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Zimbabwe’s Charter 


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a By Sheila Rule The paly’s leader, the Reverend 

‘ '/few York Tunes Service N rtfthanmgi Sithole, is in sdf-iin- 

HARAXE Zimbabwe — Tic posed exile ro London, and the gm'- 
ity of Prime Minister Robert emmenl here has charged him with 
wrah e has jraaed an overwhelm- subversive acts. 
g victory inZimbabwe’s first gen- Bishop Abel T. Muzqrewa, who 

gjfrtmri imice inAygndt>ww« jn was the head of an interim gtrvem- 


‘ i^virtogrin? 


ibabwe’s first gen- 


I980, and Mr. Mugabe i n di c ated n*ent that transferred control from 
that be would move to turn this the white minority to the blade ma- 
ifgiiti- pgrtv democracy into a one^ jority.lost his seallo a member of 
party stale. . the governing party by an over- 

\Vb. Mfogabe’s party won 63 of whelming vole, 
the 80 seals reserved for blacks in Over ell, 76. percent of the ap- 

the IQfrmerabcr Parhamem. proxhnatdy three million votes 


. ~ - 'iiciiA, Saturday mat he saw the victory as toe goyenunj 

1 -sr. j mandate -to dismantle Zrrnba- amt in the 


' 'fit 

1 


jbfr. prime . minister indicated cast in the black election went to 
Monday dial he saw the victory as the governing party; it won 62 per- 

elections. 


bite’s British-drafted constitution. Nkomo’s party received IS percent, 
wbiduvas to have remained in down from 24 percent in 1980. 


By Don Obcrdorfcr statement Friday. “If it indicates a 

Washington Post Service sincere deSlTC Otl the part of the 

HONG KONG — Vietnam has government of Vietnam to move 
informed a U.S. mili tary iwtm of forward more rapidly than in the 
plans to turn over the remains of 26 past to resolve this longstanding 
missing U.S. servicemen and has issue, which has ca u sed so much 
iriaffp. a “commitment" to provide a anguish to the families of (he miss- 
full accounting for all missing ing me n, we would of course wcl- 
Americans within two years, U.S. come that very much.** it added 
State Department officials said that the United Stares was “ex- 
here Sunday. inanely grateful" to Mr. Mokbtar 

The officials, who are traveling for his efforts to help, 
with Secretary of Stale George P. The remains of the 26 Ameri- 
Shultz on a lour of Southeast Asa cans, whose names were provided 
and the Pacific, said the Vietnam- ft) the U.S. team last week, are 


place >mtil J990, in order to form a Mr. Mugabe said there were 
oatparty stale. - many objectionable features, to the 

He m o he also planned to scrap British-drafted constitution, agreed 
a DTCwiriottof the charter thmeu&r- to in late 1979 at peace talks after a 

amecd 20 seats to the nation's seven-y^^rt&vrai 
nihtii* wwnrwr ity. IS of which were He specifically died a regulation 
won by the party erf Ian D. Smit h y providing that no major changes in 
the last prime minister of the na- die system of government could 
tum when it was known as Rhode- take place before 1987 without 
an. unanimous parliamentary approv- 

He «rid that provision “must go al, calling such a stricture “intoler- 
and go almost immediately,*’ mam- able." 

faimng that it gave the wnites rep- Britain had not wanted the gov- 
reaaitatton far oat of proportion to (Contiuned on Pttge 5, CoL 4) 


peace talks after a 
6a wai. 

died a regulation 


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nc f. 

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■ 4'jJ!*. Kir.r.i-.i 

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twining (hat it gave the whites rep- 
resartarion far out of proportion to 
their population of about 100,000 


OPEC Fails to Adopt Ofl Price Strategy 

Sobrato, the IikU m esi a o oil mnnster and president of die - strategy to end the slide in oil prices despite tentative 
Organizatiai of Petroleum Ccwntries, announced Sunday in agreement on a flexible plan to curb production. He said that 
Vienna that ministers of the 13 countries had failed to adopt a the ministers would meet a gain July 22 in Geneva. Page 13. 


• their population of about 100,000 
in this nation of eight mfflion peo- 
ple- 

Mr. Mngabe said tbai his party’s 
victory was it “mandate" to implo- 
ment its Socialist policies and mat 
there would be a “much more 
meaningful thrust" in that direc- 
tion. 

The party of Joshua Nkomo, Mr. 


cse plans suggested "good inten- expected to be turned over within 
lions" to move more rapidly to- si* 10 eight weeks, officials said, 
ward resolving the problem of U.S. The next of kin will be notified and 
servicemen missing in action. They the names released only after the 
said that the issue has been an ob- remains are positively identified at 
stacle to normalization of U.S- a UB. laboratory in Hawaii. 1 1 will 
-V ietnamese relations. he the largest such turnover since 

Stale Department officials dis- the end of the war. 
dosed Friday in Washington Some of the names provided by 

Vietnam h«<t earlier proposed di- Hanot are of Americans known to 
lees, high-level c with the Unit- have been prisoners of war at some 
ed States on the issue. point in die conflict, but who did 

The officials said the not return, the officials said, 

from Vietnam was passed framtne A senior State Department offi- 
Vietnamese ambassador in Jakarta cial accompanying Mr. Shultz said 
to the Ind onesian foreign minister , it could be possible for Vietnam to 


; Hitler Diary Trial: An Unsolved Whodunit Czechs Hail 

Catholicism 


By James M. Markham 

Sew fork Tima Service 

HAMBURG — In the last 10 
months, 37 witnesses and experts at 


Mugabe s polmcal^rrval, won ay ^ Ktler diaries trial Sre lent 

iiSs3Ss*K» 




T H AS Ci 

‘•V. aX 


strating (hat he had electoral sup- Josef Meogele's son is report- 
! port m an areas of the country. edh seffingfflm and book rights 

gabe’s drive to unite the nation un- trial here have been left unsatisfied, 
der “one political umbrella,” as he as if they had read an daborate 
calls it, will have to struggle with whodunit without an ending, 
bitter ethnic and political rivalries. Jt snot only that Dietrich Klein, 

The 63 seats won by Mr. Mn- die cool, even-toned prosecutor, 
gabe’s governing Zimbabwe Am- mm to establish w hat imp- 
can National Union-Patriotic pe^ed t© 93 million Deut^e 
Front were two fewer than he had (about $3.75 anffion) that’ 

hoped to grin but tix nm than the ihe Hambmg weekly Stern is said 
majority party previously hdd in m have given to one of its reporters, 
uiel^islalmt Gerd Heidmianii, to secure the bo- who go 

The party had been expected to gus diaries. The trial has also raised i ^wo ii 
win at feast one other seat, but the the question; Who really defrauded panion 



The Hitler diaries 
trial has raised ihe 
question: Who 
really defrauded 
whom? 



At Festival 


Mochtar Kusumaatmadja, who 
forwarded it to Mr. Shultz last 
week. It expressed Vietnamese will- 
ingness to begin talks aimed ai re- 
solving the issue in the next two 
years, the officials said. 

No response will be made until 
Mr. Shultz discusses the proposal 


provide an acceptable accounting 
within two years bat that "it would 
take a lot of work." 

He said meetings would soon be 
convened in Washington to com- 
pile a US. work program of crash 
ate exploration and other activities 
to present to the Vietnamese in 


with members of the Association of connection with their commitment 


Southeast Asian Nations during his 
trip to the region, the officials said. 
ASEAN opens a formal meeting 
next week in Kuala Lumpur. 


Konrad Kigali 


GerdHadenum 


the unglamorous job of diaries that were published by his rawfrfcmhmt- 


Fdith l ir- Nan g , the com- Stem two years ago. _ _ ^ 

win at feast one other seat, but the die question: Who really defrauded panion of Konrad Kujau, a Stutt- It was an un d e mandi ng assign- that courtroom," Mr. Konig said sion for the pope to take part in the 
death of its candidate caused the whom? gait dealer in Nazi memorabiKa ment that gave Mr. Konig time to recently, “I look at those two men celebrations, 

postponement of the election in Dieter Konig is a jovial lawyer who has confessed to forging the ponder Mr. Kigali, 46, and Mr. arid think that 6 million Deutsche The crowd at the event booed a 


“Every day when I come into 


n r\ -lr. AJCrtJ'l UDCU» a IWU. 

By David Storey next week in Kuala Lui 
Peutm “We are studying this 

VELEHRAD, Czechoslovakia the state Department 
— In one of the biggest church 

festivals in Czechoslovakia since 

the Communist takeover in 1948, 
an estimated 100,000 Caiholics re- j . -» • 

affirmed Sunday the popular /Vf £>T'l/Y / P ( 

strength of the chinch in Czeeho- -*■ " « 

Slovakia despite decades of oppres- -*• 

Chants <rf “Let the pope come!” Bombs, Un 
and “Long live the pope!" marked 
the open-air celebration of the By William Bi 
1,100th anniversary of Si. Mrtho- wotkagion Pool 

dins, who. brouriit C hristiani ty to KATMANDU, N 
the Slavs and is beheved to be bur- series of terrorist boa 

kd in tins Moravian village. Com- shattered the 
nnttrist authorities refused pet mis- malavan Irinedcun as 


to resolve the issue within two 
years. 

Paul D. Wolfowitz, the assistant 
secretary of state for East Asian 
and Pacific affairs, who is traveling 
(Continued on Page 2, CoL 7) 


Nepal’s Paradise Lost 

Bombs, Unrest Aimed at Monarch 


Nrr-: V535 
■ v K “- r *- 


. . • Ji--? aacaica iwo gov 

.. , V in the process. 

But his cmadi 

iL.i ] 


that constituency. 

Mr. Nkoamfs Zimbabwe African 
People’s Union hdd onto all con- 
tested seats on Matabcleland, 
which covers the southern and 
western parts of the country, and 
defeated two government ministers 


and think that 6 mOEon Deutsche The crowd ai the event booed a 
marks are unaccounted for. But we local Communist official who im- 


-"i 


But his candidates lost in five 
other areas that had formerly been 
represented by his party. Mr. Nko- 
mo's party is the largest of the five 
opposition parties. 

The Zimbabwe African National 
Union, a minority party that main- 
tains a separate identity from Mr. 
Mugabe’s party, narrowly won me 
seat 


Allies Shun 
Call Against 
Lebanon 



^ sjj(v A far York Tones Service 

- A I A WASHINGTON — The United 

.Jr States has failed to win any firm 
hacking so far in its effort to enlist 
international support for closing 
down Beirut International Airport 
on the ground that it is a haven for 
terrorists, officials in the Reagan 
administration said. 

The American plan has pro- 
L ::S -■*. voted a wave of protest in the And) 

“ 1 ,,, 5 world and, on Friday, a delegation 
'■ ’[g said to represent all Arab countries 
a - wked the Sate Department to re- 
consider the action. The Lebanese 
■ government, in a Seller to the Unit- 
ed Nations secretaiy-gpteraL «id 
(he plan was ‘■'out of proportion" to 
the harm done by the hijacking, 
i ~i ■ Some State Department officials 
f ' ' . said the plan to “isolate" the air- 

."- -i-: . port, wumacd July I, had ban 

' A - r ..-. 'i poshed through by the White 
" . House to show that the United 

Stales was going to late action in 
, . J retafiaiion w the hijaddog itf a 
Trans World Airlines jet The 39 
ren aming passengers and crew 
hwn the plane were freed June 30. 

‘The silence is deafening.'’ a 
Stale Department official said 
about the response from the West 
European awes, whose support 
_ , -,1 would be crucial for the U.S. plan 
.' ; * tobedfective. 

Lebanon, meanwhile, called Sat- 


— * , r* 

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- ' “ 1 tfi. 





Boris Bedrer kissing his tnqpby Sunday after the 6-3, 6- 
7, 7-6, 6-4 defeat of Kevin Currea that made him, at 17, 
Wimbledon's youngest singles champion. Page 19. 


INSIDE 

■ Prhae Minister Bettioo Craxi 
is viewed as a potential five- 
year leader for Italy. Page 2. 

■ More U& fannera than ex- 
pected received loans this year, 
but their worries remainPage 3. 

■ Merit raises for government 

workers in China are bring 
planned. Page 5.- 

BUSINESS/FINANCE 

■ The National Association of 
Purchasing Management said 
U JS. industry continued to be in 
.a slump in June. Page 13. 

■ There is growing concern in 
Tokyo that Japan mid the Unit- 
ed Stales may be headed for a 
showdown on trade. Page 13. 

PERSONAL INVESTING 

■ A weakening dollar and a 

moribund US. economy have 
generated renewed investor in- 
terest in European-stock mutu- 
al foods. Page 7. 

TOMORROW 

The UJS. Supreme Court, which 
last year seemed to take a sharp 
aim to the right, turned tins 
year toward a more centrist po- 
sition. 


still don’t know which one of them plied it was a 
has the money." rather than a i 

After 94 sessions, testimony in Cardinal A* 
the trial ended the last wed: of June Vatican secret: 


plied it was a gathering for peace 
rather than a religious ceremony. 

Cardinal Agostino Casaroli, tire 
Vatican secretary of state, presided 


with final summations by the pros- over tire VeJeferad festivities. At the 
edition and defense attorneys. A same time, in St. PetePs Square m 
pand of three judges is expected to Rome, Pope John PanJ ll was idl- 
pnmounce its verdict on Monday, “fi Cathotics to be spiritually uirit- 

om*a In a se™ 00 m the grounds of 

VriehrarTs baroauc basifica, Cardi- 
eanang 540,000 a ye^ at Stem, is naj CasaroU told Ms listeners they 

fLfe 1 were the heire of SL Methodius. 


ChrerSland 


tridng 5523 ,333 for forging tfa 62 ^ 

notebooks. he was ‘'present in spirit" in Vdeh- 

Mr. Klein has suggested that Mr. rad. 

Hcidemarm ended up witii tire big- The pope, who issued an encydi- 


gest share of the Stern 
which is one reason he dec 
sevm-year jail sentence fa 
missed journalist. 

The proseoitor sugges 
s« yems in^rircn would t 


uey, cal, or papal letter, on the theme of 
cd a St. Methodius and Ms brother SL 
dis- Cyril last week, said their teachings 
remained alive today. In the encyc- 
that heal the pontiff prayed that the 
pro- people of Eastern Europe would be 
unhindered in their Taith. 

^ Most of those present Sunday 
vi- were from Slovakia, where Catholic 


pnate tor Mr. Kjjjsu. unmnaereo m mar iann 

Mr. Hrideanazm, who has said Mret of those pr^ent Sunday 
that he had been duped by Mr. ^^Slova^^CaMc 
Kqau, did not strengthen his case are stroug^ t. Chu rch 


by malting available tapes erf his 
tdqrfione conversations vrith hini. f? Czcch^ovaks have 
It turned out that he had erased u«d Quhohc. 
those sections erf the tapes in which There a ^creel,poh« 

money matters were discussed. presence, manomg pian 
t ficers who stood by qu 

In summaimn, Remtotrd Damn, The celebration was < 
an attorney for Mr ^demam, slrenglhcn Cardinal 
said the prosecution had made his hand in talks Monday w 
client M tbe scapegoat" id a proceed- whkh 

(Coatumed ob Page 2, CoL 1) religious activities. 


ficers who stood by quietly. 

The celebration was expected to 
strengthen Cardinal Casaroli’s 
band in talks Monday with the gov- 
ernment. which severely restricts 
religious activities. 


By William Branigin 

IVaskiBgtat Past Service 

KATMANDU, Nerad — A 
series Of terrorist bombings that 
shattered the image of this Hi- 
malayan lri ngd nn i as a Shangri- 
la has added a new dimension 
to weeks of political agitation 
against the government and 
highlighted opposition among 
some Nepalese to tire 00000/5 
royal family, according to 
Western and Nepalese sources. 

The bombings last month, 
the first such terrorist attacks 
here, came as a shock, in a coun- 
try renowned as a tranquil, tol- 
erant melting pot of Eastern re- 
ligions and autures. 

Seven persons were ItiDed 
and more than 20 wounded in 
the bombings over a three-day 
period in Katmandu and three 
other cities. Two anti-monar- 
chist Nepalese exile groups 
based in India have claimed re- 
sponsibility far the bombs in 
the capital. 

The explosions damaged two 
gates of the royal palace, an 
entrance to the Rashtriya Pan- 
chayat, or National Assembly, 
and the lobby of a luxury hold. 

The government has declined 
to comment on the daims, but a 
palace spokesman said that tire 
bombings were “directed at the 
crown” and characterized the 
perpetrators as “a very small 
lunatic fringe, which is against 
the monarchy." 

Tire monarchy is believed to 
enjoy widespread support in 
this nation of 16 million people, 
the world's only Hindu king- 
dom. King Birendra is revered 
by many of his subjects as an 
incarnation erf tire Hindu deity 
Vishnu. 


JBul lately, according to resi- 
dents, there have been signs of 
mounting public dissatisfaction 
with members of the 39-year- 
old king's family. There have 
been signs of opposition, as 
wdl, to the coumiy’s ban on 
political parties and unions and 
frustration over the govern- 
ment’s handling of serious eco- 
nomic problems. 

Among the most acute prob- 
lems, Western and Nepalese 
sources say, are rampant offi- 
cial corruption and the spread 
of heroin addiction among 
youth. The problems are con- 
sidered to be related. Social 
workers say tire complicity of 
high-ranking officials has 
hoped turn Katmandu into a 
transit point for international 
heroin trafficking. 

While the government has 
tended to dismiss tire drug 
problem as one limited to for- 
eign young people attracted by 
Nepal’s plentiful supply of 
hashish, soda] workers estimate 
that 10,000 to 12,000 of Kat- 
mandu’s 300,000 inhabitants, 
99 percent of whom are Nepa- 
lese, are heroin users. In 1978 
tire number of addicts was esti- 
mated at SO. 

In a recent newsletter pub- 
lished here, the Reverend 
Thomas Gafney, an American 
Jesuit missionary who runs Ne- 
pal's only treatment center for 
drug addiction, said the abusers 
of hard drugs indude students, 
military and police personnel, 
pilots and airline employees, 
and children of rich and poor 

alike. 

He said that merchants, dip- 
lomats, professionals and “peo- 
(Conthmed on Page 5, CoL 1) 


it''-' ~ 


Nr?* 


Fatal Shot, Criminal Charges End Brothers’ Climb to Success 


Bv M.A. Farber 196G&, the Perrys seemed to have and sweatshirt, was scoutmg tor car 

Nn York Times Service eluded the worW of dropouts rad tflieves. ^ 

NEW YORK — Until the night unentoloymeat, of blighted build- On Wednesday, a grand jury said 

of June 12, when he lay dying out- mgs and rampant drugs and cfaron- 

Mnminroide Part tc crime. UMfccted him on charges of assault 


seemed to have and sweatshirt, was scouting for car haps, they say, 
of dropouts and thieves. in some fashk 

[ blighted build- On Wednesday, a grand jury said confrontation. 


Edmund was newly graduated and attempted robbery. The grand leagues in tbe25tb Frecmct in Har- Witnesses found by the pobce, center for narcotics trafficking, 

^ l from Ruffins Exeter Academy in jury alwsaid the police officer had lem, was amaikred no mrae likely who tire pafice say suppottthe offi- with murders erf heroin dealers. But 

offi» Ifo u^not ^ SS H^^u? wS wSSWa certs account of bong attacked, that problem, at least along this 

dido 1 than he, sunimw^kal the^vKlLeet m, _ L - . , , , -- have not spoken out publicly or small stretch of homes, the police 

ptrty seemed bound for a <kstiny , . Kidder Pea- The Perrys Seemed to have eluded the world been namalBeeanse of his condi- say, seems to have diminished since 

farreow^frcmtoMMS^ . tiou, no statement was taken from thJ mid.l970s. 

oLtah. fan for Stanford Uni vanity in Cali- of Unemployment, OI blitted buildings and Edmund before be died. Jonah, At Wadlcigh Junior High 

k For oraise.** Ed- fonria, where he had talked Of go- _ . , who initially nufacated thrt he School, the Perry bays came under 

itten tt£5™ui be- tag f« yeai^ Jonah, a iM4™du- rampant drags and chronic mine. or fetaws eh«b- 


haps, they say, Edmond was bahed still fragmentary. They are based Imps, a block of weD-maintained 
in some fashion or pushed into a almost entirely on information pro- buddings that were renovated in 
confrontation. vided by law-enforcement sources the late 1970s. 

But Mr. Van Hon ten, according or other people close to Mr. Van For many wars, according to the 
to police officials and his col- Houten. police, the block was considered a 

leagues mtte26ti)Prednct in Har- Witnesses found by the police, raster fra narcotics trafficking, 


roundto^Tso. it seared, was his bodv A Ca^d was beaded ti* 
l^yearSd brother, Jonah. fafl forSranford IMva^mCahr 

ST look for praise,- Ed- forma, where he had 




... t foreign ministers as part of its ef- 
’i tat to counter the steps to isolate 
- •% Iheauptnt. 

An annouucemeut by Fuad 
•' <j Tort, ihe undersecretary of foreign 
F attains, said President Amin Ge- 
I may el and Prime Minister Rashid 
* ,{ Kaiam had instrwied him to re- 
flvi quest the meeting , under the aus- 


!£?. in -V fc *. IM comity in 


PrP'S l 5r™w disbelief a «li « shod, mi 

bAghtaiW^nin.fc* 

"few 3sSSw 

“s™ Sssasw 

Tv police said Edmund was jomed Veromra Perrv, the youths’ 


to engage in racism or 
than Edmond and J 


been named Because of Ms condi- say, seems to have diminished since 
tioa, no statement was taken from the mid-1970s. 

Edmund tefore he died. Jonah. At Wadleigh Junior High 
who initially uuheated that he School, the Peny boys came under 
would cooperate with the police, ^ # fiduoaid E Plum- 

took the advice of his lawyer to mer, the sdiool coordinator for a 
remam ateiL national program called A Better 

^They were beautiful children. Chance, or ^CThcprivatdy op- 


said Mildred Ferrer, who tesev- proKrail n 

— -|»T flf l - a I lia irtrwl . . ■ . ~ 


The privatdy op- 
founded in 1963 


l- were thought hkdy to engage m oral doors away from the thud- ^ JsistMce from the federal 


: a police; was received last month Untfl he fired the three shots ment “Everybody.” Sheila Wright, for ^roUmcni 

trf ‘with disbelief as wdl as sheet not f ram Iris J8-caliber rerolver on* another neighbor, added, “looked v—Jgf th* cauntrv's most sdi 

in only in the black community in June 12, Mr. Van Houten had up to Jonah and Edmund, they 

si- New York but also 00 the Exeter never used his weapon outside were models for the other kids." .. ^ ^ 

m- campus in New Hampshire. practice in two years on the police In 1974, Mrs. Perry separated , ™* Humma wrote ABC that 

a<! Sane Wade noBtical and zdi- force. He holds one c om me n da tiim from her husband and moved back fonah. the president onus dass at 


i 1»rl0*rS 


: nS • A' P»» of the Arab League, as soon 
• 88 posable. Mr. ^ Turk saud Lebanon 

(Cn^ued 00 Page 2, CoL 2) 


Van Houten was known as an even- 

handed and level-headed, if rela- 
tively inexperienced, officer. 

With the hdp of dedicated teach- 


for diasmg and apprehending a to ibe block on West 114th Street, Wadleigh, was “a wiBmg workra 


who strug^es hard to overcome 6b- 
siades.” In the fall of 1980, ABC 


revered, and shot vrffiebe andjmotto peiron ^,mcha^iig 


as and a motfier they revered, and ssra^enc^oa^i«*« 
with benefits derived laigdy from were beating and try ing to rob Mr 
dT frights movemeSt of the Van Houten, who, dressed m jeans 


by Mr. Van Houten, .who. is 


about ind- person with a gun, aid apparently off theeasiOTedgeofMomingside who singes ftard to ovnoome Oh; 
ality, have no. charges have ever been filed Park, where she had grown Up. sucres. In the fall of 1980, ABC 
the youths’ against him with the Qvflian Com- In an area where burned-rail and P” 1 *® J°uah at the Westminster 
t the shoot- plaint Review Board. boarded-up tenements predomi- “ a semi-roral suburb erf 

ten, who. is The facts of what happened on paia, it is an unusual block of 36 H 4 ™ 0 ™* wh 0 * he was one of 


Iem area where bSned^Tand J™* M . lhe WesmuMW 
boarded-up tenemeim predomi. “ a semi-rasl suburb rf 



white, was racially motivated. Per- June 12, let alone the reasons, are federally owned, five-story wal- {Continued on Page 3, CoL 1) 


Edmond Perry. 





Page 2 


Stable Trend May Keep Craxi in Office 


By Henry Tanner 

International Herald Tribune 

ROME — The possibility that 
Bettino Craxi may become the first 
postwar prime minister to serve a 
full five-year legislative period is 
being discussed more seriously by 
Italian politicians and foreign ob- 
servers. 

The dynamics of party politics 
appear to confirm that likelihood. 

As tradition demands, Mr. Craxi 
offered his government's resigns - 

NEWS ANALYSIS 

tion Thursday to Francesco Cos- 
siga, the newly elected bead of 
state. Mr. Cossiga rejected the offer 
because there has been no serious 
challenge to the government. 

Moreover, die five parlies in the 
government's coalition decided 
against a major cabinet shakeup. A 
few posts may change hands, but 
the party balance within ihe gov- 
ernment is expected to remain basi- 
cally unchanged. 

The five parties — Christian 
Democrats, Socialists, Liberals, 
Republicans and Social Democrats 
— feared that an attempt to alter 
the government's balance would 
touch off 3 crisis that they might 
not be able to control, and their 
foremost interest now is continuity. 

Mr. Craxi, a Socialist, therefore 
is certain to complete his second 
full year in office next month. 

If he remains in office until No- 
vember, which also now appears 
likely, he will become the longest- 
serving prime minister in the histo- 
ry of the Italian republic. Aldo 


More, who served two years and 
three months before he was mur- 
dered by the Red Brigades in 1978, 
still holds the record. 

In another effort to maintain 
continuity, the five government 
parties agreed last week to back 
Amintore Fanfani, a veteran Chris- 
tian Democrat, to succeed Mr. Cos* 
siga as president of the Senate. Mr. 
Cossiga is also a Christian Demo- 
crat. 

Ciriaco De Mi La. secretary of the 
Christian Democrats, had made a 
strong appeal in Mr. Fanfani’ s fa- 
vor to his allies in the government, 
including Mr. Craxi. After a few 
days of hesitation they ail agreed as 
they had no valid candidates of 
their own. 

The opposition Communists, 
who already have the presidency or 
the lower chamber, and the neo- 
Fascists also have agreed to accept 
Mr. Fanfani. 

The election of the Senate presi- 
dent Tuesday will be a replay of the 
swift, frictio'n-free election of the 
president. It also will be a triumph 
for Mr. De Mila, who has used his 
party's power and his negotiating 
skills to avoid a political fight 

But the coming months will not 
be entirety peacefuL 

Agreement within Mr. Craxi’s 
cabinet does not extend to basic 
economic policy, an area in which 
the prime minister has promised lo 
work out a comprehensive new pro- 
gram. 

The most crucial economic issues 
are also highly political for Italy’s 
inflation and unemployment are 
both unacceptably high- Both were 
singled out as' key problems 



CotraPmt 

Bettino Craxi 

Wednesday by Mr. Cosaga in his 
inaugural address and last week by 
the Organization for Economic Co- 
operation and Develop meal in its 
annual report on Italy. 

On another frost, the govern- 
ment parties continue to haggle 
over the composition of local gov- 
ernments in most of the country’s 
targe cities, including Rome, Mi- 
lan, Turin, Florence and Venice. 

Until recently, most of these cit- 
ies were ruled by a left-of-center 
coalition in which the Co mmunis ts 
and Socialists were the main part- 
ners, even though the two parties 
were fighting each other at the na- 
tional leveL 

The Christian Democrats, under 
Mr. De Mila, have been pressing 
Mr. Craxi to dissolve the local co- 
alitions. They have asked that they 


be replaced either by an alliance of 
the Christian Democrats and the 
Socialists or of all five parties rep- 
resented in the national govern- 
ment. 

The party expects Mr. Craxi to 
make that move to repay Mr. de 
Miia for backing him as prime min- 
ister. 

When the Communists lost 
heavily in the May 12 municipal 
and regional elections, it was be- 
lieved that the five governing par- 
ties would swiftly create their own 
local coalitions, excluding the 
Communists in cities where they 
had been key members of the local 
government. But negotiations have 
been dragging on in nearly every 
city. 

The political mood nonetheless 
is one of unusual tranquility, and 
the prospects for long-range stabil- 
ity are seen as better than in many 
years. 

The major newspapers have 
commented in editorials that the 
leading parties lack either the de- 
sire or the power to provoke a gov- 
ernment crisis. 

Mr. De Mita has said the Chris- 
tian Democrats are not in a hurry 
to reclaim the pr ime minister’s seat 
and are willing to go along with Mr. 
Craxi for the time being. 

The Communists, still Italy's 
second most powerful party, are 
ticking their wounds after two de- 
feats, one in the regional and mu- 
nicipal elections and the other in 
the recent referendum on reform- 
ing the wage system. Preoccupied 
with an internal debate on future 
policy, they are not expected to 
make a major move soon. 



WORLD BRIEFS i 

Sudan to Try Nimeiri in Absentia 

KHARTOUM, Sudan (UPI) — Gaafar Nimeiri, deposed as president 
of Sudan in a military coup in April, will be tried in absentia for 
corruption and treason, the official Sudan News Agency said Sunday. 

The agency quoted Prime Minister Gazouli Dafaa Allah, a dvffian 
appointed by the military government, as saying Sudan would formally 
reguest General Nimeiri s return from Egypt within a few days, and 
would try him in absentia if Egypt refused the extradition. President 
Hosm Mubarak of Egypt has already said he would not send General 
Nimeiri back to Sudan. 

Mr. Mubarak said his government did not recognize the 1902 extradi- 
tion treaty between the two countries made while both were under British 
rule, and that returning General Nimeiri to Sudan would violate Egypt’s 
constitution. 

ASEAN to Start Cambodia Initiative 'i 

BANGKOK (WP) — The non-Communist nations of Southeast Aria 
will begin a new initiative aimed at starting negotiations on a political 
settlement of the war in Cambodia when a six-nation conference begins 
Monday in Kuala Lumpur, Asian diplomatic sources said. 

pri . r - ■ .r iL. A ArAki adirm nf CmirKoorl leian XJnfwwn 


\ " rTt* , 

.%,• i 


: 1 . v- • • 

V'" 


UNDER THE HORN — Two men try to shield them- 
selves from injury Sunday, first day of the annual 
running of the bulls in the streets of Pamplona, Spain. 
Two Spaniards were gored and suffered leg injuries. 


Mengele’s Son Selling TV, Book Rights, Sources Say 


By James M. Markham 

,Vi> York Times Service 

TRABEN-TRARBACH. West 
Germany — Josef Mengele’s son 
has preserved copyrights to many 
of his father’s papers and is negoti- 
ating to sell them for almost 
5500.000, according to sources 
close to the son. 

Rolf Mengeie, the 4I-year-old 
son of the Nazi war criminal last 
month gave a Munich-based week- 
ly magazine about 30 pounds (13.5 
kilos) of diaries, documents, and 
photographs chronicling his fa- 
ther's life in South America after 
World War II. 

Ihe editors of the magazine. 
Bunte. said that any profits from 
reselling its serialized account of 
Dr. Mengele's life would be given 
to survivors of the Auschwitz death 
camp where the Nazi doctor per- 
formed medical experiments on 
prisoners. 

Although Bunte has magazine 
rights to the material Mr. Mengeie 
has kept the potentially lucrative 
book, film and television rights to 
the documents and photos, accord- 
ing to sources in Munich. 

According to a source close to 
Mr. Mengeie, a communications 
company has offered somewhat 
less than $500,000 for the package. 


The informant declined to name 
the company, but said that negotia- 
tions were close to completion in 
Frankfurt. 

Announcing last month that 
Bunte had access to the material 
Norbert Sakowskl deputy editor in 
chief of the magazine, portrayed 
the Mr. Mengeie as being moved by 
his conscience to remove the bur- 
den of the story of his father’s life. 
The editor said that Mr. Mengeie 
had made the documents available 
without asking for remuneration. 

“His motive.'’ the editor said in 
an interview, “was that he was bur- 
dened by the heritage of his father. 
He felt that if all of the details were 
published someday, or very soon, it 
would be all over. 

Others who have spoken with 
Mr. Mengeie say he has been seek- 
ing to parlay the Mengeie papers 
into a best-selling book and movie. 
Herbert Bauermrisier, a free-lance 
journalist from West Berlin, had 
reportedly been collaborating with 
him on a possible book project 

Mr. Mengeie, an attorney, has 
largely disappeared from public 
view since Bunte announced June 
14 that it had some Mengeie pa- 
pers. 

Several people who have dealt 
with Mr. Mengeie at Bunte say that 


his attitude toward his father re- 
mains profoundly ambivalent a 
mixture of lingering filial loyalty 
and honor at accounts of his fa- 
ther’s crimes. Mr. Mengeie has told 
Bunte that he met his father only 
twice in his lifetime, the last time in 
Brazil in 1977. 

At that time; according to a 
Bunte source, Mr. Mengeie asked 
his father about his role in selecting 
prisoners for the Auschwitz gas 
chambers and performing experi- 
ments on others. 

The father is said to have denied 
that he conducted experiments on 
living prisoners but acknowledged 
to his son that he chose many 
doomed to die. 

In a West German television in- 
terview last mouth, Mr. Mengeie 
reflected his apparent ambivalence 
toward his father by speaking sev- 
eral times of what be. called “the 
accusations” a gains t Dr. Mengeie; 
be later spoke of “these accusa- 
tions, these facts.” 

In order to secure the rights to 
the diary material Mr. Mengeie 
had to reach an agreement with 
Martha Mengeie. his father's sec- 
ond wife, who lives in Merano, Ita- 
ly, and who has a joint legal claim 
to Josef Mengele’s legacy. 

Mr. Sakowskl the Bunte editor. 


Diary Trial: An Unsolved Whodunit 


(Continued from Page 1) surrounded acquisition and publi- 
ing that had “dements of a show cation of the diaries, 
trial.” “Do you really believe, Mr. 

But the lawyer, at least in the Klein,” Mr. Groeaewold asked the 
judgment of German journalists prosecutor in his summation, “that 
covering the trial did not manage Kujau would have written these di- 
to refocus the guilt elsewhere. ones and that Kujau would have 
A more intriguing line of defense been offered so much money and 
has been pursued by Kurt pressured so much if Gruner & 
Groeaewold. Mr. Kujau’s attorney. Jahr had been a wine company or a 
Mr. Groenewold contended that scientific publishing house?” 
Gruner & Jahr, the owners of Answerine his own Question, he 


He did not accuse Mr. Fischer 
and senior Stem editors of being 
aware that the diaries were fabrica- 
tions. Rather, he contended, the 
issue of authenticity did not matter. 

Heiner Bremer, an editor at 
Stem, in response, said: “We know 
that we made embarrassing mis- 
takes, but to conclude that this was 
a plot is just dumb ” 

Mr. Heidemann has had regrets. 
He reminisced recently about his 


StST m WSbkfoT the he He reminisced recently about his 

? J ,u e - n T X) . .v to r me continued: “The truth ts that the for Menade. the 

s^ly^aittSroted2[a£^ £d? ta Sl^r^^TwlS 

profits ^ro^^repubUratiw rights was a reporter for Stem. 

and even humanize the image of stem, with its chunks of gold and “I met with Rudel in Paraguay," 


its spreading around of money, he recalled, referring to Hans-Ul- 


darious and ideological. The law- c^uid be sold as sensational.” 
yer has not been thwarted rnpursu- _ , ... 

mg it by Hans-Ulrich Schroeder, Jauw droicted a meeting 

the chief judge at the triaL The on Jan. 27, 1981, between Mr. Hn- 
magistrate has at times expressed demann, Manfred rischer, the 
incredulity and disgust at the legal chairman of Gruner & Jahr, and 


and journalistic 


Engine Out, 747 
Lands in Sydney 

The Associated Press 

SYDNEY — A Canadian Pacif- 
ic jumbo jet with 326 people on 
board made an emergency landing 
Sunday at Sydney International 


The lawyer depicted a meeting 

on Jan. 27.1 981, between Mr. He? ye&xs esAer ‘ 1 d “ fa 1 believe 
detnann, Manfred Fischer, the mnL 

chairman of Gruner & Jahr, and Now that Mengele’s death has 
three other company employees as been authenticated, what did Mr. 
the beginning of a plot to secure Heidemann think about the Men- 


bogus copyrights for the diaries gde diaries now being serialized by 
and that guaranteed that Stern the Munich magazine Bunte? “I 
would not discover they were forg- have no doubt they are authentic,” 
cries. he said, smiling weakly. 


said he was not aware of any at- 
tempt by Rolf Mengeie to exploit 
the material. 

“Frankly, I don’t care what he is 
doing,” Mr. Sakowski said. “We 
have finished our series and we 
have finished our dealings with 

him " 

A third article in wtuu Mr. Sa- 
kowsiri said is to be a five-part 
Mengeie series appeared in Bunte 
last week. Mr. Sakowski said the 
next two had already been written. 

Mr. Sakowski denied rumors 
that Mr. Mengeie had been paid a 
large fee for working with Bunte on 
the articles. He said Mr. Mengele's 
hotel costs in Munich had been 
covered. 

Mr. Sakowski said that Bur da 
GmbH, the publishing company 
that owns Bunte, had not deter- 
mined which Jewish organization 
should distribute the company’s 
profits From the series. . ,~ 

■ Forensic Team's Report 

A Brazilian forensic team says in 
its final report that a skeleton bur- 
ied in a cemetery near Sao Paulo is 
most likely Dr. Mengele’s, The As- 
sociated Press reported from Sao 
Paulo. 

The report, filed Saturday by the 


Popeto Write 
Weekly Column 
For Newspapers 

Reuters 

LONDON — Pope John 
Paul 11 is to become a syndicat- 
ed newspaper columnist, it was 
announced Sunday. 

Rupert Murdoch, the Austra- 
lian publisher, has signed up the 
pope to write a weekly column 
for hundreds of newspapers 
around the world, according to 
Arthur Brittenden, a Murdoch 
spokesman. He did not say 
when the column would start. 

“I don’t know if he is going to 
be paid,” Mr. Brittenden said. 
“If he is. I would imagine it 
would be in the form of a con- 
tribution to church funds.” 

Mr. Brittenden said be 
doubted that the pope's column 
would be heavily edited by Mr. 
Murdoch’s editors or the other 
papers that buy it. “I think it 
win be of such enormous value 
that people will want the origi- 
nal thing, word for word," be 
said. 


seven- member team, concluded 
that “the sum of the coincidences 
verified in the anthropological ex- 
amination indicate that it is highly 
probable that the exhumed skele- 
ton is that of Josef Mengeie.” 

Romeu Tuma, (he Brazilian fed- 
eral police chief, was scheduled to 
fly Sunday to West Germany with 
two of the skeleton’s teeth, three 
hand bones and some hair so that 
experts there could recheck the fo- 
rensic conclusions against data of 
their own. 

Police believe Dr. Mengeie died 
Feb. 7, 1979, while swimming at 
Bertioga Beach, about 47 miles (76 
kilometers) from Sao Paulo. 

According to testimony from 
witnesses. Dr. Mengele’s body was 
buried the next day under the name 
of Wolfgang Gerhard in the town 
of Embu, 17 miles from SSo Paula 

Police said Wolfram and Lisc- 
lotte Bossert an Austrian-born 
couple who sheltered Dr. Mengeie 
under an assumed mime from 1975 
until his drowning, would be ar- 
raigned Monday on two criminal 
counts, one far harboring a person 
who is using a false identity and the 
other for using false identification 
documents. 

Each charge carries a sentence of 
one to five years. 


Socialists End 
Election Feud 
In France 


Allies Shun Call Against Beirut Airport 


(Continued from Page 1) 


-Airport The airport has been with- would ask the Arab ministers for 
out fire fighting services for a week their support 


because of a strike. 


two Lebanese air carriers — Mid- 
dle East Airlines, the national car- 
rier, and Trans-Mediterranean Air- 
ways, a cargo line — had been 


been consulting 


tain Syrian support in efforts to 
free seven Americans who have dis- 
appeared in Lebanon in the last 16 
months. President Ronald Reagan 
telephoned President Hafez al-As- 


Th^ 7,17 pnmiir f™ Vmm.. l — — ~s 7il c canceiea ana inai an American car- leiepncneu rresiaem naiez ai-As- 

t rim would be barrel from using sadof Syria tawc* to (hank him 

in uneventful hnrlino with one nn ^ on ? t0 the Beirut airport A senior State for the key role Svria played in the 

ST. 1 pmUadC ^ t Department Sfidal said that [be release of He 39' hostaas and to 

Ranged aitema^Tstandby fire United States would uy » per- mew tistequesi Syrians 

fighting services after the pilot re- H?3d!ta7£S had been Wpjn^tof.eelhe , e m mu ng 

quested fire cover, officials said. completely responsive to Leba- 
rirefighters seeking a shorter, aon’s position and that as fonts be 


u T7-, . u a suade other nations to deny land- help in efforts t 

ing rights to the Lebanese and to Americans. 

i prohibit their own airlines from go- The Washin 

non s position and that as far as he & & 


release of the 39 hostages and to 
renew his request that me Syrians 
help in efforts to free the remaining 


Post reported 


38-hour week and inoeasod man- T.ufT 1 , ,,, .hut ™ ^ds ? Urn, Assnd reiond- 

rang levels say the strike will go ported the American proposals for scfaed ' *** neg2ti wly 'to bong told what to 

national unless their demand? an* mnenean piupo^ fui ^ed airlineflia to Beirut now. ex- do. But the State Department dh- 


national unless their demands are 
meL The dispute has severely cur- 
tailed flights in and Out of Sydney. 


a bovcniL * uled airline flies to Beirut now. ex- do. But the State Department db- 

Thp I c,,r« «iti that all “P l for Middlc ^ Airlines. It Died the account. Edward P. Djere- 

n; "V* ^ Tf .rj flies frequently to Cyprus and to jian, a spokesman, said: “We have 

flights to the l rated States by the points in Europe and the Middle reason to believe that Syria is mak- 

- — — ■ 1 East- ing an effort to play a positive role 


MANAGEMENT SCHOOLS 
SEMINARS A CONFERENCES 

= ROME-BASED BRANCH OF THE 

ASPEN INSTITUTE 
FOR HUMANISTIC STUDIES 

announces a seminar an; 

U.S.A.: past, present and future . 

October 6-10, 1985. Casfetgandalfo {Rome}, Holy. 

An opportuity for Manor European corporation executives to understand Ihe cufturo, 
nydiotogr, panics, economy aid foragn poScy of ihe United States at «d as its 
Mure ratafias with Southern Europe: 

Limited to 20 partidparts an ihn bads of oontribUioiH. 

For m / bnnrfwa please contact; AtpOfl butHvfO Italia 
3, Via Barbiraiv 60 187 Ran*. 

Tel-: 06/ 4741974/ 4757457. Telex: 625344 A5FS4 1 — ■ 


The United States also wanted a in securing the release of the seven 
secondary boycott under which American hostages in Lebanon.’’ 
countries that allowed flights from .. , . . . 

Beirut to land at their airfields r ? ca 


Mr. Djerejian also denied recent 


IA4JUI IU UIUU *44. UfMl U4I1IWW _ _ __ . - .. 'i . . , , . i 

would find that their airlines would F es V5 > 3& S? rt!?* 0 
be barred elsewhere, including the 

United States. behaved Iran bad been hdp- 

The lack of support from allies release of the 

and the hostility toward the move ^ 0sLa S es - 
in Arab countries have raised new In Beirut, an anonymous caller, 
problems for the administration, saying he spoke for the shadowy 
which has been trying to take ad- group known as Islamic Jihad, told 
vantage of the hijacking drama to 6 foreign news agency that the 
galvanize world opinion and obtain group rejected any attempts tjy 
action a gains t terrorists and those Syria to secure the release of seven 
who harbor them. Americans. The caller said the 


It has also come at a time when Americans would be killed if there 
the administration is trying to ob- »as pressure to have them freed. 


PARIS — The Socialist Party 
agreed Sunday on the distribution 
of candidates among its factions 
for the parliamentary elections in 
March after bargaining overnight, 
party officials said. 

Opinion polls have suggested 
that dx Socialists will lose their 
parliamentary majority. In a sign 
that they expect heavy losses, the 
candidacies were distributed on the 
assumption that the Socialists wQ] 
keep only 169 of the 285 seats they 
bold in Ihe 491 -seat assembly. 

The assembly elections will be 
held under proportional represen- 
tation for Lhe first time since 1956. 

Party leaders said that they had 
resolved a dispute over who will 
lead the party into elections. 

Political analysts said the argu- 
ment was mainly over whether to 
maintain a relationship with the 
Communist Party, which quit the 
government a year ago, or to go 
into the election alone and shut 
toward the center. 

Lionel Jospin, the party leader, 
who wants to retain bnks with the 
Communists, said after a meeting 
of the party executive oa Saturday 
that be was no longer m disagree- 
ment with Prime Minister Laurent 
Fabius, who is more centrist 

They have agreed, Mr. Jospin 
said, to chair jointly the party's 
opening campaign meeting in No- 
vember. Mr. Jospin had threatened 
to resign if the rest of the party 
leadership did not bade Mm fully. 

Under the election plan, Jospin 
supporters will have 81 candidates; 
followers of former Prime Minister 
Pierre Mauroy, who is considered 
dose to the Jospin faction, will 
have 29. Supporters of Michel Ro- 
canl, a former agriculture minister 
and a centrist, wS put up 27 candi- 
dates 

A poll published Saturday by a 
conservative weekly, Figaro- Maga- 
zine, found Mr. Rocard the most 
popular Socialist leader, with a 54 
percent favorable rating, compared 
to 47 percent for Mr. Fabius and 25 
percent for Mr. Jospin. 


Blast Destroys Corgfcan ViDa 

Reuters 

AJACCIO, Corsica — A bomb 
destroyed a villa here Saturday, de-. 
spite a truce against bombings an- 
nounced last week by Corrican sep- 
aratists, police said. 


U.S., Soviet 
Broaden Use 
Of Hot Line 


New York Times Service ' 

WASHINGTON — Adminis- 
tration o fficials have provided de- 
tails of an “understanding” signed 
last month by the United States 
and the Soviet Union in which the 
two countries agreed to consult by 
way of the Moscow- Washington 
hot line in case of a nuclear explo- 
sion or a threat by a third party. 

The purpose of the measure, the 
officials said Friday, is to prevent a 
war from starting becanse of a mis- 
understanding. It elaborates on a 
1971 Soviet-U.S. agreement on 
measures for reducing the risk of 
nuclear war. 

According to UJ5. officials, both 
sides decided that, with the spread 
of nudear technology, it was even 
more important to prevent the fol- 
lowing from happening: 

A third party, whether a nation 
or terrorist group, detonates or 
threatens to detonate a nuclear de- 
vice. In the confusion, Mosoow or 
Washington, thinking the other is 
responsible, launches a nudear at- 
tack against the other. 

This accord was separate from 
the Geneva negotiations on strate- 
gic and medium-range nuclear 
arms and on preventing the spread 
of an arms race into arace, officials 
said. Those arms talks have made 
virtually no progress since they 
were resumed m March. 

The negotiations for this new 
“common understanding" took 
place at a meeting of the Soviel- 
American Standing Consultative 
Commission, a group set up be- 
cause of the 1972 strategic arms 
agreements. The co mmiss ion meets 
in secret to discuss ways of improv- 
ing or correcting existing arms-con- 
trol accords. 

In a break from tradition, the 
two sides issued a statement in Ge- 
neva June 14 revealing some of the 
results of their work, tat it was 
largely unnoticed by the press. 

Ambassador Richard H. HHs, 
the chief U.S. member of the com- 
mission, issued a statement saying: 
“The United States and the Soviet 
Union entered into the agreement 
on measures in 1971 with the mutu- 
al objectives of helping to avert the 
outbreak of nuclear war and 
strengthening international peace 
and security. 

At a news conference Wednes- 
day in Geneva, several U.S. sena- 
tors, who were observing the arms 
control negotiations, pointed to the 
“unders tanding ” as an indication 
that tta tworiaes were aware of the 
problems that might arise from ter- 
rorists having nudear weapons. 

This led to some press reports 
that the United Stales and the Sovi- 
et Union had agreed on "joint ac- 
tum” if terrorists threatened to use 
unclear weapons. 

But administration officials said 
Friday there was no agreement on 
joint action except immediate con- 
sultations through the hot line. 


Catholic Priests 
Drop in Numbers 

United Press International 

VATICAN CITY — The num- 
ber of Roman Catholic priests is 
continuing to 'diminish worldwide, 
but new priests have been ordained 
in mcreastng numbers since 1979, a 
Vatican study shows. 

The study, released Saturday 
and covering the years 1973 to 
1983, showed a drop in the overall 
number of priests, from 433,089 in 
1973 to 406376 in 1983. However, 
there were 63,795 men studyin g for 
the priesthood in 1973, compared 
to 77,044 in 1983. 

Most of the overall decline was 
due to deaths, with 7,259 priests 
dying in 1973 and 7325 in 1983. In 
1973, a total of 3.790 priests left the 
priesthood, compared with 1 358 in 
1983. 


iitan r esistance groups on one side and die Vietnamese and their cL*eni 
government in Phnom Penh cm the other. ] 

The ASEAN initiative will highlight a new round of activity on the 
ramt^vtian issue aimed essentially at demonstrating the association's 
flexibility, diplomats said. They acknowledged that no negotiations on 
die six-year conflict, let alone a solution, were in sight. 

Miners Withdraw From British Union 

MANSFIELD, England ( AP) — Nottinghamshire’s miners have with- 
drawn from the National Union of Mineworkers in protest against union j 

rule changes that make Arthur ScargiU president until age 65. ] 

Mr. ScargtQ, 47, led the union in a year-long strike over mine closures ; 
that aided with no settlement last March. 

The 28.000 miners in the union in Nottinghamshire, where mines were 
not threatened by closure, worked throughout the strike. The district's 
union leaders voted Saturday, 228-20. to withdraw from the national 
union. In a statement from his headquarters in Sheffield, Mr. ScargiU 
d escri bed the Nottinghamshire move as “astonishing" and a breach of \ 
union roles. 

2d Submarine to Join Air-India Hunt 

CORK, Ireland (AP) — A second robot submarine was readied 
Sunday to join the search for the flight recorders aboard an Air-lndia 
fli gh t that crashed into the sea off Ireland two weeks ago with 329 people 
aboard. 

A submarine that last week spotted parts of the Boeing 747*5 fuselage 
believed to contain the flight recorders was picking up continuous signals 
from the recorders’ beacons, according to a spokesman for the British 
communications company Cable and Wireless. 

He said the submarine still had not precisely fixed the point from which 
the signals were coming, and that the second' robot craft would conmme 
the "search. Officials hope the recorders can determine the cause of the 
June 14 crash, in which sabotage is suspected. 

Irish Protestant March Ends Quietly 

PORTADOWN, Northern Ireland (Reuters) — More than 1,000 
soldiers and police were in force Sunday during a Protestant parade 
through a Roman Catholic neighborhood, and the march ended quietly 
despite brief scuffles. .... , , 

Three people were arrested after 50 demonstrators tried to block the 
march by lymg in the road. The hardline Orange Order warned that it 
would parade along the same route next weekend in defiance da police ^ , 

^Police originally had barred the 2,000 marchers from entering the tiny 
fath/dic enclave m Portadown, which is overwhelmingly Protestant. But 
in a compromise criticized by Irish nationalists, police said the parade 
could continue if marchers agreed to avoided the area next wee kend , 

. when the principal Orange Day parades take place. The order stages the 
parades to celebrate the victory of King William of Orange, a Protestant 
over King James IL a Catholic, at the Battle of the Boyne in 1690. 

Sofia Frees Turk in Papal Plot Trial 

ISTANBUL (Reuters) — Bdrir Celenk, a Turk accused by Italian 
prosecutors of conspiring in the attempted assassination of Pope John 




the confusion, Mosoow or P* 0 * !L has been detained by Turkish police on arrival from Sofia, 
gum, liwniring the other is Mr. Celenk is among five Tories and three Bulgarians being tried in 
ible, l»nn rbr* a nuclear at- Rome 011 charges of involvement in the 1981 attack. One of four 
rinst the other. defendants being tried in absentia, Mr. Cdenk was taken to police 

accord was separate from beadquartcrsSamrday night in Istanbul for questioning, 
leva negotiations on strata- ^ tta Bulgarian news agmey carried a statement saying that Mr. 

d medium-range nuclear Cdenk was allowed lo leave Bulgaria after an investigation by the 
id on preventing the spread Bulgarian authorities found no “proofs of any participation by Celenk in 
ms race into roace, officials ^ attempt on the pope.” 
nose arms talks have made 

^ British Airways, Alia Flights Aborted 

■v yrtiati/mc for this ne w BREST, France (AP) — A Boeing 747 of the Jordanian airline Aha 

on understanding” took ma ^ c an unscheduled landing Saturday at a military airport in Brittany 

t a muring of the Soviet- a bomb threat, a government official reported. 

in Standing Consultative 011 Friday, a British Airways Boeing 737 on a flight from London to 

ssion, a group set up be- Malaga. Spain, made an emergency landing in Dinard in Brittany after 

if the 1972 st rategic arms ^ airline's office received a threatening phone call 

aits. The commission meets The official said the Alia jet l anded at an airport in Landivisiau after a 

t to discuss ways of improv- threatening^ was nxdvedmFrankJ^ Pc^ in Reimes reported that 

meeting existing arms-con- *be 201 passengers and 21 crew members were evacuated and that a 

onls. British security team searched the plane and found nothing. 

break from tradition, the 

Mexican Police Clash With Rightists 

of thrir work, tat it was HERMOSILLO, Mexico (AFP) — Ten people were slightly injured 
unnoticed by ihe press. Sunday in the town of Agua Priela as police dashed with members of a 
issador Richard H. Ellis, rightist opposition party Wore an election in the northwestern state of 
f U.S. member of the com- Sonora. 

