested 

Undersecretary-General Brian 
Urauhart of the United Nations 
will ask France to send troops into 
the Sidon area after an Israeli pull- 
out. United Press International re- 
ported Sunday from Tel Aviv, 
quoting Israel Radio. 

The radio said Mr. Urquhan 
flew- to Paris earlier in the day after 
failing to get Lebanon and Syria to 
cooperate in efforts to ensure an 
orderly handover of the territory by 
the Israelis to the UN Interim 
Force in Lebanon. 


U.S- Tax Reform 


Supported in Poll 


The .IssooeieJ Press 


LOS ANGELES (AP) — A ma- 
jority of Americans think the US 
tax system is unfair and favor the 
Treasury Department's proposed 
restructuring, according to a poll 
published Sunday. 

The Treasury's reform proposal 
was favored bv 52 percent of the 
1.454 respondents in a nationwide 
telephone survey and opposed by 
30 percent, the Los Angeles Times 
reported. It said that nearly two- 
thirds of the respondents acknowl- 
edged that they knew little or noth- 
ing abom the plan. 

Two-thirds of the respondents 
endorsed graduated taxation, like 
the current system, in which the 
rich are taxed at a higher rate than 
the poor. 


WORLD BRIEFS 




U.S., Cana da Plan New Radar Defense 


WASHINGTON (NTT) — The United States and Canada are near 
agreement on a SI -2-billion project to modernize an arctic network of 
radar stations for the defense of North America against a Soviet attack, 
accordine to officials of both countries. 

U.S. Air Force officials said Thursday that the present system, knowr 

■ .. ■- HI : new k,.l fillpn into HidVmir 


as the Distant Early Warning, or DEW, line, bad fallen into disrepair 
since it was built in the mid-1950s and now could be penetrated by 
bombers or cruise missiles. The DEW line was built to defend against 
bombers as part of a system that included interceptor planes, surface-to- 
air missiles and a force of 200,000 men. 

DEW included 31 radars stretching 3,000 miles (4.848 kilometers) 
across Alaska. Canada and Greenland, transmitting signals to the North 
American Aerospace Defense Command. The new project, according to 
Pentagon officials, would call for an electronic fence of 39 long-range 
radars and 35 short-range radars, to be called die North Warning lint 
The project would be completed in 1992. 


Hoss Resigns 
From Cabinet 
In Lebanon 


Greens Party Dissolves Berlin Brandi 

- .a 111 ... ■- J! 


FREIBURG. West Germany (Reuters) — West Germany’s radical 
Greens party has announced that it has dissolved its branch in West 
Berlin because it had been infiltrated by neo-Nazi elements. 

A spokesman said Saturday that the decision was made in Freiburg by 
the party's r ulin g co mmi ttee at the recommendation of its federal 
executive. The decision meant that the branch, which has about 100 
registered members, would be unable to oppose the majority view in the 
party and contest West Berlin’s dty elections on March 10. 


(Continued from Page 1) 

day that massacres could take place 
in the south near Israeli-occupied 
territory unless all Christian mili- 
tiamen left the area. Reuters re- 
ported from Beirut. 

Mr. Beni, the cabinet member 
with responsibility for southern 
Lebanon, said that 300 of 1.700 
Christian militiamen posted in the 
Iklim Kharraub region had left in 
the last few weeks. U the rest stayed 
in the region. Mr. Bern said, “simi- 
lar to what happened in the moun- 
tains will take place." 

He was referring to Druze-Chris- 
tian fighting in the Chuf mountains 
southeast of Beirut in September 
1983. after Israeli troops withdrew 
from the area. At least 1 .000 people 
were killed. 

Fighting flared in the Iklim 
Kharroub" in December as Druze 
and Christian militias dashed al- 
most daily until 700 Lebanese sol- 
diers moved down the coastal road 
from Beirut on Jan. 12. 


U.S- Navy Weapons Experts in China 


BEIJING (UPI) -t A delegation from the U.S. Navy arrival in Beijing 
on Sunday for talks on what is expected to be the first major Chinese 
purchase of American naval weapons and equipment. 

Melvyn Paisley, the navy’s research and engineering chief, heads the 
delegation of weapons specialists on their 10-day visit. Western diplo- 
mats said that Mr. Paisley would meet with defense officials in Bey ing 
and would visit major naval installations in Shanghai, Qingdao and other 
port cities. 

The diplomats said that Mr. Paisley and his Chinese counterparts 
would discuss in detail such items as gas turbine engines, sonars, guns and 
torpedoes, which Pentagon officials say China has agreed in principle to 
buy. 


Chernenko Works Published in Book 


MOSCOW (UPI) — A book of speeches and articles by President 
Konstantin U. Chernenko, who has not been seen in public for a month 
and reportedly is seriously ill, was published Sunday in Paris. 

The official" Soviet news agency Tass said that the' book’s forward was 
written in November, before Mr. Chernenko. 73, fell ill. in it, the Soviet 
leader warned that the deployment of U.S. missiles was tipping the 
balance of power in Europe and he urged an end to competition in 
nuclear arms. 


Israel, Egypt Resume Talks on Border 


BEERSHEBA, Israel (UPI) — Israel and Egypt agreed Sunday to 
propose “new ideas" for resolving tbeir dispute over the border area of 
Taba, a narrow stretch of tenitoty on the Gulf of Aqaba. 

The first day of the negotiations, which US. representatives are 
observing, was cut short to allow the sides to come up with new proposals 
for the deployment of a multinational force in Taba, Israeli sources said. 
The sources said that .Israel and Egypt would present “new ideas" on 
Monday, the second of three days of scheduled talks. The talks were the 
first on the area since March 1983. 


Sunni Radicals Get Amnesty in Syria 


DAMASCUS (AP) — President Hafez al-Assad has declared an 
amnesty for some members of the outlawed Moslem Brotherhood organi- 
zation imprisoned in Syria, and has invited those in exile to return to the 
country, state-controlled newspapers reported. 

The report, published by Syria's three main newspapers, Al-Baath, Al- 
Thawra and Tishrin. said that Mr. Assad’s decision followed contacts 
between Syrian officials and Moslem Brotherhood leaders abroad. The 
Moslem Brotherhood, an underground group of fundamentalist Sunni 
Moslems, opposed Mr. Assad, who. like the top members of his adminis- 
tration. is of the Aiawite Moslem minority. 

The Moslem Brotherhood had been accused of plotting to overthrow 
Mr. .Assad and was held responsible for scores of assassinations and ratal 
bomb blasts in the past decade. The group was weakened in 1982 after the 
Syrian Army destroyed its power base in the northern dty of Hama. 
Utousands were reported killed or wounded during that campaign, which 
virtually leveled the city of 170,000 people. 


For the Record 


Pakistan wants to postpone the fourth round of Afghan peace talks, 
sponsored in Geneva by the United Nations, until early April because of 
Pakistani elections next month, the official APP news agency reported. 
The last round of talks, aimed at a withdrawal of Soviet troops from 
Afghanistan, was held in August and the next was due in February. 
(Reuters I 

The United States will supply Iraq with 45 jet fighters, mobile surface- 
to-air missile systems and radar networks, a Kuwaiti newspaper said 
Sunday. The radical A1 Walan newspaper in Kuwait said the sales 
agreement was signed Iasi November during a visit to Washington by 
Iraqis deputy prime minister and foreign minister, Tariq Aziz. (UP/) 

Nigeria has formally asked Britain to extradite its former transport 
minister, Umaru Dikko, to stand trial on corruption charges, a govern- 
ment spokesman in Lagos said. Mr. Dikko fled Nigeria when the military, 
under Major General Mohammed Bubari, seized power on Dec. 31, 1983. 
Mr. Dikko was abducted in July in an abortive attempt to smuggle him 
from London to Nigeria. (UPI) 



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INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28, 1985 


Page 3 







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Hie Evergreen lyrics 
Of Hail to the Chief 

“Hail to the Chief ” which 
has been used to herald the cer- 
emonial arrival of U.S. presi- 
dents since the inauguration of 
Janies K_ Polk in 1845, once 
again led the hit parade during 
the festivities last week in 
Washington. 

The song, with a sprightly 
tune by James Sanderson set to 
words taken from “The Lady of 
the Lake,” written by Sir Walter 
Scott in 1810, was Gist per- 
formed in 1812 in Britain. In 
die United States, it a 

song with which to greet politi- 
cians and. eventually, presi- 
dents. Since the words are not 
well-known. The New York 
Times reprinted them as a ser- 
vice to its readers: 

Hail to the chief who in tri- 
umph advances. 

Honored and Mess'd be the ev- 
ergreen pine. 

Long may the tree in his ban- 
ner that glances 

Flourish the shelter and grace 
of our One. 

The Times did not attempt to 
explain the words. 


They Also Served, 
Who Stand and Wait? 

Representative Patricia 
Schroeder, Democrat of Colo- 
rado, said in a recent speech, 
“There are three things the 
Democratic Party must do if it 
wants to win dm White House? 
Unfortunately, no me knows 
what they are / 1 

Mrs. Schroedo- also said that 
the new term for the evolving 
U.S. economic scene, “the ser- 
vice economy," must have beat 
coined by “someone who has 
not been in a gas station lately 
or tried to get waited on in a 
department store." 

Short Takes 

. Governor Richard D. l^iw 

of Colorado, a Democrat, has 
reluctantly signed a constitu- 
tional amendment that forbids 
the use Of state funds for abor- 
tions. Dedaring that the mea- 
sure creates one standard for 
those who can afford an abor- 
tion and one for those who can- 
not. ■Mr. Lamm said, “We shall 
start the insane pubbe policy of 
forcing pregnant welfare moth- 
ers to have unwanted children." 

Bonita Carroll, 23, of Nofaes- 
ville, Virginia, beat 80,000 oth- 


ers m a contest to give a new 
name to Frontier Horizon Air- 
lines of Denver, which in a set- 
tlement with Horizon Air of Se- 
attle agreed to change its name. 
The winning entry. Frontier 
Discovery, won two lifetime 
passes. “I hope they stay very 
profitable, - Miss CarroQ said. 


Notes About People 

Jody Powefl, who became a 
columnist after serving as press 

Timm y 


secrei 

Carter, 


to President Jimmy 
accepted a one-year 



Jody Powell 


appointment as 
O’Neill 


Thomas P. 
professor of American 
politics at Boston College. He is 
the third occupant of the chair, 
which was establis h ed with a 
SI .3 -million endowment by 
friends and fdlow alumni of the 
speaker of the UJ>. House of 
Representatives. 

Mayor Edward L Koch of 
New York Gty and Governor 
Mario M. Cuomo of New York 
state both denounced Bernhard 
H. Goetz, who shot and wound- 
ed four youths in the city sab- 
way after one approached him 
and asked for money. So did 
Smntnr iHphnnir M lYflmnfn. 
Republican of New York, who 
said, however, that “most peo- 
ple see justice and retribution” 
in the Goetz case. The senator 
said that he never rides the sub- 
ways unless accompanied by a 
guard carrying Chemical Mace. 

John McEnroe, the tennis 
star, has donated $ 10,000 to 
The New Ymk limes Neediest 
Cases Fund for the second year 
in a row. Hie Times announced. 


Compiled by 

ARTHUR HIGBEE 


Union Carbide Says It 
Acted on Safety Report 


-- By Franklin Whitehouse 

New York Times Sendee 

DANBURY, Connecticut — 
Union Carbide Carp, gave ‘imme- 
diate attention” to an internal safe- 
ty report warning of a possible 
“runaway reaction* in a tank stor- 
^ - ing a tore chemical in West Virgin- 
ia, according to a company officiaL 
-V- The official, Jackson B. Brown- 
ing, vice president for health, safety 
.... and environmental affairs, said 
Friday that “a amp le change in 
operating procedures completely 
eliminated the concent’’ raised 
.V SepL II in the report by Union 
Carbide’s safety inspcctors. 

• In any case, Mr. Browning said, 
the inspectors had found the threat 
“in no way imminent" but had 
■jT raised the concern as a “hypotbeti- 
' cal scenario." 

The tank at the plant in Institute, 
West Yirgjnia, contained methyl 
isocyanate, the chemical that 
leaked from a Union Carbide plant 
in Bhopal, India, on Dec. 3. killing 
more than 2,000 people and injur- 
ing thousands more. 

Mr. Browning said the safety re- 
port on the West Virginia plant was 
not sent to India. 

“There was no reason to share” 
the report with managers of the 
Bhopal plant, Mr. Browning said, 
„. because different devices were used 
.. to cod the tanks at the two faefli- 

>- - ‘ ties. 

That assertion was later disputed 
by a spokesman for Representative 

- - / Henry A. Waxman, a California 
■/’ . • Democrat who made the safety re- 

- portpubHc on Thursday. 

According to Mr. Waamac’s 
c. ' - spokesman, Union Carbide told 

' the Honse Subcommittee on 

y.- Health and the Environment, 

. which Mr. Waxman beads, that the 

- ~ ... two plants the mim desig ns 
r , ; and same procedures. 

if -' " In response to the company's 
statement that the report addressed 
a “hypothetical scenario,” the 
spokesman said, ‘‘The report 
speaks for itself when it warns of a 
'real potential for a serious md- 

The day before Mr. Waxman dis- 
" the safety report, the U.S. 
tal Protection Agency 
that methyl isocyanate 
leaked 28 times in five yean at 
Institnte plant 

' said that “an erroneous cal- 
culation” by company officials re- 


sulted in the agency’s report that 
one leak, the largest, involved 840 
pounds (381 kilograms) of the 
chemic al- He said the leak, on Jan. 
1, 1984,. was in a line carrying a 
liquid combination of chloroform 
and methyl isocyanate. There were 
“less than five pounds" of methyl 
isocyanate in the mixture that 
leaked. Ire said. 

All of the liquid was recaptured 
and sent to a processing unit; Mr. 
Browning said and “there was no 
release to the environment.” 

“We reported the wrong infor- 
mation to the EPA.” he said. 

As for the 27 other leaks, Mr. 
Browning said that they all in- 
volved less than one pound of 
methyl isocyanate and (he compa- 
ny did not need to report t han 
under federal law. 

The EPA’s report indicated that 
seven of the leaks had been of more 
than 10 pounds; seven of one to 10 
pounds and two of undetermined 
size but probably more than one 
pound. Tne other 12, it said, were 
less than one pound. 



Reagan to Fight Republican Cuts in Military Budget 


By Gerald M. Boyd 

New York Times Semite 


Mr. Dole warned that it would 
be difficult to achieve cuts in politi- 


™<m,N - 

Ronald Reagan says he will resist spending 

Jfnrtc En Dmiikllmne in lh^ Sm- ‘ O 


kutartUT 

Bernhard H. Goetz 

New Yorkers 
Are Warned 
In Goetz Case 

New York Times Service 

NEW YORK — District Attor- 
ney Robert M. Morgenthau has 
warned New Yorkers that a Man- 
hattan grand jury’s limited indict- 
ment of Benin and H. Goetz, who 
shm four young men on a city sub- 
way last month, is not “a license to 
shoot people because they look at 
you cross-eyed.” 

Mr. Morgenthau made his com- 
ments Friday after the grand jury 
indicted Mr. Goetz on charges of 
criminal weapons possession but 
refused to chaise him with at- 
tempted murder in the shooting. 

“It was the view of the grand 
jurors that Mr. Goetz was justified 
in taking the force that he did,” Mr. 
Morgenthau said. 

However, be warned: “Anybody 
who shoots another person on the 
subway or anywhere wfl] have the 
case presented to the grand juiy, 
and they will have to establish justi- 
fication:" 

The maximum penalty involved 
in the weapons counts is seven 
years in prison; Mr. Goetz could 
have faced a maximum 25-year 
sentence had he been convicted of 
attempted murder, with which he 
was charged. 

Mr. Goetz, 37, an electrical engi- 
neer. will be arraigned Feb. 6 in 
state Supreme Court in Manhattan. 
One of his two lawyers, Barry Slot- 
nick, said Mr. Goetz would plead 
not guilty to the gun charges. 

Mr. Sotnick noted that New 
York Gty had a mandatory one- 
year jail term fra- gun possession, 
although extenuating circum- 
stances had often precluded the 
mandatory sentence. 

The case began Dec. 22, when, 
by his own admission, Mr. Goetz 
shot the four men after they sur- 
rounded hhn and ggked him for $5. 


efforts by Republicans in the Sen- 
ate to reduce the federal deficit by 
making further cuts in the growth 
of military spending. He called that 
proposal “very risky." 

Mr. Reagan’s remarks Saturday 
in a radio interview reflected his 
.intention to support the spending 
gods of Defense Secretary Caspar 
W. Weinberger, despite criticism 
that this could jeopardize congres- 
sional support for a deficit-reduc- 
ing package. 

The president’s comments on the 
deficit were his first response to 
criticism Friday by Robert J. Dole 
of Kansas, the Senate majority 
leader, who voiced serious objec- 
tions to the administration’s 
planned targets for military spend- 
ing in the 1986 fiscal year, which 
begins Oct. 1. 


In his response to Mr. Dole, the 
president said that legislators fa- 
voring reductions in military 
spending were “unaware of the cuts 
that the Defense Department has 
already made.” He said the $8.7 
billion that the Pentagon has 
agreed to trim for 1986 was more 
than (he amount of the cuts that 
had been sought by the Office of 
Ma n a geme nt and Budget 

The budget office and some of 
Mr. Reagan’s economic advisers 
had supported military spending 
cuts of 558 billion over die next 
three years. Siding with Mr. Wein- 
berger, the president instead ap- 
proved cuts of about 528.1 billion, 
although the next fiscal year's re- 
duction would be higher than what 
the budget office had requested. 


Mr. Reagan said the reduction 
volunteered by the Defense De- 
partment had been achieved with- 
out jeopardizing military needs or 
national security. 

“Now to go beyond that and just 
simply say cm a matter erf dollars, 
we’re going to take more dollars 
regardless, is very risky," he said. 
“Because the Defense Department, 


Dole's concerns, the president justify the existence of their organi- 
the senator had been, reflecting a rations and their jots. 


frustration based an the mistaken 
perception that the Reagan admin- 
istration was intransigent on the 
possibility of larger military cuts. 
Instead, Mr. Reagan said, critics 
would see where the administration 
had cut its spending proposals. 

But beyond that," he warned. 


that’s the one budget that is dictat- “if there is reluctance, as there has 
ed by people outside the United b$en for four years now in the Con- 


States. 

“You can’t ignore what ’other 
people are doing, other possible ad- 
versaries; with regard to your own 
defense spending/’ he said. 

Mr. Reagan gid that once legis- 
lators had a chance to see and tear 
the administration's explanation, 
they are “going to see that there 
isn't much more to get there." 

“We’ve squeezed that apple pret- 
ty good,” he said. 

Attempting to minimize Mr. 


gress to go as far as we want to j 
reducing the growth in 
spending, then we take our case to 
the people and explain to the peo- 
ple what it is we are trying to do 
and why we have to do it." 

Mr. Reagan also renewed his 
criticism of the leaders of some 
black organizations for failing, he 
said, to acknowledge the accom- 
plishments of his administration. 

The president asserted that those 
leaders, whom he declined to iden- 
tify. painted a negative picture to 


Mr. Reagan added: 

“Some individuals who bare po- 
sitions in organizations that have 
been created for whatever purpose, 
to rectify some ill, then, once that 
gets going, they’re reluctant to ad- 
mit how much they have achieved, 
because it might reveal then that 
there is no longer a need for that 
particular organization, which 
would mean no longer a need far 
their job." 

“So," he said, “there’s a tenden- 
cy to keep the people stirred up as if 
the cause still exists.'’ 

Mr. Reagan had asserted, in a 
s imilar interview two weeks ago. 
that some black leaders were "com- 
mitted politically," to the Demo- 
cratic Pany and had distorted his 
record to “keep their constituency 
aggrieved." Those assertions drew 
a sharp rebuttal from several per- 
sons representing black and civil 
rights organizations. 


Reagan Changes 'Music , 9 
Now Would 'Rock 9 U.S. 


By George Skelton 

Las Angela Tima Service 

WASHINGTON — President 
Ronald Reagan has told a gather- 
ing of 3,000 of his top appointees 
that he intends to “change America 
forever” during the next four years. 

Although his administration 
played “great and beautiful music" 
during his first term, Trom hereon 
it’s shake, rattle and roll,” the presi- 
dent said Friday, borrowing the 
words of a 1950s rock-and-roll 
song by Bill Haley and the Comets. 

The While House took over Con- 
stitution Hall, owned by the 
Daughters of the American Revo- 
lution. so Mr. Reagan could deliver 
a pep talk at the halftime of his 
presidency. Among those in the au- 
dience were members of his cabinet 
and his senior advisers. 

Mr. Reagan sought to assure 
them that, although he is a political 
“lame dud:.” legally barred from 
seeking re-election, he does not in- 
tend to ease up during his last four 
years in office: 

“There’s an understandable ten- 
dency when a second term begins 
to think that all of our great work is 
behind us. that the big battles have 
been fought and all tne rest is anti- 
dimax," Mr. Reagan admonished 
his audience: “Well, that’s not true. 
What has -gone before is prologue. 
Our greatest battles lie ahead. All is 
newness now, the possibility of 
great and fundamental change. 


The case has attracted national 

Ontario Minister 

ing in from around the country. wr* Tl - - t» li 
Mr. Morgenthau said that the WlIlS UaTty rOll 
grand jury had been asked to con- _/ _ 

ader indictments on four counts of f 01 * j>| gw JuC&QCr 
attempted murder, four of assault. 


four of reckless eodangenneut and 
a count of criminal possession of a 
weapon more serious than the ones 
cm which he was indicted. 

The grand jury voted to indict 
Mr. Goetz only on three lesser 
weapons charges, including two for 
possession of guns that be kepr in 
his home, a 38-caliber revolver and 
a 9mm Luger. 

Although Mr. Goetz did not tes- 
tify before the grand jury, the panel 
saw a videotaped confession in 
which he stud that he had intended 
to loll the four young men and that 
he had not stopped shooting until 
he had run out of ammunition. 

The four men, who are from the 
Bronx, all have criminal records, 
many for subway crimes. Three of 
them carried sharpened screwdriv- 
ers at the time of the shooting. 

The most seriously wounded of 
the four, Darrel Cabey, 19. has 
been in a coma for 16 days and is 
breathing with the aid of a respira- 
tor. 

Mr. Goetz's second lawyer, Jo- 
seph Kelner, said Mr. Goetz was 
“not gloating" but was “humbly 
grateful for what had occurred and 
he has expressed satisfaction" with 
the grand jury ruling. 


New York Tima Service 

TORONTO — The _ 
Progressive Conservative 
Ontario has elected Frank Miller, 
the province's industry minister, as 
its new party leader. 

Mr. Miller, 57, who was elected 
Saturday and is expected to be 
sworn in in the next week at two, 
thus will become premia: of Ontar- 
io, Canada's most populous and 
economically powerful province. 
He is considered the most conser- 
vative of four candidates running 
to succeed William Davis, 55, who 
announced in October he would 
retire after 14 years in office. 

A former car dealer, Mr. Miller 
has held four cabinet posts under 
Mr. Davis. He is in favor of ending 
the minimum wage, rent controls 
and rules prohibiting doctors from 

rhnqring more than limi ts set unrig 

the nation’s medical insurance sys- 
tem. “We must dear the way for 
enterprise:" he said Friday. 

Mr. Miller was elected on the 
third ballot of party delegates un- 
der a voting system in which the 
last-place finisher in each vote 
drops ouL He won 869 votes to 792 
against Lany Grosman, the pro- 
vincial treasurer. 


ent. 



The Associated Press 

WASHINGTON — U& postal 
ales for mail sent abroad will be 
aired by about 10 percent on Feb. 
.7, the game day that domestic 
«es go up. the Postal Service &tid 
Tiday. The basic international air- 
oaO rale for letters will increase 
rom 40 cents to 44 cents. 


y 


In Athens 

there’s one luxury hotel the rest are judged by 

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“We can change America forev- 
er. That's some great and beautiful 
music we’ve beat playing the past 
four years — but the way I see it, 
from here mi it's shake, rattle and 
rolL” 

In a rare switch for Mr. Reagan, 
whose oratorical skills have earned 
him a reputation as “the great com- 
municator.” this was a speech with 
words far more spirited than the 
delivery. The president spoke calm- 
ly, almost in a monotone, reflecting 
his obviously relaxed mood. He 
made snowballs and threw them at 
a tree both as he left and returned 
from the White House. 

The most fiery speeches came 
from Mr. Reagan’s cabinet officers 
and advisers, 19 of whom were 
seated side by side on the stage 
behind the president and spoke be- 
fore he armed. 

: The presidential counselor, Ed- 
win Meese 3d, who has been nomi- 
nated to become attorney general, 
called on the administration during 
the second term to “institutionalize 
the Reagan revolution so it can’t be 
set aside no matter what happens in 
future presidential elections." 

Mr. Meese said the administra- 
tion should try to emulate, in effec- 
tiveness, the presidency of Franklin 
D. Roosevelt, whose New Deal pol- 
icies, he panted out, lasted half a 
century. 

Secretary of State George P. 
Shultz said Mr. Reagan may be 
regarded by historians as “a water- 
shed" president because, with bis 
conservative philosophy, he has 
changed the U.S. publics “way of 
(‘linking." 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28, 1985 


Search for Security: The Case for the Strategic Defense Initiative 






Zbigniew Brzezinski, professor of government 
at Columbia University and senior adviser at the 
Center for Strategic and International Studies at 
Georgetown University, was national security ad- 
viser under President Jimmy Cater. Robert Jas- 
trow. a physicist and professor of earth sciences at 
Dartmouth, is the founder of the Goddard Institute 
for Space Studies. Max M. Kampelman, a Wash- 
ington lawyer, was ambassador to the Conference 
on Security and Cooperation in Europe under 
Presidents Carter and Ronald Reagan and has 
been named to head the U.S. delegation to the new 
arms control talks with the Soviet Union. In a 
reaction to this article in The New York Times 
Magazine, Tass, the Soviet press agency, charac- 
terized Mr. Kampelman as a hard-liner on U.S.- 
Soviet relations who would treat the negotiations 
“skeptically . " Each author contributed individual 
sections to this article, which they edited and 
wrote jointly. 


By Zbigniew Brzezinski, 
Robert Jastrow, 
and Max M. Kampelman 


New York Times Service 

N EW YORK — Faith moves mountains. 
When it is in eternal religious values, 
faith is an indispensable strength of the 
human spirit. When it is directed toward politi- 
cal choices, it is often an excuse for an analytic 
paralysis. 

Regrettably, our national debate over Presi- 
dent Ronald Reagan’s suggestion that the coun- 
try develop a strategic defense against a Soviet 
nuclear attack is taking on a theological dimen- 
aon that has no place in a realistic search for a 
path out of the world’s dilemma. The idea of 
basing our security on the ability to defend 
ourselves deserves serious consideration. Cer- 
tainly, the role of strategic defense was a major 
issue in the recent dialogue in Geneva between 
Secretary of State George P. Shultz and Foreign 
Minister Andrei A. Gromyko of Russia on new 
arms control negotiations. 

For many years, our search for security has 
been restricted to designing offensive weapons 
to deter aggression through fear of reprisals. We 
must not abandon nuclear deterrence until we 
are convinced that a better means is at hand. Bui 
we cannot deny that, for both the Soviet Union 
and the United States, the costs, insecurities and 
tensions surrounding this search for newer, 
more effective and more accurate nuclear mis- 
siles produce a profound unease that in itself 
undermines stability. 

The conventional view is that stability in the 
nuclear age is based on two contradictory pur- 
suits: the acquisition of Increasingly efficient 
nuclear weapons and the negotiation of limits 
and reductions in such weapons. The United 
Slates is diligently pursuing both objectives, but 
the complexity of arriving at effectual aims 
control agreements is becoming apparent as 
more precise and mobile weapons, with multiple 
warheads, appear on both sides. Unlike ours, 
moreover, many Soviet missile silos are reloada- 
ble, and thus the number of silos does not 
indicate the number of missiles, further compli- 
cating verification. 


\\ T E must never ignore the reality that 
%»/ the overwhelming majority of the Sovi- 
Yt et strategic forces is composed of pri- 
marily First-strike weaponry. And given the 
large numbers of fust-strike Soviet SS-17. -18 
and -19 land-based missiles, no responsible 
American leader can make decisions about se- 
curity needs without acknowledging that a Sovi- 
et first strike can become a practical option. 

The Russians could strike us first by firing the 
reloadable portion of their nuclear arsenal at 
our missil es, the Strategic Air Co mman d and 
nuclear submarine bases, and if the surviving 
U.S. forces, essentially nuclear submarine* 
were to respond, the Russians could immediate- 
ly counter oy attacking our cities with missiles 
from nonreloadable sQos and, a few hours later, 
with whatever of their first-strike reloadable 
weapons had survived our counterattack. They 
are set up for bunching three salvos to our one. 

To us, this catastrophic exchange is unthink- 
able. But, with the strong probability that the 
U.S. response would be badly crippled at the 
outset by a Soviet strike, some Russian leader 
could someday well consider such a potential 
cost bearable in the light of the resulting “vic- 
tory" Furthermore, such an analysis might well 
anticipate that an American president, knowing 
that a strike against our cities would inevitably 
follow our response to a Soviet first strike, might 


choose to avoid such a catastrophe by making 
important political concessions. No responsible 


important political concessions. No responsible 
U.S. president can permit this country to have 
to live under such a threat, not to speak of the 
hypothetical danger of having to choose either 
annihila tion or submission to nuclear black- 
mail. Hence the understandable and continual 
drive for more effective offensive missiles to 
provide greater deterrence. 

The result is that weapons technology is shap- 
ing an increasingly precarious U.S.-Soviet stra- 
tegic relationship. For this reason, we urge seri- 
ous consideration be given to whether some 
form of Strategic Defense Initiative (SDI) might 
not be stabilizing, enhanrin g to deterrence and 
even helpful to arms control To that end, we 
address the major issues in strategic defense 
from three points of view: 


(15 The technical : Isa defense against missiles 
dwicaOv and budgetarOy feasible? 


technically and budgetarily feasible? 

( 2 ) The strategic: Is a defense against missiles 
strategically desirable? Does it enhance or di- 
minish stability? Does it enhance or dimmish 
the prospects for arms control and a nuclear- 
weapons build-down? 

(3) The political; What are the political impli- 
cations of strategic defense for our own country 
and for our relations with our allies? What are 
the implications for the larger dimensions of our 
relationship with the Sonnet Union? How do we 
seek the needed domestic consensus on a viable 
strategy? 


A great deal has been written about the 
stale of missile-defense technology. 
Some experts say the technology sought 
is unattainable, others that it is merely unattain- 
able in this generation. Yet the promise of the 
Strategic Defense Initiative is real Some of the 
technologies are mature and unexotic. Their 
deployment around the aid of this decade 
would involve mainly engineering development 
Technically, these vital defenses could be in 
place at this moment were it not for the con- 
straints accepted by (he United States in its 
adherence to the anii-ballistic missile treaty of 
1972. 

With development and some additional re- 
search, we can now construct and deploy a two- 
layer or double-screen defense, which can be in 
place by the eariy 1990s at a cost we estimate to 
be somewhere in the neighborhood of S6Q bil- 
lion. A conservative estimate of the effective- 
ness of each layer would be 70 percent. The 
combined effectiveness of the two layers would 
be over 90 percent: Less than one Soviet war- 
head in 10 would reach its target — more than 
sufficient to discourage Soviet leaders from any 
thought of achieving a successful first strike. 

The first layer in the two-layer defense system 
— the “boosi-pha.se" defense — would go into 
effect as a Soviet first-strike missile, or "boost- 


can an interested public be expected to resolve safety cannot depend on our having no defense 
disputes among experts as to questions of tech- against missiles. Tnc proper role of government 


19 - - - _ _ ^ 


disputes among experts as to questions ot teen- agamsi nuasuo. » « w 

niol feasibility. The current debate over Presi- is to protect the country from aggression, not 







1 Groutitf-BaMd 
1 Short Wavotangth 
' Laser 


Tracking 
Satefllte S 

c>2» C 1 — 
c 


OibMngChemal 
Laser. Ran Gun or 
Neutral Particle 
Beam Wesson 


nmi ICMlMUliilv. I |1C V HI ILUI uv L>biv — — ■ — , ( - '« . 

dent R eagan’ s initiative for a strategic defense merely avenge iL ft is astounding that a prea- 

program buffers from that conflict among scien- dent should be faulted 

nstT It is important to clarify this issue. an approach that will protect. us from the con- 


Decoys and 
ChaH 



Submarine- 

Based 

X-ray 

Laser 


tists. It is important to clarify this issue. 

We can begin a two- tiered strategic defense 
that would protect co mmand structure as well 
as our missiles and silos and thus discourage any 
thoughts by the Soviet military that a first-strike 
effort would be effective. Some within the scien- 
tific co mmuni ty minimize the importance of 
thu technical feasibility and emphasize instead 
the view- that it is scientifically impossible today 


tinual threats and terrors coming from the vola- 
tile vagaries of adventurism and miscalculation. 


to proride a strategic defense that will protect 
our cities. Such a broad defense of populations 


the leaders of our government have a responsi- 
bility to seek defense alternatives designed to 
complicate and frustrate aggression by our ad- 
versaries. The very injection of doubt into their 


Terminal interception 


“O" Warhvad 
Shrapnel \\ 


J . f.. -i . , . - - i ' YUbfUIO. UK VWIJ llhvwmvu tmv Uitii 

t SS. «***- «*i-i u» * t-ta. 


Launcher 





Enemy H 
Launching 


V\v 


Tl<* Nr- Tir 


A Space-Based Defense System: How It Would Work 


society to keep in mind the rising tide of techni- 
cal and scientific advances so rapidly over- 
whelming the 20th century. 

The “impossible" is a concept we should use 
with great hesitation. It is foolhardy to predict 
the timing of innovations. We are persuaded 
that the laws of physics do not in any way 
prevent the technical requirements of a defen- 
sive shield that would protect populations as 
well as weapons. A total shield should remain 
our ulti mate objective, but there is every reason 
for us to explore transitional defenses, particu- 
larly because the one we have disc u ssed would 
serve to deter the dangers of a first strike. 
Defenses against ballistic missiles can be effec- 


tion and deterrence. It may not be possible to 
destroy the world's ballistic missiles, but if we 
can return them to the status of a retaliatory 
deterrent rather than a pre-emptive strike we 
will have reduced the need for die existing large 
arsenal and thereby the threat of war. 

The argument has been made that the SDI is 
politically harmful because our North Atlantic 
Treaty Organization allies have not received the 
initiative with enthusiasm. Their skepticism is 
an understandable initial reaction. Fust of all, 
our allies were taken by surprise by the presi- 
dent's March proposal of a Strategic Defense 
Initiative. At times, secret discussions are neoes- 


for rius rs nearly m hand. fcraTcorSuItauon. turttermore. Euripean 


Proposals for a space-based missile- 
defense system are in an early phase 
of research. Several possibilities are 
illustrated above. Ground-based la- 
sers, probably the easiest system to 
maintain and defend, would rely on 
satellite-mounted relay mirrors to 
guide their beams over the horizon. 
But the tracking of warheads by 
satellite could be complicated by 


such countermeasures as the de- 
ployment of decoys and radar-con- 
fusing chaff. Such nonnuclear 
weapons as chemical lasers, rail 
guns or neutral particle b eams 
would be placed in orbit to respond 
to enemy attack. They would have 
to be deployed in large numbers, bat 
highly polished coatings on enemy 
warheads might deflect much of 


their power. X-ray lasers would be 
triggered by nuclear explosion after 
being launch ed from submarines, 
for example; each laser could dam- 
age dozens of miss iles. Terminal 
interceptions would be designed to 
block whatever warheads made their 
way through the screen. A projectile 
or cloud of shrapnel would be guid- 
ed to destroy the incoming warhead. 


political leaders feel under great pressure riooi 

S OCIETY must also not forget that ever an activist peace movement that emphasfrrs 
‘rinfie the beginning of the scientific age, traditional arms control negotiations as a major 
the organized scientific c ommuni ty has objective. A new approach, which the Ru ssia n s 


Ly the organized scientific c ommuni ty has objective. A new appro ach,^ which (he Ru ssia n s 
ool had a particularly good record of predicting criticize as hostile, is, therefore, looked upon as 


developments that were not pan of the common troubling, regardless of its merit. 


wisdom of the day. In 1926, for example. A. W. 
Bickerton, 3 British scientist, said it was scientif- 
ically impossible to send a rocket (o the moon. 
In the weapons field, a U-5. admir al, William D. 


As to the substance of the initiative, coupling 
our national security interest with that of our 
allies is a foundation of NATO defense. Any 
tendency toward decoupling produces great 


Leah y, rold President Harry S. Truman in 1 945: concern on their part. Western European lead- 
“That [atomic] bomb will never go off. and I ers look upon all security proposals with that 

- 1. A ..4 T\— mftfniVA in mi'wd Should A rm>nr*fl 


speak as an expert in explosives." And Dr. criterion in mind. Should America te chn ica l l y 


er," carrying multiple warheads rises above the ties for ground-control communications and doing. But how many of such systems will be 


Vann evar Bush, who directed the government’s succeed in providing a shield against missiles. 


atmosphere at the beginning of its trajectory, battle management. 


This boost-phase defense, based on interception The techno 


and destruction by nonnuclear projectiles, could be a small, nonnuclear homing intercep- 
would depend on satellites for the surveillance tor with a heat-seeking sensor, which would be 


it. needed in the likely conditions of the next de- 

used for the terminal defense cade? If Soviet strategic forces continue to grow 
no nnuclear homing intercep- both quantitatively and qualitatively, our coun- 


World War II science effort, said after the war Europeans wonder whether they would then nor 
that he rejected the talk “about a 3,000-mile be left in an exposed position, faring a superior 


rocket shot from one continent to the other Soviet conventional military force. 


carrying an atomic bomb . . . and we can leave The concerns may be understandable, but 


of the Soviet missile Add and the tracking of launched by a rocket wei 
missiles as they rose from their silos. These and costing a few million 


try wifi have to deploy, at enormous cost, proba- «•» out or our umnon^ in me straienc area, 
hlv no fewer ihanl .500 to 1000 mobile Mideet- * lat * as »?65, the capable Secretary of Defense 


one to two tons bly no fewer than 1 .500 to 2,000 mobile Midget' 


that' out of our thinking.” In the strategic area, will diminish with time and discussion. First of 
as late as 1965. the capable Secretary of Defense all. President Reagan's call for strategic defense 


liars each. Imercep- 


operations could only be carried out from space tion would take place above the atmosphere, if 
platforms orbiting over the Soviet Union. Be- possible, to give wider “area" protection to the 


torn to Dreserve detmraoe. How w^ they be Robert S. McNamari wrote: “The* is no indi- brought the Russians back to the Geneva nego- ■- 

dq^Wbrf Asd . co*? And wU "“£*»*» “g »' £ 
the Soviet Union and the United States be more siraiegic iorce as large as our own 


cause they are weightless in orbit, such plat- terrain below. These heat-: 
forms could be protected against attack by can be available for deplq 
heavy armor, onboard weapons and manaiver- years if a decision is reat 
ability. course. One concept for I 

After the booster has burned out and fallen tested successfully in June 
away, the warheads arc through space on their partment, when an intereq. 
way to the United States. The second layer of in on an oncoming warhead at an altitude of 100 
the defense — the terminal defense — comes miles (160 kDometers) and destroyed it 
into play as the warheads descend. Interception The technology for a t erminal defense within 
would be at considerable altitude, above tire the atmosphere would be somewhat different, 
atmosphere if possible. This second phase re- but would probably also depend on heat-seek- 
quires further engine ering, already under way, mg missiles The cost of ti 
because interception above the atmosphere defense would be about $1! 
makes it difficult to discriminate between real $10 billion for 5,000 interne: 
warheads and decoys. In the interim, intercep- for 10 aircraft carrying insti 
tion can take place in the atmosphere, where of the Soviet warheads, 
differences in air drag separate warheads from The estimated 560 biffio 
decoys. In either event, destruction of the war- defense is a ball-park figun 
heads would take place at sufficiently high alti- er, even with its uncertain 


■aiegic force as large as our own." become increasingly evident to on r friends, as 

Our debate and our discussion, furthomore, some of the confusion about the technology 


■isawss 

is reached to follow that Son? The Soviet answer is dear: The Russians always understood the need for defenses, are to pn^ite unmwsurabty stra^te« 


*£**&**£ doing in space. They have spent more on strale- our p<^ to ^ and thereby se^^r^ 
leadershin and oftheir kev facilities bv harden- B» c defensive forces since the anu-bjstic mis- our allies Indeeisuch a system is expired to 

sile (ABM) treatv was signed in 1972 than on be at least as effective against the SS-2us aimed 

« -- p . -pl ■ tl-. ■- __ irax. 


tested successfully in June by the Defense De- leadership and of their key facilities by h a rden 
partment. when an intercepting missile zeroed ing, dispersal and deception. 


TTtissecond traditional alternative, mutual strategy offensive forces. Their anti-satdhte at Western Europe as it is against OMs. 
assured destruction, cannot be an acceptable, program began nearly two decades ago. The Finally, a development pulling the world away 
long-run option, although it is a necessary po- Soviet mihiaiy is now woriong aggressively on a from the precipice of nudear terror goes farm 


^inreSSreof^^ton^tiv^^Si the nationwide missile-defense system; and it now help create an encouraging atmosphoe for dia- 


terror goes far to — 


£ SuOS. SbSSFnZTZi iPP^ to - *** «*bfc AC bv *** agreement, a vital prerequisite for 

ing missiles. The cost of this lominalkyer of third option, the Strategy onSutual Security. the uoim try not only a^nst airaaf t, P<*ce. _ ^ ™ 


defense would be about $15 billion and indude 
$10 billion for 5.000 interceptors, plus $S billion 
for 10 aircraft carrying instruments for tracking 
of the Soviet warheads. 

The estimated 560 billion for this two-layer 
defense is a bail-park figure, of course. Howev- 
er, even with its uncertainties, it is surely an 


defending the country not only against aircraft, peace. 

must b£«plored m “^rferablrc The combh£ but also many rypes of ballistic missiles. Clearly, In light of the above, we reach two basic 

tion of defense against space missiles with ratal- the Soviet workrn strategic defense has taken collusions: 

iatory offense bSWeSances deterrence. p la “ “*■» of ABM treaty protons. The (1) Developing a ^tabfcmg, limited tjro-hff 
And ii does not compromise stability, even if large radar ^inflation m central Siberia at- strategic defease cagihlity is demble and 
only the United States trere initially to have that treaty with us. Yet the caltei for by the Btdy slrat^c condinousim- 

such a strategic defense. The deployment of the planning for it must have begun many years ago. medratdy aWSucha deployment wodd be 


mediately 


the likeiy sin 
ad. Such a d 


pc conditions im- 
oyment would be 


systems described above would not give us abso recent Geneva meeting must beconsid- helpful both in the military and in the 

lure nmtection from Soviet retaliation against a *** a «!|« productive result of President dimensions. It is a proper response to 


tudes, above 100,000 feet (30,500 meters), so affordable outlay for protecting our country 
that there would be no ground damage from brim a nuclear first strike. 


on from Soviet retaliation a gains t a 


by an intercepting missile. 

Of the two layers in the defense, the boost ■ option to tnosewno place all mar eggs in 
phase js by far the most important. It would X the aims control basket and undoSti- 

prevent the Russians from, concentrating tar one (he immense difficulty of attaining an 
warteads on such high pnonp targets as the eff^g ^ ^ verifiable pact hUalso not 
natiOT^tommand aulhmity (tire cham ofram- appealing to ^ wedded to^idea that it is 
mand, btpnnmgwith the presidait, for order- S^Ssurc survival by simply mrint.ining 
a nirelear strike), key intercontinental ballis- the perflous balance of tmwSeen the Uni? 

^ ** Soviet Union. We favor ener- 

berause tihey could not predict which booster g etical j y arms control negotiations 

2 “I* de “ cre^lTdete^to 

ana get inrougn. these options by themselves are onfortunatdy 

not as likely to provide a more secure future as 
HIS fact is important. Simply a so-called the alternative strategy of mutual security com- 
“poim defense" of our missile silos, it has bining defense against missiles with retaliatory 
been suggested, would be sufficient to offense. 

much of the credibility of our land-based The simplest and most appealing option, 
nt, now compromised by 6.000 Soviet quire naturally, is comprehensive arms control 
warheads. It is particularly necessar y to Large reductions in both launchers and wai- 
i tha 5Sfl yflns re maining rwir Minnfamq n- heads, as well as effective restrictions on surrep- 
ds, of which 300 have the highly precise titious deployment or qualitative unprove- 
I2A warheads. There are tire only missiks meats, would enhance nudear stability and 
possession of the United States with the produce greater mutual confidence. It would, if 


T O be sure, the above is not an attractive 
option to those who place all their eggs in 
the arms control basket and underesti- 


H3S fact is important. Simply a so-called 


possible rust strike by us, a reasonablethougfa Reagan’s March 1983 speech announcing that tenge posed by political uncertainties and the 
misplaced Soviet concern. Furthermore, the we would begin devdopmg a i strategic defense dynamo of wrapon^e^opmenLThe two- 
Russians know we are not deploying first-strike autiativ& We are reminded that in 1967 Pres- layered ddensedesenbed here canbe deployed 
counterforce systems in suSriit numbers to Jent Lyndon B Johnson proposed to fame ^the earty Americans will rest raster 
make a first strike bv us feasible. In any case. Minister Alexei N. Kosygin a ban on ABMs, when that Imuted defense is in place, font wffl 
one can be quite certain that the Russians will whi£ * was flatly rejected. In 1969. President mean that the prospect of a Soviet first strike is 
also be moving to acquire an enhanced strategic Richard M. Nixon proposed to Ae Congress almost nfl. J 

defense, even if they do not accent Presidrat ^at our country begm such an ABM program, (2) A three- or four-layer defense, nsmg such 
Reagan’s offer to stare ours. Indeed, they are Russians showed little desire to join advanced technologies as the laser now under 

doing so now and have been for some time. “ prohibiting such weapons. Shortly after investigation in the research phase of the Strain 

Congress approved that program, the Russians gic Defense Initiative, may become a reality by 
AS our strategic space-defense initiative ex- embraced the idea of an ABM treaty. Had our the end of the century. If this research shows an 
L\ pands incrementally, it should be realis- government not announced its SDI program, we advanced system to be practical, its deployment 
XjL ticaDy possible to scale down our offen- might still be in the cold storage of the Soviet may well boost the efficiency of our defense to a 
sive forces. Such a transition, first of the United freeze precipitated by their walking out of the level so close to perfection as to signal a final 
States and eventually of the Soviet Union, into a Geneva negotiations. end to the era of nudear ballistic missiles. A 


genuinely defensive posture, with neither ride Arms control has been said to be at a dead research program offering such enormous 


poring a first-strike threat to the other, would end, and the stalemate has reflected an impasse lenbai gains m our security must be pursued, m 
not only be stabilizing but it would also be most in thought and in conception. Our present po- spite of the fact that a successful outcome can- 
helpful to the pursuit of more far-reaching aims licy requires both us and the Soviet Union to not be assured at this juncture, 
control agreements. Strategic defense would rely on a theory of mutual annihilation based on The current debate is necessary. There are 
compensate for the inevitable difficulties of ver- a strategic balance of offensive weapons. Tbe many questions, technical and political, ahead 
ification and for the absence of genuine trust by U.S. approach has been to depend on deterrence of us. For the debate to be constructive, hcfwev- 
pernutting some risk-taking in such agreements, alone and not on defending ourselves from er, we must overcome the tendency to politicize 
This is another reason why strategic defense Soviet offensive weapons, while the Russians it on a partisan basis. Our objectives should be 
should not be traded in the forthcoming negoti- have made it clear by their actions that they to find a way out of tbe current maze of world 
atioos in return for promises that can be broken intend to defend themselves against our mis- terror. The president's initiative toward that end 
at any time. riles. In any event, what is clear is that mankind is a major contribution to arms control and 


m our security must be 


restore much of the credibility of our land-based 
deterrent, now compromised by 6.000 Soviet 
ICBM warheads. It is particularly necessary to 
protect the 550 silos containing our Minuteman- 
3 ICBMs, of which 300 have the highly precise 
Mark- 12A warheads. These are the only missiks 
in the possession of the United Slates with the 


combination of yield and accuracy reqaired to properly negotiated and effectively monitored, 
destroy hardened Soviet militar y sites and the enhance mutual survival. 


1,500 hardened bunkers that would shelter the 
Soviet leadership. But tear very importance to 
us illustrates the difficulty of a pomt defense, 
because the value of the silos to us means they 
will be among the highest priority targets in any 
Soviet first strike. The Russians can overwhelm 


How likely is such a future? Some progress in 
arms control is probably possible, but genuinely 
effective aims control would require that: (1) 
there be a restraint imposed on qualitative 
weapons enhancement; (2) mobile systems, rela- 
tively easy to deploy secretly, be subject to some 


any point defense we place around those silos, if form of direct verification; (3) a method be 


they wish to do so, by allocating large numbers 
of warheads to these critical targets. But if we 
include a boost-phase defense to destroy their 
warheads at the time of firing, their objective 
becomes enormously more difficult to accom- 
plish. 


devised for distinguishing nuclear- armed and 
nonnuclear cruise missies; and (4) monitoring 
arrangements be devised for preventing surrep- 
titious development, testing and deployment of 
new systems. So far, the Soviet record of compli- 
ance with the SALT-1 and SALT-2 accords is 


The boost-phase defense has still another sufficiently troubling to warrant skepticism re- 
advantage. It could effectively contend with the garding the likelihood of implementing any 


menace of the Soviet SS-18s, monster missiles 
twice the sire of the 97 J- ton MX. Each SS-18 
carries 10 warheads, but probably could be 
loaded with up to 30. The Russians could thus 
add thousands of ICBM warheads to their arse- 
nal at relatively modest cost. With numbers like 
that, the costs favor the Russians. But a boost- 
phase defense can eliminate all a missile’s war- 


such complex and far-reaching agreement. 

Moreover, such an agreement would have to 
recognize that it is no longer possible to l im it 
space-based systems without imposing a simul- 
taneous limit, along the above lines, on tores tri- 
ally deployed systems, which present the greater 
threat to survival. After all the space-based 
defenses include no weapons of mass destiuo- 


beads at one time — an effective response to the. tion and no nudear weapons. And it should be 


SS-18 problem. some cause for concern to note the Soviet insis- 

The likely technology for an eariy use of the tence on prohibiting space-based defensive sys~ 
boost-phase defense would use “smart" nonnu- terns, tbe only method now available to inhibit 
clear projectiles that home in on the target, the first-strike use of land-based Soviet off en- 
uring radar or beat waves, and destroy it cm rive systems, 
impact. The technology is dose at hand and 

need not wait for the availability of the more - , _ ... . , ... 

devastating but less mature technologies of the 

laser, the neutral particle beam or tfiedectro- P hmtrng both quah- 

magnetic rail guiL The interceptor rocket for i ^ res Pe ctI « 

thiseariy boost-phase defense could be derived “R f ^ ^ 

Iron, foatwaiLoo. b, 


of thfe more . n . 

Jooes of the ■ 1 mally, a comprehensive and genuinely 
■ the electro- W' v “V 1 »M e agreement, limiting both quah- 
i tativelv and Quantitativdv the resnective 


available, or the technology of and-satdlite mis- ™ currently exists^ Negotiations may lead to 
c Vc r. -T-tlTl such improvement, but m tbe set tine of intense 


siles(ASAT) launched from F-I5 aircraft These 
rockets could weigh about 500 pounds (226 


such improvement, but in tbe setting of intense 
and profound geopolitical rivalry, how realistic 


kilograms), the nonnuclear supersonic projee- »»t to oqwrt in the near future aip^otation 
tiKoutlOmxmX sufficient to generate the political will essential 


.uvw, . potm for a genuine breakthrough in arms control 

negotiations? The mere mentions of Afghani- 
NTERCEPTOR rockets would be stored in start, Nicaragua, Sakhar ov and Soviet violations 


I NTERCEPTOR rockets would be stored in stan, Nicaragua, 
pods cm satellites and fired from space. The of the humanitarian 
tracking information needed to aim tbe Final Act dramatize 


tracking information needed to aim the Final Act dramatize r 

rockets would also be acquired from satellites There may be no direct negotiating*^ Unkagp 
orbiting over the Soviet missile fields. Tbe so- between these acts of Soviet misconduct and 


r visions of the Helsinki 
depths of the problem. 


called space weapons of strategic defense are arms control but their political interaction is 
indispensable for the crucial boost-phase de- evident. 


fense. To eliminate them would destroy the 
usefulness of the defense. 


Hiis is why there is currently such an empha- 
sis on maintaining peace via the doctrine of 


We estimate that the cost of establishing such deterrence based on mutual assured destruction, 
a boost-phase defense by the early 1990s would called MAD. But what does this mean in an age 


be roughly $45 billion. That price tag includes when weapons are becoming incredibly precise, 
100 satellites, each holding 150 interceptors, mobile and difficult to count? In the absence of 


sufficient to counter a mass Soviet attack from a miraculous breakthrough in arms control, the 
their 1.400 silos, plus four geosynchronous sat- only possible protection within the framework 



ellites and 10 low-altitude satellites dedicated to of the deterrence approach is to stockpile more 
.surveillance and tracking, plus the cost of farili- offensive systems. This is in pan what we are 


;im auo«j*j P - *™ 

President Reagan and Vice President George Bush, seated, tors. From left are Max M. Kampelman. who heads the 
met Tuesday at the White House with US. arms negotia- delegation. John G. Tower and Maynard W. Glitmsn. 


^"Risic * 


an-. 

fi. 






- \ 


- w. . <-.• I 




INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28, 198S 


Page 5 


cou: 

. ,8a w alien? W 

«CT*SSg 


India Celebrates Unity 
Amid Heavy Security at 
Parade in New Delhi 






ss§ 


SSft* it 


■Z. 

•i SfcRL 

'.r^-snS 

r *■• ■'r’.vr'c, 

, 

■: r^-- 


!„ \- 


By Steven R. Weisman 

New York Tima Service 

NEW DELHI — As usual, ele- 
phants in biD owing satin blankets 
carried children who had won 
awards for heroism. Helicopters 
Qew by. showering the delighted 
crowd with marigold and rose pet- 
als. Dancers marched to the music 
of bells and drams. 

Hundreds of thousands of peo- 
ple lined the streets here as military 
bands in scarlet uniforms marched 
by. Tanks were followed by rocket 
launchers and missiles. A caravan 
of camels wearing brass anklets 
carried men in white tunics and red 
turbans holding semiautomatic ri- 
fles. 

But at Saturday’s annual Repub- 
lic Day parade in the Indian capi- 
tal, there also were signs that the 
national unity bang celebrated was 
bring tested as never before. Secu- 
rity was tighter than il has ever 
been, according to people who have 
been coming to the parade for 
years. 

In the past, for example, the In- 
dian president has arrived in an 
open horse-drawn carriage to take 
hi* place at (he reviewing stand. 
This year, President Zail Singh 
drove up in a six-door bulletproof 
Mercedes-Benz limousine. 

In another departure from tradi- 
tion, the tanks did not turn the 
barrels of their guns toward the 
reviewing stand, where Mr. Singh 
sat with Prime Minister Rajiv Gan- 
dhi and other dignitaries. Ins tead, 
the tanks raised and that dij 
their guns straight ahead as 


L“. ' '". i - 


C r " 






In addition, every person in the 
huge crowd was frisked or mad* 10 
walk through a metal detector be- 
fore the parade. 

