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WEARIER OATA APPEAR ON PAGE 30 


Mn 31,860 






INTERNATIONAL 




Published With Hie New York Times and The Washington Post 


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CiwjiiW iir Oar Staff From Dispaidtes 

KAMPALA, Uganda — Army 
units have mutinied and sebwd ter- 
ritory in northern Uganda, the offi- 
cial radio of the East African coun- 
try reported Friday. 

The Radio Uganda broadcast 
did hof clarify how much temtot> 
thr rebds controlled, but it was 

bdfcved that they heid modi ot the 
AohoD region bordering Sudan m 
the north. 

Uganda Radio said the army re- 
bels had caused “bloodshed” in the 
10 th Brigade’s base town of Gulu, 
1 SQ miles (243 kilometers} north of 
Kampala, and at the Karurna Falls 
Bridge over the NDe, 50 miles south 
erf Gulu. 

The army rebellion coincided 
with recent gains by ami-govern- 
ment guerrillas and appeared to 
pose the gravest problem for Presi- 
dent Milton Obote since he re- 
turned to jwwer in the December 
1980 elections after the removal of 
Idi Amin. 

In another development, diplo- 
mats and Western aid officials told 
United Press International that re- 
bels loyal to the former defense 
minister, Yoweri Museveni, over- 
ran Fort Portal, Uganda’s fourth 
largest city, in their biggest victory 
yet in a five-year guerrilla war 
against Mr. Obme's government. 

The separate actions left two sec- 
tion s of the country, a former Brit- 
ish colony, out of the control of the 
central government in Kampala. 

There were no immediate repeats 
of the number of casualties 

Mr. Obote said some army offi- 
cers had joined guerrillas fighting 



able bloodshed, the Uganda News 
Agency reported. 

“Such a course will lead to the 
deaths of very many innocent per- 
sons," he was qnoted as saying. 

He appealed to ali political and 


religious leaders and elders to con- 
tact and restrain l>eople who ap- 
peared to be working against tne 
constitution, the agency added. 

The state radio said the leader of 
the rebellion was the commander 
of the nonhem army. The radio did 


not give his name, but the post has 
been held by Brigadier Olara 
OkeDo. 

According to unconfirmed re- 
ports in Kampala quoted by The 
Associated Press, Brigadier Okello 
has offered to lay down his arms if 
the government is dissolved or if 
the army chief of staff. Brigadier 
Smith Opon-Acaki is dismissed. 

The radio broadcast messages 
from four army units condemning 
the uprising and expressing loyalty 
to Mr. Obote. 

Ugandan sources and Western 
diplomats told The Associated 
JPress on Thursday that fighting 
had broken out earlier in the week 
between rival army groups. 

The sources said the rebellion 
had developed along tribal lines, 
with forces loyal to the armed 
forces commander. General Tito 
Okello, who is not related to Olara 
Okello, pitted against those hold- 
ing allegiance to Brigadier Opon- 
Acak. 

General Okello is a member of 
the Acholi tribe and Brigadier 
Opon-Acak belongs to the Lango, 
as does Mr. Obote. The Acholi and 
Lango, both northern tribes, make 
up the majority of the Ugandan 
National Liberation Army. 

The International Institute of 
Strategic Studies in London puts 
the strength erf the Ugandan Army 
at 18,000. But Ugandan sources 
said it may have as many as 24,000 
soldiers. 

Last week. President Obote 
called a meeting of army com- 
manders from tne Kampala area 
and urged them to uphold the con- 
stitution. 

He appeared to acknowledge the 
threat of an army coup when be 
told the soldiers: “You can use 
your guns to take over my chair, 
but it is a very hot seat” 

(AP, Reuters, UPI) 



Tlie French ambassador to the United Nations, Claude de Kemoularia, top left; the U.S. 
ambassador, Vernon A. Walters, top right; and the South African ambassador, Kurt von 
Schirading, above, spoke at an emergency Security Council session Thursday on 
France's request that UN members suspend investment in South Africa. 


House, Senate 
Panel Restores 
Weapons Cuts 




UN Council 
Votes Action 
On S. Africa 


The Associated Prog 

UNITED NATIONS, New 
York — - With the United Slates 
and Britain abstaining, the United 
Nations Security Council adopted 
a resolution Friday calling for 
worldwide voluntary sanctions to 
force South Africa to dismantle its 
system of racial separation. 

The council acted by a 13-0 vote 
after the United States and Britain 
vetoed a proposed amendment by 
the coanoTs six nonaligned mem- 
bers that would have threatened 
Sooth Africa with wide-ranging 
m anda t or y sanctions if it failed to 

eradicate apartheid. 

France, which with Denmark co- 
sponsored the adopted resolution, 
abstained on the amendment put 
forward by Burkina Faso, Egypt. 
India, Madagascar, Peru and Trini- 
dad and Tobago. 

Even without the threat of man- 
datory: sanctions, the resolution is 
the strongest anti- apartheid mea- 
sure to be adopted by. the 1 5-nation 
council since u proclaimed a man- 
datory arms embargo against 
South Africa in 1977. 

Ambassador Claude de Kemou- 
laria of France, speaking after the 
vote, termed the resolution the 
“gravest warning" to South Africa 
and added. “Let us hope this warn- 
ing wffl be heeded. 

■ U.S. Resists Sanctions 

Earlier, David Hoffman of The 
Washington Post reported from 
Washington: 

The Reagan adminis tration de- 
manded Friday Tor the first time 
that South Africa end the week-old 
state of emergency in black town- 
ships, but it announced that the 
United Stales would continue to 
resist economic or political sanc- 
tions. 

“We want the state of emergency 

(Continued on Page 2. CoL 7) 


Arrest, Anxiety Strain Family Ties in South Africa 


By Alan Cowell 

Ne*‘ York Times Service 

ALEXANDRA, South Africa — On the 
corner of a crumbling street in this blade 
township, Victoria Gasda told a sad story. 

Her husband is a black policeman, she 
said Thursday night, and a week ago a crowd 
came and tried to bum their home because 
they opposed his role. 

By contrast, her daughter bad become 
involved with a black activist group. So on 
Wednesday, Mrs. Gasela said, the police 
came to take her away under the emergency 
decree put into effect July 21 by the South 
African government. 

The arrest transformed Mathilda Gasda, 
26, a university graduate and high school 
teacher of English and science, into No. 701 
on the growing fist of those bdd under the 
emergency powers. 

Thus Mrs. Gasda was caught between the 
anger that black political activists reserve for 
those they call the stooges of white authority, 
such as black policemen, and the sharp retri- 
bution the government has doled out, under 
the emergency decree, to those it considers a 
threat. 


“When your child is arrested,” Mrs. Ga- 
sela said, “it is like death.” But when your 
husband is a policeman in these tunes of 
sudden wrath by volatile crowds, “you just 
live like birds — you cannot sleep." 

Alexandra is a rundown plan, dose to 


been told only that she is in solitary confine- 
ment “because they don’t want her to mix 
with others." 

She had been at work at the hospital when 
her husband called to say their daughter had 
been arrested. Mrs. Gasela said. She had 


'When your child is arrested, it is like death.' But when 
your husband is a black policeman in South Africa, 

'you just live like birds — you cannot sleep/ 

Victoria Gasela 
Resident of Alexandra, South Africa 


Johannesburg’s wealthy, northern suburbs. 
Discarded timbers and sheets of zinc tumble 
on one another, the houses lodged between 
them like afterthoughts. On the comer where 
Mrs. Gasda spoke, a Woman sold chicken 
entrails from a plastic food bucket 
Mrs. Gasela said she does not know where 
her daughter is being held. Her husband has 


come home and two schoolgirls had con- 
firmed the news. 

Mis. Gasela said. “I just decided to keep 
quiet because I was unable to do anything. 

She said her husband had been told that 
their daughter's detention would be for 14 
days “if she was responding, if she was not 
cheeky.” 


Miss Gasela, according to associates, is a 
member of the Alexandra Youth Confess, 
an anti-apartheid group affiliated with the 
United Democratic Front, the biggest non- 
pariiamentaiy alliance in the country, whose 
supporters seem to be the main targets of the 
emergency decree. She was detained once 
before, in the unrest of 1976-1977. 

If a pattern to the detentions is emerging, 
said a spokesman for the Detainees' Parents 
Support Committee, a civil rights monitoring 
group, it is that those being detained arc 
from the multiracial United Democratic 
Front, which has 600 affiliate organizations 
and a following of at least 1.5 million. 

Even before the emergency, the spokes- 
man said, the front's most prominent public 
figures were in detention, charged with high 
treason and awaiting trial on accusations of 
forming a “revolutionary alliance" with the 
outlawed African National Congress. 

Those now being detained, according to 
the civil rights monitoring group, seem to be 
rank-and-file members of community activ- 
ist organizations, such as the Soweto Youth 
Congress, and members of the Council of 

(Cootioned on Page 2, CoL 5) 


By Bill Keller 

\Oi I ‘.rk fmifx Ji-n :iv 

WASHINGTON — A House- 
Senate conference committee has 
approved a compromise military 
budget that congressional aides 
said would restore money for ail of 
the 22 weapons systems "that either 
l he House or the Senate had \oied 
lo kill. 

The $3023-bil!ion military pro- 
grams bill, which increases spend- 
ing ceilings lo make up for infla- 
tion. assures that none of the 
weapons programs (he Pentagon 
requested will be eliminated next 
year. It was approved by the com- 
mittee Thursday night, and aiceN 
said they expected the House and 
Senate to vote on the measure with- 
in a week. 

A source involved in thi process 
said the bill for the I9S6 fiscal year 
“proved once again that Congress 
can't kill weapons systems.' any 
more than the Pentagon can." 

Instead of cutting weapons pro- 
grams. the conferees managed to 
cut about S20 billion from the Pen- 
tagon's budget request by slowing 
the pace of the production of some 
weapons, estimating lower costs for 
others, forecasting lower inflation 
and better dividends from foreign 
currency exchanges, and trimming 
personnel and operating costs. 

The bill would meet the target 
the conferees agreed upon two 
weeks ago for thc'Pemagon budget. 
Bui in laicr years, said a Senate 
aide, the large number of growing 
weapons programs would make 
military spending and the deficit 
more difficult to control. 

In one major saving on the mili- 
tary budget, congressional aides 
said the conferees had agreed to tut 
$2.9 billion from the military retire- 
ment system and to order the Pen- 
tagon to come up with proposals 
for making military pensions less 
expensive. 

The conference bill granted Pen- 
tagon requests to proceed with at 
least four major new programs. The 
total cost of the four, including 
research on the Stealth bomber and 
fighter, was estimated by one aide 
at $150 billion to S20U billion over 
the itfe or me programs. 

The conferees Thursday night 
broke a deadlock and approved a 
provision restricting Pentagon em- 
ployees from taking jobs with mili- 
tary contractors whose projects 
they have overseen. 

Aides said the bill might face 
strong opposition in the House 
from members unhappy with the 
conferees’ decision to drop some 
House-passed restrictions on pro- 
duction of new chemical weapons. 

[Earlier, the conference negotia- 
tors had approved allowing the 
United States to begin producing 
lethal chemical weapons for the 
first time since 1969. the Los .Ange- 
les Times reported. But members of 
the House .Armed Services Com- 


Latin Nations Rejecting 
Debt-Repudiation Call 


By Juan de Orris 

lx it A’ngelcs Times Service 

RIO DE JANEIRO — The call 
by President Fidel Castro of Cuba 
for the nations of Latin America to 
collectively repudiate their foreign 
debt has been rejected. 

The governments of the two larg- 
est debtors in the region. Mexico 
and Brazil, have dismissed the idea 
of a debtors’ rebellion as politically 
undesirable and financially irre- 
sponsible. 

President Miguel de la Madrid of 
Mexico, facing a crisis because of 
'declining oil prices, announced in- 
ternal economic reforms this week 
and said that a debt moratorium 
was “out of the question.” 


Mexico's finance minister, Jesus 
Silva Herzog, said: “This solution 
may seem attractive at a theoretical 
or emotional level, but it would be 
an irresponsible decision because ii 
would have adverse effects on fu- 
ture economic development." 

President Jose Samey erf Brazil, 
whose government owes 5100 bil- 
lion abroad, said early in the week 
that the debt was not an “ideologi- 
cal weapon” and should not be 
made into an issue for "East- West 
confrontation." 

In a region where most countries 
have been in recession since 1982, 
and tow commodity prices and pro- 
tectionism in industrial markets 
make trade prospects dim. the col- 



World War HI; Allies Increase Risks 


Fide) Castro 

Jecnve debt of 5360 billion is politi- 
cally risky. 

Bolivia has halted payments to 
foreign private banks because it 
(Continued on Page 18, CoL 2) 


By Walter Pincus 

Washington Post Sernce 

WASHINGTON — In late Oc- 
tober 1973. almost 1 1 years to the 
day after the Cuban missile crisis 
ended. U.S. intelligence reported 
that a Soviet transport ship passed 
through the Bosphorus from the 
Black Sea to the Mediterranean, 
headed toward Egypt, which then 
was at war with Israel. The ship 
carried a radioactive cargo. 

Central Intelligence Agency ana- 
lysis suggested the cargo could be 
warheads for Soviet short-range 
missiles that were then being deliv- 
ered to EgypL 

The report, according to an offi- 
cial involved at the (irae. sent a 
“tingle” through the U.S. national 
security establishment at a moment 
when the United States was already 
working to prevent a threatened 


unilateral Soviet military interven- 
tion in the October war. 

James R. Schlesinger. secrcimy 
of defense at the time.'said during a 
recent interview that since the Cu- 
ban missile crisis, the Soviet Union 

The Bomb 

Ike 1973 Mideasl VTar 

Last of four articles 

had "been very careful about mov- 
ing any nuclear 'weapons outside" 
its own territory. 

So the 1973 movement itself was 
“a considerable change in the pat- 
tern of Soviet behavior.” Mr. Schle- 
singer said, “and therefore tended 
to tell us that the Soviets were in- 
deed politically serious." 

But, he weni on. “as to the possi- 


bility of the use of those weapons, 
we placed a very low probability on 
that,” 

Their purpose, "to the extent 
that one thought that the Soviets 
had a real purpose in making those 
moves." was to bolster Israel's op- 
ponents. Mr. Schlesinger said. 

Mr. Schlesinger. who once the 
headed the CI A. suggested an addi- 
tional dimension to the Soviet 
move: 

“It was widely believed in the 
Arab world that Israel itself had 
nuclear weapons.” The Soviet 
“weapons were being moved into 
the region, it was speculated, in 
order to reassure either the Egyp- 
tians or the Syrians" thj; if "the 
Israelis “were to use Mich weapons, 
that there would he a response.” 

“It ah® was intended." Mr. 

(Continued on Pace 3. CoL 1) 


mince arc expiated jo pre^ for 
another House vote on the issue. 

|To achieve the a.zreemenl cs 
nerve ga>. the House negotiator- 
were forced to g*vc in on' .:i :ea.«: 
one significant restriction Hie 
House hjd invi-ted upon -a her. it 
approved its version ot the Nil? -a»t 
month: The comprc mive ooc» not 
include „■ House-passed prov7si,<n 
requiring that nerve cj; production 
be delayed until the North Ml amic 
Treaty Organization officially re- 
quests it to rep’ a.' ; chemical weap- 
on.-* now in Europe. 

(However, other restrictions 
passed by the House r.ere rerouted, 
including a bar. on a-e-emhlme the 
weapon-, before October I9S?'} 
Other provisions in the conler- 

I Continued on Page 3. CuL 4> 

Aid to Rebels 
In Nicaragua 
Gains in U.S. 

By Steven V. Robert* 

•Vo >»'-/ Tl’ru : Srr.i i 

WASHINGTON — Senate :.rd 
House negotiators approved a 
S25.4-bi!hon compromise foreign 
aid bill early Friday that would 
provide nonmihtary aid for the in- 
surgents fighting the Nicaraguan 
government but would bar the 
Central Intelligence Agency or the 
Defense Department from distrib- 
uting it 

It was the firm lime::: lour years 
that a foreign aid package has 
cleared a congressional conference 
committee 

The compromise, w hich provides 
funding for a variety of foreign aid 
programs for the fiscal years 1°S6 
and NS7. must now return {«• each 
chamber for final approval. It pro- 
vides S12 7 billion in aid for |v>.si». 

The hill is S500 million less than 
President Ronald Reagan had 
sought hut includes many provi- 
sions ihat will please the White 
House, including a repeal ot a ‘oar. 
on U.S. aid to anlt-Communist 
guerrillas in. Angola. 

It also includes z huge increase in 
funds for Israel and Egypt, the mo 
largest recipients of I S. aid, and 
an unprecedented $5 million for 
guerrilla groups fighung Vietnam- 
ese forces in Cambodia.' 

{An attempt by the House to 
mandate a U.S. trade embargo 
•'tajiRst Libya was dropped from 
the bill. The Associated Press re- 
ported. 

(The House version of the hill 
would have required President 
Reagan to impose a bon on U.S. 
exports to and imports from Libya 
as a way to pressure the govern- 
ment of Colonel Mourner Qadhafi 
to cease what the administration 
calls "state -supported terrorism." i 
In votes earlier this year, both 
the House and the Senate passed 
hills that provide aid for the Nica- 
raguan rebels but that bar its use 
for military purposes. A major 
sucking point, however, has been 
the insistence by the House that the 
CLA be prohibited from distribut- 
ing the aid. 

Under the agreement approved 
Friday morning, the Nicaraguan 
rebels would receive S27 million in 
nonnuiitan assistance for a six- 
month period beginning on Oct. 1. 

A pan from the exclusion of the 
CIA and the Defense Department, 
the dcci-ion on how to distribute 
the aid would be left to the presi- 
dent. 

Senator Richard G. Lugar. an 
Indiana Republican and chairman 
of the Senate Foreign Relations 
Committee, said he had reluctantly 
accepicd the House position on dis- 
tribution of the aid in the hope of 
paving the wav for an agreement 
between House and Senate neeoti- 
( Continued nn Page 2. Cnl. 71 


INSIDE 

■ India’s accord with Sikhs to 
end strife was hailed by most 
but criticized by some. Page 2. 

■ Austria’s wise scandal threat- 

ens the coalition government's 
stability. PageS 

ARTS/LEISURE 

■ A grand design is taking 
shape for old, new and immi- 
nent Paris museums. Page 7. 

BUSINESS/FINANCE 

■ Interest rates rose in China, 
an anempi to curb rampant 
economic growth. Page 15. 

SPECIAL REPORT 

ECOWAS finds a compro- 
mise on migratory workers is- 
sue. Page 9. 

MONDAY 

The tradition of female circum- 
cision remains strong in Africa 
despite a decade of opposition. 


Haw to Get to First Base With Nissan Co. 


By Michael Shapiro 

New York Times Service 

TOKYO — When ihe game was won, the 
■ employees rose to sing the company song. They 
took off the blue, plastic cowboy hats the com- 
pany had given than and raised theirfists. They 
sang of Nissan, the automaker: “Looking at 
Mount Fuji, surrounded with white clouds in 
the morning. . ..** 

Men peeked at the lyrics on the song card, 
and the children fell a half-beat behind. But the 
voice was a single voice, the voice of 4,000 
employees of the Nissan Motor Co. and their 
families, chosen by lottery and by ewmplaiyjob 
performance to spend half the workday at the 
baD park, rooting for the company team in the 
56th annual National Intercity Amateur Base- 
ball Tournament. _ 

On Tuesday, the 32 survivors of a 320-team 
field began play in ihe championship round. 
The two final'isis will play Friday in Tokyo's 
Korakuen Stadium before 50,000 people. 

fn the United States, it would be akin to 
International Business Machines playing Gen- 
eral Motors before a full house at Yankee Stadi- 
um. 


“The Japanese arc very loyal," said Eiichiro 
Yamamoto, executive vice president erf the Jap- 
anese Amateur Baseball Association “For a 
normal Japanese, everything revolves around 
his work and workplace. Private life is more 
often a sacrifice for the company. It’s like the 
American fathers and mothers going to high 
school tournaments that their kids are in. It’s 
exactly the same feeling.” 

Nothing about the corporate baseball tourna- 
ment is taken casually. A championship team 
can help a company immeasurably in publicity 
and sales. The tournament is well documented 
in the newspapers, especially in the nationally 
circulated Mamlchi papers, a tournament spon- 
sor. 

A company might be flooded with orders 
because it won the tournament, Mr. Yamamoto 
said. Insurance companies do well when their 
teams win and banks will see a rush of congratu- 
latory deposits. 

Because the stakes are high, companies will go 
to great lengths to field good teams. The ben 
high school and college players, if not chosen by 
the professional teams, are scouted and recruit- 
ed by companies offering them not only the 


chance to play but also a place to work. Last 
year. Nissan was able to recruit players from the 
national high school and college championship 
■ teams. 

If a player fares well he might be noticed by 
one of Japan's 12 major league teams, which 
scout the corporate ranks for lalenL Many com- 
pany players have gone on to the pros with no 
loss of dignity for leaving their firm to join a 
major league team. Loss of face would come if a 
player switched to another company's team, just 
as changingjobs in Japan is looked on as betray- 
al. 

The Japanese Amateur Baseball Association 
insists (hat the tournament players work a few 
hours in the office before going off to play. But 
then the plav is work itself. Practice is often an 
1 1 -month affair. Nissan, the defending champi- 
on, has a schedule of SO games. 

The players “have great pressure on them.” 
said Koji Makino, supervisor of Nissan’s athlet- 
ic program. “The players have lo live up to the 
expectations of the company." 

Nissan, he said, was sensitive to this burden. 

“In order for them to have the mental 
(Continued on Page 2, CbL 1) 



Mimlhi Shntun 

Cheerleaders encouraged the Nissan Co. baseball team at a corporate tournament in Tokyo. ' 




“Pape 2 


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Sikhs in Jubilant Mood 
After Accord With India 

Many Families Celebrate Agreement; 
Others in Nation Criticise Concessions 


By Rone Tempest 

lm Angeles' Tima Semee 

NEW DELHI — Making his 
rounds here Thursday morning in a 
prosperous area where many Sikh 
families live. Chawdhery Narayan 
Singh, a milkman known to every- 
one os “Baba.” reported that there 
was celebration in nearly every 
Sikh home, 

A day earlier. Prime Minister 
Rajiv Gandhi had made an an- 
nouncement of dramatic impor- 
tance: he and Harchand Singh 
Longowal the head of the Ateui 
Dal the main Sikh party, bad 
signed an agreement aimed at end 
ing four years of bloodshed and 
tension between the Sikhs and their 
ibors in northern India. 

: Sikhs won many concessions 
in the accord, among them the in- 
corporation of Chandigarh, an ul- 
tra-modern city designed by Le 
Corbusier, into the Sikh-dominat- 
ed state of Punjab. 

Chandigarh had been a federal 
territory shared as capital by Pun- 
jab and neighboring Haryana state. 

“The sirdars [Sikhs] are all shout- 
ing ‘Chandigarh is ours! Chandi- 
garh is ours!” " Lhe milkman report- 
ed. The 15 million followers of the 
Sikh religion have great influence 
in India and are known for boister- 
ous displays of emotion. 

The displays did not please the 
milkman, a Jat Hindu of Haryana 
who favored leaving Chandigarh as 
it was. “Very, veiy bad,” he said. 
“Haryana lost too much. Now 
what is going to be the capital for 
Haryana?" 


He complained that the prime 
minister had not consulted the 
right people. 

There were other signs of dissat- 
isfaction with the agreement The 
accord ordered the creation of a 
tribunal to mediate water disputes 
between Punjab and Haryana, and 
promised jobs to Sikh soldiers who 
deserted over the army attack on 
the Golden Temple, the holiest 
Sikh shrine, in June 1984. 

State legislators in Haryana, an 
_ ri cultural state of 13 million peo- 
. le bordering Punjab on the south, 
threatened to resign over the issue. 
Some opposition leaders in the 
state called the agreement a “sell- 
.•ut" and a “grave injustice." 

Leaders of rival groups, particu- 
larly those pressing for a Sikh na- 
tion to be called Khalistan, held 
protests in Punjab cities, according 
to the Press Trust of India. 

However, the overwhelming re- 
action of most Indians — Sikhs and 
Hindus, and members of political 
parties from the Communist Party 
to the ruling Congress (I) Party — 
was relief and joy. 

The turmoil in Punjab, the rich- 
est and most bountiful of India’s 
states, has pained the entire nation, 

Hindus and S ikhs, historically 
dose, were tom by violence after 
the October 1984 assassination of 
Prime Minister Indira Gandhi by 
two Sikh guards. 

A final, perhaps most telling, 
blow came June 23, when an Air- 
India Boeing 747 exploded and 
crashed into the Atlantic near Ire- 
land, killing all 329 aboard. 



Rigorous ’86 Budget 
Approved in France; 
Program Is Praised 


WORLD BRIEFS 


By Axel Krause 

International Herald Tribune 

PARIS — The French govern- 
ment has approved spending plans 
for the 1986 budget, which senior 
government officials said would be 
the most rigorous in France’s post- 
war history. 

Business leaders, conservative 


iosen 

Prime Minister Rajiv Gandhi opened the World Amateur 
BflUard Championships in New Delhi Friday. In a cheerful 
mood after Ms accord with Sikh leaders, he said that 
billiards. Eke the use of political power, required precision. 


Although the cause has not been 
verified, Indian officials believe 
that a bomb was responsible. 
Widespread opinion here is that it 
was a terrorist bomb. 

“Strangely enough, I think ft 
might have been the plane that was 
the final straw," said an official 
“After that, everyone, including the 
Sikhs, said that was enough. There 
had been enough killing " 

■ Sikhs Ratify Agreement 
Despite open dissent by two se- 
nior leaders, the Akali Dal ratified 
Friday the agreement to end the 
crisis. The Associated Press report- 


ed from Anandpur Sahib, where 
the leaders meL 

Mr. Longowal announced that 
the party was formally withdraw- 
ing its campaign for greater reli- 
gious and political autonomy. 

He called the meeting in a histor- 
ic temple town, about 180 miles 
(290 kilometers) north of New Del- 
hi, to get final endorsement. 

But he failed to win fuQ support 
of two key leaders: Prakash SL 
Badal former chief minister 
Punjab state, and Gmcharan 
Tohra, bead. of the main Sikh 
giouscountiL 

They did not block ratification 
of the pact, but both criticized h. 


of 


lomats cautiously praised the plan 
for its economic soundness, partic- 
ularly a proposed reduction m cor- 
porate taxes on profits,, which is 
aimed ax stimulating investment. 

The plan was announced by Fi- 
nance Minister Pierre Berfgovoy 
on Friday. 

The budget in its current form 
also appeared to be aimed at estab- 
lishing a national consensus in eco- 
nomic policy, even if the Socialists 
lose their majority in elections for 
the National Assembly in March. 

The opposition daily Le Figaro 
said the budget was “passably cou- 
rageous," and could provide a 
“meeting ground" between Mr. 
Mitterrand and a new conservative 
nugority in the National Assembly. 
The French leader has said that be 
intends to serve his full term until 
1988. even if the left loses the par- 
liamentary elections. 

A U.SL diplomat said: “Assum- 
ing the Socialists lose, the opposi- 
tion in parliament win have a very 
rough job using the budget against 
Mr. Mitterrand, or improving on 
iL" 

Finance Ministry officials said 
that tax revenue-raising plans 
would be completed during August 
and tire final draft budget present- 


ed for approval to the cabinet in 
mid-September and parliament in 
October. 

Total spending next year U pro- 
jected to rise by 4 percent from 
1985 to a record 1.035 trillion 
francs ($1 18.9 billion). But is tight 
of the government's projection of a 
3.7-percent inflation rate next year, 
spending in rail terms will stag- 
nate, the officials said. Inflation 
this year is projected at 4.5 percent. 


project 
growth in 


domestic product 
at 2 percent, which 


China Won’t Exdude Force in Taiwan 


WASHINGTON (Renters) — President U Xiannian of Oana 
dined Friday to rule out any f uturc use of force in T aiwac and hehassta] 
that Chinese-Soviet relations would never again be as wans as they were 
in the past. . 

Asked if China would ever use force to intervene m Taiwan, Mr. Ij 
said: “1 would not exclude it." The Chinese leader, who held talks with 
President Ronald Reagan in Washington on Tuesday, was in Chicago fa 
the opening of a Chinese consulate. 

Mr. Ii said that while the Sonet Union and China recently signed t 
trade agreement. “Even if relations between China anc the Soviet Union 
are improved, relations between China and the Sovi et L-o ton wifi not 
return to what they were in the 1950s. They will not return to relations 
between allies." 

Aide Says Pastora Is in Nicaragua 

SAN JOSE, Crista Rica (A P) — Eden Pastora Gomez, the Nicaragua* 
rebel leader, was injured in a helicopter crash but is recovering at a camp 
m the jungles of southern Nicaragua, according to another leader of ha 
anti-Sandinist Democratic Revolutionary Alliance. 

Mr. Pastora, who was known as “Commander Zero" when he f ought 
with the Sandisists during the Nicaraguan revolution, was reported 
missing Tuesday after his helicopter developed engine trouble traveling 
between rebel camps in Nicaragua. Jose Davila, a member oT the 
alliance's directorate, said Thursday that Mr. Pastora had serious bruises 
on his ribs and legs, but was safe. 



compares to projected growth of 
about I percent this year. Attaining 
both the inflation and GDP goals 
will be difficult, but possible, ac- 
cording to recent government and 
private forecasts. 

The tax rate on net corporate 
profits wQl be reduced from the 

?^V lc ^pptiMbie p toeLninS Soviet Reveals a New Military Shift 

iao/ tf_ m-r ■ 


At Japanese Firms, It’s Smart Business to Play Ball Violent Times 


(Continued from Page 1) 
strength which cannot be affected 
by any pressure, we also provide a 
program in which they go to a Zen 
temple where they can learn to re- 
lax and concentrate," he said. 

, -Nissan won last year’s champi- 
onship before 10,000 of the compa- 
ny’s 60,000 employees. The players 


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wept as their co-workers sang the 
company song. It is that sense of 
closeness that the company wants 
to sustain each summer by sending 
busloads of employees to Kora- 
kuen, with boxed lunches, compa- 
ny hats and plastic cards inscribed 
with the lyrics of the company 
song. 

For Nissan's first game in the 
championship round, no effort was 
spared in achieving unity. The bus- 
es were met by men with tiny Nis- 
san flags, who guided the faithful to 
their seats. 

The cheering was led by 30 ebul- 
lient young men who showed not 
only great zeal but stamina as well 
for not succumbing to the oppres- 
sive heat and humidity in their 
heavy, white sweaters. The cheer- 
leaders were accompanied by 13 
pompon girls whose friends from 


work giggled and waved when they 
climbed on top of the dugout to 
dance. 

“With fighting spirit, proudly we 
go on the offensive," the Nissan 
boosters sang, “look at the progress 
of our brave fighters." The crowd 
cried, “Now now, go go. Nissan!" 
and the cheerleaders, who stood on 
the dugout roof, spun toward the 
field, assumed the pose of a bayo- 
net drill and struck the air with 
something that looked tike a bolo 
punch. 

Across the way, the team from 
Nippon Kokan, a steel company, 
was not to be outdone. They 
brought along five women who, in 
kimonos, performed traditional 
dances from their town, Fu- 
kuyama. The dancing was accom- 
panied by the beating of great 
drums. 


Nippon Kokan had cheerleader 
and pompon girls, too, but it did no 
good. Nissan, on the strength of 
two home runs by its first baseman, 
Tetsuo Wakayama — he is said to 
be the company bean throb — 
won, 7-2. 

At the final out, the teams lined 
up, facing each other. They took off 
their hats and bowed. Then they 
ran over to their boosters and 
bowed to them. too. 

Outside, as the players milled 
with their friends and families, the 
employees were led back to the 
buses. Because it was only 2:30 
PM. and because the Nissan plant 
was only a 45-minute drive away, 
the buses took their passengers 
back to the office where, after three 
hours of togetherness, they went 
back tow< 


Strain Family 

(Continued from Page t) 
South African Students, a radical 
high school students’ group that 
has converted schoolroom dissatis- 
faction into political resistance: 

If one imam: has molded white 
perceptions of the need for a state 
of emergency, it was the television 
coverage last Saturday of a young 
woman, Maki Skbosana, being 
burned to death in Duduza town- 
ship by a crowd of fellow blacks 
who accused her of being an in- 
former. 


starting on Dec. 31, 1986, Mr. B6r6- 
govoy said. 

Officials said that the main goal 
of the measure, representing about 
4.5 billion francs in potential tax 
revenue, was to stimulate new in- 
vestment. An across-the-board re- 
duction in personal income taxes 
next year will total 3 percent, repre- 
senting 6 billion francs, and should 
stimulate consumption. 

Moderate spending increases are 
planned fra- national defense, edu- 
cation and research, even though 
ministers had argued for substan- 
tially higher amounts. 

Defense spending, for 
will rise 5.4 percent to 158.3 billion 
francs. 

Substantial spending cats are 
planned across the board, but offi- 
cials said that an effort was made to 
reduce subsidies and other forms of 
financial aid to state-owned indus- 
tries. Coital grants to nationalized 
companies, with the exception of 
the »ning automaker, Renault, anrf 
several nationalized steel compa- 
nies, will be reduced to 8 J billion 
francs from 14 billion francs bud- 
geted in 1985. 


MOSCOW (Reuters) — General Yuri P. Maximov. 6). a military 
commander in Soviet Central Asia, has been promoted to deputy defense 
minister. Western experts said it was likely that he bad assumed com- 
mand of the nuclear missile farce. 

General Maximov’s promotion has not been officially announced, but 
the Defense Ministry newspaper. Krasnaya Zvezda. identified him Fri- 
day as deputy defense minister, in a report’on a meeting fra Navy Day, to 
be marked Sunday. 

Western diplomats monitoring changes in the top levels of the Soviet 
military said it was almost certain that General Maximov had taken over 
the important missile command. But there was no confirmation of reports 
that Marshal Nikolai V. Ogarkov. former chief of staff and first deputy 
defense minister, removed from both posts in September, had made a 
comeback as Supreme Commander of the Warsaw Pact Forces. 

example, Assad Said to Vow Help on Hostages 

L3 bflfion pARJS (upj) _ president Hafez al-Assad of Syria has called for “all 
measures to be taken" to obtain the release of foreigners abducted and 
held hostage by Moslem militants in Lebanon, the Syrian defense 
minister said in an interview published Thursday. 

Lieutenant General Mustafa Tbs, who also serves as deputy prime 
minister, told France- Pa >3 Arabes, a French-language monthly journal, 
that Syria had “always opposed terrorism, though it" has often been the 
victim." He added, “As regards the French and other foreigners kid- 
napped in Lebanon, President Hafez al-Assad has given orders fra all 
measures to be taken so that they may be found and freed.” 

A total of 13 foreigners — seven Americans, four French citizens, a 
Briton and an Iranian — have been missing in Lebanon and are presumed 
to be held by militant Moslem organizations. 


i advertisement: 


In Memory of 

H.I.M. MOHAMMAD REZA PAHLAVI 

ARCHITECT OF MODERN IRAN 


July 27, 1985, commemorates the fifth anniversary of the demise of my be- 
loved brother the Shahanshah of Iran whose dream was to bring Iran out of 
backwardness and poverty, transforming it into a prosperous and modem na- 
tion, and through peace and progress revive the greatness of her civilization. 
Iranians who by the million suffer the yoke of an abject tyranny remember this 
day. They remember in him a nation respected worldwide; a nation which not 
too long ago stood as the vanguard of progress in the region. 

Five years after he passed the scene, all our achievements lie in ruins, 
wasted and shattered. Day after day, year after year, Iranians witness the rav- 
ages of a senseless war, the bombing and destruction of their cities, the spon- 
taneous justice of revolutionary guards, the thousands upon thousands of 
official executions, the appalling scenes of violence and demonic frenzy, the 
stoning and public humiliation of women, and the daily sacrifice of lives too 
young to be conscious of the fact that they are condemned to destruction in the 
killing fields of Iraq. 

Our nation and people have become hostages. Hostages to the terror of a 
cruel regime controlled by a few fanatic despots who have taken measures to 
crush ail fundamental human rights and all elements of the social order which 
are not in total conformity with the ideology they seek to export to the entire 
region. Our nation and people have been hijacked as surely as TWAs flight 847 
was hijacked and by the same terrorists. 

Let those in the West who hailed the regime as a rampart against com- 
munism, who praised it as a "future model of humane governance," and who 
considered Khomeini a “saint" beware! More than ever Iranians liken Khomeini 
to a Trojan horse. He has become the very vehicle by which communism can be 
securely smuggled into Iran. 5ut Iranians are fighting back. Despite the daily 
executions and repression, the "Khomeini experiment" in Iran is failing. The 
regime has discredited itself irredeemably with the Iranian people and is now 
less secure than ever. Popular opposition denies it the degree of stability it 
needs to sink its roots, for its militant radicalism and gory logic leaves no room 
for modification and humanization. Its government by terror has alienated the 
very people it tries to rule. The cry out of Fran today, travellers and journalists are 
unanimous, is not "long live Khomeini," but "GOD BLESS THE SHAH' who gave 
us peace and prosperity. 

United, we will assure the deliverance of our nation and the restoration of 
our heritage. 


ACHRAF PAHLAVI, 

12 Avenue Montaigne, 
Rarls 75008, France. 


per Beeld said in an editorial that 
“without emergency measures, the 
massacre win only escalate." 

The editorial asked, “Can any- 
one realistically expea the govern- 
ment to stand back and observe the 
breakdown of Stability?” 

Yet the state of emergency, de- 
clared after months of township 
violence that has chimed about 300 
fives, is to black activists a tighten- 
ing of repression, and the white 
outcry against the incineration of 
Miss Skbosana represents a misun- 
derstanding of blade anger. 