, issued a statement saying: The injuries occurred Friday night when police forcibly evicted mem- 

mted States and the Soviet bers of the National Action Party from the local electoral commission 
entered into the agreement building. Party nrititants had taken overdection offices there and in other 
tures in 1971 with themutu- towns in Sonora to dramatize their demands for the opening of more polls 
tives of helping to avert the and the allocation of additional offices to their party, 
ak of nuclear war and The army removed party members from a building in the town of 
tening international peace HermosiEo. 1,100 miles f 1,800 kilometers) northwest of Mexico Qty.bot f 
urity. no usuries were reported. Sonora is one of seven states scheduled to eket 

news conference Wednes- governors Monday. 

Geneva, several 133. sena- 

to were observing tire arms For tUC ReCOrd 
negotiations, pointed to the 

landing” as an indication Libya and Morocco set up a joint le gislatur e this weekend, with 
tworiaes were aware of the advisory powers only, under a treaty of union signed in August. (Heaters) 


Hanoi to Return MIA Bodies 


(Continued from Page 1) 
with Mr. Shultz, said in W ashing , 
ton last week that it mi gh t be possi- 
ble to station a U.S. technical team 
on POW-MIA issues in Hanot con- 
tinuously for the foreseeable future 
if Vietnamese cooperation on the 
matter improves “significantly." 

Small U.S. technical teams of 
five or six persons, headed by a 
U.S. Army lieutenant colonel have 
been visiting Ho Chi Minh Gty — 
formerly Saigon ■ — six times a year 
to discuss the 1375 U.S. service- 
men not accounted lor in Vietnam, 
There are 1,089 VS servicemen 
listed as mism| in action or pris- 
oners of war m other parts of 
Southeast Asia. 

State Department officials con- 
ceded that She fullest possible ac- 
counting" — the effiaal U.S. ob- 
jective — would fall far short of the. 
2,464 total. A huge number of ser- 
vicemen disappeared in circum- 
stances suggesting that their re- 
mains will never be found, the 
officials said. 

The senior official who spoke to 
reporters Sunday in Hong Kong 
did not role oat a senn-permanem 
mission to Hanoi, saying that the 
need Tor tins would depend on 
what the Vietnamese were pre- 
pared to do. Officials noted that 


Vietnam had previously made 
promises of intensified cooperation 
that were not fulfilled. 

The official said the United 
Stales was prepared to undertake 
“high level talks" to explore Viet- 
nam's two-year commitment after 
compiling a work program in 
Washington. He said five previous 
rounds of talks have beat bdd on 
the issue with Hanoi tinne October 
1982. 

In addition to the missing m ac- 
tion whose remains have not been 
accounted for, Washington has re- 
fused to foreclose the possibility 
that some Americans are still in 
Indochina as prisoners. While there 
is no dear proof dial Americans 
are being l™, officials said, it 
would be inespcnsWeto role this 
out given various reports of fight- 
ings of persons believed be Ameri- 
cans over the years. Vietnam. has 
stated that there are no U3. ser- 
vicemea still in Indochina. 

Resolution of the POW-MIA is- 
sue would not bring about normal- 
ization of Uil.-Vjetnamese rela- 
tions so long as the Vietnamese 
occupation of Cambodia ■ possts, 
reporters were told. Nonsthdos, 
an official added, “getting this -is-' 
sue behind ns would remove an 
obstacle to aonnslizauon. n 


ir : . - — . 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


Page 3 




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American topics 


YeflowstonePark: 


; ' After the .Grant adcaimstra- 
•'tiflo and congress founded Yd- 
iowstone National Pari in Wyo- 
ming and;- Idaho in 1872, the 

n$3y throughout ^ihe* United 
Sw'm and around the world. Bat 
enviramimtalists now say that 
ihe YeQowstcceidea was not 
ambitious awugkThe Washing- 
ton Rtft reports.. 

“Congress saved about two 
naffiou acres [800,000 hectaresJT 
says Bob Andeeson of the Great- 
er Yellowstone Coalition, a 
union of 40 envizonmental 
^^ewhote ecosys- 

calnmt, ext^^more Jwn°Er 

miffion acres.” : 

Naturafists say that because of 
human encroachments, only 
Owe; complete ecosystems on 
earth are stiD largely intact: the 
Arctic, the Antarctic and Yel- 
lowstone. Environmentalists 
bane been working for yean to 
wintegal protection for the en- 
tire ecosystem, with little soc- 


Bm they nave acquired a cou- 
ple of powerful allies: Robert D. 
Barbee, the Yellowstone Park su- 
perintendent, who says the pre- 
sent boundaries “do not encom- 
pass a complete ecological unit," 
and even more significantly, WS1- 
liam Perm Mott, who ran the' 
California mot; system under 
Governor Ronald. Reagan and 
has just been named by Mr. Rea- 
gan as chief of the National Park 
Sendee. 

On a recent visit to Yellow- 
stone, Mr. Mott said he would 
work hard “ to create a legal buff- 
er zone around the park that rep- 
resents the entire ecosystem." 


Short Takes 

The Environmental Protection 
Agency has modified its formula- 
for measuring automobile fuel 
efficiency. Agency officials said 
this probably would bring all 
U.S. manufacturers into co mp fe- 
ance with the law. This is expect- 


ed to save General Motors and 
Ford more than $200 mHlinn in 
fines they might otherwise have 
paid because the Average find 
consaraptian of aflihetrcars ex- 
ceeded the <dd standards. . 

Jobs far the few thonymd re- 
maining cowboys in die United 
States are getting scarcer. Hie 
cattle business is “very poor," 
Leo Johnson, assistant 
of the California Cattlemen's As- 
sodation, told the Los Angeles 
Times. “It's not only in this state 
but wherever they raise cattle.” 





Claudette Colberf 


Stephen Beveriin, 28, who is be- 
ing laid off, said, “Most broken- 
down cowboys end up in the 
construction business because 
Lhey’re not afraid of work." 

Shorter Takes: The UA Bu- 
reau of Mines is commissioning 
research into the feasibility at 
i«iwg robots to improve mine 
safety and production. One 
problem to be solved: how ro- 
bots will navigate uneven sur- 
faces in tunnels. . . . Sad but true: 
A branch bank has opened on 
the ate of the Sans Sopd, a res- 
taurant near the White House 


where the Washington ehte used 
to meet in the 1960s and 1910s, 
blit which later went out of busi- 
ness. 


late Ms 


Gerakfeie A.Fernro, the 1984. 
Democratic nominee for vice 
president, has hired a poll-taker 
to help her decide whether to 
seek the nomination for the Sen- 
ate from New York next year 
and challenge Senator Affoose 
M- D’Amato’sbidfar re-deetkm. 
A New York Daily Newspoll in 
owed Mrs. Ferraro 
D Amato 35 to 43 
percent but easily defeating like- 
ly pnnmyoppcomls.However, 

36 percent af.those interviewed 
had an unfavorable opinion. of 
Mrs. Ferraro as against 50 per- 
cent with a favorable opinion. 
The New York Times called this 
“a large negative.” 

Frank Sinatra has ended bis 
self-imposed exile from Atlantic 1 
City. During a 1983 visit be de- 
manded that a blackjack dealer, 
deal from her bawl rather than 
from a plastic container, a viola- 
tion of New Jersey law. New Jer- 
sey’s casino commissioner, Joel • 
R. Jacohson, then described the 
singer as “an obnoxious bully.” 
But after Mr. JacobsOn criticized 
a “Dotmesbury" comic strip sati- 
rizing the modern, Mr. Sauna 
said through a. spokeswoman 
that be would be returning, prob- 
ably this fall 

Omelette Colbert, who is co- 
starring on Broadway with Rex 
Harrison in Frederick Lonsdale’s 
“Aren't We AD?" says she is 81 
and has never made a secret of 
her age. Mr. Harrison is 77. Miss 
Colbert says: “The only time' I 
ever felt age happening was- 
when f hit 40. 1 suddenly had a 
funny feeling. Fifty didn’t bother 
me, and 60 bothered me even 
less, and then I got to the point 
where 1 was nufaer pleased with 
my age." 

• ■ — Compiled by 

ARTHUR HICBEE 


U.S* Farmers Got Loans, but No Ultimate Solution 


By William jRpbbins • 

New York Times Service 

KANSAS CITY, Missouri-^] 
After a winter erf worry over debt . 
burdens and threatened bankrupt- 
cies, it appears that’ more farmers 
than expected have obtained the 
credit they. .needed to continue 
fanning for another year. 

But some farm experts warn that 
the situation masks deepening fi- 
nancial problems, both for troubled 
farmers and for bankas who have 
continued to advance credit after 
suggesting earlier that they would 
not do so. 

Many of the expats believe that 
no more than 5 percent trf the trim- ■! 
. bfed farmers were ultimately de- 
nied operational bans, although 
many had to turn to the lender of 
last resort, the U.S, government's.. 
Farmers Home Administration. 

That figure is about three times 
the normal attrition rate for bor- 
rowers, but is far lower than project 

tkms made last win ter. . ’ 

The biggest short-term lenders to 
farmers are agricultural banks. Al- 
though the banks' financial prob- 
lems t=ve increased, they have con- 
tinued to keep problem farm loans 
an tfatar books at levels higher than 
they projected earlier this year. 

tn doing that, many experts say, 
the banks seem merely to have 
postponed problems. 

In many instances, some say, the 
banks were reluctant to acknowl- 


The Debt of America’s Farmers 

What they wm and own: DaOWo-asaat rattan of farmers, by ago and 
..region' of tha country. Tba average farmer under 35 years In tha Central 
United States owes *83 for every SI 00 of land and equlpfrora owned. 


Under 

35 


Tha average dabfc DaM-to-assat 
ratio, tha percentage of farms 
within that ratio and the average 
debt of those farms. 


35-44 


45-64 


5544 


a#+ 


Centre! 

63% 

81% 

46% 

24% 

10% 

South 

42 

45 

35 

24 

6 

West 

44 

43 

26 

20 

16 

East 

54 

27 

18 

12 

9 


Ratio 

%0f 

fanna 

Debt 

040% 

37.8% 

5 12.000 

11-40% 

28.8 

187,000 

41-70% 

17.9 

325.000 


71% or 

more 16.4 326,000 

Souroe: Joint Wudy by Food end Aqrteulturti Potey He— reft Jrwfltuttufl tfte farm Journal 



lenders realized it would be a lot 
less painful to go along with their 
farmers another year," said Marvin 
Duncan, senior economist for the 
Federal Reserve Bask of Kansas 
City. “What they have done is push 
into the future some very real prob- 
lems.” 

Mr. Duncan said the banks likely 
win not begin pressing farmers un- 
til after the harvest The fanners 
with the most serious financial 
problems will not have good news 
fra their bankers, he predicted, and 
higher levels of ami ton will result 

Figures on actual credit denials 
are far from precise. Frank W. 
Naylor Jr., the Agriculture Depart- 
ment's undersecretary for small 
community and rural development, 
recently estimated the denials at 5 
percent, a figure that be said was 
accepted." 

Mr. Naylor said be based his 
estimate on a private banking sur- 


vey by the Norwest Gup. of Min- 
neapolis, as wdl as on the Agricul- 
ture Department's preliminary 
survey of planting intentions and 
"other indications from lenders. 

Broader dare available on other 
principal sources of credit paint a 
different picture. Production Cred- 
it Associations, which are part of 
the cooperative Federal Farm 
Credit System, provide about 20 
percent of short-term farm loans. 
Recently they reduced their lend- 
ing by about 6 percent in the first 
quarter of this year, a 22-percent 
drop from a year earlier. 

Troubled farmers often turn to 
the Farmers Home Administration 
when they fail to get credit else- 
where. Nearly 13 percent of their 
applications were rejected this 
year, but about 84,000 farmers, 
substantially more than last year, 
have gained the federal agency’s 
operational credit assistance. 


tha Now Yort Tired 

A widely quoted survey by the 
American Rankers Association led 
to predictions that agricultural 
banks would refuse to continue fi- 
nancing 13 p ercent of their former 
farm borrowers this year. The Fed- 
eral Reserve Bank of Kansas City 
estimated that credit denials would 
reach 12 to 15 percent 

But none of the main lenders 
denied credit at levels equal to the 
limits of those projections because 
of surprising decisions by Farmers 
Home Administration and the 
banks. 

The Reagan administration was 
holding a hard tine against legisla- 
tors who wanted io expand the lim- 
its of iLS qredit assistance program, 
which provided guarantees for 
banks that agreed to set aside up to 
10 percent of troubled farmers' in- 
terest costs. 

But at the same time, the Farm- 


os Home Administration was ad- 
vancing loans and loan guarantees 
at a rate that has exceeded $4 bil- 
lion since Ocl I, the start of the 
government’s fiscal year. 

The agency’s direct lending, in 
fapt, has already exceeded the fi- 
nancing of $(.9 billion authorized 
by Congress for the fiscal year. To 
provide the extra money, Mr. Nay- 
lor used his authority to transfer 
from an emergency fund on which 
Congress placed no ceiling. 

Available data paint a picture of 
deepening stress for many of the 
country’s agricultural banks, a situ- 
ation that was underscored recent- 
ly when seven hanks in Iowa failed 
in one day. 

The Federal Deposit Insurance 
Corp.’s list of problem banks now 
stands at about 960, according to 
Kenneth Walker, the agency’s as- 
sistant director erf bank supervi- 
sion. About 34 percent of those, or 
about 370, are agricultural banks. 


Barry ^^Craiie^ Bridge Expert, Is Killed 

J y T Georgia Party Post 

1967, 1971, 1973, 1975 and 1978. ® _ * . 

He was second five times. His total TV) r ljyht, sTiflUITV 
number of titles was about 500, ^ J 


New York Tuna Service 


NEW YORK — Barry Crane, 
57, the contract bridge expert who 
wan more titles than anyone else in 
the history of the game, has been 
found slain in Los Angles. He was 
by profession a televisual producer 
and director. 

He was found bludgeoned Fri- 
day in the garage of his luxurious 
home in Studio Gty. a neighbor- 
hood of Los Angeles. Police said 
there was no apparent motive far 


the killing and no arrests had been 
made. 

As an fli u a tgur in a ganv* domi- 
nated in recent years by profession- 
als, Mr. Crane outdistanced every- 
one. His career total of- master 
points, which measure success in 
tournament bridge, reached 35,000 
a month ago. 

Mr. Crane was invariably a con- 
tender in Che race fra- the McKen- 
ncy Trophy, awarded to the player 
winning the most master paints in a 
year, and he won that title in 1952, 




ira irr.^ 


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Robbery Attempt and Fatal Gunshot: 
The Shattered Destinies of 2 Brothers 


aj>al PioiTiii 


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(Continued from Page 1) 
about 15 black youths in a student 
body of 335. 

At Westminster, Jonah .moved 
into a world of tennis and 
courts, coat-and-tie dinners, ^ 
on Saturdays, chapel four times a 
week and teachers 'referred to as 
masters. And he adjusted well, 
school officials now recall. 

‘He seemed to make the transi- 
tion from Harlem to the more af- 
fluent setting here very easfly,” 
Said August Ganzennmller, the 
school’s dire ctor of admisaons, 
Mr. GanzenmoHer said Jonah 
ranked in the middle of his class 
academically. 

“In a predominantly white 
school, some of the blade students 
fed resentment or bitterness, but 
Jonah wasn’t that way at all,” said 
Gretchen L Peteson, who shared a 
mailbox with him and ran with him 
on the track team. 

Tie was never bitter. He was 
always laughing about stuff," Miss 
Peterson sakL E One day he : got aQ 
this mail from Yale and Princeton 
and I joked with him. I said, ‘Hey, 
Jonah, I didn’t know you were 
smart.’ He said, laughing, “No, Tm 
just black.’" 

W. Thompson Prewitt, who as 
Westntinstet’s head of drama di- 
rected Jonah in “Guys and Dolls" 
and *the Madwoman at QuaBaC 
sometimes gave Jonah rides to New 
York from the school and they 
talked over many things- Accord- 
ing to Mr. Prewitt, Jonah said that 
had it not been fra his mother, he 
would never have got rail of Har- 
lan, where be said most of his 
friends "were either involved in 
drugs or had had some brush with 
Ihe law." 

Mr. Prewitt said Jonah spoke 
fondly of his younger brother, Ed- 
mund. "He really admired Ed. He 
perceived Ed as having more disci- 
pline.” 

In 1980, when Jonah was still 
new to Westminster, Mr. Plummer 
at'Wadleigh supported Edmund's 
application to ABC. saying that Jo- 
nah “serves as an inspiration” to 
his brother. 

EHnwinii Mr. Plummer wrote, 
was not only a superior student, 
with reading and mathematics 
achievement five years above his 
grade level, but he also was “a fu- 
ture leader." Edmund told 

ABC that her wanted to become a 
doctor and was building model 


.cepted at die 200-year-old Phillips 
Exeter Academy m Exeter, New - 
Hampshire, where he was one of 
about 60 Mack youths in the stu- 
dent body of just under 1,000. 

- With its seminar-style leaching, . 
its extensive library, its ivy-covered 
Colonial-era buddings amt spa- 
cious playing fields, Exeter is' the 
embodiment of an American ideal 
in boardmg-sdioal education. Ste- 
phen G. Kurtz, its headmaster, 
once described Exeter as “an esca- 
lator school — you get on the esca- 
lator and you get to work.’ • 
Edmnnri got on that academic 
escalator in the fall of 1981, and, 
over the coarse of four years, main- 


i 


lor need a steady hand." 

Edmund was pleased to be ac- 


'Eddie told my 
peers to never 
commit a murder or 
rob or something 
because it was 
morally wrong and 
a disgrace to the 
black community.’ 

Laxnont O’Neil 
a daaunate 


tamed a B-minus average, qualify- 
ing lnm fra honors. Paul R. Ma- 
honey, the dean of students, said 
that other than beinz late fra class- 
es a few times, Edmond had no 
dfadptinaiy record. 

Edmund. 6 foot 1 inch tall and 
skinny, and tardy lacking fra tier- 
severance, tried out fra the basket- 
ball ream He did Dot make it but 
he became a fringe player on the 
football squad. ‘‘Some kids are 
tough, hard-nosed — they go down 
on the floor and fight far ihebaH," 
said Maicohn Wesselink, Exeter’s 
basketball coach. “Ed wasn’t tike 
thaL He wasn’t a tough kid.” 

“Eddie didn’t hold back," said 
Lament O’Neil, another student. 
“But after yon got to know him you 
loved him. He bad a great amount 
of self-dignity. Eddie told my peers 
to never commit a murder or rob ra 
something because it was 
wrong and a disgrace to the 
community" . 

Although Edmund — whose 
ta s tes ran from Eddie Murphy and 


Bob Marley to Richard Wright and 
Langston Hughes — easily made 
friends among both white and mi- 
nority, smdenis &t Exeter, -Lament 
O’Neil said Edmund generally 
“didn’t trust whites. If you woe 
white, hett really watch you. Being 
Hack at Exeter makes you really 
sensitive to whiles.” 

• Edmund spoil Ins junior year 
studying in Spain. The experience 
was “tiberating” for him, according 
to his friends; and by the time he 
returned to Exeter last fall, be was 
ready to leave. “IBs only tiling was 
to gpt oo, go home, gp to Caufor- 
nia, go bade to Spain," said Mal- 
colm Stevens, woo roomed with 
Edmund in his senior year. 

FArnind seemed buoyed in his 
senior year by his increasingly 
wann rrJatkinsnip with his brother, 
Jonah, with whom there had been 
BfMne rivalry — “Eddie smart and 
Jonah cool," as a friend, Kennett 
Marshall put it Jonah had just 
graduated from Westminster and 
was starting at Cornell, and Ed- 
mund was now walking around the 
Exeter campus in his brother's 
black nylon Westminster jacket 

Although E dmu nd h ad ta lked 
fra several years about attending 
Stanford, he also implied and was 
admitted to Yale Univerricy, the 
University of Pennsylvania and the 
University of Calif onria at Bcsko- 
leyl Admission officials at Berkeley 
thought so wdl of him that they 
waived the requirement that he 
write an essay. 

Edmund graduated from Exeter 
cm June 2. His yearbook page re- 



UN Chief fern Yugoslavia 

The Associated Pros 

BELGRADE — Javier Pfcrez de 
Cuellar, secretary-general of the 
. United Nations, was in the north- 
western city of Ljubljana over the 
weekend at the start of a four-day 
visit to Yugoslavia, according to 
, Tanjug, the press agency. He was to 
> spend two days m Slovenia and 
arrive Monday in Belgrade fra 
t talks with his host, Fdragn Mmis- 
f ter Rnif Dizdarevic. He was to 
1 leave Wednesday fra Vienna. 


almost double that of his closest 
rivals. 

Playing with one of his favorite 
partners, Kerri Shuman of Los An- 
geles, Mr. Crane won the World 
Mixed Pair title in 1978 in New 
Orleans. He won 13 national titles, 
■tnclodfaig ax victories, a record, in 
the National Open Pairs. 

In h is professional life, he had 
many credits, primarily as a direc- 
tor but occasionally as producer. 
His credits include the television 
shows “Mission: Impossible,’’ 
“Mannix" “The SSx MUKon DoHar 
Man," “Hawaii Frve-O,” “Bionic 
Woman” and “Police Stray." 

■ Other Deaths: 

Chris Woods, 59, an alto saxo- 


wbo 
ledbyDizzy 
Sy Oliver and 
day in Brooklyn. 



mtazz_ 

-_ eny, 
Rich, Thurs- 



ban poet and 
cancer, according to the 
press agency Frensa l*t™ 


United Press Itucmatmtal 

ATLANTA — Bert Lance, the 
former federal budget director, has 
resigned as Georgia Democratic 
Party chairman, saying he wants to 
free* himself to fight a new investi- 
gation of his banking practices, 
party offidais said Saturday. 

Mr. Lance, in a letter sent 
Wednesday to the party’s executive 
committee and released Saturday, 
said he was resigning “to regain my 
status as a private citizen and not 
because I’ve done anything im- 
proper." 

A federal bank examiner’s report 
leaked to The Atlanta Constitution 
last month said Mr. Lance had en- 
gaged in “numerous violations of 
the law" as chairman of Calhoun 
First National Bank. 

The examiner’s report, after an 
eight-month investigation, cited 
suspicious transactions. Mr. Lance 
resigned 11 months ago as general 
rhaiTTTwn of Waller F. Mandate's 
presidential campaign. 


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Robert M. 
was 
the park 


Van Hboten left three , “backup” 
officers in an unmarked station 
wagon. The police said Mr. Van 
Houten, who is 5 feet 10 inches tall, 
had his badge on a leather strap 
under Ms sweatshirt, and, in a pa- 
pa bag, carried a radio connecting 
him to both the “backup” team and 
to any patrol can that were toned 
to that frequency. 

to District Attorney 
than, the officer 
an the street alongside 
be was jumped from 
behind and pommeled by Jonah 
and EdmmuL The youths reached 
into the officer’s pocket and de- 
manded that he “give it up” — the 
“it,” Mr. Moigenlhau said, refer- 
ring to money. 

Mr. Van Houten had no words 
or other contact with his assailants 
before he was suddenly attacked, 
Mr. Mragenlhau said. During the 
'. Margmthau said, Mr. 
Van Houten shouted in vain that he 
was a police officer, then nearly feD 

^ ^ w unconscious. 

fleeted both las appreciation of the ^ As Jonah pulled Mr. Van Hou- 
syhn ol and the disMirhantmnn f "ten to the ground from behind, ac- 
cording to Mr. Morpenlhau, the 
officer reached for his gun irr an 
ankle holster, and from a distance 
of leas than a foot (30 centimeters), 
shot Edmund, who was in from of 
him. As Edmund Ml, Jonah, ac- 
cording to (he police, ran off with- 
out the officer's getting a good look 
at him 

Mr. Van Houten was hospital- 
ized overnight with what the police 
described as cuts and bruises and a 
neck injury. Edmond was pro- 
nounced dead at St Luke’s Hospi- 
tal eariy the next morning. 

PoBce offidais say they have bad 
the cooperation of witnesses to the 
attack, as wdl as witnesses on the 
Nock who can testify to 
' _ an exchange between 
Bthmmd ami Jonah in which the 
two — with Jonah taking initiative 
1 an assault. 


Former flfl parKan Legislative Leader 
Tells in Tapes of Corruption, Orgies 


with it “It’s a pity,” he wrote, “that 
we part on less than a friendly ba- 
sis, uut we da Work to adjust your- 
self to a changing werid, as will L” 

On the evening of June 12, Ed- 
mund and Jonah were observed 
playing basketball on the cement 
court at Wadleigb Junior High. Ac- 
cording to an account assembled 
by law-enforcement' authorities, 
the two youths bet cm who would 
win, with the loser taking the win- 
ner to a movie. Bm neither Jonah 
nor Edmund turned out to have 
any money, by this account, and 
around 9 P.M. the youths set out in 
the direction of Momingsde Park 
to “rip off" somebody. 

At that hour, cm the western side 
of the park, Mr. Van Houten took 
up his duties as a member of an 
anti-crime patrol that hoped to 
catch the peraons responsible for a 
rash of larcenies from the 
cars of doctors ai St Luke's 
taL 

Sometime between 9 and 9:30 
PAL, according to the police, Mr. 


saw Jonah crane running 
alone around 9-30 P.ML,»] ' 
gotaDT.” The initials, the 
stud, stand fra “detective." 


“we 




4- - 

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cjr, - - 

tv-: 1 

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United tress International 

OTTAWA — Members of Par- 
hameai in toe late 1970s placed 
electronic eavesdropping devices in 
House of Common meeting rooms, 
coerced lgA frarW from secretaries 
*od improperly awarded contracts 
worth millions of dollars, a former 


r--:! 


Lloyd Francis, deputy 
speaker between- 1979 and 1983 
and now toe Cmwfian gmhaKgdnr 
to Portugal, also said in taped in- 
terviews published Saturday by 
news organizations that some 
members wl their staff* obtained 
women fra elected officials mid 
Participated in drunken Orgies 


where women were expected to un- 
dress. 

Mr. Francis, who said he had* 
tried to eliminate toe corruption, 
made toe charts about sexual mis- 
conduct in eight hours of inter- 
views with toe Library of Parte- 
menL The tapes were obtained by 
the futtaitian Broadcasting Crap, 
which broadcast portions of them 
on Saturday. . . 

Mr. Francis said Saturday he 
was angered that toe tape record- 
ings had been made public. He said 
be had agreed to the interviews 
with the understanding that they 
would not be available to the public 
for 15 years- 


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Page 4 


MONDAY. JULY 8, 1985 


Iferal 



Pofatiafeed With Tip !Vrw York Toon and 7V Wanfcinpon PM 


Gromyko Moves Upstairs 


gnbune The Road to Geneva Went Through Beirut 


Fire your veteran foreign minister precisely 
as you announce your first summit? That is 
what Mikhafl Gorbachev did last Tuesday, 
with scarcely concealed disdain, to Andrei 
Gromyko, Stalin's wartime ambassador in 
■ Washington and later Soviet foreign minister 
for 28 years. The party leader relieved the 
. world's most experienced high-level diploma- 
tist of his Une position, kicking him upstairs 
with faint praise — bis policy contribution was 
described as “considerable” — to become 
head of state — a chair he will presumably 
keep warm for Mr. Gorbachev himself. He 
replaced him with the former party leader and 
top cop of Georgia, Eduard Shevardnadze, 
who, although he is no doubt a tough operator 
and an organization man in the Gorbachev 
mold, appears to have about as much familiar- 
ity with foreign affairs as with brain surgery. 

it is a bold step for a new party chief, with 
only modest experience in security affairs, to 
oust the old pro of diplomacy and replace him 
with someone substantially less well prepared 
than himself. It is a striking signal of Mr. 
Gorbachev's self-confidence and of the con- 
solidation of his personal power. A day earlier 
he had removed from the party’s inner circle 
an evident key rival, Grigori Romanov. 

Beyond that, the move announces the asser- 
tiveness of 3 new leadership generation and an 
intent to establish both tight control over a 
' crucial policy area and the dominance of party 
generalists of the G or ba cbev-S bevardn adze 


sort over specialists (and empire builders?) like 
Mr. Gromyko. Evidently this is how Mr. Gor- 
bachev intends to get Russia moving again. 

The meaning for the United States is some- 
thing else. The Soviets who chat up American 
correspondents in Moscow have let it be 
known that Mr. Gromyko’s ostensible pro- 
motion is actually something of a purge for 
baring tried and failed to cany off accommo- 
dation with the United States. 

Layers of this formulation are not easy to 
peel away. It appears, however, that at a time 
when the Soviet leadership has chosen to focus 
on domestic regeneration, it is advertising the 
outlines of a hard and steady foreign policy. 
Such a policy may emerge from the Kremlin's 
own political context; it is being justified in 
pan by allusions to Ronald Reagan's hard- 
ness. It does not rule out agreements or select- 
ed reductions of tension with Washington, but 
it professes not to count on these develop- 
ments and, in any event, it seeks to put upon 
Washington the burden of opening the way. 

Mr. Reagan and Mr. Gorbachev are to meet 
in Geneva in November. At the moment the 
two are in a stance of limited expectations, but 
these things have a way of taking on a shape of 
their own as the event nears. Mr. Reagan is 
coming off a spell of heavy weather. Mr. Gor- 
bachev is on a political roll It is a time less 
of striking initiatives than of dose and cru- 
cial calculation on both rides. 

— THE WASHINGTON POST. 


Spies, Secrets, Superiority 


U.S. military secrets are poorly protected. 
The amateur spy ring allegedly run by John 
Walker is said to have operated for 20 years, 
but was detected only when his wife decided to 
■ turn him in. The leakage may have shifted the 
balance of the critical strategic tussle in which 
the U.S. and Soviet navies strive to detect each 
other’s missile-carrying submarines. 

The Walker story is not unique. More Amer- 
icans are on trial for espionage than ever 
before. A Northrop employee is accused of 
trying to sell Stealth radar technology for 
S15.0Q0. A former army cryptographer sold 
what he knew for $131,000. A Hughes Aircraft 
employee traded information on radar systems 
for $1 10,000. What is the remedy? 

Most of the ideas floating around Washing- 
ton seem dubious. The House wants to restore 
the death penally for spies in the armed forces 
and to use more lie detector tests. But death is 
a barbaric penalty and lie detectors are little 
better than witchcraft. President Reagan advo- 
cates reducing the number of Soviet bloc offi- 
cials in America, as if driving accredited intel- 
ligence agents underground would make them 
easier to watch. The real solutions lie deeper. 

Since security clearances are performed 
without charge,’ agencies and contractors re- 
quest them in excess. The checkers are over- 
burdened, and precautions are laxly super- 
vised. According to an interna! Pentagon 
Study, spying on 14,000 private contractors to 
the military is so easy that “a supermarket 
. employee may encounter far more difficulty 
stealing a loaf of bread." 

The first step should be reducing the exces- 


sive number of people — 4.3 million — who 
have access to secrets. (Navy Secretary John 
Lehman has. found it possible to order a 50- 
percent reduction in such navy employees.) 
Next reduce the number of secrets to be guard- 
ed by inhibiting government’s propensity to 
overdassify. The method of security checking 
also needs overhaul in recognition that greed, 
not ideology, is the prevailing motive for espio- 
nage. F inanc ial statements, e xamin ed annual- 
ly, might give better clues to spies than inten- 
sive investigation or political opinions. 

But leakage to spies is only one end of the 
problem of preserving technological superior- 
ity. The other is to ensure that the Pentagon 
makes fast use of the superior technology 
available to iL Its procurement process is so 
cumbersome that weapons take a decade or 
more to reach the battlefield. 

Despite its greater spending for defease, the 
Reagan administration's efforts to preserve 
superiority have been uneven. It has tried 
assiduously to keep civilian technology of mili- 
tary value out of Soviet hands. It has even tried 
to stem a supposed leakage of academic infor- 
mation by demanding that papers be with- 
drawn from public scientific conferences. 

Such controls of university research and 
foreign trade carry high costs and bring doubt- 
ful returns. More direct methods of maintain- 
ing technological advantage — improving pro- 
curement and modernizing counterespionage 
— have been neglected. The dismaying reports 
about the Walker spy ring should give a new 
focus to the entire effort. 

— THE NEW YORK TIMES. 


Other Opinion 


Gorbachev Shifts an Iceberg 

The vacant presidency gave Mikhail Gorba- 
chev the chance to move one of the most 
awesome icebergs of the Soviet world. Andrei 
Gromyko's retirement from the Foreign Min- 
istry he has dominated for a quarter century 
must eventually affect the substance as well as 
the style of Soviet diplomacy. 

It could be — we may never know the truth 
of this — that he accepted the move without 
hesitation. To be president is an honor he 
would not have dreamed of a few years ago. He 
has been taking things a little easier in recent 
years. Even icebergs get old. Stories that he has 
found it hard keeping up with Mr. Gorba- 
chev's pace are not beyond belief. 

Soviet diplomats will have a very different 
model in Eduard Shevardnadze. Georgia has 
been one of the least icebound pans of the 
country, making a specialty of small-scale eco- 
nomic and administrative experiments. 

Turning Mr. Gromyko into president and 
appointing a new foreign minister do not on 
their own signal a new foreign policy. Com- 
bined, though, with Mr. Gorbachev’s plans for 
the country’s problems at home, they almost 
certainly do. Mr. Gorbachev has launched the 
idea erf “civilized relations” between world 
powers, and Soviet foreign policy experts have 
begun to discuss what that might mean. 

— Mark Frankland, The Observer (London). 

Mr. Reagan is moving to the close of bis 
political life and is honorably obsessed with 


the idea of going out as the great Western 
peacemaker. Mr. Gorbachev has only just be- 
gun his life at the top and. though upsets can 
never be ruled out in the Kremlin, is dearly 
reckoning to stay there into the next century. 
This means he is in no hurry whatever about 
establishing his international reputation. On 
present evidence, be seems more concerned 
with revitalizing the sluggish Soviet economy 
than with seeking diplomatic laurels. 

The contrast in approach could make the 
American president vulnerable. His allies may 
need to remind him that, long after he has 
faded from the scene, the West will probably 
be trying to do business with the same man in 
the Kremlin. Nothing must be given away now' 
for one man's place in history. 

— The Sunday Telegraph (London). 

'Routine’ Sniping at Greece 

The Reagan administration has gone in fora 
routine denigration of the government of An- 
dreas Papandreou — convincingly re-elected 
Iasi month — and has made Greece a scape- 
goat for its own failures in foreign policy. 
Attacks on the vulnerable Greek economy, 
and rancorous insinuations about die prime 
minister, will be seen in Athens for what they 
are: high-handed interference in internal af- 
fairs, and unattractive nostalgia for the days 
when Greece did as Washington told it to. 

— Christopher Hitchens, Washington columnist 
for The Nation, writing in The New' York Times 


FROM OUR JULY 8 PAGES, 75 AND 50 YEARS AGO 


1910: Russians, Japanese Sign Pact 
ST. PETERSBURG — According to the “No- 
voye Vremya." the substance of the Russo- 
Japanese Convention [signed on July 4] is that 
Russia and Japan agree to cooperate in the 
working of their railways in Manchuria and to 
refrain from rivalry. Both Powers agree to 
m a i n ta in the “status quo” in Manchuria. “No- 
voye Vremya" states that it was fU5. Secretary 
of State Philander Chase] Knox's proposal 
which brought the negotiations to a head, and 
the suggestion is made that Japan was only 
induced to abandon her dreams of further 
aggression in the Russian sphere of influence 
in the Far East by the sudden development of a 
United States forward policy in China. 


1935: Germany Stiffens Penal Code 
BERLIN — Heavy penalties for "army dodg- 
ers” and those assisting them are prescribed in 
a revised penal code published [on July 7J, 
which comes into force on Sept. I. Conscripts 
leaving the country are liable to six months’ 
imprisonment, while anyone aiding their flight 
or helping the conscript to join a foreign army 
is liable to ten years’ imprisonment Persons 
who willfully damage public communications, 
including railways, air sendees and shipping, 
are liable to sentence of death or life imprison- 
ment Anyone ridiculing the Nazi parly, its 
emblems or symbols is liable to a term of 
imprisonment. The penalties for homosexual 
offenses have been increased. 


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W ashington — a deep in- 
ner logic connects the end of 
the hostage mama with the opening 
of a new perspective in Soviet- 
American affairs. 

The hijacking exposed the empty 
bombast behind much of what nas 
passed for foreign policy in the Rea- 
gan administration. With the right- 
wing ideological baggage stripped 
away, serious people in me adminis- 
tration have settled down to the' 
serious business they should have 
been working on all along: improve- 
ment in U.S.-Soviet relations. 

The hijacking, to be sure, was 
well managed by ihe president and 
his associates. They resisted the 

Between his first talk 
with Reagan andhis 
farewell to the 
hostages, Assadwent 
to Moscow. 

pressure of the networks to “Carter- 
ize” an act of terrorism into a Leary 
test of presidential compassion. Bui 
of course the administration was 
not able to satisfy the bloodthirsty 
cries of its hard-line fans for acts 
of vengeful retaliation. 

Beneath a cover of tough rheto- 
ric, on the contrary, the Reagan 
administration trafficked from the 
be ginning with all parties. Garrick 
playing Drury Lane on his best day 


By Joseph Kraft 


could not have concealed from an 
audience faint with willingness to 
disbelieve three implicit bargains: 

One, with the Israelis, was so im- 
plicit it nearly fell apart A phone 
call from Pnme Minister Shimon 
Pfires to Secrewry of Slate George 
"Shultz saved the day. In what 
amounted to a quid pro quo. Israel 
began releasing some 700 Shiite 
prisoners taken during its recent 
withdrawal from Lebanon. In re- 
turn, the Shiite leader, Nabih Bent 
released the American hostages. 

A second deal was cut with a 
leader infamous the world over as a 
patron of terror at home and abroad 
— President Hafez al-Assad of Syr- 
ia. President Reagan spoke to Mr. 
Assad by phone on the night the 
TWA flight was seized. Mr. Reagan 
asked for help, and Mr. Assad dear- 
ly played the lead role in arranging 
for Mr. Bari to take control of the 
hostages from the original hijackers. 
Recognition of Mr. Assad’s helpful 
part was acknowledged in selection 
of the point of transfer for the hos- 
tages. They did not find freedom 
under French or Swiss auspices, as 
many had expected, or through the 
Red Cross. The road home went by 
way of Damascus. 

Between his first talk with Mr. 
Reagan and his farewell to the hos- 
tages. Mr. Assad went to Moscow. 
The visit was a curious business, 
unmarked by the usual dinners, 
speeches, toasts and communiques. 
It can be surmised that the Soviet 


leader. Mikhail Gorbachev, encour- 
aged Mr. Assad to be helpful on the 
hijackers. Tie last thing the Soviet 
leader wants at this pant is another 
flareup in the Middle East, with 


are there: mutual 
restraint in missile 
defense , with cuts in 
offensive weapons. 

more and more scope going to ter- 
rorist crazies and retaliation fay 
American forces. Mr. Gorbachev 
has much, much juicier fish to fry. 

Since the death of Konstantin 
Chernenko in March, Mr. Gorba- 
chev has moved rapidly to assert his 
primacy. He has packed the Polit- 
buro and the Secretarial. He has 
scheduled a party congress for next 
February. From that congress he 
will derive his own Central Com- 
mittee, his own five-year plan and 
his own party program. 

The ouster of his former rival and 
Leningrad party bos, Grigori Ro- 
manov, and the elevation of Andrei 
Gromyko to the titular role of Sovi- 
et president — were only two more 
in a progress grown almost monoto- 
nous. But they left Mr. Gorbachev 
with a clear road to frame his own 
foreign policy. And he has repeated- 


ly cited smoother relations with the 
United States as one feasible goal 
for Russia at this time. 

But Mr. Gorbachev's bright 
smile, in Mr. Gromyko's well worn 
phrase, has "steel teeth.” In arms 
control talks Mr. Gorbachev has 
persistently demanded concessions 
on President Reagan's “star wap” 
program as a price for considering 
reductions in Russia’s arsenal of of- 
fensive weapons. He has regularly 
brushed aside complaints by Secre- 
tary Shultz and others regarding hu- 
man rights in Russia. 

The agreement on a Geneva sum- 
mit in November promises to open 
a long, difficult negotiation on a 
wide range of subjects, including 
aims control. The dements of a bar- 
gain are present: mutual restraint in 

missil e defense, with cuts in offen- 
sive weapons. There is no reason to 
accept me advance discount bong 
put on the Geneva summit by the 
Reagan administ ration. 

There is reason, however, for the 
sensible figures in the Reagan ad- 
ministration — notably Mr. Shultz 
and National Security Adviser Rob- 
ert McFariane — to put their own 
bouse in order. If the American del- 
egation is hampered by opponents 
erf arms control if the United States 
has talked itself into positions it 
cannot decently sustain, now is the 
time to apply the chop. Events have 
handed Mr. Sbultz and Mr. McFar- 
iane the chance to seize control 
from the ideologues, and they win 
never have a belter shot. 

Las Angeles Times Syndicate. 


Gromyko and His Memories Still Haunt the Kremlin 


W ASHINGTON — The announcement that 
Andrei Andreyevich Gromyko had been 
named president of (he U.S.S.IL, a few days 
before his 76th birthday, came as a surprise to 
official Washington. He had been around the 
Soviet Foreign Ministry for so long that few 
could imagine him leaving that center of power 
for a ceremonial job. And maybe be hasn't 
Mr. Gromyko joined the Communist Party in 
1931, during the days of Stalin and Hitler. He has 
been ambassador in Washington (1943-1946), 
ambassador to the United Nations in New York 
(1946-1948), ambassador to Britain in 1956 and 
foreign minister for the last 28 years. 

As foreign minis ter he served five leaden of his 
party, survived seven U.S. presidents and nine 
U.S. secretaries of state and remains not only as 
president of the Soviet Union but a senior mem- 
ber of its ruling Politburo. 

It is conceivable but not likely that Mr. Gro- 
myko has been kicked upstairs, where he wOl 
greet foreign visitors and no longer exert influ- 
ence on Soviet foreign policy. 

No doubt Mikhail Gorbachev trill have differ- 
ent priorities and in due course will want to 
emerge on the world scene as the do minan t 
foreign policy spokesman of his country. He has 
indicated as much by arranging to meet Presi- 
dent Francois Mitterrand in Paris in Octobdrand 
President Reagan the following month in Gene- 
va. But his immediate concern is the reform of 
the domestic economy. He is no expert on for- 
eign policy himself, and has chosen as Mr. Gro- 
myko’s successor Eduard Shevardnadze. 57, a 
man of his own generation who has even less 
experience in foreign jjolicy. 

It would be surmising if Mr. Gorbachev, after 
four months in office, could make fundamental 
changes in foreign policy, even if he wanted to. 
without reference to Mr. Gromyko, whose ap- 
pointees still dominate the Foreign Ministry bu- 
reaucracy and Soviet embassies abroad. 

Accordingly, upstairs or down, Mr. Gromyko 
is likely to be heard in the Politburo with atten- 
tion and respect for some time to come. 


By James Res ton 

The notion that be has retired to the presiden- 
cy as an amiable greeter of foreign viators is hard 
to imagine. In all his years in Washington, New 
York and London, be seldom made a personal 


friend or a joke, and never departed from his 
arguments about what was right with the Soviet 
Union and wrong with the west. Maybe that is 


why be managed to survive for so long. 

But he has too many memories, some of them 
good and some not so good He is old enough to 
remember the carnage of the two world wars. He 
is one of the few remaining leaders in the world 
whose career has paralleled the entire atomic age. 

He has other memories as wefl. Most are about 
his diplomatic battles with Washington in the 


1 \ 











past; and if he retains his authority, which seems 
likely at least for a while, it is not going to be easy 
to open up a serious discussion between the 
United States and the Soviet Union about the 
future. For he remembers every chapter, every 
verse and every quarrel of the last 40 years, all 
stored away in the attic of an old man’s mind. 

But there is some evidence — not much, but 
some . — that Mr. Gorbachev and Mr. Reagan 
may want to begin concentrating on the future, 
rather than lis tening to some erf their advisers 
who insist on fighting the battles of the past The 
two leaders cooperated more than is generally 
realized in the release of some if not all of the - 
hostages in Lebanon, leaning on Syria and Israd 
and even getting the help of the religious fanatics 
in Iran in order to avoid a military confrontation. 

It was not a pretty picture. The terrorists got 
what they wanted: the release of the Shiites from 
Israd and recognition of their grievances. But the 
hostages, not forgetting the seven left behind, 
were released with a nudge and a wink, which 
was shameful rally if you fail to consider the 
alternative of sending in die marines. 

The only thing that can be said about the 
episode is that it bought time, and the question 
now is whether Mr. Reagan and Mr. Gorbachev 
will use the time to think about the future or will 
concentrate on the advice of others, like Mr. 
Gromyko, who are stuck in the mud of die past 

There are the problems of the control of tra cle- 
ar weapons, trade and finance and the hunger of 
the majority of the human race in the Third 
World, all of which are likely to influence the 
security of the United States and the Soviet 
Union in the last years of the century. 

Fortunately, they have two things in common: 
the months of July and August, when the sun 
shines, even in Moscow. Nothing has been 
solved, and everything is still at risk, but between 
now and the summit meeting at Geneva in No- 
vember, maybe even Mr. Gromyko will begin to 
think about the future instead erf brooding along 
as asual about the past 

The New York Times. 


Filipinos Jump From the Frying Pan Into the Fire 


M ANILA — I had expected, re- 
turning here after an absence 
of ayear, to find that accounts of the 
Communist threat to the Philippines 
are vastly exaggerated. But I am 
forced to conclude, after a week of 
talks with credible sources, that the 
danger is underestimated in die Unit- 
ed States and elsewhere. 

What is most striking is the extent 
to which acceptance of the Commu- 
nists is growing among middle- and 
upper-class Filipinos, who are com- 
pletely fed up with the regime of 
President Ferdinand Marcos. 

Although analogies are never ex- 
act, it is worth remarking that atti- 
tudes in Manila in 1985 resemble 
those in Managua during the last 
days of the Somoza dictatorship, 


By Stanley Karnow 


when Nicaragua’s elites believed that 
anything was preferable to the situa- 
tion there at the time. 

The moderate politicians, busi- 
nessmen, academics and others here 
are naive to think that they can sur- 
vive under an eventual government 
that contains a strong Communist 
element. Yet their frustration with 
Mr. Marcos is driving them to the 
point ar which they see no alternative 
to cooperation with the Communists. 

An American specialist observes 
that the Philippines is rapidly being 
caught up in a full-scale rebellion far 
broader than the Communist-led in- 
surgency in the countryside. 

The other day, for example, an old 


Filipino friend banded me a hatch of 
Communist propa ganda, saying that 
while he does not agree wiihit all, 
much of it “makes sense.” Another 
Filipino friend, a prominent banker, 
offered to put me m touch with Com-' 
munis ! agents based in Manila. 

Communist leaders, most of them 
fanner professors and students from 
urban families, are aware that (hey 
can benefit from this mood of “radi- 
cal due.” As a result they are striving 
to promote "front” organizations in 
order to build up their support. 

Early this year they called for a 
boycott of the electoral process. But 
now they favor participation in local 
elections scheduled for May 1986, 


haying decided that the public still 
believes in democratic procedures.' 
This does not mean that the New 


People's Army, the armed wing of the 
Communist Party, is diluting its mili- 
tary activities. On the contrary, its 


units are currently operating in 63 of 
the country’s 73 provinces, often in 
battalion-scale actions. 

Expeats estimate that there are 
about 12,000 guerrillas in the New 
People’s Army. More important than 
their number is the backing of some 5 
million people who give them with 
money, food and imeDigence. 

Unlike the Communist-led Hukba- 
lahap movement, which flourished 
on Luzon in the 1950s, the present 
guerrillas are strong almost every- 
where. They have even made deals m 
several spots with rich landowners. 

The Communists regularly collect 
taxes from big sugar and coconut 


Ct C! • rf I rWlt ¥ rwi plantations, wmchpay up rather than 

borne spies Lem loot 1 hemselves, 1 oo & 


W ASHINGTON — The more 
one learns about the Walker 
family, the more one is mystified by 
this network of seamen charged 
with selling military secret s to the 
Soviets. What could motivate peo- 
ple to live such dangerous lives, risk 
life imprisonment and betray their 
country? Surely, in today’s world — 
and in the Walker case in particular 
— ideology is unlikely to play much 
erf a role in pushing Americans to 
spy for Moscow. Almost no one in 
the 1980s seriously admires the So- 
viet political system. The W alker s 
and their partners were neither ide- 
alists nor true believers. 

Money would seem to be the ob- 
vious motive. To people like the 
Walkers, spying undoubtedly has 
much the same appeal as big-time 
gambling — the hope of instant 
affluence without years erf toD. But 
money, in and of itself, would not 
be enough to explain the espionage 
of a man like John A. Walker Jr„ 
the alleged mastermind of the 
group, who professes W be dedicat- 
ed to the conservative principles of 
Ronald Reagan’s America. 

It seems much more likely that be 
would have been drawn to the ro- 
mantic image of the superspy, per- 
haps from a desperate need lor dra- 
ma and secrecy, and even the 
sinister life, as some people are 
drawn to unusual sexual practices. 

Spying is a form of theater. To 
become a spy is to take on a role 


By Amos Perlmutter 

that would often be impossible in 
normal circumstances. In real life 
John Walker was an obscure sea- 
man, without accomplishments or 
distinction. As a spy ne would hove 
begun to lead an altogether differ- 
ent life; in his mind at least, a 
glamorous and dramatic one. 

dally three who crawa spectacular 
double life, is (hat they come to 
believe in the roles they play and 
lose sight of self-interest Consider 
the case of Hie Cohen, another of 
the countless modem spies motivat- 
ed by gjory and exdtemenL 

Mr. Cohen's life changed forever 
in 1956 when the Israelis invaded 
Port Said and freed him along with 
hundreds of other Egyptian Jews. 
The invasion inflamed his patrio- 
tism and led him to adobe Israelis 
to make him a spy. After some 
hectoring on his part, the Mossad 
gave in and trained him in Syrian 
Arabic and the manners of the Da- 
mascus upper class — trained him, 
in effect to become a Syrian. 

After two years he was sent to 
Buenos Aires to play the scion of a 
Syrian landowning family. He in- 
gratiated himself into the Arab 
community there. Once his “cre- 
dentials'’ were intact, be emigrated 
to Syria. In Damascus be set him- 
self up in a plush apartment across 


the street from the Syrian high com- 
mand and began hobnobbing with 
young Ba’ath officers. Among his 
friends was Colonel Amin al-Haflz, 
soon to become dictator of Syria. 

Firmly entrenched, with friends 
in high places. Elie Cohen proved 
invaluable to the Israelis. Among 
other things, he seal the Mossac 
detailed descriptions and photos of 
the Golan Heights, data of critical 
importance in the Six Day War. 

But before long he seemed to lose 
track of who he really was. In the 
mid-1960s the Mossad became sus- 
picious and warned him to stop 
communications, but he could not 
give up his role. Eventually the Syr- 
ians caught him. Shortly thereafter 
he was hinged — an obscure Egyp- 
tian Jew playing out a double life as 
an Israeli spy and Syrian playboy. 
He ended up believing in both 
roles, and it was his undoing. ' 

What about John Walker? How 
else to explain the contradiction be- 
tween belonging to the Ku Klux 
Klan and the charges of trafficking 
with Moscow? How else to ex plain 
his inept detective business or to 
reconcile his apparent patriotism 
with his alleged betrayal of his 
country? Perhaps he simply n eed e d 
the excitement rf the role. 

The writer, a professor of political 
science ' at American University in 
Washington, contribuied this com- 
ment to The New York Times. 


tempt trouble. The guerrillas fre- 
quently examine a company’s led- 
gers, imposing reasonable taxes that 
will not affect its profits. “After all,” 
a plantation manager told me, “they 
realize that their reputation will suf- 
fer if we go bankrupt and people in 
the area arejpui out of work.” 

The 250, 000-man Philippine army 

is well equipped and u deployed 

thoughout the archipeoago. But. as 
has Seen noted time and a gain it 
probably does more to bdp the Com- 
munists titan hobble them. 

Mr. Marcos, who has quadrupled 
the size rf the army since he took 
power 20 years ago, has stafffed its 
upper echelons with officers whose 
loyalty to him outweighs their com- 
petence. Corruption is commonplace, 
and indirectly aids the Communists. 

Of all the nations of Southeast 
Aria, the Philippines is the one that 
should have been most successful 
Half a century of American colonial 
tutelage, although by no means per- 
fect, nevertheless encouraged the de- 
velopment of an educated, skilled 
and enterprising population. 

But of all the nations of the region, 
opart from (be Communist states of 
Indochina, no country is more de- 
pressing than the Philippines- The 
Marcos regime is at (he heart rf the 
problem, and conditions will worsen 
as long as it lasts. 

Many otherwise sensible Filipinos 
are somehow convinced that collabo- 
ration with the Communists is the 
answer to their woes. They fail to 
realize that they may be going from 
the frying pan into the fire. 

Tribune and Register Syndicate. 


