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The Global Ne&kfcS 

Edited ia Paris 
Pointed Simul taneo usly 
, * u P "H> Zurich, 

a» 4 ftWa& 


ngapore. 

MareeiUe 


WEAT>« DATA APPEAR ON PAGE 12 

No. 31,709 ' 


Hcralb 


INTERNATIONAL 



Sri 


Universtty Of Jordan 
Center of Strategic Sturftot 
READrNG Ponw. 


Published With The New York Times and The Washington Post 

* ZURICH, THURSDAY, JANUAKY 31, 1985 


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Record Trade Deficit Senators 
Of $123.3 Billion Pressure 

fi Reported by U.S. Pentagon 

By Scuarr Auerbach mittee's subcommittee on interna- f'Ch T j 
i Sernre lional economic policy and trade. bl/i S L4UUm€T$ 

WASHINGTON — The United called the def icit figures “a pointed TT j t * 

Staws jMn.nonl trade defi- indictment of the Reagan adminis- Harden LUW OH 
at erf $1233 biDjon last year as a nation’s hollow trade policy'’ and ^ _ 

flood of imports drawn in by the said it “saps our competitive ClUS Ul BtldSfGt 
strong dollar overwhelmed modest strength.” 


mittee's subcommittee on interna- 
tional economic policy and trade; 
called the deficit inures “a pointed 
indictment of the Reagan adminis- 


dl erf $1233 billion last year as a nation’s hollow trade policy” and 
uood of imports drawn in by the sa >d it “saps our competitive 
strong dollar overwhelmed modest strength.” 
increases in overseas sales by US. The only bright spot was the iro- 
compames, the Commerce depart- proved trade picture for the last 
ment reported Wednesday. quarter of 1984, when the deficit 

The 1984 trade deficit was nearly ran at a yearly rate of J/09 billion. 


By Helen Dewar 

Washington Post Service 

WASHINGTON — The rift be- 


double the 1983 record of $69.4 far below the annualized figure for lwccn th* Senate’s Republican 
billion and almost three times the the third quarter of $146 brnion. leaders and the secretary of defense 
$4Z7-billion deficit of 1982 December’s $82-biIlion trade *** widened as Caspar W. Wein- 

Last year’s $36.8-Mlion trade deficit was the lowest of the year. Merger continues to resist reduc- 
deflcit with Japan alone was great- down $1.7 billion from November t* 005 i° bis budget and the senators 
er than the entire U.S. trade deficit “However.” Commerce Secre- indicate that they will try to hold 
as recently as 1980. lary Malcolm Baldrigc said, “some notary spending at current levels. 

'TL . .1.. . _ .1 # .1 ■ . . ® ■ A ffop n4in* nine a* n 




OPEC Ministers 
Split on Prices, 
Adopt Majority 
Accord on Cuts 




The newly announced figures are of the improvement may have been 
expected to increase protectionist temporary, resulting from Iowa 
■‘pressures on the Reagan adminis- imports associated with wide- 
uation, and the deficit is expected spread inventory reductions.” 
to dimb even higher in 1985, ac- “Resumed growth in the econo- 


ATter what was described as a 
"tough” meeting between Mr. 
Weinberger and the Republicans at 
the Capitol, the chairman of the 
Appropriations Committee, Sena- 


— O - ' HV ^IVtTUi ill gilt UAhJlr . _ | | « 4V u mm ,, . ^ 

cording to pnvale and public ana- my and the continued impact of the j w nr\® d of 
lysts. dollar’s rise during 1984 indicam . . Mr. Weinberger a draft 


!y«s. dollar’s rise during 1984 indicate 

Jeny Jaanowski. chief econo- higher imports for the months to 
mist of the National Association erf come and another record trade detf- 
Mannfacturers, called the trade fig- idt for 1985 ” he said, 
ures “a disaster” that was subtract- President Ronald Reagan met 
ing from the country’s overall eco- with Prime Minister Yasuhiro Na- 


doOar’s rise during 1984 indicate mt- wemoerger a -flraf 

higher imports for the months to ^ 

cmne and another record trade del- vowe ^ 

idt for 1985,” he said. P” 58 * fo f afrc gc^ spend- 

Presidem Ronald Reagan met “* , a f d ^ <W«s 

with Prime wouid a PP rovc measure. He 


By Hugh Pain products, m 

Rmm ™ Goieva 

GENEVA - OPEC oU minis- Farado,uc 
ten failed to reach a consensus on ^ / , 

pricing Wednesday and ended an 2 £L?m 7£ 
emergency meeting with a mqority 

accord signed by nine of the er ®l ^ months. . 

group's 13 member. However the public viewed the 

Algeria, Libya and Iran, the ««f, fence. Mr. Yamam aud, it 
hardliners in the Organization of ^ a Pf t,veai ^frons signal to 
Petroleum Exporting Countries, re- H M)S ^wha know the world ou mar- 

fused to endorse the agreement that k , . . 

effectively towered prices by trim- . 10 F 31 *' R 81 ' 

ming the price gap between high “J?“f 
and low quality oils. Gabon ab- “ ave . ^ 
stained. structure me 

The accord, reducing the gap actua ^ n 
from $4 to $2.40 a barrel w hile OPECs m 


products, according to oil traders 
in Geneva for the conference. 

Paradoxically. OPECs decision 
was expected to firm free market 
rates for light crudes, which have 
sagged below official levels for sev- 


with actual market forces. 

OPECs own view, broadly ao- 


keeping OPECs minimum price of cepkd by traders and analysis, is 
26.50 dollars unchanged, would re- that the majority derision, lowering 

1. ■_ - P , iL. r^F l,;.L A 


suit in a 29-cent cut in the average UK v™* “ ujgn-quamy cruucs 

? rtce, according to Ahmed Zau wbde leaving those for the heavy 
am ani of Arabia. grades as thQr were, wSi do much 

The sharp cut in the top prices 10 cihninate distortions, 
accepted by the majority brought As for the three dissenting coun- 
extra-hght grades down below the hies, the analysts said the removal 
$29-barrd level of Arab ligh t, the of their oil from the pricing struc- 
Saudi Arabian grade to which other ture was likely to have little effect. 
OPEC prices have always been Algeria sells much of its oil as 
pegged. refined products not covered by 

Jo avoid tins contradiction, the OPEC agreements', most of Libya’s 
nine countries agreed to abolish the *s produced by oil companies for 
concept of a benchmark altogeth er , which the official rate is no more 
“Theoretically ihcre is no marker than a tax reference price; and Iran 


the price of 


nomic growth and "radically kasone of Japan this month in an 
c han gi ng the way American firms effort to pressure the Japanese into 


also warned of a tax increase if it 
— .u- » ■ fads. 


are doing business.” opening their markets up to more , JJj JSEL 

The report said the United States American goods. U.S officials . 0 of w y°" 






J. '-'-z' 


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j- '• ---"l 

’ -jp-rjr Reagan Assures Rabin 
5PS Of Military Aid Increase 

" ”-. Tv. y'- The Associated Prat drawal of troops Tran the area 

.u-2—^r WASHINGTON — Yitzhak w™* Sdoo. 
i • Rabin, the Isradi defense minister, Espresangconmn ova the pos- 

— — said Wednesday after meeting with ability that with Isradi troops 
President Ronald Reagan that the ^ 

-•VS??s presidcntwouW request about $1.8 Palestinians, and Shiite and Sunn. 
: bQlkm in militarymd for Israel for Moslems nndii rwume.MrRabm 

blamed the Syrian and Ldianese 

“It will be not nxnctly wlntt wc 
wanted, tat around J1.8 billion,- 


ran 1984 trade deficits of $20,4 bfl- have estimated that fewa Japanese 
lion with Canada; $11.1 billion trade restrictions would increase 
with Taiwan; $8.7 billion with U.S. sales to that country by SIQ 
West Germany; and $62 billion billion annually, 
with Mexico. According to Wednesday’s re- 

The deficit with the European port. American imports of iron and 
Community overall stood at 5133 sted rose 61.1 percent in 1984, 
billion. while automobiles went uo 27 2 


made restrictions would increase SSt 

U.S. sales to that country by $10 H 5 ? ," c 

billion annuallv dtat rt was ntann ? tunc for the 

A^oUng urWedrrejUtys re- 

SSTiM * * ^ ^ 


vwuuiiuiuij UTUOI1 31WU U JIJJ ausi IIAC Ul.I ^ClbCUL Ul 1701, ly n w 

biDion. while automobiles went up 272 

Representative Don Bonker, an percent, electrical equipment 463 
Ore^n Democrat and chairman of percent and tdeconummications artinn 


Secretary- General Javier P6rez de Cu^lar of the United Nations, left, and Prime 
Minister Pham Van Dong of Vietnam, take a break in Hanoi daring their ifamy^ns 

Minister Says Hanoi Would Welcome 
Greater U.S. Role in Southeast Asia 


electrical equipment 463 man ^ packvod of Oregon. % Barbara Crosserte Mr. Pirez de Ctrftflar said that be 

and tdeconummications ^ m ”aary New Yor * rtma Senke was “very agreeably surprised” at 

J.3 percoiL spoiding could come as soon as BANGKOK. — Foreign Minis- the positive responses be got from 

S?S? 7pe ^? llBWt ‘ Wednesday, when, he said, com- ^ Nguyen Co Thach (rfVictiiam the Vietnamese on “three or four” 
92 bunon, with average ^ to said Wednesday that Hanoi would issues the United States had asked 

omnsmgto^trnmon bean laVinix action on specific as- wefcome a more active American him to raise in Hanoi 
ral prexmets a day, com- ^ a budget-cuitina plan. mle ™ saving the problems of One of these issues involves the 
Ih 5.1 mflhon per day m a , - • . . Southeast Asia. nearly 2300 U3. savicemen still 

in addinon^ to a ruterauon of Speaking at a news ooqfoence in listed as missing from the Vietnam 

ran fanners exported warnings Ihatintran^g e nce on mu- Hanoi marking the end of a three- War. Foreum Ministry nffirialt in 


.;$bc House Foreign Affair Conn producer 40 peregre ns n J 

Wednesday, vriien, he said, com- 

4 m Ambulance Killed S 

By Mine in Sri Lanka pnnrd srith5.l'SS a per y d^ P«risof Sbudga^uingplnn. 

Reuters 1983. In addition to a rriteration of 

COLOMBO, Sri Lanka — Four American fanners exported warnings that intransiaenoe on mil- 
persons were killed and sx serious- $382 billion worth of goods last jj 8 *?. s P ei ^ n 8 jeopardize 
ly injured when separatist Tamil year, 4.8 percoit more thm in 1983. deficit redwang, some senators 
guonllassetoff alandnuneunda Howeva, an increase of nearly 20 suggested Tuesday that it also 
an ambulance carrying patients in percent in imports reduced the ag- ccwidjeopardjzecontmned Repub- 
tile Eastern province, security offi- ricoltural surplus 10 percent, to “C® 11 coutrol of the Senate after the 
rials said ‘ $16-7 billion. (Continued on Pace 2. CoL 3) 


Mr. Pirez de CuADar said that be was sending back to the United anymore,” said Subroto, Indone- 
was “very agreeably surprised” at States until he relayed the informa- sia's od minister and president of 
the positive responses be got from tion to American officials. He also the three-day conference, 
the Vietnamese on “three or four” deefined to say what messages he Bnt Bdkacem Nabi of Algeria 
tones the United Stales had asked was bringing to the Thais. said that the three dissenters still 

him to raise in Hanoi. Mr. Tnacn said that Hanoi con- considered that the $29-bendimarV 


is willing to sell at a discount be- 
cause of the danger to tankers im- 
posed by its war with Iraq. 

More important in the view erf 


said that the three dissenters still analysts was that all 13 members 


him to raise in Hanoi. Mr. Thach said that Hanoi con- considered that the $29-b endunar k were prepared to stick to the 16 

One of these issues involves the sidered the MIA issue separate existed because “it can only be million barrels per day output crik 
nearly 2300 U3. servicemen still from the Cambodian problem. The changed unanimously."’ » ing set in October. 


itaty spending could jeopardize ^ ^ to v£tnam by Secretary- 
deftot reducing, some senators General Javier Kraz de Collar of 
soggpsted Tue sday that n. also ^ United Nalknis ^ ^ Thach 
txwld jeopardize contained Repub- said of the Amoicans: 
bean control of the Senate after the “If they can can make a war hoe, 

(Continued on Page 2, CoL 3) they can easily make a peace.” 




?A 

fca*® 




m*5. 

: 

i „ 

• r 


uuuim U1 uiuiuuf 4UU iui isiauiui , . V . ' , . 

1985 blamed the Syrian and L ebanese 

“It will be not exactly what wc 

warned, hut around $1.8 billion,- fErSl^^fo^o^S 

“We would like to prevent havoc 
oonmromtse between the $1.4 W- ^ massacres in the area that will 
hqn that Israel is receiving this year . ^ bv he said. “We 

and the $Z2 billion it sought for 


1986. 

Mr. Rabin said the administra- 
tion. apparently would make no de- 
cision on economic aid. Israel 
asked for $800 million as an emer- 
gency appropriation this year and 
SL9 bflhon for next year. 

“I believe that at present there is 
•vino derision about the size of eco- 
** nonne aid to IsraeL” Mr. Rabin 


ment and the United Nations: 
attaums^- ‘Don’t blame us if there are massa- 
ore a* ^result of our a^cua- 
non. 

{The Isradi Foreign Ministry, in 
ns year and ^ unuaiai move Wednesday, told 
*■ foreign ambassadors accredited to 

salt there is Jerusalem that Israel would not be 
size of eco- held responsible for any violence or 
Mr. Rabin bloodshed that followed the first 



cah ties of searching for remains. ‘ tween Hanoi and Washington, as 
Mr. Pfaez de CnHlat deefined to was the Vietnamese military pres- 
daborate on what message Hanoi ence in Cambodia. 

- . Speaking to reporters oh his 

• fl^it bati to Bangkok before 
meeting with Thai officials 
Wednesday night, Mr. Pfirez de 
Qidlar said he was buoyed by his 
reaction in Hanoi 
“Mr. Thach said the time is right 


. . « changed unanimously. - mg sel m October. 

listed as nnssmg from the Vietnam Reagan ad minis tration has said re- It was only the second general Mr. Yamam announced that a 
War. Forergn Ministry offici als in peatediy that lack of cooperation in redaction in the cartel’s 25-year contract had been signed with an 
Vietnam say they plan to bold a the search for bodies and informs- history and was bound to be seen as independent auditingtinn to moni- 
meetmg next month with Amen- tion on the mi ss oi g was s tan di ng in an embarrassing public defeat for tor adherence to the production ac- 
cans to tnrther explore the techm- the w^r of improved relation* be- an organization committed to cord, 
cauties of searching for re m ai n s. tween Hanoi and Wa shing ton, as keeping prices up. (to the Rotterdam spot cn 


keeping prices up. 

But it did not herald a lower 
in the price of gasoline or other 


(to the Rotterdam spot crude 
market, traders said the ministers’ 
(Continued on Page 2, CoL 7) 


UICGllUg "l‘U IUOJL UltLI.ld.ia -M--T • » y I 

U.S. Wants to Double 

recqition in Hanoi 

kSSS? SSeS Military Aid lor P era 

3S5is stfsssz 


enough for me,” he said. 

The secretary-general said he 
was willing to undertake prolonged 
shuttle diplomacy to bnng about 
peace in Cambodia, where Viet- 
namese troops are battling three 
guerrilla groups frying to over- 
throw the government installed in 
Phnom Penh by Hanoi six years 
ago. 

“T intend to pursue this exercise 


New York Times Service 
WASHINGTON —The R 
administration plans to ask 


rations, such as Amnesty Interna- 
tional, and from journalists. State 
Department officials say they take 
the reports seriously. An official 


gresatodoubie military aidto ten 

next year, which would make it the 55^°® happening mere. We 
largest recipient of US. military dont tram to minimize it" 
aid in South America, according to The Stale Department sown hu- 

State Department officials. tights report, which is to be 

By increasing the aid to $20 md- 


because I have a kind of feeling Hon. an administration official said 
that something can be done.” Mr Tuesday, “we want to encourage 


delivered to Congress this week, is 
expected to take note of the prob- 
lem. too. But since Pern has an 
ejected government and a free 


F 6 rezdeCn£Qar said. But he added the Peruvians to be m a position to 

that he thought it was too early to fi 8 ht their own, significant internal P I 5f 5 i® 5 7 ®** Department official 
♦ntv difficulties.” said, “we tend to have faith that the 


talk about convening an interna- 
tional conference on Cambodia. While struggling with crushing 
Among the suggestions Mr, P 6 - economic problems, Peru’s demo- 
rez. de Cutitar has been 4 Ur-»«ina cratic government has also been 
with the Vietnamese and Thais is battling the Stoning Path guerrilla 


difficulties . 1 
While st 


system will correct (he problem.” 

“There’s a process of discussion 
and debate going on there,” be add- 
ed. “We have been given confi- 


with the Vietnamese and Thais is battling the Shining Path guerrilla «L “We have been given confi- 
tfae establishment of a formal de- movement, which has terrorized deuce by the openness of the politi- 
miBtarized zone along the Cambo- P 41 * 5 & *he country for several cal system.” 
dian borda. The Vietnamese have Y 6315, to addition, the official said, Pc- 


said, adding that he was optimistic stage of the withdrawal from south- ed into the Sidon area, including In another matter. Mr. Rabin 
about what the U3. government ern Lebanon, The Washington Post 40.000 Palestinian refugees. U has seoned to confirm press reports, 


would doi.to support Isradi auster- 
ity efforts to turn its economy 
around, 

Mr. Rabin also said be had regis- 
tered Israel's objections to any at- 
tempt to give tne Soviet Union a 


reported from Jerusalem. 

[About 35 ambassadors and 
chiefs of diplomatic missions were 


recently become extremely tense; in even thoc 
anticipation of the Israeli with- toad has 
draws! — the first phase of the to China. 


he denied them, that 
ome an arms supplier 


■ Accord on Lebanese Troops 
Prime Minister Rashid Karanti 
of Lebanon said Wednesday that 


been pressing the secretary-general 
to end the practice of allowing 
guerrillas access to Cambodian ref- 
ugee settlements being aided by tbe 
United Nations Border Relief Op- 
eration. 

The secretary-general said he 


years. In addition, the official said, Pc- 

Pem noli receive about S9 xml- nivian government officials “are 
tion in American military aid this telling us privately that they are 
fiscal year, slightly less Co- determined to deal with this prob- 
lombsia, which now receives the tan.” 


two days of meetings in Syria pro- ^ — 

J n J* Jgr would “touch base with the Chi- y®ar- 

dneed new agreements to return h . . . « . Sta 


mosr, UJS. military aid in South The Shining Path, too, has been 
America. The administration plans accused of killing many civilians, 
to ask for nearly $20 million next The organization has frequently 
ar. been caned the most vicious guer- 

State Department officials hope rilla movement yet seen in the 


summoned to an bourlong meeting scheduled three-stage pullout from “We don’t talk about any arms Lebanese Araw troous to southern nesc his tour of Southeast atoto Department offiaals hope rata mowment yet 

ju the Foragn Ministry. The mes. L*auoo - iix Bit complctEd desk with countrie that piicr not ^EBL rgPSLSS ™£3 Ai. ends. China k conwlcred by U* Pen™® will spend the mm, HcmBphm. 

„ T“.S a rtA.riri rr„u 10 « l. -j'-nn *-«Miion qmcjoy_as soon as Israel tn hA (Ka Ahct.pL in 9 for nmnlennaireencv emurnnent As far as aid is r. 


sage was delivered by David Feb. 18. 


pTomment role in efforts to resolve Kiroche, Uk Foreigo Mirustry’ s di- 
the Arab-toarii conflict. rector-general, 

■ Rabin Warns of Massacres .1*" tfiLfSTH 


to agree to that,” he said. “When it 


“What wOl happen there,” Mr. comes to China, well, of course, 1 PrScTrwvTrtM 

en'.A a M hi l~^A « Amo,, it *• ,vaa ,S V^‘ 


Vietnam to be the obstacle to a for couniermsurgoicy equipment, 
^ A5StXMted solution of the Cambodian .prob- such as helicopters, to be used 


Rabin said, “only God knows.” 
Mr. Rabin expressed frustration 


deny iL" 

American officials have said that 


lem because B eijing continues to a g ai ns t tire guerrillas. 


Kabul Warns d Massacres ^ Foreign Ministry, said that at the inability to persuade the Syr- Israel has not informed them offi- 
Bemard Qwenzman of The New ^ Kirnche told diplomats (hat ians, through American diplomacy, dally of arms sales to China, but 


As far as aid is concerned, an 
official acknowledged that the 
United States has only limited con- 




York Times reported earlier from 
Washington: 

Mr. Rabin said in an intoview 
Tuesday that massacres might oc- 
cur next month in southern Leba- 
non after Israel completes its with- 


Israel feared an outbreak of to agree to security arrangements. 


“bloodshed and violence 


“The Syrians hardened their 


Lebanese Army or a UN force did sition in the last three and a 


that they believe the Israelis are »j™vwcpR 3 Kwan,m uamasm 
helping China modernize its old He said agreements also were 
Soviet-made tanks, and supplying readied on consolidating security 


The Syrian-backed prime minis- the Communist Khmer As it has fought the guerrillas, trol over how the money would be 

^ M “vS a Rouge forces of Pol Pol one of the the Peruvian military has been ac- spent 

wtn Aoaui-Hakm Knaddam, the ij^eg Cambodia rebel groups and cased of human rights abuses, in- The Peruvians would b< 

Syrian vice president, in Damascus, the remnants of the government eluding the torture and murder erf to spend the aid money in 


Syrian vice president, in D amas c us , the remnants of the government 
He said agreements also were overthrown by Hanoi in 1979. 

« u " .c. i . w_ nc 


The Peruvians would be required 
spend the aid money in the unit- 


not take control of the area around months,” be said, in opposing the it with other equipment, either in the chaotic Moslem half of Ba- uled to visit Malaysia, Singapore graves. 


erthrown by Hanoi in 1979. hundreds of civilians, many of ed States and would have to request 
Mr. P 6 rez. de Cufclkr is sched- whom have beat found in mass an export license for each arms 


Sidon.] 


entry of UN forces into the region 


About 150.000 people are crowd- being evacuated by IsraeL 


made in Israel or Soviet-made and 
captured from Arab countries. 


mi and on reopening all major and Indonesia before leaving 
highways. Southeast Asia, 


purchase. That gives the United 


The accusations have come in States some control ova how the 
reports from human rights org&ni- money is spent. 


•:vv 


A->.. 



sz?4 


Yves Saint Laurent, whose 
new coBectioD was shown 
Wednesday, plans to issue 
stock in his fashion house- 


INS1PE 

■ Cairo finds its hard to control 
a chaotic economy. Page 2. 

■ The US. Army is working on 
a ground-based missile defense 
system that officials say could 
be in place by 2000. rage 3. 

■ Catholic leaders drink the 
pope's synod may be valuable 
in reviewing reforms, but too 
brief to permit changes. Page 5. 

business/finance 

■ Japan’s coreat-account sur- 
plus soared in 1984 to a record 
high of $35-02 billion. Page 7. 

TOMORROW 

Lfliane Monlevecchl a forma 
Folies Bergire star who has 
the leap to straight the- 
ater on Broadway, talks to 
Mary Blame. In Weekend. 


Tourist Slips Past 2 Guards and Into White House 


By Bernard Weinraub 

New York Times Serrite 

.WASHINGTON — In the most serious in- 
trusion into the White House in years, a tourist 
from Colorado fell in step with 33 members of 
the U.S. Marine Band, entered the While House 
and wandered around in a hall one floor below 
President Ronald Reagan’s living quartos for 
15 minutes last week. 

The White House spokesman, Larry Speak es, 
said Tuesday that the incident had taken place 
two boms before Mr. Reagan was sworn in to 
his second tom Jan. 20. 

The president was at a church service Mien , 
Robert Latta, 45, a water merer reader from 
Denver, slipped into the White House with the 
band, which was to play at the swearing-in 
ceremony. Mr. Lam was not armed. 

Mr. Speakes said the Secret Service was tak- 
ing “a hard look, at this matter" and conducting 
an internal investigation into how Mr. Latta 
apparently walked undetected past two guards 
at separate checkpoints and was not discovered 
for 14 minutes. 

“1 think til parties agree that there was a 
mistake made,” Mr. Speakes said. The incident 


came to tight in newspaper reports Tuesday. 

Treasury Secretary Donald T. Regan, whose 
department oversees the Secret Service, briefed 
the president in detail Tuesday morning, ac- 
cording to Mr. Speakes, who said he was “not 
sure” when Mr. Reagan first was informed 
about the security breach. 

“If procedural adjustments are necessary, 
they wiH be made,” Mr. Speakes said. “If there 
is human error determined, a pp ro priate action 
will betaken.” 

Mr. Speakes said that Mr. Latta entered the 
White House grounds with members of the 
Marine band through the East Gate, which 
normally is used by tourists and by visitors to 
the family quarters. He walked past a Secret 
Service officer who had a list of band members 
but did not count the people as they walked 
past, Mr. Speakes indicated. 

■The band wore overcoats covering their uni- 
forms," Mr. Speakes said. They were carrying 
instruments. Latta was carrying a bag.” 

The spokesman said a later search of the 
overnight bag revealed “no weapons, nothing 
that could have caused any harm to anyone.” 

The band, whose members wear bright red 


jackets, blue trousers and uniform overcoats, 
then passed by a second Secret Service post 
inside the White House, as did Mr. Latta. ■ 

After entering the White House with the 
band, Mr. Latta left his bag with their instru- 
ments and followed the musicians upstairs to 
the second floor, known as the State Floor. It is 
the omate, marble-floored ball whose rooms are 
used for official entertaining by presidents and 
their families. 

An usher then saw Mr. Latta and the chief 
White House usher was alerted. Six minutes 
later, Mr. Latta was taken into custody. 

Mr. Speakes said that later on Jan. 20, Mr. 

day he was arraigned, and cm Jan/^ 2 , he was 
referred to SL Elizabeths Hospital for a psycho- 
logical examination and placed under $ 1,000 
bond. Mr. Speakes said. 

Mr. La tt a since has returned to Denver pend- 
ing a March 5 bearing in District of Columbia 
Superior Court. 

Mr. Speakes said the last similar inci dent 
occurred in the Carter administration, when a 

(Continued on Page 2, CoL 2) 



Robert Latta 


Kasparov Takes 
2d Chess Game; 
Karpov Leads, 5-2 

The Associated Press 

MOSCOW — Gary Kasparov, 
the ch a lle n ger , outplayed the world 
champion, Anatoli Kaipov, to win 
the 47tii game of the world chess 
championship match Wednesday. 
It was his second victory in the 
series. 

Mr. Karpov leads, 5-2, and needs 
one victory to retain the title he has 
held since 1975. The surprise vic- 
tory Wednesday by Mr. Kasparov 
occurred after 14 consecutive 
draws. Hay is scheduled to resume 
Friday. 

The champion has been search- 
ing for his final victory since the 
27th game: 

Spectators in Moscow’s Hall of 
Columns stood and burst into ap- 
plause for Mr. Kasparov’s play 
when Mr. Karpov resigned 
Wednesday. 






I 






Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 31, 1983 


Cairo Sees Economic Control Slip Away 


By David B. Ortaway 

H 'ashingm Past Service 

CAIRO — On Jan. 3. the Egyptian economics 
minister. Mustafa Said, called a press conference to 
announce yet another “refomT io the country's eight- 
tier exchange-rate system that underpin the chaotic 
economy herewith a pound valued anywhere from .40 
to 1.36 to the dollar. 

This time, he explained to a highly skeptical audi- 
ence. Egypt was launching a floating exchange rate to 
deal with the rapacious illegal money dealers who have 
been handling S3 billion to $4 b illi on yearly on the 
black market. 

Two days later, the new rate, to be fixed daily by a 
committee of bankers, began at 1.24 pounds to the 
dollar. This was high enough, the government hoped, 
to attract those billions back into the doilar-snort 

regular banking system. 

Some skeptics-dubbed it another Egyptian exercise, 
as one said, in practicing economics “through the 
looking glass with Alice and her friends." But another 
hailed the new system as “a very important step 
toward adopting a real market exchange rate" and a 
symbol of the government's apparent determination 
to deal seriously, at last, with the country’s runaway 
economic problems. 

For three years, the Egyptian government had 
watched helplessly as the gap between its fixed pound- 
lo-dollar rate and the "free- market” rate widened into 
a chasm. More and more business was done in dollars 
outside .the state-controlled banking system. The gov- 
ernment began to fear that its control over the econo- 
my was slipping away. 

Western embassies, business leaders and investors 
had come to see the exchange rate issue as a key 
indicator of the government’s ability to deal with the 
realities of the economic morass. 

A series of half measures and sidesteps that fooled 
nobody had by last fall resulted in Egypt trading on 
the basis of eight exchange rates, according to the U.S. 
Embassy. A thriving black market emerged that even 
the government had come to call “the free market” 

Egypt’s failure year after year to confront its wors- 
ening economic and social problems has bad a majoi 
impact on Western and even Arab willingness to make 
significant long-term investments here: 


While the U.S. government pumped nearly $10 
billion in economic aid into Egypt between 1975 and 
mid- 1984, U.S. companies have invested only S61 
million. 

“It’s fair to say that over five years ray bank has 
become more pessimistic," said an American banker. 
“We no longer make three- to five-year loans unless 
there is an outside guarantee. This is due one-half to 
growing American bank conservatism and one-half to 


Mubarak’s Egypt: 
Seeking the Middle Path 


Second of four articles. 


internal factors here; nobody can see how they are 
going u> muddle through. The medium-tezm horizon is 
clouded.” 


The clouds on that horizon now include a drop in 
world oil prices, continuing stagnation in Suez Canal 
and tourism earnings and a decline in remittances 
from Egyptians working in other Arab countries, due 
to generally harder economic times now that the oil 
boom is over. 

Last year. Egypt collected $18 billion in oil reve- 
nues and $3.4 billion from Egyptians working else- 
where. its two mayor sources of foreign exchange. 
Industrial and agricultural exports earned it only SI 
billion. 

Workers traditionally have used the black-market 
exchange to send most of their estimated $6 billion to 
$10 billion in annual remittances directly home be- 
cause of better exchange rales and less red tape. Hie 
government is counting on its new. more attractive 
rate to curb this practice, hoping thereby to offset the 
expected fall in oil revenues. 

The direction of Egyptian economic policy has been 
blurred for years because of the government’s frequent 
reluctance to say whar it really is up to for fear of 
provoking opposition or even nots. 

The latest change was no different. The pound's real 
value effectively has been cut by half, from .83 pounds 
to the dollar to about 1.2S. But officials are still 
insisting (hat the new system does not constitute a 


“devaluation," which many analysis considered long 
overdue. 

The new measure, as it turned out. has had a big 
impact on the economy. It affected not only letters or 
credit for the country’s $9 billion of imports, which 
now can only be bought with pounds. It also affected 
the fate of 20 to 25 “Branch banks" of Western firms 
suddenly threatened with going out of business. This is 
because they are not authorized to deal in the local 
currency and letters of credit are their stock in trade. 

The government, which is accustomed to calling all 
the shots, has been acting in other areas as well to re- 
establish its economic control in the face of an increas- 
ingly aggressive private sector. 

Last October, for example, it moved to close down 
lucrative foreign trade by private "express mail ser- 
vices” such as DHL These international couriers had 
stepped in to fill a vacuum left by the inability of 
Egypt’s postal service to deliver mall with certainty. 

The Cairo central post office suddenly s eized hun- 
dreds of parcels of courier mail, causing pandemoni- 
um for the companies that had come to rely on these 
services. It then set up its own “international express 
mail” service at half the price — and half the speed 


For a decade now, Egyptian officials have been in 
ill battle to 


an agnnmng uphill 


.us mgtuy su 

dized socialist economy with Sadat's “open-door po- 


square its highly subsi- 


lky." 
The i 


: open-door policy, launched in 1974. has sought 
to encourage free enterprise at home and investment 
from abroad Today, about one-third of all industrial 
output is accounted for by the private sector, up 10 
percent from a decade ago. Agricultural and service 
industries also are mostly in private hands now. 

The first serious attempt to deal with the resulting 
clash over costs, prices and subsidies between the two 
sectors came in 1977, when Sadat tried to cut back 
sharply on food subsidies. The resulting price in- 
creases touched off widespread rioting in Cairo and 
Alexandria. 

Sadat halted all serious reform efforts after the 1977 
riots. Today, the cost of subsidies is threatening to 
break the central bank. Food subsidies this year are 
estimated at just under $3 billion and those for elec- 
tricity and oil at $4 billion or more in a current 
government budget of about 522 billion. 



Egypt Now Drives to Curb Baby Boom 


Energy prices average less than one-fifth of the 
orld market 


Washington Port Service 


CAIRO — On the sides of the dilapidated public 

'Cairo, 


buses that careen through the streets of Cairo, bursting 
to the seams with humanity, one can see a particularly 
relevant new advertisement these days. It is for Tops 
condoms. 


Ads for other contraceptives on billboards and light 
poles line the boulevard from the airport to central 
Cairo and appear regularly now on television and in 
the press. 


finan ced by the U.S. government, distributed enough 
contraceptives to provide the equivalent of a year’s 
protection for 420.000 couples. By comparison, the 
figure for the Health Ministry dimes was 380,000. 

The population explosion is widely regarded among 
many western experts, and now by President Hosni 
Mubarak, too, as the most serious underlying soda! 


and economic issue facing Egypt. Last march, Mr. 

* that if birth control was 


The campaign to popularize birth control and fam- 
ily planning is the work of a little-known private 
organization called Family of the Future, which is now 
leading Egypt's family-planning effort. For decades 
the effort got nowhere because of a lack of government 
clinics and commitment and the opposition of conser- 
vative religious elements. 

Last year. Family of the Future, which is largely 


Mubarak said at a conference 
not pursued in earnest, “we will have terrible famine, 
unemployment and terrorism.'' 

Every year, there are 12 million more mouths to 
feed in Egypt The population has reached at least 48 
million, and some estimates pul it at 50 million. 


Effal Ramadan, the executive director of Family of 
the Future, said his objective is to get the population 
growth rate down to between 2 and 22 percent That 
means an average family size of four to five persons. 


world market prices, according to the U.S. Embassy. 

Because of subsidies, farmers feed bread instead of 
fodder to their cattle because it is cheaper, they buy 
cheap flour from the city for their village bakeries 
rather than growing wheat themselves. Egyptians can 
still eat lunch on a dime, buy gasoline for 43 cents a 
gallon and ride a bus in Cairo for about 5 cents. 

Since lairing office in October 1981, President 
Hosni Mubarak has cast around for the best advice 
available. He has held several conferences of intellec- 
tuals, asked the universities and opposition parties to 
make proposals, changed economic teams three times 
and studied every problem exhaustively. 

However, the prime minister at the time, Fuad 
Mohieddin, blocked anything from happening before 
last May's parliamentary elections. 

The government did make use of the state-directed 
press to educate the public about the size and serious- 
ness of the country’s economic chaos. It hoped to win 
support, or at least tolerance, for price increases. 

Inis fall, after three years of discussion, the first 
signs of action began to appear. Prices quietly started 


of getting away with price increases." said a Western 
economist. “If f 


going up for cigarettes, bread and other subsidized 
items. Bu 


Jut the first increases appeared awkwardly 


Iraq Says It Will Free 
Iranians Caught in Battle 


The Astecuued Press 


BAGHDAD — Iraq has de- 
clared that it will release ail the 
Iranian prisonera captured during 
combat in the marshy Majnoon Is- 
lands in the southern sector of the 
Gulf War fronL 


A spokesman for the Iraqi For- 
i Ministry said Tuesday that i 


eign Ministry said Tuesday that the 
decision to release the undisclosed 
number of Iranian prisoners of war 
was “ordered by President Saddam 
Hussein." 

On Monday, Iraq announced 
that 40,000 soldiers, supported by 
air and artillery cover, launched the 
first attack in 3 1 months across the 
1,180-kilometer (733-miie) front 
with Iran and “occupied enemy po- 
sitions." 

Iran said the Iraqi attack was 
“totally crushed" But Major Gen- 
eral Maher Abdel Rashid, com- 
mander of the 3d Iraqi. Army, 
which fought the battle, said on 
television Tuesday night that his 
forces “did not lose a single mar- 
tyr." 

[Tehran said in military commu- 
niques Tuesday night that more 
than 200 ~Iraqis died during the 10 - 
hour battle. Reuters reported from 
Bahrain. Iran also warned that it 
would retaliate if Iraq bombarded 
Iranian towns and cities “following 
its humiliating defeat in the battle 
front on Monday.”] 

Iraqi communiques said the Ira- 
nians sustained “large numbers of 
casualties, including nuge numbers 
of wounded personnel, and num- 
bers of prisoners including some 
officers." 


The spokesman said the decision 
to release the Iranian FOWs was 
adopted after “we obtained solid 
evidence through various sources, 
including the POWs, that the Irani- 
an people do not want the war." 

“We have decided to release the 
last batch of Iranian POWs cap- 
tured on Jan. 27 and Jan. 28 and 
band them over to the Internation- 
al Committee of the Red Cross mis- 
sion in Baghdad," the Foreign 
Ministry spokesman said. 

Iraq presented a dozen Iranian 
POWs on Baghdad television Tues- 
day night. U was not known how 
many others were included in the 
repatriation announcement. 

Iran said last week it planned 
unilaterally to release 30 wounded 
Iraqi prisoners. Iran has said it 
holds about 50,000 Iraqis, while 
diplomatic sources estimate the 
□umber of Iranian POWs at be- 
tween 8.000 and 15.000. 


■ King Visits HajfrM 

Ring Hussein of Jordan arrived 
Wednesday in Baghdad for a previ- 
ously unannounced visit. United 
Press International reported from 
Amman. 

The Iraqi press agency said the 
Jordanian monarch was met at 
Baghdad airport by the Iraqi presi- 
dent and ranking government offi- 
cials. 


The finest 
Scotch Whisky 
money canbuv 



CHAFUJESMACKWLAV 4 C 0 .LT 0 . 
LEITH - SCOTLAND 
mt G*NWAT>C*<S OF CXPffWP *CT WtCX ■ O' 5 


Tourist Slips 
Past 2 Guards 



Tto fil l Pros 

PARIS PRESS STRIKE — The newspaper Le Monde 
failed to appear Wednesday when printers walked out 
for 24 hours because part of an annual bonus was being 
withheld. Printers from other publications joined in a 
demonstration outside the paper’s offices. Le Monde is 
facing bankruptcy because of a decline in revenue. 


Saint Laurent Reveals 
Plans to Issue Shares 


By Hebe Dorsey 

Imenuuionul Herald Tribune 
PARIS — Yves Saint Laurent 
plans to go public, Pierre Beig£. his 
manager and business partner, said 
Wednesday. The move will be a 
first for a French fashion house. 

Mr. Bergi said Mr. Saint Lau- 
rent would sell slock in the compa- 
ny either this year or in 1987 be- 
cause he wanted to avoid taking 


PARIS FASHION 


chances in 1986. when France 
holds parliamentary elections. He 
had no estimate of bow many 
shares would be issued or at what 


(Continued from Page I) 
Soviet correspondent walked into 
the Oval Office. 

Interviewed in Denver. Mr. Lat- 
ta said that he had “just wanted to 
see how far I could get.” What he 
got. he said, was “an adventure — a 
real adventure. It was the high 
poinL of being in Washington." 

Mr. Latta said he spent about 15 
minutes in the secondrfloor hall 
milling around with members of 
the band, until a man in a dark suit 
came up to him and asked. “Do 
you have a ticket? Do you have an 
invitation?" 

Mr. Latta, a Denver Water 
Board employee on vacation to see 
the inauguration, said he did not 
know that wandering into the 
White House on one of the most 
important days of the presidential 
calendar was illegal. But it was fun, 
he said, added that he would do it 
again, “only I wouldn’t want to 
break the law." 

“What was 1 thinking?" he said. 
“1 was thinking maybe I could at- 
tend the ceremony.” 


Senate Moves Toward Cuts 



UNIVERSITY 
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(Continued from Page 1) 

1986 elections, when 22 of their 
seats will be contested 

“I hope Cap Weinberger and 
Ronald Reagan understand that we 
are going to need some give on their 
pan to protect the Republicans in 
1986." said Senator John Heinz of 
Pennsylvania, who is chairman of 
the National Republican Senatori- 
al Committee. "Putting them be- 
tween a rock and a hard place is not 
going to help them." 

Contending that the impasse can 
be broken. Senator John H. Cfca- 
fee. a Republican from Rhode Is- 
land who is third in the Senate 
leadership hierarchy, said. “I see it 
bring overcome by* us adhering tc 
our views” and by the administra- 
tion's “recognizing we are dead se- 
rious about it." 

Ot hers said Mr. Weinberger had 
been warned in “straightforward" 
terms that President Reagan risks 
losing the domestic spending cuts 
he wants if Mr. Weinberger refuses 
to compromise on his budget. That 
would echo a warning by the Sen- 
ate majority leader. Robert J. Dole 
of Kansas, that drew a testy re- 
sponse from a spokesman for Mr. 
Weinberger. 

Mr. Dole met with major com- 
mittee chairmen Wednesday morn- 
ing and they reported progress in 


conditionally reaching about 60 
percent of the targeted domestic 
spending cuts, with defense and so- 
cial security still unresolved. The 
chairmen said that until some 
agreement is reached on the de- 
fense budget, they cannot do any- 
thing further on the matter. 


■ Housing Cuts Planned 

Documents obtained Tuesday 
showed that President Reagan will 
propose deep cutbacks in funds for 
operating and repairing the na- 
tion’s 1.2 million public-bousing 
units add diminution of eight other 
housing and urban aid programs. 

The proposed reductions would 
tighten the squeeze on big-citv 
housing authorities, which have 
been plagued by decaying build- 
ings. vacant apartments, rising fuel 
costs and declining federal aid 
while waiting lists have stretched to 
as long as 25 years. 

A program that would not re- 
ceive money under Mr. Reagan’s 
fiscal 1986 budget, scheduled for 
release next week, is one that fi- 
nances construction of housing for 
the elderly and the handicapped. 
Mr. Reagan praised this program, 
which he previously tried to elimi- 
nate, during a September campaign 
visit to a Buffalo, New York, senior 
citizens’ housing project. 


pnee. 

Calling it “a sound business 
move,” Mr. Bergo said. “This is the 
best way to test the vitality of an 
enterprise. One also should always 
separate a business from the pri- 
vate persona." 

Observers drew a parallel with 
the luggage house of Louis Vuitton, 
which went public both in Paris 
and New York in June 1984. The 
price of those shares, which started 
at 465 francs (about $55 at that 
time) was 698 francs on Tuesday. 

Adding that the move has been 
under consideration for two years. 
Mr. Berge put Mr. Saint Laurent's 
annual sales at 51 billion, although 
this includes the perfumes, which 
no longer belong to Mr. Saint Lau- 
rent but to Charles or the Ritz. an 
affiliate of Squibb, and account for 
a 5220- million share of sales. 

The ready-to-wear business, 
known as “Saint Laurem-Rive 
Gauche," which stoned with a sin- 
gle boutique in 1966. is the second 
biggest money-maker. The line is 
now sold in 170 boutiques. There 
are also some 40 Saint Laurent li- 
censes. including cigarettes, which 
are sold around the world. After- 
tax profits last year were $5 mil- 
lion. 

The house was founded in 1962. 
Mr. Saint Laurent. 49, who was 
born in Oran, Algeria, became 
Dior’s designer when only 21 after 
the death of Christian Dim 1 in 1957. 
His first collection, the “Trapeze 
Line," was an instant and world- 
wide success. 

In 1 96 1. he parted company with 
Dior and then opened his own cou- 
ture house: No money was ever 
spared to make his collections a 
success. His latest summer collec- 
tion. shown on Wednesday, cost 
600.000 francs ($62,048). 

And if his latest clothes are any 
guide. Mr. Saint Laurent's decision 
to gp public could not come at a 
better time Mr. Saint Laurent, who 
in 1983 became the first living de- 
signer to be given a retrospective 
exhibit at the Metropolitan Muse- 
um of Art in New York, has had his 
ups and downs, but the current 
collection is one of his strongest. 

His other big news is Khadija, a 
recent Miss Africa and a new black 
mannequin in Paris. Born in Ke- 
nya. she was sent to Mr. Saint Lau- 
rent by the photographer Helmut 
Newton and pul to work right 
away. She was instantly recogniz- 
able because she was young and 
shy and wore orchids in her hair. 



Owh Geri 

Khadija, a recent Miss Af- 
rica, helps set the theme 
for the new Yves Saint 
Laurent collection. 


With Khadija as a theme, it is 
going to be a hot, African Queen 
summer at Saint Laurent’s. Snaky 
prints turned up on raincoats and 
dresses. Real snakeskin was used 
for pumps in all colors. African 
jewelry — both metal rings and 
wooden chokers — was slacked 
over clean-cut necklines. Draped 
dresses were finished with a beauti- 
ful center fold, also known as 
Egyptian drape. Colors included 
Nile green, Tuareg (turquoise) blue 
and..“khoL” a steel-gray powder 
used to rim the eyes. 

White touches and tropical 
prims gave this collection a sum- 
mery note. Black was still Mr. Saint 
Laurent's strongest card and the 
last long dress, of black chiffon, 
brought down the house. 

It was a very Saint Laurent col- 
lection, with pure proportions, ex- 
quisite colors and Parisian finesse. 
It was also a no-nonsense collec- 
tion with strong shoulders, firmly 


WORLD BRIEFS 


Coal Miners Reject U.K. Ultimatum 

— . . j miniH n»ii 




negotiations to end Britain’s 10 -nwnth pit stoppage, a — f - 
Sid Vincent a regional leader of the National Union cfMmewortas, 
said that the union's executive had turned down aboard albmatmn that it 
must agree in writing to discuss the shutdown of loss-making coilienes. 
Mr Vincent aid other members of the executive accused the state 
management of unwillingness to negotiate a swift settlement of the 

'^^elijoard, in turn, said there was “nothing to negotiate” unless the 

union gave the written guarantees. . . 

The board’s chief spokesman, Michael Eaton, said Wednesday: “We - 
are not asking for surrender. What we are asking for is a very dear 
understanding that the management has the right not to swill money 
down uneconomic pits. If the NUM wffl not face the problem we cannot 
negotiate." Hie union insists that only unsafe or exhausted cafliena^ 
should be shut down. 


timed, coinciding with an increased deduction in 
worker paychecks for pensions that accentuated the 
sense of a squeeze. 

One strong protest, in the mill town of Kafr 
Dauwar, near Alexandria, was all it took to bait the 
process and persuade Mr. Mnbarak to roll back some 
price increases. 

Now, however, the government is preparing for 
another big push. The ultimate aim, according to 
Prime Minu ter Kama! Hassan AIL is to put the long- 
feuding state and private sectors on an equal footing 
by obliging both to deal with real prices and costs. 

Subsidies, according to Mr. AIL are to be reduced 
sharply on many staples such as bread, electricity and 
oil to curb the expanding government deficit. 

The one-penny fiat bread, the staple of the poorest 
classes, is slowly being phased out to make way for a 
two-penny version, a change that Mr. Ali claims will 
save the government more than $700 million yearly. 

The price of electricity reportedly is to be increased 
5 to 25 percent, with the biggest consumers paying the 
most. 

The government is proceeding gradually and by 
stealth in introducing price increases, often without 
saying anything to avoid stirring emotions. 

For example, new blue-and-whiie buses have begun 
to appear on Cairo streets, charging 10 piasters a ride. 
The old. battered red -and- white ones costing 5 pias- 
ters are still rumbling about, but gradually they are 
expected to be retired, doubling the price for 
everybody. 

“What needs to happen is the demonstration effect 


Gandhi’s Parly Wins Bhopal Election 

NEW DELHI (AP) — Prime Minister Rajiv Gandhi’s governing 
Congress (I) Party won a parliamentary election Tuesday in 
Bhopal, indicating that voters did not hold the government r 
for me chemical plant accident there that killed more than 2 ,( 

Mr. Gandhi's party also wot the parliamentary election in the i 
Indian district of Chafl. The latest victories increased the pariia 
strength of the Congress (I) Party to 402 of the 513 members in the 
Sabha. the lower house of parliament 
In Madras, a national group defeated G. Laxmanan. who was elected m 

•AA I . “ 1 L..* rtrlin 1 n<Ar- tka 


lUJtfs a iwgiviuit T — “ 

1980 as the regional party’s representative but who later detected to the 
;s (I) Party. Candidates of Mr. Gandhi's party also lost two 


Congress 

elections in 

most of the state’s parliamentary seals in 
tions. 


r . J, which won 

December national dec- 


Kirkpatrick to Leave Administration 

WASHINGTON (AP) — After months of mystery about her futiu^ 
Jeane J. Kirkpatrick, the U.S representative to the United Nations, told 
President Ronald Reagan Wednesday she is leaving the administration to 
return to private life. She plans to resume teaching at Georgetown 
University. 

She refused to say whether Mr. Reagan had offered her another job m 
the government. Aske d if she was disappointed at not landing another top 
post, she replied: “No. No, no. no, no. no.” 

Mrs. Kirkpatrick said she tendered her resignation to Mr. Reagan in a 
meeting Dec. II. effective March 1 or sooner if a successor is chosen. 
Among those rumored as candidates are Am hassador-at- Large Vernon 
A. Wallers: Frank Shakespeare, head of the Board of International 
Broadcasting and onetime chief of the U.S. Information Agency; Evan G. 
Galbraith, the U.S. ambassador to France; and Charles R Pnce 2d, the 
US. ambassador to Britain. 


Finland Finds Parts of Soviet Missile 


they get away with them in political 
terms, then you will get an accelerated pace and lose 
fear of rioting in the streets. 

“It may take five years to do it. but you could have a 
snowball effect before and go faster." 

Tomorrow: Social upheaval 


HELSINKI (AP) — Finnish Air Force investigators have found the 
nose and other parts of a Soviet missile that strayed into Finland through 
Norwegian airspace Dec. 28, Finnish radio said Wednesday. 

The nose of toe missile and debris bearing Soviet lettering were found 
in the area where a reindeer herder had earlier found a piece of plastic . 
that led searchers to resume their hunt for the missile Wednesday^, 
morning. 

The main part of the missile was believed to be at the bottom of frozen 
Lake Inari, at a depth of about 14 meters (46 feet). Divers were preparing 
to go down through a bole in the ice to investigate, the radio said. The 
missile was apparently a target drone that went astray during Russian 
exercises in die Barents Sea, north of the arctic border area, officials said 
after the incident. Russia made an unusual apology to Norway and 
Finland. 


Polish Lawyer Defends Free Speech 


TORUN, Poland (AP) — A Roman Catholic lawyer Wednesday 
sharply criticized a government prosecutor for drawing comparisons 
between a slain pro-Solidarity priest and his killers, and vowed the Polish 
church will never “abandon its right" erf free speech. 

The lawyer, Edward Wende. hinted in his dosing arguments to the 
court that church authorities might appeal for mercy for a former secret 
police captain, who is facing death for organizing toe killing. The state 
prosecutor also asked for 25 years in prison each for the three other 
officers charged in the murder. 

The prosecutor charged former Captain Grzegorz Piotrowski had 
kidnapped and murdered Father Jerzy Popiehiszko with “ruthlessness 
and 0111611 /’ and demanded he be sentenced to death. The prosecutor 
added that both toe killers and toe victim had been motivated by 
extremism. 

But Mr. Wende said: “I know Father Popiduszko was repulsed by 
violence and I know that he was a great opponent of capital punishment. 
If Popieluszko were here, we would have heard in this courtroom toe 
words of foigiveness.” 




Youths Cheer Pope at Quito Rally 

Al IITV-1 C I I A n\ n t~l n ■ IV nr 1 . 


QUITO. Ecuador (AP) — Pope John Paul II on Wednesday urged the 
rejection of ideologies contrary to church teaching and reiterated that the 
Roman Catholic Church was committed to aiding the poor. 

The pope was repeatedly interrupted by applause and shouts of “Long 
live the pope!" during toe rally for 60.00b young people at Quito’s main 
soccer stadium. “The pope is living, so let him speak," replied John Paul, 
in toe fifth day of a tour of four South American countries. 

Later, in a message relayed for broadcast by a number of Latin 
American radio stations, toe pope stressed toe need for press freedom but 
said that journalists should exercise “incorruptible objectivity and re- 
spect for the dignity of man." 


Chile’s Envoy to Latin Body Quits * 

e*WTlA/V»/D . /-LM-t I ■ ... „ 


SANTIAGO (Reuters) — Chile’s ambassador to the Organization of 
American States, Monica Madariaga, has resigned after saying in an 
interview that she had differences with President Augusto Pinochet, the 
government announced. 

A Foreign Ministry statement Tuesday said toe resignation had been 
accepted with effect from Feb. 1. Miss Madariaga, a relative and close 
confidant of the president during his 1 1 years in power, served as justice 
minister and education minister before going to the organization last 


year 
la an interview 


published two weeks in the generally pro-government 
magazine Que Pasa, Miss Madariaga said, “I don’t know whether he or I 
has matured, but I think that we have grown apart in our personal 
appreciation of things and the the way to conduct the government." 


For the Record 


The U.S. Coast Guard Wednesday called off a search for nine crewmen 
missing since toeir navy A-3 jet vanished over the Pacific Ocean drill 
days ago en route to Guam from AtsugL Japan. 


(AP) 


James Dand Ranlefsoii. 33. was executed in Florida’s electric chair 
Wednesday for killing a policeman during a 1 975 robbery. The death was 
witnessed by toe victim’s father, who had waited “to see the dav thev mill 
the switch." - ~ 


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(AP) 


belted waists and skirts cropped 
red black 


Correction 


cleanly at the knee. It showed 

pumps with high beck in contrast- 
ing colors — turquoise, hot pink or 
white. Hats ranged (tom draped 
leather toques to huge stiff platters. 

Just when it might have been 
thought that women were tired of 
panl-suits. Mr. Saint Laurent, who 
was first to put pants on a couture 


• 011610 !? wror* an item in Wednesday’s Business People was 
incorrect, it should have said Colgate-Palmolive Co. has named Jorgen 
Laundsen general manager of its operations in toe Benelux. 


put pants 
runway, showed them over and 


OPEC Adoptg Price Accord 


over. 

The blouse with a bow at toe 
neck, long this house’s trademark, 
is no longer. It has been replaced by 
a T-shirt of either silk or cotton. 

Evening clothes, which repre- 
sented a good third of this collec- 
tion. included spectacular floor- 
length evening coats over draped 
dresses or silk pajamas. 


MDUR GUIDE TO DINING WHi 
PATRICIA WH1S 
IN FREW'S WEEKEND SECTION 
• OFTHEIHT 


(Continued from Page 1) 
decision had confused toe market 
and raised more questions than it 
answered. 

News of the outcome of the Ge- 
neva meeting came during a lull on 
toe market. Traders reacted cau- 
tiously and preferred to await indi- 
cations from toe New York futures 
market. 

Algeria. Libya and Iran bitterly 
opposed an overall price reduction, 
saying that OPEC should wait for 
toe weak world oil market to recov- 
er rather than trim policy to reflect 
market realities. 



Mr. Nabi said that he calculated 
torn toe average price of OPEC 
crude would fall by 43 cents a bar- . 
rel because of Wednesday’s ded-4& 
son. If true, this would represent 
an i annual loss to OPEC of $15 
billion at current production levels. 