A black trades union activist 
said, “They must fed the pain that 
wefeeL" 

He was referring to police in- 
formers in a conversation with re- 
porters about the incinerations that 
have come to rep resent the savage- 
ry of black revolt to the white pop- 
ulation. 

He was asked about the practice 
of burning foes in a manner that 
seems la foment a blood lust once a 
victim has been identified and 
"sentenced" by impromptu gather- 
ings. 

“It is not that we are happy tobe 
killing our own people,” he said, 
“but that is the only alternative" to 
sum police informers. 

m. an interview in a Johannes- 
burg newspaper. The Star, several 
legislators from what is called the 
“enlightened" wing of President 
Pieter W. Botha’s National Party 
seemed to suggest Thursday that 
black internecine violence could 
cause whites to reconsider their 
readiness for the limited changes 
offered to blacks by the authorities. 

“I have heard voters ask, ‘Are 
those the people we would have to 
negotiate with?* ” Albert Noihna- 
gel a National Party legislator, was 
quoted as having said. 

The argument seemed to ignore 
official calculations that for the 
first seven months of Sooth Afri- 
ca’s newest unrest, from September 
1984 to April 1985, 78 percent of 
the killing was done by the police. 


The Associated Press 

NAIROBI — Kenya pushed 
through compromise wording Fri- 
day to soften a resolution equating 
Zionism with racism that had 
threatened to undo the United Na- 
tions Decade for Women Confer- 
ence on its final day. 

The compromise language, 
which struck the word “Zionism" 
from the resolution, was adopted 
by consensus with the grudging ac- 
quiescence of Israel's enemies and 
praise from friends of the Jewish 
state. 

Alan Keyes, a U.S. delegate, said 
the United States accepted the res- 
olution after insisting that the ref- 
erence to Zionism be stricken. His 
comments drew catcalls and some 
applause. 

“We reject the obscene notion 
that Zionism is racism." Mr. Keyes 
said, his voice rising to a shout. 
“No matter how much that slan- 
derous fie is repealed, no amount of 
reiteration shall ever lend it any 
truth whatever.” 

The Palestine Liberation Organi- 
zation observer, Zehdi Tern, said: 
“After bearing some threats and 
blac km a i l in this forum, we under- 
stand exactly what the circum- 
stances are. But we are willing to 
accept the amendment made by the 
host country” 

The Soviet Union, one of the 
backers of the original resolution, 
also accepted the compromise lan- 
guage. 

“The Soviet Union believes Zi- 
onism truly represents one of the 
main obstacles to the implementa- 
tion of goals and objectives set for 
women, said a Soviet spokesman. 
“The Soviet Union will not object 
to the amendment with the under- 
standing- that ti is adopted by con- 
sensus." 

The compromise came after a 
furious round of on-floor negotia- 
tions aimed at avoiding an Israeli 
and U.S. walkout and settling on a 
final conference document. 


Looting Is Spreading on Guadeloupe 

POINTE-A-PITRE, Guadeloupe (AP) — French police put down a 
prison uprising in Guadeloupe, but looting spread Friday and protesters' 
barricades kept Pointe-h-Piue. the island's commercial center, cut off 
from the rest of the island. 

It was the fourth day of protests in support of Georges Faisans. a 
’’ ’ ' " nee advocate jailed in Paris. He reportedly has been on 

prison since June 3. Mr. Faisans, a native of Guade- 
loupe. is serving a three-year sentence for hitting a schoolteacher with a 
machete after the teacher allegedly insulted a young blade 
About 200 police arrived front the nearby French island of Martinique, 
and local radio reports said officials in Guadeloupe asked that troops be 
Sent from France. Government officials in Pointc-i-Pitre refused com- 
ment 


IMMeeting 
Compromises 

1 it was tne lour in day or protests in support or (jeorzes 

/V. _ • 9 militant independence advocate jailed in Paris. He reportedly 1 

t/B JuWTUSm a hunger strike in prison since June 3. Mr. Faisans, a native 


For die Record 

A senior Ethiopian relief official denied UJS. allegations that Ethiopia 
was preventing the United States from using Kenyan trades to ddiver 
relief food in the country, it was reported Fnday from Addis Ababa. 

(Roaersj 

China smpfified entry procedures Friday for 20 million people of 
Chinese origm living in other countries. As of Aug. 1, they may enter as 
tourists or for business reasons without visas or exit permits, the govern- 
ment announced in Beijing. (AP) 

Cairo police broke up a gathering Friday of 60 Moslem fundamental- 
ists, dubbing them with truncheons and arresting about 20 of them as 
they were preparing for a prayer, session, reporters said. (AP) 



group that the United Stales resume talks with Nicaragua. (AP) 
Jarier Pdrez de Ca&Qar. the UN secretary-general, who was hospital- 
ized Wednesday in New York, is suffering from an inflamed esophagus 
and will leave the hospital soon, a spokesman said. (NYT) 

Peruvian rebeb claimed responsibility Friday for a car bomb that 
exploded in front of the Interior Ministry in Lima. Security was tightened 
for the inauguration Sunday of Presideni-dect Alan Garda Pfcrcz. (AP) 

UN Urges S. Africa Sanctions 


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2 Israeti Teachers 
Are Found Slain; 
Ar(d)s Assaulted 

The Associated Press 
TEL AVIV — Two Israeli teach- 
ers whose disappearance five days 
ago sparked a wave of anti-Arab 
feeling were found dead Friday in a 
cave in northern Israel the Israel 
Army Radio reported. 

.The two were found, with their 
hands lied, near Afula, 75 miles 
(120 kilometers) north of Jerusa- 
lem. Police said they presumed. the 
teachers, a man and a woman, had 
been abducted by Palestinians, 

In Afula. hundreds of people 
went on an anti-Arab rampage. 
Shouting “Death to tenonsts!" 
they beat up Arab workmen and 
broke windows in the town, wit- 
nesses said. Dozens of people were 
wrested, the state radio reported. 

In Barer, police said that four 
Palestinians loyal to Yasser Arafat, 
the leader of the Palestine Libera- 
tion Organization, were found slain 
Friday in a Sidorv refugee camp 

with anti-Israeli messages pinned 

10 their bodies. “This is the punish- 
ment for every collaborator with 
Israel" the notes said. 


(Continued from Page 1) 
removed,” the presidential spokes- 
man, Larry Speakes, said m a state- 
ment after an hour-long meeting of 
the National Security Council 
chaired by President Ronald Rea- 
gan, 

The White House statement 
marked an escalation in the admin- 
istration’s criticism of the emergen- 
cy measures imposed July 2Q in 36 
South African cities and towns. 

. The official death toll has 
readied 16 and the number of ar- 
rests stands at 910, including 118 
more Friday, since the white-mi- 
nority government issued its decla- 
ration. The emergency measures 
give the police and army sweeping 
powers of arrest and seizure of 
property. 

Earlier in the week, the White 
House stopped short of demanding 
an end to the emergency measures, 
calling on lhe South African gov- 
ernment to exercise its “consider- 
able responsibility" in a “scrupu- 
lous manner." 

Mr. Speakes said the tougher 
langnage came because the “con- 
tinuing violence and bloodshed has 


not abated and it is dear this is not 
bringing about the type of results 
that we want or, we assume, the 
South African government wants." 

He said the demand for an end to 
the emergency measures had been 
transmitted to the Pretoria govern- 
ment through diplomatic channels. 
He said it did not indicate a change 
in the administration's policy of 
“constructive engagement" under 
which it has sought to influence 
South Africa away from its politics 
of apartheid, or racial segregation, 
by working with the government. 

Mr. Speakes said the UA policy 
of constructive engagement most 
remain in place because “if there is 
□o voice of reason t alking with 
South Africa, it could lead to a 
result that no one wants," continu- 
ing violence. 


The Associated Press 

HELSINKI — Border authori- 
ties protested Thursday the intru- 
sion of a twin-engine Soviet air- 
plane into Lapland airspace in 
northern Finland, officials said. 


Foreign Aid Bill Advances 

(Continued from Page 1) 

ators. They are working on the is- 
sue in a separate conference cover- 
ing funding for the rest of the 1985 
fiscal year. 


Other portions of the compro- 
mise foreign aid package approved 
Friday would provide S70 million 
in military assistance and SI 10 mil- 
lion in economic assistance to the 
Philippines in 1986 and 1987. 

The conferees also agreed to 
drop all language in both the 
House and Senate versions of the 
bill that placed conditions and re- 
strictions cm American assistance 
to foreign family planning pro- 
grams. The House verson of the 
foreign aid bfll had contained par- 
ticularly strong language condemn- 


ing China's family planning poK* 
cies. 

The consensus in both bodies 
was that Congress could not aban- 
don the rebels, who bad been re* 
cruited and subsidized by the Unit 
ed States. Bui the lawunkeis also 
rejected administration appeals for 
distribution of direct mm vary aid 
as not supportive of US. interests. 

The d eri sion on the amount (4 
US. population assistance funding 
will be ironed out in a separate 
conference committee during the 
coming week. 

The House had opposed aid for 
tire Nicaraguan rebeb for the last 
two years, but then reversed ixsdf 
last month and voted to provide 
$27 million u ncsmnhtaiy aid The 
Senate verson would have allocat- 
ed $38 mini on. 









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Sill AdvJ 


AMERICAN TOPICS 


U,S. Urged to Protect Its Lead in Space 



By John Noble Wilford rial space program using its own satellites, rock- 

Nm- York Tines Service ets and ground stations. The Chinese, who have 

NEW YORK — Competition in launching launched 16 successful spacecraft since 1970. 
spacecraft is spreading worldwide, beyond the have rockets capable of boosting satellites into 
United Stales and the Soviet Union, as other the high orbit favored for communications sat* 
nations and several private companies seek to eUircs. 

stake a rjaim in what is viewed as possibly the Japan, emphasizing the export potential of 
neat economic frontier. space technology, is also developing its own 

The United States, as a result, is under pres- rocket launching capability and planning to 
sure to protect its economic and technological launch next year the first of a senes of ocean and 
leadership in space by reassessing the space land remote-sensing satellites, 
shuttle's priringpdicy. promoting greater pri- France plans to use the Arione late ibis year 
vate investment in space-related goods and ser- to start the world's first commercial remote- 
vices, and forging a long-term space policy to sensing satellite service, competing with the 


assure a competitive edge, according to govern- 
ment and aerospace industry officials. 

At stake, besides prestige, is a share of what 


: policy to sensing satellite service, competing with the 
to govern- American Landsats, which survey the world’s 
s. geologic, water and agricultural resources, 

re of what India has joined the space-launching nations. 


AGGRESSIVE BEE-HA VIOR — Dr. David Kavenaugh of San Francisco, an ento- 
saajlogist, inspects a bee, left, sometimes called a “Idller bee” because of its aggressive- 
ness. A regalarbee is at right A hive of the “killer bees,” native to South America, has 
.been fotmd in Calif ornia-^Officials say they are no more venomous tfan garden-variety 
honey bees, but that a slight disturbance can trigger an attack from an entire swarm. 


by the end of the century could be a 550-biDiou and Brazil is building a new rocket base with the 
annual business, according to estimates by some intention of becoming the First South American 
economists in the aerospace field. launching power. 

The European Space Agency, a consortium of Even the Soviet Union is apparently tempted 

11 Western European governments, broke the to enter the commercial fray. However. Western 
American monopoly in launching services for space expats say Moscow might be reluctant to 
the West with its successful Arianc rocket pro- allow outside scientists and businessmen access 
gram. to their facilities, and other governments would 

Arianespace, a corporation owned by the probably not allow advanced communications 
French government and Europan banks and satellites to be exported to the Soviet Union, 
aerospace companies, is aggressively pursuing Although many nations have communica- 
customers for Ariane’s services and has won lions satellites in orbit, mosi were produced by 
several contracts that could have gone to Amen- American manufacturers. According to one re- 
can conventional rockets or (be space shuttle, port, there are 1.522 satellites in orbit, many of 
China announced last month a new commer- them still operating. 


In a report issued Thursday, the Congressio- 
nal Office of Technology Assessment, an advi- 
sory group, concluded that other nations had 
developed their own space-launching capabili- 
ties in a desire to be technologically indepen- 
dent. to gain the economic benefits ihai derive 
from space technology and to be regarded as 
"space potvers." 

Consequently, as the report concluded and 
American space officials agreed. American 
"competitive strategies based on price or superi- 
or technology alone will not prevent foreign 
entry into the launch-services business 

The congressional study found competition 
greatest in the areas of launching services, re- 
mote-sensing services, and communications sat- 
ellite equipment and *erv ices. Competition in 
the processing in space of drugs, electronic chips 
and other materials is “currently embryonic but 
may become significant m the’ future/ 1 the rc- 
pori said. 

The panel recommended that the government 
investigate new trade and regulatory policies to 
reduce the uncertainties that now hinder private 
investment in space technology. 

The study also concluded That the National 
Aeronautics and Space Administration by itself 
“is not well-equipped either to promote or to 
regulate growth in the commercial exploitation 
of space." The regulation of “space industries” 
should be integrated with the regulation of their 
counterparts on Earth, the report said. 


■ ' , ••<*-** 
-> ■■ 


The Arianc rocket, which- 
enabled the European 
Space Agency to break ah 
American monopoly i it 
commercial space launches. 


Guadeloupe 

• -/ 4»< 

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Ginfc K 

■ < \saowAi ‘ 

• . - : %UnuHqK. 

•: -i.CZJI!DO(Elt 
•: .- v ' DSU» 


-iit&Dpa 

iRf» 


Sex Education in U.S. 
Changes Direction 

Sex education is slowly chang- 
ing around the United States. 
For years, children were taught 
about sex, but not about sexual- 
ity. They learned how the female 
egg was fertilized but not how to 
deal with peer pressure when 
confronted with sex in the first 
place. They learned about infant 
care, but not about the conse- 
quences of bring a teen-age par- 
ent. 

The new emphasis, the Los 
Angeles Times reports, is not on 
anatomy and physiology but on 
developing sell -esteem and deci- 
sion- making ability, which can 
be nurtured at hone and rein- 
forced in schooL 

Walter Gunn, a research psy- 
chologist for the federal Centers 
for Disease Control in Atlanta, , 
says surveys show that “sex edu- 
cation is effective only if it is 
coupled with contraceptive ser- 
vices, counseling and followup.” 
This is the case, for exanqrle, in 
Sl Paul, Minnesota. But Mr. 
Gann notes that “in a lot of 
communities/' such programs 
"would not be acceptable.” 

The National Center for 
Health Statistics says that from 
1976 to 1981, the pregnancy rate 
of gills from 15 to 19 went from 

101.4 to 1 10J per thousand, and 
the number of abortions from 

54.4 to 66.8 per thousand, hr 
other words, the teen-age preg- 
nancy rale, which is twice that of 
other mduscriafized countries, is 


going up and so is the teen-age 
abortion rate. 


Guerrilla Golfers 
In New York City 

Golf hazards are usually 
and water, but not on the 13 
courses within New York’s city 
limits. The New York Times re- 
ports. On the Pelham course in 
the Bronx, Don L. Jerome said 
one of his tee shots bounced into 
the rusting hulk of a car aban- 
doned on the fairway. A friend of 
his was robbed of $65 and his 
credit cards while lining up an 
approach shot. Mr. Jerome re- 
marked, “Something like that 
disrupts a golfer’s concentra- 
tion. 

“1 know a guy who used to 
take his guard dog with him to 
the golf course," said James Mc- 
Donald, who also recalled a golf- 
er who carried a can of Mace in 
his bag with the woods and irons. 
Charles Pfessoni said that instead 
of twosomes or threesomes, he 
and his Mends found it safer to 
play in eightsomes and sixteen- 
semes. 

Things have improved since 
nine of the chy courses were put 
under private management, 
which is removing the graffiti 
and hiring retired policemen and 
firemen to patrol the courses. 

Still, the courses are used for 
soccer ma trims picnics and even 
for dumping corpses. ‘We get a 
certain number of dead bodies,” 


said John DeMatteo, one of the 
private company’s supervisors. 
“I try not to be the first one out 
on the courses in the morning." 


Short Takes 

Arid rain causes $5 billion a 
year worth of building corrosion 
m a 17-state region in the north- 
eastern quadrant of the United 
States, according to findings de- 
scribed as tentative in a study 
conducted by the Environmental 
Protection Agency. The stndy 
did not go into losses caused fay 
reduced visibility, damage to 
lakes and forests or to public 
health. The cost of controQing 
U.S. add rain has been estimated 
at S3 b3Han to 57 billion a year. 

US. airfine flight delays have 
fallen 34 percent in one year. 
Experts credit the hiring of spe- 
cial traffic coordinators at major, 
terminals, the lessening of peak- 
hour flights and an additional 
year's experience for the control- 
lers hired after the strike of Au- 
gust 1981. 

Under the federal govern- 
ment’s six-year-old “flexitime" 
program, me fifth of the 350,000 
federal workers in Washington 
have chosen to set their own 
working hours or to work 10- 
hour-day, four-day weeks. Al- 
though the program is consid- 
ered a success. Congress has yet 
to make it permanent. 

—Compiled by 
ARTHUR HIGBEE 


U.S. Is Scad to Gain in Some Arms Areas but to Lag in Others 


By Michael Weisskopf 

Washington Past Service 


The assessment, made public 
Thursday, said that the record US. 


WASHINGTON — President Pfuxnme xmhrary spmdingdurmg 
Ronald Reagan’s trillion-dollar Mr- Reagan s first term had done 
aims program has brought ire h^to alter the strategic balance. 


gressional Research Service, con- Georgia: and Senator John W. 
eluded in his report, “U.S.-Soviei Warner. Republican of Virginia. 

t non inoc *• * r 


Military Balance: 19&0-19S5.” 


chiefly because of a simultaneous request of several mem 


provements in some areas or U.S. ? sunuuancous 

military power, according to a con- ^ ra P“* Sower buildup, 
gresaonal analysis. But in others, “Some U.S. problems have been 


The report was pi 
quest of several me 


eorgia: and Senator John W. mends a rresh look at miiuaft 
arnw. Republican of Virginia. sirengih 10 reawjgn pnonnes MW- 

taJ areas, before proceeding with 
The report came as Congress was policies and proaroms sci «a~ I9W. 
J at the nearing approval of a S?02.5-bU- Mr. Collins, speaking at a r.ews 
ol Con- lion defense authorization biU for conference, cited the "vw impres- 


tbe nation is no better off now. or it mitigated but many remain, and a 
has even lost ground to the Soviet few are magnified,” John M. Col- 


lins, military analyst for the Con- Senator Sam Nunn, Democrat of 


gress Who have influential roles in fiscal J9S6. Its findings ore expect- improvement.*." achieved 
military debates. ed to be cited by some lawmokers the Reagan aims program 

TteyindidtlUpresn.uA'cLo incrn5c mil “ Amo„ s he ...J, oi 

Aspin, Democrat of Wisconsin; strengih emne of ihe countra' '-t 

Senator Sam Nunn, Democrat of The 3 bO-page report recom- noloci cai hie. accelerated n 


G)nferees Restore Weapons Cuts 


(Confirmed from Page I) used as the new sidcann for all of 
ence agreement inefude permission the mHiiary services, and a new 
for the air force u> test a new anti- navy helicopter, the Seasprite, to be 
satellite weapon, an agreement to used in treating and attacking sub- 
spend $16 billion on the MX mis- marines, 
she program, and a $175-bfllion Senators said the gun was an 
research budget for President Ron- inadequate replacement for the old 
aid Reagan's space-based anti-mis- .45-cafiber Colt pistol, and that the 
sDeprogram. helicopter was not enough of an 

The House, in approving its w*r- improvement aver an existing ver- 


Some of the programs were re- 
stored with conditions governing 
their cost and performance. 

“The problem is. when yon look 
at these things case by case, they all 


Senators said the gun was an have some merit." one congress o- 
in adequate replacement for the old nal aide said. “Nobody's willing to 


-45-cafiber Colt pistol, and that the look at the whole picture and say. 
helicopter was not enough of an this is a higher jwiorily and this is a 


son of the military programs bill si on. 
last month, voted to eliminate 20 
weapons programs it considered SCOre 


lower priority. 

In addition, the conferees have 


Aides said the conferees had re- approved at least four major new 
stored money to finance all of those programs that are scheduled to ad- 


ey included the technically 


meter Italian-! 


programs. In most cases, they said, vauce to costly development stages 
the weapons were restored' after ne *i,y ear - 


troubled Advanced Metfinm Range 5[rong piees from the mihuuy. The programs, which had been 

Air-lo-Air Missile, or Am raam; tne approved in different versions by 

E-61, an expensive new communi- the House and Senate, include full- 

277 Million in Soviet Union S^ffSETlfiAiSZ 

that House members said was too Retaen gram; development of a hybrid he- 

vulnerable to enemy attack; and an MOSCOW — The population of Ikopicr- airplane called the JVX, to 

assortment of smaller programs. the Soviet Union was 277 millioa be used by the navy. Marine Corps, 
The Senate, in its bill, voted to on July 1, an increase of two mil- and air force; and research on the 
eliminat e two programs, a 9-mini- lion over last year, the Central Sta- 'Stealth tactical fighter and Stealth 
meter Italian-made pistol to be ustical Board reported Friday. bomber, whose costs are classified. 


strong pleas from the military. 


277 Million in Soviet Umoo 

Rearerr gram; d 

MOSCOW — The population of hcopter 
the Sonet Union was 277 millioa be used 


In 9 73 , Superpowers Learned of Risk of Being Dragged Into WarbyanAUy 


(Continued from Page 1) diminished badly less than a year 

SchJestnger said, “to deter any such 

Israeli action, if indeed the Israelis j! lous j an ‘* s °* Sovlcf acIvisers frora 

had” a nudear weapon. _ . . . . 

Thus the stagewasset for the last 

major nuclear confrontation be- wne of domestic tmrnoil m Wash- 

, inert nn when- the Watewnte costs 


^WaSi^i^dMorcow ington, whwe the Wateigate ete 
Itilhis3aSew danger that was mter^g with oew c^s for 
the superpowers. whi?h had 1 
learned fiorn the Cuban missile cri- RTm 
sis to avoid direct clashes between Mr. Nixonliad dismissed the Wa- 


thdr own could stiU -be pr^utor Aj^j- 

dng^d into conflict while assist- SSSTeS^mtalTBS 

is more complex form of Sovi- 

iclear chpldmacy, which in- was called the Saturday Night Mas- 
SaSarfff felt that the Soviets had 


et nudear diplcanacy, which in- wascaucauKMimu,.,^.^ 

3 3JS? yd 

and its own Egyptian and Syrian be«m walctog what had beengrang 
allies. t^^Tlike eariier^ 

sodes. It quickly provoked a US. COD ff m ab ®°* ^ ^ d ? e ,5 a f t ^ n 
resoonse in the form of a world- problem might conclude that the 
S^t^ic nud^dci i Uruted States was incapable of re- 

That alert was meant to be kepi a ff 1 ^Jlh^ihei^S?Sd?v < Tn 
secret, except from ibe Russians, as. And that if they acted boldly, m 

Kord it quickly leaked and ™w of our mesaim«^ 

uons, that they might be able to 


'I fear that if we do 
ever see a nuclear 
weapon used in 
anger, it is likely to 
be in the Third 
World.’ 


Junes R. Schlesinger 
Former U.S. Secretary 
of Defense 



whatsoever, excepting only to deter 
one's opponents from their use, 


tier Others disagree that nuclear co- 
one's opponents from their use, ercion is a serious 'prospect. Mr. 
and we surely don't need 50,000 for Bundy, for example, said in an in- 
itial purpose." terview that nudear diplomacy has 

The Russians, however, see an- “really never worked for either side 
other purpose for nuclear weapons, at any time. 

Mr. Shevchenko summed up “Nuclear danger,” he said, “has 
what is a prevailing U5. govern- created the natural caution at a 
meat view that “the Soviet leader- number of points for many court- 
ship oo adders that the stronger tries, incluaing our own. But the 
they are, militarily and eroccially notion that you could use a nudear 
strategically," the easier they can monopoly, or even less, a marginal 
achieve political goals. nuclear advantage for the purpose 


: purpose, 
he Russia 


Mr. Shevchenko summ 
what is a prevailing US. g 
meat view that “the Soviet 1 
ship considers that the st 
they are, miHiarify and ere 
strategically," the easier thi 
achieve political goals. 


“Without this enormous mill- of getting things your own way in 
taiy, strategic, nudear arsenal.” he some disputed area is not, I think, 
said recently, "the Soviet Union borne out by the historical record, 
would not be a superpower. Jt Quite the opposite.” 


would be behind Japan. It would be 
behind even Germany." 


Like others, Mr. Bundy doubts 
that U.S. nudear superiority at the 


reached the em3e worid. J^t tibqrmM 

Another US. signal at the time ■ ”21*52? 


able to 
coup." 


has never been publicly mentioned: ....u,. nHIW ;,|. , n wan uuu mey iciiaiu uuui uuau- uic uuuuu »mui wu me w.j. 

a private menage to the Soviet «« '*&■" and the Soviet Union fame shown 

Union that said, according to a inrdlipfncc At that delicate moment in 1973, when it’s come down to the possi- 

Pemaaon official atthe time, that drtnms- the United Stales responded to So- bility of engaging each other's mili- 

the united States “might not be E viet moves by goingonlim and unytoraxS 

able to restrain some else." P 01 ^ ^ P fa0 “ been flying th., , 

meaning IsrTie^ “fnnn taking out' 

Soviet nuclear warhrads.” 


mentioned: T1ie te P on £h f t ^ Rl «* ta ? s 


Mr. Nixon sees the present time of the Cuban missile crisis was 
growth in Soviet nuclear weapomy significant to the outcome of that 
M posing a potential new danger to episode. U.S. conventional military 

W the equilibrium between the super- superiority in the Caribbean plus a 

powers that has helped keep the workable diplomatic option ended 

dulge in adventurist schemes, to he “would not ignore the effect of ■ PC ^i^oritv riTrmcteflr weaoons ^ crisii^ he bdieves. 
wait, because time is on (heir side." nnclear terror as a deterrent to con- f aw nmer k e^rhe ^* r ' ^ ,xon believes today's 

But, he added, “That does not vemional war. 1 think it has been „: d -The Uni instates danger is “what happens 

can that the Soviets are so pro- real. I think h has contributed to CT-T f a* vearL *.4 we when these nuclear weapons come 

m ihai thev refrain from mish- the caution which both the U.S. j r tr w. „i into ihe hands of smaller powers." 


mean that the Soviets are so pro- real. I think h has contributed to 
dent that they refrain from push- the caution which both the U.S. 
mg." and the Soviet Union have shown 

At that delicate moment in 1973, when it’s come down to the possi- 


hadiitorjhposLAOycms.tod™ ^TEndTo MTES? 


ports. The planes had been flying 
oquipmeut into EgypL 
Mr. Schlesinger said their sud- 


privately warning the Russians that 
ihe Israelis, too, were on alen. 


went on, a power t 
While the military and even dip- extend its aominai 


‘•vwiwi uu^lval WuJ tU flu J . " . t 

Thai 1973 mcid.ru illustrates ,Ien ^Pl'^ranoc w^ interpreted 
why nudear utapi-os haw even, 85 a sl j ul . 
begun to lose thor value for the successfaUy put m place the ueces- 


lomatic value of nuclear weapons peace:" 


ways used it to deter war. 

“Superiority for an offensive 
power, like the Soviet Union," he 
went on, “a powo- that is trying to 
extend its domination, risks the 


former U.S. officials. 

rim!" he Mr. Schleringer said, “I fear that 
'mSiBto wc d< > ever see a nuclear weapon 

A the 


( lJ‘di*TpL*Sa ^Ttopreted Washington also “brought jrcai appears to have declined over the 'Notihat Mr. Nixon Foresees the Mr Nbwn said that deterring the 
as a siyn that the Russians had pressure on Uk Israelis to adhere to years, the production of weapons Soviet Union using its weapons. spread of mrcleir weapons to such 
successiaUv put in place the neces- the and tire letter of the -.vase- by each nation continues unabated. The men in the Kremlin are not countries as Libya, led by Moanw 
^IquipXiSJt for a Soviet inter- V.S. and Soviet leaders have madmen." he said. “And they're was ax^ Soviet and 

StiM into Egypt- t«?nriS JSmSvJw! beeD ^ nolabf y prudent and care- not fools. They do not want a Eu- Amencan interest. 

Senior officials of the Nixon ad- 10 a Umted ful” dealing with the risk of con- rope that has been atomized. They “Both the United States and the 

ministration had received these dis- superpower vemional and nudear war, a for- dtm’i want a United Slates that has Soviet Union," he said, “don't 

SSritcUi grace reports by sure the cease-fire. dTOOTumlM mer ^onal security adviser, been destroyed.” want these nudear weapons to be 

5. . I... .hn, muA.nA 4 threat tO intervene With Soviet Mi-TTwwoi* niin<tu Hi- lYwitiniN-d- “Tlie sn-nt dnnerr nrnlirMnlpd nil rwpr lh/* ivnrld h<-- 


. . . .u,. 13, .cri one t,nW pressure UU UJC LMdtU* Luau-icic 

85 JL Tri h?ni«7^The neces ^ s P^ r and the letter of the ■-■c-tse- 

sucassfady put in place the neces- _ . T M <thles : r . 2er 

sary equi pmratfor a Sovrel mler- ^^d^B^hnev agreed 

venuon in _ t £.^yp|- f . . to a United Nations force without 


pressure on die Israelis to adhere to years, the production of weapons Soviet Union using its weapons. 


by each nation continues unabated. “The men in the Kremlin are not 
U.S. and Soviet leaders have madmen." he said. “And they're 
been “notably prudent and care- not fools. They do not want a tu- 
dealing with the risk of con- rope that has been atomized. They 


explain why there have been no 
nudear alerts since: 


On Oct. 6. ,‘973, Egyptian and JJclH when, late that mating a 
-nun fftinvc lannohMi f Brezhnev message arrived declar- . , 


McGeorge Bundy, said. 


He continued: “The great danger proliferated aD over the world be- 


Syrian forces launched a surprise Brezhnev message arrived deciar- 
aitack against Israel, attempting to ‘“B Moscow’s mtenuon toactum- 
regain lost Arab lands. As thetide laterally if necessary. 


, . . Bat “I don’t think we can be os insofar as the West is concerned is cause some nut like Qadhofi, you 

^ comfortable about the kinds of not destruction in nudear war, but know,_may set off the whole 


icsaui lost Atao anai as the tide ■«««*» “ — — — j- defect to the West, said mat tacen Hem/' Mr Nixon said, 

of battle went back and forth, Mos- Senior officials gathered for an -vhh the risk of a nuclear war or to 


choices that they have made, or at surrender through nuclear coer- world.’ 

, ... ..... «ah ” Mr Mi,nn Haiti 


UBM OUUIIAUl, 1*1 uar O-— ‘ . . , imn UK Ui ll JIUUCOl Ul 1U „ ■ t 1 .rl H r,fi...nnn, r,rl 

cow and Washington each tried to emergency meeting late that night MVe Egypt." the choice definitely 

arrana a cease-fire to give its cBent in the While House situation room., w loforget Egypt “and avoid ihe ^ rini ^ cmmSitimL" he add 

6«oio Hmiv A If i csin- • l continuing competition, he ado- 


arrange a cease-foe to give its cBent in ihe While House situation room. ^ forget Egypt “and avoid ih 

state the best -result. Secretary of Stale Henty A. Kissin- 0 ( a nuclear war.” 

Early in October, shortly after ger presided at the session. Mr. ^ u s ^ ^ “actually a 

the Egyptians bad invaded the Si- Nixon did not participate. He raid soberil|g on the Soviets anf 
nai, the Soviet Union put several recently be already had given Mr. ^ nexl were already no 

airborne divisions on alert. Later, Kissinger “authority to do what tallf ; ^ ofjcanl M 

when MS. aid was flown to Israel was necessary drolomaticaBy to ^ CTen ^ possibility o 

toe Russians began Flying ammimi- prevent Brezhnev from inienramg ^ ^ Soviet conventional forces, 
Uon and other heavy military math- militarily." Mr Shevchenko said 

nel into Cairo. Mr. Schlesinger said: It was % - . „ fVl . Ml 


continuing competition, 
ed. 


Soviet Shq) Is Rescued 



airooroe divisions on alert. Later, Kissinger aumoniy ro uo faUdug about any kind 
when U5. aid was flown to Israd was necessary drolomatically to eration ^ wen ^ p, 


y land of jranl op- criticized both superpower; fdir MOSCOW 
JlKSL" ctmtinuujg to produce new nudear ship trapped 
yrauonal forces, weapons on top of about 50,000 arcuca lor 1: 


nel into Cairo. 


Mr. Shevchenko said. 

Reflecting cm this episode, Mr. 


weapons on top of about 50,000 arctica for 133 
that now exist day by an icebi 

“I think I ran say without any Pacific port of 


By brad gained nS^^&SiS conlrSi" hfLrSK 

_ 2 !f to avoid it escalating to thenudear “that there is no piece of paper m 


Egyptian Third Anny COrps, about 
25,000 men and the cream of the 
E^piian Army, was faring annihi- 


Mr. Kissinger 


p«tpH ft tU oVvW u cavaiamig iu suw uumwi 

frfvL ievd, we feft that it was important 

“ A«,l< nau 


MOSCOW —A Soviet research 
ship trapped in frozen seas in Ant- 
arctica for 133 days was freed Fri- 
day by an icebreaker sent from the 
Pacific port of Vladivostok, the of- 
ficial press agency Tass said. 

The ship, the Mikhail Somov, 


^sTilO . ry — 1 — ’“"T' r || • Iriwidc. nuclcsr fllcft icvq, wt icu uuu ntw •***% iheworid that shows how either ihe with a skeleton crew of S3 cm 

Slf to make it very dear to Brezhnev Soviets or the U5, Warsaw Pact or board, is sailing under its own pow- 

fcgypttan Army, was farina anniht- so as to make foe greaiesi unpres- . ^ we worid MA-m a fhannpt 


. ' ' "r, .; : Mon. 

^ The Soviet 
\ -* j:--; ; ^ Brezhnev, seei 

... - •'! w'' ihni IwppI ot-h 


5*m£ m IhicL ‘ 


JfnmthSei™ P ih® iW if be moved ia we would NATO, cauinitiau: Ibe use of these 


NATO, can initiate ihe use of these er through a channel carved 
warheads with advantage to itself, through ice 1. 5-meters (4.5-feet) 


weztmev seong uw posabuny anger ram, ™ weapons. That was in the back- 

„ . % .... ^ . that Israel was about to score a would be prepared to back down, 

; n«9 or vtooty that could unseat because he was looking for an rasy broadN about 

; *^5SSr? 1 TCrtumty to move into the Midi 

v .-l.- that U5. and Soviet forces jointly die East. mci,;™* Mr NnnnMdimmiripe 1 

. , . move into the area to enforce an ”Tbc United States," he added, thSoS 

^“eariifir.agreed-t^on cease-fire. Sa- “and indeaJ all of mankind, have r acl0 R ioS kwcI 

' ;■* • ' .' *' ?[' fa 1 gave his support to Brezhnev’s been m the fortunate poation that kJjfover 40 vear^Sat have 

- - , ; . , ^'^>roposnL Soviet leaders over the course^ 

? . % - At the time, Brezhnev- was ma- some 30 or 40 years have been P*»ented World War JR 

' “ , . J^euvering to restore Soviet infiu- prudent and cautious men. Lenin- A former U5. defense secretly. 


•J v%,: Mj'' J y leuv ' nri ® t0 restorc Soviet infiu- 
' ~ .:’: ;,: !u.\:^Tice in Ihe Arab world, which had 


isi doctrine tells them not to ra- 


A former U5. defense secretary, 
Harold Brown, said recently that 


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U.S. Farm BiU 
Is Stalled Over 
Price Supports 

The Associated Press 

WASHINGTON — The 
House Agriculture Committee 
has tentatively approved the 
major grain price-support por- 
tion of a new form bill, but then 
killed a proposal to allow farm- 
ers to vote on a mandatory pro- 
duction control program that 
would retire at least 35 percent 
of U.S. cropland. 

However, the committee 
agreed Thursday to reconsider 
next week its vote on the wheat 
and feed-grain support section 
of the bill. 

And proponents of the farm- 
er referendum said that they 
would take the idea to the 
House floor. The referendum 
would ask fanners to vote on a 
mandatory production control 
program to reduce surpluses 
and drive up farm prices. 

The Senate Agriculture Com- 
mittee, meanwhile, after ap- 
pearing nrar agreement on tne 
grain price-support sections of 
its own bill, broke up in dis- 
agreement over a plan to extend 
for four years a freeze on direct 
subsidies paid to grain farmers. 


Among those, he %aid. are, j 
strengthening of ihe country's icch- 
nalogjcai hie. accelerated mod- 
ernization of tanks, aircraft and 
ships, enhanced combat readiness 
of the armed forces and also ability 
for sustained combat. 

Bui. Mr. Collins added, "jnai- 
lention" by planners left a number 
of major limitations, so that “in 
some scry important respects, vye 
find that either we are no better p£f 
than we were in 1980 or our posi- 
tion is worse.” | 

Progress in strategic power, hi 
wrote, "has been leasi where im- 
pairment is most pronounced." * 

While the naval segment of the 
UJ>. deterrent has been strength- 
ened by nuclear submarines and 
missiles' since 1980. the report said, 
the advance in land-based and air- 
based weapons has been slower. ; 

Without a missile deterrent s>sr 
tern, tire U.S. ability to protect its 
population and economic base 
from nuclear attack remains “nil” 
Mr. Collins said. 

The nudear strength in Western 
Europe is “no better" than in post 
years and is “backsliding m some 
respects." Mr. Collins said. 