Who Says ; 
The Bomb 
Is Useless? 

i 

Bv Tom Wicker 

G ENEVA — When the use Of 
nuclear weapons was described 
as “suicidal” dunng a recent inter- 
national coHoouium in Geneva on 
nuclear war ana proliferation, a jour- 
nalist inquired: “Do you mean to 
suggest that if Iran or Iraq had a 
nuclear weapon, they would not use it j 
against the other?” This question " 
produced an unclear answer but a 
sobering realization for one listener, 
that the widespread belief in the 
West, and probably in the Soviet 
Union, that nuclear weapons have so 
military utility may not be applicable 
to a regional conflict. 

U would be suicidal for either of 
the superpowers to attack the other 
with these weapons, owing to the cer- 
tainty of retaliation in kind. That is 
why it probably will no! happen, un- 
less bv accident. But such retaliation 
might be less certain, or less threaten- 
ing, in other ritualions. 

At the three-day conference spon- 
sored by the private Groupe de Bd- 
lerrvfc, it was commonly assumed and 
openly stated that Pakistan would 
soon have nuclear weapons. Prime 
Minister Rajiv Gandhi of India, some 
rf those attending said, is convinced 
that Pakistan already has them. India 
had a "peaceful” nuclear test in 1974 
and presumably could soon counter 
with its own nuclear weapons. 

But suppose, as one "scenario" *i 
heard in Geneva suggested, that Mr. 
Gandhi ordered a preemptive, non- 
nuclear strike on Pakistan’s nuclear 
facility at Kahuta, south of Islam- 
abad. If it was not totally successful 
— and air strikes seldom are — Paki- 
stan’s President Zia ul-Haq might or- 
der retaliation with a surviving nucle- 
ar weapon, in the belief that India did 
not yet have such weapons. 

He might be proved wrong, but he 
could rationally make that derision. 
Even if India launched a nuclear 
counterblow, the two nations might 
destroy each other with their limited 
arsenals. Whether such a conflict on 
the Indian subcontinent would lead 
to global nuclear holocaust is another 
matter; but any situation producing a 
first use of a nuclear weapon raises 
that terrifying possibility. 

if either Iraq or Iran, in their des- 
perate and exceptionally bloody war, 
were somehow to obtain a midear 
weapon, there seems no reason to 
doubt that it would be used, ou the jp 
assumption that the other ridecorid 7 
not retaliate in kind. Given the im- 
portance of Gulf oil, the likelihood of 
triggering global nuclear war might 
be even greater than in the ludia- 
Pakistan "scenario.” 

In a notably candid speech, Crown 
Prince Hasson bin Ta ial rf Jordan 
outlined two plausible possibilities 
for the use of nuclear weapons in the 
Middle East, where no ‘'balance rf 
terror” exists but Israd is c om m o n l y 
assumed to have such weapons or the 
ability to assemble them auickly: 

• Although there would be no ad- 
vantage to the Israelis in a nuclear 
attack on their neighbors, another 
conventional Arab-Israeli war might 
so drain and threaten Israel that h 
would have to consider “cutting short 
the conflict by nuclear means.” 

• “The deployment and use of in- 
creasingly sophisticated missiles of 
mass destruction” (presumably by 
Arabs) might “invite nuclear retalia- lo- 
tion under intense internal political 7 
pressure” (presumably by Israel). 

In either case, the danger rf ignit- 
ing a global conflagration would be 
extreme, with the Russians probably 
moving to support the Arab ode and 
the United States backing Israd. 

Prince Hassan, like numerous oth- 
er speakers, also raised the specter of 
“nuclear terrorism” — what UJS. 

Vice President George Bush, in a 
brief appearance, called the “ulti- 
mate act of terrorism." Owing to the 
hostage drama in Beirut, much rf the 
discussion centered on the possibility 
that terrorists might some day gain 
possession rf miniaturized *bacfc- 
pad:” or “suitcase” nuclear bombs. 

“The most sophisticated defease 
system is no protection against sucha 
weapon smuggled into any city in the 
world,” Prince Sadruddin Aga Khan 
of the Groupe de BeUerive pointed 
out. And this threat. Prime Minister 
Olof Palme of Sweden said in the , 
keynote address, increases the need \a 
to prevent nuclear proliferation 
among stales. He and others saw the 
spread rf nuclear weapons and mate- 
rials as making it easier far terrorists 
to bay or steal them. 

Both grim prospects — regional 
nuclear conflict and nuclear terror- 
ism — were discussed here more as 
probabilities than as possibilities. 

And both undermined the compla- 
cency of those who, in concentrating 
on superpower competition and hos- 
tility, have comforted themselves 
with the belief that nuclear weapons 
are “suicidal," have no military pur- 
pose and therefore will never be iced. 

The New York Tams. 


LETTERS j 

A Target Once Too Often 

Regarding the opinion column “ The 
Presidency Again : Tune for Common 
Sense " (June 8) by William Pfaff ■ . .> 

The simple fact is that in 1981 Mr. i. 
Reagan was shot, and it hurt not only !■ . 

him but also his family and friends. 

Surely he can be spared criticism for V T" 
taking whatever steps are reasonably 
practical to avoid a repetition. 

DAVID BURNES. 

Sydney. - . 

ItAin’tliievitaMySafire -J. 

Thank you for the charming lan- _ v : 

guage snide on U.S. and British pro- . ' 

nundation by that gifted music critic. ; ;-J' 
HauyPteasanls rlt Ain't iVewKwr- -L 1 

iiv BBC” June 24). Tm glad you sent ? 

William Satire on vacation. I am : .. r 
aware that you mean “on holiday.” 7 C; : 

CARL F. DUERft. ]' 
AJderley Edge, England.! ‘ . «■,, j’ 


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> INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


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Gandhi Urges Action on Terrorism 

India Will Not Be Bullied by Airline Disaster, He Says 






NEW DELHI — Prime Min- 
ister Rqiv Gandhi called Sun- 
day for tough weaid action 
aganisl terrorism. 

‘'Thac is no way the Indian 
government is gang to sa> 
cumb to any presaire, whether 
tororist or omerwise,’’ he said. 

Asked about the Air-lndia 
airliner that phmged into the 
sea near Intend on June 23, 
killing all 329 people, .aboard, 
Mr.. Gandhi said India would 
not be bullied by “terrorists.”. .. 

Two S3di groups campaign- 










m. 


jab state are reported to have 
claimed responsibility for 
planting a bennb on tht flight 
from Moameal to Bombay, Sul 
authorities, have not be$n able 
to determine if a bomb explo- 
sk» was responsible for the 
crash. 

“Canada was not being stem 
enough with the terrorists earli- 
er, but after the plane crash we 
hope they win (ate stronger ac- 
tion,” Mr. Gandhi said. “If gov- 
ernments stop helping terrorists 
then they wifi be futuhed." 

During the 80-mimite news 
conference — the Erst by a In- 
dian prime minister televised 
live nationally — Mr. -Gandhi 
discussed poverty, population 
growth, the Punjab oasis and 
unrest in Gujarat state. 

Of India's relations with Pa- 
kistan, he said there were probr 


Guinea Says 
Leader of 
Uprising 
Is in Custody 

Reuters 

CONAKRY, Guinea — Presi- 
dent f-ancana Cootfc of Guinea said 
Sunday that Diara Traorfe, the for- 
mer prime minister who led an at- 
1 tempt to overthrow him last week, 
was arrested Sunday. 

In a speech at the People's Pal- 
ace, Colonel Conti said Colonel 
Traore and other leaders of the 
coup attempt would be tried and 
executed if found guilty. The colo- 
nel had been minister of state for 
education in the Ctal£ govern- 
ment 

Colonel Conti said 18 persons 
died and 229 were wounded in dm 
takeover attempt Thursday night. 

“I respect the rights of man, but 
those who are dead had the right to 
exist as wdL Coload Conte told 
thousands Guineans who cheered 
him at the palace. He said that 
those who were killed “most be 


Rebels Vow to Expand War in ElSalvador 




Mr. Gandhi ending his news conference Sunday. 


gresrion with Islamabad, but 
that India was in favor of a 
more comprehensive friendship 
treaty. 

He ruled out tmumil checks 
on nndeattadhties, saying they 
would “rive an excuse for clan- 
destine development” 

He was optimistic on the 
Punjab crisis, saying tensions 
had eased. 


China to Begin Merit Raise System 


By Daniel Southerland 

Washington Pat Service 

BEIJING — In another step 
away from Maoist doctrine aim 
Marxist economics, China is intro- 
ducing a merit raise system fw gov- 
ernment workers. 

hi replacing longevity of service- 
with performance as the primary 
criterion for salary levels, the gov- 
ernment could raise its workers’ 
salaries this year by as mnch as a $1 
billion, according to a Hong Kong 
newspaper with dose ties to the 
Beijing government. 

The derision to introduce a new 
wage system for the government 
bureaucracy was announced Fri- 
day by the Xinhua press agency. 
The agency reported that the 
change sought to give additional 
pay to government and Communist 
Party officials based on their per- 
formance and responsibilities rath- 
er than on seniority alone. 

Although it did not disclose fig- 
ures, it described the projected pay 
raise for government workers as the 
largest such increase since the 
Communists took power in 194 9. 

Official Chinese publications 
place the number of government 


workers in China at nearly 20 mo- 
tion, although measures have beat 
enacted to trim that figure signifi- 
cantly. Foreign experts call the 20- 
ntiQian figure low. State workers 
earn about $2480 a month an the 
average, less than many factory 
workers make, given their bemuses. 

Tim pro-Comnmnist newspaper 
Ta Kong Pao in Hong Kong said 
that more thin a $1 billion already 
bad been appropriated for the wage 
increases. 

As described by Xmhaa, the new 
wage system, constitutes another 
step away from Mao's distrust of 
bureaucracy. It also .appears to 
mark a significant break with wage 
standards originally adopted from 
the Soviet system of the 1950s. 

The new system breaks down 
each employee's wage into four 
parts: the base wage, that derived 
from specific duties, the sendee 
length allowance and a boms. The 
bonuses based on performance by 
government workers appear to be 
much more wide-ranging than any- 
thing previously attempted. 

“The bonus will be awarded to 
those who have distinguished 
themselves in their work, with its 


size assessed according to perfor- 
mance,” the press agency 

The agency said Friday that 
while government workers would 
receive -an allowance for time in 
service, the principal part of their 
salaries would be determined by 
the ^erific job or position held. 

In the past, it was posable for a 
government worker, to be promoted 
to a higher position without receiv- 
ing an increase in salary. This left 
some workers with little incentive 
to improve their performances, 
even when given added responsibil- 
ities. 

- Ta Kxmg Pao said that tbe main 
beneficiaries of the changes were 
likely to be young professionals, 
specialists, and intrilsrtaals recent- 


Colonel Contfc said Colonel 
Traote had been mined in by some 
of his accomplices in the <xwy p at- 
tempt but he did not offer other 
details. - 

The government cut off the 
routes from Conakry, the capital, 
and dosed Guinea’s borders until 
the colonel was caught 

Colonel Conti said same fanner 
members of the regime of the late 
President Ahmed Sikou Touri 
could face execution. 

Several important officials in 
Mr. Sekoo Tourfe’s administration 
and several of his relatives have 
been awaiting trial since Colonel 
Conte seized power in a coup in 
April 1984. until now, Cokmd 
Conte has ruled out executions. 

Colonel Traort attempted the 
coup Thursday while Colond 
Conte was at a meeting of West 
African leaders in Togo. Colonel 
Traote took control of Conakry’s 
radio station and announced he 
had assumed power. But .by early 
Friday morning the plotters had 
been overpowered by troops loyal 
to Cokmel Conte, who returned to 
Guinea later Friday. 

Crowds destroyed two houses 
belonging to Cokmd Traorfc and 


fypraricMBd 

In his day, Mao ruled against 
“20 manifestations of bureaucra- 
cy," inchiding corruption, laziness 
and nepotism. A fanner .party 
chairman, Hna Gnofehg, added 
overstaffing and duplication to the 
list 

In 1980, Deng Xiaoping, the cur- 
rent principal leader, delivered a 
speech giving his own long fist of 
‘harmful manifestations” of bu- 
reaucracy. 



Siiifgpv; 

? . • ' ’ , - • .mm 

.. r-'-H : 

. i ' 

•• . . . 

1 1 • : t i t 



The royal palace in Katmandn has been heavily guarded since the bomb attacks. 

Bombs Shatter Nepal’s Tranquillity 


(Continued from Page 1) 
pie claiming membership in royal 
intelligence and government ser- 
vice” are involved in smuggling 
heroin and opium into the country 
bom Burma, through northern In- 
dia, and from Pakistan. 

His efforts to call attention to the 
drag problem apparently have ruf- 
fled some people in me govem- 
mmt, which has refused to extend 
visas for three Jesuit missionaries, 
inchiding two soda] wankers in- 
volved in his treatment program. 

According to Western diplomats 
asd Nepalese sources, alienation 
has been a factor in the growth of 
drag users and appears to have in- 
tensified with toe recent suppres- 
sion of anti-government protests. 

In May, following a teachers' 
strike to demand recognition of a 
union, political groups began to 
seek the restoration of a multiparty 
parliamentary system under a con- 
stitutional monarchy. 

Political parties were banned in 
I960 and a “partyless” system was 
instituted by King Biiendra's far 
ther at little more than an accoutre- 
mem of direct royal rule. 

On May 23, leaders of the 
banned Nepali Congress Party and 
half a dozen outlawed Communist 
factions had planned to launch a 
civil disobedience campaign to 
press thdr demands, bur fiiey were 


arrested and their campaign stifled. 

By mid- June, according to the 
Nepali Congress Party, about 6,000 
persons had been arrested. The 
government has denied holding 
that many prisoners, masting that 
no more than 1,500 political activ- 
ists were jailed at any one time. 

Then an Jane 20 five explosions 
rocked Katmandu. One of them at 
the National Assembly killed a leg- 
islator and his aide and another 
killed three employees at the Anna- 
purna Hotel No (me was lulled in 
two explosions at the gates of the 
palace. Officials said this was 
mainly because viators and_ em- 
ployees had taken shelter during a 
downpour. 

A fifth explosion occurred at the 
main govoiiiDenl office complex. 

The explosions came a day after 
the king , in a speech opening the 
assembly, had called on Nepalese 
to resist efforts to sow instability. 

In two other cities on June 19 
and 21, a m9T1 and a woman were 
killed by bombs tbey^ were ^carnnng, 
police sflid- In other incidents, 
bombs exploded or were discov- 
ered and defused in five towns 
along Nepal’s border with India. 

According to a palace spokes- 
man, who did not want to be 
named, police arrested 1,000 sus- 


900 of them were released. He said 
most of the 100 still in detention 
were Nepalese who had undergone 

toe^^o^^rBoavered had beat 
manufactured in. India. 

The two groups that have 
claimed responsibility for the 
blasts reportedly operate camps in 
India. No evidmee of Indian gov- 
ernment mvolvenjau in their activ- 
ities has emergpd. 

One group, the United Front, is 
led by Ramrqa Prasad Sing h , an 
exiled former member of the as- 
sembly who was imprisoned for 
anti-monarchist activities in the 
1970s- The other group, the previ- 
ously unknown United liberation 
Forces, is believed to be an off- 
shoot of the United Front with 
links to Indian Communists. 

According to Western sources, 
Nepalese who have studied in the 
Sonet Union or have connections 
to the Soviet Embassy here were 
among those picked up in the po- 
lice sweep after the bombings. 

The palace spokesman said none 
of the activists arrested earlier for 
the crv3 disobedience campaign 
were involved in the bombings. 

The day after the bombings, the 
Nepali Congress Party and the 
Communist groups deplored the 
blasts and called off their, protest 
campaign. 


them mio giving him political 
backing. 

But supporters of Mr. Nkomo 
say that, to the contrary, Mr. Mn- 
gate has used his security forces to 
intimidate Mr. Nkomo’s support- 
ers and to try to dismantle his polit- 


- After independence, Mr. Nkomo 
and his followers were brought into 
the government at senior levels. But 
Mr. Nkomo, the patriarch of Z3m- 1 
babwean nationalism who had 
hoped to lead the nation after inde- 
pendence, was later dismissed after 
being accused of plotting the over- 
throw of the government, a charge 
be denies. 

■ Nkomo Accusation 

Mr. Nkomo accnsed Mr. Mil- 
gabe on Sanday of pushing Zimbar 
bwe into polarized ethnic camps. 

“The prime minister is saying 
thin gs which are dividing the peo- 
ple of Zimbabwe," Mr. Nkomo 
said in response to Mr. Mugabe's 
remarks Saturday, Agencc France- 
ftmrqwrted. 

“He is just bring divisive,” Mr. 
Nkomo said. That is not how a 
leader should act.” 

Mr. Nkomo denounced Mr. Mu- 
gabe’s suggestions that his party 
should be outlawed, asking u the 
prime rmrnctw wanted to threaten 
“the right to have parties that we 
both fought for.” 


By James LeMoyne 

New York Times Service 

PERQUIN. B Salvador — The 
senior military commander of the 
Salvadoran rebel movement has 
vowed that the guerrillas would 
carry their attacks to the capital, 
San Salvador, and spread the war 
to eveiy part of the country. He 
said the new attacks would make El 
Salvador ungovernable within die 
next year. 

The commander, Joaquin Villa- 
lobos, added in an interview Friday 
with a group of U.S. reporters that 
the rebels now considered the Rea- 
gan administration their principal 
-enemy for having supported the 
‘Salvadoran Army and government 
He and other rebel commandos 
defended the killing of four U.S. 
'Marines in a rebel attack in the 
capital June 19, and indicated that 
U.S. military personnel would con- 
tinue to be attacked. 

“Our strategy has to be based is 
defeating the resistance and the ca- 
pacity of the Reagan administra- 
tion to continue supplying the Sal- 
vadoran Army,” Mr. Villalobos 
said. “If we succeed on this issue, 
we win the war.” 

The 33-year-old Mr. Villalobos, 
. who has long been considered the 
mast effective aiiliiary stntqpst on 
other ride of the conflict, outlined 
what he said was the new guerrilla 
strategy of a war of attrition: 
breaking the rebels small units 

that will spread across El Salvador 
and begin a campaign of sabotage, 
assassination, and ambushes, 
backed by .the increased use of 
mines and booby traps. 

The strategy, Mr. Villalobos 
said, is to force the army to be 
everywhere at once, to bleed the 
economy to the point of collapse 
and to destabilize the government. 
He said it came in response to im- 
proved army performance and in- 



Geoeral Adolfo BlsodDn, chief of staff of El Salvadors 
aimed forces, discussing, progress of the guerrilla war. 


attacked shops and houses belong- 
ing to members of his tribe, the 
Mahnke. By Saturday, the streets 
were calm. 

At least five' present or former 
government ministers have been 
arrested since the takeover attempt, 
according to Mamadou Balde, the 
minister for administrative ref m ni r 

He arid they inriuded the youth 
minister, Mamadi Bayo; the former 
industry minister, Mohammed 
Sako; the former energy minister, 
Kabassan Krita, and the former , 
minister of higbet education, Sidi 
Krita. 

Lancine Krita, permanent secre- 
tary to the government, and a num- 
ber of other top officials were also 
detained, Mr. Balde said. 


Polish Primate Visits Rome 

The Associated Press 

ROME — Cardinal Jozef 
Glemp, the Roman Catholic pri- 
mate of Poland, arrived Saturday 
in Rome for a 13-day private visit 


MugabeGets 
Big Majority 
InZimbabwe 


(Ca nd naed from Page I) 
emment to nwtfn dianys from in- 
dependence until 1990, but Mr. 
Mugabe insisted that “we cannot 
wait until those 10 years expire.” 

About 32,000 whites voted June 
27 in elections set aside for them, 
out of about 70,000 who were eligi- 
ble. The party of Mr. Smith, who is 
viewed as a white supremacist by 
blades and who has been isolated 
by Mr. Mugabe, took 15 of the 
seats, leaving only five for indepen- 
dents who had vowed to cooperate 1 
until the government. 

Speaking of the Zimbabwe Afri- 
can People's Union victory in its | 
Matabdeland stronghold, Mr. Mu- 1 
gabe accused Mr. Nkomo of creat- 


Mr. Villalobos was accompanied 
by Jorge Sbafik Hands!, head of 
the Salvadoran Communist Party, 
and senior officials of each of the 
five guerrilla groups that make Up 


DOONESBURY 

HF5T OF ALL, LET &SAYHOUJ 
HAPP/IM TOBBHBRB IN 
APP&A&m ON BEHALF OF 
Ul&A FOKAFIVM. I f 


the Farabundo Marti National 
Liberation Front, now in its fifth 
year of war in Q Salvador. 

Mr. Villalobos said the guerrillas 
had chosen to talk to reporters be- 
came they wanted to make ihrir 
views known at this time. The visit 
comes at a time when the rebels 
have ap peared to be weakening 
militarily and politically. 

Mr. Villalobos said a recent cam- 
paign to bum local government of- 
fices and kidnap mayors would 
continue in areas where the rebels 
often operate. 

Other rebel officials said the 
guerrillas would also step up politi- 
cal work in the countrywide and in 
urban trade onions to try to con- 
vince the Salvadoran people that 
President Josfe NapokOn Duarte 
cannot successfully govern the 
country or improve living stan- 
dards. 

Mr. Villalobos said the guerril' 


rVBFBOUESIWAPBEtmmH 
CHAIRMAN MENS!5W,flWFlTCM 

mpfmBee, niveem&sm) 
mmn&axsRiGPeairm 


las’ top proposal now in peace talks 
with the government was an end to 
“North American intervention in 
El Salvador." 

Both Mr. Villalobos and Mr. 
Han dal said that oitiy U5. aid had 
prevented the guerrilla forces from 
defeating the El Salvador’s army 
two years ago, an assessment that 
has been expressed privately by 
several U.S. analysts. 

When asked what his minimum 
condition was for the rebels to Lay 
down »h<dr arms, Mr. Villalobos 
responded, with emotion: “We 
have no condition for laying down 
our arms because we are not pre- 
pared to give up our guns, ever." 

His statements indicated that re- 
cent terrorist attacks by the guerril- 
las may be a sign of their determi- 
nation to increase the cost of the 
war, rather than an indication of 
growing desperation in the face of 
improved army performance. 


F P/m&GPB&SCIPIMTD 
WW AW RKORP A PROTEST 
SONG NONE OFTHBR&OGE& 
^ CAMPS MnGRB. \ ' , 


Mr. Villalobos- and other rebel 
commanders seamed highly aware 
of the political cost of such attacks. 
But they said than they believed Mr. 
Duarte's govern ment was fragile 
and could not withstand a pro- 
longed war. 

The journalists accompanied a 
delegation of 1 liberal Americans 
from California to rebel headquar- 
ters in Perquin, a town in the heart 
of a war zone 1 26 miles (202 kilo- 
meters) northeast of San Salvador. 

The rebels si wed do effort to 
impress the visitors, providing 
meals of steak, fresh orange juice, 
and baked brea-d, as well as beds, a 
video television screen, and trucks 
for transportati on. 

The rebels’ effforts appeared de- 
signed to demoumraie their ability 
to maintain con trol in the area de- 
spite repeated array sweeps.. The 
amount of equi pment and ameni- 
ties the rebels displayed indicated 
that they were n ot the broken force 
on the verge of desertion tha t gov- 
ernment propaganda and U.H. offi- 
cials occasional lly depict them as 
being. 

■ Vow to Hel p Honduras 

El Salvador w ould assist I -f ondu- 
ras “in whatever way, militarily or 
whatever,” if hostilities broke' out 
between Nicaragua and Honduras., 
the Salvadoran chief of sutff, Gen- 
eral Adolfo BLandon, said in an 
interview Friday, The Ajisoria.ted 
Press reported Trom San S-alvai Jor. 

Recent incidents on the: Ho ndu- 
ran-Nicaragua n border, wtoere. Nic- 
araguan gueni lias are figh tin; » Nic- 
araguan government troops, 
“could prerip itate a war in the re- 
gion,” General Blanddn said. He 
said that El Salvador haii devel- 
oped comingimcy plans for such a 
conflict. 

Reports from Hondijras last 
Thursday told of Nicaraf man artil- 
lery attacks o a four HontJuan bor- 
der villages. 

If full-scale fighting • erupted be- 
tween Honduras and Nicaragua. 
General Blandon said, “In whatev- 
er way, mili tarily or whatever, we 
would aid Honduras.* ’ 


mimrse 

Mumim 

comanscs 

JIMMY? GSTACnON. 




meek 

_ IN RAMA 
(POPULATION 40000), 
mitAI PROVINCE, ETHMMH.4, 
YOU CAN HELP. 

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Page 6 










































Page 7 





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Monday, July 8, i9S5 


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INVESTOR'S 

Id 

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tel 

3< 

DO 

k 


Madrid’s Momentum 


\ Market momentum may be slowing, but the Madrid Stock 
Ex ch a ng e appears headed for another good year. The ex- 
change’s market index rose 40 percent in 1984, and analysts say 
it could show a gain of between 17 percent and 25 percent by the 
end -of tins year. “Ifs one of the few markets which is not 
anywhere near its all-time high,” yrifl Joe Hair, Pn^ gpcan 
.oqmfira analyst al EB. Savory Mffln & Co. in London. . 

The economic turnaround under the Socialist government is 
largely credited for the market’s performance. Moreover, Span- 
ish stocks still offer low price/ earning multiples when compared 
with other European markets, with yields as high as 14 percent 
- High-yielding sectors like utilities toe particularly attractive, 
.*= *.-« = *• — ireenl state-owned 

i percent tins year, 
t 10 percent The 

„ .'to Michael Snack of 

Friedlander Ltd. 


Midyear Stock Picks 



stocks at midyear tiiat promise to be big winners over 
2 months is the latest fashion among big Wall Street 


In June, Merrill Lynch, Paine Webber and Pmden 
issued their picks. And 


dill 

last week, Shearsod Lehman 
Brothers, which pioneered the 
idea, published its “Ten Uncom- 
mon Values in Common Stocks.” 

“In com piling this portfolio, 
we looked for stocks with solid 
fundamentals and healthy earn- 
ings potential for (he coming 12 
months,” said EHot Fried, direc- 
tor of equity research at Shearson 
Lehman. The list, which covers a 
wide range of sectors, includes: 

Associated Dry Goods, Chi- 
Chi’s, Daisy Systems, Eaton 
Corp.. Equitable Resources, 

Golden West Financial, Frank B. 

Hall. IBM, Upjohn Co. and Wal- 
Mart Stork. 

Although Mr. Fried acknowl- . ' 

edges that the past record is no guarantee of future performance, 
last year’s selection handily outperformed the market. As of 
June 30, the portfolio had appreciated 39.7 percent versus a 
20-5-perrent gam for the Standard & Poor’s-SuO Index. Ameri- 
can Broadcasting Cos. was among 1984*8 picks, and Mr. Food 
admits that the ABC-Capital Goes merger boosted the portfo- 
lio. The poorest performer was Motorola. 



Eliot Fried 


The Dollar Difference 


Interest rams in the United States are dedmmg and the doDar 
has lost some value, but the huge capital inflows that have 
helped finance the federal deficit will likely continue for awhile, 
according to Rein van dcr Does, vice president for international 
markets at Drexel Burnham Lambert. 

Although the dollar’s value has dedined more than 1 1 percent 
against the West German mark so far tins year, Mr. van dcr 
Does notes that the real or inflation-adjusted, return of a US. 


Germany is 5 percent- Although the differential is significantly 
below last years 4 percentage points, Mr. Yandex Does says it is 
still sufficient to attract foreign investors. 

But he says the attitude of European investors could change if 
the differential con dunes to shrink. *Tm afraid that the flaw wiD 
slow down, and well see a further weakening in the dollar,” he 
said. If 60 , Mr. van der Does believes U.S. monetary authorities 
may have to take some action to raise interest rates to more 
attractive levels to finance the deficit. 


Oil Patch Scenario 


stand to rise if 
that the Vienna 


OPEC manages to convince the oil 
wrangling produced results, says Frederick Lenffer of Cyrus J. 
Lawrence Inc. in New Yorfc A rise in spot oil prices, winch 
would occur as oD companies replenish depleted inventories, 
could buoy oil shares. He also notes that earnings reports due in 
the neat two weeks are eaqpected to show the industry's second- 
quarter profits rose about 14 percent 
But any rise in will probably be shon-lived, be cautions. 
OPEC wul come under pressure again in the fall as supplies 
build. And the second quarter probably marked the peak for 
1985 profits. The improved earnings were “mostly lDnsoty” 
because they were based on brisk safes of gasoline, whore retail 
prices are looking weak, Mr. Leuffer explains. 



The Funds 
Cash In on 
Europe’s 
Big Rally 


By Cohn Chapman 


London J 

S CARCELY a year ago, while commenta- 
tors were painting a dismal picture of 
moribund European economies, some in- 
vestors were moving their money into a 
group of funds that focus exclusively cm European 
stocks. Their farsightedness has paid off hand- 
somely. 

The funds, including British unit crusts and a 
handful based in such offshore areas as the Chan- 
nel Islands and Luxembourg, are now cashing in 
on the record-setting pace of markets in west 
Germany, Switzerland, the Netherlands and Italy. 
(See Chart Talk. Page 10). 

As a measure of their performance, eight major 
offshore funds that deal primarily in European 
.equities showed a return in dollar terms of nearly 
21 percent in the 12 months ended in June, assum- 


ing reinvestment of dividends, according to Lipper 

al-rund 


Analytical Securities, which tracks mutual- 
performance. Although that return is some three 
joints less than the performance of the 
the sa 



ains 


By Bruce Hager 


New York 

I NFLATION was high and commodity 
ptica were rising when, Donald Knapp 
launched the Group 43 Fund in June 1981. 
A private investmem poa3 aimed rt a hmrttxi 
number of individuals seeking an affordable way of 
playing the volatile commotfity-futnres market. 
Group 43 was typical of scares at other managed 
accounts that had grown out of the high inflation 
days of the late 19708 and early 1980s 
.Starting with a modest $125,000,' mostly from' 
friends and acquaintances, Mr. Knepp; already an 
experienced trader,, proved an adept strategist' as 
woL Although small by industry standards, the. 
pod’s net asset value had nearly doubled by June 
1984,. and Mr. Knapp was gaining a reputation in- 
the industry as an astute pod manager. 

Then disaster strode. list July, Mr. Knepp, who 
had been betting oa higher gold and silver prices 
and some inprowmeni in foreign currencies, saw 
his strategy fall apart as the dollar suddenly spurt- 
ed higher . Group 43*s n et asset vabephuxuneted 56 
percent in a month and has had difficulty recover- 
ing ever since. “Thank God when we had the bad 
one, it wasn’t with too much money,” said Mr. 


procedures are not as tough as those of the SEC 
“Investors run more of a risk investing in a 
private pool titan in a public fund,” acknowledged 


George A.. Booth, ehm rmm of the pool operator 
Futures Asso- 


adviscry committee of the National I 
elation. “It’s Quite easier for a guy to run ascam in 
a private pod because he doesn’t have the SEC 
looking over his shoulder.” 

Still, for a. variety of reasons, many investors 
favor pods over funds. Higher risk, of course; 
means a chance for bigger return. Moreover, if a 
pod is successful, an individual can net a sizeable 
profit U.S- regulations limit pods to no more than 
35 investors, bpt apublk fund may have to distrib- 
ute returns among. several hundred investors. 

A Enntedpartoership in a private pod does not 
come cheaply, however. Minimum investments can 
be four times the $5,000 generally required for 
public funds. And investors wanting an individual- 
ly managed account must be prepared to pul op 


investors face in pnvaic commodity pools. Like 
public commodity funds, private pods trade a 
wide variety of futures contracts ranging from pork 
beCies to Deutsche marks. But unlik e their rdative- 
ly conservative cousins, pods are known for their 
^ i trading style. 


volatile futures market al any one time to between 
30 percent and 35 percent of total equity, keeping 
the rest in such (national interest-bearing invest- 
ments as UJS. Treasury bands. La contrast, private 


i contracts. 

Unlike US. public funds, which are considered 
securities and regulated by the Securities and Ex- 
i are considered private 


placements and faD under the jurisdiction of the 
Commodity Futures Trading Commission. Al- 
though the CFTC requires all pods offered in the 
United Slates to file efisdosnre documents, observ- 
ers say the agency’s requirements and regulatory 


A 5-Year View of 
Top US. Performers 

Compounded Annual Bate of Return, 1980-84 

Orion, Inc. 

884 

Create Commodity Ranagumant 

80.1 

Hickey Fhianctal Services, Ltd.* 

602 

Trend Analysts and PortfoBo MgL 

584 

Man Investment Management Co. * 

55.1 

Jutiw CammodHtaa, Inc. 

51.7 

Dunn CommodHlM, tec. 

47.8 

A.OJIanagement 

405 

Atlantic Associates, Inc. 

3741 

Computwtead Commodity Advisory 

34.7 

Georg* Booth A Associate* 

34.7 

* Covers period April 1 081 -December 1 984 

Source: Managed Account Rnports 


In some cares, the nirnmiurn amount necessary 
(a open an individual account is enough to frighten 
anyone but the most serious — and wealthy — 
investor. Chicago-based Hickey Financial Services, 
for example, required $5 million for all individual 
accounts before It stopped offering them last May. 
The reason, according to marketing director Bob 
Youstra, is that Hickey specializes in arbitrage, an 
endeavor that requires a nigh minimum in individ- 
ual accounts to satirfy government dealers when 
the firm purchases Treasury bills. 

' Aside from the initial investment, trading com- 
missions can also be quite stiff, up to $80 or more 
for each trade. After an «nnml 5 -percent manage- 
ment fee and 15-percent profit incentives, the 
charges can leave an account looking anemic. 

Against this forbidding backdrop is the fact that 
neither pools nor private accounts have done par- 
ticularly wcD in the past five years, due principally 
to the low-inflation efimate that has seen gold drop 
from $875 an ounce down to around $300. In the 
1 2-man th period ended in April, according to 
Managed Account Reports, an industry newsletter, 
private pools generated a meager return of only 0.4 
percenL 

“The bloom came off the rose in the spring of 
1980,” said Morton Baratz, the newsletter’s editor. 
“As a group since then, managed accounts have not 
been outstanding performers.” 

Indeed, commodities markets have changed dra- 

{Continued on Page 8) 


percentage pc 

average DA mutual fund in the same period, as 
compiled by Lipper, It is still a robust showing 
given the dollars strength. 

The offshore funds in particular have benefited 
from an inflow of funds from continental Europe- 
ans eager to move their money out of the range of 
the tax authorities. They are now using these funds . 
to reinvest in their local markets. 

Indeed, hardly a week goes by without a new 
European unit mist or investment fund being 
bundled. Schroder European Fund was one of ibe 
first. Launched in 1981, it has since grown by 167 
percent, with a growth of 199 percent in the past 
12 months. Madehine Hall, Schroder’s fund man- 
ager, says she is surprised that more investors did 
not move into European stocks 18 months ago. 

“A lot of people were slow to realize the changes 
taking place; particularly in government polities, 
and the outlook, for profits," she said. “Rather than 
realizing that Europe, whatever the problems, has a 
lot of very good companies who are leaders in their 
niche, many have been reading articles writing off 
Europe: Most of the dynamism is at the company 
leveL” 

Indeed, there are a variety of reasons to explain 
the bull markets in Europe. Stephen Dowds; an 
adviser to Britannia International Investment 
Management Ltd 's European Performance Fund, 
cites stronger economic performance. The West r 
German economy, be says, wiQ likely expand by 
32 percent this year against 2.6 percent last year. 
Other European nations wiD also benefit from 
slightly higher growth. “Although there numbers' 
may be snail, they disguise substantial prospects in 
a market that has been neglected by investors for 
years,” he said. 

Aside from the better economic picture and a - 
desire for European investments as a hedge against 
(Continued on Page 8) 





Junk Bonds Enticing Yield-Conscious Investors 


By William McBride 


F 







P 


New York 

OR bond investors who got hooked on the hefty 
yields of the early 1980s, the decline in UiL 
interest rates has been a mixed blessing. While it 
has boosted the value of their bond holdings, 
ioamre-oriented investors often experience “coupon 
shock” when faced with the problem of reinvesting inter- 
est income or maturing principal. 

In the last 12 months, yields on high-quality Uh- 
corporate hands have sunk from just under 14 p erea it to 
less than ] ] percenL The retreat in short-term interest has 
been even more daunting, with the average yield on U.S. 
money- market funds down to 7.15 percent from about 
U 24 percent last faD. 

In quest of loftier returns, many individuals have bent 
fofiowmg institutions into the murky field of junk bonds, 
those high-yielding securities issued by companies with 
less Ilian twi rling credit ratings. Among investment prtrfes- 
tiftitafr the term has been extended to embrace a wide 
range of instruments such as convertible preferred stock, 
debentures and equipment-trust certificates .^ 

In additira to current yidds that can nm from three to 

[our percentage points above those of high-grade bonds, 
junk bonds often hold the promise of large capital gains if 
the issuer’s creditworthiness improves and the price of the 
hcod rise. Of course, a mm for the worse can just as easily 
had to staggering losses. 

One example of a positive outcome is an issue of 

.1 ■ T r , .1. I nK.L _ WJmiL. 



bond funds in six of the last 10 years, according to the 
*- - - - winch assnme reinvestment of dividends. 


Tm Bfaom 


it of the new issue for Dread Burnham’s 
FmsWy Group, a high-yidd fund based in Luxembourg. 
With the quarterly dividend, that adds up to a total return 
of 30_5 percent in less th a n two months, 



i convertible preferred stock by Wkkes Cot, a building- 
f products company that emerged from a court-supervised 
reorganization last spring. The shares, issued in May at a 
price of $25 each, pay a S2.50 annual dividend and are 
convertible into common stock at an 8-percent premium. 

Las week, the preferred shares were quoted at $32 each, 
according io David Solomon, a money manager who had 


the growth in the numba - Of mutual funds specializing in 
junk bonds, from seven funds in 1977 to about 40 now. 
According to lipper Analytical Securities, the high-yidd 
bond funHs had $724 billion in assets at the cad of 1984, 
more by far than any other type of bond fund. 

The growth has come on the back of impressive perfor- 
they stumbled badly in late 1984, junk- 


bonds have also attracted regulatory scrutiny 
because of their use in some hostile corporate takeovers. 
But Drexd, the Wall Street firm that dominates the 575- 
bilHon market, is quick to note that only a small percent- 
age of junk-bond issues are linked with takeover battles. 

Indeed, many of the issuers are young, fast-growing 
companies without the track record or balance sheet 
required to obtain top credit ratings from Standard & 
Pool’s or Moody’s, the two leading rating agencies. Such 
issuers as MCI Communications, People Express and 
Kinder Care, though far from being part of the Fortune 
500, are well-known among investors and have lug Wall 
Street followings. 

Before Drexet began bringing younger companies to the 
market, the high-yidd boua sector was mostly dominated 
by “fallen angels/ 1 big-name companies who had fallen on 
hard times and were undergoing restructuring. Specula- 
tors would nwve band tray a struggling comp an/s bonds 
at large discounts, hoping for a turnaround that could 
further sweeten the hip current yield with a hig rise in the 
price of the securities. ; 

But efforts to save a company do not always succeed, 
and the recent downturn, among technology companies 
has reminded investors how rapidly an tanaging growth 
company can slip into the red. Thus, the hip yields on 
junk bonds are a form of ccoqiansation to tire investor for 
the increased risks that ihe issuing company may default, 
wiping out his investment. 

Some junk-bond enthusiasts cite studies showing that 
the average annual default rate on all low-rated 



mance. 
bond funds 


ivc outperformed all other categories of 


) percent of their capital. 

Bur even same partisans of junk bonds acknowledge 
that future default rates could be higher, given the larger 


(Continued on Page 10) 


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Fast-Moving Commodity Pools Go for Big Gains 


J 


■S 

2 

S 

0 


(Contained from Page 7) 
matically in the past decade. Mar- 
ket volatility, though sometimes 
dramatic, has been more or less 
phlegmatic when compared with 
the 1970s. Prices are steady, and 
even potential catastrophes or in- 
ternational crises do not carry as 
much 
once 

The price of sugar in the 1970s, 
for instance, was over 65 cents a 
pound and sometimes moved as 
much as 3 cents a day. But now, 

notes Dineesh Desai, president of 

Desai & Co, a trading adviser lo- 
cated in Mountain View, Califor- 
nia, a pound of sugar now costs 3 
cents and has remained at that 
price for the past three months. 

That has meant bad news for 
fundamentalists, or traders who 
base their buy-and-seU decisions 
on factors such as weather condi- 
tions or other forces likely to 
shape supply and demand. 

In the 1970s, Charles Curran 
sewed big gains on news about 
U.S.-Soviet wheat deals. But his 
best effort since came two years 
ago when com and soybean prices 
jumped on the news erf a devastat- 
ing drought Mr. Curran also 
jumped — heavily — and emerged 
with a 60-percent payback in one 
month. But now, because of a lack 
of sustained trends, Mr. Curran 
concedes he is doing “moderately 
poor” this year managing S10 mil- 
lion. 

Individually, however, some 
trading advisers have kept bloom- 
ing. Topping the list is William A. 
Dunn, the Florida-based presi- 


rnrnes future commodity prices on 
the basis erf price movements, 
rather than commodity supply 
and demand. Tve never seen a 
soybean," he says. 

Orion has successfully used the 
technique to generate an 88 .2-per- 
ceut return between 1980 and 
1984. And to prove the firm hasn't 
lost its (ouch, Orion started anoth- 

Partnen, juTSra&tt! 1 which 
gained 463 percent through the 
end of May. 

Two of the hottest traders and 
pod managers at the moment are 
considered to he Tom WUhs and 
Robert Jenkins, both 35 years okL 
The two Chicagoans began a pri- 
vate pool called Floor Traders 1 
Futures Fund I in June 1982 that 
generated a 292-percent return 
through May, including a more 
than 30-percent gain for the first 
five months of this year. Thai 
means that an original unit with a 
$985 net value is now worth 
$3,860. 

The secret, says Mr. Wntis, is to 
be conservative. Thai tendency, he 
says, has grown out of 10 years’ pit 
trading experience, and from 
knowing enough to keep a large 
position in liquid, interest-bearing 
securities. 

“I have to keep a large chunk 
there to give me a mental mas- 
sage,” says Mr. Willis, describing 
his personal portfolio, which re- 
portedly is worth some $2 million. 
“There's a part of every trader 
who’s waiting for the shoe to drop. 
My portfolio is so conservative I 
could give it to a money manager 


dent of Dunn Commodities Inc, and he could get me two more 
who currently manages about $60 points.” 
milli on and has generated a 66- Mr. Willis and Mr. Jenkins have 
percent gain in one managed pod a bearish reputation for going 
during the past year. short. But if gold is going up and 

“We take a conservative ap- soybeans down, then Willis Jen- 
proach, and time has proved we're kins lire, would probably seU the 
right," said Mr. Dunn, a physicist weakness and buy the 
who has been following commod- 
ities markets for 14 years. “When 
the inevitable disappointment 
comes, it doesn't destroy us. And 
whoa we’re successful we’re re- 
warded." 

Like many in the industry, 

Richard Levin, president of New 
Jersey-based Orion Imx, describes 
himse lf as a technician who deter- 


Churning: How Much Trading Is Too Much? 


A NY investor who turns funds over to an adviser should be on 
guard against “churning," a catchall term used to define 
excessive trading in a securities or commodities account for 
the purpose of generating commissions. While churning is 
getting more notice as a legal issue in the United States, it remains 
difficult to prove in court, especially when it comes to commodities. 

The reason stems from the nature of the commodities industry itself, 
where speed and deft timing are crucial to making money and prevent- 
ing losses. In the highly volatile environment that characterizes the 
futures market, a broker might have to protect his diem's assets with a 
number of quick trades, particularly in a diversified account with 
positions in several currencies and commodities. 

A broker earns a commission with each trade, win or lose, and thus 
an investor can be led to suspect him of padding his po ckets i f 30 
straight trades result in huge commission fees as well as an overwhelm- 
ing loss, still, the broker may be guilty of no more than bad trading 
practices or be an innocent victim of market circumstance. Therefore, 
finding hard evidence of dturning can be difficult 
It is much easier to detea churning in securities, where the markets 



the so-called Looper Formula. 

The formula weighs three factors — the degree of broker control 
over the account, the frequency erf trading and benefit to the broker. 
There is no such standard in the commodities industry. 

“Churning in commodities is a very tough case to make," said 
Dennis Ktenja, director erf the enforcement division of the CFTC the 
regulatory agency for the commodities industry in the United States. 
“While it may be common for an investor to buy a security and keep it 
for a long rime, trading in commodities means having a position and. 
selling it more quickly."* 

Despite the difficulties in proving churning, there are precautions 
that investors can take to monitor their accounts. Jeffrey Rosen, an 
attorney who has written extensively on churning for the Commodities 
Law Letter, says there are five baric warning signs of the practice. 

The first sign, he says, is a high comnrisskmrto-eqinty ratio. If a 
$30,000 account is reduced to $10,000 in one month, and an investor is 
then handed a bill for $10,000 in commission fees, there is a reasonable 
probability that the account has been churned. 

The second concerns day trades, or the practice of establishing and 
liquidating positions during the course of a day. That is similar to a 
third warning si g n, in-and-out trading, where a broker establishes and 



liquidates 5 or 10 positions in one day. and then re-esta b li s hes them (he 
next day in wfaai becomes a pattern. Evidence of such abuse can appear 
on monthly statements distributed by commodity advisers. 

A fourth sign involves trading under margin, best explained as when 
an investor's equity is very low but the broker goes ahead and puts him 
into 10 more trades thus generating commission fees which cannot be 
covered by the balance remaining in the account. 

The fifth indication that a broker might not be playing fair comes 
when there is an undisclosed split between the broker and a third parly, 
usually the trading adviser. Since it is undisclosed, an investor might 
not notice something «««« if commissions are exceptionally high. □ 

— Bruce Hager 


The trading philosophy has 
earned significant converts in the 
anmnodities industry: SO percent 
of the $35 million Willis- Jenkins 
Inc. currently manages is from 
other traders. 

The most outspoken advocate 
of trading commodities is also the 
industry’s patriarch, Richard 
Donchion. A finunrial consultant 


with Sbearson Lehman/ American 
Express in Greenwich, Connecti- 
cut, Mr. Donchion started the first 
commodities fund in 1948. Today, 
at 79, Mr. Donchion manag es two 
public funds as wdl as $12 million 
in private accounts. For the past 
five months, he says, these nave 
posted gains of between 15 per- 
cent ana 22 percent following two 


years of losses and minor gains. 

Mr. Donchion recognizes that 
the industry needs higher inflation 
to generate the 323-percent gains 
his clients enjoyed back in 1974. 
For the time being, however, he 
recommends bolding a commod- 
ity account as a hedge against 
what happens in the economy. “If 
wc get another round of inflation. 


then commodities will do better 
,th&n anything else," he says, add- 
ing that a weft-managed commod- 
ity pool can be less risky than a 

stock fund. 

What do other trading advisers 
predict for the near-tom? Some, 
like Mr. Donchion, see inflation 
creating higher toward the end of 
1985,. rewarding investors with 


more market volatility. Others, 
like Mr. Levin, admit they can 
only tell investors what tiny can 
lose, not what they wfi] win. But 
perhaps the sagest advice is of- 
fered by those who track the in- 
dustry itself. “Never prophesoe. 
especially about the future," says 
Mr. Baratz, stealing a line from 
Samuel Goldwyn. □ 




Equity Funds Lagged the Major Market Indexes in Quarter 




By Nicholas D. Bristol 


R 


New York 
IDING the new highs 
regularly set by the 
stock market in the last 
three months, mutual 
funds gained an average of 5.94 
percent in the second quarter. This 
was the eighth consecutive quar- 
ter, however, that equity mutual 
funds, on average, did not do as 
well as the Standard & Poor’s-500- 
stock index, according to A. Mi- 
chael Upper, president of Upper 
Analytical Services in New Vote, 
which compiles performance fig- 
ures for 841 mutual funds. 

The equity funds, which exclude 
specialty funds or those with in- 


vestments in bonds or foreign se- 
curities, averaged a return, includ- 
ing dividends and capita) 
appreciation, of 6.07 percent 
With dividends reinvested, the 


S&P-500 gained 735 percent in 
the period, while the Daw Jones 
industrials rose 6.64 percent 

The best performers over all — 
such as Twentieth Century Gift 
Trust which gained nearly 22 per- 
cent in the period — frequently 
were small, relatively new funds. 
They tended to shun computer 
and semiconductor issues and in- 
clude in their portfolios (he kinds 
of slocks that benefit from falling 
interest rates. 

“Among the best performers, 
you had funds in health, utilities 
and some financial stocks,” Mr. 


Upper said. “They tend to be spe- 
cialized — these are not major 
market players — and although 
they're not tiny funds, they're not 
as large as same others.” 

Mr. Upper noted that over the 
last 10 years, 56 percent of equity 
funds did better than the market 
averages, compared with 39 per- 
cent in the quarter just ended. He 
said that the number of funds 
beating the market averages has 
been improving in the last few 
quarters. 

The best perforating fund ui the 
quarter. Twentieth Century Gift 
Trust, also illustrates the volatility 
of the rankings. In 2984 the fund, 
which is run by Twentieth Century 
Investors Inc., lost 143 percent of 


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its value. Since the turn of the 
year, it has risen by 473 percent 

The fund has major holding s jn 
small companies involved in 
broadcasting, medical services, 
waste disposal and specialty retail- 
ing. It is nighty unusual, however, 
in that people invest in it by plac- 
ing their money in irrevocable 
trusts, in which investments must 
be committed for a minimum of 10 
years. Typically an adult buys a 
share for a child, or perhaps a 
charity. Neither the donor nor the 
beneficiary can touch the invest- 
ment until a specified date at least 
a decade later. A no-load fund, it 
is actively managed. 

• Outside the equity-fund catego- 
ry, funds that invested in bonds 
mid other fixed-income securities 
did well because of the substantial 
decline in interest rales last i 
ter. Not only did these 
rpaimah? high interest rates, but 
they also benefited from rising se- 
curities prices. 

The worst performers in die sec- 
ond quarter were funds that spe- 
cialize in stocks of precious metals 
companies. Five of the bottom 10 
were gold funds, and three more 
focused on silver, precious metals 
and natural resources. These kinds 
of stocks tend, to be hedges against 
inflation and do poorly m periods, 
such as last quarter, when a slowing 
economy suggests that a resurgence 
of inflation is not imminent. 

The worst-performing fund in 
the second quarter was 44 Wall 
Street, a New York fund that aims 
for capital gains. It declined 18.41 
percent. It also was the worst per- 
forming fond for the first half of 
the year and for the last 12 months 
as well as for the last five years. 
Since June 30, 1980, the fund has 
lost 56.26 percent of its value, ac- 
cording to Upper Analytical At 
the end of March, the fund had 
assets of $71.6 million. . □ 


I 


Second-Quarter Mutual Fund Performance 




Mutual funds that showed the largest 
percentage gains and declines in net 
assets, including dividends, for the 
second quarter of 1 985. 


Percent 

change 

tram 

previous 


Percent 

change 

from 

year 


Fund 

Investment strategy 

quarter 

ago 

m BEST PERFORMERS 


4 

Tbrertfetit Century Gift 

irrevocable trust fund 

+213 

+473 

Fktetty Select Health 
-Portfolio 

Health stocks 

+ 19.5 

+563 • 

New England Serte* - 
Capital Growth 

Growth fund 

+17.6 

+513 j 

LoomteSayles Capital 

Growth fund 

+16A 

+39.4 | 

Sroedoteninvestment 

Growth fund 

+ 16.7 

+293 

FkieWy Select Financial 

Regional bank stocks 

+ 15.1 

+563 

. : tk*xdf&etec*- 
Emerging Growth 

Growth-fund 

+15.1 

ml ; 

'■flcta^Owweas 

International fund 

+14.7 

nA.~l 

Srucoffend 

Growth hmd 

+143 

+.335; •; 

rLBXStackftMd 

Growftttond 

+13.4 

+32.7 i 


< : 


WORST PERFORMERS 


'44W eBStowt 

Canted appreciation 

-18.4 

-43.1 

at .. 

. ■% 

Natural resources 

-is* 

-1941 

tinted Prospector 

. Goto fund ' 

-12.9 

-29.87 

Strategic Investments . 

Gold fond 

-12J8 % 

' 34>' 

Stoafeegfo Capita Gains 

Capita appreciation 

-n.r 

-44 

UnltxKtServtce^ 

GriidSNtres 

Gold fund . 

-113 

-28.4 

SfeafegcSSver 

‘ Precious metals fund 

-11.1 

tut. 

e^t-GgiW- / ; 

Gaidfund 

-103 

AA- 

FrankOn Gold Fund 

Goto fund 

-10.1 

-art* 

• Hutton Invest Sr, 
■ProctousNtetal - - 

. Pnsck^rnetas fund 

-93 

n«e. 


The New York. limes . ™T. 


Savnx; Upper AnatyOcat Setvfcm 




Funds Gash In on Europe’s Rally 


v. 


(Continued from Page 7) 

a decline in the dollar, fund man- 
agers say the market rallies also 
re flect fundamental rfumg as in 
Europe that wifi continue to. un- 
derpin the markets. 

Peter Watts, director of Hill 
Samuel's new offshore European 
Trust Fund, said there has been a 
growing realization among gov- 
ernment leaders throughout Eu- 
rope that private-sector profits, 
not heavy public expenditure, is 
more limy to achieve economic 
growth. 

Michael Wrobel of Fidelity In- 
ternational Management Ltd. still 
sees many opportunities in the 
.market. If interest rates edge low- 
ex, he believes financials wfll con- 
tinue to move higher. He also 
notes that Europe has much to 
gain from lowCTtw prices. “The oil 
price hikes really crucified Europe 
as an oil user, but now, provided 
the cuts feed through, it will derive 
great benefit," he said. 


attitude to- 
rn laige, however, 

portfolios heavily in favor of what 
they call the continental “Big 
Four” markets in Germany, 
France, the Netherlands and Swit- 
zerland. 