The security was a sign of the 
uneasiness that has lingered after 
the assassination Oct. 31 of Prime 
Minister Indira Gandhi by giinmm 
identified as Sikh members of her 
bodyguard. Her shooting touched 
off riots and other violence, much 
of it directed at Sikhs by Hindus 
enraged over Mrs. Gandhi’s death. 

[The Hindustan Times newspa- 
per reported Saturday that four as- 

- ' care na tion squads were in New 

Delhi to kill Mr. Singh and Mr. 

- Gandhi. The paper quoted intelli- 
gence sources as saying the gunmen 

-ns. had come from India’s Punjab state 
and were trained by Pakistan’s mil- 
•: ’i". itary intelligence organization, 
Reuters reported from New Delhi 
Officials in Islamabad have denied 
*.• :c any such role. 

[Separately, Indian security 
.n. forces have arreted more than 30 
••••_■ a rmed Sikh Extr wniefs in the nnrfh- 
on state of Jammu and Kashmir, 


the Press Trust of India news agen- 
cy reported Sunday. 

{It quoted authoritative sources 
as saying the extremists, aimed 
with rifles, submachine guns and 
ami-tank weapons, were intercept- 
ed during the past two weeks while 
trying to cross the border between 
India and Pakistan. Il said they 
included three leading members of 
an outlawed Sikh students’ group, 
which has been linked by In dian 
officials to a guerrilla struggle for 
an independent Sikh nation in ad- 
joining Punjab state.] 

Many veterans of the Republic 
Day parade said they observed far 
fewer Sikhs in attendance than usu- 
al Hostility between Sikhs and 
Hindus remains corrosive, months 
after the rioting ended. 

Mr. Singh, a Sikh, is a former 
chief minister of Punjab, where a 
Sikh-led separatist movement has 
been suppressed by the Army. 

Because he is an ally of Mr. Gan- 
dhi Mr. Singh has been under par- 
ticular attack from Sikh leaders 
who fed he has betrayed their 
cause. This apparently accounted 
for the especially tight security . 
around him. 

Throughout the country, there 
were parades and festivities to 
commemorate the day 35 years ago 
on which India adopted a constitu- 
tion establishing itself as a repub- 
lic. Traditionally Republic Day is 
India’s biggest day of national cele- 
bration. 

Many came to catch a first 
glimpse of the 40-year-old prime 
minister, who scored a huge elec- 
tion victory last month. “I See him 
because he’s young and a leader of 
young people,” said Ramakar Shet, 
30, a teacher from Goa. “1 think he 
win do anything for us.” 

Mr. Gandhi sat quietly Saturday 
on the reviewing stand. But he 
burst into smil es and applause 
whenever a group of children 
marched by. He and Mr. Singh sat 
with one of the guests at the pa- 
rade, President Raul Alfonsin of 
Argentina. 

■ 5 Leaders Arrive for Talks 

Mr. Alfonsin was among five 
foreign leaders arriving in New 
Delhi for a six-nation summit 
meeting cm nuclear disarmament. 
The Associated Press reported Sat- 
urday from the Indian capital. 

The meeting, beginning Mon- 
day, also is to be attended by lead- 
ers of Greece, Mexico, Sweden and 
Tanzania. 

The aim of the meeting is to 
persuade the superpowers and nu- 
clear powers to freeze production 
and deployment of weapons, begin 
talks on anus reduction and pre- 
vent an arms race in space. 



Taipei Says Writer Was Taiwan Spy , 
Disclaims Any Motive for His Slaying 

By Sreve Lohr critical of Taiwan’s president, hold a public trial of any persons 

Yew York Tuna Service Chiang Ching-kuo. suspected of murdering Mr. Liu, a 

TAIPEI— A senior Taiwan offi- Prosecutors in California have ruling Nationalist Party official 
dal says that Henry Liu. a Chinese- issued an arrest warrant charging a said Saturday, according to a Reu- 
American writer killed in Calif or- purported Taiwan underworld fig- tersreport from Taipei. 

ure. Chen Chi-li, in connection 
with the murder, and the FBI has 
asked that Mr. Chen be extradited 
from Taiwan. 


Prime Munster Rajiv Gandhi of India, 


TNl A a oo utirf ft— 

surrounded 


by 


security men, waved to large crowds as he drove to the 


reviewing stand for the R 


large c 
epubtic 


Day parade in New Delhi. 


nia last October, was a paid 
informant for the Nationalist gov- 
ernment for more than three years 
before his death. 

The official who asked not to be 
identified, said that Mr. Liu sup- 
plied the Taiwan government with 
information about China, mainly 
military intelligence, based cm four 
trips he made to the mainland. 

Earlier, Mr. Liu’s widow, Helen, 
denied reports that her husband 
had been a paid agent of the Tai- 
wan government or an informer for 
the U.S. Federal Bureau of Investi- 
gation. 

The Taiwan official said he was 
making the disclosure to show that 
Mr. Liu was a “complicated identi- 
ty** and that the Taiwan govern- 
ment had no motive to have him 
killed. 


The issue of the Taiwan govern- 
ment’s involvement in the Uu mur- 
der arose from testimony that Mr. 
Chen gave Taiwan investigators on 
Jan. 13, stating that three officials 
in the Military Intelligence Agency 
were involved in the case. The na- 
ture of their involvement has not 
been dkrfncwrf 

Shortly thereafter, the govern- 
ment announced the arrest of Chen 
Hu- men, a colonel in the intelli- 
gence agency, and the suspension 
of Vice Admiral Wang Shi-lin, 
chief of the agency. 

The Taiwan official who do- 
scribed Mr. Uu’s role as an agent 


The official, who asked not to be 

named, said the government was 
determined to proceed with the 
murder case but declined to say 
when the trial would take place. 

Several members of Taiwan's 
parliament have said that unless 
the government moves quickly its 
reputation and its ties with the 
United States could be seriously 
riamaged- 

A subcommittee of the U.S. 
House of Representatives already 
has said it would open hearings 
into Mr. Liu's murder that could 
lead to sanctions against Taiwan. 


Prison Chief Says 


senbed Mr. Liu s role as an agent /Jm/fnS) #« 

said that Mr. Lius last report was a * JUSpCClS 


Ued. handwritten memorandum, dated 9 TP A 1 

Mr. Liu was the author of a book Oct. 1, 1984, d is c u s s i ng Chinese Lflfl t MSG ALCCCptOH 

troop movements along the China- . . 

Vietnam border. United Peas IttmoM 


Debate on U.S. Naval Visits Intensifies 

Australia Urges New Zealand to Honor ANZUS Treaty 


By William Branigin 

Washington Post Service 

SYDNEY — The Labor Party 
governments of Australia and New 
Zealand have publicly aired their 
differences over visits by U.S. nu- 
clear warships, an issue that threat- 
ens to divide the ANZUS alliance 
linking the two countries and the 
United States. 

Prime Minister Bob Hawke of 
Australia, who is preparing 10 visit 
the United States early next month, 
confirmed Friday that he had sent 
a letter recently to Prime Minister 
David Lange of New Zealand, con- 
cerning the ship visits and the alli- 
ance. 

The National Times newspaper 
reported that ibe "strongly worded 
letier” buttressed the UjS. position 
(hat New Zealand’s ban on visits 
by nuclear warships was incompat- 
ible with the ANZUS treaty. Mr. 
Lange was said to have been an- 
noyed by the letter. 

In his statement Friday, Mr. 
Hawke said that although he was 
“concerned at false, misleading and 
damaging reports” about the letter, 
he would not release a copy of it in 
accordance with government prac- 
tice. However, he went on to de- 
scribe the contents of it in some 
detail 

The prime minister said he had 
noted that his government regard- 


ed ANZUS as serving “fundamen- 
tal Australian security interests” 
and supported visits by U.S. war- 
ships under the American policy of 
neither confirming lux’ denying the 
presence on them of nuclear weap- 
ons. 

Mr. Hawke said he told Mr. 
Lange that “we could not accept as 
a permanent arrangement that the 
ANZUS alliance fiad a different 
meaning, and entailed different ob- 
ligations, for different members." 
Ihe letter sought Mr. Lange’s views 
before Mr. Hawke’s departure Feb. 
2 for meetings in Washington on 
Feb. 6 and 7. 

In reply, the acting New Tealmti 
prime minister, Geoffrey Palmer, 
emphatically defended the Labor 
government's ban on visits by nu- 
clear-armed or nuclear-powered 
ships and said that no outside pres- 
sures would change it 

“Our anti-nuclear stance will not 
be altered by that letter,” Mr. 
Palmer said in Wellington. He said 
that while New Zealand “remains 
committed to the ANZUS pact,” it 
would resist “friendly persuasion” 
by its allies to drop its anti-nuclear 
principles. 

“We will not buckle," Mr. Palm- 
er said. 

He. said that Mr. Lange would 
reply to Mr. Hawke’s letter follow- 
ing his return Monday from Toke- 


lau, New Zealand's islands north of 
Samoa. Mr. Lange also is expected 
to meet with his government to 
discuss how to respond to the Unit- 
ed States's announced intention to 
test the ban by requesting permis- 
sion for a U.S. Navy ship to vial 
New Zealand in March in connec- 
tion with an ANZUS naval exer- 
cise. 

Since the United States refuses 
to disclose whether specific ships or 
planes carry nuclear weapons, a 
ban on nuclear warships effectively 
precludes port calls by any U.S. 
vessels, American officials say. The 
United States insists that such a 
ban is incompatible with the AN- 
ZUS treaty, which was signed by 
the three countries 34 years ago as a 
mutual defense pad 

Washington fears that it could 
harm other U.S. alliances if it 
makes an exception and allow 
New Zealand — m the U5. view-— 
to skirt its treaty obligations, an 
official with the U-S. State Depart- 
ment said this month. That was 
why, he said, the United States 
wanted to bring the warship issue 
to a head with New Zealand soon. 

While U.S. dealings with New 
Zealand reportedly have remained 
cordial, Washington has warned 
obliquely that any ban cm Ameri- 
can warships might be detrimental 
to trade agreements governing New 
Zealand's exports to the United 
States. 


The official added that Mr. Liu’s 
report was mailed from Redwood 
City, California, and signed with 
an alias, Liu Hsiang Chen. 

Mr. Liu, an American citizen, 
was shot to death on Ocu 15 at his 
home in Daly Gty, California, a 
suburb of San Francisco. 

“Two weeks before he was shot, 
he was still providing information 
to us,” the Taiwan official said. 

In the OcL 1 memorandum, the 
official added, Mr. Liu wrote of a 
“division-size” offensive on April 
20. 1984, by China against Viet- 
namese forces. The official also 
produced photocopies of a report 
that he said was written by Mr. Liu 
and a deposit slip for a few thou- 
sand dollars, purportedly in pay- 
ment for the information, from a 
San Francisco bank. 

Another senior Taiwan official 
said the chief suspect in the mur- 
der. Mr. Choi, who is purported to 
be the head of the Bamboo Gang in 
Taiwan, a crime syndicate, will not 
be deported to the United States. 

“He will be charged here,” said 
James C.Y. Soong, a top govern- 
ment official There is no extradi- 
tion treaty between the United 
States and Taiwan. The two do not 
have official diplomatic relations. 

Despite this. State Department 
officials expressed hope that Chen 
could be deported to stand trial in 
California. “Henry Liu is an Amer- 
ican citizen, murdered in the Unit- 
ed States,” an American official 
said. “We think justice ought to be 
done.” 

■ Trial Certain, Official Says 

Taiwan, fearing lasting damage 
to lies with the United States, will 


MANILA — The chief of the 
national penitentiary said Sunday 
that he had no room for 17 soldiers 
charged with killing an opposition 
leader, Beoigno S. Aquino Jr. The 
announcement creates new pres- 
sure for than to be allowed to re- 
main in militar y custody. 

- The Manila police chief said ear- 
lier that the city jail was too crowd- 
ed to accommodate the soldiers 
while they await trial on charges of 
murdering Mr. Aquino and Ro- 
lando G alman. an alleged Commu- 
nist also gunned down on Aug. 21, 
1983. 

On Wednesday, prosecutors 
char ged the 17 soldiers as “princi- 
pals” in the two murders and urged 
that they be held without bail. 
Since that, they have remained in 
their military barracks under guard 
despite a court order that they be 
placed in a penitentiary. 

Of nine others charged as acces- 
sories in the case, only the armed 
forces chief. General Fabian Vo 1 , 
Major General Prospero A. Olivas 
and HcnnDo Gosuico, a business- 
man, have surrendered to police. 
They were released on bail ranging 
from $1,500 to 52,000. 

The mihtaiy authorities have pe- 
titioned the special court that will 
try the case to set baO for the other 
23 officers and soldiers and let 
them remain in military custody 
until the trial begins Feb. I. 

Soviet Population Grows 

Rotten 

MOSCOW — The population of 
the Soviet Union grew in 1984 by 
25 million to 2763 million, accord- 
ing to figures published Saturday. 


UN Chief, 

At Camp Near 
Cambodia, 
Urges Talks 

The Associated Press 

KHAO-I-DANG. Thailand — 
Javier Pfcrez de Cuellar, the United 
Nations secretary^general toured 
the Thai -Cambodian border Sun- 
day after making a plea in Bangkok 
for negotiations between the Viet- 
namese-backed government in 
Phnom Penh and the Cambodian 
rebels opposing iL 

Amid tight security, the UN 
leader was welcomed by thousands 
of refugees here. 

Three artillery explosions were 
heard in the distance shortly before 
Mr. Perez de Cuellar arrived at 
Khao-I-Dang, eight mOes (13 kilo- 
meters) from the border. He was to 
have visited two other areas nearer 
the Cambodian frontier, but Thai 
government sources said the visits 
were canceled for security reasons. 

The refugee camp in Khao-I- 
Dang has been swollen by the ar- 
rival of about 62,000 Cambodian 
refugees in recent weeks, during an 
unusually heavy dry-season offen- 
sive by Vietnamese troops against 
the Cambodian guerrillas. 

Sporadic fighting had been re- 
ported Saturday at the Rilhisen 
and Nong Chan camps in Cambo- 
dia, both formerly held by the non- 
Communist Khmer People's Na- 
tional liberation Front. 

The front said in a radio broad- 
cast Saturday that a large Vietnam- 
ese force backed by tanks was pre- 
paring to attack its last camp. The 
broadcast said the Vietnamese 
were assembling about 5,000 
troops and 40 Soviet-supplied 
tanks to attack Sanro Cha n g an , 
which is reportedly defended by 
about 1300 guerrillas. 

In Bangkok on Saturday, the sec- 
retary-general called for negotia- 
tions to end the “suffering, destruc- 
tion and agony” that afflict 
Cambodia. 

Mr. Pierez de Cuellar, speaking at 
a banquet at which Prime Minister 
Prem Tinsulanonda was host, 
thanked Thailand for welcoming 
about 600,000 refugees from Cam- 
bodia, Vietnam and Laos over the 
past decade. 

In a idated development Satur- 
day, Foreign Minister Wu Xueqian 
of China said that Beijing would 
continue to support the Cambodi- 
an resistance forces, and had in- 
creased its assistance after the fall 
of the Ampil guerrilla camp. 

Mr. Wu, who made the com- 
ments during a visit to Singapore, 
also urged the three main guerrilla 
factions — the liberation front, the 
Communist Khmer Rouge and the 
non-Communist guerrillas loyal to 
Prince Norodom Sihanouk — to 
form a tighter alliance. 


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Thr New York Tote, and TTk Wjwhinpu*, Part 



How to Slim the Dollar 


The dollar is now worth 70 percent more 
than in 1980. That is a mixed blessing, at best. 
It is good news for bargain-hunting Americans 
in London and Paris and for any American 
who buys foreign goods. It is a major factor in 
bolding down inflation because American 
products must remain competitive. But there is 
a high cost for these benefits. 

The lower prices abroad are drastically 
shrinking America's older industries. The 
“strong" dollar is causing American farmers to 
lose overseas customers. IBM. the titan of 
American exporters, complains that the rising 
dollar has depressed its computer profits. Only 
this currency gap keeps fanners and IBM from 
bolding their own in world markets. 

The Reagan administration has finally con- 
ceded that government ought to Uy' interven- 
ing in money markets to slow down the run-up 
of the dollar. The administration’s concern is 
welcome, but selling off more dollars cannot 
address the underlying problem. 

It is the federal budget deficit that has kept 
interest rates unusually high, thus adding to 
the dollar’s allure as an investment. Not until 
U.S. government borrowing slops increasing 
can interest rates ease off enough to make 
foreign currencies more desirable. Otherwise 


the clamor for protectionist measures against 
foreign goods wDl become unstoppable. 

Through its first term the Reagan adminis- 
tration held that it could not and need not do 
anything about the dollar's high value. Not to 
worry, officials said: foreigners are buying 
dollars because America’s vigor and stability 
make it the best place to invest 

No one believes government intervention 
alone can scotch the run-up. But when the 
dollar remained strong even as America's in- 
terest rates moved down, the administration 
had to show concern. Selling dollars and buy- 
ing up weaker currencies can be at least a 
short-term palliative. It increases the supply of 
dollars and, at the same lime, the demand for 
other currencies, thereby strengthening them. 

Washington ought to work at attracting for- 
eign investment, but by maintaining stability 
and opportunity, not by pumping up interest 
rates. Even further reductions in interest rates 
may not be enough: other governments also 
need to do more to revive their economies. But 
the Reagan administration's new willingness 
to enter the currency markets is first aid for a 
malady that cries out for surgery — most of all, 
deep cuts in the budget deficiL 

— THE NEW YORK TIMES. 


Terror Made in Taiwan 


It turns out that Taiwan, a country' friendly 
to America, was involved b a savage act of 
terrorism on American soil Its military intelli- 
gence bureau had a hand b g unning down a 
U.S. citizen. Henry Liu, a critic of the Nation- 
alist Party, b front of his home b Daly City, a 
suburb of San Francisco, last Ocl IS. Suspi- 
cions of a Taiwanese hand had been voiced 
earlier but confirmation now comes from the 
Taiwan government. It has announced the 
bureau's involvement b the murder, has ar- 
rested three top officials of the bureau, includ- 
bg the chief, and is making two suspects — 
described as members of the criminal "Bam- 
boo Gang" — available to U.S. investigators. 

Taiwan’s bvolvement will surprise no one 
familiar with its btelligence activities b Amer- 
ica. These have included operations to gam 
ntili lary and political information and to influ- 
ence the development of American policy and 
public opinion — operations more suitable to 
the style of a hostile power — and the surveil- 
lance of Taiwanese studying b America and of 
parts of the Chinese- American community. 

These intrusions have provoked broad con- 
cern among Americans — but perhaps not 
broad enough. Taiwan’s status as a friendly 
country, one especially admired by American 
conservatives, has perhaps inhibited the Amer- 
ican reaction to some of its excesses. There 


may also have been an unfortunate tendency 
to accept Taiwan's spying on “Chinese- Ameri- 
cans" as somehow its proper concern. 

So why bas Taiwan now come forward to 
disclose its own role b the Liu murder and to 
take some initial concrete steps against indi- 
viduals? President Chian g Ching-kuo may un- 
derstand that the secreL police went too far and 
that it was necessary to cut Taiwan’s losses 
before the case took on the dimensions of 
Chile's murder of emigre Orlando Letelier. 
Perhaps Mr. Chiang meant, belatedly, to ac- 
cept a political requirement to assert authority 
over a rogue branch of the bureaucracy. Or he 
saw the wave of anger building b the United 
States, especially b the House of Representa- 
tives. where some members are discussing a 
halt to arms sales in retaliation for the murder. 

A foreign government’s assassination of an 
American citizen on American soil is a hostile 
act. Had the murder been committed by an 
avowed enemy of the United States, it would 
have provoked a national explosion. The Rea- 
gan administration is plainly embarrassed by 
the spectacle of a favored friend acting like a 
thug. Yet Taiwan must pursue its responsibil- 
ities in this case to the end. It must also dose 
out the pattern of intelligence operations that 
culmbated in the murder of Hairy Liu. 

— THE WASHINGTON POST. 


An Opportunity for Seoul 


Reaching for a word to throw at the return- 
ing exile Kim Dae Jung, South Korea's ruling 
soldiers have resorted to an all-purpose oldie: 
“revolutionary.'' This is accurate b the sense 
that Jefferson, too, was a revolutionary. Mr. 
Kim agitates for free elections and chili an 
government — so strenuously that after a 
strong run for president b 1971 be was kid- 
napped from Japan, jailed and sentenced to 
death after a suspect military trial in 1980. 

That sentence was soon commuted at U.S. 
request to clear the way for General Chun 
Doo Hwan to become the first head of state to 
visit President Reagan. Now President Chun 
wants to come again, in April But first he must 
deal with that vexatious revolutionary, who 
plans to return to Seoul next month. Mr. Kim's 
timing is doubly shrewd because National As- 
sembly elections occur four days after he ar- 
rives, and the regime wants to make the most 
of allowing this limited plebisdte. 

The obviously flustered military regime first 
vowed that Mr. Kim would be jailed at once, to 
serve out a 17-year sentence. On wiser second 
thought, it disavowed that threat as the “per- 
sonal" utterance of the president's secretary 


for political affairs. Now Seoul won’t say what 
it vrill do, but denounces Mr. Kim for betniy- 
bg his promise to avoid politics b American 
exile. Rashly outspoken, the populistic Mr. 
Kim is playing for high stakes: either martyr- 
dom or a chance to lead the opposition. 

Perhaps circumstance will give rise to. wis- 
dom. As host of the 1988 Summer Olympics, 
South Korea yearns to be recognized as a 
prosperous, stable and comparatively free so- 
ciety. On two counts the evidence is favorable, 
but liberty is severely rationed. Key parties are 
banned, opposition figures are forbidden po- 
litical rights, the press is selectively censored. 
This is not gold medal behavior. 

It may be unreasonable to expect a rapid 
transformation of South Korea’s politics. But 
how refreshing if a ruling general there were 
revolutionary enough to greet Mr. Kim with 
Jeffersonian sentiments: “If there be any 
among us who wish to dissolve this Union or to 
change its republican form, let them stand 
undisturbed as monuments of the safety with 
which error of opinion may be tolerated where 
reason is left to combat it" And how unlikely. 

— THE NEW YORK TIMES. 


Other Opinion 


Pressure on Pretoria Can Help 

The creation of a “forum” is not an impres- 
sive change [but] other reforms could genuine- 
ly improve the lot of many blacks. From now 
on, urban blacks will be able to own the land 
on which their houses stand. The brutal policy 
of forcibly removing blacks to the so-railed 
homelands is to be reconsidered; influx con- 
trols on black migration from homelands are 
to be modified. These are real advances. 

[President] Botha has not made these 


changes out of philanthropy. They are a result 
mainly of the growing fear that the rioting in 
black townships during the past six months 
has engendered in government circles — and 
of the increasing pressure from the West The 
fact that even the right of the Republican Party 
in America is demanding changes in apartheid 
has dearly scared white South Africans. Eco- 
nomic pressure has played a part, too. It is 
dear that it is important to maintain pressure 
to reform and eventually scrap apartheid. 

— The Sunday Times (London). 


FROM OUR JAN. 28 PAGES, 75 AND 50 YEARS AGO 


1910: *Ma3 Subsidy* Battle to Begin 
WASHINGTON — Magazine publishers who 
are packing their grips to come to Washington 
to fight for the “mail subsidy,” which makes 
the Government pay most of their postage, 
should wear their armor, Tbey are going to run 
up against a solid formation. President WJJ. 
Taft has pronounced it “little less than a sub- 
sidy.” Postmaster General Hitchcock holds 
the loss to the Government in carrying maga- 
zines for a payment of one cent a pound but at 
a cost of more than nine cents to be responsi- 
ble for the postal deficit. Congress feels strong- 
ly that the time has come for action to bring a 
more adequate returafor the service which die 
Government performs. There is great activity 
among the publishers of magazines and peri- 
odicals. The scent of battle is already in the air. 


1935: Upturn May Signal Recovery 
WASHINGTON — What is considered as 
concrete evidence that the United States is 
started on the road to recovery is seen in the 
survey issued [on Jan. 27] by the Federal Re- 
serve Board which shows that business activity 
in December reached the highest lend for this 
month in five years. Not only does the report 
show that it was the best December since the 
depression, but indications are not lacking 
that further gains were made in January, which 
is taken as the most healthy indication of a 
definite upward trend which may well mark 
the first positive recovery step made since 
1929. The report was hailed with enthusiasm in 
Administration circles as evidence that the 
recovery program with its huge spading is 
really beginning to take hold. 


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The Living Reconciled in Respect for All the Dead 


Bv William Pfaff 


P ARIS — The dispute over how the West- 
ern allies are to observe the 40th anniver- 
sary oT V-E Dav is frivolous and unnecessary. 

Washin gto n,' London, the other Western 
capitals and Bonn are uncomfortably at odds 
with one another over what exactly is to be 
celebrated, by whom, and bow to go about it. 
The wartime allies fear upsetting the West 
Germans and lending indirect support to the 
Soviet campaign that presents the anniversary 
as a warning against alleged “revanchism" in 
West Germany. Germans see nothing to cele- 
brate in the partition of their country, one 
result of the allied victory. The people who 
were the vic tims of Nazi Germany see even 
reason to celebrate Nazism’s defeaL 
Bui no one in the West has any interest in 
celebrating a victory over Germany itself. The 
postwar German Federal Republic has been a 
formidable parliamentary democracy which 
need make political apologies to no one. 

Germans, nonetheless, are the legatees of 
their institutional past. The true achievement 
of the allied military victory in 1945 is that it 
was followed by two political victories: that 
of democracy in West Germany, and Western 


Europe's postwar reconciliation. This war. 
unlike the first suicidal convulsion in Europe- 
an civilization, in 1914-1918. has been fol- 
lowed by real peace in Europe, reconstruction 
and the uniting of the West European states. 

The bad outcome of the defeat of Nazi 
Germany was establishment of Soviet power 
over Eastern Europe. There is nothing to 
celebrate in thaL Germany, however, bears 
ultimate responsibility, hating attacked the 
U.S.S.R. and created the conditions in which 
it was to choose to seek postwar security in 
the domination of half of Germany and of 
everyone whose misfortune it is to live be- 
tween the German and Russian frontiers. 

That they should have done so is compre- 
hensible. although a folly for which Russians 
— among others — will eventually pay. That, 
however, is another subjecL It w : as the Rus- 
sian people who suffered most to overcome 
Nazi Germany. Had it not been for them the 
Nazi regime might not have been defeated. 

Also true, and willfully neglected in Mos- 
cow. is that the Soviet Union probably would 


not have survived without the Western allies. 
Had Hitler not bad to fight on a second front 
in North Africa and Italy during 1942 and 
1943. and then in 1944 to prepare to deal with 
•Jie allied invasion of Western Europe. Russia 
might never have been able to turn the tide of 
the war in the East By 1945 Russia had also 
received from the West more than 400.000 
vehicles and tanks. 15.000 aircraft oil and 
industrial supplies, and enough food to haw 
supplied every Russian soldier with some- 
thing Like half a pound of nourishment daily. 

What needs to be celebrated this year is 
that Britain. France, the Netherlands. Bel- 
gium. Greece. Norway. Denmark the United 
States and Canada are reconciled with the 
Germans. What is to be regretted is that the 
Russians are not. In the West there has been a 
victory of humane values, of civilization. 

But might we not in May, try to do some- 
thing large? Instead of celebrating military 
victory', might there not be a celebration of 
the reconrihaiion of those who 40 years ago 
were enemies, and of regard for the dead — 


all of the dead? The Soviet Union and its 
allies could be asked to take pan in this. 
Reconciliation is open to them. 

Why not hold such a ceremony — includ- 
ing Germans, the Western allies and delega- 
tions from the East, if they would come — in 
Germany, perhaps in Berlin, possibly at the 
fool of the blasted tower of the Kaiser Wil- 
helm Memorial Church, that stark remnant 
and reminder of the final battle of the war? 

Why not, instead of speeches, recall the 
dead pray for them — and for those still 
trapped by the hatreds engendered in the 
war? Then, perhaps, those assembled might 
reflectively listen to something from the im- 
mense German contribution to civilization. 
Bach’s “Sl Matthew's Passion." Beethoven's 
Ninth Sypmphony and the Mozart “Requi- 
em" spring to mind Or possibly one of the 
final Beethoven quartets — since modesty on 
such an occasion would be appropriate. 

The purpose would be modest: to say that 
the past is pasL and to assert that the future 
will be secure only if reconciliation endures. 1 1 
would suggest that vengeance is empty. 
International Herald Tribune. All rights resented 


Either Fight Terrorism 
Or Get Out of Lebanon 

By Daniel Pipes 


N EWPORT, Rhode Island — 
The Lebanese groups that have 
attacked Americans in the last two 
years have repeatedly made clear an 
intention to eliminate the American 
presence from Lebanon. The Ameri- 
can reaction has been to disbelieve 
them. This is a serious mistake that 
has cost many lives and, unless re- 
paired promises to cost many more. 

Americans must recognize that the 
terrorists mean just whai they say — 
and must face up to the stark choice 
that this poses. Appeasing the terror- 
ists would mean withdrawing every 
American from Lebanon. Deciding 
to stay, however, would commit the 
United States to use all means neces- 
sary, including costly and unpleasant 
ones, to protect American citizens 
and interests in Lebanon. 

Consider the sequence of events: 
In 1983 the United States Embassy 
in Beirut and the U.S. Marine Corps 
barracks were bombed 
In the first 10 months of 1984 the 
president of the American University 
in Beirut was assassinated, the U.S. 
Embassy was bombed a second lime 
and three Americans — a missionary, 
a television correspondent and a dip- 
lomat — were kidnapped 
In November 1984 a Shiite group 
linked to some of these attacks 
threatened to continue the violence. 
“We. the Islamic Jihad organization,' 
warn . . . that we shall blow up aQ 
American interests in Beirut and any 
pan of Lebanon ... We address this 


warning to every American individ- 
ual residing in Lebanon." 

In the next two months, a librarian 
was abducted and two Americans 
were tortured and killed by Lebanese 
Shiites in a hijacked plane. Hie U.S. 
Embassy in Rome would have been 
bombed but for superb police work. 
Finally, an American priest, the Rev- 
erend Lawrence Martin Jenco. was 
kidnapped in Beirut on Jan. S. 

Three days later. Islamic Jihad re- 
newed its threat: “After the pledge 
that we have made to the world that 
no Americans would remain on the 
soil of Lebanon, and after the ultima- 
tum we have served on American 
citizens to leave Beirut, our answer to 
the indifferent response was the kid- 
napping of Mr. Jenco ... All Ameri- 
cans should leave Lebanon." 

In reply, a Stale Department 
spokesman declared that the United 
Slates “is not going to be forced out 
of Lebanon." Islamic Jihad then an- 
swered that all five American hos- 
tages taken in the past months would 
be tried on charges of spying. 

Islamic Jihad has repeatedly de- 
clared its goal to be complete extirpa- 
tion of die American presence in 
Lebanon — commercial, education- 
al, journalistic and religious as well as 
governmental. This intention could 
hardly be stated more emphatically 
or pursued more directly, yet Ameri- 
can observers hesitate to lake Islamic 
Jihad at its word. The audacity of its 
goal makes it seem implausible. 



Americans are accustomed to en- 
mity based on political differences, 
□oi to haLred of their culture. The 
belief persists that the attacks are 
connected to specific policy goals. 
That Islamic Jihad aims to root out 
American influence, not change U.S. 
policy, remains unrecognized. 

Ignoring Islamic Jihad's explicit 
ambition fits a long tradition of pay- 
ing inadequate attention to state- 
ments of intent that sound too 
strange to be plausible. 

Adolf Hitler spelled out his inten- 
tions in "Mein Kampf but they were 


considered too outlandish to be taken 
seriously. Ayatollah Ruhollah Kho- 
meini spelled out his plans for an 
Islamic government in writing, but 
very few look him at his word. 

Musi the Islamic Jihad's vision of 
eliminating American influence be 
treated in similar fashion? That its 
aims do not fit familiar rubrics is no 
reason to disoium them. 

Americans must own up to the 
choice they face — withdraw or resist 
with every means at hand. If they 
decide to stay, they must be prepared 
to do combat with a determined ene- 


my, by violent means if necessary, at 
considerable cost in American lives. 

Should the price of staying be 
deemed too high, America' should 
withdraw now, before more lives are 
Iosl If standing firm be the choice, as 
the State Department seemed to indi- 
cate. then the threat posed by terror- 
ist organizations must be countered. 


The writer is associate professor of 
strategy at the Urn ted States Naval War 
College and author of "In the Path of 
God: Islam and Ponied Power" He 
contributed this to The New York Tones. 


No, the Press in America 
Doesn’t Run the Country 


By James Reston 


W ASHINGTON — You could 
get the idea listening to Gen- 
eral Westmoreland vs. CBS or 
General Sharon vs. Time magazine 
that public officials are now the 
victims of a powerful and reckless 
communications industry. If you 
can buy that baloney, you will 
swallow any thing. 

That reporters and editors are 
often insensitive or careless, and 
sometimes even reckless, in their 
invasion of the privacy of ordinary 
citizens nobody would deny. But in 
the endless, inevitable and neces- 
sary struggle between officials and 
reporters, the balance of power is 
now obviously running with the 
officials and not with the reporters. 

I cannot remember a time in the 
last 50 years in America when offi- 
cials dominated the news as much 
as they do today. They determine 
the wording and timing of official 
information, with a keen eye on 
when to dramatize good news and 
when to minimize bad news. 

If President Reagan feels un- 
comfortable with the questions of 
reporters at news conferences, he 
simply avoids them, as he did in 
the time between his nomination 
and bis election. If he thinks re- 
porters might embarrass his inva- 
sion of Grenada, he simply bars 
them. And the evidence is that 
most of the American people think 
this is a dandy idea. 

F ranklin Roosevelt, the master 
of radio politics, did not care what 
the editorial writers or columnists 
thought about him or his policies, 
so Jong as be could make me news 
on the front pages and make his 
fireside chats to the people on Sun- 
day evenings. He was not elected 
four times oy accident. 

Ronald Reagan, the master of 
television politics, makes FDR 
look like an amateur. He can get a 
national television audience for his 
policies or opinions almost any 
time be likes, and his trusted aides 
are not far behind. 

It is hard to get up these days 
and tune in on the morning televi- 
sion shows without seeing some 
cabinet or White House staff offi- 
daiming the virtues of big- 


mornings 
Brinkley show, “Face the Nation” 
and “Meet the Press" (where there 
is now no more press) their ser- 
mons get more attention than all 
the preachers in the land, and are 
reported on the pages of the Mon- 
day morning papers. 

Nobody can blame government 
for emphasizing its achievements 
and minimizing its blunders or fail- 
ures. All institutions do that, in- 
cluding newspapers and networks, 
bishops, reporters and editors. 


The interesting thing these days 
-is not that the media (to use that 
unfortunate word) are challenging 
the power, policies and propagan- 
da of government so much, but 
that they are challenging it so little 
and so ineffectually. 

And the paradox of it is that the 
papers and the networks are con- 
demned for their pains by an ad- 
ministration that denounces the 
oppressive power of government 
and proclaims the freedom of indi- 
viduals and non-government insti- 
tutions. except when freedom is 
used to question the government's 
power and policies. 

One thing is obvious. Conceding 
all the staggers and blunders of the 
newspapers and the networks, offi- 
cials are certainly not denied the 
opportunity to state their own 
views. About 20 years ago the ma- 
jor newspapers of America decided 
that the tangles of foreign and do- 
mestic policy were too serious to be 
left to the papers' own commenta- 
tors, and they opened up opinion 
pages to the views of officials or 
anybody else who could express a 
coherent contrary argument. 

The press, radio and television in 
America have never been more 
open ihan today. With the devel- 
opment of photocomposition, the 
offset press, and public and cable 
television, and despite the failure 
of many big city evening papers, 
we are in the midst of the freest 
communications revolution since 
the invention of movable type. 

The question is whether the 
power of the press or the power of 
government is the greater menace 
to the security of the people. 

The view in this corner is that 
America needs them both, for it is 
clear these days that there is a fun- 
damental dispute about what “se- 
curity" of the country really 
means. Some feel it needs more 
weapons, others fewer deficits. 

These are fundamental issues 
that need to be debated by a strong 
government and a strong press. 

“I was thinking the other day," 
Mr. Reagan told a rally of his ap- 
pointees (m Friday, “mat in our 
first administration we made histo- 
ry — and in our second, we can 
change history forever . . . From 
here on in it’s ‘shake, rattle and 
roll.' ’’ Well, forever is a long time, 
and the president's views were re- 
ported. But if we are going to 
“shake, rattle and roll" maybe we 
should do it together, instead of 
just taking his word for it. 

Is this a sdf-serving argument 
for the media? You bet it is. but it 
is also an argument for the people 
— who don’t much like the press 
but probably would not like what 
they got without it. 

The New York Times. 


Communist China Is Still Communist 


B EUTNG — If China became 
“capitalist" not only would the 
Communist Party lose its raison 
d'etre but it would stand to lose con- 
trol of a potentially divided country. 
No achievement has been so dear to 
the hearts of senior party leaders as 
the maintenance of territorial “unity” 
attained through decades of arduous 
revolutionary war and political mobi- 
lization. These leaders have not for- 
gotten the warlord era. 

The Stalinist state and party bu- 
reaucracy stands to lose the job of 
controlling a centrally planned and 
administered economy. Millions of 
bureaucrats and military officers 
stand to lose their perks. 

A substantial segment of the popu- 
lation has grown comfortable with 
the welfare state of the past 35 years 
and would prefer to continue “eating 
out of the big pot” rather titan fend 
for itself in the marketplace. And 
millions of uneducated young people, 
inefficient workers ahd managers 
who lack entrepreneurial skills stand 
to lose from the current reforms. 

All these groups are potentially 
strong inhibiting factors against the 
growth of “capitalism" in China. 

In any case, decentralizing a com- 
mand economy is a difficult task, and 
the Chinese leadership has made 
clear that there are important limits 


By David L. Shambaugh 

This is the second of two articles. 

to reform. Many key sectors of the 
Chinese economy will remain nation- 
alized and centrally administered, in- 
cluding energy, transportation, bank- 
ing and the military complex. 

It is true that significant “capital- 
ist" policies have been introduced in 
various other sectors, but property 
and the “means of production” are 
still collectively owned. Production 

S :ts must still be met. China's 800' 
on peasants must still fulfill their 
output quotas before they can sell 
thetr surplus on the “free market” 
Bonuses are handed out to factory 
workers, by and large, across the 
board or through favoritism rather 
than by the piece-rate system. Jobs 
are still predominantly assigned by 
the state. The vast entrenched bu- 
reaucracy still has the prerogative 
and the penchant to stifle entrepre- 
neurial initiative at lower levels. 

In the ideological sphere, there is 
indeed widespread cynicism about 
orthodox Marxism-Leninism. Yet it 
remains the imdenrinning of intellec- 
tual and artistic life. I can testify that 
there has been no abandoning of 
Marxism in the university classroom. 
"Marxism- Leninism- Mao Zedong 


Thought” continues to be de rigueur 
in teaching and research in the hu- 
manities and social sciences. Many 
students may detest it, but they still 
must memorize the Marxist canons 
and theoretical interpretations, and 
their grades are given accordingly. 
Developing independent critical fac- 
ulties is not encouraged or rewarded. 

The situation is even worse in tb£ 
realm of the arts and literature, de- 
spite very recent proclamations to the 
contrary. Socialist realism may be 
waning in the fine arts, political 
themes no longer dominate opera 
and theater and there has beat a new 
call u> let “a hundred flowers bloom” 
in literature, but all artists know well 
that they must create within the con- 
fines of building a “socialist spiritual 
civilization” and upholding the “four 
basic principles” — the socialist road, 
the people's democratic dictatorship, 
leadership by the party and Marx- 
ism -Leninism-Mao Zed dm Thought 

All things considered, the news of 
communism’s demise in China is pre- 
mature, to say the least 

The writer, author of “The Making 
of a Framer: Zhao tfiyang's Pratin- 
ciai Career," has been conducting re- 
search in China since 1983. He con- 
tributed this comment to the 
International Herald Tribune. 


LETTERS TO THE EDITOR 


Hunger in Africa: The Farmer Needs Confidence 


Two commentaries in your Jan. 1 1 
issue outline the problem of rood 
production in Africa, reflecting the 
urgency of the present tragedy there. 

Id “A Crucial Second Step in 
Fighting African Hunger.” Jack 
Shepherd applauds some of the agen- 
cies that for more than 20 years nave 
struggled with the problem. But the 
fact is that all these efforts, the huge 
sums of money, the thought and the 
goodwill have simply not worked. 
The present situation is proof. 

In “The Ebodaghe Formula: Inge- 
nuity, Good Sense, Sweat," Christo- 
pher Matthews writes: “It is increas- 
ingly recognized that the key to 
solving Africa's food problem lies not 
with commercial farms or billion-dol- 
lar projects but in helping the small- 
holder to produce more food for him- 
self and his community.” And in this 
recognition is our hope: 

The small farmer is clearly the an- 
swer — as has also been proved in 
India. He must be listened to. re- 


spected and, above all, given a 
chance. As one Swedish expert in 
Africa explained, “The farmers sav, 
‘Why should I break my back build- 
ing an irrigation system ... when 
□ext year I may be farming else- 
where?’ ” And further, “Farmers 
have lived in fear that their farmland 
will be redistributed to other peas- 
ants or to fanner cooperatives." 

This is obviously no way to in- 
crease food production. Nehru said it 
well: “Progress is giving a man who 
has a wooden plow the op po rtunity 
to get himself a metal ptow." This 
means production, yes, but also self- 
respect — evidence that effort and 
initiative (“ingenuity, good sense, 
sweat”) can be the solution of the 
tragedy that is rightly troubling the 
conscience of the world. 

M1LLICENT H. FENWICK, 
Ambassador of the United States. 

Mission to the UN Agencies 
for Food and Agriculture. 

Rome. 


Disaster Is Nonpartisan 

We will have to live with technical 
disasters like the one at Bhopal, along 
with natural calamities like cyclones, 
earthquakes and droughts. All the 
victims need immediate relief. Could 
we not remove considerations of poli- 
tics. multinationals' balance sheets, 
race and religion from relief work by 
having an international agency to 


deal with such disasters, backed by 
an international disaster hind? 

V AS ANTI SAW ANT. 

Ptoris. 

Bank on Tardy Action 

Regarding the optmon column 
“There Are Land Mines Under Ameri- 
ca's Pig Banks” t Jan. If): 

Mortimer B. Zuckerman’s column 


is a valid analysis of the time bomb in 
America’s banking structure. But aQ 
three of the measures he suggests re- 
quire federal initiative and enforce- 
ment Will an administration dedi- 
cated to less government control 
accept them? Probably not until the 
banking system verges on collapse. 

EDWARD PEJZER. 

Sl Anton. Austria. 

Neither Devil Nor Angels 

As someone with long-standing 
ties to conservative Protestantism — 
former associate editor of “Christian- 
ity Today” and co-founder with C 
Everett Koop of the Christian Arts 
Council — 1 want to compliment you 
on your Jan. 16 report “Rightist An- 
gels on America s Shoulder" by 
Kathy Sawyer. It is dear and fair. 

But there is an unfortunate error 
Some fundamentalists are “doable 
separationists,” not “devil soars- 
ti Odists,” as your printer's devu has 
you say. “Double separation” mews 
holding oneself distinct not only 
from so-called “liberal Protestants 
but also from other conservatfcs 
who still associate with those liberals- 
HAROLD O J. BROWN. 

K1 osiers, Switzeriand- 

Thc headline is unfortunate, rinoe 
it implies that these people (“angdr) 
somehow have an unquestionable 
knowledge of right and wrong. This is 
certainly a matter of debate. . • 

DAVID BENJAMIN. 

Trondheim, Norway- 





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Lord Harlech, Envoy to U.S. in ’ 60 s, Dies 


jVev York Tima Sen kc 

LONDON — Lord Harfccfa, 66, 
a dose friend of the Kennedy fam- 
ily who was Britain’s ambassador 
to the United Slates during the ad- 
ministrations of Presidents John F. 
Kennedy and Lyndon B. Johnson, 
died Sa tarday from injuries sus- 
tained in a car crash. 

Lord Harlech was returning lo 
his family estate at Talsaniau, in 
north Wales, when his car collided 
with another vehicle, police said. 

His ties with the Kcnnedys dated 
from the 1930s, when Joseph P. 
Kennedy was the American ambas- 
sador to Britain. He became friends 
with John Kennedy, the ambassa- 
dor's son, when the 21 -year-old 
American was a student at the Lon- 
don School of Economics. The ties 
became doser when John Kenne- 
dy's sister Kathleen married the 
Marquess of Harrington, Lord 
Harlech's cousin, in I $14. 

Lord Harlech, then William Da- 
vid Ormsby Gera, entered Parlia- 
ment in I960 and held several For- 
eign Office posts before Prime 
Minister Harold Mac millan sent 
him to Washington in 1961. Once 
described by President Kennedy as 
“the brightest man 1 know,” and 
regarded by many as the presi- 
dent’s closest non- American 
friend, he became dosdy identified 
in Britain with the Kennedy ad- 
ministration and family. 

In 1964, after the death of his 
father, he became the fifth Baron 
Harlech. After leaving his post as 
ambassador in 196S, be returned 10 
London and became deputy leader 


Parly Urges U.K. 
To Act on Ulster 

New York Tima Service 

BELFAST — A pari fistic na- 
tionalist party in Northern Ireland 
has called 00 the British govern- 
ment to disband its Ulster Defense 
Regiment, a locally recruited regi- 
ment of the British army. 

John Hume, who is bead rtf the 
Soda! Donocratic and Labor Par- 
ty, also called on the British and 
Irish governments to try a gain to 
work out a political means of solv- 
ing the province’s problems. He 
spoke at the predominantly Roman 
Catholic party’s annual conference. 

On Friday, a member erf the Ul- 
ster Defense Regiment was sen- 
tenced to fife in prison for the 1982 
□order of an election weaker to 
Sinn Fern, the political arm of the 
Provisional Irish Republican 
Army, and to six attempted mur- 
ders. Among his intended victims 
was a man subsequently shot dead 
by the police. 

DOONESBURY 



Lord Harlech 

of the Conservatives in the House 
of Lords in 1966. 

From 1965 until his death. Lord 
Harlech was president of the Brit- 
ish Board of Film Censors. 

James Cameron, 73, 

British Journalist 

LONDON (Reuters) — James 
Cameron, 73, one of Britain's best 
known foreign correspondents, 
died Saturday at his London home, 
a dose friend reported. 

Mr. Cameron, who had been ill 
with a chest infection, reported 
from many different countries until 
he was seriously injured in a car 
crash in India in 1971. While cover- 
ing the Vietnam War, he was the 
first Western correspondent to 
reach North Vietnam and talk to its 
leader. Ho Chi Mmh. 

Mr. Cameron worked for the Ex- 

Rabin Leaves for U.S.; 
Win Talk With Reagan 

United Frees International 

TEL AVIV — Defease Minister 
Yitzhak Rabin of lsari left for the 
United Stales on Sunday for talks 
with President Ronald Reagan and 
other officials amid reports Wash- 
ington has agreed to increase mili- 
tary aid to IsraeL 

Mr. Rabin said before his depar- 
ture that be expected Israel's deri- 
sion for a three-phase withdrawal 
of fts troops from Lebanon to come 
up in his discussions in Washing- 
ton. The Pentagon announced that 
Mr. Rabin will meet with Defense 
Secretary Caspar W. Weinberger 
and General John W. Vessey Jr., 
chairman of to Joint Chias of 
Staff, on Monday. 


press newspapers owned by Lord 
Beaverbrook, for the magazine Pic- 
ture Post, and as a freelancer. He 
later bad a series of television pro- 
grams, including the highly ac- 
claimed “Cameron Country. 

As a reporter, he specialized in 
Asia and the Middle East, covering 
the Korean War and the Arab-ls- 
raeii conflict, and traveling to Chi- 
na, Tibet and Afghanistan. 

In 1971, a jeep taking* him to 
report on the rivD war in which 
Bangladesh split from Pakistan ran 
into a bus. He was seriously injured 
and had to lead a radically differ- 
ent way of life afterward. 

Quef Jeremiah Qiirau, 
Tribal Leader in Zimbabwe 

NEW YORK (NYT) — Chief 
Jeremiah Chirau, 60, a moderate 
tribal leader who helped work out a 
settlement leading to limited black 
majority rule in Rhodesia, now 
Zimbabwe, died Saturday at Chin- 
hoyi, northwest of Harare, the capi- 

Mr. Chirau, who was a member 
of to transitional birarial govern- 
ment of Rhodesia of 1978-79, col- 
lapsed in his home, the Zimbabwe 
state radio announced, quoting an 
official of the governing party. No 
details were given. 


Mr. Chirau, one of the first 
blacks 10 serve in Prime Minister 
lan D. Smith’s white-minority 
Rhodesian government, was de- 
nounced by militant black nation- 
alists as a “puppet” and “stooge.” 
He always insisted that to power 
should go to Rhodesia's 6.7 million 
blacks but that there should be 
safeguards to the 263,000 whites. 

Mr. Chirau succeeded his father 
as chief of to Chirau tribe in 1961, 
which meant he directly ruled 
49,000 people. He became presi- 
dent of to Council of Chiefs in 
1973 and claimed to allegiance of 
the country's 254 tribal chiefs. 

■ Other Deaths: 

Joseph Sanchez, 54, who was 
named two weeks ago 10 head Gen- 
eral Motors Corp.’s new Saturn car 
project, Saturday night in I-amring , 
Michigan, after suffering two heart 
attacks. 

Dr. Grace McCann Moriey, 84J 
founding director of the San Fran- 
cisco Museum of Modem An and 
former director of the National, 
Museum of New Delhi, Ja n 8 in 1 
New D elhi 

SaBpada Peudatuu, 72, to pro- , 
tern speaker of the Philippine N a- ' 
tional Assembly, Saturday in Ma- 
nila of injuries suffered in an 
automobile accident. 




INTERNATIONAL HERALD TRIBUNE 
SPECIAL REPORTS 
1985 

One sure way of getting your message International Herald Tribune Special Re- 
across to a third of a million decision-makers ports. The following Reports are scheduled 
in government, business and finance in 164 for 1985. with topics and dates, of course, 
countries around the world is to advertise in subject to modification. 


'k-fc 




I 


Kenny r Klook’ Clarke, 71, 
Bebop Jazz Drummer, Dies 


iismuus 



The Associated Pros 

PARIS — Kenny “Klook” 
Clarke, 71 , to American jazz dum- 
mer who was a pioneer of bebop in 
the 1940s, died Saturday of a heart 
attack at his home in to Paris 
suburb of MontreiriJ-sous-Bois, his 
son Laurent said. 

Mr. Clarke, who settled in Paris 
in 1956, made more than 300 re- 
cords, and is considered by many 
to be a father of modern percus- 
sion. He broke with the traditional 
4-4 rhythm, moving into to com- 
plex rhythms of what became 
known as be- bop, and integrated 
to cymbals and brush into his 
drum beat. 

Born Jan. 9, 1914, in Pittsburgh, 
Pennsylvania, into a family of mu- 
sicians. Mr. Clarke studied piano, 
drums and trombone. 

In 1937, he went to New York, 
and by 1941 was assisting at to 
birth of bebop music at jam ses- 
sions at Minton's with Thdonious 
Monk, the pianis t, Charlie Chris- 
tian, the guitarist, and later Charlie 
Parker, to saxophonist. 

Following military service in 
World War II, he became a drum- 
mer for Dizzie Gillespie and in 
1948 accompanied his big band on 
a European lour, which look him to 
France. 

In 1951, Mr. Clarke toured to 



FEBRUARY 


Qatar Economy 
International 
Education 
Nigeria 
Cyprus 

MARCH 

Bermuda Economy 
Countertrade 
Japan Economy 
Japan Fashion 

APRIL 

Korea 

Bahrain Economy 
Office Automation 
Germany 
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in Italy 

Travel in France 
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MAY 


Arts & Antiques 
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in Britain 

United Arab Emirates 
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Jordan 

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JUNE 

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NOVEMBER 


Saudi Economy 
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Real Estate 
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Construction in 
Arab Countries 
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DECEMBER 

London 

Caribbean/Central 

American 

Development 


Kenny Clarke 

United States with Billy Eckstine. 
helping to found to Modern Jazz 
Quartet a year later. 

After moving to France, Mr. 
Clarke played regularly at Paris's 
“Blue Note’’ and “Gub Saint-Ger- 
main,” and toured Europe. 

Among his recordings are “One 
O’Qock Jump” with E. Hayes and 
Sidney Bechet, “Stomping at the 
Savoy” with Mr. Christian, and 
“Venus de Milo” with Mr. Gilles- 
pie, Miles Davis. Roy Edridge and 
Tadd Dameron. 


Each Report will be carried in all editions 
of the International Herald Tribune, and a 
reprinted version will be available on request, 
at a nominal cost. 

For information on placing advertising 
in these Special Reports, or to 
receive preliminary 


SEPTEMBER 


German Fashion 
Commodities 
Auto Industry 
Japan 
Singapore 
Banking & Finance 
in Nordic Countries 
Banking & Finance 
in Arab Countries 
North Yemen 
Hong Kong 
My 

Small Computers 

OCTOBER 


Greece 

French Fashion 
Banking & Finance 
in Asa 

Italian Fashion 
Banking & Finance 
in France 
American Fashion 
Energy 

, Banking & Finance 
in Austria 


ms editorial synopses of the topics to be covered, 
L a contact: Mrs. Mandy Lawther, Advertising 
st. Manager, Special Reports, International Her- 
ald Tribune, 181 Avenue Charies-de-Gaulle, 
92521 Neuflly Cedex, France. 
TeL: 747 12 65. Tlx.: 613595, or your 
• “y . ,. local IHT representative. 



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TUUSIA / SIHHFIGW LEOUE IB CUE (HL MM KM PBEDIOHJ. 

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Kart* - haa faces uh mb u light aeout the aaailnatiaa of t*e funds ah 1 th 
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- Fareton di>1«als In «hldj«a as util as leaden of tee French and taarlcan 
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DarUmm - According to western cedi cal sources In the Sodanese capital. 

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dGsseldorf 


Westdeutsche Landesbank. Head Office. RO. Box 1128, 4000 Dusseldorf 1 
International Bond Tradng and Sales: Telephone 8263122/8263741 
Telex 8 581 881/8 581 882 

London 


Westdeutsche Landesbank. 41. Moorgate, London EC2R BAE/UK 
Telephone 6386141 - Telex 887 384 


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EUROBONDS 

Investors Rush to Snap Up 
High-Yielding Securities 

By CARL GEWIRTZ 

International Herald Tribune 

P AMS *— With a near record gap between short-term 
Eurodollar rates and longer-term bond-market rates 
something had to give — and last week it did, as investors 
began jumping into the bond market to grab high- 
yielding securities while they were still available. 

The two forces fueling the run into the bond market were 
expectations that short-term rates could continue to ease and that 
the gap b etwe en longer-term rates would have to darting mean- 
ing long-term rates would have to fall faster than short-term 
rates. 

The gap Iasi week between three-month Eurodollar rates 
and 10 -year Eurobonds was a __ ___ __ m 

wide 315 basis points (3.15 c^j yr-i-t- 

Brothers wniiftinist Aw WtafcfoLJ J^23 

Brothers economist Jeffrey uaa tg term, inri inst. _ me % 

Hanna said this was close to u-sj tono term, (ml mi % 

the record gap of 360 basis l?- 5 -* men 1 *" term. in* - 11 J» * 

jxinus set in September 1982. ZSttSZmrn 7i5S 

(Salomon, began its Euro- Yen medium term, inriinst. 7.11 % 

market data in 1979). Since Yen 'a term, inn Inst. — 748 % 

■Jills**- “ BSLn= BfS 

Reserve adopted a less roone- ecu ions term - 10.05 % 

tarist policy, the spread be- eua ions term vj& % 

tween short- and long-term £*-* 18 f * rm ' ,nt1 inst - — 1ao ° * 
rat« has averaged just under F 'g2EA'Z'i^=-s2?£. 
200 basis points, Mr. Hanna 
said. 