_ tySESJ* on !> visible comfort 
for OPEC was Nigeria’s agreement 
to raise the price of its bonnv light 
erode by 65 cents to $28.65 a barrel 
It was Nigeria’s unilateral price 
cut in response to reductions by its 
North Sea competitors, Britain and 
Nora/ay, that largely precipitated 
the OPEC pricing crisis. 




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U -S. Tests Ground-Based Defense Syste] 




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By "Walter Pincus 

Washington Past Service 

WASHINGTON - While Pres- 
ident Ronald Reagan's vision of a 
•future space-based nuclear defense 
has drawn attention toward the 
skies, the US. Army has been 
pr«stng ahead with a much more 
pedestrian ground-based system 
that officials say could be in place 
to protea missile Odds from in- 
coming Soviet warheads as eaiiv as 
the late 1990s. * 

Tim army’s program, 19 years 
old, has popped only occasiona ll y 
into public view. The most recent 
glimpse was last June, when the 
service announced that it in effect 
^Piad intercepted and destroyed one 
missile warhead with another in the 
atmosphere. 

Sometime in the next 18 months 
there likdy will be another glimpse, 
when the army plans to send a new 
sensing device into space from She- 
mya Island off the western end of 
the Aleutian Islands. 

The device will be sent aloft 
when the Soviet Union fires a test 
missile to determine bow well the 
U.S. sensor can track Soviet war- 
heads. 


Most Americans in Survey 
Oppose Weapons in Space 


The army plan now has been 
incorporated into the president's 
Strategic Defense Initiative pro- 
gram and is in a way its basis. The 
army ballistic missile defense office 
this fiscal year will take up almost 
half of the $1.4 billion that Con- 
gress approved for the Strategic 
1, 'Defense Initiative program. 

More important, the army weap- 
ons are relatively close at hand, 
while it will lake seven to 10 years 
to determine the feasibility of 
space-based weapons. 

The United States may thus be 
closer to a working defensive sys- 
tem than generally has been real- 
ized, and the army weapons are 
likdy to be an important pan of the 
forthcoming defensive arms talks 
in Geneva. 

Lieutenant General James A. 
Abrahamson, director of the SDI 
program, told Congress last March 
that he expected that sometime be- 
fore 1990. “we could begin to see 
that some of these things may in- 
deed be deployable." 

And a spokesman said more re- 
cently that the army hopes to have 
“a technology demonstration” of 
, its weapons to “support decision- 
i making on an overalT anti-ballistic 
missile system by 1990. 

The spokesman said that the 
army is at work on these devices: 

• The rocket-launched sensing 
device to be sent up from Shemya, 
called DOT for distant optical 
tracker. Designed to give early in- 
formation on incoming warheads, 
it is fired to a spot just above the 
Earth's atmosphere and its infrared 
telescope relays data to the ground 

• An airplane version, of the 
DOT, called the airborne optical 
adjunct, which sends back the same 


Las Angela Tima Service 

LOS ANGELES — Americans surveyed show little enthusiasm for 
President Ronald Reagan’s proposal for a space-based defense sys- 
tem, opposing even exploratory research on the project, and they 
strongly favor a ban on all mflitary weapons in outer space, according 
to a poll by the Los Angeles Tunes. 

Respondents in the nationwide survey also agreed by a 2- to-} ratio 
that such a defense system, designed to shield the United States from 
incoming nuclear mlssDes, might be viewed as threatening by die 
other side and upset the nuclear balance of power. 

The poll indicated only minimal optimism about the outcome oi the 
arms limitation talks with the Soviet Union, with 45 percent or those 
polled saying they felt the negotiations would be successful and 37 
percent saying they believed the talks would fail. 

The American public appears to hold deep reservations about the 
Soviet Union’s living up to an arms control agreement. Two-thirds of 
those surveyed agreed that the Soviet Union “could not be trusted to 
keep their pan of the bargain,” compared to less than one out of four 
who felt that the Soviet Union could be trusted. 

Nevertheless, Americans appear to broadly favor some kind of 
agreement to hall the spread of nuclear weapons. Mare than 80 
percent of those polled preferred an arrangement calling for both 
sides to reduce their stockpiles of nuclear arms. A mar gin almost that 
great preferred an agreement to freeze nuclear weapons at current 
levels. 

The poll surveyed of 1,847 adult Americans from Jan. 19-24 by 
telephone. It has a margin of error of 3 percentage points in either 
direction. 


ballistic missile systems but called 
for consultation if either country 
developed components "based on 
other physical principles.” 

General Abrahamson told Con- 
gress last year that. “Under the 
ABM treaty, we could, in fact, de- 
ploy 100 fixed, ground-based inter- 
ceptors as the Soviet Union has 
now done.” 

He and Franklin Miller, bead of 
the Department of Defense’s stra- 
tegic forces policy office, said the 


ballistic missile defense program. 

jc defense 


type of targeting data when the 
Soviet warheads come closer to 
Earth's surface. 


• A mobile radar system capable 
of receiving information from both 
the DOT and its airborne cousin 
before it can “see” incoming war- 
heads with its own antenna. This 
system then sends orders to launch 
interceptors and helps guide them 
to their targets. 


• New, fast interceptor missiles, 
with nonnuclear kill mechanisms. 
These interceptors, mice launched, 
have built-in homing devices to 
help them hit warheads at different 
altitudes in the atmosphere. 

Also scheduled to be awarded 
this year, according to the army 
spokesman, are contracts to spell 
out bow all these elements might be 
woven into a single system and to 
do preliminary work on a new high- 
er-altitude interceptor. 

This interceptor is to be a much 
smaller version of the device that 


successfully intercepted a warhead 
The army wan 


last June. The army wants a reduc- 
tion in size, from 1,000 pounds (454 
kilograms) to less than 10, to make 
it Viable as a weapon. 

The army weapons are intended 
to kill incoming warheads in their 
so-called tenmnal phase, as they 
leave space and enter the atmo- 
sphere about 60 miles (97 kilome- 
ters) above the Earth's surface. 

Officials are pushing them as a 
way of offsetting the Soviet 
Union’s current heavy numerical 


advantage in large land-based in- 
tercontinental ballistic missiles. 

So far, at least, the administra- 
tion argues that the army programs 
are well within the limits set by the 
1972 anti-ballistic missile treaty 
with the Soviet Union. It says Mos- 
cows is violating that treaty in vari- 
ous ways. The Soviet Union con- 
tends the opposite. 

Under the terms of the 1972 
pact, the Soviet Union and United 
States each arc permitted only one 
anti-ballistic missile site with no 
more than 100 missile launchers. 

The United Slates in the early 
1970s had such a system, called 
Safeguard, consisting of nuclear- 
tipped missiles that were to be 
guided to their targets by a giant 
radar at Grand Fonts, North Da- 
kota. The system was deactivated 
in 1975 because it was deemed inef- 
fective. 

The ballistic missile defense 
weapons would, in effect, replace 
it. 

The Soviet Union set up a rudi- 
mentary anti-ballistic missile sys- 
tem, called Galosh, around Mos- 
cow mare than 10 years ago. Since 
1980, the system has been upgrad- 
ed with new radars and missiles. 

In addition to the limits on sites 
and launchers in the 1972 treaty, 
the two nations agreed not to “de- 
velop, test or deploy” either 
ground-based systems that were 
mobile or any components based in 
sea, air or space. 

The agreement pa mined mod- 
ernization of then -existing anti- 


as wefl as other strategic 
base research, fed well within what 
is permitted by the treaty. 

When ballistic missile defense 
projects nm dose to the treaty limi- 
tations, they sometimes are called 
experiments rather than tests and 
demonstrations rather than moves 
toward development 

Since 1972, both sides have 
lodged numerous allegations of 
anti-ballistic missile treaty viola- 
tions with a commission in Geneva, 
which was established to work out 
such complaints. Some problems 
have been worked out others re- 
main as open issues between the 
two parties. 

Information on all these weap- 
ons is available in public records. 

■ Cost Growth Gted 

Defense Secretary Caspar W. 
Weinberger has deferred any pur- 
chases of the U.S. Air Force's air- 
to-air missile of the future and has 
suggested he might caned the pro- 
gram unless cost growth can be 
contained, according to a Pentagon 
memo, The Washington Post re- 
ported Wednesday. 

Mr. Weinberger's action last 
week on the projected $10.8-bfllion 
program is one of the harshest be 
has taken re garding a weapon in 
the past four years. However, he 
left open the possibility of contin- 
ued production if problems can be 
fixed. 

The advanced medium-range 
air-to-air missil e is intended to be 
the supennissile of the 1990s for 



U.S. Gvil Rights Group 
Calls Quotas 'Dead’ 


IhBAHMMdnWH 

Edwin Meese 3d takes the oath before Senate hearings. 


Meese Pledges to Avoid 
Apparent Impropriety 


By Leslie Mai eland Werner 

Nett York Times Semee 

WASHINGTON — Edwin 
Meese 3d, in confirmation hearings 
on his nomination to be attorney 
general, has contended that he met 
“ethical as well as legal” standards 
of conduct for public officials. 

But he said in his testimony 
Tuesday that he would do some 
things differently in the future to 
avoid creating “the appearance of 
impropriety.*' 

Mr. Meese’s comments occurred 
as the Senate Judiciary Committee 
reopened hearings that were post- 
poned last year while a court-ap- 
pointed independent counsel inves- 
tigated him on charges of helping 


navy and air force pilots, a weapon to arrange U.S. jobs for people "who 
fighter 'had assisted him financially. 


that can be fired from a jet 
and find and destroy as enemy 
plane by itself. But estimated costs 
of the missile have more than dou- 
bled since 1981 . Projected costs for 
each missile now are more than 
$400,000 and show no sign of slow- 
ing down, according to defense af- 
finals. 

Two civilian analysts working 
for the air force, A. Ernest Fitzger- 
ald and Thomas S. Amlie, warned 
more than a year ago that the air- 
to-air missile was heading for “di- 
saster,” but air force leaders denied 
the problems were that serious. 

The air force, which has called 
the missfle essential to its future 
combat ability, asked Congress last 
year for more than $400 million for 
the . program, less than half of 
which was funded. 


NATO Offers to Exchange Military Data With East 


Roam 

STOCKHOLM — The 


North 


Atlantic Treaty Organization pro- 
Wednesday an e xchang e 


posed on 
, of military information to the War- 
^ - saw Pact to reduce lie risk of war 
in Europe. 

At the 35-nation Conference on 
European Security and Disarma- 
ment, Iceland offered the first of 
six papers on behalf of the 16- 
member Western alliance. The pa- 
per elaborated on technical and 
military measures proposed imma- 
diately after the conference first 
opened a year ago. 

On Tuesday, the opening day of 
the 1985 session, the Soviet Union 
submitted a draft treaty on the 
nonuse of force. 

The NATO paper proposed that 
participating stales should annual- 
ly exchange information on their 
military command organizations, 
including the location of their 
, headquarters and the composition 
/of ground formations and land- 
based air forces. The conference 
participants are the United States. 
Canada, the Soviet Union and all 
European countries except Alba- 
nia. 

The Warsaw Pact has in the past 
accused NATO of seeking to gain a 
license for espionage through its 
information proposals. 

But NATO ftelegates said they 
were pleased with what they called 
the moderate tone of Wednesday’s 
initial response from the Soviet del- 
egation. ft said it would study the 
paper with interest. 

“The East has seen more danger- 
ous curiosity in this measure than it 
contains,” said West germany’s 
(telegate, Klaus Citron. 


NATO argues that better ex- U.S. and Soviet military establish- 
changes of information would sub- menu before the two countries can 
stantmOy reduce the risk of a war cooperate against the threat of a 
breaking oat by accident or miscal- “nuclear winter," according to an 
culation. It mil elaborate in the Associated Press report from the 


coming weeks on its proposals on 
inviting observers to maneuvers, 
forecasts of military activities and 
procedures for verifying informa- 
tion. 


Threat of Nuclear Winter 


changes may Ue needed in both 




United Nations in New York. 

Sergei Kapitsa, who holds the 
physics chair at the Moscow Physi- 
cal Technical institute and is a se- 
nior researcher at the Soviet Acade- 
my of Science, spoke Tuesday at a 
UN conference on the nuclear-win- 
ter threat. 

Asked whether the Soviet mili- 


tary establishment was aware of the 
threat and willing to act on it. Mr. 
Kapitsa said he could not speak for 
the defense authorities of either su- 
r. But he added: “It is very 

it to ch ang e their minds. 
Maybe we have to change the peo- 
ple. I don’t know." 

Mr. Kapitsa suggested that as a 
start to ending the nuclear aims 
race, the nuclear powers agree to 
stem all testing by this summer, the 
40th anniversary of the first atom 
bomb explosion at Hiroshima. 


The counsel, Jacob A. Stein, 
found that Mr. Meese had not com- 
mitted any criminal actions, but, as 
a matter of jurisdiction, did not 
address the question of whether his 
behavior was ethical. 

Referring Tuesday to the special 
counsel's report, Mr. Meese said: 
“Reading these detailed facts, I be- 
lieve, supports what I have always 
known to be the case, which is that 
I have conducted myself in accor- 
dance to the ethical as well as the 
legal standards of behavior for 
public officials.” 

Mr. Meese said the independent 
counsel’s inquiry had “left no stone 
unturned” and had “found no basis 
for any of the allegations of im- 
proper conduct” 

• The Judiriaiy Committee on 
Tuesday released a Jan. 14 staff 
memorandum of the Office of Gov- 
ernment Ethics, which found that 
Mr. Meese, who has been President 
Ronald Reagan's counselor since 
January 1981, had committed sev- 
eral violations of ethical standards. 

In their memorandum, the two 
staff lawyers, F. Gary Davis and 
Nancy Feathers, said: “There are 
two situations in which Mr. Meese 
violated the standards of conduct 
or other applicable statutes.” 


loan, for positions on the Postal 
Board of Governors. 

They added “Mr. Meese violated 
the agency gift standards” by ac- 
cepting “Mr. McKean's forbear- 
ance on the interest due on the 
loan,” because this was a “gift” as 
defined in the Ethics in Govern- 
ment Act. They said “the appear- 
ance of impropriety created by his 
conduct runs counter to the agen- 
cy's general standards of conduct." 

In addition, the two staff lawyers 
said Mr. Meese had violated a regu- 
lation prohibiting federal officials 
from creating an “appearance of 
preferential treatment by approv- 
ing the appointment to a federal 
job of Thomas Barrack, who had 
helped in the sale of Mr. Meese's 
house in California. 

The Judiciary Committee also 
released two letters to committee 
members from David H. Martin, 
director of the office, which con- 
tained an unexplained contradic- 
tion on a key point. In the first 
letter, dated Monday, Mr. Martin 
said he had rejected his staffs con- 
clusions on two issues but conclud- 
ed that Mr. Meese had committed 
oat “violation of the standards of 
conduct,” involving an appearance 
of impropriety. 

In the second letter, dated Tues- 
day, Mr. Martin said he had decid- 
ed that “there was no substance to 
the appearance problem” and thus 
no violation by Mr. Meese. 

[Mr. Martin, Mr. Davis and Mrs. 
Feathers have been summoned to 
testify before the panel, The Asso- 
ciated Press reported Wednesday.! 

Mr. Meese’s statement Tuesday 
contrasted with his insistence in the 
past that the only tiring that he 
would do differently, given the op- 
portunity. would be to remember 
to list a $15,000 interest free loan 
on his financial disclosure forms. 


By Gerald M. Boyd 

New York Tima Service 

WASHINGTON — President 
Ronald Reagan has met for the 
first time with his top appointees ta 
the Commission on Civil Rights 
and been tdd that numerical quo- 
tas were “a dead issue” as a device 
for- remedying the effects of dis- 

e riminatirm . 

The assessment was offered 
Tuesday at a Wtute House meeting 
in which the president, who has 
appointed four of the commission’s 
right members, received assurances 
that his attempt to redirect the fo- 
cus of the independent, bipartisan 
panel had succeeded. 

The commission chairman. Clar- 
ence M. Pendleton Jr, said later 
that Mr. Reagan was “encouraged 
by Lbe panel’s new direction. 

“We have turned the comer on 
the civil rights debate,” Mr. Pen- 
dleton said. “We believe that quo- 
tas are a dead issue and we want to 
keep on course and make certain 
i hat we do those kinds of studies 
amt activities ihat maW» certain 
that discrimination is not the only 
factor in lack of opportunity and 
that there is equality of opportuni- 
ty and not a mandate for positive 
results.” 

Mr. Pendleton said his comment 
that quotas were “dead” was bated 
on recent court derisions, including 
a Supreme Court ruling that the 
city of Memphis, Tennessee, could 
not lay off white firefighters with 
more seniority in order to preserve 
the percentage of blacks called for 
unde? an affirmative action plan. 

The commission, created in 1957 
to provide advice and recommen- 
dations to the administration and 
Congress, concluded a bitter inter- 
nal debate last year on quotas in 
anti-discrimination programs and, 
in a major policy shift, denounced 



r Clarence M. Pendleton Jr. 


their use. The commission rea- 
soned last January that such prefer- 
ences “merely constitute another 
form of unjustified discrimina- 
tion." 

Previous commissions had en- 
dorsed such quotas as a last resort 
to remedy the effect of proved dis- 
crimination, a position contrary to 
Mr. Reagan's. 

The meeting comes at a time 
when Mr. Reagan, publicly ac- 
knowledging the strained relations 
between his administration and es- 
tablished black leaders, has sought 
to win support from other segments 
of the black community. 

In an interview Saturday, he as- 
serted that some black leaders he 


declined to identify were trying to 
of his ad- 


pain t a negative picture 
ministration to justify the need for 
theiz organizations and their posi- 
tions. 

Mr. Pendleton said that Mr. 
Reagan bad repeated the criticism 
Tuesday. Mr. Pendleton said be 
supported the president’s view. 


U.S. Urges Dissident 
To Accept Seoul Deal 


New York Tima Service 

WASHINGTON — State De- 
it officials have urged Kim 
Jung, the most prominent 
Sooth Korean opposition leader, to 
accept a confidential guarantee 
from the Seoul government that be 
would not be arrested if be delayed 
until May bis return from exile in 
the United States, Reagan adminis- 
tration officials and associates of 
Mr. Kim said Tuesday. 

But Mr. Kim said that it was too 


late for him to change hisplans. He 
South " 


U.S. Airlift for Flood Victims 


United P re ss International 

WINDOW ROCK, Arizona — 
National Guard troops began air- 
First, they said, be had violated, lifting food and merncal supplies 
“regulations applicable to the Ex- Wednesday to 18,000 Navajo and 


ecutive Office of the President” by 
joining in senior staff decisions to 
approve John R. McKean, who had 
bdped Mr. Meese obtain a $40,000 


Hopi Indians stranded on northern 
Arizona reservations by mdt'~ 
snow that turned roads into 
bogs. 


Kemp Reports Bipartisan Agreement to Speed U.S. Tax Bills 


By Jack Nelson 

Las Angela Tima Service 

WASHINGTON —The Repub- 
lican and Democratic sponsors of 
two major tax simplification bills 
have agreed to a bipartisan ap- 
proach that, they hope, will lead to 
an early compromise on overhaul- 
ing the federal income tax system, 
a/*y»rirlino to the chief sponsor of 
the Republican bQL 


itative Jack Kemp, a 
Republican from New York, said 
Tuesday that he and Representa- 
tive Richard A. Gephardt, a Demo- 
crat from Missouri, will revive their 
bill in the House. He said Senator 
Robert W. Kasten Jr., a Republi- 
can from Wisconsin, and Senator 
BiB Bradley, a Democrat from New 
Jersey, win do the same in the Sen- 
ate. Both bills are variations on the 
idea of a “flat lax.” 

Mr. Kemp said the bills' spon- 
sors wfll consider not only consoli- 
dating them, but will incorporate 


parts of the Treasury’s tax simplifi- 
cation proposal, which now is be- 
ing considered by the White House. 
All three tax reform proposals 
would enable the- government to 
continue collecting the same 
amount of revenue, but would low- 
er the tax rates for individuals and 
corporations by eliminating some 
popular deductions. 

The sponsors of.ihe two congres- 
sional bills are “very, very close” to 
resolving their differences, Mr. 
Kemp said. He said be has stayed 


in touch with Mr. Bradley on a 
weekly basis. 

However, spokesmen for both 
Mr. Bradley and Mr. Gephardt 
said that while the Democrats were 
interested in reaching a compro- 
mise, neither man has been in- 
volved in negotiations with Mr. 
toward that end. 

have been no negotia- 
tions at all, but if Kemp is saying 
we are that dose to agreement, it’s 
good news, because any movement 
has been unilateral on his part,” 


Mr. Gephardt’s spokesman said. 

Mr. Kemp predicted that the 
spirit of bipartisanship would 
speed congressional consideration 
of a compromise tax bill, perhaps 
resulting m House committee hear- 
ings on the bill as early as May. 

Efforts to speed up the tax am- 
plification bills have been opposed 
by Senate Republican leaders. 


going lobe enemies on the tax bilL” 

Mr. Packwood said the president 
did not respond to i request that 
the White House delay submitting 
its tax proposal, although the out- 
going secretary of the treasury, 
Donald T. Regan, was “quite ame- 
nable to the feeling we had to go 
ahead with the spending cuts first,” 

White House officials have incti- 


is scheduled to leave for South Ko- 
rea next Wednesday, stopping 
overnight in Tokyo. 

About 20 Americans are accom- 
panying him to ensure that he is not 
assassinated in the manner of Ben- 
igno S. Aquino Jr, the Philippine 
opposition leader who was mur- 
dered when he returned to Manila 
in 1983. 

Mr. Kim was an unsuccessful 
candidate for the presidency in 
1971. 

After Gum Doo Hwan. a former 
general, took power in a military 
coup in 1980, Mr. Kim was accused 
of sedition and sentenced to death 
in a trial strongly criticized by hu- 
man rights groups abroad. His sen- 
tence was later cotitnmled to 20 
years’ imprisonment. 

After having saved nearly three 
years he was allowed in December 
1982 to travel to the United States, 
ostensibly for medical reasons. 

Mr. Ktm said he did not know if 
he would be arrested when be ar- 
rives in SeouL The South Korean 
gove rnment has been wnf-lgf on 
what it will do. 

A South Korean official has said 
that if Mr. Kim returns, he wfll be 
imprisoned to serve out the remain- 


der of the sentence. Last week, 
however, the South Korean Embas- 
sy in Washington disavowed such a 
threat 

The South Koreans have been 
concerned about the timing of Mr. 
Kim's return for two reasons, US. 
officials said. His arrival on Feb. 8 
would be four days before elections 
to the National Assembly. The 
South Korean authorities are wor- 
ried that bis return might touch off 
disorders and demonstrations that 
would be embarrassing to them. 

The second reason, the officials 
said, is that President Chun is ten- 
tatively scheduled to visit President 
Ronald Reagan in early April. The 
South Koreans, U.S. officials said, 
are willing to pay a price for a delay 
by Mr. Kim until May, to get over 
the elections and the visit 

According to his friends. Mr. 
Kim met at the State Department 
late last week with Elliott Abrams, 
assistant secretary of state for hu- 
man rights and hiimani larian af- 
fairs, and Paul D. Wolfowitz, assis- 
tant secretary for East Asian and 
Pacific affairs. 

Neither the officials involved nor 
Mr. Kim would comment officially 
cm their conversations, but others 
said the officials had told Mr. Kim 
that they had a guarantee from the 
South Korean government that he 
would not be arrested if he waited 
until May. 

“Our own view is that we would 
like to see real progress in South 
Korea toward a more democratic 
environment," a senior State De- 
partment official said. “And apart 
from the obvious desire to avoid 
trouble, we’d like to see Kim’s re- 
turn happen in a .way that encour- 
ages further progress." 


They have said they first want to cated that Mr. Reagan will insist on 


KeDy Refuses To Yield Bundestag Seat in March 


The Associated Press 

BONN — Petra Kelly, a found- 
ing member of the Greens party, 
has refused to bow to party policy 
and give up ha seat in the Bundes- 
tag midway through ha term, a 
Greens spokesman said Wednes- 
day. 

Ms. Kelly. 36, officially in- 


formed Greens officials Tuesday of 
ha decision to stay past March 
1985, said Heinz Suhr, the spokes- 
man. According to party sources. 
Ms. Kelly told the party that 

Greens parliamentary deputies 
should retain their seats through- 
out the four-year term but be 
barred from seeking re-election. 


concentrate on spending cuts in an 
effort to trim the federal budget 
deficit. Republican members of the 
Senate Finance Committee, for ex- 
ample, have unanimously recom- 
mended delaying consideration of 
any tax 


earlier consideration for lax re- 
form. The White House spokes- 
man. Larry Speakes, said the ad- 
ministration’s proposal was 
expected to be completed in March 
or April and to proceed “on a dual 
track” as Congress considers the 


dealt with the budget, according to* budget reduction paekay 
the committee's c ha i rm a n . Senator A Treasury spokesman, Roger 
Bob Packwood of Oregon. Bolton, said that department and 

He said “the point was forcibly White House officials were inter- 
made” to President Ronald Reagan ested in working with members of 
during a meeting Monday at the Congress to prepare any necessary 
White House that “many of the modifications before Mr. Reagan 
allies we need on spending cuts are submits his tax plan to Congress. 


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Page 4 


THURSDAY, JANUARY 31, 1985 


Hcralb 


INTERNATIONAL 



eribunc 


Pu MK ifaed Tilt Tte New York Times and Hie Tafay Port 


Helping Soviet Prisoners 


The Soviet Union periodically eases repres- 
sion after reaching agreement with the West on 
what may appear as unrelated subjects. Thus, 
because others care about dissidents and eth- 
nic minorities, the Kremlin has seemed to 
manipulate their fate for bargaining leverage. 
To the extent that this is true, there is no 
reason it cannot be turned aidund to urge the 
Soviet Union to demonstrate a desire for bel- 
ter relations by loosening some locks. 

That is plainly Secretary of State George 


Shultz’s purpose in bringing up huma n rights 
uleaders.- 


cases in most talks with Soviet leaders. As both 
sides now move toward aims talks and a more 
broadly respectful relationship, there is at least 
the hint of a Soviet response. The mother of an 
exiled dissenter is allowed to emigrate; activ- 
ists known as the Group to Establish Trust are 
left in peace and even allowed to appear on 
American television: a human rights cam- 
paigner is released from a Moscow jafl. 

Those are sparks in the darkness. Releasing 
Anatoli Shcharansky would light a candle. So 
would exit visas for Andrei Sakharov and 
Yelena Bonner, prisoners in the dosed rity of 
Gorki. But these are only the better known of 
thousands of prisoners of conscience. 

Tatyana Osipova, a Helsinki Watch monitor 


in Moscow, has begun a hunger strike after 
nine months in prison because she is not al- 
lowed a meeting with her imprisoned husband, 
Ivan Kovalyov. Most of the original 75 moni- 
tors have been jailed for the crime of urging 
Soviet compliance with the 1975 accords. 

The Ukrainian poet Irina Raiushinskaya 
was sentenced in 1983 to seven years of hard 
labor for joining h uman rights demonstrations 
and attempting to emigrate. Her health is said 
to be imperiled by a harsh regimen. 

Also imparled is Joseph Bercnshtein, a Jew- 
ish “refusenik** tried Dec. 10 — Human Rights 
Day — and sentenced to four years. His wife 
reports that a savage beating cost him one eye. 

These cases discredit Soviet law and mode 
Soviet pretensions of strength. So does the 
refusal to permit emigration. Soviet society 
survived the annual departure of tens of thou- 
sands of Jews over recent years; why make 
criminals of others who want to leave, letting 
only 900 emigrate in 1984? 

Amnesty for political prisoners and more 
open borders will not threaten a closed politi- 
cal system and would gain the Soviet Union a 
lot in world respect Human rights belong high 
on the agenda to improve relations. 

— THE NEW YORK TIMES. 


Nastiness in Belgrade 


Of all the Communist states, Yugoslavia 
enjoys special favor in (he United States. It put 

- the word “Titoist" — meaning nationalist not 
run by Moscow — into the language, and it has 
followed a relatively open internal policy, 
partly to accommodate its Western friends, 

' since Marshal Tito's famous break with Mos- 
cow in 1948. Why, (hen, have the Yugoslavs 

- been running a nasty political trial the past 
three months, one that has troubled various 
Yugoslavs, including some in the leadership, 

; and severely embarrassed Belgrade abroad? 

The defendants are six modestly known in- 
tellectuals, members of the smalt familiar dis- 
sident fringe, clustered around Marshal Tito's 
old nemesis, Milo van Dj flas, that the authori- 
ties have more or less tolerated since the early 


1970s. For their casual and individual partiri- 
, half-social events 


pation in the half-meetings, half-social events 
‘ of Belgrade's “free university^ community, the 
' six were charged last fall with organizing a 
conspiracy to subvert the system. It is a mea- 
sure of the charges that a leading piece of the 
. evidence cited against one defendant was a 
- copy of his English-Language master’s thesis, 
' written while he was a graduate student at 
Brandeis University in Massachusetts and 
then stowed in his desk drawer at home: 


There is a tendency in the West to let the 
Yugoslavs off easy. ATier all, it is said, they are 
more liberal than other Communists and other 
East Europeans; being multi -ethnic and multi- 
national, they must be extra careful; they are 
still feeling the post-Tito jitters; they face 
wracking problems of economic deterioration 
and internal reform. To which the United 
Stales government, which has said not one 
word about the trial adds (under its breath) 
that it is in the American interest to settle 
Yugoslavia down as a stable buffer against 
Soviet expansion on a strategic front. 

Yugoslavia’s assorted dilemmas cannot be 
denied. It is true, too, that the Yugoslav au- 
thorities have shown in recent days — by 
discharging one defendant, severing the cases 
of two and reducing charges against the other 
three — that they realize how weak the case is. 
The fact remains that Yugoslavia has a system 
that exposes it to indefinite crisis. As long as a 
single Communist Party demands to monopo- 
lize political power, the country invites alter- 
nating impulses of popular challenge and offi- 
cial repression. This gpes on within a narrower 
hand than in o ther Communist-ruled coun- 
tries, but it is significant and ugly all the same. 

— THE WASHINGTON POST. 


Quotas Are Bad Policy 


Quotas on U.S. imports of Japanese auto- 
; mobiles expire at the end of March, and the 
Reagan administration not yet decided 
whether to extend them. Most of Congress 
• wants the quotas continued. A chief argument 
heard in favor of quotas is the very high 
exchange rate of the dollar against the yen. In 
terms of the Japanese goods that it can buy, 
the dollar is now overvalued by about one- 
third. That is an enormous disparity. 

The Japanese, with high labor productivity 
tn their factories, had a substantial cost advan- 
tage over American competitors even when the 
two currencies were more nearly in line with 
each other. Most of the American manufactur- 
ers complain bitterly that the improvements in 
their efficiency since then have been offset, 
and more, by the continuing rise of the doDar. 

The American industry is split ova the 
. quotas. General Motors says thatthe time has 
' come to end them and to adapt to present 
■ conditions. Other companies, with less re- 
sources than GM, object that adaptation is 
- impossible with the dollar at its present level; 
they want to keep the quotas in force. 

But that kind of protection is not cheap. 


Robert W. Crandall of the Brookings Institu- 
tion has calculated that the quotas have raised 
the prices of the imported can by aboulSUXX) 
each, and the prices of American cars by about 
$400. That adds up to a total cost to American 
buyers of something exceeding $4 btihon a 
year — an in toes ting example of a tax im- 
posed by trade regulation, which subsidizes 
both importers and domestic manufacturers 
yet appears on no public budget. 

Trade quotas are bad in principle as wdl as 


extremely expensive in practice. They delay 
and deflect the pro 


: process that pushes American 
industry to meet the challenge of the world 
market But the high dollar brings than the 
grudging support of people like Senator Rich- 
ard Lugar, who are not the natural allies of the 
protectionists. And why is the dollar Ugh? The 
federal budget deficit is sucking in money 
from abroad, pushing up the exchange rate It 
is a case of one bad policy inciting another. 

General Motors is right. Protection cannot 
shield an economy from the effects of 
budget errors and present currency 
meat. It will only prolong their ill effects. 

— THE WASHINGTON POST 


Other Opinion 


For a Two-T rack Afghan Policy 


Oblivious to the political aspects of the 
conflict, the United States has accepted the 
Pakistani rationale that military effectiveness 
should be the only criterion for aid allocations 
[to the Afghan resistance]. This has given Is- 
lamabad carte blanche to channel aid to the 
relatively cohesive fundamentalist paramili- 
tary cadres, based in Pakistan, rather than to 
the loosely organized but locally prestigious 
P ush tun guerrillas in the Afghan countryside. 

Covert aid to the resistance is desirable as 


part of a two-track policy {that] simultaneous- 
ly pursues a negotiated settlement. Support for 
the resistance is essential to bolster die bar- 
gaining position of non -Communist Afghans 
in efforts to reach accommodation with the 
Afghan Communists and the Russians. Aid to 
the fundamentalists helps to sustain resistance 
activity militarily and thus to raise the costs erf 
the Soviet occupation, but it is questionable 
whether it promotes a political solution that 
could lead to a Soviet withdrawal 
— Selig S. Harrison in the winter issue of 
Parameters, quoted by The Washington Post 


FROM OUR JAN. 31 PAGES, 75 AND 50 YEARS AGO 


1910: No Recognition of tire Yatksn 
PARIS — American affairs at present bulk 
largely at the Vatican. The ever-growing power 
of the Church in the United States necessitates 
each day closer relations with the Holy See, so 
much so that a rumor has been current in 
certain circles that it was the intention of Phis 


1935: Tilipuios Want Independence’ 


X to transform the Apostolic Delegation i 
Washington into a Nunciature. This is a 


in 

an 


exaggeration. As pointed out by the Herald’s 
idem, s 


Rome correspondent, such a step is out of the 
question. The Constitution of the United 
States apposes the recognition of the temporal 
sovereignty of the head of any church. It would 
not be possible for the Pope to accredit a 
Nuncio to the Washington Government, with- 
out the United States in turn sending a Minis- 
ter or Ambassador to the Vatican. As in Amer- 
ica there is no State religion, this is impossible. 


PARIS — The United States has promised the 
Philippines independence and will keep its 
word, despite the fact that American experts 
are agreed that hazardous times are in store for 
the Filipinos when they take ova their coun- 
try, according to Senator Millard Tydings, 
joint author of the Tydings-McDuflie act, 
which grants the islands freedom from Ameri- 
can control within the next ten years. Senator. 
Tydings said [on Jan. 30]: There is no doubt 
that the masses of the Filipinos want complete 
independence. To this policy the United States 
has been committed for thirty-four years, both 
by law and by presidential and other official 
utterances, [But] the economic difficulties in 
the way of transition from dep endence to 
independence are many. A period of economic 
readjustment and dislocation is inevitable.** 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY. Gunman I95S-I9S2 


KATHARINE GRAHAM. WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

CeCUmn 


PHILIP M.FOISLE 
WALTER WELLS 
ROBERT K. McCABE 
SAMUEL ABT 
carl gewirtz 


LEE W. HUEBNER. PMaher 
Exeatne Educe REN£ BONDY 

Editor ALAIN LECOUR 

Depot Editor RICHARD H. MORGAN 

Deputy Edit* STEPHAN W. CONAWAY 

Associate Ei&ur FRANCOIS DESMAISONS 

ROLF D. KRANEPUHL Dncnr of Adremstnr SJrs 


Dtpay Pub&shcr 
Associate Publisher 
Associate PiMtiJm 


Dvtcror gf Adtmsiat Sates 

International Herald Tribune. I$l Avenue Oarlewk-Gaulle, 92200 NcmUy^air-Sdae. 

France. Telephone: 747-1265. Telex: 612715 (Herald). Cables Herald Paris. 


Dtrecieur de la publication: Waiter ,V. Thayer. 

Asia Headquarters, 24-14 Hennessv Rd.. Hong Kang. Tel.' 5-28S6I8. Telex oil 70. 
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l Wft Imenuiiurud HerJd Tnhmr All nzhis reserved 


IF 

ikBC 



Farmers Can’t Pay, 2J 
Lenders Can’t Wait 




By Hobart Bowen 


W ASHINGTON — After 110 
years of business in the farm 
heartland of America, the Steele 
State Bank in Cherokee. Iowa, 
closed its doors last Friday. The 
little bank had withstood the Great 
Depression but was now unable to 
cope with a crisis that is sweeping 
through the central farm states. 

Stede State is just one of a score 
of rural banks that has gone belly- 
up since mid- 1984. More banks and 
credit associations are sore to dose 
as thousands of farmers who cannot 
repay current debts are forced out of 
business. The situation is most acute 
in the Midwest, but it is spreading to 
California and other faxm states. 

Sky-high interest rates (bank 
lending rates have come down else- 
where, but not in farm country), low 
prices for crops, the effect on ex- 
ports of the overvalued dollar and 
staggering losses in the value of their 
land and equipment are pushing 
fanners into bankruptcy ana ruin. 

In a telephone interview from 
Kansas City, Marvin Duncan, econ- 
omist and vice president of the Fed- 
eral Reserve Hank there, said that 
farm liquidations and partial liqui- 
dations in the second half of 1984 
were running at “three times the 
rate” bankers consider normal. 


Because land values are 


ag 


— farm acreage in the Midwest can 
be bought at a 40- percent discount 
from peaks hit in 1981 — more and 
more farmers have worsening debt- 
asset ratios. A survey by the Ameri- 
can Farm Journal shows that 21 
percent of fanners in the central 
states have debts that have grown to 
the dangerous level or 70 percent or 
more of theiz assets. That is double 
the percentage who were in such 
dire straits less than a year ago. John 
Marten, staff economist tor the 
Farm Journal said in an interview: 
“When the debt-asset ratio passes 
70 percent, with the returns being 


what they are, cash flow is negative 
and the aeteric 


;terioration is substantial 
That calls for radical surgery." 

Iowa State University economist 
Neil Hari and other farm expats, 
along with politicians and lobbyists, 
have been begging the Reagan ad- 
ministration and Congress to pay 
heed by starting an expanded loan- 
guarantee program. “There is genu- 
ine economic tear, and growing an- 
ger," Mr. Hari told me. 

The situation has similarities to 
the excessive debt piled up by Third 
World countries that woe fed loans 
by banks counting on a payoff from 
ever- inflated prices. Mr. Duncan 



warns that a shakeout is now inev- 
itable. "because the hard reality is 
that some kinds of agricultural pro- 
duction in this country are in danger 
of being priced out of world mar- 
kets.” Wheat, for one. 

Still as in the Third World, there 
is an immediate problem to be dealt 
with, for the sake of compassion as 
well as to minimize the ripple effect 
of an agricultural crisis through the 
rest of the economy. 


By Mr. Duncan's assessment, un- 
less there is dramatic “intervention" 


but the rates fanners must pay as 
>fman 


by the government in the next 90- 
120 days — before spring plantings 
are completed — farmer bankrupt- 


cies will pile up. The casualty list 
' ' I5i “ * 


Cut Costly Myths: The American Family Farm Is Doomed 


for the family farm, we are fannin 


F or an our 

near to bidding farewell to it as a significant 


remment should start by recognizing it 


institution in American life. We are on the verge of 
another big shakeout in American agriculture. Caught 


between sagging prices for their products and rising 

families 


debt, tens of thousands of farm families face almost 
certain foreclosure. And farm bankruptcies threaten 
dozens of banks, hundreds of farm equipment suppliers 
and the economic health of entire rural communities. 

If we are to cope with the problems posed by modem 


ing, the gave 

for the business enterprise it has become. 

For many of us who cherish the values of family, 
community and individual initiative represented by the 
family farm, and who believe that America is better off 
when economic power is widely shared, this picture is 
troubling and sad. But if we fail to accept it as a reality, 
we could lose (he opportunity to influence for the better 
the transition that is under way in rural America. 

— Susan Sedikr and Ken Cook in The Washington Post 


could be 10 to 15 percent of the farm 
population in some states. 

Mr. Hari urges asystem of federal 
and state hdp bared on a lien 
against farmland, with the expecta- 
tion that the public would share in 
any profits on future land value. 
This would compare to the public’s 
bailout of Chrysler, which returned 
a profit to the federal government 
“By themselves." Mr. Hari sums 
up, "farmers can’t make their pay- 
ments. and the lenders can’t afford 
to wait I’m an economist, and 1 
believe in the market economy, too. 
But there comes a time when gov- 
ernment must intervene to avoid 
massive economic wreckage " 

The bank prime rate has plunged 
nationally from 13 to 10-5 percent. 


they try to borrow money to finance 
new crops run from 13 to 14 percent 
"The critical thing is interest rates 
— we need relief," Mr. Marten said. 

As debt soars and the values of 
fanners* assets decline, more farm- 
ers careen toward bankruptcy and 
become a bad risk for banks already 
ltural 


overcommitted in their 
loans. So far the Reagan administra-^ 
tion. to the consternation of Rfpub-^y 
licans who will run for re-election in 
1986, has paid little attention. U is 
concentrating instead on the need to 
make budget savings by cutting 


back farm-support programs. 
"Given what is happening in rural 


America, the administration's tim- 
ing is abominable,” says one of 
those who will be up for re-election 
next year. Republican Senator Mark 
Andrews of North Dakota. “This 
isn't the year to begin tampering 
with agriculture’s safety net” 

Washington Post Writers Group 



Does 


Don Francisco Would Not Be Amused 


ANYTHING To SW-. 


EW YORK — I asked Richard 



By Autti In The PdllaitetpMa Imwlrw. Wastilneton Post Writers Group. 


Nixon recently whether be had 
ever been in Honduras. "I was in 
Tegucigalpa in the 1950s," the former 
president said. "1 assume it hasn't 
changed since then." 1 assured him 
thai it was the same. "That,” he said, 
"really is a banana republic.” 

In the centra] square of Tegucigal- 
pa stands a statue of the greatest of 
all Hondurans, Francisco Moraz&n. 
He was the closest thing Central 
America ever had to a liberator, serv- 
ing from 1830 to 1 840 as president of 
the United Provinces of Central 
America, a federation modeled after 
the United States of America. 

Except, they say. the man on the 
horse is not Morazan. It is actually 
Marshal Michel Ney of France. The 
story goes that a commission was sent 
from Tegucigalpa to Paris to have a 
statue cast of Morazan, but the mem- 
bers of the commission spent the 
money on wine and women. So. in a 


By Richard Reeves 


Paris junkyard, they round an old 
statue of Ney. a Napoleonic hero 
executed in 1815 for bong on the 
wrong side of a Bourbon restoration. 

In Washington, the people current- 
ly running the United Stales are tell- 
ing reporters that Honduras, with the 
help of El Salvador and Israel has 
replaced the United States as the 
principal supplier of weapons and 
other assistance to "contra" rebels 
fighting in Nicaragua. 

According to those officials, the 
reason the contras can continue their 
attempt to overthrow the Sandinist 
government in Managua even after 
the U.S. Congress has held up U.S. 
covert funding is this new hdp from 
neighboring countries and faraway 
Israel. A headline pul it this way in 
New York the other day: “Nic 
Rebels Reported to Have New 


of Arms; U.S- Officials Say Hondu- 
ras, EL Salvador and Israel Are In- 
creasing Aid Levels.” j 

If you believe that. I’ve got a stani?^ 
of Francisco Moraz&n you might be 
interested in buying 
Honduras, a U.S. diem stale in 
Central America, is no more capable 
of helping another country, militarily 
or economically, than it is of putting 
a Honduran on the moan. 

The name of the counby 
“the depths.” Columbus lande d there 
1502 after surviving a terrible 


in 


Washington’s Latin Policies Have Been Improving 


N EW YORK— Ronald Reagan’s 
decision this month to deliver 
2,700 Cubans, now in the United 
States, into Fidd Castro’s custody is 
a distinctly “un-Reagan" agreement, 
out of keeping with bus previous atti- 
tudes toward Cuba in particular and 
Latin America in generaL In fact this 
modest change was but the latest ex- 


By Jorge I. Dominguez 


es 


• agains t 

government is one of the few 
that remain so far unchanged 
The Cuban agreement in itself has 
considerable merit. Mr. Reagan's 
goals were largely politicaL but he 
has also made some provision for the 
deportees’ human rights. Both the 
United States and Cuba should take 
additional steps to safeguard the ref- 
ugees’ rights — to permit asylum in 
the United States for those who qual- 
ify and ensure fair treatment for 


(hose who return to Cuba — but this 
agreement is an important step. 

Consider, also, some of the other 
policy shifts during the last four 
years. In the beginning, right-wing 
authoritarian regimes were seat as 
deplorable but perhaps inevitable. 
United Nations representative Jeanc 
J. Kirkpatrick suggested that they 
were somehow in the nature of I .atin 
American politics. Much of the Car- 
ter administration's human rights 
policy was consequently dismantled. 

Today, in contrast, the Reagan ad- 
ministration beams with pride at the 
return of civilian democratic rale to 
Argen tina, Brazil, Uruguay and other 
countries in Latin America, although 
it is honest enough to admit that 
these results are not the outcome of 
its policies. It is even rumored that 
Washington has begun to put pres- 


sure on Augusto Pinochet of Chile to 
follow suit and end his dictatorship. 

Simfiarty, in the beginning it was 
assumed in Washington that the 
magic of the marketplace would take 
care of the hemisphere’s internation- 
al economic problems. The United 
States stood back as its recession 
turned into Latin America’s depres- 
sion. and as Mexico underwent a 
panicky currency devaluation. But in 
August 1982 Washington began to 
recognize the severity of Latin Amer- 
ica's economic crisis. Since then it 
has taken constructive ster-s to ad- 
dress at least some of the hemi- 
sphere’s morejjressingproblems. The 
“bridge loans to Mexico, Brazil and 


Argentina exemp!ify_the^ change. 

idor. At 


Then there was E Salvac 
First the Reagan administration badly 
mistrusted Jose Napoleon Duarte; a 


Umbrellas? Real Men Are Waterproof 


B OSTON — The United States 
Army has decided that real 
men don't carry umbrellas. 

The ruling on this most matter 
came this month when the Army 
Clothing and Equipment Board 
asked if it wasn't time to allow men 
in uniform to come in out of the 
rain. They* were not talking about 
men in the trenches, mind you; they 
were tal king about men on the 
bases or around the Pentagon. 

Well the poor board must have 
been suffering an androgyny at- 
tack. They must have been reading 
too many articles about the new 
sensitive man and his overshoes. 

In any case, the issue of the um- 
brella — tobeornotlobedry — 


By Ellen Goodman 


umbrellas. Nobody calls a woman a 
wimp. It’s all right for air force men 
to cany umbrellas. The air force 
has been suspect ever since it al- 
lowed silk scarves. But brollies con- 
tinue to be banned for army, navy 


and Marine Corps men because it is 
son of w< 


went all the way up to the secretary 
~ (he army chief of 


of the army and _ 

staff. These are men whose pates 
have not been touched by a rain- 
drop snee the invention of the 
chauffeur. Predictably and official- 
ly, they “disapproved" It was. we 
are told, a matter of image. 

•’ "feel the 

ficers walk- 



how intrinsically unmilitaiy.'* 


some- 


uy uiimiutary. 

This could be regarded as just 


more proof that the military is all 
wet. but I have learned not to take 
the messages wrapped in mufti so 
Lightly. After alL the army is a last 
preserve of realmanhood. one of the 
last places where vou are supposed 
to express your rank and suppress 
your feelings. It turns out that one 
of the feelings you arc supposed to 
suppress is dampness. 

According to the rules, it's all 
right for women in uniform to cam- 


an admission of weakness for than 
to be bothered by Mother Nature. 

The whole silly thing reminds me 
of a recent piece in the Atlantic in 
which humorist Roy Blount tells 
about the time he almost got caught 
hanpng diapers while in uniform: 
“Regulations prohibited doing such 
a thing without changing into fa- 
tigues or civilian clothes. 7 

Perhaps there is a dampness pho- 
biagoing on here. 

The image question is not limited 
strictly to the military. It occurred 
tome, as I read the news story, that 
many a civilian American man 
would rather be seen in public in his 
underwear than in his outerwear. 

In the recent pictures from the 
Geneva negotiations, you could tell 
our guys from their guys by the 
headgear. The Soviets were the ones 
with fur on their heads: the Ameri- 
cans were the ones with the hair. At 
least some of them had hair. 

The higher the ranks that men 
aspire to in civilian life, the less 
clothing they are allowed to wear. 
Not since the term of John Kenne- 
dy has any president been photo- 
graphed in a fedora. Caps, yes. 
Hardhats. yes. Cowboy hats, yev A 
real live man's hat. no.’ At the other 
end of the body politic, we hate 


seen a lot of Western bools. But 
when was the last time you saw a 
president in galoshes? 

During the last campaign. Dem- 
ocratic and Republican males run- 
ning for high office practically per- 
formed a striptease in the namf of 
virility. Topcoats started disappear- 
ing along with doves. Everyone 
seemed to want his portrait wind- 
blown against the elements, i had 
the sense that pretty soon we would 
be treated to chest hair on the trail 

At the inauguration, contrary to 
rumors, the committee did not can- 
cel the march because so many of 
the guests came with California in 
their veins. It was because the presi- 
dent could not appear in public 
with bat, mittens and a ski mask. 

As the man in the Pentagon said , 
it is a< 


mtagon 
The theory 
tind this male-iiary image- mak- 
ing is inherited from the days when 
mad dogs and Englishmen went out 
in the midday sun Leaders and 
soldiers have to prove that rain- 
drops bounce off true grit and never 
rust the metal of a tough guy. 

Presumably if the Soviets were to 
see a satellite picture of American 
soldiers with umbrellas over their 
heads, tanks would roll across East- 
ern Europe. However, we expect 
them to be terrified by the vision of 
hundreds of soldiers with rain run- 
ning down their cheeks. 

What we have here is another 
chapter in the current strip-for- 
sircngih defense of America. The 
very first thing that our leaders take 
off is common sense. Bui at least 
the army has iLs pride tn keep it drv. 

Washingmn P,nr Writers Group. 


member of the National Security 
Council staff complained that Mr. 
Duarte's policies had “brought the 
country to near economic ruin by 
desperate and sweeping reforms.” 
Today the administration has em- 
braced President Duane as its own 
and guaranteed whatever political 
and economic reforms he has been 
able to cany ouL 

Finally there was the question of 
foreign aid, originally opposed by 
many Republican members of Con- 
gress. in fact the Reagan administra- 
tion has overseen an extraordinary 
increase of official development as- 
sistance — and other forms of help, 
including military aid — to Central 
America, the Caribbean and parts of 
South America. The same Reagan 
administration that at first proposed 
to gut the Fulbright fellowship and 
other exchange programs has sub- 
stantially increased such funds. 

Together, these changes are a trib- 
ute to the effect that “reality” can 
have on the thinking in Washington. 
Unfortunately, this time around, it 
took two to three years of “policy 
waste,” and changes were instituted 
only when ideologically inspired poli- 
cies were shown to be patent failures. 

What about those Tew truly dan- 
gerous policies that re main ? The Nic- 
araguan counterinsurgency is only 
one example. The bizarre fear of 
Mexico felt by many in the White 
House and the Central Intelligence 
Agency is another — and this despite 
the Mexican government’s efforts to 
work with the United States even at 


dusty streets of 


propeller spins constantly, driven by 
a clanking motor of some 


some sort. Or 
perhaps the Hondurans have sent 
that one to the contras in Nicaragua. 
This is all to say that what is com- 


ing out of Washington these days is 
: it is hiuaii- 


Judicrous. I would say that it is I 


WLD 

COURT 



ous to deny that the United States is 
stil] supplying the contras, but the 
only joke is the one beingplayed on 
the people of the United Stales. 
Some believed that money would 

.. . . _ s I0 P flowing after Congress cut off 

its own political peril, appropriations last year. And that 

The past does, however, offer con- U.S. law prohibiting the channeHnc 
siderable hope that the second Rea- of US. aid to third countries or i 


gan administration will be able to 
learn from reality. It must continue to 
abandon its ideoli 



No»- 
ogib^^i-.r.c 


ivmg a remote 
storm at sea, and he thanked God for 
delivering him and his men from the 
depths — Honduras, in Spanish. 

The (supposed) Honduras-Israd 
alliance does make some perverse 
sense, because the most impressive 
part of the Honduran defense estab- 
lishment is the Honduran air force, 
which used to be the Israeli air force. 
Realty. The pride of the Honduran 
air force today is the old French-built 
Mirage jets that Israel used in the 
1967 War — the same planes. 

The other notable piece of Hondu- 
ran equipment — as opposed to 
equipment in Honduras owned and $u 
operated by North Americans —is a 
Bell P-39 Air Cobra, an old UJL 
plane from World War IL It is 
mounted on a pedestal outside the 
officers' club on a hill overlookingtbe 
oa. The 


that 
iBgl> :• ■' 
the da? 1 
A° d 

not - : 

fornucj r 
soanfor? 'T'.T " 

eluding u* ‘•’ r - 

li* fra-v**;;;'. - . : 

teriJig et , 
the -,.-r 

Geer? 3 > :/T 

! > engrif 
moled*., ... 
Unci . 

ttiiiir.il . 

pboioartfj’ .... 

opens 

comru I - ,, ‘v".V"!.. 
mooes •• : ; 

$irouti:cr-— - ' 

" f:X r r’ "- ;. 

terras 

terK.Orp'r- • ..' 

enlist j; - • ’• ' . .. 
Technci-'v ‘ . ' 

fore tb: ■ 

hut you u-* • ■ 

The 

beyonC ire - • 
nhiilL'e, 
planes it . '' • -• 

UIW u _ • 

aeo ictr..* 

S .!»*“.•- - : 

abrupt!; 

three. b’i: ■■ ' 

from 'V.r 

pioneer a-'.: - -' •- • 
soils Ai - 


Satellite But 




B- j: 

lr.-~. . 

T.AkAfUV 
Jern/>.sr: 1 
nesti. u'.r.: • 
anmtr.'i 4:;- 
municifiif 
hshec 2 m:.' : 

Teadier.- - : 
CbsSKMTi 
»eu. Sen? r 
beafclei' :: 
her r p-lT 
about 

above jiL-_ - 
to a iv-r . ‘ - 

04 lii r.e- 
mile. Of ?■; - 


(.-nrr ■ 



Bv K:— - : 



parties was being honored by the* 
U.S. military. Wrong on both counts. 


.0 


Latin interests best 


and 


The Write- is professor of government at 
Harvard University. He corttibuted this 
comment to The New York Tones. 


The joke, then, is the tew. These 
laws mean nothing to the people in 
the White House and the Pentagon. 
In Congress, the people charged with 
writing the laws and appropriating 
the money are either in on the decep- 
tion or they are fools. 

Universal Press Syndicate. 



letters to the editor 

Uses of International Law Is an Ex-Bomb Any Use 9 

In response to "Reason Chums Nias- ..... 3 


h j. 

Avi • ■■■•■ 
5?S»V-:o : . 




response to '‘Reagan Chums Nica- 
raffta Poses a ‘New Danger ’ " (Jan. 25 J- . , a* Issue in Geneva” 

First the United States withdraws numbeTS 

From a pending World Court rase 77§0fJi a"? 1 W? 1 ? 
filed bv Nicaragua concerning US r«r i^- e Union and 7,29 5^ 

activities in S 3 B wSTSn^ EWSf ^ mtcd a total of 


ground that the conflict in the region 
is political, not legal. Now President 
Reagan charges that Nicaragua is en- 
gaged m armed subversion in Centra! 
Amenta, and thai such activities vio- 
late international law. Has inter- 
national law become one-sided nr is 
the administration two-faced 0 

MICHAEL T SHOR. 