Miss Hall says 60 potent of her 
fund is invested m Deutsche 
mark-related stocks in 
the Netherlands and Swit 
But over die past three months, 
she has lifted the fund's stake in 
France to 20 percent from just 
over 16 percent 

Nigel Ledeboer, of Save* Pros- 
per Group Ltd, favors big capital- 
ized stocks and has been staffing 
assets away from the secondary 
markets in Europe. Like others, he 
also has moved funds into the Big 
Four, withdrawing from Scandi- 
navia, Italy and Spain. Save & 
Prospers European Fund has cut 
its Scandinavian portfolio firm 40 


percent of total invested to rally 4 
percent, be said. 

_ Mr. Ledeboer agrees t hat finan- 
cial stocks still have a ways to go 
andespedally likes the big Swiss 
banks. On the industrial side, be 
prefers such internationally recog- 
nized manufacturers as Daimler- 
Benz. “There is now a greater 
awareness of the int ernational 
business of these European com- 
panies, and how good their trade 
record has been,” he said. 

In contrast, Phillip Gray, chief 
investment TTO|nn g”' of GT Unit 
Managem ent LuL, looks for small 
companies and has been paying 
dose attention to Norway. 

Despite the lethargic perfor- 
mance in 1,/mdon, some of the 
enthusiasm could spiQ over into 
British stocks. Britannia is conad- 
ering prominent British compa- 
nies sadiasGKN, tbeengtaeetmg 
Grand Metropolitan and. 
:& Wildest 0 




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narter 





INTERNATIONAL HERAUPXHIBUIVE, MONDAY, JULY 8, 1985 


Page 9 



e Most of Trends 


By Edward Rohrbach 

Rotterdam 

. A _S ATOP decUka-niakcfaiRobeoo Gram the 
M - $6-bDlkm Dutch ntotnal ftmd that is rte l Arrau 
ta outside of the United States, Jan R. Yoflte has 
JL jB. little trouble winning the attention of investors 
“With the amount of conmnssiozis Robe to 
brokers would crawl on tbdr beQies to get his business — 
even if he never made them,” one commented Mr. Yoflte, 
who spent eight yeais as director of Robecc’s North 
American equity investments, is widely viewed as the top 
money manager in Europe to cultivate. 

‘Tough” was the descriptive term menrinrwi unani- 
moas^ by brokers in Europe and the U.S. who have dealt 
with Mr- Vodtc, who now is managing director of Robe* 
STno-mfllinai capital-management affiliate, 

"Yes, he's a vsy tough customer” said another top 

European money manager. “He’s very Dutch.” 

“He’s a little spoiled, too,” added a Dutch broker. 
“Every firm put their best man on Jan. Rbbeco's a plum. 
He's always been in touch with the very best people in 
America and Europe. They all rate him very high. Hes top 
notch.* 

OneU-S. broker who has done buaness with Mr. VoQte 
over Ob years said he has “a very good fed for markets 
world-wide and is about as good at investing on Wall 
Street as any of the top Americans who manage funds.” 

He added Iha 1 the Dutchman’s “tr wnenrinns St rength i* to 

invest aggressively when the opportunity presents itself.” 
Mr. Voflte admits to his reputation. T can be a real 
pain,” he said “Heading the American desk, I dealt with 
35 brokers — many more if Td wanted — and unless 
someone phoning had a good, new idea Fd cat them short. 
After a while, my telephone didn’t ring all the time- " 
Or,as a broker in London put it: “Jan is the last chap 
you caB when you have nothing to say. And if you do have 
something 10 say, you’d better know all the ins and outs of 
what yoare proposing.” 

Mr. Voflte tells the story of an American broker whose 
opening remark at a meeting in Ids Rotterdam office was 
to breezily ask, “What's Robeco?” He was shown the 
door. 

But Mr. Voflte, just turned 38, gets the tables turned cm 
tom at the remodeled farmhouse on the Rhine where he 
lives with his wife, Paula, and two teen-aged children. Mis. 
Voflte has told her husband that he too will be shown the 
door anytime his weight gets over 100 kilos (about 220 
pounds). 

Mr. Voflte, who usually vacations with his family hiking 
or drimg in the Alps, said jokingly that Ids hobby is 
watching Ms wife garden. But a relative calls her the 
“driving force” in Ms life. 

The two were married while he was still a student 
earning a bachelor of arts degree in economics at Rotter- 
dam university. He took a part-time job at Robeco when 
be was 2 1 , and worked Ms way up the hard way, although 
his grandmother was a Pierson, from the prestigious 
Amsterdam banking family , and hb father a doctor. 

Mr. Voflte’s first big job at Robeco, monitoring the 
mutual fund's Canadian investments, «™e after only six 
mouths. His mother was a Canadian, and he credits his 
maternal grandmother, who lived to be 100, far being the 


inspiration for Ms interest in investing. “The only stocks 
she owned were Canadian Pacific andBefl Canada, but 
she knew everything about those companies,” he recdled., 

Mr. Voflte, in contrast to the volatile markets he fol- 
lows, described himself as “very stable— I’ve lived al anly 
three addresses in my life.” 

At Robeoo, where he was recently elevated to the level 
of deputy managing director, be is also known as a 
.forceful advocate of Ms views. Last summer, for example, 
be argued strongly against the prevailing consensus mat 
U.S. Bank stocks were too risky because of the interna- 
tional debt crisis. 

Tt was just loo widespread an opinion — in. the press, 
m my own office, “he said had a gut feding the fear was 
already in the stocks.” 

“I always feel most comfortable when Pm disagreeing 
with the mainstream opinion” he said , adding mat the 
biggest mistake most investors make is “panicking in a 
bear market that is bottoming out — that? costly, - - 

Not that Mr. Vofllc has never been wrong himsdf. Like 
many Europans and even Robeco, which was hedging its 
portfolio position, he shorted the dollar heavily in his 
personal account last year. “It lost me a lot of money,” he 
admitted. He also confesses that he does better for Robeco 
ami his family in the stock market than he does for 
himsrif- 

“I guess if 5 because you can he to yourself and not to 
otters,” he langbed. “Investing as individuals. we tend to 
fall in love with stocks.” 

ffisstmogest suit has been to spot long-term trends. For 
example, he the dinsinflation wave early, and has 
ridden it profitably on Wall Street. 

“Although as a market theme it’s five years old now, 1 


tea®;' 





think disinf lation has another 5 to 10 years to run,” he 
said. “It will continue to make financial assets like stocks 
and braids attractive.” 

Jh emphasizing this so-called top-down approach to 
investing, he admits to a weakness in picking stnrirs 
“Stories about exciting .companies don't interest me that 
much,” he said. T want to figure out, for e xample , where 
interest rates are heading over the longer term.” 

He says index futures are his favorite personal invest- 
ment, because they allow him to play the general tread of 
• the stock market. Bui, for individuals who would rather 
purchase stocks outright, he recommends buying a pack- 
age of 10 that reflect the overall market — “orbuying a 
Robeco food,” he added. 

He also singles out Dutch insurance stocks as a recom- 
mended investment. In the group, he mentions Aegon, 
Nationele-Nederiandea and Amev. 

Mr. Voflte described himself as “positive” about Wall 
Street, but he says that over the next 12 months European 
tariimB will offer “far more interesting op port uni ties, 
especially with the currency factor, from a total return 
point of view.” 

He is looking for the Dow average to c limb 10 to 15 
percent, lifting it to about M50. That is the percentage he 
thinks the doflar wiE decli n e over the coming year. “We 
are about to eater a period during which all rates in the 
UA will decline below 10 percent,'’ he said. 

But it is for only a “relatively short interlude” that 
Europe looks most attractive to him. “Long term we 
should go where the action is — the Far East,” he asserted. ' 
“Apart frdtn Japan, that includes Hong Kong and Singa- 
pore. And who knows five years from now — maybe the 
Shanghai Stock Exchange. □ 


'I always feel most 
comfortable when I’m 
disagreeing with the 
mainstream opinion.’ 


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sole basis for investment. 





: * <■ v •- 




The Manager. Citifimds. P.O. Box 349, Green Street. St. Helier. 
jersey. Channel islands. THephone: Jersey (0534) 70334. 


= CITIFUNDS 

‘ ADVISED BY CITIBAMO 


THIS*] h plxtd by iiunap Uwrstnm Bull Unurd. on runyud ilriki 


Jan R Votite, .overseer of Robeco Group's $7 00-miUion Rotrusco affiliate. 



Another Gauge for Stocks 


By Leonard Sloane 


•' -NewTork 

-rm imrr ENTION . !’piice~ 
earnings ratio and" 

I W ■ individual investors 
1TA. usually know that the 
phrase deals with the relationship 
between a comp any ’s market val- 
ue and its earnings. Daily newspa- 
per stock tables fist this indicator 
and brokers discuss it regularly 
with their clients. Dividing a com- 
pany’s share price by its per-share 
earnings has become a c omm o nly 
used measurement for assessing 
the value of a company. 

Within the last year or so, how- 
ever, another ratio has been work- 
ing its way into investor con- 
sciousness. It is the “price-sales 
ratio.” calculated by dividing the 
price of a stock by its sales per 
share. Thus, if a corporation has 
$100 million in annual sales and 
five million common shares out- 
standing. its sales per share are 
121 If its current price is $15 a 
share, it has a price-sales ratio of 
0.75, determined by dividing the 
share price, $15, by the sales per 
share, $20. 

Proponents of tbe theory aim to 
purchase or hold stocks with low 
price-sales ratios, while shunning 
or idling those with hi^h ratios. A 
low price-sales ratio is generally 
considered to be 0.75 or lower, 
while a high ratio begins at be- 
tween and 3, depending on the 
type of company. 

Analysis who use this gauge as- 
sert that the best-performing 
stocks will be unpopular shares of 

r companies, as indicated by 
ratio. Low price- sal es-ratio 
stocks, they say, are likely to per- 
form well for the investor because 
any good news is likely to translate 
into higher prices. In contrast, 
high price-sales-raiio stocks do 
oot perforin well because they are 
too popular and discount too 
much of their future growth. 

But even adherents of the price- 
sales measurement — sometimes 
referred to as the market value-to- 
revenues ratio — acknowledge 
that h cannot be used in isolation. 
Moreover, some fed that the for- 
mula does not easily distinguish 
between companies with low and 
high profit margins, nor apply too 
«tll to concerns such as banks and 
real-estate investment trusts, 
where con tinuin g sales are not the 
driving force. 

Nevertheless, the concept of 
measuring prices against sales, 
rather th.m earning s, is often use- 
ful as a technique for selecting 
stocks. It can be helpful, for exam- 
ple, in determining tbe quality of 
industrial and technology compa- 
nies and m lining to predia stock- 
price appreciation over the long 
term. Since a substantial number 
of top-performing stocks began 
their rise when earnings were de- 
pressed, the traditional price-e&m- 
mgs ratio analysis would not have 
mdi catfd their high growth possi- 
bility. 

“Fundamentally, if you don’t 
have sales, you don’t have a busi- 
ness,” said Kenneth L. Fisher, a 
money manag er in Burlingame. 
California who has long advocat- 
ed the use of price-sales ratios. 


Tf you don’t 
have sales, 
you don’t 
have a 
business.’ 


“Earnings are a result, not a 
cause.” 

For example, Mr. Fisher cur- 
rently suggests that individuals 
might look at four New York 
Stoat Exchange stocks with a law 
price-sales ratio: Applied Magne- 
tics, market price of $1325 and 
price-sales ratio of 0.65; Goodyear 
Tire, market price of $2925 and 

ratio of 021; Murray Ohio Manu- 
facturing, market price of $18,125 
and ratio of 0.19, and Wolverine 
World Wide, market price of 
$1025 and ratio (tf 0.19. 

High price-sales ratios “are al- 
most always a sign of a stock that 
should be avoided, if not sold 
short,” said Mtcbad Murphy, edi- 
tor of the California Technology 


Stock Letter. Low price-sales ra- 
tios “me not a sure sign a stock 
should be bought,” be ad d e d , but 
they “can provide a happy hunting 
ground for. further analysis.” 

Among the other factors that 
should also be .considered in tins 
analysis by users <tf price-sales ra- 
tios are a company’s balance 
sheet, its market share, its man- 
agement and its debt level. Profes- 
sionals who utilize these ratios 
generally believe that they are nec- 
essary. but not necessarily suffi- 
cient. 

Price-sales ratios are particular- 
ly effective when investigating 
companies without correal earn- 
ings or ones that are growing rap- 


idly. In gjenerak large companies 
sdl at lower price-sales ratios than 
small ones m the same industry 
and with similar prospects. And it 
is common to find that a company 
with alow price-carnings ratio ^ win 
have a high price-sales ratio. 

- Whether the new gauge will 
eventually become as widely em- 
ployed as price-earning? ratios re- 
mains to be seen. But s ma ll inves- 
tors with a propensity for risk 
might think about the different 
ratio as a way to choose stocks 
timt could, over the next three to 
five years, become much more 
valuable. □ 

The New York Times 


At Swiss Bank Corporation 

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Swiss Bank Corporation 

Schweizerischer Bankverein 
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The key Swiss bank 


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Unlas Ziinch SBV 485 




BVTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 



The 2d Quarter: 
Frankfurt and 
Milan Are Stars 


Second-Quarter Activity on Major Stock Mar kets 


vV.'OMv i. !<>,<: ot •;.* ?.M. if * > | x cS'.vn mui'.i 


A 


FTER. the blistering pace of the Bret three 
months, prices- on the world's major stock 
exchanges rose at more modest rates in the 


second quarter. Two star performers were Mi- 
lan, where share prices jumped 22 percent in the last 


three months, and West Germany, when they rose 21 
percent In both cases, the surge was partly the result of 
an infusion of U.S. money. 

U.S. investors, both institutions and individuals, 
swarmed abroad this spring on the expectation that a 
falling dollar would swell the value of their foreign 
holdings. Although the dollar refused to tumble, neither 
did it rise. Thus, this was one of the few tones recently 
when dollar-based investors did not see their gains 
erased by a rising U.S. currency. 

In New York, where the Dow Jones industrial average 
gained 5.4 percent during the quarter, the mood tends 
toward cautious optimism amid signs that the U.S. 
economy may be piddng up. 

“Everything was packed into May,” said Hugh A. 
Johnson^ portfolio strategist at Fust Albany Corp., not- 
overall movei 


New York 
Dow Jones Industrials 



- 1,340 


H.320 


1,300 


M-sao 


hi. 260 


1,240 


June 




1^. 




Continuing Confidence in June 





,/in t . H 


Toronto 
Toronto Slock. 
Exchange Index 


r 2.750 







i ... ai.: 

Av,..vV^' 


'K. 



2.550 


2.450 




T 


.2.350 


April 

1985 


May 


June 




ing that April and May had seen little overall movement 


“If there was a surprise, something that caught the 
» off guard, it was how aggressive the 


financial markets off guard, it was how aggressive 
Federal Reserve was in easing monetary policy,” he sakL 
The easier monetary policy, which took the forms of a 
cut in the discount rate and a strong expansion in the 
money supply, resulted in lower interest rates. 

At the same rime, many investors were alarmed at 
signs of weakness in the economy and the impact that 
ought have on corporate profits. Thus, another sector 
that did well were the so-called “defensive slocks,” such 


as food and drug companies. 

Toronto, by far the biggest of Canada's Eve ex- 


changes, set a record during the quarter and closed about 
35 percent above its levd at the begjmning of the quarter. 
Weak commodity prices were the principal constraint; 
like the Australian and South African markets, Canada’s 
dominant equities are in natural resources. 

The modest performance there followed a tremendous 
first quarter, which in turn compensated for a dismal 
1984. 

As in New York, many of the best performers were 
utility and finandal-services issues, which benefited 
from lower interest rates. Financial-services stocks 
jumped an average of 14 percent, while the utility sector 
rose 10.7 percent On the other hand, resource issues 
tumbled. The metals group fell an averaged 6.5 percent, 
gold stocks dropped 3 percent and oils plunged 9 per- 
cent 

Among the larger price changes, Dome Petroleum, 
after showing some signs of life before its recent equity 
issue, slid 15.5 percent The company continues to shed 
non-essential businesses, and analyse are again recom- 
mending the stock. Done, which has more than 55 
billion in debt, would benefit from any further declines 
in interest rates. But like all oil producers, it is vulnerable 
to falling petroleum prices, analysts say. 

Gold mining companies generally declined, with one 
notable exception: The Lac Minerals Group announced 
that its four constituent companies would mage to 
create Canada’s largest bullion producer, triggering 
some mid stock gains. 

Among financial rnmnaniw, Canadian Imperial Bank 

of Commerce had one of the best gains, rising 24 percent 
during the period. Once the lowest rated of major Cana- 


London 

Financial Times 500 Index 7QQ 





■ 580 


April 

1985 


May June 




Paris 
CAC Index 



N EW YORK stock 
prices were spurred to a 
record high last month 
by signs of a 

erring U.S. economy. The 
Jones industrial average rose to 
1-^35.46 on June 28, up 20 points 
from the final day of May, as the 
market brushed off uncertainties 
surrounding Washington's efforts 
to restrain the budget deficit and 
revise the tax system. The Stan- 
dard & Poofs Composite Index 
registered 191.85, a gain of 2.30 in 
the month. 

“It’s a bull market, except for 
the technology stocks, which arein 
a major recession,*’ said John Rut- 
ledg an analyst with Dillan Read 

Elaine GarzareQi, of Shearson 
Lehman/ American Express, not- 


Frankfurt 

Frankfurter AJJege/neine 
Zeitung Index 


<-500 



sfcr?- 




Jj- 1 , 


400 


r Tmf T r 

April May June 
1985 



Johannesburg 

Gold Stock' Index 


/i\ 

"• ii I'nViftuf A 



'j r.I 

■*.J: V 'V' 


May June 


dian banks. Commerce is touted by analysts as a turn- 
around candidate. Loan losses are decunin 


mug and the 

shares track at a large discount from thdr breakup value. 


Two closed-end funds set up In the first 
Growth Investment and Value Investment, hi 
gains. They invest in blue-dim Canadian stocks and mil 
be liquidated in the early 1990s. Both are trading at 
substantial discounts from their net asset value, and 
some analysts say they are a good way to play the 
Canadian equity market. 

An excellent performance in the last three months, an 


top of an outstanding first quarter, suggests that 1985 
will' 


I be another vintage year for the Paris Bourse. 

The peak, which was reached on May 31. was almost a 
third higher than the year’s low set at the beginning of 
January. Observers say some credit must be given to the 
new investment instruments developed by the bourse. 
These indude Treasury mutual funds, share savings 


Tokyo 

Nikkei-Dow Jones Average 


■ 13.000* 



j- 12,5001 


1-12.000 


VsY : :, >■ .. -I" <h ' '!*.■> /■; . 

V ■ „■ - ' - * * K ' ‘-'I? 

it:.; .n'vv-W. oV ' 


J-n,500f 


■11.000 


April 

1985 


May 


June 


HongfCong 

Hang Seng ^ 
iSJ index 


'X 

WA 





ed that “the Treasury bill rate is 
below 7 percent, die lowest since 
1982, and that’s very positive.” 
She thinks the market js poised for 
a major move up- “I think the 
individual investor will look ar the 
low interest rates offered by mon- 
ey-market funds and start to shift 
funds into stock mutual funds,” 
she said. 

Last month’s top performer, 
American Hospital Supply, reject- 
ed a takeover offer from Baxter- 
Travenoi and reaffirmed its intent 
to mage with Hospital Corp. of 
America. Sun Electric, which has 
been profitable for only two 
tens in the last three and a 
years, ranked second because of 
positive market response to its 
new management ana its increas- 
ingly competitive position. The 
company, which manufactures 
automotive diagnostic equipment, 
“by all inriinatinmn has finally 
turned the comer,” said Joseph 
Philli pi of £F. Hutton. 

Topping the list of wont per- 
formers was Norlin Ox, a manu- 
facturer of electrical instruments 
thgLhas been plagued by legal 
troubles at its subsidiary, Charles 
P. Young Gtx. in Chicago. Ideal 
Basic, a cement manufacturer that 

wnlavl bmywiHI nmrtnglniM mon th's 
worst performers, has been sad- 
dled with expensive state-of-the- 
art cement plants operating at far 
less than full capacity. 

The Aqooican Stride Exchange 
Index dosed the month at 230.89, 
down slightly from 231.69 at rite 
end of May. The exchange’s top 
gainer was Downey Savings and 
Loan Association of Costa Mesa, 
California, which ra pitatirari on 
declining interest rates and in- 
creased its earnings sevenfold dur- 


Market Scoreboard 

Stocks on fie New York, London arid Tokyo exchanges fiat 
showed the largest percentage gains and losses in June. 

Percent June 18 
Gain Price 

■' / ‘ ‘V \ 

Percent 

Lome 

/ .- r vi 

June 28 
Price 

New York Stock Exchange: 

Compiled by Media General Financial Sarricei. Price* In doBara 

American Hospital 30 41.00 Norlin 

Sun Electric 24 11.13 Ideal Basic 

CNWCorp- 23 21.25 Katy Industries 

Wieboidt Stores 23 11.50 Home Depot 

ImperiaTCorp- 22 it.75 Cooper Tire 

(taycaCorp- 22 20.B8 Leaf Petroleum 

CindimatfG&E 22 1B.25 Phelps Dodge 

M unsing wear 22 14.00 General Datacom 

General Host 22 16.83 Armstrong Rubber 

Harcourt Brace 21 68.88 Control Data 

30 

24 

24 

20 

20 

19 

18 

18 

17 

17 

10.00 

11.63 

17.75 
13.25 
15 38 

13.38 
17.00 

12.38 

15.75 
25.88 

American Stock Exchange: 





DowneyS&k 

55 

23.00 

Lynch Communication 

30 

24.38 

Diamond Batfifturst 

41 

24.75 

Materials Research 

23 

11.75 

Sterling Software 

40 

10.50 

AtzaCorp- 

19 

21.00 

Western Health Plans 

37 

22.75 

Bow Valley 

19 

10.25 

Crowley. Milner 4 Co. 

32 

47.00 

Crown Central 

19 

12.50 

Over the Counter. 






BankNorth Group 

47 

23.50 

Paul Harris Stores 

46 

11.88 

TRCCos. 

44 

14.00 

Western Tele-Corn mum 

40 

13.13 

Insitufoon East 

44 

11.13 

Merchants National 

31 

36.50 

PossrsCorp- 

41 

19.00 

Mentor 

28 

13.50 

Hyponex 

40 

11.00 

Bectro Catheter 

21 

18 25 

London Stock Exchange: 





) Compiad by Capital International. Price* In panca 




Schroders 

9 

823 

BSR International 

42 

51 

' AIBed-Lyons 

8 

217 

Racal Electronics 

24 

144 

Midland Bank 

8 

374 

Tbom-EMl 

23 

357 

Metal Box 

8 

446 

Hanson Trust 

22 

180 

Mercury Securities 

5 

423 

Standard Telephone . 

21 

134 

Unigate 

4 

170 

United Scientific 

20 

180. 

BAT Industries 

4 

316 

English China Clays 

19 

218 

Booker McConnell 

3 

266 

Beech am Group 

17 

318 

International Thomson 

3 

499 

Lasmo 

17 

240 

Distillers 

2 

296 

Hepworfi Ceramic 

17 

120 

Tokyo Stock Exchange: 





Compltad by CapttaJ International. Prtcaa In yen 




Nichii 

26 

925 

Sanfco Steamship 

19 

81 

All Nippon Airways 

25 

685 

Kureha Chemical 

17 

858 

Orient FI nance 

24 

680 

Asahi Chemical - 

17 

919 

FtxjKa Tourist 

23 

1.100 

Nippon Kogajcu 

14 

1,150 

Taisho Marine and Fire 

20 

585 

Fuji Electric 

13 

349 

Nippon Fire and Marine 

20 

. 490 ■ 

Hitachi Cable 

13 

610 

Toyo Seikan 

18 

1.180 

• Tokyo Electron 

12 

3,000 

Nippon Credit Bank 

18 

5.680 

Japan Catalytic 

11 

480 

Yasuda Fire and Marine 

17 

600 

Settsu Paperboard 

11 

800 

Sumitomo Trust 

15 

1.180 

SankyoCo. 

11 

1,230 



T 




\r ■ 


ing the first quarter of the year. 
~ ’ Bathurst, a container 


Diamond 
company that grew through acqui- 
sition of a glass company, was the 
yecood-ratiking gamer on the 
. American Exchange. 

TlegioflialbafiKs Kr£fiOed from 
lower interestratesand aSuprcme 
Court’ decision. ~ * ~" 

The London exchange dropped 


4 parent in Jxme, due largely to 
continuing concerns about the 
British economy. The Financial 
Times Index dosed June 28 at 
59534, off 38.62 pcrints from May 
31. The market responded nega- 
tively to numerous .demands For 
large amounts of cash by institu- 
tions, and the raflnre of many coi^ 
porations torerch earning expec- 
tations, especially in the 


electronics sector. 

London's three worst perform- 
ers last month were electronics 
companies, ah of which arc facing 
tougher competition and oversup- 
ply in the markets of their key 
products. 

Allied Lyons, the restaurant 
and beverage concern, generated 
speculative attention as a poten- 
tial takeover target, most recently 


by Anbeuser-Bnsch. Midland 
Bank rebounded strongly, reflect- 
ing anticipation of strong earnings 
growth, according to^malystx. 

The Tokyo exchange reached., 
record highs last month. The Nik- ' 
kd average closed at 12,882.09 oa w 
June 28 . up 123.63 from a mondial 
earlier. The bulk of activity was?* 
the moderate- and low- 
stocks, however. □ 


The New York Tunes 


accounts that bring lax advantages to private investors, and participa- 
certificaies in nationalized companies, which 


rory shares and investment 

give buyers a profit-related dividend but no voting rights. 

In London, last year’s lackluster performance continues. In the second 


ies, however, whose profits and stock performance 


best known 
have been 

The Tokyo stock market also had a disappointing quarter. Although 



it in the quarter, to a 


issues that foreigners 


exporters will find it more difficult to compete abroad with the more 
valuable pound, while their earnings in foreign currencies will translate 
into smaller sterling profits. 

Another reason for the market’s drop, which came in June after a 
small rise earlier in the quarter, was a delayed concern about the level of 
Britain’s interest rates, which are about four percentage points higher 
than U.S. levels. 

Amsterdam has also slowed from its pace early in the year. Stock 
prices rose about 3A percent in the second quarter, and remain modestly 
below their I98S pole. But analysts were cheered by first-quarter 
corporate profits, which grew an average of 30 percent, arid they say that 
reduced labor pressures and a restructuring of Dutch industry should 
leave the market in a good position. That may not be true of some of the 


the Nikkei-Dow Jones average rose 13 percent 
record, most of the growth was in little-known 
randy buy. 

The ebullience of the first quarter lasted only until April 3, when the 
index tumbled after setting a record. Two weeks later, on April 16, the 
index plunged 345.45 points, the largest one-day drop in its history. 
Since then, many stocks have edged higher, but the best-known issues 
continue to be haunted by concerns about trade protectionism in the 
United States and Europe, as well as doubts about economic prospects 
there. 

The Milan stock market remains the toast of international investors. 
Stock prices rose 22 percent in the last three months alone, and are up 
about 45 percent — in dollar terms as wdl as in local currency — since 
the start of the year. Optimism about the economy, a sense that the 
government is in control and restructurings of labor and industry have' 
helped boost stock prices, analysts say. □ 

The New Yak Tones 


n 



B- 


protect and 

build your 

weaitn 

a special | 
expatriate 
account 



Royal Trust's Special Expatriate Accounts are 
designed to assist investors with their future 
commitments by offering high deposit rates at 
the time of fixing. Rates are fixed quarterly and 
interest is calculated on a daily balance. You can 
add to your account any time at the prevailing 
interest rate. 3 months notice for withdrawal is 
required otherwise there is an interest penalty 
upon early redemption. 

Royal Trust has been established in Jersey 
since 1962 and is Canada^ 7th largest financial 
institution. 

When you bank with us you benefit from the 
security and experience of one of Jersey's largest 
financial institutions and from the Island's 
reputation for confidentiality- 

For further information about opening a 
special expatriate account or details of our 
other personal banking services please post 
the coupon below or call Chris Blampied on 
Jersey 27441. 


ROYAL 

TRUST 


[Ur. C Blampied. | 

( Roya* Trusi Bank f Jersey) Limned. P.0 Box XM. > 
Royal Trust House, Cokundarte. Si Holier. Jersey. | 

Channel Islands 


= interest calculated daily and paid 1st June 
and 1st December 

■ interest rate lixed until 30ih September 1985 

■ No lax deducted at source 

: US Dollar accounts also available 
= No minimum amount required 


| | r am mrerasrad In opening a special expatriate 


account, please send me details. 


Name- 


Addreas. 


l~ m 


Royal Trust is incorporated in Jersey under the Depositors & Investors (Prevention of Fraud) (General 
Provisions) (Jersey) Order 1980. Deposits made with offices of Royal Trust Bank (Jersey) Limited in 
Jersey are not covered by the Deposit Protection Scheme under the Banking Act 1979. Share capital 
£3,500.000. Retained earnings £6, 256, 000 as at 31st May 1985, Copies of the latest audited accounts 
available on request from the Resident Managing Director. 


CAPITAL STRATEGY 

FUND LIMITED 

Gartmorc Fund Managers 

International Limited 
6 Caledonia Place, St Helier 

I Jersey; Cl - 

Tel: 0534 27301 

Telex: 4192030 


Fund 

t 

Price YiddpC.) 

Storing Dep. 

£ 1.026 

11.56 

ULSJ Deposit 

$ 1.028 

6£7 

DM Depost 

DM 5.083 

451 

Yen Deport 

Yen 509.10 

532 

SwJr. Dep. 

Sfr. 5M 

403 

N. Amanov 

$ 1.17 

050 

Jopon 

$ 13? 

060 

Pacific Basin 

S 1-25 

060 

InH. Growth 

$ 1.15 

060 

British 

£ 1.23 

m 

Staring G* 

£ Ij07 

1050 

Ind. High Income 

5 1JE 

11J» 

YenCcrw. Bond 

Yen 1397 JX) 

320 

| * Prices as 5/7/85. 




thcwoHd. 


TTie International H ftrnkl Tribune. 
the Woriifs Most 
to the World’s 
Importam Audience. 


Total Return for 12 Months 


Total return measures both the changes In the prices of securities and the income they provide, 
either in dividends or Interest Gains and losses were measured by comparing market Indexes 
with their levels a year earlier. The chart does not taka Into account taxes or inflation. 


45% 






-5% 


- 10 % 



Total return for 1 2 months 
ended May in local currency 


Total return for H 2 months 
ended May in dollar terms 


Source: InterSec Research Corp-. Stamford, CrmnoCticut Bond Indexes are proprietary. Equity indexes are from Capital International. 


t 


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Junk-Bond Funds Put Accent on Yield 


(Cantinoed froai Page 7) 
number of issues by volatile, 
‘ **■ J lent companies. 


itiH, try some analysts’ calcula- 
tions, default rates would have to 


rise fairly substantially before 
high-yielding junk-bond funds 
woold lose thiar edge over conven- 
tional bond funds for the long- 
tom investor. 

Analysts point out that default 
risks can be reduced by holding a 
widely diversified portfolio of 
junk bonds rather than jast a Sew 
issues, which is one reason why 
mutual funds make sense foe in- 
vestors who wish to (day the mar- 
ket “Real diversification is so crit- 
ical, so valuable," said Felix Smith 
of Putnam High Yield Fund, 
which has over $1 billion in assets. 
The beddings should not be loo 
heavily weighted in a single sector, 
such as health-care companies or 
'nudeai>power utilities, lie says. 

The professional portfolio man- 
agement that cranes with funds is 
critical because of the inherent 
vdatiHiy of junk bonds, which, 
tike common stocks, are heavily 
influenced by the near-term out- 
look for the issuing company. 

Bill Pike, manager of Fidelity's 
High Yield- Income Fund, ays 
“the creditworthiness of the is$u- 
ers and the suppty of junk bonds* 
are bigger factors in the higb-yidd 
market than short-term swings in 


(interest races. He attributes,' the ' 
poor showing of the fimds iril^84, * 
when the grcop xmdcxp^oqmd' 
funds of iXS. government booda 
by nearly five percentage pomts, 
largely to a ghit of new issues m 
November and. December. ' 

The volatility of tfriynnaricet' 
means thai invcstora^houW re- 
gard the purchase of junk-tad’ . 
funds as a fairly kmg-tem invest-; 
mem, for aboat,11uee to flveyean.— 
“A short-term focus 1 can be/wsl; 
teadraft” cauticos Mariin Bridson • 
ofMot^Sfcnley. , 

Studies dime by Mr. Fridson 
show that over short periods qf 
time, idativdy minor dun^s-ih : 
the relationshqi between the mar- 
kets for higbgrade bcaids/aiid 
junk bonds cm cause a jor»l:-boad - 
portfolio to imdetpezform'a port-, 
folio of hirti^rade tads. But 
over a period of three to fiyeyears, 
whrtw.Bidson trams toe “brute 
force” of compound mtercst — in 
other words, the interest on previ- 
ously accrued interest — ‘'turns . 
fie odds deasivrfy in favor*’ of the 
juak-tad portfolio. ! 

. Investors in junk-bond funds 
: should look into bow much of fie 
portfolio’s assets are kept in secu- 
rities with low credit ratings aid 

h 1 ■ 


(tf retum. Usually, from one-sixth 
to a third of the portfolio is kept in 
'U^er-gfyde .securities, indoding 
US. government braids or corpo- 
rate issues with Standard & tar*s 
ratings of single A, double A or 
OdqpteA, 

: Mr; Smith of Putnam, whose 
fund ia currently about 63-pcrccnt 
invested ‘hf hi^t-yiekl securities. 


Most high-yield funds charge 
load fees” of a few percent on 



mum investments range from 
11,000 to $3,000. These funds have 
been particularly popular for tax- 
. deferred programs such as retire- 
ment accounts, where the mix be- 


and has jnorcased the perceutage no impact on the mvestoTT tax 
of mvestment-gradc securmes. situation. □ 


A High Yield Fund Sampler 


12-Month 5-Year . % Assets 

Total Return Total Return in Low-Crad© 
(Ended May) . (Ended March) Securities * 


bow much is tat in higbgrwie 
nswulgn 


securities. This wfll give a sense fra 
how much risk the manag er typj. 
cally takes on to achitvtMs levels 


Dehn Witter j- 

High Yield y V 

tO?i% 

• • 

FMuHty AfVew 

High Yield 

127.7% 

'*:■ • 

Putnam , : - 

High Yield 

123.3% 

- 

V- - V-'A v ^ . 

Sheerson 

High new . 

HA 


* UwrnDv baflnad at aacumi** rated 88 andunder by 




















INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


Page 11 


THE BOURSES 



ears 


fy Join C Boland 


, New York 

H£ u-S. stock market's relative strength 


lower 


¥ 


those speculators who sdl borrowed 
'stock "hopittg to buy it back later at a 
i and with a profit As prices have risen, 
; widened for these bears. 

Some of the “shorts’" have scrambled to dose out 
pofltioins^rinte others have hone on doggstfly, pray- 
ing for a weak m prices. But if prices stay finn, or 
head up. a classic squeeze may develop: As short 
seDera rush to - close their losing and dangerous 
posstionSr their buying lifts prices, making escape 
even more costly. . 

Indeed, that happened in the fall of 1978 in the 


International led to a spectacular blow off, driving 
the company’s stock price from about $20 to $210 in 
only afew monlbs. 

Professional short sellers specialize in 


company’s deteriorating finances or eroding mar' 
gins. The real daredevils also look for ‘‘ngged” 
stocks, typically over-the-counter issues supported 
not fay corporate fundamentals (there may none to 
speak of) wit by one or more brokerage houses with 
pools of discretionary money. 

Among stocks on which there are strongly bearish 
views now — backed by big short positions — are 
Federal Express and Integrated Resources. 

The contest between bulls and bears on Federal 
Express has the potential for drama the 

slock remains an institutional darting Bui Federal’s 
earnings . faflares in the past year would have 
smashed many a growth stock. 

. After years of steady gains, the pm-fray an/i 
m document- carrier is on the verge of reporting its 
fourth straight quarter of lower profits. For the 
fiscal year through May 31, Federal Express proba- 
bly cleared no more than $1 35 a share, versus $232 
a year earlier. Yet the stock recently has been 
rivaling its 52-week high of $45375, more than 30- 
times e arnin gs and almost 3-times its book value. 


Looking at Two Stocks . 

With Large Short Positions 

Monthly N V£.Eek»v8.«ach stock'* vafcjaftonbmd 
^ ^r yg>iw/t^Wrt ^hy Bniitvcl>o»a«tP«£Ta»o»' 



71« Nm Yort Tin- 

The recent price is not too far shy of the stocks 1983 
record high of $48. 

The problems at Federal Express indude lower 

margina in jjg harir ftftp rc sS pargag ^. bnsmCSS, J 

competition and an estpensive start-up of aZap i 
f acaunile -tr ansmiision system. 

James Chanos, an analyst with Deutsche Bank 
Capital, a New York subsidiary of the West German 
bank, is probably the best-known short seller of 
Federal *We think Federal is a fine company," he 
said last week, “but the stock is ahead of itself given 
the problems. United Parcel Service will be a formi- 
dable competitor in tbe overnight letter business." 

While UPS lacks Federal Express’s advanced 
package-tracking capabilities, Mr. Chanos noted, 
the carrier already has a fleet of tracks and vans, the 
biggest hurdle to market entry. 


As for Zap mail, Mr. Chanos argues that it is too 
early to know whether the on-site transmission ser- 
vice will sncceed. “But they’re sinking a lot of dollars 
into it, and It’s getting to the point where it bad 
better be a success." 

company 3 s^view ^^^growing^u^w^Zap* 

mail and the lower profitability of the overnight 
express business will prove temporary. 

*Tn the priority package market. Federal com- 
petes with Airborne, Emery and Puroktor," noted 
Alfred R Noiiing, an analyst at Kidder, Peabody & 
Co. ‘This part of the marker is very service sensitive, 
and Federal sets the standard with 1(130 AM. 
delivery. Federal has a 70-percent market share, and 
h's increasing.” While mamas have shrunk, Mr. 
■Noriing agreed, much of that was due to heavy 
capital expexKtitures, which he believes have pealcecL 

With two nmar expansions behind it, according 

lo bulls. Federal should begin reaping higher profits 
from the additional package volume it has picked 
up. Mr. Norfmg, for one, does not see margins 
returning to the 15-percent pretax levels of the late 
1970’s, bat does expect recovery to tbe levels of two 
years ago. He is projecting a sharp earnings re- 
bound, appearing in the latter part of tbe new fiscal 
■year, which w3] lift Federal’s net to S3J5 a share in 
the fiscal year 1986 and $430 in fiscal 1987. 

. The other favorite of the shorts, Integrated Re- 
sources, was tradinglast week around $20, versus a 
52-week peak of £26.125, which was set in the 
spring, as Sanl Steinberg’s Reliance Financial Ser- 
vices announced a sizable position in Integrated. 
Nearly 12 percent of the common slock has been 
“shorted,” some by investors who doubt the sound- 
ness rtf the diversified financial service company’s 
earnings. 

As a major seller of tax~*dtered real -estate part- 
nerships, the company suffered under the 1984 Tax 
Act and stands to take arwdier blow if the admiziis- 
tratkn’s 1985 tax proposals become law. Earnings 
slumped last year to £184 a share from $337, ana 
management has warned that 1985 could see a still 
lower ml The first quarter brought a loss of 74 cents 
a share, veraus a 13-cent loss a year earlier. 

Then there are questions about the quality of 


[income from 
real-estate transactions is not alf cash, but rather an 
accounting entry that claims the present value of 
rental payments stretching years into tbe future. 
While that practice squares with accepted account- 
ing rules, it does not make tbe earnings bankable. 

Meanwhile, debt is heavy, and common stock 
earnings most come after preferred dividends that 
last year ate up $403 million, or 69 percent, of 
Integrated’s net income. Then, too. Integrated’s 21 
top officers last year collected $18.6 minion in 
salary, general partnership compensation and bo- 
nuses. That edged rail the $17,2 million available to 

mm mi'n share tSlUiOSS. 

Mr. Steinberg may also have something to do with 
the stock’s staying power. Tbe theory is that Saul 
Steinberg must see something," said a sbon-sdlcr, 
who also asked not to be named. He added that 
Integrated recently bought a number of motels for 
syndication from another of Mr. Steinberg's compa- 
nies. Integrated said the “two events were complete- 
ly separate." 

On tbe bullish side, the company has been buying 
in its common stock aggressively, shrinking the 
outstanding shares from /.9 million at tbe end of 
1983 to 53 million in March 1985. In 1984, h 
exchanged a straight pr eferred stock to retire 13 
million shares of preferred that could be converted 
into common. Thus, if earnings stage a rebound, 
they win be figured against a much smaller base of 
common stock than in 1983. . 

Some short sellers question the quality of the real- 
estate assets hflfjring $620 million in contingent 
liabilities carried off Integrated's balance sheet 
That sum, for guarantees on limited partnerships, is 
equivalent to more than $1 12 a common share. The 
shorts say that a jolt in the real-estate market could 
be a severe blow. “Tm bearish on commercial real 
estate,” said one short seller. “This is one way to 
short office buildings." 

But Sehg A. Zises, Integrated’s chairman, coun- 
tered: “Our asset quality is tremendous, probably as 
good as any company’s." And Anne McDennott, 
who follows Integrated for Moody’s, concurred: 
“The asset quality is very good.” □ 

The New York Times. 


A Strengthening Swiss Economy Underpins Zurich’s Rally 


By David Tlnnin 


Zurich 

A FTER more than a decade of relatively 
uninspired performance, the Zurich Stock 
Exchange appears to be shaking off its 
reputation as the world’s dullest market 
The Swiss Bank Corn, index of all Swiss shares 
closed at 499.1 on Friday, op almost 25 percent since 
the start of the year. And many analysis expect the 
index to step across the 500 mark this week. 
j. The prolonged rally has already placed Zurich’s 
performance far ahead of markets in New York. 
Loudon and Tokyo, and has earned Swiss stocks a 
degree of attention in international investment cir- 
cles that is usually reserved for equities traded an 
such medium-size exchanges as Amsterdam, Frank- 
furt and Hong Kong. 

More important to. investor, however, is the pre- 
vailing sense among analysts in Switzerland that the 
upward momentum will contin^ Tben confidence, 


analysts say, stems from the fact that the market 
rally is essentially based on sound domestic funda- 
mentals and does not depend on huge inflows of 
foreign investment or feverish local speculation. 
The market reflects the renewed strength of the 
Swiss economy,” said Robert Bischoff, chief trader 
at Swiss Bank Corp. 

Indeed, the Swiss economy is showing signs of 
renewed vigor, thanks in part to a weakening of the 
Swiss franc, which has boosted exports. Phillips & 
Drew, the London brokerage, expects Switzerland’s 
trade deficit this year ro narrow to 73 billion Swiss 
francs ($2.95 bDlion)from 8.1 bOhan francs in 1984. 

Although that would represent only a slight im- 
provement, expanded sales overseas have already 
produced benefits for Swiss industry, especially In 
the vital areas of machine tools and watches. Some 
companies have returned to profitability .while oth- 
ers have been able to resume or increase dividecdMo 
shareholders.. Phillips & Drew, expects a 15-percent 
increase in Swiss corporate profits this year and . 
another KPpercent risQ rn 1986. i ' 


Some analysts say the improved earnings picture 
has not yet been fully recognized by the market and 
that Swiss stocks are still undervalued. The average 
price/ earning multiple is about 8. compared with 
almost II in New York and 143 in Frankfurt. 
Consequently, even some of the most attractive 
shares are still trading at low multiples. For exam- 
ple, analysts point out that Nestle is trading at 
multiples of between 6 and 10. depending on the 
category of stock, while Gba Geigy stands at 12. 

In addition to economic fundamentals, the Zurich 
market has also been helped by lire continued pros- 
perity of Swiss banks. The banks’ profit picture 
began improving in 1984, and many have began 
distributing higher dividends to shareholders tics 
year. Not surprisingly, the market is particularly 
fond of the Big Three Swiss banks — Union Bank, 
Swiss Bank Corp. and Credit Suisse — which are 
outperforming the market The insurance sector has 
also been a maricet leadcr. Swiss Reinsurance, Wm- 
teribuf anri Zurich Insurance are currently among 


Some lesser known Swiss stocks are also seen ' 
analysis as having good potential They 
Biber Holding, a paper producer, Zdrcher Ziege- 
leien, a major housing developer, and Autophon, a 
maker erf communications equipment 

How long the bull market wiD last is uncertain. 
Some analysts say share prices could be pushed even 
higher if foreign investors decide to participate in 
the rally. Zurich brokers report a growing mteresr 
among foreign investors, both individual and insti- 
tutional hi addition to Zurich’s market perfor- 
mance, they say investors are also attracted to Swiss 
stocks as a hedge against a further decline in the 
dollar. 

Nicholas J. Baer, president of the Zurich ex- 
change, points out that tbe total Capitalization of the 
market is only about 3 percent of the New York 
Stock Exchange. Therefore, even relatively small 
sums of foreign investment could lever tbe market to 
new heights, he says. □ 


Hiywtw 

j jv!) IlmfilH 

r 






rrjwH 


The investment that 
combines Dutch thrift 
with Swiss security 

The four Robeco Group investment 
trusts offer investors around the world a 
wide choice of investment objectives. 

Robeco An equity trust which seeks to 
provide a balance of both capital growth 
and a substantial yearly dividend. 

Rolinco Another equity trust which puts 
the emphasis on capital growth. 

Rorento A fixed interest accumulator 
trust invested in bonds and currencies. 
Rodamco A property trust seeking a 
reasonable yield with some capital 
appreciation. 

The Robeco Group Shareholders 
Account in Geneva offers investors 
convenient, low cost access to the four 
Robeco Group trusts. 

The Shareholders Account has many 
worthwhile advantages: 

• Any amount can be deposited - in any 
desired currency. 

• Dividends are automatically reinvested 
or paid out as you wish, both free of 
charge. 

• No charges for safe custody. 

• Low cost switching between funds. 

• Easy-to-read computerised statements. 

Mai! the coupon for full details of the Shareholders 
Account in Geneva, with an application form. 


To: Robeco SA Geneve, Case Postale 896, CH-1211 Geneve 
Please tell me more about the Robeco Group Shareholders 
Account 


— H 

fvel 1 


Name (Mr/M rs/M iss)_ 


Address. 


Country. 


ROBECO 


Europe's Largest 
Investment Group 

Assets exceed fSbUHon 


& 


/ 


SOMETHING DIFFERENT 


A Vibrant Market lor f Art of the West' 


By Betty A. Marton 

New York 

I N just over a decade, cow- 
boys and Indians have be- 
came big business in tbe 
world of American art. Al- 
though “cowboy art," or, as it is 
more formally known, “art of the 
West,” is not widely collected oat- 
ride the United States, a strong 
domestic following has driven 
prices sharply higher in recent 
years. 

Not too long ago, the vibrant, 
idealistic scenes erf the Old West 
were dismissed by many experts as 
insignificant works, hardly worth 
a took fay serious collectors. Ibis 
disdain can partly be explained by 
the art fours humble beginnings 
— it first gained prominence at tbe 
torn of the century as illustrations 
in Collier's, Harper’s and 
Scribner’s nagaracs. 

Since then, the reality of the 
marketplace has considerably 
softened critical opinion. Demand 
for paintings and sculpture depict- 
ing Western scenes began growing 
in the 1960s as new oil money 
Emm Western states poured into 
galleries featuring Western artists. 
Indeed, to this day, the bulk of 
public and private collections of 
cowboy art are housed west of the 


Prices were spurred to new 
heights by the rapid inflation of 
the late 1970s. In 1979, an oil by 
Frederic Remington, perhaps the 
best known chronicler of Western 
hfe in the second half erf the 19th- 
cmtoiy, became the first of its 
genre to break the $l-m£tlion 
malt Mare recently, works by 
Remington reportedly have sold 
for more than $3 nrilli nn. 

According lo Michael Frost, an 
owner of LheJ.N. Bartfield Galler- 
ies in New York, which sold that 
first landmar k painting , today’s 
51 -million Re ming ton, or a com- 
parable work by his fellow classic 
artist, Charles Russell, would have 
sold for $35,000 to $50,000 just 20 
Years ago. The best paintings by 
other dflsjoc Weston artists from 
(he turn of the century, such as 
Frank Tenay Johnson, Olaf Selt- 
zer and Edward Borein, can today 
command over £500,000. 

And Henry Farny, known for 
his gouache paintings of Indians 
moving agamcr raw and powerful 
landscapes, is “one of the most 
expensive artists per square inch," 
Mr. Frost says. A Farny gouache 
can sell today for $500,000, twice 
what it would fetch in 1975. 

Demand has also grown apace 
f<* tbe cast bronze sculpture com- 
mon to the era: Works by Reming- 
ton or AP. Proctor have more 
than tripled in price since 1975. 



current prices have 
levelled off or, in seme cases, faH- 
ftn the market for Western art 
remains lively. In auctions last 
spring at Sotheby’s and Christie’s, 
the two largest. international auc- 
tion houses, prices paid for West- 
ern art achieved and, in many 
cases, exceeded their estimated 
worth. 

Jay Cantor, director of Ameri- 
can Painting at Christie’s, esti- 
mates that about half erf every 100 
American paintings sold for prices 
in excess of $300,000 have West- 
ern subjects. 

Despite such popularity, how- 
ever, Western art remains a tricky 
market for collectors. In general 
experts say a painting that depicts 
a cowboy or an Indian in a west- 
ern scene will fetch a higher price 
th?ni a landscape. But they caution 
that many buyers are sticklers for 


accuracy, from the breed of horse 
a rancher could be riding to the 
lands of beads and feathers on an 
Indian costume. Similar criteria 


are applied to sculpture. Accord- 
ing to experts, this dimension of 
Western art stems in part from its 
journalistic origins. 

“It’s a very complicated, very 
literal market,” acknowledged Mr. 
Cantor. “Some buyers lode, far a 
Plains Indian as opposed to a 
Sioux or a Comanche. There's a 

^More difficult for investors to 
determine are such artistic deter- 
minants as style, technique and 
medium, and the relative quality 
of works by tbe same artist. Indi- 
viduals may have to depend cm an 
expert or track recent auction per- 
formances of works by a particu- 
lar artirt to gauge the potential for 
appreciation. 

There are many schools of art- 
ists who fall into the Western-art 
category. Romanticists, such as 
Albert Bierst&dt and Thomas 
Moran, departed from peopled 
and pictorial realism to paint ex- 
pansive, intangible panoramas of 
subjects like Yosemite National 
Park or Great Flams plateaus. Ma- 
jor works by these and earlier 
19th-century artists, including At- 
Ered Jacob MIDer and George 
Cajtlin, sdl for up to $60(1000. A 
small, early Moran watercolor 
sold at Christie's last auction for 
£120,000. 

Not smprismdy, the success of 
Western art has been matched by 
a growing number of “Western* 
artists. There are an estimated 
5,000 contemporary Western art- 
ists working today. 


an elite few can command prices 
of $100,000 and more. They in- 
clude W illiam Acheff, known for 
his photorealistic still lifes of peri- 
od artifacts, and Tom Lovell who 
paints old Western scenes based 
on extensive research. And artists 
such as Howard Terpenmg, John 
dymer and Frank McCarthy cap- 
ture at canvas today’s still rugged 
world of cowboy camps and oil 
rigs. □ 


Images of the 
American West 

throng* September 7, 1985/ Cmtalogue, $7.50 

American Prints III 

through Se p te mber 7. 1985/ Catalogue, $5.00 

WUNDERLICH 

TkC0MR\NYINCll 

4 1 Weft 57th area / 7th floor / New York 10022 
(212)838-2555 Monday - Friday, 9:30 - 5;30 


k mm SWISS BANK 
TAKtS A OOSl LOOK AT THC 





t here can be no doubt that 
the anticipated value of the 
U. S. dollar is a key factor in any 
international investment strategy 
today. The big question is: Where 
will the dollar go from here? 

The press is not necessarily 
the best place to look for an 
answer. And judging from past 
predictions one could almost 
say that when experts are 
unanimous about future dollar 
exchange rate trends, it is not 
unlikely that the currency will 
move in precisely the opposite 
direction. 

There appears to be some 
confusion as to the sources of the 
dollar's current strength. Tbe 
significance of interest rale differ- 
entials has perhaps been over- 
emphasized. 


A number of important short- 
term factors, as well as certain 
secular trends, underscore the 
fact that although there are 
undeniably a few dark douds on 
the dollar^ horizon, they are 
not without their silver linings. 

Bank JuBus Baer 

Investment decisions that are 
based on straight-forward, 
timely information achieve the 
best results. Bank Julius Baer, 
one of Switzerland's most experi- 
enced and prestigious private 
banking organizations, gives top 
priority to supplyingprofessional, 
in-depth analysis and sound 
advice to the serious inter- 
national investor. 

The Bank’s international 
commitment rests on a century- 


old tradition based on the con- 
viction that excellence of service 
is the foundation for a lasting 
business relationship with the 
dienl 

“The Internatkmaf Investor* 

Among the broad range of 
services it makes available lo the 
international investor, Bank 
Julius Baer offers comprehensive 
information and advice in its 
quarterly review, “The Inter- 
national Investor," which takes 
a close look at the investment 
dimate in important financial 
markets. 

The current issue focuses on 
the United States, and how prob- 
able movements in the dollar 
can- be expected to affed inter- 
national investment decisions. 