The gap can be dosed by Market Turnover 

shon-lerm rates rising °r 25 

long-term rates declining. Non-donor 

dines in the latest weekly Euroeiear U912501249&40 1 , 214.10 

money-supply figures and — — 

durable-goods orders, the popular view was that the long-term 
rales would do the adjusting. 

Technical analysts shared this view. Arnold P. Simian, Merrill 
Lynch's former European economist who is now in business for 
himself under the name of Straiecon, noted that non-borrowed 
reserves of U.S. banks rose a sharp 8.8 percent in the first half of 
this month compared with the first half of December. He con- 
dudes that this jump in the banking system’s liquidity must 
ultimately show up as lower interest rates. 

I NVESTORS needed no convincing. Bankers last week re- 
ported that Eurodollar time deposits coming up for renewal 
are not being reinvested in the money market but rather are 
being redeployed in the bond market to take advantage of the 
significantly higher returns. 

In New York, however, some of the steam ran out of the bond- 
market rally late Friday following a warning from the one Fed 
governor who opposed the last cut in the discount rate that the 
fight against inflation is not finished and that restraint in the 
future growth of the money supply “will be heeded ... if the goal 
of price stability is to be realized.” 

The downdnft in New York prices may have been nothing 
more than normal profit-taking, especially because last week's 
rally there was modi sharper than the gams experienced in the 
Eurobond market 

hi any event, the price of. Eurobonds launched earlier this 
month at what then appeared to be very aggressive terms were 
strongly bid up from their initial steep discounts. 

In this environment Arizona Public 'Service and Golf 'States' 
Utilities, both carrying low-grade investment ratings, were each 
able to market 575 mm on of seven-year notes. Arizona offered a 
coupon of 12 ft percent, and Gulf States, a coupon of 13 percent, 
about half a point less than what they would have had to pay to 
raise funds in New York, but rich enough 40 attract buyers in 
Europe. Both ended the week at relatively modest discounts of 
less man 1 percent 

Even South Africa, whosepaper is always difficult to sell in the 
dollar market was able toraise $75 million through its Electricity 
Supply Commission. Its six-year notes carried a coupon of 12% 
percent but they traded at a hefty discount of 1% percent 
As the week ended and sentiment turned increasingly bullish. 
Denmark returned to the market for 5100 million, paying a 
coupon of 10% percent for five-year money. The notes were 
offered at 99% but were quoted at a two-point discount. 

By contrast Credit Agricole and Signal Cos. had no problem 
placing seven-year notes, each for SI 25 million. Triple-A rated 
Credit Agricole paid a coupon of lift percent while Signal 
offered 1 1% percent 

Of particular interest was the poor performance of the bonds 
targeted for sale in Japan — where, until recently, institutional 
investors have been wining to buy paper issued by Japanese 
companies almost regardless of coupon level as a means of 
(Confined on Page 11, CoL 5) 

S Last Week’s Markets 

I All figures ora a of doss of Irarfing Friday 


Stock Indexes 

United States 

LactWk. ptovjm. worst 


Money Rates 

United States louml pnvjn. 


DJ Indus— 127646 1 JZ7J6 +197 

DJ Uffl 14X14 14757 +348 

DJ Trans.— 60673 577J2 +542 

S&P100 17640 169-27 +449 

SBtPSOO 17715 171.32 +332 

NYSECp— 10242 9944 +141 

aaM—ftMteW MB uttht 

Britain 


FTSE 100 1,28840 

FT 3ft 140280 

177540 +0.96 
99450 +043 

HaraSeng- 14191 

146043 +049 

Japan 

Nikkei DJ 11785.10 

1141046 —145 

West Goman? 

Comment* 1,13940 

146740 —145 


Discount rote 

Foderal funds rate— 
Prl mo ro te ... 

Japan 

Discount 

Coll money ■— 

60-dov Interbank — 

West Gammy 

Lombard — 

O wn Wi t 

I -month Interba nk — 

Britain 

Bonk base rate 

Call money — - 
3-month In terbank— 


5 5 

«6 43/16 

6.15 620 


SS0 550 
590 540 
575 590 


12 12 
lltt 121b 

12U 11 15/16 


BoataUaaslimJamCMbCa.ldadan. 


BkEnal Index— 146.10 14650 —027 

Gold 

London run. fix. S 29045 300J» —2 97 

K U btu MM duln m otta aU tmJaimCaut 


Currency Rates 


toio interbank rales on Jot. 25 , excluding fees. 

Official fixings for Amsterdam. Brussels, Frankfurt, Milan, Peris. New York rates at 

4 PM 


Amsterdam 

t 

l sn 

X 

1994 

DJM. 

11146' 

FJF. IU- 
3644* 0.1832 

Brasedsta) 

6U1 

70735 

204025 

644 

1243* 

Frankfurt 

11599 

1538 

. — 

3249* 

142 X 

LeadaaQn 

'Ll IBS 


15131 

1078)8 2,17148 


Milan 1449.70 

NcwYorklO 

Parti 9463 

Tokyo 25175 

Zurich 24555 


ft ms mwX 
0.975662 047136 


5J=. Van 
13445*14041 T 
23411 TAXI * 
71940* 1-3MS • 
2953 29231 
73448 7477 
2464 254.10 
16402 3406* 

9547 

14465* 

14653 T7BJJS9 
24912 247525 


;tlS 


EqglV. C ""~ M 6n,B ""T 

04147 ABtreSaaf T2274 <U«g ttb** 

ms Awtrtaa tfikOUee 2223 04015 brtrtl telM M129 

041 SB BttokmBx. franc (3J5 U» KanaM dinar U» Jg” Aitoarawa 0345 

USS Cawtat 1J345 0405 Mala*. riaoBlt 24045 

04007 OMftefeiaM 1149 UM 

U5I4 Rnttmrt 6605 045B PM.PW® J™ 

00077 Crtakdradau U9J0 MW ™ UH TWO"* Jg 

OIK H** Kaos I 7797 02292 S«dlrt*al » *** «+*■*** 34725 

CltarUngiUlS Irish t 

lal Commerce franc lb) Aimwrts waded *6uv one«wnd (cl AiiwintoiwaiMtoU»vcw*>ita<-t , l 
Units o# 100 (x) units of 1400 <v» Units of lUOO 

N.O.: not OHM; HA-: ne* avaHabto. — ».««» /«/»»)■ Anac 

Sturems tom * Banehnc tBruseeM; Banco anww rototo /Wjw 
Notumic da Paris ( Paris); IMF (SDR): Bon cue Arabs at Mtarnottonala d imeaissemnt 
tatoar, rival- Artiom), Other data from Reuters end AP 


* Ctneac. " r 
BoeH. U55 

04539 SMfnl U03 
04129 lAMenanatf 24221 
84012 S. Karan »a 83195 
04057 tRa.nKhi rate 
0.1107 amuLkraaa 943 
04255 TOhWHf 19.15 
04361 TbdhaM 2729$ 
02723 UJLE.dbtnai 34725 


Phillips 
Stock Call 
Opposed 

Jacobs Attacks 
Refinance Plan 

By Robert J. Cole 

Net) York Times Sem e* 

NEW YORK— Irwin L. Jacobs, 
the Minneapolis businessman, says 
that be has been buying stock m 
Phillips Petroleum Co. and wiD 
vote against its proposed refinano- 
ingpuin. 

Phillips, meanwhile, is under- 
stood to have raised SI.5 billion 
from major U_S. insurance compa- 
nies to finance the plan. 

The money would be used to buy 
backSl billion of company stock , to 
help buoy the market price. Phillips 
on Friday called a meeting for Feb. 
22 for shareholders to vote on the 
-plan, under which employees 
would own a controlling interest in 
the company. 

Mr. Jacobs said Friday that he 
had not joined with anyone against 
the Oklahoma-based cal company. 

He nevertheless is expected to 
receive support from such other 
dissident stockholders as Ivan 
Boesky, the Wall Street arbitrager, 
who is' thought to have a significant 
block of Phillips stock, and Carl C. 
Icahn. a leading N ew York investor 
who may also have a big block of 
Phillips Stock. 

None, however, has accumulated 
as much as 5 percent of the compa- 
ny’s 154 million shares or he would 
be required by law to say so. 

“The way I see it,” me major oil 
analyst remarked, “is that these 
guys are going to try to lead a proxy 
light to liquidate Phillips- Why take 
what Phillips is offering when they 
can get S6(r through liquidation? 

Mr. Jacobs said: “1 have no 
problem with the employees buy- 
ing control of this company. But 
the employees should either buy 
the whole company at a fair price 
or someone else should buy it.” 

Traders bid up the price of Phil- 
lips on the New York Stock Ex- 
change to a doting $48.88 a share 
Friday, up 88 cents, on a volume of 
nearly 3 million shares. 

At issue among dissident stock- 
holders 1 ^ a refinan cing announced 
by Phillips oa Dec. 23 as part of a 
peace plan with T. Boone Pickens, 
the Texas oilman who had been 
waging a hostile takeover battle 
against the company. 

Phillips, however, has eliminated 
the Pickens threat by buying back 
his group's stock at $53 a share. 

Now, if shareholders approve, 
Phillips would buy back 38 percent 
of each remaining shareholders’ 
stock for bonds it values at $60 a 
share. 





Th« Now York Tima 

Irving Ackerman, a broker and a governor of the Makati Stock Exchange in Manila. 

Manila’s Economic , Political Woes 
Batter Once-Thriving Stock Market 


Reports Mixed 
From Panel on 
OPEC Pricing 


By Steve Lohr 

New York Times Service 

MANILA — Last October, the local radio program carrying the 
dail y trading session on the Manila Stock Exchange was finally pulled 
ofT the air. In better times, the program had been a continuous chatter 
of transactions being announced m the shorthand of company names 
and share prices. 

“But by last year it was mostly just long periods of silence,” 
explained Ramon Gonzales, an executive at a big Manila brokerage 
house. 

Reflecting the economic troubles and political uncertainty in the 
Philippines, the Manila stock market — composed of two exchanges, 
the Makati and the Manila, which trade the same issues — may well 
have been the worst-performing market in the world last year. 

“We stood at the bottom of the ladder in the region and maybe 
elsewhere, too,” conceded Fred Hagedoro, president of the Manila 
Stock Exchange. 

The sorry state of the local markets has stretched the vocabularies 
of local finantial reporters. Journalistic cliches such as “lackluster 
performance" and “quiet trading” have given way to “moribund" and 
“comatose.” 

Those who speak of a bear market are branded as optimists. ’The 
bear story has ended,” one analyst said. “Maybe the stock market will 
gasp its last breath in 1985 ” 

The tiide in share prices last year was chilling . The commercial- 
industrial index on the Makati exchange fell 41 percent in I9S4, while 
the same gauge on the Manila exchange dropped 36 percent. 

But it is the level of trading, or lack of it, that most worries brokers 
here. 

On a recent trading day, two dozen men lingered around the 50 
wooden booths at one exchange. Most were talking casually to one 
another. Others woe reading newspapers. Only two traders woe on 
(Continued on Page 13, CoL 7) 


The Skrnip In ManBa*s 
Stare Prices... 

uotmy ctoaa of tee Manna 
■ntatagMfti 



900 

JH.6W — 
717.78 


1M4 'M 

...PutsttiePhfipphnesai 
Tbe Button of the Ust 

Total i«wna (Mpaol gakn pkn 
(■vMmM 1074-B3 at MfacMwortt 
Bock tawOMK coavwnd annual 
mat. sdJiBtBd lor oactenga rate 
dfflmma again* the dotor 


South Kara 
Tfcaflamf 


The Associated Press 

GENEVA — Saudi Arabia's oil 
minister, Sheikh Ahmed Takj Ya- 
mani, said Sunday that an OPEC 
committee had made progress to- 
ward a solution to the cartel's price 
disarray. However, other OPEC of- 
ficials were less optimistic. 

'pie seven-member panel, of 
which Sheikh Y amani is chairman, 
met Sunday in Geneva to prepare 
recommendations for Monday’s 
emergency meeting of the 13 na- 
tions in the Organization of Petro- 
leum Exporting Countries. 

The cartel is trying to prevent 
prices from sinkin g farther under 
the pressure of weak demand for oil 
and increasing competition from 
Britain and other non-OPEC ex- 
porters. 

During a break in the talks. 
Sheikh Yamani told reporters, “We 
are discussing everything” that 
might be done to restore unity and 
discipline to OPECs price struc- 
ture. He added that progress was 
being made, buL he declined to say 
whai specific action was being con- 
sidered 

Tam David-West, the Nigerian 
oil minister, said, “Everything is 
going very well, very welL” 

However, Mana Said al-Oteiba, 
oil minister cl the United Arab 
Emirates, said it would be “very 
difficult" for OPEC to agree this 
week on an effective realignment of 
prices. His pessimism was echoed 
by other ministers, who spoke on 
condition they not be identified. 

Officials said Saturday that a 
separate OPEC pand had agreed to 
recommend to Monday’s meeting 
that the cartel maintain its bench- 
mark price of $29 a barrel for Ara- 
bian light crude ofl and stick to the 


W. German Rate Hike Seen as Not Slowing Dollar 


Rearers 

FRANKFURT — An increase 
in West German interest rates 
would do little to dampen the 
strength of the dollar and there is 
no dear evidence that the dollar’s 
rise has aggravated inflation in 
West Germany, the president of fie 
Hamburg regional central bank 
said. 

Wilhelm NBUing, who is also a 
member of the Bundesbank’s poli- 
cymaking counci l, said in an inter- 
view published by Die Welt news- 
paper Saturday that recent 
experience in Britain gives grounds 
for doubt fiat modest interest-rate 
rises can protect a currency. 


While the dollar has risen about 
40 percent against fie Deutsche 
mark since 1981, this has not been 
reflected in higher prices, he said. 

The Bundesbank's council in- 
cludes six directorate members plus 
the heads of 11 regional central 
j banks. It -meets Thursday amid 
speculation that it will consider an 
increase in fie discount rate, now 
at 4.5 percent, and in fie Lombard 
rate, now 5 5 percent. 

Commercial-bank economists 
have said that it is fie threat of 
imported inflation fiat most wor- 
ries fie Bundesbank. 

Leonhard Gleske, a member of 
fie directorate, said last week that 


the central bank cannot ignore fie 
impact of currency fluctuations oa 
prices when considering monetary 
policy. 

Mr. Ndlltng said in Die Welt fiat 
annual increases in West German 
consumer prices have declined 
since 1981 from 6 percent to about 
2 percent 

Latest official figures show fiat 
consumer prices grew at a year-on- 
year rate of 2 percent in December, 
while prices of imports rose 4.8 
percent 

Mr. Nailing said it would be 
wrong to jump too quickly to con- 
clusions linking the dollar’s rise 
and domestic-price levels. He add- 


ed fiat import prices have also 
weakened recently. 

In an interview appearing Sun- 
day in WeJtam Sonniag, fie chair- 
man of Commerzbank AG, Walter 
Seapp, said that West Germany 
could “Eve quite comfortably with 
a dollar which ranges from 3 marks 
to 3 J2 marks.” 

In late New York tradingFriday, 
the dollar was at 3.171 DM, up 
from 3.163 Thursday. 

“We should not react hysterical- 
ly to the strength of the dollar," Mr. 
Seipp said, noting that a weaker 
mark helped West Germany’s ex- 
ports. 


GMTs Saturn Becomes Most-Sought Industrial Project in U.S. Ss 

U «/ which Soviet Zeai 


By James Risen 

Los Angeles Times Serrice 
DETROIT — When Governor 
James R. Thompson of Illinois first 
read of General Motors Corp.’s 
plan to build a new high-tech as- 
sembly complex for its proposed 
Saturn small car, he immediately 
telephoned GM*s chairman, Roger 
B. Smith. 

In fie call, which pulled Mr. 
Smifi out of a meeting Jan. 9, Mr. 
Thompson said he wanted (he Sat- 
urn complex for Illinois, and flew 
to GM headquarters in Detroit the 
next day far a highly publicized 
meeting wifi fie Saturn project 
chief, Joseph Sanchez, to extol fie 
virtues of his state. (Mr. Sanchez 
died at tbe weekend following a 
heart attack.) 


Afterwards, Mr. Smith sat be- 
hind the wheel of a Saturn proto- 
type at fie GM Technical Center in 
nearby Warren, Michigan for fie 
benefit of fie camera crews from 
back home, and told fie press how 
niinois’s high-tech base makes it 
tbe logical place to locate Saturn. 

The day after Mr. Thompson’s 
visit. Governor James J. Blanchard 
of Michigan went to Detroit from 
fie stale capital in Lansing to try to 
make sure fiat Saturn was not sto- 
len out firm under him. He met 
wifi Mr. Smifi, F. James McDon- 
ald, fie GM president, and Mr. 
Sanchez, and was reassured fiat, at 
fie very least, the headquarters 
staff for Saturn would be based in 
Detroit. 

Mr. Blanchard also anno unced 


fiat he was setting up a task farce 
in fie state Commerce Department 
to lure the Saturn plant to Michi- 
gan. Later, be talked about how 
Michigan’s auto-supplier base 
makes it fie logical place for Sat- 
urn. Mr. Blanchard added fiat 
Michigan “will meet or exceed any 
incentives offered to GM by any 
other state.” 

But that was just the beginning. 

Since Mr. Smith announced Jan. 
8 that GM wiD create Saturn Can>_, 
a subsidiary charged with the 55- 
btilioo task of developing an all- 
new small car for tbe late 1980s 
that will be competitive wifi fie 
Japanese, politicians from virtually 
every industrial state in fie country 
have been tripping over each other 
in their efforts to woo Saturn. 


From Ohio to California, civic 
leaders are dreaming about how a 
project such as Saturn, one that 
seemingly often the best of all pos- 
sible ecooconkw^ds — high tech- 

their states. 

Saturn is ejected to create 
20,000 jobs, including 6,000 at its 
highly automated plant Dozens of 
companies supplying parts to Sat- 
urn can be expected to locate new 
facilities near the Saturn tile. 

Saturn has become the most 
sought-after industrial project in 
America. For a dry or slate seeking 
to renew its industrial base, fie 
project is being touted as fie model 
fiat American industry will follow 
in its drive to compete wifi fie rest 


of the world into the next century. 

“We are being inundated, 1 * a 
GM spokesman, Stan Hall, said. 
“We are being contacted by every 
major state through every possible 
conduit We are getting calls at our 
local plants, through public rela- 
tions offices, through local congres- 
sional delegations, everybody. We 
didn't expect tins much interest" 

Mr. Hall adds that GM*s ate- 


an initial litf of 20 potential Saturn 
rites, but that fie company is not 
limiting its search to those on fie 
list 

He warned last Thursday that 
GM*s rite-selection coifimiUee was 
beginning to lose its patience wifi 
the flood of inquiries from local 
officials. ' 


production cdling of 16 million 
bands a day it set Oct 31. 

Sheikh Yamani’s committee was 
charged with deciding how OPEC 
could realign the prices of its doz- 
ens of different grades of ml. A 
realignment might not indude a 
change in fie base price of $29. but 

it would seek to restore balance to a 
badly disjointed pricing system. 

A senior member of one delega- 
tion said he saw little chance that 
OPEC would agree to a logical and 
effective realignment of its prices 
unless Saudi Arabia unexpectedly 
dropped its opposition to raising 
the price of its lower-quality oils. 
That could be an alternative to cut- 
ting the price of the higher-quality 
crudes. 

Sheikh Yamani has been quoted 
in recent days as saying fiat Saudi 
Arabia would not accept an in- 
crease in the price of its Arabian 
heavy crude because it would mean 
an unjustified loss of sales. 

Many of Saudi Arabia's partners 
in OPEC believe that the price of 
the lower- quality crudes must be 
raised to reflect growing demand 
for that grade of cnL 

Last month, at its year-end meet- 
ing OPEC announced an agree- 
ment to raise the price of those 
heavy oils by 50 cents a barrel, to 
raise medium grades by 25 cents 
and to cut extra-light oils by 25 
cents. But Nigeria and Algeria re- 
jected fie arrangement. - 

Some analysts have raid recently 
that they bdieve OPEC will hie 
forced soon to reduce all its prices 
by at least $1 a barrel That would 
be only tbe second official reduc- 
tion in the cartel’s 25-year history. 
The first cut was from $34 to the 
current $29 in March 1983. 


Soviet Output 
Of Crude Oil 
Fell last Year 

New Yak Times Service 

MOSCOW — Soviet oil pro- 
duction in 1984 slipped back to 
1982 levels, tbe Central Statis- 
tics Board reported. 

The figures showed that 613 
million tons of petroleum had 
been extracted in 1984, 3 mil- 
lion tons less than in 1983 and 
considerably below the target of 
624 million tons in the Soviet 
Union, fie world's largest dl 
producer. 

The statistics were published 
Friday in Izvestia, the govern- 
ment newspaper, alongside a re- 
port on a Politburo meeting at 
which Soviet leaders demanded 
the “liquidation of the lag in 
extraction of oil and coaL” Coal 
production dropped from 716 
million tons in 1983 to 712 mil- 
lion tons last year. 

Accordin g to Western ex- 
perts, fie Soviet Union has al- 
ready pared its subsidized ex- 
ports to its East European 
allies, and a continuing decline 
could cut Soviet foreign-ex- 
change earnings. (XI accounts 
for 60 percent of Moscow’s 
hard-currency income. 

Natural gas production was 
587 billion cubic meters (20J 
trillion cubic feet) last year, 
more than fie target of 578 bil- 
lion and up from 536 billion in 
1983. Izvestia reported. 


Lean Bank Assets Give FRNs a Boost 


By Carl Gcwirtz 

International Herald Tribune 

PARIS — A glance at last week's 
new-issue calendar in tbe Euro- 
bond market, where the $1.6-bil- 
lion of floating-rate notes was dou- 
ble the $775 million of 

SYNDICATED LOANS 

fixed-coupon dollar offerings, 
could lead a casual observer to tbe 
wrong conclusion fiat investors are 
worried about a rise in interest 
rates. 

Floaters, through thdx preset 
changes in coupon, are fie tradi- 
tional haven of investors harboring 
such feats. But currently investors 
are driven by quite the opposite 
anxiety — fiat rates are poised to 
drop — and are stampeding to buy 
fixed-rate paper. 

So what explains fie heavy vol- 
ume of new FRNs? The answer is 
starvation: Asset starvation erf fie 
international banks whose capital 
constraints have made them reluc- 
tant to write new loans. 

T his led fie banks to fie busi- 


GoM Options prices in 5/02.). 


ness of generating fees through the 
public sale of renewable short- term 
loan participations, airprng to in- 
crease profits through fie sale of 
such paper without blo wing up fie 
asset ride of their balance sheet by 
talong the loans on iteir own 
books. 

Initially, only the best sovereign 
or corporate borrowers could up 
this market and the low cost rela- 
tive to what tbe banks traditionally 
charged to make loans assured a 
steady volume of business. 

Sweden, Denmark (which has 
just announced plans to raise SI 
billion in the UA commercial-pa- 
per market). Ireland and Belgium 
are using this opportunity to pre- 
pay more costly outstanding bank 
loans or FRNs at a time when their 
improving balance of payments has 
meant they need to borrow less. 

And now even the h ank; such as 


Banque Nationale de Paris and 
Crfcdit Commercial de France arc 
beginning to prepay FRNs which 
pay what currently look like lofty 
coupons of ^-percentage point 
over the London interbank offered 
rale. 

The bind for the banking com- 
munity, which in addition to being 
the principal issuer of FRNs has 
always been the major buyer of 
such paper, is that their constraint 
about balance-sheet growth is not j 
marched by a willingness to report 

stagnant Mining s. 

They may be pleased to have 
their portfolio of loans or FRNs 
reduced, but more than ever, given 
con tinued public wariness about 
fie overexposure of banks to trem- 
bled Third World debtors, fie 

(Continued on Page 11, CoL 1) 


Union Bank 
of Switzerland 
(Securities) Ltd. 

is pleased to announce the opening of its 

Tokyo 

Representative 

Office 


flu 

fit 

*** 


7C 

ramus 

23102450 

— 

3CD 

65D- &00 

IdSD-WOO 

WOSJO 

310 

275-400 

11001250 

1475-303 

3D 

im 200 

750- 900 

1375-1525 

XD 

(M0- 125 

475- 425 

10251)75 

3« 

020 0J0 

300-49 

725 875 


feu 299XB.3W9 



VakmWUteWeM&A. 

1. On) du Moot- Blanc 
1211 Genoa I. Switzerland 
TcL JIU25I - Tein 28305 


REGIONAL INVESTMENT MEETING 

KHARTOUM, SUDAN, 4r8 MARCH 1985 

300 prime investment projects in Democratic Yemen, Djibouti, 
Egypt. Somalia, Sudan, Uganda and Yemen Republic await 
foreign business partners. Negotiate directly with national 
projecl sponsors for industrial investment opportunities ranging 
from USBJOO.OOO lo US$128 million. 

For further details, please contact: 

United Nations Industrial 
TTNTTVY Development Organization 

U -L “ InvosUneni Co-opemive 

jwSEt’s Programme 

p.ol Box 300 
A-1400 Vienna 
Austria 

Td-- 26310/5020 or 4810 Telex: 135612 


Yamato Seimei Building 
1-7 Uchisaiwaicho 1-chome 
Chiyoda-ku, Tokyo 100 
Tel: (03) 595-0211 
Telex: (0) 222-5511 ubssec j 
Rapifax: (03) 595-0117 

Representative 
Martin Long 

Assistant Representative 
NorbertAlbin 



J 





Page 10 


INTERNATIONAL HERALD TRIBUNE. MONDAY. JANUARY 28. 1985 


International Bond Prices - Week of Jan. 24 


Anil Security 


— vmt— 

MoOt Art 
MM Price MM Ufa Curr 


Ami Security 


rtM 

Middle An 
Mat PriO Mat Ufa Curr 


Yield 

MKMr An 

Mat Price Mot Lila Cur* 


(Continued from Page 8) 


ten 0/t France hPt 

Sears Ore Finance 111* 

Security Pod* NmBk 10ft 

Seei/nTy Pool Not 9* MW 

Security Pocll O's R WVj 

Security PoeifO'sR |2 

Shears* Americ Erne 13V* 
Seuai Calttsm Ettisen M 

Scnin CnlilCTII EOUOfl l*b 

Soutti CdUcrn Edison IS 

South CaMomEdisov 18% 


SeutPCcUcm Edison 1IYJ 


SoutnCai Haro Gas 
Soum Cordom Gas 


Sootti CcrMina El Cos 15% 


SarrrQmn 
Sl PculO.'i Finance 
51 jndora OU Indiana 
Standard 0<l Indiana 
Standard 0.1 Ohio 
S indent Loan Mark Ass 
Sunestrcnd Finance In 
Suoenv O'S Finance 
Superiv O/s Finance 

Svtroi O/s Capital 
Teonfcn Coro 
TerneeaimlMav 


Time tall Nos 7b 

Teruwco ini n 

Teaacs Ccortcl lift 

TeAOCD taattal 13% 

rnat a c coliai W*. 

TnM CaDitaJ IDYi 

Taros Eastern Fauna 15ft 

Teens Eastern Finance 15b 

Teaas Instruments ml IH 

Teatrcn Inti 7* 

Tiroe-Lrfe O s Finance HP" 

Trailer Train Fltwa 13ft 

Tr n n sct nt rica Franda 7 

Ti owom er ItaO/s Fine PI 

Ticn sca Irrtl ISb 

Trento Inti MW 

T ra aw Gulton v 


Transoceoa Wl Oil 
Trw Inc 

Try. 0/S Finance 
UwO/s Franc* 


UnrtCanwO/SFmonc II* 
Union Caroide O/S Ub 


union Oil tall Firms TVi 

United TeMmoMales lib 

United Teehnotag l M 1» 

United Technologies Aft 

united Teehootaclei lift 

Utah inti Finance S 

Walt Disnev Product ia n*i 

Wall Disney Praducna 12% 

word FoodsO/s Capita » 

Warner-Lambert Inti 18b 

welts FargaCo im 

ivelb Fares Co 17ft 

wells Fargo irttl Fma 15 

wens Far bo l nil Fine 15 


We ye rhaeuser Capital 
Weyerhaeuser Crwttol 


Weyerhaeuser Ci*> 

VUererhceuserCo 
Mram Flnosce 


I1XS lOffl 

1141 1151 

HUB IDAS 

HA* TIM 

1157 10X2 

iiaa mn 

n.n 'uo 

1296 1176 

1842 1439 

I 111 TAB 

HAS I US 

iixj iijv 

Ilt7 1435 

IUS 
UE 
112 
iiTa 
HW AW 
HIT 9.U 
lOJH 

. ^ 
ms ?ai 


dm 100 Auslrio 
dm 100 Austria 
am LSD Austria 
ammo Austria 
dm 1 SB 


dm 100 
dm 20 
On IB 
■MW 
dm ISO 
an 19 
dm LSD 
dm 10B 
dm 508 
dm too Austr 
Ant0 
an ISO 


aa in m 
69 79 

644 67* S.V4 

750 U0 

751 79 793 

7-26 7 A* 

717 79 

757 IDAS 

79 U8 

663 79 

59 845 

79 021 

657 653 

7.15 833 

6BS 7J3 

79 79 

132 929 

7.93 8*4 

767 001 

6AS 595 6*3 
623 4* 677 
756 713 

161 151 071 
69 673 69 
751 056 

7J3 f.l* 

69 611 69 
683 721 49 
626 753 5.9* 
7J1 09 

09 725 076 
613 610 Oil 
723 79 021 
AX7 AM 871 


DM STRAIGHT BONDS 


AUSTRALIA 


A ustral a 
Australia 
Australia 
Australia 
Australia 
Australia 

ftlltl lBLfl 

Australia 

Autircta 

Austrauc 

AusfrMiai Ind Dev Co 
Comoico Invest Europe 
Homers ay Iran Fin 
Mount Im Franco 
Meuntlsa Francs 
Paaua New Guinea 
Oueenslond Alumina 
Rural Industries Bank 


7 17 Feb 103 *. 
Fa 17 Oct 102% 
6 '88 Sea 99b 
5b 89 Nov flV. 
8% fa Mo- 104% 

mil Fa ion* 

9b 11 Dec ilBb 
7k. 92 Nov KM 
iftfaJOP KB 
716 16 Nov 99% 
6k, 87 Nov laati 
7b86Jun 19% 
61487 Jut 99b 
7b 19 Mar 102 
76 12 Aar H7% 
6b fa Jul tatb 
on 15 Nov 101 
6 1* 87 Aug **16 



Cooentnoen City 
Cauentusen CJtv 
Com i woBtnCIfy 
Cuutnnooenair 
Cooenhcoen Dtv 
Cnn e ut e un CItv 
C o n e r Paien Telephone 
Caaeabogea TeJeohone 



n.«iv 
7% 46 Dec 
6'. fate 
4 90 Nov 
BftTOJan 
7ftre5Feh 
7%17jgn 
7 87MOV 
a>.83Aor 
8b fa Jul 
S'. 8a Nov 
a*. U Mar 
r. osFeo 
ivjioFeo 
7 88 Jut 
It; TB Jut 
7^1100 
IOVjH Nov 
BbfaFefr 


Finland 

Fkilasd 

Finland 

Finland 

Finland 

Ftataiw 

F intend 

Finland 

Finland 

Helsinki CUV 

imafronVWma 

Ind Mine Bank Finland 

Ind sotge Bank Ftnund 

RauwruuUuOv 

RoutaroekUOr 
Tvo Power Comoary 
union Bank 01 Finland 


StoWFeo 
10% 86 Nov 

5 ItOK 

7 87Aor 
7/3 80 May 

9b 24 Apr 

8 90 Nov 
7% 91 APT 

7 12 Jan 
8T*12 Jun 
1 87 Jon 

8 'at Dec 
7 87 Jul 
5W 88 Apr 
I 9l5eo 

6 88 FM 
4%9Dec 


in SSfc 

m ig ass 

in SSK! 
in CoIskni 
in CotealK 
m CahaeNi 
JOB CatoeNt 


552 650 611 
TXT 8 OS 
022 60S 

618 677 SJ5 
751 7JB 
7J7 856 

742 85B 

T56 765 

657 69 

721 729 

tSI M 2 622 
720 7.17 721 
757 79 69 
7.11 79 

728 756 


Bb 
6 

BVk 

r*. 

I 1 * 

Bt* 

flllf 

n 
im 6 
8 

Th 

TH 

at* 

7a 

n 

GERMANY 


751 751 7.77 
677 752 

627 61T 677 
611 672 US 

& H? 

761 726 

741 741 755 
697 751 

69 652 89 
721 625 527 
619 697 79 
755 7JU 

79 7 75 

613 6U 0J7 
611 63 

751 818 

765 752 

727 777 

721 79 

7.10 79 

762 79 

753 82 

69 653 606 

750 751 

745 80S 

79 89 

7 M 051 

79 724 09 
741 755 

79 UN 

751 79 
5JD 612 7 JO 
757 745 771 
75? 75* 831 
727 721 74S 
723 79 721 


DENMARK 


Din ISO Austria 
dm Wo Austria 


4b 85 Aw Ittte Ul U l/i 
7b 86 May 101b 645 631 755 


7* 86 Feb 
7b 87 May 
6b 87 Dec 
6 88 Feb 
10 88 Mar 
7b 81 May 
6** 89 Feb 
9b 89 Mar 
m 89 Apr 
79* 89 Nov 
9*J10Ma* 
r* is Feb 
Mb II Mar 
8 UMor 
71* 16 Apr 
7b 11 Nov 


687 79 

7.W 7 23 

615 i*I 655 
625 613 

720 »J0 

T9 745 

7.16 665 

743 62 077 
7.13 79 

692 72 

810 89 

7J9 727 

723 89 

753 79 

740 IM 

151 747 



TbWFeb 
79* 89 Nov 
8 85 Nov 
7% 14 Feb 
4 TO Jin 
4 TO Jun 
a 12 Sen 
I 17 Sep 
a n Jut 
Xu 14 Nov 
3b 14 Nov 
4b 87 Mov 
21* 14 Dec 
4 13 Dec 
4 TODee 
7b 13 Mar 


7.11 727 

6*9 741 

650 690 7.91 

7.11 7J3 


673 671 625 
189 356 

141 329 

646 428 

758 7.18 


dm 50 Iceland 
dm 73 Iceland 


7b 87 Aar 100b 7J4 759 79 
9V. 13 Jun 10* 812 823 


American Exchange Options 

For the Week Ending Jan. 25, 1984 


Option & price Colls Puts Option & price Cells 


option & price Coll* Puts { Ooftan ft price Calls Putt [ Option & prior Calls PUTS 


mov Feu Mov 
15 11-16 IV* W 

25 13b r r 

30 8b 9% 1-16 

35 31* 59k 1-16 

40 11-16 7«-u 2 


NMedEn a il r r 

16% 25 17-la 39* J-14 

36% 30 t >n s 


10 3b 3b IM 


ASA 

0 

8% 

r 

ft 

11-1* 

14b 

0 

Mi 

r 


48'^ 

0 

lb 

Sb 

to 

29-16 

Nova 

20 

7ft 

8% 


0b 

0 

b 

3% 

3% 

4b 

28 

25215-16 

4 

1-1* 

4b 

5 S 

% 

>1* 

7% 

8b 

20 

0 

7-1* 

1% 

2% 

Mb 

a 

1-36 

Mi 

12% 

13% 

28 

35 

r 

% 


Mb 

65 

1-1* 

r 

17b 

17% 

0 

40 

r 

Ik 


48b 

re 

l-U 

s 

r 

s 

ODECO 

25 

r 

1ft 


AraCon 

0 

r 

r 

r 

% 

25 

0 

l-lt 

% 


0 

0 

4% 

4% 

1-1* 

r 


0 

10% 

r 


S» 

55 

% 

lb 

2% 

3% 

51 

0 

6% 

r 

1-1* 

Arkia 

15 

ri 

r 

1-1* 

r 

51 

01 

11-1* 

3b 

ft 

I7i« 

0 

% 

% 

r 

3 

51 

ss 

>u 

ift 


Avne! 

fa 

4% 

r 

r- 

81* 

SI 

a 

r 

b 

18 

36b 

0 

2 

3% 

to 

1ft 

PhilPl 

0 

10% 

5 


36b 

40 

>1* 

1% 

4ft 

r 

*Sb 

0 

13b 

r 


Bally 

HI 

3% 

3ft 

r 

>1* 

48b 

M 

Sb 

Ift 

ft 

13% 

» 

>1* 

ft 

19-1* 

in* 

48b 

45 

ift 

5b 

ft 

11% 

0 

r 

>1* 

r 

r 

4Cb 

0 

lb 

Ift 

3ft 

Caiern 

25 

r 

r 

r 

V* 

48b 

S 

te 

Ift 

7b 

33b 

0 

4 

5% 

% 

to 

tab 

0 

»* 

% 

r 

33b 

35 

% 

ltal 

11-1* 

2ft 

PHIlbv 

0 

r 

s 

r 

33b 

« 

1-1* 

% 

«ft 

Aft 

39% 

« 

% 

lb 

ft 


30 I* 15-14 r 
IS 4H r r 

20 V* 111-16 r 
3 1-14 % r 

70 2b 4*6 r 
10 7-M =* 7-16 

15 r 4 r 
20 3- It b 9* 

15 13% r r 
30 7% r r 

25 3b 3b ft 
30 5-14 lb r 

30 CM 9 H4 
25 3V> 44* >16 

30 ll-MMS-M 3 
39 1-14 4b r 

5 4* ’ 1 >16 

10 r 1-16 r 
M lb 316 1-M 

15 1-16 7-16 r 

35 7b r 1-16 
«21>I6 316 >14 

45 >14 b r 


39% 45 r r 

Roves 35 r 21-16 

I 25'A 30 1-16 9-16 

I RovDut 45 6% 716 


50 II* 3% 5-16 


48 J% 416 116 
65 IT-16 1% r 


70 >16 *-16 


35 11-16 14* l 

IS *b r r 

21 41* 5% r 

25 9-14 IV* r 

15 r r r 

2D 2% 3 V* 

25 % 1>14 r 

25 1% lb r 


' 37 

17 

ZMItll 

23% 

. 23% 
23% 
73% 
Mar 
Alcan 


25 346 426 l 

30 % 17-16 14* 

40 111* r r 

45 6% ab r 

50 2% 49* 1 

55 a 2b s 

30 *% r r 

35 4% 44* 1-14 

« 4* 1 1-14 r 

JS r r 7-14 


216 3% 

% r 


20 n* 4% 

25 7-14 1% 

30 1-14 «k 

35 l-U S 

Jun Mar Jim 
25 5% 6 1 


30% 30 

jo% as 
Amax 20 
AfflBnd 60 
64 65 

6* 70 

Asarca 15 
W4* 20 

in* 2$ 

Beat F 30 
28% 35 

Brill Fer 15 
41 40 

41 45 

8ucv Er 10 
14% IS 
Chase 40 
52% 45 

52% so 
52% 55 

ChanHV » 
38b 35 

38% 40 

Chevril 30 
3146 35 

314* 40 

Coutl 25 
20% » 
10% 35 

Deere 30 
32% 3S 
ErnrsEI IQ 
75% 71 

759* 80 

G Tel 40 
43% 45 

Glllel 50 
55b 55 

55b 60 

GtoPMr S 
4% 10 

Heda M 

13% IS 
13% » 

Herod 30 
36% 35 

3646 40 

Korea 10 
IlM 15 
LTV 10 
11b 15 

Mocv 41 
464* n 
PHzer S 
J9% 40 

2*4* 45 

Ph Mar 7S 

82 n 
82 85 

PrlmeC 10 
!#% IS 


1% 7% 1% 

% 11-16 r 

’6 11-16 r 

4% 5% >16 

I 2V* r 

>16 r r 


1% 1% 1% 

% 13-16 r 

7-16 1 3-16 r 

1-16 r r 

» 7% r 

24* 2% 1% 

% 1% r 


19% 

fa 

1 1IS-1* 

lb 

ib 

26ft 

IS 

Ul 

rw 

% 

r 

r 

SFeSP 

20 

Aft 

r 

r 

r 


25 

2b 

3b 

to 

fab 

25 




r 





2% 


0 

to 


r 

r 






Sedeo 

34ft 

r 

s 

b 

% 

14ft 

35 

ift 

3% 

r 

17b 

19ft 

r 

% 

1% 

% 

34ft 

4 B 

r 

ft 

r 

StOOh 

40 

3b 

4% 

7-1* 

i% 

Hutton 

25 

10 

w, 

% 

43b 

0 

9-1* 

1% 

7U 

r 

Mb 

30 

5b 

*% 

V-16 

43b 

0 

% 

r 

r 

r 

fab 

35 

2b 

3b 

2ft 

Trie* 

0 

13 

r 

1-16 

>1* 

34b 

40 

0-16 

s 

5b 

42ft 

35 

B% 

9ft 

% 

ft 

Lilly 

65 

Sb 

r 

b 

42ft 

40 

3b 

5ft 

1 

1ft 

68ft 

70 

ift 

r 

2% 

42ft 

45 

Ift 


lb 

4% 

MonHon 

20 

18ft 


r 

/rtero 


3>li 

7b 

to 

9-16 



4 

4b 

r 

7 

10 

ft 

13-16 

Ift 

r 



ib 

1ft 

r 

WWtkr 

15 

r 

9 

r 

r 

Merril 

20 

lift 

s 

1-u 

23to 

70 

3ft 

r 

r 

% 


25 

8% 

Ift 

% 

23b 

25 

ft 

ib 

r 

7 

33ft 

0 

4% 

5b 

to 


Apr Jul Aar Jul 


35 1 11 162 11-16 3b 34* 
IS 3% r r 7-1* 


*16 1% r 

12% r 1-16 

7% TVS b 

2% 2b 1% 

*16 1% 4 


% 1 13-16 r 

1*16 IM % 

% 7-16 3% 

r % r 

r 6b r 

2 3 15-16 

% 1% r 

3% 4 4* 

% 1 >1* 39* 

6b r r 

rb r 1% 

b 1% r 

1% 4 r 

7 14 % 2% 

r r % 

2% lb 1% 

% r r 

*16 b *16 

1-16 1-16 r 

3% 4 % 

b 1 J 13-1* 


Acte 0 4b 4ft 

3* 0 11 0-1* 

Afr. Cro 45 10b 10% 

viv. a (ft ilk 

* 

21* 

r 

IMA 

i 

3 

Ik 

lb 

MasaPi 

17% 

NWrla 

27ft 

IS 

20 

0 

30 

3% 

9-1* 

s 

B 

r 

» 

l 

0% 

r 

r 

0 

% 

54% 0 Ift 

3 

Tfi 

r 

W* ^ta 

37ft 

35 

4% 

Sft 

1 

Am EXP 0 lift 

lift 

* 

r 

37ft 

0 

1% 

2to 

4 

40b 35 Aft 

7% 

5-1* 

)M* 

37ft 

«5 

7-1* 

» 

* 

*Sto 40 215-1* 

4 

141 

3ft 

Prttos 

10 

r 

r 

1-1* 

48b « i 

t 

r 

r 

17ft 

15 

2ft 

3% 

>16 

Am Han 45 lb 

r 

T 

r 

17ft 

30 

ft 

Ift 

Tto 

Sift 0 Jb 

4ft 

* 

l 

Pitney 

0 

Ub 

r 

r 

57ft 0 ft 

1ft 

a 

r 

40% 

15 

5b 

r 

ft 

Sift 0 ft 

r 

r 

r 

40% 

0 

2to 

3% 

ift 

BausLm 25 3ft 

r 

r 

ib 

•41% 

45 

ft 

r 

r 

Z7b 0 to 

ift 

r 

r 

ProcG 

0 

*b 

6% 

ft 

BeOSo 0 3% 

r 

/ 

r 

0 

0 

3ft 

r IP-i* 

3*to 35 % 

IH* 

r 

r 

55 

» 

% 

1ft 

4* 

33b £0 r 

ft 

r 

r 

Shklee 

IS 

b 

1ft 

IV. 

Hurrah 0 r 

12 

r 

r 

S vlmm 

20 

1 

r 

r 

a ss 8b 

»ft 

r 

Ift 

20b 

25 

ft 

r 

r 

a 60 4ft 

5% 

l* 

3 

TRW 

75 

r 

7b 

r 

a is ib 

3 

p 

r 

79% 

00 

Z% 

4U 

r 


6% r Mi 
2 7b r 

% b 3% 

1 7-16 1% % 

W b r 

lb 2% % 

% % r 

246 4% | 

% r r 

49* r >M 

1% 77-16 lb 

M % r 

7 r S-K 

3b r 1 7-16 

b 24* r 


C Tel 20 3% r 

m 25 % % 

Coooer 38 3 r 

a 36 null 
CrZei 25 9b r 

34% 30 S% 6 

34% 35 1b 2% 

34% 40 % r 

OartK art 

85% 15 3 r 

•5% 98 IV* r 

Ota E4 IV 30 31% 

1184* 95 27 2* 

110% 100 20% 24% 


UBb 105 17 

1 ll>b 110 13 

110% 115 « 

118% no 6% 

Disney 60 1>b 

6*b 65 6% 

4FM TO 3% 


4*1 11-16 
1b 2% 


13 15% 2 >16 3b 

V 13b 3% 4% 


6*b 15 1% 


6% 9% 5b 7% 

1>b 12 >10 1>16 

6b 0% i% m 

3% J 3 r 

1% 3 6 r 


4% 5% IM 


50% 55 b b 

Goodyr JS 3 J4* 

20 30 % 15-14 

Gould 20 6% 7 

lib 25 Sb 3% 
26% 38 b 13-14 


1% 24* 1% 1% 
b b r r 


79% as b r r r 

Tandy » 8% r 1-16 r 

29% 25 4b 5% b Ij- to 

28b X 1% 1 3 2b 

20b 35 % S r s 

Teum 38 4% 4% >16 4* 

34 15 11-16 11-16 2 7b 

31 40 b >16 6% r 

Tfarlty 30 21* 3 r r 

211* 25 7-16 b r r 

U Carb X 7% r >16 4* 

37b JS 3% 4b I *16 2b 

31% 40 1>V6 2% 4W 5 

37% 45 b lb S 0% 

37% 50 % >16 13 r 

37% 55 1-16 % r r 

37% 60 i-U a r t 

U S SI 25 1% 3b >16 11-16 

27b 30 «k 1% r 3V. 

v*m Lm 30 7b r r r 

37% 35 Tb lb *14 016 

37% 40 *1* 1% r r 

WrtCuNA 5 % r b r 

Waring 20 10b 10% r r 

30% 25 5b 6 V* r 

3M* 30 1% 2V* 1 14* 

30% 35 b b r r 

Total volume 217J4J 

Open interest 1119.193 
r— Not trade* s— Nona ottered, a— OkL 


Mutual Funds 


OpHob PrKaaJoo. 25.1904 


HIW YORK (API— 
The foitaritno «ioto- 
tlona. euPPflad fry the 

— ■ « AmiwMIim 

miHOrai A imuji iwi 


of Sacurtttem DaOL 
er*. In*, ore «w prte- 


ea of wMcfi there 
recur lttei cevMhOrti 


Value) or Dwtftt 
(value ahn iota* 
choree) Friday. 


ABT 
Emrg 
Gthlnc 
Sec Inc 
(Jtlllnc 
Acorn F 
ADV 
Afuture 
AIM 
CvYM 
Gmwy 
HIYM 
Summit 
Alliance 
inn 

Mortp 
Tech 
Alpha F 
Amur 
Corp 
Cmstk 
Enlrp 
Excti 
Pd Am 
GvSec 
Gravy 
Harbr 
HI YU 
(Him B 
OTC 


Pravld 
Ventr 
American 
A Bat 
Amcp 
A Mutt 
Bond 
Eimac 
Fd Inv 
Grwfh 
Incant 
ICA 
ME co 

N Pars 
TaxE 
WSfi Mf 
A GthFd 
A Merits 


a I nv In 
AmMed 
A NtCth 
A Mtlnc 
Amway 
AnaJyt 
Amstng 
Axe 
Fnd B 
incom 
Slock 


wretaHM 

IMNHPI GfUQi 

M> Deal- HlYld 
iRsirle- Gotvsrt 
'. .r Equity 

“ Inco 

evunore Social 
Net Amt TxFL 
TxFL 

iss 

BW Art Condn 
Family: DNW 

1240 Ii77 H llnc 
1115 1A37 Ntontt; 
1152 1134 TxFro 
1 SjBl 7 17X4 CopPtalo 
3171 NL Contail 
3046 HL Cat Slta 
11X1 NL Chart Fd 
Funds: Clip Pfr 

'ail ’m? CIGNA 

•SU 1 * SSS 1 

Cat>: Incom 

HUB 11.90 ^ "ONnlB 
9L64 10.15 Colonial 
10A6 2X39 COPA 
2159 2 LS 1 CpCsh 
Capital: CPCOII 

4J4 7J7 Ftmd 
1X57 15J7 GvSrc 
12.16 4X29 <^w"l 

4691 NL HI YU 
11J9 X 2 JJ Incom 
11.91 R77 004 Inc 

25.12 NL OPII II 
12X0 110* .Tlfa 
9X6 1055 CoJumfrta 
17X6 18X6 Fixed 
975 1X66 Grttl 
19.98 21X4 Muntc 
4X0 5.19 Cwlttl AB 
14X4 16X2 Cwlttl CD 
Funds: COTiFOBift 
1X52 lixo Band 
8X5 9X7 Fond 
7479 76.74 Tax 
1X71 13X9 USGov 
1413 1544 Concnttl 
12X6 1405 Canstel G 
13X5 14.92 Cant Mut 
W.97 11*9 Cuoiev 
11.10 1X13 CoCash 
15X5 16X7 ary Cap 
8J)0 X74 Crlterlan 
9X7 1X36 Cmrco 
9*1 10X3 IrjvOi 
7X3 836 PHat 
2.94 NL QuaJTx 
7 JO NL Suntjlt 
9 JO NL DFA Bm 
37J7 HL DFA Inf 


Bull & Bear Ga: 
CapitG 1195 NL 


11X6 NL 
9.17 NL 
1427 NL 
Group: 
nn nl 

1130 NL 

inn nl 

HL47 NL 




7X1 7.9* 
11J7 1232 
17J4 1842 
831 8X7 
3JJ9 337 
10X3 11X8 
IUS 1230 
9X7 1036 
11X3 12X9 
11X5 1295 
MX3 NL 
6X9 NL 
10X3 NL 
5125 NL 


To* Ex 
Thrfl C 
Engl Glh 
Eaton 
EHBal 
EHSHt 
GvIQtal 
Grwfh 
HIYU 
Inc Bus 
Invest 
Spew 
T axM 
VS Sal 
Ebersladt 
Own 
EnoRs 
Survey 
ErapBld 
Eng Util 
Evram r 
EvrorTtt 
FPA 
CtrtH 
Narine 
Parmt 
Reran 
Frm BG 


13X6 NL 
7 JO NL 
11X4 NL 
6X3 NL 
7.27 7X5 


incom 2X7 2X3 
US Gov 7.16 7X6 


SIM 5X3 
652 6J9 
15X9 15X0 


7X8 7X5 
1217 13.12 
12X4 13X3 
454 7.15 
4X0 5XS 
8.98 9X1 
134 9.11 
18X4 19X3 

i^its 

Group: 
9X8 iQ.M 
10X511X6 
13X414X9 
16X5 MBS 
2255 NL 
40X9 NL 
MJB NL 


Pd srfSW 7063 71X91 
GITHY 1055 NL 1 


GT Poe 17.18 NL 
Gate Op 1427 NL 
Gan Else Irw: 

Elfnln 1039 NL 
EflnTr 22X5 NL 
EHnTx 7032 
S&S 34X8 NL 
SASLs 1098 NL 


GtnMEr 25 
Gtntel 78 
GrdsEm 9 
GrdHiEo 11. 
Grtti Ind 10 
GrdPkA 19. 
Hem hoa i 
Hart Gfh U 


St 

7825 NL 
924 NL 
11X4 NL 
1073 NL 
19J3 2156 


Hart Lav 1239 NL 
Homelnv 1026 NL 


Lchinvst 
Levroe 
Lexlnafan 
CUh fr 
GoWfd 
GNMA 
Grew 
Resit 
Ufrertv 
Am Ldr 
T* Fnt 
US Gvt 
UndDv 
Ufttlnr 
Luomta 
Capri 
Mut 
Lord 
Afflttd 
Bod db 
Dev Gt 
incom 
TaxFr 
ToatNY 
VotAo 


1371 14X2 
9X0 1BX8 

435 7X1 

MunIB 7.18 776 
Coiontal Fund*: 

CoeA 14X3 16X1 
CpCsh 47X8 48X8 
CaCell 4020 49.18 
Fund 14X4 16X0 
GvSec 11X4 1270 
Grwttl 1050 1748 
HI YU 7X0 7J2 
Incam 6X3 7X2 
ootlnc 052 9JI 

ami ii nx6 12X6 

TbxEji 12X5 12X6 
Columbia Funds; 

Fixed 12X4 NL 
Grtti 2353 NL 
Muntc 10X7 NL 
CwHfl AB 1X4 156 
Cwlttl CO 1.99 2.15 
Composite Grown I 
Band 94* NL 
Fund 1007 NL 
Tax 632 NL 
USGov 1JJ2 1X7 
Concord 2543 NL 
Canstel G 19X7 NL 
Cant Mut SJD NL 
caafev 759 NL 


'» 
Fdllntr 
GNMA 
HI lan 
Inco 
Start 
Si Gvt 
StfcBd 
Stock 
Fldeiitv 


Destnv 

Dbev 

^eUS. 