The Hague. 


r A Ofll . *wi d IUUU Ul 

‘ 4 £f 7 - An agreement to scrap half of 
them would obviously leave each side 
with more than enough. 

It would be interesting to leant 
now one goes about disposing of a 
nucle ar bomb. After a warhead has 
^defused, what do you do with it 
then . Can it be used to produce elec- 
tnciiv or something like that? 


/ I - denis JOHNSON. 

< luii Mon -sur-Chahronne. France. 












. — 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 31, 1985 


Page 5 


SCIENCE 


51 Math Concept Lets 
Computers Produce 
Complex Graphics 


By Andrew Pollack 

New York Times Senior 


Not until Eh - . Benoit B. Mandel- 
brot came along were curves 


»V 63106 *° ^wmg more complex 
f “tural phenomena, like wispy 
aouds or jagged mountain 




i- 


computers could manage only 
crude approximations. 

Now, however, a once obscure 
mathematical concept known as 
•facials is allowing computer srien- 
usts to surmount those barriers. 

Fractals are mathematical curves 
that define some order arm'd seem- 
ly chaotic phenomena, such as 
the shape of a coastline or cloud. 
And they are becoming important 
not only for computer graphics, but 
for many areas erf science involving 


v LITERS have long Vyn were unified into a theory and giv- 
able to draw fairly ample on the name fractals, for fractional 
snapes such as balls, blocks and rfimw, ri«r’ < f 
even airplane wings. But when H Dr- Mandelbrot, a professor at 

Harvard University and a research 
feOow at Internatixmal Business 
Machines Corp.'s Thomas J. Wat- 
son Research Center in Yorioown 
Heights, New Yak, was the first to 
propose that fractals seemed more 
suited than standard Euclidean ge- 
ometry to describe many natural 
phenomena, from coastlines and 
clouds to river networks and the 
brandling pattern of blood vessels. 
He made the point in a 1982 bode, 
“Tbe Fractal Geometry of Na- 
ture.” 

Fractals have an unusual proper- 
ty. The more they are magnified. 





- * Not Be 


tering of galaxies in the universe, 
the distribution of vegetation in 
Georgia’s Okefenokee Swamp, the 
pattern of carbon deposits in diesel 
jine cylinders and the motion of 
molecules. 

Using fractals, computers are 
.able to create stunningly realistic 
natural scenes that look almost like 
photographs. The development 
opens the way for increased use of 
computer-generated images in 
movies and for more realistic flight 
si m ulators and video games. 

“Fractals are tbe leading edge in 
terms erf realistic imagery, said Pe- 
ter K. Oppenheimer, a research sci- 
entist at the New York Institute of 
Technology in Old Westbury. “Be- 
fore that there were rolling hills, 
but you didn’t have jagged peaks.” 

The geometry of fractals goes 
beyond the geometry of Euclid, in 
which lines exist in one drmensip n, 
planes in two dimensions and vol- 
umes in three: As long as a century 
ago some mathematicians pro- 
i posed that dimensions did not 
* abruptly shift from one to two to 
three, but rather blended gradually 
from one to the next, and they 
plotted mathematical curves to de- 
scribe the phenomena. 


instance, is a 
precision of tbe an- 
swer depends on the length of the 
measuring stick. From high in an 
airplane, when only rough mea- 
surements are possible, it appears 
to be one length. From a Tower 
attitude; as smaller beys and inlets 
become visible and can be mea- 
sured more accurately, the length 
of the coastline increases. If a crab 
traced the shore it would find even 
more wriggles and thus a longer 
overall length. 

This property is not held by the 
standard Annas of three-dimen- 
sional Euclidean geometry. A 
square has tbe same perimeter no 
matter how long tbe ruler is. 

Tbe fractal dimemann is a mea- 
sure of how fast the length of a 
curve increases as the size of tbe 
measuring stick is shortened. Using 
Dr. Mandelbrot’s formulas, a 
straight line would have a dimen- 
sion of 1 and a plane a dimen.tinn 
of 2. jost as in Euclidean geometry. 
Bui a jagged line would have a 
fractional dimension, between 1 
and 2, and a mountain would have 
a dimensi on between 2 and 3. 
While seemingly strange, tbe no- 
tion of grab fractional dimensions 
is not unreasonable. A twisting, 
fn mmg line which is one-dnuen- 



4nMM(iMn, 
512 triangles 


subdivision of the pattern 
leal curves culled fractals to generate 

a gra p h i c omrtafinn of rough terrain. 


5*ubdMaions, 

2048 trtanffn 


Afcn faunw/Tha UnMVMr C i TorMA. 


IN BRIEF 


Infrared Data Indicate Halley’s Size 

WAIMEA, Hawaii (NY1) — British astronomers working atop Ha- 
waii's highest mountain have made what they believe to be the first 
infrared observations of Halley’s Cornel, and have estimated the diameter 
of its nucleus to be eight miles (13 Idlomcters)- 

Previous estimates of coma nucleus diameters ranged from 1.000 feet 
to as much as 40 miles. Until recently it was possible only to guess the 
diameters; by the time comets penetrate far enough into the Solar System 
to be casfly observed, they are enveloped in a cloud. Radar has provided 
does to the sizes of small comets passing near the Earth but is ineffective 
at great distances. 

Astronomers from Leicester University, the Royal Observatory in 
Edinburgh and the University of Kent used a giant infrared telescope, 
one among a growing number of observatories on the extinct volcano 
Marnta Kea. about 13,800 feet (4.216 meters) high. Because the air above 
it contains very little water vapor, which abrorbs infrared radiation, the 
site is ideal for such observations. 

Alzheimer’s, Downs Further Linked 

NEW YORK (UPI) — People with Alzheimer's disease have finger- 
prints with patterns like those of people who have Down’s syndrome, 
bolstering the theory that Alzheimer's has a genetic link, according to a 
neurologist at New York University Medical Center. 

Dr. Herman J. Wdnreb said bout conditions tend to run in families, 
but thus far the genetic link for Alzheimer's has been tenuous. Alz- 
heimer's is a gradual, irreversible erosion of brain cells that control 
thought and memory. Down’s syndrome, also known as nwngfttiqp , 
results in Alzheimer's disease by age 40 if the person survives that long, 
Dr. Weinreb said. 

Reporting his findings in the Archives of Neurology, he said he 
compared the fingerprint of SO Alzheimer's patients and 50 patients with 
other brain disorders. He found that those with Alzheimer’s had more 
loops and fewer whorls and arches, as do victims of Down’s syndrome, a 
genetic disorder caused by chromosome abnormality. 

Wasp’s Wing May Aid Aircraft Design 

LOS ANGELES (NYT) — A scientist at the University of Southern 


stonal in a strict Euclidian sense, place each jig and jag in a coastline, 
can sometimes almost fill a two- or each bump cm a mountain. “It 
dimensional plane. was nn imaginable that anyone 

Mandelbrot noticed another in- would type in tens of thousands of 
t Tpsting fe ft pny of qtr fa mathfflim . coordinates to get the shape,” said 


ical curves: The shape at each level 
of magnification is similar, a prop- 
erty Dr. Mandelbrot calls self-simi- 
lanty. Aerial photographs of a 10- 
utile stretch of raasrime and a 
100-mile stretch lode much the 
same, providing there are no boikl- 
oi other objects to serve as 


Again, Euclidean shapes do not 
have this property. As one gets 
closer to the surface of a sphere, for 
instance, it looks more like a plane 
Before fractals there was no good 
way to create realistic scenery by 
computers. One had to candidly 
instruct the computer where to 


Loren Carpenter, a research scien- 
tist at I neacfihn lid. 

Another approach was to feed 
data, such as from a satellite photo- 
graph, into the computer. But even 
one such ywie contains millions of 
bits of information. 

Fractals suggested a way for 
computers to generate a lot of de- 
tail without the p r ogr am mer hav- 
ing to do much work. A computer 
can generate one shape and then 
replicate it over and over again in 
smaller detail, adding random de- 
tails here and there to account for 
the fact that natural phenomena 
are not exactly similar . “One can. 


by using fairly simple formulas, 
produce structures of apparent 
complexity ” said Dr. Mandelbrot. 

To generate a mountain, for in- 
stance, me can start with a plane 
and break it near the middle, form- 
ing a bump. Then one can break the 
two sides of the lmmp near their 
midpoints, forming two smaller 
humps, and so on. Such a technique 
was developed by Alain Fournier 
of the University of Toronto, Dan 
FnsseD of the University erf Texas 
and Mr. Carpenter of Lucasfihn 
Ltd. 

T.nragfilm used the tcrhmq n**- to 

generate the landscape of a planet 
that sprung to life in the movie 
“Star Trek II: The Wrath of 
Khan.” 

Scientists are finding fractal di- 
mensions to be a useful statistic in a 


Satellite 'Blackboard’ Links Remote Indonesian Classrooms 


• A.n 


’ruf 


By Sally Taylor 

International Herald Tribune 

J AKARTA — The remote East- 
ern Island Universities of Indo- 
nesia, using two channels of the 
country’s recetitl 
nnmicarions 


com- 

ite* have estab- 
lished a satellite curriculum. 

Teachers and technicians at 11 
classrooms on Java, Borneo, Sula- 
wesi, Seram and Irian Jaya have 
been linked together since Septem- 
ber by PALAPA, which orbits 
about 700 kilometers (435 miles) 
above Jakarta, bouncing mess a ge s 
to a total of more than 100 receiv- 
ing dishes scattered across 3,000 
miles of the archipelago. 

Using II of these “Earth sta- 


tions,” the Indonesian Distance 
Education Satellite System, or IN- 
DESS. is seeking ways to make up 
for a shortage of teachers. 

“PALAPA can help solve two of 
our major education problems: 
equity erf access to qualified teach- 
ers across the country, and man- 
agement of education administra- 
tion,” said Ynsufhadi Miarso. 
special technical advisor at the 
Ministry of Education in Jakarta 
and one of tbe motivating forces 
behind education by satellite. 

The INDESS student tits in a 
normal classroom — except there is 
a microphone on his desk and a 
video “blackboard” in front erf him 
instead of a readier. He bears the 


teacher's voice “live” and there is a 
tutor al each classroom. The stu- 
dent can discuss questions with his 
tutor and, if necessary, speak di- 
rectly to flic teacher. • 

Technical headaches plagued the 
project at first- Transmitting sever- 
al thousand miles between class- 
rooms was easy, thanks to PA- 
LAPA, but ground links from the 
Earth stations to the classrooms, 
usually involving only a few kilo- 
meters of cable; remained a prob- 
lem for months. 

“Once we installed the 
equipment, we found too 
noise coining through mi the local 
telephone finis.” said the project's 
part-time technician, Tahir AJi, an 


engineering professor at Hassanud- verrity of Massachusetts two years 
den University in Ujung Pandang. ago. Both were working in educa- 
“Our equipment called for cable tional- training and Tmrd World 
linkage of international standard,” . project management, 
he said. Tift Indonesian tel qibofle^^p ; . nrMKa „ fn - 
company “had to lay new tele- - has proven to be an ef- 

-1- 3 ' fectivp way to lead) m remote re- 

gion of the world,” Dr. Agong said. 


phone cable, in many cases, to up- 
grade their existing lines, and we. w«m, vr.n&n 

modified our eauroment.” While at the University of 

C1 nrfDESS offersa basic statistics chuaetts, one of my projects wasto 


course, taught by Indonesia's only 
statistician with training in long- 
distance education. Professor 
L G. N. Agung, in Ujung Pandang; 
and a food science course. 

Dr. Agung met Dr. Willard 
Shaw, an American who is field 
advisor for INDESS and its only 
full-time staff member, al the Um- 


write a statistics textbook in Indo- 
nesian for long-distance teaching. 
Tbe INDESS program emphasizes 
direct contact between teacher and 
student, in spile of the distances 
involved.” 

He added: “Now we have to 
learn to teach using this technol- 
ogy" 


variety of arm. Dr. Harold M. 
Hastings; professor of mathematics 
at Hofstra University, has studied 
aerial photos to compute the fractal 
dimension of vegetation patterns. 
The patchiness erf the distribution, 
which can be quantified by the 
fractal dimenanri. seams to COtTe- 
late wi th how stable the species is in 
the envi ronment 
Dr. Raymond L. Orbach, a pro- 
fessor of physics at UCLA, has 
found that the atoms in glass have a 
fractal distribution. By computing 
the fractal dimension, and soma 
other statistics. Dr. Orbach thmks 
he can predict such properties of 
glass as its thermal conductivity. 

The'abDity of fractals to describe 

and gmnlflte SO man y phenomena 

raises a more intriguing question. 
Arc there underlying laws of nature 
that cause so many natural phe- 
nomena to be fractals? 

There is evidence that genes, 
rather than specifying the structure 
of a complex organism such as the 
Wood vessels in the lungs, merely 
contain a simple formula that is 
repeated over and over to farm the 
branching blood vessel pattern. 

“There nwst be something in the 
Jaws of nature that produces these 
objects,” said Dr. Peter Lax, pro- 
fessor of mathematics at New Yak 
University’s Courant Institute of 
Mathematical Sciences. 

Doyne Farmer, a physicist at Los 
Alamos National Laboratory who 
is using fractals to study the chaos 
of turbulent fluid flow, said Dr. 
Mandelbrot’s theories had “pro- 
vided us with a language, a mode of 
description.” 

“Now it’s up to others to go try 
to understand why they occur,” he 
said. 


cl of a wasp’s wings, is studying the way the insect dies, in the hope that 
his research may lead to safer and more maneuverable aircraft. 

“Wasps and butterflies can generate lift far in excess of what we 
achieve with an airplane whig,” said Tony Maxworthy, professor of 
mechanical and aerospace engineering. The wasp Encarsia formasa, like 
many other insects, stays aloft and hovers by using what is railed the clap- 


abont 400 times a i 

With fi na n ci n g from the National Science Foundation, Dr. Maxworthy 
and other researchers have developed a computer-operated model that 
allows them to study the wing’s interactions with tbe surrounding air. Dr. 
Maxworthy found that the effects of the dap-and-flmg mane uver can 
increase lift five or six times over what conventional aircraft wings can 
achieve. 

Dr. Maxworthy noted that most insects make extremely abrupt turns, 
changing direction within only a body's length. With such control, he 
said, commercial airliners could land at slower, safer speeds at much 
smaller airports. Researchers would first have to determine if an aircraft 
could withstand the stresses of dap-and-fling maneuverin g 

Extra-Heartbeat Danger Discounted 

BOSTON (UPI) — Extra heartbeats, once thought to be harbingers of 
sudden doth, are norma] and hannteipi imlessthtytwnirhunnie^ewitb 
a severe heart affluent, researchers at Sl Louis University Medical Center 
report in the New England Journal of Medicine. 

Everyone has extra heartbeats, usually about 20 an hour, but some 
have thousands of extra beats an hour, the doctors said “There is no 
increased ride of sudden death even when people have 400 to 500 an 
hour,” said Dr. Harold L Kennedy, principal author of the report. 

Blood Pressure Tied to Level of Lead 

NEW YORK (UPI) — Researchers at the University of Michigan at 
Ann Arbor have reported finding a new factor that may contribute to 
hj^irfood^gR»memadntettnder age 56: higher, but still normal, levds 

People with high blood pressure also tended to have low levds of 
cakdum in their diet and of zinc in their blood. Dr. Robert L. Schmouder 
said after his team reported tire findings in the Journal of the American 
Medical Association. “There is a posable finding from our stndy that 
calcium acted as a protective moderator against lead’s effects on blood 
pressure,” he raid. 

Most scientists agree that sodium, a component of salt, plays an 
important role in regulating blood pressure; Many say Ugh Mood 
pressure is the resillt of complex factors mriudinp heredity and the 


to add lead to the list. 

A controversial stndy last year discounted sodium as a cause erf high 
blood pressure and placed the blame entirdy'on low natanm cons p m p - 


Vatican Synod: Valuable as Review , hut Too Brief for Change 



*» 


\k 


!;l; v 

B. 

, ; i- 


By Kenneth A. Briggs 

New York Times Service 
NEW YORK — Pope John Paul 
n*s unexpected call for a spatial 
synod to consider the results of the 
Second Vatican Council has pre- 
sented Roman Catholics with an 
im.icii.it somewhat puzzling set of 
possibilities. 

The pope’s announcement Fri- 
day, on the 26th anniversary of the 
>*"# summoning of that council by JMm 
XXI U, stated little more than John 
Paul’s desire to set aside two weeks 
to ponder the changes brought 
about by tbe council 
At the least, the timing of the 
synod is seen as an express on of 
John Paul’s sense of drama and 
<KT«sinn. The synod is to meet 
from Nov. 25 to Dec. 8, ending on 
the 20th anniversary of tbe dose of 
Vatican 1L as it often is called. 

Given the vague description of 
the synod. Catholics across the 
theological spectrum reacted with 
reserve. Many see it as a potentially 
valuable review of Vatican IPs 
work, but think tbe session wifi be 
too brief to permit further change. 

Vatican IL in the metaphor 
drawn by John XXlli. was to 


“open the windows of the church” 
to the modem age. It began in 1962 
and ended in 1965. When the conn- 
ed was called, few Catholics paid 
much attention. Even most church 

^SEWSANALYSIS 

leaders had little notion of whalit 
would entail or how sweepingly its 
its would touch the 


In the process, liturgy was re- 
vamped, the legitimacy of individ- 
ual conscience was underscored 
and theological exploration of 
time-honored beliefs and practices 
was encouraged. Embodied in the 
baric council documents was a con- 
ceptof the church that gave greater 
significance to the laity and urged 
Catholics to pursue justice and hu- 
man rights with new ardor. 

While affirming traditional 
Catholic teachings and the author- 
ity of the church hierarchy, the 
council advised that the nope 
should share power with the bish- 
ops and, to a limited extent, with 
lay Catholics. 

The sketchy details and short du- 
ration of the special synod of bish- 


ops appear to rule out an equiva- 
lent of Vatican II. Those who have 
closely watched John Paul indicate 
that he may want to combine a 
commemoration of the council 
with a firm repetition of his strict 
constructionist interpretation of its 
principal teachings. But there also 
are hopes that the synod can renew 
the vitality stirred by the council, 

“It’s too early to do much else 
than hazard guesses," said the Rev- 
erend Waller Burghardt, a Jesuit 
theologian at Georgetown Univer- 
sity in Washington, D.G “Perhaps 
it would be interesting if an at- 
tempt is really made to analyze 
what has beat happening since 
Vatican n, what the cornual tried to 
do and to what extent it succeed- 
ed." 

The pope’s doctrinal conserva- 
tism has become so well defined 
that few Catholics expect the synod 
to become a mandate for further 
review of church teachings. At the 
game time J John Paul's allegiance 
to the letter of Vatican II law is 
rarely questioned. 

John Paul’s summoning of (he 
synod reinforced many aspects of 
his style of leadership, which is cen- 


tered on papal authority and that 
of his fellow bishops. His reasser- 
tion of a strong papacy is not at 
odds with Vatican Q, but some say 
he sometimes falls short of tbe spir- 
it of cdlegjafity that became a hall- 
mark of the coundTs vision of bow 
authority should be 'exercised. 

One feature of the synod that 
reflects tbe pope's style is that it 
wdl bring bishops to Rome fra an 
exchange of views. He takes an ac- 
tive part in the triennial Synod erf 
Bishops, a monthlong discussion of 
major topics that have included the 
family and penance. And, he regu- 
larly invites bishops who are visit- 
ing Rome to share meals and ex- 
tended conversation with him. He 
has a reputation as an attentive 
listener who draws out bis guests’ 
views with perceptive questions. 

He sometimes has used these ses- 
sions to make bishops aware of his 
concern with what be considers de- 
viations from church dogma or mo- 
rality. He has done so, fra example, 
during visits by bishops from the 
United Slates, expressng his dis- 
pleasure with the widespread dis- 
sent among U.S. Catholics over 
such teachings as the church's ban 
on artificial birth control. 


However, some Catholics con- 
tend that John Paul pays too much 
attention to those atthe top of the 
church hierarchy. Some assert that, 
in stressing the need for conformi- 
ty, tbe pope has embarked rat a 
futile quest to constrict a healthy 
pluralism. Those critics say the 
pope is profoundly distressed by 
the tendency of Catholics in West- 
ern democratic societies to exercise 
their sense of free conscience. 

Dissidents increasingly have 
been taken to task directly by the 
Vatican, in a mann er that some- 
times irritates local bishops. An ex- 
ample was the recent threat to ex- 
pel 24 U.S. nuns who had signed a 
statement contending that abortion 
can be a correct moral choice. U-S. 
bishops were bypassed when the 
Sacred Congregation for Religious 
Orders and Secular Institutes cen- 
sored tbe nuns. 

John Patti repeatedly has voiced 
alarm over what he considers the 


license taken by many Catholics 
to Vatican ITs spirit of 
and openness. He has de- 
cried theologians who, in his view, 
have rone too far. And he has ap- 
pealed to disaffected Catholics to 
submit to church discipline. But 


those who consult with him say he 
understands the contemporary lim- 
its on papal power. Instilling disci- 
pline has become mostly a matter 
of pw niiwif iB - nthw than fiai- 

Some Catholics say tbe synod 
will afford die pope an extraordi- 
nary chance to restate his view of 
the Vatican Council’s lessons. But 
there is, thus far, little basis for 
assuming that the major tr ends 
stemming from Vatican H can be 
reversed. 

“If you’re going to change peo- 
ple’s mindsT said the Reverend 
Avery Dulles, a Jesuit theologian at 
the Catholic University of America 
in Washington, “you probably 
can’t do it in 13 days.” 


Conscientious Objectors Press Oslo to Pay UNIO 


D OO>ESBURY 

ySSjoffi maae? 
iwv 2*/ 0«? 

iifwfl 


By Iain Guest 

International Herald Tribune 

GENEVA — Conscientious ob- 
jectors in Norway are pressing their 

government to honor a 1962 agree- 
ment and donate £22 million in 
back pay to a UN emergency aid 
program. 

The money would be used by the 
United Nations Children’s Fund to 
help alleviate the effects of famine 
in Africa, according to fund offi- 
cials. 

The matter is to be brought up 
soon by Norway's Storting, or par- 
^fiamenL 


MEMORIAL notice 


In Memorials 
Private 

EDDIED. SLOVK 
36896415 
February 18, 1920 

January 31, 1945 

Saime-Marie-aux-Mmes 

France. 


The 1962 agreement was reached 
between the Norwegian govern- 
ment and representatives of young 
men who had refused military ser- 
vice. It obligated the conscientious 
objectors to 16 months of social 
work instead of military service, 
with their employers paying the 
government a daily rate of 70 
crowns ($7.60). The government 
was to donate that money to UNI- 
CEF. 

But the payments to UNICEF 
were suspended in 1973, without 
the knowledge of parliament or the 
conscientious objectors. This sus- 
pension, attributed to junior civil 
servants, came to light only recent- 
ly and was criticized by a govern- 
ment audit board, which recom- 
mended that the issue be put to 
parliament 

UNICEF, meanwhile, has been 
struggling since Ocl 31 to raise $67 
unlit on to aid 14 African nations 
stricken by famine. James P. Grant, 
the executive director of UNICEF, 


who had just returned from a visit 
to Africa, said Tuesday in Geneva 
that only $21 million had been 
raised. 

“We are urgently looking for 
more money,” he said. “If we could 
have it today, we could use it today, 
to help people live.” 

Ethiopia would receive $14.6 
million from Norway. 

Brede Daramann, 22, a represen- 
tative of Norway’s conscientious 
objectors, who works in a counsel- 
ing center in Oslo, said in a tele- 
phone interview that 1,808 Norwe- 
gians were granted conscientious 
objector status in 1984. 

He estimated that 200 milli on 
crowns should have been accumu- 
lated mthe fund since payments to 
UNICEF were suspended. 

Last year, Norw ay co ntributed 
$21 million to UNICEF. UN offi- 
cials said that, in per capita terms 
of $5 a person. Norway was by far 
the most generous of its donors. 

“With the African crisis deepen- 


ing. we would, of course, be vay 
happy to see” tbe additional $22 
million from Norway , said Harald 
Munthe-Kass, a UNICEF spokes- 
man. If that money is received, it 
probably will be spent in coopera- 
tion with nongovernmental organi- 
zations from Norway that are 
working in Ethiopia, he said. 


New Brunswick Official 
Acquitted in Drag Case 

Reuters 

FREDERICTON, New Bruns- 
wick — Richard Hatfield, the pro- 
vincial prime minister, has been 
found not guilty of possessing mar- 
ijuana by a judge who agreed that it 
may have been planted in the poli- 
tician’s luggage during a visit last 
year by Qneen Elizabeth II. 

Chief Judge Andrew Hanigan 
agreed Tuesday that suspicious cir- 
cumstances surrounded the Sept 
25 incident. 



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Page 6 


INTERNATIONAL HERALD TRIBUNE. THURSDAY, JANIZARY 31, 198S 




NYSE Most Actives 


VoL HIM low Lost Ohio 


Dow Jones Averoaes 1 

Open HM Law Loll dm 


NYSE Index 


1W 13ft 
U 34ft 
21% 20ft 
.lift im 
137ft 136% 

S% R 

«% 

va mk 

£% 46ft 
Wft TO 
im km 
m am 
lift im 


13ft + ft 
34% -to 
20ft ~ft 

im oft 

1 34ft —ft 

Mft + % 
37ft + ft 
19% + 6k 
an + ft 
33ft -ft 
47% + ft 
19 + ft 

11 + ft 

33ft +lft 
lift + ft 


Indus 1297*7 1305.10 127BJ0 1287*8 — *74 

Trans 419*2 42145 MOM <1104+ 017 

Util 149*0 15a 13 147.77 149*0 + 110 

Camp 57354 527J6 51*07 52170— 101 


Prpviau Today 
High Low dew 3 PM. 
Cam posit* 103*3 10112 10143 103*8 

Industrials 11137 117J75 117J7 110*3 

TrtaUP. 10192 98*6 10192 101.24 

Utilities 5183 5139 5183 S176 

Finance 106*1 M5J9 104*1 104.98 


NYSE Diaries 


Vtbfaesda^ 

MSE 

Closing 


stew-? 


AMEX Diaries 


NASDAQ Index 


Advanced 
Declined 
U nc hanged 
Total Issues 
Now High* 
NSW LOWS 


3« 298 

244 254 

235 245 

8(7 819 

74 53 

3 5 


Cam posit* 

industrials 

Finance 

insurance 

U mines 

Bank? 

Tronsp. 


weak Tior 
Class moan Aw 
27*17 JJSJ7 248*2 
294.92 299.75 »7*6 
37072 - 
305*9 — 29*78 

wui — 25120 

24795 - 24115 

244*6 - 25*59 


AMEX Most Actives 

vei hmh Low Last Ch 


uv'6 k e . s k*- - 
, • 


Odd-Lot Trading In N.Y. 


Advanced 
Deemed 
Unchanged 
Total Issues 
Now M lefts 
Now Lows 


994 1008 

4H 571 
371 471 

20n 2050 

■f "S 


* Included la the soles Heww 


Bw Sates *stm 
240*57 551 J77 1714 

■ MM 
« 


VoL at 3 PM 


Ptw.JPM 

mi . KtutyiM 

piwcomoBi 

idled chne IStionia 


Standard & Poor's IndeiT 


WonoB 

S^P 

EcftoBe 

CtHItPH 

Amdahl 

Dal mod 

RBW 

GNCds 

WDtgtK 

Lnrimr 


4ft 4ft 
28ft IBM 
8ft 7ft 
19V 1ft 
9 8ft 
4 3ft 
Uft 15* 

4 3ft 

Oft 4ft 
Uft 13ft 
12ft 17» 
ft 35ft 


4M +ft 
28b — ft 
7ft 

19V +% 
eft +ft 

4 + ft 

U —ft 
4 + ft 

OH + ft 
13ft + ft 
12ft + ft. 
35ft +lft 


=■ - 

<■< 




WA]£ 


ToWh IndMe Hh aatioiwMe prices 
<* to ttft delta n Wed Street 


Previo us Today 
Hnb Low cine 3 PM. 
Industrials msj 197*2 200*3 2M*4 

Tramp. 140*1 15*10 140*8 I40J5 

S. s# »» SS 

Finance 2X53 20*3 20*3 20J6 

Composite 179.19 17*53 179.18 17911 


I Dow Jones Bond Averages! 


amex stock index 


Bands 

Utilities 

Industrials 


Prey Urns 
Lew CM* 

221.94 223*4 


- ith ^ 

sri- 

AdV^ 


HMcntt 
HWiLnw Stack 


Dta.YM.PE MfcHfctfi Low QuSfarw 


Oft 14ft AAR *8 23 

27ft 9ft AGS 

2TO 12ft AAICA 1JH *9 

17ft 13ft AMF SO 3.1 

5m 49ft AMF pf 5*00 9* 

39V. 24V. AMR 

20ft IBM AMR pf LIB 11* 

3? 2ft *WRpf 2-TH 5* 

2Sto 22% ANftpt 2*7 10* 

1414 8% APL 

49ft 44b ASA 3*0 S3 


68 27 14 416 21ft 2TO 21 + ft 

13 244 Mft 15ft 14 — ft 

1*0 *9 SO 14V, 14M 14ft + ft 

JO 3.1 B9 547 14ft 15ft 14 +14 

5*00 9* 12 51 50ft 51 

911599 3914 38ft 38ft— ft 
111 11* Z2 19ft 19ft 19ft + ft 

2.120 5* 364 39ft 38 38ft— ft 

2*7 10J 100 Eft 24ft 25ft +1 

3 39 10ft 10ft 10ft + ft 

3*0 5* B45 50ft 49ft 50ft +1 ft 


Pause Seen in Rally on NYSE 


[ T3 Month 
I High Low Stack 


Dlv. Yld. PE MOS Hhtfi Low Punt.nm, 


I II Month 
I HMlLow Stock 


Sis. Ckae 

1003 High Low Quo!. Ch'gr 


35ft 23ft E outfox 1J0 *7 14 
.5% 3 Equlmk 


»% 1?.. *2 1* 15 5164 27 24ft 24ft «ft 

4W4 34ft AMLob 1 JO 24 14 45B6 47% «4ft 44ft + ft 

»ft 16% AcOOWdS *4 1-7 30 1556 25% 25ft 2S% + ft 

“b ’25? AO 2.1 378 18ft Uft lBft -h ft 

12ft Oft AonoE 32b 3J 12 14 Oft 9ft 9ft + ft 

IS AdaEx lllnllfl 158 14ft 14ft 16ft 

jm 1]» «mMJ auto ISM 17ft 17ft — ft 
19ft Bft AdvSvs *11 *1 21 403 13b 12ft 13% + V. 

4TJV Mft AMD 15 7039 Mb 35ft 35% + ft 


United Press International 

NEW YORK — Profit-takers knocked blue- 
chip slocks down from Lhdr record heights late 
Wednesday while the broader market moved 
higher for the 18th consecutive New York Stock 
Exchange session. 


for the cheapest heavy crude to $28.90 for the am a% iSS^ l» 1 *b t «? 3«5 Jf'T £ 


34 35ft ft + V* 
_4ft 4ft 4ft— M 


MM 46ft 
ZTVt I9M 
24ft IB 
26 20 
10 3ft 


best extra-light grades. » K SS5T & \i r? ^ IS! 13 m 1 1 L h 

Oil industry analysts and officials said the !2J l"g? r " SS A U ’if ’«? i*ft- ft g* 1 

newprice list would effectively lower the aver- ^im mv IK i! tts Sm S5 S5 +i“ 

age OPEC price by about $1 a barrel %’S M ” fg ^2 ^ ^IT £ E £1 

Before the stock market opened, the Com- !2S iSS ktg ”2 *3! i5£ im + * ^ 


19ft 13ft 
30* 21 
7Sft 54ft 
av. 36 


19ft Nk AdvSvs *11 *1 21 493 Uft 12ft 13ft + ft 

S5 AMD 15 7039 36ft 35ft 35ft + ft 

!S£ & AOvjrof .12 |.i S54 10ft 10ft 10ft + ft 

14M W4 Aorftox 13 194 13ft 12ft 12M— ft 

3ta4 ZA4 AotnLT 2*4 A* 23 3252 40 39ft 39ft 

fg* 52ft AgtLpt 5*7rl0* 270 S5ft 55ft 55ft + ft 

3M4 1» Ahmna 1J0 8* II 2281 32ft 31ft 31ft- ft 

« I* A tom 29107 7ft 2ft 2ft + ft 

Oft 36ft AlrPrd 1*0 2S11 SB9 4Sft 47ft 4S — to 

»ft 13 AlrtoFrt *0 2* 13 142 23ft 22ft 22ft— ft 

2 ft AlMoaa 27 114 Ift 1ft 1ft 

31ft 24ft AlaPDfA 3*2 TZ7 14 31 30ft 30ft— ft 


12ft 12ft 12ft 


27 114 1ft 1ft 1% 

A92 TZ7 14 31 30ft 30ft— M 

7M 6 AlOPdPt *7 11* IT 7W 7ft 7ft + M 

2 MHAlaPpt 9-00 12* SOOr 72 71M 71M— IM 

78 63ft AlaP Pf 9*4 122 101b 77ft 77VS 77ft 

H V. W'E'l 8-M 65Bz 64ft 46ft MM + ft 

M 56 AlaP Pf B*8 12* 4202 67 66 67+1 

22J ’2?* Ataoie* 31 7* I 373 13 12ft 12ft— ft 

17ft 9to AhAAIr .14 J 10 2542 18ft IS lBft + ft 

££ *4 Z3 19 47 23ft 22ft 23ft + ft 

29ft aft ABrttm M 2* « 299 2Sft 2IU. 28ft + to 

34to aft Alcan 1*0 33 12 2083 21 to 30ft 30ft— ft 

Si? ,3# “ 13 ” 33M33M33M+W 

26M 17 AISxAJx 1*0 3* 2304 26ft 25ft 26to + ft 

Wft 18ft Aknedr 25 71 22ft 22ft 22ft + ft 

Wft 42ft AltaO. 2*6t &4 9 380 86 £ U +7 

26ft 23 AtoCppt 2*4 11.1 1 25ft 25ft 25ft 

IS* i-ffl 28 » »«»+> 

§£& l? 4 fSs!"2J ,3-1! !!■* 14 ion* i si*, isft + % 

93ft 01 Alpl PfC 11J25 12* 15 92Ki 92M 92V5 

30 WtNWY 2J0 92 8 5B1 29to 29M 29W. 

IS* m>33 11 180 19to IBM IBM- Vi 

38ft 28ft AildCp s 1*0 4* 9 5207 39U MU 39M +1U 
63 53ft AMCppt *74 n* 52 61 to 61 61 to +to 

112ft W AkfCppI 12*0 71* 2 INK IMft 106ft 


Exchange session. “ore stock market opened, the Com- u" iSS itS \li iS! iS + " Si * 

lieEtow Jones industrial average was down « UA meidtat fm IS- ilUS ,B » tSJ Sm 11m- m B & 

7.51 to 1.285.1 1 an hour before the dose. The d*e-tnide defiat reached a record $123.3 bil- »* ^ w 713441 47ft iSS + JS g a*n 

Dow hit an all-time high Tuesday of U92.62. ho SJ n J, 984 - ^ u „ . C f i 

Advances led declines by a 3-1 ration. Vol- . Toe department said the United States is hu. tv. fhiim 6 21 bw b b 15; 

importing more than it exports with a larae JT JR Rjgp, IS R 9 ^ K2 S'* £ ”2 

... . ... , number of countries, induduig Japan. Canada, £5 EEf-S 0 F* u » wi7 +«, Sm Em- £ S- ?1{2 

Although prices m tables on these pages are Taiwan, West Germany and ifieucT SS » ^ wI *b 2 * is g 

/Ttwi the 4 P.M close in New York, for time The strong dollar hL made UJ3 oroducts ism is* f3S«i « , 0 IS 

Fftttwu this article is based on the market at 3 more expenjve for foreigners to buywd im- ^ ^ RJSf 1 ^ 'H 1D S ^ ?St5 ^ 

r ' m ' ports cheap For Americans. , 355 E?* n ff r 11 - 1 » in! aou S'" S». 

MemllLynch was near the top of the active §2 Ig K ,n m % ‘2 i£ !R ISS JRz SS ^ 

ume was about 146.4 million shares, compared Ustand un “ an S ed at midsession. 7 fXJ * ,J Jt ffi «J "5 , 2 m + ^5 gw 

with '85 million in the same period Tuesday. In the technology group, actively traded Na- 2K ** 23 ™ S' 6 mm + 2 12! 

Prices were higher in heavy trading of Ameri- tional Semiconductor was up a fraction at »u Fd^^5l p, ua «* 11 m »«, Sm Su + h « 
can Stock Exchange issues. midsession. Other gainers included Hewlett 27* Sgjfg 1 , # a3 7 “SS fi* ST* x 82= £ 2 

.. _ n 1 a n ■ n . nit u eZhbu 7! ™ £!.. Sr.. ffST? 73’* 42to 


23ft 13ft 

24 20ft 
13ft «ft 
71ft 12ft 

25 17to 
33 21ft 
23to 17ft 
39 23ft 
25ft 18U 


1.90 3* 12 7223 63M 62U 62H 
1*4 3.9 10 61 26M 26ft 26M+ M 

1.12 44 9 50 2Sto 25 2Sto 

1 398012* 17 24U 34 Z4U + ft 

57 5M 5 5ft + ft 
JO 1.1 14 5904 45ft 44ft 45 +tto 
2*0 9* 13 6 28ft 28ft 28ft 

.96 27 14 3B8 34ft 35ft 35ft— ft 

^0 31 11 119 19 18ft lBft— ft 

1.73 31 8 8325 35to 33ft 34ft— ft 
3*7 31 2 76ft 76ft 76ft + ft 

250 1.9 10 Slto 50 Slto— ft 

4*5 HJ 35 72ft 71ft 71 to— ft 

SW8 iflJ 6 1524 23 22ft D + ft 

2*0 4* ID 447 44ft 43to 43ft— ft 
2*5420.9 23 10M I Oft lOto 

M 15 21 4 15ft 15ft ISft + ft 

2*0 8* II 114 25ft 25 25ft 

.40 3* 8 520 12ft 13 I2to + to 

M U 1337V 14ft 14ft 14ft + to 
*2 1* 10 30 20ft 28ft 20ft 

M 25 14 3553 27ft 27ft 27ft + ft 

M 1* 16 213 25ft 34ft Wft + M 

*0 31 1910536 39ft 37ft 38ft— ft 
1.92 8* fl 21 24U 24ft 24ft— % 



Growing with 
energy conservation . . . 


Merrill Lynch, was near the top of the active *SS fSS» " if *5 
list and unchanged at midsession. T‘ StoSoS?’ M ,J 

In the technology group, actively traded Na- SSL l |w 


*2 .7 24 657 30ft 30to 30ft 

*■0 315 t3 15 17ft T7to 17V.- _ 

J5 4J 8 130 19ft 19ft 19ft— ft 

*0 1 J U 582 12M lift 12 + ft 

11 124 4ft 6U. 6ft 

IBB 37ft 37to 37ft + M 


21 4753 34to 34 


nto 71 1C IMS I J8 4* II 7316 33ft 31ft 32ft— ft 

97 an. ICIntrf 3J0 3* 3 97ft 97M 97ft + ft 

19ft 19ft ICMn 1027 19ft 19ft 19ft 

11H 4M ICN » 659 11 10ft 10ft— M 

27M 22ft ICN pf 2*0 10* 37 27ft 27 27 — ft 

ITU 14 INAIn 1.92 11 J 9 16ft Uft 16ft— ft 

19ft Uft IRTPrs 1*8 8* 10 IB lBft 18ft 18M+ M 

44ft 20ft ITT Co IDO U ! 3V10 31 to XM 30to— ft 

73ft 44 ITTpfH 4JOO 6.1 1 45ft 65ft 65ft +1 ft 


M What you are seeing is a little pause which is Packard, Burroughs and Digital Equipment 
totally in order," said George Pinone of Drey- Texas Instruments and Motorola were 
fus Corp. “My feeling is that we’ll pull back a *°^ r - 


28 'u inv 5*! + !! little and then have another rally." " General Public Utilities was up a fraction on a” mm FtnoTof ointia* 

ISmSmSwM*'* u . . . . . . heavy volume. iSS 

8 5Bi 2nt 29M 29to He said interest in oil and oil service issues _ , „ S! 19 bIahIH » Si 

'J™S5S£gS«2 stemmed from a belief on (he part of some m SfM,-'^3 1 ¥ d . Ch,ys ^ r wcre !ower at S* SS ES&’ il ^ .1 

“ iS»m»iS!» +, ‘ investors that oil prices may firm. «sa he said whtle Ftxd had a small gsm. S.B8 

a nra S5S Sm ot 2 + S the two groups have been la g gi n g the market. In the oflgroup. gamers at midsession inchid- g'* 1*0 *7 « 

a » JSt J. to Md ^ Iatesl 6*““ “prove pe°p le «e looking Mobil, Exxon, Chevron, In diana Standard. “ nv. " i 3 

1 “ for stocks to buy." Ohio Standard, Atlantic Richfield, Royal o w 2K 2*4 *. 7 

2 ^ 111 ni°e or the 13 OPEC member ^.^ n “l T “ ac ® (“-dividend). Phillips Pb- g ^ rm£?* ^ £1 , 

. 4. ' nations agreed on a new pricing plan with with a w as off a fraction. 4» in. FNsm ub ^ 7 

,0 L ’T 1 10 S3ET S spr 8341 of S2-40 on the varying grades of In the oil service group. SchJumberger, Hei- »2 pSEri* im J* w 
1 “ mi i9M 19IS + £ crude oil — ranging from an unchanged S26 JO mench & Payne and Halliburton advanced. ,4! i! I 


ES2 Rlf i* 4 * *7 14 59 21M 21M 2iH + ft 

IS 1 12! E d 5 onl *0 46 19 171 17to MM 17to + M 

SS £?? FbUDSI 2*0 44 9 591 55ft 54ft 54ft— M 

33ft 32to Forro 1*0 4J 9 52 26M UK Mh to 

EE?* “» « « 31 31 “ + £ 

.4 FlnCnA. *0 I* 13099 lift 10ft It + Vi 


73ft 44 ITT PIN 4JOO 6.1 

70 40 ITTpflt 4*0 69 

U 44ft lTTpfO 5*0 *4 

73ft 42M ITT pll *50 7* 


32 59ft 57ft 58 
55 59ft 59M 59ft + ft 
1 62ft 62ft 42ft + ft 


24to 15to IU Inf 1*0 *5 25 571 IBM 18to 18ft 


40ft 30ft IflotwP 3*8 *7 
24 13M Ideals 


“ft 25ft Fklcat 2*0*5 ID 3131 30ft 21 + to 

24ft 4 FlnCnA 30 I* 13D99 llto 10ft It + ft 

« ’Jft 47*418* 05 37ft 37M 37ft + to 

9 to 2ft FnSBar 82 4 3M 4 

El'S 1 " ■« 42 W ISM 19 ISft ISM 

26ft 19 FIAtlln BB 34 ■ 127 25ft KH Kft 


324 37M 37ft 37ft— to 
533 ISM 15ft 15ft 


Flue gas analyzers' 
1 &S H B from the Thermox 
lB8Bn Division are one 
lfl/£J example of the 
■BB9 many Ametek 
instruments helping to cut 
industry's fuel costs. 

Write for- latest reports to; 


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General Motors and Chrysler were lower at aito fbuvs i*S 45 0 *a ml “ ra?TiIf 
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Dept. H, 

410 Park Avenue, 21st Floor, 
New York. NY 10022. 


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(Continued on RsgTs) ^ ^ + ** 


$5; "8b 


>-»!>■ 




'Ac*# \ 2 XSa 







’yicrtX && 




Statistics Index 




*MEX Otic*! p.U 

«aex nismnamp.il 
MVSE Hires p. a 
nvse nwunm P. b 
Canadian ctocfcs P.13 
Currmev rate* p. 7 
Commodities p. g 
jfrldcnai P. g 


Eomlnns reoorts p. 9 
►itns rat* noies p.iq 

00,0 marlni p. 7 

interest rain p. 7 
**rket summery p. 4 
Options p g 

OTCitoe* p M 

markets p.ij 


licralbaa^eribunc 




THURSDAY, JANUARY 31 , 1985 

WALl STREET WATCH 

2 Firms With Good Records 


BUSINESS /FINANCE 


U.S. Stocks 
Report, Page 6 
Page 7 


rs 



By EDWARD ROHRBACH 

S Tr __ International Herald Tribune 

imdwtr^ ° n Street But still warning of strong 
undertows and advising its clients not to plunge in are 
***4 K«Mer Peabody, two of the slock 
— invw^?a^ Presttg, ° “ — Md «*®tly “«« accurate 

r edition . <* Pinancial World magazine ranks them 

first and thintrespectively, in a survey of 150 leading U.S. money 

na ^ e th £f mn 11131 served dwm best in^M 
with market advice and trading. 

t rt ^^S 5 l? ?th c Goldin ? J ? Sachs sz* Kidder Peabody, whose 
top people were in Europe this past week presen ting their views to 
leading money manaecrs r*. 

■“ ■ ■ 




tain the same swimming- „ . . ~ " " 

against- the-curren t cautious Gol dman Sa raw and 

approach toward stocks that ir-ji n » . 

won them laurels last year. XuCUler r eaoooy 

William J. Kealy, partner remain cautions 
and research director at Gold- cautious 

man -Sachs, believes Wall toward the market. 

■street now is pushing toward 

the upper limit of the “trading 

range seen for stocks in 1985. However, he allows that while last 
year the “risk” was a break in prices below ihi< trading level, the 
A “surprise” now for investors ues in a possible breakout on the 
Upside. 

Willia m J. Gillard, chair man of the investment-policy group at 
Kidder Peabody, adheres to “not a bearish view but a sober, 
restrained one” towards Wall Street, despite the fact that “U.S. 
markets are booming and the American people are bullish.” 

Mr. Gillard makes the point that his firm and Goldman Sachs 
- — along with second-place finisher m the poll, Merrill Lynch and 
its chief investment strategist, Stanley D. Saivigsen — are “all 
extremely valuation oriented.” 

“But Wall Street generally is not,” he asserted. “While our firm 
and the other two are anchored to valuation work. It’s why we 
don’t get carried away." 

Mr. Kealy, calling valuation “one of the most important tools” 
Goldman Sachs uses, defined it by comparing the a t tractiveness 
of stocks to the “relatively riskless” appeal of five-year U.S. 
bonds, now earning about 10 percent interest. 

“You have to get more than that in return to buy the stock 
market to offset the fact that it’s risky,” he said. “If not. equities 
are overvalued.” 


R IGHT now, he added, Goldman Sachs calculates that 
Wall Street is “goodat fair value,” and perhaps even 
“undervalued if the higher quality of warning ? is factored 

-. in ” 

1 The reasons he said the firm has not turned “fundamentally 
b ullish ” include the federal budget deficit and the high value of 
the dollar — two potentially “ugly” problems — plus low cash 
levels available to institutionsand the likelihood of a rise in 
interest rates as the economy strengthens. 

“We just don’t see those numbers on the Dow of 1,400-1,500- 
1,600 that are being predicted unless substantial fixes materialize 
for the deficit and dollar, at least,” he said. “Until then, we see a 
trendless trading range-” 

What’s worrying Kidder Peabody farther ahead is inflation. 
Mr. Gillard thinks fear of it resurging toward the aid of the 
decade — maybe as high as 25 percent — has been what’s kept 
long-term interest rales up and price/ earnings multiples for 
stocks down.” 

“We’re not super-defensive.” he added, “but if all you wear is a 
bull-market hat, then you’re not going to do well. Investors have 
to assume they’re surrounded by the enemy ” 

As for valuation, which he defined as “relative investment 
appealwhat you have to pay for stocks.” the firm thinks Wall 
Street stands just about where it did last year at this time, with 
P/Es and price-to-book ratios almost exactly the same. 

Richard Rl Schmaltz, chairman of Kidder’s stock-selection 
(Continued on Page 9, CoL 4) 


Currency Rates 


Late interbank rates an Jan. 30 , exaudng fees. 

Official firings for Amsterdam, Brussels, Frwfcfurt, Mian, Paris. New Yorfc rates at 


Amsterdam 15615 

BnissaMn) 413575 

Frankfort 1147 

Intel (B) 1.1345 

Moan 1JSC75 

NawYarkld 

Parte 9AB1 

Tokyo 254375 

Zone* 1*743 

I KCU 17014 

I SDR 0*75209 


ana Aostratas 
0045 AHtfloa rMIMi 
EoOI 57 adaten Hb. konc 

00604 DoatafebOM 
015 norite marl 
00077 Cfoakdracftraa 
01203 Han (CMOS 


IF. Y«# 
13O0M4U5V 
2X7W5 34923* 
11056*13455* 
00075 200*45 
73055 7ABJ 
25725 2SOff 
16217 3509 s 

95J3 

15509 s 

1575* TLA. 
25053 240044 


Dollar Values 


° armKr OSS Bade. Cm ™ u LSI 
OJMU irws umi usanwovti nm 

05015 HrooliteteBl <7750 0492 S. African rend 253J5 

iw kmoW cHoor 0J0A2 00012 $.KormM I3IJ5 

0401* Molmr. rfaMBit M9 05*7 Sora-mota ITS* 

ON* Norw. krona 9.1725 0.11* SaaOk fOda Um 

niter* ptdLpess 1&T24 00*5* TOfoasS 395S 

nfWB MOHcade 17250 00345 TMfrflM 273*5 

a sm sawBrtvai 14TJ 03725 OA£.dltnm 347 


BSterflao: 1.147 IrWic ...... 

(al COrranardoMranc (bl Amounts neadadlobiiv one ooamttclAnaMilsriBadscI la bw ana «7aHar( 1 

Units of too U) tMlsoM500(y) Units al 14000 

Bana CommenMe natlono (Milan); O wnta * 
i Parts (Peris): IMF fSOR). Booaue Areas et 


Interest Rates 


Eurocurrency Deposits 

MW 


Jan. 30 


Asian Dollar Rates 


Ik -Oh 

Seurat: Reuters. 


Sines. 

8 *• -9 * 


IlM* 


Key Money Rates 

United States c 


Discount Rate 
Federal Fuads 
Prime Rate 
Broker Lean Rate 
Comm. Paper. 30-179 dev* 
hrwrth Treasury Bills 
Mmtti Treasury Bills 
CD’s 30-59 days 

an 4M? Hoys 


?temBniil 


^SemDard Rata 
OwornWit Rate 
One Month Intertwn* 
3-mantn Int e rnonh 
6-moate interbank 

France 

intervention Rate 
Call Money 
One-m on te interbank 
3-monte interbank 
6-monte interbank 


Sources: /tenters. ° 

annate. Uerds Bank. Bank a! Tekva. 


s ■ 

s* » 

low 10** 

9-101* 9-101* 

gen 8.10 

7JS 750 

7.9S 7J8 

7 JO 709 

755 7.79 


CjO 550 
ys 550 
185 US 

uo » 

4.15 *50 


lflte 10» 

1011/M 
urn IB 7/1* 
104k IB* 
10 3/14 IB 3/16 


Britain 

Bank Base Rote 
Call Money 
91 -day Treasury Bill 
3 -cnonte interbank 

Japan 

Discount Rote 
Coll Money 
to-day interowik 


14 U 

lit* U 

12W 13 7/1* 
12W I3te 


3 5 
4 5/16 6U. 
k 5/16 6 5/16 


Gold Prices 


Hern Kona 
UiMiuuuni 

Paris 1115 kl»l 

bridl 

London 

Men York 


AM. **■»*■ aro> 

sbk 30245 + 050 

80JIS — — 055 

30X73 30192 -1126 

30255 30115 linctt. 

UHM 30290 — US 

_ 304J0 +250 


him. Yam “ ■ — - 

mllclnl RyllHS kS LoMHli PBlll Old LlBeill- 
SJL-tlnoond elosim. 

~ ~1 Zurich mw York Come* cunWl comrad. 

Ml prices In U5.» oor oum». 
gourde: Reuters. 


Thyssen 
Notches 
A Profit 

1984 Net Was 
181 Million DM 


Textron: Back in Acquisition Mode 


By Warren Gctler 

International Herald Tribune 
DUSSELDORF —Thyssen, the 
West Gentian diversified ooup, re- 
ported Wednesday a profit of 181 
million Deutsche marks (S57 mil- 
ium.) for the fiscal year ended SepL 
30, compared with a loss of 550.2 
million DM last year. 

It was the first profit for Thys- 
sen, Europe's largest steelmaker, in 
three years, which included the 
1983 result, a record loss. 

Thyssen’s share price climbed 
1.20 DM to close at 91 DM 
Wednesday on news of the 1984 
profit. 

As reported, Thyssen has derid- 
ed to omit a dividend for the sec- 
ond straight year. 

But company c hairman. Dieter 
S pethmann, said Wednesday that 
because all major divisions snowed 
profits in the first quarter of the 
current fiscal year, he is favorably 
disposed toward restoring the divi- 
dend on 1984-85 results. 

Mr. Spethmann said world 
group sales increased 10.8 percent 
in the first quarter of 198445. but 
gave no net-income figures. 

Mr. Spe thmann said Thyssen’s 
specialty steel and steel divisions, 
benefiting from strong U.S. de- 
mand, posted the highest mh-s 
gams in the first quarter. 

Special ty-sted sales dim bed 18.4 
percent; sled climbed 15.7 percenL 
High company officials are say- 
ing privately that a dividend of 3 
DM or 4 DM per share is likely on 
1985 results. Thyssen's last payout 
was 2 DM per share for 1982. 

A beard member, Heinz-Gerd 
Stein, responsible for finance, said 
he expected Thyssen to post higher 
earning ! this year. 

Mr. Spethmann said Thyssen has 
applied 1983-84 earnings toward 
oft setting earlier losses; increasing 
provisions for risk against project- 
ed further losses at Transit Ameri- 
ca Inc., its U.S. raflway-and-tranat 
subsidiary, and toward further re- 
structuring efforts. 

Thyssen’s chairman said thai 
1983-84 losses totaled 139 million 
DM at its Michigan-based . Budd ' 
Gx, an auxo parts and railroad sup- 
plier bought fra- 5295 million in 
1978. The anto-parts division had a 
profit of 100 million DM. com- 


Conglomerate, 
Breaking Quiet, 
Snaps Up Avco 

By Thomas J. Lueck 

New York Times Serna 

PROVIDENCE, Rhode Is- 
land — If the 1960s was the age 
of the conglomerate, as the de- 
cade has often been then 

Textron Crap, was the father of 
an age. 


Royal Little, Textron's legend- 
ary founder, bought and sold 
companies al a breakneck pace. 
He transformed Textron, once a 
textile manufacture r, int o the on- 
don’s first and most widely emu- 
lated conglomerate, with busi- 
nesses ranging from helicopters 
to lawn mowers to buzz saws. 

“I’d just get it in mind to do 
something,” Mr. Little, now 89, 
said in a recent interview, “and 
Fd go ahead and do it" 

But times have changed. Take- 
overs are difficult ana costly — 
and often unnecessary, many be- 
tieve: Analysts and academics no 
longer revere the Royal Littles, 
Harold Geneens and other em- 
pire-makers who bought and 
sold companies on a whim To- 
day, conglomerate stocks often 
sell below what their subsidiaries 
could command as stand-alone 
units. The 1980s have become 
the era of synergy, in which con- 
ventional wisdom dictates that 
corpo rations limi t their acquisi- 
tions to companies that comple- 
ment their oore businesses. 