The ships in the Soviet Navy a&d 
merchant marine “vastly outnum- 
bered" those of the United States 
in 1980, the study said and added: 
“The gap is growing." 

The U.S. numerical edge in eight 
of 10 categories, ranging from stra- 
tegic nudear forces to destroyers, 
slipped in the last four years, the 
study concluded. The Soviet Union 
retained numerical superiority in 
16 of 19 areas, in addition to its 
large edge in manpower. 




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V* 1 




Page 4 


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BVTERNAT10NAL 



(tribune- 


mUcd WhhTbe New York BncuwtTtfffM hl a gMl PM 


A Budget Failure Looms 


A political failure of historic magnitude is 
developing in Washington this summer. Both 
the White House and the House of Represen- 
tatives have repeatedly given thought to a 
serious attack on the budget deficit — and 
have repeatedly decided that they- would rather 
noi. The Senate has put on the table a new 
proposal that, among other things, would im- 
pose a stiff tax on imported oil. It could 
accomplish the necessary feat of getting the 
deficit below $100 billion a year by 1988, but 
its chances of passage are not brilliant. 

The consequences of failure would be dras- 
tic. The costs would not be paid by the Reagan 
ad minis tration, which has no more elections to 
win or lose, but by all the people throughout 
America and the world on whom the weight of 
economic breakdown would fall. 

The Senate proposal is probably the last 
chance for substantial reduction of die budget 
deficit this summer — and if nothing is done 
this summer, nothing will be done before the 
□ext presidential election. Next year is an 
election year, never a good time for tax in- 
creases. And after that? It will be the second 
half of the president’s second term. 

Whose fault is the present deadlock? Fault 
inevitably lies primarily with the president. He 
instigated the oversize tax cut of 1981 as part 
of a great strategy supposed to send savings, 
productivity and output all soaring. None of 
dial has happened, and President Reagan has 
steadfastly refused to come to terms with that 
failure. Instead he keeps fighting off tax in- 
creases while the debts mount. 

Much responsibility also' belongs to the 
House Democrats. Their adamant defense of 
the Social Security cost-of-living increases is a 
disservice to the country. If they and the presi- 
dent cannot get together on some variant of 
the Senate proposal, and do it within the next 


10 days, the odds will shorten dramatically on 
a series of highly unpleasant possibilities. 

The budget deficit and the Treasury's con- 
stant borrowing keep interest rata unusually 
high. The conventional wisdom is that the 
government will eventually tiy to erase these 
debts with inflation, but that will not work. 
The financial markets are dominated by peo- 
ple who lost a great deal of their own and 
their clients' money in the late 1970s by under- 
estimating inflation, and they will not make 
that mistake again. At any sign of rising infla- 
tion, interest rates will go shooting up as lend- 
ers scramble to protect themselves. Economic 
growth, already faltering, will drop. 

At that point America will probably be 
forcefully reminded that its present prosperity 
depends crucially on the money that it is 
borrowing from abroad at a rate of 5120 bil- 
lion a year. If the foreign lenders begin to get 
nervous and pull back, the dollar exchange 
rate will drop and inflation will accelerate 
while interest rates take another leap upward. 
Then you will begin hearing more about trou- 
ble In the banking system, and the burdens of 
the indebted Latin countries will become truly 
intractable. There you have the formula for an 
economic misfortune that goes well beyond 
the scale of any conventional recession- 

None of these thing s need happen. But a 
failure to enact the Senate proposal, with 
strong and explicit presidential support, would 
sharply increase the chances of a real disaster. 
Failure to act now, before the recess, would 
greatly strengthen the possibility that, several 
years from now, Americans will cast a heavy 
judgment on the president and Congress that 
wasted the summer of 1985 in petty maneuver- 
ing for partisan advantage, at a time when 
disaster lay directly and visibly ahead of them, 
— THE WASHINGTON POST. 


Toward Peace in India? 


When Rajiv Gandhi was catapulted to the 
leadership of the world's largest democracy by 
his mother’s assas sinati on last year, he was 
inexperienced and untested. His spectacular 
triumph in the election soon after owed more 
to sympathy for his martyred mother than to 
any achievement of his own. The success of his 
recent trips to Moscow and Washington was, 
likewise, discounted as deriving from his youth 
and charm. Now Prime Minister Gandhi has 
emerged as a true heir to the skills and 
strengths of the Nehru-Gandhi dynasty. He 
seems about to conquer the issue that most 
gravely menaces India's future, the seething 
Sikh violence that has convulsed the country 
for years and surely cost his mother her life. 

This conflict began with Sikh demands for 
greater provincial autonomy, territorial ad- 
justments and greater access to river water for 
irrigation. Thousands of lives have been lost: 
the tenor has spread beyond the Sikh home- 
land in Punjab, even beyond India’s borders. 

Yet Prime Minister Gandhi and Harchand 
Singh Longowal, the Sikh political leader, have 
managed to negotiate an agreement that ad- 
dresses key original demands of the Sikhs, plus 
new ones occasioned by the violence and re- 
pression. If their constituencies ultimately 


accept the accord, it will at last be possible 
to contemplate an end to the enduring vio- 
lence; and a harmonious future. 

Mr. Longowal launched the Sikh campaign 
three years ago with Mahatma Gandhi-style 
■tactics of civil disobedience, but militant and 
terroristic factions took over. Indira Gandhi's 
government responded by sending the army 
into the Golden Temple and other Sikh sacred 
sites last summer. More than 1,000 Sikhs per- 
ished, including the most militant leaden 
much of the moderate leadership was put in 
detention. Mrs. Gandhi was murdered four 
mouths later, allegedly by her Sikh body- 
guards, and uncontrolled anti-Sikh rioting 
brought injury and death to thousands of 
Sikhs. Negotiations resumed after Mr. Gandhi 
released Mr. Longowal and other leaders. 

Opposition to the agreement can be expect- 
ed from nriHtaat Sikhs, but it remains reason- 
able to hope that most will approve. Mr. 
Longowal and Mr. Gandhi merit admiration. 
Mr. Longowal has brought a long campaign 
within sight of success. Mr. Gandhi has mobi- 
lized his political capital and taken real risks in 
the interests of his country's future. AH of 
India’s friends wish him success. 

— THE NEW YORK TIMES. 


Clear America’s Voice 


That was quite a bolt that France hurled at 
South Africa: a three-pronged announcement 
of recall of the ambassador, suspension of new 
investment and introduction of a United Na- 
tions condemnation of the state of emergency. 
At one stroke the French took the hardest, or 
at least the most conspicuous, position of any 
Western state. Observers link the new French 
position to a decision by the Socialist govern- 
ment, faring elections, to adopt a genuinely 
leftist stand on at least one major issue. It is 
a diplomatic event all the same. 

We confess to a certain envy in viewing the 
French position. Skeptics ask what the angle is 
and point out that unrest in South Africa is a 
greater damper on investment than any act of 
Western self-deniaL Still, no one can be in 
doubt about where the French stand on apart- 
heid. Whereas, five yean into “constructive 
engagement,’’ many Americans and almost 
everyone elsewhere suspect that the United 
Stales is cozying up to apartheid. 

The Reagan administration has some so- 
phisticated rejoinders, but it must fight its way 
upstream against the impression of permis- 
siveness left by the president, who can seem 
impervious to black victimization, and by the 
State Department, which becomes increasing- 
ly defensive. “America is anathema to people 
in South Africa now,” says Sheena Duncan, a 


white South African long associated with the 
anti-apartheid movement Her words cut 

The terms of the West’s argument over sanc- 
tions are changing. South African rigidity and 
American ambivalence play off each other. We 
th in k that the Reagan administration is tight 
in claiming that sanctions — not just the threat 
of them, but the reality of them — are less 
likely ro pressure whites toward reform than to 
slow down the economy, a powerful engine of 
blade advancement. But with the admmts ua- 
tion’s own commitment to ending apartheid 
under a cloud, its resistance to sanctions gives 
sanctions a good name. Congress is moving 
toward some form of sanctions — watered 
down, perhaps, but precedenwelting. 

If there is a legitimate argument over sanc- 
tions, there can be none over the value of 
bringing the West’s moral authority to bear. 
Remote, londy and frightened as well as 
proud, white South Africa craves inclusion in 
the company of the West This gives Western 
words and gestures uncommon importance. 
The Reagan administration has dissipated 
much of the leverage available to the United 
States. Briefly last fall it seemed as if the 
presidmi had found his voice — the American 
voice. The effect was electric, but there was no 
follow-up. Where is the American voice? 

— THE WASHINGTON POST. 


FROM OUR JULY 27 PAGES, 75 AND 50 YEARS AGO 


1910'. America U» Prop Up Liberia 
l/JNDGN — Nothing less than the apparition 
of the United Stales as a new Power in the Old 
World, says the “Daily Mail,” is indicated by 
an announcement by Reuter's agency. Tins 
foreshadows the undertaking by the United 
States of responsibility of controlling the Re- 
public of Liberia. The announcement follows 
the visit of an American commission to Liberia 
to deal with the finances of the country, which 
have fallen into disorder. A debt of £100,000 at 
7 percent was contracted in 1871, but interest 
has not been regularly paid, and though only a 
comparatively small sum is needed to place the 
finances in order Liberia’s credit is nil A loan 
will now be raised under American auspices to 
pay off tins debt, which is mostly due to British 
subjects, and the United Stales, France and 
Germany will participate in floating it. Great 
Britain apparently being excluded. 


1935: 'Bounty 7 Film Crew Overboard 
SAN PEDRO, California — Seventy-five 
movie workers aboard a replica of H.MS. 
Bounty, filming the famous story of the muti- 
ny on the old square-rigger, were pitched into 
the sea during a squall winch strode the vessel 
near San Miguel Island, about fifty miles from 
Santa Barbara [on July 26]. It was reported 
that the ship had sunk, taking three engineers 
with it. A cameraman is also missing, and more 
than $50,000 worth of motion picture equip- 
ment has been lost. A Coast Guard cotter is 
rushing to the rescue. The cinematic Bounty 
was a barge that had been transformed into a 
reproduction of the famous 90-foot vessel 
skippered in the South Seas by Captain Bligh 
about 150 years ago. Clark Gable, Franchot 
Tone and Charles Laughton are starred in the 
movie version of “Mutiny on the Bounty," but 
none of them was aboard during the squall. 


*01* 

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3 *'* 
2 ' 

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INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-19$} 

KATHARINE GRAHAM, WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


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® 1985. Internal tonal Herald Tribune. AB rights reserved, 



Much Ado About a Freese — Remember? 


W ASHINGTON — Whatever happened to 
the nuclear freeze? It seems just yesterday 
that it was sweeping America, gathering before ft 
politicians, teachers, doctors, children and other 
living things. Two years ago the freeze resolution 



Remember the urgency? “We are on the verge 
of blowing ourselves off the face of the Earth." 
said Representative Ed Markey three and a half 
years ago, repeating what was then a common- 
place. In 1982, in perhaps the largest demonstra- 
tion in American history, nearly a million people 
turned out in New York to call for disarmament. 

In a few days there win be demonstrations 
again, this time for the 40th anniversary of the 
bombing of Hiroshima. There will be demonstra- 
tions and speeches and a ribbon to be tied 
around the Pentagon to banish nuclear war. 
There will be yet another Markey freeze resolu- 
tion introduced in the House, this one "compre- 
hensive.” There will be petitions and letters. 

Yet this time around it is not the same. It all 
has the sound of a faint echo. And the look is 
ritualized, too, in part because Aug. 6 is a solemn 
commemoration, but in larger part because the 
life has gone out of the movement The heady 
days. Ground Zero days, are gone. 

Indeed, the freeze itself is gone. Aug. 6 will 
amply highlight that fact It is a reminder of how 
little is now heard about the issue that was to be, 
literally, the issue to end all issues. 

What happened? What killed the freeze!? 

A . 


By Charles Krau thamme r 

dassic political boomerang. The notion that only 
a small number of sudor detonations would 
destroy mankind was meant to galvanize the 
anti-nuclear movement But n makes plain that 
the freeze, or any other plan to control nuclear 
amis — even Georae Kerman’s idea to cut them 
in half —would still leave the worid on the eve trf 
nuclear winter. The only solution to “winter” lies 
in near total «fanmnwM»ni and beatific virions 
do not sell terribly well in America. 

• "Star wars”? Another new idea, this one 
hatched by an enemy. It <5d not of course, make 
anybody stop believing in the anti-nndear move- 
ment, but i; confused its argument. The freeze 
had beat fueled by an abhorrence of deterrence 
and ihe balance of terra that underpins iL But to 
oppose a nuclear defense meant having to argue 
in favor of deterrences "Scar wars” has turned the 
anti-nuclear case against itself. 

• Nov. 6? The freeze party carried Minnesota. 

• The media? In a development that will in- 
terest the right. Mother Jones mag^rinr. blames a 
media "blackout” for the freeze's demise. This 


cranes from (Jesse Helms, take note) the media’s 
‘‘pro-establishment bias." it seems only fain 
They make yon and they break you. The problem 
with this theory is that it overlooks Nov. 6, 

The anti-nuclear movement of the *805. boro in 
Europe and matured in the United States, has 
now moved south, (h had trouble moving east.) 
It has set sail for New Zealand, now of fid ally 
anti-nuclear. New’ Zealand will not receive ships 
of the US. Navy for fear they may be nuclear, its 
people and sheep sleep better now. 

This is not the end. however. No doubt the 
movement wfll come north again. A new genera- 
tion will someday ask the same questions, ex- 
plore the same alternatives and rediscover the 
same hard truth: that deterrence is both inescap- 
able and indispensable. Meanwhile, the move- 
ment will have to live on memories. 

1 called my doctor to ask about an X-ray-like 
device called nuclear magnetic resonance. “Mag- 
netic resonance imaging, he corrected me. “We 
can’t use the word nuclear anymore.” 

There once was an anti-nuclear movement in 
America with the power to change the name of 
medical devices. Tell your children. 

Washington Post Writers Group. 


57 The anti-nuclear movement did 
help move President Reagan to accept the poli- 
tics, if not the wisdom, of aims control. Ameri- 
cans and Soviets are talking in Geneva. But we 
are as far as ever from a freeze, let alone from 
sa tisf ying any millennial Inng m g a for disarma- 
ment. This explanation sounds like a retrospec- 
tive version of the Aiken solution to the Vietnam 
Wan Declare victory and go home. 

• Anxiety shift? What people really demand 
from anns control talks is not that they succeed 
but that they go on. People always have some 
anxiety about nuclear war, but it only terns to 
political agitation when they fed that the people 
m charge do not share the anxiety. As soon as 
Mr. Reagan promised to worry about the issue 
and take over the burden, the movement faded. 

• Nuclear winter? That new idea, promulgat- 
ed by the movement's friends, tinned into a 



Sanctions Might Get the West’s Message to Pretoria 


P ARIS — The slow-bunting fuse 
of racism in South Africa is get- 
ting shorter. It is hard to dete rmin e 
whether the Reagan policy of “con- 
structive engagement* marie the de- 
teriorating situation worse. Certainly 
it has not made anything better. 


By Flora Lewis 


in blade townships may be a cross- 
roads. Oliver Tambo, exiled acting 
head of the African National Con- 
gress, has called for “a general offen- 
sive to make apartheid impracticable 
and South. Amca ungovernable." 

Yet even Mr. Tambo still speaks of 
a day when blacks and whites can 
both live in their huge, generously 
endowed country in common peace 
and dignity. Militant blacks accept 
South Africans of European descent 
as a “white tribe,” people who belong 
to the land as much as they do. It may 
still not be too Tate to reverse direc- 
tion and begin the long, hard process 
of reconciliation, although explosive 
pressures are dearly mounting. 

The sorry state in the rest of Africa 
cannot justify South Africa's attempt 
to maintain a nation of two societies, 
not really separate, as apartheid im- 
plies, but one atop the other, a crust 
erf democracy and wdi-bdng sup- 
ported W rank servitude and misery. 

President Pieter Botha echoes the 
familiar African lament that what is 
wrong is the fault of outriders. In his 
case be blames Communists, not of 
course imperialists and multination- 
als who are the usual butt in other 
parts of the continent. 

Bat it was South Africa's aggres- 
sive policy to drive the ANC out of 
bordering states that provoked great- 
er chal l enge within the country. 

The tone of desperation in the ap- 
peals of Bishop Desmond Tntu to 
end violence should be taken as a 
serious signal. He threatened to erra- 


tic if blacks continue to murder 
considered to be collabora- 
tors. Tint is almost an admission that 
modem leadership is loring its base 
and that the voice of reason and tol- 
erance is losing its audience. 

White Sooth Africans ride bong 
caught between their own extremists 
and rising Mack fury. Tbe police 
measures have destroyed the last 
shreds of pretense that the system 
aimed fra development 

for Hacks. The whites have the guns. 
The blacks’ only powo - is their num- 
bers. But if confrontation is allowed 
to escalate, there will not be much 
room for accustomed security and 
comfort in between. 

Just because It is Western, with a 
capacity to produce well and the in- 
frastructure of a modem society. 
South Africa has a responsibility to a 


continent that is foundering in trage- 
dy. But it seems to be scurrying lan- 
mmg-stylc into its own abyss. 

“Constructive engagement” was 
advanced by 'Washington on the pre- 
mire flat tie regime mPrctom 
did want to find & way out of its 
made dilemma. There was no historic 
inevitability about apartheid; it was 
imposed in steps of increasing sever- 
ity after World War IL South Africa 
could have evolved in another way. 
But it didn’t, and the recent steps to 
modify the system have been too 
wide of the realities of everyday life, 
too reluctant to address the central 
issue of legal equality, to be taken as a 
sign of regret and a desire to correct 
the terrible mistake. 

So tbe democratic West now has 
the unhappy task of making dear to 
Sooth Africa’s leaders what they do 


not want to see fra themselves: They 
are on a path of disaster. 

Sanctions are a poor tool of inter- 
national relations as a general role. 
The effect is seldom more than sym- 
bolic. But symbolism is critically im- 
portant in the South African case, 
really There is nothing beyond it but force, 
s self- Black militants have noted wryly 
that the democracies seem to get 
worked up about South Africa only 
when there is violence. Blacks do not 
really want violence; blacks would 
hurt most. But they have not been 
given much evidence of consistent 
interest in the cause of justice without 
upheaval. They, too, need to hear the 
united States speak np firmly. 

This is said in much sympathy and 
awareness of the dreadful dangers 
ahead of South Africa. Willy-nilly the 
United States is involved. It must act 
to head off the worn. 

The New York Tunes. 


A Slate of Emergency, Then More Emergency 


J OHANNESBURG — Reaction 
to Frerident Pieter W. Botha’s 
declaration of an emergency has been 
stronger than expected. The French 
government’s decisions to freeze new 
investments and recall its ambassa- 
dor took Pretoria by surprise. 

Despite the condemnation on all 
rides. Me. Botha had little choice but 
to declare the emergency. ManyAfri- 
kaners agree with Andries Treur- 
nicht, leader of the right-wing Con- 
servative Party, that he should have 
done h sooner. It had become evi- 
dent, since the March shootings at 
Uttenhflge. that police using conven- 
tional methods were unable to cope 
with the growing unrest. 

Pretoria apparently aims to defuse 


By Eric Marsden 

the violence by mass arrests of com- 
munity leaders who were trying to 
take control of townships after driv- 
ing out coanriflora and blade police- 
men with mob violence. Most erf the 
radical leaders support the United 
Democratic Front, which urges ncm- 
violent action but has been ratable to 
control the teen-age mobs. 

Anger is growing in thousands of 
black famines over the current arrest 
rate of dose to 200 people a day. The 
detainees are bdd incommunicado. 

Opposition po liticians and mem- 
bers erf the Buck Sash — a white 
women’s group that fights for blade 


& 


Republicans Are Brewing Up Ideas 


W ASHINGTON — An onpub- 
iidzed meeting last 
in the Great Smoky Moon tains or 
Tennessee may turn ont to be a 
lan dmark in the saga of the Repub- 
lican Party’s effort to become the' 
governing party in America. 

Four governors, three conserva: 
trve House activists and two of tbe 
Republicans’ most influential polit- 
ical consultants met "at Blackberry 
Farms. Tbe host and prime mover 
was Tennessee’s Governor Lamar 
Alexander, who takes over this 
summer as chairman of the Nation- 
al Governors Association. Tbe oth- 
er governors woe Dick Thorn- 
burgh of Pennsylvania and John 
Suminu ' of New Hampshire (the 
chairman and vice chairman of the 
Republican Governors Associa- 
tion.) and Jim Martin of North Car- 
olina, a former House member. 

With them were pollster Robert 
Teeter and campaign consultant 
Bailey, products of the 
f’s progressive wing and strate- 
gists fra many Republican guberna- 
torial candidates; and three leaders 
of the House Conservative Oppor- 
tunity Society, a controversial 
group that thinks of itself as the 
cutting edge of “the Reaganrevolu- 
tion” — Newt Gingrich of < 

Connie Mack of Florida and 
roll Campbell of South Carolina. 

The session was the result of a 
call from Mr. Alexander to House 
Minority Whip Trent Lon, a Mis- 
sissippi Republican. The governor, 
as hie told me, expressed his “frus- 
tration” that whenever the party 
had a campaign strategy meeting, 
“we get a wagon load of Washing- 
ton, D.C., operatives talking about 
the gold, standard and Afghanistan 
and a lot of other things that can’t 
possibly get a Republican elected 
mayor of Johnson City. 

“I told Trent that some of his 
right-wing friends have helped the 


a onpub- By Darid S. Broder 
weekend 

president find a way to talk about 
issues that boosted the Republicans 
on the national level, but we don't 
seem do that well at tin state or 
local leveL I asked him if he could 
get some of us together with some 
of his friends and see if we couldn't 
come up with some ideas.” 

The upshot was the Blackberry 
Farms meeting. (Representative 


need to improve America's compet- 
itiveness in the international econo- 
my — including what Representa- 
tive Gingrich called “mutual trade" 
policies as an alternative to free 
trade or protectionism. 

The spontaneous locus on job 
development and trade policy — 
which the Reagan administration 
has brushed aside with laissez-faire 
nostrums — shows the usefulness 
for a party of nations state and 


f mutual trade,' as 
opposed to free trade 
or protectionism. 

Lott missed it because of a schedule 
conflict) All tbe participants I in- 
terviewed said it was probably the 
best brainstorming and strategy 
session they had ever attended. 

Out of it came the outlines of 
what the participants found them- 
selves calling “Reagan Revolution 
Stage 2," an effort, as Mr. Thorn- 
burgh put it “to extend GOP vic- 
tories beyond the (W ashing t o n) 
beltway” m tbe 1986 elections. 

It is not idle talk. Governors 
Thornburgh and Suminu are well 
launched on a campaign to raise $2 
million for the RGA to use in the 38 
gubernatorial elections of 1986. 
They have signed up President Rea- 
gan for an autumn fund-raiser that 
win give the RGA hs first real fi- 
nancial and political credibility. 

The Tennessee meeting is the 
start of a parallel effort to inject 
intellectual substance into the 
RGA by identifying Republican 
themes and programs that rdy on 
State level leadership. In addition to 
education, the group focused on the 


federal perspectives. It carries a 
warning to the Democrats — who 
have just launched a national policy 
commission dominated by state 
and local officials bra with a cum- 
bersome 100 people involved. 

Meanwhile, the Tennessee meet- 
ing sends a message to establish- 
ment Republicans who dismiss (be 
Gingrich gang aspnblidty-seekmg 
bomb-throwers. The four governors 
went to Gingrich & Co. for ideas — 
and found them. House Republican 
moderates, who have talked about 
meeting with their party’s gover- 
nors but typically procrastinated, 
have again been bypassed. 

Finally, these Republicans have 
the germ of an idea that might in 
Tact move tbe Reagan revolution 
into a new phase. ML Campbell, 
who win leave the House next year 
to nm for governor of South Caroli- 
na, put it best: “Wehavewoual the 
national level by promising to re- 
strain the federal government’s 
role. But people want and expect 
tlurfr state governments to be active 
and involved in solving problems.” 

T am more convinced than ever 
that the 1986 gubernatorial elec- 
tions are the next critical battle- 
ground for American politics. The 
Democrats who control two- thirds 
of the states need to understand 
that the Republicans are coming at 
them in a more serious way t nar> 
they have ever' seen. . 

The Washington- Post. 


dvfl rights — fear revenge actions by 
the police. The Black Sash has spent 
months collecting affidavits from 
township residents alleging brutality 
by individual policemen. Allegations 
link the police to right-wing vigilan- 
tes responsible for last month’s mur- 
der of four UDF leaders and the 
disappearance of many others. 

Many blade policemen have scores 
to settle. Some, of their colleagues 
have been hacked to death; 306 po- 
ficemen and their families have had 
their houses destroyed by arson. 

Mr. Botha's breathing space is like- 
to be short. And when he does lift 
icy laws, be will still face 
^the problem that led to the rioting — 
the exclusion of the black minority 
from the new constitution. 

He was hoping to set up a negotiat- 
ing forum of “moderate blacks, but, 
at the instigation of ANC agents, 
radical forces have succeeded m de- 
stroying the local authority system. It 
is doubtful whether the emergency 
will make it possible to reinstate it 

Mr. Berthas ruling party sprang a 
surprise recently by calling for blacks 
opposed to “the system” to join the 
negotiating forum, to work out a new 
dispensation in which no racial group 
could dominate another. This 5 not 
likely to attract any takers. The ANC 
leadecship-ni-enle has said that there 
can be no negotiations unless they 
cover the cfismantling of apartheid, 
and that proposals must be endorsed 
by “the entire democratic leadership 
of South Africa.” This racing that 
Nelson Mandela and others must be 
released, the ban on the ANC lifted 
and all exiles allowed to return. 

There is an unbridgeable gulf be- 
tween this demand and the “non- 
ncgotiablcs” laid down by Mr. Botha 
earlier this year: Whites Trill not 
abdicate,” there can be no unitary 
stale based on one-man. one-vote, 
and there can be no fourth legislative 
chamber for blacks. No radical black 
leader would sit at the table faced 
with such a severely limited agenda. 

Bishop Desmond Tutu, emer ging 
as his people’s leading spokesnan, at 
least in the world’s eyes, has stressed 
that be is only standing in few Mr. 
Mandela and the others. 

Mr. Mandela has already rejected 
Mr. Botha’s offer to release him if hit 
will renounce violence, apparently 
fearing a crick to split him from the 
ainent ANC leadership. Mr. Botha 
is now under pressure to release him 
nnoonditiouauy, as a compassionate 
gesture to a man who has s pmt half 
■ his adult life behind bats. 

That would probably not lead to 
talks unless the government 
Ely changed its terms, but it 
would earn a rare credit for South 
Africa and perhaps halt its slide into 
international isolation. 


Watching 
The Dollar 
Cool Down 

By Hobart Rowen 

W ashington — Since 

March, the U.S. dollar has 
been sliding from its peak value, 
against other currencies. The Reagan 
administration welcomes gradual de- 
preciation because that might cwn- 
lera ci protectionist pressures in the 
U.S. Congress. Much of America^ 

$ 123 - billion trade deficit of lust year 
is blamed on the overvalued dollar. 

Treasury Secretary James A. Baker 
3d said in a Washington Post inter- 
view. “WVre not displeased with the 
recent decline." On average the dollar 
is off about 1 3 percent from its peaks. • 

That is little compared to the 74- 
percent increase on a trade-weighted 
basis from the third quarter of 1980 
to this year’s first quarter. Bui. mind- 
ful of the troubles experienced by 
some of his predecessors who were 
accused of “talking ihe dollar down," 

Mr. Baker was careful not to set any 
lower target for (he dollar. 

Other officials have said privately 
that they would welcome an overall 
20- lo 25-percent decline. 

A slide in the dollar has negative as 
well as positive implications. Imports 
would be more costly, causing new 
inflationary pressures. In addition, os 
Federal Reserve Board Chairman . 

Paul Volcker has been pointing out. a 
cheaper dollar prorides less incentive 
for foreigners to buy Treasury bills 
and notes, meaning' that an impor- 
tant source of financing for the bud- 
get deficit is threatened. 

It would take a much more sub- 
stantial deciine in the dollar before ' 
there would be benefidaj effects on 
the trade deficit or negative effects on * 
inflation. And therein lies a dilemma 
for government officials and the Fed. . 

A “prerip! tous“ decline in the dot- ' 
lar “is the greatest risk we have an the 
inflation front," Mr. Volcker told a 
House banking subcommittee. He 
pointed out that if the Fed lets the 
dollar go too low. and foreign raves-, 
tors pull their funds out of the United 
States, interest rates would have to 
rise sharply to attract enough domes- 
tic money to cover the budget deficit. 

Thus. 'Fed policy at the moment 
appears to be riving priority to keep- 
ing a heavy inflow of foreign capital 
to hdp finance the deficit. 

Mr. Volcker. through the haze of , » 
his cigar smoke and sometimes ob- „ 
scute rhetoric, is trying to teQ the : e 
markets that he does not want to risk * 
a dramatic decline in the dollar by 
pursuing lower interest rates — even 
though lower rates would be welcome 
news for a sluggish economy'. Yet, he 
promised, the red win still follow a 
monetary policy generous enough to 
fad what it hopes will be an improv- 
ing growth rate for the economy in 
the second half of this year. 

The Fed is in the equivalent of a " 
high- wire balancing act, and no one is 
sure it can brag it off. If Mr. Volcker -? 
brings it off “it would be a feat rarely 5 

if ever accomplished,” says Henry • 
Kaufman of Salomon Brothers. •**- 
So far, despite the plunge in inter- ~ 
esi rates since March — the six- 
month Treasury bill rate dropped to ? ■' 
125 percent from 10.5 before picking - 
up slightly after Mr. Volckers testi- . - 
many — the United Slates remains . . 
attractive to most foreign investors 
as a “safe haven.” 

The Fed had hoped that President^ - 
Reagan and Congress would get to-, " - 
gether on a budget-reduction pack- 
age that would allow room to maneu- 1 
ver on monetary policy without 
risking serious new inflation. 

The administration was counting' ^ H 
on a defirit-reduetiou package of 
around S50 billion this year and 5300 
billion in the next four years. But - — 
prospects for that have been idled by. 
poiiucal realities on the HOT. ' 

Added to the concern over tbe 
budget and trade deficits is doubt . ‘ 
about President Reagan's health., it- 
Momentarily shaken by news of his 
cancer, the markets recovered with 
his quick response after surgery. But 
the medical assessment that about, 
half of those afflicted with colon can- 
cer die of the disease is a sobering 
thought, and may be one reason for 
the more recent market slide 
Another uncertainty relates to the 
future course of the Fed. Two gover- 
nors known as “sound money men . 
and Volcker backers win leave this 
year and next: Lyie Gramley, who ■ > 
has announced ins retirement, and 
Charles Partee, whose term expires 
next year and who is not expected to 
be renamed by President Reagan. 

Theoretical^. Mr. Volcker could - . 
find himself tn a minority on the . 
seven-member board. Financial mar- i.v 
kete wary that Mr. Volcker might * 
quit in such a situation. ; - 

The Washington Past. 

LETTERS 

Three Simple Questions 

Caroline Fredrickson thinks *. 
“Youth Should March on Washing: 
ton” (July 15). She has me wondering 
what would happen if enough yoafl£- 
sters got together in the debtor awn* 
tries and formed a coalition powerful 
enough to cancel those countriesT 
debts. “Why should we keep paying 
high taxes and be submitted to ad 
austerity plan.” they might reason. 

"just to pay back’ the monstrous 
debts incurred by oar ancestors?" 

“Why shouldn’t we cut the nomi- 
nal value of our government bonds in 
two or in four?” would smilariy re* ■ ^ . 
stto^eyow^U5.riuzais. . 

And why not holiday oa the moon? ■ 
JACQUES LINDON 
Paris. 

Tbe Simple Idea of Help *sp.. 



V 


& 


•*S 


-a, 




The writer Is South African corre- 
spondent for The Sundew Times of 
London. He contributed uus comment 
to the Las Angola Times. 


Westerners would. seem to need 
Live Aid concerts at least as much as 
the desi gnated African beaeficiarifiS- 
There is too hub? cptinasm in the Sff 
today; present pohws and ecwotn- 
ics <fo not encourage yotfflg peg** 
look to the future The simple idea <* 
helping Urn hungty is-Wctoomt 

JiL.AVIVS9N.-i 


4V 

«T 


* 




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I 






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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


Page 5 


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Turkish Imam on Trial 
For Writing Sex Guide 

Author of Best^Selling Book Charged 
With Urging Return to Mamie Custom 


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■ By Hcruy Kamm 

Nnr York Times Service 

ANKARA — A prommem Mos- 
lem- clergyman has gone on trial in 
Istanbul on a chaise of "advocat- 
ing a retom to Islamic practices in 
scdal life” in publishing a best- 
selling book. "Sexual Life Accord- 
ing to Islam.” . 

The prosecutor demanded seven 
and a naif years of imprisonment 
for the clergyman. Imam Ali Riza 
Demircan, as the trial began in the 
state-security court on Thursday. 

The imam also faces a later trial 
before a regular court on a charge 
of "defaming and insulting Islam 
and the Prophet Mohammed" in 
the book. 

The accusation of advocating the 
application of Islamic law is the 
mac serious charge by far. Al- 
though’ about 99 percent' of the 
more than SO million Turks are 
Moslems, the republic founded by 
Mustafa Kema] Ataturk in 1923 is 
determinedly secular. 

The modem upsurge of Moslem 
fundamentalism in many parts of 
the Islamic world has made govern- 
ments in Turkey especially sensi- 
tive to stirrings chat suggest a c all 
to introduce aspects of Islamic law 
as the law of the land. 

Imam Demircan's two- volume 
work, a mixture of guidance on 


The government has removed 
imam Dcmircan from the Istanbul 
mosque at which be preached. Al- 
though, Islam was disestablished as 
Turkey’s official religion in 192R 
the government nevertheless ap- 
points all imams and pays their 
salaries. 

Imam Demircan's book, which 
appeared last March, quickly sold 
10,000 copies, making it an excep- 
tional commercial success. Its seri- 
alization by Gunaydin, an Istanbul 
daily newspaper, prompted the 
public prosecutor to bring charges 
and order the book withdrawn 
from circulation. 

The government moved to trans- 
fer the imam to a job outride Istan- 
bul but be refused and was sus- 
pended. 

Although photographs of lightly 
clad women nave becume common 
in the press and mild pornography 
has become available, Turkish soci- 
ety remains more easily shocked 
than that of most countries by ex- 
plicit discussions of sex 

A university-educated young 
woman who was asked by an em- 
bassy for which she works to read 
and summarize the book said Turks 
were particularly shocked that the 
book mixed sex and religion. "Reli- 
gion is holy and sex is considered 
something very private," she said. 



Italian Communists to Meet on Setbacks 


Imam AS Riza Denurcan, the author of “Sexual Life 
According to Islam,” with the woman who published die 
book. Maid Gungor, In Istanbul where he Is being tried. 


By Loren Jenkins 

Washington Pm Scnicc 

ROME — The Italian Commu- 
nist Party, slung by recent electoral 
defeats that put in question its rep- 
utation as the most successful and 
largest Communist movement is 
the West, has decided to convene a 
special congress aimed at revital- 
ization. 

Political observers said the move 
to call a congress a year ahead of 
schedule and to assign its prepara- 
tion to a 70- member commission 
r ..^ r ., instead of leaving it, as usual, to the 

top leaders, reflected the stale of 
* i. ■: m Jt turmoil among the Communists. 

The decision came Wednesday aL 
the end of a three-day meeting of 
the party's Central Committee. Ac- 
cording to a senator who attended, 
the standing of the movement was 
body debated and, by implication, 
the year-old leadership of Alessan- 
dro Nana was questioned. 

The issues, said the senator, were 
two election failures this year, the 
party's apparent “identity crisis" 
and its isolation after two years of 
government by a five-party coali- 
tion under tfie Socialist prime min- 
ister, Bel lino CraxL 





whether the graphic examples the 
imam cited derive from accurate 
renderings of. the Arabic scriptures 
or from loose translations and per- 
sonal interpretation. 

According to Imam Demi man. 
Islam requires of women total sex- 
ual subservience to their husbands. 

The imam also described Mo- 
hammed as urgin g men to satisfy 
immediately all stirrings of desire 


■7 sexual technique and admonitions . „ . ... ^ 

10 follow his interpretations of Is- “To bring them together is coosid- with' one of their wives, so that 
• "“iiaiiflfgjl lamic scriptural morality, offended emd sacrilegious." “you wiD not be tempted into doing 

^ • ' — u ~ 

••• -:l: 

-State 


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- ■’ "-.fa ku; 

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V " J: 

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13c Dye 

■' : :■ 0":lv liilc 

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■ life- 


on two grounds. It violated the tra- 
dition St a country that has been 
slow to follow the international 
trend toward candor about sex, and 
it provoked concern among au- 
thorities who seek to protea the 
secular basis of modem Turkey. 


Imam Denurcan drew most of 
his examples to illustrate an Islam- 
ic sex life from the life of Moham- 
med himself. The work abounds in 
purported details of Mohammed's 
marital life with his nine wives. It 
will be up to the court to determine 


something sacrilegious," such as 
adultery. At the same time, the 
book emphasized Islam's prohibi- 
tions against adultery, homosex- 
uality and sexual deviation. 

Imam Demircan recalled in de- 
tail tire specific penalties for sexual 


oTTenses prescribed in Islamic law. 
although he stopped short of ex- 
plicitly demanding their applica- 
tion in Turkey. He listed such pen- 
alties as death by stoning for 
adulterers, death for male homo- 
sexual acts or sex with animals, 
beatings for lesbians and blinding 
for voyeurs. This is believed to be 
the basis of the charge of calling for 
Islamic law in social life. 