Fkta 
Fream 
Gvt sec 
HI Inca 
HI YW 
U Mun 


1058 NL 
3657 NL 
972 NL 
1078 NL 
1173 1255 
1051 NL 
10X3 NL| 

orrawall 

14.15 NL 

17.16 NL 
Invest: 

6X8 NL 
3603 NL 
10X4 NL 


S3 NL i 

19X3 NL 
2550 26X2 
45X6 NL 
16432 NL 
13.13 NL 
9X2 NL 
053 NL 
11X6 NL 
845 HL 
3659 3772 


Hot Man 2154 NL 
Hutton Group: 

Band r 1&88 ML 
drill 958 1040 
Emrg r 1072 NL 
GwHl r 1354 NL 
OPttnc 9X2 NL 
Gvt Sc 9X5 NL 
Natl 1057 11X1 
NY Mun 1022 10X5 
IRI Sick 1144 16.17 
IDS " "" ottfijnt! 
IDS Ac r 617 NL 
IDS Ea r 5X9 NL 
IDS I nr 5X1 NL 
I IDS Bd 4X9 456 
IDS Dfa 679 7.14 
IDS Ex 4X4 5.10 
IDS Grt 1641 17X7 
IDS HIY. 4X1 425 
. IDS Int SX4 5X1 
IDS ND 831 874 
IDS Proa 6X0 6X2 


Lutheran 

Fund 

incom 

Muni 


BM Art 

17X3 NL 
17.14 NL 
7X0 NL 
Grp: 

12X8 12X9 
2X9 NL 
7X9 NL 
847 NL 
1652 NL 
Group: 
1151 NL 
9.18 NL 
851 NL 
2250 NL 
18X7 NL 
Savin: 
19X6 NL 
T7.15 NL 
Ahbeff: 
942 1016 
9X9 inxi 
8X7 8X2 
3X6 3-34 
9X6 1035 
95210X1 
9X5 1077 
9X0 1027 
Bn: 
1570 1653 
0X8 9.14 
7X7 744 


NY Mun 
NY vent 
Newt Gl 
Newt Inc 
Nictate 
N total 


BM Art 

7.10 NL 
15X4 NL 

1.10 ML 
771 8X3 
2577 NL 

829 NL 
Group: 
27X7 NL 


Ntah II 1256 NL. 
N Ctllnc 3.70 NL 


Oppentief mer 


1170 NL 
1177 NL 
Star: 
1035 NL 
954 NL, 
16X2 NL 
1347 NL 
1373 NL I 
757 NL . 
1154 NL 


Bid Art 
Tail Ex 21.98 2308 

USGM 14X3 15X4 

VMo 1672 TJ43 

Vovog 1644 1757 

tumor 48X6 NL 

UMn» 4X3 NL 

teaGr 13X3 1490 

tachT* 1026 1151 

tovee 759 NL 

iFT Eat 18X8 lira 

afeco Secur: 

Eoult 9X5 NL 

Grwttl 1754 NL 

Inco 12X6 NL 

Munic iiX8 NL 

(Paul Invest: 

Capll 1031 1097 

Grwttl 11X2 1257 

Inco 9X3 1074 


Strongln 18.15 1833 
Strap T 1694 17.11 


StraoT 1694 17.11 

Tel IncSh 1616 

Templeton Group: 

Fron unavoll 

Globa! I uncvcll 

Giat) II unanroll 
Grwttl unavoll 
World unavoll 
Thomson McKinnon; 
Gwfli 11X0 NL 

Inch 9X1 NL 

Opor I15B NL 

Tudr Fd 1979 NL 


1110 NL 
23X9 NL 


1536 1679 
19.13 2091 
7.10 776 1 
896 9J9 
643 7X3 


SPOCl 1752 NL 
leudder Funds: 
CdTx 10X5 NL 
□aval 6020 NL 
CtuGr 1465 NL 
Grainc 1259 NL 


Ultra r 774 777 


HI YU 17.18 1842 : 
Freni 22X6 2411 , 


incom 11.97 NL 
Inti Fd 21X6 NL 


759 NL| 
4670 NL 


ary Cap 1638 1771 


Crlterlan 

Cmrce 

InvfH 

Pilot 

ssar 


Funds: 
9J7 1079 
9X7 1074 
9X2 9X6 


Purtfn 
Set Del 
SelEn 
SelFb* 
SetHH 
SelMtt 
SetTch 
SelUtll 
SpcSH 
ThrlH 
Trend 
FtduCdp 
Financial 


Select 

Vartab 

ISI 

Grwttl 
incom 
Tret Sh 
industry 


1026 1047 
2143 21X7 
18JM 1953 
951 950 
21512379 
1759 1775 
11.92 1259 
979 NL 
4834 NL 
I&2B NL 


Eauitv 

GvtFI 

HIYM 

Ontn 

tTB 


IDFA 5m 16335 NL 
I DFA Inf TOOTS NL 


Band 
Enters 
Gwth 
UMB SI 
UMB B 
BLCGt 
BLCInc 
Bead Glh 
Beac Hill 
Bcntiam 
CaTFL 
CalTFI 
Coo NT 
Berger 

Boston 

CodAp 

Modi 

SoGth 

Bowser 

Bruce 


1034 2004 
SM 6X7 

14834 NL 
7X9 NL 
Hourttton: 
9XB 1074 
475 5.16 
7 J8 607 
Grew: 
152 NL 

1035 NL 
1244 NL 
11X0 NL 
1005 NL 
1646 17.99 
1498 1637 
1492 NL 
VETO NL 

Capital: 
979 NL 
978 NL 
1026 NL 
Group: 


CalTF 
DvGt r 
OivGt 
HIYU 
IndVI r 
NttRsc 
SnarTs 
Tax Ex 
USGvt 
WrUW 
Ddav 
DMC 
Decaf 
petow 
DutcJS 

Tx Fre 
Delta 
DIT CG 
DIT AG 
DIT Cl 
DGDtv 
DodCx HI 
D«fCx 5» 


ULBQ NL 
834 NL 
13X3 NL 
13.19 13.96! 
loss nl' 

774 NL' 
1067 NL 


1IU2 NL: 
1O10 NL 
Group: 
9X8 1437 
1645 I6X9| 
19.14 2092 


755 62S 
7X2 TS 
11.91 1352 
1157 NL 
1851 NL 
9X0 NL 
2649 NL 
3690 NL 
25X7 NL 
18X1 1874 
Gra: 
1331 NL 
13X3 NL 
13-15 1437 
1230 NL 
1628 1779 
9X9 NL 


Dyno 

FnctTx 

■MM 

Incam 

wrMT 

Fst 

Bnd Ap 
Obco 

Govt 

Grwfh 

Incom 

InlLSoC 

Nat Roe 

NVTxFr 

90-10 
optn 
To* Ex 
FlrtFd 


isa sb 

450 NL 
8X6 NL 
747 NL 
InvestorsT 
1249 1347 
12.15 13X8 
1171 12X3 
7X5 014 
5X6 640 


HI Inco 
MaTF 
Inv Resh 
lew 
IvyGth 


Grwttl 
USGvt 
Tax Ex 
KBUtmn 
Kemper 


11-12 1171 
354 372 
UX4 1752 
7X3 8X4 
8X0 842 
Group; 
6X1 772 
3X1 416 
10X6 11X7 
670 NL 
9X0 1049 

Xii 

058 NL 
8W NL 
893 NL 
Group: 
10171896 
1400 UX9 
14*7 1572 
4X2 5X6 
14X4 NL 
1459 NL 
117X1 NL 
1456 1874 
022 093 
11H NL 
Hancock: 
U57 15X4 
1255 13X4 


MFI 941 1015 

MFG 1012 1062 

MSNC 1ILDQ 1050 
MS VA 9X9 1049 

MIT 1174 1266 

MIG 1L17 12X4 

MID 9X1 974 

MCD 18X7 1172 

MEG 14X0 15X3 

MFD 1174 12.12 

MFB ULM ML17 

MMB 9X0 1088 

MFH 6X0 733 

NIMH 979 18X8 

MSF 7J9 7X6 

lathers 2146 NL 

taschrt unavair 

hi i ill Lynch: 

Bale 14X0 1837 

Capri 8050 2001 

EW Bd 11X7 11X4 

Fedsc 977 1042 

FdTm 1179 NL 

Hllnc 7X8 8X3 

HI 011 1859 11X3 

In jHM 957 1046 

InTrm MX4 KU*6 

LtMat 979 9X9 

MurtHI 9J5 9X4 

MunfJn 7.16 746 
POCFd 1603 17.14 

Ptmix 11X0 1178 

SefTdt 9.18 RLD2 


12X1 14 TO 
2054 2245 
160717.10 
011 849 
1278 1X97 


NYTax 1049 NL 
Securttv Funds: 


OTC Sec 15-79 1451 
PcHzCal 1247 NL 


Atlas 8X5 947 
Amor 1342 1447 
GNMA 9X3 10X7 
HIYM 9.98 1042 
InvGrd 972 1027 
POXWM 11X2 NL 
P8IVI 54 8X5 NL 

Penn Mu 6X9 NL 
PermPrt 1067 NL 


Action 744 
Bond 8X3 842 
Eoutv 531 5X0 
Invest 859 9X8 
Ultra 778 850 
Selected Funds: 

Am Sta 1043 NL 
Sal 5hs 17X9 NL 
SeUemon Group: 

COPFd 1083 11X4 


USGv 
VWo r 
USAA 
GoU 
Grwttl 

ss? 

TxEH 

TxEll 

TxBSh 

Unified 

Acum 

Gwth 

Inco 

Mull 


9856 NL 
4X2 4X4 
Group: 
7X3 NL 
1402 NL 
11X4 NL 
1819 NL 
12.16 NL 
1134 NL 
>0.44 NL 
Mflmnt: 
9.15 NL 
1864 NL 
1175 NL 
13-50 NL 
Fundi: 
81S 8 91 
549 6X0 
5X8 550 
835 5X5 


CvFd 1617 r 
Grwttl 13X0 1! 
HIYU 9X4 ' 
Stock 1357 V 
PC Cp 1078 
Pltarhn G 

MCA C 
Mas In 

PAR __ . 
Pile Fd 13.V9 I 


832 959 | 

11.CMJ54 
16D P47 
13X0 1SX8 
9X4 9.72 
1157 1X74 
1078 

Grp: 

7X4 759 
OT7 »" 


877 553 
1146 1257 
731 747 
744 7X1 
7X3759 
743 779 


NY To* 737 774 
OMaTx 7X6 742 


Sentinel 
Baton 
Band 
Com S 
Grwtti 


9X5 U ?X9 
2014 32X1 
1606 17-55 


Group: 
1007 11X1 
629 687 
1778 1942 
1359 1488 
4099 NL 
1074 1147 
Funds: 


Con Inc 1811 1651 
HI Inc 1105 14X6 
Incom 1402 15.12 
Muni 6M 6X1 
NwCcct 4X7832 
Retire 543 615 
ScEng 9X3 1074 
Vang 857 6X9 
Utd Services: 

GldShr 464 NL 
GBT 1134 NL 
Growth 7X3 NL 
Prspct -52 NL 
ValFrg 1040 NL 
Value Line Fd: 
Bond 12X1 NL 


Fund 11X1 NL 
incom 640 NL 
Lev Gl 1777 NL 


Munlld 10X8 NL 


Appro 1039 19 Jl 
COtMv >443 1611 


Sol Sit 13X9 NL 

VKmpM 1817 18V3 


III Inc 1376 1804 
PHtmd 1247 NL 


FdVal AM 7X3 
G total 2022 21X8 


Sol VU 12X1 13X6 
Mid AM 644 7X4 1 


MMAHI 
MwSBV 
MSB Fd 
MdIGvt 
Mut Ben 


4X3 839 
1857 NL 
2847 NL 
1015 NL 
11X1 12X1 


Fund*: 

1415 NL 
1249 NL 
832 NL 
1254 NL 
1899 NL 


1044 1941 
12X7 lOK 
1378 1451 


VKaUS 1821 18X7 
Vance Exchange: 
CWE t 6478 NL 
OB*tf 39.97 NL 


Sierra Gt 1156 NL 


Mutual of Omaha: 
Amor 10X2 NL 


060 *JS 
943 1847 1 
.14 NL 
Functor I 
1256 13.15 
820 8X3 
12X4 13X8 


133 Sb 

2874 % 
1059 NL 
1674 NL 
Itt NL 
10689 NL 


44 Wg|| 
Fnd Gm 
Founders 
Grwttl 
Incom 
Mutual 
Seed 
Frataiu 

Grwfh 
NY Tax 
OWton 
uHIb 


471 815 
12X9 12X6 
IZ97 1417 
817 557 
9X4 975 
1178 NL 
606 811 
559 NL 
435 475 
Gtuup: 
6X4 NL 
14X3 NL 
9X0 NL 
2813 NL 


HI YU 10X5 1099 
Inti Ft! 12X7 1854 
Mun B 830 871 1 

OPfn 1152 1260 
Summ K» 2834 
Tech 11X9 12X4 
Tot Ri 1377 1805 
USGvt 084 971 
Keystone Mna: 
Cm Blf 1881 NL 
Cus B2r 17X5 NL 
CUS B4r 776 NL 


Grwfh 878 628 

incom 857 9J2 

Tk Fre 10X4 11.13' 

MHOual 17X9 NL 

MUt Stir 5257 NL 

Hat Avid 958 1047 

MotJnd 12X9 NL 

it Securttlee: 
Baton 14X0 1843 

Bend 3X9 355 

CaTxE 11761241 

FadSc 1149 1254 

Grwttl 8 W 9X6 


N Hertz 1343 NL 
SltTrB 801 NL 
TxPrl 840 ML 
TuFrSI 
PrlnPTE 


5J7 NL 
9^3 9 J7 
Pro Service*: 

MedT 953 NL 

Fund 10X8 NL 

Incom 835 NL 

PrudenlTai fioehe: 
AdIPfd 2125 NL 


Sigma 
COP ft 
Inco 
Imtel 
Sod n 
Trust 
Vent 
SB Enty 
SB WGr 


Funds: 
18X0 ISOS 
744 835 
744 885 
695 740 
11X6 12X1 
977 1068 
1841 NL 
880 9X4 


OBstf 

Dverf 

ExFdl 

BxBuf 

l&%', 

Vanguard 

Exolr 

Gdd 


70« NL 
1854 NL 
8940 NL 
56X2 NL 
*146 NL 
Group: 
3258 NL 
618 NL 
upavall 

lira nl 
unawail 
1693 NL 
7 .S3 NL 


SaGcn In 14X4 1854 
Swlnlnc 474 NLl 


Eauitv 18781692 
GM nr 11J1 NL 


1153 1260 
MW 2634 [ 
11X9 12X4 
1377 1805 
8X4 9X1 


7X7 7.95 
754 759 
9J4 NLU7] 


Tax Ex 877 9X6 
TotRe 615 653 


872 9X3 
1241 T378 


Ne rf loiwJd e Fds: 
NatFd 1069 1151 


CUS Kir 846 NL 


12.15 13.10 
1013 1055 
640 690 
637 687 


651 NL 
1941 NL 
816 NL 
854 NL 
4XD NL 
12X3 NL 
757 NL 


Kid Pea r 1X55 NL 
LesgMaa 22.91 NL 


NatGth 8X4 9X2 

NOtBd 944 10X1 

HELMS Fund: 

Eault 1953 21X3 
Grwtti 21.19 23X3 
incom 1031 ItXB 
Ret Ed 1879 2038 
To* Ex 696 7X9 
heufrorger Berm: 
Error 1005 NL 

Guord 4043 nl: 

LlNv 394 NLl 


GvtSc 1013 1023 

HlYLd lODl 1073 

HVMu 1438 1806 
MuNY 10-53 NL 

NOec 1801 1195 

Option 1552 1664 

Quoltv 15.12 162J 

Rsch r OU NL 

_ Utility 11X9 12X1 

Putnam * Funds: 

Cortv 13X5 1814 

CnlT* 1884 U52 

Coctt 801 

CCArp 4661 47X1 
CCOso 47X848X9 


Sauer In 1947 2071 
State Bend Grp: 
Cam « 834 5X4 

Olvera 618 675 
Proen 7X8 872 
SIFim Gt 970 NL 
SIFrtn Bl 1152 NL 
5lSireet Inv: 

Excti 8472 NL 
Grwth r 51X8 NL 
Invsl unavoll 
Steadman Funds: 
Am ind 2X4 NL 
ASSOC XI NL 

Invest 141 nl 
ocean 646 nl 
S tem Roe Fds: 


QDvIll 23.11 NL 
TC Int unavail 
TCDso 32X9 NL 
GNMA 940 NL 
HlYBd 861 NL 
IGBnd 610 NL 
ShrtTr 1019 NL 
ma Tr 2070 NL 
MUHY 9X7 NL 
Mulnt 1CT2 NL 

MuLg 9.71 NL 


MuIhLg 1047 NL 

Musttt 15X5 NL 

WMtal 1147 NL 

WMItn 12X8 NL 

Wndsr 1116 NL 

venturin 1071 11X5 
Whilst 873 9X4 

Wtrin Eq 15X2 NL 

Wstard 10X7 n.99 

Wood Strut hers: 

deVeg 40.11 NL 

Neuw 1812 NL 

Pine 1115 NL 

YesFd 053 091 

NL — No load 
(tales Ctargel 
I— Previous daYa 
quote, r- Redemption 
charge may apply. 
*— E* dividend. 


12X8 1843 
1677 1882 


Cod Op 2157 NL 


Grolne 11781244 
Health 1636 17X8 


HI Yl« 1835 1646 
incam 689 7 TV 


DHCV 

Seed 

Stock 

ToaE* 


9X0 NL 
1637 NL 
18BS NL 
8X4 NL 


TofRet 2243 NL 


1047 1146 
1809 1684 
1096 11.98 


Unlv 

StratCsa 

5iralinv 


1600 NLl 
698 743 
5 79 678, 


ISlral Gift 18JM NL 


ireand 
Iretond 
ireiano tiSH 
irttand 

Irefona 

Ireland 

tirted 

Ireland 

liekxd 


10 :84SK 

r:Sto 
f : to Jul 

9% T'.Sre 
;.r Dec 
fi sTOtlc. 
5 

JS=K 


•K 

■r. Sr -J 
"X ir: Irs.TW 


'K i:"'.:rsfi't 
’3J ■Tn;'e , ~ ; ■> 


F. » *tsr 'S’. ’*4 riO 647 

aLTO.M 138'. *48 U5 673 

T-uTiYff TH'-* 69e *|1 143 

l-.HJtT- 131% L*1 46* 84) 

a His W. tr 47S tSS 

i : PVar TX'. 1C L42 &4S 

•»': 47? *53 5X4 


PHILIPPINES 


771 748 775 
741 741 752 
6M 7.17 43S 
64* 707 620 
604 m 877 
777 773 
633 54* » 73 


Attenoe Np/ian-Stredt 
CaR*»>sDiO < rcita 
Cradloe Creoto Caere 
Feriovw Delta Stota 
Femme OtOo 5 fold 
Olivetti inn (fud 


676 673 60S 
758 03 

744 771 lli 
687 697 677 
776 68V 771 
741 871 

6M 686 698 
773 123 

ija in 

187 Ml 
7.73 113 


ITALY 
at 1. as Ji r 

I -. vi J=» 

rt kH& 

I VIA r 
S'. 91 Jar 

JAPAN 


•X -- sLSAsr 

SOUTH AFRICA 


6-.- 1- M 
4“.= 

SC.-n A- « 
to'S-c 
Sc-.—l ip ICS 
Escrrr 5 Suapt- 


677 578 

646 m 

•’.Il 741 

635 5® 691 
641 7X2 

771 159 

781 746 

7JE 775 

7JB 7.14 

183 779 Lfl 
>.11 U9 748 
741 754 7J6 
6J4 658 6V7 
61* 686 5X5 
749 

646 772 611 
67V 6*2 657 


Bonk o* To* ye Curacao 
sank Ot Te*ve Curacca 
Fuli Electric Cc W/n 
Futi Inti Finance Hk 

Hanjmo-Gun.LtO 

Japan Air tines 

Jaosn pevatae Bark 

Jaaan Drvekw Bank 

Janan Fkiaece Municta 

JcpanSmttl RufrOer 

JusmCaLto 

Aansal Elearle Power 

flax City 

KapeCiti 

KoOeOfy 

KseeCKv 

Kaoe City 

Kobe City 

KaPeQhr 

kubotaUd 

Lane- Term Credit Bank 
Mureean. Heavy 
MrisuantuHiawW/w 

MUtVlfrrsW HWJV, X. W 
Mitsubishi Mriol H/w 

Nippon Credit Bo* 
NlpmTeinrD Tel ten 
Rnvmm Watch W'w 
RhyttunVWcn K-ri 
Suoiitoma Finance Asia 
Sumitomo Finance Art! 
Tokyo Electric Power 
Yokohama City 


5b 97 Jun 

T- TO Fen 
3<B 9C Apr 
7b TO Fee 
SL ,' Si Jun 
r l 97 So- 
Jb 97 Sen 
Ta VO Jul 


Eicr - ause,'. 

Sv-r* S/re • 
Sta: - ' c «r S.soi- 


i-_ i 
SX 7J- ; 
4X 1 

:75 . 
~r- j-s 


IS aX 
1C: 144 
«: j*e 


- - r 

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»3i tTV 73' 1 

7 iZ ~U 


E-js- E:« r- 5^=:. 
Esst- £^arSu=9i« 
Ewr E'esr J.rs/i 
I5CS-' rri-NI 
•Ktr I'o" Steei 
.iCs-i-mS-e*. 
u=- irse s-«' 

'V3* 1 rceSIee. 

.C'CTfKu'ij r- 

jercr-est-,-: ;-r. 

Te F-e-r-.s 
°:v 7e>ecA-i F'earis 
Sa.'-r. -'-.cc 
Seuv.Atrc -.-"saa' 


I : 55hav 
"L 7 * Vcv 
7 57NCV 
I:>t3« 
TOOec 
S' : -Si a or 
S Sever 

e .97 sea 
F. 97 \o« 

7 3! M3* 
f ! TO Aar 
fyTOjiai 

8 TO ACT 
ft TO iff 
r -.9s,u- 
■ TAar 

7 - aa.w 

4 n «ar 

8 a 88 NOv 

5 54 S4P 

:c facet 
fr-TSeo 
’ TO0C 
Sb Ti jL-fl 
7*1 ‘8£ Jen 
’bTONev 


liT UT 14 
7*1 775 771 
*58 6W J4D 
777 Lit 
Ui TXT 
5X3 544 844 
7.V7 7X7 aoa 

an >41 67* 
747 8.92 

618 6TO 7JS 
7 45 071 

7.VJ 6TO 
Ui 8X2 
.’.TO XU 
7jo ia ui 
7.11 778 UB 
TJ7 747 ItS 
rn 872 
Ml 772 177 
if 171 104 
7.97 971 

44* 6TO *71 
»X4 IS? 
70S 121 

772 7X9 744 
797 7.71 


LUXEMBOURG 


dm KM Arced France 
dm 50 Mfred Finance 
am 1(10 SocCanlrNudeao-H 


93 

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IOC 



9V. 

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pCH 

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wi 

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6% 57 Jun 95 ?si 
9 97 Jan 'Z: iT 
7b 54 NT. 99. 


am OT Mexks * 55 Aar 99 

am in Mexkn 7b 58 Jen wl 

am ISO Sens Ncoonpl Ofrrss ! 86 Nn 10CL 

omUn Common Fed Electric essay :x 

dm ISO Cemdiar FM Electric *L58 abt ’< : 
dm 150 Nodonat Flnanoera 11 TOMor :ot 
dm IOC Pwhu pefroteoi Me* k 7 8*Jai 100 

dm 150 Pane* Petroieoi Me»k 11 TOFefr ICE: 

MISCELLANEOUS 


Br= 1 

BrSiil 

3.-d-'.: 

e-=i 

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••e-kr.-e c 

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3nM .rraji; 
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15 uer 
»•: asm.- 
r-:29Mev 
F. -facet 
r. 37 jen 

6 37AC0 
"57 Oct 

5 . 52 Jun 
: SEver 
1 TO 
•L TO NOV 
r.fa.wer 
factor 
6:87*0/ 

7 27 Nov 


99'^ 1292 
95". 7.91 
55 1*4 

im :ra 
vr- is 


AiDcce ryfaDee 


S* ffi 

IT 191 

:s% 125 

V4 826 

93b 7 W 
Ifa 1S2 
9T: 171 
to 870 
13 6X5 

9T : IQ 
151% 7 SI 


£tb Euno luted Bank 

EUi Euree invest Bam 

Eifr Evmp invest Bank 

Eri) Euroo Invest Bonk 

Elfr Eurap Invert Bank 

Eifr Euroo invest Bart 

EifrEurap laves! Bant 

Eta Eurge Invest BeM 

Eifr Ewan invert Bank 

£»Etn> I nveef Bart 

Euratom 

Ewofom 

Euraitnw 

Euipnnw 

Euroflma 

Eurofkna 

Eweftma 

EurefUna 

Eoroflma 

EuitAna 

Ewroritna 

Eurafima 

Euroflma 

Euroflina 

Euroflma 

i nler -American Dev Bfc 
MtenAmericon Dev B6 
inter -Aowricsn Dev Bk 
inter- American Dev Bk 
Inter-Amertam Dev Bk 

tntvr-Amerleao Dev Bk 

HortSctavestnumlBk 
world Bow 


4% 27 Mar *»% 
i 87 Sea 99% 


6bTBFrt W 
7 UJut _ 
6 89 AUB Mb 
B* 89 Now 1K% 
SbTOMa ta% 
* ’taOC Wu 
9% TO Dec 187% 

6V3-9) Jtm 98% 
5% 87 Nov W% 
7% 53 Apr KB 
6% 87 Sep 99% 
5% 88 Feb 91% 
o%8imr OT% 


6% 89 Feb 99% 
7%TO Joi 
»TOOcf 
71:91 Mar 
10% 9| Km 
9 TOAST 

TbTOJul 
7% 94 Mar .— 
fl s 55 Sep n% 
7 57 Jan 181 
6% 57 Jim 1CD 
6%87Ngv 99% 
6% 58 Jan tab 
I 59 Jut m 
6% 5* Jon t83L 


$1*55 Aar *9% 
6% 55440V 1*% 


World Bonk 

world Bank 
wand Bonk 
world Bank 
world Bonk 
Work) Bank 
World Bank 
World Bank 
World Bert 
World Bank 


6 55 Sec V* 

■ 86JWI WZ% 
W 8k MOV bj% 

TV* 8* Jun UBb 
7% fa Dec «J% 

7 57J0T1 181% 


world Bank 
world Bo* 
World Bank 
World Bank 


4% 57 May 

4b5BMav 

1% 58 Jun 
6 58 Aug 

18 TOMor 
8 TO Aug 

11 TO 5* 


675 697 653 
*JB 448 AN 
689 S4S 60 
691 699 778 
631 641 8X8 
7J9 ID 
617 647 50 
637 111 
7.98 1X6 
687 64] 
674 SM 
777 7JB 
65S 672 6JB 
642 772 S44 
648 678 441 
774 697 7X4 
631 671 64* 

3 

11* 971 
743 839 
774 IM 
127 IM 
UD STS IS 
641 in 
673 671 675 
474 7X1 671 

673 671 
741 774 
Sta 6C 

674 679 SSI 
S41 648 
S« 6X8 
SI8 Sit 7X8 
67* 9J9 
571 6B 778 
SS9 613 7X1 
615 698 
*■ 62S 672 

676 648 
*45 6SI 679 
6» 171 
631 IN 
190 77 6 
671 JXi S99 
|M 979 

TJI 
944 


8 87 Feb 
»b57A*r 


»b57A*r 
V 57 Mm 
9b TOMor 
7b 89 Jut 


7 si Fffr 
7 TS« 
6bfaUO« 
8': TO Jen 
’ 58 Cer 
i a! Set 


i 59 Dec 

!S‘2 D “ 

7%TOSep 
9bTO*tar 
7% 54 MOV 
6b 57 Mar 


Farvnarks Krof tgnipo SbTOJan 


dmUn Canrim Fed Electric 
dm ISO Certstai Fed Electric 
dm ISO Nadoned Flnen ci era 
dm ion Pemen F etr a t e a * Me« k 


dm WO Aran Banking Carp 
am »0 ind Minin Dev 3k iron 
dm IS Ind Morin Dev B* Iron 
cm 100 Malaysia 
dm 150 M ega t Ftaakt 
an 150 Mega! Finance 
cm ISO Natl Bank Ot HimECrv 
am 100 Trans Euroo Nol -je Sc 


X 53Seo 22 
7; 55 k*J» We 
7b 87 Jill W- 

f :5SSes W* 
6'^-WJsn 97-s 

8% 94 Jen :ce. 
6': 55 NO. tab 
8 TON tn 13Tb 


£j.-k: }•« 

E..-5C-BS 


se-ibsrs Nacicrji Ej 9 !Mcy 
ser.'» «ej hoc e«t to TO .’Am 

SUPRANATIONAL 


a ISVav VS *49. 612 

r« TO Aug 134% 748 7.91 

7- 53 Fen 99; lev 7X> 774 

■ faOC 137% JJ3 IJ3 7.44 

*brOO 100% 642 624 6J8 

E- fa FeO 112% S9I JJ1 8X7 

5 PJcr Wlb 191 66] 7X6 

THTOJor vv% ’77 7X1 

fv 9i Key I33'v 777 7.99 

i TO .’Am 111 . 7.90 8.99 


Pteonken FKd-Ocb 
Saab- Scania 
SandviS 
Skf A/b 

Stockholm Cbutoy 
Svetea CaHuioso 
Sverige* Invest Bonk 
Svertges trrvesl Bank 
SwedUh Ekoerl Credll 


MTOMav 
7b 56 Jun 
7% 57 Feb 
7%596Hr 


7% TOFefr 
6b 57 Mtr 
1 TOMor 
95* 57 Sap 


SmmMi E*pwl Cradii UP- TO Noe 

SWITZERLAND 


7J8 7X1 

^ tM 

7JI 8J2 

674 UI 

7.19 748 

772 743 

631 641 6X1 
JJB 7.95 

J-S m 

8H 9JD 

748 7TO 

661 650 671 
67 641 STO 
6X1 446 SX* 
6.D SS2 7TO 
7TO 749 7 S 
IM 270 

8X1 JXi 844 
7X8 6X9 771 
674 673 6JS 
6X1 642 6X7 
7 79 9J15 

679 U4 U| 


dm 200 Swiss Bank Cera Oto 7% TO Jul I 

dm 208 Sm» Ban* Carp Fin 3% TO Dec 

UNITED KINGDOM 


7% TO Jul 182b 658 6X3 

3% TO Dec 97% 146 221 


NETHERLANDS 



v TCVav 
J'.TOFet 
7% TO Dee 
3': 55 Jun 
TLTOAua 
8 fa Dec 
v%faDcC 
Jr. -ei Dec 
3% TO Jim 
TSiTOOd 
6 757AP: 
6b 3V reft 


NEW ZEALAND 


NewZeakmd 
NenZcakikl 
New Zealand 
Nr* Zealand 
New Zealand 
New Zealand 
New Zealand 
New Zealand 
New Zealand 
NewZMtond 
New Zedond 
New Zealand 


5b WMsr 
7% faMSV 
7b5eNsv 
6b 57 Jen 
7 57 FeC 
9% £7 Jul 
7% 57 Sea 
^e TO Jul 
8% 89 0a 
9b v Dec 
7% TO Aar 
7 -tooo 


NORWAY 


- v.ir: >ve'cpS0Pt 
Deveisa Bank 
At-.^o De.fac ani 
Asirr I'evemBcna 
ssicr DeiNco Bcrr 
As:=*Oe.eUoEdrA 
ivsrCTve.=s B=ik 
* Tier Dev else Bctw 
6ii=-.3eveiasB=n 
Aii— Drvrleo Back 
Ail— Du riao Boris 
Aaicr Devyijp Bank 
is on Devetco Bcr.k 
As snOeveisaBoik 
As.cn ZeveKo Bcnk 
Asisr Devetta 5cnk 
aj.cc Deveics 3c-A 
Ccjnci, Oi Eurcoe 
Caunol 0) E ur o oe 
Cc.-no' C: S jrca* 
Council Ci Eltcpc 
C cunc’i Cl esrose 
Casa. Ct Eurcoe 
Ga.ro 3i Euros* 
CsurC'i C* Ejroo* 
Ceunai Cf Eurcoe 
Council Of curacy 
Cow a: C: Europe 
GolbsiI Cl currre 
Council <7r Eurcoe 
Counol Ct Eurooe 
Ccunc.1 Cl Eunaw 
Ca.ndt 01 Europe 
Caunai Or Eurcae 


7b fa Jut ICQ't 
8 57NCV l(IJ 
B TO Aar 131 

7 55 Aor ITT: 
r : TZ tkc« lib 
r.WAug ;oib 

hr. &oc. in 

13 TO May 107b 
SbTONov 154% 

7b -vi .war it? a 

12 TO Aor 107-3 
9b TO Aor IJS' t 
v-TOAua 108% 
r. TO Nov 101% 
8% TO Nov I05b 
7b TO Aor 131% 

8 94 sw icr; 

lb 57 Nov TOb 
Hr 58 Mar tab 

7 58 Jul 100 
0% 58 Jut 107 
*> TO Nov 99 
T j 59 May 100% 
7% 5V 0« 100% 
10 TO Apr 107 
10b 91 0a KB 
12 TOFefr 100 
8b TO Jun 104b 

8 TO Jul 101b 
XbfZKov 182b 
rsTOFH 101% 
8% TO Jul 104 
lb TO Nov 1(3% 
8% TOFefr WT% 


ffrnra 

MM 

am 10 

31 

dm im 

5E 

Hmn 

a 


I Oa Sunndat Vert 

•nCJtv 


Bergen atr 
Den Nomke Induslrvbfc 
Dre Norrte Industnfrk 
Norcem 

Norges Hywtfek lercnln 
Narges Hraoleiforerln 
Norges tCommunalbank 
Notres K wiHi t W Ifrort 
Norges Kamminribank 
Norges Kamvunatbank 
Norges Kammunalfran* 
Norges K o nu nu na Bonk 
Norges Kantirumotoank 
Norges Kenummd bo«* 
Noraes ftnmmunatawri 
horplpe 
Nor dpe 
NoreeaCrt 
NorscoGm 
wank Hvdro 
Norsk Hvdro 
Norsk Hydro 
Norsk Hydra 
OrtoGltv 
OstoOlv 


to 57 Dec 
IDbBJul 
8b 5$ Mar 
r<, tv Fes 
6b 59 Jun 

* TOMor 
5b 55 Mar 
J 1 * 57 May 

* 59 Nov 
B-n SSCcI 
8b87AAar 
f* TO Jan 
7 JVAar 
7b 59 A« 
6 59 Dec 
6 TOAug 
rb TO Jul 
Bb TO Dec 

5 53 Jun 

6 59 Nov 
7<u5SDeC 

7 TO Jul 
9 57 Mar 
AbTOJun 
J% 72 Jun 
9 TOSeo 
r% 57 Jon 
9 57M0T 



654 649 630 
654 687 *71 
678 *79 7 BO 
7.C 7X7 
62 672 631 
7.10 6J8 731 
7J6 IM IM 
649 7X» 975 
842 112 949 
871 778 9J7 
7X5 734 179 
747 7X6 
7 J« 74 3 XXI 
74* 741 77B 
7J8 775 8X5 
741 756 7X7 
7 JO 70S 7X7 
753 753 1 S 7 
871 821 ISO 
7JB L74 74* 
10 t 6X1 747 
7J4 977 
67* 628 648 
641 60 6X3 
640 611 648 
648 614 
694 651 75* 
11* 743 9.11 
713 745 
633 6X2 64S 
775 735 
841 7X1 935 
7.14 731 7X5 
733 745 7X7 

741 771 746 
•8Q 88* 973 
755 74* 7.77 
774 733 

750 7X9 
8X0 807 948 
873 763 830' 

742 740 7 JO 

751 IM IM 
741 74* 
5J9 111 732 
643 5X2 740 



7 Vt TO FeO 1 C 7.19 
6b* May 99 702 

Sb TO Jun W4 735 

WtaOec wb 75t> 
IbTOOd 107% 743 
8%TO0d 184% 771 
7b TO No* *9% 748 
B%59 Jul 18! 7.11 

e%5SHnt HB% 733 
AVy-BJul N0% LM 
lb 59 Nov 1X3 759 

7% 56 Dec till 6X9 
8% 57 Mov 188% 6*1 
6% TO Mar ta% *37 
6b 57 Aug 99 7.17 

7 58440V 108 698 

8% TO Oct m BXi 
B fa Del 103% 695 
II TO on 116*3 731 
Vb TO Jon lllb 743 
ns TO Aar 102b 7X4 
7% 58 Jan 100 734 

7 51 Fefi 182 825 : 

*%58J«n 98b 698 

6% 57 04 M 64B i 


UNITED STATES AMERICA 



5% 57 Jan 
7% TO Fab 
5bTONO* 
7% TOSao 
9% 59 May 
9b If Sop 
I bTOAug 
B TO Jun 
7% TO Jon 
7b59Jol 
BbTJOd 
8% 59 Dec 
TbTOMoy 
1b 50 Dee 
TbTOAug 
7% 74 May 
»% TO Aug 
7 TO Jan 
7 TO Jon 
B% TO Oct 
7b TO Dec 
7b 74 jul 
71k 74 Fefr 
9% 59 Fffr 
8%TOMov 
7% 70 Dec 
7b 74 JOB 
I 74 Jul 
7% 74 Mar 


647 5X8 

735 739 

7.16 61S 

6W 740 

731 IX* 

744 845 

745 805 

742 7X4 

731 741 

870 9J4 

84* 7X1 

6X3 7X1 

7.1* 74* 

633 7.14 

745 742 

774 743 

73* 8B 

7.13 7X5 

7J» 7X1 

776 7X1 

*34 a 

722 749 

6M 7.11 

771 8X1 

734 7X1 

*7* 7.11 

6X9 771 

774 7*2 

778 777 

779 JJJ 748 

7X9 849 

671 7X6- 

SSuTtS 


CONV ERTIBLE BONDS 


Ami Sneartty 


Curr. I 

MkL Cany. Yids. 

Price —Cam. Period— —Conv.PrtctB/st*— PimSfrb 


—Can. period— — CMwMcegNfr— 


Corn. 
Com. YMs. 
PrmAb 


UNITED STATES AMERICA 


AgoAfr v%W5ep 

Ate 2940 4b 59 Jon 

Aiugjtsse Caoil 17X8 6% 53 Jan 

AlusutoMtaH 4b 57 Mor 

An>« Bonk 85X2 5%TOJan 

Babcock Nedkriand 7 TO Oct 
Bbc Brawn Bovcn 574 4% TO Dec 
Bbc Brawn SeneriiaJS 4% TO Dec 
Beechom Fm 339*2 BbTOSCP 

9ec* Co Ltd *L TOAitg 

□ao-GetgyO/sUO 4 faJM 
Credll Suits* Bahamas 4% 91 Dec 
Credit Suisse Bahamas 4b TO Dec 
Bectrgwatt France 5 TO Jun 

0sevWNdu48M 

EnrtoNvilJ* 

Essellf Ab 
Gervah-DanerM.71 
Hanson 0/s Rnonee 9%TO0d 


8b TOMor 
7% TO Jun 
7b 59 Mm 
5 57 Jim 
9%TO0d 


Henson o/« Finance 9% fa Oct 
Hooopuyns 1442 5% fa Aug 

idFInrealTS BVjTOOcr 

Id Inti Fla 12*77 Sb TO Od 
tadkore Benni 15173 lb TO Aar 
lnd>copeBwrmufI27 8 TO Aug 
hTtorsbop D/s 5X0 
Irrtershofl O/S 10X0 
Metropolitan Estate 8% fa Jan 
Mae FHmnaatyJjs 7 VI Jan 
Rank Orgmsal 68X6 4% TO Ft* 

Rotrunans Inti I4BL4B 6% TO Jun 

Sanoaz Rremx 5X8 " 

Santa Ob 5*5 
SaodvfkAbZXH 
Stater Wariur 338*5 X*VMv 
SurvetRence 
Surveillance 
Swiss Bank Co 0/5 


5 TODoc 
4b 58 Dec 
*% TOMor 
5% 57 MOV 
AbTOJun 
4% 54 Jun 
1% TO Dec 


7 « Junta tkr >28 •• skr 235.177 
t maturliv WMJleO- hfliriJM 
l maturity 15365 

I maturnv J122 d 89 

) 3i Dec a nnrttic 

l >5 See 97 on - 0175.104 

I maturity 57323/3 

I maturity 5 1IB 

I IB Aug 92 p 1*9 - s 7517*4 

I I JW n a IDS - a 181716 
) maturity 5475 

1 maturity 5 1000 

I maturity 1 1730 

I 2* Jun 95 S 050 

I 3 Fee 95 nti JVM- Ml 74X81 
) maturity Ml 58X7- Ml B600V 
• 5 Mar 89 skr 151 • Skr 31813 
! maturity H 1346100 

70095 oC - PBfUBfl 

7009* paO-P 116X87 

' malunt/ tiftra - M1PJ33 

i loctvv psao 

I I Sep TO p4f0 ■ 0712439 

' IB Mar 92 pJSS - PSTXS 

U Jul 95 o45S - 0X51098 

i maturliv 5248 

I maturity 5315 

15 Dec 95 p 239-oSM30] 

; 1 Aar 99 J 286 IE* 

mahwily p* 1S- 01291.192 
maturity a *7 1/2 p 138 1.7 
maturity 5424 

OTOturtTy 5283 

BMariBiu-aira-saiia 
I MMavB7 pU5 -B24SX22 
moluntv 5 IBS) 

maturity 51958 


Taylor weodnw mn SbTODoc 
Thm tan Fkiancu 7 TO Jdl 
Utoikmembourg) 1X0 4%57Moy 
Ufrs leumno) 15X0 5 5* Mm 


P 2C - 0527X98 
p]4 - P5SL28I 
51206 
57*2/1 


2.1 > iM 
7*5 IB 
7135 
185X9 
6M-4 75 
UB 6JB 
4671 144 
33* 144 
431- 13* 
JI 695 
139 LG 

10*9 6*9 
7246 4*1 
17X5 164 
i» 140 
4X1- 12V 
XV- 3JB 
623- IX 
1^1- 1*4 
US- 144 
36X8 

an xi 

3X> 1TO 
via 4j3 

q»w l m 

260 138 
il? US 
31*2 IS 
1X8 88J 
111 148 
V TO 5.14 
4 23 I J4 
291- 134 
2X7 148 
11663 138 
18*8 1X5 
1159 US 
33X3 144 
31X3 6 M 
1139 142 
167- 17D 
21.17 171 


f 15 AfthYssognopft 1268 4* TO Mm 

548 AhakolMenttCtt 1% TO One 
IX American Con 17X* 4b TO Mov 
540 American E wrsZLU 4% X? May 
5 25 Amerkwi Marten «J* hu TO Mar 
526 American Motor 1*165 * TO Aar 
59 American Tgfrgec 96* 6% TO Aug 


5 30 Amt Incarp 19.14 5 "H75ec 

525 AMKfte tall Fin *121 9% fa Jun 

523 Bankers Inti la 34. D 5 TO Jun 
540 Bomtn Ore Fm 2624 7% TO Aug 
520 Beatrice Faadi S.M 7UTONov 
126 Beatrtca Foods 4172 Ik TO Aug 
525 Beatrice Foods 3531 4% TO Sep 


5 TOFefr 
4b TO Mov 
7b TO Oct 
5% TOMor 


528 Aldd Mnewtng 
SM AliremetoCo 
J4B AllaaawtoCo 
5120 AlUtamotoCa 
530 a wtH Optlcnl Co 
SIS AstaCo 


5% TO Mar 
7b TOMor 
Sb TOMor 
3 TOMor 
T HMr 
SbTOJan 


STO Br Utw ilo n e HreCa 5% TO Dec 


583 CononiiK *b to Dec 

59 Canon inc 6b TO Dec 

S 50 Conan Inc 7 17 Jun 

515 Doi Nippon PrMlna 6b fa Mov 
550 Dotal Inc *%g*Aug 

540 □nfariupun ink Chemico* TOMor 

XU DotnaHauwIrrtKtri TV, to Mar 

59 Dai am Securities S%TO5«o 

541 Da hea Securities 5%TOSep 

580 FtmiCUd 3b 98 SCO 

568 FutIHuLId ShTOSsp 

S IX) FutllsuLM 3 TOMor 

5*8 Furtfrowa EJectrtc 5b TOMor 

548 Hjtodil Cable Ltd 5b TO Sap 

*40 MtaddCrertfCO/V 1 TO Sap 

SUB Hitachi Ud 5b TO Mar 

550 Honda Mater Co Ltd 5% TOMor 

50 Hondo Motor Co Lid 5%TOFrt 

5188 H onda M o tor Co Ltd 5b TOFefr 

59 ItD-YokodoCoLM SbTOAiM 

525 JocncoLtd 7% TOMor 

525 J oca Co Lid 5% TO Mar 

I« JuscoCoLM t TOFefr 

SMD Jvc VldarComp Jasan 5 TOMor 


10 I Oct 81 SkttrW 76810- 
187 11 Feb H KMorVS V 553.90- 

I2f<* I 3 JUIII zunarn r*48 20 - 
93b 38 Aar B4 22 Mar « 71159 

97 1 NOV 79 15 Mar TO Y4S7S0- 

n 1 Sen 78 8 Jan 93 740*9- 
187b 1 Marfa 30 DOC 96 Y <70 - 
2N 23 Aug 79 JS Dec % Y3N.90- 
287% 5 Jan 81 71 Dec K v 5010- 

227 1 Jul fa 2BJua«7 YS9IJ0- 

000 1 May 71 X Aar 16 71389- 

78 1 Nov ri JOAuaTO 78*3 - 

NS SAMlI 25 Mar 56 Y 24840 - 
127 1 AUB 7* IS Mar 91 751848- 

IX 18 Dec II IS Sea96 74410- 

01 10C1B3 25 Sep 98 74S8.VS- 

151% 5 Jan 84 23 Septa YAQUO- 

197 1 JulRl 73 Sep 96 Y*CLS- 

nOb l May 54 2 Mar 99 YU20XI- 
108% U Jul Bl 21 Mar 96 7 300 - 

B Feb 57 21Sep» 7515- 
UJutBI 27Seo« 7 1412*8- 
155% JIMarBI 3*Mar96 748640- 
235 I MOV 79 24 Feb 89 Y435J9- 
165 1 Marfa 53 Feb 97 7799*8- 

141% X Jun S3 17 Feb 91 7884- 

252 22 Jin 78 X Aug 93 782SJ8- 

85 i mov 10 21 Mar vs vmft- 
71 10081 31 Marta 7 467. M - 

« 1 Jul 77 IV Feb 92 V 806.10- 

89% 18 JWi 82 18 MOTTO V 7723 - 


IS Beatrice Food! 57.14 7b TO Nav 
525 Beamce Food* 4337 kbflAue 
SX Beatrice Foods JS31 4%TOSep 

ii sagas# * s» 

IB Broadway -Male HID 4b 17 Jun 
57 Carrier O/i 1448 A TODoc 
5)5 Cdc Control Dot 16S S fa Apt 
59 Owriarlntf F12051 8% TO Oct 

59 Chevron 0/a Fin *637 5 TOFea 
5*0 Chrvder Ore 1613 « 

5*0 Chrysler O/i Hi 1 
5110 Comsat intiau* 

525 Canll Tel InH 42.18 

SX Crutcher Fmanc 29** 8b TO Dec 
115 Cummin* Ird Fin iBJS ibfaOct 
SS Cummins IMFm 270 5 fa Aug 
SS Damon Cora 035 5% 77 Dec 

dm7U Deutsche Teoxa 60 5 fa May 
51 Dictaphone Inti 3619 5% TOMor 

518 Dial can Flnroce 3190 IMTODct 
515 Dvnaleriran Ini 81X3 9% 75 May 

5 /t? Eastman kodak 1042 4% fa May 
515 ElEcoLofralntll.ta 4b TO Dec 
513 ElectranMemori290 5% fa Dec 
S2B EsteriUie Inh 2531 BbTOOd 
1 2D Fad Deal Stores 2*29 4 V: VS Dec 
XX Fedders Carta 2Ut 5 TOMor 
568 Firestone O/s 34X4 1 ■*•**— 

59 Ford Inll Copit 2931 . 

575 Fnd Inti Ftoon 36kB 5 faMor 
117 GrtaevOd Inti 6843 X%faJan 
59 General Eledri2677 4b 77 Jun 
515 Gatasen World 26X 
59 Gillette Corep K»3 
575 GinetteoreFnsja 
s 15 Groce WrQ/s 1745 
59 Great Western 3838 


73 (Ok* I rnafirrty 

*2 21 April maturity 
ta% 1 Mov 19 maturity 
127 U May 73 matarttr 
113 3IAU9B maturity 
0 1 0072 maturity 

340 UMaytv maturity 
Oft 1 Jun 73 maturity 

74 I40an maturity 
7 Doe a? ratorttv 
1 Aug 83 maturliv 
1 Jul 71 mat u rity 

I Mor72 maturity 
1 Aor 73 maturity 

i&iSS&K 

■86 IS Jun 73 maturity 
II* 21 Jul 78 moturltv 
86% I50an mdurity 
73 5 Feb 80 maturity 

288 1 Aug IX maturity 

ta 15 Aug 61 maturity 
92 15 Dec *8 maturity 

83% 150a S3 maturity 
100% I Aor *9 maturity 
40% 4MavBl maturity 
158% 9 Jun 73 maturity 
225 1 May *9 maturliv 

77% 1 Jul 73 — — “~ 

1 No* 67 

313 1 Dctfl maturity 

4* 23 Feb B I maturity 

ifa 9Sen0 maturity 

92 is Mov *9 maturity 
82% 1 0ct 71 maturity 
78 15 JUI69 maturity 

7 Apr 81 maturity 
._ 15 Jut 44 mafurfly 

47 15 Dec 72 maturity 

81% X Dec *8 maturity 
MS I0a71 maturity 
ix X Aor 74 moturltv 
9 7 May 81 maturity 


KS7JT 
»X» 39 
12X1 538 
1X4- 132 


SZLTB 

I* 

3J5 

5810 

28X5 


Sll 

2*6- 

5» 

sai/4 

173*9 

117 

523 ire 

HXi 

2*4 

ft •> 

4 J 3 - 

4 a 

sssre 

.11 

2J6 

5171/2 

4*> 

586 

s sire 

177- 

886 

50 

41 

186 

5221/4 

351- 

SX6 

5717/0 

753.11 



457- 7X1 
469 Lit 
4720 
2X2- 7X2 
190 235 
99*2 295 
4*33 CJ4 
0 70 
99139 
U> 20 
4.M- 23* 
41*45 1X4 
0X1 70 
1X4- 2*5 


5% fa Mar 
4b 17 DfC 
l TOMor 
S fa Aar 

7% TO Jun 


154ft »JHQ maturity 
fnatur&y 


560 Hetnarlrii Pnyne 1733 7% TO Oct 


7 8 TO Oct 

14*7 * fa Nov 


IIS Hoitev Inns 357 8 TO Oct 

59 Hawvwrtl Coatt 18*7 * fa Nov 
59 (no 0's Finance 33X3 * TOAug 
59 Ira D/> Finance 2181 BblBSap 
59 uiH5rand Elec 1610 5 TO Fob 

51* IMISknl Else 1845 SbfaDve 
IS Intt Stand £ 1 ec I 7 .U tbVNov 
59 Inti Trtafram PX3 4b TO Oct 
520 fntarconf Hotel 00 7 fa Jun 


* TOSen 
Stare* Mar 
7ft fa Jun 
4 TO Apr 
4 TO Aor 

7 re* Feb 


S20 Kao Soap Co Lid 
tin Kawasaki Stall Co 
59 Komatsu Ud 
19 Knnhhlniku Photo 
559 KanlMraku Photo 

S3 KtaOrttyaCoLM 

SM Kvom H okka Kagvo tbretDec 
59 MoUta Elec Works 4%re9Auo 
59 Moral Co Ud *% ret «• 

59 MaralCOUd 

SN8 Moral Co Lid SftTOte 

510 Matsushita Etac Indu* AtofaNov 
110 MOWNflBo Elec WWtB 7% TO Nov 
50 MtaertoCoLM 5%TO5 od 

50 MMoito Camera Co TaiSMor 
5« Mioolta Camera Co ' 

SH MhnVMjtU Corp 
id Mltsubte Cora 
SAD MttstortUOrp ... 

50 Mitsubishi Electr Co 5b -TOMor 
510 Mitsubishi Electr Co 5b TOMor 
5 KB WtpMfMHsevy Ind iHttltW 
xn MlttuilUel Estate * fate 
XX Mitsui Real Estate 7b TO Mar 
540 Morata Manutocturtng 5b TOMor 


5 TOMar 
ObTONtar 
* faMar 
ift-Hte 


-«■ tofllo Mofrtocturino 1% -00 Mar 
■SIfl Nec Corporation 2tofaMor 
XX NHaata EnalMOrino TftTOMor 
XH Wop* Electric SbfaMor 
560 Nippon Kogaku 4 fate 
510 WaaouKekaa *% TOMor 

59 Nippon OU 5% TOMor 

550 Nlnoaaon Jb TOMor 

538 Nknai Seiko 7b TO Oct 

tW NIBUonSefko IbTOOa 

Sin HHsaiAtotpr 5b TOMor 

540 Nlssho twaCorn 8 TOMor 
5K NlftoEtscInc indust * fate 
50 Nino Electric Irate t ytssp 
544 Nitto Etactnc lodurt SbTOte 
59 Nyk Line Nmoon Yuseo7to TOMor 
*2 g* Ete riTjc.. ,, JHTOte 

540 aviTma Optical CD *bTOOct 
SM Ctao PharmoceulloiP X6 TO Nov 
IB Orient Finance Co 5b 7/ Mar 

150 Orient Leosbia Co 

5 15 Ricoh Co LM 
50 Rican Co Ltd 


214 1 0ct 77 !5te92 YJM.M- . 

73% I tell ISMorta 7229-: 
147 M Jin 75 maturity 730J8- . 
9* 250ctB3 13 Aw SB 7*73-' 

WI% 12SeoBi I9AOT99 7*1*-. 
10 1 April U Feb ta Y MV - 

117b IFAD 19DK97 V 72630 - . 
95% 29AUOI4 lVAuoTO 7109- 
195 1 Jut 71 X Jon VI Y4C&4Q- 

ifa IJufr XJOnta 7*990-: 
■ 10 Jd 14 0 Jen 9V Y >162 - 

40 X Nov 75 19 Nov 91 7409- : 

ta« XNcwn 0 Nov to 7590- ; 

94% 17 Mov B3 Xteta Y 647 - 

10 4 Nov 80 X Mar TO 74289- . 

77b l Oct 91 0 MOTTO 78360- ' 
17* I MOV 7* moturltv V 590- : 
137 1 Aim 77 XMor«2 V 30*40- . 

IB 15 Del 79 maturliv 74S3L30- : 
105% 4JonB3 0Mar96 V 320 - : 
97% 1 Jun S3 20MOT96 7390- • 

97b 4 Jon 84 74 Mar 9V 7253-! 

1 Oct 77 29te)2 74210- 
IS Jan 91 Z Marta Y4TO- I 
183% 29 Jul 81 19 Marta Y 1371 40- 
114% 31 Feb 14 19 Mar TO V2JSIX- ; 
N Jul 84 17 MOTH 723*8-: 
7 JanSS 24 Mai 00 Y 1295 - 
tSJimn SAtarta y 127 - : 
160% 5 Fab 17 a Mar 97 Y«9*0- 1 
■“ 15 Oct 04 73 Sen 99 7 124230- : 

1 Jul 81 0 Marta 710-1 
11 Aor 83 0 MOTTO Y*64 - 
0 TOMor 64 1 7 Mar TO 71952- ■ 
1 Dec 7* U OC 94 7 3190- : 
IV Mov B4 20 oa TO Y 636 - I 

5 Apr B 74 Marta 7*3*0- i 
17OctB0 23MOT*6 7 3*10-1 
1 5«P 77 H Septa 7 677X0-1 
1 Jul 79 29 SCP 94 Y 735 - I 
2teH 73 Septa 7146- I 

I Aor II 75 Mar TO Y2I0H- 1 
l*% 1 Oct 14 72 Sea 99 YB 05-1 

110% 7D6CBZ 240C197 V 11X70- 1 
104 tS*4v81 XNovta Y58XXI- 4 

V3X I Mar (7 2SMor*7 V 9270- I 
117b SJunD S Sep 99 7300- : 

318 I Dec 76 Bte«l Y31V9B-: 

10 31 Jul H 29 Sen 95 YSOt.H- ! 