That theory does not sit well at 
Textron. In fact, Bevedy F. Do- 
lan, the company's courtly, 58- 
year-dd chief executive, is con- 
cerned that even 30 percent of 
Textron’s operating income 
comes from any one business — 
in this case, Befl Helicopter. And 
although it has been more than 
five years between major acquisi- 
tions fra Textron, Mr. Dolan 
makes it dear that the company’s 
quiescence reflected lack of op- 
portunity, not a changed strate- 
gy. Textron, he insists, is “by no 



Current Account 
In Japan Shows 
Record Surplus 

Qmfiled Ip Our Staff From Dispatches The CUrrent-aCCOUnt surplus TOSC 

TOKYO — Japan's currem-ac- in December to S4.76 tiOhon from 
count surplus soared in 1984 to a S25 billion in November and cam- 
record high of $35.02 billion, sur- pared with a S3. 18-billion surplus 
pasting the previous annual high of m December 1983, the ministry 


J20.8 billion in 1983, the Finance said. 

Ministry winnuniyii Wednesday. The balance-of-payments deficit 
Japan’s merchandise-trade sur- narrowed to SI 24 billion in De- 
plus fra the year rose to S44.35 cember from 52.03 billion in No- 
bOlion, also a record, from $31.45 vember. 
billion in 1983. This compared with a SI -billion 

The surpluses resulted mainly surplus in December 1 983, the mh>- 
from growing experts to the United istry said. 


means abandoning the conglom- 
erate theory.” 

This month Mr. Dolan, who is 
called by Stanley Fishman, an 
analyst fra Fahnstock & Co, the 
“politest manager in America," 
proved his point. Textron made 
its largest acquisition ever, buy- 
ing Avco Crap, for 51.4 billion. 
Now Mr. Dolan plans to sell SI. 1 
billion in assets over the next 12 
months to pay off Textron’s new 
debt for the Avco purchase, and 
to then buy more unrelated 
properties. 

“The first order of priority is 
to reduce the debt,” he raid. 
“Once that is done, we arc going 
to grow again.” 

Textron is a conglomerate be- 
ing reborn. Avco's portfolio of 
financial services bears no re- 
semblance to airy part of Tex- 
tron's already diverse product 
line. Mr. Dolan, like Mr. Little; 
says that a good maimgfr can 
manage anything. That modem 
management theorists disagree 
does not bother him at alL “All 
my li/e I've been a contrarian,” 
he said. 

Textron last week announced 
a pr eliminar y agreement to sell 
its Jones & Lamson Co., a small 
machine- tool maker based in 
Cheshire, Connecticut, for an 
undisclosed sum to a group of 
private investors. Mr. Dolan will 
noL hint at which other Textron 


speculate that Bridgeport Ma- 
chines, Waterbury Farrd and 


Um New York Tm 


Speidd watch bands may be on 
the block. 

Avco's assets, which include 
insurance, consumer lending and 
other financial services, are not 
on Mr. Dolan’s list of potential 
divestitures. That mentis that 
Textron, despite its temporary 
emphasis cm retrenchment, win 
simultaneously be moving into 

unfamiliar lines nf business. 

What Avco and Textron lack 
in product synergy, they make 
up for in historical similarity. 
Both are widely diversified con- 
glomerates with highly acquisi- 
tive track records. And last year, 
both were the targets of hostile 
tender offers. 

Textron easily rebuffed a 51.6 
billion offer by Chicago Pacific 
Crap, in October. Avco felt raore 
ilinatBial by an unwanted $13 
billion bid from Irwin L. Jacobs, 
the Minneapolis multimillion- 
aire investor. It turned to Tex- 
tron as its white kni g ht, happily 
embracing that company’s $1.4 
billion offer. 

Many analysts say the merger 
was motivated more by self de- 
fense for both companies than 
by strategy. 

“You have to wonder who 
comes out ahead, management 
or the shareholders?" said Don- 
ald P. Jacobs, the dean of North- 
western University's Kellogg 
School of Management 

Both Mr. Dolan and Mr. Lit- 
tle, who is no longer a major 

(Continued on Page 11, CoL 1) 


States, the ministry said. 

The current account is a broad 


December exports rose to $15.74 
billion from $13.85 billion in No- 


measure of trade indnrimg mcr- vember and 514.9 billion a year 
ch a n dise, services, interest, divi- earlier. 


dends and certain transfers. 

The ministry said that total ex- 


xts in December rose to 
trillion from $10 billion in 


ports to the United States last year November but fell from a year-ago 
rose 40 percent from 1983, based total of $1 1.16 billion, (he ministry 


primarily in semiconductors, dec- 
Ironies and automobiles. 

Overall exports from Japan rose 
15.7 percent from the previous year 
to $16837 biUkm. 

Imports increased 8.7 percent to 
$123.92 bfflion. 

oil and i^^mt^^Ttiadiened, 
imports of manufactured goods 
jumped 18.1 percent, accounting 
for 29.7 percent of all imports. 

About $56.92 billion of Japanese 
capital flowed overseas last year, 
up from the previous record of 
$32.46 biffion in 1983. 

Foreign capital flowing into Ja- 
pan last year totaled $7.09 biffion, a 
substantia] decrease from the 1983 
figure of $14.76 hillinn^ the minis- 
try added. 


said. 

(Reuters, UPI) 

■ Electronics Barriers Feared 

U.S. trade officials wrapping up 
two days of talks in Tokyo asked 
Japan to move quickly to remove 
potential barriers to sales of Ameri- 
can telecommunications equip- 
ment, Renters reported Wednesday 
from Tokyo. 

One of the U.S. officials said the 
United States is worried that new 
regulations, effective April 1, will 
deny American companies fair and 
equal access to the Japanese mar- 
ket. 

Behind the U3. concern, he said, 
is the growing U.S. trade deficit 
with Japan, which was reported 
Wednesday. 


Pound Holds Steady 
As Dollar Posts Gains 


Du Pont Net Rises 26% Barclays Sells 
To $1.43 Billion for ’84 StakemBank 

United Press international efficiency-improvement pro- C/f 
WILMINGTON. Delaware — crams. " Mr. Jefferson said m a * 


The Associated Press would try tO J 

LONDON— The dollar gained currencies by 
ground Wednesday against til key open maikeL 
currencies except the British pound The dollar 
in European trading. affected by n 

Gold prices were little changed, ton that the 1 
Dealers said the pound was lx)l- rowed in Dec 


Up their national 
ng dollars on the 


The dollar appeared largely un- 
affected by reports from Washing- 
ton that the U3. trade deficit nar- 
rowed in December to $83 billion 


stered by a deration by most mem- from $9.94 bQhoa in November, 
bets of the Organization of Petro- dealers said, 
teum Exporting Countries to In Tokyo, the d ollar finished at 
reduce timbllv tire croup's official 254.275 Japanese yen, up from 


efficiency-improvement 


WILMINGTON, Delaware — grams," Mr. Jefferson said m a 


pared with a loss of 239 million Despite a sluggish second half, Du statement released Wednesday. 

m/ n i _ n . ■ — . 1 .. 


reduce slightly tire group's official 254375 
cnide-aO prices. 254.025 

“Il appeals tire oil price war is Otbei 
bring settled,” said a dealer from a with la 
British bank. Deutsch 


official 254375 Japanese yen, up from 
254.025 yen on Tuesday, 
war is Otirerlate dollar rates, compared 

from a with late rates Tuesday: 3.167 
Deutsche marks, up from 3.164; 


DM in Budd’s rafl-and-transit op- Pont Co. reported Thursday pre- The company also announced LONDON — Barclays Bank A price y/ar would hit Britain’s 2.6743 Swiss francs, up from 
eratians. liminary 1984 earnings of $1.43 bD- that it was offering a rare-time in- PLC said Wednesday that it has earnings from its North Sraoil 2.6578; 9.681 Frendi francs, up 


liminary 1984 


In 1982-83, Bndd had a loss of lion, up 26 J percent 
452 million DM. of $1.13 biffion in IS 


liminary 1984 earnings of $1.43 bD- 
lion, up 26.5 percent from earnings 
of $1.13 billion in 1983. 

Year-end sales were up 13 per- 
cent to $353 biffion, compared 
Tf rr with $35.4 biffion in 1983. 

fV • German Edward Jeffoso* tire company 

chairman, said that despite reduced 

/"Yi • j demand in the second half, Du 

\jit0tTtKXUS Pont was able to report that earn- 

ings per share for the year in-* 
rt C* 1 D • ^ creased to $5.93 from $4.70 in 

«Seei jcuestiise i«3. t 

For the last three months of 
International Herald Tribune 1984, Du Pont reported S prelimi- 
FRANKFURT — West Germa- nary net income of S306 million, or 
ay’s chemical industry increased $136 per share, 103 percent below 


cenrive program aimed at 


it persuad- sold its 343-percent stake in Bank . The pound, also helped by three from 9.673; 33815 Duig ggdas, 
ipfoyees to Df Scotland to Standard Life As- nses 111 Bp* 1 * interest rales tins up from 3.5785, and 1,954.75 Hal- 


ing as many as 6300 employees to Df Scotland to Standard Life As- 0865 
take early retirement. surance Co. fra £155 nnffion ($172 nK>n 

The plan would add five years to million), or 550 pence per share, f 1 *] 


The plan would add five years to million), or 550 pence per share, 
employees’ ages and service time to The stake represented 283 nnffion 


surance Co. fra £155 Tnfflinn ($172 month, fin i sh ed tire day in London ian lire, up from 1,95 130. 


sales last year to a record 141 bfl- the $341 million, or $1.42 per share, 
lion Deutsche marks ($44.43 bfl- earned in tire like period of 1983. 


my calculate pensions- shares, or about 28 percent rtf Bank 

xd “The incentive should appeal Df Scotland's voting rights. 

Du principally to people now eligible Barclays said its strategic stake 
ra- for retirement with full or reduced in tire Scottish bank no longer 
in-' pensions and to tbn sc who will be- seemed appropriate in view of tire 
in come eligible because of the five- increasing activities (tf Barclays it- 
year credits,” Mr. Jefferson said, self in Scotland and tire expanding 
of The company estimated the pro- operations of the Bank of Scotland 
ni- gram will cost $125 miliion, which in England. 

.or will be charged to first-quarter Bank of Scotland contributed 
ow earnings, bat savings in the rest of £18 miHkm to Barclays’ coosoiidal- 
ire, 1985 win offset the cost. profits in 1983. Its pretax profit 


at $1.1265 compared with $1.1152 
late Tuesday. 

In a speech at a Newspaper Soci- 
ety lunch, Nigel Lawson, tire Brit- 


In London, gold fell to a late bid 
ice of $30230 a troy ounce, down 
>m $303 bid late Tuesday. 

In Zurich, gold also finished at 


isb chancellor of tire exchequer, $30230 hid, unchanged from Tues- 
said that Britain has “battened day. 


seemed appropriate in view of tire down tire hatches” against the Earlier in Hang Kong, gold 
increasing activities of Barclays it- pound’s sharp slide m recent dosed at a bid of $30338, up from 
self in Scotland and tire expanding months. $302.82 at Tuesday’s dose, 

operations of tire Bank of Scotland Dealers said tire dollar’s strength Silver was quoted in London at a 
in England. was checked by expectations, late bid price of $6310 an ounce, 

Bank of Scotland contributed which did not materialize, that down from late Tuesday's bid of 
£1 8 miffion to Barclays’ consolidat- West European central banks $6330. 


lion), up 1 1 percent from 126.8 bd- Fourth-quarter sales were $8.8 
lion DM in 1983, according to billion, down 33 percent from $9.1 
projections by the'Chemical Indus- billion in tire like period of 1983. 
try Association released Wednes- “Our results reflected the favra- 


Y * t— ndi 

_ .. - a*g* Sterling Franc ECU SDR 

°eBnr . )M 10 n.- HRb te - It W ■» 

2M. B«h - Bte 5* 1 - * 5» Mo,. 101k - 10 BH - BW 

3M. MB-BW 6 ■« “ 11 -HteYW-10 8 -» 

^ il-il n»-™ » -«*•*•* 

Sources: Moreen Guaranty tdoHor. DM. SF, 

# (SDR). 

l • -r* n ~D Jan* 30 


day. 

Production for all of 1984 is ex- 
pected to show a 5-percent in- 
crease, said Heinz-Gerbard 
Franck, association president. He 
said production in tire current year 
is expected to “stabilize at a high 
levelr but provided no figures. 

Mr. Franck said tire industry’s 
1984 return on sales would show a 
margin of about 23 percent — con- 
siderably lower than the record 3.4- 
percent margin in 1973 but up from 
1983’s 2 percenL 

Industry leaders at the associa- 
tion’s annual press conference said 
that an 1 l-percent growth rate in 
sales cannot be repeated. 

Rolf S&mmet, chairman of 
Hoechst AG, and Hermann Josef 
Strenger, chair man of Bayer AG, 
projected sales growths for their 
companies of 3 to 4 percent per 
year in the next five years. 

Mr. Franck said that 1984 
proved a standout year for the 
chemical industry. 

Exports to the United States 
showed tire most dramatic growth, 
climbing 34 percent in the first 11 
months to 3.98 billion DM from 
2.96 billion DM a year earlier. 


ADVERTISEMENT 

FOSEGO MMSEP PIE 

(CDR’o) 


The undenigped announces that as from 
4di February 1985 at Kss-Amoc iarie 
N.V.. Spoistrat 172. Amsterdam, 
dhr^pjio. 24 of the CDR's Foseco 
Himep Pie-, each repr. 50 shares, 
mil be payable with Dlls, 5*>6 (re 

Interim dividend lor the year widino 

31.12.1964) 2JiO p. per share. 

Tax credit £ *,60 = DQs. 2.41 perCDR. 
Non-reaMento of die United Kingdom 
can only claim ibis tax credit when the 
relevant tax treaty meets dm facility. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam, 22nd January. 1965. 


he $341 million, ra $1.42 per share, 1985 will offset the ccjsl 
amed in tire like period of 1983. In 1986, savings should, exceed 
Fourth-quarter sales were $8.8 $225 million, tire company said, 
illion, down 33 percent from 59.1 Du Pont said a/ter-tax operating 

iffian in the like period of 1983. income for its diversified industrial 

“Our results reflected the favor- and specialty businesses rose 28 
able effect (tf cost-rednction and percent in 1984. 


U.S. dears Tenneco-Harrester 

The Associated Press 

WASHINGTON — The U3. Justice Department gave the go- 
ahead Wednesday to Tenneco Inc's buyout of tire farm-equipment 
operations from the financially troubled International Harvester Co. 

A spokeswoman fra the droartment’s antitrust division said offi- 
cials notified attorneys fra the two companies that tire agreement 
would not be challenged. 

The department’s derision came after a routine review of the 
agreement to ensure that it did not violate any antitrust laws. 

Tenneco, a Houston-based company, announced last November 
that it intended to buy for $430 million the farm equipment division 
(tf Harvester. 

Tenneco’s farm equipment operation is the J.I. Case Co, with 
headquarters at Racine, Wisconsin. 

Analysts said the com bination of Case and Harvester will pose a 
stiff challenge to Deere & Co„ the farm equipment and tractor 
industry leader. 


TENDER NOTICE 

The Cottnm m l of the BepohHcat QbJ (Ruai Pwyete Fond), with finmrinp 
bam the U hteDWianl Dewiopaia* Anaaatka. hereby gim notiw al britBioa 
to leader (or the supply of die toflowteg in IB kte: 

- I&tvahideK 

• public works eampoieal; 

- rood and sericuttoal tiTtera; 

■ Ionia; 

■ bactonbawa cistern. 

To be deB (iiied to: 

Sodte* CONTONTCHAD. MOUNDOU. REPUHJQUE DEH31AD. 

BAfing b open lo i0 mpplien from l.B R P- fH f w| ^ pr countries, from Switzerland or 
boa luvsn. 

5i i hm he ftui of lea den . 

Offers, mines in Fr mrh, should be seal by wp ten d mail Uk 
M oimenr rAfcninletnieur du Foods de Projfls Runus. 

B.P. 286 N’DJAMENA, TCHAD. 

or deposited at e he ofGotti si 

MarietEre du Pin el de h Rec ua st iu aion. al N’DJAMENA, 

no law lhaa 20th Karel 1985 at 12 pm, tool time. 

Openimgt od Slat March 1965b »t 9 bjb, m public session ai the above address. 
Teodesr Notice FOes 

The Gh uy be rannlted si the folknrine jddirmcE 

- Uutf d'AdmuusbatisD do Foods TPfv* ■ 

BJ>. 286. N’DJAMENA; 

- CONTONTCHAD. BlP, 1116. N’DJAMENA; 

. CFOT. 13 ne de Moneen, 75008, PARIS. 

Plirrhsiu. 

The Sle may be ponlused at Ibe 3bow addrtsses si & imk rest o( CFA F KXOOOorlhc 
equisalete w eaeiiy eoarwtible emron. bT cbeqoe made wrt la; TAgta mmpahlr Jf 
liWif JA dmia i MBU ioH du Fonda TPfT 1 . 


ed profits in 1983. Its pretax profit 
for fiscal 1983-84 ended last Febru- 
ary rose to £583 million from £463 
million the previous year. Assets 
rose to £6.1 billion, 

- Standard Life Assurance Co, an 
Edinburgh-based life insurance 
group, said it .has no plans to bid 
for the remaining shares of Rank of 
Scotland after buying the Barclays 
interest GJ>. Gvwlt, the insurance i 
company’s general manager, said 
Standard Life regards the purchase 
as a long-term investment and that 
the move is an attempt to pot Stan- 
dard Life in a position to produce 
additional financial services. 

-Standard opened discussions 
with Barclays shortly before 
Christmas, he added. He said Stan- 
dard Life intends to explore ways 
in which the two companies can 
work together for mutual benefit 
without disturbing the traditional 
business of other. 

Standar d Life’s subadiaries in- 
clude Heritable Securities and 
Mortgage Investment Association, 
Standard Life Investment Funds 
and Standard Life Pension Funds. 


REGULAR QUARTERIY 
DIVIDEND 

575C 

■ per common share 

Payable: March 15, 1985 
Record: ftbruary 22, 1985 

Declared: January 30, 1985 
Continuous dividend payments 
since 1939. 

Cyril J. Smith 
Vice President & Secretary 
P.O. Box 1642 
Houston, Ifcxas 77251-1642' 

FMJHANDLE EASTERN 
CORPORATION 

diversified in energy— natural gas transmBSoa 
oQ and gas exploration and ptodnoku 
contract drilling, coal mimng 




carr£, orban & partners international 

Management Consultants 

Executive Search, Management Appraisals, Mergers & Acquisitions . 

We are pleased to announce the opening of our Rome Office under 
the guidance of Mr. VBo Gieia. 

Carre, Orban & Partners SRL. 

Via XX Settembre, 1 
I - 00187 Rome. 

Telephone: 06/47.43.708. 

Telefax: 06/67.99.013. 

and in New York, the appointment of Mr. Tener R. EekeUerry, 
as Partner in charge of the US operations. 

Carre, Orban & Partners Inc_ 

230 Park Avenue, 

NEW YORK, N.Y. 10169. 

Telephone: (212) 953.7732. 

Telex: 645297. 

Brussels, DuweWorf, Geneva, London, Milan, New York, Paris, Rome, Zorich. 


ft*B‘ S .1 o RV* En 0.0 





Page 8 



Wednesdays 


MSE 


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


>2 Month 
h ton Low stock 


Dlv. YU. PE 


SJ5. 

KRj HWl LOs 


Clwe 
Q«n arm 


(Continued from Page 6) 


gW 21% Worn it 
NWS Si 

5*V 20ft Novo 
39* 26 Nucor 
9% 4'*. NutrlS _ 
Wto 58% NYNEX 600 


'00 60 13 VIS 
6.150)10 1 

Me .9 13 4435 
J6 10 13 304 
S3 7.1 91 

7.4 a 2045 


24% 25% 26% + * 
53 53 53 +1* 

am am am -tut 

3644 34 Vi 34% + % 
4% 4% 4% 

79% 70* 79%+ * 


ISO 

40 13 43 

V-0 7 3191 
10 


sjp a do kind 
32% 33% OoklfeP ljn 
3» 23% OrelPct 150 
17 j*v Occipwt 
,g% 40ft OccIPpf 114 44 
117% BO OccIPpf 340 40 
gft 30 OcdPpt ISO 114 
17ft OccIPpf 2.12 IU 

2?va low OcdPfrf 2jo 113 

,S1% ,48% OcdP pf 64S 114 
}12, JS?’ OCCIPPIISJO 141 
1M% 1£1 % ocd pf 1442 119 
*(& M ODE CO 1* 19 15 
Xft 24V® Ogden I-BO £9 15 
*«% Ohio Ed 104 113 
an Oh Ed pf 440 113 
33% 25% Oh Ed Pi 444 119 
40ft 45 OtiEdpf B-20 117 
30 35ft OfiEd pf I0B*5.4 
22? 1 'B% OhEdPf U0 114 
28% SI OhEdpr 192 140 
14ft I IB- OtiEdnf IJO 114 
tS 51 Oh Ed pi 9.12 141 

ffl 47% OhEdPl 144 143 
*1 77 OjlEpf 1074 1X2 


I 

1 

7 

2 
17 

15S5 


I 2ft 3 + ft 

34% 33ft 34ft +lft 
27ft 27 27ft +1 
lift lift lift + % 
44ft 44ft 44ft +3 

99ft «9ft 09ft +3% 

22 21ft 21ft + W 
10ft 10ft 10ft 
18ft 10% 10ft 
_ 91% 9 SOft 
05 109ft 109ft 109ft— ft 
2 IDS% 105ft 1B5%— ft 
B39 25ft 25 2Sft + ft 
507 31ft 30ft 30ft + % 
5 2775 14 13ft 13ft 
50z 32 33 32 

359z 32ft 32 32 — ft 

3Kb SOft 59ft SOft+lft 
250 29ft 29ft 29ft + ft 
17 25ft 25*4 25ft— % 

43 9 27ft 9 + ft 
M 14% 14ft 14% + ft 
4S0z 05 44 04ft + ft 

Wfe 00% 00% 40% — 1 ft 
TOOx 08 07% 80 +lft 


14 


69 

5.1 W 

9J 

U B 

10 10 


53% 30ft Pan Can 
S5ft 44ft Penney 236 47 
25ft 19% PflPL 208 93 
3J% *% PoPLpf 440 125 
W% 30 PoPLpf 430 125 
07ft W6 PoPLpf OM 12S 
27% 23ft PoPLdprXO 124 
24ft » PaPLdorlSO 11.9 
05% 50% PoPLpr 140 1341 
24ft 23% PoPLdprX2S 1X3 
29* lift PsPLdpf075 128 
03 54% PoPLpr a00 127 

gft 31% Permit 220 U II 

zm a Penwpt in 

45% 30ft Penceol 220 
B 72 PenzpfB&OO 
16ft 9ft Peep&i 126 
Kft 23ft PesSov 
«« 34% Papal Co 
29ft 17% PerkEI 
10% 7ft Rrmtan l4Sel4J 7 430 
19* 12ft PeryDr M 14 15 317 
38ft 26% Petrie 1^0 U U 129 
rat 24ft PeTRs 272*145 a 
'2* 14 Pol Rapt 107 104 37 

7* 4 Ptrinv imams 21 

Oft W* Ptor 148 17 13 £249 
27ft 12ft PftelpD 14272 

«% 34 PlMHppr 500 11.0 174 

41 20* FMfarS 04 1J 1210801 

15ft 9 PfWIoEl 220 118 0 1979 
»% 22 Phi IE pf 1H 110 

32% a PMIEpf 430 118 

33 a PhllE pf 440 142 

41* 50ft PMIEpf 175 142 

10% 9% PMIEpf 141 111 

lim 6% PMIE Pf I J3 110 

55* 43 PMIEpf 705 143 
10 Oft PMIE Pf 128 117 
00% 51 PMIE Pf 920 143 
56 44 PhllE pf 720 MJ 

56ft 40% PMIE Pf 775 144 
» U* PhllEub 122 74 II 
m 62% PMIMr 140 41 10 3099 
22% 10ft Ptillpln 48 22 12 312 
54% a Phfllnpf 1J» 1.9 I 

SO* 33ft PhllPaf 240 5.1 a 4896 


747 52* 51% 51ft 
1240 SOft 49ft 49ft— 1% 
3939 25ft 24ft 25% 

ino* as* as* as* 

200x 35% a as — % 
17b <7 65% 67 

34 27ft 27% 27* 

9 24ft 24ft 24ft— % 
17b 65% 04* 64*—* 
0 26ft 20ft 20ft 
24 25ft 39 29ft + % 
2b U 43 a 
lOOz 09* 09* 09* + % 
155 37ft 37% 37ft + ft 
139 23% 23 S* 

710 43* 42ft 43* +1 
150Z >1% 82% 8Z% + % 
431 tOft 76 10 — * 

75 34* 34ft 34* + ft 
19 21 2875 44% 43ft 43% + % 
IS 15 529 30% 29ft 29* + * 


40 

JB. 

132 


14 8 152 
8 7 ISIS 
70 7 19 

13 41 

140 10 10 2296 
134 U 7 1069 
,17r O 92 209 
IJM 20 72 - 


17* ITU CKtMnfr -40 IS IB 1018 lift M 10 +'% 

30 25% onp pfH 175 111 1 11 31 31 +1% 

19* 15 QhPpfO 2J7 11.9 16 19% J9 19 

*2!? 'S’* gMpga/un M * sbo 22* at* 22 — * 

7 OftloGpf n 104 20001 7H 7% 7%— * 

34ft CM Olln 1 JO 44 9 B58 34ft 33ft 33ft- % 

37% 20ft Omar* 108 29 19 1 — ‘ 

29% 5* Omncre 9 Ml 

B* 14 One Ido JO 40 10 51 
32* 26% ONEOK 1S6 UllO 19S 

25ft 19k. OnanRk 204 as 8 <0 

13% 5% Orange 03t 50 12 2BO 

»ft 19% OrtonC Ji 22261 06 

15 8% OrlonP 37 1270 

11% 6% Orton pf SO 42 II 

SS 24, Orton Pf 245 90 242 

29* 18% OutbMl 04 24 9 842 

X* 17 OvrnTr 04 22 11 213 

M 13 OvShlp JO 3.1 9 53 

25ft 2S% OtronC 140 30 

44* 31* Owenill 108b 4.1 

18ft 10% Oxford* 44 U 9 513 


37ft 37ft 37ft 
9 8% 8% 

17% 77ft 17ft 
32ft 31ft 31%— M 
24ft 23ft 24 
9* 9% 9ft + ft 
23% 22ft 23% + ft 

lift TO* 11 + * 

8ft av* 8ft + ft 

29ft 28ft 79 + ft 

37% 27 27 - % 

29% 39 29ft— % 

— 16* 10 10* 

1M7 36* 35ft 36% + % 

1891 42 40ft 40ft— 1% 
13% 13 13% + ft 


31% 18 PHH JS 
« 24* PPG 1O0 .. 

24ft IS PSA O0 20 
75ft 13* PSA dpi l.m 104 
12ft 11% PocAS ISO 11J 

17V* 12ft PoeGE 

42% 3Bft PocLto 
29 20% PcLum 

10% 5* PocRes 

20 13% PacRSPfUO 128 

17% lift PacScf 40 2J 13 
71% 52% PncTote 540 70 
13 9ft PocTIn 40 43. 


12 11 377 
4J> 9 1909 
318 


U2 10J 0 
132 13 11 
IJ0 44 14 
JS r J 


16 
121 
1980 
2S6 
387 

re 

40 

. 175 

8 2627 
2 


26ft 21 Padfcp 132 19 7 410 
33% 27% Pccilpf 407 12.7 33 

38% 23% PelnWfa OO U 66 0040 


27ft 27* 27* — * 
39ft 39% 39ft 
23% 22% 22ft + ft 
18* 18 IS* 

13 12% 13 + * 

>6% 1040 16% — % 
40% 39* 39% — 1% 
27% 27% 27*+ * 
6* Oft 0% 

15* 15% I5ft + % 
10% 10% 16ft— % 
71 re* 70% + * 
9% 9% 9ft + it 

a* a 20 — % 

32% 32 32 


JO 

.10 


IJ 13 
1.1 IS 


28% 10* PtlllVH 

U* 27% PledAvf 

32ft 23ft PleNG 

21 14 Pier 1 

45ft 33 Pllrtpy 
21ft Pioneer 
29% 17 PkmrEI 
41ft 26% PIMvB _ 

82 S3* PttnBpf 2.12 20 

15% 9% Pttfun 

16 8ft PlonRs 

22ft 12ft Plonlm 

13ft 7% Playboy 

35* re Phnev 

22ft 15ft Peon Pd 

32 24* Pofarfd 

2ZH 11% Pamirs 

25 IS PopTol 

19% 13* Perfec 

17ft 13 PorfGE 1J2 10.1 '5 

98% 90 PuGpf 11J0 11J 

21ft 17% Parti pf 200 11 J 

33* »* ParG pf 440 13J 

33 28* ParGpf 4J2 13.1 

35* 25ft PoHtcti IJ6 40 13 

26% 19% PofmET 2.16 BJ 8 

76 56% PatElpf 244 12 

«% a PatElpf 450 10J 

37% 31 PatElpf 404 1IJ 


1J0 

,43 

n 

40 


11 10 
34 18 
17 30 

J 8 
4J 

12 68 


712 

52 

60S 

BBS 

70 

198 

17 

69 


224 

120 

36 

885 


zoo 


1.92 110 8 


25 

SU 

8 

00 

SB 


350 141 
1M 119 
in 135 
944 158 
852 155 
900 150 


78 

U 10 
20 8 


SOft 20% PolnWpf 125 
39 24ft Palm Be 1J0 
24* 20* PanASK 06 
8ft 4 PanAm 
5ft 1* PonAwt 
3S% 13% Panaefcn n l.l 18 
39% 31 PanhEC 130 5.9 10 


Oft 3 PanIPr 
16% 12 Poprcft 
18% 10* Pardyn 
20 12% PorkE a 

12Vj Sft Par+.Drl 
37ft 25* PorHH 
18% 12% PorkPn 
7% 1% PMPtrl 
27% 14 Pay I NW 
17V: n% PavNP 
71* 13% PevCsh 
13ft 6* Peabdv 
ift Penga 


.10 

1.12 

52 


14 
49 14 
59 
12 


24 


1064 

199 

10 

2151 

503 

672 

411 

073 

70 

1417 

149 


30% 36% 38* + * 
"" 3®% 31 


19 12 
3J 27 


1J W 2243 
44 12 426 
J 18 2406 
13 395 

ITS 


TOx «% 
537 
030 
1285 


31* 30% 31 + * 

37ft 37% 37ft 
23ft 23ft 23ft 
4% 4% 4% — % 
2 % 2 2 — % 
19 18% 18% — * 

39% 38% 39 + % 
4* 4% 4* 

10% 10* 10* — * 
18% 17% 17ft + % 
10% 10 10% + % 
0* Oft + ft 
M 38 38ft + % 
17 15 15ft— 1% 
2 1% 2 
26ft 26ft 26ft 
13ft 13ft 13ft + ft 
20% 20% 30%+ ft 

TS “ft “ft-% 


24% 16ft Promls 
Mft 23 Prlmrtc 
20* lift PrimaC 
29ft 10 PrlmM 
59% 45% PracfG 
13% 7ft PrdRstl 
47* 31 Prater 

«Mt 10* PSvOri 

19* 10* PSGoJ pf 110 iu 
9% 6ft PSInd in 115 

19* PSInpt 

0 PSIn pf 
0% PSInpt 
49% PSInpf 
44% PSInpf 
66* SOft PSInpf 
12% 3% PSvNH 

6 PSNHpf 
Aft PNHpfB 
8% PNHpK 

7 PNH pfD 
7 PNH PIE 
5ft PNH pfP 

7ft PNH pfG 

ft* 19% PSvNM 188 11.9 
27% 20% PSvEG 17S 104 
13* 10% PSECpf 140 115 
39 28% PSEGpf 418 125 

34 m PSEGpf 430 113 
43% 35ft PSEG pf SJ8 111 
lllftlOl P5EG pfT344 117 
18*15 PSEGpf 2.17 IU 
fflft 10ft PSEGpf 243 111 
60ft 53 Pseopf 7-70 111 
66ft 55 PSEGpf 780 111 
65 55 PSEG Pf IU 116 

42% 51% PSEGpf 752 111 
05 51 PSEGpf 740 12J 

4% 2% PuMick 
13% 7ft Pueblo .10 14 
10ft 0% PR cam 
15 9* PuoeiP 1.70 124 

22% 10% PutteHm .12 6 


17 
58 0 
10 5241 
.12 4 23 1430 

160 40 12 3179 
JB 11 a 298 
140 13 9 


17ft 

l*ft 

26% 

23ft 

34ft 

20% 

a* 


8% 8% B%+ * 
20% 20 20%+ % 
38% 37% 37% —1 
25% 25% 2S% + % 
15* Wft 14ft— % 
4% 4% 4ft— * 
48% 39ft 40 —1 
I Vft 19 19% + ft 

45ft 44ft 45% +1% 
41% 40 40%— % 

It 15ft 10 + to 
BOz 28 

40Z 31* 31* II* + * 

vox 31 a a — % 
ah 01% 61 61% + % 

84 10ft 18* Wft 
145 9% Oft Vft 

teas fe 55 55 55 + ft 

a 9% 9% 9%— % 

aooz 06% 00% 00% 

54002 54% 54% 54%— % 
15b 54 53% 54 + % 

9 17% 17* 17* 

84% 83% B3V.— * 
22 a% 21%— * 
53 S3 53 
47% 40ft 47% — % 
35 34% 24%— ft 

35% 34% 34ft— ft 
31 SOft 38ft— % 
18ft 18ft 18ft— % 
43* 42ft 42ft + ft 
31% a* 31 va — % 
20ft 26% 26ft +lft 
41* 40% 40ft + % 

82% a 81+1 

lift lift 11% + W 
14 13* 13% 

14% 14 14* — * 

12* lift 12%+ * 
31 30ft 21 + ft 

17ft 17% T7%— % 
39 20ft a + ft 
14% 13ft 14ft— % 
19% 19% 19*— M 
18ft 10ft 18ft— % 
18 17ft 18 + * 
4b 98% 98% 98% 

IB 21ft 71% aft+ ft 

10 32% 32ft 33% + ft 
13 33 X* 33 + ft 

454 34ft 14 34 — % 

1083 26ft 26 26% + % 

3 75% 75% 75% +lft 
60b 41% 41* 41% +1% 
mu 36 30 30 + % 

70 24ft 23ft 24ft + ft 
57 34ft 33ft 34*— ft 
2BU 19ft 19ft— * 
29% 2Bft 29ft + % 
57% SO* 50ft— % 
13ft 12% 13% + % 
47% 41ft 42%+ * 
19ft 18ft 19* + * 
19* 19% 19* + ft 
8% 8ft ON — % 
3Mb 24ft 24ft 24ft + * 
30b 7ft 7% 7%— * 

idz 1 b a + % 

600z 60 59% 59ft + * 

3TI0z 55 53% 53% — 1% 

5b 01% 01 01% + % 

2 890 4ft 4% Oft + % 
imuz 10% 10% TOft— * 

12 11 11 II — % 

5 10 10 16 — % 

3 14% 14% 14% 

4 14ft 14ft 14ft— % 
12% 12% 12% 

13ft 13ft 13ft 
24ft 24% 24% 

26* 25ft 26% + ft 

7 12% 12* 12% 

46b 34ft 34ft 34ft 
la&c 35 34ft 35 + * 

1b 43ft 43ft 43ft +lft 
106 106 ICS + % . 
35 18ft 18* 18* + % 

7 20ft 20% 20% + % 
200b 63% 63ft 63ft +1% 
230b 64% 03% 64% +1 
3b 64 64 04 —1 

750b 62ft 07ft 62ft 
10b <0 08 00 -2 

82 2ft 2ft 2ft 
105 lift lift lift 

13 7ft 7ft 7ft + M 
935 14ft 14* 14* 


47 

987 

17 


3 364 


2 

9 634 
7 1074 


_ 32 1718 21% 204* 20ft + ft 

54* 23ft Pui-otef IJ8 SO 15 261 25ft 25* 2Sft 


38ft 27* OuakOf 11 3S15 36* 35% 36% + ft 

19% IS QuofcSO JO 4.1 14 761 19* 19ft 19ft + ft 

12ft Oft Quonex 53 21S 10% Vft W _ % 

32% a Quostef 1-40 5.4 9 241 39% 29% 29% + * 

22% 14 QkROII JOe S 19 1099 34% 23ft XM + % 


.1* >J 47 
UM 27 12 4140 
4,00 45 3 

2.12 7.1 in 
355 105 1130 

JO 25 11 40 

115 

56 34 8 258 
2S 12 2272 
J7 4392 
J4 47 9 45 

oa 

M 7 18 


19% OH REJind 
40 28ft RCA 
91 07ft RCA pf 
aft 24ft RCApf 
34ft 29ft RCApf 
10ft 0* RLC 
4ft 3 RPCn 
17* 12* RTE 
30% 25 RotoPur in 
9ft 5% Romod 
21 10% Ronco 

10* 4* RnrtarO 
75 47% Rayon 
17% 8% Raymk 

40ft 34ft Ravttm 
13ft 7ft RecrdM 
23% 10ft RdBatPf 2.12 180 

25 a RdBatPf 3J4e16.1 
9% mtRef 155a 87 11 
9 RscnEa 
8 Retfmn 
7% Reece 

ft Rcaal 
a RelcfiC 
3* RepAJr 
1% RepAwt 
47ft 25ft Repcp 
71% 9 RepGva 

41% 31% RepNY ... 

26 20ft RNYpfC 3.12 12.1 
5B% 52 RNYpfAOOOelZJ 


140 

M 


34 17 
4.1 AS 


15% 

15% 

14% 

10% 

2% 

35 

6% 

2 


JO 


15 
25 24 
13 


n 


48 

56 

144 


oa 
a 

352 
99 

ia 

SOI 
32 
70 

22 ID 526 
0 2790 
174 

14 II 21 
25 9 403 
40 1 IS 

a 
4 


Bft 8ft 8ft-* 
38ft X 38*— % 
88* 88ft— % 
30% 30% 30% 

34% 34ft 34% + % 
9% M Sft— % 
3ft 3% Sft- % 
17% 10% 1044+ % 
35ft 34% 34% — ft 
7ft 7* 7ft- % 
IS* 17ft 17ft— % 
4ft 4 4ft+ * 
002 04ft 60 60 —1 

5 13ft 13ft 13ft + * 
48 40* 46* + * 

9ft 9* 9*+ ft 

a* 20 % 20 % — % 

31 20% 20ft— * 

15% 15% 15% + ft 
14% 14* 14ft- % 
12% lift 12% + % 


* % xut 


rav 35* 35ft +1% 
6* 5% 0 — % 
1% 1ft 1ft 
42% 42 42 

19ft 19% 19ft + * 
41ft 40ft 40ft- % 
* g% »ft + % 
Sft SSft S5%— % 


30ft 25* 5CD ftp 1.12 3.1 in 

TO? lift seotlvs 52 li 11 'a? 

43* 20% Soovfll L52 35 15 

37% 18% SeoCntn 4} 13 i 

JJft ."J SeoCtpf 156 12J 

IS 4 !?* UJ 

IS* 12 SeaCpICZIO 135 

“ " ‘ 1.9 


20 10 
17 

15 16 
13 9 


AO 
I JO 

52 .9 18 36a 
1J6 4.9 9 8876 


52ft 40 RNY pfU 447n 8.9 220 50% 50* 50% + % 

32ft 21% RepBk 154 54 4 292 SOft 30* 30* 

~ 20* RepBk pf 2. 12 75 IS ~~ 

“ U 24 86 

35 12 5362 
365 

SJ II 1804 
35 9 X 
3J 11 710 

45 18 2371 


in 

50 


18% 14 RshCof 
33% 22% Rev m JO 

13ft Vft vlRev*r 
40ft zsft Revlon 1J4 
24* 17ft Raxltm 70 

20 lift Rewird M 

74ft 52% Reyn In 3M 

107% 100% Rev In of 
40% 20 RerMIL in 
85 58* RerM pf 450 

30% 24* RdlVCk 1A8 
34% 18ft RteaeiT 
29* 17% RlteAid 
7ft 5% RvrOk n 
SSft 23 Rabhw 

48% 35* Rebtxn 

24ft 12 Robhn 

19% 12* RocfrG 

33 27% RodiTI 

35ft 23 Rocked 1J0 ZJ 10 2788 

124 83 Rklntpf 155 1.1 

66% 48% RahmH 2J0 2.9 10 

aft 27* Rohrln 10 

20ft 10% Red Cm it JOe 1A 30 

18* O RotlnEs JHe 5 22 
13% 6% Rollins 

4% 2% Ronson 

22% 12ft ROPtr 

34% 24 Rarer 

14ft 8% Rowan 
54% 41* Ray ID 

49% 33ft Rutotrmd 

23% 13 RuliB n 

20 ISM R U3 To,; 

33% r7ft RvonH 

55% 38% RyderS 

24% 12% Rvlond 

18* 8% Rymers 


1.12 
1-40 
76 __ 
2J0 IU 
2A4 7.1 
IJO 


20% 26ft 36ft + % 
18% 17% 17% — ft 
26ft 26% 25% + % 

11* II 11 + % 

35% as* 35%+ % 
X 19% 20 + vs 

14% 14* 14% + ft 

. 75 74* 74ft + ft 

II 106% 106* 106% + ft 
25 6 542 39 38ft 38ft- % 
5A 3 83 83 83 

SJ 9 zas 29% 29* 39ft— % 
8J 47 23* 32 33 — * 

1.7 IB 1025 29% 28ft 39 - * 

18 497 7ft 7* 7ft— * 
XI a 180 36 3Sft 36 + ft 

45 IS 193 38 36ft 38 +1 

37 15 5117 aft 19% 3Dft— * 
5 544 19ft 19* 19% + % 
9 244 3fft 34% 3f* + * 
36 35* Sft— * 

902 ia 126 126 +2 
08% 67 68ft +2ft 
53% aft 52 + ft 
a% 20ft a + % 

17% 17% 17ft 
11 10ft TOO— * 
2% 3* 2ft— % 

18 17* 18 +ft 

29 2BH 28ft— % 
9% Vft 9* 

52ft S1% 52ft +1* 
49% 49% 49ft + * 
23% a 23 — % 
IT* 17ft 17% 

28* 27ft 27ft 
SO* 55ft 50ft +1% 

23ft a a - % 
13ft 12ft 13* +1 


AA 4J 17 


451 

854 

362 

761 


35 

37 14 


14V 

503 


54 

1.12 

n Jia 20a 

2J7e 55 5 0935 
■84 17 l« 211 
10 137 
70 4J 9 132 
1J0O 35 10 13S 
IJM) 17 10 822 
50 25 15 Z33 
S 249 


an 4 a 12 
us 27 a 

70b 1.7 11 

50 27 14 

m j a 

2J3b15l9 
J4 15 10 
0« 
24 

150 5.7 


47% 33 ft SCM 
43ft 23% SFN 
12* 7ft SL ind s 
30 19% 5 PS Tec 

26 15 Sabine 

23 10 SdtYlRv 

17% lift SfadBs 
ID 5* 5 fed 5c 
a* 19% SofKhS 
29ft 21* Sofewv 
35% 24ft Sosa 
20 15* StJoLP 

ID* 9 5Povl 
11* 0% Salmi 

34% a SatlleM .10 5 

S3* 49* SolIMpf 4.0ft 77 
23ft 17ft SDieGl X10 V.1 
10ft 0* SJuonB 
10% 8% SJuanR 
SI 31 Sandrs 
24ft 18ft SAnltRt 
29% 20* SFeSaP 
34* 24* SatWel 
17ft 13* SCWlRE 
19% 14* SavEiP 
11% 9ft SavE Pf 
8% 3% Savin 

11% 8% Savin pf 150 14J 
23% '17* SCANA X10 97 
40 33 SdirPlo 

IS 34% ScMmfa 
14ft 7* 5dAtl 
29 19* Scoalnd 

59* 39% ScatFet 


649 

472 

7! 

54 

288 

82 

340 

152 

527 

1310 


S3 15 13 1264 
172 8.9 7 87 

IJO I1J 164 


56 

1.94 

in 

1A0 

TO 

150 


1J8 115 


... 7 491 

95 10 473 
20 2 
15 15 a64 
XI 14 58 

3.4 11 4446 
45 15 29 

IJ 43 7 

6 


158 

170 

.12 

76 


20 
40 

a 

8 452 

45 11 2779 

ID 1015407 

.9 a 2759 

20 12 111 

10 27D 


46* 45ft 45% + * 

43ft 43ft 43* + * 
11% 11* 11%+ % 
27ft 26% 27% + ft 
16ft 16ft 16ft 
17* 17ft 17* + % 
17% 16ft 16ft— ft 
6% 6* 4*— * 

32% aft 31% — * 

28% 28% a*— * 

34* 33 34 +Ift 

IV* 19ft 19ft— * 

10% I Oft 10* + % 

7% 7% 7% + % 
31 30* a + % 

52ft 52ft 52ft 
23% 23% 23% 

8% 8* S%— ft 

9* 9* V* 
a X 38ft +1% 
23% 23ft 23%+ * 
29ft 29 29%+ % 

30% 30% 30%—-* 
16% 16* 16*— % 
18% 18* 18* 

11 II 11 + U 

5% 5* 5* 

10% 10 10%— % 
23% 23ft 23% 
a 37% 37ft 
40 38* 39ft + % 

13% 13 13 

27* 27* 27* 

5V 58% 58% 


25% 14% SedLdP 

40ft X Set up h i 
31% 12% Seaoul 
28* 18% sealAIr 
a* 19* SecIPw 
gW 37% Soar leG 
37ft 29% Soars 
T 55 2 3*«P» 658e 65 
57% » SacPoc 2A4 4L3 
28* 19 5dCPc wi 
S* 12% SeiBU 
32% 20ft SvcCps 
30* lift Shaktee 
23% TOO Shaw In 
61% 53ft SMIO 
J9% 38% ShellT 
29% 17* ShelGfa „ 

»W TO? SWGsf IA0 
a* 22* Shnarin 70 
n 4% Stnetwn 
18ft 12 ShowM 
16ft 12* SlerPoc 

37 24% Sksnpl 

S9% 48* Steal pf 
36 20% Singer ... _ 

31 26* Slnsrpf XSD 11 J 

IB 17* Skyline 41 U IS 
»% 9* Smith In 
60% 50 StTtfcB 
56* 36% Smucfcr 
37% a SnorOn 

38 39 Sonof 
17ft 12* SonvCp 

29% 22* SooLin 

M% 27* Source 
21% IB 
" 22 


18 

726 

36 

a 

a 

2255 

as 

ra 

45 


339 


10 

26 

390 

270 

504 

135 


5 3008 

7 


11 

50 IJ 17 
.72 5J 31 
50 25 8 
MO 35 10 
112i U 
JO 2 9 

*J x 
2J 13 1048 
9 315 
50 4J 14 69 

150 1DJ 7 370 
1J0 29 15 2701 
4.12 7J a 
.10 4 tO 939 

11 

— 6S2 
42 27 21 136 
250 47 10 2115 
.96 IJ IS 65 
1.16 12 U 279 

US 57 i 2028 

.160 1 J 13 Bra 
1J0 47 12 34 

_ 110 82 94 

SrcCppf 250 11A 11 

SoJerln 2A4 ay 10 47 


rat 38* Soufem in 27 li 

?6W 23 SoetBk 140 4J 8 608 

l!S .5? SoMPS 1551205 a 103 

24ft 17% SColE s 254 9.0 7 3879 

19 Wft SoufhCn 142 105 615624 

36 SolnGE 250 74 7 203 

37% 27* SNETI 272 74 9 586 

36 a% SeNEpf an it.i * 

24ft 21 9t SoRy pf Z60 10.9 2 

31 21* SoUnCo 172 6A 18 382 

36% 33 Seutkld in 34 9 1920 

18% 11* SoRov .OB 7 10 403 

J5S J* Soumi^ JO 25 5 587 

54% 48 Somkpf 7.150145 2 

26% 14* SerAIri .13 J 15 2193 


22% 13 SwfFor 
15 10% SwfGoe 

71* 55 SwBefl 
27% 19* SwEnr 
22 17 SwfPS 

19* 11% Sparfon 
g* 18 SpectP 
£7% 33* Spotty 
37% Stt!* Sprbios 
43ft 31% 5auarD 
55* 37% Squibb 
36 17* Staley 

22 16% STBPrrt 

31 13 SWotr 

60ft 48% SlOInd 

50% 39ft StdOOh 

24% 9* StPocCp A0 
17 IT Stondex 51 
30% 19% SfanWk •» 

30% 23ft starran 
B* StoMSe 

74% 15* StaufCh 

4ft 2% Slaeoa 

18% 14* sterdil 

12* 9ft Strides 
30 23% SterlDB 

23* IS* StavnJ 

36 25% siwWm 

12 8% SlfcVCpf in 

44ft .32% StornW 150 


82 13 190 

77 8 2399 
2A 15 59 

X9 8 4154 
3A 21 46 

28 345 
4J 10 5671 
44 8 38 


35* 35% 35* + % 
15* 15 15* + * 

42 41* 42 + * 

36% 34ft 35ft — * 

11% 11* 11% + * 

15% 15% ISft + * 

15* 15% 15* + % 

25* 2S 25* + * 
4* 4% 4% + ft 

40% «* 48* + ft 

16* 14 16 — So 

26% 26* 26% + % 
30* 29ft 30% + % 
60% 58ft 59 — 1* 
36% 35% 36ft— * 
632 102 100* 100%— ft 
806 SC* 56 56% 

28ft 18% 2X9— ft 
14ft 13* 13%— % 
33ft a 33ft + * 
T4ft 14ft 14ft— ft 
26 22ft 24 +1* 
55% 55 55% 

_ 33ft 32ft 33% +1% 
489 .a* 26% 27ft— % 
“ 29% 29% 29% — ft 
34* 33ft 33% + % 
6ft ift 6ft—* 

15 14% |4ft— ft 

16 15* 16 + % 

35* 34% 34*— % 
59* SB* 59 — W 
35% 35ft 35* + * 
a 30% 31 + ft 

17* 17* 17% 

11* 11% lift + ft 
60% 59ft 5»ft— ft 
SSft 54% 54*+ * 
36ft 36". 36ft— * 
34ft 32ft 32ft— % 
16* 16 16 + ft 

25% 25ft 25ft + * 
38* 37* 37ft— * 

21% a% a%— * 

27% 27% 27% 

45* 45* 45*— ft 
28ft 27% 28 + % 

8 7ft 8 + % 

22ft 22% 22ft— ft 

IBM lBft 16ft— ft 

34ft 34* 34% + % 

37ft 36ft 37% + * 
34ft 34ft 34ft 
23ft 23ft 23ft — ft 
28ft B 28% — U 
» 29 * 29ft + * 

12 lift 12 + % 
7ft 7ft 7*— % 
49* 49* 49* 

25ft a 25ft + ft 
15* 14* 14A 
14* 14% l«ft— ft 
73ft 71ft 72% + ft 
2Zft 21ft 22%+ ft 
31% Z1 a%— * 
15* IS* 15ft 
22ft aft 22% + % 
48* 47ft 48ft + * 

3S* 35% 35% — ft 


4J II 1377 43* 42ft 42ft— % 


30 IS 949 
JA II 809 
54 27 II 2422 
-32 20 V 604 
3J0 57 710852 
119 64 1 6507 
17 9 410 
U 11 M 
- U U 872 
IJO 34 11 18 

UtMllA X 
IA4 7A 1499 
.12 37 129 

76 4.1 10 9 

72 67 9 88 

1.16 <2 12 4ia 
170 64 15 326 
1-46 57 19 
87 
35 


JO 45 24 


IJO 

AS 


U.S. Futures Jan. 30 


Season Season 
High Low 


Open High Low Close aw. 


Grains 


WHEAT (CBTJ 

5J00 bu mini mum- dollars per bushel 
4J4 357ft Mar 3A8* 353 3 MV, 352* +J4* 

4J5 3.32% May 3A2% 145ft 3.42* 3AS +J2* 

3J0 3.27% Jill 352% 355 352% 354* +J2 

376% 3J8* Sap 355* 136* 355 335 +01 

353% 357% Dec 3 A « ft 3.46% 3A4% 3ASK 

3.14% 3A3 Mar 

Est. Sales Prev. Safes 7,999 

Prev. Dmr Open ML 39729 up 243 


iSSS 


CORN (CBT) 

SJOO bu minimum- (toilers par bushel 
375% 255 Mar 2.7B* 272% 270* 272 +01% 

350 272* May X77 278 276% 278 +01* 

351 2.76* Jul 278* 280 278* 280 +01 

351% 270ft Sep 271* 272ft 271% 272% +J 

3.95 2-65 Dec 244* 266% 265% 266ft +J 

118 274% MOT 274* 275% 274% 275 +1 

371* 279% MOV 200 200% 200 200% +00% 

Eat. Sales Prev. Soles ..B1V 
Prev. Dor Open Inti 32590 off 1622 


SOYBEANS (CBT) 

5J00 bu min I mum- dollars per bushel 
1-25% 509% Anar 603 6.OT% 600 604 +05% 

777 501ft May 618 6.19 612 6.16% +0Sft 

779 571% Jul 654 679 632 626 +05 

575 Avrg 674 679 653% 656% +05 

6- 71 5.95 See 6.14 6,19 6.14 6.16 +03 

“J w MS 4 4jn * 4 416* +02% 

$■79 6.10 Jan 639% 652% 638 6J9% +02% 

7- 67 0 31. iJ* - 6A3% +02% 

779 645% May 651% +02% 

EsL Sales Prey. Sates 34.1M 

Prev. Day Open Ini. 71570 off 385 


SOYBEAN MEAL (CBTJ 
10Q tons- dollars per ton 

209n MIL10 Mar 14150 14170 14870 14100 

May 14700 14700 14650 147 JO 

Jut 15150 15300 15150 152.90 

Auo 15400 15560 15630 15500 

Ste 15700 15600 15700 157.40 

Oct 15950 lean 159.00 15970 

Dec 16450 16500 16400 16458 

Prev.Saktfl 1X367 


30500 14550 

19650 15050 

18tt0O 15220 
17950 15400 

18050 15550 

78400 16140 

EsI. Sales 


+IJ0 

+100 

+1.10 

+JD 

3 


Prev. Day Open Inf. 3X226 up 1099 
SOYBEAN OIL (CBT] 


68000 HH- dollars per 100 lbs. 
3W0 2204 Mar 2709 

2705 






Mav 

2645 

2709 






Jul 

2620 

2653 





2X50 

Aug 

2508 

2608 

2568 

2595 



2200 

Sep 

2500 

2555 

2540 



2600 

2X90 

Oct 

2405 

2400 

2405 

2405 


2445 

2X90 

Dec 

24.15 

2440 

24.10 

24.15 

+.10 

Est Sales _ 

Prev.Sates 12434 


Prev. Day Open inf. 38.158 unlJZ7 
OATS (CBT) 

5000 bu minim wn- del (am per bushel 
1.96% 170* Mar 173% 176% 173% 176 +02% 

109* May 172 173 1.71% 172% +00* 

158* Jul 159 159 158% 158% 

1-65% SCP 156* 156% 156 156* 

158 _ DOC 159 159* 159 159% +00* 

Pray. Sates 623 


1.9] 
178% 
1.79 
102% 
ESI. Saios. 