Imam Demircan also went 
counter to the government's advo- 
cacy of family planning by declar- 
ing all forms of birth control to be 
contrary to Islam. 

The imam, 39, abides by Turkish 
law by having only one wife. They 
have nine children and a grand- 
child. 


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“We all agreed that things have 
L"thesen 


to change." the senator said. “What 
we couldn't agree on was how. That the cost of living. 




Comoro Aon 

Alessandro Natta 

will now be left id the party con- 
gress to determine." 

The Central Committee meeting 
culminated a period of self-analysis 
initiated by Mr. Nairn after the 
defeat in June of a Communist- 
proposed referendum that chal- 
lenged Mr. Craxi’s plan to end 
automatic pay increases pegged to 
of liv‘ 


In 1976. 34.5 percent of the elec- 
torate voted Communist, and ;he 
party controlled most large uliev 
In 1983. the party won juM under 
30 percent. Its performance in pro- 
vincial elections two months ago 
was only slightly higher. The failure 
to rally even the working class wa> 
a shock to the party. 

Analysts say the* problem of the 
Communists is that, since (he ad- 
vent of the hrst non-Christian 
Democratic prime ministers in the 
1980s. the piny no longer attracts 
voters as a sole viablr alternative to 
the Christian Democrats, who had 
been dominant since World War II. 

When the Communist Party's 
fortunes were at their height, under 
Enrico Bcriinguer in the 1970s. 
even Christian Democrats began to 
believe in an inevitable sharing of 
power with the Communists. 

All that changed in the 19S0s 
when the Socialist Party, under the 
leadership of Mr. Crav’i. broke om 
of its own ideological isolation to 
play a role as a power broker be- 
tween the larger Christian Demo- 
cratic and Communist parties 

“The Communist problem is 
simply that today Italian voters un- 
derstand there are alternatives to 
Communist and Christian Demo- 
cratic rule." said Paolo Garimbcrti. 


Rome editor of the Turin daily La 
Stampa. “Thai has left the Com- 
munists isolated and alone Until 
they can find a way of forging alli- 
ances with the Sts. i a hits, whom 
they now just attack, or some other 
natural political ally, they will re- 
main in the wilderness " 

Mr. Natta, 6?. wav elected to 
bead the puny in June 1984. when 
its fortunes wen; already showing 
signs of decline. He has been 
blamed by many stalwam Tor the 
recent sense of drift. 

Responding to interna) pres- 
sures. Mr. Natta called for in open 
debate to "reflect on our policies." 

In response, leader after leader 
offered interviews in the pres? to air 
ihcir opinion-., underlining that the 
party was badly split about its fu- 
ture. and i-sen about the present. 

Luciano Lama, head of the pow- 
erful Genera! Union of Italian 
Workers, complained in print that 
"there i> a Joss invagination, of con- 
tact with reality and the problems 
of Italian society." 

Mr. Nana was on the defensive 
Monday when he addressed the 
Ceiurai Committee. He was said to 
have called for a return to the par- 
ty's iraditional “demivrjtu cen- 
tralism." meaning disciplined sub- 
nussion to leadership decisions. 


Austrian Coalition Threatened hy Wine Scandal 


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Box 11O660/N. D- 1000 Berk) H. 
Wert Germany. 


Reuim 

VIENNA — Chancellor Fred 
Stnouutz demanded an end Friday 
to political squabbling over blame 
for Austria's wine scandal, which 
could cause trouble for his uneasy 
coalition government. 

Mr. Sinowatz spoke as the au- 
thorities in Austria and in other 
countries recovered more wine con- 
taminated by a poisonous sweeten- 
ing chemical, normally used in 
automobile antifreeze. Austria's 
agriculture minist er also promised 
Friday a new wine law that would 
be the strictest in the world. 

The ministry gave the ambassa- 
dors of 35 nations a list of contami- 
nated wine. Bottles have already- 
been found in Japan and the Unit- 
ed States, but most concern has 
been in West Germany, the main 
importer. 

In Bonn, Health Minister Hetner 
Geissler announced moves to tight- 
en controls on wine imports as his 
ministry’s danger list of Austrian 
wines increased to 350. 

Officials of the various Austrian 
ministries involved have appeared 
reluctant to accept responsibility, 
and opposition parties have de- 
manded the resignation of Agricul- 
ture Minister GQenther Haiden 
and Health Minister Kurt Steyrer. 


Several members of the 
two-year-old government have 
been touched hy financial and oth- 
er scandals in the past year and (be 
government has been forced into a 
□umber of embarrassing policy re- 
verses. 

“We have to rally together." Mr. 
Sinowatz said, "to draw the conse- 
quences from this scandal, caused 
by a few criminal businessmen, and 
ensure it cannot be repeated." 

Any internal disputes would 
only compound the damage al- 
ready caused to Austrian trade and 
its image abroad, he said. 

The authorities have issued ar- 
rest warrants for 10 persons ac- 
cused of adding the chemical dieth- 
yJene-glyool to wine to make it 
sweeter. In some wines they have 
found lethal levels of the chemicaL 
which can cause nerve, brain and 
kidney damage. 

Mr! Haiden said that his minis- 
try was preparing new titles for 
checking and labeling wine. "The 
Austrian wine law will be the strict- 
est in the world." he said. There 
would be a ban on adding sweeten- 
ers of any kind. 

A spokesman for the Austrian 
government’s wine marketing hodv 
said it was drawing up a list of 
wines that had been cleared by in- 


Baltic Emigres Start Cruise 
To Protest Rule by Soviet 


/teuton 

STOCKHOLM — About 400 
Baltic emigres sailed Friday on a 
cruise off the coasts of Estonia, 
Latvia and Lithuania to protest So- 
viet rule. 

The sailing was delayed by a 
bomb scare. Swedish police carried 
our a full-scale search of Baltic 
Star, the Panamanian-registered 
liner chartered for the cruise, after 
a Stockholm newspaper said it had 
received an anonymous letter 
threatening to blow the ship up. 

The Soviet press has described 
t he cruise, due to reach Helsinki on 
Sunday for a human rights demon- 


WeinbergerSays 
Reagan Remark 
Justified on Soviet 

New York Times Semee 

WASHINGTON — Defense 
Secretary Caspar W. Weinberger 
said that President Ronald Reagan 
was justified in calling the Soviet 
Union an "evil empire,” because 
that spotlighted "the coercive and 
tyrannical system of our Commu- 
nist adversaries." 

In an address Thursday before 
leaders of 30 nations attending a 
conference of the International 
Democrat Union. Mr. Weinberger 
referred to a remark made by Prwi- 

dem Reagan in a 1983 speech. 

Mr. Reagan denounced Soviet 
communism as "the focus of evQ in 
the modern world" in a March 
1983 address to church leaden in 
Orlando. Florida, and urged them 
u> beware of the temptation of ig- 
noring "the aggressive impulses of 
an evO empire." 

Mr. Weinberger told the confer- 
ence that he deplored the practice 
of lumping the United States and 
the Soviet Union together as “su- 
perpowers saying that implied a 
"moral symmetry. 

Among those attending the con- 
ference were Prime Minister Mar- 
garet Thatcher of Britain and Vice 
President George Bush, who were 
among the founders of the organi- 
zation or conservative poUticans in 
1983. 


stratum, as a provocation aimed at 
disrupting the 10th anniversary of 
the Helsinki accords on European 
security and cooperation. 

The ceremonies are to be attend- 
ed by 35 foreign ministers in Hel- 
sinki next week. 

The cruise organizers said they 
had asked the Swedish Navy to 
keep their ship under electronic 
surveillance to detect any attempt 
by the Soviet Navy to interfere. 
They said the liner would stay in 
international waters while off the 
Soviet coast. 

Those on board included about 
100 Americans of Baltic origin, 100 
Swedes of Baltic origin, some mem- 
bers of Sweden's parliament, jour- 
nalists and Vladimir K. Bukovsky, 
a Soviet dissident who left a Soviet 
labor camp for the West in 1976. 

The organizers said they would 
throw wreaths into the sea in mem- 
ory of Balls who. they said, had 
died trying to defect to the West. 

But they said that, contrary to 
Soviet reports, they had did not 
plan to beam radio broadcasts or 
send messages in balloons or con- 
tainers. 

Tbe Soviet Union annexed Esto- 
nia. Latvia and Lithuania in 1940. 


U.S. May Test 
New AIDS Drug 

Reiters 

WASHINGTON — An experi- 
mental drug used in France against 
AIDS, or acquired immune defi- 
ciency syndrome, may soon be 
available in the United Suites for 
treating victims or tbe disease, a 
U.S. health official said Friday. 

C. McClain Haddow. chief of 
staff at the department of health 
and human services, said the 
French manufacturer of the drag, 
known as HPA 23. had filed an 
application to test it in the United 
States. 

It was disclosed Tuesday that an 
American film star. Rock Hudson, 
has the disease that cripples a vic- 
tim's immune system. Medical 
sources in Paris aid Mr. Hudson 
had been treated with HPA 23 
while hospitalized in France. 


m 

CHANNEL 


BROADCASTING TO CABLE COMPANIES 
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"Europe* Best View" 


PROGRAM. SATURDAY 27th JULY UK T»«S 


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1100 SKY TRAX 
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specters of containing chemicals. 

In Bonn, the Health Ministry 
said its danger li<>i would be updat- 
ed again next week. “Our urgent 
warning against drinking Austrian 
wines still applies." he >jjd. 


Four West German a: no. jL 
from the Rbcir.he-tcn region, were 
included on the new !i>i o! ?5u 
following (e«t> week that 
showed they contained diethvlen- 
e-chcol. 


ADVERTISEMENT. 



27 Jnlv 1980 

On the fifth anniversary of the death of 

H.I.M. Mohammad Reza Pahlavi, 
the Shah off Iran, 

whiwe vifj»n for hi* united country embraced the past, 
influenres. the present and will shape the future. 

From Hoaaein Danrshvar who was honoured 
to have known and served him. 

"Iran has lost an effective leader who. far 
from Iveinji parochial, had a better under- 
standing of the j*real forces that move the 
world than leaders of most major countries.*' 
Richard Au an. in "The Rtal uar“. 


YOU’VE HEARD 
THE MUSIC! 

DID YOU GET 
THE PICTURE? 



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year'' 


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Page 6 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


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1984-85 Auction Season Figures Show Sotheby’s Widening Lead Over Christie’s 


laiernatlimal Herald Tribune 

L ONDON — The 1984-85 sea- 
/ son, ending this month, has 
been brilliant For Sotheby’s and 
reasonably good for Christie’s. 
Sotheby’s has substantially in- 
creased the distance separating it 
from its competitor. 

With worldwide sales totaling 
£502 million ($642 milli on by the 

SOUREN MELIKIAN 

company’s accounting), Sotheby 
says it has progressed 25 percent 
over the 1983-84 season. Christie’s 
admits virtual stagnation, its 
worldwide sales moving up slightly 
from £334.1 million to £337.5 mil- 
lion. 


ART TOUR TO VENICE 

Oct. II - Oct. N 

A lecture war caacracraiuig on (he aretn- 
uxturc, painting, sculpture and history of 
Vance with an historian TERENCE 
O'HAIR (M.A. Coaruuld Itutiiutel 
Croup Entiled U 11 £325 (airfare from 
London, hold insurance, guide feel. 

fajofumtiow anti sdie£idr on 
Leaden (Oil 5699583. 


A detailed comparison of their 
financial performance is difficult 
because the two houses do not pro- 
duce comparable figures. Soth- 
eby’s, which became a private com- 
pany with A. Alfred Taubman's 
takeover in 1983, refuses to divulge 
regional figures, but it would seem 
to have scored more heavily against 
Christie's in the United States. 
Christie’s, which does release a na- 
tional breakdown, bad sales total- 
ing 5204.3 million in the United 
States, down 2 percent from last 
season’s $209 million. One source 
said Sotheby’s U. S. market share 
in pictures of every category, from 
Old Masters to Victorian and Con- 
tinental paintings (Le., kitsch) and 
Contemporary paintings, reached 
71 percent from January to June 
1985. 

Sotheby's lead in this field is im- 
portant because pictures represent 
the heaviest contingent in the art 
market Sotheby’s had two world- 
wide figures available in this area: 
Impressionists, Contemporary 
paintings and photography totaled 


INTERNATIONAL 
ART EXHIBITIONS 


MOMTE-CAKtO 


6 th INTERNATIONAL 
BIENNAEE 
OF ANTIQUE DE AUERS, 
JEWELLERS 
AND ART GALLERIES 
MONTE- CARLO 

Intenpfional Sporting Clu(> 
P Luce du Cn-vino 

[ROM.H ] .Y .UHli r\ ill. U Cl S I 12 th 1985 
Irum 3.30 p.m. n>8.30p.ni. 


On the occasion of its opening 

GALERIE ARTIS 

\, Impasse de la Fontaine, MONTE CARLO, Tel.-. (93) 25 63 00 
presents: 

RENOIR 

, drawings and watercolors 
until September 14 


MASTERS PAINTINGS 
XIX e - XX e 


HOTEL LOEWS 

EXPOSITION . 2-20 AO III 



MONTE CARLO 

TELEPHONE 193150 65 00 


PARIS 

GALERIE MERMOZ 


PRE-COLUMBIAN ART 


, 6, Rue Jean-Mermoz, 75008 PAMS. Tel.: 359.82.44 


250 

reasons 

r to visit 
LE LOUVRE 
DES 

ANTIQUAIRES 

250 ART DEALERS OPEN 
FROM TUESDAY 
THRU SATURDAY 
11 a.m. to 7 p.m. 

2. PLACE DU PALAIS-ROYAL 
75001 PARIS-TEL (1)297 2700 


.Promt Exhibition 
-AUTOURDUPARFUM- 
DUXVrAUXIX* siEcle 


ROBOT FOUR TAPESTRIES 
MOO, KB, PICASSO, MION, 
LEGES, LURCAT, CAKZCXL. 
AUBUSSON 

herd-woven TAPESTRIES 

Original prestigous hand-knotted 

SAVONNER1E CARPETS 

28 Rue Bonaparte, Farts 5th 
Tel: 329 30 60 


— MUStE RCOIN = 

77, n>e de Varerme [7*1 
MAfro Varenne 

KIRILI 

Sculptures exhibited 
in the museum gardens 
Daily, except Thuesday, 
from 1 0 a.m. to 5.45 p.m. 
SSSJune 26-Sepfembar 7 6b 




FESTIVAL EXHIBITION 

24* July — 15® September 1985 

P. Bonnard - E. Vuillard 

Pastels - OSpamtiiigs 

GALERIE SALIS 

A-5020 Salzburg ‘ GoMguse 13 * Austria 
— Catalog on request — 




JAPANESE GALLERY 



Japanese wood prints from £545001.1 
Open doily Irani lOam-Gpm, 

66 D Kensington Church Sc London W8. 
Tefcphnne:01C4»3t 

RAMS /NEW YORK 


ZABRISKIE 

BRIGGS, KERN, 
POIVRET 

724 Fifth Ave, New York 

WILLIAM KLEIN 

37 rue Quineampoix, Paris 


MARLBOROUGH HNE ART 
(LONDON) LTD. 

6 Albemarle St.. Wl. 01-629 5161 

FRANCIS 

BACON 

Ally 31, 1985 

Mcm^ri. 10-5 JO. Sots. 10-113C. 
Fully iOutiroted analogue available 


I New Art Centre — 

41 Sk»ne Su, London S.W.1. 

20th Century Master 
Drawings 

Degas. Mger, 

Matisse, Moore, MirO. 
TeL: 01-2355844 


"ART EXHIBITIONS” 
"ANTIQUES” 
"AUCTION SALES’' 

appear 
on Saturday 


S18I.7 milli on this season, up from 
$ 1 10 j million; other pain tings, in- 
cluding Old Masters, the Victorian 
schools and their contemporary 
counterparts, rose from 5101.8 Bul- 
lion to $116.8 million. 

The trend might accelerate in 
Sotheby's favor. In the United 
States, the furor caused by Chris- 
tie's admission that in 1981 David 
Bathurst, then its New York presi- 
dent. had lied in declaring that 
three paintings were sold when 
only one had found a buyer above 
the reserve, has harmed Christie’s 
image. Sotheby’s press release says 
little beyond pointing to its 25J- 
percent increase in sales. One sig- 
nificant fact does emerge: Fifty- 
one persons will be laid off in the 
United States, bringing Sotheby's 
worldwide staff down to about 
U50. The explanation 'for the job 
cutting comes at the end: “It is 
quite clear . . . that the costs of 
doing business in New York and in 
London are dramatically different, 
as” — it adds, tanializingly — "are 
the markets, and this implies differ- 
ent strategies.” 

In New York certain types of 
sales will no longer be held, such as 
Japanese works of an (for which 
read “objets d'art” ; sales of prints 
will continue), musical instruments 
and “collectibles,” which may 
mean anything from badges to 
corkscrews or items connected with 
the Beaties. Experts, Sotheby's re- 
assuringly notes, will be retained in 
New York “to provide a full service 
for American dients.’' This means 
they wiD be there to pack off to 
London any items valuable enough 
to justify the effort 

Most significant, perhaps, is a 
defensive tone that creeps into the 
release. Michael Ainslie, Sotheby^s 
top executive under Taubman, is 
quoted as saying that the manage- 
ment vnll “question some of the 
traditional focus on volume and 
expansion at any cost” His next 
statement, that this “is not a reac- 
tion to difficult times nor to a soft 
market," will be greeted with skep- 
ticism by professionals. Too many 
will remember Soiheby^s late 
March sale of Impressionist and 
Modern Paintings, where 46 per- 
cent in value, in one session, failed 
to sell. In April there was a difficult 
moment in the Islamic week when 
more than 24 p ercent of the manu- 
scripts and leaves failed to reach 
their reserves. In one Old Master 



Pool Haefrns/Tho T^wToi Tom 

CAPITOL ART — Larry Keck, a conservator at the 
U. S. Capitol, restoring one of 24 medallion murak by 
Constantino Branridi, an Italian immigrant mho worked 
as an artist in the Capitol from 1855 until 1880 and also 
painted two larger murals. The Capitol collection is one 
of the most important in Washington, with 785 pieces of 
art, many of them depicting scenes from U. S. history. 


building up Sotheby’s Chinese after saving rwo years Tor homo- 
sales in Hong Kong. Tally will sexual practices. 


Fleming also paid £1750 pounds 
rar-h far two love latas from Mrs. 
Wilde to Arthur Lee Humphreys, a 
writer and publisher who managed 
Hatchards bookshop in Piccadilly. 
In the same auction Monday a 387- 
page vellum notebook in which 
William Buder Yeats wrote drafts 
of his poems between 1930 and 
1933 was bought by an Oxford 


book dealer for £275.000. aim 
twice Sotheby's top estimate. - . ^ 
On Tuesday at Sotheby's, six la- 
ter s to King George IV from {g 
estranged wife. Maria Fnzherbefc 
were sold for £13,200 lo an 
mous private bidder. .Another . _ 
vale collector paid £93.500 for * 
copy of King Charles IPs Decbtni- 
uon of Breda, signed in the Nethe£ 
lands before the monarchy was re- 
stored in 1660. '* 


leave Sotheby s at the end of this 
year, a major loss to the company. 

Lally is one of tire most highly 
regarded experts on early Chinese 
art operating in the auction world. 

His reputation is surpassed only by 
that of Thompson, who has been in 
the field longer. Thompson, who 
built up Sotheby’s Chinese strong- 
hold in Hong Kong, was running it 
jointly with Tally, who enjoys the 
.sam e high standing within the Chi- 
nese collecting and dealing com- 
munity as he does with American 
collectors. 

No explanation is given for Tal- 
ly’s departure Marion, as an auc- 
tioneer, probably outshines all his 
colleagues in the United States, but The Associated Press fairs, will hold hearings this faft Or 

he lays no claim to expertise. Di- VT EW YORK — Christie's an- the hidden reserve, which bc.laft 
ana D. Brooks, a financial expert, is IN nounced Wednesday (hat had attacked as 3 deceptive trade pra£. 
promoted to chief operating officer retained a law firm to advise h in 

connection with an urgent interna] 


Christie’s Asks Law Firm 
To Check Sales Practices 


review of its auction practices and 
procedures. 

The review was undertaken after 
a Christie’s executive, David Bath- 
urst, resigned ins key posts with the 
film, admitting that be had lied 
when he said three paintings were 
sold at an auction in May 1981. 
Only one had been sold. 

“In light of recent developments, 
we are taking a detailed look at all 
our business practices." Christo- 
pher Buxge, pioident of Christie's 
New York, said in announcing that 
it had retained the linn of Simpson 
Thacher and Bartlett. 

He said in' an interview that the 
firm had been retained because it 


“brings an objective eye to this look Others bid by telephone. 

-4 AmLaoI if fka A Ik/f 'lnk'itt'kn or* He'll 


Paintings sale, the bough t-in rate 
was 27 percent 

Nor was Sotheby’s alone in this 
uncomfortable position. A worse 
disaster was suffered by Christie's 
in New York in early June, when 
two-thirds of a one-man Old Mas- 
ter “collection" apparently formed 
as an investment failed to reach the 
reserve prices. 

The two auction houses can no 
longer ignore the market reaction 
against speculation. This is appar- 
ently what is meant by Ainaie's 
remark that “the market proved 
more price sensitive and showed 
some resistance to quick resales." 

Most extraordinary is the exclu- 


sive focus in Sotheby’s release, dat- 
ed “London, 25 July." on manage - 
meat changes in New York. Julian 
Thompson, chairman of Sotheby’s 
International and of Sotheby’s 
London, is neither mentioned nor 
quoted. Yet one would have ex- 
pected his name to crop up in the 
paragraph* that blandly refers to 
what is dearly Sotheby’s first top- 
management upheaval since Taub- 
man bought the company. -Tam#* J. 
Lally is replaced as president of 
Sotheby’s North America by John 
L. Marion, previously chairman of 
Sotheby’s North America. Lally is 
the man who joined Thompson, a 
leading expert in Chinese art, in 


and will share part of his responsi- 
bilities. However brilliant they may 
be in their respective domains, 

Sotheby’s North American man- 
agement will inevitably be less at- 
tuned to the specific problems of 
the art market and, at least as im- 
portant, to the psychological atti- 
tudes that prevail here. 

Elements of uncertainty have 
thus been introduced into the 
American domains erf the two lead- 
ing auction houses. This may not 
show too much in the fall, since 
most negotiations concerning 
forthcoming rales would have been 
conduded by late July. The mo- 
ment of troth will come next 
spring, when the U.S. economy 
will most likely go through its first 
significant cooling-down period 
since 1981-1981 

a PMflips Reports Sales 
The third-largest London auc- 
tion bouse, Phillips, which also has 
a New York operation, said Thurs- 
day that it had record sales of £57 
muion in 1984-1985, an increase of 
30 percent. The Associated Press 
reported from London. 

■ W3de Documents Sold 
A New York book dealer. John 
Fleming, paid £19,800, almost, 
three times Sotheby's top estimate, 
for the deed of separation between 
Oscar Wilde and his wife, Con- 
stance, The Associated Press re- - . . . - . 

ported from London. The docu- « are charged about 10 percent of 
nwit n* signal by ihe writer on 


tice. Auction house officials defend 
it as a way of protecting a gain fl 
organized bidding An dealers de- 
nounce it -> 

Clyde Newhotue. the third gen- 
eration of his family to run tik 
Newhouse Galleries in Manhattan, 
recalls an auction in May where 2] 
times the auctioneer dropped his 
hammer and proclaimed painting, 
sold: later a list was sent out telling 
what had actually changed hands: 
“Only seven were sold, but if you 
were at that auction, you would be 
under the impression' that all were 
sold," Newhouse said. 

Nor can the audience at an auc- 
tion necessarily teU who is bidding. 
Many experienced bidders arrange 
secret signals with the auctioneer. 


at ourselves. Asked if the firm 
would be looking at the actions of 
any individuals, he said, “Abso- 
lutely not" 

Burge said the review would cov- 
er “everything from the moment 
something is consigned to the mo- 
ment it leaves our premises.” 

Bathurst’s lie in 1981 was intend- 
ed to the damage a bad 

sale can have on the art market 
Only one of eight paintings was 
sold because die rest failed to meet 
the reserve price agreed upon se- 
cretly in advance between the seller 
and auctioneer. 

The auction houses make their 
money on both cads of a sale. Buy- 


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_ . gore, 

but that commission is negotiable 
and sometimes is dropped in the 
competition for a desirable work. 

Even experienced bidders can 
leave a sale without knowing who 
bought what, or if anything was 
even sold. 

The reason is the reserve. A piece 
that fails to fetch the reserve price 
is said to be “bought in,” and is 
returned to the seller. Auctioneers 
usually do not announce when a 
work is bought in, but if word gets 
out the work is said to be “burned.” 

Angelo Aponte, New York’s 
Commissioner of Consumer Af- 


A Manhattan an dealer. Robin 
Graham, fifth-generation owner of 
the Graham Gallery, said he had 
seen auctioneers tall out phony 
bids when nobody was bidding 
John L Marion, chairman of 
Sotheby's North America and one 
of the world’s leading auctioneers, 
said be had sometimes done that id 
get an auction moving. 

“The majority of people wait for 
the bidding to get on with it to 
decide whether they are going to 
get involved," Marion said. An- 
nouncing nonexistent bids “is aft 
part of a very organized market 
place." 

He also defended the hidden re- 
serve. Without it. he said, there 
would be a dancer of dealers join- 
ing forces io hold down prices. 

Aponte said New York City was 
likely to consider a requirrinent 
that the reserve price be announced 
in advance and that auctioneers be 
required to announce whether a 
work has been sold or bought in. * 
He said his office had received 
numerous complaints about auc- 
tion house practices, including re- 
ports that they sometimes secretly 
join in bidding on a work. “This 
whole practice that we are seeing 
now seems to reflect that the auc- 
tion houses maintain anifically 
supported prices," he said. “They, 
in effect, can control the market 
any way they wanL" 


New ’Tannhauser’ Opens 
Bayreuth Wagner Festival 


The Associated Press 

TiAYREUTH, West Germany 
-D — This year's Wagner festival 
at Bayreuth opened with a new 
production of “TannhSuscr,” fea- 
turing Richard Versalle in the title 
role and Cheryl Studer as Elisa- 
beth. 

The opera was directed by the 
Italian composer and conductor 



sold for 30 performances of Wag- 
ner works during the festival, wi 


opened Thursday. The other works 
to be staged, in addition to the 
“Ring" cycle, are “The Flying 
Dutchman,” conducted by Wolde- 
mar Nelsson. and “Parsifal," under 
the direction of James Levine. 

Organizers said they had re- 
ceived more than 250,000 requests 
for tickets this year, at prices rang- 
ing from 7 DM CSL50) to 200 DM. 
audience members at the. 
onnance was the West- 
foreign minister, Hans- 
Dieuich Genscher, and the Vien- 
nese painter Ernst Fuchs. 


Petit 'Blue Angel ’ Moves to the Met 


United Press International 

N EW YORK — Natalia Ma- 
karova has opened at the Met- 
ropolitan Opera in the full-evening 
Berlin Opera Ballet version of 
Heinrich Mann's novel “The Blue 
Angel.” The production plays 
through Aug. 3 with Makarova 
dancing all performances. 

The choreographer. Roland Pe- 
tit, who dances the male lead, and 
his co-librettists, Marius Constant 
and Gert Rdnhoixn, reverted to the 


novel’s concept of the Makarovs' 
role as an ordinary, opportunistic' 
young entertainer rather than the' 
amoral, sadistic woman portrayed 
in the 1930 Josef von Siernbog 
film by Marlene Dietrich. 

This is (he first full-length ballet 
created specifically for Makarova. 
44. The two basic sets by Josef 
Svoboda use a few chandeliers, - 
gauzy Hang in gs and bits of fumi- 
mre to serve for many different 
scenes. 


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INTERJVAT10WAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


Page 


ARTS /LEISURE 


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Grand Design Shaping Up on Paris Museum Scene 


Bv John Russell 10 of his pointings in 1947 ii wa» clear from 

New Y*rk Turn Sente? the stature of the gifts ihai he did not wont to 

P i ARTS — Step by deliberate step, a grand be represented in a potentially great museum 
design is imaer wav in the museums — by minor works. 


Guy Fihnian, Claodine Eizykman behind holographic gulls. 


■ aK *J*«Sr l 52f 

SfSS? AfrEjqierim 

Can Be Seen by One Viewer at a Time 


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By- Mark Hunter 
l ARE — As far as plot goes. 


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P“Un Nu” (A Nude) the nevT 51m 
by Guy Faunan and Gaudine Ei- 
zykntan, isn't much. A mummy 
standing in the center of a room 
bathed m green light peels away its 
wrappings to reveal a wo man, who 
(lances around as confetti fHes. 

\ What gives this little scene its 
eerie magic is that it takes place in 
three dimensions. It’s as though the 
viewer were standing in the cham- 
ber instead of watching s screen. 

. M Un Nu” is the first rine-holo- 
on 126mm (about five-inch) 
and one of perhaps ten tine- 
hdograms in the wortd, Fib man 
and Eizykman say. Fihnian defines 
the new art this way: “Cinema is a 
series of photographs, and erne-ho- 
lography is a series of holograms." 
. Holography, a land of threc-di- 
menaanal photography, was in- 
vented in England in 1948 by the 
Hungarian-born physicist Dennis 
Gabor, who won the 1971 Nobel 
in physics after the technique 
been made commercially prac- 
tical with the development of lasers 
ux the 19605. It is used extensively 
in industry to test the design of 
certain objects, and by visual art- 
ists. Holograms are made by a pro- 
cess in winch a laser beam is roflt in 
two; part of the beam (called a 
^reference”) shines do aphoto-se n- 
sitive plate, or film, while the other 
illuminates the object to be holo- 
graphed.- Light reflected from this 
object dashes on the photo-sensi- 
tive plate whh the reference beam. 


creating an ‘interference" pattern 
that, when developed and idunri- 
nated, provides a ihree- dimena on- 
al image. 

The first cine-hol ograpbic short 
film was presented oy Soviet re- 
searchers at the Moscow film insti- 
tute NIFKI in 1976. Projects for 
the field are dimly regarded by 
most experts. Holding up an En- 
glish text on holography published 
in 1980, Eaykman stud with an 
' ironic smile: “In tins book, as in all 
books on the field, tlx author says 
there’ll never be a holographic cine- 
ma. because the problems are too 
many.” 

When Eizykman, 40, and Fib- 
man, 41. began collaborating on 
holograms in 1979 at the Universi- 
ty of Paris, where both are profes- 
sors of cinema, “We wanted some- 
thing that gave us three qualities of 
perception: movement, color and 
relief (or depth},” said Rhman. 
“Cinema and video have moment 
and color — which were considered 
revolutionary when they were in- 
troduced — but no relief- We con- 
sider relief at least as important.” 

“We knew the steps in the inven- 
tion of the cinema, since the 19th 
century, in great detail," said Fib- 
man. **We thought, well redo this 
history for cine-holography, like a 
child going through its develop- 
ment into, an adult.” 

One of their first inspirations 
was the French photographer 
Etienn e-Jules Marev, who on April 
22, 1882, invented the “camera- 


ser Opens 
tier Fe 


'Man With One Red Shoe 9 
Loses a Lot in Translation 


New 


lanet Masiin 

’ark Timer Sorrier 


rsi*** 

S23* s sXTEW YORK — “The Man 

. Tk T-. -i IN With One Red Shoe” was pio- 
duced by Victor Drai, who appears 
to be making a career out of dem- 


V H I 


loves to 


■ jj-asli*.. 
iV C 

T -pjat 

■Tlrv’- 1 ^ 

" ' wrjffi!* 

• t 


rheM 

.p. jii' 


MOVIE MARQUEE 


can traveL like Drains “The Wom- 
an in Red," based more successful- 
ly on a light Gallic comedy, “The 
Man With One Red Shoe” loses a 
lot in translation. As “The Tall 
Blond Man With One Blade Shoe" 
it was a slender but amusing come- 
dy. Now it’s mostly just slight- 
A musician, played in blank 
rather than deadpan style by Tom 
Hanks, is unwittingly singled out as 
a spy because one faction of the 
OA is trying to outsmart another. 
The CIA men say things like 
“Haven’t felt this good since I over- 
threw the government of Chile." 

- What was once an airy comedy 
iT errors has been staged in a more 






■ r vj^'. Vttteral sitcom dyle that matrwn the 
ctoryN sdly turns cl circumstance 
kwk absurd. As dir .vied by Stan 
,c Dragon, who had latter manorial 
with “Love at First Bite" and “Mr. 
Mom,” it has a punchy, angular 
visoal style that emph-Lw^ the 
flatness of the oooversatknL 
7 Though there are some good 
comic actors in the cast, the film 
g ives . Ite m EiUe to da Ounics 
Doming has a potentially funny 
role as a QA chief who talks direct- 
ly pto the bugged statuary in his 
room; Datmey Coleman, as 
best with an 
Herr mann 
have some 
amusing moments as the respective 
he n c hme n of these two, as does Jim 
Bdushi as Hanks's best friend. 

Jhe actresses are particularly 
; miscast, with Lon Singer as a stony 
blond femme fatale and Carrie 
KihercavortingmjQngle-prmt un- 
derwear as Bdnshrs fmtluess wife. 
.•(Sheila Benson of the Los . _ 
fes Tunes writes, however, that 

cast is “a very deft ensemble,” that 

the 

sinuous 

and that, overall: “One 
Shoe” has trying moments but 
Jjtbe rest of it whirls by as summer I 


the spirits of dead warriors, and the 
movie lefts of tbe exertions of a boy 
named Taran to keep the cauldron 
from the evil Homed King, lest he 
bring those warriors to life and 
conquer the world. Based on Lloyd 
Alexander’s “Chronicles of Pry- 
dain" books, this is the 25th full- 
length animated feature from Dis- 
ney. and many of the inmedients 
may seem programmed. The ap- 
pallingly cute animals include a 
furry, greedy creature named Gurgi 
and an amiable pig named Hot 
Wen, prized for its psychic powers. 
The spooky precincts of the villains 
are, as usual, the most fun; villainy 
seems to inspire the animators. 
Thran does everything expected of 
a Disney hero. “Oh,” the princess 
tells him, only too accurately, 
“you’re so, so, so boring.” But she 
isn’t exactly a ball of fire herself. 

□ 

Paul Attanasio of The Washing- 
ton Post on “The Legend of MEe 
Jean": 

Until the end, when it begins to 
»our, “The Legend of Billie Jean” is 
so trashily manipulative and utter- 
ly preposterous that it’s a thor- 
oughly enjoyable hoot When Binx 


gun," an apparatus with a rotating 
magazine of film attached to a rifle 
barrel, with which he later photo- 
graphed a sequence of stills of gulls 
in flight. Marty's “chrono-phoiog- 
raphy" is recognized as an iiupor- 
tant predecessor of cinema. A cen- 
tury to the day alter Many's 
invention, Rhman and Eizykman 
showed an animat ed dne-bolo- 
gram, “Hommage to Marey,” com- 
posed of 20 holograms of sculp- 
tures of gulls in fli gh t. 

Over the next two years, the part- 
ners — they share an apartment 
filled with film cans, bodes and a 
collection of stereoscopes, 19th- 
century devices for su p e ri m p osing 
one pictorial image over another to 
create imgyg in relief — began 
holographing on film. Like their 
fingmatir ancestors, they 
inventors by necessity. 

For example, said Eizykman, 
“There is no catalog that offers a 
laser for cine-holography. If you 
want one, you have to specify the 
features to the manufacturer. 

Rhman said they developed “the 
first continuous-transport film 
camera,” in which the film move- 
ment is more regular than in a nor- 
mal film camera, as well as special 
emulsions for ihw film. With this 
equipment they made four dne- 
holograms in 35mm and 70mm for- 
mats, shown at the College of 
France in Paris in November. But a 
problem remained: the “window" 
through which the pieces were seen 
was so small that only one eye 
could be used for viewing at a tune. 
And, as Fihnian said, the point was 
to pass “from one-eye vision — Hke 
the perspective of the Italian Re- 
naissance painters — to two." 

In Jane 1984, armed with a 
500.000-franc (about $58,000) 
grant from the national Fond dTn- 
tervention Cul turelle, Fihnian and 
Eizykman began work on their 
126mm holographic film. Tins wid- 


design is unt 
old, new and imminent — of Paris. 

• The so-called “Grand Louvre” will in- 

volve the remstallation of virtually every- 
thing in that gigantic institution. ' , 

• The Mus£e d’Orsay, slated to open in 
November 1986 in the renovated Gate d'Or- 
say, will constitute the national museum of 
19th-century art. 

• The Musee National d'Art Modeme in 
the Pompidou Center has been completely 
remodeled by the Italian architect and de- 
signer Gae Aulemi; its remstallation will be 
completed this autumn. 

• The Muste des Arts Decoratifs has re- 
opened with many a new attraction, includ- 
ing one of the most amusing shops of its 
kind. 

• On SepL 23 the long-awaited Picasso 
Museum will open in (he HOtd Sale in the 
Marais. 

Paris Is a city of palaces, even if the uses to 
which they are now put are often less than 
palatial. The H6id Said, even in its days of 
dilapidation, with squatters swarming every- 
where and every imaginable indignity ap- 
plied to its noble structure, was dearly very 
grand indeed. Now that it has been rehabili- 
tated, its exterior and its stupendous stair- 
case musr look as well as at any time since 
they were built in 1656 for an elderly nou- 
veau riche. The H6te! Sale has been a deposi- 
tory for rare books sequestered at the time of 
the French Revolution, a school (Balzac was 
partly educated there), the Venetian Embas- 
sy and the official residence of the Archbish- 
op of Paris. 