515 Ise Fin HekBrm 2472 4% TO Mar 

50 ill Sheraton 1855 *%19Ju) 

50 teser Alummum 042 5 TO Feb 
50 KJdde Matter 210 5 *89 Fab 

50 Klndsr-Core ml 55X7 6b TO Aim 
50 Loot Prtrol Loc 42X* 8 *89 Jun 

SC Lear pimlpc JIM I woo 
50 Ltv Inti 55X1 5 TO Jul 

50 Marine Midtcnd 360 5 TOMov 
S0 Marlon Inti Fin *70 9 res Oct 

525 Massmutuul MtoellXl AbfaJul 
515 MtemihmlMtoe RIXB'I TO Jul 
515 M<ta Cartful Co 1230 
SB MotlidlFlnC.97 
575 M4taiCDlntlX.7S 
50 Munoice InH 2043 
125 maaante im ZL 2 i 


50 Moran EneruvtZa 
50 Maroon Jp Ore 3t 
57 NollanatCan5l0 

10 N tor ore Fin 27J9 

50 northern Tn eco H7J 7 TOMor 
50 Pan Amertcon 7* JS r*TOSeo 
50 Penoo Ftaneo 21X1 BftreSDec 
S25 Penney JcEgrap 18*7 a fa Dec 
5 35 Penney Jc luff 12.19 4%-87Auo 

5 73 PregcaCaWloi26J2 ■ TO Aor 

is rass 

50 RoodtooBalas 27.78 8 TO Dec 

50 Bevtan incorp 2614 WSTApr 
10 Remolds Metals 220 5 TO Jun 
512 Sman Industrie 6607 541 37 Oct 

SIS San O/s Coonal 2206 Sb faMar 
5» Searte mil Can 5456 4bTOMav 

50 South Coin Edl *10 12% 97 Aug 
50 5eutMandCorp46.n 5 Vjw 
SB Saumwal Alrll26ll 6V. TO Jul 
515 Spoctrw Physics 2139 8 TODoc 
*J5 Sperry Rana Co 1942 4b TO Fen 
50 Sou too inti Fla 17X4 4b v Jun 
SUM Tesoco Capital 2SJ> 




S25S? 

7 "97 Doc 
3 -wjui 
4%wocr 
a restiov 
4b 17 Jun 
Sta -DDK 
WbYSMoy 


’ "» i euco c/oNtal 2BJB 11b ret May 
550 Texaco Coottal 00 lib TOMor 
*75 Tmoco IMPUpel 2241 4% TO Jul 
I» Tmos Inti Atrl 4837 7% fa Aug 

*30 Tbcn Flnqnc* J3.U lb reiAtar 
IB Tora inti Fin 2676 8 TOQd 

SH TnmcoloHl50 8b TO Dec 
520 Tricorp OX Gas 320 8% TO Sec 

510 TrwtirilFhtoeiofa 5 TOFefr 
50 USair Finance 2857 7 faSep 

50 Vrten inn Fm istv 8%re6Mor 
I« Worrier Lon*orl2B8J 4% 57 * „ 
50 WtarnerLmtorf 162* 4b TO Apr 
Jtarnar Lmnfrert 3648 4% TO Aug 
575 XamCwBtJ* 5 bSk 


73% 1NOVH inuuBnT 
99 0 Jun 7] m at uri ty 

HO lltaD maturity 
97% 1 Aug |7 maturity 
*3ft 28 Dec 83 maturity 
94 * May si maturity 

t May 71 maturity 
1 Jul 72 maturity 
•0 t May 78 2t Jui 97 
106% lAaroi 25 Aug 00 
17 15 Aug 0 matoritv 

82% 1 Jun 69 matrrttv 

65 % ISMovtd maturirv 
ta, 15 Apr 71 moturltv 
94% 0 Mar 72 maturity 
91 I Jwt*7 3 Jon 66 
U% 1 Fab 70 maturity 
14 % IAdqm maturity 
103% lte*9 mrturthr 
,97 UAugo maturity 
ton 17 Dec 79 maturity 
m t Feast amirttr 
81 I Feb fit maturity 
B*% IS Dec 68 amtortty 
79 5 J arid induMv 

£% UMor 73 maturity 
91% Xtell notaritv 
lift ,1 Jcmn maturity 
W 13 Morn maturity 
84% 6 Apr sl maturity 

K% IS Mm 73 maturity 

«. 7 Mm <4 maturity 
M% liFrtm maturity 
1*1 15 Jun 73 maturity 

171 1 Jun 69 maturity 

101* I DKM maturity 
125% HJuin 0 FefrfB 
* 1 460 69 maturity 

I Jul 81 u r u l uiB y 
„ 1010 "wfuriiy 

.r SK 
SS i 5 a 55S s 

*1 3 Morn maturity 

W 2 Jan 73 maturity 

« 31 Mar 69 matoritv 

22% 0APT7J nurturin' 
7X3% IJW7B maturtry 
30 l Jot w maturity 
134% 7 Jan S3 maturity 

112 1 FOOTS maturity 

IHaen matoritv 
n 2Apr0 maturity 
96% 15 Mar 74 maturity 
M2% U May 73 maturity 
mu I Mov 04 maturity 

T k WSS« 


£0 4 % 

?s« 

1.15- 4X5 
L31- 40 
3*471 
0-151 
3480 
1511 433 
in 4 a 
J2*7 649 
U0 13* 
16.73 40 
493- 10 

8*4 1U 

SJ4- ID 
253 UD 
4185 ID 
640 m 


5151 <*6 
S77 90 
3UX7 


S!? tt’JB 7 * matortiy 
84% 1*00*1 malurUr 
26% .J AOT0 10 Oct 95 
94% 14AUQM maturity 
72% 24 Fob 81 maturity 
142 1 Feb 69 maturity 

188 « **OT 84 mart Hr 

« fa Oct It maturity 
n% i Are n martltv 
B% 1 Apr 74 maturity 
123 I May *v maturity 
8J% l Jan 75 maturity 


47 10 
M90 _ 
3214 2J0 
125X1 418 
U.U I» 
7 a 2X3 

*£4* 

iS *| 

113. 30 
3117 0 
4937 
933 40 
931 20 
4474 Uf 
4539 10 
12*7 MO 


345031 

1 

4X9 0 


kJ7 

41.1* IN 
43> ita 

MRfa *0 


— HIGHEST CURRENT YIELDS 

On convertibles having; a conversion premium 
of less than 10%. 


SS Sanfevo Electric Co 
50 Smere Electric Co 
50 Seam Co Lid 
580 SMomCaUd 
10 Seklsutn 
50 SlorMf* 

5 TO Sum Homo Coro 
|0 Srpattunm Electric 5% 77 Mar 

IX Sundtamo Matal Irate 6 faMar 
50 Swnftamo MehJ tndusl 7 res Sen 
50 SumttomaMrial Indus! 5b fa s«p 


ObTOMar 
5 -M NOV 
5 TO Nov 

ito rev Npu 
1 rev Jan 
3% TO Fefr 
2b TOMor 

Sh faMar 


97% 1 Apr 0 30 Mar 95 75770- 

85b 1 Oct 11 0NOUV4 Y 593.70- 

1*7 X 6*07 83 aMovta 7 290 - 
9Tb 1 0084 29 Nov 99 ¥5*34- 

S3b J Jun 84 26 Jon 99 7*12- 

82% 14 Dec 84 21 FrfrSO 724*7- 
•2% ITMoyBi 79 MOT 99 703- 

1*9 II Mar 87 2966ar*7 75770- 
115 INOuTk XJUorf] TUUt- 
97 2 Feo 81 30te TO V175J0-' 

re 1 Oct 11 X Sea 96 7298.10- . 


50 Tekerta Rllen Cu LM Ftwitar 
IW TrtyoSanv-Eleelric 3% TO Nov 
510 Takvu Coro TbTOte 

>0 Takru Land Caro 7b TO Mar 

IX Tashfta Ceramics Co 3%-9<te 
59 Tart to Cara TbTOte 

XX Two Mental Kolrto 7b TOMor 
550 rrocusl Core 4 faAua 

8M Tmnakfa Secnriiies S reiSp 
50 Yomanouchl Fharnw 4 faDac 


90b 25 Oct 84 
94% 3 Dec 84 
127 1 Dec 88 

110% IAPT81 , 
in 3 Sep *4 

194 1 Noe 79 

TO iDerX : 
n isoaa 
IT* 3 Ago 13 
171b 3IOdD 


510 EkkraNy 35618 
50 NttOvtfsent 11190 
515 Dvnatadma Ntt 810 
50 South Colli Ed( *138 
JS 5«*r«i Etaartc Co 
sfa ma O/f Finance 2Xit 
*25 American taett ca 4*36 
515 Massnwtucrt Mtae 58B0 
SB intnwaBtnnulSUi 
SX Ten MentdKoffaa 

IB Etaelle Afr 
I HO Id Finance US 
SX AOaAfa 
sb Bafrc attita dertea 
50 loot Petrel Lae OX* 

s7S Gillette O/a fi MJ 2 

50 ASOhi Ontlcol Co 


11% TO Jul 
10% -94 Jul 

12% 974tog 
8b -95 Mar 
CbTOSen 
ObrerMtar 
■ re* jui 
M faAor 
TtaTOMor 
7b fa May 
8% TO Oct 


Ifa® 

8 fa Jun 
8 faMor 
7 TOMor 


0US3U7 00X290 
nfal JOB K51333 
51230 
5 1810 
Y 5770- 108373 
541 

52. TX 
IX __ 
P385-P5C4C 
YT93- ZZ7314 
str 151 - (k>- 1U.10 
a US 

*kr 128 -rtr 20177 
P 111 - 0 1 76104 
523339 
551 

V4570- Sll 08 


MISCELLANEOUS 


Explanation of Symbols 


*« SSlJfiKr'Jfff* 1 -” }„*PE e f® 15 Apt 81 maturity on 23.1250112649* 

Eld ertlfu 35618 1 % to Jut 1Kb 28 Sea 8* 7 Jul 94 bus 1187 WJ19M 

52 WggMEl’ fi.g. ID-; TO Jut tot IMOvM » Jul 94 W5IW0H3U33 

S» Band Setolian 1210 *'<] *M JWor 1M4 IStoH 31JanK iF5 S ! 2”= 


CMS Ganodfon Doi tor 

ECU Euroodan Currency unit 

EUA European Unit ol Accoura 

L Pound Starling 

DM Deutsche Mark 

NMD Narwgglan Kroner - DM 


MR Special Drawing R*grt» 
Y Yen 

LFR UnamMurg Franc 
SFR Swiss Front 
ff French Franc 


-»iarket I 


‘tL. *’ '■ - . 


ft “ TO.J ■" 


■h~:. . r?l - 


- - - 


••• - 


■■ - ■■ ■ •••rt 


; -- : = 




01, f 


v !r <id, 

■/ 

V ? 

■■ — 


YeSpk^: — l; 1 "-• 

ViT. j;-’ >■ -■*: 


■ “•* ‘?f ' 


bis?;- 


■Wv. ■■’■>=-=.■ :=. <r 















INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28, 1985 


Page 11 


- £-•: 




5; 3l- 
&S" 


■ EDe n 


- *•' ‘it - 

-l:? ?• j. 

r_ i fJi ir" £ 

■ 4. * 

• f I- H 

LfcsSiil 

■ k !*■ 

V-isiS 

5. a 
£ £ 

;■■ iiit;, .»* 



■ r v -- ■*■ i» 

: i. W 

, ■••■<:. -t J 

-6RLAND ‘ u * 

; ■ <:« ?- i 

- •‘•'NGOom ‘ ■' 




r'S/ 
* s’ 1 -, 

i i 1 ,’ 


' = ' = - AVESic; Jl 


• ij : £ 

■ . ^ i 


— ^ i. ■> 


j- : 

i'.' 


i* - 



S 



j 

TVT . 

1 

IT* 

I 


1 

T 



new JLuronnna issues 









. J 


Issuer 

Amount 

(millions} 

Mot. 

Coup. 

% 

Price 

Yield 

at 

offer 

Price 

end 

week 

Terms 

FLOATING SATE NOTES 


Bank of Greece 

$250 

1997 

!& 

100 

— 

98.60 

Over 6-monlt> libor. Maimon coupon Stfift. Ccfl- 
afafc et per on any wared payment dale aid 
rertoemrWe a par in 1993 and 1995. Fee* 1.45%. 
Denaranatkns $1(1000. 


Belgium 

$400 

2000 

libor 

100 

“ 

9930 

Interea nt die tegher of ehher l-raortfh IJfaor or 6- 
month Limean, wt monthly and payable etmiamm- 
dhr. Minimum coupon 5!ML Gobble a par on any 
intoned paymert dOa after 198ft. Fee* 0.95%. 
Dananenotam $290^000. 


Cambrian & General 
Securities 

$50 

1992 

114 

100 

— 

— 

Ower frreoirih libor. No minimum coupon. Secured 
by US. government and other teaintiBi. Adefetond 
$50 mKon reserved far a one year tqp. Fee* 21L 


Oiemicd New York 

$300 

1997 

1/18 

100 

— 

99 JO 

Over 3morth Liber. Minimum coupon 516%. Col- 
idile a par on any Entered payment data after 
19B6. Fee* CL24%. Denoirinotiom SSOjOOQ. 


Trst Bank System 

$150 

1996 

ft 

100 

— 

99 JO 

Over 3-month Libor. Mnenum coupon 5%%. Cat 
able at per an any innratf payment dale after 
1986, Fee* 030%. Denomination* SSOLfiOO. 

India Oil & Natural 
Gas Commission 

$150 

1997 

ft 

100 

— 


Over 6*nonfh Libor. Minimum coupon 96%. Re- 
deemable ct per in 1992 and 1995 and calafale at 
par on any interns payment date after 1986. Fees 
045%. 

Shawmut 

$50 

1997 

ft 

100 

— 

— 

Ower Smooth Lfear. .Mjnjftem coupon 5%. CoRabie 

Web Fargo 

$250 

1997 

ft 

100 

— 

99.60 

Over 3-morth Libor. Minimum coupon 516%. G* 
able at par in 1988. Fees 045%. Denomination* 
SSOJJOO. Incrac— d horn USD miffon. 

FIXED-COUPON 

Arizona Public 

Service 

$75 

1992 

12ft 

100 

12ft 

99.13 

rtlnrL-nMrJila 

Case Nationale de 
G6dit Agnate 

$125 

1992 

lift 

100 

lift 

99 

Nonadobfe. Payable April Z 

Denmark 

$100 

1990 

10ft 

99ft 

10.92 

97.83 

CaSabte c* par m 1988. POyebie March 29. 


$75 

1991 

12ft 

100 

12ft 

98.13 




IvQftuinatto. 


$75 

1992 

13 

99ft 

13.10 

98.83 




iHOnCLBUDlft. 

bfishoJwai 

$100 

1992 

10ft 

100 

10ft 

97 J5 

NoncoBofaln. Denomination* SI 0,000. Payable 
April 1. 

NYK Line 

$50 

1992 

10ft 

10060 

10ft 

98.60 

Noncdtabh. Payable March 15. Denominarians 

siorooi 

Signal Companies 

$125 

1992 

lift 

100 

lift 

9938 

first cdktile id 101 in 1990. 


$50 

1992 

10ft 

100 









American Express 
Overseas Credit 

DM 20 

1990 

6ft 

100 

6ft 

— 

NoncJable priweee pfacemei*. 

National Bank of 
Hungary 

DM 100 

1993 

7ft 

100 

7ft 

98 

Noncdbble. 

Sweden 

DM500 

1995 

7ft 

100 

7ft 

9733 

Fist coflable of 102 in 199D. 

World Bank 

DM500 

1995 

7ft 

99ft‘ 

732 

98 

NonooMte. 

American Brands 

£40 

1995 

12 

100 

12 

9938 

Naneolabfe. 

Banco Nazionale 
DeirAgricollura 

ECU 50 

1992 

10 

100 

10 

— 

Cafluble at 100% in 199Z 

QB 

ECU 200 

1995 

9ft 

100 

9ft 

103 

Noncoiabie. 

South African 
Transport Services 

ECU 50 

2000 

10ft 

100 

10ft 

— 

Coflable end redeemable at pat in 1990 aid 1995. 



075 

1992 

10ft 

100 

10ft 

9930 





0200 

1992 

11 

100ft 

10.89 

98.83 





Trizec 

060 

1995 

lift 

100 

lift 

98 

Noncaflabie. Paydble Match 15. 


y20J)00 

1992 

6ft 

100 

(5ft 

9775 



1 1 







99ft 











EQUITY-INCH) 

Mitsubishi Electric 

$100 

2000 

open 

100 

— 

— 

SeneonnueJ coupon imfctfedrt 2%%. first ceflable 
at 104 m 1988. Convertible at an vriripated 5% 
premium. Terms to be set Jan. 31. 

Pasco 

$20 

2000 

open 

100 

— 

9835 

Coupon imfcreed id 3M%. First coflable at 103 in 
1990. GonvertMe at at tmedpated 5% premium. 
Term to be tel Jon. 28. 

Bayer Capita 

DM600 

1995 

2ft 

100 

2ft 

77 

Nonadttee. Each lJXfttnoHt bond with 2 war- 
rant* enrdsebie into a told of 6 Baya shares at 
168 marls each. 

Chujitsuya 

DM 70 

1990 

open 

100 


96 

Coupon indented at 4%. Each 5j000-marfc bond 
with one warned exercisable irto si equal amourt 
of company'* shore* at an ondriptPed 2W% premi- 
um. Term* to be eei Jav 28. 

Jujo Paper 

DM120 

1991 

open 

100 


9530 

Coupon indkotad at 3M%. NoncoBobfe. Each 
S^OOmark band with one warrant iHterawter into 
□n equd mount of cotnpmy'* shares at on cntia- 
pefled 2ft% premium. Term to be set Jan. 29. 

Kobe Steel 

DM200 

1990 

3ft 

100 

3 ft 

96 

Noncoloble. Each SJXXhraarfc bond with one war- 
rant aceraMUe into company's share* at 155 yen a 
dm*, a 2276% premium. Exchange rate set at 
8023 yen per mark. 

TrioJCenwood 

DM 55 

1990 

open 

100 

“ 


Coupon iidLued at 3*5%. Nancatale. Each 
SJXOmcrfc bond with one wreront e»rri«ble into 
on equef mount of company'* dare* at an artid- 
pated 2K% pramun. Terms to be ret Jon. 31. 

Minebea 

£50 

1990 

open 

100 



Coupon indnated at 8M%.Nonerilabla. Each band 
with one war ant enerawbie into ' company's 
shares at an expected W%> premium. Term to be 
sot Feb. 1. 


Notes, Bonds Investors Rush to Buy High-Yielding Securities 

Post Slight 
Gain in Yields 


By Michael Quint 

New York Times Serna 

NEW YORK - After fa 
sharply earlier in the Week, yie 
on Treasury notes and bonds rose 
slightly Friday. 

Government- securities dealers 
attributed the slight rise in yields 
and drop in prices to a willingness 
of some speculators to take profits 
rather than to any change m die 
outlook for interest rates. 

This week government-securities 

ILS. CREDIT MARKETS 

dealers expect the Treasury to an- 
nounce early February auctions to- 
taling about S17.75 billion, divided 
between issues due in throe, 10 and 
30 years. 

By late Friday, the Treasury’s 
lift-percent bonds due in 2014 
were offered at 104% to yield 11.18 
percent, down from Thursday’s 
dose of 104 30/32. A week earlier, 
the Treasury's bellwether bond was 
offered with a yield of about 11% 
percent 

The 11% percent notes due in 
1994 were offered at 103%, down 
6/32, to yield 10.95 percent, and 
the 11-percent notes due in No- 
vember 1987 were offered at 102, 
down about ii- point, to yidd 10.14 
percenL 

Elsewhere in the Treasury mar- 
ket hazard Frfcres began market- 
ing $1 J billion of zero-coupon re- 
ceipts, consisting of interest and 
principal payments from $400 mil- 
lion of 11%-percem Treasury 
bonds due in 2004. 

The so-called “early-bird re- 
ceipts” wiD be replaced in May by 
Treasury obligations. 

Lazard did not publish any 
prices, but zero-coupon securities 
due in about five years were offered 
in the wholesale market at aboil 
$58, or $580 per $1,000 face 
amount, to yidd 11.10 percent, 
while 10-year issues were at $33 to 
yidd 11.35 percent, 15-year issues 
were $19 to yidd 1135 percent, and 
20-year issues were slightly over 
$1 1 to yidd 1135 percenL 

Investment bankers, who han- 
dled roughly $2.2 billion of new 
corporate issues in the last week, 
said the recent decline in interest 
rates had caught the attention of 
corporate treasurers who wanted to 
refinance short-term borrowings or 
refund outstanding debt sold when 
interest rates were much higher. 

The desire to refund Mgjb-inier- 
est debt was the catalyst for last 
week's $200- million issue of New 
England Telephone debentures 
yielding 12.17 percent and Moun- 
tain Stales Telephone's $175 mil- 
lion of debentures yidding 12.30 
percenL 

New England Telephone is offer- 
ing to buy its $150 million of 15ft- 
percent debentures due 2018 at a 
price of $1,175 per $1,000 face 
amount through Goldman, Sadis, 
while Mountain States is offering 
$1,175 per $1,000 for its $200 mil- 
lion of 15%-percent debentures due 
in 2021 through Salomon Brothers. 

American Telephone & Tele- 
graph Co. also announced plans to 
reduce its debt expense by retiring 
old, higb-inleresl debt of the Pacif- 
ic Telephone & Telegraph Co. 


U.S. Consumer Roles 

For Weak Bided Jan. 25 


Passbook Savings. 


5-50 % 


Tax Exempt Bonds 
Bond Buyer 20-Bond Index. 


»jn % 


Money Market Funds 
Danoohue* 7-Day Averope- 


9.93 % 


Bank Money Market Accounts 
Bank Rote Monitor Index 


8.10 ik 


.1184 « 


FRN Market Is Boosted by Paucity of Bank Assets 


(Contained from Page 9) 
henlrg to be seen increasing 
their profits. 

But traditional Iran demand ev- 
erywhere is weak. The best clients 
are ca pping the capital markets at 
the sama timt as they are running 
down their bank tines. And as a 
result, banks are scrambling to buy 
FRNs. 

Altho ugh the nominal margins 
in most raves remain thin, banks 

cam squeeze out extra profits due to 

the currently steep yield curve 
which has pushed the cost of one- 
month Eurodollars (8 1/16 percent 
on an wannal basis) comfortably 
below the three-month rate (8 3/16 
percent) and well below the six- 
month rate (8% percent). 

Banks funding themselves with 
Quo-month funds can thus lode in 
an extra profit baying floaters that 
pay a coupon based on the three- or 

ax-mouth rate. In addition, there is 


Surplus on Trade 
Narrows inU.K* 

The Associated Press . 

LONDON —.Increased ofl im- 
ports, attributed to the coal-miners 
strike, ^ narrowed Britain’s current- 
account surplus to £193 million 
($2143 minion) in December from 
£278 million in November, accord- 
ing to the Department of Trade 
- and industry. 

ForaD of 1984, the surplus in the 
current account — which measures 
trade in goods and services as weQ 
as interest, dividends and certain 
transfers — -shrank to £196 mflhQfl 
from £23 bflftou in 1 983, the minis- 
try reported Friday. 

For the year, a £ 4 . 14 -billion ex- 
cess of imports over exports was 
more than made up for by a £434- 
billion surplus in nonmerchandise 
trade. In December, a noomer- 
chandise- trade surplus of £400 mil- 
lion offset a merchandise-trade 
deficit of £207 mfllioa. 


another ft-point to be pocked up in 
the difference between the bid rate 
fat which banks take large depos- 
its) and the offered rate. 

Belgium's current $400-minkm 
FRN is structured in this way. In- 
terest on the 15-year paper is to be 
set at the higher of either one- 
month Libor or six-month limean 
(the average of the bid-offered 
rate). The interest is payable semi- 
annually bnt the coupon is adjusted 
monthly. 

On Friday, one-month Libor was 

8 3/16 percent and six-month Li- 
mean was 8 9/16 percenL 

Thus, had the coupon been set 
tten, Belgium for the next month 
would be paying interest of 8 9/16 
percent while banks could fund 
themselves at die one-month bid 
rate of 8 1/16 and pocket 14-point 
profit as weH as the annual 5.7 doss 
points in front-end fees. 

In return, Belgian is getting the 
lowest cost of funds it has yet 
. achieved in the FRN market. 

Greece, in its second foray into 
tins mar^ is boixowing $100 mil- 
lion more than its maiden issue a 
year ago. 

It has secured a two-year in- 
crease in maturity to 12 years and 
cut its front-cod fees to 1.45 from 2 
percent paid prevmusly. The %- 
point margin over six-month Libor 
is unchanged, although last year 
the coupon was adjusted every 
threemonths- 

Of the U3. bank offerings, Wells 
Fargo’s was the best received and 

increased $100 mDliou from the ini- 
tial indication. 

<* b*»iniral Bank’s thinner margin 
and skimpier front-end fees meant 
a poor initial reception while First 
Rank System and Shawmut ran 
into the traditional resistance of 

European banks’ to lend to the less 
well-known regional banks. 

The latest wrinkle in the FRN 
market are what bankers call 
“caps” and “collars.'’ 

Guest, Keen & Nettlefolds said 
last week that it had arranged an 
interest-rate cap with Nordic Bank, 


which will insure a $50-million 
five-year loan and a S 25-million 
four-year loan against an increase 
of more than 2 percentage points 
above six-month Libor. 

GKN said the cap is below the 
rate at which it coiuld have bor- 
rowed fixed-rate dollars over the 
same period. 

Adding the undisclosed annual 
fee it pays for the cap, GKN said, 
brings the cost roughly equal to 
what it would pay for fixed-rate 
funds. On the other hand, if inter- 
est rates drop, GKN will have se- 
emed its money at a considerable 
saving over what it would have paid 
for fixed-rate funds today. 

GKN could have “coflared" the 
loan by agreeing to split with Nor- 
dic Bank any decline below an 
agreed-upon rate in six-month Li- 
bor. 

That, in effect, would have low- 
ered the cost GKN paid for the 
cap, but also would have limited 
the potential saving if rates ulti- 
mately phimmeL 

The long tenor of the GKN cap 
surprised many bankers, who said 
that three years was the more nor- 
mal maximum maturity. 

One expert who asked not to be 
identified estimated that a three- 
month cap would cost the bonower 
about 40 basis points and a cap for 
two three-month periods would 
cost 66 basis points. 

“It’s a pure punt on interest 
rates,” one banker said of the con- 
cept, adding that it is “yet another 
examp le of banks looking to gener- 
ate fee-income.” 

Meanwhile, the Euronote mar- 
ket, which was stunned into inac- 
tivity following the almost invisible 
margins proposed late last year by 
Ncsllfc, is reviving. 

Volvo is cancding an undrawn 
$70- million facility arranged in late 
1983 and replacing it with a 5150- 
million five-year standby loan 
which will be used to support its 
sale of commercial paper in New 
York or as a revolving credit. In 
addition it is arranging a note 


placement facility of up to $150 
milli on 

Participants will be obliged to 
provide the funds on the standby 
loan but are under no obligation to 
bid for Euronotes. In addition, no 
mire than $75 million of the com- 
mitted credit can be drawn as a 
revolving credit. 

On the standby facility. Volvo 
win pay an annual fee of 1/16 per- 
cent on the $75 million made ini- 
tially available and 1/32 percent on 
the reserved amounL 

The amount available can be 
augmented any time, but once acti- 
vated the funds cannot be put back 
into the lower cost reserve compo- 
nenL Banks will also earn a front- 
end fee of five baas points. 

Drawings on the revolving cred- 
iL for periods up to six months, will 
cost 1/16 percent if less than one- 
third of the amount is used, ft per- 
cent if up to two-thirds is drawn 
and 3/ 16 percent if more than tha t 
is tapped. 

Drawing on the swingline (up to 
seven days) to repay maturing com- 
mercial paper will cost Volvo 44- 
point over Bank of America's 
prime rate. 

The structure i$ designed to give 
Volvo a very low cost line of credit 
if money is never borrowed from 
the banks but to rive (he lenders 
what lead manager Bank of Ameri- 
ca calls a “reasonable return" if the 
credit is drawn. 

Alcoa of Australia is arranging a 
5400-mfllion. seven-year facility on 
which it will pay an annual under- 
writing fee of 10 basis points. 

Utilization fees can run up to 94 
percent and notes will be offered at 
a maximum rale of 15 Hatio points 
over Libor. Banks can also earn up 
to 15 basis points by proving letters 
of credit to back up the sale of 
commercial paper in New York. 

The Greek oil refinery Hellenic 
Aspropyrgos is seeking to arrange a 
S2QG- million, two-year bankers’ ac- 
ceptances facility. 


(Continued from Page 9) 
skirting the standard restrictions 
on buying foreign-currency securi- 
ties. (Paper issued by Japanese 
firms are not included in the re- 
strictions). 

As a result, Japanese companies 
have been able to market paper 
bearing coupons from ft-io-ft per- 
centage pout below what other 
borrowers have had to pay. But the 
domestic demand for this paper is 
rapidly diminishing in tig h t of dis- 
cussions now under way in Japan 
to raise the ceiling on foreign in- 
vestments from the current 10 per- 
cent to 15-to-20 percenL 

Thus, Nissho-fwai’s SI 00 million 
of IOft-pcrcent notes, Toyo Men- 
ka’s $50 million of lOft-percent pa- 
per, Marubeni's 200 million Cana- 
dian dollars of 11-percent notes 
and Bank of Tokyo’s 75 million 
Canadian dollars of lOH-peiceaxt 
paper all traded at substantial dis- 
counts. 

Zero-coupon bonds have also 
been suffering from changes in Jap- 
anese regulations. Normally, as in- 
terest rates decline, as they have 
been doing, the price of zeros 
should rise. But in fact the prices 
have barely moved in anticipation 
of substantial selling out of Japan. 

The Japanese were the biggest 


single buyers of zeros, in no small 
pan thanks to the very favorable 
tax treatment (exempt from the 
capital-gains tax). The Finance 
Ministry is currently proposing to 
tax these gains and Tokyo analysts 
expect the measure if approved by 
the cabinet and the Diet, or parlia- 
ment, could come into force start- 
ing next year. While there have 
been no substantial sales of zeros 
from Japan yet, dealers are clearly 
afraid that rising prices could trig- 
ger an avalanche of sales. 

Even more under water were the 
Deutsche-madc denominated pa- 
per by Japanese companies carry- 
ing warrants to buy stock. The war- 
rants cannot be sold in Japan 
because they are not listed securi- 
ties and the bonds-cum- warrants 
are shunned because Japanese in- 
vestors do not want the exposure to 
the mark. As the issuers are not the 
“sacy" high-tech companies sought 
by international investors but rath- 
er unexciting Kobe Steel, Jujo Pa- 
per or Chujitsuya (supermarkets), 
the paper is languishing at very 
substantial discounts of around 4 
percenL 

The other paper on offer in the 
DM sector traded better, but with 
difficulty. Both Sweden and the 
World Rank tapped the market for 


500 million DM each with 10-year 
bonds bearing coupons of 7% per- 
cenL This was uncomfortably dose 
to the new, higher level on federal- 
govemment bonds, priced Friday 
at 731 percenL up about ft-point 
from the previous government is- 
sue. 

In addition, there remains con- 
siderable uncertainty about wheth- 
er the Bundesbank will not be 
forced to raise interest rates to pro- 
tect the value of the mark on the 
foreign-exchange market. As a re- 
sult of these worries plus the weak 
performance of the mark against 
the dollar, foreign investors are not 
buying DM braids and domestic 
investors are not attracted to what 
they consider stingy terms on the 
foreign issues. 

The star performer of the week 
was the European Investment 
Bank's 200 million, 10-year bonds 
denominated in European Curren- 
cy Units. The bulk of the issue was 
targeted fra- sale within France, 
where the authorities have exempt- 
ed ECU bonds offered by Europe- 
an Community institutions from 
domestic foreign -exchange con- 
trols. As a result, French investors 
can buy such targeted ECU braids 
at the normal commercial-ex- 
change rate for the ECU without 


first having to pay the so-called 
investment dollar. The premium on 
this investment dollar was about 10 
percent last week- 
investors flocked to this first op- 
portunity to diversify out of the 
franc without having to pay the 
premium and the price of the 


of 954 percenL rose to 105 before 
ending the week at 103. The de- 
cline, bankers said, was a function 
of the drop in the investment-dotiar 
premium to around 8 percenL 

The coupon was about ft-point 
below what the EIB would have 
bad to pay to market the bonds — 
at what would have been veiy ag- 
gressive terms — if it had been a 
truly international issue. The EIB 
resisted the temptation of an even 
lower coupon — as the secondary- 
market perfomance has indicated 
would nave been justified — to 
assure a decent price for the paper 
in the event French foreign-ex- 
change controls are lifted. 

Lead manager Banque Nationale 
de Paris said it reserved two-thuds 
of its sales to individuals. 

The first Japanese borrower to 
tap the ECU market is expected to 
be SrfyiL an urban chain-store 
group, which is to offer 30 million 
of five-year notes. 


New Issue All the securities having been sold, this advertisement 

appears as a matter of record only. 

NEW ZEALAND STEEL DEVELOPMENT 

LIMITED 

Glenbrook, Sooth Auckland, New Zealand 
Swiss Francs 70,000,000 

5 %% Swiss Franc bonds of 1984 due 1996 
guaranteed by 

Her Majesty the Queen in Right of New Zealand 


BANQUE GUTZW1LLER, KURZ, BUNGENER SA. 
CREDIT COMMERCIAL DE FRANCE (SUISSE) SA. 
SAMUEL MONTAGU (SUISSE) SA. 

J. HENRY SCHRODER BANK AG 

BANQUE NATIONALE DE PARIS (SWITZERLAND) LTD 
INTERNATIONALE GENOSSENSCHAFTSBANK AG 

BANCA Dt CREDfTO COMMERCIALS E M OBI LIAR E 
BANCA SOLAR] & BLUM SA. 

BANK IN HUTTW1L 

BANK IN INS 

BANK LANGENTHAL 

BANK OF LANGNAU 

BANK NEUMGNSTBI 

BANK ROHNER LTD 

BANQUE DE D£P6TS ET DE GESTZON 

BANQUE LOUIS-DREYFUS EN SUISSE SA. 

COMMERCIAL BANK OF SOLEURE 

CREDIT LYONNAIS 

GRIND LAYS BANK p.l.c. 

E. GUTZWILLER & CIE 

OVERLAND TRUST BANCA 

ROEGG BANK LTD 

ST-GALL CREDIT BANK 

SOCIETA BANCAR1A TICINESE 

SPAR UND LBHKASSE SCHAFFHAUSEN 

VOLKSBANK WILUSAU AG 


BANK OF TOKYO (SWITZERLAND) LTD 
BANKERS TRUST AG 
BANQUE INDOSUEZ - Swiss Branches 
DA1WA (SWITZERLAND) SA. 

THE INDUSTRIAL BANK OF JAPAN (SCHWEIZ) AG 
LLOYDS BANK INTERNATIONAL LIMITED 
MITSUBISHI FINANZ (SWITZERLAND) LTD 
MITSUBISHI TRUST FINANCE (SWITZERLAND) LTD 
MORGAN GUARANTY (SWITZERLAND) LTD 
THE NIKKO (SWITZERLAND) FINANCE CO. LTD 
NIPPON KANGYO KAKUMARU (SWITZERLAND) LTD 
NOMURA (SWITZERLAND) LTD 
<snnmr c a 

TOKAI FINANZ (SCHWEIZ) AG 

LTCB (SCHWEIZ) AG 

NEW JAPAN SECURITIES (SCHWEIZ) AG 

SUMITOMO TRUST FINANCE (SWITZERLAND) LTD 

BANK HEUSSER & CIE AG 
BANQUE SCAN Dt NAVE EN SUISSE 
CHEMICAL BANK (SUISSE) 

CmCORP BANK (SWITZERLAND) 

CREDIT DES BERGUES 
FUJI BANK (SCHWEIZ) AG 
GREAT PACIFIC CAPITAL SA. 

KREDIETBANK (SUISSE) SA. 

MANUFACTURERS HANOVER (SUISSE) SA. 

MITSUI FINANZ (SCHWEIZ) AG 
NORDFINANZ-BANK ZURICH 
THE ROYAL BANK OF CANADA (SUISSE) SA. 
SANAA FINANZ (SCHWEIZ) AG 
SOCIETY GEnERALE ALSAdENNE DE BANQUE 
- GROUPE SOClETE GENERALE - 
TAIYO KOBE FINANZ (SWITZERLAND) LTD 


December 1984 


New issue 



All the securities having been sold, this advertisement 
appears as a matter of record only. 


Industrialization Fund 
of Finland Ltd 

Helsinki, Finland 

Swiss Francs 40,000,000 

5 3 A °/o Swiss Franc Bonds off 1984 due 1994 
unconditionally guaranteed by ttie 

REPUBLIC OF FINLAND 


BANQUE GUTZWIUBt. KURZ. BUNGENER SA. 
CREDIT COMMERCIAL DE FRANCE (SUISSE} SA. 
SAMUEL MONTAGU (SUISSE) SA. 

BANQUE NATIONALE DE PARIS (SWITZERLAND) LTD 
INTERNATIONALE GENOSSENSCHAFTSBANK AG 

BANCA CM CREDfTO COMMERCIAL E MOBtUARE 
BANCA SOIAM & BLUM SA. 

BANK IN HUTTWIL 

BANK IN INS 

BANK LANGENTHAL 

BANK OF LANGNAU 

BANK NEUMONSTER 

BANK ROHNER LTD 

BANQUE DE DEPOTS ET DE GESDON 

BANQUE LOUIS-DREYFUS EN SUISSE SA. 

COMMBtClAL BANK Of SOLEURE 

CREDIT LYONNAIS 

GRfNDLAYS BANK pic. 

E GUTZWILLER & CIE 

OVERLAND TRUST BANCA 

ROEGG BANK LTD 

ST. GALL CREDIT BANK 

J. HENRY SCHRODER BANK AG 

SOCOTA BANGARU TICINESE 

SPAR- UND LEBUCASSE SCHAFFHAUSEN 

VOLKSBANK WILUSAU AG 


December 1984 


fiORDFttlANZ-BANK ZORICH 
KREDIETBANK (SUISSE) SA. 


CLARfDEN BANK 

LLOYDS BANK INTERNATIONAL LTD 

AMRO BANK UND FINANZ 
ARMAND VON ERNST ft CIE AG 
BANCO PI ROMA PER LA SVIZZERA 
BANQUE OAL (SUISSE) 

- CrfcSt Industrie) <f Alsace et da Lorraine SA. — 
BANQUE GENERALE DU LUXEMBOURG (SUISSE) SA. 
BANQUE INDOSUEZ - Swiss Branches 
BANQUE MORGAN GRENFELL EN SUISSE SA. 
CA1SSE D'EPARGNE DU VALAIS 
FUJI BANK (SCHWBZ) AG 
GEWERBEBANK BADEN 

HYPOTHEKAB- UND HANDELSBANK WINTERTHUR 
MAERta, BAUMANN ft CO. AG 
SPARKASSE SCHWYZ 


BA FINANCE (SWITZERLAND) LTD 
BANKERS TRUST AG 
BANQUE SCANDINAVE EN SUISSE 
CHEMICAL BANK (SUISSE) 

CITICORP BANK (SWITZERLAND) LTD 
DAIWA (SWITZERLAND) SA, 

THE INDUSTRIAL BANK OF JAPAN (SCHWEIZ) AG 
LTCB (SCHWBZ) AG 

MANUFACTURERS HANOVER (SUISSE) SA 
NOMURA (SWITZERLAND) LTD 
THE ROYAL BANK OF CANADA (SUISSE) SA. 
soomc SA. 

YAMAICH) (SWITZERLAND) LTD 


i»« ri- 


.K ,: 


T 


.J 


i 


i 





Page 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY. JANUARY 28. 1985 


NASDAQ National Market 


Salntn Net 

100s High Low Close Otoe 


Sole* (n Net 

100s Hloti Law Close Ch'ae 


UB 

Amrwsl 
Amgen 
AmskB 71 
Amosfc uoa 
Ampad a 80 
Anadlle .10 

Antaalc 

Anal v I 
Anaren 
Andrew 
Andros 

.12 

i 


Archive 
ArcoSv 

AtizB ma 
Artel 


A 

Autmt. 

Auvton 

A vac re 

AvntGr 

Avntek 

Avatar 

Avlatco 

AitcM 30 

Aztch 


IK S". 
353 27 W 
3905 7ZW 
6903 21 'A 
73 
70S 
Z\ 7752 
379 
.9 2741 
WO* 

2947 
142S 
3800 

1023 
SS 2381 

75 

j 489 
1150 
1.5 441 

17 305 

4.1 nss 
ISM 
496 
403 

Z1 2855 
35 5287 
4J n 
3799 

1024 
414* 

2.1 2820 
2290 

9JS 
3.9 2W0 
4194 

3.9 W 

JJ 425 

18 8741 
14 1853 

3.1 73 
78 

213# 

103 

19 99 
03 1424 

134 
8652 
57 1312 
281 

4587 . 

1334 V. 
50 1836 47 
2572 20 
2311 6% 
U 938X22911 
22 15 4SV, 

U 178 1B% 
18 124 r<* 
3084 13'a 
712 Tft 
3265 13% 
2226 39b 
485 6%. 

1.1 754 109* 
36815 2B% 
84654 XU 

2044 34 
2TB0 13V* 
2158 32% 
337 9 
219 1* 

3172 

1321 20% 
31 1252 2iU 
321 814 
4775 9 
.9 1040 IT'D 
494 549 
1397 4b 
U 1324 18b 
5J 14 IS 
270 B 
12 95 18b 

31 2266 ?r-4 
169? 10U, 
915 lib 
807 36 
2337 145. 
203 455 
305 169s 
1925 11W 
1873 1 2b 

* E 

21B 10 

463 17b 
4635 2418 
293 16V* 
2127 1912 
*7 212 4ft 
12 Zft 


.90 4 S 

124 4J 

00 100 
214 41 

100 9.1 


£0c 12 

220 4.7 

.12 IS 


1350 47’#! 44 
779 lVj lb 
889 7b 6 Vi 
103 7ft 6ft 
3880 3 I'D 
928 12ft lib 
758 B 7ft 
3629 19b 19 
14S 20 19% 

251 28** 28 
1047 7b 6b 
844 a 759 
314 62b 60b 
319 lib 10b 
294 lib 11 
901 28b 27ft 
2978 8b 7 
289 3b 2% 
142 70 91*2 

246 8^9 8ft 
989 36% 3559 
1066 47ft 45b 
821 8b Ab 
940 lib 1 0b 
771 719 6ft 
377 9b Bb 
597 7b 6% 
1125 1599 1396 
241 9b 779 
1340 14% 13b 
695 % Vi 

3895 37b 33b 
755 7ft 7 
733 13b 12b 
2 lb lb 
ISt 11b 1 0b 
1989 4V9 3b 
459 24b 2299 
3263 5*9 5 
2162 8 7b 
441 I39> 13 
277 5 4b 
S04 9*9 0b 

5471 7b 7 
75 7b 6b 
725 49 19 

1458 28*9 27 
1299 18b 1716 
341 9b 8b 
42 9 Bft 
4838 17ft 1549 
I486 12b U b 
305 5819 27b 
871 6b 5b 
1541 3b 3v* 
1744 23b 21b 
885 1% 111* 

2290 23b 22b 
1322 20b 19b 
385 IBb 17 
390 50 48*9 

9849 Aft 4b 
57 2419 25b 


•14a 18 228 
70 21 2743 
3155 

-02e .1 2J0 
728 
448 
545 
287 
55 

1.80 4.7 7B9 
9357 

2JH> 4.9 384 
1.32 48 

1.13 3J 
M 77 


Soft, In Net 

100s Hlah Law Chase Chtoe 


4*J 4ft t -9 

23 26 +3 

19 22 +3 

10*9 21 +2W 

4 4b + V» 
19b 21 ’9 +2 
9b O’* 4- '.9 
9b 9b- va 
2T'» Bb+lb 
446 Aft — % 

9 9J-j_ ft 
7ft m + b 
4 6b +2VJ 
449 4b— b 

14 V* 1419— 49 
2BV9 29b +lb 
114* 1219 + b 

9ft 10 + *9 

16 14b + b 

25 2549+ b 

33b 33b— IV* 
17V* 19V: +lb 
9b 10 

14V) 14b— b 
1749 19 +1'. 

23*9 24b + *6 

20 V3 21V* +1 
349 416—49 
4 V* 6»9— 1 
9b 10’* + ft 

17 19 +lb 
6 eat t. 

lift 1219 + 49 
ir% it's— b 

17b 1349 +1-9 
849 8b- 49 

% 

38V) 41 +2H 

3446 34b +7b 
111* lib + to 
449 6b— ll 
6'* TV: +lb 
9Vi 1) +lft 
19 30b +1 

13b 1419 * % 
2949 30b +lb 

% r_ b 

1 6b 17b + >4 
16V! 17b +lft 
346 3ft + to 
'19 

59b 61V; +lb 
18b 19b + *9 
4b 6Vs +lft 
2116 22 - =9 
43V* 4S'i +lb 
17V* 18b + b 
6b 7 + IS 

12b 13 + to 

4b 7b + b 

10 Uft +7% 
37b 3814 + b 

6 619- V, 

10 I0VS + b 

24 28 +* 

28b 294i +1 

31 35b +5 

13 13 — b 

30 32b +2 

0 B — 7 
', to + ft 
4 41* + b 

I TVs 1919 + ’ 9 
22 24'.* +)’* 

B 8b + b 
7b 8b + b 
17b 13b— ft 
449 5 + to 

4b 449— » 9 
16 17V: +1U 

14V* 15 + ft 

749 79*— ’* 
17b 18 
26ft 27ft + »9 
Ift 1019 +lb 
10 lib +lb 
32b 35 , *+2ft 
lift 13b +1’* 
Ft 4b + ft 
16 16ft + b 
1049 11 + *9 

lib lib+ib 
6 4b + b 
SV* 4b +1 
9b 9b— b 

15 16 V* +1 ft 
22b 24ft +lb 
16b 16b 

18 I9b +lft 
4b 4b— b 
2'. 2ft + b 


47b +3b 
lb— ft 
6b + b 
7b + b 
2b— b 
12b + b 
7b— ft 
19w + b 
19b + *9 
2B% + % 
6*9 — H 

8 + ft 

6146+ 49 
11 + b 

1IV*+ 41. 

as 

Bft +1 
239 — ft 
91 ft 
8ft— 49 
36ft +1 
47b +2b 
Bb +lft 
Hb + ft 
6b— to 

9 +1 
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17 +1 
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23b + ft 
19ft + ft 

18 + to 

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»b— 1 
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23 

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16 + b 

19b + b 
26b— lb 
llft+ b 
41ft +lb 
27b + b 
29ft + b 
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1149—146 
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2964 10ft 
101 lb 
1.5 483 6b 
107 5ft 
547 5W 
.9 5115 31b 
ZB 254 18 
3352 14ft 
339 7b 

14 803 27b 
1383 4ft 

J 232 14b 
11212 13 
734 79ft 
2670 25b 
907 20V* 
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U 864 13b 
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1 ZB 427 B0b 
J 693 26b 
7270 28b 
444 12ft 
604 6b 
35 4977 2!b 
3J 481 29b 
833 Mb 
4J 104 30 
20 4027 12b 
1 3.9 3452 23ft 
2 3902 35 
12 1026 27b 
541 16b 
76 90 30ft 

974 10b 
823 15b 
956 12b 

> 19 219 29b 

315 12 
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4443 23ft 
1454 5b 
1434 131* 
543 5b 
1 Z7 39 17b 

3.1 191 29b 
2441 IB ft 

48 455 17b 
575 1ft 
449 14b 
£ 1019 23b 

1.1 5515*15 
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57 1183 38 
JJ 342 29b 
1 16 12 ISb 

52 341 39b 
I 46 329 11b 
! 155 291 9-6 
50 89 31b 

1450 4 
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872 12b 
443 25ft 
27598 Bb 
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7 309 12 
384 6 
638 Bft 
127? 7*6 

15 649 Bft 
5441 5ft 
1861 18*6 

j # i , S 

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423 6ft 
24 9ft 
1959 4 
1721 7ft 
1354 4 
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1994 916 
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1 13.1 1551 26 
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1X3 1551 25ft 
IBS 8ft 
30 eas 39ft 

> IJ 44 5b 

784 6 

1 59 351 34ft 
1394 16". 
992 4ft 
1462 8 
559 6b 
35118 9b 
1034 18b 
BBS 3ft 
11 5040x199* 
946 28 
970 9b 
9491 Mb 
48 3586 48ft 
4482 5 
2977 7ft 
.9 414 16 
70 91* 
622 2ft 
722 14ft 
2712621 29b 
1006 13V* 
ZO 1527 22ft 

15 460 27b 
Z9 4933 20b 
554 23V* 


3190 14b 
378 7b 
104 10b 
25109 32b 
1646 27b 
901 5ft 
.1 181 98 
17 2595 17ft 
2029 12b 
3000 Bft 
552 5 
135 15b 
295 4ft 
494 7ft 
173 5b 
7 1112 20b 
9091 17ft 
37 3689 21ft 
17 1021 15b 
354 1ft 
3434 IV* 
3277 4b 
1737 7V* 
349 8 
140 4b 
159 7ft 
1458 3ft 
276 10 
19428 4b 
2034 14 
1450 14b 
89 5b 
2740 IBft 
40843 28b 
855 29b 
78 6ft 
1414297 9b 
481 4ft 
7 4234 24ft 
47 777 TP/t 
12 511 17b 
44 582 19ft 
M 377 I Ob 
753 12 
*07 16 

17 884 19V* 
17 1091 25ft 
4.9 484 13b 
1.1 2399 15 
1109 5ft 
3275 22ft 
7458 12b 


B 

182 2to 
.12 7 354 14b 

90 12ft 
4962 b 
3318 5ft 
17 4 
306 6b 
235 9b 
174 37 1217 28ft 

.12 12 2243 11 

781 17 1047 4b 
483 13 
540 10 

174 107 4023 Mft 
770 7 1789 8b 

704 9ft 
.14b 1.1 132 15b 
254 5b 
1025 8 
3442 21 V* 
3965 13ft 
3199 1814 
488 18b 
284 13b 
115 Sb 
900 10ft 
538 b 
879 Bb 
10344 12b 


101 e 10ft + ft 
1ft lb + ft 
Sb 6VS + ft 
5 5ft +lb 
5ft Sb 
lift 28ft +3b 
17b 17b 
15b ISb— b 
7ft 7ft 
36b 27b— ft 
5ft 6ft + ft 
13b 13b— ft 
12ft 12ft— ft 
77 77b— IV* 

24ft 34b — ft 
19 20 +lft 

Bft 8b— V. 

13 T3ft + b 

10ft 10ft— ft 
78V) 79b +2b 
25ft 26b + ft 
24b 28 +3 

11 12 +1 

5b 6 'm + ft 
20ft 21b+lft 
Z7ft 28 — 1 

2Bb 30ft +lft 
28b 39b + b 
12V* 12ft + ft 
22b 22ft— b 
29 32b— 2b 

25b 27b +1 ft 
15 16 +1 

19ft 19ft 
9b 10 + ft 

14 15b +1 

12 in: + l* 

28b 29b + ft 
12ft 13 + % 

2ft 3ft 

22 23 + b 

5ft 5*6+ b 

12ft 13ft + b 
4ft 4ft— b 
16ft 1711 +lb 
29ft 29b 
18ft 18ft— b 
16b 16ft— ft 
ft b— ft 
12ft 14 +1 

22b ZFft+lb 
13ft 15 +1ft 
3ft 3-4 + ft 
ISft 34b -1ft 
28ft ar*— ft 

15 15b + b 
38 38ft + b 
10ft 1114 + ft 

Bft 8ft— b 
29 29ft— lb 
3ft 3b + ft 
19b 22ft +7ft 

10ft lift + b 

24ft 25ft 
61* 7ft + ft 

13 13ft— ft 
26V* 30ft +3b 

6ft 7ft + ft 
1ft 1ft + b 
3Vr 3ft 
lift 14 — ft 
2Db 21b +2b 
4ft 6b +2 
lib lib 
5ft Sft 
7ft Bft + ft 
7ft 7ft— ft 
Bb 8b — ft 
3ft 4b +1 
left 18ft +7"; 
3 3b 
15ft 17 +U: 

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4b 8 +1-6 

6ft 6b + ft 
8b Bb + '4 
3 4+1 

6ft 7V: + ft 
3ft 4 + ft 

lft 2ft +ft 
Bb 8ft 
21b 21b + ft 
2Jft 251* + ft 
16V* 16W— b 
24b 25b + ft 
Bft Bft + ft 
35% 39 +3% 

5 5 —ft 

5ft 5ft— ft 
32b 34ft +lb 
14b 15ft + ft 
4V» 4ft + ft 

6b a +?ft 

Sb 6ft— ft 
7b 8b— ft 
17b 18 
3ft 3ft + ft 
I8>4 19 + ft 

23 76 +3 1 * 

Bb 8b 

«b 9ft+ b 
44ft 47ft +lft 
4b 4b + Vi 
6b 7b + b 
14b 15ft + b 
Sb 9b +. b 
2ft 2ft— ft 
13ft 14ft + V* 
27ft 29ft +lft 
lift 13ft +lft 
21ft 21ft— b 
25ft 27 +lft 
lib 19ft + ft 
22b 23ft + b 


13ft Uft+T'A 
714 7ft + b 
10 10b +lb 

29b 31b +lb 
25b 27b +2b 
4ft Sft + b 
84 98 -Hi 

17b 79ft +11* 
lib 12ft+ ft 
7ft 7ft— 1ft 
4b 5 + b 

ISb IS +lft 
4ft 4ft + ft 
6ft 7 - ft 
Sft 5b + ft 
IBft 20ft 42 
14ft 16ft +lft 
21ft 21ft + ft 
Mb isft + ft 
lb iv* + u 

ft lta— ft 
5b 6b + ft 
4ft 6ft + b 
7ft a + ft 
3b 3b— ft 
6ft 4b + ft 
3ft 3b + ft 
9ft 9b + b 
3ft 3ft + b 
13b 14 + -4 

13b 14 +1 

4ft 5b + ft 
17V* 18 
24ft 27b+2ft 
28 28 - ft 

5b 6b— b 

9 9ft + ft 
4b 4b— ft 

23b 26ft +3H 
77ft 27ft + b 
16ft 17b + b 
IBft 19b + b 

10 )0ft + ft 

10ft 11b + ft 
15b 15ft 
19ft 19V* 4 b 
24ft 24ft— !« 
lib lift— b 
13 14ft +lb 
4b 5 + ft 

19ft 22ft +3 

11 12ft +1V. 


2b zb— W 

14 14ft— W 

'*% TBJ* 

4ft 4b— ft 
Sft 5ft— 1 
sb 6b + V* 
9 9ft + ft 
27b 28V* + ft 
9ft 10b + ft 
3*8 4b + ft 
lib 11b— b 
9b 9b— b 
13ft 14b +1 
7b 8H+1 
9 9 — ft 

14ft 15 + ft 

Sft 5ft 
7ft 7b 
17b 21b +1 
11 13b +1 

17b 18 + ft 
17ft 18ft + b 
13b 13ft 
4b 5 — b 
ID ID —ft 
ft b— ft 
Sb Bb + Vi 
10ft 12b 41 


NOTICE OF EARLY REDEMPTION 


Kingdom of Sweden 



U.S.$ 650,000,000 

Floating Rate Notes Due 1989 

Notice is hereby given that in accordance with 
Clause 5(b) of the Terms and Conditions of the 
Notes, the Kingdom will redeem all of the 
outstanding Notes at their principal amount on 
28th February, 1985, when interest on the Notes 
wiQ cease to accrne.' 

Repa yment of principal will be made upon pre- 
sentation of the Notes with all unmatured 
Coupons attached, at the Offices of any (me of 
the Paying Agents mentioned thereon. 

Accrued interest due 28th February, 1985 will be 
paid in the normal manner against presentation 
of Coupon No. 6, on or after 28th February, 1985. 