Prev. Day Open inf. 3041 up 127 


Livestock 


CATTLE ICME) 
40X00 lbs.- coals per lb. 


6700 

6X80 

Feb 

65J0 

46.10 

6540 



6842 



6&30 

6805 

68.17 





Jim 

6045 





6602 

6X15 

Aug 

6650 

6602 

6647 

6605 

—47 

6510 

6100 

Ocl 

6405 

6405 

6450 



6590 6300 Dec 6577 6577 

6550 65 75 Feb 

Est. Sales 15351 Prev.Sates 23469 

6545 

6575 

6600 

—.IS 


Prev. Dav Open Inf. 57.953 up 146 


7445 

6575 

Mar 

7425 

7405 

7400 

7442 


740S 

67.* 

Apr 

7150 

7300 

7115 

7X55 

—.10 

7102 


May 

7145 

7105 

71.12 

7140 


71.97 

6600 


7145 

71.95 

7105 

7190 


7150 

6700 

Sen 

7145 

7105 

7145 

7100 


7050 

7140 

Esf. Salas 

67.10 Od TOJD 7000 
7000 Nov 

1092 Prev. Sales 2064 

AUO 

7007 

7140 

+05 

+40 


Prev. Dav Open Inf. 10JU up 33 


HOGS (CME] 

30000 tbs.- Cants oar lb. 
58-30 4757 Feb 

54AS 45.10 Apr 

6640 4640 Jun 

5577 4695 Jul 

5407 4750 Auo 

SITS 4500 Oct 

SOBS 4AJ0 Dec 

49.70 4A2S Fob 

4705 4575 Apr 


5150 


5405 

5455 

53J0 

49A5 

4900 

4 7 JO 
4700 


5175 
49 JJ 
5640 
5455 
5300 
4945 

4945 

4908 

4700 


E Si. Sales 6586 Prev. Sates 6,943 
Prev. Day Open Inf. J9.I33 up 460 


ajo 
4855 
S377 
5617 
5X10 
4900 
49 J6 
49 JO 
<700 


5150 —05 

4972 +75 

5675 —.12 

5657 —.15 

5X57 —05 

49.10 —70 

49 JD 

4875 -AO 
4675 —70 


8105 

60.95 

Feb 

71.95 

7200 

7145 

7X50 

+21 


6a 10 

Mar 






8200 

41.15 

Mav 

7410 

7400 

7X52 

7407 

+47 

BX47 

6X15 

Jul 

7400 

7445 

7X90 

7485 

+40 

6T05 

6040 

Aug 

7X75 

7X90 

7140 

7X60 

+45 

7515 

7140 

6X15 

6440 

Feb 

Mar 

6620 

6650 

6610 

6610 

6620 

+40 
— .13 


Food 


15200 
149 JD 
147 JO 
14100 
139 JO 
13SJ0 
EM. Sales 


COFFEE C (NYCSCGJ 
37500 lls.- coma pot lb. 

12350 Mar 14610 14935 1477S 14753 
12201 MOV 14450 14574 14640 14650 
12100 Jul 143.40 14X30 14X15 142JD 
12700 Sep 14050 141 JO I40J0 14021 
13975 Dec 13975 09.90 ‘139JS U9J1 
12150 Mor 
13100 MOV 

1.970 Prev. Sates 2791 

Prev. Day Open Inf. 13.966 up 161 
SUGAR WORLD II IHYC5CE] 

112000 iib. - cento Per lb. . _ 
liAfl <£| Mar <A0 650 

1050 434 May 471 4.93 

9.95 453 Jul SJ2 STS 

9.75 450 Sen 5JB S58 

90S SOI Oct X44 553 

775 SS5 Jan 195 S.9S 

9J9 602 Mar 6J6 652 

715 6J9 May 60S 475 

Est, Sales 14,100 Prev. Sate* 12014 
Prev. Day Ooenint. 9iM5 upl® 

COCOA (NTC5CG> 

. 10 metric ions- S per tan 

2570 1988 Mar 2298 

2570 2»» M®Y 

2400 2049 Jul 

7415 2053 5*P 

2337 1999 Dee 

7145 2020 Mar 

2110 ®80 MOV 

Est. Sales Prev. Sotos US 
Prev. Dav Op« ml. MJM 6H 1,8 


I37J8 — JS 
13553 -152 


4J5 

455 

405 

US 

X36 

US 

60S 

604 


456 

488 

S71 

5A5 

553 

607 

659 

675 


+.14 

+.17 

+.17 

+.15 

+.17 

+.17 

+.12 

+.16 


2120 

2298 

2965 

USD 

305 


2298 

2325 

2309 

3280 

3155 

2IS 


2273 

2300 

2283 

22S2 

2130 

3125 


2283 

2309 

3359 

2255 

as 

are 

are 


—3 

—3 

—IB 

—71 

-a 


Season Season 
HWi Low 


Open Htotr Low Close dig. 


ORANGE JUICE (NYCEI 
1X000 lb*.- rants Per lb. 

18500 11655 Mar 17850 1HLOO 17830 179.15 

May 17930 18685 179J8 179 JO 

jui 1B0.10 inn 1B0.10 isots 

SOP 17775 17975 17735 17650 
NOV 1 7600 1 7100 17750 17700 
Jon 17600 17600 17600 17650 
17608 
17600 


18500 

1B4H5 

1BZ0B 

18100 


15100 
15&00 
15775 
15700 
15600 

IW00 15630 

16000 Stay 

E» f. Soho 1000 Prav.Satas 10< 
Prev. Day Open Inf. 7jss off 298 


. Metals 


6370 


COPPER (COMRX1 
2U00 DWr cents par Hk 
6X15 6X15 Feb 

ra^a saa Mar 

*X50 5670 May 

ears 5700 jul 

8X10 5700 Sep 

8475 SBJ0 Doc 

80n 5 9M Mar 

74.83 sue May 

7<9-®J 41^3 Jul 

7090 Sep 

EsL Soles 1X080 Prev. Sales 75757 
Prev. Day Open 1 nt. 94696 upMZ 


64A0 


6600 


6X50 

6X95 

MAO 

6485 

6530 

6500 

6S7S 

6650 


6X70 

6185 


6X90 

6435 


6575 
65J0 
6605 
6690 
67 JS 
6705 


+05 

+05 

iis 

+170 

+1.95 

+200 

+205 


6300 

6370 

6450 

6550 

6650 


6150 

6190 


SILVER (COM EX] 

SJjntriiveE.- cents per tray at. 

7230 6165 Feb 6150 

16280 5B50 Mar 6210 

15130 5VS0 May 0200 

14610 6030 Jul 4370 

imo 6140 Sep 6416 

imtt 6300 Dec 6620 

12150 63M Jon 

iSS M«r 69X0 6980 6930 

9450 6730 JM 

MO0 6010 Sep 

E*LSate £000 Prav. Sates 28012 
Prev. Day Open Int B40B6 off Ml 


*170 

6500 

6620 


62X7 

63X5 

Ml.l 

650.1 

6590 

6757 

68X1 

6920 

70X6 

7153 

7277 


+137 

+1X0 

+1X3 

+1X4 

—10 

+1X6 

+1X6 


PLATINUM (NYME1 
50 troy oz.- dollar, per tray «- 
304» 29600 Fab 27700 27700 27700 27160 

Mar 27600 28200 Z7AJW 28X40 
44700 26X50 Apr 27400 SlO 0 mst 

5SS-S 2“ 2 Ju< OTJ0 2ae - DD 27970 28770 

29X00 27650 Oct 28500 29450 28500 29240 

373-50 28400 Jon 29500 29500 ran 29BJ0 

Prav. Sales 1082 
Prev. Day Open Inf. 14067 off 143 


+en 

+830 

+830 

+7A8 


PALLADIUM (NTME) 

100 fray az- dot tors per az 

Fab 12500 12X00 12500 12870 

16300 10700 Mar 12575 IMJO )5Zz5 iSS 

iwn 10600 Jun 12X50- 1Z77S 12X50 13675 

’“- 50 Sep lan 12600 12100 12578 

2S5 ,a “ T2W " 13100 ,24 - w 

1-3100 11400 Mar 12445 

“■Sales 667 Prev. Sales 390 
Prev. Day Open I nt. 6777 oft 36 
GOLD (COM EX) 

100 troy oz.- dollars per tray oz. 

0200 2M70 Feb 301-30 30550 301 30 30400 

W8J0 Mar 30470 £600 3W7B 306.10 

2S-22 ^ pr 55- 30 30850 30580 

30400 Jun 30970 a 300 30900 31X10 

m» Aua 31400 31700 31400 aAAO 

9°* 32000 31T.D0 32X90 

317J0 Dec 32370 32470 XHM 323,70 

ran Feb 33000 33000 33000 SjO 

MOJO Apr 336.10 

ran Jun 34170 

M'tm Aug 347J0 

34X30 Oct 35200 35200 35200 35X90 

Erf- sales 47J00 Prev.Sates 43.MS 
Prev. Day Open lnt.140071 aftA095 


+435 

+4JJ5 

+135 

+425 

+425 


31 100 
51430 
naoo 


49300 

48930 


496J0 

435.70 

47840 

395J0 


+230 

+X60 

+200 

+XS0 

+270 

+2J0 

+290 

+300 

+X10 

+370 

+300 

+140 


Financial 


US T. BILLS (IMMJ 
Si million- pis oi 100 net. 


9241 

B7J9 

Mar 

9X13 

9X16 

9X04 

9205 




Jun 

«I43 

9149 

9103- 












B677 

Dec 

9090 







Mor 

9003 

9053 

9008 











9000 

8800 

Sep 

89.96 

0946 

89.96 



„8?03 8903 Dec 

Enl. Solos Prev.Sates I7J2S 

Prev. Day Open int. 28015 off 18456 

8943 

+07 


Season Season 
High Law 


Open High Law Close a*. 


CANADIAN DOLLAR (IMMJ 
S per dir- 1 paint eaualiSOADOl 
0050 7444 Mar 7521 

7833 7440 Jun 7505 

-7585 .7508 Sep 7498 

756* .7474 Dec 7492 

.7504 7300 Mar 

Est. Sales 1,13] Prev.Sates 483 
Prev. Day Open Inf. 4892 up M0 


7524 

7505 

7498 

7492 


7512 

7499 

7495 

7489 


7513 

.7498 

.7493 

.7489 

.7485 


—13 

—13 

—12 

—13 

-14 


40 25* SfoneC 00 20 23 

53ft 32 lit StoaSflP 100 20 9 
18* 15% SforEq 104 107 14 
14ft 2 vl Start 
52ft 30* S tarer 
20ft 20 SfrtMl r 

23ft 14% StrMRI 
8% 3ft SupvSh 
30* aft SunBks 
31* 24* SunCh 
18* 7% SunEl 
59% 43% SunCa 
122 90ft SwiCef 
49% 34ft Sundetr 
15% 7% SunMn 
34* 23% SuprVI 
371b 19* SunMkt 
IB* 14 Swank 

22ft 16% Sybron 

36* 28% Sybrnpf 2A0- 77 
14% 10 SymsCP a 

53% 37* Svnte* 1.92 26 13 3172 
38ft 25* Svsco M 10 IS 815 


54% 53* 54 — * 

23% 22* a* + ft 
Rift 20 20 + % 

16* 15ft ISft + ft 

571b 56* 57% +1% 

44 43* 43*+Ift 

24% 23ft 33ft 
16H 16* 16% + * 
SOft 29* 30 
30* 30 30 + % 

10% IB* 10ft— % 
19ft 19* 19ft 

3ft 3% 3* 

18ft 18ft ISft— % 
10ft 10% 10% — % 
28ft 27% 27ft— % 
326 19 18% 19 + % 

408 29% 29 29% + % 

1280c It* 11% 11%_ * 
24 42* 42ft 42%— * 


200 

275 

in 


08 

A2 

.90 

108 


1982 
643 
160 
165 
67 

40 ID 1088 
10 22 Z7 
1108 

4.9 12 
2A 

37 IS 514 
12 91S 
XI 11 1794 
1.1 15 523 
50 10 14 

U 12 97 


997 32ft 3D* 30* -1% 
335 44 42% 43ft— ft 

57 18 17* 18 

3% 3* 3% + ft 

52* 51ft 51ft + W 

20% 20ft 20ft 
17ft 17% 17% — ft 
Sft 5 5ft + ft 
30ft 30ft 30* — * 
31% 3i aft 
1B% 10 10ft— ft 

514 47 46* 46% + ft 

1 95% 95% 95% +1* 
48* 48% 48U> + * 
8* 8 8ft 
33* 32* 32ft +lft 
33ft 37 37* + ft 

16ft 16H 16*— ft 
20ft 20% 20% — ft 
34 33% 33% — ft 

14 Uft 13ft + % 
SSft 52* S3 — % 
35ft 35 35 — * 


79 


16 6% Trsnscn 

75 63 TrGPpI 605 17 

92* » TrGpf 1072 ■ 1.1 

24 2C Ti-GPpt 200 10-4 2 

lift fift TmsOti 21 354 

35* 28 TronwV 100 57 10 598 

34 23ft TmwIO 00 IJ II 1943 

17 9ft Twid «1A 517 

30 221b Tnldpf 2 M 60 17 

17% 14ft Told Of 1.90 110 6 

41ft 25% Trovler 204 50 TO 5789 

aw* 21ft Tricon 151e>4J 
23ft 20* TrlCn ai 20D 100 


7 524 lift 11* 11’*> + 

10 ӣ25 ZSf? EES* 


10 

AO 11 46 
1.00 30 9 


44 ZJ 15 2182 


64s 5 TrlSoln 
22ft 12* Tifalrtd 
29 20* TrlOPC 

36* 24 Tribune 
6ft a Trlcnrr 
9ft 5ft T.-lca 
22% 13’.i Trlnty 
19% 11% TrllEng 
11% Oft TrltE ol .... 

36* 28ft TucsEP 100 
16 10* TifUJM 02 

21* 16 TwInDs MB ... 

40 25% Tyco Lb 40 10 10 

33% 23V. Tvler 70 XI 9 


J6e 8J 
.16 20 20 
00 11 
■10b .7 IT 
1.10 li" 

80 7 

4.1 10 


19GU «3% »2* 93* +1* 
24* S4 24 + % 

ID* IP* 10* + J* 
35 Mft 34ft— % 
34* 33* 337k— % 
17* 16* 16ft— % 
30* 30* 30* + * 
lr% 17* 17* 

42 40* 41 — ft 

277)1 24* 24% 2<ft + %■ 
3 23ft 23ft 23%+ ft 
Sft 5* 55e 
19 lift ISft — ft 

28 % an *«> + ft 

37* 35% 37* +1ft 
4* 4* Aft 
Oft ift 6%— ft 
16% 15ft 16 
14* 14ft Wft— ft 
10% 9ft 18% + ft 
35% 3S 35* + % 
12* 12ft 12ft + ft 
18% 17* 17*— ft 
40% 39* 40% + ft 
34* 33* 34 + % 


175 

13 

4? 


5 

38 

35< 

248 

79 

2299 

18 

47 

67+ 

319 


U 


009 1.1 7 
2A0 70 

36 

204 90 12 
17} 1X1 


48* 28 UAL 
32* 24 UAL Pf 
15ft 7% UCCEL 
23ft 16% UGI 
23% 19% UGI Pt 
11% 3 UNCRcs 

14 10 URS 

30ft 17ft USFGs 

re* 4J U5G 
28* 12* UnIDvn 
19% 13% UnIFrs! 

94* 75 UnINV 

41* 30% UCcmiPS 104 
58* 32* UnCorb JAP 
7* 4ft unlonC 
16ft 12 UnElec 
29* 21 UnEIPf 
32 25% UnElpf 

35% 28% UnEI pf 

49 39% unEI pf 

30* 74% UnEI pfM4A0 1X1 
60% 48% UEIPfL 800 137 
24% 18% UnElpf X98 1X5 
17% 13% UnElpf 113 115 
23* 19ft UnEIPf Z72 11.9 
61 45 UnEIPf 7A4 tXI 

61 49 UEI PfH Bn 1X3 

50 34* UnPoc in 

111 82 UnPcof 775 


Mb 11 18 IIS 
206 77 8 2143 
3.00 4.4 7 650 
00 XI 15 49 

70 1.1 1< 61 

+20e 40 « 49 

47 10 

60 


172 107 
300 120 
400 1X5 
400 1X9 
6A0 13A 


4686 44ft 45% 45ft— 1% 
676 32 a* 31ft- ft 

208 15ft 14* 14*— ft 

180 22* 2Zft 22* 

3002 22* 22% 22* + * 

44O 9* 9 9% + % 

17% 12ft 12% + ft 

29* 27ft 2Bft + * 
69% 67* 68*— ft 
28% 28* 28ft + * 
IBft 15ft 18ft 
93* 93* 93* + ft 
38 37ft 37% + * 
39ft 38ft 38ft— ft 
5* 5% 5%— ft 

.. 16% lift 16% + ft 

JOz 27* 27* 27*— * 
BWte 32 a 32+1 
life 34* 34* 34*— ft 

820: 49* 47* 47*— * 

41 30% 30* 30ft + * 

31fe 61 £9% 60 +1 

90 23* 23* 23* + * 
5 17 17 17 

14 32% 22% 22% — ft 
21fe 57 57 57 

620: 40 60 60 

XB 12 3411 48% 46* 47ft + * 

6.9 42 107 105 10S% 


584 

3351 

136 

999 


16% 9* Unlrovl .We J 7 3325 16% 15% 16* + % 

68 53% Unmet 600 120 «Oz 66% 66% 46ft 

6% 3* Unit Dr 52 109 3ft 3% 3% + ft 

71* 10* UnBrad 10 «n 12* 12* 12ft— * 

17% 9% UBrdai 22 11* IPS II* + ft 

33* 20% UCWTV .14 A 59 110 33% 33ft 33ft 

29% 22% UnEnrg 248 8J 13 1572 30 29ft 29* + ft 

23% 9 U Ilium X00 120 3 164 15% ISft 15% 

197 150 
279 147 
400 13.1 
100 149 
02fa 2A 13 
72 0 26 

106 4J 9 
7 


fee booklet 

§ EuropeanGukfe 
B to Gold 
! and Krugerrands. 

" -nils newly published tnwliuje w 
fl the investment adianuges of gc ^d d pn> 
■ .JA— ...,i,+tiru-r*im how and where to buy 


I 

* 



\idis guidance on how 

I H..1J for investment in Eumpc 

u will help vou to determuie th e best 
I uai to gvi about protecting your valuable, 
■ hard-earned assere- 
■ Rjr >uur free copy, simply write to: 

IniemaiionaJ Gold Corporation 


1. ruede la Rfiflstefie 
CH 120+ Genei’J • towweiisinu 


Name 


Sulvi 


N° 


Ri« Oxle 


"Rjwn 


r 


p a iw e, i° 

Jirb« s 




Country 



18 


.12 


00 

06 

in 


J 8 3300 

357] 

20 10 25 

XI 11 148 
17 4817 

7 


2B* 19 Ulllupt 
16% 11 Ulllupf 
28 20ft Ulllupf 
13% 10 Ullluot 
22% 14% Unit Ind 

41ft 33% Unit Inn 

36ft 25ft UJerSk 
16% 9* UfdMM 

3% 2ft UPkMn 
38* 22 UtelrG 
10% 5VD USHom 

41ft 29* USLom 

34ft 23 U5Shoe 
31ft 22 USSlce I ... _ 

58ft 49* USSH pf 6A9el2J 
150 11^ USStl pr 1X75 90 

30% 22% USStl pr 275 

41 31* USTob IA4 

71ft 55* U SWest 5 A0 

43% 28% UnTch s 1.40 

37* 27* UTch pf 205 

24 1 7ft UnlTcl 1.92 

33* 26% UnlTIPf 100 

17% 12 UWRs 178 

33% 22 Unltrde 
22* 14* Univor 
26ft 18% UnlvFd 
22 15* ULecfs 

43* 30 Unocal 

75 45 UPlOhn . 

23% USLIFE 104 17 11 1(05 
36 25 USLFDf 275 6J 57 

9* ffft USIfeFd 104al(L7 15 

25% a>% Ufa PL 202 100 10 1091 

25* 71ft UtPLpt 230 I1A 8 

25% 21ft UtPLpf 190 11 A 642 

21ft 17ft UIPLPf X36 HA 6 

19 Tift UtPLpf 234 11.1 2 


JO 


7J 10 
7 19 
06b 37 13 
134 40 15 
(4 I 


25 25% 25% 25% — ft 

B7Bz 15ft 15 15%+ % 

2 26% 26* 26% + * 

12% 12% 12* + ft 

22* Zlft 21ft— ft 
38% 38% 38% — * 
37 36% 36* + * 

15% 15* 15*— ft 
2* 2* 2* 

37ft 37ft 37ft + % 
•ft Bft Bft + ft 
41ft 40* 40% 

28ft 27% 28% + ft 
27% 27ft 27ft— ft 
53% 53% S3ft— ft 
62 135* 133* 134 —1% 
79 385 28% 29% 2B%— ft 

47 12 1476 35* 33% 34 —1* 

70 8 1507 72 7D% 71* + 1 

X3 9 4502 43* 41ft 42 —1ft 

67 472 38 37 37ft— ft 

E3 9 22711 23ft 23 23 

1 33* 33* 33* 

56 17% 17* 17% 

SSft 28 28* 

18% 18% 18% 

23* 23* S* 

20* 20% 20*+ * 

3V* 38% 38*— % 

75 73 73 —1* 

38% 38 38* + ft 

36% 35% 35* + ft 

9* 9ft 9* + ft 
23ft ri* 23* 

24% 24ft 24ft 
29* 25* 25ft— ft 
20ft 20ft 20ft— ft 
18% 18ft 18% 


IX 
4 
23 

_ _ 284 

20 9 2635 
X5 13 1338 


J9e 7 19 
270 7.1 8 

18 

87 B 

40 18 
X7 12 


1.19 

in 

an 


-32 


FRENCH FRANC (IMM) 

(per franc- 1 point equals 3000001 
.11905 .10188 Mar 

.11020 .10100 jun 

.loac .10130 sea 

Est. sales Prev.SateB 50 

Prev. Day Open Inf. 1A30 up 50 


00 
2A2 
7 A0 


.10160 


GERMAN MARK f IMM] 

5 per mark- 1 paint equals *00001 
A11B . 7137 Mar J164 0175 

•3233 0160 Jun 0184 0195 

0545 0195 SOP 

-3410 0234 Dec 0245 0245 

Est. Sales 14073 Prev.Sates 11728 
Prev. Day Open Hit. 418761 aft 2087 


0159 

0181 


0169 

0T89 

0214 

0245 


■HI 

4fl 

48 

+7 


JAPANESE TEN (IMMJ 
1 per yen- 1 paint equals SO 000001 
004499 003921 Mar 003940 003945 003931 009942 
SJ44M 003955 Jun 00396 4 003968 003953 JMI967 
0041* J03998 Sep 0O3WS 003995 003991 003996 
WffiB 0O4OW Dec 004020 004020 004020 JI04025 
EsL Salas 4,792 Prev.Sates 2067 
Prev. Day (teen Inf. 1X055 off 478 


—2 

—1 

+3 


62 35ft TDK 
rift 24 TECO 
13* 7ft TGIF 
Wft lift TNP 
30 17 TRE 

BO* 58ft TRW 
13ft 3% TacSool 
70 49* TaffBrd 1.12 

15ft 9* Talley 
IB* 13% Talley pf in 
68* 46ft Tombrd 370 
36* 23* Tandy 
lift lift Tmfveft 
70% 51ft Yekfmx in 
3ft 2% T tricorn 
302ft 147* TeMyn 
22* 13% Tel rate 
43* 18ft Teles 
38* 25ft Tempi n 
44* nft Tpmeo 
76 65 Tone pr 

SS5 2 IS Irafyn 

20ft 9ft Tesaro 
36ft 20ft Tesarpf 
«ft 31% Texaco 
<2% 32ft TxABc 

38* 25 Texlnd 
149% ill* Tex I rat 
3ft I Tsxlnt 
27% 16ft TexOGs 
39 a* TxPoc 
28ft 20* TcxUtll 
7ft 2 Texfl In 
43% 25% Textron in 
47* 28* Texlrpf 70S 
9* 5ft Thoch 
a% 13* Therm E 
41 28* ThmBt l 104 

18ft 13ft Thomln ABb 18 10 
»% 13* ThmMed A0 27 8 
22% 11% Thrifty A0 27 16 
29% 17* rkhrir .90 4.9 
9 4ft Thwrln 


261 

518 

a 

50 

87 

4a 

125 

406 

272 

27 

ri9 


89 


10 13 
12 
50 

40 13 _ . 

11 2619 

12 58 
10 9 

5 
10 
10 33 

13 1230 
10 10 986 
7A 811707 
9.7 5B 

17 2548 
A0 40 17 397 
X16 90 

iso as a 

102 40 9 

ret -u i 

X3D 7J 9 
Z40e 00 
207*1 HA 
J0bX4 19 
200 


44% 43ft 44* +2 
30ft 30* 30ft + * 
11* 10ft 10ft— % 
14* 14* 14% + * 
25% 24% 34*— VS 
BOft 79* 80%+ % 
4ft 4* 4ft— % 
63* 63* 62* + * 
15% 15ft 15% — * 
18% 17* 17*— IS 
67* 66* 66*— 1* 
39% 28* 28*- % 
14 13* 13*— % 

66 65% 65% + * 

29k 2*Vfe 
328 269%264* 2£ft +2% 
SOT 22 31 rift + % 

43* 43 43* + * 

38 37* 37* + ft 

39% 39% 39ft 
74 73 76 +1* 

31 30* 30% + % 

10* 10 Kt% + % 

23% a 


23ft Sft Valera 
26 14 valor pf 

5% 2* Vale* in 

24% 14ft vanDrs 
6ft 2* Varca 
50ft 38* Varlan 
13ft 9% Vara 
25ft 17* veeco 
6ft 3% Venda 
10% 8* VestSa 
39% a* Vlctsm 


a% uft vfehav 
38* 25% Vomod 
75 5B VuIcnM 


1.12 

34 

8 564 

30ft 

30% 

38% 




1011 

7% 

A* 



144 

20.1 

59 

■ 7% 






102 

2ft 




42 

10 

6 378 

23* 

23% 

23% 

+ % 



149 

3% 

7% 

2ft 

— ft 


4 

14 2295 

40* 

39 

39 


00 

11 

10 239 

13* 

12ft 

13 

— % 

42 

10 

15 385 

24* 

23 

23 

— * 



41 

4ft 

4* 

4* 

— * 


26 

10% 

10% 

10% 




15 1495 

39* 

38% 

39% 




11030: 

75ft 

73 


+lft 

H0O 

110 

1 

73 



94S 

11.9 

5AQz 

82 

11 

87 

+1 

740 

124 

4D30z 

61ft 

W 

59 

— 1 

705 

11.9 

200Z 

67* 

97* 

67* 

+1* 



14 407 

23% 

72% 





13 25 

34* 

14% 

34% 

+ ft 

X44 

13 

11 83 

74ft 

74* 

74% 



39 


28 20* WICOR 200 

49 34% WabR Pf 400 

33% 20% Wpcfnrs 72 
a* 16% Wacktlt 
9% 6* Wclnac 
47* 30* WalMrf 
103% 60 WIMTfpf 
49% 20% Wo tom 


A0 


HI? 


71 


154 
J 36 


5711x 34% 31% I2«to SJw^BtSS 

^0*3f* 35% Sft-* Ig, g^VVarCSy AS 


08 10 17 


.18 

A0 

206 


436 43% 41 
261 30* 30 

i 2* 

372 33% _ 
IA 10 134V 130ft 129 
798 1* 1% 


9 B 4732 
10 18 18 
80 6 2432 

a 

40 14 1944 



IS 18 
34 8 


4A 8 


302V 


25 
XI 17 


SWISS FRANC (IMM) 

*P«,f7W» 1 point equals 800001 
-^22 JJ34 Mar -rag 0769 
Jun 0780 0797 

j£m ££ 2819 J “ M 

Esf. Sates 1X780 Prev.Sates 11781 
Prev. Day Open Int 2X041 off aa 


0748 

0777 

0815 


0759 

0788 


10 

21 

106 X9 14 
1J0Q 3A 13 
102 30 7 
72 24 10 
5 


Industrials 


LUMBER (CME) 

man bd. ft.- s per ino bd. ft. 

SIS 15^2 IS-2 ’5400 15500 

735SO 147 A0 May 16500 li&AO 16470 USA 1 ! 

>52 Jul 1^2 17370 171.90 17X50 

5700 Sep 176.90 17700 17658 17700 

16700 Nov 17*58 17900 177.90 17800 

>7500 Jan 18300 18300 1BXB0 18100 

>7*W Mar 10600 1 18600 18600 10600 

2A47 Prev.Sates X1B4 


23000 
19700 
186.10 
18700 
119500 ■ 
Est. Sates 


+100 

+in 

+1.10 

+1A0 

+100 

+J0 

+00 


Prev. Dav Open Inf. 9702 oft 73 


COTTON 3(NYCE) 

31000 tbs.- cents per lb. 

79JS 6455 Atar 

«70 65J0 May 

7905 6677 Jul 

7700 67.15 Oa 

7300 6772 Dec 

7673 6X65 Mar 

7000 6900 May 

7005 7000 Jul 

Est. Sales 1230 Prey. Soles X474 

Prsv. Dav Open int. 19770 up 126 


48ft 33* Time 02 
85% 60% TIml PfB 107 
22 12 TlmpU 

46% 28* TlmeM 
65* 47% Timken 
36* g* TodShp 

31 22* Taktim 
IB% 13ft TofEdls 3S3 140 
87% 24% TolEdPf 372 1X9 
27ft 22 TolEdpf 375 130 
25% 20 TalEd pf 3A7 1X8 

32 25% TolEdpf 478 1X7 
15S UP ToiEdpI X36 13A 
17% 13% TolEdpf 271 1X6 
48* 23% Tanka A0 .9 

16 Toot Rot A8 17 10 
35 line Trdtms in XB 13 
>5 9ft TaraCo JO 10 10 
♦* 1 Tosco 
22* 11% Towle 
15* Bft Tawfrpf 
35* «% TavRUs 
29% 18% Tracor 
12% 7% TWA 

15% 11% TWA pf 

23% 16% TWA pfB 275 

re% 20ft Transm 1 A4 

20 16* Tranlnc 272 110 

TOk TO* TARily 10O« 87 8 


19ft 19* 19% 

31% 31% ri* 

27* 36ft 26%— ft 
3ft 3* 3*— % 
38 17 37ft— * 

10 41 41 41 — % 

* 7% 7% 7ft + % 
523 21% 20* 21% + % 

557 40% 40 40% + ft 

82 18 17* 17% 

MS 18 17* 18 + % 

379 22% 22* 22% + % 

169 1B% 18% 18* 

1195 Ift 8% Bft— ft 


_ WditJs 100 

9* 7% WdllJ pf in 105 
29% Wolf J Pf in 3A 
17* Women 
% 17 WrnCm 
ft ra* WomrL 1A8 4.1 13 1360 
TOft 14* WashG S 106 80 7 71 

27% 15ft WshNot UB 40 13 802 
45% 30% WosN pf 200 SA 1 
20ft 16 W5hWI 2A8 1X3 8 265 
50* 27* Waste 
26% 18 waflUn 
1X6 8* WcvGos 
9* 4 WeanU 


33 37% 27% 27% — * 
4#i 45% 45% 45%+ % 
903 33* 31% 33% +1 
93 19% 19 19 — ft 

419 Vft 9 9*— % 

3734 46ft 45* 45ft— ft 

1 102 102 102 —I 
701 49* 49* 49ft + ft 
66 20* 20ft 20ft— * 
982 36 34% 35% +1% 

992 36% 35% 35%— % 

70fe 9% Vft ^9% 


4 48 47* 


Wft Wft »%+ .% 


n 

02 

JO 


10 10 6108 


IJ 11 
20 10 


23ft 12% WebbD 
37* 29% WefsMk 
52* 30ft WellsF 
28* 22% WelFM 
20% 13% Wendvs 
26% 16* WestCo 
40% 34% WstPfP 


L7 15 2932 48* 48 Wft + ft 


8 

114 

842 

1S9 


65.10 
M-25 
67 JO 
67 A0 
6705 


6470 

6506 

6606 

6700 

6707 


am 
64.17 
67.15 
67 AO 
5740 
«U> 44 

6900 
69 JS 


+A0 

+01 

+09 

+05 


55% re% Tronsco X7» 
S9ft 47% Trmeof 307 
25* 19 TranEx X30 


A4 5.1 
, 24 2692 

04 1.1 IS 751 
__ 71 2655 

Z25 ISA 169 
9J 371 
50 II 19a 
19 
14 


4.1 10 

60 

90 


05% 85% 85% +1* 

21% aft 21% + ft 

47 46% 46% 

50 49% 49% + % 

34% 34 34%— * 

30% 39% 29* + % 
17% 17* 17ft + % 
27ft 26% 26*— ft 
27ft 27% 27% — U 
25% 25% 25% — * 
31* 31* 31* + * 
17ft 17* 17ft 
16% 16* 16* — * 
43% 43* 43* + % 
29 38* 28*— % 

35ft 34% 35* + ft 
15 14* 14ft + % 

1* 1% 1% 

16ft 16 16% + * 

Sft Bft Sft— ft 
X% 29% 29% — % 
30% 29* 30* +1* 
13% lift 12% + ft 
14* 14ft 14ft 
23* 22* 23% + ft 
28* 28% 28% + % 
19* 19% 19ft 
12* 13% 12% — * 
52% 52 52% + % 

59% 58% Wft + ft 
34% 23ft 23* 


12% 

5* 

2* 

18 

15% 

"% 

53% 

109 

36* 

82 

69 

9ft 

15% 


9ft WslCfT e IJM 
2ft WnAfrL 
* WlAIrwt 
8* WAIrpf 200 140 

0* WAJr Pf X14 T40 

4 WCNA 

47 WCNA pf 705 14J 

81 WPacI 

5* VV Union 
24ft WnUnpf 
26 wnupfC 

2* WnU pfS 
4ft WnU pfE 
4Sft re WUTI pf 

20 5% WUTI PfA 

a* 19* wstoE s m 

40% 31* Wnstvc 102 30 

34 25 Weyem 100 4. 


JOe .9 15 
JO 1.9 14 
116 4.1 8 

XflO IDA 12 ._ 
08 10 15 3316 
A4 XI 1? -38 
200 5A 6 


204 

51 

533 

340 

a 

208 

122 


164 

95 

511 

164 

50 

79 

286 

5 


44ft 34* Wevrpf 200 60 
51ft 43ft Weyrpr 400 80 
34ft 17ft WhelPlf 
<9% 36% Whlrtol ZOO 40 
41* 74% WhllC 100 40 
45% 36% WhllC oKDJJO 70 
36* 17ft Whllohl 
24% 14% Whltfok 
11 6ft WTetOdl 
13* 8 Wlllrdn 
31ft 22* William I A0 4.9 
8% 2 WilnrEf 
10% 6% WllshrO 
35 25* WlnDI* 

10* 7* Wltmbg 


A0 


25% 24ft 24* 

36ft 35% 36*— *. 
18% 18ft 18*— % 
25ft 26* 2S + * 
46 46 46 + % 

20* IVft 20% 

48% 45% 47% +2% 
26% 25ft 25ft— % 
10 Id 10 
8% 8 8* + % 
23 a% 22*— * 
36* 36 36* + * 

52ft 52% 57% — * 
27ft 27 27 — * 

18% IS IS*— % 
20* 20ft 20* + ft 
29* 39 29* + * 

lift lift 11* + ft 
4* 4% 4* 

1ft 1ft 1ft + % 
14% 14* 14* 

15% 1C* 14*— * 

5 4* 4*— * 

49* 49 49* + % 

6 10 108% 100 100% 

11454 9* 9 9* + ft 

33 30 13 +1 

37 35 37 +3 

4% 4% 4ft + % 
B* 7ft 8% + ft 
26 24 26 +3 

30* Vft 10 + * 

30% 30ft 30ft 
■Wft 40 40ft— % 

33* 31% rift— 1% 

44 43 43 - ft 

51* 50ft 50ft + * 

17 16ft 16ft + % 
48% 47 47ft— ft 

9 3427 31* 30ft a%+ % 

6 40* 39* 40* + * 
25ft 24* 25% + % 
24% 23ft 24% 

12* lift l!ft+ ft 
13ft 13* ISft + % 
79% 28% 3*— ft 
3* 3 3* + W 

6* 6% 6% 

33ft 23 33 — ft 

19ft 19 19* + ft 


39 
38 
45B 
611 
24 
74 

30 10 5036 
9 459 
17 2843 


53 

185 

55 

969 


10 126 

5 1390 
846 
143 

6 1347 

5)6 

IA IS 77 
XI 17 38 

0 18 5610 


krugerrand 

Money you can trust 

Plcar* nme that International Gold Corporaiijn 

iv « pn.nfde u himilx or sriUnR J 


mac^-.v . -• 

4... 
-■) 


12MWttl 
High low Stock 


Dht. VKL PE 


9L 

nosKtonLaw 


Close 

QuoLQrtte 


14* 5% Winner 

9% 3* Winter J 

33ft 25* WIscEP 2JB 70 
79 68ft WISE Pf 800 110 


14 


31 25ft WtocPL 204 
32ft 24* WJscPS 206 
3»* 27ft WHco 1.48 
17ft 9% WotvrW 04 
27% 18ft WuodPf J2 
43% 29ft Wotwftl 1X3 
60* 42% Wotwpf 200 
5* 2ft WrkJAr 
61 45 Wrlgfv 

7ft 3% Wuritzr 
18% ID* WvteLb 
a% 16% Wynns 


88 8 
00 7 73 

XB 9 488 
20 17 644 
34 15 64 

4A 10 1194 
88 8 

100a 3.1 11 263 

80 

02 20 10 169 

AO U 1 68 


64 6* 6ft 6ft 

34 4% . 4% 4% 

7 3370 32 aft aft 
204QZ 79ft 70* 78*+ % 


A- 


29ft 29ft 29ft + % 
31ft 31% 31ft + ’ 
39ft 39 39 +. 

12% 11* 12 
aft 20ft rift 

41ft 40% 40ft— * 
57* 57* 57*— ft 
3ft 3ft 3% 

58% 58% 56* + % 
4 4 4 +% 

16 15% 15ft + * 

SSft 20% -20ft — ft 


frWD “ 


JjvisI^V'uU 1 •' • ■ 


dinf'-y uu : 
m (j ,rn * 1 


Cfilfl 


sibh & 


49% 33* xerox 300 7.1 I2I1965 
SOft 45* Xerox pf SA5 100 26 

33* 19 XTRA 04 X2 11 676 


43% 41% 42*— Ift 
£0% 50% 50% + ft 
29 Zfft 29 +1% 


29ft 24 ZoleCP 
22* 19V. ZalepfA 
24ft 14% Zapata 
54* 28* Zavre 
34ft 18% Zenith E 
27 18 Zara 

29ft ri% Zuraln 


102 40 B 84 
JO XB 3 
04 50 13 690 
AOb J 15 1312 
8 mi 
AO 10 20 252 
102 4A ID 116 


27% Z7% 37* 

21 21 71 +1% 

16% 15ft 16% 

54ft 54 54ft + ft 
24ft 24% 34% 

27* 26% 26% — % 
28% 28% 28ft + % 


Ben]-* 3 r-V‘, ' ’ " 

coointf 

• -- 

T1K> 

,'3v 3BKC v • 

jponihsfp:-^ _ ;; _.... . 

(t o3- -i;; .V . - 

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j- . 

■mail**::*- .7 

Aiibus si* *7 r ‘"•l.T.- • - - 

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iu iiiais n-i- : ; 

dung* •■‘0— • . 

jhu’i for " . ’ 

luJjai-u'v.-. - 

Forffl— ■' 77 

-411 v " .. ‘ . 


j NYSE Higha-Lo 


WS 


Jan 


.30 


NEW HIGHS MB 


AMR2«Spf ANR2 67pf AVXCP AccsWrtds 

AetnaUe AtaPfllipf A(oPfl3tof Alaska Alrl 

AiexAlex Allied C ps ALLTEL CP AmBrd2 75pf 

AmGenlQo AmGenlCpwf Am Cert PfB 

AmGnCo 3 2SI AmGnCpR64p AmHomapf Amerttech 


- lAmFst 
GrawGnwl 
HartandJh 
MertfCompf 
IC inds 
IlIPwll 75p 

IndIM 2 25pf 

IrtffHorv 57 
Kmart 
KaaerProp 
LeeEnt 
Limited 
Lowers 
Marriott 

fttescoCp 

MaPS 2 61pr 
NWAIrac 
NYSSSOpf 
NYNEX 
OllnCp 
PolneWcvpf 
People En 
PtiKtroSal 
Pori Gen El 
Quick Roll 
RePubAIr 
Rockwrl 
RodfnComn 
StPcxil Sec 
SraLaidn 
SherwtnWm 

Shpiteywks 

TRW Inc 
ThnesMIr 

TrGPL 6 6Spf 

I^jawld wtA Tmwfd2pf 
TrtbuneCo TvcoLobs 


Am SUFta 

AmSooBcp 

Arm Win 

Avervtnl 

BankDfVaB 

fl eerteas 

BergEnl 

BargWai-ner 

BurlNth 

Q» Fed pf 

CenturyTel 

ChubbCps 

CtevEIPfB 

CaanNG 

CornsGIW 

Cumm Ena 

Daytn PwfJ 

DlGloroto 

Done ley 

duPad 

DuaLI2pf 

EcBonCp 

Emhort 

FMCCppf 

PsfBaston ' 

FlDearbn 5 

Gaps lares. 

GnMotr e n 

GaPoat 

GrtLakeint 

GuH 5taUt 

HarrtaGfPti n 

HoUdaylnA 

icindspf 

ITWb 

lidcaaSee 

IntIHarvpfD 

KaufBdpfA 

Kysorlnd 

LaaoiWaison 

LlncNatl 

Macmillan 

MarshMd 

McOanld 

Mohasco 

Nashua Cp 

Newtnll 

Oaklte Prod 

OwwnsCno 

Pork Han 

Premrlncts 
Rayltnan 
RsynWlnd i 
Rack Int PfB i 
Ryder Sys 
SFaSouPac 
Seagrams 
Signal pf a 
S uprMkf 
Tetex Cera 
Torchmrk s 1 
TrGPL 1032 b 


AmerlcUn 
ApPnr31 
ArvhHnl. 

Bk Boston 
BASIX 
BemlsCox 
Boeing 
BrlstMy pf 
Burr Ohs 
Cooattes 
Cbetaealnd 
ClrdeK 
CwE840pf 
ContCora 
CorroonB 
DanaCp 
DefE 3 43PIM 
DlaltalEa^ 



SXS&r 



UjCflli i-'f ^ • >- 

berof if--'* 

\ a or:*.- -• 
comiEi-T:! ”. - ’ — 

ihipOLT 

Fns: J.t*' - - ‘ 
auerof o:*-- 
imj cbii"— 

. trwiurftr.? - 

-Ad Tuivis; - ' 
FiatbPsi'l-* 
bit is ihi; M: *- 
replaced x'l -■ 
retire. 

Francs j. - -: ‘ • 
the major jr.-.-. ■ 
limn. MBS :• -■ 
dureholdr -'c . • 
spaiialeis ±: r:.-: 
Eadh flt,vi : -:r 
The oiaer :*•: : 
Briiiih te:-:..-. ■ 
erai jfei'e '.’ ; J 

vmh-.2?r:r: 


iimlb 




-k 


P^B2J2 



UnEI 6 4Qpf 
UnJersv Bk 
USLIFE Cp 
VoEP 9 75pf 
Wnloreen 
WIHredAEn 
Zeroes 


USwLS^ 1 - finlroyal 
UnllTochi 

^' F , E 22A' VFCarp 

ysha v Intrt 
Wtotvac 

Wrowtwoo witcoQim 


-■=V?.TL. 

‘SreCj-si.'lJto'ja 


NEW LOWS 


RongerOfl 


Paris Commodities 

Jan. 30 


HEATING OIL (NYME) 
<2080 gal- cents per no! 


Sugar In French Francs per metric ton. 
Other figures in Francs per 100 kg. 


Asian Commodities 

Jan. 30 


8*45 

6905 

Feb 

7X10 

7X30 

7105 

7X23 



6700 

Mar 

704D 


6900 

7006 


8245 

6435 


6700 

crrl 




8200 

64 00 

Mav 

6500 

6620 

MOT 

6490 


66.75 

7500 

6X50 

6545 

7300 

Jun 

Jul 

Dec 

Feb 

64.10 

6460 

6400 

6460 

*495 

7140 

+43 

+J0 

+J0 


Prev. soles 11.716 





Prev. Oov Ooenint 22007 off 36 


High 

SUGAR 
Mor 1075 

MOV 1414 

Aug I A"* 

Ocl 1055 

Dec IMS 

Mar L7S5 


Low 


Close 


Ch-ge 


1060 
1A00 
I ABO 
1048 
1A45 
1.746 


1048 

U2S 

1J3S 


IJM — . 
1A07 —26 

JABS —33 
1050 —J5 

1035 -41 

1040 —44 


M YR. TREASURY CCBT1 
*188000 nrln- pts& 32nds of 100 pel 
83 70X5 Mar 83-22 BZ-29 

B2-3 700 Jun 81-25 B1-31 

81-13 75-18 Sep 

8022 75-13 Doc 

BOB 75-18 Mar 

19-26 77-21 Jun 

EsL Sales Prev. Soles T1A49 

Prev. Duv Open inf. 414M up 846 ■ 


BS-13 

81-15 

8023 

803 

79-18 

19-3 


US TREASURY BONDS (CBT1 


i B Dddl NLUMs' 6 iznds of Too act) 





Mar 

7+1 

7+7 



77-15 

57-20 


73 

7>7 

72-12 


7+2 

57-10 


72-8 

72-13 




57-8 

Dee 

71-17 





57-2 

Mar 

70-29 





5629 


70-11 




69-26 

69-I3 

56-29 

56-25 

56-27 

Sep 

Dee 

6+26 

69-26 

694 

69-6 

68-24 


64-3 

Jw) 

68-13 

68-29 




6+71 


68-10 

68-10 


67-21 

Ew. Sales 

Prev. Sol exl 57 03« 



-s 

—5 


Prev. Dew Open Inf 004095 ua 8.173 
GNMA (CBTJ 

S IMUMB prte- Pfs & 32ndsof IDS DO 
7017 57-5 Mar 70-5 706 

69-77 57-17 Jun «9-M 69-14 

Jtf, Sep 68-26 68-36 

68-13 59A Dec 

M »20 Mar 67-21 47-21 

67-B 58-25 Jun 

670 65-71 Sea 66-24 Hr 26 

Est Sales Prev.Sates s>2 

Prev. Dav Open Int 70TB up2J 

CERT. DEPOSIT [IMM 
Si million- Pts of 100 pef 


69- zi 
601 
6013 


69-25 


67-12 


66-17 


6016 

67-30 

67-14 

6031 

6019 


9140 

KSi] 

Mar 

9105 

9105 


9140 

S5OT 

Jun 

91.16 



9000 

BS0O 

!>«P 

«09 

9009 



85l34 

Dec 

90.17 

90.17 



8606 

Mar 

8946 



8U8 


JWI 

8906 

8906 

■906 

Esf. Series 

^sep 

■rev- Sain 

*71 

Prey. Day Ooenint. 144S2 off*; 



9100 — 04 

9102 -04 

9U0 —02 

«06 —02 
8906 —03 

Sam — S 
8903 — 02 


CRUDE OIL (NYME) 

1000 bW.- dollars per bbL 
31.30 2406 Alter 2SJ0 

31A5 24A7 Apr 2SA0 

njB 2408 Mov 25.15 

29-55 2400 Jun 24J2 

WJ4 24.70 Ju! 

2950 24 A5 Ocl 2405 

29jo 24.40 Nov 24J3 

2900 ZX9C Dec 2ABS 

2900 79 A2 Jan 2405 


i , Es1 -,*S!; : 1 3 JS ol "f5 0fatwis-Prey.ocluol 
sain: 3J57 lots. Open Interest: 70052 


Esi sales Prev. Sates 17.106 

Prev. Dev Open tm. 57.921 us 1033 


25J3 

2547 

2505 

25-10 

34.90 

24.90 
24.90 
2405 
2405 


2505 

25.13 

24.90 

34.75 

34J0 

2408 

24.73 

2405 

2405 


2S0B 

3535 

25.19 

25.10 

24J8 

2408 

24.90 

2405 

3*05 


+00 

+.16 

+.15 

+.15 

-09 

—.17 

+.15 


, COCOA 
J Mar 2062 

May 5403 

1 Jto N.T. 

Sep 2J68 

Dec N.T. 

Mar N.T. 

May N.T. 


X310 

Z380 

N.T. 

2460 

N.T. 

N.T. 

N.T. 


2418 

X349 


2470 - 

— 2450 

— 2450 

— 2450 


+ 15 
+ 20 


+ 12 
+ 15 


Esf vol., 239 lots pf 10 tans. Prev. actual 
sates: 314 lots. Open Interest: 857 


COFFEE 


Stock Indexes 


(indexes compiled shortly before market close) 
SP COMP. INDEX (CME) 
paints and cents 

ixlln JS'E y* - !8H5 3 8110 I80JS lBOLra - 

Jr? Hr* cS Hi- 90 ,8SJ0 l83 - 1S ,M - M 

im’S !S£S 5P° 1B7 -*° 1®-'™ 1B7JO MS1S8 

n5J0 1 ? aA0 TOO0O 19000 19000 

EsL Stf es Prev. Sates 66078 

Prew. Dav Ooenint. 50JI7 up 202 


— OS 
— 1.10 
— ss 


Jan 

N.T. 

N.T. 




war 

2026 

2026 

2025 



Mav 


N.T. 

2030 

2048 




N.T. 






N.T. 

2060 



Mov 


N.T. 

2055 



Jan 



TM 


,, vpUltoftofS tens. Prev. actual sales. 

13 toft. Open Interest: 233 

Source Bourse au Commerce. 


V W J Ei ,,IE IKCBT) 
polpfsendcente 

00 20X10 250.10 20IJB 
7=603 17X00 Jim 2BS0O 20603 20440 2D5J0 


f Prev. Sites 4515 

Prev. Day Oocn !nl. 7047 up 382 


-40 


DM Futures Options 

Jan. 30 

W. Genra Mm-tSDDDmkLCBK PR- nwk 


ESSI5S?Sf^" DE * ,, " FE, 
n | laio m m 

r f1 ' 3 a S<JB r P 0 - 80 1BW0 

Prev. Soles 14J49 

Prev. Oov Open fin. 11077 uolM 


—05 
— 05 
-.70 


Prise M at 

Jun 

Sept 

Mar 

Jim 

SflPl 

30 

109 

208 


007 

022 

— 

31 

087 

139 

106 

0.18 

007 

— 

H 

0,-JS 

007 

ui 

(Ui 

X97 

ua 

33 

0.11 

049 

0.93 

140 

107 

174 

34 

003 

029 

063 

X31 

134 

— 

35 

101 

0.1S 

040 

ua 

ua 

“ 


Commodity indexes 


eiftmattd IBM veL 5058 „ 

coHs: Tue. TOL 1958 oeee tort. 35^ 
Peis : Tee. toLXUI epee Inf. 17XP 

Sourer: Cm£. 


. 9144 
9006 
9043 
8907 
■9A8 
89.15 


EURODOLLARS (IMM) 
nmlliiBJVPteof lOOnct. 

M-M Mar 9142 

XM Jun 9003 

9U1 3443 SVC 9039 

MAO Dec 8903 

**■« Mer BVA4 

5-® MJ3 Jim 89.12 

8*« 8108 Sep 8843 

»7.99 Dec 8856 8X57 

I?- 5 !!? Prev. 5a tel 38L734 

Pre*. Day Caen Inf .10X017 up 2007 
BRITISH POUND (IMM) 
srarpound. Tpoinfeauaif JO0W1 

10«J Mar 1.1165 1.1380 mm 1.1260 

Jun 1,1088 1.1230 l.iojo l.ira 

rS 2 MIS '- 1 * 00 111 M 

Dec 1.180# 1 1130 1.1009 1.1110 


91.17 
9008 
90.15 
89 J2 
B9A3 
8900 
8X79 
BB0I 


91.19 -03 
90J0 — 02 

9ai6 -07 

89 J1 -07 
8943 —01 

8900 —08 

BBJ1 —07 
8804 -JO 


Moody's- 


Reuters. 


□J. Futures. 


Close 

971.101 

2,10100 

NA 

NA 


1J170 

J43S0 10890 

1A450 1.0783 

14710 10758 , ,. 

Ert. Salts ruia Prev.Sates 9079 
Prev. Day Open int. 21419 oft are 


+H0 

+240 

+270 

+265 


Com. Reseorcti Bureau. 

Moody's : base 100 : Dec 31, 1731. 

R - preliminary; f - final 
Reufers : base 103 ; Sep. 18, 1731. 
Dow Jones : base 100 : Dec 31. 177A 


Previous 
96300 f 
2035.90 
125.57 
24340 


S&P 100 Index Options 

Jon. 29 


I Rrtte 


Cota-Left 


CBT: 

CME: 


Market Guide 


NY CSCE: 

NYCE: 

COMEX: 

NYME: 

KCBT: 

NYFE: 


Chlccco Board of Trade 
CWmgc Mercantile Exchange 
telBrr wrfonqf MonetQ ry Mceket 
OtCMago Merarifiie Eeehanae 

™ sss i^ssnSr- E ' eftanB# 

E*e>2>oe« New York 
Nt* Ywk M wcbm uc Exchange 
xonim Cllr Board of Trade 
New vpfk Fvlgres Exchange 


PriM m 

Mor 

8R 

Mey 


Mar Ap 

MW 

ISO 

— 

— 

— 

— 

1)11 

- IT* 

— 

iu 

71 

aw 

— 

— 

l.ll 

:.n xit 


W) 

It 

ig 

_ 

19'. 

l.'ti 

•6 % 

9)11 

163 

It 

» 

lite 

1M. 

H'l 

1 * 

V. 

17J 

•*» 

Hfi 

Wi 

» 


U'll IS 

7 

ITS 

Pi 

n* 

9 

■to 

1 

3h jto 


UO 


4’m 

fl 

7 , 

3i 

i 6'1 

w 

ss 

k 

A 

Xi 

]L 

; 

— — 

18>e 

190 

X<4 

1 h 

y-s 

}'• 

-■ 

- — 

— 


fVMest 


Total can ratenif 17*31 
ToWarilseeeinf m*U 
TSKdpef tehine UXlB>7 
Ttfof ref oven lef. V6S6 
taen- 

HHti.m uw iiiic 


CBM r, XU - IB 


Saore*- CSOE 


HONG-KONG GOLD FUTURES 
UA* per ounce 

. Close Previous 

MJWI Low Bid Ask Bid Aft 

~ S-J K-I S+'O 0 »i ™ woo 

Feb _ N T N.T. 30200 MM0O 30100 30300 

SS r ~ ^ 00 30000 303 00 30 ' j 0,> 

— Sto-M JIM 00 305.00 3OT0O 304.00 306 00 
i"?,— S I- N.T. 31000 31200 30800 310.00 
~ ,N-T. N T. 3I4.0B .HS.CH 31J.D0 3!S.aiJ 
OCl _ 3IBJM 318310 31BJB 32000 317JDO 319 00 

N-T. N.T. moo 32500 J22JW 32400 
Volume : 23 lols ol 108 az. 