We invite you to write today 
for a complimentary copy: 

>g 

l IUT 

j Bank Julius Baer 
i Mr Jan A. Bidinski 
i Bahuhofaraue 36. CH-8022 Zurich 

! TeL (01) 2 28 5111 Telex 812 U5 


□ Send me information 

□ Ring me personally 

Tel.: 


flame (print). 


Address. 


City. 


IB 


l0Q D BANK JULIUS BAER 

w For the fine art of Swiss banking. 





liilenuitMHUil Bond Irocs 

according to market conditions and other factors. 


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(Continued from Page 6) 






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•FOREIGNTARGETED BONDS OF THE US 
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SISKBSSR 38 £9 y 

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42 7 34 

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72 72 786 
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AM AM AM 
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A74 7.TI All 
42 ATS AS 


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A4T A2 7il 
72 AM 72 
AM 477 
AS A© 437 
42 US 
448 TJB 
731 734 

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72 730 

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732 734 

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433 A3S 

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Explanation of Symbol* 


Canodlon O Mkr _ *DR toB*a Drowtaa m#m* 

ciwnMQn Cumncy IMY T >B 
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P ound Ste fifcw. g? 

DbuM** Marti ... OO PwnaiFrooc 
Hn rao cl n n Kronor ■ DM 


NDS 


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73S UI 

737 72 

389 AH 

AM AH SH 

42 734 

AM W 

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7J09 72 

All 451 431 
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157 744 

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AM 731 435 


r~+ 


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102ft 457 455 139 
103 474 72 

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mUt 7S 72 
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103* 734 785 

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101 U. 803 73* 12 
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72 495 731 
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12 709 IS 
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709 AM 72 
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701 732 AC 
A51 AM 42 
733 7.12 7S 
A2A 443 AH 
Ml 437 *2 

454 All 5J7 


UNICEF 


UNITED NATIONS 
CHILDREN’S FUND 


l*tt 705 731 


GERMANY 



437 7.H 

AM 72 

s i o 

in 32 

433 A2S 75* 

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2 533 

72 72 

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72 834 

82 8 J 7 12 
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dm 75 Inland 


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114ft 795 941 


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(Wtonlprlca Con* 


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Chka^ Exchange Options 


on no 
173ft ia 

Onraln a 
33ft a 


Figures as of dose of trading Friday. 


Option A price Calls 


Option & pries Call* 


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35ft a 
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40 ft M 

40V, 55 

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lift a 

31ft 35 
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Samoa ss 
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lift 22V, 
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254ft 2S0 
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am no 
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lift os 
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60 

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37ft 

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Toni volum* 




A CHILDREN’S REVOLUTION: * In the last twelve months, world-wide support has been gathering behind the 
idea of a revolution which could save the lives of up to seven million children eachy ear and protect the health and 
growth of many millions more.’— 27te Stale of the World's ChUdren report 1984 (UNICEF) 


Photograph : Claude Sauvageot 



































lemlfcS&tbmtc. 


MONDAY, JULY 8, 1985 



Page 13 




EUROBONDS 




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IWl,m ■»* Vmbofe 



ism 

Benefits Bond Market 

By KENNETH N. GILPIN 

International Herald Tribune 

fW^YORK — New evidence of addffionalsoftness in 
me UA economy has prompted participants in the 
Eurocurrency markets to predict that the current de- 
_ cfine m interest rates has not yet ran its course, and 
that yidd levels, which have declined significantly in recent 
months, may faH farther. 

“The key question at the moment is whether or not therewfll be 
further declines in American interest rates," said Graham Bishop, 
a vice president and economist s Salomon Bros. International m 
LcraatHL 

Sen timen t that U.S. interest rates may indeed ease a bit more 

was strengthened by a re- 
port from the Labor Depart- 
ment on Friday containing 
evidence of continued weak- 
ness among American manu- 
facturers. The report, which 
triggered a rally in both New 
York and London after its 
release, came just days before 
members of the Federal Re- 
serve Board’s Open Market 
Committee are scheduled to 
meet in Washington. 

A cut in the Fed’s discount 
rate from 7V4-percent follow- 
ing that meeting, an event 
traders on both sides of the 
Atlantic had thought unlike- 
ly a few days ago, suddenly 
irs more plausible, 
its report, the Labor 

Department said that 45,000 

factory jobs were lost during the month of June, a figure that 
brings the total number of manufacturing jetos lost since Tanner y 
to 220,000. 

“Tbe signs from New York are basically positive for thecretiit 
ma r kets, and 1 think we could see some more sipply next week,” 
said John W. Murphy, syndicate manag er for Bankers Trust Co, 
in London. 


Eurobond Yields 

For Weak Mad July 3 

U.S5 Id term. Inti Inst. __ 

U.SA ions term. IncL 

U AS rnerflvm term, ind. ■_ 
ConS medium term ■■■■ 

French Fr. short term 

Sterling medium term 

Yen medium term, inn Inst. 
Yen lg term. irrH inst — _ 
ecu short term ' — i — 

ECU medKim term 

ECU long term : 

EUA long term 


LuxF mad term Inn Inst. 

LuxF medium term 

Comaa M by ftw Luoombauro Stock Ear- 


leusa % 
TUM % 

IMS % 
11.03 % 
1Z38 % 
114*% 
«Jt% 
6.93 % 
M7 % 
9X1 % 
9.S3 % 
9 M% 
9JS % 
9X2 % 


Market Turnover 

For Wmbk Endad Jot y 5 

(Mil Iona of U4. Dolton) • __ 

Tiw DMor SSSSSBS 

cedef 1BL399J0 14A2SX0 4A76X0 

Eurodeor 35X10303^34050 3*269.® 


b 


la^Wfeck’s Marians 

All figures are as of dose of trading Friday 


Ei 


Stock indexes 

United States 

Loriwk. pmrjMk. arm 
DJIndug—. 133333 1334.11 —OJOA% 

DJUffl 16439 164.19 + 1.28% 

DJ Trans. _ 678X9 64351 +236% 

Sip 100 18SS4 18539 +024% 

S&PJOO 19252 19176 +0X0% 

NYSeCp_ 111X7 1UJ06 +055% 

Swwr AeMraananfti 


Britain 

FTSE W0_ 12MUD 
FT3a 95733 


123490 +205% 
938X0 +198% 


Money Rates 

Udted States 

P to xmf rot * — .. — 
Faderoi fundi rate-. 
Prime rate, 

*£*> 

Phcaunl, ■ 

Call money — 

60-day Interbank 

WestGgnnany 

Lombard 

Overnight 


LMtWL PrerJWfc. 


TVt 

m 

916 

5 

6% 

6M 


7V» 

m 

«V6 


5 

614 

614 


I-monfti Inteitianfc — 


690 400 

5% 530 

5% SK 


y Hag Kong 

Honesm. 157035 1570X0 Undi.% 


Nikkei DJ 1296135 12BB209 +063% 

WetfGennsny 

Commarzbk 148630 142550 +433% 

SorucjaamOada Ox. Lsakn 


Bonk base role 12)6 1316 

Call money 12% 1214 

3maomti interbank— 176 0)6 

DoBar mwl mrs*. am 

Bk End lndex_ 143.W 14370 —0X2% 

Gold 

London nm.fU.3 31200 3U0O —575% 
(WO— m — U h—Oad 


hi. 




Slump in 
U.S. Seen 

Purchasers Warn 


mg Countries might not be able to prevent a SI- to S2-dedmein 
the price of Saudi crude; to about $25 a barrel, reinforced tbe 
view favoring lower interest rates. 

“OPEC is looking like they are dying to get away from tbe 
meeting with no cut in the ofi price,” said Mr. Bishop of Salomon 
Brothers. "We don’t think that will happen.” 

J " OAN Beck, executive director of the new-isaie department 
at Credit Suisse first Boston, said that “if there is a break in ' 
oil prices ex' more negative news on the American economy, 
we conla see yields on five-year issues for high quality borro w ers 
as low as 9V4 percent But we are not there yet” 
e optimistic tone that emerged on Friday capped what had 
been a generally quiet holiday-filled week in the Eurobond 
market 

“The second week of Wimbledon, the Fourth of July holiday 
and the Bruce Springsteen concert have kept thing s pretty slow ” 
one trader commented. 

A number of sizeable issues were priced, however, and in spife 
of the decline in yields a few syndication managers said that some 
investors were showing resistance to issues carrying coupons of * 
less than 10 percent . 1;. 

Most notable among those issues was the early response to a 
$I50-m2hcxi offering on Thursday from Metropolitan life Insur- 
ance Co, the second-hugest insurance company in the United 
States. 

The 7-year issue, which carries a coupon of 9% percent, was 
launched by investment bankers at Credit Suisse First Boston. 
The offering was priced at par and carries a Triple- A rating, but 
by the end of the week it had slumped to a price of 97 - 25 - . 

Better-known borrowers in the Eurodollar straight market had 
more success, including the European Community, the World 
Bank and Swiss Bank Cotp- eR of whom priced offerings last 
week. 

Bankers Trust led the $3504mDidn, 4-year-l 1 -month EC offer- 
ing, which carries a 9%-percent coupon and was priced at 99.75. 
By the end of the week the issue had dosed at a price of 98.45. 

The World Bank’s offering of 5300-miIHon worth of 10-year, 
10tt-pexceat bonds was wdl received, according to traders. The 
(Continued on Page 15, Co L 1) 


The Associated Pros 

NEW YORK —The National 
Association of Pmchasing Man- 
agement said Sunday that an in- 
dustrial slump continued in the 

United Stales m June, with produc- 
tion, manufacturer’s inventories 
and prices falling, and it warned 
that “ihe economy definitely has 
problems.” 

The group said in a report that 
its composite index drrinied to 46.7 
percent in June from 473 percent 
m each of ihejxevious two months, 
and was at its lowest level since 
December 1982, when the economy 
was just beginning to recover from 
a severe recession. The seasonally 
adjusted index has been below 50 
percent since Febroajy. 

The group’s monthly reports are 
among the earliest indicators each 
month of the health of the US. 
nm ifat+m-mg economy. 

A reading below 50 percent gen- 
erally indicates that the economy is 
in a declining phase while a reading 
above 50 percent is a signal of ex- 
pansion, according to the group, 
which represents executives who 
purchase raw materials and other 
supplies for U.& h&dnstiy. 

“The economy definitely has 
problems based on die information 
we are receiving from our mem- 
bers,” said Robert J. Brett, director 
of purchasing for Pitney Bowes 
Ihp- and riiamrmn of the purchas- 
ing agents’ business survey com- 
mittee. “The continuing of 
the Purchasing Managers 
and the weakness erhibitaH in pro- 
duction, inventories, prices and 
vendor deliveries are of serious 
concern.” 

The report for June said produc- 
tion fdl to its lowest level since 
December 1984, reflecting a sharp 
decline in new orders the previous 
month. “Production levds are now 
at a point where they are no longer 
growing," the report said. . 

The speed at which suppliers de- 
livered orders also improved in 
June, an indication that demand 
was not heavy enough to came 
backlogs Thirteen percent of die 
mnnftg<»reqrry i»yr»f ynH thttl defiv- 
eries fejm vendors were .faster in 
Jane, neady three times those re- 
porting slower deiivexy. . . 

Only 9 percent of the managers 
surveyed in Jane reported inven- 
tories were higher than in May. 


U.S, TireMak m No longer Serve AU 

But Wisest Ones 


Have Stuck With 
Detroit Market 

By Daniel F. Cuff ' ! 

New Yedt Times Service 

NEW YORK — Ihe U.S. tire 
industry was once all things to all 
people. 

Tbe major companies found 
open markets for ibtir tires in . 
Detroit, in the replacement sec- 
tor and abroad. They owned tire- 
siwp chains and ran a oto service 
centers. 

But the events of the past do-. • 
cade have changed all that. Esca- 
lating gasoline prices brought 
less driving, lower meeds and 
ymatlfT cars, and the rfflinnnd for 
tires slowed. As the radial tire 
became popular and imports: 
grew, the business turned fiercely ' 
competitive. 

Since 1975, 25 tire plants have 
closed in the United States. Tires 
imported by wholesalers from 
Japan. Korea, Brazil and Canada 
for sale at discount houses, 

5 


of the replacement market for 
radiils 10 yean ago, now make 
up 31 percent 

hi t hri 1- struggle to adjust, do- 
mestic tire companies aban- 
doned entire market areas that 
had proved ton costly to defend . 
and tried to carve out niches. 

BF. Goodrich Co. dropped 
out of the original-equipment 
market in 1981 to stress the more 
profitable radial per formance 
tires in the replacement market 


U.S. Manufacturers’ 
Commitment To Tires 


* 9'd^ S2-CS L < j 
? r i-ov *- 



Armstrong 

Rubber 

Ura ana bites 79% 



Goodyear 

Tbe & Rubber 
Tires «1% 



Oder 21% 



Otter 39% 


firestone 

Tires and otter neeerprodkjcls 73% 


BFGoodrfch 

TWm Bid rawed products 44 % 



Otter 27% 



Otter 50% 



Gencorp 
Tires and 

related products 41% 



Uniroyal 

7 resend 
related products 40% 




Firestone Tire & Rubber Co. em- 
phasized original equipment and 
retail service, and Umroyal Inc 
concentrated on original equip- 
ment 

Genoorp Inc., formerly Gen- 
eral Tire & Rubber Co., turned 


to the cni^nal-eqmpmenl and 
private-brands market, although 
like Goodyear it has maintarawt 
full tire lines. 

"One company’s potential is 
another company’s bane.” said 
(Continued on Page 17, CoL 


OPEC Ministers 
Unable to Agree 
On New Strategy 


The Associated Pros 

VIENNA — An OPEC meeting 
seeking to find a new strategy for 
propping up world oil prices col- 
lapsed Sunday after oQ ministers 
fated to agree on actions to end the 
price sHde, the group’s president 
said. 

Oil Minister Sobrato of Indone- 
sia told reporters after the meeting 
that ministers would meet again 
July 22 in Geneva. 

He said tbe meeting had reached 
a “consensus" to end all cheating 
on OPEC pricing rules. 

Ministers of the 13 countries that 
make op the Organization of Peuo- 
leum Exporting Countries, meeting 
for a thud straight day here, also 
vowed on Sunday to preserve the 
price structure for erode ofl, based 
on S28 a band for Saudi light. 

Any derision made by OPEC 
must oe unanimous to be binding 
on members. 

As the meeting got under way in 
a Vienna hotel, the Venezuelan del- 
egate said world oil prices were on 
the brink of a major decline. 

Arturo Hern&ndez Grisanti, oil 
minister of Venezuela, issued a 
public plea for the tiU-impotting 
nations to help OPEC in its battle 
to stabilize oil prices. 

During the three-hour opening 
session Sunday, the ministers 



Japan Fears Trade Crisis With U.S. 


production, 
who is president of the oil produc- 
ers’ cartel. 

An evening session was arranged 
to work out details of the plan. 


The Vienna meeting was official- 
ly a consultative conference, and 
cannot make binding derisions. 
However, (he ministers could vote 
at any time to bold a ministerial 
conference, which would be em- 
powered to make decisions. 

The plan, as described by Mr. 
Subrolo, would involve a formula 
for automatically raising or lower- 
ing the group's production ceding, 
now 16 million bands a day, ac- 
cording to seasonal changes in de- 
mand for OPEC-produced petro- 
leum. 

The rationale for limiting pro- 
duction is to prevent an oil glut 
from pushing down world prices. 
Under current practice, OPECs 
production ceiling is static, al- 
though it has been changed a few 
times when OPEC miiusiere fdl 
that was the best way to prevent a 
price collapse. 

One benefit of an automatically 
adjusted production ceiling would 
be a lessening of internal OPEC 
tensions over how to reapportion 
indivi dual quotas if a change in tbe 
crihng were deemed necessary. 

Mr. Subroio said that by Sunday 
afternoon the ministers had not yet 
derided how far the ceiling would 
be adjusted above or below the cur- 
rent level of 16 million bands. 

Even though current OPEC pro- 
duction is estimated to be as much 
as 1.5 million bands a day below 
the ceiling, the cartd is muter pres- 
sure to cut prices. 

Oil prices in the free market, over 
which OPEC has no control, are 
about SI a band below official 
OPEC rates. 


By Hobart Rowen 

Wadongnm Post Serna 

TOKYO. — There is growing ' 
concern among government offi- 
cials here that Japan may be head- ' 
ed far a showdown with the United ! 
States over trade later this year. . 

DesmteobjectionsfromtheRea- . 
gan administration, it now seems 
probable that the U.S. Congress ■ 
trill pas some kind of anti-Japa- ; 
nese legislation this year or early in f 
1986. “We might fare a venr critical >. 
ri tnatio n in the fall when Congress .• 
comes ..back to Washington, " gad I 
Reislii Tgima, deputy foreign af- ! 
fairs minister. . . >, • -l 

A particnlar irritfnt to Congress : 
is the $36jHxnk)a trade deficit tlje 
United States ran. up with Japan 
last year. This imbalance, which 
may grow to $45 bfflion to $30 
bilhoo this year, has drawn calls' 


bom Democrats and Republicans 
alike in the U.S. House and Senate 
for unilateral reaction to force a 
reduction. 

It is also dear to key officials in 
Tokyo thht none of the main eco- 
nomic trends anring frictio n be- 
tween the two nations — Japan's 

NEWS ANALYSIS • 

trade surplus, its booming capital 
exports, us high savings rate, the 
U.S. budget denrit and the overval- 
ued dollar — is likely to be signifi- 
cantly altered in the short run. 

Congressional eaBsintlieUmted 
States for legislation to force a re- 
daction in Japan’s trade surplus are 
seen by many government officials 
in both, countries as tiimriittic. 

“It's not that simple," Chairman 
Paul A Volcker of the Federal Re- 
serve Board said in a recent speech. 


“The trade imbalance reflects in 
significant part a massive imbal- 
ance in our own policy posture. 
Unless we deal with that underly- 
ing imbalance; a baste force driving 
the poor trade performance will be 
left unchecked” 

In essence, the UJJ. deficit with 
Japan is only one piece of a global 
trade deficit that hit a record $123 
billion in 1984, and which may 
grow to $140 bOfioa tins year, 
threatening survival of key sectois 
of U.S. industry. 

Tbe UJS. trade representative, 
Clayton K. Yen tier, told Congress 
a few days ago that roost of the U.S. 
trade-deficit problem is caused by 
an overvalued dollar that suds in 
imports bom all other nations, in- 
cluding Japan. 

A common view in Tokyo is that 
(Continued on Page 15, CoL 4) 


Mexico Reported to Plan PriceCut 

The Associated Press 

MEXICO CITY — Mexico is expected to annmmm soon that it is 
reducing the price of its top-grade light Isthmus oude ofl in the face of 
a glutted world market, according to government sources.* 

A redaction wield likely aggravate further Mexico’s financial woes 
and would make it more difficult for OPEC to hold the line on prices. 
Last month, Mexico cut its price for heavy Maya crude by $1 30 per 
barrel to $24, but it held prices steady on its light ofl. 

The government sources, who spoke Friday on condition they not 
be identified, did not say how iwihA the price might be cut. 

Mexico’s price for Isthmus oil was lowered to the current $27.75 a 
barrel from S29 in February following a decision by the Organization 
of Petroteom Exporting Countries to reduce its high-grade Arabian 
Light oil by$l to $28 a bameL 

Mexico is not an OPEC member bui it often follows the cartel's 
pricing strategy and Mexico's energy secretary, Francisco Labasuda 
Ochoa, is an observer at OPECs Vienna meeting. 


Montedison is Reported 
To Take Over Reinvest 


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Compiled by Otr Staff From Dispatches 

MILAN — Montedison SpA, 
tbe Italian chemical group, report- 
edly has taken control of die fi- 
nance group Bi-Invest, one of Ita- 
ly’s largest holding companies. 

The takeover was reported Sat- 
urday is several Italian newspa- 
pers, indndmg II Messaggero, La 
Repubbhca, u Tempo and La 
Stamps. 

Tbe newspapers said the take- 
over was ranted out by a Monte- 
dison subsidiary. Iniziativa Meta, 
which on Thursday bought 35 to 38 
percent of the Bi-lnvest shares for 
about 200 billion lire ($103 xmT 
Eon). 

None of tbe parties involved 

confirmed the reports. ■■ 

Rumors of a takeover battle be- 
tween a mystery buyer and the 
Bonomi family, believed to control, 
about 30 percent of Bi-lnvest 
shares, rircuiated in Milan last 
week, climaxing Friday with hectic 
trading in Bi-lnvest stock. Shares 
plummeted Friday on. the Milan 
Stock Exchange to 6,005 lire after 
trading Thursday fra as much as 
10,200 lire. 

Francesco Mtehefi, a director of 
a Milan auction bouse, said last 
week that he was the agent fra an 
anonymous group that had built up 
an estimated 38-percent share in 
Bi-lnvest for about 200 billion lire. 

Mario Schimberni, Montedis- 
on’s chairman and the man credit- 
ed with reviving the ailing chemi- 
cals group, is scheduled to meet 
Monday with ihe president of ihe 
M3an stock market moni taring 


body. 

Coot 


$ mssB 

r totCotnmvrcjal froac tbt Amounts neste d to nay onaiWitttcJ Amounts nmO id to Pay etm 

„ <toOar (*} Units d 100 (x)UnHsoftJU(r) Unitiof TOOK N.QJ net auome;HA^: not avotmot*. 

<*l Tatar toe saw*: tUSXBU 

OUwrMterVitaet 

Ornnocf Mr U5S Cwmicr ter UA* curae oar USX Comer oar USA 

fcm.aaitrai am Fterntte OB tealmr.rtno. 2X92S S.Wr.w» 8700 

«wntf 1X817 arm* One. J35JS Mwum» 31300 SteW teMW TO08 

teUr.tdfl. 2U7 Haag Kraal 7949 Non*.fcrw 67225 MaAkrm IU9 

64ta.ftt.ir. 038 ladtoirapM U3» FkB.tete *48 Tom** 4MB 

£Mt» late. matte U19J0 hutwte WMB WB 

mrtlMT US IrWiB 49667 Smdlrfyal 16525 TurWmOra 53X50 

^ tettetttia a MM UiuaB i tefc . UOIM Jttl VBL VAEtebm SSna 

EorntteMM 07692 KteoBfatogr 0X0 SLAfr-raad 19743 VMKImHv. U00 

tnarnoo: 19739 IrtteC 

Sources: Anacr Ou 9eoeiax /Bntsets).- Banco c om mercials ttallena ftSBanl; B onne Ho - 
Ooooiaas Paris (Peris); Bah « Tokyo (Tokyo}; IMF (SDH); BAll W nor. iWot artxsaX. 
0**rOoki from Bouton and AP. 

To Our Readers 

Statistical data o a recent bond issues, convratible bonds and 
zero-coupon bonds are missing today because of technical prob- - 
kins: We regret the inoouvenicnce to readers. 


i tested conmany takeovers 
are highly unusual in Italy, where 
major company acquisitions usual- 
ly are negotiated behind dosed 


doors between the parties con- 
cerned. 

Bi-lnvest has a wide range of 
business ho lding!, inriudhig a 25- 
percent stake in a large insurance 
company, Fonduuia Compagma di 
Assicurazioni e Reassicurazioni 
SpA, and a 14.74-percent holding 
in Gwnina SpA, an industrial in- 
vestment company that holds a 17- 
perceat stake m Montedison. 

Brokers said that Friday’s share 
price drop apparently started after 
an agent on Thursday placed an 
order for seven naffion Bi-lnvest 
shares, outerf a total of around 100 
iwiiiwn in, circulation, then imme- 
diately canceled tl 

A spokeswoman for the Bonomi 
family strongly denied that the 
’ Milanese family bad anything to do 
with the order. 

But Reuters quoted sources in- 
volved in the takeover bid as saying 
that they were convinced that a- 
ther the family or their allies were 
involved. 

“It was a case of the air force 
mistaking its infantry for the ene- 
my «nd bombing them,** said op e 
source; who asked not to be named. 
“They canceled the order at the last 
minute when they discovered we 
. were not in tbe market.” 

The Bonomis will ask sharehold- 
ers at a July 22 meeting to approve 
use of company funds to repur- 
chase Bi-lnvest shares. 

Montedison, which produces 
plastics and phannaccuticals, was 
in financial trouble for almost a 
decade, posting losses of about 
$650 ndlbon in each of the past two 
years. But its fortunes have 
changed under a new management 
team and it reportedly came dose 
to breaking even in 1984. 

(Reuters, AFP) 


ManOaBankPutm 

Rooters 

MANILA —Pacific Banking Crop., a Philippine cramnetdal bank 
beseiged by a run on its deposits, has been put into receivership, the 
nation's antral bank said Sunday. 

31 to Pacific 
the Manila - 
operation would ad- 
went intorffecton Friday. 

The Philippines News Agency said the Bank of Hawaii hadpxo- 
posed a buy-out, tot talks noth Pacific Banking apparently had failed. 

At the end of last year. Pacific Banking was ranked 21st among the 





34 commercial banks in the Philippines, with assets totaling 4.41 
pesos ($238 nriffion) and deposits of 3 bflKoa pesos. 

The central bank aid it nad 60 days in which to deride whether 
Pacific Banking should bepermitted to resume business or Equidated. 

Two other bunks — Philippine Veterans Bank and Banco Filipino 
Mortgage* Savings Bank — have been put in receivership in the past 


vear. 


SPUMY in 1984 : 

The Group continued to progress 
and strengthen its base for future growth 


Favourable results for the chemical . 
Industry 

The recovery seen by the industrialized 
countries in 1 983 continued in 1984. 
During the year 1984. the economic per- 
formance at the OECD countries overall 
was the best since 1976. 

For the Chemical Industry the advance 
was again marked: the growth rate was 
higher than that of Industry as a whole, not 
only in the US and Japan, but also in 
Europe. It the situation developed well for 
the Chemical Industry in Europe, this was 
due to the stow, but real recovery of several 
sectors, to the stronger growth in the US 
and to the strength ot the doBar Which 
ailowed a jump in exports, particularly to 
the US. 

Finally, the main European groups fol- 
low ed up their rationalization efforts 

The Sofvay Group in 1984: profits 
continued to increase 

The Sofvay Group benefited from the fa- 
vourable economic environment ih which 
its business developed. Consolidated 
sales increased by 13% and net consoli- 
dated profit advanced by 53%. 

Three factors contributed to this favour- 
able trend: Ihe increase in sales volume 
in several areas, the stowing down ot 
energy price increases and selling price 
increases for some products. 

Moreover, the Solvay Group continued to 
reap the benefit of the efforts undertaken 
for several years now lo improve its pro)- 
itaDifrty. This action is being pursued. 


Attenuation of the effect of economic 
cycles and pattern for future growth 

The business trend wi continue to de- 
velop i/i a cyclical manner and slowing 
down of the economycarviot be excluded 
in the next few years.The measures taken 
by the Group to decrease its vulnerability, 
particularly in the field of plastics, the 
changes made to the structure and to 
management systems, the widening of the 
product range resulting in the develop- 
ment of new activities, all these factors 
place Solvay in a better position to 
face any new recession. 


The mam strategy of the Group 

The Group will continue to rest on its tra- 
ditional activities. A long experience in this 
son ol production, the size of the units and 
their good positioning in relation to the 
markets provide trump cards which are 
stai undiminished and important. They 
show their effect, above all, in the control 
ot costs - the gains tram market growth 
can no longer be large. Some market seg- 
ments. however, keep significant devel- 
opment potentials. 

In parallel, Sofvay pursues its dual effort 
of diversification and specialization to in- 
crease toe added value of its products. 

In particular, the human and animal health 
sectors, where major acquisitions were 
made in the years 1979 and 1980, are de- 
veloping very quickly within toe Group. 

All these actions are directed towards spe- 
dafization which is also being achieved by 
the development of new technical poly- 
mers. The effort is combined with ihe 
search lor new applications for older 
products and with geographical diversifi- 
cation. The Group is now established in 
34 countries. 

In the longer term, an involvement in bio- 
technology has been ensured. Apart 
from toe production of vaccines and the 
making ol industrial enzymes, the Com- 
pany is developing the fundamental tech- 
nology of this sector in its Research Cen- 
tre in Brussels. In particular, the recent 
derision to constructs fermentation unit 
there is worth mentioning. 


Higher dividend 

The dividend lor 1984. proposed to the 
General Meeting of Shareholders, amounts 
to BF 270 per fully paid up share, i.e 
'BF 35 more than tor 1983 

Key-Figures 


in nriffiotisot BF 

1984 

1983 

Sales 

324.412 

198.742 

Research costs 

7.321 

6 498 

Rersonnacoss 

51.842 

49.468 

Cawal expanduure 

10397 

7.942 

Groups nei onto 

8 050 

5.246 

Sofcay&OeSA's net profit 

4.905 

3X0? 

Net prott a variable tor asnounon 

3.707 

2.908 

intxiits 

Person 5 employed 

43527 

44.186 


The Annual Report of Sofvay & Gersaradatde 
« French. Dutch. English and German. 
on reQuest (mm Secr&anat Gen^ra/cte 
Sptey & Oe. Rue du Pnnce Albert 33. 

8-1050 Brussels 


SOLVAY 



JEST ' - 













Page 14 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


NASD4Q National Market 

Consolidated trading tor week enttea Friaay. 


somtn Net 

Iff* High Law Close Ch» 


94 4V. 
21V lib 
J3 11 339*0% 
91 24 Ur 
195621% 
7091 13 

1W3I7 
997 BVj 
24V 4V% 

m2) 

JO U 35»a AH 
35 (U 
i74 m 
JO 4 1VK2SU. 

405 IBb 


Xe A 62822 
442410* 
87 3% 

204 b 
534 4U 
B55 10W 
381 AH 
48 4 % 
48V Z* 
IX 5 A TAlBft 


i'M 6% — I * 

mt IBb +1 
Wk 10% +1% 
Bft 34W + U 
20% 21 + % 
12* 12*- % 
It 'A 163J, + to 
744 Bft 
3* 4* + 14 
if r?K —in 
5% Alfc— * 
4% 44* — 4* 
9* OH- * 
a% asb +i% 
16* 174* 4- 1* 

6 to *%-* 
18b 16b— to 
J4* 2% + ft 
7% 74* + 'A 

30* 30V: — 41 

WA ZHk + S 

IV, IQt* +1U 

4 4*— * 

» 10 - % 
6 A — % 

4* 4*— to 

2* 74* 

17 16* 


JO AJ 1754 17V* HH 17V* + 4* 


I 5015V* 
\J0 4JB 744 354* 


Die J 45422b 
AO Zl 4«Bte 
.24 J 1533V* 
M 15 462034 ft 
1 -00a AJ 3121b 
224 SW 
477 3% 
1911V. 
253 tVi 
B7 4V* 
224 B 
107911b 
6710% 

AO 2A 855 17 


t 539 35b 34b 3Sto 

188 41* Aft «*— % I 
•lOe Jl 3528 13% 12% 13b + % 1 

173315V* 15 15 — % 

f) tv* Sb 6ft — b 
JSe 13 15315% 14% 15 - % 

1 5015V* 14b 15Vb 4 to 

AO 40 74435b Mft 34b— ft j 
V3 lVb 18 IV 4-1 I 

1597 5% 41* 5V* + V* 

JOo J 58 58 58 — 6 

Me J 45422b 21ft 21b— b 
JO 2.1 490 19V* IBft 19 + U 

SA J 7537ft 32b 331* 4- ft 

JB4 35 462024ft 23 23ft + % I 

00a 47 3121b 21ft 21ft 1 

226 5ft 4b 4ft 

477 3ft 3b 3ft 

lVIlb 10b 10b 
253 6Vj A 4 — 

B7 4ft 3b 4ft + to : 

234 B 7ft 7ft— b 

lDTVllb 10ft lift 
67 1 Oft 10 TOW 

AO 2A BS5 17 16 16ft — b 

07c 10 34 4 4— ft 

I7B71T 10% 10W — ft | 

t B3 9% 9U Vft— b 

344 Bl* 7% 7%— b 

OO 44 5023 23*. 22b + b 


JO 30 107V 13ft 
42712ft 
57J a 
53630 
38V 5 

00 30 11516b 
103 40 1331b 

l 66 BW 

OO 13 50327ft 
08 20 7411ft 

OB lO 712235ft 
OO 30 43813ft 
1.12 U 11321ft 
132319% 



a s% 

5% 

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1110 

9b 

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Are 

J 

4710 

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142 8 

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17 

18 +lb 

.16 

.9 

33017% 

17% 

17% 


10B 12 92834 
63 4b 
15 9ft 
624 ft 
MB 30 53626b 


100 40 127137ft 
115721 
777 8 
123 tb 
100 10 24926ft 


120a 

L2 

1 37ft 

37ft 

37ft 

— 1 

40 

£4 

24017% 

16% 

16% 

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.10 

1.9 

147 5% 

5 

5% 



794 (2% 

12 

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37910% 

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+ % 



42914 

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14 

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4612ft 
121 7 

11% 

6% 

T 

+ to 



275220V* 

19% 

19% 

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TVS 12V* 

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lift 

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1253 % 

% 

% 

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.12 IJ 38710 
73*tQrtv, 
1277V 18b 
87434ft 
62314b 

4063 4b 
405922 
1668 Vft 
151 Sb 
24419ft 
Mb 24 21330ft 
11 2b 43 16 50 

J8iT 

* 23 ass** 

16026ft 
.12 1.1 16111ft 


• TE 

252 7 A 166034b 


AutfVdt 



•8316 15 

to 15b- % 

Ausfron 



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AtwdOc 

AutTrT 

1 


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75 7 6 

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IS 

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AulMed 



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114 9 8 

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420421 30 

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X 

43 

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Aired 



8 2% 1 

% 2 + ft 


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8b VI*— ft 
8 8 
2ft 2ft 
8ft V — ft 
Bft 10 +lft 
7ft 7ft + ft 
27 37b 

8b 9ft 
26b 27 + % 

SO 51 

23b 23b + ft 
78ft JV 
34b 34ft 
Bft Vft + b 
9V* Vft + ft 
29 33b +2b 

26 28ft +1% 
46b 49ft +2b 
26ft 27 — b 

14 14ft + ft 
21 ft 21 ft — 2 
46 47 + ft 

Vft vb— b 
12b 12ft— b 
15b 16b + ft 
8 ft Bb + b 

24 25b +lft 

3 V* 3b + ft 
Vft ID + b 
14ft 14ft 
34ft ISVi —2ft 
8b Bft— ft 
57V* 57ft 
7b 7b— ft 
4ft 4ft — b 
17 17 — ft 



22b 22b + b 
12 13ft + ft 
12ft 12b 

7b a 

26ft 29 +2b 

4ft 5 + ft 

16b lAft + ft 
Xb 30to — ft 
7b 8b + b 
27ft 27ft 
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3SV* 35ft— ft 
13b 13b— ft 
21 21ft + ft 
17V* 18ft +1 


1424 ft ft ft 
3124b 23ft 23ft 
928 34 33b 14 + b ' 

63 4b 4ft 4ft — '4 
IS Vft Vb 9b 
624 ft ft ft 
53526b 25b 26b +1% 
186713ft 12b 13 4- ft 

ns Tt-ft 

24 7b 7b 7b + ft 
1271 37ft 16b 37 — b 
115721 20b 20b + b 

777 8 7V* 7ft— % 

125 6b 6 6 + b 

24926ft 25% 26W 


Vft -f ft 
18b— lb 
17ft— ft 
23b — b 
13ft— ft 
3ft- ft 
22 +1 
Vft— U 
5ft— ft 
IV 

3TS 

7ft— b 
10 *■ U 
31ft -lft 
26ft— % 
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*4 + % 
10 - ft 
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S + %, 

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Chronr 

ChrDws 

Oivm s 


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Ciprlco 

Clrcon 

CtzSou 

CfzSGo 

OlFItf 

CtzUt A 

CtZUtB 

CltvFed 

CivNCp 

CUy Dec 

CWrKJ 

ClasleC 

CleorCh 

ClwtRi 

CltMme 

CoostF 

CoastR 

Cslllnt 

CstSav 

Cobanc 

CobRSC 

CobeUb 

CocaBlI 

Coew 

Covcnlc 

Cohmts 

Cok.bR 

Calascn 

ColFd) 

Collins 
to {A Bn 
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ColGspf 
Co ILIAC 
CoirTIo 
CoioNt 
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Com ar s 
Comoro 
COoicsl s 
Comcoa 
Comoro 

Co male’ 

Comorc 

CmdAIr 

Com Sc 

ComBol 

ComBsh 

CamClr 

CmceU 

Cm B Coi 

CmcIBn 


Sums in N*r 

100* HKJtl Law Clou 01*09 


6ft Bft +1ft 
Vb 10 + ft 
Bft Bft- ft 
20 ft 20ft + ft 
14% 15b + ft 

12 12ft 

22b 24% +1% I 
MO, 173 +23 

fc U + ft I 
32 32ft— lb 1 

24ft 24ft— ft 
Mb 14% + ft 
17 17ft + b 
4 4V»— ft 

13 13ft- % 

H* 7ft + % 
7ft 7ft + ft 
>8 78% — K 

2b 2b— % 

Aft AW + ft 
TV* Vft + ft 
4ft 4ft— ft 
1% 4 — ft 
4ft 49b— ft 
Vft VAh + b 

14V* 14ft— 1 
37b 37%— ft 
30b 21% + ft 
7ft 7ft 
5% 6b + b 
Aft Aft— ft 
4 4H + ft 
17b 17% — ft 
23ft 24ft + ft 
Aft 6ft— % 
1VV* 21 +1 

13ft 13ft— ft 
33 Vi 34b + b 

13b 13W — b 
35 Xb +3b 
3ft 4 
3% 3b 
lift 11%— b 
14ft 14V* 

lft lft— Hi 

14% 15% +1 
lft lft 
25ft 26b + b 
Mb 17ft— ft 
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17b 17ft + b 
18ft 19b — b 

26 26b 

Bft 8b — b 
lVb 19ft ~ b 

27 27b + b 


33ft + ft 
Bb 

Sft + ft 
28V* +3ft 
31 +1 

18b — ft 
lift + b 
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35— I* 

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18b + ft 
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6 

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23ft— ft 
6b + b 

I Bft + b 
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5b 
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17 

lift lib— b 
7ft 7ft— b 
3ft 4 — ft 

■« + * 
13ft 14ft + ft 
17ft 17% — ft 
0b •%— 1* ! 
31ft 32b + b 
17b 18ft — ft I 
46% 52ft +5 
34ft 36b +1% 
27ft 29% +1% 
24ft 25b + b 
13 14 + b 

12b Mft+2b 
2V 3® —1 
41ft 42b + % 
lft 1% + ft 
Ob lift + ft 
14b 18 +3ft 
7ft 7b + ft 
2ft 2ft + ft 
10ft 10b 
% b 
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IT 8 

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22ft— ft 
34ft— ft 
35b— V* 
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27 + b 

27 

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6% — ft 
18b + b 
19ft— b 
27ft +3b 
14b + ft 
6b + ft 
6 — ft 
15% + ft 
7ft + ft 
Zb— ft 

18 — b 
•O + % 

15b— lb 

4b + ft 
13ft— ft 
27 + % 

4b + ft 

II + ft 
17b +lft 
17b 

17ft— ft 
34 — ft 
lift + ft 
20% 

Bft + ft 
12ft + ft 
Mb + % 
15b- ft 
20% + ft 
3% + b 
12ft— ft 
2ft + ft 
42ft— b 
4b— V* 
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19ft 

40ft + ft 
74ft 

47ft + % 
13% 4- ft 
60ft + ft 


CmclFd 
CcrrnlNI 
cmisnr 
OnrttflB 
CntwSw 
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ComAm 
ComlnO 
Com57 s 
ComStir 
CirmCds 
CrmHJs 
Contpoo 
CjiwoT 
CmoCr 
CmpraL 
CmpSvs 
Compui 
CCTC 
CmpAs 
CofAuf 
CmoOt 
CptEnt 
CmptH 
CmplAi 
CmoLR 
CmotM 
CnvpNot 
CaipPds 
CmpRs 
CmTsks 
Cmputn 
Cotcft 
empire 
Crnsree 
Comshr 
Coinitk 

Cam hr h 

CoocDv 

Conoril 

Conllrs 

ComWI 

CnCm> 

CnCafil 

CCepP. 

COmS 

CoiiFbr 

CnPooS 

ConsPO 

ConstIB 

Consul 

ConsFn 

ConWIs 

CntJScP 

CtIFSL 

CHSM 

□IHItS 

CtlHIIC 

ContSlI 

Coni Ins 

□LOST 

ConvFd 

Convot 

Convrse 

CoprBlo 

CoorLsr 

CoorsB 

CoPVtel 

Corcxxn 

Cordis 

CoreSt 

Corvus 

Cosmo 

Courers 

CourDh 

Coos Pr 

Covnot 

CrfcBrl 

Croat r 

Cromer 

CrazEd 

Cronus 

CrosTr 

CnAuts 

CwnBk 

Cnirrw 

CulInFr 

Cullum 

Cula 

Cvcore 

CvorSv 

C/prs wt 

Cyprus 


42614% 
IjBO M 826ft 

job as raown 

1JM 4J 18339 
10312 
160 SJ »X 
514 2 

J8 U i™ 
AO 5.1 171 17ft 


Vft 

JUr .1 183 U 
M U 1S»33ft 
Aft 
8b 


» 

37512% 
525 lft 

128313ft 

180 7 
1 140028 
I 9020% 
V B4V23b 

S 47819ft 
I 75916% 
53823% 
385 7ft 

I 55349ft 
t 33 4b 
f 9232b 
1224 Aft 
105 4b 
74 Xb 
| 12040b 

4615b 
1414% 
05316% 
!*U> 5ft 
212 b 
18ft 
5b 
46 lb 
15405 7ft 
7515 
30 2 % 
1103 5% 
I 4*2419 
75719% 
100 7b 

1193 Vb 
i 242559% 
5V0 2ft 
S41 3% 
324 
15 5% 
I 17620 
190 ft 
» 26914b 
I 31416b 
17 9% 
120227% 
418614b 
I 301625% 
41 4% 
20812b 
I 51232ft 
I 60818% 
I T7H1 Z4b 
I 299*8 
370 23 U. 

r rvi w* 
21 2 % 
430613 


14b 14ft + ft 
XV* 26ft 
10 10b — b 

21% 22 + ft 

lift 11% 

SV 30 + ft 

1% lb— ft 

28% a% 

9 9b + » 
lift 11% + ft 
28ft 21 
7% 7% 

9% 9b- ft 
9b Vb — ft 
31% 32ft— lft 
3ft Aft + % 
7% 8 — ft 
2ft 7%— ft 
8% 9ft— It* 
27ft X 
5% 6U + ft 
10 10ft + ft 
A A - b 
Bft 10 +ft 
Bft Bft- ft 
A A - b 
4ft 5% + % 
7b 7b — ft 
7b Bft + ft 
4ft 4%— ft 

17 17 + ft 

A 6% 

3ft 3ft — ft 
8v* av* + ft 
3ft 3V*+ % 

B% 9 

12ft 12% + ft 
)% lft + K 
11% 12% +1 
6% 6b— b 

z*% a +ft 

19ft X — ft 
a 23% + b 
18ft 18% + ft 
1A 16% — % 

73 22b 

7ft 7% 

48ft 48% — 1% 
4b 4b 
31% 32ft + ft 
3% 4ft + % 
4ft 4b + b 
26b 27ft — b 
39b 40b 
i«b 14b 
1316 14b +1 
15% 15% —1 

4 a 

16 16 —2 
4% 5 — ft 

7% Bb + b 
C% 7 + ft 

”ft “ft- h 
5% 5% 

18 18% + ft 

IB 19% + % 
7 7 — ft 

vb vb— ft 

58b 59% + % 
lft 1%— ft 
3b 3ft + ft 
23ft 2Jft— % 
5ft 5ft— ft 

,9 *-ft 

13% 14b + b 
Mb 16ft— b 
Vft Vft 
27 27ft 
14 14% — ft 

34ft 24ft— 1 
4 Aft + ft 

lib 12 + b 
31% 32ft + b 
18% 18% + b 
22 23% + % 

7b 7b— b 
22b 73 
Vb Vb 
2b 2b 
12ft 12% + V* 


1239 8 
48 4 
69 6b 
353011% 
293 6% 
84914ft 
1J» 5J 821ft 
56919 
08811% 
104 7% 
230 % 

JO 1J 13017 
36415% 
26410b 
826 5% 
530 18ft 
17512 
476 4 
778 Xb 
61212% 
70311% 
IX 9 
46X17% 
94 5 

440 M 7B2Sft 
1J8 U 14X 
X 2J 256 7V* 
1 27V* 
85 a 2.91033732% 
72 4b 
234 IA 
783 3b 
114 
1BA 9 
24111ft 


n* 7% + u. 

3b 4 + ft 
6 Aft 
11 lift + ft 
A 4% + ft 
U% 14b 
20ft 20ft 
17% 18 — b 
11 11% + % 
7% 7% + ft 

% b 
15b Mb— b 
15 15 - b 

9b Vb— ft 
5 5 — b 

17b 1BU + ft 
9b 10% +1ft 
3V* 4 ■+ ft 

Xb a + % 

10% 11%— H 
10ft II 
8% 9 

15b lift -1 ft 
4ft Aft 
27% 27ft 

x x + b 
6b Aft- b 
22ft 22ft 
26% 29b— 3% 
3b 3ft + V* 
15% 16 +% 

2% 3V* + V* 
14 14 - ft 

8% 9 + b 

10ft lift +1% 


213% 13% 

75 6% 5% 

54413% 13ft 
96 9 8b 

AO U 3223ft 22ft 

351 5% 5Vk 
44 U 3417 16 

11X14% 14ft 
77016% Mb 
X 17 16 7ft 7 

264315% 15% 
41 lft lb 

OSe A 34113ft 12 


13% + % 
» 

13ft + ft 

m * % 
xb + b 

5%— ft 
17 +1 

14ft— b 
16% +2b 
7ft 

15% + b 
lb 

13% + % 


L13 14 
J2I 

IX 15 
.99 SlO 
* X 2.1 


S 25ft + b 

av* B%— ft 

7 % 8% + ft 
7ft 7b +1 
S% 5% 

n K 17 % + * 

A 4 — ft 
X% Mb- ft 
14% 15ft + ft 
31* 3% 

37ft X +1 
6< 66 +lft 

12 12b 

10ft 10ft— b 
20% 21b + Vi 

13% M + % 
31% 34 +>i* 

15b IS* ' 
52% 54% +1% 
35% 36 — b 
21 >lft + ft 
15% 16 
4 4ft + ft 
7b 7b— ft 
6 A — % 
Aft 7b + ft 
11% 11%— % 
29% 32% +3b 


HHOIIT 

HBO 

HCC 

HCW 

HEITX 

HEIMn 

HWOAm 

HaefiCo 

Honor 

Hodco 

riodson 

HaftSyn 

Halifax 

Halml 

HamOU 

iHamnd 

HonvCo 

Hamln 

HarpGs 

HrtfNI 
HrtfSt x ■ 
HarvlnB 

HGttlWS 

Homer 

Howrty 

HawkB 

HlHtCSs 

HltftGO 

Hflfiin 

Hlthdvn 

HchoAs 

HctioBs 

HetstC 

HeMnT 

Helix 

Hem tec 

HenrdF 

HorttFd 

Hertav 

Hetra 

HlbarCp 1 

Hlcftam 


>3 

13 

—116 

34 

34% 

— % 

20 

20 

— b 

9b 

9% 

— % 


16b + b 
40ft +3 
3 

row 

3% + b 
9%— ft 
Bft 

Ab + ft 
MVS— % 
Vb + % 
M +ib 
24b + % 
X — ft 
6b + % 
13% —1 
103ft 
5b— ft 
20 + V* 

lift— ft 
Aft 

Ab— ft 
3ft 

1 9b + b 
3% + b 
Sb— b 
40 + ft 

16% — b 
6 + b 

5ft— V* 
19V* 

13 — ft 
2% 

Xb— ft 

“ft- !* 
lift + b 
6 + % 

HS-fc 

7ft + ft 
4% + ft 

s i3+i w 

8b— b 
3ft— % 

14 — b 

2 3%- V. 

88 

6% 

4ft — % 

88- * 

M 4ft+‘ft 
4%~ « 
11 % 

ISb + % 

! Sb + * 
26% -lb 

SfttJS 

76% 

15% — b 
.76 
12% 

12 — ft 

28ft— % 
%— ft , 

ir + s 

l^U + bl 

23ft 

34% 

14 — b I 
19% — ft I 

?? 78 

Mb 

10!* 

4% | 

24ft +1V* 


12. 12% — ft 

IH» lft + b 
5 5% + % 

7b 7% + ft 
II lib 
2% 2% — b 

j 8 — % 

II 11 „ 

> h — 
iS i% + 1* 
0% 9 + % 

12% 14b +lft 
32% 33 — b 
15ft 15V. +lb 
Vft Vft— b 
lift 11% + b 
15ft 15b 
1DH 10ft— ft 
9% 9%— % 
IBb 18ft— ft 
17% 19ft +1 
13% 13% 

4% 4%— ft 

5% 7 — b 
15b 15ft -0% 
1 5ft 15ft— ft 
V 13% + b 
16% 17b — b 
5ft 5b + ft 
ID 11b + b 

"8 

•% 8%— ft 


160 AO 
1.12 17 
1 J7 4L 

IX 2* 
USa AJ 

X SJ 


15 +1 

29 — ft 
34% + b 
SO +2 
17b + % 
5M 

28% + b 
39V* +1 
47ft— b 
8% 

28% — b 
38% + ft 
13 + ft 

15 + b 
18 + % 
19b +.b 
12*— b 
Mb + b 
19% 

Xb +lb 
lib + % 

16 + b 
Vft 

13% +ib 
28% + % 

11 

X + b 
34b +1 
18V* + % 
21% + b 
15% + % 
31% + % 
3% 4- 1* 
33V* + b 
30ft + ft 
44 -44ft 

13 — b 
21ft — % 
5% 

38ft— b 
32ft + ft 
42ft -Mb 
1b— % 
23% 

19% + % 
17% 

73 — b 
8 — % 
39V* +2% 
25ft + ft 
10 

23ft + b 
26ft +lft 
16 + % 
13 + % 

40% + % 
41% + ft 

11 —IV* 

35 +1% 

Xft 

J?** 

52ft +1M 

12 
5ft 

J3ft 
3b * b 
4b +1 

Mb +w* 
16 +1% 
41b — ft 
17b 

17 + ft 
Mb + ft 
4b + b 

17% + b 

«U8' 

7ft + b 
22b— b 


15b— b 
3Zft — 3ft 

10ft- ft 

12ft + b 
7ft + ft 
16 + ft 


22 72 

72 21 b 

8b 7% 
3b 3b 
30% 30% 
MV* 9% 
3% 3% 
28 25ft 
7b 6ft 
10% 9% 

Alb 45b 
10ft 10 
7% 
4ft 
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i in 

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2 ( 

ift 6ft 

6ft 


New Issue 


All the securities having been sold, this advertisement 
appears as a matter of record only. 

CONTINENTAL HEALTH AFFILIATES, INC. 

Englewood Cliffs, New Jersey, USA 


Swiss Francs 35,000,000.- 
6 % Convertible Bonds of 1985 due 1995 


BANQUE GUTZWIULER, KURZ, BUNGENER S.A. 

NIPPON KANGYO KAKUMAMJ (SUISSE) SA 


BANKERS TRUST AG 

BANQUE SCANDINAVE EN SUISSE 

CHASE MANHATTAN BANK {SWITZERLAND} 

BANK HEUSSER & CIE AG 
BANK OF LANGNAU 
BANQUE PASCHES JL 
CHEMICAL BANK (SUISSE) 

DAHCHI KANGYO BANK (SCHWEIZ) AG 


NEW JAPAN SECURITIES (SCHWEIZ} AG 
SAMUEL MONTAGU (SUISSE) S.A. 

J. HENRY SCHRODER BANK AG 

DAIWA (SWITZERLAND) S.A. 

HOTTINGER & CIE 

THE INDUSTRIAL BANK OF JAPAN (SCHWBZ1 AG 

NORDF1NANZ BANK ZORICH 

SUMITOMO TRUST FINANCE (SWITZERLAND) LTD 


HOGUET, MUZINICH, KE U RR (fa CO. 