“Don’t we know Picasso?” somepeople 
ask. “Who needs another museumr* This 
point of view is especially prevalent in the 
United States, where museums gpt on to 
Picasso long before their counterparts in 
France. Jean Cassou, trying to form the 
Musee National d’Art Modeme in 1945, had 
one painting by Picasso, filed under “For- 
eign Schools, Spanish," and not much es- 
teemed. When Picasso gave the new museum 


It should be emphasized that the collec- 
tions of the Picasso Museum, based on a 
stringent choice from the artist's estate, are 
very Targe and almost wholly unknown to the 
general public. When shown briefly and in- 
completely in Paris in the winter of I979-S0. 
they numbered 228 paintings. 149 sculp- 
tures. 1 .495 drawings, 1.622 prints. 85 ceram- 
ics and voluminous documentation, not to 
mention Picasso's personal collection of so- 
called primitive art and of work by C£zanne. 
Degas. Matisse, Henri Rousseau. Derain. 
Balthus and others. 

It is in the artist’s work from the year 1901 
that the Picasso Museum will come into its 
own. (The earlier work is concentrated in the 
Picu&so Museum in Barcelona.) From that 
year until the day of his death there is hardly 
an episode in bis long career that cannot be 
restudied on the basis of what will be in the 
Picasso Museum, especially in sculpture. 
And, although the graphic work in general is 
easier to come by, the Picasso Museum will 
nevertheless be a unique storehouse of rare 
states, variants, trial proofs and so forth. 

How to preserve, order, marshal, duridate 
and install this wealth of material is a daunt- 
ing museological task. Dominique Bozo, di- 
rector of the Picasso Museum and the Musee 
National d’An Modeme, is in charge of the 
operation. His first concern is to make the 
house work with the an. and vice versa. By 
way of intermediary between the two. he 
asked Diego Giacometti, brother of the 
sculptor, painter and draftsman Alberto 
Giacometti, to design all the furnishings for 
the new museum, including the railings that 
will bump spectators somewhere above the 
ankle if they get too near the paintings. 
Diego Giaoomeiu. who died July 15, had a 
rare gift for the design of furniture that is 
both plain and monumental, gaunt and con- 
siderate, and a first sight of the results of 
Bozo’s commission would indicate that he 
had exactly the right idea. 

The building itself is inundated on all rides 


by natural light, and the display of the per- 
manent collection has been planned to make 
the most of it. 

Meanwhile, as if the Picasso Museum w ere 
not enough. Bozo is completing a radical 
^installation of the Musee National d’Art 
Modeme in the Pompidou Center. What was 
involved was a reversal of the original aes- 
thetic of the museum, which had todo with a 
free. open, impn-maneni space that could be 
remodeled at wilt and had no fixed bound- 
aries. This led in practice to a chaotic and 
improvisational atmosphere, with dements 
of hide and seek that were not conducts to 
the tranquil Study or great works of art. 
Aulemi was called in to make spaces that 
would have an ordered lucidity, in particular 
with higher walls than those envisaged by the 
original design. 

The first phase of the transformation rep- 
resents an immense improvement. Not only 
is the great art of the first quarter of thi* 
century represented in a way that would have 
seemed inconceivable in Paris even 10 years 
ago. but intimate alleyways have been de- 
vised to allow for a change "of pace and scale, 
in which drawings. letters, books, photo- 
graphs and other memorabilia can be stud- 
ied. Good use is made of the strong points of 
the existing architecture. 

The representation of Matisse, Braque and 
Leger in the new installation is particularly 
strong, and benefits by a noble sense oif 
order, rhythm and scale. The Matisse por- 
trait of uie collector Auguste Pcllerin is a 
particularly moving souvenir of the heroic 
period of modem an. 

At the Louvre, work has only just begun 
on the grand plan, but the section of "the 
palace that houses the Klusce des Arts De- 
coratifs reopened early this summer after 
three years of renovation and refurbishing, 
mostly to give more space to a collection of 
20th-ceniurv objects that had been in stor- 
age. 

An element of private affection has always 
animated the activities of this museum, h has 
been built up largely from gifts and bequests. 
It buys, when it can', but fundamentally it is a 
record of Parisian taste as it has expressed 


«sdf in the decoratite .irK and ol Parisian 
eenero>iiy. There are examples of wonderful 
pieces or furniture dating /rom the Middle 
Ages to almost yesterday. There tv almost 
nothing in the Muhv des Arts Dcvorafifs 
that someone has not loved. 

Anyone who doubts this fu- only to look 
at the bedroom, boudoir and bathroom from 
the tow n house of the designer Jeanne Lan- 
vtn. which have Ulcly been reconstructed in 
the Musee des Arts Dcvoratif- 

In 1020. Lanvin asked Armand-Alben Ra- 
icju to decorate her house at In Rue Barbel - 
de-Jouy. near lnvalules. Rateau did not 
share the general tendencies of the dav He 
preferred to incorporate elements from an- 
tiquity and the Far East, botany and bird life 
in an imaginative world unmiviakahlv his 
own. 

He and Lanvin had a shared sense o; fjitev 
and extravagance. It he felt like mating 
pheasants with daisies, he went ahead and 
did it. and she clapped her hands. Tin- motif 
turns up over and over in the museum’s <u:ie 
of rooms: on the dressing tjbie. m the fau- 
cets. on the curtains, around the door-. 

For the dressing fable, pheasant and d.ijsv 
-hare the honors with butterfly and loin- 
flower. The table i> of black and t> Jure mar- 
ble: all else is of bronze pat mated green 
RateaU and Lanvin had in common a feeling 
for delicate color and finesse of detail, and m 
the bathroom he surpassed himself on both 
counts. Working with stucco. Hauteville 
marble, yellow Siena marble and his favorite 
patinated bronze, he invented tonal me- of 
tan. pale sand and ochre, allied here and 
there with basalt black, that send shivers 
down the >pme. 

The period rooms in ltu- museum ai-o 
include male preserves, -uch its the office of 
ait airplane manufacturer, designed in M - - 
l g by AnJre Frechet and made in the very 
image of the dynamic entrepreneur as he was 
imagined during World \\ ar I. Ml m dark 
woods with a Jaik green lamp on the desk, a 
honey yellow lamp on the ceding and match- 
ing model airplanes all set to fly round the 
room, n has a specific and inconspicuous 
refinement that Lanvin would have appreci- 
ated. 


Monet’s Blue Period Caused by Eye Problems, Doctor Says 


By Larry Doyle 

United Press International 

C HICAGO — The preponder- 
ance of blues in Claude Mo- 
net’s late paintings was probably a 
result of his failing eyesight and 
cataract surgery, according to an 
Ohio ophthalmologist whose un- 
dergraduate degree was in an his- 
tory. 

Dr. James Ravin of Toledo has 
spent five years studying how Mo- 
net’s failing vision aitd other diffi- 
culties with his eyesight affected his 
later work. He has consulted Mo- 
net’s letters to his eye surgeon, 
talked with art historians and ex- 
amined a pair of Monet's glasses. 
In article in the Journal of the 
American Medical Association , 
Ravin discusses this influence on 
the acknowledged leader of the Im- 
pressionist movement, who died in 
1926 at age 86. 

“The cataracts that Winded Mo- 
net were an important influence on 
the way he saw the world and the 
way he painted iL’ 

Monet's visual difficulties fust 
became apparent when he was in 
his 60s, when his loose Impression- 
ist style began to blur even further, 
Ravin said. By 1918, Monet had 
written a note to a Paris eye doctor 
to complain of the change. 

“I no longer perceived colon 


however, a long convalescence was 
necessary. 

Monet noticed a dramatic 
change after the operation. The cat- 
aracts had formed a yellow-brown 
filter on his right eye. Now “Moaet 
was able to see colors he had not 
seen for years, particularly violet 
and blue tones,” Ravin writes. 

Just as sunlight seems overferigbt 
to a person who has been in dark- 
ness fora long time Ravin said, the 
“new” colors appeared brighter to 
Monet than they were: 

“1 see blue." Monet told his phy- 
sician in 1924, a year and a half 
after the cataracts were removed 
from his right eye. “I no longer see 
red or ycDcw. This annoys me terri- 


bly. because I know these colors 
exist. 

“It’s filthy. It’s disgusting. 1 see 
nothing but blue." 

Monel was not pleased with the 
blue paintings he created during 
this period, and wanted to destroy 
them. Ravin said. He said Monet 
eventually overcame the color diffi- 
culties by using glasses with tinted 
lenses, and lived to finish his water- 
lily murals for the Orangerie in 
Paris. 

The blurred fain tings Monet 
created as his eyesight deteriorated 
were not highly thought of at the 
time. Ravin said, but are now seen 
as a link to abstract art. 

He conceded that his interpreta- 


tion of Monel’s late work might not 
sit too well with professional art 
historians, and indeed. Richard 
BretteH. curator of European 
Paintings and Sculptures for the 
An Institute in Chicago, said of 
Ravin's theory: “No one historical- 
ly has dealt with this very much, i 
think an historians would have a 
tendency to resist this type of ex- 
planation.” 

BreiicU said an historians had “a 
tendency to believe that every as- 
pect in a work of an Is an act of 
will” 

He disputed the notion that Mo- 
net painted blue because that was 
the only color he saw. 

“Monet was very interested in 


the symbolic meaning of color.” 
Bretiell said. “He was interested in 
the mood of color, the meaning of 
color. He knew he had perceptual 
problems, and tf he'd wanted to 
correct for them he could have.” 

Bret tell noted that in the last 100 
years “there's been a huge separate 
bibliography springing up by scien- 
tists and doctors on artists.” He 
said most art historians disliked 
scientific explanations, perceiving 
them as oversimplification of the 
aspects of artistic creation. 

“But perhaps we've too hasty in 
our suspicions” Bretiell added, 
“and perhaps we could benefit 
from listening to other sides on 
this.” 


er film is a fim step toward making . . . 

cine-holograms that can be with the same intensity, be wore 
watched by more than one person “1 no longer pamtrf hght with the 
at a «une accuracy. Reds appeared 

This time they had technical as- muddy to me, pinks insipid, and 
^stance from the French company the intermediate and lower tones 


Aerospatiale, which in March sent 
a team of engineers with the artists 


to GK Lasers in Rugby. England. 
After a day of testing lasers. Rh- 
man and Eizykman shot two three- 


minute films in three days. The 
results, shown in Paris last month 
at CESTA, the Centre cTEtudes de 
Systemes et des Technologies 
Avancees, are already being re- 
garded by the French as historic, 
suggested Rhman: “At the Bib- 
liothteue National they say, 'This 
is the jirst — be careful with it!’ " 

Eizykman said, “If we gel the 
means, in five years we can do a 
whole system: colors, and a large 
format for 25 persons. Thai s 
enough to make great films.' 


escaped me." 

Soon Monet was having to label 
his tubes of paint in order to distin- 
guish the colors. By 1922, blues bad 
virtually disappeared from bis 
paintings, replaced mainly by reds 
and yellows. That year he was pro- 
nounced blind, and underwent cat- 
aract surgery. 

Ravin said in a telephone inter- 
view that, had Monet been operat- 
ed on today, “he could have been 
out and painting in two weeks.” As 
surgical techniques stood then. 


Indian Bazial Ground Saved 

. The Associated Press 

ELIZABETH, Pennsylvania — 
Added Rhman, “That's enough An Indian burial ground discov- 
io make money." ercd July 4 in the braiding of a state 

park boat dock will be preserved 

Mark Hunter is a Pari - based and the dock moved elsewhere. 
journalist. state officials say. 


Davy (Christian Slate-) has his mo- 
tor scooter trashed by the town 
bully, his sister, Billie Jean (Helen 
Slater, no relation) goes to the bul- 


M his rival, doeshis naayt 
K' eqnaljy fimiied iria Ed 
~ Gerrit Graham 1 

^“^hgnKaneaitsastht 


with an estimate for repairs total- 
ing $608. After an accidental shoot- 
ing Binx, BiQie Jean and their 
chums are on the lam. Much un* 
pressed by “Joan of Arc” on the 
hue show, BHHe Jean rats off her 
hair and is soon appearing on the 
news demanding the Sow and 
brayjng “Fair is fair!” Billie Jean 
T-shirts and the Billie Jean haircut 
become just the things to wear to 
the shopping mail. Directed by 
Matthew Robbins, it’s partly in- 
tended as a satire of the American 


celebrity machine but it's mostly 
supposed to be taken straight. 


eastts a very deft ensemble," that 
.. ; f: jbe discovery of the picture is the hy hi 10 

light-comedy charm of the sinuous 

**»■• -v Smopr” stn/t ttiBi AverfllV “One • 1 . 


in Madrid 
Remember 


•9m 


Capsule reviews of other films I 
Tscentiy released in the United: 
‘ates: 

Walter Goodman of The New 
fork Times on Wall Disney's “The 
JbcRCauMroo”: 

The cauldron of the title contains 


JemeM- Works of Art-Watchw 

Main distributor 

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"Cdft Hemps I believe in h. Ho more anxiety every rime J begin a reporting! / 
set out. certain of success, with nc probktns or depressUM." 

N. Narnia, Document Paris-Motch. June 82. 

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l’aggp 8 


INTERNATIONAL HERALD TRIBUNE, SATUHDAY-SUINDAY, JULY 27-28, 1985 


NYSE Most Actives 


mh« Low L«r eh,. 



?*w| 4 1J.„ 

ISMO Jl 1 : 
mi? j4-» 

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M«« 7% 

I1MS8 C'g 

10377 22's 
10117 7V 
WSJ 14' : 
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W44 3!'» 
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*«0 H-: 
B833 17' 4 
5u«5 21% 


Dow Jones Averages 


Open Mian low UU CM. 

IMu* 1357-26 134559 134SJI I3J7U8 4 14? 

Tram 684.69 091.95 OBI. Id 6B8J0 + 797 

Uhl 15819 1519* 150.44 159 49— 1X7 

Coma 55057 SOI 7» 553 JO 558.10 ♦ 0 93 


NYSE Diaries 


NYSE Index 


him) low ON arte 
Com pcnl !• 111^8 110.99 JHJ5 +0.11 

industrials 127.95 I77J56 127,95 + 0J7 

Tramp. 11145 lllxo 11145 +1U2 

Utlliim 5741 S7J7 57 JO — 0J7 

Finance 114J7 1 14.44 11477 +004 


Fridays 

MSE 

Closing 


AMEX Diaries 


NASDAQ Index 


Adranmd 
OKI MM 

uncttaopM 
Total Issues 
Now HWn 
otcw Laws 
Volume dp 
V olume dOrrfl 


351 3DI 

217 3*3 

244 252 

784 795 

13 24 

8 5 


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304 4J +0.1* 307 Js 
314X4 + 0X1 31JJ6 
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354.97 +034 347 JO 
39535 — 051 30034 
294J9—OI3 30233 
27803 +0*3 375.17 


AMEX Most Active* 

voL man low U*m ^ 


Dow Jones Bond Averages 


Bondi 

UllilMmi 

Industrials 


Advanced 
Declined 
Unchanged 
Total IS5V95 
New Hicta 
New lows 
V olume up 
V olume down 


Close Prev. 
7(0 70S 

804 no 

441 427 

3005 303! 

U> tt 

4 4 

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40134830 




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July 25 

181,739 <3t7» 

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Julv 24 

200.143 511J62 

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221JK2 544L74I 

967 

Julv 22 

1?I«S 47BJ9Z 

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Julv 19 

240296 mm 

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-incJuOM In mo sales naures 



Vnl nil P M 

106JWW0 

PlW.4PJ*.VlA 

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PrwcoiiHHotetfcMse 

MJ327J78 


Standard & Poor's Index 


AMEX Sales 


Tables Include tbs nationwide prion 
up to the dosing on Wall stmt and 
do not reflect (at* trades elsewhere. 

i'ia The Associated Press 


Untoth-tals 

UttaUa 

Finance 

Composite 


hmi low oom an* 
314,90 2133* 27*47 +0JD 
17*41 Y7IJ9 mm +0.98 
S3.93 SUB 8341 —032 
wo wti 2U7 +(iijs 
191J7B 19 LSI 1040 +0J4 


4PJA, votorm 
Prev. 4 pjA. volume 
Prev. eons, volume 



AMEX stock index 



2.18 

9 A 

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115 541+ 

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204k 14*k 
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Dow Stocks Gain, Others Mixed 






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14 21 


United Press Imenmoml 

NEW YORK — Blue-chip slocks ended 
higher Friday cm the New York Slock Ex- 
change, but the broader market finished mixed 
for the second consecutive day. 

Traders said a buy program executed by one 
Wall Street brokerage house pushed the Dow 
Jones industrial average up more than six points 
late in the afternoon. But the rally was short- 
lived. 

The Dow Jones finished with a gain of 3.47 to 
1,357.08. Per the week, it rose 2.46. 

Declines outnumbered advances by an 8-7 
ratio. Volume totaled 106.95 nriliinn. down 
from 123.29 million Thursday. 

Technology and oO issues and other stocks 
that would benefit from an economic pickup 
continued to attract some buying interest. But 
otherwise the market was “lethargic.’’ said 
Trade Latimer of Evans & Co. 

“The market is a little bit concerned about 
the potential for rising interest rates,” said Har- 
ry Laubscher of Paine Webber. The Federal 
Reserve is not expected to push interest rates 
lower soon and some analysts believe that when 
the Treasury sells what is expected to be more 
than $20 bflliom of new notes and bonds in its 
next refinancing operation, rates could go high* 
er. 

Mr. Laubscher characterized the market as 
“skittish” and “worried." 

Phillips Petroleum was the most active issue, 
up V. to 13ft. Unocal followed, up to 31. 

Other oil stocks also rose on hope that Con- 
gress might pass an oil-import fee as pan of its 
current budget negotiations. Atlantic Richfield 
was up Ik to 60%, Chevron % to 38%, Occidental 
Petroleum 1% to 34ft. and Texas Oil and Gas 




15% 

36*. — M 
281+ + 16 
1544— t+ 
281* 

25 — *+ 

234+ — *+ 
35 - to 
44V+ + to 
43 + to 

644*— 16 
03 — 16 
2116 + to 
26V+ — Vi 
60*+ + to 
381+ — to 
46 +1 

12% + to 
25*1 + 1+ 
52 + to 


3J 

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OS 

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270 

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.78 

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UN 

28 

180 

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6.1 

M 

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ua 

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.* 

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6X0 

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200 

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un 

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M 

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0.7 

250 10X 

J2 

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80 

u 



197 

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36 

26 1 

2.40 

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1.90 

3.9 

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AM 


tN 




to 

29<k Wi 
7V+ 7% 
36to 304+ 
3216 Jlto 
13% IJto 
211* 209k 
22V* 72 ’a. 
tl 61 
994* 99 
13V* 131+ 
14% Mtt 
13% IJto 
3M* 37 
2616 251* 
381* 37to 
2416 231* 
131k 139+ 

3 F 

711+ 71'+ 
1716 17 
30** OOto 
264+ 261k 
23to 23to 
2416 264k 

281+ 274+ 
611+ (0*+ 
31 to 304. 
SO'h 50V* 
5lto 

31 — 

I Ski ‘ 
174+ 

124+ 12 
Mto 30 
1716 16 

II 17 
7216 71 
?4to 34 
ZSto 25 
73% 72 
63'* 63 



22 223 421+ 

, 4 I6to 

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8 173 21<k 
32 199+ 

12 6039 94+ 

St 31* 
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41x211} 
56* 531* 
76 271 h 
SO ' 247 23 
7 212* 3116 

13 2490 464+ 

7 <R MV. 

17 733 264. 

1 T3to 
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12 <7 32to 

13 586 161* 
15 439 3146 

2 2416 
IB 29to 
10 Ml* 

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10 77 79V, 

IS 48 14 
69 4'* 

M 2*27 73% 
T2 J7S 10% 
M 811 191+ 
10 138 31 to 

8 19 n 


41to 411+ —t 
164k 161k— to 
29to 291k— to 
21W 21 to— to 
194* 194* 

9 94k 

3to W. + to 
Ilk 11k 
2T4+ 21H— to 
231k 23H— to 
27to 274. + 1+ 
gto 23 +1« 

w>* 21V* + Ik 
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5346 53to 
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llto llto— 4+ 
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4 41+ 

73*. 7Sto +14+ 
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191+ 194k 
Mto 304+ — 4k 
3141 21V,- V. 


was 14 to 17ft. Dominion Resources was off K 
to 29%. 

Merrill Lynch was the third most active issue, 
up 1ft to 34ft. 

Utility issues continued weaker. Middle 
South Utilities was off ft to 14ft. and Pacific 
Gas & Electric was off ft to 18ft. 

Warner-Lambert was off ft to 39ft after 
plunging 4 ft Thursday when a First Boston 
analyst advised selling the issue. In other drag 
issues, Baxter Tra venal lost ft to 14ft, Upjohn 
fell 1ft to 1 13ft and Merck declined 1ft to 1 12ft. 

AH. Robins fell 2ft for its third consecutive 
big decline after it took a SlS-milHon charge 
against second-quarter profits. 

Technology stocks firmed. IBM advanced 1 ft 
to 132, Digital Equipment added ft to 104ft, 
Cray Research climbed 2ft to 97ft. Data Gener- 
al lost lft to 41 ft. after advancing 3ft Thursday 
when it reported higher earnings. 

Telephone issues were mixed. AT&T in- 
creased ft to 21ft, but Nyuex, U.S. West and 
Pacific Tdesis softened. 

Food stocks, which did well early in the year 
as the focus of takeover speculation, were 
mixed. Quaker Oats added ft to 48ft. Heinz rose 
ft to 34. Ralston Purina (ex-dividend) was down 
ft to 42. Campbell Soup was up ft to 74ft. 
Pihsbuiy (ex-dividend) lost 1ft to 50ft. General 
Foods fefl 1ft to 77ft. 

In other blue-chip stocks. General Motors 
advanced 2 to 70ft, U.S. Sted added ft to 29ft 
and American Express fefl % to 43ft, all in 
active trading. 

Cummins engine was the Session's biggest 
loser, down 3ft to 65ft. Union Carbide edged up 
ft to 51. Reichhold Chemical lost 2 to 39ft and 
Caterpillar Tractor was ahead ft to 38ft. 


UMontb 

man Law Stack Dta ttt 

'+ EitEnC 

321* 224+ EntfCP 7X U 
X 9to E nil But 
29*+ 17to Eltotrch 1.40 64 
10216 93V+ EnscbpntJOelQJ 
214k 171b En+^KP Me M 
34k lto Ensrc* 

131k 9to Entaro 
X ISto ErilxE n 2J0tl4S 
714k 16 EmRln 1J6 7.1 

35 171* Emilies 1.14 3J 

6to !V1 Eoulmk 
nvt llto Eqrnk p( Z31 II J 
SOW 28to EaTRn 1-72 JJ 
17 9V, EtariKC .12 A 

1446 9to Erbmnf JO SA 
24V1 124+ Eta Ban M 1.9 
281* 184* EuoxC -TO, ID 
3I*+ ISto Estrfne ,72 17 

2SV+ into Enrrls S6 U 

6V* 14* uievanp 

9V, 2V+ vlEvanpf 
43f+ 304+ CNCeto 1.72 <0 
171* 134+ Excels- lJMallJl 
54 '6 X Exxon X40 64 


ii3 to i« 
IB Ml 29 284k 

13 16S 19 184+ 

U 795 WV+ 23V, 

A 1074* 1024* 
IX 19> 194+ 
24 27 21+ 2 

04 174+ I2t+ 
39 174+ 17>* 

11 207 19to 19 
17 it 3<v+ 344+ 

413 4<b 44+ 

39 20to 20V* 
t 73 461+ 464+ 
9 347 141% 13 
IS 65 114* 114+ 
IS 164 231* 23V* 
15 24 774+ 264* 

12 65 20V* 194+ 

14 1907 234k 224k 

93 11+ n* 
111 2*6 21 + 
II 80 43 42*+ 

9 164+ 164* 
9 4964 S3to SZto 


C+K» 

fttnarat 

to — 

2m + to 
if 

2 <*+ 4- h 
10244 + |+ 

in* 

21+ + to 
121k + Vi 
17V»— to 
19V.— V* 
344+ - to 
4V» 

Xto to 
461+ + to 
Mto +4+ 
U4< 

2346— to 
2446 — to 
19V* — 4* 
23V* + V+ 
lto 

2to + to 
43 + lb, 

talk 

*3 — to 





283 on 
30 41 
45 946 

110 22% 
S3 5346 

££ 
411 9 

85 264+ 
146 7 



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248 

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10* 

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26V* 

26% + % 

f% 

9% 

10 

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3416 

34% — to 

41% 

419+ — -lto 

12% 

12% — % 

41* 

4% + to 

9to 

9to- to 

19 

20b +1% 

39 

39V* — % 

ie% 

189+ 

64 

64 

39to 

40% + y* 

2*to 

30% — % 

23% 

34 - % 

48 V+ 

48% 

5V* 

S%— to 

39+* 

39% —1 

26 

36 — b 

33to 

33% + to 

16% 

V6% 

76 

70 +1 

66% 

66% 

641* 

641* 

62 

63 — to 

25 ■* 

25to 

2*16 

2616 — % 

26 

26% 

26 

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25 

25 

27V* 

27% — to 

2716 

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31% 

319+ + V* 

32 V* 

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to 


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17V* 

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9% 

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lOJto 104% + % 

BAto 

87% + % 

23% 

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5V+ 

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Bb 

8% +■ % 

294k 

29% — % 

18% 

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55 

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31% 

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30 V* 

38%-% 

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04 

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16V* 

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17% 

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17% 

17% 

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60 V* 

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14 

M 

Mb 

24% 


41 +46 

51 +t 






351* 20 JWT j 1,12 3A 
37 2Hk J River M IS 
38M> M JOMwr .13 S 
134* 104+ Jam F 1X1*1 1J 
47W 2614 JwHPII LS2 X3 
77 57 Jercaf 936 126 

M 48 JorCnf 8.12 13.1 
MY* ft JcrCal M0 123 
65 45to JcrC Of 7358 123 
101 80 JarCtf 1U» 116 

184* I3V+ inrc.nl 118 123 
121k 6 Jewtcr 
49% 2»V» JoftfUn V30 28 
46U 37% JOmCn 1 Mo 43 
26% 1* Jasfmt JK 3.1 
27% 22% Joy Mto 1.40 53 


If fl 33% 
11 1279 36to 
n 41 ISto 
2IO 17V* 
7 3*8-45% 
10x74 
site sa 
l«b *2% 
100X 644+ 
50(94% 
14 18 
20 52 12 

16 2188 47% 
9 204 42% 

15 147 25% 

16 1636 25% 


334+ 33% — to 
36M 3616 — 4k 
25% 25% — % 
11% 1216 + % 
43% 45% + 4+ 
74 74 —1 

62 62 
62% 62% 

64% 64% +1V+ 
94% 94% +1% 
18 IS 
114* llto— % 
**% 4*%— ■ 1 % 
42+6 42% + % 
2546 25V* — 1+ 
25 25V6 + to 


32% 19%, 
36% 26% 
lto 4* 
iito 5% 
38 ' 25% 
15V+ 11% 
21 % 1 «% 
X 14% 
20to 15% 

31% 16% 

68% 27% 
36% 19% 
n% 7% 

28% 25 
29% 24% 
33% 18% 
35 23 

Kto 10 % 
30V* 30 
39% 24% 
17% 14 

25% ISto 
13% 8 
34to 32% 
13% 9% 
31 13% 

23% 21 
22 to 10 % 
15% 9% 
im 13to 
33to 141k 
301* 15% 
564* 34% 
30 12% 

249k is 

40 37% 

19to UJ% 
34 19% 

21 16V+ 

49% 30% 
10 % 5% 

13% 9 
44ta 31 U. 
33% 22% 

S * 13 
to 8% 
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AM US 
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38% M 


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MCA J8 
MCore 1J0 
MDC 3 
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ML Inc n 
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439 23% 
306 11% 
140 33% 
913 39% 
10 17% 
28 13% 
884 16% 
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196 84+ 

£71 Uto 

r uv+ 

336 35% 




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sa 

u 

:?5 

91 

M 

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10 

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llto llto + to 
32% 3348-11* 
J9J* 3W»- to 
17% 17V,— to 
U 13 

+ to 

1 % OtoVto 
u% Hto + % 
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34% 349+— Ml 


3 r* ir+ 

4Tj IP, 
3ro is 
23% Uto 
14% llto 

is 1 , 

464* JOto 

29 a% 

W 5*+ 
19% lJVs 
17»7 17* 
83% 57% 
13 4U 
314+ 3T-+ 
33% 29 
471 + 25 


PMM IM 
WG 1XO 
P5A . JO. 
PSA UOt 1.90 
PocAS 1J4 I 

PocfiE UH 
PocLif M3 
PCLum 130 
PocRd MV 
PacR+iHZjgD ; 
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Poet in . JO 

Pad * cm m- 
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llto 18% 

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(Condoned on Page 16) 


■: .•* r-- 


Ir&y 
















































































WEST AFRICA 




Sa'iL. 


ns ■ 

tu.'y’ 


, V 

^Rising Debt Load 
JIs Forcing New 

Jjj,' 

^Economic Solutions 


it *» ABIDJAN ■ — Since 1983, the 16 cultural and mineral exports; rising 

?)' ^ aadoos of the Economic Commit- debt-servicing burdens, greatly ag- 


;* % j*. rising debt and restricted access 


■3 ft strategic 


At the end of 1983, the 
r, ; ECOWAS countries owed at least 


gravated by the rise of the U.S. 
dollar and skyrocketing interest 
rates; ill-conceivcd and poorly 
managed capital investments, 
many of which involved multilater- 
al or bilateral aid paniapation; 
and uncontrolled population 
growth. 


r S25 biffion to Western creditors. ™ ent5 


ty of the region’s gpvera- 
have responded to the crisis 


t - $ Nigeria, by far the most populous ty appealing for increased onder- 
•*.1 4? 5# of the ECOWAS members. ac- standing and support from the 
o t-% 2* counted Tor an estimated 20 per- WesL Most have engaged in negoti- 
?; JSj *, cent of all debt in sub-Saharan Af- 011005 wrth the World Bank and 
*' H Si,!- ^{-a Economists point out that the International Monetary Fund; the 
* ^vdebt of the entire region is <m»H sine qua non of renewed lending In 
-< y ^ (compared with that of major Third addition, concentration among Af- 
i 5 EWorld debtor nations such as Mex- "can nations in bodies such as the 


* r\ iLdebi of the entire 

. j < 1 .. 


.r^efthe region, with 60 percent of the earn foreign 


•SKI 


A SPECIAL REPORT 

SATURDAY-SUNDAY, JULY 27-28, 1985 


, ■— T . 7.- m * 

V 


'■ ; £ 5* Slfico or Brazil, but is no less impor- 95RP* M J*%5C^ r !? a11 Unity, the 

• SJ 2?f iant when seen in the context of the ADB and ECOWAS has led to a 
;> ^ ■'- 1 , ink 1 * African debtors’ weak and narrow- atrmber of policy approaches 

•^>1 iL*' ty based economies. whose direction differs little, 

T- - An official of the mul tinatio nal whetiler or not a country's ecooo- 
; \£t s g African Development Bank (ADB) ®Jri* **** ihe“mtdage“ of the 
; r £. said: “*We have been victims of IMF, as most ECOWAS states arc. 
£ 1 1 x fipneone rise’s debt crisis. At the 1hmv . throughout 

i-.bqgwmag Of the decade, African the rernon has been austerity. Gov- 
. 2 V economia benefited from rapidly have been obliged to cut 

£ £.1 fi?>Mded commercial credit but bade ^ spending, slow down or 

• -r, *■*} Wth the Mergence of Ulin frecze aew hiringT block salaries 
:• .-z £ ^ American drill crisis in 1983. Afn- g^d reduce subsidies on consumer 

- :-.y I:., can economies were abruptly cut gpoj^ 

: bff.” 

' v : 1 ^ 1 In fact of the ECOWAS coun- In Nigeria, whose mflitaiy gov- 
- L tries, only Nigeria and Ivory Coast eminent has derided to u go it 
„ ;• owed huge proportions of their to- alone” without IMF loans, auster- 
,! f > <taf external debt to private banks, ity has meant an acute redaction in 
. *£ However, these two countries are government investments, with only 
’ v g**. very much the economic ‘ “motors” those projects judged most likely to 


Africa’s 
Debt " 


- tta-Bu&a . 

,j. fearful - ■ -1170- 

3. IvorrGaact * . 7 ' .799 . 
'.-"SL-JUberik - ;'S74 

- •> 4» 

S,G»kta. 4M 

i J ‘ *;3W 

:l Cd« . : 6 

. 6. G*uwM-Bim*a ■ 2$9 

. 4.5cm " • ;'2S» 

JB-TMi ' .. ,.230 

•jl.119-. ' ‘ 

12. Sfem Lcoae - 190 
.-lXWffr ; • - 1T9 

14. GW* . ... - <140 

15. Berida* Fmo VW 


Note Does not include Cape Verde TatamU Total debt include* short and long term debt per capita for 
1963, and IMF fr«n* at eod 1984. Debt per capita if total divided by 1982 population. 

Source; IMF. World Bank, Bank Jar International Settlement a. South magazine. 


bate) CwfrMeunN/tff 


being ap- 


luded the access of other reduction of imports. Dus affects 
S states to commercial 


traders and industries alike and en- 
courages unemployable urban 
dwellers to return to the land. 

Ivory Coast, which has been de- 
scribed as one of (he IMF's better 


repip il 

; The debt crisis afflicting the 
* ECOWAS stales must he seen as 
■' ' ! part of the continentwide devriop- 

1 meal crisis; it is both a symptom 

rX “d a contributing factor of the 
Toon’s n^ative growth rates. 

• •- >- Adebayo Adedqi, executive sec- 
, i. retary of the United Nations Eco- 

nomic Comxmssion for Africa, de- 

• scribed 1984 as “Africa’s worst 
;■£? year economically since the Great 
; *• Depression," dung the “extremely 

- . , unfavorable global economic enw- 
■!••* ronment and dramatic increases in 
. Africa's external debt, interest 
rates and debt-servicing costs.” 


Page 9 


S ummit Compromises 
On Nigerian Expulsions 


By Howard French 

LOME — The summit marking the 1 Oth anniversa- 
ry of the creation of the Economic Co ram unity of 
West African States ended on July 6 with a series of 
compromises aimed at encouraging member state to 
strengthen their commitment to the organization. 

In preparatory meetings, ministerial delegations 
from the 16 ECOWAS members were unable to reach 
an agreement over the most politically sensitive issue 
faring the community: the free movement of goods 
and peoples throughout the region. 

Over the past two years, Nigeria, the stale most 
intimately involved in the creation of ECOWAS, had. 
in the words of a delegate from Benin, "violated the 
spirit of the free-movement protocol with impunity' 
b^^rep eaiedly expelling large numbers of "illegal 

The protocol cm the movement of people and goods 
provided for the free circulation of citizens from 
ECOWAS countries throughout the 16- nation com- 
munity and the waivering of visa requirements for the 
first 90 days erf presence in a given country. 

With the economies of Ghana, Niger, Benin and 
Togo seriously affected by Nigeria’s expulsions, and 
its continued border closure, a broad coalition of 
ECOWAS members derided to challenge the Lagos 
government over the issue. 

The debate over the free-movement protocol coin- 


cided with the scheduled implementation of its second 
phase, which provides for the unrestricted residence 
for ECOWAS citizens throughout the region In min- 
isterial sessions, debate froze on the second phase. 
Supported only by Liberia, Nigeria argued (ha: the 
first phase of the protocol had" not yet been imple- 
mented and that, therefore, it would be premature to 
move on to the second phase. Die other members 
realized that any new protocols that might he subse- 
quently ignored would ultimately damage the commu- 
nity's credibility. 

With the heads of states gathered in Lome, a com- 
promise solution was worked out whereby the imple- 
mentation of the second phase would be put off until 
1986. when its application would become mandatory. 
Nigeria’s head of state. Major General Muhammadu 
Buhari. who w as elected president of the organuauon 
for the coming year, promised that Nigeria would 
cease to consider victims of the region's natural disas- 
ters. that is. drought and famine, as illegal aliens. 

The heads of state also decided to set a timetable for 
payment of arrears owed by member*, to the communi- 
ty. ECOWAS officials said that some states had not 
paid their budget contributions in five years and that 
only two states had paid regularlv since the creation of 
ECOWAS. 

Finally. ECOWAS mandated Momodu Munu. its 
executive secretary, to maintain contact wnh the heads 
of state to ensure the application of community 
decisions. 


Age and Succession : A Critical Issue 


“pupils," has introduced a gamut largely as a result of heavy com- 
of austerity measures as wide as m^dai borrowing in the 1970s and 

^“s^hStaSSSanf; ■“* decade ' s iMnKt ra “ 

teenfold /hirin g the past 10 years, ( C o ntin u e d on Page 14) 


By Mark Doyle 

LONDON — Old age is a crucial political issue in 
West Africa, as crucial as it has been in the Soviet 
Union and might become in the United States. 

In two countries. Sierra Leone and Ivory Coast, the 
question of age and succession has reached a critical 
phase. In both countries, the president is due to reach 
8G years (officially) tins fall, and in neither has a dear 
successor emerged. 

Uncertainty has led to a sort of political limbo, 
where every presidential heartbeat is measured and 
every hint of retirement or favorites for the lop posi- 


uon is eagerly analyzed by candidates and observers 
alike. Meanwhile, long-term economic planning in an 
already strained financial climate is impossible. 

Siaka Stevens has ruled Sierra Leone, a former 
British colony, for 17 years. In 19?S. he introduced a 
one-party constitution on the grounds that a multipar- 
ty system caused acrimony and division. However, the 
now-ruling AU People's Congress <APC) has itself 
caused tension by its top-heavy, unconsul untie ten- 
dencies and its policy of seleciion-before-elecuon o( 
all parliamentary candidates. 