SINGAPORE GOLD FUTURES 
U.S0 per ounce 


Feb . 
Mor 
API . 


High 

N.T. 

N.T. 

J0&4O 


Lew 

N.T. 

N.T. 

305.70 


Volume: <07 lols of IN az. 
KUALA LUMPUR RUBBER 
Matey sloe ceaH per kilo 
Cfase 

BU Ask 

IBSJ0 19000 

Mor 19X50 T94J0 

APT ^ — 197KJ 198J0 

May 200/0 201.50 

Jun 30100 2043X1 


Same 
vnivi 
30500 
306 A0 


Sollle 

J0J00 

M50O 

30648 


Volume: 9 tots 
SINGAPORE RUBBER 
Singapore cents per kite 
Close 


Previous 
Did Ask 
18875 18945 

19150 I9J-50 

19640 I9B0O 
OTOJO 2O2J0 
20200 TON 


PSS 1 Feb_ 
RSS 1 Mar- 
RSS7FCP- 
RSS 3 Feb- 
RSS 4 Fob.. 
RSSSFeb- 


Bid 
16850 
17200 
■ 5845 
1 5645 
14905 
14145 


Aik 

169.M 

17245 

15945 

157.25 

15145 

14125 


KUALA LUMPUR PALM OIL 
Mo Ionian ringgits per 2S tom 
Close 


Previous 
Bid Ask 
16800 168.50 

171.75 I7J0O 
isaou 15900 
15400 15700 

14900 151 ID 

14100 14300 



BM 

1.170 

1,150 

1.170 

1.110 

1,110 

1.100 

1.180 

1090 

1090 


Volume -0 lota of 25 tons 

Sower: Routers. 


Ask 

Lire 

MW 

1.160 

1.160 

I.IM 

1.150 

1.150 

1.140 

1.140 


Previous 
aw am 


1.180 
1.140 
1.130 
1.120 
MIO 
1.1 10 
MOD 
1090 
1090 


1.190 

1.700 

1.160 

1.140 
1.160 
1.150 
1.150 

1.140 

1.140 


London Commodities 

Jan. 30 


Figures in sterling per metric Ion. 
Gasoil in Ui dollars per metric Ion. 
Goid In UA dollars per ounce. 


High Lew Close Previous 
SUGAR 

Mar 12800 IZL40 178.80 17900 12408 12300 
tJ6.£fl 13040 136.40 J36JM 132.00 !&« 
144.48 13800 144. JO 144M 14000 4040 
15140 I45A0 15140 151.40 14600 \<nm 
15300 15300 15700 15700 ISS 15AM 
167.00 16700 171.00 171 JO 147.40 lta.00 
7*- T - Jj-T. 17700 17X60 17400 17500 


Mav 

Aug 

Oct 

Dec 

Mar 

May 


3*41 talsof 50 Ians. 


Cash Prices Jan. 30 


Commodity and Unit 
Coflee 4 Santos, lb _. 
Prfntcioth 64 .‘30 38 %. vd — 
Steel billets fPlti.). ran. 


iron I Fdrv. Pnlig, Ion ___ 
Steel scran no 1 hw Pin. _ 
Lead Seal, lb 


Cooper eird- lb. 
Tin iSIraiisi. lb. 


Wed 

IA4 

0.74% 

47300 

21X00 

79-flO 

20-21 


V A» 



100 

005 

4Sl£ffl 

2ixm 

96-97 

74-28 


£ toc. E- 51. u Basis, 1b . 
Palladium, oz 

Silver N.y. oz ~ 

Source: AP. 


65VS-68 67%-TO 
541 19 64454 

BA3 051 
121-125 12% 

&41 8.725 


L - r ; ~ 


r 




COCOA 
Mar X232 


2.173 X178 Un 1191 

2456 1187 X196 2.197 2^T> 

240 J-!** 2.IW 1191 24M 

JS 3- ,B4 1,84 2.187 

2090 2049 7040 2J35S 

2075 7015 2030 20M 20^0 

7060 2030 3010 2040 2050 X«S 

9031 lots at 10 tons. 


Mov 

Jlv 

Sea 

Dae 

war 


X194 

2410 

2403 

ZIBB 

2070 

2064 


COFFEE 

Jcei U30 7413 2425 2433 2440 jjjt 
JJ69 2445 JJS7 2455 24M 24*9 
249 1 2464 2476 JJfiH 2 m 7 —r 

5^? zd =^5 ig 

J 3 ? 3 2J92 2495 2A31 1435 

--aft" aaB 


Mar 

Mav 

Jlv 


GASOIL 
Jon 
Feb 
Mor 

A of 

May 
Jun 
Jlv 
Aug 




s mrnmmmm 


Sea 


S5iH 

SSHSsafi 

N T. N.T 30*00 21175 30500 213m 


3-295 IbSssI & »» ^35 2^6^ 


GOLD 

Fob 30360 30700 N.Q „ 
API 306AQ 30540 MiJO 107 

— in oa 


JO 30300 

10 30640 306.70 
" N.Q. NJJ. 


Jun N T. N.T. 

177 Igts Ot 100 troy OL 

aSS&iJSZl Z san **-™*>" Petroleum 


London Mela Is Jan. 30 

Flsurts in sierllnfl per melric Ion. 
Silver m pence ocr Irov ounce. 


Previogt 


Today 

High arnae ttmoer cafhadn 
•PM 146200 146300 146700 146800 
3 months 1.28050 1.28100 148X00 IJ81S0 
Copper ai mottos: 

woi 145000 145200 1.25500 1.75600 
3 months 1469 00 147000 147300 147*00 
900100 900200 9470 00 9.77500 
90S&09 906000 900000 900501 
36300 36400 30500 SWOT 
348.00 34830 
73400 73609 
73400 73500 
54900 55100 
56600 5*7 W 


Tin: seat 
3 months 
Lood.HKrt 
3 manttis 
*lnc:spgl 
Smenlhs 

IWir-.soal 
3 mentm 
Aluminium 
soot 

3 months 


346.00 

742J0 

7-H0O 

55*00 

iitoo 


wan 

74) j0 
74IJ0 
55700 
577.00 


974 00 975 an 996.00 v» on 
100500 100500 1 020 00 1 071 DO 
Nickel- seal 456300 SiTJOT 4.'lfi00 4 712 IB 
3 rnontfn <5eOM 4A6MH1 467’ u0 zjScOV 
Source 


Arco to Develop 
North Sea Fields 

Thr *•««•( wrv/ Pros 

i£L A x?m - AU...I. 


RWeldCarelWataSIrS.'J 


m‘S!i r f ,„“i"o' p “ n - i '? “ i "-' Sfk:nU 


.... \ ‘tovlup three naiuMl- 
gj.s fields in the North Sea. 

Tlic projei'i is designed to tin -m 

■ M k i,illi ™ chit fa" 
r I3.K billion cubic meters) of rcu“ 
crjlile gjs. Arc. i said The ihm- 
idds .ire livjied ah, hi, 4? miles 
l - ? kihimctm) off the 

of Cujil.md 



Company 


Per Ami 
INCREASED 

Sen Jose Water 
Syracuse Sunalv 


Pay Rk 


e -72% 

a J57 


Syracuse Supply 


STOCK 


3-1 

3-11 


2-11 

2-15 


Assoc Dry Goods 

Block Drug 
Borden Inc 
Butvrus-Erle 
Burnham Service 
?”?uo Trust. Mtoe 
ftwpl Fro ton I wavs 
Coual ns Prp pfrties 
Duke Power 
Pederal Signal 
First Western Fin. 
George Ban la 
Gutlon Indus 
Howell Carp 
'"••re'uto Power 
£?!{«■ A'um & Ch 
« ten. Energy Rsrcs 
McDonald & Co 
JJ 00 ™ MeCorm. Res 
Muellor (Paul) Co 
Oneida Lin 

Pacific Lumber 

o2!S!?I^ ,K, ra n ics 
Prichliaid Ud 
Sfarle (GDI A Co 
Slerrndn Cgrp 
Spwihern Calif Wf r 
Trocar Inc 

uercSy^e 


USUAL 


-50 PC XI 1 2-15 


< W'c. : 




Cik.. 


S A 5 

Q .15 
Q 02t, 
Cl 45 


S -47 ’> 

S . - 1S 

Okl; 
a ns 
Q 

a-42% 

o .» 


o 

0 JS 
<3 07 

Q .13 
Q JO 
Cl ^2% 
0 08^} 
0 Jl 

a -si 

S ■“ 

Q 15 


XI 
3-20 
7-28 
+ 1 
XI 
XI 
2-20 
41 

H -35 

2-22 

US 

XI 

3- 31 

4- K 
XI 

X25 

X20 

2-28 

3- ,s 

2-22 

2- 38 
30 

3- 15 
3-1 

Xll 

xi 

xo 

3- 1 

4- 5 
3-J2 

6-1 

3-15 


20 

30 

20 

XI 

20 

20 

20 


s^sr-^^-o^uamrfy; 


XI 


20 

2-15 

2-1J 

2-15 

4-19 

xii 

XI2 

X14 

2-18 

MS 

2-1J 

2-11 

2- 15 
20 
30 
20 

3- 1B 
Ml 
3-28 
2-28 
Ml 


; -V.- , 


S-Semk 


re- 


source: UPi 


lalian Prior, F pinJanuan V 


ROME 


R. 


Pncn rose 1 percent ” • C ° nsumer 


from a 0.7 percemri -' n J u anu ' Jr >- up 

mi-inik .i. 1 nse the previous 


month, the cm.. ' inc 

Wcdnebday. u n a ^ 

Janujrt- increase i? i 'he 

^L Pa . rcd 


kvmbcrand P ,n Dc - 

10^4 „ . ‘“‘- jperceni m j ;irt 


ii su<j 


in Junuar\ 




































*J*oiIleret to Be 
Airbus Chief 9 
Sources Say 

Reuters 

and West Ger- 
man executives are expected to be 
named to the top twojobsai Air- 
^ a re organizaiionof 
Z* consortium's 

industry sources laid 

They said Pierre G. Failleret. se- 
nior vice president for marketing. 

- over as ^ 

»*denl and chief executive officer. 

7 ." e “ “» man largely credited 
with recently persuading Pan 
American World Airways, the U.S. 
earner, to decide to buy planes 
from Airbus instead of Boeing Co. 

TOc No. 2 job of director-genera] 
SJtjWS 80 to Johann 
bcbaffler, head of the civil aviation 
division of Messoschmitt-Bfilkow- 
BIcAm GmbH, a West German air- 
craft company. 

The industrial partners in Airbus 
were expected to meet Friday, pos- 
sibly m West Germany, to decide 
on the new appoin ting ; 

Bernard Lathiere. the current 
Airbus chairman, win not have his 


Xerox Earnings Were Down in 1984 


Compiled bp Our Sufi From Dispatches 

STAMFORD, Connecticut — 

YmVW ■ j ’“Vimvwiuil 3*101 1 , uumi UUU 1 a p 

^ w cdn«day that nriffion, or 64 cents per 
! l “** “ fourth-quarter loss and like quarter of 1983 
had much lower 1984 earnings as ° ^ 

the result <rf a sharp Spm its 

msurance business and espenses 52-5 1x111011 ”°™ 
related to another operation bang 
discontinued. 


Xeroic reported 1984 net income 
of $291 million, or $233 per share, 
down from 1983 earnings of $466 
milbcQ, or $4.42 per share. 

Revame was up to $83 billion 
from 583 billio n 

The results reflect a sharp drop 
m insurance operations as wed as a 
year of operating losses and fourth- 
quarter write-offs of $85 million 
from the phaseout of the compa- 
ny's Sbugart operations, David T. 
Reams, president and a statement. 

Xerox reported a fourth-quarter 


loss of $12 motion, or 26 cents per 
share, down from a profit of $73 
share, in the 

quarter was up to 
$23 trillion. 

Xerox said its Crum & Forster 
insurance subsidiary had a loss of 
$10 million last year. 

It had a profit of $145 milli on in 
1983. 

The subsidiary showed a loss of 
£23 million in the fourth quarter, 
compared with a $26-nrillioa profit 
in the tike period of 1983. 

"Unprecedented underwriting 
losses were experienced in 1984 by 
the property and casualty industry 
in general and Crum & Forster in 
particular, resulting form several 
years of increasingly inadequate 
price levels," Mr. Kearns and Mr. 
McColough said. 


The company had announced 
rmri ir*- ihic month »h«t it was phas- 
ing out ihe Sbugart uni l, based in 
Sunnyvale, California, due to 
heavy losses. 

"We felt that the company’s 
most prudent course was to make 
an orderly exit from the business 
rather than invest in a king and 
costly recovery program," said the 
statement from Mr. Kearns and 
Mr. McCokwgh. 

Twelve-month revenue for re- 
prographics and information sys- 
tems rase 6 percent to 58.792 bil- 
lion from $8368 billion, it said. 

Excluding the impact of the 

3 dollar, revenue for 1984 
have increased 10 percent 
and fourth-quarter revenue by .18 
percent, tire company said. 

, ( UPi , AP, Reuters) 


CatapWar Trimming 2 Operations 

The Associated Press 

. PEORIA, Illinois Caterpillar Tractor Co., following through on 
intentions announced last year, said Wednesday that it is »rfmTnh. E 
operanons at a plant near Peoria and at one in Davenport, Iowa. Up 
to 1,400 workers could lose their jobs. 

Caterpillar said the Mapleton, Illinois, foundry and the Davenport 
assembly plant were underused and low-cost sources of 
could be found elsewhere. 

The world’s largest manufacturer of heavy-construction equipment 
has been plagued by losses of nearly SI billion over the past three 
yejirs. 

Assembly at the Davenport plant of track-type loaders will be 
moved this year to Caterpillar s plant in Or "" 1 * 1 * c — ■*“ •*— 
company said. It said a tractor that it had 
Davenport now will be made beginning in 1 
factory in Glasgow, 
i Operations at the Mapleton foundry will be consohdaied from two 
older buildings into one new structure, a company statement said, 
inese European plants make the same products produced at 



China Opens New Areas 
To Foreign Oil Firms 


Siemens Reports Record Net for 9 84 


Reuters 

BEIJING — China has opened 
more than 35,000 square miles 
(about 90.479 square kilometers) of 
offshore areas to foreign oil compa- 
nies to bid for oil exploration con- 
tracts, a spokesman for China Na- 
tional Offshore Oil Coip„ Chen 
Bingqian, said Wednesday. 

He said the area, to be offered 
this year in 'a new round of com- 
mercial bidding, is divided into 18 
contract b kicks. 

A more favorable profit split will 
be written into contracts to allow 
foreign contractors to develop me- 
dium and small-sized, as well as 
larger fields, be said. 

The areas are 12 in the Pearl 
River basin in the South China Sea 


covering 18.984 square miles and o 
in the South Yellow Sea totaling 
16382 square miles. 

The spokesman said the deadline 
for requesting bidding documents 
is Feb. 15. tire last day for purchas- 
ing seismic data is March 15 and 
the final date for bids is July 1- 

The Chinese oilsbore company 
has already opened more than 
5,000 square mues just west of the 
Pfcari basin. 

However, foreign industry 
sources said companies have been 
waiting for the new areas, especial- 
ly those in the Pearl basin, where 
foreigners have already drilled 17 
wells under first bidding round 
contracts. 


By Warren Geder which for the first time exceeded 1 

'"a” r^rled, SitmMi' world 
tiyVNKFuRT — Semens AG, group revenues rose 16 percent 
toe Munich- based electrical group, from a year earlier, to 453 billion 
said Wednesday that net income m DM. 

contract renm/rti — ?** furai year ended Sept. 30 Siemens also anno unced that its 

Feb 4 the sources sari * 33 4 j*”*® 1 from a SW supervisory board will recommend 

a record 1,07 billion a 10-DM divt 
aey sa,d recurrent Airbus di- Deutsche marks ($338.6 million) 


.^rector-general, Roger Beteffle, has from 802 million DM. 
-'wanted to step down for several * 


months for health reasons. 

It was last September’s an- 
nouncement that Pan Am intended 
to buy, rent and take options on 91 
aircraft that signaled the arrival of 
Airbus in the key U.S. market in 
the face of keen competition from 
its main rival. Boeing. 

Diplomatic sources said the 
changes would mail a significant 
shift for Airbus, which in the past 
had a notable French bias. 

Formed in 1970, it has now sold 
411 aircraft, with firm- commit- 
ments for a further 43 and a num- 
ber of options. 

An ofudal at Airbus would not 
comment on any chanys wi thin 
the group. 

Franz Joseph Strauss, the pre- 
mier of Bavaria in West Germany 
and chairman of the Airbus Indus- 
itrie supervisory braid, had indicat- 
: ?£d Tuesday after meeting with 
French Prime Minister Laurent Fa- 
bius that Mr. Lathi fcre would be 
replaced and Mr. BetdDc would 
retire. 

France and West Germany are 
the major partners in the consor- 
tium. MBB is the West German 
shareholder and state-owned Aero- 
spatiale is the French sharehold er 
Each holds a 37.9-percent stake. 

The other two participants are 
British Aerospace, with a 20-per- 
cent share, and CASA of Spain 
with 43 percent. . 


. , - said that 

all divisions snowed profits last 
year, contributing to the result. 


dividend payout on the 
results at the March 21 sharehold- 
ers meeting. The dividend, which 
represents an increase from the 
current 8 DM, is the first increase 
in some two decades. 


COMPANY NOTES 


A4M Records said it is ending 
an eight-year European distribu- 
tion arrangement with CBS Re- 
cords International and has signed 
a new licensing agreement with Po- 
lydor International 

Brown & Sharpe Manufacturing 
Co. said it has sold its worldwide 
fluid-power operations to' Vickers 
Inc„ a wholly owned subsidiary of 
Libby-Owens-Foid Co. erf Toledo, 
Ohio, for an undisclosed price. The 
sale includes units in Bri tain, 
France, West Germany and the 
United States. 

Champion l nt c rnatio ml Corpu, 
the largest US- forest -products 
company, said it plans to dose sev- 
en of its lumber and plywood 
plants in the Pacific Northwest in 
an effort to stem losses. The move, 
which had been anticipated, would 
affect 2JXX) workers. 

Continental Knots Carp- has 
elected Richard B. OgDvie, a Chica- 
go lawyer and a former governor of 
Illinois, and Francis E. Ferguson, 
chairman of the Northwestern Mu- 
tual Life Insurance Co; toils board 
of directors. 

Equity Group Hokfings, a Wash- 



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31-1^5 


ington- based investment partner- 
ship, said it will wage a proxy fight 
for control of the board of Easco 
Corp_ a Baltimore-based maker of 
hand tools. An Equity bid of $150 
million for the company was reject- 
ed by Easco management 

Ford Motor Co. of South Africa 
said it has agreed in principle to 
merge its au to-manufactnring op- 
erations into a partnership with 
Anglo American Cotp. and Anglo 
American Industrial Corp. of 
South Africa. The new company 
would be 40-percent owned by 
Ford-South Africa. 

Fortune Financial Group, of 
Clearwater, Honda, said directors 
had rejected a dissident sharehold- 
er group's can for a special meeting 
to elect a new board. 

Iberia, Spain’s state-owned air- 
line; said it is considering replacing 
25 McDonnell Douglas DC-9s at 
an estimated cost cf $500 million. 
A spokesman said the earner is 
considering the more advanced 
DC-9/87, the Fokker F-100. 
Boeing Ca’s 737-300 and British 
Aerospace PLCs BA-146. 

International Harvester Co. said 
its new three-year wage contract 
with 10,500 company employees 
represented by the United Auto 
Workers union calls to wage in- 
creases totaling 31 cents per hour in 
the first year, a 2'4-permit rise in 
the second year and no increase in 
the third year. 

OK Bazaars Ltd. said it will lay 
off more than 1.000 of its workers 
throughout South Africa Thursday 
in the first phase of a retrenchment 
plan. The workers represent 4 per- 
cent of the company’s work force. 

Toshiba Corp. said it will spend 
$15 million to expand microchip 
iuction at its 90-percent-owned 
IS. unit. Toshiba Semiconductor 
UJSA^ to 3 million chips a mouth 
from 2 million now. 


The company said it will apply 
442 million DM of the 1983/84 
result to dividend payments and 
will pul 363 million DM into re- 
serves. 

Siemens also said it is seeking to 
raise a nominal 140 million DM in 
capital through a 17-1 rights issue 
priced at 100 DM. The issue, which 
wiU effectively raise 280 mflHnn 
DM, wffl be open to subscription as 
of mid-February and su brcribers 
win be entitled to a full 1984/85 
dividend, the company said. 

2 Firms Urge 
Stock Caution 

(Continued from Page 7) 
committee, offered this as his ma- 
jor investment theme for 1985: 
The first shall be last and the last 
shall be first." 

He said it will pay off for those 
“who dare to be different" by shy- 
ing away from stock groups that 
performed the best in 1984 and 
concentrating on individual is su es 
in groups that did poorly last year. 

The reason is very simple," he 
declared. “Very rarely cm Wall 
Street have the same groups contin- 
ued to outperform the market.” 

Mr. Schmaltz’s three favorite 
stocks are Squibb, Great Lakes 
Chemical and Minnesota Milling & 
Manufacturing. Other top choices 
include Lowe's, Tunes-Mirror, 
Rohm & Haas, Wang, and two pa- 
perboard manufacturers. Stone 
Container and Jefferson Smnrfii 
Goldman Sachs naikd down Eu- 
ropean sentiment by p olling the 
money managers it saw in seven 
dries. Sixty percent said they are 
bullish about Wall Street in 1985, 
with only 12 percent bears. 

Twice as many — 60 percent 
aga in — think that stocks now arc 
more attractive than bonds on Wall 
Street, with 10 percent preferring 
cash. Three-quarters believe infla- 
tion win stay at 5 percent or less. 


Company Earnings 

Revenue and Profits, in millions, are In local currencies 
unless otherwise Indicated 


a: loss. Nets taduae lasses tees***- 
“ habmttm. 


ADVERTISEMENT 


CANADIAN PACIFIC 
ENTERPRISES LfMfTED 

<cdr*s) 

thu a tram 4th 
> a Ka-Aaocnui- N.V.,S{xdb- 
Axnarrrign. fv^guw.20 re the 
I lim* 



30 — Db. v81 per CUR. 

i^dcruanvndertJ an "Affidavit". cvailiJbir af the 
office of the the h mrfi - 

cal owner is a nwkm of d* coraby rth »rf»± 
Csudz las ■ tRSynuridiRE a pxrtxdsr paSa- 
exxial ntc d Czmtiin txx. u dash oat toe cate 
the dividend inll be paid aide r witbboifing of 
25% Can. tax with D&. 4£6 net. 

AASTOHD AM DEPOSITARY 
COMPANY N.V. 

Asmexdssa. ZUl Jaraniy. 1985. 


Gold OptiOllS (priealoS/a 



rux 



29D 

143.160) 

34505500 



300 

735-875 

17251 875 

25252575 

3T0 

3X0 425 

1225075 

1925375 

’SO 

1X0 20) 

80X950 

14251575 

320 

025-10) 

475 425 

jn«n.r>iy> 

30 

DUS 020 

300 435 

7X0 9X0 


Gdiajijsams 


Vakan White Weld SA. 

I. <M * M o w Ph oc 
1211 ten L tM tt ulte 
TeL 31 SZSI - Tabs 21305 


ADVERTISEMENT 


CHAMPfflN INTERNATIONAL 
CORPORATION 

(CDK'e) 

Tb* uadamlgDed auumaos dot at Irom 4th 
February 1985 u Kas-Aaocialie N.V^ 
Sp m i raa l 172, Amdmbm. £r^hao. 47 
of the CDR's f^nwyp lmi 
Corporation, each repr. 10 abases, will 
be parable with Dfls. 

It pen S 

after deductioa of L5%lSA-tar ■ 

IWs. -53 per CDR. 

Kajpa. hekwgi» to w»- modems o f He 
Neabotaub will oe paid after of 

an additional 15% USA-lax ( 

Dfk. -.53) wi* Dfh. 2.45 ort. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amateidam. 16Ui January, 1985. 


M (dhr. per 
19.12.1984< from S -JO ^l) 


S -.15 «■ 




Weekly net asset value 

Tokyo Pacific Hokfings N.V. 


^ on Jonuory 28, 1985: U.S. $1 35.25. 

Listed on the Amsterdam Stock Exchange 

information: Pierson, Hearing 4 Pierson N.V„ 

Herengradit 214, 1016 BS Ams te r da m. 


SuiiiHiiiiiunimiiiiHiiuiiiuiiiniiuiiuiiiiitfiiuifiiiininuniiiiiiiiiiuiiiiniiiHiiiiiinu 

Plegrand | 


E laieriBi dividend 


At Um aaflne in LimoBt*, on Jommr y 9, 198 S. dm Board of Director* = 
declared the foOateinp tatarum dtndead in tapaf of fiscal 1984: | 

• (fofiMiT dtartK 3/35 F. ant per dtora (lax credit: JS.62S FJ. 1 

■ Preferred a hare*: SO F. net per a hare flax media 25 FJ, S 

Thu interim dixidend mill he made parable agaitat coupon n* 26 for ' = 
"P** coapoa a' f 3 for prrfmndAmm, a, ffim 5 
January 31, 1985. J = 

Ai J*?J n d Ittt.pro ei iic oa l con aA idqudaiia flettna shoved 1 

a 7ttmereasc, after adjusting for the Mfnmnuiitf the Gnep. = 

= I 

= •tfr*cc* (nr*c udntdianet ui tchirh the Craap bat acquired maforttv imlrmii = 
= ““**■ dm end of IQfUf. mould hare increased otmll odes futures bv — 

— approximately 25*7t. S 


III Stir ( I Sf. » i nvlltmi 
l-l .Vi/i-i. W milium F. 


rear im itn 

Revenue mild. 3iBHda 

Profit* 11410. 1ZJ40. 

Per Shore — Sill S92» 

W. Germany 

Thyssen 


Quarters and ot SWmlQlan vs 
SZI million H I rears from tits- 
eonttnued oper a t i ons. 


charge of 

//Hoodoo 


Year 
Profit . 


t»83 
KUKolSSU 


4thQuar. 

Revenuo 

Net Inc. 

Per Share __ 
Year 

Revenue 

Net inc. 

Per Share 


Du Pont 
HK 


3&SD 

U& 


IMS 
9.MBL 
341 JO 
1X2 

hm nn 

35l 900. 3i40a 
liOO. 1.130. 
5.93 470 


PhiGp Morris 
« Qnr. im 1M3 

Revenue 1290. 1090. 

Net Inc. 1045 211.4 

Par Share BJs MB 

Year 1MH WtJ 

Revenue t3jna lzvse. 

Net Inc. 8B&5 9815 

PerSnare 724 7,17 

1964 nets Mode loss of 
SUSA mUHon. 


United States 

Amer. Can 


WiQaco-. 
R evenue _ _ 

Met inc 

Por Share— 

Revenue 

Net inc 

Per Share 


777J 

3JA 

\m 

19*4 

3.17a 

135J0 


MO 

905.1 

VIA 

Oil 

19*3 

Z34a 

mi 

no 


Revenue 

Nel Inc. 

Per Shore- 
Year 

Revenue—. 
Net Inc — 
Per Shore— 


F-Syshum 

BT. 19*4 

219.1 

1JL9 
053 
19*4 

nu 

4U 
2X2 


ZSJ r T T**- 
Li i Rtivenui — 

oii Nette* 

Year 

Revenue — 
Net Loss 


no 

8245 

HJ 

1J2 


Ptttsfon 

19M 

— 251-7 

25.14 
HM 

^2ta. 

24.15 


19*3 

D95 

19M 

19*3 


GtldnsChan. 


Avon Pdis 


UtiOuor. 
Revenue — 

Net inc 

Per Share — 
Year 
Revenue. 


19*4 

852.1 

7X7 

a» 

NM 

Ilia 


Net Inc 1B1.7 

Per Share 114 

ReauHs restated. 


ltd 

947.7 

705 

an 

19*1 

11XL 

1719 

2j04 


Revenue — 

Net inc 

Per Share 


1984 

48.1 

853 

057 

19*4 

283J3 

Hi 


Net inc 

Per Shore— 
rta nets restated 

Imperial 

Amer. 


19*3 

427 

753 

051 

19*3 

2202 

zua 

in 


Cp. 


Raychem 
2nd Rear. IMS 

Revenue 1715 

Nel Inc 929 

Per Share 1X0 


1595 

as 

19*4 

304.7 

xui 

209 


Bethlehem Steel J***—- J5J 


Revenuo. 
Met Lon. 

Year 

Revenue. 


% 

& 

1125 


UO. 
27 J 

ifa 

4*9a 

1425 


Net inc . 

Per Share— 

um Inc 

Per Share 


90 (0)223 
078 — 

i9M na 
too tamo 

071 — 


Big Three Ind. 

1904 


4thQwar. 

Revenue—. 

Net Inc 

Par Share — 
. Year 
Revenue __ 
Net Inc - M 
Per Share 


1570 

BiO 

19*4 

779.1 

5471 

in 


i9a 

1703 

1044 

025 

tia 

44SJ 

4522 

1X7 


a: toes. 1964 nets Include 
gaum of S4J mUHen kt Quar- 
ter and ot StS million In rear. 

Mcnh McLennan 


1st HaM 198S 

Revenue 3243 

Nel Inc 140 

Per Share in 

nes &-monlh net includes 
goto ofSI .1 million from to* 
settlement. 1964 nets Include 
credits otsia mUtton In Quar- 
ter and ot SS million In S 
months. 


USF&G 

4Mi Quar. 

Revenue __ 

Net Inc 

Per Share 

re 


T9S4 

7995 

29* 

DJJ7 


Revenue 2840. 

Net inc nS 

Par Shore— 172 
1963 Quarter 


Revenue — 

Net Inc 

Per Share 

Year 

Revenue— _ 
Net inc - 
Per Shore 


19*4 

2B1J) 

244 

073 

19M 

l.ioa 

587 

142 


Borg-Wamer 


1963 results restated 


Revenue — . 

Net Inc 

Per Share 


m* 

9841 

544 

on 


Revenue— 1920. 

Nat lac 2041 

Per Share— 221 


1983 

9555 

S72 

on 

ifa 

354a 

1824 

2X3 


Nthwestlnd. 


»a 

4445 
4792 
0X9 

19 a 

229a 
171 JS 
3X2 

1963 Quarter per share re- 
sults restated for 2-for-t spill 
Ifa In June 1964. 

2325 

l*., . 4 ., n— _x 

■■uNitnyiun nm 

4t*Qaar. 19M T9U 

Revenue 2814 2543 

Net IOC — 3442 2*44 

Per Shore 247 220 

Year 19*4 MtJ 

Revenue— 9*43 8777 

Net IOC 9559 &JL29 

Per Share All 412 


11.9 

*34 

190 

9994 

91* 

245 


Browning-Fems 


Revenue — 
Net Inc - 

Per Shore 

Year 

Revenue — 

Nit Inc 

per Share— 


19*4 1983 

4*44 4435 

224 (□ >*55 
1.1S — 

19*4 190 

IXXL 1410. 
775 (a>B04 
375 — 


I* Quar. 
Revenue — _ 

Met Inc 

Per Share 


2454 
• 255 
073 


HM 

mi 

223 

044 


a: lams. MW nets include 


WsyoriwsuMr 

4th Qur. 19*4 190 

Revenue 1410 1340 

Net ipc 274 701 

Per Share 016 049 

Year 1184 19*3 

Revenue 5550 4*80 

Net IrtC 2242 


choree ot 690 million and Par Share — m - 154 
galas ot SZJ minion In auar- 1964 nets include charge of 
ter and of 6166606 in vear. $62 million. 


Castle A Cooke 

HM 


Ponhamle E a st ern 


Xerox 


• lad Pear. 
Revenue — 
Ouer La** — 
i*» Half 
Revenue — 
Peer Net — 


»«s 

3242 

3443 

19*5 

7*44 

taMk.9 


708.7 

24* 


4ftl Quar. 

Revenue 

Net Inc 

Per Shore — 

Revenue—. 

Net Inc 

Per Share— 


19M 

B413 

474 

1X9 

i9a 

X2ia 

1645 

188 


972.1 Revenue 

41 J Net inc 

099 Per Shore — 
190 Year 
3400 Revenue — 

1524 Net inc 

344 Per Share — 


1994 

2SM. 

talT2X 

19*4 

0790 

291J 

253 


190 

1190 

73X 

044 

190 

0270 

4648 

442 


Qpiyp 

thevlorld. 



The Inter n a ti onal Herald Tribune. Bringing the Wodrfs Most Inyortani 
News to the^ Woriffs Moa Important Audience. 


IF YOU CAN TELL US EXACTLY 
WHATTHESE WILL BE WORTH 
IN SIX MONTHS TIME. 



YOU MAY NOT NEED 
OUR NEW OPTIONS. 


The Chicago Mercantile 
Exchange, the world’s most 
successful foreign currency 
futures and options market, will 
soon launch cunrency options on 
the British pound and the Swiss 
franc. 

Although if s not yet a year 
since the CME opened its options 
on Deutschemark futures, it is 
already the most actively exchange- 
traded currency option in the world. 

Leading banks, institutions 
and government dealers now use 
the CME’s Deutschemark option 
as an essential currency dealing 
and arbitrage tool to lay off risks. 
Options have also enabled them 
to provide their customers with an 
improved and more sophisticated 
service. 

Corporate treasurers use 
them as “insurance policies” 
against future rate fluctuations in 
hedging strategies, tender, or 


takeover situations, and as an 
insulation against translation 
exposures 

When British pound and Swiss 
franc options are added to the 
Chicago Mercantile Exchange’s 
currency offerings, bankers, 
dealers and corporations will have 
even greater flexibility in managing 
rate uncertainty. 

For a free copy of “Options on 
Currency Futures: An Introduction”, 
write or telephone Keith Woodbridge 
at Chicago Mercantile Exchange, 

27 Throgmorton Street, London, 
EC2N2AN. (01)920 0722 

Ittkh CHICAGO 
MERCANTILE 
EXCHANGE 

FUTURES AND OPTIONS WORLDWIDE 

27 Throgmorton Street, London EC2N 2AN 01 -920 0722 
30 South Wacker Drive, Chicago^ Illinois 60606 
312/930-1000 

67 Wall Street New York 1 0005 21 2/363-7000 











Page 10 

i Over-the-Counter 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANIZARY 31, 1985 


Jan. 30 


NASDAQ National Market Prices 


lots Hlufl LOW 9 PM. 01*90 


' Mitt 3 514+14 

7M2H Wi 27% + % 

AOS 014 31% 3219 + 1% 

374 27% 21V 224, +1 

30 414 4M «h> 
202114 20V 2114+ V* 
39> ID 403 1014 9*lBVb+M 

„ aitt fb **+* 

-20 J 496 24% 23M 24%+ % 

427 7 6% 6% 

310 9b » 9—44 

334 7% 7% to* 

419 MO AM AM— b 

74 5 fltt fitt— M 

A) AS 1Z7145* 14V* 14% 

t 275 30 29C* 30 + % 

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ADVERTISEMENT 

INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 
30 January 1985 

The net asset value quotations sbawn beta* are supplied by the Fands listed with Ite 
exception of tome funds wnoce quoins are based an issue prices. The foltawtae 
marginal symbols Indicate frequency of quotations supplied tar the IHT: 

(d) -dally; (w)- weekly; (b)- bi-monthly; (r) - regularly; (I) -irregularly. 

fwlAN^^.SA^IL—-- *14486 ORANGE NASSAU GROUP 

S3480 

^td I e5B5 g ^ : - - .. - ■ • - sFifui 22SSSSJ JSSSfcim * n w 

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— id I Equiboer Europe—. SF 114780 ZlSi nBnrpSr iDM “cfmS 

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-idl&robor SF 106580 8EHS§fcr AR vii'M 

— td 1 Stodkbar SF 169380* □£! SStURKsb VS“ 

_ IB9J9 

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S 10146 


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Comtctl 1529 2% 2% 2V+tft 

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Conlfrs 605 23% 21V 22% + V 

CnCap 306012.9 223 26% 2SVi 26 + M 

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CCsjpS 386 1X4 171 2SVft 25 25 

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Cora Pd Mb IJ S3 S% 5 5 — M 

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—Id I CS NVanry Mariiet Fund DM1D19JB — IdlUnlrak— DM 7242 

—id i uw 9 Vidor SF IE3B Other Funds 


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195 14% 14% 14V— M 
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180 4J 108 41lft 41 41M+ M 

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491 3% 34k 39k 

224 IBM 10 18% 

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88 48 9722 21 22 +1 

1 241 9 SM 1% 

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J5e 1.9 119 13 Vi 13V? 13M— M 
63 13V I3M 13% + M 
108 11% 11 11% + % 

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UFstFd 468 IA 15M 15ft 

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£2X2 US Ant 37 3M 3V 3V 

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US Dsan 19 5V 5V 5V 

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USHTs 1131 40 39 39% 

US Shit 5H1J 15 4M 3* 3ft— % 
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UStntn a JO J IBM W 23V» 73% 

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UnvHId 9 4% 4% 4%+ M 

UFSBk 11711 WM10V+% 

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14420% 19% 20 + % 

JB 4J 730 29** 30 + M 

JMe .9 571 7b 6V 6V— % 
1245 30% $3 23 — % 

909 IOV 9* ID + % 
339 20 19V 19V- % 

L40 44 554% 54% S4% + % 

.12 A 47230% 294* 30 + ft 
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86 J 1623 28 26% 27V + ft 

440 A% A AM 4 M 

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144 BJ 136 I7M 17V 1#V— V* 

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251 12V 12 I2M + V 


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315 16V 16 16% * % 

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191 «M 9 9% 

380 58 B5252M 51M 51 M— 6ft 
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145 W 9M 9M — % 
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135 2B 27W 27% 

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17 15 14% |«% 

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<342 25 24M 24ft + M 

L2B 7J 95 31 30% 30% 

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SF 16980 (w) Acttwest Inti, 

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— (ml winch. Life Fut. Pool I57XJ4*** ImJ Canada Gld-Mo 

—ImJ Trans World FuL POOL. 5 899 OS Id ) Capital Preserv 

FXC MGMT. LTD. INV. ADVI5ER5 " CJ^ACit^lk Fund 

H,,L EC4 ' D1 ' 4rW $“, Idt^STuiid— 5 9800 

Zr- S ll£ ImiClevotand Offshore Fd — S 187092 

"i* E5? AJ-E !*• CMumtWa Securities FL 11554 

(wj FXC Oriental 5 2S.*0 <b I COMETE J93T89 

FIDELITY POB 670, Horn Him Bermuda J2.J I1> ¥SS 

— ml American Values Common- 57057 |*»j S° nvgr ! ' Fd. Inn A Cem i9 . 57 

— tmlAmer values CMiLPrel S 10025 5“! SffJP 11, W- ,nfl B Certa S26-H 

— Id ) Fidelity A mer. Assets——. S66J0 !" , J g-G.C — . STSJ4 

-Id 1 Fidelity AS^^kdn: S7J9* 2, 5 ™""' 'XUS' 

—Id 1 Fidelity Dir. 5ws.Tr 5 120.49 £ > RE??? N V 

— Id ) Fidelity Far Easl Fund 11920 {*,’ 

—Id) Fidelity Inti. Fund — . S53.ro {"! 

— (d ) FhJellrv Orient Fund- — 125.17 {?{ SESSrSifiSKl 1 ™* 1 

—Id l Fldeiilv Frontier Fund 5 1253 !“ } iKTS*? °?i l S?l!2 n3 

—Id ) Fidoiltv Pacific Fund S 133.48- W Fjrrt Eoole.Rrad 


-Id IFkMitvSpei. Growth Fd si4_oo | b > Fi riv Stare Ltd . 

-Id > Fldeiriv world Fund *2*82- %) SW 

FORBES POBS87GRANO CAYMAN Iwl Farexfund 

London Agent 01-83M013 |w) Formula Selection Fd 

— twl Gatd Incama — *885* Id 1 FewdHoilo..^. . - 

— Iw) Gold Awwectoncn — 5 4A2 Id ) Gownun. See. Fund* 

—Iwl Dollar Income SBJS Id 1 Frankf-Trusl Interzha 

—(ml Straleatc Trading S UDD Iwl Haussnarai HHn. N.V 

HfS'gSSffienlFund 1J4914 ^ 

Ht w) H»m« (b MLA Inn GohJ Bond 

CentLGukU. IdJLanAient jn^VMZn I^S^^v fSkI Ltd 

GLOBAL ASSET MANAGEMENT CORP. Jr » Inn Securities Fund 
PB 1 19, Si Peter Port. Gusrraev. 0481-28715 Jd 1 Inveafa DWS. 


11X18 
5 1.06 
LF 6121 
1 I2JB5B5 


SMJ.FT. 

TERMINAL 

SBtVfCES 

" SA, ■ 


(ml FuturGAM SJ( 

(m)GAM Arbitrage Inc 
iwl GAMertco lnc_ 
iwl GAM Boston Inc 
Iwl GAM Ermitaae 
iwj GAM Frane-vol 
Id 1 GAM Inf emotional Inc. 
twl GAM North America Inc. 


S 11887 If) Invert Altontl 
1 12X94 (r 1 italfartune Inti Fund SA 
12850* (w) Japan Selection Fund 
S96J6 Iwl Japan Pacific Fund — 

1 1X45 Id 1 KMnworl Bciaon IntT Fa 
SF 97-500 iwl Klelnwart Brats. Jap. F 

19984 Id I Lelcom Fund 

J 10083 Iw) Leverage Can Hold 


iw) GAM n. America Unit Trust. 10020 P Id l Uqutbaer 


iw) gam Pacific Inc 

Ivtl GAM Steel. X lntl Unit Trust, 
im) GAM Systems lnc._ 
l«y) GAM worldwide Inc 
(m) GAM Trche 5JL Class a 
G.T. MANAGEMENT IUK1 UO. 
—Iwl Berry Poc. Fd. Ltd— 

—Id I G.T. Applied Science 
—Id 1 G.T. Asean H.K. GwttLF 

— Iwl G.T. Asia Fund 

—Id ) G.T. Australia Fund 
—Id 1 G.T. Europe Fund— 

— tw| G.T. Euro. Small Cox Fund 
—Id > G.T. Dollar Fund 
— Id I G.T. Bend ftniL 
—Id I G.T. Global Tecfmloy Fd 
—Id ) G.T. Honshu Potnflndar 
— W 1 G.T. investment Fund— 
—Id ) G.T. Japan Small Co-Futd 
—Id 1 G.T. Tedhnrioav Fund 
—Ml G.T. South CMfld Fund. 


1782 
DM41.92 
1684 
HUB 
110486 
5 103.46 
821.77 
177.93 
SIJN4.99 
1165.92 
11J77JJ0 

11337 
SKU1 
1154.17 
I 1322 
Y 11X1140 

_ 1 1IL44 


S IT7J9 (wi Lloyds mu. Smaller 

I TMIC p Iwl LUHfand. .. 

110177 Im) Mot m ulund N.V 
. 127-57" Id 1 Mediolanum SeL 
5114 32 IbJMoteo 

(w)NAAT , 

. Id I Nlkka Grewtti Pacfcaoe Fd 5 92*225 

(W) Ntppon Fund—— 12984* 

»!»_ twl Navaiec Investmeni Fund S998B 

Iwl NJLM.F S138J6 

.y-W* (ml NSP F.l.T 115283 

SZUB (m) QmwhjnJtY investors Ltd S3487 

* Iw) PANCURRIInc. 114.12 

*]?“ lr ) Parian Sw. R Est Geneva SF U9780 


S.W.LF.r. TERMINAL SERVICES a a whoBy owned 
subsidiary ofS.WJ.F.T. SC, headquartered in Brussels, 
8e^um r and specta&ses in providing comptrterized 
banking and communications inferfate systems to the 
S.W.I.F.T. network loa customer base of over 1800 banks 
in 50 countries around the world. 

Our rapidly ^wingorganfeation has an immediate need 
for: 

sates 

representatives 


based m our London or Brussels office to cover the 
European Area. 

The positions require talented professionals with a 
strong technical background .and at least 3-5 years 
experience of Marketing to the financial industry. 

Excellent organisational, communication and people 
skills are required as well as a willingness to travel . 

If you are interested in a business career with 
challenging and unusual growth opportunities plus a 
competitive compensation package comprised of a 
base salary and a commission plan, please send your 
resume to : 


Poc Fit 

PocTel 80 58 
PacoPh 

PancMx .13 12 
Fansph 
Partsan 
PorkCftl 

ParkOh M 42 

PatntM 

Pat rid 

Patriot 220 68 

PaulHr 

Foul PI 


493 9ft 9ft 9ft— % Soutrst 
15 14V* 14 14ft + ft Sovran 
IB7 IM 11% 12b + ft Sovran 
61 8 7% 7ft + M SpcMIc 

1068 19ft 17ft 16ft + V SnanA 
4511% 11U lift + ft Speeds 
12 29Vk 28ft 29 + b Socfran 

3414% 14b 14b— ft SaecCtl 


397 6ft 6ft 6ft + Vk 
(04 B% 8ft Bft— ft 
2 34 34 34 +1 

51 left 16 16 + b 

5* 8b 7ft IM + ft 


5plre 
Slortrs 
Stcrfhld JO 38 
Standy 9 1.00 32 


18720ft 20 38 - % uMwdi 

72B1BV 16% IBb+lft vv^tra 

5 10% 1DV 10% - M jJSrt 
80 42 357 16% 16ft left + M Steo 
254 16 15V 16 + ft vlmmt 

169 19M 19 19% + b al. 

JM J 94 12b 12 12 — M JJmsS, 

42 7% 7% 7%— ft SJJimF 

WM 7ft 8 + ft wJJSJli 

“"iss^s El 

10 9b 9 9to + (4 SSKE 
73721% 20ft 21M+ ft SKSg 

■ 28a 28 52 43b 42V 42% 

-15e 8 .54 18% 18ft 18% + % X3Z? 

A0 IJ 147 26% 26ft 26ft ♦ ft JESSL 

477 4ft 4ft 4ft + Vk wvmon 
J3 18 2638 29ft 29ft— % Xebec 

180 4J 25 23M 23 23 — M Xlcor 

.10 IJ 310 84* Bft Bft XWex 

188 48 566 38% 38ft 38ft YlowFt 

25 3 2V 2% YWwft 

173 6M 5ft 5V— M 
880 14% 14 14% + to Zantac 

40 72ft 12ft 12ft + ft ZJeoter 
JOS 8 353 Bft Bb Bft— to ZkUIUI 

55 15% 16% 15 — % OW 
131Wft 10ft 10ft Zlvod 


28a 7to 6% 4V. — to Zondvn 
13 27ft 26% 26% Zvmos 

602 23b 22ft Z3to + to Zylrert 




WlserO 88 4.1 
wotohn .16 X7 


Floating Rate Notes 


Jan. 29 


lumr/Mn cpn/ Mol. Coupon Next Bid AUd 

fSSElfl^ln 4 a-J 100.1*100 

5K222?.* 1 L 1, 7 HOeDlOOJO 

Wk 106.79 KUDO 


Dollar I Ivwrer/Mls cpo/Md. CowwnNMl aid Askd 

*- — 1 Credit Du Nerd Sto-WTO *’■; 71- 

HuivfUli>n.fUi,i - u CfcriilFcnctorS'— Brt] 12 94 

HMer/MM cpn/MaL Conn Next Bid Askd Crrdli For Eioort iV-»7 9ft 1-7 


5 tr ) Permar value Fund N,V„ 11,14X43 

JItS bl Pleiades—. s i 1814.91 

} JJfi wl PSCO Fund N.V. S 104OQ 

f?vS a J Putnam mn Fund S 5986 

*i 7 4» b)Prt— Teen 5900.77 

«*) Ouanfurn Fund N.V SX37US 

5 Renta Fund LF2J1580 

* ,4 - 3r d 1 RcnltnvHf LF 1 JS 5JB 

ESC TRUST CO.I JERSEY) LTD. 3 ! 5S?7SJ?S2? &wo3,h - * '“M? 

l j Seale St-St. Hraier :053*-3MJi JLJ SjT.IISpSSSfiS r= .*1™ 

^°EDcuRR6NgrFUND. a!|?^ p S2&roJ. F VS:SS 

SlSioMt f&ii^BJimSrrrsiaSo " ssss&ftstgap .*,&£ 

INTERNATIONAL INCOME FUND d ! ^r*S?A v '”* — *e!'S 

-«) Short Term -A- lAcarniJ—SUUg £} TSScSiSuSSi 
-Id 1 Short Term 'A' IDIltrl S UDH- wj 


—Id ) Sheri Term B - IDtsIrl 
— 4wj Lata Term 


stub* lw) TransoocIHc Fund 

» (d j Turauelw Fund 


S6JQ 
SF 102.94 
. *988* 
C13US* 
SB7J4 

5 100.19 

JARD1NE FLEMING. POB 73 GPOH9 K9 Iw) Tweedy arowna n.vXliasA S V<M0J* 

— <b ) J.F Japan Trust Y4835 iwl TwaedKBrown* >l.v.CtassB S 180983 

ZJb) J.F South EastAslo *3175 W> UNICO Fund— 

Ztb ) j.f Janan Technology Y 22207 Id 1 UNI Bond Fund 

—|b 1 J.F Pacific SetS -(A m) S5J1 (hi UNIGarttalFund 

— (b ) JF Australia 5482 iw) United Cod. Invt. Fund LhL 

LLOYDS BANK INTL. POB 43X Genova 11 twl Wedge Euroee N.V. 

lifiw) uavds mn Dollar S1C6.1I! iwl wedoe Japan M.V.. 

4-tw, Liovda mn Europe SF 10X40 fw) wedge Pacific n.v. 

H+Iwl LtovSlnM Growth— SF 710000 fw) Wedoe U8. N.V. — 

Lloyds Inti income SF 37250 (ml wmchestar Financial Ltd. 

r£wl DSiS inn Poclllc— SF 14030 (ml .Wlndwter. Dlvoralflod 

NiMARB c N id ) world Fund S.A « hmm 

—id) QossA *9074 (w) worldwide Seoultm SIS TA. *41 J5 

I aS B - UA ^J*104g ( W) war Idwtd* Special S/S 2ft. 51J33.95 

nSTiJ^i&d^SirV; BP Francs; FL ~ Ovjetv Rot In; LF - 

L^amtmi* Fnwe*; SF - •?«ZB!HL8SaPS , tS “ d 


Jerry RUBIN 
Personnel Consultant 
ch£e de Ut Hulpe 185 
117D Brussels. 

All applications will be 

answered. 

Absolute discretion is 
guaranteed. 


"TUANS EURASIA CO. LTD. HONG KONG** 

REQUIRES MARKETING MANAGER 

W* ora a ImmSos Mpart firm onjoyitlfl good nputetfan who wWita 
MMMl nnwkt to WM O anu Bi iy qnd U3JL, tookhni lor q awnparia n l 

Forty to taka op tMf pent, aMwr on a^gnt ora nM-ogodpaman, good 
connactlana whh fanportan, maQ ord«r houMf. dnporfnMNit rteroo far 

rtt* product* monofortvrati In Far Eat Inch*** Hows Kong, Macon tmd 
Teriwrai «ucfa at 9oy6» klKhowwaro. ola ctrank * , wOoAwiwc i iw. au* *n w» fr 
tc- Apptkant* nmat bn wB vnrjad In ihw» fWctt, a m ployn ran f wfll ba 
undar controcf frra btrt on probofton Scab, tatary pha hwnl l v a and 
irawUhgtohrEntwfll ba ofhrad which lamra raH n w wWi your 


jr 


"DrrEKVATIONAL 

POSITIONS* 


Worldwide MM 

miccffion Amsterdam Stock E*dion#8 


ftpp G tn ti o m wfll bm t r a ertml confidMiridUy, phase wri te; 
Munuglng Director 
Trans Eurasia Co. Ltd. 
pn BOX 98611 
T-S.T. POST OFFICE HONG KONG 


every Tbmr&dmy 
& Saturday 

TO PLACE AN ADVERTISEMENT 
cofried vewr Moreit 
Wriranotional Herald Trihmt 
f0preiaRlatne or Man FetreKK 
1 Bl An*. Otarfae-de-Croufle, 
93521 Neuflly Mn< Franca. 
Tel.: 747.1 2^5 - Trie*: fil 3595. 


ABMIrbh5%85 fkw 18-9 

AHIM Irish Sb -97 lift 17-4 

Allied Irtth 5V.47 Vft B-7 

Abled Irish hwtp 10b 2D-5 

Anrii Bhg Com Sto-96 ijto 1X3 

Atlantic PM Ini -N lift 28-2 

Boo cenMi.4iaiionia 5to.9t r% 6+ 

BwiNazLaveroSWfl Wto 264 

BaKoOIRrano n 9V. r-t 

Dam 5eala 5MrUe Sto-91 7% 99-i 
BanaPtntaeVAS 10ft 70S 

BV01Gr*Ba-»1*4 7V| IM 

Bk Of intend 5V8P 9ft »] 
BfcOfirefondSb-92 9 25-7 

B( Menireat StoW 9ft 2M 

BkOfMsMlreoIS-n Mto 28-1 
Bk Of Mantraal Sb 91 Hft 30 i 
BkOlNewYortft Bft 15-4 

BkOi Nova SooflaSb-ax*] 10ft 304 
B* Of Neva Scotia 5ft-*4 9% 11-7 

Bk Ol Tokyo Sft-93 II 264 

Bk Of Tekm5fe-6V Bft 294 
BkOfTokve-87 Ift 29-7 

BkOI Tokyo 5%-Mril/9l 12ft 02 
Bk Of Tokyo Sb-dKH/91 9ft 106 
Bk America 5b-9t Ift S-3 

Umikers Trust 5b-M (ft H-] 
Bankers rnallb-tt __ 9ft 13-7 
Bq Afnhe Invert Sft-87/91 12 29] 


Bn Indosun HUM -9.1716 15-7 1811 
BainMunSb-99 17ft 21-3 

Ba L-UnftH Elir5b-B9 Ift S3 

BteoSb-U Bft 29-7 

BtraSbocm Mft 304 

Bice5to4ann 9** 22-7 

BfC* 5b-9f 12ft U-3 

BneSto-95 121* 6-2 

BwPi--S7 lift 2S-3 

Bno5VrU7U HM 31-1 

BneTto-U/M ift im 

BtvS’k+9 9ft 5-6 

Bn03V89 1010 9-5 

Bm 48791 12M +3 

BnpSto-96 91* 227 

Ba Paribas owp 9ft 113 

Be wane* S% 4* 1*4 in* M 

Barcfav* Oversea* 5-« ljv? 71-1 

BardonOwnrseinJ-n Tft 17+ 

BardanOveramaS-aere Klft 1-S 

BerdaysOoertiaS-Ol 12ft 63 

BemenBfelbW «to W 

Bergen Bk 5KHN/91 (ft IM 

KksBeia8iiadec-9tfW » 

Klrg Bfft 5B9 6CM9AII HU 

KJD0 BetoSlWv94/94 9to 

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Onca5b-Mi>97 12ft 1 

CnraS'-.-H/n »ft 

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cirilto9l in* 

ObcIWMvISb-H IT. 

CU)C5b-94 *ft 

CorterrtS+L5%« (ft 

Okk Manhattan Sb-93 12ft 

ChOMS’+W w. 

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Cbeertcat IWUrl 5W-96 Ift 

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CDfWTUSrtOOOk Sto>» Jft i 

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CcfSb-14791 12 j 

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CriS’V-Wbft 17ft ; 

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Cr Lyon 5b-93/9t lift ||. 