New York 

acted as U.S. advisor to the Borrower 


June 1985 


i 18 — % 

Vft 

4%— V* 
5ft— b 
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Micron 
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MdANII 150# 55 
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.108 A 2042$ 24b 

STB 4ft 4 
45 9 Sft 
M 25 122135ft 34% 

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143 8% 8 

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IX 35 TO 5Tb 50ft 
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17ft 17b— % 
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iiTann 8«4iSb IT.* 

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Quintet 

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2553 8 7b 

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T 7834 17ft 10b 


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4% + ft 
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233 24 23% 

X 12 5S Aft 4ft 

IX 1.1 1835* IBS* 

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113 9 8ft 
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$ 13ft 13ft 
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2555 till 10% 

J83 4 b 4 
72712 lift 
442 3ft 2ft 

X 18 16316% 16 

20126% Sb 
*72 4% 4% 

69 8b 8 
MS 9% 9ft 
4M 3 571 22b 71 

540 11% 10b 
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5 5% 5% 
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580 10ft 9ft 
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670 Mb 111* 
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242 4% 4% 

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111 3ft 7ft 
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17 W 9 ft 
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9ft + % 
27ft- ft 

lib— % 

10% + u 

lf *+ft 
7 

6%— U 

a f% + ft 

6b 4% + % 
Xft 22V* + ft 
7% a ♦ v* 
18% 19ft 
2616 77 — ft 
19ft 20ft 
9% 9% — b 

S 

i«£ 

14% 1*16— ft 
— • 10ft— % 
23% * % | 

’2 +%i 

43% +2 

Tz'Z 

18ft— % 

28U 29 Vb ^ 
12V* 1X6— ft 
Aft 6ft- ft 
13b 12% 

12% 13 — ft 
8% 1% 

Bft 1% — % 
11% 12 + U 

7b 7b + ft 
TZW 23 —«k 
22V* 22% + b 
16% 16% — ft 
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lift— 1% 
Sft— ft 
9ft— ft 
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16% 

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18% + b 
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27% + % 
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571 22b X a 44 

540 11% 10% 10% 
61384% 24b 24b — h 
5 5ft 5% Sft + ft 
196917ft 19% 17ft + ft 

133 if;'.-] 4ft )0b + ft 
580 10ft 9ft 10% + ft 
208 5% 5% 5% 

1041 18% 17ft 15 V, -ft 
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7811ft 10% 10% + V) 
9*3) IT* 17ft- ft 
27 9b 9 9 — V, 

83 7 6ft 7 + ft 

3000 167 107 

MM 14 13b IX* — % 

125430% 30 Wft- V. 
1579 Bft lft Aft 
62814b 11 W 13b— H 
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1375 n n at 

HUM- 15b 15% 

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417 7% 6% 4ft- ft 

4Q6 2b X* 2% 

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242 4b 4b 4% + % 
1172 a'- X IK, +1% 
111 3ft 7ft 3 +ft 
1891 5% 4!> 5 +b 
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99 r • H ft + \ 
64 18b 17% 1| + % 

88310ft 10 10ft— ft 

322 Mft 14 14b— % 

17 W 9ft Bft— li 
61347% 47ft 47ft- ft 
804 20b 19 20 +] 

32 13 12ft lift- ft 
*18 8 7% 7%— ft 

(389 15% Uft 1 A. + ft 
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43 Bft 8% Bft + ft 
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[366 ft % H— ft 
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124+4 42 45 +3 

22384ft 32 34 +lft 

2 4 1% 4 

359 291* 25% 28t* « 
Ml 15% 13% 15 +2ft 
44913b Itft 13 —16 
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7915% 16ft 1S%— ft 

105 6V, A Ib 
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504 7ft 7% 7ft + ft 
297 6% * A -ft 
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USPCI 5 

UST .94 L3 
UTL 
UUrBco IX L7 




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Ift 

1% 

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90 1 

7% 

8+1* 

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IS 

9277 

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IX 

17 

XX 

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180 % 

ft 



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17 

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X 

J 

338924% 

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X 

15 

10223% 

a 

avi-ik 

£40e2IJ 

1311 

ii 

11 



122 15% 

15% 

15% 

.94 

L3 

37 Bft 

27 

av* +i% 


48772 20% 21% + ft 

„ „ 36 35b 34% 35 +•* 

06c .7 2653 8% 7ft 0% + ft 
233713% 13 13% + ft 

91 161* 15% 16% + b 
7516% 16% 16% 

SW 9% 9% 9% 
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463M% 13% MV* + V) 
3843b 42 43%+lft 

1586 12 TtV> 12 +U 
82 +1 334 SV* 75 75 

OVt 19 441 » b XI* 3t +1% 


Unite* 

Unite pf 133 9.1 
Until 

Unttrcs 
U (timed 

UrtBCP IX 2J 

UnFadl 1586 12 TH) 

UnNoti s 182 +1 334 SV* 25 
UtiPInlr Uin 19 4413% 3% 
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UACms 86 3 1*58 XI* 2BW 

UBArxs 60 2 A 777 S 24b 

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53) 4b 3fe 
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XB 1.9 21811b 
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UCIyGS IX W - - 


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UMoBn 180b £8 


1219% _ . 
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581 71* 7H 
350 IB 17% 
1841 161 307 12 11% 

1.00b U 86 35% 34b 
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IX 32 379531% 30V) 

ss r 

7^^ 

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30e IO 140320% 19% 

USTrV IX 102 373 17b lift 

US Tr, IX 34 39485 34% 

X lo 115220% 19%. 

12 AW Aft 

28523% 2754 
113 7% 7% 
__ 3220 18% 

184 L4 437118b 47ft 

25030% 20% 
3197 ffl 181* 
45 Sb 5b 
108 Jb 2ft 
16713 10% 

66 5% 4ft 


USBc Pn 180 48 


108 3b 2ft 3b + ft 
16212 WH 11% + ft 
66 5b 4ft 41k- ft 
1 2722 X 77 +to 

990 4V, 4 4%— ft 

Jle 38 18S 5% 4ft 59* + ft 


£00 9.1 1»D 

990 4Va 


V4.I 
VLSI 
VMX 

vse 
valWLs 
von«n 

volvBc IX 3L7 


3536b 35 3SV* + to 
182 9 016 9 - ft 

1264 lb 8 8 — ft 

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1460 6% Ab tb + % 
33 9b tb 8b— ft 
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74 30V, 2tb » — 1 

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7 6% 6b 6b . 


Xft— 1% 

Vi N Be * 



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4% 

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IX 

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411% 

41 


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IX 

19 


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TO 


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60 

*J! 

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14% 

15 


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41b +1% I 
23b + ft I 
30% + % 
% + 

7ft + ft 
15% +1 
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19 — b 

X + % 
8 % + % ! 
Bb + b 
6b + b 

6 + b 

5b + b 

7 — % 
5%— b 

15 — % 
39% —lb I 
7%— ft 
Ab— % 
5%— b 
18% + % 
15 + % 

39U +2% I 
20b + % 
25b— % 

19% + b 
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6% + % 
7%— b 1 

ft I 

14b 1 

Xb + b 
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5% + % 
15% +1% 
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66b 

a Aft- to 
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Ub 14% 

17% 18 — ft 

^ %±* 

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Uft 15 
4 4% + b 

at* » 

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6% 7b 
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K Pl- b 
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47V) 49ft +2b 
17% 17ft + W 
8 8% + b 

1S&. 16b 
13 13 —1 

21b 22% 

Mft IB +3% 
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Bft 2Sb +lft 
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5 Sb 
76 2A —Ift 
17% 18% + ft 
a 70 + ft 
Aft Aft— ft 
43% 43%-ft 
ib ift 
u n% + % 

3ft 4 + ft 
17b 19 +1% 

22b 23b + % 
AH 6% + % 
lift 13 + b 
2% 2% 

14% (4% + % 

Aft Aft 
5% 5%— b 
Mft 28ft— IU 
M 14 - b 
Mft 34ft + ft 
7ft fft- b 
13ft -13V,— ft 

a a — % 

1 lb + ft 
62% 64 —3 
4% 45* — ft 

4% 4% — U I 

7% 7ft + «, I 
13% 13% + ft 
73% 24b + •« 


Von Dus AO LB 
VonStik 
Vanzefi 
VurfCri 

Vartan 80 SO 
VectrG 
ValoBds 
Ventre* 

VtPnei ixo 18 
versa t jo 73 
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VlcIroS 

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80 12 3047 23% 22% 23b + M 


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234 9% 9ft 
364 8 4% 

aw mi 

60 50 5513 TO 

*1 

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541 3ft 3ft 
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246 % b 
153 3V4 3% 

-09a A 4033 24 b 23% 

IX 48 926 22% 

542 3U 3% 
n Aft A 


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Vlkina 
vi rat ok 
VaBecfi X 
VHToch 
Vltram t 

Vocknrl 
VottCP 
VolHirf 
Volvo 
Vortac 
Vwust 


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12411% 17 

34 LO IX 8 7ft 
242 % % 

I 110 6ft 6 
♦9711% l*ft 
13 41* 4U 
393 15b 14b 
■SOr 1.9 59977b 25% 
X S 14*9 fU 8% 
X 6% tft 


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»S»C» 34 17 109UU 13ft 

WflkM-al 294 7U 7 

WshE ut 78 M24 B% 
WFSLS 60 £3 7JSjC6b 

WM5B 314916 M% 

mnscs ,n j sJ«ft 5% 

WutrlSt .11 18 98 6% 5% 

WouaPp AO 29 7914 ft 14 


320b 
864 7b 
17315% 
38714 
115 Bb 
36 12ft 
14 13ft 
4530 
29810 
81 8 
8718b 
191 14 
504814ft 

33 3ft 
193015b 

SOS 7% 
IU 7ft 
812ft 
910ft 
271214b 
31016% 
11283% 
6X15 
2639 30b 
5)4 «U 
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119 «% 
80940 
1 lib 
303514ft 

34 9% 
2417b 
7033ft 

«( 7% 
189 2ft 
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1542 BU 
435 IB 
338 AH 
7 7% 
XI Uft 
1246 Uft 
229)2% 
521 8b 
41823ft 
1199 9b 


XL Data 71113b 12% 13 +1% 

XcOcc 4237 4 3 3% — ft 

XJcor 3281 9 7ft Bb +1 

XMex 483413% 13b 13% - b 

YkiwFt IX LA 57638% 38 3TA 
YorkFa 800 11 1X19U Uft Itb +3b 


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Tt;» 

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15 

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*ft . 
20b + ft 
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15% + ft 
73 

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14 -ft 


20b Xb + ft 
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lift 12ft +1 
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55 f ^.= >5 *, 

^ Si- >!, & i 



INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


Page IS 


^EurolNxidlssi^ 

Compiled by Nicole Bondi 




.ii - 

$ - : *•? 

a -i 

* < O 

^ . . ;; ^ 

- 

■ <« "w i • i?'," 1 

*4 ai*i 

M.V . . ' ■* i 

s . : ■» ■/,/ 

f. , Hvffi?:; 

“* :a.o * ■ • *■ 

, -!+* :, ■{> •• 

•v;-. v St? 

r . . -■:■? .*■■?: .!« ■ 
!•„•■ >» |J*N 


3: 

r *.'■» : 


W ; • . }• ': • •"■' . 

Wo 


ir. 8-. ;.** . ■: * • 


■ / •!% 


Issuer 

Amount 
(m2 Rons) 

Mot 

Coup. 

% 

Price 

Price 

end 

week 

Terms 

AOATftK RATE NOTES 

BAR- • 

$100 

1997 

ft 

100 

— 

Over dkiicrtfi tibor. Gdable oi par offer 1988 aid redeem-- , 
abfa tf par after 1992 and 1995. fws 5D36. Oormnaficni 
$1QJQQ0. 

Banco <fi NapoS tnf’f 

$150 

1997 

1/16 

100 

9930 

ftier Aetortfa Ubor. CcfloUe at par after 1 996. Feu 03?%. 
DemmnatioK $10,000. 

Bergen Bank 

$75 

1997 

ft 

100 

99.15 

Over 6«north Ubid, set mon&fy, iramwm 1291%. Gotktefe 
04 par after 1995. Borrower's option to duiiffy ewe u a 
■hriwlad ttebt feu OWE Denoovnatkxa 55JOO aid ! 
ttSOJUL 

Korea ^Bahange Bank 

$150 

1995 

ft 

too 

9938 

Over 6-month Libor. Ccfobie c4 par it) 1990. Redeemable at - 
par afar 1990 aid 1992.FH* lft%Oaiffltirxsic« $50006 

Yokohama Asia. 

$100 

1997 

ft 

100 

99.10 

CXer 3-faorth Lflxd. maanni 'ISO. NonaJutte. fiscs 
078%. OenoateuiuM $10j000. 

rxbvcoupon 

Associated Oorp of 
North America 

$100 

1992 

10 ft 

100 

98.12 

CoUtie at 101 after 1991. 

Chugobi Bedric 
Power • 

$50 

1992 

10 

101 

99.25 

NancoBobte. 

Citicorp 

$200 

1995 

10 ft 

100 

98.12 

GAtitieUpv after 199a 

European Community 

$350 

4990 

9ft 

99ft 

98.45 

Gdbbfa at VO after 19BL 

Kyowa Finance 

$100 

1992 

10 ft 

100 ft 

9875 

NoncJabte. 

Met life Fundmg 

$150 

1992 

9ft 

100 

9775 

Cafiable or 101 after 1990. 

SBC finance 

$100 - 

1995 

TO 

TOO 

9932 

No norfesbh. ■ . 

State Bank of South 
Australia 

$100 - 

1992 

10 ft 

100 

98£8 

Nonoafabk. 

Westlb Finance N.V. 
Curacao 

$100 

1992 

10 ft 

100 

9B.00 

NonesBafate. 

World Bank 

$300 

1995 

10 ft 

99ft 

9838- NonooBobW. 

Export Development 
Carp. 

DM150 

1993 

7ft 

100 

— 

fedempiion vdue « $55 nvfcn, or $1,100 tor each DM3JHX 

World Bank 

DM600 

1995 

7 

99ft 

— 

NoncaHabte. 

CCF 

ECU85 

1995 

9ft 

100 

99.62 

Criabie of 101 to in 1992. 

Daikyo Kanko 

eoj4Q 

1992 

8 ft 

100 ft 

— 

*.■ C-LI- 

rtonjmxm. 

SAS 

GCUlOO 

1995 

9 

100 

98.87 


Walt Disney 
Productions 

ECUflO 

1995 

9ft 

100 ft 

10063 NonaJnble. Snfcing fund to Wort in 1991 to prodoc* an Syr 
iweropy Be. 

United Technologies 
Corp. 

DF100 

1990 

7 

100 

— 

NanuBobte private placement. 

ANZ Banting Group 

AU$70 

1990 

12 ft 

100 ft 

— 

MonatihNs 

Cooperative Bulk 
Handling 

Au*$25 

1992 

13ft 

100 

— 

Nonctfabl*. 

CRA Finance 

AU$50 

1991 

13ft 

100 ft 

— 

Ml,...-, 

New South Wales 
Treasury Corp. 

Aus $75 

1992 

12 ft 

100 ft 

— 

HjmUfi > 

S8C Australia 

AU$14 

1990 

12 ft 

100 

— 

NonsaMda. 

South Austrian 
Government 
Financing Authority 

AU$50 

1991 

12 ft 

100 ft 


KtoraAtide. 

Toronto Dominion 
Bank 

NZ$60 

1988 

16ft 

TOO 

— 

NoncxAdde. 

EQUITY-INCH) 

Mitsubishi Bank 

$100 

2000 

open 

100 

107.00 Coupon iwfcoUrf at 3%. Noncdfakte Cun unite at ai 
expected SX premium. Term to be set July 9. 

Sumitomo Bank 

$120 

2000 

open 

100 

10775 Coupon indented at ZMLCdfcbiearl 08 in 1990. Convert- 
Ue at cm expected S% prwxuro. Term to be Mt My It. 

Trio- Kenwood 

$35 

1995 

3ft 

700 

.9730 OddJeot Win 198a. ComurAle at 7S7ywt per than and 
at 249.10 yen per dolor. 

Compagne G£n6rale 
des Babtssements 
Michefin 

FT500 

2000 

open 

100 


Coupon h»ScetedU7-71ML>hdMnirMe<* pgr in 1990 hr a ' 
10 V9-10M% yield. Convertible al «xi ejected 2025%. Term* 
tobeiefJidya 


Bonds Rally on Interest Rate Hopes 




(Continued from Page 13) 

bonds, which were offered at a 
price of 9930, finished the week at 
9838. 

Investor demand for the $100- 
jniffion Swiss Bank Carp, offering' 
also was strong. 

The 10-year bonds, which were 
priced atpar, carry a 10-percent 
coupon. They finished the week at 
a price of 9932. 

Dealers said that two ECU-dc- 
nonrinated issues were well re- 
ceived, as were a number of offer- 
ings from various Anstralian 
entities, who have been tapping the 
Euromarkets heavily in recent 
months. 

Walt Disney Productions and 
Scandinavian Air lines were the 
two ECU issuers last week. 

Of the two, the more successful 


was the 80-nriHion ECU offering 
from Walt Disney. The 10-year is- 
sue, which carries a 9ft-penxat 
coupon, was priced at par and by 
the end of the week was trading at a 
premium of 100.63. Goldman 
Sachs acted as lead manager for the 
underwriting. 

The lOO-mffljon ECU offering 
from SAS was priced at par and 
carries a coupon, of 9 percent The 
issue, which was launched by Cred- 
it Lyonnais, closed the week at a 
price of 98.87. 

A spate of Australian dollar Eu- 
robond offerings were priced last 
week, continuing a trend that be- 
gan earlier this year. 

The Euro- Aussie market is still 
a very retail-oriented market," said 
Mr. Murphy at Bankers Trust 
The currency is stable and the 
coupons are high. It is a very inter- 
esting niche market” 


Bond Prices Up on Labor Figures 


By Robert A. Bennett 

New York Tima Service 

NEW YORK — US govern- 
ment figures showing weakness in 
the US labor market and an unex- 
pected spurt in the money supply 
fueled a rally in the bond market, 
but some analysis said the fun im- 
pact will not be felt until this week. 

The Federal Reserve System re- 
peated Friday that (be money sup- 
ply incre a s ed by $2.6 billion in the 
week end ed June 24, an increase 
well above marke t expectations. 

But the credit markets gave more 
credence to the U.S. employment 
statistics reported earlier Friday, 
and, despite a late-aftemoon dip. 
bond prices dosed a point and a 
half higher than on Wednesday, the 
previous trading day. 

Stocks also responded favorably 
to the employment data, in the 


U.S. Consumer Rates 

Iter Week Ended July 5 

Passbook Savings — 

_5J0 * 

Tax Exempt Bonds 

Benp Buyer 2D-Bond Index 

_ 6*2% 

Money Market Fundi 
□onosftueV T-t lav Average— — 

— 7 37% 

Bank Money Marker Accounts 
Bank Rate Monitor Index 

— 6.94% 

Home MortoiMB 

FHL8 average 

1170 % 


ty and to create jobs. Thai usually 
causes interest rates to decline. 

But because of the recent rapid 
growth in the money supply, un- 
derscored by Friday’s report, ana- 
lysts said that the Fed would be 
restrained in creating money. This 
restrain! stems from the wide- 
spread belief that rapid increases in 


economists said that the 

markets had not yet fully reacted. 
Maria F. Ramir ez, first vice presi- 
dent and money market economist 
at Drexel Burnham, attributed the 


market’s subdued reaction in part 
to the bahday weekend. “A lot of 
people went home eariy and there 
wasn't much activity," die said. 
“Monday win tefi whether the 
gains wifi be sustained.” 

Concerns about weakness in the 
economy were fed by Friday’s U.S. 

Labor Department report that 
nonfrum payroll employment grew 
by only 8O.CO0 in June, and that the 
May increase was revised down- 
ward to 266,000 from 345,000. 

Generally when the economy 
seems weak, the Federal Reserve is 
generous in creating money as a 
means to stimulate business activi- 


the money supply cause inflation. 

Several economists predicted 
Friday that the Federal Reserve 


Johnson Controls Buys Own Shares 


New York Tuna Service 

NEW YORK — Johnson Con- 
trols Inc, which makes electronic 
instruments, has bought 8.7 per- 
cent of its shares from companies 
controlled by Victor Posner, a Mi- 
ami financier, for nearly $80 mil- 
lion. 

Jefferies & Co, a brokerage firm 
that specializes in over-the-counter 
trades, handled the transaction on 
Friday. The stock was purchased at 
$45 a share; which was about $1.75 
a share above the market price at 
the time. 

Mr. Posner also agreed that he 


and his companies would refrain 
for 10 years from acquiring any 
co mmo n stock in Johnson Con- 
trols, based in Milwaukee. Mr. 
■ Posner controls many companies, 
tnrfwding Sharon Sted Coro, and 
Evans Products Co., both of which 
have recently reported financial 
difficulties. 

The price of Johnson Controls’ 
nock on Friday rose rose 75 cents, 
to $44, on the New York Stock 
Exchange. The company said it 


planned to retire dm 
shares, and analysts said this had 
caused the rise in the stock price. 


would take a neutral rote in 
monetary policy, not trying to 
interest rates in either direction. 

“From now on. cedit demand, 
not Fed policy, will determine the 
direction of interest rales,” said Ir- 
win L Kellner, chief economist of 
the Manufacturers Hanover Trust 
Co. 

In contrast to the $2.6-biffion in- 
crease reported Friday in the M-I 
— the measure of the money sup- 
ply that consists of checking ac- 
counts in banks and savings insti- 
tutions and currency in the hands 
of the pubfic — most market ana- 
lysts had been expecting anywhere 
from no change to an increase of $1 
bdUioiL 

Despite the laie-afiernoon 
downturn, the government's befl- 
wether 30-year bead closed at a 
price of 108 29/32, stiU a point and 
a half above Wednesday's dose. 
The markets were dosed Thursday 
frrepnse of the Fourth of July holi- 
day in the United States. The yidd 
an the bond dosed at 1037 per- 
cent, down from 1035 percent cm 
Wednesday. 

The yield on three-month gov- 
ernment bills remained unchanged 
from earlier levels at 6.76 percent; 
the sot-month HQ at 631 percent, 
and the one-year hall at 6.91 per- 
cent. All were down about a 
ier of a percentage point 
Wednesday’s dose. 


Phillips Fights to Contain Gradual Sinking of North Sea Rigs 

Phillips 
ate ou i 


By Bfiunaby J. Feder 

New York Tima Service 

• STAVANGER, Norway —Last 
November, just before executives 
at the Oklahoma headquarters of 
Phillips Petroleum Co. became pre- 
occupied with Editing off a take- 
over attempt todfy T. Boone Pick- 
ens. they got some bad news from 
company officials responsible for 
operating the Ekofisk field in the 
North Sea southwest of here. 

Ekofisk Center, the 250, 000-ton 
concrete platform that is nearly 
twice as tall as the Statue of Liberty 
and is the operational heart of the. 

wmw? m tfnfcing . Further 
investigation confirmed that the 
seabed was subkding as the reser- 
voirs below it were depleted, pull- 
ing the center and nearby plat- ' 
forms ever closer to the predicted 
reach of freak waves. 

Subsidence is a common prob- 
lem /or 'oil cpfn pfl^ift 8 exploiting 
shallow fields, but nothing had pre- 


pared Phillips and its partners for 
arch a development at Ekofisk, 
where oil and gas is produced from 
two reservoirs nearly two miles (33 
kilometers) deep. 

No one knows what the final cost 
of handling Ekofisk's subsidence 
problems wQl be, or exactly what 
alterations to production the solu- 
tions might biiwT That is Tnalring 
ad industry analysts, Ekofisk cus- 
tomers, and the Norwegian govern- 
ment nervous. 

“It’s the most interesting, chal- 
lenging problem I’ve run into," said 
Michael H. McConnell, a 30-year 
industry veteran who is rice presi- 
dent in charge of operations at 
Ekofisk for Phillips, which is based 
in Bartlesville, Oklahoma 

Phillips, which owns 37 percent 
erf Ekofisk, is already committed to 
safety investments in the platforms 
that will cost $150 million by the 
end of 1986. These indude nttii 
rounded surfaces to 


beams, which could reduce the 
force of waves hitting them by 50 
percent, and moving equipment 
and controls to upper decks on the 
platforms where the problem is 
most pressing. 

A different tack is being studied 
by Norsk Hydro AS. a 6.7-percent 
partner in the field, which believes 
it can reduce the height of waves in 
the area up to 30 percent by sinking 
disused oil tankers or other struc- 
tures in their path. 

Phillips hopes that water and gas 
injections programs intended to 
keep pressure up in order to allow 
more gas and oil to be recovered 
will also stop the subsidence. But 
lhe$13~bUlion water injection pro- 
ject under construction wQl not be 
onstream until 1987 and gas injec- 
tion. which is consdered technical- 
ly more appropriate for the uppp 
reservoir, could force a reduction in 
sales. 

Sales might also be affected by a 
reduction of output to slow the rate 


at which the reservoir is bring 
drained until the injection plans are 
ready. 

Ekofisk Center has sunk about 8 
feet and the platforms further from 
the center of the fidd somewhat 
less. All are still estimated to be 
safe from a wave that is statistically 
likely once in a century — the gen- 
eral design standard used offshore 
— but the margin is uncomfortably 


Japan Fears Trade Crisis With U.S. gOR 


To calculate the rate of subsi- 
dence, Phillips is using models de- 
veloped by Royal Dutch/Sbell 
Group Tor its Groningen gas fields 
in the Netherlands, a variety of 
sophisticated sensors, and satellite 
observations. 

The other major partners in Eko- 
fisk, in addition w Norsk Hydro 
and Phillips, are the Norwegian 
subsidiaries of Fetrofma SA (30 
parent), Agip SpA (13 percent). 
Elf Aquitaine (8 percent) and Total 
Marine (4 percent). 

Also concerned are companies 
that have planned to rdy on Eko- 
fisk as the center of a pipeline 
lion network delivering 


(Coafimed from Page 13) 
until (he yen — 246.85 to the dollar 
late Friday — appreciates to 
around 200 to the dollar, Japan will 
«mttnnft to run a big trade surplus 
with the United States. 

Officials in Tokyo say that to 
Name Japan for the diffi culties of 
the United States, or to bdieve that 
the problem can be solved by great- 
er “access" to Japanese markets, is 
to lose sight of the more baric prob- 
lem. 

At the same time. Japan is enjoy- 
ing its global surpluses in part be- 
cause Japanese companies work ef- 
ficiently at producing and 
umAwHiib high-quality merchan- 
dise. and in part because Japan 
imrintams some tariffs and ootl tar- 
iff barriers that make it difficult for 
foreigners to compete. 

U.S businessmen argue that Ja- 
often grin* j»»d bolds onto a 
— as in the case of some com- 
puter chips — by government inter- 
vention. including protection of the 
home market, fostering of monopo- 
ly, government-industry coopera- 
tion in research and development, 
and in other anticompetitive ways. 

Meanwhile, the riches that Japan 
earns from its trade, coupled with 
an e xt raordinarily high savings 


Mr. Murphy said that so far tins 
year, mac than $1 bflhon Austra- 
lian dollar bands had been offered 
for sale, more supply than had been 
offered in die previous five years. 

Included in last week’s i 
were a 100-nrillian-/ 
tar, 7-year offering from the State 
Bank of South Australia. The 
bonds, which cany a 1014-percent 
coupon, were priced ax par. They 
dosed die week at a price of 9838. 

Five major floating-rate issues 
were priced in the market last week, 
including a S10O- million note of- 
fering from the Banque Arabe et 
Internationale dlnvestissemeuL 
The issue, which matures in 
1997, carries a coupon of ^-percent 
over the ax-month London inter- 
bank rate and was priced at par. 
The notes are callable at par after 
1988, and redeemable at par after 
1992 and 1995. 


exporter to the rest erf the 

Under pressure, Japan has been 
opening raj its markets, although 
factional disputes within the gov- 
erning Liberal Democratic Party 
have slowed the process somewfaaL 

Last week, Japan, which already 
has tbe lowest average tariff sched- 
ule among major nations, an- 
nounced more cuts on 1,800 items. 
The government is readying new* 
moves later this month t easing 
some import “standards” ostensi- 
bly set in place to keep out poor 
quality products, but which in real- 
ity act as nontariff barriers. 

The relaxation of standards is 
part of the wefl advertised “action 
pro g ram" that Prime Minister Ya- 
suhiro Nakasone promised Presi- 
dent Ranald Reagan. 

But a change that might alter the 
trade imbalance in any significant 
way will depend more on three de- 
velopments: a reduction in the U A 
budget deficit that might lead to a 
redaction of the value of the dollar; 
an improvement in productivity in 
the United States; and a wflhng- 
oess ou the part of Japan to stimu- 
late consumer expenditures, which 
would keep seme of its huge sur- 
plus of savings at home, bolstering 
the value of the yen. 

UJ5. officials assert that Japan 
provides too many incentives for 
savings, which then are channeled 
at low interest rates into export 
i ndu stries. 

To OhstiBie: Japan has a tax- 
free, smaD-sum savings system 
called moruyu, up to a colinz of 12 
million yen (just under 550,000) per 
person. But many Japanese dupli- 
cate these accounts by using false 
names and other gmutrinks. In a 
nation of 120 hbUkhl people, there 
may be 150 million or more mfli- 
uyu accounts. Tbe Japanese gov- 
ernment, which could easily stomp 
out the deception, looks tbe other 




fothing is likely to happen 
quickly to alter the Japanese pro- 


SQJECT9 lSJU8.Lt QWTI718IVS 


ApoHo Comp. 1714 17% 

Mr Gasket 8ft 9 

Bitter Corp. 3ft 3ft 

Modufaire 8ft 8ft 

Rod me Bft 8ft 

ifiSfc WTTH COMPLIMENTS OF 
CONTIN6NTAI AMERICAN 


INVESTMEN75TRATEGIES '85 

li I!:. iW i'V QUARTER 
v:.th GORBATCHEV 
im REAGAN 




taw— tern lt d wd cwyhlfl 
Hb *t as* ppd plan d 


MmiII 


QPRM0USMEDU5 

OgwgigB^ 
QgwyiMB - 
OraffimFunsB 


VjPNWNa- 


NFomumoN 
■ 211-387950 


pensity to save, or to the cyde of 
U.S. budget deficits. And u n de r 
these drcumstances, U3. Ambas- 
sador Mike Mansfield has ex- 
pressed tbe concern that the eco- 
nomic debate could de genera te to a 
point where the dose diplomatic 
relationship between the two coun- 
tries is tfireatenedL 

The tendency is growing in the 
United Stoles to lay the blame for 
the deficit on Japan's intransi- 
gence, closed market and “unfair- 
ness.” 

What comes through from the 
Japanese side in a senes of inter- 
views is a conviction that whatever 
steps are token will be labeled inad- 
equate. 

Tf proof of ’access’ to our mar- 
ket Is supposed to be a dedining 
trade deficit this year, forget about 
it," rate Japanese official said. “No 
matter what’s in the action pack- 
age, your deficit with us this year 
will be $45 or $50 bOhon." 

Even so, UJL exports to Japan 
have been inching up. Japanese sta- 
tistics show a 9-percent increase in 
imoorts from tbe United States. 
XTs 24.6 bflban in 1983 to $263 
billion in 1984 — although Japa- 
nese exports to the United States 
rose 393 percent. 

The gain in U3L exports, though 
small represents something better 
than an actual decline in U3. ex- 
ports to Europe in the same period, 
acrorriing to Makoto Kiiroda, di- 
- rector general of the International 
Trade Policy Bureau for the Minis- 
try of lntgnational Trade and In- 
dustry. 

“We are a very good market for 
• your country,” Mr. Kmoda said. 
, “Tbe perception that there is no 
access is wrong." 

'• Mi riiihikn Kimibim , a Foreign 


Affairs Ministry diplomat with 
experience at the Japanese 
in Washington, says Jar 
pan most <to away with unfair regu- 
lations. 

“But I think we get into a dan- 
gerous area when the definition of 
‘unfair’ is simply hemg different," 
he said. This is a reference to Japa- 
nese customs such as the kdretsu 
system, by which groups of compa- 
nies give first priority in business 
relationships to then - associates, 

Kitehi Miyazawa, chairman of 
the Liberal Democratic Party's ex- 
ecutive council said, “We are just 
as apprehensive as Americans in 
and out of the government are” 
about the possibility of a protec- 
tionist KarfrlMh in the United 
States. 

Although in the past tbe 1 
nese had tried to “get by on . 
tives,” be said, soot an approach 
could not be ured again. “Basically, 
this is recognized by the govern- 
ment, by business, by the public as 
a whole,” he said. 

Mr. Miyazawa, who will be visit- 
ing W ashingto n tins month, said 
his main concern is that whatever 
the government in Tokyo now 
does, “we may still be perceived as 
being unfair/ because trade statis- 
tics “won’t show any results far a 
year or two." 

Officially, (he Reagan adminis- 
tration is the frequently 

proposed 20-perceot import sur- 
charge. UJ>. trade officials say that 
an import surcharge, unless direct- 
ed ooly at Japan, would invite re- 
taliation from Europe, Canada, 
Australia and other trading part- 
ners. And an import 
aimed only at Japan would be i 
gal under the General Agreement 
an Tariffs and Trade. 


North Sea oQ and gas to Teesside, 
England , god ga S tO Emrign, West 
Germany- “Greater Ekofisk’' in- 
cludes several fields with a total of 
28 platforms, four tunes the num- 
ber on Ekofisk itself. Fields further 
north, including Heimdal and 
Statfjord, have just been tied to 
Ekofisk via Norpipe. a 50-50 joint 


toil Nomay’s state oil company, 
that is to come on stream this au- 
tumn. 

Phillips has maintained that no 
shutdown of production or the 
transport system is needed. How- 
ever, gas consumers in Europe have . 
been formally wanted that Phillips 
may seek to renegotiate its gas de- 
livery commitments if the rate of ■ 
production must be slowed or gas ’ 
used for reinjection to maintain 
pressure in the reservoirs. 

The gas utilities warn to make ■ 
sure that they get as much Ekofisk 
gas 35 they have contracted for be- 
cause it is one of thdr cheapest 
sources. Phillips and its partners do 
not want to have supply obligations, 
that could only be met by buying 
costly outside supplies for resale at 
Ekofisk prices. 

The Norwegian government is 
sponsoring independent studies of 
the problems through its CHI Direc- 
torate in Stavanger. Ekofisk ac- 
counts for half of Norway’s oil and 
gas production, even though pro- 
duction peaked in 1980. It provided 
the government with $23 billion in 
revenues last year. 

Thai tax load reflects marginal 
taxes of over 85 percent. For Phil- 
lips, the figure means that a similar 

^^^k’ssubadence problem 
actually be borne by the govern- 
ment. 


WORLD FUND 

5odM Anonym* 

Registered Office: 2, boulevard Royed-Luxembourg 
R.C. Lexevboarg B-2IS10 


Shareholder are hereby convened to the 

. ANNUAL GENERAL MEETING 

of aharefaoldei* of WORLD FUND S.A_ to be held at the head office of 
Banque Internationale 3 Luxembourg. SA^ 2 Boulevard Royal. Luxem- 
bourg. on July 26lb. 1985 at 1 1:00 a.m. with the following agenda: 

1. Submittal of the reports of the Board of Directors and of the 
Statutory Auditor; 

2. Approval of the Balance Sheet and of the Profit and Low 
statements as at April 30, 1985; appropriatirn of the profit*. 

3. Discharge of tbe Directors and of the State Lory Auditor. 

4 RadDeutioa of the cooptation of a director. 

5. Receipt of and action on nomination of the Directors and of 
tbe Statutory Auditor. 

6. MIsceQaneous. 

Tbe shareholders arrxthi&ed that ao quorum is required for the items rrf the 
agenda rrf the annual general meeting and that decisions will be taken at the 
simple majority of the shares present or represented at the meeting with the 
restriction that no shareholder, neither by himself nor by proxy, may vote 
fora number of shares in w™* of one fifth of the outstanding shares or two 
fifths of the shares present or represented at the meeting. 

In order to attend tbe meeting of July 26th. 1965 the owners of bearer 
shares will have to deposit their shares five dear days before the meeting at 
the regisiered office of the Company or with the f ml owing hanks: 

— Banque Internationale i Luxembourg S-A- 
2, boulevard Royal 
LUXEMBOURG 

— Lombard Odier & Cue 
11, roe de U Corraterie 
CH - 1204 GENBVE 

THE BOARD OF DIRECTORS 


Highlights of our results 
for 1984... 


In an environment characterized by a drop in inflation 
and interest rates, Credit Lyonnais maintained 
a satisfactory' level of activity and achieved good results. ±4 
Assets rose by 19.3% and the net profit totaled 
FRF 368.9 million. 





In France 


A modem network. 

The Credit Lyonnais network comprises 2.456 banking offices 
(1,854 full-time). The number of cash machines increased to 556 
by end-1984, including 472 'Cesar" automated teller machines. 
Their use increased by nearly 50% from 1983. The number of 
Cr&fit Lyonnais customers holding Carte Bleue cards has increased 
by 30%. 

A new and diversified range of sendees. 

In 1984, the Bank: 

- expanded its "T616lion” home banking services, offered to indi- 
viduals and businesses alike 

- created new "MultUIon" programs for young people (“Multflion 
Junior") and for savers (“Epargne Munition") 

- developed new mutual fund investments, including "Uon Insti- 
tutlonnels', "Lionplus", and "Obtifion" 

- installed microcomputers in certain branches for customer ser- 
vice. 

Assistance gauged to satisfy needs. 

As the demand for housing loans to individuals was low, Credit 
Lyonnais increased its personal loans. The Bank's new subsidiary 
"Crddit Lyonnais Epargne et Flnancement des Equipements des 
Manages - CLEFEM" was granted the status of financial institu- 
tion. 

Credit Lyonnais remained particularly attentive to the needs of 
businesses for conventional financing, espedafly for exporting.. 
In 1984, the Bank examined the problems of founding a company 
and increasing the capital funds of medium-sized companies. It 
supported those efforts through the creation of 'Lion Expansion 
Pe tries et Moyennes Ent reprises" and the opening of new indus- 
trial and financial offices In four regions across France. 


Outside France 


Satisfactory growth in transactions handled by 
branches abroad... 

Growth in customer transactions at branches abroad increased 
more rapidly than at branches In France, although the figure was 
oft slightly compared to recent years. 


Funds oq deposit in annual averages, amounted to FRF 581 biBion, 
up 15.0% from 1963. 

Loans granted increased by 1Z4%. 

... and s trengthe ni ng of the international banking 
network. 

During financial year 1984, in addition to the expansion carried 
out by its subsidiaries and associated banks, Credit Lyonnais : 

- opened representative Offices in Kuala Lumpur (Malaysia), 
Istanbul (Turkey), and Shanghai (China) ; now, both the Shanghai 
and Canton offices are under the direction of the representative 
office in Beijing) 

- upgraded its representative offices in Osaka (Japan) and Taipei 
(Taiwan) to the status of branch 

- participated in the creation of Tunisia's first leasing company 

- obtained authorization to open a representative office In Dallas 
(United States) as of January 1985. 


Results 


Operating income before depreciation and provisions 
increased slightly (+ 4.1%). If the nonrecurrent profits from major 
sales of investment securities in 1983 are excluded, that figure 
jumps to^ 1Z1%. Banking provisions have declined slightly, fbrthe first 
time In many years (FRF 4,890 mfflton asagafnst FRF 5,022 million 
in 1983). 

Subtracting the negative profit/loss balance of FRF 194 million for 
1984 (as opposed to the positive balance of FRF 185 million in 
1983) and income tax amounting to FRF 37B million (as against 
FRF 429 million for 1983), the Bank’s net profit for 1984 totaled 
FRF 369 million as against FRF 359 million for 1983. 

The consolidated net pr of it (share of the Crfrdif 
Lyonnais Group) increased from FRF 1,008 million 
in 1983 to FRF 1,021 miffion in 1984. 


BJRORARTNERS: BANCO Ot ROMA • BANCO H1SPANO AMERICANO * 
COMMERZBANK 

The annual report wfll be available in July- Bound copies (or microfiche) 
may be obtained upon request Haase address all inquiries to 
CREDIT LYONNAIS (Relations Pubnques), 19, boulevard des ttaltens 
75002 Paris. 


Talk it over with a lion, 



CREDIT LYONNAIS 


THE PARTNER IN YOUR FUTURE 











I 


imu.Mixvwii) 


Owr-die-Counter 

Consolidated trading for week ended Friday. 


Sotealn Nrt 

NOi High Law Lost Ch'ye 


3% 3ft + Vk 
10% 10% 

14* 1W — ft 

2Vj 2% + v. 
3% 3* 

4k « 
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144 lb. + ft 
18% 18W u 
1(4 14* + lk 



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Gold Options i^bpvd 


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310 1000-1150 

330 ISO- 7J21 
330 250-400 

34) 12-250 

350 050 175 


Gott 3KL50 - 31 100 

Vilcm White Wdd &A. 

I. Qoai du Mowt-Bhnc 
121 1 Cater* L Sbiturkod 
TcL 310251 - Trie* 28305 



70 «'A I 

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107 94b 9V. 

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120 avb a 

71 49b 4*b 

7S7 bVl 69b 

1 2>b 21b 
314 14 

214 84. B«b 
141 B14 7ft 
474 544 54b 

2131b 131b 
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46% 46Vb + % 
4b 5% + % 

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5 54b + lb 

24 24 

21b 2%— lb 

26% 26% 

1146 1246 +1% 
1316 134b + ft 


PROBABLY THE BEST PRIVATE 
RESIDENTIAL ESTATE IN THE WORLD 

(certainly ttw best in Australia) 

76 ha. (190 acres) of beautiful, elevated, exclusive half, 
developed residential property in MID Coastal Queensland. 

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Write far Brochure:- "PARC EXCLUSIF" P.O. Box 103» 

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OHlC LOCATION - WARM CLIMATE - BARRIER REEF - ENGLISH LANGUAGE 


Sales in N« 

lOQs High Low Lost 01*0* 
M0 a 5 27» 3t 31 





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7ft 7% — Ik 
34lb 35% +1 
11% ii% + % 
11% T2% + 96 
946 10 + % 
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2 % 2 % 

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IK IK 
416 4% 

SO 50 
26% 26% 

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17% 17% 

». 13 —IK 

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260 2% 2 2 — ft | 

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21214% 14 14 


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87 54. 54k 5ft 

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1! 1 1 


3% 3% 

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9 9 

411b 43 
Z46 246 

28 26% + ft 

646 6ft— V* 
16 16K + 4b 

16 16 
76% Mb 
2% 2% 

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3% 3% 

1246 14% +1K 
15 IS 
IK IK 
1716 17% 

13 12 — % 


1Z3W 9% 
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54* 

5% 

5ft 

54* 

5% 

Sft 

34k 

2% 

3% - 

7ft 

7% 

7ft 

9ft 

9% 

9% 

24b 

2% 

2ft 



InFImun 
Inf HRS 
ITCpwf 
InThr un 

Infrwst JO 3 3 
InvtOi 

Invlns J9 u 
InvSLPf - 
irwfn s 26 
Irwin m* 26 
Iwwt 

isrlinv 2JS TOO 
ItoYofcd Jtr J 


2% 2% 

246 3 ♦ ft 

11% I1%— K 

B% ■% 

15% 15% + K 
5% 5% 

3% 3% 

1M 11% + K 
44i 4% + H 
3% 34* + Vb 
246 246 
23V) 23% 

414k 41K + K 


4% 
8 % 8 % 
9K 9% 
1446 14% 
IK IK 
25 25 

•ft % 

zt 22* 
16% 16% 
2% 

I4K 
10 % 

V*. 

ft 

IS 
17 


UCI . 

UCIun 

UMC El AO 

Unlflwt 

UnSofC 

U Count 1J0 O 


UFireCs M M 
UHltCr 

UnHrno 

UWHirw 

UnBkNJ 120b 1A 
UnSvAto M 16 
USvAd of 
USMed 

US Mull J0TI7.I 
US Phrv 
USPIwt 
UESugr 
US Vac 

UVoBk pf 2.75 AO 
UMOtwy 


IK — ft 
3 - ft 
1 

4% 

1146— V 
37% 

17% + % 
12 % 

22 

11 — % 
14* — ft 
11 — 1 % 

51 + % 

17 — % 
Jft— % 
5 + % 

146— % 

13% — % 
5% 

52 
346 


viMsrr 

VoeiRs .291 3J 

vocOrv 

VafiAsc 

Vawtpun 

VrctAoT 

Valera 32 73 

VtFadl 

VIoom 

VlcHMkf JOb 2J 

VIbwMs 

vipont 

VbFst .UK 1.1 

VUtoRs 2De J 

vmtton 2*n 1 2 


95420% 19% 
4805 8K Bi* 

340 7% 74* 

8431% 31 
20 % % 
5 46 % 

34533% 33% 
8312 114* 

223 246 2% 

2217% 17% 
19610% 10% 
7111346 134b 
283 94* 6ft 
329% 29% 
37214* 2044 


7*. 

31 — % 

Vb— % 
4k 

33% — % 

12 + W 

244 + % 
1746 
10 % 

1396— % 
9 +2K 

29% 

204*— % 


Last Week's 
AMEX 


Sales Hion Law Lost l 
BATIn LTD? JOB 4% 4% 4% 

QgmeP 1J72J30 M M m 

WonoB 481 JOP 18% 1744 18% 

KovPh 567.900 10% Oft 10% 

Mtgin 477J3D 10 9*. 10 

WDIsitl 469 J0C 15ft ir-b 16K 

GDeffW 32UM 18ft 17 !7ft 

TIE 390433 5 46. 4ft 

TpxAlr 377 JM 16ft 1 4ft 164* 

Amdahl 321.700 14ft 13ft 17ft 

Vglvfflo: 20940000 shores 
Year to Date: 1J6385O0C0 shorn 
issues Traded In- B87 
Advances: 371 . declines: 317 
Unchanged: 199 
New Highs 1 74 ; new lows: 57 


Last Weeks 

NYSE 


Waeooi 

-23e IX 

14% 

14% 

14% + % 

Wo Mb 

» 

46520 

19% 

19% — % 

WlkrTwt 


52 2K 

2ft 

2ft + % 

WlkrTun 


10 

9% 

10 + ft 

WamrC 


332 4V. 

A 

4 + ft 

WetkG 

.79*104 

236 7ft 

7ft 

7ft + % 


Ireasury BBIs 

Fkjum os of cfcMC of trading Friday 


Ate no 
630 7.00 

&S2 4.93 

L52 6.43 

621 6J4 

6J9 6J1 

6X5 458 

A53 6X7 

659 674 

6X4 681 

6X3 680 

667 685 

661 680 

675 696 

671 692 

674 696 

674 697 

673 697 

673 698 

67d 7 

676 7XO 

67B 706 

679 7.06 

676 7.06 

674 7JI7 
67Q ISO 

677 7.10 

679 7.13 

683 7,19 

685 7.22 

617 722 

690 720 

689 7J4 


360 49410% 10 
571 IK IK 
II IK IK 
13 5% 5% 
74 2% 2 
45 24* 7% 

189 7 8% 

K ft 
MX 1 IK 1% 
50215% IS 


10 — % 
IK + % 
1ft 
5% 

2% 

2 % — % 
4%— % 
ft 

Jft + % 

15% 


" .1 « TK-K 

28 30 2M 2% 2% 

4% 4% 4% 

19 115 5ft 5% 5ft + Vb 
66 3B 546 5 5 — 44 





British Inflation 
Expected to Fall 

United Prm Iniemcuonal 

LONDON’ — Britain's inflation 
mie should fall from ihe present 7 
percent to 5.5 percent by the end of 
the year, and to 5 p e rce n t by the 
end of 1986. Phillips & Drew, bro- 
kers and analysis, said Friday. 

In making its economic survey,. < 
Phillips Si Drew 1 was awumiHfl that j 
pay raises will average 6 percent to 
6.5 percent in the 1985-86 wage 
round, compared with last year’s 6 
percent, and that oil prices will go 
down by SI to S2 a band is me 
second half of this year, and remain 
there. 

Growth in overall activity is ex- 
pected to reach 3.5 percent this 
year, helped by a 1 -percent rise 
following the miners’ strike. 


Die Meal Travel Wallet 


Designed By Die Global Newsbvper 
W iiH IhE Global IbAVELER In Mind 


The International Herald Tribune , 
has been in the business erf sending * 
journalists on hectic trips to distant 
datelines for almost 100 years. In 
that time,we have learned a great tfF 
deal about traveling right and 
light 

That is how we amassed 
the on-the-road experience to Js V 
design this new ideal travel 
wallet — compact, light- ^ 

weight and beautifully craf-^^ : c : 
ted to carry tickets, pass- 
port, credit cards, currea- 
cies and all the other - 

essential documentation 



\?/- 






(nocewwy lor ae& cxd powfaMe^ 




EXPIRY DAI 














































i U' 






INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


Page 17 


Turner Asks FCC 
ToHakCBSPhm 
For Bitying Stock 

. AT*w Kwfc Tima Service 

' NEW YORK —Ted Tomer 
his. appealed- to the Federal 
Communicfltifliis Commissjoii 
to stop CBS Inx's plan to buy 
nearly II bflllon of its stock. 

CBS, which has beta fighting 
a takeover proposed by Tamer 
Broadcasting System, said 
Wednesday that it would buy 
21 percent of its own stock for 
$9S5'mittion. The purchase 
would incur substantial debt, 
increasing' the cost of a tako- 
. over. Equally important, both 
the notes and preferred stock 
that CBS is offering cany Kmiis 
on the amount of debt the CBS 
pan assume in a merger. 

'■ Mr- Turner has offered to 
buy CBS for newly issued secu- 
rities be vetoes at $3.4 billion. 
That would load CBS with debt 
exceeding what is permitted in 
CBS’s offering. 

Mr. Turner asked the FCC 
on Friday .to. stop the offer by 
CBS. contending that it consti- 
tutes a transfer of control of 
CBS’s five owned television sta- 
tions, requiring FCC approval. 

He said in his filing mat the 
CBS move violates the Commu- 
nications Act because “the poi- 
son-pill provisions take away 
the shareholders’ control over 
future CBS decisions.' 1 

“The proposal involves a 
transfer of the major decision- 


New Ground in China 


By John F. Bums 

New York Tima Service 


For Occidental, the 25-percent 
share in the Pingshuo mine adds 


ANTAIBAO, China — With a onlymaiginaty toawraidwide^ 
roar from the exhaust of an earth- vestment exposure .of more than $2 
moving shovel. Occidental Petro- billion. However, it marks the first 
loan Crap, has manpuntpd its time that the Los Angeles-based 
partnership in the Pingshuo open- corporation has taken an equity 


coal minft 


iog with 


in a Communist country. 


China a prototype of the invests Although renowned fra his deal- 
meni par tnership that the leader- “*6® *be Soviet U nion, Mr. 
ship in Beijing regards as crucial to Hammer has had no investments 
its plans for a modem economy. there since he sold a penal factory 
Thousands of Chinese crowded a ® 1®30. tom brfore he obtmned 
hiliodq here July 1 as Azmand control of OcadentaL The Pmg- 
Hammer, Occidental's 87-year-old s huo project also, marks the first 
chairman, snipped a ribbon to for- time that Occidental's troubled 
mally inaugural the .y5Sft. m.TT;nn coal subsidiary, Islan d Greek Coal 
project Li Peng, a deputy prime Gx, has undertaken a project of 
minister, joined in the ceremony, th* 5 s®op® overseas, 
then stood back with Mr. Hammer TheproMfimsofmtrodudngad- 



Argentine Inflation Hit 30% in June 


CemptkdfyOm Suff Frcm i Dupaidia and wage freeze declared June 17 the time table for drawing new fi- 
BUENOS AIRES — Areentine wd a government pledge to stop nancing from official agencies and 
infl^on tot 30 percent toJuroa priming money to subsSze moo- oor^to l^ ^ly a^ 
record fra the Kmonth-oldMv- ey-losmg state enterpases. to in principle wth the 12 -bank 

emment of tandem RaS AHon- Oespiie the official freeze. some advisory $roup. Reuters reported 

sin, according to government sta- P™» are increasing because of from Santiago, 
tistlcs evasion and salaries for June Mr. Somerville said that S440 

The monthly increase brings Ar- climbed above the inflation rate million of a proposed 5785-million 
gemma's yearly inflation rate to because °* midyear bonus re- commercial loan would be drawn 
1,128.9 percent, the Statistics lnsti- “X Iaw - in September, S80 million between 

rate said Friday in its monthly Government experts bad pro November and December. $118 
price information bulletin. dieted a high rate of inflation for million in February and S49 mfl- 

Tbe previous record for a single June -5 u r l previous ^uraates were Uon in each of May. August and 
wMSS^^SSS around five poults below the final November ofl 986. 

adminis tration was in April, when 1, B ure - Another S3G0 million of com- 

ihe figure was 29-5 percent B Gate Sets Timetable mercial bank money will be lent in 

inflation for July is expected to Chile’s foreign debt negotiator, a World Bank co-financing. Chile's 
drop drastically because of a price Heman Somerville, has announced foreign debt is S 19 billion. 