At the top of the state-party structure. Mr. Stevens 
( Continued on Next Page) 


‘ The commission haspredicted a 
j* s v 25- percent decline in GDP for the 
.? : ’ / ECOWAS region this year. 

• - The facials leading to the sharp 

: decline in West Africa's economic 
: ^ fortunes have been well cata- 
• - jogued: an ecological deterioration, 
. ; ' including increasing desertifica- 
' ~-- C uon, drought and faffing food pro- 
, . " ' Eduction; rapid and tinmanageo ur- 
- f banization due to the above 
- ■' factors, plus the uneconomic remu- 
: Deration of peasant fanners; a de- 
; ,. ! terioration of terms of exchange, 
, - which has sharply reduced the pur- 
rinmng power of the region's agri- 


Are Africa’s Take Starts’ 

In Development Continuing? 


A Continent Loses Ability 
To Feed Growing Population 


' By Brigtd Phillips 

FONTENAY-SOUS-BOIS, 
Ranee — Two decades ago. Prof. 
Rent Dumont, a sdf-desenbed hu- 
mamst-soriahst, gave such a grim 
view of developing Africa that he 
was declared “persona non grata" 
across the continent. Now. African 
leaders summon him to conduct in- 
depth analyses of their economies. 
But Prof. Dumont’s predictions for 
developing Africa axe just as 
gloomy today as they were 20 years 
ago. 

Prof. Dumont, who taught at the 
Institut National Agronomimie in 
Paris for nearly 40 years, alerted 
the world to the errors Africa was 
making in its shaky course to devd- 
opment in his 1962 book, “False 
Start for Africa." He criticized agri- 
cultural policies that ruined the 
land, economic blueprints that fo- 
cused on prestigious industries 


rather than fanning social pro- 
grams aimed at reproducing Paris 
and New York in remote African 
Capitals. 

Prof. Dumont peppered his cri- 
tique with horror stories: peanut 
crops that destroyed the soil in Sen- 
egal , mushrooming bureaucracies 
that accounted for 78 percen l of the 
budget in Brazzaville, banning of 
saw cars in the dust-and-hms 
town of Ouagadougou because 
they were not elegant enough for 
the streets of a capital city. 

The professor, an agronomist 
who has evolved into a sociologist, 
said many of Africa's modem lead- 
ers now see the foOy of the post- 
independence planning. But the 
follies stiU exist. 

For his most recent study. Prof. 
Dumont was invited by President 
Thomas Sankara to examine the 
progress of Burkina Faso (formerly 
Upper Volta) under the Mantis! 


HoNrtnaai 

Demographic explosion: Population continues to grow faster than agricultural production. 


1983. Prof. Dumont's assessment is 
clear in the title of the report he 
submitted — “Not the Road to 
Development but the Road to De- 
struction.” 

It is a case study of much of wbai 
is wrong with West Africa. Prof. 
Dumont highlighted the historical 
problems that hamper progress. 


Traditionally, he argues, the price 
of grain in Africa has been loo low 
io encourage farmers to produce a 
surplus that would buffer them in 
lean years. They are encouraged io 
produce cash crops that brrng in 
export revenues but do little to hdp 
a country in famine: And farmers' 
earnings are never high enough to 
allow investment in soil improve- 


ment, reforestation or any of the 
other practices that would improve 
agriculture. 

But the situation is unlikely to 
change, said Prof. Dumont, be- 
cause “the people who benefit from 
this situation are the dry people 
that benefit from cheap food and 
foreign currency under the existing 
(Continued on Next Page) 


The following article has been ex- 
cerpted from “ Reversing Africa's 
Decline." a WorUwoich Paper by- 
Lester R. Brawn and Edu ard C. 
Wolf. The report, puNished in June 
by the World*wch Institute, an in- 
dependent research organization, 
war presented to the World Commis- 
sion on Environment and Develop- 
ment June 24-27 in Oslo. 

Washington — Africa, al- 
though essentially agrarian, is los- 
ing the ability io feed itself. In 
1984. 140 million of its 531 million 
people were fed entirely with grain 
from abroad and this will almost 
certainly increase in 1985. 

A mid-February assessment of 
Africa’s food situation by the Unit- 
ed Nations reported that about IQ 
million people had left their vil- 
lages in search of food, many of 
them crowded imo hastily erected 
relief camps. In late April, the UN 
Economic Commission for Africa 


reponed that starvation deaths had 
passed the one million mark. 

In .Africa, as elsewhere in the 
Third World, cereals supply two- 
thirds to four-fifths of caloric in- 
uke. making per capita grain pro- 
duction a basic indicator erf both 
economic productivity and individ- 
ual welfare. During' the two de- 
cades following World War II. 
grain production per person in .Af- 
rica cither remained steady or in- 
creased slightly, peaking in 1967 at 
180 kilograms (396 pounds). This 
level roughly one pound of grain 
per day. is widely viewed as the 
subsistence threshold, below which 
malnutrition begins to erode hu- 
man development and labor pro- 
ductivity. 

Since 1967. per capita grain pro- 
duction has been declining. In 19S3 
and 1984. years in which 'low rain- 
fall depressed the harvest, per capi- 
(Continued on Page 13) 




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1 Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


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Desertification Trends 
In Selected African Countries, 1977-1984 



Country 

Sand Dune 
Encroachment 

Deterioration 

in 

B«ngplanit« 

Forest 

Depletion 

Deterioration 

of 

Irrigation Systems 

Rainfed 

Agriculture 

Problems 


Burkina Faso 1 .^ 

................. o 

+ 



++ 


Cameroon 

o 

+ 





0 

o 



++ 

“ • 

Mall 

+ 





Mauritania.. 





+ 

, 1 


........ + 




+ 


Nigeria— 

.......... 0 




+ 


Senegal 


++ 

+ 

+ 

+ 

++ 


'Formerly Upper Volta. 

Key: 0 “= stable, "l" = same increase, + + = significant increase. 

Adapted from Leonard Berry, "Desertification: Problems of Restoring Productivity in Dry Areas of Africa,” presented to the 1985 
Animal Meeting Symposium, African Development Bank, Brazzaville, People’s Republic of the Congo, May 8, 1985. 


A SPECIAL REPORT ON WEST AFRICA 



/' 


Guinean Upheaval: 
Ethnic Divisions, 
Economic Decline 


Are 'False Starts’ in Development Con tinuing ? 


(Continued From Previous Page) 
system. Even Clapiam Sankara, 
who is open to ideas and prepared 
to change this, says he is caught in 
the dile mma that to improve fann- 
ing it would be at the expense of the 
cities. And the government is run 
by city people. 

“The drama of Africa today is .. 

SSSWJSKSfffi StS&at'SS'fc 

and sustain niv i;f>-cwW *• swept western Afnca, Prof. Du- 


(ORD) to give a revolutionary new 
order designed to improve agricul- 
ture. 

“We must offer a very harsh 
judgment of the ORJDs, much do 
little work, and are generally ineffi- 
cient,” Prof. Dumont said in his 


that in his discussions with African 
leaders, he learned that the irriga- 
tion projects the dams were si 
posed to make possible may 
canceled due to lad: of funds. 

"It is appalling,” he said. "And 
table that many donor 


' and sustain city life-styles. 

The problem is aggravated by 
l birth rates across Africa that aver- 
age 3 percent. “This demographic 
- explosion further erodes the land. 
The population continues to grow 
faster than agricultural production, 
increased malnutrition and the 
food deficit. This, naturally, com- 
promises the country’s economic 
and political independence.” 

A frequent response by young 
African leaders is to turn to com- 
munist theory and implement such 
systems as collective farming, “a 
complete fad me,” In Prof. Du- 
mont's estimation. He dies experi- 
ence with state farms in Ghana, 
Guinea, Tanzania and Cuba. 
“State farms contributed to the 
famine' that Mozambique is cur- 
rently suffering and in large mea- 
sure helped rum the economy of 
Nkrumah’s Ghana," he said. 

Prof. Dumont praises the efforts 
of young leaders such as Captain 
Sankara who have tried to reverse 
the post-colonial system with new 
ideas. 

But the new methods have often 
failed to produce better results 
than the old ones. Captain Sankara 
established a system of Regional 
Development Organizations 


crate person can be taught basic 
arithmetic and to write his own 
language in eight weeks. Instead, a 
privileged few are guided through a 
school system that »«!«■* 15 years 
and then the graduates are often 

— r unemployed because governments 

report “The countiy people told us countries and the World Bank re- cannot afford to keep ex panding 
the ORDs are cadavers that are nor fused to have any involvement with their bureaucracies, 
quite dead.” it" African governments must give 

And even apart from the aid ca- much closer attention to devdop- 
tastrophes, there are still plenty of ing agriculture and improving 
self-aggrandizing projects that farming techniques to curtail soil 
bleed resources with few benefits erosion and desertification, he said, 
for the population. And one of the most pressing prob- 

Ivory Coasl, where “the rconom- lems for Africa, the popukfcon ex- 
ic miracle is over, is budding the plosion, must be recognized and 
new capital of Yamoussoukro to — - - - 

replace the coastal capital of Abi- 


swept . 

mont argues, is still aid that does 
little to aid. “Sankara says aid 
should be used to kill off aid,” said 
the professor in an interview in his 
office in suburban Paris. “And he is 
absolutely right.” 

But today's aid often aggravates 


existing problems. For example, it djan, which itself was a rep lace- 
ten ds to keep the price of grain ment capital. “There are more light 
artificially low and discourages ru- standards in Yamoussoukro, with a 
ral development and better farming population of 40,000, than in Abi- 
p radices. And many aid projects, djan, wbere the population is 
Prof. Dumont said, are still insensi- 800,000,” Prof. Dumont said. But 
tive to local needs. France sends he was equally critical of Abidjan's 
seed for “salad gardens” to hungry modem complexes, which include 


West African countries. “Have you 
ever been starving and been offered 
a salad?" 

Or what Prof. Dumont considers 
the “mosr aberrant aid project I 
have ever seen, and I have seen a 
few in my time": the construction 
of two major dams on the Senegal 
River in a joint project by Senegal, 
Mauritania and Mali. At a cost of 
5800 milli on, one dam will be com- 
pleted next year and the other by 
1988. The project will produce 
“more electricity than could ever 
conceivably be lised by the region." 

But the governments are only 


such frivolities as a skating rink, 
but tower over the slums of Treicfa- 
ville, where people beg far food. 

Prof. Dumont, who has studied 
developing countries from Asia to 
Africa arid the Caribbean since 
1929, has some basic prescriptions 
for West Africa. He tails for higher 
grain prices that would take fann- 
ing beyond subsistence levels and 
break down the “catastrophic’' 
chasm between city and country 
peo fie. 

Education, which has always 
been based cm the colonial system, 
which was geared to churning out 


starting to realize that the real bur- bureaucrats, should he d ramatical. 
den of cost is not construction but ly changed and adapted to local 
maintenance. Prof. Dumont said populations. He claims that anHHt- 


acted upon. “Food production will 
never be able to sustain a popula- 
tion growing at 3 percent,” he said. 

Prof. Dumont retired in 1974 but 
is still studying and producing 
books on the loud Wood in his 
quest to steer them onto more posi- 
tive courses for the future. After 
being invited to do studies erf Sene- 
gal and Burkina Faso, and con- 
ducting his own research in several 
adjacent West African countries, 

he is p lanning annthmr hook dug to 

be published in the autumn. 

It will be one more of Prof. Du- 
mont’s efforts to get his message of 
the urgent need for change across 
to a popular audience, with the 
title, “Afrique Affamte, Le D6sert 
Gagne” (Starving Africa, the De- 
sert is Winning). 

After 50 years of study, Prof. 
Dumont still capitalizes on his ex- 
pertise and good -humor to per- 
suade Africa’s leaders to listen. 
“Thegood tiling is that they are 
listening now. But they still aren’t 
doing any thing, ” he sard. 


LOME — Africa’s regional sum- 
mit meetings have often provided 
the occasion to depose an absent 
head of state, and this month's 
gathering of the Economic Com- 
munity of West African Stales 
(ECOWAS) was another such op- 
portunity, with President Tamana 
Conte of Guinea the intended vic- 
tim. 

On July 4, eve of the opening of 
the summit, news of a coup d'etat 
in Guinea reached the Togolese 
capital, Lomfc, site of the meeting. 
By that afternoon, 12 of the com- 
munity’s 16 heads of state had ar- 
rived m Lom6 and speculation was 
rife as to the reasons behind the 
absence Of those who had failed to 
show up. 

At the center of the speculation 
was Colonel Conti. Togolese offi- 
cials had privately confided that 
there was “trouble” in the Guinean 
capital of Conakry. Colonel Conte 
finally arrived that evening, appar- 
ently persuaded to attend by Presi- 
dent Gnassingbe Eyadema of 
Togo, so that, as acting president of 
ECOWAS, he could open the sum- 
mit meetings the next day. 

In Colonel Conte's words, “Be- 
fore I had a chance to sit down m 
Lomfe, I had word there had been a 
coup d’etat led by Colonel Diara 
Traorc," Guinea's former prime 
minister. Having seized the nation- 
al radio station. Colonel Traort an- 
nounced the “exile** of the presi- 
dent 

Early the next morning, with 
thousands of Togolese dancers, 
majorettes and muskdans massed 
on the Place de ITndfcpcndence to 
provide entertainment for the sum- 
mit's opening session, international 
radio broadcasts announced that 


the Guinean coup bid had been 
reversed. 

Colonel Traorfi's short-lived bid 
for power was based on two issues 
that are at the center of the region’s 
instability: economic stagnation 
and ethnic division. 

Like so many of the ECOWAS 
countries, Guinea's economy has 
floundered badly in recent years. 
What riisringukhriH the Guinean 
situation is that IS months ago the 
country had rid itself of one of the 
continent's most tightly controlled 
and repressive dictatorships, that 
of Lhe deceased President Sekou 
Tourfc. 

When Guinea's present leader- 
ship, known as the Military Com- 
mittee for National Recovery 
(CMRN), filled the vacuum left by 
President Toure’s death and de- 
clared itself in favor of free expres- 
sion and liberal economic policies, 
the expectations of the nation were 
immediately kindled. 

President Tourt had led the 
country for 25 years, following a 
path described by a former Guin- 
ean diplomat as “anachronistic so- 
cialism.” His extreme centraliza- 
tion of power had left the country 
with an almost total lack of eco- 
nomic development, despite the 
fact that Guinea ranks among the 
African countries most highly en- 
dowed with natural resources. 

In his message to the nation fol- 
lowing the seizure of tire radio sta- 
tion, Colonel Traort condemned 
the CMRN government for its “15 
months of foot-dragging and inde- 
cision” and denounced the Conte 
leadership for its “ethnically based 

par ti san mfigfipng ** 

Without a hint of a program of 
his own. Colonel Traore’s state- 







’J 


ment alleged the "total deception” 
of popular expectations following 
the CMRN's seizure of power. Ob- 
servers in Conakry noted that if it 
was true that material conditions in 
the country bad not improved un- 
der military rule. Colonel Traores 
ethnic appeal totally backfired. 

President Conte described Colo- 
nel Traore’s radio message as the 
latest in a recent series of maneu- 
vers intended to “convince the Ma- 
linke tribe that they were being 
victimized” far President Toure’s 
long reign. The Malinke tribe is the 
country's largest, accounting far 30 
percent of the population. 

The anoarem solidarity of top 


ificials in support of the 
Traorc coup attempt has already 
had grave consequences for tin 
country. While the Guinean Army 
hesitated in taking rides following 
the coup announcement, the popu- 
lation of Conakry rapidly respond- 
ed by gathering' in the streets to 
denounce the self-declared “Su- 


preme State CounciL" Fearing a 
return to the Malinke hegemony of 
the Toure years, the capital’s pre- 
dominantly Soussou population ri- 
oted throughout the night of July 4, 
looting and pillaging Malinke 
homes and shops. 

With the realization that the peo- 
ple of Conakry firmly opposed the 
coup plotters, the Guinean Army 
mobilized in support of the absent 
“be government has at 
19 deaths and 22 
the gnqting viol ence. 

Whether Guinea can escape the 
infernal cyde of coups and insta- 
bility now' depends more than any- 
thing on improvement in the coun- 
try’s economy. The ethnic problem 
could be handled by a judicious 
balancing of the four major ethnic 
groups in the government. Howev- 
er. failure to improve living condi- 
tions is likely to lead to renewed 
violence. 

— HOWARD FRENCH 



Despite the Turmoil, World Investors 
Consider Guinea 'Country of Future 9 


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By Richard Synge 

LONDON — Foreign investors 
who have examined West African 
opportunities closely are hugely in 
agreement that the region’s “coun- 
try of the future" is the Republic of 
■Guinea, the nation that made head- 
lines on_ July 5, when a former 
prime minister tried to oust Presi- 
dent Lansana Conti from power. 

Although the coup . attempt 
failed, the incident showed that 
Guinea is Hkdy to remain a some- 
what elusive prize for the time be- 
ing. However, manypeople remain 
convinced that Guinea will turn 
out right in the end. 

After 26 years of virtual isolation 
from the world under Sfckou Tourfe, 
who died in March 1984 and was 
succeeded by a military regime de- 
termined to reverse most of Ms pol- 
icies, Guinea has now been invaded 
by bankers and entrepreneurs in- 
tent on finding the projects most 
likely to yield good returns. 

The world's biggest concentra- 
tion of bauxite deposits, substan- 
tial high-cjuahty iron ore and other 
minerals, including diamonds , gold 
and uranium, lie beneath Guinea's 
soiL At present, only bauxite min- 
ing makes any significant contribu- 
tion to the national economy,' but 
negotiations are unde way on the 
extraction of other minerals . 

After ihe nriHtaiy coup in April 
1984, which brought Colonel Conte 
to power, the World Bank and the 
International Monetary Fund en- 
tertained hopes of quickly reaching 
agreement with the new govern- 
ment on a recovery program. With 
IMF involvement progress on such 
an agreement was dependent on a 
luation of Ihe currency, re- 
structuring of the government bud- 


get and promotion of the private' 
sector. To date, the government has 
balked at taking sweeping mea- 
sures that could provoke political 
instability and there has been little 
progress. 

Now that the international insti- 
tutions have looked more closely at 
Guinea’s specific problems, they 
have come to terms with a need for 
a measured approach. Restructur- 
ing the state sector, which held a 
dominant position under Sikou 
Tourt, and training a new breed of 
administrators to handle the con- 
cerns of the private sector wifi take 
some time. Moreover, the absence 
of a functioning banking system for 
local agricultural produce requires 
the establishment of completely 
new structures. 


The investors now see a long 
haul ahead but the World Bank is 
already involved in discussions 
with the government on project se- 
lection mid it expects to be able to 
bade a major effort to promote 
Guinea’s potential in about a year. 

At present, much of Guinea’s 5 
million people are engaged in agri- 
cultural production cot a small 
scale, but to keep them active will 
require major investments in roads 
and basic amenities. 

Once local and foreign confi- 
dence in Guinea's economic poli- 
cies is restored, the revival of the 
country to its former status as the 
“jewel of West Africa" should be 
rapid. Guinea is still receiving more 
of a sympathetic hearing m the 
West than most of its fellow mem- 
bers in ECOWAS. 

There are, however, some other 
states in the region where a positive 
drive to attract private foreign cap- 
dial is well advanced. Ihe Cape 


Verde Islands, remote but still a 
part of ECOWAS, is making a 
strong push to attract funds from 
the United States and particularly 
from Cape Verdian imigres, who 
how outnumber the islands’ inhab- 
itants by two-io-one (600,000 com- 
pared with 300.000). 

Already, Cape Venetians abroad 
are a major source of income for 
these drought-stricken islands, 
sending home at least $30 million 
per year, enough to stave off an 
otherwise desperate balancc-of- 
payments crisis. 

Although tiie islands could even- 
tually attract considerable invest- 
ment in tourism, the prevailing dif- 
ficulties of finding and storing 
water for drinking and irrigation 
must be overcome. The govern- 
ment also wants to promote a 
stronger local economy before 
opening the floodgates to foreign 
investors. 

Cape Verde Islands has great-po- 
tential as a fishing center and this is 
where the government is hoping to 
persuade the emigris to put their 
money. There is also scope for a 
large number of small industries. In 
recent months, investment agree- 
ments have beat signed for a ce- 
ment factory and a brewery, and 
the World Bank is sponsoring the 
evaluation of financing of other en- 
treprises. 

Another candidate for foreign 
investment in West Africa is Togo, 
a focal point in the ECOWAS sys- 
tem and a country that has enthusi- 
astically embraced IMF and World 
Bank conditions and policies. Togo 
also has a vocation as an entrepdt 
for the bigger regional economies 
of Ghana and Nigeria, although its 
population is only 3 million. 


Togo's government is now trying 
to sell off its moribund state indus > 
tries. set up in the 1970s on ti$- 
basis of a miscalculation of Ac 
earning potential of phosphates, 
the country’s main export. Most of 
the industries failed through bad 
pla nn i ng and bad management and 
the government is now offering the 
facilities to any entrepreneur who 
can guarantee their profitable oper- 
ation. The terms bang offered are 
generous and have already attract- . 
ed considerable interest from 
abroad. 

Togo's oil refinery is now being 
leased by oti companies as a storage 
center and its steelworks is being 
operated by John Moore, an .Amer- 
ican businessman, who has adapted 
existing facilities to a small-scale 
but highly profitable rolling opera- 
tion. 

Other state firms set for privati- 
zation are in textiles, marble min- 
ing, detergents, oil seeds, milk 
products and plastics. 

Togo, as a small country witl^--i 
considerable variety and good 
communications with the rest of 
lhe region, also has potential as a 
tourism center. Here, however, its 
fortunes will rest on whether it can 
agree to welcome diem charter - 
lours that would help make it com- 
petitive with the other tourism cen- 
ters of the region. Gambia and Sen- 
egal. 

Other countries of West Africa " . 
will be watching closely the out- 
come of Togo’s privatization pro- ' 
gram. If it works out as planned, 
with both government arid inves- 
tors getting the financial rewards 
they expect, the program o expect- 
ed to have imitators throughout the 
region. 


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We set the pace... 


(Continued From Previous Page) 
has wielded almost complete con- 
trol, making even day-to-day gov- 
ernment decisions in his private of- 
fice. 

The 1978 constitution of Sierra 
Leone names the first vice presi- 
dent, currently Ibr ahim Sonic Kor- 
oma. as successor on the death or 
incapacity of the president. How- 
ever, there are doubts as to whether 
Mr. Koroma, 56, has the popularity 
or physical strength to nit Neither 
does Mr. Koroma have Mr. Ste- 
vens’s support 

In June of this year, Mr. Ste- 
vens’s latest seven-year term of of- 
fice ran out Since he had not decid- 
ed on a successor, however, the 
president asked for and, of course, 
received a six-month extension un- 
til December. 

This limbo poiod has seen a 
sharpening of political knives and 
yet more uncertainty. Other candi- 
dates, such as the recently appoint- 
ed second vice president Francis 
Minneh, have joined the fray. 

But civilian politicking may 
prove to be just theoretical, as pop- 
ular discontent at the parlous state 
of the economy is exacerbaied by a 
lack of dear leadership. 

Major General Joseph Momoh, 
chief of staff of the armed forces, is 
now seriously considered as a lead- 
er who could bring order and purge 
lhe country of widely alleged cor- 
ruption. As with the civilians, how- 
ever, General Momoh is as an 
integral pan of a discredited re- 
gime. Being an ex-officio minister 
of Parliament and APC member, 


he also has no popular base (nei- 
ther do many of the MPs, being 
imposed from lhe top) and he may 
be mistrusted by radical younger 
army offices. 

Sierra Leonean politicians 
watched closely events in neighbor- 
ing Guinea, where last year the dic- 
tator, S&ou Touri, died. Within 
days, the highly centralized regime 
he had buili up collapsed as senior 
army officers tookcontroL 

A peaceful succession was not 
possible in Guinea because the in- 
stitutional structures proved frag- 
ile. On their Hwnw confusion 
reigned and the only viable struc- 
ture left was the army. 

PoUtidans in Ivory Coast have 
s i mil ar problems. Ruled as a one- 
party state since independence by 
F&lix Houphouit-Boigny, Ivory 
Coast has been favored by Western 
investors because of the generous 
incentives it offers to foreign capi- 
taL However, poor world prices for 
its exports and a lack of genuine 
indigenous development have led 
to an economic crisis. 

This crisis has been deepened by 
uncertainty over Mr. Houphoufct- 
Boign/s intentions. Constitution- 
ally, until 1980, the successor of the 
president was the president erf the 
National Assembly. However, in 
1980, the incumbent of this post, 
Phillipe Yace, was sacked and the 
constitution changed. Speculation 
■and competition followed. 

Candidates include the current 
president of the National Assem- 
bly, Henri Konan-Bedii. A former 
World Bank employee and ambas- 


sador to the United States, Mr. 
Konan-Bedig comes from the same 
pan of the country as Mr. Hou- 
pbouSt-Boigny. Mayra* Emmanuel 
Dioulo of Abidjan, the economic 
- capital was a strong candidate un- 
tfl last year, when he became em- 


capital was a strong candidate un- 
til last year, when he became on- 
broiled m a financial scandal. 
However, Mr. Dioulo still has pow- 
erful connections, including Mr. 
HouphouSt-Boign/s family. The 
current minister of defense, Jean 
Kouan-Banny, is another possible 
candidate. 

A convention of the ruling party, 
the Democratic Party of Ivory 
Coast (PDCI) is due later this year, 
when, in theory, delegates will 
choose a presidential candidate for 
the single-candidate elections. 
However, since the PDCT “choice" 
is almost bound to be Mr. Hou- 
phoo&t-Bdgny, interest wiQ center 
on whom he chooses as his vice 
presidential fanning mate. This is 
the man who will rule Ivory Coast 
when Le Vieux (the old man), as he 
is known, dies. 

. However, the PDCI faces the 
same problem as the APC in Siena 
Leone and many other single-party 
regimes. Unlike certain left-leaning 
regimes such as Ghana or Burkina 
Fasso, there is Hole attempt at 
mass participation: When the boss 
goes, the party therefore crumbles. 
Also. Ivory Coast is now bordered 
by. mditaiy regimes of various po- 
litical hues, which may have in- 
spired unconstitutional ideas in the 
officers’ villas and barracks alike. 

In no ^est African country has 


party* to another by elections. In- 
deed, in the whole of Africa, this 
has only happened once, an the 
island of Mauritius in 1982. 

Similarly, there has only been 
one case in West Africa of a presi- 
dent handing over power to a suc- 
cessor in a peaceful atmosphere- 
That was in Senegal in 1980. idles 
President Ltopold Scnghor rdffi- 
guished his office to his prime mifr 
isier, Abdou Diouf, after some 
constitutional changes. 

The problem of succession be- 
comes more acute in direct ptopif* 
tion to the personal influence cl d* 
head of state himself, b poor coun- 
tries where the stale is wak, estab- 
lished structures come under severe 
strain when the dramnant person; 
alitygoes. \ 

The physical suumia: of the oH 
leaders is another factor. Unable tfl 
keep up with state affairs, they fc* ■ 
come increasingly influenced by 
“special advisers.* 4 Mr. Hon- 
phouet-Boigny, for example, has 3 
powerful “kitchen cabinet" of for- 
eigners, French, Mafian or Algeri- 
an, who are dose enough to the 
president to have* mart mflucocc 
tbiwi traditionally powerful nun®’ 
tries. 

Fra these men and women, th* 
ultimate riower of tin president is 
their lifcme; it is m thor interest 
shield him from .criticism and eri- ( 
courage him to remain in pa*Bj 
Brco& interests, let alone those « 
the majority of the pcopk, 
come a very poor second. 


,9V 








7SKi 








19 


i ' j ir 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


Page XI 


A SPECIAL REPORT ON WEST AFRICA 



Interest in OilPotendal Grows, but Not as Economic Panacea 


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A fish market at Freetown, Sierra Leone. 


Regional Fund 
Is Polishing 
Financial Image 


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LONDON — Often hindered in 
its work by the political and eco- 
nomic problems inherent in the 
Economic Community of West Af- 
rican States (ECOWAS), the orga- 
nization's Fond for Cooperation, 
ZTTj^ ‘ Compensation and Development is 
; ’ concentratmgonimprovii^itscaEB- 
-■ .' ' T - ^ 1 , ] - ckacy as a financial ins titotion 

The best way to overcome the 
community’s problems, says the 
fund’s new director, Mahenta FaE, 
is by careful preparation of pro- 
grams and projects and “a vigorous 
policy of cooperation with all sci- 
entific , twfrnicgi and fin»nri>i in- 
stitutions.” 

An important development now 
under way is the establishment of a 
computer center to help with the 
fund’s intended rale as a compen- 
sation bank in intraregional trade. 
The $3-8-m3Kon computer system 
would also process data for nation- 
al projects. The first part of the 
system has already been installed 
in Bamako, Mali. 

The fund’s management feds 
that its image will be much im- 
proved when it has moved into its 
planned twin- tower headquarters 
building in Lomfc, Togo. But the 
institution has already earned the 
respect of international bankers 
and multilateral agencies without 
moving from its rudimentary two- 
stray block in the center of Lomfe. 

Toe fund has a demanding 
ahead: to finance community de- 
velopment, to promote projects on 
behalf of its least-developed mem- 
ber states, to support trade liberal- 
ization within the community, to 
provide compensation for intrare- 
gional trade and to guarantee for- 
eign investments. 

“As an institution, we have taken 
some time to develop,” says Mr. 
Fall who has been with the fund 
for six of its seven years, “but it has 
kept on track despite the political 
problems. The prudence of (he 
ECOWAS beads of state is the 
greatest guarantee of our success 
and we always have a good atten- 
dance si FCOWAS summits.” 

Mr. Fail I12; long experience of 
zdmii»j>i:auor in the economic 
scaur in his own county, Senegal 
where he helped draw up develop- 
ment plans m the 1960s and was 
economic adviser to the prime min- 
ister in the 1970s. 

With a paid-up capital of S44 
million, the fund has earned 
enough from its investments to fi- 
nance the operational budget. It 
has also been able to pay for some 
substantial project work out of its 
own resources, notably the $125- 
nnlhoQ first phase of the.oonnnuni- 


^ /si & 



By Howard Schissd 

PARIS — None of the western 
members of the Economic Com- 
munity of West African States may 
have the immense hydrocarbon po- 
tential of Nigeria, tail all are mak- 
ing considerable efforts to cover 
thrirown domestic oil consump- 
tion needs and even produce a sur- 


T alcfng heed of the difficulties 
bang ctperienced .by Nigeria and 
other African producers. West Af- 
rican states no longer view dl as a 
panacea for tbrir economic ills. In- 
stead, economic planners consider 
possible hydrocarbon resources as 
a means of reducing the burden of 
foreign debt as wdl as providing a 
fillip fer a more balanced approach 
to development. 

West Africa, with the occepfioa 
of Nigeria, has received much less 
attention from Western eft compa- 
nies than Central Africa, where 
Angola, Congo, Gabon and Cam- 
eroon are weS-established o3 prov- 
inces. Despite slack oil prices dur- 
ing the last few years, interest in 
west Africa’s oil potential has been 
growing. A number of states in the 
region have revised thdr petroteam 
codes to make the investment cli- 
mate more attractive to foreign 
firms. 

“Since the late 1960s, several dl 
andgas discoveries have been made 
[in west Africa], but in view of the 
relatively low milling density, fur- 
ther discoveries are nearly certain,” 
Michel Domestic, a specialist on 
West African geology, told the Chi 
and Gas Journal in May. He added 
that, due 10 file area’s complex ge- 
ology, it until be necessary for oil 
companies to cany out “careful 
and detailed analysis of the struc- 
ture and reservoir distribution 


[which] can lead to the discovery of 
new reserves in the vicinity of 
known accumulations," 

A case in point is Benin’s Seme 
field, located in relatively shallow 
water not far from the country's 
maritime frostier with Nigeria. 
Abandoned by an American com- 
pany m the earfy 1970s as noncom- 
mercial subsequent reappraisal of 
reserves showed the field bad a siz- 
able accumulation of at least 10 
mfflioa bands. 

The field was brought into pro- 
duction in tbe early 1980s by Nor- 
way's Saga Petroleum under a ser- 
vice contract Output has now 
readied some 9,000 bands a day, 
proriding Benin with the opportu- 
nity to improve its trade balance 
and cover local needs. A second- 
phase development plan is under 
way that should bo«tproduction 
capacity to around 15,000 barrels a 
day by 1986. Benin is also offering 
new acreage for exploration under 
production-sharing terms. 

The initial success chalked up by 
Union Carbide in the early 1970s 
on Togo’s continental plateau have 
yet to be confirmed. Earlier this 
year, Texaco’s Getty Oil affiliate 
stopped dry its Memo 1 wildcat 
Results are being evaluated before 
future exploration plans are an- 
nounced 


Jerry Rawlings revised its oil legis- 
lation and had an extensive seismic 
survey of the continental plateau 
carried out in coordination with the 
reinterpretation of past drilling re- 
sults. Hydrocarbon potential in 
Ghana’s maritime territory is said 
to be attractive. Political consider- 
ations. however, appear to have re- 


Esso’s small Bdier field reached 
24,000 barrets a day in mid- 1985. 
This practically covers consump- 
tion requirements. Phillips report- 
edly has plans 10 bring inlo produc- 
tion the B! field, discovered in 
1981 This could raise Ivorian out- 
put to around 35,000 barrels a day 
in 1987. 


Planners consider hydrocarbon resources 
as a means of reducing foreign debt 


its offshore area for exploration af- 
ter a series of noncommercial finds 
and chronic political instability 
discouraged a host of Western 
groups. During the late 1970s, 
firms like Italy's Agip, Phillips Pe- 
troleum, Texas Pacific and Getty 
03 were engaged in exploration in 
Ghana, but most derided to termi- 
nate their operations. 

The government of President 


dneed the country's appeal. Only a 
few companies ted tor offshore 
acreage, which is expected to be 
granted later this summer. 

Late Iasi year. Primary Pud Co. 
of Houston took over operations 
from the Tulsa-based Agn-Petco 
on Ghana's sole producing field off 
die town of Saltpond. Output has 
slowed to a trickle. Primary Fuel is 
supposed to invest around $60 mil- 
lion to raise production to a 
planned 8,000 barrels a day. Petro- 
fanada International, the overseas 
arm of the Canadian naiiftpat com- 
pany, drilled two promising wells 
last year in the Ta no basin, previ- 
ously relinquished by Phillips. 

After being touted as a “second 
Nigeria," the Ivory Coast has re- 
vised downward its hydrocarbon 
potential to more modest propor- 
tions. Optimism that PbiQips' off- 
shore Espoir field would turn into 
an ofl bonanza was shortlived as 
technical difficulties, coupled with 
the high con of operating in rela- 
tively deep waters, dampened ini- 
tial hopes. Moreover, recent drill- 
ing has shown that the Ivory 
Coast's continental plateau may 
possess more gas reserves than liq- 
uid hydrocarbons. 

Output from the Espoir field and 


Exploration drilling on the far 
western portion of the continental 
plateau has yet to bear fruit. It was 
announced earlier in the year that 
an American independent, Albion 
Resources, had men an option on 
offshore blocks for PE2 and PE3, 
previously abandoned by Esso. 

The Chicago-based Amoco 
Corp. picked up six offshore per- 
mits after the Liberian government 
reopened its continental shelf for 
hydrocarbon exploration in 1982. 
After a seismic program, Amoco 
drilled three wildcats, none of 
which turned up commercial hy- 
drocarbon reserves. Amoco is 10 
spud a fourth wildcat before the 
end of the year. Onshore, the U.S. 
independent, Henry Resource 
Crap., acquired a block covering 
the Bassa and Roberts basins. The 
firm must drill at least two wildcats 
over the next three years. 

Amoco took over the operator- 
ship last year of a block offshore 
Sierra Leone from two American 
concerns. Aracca Petroleum and 
Oxoco International which remain 
as minority partners. Following a 
seismic survey, Amoco is ro initiate 
its drilling campaign during the 
second half of die year. 

Prospects for increased prospec- 


rion in the offshore zone of Guinea 
and Guinea-Bissau were improved 
last-spring, when the International 
Court of Justice in The Hague 
handed down an advisory judg- 
ment on the continental plateau 
dispute opposing these two states. 
The problem involved interpreta- 
tion of a treaty between France and 
Portugal dating from the colonial 
era. 

The court’s ruling accorded the 
area off the town of Boe to Guinea, 
thus opening the way to rapid re- 
sumption of exploration activities 
by the Soricic Guinernne des Hy- 
drocarbures, a joint venture be- 
tween the Guinean govenunem 
and two U.S. companies. Superior 
(Ml and Union Texas Petroleum. 

Guinea-Bissau, however, must 
still find a solution to tbe maritime 
border dispute with Senegal. 
Again, this imbroglio involves dif- 
fering interpretations of colonial 
treaties. The two governments de- 
cided last spring to set up an inde- 
pendent panel in Geneva to arbi- 
trate the problem. It is expected 
that the arbitration process will be 
completed by mid- 1986. 

Only France’s siaie-comrolied 
Elf Aquitaine group is currently 
active in Guinea-Bissau. It drilled a 
dry wildcat last year. 

In Senegal two Canadian firms. 
Husky Oil and Ocelot Oil possess 
offshorepermits near the capital of 
Dakar. The government is revising 
its petroleum code and plans to 
offer new acreage to interested 
firms next year. A large deposit of 
heavy oil. D&me Flore, was discov- 
ered off the southernmost Casa- 
roaoce province in the early 1970s, 
but it is not considered economical- 
ly viable under present conditions. 