Bankers Trust Company, London 

Fool Agent 

28th January, 1985 


62 

177 

6175 

826 

232 

142 

5*8 

22 17 120 

1214 
65 
595 
3037 
63*0 

JO U 299 

.Me 12 8052 
1719 
507 
7090 


7 4 

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8b Bft 
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1 ft 
13ft 12ft 
16b 14V, 
3ft 2ft 
17b 16 
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lift 17b 
6ft 6 
29b 2Sft 

’‘ft M ft 
14ft 12V* 


9b+lft 
30b 42b : 
8ft— b 

l* +«. 

15b 4 b 

17ft +2ft 
18ft— W 
18b +lb 
6b + Va 
29ft + ft 
15ft 4 b 
ft 

12ft -Ift 


FOP 

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FoirLn l .16 
FqidHI 5 
FormF I 

FrmHo t 

FrmG 1-52 


345 8ft 
7 2284 Sft 
Z7 341 6 
586 1ft 
922 71ft 
810 4ft 
Z7 95X5 56 
2425 29 
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448 15b 
541 7S4#*9ft 
U 327 61b 
Z7 424 2Sb 
402 15b 
U 461 15 
44 17B 4ft 
17 109 7ft 
1065 7ft 
508 12 

4.7 1172 Mb 
Z7 77027b 
441 856 27b 
5J 33 54 

358 17ft 
SlI 773 24 
837 20b 
14648 13b 
3635 lift 
813 16b 
14) 123 20 
3.9 651 21b 
617 19ft 
17 1029 23ft 
5J 445 32ft 

3.9 97 37 

5J> 848 31ft 

6.7 223 lib 

4.9 144 53 
.1 194 14ft 

341 2 20b 

33 SOB 29b 

1.9 1854 21V* 

232 10 
SO 1190 22ft 
541 3909 32ft 
lfl 2774 37b 
50 26 25ft 

1.7 67 73 

1124 6ft 

10 1056 14ft 
1.1 5348 18V] 

23 1484 22 
1982 II 

IA 354 13b 
1398 5 
3 3373 18 
6 3499 IS 
15 1259 28b 
53 244 19ft 
2159 IBb 
5032 Zft 
.61997? 9ft 
13 778 6ft 
5838 27 

24 2553 20 
3015 13b 

22 689 14ft 



24 1 A 1314 17b 

I 424 4ft 
3439 37 
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140 4.7 373 33ft 

40a 20434220ft 
10*2 Bft 
.13 311299 18 

558 N 
I 573 5 
I 491 4ft 
JO 54 672 9ft 
1617 24ft 
JW 1.7 898 18 


21 +lft 

9ft + ft 
5 + ft 

12b + ft 
17b +2 
5 

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14ft + ft 
33ft— ft 
29ft +2b 
10 + ft 

10 + b 

19b +3 
18 

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3b- ft 
24 

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Sffb+lb 
37V»+lft 
43b 
4ft + b 
21ft + b 
lift + ft 
7 - ft 
20ft + ft 
28 +1 
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8b + ft 
18 + ft 

17b + b 
21ft +lft 
29ft— ft 
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19b— b 
Sft + ft 
24 +4b 

10 + ft 

“sv*"* 

19b— b 
4 + ft 

4b— b 
8b + b 


9ft + ft 
39b +1 
2b — ft 
9ft 
4b 

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2ft— ft 
6 + b 

23ft 

34 + ft 

5ft— ft 
27 + ft 
20ft— 1ft 
6ft— b 
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10b +lb 
12b +tft 
3b + b 
22 +3b 
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Bft— lft 
2b + ft 
17b— ft 
8 — ft 

12 + b 

Bft + ft 

42b +2b 
Bft + ft 
19ft +1 
5b 

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7ft 8b + b 
2ft 2ft + ft 
13 13ft— ft 

15ft 15ft + ft 
18b 19ft + b 
13ft Wft+lft 

ft ft+h* 

16b Igb +3 
4ft 5 + W 

4b 5ft + ft 
“ 9ft + ft 

13 +1 
Sft + ft 

28b + ft 


14V* 17 +»ft 
3ft 4ft + ft 
33b 36b +3b 
IBb 19b— 1 
32ft 33b +lb 
18 20 +lb 

7b 8 + b 

,4 £ 

4 4b + ft 
4 4b + b 
9ft 9b— ft 
23b 26 +7b 

15ft T7b+lft 


KLAs 
1 KMWSV 

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I Kamo it Ji 21 

Koretir 

Rosier 401 44 

Koydon 

KelvJn 

Kemp 180 29 

KyCnLJ 80 21 

Kevc« 

KevTm 

K Imbed J4 1.9 

PCimbrt 

KlncaW 

Kinders 84 A 

v|Ktm 

Kroy 84 A 

Kruers 22 22 

KuKfce .16 4 


1J0 28 423 

.130 J 2087 

.14 18 653 

80 5J 310 
48 4.1 96* 
80 4J 4000 
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2 * 16 565 
JB 18 ISM 
2043 
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3® 10 923 
1909 
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JOa U 784 
m 7 972 
je 8 13 

1008 

J4b 28 97 

JO 1J 6100 
17010 


22V* 18 
lift 9 
5ft 4ft 
27b 24 
16b 14ft 
d4b 12b 
8b 7b 
1ft 1ft 
44 44b 

37b 36ft 
iVi Jb 
IBb 10 
28ft 14b 
7 * 

9b Ift 
14ft 15ft 
1 b 
10ft Vb 
Mb 14ft 
28b 25ft 


11b 10 
7b 7b 
15ft Mft 
22b 19ft 
Mft 15ft 
41 38b 

17V. 16b 
15ft 14ft 
15 13 

17 15V* 

Mft 13ft 
7b 6ft 
43b 42b 
7ft 6ft 
77ft 26b 

7b 4ft 
15 13ft 

& $ 

3ft 3ft 

12ft )2 

23b 21ft 
Oft 42 
7ft 6ft 
12b lift 
15ft 14 
26 24ft 


22b +4 
10ft +IVi 
4ft— ft 
24ft + b 
Mb +lb 
13b 

8 + b 

1ft— Ti. 
44 +lft 
37b + ft 
Aft + Kr 
10ft + ft 
28 +lb 
7 + b 

9b + ft 
Mft + ft 
ft 

9b — ft 
14ft + ft 
au +zb 


lib + ft 
7ft + ft 
15 + b 

31b +9b 
Mft + ft 
20ft + b 
14ft + ft 
15ft + b 
14ft +1V9 
14ft + VS 

14 

7ft + b 
42b 
7ft + b 
37VS+lb 

7ft + ft 
Mb +ift 
vb +ib 
3ft +ft 
3ft 

12 + b 

21ft— lb 
42 

4b— ft 
12b + b 

15 

25ft +1 


Sales In Net 

100s Hioh Low Close Chat 

UncTel 22D 7J 191 31*. 30 301* + ft 

Llndbra .16 24 101 6b 5b 4 b + 

6a; 


Soles in Nef 

lOQs Hioh Law dose Cn'ce 


5aies .r *m- 

1035 Low Clcse CIS* 


7ft Bft +1 
Sft Sft + ft 

5V* 6 + b 

Ift lb 
19ft 20 — b 
4V« 4ft + b 
51ft 55b +4ft 
24 28b +lb 

A 'A tv*— ft 
13ft 15b +2 
47ft 4Bb— ft 
59ft «1 b +lft 
34 Sift + ft 
14 Mft 
lift IS + ft 
4 4ft + V* 
7ft + ft 
7b + ft 
lib +1 
24 + ft 

27 +Sft 
77ft + ft 
S2ft+ ft 
17b +2b 

setj: 

13* 

rift+ib 
MU +lb 
20 + b 
20b +ib 
19V, + b 
23ft + b 
32ft + b 
37 + ft 

31ft + ft 
18 + ft 
S3 +lft 
14b + ft 
20b + ft 
3*b +1 
21ft + b 
a 10 +2 

22 23ft- ft 

30ft 32ft +lb 
34ft 37ft + ft 
24 25ft +Ift 
lift 12b +tb 
5ft 6 
14b 16 +2 

14ft 17b +lft 
30ft 33 +lb 
16ft 17b +lb 
12ft 12ft + ft 
4b 4ft 
15b Mft + b 
13ft Mb + b 
27 37b + b 

IBft 18ft— b 
15ft 18 +2ft 
2ft 2ft 
Bft 9ft +1 
6ft 4b + b 
23b 26ft +3 
17ft 20 +7 
12ft 12ft + ft 
13b 13b— 1 


Bb— ft 
13b 4 b 
9b— b 
12ft + ft 
3b— b 
44b +3b 
4ft— ft 
9ft +lft 
3b— ft 
4 4 ft 

7ft + b 
7ft + b 

S + ft 
+ ft 
6ft 

29ft + ft 
18b + b 

n + ft 

iib „ 
ft— 

16 + ft 

13b +lft 
17b— b 
13b +!b 
Bft + ft 
10ft + ft 
4b— b 
10ft +ib 
19b +2b 
15ft +3 
7 + b 

19b 

5b+ ft 
14b— ft 
14b— ft 
Mft— ft 
2b + b 
Oft + ft 


14532310ft 
65 5ft 
2083 SV: 
Iji 303 1BV* 
3495 Tav; 
334 II 
2245 Bft 
13487 17b 
9 A 30« 23ft 
924 M 
1100 8b 
S4S 12ft 
5643 lib 
38 2152 21ft 
48 952 50V* 
1.9 236 15ft 
1482 7ft 
A 1239 Sft 
1318 16b 
12 1648 50 
785 34ft 
16S47 4 l s 
*07 lift 
J 164 30 
4636 77'-. 
434 17ft 
2776 S'* 
900 4% 
25 2344 35b 
429 10b 
2465 12 
6 79* Bb 
1857 6b 
458 17b 
1078 20’* 
871 29b 
1149 6‘.* 
3344 Mb 
5176 26 
58 1194 33b 

19 754 44 
181 13b 

14 406 74b 
55 450 43b 
72 137 32b 

442 15V. 
21 10ft 
3188 16b 
61 10ft 
1838 Mft 
531 405 12b 
131 85 35 
9*0 ift 
449 lib 
1.1 1*35 5b 
4810 25ft 
1265 6ft 
60S 6 
1546 Sft 

20 167 20b 
18 488 30 

11737 4 
1620 2ft 

15 7307 40b 

363 4 
1.1 5545 40 
15308 3ft 
4824 20b 
23 12b 
4390 1 6ft 
37? 8ft 
6763 9 
11 7831 45b 
307 9'i 
3484 37b 
11 3354 44ft 
538 Sft 
20 103 18V1 
943 17 
13188 17b 
45 718 29ft 
235 lift 
15 113 12ft 
17 2837 18V. 

4364 aU 
M 135 Mft 
15 1507 43V. 
■315425 31b 


Bb IDb+lft 
Sb Sft + ft 
4b 5ft + b 
17 17'.*— ft 

1«b 19ft— ft 
10*/. 10b- ’ . 
7b 8ft + ft 
M 17 + »« 

2JU 23ft— U 
12b 13b +lft 
I 8 — ft 
tT4 nr* + s* 
12ft 13b + b 
19b 21b +lft 
49ft 50b +1 
Mft 15ft + ft 
7ft 7ft + ft 
7ft 9 +Ib 

10 10b + b 

bft 50 +3 ft 

31V, 36ft +4ft 

5 5ft + b 

10ft 11 + b 

27 30 +7 

23ft 2712+4 

11 11 + b 

ift 5 — V) 

4 — b 
Mft +2'» 

10 + b 

lift +lb 

Bb— b 
4b + ft 
Mft + b 
2Dft+lb 
79b +lft 
5b— ft 
14ft +1’., 
26 +lft 
33b 

43ft + b 
12b— b 
24ft +1V* 
43b +3 
32ft +2V* 
15b +1 
10ft + ft 
15ft + U 
iob + b 
16'.* 43ft 
17 + b 

34V* 44 
4=4 + ft 

11 + ft 
5b— v, 

2ib +!b 
Sft — 
5b— ft 
Sft + ft 
19b +lb 
29b— ft 
3b— b 
7'.* +lb 
40b +3*> 
F« + ft 
39b +4ft 
3ft— b 
20b +lb 
17'* + ft 
16 — ft 
8b— b 
Sb— b 
45V. +31i 
9 + b 

37 +3b 
44ft + b 
3b 

17b— Ift 

lib 42ft 
ISft 16b +1 
28b 2 b 
Mft 18 +lb 
lift 12 + b 
17ft 17b— b 
Sft 6 + ft 

13ft lift *1 

39b 43 +7b 

27 ft 31 +Jb 


14* 5b 4b 5 
5400 Sft 4b 4M— ft 
156 3ft 3b 3b 
306 ift 4b 4b + ft 
6535 6ft 5 6'*+lb 

132 lb 1 Tb+’k 
28 458 7b 7b 7b— ft 
1496 11 9V> 10b +1 

1743 Bb 7b 8 + ft 
8597 26b 73b 26b 43 
454 5% 4b 5ft + U 
423 27ft 21ft 211*— 1 
1773 B 7b 8 + b 
15 SSI 31ft 31 31ft + V* 
35 748x23b 22b 23 ft + W 
4.7 2554 24V> 23b 24 + b 

706 5ft 5 Sft+ft 
30 U b V. +b 
1134 lib 10b 10b 
J 3437 Z7b 2Sb 26 — b 
1671 4b 6b 4b— b 
570 4ft 3b 3b- b 
194 ft b b +^ 
4213511 10ft lb 9ft + b 


86 

16 

20 18ft 

17VS 

IBft 



80 

1.1 

23H 35b 

31b 

3Wfi 

+3% 

.IX 

J 

BB7 41ft 

39b 

61'* 

+1% 



811 7 

ift 

4*. 

+ 

ft 

JJlr 

.1 

ioi a% 

7b 

B% 

+ 

to 



BI4 8b 

Tft 

0 

+ 

w 



2774 10 

9% 

Vb 

+ 

to 

184 

as 

1684x17ft 

17ft 

17ft 

+ 

to 

IJA 

32 

392 42V, 

41% 

47ft 

+ 

Id 

20 

2.4 

2316 Xb 

37ft 

13% 

+ 

% 

2.10 

98 

439 27% 

71% 

22b 

+ 

ft 



503 4% 

3ft 

Aft 

+ 

V* 

Jl 


2024 17 

14W 

Mft 

+7% 



1500 3b 

3% 

3% 

+ 

ft 

.92 

10 

1590 48 

46W 

17 

+ 

ft 



1190 4ft 

5b 

yvi 

— 

■ fl 



703 Bft 

BIS. 

B% 

+ 

ft 



339 9 

Bft 

9 

+ 

to 



857 1? 

11 

11% 

+ 

,m a 


1381 3b 
644 4ft 
497 3ft 
823 4b 
4871 Mft 
269 3b 
1418 3J) 3091 34b 

252 51 13 Mft 

268 5J 1285 48 
2081 24ft 
58 25 3237 31ft 

240 123 128 21ft 
•13e J 2344 18 
137 6b 
*318 3ft 
5410 15ft 
2900 39ft 
363 15b 
3593 7 
1085 t 
454 18b 
JO 1.1 532 17M 
268 95 285 28ft 

1447 15 

J6 25 163 Mft 
543 4ft 


21 221 6 Sb 
4J 2360 49b 47b 
2025 9b 9ft 

24 820 50b 49b 
1447 9 8b 

SJ 314 Mft 13V, 
4723 16 lib 
1J 459 S'/. 7b 
2112 IT 1 * 15b 
78 lib 11b 
ZS 27b 24b 
4J 464 14b 13b 
8634 6ft 5b 
1789 Bb 7ft 
17 71 27ft Mft 

6.7 75 33b 32V* 
917 Mft 15 
534 Bft 7ft 

26 44 23b 22b 
1317 lib 11 
4919 15b 13ft 
1265 25b 22b 

1.1 1793 6b 5ft 

4.7 145 42b 41b 

75 72 26b Sb 

29 1312>09fe 27b 

90 9b 8ft 
19739 12b 111 
1228 ft ft 
441 M 8 
S29 9ft 8 
19 347 29 Sb 
709 8b 7ft 
938 10b 9b 
232 8ft 7ft 
*2365 9ft 9ft 
2932756 Mft 16 
743 ift 3b 
4824 23ft Sft 

27 1421 22b 19b 
35 3235 32b Sb 
1J 1306 10 Bb 

270 12 lift 
4164 31b 77b 
S56 34ft Sft 
130 8 7ft 
538 2ft 2b 
415 10b 17b 
439 Bft 7b 
5 I0S 33b 33 

25 278 29V* Sb 

93 6b 6 
572 4 3b 
5512 6b Sb 
740 lib 13ft 
1 7200 55b 49 
_ 4164 16V* 15VS 
11 688 Sft 4ft 
A 348 341* 35ft 
14 264 14b 13b 
119 2ft 2b 
190 15 14ft 
4857 ift 4ft 
24 1176 16b 16 


Sft- ft 
49ft +lft 
9b + ft 
49b + V. 
8ft + ft 
M 

lib— 3 
7b— ft 
17 +lft 
lib +1 
27b +1 
13ft— ft 
6ft + ft 
Sft + ft 
27 + b 

33 + ft 
16 +1 

7V*+ ft 
22b 

iiu + u 
ISb +lb 
25ft +9b 
Sb- b 
42b +1 
»b + b 
29b +2b 
8b + ft 

9ft +1U 
Bft + ft 
Sb + b 
7b— b 
10 + ft 
8b+ ft 
9b+ ft 
16ft + ft 
3b + V* 
23ft -rav* 
Sb +7ft 
30ft— 11* 
9 + ft 

lib + b 
31ft +3ft 

34 + ft 

.giS 

8ft + ft 
33b + b 
29V* +1U 
6ft— b 
4 + ft 

4ft + ft 
Mb 

54b +4b 
16 + b 

Sft + ft 
su +i 
14b + >* 
2b 

15 + ft 

ift + ft 

16V*— b 


QMS a ym m* 141* lib 

Quodnv 669 5V* 4ft 4ft— ft 

QuckrC 48 27 72 2Sb 241* 25b + ft 

QualSv 489 3b 3 3 — b 

Quontm 12921 Sb Sb 25ft +3b 

OusAIM ITS 5 4ft ift + ft 

Quixote 699 12 10b llft+tb 

Qualm 30871 II V 11 +)ft | 

I ■ I I 

J6 13 4CT17 15b l , 7 W, +, , - 1 

1544 15b Mft 15ft +1V* 
.938 11b r* 9t*_ IV* 
tee i?3i iiw, ioft ioft — *. 

■an 1272 9ft 9 Mb— kb 

M __ »ia 4ft .Sft 6 
1J» 19 3303 24b 25b 25ft— ft 

_ 374 5V* 4ft 5ft— ft 

» 70 JJ 290 2 27 27ft + Vi , 

J4 14 1244 17ft 16b 16b + b . 

224 21b 20b 21 + ft ! 

ISO 6ft 6 6ft + 7* 
-64 23 743 79 28 28ft ~ ft 

_ 5293 7b Aft 7b + ft 

JO 29 26U 7ft 6ft 6ft + b 

JI9 A 1030 Mft U'V M + ft 

,685 24ft MV* 26ft +2 
1178 II 10 lift + ft 
74 4b 4 4 — ft 

1365 18V* 17ft IBft +lb 
At 4J 929 9ft 9 9b 

17114 14ft ljft Mft +2ft 
254 2b 2ft 7ft— VS 
, , . 231 13ft 13ft 13 

.15e 1 J 400 lift 10b lift + ft 
J»e A 1972 22V. !lb 22% + b 
IA4 120 54 12V* 13 12 

1623 ift 4U 4b + ft j 
IJ4 13 794 Sb 36V* Mb + ft i 
> JO 14 601 Mb Mb Mft 

2330 lib Bb 1 0b +lft 
S9 2J b 20ft 21ft + ft 
IM3 2Vj lb 2ft + ft 
JO 18 1654 Mft 13b 13b + ft 
LOB 3.1121 78 33b 31 32'-. + b 


RoCevi 1 
RabNusi 06 
PobVui 
Roc It or 

Rosnsi 28a 
RoseSB 20a 
Rouse .92 
Po»BGd 
R ov Inr 

Ro.Plm 

RovlRa 

RovlAIr 

RustPel 

RvanFa 


159 6- 5 6 . 6b 

4 733 16') 14 . 15b 

714 lift 10b IS 

3728 !»'# IS 14 ■ 

1J 144 7T i 19 * 23': 

1 J E5 7 23=. 3 • Sb 
22 MSS 42 T" . 41 b 
211 7-a r. 7 
«01 19': «’•: 19 
5S 9ft Bft 9 
=06 7" s Oft 7 
139 9*. 9’. 9-. s 

750 12b lift 12b 
3248 27b S'. Sb 


293S 13': 
4121 IS 
2766 16ft 

1.1 1M1 9 

583 14b 
16 569 19b 
1248 15b 
4.4 4871 34b 
1177 17b 
5909 9*. 
54 7342 54b 
1848 3ft 
.7 244 7b 
12A Sft 
140 ’* 

1J 87 7b 
44 230 35 
3J 674 28-"* 
1098 Oft 
523 14 

28 1570 lift 
21 987*19% 
217 Bft 
633 Sb 
43 382 6ft 
368 9ft 
1644 5b 
296 lift 
3638 ift 
1899 19U 
3336 8 
32634 7b 
O 147 16 
S3 7 J’.- 
3043 7ft 
34 5600 22b 
104 10b 
756 9b 
418404 9b 
4 7852 13b 
34 2857 33 
232 17b 
la76 6b 
IjO 3376 16b 
14 6637 Mft 

5.1 3874 32ft 
J 1426 20ft 

629 17ft 
2S£2x27b 

403 15ft 
1J 27 Sb 
387 7ft 
3644 10b 
162S 15b 
1544 70 
927 17 
1974 11V, 
4.9 1884 Mft 
799 16'i 
154 5b 
1042 18b- 
J 383 12b . 
1874 8'.: 
447 3ft 


13’a +lft 

lift* i, 
16’ » -2 
9 

Mb 

19 + =. 

15b -Ift 
34b + ft 
17'i +1ft 
9b - b 
W +4 
3'.. 

6b— b 
■b * 
i rn 

7b 

34V* — ft 
23ft - 
Fi- 

13‘: 

lift +lft 
19ft +3'i 
B)» —1 
Sft -Mb 
61: +1 ! » ■ 
9 — 

Sft + ft 
11 — b 

4b — b 
19.. +|V, 
7b— '» 
7ft— b 
14 +lb 
2 ft 

6b + b 
22 ft -2 
10b + : 
r* t- % 
Sb + b ; 
1 3b + ft ' 
33 +1 * • 

17ft +lft 
6—4 
15ft - ’« 
30'* - ft 
17b +1. 
20ft +lb 
16b— ft 
Z7b 

14’a + ft 

Sb * •. 
7V* +1 
9 — ft ; 
IS 1 - + '» 
19ft +2'* 
16 — b 
11 -1 
l*b+lb 1 
15VS— b 
Sb + b I 
17b -i 
lib I 
7ft +lft 
3ft + 'A | 


1" *: 
4.! 1“ 41 . 35‘3 
7335 Tift 13b 
7JS V . 7b 
423’ 7ft 18 . 
22 2272 a a). 
3 T3fu 'Sb 
•■A SI7 25 72 : 

21EC ift 4 
1-1K4 3B 29'; 
41 414 23ft 23 
-,Z 2=42 flft S 
cj 1 = 15 7! ft a. 
25= 3 2ft 
sft S': 

1*77 14b )J. 

1125 13-. 12ft 
3 !7a? 3 : 4b 
Tie .. - 

775 15 14 . 

7X »'• 

■J »" :: aft 
la isos :*b :ib 
490! 22 . 21ft 
14 130 Jib JTb 
102 S', 5 : 
3J 5*5 24 77: 

12 2226 Ji J* ft 
2.4 69: ift Bb 
a£3 7ft 6', 
154 Sft 5 
999 15 . 10ft 
2C 323 24 : 2b 

■ "'15 

43: 9 8 b 

12l£s IF. 12 
1^ 4*4 49b J: . 

1072 79 . 2£b 
|j 12 < 3ft 
U 423138'.: 12s i 
JJ J35 J5ft 45 
725 Ift ”, 
5138 4ft 3b 
1016 15ft 13b 
3.1 16 42b 42ft 

10 6697 5V» S’! 

Tts 1- 

294C12': 0b 
SO 168 l“: 16 . 
44£ 5’, 3-; 

3323 4ft 4ft 
519 ;3 „ I'b 
3+>: 1 . 1 - 

2359 12ft IO'b 

T«6 4ft 4 t 
3400 12ft ;i - 
4 722 5ft 4b 
14 13W 15 : 14 . 
1663 19 17ft 
477 i=. 4b 
22S f ; 9-i 

437 3b lb 
J 681 1? 18 


41 +2 t 

T*:«! 

19 * ft 

4T: -1b 
Mft -I 
25 -Ift 
4ft - ft 


S': + ft 
38ft— ft 
3 + ft 

6 - b 

14 - ft 

;:=.— L . 
? -r* 

3 — b 

14b . 

10ft— ft 
f-.-1 
Z* +3b 
72'i -lb 

48-1 

s. - 

i . - b 

47b +1 
Sb — ft 
7ft - ft 
5ft + ft 
14'J - '1 
23b - b 
7-* +1 1 


;33 : -4ft 
<fl - ft 
3' 4 - •: 
3ft 

Mb - ft 
42b + . 
Sft -ft 

i'b Ip, 

10 - b 
16b - b 
flb + ft 
49. + ft 

lift— ft 

11 * — b 

4ft - I 

12 = - : 
5b + " ■ 
T4ft - * 
IBb -lb 

6ft + b 
O'.. — b 


1359 lib 
.7 9G7 19 
229 f 
23#5I 25ft 

126454 8ft 
70 Sb 
J 36 6b 
2791 20b 

jcr is 
S£»3 1C 3 
1105 8b 
i z Mi: :i 
5291 Mb 
55Co 4b 


10b lift + ft 
M IBb +2b 
£b o + ft 
22ft 25 —2b 

6 a 6ft — Ift 
2b 7-4 - ft 
6 6': + ': 
17b 20 -2'* 

24 24b - ft 

9b TC — ft 
6’: 3 +lb 
19b 19 b— ft 
17b Mft —2b 
3ft 4 ♦ ft 


1 TelcM 
I Telxen 
Temco 

Tetni* t 
TndrL. 
Tenrjni 

TerinO) 
Tesdaic 
1 Texor 

Te.tne 

TnerPr 

Tnrir.C & 

TheiM 

TTWWs 

Tnerln 

Tnonee 

TneuT s 

TimeE » 

TmeF.b 

Tiorarv 

Tolu i 

TallSv S 

TrokAu 

TronLa 

Tmsnt 

Tried Sv 

TrIMIc 

TriBCm 

TrusJo 

TBKGai 

TaNVs 

TuckOr 

TwnClr 

TrsorF 


USL1CO 

OTL 

'J'trBCO 

Ullrav 

Ursmn 

Unlit 

yiL'nloll 

UnPInlr 

UnTrSc 

UACorn 

UBAIM 

UBCal 

UnDorn 
UnESS 
UFnGrD 
uFSIFd 
UGrtn 
uPresd 
US Anr 
US Bcb 
US Cao 
US Dwn 
US Enr 
US HI , 
ussmi 

USSur 

usTrv 
US Tr 
USrutn s 
UnTeiev 

UVaBs 

unwFm 

U.ivHir 

UnvHId 

UFSBk 

UreeCr 

U scale 


sales m N ** 

TOCs Hisxt Law Close Ch'w 
8C03 20 17b 18b +1 

.0,e 204g.| 74 T>S + ft 

2§ 3ft ft 3b- b 
tP x* 479 21 19b 20b +1 

1 433.10 b 8b fb 

775 2 lb lb- b 

8+4 lb 1ft 1ft— J? 

^5e 1.9 43: 14ft U'.; 13' I— ft 
331 13b 13V: 13b + V* 
339 lib 10'-: Hb + J* 
3b 9 9 — b 

IJ9 34 660 jf# 34 ft 3S U * ft 
548 lift 10 . HU +» 
1405 10ft 10 10ft + ft 
743* 20V» 17ft Mb + b 
3909 13 13b «ft 

538 Wb fb 9ft- ft 
j 639 1ft Ift I S- b 

50» 14'* lib lift _ 
25i 15 * Mb 15*1 + ft 
216 15'* Mb 14b . , 
U4 6.7 20 IBft 18b 18% + b 

464 3ft 3 3ft + ' = 
4226 II ?b 9b— ft 

155 5ft 5 5 

156 2ft 2b Z-3 

j - 143 29b 28'. J 9 — b 
tW 29 717 34ft 33ft 34b +Ift 
1.126 4.0 M 28": 27 28'.. +1 b 1 

204 Sb 5 Sb + b 
M3 Ift Tft Ift ♦ ft I 
08 J 1375 37 32 35V: +3ft 


Soles In Net 

100s Ht?h Low Close CD’ec 


Ovt’r* 1 


VolldLO 

VQlFSL 

ValNll 

VaILn 

VanOus 

Vanzeti 

VeclrC 

veteBd 

Venire* 

veia 

ViCWlF 

vicora 

viaraS 

VideoCa 

vieoePr 

vtklno 

wl rote*. 

VrtTecti 

Vodavl 

Volt Inf 

Volvo 

vortcc 

Vvauil 


37093 U‘<2 

617S 10 

IJO 18 2034 33b 
.CO* 14 1714 2b 
.40 3 1 3030 13'* 

1120 12ft 
2834 ft 
J75 16b 
3177 4b 
1916 ft 
417 3b 
lie 4 1574 19ft 
737 3 
172 Mft 
,27e 14 7835 12ft 
973 MV* 
555 20 

m Tft 

636 7b 
5991 -20V* 
8811 29ft 
•13r 1J 384x10 
95 7ft 


lift M +1V* 
9 Wi+ b 
31ft 31ft - '* 
3jt* 24b- ft 
l»v, 13 — * 
Mb 15* + 1* 
ft '<b + ** 
ISb 14b +1'-: 
4 4ft 
■4. ft 
3 r.* + '* 

17ft I9ft+Jft 
3b 3 

19ft 19ft— ft 
lift 13ft + ft 
13 M +1 
IBM 19V* + b 
lb TV* + ft 
,Jft 7ft • 
17V* 20 42ft 
24ft 39ft + b 
8b Bft 
6ft 7ft + ft 


.«yl> 

- -1 


4j 241 29 
3795 20'. 
4 A 72 79ft 

815149 7't 
5135 Mb 
M24 9ft 
629 

270 Mb 
45 103 53b 
.4 1614 27ft 
14 393 10b 
4 A 771 24V ; 
7.1 91 lib 

1)3 3b 
1759 9ft 
2594 16b 
955 IBb 

844 10ft 
1349 3ft 

19 2525 34b 
3240 7b 
1066 & 
340 5ft 
5796 39V, 
1J 919 4b 
2480 16b 
8.7 913 14 
0J 1821 46V, 
J 4473 24 
714 17ft 

3.9 679 36! i 
88e M 

7942 Oft 
396 47. 

845 11 
1933 6b 

1.9 249 3b 


Mft + ft 

20 +3 

29 + b 

Tft + ’* 
19b + b 
9'*— ft 
1ft 

19b +lb 
53ft +Z 7 1 
27b 

10 + b 

24V* + ft 

lift + '» 

2 •• — b 

9ft + ft 
14b +3V* 

1 18b + V* 

10 

3% 

25ft— ft 
3b + ft 
Sb 
5b 

38 -Mb- 
s’*— Vi 
Mb— b 
?3ft +■': 
44 + b 

23ft +2 
17b— b 
36V* 

18 «* + V* 
13% +1 
4b- V* 
10 V. +lb 
6 + ft 

3b + ft 


241* 31b 
2* 23 

13ft lift 
20b 19% 
39b 28ft 
13ft 13 
17V* 16 
■ft I 
13b 12V* 
rob 1 Oft 
47ft 44b 
9ft 8 
9b Bb 
7b Sft 
IBft lift 
19b IBb 
211 * 20 
17V, 15ft 
27ft 34ft 
4b 3ft 
9V« 7b 
40ft 37b 
9ft HI* 
13b 18b 
101* 9V* 
?7ft 1ft- 
7ft 6b 
3ft Tft 
24b 19 
6ft 5V* 
19b 17V* 
27ft 23ft 
Bft 8 
29ft 34ft 


23ft +lft- 
24 +1 
!» +1'.* 
20 

29ft + ft 
13ft + ft 
Mft— *4. 
8b- ft 
12ft + ft 
10"*+ ft 
47b + b 
9ft +1U. 
Bb 

7U. +1 
lib +3ft 
18b— b 
20ft + b 
17ft +lb 
25ft + ft 
4 + ft 

Bft- b 
40ft 43 
Bft— ft 
13b +3 
10ft +1 
17*i 4J 
4b— ft 
3b + ft 
22b +S 

4ft + ft 
18 —1 
77ft 43ft 
Bb 4 b 
39V* 43ft 


15239 6ft SV) 5ft— ft 
4155 13ft 12 IT* 41V* 
14847 Mft U 14b +1b 


Y tew Ft 1J0 24 5797 38V, 341* 37ft 41ft 


7529 8 4 7b +lb 

3675 12b 10’.: IT%+b 
7803 10ft B' : 10ft— V* 
lSe 14 52 9 1 : 9V. 9ft + (2 


ZenLDB 

Zentec 

Ziealer a8b 
Ztanur 1J4 

zirei 

Zivad 

Zondvn 34 
2vm« 

Zvlrex 


1035 23 21b 33 +Tb 

2474 5b 4b 4ft + V* 
3.9 234 I Zb lib 13b +1 
19 118 32b 31b 32 + ft 
584 5b 5V, 5b— ft 

8734 8b 4b Bb +lft 

3.1 3100 11b 9 11 +]ft 

1799 2ft Ift Me + ft 

27HS 2 lb 1ft 


Chicago Exchange Options 

For the Week Ending Jan. 25. 1984 


□often 8 price Colls Puts [ Option & price Calls Puts 


Oct ton & price Calls 

Feu May Feb Allay" 


Option 8 mice Calls 


Z74 7b 7b 7b— ft 

417 3ft 3b 3ft + ft 

77 13ft 13 13ft + 
tO 999 21b 30ft II + ft 
46 >957 40ft 40ft «Jft + b 
M 107 44b 44 44b 4 b 
Ml 472 231, 22b 23 + b 
44 7057 10 Bft «* + ft 

IJ 394 J4V: 33 34'* +3 

144 5b 4b 5 


AWXAI 

15 

II 

, 

f , 

K>b 

65 

7.1, 3 

r 

26 

a 

A 

6 

r r 

6Cb 

70 

1-16 1 

r 

26 

75 

lto 

2 

r i 

Humane 

a 

7. Jft 

r 

Amdahl 

10 

6 

4 

r >14 

27ft 

75 

Tto i'-a 

MA 

16 

15 

IV, 

21-16 

7-16 1 

77‘ t 

X 

>16 15-Id 

> 

16 

X 

s 

ft 

i ' 

in Flw 

15 

r r 

1-H 

A E P 

a 

lb 

lb 

1-16 >1t 

2Bto 

30 

>1, 1 

? 

Am Ha, 

75 

r 

« 

r r 

utn.ia 

25 

7 r-. 

r 

JD* 

30 

lie 

2': 

to Ift 

Jl’u 

JO 

2ft 3 . 

M» 

Mb 

» 

>16 

9-16 

r r 

JV, 

IS 

5 l- I 

9 

30 1* 

40 

r 

T 

9 r 

Meatrn 

3C 

a Hr 

r 


AinGro n 3ft r r 

AMP B r r 1-14 

36to 35 Zft 3ft 11-16 

Mft 40 ft 1V» r 

Baxter IB 4b i r 

14ft 15 7-16 lb ft 

Mft 20 r 2-14 r 

BA Dk 20 Aft A r 

76 25 Ift 2b b 

54 I I t 1 

Boeing 45 IP. r r 

« 0 b so toii lift i-i6 

*0ft 55 Sft 7b 5-14 

40ft 60 1H 4 II, 

Mft AS 6 Ift S 

BOK C 40 Zft 3b 5-16 

e* 45 ft 1 : r 

C B 5 70 7ft Ift ' 5-16 

77 75 3ft 5ft Ift 

77 H 15-16 3b ift 

T7 85 b r r 


Motlil 20 7> i 

27ft 25 2': 2ft 

7T-, jo * ft 

7T- 35 '-1» 

Ml IS r Zb 

)6ft 20 Ms b 

1 6ft 25 1-16 r 

N Semi 10711-16 J. 

17ft If 3-lo 11-la 

T2ft 10 1-1 A r 

Niftma 36ft ft r 
35ft 3S 5b r 


ConCIt ISO r r 

I TTfV. 160 5b r 

170V. 170 3b * 

Covina B 1, 3b 

2Zb 25 r 15-15 

C»« 60 r ift 

67 T 65 ft Ift 

62** 72 1-16 r 

CotoOl 25 ft 1ft 

Sft 30 1-16 ft 

Cm* Ed 25 2ft 3b 

ZTb JO l-lt 5-J* 


35ft 75 

35ft 40 

OCCi a 

26b 30 

76b 35 

0«x III 35 

O 40 

42 45 

47 a 


3 I VIA 
l'i r 
Ift 


C 40 2 1-16 3 : 

42 45 b '■ 3- 1* 

47 H 1-16 ft 

Rovthn <S 4ft r 

Mft 45 15-16 3 3-16 

4ift 50 t ll-u 

Rvnlds H Hi r 

Tib 65 r 


7i'„ 70 ift »'i 

74b JS 11-16 2b 

WO»l 25 10 

34b 33 5 

l»b 35 ft 1 

Safewy 25 lb 


3>k— U 
4ft + ft 
3%+ b 
3b- ft 
16'.* + '* 
2ft- ft 
36V* +lb 
49 —Ift 
47b +lb 
26ft +2ft 
31ft +1V* 
71ft + ft 
17ft— ft 
S’*- b 
2b + U 
Mft 

38b +3b 
ISb + ft 
6ft + ft 
5b + ft 
18b +lb 
17V, +1V, 
28ft- i* 

14 + ft 

Mft + b 
351*+ ft 


Clllll 

5 

1-16 

r 

U* 

r 

9ft 

X 

to 

C Data 

a 

IP, 

17ft 

r 

r 

Stoma 

35 

7% 

3ib 

25 

12V. 

r 

r 

tt 

37% 

40 

>16 

lift 

JB 

7b 

1 

1-16 

4ft 

Pit 

4J 


JAft 

X 

2 >16 

4 

MA 

Mft 

jn. 

SB 

|-1, 

36ft 

CorrtCI 

72% 

72% 

Datepl 

40 

64 

70 

75 

IS 

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r 

Jb 

> 

5 

1ft 

0% 

r 

r 

5 

l‘~ 

r 

r 

f 

Ma 

I** 

r 

Tb 

f 

6-16 

Suvlm 

17ft 

17ft 

Snntui 

ID 

15 

70 

10 

7% 

7to 

>16 

Bb 

70% 

20 

IV. 

7-ltt 

=8 

l*s 

18b 

15 

Jto 

70% 

25 

>16 



r 

18to 

X 

r 

Dletrid 

00 

7W 

5ft 

I 1 

r 

51 Ind 

a 

6% 

B0% 

65 

l>16 

r 

r 

r 

56 ft 

S5 

l ? « 

S0% 

to 

116 

1% 

r 

r 

bft 

40 

t. 

Eawras 

20 

r 

r 

r 

y u 

TX*wt 

3) 

'u 

2«'u 

25 

■ ft 

5 

Mft 

>i 

10ft 

75 

Mi 

2»ft 

X 

% 

2'4 

IV. 


UAL 

35 

11% 

F PI NIC 

15 

4'* 

4'- 

r 

r 

47b 

ffl 

r. 

19ft 

20 

to 

IU 

r 

Mn 

471, 

45 

3'i 

IF* 

75 

1-16 

» 

r 

1 

41b 

a 

to 


Cn Off 55 Zlft r r 

76 » 15b r r 

76 65 111* 13w 1-16 

» 70 6ft 9b 7-l» 

w IS 6 5b 5 

76 H 6 3'i 5 

Gen Fd a r r 1-16 

54b JS 15-16 i lb 

54b 40 r V* r 

Harrl, 25 6 7b r 

31 30 2 3ft b 

II 35 Mi Ift r 

Hewtet X « 7 Lit 

35b X 19 16 3ft ft 

35b X ft Ift ift 

35ft 45 I-U 5-16 r 

H im X 12ft r r 

47b « 7b | 1-16 

47b 45215-16 ift ft 

47b 50 ft I 11-16 r 

Hm»ll SO r r r 

Mft 55 5b r ft 


47ft 45 3'i 4ft ft 

47ft 50 ft Tft 2ft 

U Teen 35 4is 1-16 

«H. « lb 3 ft 

41b 45 b 13-14 r 

J Wall X fa 6 r 

J4b 35 Ift 21* ft 

wontCm 15 9ft r r 

24'. X 4ft 4b l-lt 

24b 75 7-16 l'i l'i 

wnims 25 ift t r 

29ft X V* 1ft r 

2*ft 35 r ft r 

Mar Jun Mor Jim 
wasi 45 r r r 

57ft 55 Ift Jft r 

Aoache 10 b r ft 

T0b IS 1-16 J-14 r 

BrVjAy 45 9 9ft 1-16 

53ft SO ift Sft ft 

SJft 55 lb 2V, r 

Bruns 35 13ft r r 

X X Bb Bft r 

30 35 3ft 4ft ft 


Puis Option 8. price Calls 

i""I 7b S « 'ill5.lt 

r r lefen SO r r 

T r F'i IS r. ! 

r -09" i 93 J J : 

-14 f« Cr.cmln 15 r 

> T-i 14ft M 4ft *’« 

-16 - 24ft 25 b I * 

r r cnrvslr a r r 

r - 3J': X 5 6 

>b 34M 351 11-142 11-16 

, 3b 34': <d ft ‘ft 

r 2 C«*o5c 15 1 Ift 

, . lift 31 ft S-lo 

•_ .. * Don 7A 25 4'i r 

^ X 15-16 1»1 -U 
J* 3 ‘ T«b 3S '• =9 

, b FBest U 10b r 

r H 59* 5S 5b 7 

' ' 59-: M 2ft r 

J* 49ft 45 5-. 4VS 

^ 49ft a lb 3ft 1 

* 49ft 45 9-16 1ft 

.' T Gen El 50 13b lift 

» 53b 55 9ft 10* 

“ 1 ' 63b 60 4ft Sb 

/ t3b 65 19-16 3 

. 15-li CMO 40 241- s 

' - T Cl U 21ft 1 

r l 83=1 70 lift r 

r ; 8J r a 75 12 12b 

* B3ft X 7 7b 

1 - r 83', 85 3 5 

r ' G !A 70 14 r 

"} 5 Oft 75 9 10b 

1 r 83ft 80 Jft ift 

* 7 ATft X lb Jft 

r r Gil Wn a ift T 

r r 31'.* X 2 3 

1 3V* 35 ft •* 

r 3 HugtiTI 10 r r 

r ;., 6 M 15 ft I 

. ft 14 X r 3-16 

I . 1.. I T T SS Aft r 

-16 7-lp 31b * 2-* 3ft 

; . ’ 31b 35 ’* lb 

' .. K mart X t 8ft 

38ft X 3ft ift 

y. - . 35ft 60 ft no 

, Litton to ISb r 

: : 71ft as ift 9 

, L 7lft »0 I : Sft 

[ , 71ft 75 lb Zb 

71ft K 5-16 r 

' i Lnm IX 77 r 

r r 117 III 16 M 

r r ip ix lib 12 

'■ 15-16 127 IX 6'* IBft 

16 7 * MarxK 10 1 15-16 Zft 

4 r II’. 15 !i 7-16 

ft J . Me Don 50 9 *ft 

r r 58ft 55 4ft r 

16 fflft 60 l'i Ift 

Id b McOno 46ft 17b , 

ft Ift sr» St 4b % 

** ' AM SU 10 I** r 

14 ft 13ft IS ft J-14 

ft “9 N C R X 9 r 

7 r 29b X 4ft 5 

, r ' »■« X 13-16 2ft 

ft ' f4qrS0 60 Sb 6 

' ,f 65ft 45 r 3 

1 NorTei X r Bb 

; »s s a s 

, I Xft 40 1 2ft 

' \ Xft 45 ft 1 

NalM 4 r 5 

, ^ Sift 65 t r 

r r Sift SO 3ft r 

ft r Sift 8 14-14 r 

r r 51ft 60 >14 r 

16 7-16 Porodv IS 2ft 3 

* r Mft » J-14 b 

r 3ft R C A X 4** » 

r r 38ft 48 11-14 Sb 

r r 30ft 45 ft ft 

n r RalPur X SV* r 


7-16 ft 

1ft 1ft 


1-14 ft 
5-16 lb 
13-16 Ift 
Sft r 


»-1J r 

7ft 3'* 

1-16 9-16 

b lb 

1 1-16 Tft 

3ft 5 


35ft X Ift 3ft 
35ft X >14 r 
Revian X 4ft 5b 
jr, 35 'ft 7ft 
14'-: 40 >16 11-14 

34V* 45 1 16 t 

Sean X 10 Sft 
35ft X Sft Sft 

15ft X 1ft 2'* 

35ft *0 >16 9-16 

5* Air X 4 41* 

23b a ft 2 

Ernie* 49 12b 13ft 

ST. 45 B Bb 
Sb SO 4 5ft 

! Sb S 1 >16 7b 

Tetom SS 9 r 
I 64 60 5 t 

\ 44 65 1ft 4 

I 64 x b * 

Tono ZJft r r 
X 1 * 26ft 4ft r 

30ft U 1 3 

30ft 33ft ft Ift 

ST': 36ft t 13-16 

lor* X Sft r 
. a-. X 2ft 3b 

X"; X b lb 

Viacom X O’* Bft 
38V* X 3b S 

Mft X lb 2 

! WplMrt X IH, lift 


>a ft 

1 Me lb I 


ift lb] 
3ft 3b 


ft rl 

1ft ift I 


44ft 40 1 8ft 

46H 41 3ft <b 

44ft X ft 7b 

Aar Jul Apr 
Alcoa 30 9ft r 

17H X 5 5b 

J»ft J9 fb ?ft 

AT&T IS 7 7 

21ft X Zft 2ft 

lift 75 >14 9-16 

aii R X 5 r 

44ft tS 1ft 2 >16 

44ft X >16 V* 

Avan XI 13-16 2V, 

lift 75 >16 7-16 

21ft X 1-M r 

BanAArn 15 4 4'A 

19ft X 9-14 ft 

IF* 35 1-16 >16 


Avan 21 

lift B 
Ztft X 
BankAm 15 
19V* a 
IF* 25 


>16 ft 

1 7-1, 2ft 

4b r 

Jul 

r r 

ft r 

J'i 2b 

r r 

>16 ft 

3ft 3ft 

7-16 r 

1ft Ift 


V* b[ 
19-16 Ift 


Bein S IS 5 5b 7-16 r 

19ft X 1 >16 I* 1ft 1ft 

I9*i B >16 % r 6 

Burl NX r r 1-16 r 
Sift SO 5ft 7ft 9-14 Ift 

54ft SS Tft 4 7b r 

Sift 60 1>I6 Ift 41, r 

Chin. XX, r b r 

77ft X Ift 2 r r 

27ft X ft 1 r 6 

CIGNA X 7b r S-U r 

44b X 7b 3to 1 >14 r 

46b 90 Vi r r t 

OllcD X 171 r r r 

43b X Bft r b r 

43ft X 4ft 5ft ft Ift 

43b X IV) 2ft 5b r 

Cuiitn 22ft 6 r ft r 

7F> 77ft Sft r VA r 

Bft X Bft r r r 


Xft 75 4ft 4ft 

Xft X 2ft 3U. 

Milo M 10 r 

44ft X 5V. 6ft 

44ft X Zft 3b 

44ft SB 1>I4 Ift 

Eas K« X r r 

▼3ft X Sft 6ft 

73ft 75 75-16 3ft 

73ft OH ft I 11-16 


» 1ft 
3ft 4 

f 

ft 1U 

7b 3b 
r r 
>16 b 
1 1 !>1» 
3ft r 


X ft 1ft 2 

75 3b ift r 

X b Ift r r 

35 « r ft r 

X 1>to IH 27-14 r 
X r ft r r 

i * Ift r r r 

1 70 2ft 3ft I 2 

75 9-16 lb 4b 4Vl 

X ft ft r t 

100 34b 6 1-16 5 

110 34ft X ft ft 

IX X TTft ft lb 

IX 7ft im.ZU-M 4ft 

IX 7ft 5 8ft 9b 

X r r 'i r 

X 2 r 17-16 r 

X 1 I r r 

X r r ft ft 

» 4b r ft |b 

X 3b 4ft 21-14 Jb 

X lb 3ft r r 

X 7ft r r >16 

35 JIA 3ft ft I 

X b Ift r 31, 

IX t t r ft 

X 1 1ft r 2b 

35 >16 ft 1 r 

X lb 7 3 ft r 

X >M r 6b r 

90 51* 7V, Ift 2ft 

95 Zft 4b r r 

100 I 2b r r 

X 1b r r r 

I « Sft 6b 7 lb 

X 2b 3ft 3‘u r 

90 11-16 1ft r r 

I X 5 5b b r 

45 II* 3b lb r 

X >16 1ft r r 

X S’. Sft !>I4 1 

X 3 3ft 2rt Jft 

50 ft r r r 

X 10 r 2-14 r 

X 5V: 4*» 11-16 lb 

s » n 1* n 

X- b S * 1 

X ift r «A r 

X JV* 41* 1 >16 lb 

X ft Ift r r 

» it r r r 

X 4ft 4b >16 ft 

X l >16 2 Zft Tft 

M >16 r r r 

75 3 2ft ft r 

X 7-16 b r 1 

X ft r r r 

25 TTft r 1-14 b 

X 7b Bft ft b 

X 3ft 5 1ft 2 >16 

50 lb Ift 4'. 5 

a Sft r ft b 

55 2 3 11* r 

5 k 1-16 2 2 

10 1-16 >16 r r 

220 r r U-iS r 

238 37b r ift r 

340 » 351* 3b 5b 

.250 31ft X 5 9 

260 15b r 8b 13ft 

770 10 15b 14ft r 

280 ift lift r r 

290 4vt 6b r r 

380 2'* s r ' » 

310 Ift ~ * r S 

110 r 74ft 1 2 

IX 14 r Zft 4ft 

IX 7 9b 5ft 7ft 

IX Zft 5ft 12 » 

ISO I , I s 

SS r r r b 


>U ft 

Tft Tti 


7b Bft ft 

3ft 5 1ft 

lb X, 4b 

ift r ft 

2 3 11* 

b 7-16 2 


r 2ft 
Me r 
ft 1>16 



25 

5b 




73ft 

60 

r 

r 

r 

to 

30% 


19-16 




73V: 

65 

9ft 

ii% 

V: 

lb 

38% 

X 

to 

% 



73ft 

70 

6 

8 

1% 

r 







73V, 

75 

2% 

5 

r 

r 

a 

Euan 

X 

a 

r 

ftH 

ft 

r 

r 

Wevvrh 

37b 

X 

9 14 

11-16 

r 

r 

p 

46 

« 

2 

Zft 


whmtoe 

10 

7ft 

r 

T 

r 

46 

a 

>16 

11-14 

4b 



15 

3% 

4 

ft 

% 

-udExn 

X 

4 

5U 



17% 

20 

to 

7-14 

J 

r 

37% 

X 

ito 

2b 

3ft 


Xenix 

a 

Uft 

s 

r 

s 

n% 

40 

>16 





2S 

Bft 

r 

r 








43% 

40 

Jb 

M'lm 

i-it 


n% 

Si 

1-16 

ft 

r 


43% 


1 




totCTii 

X 

4% 

r 

to 

r 




45AB12 

Fluor 

15 

Jb 

3to 

r 

Vi 

2 

to 

Opm Uiteretl 4012235 
r— #601 traded.! — Hone ottered, o— Old. 


Over-lhe-Counler 


Soles In Net 

ISOs High Low Last Ch'pe 


J7o 1.9 
1-32 52 


M 2.1 

loot to 


36 3 3 

At 7b 7 

90 14 13V* 

1107 3ftl JV* 
245 2ft JVj 
3206 12ft 10V* 
943 9ft 6U 
II 8U 8b 
15 Oft 6ft 
232 4U 31b 

240 25b 24b 

132 7ft 7 
13ft 12ft 
115 Tft 2 
X 2ft 2 
3950 X V 
457 22 nv* 
113 34b 32ft 
412 18 14ft 
320 6 4 

77 7b ZU 
1750 19ft 17% 
474 Sft 5V4 

118 80b 21b 
1545 3ft 106 
841 Zft 2M 
54 20ft 19 
IHMlOft 9ft 

24 4b 4b 

6 4ft ift 
HI 9ft 9 
441 U> 

424 V, ft 
200 Oft 4 
57X5 lift 
44 37V. 36 
m oft 
49 6ft 4ft 
237 3ft 3 
22 » 53 

4» 9ft Bft 
4 50 a 
172 2ft 2ft 
357 12 10b 

32 10 9b 

3 Tft 7ft 
955 Sft Sft 
493 lift 11 

17 4ft 3ft 
47 23ft 23 
144 Oft Oft 
75 76 75 

4 151* 15ft 

73 3ft 3ft 

74 23ft 23 
3485 16ft 13 

176 1ft 3ft 

21 

Bft 8ft 
in ix* 
407 10ft H 
IX 15ft IS 
749 160* 15ft 
1 7 601 

85 8 TV* 
8497 9b Bb 

a S5 ft s 

194 3ft 3ft 
72 21 20b 

999 ft 

118 3ft 2b 
17B lift 10 
200 3ft 3 
717 Bft Bft 
41 5ft 5 
62 ift ift 
12X31*6 18b 
DO 8 7ft 
157 5ft Sft 
47 61* 6 

230 14 11b 

405 2b Zft 
198 3b 3ft 
1234 Oft Oft 

1550 11 IBft 

1557 Ift 7ft 
32 3ft 3ft 
34 5ft S 
24515b Mft 
162 1ft lb 
10 lift lift 

32a a 
6 43 a 
949 5ft 4ft 


3 

7 

13ft— ft 
3b + ft 
2ft 

nni+2 

Jft+Jft 

Bft 

6ft— V. 
Sft— 0b 
34b— ft 
7ft + ft 
12ft 

2 —ft 
2 —Ob 
06 — ft 
23+1 * 
X —ft 
17b +1*6 

2b + ft 

18ft + ft 

5ft + ft 

Tft 

2V, + ft 
Zft— ft 

4b 

4ft— Ob' 
9ft + ft 

ft— 

ft— ft 
6ft + b , 
Mb — ft 
37 + ft 

7b + ft 
4b+ b 
3b + b 

^b + 04 

^ft+ft 

13 +106 

10 + b 

7b 

5b— ft 
lib + b 
3b- b 
33b— b 
6b 

at +t 

15V, 

3b— b 
23V*+ ft 
Mft +lft 
Sft 

2Sb + ft 
Bft+ft 
■ft + ft 
12ft + ft 
10ft + ft 
15b— ft 
15b + I* 
6b— b 
Tft— ft 
> 9b 

ft * 

1 Jft+ U 

21 + It 

1 ft— 

3ft— ft 

■ft 

5 — b 
41* 

21b 42ft 

8 A b 
Bft 

Oft + ft 
13ft +Ift 
206+ V6 
3b + ft 
Oft 

10ft— ft 

Sb-* 

J +S 

lb 

lift + b 

a 

n 

5ft +1 

a +ift 

5ft 

7ft 

1 10 +!ft 


I Sales in NX 

100 * hiph Low Lost Di'se 
AatrSy un 13 13 13 

AtlcoFn 73 5 5 5 

AHGSLI Z53 8-6 8SB 30b 29b 29b— Ift 

AtlPrrn JO* A IS Tft 8 + b 

AudVId 962 16 13ft 15b +1b 

Ault 116 Jft 3b 3ft + to 

Autadv .16 U 66 10ft in'- Wb 


AutAAed 

Autamta 

AutoCp 

Avalon 

Avalnpf 


449 41* 4 4 — ft 

19 2ft 2b 20* ♦ ft 1 

224 Sft ift 5 + ft | 

33 Sft Sft 51* 

20 Sft 5ft SV* , 


1-40 12 

J8o 10 


Bacardi USo 4A 1S2 23 21 22 

SakrFn TJXto U 541 3R6 34ft 3SV* +1 
BaldLv 81 17 9 46 X 44 +1 

aaffsft 450 75ft Mt* lift + ft 

BacOpf Ul M 3141 60 61 +19,1 

Bn Pone ZZ4 17 26 39 35V. 39 +4 

BanooP 2JD 5A 12B 39 34b X 44b | 

Beam pr Z5B iob n zsu 33 m + ft 

BnTxcv L46 KL4 49 M 13ft 1306 , 

BV.Delw 288 5.1 137 56ft 54 Sift + ft 

BkGran -32 18 17 18 17ft 18 + ft 

BkLeu 15ft 15ft 15ft 

BMMOnS M M XX 36 36 

BKNHm 1.12 17 XXX 
BkSOU Mb 32 264 23ft 23U 23ft + V. 
Bdfcoasl UB U 233 32 X 32 +2 1 

BnkFst 157 IBb 10ft icb + ft 

Bkrtttc 182 2ft Sft 2b 

BTrSC s 180 38 XI X Xft 32 + ft 

BknttiG 800 48 5 15 13 15 +2 I 

Bklawa 184 17 10Z Xft 41ft 43V* +| 1 

BkJWAmaUO 118 X X 21 

BartlCr 842 7 5 S — b 

Barden 18 u 3 30 M 30 

Bonis 1386 10ft 9ft 10ft +1 

BsTnB 9ft 9ft 9ft . 