U.S. Tire Makers No Longer Serve AU 

(Continued from Page 13) debt Based in Middlebury, Con- was prohibitive, Mr. DeScenza 
Saul H. Ludwig, an analyst at necticut the company also has a said, and tried to sell its truck-lire 
Roulstoo & Co. m Cleveland. major chemical business and has plant outside Nashville to Bridges- 
Today the major tire companies shrunk its tire-making capacity by tone, the Japanese tire maker, 
are still seeking ways to restructure 40 percent Now Bridgestone makes steel- 

their operations. Some analysis believe that Unir- bd la j j^djafiruck tires at the 

Goodrich announced last month oyaL under private manag e m ent Nashville plant for Firestone, and 
that it would shrink its tire business may decide to sell the tire business Firestone makes less advanced 
by 25 percent. Patrick C. Ross, the if a buyer can be found. truck tires at other domestic and 

company’s president said it would Uniroyai has concentrated on foreign plants, a spokesman said, 
strengthen its position in “selective selling tires to Detroit though the _ 

s&nenls, recognizing that we can’t ebb and flow of U.S. car sales has 9*^ Goodyear, ihe world s larg- 

be everything to everybody." sent the tire company on a roDer *“* maker, and to a lesser ex- 

Itsmegraip had become a sta- coaster ride. trait Gencrap Inc. still uy to par- 

ble source of earnings in die past In 1980, when Uniroyai was on \ a ~f sepnatisa the tire 

five years, Mr. Ross said, but the the edge financially, its then-chief market in hindsight that strategy 

glory days had gone. Even 1984, executive. Joseph P. Flannery, seems to have worked, 
the industiys strongest year since closed plants in Deiroit and Massa- In 1984. Goodyear reported 


a *® muso mares menra 

Armand Hammer, chairman of Occidental Petroleum 
Coip^ cuts a ribbon to inaugurate tike US. form’s partner- 
e ove rseas Pr ° ?ea ship ia tbe Kng^mo open-pit coal mine in Antaibso, China. 

oblems of introducing ad- . , _ ... , 

bnitoess and technical who met with Mr. Deng after sign- dose the gap, increasing Beijing s 


minister, joined in the ceremony, tins scope overseas. ™ — (I ^ rmij mm a f^ n| 

then stood bade with Mr. Hammer The problems of introducing ad- L/aOi K H 1/ lUlHMJI o i I v JA/IM 

as a Chinese sbovd operator made vanceo business and technical who met with Mr. Deng after sign- dose the gap, increasing Bqjmgs <- 

a symbolic cot into the earth cover- skills into a Chinese milieu that is ing the Pingshuo contracts, share of the financing to 75 per- (Continued from Pace 13) debt. Based in Middlebury. Con- 
ing an estimated L4Wbon tons of still heavily bureaucratic, partial- toushed trade such warnes. I cent ^ R m ^ ^pany also has a 

cod reaves. larty in a remote mining region think China is pn& of the most TW* ^ followed by a touchy & ro £ Cleveland. major chemical business and has 

For C hin a, the ceremony had such as Pingshuo, have deterred stable countries m the world, he d^ure over wage rates for the ^ ^ ^ companies shrank its tire-making capacity bv 

th« ™n, iMnv oolfiStowstofs. And Oc- sad, adding that its “poUticalsuo- 1,700 Chinese who will wrak at ihe suninK _« ure-nuremg caparny oy 

secured” 


thrar operations. 


analysts believe that Unir- 


Goodrich announced last month oyal, under private management. 


overtones duu went bcryrafd the ^^^^s^^dOo- sad, adding thaL its “poUtical sue- 1,700 Oui«se who wffl wrak at the ^^^r^Wto^SSre SpML " ^ J " 

^ ab ° i tl ^dental’s protracted negotiations ceKaonis^eady s«mred” mme ate it^«.mto full opera- , h ^ rr ^ ran - or ^ s ^ Sneanalysis betieve that Unir- 

185 nriks (298 kilometers) west of came dose to collapse on several . Mr. Li, 55, d^Mity prime minis- tion in September 1987. Goodrich announced last month oyal, under private management, 

Bering. Officials here have been occasions. tra^acconqiamed^.Hammra that it would shrink its tire business ma^dedde losdl the tire business 

soliciting American investments _ rw ^, . . w to the ceremony here, is one of the oat for a contract stipulating that . Patrick r the if a buver can be found, 

for more than five years under the Bm . °cademal captives be- yom)m . ptScOls Mr. Drajg has the workers would be paid the by 25 pen^nL^atnct L. Koss, me u a ra^er ran oc iomm. 

SSS 3 S 38 S^ass 

^yim^ybodvr sent the .tire company on a roDer 


for more than five years muter the »ui wwww™ uo- yora)J?er 0 m c ia s mj_ dq. has the workers would be paid the jLz ^ 31T -j " rl Ti ™ 

sag 3 a?<ssi; E^tfisjtsss ffatffiwss Slsib; sfSdWW«s 

ssjssaa?at STKSr»aSfS 

-a-ao— «« crtgaarg “T-SSStS 35 Saws 3 s 

diare of about $175 minion 'by far Consderahons that have de- The fiisi concession came last undertattigs at the lool SySlEl oonSS executive. Joseph P. Ranncrv. 


i CBS from 
filing said. 


the largest made by any U.S. con- terred some American investors in- fall when Peter Kiewit Sons Inc^ an 
cem, it also involves a major corpo- chide Mr. Deng’s age, 80, and a Omaha, Nebraska, construction 
ration with advanced technical concern that dements in the Com- company, withdrew from an agree- 


skflls in an area — resource devet- munist Party hostile to foreign in- ment to share half of the total Ping- mote than $45 million a year. low the peak of 1973 placemen i market, 

opment— that is basic to Chinese fluenoes could overtim his eco- dniq i mwstmmt with Occidental After world coal prices sank H e said longcr-lasiing radial As it becomes a private compa- 
hopes for an export boom. nouuc poHaes. But Mr. Hammer, The Bank of Churn was drafted to more than S10 a ton from their tires, lower speeds and cmfiw cars ny. Uniroyai is expected to sell 


American Fxrhangp: Options 


Figures as of close of trwBno Friday. 


OoHob 

6 price Calls 

Puts 

| Dutton & price Colli 

Puts ] 


Jd Oct ini Od 


sm 

as 

r 

It-M 

r 

r 







Ceedvr 

25 

3% 

3% 

r 

1-06 







2M 

30 

% 

IVM1 

1 s-w 

m 

«e%e 

40 

6 

6% 

r 

r 

GOUM 

30 

3% 

A 

r 

t 


« 

1IA 

2% 

% 

r 

25% 

33% 

M 

r 

r 

r 

« 

50 

1-14 

11-16 

r 

r 

25% 

33 

1% 

>% 

to 

1% 

Am Cve 45 

r 

r 

r 

% 

25% 

33 

VI* 

% 

r. 

r 

9% 

n 

TV. 

3% 

% 

1% 

Grand 

25 

Alb 

r 

r 

r 

9% 

B 

l-M 

13-16 

r 

r 

31% 

» 

% 

1% 

7-14 

t 

tm 

40 

r 

% 

r 

r 

29% 

35 

l-IA 

3-16 

r 

t 

Am Ena E 
41% 44 

47% 45 

47% m 
Am Ham 60 
63% AS 

Apan, IS 

r 

7% 

3% 

% 

3% 

5-1* 

2% 

r 

•% 

4% 

1% 

4 

1% 

4 

r 

r 

% 

3% 

3-14 

2% 

% 

l-M 

r 

1 Hi 
r 
r 
r 
% 

HeuPti 

M% 

Hum* 

14% 

34% 

34% 

H 

« 

» 

3D 

33 

« 

1% 

l-M 

f% 

4% 

M4 

l-M 

r 

r 

r 

6 

2% 

1 

r 

r 

1-16 

1-14 

* 

r 

% 

r 

3-M 

% 

33-16 

r 

in. 

17% 

1 

3% 

11-16 

1% 

inlet 

22% 

r- 

T 

r 

Dk 

IM 

20 

% 

1% 

3% 

3% 

37 

33 21-14 

r 

Ur 

1% 

11% 

sw 

r 

tt-U 

r 

r 

37 

33 

VIA 

1% 

r 

r 

r» 

13% 

U 

r 

1% 

r 

3% 

r 

VH 

•t 

intend 

29% 

22% 

S 

r 

r 

r 

r 

f 

1-14 

% 

% 

17% 

17% 

Ml 

31-16 

9-141 U-M 

29% 

37% 

3% 

r 

IA 

1% 

17% 

B 

% 

11-14 

2* 

. r 

39% 

30 

lb 

2% 

r 

r 

BaasLm E 

r 

r 

r 

MA 

LUV 

n 

16% 

r 

r 

r 


Option & prtca Calls 


rov m 
Tbrfty n 
1} Cam jo 
u as 
46 41 

46 45 

44 9B 
U S 51 SS 
zn, at 
Wm Lm It 
43 40 

41 4S 
«Mna 39 
M* ID 

Mt as 

34Y% 40 


B ITU r r 

25 Pb r r 
is no m 16 

t 6 16 ML 

<8 1-16 S-16 M 

35 29-163 11-16 16 

40 1-16 0-U2U-16 

■ 166 r r 


OnHon a. prh» Calls 


3M JO r 

MEo U 3H 

Dim no Uh 

DwHVU 70 1J 

B H 716 

S3 n » 

13 H 1 

mm n «% 

FlnM 2ZM> 7-14 

31 V6 25 16 

FMM 30 216 

1 33% 29M 116 

22% M 746 

GCA 1716 1% 

1746 » 46 

3» 

7% 


U 9 
jm io» 
6 « 
m r* 

r 66 
3% 2% 

r n 
13 r 
3 4 

3-16 IfrU 
m tat 
466 5% 

66 146 

r 5-14 


1766 3D 46 1(6 

T766 3B6 3-16 t 
17% 35 V14 r 

1766 30 l-M r 

Gafcmo H 30 » 

12% Isis % la-u 

12% IS % 7-16 


t 

s 

Grace 31 

r 

r 

r 

l-M 

r 

r 

40% 40 17-M 

r 

r 

T 

r 

% 

40% 45 

r 

N 

r 

r 

V, 

1% 

HOflFB 33 

4% 

r 


% 

r 

4% 

2f 33 

r 

in 

r 

3% 

r 

7-M 

La Pec 32% 

VIA 

VIA 

r 

r 

r 

3 

31% 25 

r 

7-16 

r 

• t 

r 

r 

MACOA* IS 

5% 

t 

r 

r 

r 

11-14 

30% 17% 

2% 

r 


r 


r r JBW 31 11*161 13-16 
. rn fflt 6U 15-16 

t r M DW 35 7-16 r 
661 151| KModEn 25 7% r 


42% 45 

Burron ss 
96 U 

16 65 


20% 

30 

30% 

22% 

Dante 

33% 

34% 

*4% 

3C% 

M 

K% 

33 

3Hb 

m 

D% E* 

m 

94% 

as 

94% 

« 

•4% 

95 

•4% 

too 

*4% 

ns 

*4% 

no 

94% 

115 

94% 

120 

94% 

12S 

»4% 

T3B 

»WV 

40 

91% 

45 

91% 

70 

91% 

73 

91% 

10 

91% 

M 

91% 

90 

91% 

9* 

91% 

HO 

du Pnt 

91 

39% 

0 

SNA 

40 


00 6% r 

05 2 l-M 366 

w r 31-16 

35 366 466 

30 r 1% 

E r 16- 


Aas Mov Alia Nov 


3 IK. S 26 36 Ml O-U 

» B 66 16 r r 

M Sami tm 11*16 r r 

1366 IS r % r 

NOMA! U 0-16 r r 

Nma 35 6V r r 

30% E IM 216 13-14 

30% E 516 r r 

ODECO S r 2% r 

Pin 45 r r 66 

46% n m r 1% 

4666 55 r M6 r 

PHILPI 11% 17-M I I 
WinPt 11% % r % 

11% 13% 516 V6 66 

1166 M* r 3-66 r 

PMMtaV 45 6% r r 

54% SO 4% r r 

9416 55 1% . 3 r 

Raven 22*6 t I* r 

M as H6 13-M 1M6 
34 20 % f - r 


E 5 5% 516 16 

40 2 3% r 

E 161 »U r 

E 516 % r 

5£ S r r 

40 r 1566 r 

n hm 13% r U-16 
H 6 r r 

Ml 13-16 4% r 

40 . r r % 

45 % 13-14 3% 

50 r % r 

E r r r 6-14 

JO 166 366 1514 

15 r ■ % 

17% 2% r % 13-16 

30 U-U 16* 166 r 


Mutual 

Funds 

FToeroi ai ot dose ot InxUnv Friday 


NEW YORK IAPI— 
Tha tanowtns auota- 
•t«i% HipeliaoiTV mt 
National Aunciatlair 
X SacwriMao Doat- 
•n. Inc- ora tl» Or le- 
vs ai wttlch Itwia 
He ur n tax could nova 
bven soM (Naf Awtl 

v«MI ar (Mwfil 
Ivotua plus sola* 
enarael FrMav. - 


MAni 1M4 11J3 
CwSae 11JM urn 


SELL 13J1 ML 
MTFI IOlM ML 
S5PMT 1030 ML 


W ft! kM ML 


Option & prfco Call* 


22% 5U 

E % 


Saa Dae Sao Doc 


S'StStaS seems to have worked. 

Lbe industry's strongest year since closed plants in Detroii and Massa- In 1984. Goodyear reported 
^ 1978 for original-equipment chusetts and eliminated a third of 57.65 billion in sales from its tire 
nww ihna MSmitK/vi ,Ur and replacement tires, was wen be- its tire sizes and types in the re- segment and operating income of 
more man ya . million a year. ^ low the peak of 1973. placement market. 5608 million. It was followed by 

After wond coal pnees Mine y e longer-lasting radial As it becomes a private compa- Firestone, with 53.57 billion in 
more than $10 a ton from their ures, lower speeds and smaller cars ny. Uniroyai is expected to sell sales and $130 million operating 
1982 high of more than $50, Oca- the principal factors that some assets from its businesses to income; Goodrich, $1.5 billion and 


factors that some assets from its businesses to 


Alcan 22% 

MM 13% 
M IS 

M 17% 
M 30 

Am Brad 65 
66% 70 


I 65 3% 

71 7-16 

» 216 

23% 1574 

27 S 516 1% r M 

32 E % r r r 

Baal P 25 r 7 r r 

!M6 3D 2516 3 r 1516 

31% E r % r r 

tar is r 11-14 r r 

Ban Far 45 6% 766 r r 

51 » 716 4%1 1514 r 

si ss 1516 r r r 

Ctaov S> 13 r t r 

61% a 3% •% 7-16 13-16 

63% 6* 4 r 66 r 

63% as 1516 r r r 

awn ny E 7% r r r 

47% 40 3% r r 116 

<3% 45 11-16 r r 3% 

OHvm E 7514 316 1M4 1% 

36% 40 % 9-16 r r 

Comfl 30 r r % r 

tx* is U-tt r r r 

oxato 3366 166 r r r 

IM 36% 66 1% r r 

Diara B 1546 166 66 166 

KnartCl 65 r f% 514 66 

**» M r 1% r r 

o rw 40 i% ' r i i% 

40% 4S 51* 514 4% f 

GO let 40 17-14 2% r r 

Hedo is 1% 1% % 16 

15% 17% % 16 r r 

1566 E % % r r 

Hum E 3% r r r 

16% 40 514 % r r 

Kmwb » 116 r r r 

•% ' IB % 66 r r 

LTV 7% - % HA r 66 

766 » 514 % 366 . f 

MOW . B 3% r 1% r 

rmm 40 r r M6 r 

66 40% -u - r r 11-16 r 

r 4K» 51 17-14 W 2% t 

r 40% 55 % 1% r - r 

r FBMor'M 7% «% r r 

r 16% K r- r 1% 3 

r 66% —lo 3% s% - r r 

r OM, » 7-16 1% t ■ 

r 06% ut % r r r 

r PriiiHC 17% in-H r r r 

r U% » 11-16 1V14 r 3% 

16 SFoSP E 1% r r r 

r 33 E 3*6 4% 66 T 

r 73 -E 1H11346 316 r 

• r StOOh 45 1% r 11-14 r 

r - 46% 50 7-16 r 4% t 

r 45% a r 516 r r 

n-u tmo« m «% • r i 

r 3m 35 r r % 1% 

r 36% m 2vu r 266 3% 

r JM6 45 % l% r- r 

r 3S+ 60 61 I r » 

r votara n 3% 4 % % 

M4 13% n% H6 3% 1H4 1 M4 

r 13% IS % 1% 1 r 

■ TOM Wtama OUT* 

1514 Open Marta 2571.147 

r r— Mat traded. *—NenaidlH-ML a— Old. 


516 1 

r 516 
514 516 


r 7 r 

15 3 r 

r % r 

r 1516 r 

6 7% r 

16 4%115M 


•66 7-u n-u down from 
r 16 t i- 


366 1514 
516 r 


baas erf each ton of coal mined. structuring plans, but James L liabilities that the buyer may have 
_ Alexandre of the Donaldson, Luf- to assume. 

kin & Jenrette Securities Corp. said Firestone, according to Mr. Lud- 
_ he guessed that Goodrich “is pull- wig of Roulslon, analyzed the ser- 

ShipnniuiiTr T in Japan ing out of the off-highway segment rice market and found that a wave 
* , ~ ?, , T and other heavy-duty segments and of gas-station and new-car-dealer 

Showed UcdlDfi ID June is taking no action that would have dosings between 1977 and 1982 
- - Reuters an effect rai passenger-car tires.” had reduced the number of service 

«■% TOKYO — Japan’s Transport Some matysis expect the compa- bays by 30 percent. In addition, 
J Ministry has saidh issued £p- W ^ four stnaU aulo-repair shops sometimes 

f building permits in June fraU domestic plants. And 1 Donald DeS- lacked the dectromc equipment 
r ships tohfciH 288,858 gross tons, cma, an analyst for Noman Sec^ necessary to fix new rara. 
mI ^iwn from 22 shins of 394 400 tons nbes Intemalional Inc M predicted Firestone reasoned, Mr. Lud- 
} ^ ^ ' that Goodrich wfll quit the tire wig said, that “he who has a service 

r ' business ahogelher in the next five bay is in a good strategic position.” 

3 % The June 1985 figure, published years. In 1983 the company expanded 

» Saturday, was also down from ‘ 


Goodyear weathered criticism 
by staying the course throughout 
the energy crisis, the onset of the 
radials and other tire traumas. U 
defended its turf and pumped mon- 


In 1983 the company expanded 


Saturday, was also down from the “They've been more aggressive to 1,500 auto - service centers by 
22 ships of 547,815 tons for which than any of them in pulling back," buying 300 J. C. Penney outlets. 


permits were issued in May. June he said. 
i% permits inri nrfwl three ships of Uniroyai, the only major domes- 
* 109,808 tons for domestic owners tic tire company not based in Alt- 
m and II of 179,050 tons for non- ron, Ohio, is to became a private 
r Japanese owners. company in a buyout leveraged by 


he and tried to attract customers by technology is developed, ” Mr. 

Uniroyai, the only major domes- stiessing computer diagnosis of en- DeScenza said. “If you want to be a 
tic tire company not based in Alt- gine troubles. serious player in replacement, 

ron, Ohio, is to became a private firestone also decided that the you’ve got to be in original equip- 
company in a buyout leveraged by cost of developing truck radial tires ment.” 


cy into production, becoming the 
most efficient manufacturer in the. 
process. 

The companies that opted to seD 
the more expensive high-perfor- 
mance tires in the replacement 
market rather than competing in 
Detroit’s new car market lost sght 
of a crucial factor, some analysts 
say. 

Making tires for Detroit “is real- 
ly the part of the business where 
technology is developed,” Mr. 
DeScenza said. “If you wanilo be a 
serious player in replacement. 


AUTOS TAX FREE 



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(Continued From Back Page) 


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Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


aillHIIIHIIH 

I am an 

laam aamaaa 


■aaiiiaauuaa 



ACROSS 
1 Having wings 
5 Road 
shoulders 

10 Homophone 
for pair 

14 Social 
engagement 

15 Or oil 

16 Singer Guthrie 

17 A son of Seth 

18 Female 
relative 

19 Rivulet 

26 Cherished 

person 

23 Drying kiln 

24 Spanish uncle 

25 Reddish- 
yellow color 

28 infinite time 

33 a hand 

(help) 

34 Harangue 

36 Petition 

37 of March 

38 Gets away 

39 Persian 
gazelle 

40 Truck for 
moving 

41 Pursuer 

44 Namesakes of 
a ring master 

45 Exalt 


47 Roving 

49 Slippery fish 

50 Narrow 
opening 

51 J. Homer did it 

58 Indigo 

59 Wading bird 

60 King of 
Norway 

62 Capital of Peru 

63 Observe again 

64 Domini 

65 Summers, in 
Cannes 

66 Aquatic 
animals 

67 Victor Borge, 

eg- 

DOWN 

1 Block or lemon 
suffix 

2 Actress Tumet 

3 Upon 

4 Answers 

5 Thoroughwort 

6 Silas Mamer's 
creator 

7 Shoal 

8 Black-tailed 
marmoset 

9 Perfumed 

10 Minister 

11 Lake or canal 

12 Associate 


13 Actor's part 

21 Loiter 

22 Ireland 

25 Oyl of comics 

26 Fortification 

27 Concerning 

28 Wipe out 

29 Recording 
device 

30 Island, to a' 
Venetian 

31 City on the Po 

32 Brewer's 

35 Teheran is its 

capital 

39 As much as a 
dray holds 

41 Algonquian 
Inman 

42 Gadgets for 
cigarettes 

43 Tells 
46 Greece 
48 Tear 

50 Iron alloy 

51 Wan 

52 Word with 
factor or rule* 

53 Calcium oxide 

54 A molding 

55 Major 

56 Arm bone 

57 Horace or 
Thomas 

61 Opponent 


«£< New York Timet, edited by Eugene Maleska. 


DEN1NIS THE MENACE 







7 ^, 


*1 MWOrfr uke Margaret at au- 

IF SHE WASN'T MY FRIEND." 


BYTi Tel THAT SCRAMBLED WORD GAME 
Pl lVW”!- by Hanri Arnold and Bob laa 


Unscramble those tour Jwnbiea, 
one (otter to each square, to fonn 
(our onflnary words. 


EUDLE 


KEJYR 


TRALFE 


LIRIXE 



WHAT THE SCOTSMAN 
WHO RETURNER* 
HOME LATE ONE 
NIGHT ALMOST SOT. 

t - V 

Now arrange the circled toners lo 
form the surprise answer, as sug- 
gested by the above cartoon. 


Print answer hem: " [XII J 
(Answers tomorrow) 

[ Jumbles; WHILE ABIDE TACKLE OVERDO 
I Answer What me blacksmith did to bis Incompetent 
apprentice— BELLOWED AT HIM 

WEATHER 


EUROPE 


Atoorve 

Amsterdam 

A IMIS 

Barcelona 

sehtrmse 

Berlin 

Brands 

BNMiM 
Bade Pest 

Copea basest 


HIGH LOW - 

C F C P 

30 86 23 73 cl Bangka* 

19 M 9 48 fr Beilin? 

20 B2 H 44 d Hans Kona 

27 81 19 66 fr Manila 

25 77 15 59 d NewSafU 

21 75 15 59 fr Sooal 

22 72 9 48 <3 ShaeataJ 

10 M 14 57 r Si n gapore 

25 77 12 54 d Yotool 

20 48 13 55 d Tokyo 


Craft) Del Sol 22 82 21 70 d 


HIGH LOW 
C F C F 

32 90 25 77 d 

32 90 20 41 fr 

D 91 27 01 fr 

31 00 25 77 o 

34 93 ZB 02 d 

24 79 22 72 r 

33 91 28 82 d 

20 02 25 77 r 

34 93 30 84 d 

20 02 25 77 o 


Detain 

Edinburgh 

Florence 

Frankfurt 

Geneva 

HeHlnkt 

lifenoui 

Lns Palmas 

Lisbon 

London 

Madrid 

MlkB 

MOSCOW 

Monk* 

Wee 

Oslo 

Parts 

Pram* 

luyuavik 

Rome 

Stockholm 

Strasbourg 

Venice 

Vienna 

Warsaw 

Znrfeh 


17 42 9 4 a 

10 m 17 « «S Atotors 29 84 17 43 fr 

2 Z o S £ COW 32 90 20 48 fr 

34 75 13 55 £ COPOTOWO U 55 3 37 d 

£ 2 j? 5 " CoioMaiicn 2ft 79 19 44 O 

3 2 I 5 Harero - V 68 11 SI ft 

37 M 31 M <? unm 20 B3 34 75 r 

2 2! il 2 £ H«rflW 30 68 10 50 Cl 

““““STtod. 32 90 22 72 fr 

® « \\ “ • LATIN AMERICA 

14 41 12 5* o BUHMAIrti 12 54 4 39 tr 

Z3 73 14 41 fr Caracm na 

20 B2 a 72 fr LHna 21 70 14 57 cl 

21 70 14 57 d MedooCItr 21 70 11 52 d 

24 75 12 54 If Rio He -Knwtro 23 73 30 48 o 


AFRICA 


U 44 12 54 a 

12 54 t 43 fr 

31 88 4 48 fr 


NORTH AMERICA 


5 2 « * » 


Strasbourg 24 75 14 57 fr 

Venice 2» 82 19 m fr 

Vienna 24 75 14 57 h 

Wanaw b 73 ID 9 a 

Zorich 22 72 14 41 d 

MIDDLE EAST 


Ankara 
Beirut 
Damascus 
Jerusalem 
Tel Avis 

OCEANIA 

Auckland 

Sydney 


3 82 19 44 fr 

24 75 14 57 fr 25?? 

b 73 ID 9 a SmmH 

a 72 14 41 d SSSJto 

VST Houston 

, „ , Los Angeles 

24 79 4 42 fr Miami 
a 82 18 44 fr Minneapolis 

27 81 17 43 fr Sm? 

24 79 14 57 fr Nassau 

» 82 20 48 fr Now York 


Seattle 

14 57 ID 5D sn Tomato 
U 41 12 54 cl WtaiMaDfoa 


Andiocgge T9 44 ll 52 d 

Atlanta 2 82 19 46 pc 

Boston 24 79 20 48 DC 

Cblcase 29 S4 14 «t pc 

Dnmr 34 97 15 59 fr 

MfTOH 24 79 13 55 fr 

Honolulu 31 88 21 a fr 

Houston 33 91 21 70 fr 

Los Angeles 29 84 19 44 DC 

Mioml 32 90 25 77 DC 

Minneapolis 34 94 20 48 to 

Mratreol 24 79 20 48 d 

Nassau 33 91 25 77 d 

Now York 29 84 21 70 PC 

SanFrandscu 21 70 13 55 k 

Seattle a 82 13 55 fr 

Tomato a a 15 59 fr 

HAuMnoton 29 B4 18 44 oe 


cl-cloudv; fo-loflgv; fr-fair; h-hali; na-nol available; otovercsst; 
pc-partlv doudv, r-rala; sh- diowors; gwgw gw; ti-itormy. 

MONDAY'S FORECAST — CHANNEL; SlJohttV dkCW. FRANKFURT: Fair. 
J«Wl. 2-9 177 - 481. LONDON: Porilv cloudy. Temp. 28—11 168—52). 
MADRID! Stormy. Temp. 24— 19 (79 -44). NEW YORK: Partly doudv. Temp. 
79—'* 184 — 661. PARIS: Fair. Temp. 24—12 (79—541. ROME: Fair. Tamp: 
»- 19 (90 - 441. TEL AVIV; Fair. Temp. 29—20 184 - 48). ZURICH: Fair. 

74—14 (75—611. BANGKOK; Thunderstorms. Temp. M— 25 (91—77). 
HONG KONG: Fair. Temp. »— 25 (88—771. MANILA: Rain. Temp. 30—24 
‘84-75) SEOUL! Rain. TeitlP. 26 - 21 (79 — 70). SINGAPORE: 
ThuiK&rstorms Temo. 28 — 26 (82 — 79). TOKYO: Rain. Temp. 27—23 


PEANUTS 

i've been listening 
To THE WEATHER REPORT- 



THERE UiAS SUPPOSED 
TO SE A STORM 
COMING, BUT NOW 
THES^RE NOT 5URE_ 


THEY SAIP IT WAS 

“a Rfler late anp 

. WEAKENING^ 


50UNP5 A LOT 
LIKE MV5ELF! 


BOOKS 


BLOND1E 



ANDY CAPP 


CKUEUDrUnm 

DUVUmtoml 


bat-* 

-J&T. U 


fTHEELECTWCITV 
i THIS QUAKTB?-/I 





WIZARD of ID 



ic^Phste 
THI&BUIW wr? 
•W& fWsuirepp 

euv rufiflu 
Acxm\&> 


yma 







REX MORGAN 


UNAWARE THAT HIS WIFE 
CLAUDIA IS DEVELOPING A 
SERIOUS COCAINE PROBLEM, 
BRADY BISHOP IS 
PLEASED BY HE* GOOD jf-T 
MOOD WHEN cuf 


GARFIELD 

CAN YOU IMAGINE A CAT BEING 
RAISE? 0V SQUIRRELS? 

I GOTTA GET EP OUT OF THIS 
TREE BEFORE ITS TOO LATE 


I'M ALL READY TO > 
PAINT THE TOWN WITH 
YOU, MR- BISHO PL1STS, 

YES, A^A'AM-^Vt^L J 
RIGHT AWAY f 


BY THE WAY, THE BANK BOUNCED Jfl 
ONE OF YOUR CHECKS FOR ^ 
INSUFFICIENT FUNDS / COULD IT BE ) 
A MISTAKE"? I DON'T REMEMBER / 


NEVER 
MIND _ 


/TOO s 
► LATE * 
‘ FOR - 
WHAT?, 




QUEEN VICTORIA IN HER LET- 
TERS AND JOURNALS 

Edited by Christopher HibberL 374 pages. 
$25. 

Viking, 40 W. 23d Street, New York, N. Y. 

10020. 

Reviewed by Richard D. Altick 

CCTjH'c authors, ma'am'* — the wily Disraeli 
W wdl knew that his sovereign prided 
herself on being a published writer, her 
"Leaves From the Journal of Our Life in die 
Highland s" having bom a best seller in 1868. 
Bnt the great bulk of what Queen Victoria 
wrote remained unpublished until after her 
death. Her paperwork, both personal and offi- 
cial, has been calculated to amount to some 60 
million words, enough to fill TOO volumes. 
Abundant selections from her journals and 
letters are available in two dozen thick vol- 
umes. But few readers are prepared to slog 
through them, so Christopher nibbert’s judi- 
cious selection, enriched by some previously 
nnpy bi jehad material, fills a real need. 

Victoria wrote as she spoke; she was incapa- 
ble of diplomatic evasiveness or ambiguity, 
and the self-portrait she unconsdoudy pain tod 
is a true likeness, exhibiting, as Ffibbert ob- 
serves, “her simplicity and practicality, her 
sound common sense, her deep capacity for 
affection, the un deviating and sometimes high- 
ly uncomfortable regard for truth, the stub- 
born imperiousness protecting an inner securi- 
ty and awareness of her own limitations.'’ 

One more dement mi gh t be added, the sub- 
ject that always elicited the queen's most ex- 
travagant language: her adoration of her ‘'an- 
gelic" and "perfect" husband in the flesh and 
the dedication of her long widowhood to his 
memory. In her womanly devotion to Albert, 
the prince consort, she Was providentially suit- 
ed to embody the domesticity that ruled her 
age's ethos, even though net protracted, 
mournful o bs e ssion with the prince sometimes 
tried the patience of her subjects. What the 
public did not know was her lack of enthusi- 
asm for the institution of marriage insofar as it 
was subservient to dynastic needs ("hate" and 
"detest" were among the words she used in this 
connection). The mother of numerous chil- 
dren, she was outspoken in her dislike of preg- 
nancy, both the process and the product; ba- 
bies &e found to be uninteresting objects, 
though her affection for her own developed as 
they entered childhood. 

These prejudices, so at odds with conven- 
tional Victorianism, appear at large in Hib- 
ben’s selection, along with the queen's often 
difficult relationship with her grown sons and 

Solution to Friday’s Puzzle 


□□□ aaantia 
nensna samiinaa 

0EIHE3 [DCBnHHnQIlEJ 
EDED3 aaoDa □□□ 
□□□□□□aaciE nan 
□□□annan anaaa 
□na3a Gaaaan 
□□D3Q3 nnaaaa 
□□□□□□ □□□□□ 
□□□□□ □aasaaaa 

ODE 

□□□ an33s anann 
□□□□anaan annaa 

□□□□□33 3DDQ3 
□□□□□3 □□□ 


daughters. Her correspondence with her oldest 
and favorite daughter, Vickie, afier she became 
crown princess of Prussia was laced with an 
uncomfortable amount of fussng and gratu- 
itous advice and reproach, and in later years we 
see the queen repeatedly throwing cold water 
on Vickies proposals that she and her family 
come to England to visiL 
More important. Victoria’s private papers 
record in detail the ironic course of her rda- 


•••• - "-r?: 

■ : T* 


royai son ana nor. uuiui^ iuum m uu yuum 
his mother simply did not like him; she did not 
even like his looks. To make matters worse, she 
implicitly blamed him for the death of his 
fatter, whose resistance to typhoid fever was 
weakened by the energy and emotion he spent 


in anxious attempts at damage control follow- 
mg Bertie's involvement with a young actress 
at the Grenadier Guards' camp near Dublin. 
Meanwhile, the queen concentrated her affec- 
tion on the "daning," "beautiful" Prince Al- 
fred. Duke of Edinburgh. But in time, the 
brothers exchanged places in the royal esteem, 
though Bertie’s mother took good care to keep 
his hands off the machinery of government. 

Even if she had had confidence in his abili- 
ties. Victoria probably would not have shared 
any of her power with him. She knew her 
constitutional prerogatives, and she zealously 

K ected and exercised them. From Bucking- 
Palace, Balmoral and Osborne streamed 
memorandums, cast always in the regal third 
person, that conveyed her opinions and wishes. 
The positions she took on such thorny issues as 
the Irish question mav not have been the prod- 
uct of deep thought, but she clung to them with 
the unshakable conviction of a Margaret 
Thatcher. Her relations with her advisers and 
ministers were governed as much by personal- 
ities as principles. Her first prime m ini ste r , the 
tactful and world-wise Lord Melboune, was as 
beloved and trusted a fatter figure as another 
early confidant, her uncle Leopold, king of the 
Belgians. By contrast, she thought Gladstone 
half-mad. But despite all the burdens of office 
and her often expressed wish that she could 
join Prince Albert in the heaven he adorned, 
her profound sense of doty lent her a residual 
toughness. 

What if. despite the labors of the formidable 
Baroness Ijhren to prepare the teen-age prin- 
cess to become a queen, a vastly different 
woman bad come to the throne in 1839 — a 
frivolous. Duffy-brained nullity no better qua- 
lifed to preside over a great empire than one of 
the insipid models of remininity whose en- 
graved portraits embellished the rilkbound 
coffee-table albums of the time? At that mo- 
ment. the monarchy, lately ill-served by the 
dissolute George IV and ine amiable but un- 
gif ted William IV, was in danger of discredit if 
nor actual collapse. Without Victoria's confi- 
dent, assertive presence, would the center of 
the British political system have held? In the 
event, Britain was spared the political turmoil 
that racked its continental neighbors in the 
course of the century, and its economic pros- 
perity was matched by a generally solid and 
peaceful social order. 

Richard D. Abide has written on many aspects 
of life and literature in Victorian England. He 
did this review for The Washington Post 

Bronze Age Structure Found 

The Assoaated Press 

LONDON — Remains of a wooden Bronze 
Age structure about 3,000 years old have been 
found, unusually well-preserved, in a peat hog 
under a Roman road near Peterborough in 
eastern England. 


BRIDGE 


By Alan Truscorc 

O N the diagramed, doil, 
many North -South pairs 
reached three no-trump, often 
after an opening two no- 
trump, and were easily defeat- 
ed by a low spade lead. South 
had an interesting bidding 
problem if the bidding began 
as shown, with a one-diamond 
opening, a weak jump overcaO 
in spades and a negative dou- 
ble 

Three no-trump was often 
the choice, with the result (hat 
North-South failed to make 


between them. The three no- 
trump bid would be more at- 
tractive with A-x of spades, 
which would allow a holdup, 
rather than the inflexible K-Q. 

Analysts indicated that five 
diamonds is the only safe game 
contract. But they did not 
think enough about four 
hearts, which is also unbeat- 
able and provides a better 
match-point score. On any 
lead the declaia^can establish 
djamnnH^ and limi t the de- 
fense to a spade trick, a dia- 
mond and a heart. 


WEST 

G A J 9 74 2 
<713 
O 84 
*973 


NORTH 
*893 
O Q jp 7 5 
0 A7 
*K»f 4 

'll iliv 

* Q IB 8 2 
SOUTH (D) 

4KQ 

?AE| 

o q J 10 8 8 2 

* A J 


North and South were vulnerable 
Ttae UdcUsg: 

South «M North EM 

10 1* DU. PM 

30 Pojb Pm Pom 

watt tod the spade ace. 


SPORTS BRIEFS 

Piquet Triumphs in French Grand Prix 

LE CASTELLET. France (UPT) — Nelson Piquet of Brazil, in a Brabham, won 
the French Grand Prix ou Sunday, driving a controlled race to triumph over 
another former Formula 1 champion, Keke Rosberg of Finland. 

Piquet, world champion in 1981 and 1983, took the lead on the seventh lap and 
won for ibe 13th time in 101 grand prix races. Rosberg, who made a late pit stop to 
change tires on his Williams, set a record of 1:39.914 cm the last lap of the 5.81- 
kflometer (3.61-mile) Paul Ricard Circuit to pass Alain Prost’s McLaren. 

Mom’s Command Wins Fib’ Triple Crown 

NEW YORK (AP) — Mom's Command, ridden by Abigail Fuller, daughter of 
owner Peter Fuller, led ail the way Saturday to win the CnarJitrig Club American 
Oaks and become the sixth winner of the New York Triple Crown for fiHies. 

Mom's Command held a big lead at the top of the stretch and finished two and 
one- half lengths ahead of Bessarabian to complete her sweep of the Acorn, the 
Mother Gome and the Oaks. With her sixth triumph in seven starts this year, she 
joined Dark Mirage (1968), Sbuvee (1969), Chris Evert (1974), Ruffian (1975) and 
Davona Dale ( 1979) as the rally fillies to win the series since its inception in 1957. 

This victory came on the 10th anniversary of Ruffian's match race against the 
oolt Foolish Pleasure, when Ruffian broke down and had to be destroyed. 

Ballesteros 2-Stroke Victor in French Open 

STT. GERMAIN-EN-LAYE, France — Spaniard Severiano Ballesteros won the 
French Open golf tournament here Sunday by two strokes over Sandy Lyle of 
Britain. 

Ballesteros, who won the Irish Open two weeks ago, started the day with a 7-shot 
lead and shot a 2-under-par 69 for a four-round total of 263. Lyle, who birdied the 
final Dve holes, finished with a 64/265, 7 shots dear of West German Bernhard 
Langer (a closing 67) and Argentine Eduardo Romero (70), who shared third place. 

Strange Takes Lead in Canadian Open Golf 

OAKVILLE, Ontario ( AP) — Curtis Strange swept past Gzeg Norman with an 
eagle on the 18th hole Saturday, completing three rounds of the Canadian Open 
Golf Tournament with a total of 210 and a two-shot lead. 

Jack Nicklaus, who designed the course in suburban Toronto as a permanent site 
for the national championship he has never won, shot a 66 and was at 209. 

Strange idled in a 25-foot (7.6-metrr) putt from the fringe of the final hole to 
complete around of 68, four under par. Norman, the defending champion who led 
for two rounds, reached the water-guarded 18th green in two shots. Bnt his 30-foot 
putt for eagle lipped out and slopped about six feet away. He missed that putt too. 

Friday, Norman shot 68 for a three-stroke lead over Strange and Larry Mize. 
Strange carded 69 that day. Mize shot 66 but fell back Saturday with a 72. 

Oakland Readies final of USFL Playoffs 

MEMPHIS, Tennessee (AP) — Bobby Hebert threw two touchdown passes to 
wide recover Anthony Carter as the Oakland Invaders beat the Memphis Show- 
boats, 28-19, Saturday in the U.S. Football League playoff semifinals. 

Hebert also scored on a short run late in the last pmod. Next week, the Invadera 
will play the winner of Sunday's Binniugham-Baitimore semifinal. 


Dodgers Get 'Hot’ Bounces Against Cards 


CompM bf Ovr Staff From Dispatcher 

ST. LOUIS — The baseball took 
some funny bounces, but the Los 
Angeles Dodgers were not com- 
p lainin g. 

‘There were a lot of strange 
things going on out there. I saw 
during warmups that there was a- 
little extra sponge because" the ar- 
tificial turf “was hot,” said Ken 
Landreaux after hitting two home 


The game got off to an odd start 
when the Dodgers' Mariano Dun- 
can bunted for a double with one 
out in the first The Cardinals’ in- 


fielders waited for the bunt to roll 
foul while Duncan raced to second. 

Landreaux then hit a drive that 
bounced over the head of chat t in g 
right fielder Andy Van Slyke and 
rolled to the wafl. It was the Dodg- 

SATUBPAY BASEBALL 

ere’ first inside- the-park homer 
since Davey Limes' cm July 23, 
1979. 

“It was a single, but it just 
bounced over bis brad and kepi 
going.” Landreaux said. 

Giants 6, Cabs 4: In Chicago, 
rookie Chris Brown’s second 
homer of the game, opening the 


ninth, broke a 4-4 tie and gave San 
Francisco its season-high fourth 
straight victory. The Cubs lost their 
third straight. 

Pirates 8, Padres 7: In Pitts- 
burgh, Sammy Khalifa and Sixto 
Lezcano singled with two out in the 
bottom of the ninth, then MarveU 
Wynne beat out an infield hit as 
Khalifa scored from third with the 
run that again made a loser of San 

Diego. 

Pittsburgh’s Steve Kemp hit his 
first homer in nearly a year while 
San Diego starter Andy Hawkins, 
faded to win a fifth straight time 
He has lost twice in that stretch. 

Reds 4, Piffles 2: In Philadel- 


Wiggins’ Debut Winner With Orioles 


Compiled be Our Staff From Dispatdta 
KANSAS CITY. Missouri — 
Alan Wiggins made an auspicious 
debut with the Baltimore Orioles. 

Wiggins, who helped the San 
Diego Padres win the National 
League pennant last season, 
reached base three times, drove in a 
run, scored a run and stole a base 
Friday night to help the Orioles 
beat the Royals, 6-3. 

Wiggins grounded out his first 
time up but singled in a nm in the 

FRIDAY BASEBALL 

third inning. In the fifth he was hit 
by a pitch from starter Mark Gv- 
bicza, stole second, went to third 
on a wild pitch and scored on an 
emir during a three-run inning that 
helped make Mike Boddieker the 
winning pitcher. The Royals did 
their part with four arras, all of 
which led to runs. 

"I was a little nervous at first,” 
Wiggins said, "but I was sure glad 
to make a contribution. I’m not 100 
percent, but Fm close enough. My 
timing is good and my arm is 
loose. 1 ' 


Yankees 6, Twins 3: In New 
York, Rickey Henderson went 3- 
for-3 against Minnesota, hitting bis 
11th homer. 

Rangers 3, Tims 1: In Arling- 
ton, Texas, Curtis WOkierson sin- 
gled in two tuns during a three-run 
third inning and Charlie Hough 
held Detroit to five hits to win Ins 
first game in more than a month. 

White Sox 8, Imfians3: In Cleve- 
land, Tom Sewer allowed rally six 
irits over eight and . one-third in- 
nings, fra his 296th victory in the 
major leagues, and Greg Walker hit 
a two-run homer for Chicago. 

Angels B, Red Sox 4: In Ana- 
heim, California, Doug DeCinces 
homered and drove in four runs 
against Boston. 

Marinas 7, Brewers 6: In Seat- 
tle, Domingo Ramos, who entered 
the game as a pinch runner, hit a 
bases-loaded angle in the 1 1th in- 
ning that de f eated Milwaukee. 

Blue Jays 8, A’s 2: In Oakland, 
California, Damaso Garda drove 
in four runs for Toronto ba ck the 
seven-hit pitching of Jim Clancy. 

Pirates 5, Padres 4: In the Na- 
tional Leagne, in Pittsburgh, Bill 


Madlock's two-run double and 
pinch-hiUer Johnny Ray’s game- 
winning sacrifice fly beat San Die- 
go in the 12th inning after the game 
had been mterrup ted three times by 
rain. The Padres Tony Gwynn had 
singled home two runs in the top of 
the inning fora 4-2 lead. 

GSaxds 12, CAs & In Chicago, 
Chris Brown had four hits, among 
them an RBI single in a seven-run 
seventh and a two-run homer in the 
eighth, as San Frandsco won. 

PbilBes 5, Reds 2: In Philadel- 
phia, Glenn Wilson doubled home 
the tying nm and John Russell hit a 
two-run homer during a four-run 
seventh that beat Gscumati. 

Mete 6, Braves L In Atlanta. 
Wally Backman's two-run homo- 
backed winner Rick Aguilera’s 
five-hitter. . (LAT. UP1 AP 1 

Dodgers 4, Cards 1: In St Louis, 
Pedro Guerrero and RJ. Reynolds 
tripled lo start a two-run seventh 
dim beat the Cardinals. 

Astros 4, Expos 2 : In Houston, 
MDce Scott, and Ron Mathis held 
Montreal to seven hits and Kevin 
Bass hit two bases-empty homers. 


phia, Pete Rose singled borne tte 
go-ahead run and Dave Parker 
drove in two runs with a single and 
a double as Cincinnati ended a 
four-game losing sueaL 

Astros 8, Expos 6: In Houston, 
Dickie Thon nil Ins first homer 
since 1983 and doubled in the go- 
ahead run against Montreal Thon 
played in only five games last year, 
after bring beaned by a pitch, and 
has struggled this season. 

Orioles 8, Rpy ak 3: In the Amer- 
ican League, in Kansas City, Mis- 
souri, Fred Lynn hit his third grand 
slam in ihe majors during a seven- 
run fifth inning (hat carried Balti- 
more to victory. 

Lynn, who tripled and scored in 
the second, hit ms grand slam two 
years to the day since bis last one, 
at the 1983 All-Star Game. The 
opposite-field drive nama off re- 
liever Joe Beckwith, who had inten- 
tionally walked Eddie Murray to 
pilch to Lynn. 

Ay 5, W oe Jays I: In Oakland, 
California. Don Sutton Hrfri To- 
ronto to five hits for eight fa wing s 
in winning his 288th in the majors 
as Carney Lansford scored three 
times and doubled in a run. The 
Blue Jays made five errors. 

Red Sox 7, Angels 5: In Ana- 
heim, California, designated hitter 
Mike Easier drove in three runs 
with a double and a triple as Bos- 
ton got 16 hits. 

Tigers 4, Rangers 3: In Arling- 
ton, Texas, Lance Parrish's two- 
out, two-nm bomer in the seventh 
rallied Detroit from a 3-2 deficit. 

Marinos 5, Brewers 3: In Seat- 
tle, Phil Bradley’s homer leading 
off the bottom of the eighth ended 
a 3-3 tie with Milwaukee and the 
Mariners won their fourth straight. 

Write Sox 6, Indians 4: In Cleve- 
land. pinch-hitter Luis Salazar got 
credit for a run-scoring double fra 
Chicago in the 10th when his pop* 
up to short right field was mis- 
judged by second baseman M3* . 
Fischlin. (AP, UP1, LAV 


- . ■ ^ .. 












INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


••4. - , “U Jli, . 

ar.<i 

lid.. 6 Qh 


. . ӣ . 
..... 



Becker Aces Curren for Wimbledon Title 


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K»S. ‘f 


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Boris Becker, the acrobatic victor. That is my way to play. ... I (five and I get (fifty.’ 

Harvard Outrows Princeton 
In Henley’s Grand Challenge 


The Asuxiaud Press get this far had been Tdled in After that it was all Becker, al- 

W1MBLEDON, England — straight sets. though il didn’t appear that way at 

West Goman Boris Becker, 17, be- . Curren took the second set by first Curren broke Becker for the 
came the youngest angles winner winning the final four points to win first time in the match in the third 
in Wimbledon history on Sunday a tiebreaker, 7-4. set's seventh game when, at 

when Be overpowered Kevin Cur- Curren, who won only five be closed out with a bf 

ran, 6-3, 6-7, 7-6, 6-4, to take the points on Becker's serve in the a- down-the-line backhand ] 
world's most coveted tennis chain- (ire first set, won five on Becker's shot. That gave him a 4-: 
pionship. serve in Game 2 of the second set, serving for 5-3. But Bedca 

Saving 20 aces, Becker also be- although the West German held right back, 
came ibe first German ever to win after fighting off two break points. Curren staved off four 
the prestigious grass-court event at In the seventh game, Curren fell points --one in the 10th ga: 
the All England Lawn Tennis and behind love-40 before winning the fcwr more in the 12th — top 
Croquet club. next five points to bold service. . yet another tiebreaker. 

And he did il convincingly. It Neither player had his service But this time Becker strej 
was a glorious redemption of sorts, threatened thereafter in the set, al- a 6-0 lead, and after Currcr 
for the young right-hander who though each was taken to deuce as to within 3-6 the youngster c 
was forced out of last year’s cham- they battled to 6-6 and the tie- out with a sizzling forehand 
pionship when be injured his ankle breaker. return, 

in a third-round match and had to 

be taken off the court in a wheel- , _ ^ ^ 

Becker, touted as a future Wim- ^ 0'%7T*H‘t~l I 1 

bledon champion by Johan Kriek ildfl CII/11U V 4\ TV J 
after he defeated Knek in the final 

at Queen’s Gub last month, was By Peter Alfano broken in the third game. S 

briSutm as he crushed Curren in 3 New York Tunes Service missing her volleys and d 

hours and 18 minutes. It made him WIMBLEDON. Ensland — She backhands into the net 


With victory within his grasp, continued to hold his serve easily. 


though il didn’t appear that way at Becker pounced on every shot that He became nervous when be 
first Curren brake Becker for the came his way. served for the match, double-faull- 

firsi time in the match in the third He broke Curren in the first ing on the fust point, his sixth dou- 
set’s seventh game when, at 15-40, game of the fourth set and saved ble-fault of the day. And when he 
be closed out with a beautiful two break points in the second to reached championship pant again, 
down-the-line backhand passing take a 24) lead at 40-15, he again double-faulted, 

shot. That gave him a 4-3 lead, Curren tried, serving his 14ih But he readied back for a final 


at 40-15, he again double-faulted. 
But he readied back for a final 


shot tbat gave him a 4-3 lead, Umen tried, serving ms 14th But he readied back Tor a nnal 
serving for 5-3. But Becker broke and 15th aces of the match to take booming serve; and when the ball 
right back. the third game at love. He had to ticked off C wren’s racket, Becker 

_ „ . Curren staved off four break fight through a 14jx»nl game to —a Wimbledon champion at 17— 

rass-court event at In the seventh game, Curren fd] points— one in the 10th game and hold serve in the fifth game and threw his clenched fists into the air. 

Lawn Tennis and behind love-40 before winning the fair more in the 12th — to produce then came up with three more aces On Saturday, Jarryd. one of the 

next five points to hold service. .yet another tiebreaker. to hold in the seventh. game’s best returners of serve, had 

l convincingly. It Neither player had his service But this rime Becker streaked to In the ninth game, Curren again put it succincdy: ’’Becker’s serve 

a 6-0 lead, and after Curren pulled held serve, winning the last three puis so much pressure on 

to within 3-6 the youngster dosed it points after facing title point al 30- you.... Every time you get to 
out with a sizzling forehand service 40. deuce or break point, you know he 


out with a sizzling forehand service 
return. 


deuce or break point, you know he 


But it wasn’t enough as Becker may just serve it past you. 


Navratilova Winner in 3-Set Final 


By Peter Alfano 

New York Tunes Service 

WIMBLEDON. England — She 


broken in the third game. She was match,” she said. “1 lost a set, but Her chance came when Navrati- 
fniaang her volleys and chipping was in the match. I finally wore her lova served for the set, leading, 5-3. 


the first unseeded player ever to had to wait four weeks for the op- 
take the title and the youngest -ever portunity to put her tfpnfc world 

winner of a grand slam touma- back on its proper axis. Martina snou, miung uno wiui as mum 
menL Navratilova had lost her No. 1 authority as she ever has. Evert 

Becker, who extended himself ranking to Chris Evert Lloyd and won the set, 6-4, but at the end. a 
acrobatically a Q match long, ao- had to share the top at change was under way. Navratilo- 

counted matter-of-factly for the Wimbledon. She felt the of va’s first serve was mare effective 

dirt on his shirt and shorts: “That is power shifting again and if it con- and she was getting to the net. She 
my way to play,” he said. “I dive tinned, she stood to losc the cham- was winning her games moe easily, 
and I gel dirty.” pionship she treasured the most “I worked my way into the 

He was cool from the start. “1 “j was more of an underdog this 
think Curren was more nervous time,” Navratilova said. “In the 
than I was at the beg inni ng,” he kicker room, Chris was a majority 
said. Of the Centre Court spotlight, favorite. I had a lot at stake, and if 1 
he said: “I am a h um a n being, was gome to win 1 would have to 
Evay human being has feelings, play my best” 

Maybe i try not to show my fed- * u it was not her best, it ran*- 
ings-” dose. Navratilova survived a shaky 

“But I was playing very good, start to defeat Evert, 4-6, 6-3. 6-2, 


backhands into the net . 

And all the while Even was 
threading a needle with her passing 
shots, hitting them with as much 


authority as she ever has. Evert 
won the set, 6-4, but at the aid. a 


The Associated Press pulling away, and Princeton's chai- Princeton had a double disap- 

HENLEY, En gland — Harvard fenge sliped in the final part of the prantment, beca u se its lightweight 
University rowers on Sunday won race. crew lost to local crew Leander in 

the Grand Challenge Cup. the pre- Princeton’s efforts on Saturday «■* sqnffinals of Henley’s second 
mier event of the Henley Royal in beating the University of Lon- 01051 important event for eights. 
Regatta, for the first time since don crew — the fastest in Britain ^ I ndi e s * P late. 

1969, beating Princeton by 3% this year — may have had a debift- The other semifinal produced a 
lengths in the first all-American taring rffect. surprise when the Norwegian crew. 


down.” Evert had a double break point and 

Navratilova’s first break came in was on the verge of putting things 
the fourth game of the second seL back on serve. But she netted a 
Her aggressiveness at the net cross-court backhand and then was 


pushed 

Evert's 


change was under way. Navratilo- lenative, her pace less formidable, 
va’s first serve was mare effective “But my attitude has changed 
and she was getting to the net. She this year.” Evert said. “When Pm 
was winning her games more easily, down a break to Martina I feel I 
“I worked my way into the can come back.” 


final for 18 years. 

The victory was hardly in doubt 
after Harvard had gained a length 
lead before the midway point. 
Princeton tried to answer Har- 


thisyear — may havehadadebih- The other semifinal produced a 
taring dfecL surprise when the Norwegian crew, 

q»A Lmy Gludonan. ^Several wwSlhcevtnt 


His crisp volleys were forceful, time she has defeated Evert in the 
his smashes devastating and his final here, a noteworthy accom- 
groundstrokes accurate against the plishment given the nature of their 
eighth-seeded Curren, who had .rivalry and Evert’s popularity 


yard’s whirfwind start with spurts excited to have gotten to the final 
between the half-mile and mile of the Grand.” 


Lea ado's time of 6:26 was only knocked off top-seeded John among Wimbledon fans. 


markers, but made no real impres- 
sion. 