Mauritania's oil hopes received a 
temporary setback last year, when 


Mobil Oil's Coppotaai wildcat was 
dry. This led the New York compa- 
ny to abandon its mo offshore 
blocks in the vicinity of Nouak- 
chott. Another large LIS. oil firm is 
reported 10 be on the verge of an 
agreement with the Mauritanian 
government for the acreage relin- 
quished by Mobil. 

Oxoco International is exploring 
onshore Block 9. covering an area 
along the Senegalese border. Atlan- 
tic Richfield is studying the results 
of its sdsmic survey on offshore 
Block S before announcing a drill- 
ing campaign. 

Mauritanian officials were close- 
tv following [he results of drilling at 
the beginning of the year in tbe 
Malian portion of the promising 
Taoudeni basin. Gas was struck on 
the Mauritanian side of the border 
in tbe earl} 1970s, but production 

operations were not judged profit- 
able at the time. Exxon's Atouili 1 
well was stopped dry. Drilling re- 
sults are to be analyzed before Ex- 
xon reveals its plans Previously, 
Elf drilled a couple of dry wells at 
Ansongi. near the frontier with Ni- 
ger, and at Yarba. some 300 kilo- 
meters ( iso miles) From Timbuktu. 

High expectations raised by pre- 
liminary drilling results on the Se- 
kor structure by Elf received a set- 
back when it was announced last 
year (hat appraisal wells showed 
reserves of no more than 7 million 
barrels. The deposit is located in 
(he extreme eastern pan of Niger 
near the frontier with Chad. Given 
the distance from the capital Nia- 
mey. such a small accumulation is 
insufficient to justify the construc- 
tion of a small refinery. Explora- 
tion efforts are likely id be concen- 
trated in coming ' years on the 
promising Niger portion of the 
Chad basin. 


ty’s Intdcom I ^l«w>imnm«irinq( 
project. The fund’s own resources 
will also go toward the new $10- 

millmn headquarters (wilding 

Most importantly, the fond has 
been successful in attractin g fi- 
nance from si gnificant aid sources, 
including $8 million from the Euro- 
pean Investment Bank and smaller 
amounts from United Nations and 
European Community bodies. 

Apart from the funding of com- 
munications links, Mr. Fall also 
sees a role for his institution in 
■ promoting-, agricultural develop- 
ment. 

“I fed ECOWAS should do ev- 
erything it can to be sdf -sufficient 
in food by the year 20Q&” Mr. Fall 
says. “By November, we are plan- 
ning ... to submit to onr board of 
directors an outline of a program 
for the implementation of these ob- 
jectives. The. resources for this are 
not Hkely to being, as agriculture is 
not appreciated by the financial 
institutions, but we are planning to 
take a lead so that our partners can 
come in lata 1 . 

“Although ECOWAS has only 
technicians, we have derided to cry 
to reach the farmer, go to the grass- 
roots levd and get tbe fanners to 
know what ECOWAS can do for 
them. We want to build dams, 
dikes and access roads to open op 
the interior so that fanners can in- 
crease (heir production.*’ 

Industry is another of Mr. Faffs 
personal priorities although he is 
aware of the problems posed by die 
contrasting political attitudes to- 
ward investment within the region. 
He believes that ECOWAS “should 
not discourage foreign investment, 
and. on tbe contrary, should en- 
courage it, with national participa- 
tion." 

Expressing die need for caution 
in the growth of ECOWAS as a 
whole, Mr. Fall says: “Any change 
we make can give rise to new prob- 
lems and so we have to be cartful of 
every step we take." He cites the 
overtopping roles of ECOWAS and 
'he Francophone Commnnautfe 
Economiuue de l’Afrique de 
rOuest (CEAO)... 

“Moat- favored-nation status 
now applies to members of CEAO, 
which came into existence before 
ECOWAS, and if we applied this 
within ECOWAS, some countries 
would have to reduce 90-percent 
tariffs to zero tariffs with no prepa- 
ration. Some countries in inis re- 
port live entirely on customs reve- 
nues and it would not be acceptable 
to them to apply free trade indis- 
criminately.” 

—RICHARD SYNGE 



GHANA’S ROAD TO 
SELF-DISCOVERY 



Homdfnndi 

Gorge, an bland off Dakar, Senegal, is a major 
tourist attraction in West Africa. 


The confidence that Ghana has won In the past year in 
international efrdes could not haw been acx&tentaJ. DeaSng 
with an economy ihatwas not only indsefine but which had left 
the people helpless and frustrated needed a great deal of 
piamting. fortitude, political courage, sacriflc8B and above al, 
sincerity. 

The ruling Provisional National Defence Council (PNDC), led 
by Ht-U. deny John RawBngs, has astonished critics and 
sceptics by l&st halting ihe woeful dedfne In the economy and 
secondly by mobUMng the masses of the people to take their 
'destiny into their own hands. 

The PNDC* Economic Recovery Programme (ERP) 
launched in 1983 sought to reduce the heavy budget deficits, 
reha&fttate the run-down productive Infrastructure and. 
establish the proper priorities for the. allocation of scarce 
foreign exchange resources and above all raise agricultural 
productivity. 

The programme received the support of the International 
Monetary Fund (IMF) and the World Bank, among other 
international agendes.and various stand-by crecf t fadBties 
were extended to the country. To mention a few, the IMF in 
August, 1983, approved a one-year fadtty of about USS252 
mi Bon and about $126.75 mUton under the Fund’s Compen- 
sating Financing Facfflty (CFF) on account of a shortfall in 
exports during 1$82. hi 1984, another stand-by credit for SDR 
180 million was approved. Lata 1983, the World Bank also 
chaired a consultative group meeting in Rails to seek further 
ted for Ghana. Subsequently, various forms of assistance 
have been received from Canada. France, the United States, 
the Federal Repubfic of Germany, the Untied Kingdom, Swit- 
zerland. Japan, the Netherlands and the World Food Prog- 
ramme. A substantial amount of aid has also been received 
from the Socialist world, particularly the Soviet Union, China 
and Bulgaria. * 

One of the secrets of the PNDCs achievements is the level of 
dtedplneir^ectad into publto financing mxfpublcetqfendRure. 
Consequently the gross domestic product (GDP) grew by 7.6% 
In i984ascomperedwith 0.7% ki1983 and even less in previous 
years. The rate of inflation was also reduced from 1 23% In 1983 
to 40% In 1984, wtiOe the budget deficit as a percentage of GDP 
was reduced to 1.5% as compared to 2.6% in 1983." 

In the wordsoftheWOifd Bank Representative: “The declining 
trend of the past 10 years has been arrested In all key 
productive sectors," adding that “the confidence of the inter- 
national community In the economic poOcfes of ihe Govern- 
ment has been restored mainly due to the fact that the export 
sector is fast picking up as a result ol the Economic Recovery 
Programme. 

It is not only the export sector -mainly mining, timber, cocoa - 
which Is test picking up. The local manufacturing sector 
recorded Impressive upward trend in production. 

But perftape if Is in the area of food production that the policies 
of the PNDC probably paid off remarkably. Backed by an 
effective mobilization programme and the timely provision of 
agricultural Implements and seeds, the Government recorded 
surpluses in 1984. Production rose from 172,000 tonnes In 
1983 to 432,000 tonnes in 1984. The result was a slump In the 
market price of maize, compelling the Government to set a 
guaranteed price tor farmers. 

The credtiabte performance of the 1984 budget programme 
was partly due to the courag e and reaBsm with which the 
PNDC tadded the problem of deefining value of the currency, 
the cecfi. Having come from 2.75 cetfis to 30 cedis to the US 
dollar (from 1981 to 1983), another re-adjustment became 
necessary for the calendar year 1984. The exchange rate 
steadily moved from 30 cetfis to 50 cedte per the US doflac. 
Although this naturally raised pricesof goods and services, the 
overall effect stimulated exports and maintained competitive- 
nessbithtefectocTocushtontheeffectoflhe cecfi adjustment, 
the minimum daSy wage for workers was raised by 1 00 per 
cent and the producer price of cocoa went up from 20,000 
cedis per tonne to 30.000 cedte. 

Batecally; the policy objectives for^ 1985 Indude increasing the 
momentum of the Economic Recovery Programme, increas- 
ing development expenefiture, increasing the capital base of 
selected state enterprises and expanding the role of local 
authorities m economic management 
According to Dr. Kwete Botchwey, Secretary for Finance and 
Economic Planning, the targets for 1985 envisage a 5.3 per 
cent increase in real national income per anndm, 16 per cent 
expansion in the dollar value of exports, a 48 per cent 
expansion ki the dollar .value of imports, an annual inflation 
rate of 20 per cent and a budget deficit level of 2 percent-of 
GDP. 

Asa result of a combination of measures including increased 
allocation of inputs, price Incentives and provision forsubstan- 
tiaHy expanded financing, higher targets are expected to be 
attained in the export sector. Gold exports are projected to 
increase by 14 percent, teamonds by 56 percent manganese 
by 19 per cent, bauxite by 122 per cent and timber by 89 per 
cent And&ta/getof 201, OOOmefriclonnesisenvteaged for the 
1985/% crop season. 

Compared to the 19S4 budget proposals, the main features for 


1985 include 76 per cent Increase in expendture and 
re venues, a sharp increase in development expenefiture, and 
the Imposition of a 50 per cent fee on all Special Unnumbered 
Licences. Another new feature is that Ghanaian nationals 
IMng abroad can now open convertible currency accounts 
with authorised foreign exchange dealers in Ghana. 

Efforts are being made to restrain the demand for imported 
luxury items, but at the same time the need to stimulate the key 
sectors of the economy with imports has not been under- 
estimated. Imports will therefore increase substantially by 48 
per cent the largest chunk being taken by crude oil - $211 
million. The cocoa Industry has been allocated $190 mdltan, 
^ transportandcommimlcations$86miffon, general agriculture 
$85 miBlon arid construction $55 rnUBon. Food imports are 
estimated at S79 mSBon and imported resources to fuel local 
Industry wffl cost $1 25 million. 

This huge Import programme will be financed partly (37 per 
cent) out of Ghanato own resources and partly out of conven- 
tional long-term loans. 

While a muftifeteral approach has been adopted to make 
Ghana self-sufficient to food production in the medium term, 
the old system of setf-relanoe nr financial management by 
local boefies is also being restored. This is part of the genera) 
policy of the PNDC to Inculcate the spirit of self-reliance Into 
the general body-politic. 

Naturally, tostitflng discipline In public enterprise and reducing 
public expenditure will entaHacertam amount of redeployment 
and redundant labour In addtion to a full-scale policy, the 
National Mobilization Programme, to resettle underutifeed 
hands In productive areas, the Government has created a fund 
of 200 mffflon cedte for the retraining and redeployment of 
under-employed labour 

A catalogue of the PNDC's economic recovery efforts wifl not 
be complete without a very vital statement recently made by 
the Secretary for Finance and Economic Planning, Dr. Kwesi 
Botchwey: 

“The Year 1985 is a partfcul arty critical year in our Economic 
Recovery Programme. Over the past two years, external 
financing resources from multilateral sources (particularly the 
IMF) have been crucial source of fending. On present projec- 
tions, net flows from these sources will be substantially 
reduced after 1985. Moreover; ft has never been our intention 
to perpetuate a dependence on external assistance for our 
development for even In the most favourable circumstances, 
such dependence can never be entirely compatible with our 
sovereign national Interest'* 

Dt Botchwey added that this yean “special attention will have 
to be pafdtothe monitoring of programme Implementation, the 
creation of necessary corxtitfons that will permit a real 
improvement In management capability, and at the same time 
enable organised woriceretoptayamorepositive and Informed 
role in decision-making at the enterprise level.” 

In this rasped the "Radas Union Congress of Ghana has 
undertaken a series of education programmes aimed at 
ir^ecting in the woricers a new patriotic spirit Not a day passes 
without a seminar, lecture or workshop organised for workers 

to impress upon them the need to step up productivity. 

Further to the call for higher production, which has already 
began to yield results, a new body, formed at the coming into 
powered the PNDC, has been charged with not only upholding 
the kteate of the Revolution but also with monitoring the 
implementation of the pofides of the Government Called the 
Committee for the Defence of the Revolution (CDRs). these 
botfies can be found in aB work places, communities, offices, in 
villages, towns and cities. Formed out of the people them- 
selves, these committees ensure that the highest level of 
dlsciplfnelsmalmainedetaff times. The Government Itself has 
not hesitated to punish CDR members who have miscon- 
ducted themselves, and from all indcations, the success or 
failure of the economic and political programmes of the PNDC 
will depend largely on the effectiveness of these committees . 
Together with organised labour, CDRs have represented the 
solid strength of workers In workplaces, especially In relation 
to managements. Today, workers, represented thrpugh the 
two bodies, have effective presence at meetings of manage- 
ment now reconstituted as joint Consultative Committees. As 
was made dear on May Day this year; by Cept. Kojo 'felkata 
(Rtd), Member of the PNDC, “The Joint Consultative 
Committee (JCC) Is not meant to be a forum for a contest 
between the workers and management to show who wields 
most Influence, but aforum for co-operation towards a com- 
mon aim- increased efficiency and productivity." 

AH indications are that Ghana is on the road to self-tfiscovery. 
But tftis is not being done in Isolation. The PNDC has recog- 
nised the need all the time to work within the framework of the 
conditions Imposed by its immediate neighbours, by the 
Economic Community of West African States and by the 
Organisation of African Unity. 

As a first major step, the Government has sought to promote 
friendship and co-operative relations with all countries and to 
contribute to a cBmate of understanding, peace and stability 
that wifi enable such relations to flourish. 


In pursuance of a policy of constructive co-operation with our 
neighbours the PNOC has exerted adequate efforts to con- 
solidate cordial relations with an countries of the West African 
sub-region. B£a tera I Joint Commissions of Co-operation have 
been established with neighbouring countries which serve as 
forums for cHscusstog matters of mutual concern and for 
enhancing meaningful economic co-operation and collective 
self-reliance. 

Given the arbitrary delineation of borders by former colonial 
masters, the PNDC has acted to reconstitute or revive, where 
necessary, the Joint Border Demarcation Commission to 
enable them to continue to serve as useful instruments for 
removing irritants from bilateral relations with trie country's 
neighbours. 

The importance attached to the establishment of harmonious 
relations has been underscored by the visits which PNDC 
Chairman Fit. Lt. Rawlings has made to Burkina Faso, the 
Ivory Coast. Guinea and Benin as well as by exchanges of 
visits by Ministerial delegations of Ghana and her neighbours. 
Other examples of attempts at co-operation Include the quad- 
rapartita meeting last December in Lagos. Nigeria between 
Ghana, Togo, Benin, Nigeria - which took certain initiatives to 
strengthen stability, security relations and co-operation 
among themselves. At the end of the meeting important 
agreements on police co-operation, extradition, customs and 
trade were signed by the Heads of State. 

At the signing of the Agreements. Fit. LL Rawlings made these 
significant observations: 

“I believe that our responsibility as Heads particularly over 
peoples who are faced with crises that have reached tragic 
proportions requires us to go beyond ceremony, and lo raise, 
when we meet each other, issues which will help us serve our 
people better, to nudge and prod each other to a better 
rendering of accounts to our people.' " 

He said further: 

“These treaties which we have signed today give expression 
to our common desire to five together in peace, security and 
harmony and bulk 1 a meaningful solidarity for the economic, 
social and cultural development of our countries." 

He also said that if we can regularise and promote trade 
between our countries in the spirit of the ECOWAS Treaty, we 
can provide revenue for our respective national treasuries. 
Since its inception in May 1975, the ECOWAS has enjoyed 
Ghana's consistent participation in its activities, and Ghana 
has assisted in the formulation and Implementation of various 
ECOWAS programmes and policies. Ghana has provided a 
numberof experts Inthe fields of agriculture, customs and tariff 
harmonization, monetary matters, energy and taxation, who 
have conducted studies with the Community as a basis for 
drawing up ECOWAS policies. 

It Is also known that Ghana has also endeavoured to satisfy all 
Community requirements, and that instruments of ratification 
for protocols and conventions which have not as yet been 
ratified have been or are being prepared, ft is Interesting to 
note that the provisions of some of the conventions which are 
yet to be ratified, for example the conventions on Inter-State 
Transport of Goods and Road Transport of Goods, are already 
operative under Ghana's national regulations. 

Similarly, a Ghana National Bureau for the Implementation of 
the ECOWAS Brown Card Protocol has already been estab- 
lished despite the fact that the protocol is only now In the 
process of being ratified. 

Ghana again ratified and has been implementing phase I of the 
Protocol on the Free Movement of Persons, Right of Resi- 
dence Establishment since 1979. In accordance with the 
provisionsof the Protocol. ECOWAS citizens have the right of 
entry info Ghana without visa requirement for a period of 90 
days provided they are in possession of valid travel docu- 
ments. 

Despite Ghana's present economic circumstances, and to 
show her sincerity she is currently the third most important 
financial contributor to the Community, contributing 12.9 per 
cent ol its budgetary requirements. Between 1983 and 1985, 
Ghana was called upon to contribute UA Z 305, 193.62 
(approx. US$2,351,297.49) as budgetary contributions, tn 
addtion to the annual contribution, the country has fully paid 
her quota (USS6.449.979) towards the capitalization of the 
ECOWAS Fund as well as her contribution towards the establ- 
ishment of the special ECOWAS Telecommunication Fund. 
Ghana's commitment to collective self-reliance could not be 
better slated than In the words of Fit. Lt. Rawflngs in Lagos: 
“The real challenges lie ahead; not only in the implementation 
of treaties, but also In the ability to open up ourselves to each 
other to team about and from each other, and even to use each 
other as a mirror of our own situation. These treaties seek to 
relate to the realities of the contracting parties as we say in the 
preamble to one of them. Our realities are not very different 
from one another, tn each of our countries the desperate fight 
against hunger, poverty, illiteracy and disease is on, and we 
must begin to create functional organs to enable ourcombat to 
be united and hence more effective." 

Ghana indeed has taken the first major step. 





Page 12 

A SPECIAL REPORT ON WEST AFRICA 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1983 


Region Pays a Harsh Price for Dependence on Commodities 

By Randeil EL Moore Wesi Africa from Senegal's 27 per- ECOWAS members face the same earnings. Peanuts account for 35 Monetary Fund economist calls the and overproduction. continue to 

WASHINGTON The Sinking ce ™ , ° Nigeria s 95 percent, but the problem. percent and 29 percent, respective- problem of “too many eras in one persist. 

nri. rfrii 2? M nEaTB medaa . B above *• Accontag to the World Bank, ly, of Gambia’s and Guinea-Bis- basket" The redoe for the ICO’s success 


dependent on one or at most a few Nigeria’s almost sole reliance on exports from cotton. 


primary commodities for the bulk oil for its export eamin 


of their export revenues. 


In addition to Ghana's almost revenues. 


earns about 16 percent of its export 


seats the extreme example among 50-perceot dependence on cocoa 


Primary-commodity exports as a West African nations. It is only to exports. Mali relies on cotton for41 


ECOWAS exports of nonagri- 
cultural commodities are just as 


percentage of total exports varies in lesser degrees, however, that other percent of its commodity export plagued by what one Internation a l 


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modily exports. Approaching this and price range, combined with die 
level of dependence on one com- acquiescence of the major coffee* 
modify are Mauritania and Liberia, consuming nations, particularly the 
where iron ore accounts for 70 per- United States, 
cent and 59 percent, respectively, There are, nevertheless, strains in 

according to World Bank statistics, the ICO. Stocks have been rising 
Guinea relies on bauxite, from since 1978-1979. The UJJ. Depart- 
which aluminum is processed, for meat of Agriculture forecasts a re- 
37 percent of its commodity ex- cord world production level for 
P 0 ^ 1984-1985 crop year, while studies 

Overshadowing the 25 percent of linking coffee with cancer threaten 
Togo’s commodity exports that co- consumption, 
coa. coffee and cotton represent is Perhaps more dangerous to the 
the 44 percent that phosphate rock ICO is the apparent dumping of 

, off-quota coffee by producers. Sur- 
otven this precarious depen- ieputious cut-price sales threaten 



dence on Mimary commodity ex- to produce the son of problems for J J 

SHA’&SSUfS ftEMK&SE Organizational Overlap 
233 Wo ^ Slows Regional Unity r 

Bank s nonfud commodity mdex, levdg but jjas since boa in a tail- ~ J 

real commodity prices (ac$usted spin. Global supplies of cotton are LOME— In a report to the min- Monetary Union fUMOA). th- 
for innanon) last peaked in 1980. at record higbs, production contin- Serial delegations attending the governing body of the region’-. 
The next two years of economic ues to rise and consumption re- 10X111 summit of the Economic “CFA countries." is. hv all ac- 
reoession produced the steepest mains sluggish. In addition, dedin- Community of West African States counts, a major obstacle to the cre- 
and most protracted dechne m j ng 0 il prices have made (ECOWAS), the organization's ex- ation of a functional ECOWAS 
co ?®9^ t y pnosstnee the 1930s. petroleum-based polyesters more secretary. Momodn Munu. monetary union, a primary obja- 

in 1983 and the Hist half of 1984, competitive with cotton textiles. described “the proliferation of in- rive of die community. In contrast, 
economic recovery in the United A suras in U S. automobile mo- lrare S ionai organizations charged West Africa's English-speaking 
* lessc T- ort , CQl . 1 ? ductioiL^ooor namra}°nihtv»r nwv more orless the same aims [as] countries all have nonconvertible 


““““toy pp» the 1930s. petroleum-based polyesters more ecutive secretary, Momodn Munu. 

In 1 983 and the first half of 1984, competitive with aSontextiies. *I«cribed “the proliferation of in- 
ecmiomic recovery in the United A ; .., c _ traregionaJ organizations charged 

“4 10 1 '“.“.“.if 


wuwi w duetioiL nnor nanirat niKhrt- nm- W|UI muic ui me some <uim [asj countries ail nave nonconvertible 

Western Europe combined with Auction International Rn}v one of the greatest problems facing national currencies and their com- 
supply-related factors to produce a ro °* COCDmunit >'” plemem of flourishing black mar- 

rebound m the prices of many com- The ECOWAS region of 16 West feis. 

modibes. In particular, both food Mf African stales has ai least 17 major The lode behind ECOWAS 

and nemfood agricultural prices “ economic organizations, most of 


rore. some sharoly. which involve the community’s 

rv comnwfilv nrir 


economic organizations, most of 
which involve the community’s 


ry commodity prices have resumed jmrnmrihn^ n bnr« for » 1X301 paniapams at me summit m 

a downtrend. User contributors rfrti Lome.TogD.^pointed out that the 

to this sUde include a substantial existent* rfseSSi exclusively Fran- 

slowing a the pace of UiL eco- SSffiy cophone economic bodies "of the 

nonne expansion, only partial re 8 secon “ nan ot 19»4. subregion— there are no exclusive- 

covwy among Western European There was a slight recovery' in ty Anglophone organizations — 


ber of participants at the summit in 
Lome. Togo, pointed out that the 


goal of a lb-country monetary 
union, and the eventual creation of 
a common currency, is undeniable. 
By international standards, the re- 
gion is made up of exceptionally 
small and weak economies. Even 
Nigeria. ECOWAS’s giant, suffers 
from its econoim's almost exclu- 


has provolted doubls among tile fftata£f£SfTli£ 


remain high by historical stan- £ h e general slowdown in economic 
dards, a steep dollar wr-hany me gniwth in the United States, the 
and improvement in supply condi- persistent surplus of natural rubber 
dons for many agricultural com- an£ l better-man -anticipated pro- 
modi ties. ducrion of the commodity during 

For the most part, the prices of ^ P“t tw years are factors that 
commodities exported by »«ve its price vulnerable. 
ECOWAS members have followed Prices of <»L bauxite, iron ore 
the general price trend of the past “d phosphate rock, which are 


. . . , , tor and it has been unable to forge 

community s Anglophooeand Por- ^ international currency. despS 
tuguese-s^king members as to ^ population of nearlv 100 mil- 
the sincerity' of their Francophone ■ 

partners’ desire to render e^v-wi-ac- j /■ 

ECOWAS more functional. ECOW.AS’s dream of p 

The division between Anglo- ^ strengths of its members 
phone and Francophone states in °™^, and formra S 3 com T D 
West Africa has its obvious roots in curre ncy remains far 


ECOWAS’s dream of poo Line 
the strengihs of its members' cconL 
cones and forming a common con- 
vertible currency remains far awav. 


five years. 

After falling precipitously in 
1 98 1- 1 982, cocoa prices rose nearly 
40 percent from late 1982 to Au- 
gust of 1984, most of the increase 


OS Have IOUOWOQ * UI w, uouai^ uuu vib nwnui.u.u«iuuu.u.wiivuiu -rn , .1 , 

trend of the past phosphate rock, which are colonial history. Between them, ^ ^ C li 

P more dependent on the general lev- France and Britain carved up the ®a^for a respectable levd of dt- 
nrechmnii«siv in ^ °f ecoaomic activity and not sub- bulk of the region. leaving behind v ?^!w ll ? n L^l ud l! ls “P 005 of 
SH22L5 jea to the short-term influence of institutions 2d habits^ttemed dramonds. bauxite. cocoiL 

weather-relaxed factors, have fared after their own. phosphaies and 

st of the increase much worse than agricultural West Africa’s Francophone „ 


much worse than agricultural 


*to dronuht in W«t African and prices m recovc ring from the 1982 countries owe their cohesiveness to ^ dcs . host of technical 

'^-Wccsforsomc.mfea.havc . pupibcrrf fMors. mosl impor- problem ydmg Ac otai, or, o! 


Latin Amencan producing nations, 
as well as political and economic ? 
uncertainty in Ghana. Since Au- ' 
gust of Last year, however, cocoa 


pped below even those depressed 

rcls. 

Excess production capacity and 


hm moved erratically lower, eras- weakening demand since the late 
ing a sizable proportion of its previ- 1970s have burdened producers of 


tant of which are continued strong a region wide currency, there is the 
ties to France and their contiguous sempiternal .AnglophcTW-Franco- 
geographic position. The region's phone divide. The Francophone 
Anglophone countries, on the other staus m vbhS&b* to risk sacriflc- 
hand, have made do with a much “8 ** perceived advantages of 


ous 18- month price riw In addi- ^ four of these commodities. For 
don to more general econ omic the past year, stagnant U.S. indns- 


have burdened producers of have male do with a much “8. ^ perem wi advantages of 
ir of these commodities. For lower level of British economic and “ or foreign-backed common cur- 
at year. <i»gn»nt u^. indns- political presence and are largely abstract benefits 

production increased the scattered throughout the region, obtained from an 

ward mice pressure. As a re- separated by Francophone states. LLUWAb currency'. An Ivonan 
he oSKfcforrecovery in France’s attitude toward its for- ff *5® Lomi summit said, 

of these minerals is almost mcr <xrfbflies stands in stark am- * ** oepeewd to give up 


factms, this derime results from trial production increased the 
cocoa's movement from d eficit in downward price pressure. As a re- 
the last two years to surplus in the outlook for recovery in 
1984-1985. prices of these minerals is almost 


ECOWAS currency'. An Ivorian 
delegate at the Lom6 summit said. 
“We can’t be expected to give up 
the CFA franc, and the Nigerians 


r' r... soldy dependent on prolonged re- trast to that of Britain. With the <rf A ^ranc. and toe Nigenans 

is iDto^SiSS Swkl bfwnoimc growth w^bk exception of Guinea, the J5?I d 5 ever “nsider joining 

throughout the industnalized Francophone stale to attam UMOA - 

world; independence, France maintained. The focal point of the Franco- 


.SSffisssS sigra™ 

SSSS^SS ESESS BsssfiSrJi 

Umted States (the worlds laigmt J" 6 oe®. *ewntod mrall, ^ lhe {o ^ a which population. Its influence iss^ongh- 

SSffif.3? ECOWAS members that eaS*!? contintwl to deploy large numbers felt in the coastal countries offcJ 
undercut the potential for lasting ECOWASmraibcis thatcan be la- of •Whnical asastiiLC whose m,e mo. Toeo and Ghana, and in land- 


first Francophone stale to attain UMOA. 
independence. France maintained. The focal point of the Franco- 
and often strengthened, its links phone-Anglophone rivalry in West 
with its newly independent oolo- Africa is the region’s two economic 
nies. powers: Nigeria and Ivory Coast 

Most of these countries signed Nigeria commands attention by 
similar cooperation agreements virtue of its economic weight and 


of “Technical assistants” whose role mu, To 
was to train local cadres and assure locked 


success. bded a success is the ICO. ^ wnoscroic 

„!/ .. was to tram local cadres and assure 

Where the ICCA has largely However, OPEC’s eroding paw- the smooth fractioning of the bu- 
failed, members of the Interaabon- er u nd ersc or es that even the most reaucratic machinery. Most impor- 
al Coffee Organization (ICO) have successful erf price stabilization umtly, France continued to back 
succeeded. agreements are susceptible to mar- the common currency used by its 

Although slower than cocoa to ket forces and the lack of members’ former colonies, the CFA franc, 
recover from the 1981-1982 price adherence to the organization's whose full name was modified from 
ba^nng, coffee price b^mto^risc strictures. Cdonie Francaisc de TAfrique to 

m 1983 and there has been little For the time being, then, it ap- Communaute Financitre Afri- 
shppage during the Last year. Hus pears that ECOWAS members’ do- caine. The CFA franc is held at a 
is almost solely attributable to the pendence on exports of only a few fixed 50-tO-l parity with its parent 
ICO’s quota system, since firnda- primary commodities for their eco- French franc and is freely convert- 
mental coffee-market factors, in- nomic lifeblood will r emain a ma- ible. 

duding weak demand, high stocks jor detriment to their economies. The seven-member West African 


0 and Ghana, and in land- 
riser. This is evidenced by 

1 1984 border closure and 




the smooth functioning of the bu- Nigeria’s 1984 border dosure and 
reaucratic machinery. Most impor- subsequent expulsion of “illegal 
tandy, France continued to bade aliens, which provoked serious 
the common currency used by its economic reversals in these coon- 
former colonies, the CFA franc, tries. 

whose hill name was modified from Proportionally, Ivory Coast, 

Colonie Francaise de PAfrique to with one-tenth the population and 
Communaute Financitre Afri- approximately one-eighth die gross 
caine. The CFA franc is held at a domestic product, has comparable 
fixed 50-to-l parity with its parent economic weight to that of the Ni- 
Freach franc and is freely convert- gerian giant. .Although landlocked 
ible. Burkina Faso is the only country 

The seven-member West African (Continued on Page 14) 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


A SPECIAL REPORT ON VEST AFRICA 


Page 1H 


Up Loose Ends in Communication 




,. 5i :0 : 'V^ S 


a »->-:■ 


Intematioiial ex- 
iave 'miieii a anm^er 
b commies is one 
. that sdieduling of 

suetf ventures should not be too.. 

aadAhat oiie must always at 
towfwlhe ttncxpected incident or 
qanse^dday.- . 

An aircraft with an dectrical" 
fault atSierra Locale’s Long! buer- 
oadaial Airport might cause the 
loss of a whole' day or night while 
passengers arc ferried back and 
forth between the airport and Free- 
town for food and accommodation. 
Oran unexpected search by Nige- 
ria’a security agents before depar- 
ture from Lagos might mean that a 

cohoecriDg flight in Abidjan would 

be missed altogether. 

Even Ihe executive with a private 
aircraft can run into the unexpect- 
ed, as did Francesco Forte, an Ital- 
ian deputy minister, in June, when 
bis plane hit a sandstorm on the 
way to Ndjamena, Chad, and had 
to land unannounced in Mahta- 
grai, northern Nigeria, where be 
was detained for a day while the 
local authorities checked his identi- 
ty- 

Mr. Forte’s itinerary for his mis- 
sion to distribute aid for drought 
relief in the Sahd was badly dis- 
rupted. 

But if air travel is subject to dis- 
ruption, on the ground it is even 
more apparent that much has to be 
done to overcome the dislocations 
that are only partly environmental 
and are mainly a result of the for- 
mer colonial divisions in West Afri- 
ca. 

Filling in what the colonists left 


undone in West Africa seems, al- 
most to havebecorae an insnpeiv 
able problem. Business people 
complain about the difficulty of 
telephoning between neighboring 
countries. Tourists are puzzled by 
the problem of crossing national 


The colonial investments in 
roads, railroads and telephone sys- 
tems were made without regard for 
' a future era c f intra-African coop- 
eration. Independent governments 
at first tfid hole better, concerned 
to nwrimirp their authority within 
costing national borders. 

Hk business of opening up West 
African links might have born left 
solely to smu^ers and illegal im- 
migrants were it not for the cre- 
ation of the Economic Community 
of West African Slates (ECOWAS) 
and the consequent vision erf a 
communications complex span- 
ning the region. 

ECOWAS is already involved in 


that formpart of the Trans- West 
African Highway, which w31 link 
Nouakchott in Mauritania to Nige- 
ria's borders with Cameroon % 
two routes, one fallowing the West 
African coastline to Lagos, where it 
connects with Nigeria’s internal 
network, and the other aasrine the 
forbidding wastes of the Sahel 
through Bamako, Ouagadougou 
and Niamey. 

According to Mazariou Dado, 
director of operations for 
ECOWAS’s Fund tar Cooperation, 
Compensation and Development, 
the fund has already committed 
aroand 58 million Id construction 


A Start on Intdcom I link 


LONDON — The Economic 
Community of West African 
States' 560-million telecom- 
munications project, known as 
Intdcom I, has been some years 
in gestation. Work on the first 
phase, costing S3Z5 mfflinn out 
of the ECOWAS Fond for Co- 
operation, Compensation and 
Development, started in 1983 
and is due for completion in a 
few months. It provides a 300- 
channel iwiic between Ouaga- 
dougou, Burkina Faso, and BoL 
Ghana, a diiaance of 
200 kilometers (124 miles); a 
960-channel Irnfc, including 
television, between Kmhogo, 
Ivory Coast, and SDtassou, 
MaK, a distance of 250 Home- 
ten; a 120-cbannd link be- 
tween Fada N’Gounna, Bur- 
kina Faso, and Porga. Benin, a 
distance of ISO kilometers; and 


a 300-channd link between So- 
koto, Nigeria, and Birni 
‘ Nkormi, Niger, a distance of 
150 kilomctcre. 

The first work on the second 
phase win be a 960-channel 
link, with TV, from Kao lack, 
Senegal, to Banjul, Gambia, 
and on to Ziguinchor, Senegal, 
a distance of 220 kilometers; a 
120-channd link from Ziffitn- 
cfaor to Cached, Guinea-Bissau, 
a distance of 35 kflometero; a 
960-channel link from Kedou- 
gou and Tambacotmda, both in 
Senegal to Mali, a town of that 
name in Guinea. The remaining 
work of phase two includes 
links between Guinea and 
Guinea-Bissau, Mauri tania and 
Mall Mali and Guinea and «- 
- tension of Mali's internal net- 
work. 

—RICHARD SYNGE 


We have made the globe our only limit 
towards the development of commerce and 
industry in Nigeria; and so when it comes 
to efficient banking services, size or age is 
not the key to effective performance. 

UTB is a new and dynamic Bank with all 
available resources at its disposal namely 

— A fully computerized network of services 

— Innovative procedure for all financial 
services 

— A highly professional and creative 
staff 1 to provide excellent service. 

Truc&ou>Jbr*aruK&. 

UTB.. .mo better toM of ttuab. 


n"n 


Universal IruslBafik 

Universal Trust Bank Of Nigeria Limited 
Head Office: 13/15, Nojim Maiyegun Road, Obalende 
P.0. Box 52160, Ikoyi — Falomo, Lagos — Nigeria. 
Telephone; 603380 + 4. Telex: 23445 UNITBK NG. 


work on bridges in Benin, Togo 
and Sara Leone and for feasibility 
stadia on tbe Liberian and Malian 
sections of the Trans-West African 
HSghway system. 

At least 25 percent erf each of the 
5,000-kflometor (3,092-mile) routes 
is either unbuilt or is nmaired, ac- 
cording to ECOWAS estimates. 
Remaining work on both roads is 
expected to cost around $1-5 bQ- 
Im, according to the fcstimales. 

The money for building these 
links can, in the main, be found in 
the national budgets supported by 
Arab and European aid money, but 
the countries with the poorest road 
networks are often those with the 
least resources for development or 
access to aid. The -list includes 
Guinea, Guinea-Bissau, Liberia, 
Sierra Leone, Burkina Faso and 
Mail Here, ECOWAS hopes to 
play a “catalytic*’ role by funding 
studies end lobbying far outride 
fends. 

The main thrust ctf ECOWAS 
project spending, in the last few 
years has been m telecommunica- 
tions. By 1986, there wffl be coasd- 
erable improvement in telephone 
and ldex contacts among the states 
of the eastern part of the region. In 
addition, contracts are on the point 
of being signed with France’s Alca- 
teL-Thomson company for rimilar 
links among the western states of 
Gambia, Guinea- Bissau 
and Gumea, with some provision 
for relaying television programs 
among these neighbors. 

Tying up the vety loose ends of 
West Africa's railroad networks 
may be the next project. The Orga- 


nization of Petroleum Exporting 
Countries’ Fund for International 
Development in Vienna recently 
hosted a meeting to discuss the in- 
tegration of rail systems in five 
countries. Those present have been 
reluctant to reveal the identities erf 
the five countries, “so as not to 
raise unwarranted hopes,” but they 
reported good progress in discus- 
sions that could if?? 10 the fending 
of feaaNlriy studies. They exam- 
ined bow a more efficient railroad 
network could reduce prioes for 
nods imported to inland areas ami 
fa ci lit at e cost-effective exploitation 



A strong candidate for such fink- 
ing would be Burkina Faso, wfnch 
has already started construction of 
a rail line from Ouagadougou to 
Tambao, where there are valuable 
but untapped manganese deposits. 