Crnllt Lyon Sft-37 17% 71 

Oedlr LwrWW 13 m 

Croon LvanS%49/94 H. 07 
Credil LvanS’A-ll/IS 9ft 2*.| 
CredJI Lron crv-99 9X 22i 

Credit LvBnSb-MR92/9e 9 19.' 

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Cred Natl She 5to-9Brt4 12ft IM 
CmniDfStoH - -W 9. IM 

Crrdllanxkill 5V;-V)f97 fft It; 
CradMnsfolf 50096 12ft jj.; 
(Xri lciUKanova5'ft96 10ft 13! 
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Dm Narske -twvfO fft t|.; 

Den Nonke -dec90 9ft i«.j 

Denmark Sto-lofUCrtB fft 9-7 

Denmark 5b-ac1U/90 lift 15-4 
Denmark Sto-04 12V IB-2 

Denmark Sb-aera 12V 02 

Die EntOest 5b *2/961 V 29-7 nt 
Dradner Bank 5b- 93 lift 194 
Dresdner BankSb-ff 9ft jj.; 

D rwdne r Bra* Stow l?to 27-3 
EUaraagNneicari'NW 17ft J*.? 
EdISbW Ijft 35.3 

EdfSbW in-, Sj 

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Genl U i t PKe 5 -92/94 9ft £1 

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Textro • /? INTERNATIONAL HERALD TRIBUNE, THURSDAY. JANUARY 31, 1985 

’s Prototype Conglomerate Switches Back Into Acquisition Mode 

* board ihe 2$. JS . Wbm Mr. Jacobs made his bid [he 1970s. beeefitin. (mm him- linn n* eeU ^ fcan • .... _ 


Page 11 


'■^lULllUU 

member but remains a 
sought-after adviser, bridle 
quesbttM. Mr. LitUe 
since the eariy 1980s he had 
g“S ' h * 1 Textron 
mg complacent and was vidn^hi 

to takeover it. self **t tr>M tu . p e “**J «*uic. D n . , — . 7 — r ; — ~ ■ *“*““»& «««. wwinuuQ uscu ncai- cent, to S 2.3 billin 

S£S“ ■ ranSPOrt anpI ° y “ S “ Unin [hh Avco 

t he recalled. 8®* Textron began between their lawyers and invest- “Aflthm me t»'ui « ~*:a had been carrvinp 



Textron’s strategies 
He has been named 

art«mt«f * ■ — chairman, a position that 

raii^SSI ° *** debl -cqml>- makes him the most logical succes- 

rauo down to its current 28 per- sor to Mr. Dolan. IT pale practice is 
Bauman has sold off followed at Textrwu Robert P. 
mwe than a dozen Avco units, in- Siraetz, Textron's chairman, will 
merger. Textron r"™ 1 ^ a fann-eqinpmem manu- retire when he reaches 65 in two 
3 * 3S ® r :*^ a P° ns research years. Most insiders believe that 
^J^y. 3 ^. 2,400 acres of Prime Mr. Dolan win move up. and that 

Mr. Bauman will take his job. 


California real estate. 


sg^-aKSS EaWfassas aSS?-* SBSs -JMssrrs 

«^omerateur. Mr. SieinenS, £7?fel!££ fnendly - sui,or U AcSS|^fr. Dtrian. the ac- wi^ more vulnmhte” ^ ^ Dl reducing, debt," said the M^utment to the newly merged 

. agreed to a mereer that ^.u £5 Lt companies were ouisition rtf a™ 


- snares 
the deal fell (hnx^L rc ^ uset ^ ^ 


govern- mS e a tlSu? I he S Iank y executiv^f who had Sen ex- com P a ^y- Last week he' said “he 

.generatmabiE new demands over audmu^Jfrv L ccut^e vice president of General would resrind a “golden para- 

SSersctSSilScSS 0 PaafiC , Foods Cor P- before joining Avco J ule '' clause in his contract with 
erecorea that concern. four years ago. “If dial also made ^ vco - T** dause W0U Jd have end- 

ui--&d5jsr- a; =;5m=ytS3: JUJSJfc.fiffi-jss; i£3gE?SZ3EZ EhMffiESiSffi; 

obv.ouriy.Ava). S®£5| £^HrtK£2?!?SK: * h " 


balance sheet probably 
made it ripe for a takeover. When 


.Wfe dnesda yfe 

«1I\ 

uosmg 


w D . ... , , was paid J610.000 by Avco last 

Mr. B au m an ts likely to have a year. 


Deutsche Bank 
Makes Choice 

FRANKFURT — Deutsche 
Bank AG, West Germany’s 
largest bank, has appointed Al- 
fred Herrhausen, 55. as joint 
chief executive officer. 

Mr. Herrhausen succeeds 
Wilfried Guth, 65. who will join 
the bank’s supervisory brand in 
May and is expected’ to be ap- 
pointed chairman of that board 
following bank tradition. 

Mr. Herrhausen. long-viewed 
as a rising star at Deutsche 
Bank, will serve as management 
board spokesmen along with 
Friedrich Wilhelm Christians. 
Knee 1976, Mr. Guth and Mr. 
Christians have held the posi- 
tion of “joint spokesman." 




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“ S31* SCEdpf 7JB 11.7 

2ft 61 SCEdpf 870 127 
” "J* SCEdpf IJ6 IIJ 

6ft SpflllTtn 

12? Jto s*** 

28ft 151* Spectra 
6V* 3ft 5pedOP 





2ft UNA 
2 USRInd 
91* ulimfr 

im nX KSSS 

1U* Bft Unhnr a 
IM* 141* UAIrPd 
M lft 1/FoodA 
3ft IV* UFoodB 
U 18ft UtMed 
Tto 101* USAGwt 
lift 514 UStekn 
9ft .61* Unltetv 
20 IM* Unify a 
JW 7ft UnvCm 
10ft SI* UnlvRs 
ZFft IS UnfvRu 
16 9ft UnvPot 


178 137 
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74 27 19 


70 17 47 

70 3J 6 
2791 47 11 
21 


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to II* StHpy wt 
13ft SMPrd 
JU? S3 SMShr 
in* lift StorrtH 
12M «* stofex 

3H4 Stnfxpf IS IIJ 
414 StiiCup 
lft StertEI 
«ft SlrlExf 
5ft SterUft 
IM Stmtw 
5M SumltE 

a , J5iS^ p,,JOK3 

Sg 

Wft lift Sufttr 
2714 1614 SuprFd 
to 1* SupCre 

MM 6ft Sustnd 
in* m* SuprSr 
6ft 3M Susoueh 
9M 3 Swonfn 
3M4 »ft Swfflln 


25 

6 

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22M 

1IM 

41* 

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16 
13 
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71 


8 
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35 16 
JB 37 14 
-44b IT 12 

A 6 11 
72 32 18 
15 


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170 44 12 
-3M 74 
-I* 1.1 17 


8 JS=1S 

Si* 3ta ££ + 1* 

0ft BM 814— ft 
16ft 16ft lift + ft 

10?* in* mu + 1* 

1ft 11* lft 

Jim 13ft im + i* 
IM* 13M U + ft 

7 6ft 7 + ta 

12M 12ft T2M + l* 
to 5 5ft + 1* 
17ft Uft 16ft 
1614 15ft ISM— ft 
13ft Uft 13ft- ft 
7ft 7ft 7ft + I* 
ft ft ft 

10ft 10ft 10ft + 14 
- 9J* Bft 91* + 14 

9ft Jta 914- ft 
IS 9ft 9ft 9ft— I* 
Bx 10ft TOV. HR* 
lSx 13ft 1214 12ft— V* 

9 Mft 20ft 20ft + ft 

20 20 19V* W*_ Mi 

1 nv. Sm 5§M +m 

2 7M 7ft 7ft— 1* 
M 3M 28M 28ft + ft 
,12 5ft 51* Sft + M 
103 101* 10ft 10ft— ft 

S g a S‘“ 

**7 2^ m- ft 

150 17ft 16ft irn+ ft 

21 9ft VH fft + ft 
M 2M4 22M 22ft + ™ 

13 Sft 514 Sta 
25 2V* 21* 2l*+ i* 

43 M 221* 22ft— ft 

12* M* 7M 7ft + ft 
2ft 21* 2ft + ft 
SM SM 5ft— ft 
J2ft 12ft 12ft + ft 
* ws tm 
7 6ft 6ft— M 

iSS iS iSIS 

am 26M 26ft+ ft 
lft Tft lft + ft 
58% ID ltd* + ft 
VO* 1414 1414 — ft 
6ft 6M 6M + I* 

271* 27 27ft . „ . 

,8 i3m iSt- » 1 


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23 

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26 
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2ft Mi 2ft 
JJM 13ft im_ u, 
2714 27 27M + 14 

6 5ft Sft + ft 


21* Mh 21. 

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JS $ 

22ft 72 221* + ft 

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IM* 18ft 18ft + ft 

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Kft 514 VallyR 
TWt ISM VdbPTS 
15M 4M Vorbtm 
Jft 2ft Vertt 
71ft Mft VfAmC 
Jft Sft VfRtft 
,1ft ft Verna 
!«* lift Venili 
n* 3?* Vortpte 
to 4ft Vkrtach 
*M 5VJ Vlaxi 
7M 2M Vlntae 
17ft ion Vlrca 
Tft 6ft V busts 


37 8 S 'Sl* ^5t+JJ 

2 

g n* n* 

14 10 HI 72M 12V* 12ft— It 

’■a 1 6 6 6 + 1* 

47 9ft 9M 9ft 

11 24 7ft 7ft 7ft— M 

U 4V* 4ft 4ft + ft 

* 17ft 17ft 17ft+ 16 
40 81* ■ BM + I* 


1.92 


JOb 1 J 10 


Mr S 9 
70 24 13 


•ft 6ft WTC 
M 17ft Wtdbar 
M Wft Wbfco 
31ft 21 WoneB 
3214 22M wane 

« ft wmCwt 

.Oft 3ft WMiHe 
•6ft «M6 WNUftt 
24ft 17 WRIT 
M4 aft WatacA 
9ft 6ft WotBCB 
Mb 2ft WIMrd 
,7ft lft webcor 
1»* lift WfceKcn 
si* 31* w rt nwn 
Mft 6ft WMdfm 

M* 4ft Welles 
514 2M WKIGrd 
2*M 15ft Wkcd 
m ft Wasecp 
!« 7ft WttBrC 
2* JM Waters 
W* Sft WDhun 
13ft 7ft WTHIftl n 
Wft Mft WIRET 
2» 16 WMnSL 

aoft vi* wheats 

,«* 31* Wichita 

10ft 71* WlllcxG 
3* 1 WHxnB 
in* 12ft Wllftlm 
23ft 19ft winfln 
40ft 3514 Whppf 
J5S Wd Sf im 
Wft II WkWear 
,6ft 2ft WwdeE 
IJM Uft WWUepf IJO 130 


»ft 27ft Worths 
19 12 Wrote a 

Tft 31* WrstHs 


21 118 
40 IT 13 20 

40 38 8 201 
.16 4 17 5734 

4 17 1 

107 
7 134 
1.1 15 311 
64 17 157 
34 5 2 

1.7 5 1 

78 
95 

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25 37 5 

12 30 

5 

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42 35 7 8 

18 

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TO 11 74 

21 2162 

140b 62 15 "*58 
171# 44 22 311 
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24 

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34 23ft 24 
13ft U Uft— ft 
28ft 2SU 2BM— 1* 
28ft 28U 28ft 
lft IM IM 
9 8ft Bft + M 
OB B51* STM +11* 
24?b an* 34ft— U 
Bft Sft Bft 
9ft 9ft 9ft- ft 
41* 4 4 —1* 

214 2ft 2V*- ft 
I7M 17 17ft 
4ft 4ft 4ft— ft 
lift III* lift— ft 
Sft 5ft 5ft+ ft 
3ft 3ft 3M 
34V* 24ft 24ft + ft 
1ft lft lft 
ISM I4ft Uft + ft 
W 9?h fft 
Uft 121* Uft + ft 
IM 12ft 13 —ft 
Mft 18ft Uft 
27ft 27ft 27ft+ ft 
I9ft 19ft 19ft 
3U 3M 3M 
9ft Sft Bft— 16 
IM II* lft 
15ft 1514 15U. 
a UV* 23 +?* 

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20 

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58 

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oMdendorejtetxii tar tea new Mock ante. Unieu oteerwf 

. „ | ^vtaend also extrelsiTi 
41*— t* I k awuxj) rate of dividend plus stack dtvidendvi 
c— iTOiteftafl dh/Idend/1 ^ 


161* 

Sft 


Sft Yank Co 
4 Y artery 


1J U 


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739 


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514 


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0 —new yearly htwTl 


205 

41 

64 

115 

582 

64 

174 

4 

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1 

36 

33 
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21 

34 
M 

451 

3BT 

43 

50 


36M T6M OEA 
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7ft 4 OdetAn 

.2? M*o«i«a» 

I Bft 9 otiArt 
21ft 169* Ollalnd 
2R* T3M Olsten 
6 3V* OOUep 

M Openhn 
5V. OrMHA 
51* OrklfH B 
l Ormond 
2M Orrax 
21ft DSullvn 
6M OwerSc 
61* OxfrdF 
7ft OzarliH 


12 
1 A 14 
57 
54 
IJ IT 
20 15 
17 15 


6M 

7ft 

n* 

4 

4ft 

35 

7ft 

Wft 

lift 


24 

-50 63 13 
40 74 13 
11 

72 31 13 

-42* 44 12 

70 I J 8 2839 


114 20 191* 20 +|* 

a Zlft 2114 211* 

“ 7* 7* _1% 

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23» 23ft 23ft 
6ft 6 6ft + ft 
n* 51* Sft 

L. 2? JL +v * 

7ft 7ft Tft + ft 
lft lft 1ft- ft 
2ft 3 3 + ft 

34 3JV* 34 + ft 

M* 6ft 6ft+M 
Jft «t Bft + ft 

u w*. im— m 


lift 6ft T Bor 

23V* S5Tf e c 
1714 6ft Til 
18ft 13 TabPds 
14M Mb TandBr 
13 9?k Tarty 

*M M Team 
to lft TdlAm 
19ft 13ft TcbSvm 
56ft 331* TechOn 
Bft Sft TochTp 
17ft 71* Techfri 
4ft ift Tdmd n 
139ft 76 TetaaR 
■M 2 TetaODn 
30ft 21 M Tallin 
12ft 814 TMDta 

IM* 71* TWad 

to 2M Tafesph 

.3? 5* Tenney ■ 

10ft Sft Teneer 

UM 25V* TeKCdB 170 
lift to ToxAIr 4 

12? .2? TexAE 791 64 5 
XM- lfl* TexAE pf 
•471* 3U Txscan 8 

31* 2 TharEn 22 

Hi . 25 I5!S B ■"* i7 13 

,5? 5? n»rDA .10 31 u 

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72ft » TolEdpHOflO 145 
9ft 4ft Tarhri 13 

’2? ^ TotlPfo 74 

to ft TatPt wt 
Uft Bft Ton LX .10 ID 10 
?K? US TrmTee 7 u I 
IBM 13M TrofBWl 40 35 8 


to to SI* 

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Bft 7M 7ft 
10M 10 18 — ft 

M ’Sft ’ST* 1 
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19ft ISM 18ft— ft 
5»* SM 581* +11* 
5M 5M 51* 

Wft 16 16U. + 

2 2 3 

12M*— ft I 

Sft 3ft 3ft+ ft 




S~2IHl2!2i ,, 2^5.“ r,,oW ■"i 12 montesyi 
8- dividend bt Omodlon funds, ublect to 15M norvr«Men« 

J — dfytaerw dedtored nfte siHftw or *hx* dlwfctamf 

i=Sa , SS. , Sff‘ , - J!s -- 

tsssassss; ■ ■* * - —«<- 

nd— next day drthtey. 

P/E — prtce-eamlitus ratio. 

' “* " » ««» i* 

* Dividend baBtaBWltti date of spilt 

— SQtOB. 

TO m 'm + M I , ^ h,WowpoJ<1 ln,,,ock ‘OPrecedlnB Umortes.esHihated 
13 174 5 4ft %+ ft | I? 1 "* 1 -!?* * on twdvfdrtxl er n-dMrRmtlen dole. 

u “™ vBonir Jilsfi. 
v— boding halted. 

SSf WD,cv “■ recBl ^ 9 «Mp or brti na ravwilzed un- 
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"*5— when distributed, 
wl— when Issued, 
ww— With warrords. 

x-ex-dlvkfend or ex-rtahts. 
xdls — e»rt Istrlbuttan. 

*w — without wnnxnts. 
v— ex-dtvldend md sales In fan. 
vta-VleJO. 

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J6e 4 28 4 

13 4817 
45 33 

70 17 11 37 

15 

40 37 13 8 

24 
58 

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J8 14 9 99 

18 

70* 7 93 l«»r 12*1* 121 
60 

44 1 J 15 4D 29ft 29ft 29ft + ft 
■3*036 19 TO IBM IM* m* 

A3 


AfllPuMs 
BtaRadA 
OorkCans 
DawneyS L 
ffrtosEntern 
Gtosser 
Hotel Prop wt 
Len Press 
Lynch CSn 
MafexCp 
Nichols SE 
OrtatoHmaa 
PGE 232pfJ 
PortIPr 
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TechOpe 
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Vuton Corp 
Wsmrdoc 


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Dle^lnoa 
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frncbaRrts 

Grmnman i 

ICH Carp 

Laelcon 

Matscin 

Metrocare 

Obten 

PGG12SpfC 

POCftrtpf 

PawwrTart 

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Vlalectiinc 

WashHames 

WstnHIttin 


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Bergen Brun 

ClfadetHid 

Oamtara 

FeotefliGp 

Gl Export 

Hxtnlcke 

LeePharm 

LydeUs 

Mel Fra 

NY Times 

OnoleHtnaA 

PGE 2 40pfK 

PlyGems 

RtaAteama 

Start Exfrdr 

Valley Res 

VlwonGr 

WncoFbi 


5 4ft 

to 5ft Sft— ft 
27M 27 27 — M 

lift Wft Wft— ft 
5ft to to— M 
18 17ft 17ft— M 
51* Sft Sft 
2 2 2 — 1 * 
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4ft 4ft 4ft— w 
— jto 4ft 41* 

»» 591* 58 58 —Ift 

TOOK 69 69 <9 

.62 9V* 9 9ft + ft 

'£ "ft VVtf 

16 Uft 151* Uft + M 


ConOII Gas 


NEW LOWS 
Jet America 


Scencer Cos 


21 

701 

40 

14 

380 

1 

2 

10 

6 


The Daily Source for 
I nternati onal Investors, 


H 


40 44 
40a 44 10 
JBM 7 
40 24 IT 


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MM 9 CHB 70b 14 13- 
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19ft Uft CRS 
19ft 9ft COBINJ 
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Uft W Cal RE 
25 Mft Cel min 
9ft 7V* Calprgp 
MM 9ft Cameo 
22V* 13ft CMarcs 
MM 1»* CdnOcc 
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to 4ft Cardin 
5M 2ft Cardll 
111* Tft CanrB 
II 69* CareA 
111* 5M CareEn 
Tft 3ft Casbm 
Wi Wft COsttAs 
33ft 23H CaeFd 
8 4ft Cnstlnd 
lft ft OMitanl 
2 1ft Cette pf 
Wft 11 GsntSe 
20ft 14ft C try Fa 
10ft 6ft Cetee 
4ft 21* CnmpH 
1 7ft 121* CtetwP 
35ft 19M ChrtMA 
35ft 19ft OtrtMH _ _ 

6ft Sft ChrtMpf TS 117 
19ft 14ft CMRv 170 M M 
15 9ft CfifDvp 
20ft 9ft CMteie 
Bft lift Citadel 
24M 16ft CIlFrt 

» 17 CtvGas 

421* 2BV* Ctarml 
9ft 6ft OarttC 
36ft 21M Oarest 
28ft Uft Cispay 
Wft 3ft Coanltr 

«■- WM m cote 

.1 5ft 2 COlFwtB . B2 

15ft 8 ComftJn 4 734 

Uft Bft Comlna 2 

15ft 12 CooiApf 142 102 » 

4ft ft ComdrC ... 8S6 

lift 7 Cempe TO 1J6 

Uft 6M CottlPO 90 U 

m* 71* CmpCn 13 1W 

9ft Sft CmpFd __ 27 180 

22 lift Qtcfan JOe 10 II 11 

T2M 6ft CgncdF 5 | 

9M Sft Canttly 7 15 

19ft U OantHm 8 “ 

lift 59* Gonast 41 1S2 

7ft lft Coon wf B 

lift BM CotssOG 4 1143 

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M6 41* vKontA W2 

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34ft UV. CentMtl 9 217 

3« ft CaradkBi 48 

39* 3ft cesCrn « 

1 ft OoaCrwt .. U 

91* Sft CrrfCrd Mr XD 22 SIS 
2ft lft Ceurttd JMe 37 20 

2ft ft Crwfrd • ” 

Kjags 0 jtub £ 

S’" iT* Sk?p1 1.92 104 2 

9M 4ft CrotenC _ W 4 

. ISM ift Crown) 78 3fl B 66 

3*. 41* 1 CrutcR S M 

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25 Uft Cubic 79 ’4 12 339 

28 21ft Curtice M 32 9 « 

fft ft CuslEn .”1 


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118 
106 
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4 
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31 
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19 2567 
72 49 12 3 

70 4 18 586 

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5 
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lJDOb 47 7 1 

178 5L3 12 23 

173e 4T 37 
TBe 11 8 36 

TOe 27 11 10 

.16 J 12 U 

78 17 10 JO 


1 17ft 17ft 17ft 
41 Wft 14 141* + 1* 

218 9 8ft 9 + 1* , 

2TX I5ft Wft ISM — ft 
31 13ft Uft 12ft— M 
6ft 6 4ft— ft 
lift lift lift— ft , 
23ft 23M 23V4- ft 
9ft 9 9ft 
13ft 11 131* + I* 

171* 16ft 17ft + ft 

19M 191* TVM + ft. 
33ft 33*. 33ft + 1* 
SM S 5 — ft | 
2ft 2ft TV* + ft 
lift 11 11M + M 

IBM IBM 10ft 


18ft 4ft HAL 

17 12 HMG 
13M VM HUBCn 
lift Tft Hamptl 
34M 24ft Honfrd 
5* lft Harvxy 

24ft 9Vi Htnbri 
301* 22V* Hasbrpf 

46ft 25ft Martins 

21ft 14ft HMlO-n 2J2e 95 
,8ft 51* Hltedi 
1 9ft 13ft Hite Ex 
13 10ft HalltlM 
9ft 61* HelnWr 
im 7ft HeUdck 

18 2 Hetaer 
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21M 3ft Hellant 
2ft ft HefmR 
3ft 4M KarshO 
5 2?* Hlndrl 

13ft 9M Hlpltwt 
7 216 Holma n 

13M 6ft HotlvCP 
2SM Harm) 

Bft HrnHar 
2M HmHwt 
lift HotlPty 


n 

7 
34 
57 
2 
14 
10 1160 

•40a 17 7 *2 

8 47 

10 238 
36 71 

56 4.1 V 64 

JOe 21 U 4 

, .W 7 12 309 

1375C 333 

S 25 
41 473 


•ft 7ft 8 + ft 
12ft Uft 12ft 
13 13 13 

10 9M 9ft— ft 
34ft 34ft 34ft + M 
11* Tft 1ft 
24ft 23ft 24 — U 
2Wi 29ft 30 - M 
39ft 391* 39ft— M 
21 20ft 20ft— ft 
7ft 7ft 7ft— M 
15 Wft Mft— M 
l|ft U 13ft + ft 


■12e 1 J 16 

22M W* HrnHar Tit 64 U 
IBM 2M HmHwt SOI 77 
W lift HotlPty 172 117 9 
3ft lft HattPwt 
to f* N™0T T7S03U 
181* 8 HavnE 12 

13 6ft Howl In TBe 14 9 
411* 28ft HubelA 176 24 12 
41ft 28ft Mute IB 176 34 12 
55 38 Hubblpf 386 19 

211* 16ft HudGn 40 38 W 
W 7M Husky o .U 


T3 — 1* 
2 — ft 
3V*+ ft 
Tft— ft 

4ft 

3ft 

Uft + 1* 

3ft+ 14 

7ft— ft 




13ft 13 
2ft 2 
31* 3ft 
■ft 7ft 
I ft 
4ft 4ft 
344 34* 

1314 13 
Sft Jft 
7ft 7ft . _ 

3W 32ft 32ft 
111* Wft lift— M 
3ft 314 Sft— M 

41* 4ft 4ft 
IBM 17ft 17ft — ft 
12ft 121* 12ft + ft 
40U 40ft 40ft— ft 
48 39ft 39ft 
54 53ft 531*— 1ft 
30ft 20 20 — ft 

81* 3 Bft + ft 


ja ’2* ESfpjA I-* 12.1 
IS? 55 PGEpfB 177 114 
IS? E? 1JB I'- 4 

im Oh PGEpfD ITS 114 
JSJ P" 1 PS£pfE ITS IIJ 

JP* J. ESI B,G J3B H-9 

W PGEPfF 474 1747 

3 TA 26ft PGEpfZ 476 129 
2« 21ft PGEpfY 33 122 
ay* >25 Egf I Off* 2J7 124 
19ft 154* PQEpfV 273 124 
PGEpn- 254 124 
’2? KS"® 242 13S 
,9ft 7ft PGEpfH 1.12 119 
19ft 1516 PGEpIR 277 117 
J|Vi JM* POfFtP 205 119 
17 I3M PGEpfO 300 127 
IS£ PGEpfM 196 lU 
Uft 14ft PGEptL 225 127 
T7M 134* PGEpfK 204 132 
in* 15 PGEpfJ 272 135 
to 7ft PGEpfl 14J9 127 
“ I* 1 * P? Trn 1-12 SJ 

p ®g- , Pl •*J6 121 

Mft 53?* PocLf pf 744 120 
«6 35ft Podfpl 5J0 11T 
246 ft Pteeo 
39 2716 PWICP 

10M 3M Pantoit 
to 31* ParaPk 
23ft Uft Part C 9 
17M 1QM Parr eh 
to 2M PayFm 
13M 7V. PEC 1ST 
11 Bft PeerTu 
42M 32M Pan EM 
2416 15ft PenTr 
2ft 11* PE Cp 
34M 26 PenRE 


Uft 12ft Uft 
U lift 12 +ft 
11 11 11 + ft 

Wft Wft 104*+ ft 
im* Wft 10ft- ft 
10 10ft- ft 

31M 31ft Kft— ft 
29 S SftSftzU 



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'i sssr-s*** 

«i ig in* im + m 

71 J7M 17 T7M + M 
24 161* m 16ft— ft 

4 im 16M im— ft 

3 in* IBM IBM + ft 
17 ITft 16ft 16M + ft 
» 19 18V* 18ft— ft 

111 9M 9 9 — ft 

l^U KMKft+ft 

22Sz 43ft 42ft 4246 + M 

5 ft ft ft 

713 37ft 36ft 37ft + ft 
530 7ft 7 7ft + ft 

6 Bft Bft Sft- ft 
53 1JM Wft 19M+1* 
£7 lift 11M lift— ft 
JOB Sft SM SM- I* 


HUB p* 

MUNGUAL YOUNG IADY 

PARIS: 520 97 95 


tOUNG GOMAN IAMB. MukSn- 1 

f*™ 3 *- TrqvqJ conv 


VB» LADY GUIDE 
Youna edited. ek.-gant.& frilngud 


14^. io» PenrfI 


TSrlBJ 
348 77 9 
JO 14 10 


40 29 12 


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4V* 41* 4ft 
10M 18M IBM 
31ft 31ft 31ft— ft 
54* 5M Sft 
11* II* 1ft— Hi 
11* lft lft— I* 
14ft 14 14 — ft 

16 16 16 
Bft BM Bft 
4 3ft 4 + ft 

Mft Wft 14ft + ft 
34ft 34 3416 — M 

34 34 34 —ft 

6?* 6ft 6ft 
18ft Wft 1B»* + M 
KM 10ft HU* 

19ft 19V* 19V* 

21 28 201* + ft 

23 23 23 

22ft 221* 22ft 
411* 41 41ft- ft 

91* 9ft 9ft— M 
36 35h 35ft— ft 

209* 20ft 209*+ U 
Sft 5W H* 

VI* B?h Bft— 1* 
Sft SM SM 
ISM 14 1444+ ft 

Wft 10ft IM* + 16 

a jr \ rtz 
1216 111* 12 — 16 
Tft TM 7ft + Vh 
17 16ft Uft + I* 
9ft V VI* 

7ft TM TM + ft 
U 17ft W + ft 
7 6ft 7 +ta 
2ft 2ft 2ft + ft 

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* MADRID ★ 

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ZURICH 

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Tdi 01/252 51.74 


|(l — ^"HPirar 1 - ” 1 


CHARIER A YACHT M GROCE Di- 

red Irani owner of iargmt flert. 
Amenccn management. EhmBbt* 
aw«. gtwt bw&d. VUef Yad*. 
Akb Thejrodoteoui ZJ r FVtx*B. 

Gtooob. Tot 453957T. 4SWB6 . t£ 
bier, PA 19002. Teh 215 641 104. 

ESCORTS £ GUIDES 
^*35$. G * rnon *P ofcBn - T "t 


VBNNA ■ 

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| LCM^USABOOKTSaVICETrt. 


P5SS& JSSSP acaKI OnOGNE/BOWVDUisBOORr 

B TRAVH- ikVICE 02/ 537 33 97 1 Eiayf Service. 0221 7124601. I^M 


■SO is n 384 20M w« 20 — ft 


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279* Uft Data Pd M S H 
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8ft 3M Define* >3 

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379* 2 Oft Del Lab J2 17 W 
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lift 21* Defined 


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£9 2M La Bare 
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48*6 2SM LehWl 
7ft 3ft LrtSurT 
fft 5 Levitin 
5 2M Uttld 
4M lft Lodge 

5“ K W 0Dn 

re. 20 Lorlmr 
71M 31ft LwtoCe 
16ft Bft Lumex 


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•J* 3M Sonmrt 
M* 4M Sound B 
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229 * 14 Sehete 
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££ 22> 2SP>- ft 

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G ^ ,V ^S‘4^* fSBnnttW 






Page 12 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 31, 1985 


■iaa wmumm naa 

BUI Hllll Hill 
lllilll 


PEANUTS 


CRAY0N5?YE5,AW‘AM 


l/TM JU5T PUTTING 

sVtm emAu^ynou i^ 


REP, BLUE, YELLOW. 
GREEN/6R0UK PINK... 





! PONY 60 HOME WITHOUT 
TaUNfi YOU? NO, MA'AM, 
WHY UJOUlP I 60 HOME 
WITHOUT TELUN 6 YOU? , 


books 


TIME’S ARROWS: 

Scientific Attitudes Toward Time 


By Richard Morris. 240 pp. $17.95. 

Simon & Schuster, 1230 Avenue of the 
Americas, New York, N. Y. 10020. 


iipiaii 

m^mauM 

ilHi BBUBB 

Huiiiii 

am mum 


\>-j' r\ 


BLONDIE 


|H0f«V.y30*RE 

| IN A our . — *; 


EVEHY NIGHT APTS? *-% 
DINNER VDU GO RIGHT 
TO THESORA v >, ^ 


JUST ONCE VDU SHOULD ) t 
CHANGE VDUR .W— ' i 
U ROUTINE ? 


WELL, THIS IS 
7 A CHANGE .» 




Reviewed by 

Christopher Lehmann-Haupc 

W HAT is there to say about lime except 
that it never seems to come in the right 
quantity: for most of us there is either too tilde 
of it or too much. There is plenty to say about 
time, according to Richard Monis, a theoreti- 


One pleasure of “Tune’s Arrows is that it 
gives one the illusion of understanding such * 
tricky concept as entropy, which Moms copes 
with as follows. First he stales that for things to. 
happen in a system, not just energy but differ- 
ent levels of energy, or disequilibrium, must be 
present. Then he defines entropy as the ab- ‘ 
sence of disequili brium,** He concludes, "As 
disequilibrium, or available energy, duap- 
pears, entropy increases Simple. And: The 
entropy of an isolated system never decreases, 
which is one of the few ways we can tell in . 
which direction lime is moving. 


UMi UUWVMVU to * 

Morris also renders momentarily simple Al- 
bert Einstein’s special theory of relativity. 


cal physicist who has written five previous 
books on scientific subjects, including “Light," 
“Evolution and Human Nature," and “Dis- 


ACROSS 


1 Cleveland or 
, Lincoln 
S Francois's 
feather 

M Israeli seaport 

14 Tony’s cousin 

15 Penman 
purchase 

16 Wind sound 

17 Ustinov play 
28 Greek 

nic kname 
21 He wrote 
"Metamor- 


58 The youngest 
Cratchit 

51 “ a 

Wonderful 

Life" 

52 Resemble 
purposely 

54 Parsley's kin 

58 Greek fetters 

57 Banking 
acronym 


22 Within, to 
Titus 

25 Some Cowboys 
25 Kind of fly 
27 Wife of Aegir 
285oupcon 
29 Spiritual 


58 They’re open 
at some opens 

62 Swenson of 
“Benson" 

63 Father, to 
Virgil 

84 Leg coverings 

65 Irish tax 

68 Of the same 
opinion 

67 Leftovers for 
Lassie 


51 A case for 
Cicero: Abbr. 
32 O.T.book 
S4 Luaudip 

35 Lot go 

36 Vehicle for 
Swoosie Kurtz 

38 Powder base 
41 Highlander’s 
own 

42G«ladaor 


43 Ending for 
glamour or 
vapour 

44 Vision 
48 Potpourri 

Ingredient 

'<D New York 


DOWN 

1 Metallic 
element 

2 Spain and 
Portugal 

3 Connections 

4 Still 

5 Put to the test 

6 Book by Henry 
Green 

7 No longer new 

6 Mrs. Gump 

• Printers’ 
measures 

10 Word of assent 

11 Like a certain 
Mary 


t 1 New York Tones, edited by Eugene Maleska. 

DENNIS THE MENACE 


,ib 








♦THE BEST THING ABOUT WINTER IS SETTlN' OllTOF 
IT fOR AWHILE •' 


THAT SCRAMBLED WORD GAME 
« by Henn Arnold and Bob Lee 


Unscramble these four Jianbtos. 
one letter to each square, to kxrn 
tour onSnary worda 


And they were supposed 
to be (he tavortlas 


ZOPAT 




mm 


YELCC 




RESOOM 




RATTUN 


WHAT THE L 05 IN© 
TEAM WAS WHEN! 
THERE WAS AM UPSET 

IN THE ball ©awe. 


Now arrange the circled letters to 
term the surprise answer, as sug- 
gested by the above cartoon. 


Print answer here: 


Yesterday's 


(Answers tomorrow) 

Jumbles SWOOP ENJOY POUNCE EQUITY 
Answer. What a young man often has ro do after 
deciding to poo the quosnon— 

QUESTION THE POP 


WEATHER 


EUROPE 

HIGH 

LOW 



c 

F 

c 

F 


Ataorve 

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64 

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Rome 

■9 

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HIGH LOW 

c f e p 

XJ 90 22 73 cl 

-2 28 -12 10 ct 

14 41 12 54 O 

32 90 23 73 Cl 

21 70 9 48 tr 

-13 16 07 1 tr 

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24 79 23 73 r 

12 54 9 48 a 

4 39 -1 30 fr 


Atglsn 

Cairo 

Capo Town 
Cm ntrt ancn 

Harare 

LOCOS 

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23 73 12 54 #r 

25 77 W 41 ct 

14 41 7 45 Ct 

31 70 18 61 r 

31 8S 35 77 e 

27 81 U 61 Cl 

14 41 8 46 d 


Buenos Aim 34 79 13 55 d 
Lima 27 81 19 44 Cf 


Sob Panto — — — — no 
NORTH AMERICA 


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Mona 3 3 

Warsaw 1 j 

Zorich 7 3 

middle east 

Ankara J \ 

Beirut J j 

Damascus J 

Jerusalem * ‘ 

Tel AW* i® * 

OCEANIA 
Auckland ?5 l 


10 SO -1 30 r Boston 

4 43 -1 30 fr aucoao 

3 38 -4 31 d Denver 

1 » 25 » Ds frail 

2 36 -i 30 ct Henewiu 


CT H^w*W^ 

Los Aocetn 

7 45 2 34 r Miami 


5 41 -1 30 cl 

7 45 2 34 r 

1 34 -9 14 fr 

-7 28 -6 21 sw 

-9 14 -14 3 sw 

-3 24 -4 31 «w 

25 77 39 68 r 

21 70 10 50 PC 

15 S9 7 45 PC 

25 77 U 55 lr 


19 46 13 55 cl MtomwMUs -14 7 -18 0 nc 

IB M 5 41 d Maetrael * 18 -16 3 tr 

!4 41 4 a Ct Hasum ' » £ 'l S 5 

18 44 II 53 cl NewYerh 7 34 -3 24 d 

Hit Francisco 12 54 s a tr 

Seattle 2 34 -3 24 DC 

« 77 14 57 d Toronto *S 33 -13 * d 

» 86 21 75- tr .WWSS** „* 2Ljl. "J? 


"SSU*; ta-foooy ; fr*talr; h-hall: aowreosf; ac^mrtfv ctaudv: r«ln; 
sS-dwwurs; a* -snow; anto/wiv. 


TOKYO: Fair. T*mo. 4 — -* < 


13 Pessimist’s 
struggle 
13 Increase 
18 “...and the 

the 

brave?" 

18 Waiter’s take 

24 System of 
principles 

25 College V. I. P. 

28 Stance board 

30 "Once 

Mattress’* 

33 Spring op 
35 East 

38 Peggy and Ian 
37 Gets a wiggle 
on 


BEETLE BAILEY 


e'N l&UT, 
JIM 


SO LON©, 
SEN. HALFTRACK 


I PROBABLY SHOULP 
©»VE UP J-/APPV HOUR 


EXCEPT IT HELPS 
ME GET THROUGH 
“UNHAPPYe^g, a 
HOUR" 


mantling the Universe." 

One can ask: How long is rime? Haw linear 
(or cyclical)? How relative? One can ask if rime 
is in the head or in reality. Does it flow or tick? 
In what direction? Always the same? When did 
it begin, if in fact it did begin? Will it end? If so. 
when? Finally, one can ask. What is time 
precisely? And the more one dunks and says 
about it, remarks Morris, the less one seems to 
know. 

Nonetheless, he tries, and he brings to what 
be says a sunny, cloudless prose with occasion- 
al gusts of whimsy. Speaking of dying stars, be 
writes: “It has been estimated that a matchbox 


which he calls “one of the mathematically 

more straightforward theories in physics” - 
simple enough that “it can easily be taught 
undergraduate students.” He even make s one y 
feel that one has grasped some of the geocraT 
theory, which he admits is very complicated. 

One understands, too, why an dent peoples 
saw time as cyclical, and why it took Judaism 
and Christianity to introduce linear lime into 
Western thought, because God's giving of the 


law to Moses, for (me example, or the death 
and resurrection of Christ, for another, were 
events that had meaning only if they happened 
once in time. Gong further back in time — 
about 15 billion years back, give or take 5 
billion, according to Morris's summary of the 
existing evidence — ■ one understands what 
may have occurred during the first three min- 
utes of the universe. 

This is most exhilarating, this transparency 
that Morris brings to matter that is normally 
impenetrable. Unfortunately, it won't lasL The 
subjective experience of rime may not be of 
much interest to theorists at present, neverthe- 
less one of the surest measures I possess of 
rime’s flow is the rate at which 1 always forge t/£ 
what entropy is — not to speak of Planck time, 
the difference between the negative and posi- 


full of white dwarf matter would weigh about 
10 tons in the earth's gravitational field, and 


lu tons in the earth s gravitational field, ana 
that a measuring cup full would weigh more 
than two dozen elephants. *' 


/Jeff 

Ufeu<E£ 


38 Haughty 

38 Enormous 

48 Stupid 

44 Warms, man 
earlybird 

45 Potholderof a 
kind 

47 He keeps me in 
stitches 

48 Napping 

48 Rents 

53 Skiing family 
name 

55 “I must down 

to the 

again": 

Masefield 

56 Inner: Comb, 
form 

59 Conservation 
org. 

60 Have a bite 

61 Cry of 
discovery 


ANDY CAPP 


WE NESdTO DGCCA/ER MVY 
you DKJNKSO MUOL AM*/ 
.... I SUGGEST 'YOU DEEP 
ANDGEnDAAOVY»SEU r , 




.DEFINITELY, 
VICAR, j 
> X LOVE *** 
CHALLENGES- 


rns AN EVEN BIGGER 
challenge to get to < 
KNOW SOMEONE ELSE) 


Speaking of a spaceship approaching a black 
hole, he ima gine* that if an astronaut were 
singing an aria from Wagner’s “Gdlterdkm- 
tnerung” and he were to hit the key of E flat as 
his craft hit the black hole’s “event horizon.” 
he would “still be singing the E flat when the 
sun became a red giant 5 billion years from 
now” (except that “the time dilation would 
slow down the sound vibrations so much that 
the note could no longer be beard”). 

Speaking of the first and second laws of 
thermodynamics, be writes. “The first law can 


rive curvature of space, and the arguments for 
a universe that both expands ana contracts. 



WIZARD of ID 


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thermodynamics. He writes. I he first law can 
be stated as ’You can’t get something for noth- 
ing,’ the second as ‘Furthermore, you don't 
even break even.' In other words, energy can't 
be created out of nothing, and when it is 
converted, something is always lost.” 

The bws of thermodynamics come up be- 
cause the second law — the one stating that 
“any process that converts energy from one 
form to another will always dissipate some of 
the energy as beat” — allows us to define what 
the British astronomer Sir Arthur Eddington 
called “the arrow of time.” As Morris sums it 
up, the second law “tells us that past and future 
look different: there will be more entropy in 
the future, and there was less entropy in the 
pasL” 


a universe that both expands and contracts. 
Here today, gone tomorrow. That's my arrow 
of time. 

Still, to understand is always pleasant while 
it lasts. I therefore recommend Time’s Ar- 
rows” both to people who trill retain its ludd 
contents and to those who will not It's a book - 
worth reading just for its unusual perspective 
on space and matter. So take the lime. 


Christopher Lehmam-Haupt is on the staff of 
The New York Times. 


Handel Opera by Leeds Group in HaDe 

Reuters 

LEEDS, England — Opera North, based in 
Leeds, has been invited to mark the tercentena- 
ry of Handel's birth by performing his opera 
“Tamburlaine” in HaDe. East Germany, where 
he was bora. The production win be in English^ 


BRIDGE 


REX MORGAN 


BERT, IS SOMETHING 
WRONG? YOU LOOK _ 
TROUBLED' 


THAT'S A RATHER BENIGN 
WORD P OR THE WAY I > 
s 1 FEEL i 


lt> like to hear your 
EXPLANATION ABOUT 
. THIS, BARBARA' , 




GARFIELD 



By Alan Truscotr 

T HE one-spade bid by East 
on the Cavendish deal 
shown in the di ag ram, was 
compulsory for East-West at 
the given vulnerability, and 
was explained to the oppo- 
nents. 

There is a big gap between 
knowing what a bid means and 
knowing how to handle iL 
South and North left in peace 
would surely have arrived at a 
sensible contract: A safe game 
in no-trump or a minor suit; or 
a slightly optimistic slam in a 
minor-suiL 

But with no partnership 
agreement about how to bid 
against a weak artificial one- 
spade opening North and 
Sooth were groping. Three 
spades was a strong jump over- 
call of an unusual kind, and 
left (he partnership with little 
room to explore. Five clubs 
was a natural jump, and South 
showed his diamonds. 

The final bids were a little 
confused. North could have 
supported diamonds instead of 
making his waiting bids in no- 
irump and beans, and South 
did not have to bid his spades 
for the third time. 


However the result was iron- 
ic. South succeeded in his fool- 
ish contract of six spades, 
though heavily outnumbered 
in trumps, and he would prob- 
ably have failed in sensible 
contracts of six clubs or six 
diamonds. Those would de- 
pend on the declarer’s judg- 
ment of the diamond position, 
and the normal percentage 
play would be to play East, 
unsuccessfully, for the queen. 

West led the heart king, and 
South won with the ace and 
drew trumps. The gods smiled, 
for he found an even 4-4 split 
— a one-in-three chance. He 
felt better, for he could make 
the slam if either minor suit 
behaved well. His first move, 
of course, was (o overtake the 
dub jack with the queen. He 
continued with the (ring and 
ace; discarding a heart and a 
diamond and hoping for an 
even break. 

When the dubs failed to 
break be had to face the prob- 
lem of the diamonds. He led 
the diamond ten, studied 
East’s play of the four, and 
thought it over. The normal 
percentage reason to run the 
ten did not supply here: East 


could not have begun with ace- 
queen-four in diamonds, for he 


would certainly have played 
(be ace to guarantee defeaL 
Hdding the diamon d ace 
West might have doubled, in 
the belief that North and 
South were overboard. And 
there was a chance that West 
held the singleton queen. So 
South put up his king and was 
rewarded. Another diamond 
lead brought the missing hon- 
ors crashing together and the 
slam was made. 


. NORTH 
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IB 

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50 

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5* 

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5N.T. 

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/bk led the bean Jang. 


Canadian Stock Markets Jan .29 


Amsterdam 


Prices In Canadian cents unless marked s 


ABN 

ACFHoJdtaQ 


Toronto 


High LOW Close COVC 


520 AMI PrCO 
aAdtbnb 
JKOAOntaiE 
25001 Asro Ind A 
WAS AH E norey 
2200 Alta Not 
300 AtaoCom 
4954 AJpoma 5f 
100 Anars WAf 
24S0Aracm 
UAiswCor 

TOO Asbestos 
37875 Alco I f 
12903 BP Cmda 
. 21971 Bonk BC 
349498 BankNS 
1 19825 Bar rick o 
330 Baton A I 
7411 Bonanza R 
57WBralaras 
4700 Bisanaloa 


Ht*a u, 
$34 34 


| 526400 Bk Com 
10804 CTiroAi 
• 440 C Ufll B 

75 Cora 

an>c«imnt 
4B» COMfcA 
27700 CDMbBf 
6175 CTL Bank 
SOOConwost A 
HOOCasekaR 
600 Cavan A 

3250 Crown* 

I M00 Czar Res 
SS2D2 Oaan Doe 
20»DOonA 
2771 2 Dm) son A 
44052 Denison Bt 
7790 Dne Icon 
5600DKkn»AI 
WO OIdwsiB 
7700 Demon A 
134098 DOfOSCO A 
4*40 DuPont A 

33551 Dytas A 
2366 Elctbom X 

533Emco 

5800 EOuily Svr 
MOO PCA imi 
23029 C Falcon C 
14733 Ftcn fcr doe 
104 FarOv Res 
SMI Fad indA 
2400 F Cl hr Fin 
3«88 Fraser 
400 Fruahoirf 
73264 GandH A 
5=900 Cece Como 


$34 34 34 + U 

S17Va 14* 14»k— V» 
S12*k 1» 17*— vs 
*41* 4<W 6<% + V% 

s»Vi mi 2W.+ 
515*1 15%, 15% 

$19 19 19 — VS 

$22711. 71* 2TV+1 
$24% 24% 24% 

$1791 17% 17% 

S1VW VVV» IV*— VW 
$5% 5% 5>* + % 

SO*. 8« 9W+ >4. 

*27 269k 27 + 9k 

$6*9 6 6<t 

S14VS 141* 14VS+W 
140 135 138 —2 

514*4 14*, 14'-9 
400 345 400 ♦ 9 

S5Vk 5Vfc SVk 
S17V. 17Vk 17*. + 
5103k 10 lNk+»k 
$M9k 11W 1194+ -n 
257 2ST 253—4 
52M 23 23V, 

315V; 159k 1599— 1% 
$1894 WVa 181^—94 
5171% 149k J7W + 

520 27V» 27VS— 9% 

549% 4<A 494+ U 

$15 l« 15 
SZT-: 231k 239k— 9% 
I2«k 291k 
$339* 33*k 339k + 
542 42 42 

5319k 3194 31 VS 
*10?* 10*k 10% * Mk 
5171k 17 17 — 

urn nw UTS— is 

579k 794 79S + 

MVS 49k 6VS + V, , 
5494 4U 49k + Vi I 
$11^ 11H 11*4— (% I 
5819 _£k 81k+1%J 

260 255 240 + 5 | 

$13 17%. 1294 

517*. 17 17V, + Vk 

’S, '5, *£, + 3 

W Vt 277 
325 315 323 +10 

115% 15 15-44 

$15% 145k 14%— % 

«a 5 V *a 

450 440 *50 +15 

440 4M 440 

27S 240 275 +10 
5274, 27 7794 + 

$1757 171% 171% 

$32*4 3m 3294— Vk 
■130 430 430 +15 

S17H 17VS ITS* + 9k 
$49% Alt 49k 
sir/, ins ions + n 
VTU 149* 17'%+A. 
W't n MIS +19. 
2*8 248 248 

nr* 2194 22 +Sk 
$119. 11*} 1191+4 
$18 I T.1 17Vf — VS 

IW* 18 H ir%+i 

$24 vj 24 249%+ H 

sir* ms ii<%+9% 


laOeocrw* 726 335 222 —3 


35729 Cl brnltor 

T «“=« 2 «ra* 

lOMGoactviiar 


$10 <rs 10 + '4 

SS’w 5 51% 


45M gl Fares! 

«WSrntBKl 

3700 H Croup A 
MBOHnflng A 
4450 Hawker 
0548 Havas O 
2275 H Bar Co 
*5311 Intasca 
6«0 intiol 
160 Inland Cos 
5760 Infer P,oe 
5C IKUB 


(39 

39 

39 + 

44 

44 


$88 

«! 

83 

52S 

24 

25 

5/ft 

/to 

7*%— 1% 

l*i 

144 

145 

S3ITW 


2tP%— to 

ss 

2*to 


*19 

19ft 

10 

MD’k 

49ft 

50 — ’.% 

513ft 

1» 

13ft 

114"% 

14 ft 

I4ft— V. 

SJi 

110ft 

34 - 

3Cft- ft 

IPs 

19ft + ft 


■' 8475 JannocK 

1 1 woo Kam Kotia 

800 Kafcev H 
, 1356 Kerr Add 

2S7Q4 Lctootl 
I 177*6 Lee Mnrls 
120 LCnS Cem 
2720 Locanc 
60 LI. Lac 
3685 LobiowCo 
1200MD5H A 
I0OO MICC 
11SM MiclonH X 
JOMcCnwH 
15252 Merlcnd E 
261 33 Molsoo A 1 
l4f2Atolson S 
nwMunHiy 
4230NoMscoL 
74534 Naronda 
4701 More en 
178536 Nva Alt A f 
4 100 Nawsco W 
[ 12407 NlikVtt 30 A 
J J42S OsJcwoad 
6310 OsJxjwd A 1 
2S27Pomow 
72S? PanCai P 
TOO Pembina 
SX)PTnRUO,l 
1000 Pine Point 
jao PtoeeG Qo 
35141 Placer 
1760 Proviso 

7700 Oue Stunt 0 
| 7750 Ram Pel 

27700 Ray rock I 

I T0553 Reepafti 
J 70709 R0 Slants A 
11414 RalSflteW 
_»R«aServl 
I 87795 HtvnPrpA 
I 1280 Rogers A 
8904 Reman 
100 Rofltman 
2800 Sceotre 
2C7»Sestts< 

7*00 Sears Con 
lTTW 5ticll Con 
nmvstwrnn 

1 TOO Staler B f 

21380 Snritm 
^41051 Brodcst 

3*2435 State A 
SO90O Swlprro 

SI"* 0 " 

“Sunew-or 
3200 Sydney a 
SO rolcara 
ITEBOTqra 

raOTeckCorA 

338c Tack B I 
^OT* Jed me 
«W5 Ten con 
TIP Tram H A 
2S34SO Tor Dm Bk 
38203 Tamar B< 
114*4 Traders A 1 
MOTmsM! 

[ 3MC Trfciitv R n 
! S145I TrnAHo UA 
IMMjTrCcnP l 

,4< JS Tr *nwc 
890 Trlxac A ( 
15*400 TltSo I 
57 Uniccrp A I 
7100 UnCarbVd 
S1597 UERtprlsa 
ll»UKeno 
raouSisaie 
500 Van Per 
30710 Verst 1 Af 
A25Vesferon 
SIMOWetawod 
2S00Wosttarto 
50*80 Weslmin 
242SW03fen 
M*72 kkoodwg a 
2203 Vk Beer 
Total Solos 14.9810: 


$171* 1191 12V, + H 
ICO 102 103 +3 

,S38 33 38 — 

*149% 169k 169% 
*249% 741% 34b + b 
*249. 21%, 241k 
*107* lOTi 107* + 

$10 P9s JO 

$27*m 279% 279%+ >% 
S19W 1 Tu 19*.— 
JIBVj 181-j 141% 

2: B l ^33.^730 -10 

*51 21 ft 71Vr+ vs 

450 440 450 

$181* 171% IS 

w i7y» is + m 

ravj 2D>- 709k + 9s 
2S*. 255%+ 9% 
20*» 209a + 
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# P9* 79% 79%— 

*lf»k 19*. 199k + >% 
41 SB 58 
*W 47$ 475 —5 

24!% 25 

*70 440 470 —5 

*27 241% ky u, 

171% mT 
..$71% T.1 TVs 

Sg 7 * 3S9k 2SH+ 1* 
100 100 100 —2 

^ nS 

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*7> 49k 7*. + 2 

S?rr » »*i+v% 

**%. 19fe 30 — V» 
S9'% 9 9 >h + 

175 175 175 

120 1 3D — 6 

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.$13 129, 13!% 

$419% 419% 419%+ 1 * 

$» 5* ***+ ^ 

$» 189k W 

$0 .71% 7»« 

S2JV: 219% 521 % — 

*89% 81% BV% 

MJ* 12 + Va 
$57*. $71% 579 %+ 1% 

fWtt W}% 121% 

m, 539%+ ,k 

w w - 3 
220 221 

049% 249% 349% + 

30 28 30 

73 7J 73—3 
518%. UM, 189, + 

,l '* >2 + t* 
131+ 121% + 

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sSPsg 5^_lk 

SJy 1994+ 'a 

bis<a is im + 
^ 71'1 7V,- 

r* 5i%- w 

»i% 2 22 %. 

« « -15 

$7* 23*. 7* + 9i 

a 451 * 44 —12 

$9 B”k B!%— V. 

$ 139 % »*% irC rt 

s«l% '3-4, 1T4+ 2 
$99% f'% 99fc_ 

1H 113 112 — 3 

2« 245 +» 

$71, t% 71% + 
$IP% 11«k 119%— » 
SIB'm 179. IB + 

'2 17 17+2 

$51 80’i B1 + | 

$U % IIV, !!■%— ■, 

$«*» i(Wi itn%— », 

16 shorn 


AltZO 
AftOld 
I AMEV 
ATtam Rub 
Arruob=ni 
BVG 

BdehrmaiwT 


Clove Prev 

BdvarXvoo. tej 

Bevar.VarXank 334 

BMW 36950 

Cornmiribank 172 

Conttaumml 112.70 

Ddmler-Bens 633 

D«arrao M6 

oeutsaw Babcock 16250 
Deutlcflr Bonk 398J0 

Drndner Bank 19260 

OUB-Schulha 208 


catand Hide 

EBevier-NOU 

Fokker 

Gilt B racoon 

Mcinofcen 


KLM 
Ntnrden 
NO> Meaner 
m«ltrrd 

Oca Vendor G 

Pafchoea 

Philips 

Robaco 

Rodamco 

Roi/neo 

Rsranto 

PeraJ Dutch 

Unilever 

i/onOmmaren 

uMF Stork 

VNU 


ahpxbs Oaaaral I 
Previous :7f2JB 

Source- AFP. 