Bos ESC 1172 T ft 1 +fc 

BsRInl I 777 ft b + 

2 0 *? 1 _ . 3b + * 

Bank Na 85a 48 X 10ft 10 W — ft 
EteyPac 600 5ft 4ft Sb + to 

BayFdl -IX 38 18 4 4 4 

Beamn i 302 15ft Mft 15** -H 

Beedvn -lie 13 145 «b 4ft 4b +ft 

Beater 88 4 A 34 15ft is 15ft + ft 

BallPtr 117 Zft 2ft 2ft— b 

BMwet I 189 2b 2b 2b + ft 

BerUmun 12 JH* 34ft 3»ft +5ft 

Berthne 80 A7 89 lob 10b IBb + ft 

EtortOa 280 98 32 201* X 20V* + 1* 

Bor* Ha 93X 3BS JX +35 

Hl«l 289 2FU IB 19 —146 

BJnaKg 453 4ft 3ft 4ft + ft 

BtaMM 417 4ft 3b 4ft + ft 

BJMed un 84 5ft Sb 5ft + b 

BlaTcC 257 Sft Zft 2ft— ft 

Blral pf UB I3J 147 1»6 13 13ft + ft 
EUnfvw 9885 A » A+6 

Blrtcfir 348 Sft 4b 5ft— ft 

Blteo 80 38 284 lib lift lib + ft 

mcahi* 72 Ab Ab Ab 

BlackO 188 U A4 301* x X 

Btomfld 353 3b 3ft 3b + b 

BJuftUP U 443 T9 14b 17b— Ift 

BIRdOUn 34 12ft 13b 12V* ,+ U 

Bluwn 10 3rL 3_ 3 — ft 

Btyvoor 8Se 108 1012 (ft 7% 7%— b 

Bohema 80b U 356 Uft 12b I Zft + ft 
BoMiB 928 7b 7ft 7b + ft 

Boor El I m 4ft 6ft Aft 

SaafliFs JO IJ 111 22ft 22ft 27ft 
ftovmtr 850 12 145 Z% Zft Zft + ft 
BradyW ,l0e J 170 3Tb 30b 31b +1 
Brairna 85e 90 3ft 3b 3b 

Brant f 947 l«* tft IM— ft 

Brortitor t« 7 7 7 

Brum B 83 58 2 12ft 12ft 12ft 

BrttLea F140O lift Vb lift 

BroodF ill* J 540 4ft 4ft 4ft + ft 

BTOkHII 860 6J 684 8ft Bft Bft+% 

BrohrM S3B 1% W, 9ft— ft 

BrwnRb 111 10b 9ft H7b+ ft 

Bruce Rb 85 7.1 74 6ft Ab Mh + ft 

BXcoyP 179 9b 9b 9b 

Bwtteto 327m IOS Z73 33ft 38b 314-18 
Burmh -14a SJ 90 2 3& 9ft- 

Burnpfl X34 Bb 7ft Bft + ft 

SSS ^3^^^ 

BwrtrJ Mb A 330 75b 15 ISb— ft 
BvrtrfU 126 J Ift 2 + ft 

BverCs 1 0 TV, 9b 2b— b 


CCB 1 88 U 35 77 XV* 27+12 

CCNB .990 38 1 24ft »ft 24 S* 

CO( Nt 163 14b 1446 14b 


Sates In Not 

100S High Low Last Ch’Be 
5X13 12ft 17ft 
340 2ft ft 2ft+lft 

87* 7.1 9ft Oft Oft 

JS IJ 70 17b 16b 17b + V* 
42 5b 5b 5ft 

188 to X 18 18 18 

-80a 38 5 25 25 25 

288 7 J 79 33 32ft 23 

3778 8 726 16ft 16 16 — ft 

•Ma 18 IX 7b 7 7b + ft 
I 53 4 4 4 

■He A 3604 28 Xft 26V,— Ift 

IX 9 8b Bb + b 

UBa 43 4X0 . 29ft X + ft 

JSe 53 ■ 4b 4b 4b 

II 7b 7b 7b 

X 3b 3b 3b 

348 4 5 5 — b 

180 33 68 43ft 43 43ft + ft 
J8e 38 I 18 9M 10 + Hi 

116Mb 13ft lib+ib 
3212 8b 7ft 7ft— b 

Mb U 119 IBb 17ft 17ft— ft 
1-10 45 790 X 22V* 22ft— 1ft 

X 9b 9b 9b 

363 61* Sft 41* + ft 

*1 ft ft 9* 

JOe 28 322 MR. 10b K7b + ft 
.12 18 473 9 7ft Sft +1 

-84b 38 M Sft 23ft 23ft 

„ XX 1ft 1ft 1ft + ft 

-im * 3S ii iob ii + to 

T IB 16 15ft 15b— ft 

212 1ft 1ft 1ft— ft 

„ 214 ft ft V* 

I JO IU a KM lot* 10b + ft 
228 8b 7ft Bb+lb 

X 7 7 7 

1-02 38 249 30b 29ft Xb +lft 

384 Bb 8 0b + b 
„ 82 10ft IBb 10V* + b 

80a 42 46 19b 19to 19b 

-Wr 3.1 S3 5 4ft ift— ft 

444 b ft b +ft 

2277 395 2b 39* +7b 

305 Bb 51* Bb +2b 

IX 6b ift 4b + b 

... 1064 9V* Bb 9 — b 

UO 48 44 34b 23ft 23ft— V 

4 4b 4b 4b 

1379 16b Mb 14 +lft 
, „ 485 Sft 5 5ft + b 

180 S3 79 18b IBb ISb + ft 
-Dir 3488 13V* 13 ljft + ft ! 

184 IOS 1 71 13ft Uft 13b + b 

UO 17 IX Xb X 32% + % 

40 2b » 2b 

■48b 2J IS 17ft 17ft 17ft 
JB) 58 2 7 4b 4b— b 

I 4 10ft 10ft 10ft 

2J0 81 SI 7 27b Mb 27b + b 

2.10 98 637 22ft Xft 22b + U 

26 3.1 37 30ft 30ft 30ft 

IX 7ft 7b 7ft + b 

21 5b Sft 5b + b 

^ la 2b 2ft 2ft— to 

J8 28 1B3S 101* 9b 10ft + ft 

AS 5b Sb 5b 

X Zb 2V» 21*— b 

J0e XI 24A 4b Ab 4**— b 

833 Mb 13ft Mb + to 
223 3ft 3b JV, + ft 
S69 17 Mft 14b + b 
Jg* *2 IX 13 13b 12b 

.-8 * * 27ft a + m, 

IJ* 9.4 974 16b 16 Mb 
UO 11J 40 14 15ft 16 +1* 

253 7b 4b 7b + ft 
. „ 380 9V* Bb 9ft + to 

180 U 15 33ft 32 ft 33ft +1 
82 J 274 IBft 1 0b 10to 
_ XI 5 4b 5 + b 

Ar <5 io ii w ii +i 

17 Mft M T4ft + ft 
280 61 2164M «6 « + to 
1.92 26 314 77 74 73 —2 

SIX 5% 5% 

1280 9 0ft 9 +ft 
JO 38 23b 23b 23b 

-M IJ lUdM 381* 3Bft 

-AB* 5.9 24 lift 10b lift + ft 

„ 110 Mb 13** 14*6 + ft 

80 SS 230 W* an lQto +2 

354 ift 5to 6 + b 

1379 41* 4 41* + ft 

199 ift 6 ift + ft 
34B 10H 91* 10ft +1 

III? 12ft 9b 12ft +3 

116 Aft 4b 4b 

9*6 Oft 9 + ft 

279 vb aft aft- v* 

-Ole T7 17b Mft Mft— tb 

300- 616 5b 6 + b 
427 Bft Bft Bft + ft 
t 2301 9ft 7b Oft +1b 

100 7ft 6ft Tft +1 
8 3V* 31* 3ft 

_ a ii ii ii 

81 n a 7% Tb ?b 

1.44 9J 100 Mb Mft Mb + % 


Sotos In Net 

l QOS High Low Lost OiW 
ConTom AOe 1 2 X 35 X X 

Con Wilt s 180 78 40 X Mb 30 + ft 

CtIFSL a 12V* 12b 12V* + b 

CtlHItUn 44 23V* 21 a +2 

Corns (I 42 50 1b ft Tb + ft 

Contlm .12 J 652 X 33 38 45 

CortvFd J6e 58 Z72 7b 6b 7ft +1 
Conwod j6 € JJJ 57 Xft 70 Mft— lb 

GoakDT 62 3** 3ft Ift 

Cares pi 3JR 12J HB X 24ft 35 + ft 

CotnSLI 85e 28 17 17 14ft 17 + ft 

Courar * JO 25 425 17b lift ivb +]b 

CourDls ' IX 5 4b 5 + b 

CousnH 780 7ft Aft 4ft + ft 

COUSPS J2 IJ 700 lBV* 16% IBb +TK 
Covnot 1048 1ft ft lfc+ft 

CrrxJTr £6 4A 151 12% 12 IZUi + b 

CrfTHou 73 2b 3ft 3b 

Crvrfdc JI IS U Xb 20b 2M6 
CrazEd 4248 17b 14b I4ft +2b 

CnAut * 701 Sft 4 5% -Hto 

CnwnA 80 BJ 31 6 6 6 

Otelnd 541 3 2ft Zft + ft 

Culp 80 .9 448 Bft 7% 8b +)V* 

Cumo 3940 1ft Ift Ift+ft 

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CutCO .14 48 79 31* JV* JV* 

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7.1 12b 

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17 A3 27 

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(Continued on Page 13) 


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913 n 10 13 « 


Delors to Discuss Economy With Unions, Business 

By Steven J. Dry den public investment to create jobs, fertilizers that have destroyed the among investors there for ECU 

international Herald Tribune reduction in working time and gov- crops they were meant to help and bonds, bank officials said. 


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754 758 

750 7.42 

751 757 

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758 754 

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Pakistan Prices Rise in Year 

ftrttfro 

KARACHI. Pakistan — Con- 
sumer prices fell 0.4 percent in No- 
vember from October hui were 
percent above the vear-eariier level, 
the country's federal bureau of sta- 
listics sjid Fndav. 


BRUSSELS — Jacques Delors, 
president of the European Com- 
mission. will meet union and busi- 
ness representatives this week in an 
attempt to identify common posi- 
tions on what can be done to com- 
bat the community's economic 
problems. 

The two groups are the Industri- 
al Association of the European 
Community, which represents 
business and is known by its 
French acronym, UNICE and the 
European Trade Union Confedera- 
tion. which represents unions and 
is known as CES. Both groups gave 
Mr. Ddors their economic propos- 
als in separate meetings earlier this 
month. 

At the initiative of Mr. Ddors, 
representatives of the two groups 
will meet Thursday in Brussels with 
him. Peter Sutherland, the commis- 
sioner for competition policy and 
social affairs; Kari-Heinz Narjes, 
the industry commissioner, and 
Alois Pfeiffer, the commissioner 
for employment and economic af- 
fairs. 

One aide to Mr. Ddors said the 
meeting was a “risk," given the dis- 
agreements between the two groups 
on such questions as the extent of 


public investment to create jobs, 
reduction in working time and gov- 
ernment regulation of business. 

But Mr. Delors believes the 
meeting is necessary to demon- 
strate the community's desire to 
work with business and labor in 
revitalizing the European econo- 
my, the aide said. 

Plan Aims to Bar Import 

Of Counterfeit Goods 

The commission has drawn up a 
proposal to help community manu- 
facturers halt the growing interna- 
tional trade in counterfeit goods. 

The proposal, which would ap- 
ply only to products from non- 
-comm unity nations, would allow 
holders of trademarks to ask cus- 
toms authorities to bold goods sus- 
pected of being counterfeit at com- 
munity borders for 10 days. 

If during this time the goods 

were discovered to be counterfeit 
they would be “confiscated and 
disposed at," a commission state- 
ment said. 

The c ommissi on said the grow- 
ing trade in counterfeit products, 
besides hurting the sales of genuine 
manufacturers, has also been found 
to hurt buyers. 

“Examples have been found of 


fertilizers that have destroyed the 
crops they were meant to hdp and 
helicopter pans that failed in use," 
the statement said. 

The proposal has been sent to 
the Council of Ministers for con- 
sideration by unde ofidals. 

Bank Says Popularity 
Of ECU Is Increasing 

More evidence of the increasing 
popularity of the European Cur- 
rency Unit was revealed last week 
when officials of the European In- 
vestment Bank discussed its 1984 
activities at a news conference in 
Brussels. 

The European Investment Bank, 
which is the community's bank for 
long-term finance, raised 550 mil- 
lion ECUs(S385 million) in 1984 to 
support lendingactiviiies, up from 
230 million ECUs in 1984, they 
said. 

“There is definitely a large de- 
mand for ECUs in many coun- 
tries," said Emst-Gunther Broder. 
president of the bank. 

On Jan. 24, the bank issued a 
loan of 200 million ECUs on the 
French capital market. It was the 
first such issue on the French mar- 
ket and reflected a strong interest 


among investors there for ECU 
bonds, bank officials said. 

W. German Couriers Get 
CompetitimOuaranlees 

The commission reached an 
agreement with West German post- 
al and telecommunications au- 
thorities earlier this month ensur- 
ing that private-courier companies 
will be allowed io compete freely 
on the express-mail market. 

In its announcement of the 
agreement, the commission warned 
other members that an extension of 
their postal and telecommunica- 
tions monopolies could violate the 
community's rules on competition. 

Authorities of the West German 
Bundespost had previously regard- 
ed their postal monopoly as ex- 
tending to all Bundespost sendees, 
raising fears that the activities of 
private-courier services would be 
suppressed as the government de- 
veloped its own express-delivery 
service, the commission said. 

Curtailment of die activities of 
the private companies “would have 
a particularly adverse effect" be- 
cause the companies are “extreme- 
ly important for the growth and 
integration of the European econo- 
my.” a commission statement said 


Company Earnings 

Revenue and profits, in millions, are In local currencies 
unless otherwise indicated 


■23e 

16 


14*0 

14 

14%+ % 

1 


116 

18% 

18 

18% + % 



927 

6% 

6 

6% 



157 

20% 

17*0 

19% +1*4 

JO 

27 

M 

29% 

29% 

2te0— % 

-10c 

16 

13 

7 

6% 

7 + % 

60 

35 

415 

10V. 

9 

10% +1% 

64 

U 

6 

14*4 

14% 

1490+ % 

J6 

6 

22S 

14% 

13*0 

14% + % 

1 JO 

15L7 

20 

790 

7% 

7*0+ % 

JO 

25 

0 

12% 

12 

12 — % 

JO 

4J 

14 

11 

11 

11 



60 

21% 

20% 

21% + *4 

-75+ 

116 

311 


0% 

6%— % 

1JB 

1T6 

310 

9% 

9% 

9% 

JO 

96 

SI 

8% 

1% 

8% 



122 

7% 

090 

7% + 90 

JO 

45 

84 

17% 

17 

17% + % 


40902 

14*0 

12% 

14% 



19 

2% 

3% 

3% 

264C 

73 

469 

35% 

33% 

3390—1*0 

3-330 

113 

226 

28*4 

2090 

27 —1*0 



373 

8*0 

8% 

8% 

.life 

21 

50 

4*0 

490 

490 

34 

26 

B5 

13% 

1290 

13%+ % 

JO 

20 

40 

ID 

9% 

10 + % 



64 

19 

18% 

1890+ % 



249 

4 

4 

4 



4 

10 

10 

TO 

138 

27 

22 

« 

48 

48 



273 

182 

r* 

2% 

2% 

2%— h 

3 +% 

60 

45 

7 

8% 

8% 

8% 



1908 

■% 

0% 

8% +2% 

1.10 

3J 

61 

33% 

32 

33% +1% 

58 

25 

9 

33% 

32% 

31% +T 

-56 

56 

3 

10% 

10% 

10% 

1 


189 

7*0 

7% 

7% 

200 

43 

273*17% 

40% 

47% +1 



231 

4% 

4 

4% + 10 



177 

4 

4 

4 




4% 

4% 

4%— % 

164b 

53 

21 

16 

20 

20 

30 

23 

129 

8*0 

890 

8*4 + 90 

38 

36 

239 

11 

10% 

11 +** 


3052 

10% 

8% 

10 +1% 


United States 

KeBogg 

ReSvSm^L. mS sssj 

Mel Inc. 4SJ <35 

Per Share 056 055 

Year 19M 1903 

Revenue 2 MO. 2580, 

Net Inc. — 2500 2427 

Per Shore 355 3.17 

WB4 rear not share results 
tndude ettorve at 6 cents a 
share. 

N. EngL Bee Sys 

4th Clear. 1904 19t7 

Revenue 3545 356.2 

Net Inc. 37.17 3057 

Per Share 154 152 

Year 1M4 1983 

Revenue 1590. 1570. 

Net Inc 1515 13252 

Per Share 054 553 

7984 Quarter net Includes 
cnane ol *S mutton. 

Penn. Pwr Light 

4tb Quar. 1904 1983 

Revenue 3825 387 2 

Net Inc. 545 55J3 

Per Share 074 050 

Year 1984 1983 

Revenue 1.560. IJSO. 

Net inc. 22+74 210.17 

Per Share 3.12 354 

Nets after p re f erred divi- 
dends. 

Pfizer 

4th Quar. 1984 1983 

Revenue 9665 9729 

14el Inc. 129J 1195 

Per Share—. 078 072 

Year 1984 I9t3 

Revenue 3550 1750. 

Net Inc. 507.9 447.1 

Per Share— 358 273 

PPG bid. 

m Quar. 1964 1983 

Revenue 1570. 963J 

Net Inc. 65.7 67.9 

Par Share 094 098 

Yea- 1984 1988 

Revenue *5*0. 3580. 

Net Inc 3875 232S 

Per Share 4J3 U* 

1 904 Quarter net Includes 
eftarve of SK7 million. 

Procter & Gamble 

M Qua. 1965 1984 

Revenue 13M. 1140 

Net Inc 1375 7M5 

Per Share 051 159 

Id Half 1985 1984 

Revenue isso 0510 

tie! Inc 3605 4875 

Pa Shore — 2.15 253 


Quaker Oats 

2nd Qua. IMS 1*84 

Revenue B99J *527 

Net Inc 31 J 345 

Pa Share — 075 054 

lit Half 198S 1981 

Revenue ijto. 1516. 

Not Inc 575 625 

Pa Share — 1J6 153 

1881 results a dtu sted tar 2 - 
tor-t spill In Nov. Per share 
results after preferred dlvi- 
dends. 

Rkfanrdson-Vkks 

2nd Qua. MBS 1984 

Revenue 3215 33SJ 

Net inc 145 13J 

Pa Shore — 051 054 

lit Half 1981 1184 

Revenue 6626 6907 

Net Inc 482 435 

Pa Shore — 250 177 


Yea 1184 1983 

Revenue 8765 7915 

Ona Net 227 212 

Opa Share— 056 258 

a: less, nts nett exclude 
charge al SSI A mUhon. 


4th Qua. 1984 198) 

Revenue 0495 7405 

Ocer Net — . 726 43.18 

Opa Sure a.18 157 

Yea 1904 1903 

Revenue 2530 2730 

Ova Net 1735 zmo 

Opa Share— 4J0 5.19 

1983 Quarter net exclude 
lass of million and oaM of 
<WB4I09 from discontinued 
operations. 

Sthwestem Bed 


Manila’s Stock Market Is Hurt 
By Economic, Political Woes 


Rochester Gas Bee 


ethQaor. 1984 1981 

Revenue 1917 2015 

Net Inc 225 165 

Pa Shore 858 058 

Yea 1904 1901 

Revenue 78X9 756.1 

Net Inc 1016 862 

Pa Share 354 123 

Rockwell Int'j 

1st Qua. 1985 1984 

Revenue 2360. 2530 

Net Inc 1405 91.9 

Pa Share 094 O 59 

Searie (G.D.) 

Oik Quar. 1984 1981 


Revenue — 
Net Inc — 
Pa Share. 
Yea 

Revenue — 
Nel Inc _ 


3343 2845 

533 435 

150 088 

1984 1983 

1550 94+5 

1615 1195 


Pa Share 334 354 

HOB rear nel Includes gain 
o!39.9 minion from tSsantin- 
ued operations. 

Shall oa 

4th Qua. 1984 1981 

Revenue 5300. 5200 

Net inc 5815 5495 

Pa Share— 158 ■ 1.71 
Yea 1984 1913 

Revenue _ 20900. 19500 

Net Inc 1772 1631 

Per Share 5.73 S28 

Smith (A.O.) 

4th Qua. 1184 1983 

Revenue — 2025 2025 

OPa Net — (a)OlS 102 
Opa Share- — 179 


4ttlQoar. 1984 1983 

Revenue 1.900 — 

Net Inc 2235 — 

Pa Share 225 — 

Year 1984 T983 

Revenue 7200 — 

Net Inc Mil — 

Pa Sitae 954 — 

No comparisons available 
os company nm formed Jon. 
1.1984. from dtvesfUureoi AT 
AT. 

Sqiws D 

4th Quar. 1184 1983 

Revenue 3225 301.9 

Net inc - 182 175 

Per Share 054 063 

Yea 1984 1963 

Revenue 13W. 1.140 

Net Inc 106.1 +29 

Pa Shore 371 222 


Trans— w ri ca 

410 Qua. 1934 1933 

Revenue 1600 1,140 

Net inc 507 401 

Pa Share— 077 862 

Yea 1984 1963 

Revenue 5600 4700 

Net Inc 1715 1993 

Pa Share— 254 111 

1984 per share results In- 
etude gain ol 38 cents from 
safe of unit. 


Trans Worid Air 

4th Qoa. 1984 1961 

Revenue — 85X1 TtBJ 

Nel Inc _ (01296 215) 

Pa Shoe — — 066 

Yea 1184 1981 

Revenue 0660 xxsn. 

Nel Inc 2959 (a 1126 

Pasture 017 — 

a: feu. Par than results 
after preferred dividends. 


(Continued from Page 9) 

the telephone and their conversa- 
tions were not about trades. 

“Yes, the market is open now,” 
confirmed Irving Ackerman, a bro- 
ker, as he surveyed the scene. 

A governor of the Makati Stock 
Exchange for the past two decades, 
Mr. Ackerman, 63, added: “I wish 
you could have seen this trading 
floor in the early and mid-1970s. 
The telephones were clanging so 
loud that I would have to shout for 
you to hear me. And there were 
times it just rained money here.” 

In 1984, the volume of shares 
traded on the Makati exchange was 
about one-tenth of the peak 
reached in 1976, and the value of 
the slock bought and sold was just 
S77 million. On the Manila ex- 
change, the value of shares traded 
was $35 million, and the turnover 
was about one-thirtieth of the peak 
of eight years earlier. 

In its year-end stray, Manila's 
leading financial newspaper. Busi- 
ness Day, captured the nub of the 
problem in the headline: “Stock 
Market Mirrors Economy." 

After the assassination of the op- 
position leader Benigno S. Aquino 
Jr. in August 1983, the political 
stability of the Philippines was in 
doubt, undermining the confidence 
of the business community and in- 
vestors. 

In 1984, the gross national prod- 
uct, which measures the output of 
goods and services including in- 
crane from foreign investments, fell 



SERVICES 


VIP LADY CODE 

Young, educated, e leg a nt & trSngud 
for days, evenings & rraveL 
PASS 533 BO 26 


INTERNATIONAL CLASSIFIED 


(Continued From Back Page) 


6 percent Inflation averaged 50 
percent. 

The prospects fra this year are 
uncertain. The health of President 
Ferdinand E. Marcos appears 
shaky. Opposition to his govern- 
ment is growing, and a Communist 
insurgency is gaining strength. 

However, there are signs of an 
economic improvement. These in- 
clude the recent approval by the 
International Monetary Fund of a 
standby credit — an important step 
toward rescheduling the country's 
$25.6-billion foreign debt. 

But as pan of the government's 
austerity plan for recovery, interest 
rates have been raised to mop up 
excess funds in circulation, thereby 
controlling inflation. But with in- 
terest rates on government bills and 
notes as high as 40 percent, people 
are even Iks inclined to invest in 
the stock market. 

Analysts agree that in the short 
term, interest rates must come 
down if stocks are to regain any 
appeal. To get long-term improve- 
ments in the market, they say, the 
political situation must be stabi- 
lized. 

Much of the securities industry 
in the Philippines has already gone 
out of business. Of 100 authonzed 
borkers on the two exchanges in 
Manila, fewer than SO remain in 
business. 

“And all were losing money," 
Mr. Ackerman said. He is the only 
American broker left, and his staff 
has been reduced through attrition 
from 29 people in 1980 to 15. 


LOW COST FLIGHTS 



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\ 

Page 14 

INTERNATIONAL HERALD TRIBUNE. MONDAY. JANUARY 28. 1985 



J 

H 

a 

a 

a 


ACROSS 

i Ardent Syria 

5 La .Milan 

opera 

10 Hyde or 
Central 

14 Weighty work 

15 Group of 
speakers 

10 Woodwind with 
nasal tones 

17 Had creditors 

18 Relating to 
eight 

19 Cinder 

20 Start of a Une 
by Tennyson 

23 Quote 

24 Pop 

SSCitaa: 

28 Lofty 

33 Portuguese 
saint 

34 Kelly or Moore 

36 The clear sky 

37 Food fish 

39 More painful 

41 Seine feeder 

42 Calamities 

44 Some subs 

46 •'Cara 

1954 song 

47 Misleads 

49 Poked quickly 

51 " Maria" 

52 Toothed Item 


S3 End of 20 
Across 

60 Cab 

61 Des Moines 
native 

62 Utilizer 

63 Capital of 
South Yemen 

64 Aromatic plant 

65 Close 

66 "Let freedom 


67 Disabled 

68 soud 


DOWN 


1 Minute 
particle 

2 Up-front group 
of seats 

3 So be it 

4 Italian doctor 

5 Shoplifters’ 
nemeses 

6 Hidden stores 

7 Pot builder 

8 Girl's name 
meaning 
"weary" 

9 Refer (to) 
indirectly 

10 Be subsequent 
to 

11 Qualified 

12 Leo's lament 


■ - 1 .'Yew York Times, edited by Eugene Maleska. 


DENNIS THE MENACE 


i rCfi, 





‘Looked! Theresa ST0P-SICLE 


THAT SCRAMBLED WORD GAME 
s try Henri Arnold and Bon Lee 


Unscramble these four Jumbles, 
one letter to each square, to form 
tour ordinary words. 


GEDEH 


Wish I felt 
as young as 
he does 

V 


* 

mm 


SMACH 


MAJEST 


GOOUG 


THE BIKTHPAYcAKE 
HAP SO MANY 
CAMPLES OH rr SO 
HE COULP MAKE THIS. 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


Answer here: 


- Ill III ° FH| s l I I I 

[Answers tomorrow) 

Jumbles: CROON ABYSS MODIFY NOODLE 
Answer How spring often arrives— “SODDEN- LY” 


WEATHER 


EUROPE 


HIGH LOW 


CoiMMM 

Dublin 

Emnburuti 


CP C F 

13 SS 6 43 fr 

1 34 -5 23 o 

17 43 10 SO fr 

14 57 7 45 ir 

5 41 1 34 e 

-2 28 -1 3D Sw 

2 36 -1 30 a 

S 41 -9 16 d 

4 39 3 38 r 

-7 1« 4 23 fr 

15 59 I 41 Ir 

7 45 -1 30 r 

I 34 -12 ID o 

13 SS 9 49 cl 

3 36 0 33 fr 

5 41 2 36 cl 

■22 -8-32-24 d 
U 57 10 50 fr 


Moaiia 

HnrDdM 


Stmakal 

Singapore 

TWeal 

TOkYO 


HIGH LOW 
C F C F 
29 84 34 7S 
-1 30 -8 II 
21 70 15 59 
26 79 24 75 
SO 48 10 50 
0 32 -3 » 

7 45 5 41 

32 90 26 79 
» 68 16 61 


5 41 1 34 


AFRICA 


Hutslnkl -22 -8-32-34 d 

Istanbul U 57 10 50 fr 

Las Palmas 20 48 13 55 cl 

LUMP 8 46 S 41 d 

Lmeea 2 36 -4 25 a 

MadrM 6 43 -2 28 cl 

Minn -t 30 -I 30 ta 

Moscow -14 7 -18 0 sw 

Monk* 0 32 1 34 sw 

Me* 13 55 4 39 Ir 

Qria -15 5 -20 -4 SW 

Porta 6 43 1 34 fr 

P r uuu s 2 36 -2 26 Sw 

BwMW Sl -5 23 -6 21 sw 

Rama m 57 id so □ 

Stodchatm -13 9 -19 -2 Ir 

Strasbaani 4 39 3 38 d 

Venice 5 41 3 38 a 

Vienna 7 45 -1 30 d 

Warsaw 3 38 2 36 a 

Zurich 3 38 2 36 r 

MIDDLE EAST 


14 57 7 45 d 

M 75 II SS a 

» 84 T9 64 |r 

14 57 9 41 fr 

26 79 15 S9 o 

28 82 25 79 d 

25 77 IS 59 d 

12 S4 II 52 sh 


LATIN AMERICA 
Buenos Aire* 26 79 li 


Booms Aim 26 79 16 61 

Lima 27 81 20 61 

Mexico CUT 24 75 6 43 

RJo Os Janeiro 77 81 17 61 

Soo Paulo — — — — 


NORTH AMERICA 


kaintt 
Damascus 
Jenrsalam 
T4J Avhr 
OCEANIA 


3 38 a 32 
19 65 13 55 


14 41 7 45 

17 63 7 45 


23 73 12 54 


Andllaa* W TS 15 59 Ir 

SrUner at 79 is 61 ir 

et-doudy; fo-tosov: Ir4alri h-nall; 
sthjnowers; s»»-snow,- si -stormy. 


Sen Frmdsce 
Swrtto 

TTOrtwtO 

WBM1- 


mwerenst; pc - pertly i 


MONPAY'S FORECAST — CHANNEL: Rough. FRANKFURT: Rflbi. Tema 
J_7 136— 34). LONDON: Ruin. Tump. 1-2 138-35). MADRID: CkMdv. 
Toma. 6-8 Id -321. NEW YORK: Fair. Tamo, o - -7 eft- 191. PARIS: RHln! 
Temp. 5 — 2 441 — ML JO'S®: !i~ 7 157 “I 45 *- TEL AVIV: Ovar- 

cosl. Temp. 34— 12 (75 — 54). ZURICH; Ham. Tama. 2 — 3 (38 — 16). BANG- 
KOK: ciowty. Temp. 32— Zl (W-7D1. hong kohg: Fair. Temp. 72—16 
(72—61). MANILA: Cloudy. Tonw. 31— 21 (N— 701. SEOUL: Fair. Temp. 
? — 7 (36—19). SINGAPORE: Fair. Temp. 31 —25 (81—77). TOKYO: Cloudy. 
T«nni5— 1M1-30J. 


PEANUTS 


if WELL. I HAVE 
IVTO GET GOING.. 


IM OFF TO 
DUNCE CLASS 









BLONDIE 


A TS 
D IN THE 
7AARKET 


83 IBLE DAY I 
STOCK 


| ALL OF WSV STOCKS TOOK 
Y -—a A BEATING - 


WHAT DID ) ( HE TOLD ME 
VOUR <4=a> TO START ^ 
BROKER SELLING 1 

SAY? / ^ ^ 


AND the RRST TWINS 1-e 
r=-T SUGGESTED WAS j — - 
^ V. APPLES „ / , 


IS Ten-gallon 
cask 

21 "Of Thee 

I ” 

22 Bub of a wheel 

25 Surrounded by 
water 

26 Ingenuous 

27 Gin and—— 

28 Beiges 

28 Onianllkeberb 

30 Little Tom 

31 Spooky 

32 Pear greatly 
35 First-class 
S8 Coruscant 
40 Answered 
43 Hindu god 
45 Certain U.S. 

weapons 
48 Pardonable 
50 Rifles’ Hd 
brothers 

52 Thriller 
episode 

53 Gully, usually 
dry 

54 Conestoga 
team 

55 New Rochelle 
college 

56 Sink or 

57 On the Coral 

58 Shabby 
58 Makes 

mistakes 
60 Gob 


BEETLE BAILEY 


beetle, why 

ie> yDUK FOOT 
IM THAT BUCKET 
OF WATERS , 


TO KEEP 
ME AWAKE l 
TILL THE END f 
OF THIS SHOW f 


but you po^'t 
have thesouhp 

OKI/— 1 _ 


the show 
jsm't that 
goo P 






IIUa 


ANDY CAPP 


MEBSE rr COULD BE A 
DUE ID AGE, BUT HE j 
, ISNTTHEMAN-- 

'HEGSfiD TO BE Jtck 

— "vTCH- 


C mSDurfy ifcnni Nu aiomwi.m j I 

CMw brNmuwvaJrwn I . 


MYbuzke 
still is- j 


THAT’S WHAT'S 
, WRONG WTTH HIM 


WIZARD of ID 


TfiJ^ U&OtorAUG Ml 


r nem. 
VAC& * 


SENP 

HIM f 

mad 


cAKW&eovmm? 


cm. mi 




REX MORGAN 


HAVING GIVEN I 
BERT THE SEALED 
ENVELOPE SHE j 
RECEIVED FROM < 
HIS SISTER'S | 
ATTORNEY, MARTHA < 
ASKS THAT HE ! 
OPEN IT- : 


THAT ENVELOPE IS EXACTLY 
AS MR. SHERMAN GAVE IT TO 
K-r ME — UNOPENED/ . 


r IT- IT'S PACKED 1 
WITH $100 BILLS,! 
-7 MARTHA / 


r l DO NT THINK YOU NEED 
COUNT IT, BERT/ I'M SURE 

Barbara carefully placed 

L 250 OF THEM IN THERE / . 


GARFIELD 


* MIRROR, MIRROR 5 
ON THE WALL. 
WHO'S THE CUTEST 
•v CAT OF ALL? 





nm 



1 WON'T 
ANSWER 
, THAT/ - 


a 1885 Uni too Faaun SynctauMnc 


SPORTS BRIEFS 


East Germans Finish 1-2 in 4-Man Bobsled 


CER.V1NIA, Italy (UP I) — Bernhard Lehmann led East Germany to a 1-2 finish 
Sunday in the four-man event at the world bobsled championships, on a day marred 
by two spectacular crashes. 

Le hm ann, driving East Germany's first sled, docked an aggregate lime of 4 
minutes. 14.06 seconds for four runs over two days on Cervtma’s 1. 5- kilometer 
(0.925- mile) Lac Bleu course. In second place was the second East German sled, 
driven by Dellef Richter, in 4:14:63. Switzerland L piloted by Silvio Giobdlina, 
finished tiiird in 4: 14.8 1. 

The driver of Japan’s No. 1 sled, Hiroshi Okachi, was treated for shock and facial 
cuts at a hospital, after his sled flipped out of the finishing curve. Brakeman Naomi 
Takewaki hurt his shoulder in the crash. Shortly afterward. West Ger man crewmen 
Franza Neissner and Ewe Eisenrdch were treated for knee injuries at the trackside 
clinic, after the first West German sled crashed at the same curve. 


Gretzky Sets 
3-Goal Mark 
As Oilers Win 


BOOKS 


/ you've never seen 
iv ME PUNCE: 


EQUAL DISTANCE 


By Brad Leithauser. 551 pp. $17.95. 
Knopf. 201 East 50th Street, 

Sew York, S. Y.I0022 


Reviewed by 

Christopher Lehmann-Haupt 


tc UTLAVOR is Nature's way of telling you 
1 something isn't good for you.” quips 
Greg Bhising to protagpnist Danny Ott at a 
typically whimsical moment in Brad Ldth- 
a user's “Equal Distance.” h is one of Greg’s 
favorite maxims — others being “Nonexces- 
sive excess is worse than moderation,” ‘‘What- 
ever path you take, it feels like the wrong one- 
ana “Fecklessness should be pursued feckful- 
ly.” 


But Greg's f^vor maxim fails miserably 
ben applied to this remarkable first noveL 


S&lkr- 


when applied to this remarkable first noveL 
For rarely does one come across a work, of 
fiction so singular for the variety of pungent 
flavors it succeeds in conveying — the flavors 
of food of drink, of travel, of nature, of friend- 
ship, of family, of youth, of love and most 
particularly of contemporary Kyoto where 
'Danny Oil and his expatriate American 
friends spend most of the year that “Equal 
Distance" encompasses. 

And not only is the book delirious to savor, 
but it also leaves you with the sense that you’ve 
been touched by a whole new generation of 
young Americans — the post- 1 960s generation 
— children disillusioned with the sins of the 
American past, yet bent on overcoming them 
with the force of their intelligence and ambi- 
tion. 

There is a rudimentary plot to “Equal Dis- 
tance.” the first work of fiction by a published 
poet (“Hundreds of Fireflies”) and former law 
student who has already won every sort of 
award for his writing from a Guggenheim to a 
MacArthur Fellowship. Daniel Giapman Ott 
(“Ott is exactly it!”) is taking a year off from 
his Harvard law studies to live in Kyoto, learn 


Japanese, assist a Japanese professor in his 
study of international law, complete a thesis on 
the nature of free w3L and generally to im- 
prove himself. 

But his straitlaced plans are derailed by 


loneliness, news of h is parents’ marital split, 
and the dissipative friendships of Greg Blais- 


and the dissipative friendships of Greg Blais- 
ing. he of the comic maxims, and Carrie Pin- 
gree, an updated mixture of Lady Brett Ashley 
and Daisy Buchanan. For his sins and those of 
his compatriots. Danny eventually makes a 
pilgrimage to Hiro shima, though any excessive 
piety in this gesture is nicely balanced by the 
ruminations of Danny's father. Alec Ott. who 


gets the last word in the book, recalling the 
bittersweetness of his service in WoridWar ITs 
Pacific campaign. 

Several themes are also explored, chief 
among them the legitimacy of international 
law, whose absolute principles Danny’s un- 
bending Japanese mentor strives to uncover, 
while Danny, feckfully pursuing feckless ness, 
seems to arrive at the answers contained in the 
volume of Thomas Hobbes's “Leviathan” that 
he uses mainly as a stash for marijuana. 

Still, it is the flavors of “Equal Distance” 
that make it such a pleasure 10 read — the 
flavors of its supple, intelligent prase, of its 
artfully individuated characters, of its charm- 
ing talk and of its endlessly inventive comic 
detail, f for one was charmed by the mind- 
games that Danny Ou plays with himself: he 
wonders at what point he would notice the 
change if the Kamo River were to widen by five 
feet a day. or what the world would be like if all 
its men were Danny Ous. 

I was amused by the way Greg Blaising talks, 
especially when under the influence. “I teach. I 
run. I walk around. I eat fruit,” he explains 
when Danny asks him how he spends bis time 
in Kyoto. “I drink too much. I read. I go to 
bars and try. for the most pan with extreme 
fecklessness, but now and then with heartening 
success, to pick up Japanese women.” 

f laughed out loud at Greg’s plan to “lake 
some very famous, swanky restaurant, in Man- 
hattan or Georgetown, say. prestigious as befl, 
the kind of place where they set out all sorts of 
fancy bread and stuff nobody touches, and 
down below, in the basement, you open a 
restaurant where you peddle the leftovers.” 
“Greg’s Good Used Food,” he’d call it, “Serv- 
ing Only What's Still Basically Fit to EaL” Or 
the scene in which Danny and Carrie lose a 
coin in a soda machine they discover in a 
Buddhist temple, and approach a wizened 
priest for help. 

“*You want Fan la Orange?' thejuiest asked 
in En glish. The brand name, particularly, 
sounded incongruous on his lips. ‘Coca-Cola,’ 
Danny corrected guiltily. Gr anything. Please.’ 
In the next moment — as quietly ana beauti- 
fully comic as any in Danny’s life — this 
ancient priest in the apricot robe dealt the 
machin e a savage kick with his wooden dog, 
pressed the Coke button, turned as the can fell 
with a responsive clang, tranquilly nodded, 
dopped away." 

This is a perfect epiphany of contemporary 
Japan, but then everything upon which Leit- 
hauser casts his antic eye seems to transform 
itself into its essence, be it comic or pathetic, 


itself into its essence, be it comic or pathenc, 
ugly or beautifuL His appetite for the world 


Sointion to Friday’s Puzzle 


0E0CJ CKnnHO £!□□□ 
edge nciana □□□□ 
OCQD □□□□□ □□□□ 
EEHDEiEa □DHnaaa 
DEQ □□□□□ 

enaoaaaa oanasa 
dehe naan □□□□a 
□on □□□□□£§□ □□□ 
BEdEQ aasE aas a 
QDUUUU □□□□DE3QQ 

aanaa □□□ 
EDtooana anaacma 
EEE3H aciaao □□□□ 
deed saanE bees 
□□□□ saaaa □□□□ 


appears to be insatiable, and his capacity to 
make it into language entirely without hmiL 
“It was an absolutely immense stroke of good 
fortune on your part to run into me,” Greg says 
to Danny early in their friendship, only half 
kidding himself. Leithauser could say the same 
thing to his readers, but in all sincerity. 1 lode 
forward immensely to the next encounter. 


Christopher Lehmtuw-Hcnqn is on the staff of 
The New York Times. 


%ialiireKejloUaili^ 

Agence France- Presse 

MOSCOW — A painting discovered in Len- 
ingrad 30 years ago has been authenticated — 
by criminologists — as being by Auguste Re- 
noir, Tass has reported. The Leningrad collec- 
tor who owns the painting had consulted ex- 


al criminologists, who said the signature cm his 
painting was genuine, Tass said. 


BRIDGE 


By Alan Truscort 


O N the diagramed deal 
both teams bid ambi- 


SJ boih teams bid ambi- 
tiously to six no-trump. In the 
auction shown. North should 
have been content to bid a nat- 
ural four no-trump at his sec- 
ond turn leaving the last word 
to South. His two-club bid was 
a check-back, .and four dia- 
monds was a substitute for Ro- 
man key-card Blackwood. The 
reply showed three key cards 
plus the trump queen. 

When a club was led to dum- 
my's king, South recognized 
that he would need some good 
luck in both red suits. He cor- 
rectly decided that the hearts 


could wait and boldly led a 
diamond toward the king This 
was a success as far as it went, 
with the ace in the East han d, 
but the bad break in hearts was 
gang to shipwreck the slam, 
barring some double dummy 
play. 

However, East came to the 
rescue by putting up the dia- 
mond ace. this might have 
been right in other tircum- 
stances, but it was quite wrong 
here. South subsequently 
cashed all his black-suit win- 
ners, and East could not stand 
the pressure in the red suiL The 
slam was made because East 
had arranged to squeeze him- 
self. 


WEST 

4762 

902 

«Q6 

• 1098432 


NORTH 
4 A Q J5 
9 A74 
« 10974 

• AK 

EAST 
4X894. 
VJ 2000 
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United Pros tnienuulanal 

EDMONTON. Alberta — 
Wayne Gretzky broke another 
NHL record Saturday, with his 
33rd career hat trick in a 6-3 Ed- 
monton Oiler triumph over the 
Pittsburgh Penguins. 

Gretzky, who was celebrating his 




Brazil Fan’s Bequest Was Overestimated 


NHL FOCUS 

24th birthday, moved ahead of the 


Z4u mnnoay. moved ahead of the 
New York Wanders’ Mike Bossy 


RIO DE JANEIRO (AP) —The la\ 
the hopes of a small soccer dub char 
million from the man’s will. 


for a deceased millionaire has deflated 
expected to receive as much as SI 40 


The lawyer, Luiz Fernando Ami da, said Friday that the estate of the millionaire, 
Luis da Silva, was far less than the $300 milli on that the Bangu athletic dub’s 
lawyers had mentioned. “We think that, at the absolute maximum it did not 
10 billion cruzeiros,” or about S3 million, Arruda said. 


Da Silva, a lifelong fan of Bangu. a modest soccer dub in an industrial suburb of 
Rio. willed about half of his fortune to the club. Amida said the exact sum Bangu 
would get would be known after da Siva's holdings are inventoried. But in any case, 
he said, the Bangu figures were “anreaL” 


and the retired PhD Esposito for the 
NHL record for games in which he 
has scored three goals or more. 

On Friday in the NHL, it was 
Quebec 4, Buffalo 2; Pittsburgh 6, 
Calgary 6; Sl Louis 6, Los Angeles 
3; Edmonton 4, New Jersey 2, and 
Vancouver 7, Winnipeg 4. 

Elsewhere on Saturday, it was: 



Hartford 3, Boston 2; Washington 
5, the New York Islanders 1; Mon- 
treal 3, the New York Rangers 2; 
Calgary 6, Vancouver 2; Chicago 5, 
Toronto 2; Detroit 4, Minnesota 4, 
and Los Angeles 7, St Louis 3. 

After the Oiler-Penguin game, 
Gretzky said: "The big thing 
Wayne Gretzky would like to do is 
score 100 goals in a season. I know 
it sounds crazy but someone wtD 
score 100 goals in a season and I 
hope I’m the one.” 

The three goals also gave 
Gretzky 52 goals in 49 games, 
marking the third year he has 
scored 50 goals in less than 50 
games. 

Gretzky set the league record for 
most goals in a season in 1981-82, 
with scored 92 goals. 

The Oilers jumped (0 a 2-0 lead 
00 first-period goals by Glen An- 
derson at 6:41 and Gretzky at 
12:48 before the Penguins scored 
twice to tie the score. 



Valenzuela Among 97 Seeking Arbitration 

NEW YORK (AP) — Los Angeles Dodgers pitcher Fernando Valenzuela, whose 
Si-million contract in 1983 was the largest ever awarded by an arbitrator, headed a 
list of 97 players who have filed for salary arbitration. 

The 97 players who had filed by Friday night’s idling compared with 80 in 
1984. Among (hose joining Valenzuela in filing were Detroit Tigers outfielder Kirk 
Gibson, the Most Valuable Player in the American League playoffs. Leon Du rham 
of the Chicago Cubs and Kent Hrbck of the Minnesota Twins. 


Drug Use Said to Rise Among U.K. Athletes 


LONDON (Reuters) — Drug use among British athletes is increasing because of 
the lure of big prize money. Hie Sunday Times reported. It quoted Paul Dickenson, 
a former hammer thrower, as saying that up to 60 percent of (he country’s 
international athletes had used drugs. 

“The inspiration behind the drug-taking is that athletics now meansing money — 
but only for winners,” the newspaper said. It identified steroids and amphetamines 
as the main drugs used by world-class British athletes. 


Helmut HSflehner of Austria is airborne enroute to Ms downMD victory at GanmsdL 


Girardelli, Hoflehner Win Weekend Races 


United Press huenumonai 


G ARMISCH. West Germany — 
World Cup leader Marc Girardelli 
sped powerfully to victory in the 
men's super-giant slalom Sunday 
to notch his seventh win of the 
season. 


grabbed a surprise third place with 


The muscular, blond 21-year- 
old, who was born in Austria but 
skis for Luxembourg, brushed 
aside all opposition to clock 1 min- 
ute 34.09 seconds on the 2,2?Q - 
meler Kreuzeck course at Gar- 
miscb-Partenkirchen in the 
Bavarian Alps. 

Second was Andreas Wenzel of 
Liechtenstein with 1:34.26 and 
West German Hans Stuffer 


On Saturday, Austrian downhill 
ace Helmut Hdflehner warmed up 
for next week’s world champion- 
ships by cruising to his third World 
Cup victory of the season. 

In near-perfect conditions, he 
powered down Ganmsch-Parten- 
kirchen's 3,320-meter Kreuzeck 
track in a blistering 1 minute 54.56 
seconds. The 26 year-old Austrian 
was a fifth of a second ahead of 
Switzerland’s Peter Mueller 
(1:54.78) with Anton Steinier of 
Austria placing third with 1:55.23. 

Olympic champion BlU Johnson 
of Malibu, Calif, finished 17th. 


At Arosa. Switzerland. West 
German Marina Kiehl, ignoring 
protests and a strike by rival skiers, 
surged to victory in a World Cop 
supetgtant slalom race, taking 1 
minute 25.07 seconds to cover tin 
1.460- meter long course, wind) bad 
a vertical drop of 370 meters and 37 
gates. 

Wind gusts and shifting fog 
banks maned the race and caused 
36 competitors to withdraw. An- 
other 14 dropped out, while three 
were disqualified 

The head coaches of both the 
French and Austrian teams filed an 
official protest with the Interna- 
tional Ski Federation, asking (bat 
the results not be validitated. 





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INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28, 1985 


SPORTS 

St John’s Breaks Georgetown’s 29-Game Streak 


Page 15 


B3I Wc nm ng to n of St John’s hems in All-America Patrick 
Ewing of Georgetown, who was held to only nine points. 

Lewis Wins but Irks Fans 
By Passing on 2 Jumps 


By Frank Litsky 

New York Tima Service 

NEW YORK — Cari Lewis won 
and was booed because he look 
only four of his six long jumps. 
Diane Dixon won, and the an- 
nouncement of bear victory was 
booed because a breakdown in the 
automatic timer cost her an Ameri- 
can indoor record. Mary Decker 
was cheered and booed before the 
women’s mile, then drew only 
cheers after she won. 

But the greatest cheers Friday 
night at the 78 ih annual Wanama- 
ker MiHrose Games at Madison 
Square Garden greeted Famcmn 
Coghlan’s victory in the Wanama- 
ker Mile. His lime of 3 minutes, 
53.82 seconds was the second fast- 
est in MiDrosc history, bettered 
only by his 3:53.0 in 1981. 

This was Coghlan’s sixth victory 
in six attempts in this blue-ribbon 
race, equaffinglbe record of Glenn 
Cunningham, who won the Wana- 
maker Mile six times between 1933 
and 1939. 

With two and a half laps remain- 
ing in the 11-lap race. Coghlan 
eased into third place. With a lap 
and a half left, be shifted gears, 
barreled by Sydney Maree and Ray 
Flynn, and sprinted home ahead of 
Flynn. 

Fifteen minutes later. Decker 
won the women’s mile for the 
fourth rime in six years. She led 
from the start, ran by herself and 
won by 50 yards from Wendy Sly of 
Britain, the Olympic silver medalist 
at 3,000 meters. Decker's rime of 
4:22.01 was the third fastest in in- 
door history, and she now owns the 
six fastest rimes indoors. 

Among the 800 athletes partici- 
pating were 86 who competed last 
summer in the Los Angeles Olym- 
pics, indnding 15 gold medalists. 

The most prolific winner at Los 
Anodes was Lewis, who took four 
gold ntedafe The 23-year-old was 
roundly booed in the Olympics 
when he took only two jumps in the 
long-jump final and passed his last 
four attempts. He said he felt a 
hamstring muscle tighten, and he 
did not want to risk an injury when 
he still had two grid medals to win. 

Here, Lewis took four jumps. 
The first was a fouL The next jumps 
were 27 feet 8% inches, <8.44 roo- 


ters), 27-10% (the winning dis- 
tance), and 27-8%. 

The crowd was waiting for his 
last two jumps, hoping he would 
exceed his world indoor best of 28- 
10% set here last year. The wait was 
in vain. Lewis passed his fifth 
jump, and there were mild boos. 
When he passed his sixth jump — - 
“soreness in the leg," said the pub- 
lic-address announcer — the boos 
increased. 

“My right leg got a little sore 
after die fourth jump," said Lewis. 
“I didn't want to take any chances. 
Yon never know.” 

■ Budd Wins British L500 

Zola Budd, Britain’s South Afri- 
can-born trade star, cruised to her 
first indoor title Saturday, winning 
the 1,500 meters at the British Na- 
tional Indoor championships, The 
Associated Press reported from 
Oxford, England. 

The 18 year-old. barefoot runner 
held off a challenge from another 
British runner, Yvonne Murray, to 
win in 4 minutes, 1L02 seconds. 


Washington Post Service 

LANDOVER, Mainland — Si 
John's upset defending national 
collegiate basketball champion 
Georgetown Saturday, 66-65. to 
end a 29-game winning streak by 
the Hoyas, ranked No. 1 in the 
nation since the beginning of the 
season. 


Lakers Beat 
76ers, Lose 
To Utah Jazz 

Las Angela Tima Service 

INGLEWOOD, California — 
The Lakes and Philadelphia 76ers 
got together Friday night with 
playoffs on their minds , and the 
Lakers prevailed, 109-104, in a 

NBA FOCUS 

pschyologjcal battle between two 
teams who expect to meet each oth- 
er again. 

But the battle appeared to have 
left i is scars. On Saturday in Salt 
Lake City, Lhe Lakers played list- 
lessly in losing. 96-83, to the Utah 
Jazz. 

Elsewhere in the NBA Friday, it 
was Boston 125, I ndiana 94; Chica- 
go 93. Seattle 76; and San Antonio 
122, Houston 107. 

On Saturday, it was New York 
109, Indiana 106; Washington 1 10,' 
Phoenix 105; Detroit 132, Seattle 
113; Kansas City 120, Golden 
Slate 111; Chicago 117, Atlanta 
104; New Jersey 103, Dallas 93; 
Milwaukee 105, Houston 102; 
Denver 144, Gev eland 127; and 
Philadelphia 120, and the Los An- 
geles Clippers 1 13. 

Julius Erving said a 76er victory 
“would have given us an edge 
knowing we had had beaten them 
twice. They wouldn’t have been 
able to figure out how to beat us." 

On Saturday, the reversal was 
complete. The Lakers, who had led 
through the last three quarters on 
Friday, trailed for the last 46 min- 
utes. 


Snow, Ram Hit Start 
Of Monte Carlo Rally 

United Press International 

MONTE CARLO — Rain or 
snow fell over most of the West 
European route on the first day of 
the 53rd Monte Carlo rally, its 
ranks thinned by a dispute between 
French and Monaco auto racing 
officials. 