S till the winners* time of 6 min- 
utes and 27 seconds was 30 seconds 



s / C.ar& 


Rowing at a consistent 37 faster than the 1969 Harvard win- 
strokes per minute. Harvard kept ners. 

* Hinault Has the Answer 
For Remaining Doubters 

By Samuel Abt 

International Herald Tribune 

STRASBOURG, France — If 
there were still doubts last week - 
about Bernard Hinault’s return to 
top form, they were pul to rest 
Saturday when he easily won a long 
time trial in the Tour de France 
bicycle race, regaining the yellow 
- jersey as the overall leader. 

Riding through drizzles, dry 
stretches and downpours, the 
Frenchman covered 75 kilometers ^ 

(47 miles) through orderly Alsatian 
villages in 1 hair 34 minutes 55 
seconds. His closest opponent in 
the staggered-stan race, Stephen 
Roche, an Irishman with the Re- 
; « doute team, finished 2:20 behind. 

If Roche had been the leading fi 
doubter about Hinault’s return to : j v ^X> 
supremacy after a knee operation. 

“Does he now have the strength to 
match his ambitions?" Rocbe 
asked a few days ago. “I wonder. 

Everybody thinks Sell put some TSfc/jj*' 

„ real distance between himself and y £$ ' ' 
us in the lime trial, but Fm not so 
s sore.” By Saturday evening, be was. 

4 Third in the trial race was Charly 
Mottet, a Frenchman with the Re- 
nault team, 2:27 behind; Greg Le- 
" Mood, an American with Hinault’s . 

. LaVie Claire team, was fourth, and A smmng leader, m Strasoowg 
j/ Pierre Bazzo, a Frenchman with the The tour is not finished. 

J Fagor T eam, fifth. LeMond was 

2:34 behind Hinault, Bazzo 2:42. num, resemble two huge cymbals 


and one second faster than the win- 
ning time in the Grand Challenge 
Cup final - 

There was a family success in the 
triumph of Canadas Ridley Col- 
lege in the final of the Thames Cap, 
the third event for eights. 

Ridley won by 1* lengths over 
University College (Dublin) in 
6:34, seven seconds slower than 
Harvard's time in the Grand. The 
winners’ stroke. Darby Bezkhost, 
had two brothers, Ed and Larry, in 


the Ridrfy crew that won the! w . . , L 

cess Elizabeth Cap in 1975. Bata, a n^ ofLomen, had «rve-and-volley game. Evert has 

Meanwhile, American Brad tn °y gd throg^ tbe draw by efami- become a more aggressive player in 
Lewis’s attempt to become the first - >TBC ® 1 T»nethel«s re- 


McEnroe and third-seeded Jimmy 
Connors to reach the final. 

Becker had advanced to the final 
an Saturday by completing a rain- 


“This was my most satisfying 
win,” Navratilova said. Tve lost 
three matches this year and every- 
one said I was going downhilL Ev- 


en Saturday by completing a rain- one said 1 was going OowntoiL fcv- 
ddayed 2-6, 7-6 (7-3), 6-3, 6-3 vie- «y year there is more pressure, 
toy over Anders Janyd, the No. 5 Every year there is so much to 
seed. Becker was in command fr om prove. Six isn’t enough.” 
the re-start of play, breaking serve Evert reclaimed the No. 1 rank- 
five times in eight games before the mg after winning the French Open 
match was over in Paris in the first week of June. It 


He similarty dominated Curren. SSSS£Si£. 

27, in ah phases of the game to .^el^g^toNavra^slcv- 
JvToT.hr ul. There were those in tennis who 

complete one of the most remark- f , B MC tino w 


anupicic ui felt Evert was wasting her time. 


Wimbledon favored Navratilova's 


winner in 18 "years of both single SktCiSKS.W 

Lewis, who woo an Olympic c ^ le r: W 5^? edthC ^2 
Gold in the double sculls in £« Si 
Angdes last year, partnered Greg Ivan Lenm of Czechoslovakia. 
Springer, but they were overtaken Bedter won Sunday's first se 


mains a basdiner. “I figured in the 
long run. the serve and volley 


Stales and Frenchman Heori Le- wou]d ^ difference,” Nay. 
conte — who nached the quartern- ra tflovasaid. “I had to make her try 
^ ^ U> hit passing shots. Obviously, my 

Ivan Lendl of Czechoslovakia. strategywaTto get to the net.” 
Bedter wan Sunday’s first set by She was more aervoas than usa- 


Spnnger, but they were overtaken Bedter wan Sunday’s first set by She was more nervous rtun usn- 
in the last half mOe by a talented breaking Cuncn’s serve ip the seo- al, Navratilova said, even for some- 
Danish pair, Bjarn Eliang aod Lief ond game after holding his own, al one who has made Centre Court 
Kruse. 15, in the match-opening game. He her private domain. “During the 

Earlier Lewis had been over- also readied break in the sixth warmups, I was so hyper and ner- 
whdmed in the Diamond angle- ga m e, but Curren finally held five vous that I couldn’t return Chris’s 
«/nTig fjn»l losing by four lengths pants later, 
to local rower Sterc Redgrave, who In wirmhi 


to local rower Steve Redgrave, who In winning the first set, Becker 

was an Olympic mild medalist al became the fist unseeded player in 
Los Angeles in Britain's coxless Wimbledon final history to win a 





pants later. shots,” she said. “I thought Chris 

In winning the first set, Becker was getting annoyed.” 
became the fast unseeded player in That anxiety continued at the 
Wimbledon final history xo win a start of the match. Navratilova had 
set All eight previous nonseeds to difficulty holding serve, and was 



Wimbledon champion Marian Navratilova: *Six isn’t enough.’ 


Evert into unforced errors; pinned to the baseline, where she 
passing shots were more drove a forehand long. At deuce, 
, her pace less formidable. Navratilova forced another error 
my attitude has changed and served a winner to take the set. 
r,” Evert said. “When Pm Most of those in the crowd of 
break to Martina I feel I 15,000 were cheering fa Evert, 
ieback.” who appeared distracted by her 

missed opportunity. She was bro- 
ken on the first game of the final 
set, having lost that delicate margin 
of error on her shots. When at a 
disadvantage, Even is more in- 
clined to take refuge on the base- 
line, hoping to lure her opponent 
into long rallies; that played into 
Navratilova's hands. 

Even won her share of pants, 
but Navratilova found the big serve 
when she readied back fa il Her 
slicing backhand forced Even to 
hit approach shots and left her vul- 
nerable fa volleys into the open 
court. When she was broken again 
in the seventh game to trail, 5-2, 
Evert conceded it wouldn't be her 
day. 

“I had chances, but Martina rose 
to the occasion,” she said. “This 
match was disappointing to me be- 
cause I had beaten ha in the 
French and had played so well 
here. I fell it was 50-50 going into 
the mnieh even though n was on 
grass. But I'm not going to pout 
about it" 

The victory re-established Nav- 
ratilova as No. 1 worldwide and 
perhaps proved that most of the 
time she will beat Even. She now 
holds a 34-32 career advantage; 
their last 25 matches have come in 
tournament finals, Navratilova 
winning 20. 

“Chris and I are ahead of the 
field,” Navratilova said. "I don’t 
think Tm gong to be around long 
enough fa a future rival to be as 
great as Chris. Even if I play anoth- 
er three or four years, it will take a 
wide longer fa someone else to 
develop.” 

She was presented with hex sixth 
championship plate by the Dut- 
chess of Rent and said she would 
Hke to have a setting fa eight If 
she remains motivated, it doesn't 
appear there are many players who 
can stop heron the lawns of Wim- 
. . **7*. bledon. It’s the tournament she can 

>va: ’Six i art enough. call ha own. 


7?-m r 


Baseball 


Cycling 


Friday’s and Saturday’s Major League line Scores 


FRIDAY'S RESULTS 
NATIONAL LEAOUE 


Wt C7). «UUI (V), dark ert OM WlllanL tenaro: Ywjno. Murm m and ttanwv. 
W— Seanmr.M. Lr— AMcLfrl.HRft— Chicago^ Soon 111). W-Yaww. 4-7. L Waits, frl. 


A sndfaig leader, in Strasbomg 

The tour is not finished L* 


IwRMfea M » w-n V # waiter n^l.Hutett (3). OevetancLBcnvizsrd MR»— Mltwaokaa. Simmon* 2 (51. 

Weaan HI Ml 4M— 4 12 2 (7>. 

Blue. Minton (I). MJDavts (71 and Branty; „ . utudmw BKuiiTt 


Sanderson. BiUMtsr (7). Sarvnttft (75. Ruth- 
v m (I). Fnater l«) «*id DovU. w-Ufcn, 3-2. 
L-candaran. <K HR— San Fronctox 
Brown Ml. 

Now Yam *21 Ml MI-4 M 1 


2:34 behind Hinault, Bazzo 2:42. num, resemble wo huge cymbals ^TyJS* sn mi mo -4 w i 

The tour is not finished,” Hin- clapped inside a hub. They replace nnanta m no on— i 5 1 

anlt said afterward, his beaming the spokes because they are mac ™ 

face undenmning the caution of his effective in reducing wind reas- r?' l— pt**. k hp— h*- 


Mton n oM m mi m -3 5 1 

Horn York JM IN M»-4 I 1 

StJironv FUson C2I. Eufnmio (7) and Enoftt 
Satan (6); Ratnwanv Bardl (4). Fhher (7) 


SATURDAYS RESULTS 
NATIONAL LEA CUE 
LM Aanetof Ml m 2M-I 14 2 

SL Loots Ml n DM — 3 4 2 

MWeft and Sdoacki; Konshin. Cam uMl 


Tour de France 

MEN 

EIGHTH STAGE 

Saturday. Samnoaro to fintown 
157 Kilometers /u* mh«) 
t. Barnard Hinault, Franca, I haur.34mln- 
utoi.3a seconds. 

1 Station Rodw, liakmL 2 minutes. 20 


-15 1 7-7. 8v — Raher (4). hRo— H andarm (11>. «>• Horton (4), Farsch (4). Alloa »> and 


words. “We still have to wait fa 
the mountains.” spokes, and thus increase speed. 22ESL inmIm 4 • 

If be meant that the 22-stage race Some riders used disc wheds Satur- an^nh^Humero and ver canter; koo» 

, does not end until July 21 and that day on the rear of the bicycles and man. Andonu on ( 75 , c armen w and vitbjl 
M hc Alps and Pyrenrts art ajU bo* to aal rfL 

ahead, he was accurate. Otherwise The wheds have been the rage mmo. scnmwi no), jorussou cu. 


tence than the usual 28 or 32 Back man id. 
spokes, and thus increase speed, 


Vfc Alps and sliD so^u^^boaf^aedrfL 

ahead, he was accurate. Otherwise The wheels have been the rage owno. scmnint no), jorummi ta. 
it would be inmossible to find any- since Francesco Moso - used the u» a wiw mi mi m-o 7 • 

one connect wiLh the rwe wbo prototype ^to teak thewmidro- N>Menfu<K tS^SSJUTm 

was not ready to concede Hinault cord fa the Hours race m Mexico Ynnr: cox. Hvtan in, aim iw. Doyioy 
his fifth victory in the Tour de City io January 1 984 aod then won 

France. the Tour of Italy by dominating the hi mi-i 7 0 

F inish in p with the pack, Hinault tune trials with them. Disc wneds 111 in h» i a 1 

retained his overall lead after Sun- were not available in last year’s 

dty’s mountainous ninth stage* a Tour de France, arul sophisticates m , ^ 3v ^_ Math! , n j. HRs-Atentrooi. mu- 
n3Milomcter run from Stras- had to be content with aerodynam- w. Houston, bom 2 tn. 
bouig to EpinaL Winner Maarten ic profile bicydes and helmets Sm mi mi m~r li 1 

Ducrot of tte Netherlands was 37 shaped like raindrops. Ibis year the 0rBVCdty , Thurmond [75, snddoni ro, 
seconds than serond-olace disc wheels have been legalized in gohcxm (si.Loffcrt* rro.uaoLaon U 2 ) cm 


was accurate. Otherwise 


was not ready to concede Hinault cord fa the hour’s race in Mexico 
his fifth victory in the Tour de City io January 1 984 and then woo 
France. the Tour of Italy by dominating the 


Finishing with the pack, Hinault time trials with them. Disc wheds 
retained his overall lead after Sun- were not available in last year’s t 

day's m ountainous ninth stage, a Tour de France, and sophisticates jT* "minS 

i73Milomcter run from Stras- had to be cot tent with aerodynam- be* »>. Houston, 
bouig to EpinaL Winner Maarten ic profile bicydes and helmets 
Ducrot of me Netherlands was 37 shaped like raindrops. This year the 0rBVCdty , mw 

secrmdc iwim than cwvmd-niAce disc wheels have been legalized in GaHMo(9>,Laffn 


Grfftov <41, Mottlntfv (B). 

Detroit Ml 111 Ml— 1 S 1 

Texas MMIto-i » I 

Memo ana Parrish; Hoauoh end Stauotit. 
Ontaurmr (4j.w-Houah.4-ia. L-Morrls, M. 
HR— Oeh-olt. Braokons (4). 

Bottlmaro . m m MO-4' I 1 

Kansas Ctfy IM OB Mfr-8 II 4 

Boats dear. Stewart <4) and Pardo; Gu- 
Waa Janes O) and Sun&wa. W— Bod- 
dtefcer, *7. L— GuMeca. 4 i Sy-Stewort (4). 
Boston 1M IM mi— 4 » 1 

California IN 2N Stx— U 14 • 

Oteda. Klsan U), McCarthy (8) mid God- 
men; Rommlck. Qomonts (4) and Boone. 
W— Romanic*. M. L— Oieda, 44. Sw-Oo- 
mente fi ). HRs— Boeten. RJco ( 14). CoHfomla 
DoCInaos II). 

Toronto 2M 3M M O » 12 1 


NlotaW— WMdbM. L— XepsWro.5-4. HRs- 4 Alain Vtamrer 

loo Angelas. Landreaux 2 (41, Guerrero (201. 7. Soon Kelly, in 

San FrwKkas Ml ON 112-4 11 1 a Steve Bauer, C 

Chicane MO Ml BN— 4 B 1 V. Pascal Simon, 

Krukow, Garretts (41, ALOavfs <fl and 10. Phn Anderson. 
Brssty; Fontenot. Smith (I) and Davis. W— MINI 

Gorrdts.40, L — Smith. .43. Sv— ALDavIs (5). S t r ato w 

HRs— San Francisco, Broom 2 (■). Trttlo (2). U71S 

CMccdo, Durham (I), Davis (U. 5. Maarten Ducrnl 

Montreal IM n 0B1-7 II Z Rene Blttloaer 

inert an IM SB Mm-B 11 1 1 Yvon MoMot. I 

Hosfcstti. Lucas (SS. St Claire (4). 0‘Cornwr 4. Thee de Roow. 

(II and NlceUd. Butera (U, Fltwortrtd (S); a Nlkl Rutflmom 
Ryan, CaRmm (5). Maltris (7). Smith (♦) and L Sean KeRv. In 
Baltey. W— Calhoun. 1-1. L— Lucas, fr). Sv— 7. Bonny van Bn 

Smith (141. HRs— MontrooL V toHo ch (71. a Ertoc MeKonl 

Houoten, Dovts (2). Thon (1). 9. Joan-PMIIPPO 

San memo 2N M2 MS-7 M I alum. S.T. 

PWsbargh Oil IM 111— • 17 0 ■ — 

Hawkins. Thurmond (4). Loflorts (I) and . 

Bocfay. Kennedy (»J; MCWtlflams, Holland A.OIO 


X Charles Mottet. Franco, 2:24 bohind. “ 

4. Greg loMoml United States. 2-3*. " 

5. Pterro Bane. Frtmce, 2HZ 

4 Alain vigneron. Franco, 2:52. 

7. Soon Kelly, tretond. 2:52. 
a Stove Bauer, Canada, 3:10. Si 

9. Pascal Simon, France. 3:14. l. j 

l& PMI Anderson. Australia 3:14. uta, i 

NINTH STAGE 2. V 

SB-nttoorg to EPtoM bonus 

117X5 Kilometers) X V 

l.MnartonDucnd, the Nether la»is.4:1X«0 nanus 
z Rene Blttloaer, France, 4:14.17 
X Yvon MaMet. France, some time — 

4. Thee de Roav, Netherl an ds, at 0:37 
X Nlkl Rutflmenn, sw tfa er to mt XT. 

4. Sean KeUv. Ireland, at X15 
7. Bonny van BrononL Bolaluin. XT. 

X Ertoc McKoato, New Zeatona XT. 

9. Jean-PMltoPO Van Don Brands. Bel- 


la Eric wonder cordon. Bototom. XT. 

OVERALL STANDINGS 
L Bernard Hinautt, France. 45 haun. Si 
minutes. 57 seconds 

X Greg LaMenL US. at Z22 
X Stan Kelly, irolsrd, al 251 
4. Steve Bauer, UX, at 121 
X PMI Anderson, Australia at X3I 
X Stephen Roche, tretond, al 144 
7. Chartas Mottet, France, at 4.11 
X Pascal Simon. France, at 423 
9. Eric VanQaraardtn. Betohun. ol 440 
IX Poul HoB h odoo ro n, Betolum, at 447 


WOMEN 
SIXTH STAGE 

Saturday. Sarraboarg to StrnsOoara 
1. Jeannto Longa Franca 1 now, 54 min- 
utes, Si seconds. 15 second bonus 

t Viola Paulite. W .Germany. 1^4-JX :10 
HmnwB 

X Valerie Slmonnet. Prance. 1:54:58. :Q5 


4 Grata Fleeradcera, Setofum, 1 second 
behind 

X Hennv Too, NetherimB. same lime 

SEVENTH STAGE 
Soaday, Schrimeck to Epleal 
(to Kilometers j fit Miles) 
I.Jeamle Longa Franca 2 hours, II min- 
utes. 2 minutes (15 second bonus) 

Z t me Ida Chkwpa Italy, XT. (10 second 
bonus) 

X Nadine Flora Betolom. XT. (5 second 
bonus) 

4 P ee t o stegherr. West Germany, XT. 

X Greta Flearacken, Betoken, XT. 

OVERALL STANDINGS 
l.Jeaviie Longa Franco. 14 hours. 14 min- 
utes. 5 seconds 
X Marla Cantos. Itoty. o* 

X Voter to Slrnmonet, Franca at 1:14 
4 Hotom Haga Netherlands, at 1:38 
X Monty janes. Britain, at 1:54 


BlancpaiN 


111 Ml 8M— 2 7 • (6),Cendetario(t>oadPena.W— Condetoria 


Ducrot of the Netherlands was 37 shaped like ramdropx This year tbe orawcity, Thurmond ro, snxtdom m. 
seconds better than second-place disc wheels have been legalized in goswm w.Leffcrt* riD.uaeLion (123 and 
RmtHninBSTOfFm.ee. for tme njjb 

Hinault took the yellow jersey in only. The wheels woe used by Hin- 7 . 1 . l— L 4 «ortL *1 

the prolcmie in Britanny a v^ek ault when he won the Tour of Italy — 

ago and yielded it tactically the last month but were banned uncon- a[cnwj r , 0 

next day, while remaining among ditionally in the Tour of Switzer- m m ms 7 • 

•he leaders. Not an overpowering land. sewer, skmton 191 ond ns*; roml B«rx- 

dimber, Hinault is still not expect- “They do help your time, but I'd 

«| to lose much time in the moun- like 10 see ibem banned, LeMond Major League Sta nd i n gs 
•sins and has two more time trials said at the start in Britanny. “Tiwy American league 

to bolster his lead. give an unfair advantage tothe guy Momum 


Ctoncv and Martinez; Krueger, Atherton 
(4). Linford (4). Mura (9) aid Heath. W- 
Ctonev, 5-4 L— Krueeer, 54. HR— Oakland. 
KtoanuMi (21). . 

JHHemakee IM MB Ml QB-4 II 1 

Seattle Ml HI IM Bl-7 17 1 

Burris, GBjecn (5), Fir oen (V). Watts (111 


frX L— LellBrts, 4-4 HR-Pmsburah, Kemp 
(II. 

CtoCtuBOtl 1HMM-4 7 2 

PMtodotoUa IH Ml Mfr-2 % I 


FRENCH GRAND PR IX 
{At LC CdtMMi, FrtoW 
(53 Lops. 10753 Klionwtors / HUe Mites) 
1. Nelson PlaueL BrazlL Brabham, one 


RoMrasn. Franco (7l.RaMr (UandKnka- Hour, 71 minutss. 4X3M seconds 


to bolster his lead. 


Kelly, who was penalized for who has them. Can you imagine 
roughness in a sprint finish on some guy stowing up* the U.S. 

Thmsday, continued to have bad Nationals with a set of disc wheds ^ Ycrk 
luck Saturday. His high-tech disc and winning because nobody else Baltimore 
rear wheel punctured after only can afford them? The wbeds cost 


four kflometers and he had to about $1,000 a set and w 
mount a s tandar d bicycle, unlike a kilogram each more 
mast of the other leading finishers, standard wheeL 


can afford Ibem? The wbeds cost 
about S 1 J 00 D a set and weigh about 
a kiloeram each more than the 


“The disc wheel would have 
Wped. especially with the side 
*md we were getting," he said. 


Boston 

MllwoukM 

Ctevotand 

CoUtornh 

Oakland 

Saaltto 


“All the big names will have sMm, 
them here, but there are some odowa 
teams loo poor to buy them or 


It was precisely because of the without the car to cany them, 
tide wind that some teams refused That's unfair, 
to use the disc wheels. Olhosdisre- 'Tm all for advanced technol- 

gardod the wind and cited a 10- ogy ” LeMond continued, “but we 
kilometer climb as a reason not to don’t want to be like car racers. 


AMERICAN LEAGUE 
East Dfoictofl 

W L PCL - GB 
48 22 MO — 

44 33 37! 2fe 

41 35 Jl* 5 

41 34 .532 SM 

40 » SH 7V4 

35 4) MO 11 
24 54 JOB 23 
Wert Drawee 

45 31 J70 — 

42 37 SO 3 
41 38 JIB 4 

3* 37 313 4V5 

v 39 37 300 J» 

35 41 Ail IM 
31 m J88 MW 

national league 

EartUfoWM 


iv; Dannv. Rockar «). Andersen U ) aod Vir- 
en. W fto b loi on, 4-X b— Demv. 5-7. Sv— 
Power (14). 

(Now York M Alteafa PML rate) 

1 Tennis AMERICAN LEAGUE 

— — ... I B oWMo re IM m MO-4 U 2 

Wimbledon Results mcctm*?. ash m am Demmey.- jo«- 

«on.Bedcwttfi (5). Quboabtorv Wl andSunB- 
MEIPS s/NGLRS berv, Woman it}. W-McGngor, 7-7. L— 

MmHtoMi Jackson. 4-4. HR B oH fmora, Lynn (14). 

Bcrte Backer. West Germany. ML Anders Tsrarto Ml im era-1 5 5 

Jamnt (51. Sweden. 24, 74 (7-31, frl frl OOktesd DM Ml Bn-5 12 • 

Fteal Atesander, Mussel man (4), CaudlH (8) and 

Better dot Ksvta Curren. U3. frx 6-7 (4.7). wtritt; Sutton, Ontiveros (71 and TettMon. 
74 (7-3), 44. #— Sutton, 84. L— Alexander, 74. HR— To- 

rente, Mumniks (5). 

MEK DOUBLES B4««M HI M2 210—7 M 1 

Sommeets Cef Iterate IM » Nfr-5 11 I 

Heinz Gunttwndt. Swnzwland, ond Bates TnjIDto, Skmfov (A), and Gedman. Stolon, 
rarvar'Hunearr,aef.PotorMeMamarvaitd aaumW.eioorein.SanaKZ(t}andNar- 
Part AAcNamee. AustroUafr7 Ifr7),fr1.frlfr ren. Boone <7j.w— 5tortev,4-4.L-CUla»m,3- 
A X HR— CaUtonthb Jortcw ipi- 

Pnt CaNi aid Joan Fitzgerald, Australia, Od cage 020 CM IM 3-4 H I 

drtLPoter Ftemlng and John MeEnrae.UA.7. Oavttoad OM CIO Ml fr-4 7 0 

» <13-111. 2fr.fr! 44. BerailNgr.MIlngrU), James (rind FliB; 

nte Roftte, aark (51. Barktev (ll.Ttampran (10), 

Gun B i ei 'dt on dTeruczv.drt.Coihond FUz- EoMertv (U) and Bende. W-JmilM L— 
gerala 4-4, frl 44 frl Therapsga 2-3- HIM CMcogq. Fisk (ID. 

Ckteknd Thernton (4), 

WOMEN'S SINGLES Mllnagtag MO Ml 110-1 70 1 


ding has entered a technological 


like to compete on that level — 
athle te against athlete, not machine 
against machine.” Fra the record. 


SL LOUiS 

w l 
45 

L 

32 

Pd. 

A 

GB 

Montreal 

45 

35 

J43 

IM 

New York 

42 

35 

-5*5 

3 

Chlmgft 

40 

37 

.51? 

5 

PhltadeteMD 

35 

43 

JUS 

IBM 

ptra&wrtr 

27 

50 

J51 

-M 

Son Dtaae 

Wet) DMrtea 
44 » 

SB. 



Lae Aneetes 

42 

35 

.545 

I 

Cincinnati 

40 

37 

_5ri 

5 

Houston 

41 

3* 

JT3 

5to 

Atlanta 

31 

43 

M2 

II 

San Fronds® 

31 

« 

JM 

ISto 


MEK DOUBLES 

Hein Gunttiondt. swnzgriond, ond Bates 


Part McNomoi.AiirtraUa.fr7 l*7),frl.fr&fr 
*. 

Pat CaNi aid Joan Fitzgerald, Australia, 
OrtL Peter Fiemino ond John MCEnrebUJS.7- 
» (13-11). 2frfrL 44 

Flm* 

Gunttierat and Taraczv.drt. Cosh and FMz- 
gerafo, 44 frl 44 frl 

WOMEN'S SINGLES 
mart 

Martina Navratilova 11). US, deL Chris 
Evert Ltovd tl). US. 44 44 frl 

WOMEN'S DOUBLES 

IamUnaIi 

Kattiv Jordan, UX and EHzrticm Smyite, 
Au^raUo. deL Ctoudla Kohd^Wtadv West 
Germany, and Hefoaa Subava Czechostevo- 
bta. 5-7. frL 44 

nert 

Jordan and Smvtlo de*. Navratilova and 
Pom snrtvar (1). UX. 5*7, 44. 44 


l Kefce Resaero, Finland. Williams. 
U1-J2JQ4 hours 

X Alain PracL Franc*. McLaren. 
Ui:5X5Cl 

A Stefan Johanmn, Sweden. Ferrari. 
1J2JIJS7 

X Ena de Annrtte. I tote. Lotus, l J£39J54 
X Patrick Tambov. France. Renault, 
TJQ:DL433 

7. Derek Warwick. Britain, Renault. 
1JB:3047S 

X Marc Surer. Switzerland Brabham, at 
one Ub> 

X ThforrY Bwitsen, Brtrtum, Arrows, one 
lag 

10. Eddie Cheever. Alta Romeo, one lap 

OVERALL DRIVER STANDINGS 
l. Mktafe Afocma Itahr. 3) poiats 
1 Elio de AngeUs, Italy. 24 
and Alain Praet, France, 24 
4. Keke Radbera. Ffadand, U 
5 Stefan Johansson. Sw eden . 16 
X Patrick Tambov, France. 11 
7. Neteert pfouef, BrazlL 18 
X Arrian Senna, BrazlL * 

9. Thierry Bavteen, Brtglum, 4 

10 . Ntart McmselL Brttrtn. 5 


~ r lh -UJ~: 

.V*h . tSV. • 


Golf 


Mtanfcee ON Ml 11C-C t0 1 Tog HnNfc— and oar* tees le tin French 

Seattte 0M » 12*— 5 S f Open ctangfoeNdg, wtddi neded SM«r rt 

vuctavkti and Meore; Wilts, Vande Berg U. flfTMute ■■ LiM. Frvce (par 71]: 

17). Thomas (81. Snyder IS) and Scott. W- X Baiterteras. SeobLIlBAO, e34fr«44fr-253 
Thomas («). Laser— VwXavtoi <3*1. Sv- sandy Lyle. Britain. SIXMO. SfriMfrSS MS 



Snyder m. HR— Seattle. Bradley (12). 
DesreR enneiM-su i 


E. Romom Argentina. 54000,47^44-70— 272 

X Longer, W.Ger. sum U » t»*rsn 


CNeaL Hernonde z (7) ond Lance Parrish; 
Ceok.Ronma(7i.SrtBtddl (B) sndBrummer. 


sm Ml MB— 3 | I s«n Torrance, Bfl tain, SLBOA 45-4X48-73—373 ! 


D.Uewftyiv Britain, 54m 784549 44 --273 
R. Raftertv, Britain. 8ajOX4 N 8-4K B 2 74 


W— WNeaLfrl, L— Razemo.34 Sv— Herawt- Ian Woman, Brito In, S2JM. 4S4fr7fr45-Z74 
dez (171. HRs— Detroit, Whitaker (1«1, Lance Mldwi Tapia, Frtvice. S2J0X 4frM-70-M— 274 


Parrish (in. 

(M to n en dn « New York, pod. rale) 


Carl Mason. Britain. 0309. 474*7X70-! 274 
Robert Lae, Britain. Sum 4*46-7*70—274 ' 


BENOIT 

DEGORSKf 


86. RIS DU RHONE 1204 GENEVE TtL 281430 
CHESE1ZV PLATZ GSIAAD ffL 030-41165 







Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 8, 1985 


Coluinlras’s Ships Still Puzzle Historians as 1992 Nears 

•I- l ii—i 


Bv John Noble Wilford 

' New York Service 

W ITH the quincente np ial cel- 
ebraiion approaching, the 
Spanish have [died the trees and 
are curing the timbers. They plan 
to build replicas of theNina, Pinta 
and Santa Maria and sail them 
across the Atlantic to re-enact the 
fateful voyage of discovery by Co- 
lumbus in 1491 The replicas will 
be built, no doubt, but will they be 
authentic reproductions of the 
real ships? 

“Nobody knows what Nina, 
pinta and Santa Maria really look 
like," Samuel Eliot MorUon wrote 
in “Admiral of the Ocean Sea,” 
his authoritative biography of Co- 
lumbus. Every picture of them, he 
added, “is about 50 percent fan- 
cy." 

'This slate of historical igno- 
rance extends to the entire class of 
exploring ships, the caravels, 
which were the supreme engineer- 
ing achievement that made possi- 
ble the Age of Discovery in the 
15th and 16th centuries. No archi- 
tectural plans of them exist, and 
contemporary drawings seemed to 
favor aesthetics over accuracy and 
detail. No confirmed caravel 
wrecks have ever been round. Less ■ 
is known about the caravels, it is 
said, than about the ancient ships 
of Greece and Rome. 

As 1992 approaches, scholars, 
in a new effort to replace fancy 
with fact, are intensifying their 
quest to learn what combination 
of technological innovations gave 
the caravel the range, maneuver- 
ability and durability to join the 
New World with the Old and 
transform them both. 

A 400-page document describ- 
ing the Nina was recently discov- 
ered in Spain and is being exam- 
ined for answers to the many 
questions about the construction, 
rigging, armament and operation 
of caravels. A University of Flori- 
da historian plans to report his 
findings this autumn. 

Nautical archaeologists, a rela- 
tively new breed of explorer- 
scholar, are probing and diving in 
the Caribbean for remains of 
these ships. In the Turks and Cai- 
cos Islands, they have recovered 
guns, ballast and fixtures from 
what may have been a caravel In 
Sl Ann's Bay of Jamaica, archae- 
ologists believe they have the best 


chance of finding hulls of these 
calling ships. A team of scientists 
from the Institute of Nautical Ar- 
chaeology at Texas A&M Univer- 
sity returned to Sl Ann’s Bay re- 
cently to resume explorations with 
the help of the government of Ja- 
maica. Columbus, on his fourth 
and final expedition, is known to 
have abandoned two hopelessly 
worm-eaten caravels in the lagoon 
there, where the soft submarine 
sediments are conducive to pre- 
serving wrecks. 

If the hulls are still there and 
can be located — the Texas A&M 
|mm 1$ cautiously optimistic — 
their recovery could be the major 
breakthrough historians and ar- 
chaeologists have been hoping for. 
The experts may finally be able to 
explain in detail what Columbus 
meant when he wrote in his sea 
journal that the caravels were 
“well suited for such an enter- 
prise.” 

From contemporary accounts 
and drawings, historians have es- 
tablished with a degree of certain- 
ty some of the genoral characteris- 
tics of the caravels. According to 
Roger C Smith, leader of ibe Car- 
avel Project at Texas A&M, cara- 
vels generally had three masts 
rigged with a combination of 
square and triangular, or lateen, 
sails. They were about three times 
as long as they were wide, making 
them more streamlined than many 
ships of the day, and had a shal- 
low draft of about six feet (two 
meters), enabling them to maneu- 
ver in uncharted waters and pene- 
trate the bays and rivers of the 
new worlds. 

The Nina, Columbus's favorite 
ship, was believed to be about 70 
feet long with a beam of 23 feeL 
Its burden was 60 tons, which did 
not mean weight or displacement 
but its cubic capacity in terms of 
wine casks, or tuns — which is 
what tonnage meant in those days. 
The Pinta was faster and slightly 
larger dan tbcNlfla. 

The Santa Marti, the flagship, 
was considerably longer, about 90 
feet long, and broader at the 
beam. It was dower than the other 
two ships; it went aground and 
bad to be abandoned in ibe New 
World. Its squat appearance has 
led most scholars to conclude that 
Santa Maria was not a caravel but 
a sturdy Iberian cargo vessel 
Variations of these vessels, with 



70 feet 

The Nifia was a caravel, Gke this vessel, but (fid it really look like this? Nobody knows. 


their more capacious holds, would 
he used increasing ly in trans- 
oceanic voyages as exploration, 
for which the caravels were espe- 
cially suited, gave way to trade 
and colonization. 

The origin of the wor d caravel is 
as uncertain as the origin of ihe 
vessel Historians assume that the 
Portuguese developed the early 
versions of these ships, presum- 
ably combining features of the 
sturdy trading ships of northern 
Europe with the Mediterranean 
fishing and coastal trading ships 
with lateen sails and a narrower 
hull As mariners returned from 
their explorations down the west- 
ern coast of Africa, shipwrights 
modified the strips until they ar- 
rived at the basic caravel design. 

On the ooiward passage is 
1492, according to Monson's 
book, the fleet averaged eight 
knots for five days' running, and 
on one day of the homeward pas- 
sage the Nina and Pinta covered 
nearly 200 nautical miles, making 
11 knots in the gusts. Few sailing 
ships could do better until the 
raang yachts of this century. 


So much about caravels is un- 
known. For example. Smith said, 
it is not known whether the stem 
of the Nifia and Pinta and other 
early caravels was squared off or 
slightly rounded. Nor is anyone 
sure if the ships had a crow's nest 
or similar lookout alop the main- 
mast or if they had “rat lines” in 
the standing rigging, cross ropes 
that served as a ladder for sailors. 
The exact arrangement of the 

landing ri g gin g , OT shrouds, IS 

also a matter of dispute. 

Other questions concern the 
gunwales, the sides of the bull that 
rise above the main deck Draw- 
ings and models show many 
round holes in the gunwales. His- 
torians have tended to assume 
these were gun ports. But Smith 
questions whether the caravels 
could have mounted many 
because, with their shallow 
this might have made them dan- 
gerously top-heavy. He wonders if 
the boles could have been used for 
sweeps, the long oars that may 
have been used in a dead calm. 

The construction of the caravels 


remains the most perplexing mys- 
tery. Historians suspect t hat the 
Portuguese and Spanish consid- 
ered such details matters of strate- 
gic secrecy, hence, no written re- 
cords or engineering drawings. It 
is not known. Smith said, how the 
interior beams, ribs and planking 
were arranged and fastened or 
whether the hull bad an interior 
wall as added protection against 
punctures. Some models show 
deck beams sticking through the 
sides of the huQ, which may or 
may not have beat a usual feature. 

AD the more reason for nautical 
archaeologists to join historians in 
the search for knowledge of the 
caravds. In 1976, treasure hunters 
found a wreck on Molasses Reef 
in the waters of the Turks and 
Caicos TelanrU and j ump ed to the 
conclusion that they had found 
the ruins of the Pintal Professional 
archaeologists have subsequently 
moderated these claims, but they 
believe the wreck could be that of 
a 16th-century caravel or possibly 
a small warship. The remains 
yielded a surprising number of 


guns, along with ballast and other 
metal fixtures. 

Donald H. Keith, a nautical ar- 
chacojogisi at Texas A&M who is 
studying the artifacts, said: “Al- 
though die Molasses Reef wreck is 
the only ship of this period to be 
excavated and researched by ar- 
chaeologists, venr little of the hull 
was preserved. The timber frag- 
ments beneath the ballast mound 
comprised the lower part of one 
side of the hulL But the keel end- 
posts and other diagnostic parts 
of the hull are gone. It was dear 
that if we were going to learn more 
about bow exploratory vessels 
were constructed, we would have 
to look elsewhere.” 

Elsewhere, at present, indudes 
Sl Ann’s Bay on the north coast 
of Jamaica, where other Texas 
A&M divers and remote- sensing 
explorers have been working since 
1982. They have used magnetome- 
ters, sonar and radar to probe the 
floor of the bay and adjacent 
shoreline for signs of the Santiago 
and Capitana, the two caravds 
Columbus junked there. Smith, 
who is beading the search, said 
they have focused in on a narrow 
range of potential shipwreck sites. 

Short of finding an actual huh, 
the most valuable insights into the 
nature of caravds likely to be 
available in time for the quincen- 
.tennial celebrations may come 
from a document that Eugene 
Lyon, an adjunct professor of his- 
tory at the University of Florida, 
has found in the Archives of the 
Indies in Seville, Spain, 
t Details of the document's con- 
tents will not be reported until this 
fall But Michael V. Gannon, di- 
rector of the newly created insti- 
tute for Early Contact Period 
Studies at Florida, said, “The doc- 
ument that Dr. Lyon is translating 
and anwniaiing gives us highly de- 
tailed information about the 
Nina's rigging, armament, lading 
and crewing.” 

Like other scholars, Smith of 
Texas A&M is eagerly awaiting 
this and any other scrap of infor- 
mation about the first ships large 
enough and strong enough to 
make long ocean voyages and re- 
turn home again with reliability. 
The caravds, he said, were the 
“Mercury space capsules” in a 
long line of transoceanic vessels 
that changed the world. 


LANGUAGE 

Your Splat! Is My Potseh! 

■in *1 .1 ..... J -r - i T 


By Jack Rosenthal 

N EW YORK — My dog says 
err-rujf, little Orphan Annie's 
dog says arf and dogs in general say 
bowwow. They do, that is. if they 
are American dogs. In Italy, dogs 
are likely to say tZowbow; in Israel, 
howhow; in Japan, wanwan. 

likewise, cats. American and 
Chinese cats say mem:, but Greek 
and Japanese cats say something 
like niaw, with a distinct it instead 
of an /n. Depending on national 
origin, a rooster’s arpeggio ranges 
from the cockadoodleJoo of English 
to kikiriki (German) to cucuricoo 
(Arabic) to the plain kuku of Man- 
darin Chinese. 

American birds fnwt, but some 
European birds kwee and others 
peep. Latin American chicks ran 
probably communicate fine with 
their North American cousins, even 
though they say pio-pio-pio. not 
duep-duep-cheep. 

These are some examples of whai 
English teachers call onomatopoe- 
ia, what linguists call iconic words 
or sound symbolism, and what lay- 
men call sound words. They are 
words that imitate sounds in na- 
ture, and the way they are created 
teaches much about la ngu age. 

Dus process of invention dem- 
onstrates. in the first instance, that 
lan g ua g e is arbitrary and reflects 
its culture more than it does some 
objective universal reality. 

People tend to think of sound 
words, if they think about them at 
all as objective. Not being part of 
formal language, such words are 
thought to be basic to human 
speech, beyond any specific lan- 
guage. Ouch! for instance. Isn't 
that what people anywhere would 
say on touching, for instance, the 
hot handle of a saucepan? 

No. A Spanish speaker would 
probably say AH A Filipino might 
say A ray! An Israeli Jew ponders 
the question and concludes that in 
his country people who grew up 
speaking Hebrew would say Adi! 
and those who grew up with Yid- 
dish would say Oyl In Japan, peo- 
ple might say Itai! or I ten! 

There's not much that’s universal 
about sounds devised in different 
cultures to imitate inanimate 
noises. Sometimes the differences 
are slighL The anchor you drop in 
an American lake goes piop! but 
the same anchor in Austria goes 
plump! Occasionally, the differ- 
ences are hard to fathom. In Japan, 
the anchor would say pohan! 


What's the sound of a bomb ex- 
ploding? 

Linguists at Ohio State Univera- 
ty asked speakers of many different 
languages, and the answer was gen- 
erally something like bom! {except 
in Japanese, m which it was Song. 1 
They found only small variations in 
the vocabulary of clocks — tick- 
tack or tick-tick or chiko-tako. But 
they found no such unanimity for 
other iconic words. 

What's the sound of something 
juicy hitting a hard surface? Here 
are some of the results, roughly 
approximated,' 

English— j pto! 

German —poach.’ 

French — flak! 

Chinese — pyak! 

Japanese —pisha-pisha! 

In short, people around the 
world form sound words depend- 
ing on how they sec, hear or experi- 
ence the world. Their sound sym- 
bols can be every bit as different as 
their different perceptions of their 
different cultures. One of the big- 
gest differences, in facL may be tie 
extent to which societies use sound 
words at all. 

Nevertheless, Steven Fdd, a pro- 
fessor at the University of Texas at 
Austin, suggests that there is a uni- 
versal principle of sound symbol- 
ism, regardless of the culture or the 
language. 

The universal is not in any spe- 
cific sounds associated with specif- 
ic experience. It is in the way all 
languages seem to exploit sound 
symbolism in some way that is sys- 
tematic and internally consistent. 

Feld is a longtime student of 
Kaluli people in Papua New Guin- 
ea. The Kaluli use sound symbol- 
ism with considerable skill’as can 
be seen by dissecting their word 
googoopiwgaw. 

In their language the sound oo 
connotes motion downward, aw 
connotes motion outward and, sen- 
sibly enough, repeating a sound 
means continuing action. Hence 
googooga wgaw may sound childish 
but is brilliantly precise, ll means 
“echo.” 

Likewise, when Marvel Comics 
offers up a, word like FTOOM! it is 
not inventing a wholly arbitrary 
sound word but one that seems 
based on something valid and con- 
sistent in the way we experience 
modern culture and the way we 
hear our language. With a bang. 

New York Tuna Service 




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AGENCX DE L'ETOILE 



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' 0 ■-'-J.-- 

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IE CLAMDGE 359 67 97. 


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eahve corponAan SON BHD, 58 
on Muni $fou, Beta Koamleks, Kuo- 
Lumpur, Mabraa • Tefc PWCA 
IA 36S79 fctaL CCSB) 


[MARBB1A. In the best location. Oxn." 
mereid die 40 sqjn. & 12 iqm. shop 
window walaM far partnerehip or 


100 KOPBl MONTH of silver, pwoh 
“ o iff" 

feWfedre 


of recupererfren, 40 ta 60%, in good 

__.-TrlNna l DcK282 
8 60. Modnd 28020. 


Write HereldTi 
Tee 


PANAM A UBBBA. COffOKATIOhS 

[poUK).r 


3B240. Teteft 62WK EUNO 


Teire 627691 SWA G 


ton ML MACHMarr new Of second 
hmd Peathert, beasufas_) Wnfe: 
Hetcta Tribune 282. Pecfro Tee- 
#«a 8 60. Madrid 28020. Soon 


BUSINESS SERVICES 


HOW TO GET A 2nd PASSPORT, 
report . 12 countries anataed. De- 
tent WMA, 45 Lyn*ursl Terroce, 
Suite 503, Central, Hong Kong. 


BUSINESS SERVICES 


MTT 

BEAUTIFUL PEOPLE 

UNUW1BI INC 
UJ5JL A WOUDWDE 

A connpfeta perund & busmen senate 
providng a urimie rodectan of 
talented, wnaw & muftiinaid 
mdviduab far cB social & 


212-766-7793 
212-765-7794 
330 W. 56#i St, N.Y.G 10019 
Se rvice B ryreienMiyw; 
Noaded 


OFFSHORE SERVICES 

UX nan readertf cwpw i wth 
no m inee dneton. beaer teare* ood 
ronfidentkJ ben* accounts. FiJ baetup 
S support services. Poncna bUbnnm 
ro nponiee. Fret rate coitadenfial 

, tendon 
Tlx: 893911 G 


professional terviots. 
LP.CJL 17 WidraaMi 9. 
B17vSTet 01 377194. lift 8 


DIAMONDS 


DIAMONDS 

Your best buy. 

fin: (Somonds in ony price mnt 
dl tawed wtiataide pros 
(fired from Antwwp 
carter of the demand world 
FoS ^nrantee. 

Far free price fat mm 


Estabfahed 1928 

. 8301 8 Artwwp 
"1234 07 51 
JCfeb. 

Antwerp Diamond ndutty 



Shopping in Europe? Vrat 

DIAMONDLAND 

The largest showroom in 

Antwerp, Diam on d CHy 

Appeknaetr 33 a. Teh 32372343612. 


OFFICE SERVICES 


PARIS 

nere-OlAMPS H.YSSS 

RENT 

YOUR OFFICE 

wrifo al fcadURet 

IE SATHJJT1, B rue Coperae 
75116 Fwk. Tel: (33 II 727 15 59 
Tetec le vital 620 IB3F 


OFFICE SERVICES 


WORLD-WIDE 
BUSINESS CENTRES 

Fu rni shed EaeceSve Offica 
Reouption md phene se rv i ce 


SJasi 

[ £3 If 


•dor 


■ Telex and 

• Corporate Bepneenfafion Service 

• Short or fans tern wdw % . 

AMSTBH2AM Eure Budnra Center 
Kmerigr oadilW 1015CH Armtedorn 
TeUOW 227035. Taleft 16183 
ATHM5 Bacutiw Sorwcet, Albans 
Tower ft Suita 506. Arfans 610. 

Tet (301) 7796 232. Telex: 216343 


h Rehefo Chonbrni, 213 

Norton Point, Bombay 400 
Tel 244949. Tefes OH-6897. 


021 . 


Teli 


, Bue da la Press* 

1000 Bnmt Tet 217 83 60 
Tfltast 25327 

DUftAt Bon 1515, DNATA 
AHne Ceitae DefasL UA£. 

Tot 214565 TdaTtt911 
LONDON: 1W The Strand, 
bsrefan WGB OAA. 

- TilTTift 24973 
t C/Orense hP 68, 

28020 Madrid Tel Z70 5W0 / 

VO 6604, Tetet 46642 
MANi lii Boarocao 2. 

20123 MSon. Tel 86 75 89/80 39 279 
320343 

NEW YOW 575 Matson Avenue 
New York, NY 10C22. Tet C12) 605* 
(BOO. Tehua 125864 / 237699 
PAMSt 1805, 15 Avenue View Hugo 
75116 Paris. Te t 502 18 00 
Telex: 620B93F. 

«3Mt Via Sara ia 78, 00198 tom. 
Tet 85 32 41 -844 W7D. 

Tries 613458 

SNGATOftfc 111 Marti Bridge Rd. 
#11-047® ftninsufa Plow 
ffPcra 0617. Tefe 3366S77TTfo 36031 
ZUUOii RanwH 32. 8001 Zurich 
Trir 01/214 61 n 
'riest 8126567812981. 


YOUR .OHKE M NUBS IBQHT ON 

THE CHAMPS aY5SS 

luxury sannes) omcB . 
Telephone rewirg Trite, Fax 
SGcratonot. nmting room 
ACTE. <6 Owrro Bvsms Paris »h 
Tet 563 66 00. Tfo 6491OT 


FINANCIAL 

INVESTMENTS 


HAVE UJS. DOLLARS TO 
far SF a> cmy currency. W3I abo 
borrow large sums of ^F, 5 or 10 
years. How Promosorv notes. Td 
Switierland. Zurich Sal 6500 or. 
056/491 361 


Place Tour Classified Ad Quickly and EasSy 
INTERNATIONAL HBZALD TRIBUFS 

By Threw: Gafl your local BfT representative with your tea. You 
wifl be informed of the cob unmeifiotaiy, and onert p re p ayme n t a 
mads your od will appear rattan 48 hours. 

Coefc The baric raw is $9.00 per fete per day +• focal taws. There ore 
25 letters, sip* retd spaces in Ihe fast fete and 36 in Ibe folowmg bias. 
Mimen space is 2 lines. No abbrmaotions a c c epted 
Credit Cards American Express. Diner's Qub, Eurocord, Most er 
Card, Access and Visa 


WAP OFFICE 

Paris: (For dasoRed only): 
747-4600. 

- EUROPE 


: 263615. 
Athene: 361-8397/360-2421. 
Bmmtc 343-1899. 
rnp e nh o g e n: (01) 32944ft 
Frankfurt: (069) 72-67-55. 

Lausanne: 29-58-94. 

Lisbon: 67-27-93/6625-44. 
Landren (01) 8364802. 
Mrefc hi 455-2891/455-3306. 
MBan.- (02) 7531445. 
Norway: (03)845545. 
Rome: 679-3437. 

Sweden: (08) 7569229. 

Tel Aviv: 03-455 559. 
Vienna: Contact Frankfurt. 

WOTED STATES 

New Yrefc (212) 752-3890. 
Wert Comb (415) 362-8339. 


LATIN AMERICA . 

Buenos Airee= 41 40 31 
. JDepr;3l2] 

" Caracas: 33 U 54 
Guayaqu^ST 4505 
Lima: 417 852 
Panmna: 69 05 11 
5an Joee: 22-1055 
Sa nW ogo: 6961 556 
Saa Pauire 852 1893 

MIDPUEAST 

Bahrain: 246303. 

Kuwait 5614485. 
tebrewn: 341 457/879. 
Qatar: 416535. 

StnaB Arabia; 

JrehWa 667-1500. 

DAE: Doha! 224161. 

FAR EAST 

Bangkok: 3904)657. 

Hang Kang: 5-213671. 
ManSar 817 07 49. 

Seoul: 735 87 73. 

Sb«a«rera: 222-2725. 
Tatwren 752 44 25/9. 

Tokyo: 504-1925. 

AUSTRALIA 

MeHsaonw: 690 8233. 
Sydney: 929 56 39, 957 43 20- 
Perth: 32998 33. 
Priddtagten, Quee n i fatd: 
369 34 53. 


AUTOMOBILES 


_ . 280 TE 1984 LHD>, beau- 

m grey/green, 6000 notes. Automat- 
k powmng steering brake. Qectric 
windows, unroof, hPi stereo cassette 
player- Autamrtic locks and every 
corahiahle extra bdudmg hidden 
3rd seat, bmoocukta condfion. SC 
specs- CT9JQQ. Paris 261 55 77 office 


FERRARI 400 

n ow due b le air i 

rtc regroca b efg e erfurioi 
MADOD (SMM)«67564 


FERRARI BB 512 

BRAND hEW 

. rad ta ler lo r 




taL D dr'“Sn 

Ju v wu, or amotnonoa o 
many mere extras. LHD, 55j000 bre. 
UK report tax pod. Htfl doamerts & 
retporafan-let london (DD 739 2400 
Jane W3ian between 9 ism- Sprat 


AUTO RENTALS 


IffiHT A CAR M FRANCE 

wdh or without chauffeur 


OWNCI fflffACM. Prestigi an 
wth phone: tofe Spinf, Mercedes. 
Ja^tar, BMW, hnoumeL mo) art. 
46r Rene Chorr on, 750 08 Pom. Tib 
7213040. Tetex 630797 F CHAFLOC 


AUTO SHIPPING 


RANXRAT/MAW-W. GermonyJH. 
bertnarxi GmbH. Tek 069-448071. 
PiA-upa8over.6yope*ra/ri>rita». 


1RAN5CM 17 ov de Friedteri. 75008 
Pane. Tei, 2256444. Mae: K 95 33. 
Antwerp: 233 99 85. Corns 39 43 44 


AUTO CONVERSION 


DOT/B'A. CONVSBIONS to WL 

MD 21087. Ti 3W -592-3200, Tbs 
4995689 VIA US. 


AUTO CONVERSION 


EMISSION 

HIGMSUNG 

MODIFtCATtON OF NEWMOOa 
CARS M GOCORUNMMG - 
COKOtTION. MOST: 


MERCEDES 

H000 

BMW 

HOOO 

PORSCHE 

$4,000 

JAGUAR 

$4,500 

FBtRARJ 308 

$5,500 

TESTA ROSSA 

$6,000 


Page 17 " 
FOR MORE 
CLASSIFIEDS 


VAN CLEEF & ARPELS 

— WORLD FAMOUS JFALT.LLLUS — 
KNCLISrVE JEWELS &- WATCHES 

LONDON 

153 NEW BOND STREET. 

TEL.: 01-491 1405 OPEN SATURDAYS 


• ONE OF THE UUtGBT CBUBS 

• AU WORK COMPLETED AY CUI 

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• FSCST QUAUTY COMPONENTS 

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• CUSTOMS BHOKSIAGE AND 
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TtX 704356 HSARt COM UD 


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* Pick-up 4 cfefowy anywhere « foe 

boston US. & Teias 

* ftgfa re xiri work using oriy the 
Joshed rwaSty c o mpone n ts 

* Gwanfoecl EPA / DOT rexnwl 

^ssrsdHQC 


Printed by gdz In Zurich (Switzerland) 


, — r- .'-ft 





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