GMH 144 

Hodtflet 47$ 

htoechsl 184J0 

HO MCtl 104.70 

Hetrmonn 392 

Hen on 170 

Kail U Sab 244 

KorstoCI 277 

Koufhot 211 

KHO 74AJC 

Ktaadutar warke 77+0 

wrap Siam at 

Luhhomo las 

MAN 163 

Monnesmann 154.90 

MataltaesatlschoH 236 
MuCnCfuRuedc 1240 

Prewssoa Ml 

Ruatoers-Wertce 3I8AC 

RWE IAS 

setter/ no 46+90 

Stamens sosjso 

Thnsm 91 

Varta 175 

Vaba 172 

VEW 122 

Vofts w ooe n wr i 19450 


Other Markets Jan. 30 

Closing Price* in loco I currencies 


WWSor 
World Inri 


cytte Prev 
5.10 SJO 
158 1.92 


Source: Reuters. 


Jofionnesburg 


AECI 

Bor lows 

Biwoor 

BwHels 

Elands 

GFSA 

Harmony 

Kloof 
Nodbonk 
Psl 5levrj 
Rusfetot 
S* Brew, 
SI Helena 


72B 725 
960 945 
1450 1650 


1290 1300 
2650 7750 
2575 2425 
4980 7100 , 
940 710 

S575 $600 
1640 1650 

540 690 

mo »75 

540 560 


Coaimtta stock I 
Pro* too* :MA4B 

Source.- AFP. 


London 


Brussels 


ArbOd 
Bekaert 
Cocker III 
EBBS 
GBL 

CB-Inne-BM 

Gevoerl 

Hoboken 

Krrdkeltxp* 

Petratlna 

Soc Generate 

Sofina 

Sotvav 

Trod ton Elec 
viafUe Montagna 


1400 1500 
4800 4800 
254 253 


CesntiTtcek index : 1,14848 
, Prrrtoam : 9.941X0 
I Source: ATP. 


Hong Kong 


aa con, nut 

MtMLveni ISO 

AnataAmGoU *S3 

Bobcock 154 

Borctavs 632 


2000 1995 
2950 NJL 
3575 J780 
S7D0 5700 
7730 7700 
4500 6530 
17S5 3250 
7130 7130 


>945 3985 
5480 S510 


liNkEtctawtla 
Pradaw: UMU4 

Source AFP. 


Frankfurt 


AEG-Tetofunkon 113 110JO 
aii wro vers lOto 1063 

Ba*l 181 JO 17855 

Barer 189 JO 187X2 


, Bk Easl Asia 
I Cbcuna Kona 
CWnaLWU 
Crass Harbor 
Hone Sena 
HK Elec 
HK Hotels 
HK Land 
HKStrawhol 
HK Td 
HK wnarf 
Hutch vwwmooa 
Jartfneiwam 
jardmosoe 
New World 
Shaw Bros 
SHK Props 
Skne Dorhy 
Stelwt 

Swire Pacific a 


2130 7L40 

1130 1110 

I4J0 \AM 
II 11 
44J0 45 

740 7J5 

31J0 3150 
4J5 4,15 

8.90 US 
60J0 48 

5J5 55S 

I9JB 19 JO , 

us us' 

8J5 8-40 

i« 12 

II II 

9.05 950 | 

6.10 4 


2140 24.10 
1 1 
4.175 430 


BA.T. 

B oocnam 
BICC 
BL _ 

BOC Croup 
soon 

Bonder Indus 
BP 

Bril Home SI 
Bril Telecom 
BTR 
Buratah 
CMBury Sctwr 
Charter Cons 
Coots Patani 
Cons GeM 
Courtawlds 
Dotaety 
Oe Baers 
D tanners 
Orletorrteln 
Dun loo 
Flsont 
Free SI Gad 


Close Prte 

5S£ w 700 

Sr N 199 192 

SS!2. £ .^ 12 3/3311 61/64 

Grand Met 29$ an 

Gutnneu 230 -m 

SJiL- 7W 

Honson 719 JIB 

Howker 437 < ]S 

i ci n 844 817 

Idpu 191 jej 

l’S^ BOnk S«* 549 

Lonr ho 179 177 

Lucoi 77, w 

MorkSDMSp 127 123 

Metal Box at 415 

WUdtond EKeW. U9 334 

Nat West Bank 459 £9 

Pllkina ton 38S th. 

P lesser 184 in 

Racal Elect Me 7 S 4 

Ratafuiileln SB7V, 5B4rt 

NOftPt 340 311 

Reed tall 574 LS 

Reuters 32 s jS 

Rorol Dutch C 469/32 4S4* 

RTZ 649 614 

Ire tS % 

Sto Chartered ^4 «7 

Tote and Lvir 460 Ji 

^ 07 224 

Thorn EMI 417 422 

T.I.Gtoup 234 ru 

Trotataor Hse 365 §7 

THF 151 lsy 

UOrornar 2 » 19 s 

UnlMver c 121)29/33 

ihiliea Biscuits 195 lS 

Vickers 22 a 71 t 

W.Deyp S3S 133V, 

WJHokHngs *271% r,.,. 

War Loot 31 % £ 3 * 1 % 

Walworth 596 “$£ 

Kl 19 19 


I metal 
Lafarge Coo 
(jrarana 

1 ‘Oreai 

Moiro 
Mlcheiin 
MM Petwiar 
Moot Hennessy 

Moulinex 

Nord-Est 
OCCfOontole 
Pernod ric. 

■ Potrato* (tse> 
Pettaeot 1 

Pocioln 

Prlntamps 

Rodtalechn 
Redouts 
Roussel Uctaf 
Skb RossianoJ 
Sour terrier 
Telemecan 
Thomson CSF 
Votoo 

Agefl Iadov : ih» 
PraytoM : 19651 
CAClsdei : 1MJI 
Prevtaas : T95 jM 
Source: AFP. 


Ctose 

Prev 


Ctase Prev. 


7* 


22 21 


400 


88 88 

7J9S 


WormoM 

310 31$ 

1821 

797 

67.90 

1955 

1819 

BOO 

6830 

1954 

All Ordbwrlas Index :744A> 
Previous :7S8J0 

Source: Reuters. 


78.90 BO 
693 685 

IIS 713 

253 249 

274.90 27150 
SO 49.90 
iro 187 
257 249 

T SI 1219 

1599 1999 
2010 1915 

490 484 

2395 22M 

454 461 

240 238 


Tokyo 


<85 4S2 

475 471 

UB 870 
630 625 

539 545 

1400 1340 
953 940 

.543 541 

W 1310 
1750 1720 

’S? 

1430 1420 

148 144 


*59 5330 

.25 275 


Singapore 


RT2 

Shell 

STC 

Std Chartered 
Tote and Lvle 
Tosco 
Thorn EMI 
T.I.Gtoup 
Trotataor Hse 
THF 

Uilramar 
UnlMver c 
UnllM Biscuits 
Vickers 


Bowstead 

CaWStoraa* 

DBS 

ProserNeawe 
Haw Par 


wjsoldines 
War Loan 3Vk 
wooheorth 
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1-47 167 

7M 258 
6JK 6.10 
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2.17 104 

263 s c i 

KPOMSMp li* 

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cm 9 -'2 5» 

,JW U3 

SI Tfaoinv 44 a a A - i 

UOB JS 

OUB Index :41U7 
Prevk m t :41x41 
source: Overseas Union Bank. 


145 145 
547 

458 458 
,330 230 
1610 1560 


Source: AFP. 


Stockholm 


Milan 


Canoditm Indexes Jon. 30 


Solution to Previous Puzzle 


Montreal 12 LM 12 2M 

Toronto 2J99.10 1S60JXJ 

Montreal: Stock Esdsmge Industrials Index. 
Toronto: T5E 300 Index. 


Montreal 


96140 Bank Men* 

4700 CIL 
37496 Con Both 
9107 Dank Txt A 
70140 Net Bk Ota 
11510 Power Cora 
4300 Rotund A 
7700 Rodond B 
43417 Ratal Bank 
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INTERNATIONAL HERALD tribune, THURSDAY. JAW I A BY » 1985 


Page 13 



Petformers in traditional costume.! n « 

at the opening ceremonies in Bonrno, Italy. 

Rising Youngsters Pose Main Tlireat 
To Defending Worid Ski Oiamnions 




United Press Intemawnui 
Few of 

defending champions or 19S4 
Olympic winners can expect fur- 
Jer gold medals from the World 
Alpine Championships, which offi 
ciallv hwan 


■ok 


•* •: \>V]> U * 


>r.v^Kri 


333 = sssstess 

OlyLicSS 1 ° Mn “ -MJw.Bttb.ita, 

Ajpme uiampionships, which offiT w *5l2»J a l?* een . her dominance of lions. After a recovery fmmTEnK 

-WM nffSSlSaE 

ing ceremonies. ^ :.TL!T , d ° wnM1 victories, briggen established himselfas /EL 

gssagsa SsusSirS sssAasdS 

■as* fflaaa .sageaS 

«=«n over the next week. come from Guardelli, winner of 

abe is so good because she has seven World Cup races this season, 
no mental blocks." Jean-Pierre 8111 that depends on the Luxem- 
rou rarer, the chief Swiss trainer, hoarg's government satisfying the 
explained after Figini had out- international Ski Federation that 
shone everyone else in the initial Austrian- bora Girarddli is wdl on 
^ oinc °l downhill training ses- the way to being granted Luxem- 
sms. “She doesn’t hold back, she bou TB nationality, 
pocsn’l. think of any of the prob- „ Hess and Sweden’s Ingemar 
Jems — she just skis. Most impor- St enmark have been completely 
she s a genius on skis." overshadowed by the rapid rise of 

i*" 0 "” Jc these new young stare, while the 

surprise winners at Sarajevo are 
also unlikely to repeat their feats 
here. 

Americans Bill Johnson (men’s 
downhill) and Debbie Armstrong 
(women's giant slalom) have yet to 
show good form this season, wide 
Switzerland's Max Julen (men’s gi- 
ant slalom) has one third place as 
ms best result on the World Cud 
arcmL v 

Italian Paoletta Magoni (wom- 
m's slalom) scored her first World 

fvtM ! tv t. ■ 


hppa of Knnm Zdrbriggen and 
Mj chela Figou almost monopolizr 
mg the men's and women’s races 
Luxembourg's Marc Girardelli will 
be the other favorite if he is allowed 
to compete. 

Racing begins Thursday with the 
womens combined downhill 
where 18-year-old Figini, already 
invitmg comparison with ski greats 
of the past, wiU begin an attempt to 
emulate her compatriot Erika Hess, 
who won three golds at the last 


By Sreven Cost 

Hem York Times Strvtce 

NfWyORK. — Jen y Rubin, 
the 1960s activist who put war 
paint on his face and advocated 
revolution and anarchy, is roaming 
the country these days in a b usines s 
suit, praising the pursuit of wealth 
^d free enterprise. To a generation 
that made him a hero, his transfor- 
mation from Yippie to Yuppie flat- 
ly symbolizes the end of that era. 

To those who went in for milder 
rebels, for political theater in the 
stadiums and not the streets, the 
transformation of Joe Namaih 
most seem almost as startling. 

. Once a virtual spokesman for 
b ac bek>rhood and a more notori- 
ous playboy than Hugh Hefner, he 
has been married since November 
and says be is “loving it" Once 
suoi a night owl that cronies knew 
not even to start expecting him at 
nightspots until 1 A.ML, he. now. at 
the age of 41. is up at 6 AM. daily 
togolf or fish near his home in Fort 
Lauderdale, Florida. 

Once somewhat resented in Mid- 
die America for his inflgf as glitzy 
cosmopolitan Broadway Joe, he 
now spends most of the year play- 
ing the straw-hat circuit as a hoofer 
in squeaky-clean musical comedies. 
Perhaps the cro wning touch is 

5*1? **° “gensd Nation- 

al Football League officials about 
15 years ago because of possible 
proximity to gamblers at his night- 
club, Bachelors III, has been hired 
by Gulfstream Park in Hallandale, 
r I on da, as an official spokesman 

|ng him 

m print and television ads, as one 
Gulfstream official puts it, “be- 


After Football: A Married and Mellow Nt 


mg some observers to speculate 
that there was lingering resentment 

£5 irfx ? 1 * 1 S *** fcaefae- 

tore IIL Next August, he will be 
formally inducted, along with three 
other players and. ironically. Com- 
aussioaer Pete Rozefle, who was 
las Namath’s adversary in 
the Bachelors III in cid ent. 

Yeah, that’s pretty funny, gome 
m at the same time as Pete after all 
that happened," says Namaih. “It 
Was “"^““friendly. though, and 
we stiU kid when we run into each 
™ ier - (A friend of Namatb’s adds 
that there is an autographed pic- 
ture of Rozelle hanging in Na- 
math’s apartment, inscribed “For 
you can get one Bowie 

Recalling Lhe Bachelors III epi- 
sode, m which he was forced to reU 

nis interest in the nightclub Na- 


Gul/stream official puts it, “be- 
cause he gives you the feeling of 
good, dean, wholesome fun." 

Last Wednesday, Namaih, who 
ended his career in 1977 with the 
Los Angeles Rams, was finally vot- 
ed into the Pro Football Hall of 
rame. He had not been elected the 
first two years he was eligible, lead- 


math says he "wasn’t really hurt, 
but I learned a lot For the first 
time m my life. I realized that life 

isn t fair. Some people learathat an 

easy way. some leara it a hard way ‘ 
and I got off pretty easy." 

If life is not always fair, it still 
has been pretty good to Namaih. 
He seems thoroughly happy in his 
personal life, his business ventures 
involving clothing and real estate 
are flourishing, and just being Joe 
Namath makes easy money like the 
Gulfstream Part deal fall into his 
lap. 

There are three things, though, 
that do not come easily: Accepting 
the resentment that still lingers 
oyer the Broadway Joe imnp» 
wticn may have delayed his entry 
taken seriously 

", final- 


in to the Hall; being BW1 

in his new career as an actor, nmu- 
ly. and roost painfully, there are the 
knees, battered by his 13 yean as a 
professional quarterback and 
patched up with frequent surgery, 
especially the right one that wfli 
eventually need an artificial joint. 

In his knees, in his memory of 
the past and in his straggle for 
legitimacy in his new career, Joe 
Namath’s scars still show. 


Namath was reluctant at fust to 
talk about Ms ddayed entry into 
the HaD, worried that he would 
sound bitter." 

“I have a tough time talking 
about the whole Hall of Fame 

deal,” he said. “You play the game, 

and then suddenly h’s m someone 

else's hflnric 

“Look at Fran Tarkenton not 
gating in after aB he accomplished. 
Believe me, I can understand what 
he s going through. I guess you just 
have to try and understand that it’s 
up to other people now, that they're 
son of deciding whether to reward 
you. 1 really don’t want to sound 
hke I m complaining. I don’t want 
to come off that way at all. I'm just 
so happy it happened, for my'fa- 
inar. It had to be one of the happi- 
est days of Ms life." 

That Namath was elected this 
year and Tarkemon, who holds 
most of the NFL’s career-passing 
records, was not, raises the issue of 
what Namath's real contribution 
was to the sport, whether he is 
being enshrined as much for sym- 
bolic as for snbsiamiaJ accomplish- 
ments. 

His S427.000 contract with the 
Jets in 1965, a record then, and his 
piloting the team to its renowned 
upset victory over the Baltimore 
Colts in Super Bowl III in 1969 
certainly overshadow his career 
statistics. The Super Bowl victory, 
though, had the dramatic effect of 
lending legitimacy to the American 
Football League and establishing 
the Super Bowl as a gen uine rather 
than one-sided contest. 

Though Namath agrees that Su- 
er Bowl D T - 


Worid Qh^imSiipi in 1982 j.. 

Bird’s Basket at the Buzzer 
Beads Celtics Over Pistons 


The Associated Press 
HARTFORD, Connecticut — 
The play was simply indescribable, 
as Larry Bird himself said. 

"I don’t want to describe the 

~~ KBA focus 

play," he said, “we might have to 
use it again." 

On Tuesday night, the Boston 


know all Detroit’s plays. Still, 
we’ve got to stop them.” 

Elsewhere in the NBA, it was 

L?* Angeles Clip- ra s slalom) scored her first World 
E®*? 4 ’ pucago 103, Kansas City Cup victory in Hronten, West Ger- 
2™ Jerscy ““y* t*" 0 weeks ago, and the sla- 
lom ^idd be the most <»en of the 
Si MUwau ' "FP*® 8 events- It is the one M 
i? 1, 81111 ^ Hess. wfao won a World 
Los Angeles Lakers 122, Portland Cup race 10 months ago, may also 
,UD - have her best chance, along with 

Amftnrnn Tomn M w.v-1 


- • 


. , unvtz ner nest chance, atone with 

CWdcs u^”d,rS^pkC"S *“*“ Juju, 

beat the Detrat Riton/ 131-130 the chance to France s nang Christelle Guignanl 

on Bird’s basket ai thebuzzer. The ^ ^ TTwroras, Detrort errartL and West German Maria 
loss mapped an eight-game Detroit 
winning streak, .one short of the 
team record set in 1970. 


— uavc uic cnance to rrance s I 
wm," Isiah Thomas, Detroit guard, and West 
said. “You never know until the Figini’ 

sa S^, i5 r ovt T” . downhill sjkxuo come from her 

Bird finished with 32pdnts, and compatriots Maria WaHiser and 
mmas topped Detroit with 33. Brigitte Oertli and Elisabeth 

CJlldinB fl Tfl-fnnl llirntw that IfinrvhlAv «*f A -■ « m 


st Geramn Maria Epple. 
'’s main opposition in 
should come from her 


. . luoiuas wppea uetrat with 33. tingitte Oenli and Elisabeth 

.Ivj # *he w inning maneuver began a 20-fool jumper that had Kirchler of Austria, while West 

- with four seconds left as Bird took P. 1 * 0 Pistons a 1 30-129 lead German Marina Kiehl should be a 
a short inbounds pass from Dennis with four seconds to play. Thomas * ’ 


.. :• Rallf 


iuw aewum ia i as nou iook o-. a 

a short inbounds pass from Dennis 'v'th four seconds to _ 

Johnson at halfcoun. Bird drove had 19 assists, 13 in the second 
along the side; cut toward the bas- “JJ 33 Detroit made up a 78-64 
ket, fended off Kent Benson near hajiume defiriL • 
the lane and threw the ball toward Tonight, I felt we had an oppor- 

the hoop from about five feet away, to win the game even though 

u A _ . . . “ere were only a few seconds on 

As yoinxxild teU i got the ball, the dock," Bird said. “As long as 
we won. Bird said. “I was hoping I — .v-t-.H_ .-j , 6 

was going to get it It’s just like we 


top contender in giant slalom. 

1982 world champion Haiti 
Weirather could fail even to make 
the Austrian men's do wnhill ream 
Helmut Hbflehner. with three vic- 
tories this year, and Paer Wiras- 
berger should lead a strong Austri- 

you haw’ihebalTand a'diaouto S^SSfl, c l ! ,al]ni 8 e 



per Bowl III was undoubtedly what 
he will be remembered for, he bris- 
tles slightly at the suggestion that 
that game alone is what won him 
enshrinement. 

“I did a lot of things in 13 years," 
says Namath, who passed for 
27,663 career yards ana became the 
first quarterback ever to throw for 
more than 4.000 yards in a season. 
“That’s a heck of a lot lon g e r i h»m 

one game. I did play in New York, 
and that makes a difference in how 

wdl known you are, but Td like to 
think they’re looking at my whole 
career." 

He still watches the game, 
though he has no official connec- 
tion with the Jets or the NFL 
(Friends say he was peeved when 
the Jets removed mention of the 
SupCT Bowl m victory from their 
stationery several years ago.) 

Namath watched Super Bowl 
XIX and says he enjoyed it. 

of San Francisco 



Joe Nan** and his *ife of three 


“We're D „ 
well,"hesays. 


along just so 
e’re really enjoy- 


ing iL" — * 

Namath's daily routine this win- 
ter, ms off-season from the theatri- 
cal world, is almost Spartan. He 
P* 8 ®ariy to get on his boat, a 32- 
foot Blackfin. Afternoons are for 
golf and the evenings are relatively 
quiet J 

‘‘Down here in Florida, the days 

esoorettv vnii rlrni't 



"It was a case „ — , louvuw 
just not going to be denied," he 
said. “Miami was ahead, and in it 
even in the second half, bui they 
just never got out of the Mocks." 

Namath might be expected to 
t«ent some of the recent rale 
dianges in the sport, which main* 
hfe easier for passers and receivers, 

but he says be thinks they are all for 
the good 

“My wide reed vers might have 
bad an easier time with these 
Hdes,” he says, “but you can’t ar- 
gue (hat they’re not great for the 
sport I scoffed at first, but it’s 
become a lot mere fun for the fans. 
They're playing the best game ever 
now. Hey, of course I like it, I was a 
guy who Weed to pass!” 

Namath was married Nov. 7 to 
Deborah Mays, a 22-year-old for- 
mer model he had been dating for 
about a year and a half. Namath, 
who once lived out the vicarious 
dreams of millions of men, strut- 
ting about with models and starlets 
on each arm, says that married life 
is the greatest. 


night ^ iu on. a ubvcu i oeen 
to a nightclub in I don’t know how 
*°ng- It just doesn’t hold the inter- 
est like it used to." 

The theater season is about to 
begin for Namath, with long en- 
gagements in “The Bells areRing- 
tog” in Atlantic City and “Cactus 
FJowa" in North Carolina. When 
Namath began acting in musicals. 

he was something of a novelty, with 
“fsame somewhat tongue-in- 
ctieck appeal of Ms infamous pan- 
ty-hose commercials a decade ago. 
Now, he says, he wants to be taken 
seriously and considers himself a 
working and hard-working actor. 

Tm getting a lot better," he 
says. At first I don’t know how 
much ability I had. I still get ner- 
vous. I had an opportunity to do a 
new play but I chickened out. I 
rally enjoyed doing The Caine 
Mutiny 1 too, but I like the musicals 
the mosL More fun, more enter- 
“nnng. I guess my favorite role 
was, Sky Masterson in ‘Guys And 
DoUs. We did that aD tier, in 
California, Alabama, a whole lot of 
places." . 

^ Th e Gulfstream Plaik job has not 
been a taxing one. Namath says he 
was probably tapped for the role 
betause “people in Florida like 
me and because Super Bowl IU, 


was played in the Orange 
Bowl He has been out to the track 
^jujm a couple of times" and “really 
isn’t sure how the job came about.” 

“I’m not much of a racegoer" he 
ays, “though I do remember the 
first time I went to the track. It was 
with Coach Bryant on New Year's 
Day 1963." when lie was still at the 
University of Alabama. “Of course. 
I wasn t 21 at the time, and the 
newspapers got hold of that and 
had some fun with iL" 

Namath says he would like to 

keep acting, but be says he does not 

have any other specific goals. The 

question seems to be whether he is 

content to just be Joe Namath, with 
all the privileges the name implies, 
or whether he really wants to pur- 
sue Ms acting career and stake out 
new achievements. While he would 
like to do the latter, he feds entitled 
to the former as wdL The knees 
may make the decision for him, 
because they may eventually make 
it difficult for him to accept certain 
roles. 

ral good day, I can walk 
the golf course," he says, “but not 
too often. They swell up a lot and 
they’re arthritic, especially the right 
one. F1I have to put in an artificial 
joint someday, fa 1977, they told 

me. maybe you can get by for five 

years, maybe you can get 20. 1 don’t 
know.’’ 

He says he win keep acting as 
long as he enjoys iL and that is the 
guiding principle. 

, my hits and worked 

hard, he says. “I worked hard at 
football, so that i could enjoy life. 
Maybe i’m doing things differently 
now, but enjoying mysdf is what 
I m Dying to do." 

That part hasn’t changed at alL 
Now as then, Joe Namaih just 
wants to have fun. 


NBA Standings 


Basketball 


I tel 




..*■ 








EASTERN CONFERENCE 
. Atlantic Division 

w L Pet. GB 

“™° 37 I J22 — 

PMIa dOimUo 35 9 J95 life 

__ Wu&IHmrttm 20 _w uvb 

N«W Jersey 20 U xg l7Vt 

New Yort 17 39 -33d 20M> 

Contra! Division 

Wh * c V J «* 32 14 JM — 

Detroit 27 17 MA 4 

ailcmo 24 21 J33 Th 

ARanta I» 24 A22 12VS 

"““o T4 31 Jll ITKi 

aevolend 13 30 JID 17VS 

WESTERN CONFERENCE 
MM tH Division 

Donv <"' 29 17 JS30 - 

n*'* 1 *" 3S 20 -5M Vh 

DbBb > 24 21 J33 4M 

San Antonio 22 22 -500 6 

Utah 20 24 .435 9 

Kansas atv 15 29 J4I 13 

Pacific DMdn 

LA. Lafcen 37 IS M7* — 

21 25 .457 10 

Saotllo 20 24 X» II 

Portland 19 20 .422 11Vj 

LA. CDnpora 19 27 AI3 12 

Goldon State 10 34 .227 20 

TUESDAY'S RESULTS 
Detroit 29 35 39 B—UO 

Botina 41 37 2* 27—131 

Bird 11-23 «432. Portsh7.il 7-8 21; TOwnas 
T?.»-2a 12-13 33. V Johnson 11-17 5-7 27. RO- 
hooods: DotroH 58 iLobntwor 121; Boston 64 
(McHotenn.AxsMi: Dotrod 281 Thomas 19); 
Boston 24 (Aim 7). 

LA. cuppers 22 25 24 23— 94 

cteveiaod M 25 28 23—1 TO 

Frea 13-21 0-0 2 A Hubbard 6-14 AS II; BrU- 
oamaa 13-24 3-4 3ft Smith 8-19 ftS 34. Ro- 
hoaods: LA. ataaers 55 (Donaldson 10); 
Clcvoland64(Hiitabaiidll}.ABUSli: LA. CUP- 
oors 23 (Nhton 10); Ctevaland 31 (Boo toy 13L 
Kamos CUy HEM 30—97 

CMeam 31 34 20 20—10 

Jordan 11-17 44 2ft Johnson 4-9 5-5 13; 
EJahman 11-16 4-5 2ft Draw 0-11 1-2 17. R*- 
homds: Kamos atv 40 (Thompson ID; CM- 
000041 (5Jo»mon9). Assists: Kansas C tty 26 
fThaos ii); Chicago 23 (Jordan 7). 

Indiana 38 21 22 38-W 

AKaate 38 35 39 33—115 

WRklns 1500 10-10 40, RhMrs M7 M W 
KM logo 7-18 10-M 2ft Ftemlno 10-19 W 2L 
Rohawids; Indian 59 (Kvltoos 13): Aflorrto 
S3 (Lavingtten )1). Assists: indtana 27 (WII- 
Thomas S); Alton* 28 {Johnson ID- 

31 *2 29 38-137 

Urn Antonio 3* V V 30-lJB 

Cenrtn 16-25 15-18 47, MIttMl 11-tS 4* 28; 
Rldnmion 10-16 5-6 M, Birdsong 7-2D 7-8 2i 
Rebounds: New Jersey 40 (WWIamslII* 5«*i 
Antonio 59 (dimers 131. Assists: Nmr Jersw 
31 (Binfsoon, Rktiordsen 4); San Antonio 27 
(Moore 12). 

Phoenix *7 2* 23 

Denver 21 35 32 


Moncrtof 13-234-6 30, Comm (nos 10-ZJ2-42J; 
Johnson 11-16 00 22. Flovd 8-21 34 19. Re- 
boonds: Mlfwaukee 47 (Cummings, Pressey 
8); Golden State 55 (Whllahead 13). Asstsle: 
Milwaukee 24 (Hodges 10); Golden State 20 

(Wilson 6). 

LA. Lakers 35 24 38 35-122 

Port tad 37 39 14 2t— 184 

AbduktoMar 11-15 7-7 29. Wilkes n-u 2-7 
94; M-Thompsan 6-12 12-15 2ft Kersev 8-13 2-7 
18. Rebouods: la. Lakers 45 (Abdut-Jattar- 
13); Portland 49 1 Bowie 13). Aistels: LA. Lak- 
ers 33 (Johnson 13); Portland 23 (Draxler. 
Valentine 7). 

College Results 

Brandeis 92. williams 8ft 
DePaul 56. Princeton 42 
Connecllait ColL 87, MIT 59 
Bucknell 67. Lehigh 61 
VlUanova 7ft Pittsburgh 63 
Vote 6ft MttdMtl tp i 57 
Iona S3. Fardham 47 
Hampton 93, Virginia SL 67 
La Salle 77. Penn 74 
WMtovsn 81. Amherst 74 
Ohio U. 6ft Ball SL 58 
Oklahoma 9ft Colorado 71 
wartburg 82, Grlimell 69 
Texas Christian 4ft Texas Tech 47 
Rockv Mountain 93, Colorado ColL 73 


NHL Standings 


Hockey 


173 193 

174 214 
166 283 


194 

175 

194 

183 


WALES CONFERENCE 
Patrick Division 
... . W L T Pis 3F GA 

Washington 31 13 7 49 214 151 

Philadelphia 38 14 t 62 204 144 

N-Y. Islanders 24 21 3 S 229 201 

N.Y. Rangers 17 23 8 42 

Pittsburgh 18 24 5 41 

. New Jersey 15 28 5 35 

Adams Division 

Montreal 25 15 10 «0 

Buff a*o 22 15 12 54 

Ooehoe 24 19 7 55 

BoMon 23 20 7 53 

Marttard 17 24 5 39 154 200 

CAMPBELL CONFERENCE 
Norris DMsioa 

SL Laois 20 19 9 49 »? 157 

Oilcaoo 22 25 3 47 197 IBS 

Mlfl m>satn 15 25 10 40 I« 204 

15 29 7 37 180 233 

Toronto 10 33 4 26 148 21] 

Smylhe Dhrlston 

Edmonton 36 9 4 7B 259 167 

Cfl taary 25 19 7 57 214 200 

Winnipeg 23 21 5 55 220 225 

Los Angelas 21 20 9 51 228 211 

Vancouver 12 32 7 31 171 371 

TUESDAYS RESULTS 

wasbingtua g t t 1 

oetn>it , ; r; 


Farter 2 (51, Larson (10). Garg (14); Mc- 
Eiwn 15), Duchesne (111, Carpenter (39). 
s ort * OB oanl ; Warttlngtan (an MJcolet} igg. 
u—37; Detroit (on Mason) 12-7-5—24. 


Baseball Players, Owners Agree on Drug Ti 

Rv Mitmti f'Lww.o 1 ; . , . L-' 


M.Y. Istanden t I 2 S 

agjgsaagaa 

' 1 e i_s 

Lom Angeles , , H 

O’etk, (5), Meogher (31. Goon. (17). 

fon Jon e cv, () ne- 
Los Angelas (an Kamppurt, Low) ltw- 

Wkmlneg 3 12 8-4 

louu 8 3 3 rf 

Turnout! 112). Hower c tiufc (321. Picard (?].’ 
^ (JD> - Stoen (21). McBoln ( 4 ); J. 

B ? rr 19), Sutter 2 1251, Fodertu 
(19), GUmaur (M). shots on goal: wtnnineo 
s,,Loui,, “ n H °9wd) 

« 

.**iaersan (27); WlhJi 

BOO,: 6dmon tan (on Ed- 
CMoorv (on Fuhrj T44- 


sSS ®te£5ffi$5S- 

srasion became somewhat heated Giant contracts, but the drugpro- 


By Murray Chass 

New York Times Service 

NEW YORK — Baseball’s labor contracts, but the drag pro- 

R^rweutatxves have taken another gram will take precedence if there is 

step Tuesday toward turning their md ^ I dni 8- ■■ conflict W Players AssodS 

negotiating efforts back to the ba- 22? raerved the right to challenge 

ac agrcemeoL 2SSL# -.iflPS 5 gncd , contracts if Se chibs tiTto 

NttotMtora for the owners and ISd “^^t^^useL 

fjf ^ l“ve not discussed the San Frana^O^Sw thf s TheyplamKxl to meet to discuss 

sSssras 

pfSta&Dsssft ia“p«a«'Sfts 

rort to indude mandatory drag- Clubs, the negotiators agreed. ^ as J h f c ? VDere ’ i^cviaon reve- 
clauses m (heir players' con- would iot 10 ^ 

future contracts as lone as the rfmo P^oa plan. 

If Just about a year ago, the Players 

Association refused to continue 
I TH a i° int dmg program until 

^ ers Ph 7 %£%££ STM 

To 4-4 Tie With North Stars T^ P T^~ 



Bill RosseO 


Transition 


24—109 

49-128 


wmr nan 

English 13-303-1 37, NoH 12-15 1-3 35; Nam* 

W-M3-322, Lucas W3I-3U RBbownW! Phoe- 

to* 43 (Lucas 9j; Denver 4l (cooper 131- **- 
Nits: PhoMl* 20 (Adams 4); Denver 25 (Lo- 
ver 8), 

MitiKurtue 
GtoMea state 


24 27 33 34—188 
H 24 IS 28—1W 


BASEBALL 
American League 

BOSTON- S igned Stove Crawford, pitcher, 
to a on e-year contract. 

DETROIT— Signed Kirk Glbflan. outfielder, 
la a one-year contract. 

KANSAS CITY— Stoned Pat Putnam, first 
baseman.ceidRanteMari!ftpltcaer.andas- 
sloned thorn to Omaha of the American Asso- 
ciation. 

BASKETBALL 

Motioned Basketball Assoctattoe 
NEW JERSEY— Reactivated Wayne Sep- 
pieton. Forw ar d , from the Inturad list. 
FOOTBALL 

Natteaal Football League 
CINCINNATI— Named Bill I Tiger) John- 
son as an assistant coach. 

ST. LOUI^*Named Dick Jamieson offen- 
sive coordinator. 

SEATTLE— Signed Chuck Knox, head coo- 
eh, to 0 new contract. 

United State* Football Leagoe 
ARIZONA— wofved Larry Davis png Bo 
Perry, running backs; Larry Green, defen- 
sfve end; Donnte Hecfcman,kk*er; Joe walk- 
er and Dan Jonas defensive backs; Erick 
Mack, wide receiver; Paul Parker, offensive 
lineman; Metvln Patrick, defensive end. and 
Sieve Thomas, linebacker. 

BIRMINGHAM— Signed Thod McFaflden, 
wide receiver. 

DENVER— Traded Harold Norfleet, offen- 
sive lac Kir, to Memphis tor linebacker Craig 
Wolfe and the rtohls to anomer linebacker, 
waived Chris Gunderten, defensive tackle, 
and James King, offensive lack Ip. 

JACKSONVILLE— Signed Joe Johnson, 
saterv. and a.v. Richards, defensive tackle. 


^wedtomta While, defensive tackle, and 
Brtm Pattenwwunnlne bock. Traded the 

rtghtetat^Turk'eemgr.ond Merck Horn- 
wm. nsUbodc, ta Tampa Bay. 

LOS ANGELES— Waived Jeff Carter, punl- 
ertand Corky ad Marky Alexonder, Ifne- 
baefceri. signed Nell Hope. UneboOcer 

BSEY “ AMulred R,c k Partridge. 
PWterifnxnMmiphhforaniiiidicitKwi ima 
draft choice. ReteaM ™ 

^° sa .? na Ruff, linebockars; Don Cai-" 
bewc Henry Koontz. Mifcg Askew ona Almm 
Pcjtoreon. Vaughn Broadnax and Braxton 

°” ms,ve flngnwii; 
wni! s tav» Jacsaa 

; -ta* Hen- 

^JJ2^defen$lve end. and Monte Jackson, 

Oakland waived Tom McComtHhev 
«d Martrt Font wide rrtto^TSS 
“mnwtnr. ttotit end; Cletnont WHHomisatiH 

- ** -si; 

P^TI^NO-Arewunato the re) ! remem oi 
Johnny Walton, auorterbocfc 
5AN ANTONIO— Waived Lenell Pnea and 

rH* «“<»*«.■ Ellsworth Tunwr. 
Michael camoun and Phillip Monev. augrter- 
baas; Reese Freeman and Tom Vtono.nose 
lackJes; Daniel CJerke and Marcus Ftsher, 
“"terbacke; George Smtthenrmn. guarg; 
Car^ Watson and Jesse Kimbrough, defensive 
IwrtSjAndrew Foils, center; Brian Glasgow, 
Ifehl end; Everert Todd, otto ns.ve eno. and 
aenver Johnson, offensive lackfe. 


HOCKEY 

Natteaal Hockey League 
hJL V ;^ ”° ER ?~-? B , tad UB Todd Lum- 
SfYlmWeto of lhe Amerl- 
Ctm rlockvy League. 

N.Y. RANGERS— Relumed Chris Komaa. 

rt 0* 1 * wtoftio 

„ Noven etttw Amerfcnn Hockey Lissue. 
wlnn ^ ““few. lytt 

mSSTSS?* exctw,e ^ Alaln ^ 

TORONTO— S u spended BUI Stewart, ae- 
tanseman. indeflnffefy. 


NHL FOCUS 


Tennis 


UeS. Pro Indoor 

MEN'S SINGLES 
fat Memphis. Tamnseej 
Seend Roared 

4i. J w! < “ ri ' 1 U ‘ S “ 0etl « 7 - 

ulTftt UJ - fle< - 860 Trtgmwn. 

Laoktoa. U^.deL Juan Aguffera, Spain. 


1 1 Cermn0 ''' WOlIrt FJDOk, 

U h- 6-2, 6- 1 


to bounce back strongly after the 
Edmonton Oilers rained their bid 
fora*"''’ - 

-min *9 Bjmiugmii 21 

the Patrick Division of the Nation 
al Hockey League. They have not 
won in their last three gamt* and 
do not resemble the team that dom- 
inated for so many seasons. 

The Islanders still have some 
outstanding players. The line of 
Mike Bossy, Brem Sutler and John 
Touelli will start in the- All-Star 
game. And Trottier, after overcom- 
ing injuries, has been playing well. 
But the Islanders have shown no 
consistency this season. Their con- 
fidence is at the lowest point in 
several seasons. 

In a start (hat is becoming al- 
most typical, the Islanders, large!-. 


“ WMULSI, a IU-JTGU VCLCT- 

an, who started the comeback. He 

scored his 21st goal and the first for 
the Islanders off former teammate 
Roland Melanson at 9:25 of the 
second period. A few mining; later 
he scored again. 

Duane Sutter made it a one-goal 
deficit in the opening minutes of 
the final period and Tonelli tied 


“V w UJ, 

Valenzuela, Dodgers Find Compromise 


LCS uSBZSteiESSZ 

■M M urn mined tha, bid to finaT p^gT^t'S'^ " a ‘ 

14 efaae after getting the rebound IS* 1118 ^-handed pitcher a * “ 1983, Valenzuela became the 

s “' reooond modest raue that brough, Ms sala,y r™ jH^yc m baseball STwtaY sf 

w?^“™ 0n -SL^ a “™: In «fag3. the NHL, i, l0 “ Kn ™'« 1 «■* million.^ ^ arbitrado^ Arbi.ra.oJ 

was Detroit 4, Washington 3^* St , Val ™ziiela, a former Cy Young nSfa^?i ?? *** 

Touis 6, VmnipegTSSiton 4 Award wmnerrt*o was 12-17 B ^^rS 0,000 : . 

Calgary 2, and IS Angeles 6, New , seasoa 1 ranked second among Dod ^ ers . J ave rdcd 

Jersey 3. ^ ltague leaders in strikeouts, iSS for arbitration: catcher Mike Srios- 

■ <3imrii PomM Cw. r pitched and oonrolete games and firai baseman Greg Brock, and 

tk i ~ e ^ ns t ^ u ^ ,ens * <M1 10th in earaed-nin average, had Scioscia, who 

QnJtif jJf! ajaders - 8 0fll,e > Billy riJal for arbitration last Fnday af- • ma( l e S I^’P5!L last season, is ask- 
Snuth, began a six-game suspen- ter the Dodgers offered him the SSHiS 001 ,be Dodgers' of- 
sion Tuesday. same salary that he was paid in 15 *350.000. Brock, paid 595,000 

Smith, who has been involved in * — Sl.i million. t J seas< ? n ’ 15 ^fdng 5 1 75,000; the 

a number of suck-swinging alierca- But the turn „ , Dodg^ offer is J 125.000. Diaz, 

tions throughout his 13-year career, 5200,000 apart, and afiefv^ w ^° is seeking a 

Mt-JSKS 

ner dunng a game with the Chica- vice nresiHr-mT,.^,. . ,! 


„ . -■■Tr|wiiiiiwiL moil - 

ner dunng a game with the Chica- 
go Black Hawks, on Jan. 13. 


vux president, Tuesday morning, 
they spin ihe difference. 


' fcrrl 


r; lhe ^ SO to a hearing, an 
arbitrator will decide between the 
figures submitted by each side. 


o. 

w 

y- 

T- 

In 

le 






l'J» 5i Q. a 









Page 14 


'Give Bombs a Chance 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JANUARY 31, 1985 


ART BUCHWALD 



WASHINGTON - 1 dropped 

Y t in on. a “Right to Bomb" anti- 
abortion meeting the other night 

The speaker was hol ding several 
sticks of dynamite as headdrcssed 
his small but fervent audience. 

He said, “Now the 
blowing up abortion 
shew the coun- 
try we’re serious 
about saving un- 
born lives.” 

There was 
loud applause. 

“Everyone 
talks about anti- 
abortion, but 
nobody does 
anything about 

“ BodnraM 

Bomb move- 

meat believes that marching and 
silent vigfls are a waste of time, and 
the only way people will listen is if 
we make a food explosion." 

The riudiencr laiighoH 

“Bombing abortion clinics is just 
another way of saying that we re- 
vere human life. We want to make 
our blasts so loud that every con- 
gressman and Supreme Court jus- 
tice will hear them and know the 
‘Right to Bomb’ people mean busi- 
ness." 

Loud applause. 

□ 

“Blowing up bricks and mortar is 
nothing compared to killing mil- 
lions of babies.” the speaker said. 
“Bui if we don’t prove the end 
justifies the means, we have no 
right to call ourselves pro-lifers." 

The speaker continued, “The 
most important thing in blowing 

»p an ahnrtinn clinic is mairing sime 

U. S. Seeks to Preserve 
Wreck of the Monitor 

United Proa International 

WASHINGTON — The Na-‘ 
rinnal Oceanic and Atmospheric 
Administration and the National 
Trust for Historic Preservation 
have announced a joint project to 
raise and preserve the Crvu War 
ironclad ship Monitor. 

The vessel, which went down in 
1862, was found 13years agp off 
North Carolina. The National 
Trust said die project would be 
modeled after the 1961 Swedish re- 
covery of the 1628 warship Wasa, 
and the raising of the 16th-century 
British warship Mary Rose in 1982. 


that your bomb works. Every time 
yon set off a dud, you give aid and 
comfort to the criminals. Now, are 
there any questions so iafT 

A teen-ager got up. *T never 
made a bomb before. How do you 
doit?" 

“After the formal meeting we 
win break up in study groups and 
our instructors will show you. It's 
quite simple once you get the hang 
of it." 

A man raised his hand. "Suppose 
an innocent person gets killed 
when the bomb goes off?" 

The audience booed the ques- 
tion. 

The speaker smiled. “Naturally 
we hope no one gels hurt, but we 
have to expect some casualties 
when we’re doing the Lord’s work.” 

“Amen," we all said. 

□ 

The next question from the floor 
was, “When we build our bombs, 
where do we place them?" 

“Before you leave tonight we will 
give you a list of the abortion clin- 
ics in the neighborhood, and you 
can choose the one most conve- 
nient to your home." 

“Suppose two of us want to blow 
up the same clinic?” 

“All the better. Two bombs are 
better than one." 

More laughter. 

“If we get caught, will the ‘Right 
to Bomb’ movement provide legal 
services?" 

“We certainly will Our lawyers 
are on 24- hour standby and ready 
lo plead each and every one of you 
‘not guilty,’ no matter what the 
charge might be. But our goal is to 
get a law passed legalizing all abor- 
tion clinic bombings. If we can’t get 
it through Congress well work for 
a constitutional amendment" 

□ 

The audience got on its feet and 
broke into song: “All we are saying 
is give bombs a chance.” 

The speaker raised his hand to 
quiet the crowd and said, "Let us 
pray for life." 

We all bowed our heads. 

After the prayer the groups went 
to their assigned bomb instructors 1 
to learn about explosives, fuses and \ 
timing devices. 

As I left to get my coat a man 
said to me, “What did you think of 
the meeting?” 

All I could reply was, “Dyna- 
mite.” 


Book Helps Children Cope 
When Daddy Dons Uniform 


By Thomas L Friedman 

flew York Times Service 

J ERUSALEM — The next 
best seller in Israel may torn 
out to be a 24-page book written 
for small children whose fathers 
are between the ages of 21 and SS. 

The book, “Father Goes to Re- 
serve Duty," tells in Hebrew how 
a young boy deata with his fa- 
ther's going off to the army far his 
annual 30 to 70 days of reserve 
service, known in Hebrew as mi- 
hum. 

The book was written by Ita- 
mar and Shelly Marcus after they 
saw the psychological difficulties 
their scat Yoav and the children 
of many of their friends had in 
coping with the disappearances 
of their fathers. For many Israeli 
children the departure of a father 
for reserve duty — or a war — 
marks the first time they have 
been separated from him for any 
length of time. They are not able 
to understand why he is gone and 
when, or if. he wDl be back. 

Although this event has be- 
come a national childhood trau- 
ma of sorts, Israeli parents have 
never really had serious tools or 
guidelines, other than their own 
imaginations, to deal with the 
emotional strains. Israeli men are 
required to perform reserve duty 
up to the age of SS. 

The Marcuses' book has be- 
come an instant hit. Through the 
boy’s story, it puts into words 
many of the feelings that any 4- 
or 5-year-old has, but is unable to 
express, when his father disap- 
pears into the army. 

Itamar Marcus, 31, a school- 
teacher who immigrated from the 
United States, got the idea for the 
book during the Lebanon inva- 
sion in 1982. 

“During that time Yoav was 
just about 2 years old," he said. “1 
was called up the second day of 
the war. One night Yoav went to 
sleep and I was there and the next 
morning he woke up and 1 was 
gone. He didn’t know where I 
was. and it was difficult to ex- 
plain to a 2-year-old what was 
going on" 

A few days later, Marcus's sis- 
ter gave his wife, Shelly, an eight- 
page Hebrew book. “Father Is a 
Soldier," about a little boy Look- 



Mdio Brx-Am/Tha Nni Yo it Times 

The Marcuses with their sons Yoav, 4, and Bezalel, 1. 


ing for his father who is told by 
everyone that the father will soon 
be home. It contained little more 
than a crisis, 40 words and a hap- 
py Mirimg - 

“T read this book to Yoav,” 
said Mrs. Marcus. “Afterwards, 
he would take the book with him 
and open it up to the middle 
-where the little boy has a crisis 
and say, ‘Boy crying,’ and then he 
would quickly turn to the last 
page and say, ‘Father home.’ He 
did this 20, 30, 40 times a day, the 
whole rime itamar was gone.” 

Yoav also began playing sol- 
dier, Mrs. Marcus said. He would 
don a cowboy hat, take a toy gun 
and march around (be room loss- 
ing everyone goodbye with a very 
sad face. “He would walk out the 
door, and everyone would have to 
say goodbye to him,” said Mrs. 
Marais. “Then he would come 
back, throw his things down and 
say, Tm home.’ Then you had to 
lriiic him and welcome him home 
again. He'd play this game for 
months." 

When Marcus returned, the 
couple decided lo write a book 
that would try to answer every 


question a child between the ages 
of 2 and 5 might have about the 
father's absence. 

They began writing and work- 
ing with an illustrator, and tested 
the drawings and alternative texts 
on Yoav to make sure their points 
were getting through. His com- 
ments were regularly incorporat- 
ed into the book. 

The book has three characters: 
a boy named Yoav and his moth- 
er and father. Its theme is the 
unity of the family; it begins and 
ends with a picture of Yoav hold- 
ing hands with his parents. 

“The most disturbing thing for 
the child is that Father is gone, 
that the unity of the family is 
broken," said Marcus. “The most 
important message of the book is 
Father will be back and the unity 
of the family restored." 

Although there is only a little 
text an «ach page — most chil- 
dren will have the book read to 
them as they follow the pictures 
— the Marcuses spent many 
hours on each sentence. 

The first thing that happens in 
the book is that the father gets a 


letter from the government telling 
him that he has to appear for 
reserve duty on a given date. 

“The message we wanted to 
convey was that the father is not 
deciding to leave his sou because 
he wants to," said Marcus. 
“Someone is making him go. 
Right away the boy asks, 'Do you 
want to leave me and Mom?' The 
father answers, ‘I don't want to 
leave you for a minute, but it is 
very important to go to reserves 
and a great privilege.' The idea 
was to also convey a sense of 
pride.” 

As the day of miluim approach- 
es, the boy is shown helping his 
father get bis gear together — a 
suggestion for parents on how to 
involve their child in the process. 
As for the moment when the fa- 
ther leaves; the Marcuses say they 
went through at least 30 versions 
before deciding on three lines of 
text. 

“The father in the picture is 
very calm," said Marcus. “He 
says to the son, Tm going to miss 
you very much, and I will think 
about you all the time.’ .And the 
boy says, ‘We will miss you also, 
see you later.' I want tbe child to 
know that the father is thinking 
about him. It is not ‘out of sight 
out of urind’ ” 

The book cuts back and forth 
between pictures of the little boy 
at home and drawings of what his 
father is doing in the army, most- 
ly mundane, daily routines. This 
is designed to give the child a 
realistic idea about what happens 
in the army and make it less of a 
mystery. 

At the end of the book, the 
father returns — the Marcuses 
did not want to deal with the 
issue of fathers who do not re- 
turn, since they are relatively few 
in num ber — takes off his uni- 
form and puts it ou a doset shelf. 
This was meant lo convey a sense 
that tbe clothes can come down 
again, but for now they are far 
away. 

The Marcuses published the 
book themselves and obtained 
their own distributor after End- 
ing that local publishers wanted 
to make too many changes and 
charge too much for what was to 
than a labor of love. 

“Tbe day the book came out," 
said Marcus, “Yoav took his copy 
and ran over to show it to the 
neighbors. They asked him who 
wrote it, and he said, ‘Dad and 
Mom and me.’ He really believed 
iL That is the way he felL We did, 
too." 


PEOPLE 

Envoy to Wed Hotelier ^ 

Helene too Oamnu 46. U. S. am- they have barn overtaken by die •; 
bassador to Vienna, has gotten a “Larrys, the 
divorce, and Peter Goertler, 37, awards .Snu* iwon for “The Way 
owner of tbe Sacher Hotel said of the WorkL Ian ^fcKeB® was. ; 
Wednesday that they were plan- named best actor for ^unolnn^... 
ninp to many. Karin Czerny, a Chrisiophw MorataH, too direct- 
spokeswoman for the embassy, ed the tdevtsion senes “The JeweL 
said the ambassador was divorced in the Crown, was named Jxst y 
from her third husband, Byron Jay director for Wild Honey, .my 
Leeds, an American businessman, which McKellen stars. . - - Bui-, 
in the United States earlier this Murray, one of the stop of the film , 
month. The Austrian-born Von “Gbostbusters, andtheanger/^- ;. 
Damm, former assistant for per- tress Cher, a perennial on the; 
sonnel at the White house, was ap- worst-dressed lists, woe named .; 
pointed in 1983. Leeds has re- man and woman of the year by 

‘ ■ 1 •. 1 n — - . fJnnMkwI'p I tnJiNMtitv'l! Hflctv PruLr. 


turned to the United States, Czerny Harvard’s University's Hasty Pud- 
said . . Lee lacocca, chairman ding Theat ri cals, the United Sla--- 
of Chrysler Corp„ is reportedly en- tes’s oldest dramatic organization^ 


gaged, but a wedding may pot be 
imminent During a vacation in 
Palm Springs, California, lacocca 
asked Peggy Johnson to marry him. 


a vacation in More than 400 prints from Jobs' 
oroia, lacocca Audubon's s Binis of Amen- 

no many him, ^ garnered $1.7 miffibn . ' 


Johnson told the New York Daily during a two-day a ucti o n at Soth- 
News. “Yes. it’s true. Lee gave me New York, coinciding with 

the ring in Palm Springs and we are ^ 200 th anniversary of Audu- 
now engaged." she was quoted as birth. The top price was 

saying. laccoca told the Detroit j^soo, for “Great Blue Heron," 
Free Press: “I gave the girt a nng a Sotheby’s spokesman, Mat- 
but marriage is not in the offing. Weinman. “The Birds of 

We'll see. I don't know if rm ready. America" series was engraved in 
I've set no mamage date. The 5 *,^ England between 
Free Press quota! mends of la- 1827 and 1839, culminating a quar- 


Am erica" series was engraved in 
Scotland and England, between 
1 827 and 1 839, culminating aquar- 


cocca as saying that Johnson was ^-century of work by Audubon.- - - 
33 and r^l lacocc^ 60 dimng ^ toured the United ' ' 

work on the Statue of Liberty-EIlis Stales ^ its territories to record : - 
Island Centennial Commissi era, the bird species in their native hahi- 
TOich he heads lacocca s wde, ^Between 175 and 200 sets were -y- 
Mary, died in 1983. He has two MTOVfi j 

daughters, Lia, 20. and KatM, engravea - : 

25. . . . Shari Tbeismann, es- u 

(ranged wife of the Washington Rick Afien, drummer of the Def 
Redskins quarterback, Joe Thds- Leppard rode group, who lost his • 


° Af 

Rick Afien, drummer of the Def 
Leppard rode group, who lost his 


mnnn jgyj she hud no inkling i ha t left arm in an automobile accident ■ 
their marriage was over until their in late December, has left a haspi-- 
accountant told her last year. “I tal in Sheffield, England, and said 


accountant told her last year, l 
thought I was having money prob- 
lems," she told The Washington 
Post. “I went to our accountant. In 


he hopes to play again with tbe 
band. Allen, 21, said a special 
drumming kit had been mmfe for 


essence, he told me 1 was getting a him. The hospital said the musicia n 
divorce.” The Theismanns married made a faster recovery than expect- 
in 1970. He has been dating the ed. An attempt to reattach his arm 
actress Cathy Lee Crosby, who re- did not succeed, 
cently said he had asked her to □ 

marr ^ The Estooian conductor Eli 

□ Kb«. 45. has ‘aimed a twn-vear erm- 


Maggie Smith received the 
award Tor best actress and the 
American actor Chariton Heston 
presented the award for best musi- 
cal to Clare Leach for tbe Broad- 
way import “42nd Street" at the 
annual awards presentation by the 
Evening S tandar d newspaper in 
London. The Standard's awards 


The Estooian conductor Eli 
Klas, 45, has signed a two-year con- 
tract with tbe Royal Swedish Op- 
era, according to his Swedish agent 
Klas will double as conductor at 
the Swedish Opera wtrik remaining 
conductor of the Estonian Theater 
in T allinn, the opera house of die 
Soviet Republic of Estonia: 

• D * 
Jack Lemmon will be the host of 


would 


hadonan^ 

cent iacrei^ 


which nidis- 


Eamoimst-' 


were once considered the British this year’s Academy Awards 
theater’s most important, though broadcast March 25. 


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