A total of 117 crews left Satur- 
day from six starting pants on the 
seven-day event, just over half the 
number (hat took part in the 1984 
edition of the race. 


Decker Decked by Mugger 

The Associated Press 

.NEW YORK — Add another chapter to the jinxed life of Mary 
Decker, the most dominant women's middle-distance runner ever in 
the United States. 

After easily winning the nule in the Wanamaker Millrose Games at 
Madison Square Garden Friday night. Decker told reporters that she 
was mugged a week ago Saturday while training. 

Decker said that while jogging near her home in Eugene, Oregon, 
she was attacked by a man riding a bicycle, “someone who wanted to 
kfll me he threatened my life. 

“I don't think he knew who 1 was. He never mentioned my name. 
He just i want money,’ and he had a knife;" she said. “The next 

thing I knew, I was on the ground. He had his hands on my mouth and 
said he wanted money. I told him 1 didn't have any money, and then 
be said if I didn't, he was going to Jrill me. Then he started to take my 
rings off. 

*T have no idea how I got away. But all of a sudden 1 had broken 
away and was r unning down the road. I flagged down a car that had 
just stopped. It was an elderly couple,” Decker said. 

“I was all hysterical and in shock, but they managed to drive me 
back. I felt lut&y to get away unharmed. It was one of the most 
fright ening thing s that ever happened to me,” she raid. 

Decker said the rally injury die received was a bruise to her left hip 
— the hip that she injured in her celebrated fall during the 1984 
Olympics following a collision with Britain’s Zola Budd during the 
3, 000-meter final 

Decker said she did not disclose the mugging case for a week 
tyrant she “didn't want anything to interfere with the race" in the 
MHlrose Games. 





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This time, defense alone couldn’t Pressure has been a lifesiyk with'us inside and on the break offensively, 
save Georgetown, which had pulled because we'd really gotten accus- ly, with Wennington's hips and cv- 
out several dose games this month, tomed to winning. I don't know erybody else’s arms on defense. 
The Hoyas, behind by as many as what effect it's going to have on us Ewing only got seven shots for 
18 points in the second half, fought yet.” the game, or as many as reserve 

back with their best weapon: their The agonizing thing for the Horace Broadnax, 
bothersome, pressure defense. Hoyas about this loss is that it “We didn't want to get caught 


As always, that defense put shouldn’t have happened, if one 
Georgetown in position to win. But co n siders free throws shots that 
the top-ranked Hoyas a ought to be made, 

possible seven out of right free Sl John's took a 57-39 lead with 
throws — indnding six straight — just Jess than 1 1 minutes to play on 
during a stretch in the final six a dunk by Muffin, who survived the 


throws — including six straight — just less than 1 1 minutes to play on 
during a stretch in the final six a dunk by MuUJn, who survived the 
minutes to lose to third -ranked Sl defensive pressure of David Win- 
John’s of New York City. gate and freshman Perry McDon- 

Michael Jackson made a driving, aid to score a game-high 20 points. 


hanging bank shot with six seconds 
left for the game’s final points. By 
the tune Chns Mullm look the ball 


Sl John's Coach Lou Carnesecca 
said be knew his team would have 
to survive one more of George- 


out of bounds, four seconds re- town's now-famous bursts before it 
named, and he leithe dock run out could finish the upseL ^You knew 
on the Hoyas. it was coming," he said. “I just 

The loss probably means that wanted us to have enough cushion 
Georgetown (now 18-1 this season) to survive iL” 
will drop from the No. 1 spot in the As it turned out, the cushion 
rankings for the first time this sea- wasn't a bit too thick. Georgetown 
son. Sl John’s was the last team to scored on five consecutive posses- 
defeat Georgetown, last February, stons, on a jumper by Billy Martin, 
and has now beaten the national a free throw by McDonald, a 
champions three straight times on jumper by Horace Broadnax, and a 
their home court. three-point play by Wingate, who 

“The last time we lost it was to led the Hoyas with 16 points. That 
Sl John's, and it feels the same this pulled Georgetown within 57-47. 
rime as it did then.” said George- Had Georgetown made its free 
town all-America Patrick Ewing, throws on its next three posses- 
who was held to nine points, in- rions, it could have almost corn- 
el uding three field goals in seven pletely wiped out Sl John's big 
attempts. “1 hate to lose, anytime." lead in less than six minutes. But 
Asked if losing a game might the Hoyas made only 1 1 of 22 foul 
lessen the pressure on his team the shots for the game, and none in 
rest of the season, Georgetown those three possessions. 

Coach John Thompson said: “Los- Sl John’s idea was to attack rat- 
ing never helped me do anything, rick Ewing in every way possible, 


VANTAGE POINT/ Peter Alfano 


erybody rise’s aims on defense. 

Ewing only got seven shots for 
the game, or as many as reserve 
Horace Broadnax. 

“We didn’t want to get caught 
with lob passes," Wennington said, 
“so I played behind him all the 
time. Ana tried to force him as far 
from the basket as posable when 
he got the ball 

“I don't know if you noticed" — 
be said this with a ay smile — “but 
I tried to push him out of the lane. 1 
wanted to make him have to drib- 
ble once, so someone rise had a 
chance to strip him." 

Sure enough, as soon as the ball 
arrived in Ewing's bands, a few 
other Redmen scurried to his side. 
Especially Muffin. 

He gots lots of help from Walter 
Berry, who though fool-prone was 
exceptional in his initial Big East 
efforts at scoring close-in against 
Ewing. 

The two had gone against one 
another in the Olympic trials and 
Berry had said: “He doesn't intimi- 
date me." 

Afterward, much of the discus- 
sion turned to which team should 
be ranked No. 1. Southern Meth- 
odist is currently No. 2; the Red- 
men are third. Both have a loss. 
Thompson said he thought SMIJ 
should be ranked No. 1. 





MQoslav Mecir celebrates bis upset of Jimmy Connors. 

Czech Upsets Connors 


United Press International Merir, 20, 15 ranked 60th among 

phii a nor pm* w; l/K i. v the world’s tennis players. He has 

been on lhe lour for only two yeafs, 
tear of Czechoslovakia, posted ^ has yet to win a professional 

ffiest upsel Saturday by ousting IounaID » 1L Bu , ht £ UQIled Ute 


Tbotnp^^d tadtongbtSbn. 1 Medrof Czectatajki. p«ted his 

should be ranked No. 1. biggest upset Saturday by ousting 7T,_ a _iL RlI , l. ctunned the 

Carnesecca said he thought jimmy Connors, 5-7. 6-4, 6-3. to s ^3Teeded CoSS? the 
Georgetown is still No. 1. and his earn the right to meei John McEn- SS?s lSS ’ olave?' I’ftlS 

chrailri he ran W 1 nihS-h Jr, .ha. Hnalr rJ lhe. tW) IW1 m WOTl<1 S N0 \ “ P 1 *?" a* 10 3 ,OUr 


team should be ranked 15th, which roe in the finals of the $300,000 in 
is where he has been voting it all the U.S. Pro Indoor Tennis Chain- 
season. pionships. 


Flutie’s Flight: A New Loss for a Monopolistic NFL 


New York Tima Service 

NEW YORK — The dispatches 
originated in Boston, Orlando, 
Florida, and New York City, where 
Donald Tramp builds glass houses 
in a real life game of monopoly- 

“Doug Flutie and the Generals 
are close to an agreement," the dis- 
patches said. “Flutie impressed 
with Trump." reported Bob Woolf, 
Flutie’s attorney. “Flutie’s dad says 
signing is imminenL” And so it 
continued, almost on a daily basis, 
until Woolf confirmed Friday that 
an agreement had been reached. 

There was an inclination to dis- 
miss the early reports as the manip- 
ulative tactics used in negotiations. 
Flutie, the Boston College quarter- 
back and 1984 Heisman Trophy 
winner, had said he preferred to 


play in the National Football Trump. Friday’s dispatch was from USFL’s inception two years ago. 
League — the standard by which Boston, and it said that Flutie had pro football players’ salaries have 


football players are judged. reached a verbal agreement to play escalated significantly and the 

Flutie had something to prove for the Generals. NFL is in no mood to throw its 

because many scouts said that a 5- There is no reason to fed disap- structure further out of whack by 
fooi-9-K-inch 1 1.74-meter) quarter- pointed for Flutie. He will become entering a bidding war for Flutie. 
back was too small to succeed in a wealthy young man because The new league has attracted the 


the big leagues. 


So Flutie's attorney had to be buili 


Trump's e, 


young man because The new league has attracted the 
is as big as some of the last three Heisman Trophy winners 
owns, and he is willing — Herscbel Walker, also of the 


hoping to flush out the NFL, which to spend as much as it takes to have Generals; Mike Razier, currently a 


does not hold its draft until April a team second to none. 

30. That is well into the United What is unfortunate is the con- Pittsburgh Maulers and Baltimore 
Slates Football League season, and turned elitist posture taken by the Stare, and Flutie. 

Tramp, the owner of the Generals, NFL, which is denying its fans a This is the way of a free markeL 
certainly was not going to keep his chance to watch one of the more The NFL, however, prefers to be a 
offer, reportedly for five years at exciting and popular players in re- monopoly. It pretends to ignore the 
more than $1 million a year, on the cent years. USFL and the antitrust suit the 

table until then. But apparently, theNFL was not new league has filed. The USFL is 

Apparently, Woolf and the Flu- going to allow public opinion to called “the other league" the way 
tie family derided that no NFL dictate its bottom-line approach to the American Football League was 
team really would play poker with the Flutie question. Since the the “other league." 


free agent who had been with the 
Pittsburgh Maulers and Baltimore 




ARP 

Hockey 


NHLS tandmgs 

WALES CONFERENCE 
Patrick DMitan 



*1 L 

T 

Pte 

GF 

GA 

Washington 

30 

12 

7 

67 

204 

145 

PhUadeiehlo 

28 

<3 

6 

42 

2B2 

140 

N.Y. r slanders 

24 

20 

2 

54 

223 

192 

Plttsbvratf 

18 

24 

5 

41 

174 

214 

N.Y. Rangers 

16 

23 

| 

40 

170 

190 

New Jersey 

15 27 5 
Adorns Dhririon 

35 

143 

197 

Montreal 

25 

15 

ID 

40 

194 

144 

Quebec 

24 

18 

7 

55 

192 

172 

Buffalo 

21 

IS 

12 

54 

172 

142 

Boston 

22 

20 

7 

51 

174 

164 

Hartford 

17 

23 

5 

39 

152 

203 


CAMPBELL CONFERENCE 
Norrta DMsfoa 


SL Louis 

20 

19 

8 

48 

175 

181 

Chicago 

22 

24 

3 

47 

195 

182 

Minnesota 

15 

24 

9 

39 

149 

196 

Detroit 

14 

29 

7 

35 

176 

230 

Toronto 

9 32 6 

Smyth* Division 

24 

142 

211 

Edmonton 

34 

9 

6 

» 

251 

142 

Colaary 

25 

17 

7 

57 

Z3I 

192 

Winnipeg 

24 

21 

4 

52 

208 

217 

Las Angeles 

20 

20 

9 

49 

222 

208 

Vancouver 

12 

32 

7 

31 

171 

271 


Cari Lewis jumps to victory — and boos from track fans — at Madison Square G 


FRIDAY'S RESULTS 

Buffalo 1 T— 3 

Quebec ] • S— 4 

Hunter I I3J, A Shstiiv (2BJ, PnJemenl 111). 
Gaulln (3) 1 5atUns till. Tucker m ). Sfcoh oa 
oool: Buffalo Ion GossallnJ 10-13-7—29; Que- 
bec Ion B. Sauve) 9 64-19. 

LB 4 no mi 1 1 1—3 

SL Looks 9 3 3—4 

Mullen 2 (in. Wldcenhefeer (14). Sutter 
U2). PosJnwsfcl [7).GUmour (13); Hakonsson 
19). MocLettan (211, Fan (23). Sbati oa ooal: 
Las Angelas (on Warns! ey) 4-134—25; SI. 
Louis (an Eliot) 4-17-11 — 36. 

New Jersey 1 9 1—2 

Edawaton 3 t M 

Anderson OS). Knjshelnyskl2 (24), Gretzky 
(49i; Preston (9). Sulliman (191. Shots en 
boo I: New Jersey Ion Moog) 10419—3; Ed- 
monton (on Law) 09-14—31 

2 S T 0-4 

4110-4 

Babyeh (12). Laniernc 2 (19). Resting (3). 
snedaen (24). Brtcklev (4); Reinhart (17). 
Eaves 2 (10). Kmmm ( 171, Hunter (7).MOCln- 
nb (ill. Shots eo goal: Pittsburgh (on Ed- 
wards. Lemetln) 12-13-4-3—33; Calflarv (on 
Romano) 23-10-12-1—44. 

loco 1 2 1—4 

Loom (9). Stnvl 2 (141, Skrfko (11). Tanli 
(19). MacAdam (»). Sundstrom (13); Ellen 
(7). Amlel (13). MocLean (24), Steen (20). 
Shots on oool: Winnipeg (on Brodeur) 13-7- 
(on Havward) 13-104—29. 

SATURDAY'S RESULTS 

3 3 9— S 
9 9 1—1 

1st (I). Stevens (13). OrtsNan (IS), 
(14). Jarvis (9); Howson (4). Shots 
Washington (on Hrudov. Smith) lO 
Now York (on Riegbi) *4-12-20. 

I 1 9—3 
1 0 1—3 

2 (18); Crowder u«, O'Connell 
Shots oeeoel: Hartford (on Peeten)*4- 
4; Boston (an Mlllen) 1-13-11—32. 

1 0 1—3 

2 2 3-4 

Bozek (7). Nilsson (ZSl.McOonald (10), Ca- 
valiinJ (1). Rointart (19). Sheetiy (3); Sund- 
f strom (M), McNab (15), Shots oa ooal: Von- 
oower (on LomcUn) 134-11—30; Calgary (an 
Brodeur) 12-11-7—34. 

4 2 9-2 

1 1 1—3 

Nllan ( 12), Mondou 1 15). Hunter (U) ; JJ> 
trick (41. LomudM (14). Shots oo goal: New 
York (on Soertnrt) 25; Montreal (on 
Vonblesbrouck l 10-9-9— a. 

2 9 1—1 
2 4 4-4 

Anderson (24), Gretzky 3 (52). Kurri (441. 
Nosier (ill: Brlcklov (7). Babydt (13), Le- 
mtoui (20). Shots oa ooal: Pittsburgh {ofl 
Fi*r> 1 1-4-4— 33; Edmonton (an Herron) 11 
14-12-35. 

1 3 1—5 
1 9 1—2 

Ludzlk (7). D. Wilson (U), Lviiak ( 10 ), y or- 
emettuk !7),5.Lormer (31); Oaouet (9), Valve 
(201. Shots on ooal; Chien» (an Bamhgrdt) 9 
7-10—34; Toronto (on Banner man] 4.5-14—39. 
Los Angelos j 2 

1 2 0-3 

Svkes (l3).MacLallan (221. Miller (2>.Tov- 
lor 2 (27). Dionne (30). Ruskewskl (10): pas- 
tawskl 2 (9). Sutter (23). Shots m seal: Los 
Angeles con Wamsiey) 7-9-t0-24; Sl. Louis 
(on JonecvO I7.I0-U-33. 


Detroit 1 1 29-4 

Minnesota 2 1 1 0— 4 

Larson 2 (9>.OanxfeiiCk (33). Duouav (19); 
Plett 2 (91. Bluostod (9). Pome 119). Shots oa 
goal: Detroit Ion Metansan) 9-9-11-2—31; 
Minnesota (on Mlcaiefl 14. 13-7-4— 38. 


Transition 

BASEBALL 
Amerfccei Leoeee 

CHICAGO— Stoned Jerry DyhzInsU and 
Tom O'MaUev. inRelders; Edwin Correa 
Ditcher, and David Yobs, outfielder. 

CLEVELAND— Stoned Joe Carter, out- 
fielder. 

TORONTO— Stoned Tony Fernandez, 
shortstop; Alexis Intanle and Manny Lee. In- 
lleMers; Jim Acker and Lub An ulna pitch- 
ers. and Kadi Beauchamp, outfielder. 

National League 

CINCINNATI— Announced that Boh How- 
som will mien as proslden! and chief execu- 
tive Oder on July 1, and will become vice 
chairman and consultant. Signed Wayne 
KrenctdchL third baseman; Brad Gulden 
catcher, and Andv McGoffloan. Ditcher. 

NEW YORK— Reached contract agree- 
ments with Bruce Berenvl and Brant Golf, 
pitchers, and woltv Bock man and Kelvin 
Ottoman. Inflelders. 

SAN DIEGO — Stoned Carmefo Martinez, 
outfielder, to a throe-rear conu oct- 

FOOTBALL 

National FoolbaU League 

SEATTLE — Stoned Sieve Largent. wide re- 
ceiver. and Kenny Easley, solely. 

Untied States FoolbaU League 

DENVER— Cut Ricky Edwards, slotbock. 
Added Lorn Jonevwtdc receiver, to the ros- 
ier. 

MEMPHIS— Stonod Henry Williams, wide 
receiver. Cut Brian O'Nell, defensive back. 

OA K LAN D— Stoned Reuben Vaughan, nose 
tackle; Kurt GarL linebacker, and Pat Bou- 
droaux. defensive end. Waived Ketlh James, 
wide receiver; John Thomas, cornerbaak. 
and Paul Khdurv. nose todde. 

HOCKEY 

Nattooal Hockey League 

HARTFORD— Recalled Stove weeks, goal- 
tender. from Binghamton of the American 
Hockev Leoaue. Returned Ed StanlowskL 
sooltender, to Binghamton. 

NEW JERSEY — Acquired Michel Bolduc, 
defenseman, from Quebec and assigned him 
■a Maine of the American Hockey League. 

N.Y. ISLANDERS— Returned Ken LeMner 
and Vem 3ml Us defensemen : Ron Handy and 
Mark Hamwov. forwards, to Springfield Of the 
American Hockey League. 

COLLEGE 

FLORIDA A&M— Declared Mervln Jones. 
Larry Brener. Paris Drain and Jeremy Mar- 
tin academically tool tai bln tor the remainder 
ol the 19BS ba&ketbal! season. 


Nordic Skiinj 


Medals aoonf al the 3Bth Nordic Ktortd SU 
ChcmptaRStiJps in Seefold, Austria, wweb 
concluded Sunday: 

No r way: 5 gold. 5 silver, 5 bronze, IS tofaL 

Finland: 2 gold. 3 silver, 4 bronze. 9 total. 

Sweden: 2 gold. 1 silver. T bronze, 4 fatal. 

East Germany; 1 gold. 0 silver. 2 brome, 3 
loiaL 

Italy: O gold. 2 silver. 1 bronze. 3 total- 

WHt Gerdtaev: 2 geld. 0 Oliver. 0 bronze, 2 
tutaL 

Austria: 0 gokL 2 silver, 0 bronze. 2 total. 

Soviet Uidoa: t gold, 0 silver. 0 bronze. 1 
total. 


European Soccer 


ENGLISH FIRST DIVISION 
WM Bromwich Albion a OPR 0 
Leicester Otv I. Carlisle United 0 
Points Stood I ms: Evortafl 52; Tottenham 
47: Manometer United 44; Sheffield Wednes- 
day 44: Arsenal, Southampton 40; Cheiseo 3» ; 
Liverpool 38; Norwich, Nottingham 37; West 
Brant 35; wottord. Leicester 32; Aston villa 
West Ham,QueenS Park Rangers 31; Newcas- 
tle 29; Sunderland 24; Coventry 25; Ipswich 
25; Luton 24; Stoke 12. 

FRENCH FIRST DIVISION 
Bordeaux 1, Nanles 0 
TouHn 1. Bastta 1 
Metz I. Toulouse 1 
Brest % Parts-St. Germain 1 
Monaco 3, Lons 4 
Laval 2. Sochoun l 
Lille 3- Tours 0. 

Marseille l Racing Club Paris 0. 


NBA Standings 


EASTERN CONFERENCE 
Atlantic Division 



W 

' L 

Pet. 

GB 

Baslan 

35 

8 

J14 

— 

Philadelphia 

35 

6 

-814 

— 

Washington 

26 

19 

-578 

IS 

New Jersey 

20 

24 

-455 

lSVj 

New York 

16 29 
Cutrd Division 

3S6 

20 

Milwaukee 

30 

14 

682 

— 

Detroll 

26 

16 

419 

3 

Chicago 

23 

21 

.523 

7 

Atlanta 

18 

34 

409 

12 

Indiana 

14 

30 

J18 

14 

Cleveland 

12 

X 

•286 

17 


19 24 .442 10 

20 24 .435 lOVi 

19 25 A32 IOV2 

10 33 233 19 


WESTERN CONFERENCE 
Midwest Division 

Denver 27 17 414 — 

Houston 24 20 345 i 

Donas 23 21 23 4 

San Antonio 21 21 JD0 5 

Utah 20 25 Mi 7Vj 

Kansas Cftv 15 29 .349 Uto 

Pactftc Division 

l—A. Lakers 30 15 Ml — 

Phoenix 21 24 Ml 9 

Portland 19 34 A42 10 

Seattle 20 24 .435 lOVi 

LA. Clippers 19 25 A32 10V» 

Golden Stale 10 33 .233 19 

FRIDAY'S RESULTS 

Indiana 33 20 24 17— to 

Boston 39 39 92 25-125 

Parish 9-14 9-12 27, Bird 9-19 54 23; Slchttna 
7-13 U 22. 5lipanovIcri 4-19 5-5 11 Rebounds: 
Indiana 43 (Kellogg 10); Boston 41 (Bird 11). 
Assists: Indiana 19 (Ketlooo ol; Boston 29 
(Alnoe 4). 

Seattle 39 II 17 14-74 

Chicago 19 28 24 »- 93 

Jordan 6-15 10-10 22. Johnson 4-11 M 14. 
Canine 4-10 2-3 14; Slkma 5-11 4-8 14, Cham- 
bers 7-16 1-2 15. Rebounds: Seattle 51 (Slkina 
161 ; Chicago 54 (Johnson 111. Assists: Seattle 
18 ( HendKsan. 5undvald 4} ,- Chicago 24 (Jor- 
don 91. 

Stta Antonio 32 19 34 24-122 

Houston 32 D 32 14—197 

Garvin 21-24 M 42. Mitchell 9-17 SS 23; 
Santtson 13-25 4-4 30. Olaluwan 10-18 M 22. 
Rebounds: Sen Antonio 44 (Gilmore 10); 
Houston S3 (Ota tuwan, Sampson 12). Assists: 
San Antonio 34 (Moore 121; Houston a 
(McCray 8). 

PhUodetoMe 27 24 26 27-184 

LA. Lakers X 31 22 24—189 

AbCkif-Johtwr 9-19 5-7 23. Scott 11-16 0-1 22: 
Toney 9-199-1030. Ervtng 8-1304) ILMaloiioS- 
134-714. Rebounds: Phllodetotita 42 (Malone 
14); Las Anoeiei 44 (Abdul-Jefcbar 9). As- 
sists: Philadelphia 28 (Cheeks. Tonev 9); LOS 
Angeles 34 (Johnson 151. 

SATURDAY’S RESULTS 
Seattle U 34 a 24—113 

Detroit 33 a 34 33—132 

Lolmbeer 16-24 3-4 35, Johnson 0-13 4-4 20; 
Henderson 9-1) 7-9 25. Slkma ID-20 3-5 23. Re- 
bounds: Seattle 48 (Slkma »); Detroit 44 
< Lolmbeer. Jones 11). Assists: Seattle a 
(Henderson 9); Detroit 32 (Thomas ia). 
Phoenix 24 31 a » IO—II5 

Washington 27 21 25 22 is— 119 

McMillan 15-24 7-7 37. Malone 13-24 3-5 27; 
Nance 19-14 1-221. Lucas7-14 1-415. Reboeods: 
Phoenix 71 (Lucas 16); Washington 52 (BaL 
lord is). Aasws: Phoenix 24 (Lueas5) ; Wash- 
ington 33 (Gus Williams 141. 

Indiana 27 H 32 25— IV 

New York 27 27 31 34 — im 

Cummings 6-19 6-12 24, Walker 7-16 4-9 16; 
Williams 7-13 9-14 U Kelloaa 5-10 9-10 19. Re- 
beeeds: IntBana 44 (Williams 15); New York 
SI | Bannister 8). Assists: Indiana 17 { Kellogg 
3); New York 27 (Walker I). 

Gotten State IS 24 27 33-111 

Kansas dtv 27 22 27 43—120 

Olberdlna 6-ID 7-11 23, Theus 4-15 8-10 20; 
Shon 15-29 2-4 34, Floyd 4-15 4-8 14, Rebounds: 
Go(den5tate 42 (Smith, Wtiitehoad4l; Kansas 
atv 65 (Thorpe 14). Assists; Gotten Slate 26 
(Floyd 9); Kansas City 32 (Drew 8). 
new Jersey 32 27 17 27— tin 

Danas 22 19 22 3»- 93 

Richardson Ml 6-7 2L O’Koren 10-K 2-222; 
Aguirre 17-32 3-1 » Btockman 7-12 6-7 20. 
Rehouads: New Jersey 44 (Williams 9); Dal- 
las 53 (Vincent H). Assists: New Jersey 22 
[Richardson 10): Dallas 25 (Davis 10). 
Milwaukee 37 24 21 21—195 

Houston 30 31 23 18-192 

Cummings 12-23 4^ 28-Moncr l«f 5-129-14 19; 
Sompion 6-U 3-4 19. oialuwon 2-9 10-14 il 
RW ounds: Milwaukee 45 (Preney 7); Haus- 
ion 45 (Otakivmn ID). Assists: Mliwaiwee 20 
(Mencrief 6): Houston 28 (Hollins 4). 
Atlanta 25 3) 24 39-104 

Chicago 36 25 26 28—117 

Jordan 17-u 11-U 45. woofridee 9-19 4-4 22: 
Wilkins 8-22 13-16 30. Willis 10-19 <-7 24. Re- 
bounds: Atranta 47 iLevingsion 17); Chicago 


Basketball 


48 IS Johnson 13). Assists: Atlanta 17 (Rivers 
6); Chicago a (Jordan 10). 

OevelDlld SO SO 34 33—127 

Denver M 34 M 34-144 

English 9-22 9-9 To. Issel 8-13 8-10 34; Po- 

auette 8-1454 22. Free 7-204-7020. Rebaimdsr 
Cleveland 40 (Poquelte 14); Denver 45 (Coo- 
per 10). Assists: Cleveland 23 IBaalev •]: 
Denver 32 (English 9). 

LA. Loiters 21 V II 13— a 

Utah 12 22 19 23—94 

Danilov 7-11 17-19 3T. Griffith 8-20 1-2 17: 
Abdul- Jabbar 9-13 1-2 19, Johnson 5-11 9-11 w. 
McGee 5-9 1-2 12. Rebounds: Los Angeles 44 
1 Johnson 81; Utah 34 ( Eaton 10). Assists: Las 
Angeles 21 (Johnson SI: Utah 23 (Green 9). 
PbltadeUdiia 28 28 33 31—129 

LA. Cl toners 39 M » 39—113 

ErvffiB 1 1-195-427. Tonev 9-12*423; Bridge- 
man 8; 18 M 22, N Ixon 1 1 -23 IK) 22. Smith 6-14 9-9 
21. Rebounds: Philadelphia 43 (Bark lev. Mo- 
lone 10); Las Angeles 46 (Walton 171. Assists: 
Philadelphia 23 (Tonev ‘>1: Las Angeles 24 
(Nixon 14). 

U.S. College Scores 

SATURDAYS RESULTS 
EAST 

Amen con 85. Towsan Si. 69 
Arnhem 58, Bates 49 
Army 51, Holy Cress 48 
Boston Coll. 78. Connecticut 77. OT 
Boston 17. SO. Vermont 44 
Bawootn 94, Maine Maritime 49 
Brown 82, Yale 74 
Buffalo St. 82. Buffalo 71 
California, Pa. 45. Slippery Rock 61 
Conlsius 47. Northeastern 45 
Colgate 6a Dartmouth Q 
Connecticut CotL 61, Wesleyan ffl 
Cornell 46. Columbia 51 
Gettysburg 81. Franklin ft Marshall <7 
La Salle 7a Fordham 44 
Long Island U. 4ft FdrietBh Dickinson 46 
Maine BB. George Mason 78 
Manhattan 91. Fairfield 49 
Maryland 77. Notre Dome 63 
Massachusetts 72. Rhode Island 08 
Monmouth, NJ. 81. St. Fronds. Pa 79 
Muhlenberg 74. W. Maryland 72 
Ntoaara fli. New Hampshire 57 
Penn 59. Hanford 57 
Providence 72. Setan Hall 70 
Rider 72, Hafstra 48 
RPi 118, Vassar S3 
Rutgers 8a George Washington 73 
SL Banaventure 72. Duquesne 47 
St. Fronds. N.Y. 57, Wogner 54 
St. John's 6A Georgetown 65 
St. Joseph's K P«nn St. 40 
Stolen island 84, CCNY 54 
Stony Brook 81. Now Poltz 70 
Syracuse BO. Pittsburgh 75 
Trinity, Conn. 95. Tufts 75 
Unkn 49. Rochester 54 
W. Virginia 61, Temple 57 
SOUTH 

Akron Bfl. E. Kentucky BA 5DT 
Ato. -Birmingham oft Va Common wealth 42 
Aueusia 78. Florida asm 74 
Davidson 182. Citadel 9! 

Duke 100. Ctemson 83 
Florida 86. AiaDoma 77 
Georgia II, Mississippi si 
Georgia Southern 65. Centenary 56 
Gram bring 69, Alabama St. <6 
Jacksonville 96. N.C Charlotte 47 
jamas Madison 4ft N£.-Wllmtngten 44 
Louisiana Sl. 60, Auburn 62 
Louisville 84. N. Carolina St. 78 
Marshall 47, Furman 40 
McMeese SL 82, N. Texas SL 44 
Memphis SI. 19, Virginia Tech 79 
Mississippi si. 71, Vanderbilt 70 
N. Carolina a&T 4ft 5. Carolina SL 66 
N. Carolina Cenirol 42. Uvlnoaane 59 
New 87, E. Carolina 48 
N. C-Greeroboro 80, Methodist 78 
Old Dominion B& S. Atabama 74 
Richmond 82. William ft Morv 74. OT 
S. Florida 73, W. Kentucky 48 
5. Mintaotool 77. Florida St. 63 
Tena-Marlln 51, Vattasta St. 47 
Tn. -Chattanooga 70. VMI 54 
TiHane 77. S. Carolina 71 
Virginia 5ft Witte Forest 56 
W. Carolina 79. Aooatodiian St. 71 OT 

MIDWEST 

Butler 41. Xavier. Ohio 59 
Case Western 71 Oberlln 67 
Cent. Missouri SL 9ft Mcl-SI. Louis 68 
Coe 71 Chicago 64 
Davton 45. DePcul 44 
DePauw eft Hanover 48 
Hamiine 71 Concordia. Minn. 67 
minors Sl. 45, Brodlov 55 
Iowa 105i Wisconsin 65 
Monkoto St. TB. St. Cloud St. 64 
Miami. Ohio 91 Ball SI. B9. OT 
Mlnn,-Dulvm 73. SW Minnesota 71 
N. Iowa 74. Ill.-Chicoao 73 


time champion here, with a power- 
ful and consistent backcourt game. 

Later Saturday, the top-seeded 
McEnroe, seeking his fourth con- 
secutive U.S. Pro Indoor title, 
coasted through his semifinal 
match against Sail! Darn, 6-2, 6-4. 

Mecir kept Connors pinned to 
the baseline Tor most of their 2- 
hour, 24-minute match. 

In the seventh game of the sec- 
ond set, Mecir broke when Con- 
nors hit a crosscourt forehand 
wide. That gave him a 4-3 lead, and 
he went on to square the match. 

After trailing. 1-4, in the third 
set, Connors broke Mecir and held 
his serve to draw to within 3-4. He 
reached break point in the eighth 
game, hut his backhand approach 
shot was ruled out. Connors pro- 
tested the calL 

Mecir won the next two points to 
hold serve, then he broke Connors 
to win the match. Mecir passed him 
with a backhand down the line for 
match point, and won when Con- 
nors hit a backhand long. 

McEnroe continued to show 
strong form Saturday, and had Da- 
vis off balance for much of their 71- 
minute match. 


Nebraska 7«, Missouri 46 
Northwestern 5ft Minnesota 51 
Ohio St. 47, Purdue 63 
ONo U. 77. Kent St. 38 
SE Missouri Bft NE Missouri 47 
St. Louis 71 Evansville 47 
St. Mary'S 7ft Cartetan 54 
Totado 75, Bowling Groen 67 
SOUTHWEST 
Lamar 72. Loutslono Tech 44 
Lovota. Ill 80. Oklahoma City 65 
Oklahoma 94. Kansas SL 75 
Southern U. Bft Prairie View 71 
Texas Christian 51 Texas 45 
Texas Tech Oft So. Methodist 43 
Texos-EI Paso 71, New Mexico 49 
FAR WEST 

Air Force 49. Hawaii 72 

Arizona 71 Oregon 54 

Arizona SL 81 Oregon SL 81 TOT 

Brigham Young, 41 Utah 42 

.Kansas 7ft Colorado 48 

Montana 73. Idaho St. 65 

Nevado-Reno Bft Idaho 47 

Nev.-Las Vooos 75. Lana Beach St. 61 

Southern Cal Bft California 80 

St. Mary's. Call). 76. Peoperdlne 71 

UCLA 100. Stanford 71 

Wtahlnotan 71 Woshlneton 51. 34 

weber SL 79. Montana St. 44 


World Cup Skiing 


MEN’S DOWNHILL 
(At Garaifsch'ParfenkJrchen. w_GermJ 
1. Helmut Hoeflehner, Austria. 1 minute. 5134 
seconds. 

X Peter Mueller. Switzerland. 1:54.7ft 
1 Anton SMner, Austria. V.SSZL 

4. Karl Alploer. Switzerland, IlSSAI. 
ft Michael Malr. Italy. 1:554ft 

ft Peter LuesdW, Switzerland 1:5199. 

7. Bruno Kernen. Switzerland, 1:5601. 

8. Todd Breaker, Canada. 1:5606 

I) to) Franck Piccard France, 1:3606 
IB. Franz He Inzer, Swit z erland. 1 :S609. 

11. Peler W lrasb erger, Austria. l:Sft2L 

12. Canradln Cafbwtiea Switzerland. 1:5634. 
11 Franz Klammer, Austria 1 :5651 

16 Vladimir Mokeev, Soviet Union. 1:5637. 
IS. Markus WOsmaler. West Germany,) ;SA62. 
(17. Bill Johnson. Mollba Com. 1:5672}. 
MENS SUPER GIANT SLALOM 
(Al Gomt s cfa-Porte n ldrdien) 

1. Marc Glrardolli, Luxembourg. 1:3609 
Z Andreas Wenzel. Uedietmtoln. 1:3626 
3. Hans Stutter, West Germany. 1:3659 
6 Luoscher, i:366t 

ft Mlchooi Eder. West Germany, 1:3668 
ft Peter Roth, West Germany. 1:3670 
7. Hetazer. 1:3607 
ft Oswald Tatsch. Italy, 1:33.23 

9. Ernst RMebMfoer. Austria. 1:3526 

10. Thomas Busrgtor. S wit zer land, 1:3526 

11. Jacnun Luethy. Swit ze rland 1:039 

12. Bemd r e lb in ner. Weel Germany. 1:35.34 
11 (tie) Joachim Buchner, Austria, Jura 
Franko. Yugoslavia, Mueller. l-JLM 

ME ITS OVERALL STANDINGS 

1. Glrodoill, 215 

2. Pirmbi zu r hrtogen, Switzer la nd. 179 

3. WenzeL 172 
6 Helnzer. 125 
ft Mueller. 121 

ft Hoeftohner. 113 

7. Wlrasberger, 111 

8. Buerotor, 187 

9. Martin Hanoi, Switzerland 93 

10. Luesdwr. 92 

WOMENS SUPER GIANT SLALOM 
(At Arasd Seritzertondl 

1. Marina Ktehl West Germany, l minute. 
2547 seconds. 

2. Eva Two r do k ons. United States, jasA 
1 Mlchelo FI gin I, Swttzenand IdftOft 

6 Otoo Oiarvahiw, Czochastovakla 1 dBJft 

5. Erika Hess, Switzerland. 7:2650. 

ft Mictweto Gera. West Germany, 1:2643, 

7. Marta Wdlilser. Switzerland i;26Jft 

8. BloiKS Femondez-Dchoa Spain. 1:27.1ft 

9. Regina MoMonleChncr, West Gamonr. 
1:27 A 

10. Laurie Graham. Canada 1:2726 

1). Cindy Nelson. United Stated 1:27.30. 

12. Perrlno Peiea France. 1 1 27,76 

13. Korin Dodler, West Germany. ):2LTL 
16 Carole Merle, Franca. 1 :28.1ft 

1ft Zoe Haas, S witter land 1:2821. 

WOMEN'S OVERALL STANDINGS 
1. Ftglnl. 221 paints. 

X Brlftlttc OcrtiL Switzer tand. 16ft 
1 Elisabeih Klrchler, Austria 15ft 
6 Kieni. 151. 

5 wolllser, 149. 
ft Hess. Uft 

7. Chorvatowa 12ft 

8. Tamara McKinney. Lexington. Ky„ 107. 

9. Marla Eoale. West Germany. 82. 

Iliel Chrlsteile Gulgnard. France. 82. 


1 M 


»• ’I' 


J 









V"" ■ 


Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JANUARY 28. 1985 


LANGUAGE 


The New Takeover Lingo ^ Space-Age B 


By William Safire 


W ASHINGTON —“The com- 
bination of busl-up takeover 


VV binalion of busl-up takeover 
threats vsiih greenmail has become 
a national scandal," writes Martin 
Up too. a lawyer, in The New York 
Law Journal. He adds, ominously, 
"The junk-bond bust-up takeover 
is replacing the two-tier bootstrap 
bust-up takeover." 

"National scandal" is the only 
phrase I recognize in that bum of 
tycoonspeaL “The new vocabulary 
of our business." the investment 
banker Felix G. Roharyn has writ- 
ten. reflects a go-go atmosphere in 
which "two-tier tender offers. Pac- 
Man and poison-pill defenses, 
crown-jewel options, greenmail, 
golden parachutes, seif-tenders all 
have become part of our everyday 
business." 

Let us consider the individual 
words and phrases. When Brian 
Fernandez of Normura Securities 


is quoted in Newsweek as saying. 
“I’m sure ITT has a mine Held of 


"I'm sure ITT has a mine Held of 
poison pills and shark repellent to 
keep people away." what docs he 
mean? 

Shark repellent is the action tak- 
en by a company’s board to shoo 
away raiders — the “sharks" cir- 
cling the company and hoping to 
chew it up. 

“One way to repel sharks is to 
stagger the board of directors." re- 
ports Fred R. Bleakl ey of The New 
York Times. “Instead of having the 
terms expire for all the board mem- 
bers at the same time, making a 
takeover easier, the staggering 
might mean that only one mem- 
ber's term expires at any given 
time," which ought try a shark's 
patience. Another repdlent is a 
fair-price amendment to the compa- 
ny's bylaws, preventing the shark 
from offering different prices on 
bids to different stockholders for 
their shares. Yet another is the 
crown-jewel option, selling off the 
most profitable segment of the 
company; this comes from the figu- 
rative use of “the jewel in the 
crown." now the title of a television 
series having nothing to do with the 
world of big business. 


My favorite repellent is the poi- 
n pilL taken from the world of 


son pill, taken from the world of 
espionage, in which the agent is 
supposed (o bite a pellet of cyanide 
rather than permit torture after 
capture. To make a stock less at- 
tractive to sharks, a new class of 
stock may be issued: This is “a 


preferred stock or warrant." Arthur 
I Jmaq a lawyer, informs me. “that 
becomes valuable only if another 
company acquires control. Because 
it becomes valuable to the target, it 
becomes costly to the buyer When 
the buyer lakes the bile, to follow 
the metaphor, he has to swallow the 
poison piD." 

A Junk bond is a high-yield, high- 
risk security specially designed to 
finance a takeover; this is supposed 
to enable the issuer of the bond to 
get enough bank financing to offer 
stockholders cash for all the stock 
in the company. “Following the 
takeover.” writes Lip ton, “the tar- 
get is busted up to retire pan of the 
takeover financing. Plants are 
dosed, assets are sold, employees 
are thrown out of work and pen- 
sion plans are terminated." 

In extremis, a corporate survivor 
can try greenmail Fust the shark 
swims around the company, show- 
ing its wicked fin and making men- 
acing splashes; the shark keeps 
buying stock, but not enough to 
take over. Then the shark offers the 
frightened directors on the life raft 
a deal: Use company assets to buy 
in the shark-held stock at a premi- 
um. higher than the market price. 
Big profit for shark, safe jobs for 
management, and only the other 
stockholders get hurt 

" Greenmail is patterned on 
blackmail with the green represent- 
ing greenbacks repons Sol Stein- 
metz, a lexicographer, at Barnhart 
Books. “It may have been inspired 
by the earlier graymail" That is a 
threat by a defense attorney to 
force the government to drop an 
espionage case by demanding the 
exposure of secrets. 

1 am not going into two-tier 
lender offers or Pac-Man defenses 
because it is not my intent to steal 
students from the Harvard Gradu- 
ate School of Business, but the 
golden parachute deserves etymo- 
logical examination. This agree- 
ment to pay an executive his salary 
and benefits, even if the company is 
taken overby somebody who wants 
to heave him into shark-infested 
waters, is based on golden hand- 
cuffs. coined in 1976 to mean “in- 
centives offered executives to keep 
them from moving to other jobs. 
In turn, this was based on the Brit- 
ish golden handshake, a I960 term 
for a whopping sum given as sever- 
ance pay. 


By Benjamin Forgcy 

Washington Post Service 

WASHINGTON — The new 


W ASHINGTON — The new 
headquarters for Intelsat, 
the international -telecommunica- 
tions satellite consortium, is with- 
out question the most provocative 
building ever to wind its way up a 
Washington hOl. 

Co nsisting of nine octagonal 
“pods” sheathed in glass and alu- 
minum, and five extraordinary 
space-frame atria, the $5 1-million 
building at the southwest comer 
of Connecticut Avenue and Van 
Ness Street NW commands atten- 
tion. Although not quite finished 


and entire colleges. Andrews's 
company was chosen from six 
leading firms invited to submit 
proposals to a competition. Intel- 
sat. in other words, was from the 


beginning conceived as a major 
architectural event comparable. 


— computers are going in now, 
with office workers to follow this 


spring — the Intelsat building has 
become an object of intense dis- 
like, or affection. 

Intelsat is not a masterpiece, 
but it is in many ways an admira- 
ble and even a likable structure, 
and its complexities and ironies 
are worth careful examination. 

The architect is John Andrews, 
an Australian whose international 
practice has included any number 
of very large, programmatically 
complex and visually impressive 
Modernist projects: skyscrapers 
and horizontal office buildings, 
multiuoit residential quarters, 
prestigious educational buildings 


architectural event comparable, 
say, to the Pompidou Center in 
Paris. The diem and jury clearly 
wanted a building with impact, 
and they got one. The nautre of 
this impact will be debated in 
Washington for years to come, 
and one's position in the debate 
will depend on responses to four 
intercalated issues: the way the 
building responds to its site and 
the dty around it. its style, its 
energy efficiency, and its interior 
spaces and working environ- 
ments. 

The building's interaction with 
the dty is by far its weakest link. It 
is a jewd. a dazzling necklace in a 
green setting. It looks, in fact, as if 
it were a glittering piece of the 
21st century designed for an iso- 
lated hffl in the far-out suburbs of 
Anywhere, U. S. A., and placed, 
by celestial error or mere bureau- 
cratic foul-up. at the corner of 
Connecticut and Van Ness. 

If the immodesty of its overall 
image is inappropriate to the loca- 
tion — Connecticut Avenue from 
the edge of downtown to the Van 


Ness intersection is the city’s most 
urbane residential boulevard, 
lined with fine masonry apart- 
ment buildings — the Intelsat 
building is an affront to average 
pedestrians. This is because, for 
reasons best known to Intelsat di- 
rectors. the main entrance is on 
the wrong side of the building, 
that is to say up the hill, facing the 
new embassies and the new park 
on International Drive. 

The buDding does meet the ave- 
nue comer with a certain emphat- 
ic finesse. A glass wall hangs like a 
sign between two massive cylin- 
drical wings and above quite a 
grand flowing staircase, but the 
staircase is — how shall 1 say? — 
mis leading. The only people al- 
lowed entry here nil] need securi- 
ty clearance: casual visitors inter- 
ested in Intelsat’s by no means 
uninteresting business will have to 
trudge around to the back. 

There are certain redeeming 
features, the major one being a 
park (with daytime access) that 
will open up underneath a tower- 
ing stand of oaks at the comer of 
Connecticut Avenue and Tilden 
Street. In addition, a number of 
shops lucked away to the side of 
the avenue entrance will make the 
building seem more a pan of the 
city. Bui basically, from the pe- 



VY ■* 

H Smod/Tto Wtatagw ftnf 


Exterior new of Intelsat's new headquarters building in Washington. 



B1 Snaod/Ths Wcdregton Poo 

The atrium of the “smart budding,*' which is designed to save energy. 


desman poir.i of view, the Intelsat 
building is like a tantalizing appa- 
rition: Look, but do not touch. 

In this respect the comparison 
to the Pompidou Center is apt and 
most unfortunate. The Pompidou 
Center, a huge, playful bauble in- 
serted in an'oid quarter of Paris, 
is. definitively, a noncomextual 
building, but whatever one thinks 
of all of that colorful exposed 
plumbing, it does attract a large 
and enthusiastic public to enjoy 
and use the budding. Intelsat, by 
contrast, is a private preserve. 

What. then, is likable about the 
Intelsat building? Andrews and 
his assoria res sett out to design and 
build an energy -efficient jewel, 
and they did. The plan is to wash 
it with light at night — perhaps 
not a terribly energy -conscious 
thing to do. but aesthetically par- 
donable and more than justified 
by the tremendous energy savings 
predicted for the building. 

The issue of the style is not an 
easy one to resolve. What building 
in Washington, except the Smith- 
sonian Castle, has a more active, 
picturesque profile? What Queen 
Anne house has more handsome 
turrets or bays than Intelsat’s cy- 
lindrical. nearly free-standing 
stairwells? What rambling Vic- 
toriao-era mansion has a more in- 
teresting set of gables than the 
many-sided glass roofs of Intel- 
sat’s atria? I don't mean to suggest 
that Intelsat is a posi-Modernist 
enterprise full of allusive histori- 


cal quotations. But. for whatever 
combination of aesthetic and 


problem-solving reasons, the ar- 
chitect managed to make a build- 
ing that is quite appealing in a 
conventional. non-Modernist 


In March. Andrews will deliver 
the keynote address to a Los An- 
geles conference on design and 
Technology sponsored by the 
.American Institute of .Architects. 
His topic will be “A New Genera- 
tion of ‘Smart Buildings,' " and 
Intelsat is likely to be Exhibit A. It 
was designed, through and 
through, with passive energy sav- 
ing in mind, and from floor to 
ceiling the operation will be moni- 
tored and controlled by comput- 
ers. (This is what makes it a 
“smart” building.) 


by the operation erf the toilets can 
be recovered for use elsewhere.) 

In these and many other re- 
spects, Intelsat is an engineering 
feat If all works out as planned, 
more than 57 percent of the ener- 
gy to light, heat and cool the struc- 
ture will come from natural 


The building’s siting and its ba- 
sic form, for instance, were deter- 
mined mainly by energy consider- 
ations. It is on the UU to take 
advantage of sunlight and wind, 
and the interlocking octagonal 
forms of the office pods and the 
atria derived from the desire to 
provide as many offices as posa- 
ble with natural light. The reflec- 
tive sun screens attached to the 
facades are designed to allow tight 
in and to keep heat out, when 
necessary. The vast duct systems 
running throughout the building 
are distributors of air treated by 
siaie-of-the-an energy recovery 
systems. (Even the beat generated 


Another facet of the design — 
Andrews probably would call it a 
byproduct of the solutions to the 
energy puzzle — is the quality of 
the interior spaces. The atria, es- 
pecially those with cantilevered 
concrete stairwells in the center, 
are beautiful, quite human in scale 
and not junked up with a lot of 
Portmanesque fancy work. 

Intelsat should be a good build- 
ing to work in. Exterior and interi- 
or views are plentiful, and the 
building is, among other things, 
extremely walkable. (There are 
but two elevator banks.) Just get- 
ting from here to there in this 
building promises to be a fascinat- 
ing experience. 

The strong public reactions to 
the building bode welL They re- 
mind me of the furor that greeted 
Alfred B. Mullett's State, War and 
Navy building (now the Executive 
Office Building), which Henry 
Adams called an "architectural 
infant asylum” and which most of 
us today would fight to preserve. I 
can imagine, 50 years from now. 
fighting to save the Intelsat budd- 
ing. 


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Price: F5J0OD00 


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75008 Paris 
Telex 231696 F 


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AU PAIR OR HOUSEKEEPER la are 
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London WOE 9JH. 


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Ml PAIR needed fer professional cou- 
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builrtng ■tenuiBBrt Murat 
catro di ote hateh, thaaptoa 
i Itw eBment lange U SS2 5jODO 
USSZ5DOLOOO 


rial bate «dtt a npwta 
in London spedoiarg to M 
Arab Overseas Save & Ttw 


RK3UUS RNAWQALLY STRONG 
Bropean - American > or MiddfeEarf- 


Bahnhohtrooe 52, 048022 lanSt 
Tet 01/211 9207. Tic 813 062 




lapd 5bowrue ni A inventory 

All mokes. oB models, brand new 

•-'-tfHfra 1 *- 

7h 35546 PHCAS7 B 
Anriy far our arioor catrtogua 
USS5 cash 



SERVICES 


Trust MU) 


Lid. 2B Black Rimer Rd. London SET. 
Trt 735 8171 


cm fenders or fetidng bate or lenfrng 
syndcates who am interested to S 
ncjncinj vary vuUe praiecls n same 
cares ogoe u t prime bah of prime 
fo—onc o or prone txqma s oty rates 
es guarartaoL to otter cores no ourt- 
redees avteabie, to be fmanctelby 
either the suprty of a guarantee or 
partKKiation tasa. Currencies re- 


fUBOAMffllCAN 
INVBTMBiT CORPORATION 
100 ft Bacayne Bfvd 

SVrt °T^Cg*^W97 3132 
Tefee: 8032 V EURO MIA. 


BUSINESS SERVICES 


SETTING W CANADA 


UMTTED COMP AMES 

BAMS 

INSURANCE COMPAMB 


PAHS 

rear CHAMPS ELYSES 

RENT 

YOUR OFFICE 

wtft Jfaa ffR ee 


AUTO CONVERSION 


MBKXDE5 500 SL 
Signal Red 568 - Lerther Black 271 .firty 
loaded ■ 44,000 km, from b/83 
US527500. 


YOUNG LADY 

PA/Intorpreter & Tounsn Gad* 

PARIS 562 0587 



Bfoe 904 -Leather Creme 775, 
hrty fa ted - 27,000 fan., from 5^3, 

. Aatehan-Saed Onfall 
BoctemrerStr 103. 4330 R ecUtogh a usen 
Tel 02361/7004 Tx 829997 AIC D 


FARBP-A. 

bbjngual young lady 

MRS: 520 97 95 


**t AB 
inict confidence. Bax 40253. ULT, 63 
Utng Acre. London. WC2E 9JH. 


EJfPBBBUCHJ CAR TRADERS for 


AUTOS TAX FREE 


Mereedre. BMW, Forscta offer fuS 
myin report / report 05 DOT &l 
ffA for fan) & darter. Ocecrwida 


Inve st pent and tounjgradgn 
Contact DART BfnST 
1918 McGR Caine 
Mortnsd H3A 2W9 - Grato 



Maori neat Artueteltnuai 
Boat Registrattora 
faodymadeor Spedrt 


| AUSTRALIAN REGtSTBB) Company 


tequees USS25 drift* for raufiiu k m i 
of wry wotrie buUng project on the 


T «i* 


LONDON HB F WSO ITATIVE 


18ciGoW, Steel ond 1 8 a Gold, Stael; waler/esistorrt 30 m, Qoortz. 
oAeStMWttfrt Fcir Iro fomtaSon write 66£L S. 2300 laChattt-de-Foncfe/ Switzerland. 


COUATOAL 


ASTC3N COMMNT FORMATIONS 
Dept HI. 

8 VSctoria St 


ry wofafe buKfing protect on the 
axst of Audrta a. beadt ItreJ 
m & deretopmert pernrits are 
uto, amourt requirad fer 5 years 


YOUROFHCc M PARS RIGHT ON 

THE CHAMPS B.YSGES 

luxury samcH> omcB 


Motors, Tentoegaretr. 8. 4 Durew*- 
dori.W. Germony. Tte R 211 - 


NEW MERCEDESl^j^hl 


PAGE 13 
FOR MORE 
CLASSIFIES 


Telephone te&rertag, Trtre, Far 
teaetatriat, in erting roam 
ACTC, 66 ChoffiM Bysetss Pore fth 
Tab 562 66 00- Ifo 649157F 


PORSCHE, BMW, EXOTIC CARS 


FROM STOCK 


W ecgnpraw idap rtrebteiknofafiarton 
of ujfcteid for csrbrtrQQC tastoons. 
Reasonable fees, froowl rerwoe. 
London based. Telex 8951622. 

Teh 01-385 5492 t 01-930 8926 


DoudoL Ue of Man. 

Tato4^9f „ 
Trtre 62791 SWA G 


W l H ffREWG / TRANSWTWELl 
Techncol/eortimerdoL Pans 306 0664, 


TAX HAVEN MSS RANK, 0Ca»- 
tomarf to harvftng matters *i confi- 
dence reeta tern departs wtech 
would bear mar at of up ta I4X p®- 
onrexn. Ewopean Ovencas Bonk 
' JW 11 Ud. ftaresertrtire Office. T«J 

tiwfon 735 81 71 . Teto* 295555 L» G 


YOUR LONDON ona 


CHQHAM EXECUTIVE CB4TRC 
Canipieherofra range of serwees 
150 Regent Street. London Wl, 
Trt: (01 YM 6288 Tlx.- 261426 


fer UUmXATI <kkwy 
BEST SERVICE 

For dnppieg, msunnc*. bond, 
core te r tian m U5A 

RUTt INC. 

Tounuutr. 52. 6000 Frnrirfwt. 

W Germ . tel « 67 232351 . ri> 41 1559 
Infcrmamn only by phone or Telex- 


VAN CLEIT^ ARPELS. 


WORLD FAMOUS JEWELLERS 
NOW HAVE A SHOWROOM IN 


LONDON 


153 NEW BOND STREF.T. 
irT EL: 01 -49 f r 1 4 05 - ^ TEL£X:C66265 


Printed by gdz In Zurich (Switzerland) 


-» ./ ' ' 


pprJ Tr 
ksigii °J J 


f § ' •• ">v 


- 






TAX FSS NBN WSKS3ES 
500 Sa. SEC. SU toreerfete dafegy. 

fuB export service. Sow now 
Unheakftie rehotaafe prired 
CoS Selection - art repvenal 
Selection Import-Export GmfaH 


Hi V - 


cfc. : ‘. T .‘ 




Tux fire# Cert/ Tax free Port* 
500 SI BfeduTAL, new B 
930 Turbo, Red. Stock. Ww B 
911 Camera Coupe, 84 modd 
RBMEX GmbH, Getffagrtr. 100, 
D-4330 Muetteun ad. Ruhr, W Gym- 
TeL (0)208434099 TK 8561188 


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