While plans for new ra3 con- 
struction lit a logical development 
path, roost governments in the re- 
gion are warned by the continuing 
deterioration of their existing net- 
works. G hana and Ivory Coast are 
currently undertaking major rail- 
road rebuildmg programs, but oth- 
er countries have bom less fortu- 
nate in finding the necessary 

financing 

The prospects of bans- West Af- 
rican railroad systems are much 
fKmmw ih m those for roads. With 
tire English-speaking states form- 
ing “islands’^ in the contiguous 
block of Francophone countries, it 
win lake significant political will, 
as well as major financing, to over- 
come the barriers to good intrare- 
gional communications. 

— RICHARD SYNGE 


A Continent Loses Ability to Feed Population 


(Continued From Page 9) 

ta grain production was US and 
120 kilograms respectively, down 
more than a third from the peak. 
Although the decline has been 
more precipitous in some countries 
than m outers, few have escaped 
this trend. 

As per capita grain production 
has declined in this agrarian soci- 
ety, so has per capita income. The 
African ministers responsible for 
economic development and plan- 
ning are now painfully aware of 
this trend. At an April 1985 meet- 
ing of tire Economic Commissi cm 
for Africa, they drafted a memo- 
randum to tire UN Economic and 
Social Council which was, in ef- 
fect, a plea for hdp. 

They observed that, “As a result 
erf sluggish [economic] growth and 
a high rate of population growth, 
per capita income, which was grow- 


ing at negligible rates during the 
seventies, has consistently declined 
since 1980 at an average annual 
rate of 4.1 percent, and average per 
capita income is now between 15 
and 25 percent less than IS years 
ago." 

In addition to declining per capi- 
ta food production and income. Af- 
rica's foreign debt is growing, part- 
ly because of rising food imports. 
The region's cereal import bill 
climbed from $600 million in 1972 
to $5.4 billion in 1983, a ninefold 
increase. By 1 984, food imports 
claimed some 20 percent of iota] 
export earnings. Meanwhile, ser- 
vicing the continent's debt, project- 
ed to reach S17Q billion by the end 
of 1985, requires an additional 22 
percent of export earnings. 

Africa's plight is rooted in its 
phenomenal rate of population 
growth, the fastest of any continent 
in history. The introduction of pub- 


lic health measures and vaccina- 
tions has reduced death rates. But 
without parallel efforts to reduce 
birth rates, overall population 
growth has accelerated. As a result. 
Africa's population is now expand- 
ing at 3 percent a year, or twenty- 
fold per century. 

This enormous growth in h uman 
members, now under way for a 
third of a century, is stressing natu- 
ral support systems throughout the 
continent. In country after country, 
sustainable-yield thresholds of for- 
ests and grasslands are being 
breached. Soil erosion, the loss of 
soil organic matter and the deple- 
tion of soil nutrients are diminish- 
ing land productivity over much of 
Africa. 

Although the short- term effects 
of this environmental degradation 
are serious, accumulating evidence 
suggests that the conunenmide 


loss of vegetative cover and the 
degradation of soils nuv he dis- 
rupting long-term rainfall patterns 
as well. Although no metcoroU gs- 
cal models conclusively prote tirr 
link, policymakers must mm con- 
front the possibility that under the 
stresses imposed by grow me. popu- 
lations. environmental and clir.iath 
deterioration are raniorang c.x'i 
other in Africa. 

At issut is whether nation J gov- 
ernments and international 
tance agencies can fashion new. en- 
vironmentally sound developinenr 
strategies to "reverse the ecologies! 
deterioration and economic dejlir.c 
that is inflicting such suffering o'* 
the people of Africa. Without .. 
mobilization of resources, the pi« 
peci of reversing the decline in per 
capita grain production h jvot. 
suggesting that famine will bccon:? 
chronic, ah enduring feature **f :h. 
.African landscape 



BANK OF GHANA 

NOTICE TO THE PUBUC 
NOTICE NO. BG/FO/85/7 

ESTABLISHMENT OF FOREIGN ACCOUNTS 



The Bank of Ghana hereby announces lor the 
information of the public that with effect from 
June 17, 1985, foreign accounts may be 
opened by resident as well as non-resident 
Ghanaians and. non-Ghanaians with any 
authorised dealer bank in Ghana, namely: 
Ghana Commercial Bank, Barclays Bank of 
Ghana Limited, Standard Chartered Bank 
(Gh) . Limited,- • National Investment Bank, 
Social Security Bank Limited, Bank of Credit & 
Commerce (Gh) Limited, Merchant Bank (Gh) 
Limited. 

Customers may accordingly open deposit 
and/or current accounts with Foreign 
Exchange earned from sources other than the 
foliowing: (i) Export of goods and services 


originating from Ghana, (ii) Agency Commis- 
sion. (iii) Discounts on imports into Ghana. 

Both Ghanaian and non-Ghanaian resi- 
dents may open the said foreign accounts with 
any branch of any of the authorised dealer 
banks in Ghana. Non-resident Ghanaians and 
non-Ghanaians may however open the said 
foreign accounts either direct with the author- 
ised dealer banks in Ghana or through their 
overseas correspondent banks or agents. 

Authorised dealer banks will pay interest in 
foreign exchange oh time or call deposit 
accounts opened for their customers at rates 
comparable to those ruling in the country of the 
deposit The interest shall be exempt from 
Ghana tax. The accounts will be fed only with 


Social Security Bank Limited 
Midland Bank PLC 
Internationa! Division 
PO Box 181 

110-114 Cannon Street 
London EC4 N 6AA 
Lloyds Bank PLC 
Overseas Division 
6Eastcheap 
London EC3P3AB 
BHFBank 
Postfach110311 
D-6000 Frankfurt 
West Germany 
BFGAG 

6000 Frankfurt am Main 1 
Mainger Landstrasse 1 6-24 
West Germany 
UBS 

45 Bahnhofstrasse 
8021 Zurich 
Switzerland 

Amsterdam- Rotterdam Bank NV 
595 Herengracht 
Amsterdam, Netherlands 
Banque Nationaie de Parte SA 
1 6 Boulevard des Italians 
75450 Paris 
France 

Banca Nazionaie de Lavaro 

1 19 Via Vitterio Veneto 
Rome, Itaiy 

Banque Bruseifes Lambert SA 

Rue de la Regance 2 

1000 Brussels 

Belgium 

Citibank NA 

399 Park Avenue 

New York, NY 10022 

USA 

Manufacturers Hanover Trust Co 
350 Park Avenue 
New York, NY10022 
USA 

Merchant Bank (GH) Limited 
Australia and New Zealand 
Banking Group Limited 

120 Wail Street 
PO Box 1060 
Wall Street Station 
New York, NY 10005 
USA 


Grindlays Bank PLC 
Minerva House 
POBox7 
Montague Cfose 
London SE1 9DH 
Berliner Bank Ag 
Hardenbergstrasse 32 
Postfachl21709 
D-1000 Berlin 12 
West Germany 
Swiss Bank Corporation 
1 Aeschenvorstadt 
4002 Basle 
Switzerland 
Citibank NA 

1 5 Avenue Louis Barthe 1 

BP 20788 

Abidjan 

Banque International Pour 
L’Afrique Occidentate 
13 Rue du Commerce 
Lome, Togo 

Citibank NA 
111 Wall Street 
New York, NY 1001 5 
USA 

National Investment Bank 
Morgan Guaranty Trust Co of 
New York 
23 Wall Street 
New York, NY10015 
USA 

Manufacturers Hanover Trust Co 
4 New York Plaza 
New York, NY10015 
USA 

National Westminster Bank PLC 
international Telecommunications 
Dept 

53 Threadneedle Street 
London EC2P23N 
Union Bank of Switzerland 
Bahnhofstrasse 45 
8021 Zurich 
Switzerland 

Banque Nationaie de Paris 
20-22 Boulevard De Italian 
75009 Paris 
France 

Chemical Bank 
55 Water Street 
New York, NY 10014 
USA 


Midland Bank PLC 
International Division 
PO Box 181 

110-1 14 Cannon Street 
London EC4N6AA 
BHFBank 
Postfachll 0311 
D-6000 Frankfurt 1 
West Germany 
Berliner Bank Ag 
Zentrals 

Hardenbergstrasse 32 

PO Box 121709 

D-1000 Berlin 12 

West Germany 

Banque Bruxelles Lambert SA 

Couns Saint Michel 60 

B-1040 Bruxelles 

Algemene Bank Nederlands NV 

PO Box 669 

Vijzeistraat 32 

Amsterdam, Holland 

Standard Chartered Bank (GH) 
Limited 

Standard Chartered Bank 
160 Water Street 
New York 

Standard Chartered Bank 
73/79 King William Street 
London EC4N 7AB 
Standard Chartered Bank 
Bleidrerweg62 
Postfach4322 
CH-8022 Zurich 


Bank of Credit & Commerce 
(GH) Limited 

Bank of Credit & Commerce 

International 

120 Bricked Avenue 

Miami, Florida 331 33 

Bank of Credit & Commerce 

International 

61 Mark Lane 

London EC3R 7TN 

Bank of Credit & Commerce 

international 

Bockenheimer 

Landstrasse 51-53 

Postfach 17-40-9 

6000 Frankfurt, Main 1617 


convertible currency resources, for the time 
being as follows: US Dollar, Pound Sterfing. 
Deutsche Mark, Swiss Franc, and CFA Franc. 

The operation of the foreign accounts by the 
depositors will be free from Exchange Control 
restrictions. Transfers abroad from these 
accounts will be made without Exchange Con- 
trol approval and payments from the accounts 
may be made by the authorised dealer banks 
in convertible currencies. 

Lists of correspondent banks or agents in 
various overseas centres, which will act as 
agents for authorised dealers in the operation 
of the foreign accounts and whom non- 
resident Gnanaians and non-Ghanaians may 
contact for the purpose are as follows: 

Banque de Commerce et de 
Placements SA 
12 Place Comvain 
PO Box 215 
GH-1 211. Geneva 1 


Bank of Credit & Commerce 
(Overseas) Ltd 
Avenue Marechal 
BP 3084 
Lome, Togo 

Ghana Commercial Bank 
Ghana Commercial Bank 
69 Cheapside 
London EC2P2BB 
01-2480191 

Barclays Bank cf Ghana 
Limited 

Barclays Bank PLC 
100 Water Street 
New York, NY 10005 
Barclays Bank PLC 
PO Box 115 
1 68 Fenchurch Street 
London EC3P 3HP 
Barclays Bank PLC 
2000 Hamburg 7 1 
Neuberg 1 
Postfachll 2209 
Barclays Bank PLC 
PO Box 51 72 
CH-8022 Zurich 
Barclays Bank PLC 
immeuble Alpha 2000 
Rue Gourgas 
01 BP 522 Abidjan 01 
Cote D’Ivoire 


Further details or any information 
about the operation of the 
foreign accounts may be 
obtained from the authorised 
dealers named above. 


P.K. Djamson 
The Secretary 


ligena- 

fru s 




Page 14 


INTERNATIONAL HERALD TRIBUNE, SATURDA Y -SUNDAY, JULY 27-28, 1985 


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UNITED BANK FOR AFRICA 

-the most preferred bank for business with Nigeria 



' Many foreign banks, corporations, exporters and investors who 
have done business with Nigeria prefer to channel their transactions 
through United Bank for Africa. This preference is a testimony to the 
good services they have obtained from trained and seasoned staff in the 
specialised departments of our international Division in Lagos and our 
branches throughout Nigeria. 

These services include information on business opportunities and 
credit, opening of Letters of Credit, processing of bills for collection, 
money transfers, advice and guidance on local regulations and 
customs and a lot more. 

Through olir New York Branch, our Representative Office in 
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world, we are able to provide prompt assistance to organisations, 
government agencies, parastatals and private business - in their 
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It makes sound business sense to channel all your business in 
Nigeria through the United Bank for Africa - the most preferred' 
bank for business in Nigeria. 



UNITED BANK FOR AFRICA LIMITED 




BALANCE SHEET AS AT 31ST MARCH, 1984 




1984 

1983 

1984 

1983 

Liabilities March 31st tt*000 

N'000 

N'000 

N'000 

Capital 

75.000 

70,000 Cash and Banks 

1 ,669,947 

1,450,495 

Reserves 

109.600 

92,818 Investments 

68366 

83.399 

Deposits etc. 

3.114,546 

2,939,91 1 Loans & Advances 

1,560,833 

1,568,835 

Contra Accounts 

740,411 

749,960 Contra Accounts 

740,411 

749960 


4,039.557 

3.852,689 

4,039,557 

3.852.689 







NT = US ST .3359; S 0.9258; FF 10.5956 


Over One Hundred Brandies Throughout Nigeria. 
Associated banks in France, U.K., Italy and U.S.A. 


New York Branch 

551, Madison Avenue, 
New York N.Y. 10022. 


r 


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L 


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London Representative Office 
Plantation House, - 
5/8. Mincing Lane, 

London E.C.3. 


UNITED BANK FOR AFRICA LTD. 


97/105 BROAD STREET, P.O.BOX 2406, LAGOS - NIGERIA 

TEL: 664866. 664010, 664740, 661224, 664980- TELEX: MINDOBANK 21241 & 21580. 


NNPC IS PIONEERING THE 
DIVERSE TECHNOLOGIES 
NIGERIA NEEDS FOR 
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WHEN YOU THINK OF INFRASTRUCTURE FOR 
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PETROLEUM AND ITS BY-PRODUCTS: THE 
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THE RAPID PACE OF MODERNISATION. THE 
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IT IS NO EXAGGERATION. WE ARE THE PIVOT 
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NNPC 


Pillar of Nigerian Economy 

n 



A SPECIAL REPORT OS WEST AFRICA 


Nigeria’s Expulsion 
Of Migrants Could 


End Old Tradition 


By Stephen Smith 

LOME — For centuries, migra- 
tory movements have bees a fea- 
ture of West African history. But 
the dramatic expulsion of an esti- 
mated 200.000 illegal aliens by Ni- 
geria in May this year, after the 2 
million already expelled in January 
1983, definitely calls into question 
the traditional tolerance of migra- 
tory labor in this part of the world. 


“the danger of mating scapegoats 
of non-nationals by conveniently 
labeling them as ‘illegal aliens*/' 


The danger, in fact has always 
existed. In 1969. the government of 
Kofi Busia expelled the Nigerians 
from Ghana, which was, in the ear' 
ly sixties, the most dynamic nation 
in the region and consequently a‘ 
magnet for migrants. 


What is more, the periodic ex- 
pulsions upset the conctpr of free 
movement of persons, widely 
viewed as one of the cardinal points 
of agreement among members of 
the Economic Community of West 
African States. 


Apparently, as soon as the na- 
tional e 


economy falters, the princi- 
ples of "African hospitality and 
brotherhood" suffer. 


However. Nigeria's lough policy 
on immigration, unchanged since 
the military government under Ma- 
jor General Muhammadu Buhari 
took over power from the Shagari 
administration in January 19&4, 
does not contravene the letter of 
the ECOWAS protocol on free 
movement of persons, right of resi- 


dence and establishment, adopted 
lay 1979. 


at the Dakar summit in May 


The first phase of the protocoLin 
effect since 1980, gives the right of 
entry for a visit of not more than 90 
days without a visa only to those 
nationals of ECOWAS' countries 
who are in possession of valid trav- 
el documents. This does not apply 
to most of the expelled aliens, who 
could not possibly comply with Ni- 
geria's immigration or residence re- 
quirements, not to mention the fact 
that the protocol, at its present 
stage of implementation, does not 
confer any work privileges. 


Nigeria has dearly shown that 
the ECOWAS protocol does not 
mean at all that a sovereign state 
need open its borders indiscrimi- 
nately to the nationals of other 
West African countries. Rather, it 
has demonstrated that govern- 
ments can use the protocol to con- 
trol. if not hamper, migratory 
movements in the region. 

Although migratory labor has al- 
ways been a common feature of 
West African society, veiy little is 
really known about the movements 
of people across national bound- 
aries. 

Last December, the Nigerian 
government announced that 
700,000 illegal aliens were known 
to be living in the country. Howev- 
er reliable or dubious this estimate 
might be, the figure is surprisingly 
low, given a total population of 
roughly 100 milli on Nigerians. 

Moreover, far more Nigerians 
live, as legal or Illegal immigrants, 
in other West African countries 
than nationals of these countries 
live in Nigeria. More than 500,000 


ECO* 


Voti 


*&>«>< 


The TreicheviHe market in Abidjan, Ivon Coast - 


Organizational Overlap 
Slaws Regional Unity 


(Continued From Page 12) 
with which its economic links ap- 
proach rive intimacy of Nigeria’s 
ties with Benin or Niger. Ivory 
Coast’s relatively prosperous econ- 
omy employs large numbers of Af- 
ricans from throughout the 
ECOWAS region. 


In 1973, sensing Nigeria’s grow- 


ing petroleum-fueled economic 
power and increasingly active di- 
plomacy. Ivory Coast pushed 
through the creation of the exclu- 
sively Francophone West African 
Economic Community (CEAOL 


Two years later, and largely due to 
~ O VIA 


The right to establish commer- 
cial enterprises for any ECOWAS 
citizen in any ECOWAS country is 
only being envisaged for the third 
phase, from 1990 onward. This 
year, the second phase of the proto- 
col, which gives the right of resi- 
dence to any national within 
ECOWAS, was to be put into ef- 
fect But, as a major concession, 
especially to reluctant Nigeria, the 
heads of state decided, at their last 
summit meeting in Lomfc, Togo, a 
few weeks ago, to postpone the 
implementation of this second 
phase until June 1986. 


Nigerian lobbying. ECOWAS was 
born. 

No two economic organizations 
in West Africa hare such similar 
goals as ECOWAS and CEAO, in- 
“ vc “ juu,uuu dud . economic inteera- 

111 neighboring Niger tkin, harmonfait ion of customs 
po^bly is many m Ghana ami ^ of common 


about a million in Ivory Coast, a 
very appreciated destination for 
Nigerian migrants because of its 
relative prosperity and semi conver- 
tible currency linked to the French 
franc. 


To some extent. Ivory Coast, 
with its own sparse population of 
around 8 milli on people and at 
least 1.5 million people from Bur- 
kina Faso working in the country, 
appears today as an alternative to 
the Nigerian way of dealing with 
migratory labor and its problems. 


y. Because of their similarities, 
)WAS and CEAO have be- 
come competitors for the loyalties 
of their members (all six CEAO 
members belong to ECOWAS). 

As the brainchild of the Ivory 
Coast. CEAO was intended to give 
its relatively industrialized econo- 


my (along with that of Senegal) 

mrtrkfffc 


Outside Nigeria, hardly anyone 
would deny that the new exodus, 
with all iis chaos, indignity, hard- 
ship, panic and danger, violates the 
spirit of ECOWAS. But the mili- 
tary government in Lagos invari- 
ably dished up* the same justifica- 
tions for the expulsions already 
advanced by the Shagari regime 
two years ago: the pressure on Ni- 
geria's economy and the need to 
regularize employment practices, 
the growing crime rate and the in- 
volvement erf aliens in prostitution 
and religious disturbances in 
northern cities. 


The main motivation lor the mi- 
grations in West Africa is econom- 
ic, but as the Guinean example 
showed, the line is often difficult to 
draw between political refugees 
and labor migrants. And a new, 
dramatic mass movement has start- 
ed in the Sahelian zone, whence 
hundreds of thousands of people, 
driven by famine and drought, 
move steadily south. 


unrestricted access to the 
of the six member countries, which, 
by virtue of their 35 million inhab- 
itants. would allow the nascent 
Ivorian industrial sector to achieve 
economies of scale. Incentives were 
provided for the weaker countries 
by the application of a “regional 
cooperation tax" on imraregioiia] 
exports, with most of the revenues 
being plowed back to the nonin- 
dustnalized members. 

In creating ECOWAS, Nigeria 
bad aims very similar to those of 
the Ivory Coast, that is, ensuring 
market access for what promised to 


be a burgeoning national industrial 
Even though the ECOWAS sector. The price to be paid for such 
heads of states in Lomfc seem to access turned out to be a commit- 
have reached an informal agree- ment to support the free movement 
meat not to consider the victims of of people and goods throughout the 
natural disasters as “illegal aliens," ECOWAS zone, 
the problem makes evident thai While Ivory Coast went along 
At the opening ceremony of the only a more cohesive common eco- “so as not to be accused of bring a 001 the CEAO countries be- 
I recent Lome summit, however, the nomic policy can help the commu- spoil sport," in the words of one p 011 * serious about ECOWAS can 
I Ghanaian minister of finance, nity control the migratory move- ECOWAS official, the majority of become more functional 

of meats in West Africa. the region’s countries woe truly 


enthusiastic about the possibility cf 
furnishing the Nigerian industrial 
sector with raw mareriak and ex- 
porting workers to the bcxumngofl 
economy, where they would do 
jobs that bad become distasteful to 
Nigerians. 

The two organizations coexisted 
in quiet competition throughout 
the 1970s, when economic growth 
was high and the Nigerian oifbotaa 
was in full steam. With the begin- 
ning of (he 1980s. however, the 
whole region was piunged into re- 
cession and the two “economic mo- 
tors." Nigeria amd Ivory Coast, 
found themselves kss and less a Me 
to carry the weigh: of their respec- 
tive creations. 

The crisis in regional ccoqcbbc 
organization broke into the open 
when the Nigerian government cf 
former President Shehu Shagari or- 
dered the expulsion of millions cf 
"alien" Africans, mostly from 
ECOWAS-member Ghana, calKm 
into question a principal tenet cf 
the community: ihe free movement 
of peoples. 

The CEAO. on the other hand, 
had progressed much further (fan 
its counterpart in the crucial area <rf 
trade liberalization. However, the 
price of this liberalization was in- 
creasing “compensation" by Ivory 
Coast and Senegal to their poorer 
neighbors. In 1980. these two gov- 
eraments. noting the decline in m- 
traregional trade, decided that they 
would have to slow their transfer of 
resources to the weaker states, tins 
caning into question (be future of 
thf organization 

There has been an increasing 
awareness of die irrationality and 
expense of maintaining the two or- 
ganizations. However, as with the 
money issue, neither side is willing 
to. make the crucial concessions 
first. Ivory Coast, winch has long 
enjoyed its CEAO position as a 
“big fish in a small pond.” has 
qualified its commitments to 
ECOWAS, saying that “when it be- 
comes more functional, we can dis- 
solve CEAO.” Critics answer than 


E 


-!S.i 


»' t 1 


■„r«; 

. 

' 'a! 


•- • '** 
• ** 

. -•jrwi 
•rvf J 


I Kweri Botchwey, spoke bluntly i 


— HOWARD FRENCH 


--«***< 
’ --SM 

***** 


Debt Crisis Forcing Economic Rethinking 


y 


?[_ < Aim 


(Continued From Page 9) 
and the value of the doDar. Since its 
first “standby agreement” with the 


I IMF in 1983, the Ivory Coastgov- 
t has frozen civil service sal- 


enuneat has frozen i 
aries, severely restricted new 1 
reduced subsidies on basic 
and services, including electricity, 
gasoline, bread, sugar and rice, liq- 
uidated some unprofitable state 
corporations, reduced educational 


scholarships and introduced a tar- 
iedule f 



iff schedule for public health care. 

Tins broad range of measures is 
most remarkable for the lack of 
public outcry it has provoked 
The rise in rice prices was seal as 
a major factor in the overthrow of 
civilian governments in Liberia, in 
1979, and Nigeria, in 1984. 

After three years of negative 
growth, the Ivorian government is 
expecting a slight recovery this 
year, largely due to the return of 
abundant rains and excellent crop 
results. 

However, with (he continent's 
highest per-capita debt burden, 
Ivory Coast cannot yet afford to 
jettison its austerity programs. In- 
stead, the government is pushing 
ahead with a controversial World 
Bank-planned restructuring of its 
thin and fragile industrial sector. 

The World Bank reforms, which 
one Abidjan banker described as “a 
ly risky experiment," involve 
the removal of government protec- 
tion for inefficient import-substi- 
tuting local industries and the in- 
troduction of a number of 
incentives for truly competitive ex- 
port industries. 

The incentives to the exporters 
are intended to encourage “indus- 
tries with inherent [production] ad- 
vantages,” allowing them to com- 
pete abroad. 


Critics of this plan point out that 
liferation of i 


despite the proliferation of regional 
economic organizations, like 
ECOWAS and ns rival, the Franco- 
phone Comm unante Economique 
de fAfrique de r Quest, there is 


very little economic integration in 
obstacles toward 


the region and the* 
increased in era- regional trade are 
great, thus hindering progress on 
the export front for Ivorian indus- 
tries. 

The country’s industrialists fear 
that the reforms were hastily con- 
caved and will lead to a collapse of 
the nascent Ivorian industrial sec- 


tor; this despite the promise of 
World Bank Vice President Jean- 
Loup Dherse that “the bank will 
not allow Ivory Coast to fall on its 
face." 

A common (brad that runs 
through the efforts of most 
ECOWAS states' efforts at eco- 
nomic reform is die rehabilitation 
of inefficient and unproductive 
capital investments. 

The logic of such a strategy is 
imposing, as the unavailability of 
fresh capital obliges governments 
to salvage failed projects from the 
past The strategies for such reha- 
bilitation efforts have varied, 
though, mast often, governments 
endeavor either to sell off or lease 
idle or inefficient industrial plants, 
usually built with govemmoit aid 
firms. 

;eria’s foreign reserves 
which has followed the 
hairing of its oil export revenues 
since 1980 (oil provides some 90 
percent of the country’s 
earnings), has obliged th 
ment of Major General 
madu Buhan to scrap planned in- 
vestments in expensive new 
projects, such as the transfer of die’ 
capital to centrally located Abuja, 
the creation of a subway system in 
overcrowded Lagos and the ambi- 
tious expansion of steel and petro- 
chemical plains. 

Nigeria s scarce finances will in- 
stead be devoted to the completion 
of a limited number erf the coun- 
try's estimated 613 unfinished in- 
dustrial projects. 

Togo, the host of this year’s 
ECOWAS summit, is leading the 
way in efforts at privatization of 
parastatal companies. 

At the end or 1984, John Moore, 
an American businessman, began 
producing steel bUlets at a formerly 
idle S44-million steel plant built in 
1979 bjr the Togolese government 
In its first year of operations under 
private management, the Soci&e 
Togolaise de Sdfauime is expected 
to nun a profit for the first time. 

Togo has also leased its costly 
national oil refinery to Shell Oil 
Co. (of Togo) and is looking to sell 
or lease a number of its outer un- 
widdly, but potentially profitable, 
state companies created during the 
1970s. 

Governments in Guinea, Mali, 
Benin and Ivory Coast have all ex- 
pressed interest in resolving the 


problem of money-losing state 
firms in tins way. 

The largest common denomina- 
tor in economic policy throughout 
the ECOWAS region is the re- 
newed emphasis on agriculture. 

AH of the Sahdian-zone mem- 
bers are threatened by drought and 
famine and have in recent years 
become increasingly dependent 
upon international food aid. In the 
other countries of the region, the 
exorbitant cost of food imports 
□ceded to make up the difference 
between national production and 
demand has affected their econo- 
mies as much as the “oil shocks" of 
the 1970s. 

The past few years have seen the 
emergence of a strong consensus at 
the national level, as well as among 
international aid sources, for mak- 
ing better agricultural production 
the No. I pnority. 

In 1984. after a two-year drought 
through much of coastal West Afri- 
export ca, Ghana, Togo and Ivory Coast 
: govern- registered progress in boosting 
Muham- food production. Nigeria has re- 


sorted to the unique tactic of re- 
quiring banks to allocate a mini-! 
mum of 6 percent of their loans to 
the agricultural sector and is ref us 4 
mg foreign exchange to firms which 
would import products that could 
be produced by local agriculture. - 

All of the ECOWAS countries 
are suffering from the problem of 
rural exodus, which hinders efforts 
at boosting food production. Nige- 
ria has employed a policy of benign 
neglect toward would-be urban 
dwellers. A diplomat in Lagos said 
that "by doing nothing to improve 
prospects of employment here,' 
people are being ‘discouraged* back 
to the countryside." 

Ghana has resettled returnees 
from two massive expulsions erf iis 

----- - l.. . ‘ .L - - n ■ 


-V 


"•e*— 




■2.-- 
^ . 
'a 

**>>1 

’Ti 


. es 




__ 


- 








citizens by Nigeria to their villages. r - 


wfaere agriculture is the only remu- 
nerative occupation available. 
However, most countries havc itr 
roamed perplexed by the problem 
of urban migration, not havmg'tbg 
means to resettle them or aeons? 
modate them in the cities. ^ 
— HOWARD FRENCH 


CONTRIBUTORS 


1JESTER R-BROWN, director of World watch Institute, an isde- 
ptadem Washt n gt°n research organization, wrote “Revering Afri- 
ca sDechne (June 1985), a WorldWatch Paper, with EdwanLC 
He has also written “The Twenty-Ninth Day: Accommod 
man Needs and Numbers to the Earth’s Resource" and “ 
Sustainable Society" (W.W. Norton Company), 


WoK 
HUr 
a 


MARK DOYLE is a journalist with the Loudon-based weekly y 
newsmagazine West Africa. 


HOWARD FRENCH is an Abie 
utes to The Washington Post, The ] 


tan-i 


isi and other pubfications. . 


RANDELL E. MOORE is a financial journalist based in Washing" 1 
ton. He formerly worked for the Commodi ty Futures Trading Com- 
mission. • “ 


B RIGID PHILLIPS is a Paris-based journalist 


HOWARD SCHISSEL is a Paris-based joumsfol who speriafizis .1 
in French-speaking Africa and the Maghreb. • 


STEPHEN SMITH is a West African correspondent of Radio, 
France Internationale. ■ ■■'.■:■ 


RICHARD SYNGE is West Africa editor of the Loodoo-bared-J 
Afnca Economic Digest. - - ■ :'•/ 


EDWARD C WOLF, a researcher at Woridwatch Institute, a® 4 
independent Washington research ra ynna iion, the ofrnthor witirj 
Lester R. Brown of the Woridwatch Paper “Raasmg-Africa^^ 
Decline" (June 1985). . . -=; • 



.... 

v 




it 


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AMEX BrfOtt - - . RM Eonttat W tt PJY 
AMEX Nefcs/towtP.Tt Pttiw rata note P.T7 
NYSE wtete P. * GeWJlwMx *15 
NYSE hlrftfAms P.U Kitanaf- jotaa..- PM 
Ciawdtai ibcb P JD Mortal wmmorv P, » ' 

W A Currency rates MS QgHoc* 1 P.U • 

CenmoJHta ■- p.u OTC iteCk ■ P.19 

OMdemu . P.U Oifaer roorUtt PJO 
vL- ' - * 

5ATORDAY-SUNDAY s JUEY27-28, 1985 


Budget Actioii Called Vital 


d Unity 


; . v : : By U&ONARDSILK 

* . 7.."' New fork TUnet Service 

"T EW YORK — How can a crasb landing for the Hotter 
| PA ] which might regenerate inflation, send interest rates 
j | ^j|> sparing, and plunge the United States and other coun- 
JL. tries into a recession — be prevented? The lew to a 
5 olutioii,mtbe view of abroad consensus of economists, isfor die 
United States to take decisive action to reduce the federal budget 
jjefidt Over the next several years. This would have the effect of 
reducing American demand foe foreign capital and freeing the 
Federal Reserve to pursue an easier monetary poEcy that would 
bring down interest rates. 

However, financial markets in recent weeks have been filled 
with trial one Wall Street ex- 


■rr.i.o, “ 


! " *iisn 


■■ v ‘ 0 fxtmt 

; ** iSr? 

qZzf'**** 

Pl ; ;■ barite 
r! ^wfc. 

.i-l. . I; |»n * 

E' rt on«a 

ScehaSkce- 

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• * ccutive calls “a sense of dis- * - • -tto 

if*. gust with the politicians*' over A nse m net l.b. 

V tfSE&SSSgS: exports «m happen 

“3& year long, o* No. i H olher nations 

issue has been the deficit, and expand more rapidhv 
« the w:' here we are in late July and J 1 _ ~ ; 

nothing has been done." Scott 

■■nfc’dtsSJ; Pardee, executive vice president of Discount Corp. of America, 
' said. 

lilies cos. But even if the Senate and the House of Representatives reach 
iiifn ifcjTr a compromise on a deficit-shrinking plan that President Ronald 
^ Reagan is wining to accept, the United States may not be able to 

N| 5 oiaXi correct the misalignment of the dollar without the cooperation of 




ether countries. 


gnment of the dollar without the cooperation of 


I T YEN IF the dollar comes down in an orderly hut dedrive 
■fl way in the coming year — say, by 20 percent — there is a 
JL_i high probability that tbs U.S. trade deficit win continue 
widening for another year or year and a half because of the 
Existence of what economists call the J-cnrve. 

Initially, a drop in the dollar's value will increase the amount of 
money Americans must pay for imparts and reduce what they 
foiled for their exports. Tms country’s net export position, will 
reach bottom and start to rise only when the fau in the dollar has 
had time to change relative prices and swell the volume of net 
exports enough to make up for the effect of more costly foreign 
goods and cheaper U_S. goods. 

r Because the United Stales consumes less foreign goods and 


.,1 ^ UJUim £ fiVVAMI tmu kAluapvi W/-U. glAAM. 

: **' '"'^crCiiaa'jg. r Because the United Stales consumes less foreign goods and 
• - '»— * •• r. j prropaj at borrows less capital from abroad than its trading partners, a rise 
c ' Z ~ ' " !l ‘ ^ i:I ~»wc? p net U.S. exports and decline in net foreign exports can take 
£ c - ” p lttfY* on ly if Other wirtiig trinT co untries expand their 


•"■•nr asm 

-iaSitiblfc 


rv.-:. t’. ;v.: 

. r-ii.*- v 
%■;. W.-r 
:z-..'-cc . 

t VA 


place on ly If other industrial countries expand their economies at 
M ' 5!3i«tSik a more rapid pace to create a larger market for American goods. 

"■■■A inline * But if foreigners fail to grow faster, not only would the U.S. 
r - L^ctKaiat trade deficit continue to worsen but, with a resulting slump in the 
- Heron; world economy, unemployment, already at record postwar levels 
I*- in Europe, would rise, protectionism would grow throughout the 
industrial world and the phgbt of the debt-ridden Third Worid 
v: ia’pac^ would worsen. 

iMffBsj- By ctmtrast, a world economy that continues to expand as the 
■ :<^dc» 7 United States corrects the overvaluation of the dollar would 

• / make possible a readjustment of trade patterns that would be 

ncmsui rdatively painless as total exports expand. The alternative of 
readjusting trade by shrinking world imports would be painful 
:-:.r^rnimi and disruptive. 

A number erf economists,- induding C. Fred Bergsten and 
m 7c - suae Stephen Marris of the Institute for International Economics, and 
id Robert V.Roosa, a partner of Brown Brothers Hairiman,bdieve 
-. that manetaty cooperation between the Federal Reserve and 

r ;r; j -x±ht other mqor central banks, together with coordinated interven- 

tioQ in theforogn-exchange market, will be crudal lo prevent an 
. overshooting of the dollar on the downside as foreign capital 

ta^ -lakes flight and speculators move in for the kill. 

. ..‘inO rca® *> ’ Spectdatioh against the ddlar has been given an extra twist by 

. . 'Worries about Mr. Reagan's health. This has caused some fznan- 

>cial experts' to fed that it is more important than ever for the 
.Ui'sWK United States to be prepared to intervene in currency markets to 
_,‘j. :istaae bar a crash landing of the dollar. Some believe the United Stales 
,;._ v jjisE 'sboald have been building a strategic reserve of foreign currencies 
, f , (Continued on Page 18 , CoL 1) 


m 7C Z S33B 

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■ ■■ 

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■ i'EsOSIS** 


Currency Hates 


ethinkty 


CrenSdes 


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'•.vSJ** 

. . • • •• ’J0! r - 
• ■iNC* 



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c 

WL 

FJF. 

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Amsterdam 

utas 

ua 

ms* 

30.94* 

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9U0 

8U5 

20.1745 

641*5 

341* 

17.93 

kfaaktart 

24792 

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— 

32435* 

unx 

SM* 

London (M 

MBS 

. — 

4X04 

71205 

24RU0 

4JI 

MHan 

unsi 

34B24Q 

MU3 

21740 

— . 

59245 

NowYOftte) 

— 

8JB22 b 

3425 

140 

149100 

S.1BS 

Port* 

USS 

123S 

XAUi 

— — 

.4445 X 

2J05S 

Tokyo 

23U5 

D6S1 

US 

2741 ' 

US* 

74JD 

Mat 

UH 

1 30 

BT4i * 


4120* 

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1 ECU 

0J»i 

LSS54 

3449 

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149944 

243M 

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142(19 

B72W 

Z«S4il 

uvm 

147143 

ixm 


Ckainaa fri Umdcvi arto Zurich, fbtirm tn ottior Euranron cmitert. N*w Yart rats* at 4 PM. 
(a} Commercial fronc (hi Amounts i>e»<lc<i to twv one pound (cj Amounts name d Mouyw* 
Hollar {•} units oi HO M Units enjuo It) unit i of 10000 NA: not awM; MA.- notavonabfe. 
l*> Tatar one row*: SUS3XU 


{taker Dollar Values 


Otmacy per USS . 
Aiven. austral QJO 

AarfraLf ixni 
AKtr.icML 1 »J 8 
BM.fin.fr. 57 JO 
Brazil oroz. ^-wiiw 
OM adSoai U49 
OobWi krone 16.17 
E«ypt.powm 07937 

. ISerlkw: 1J9B5 Irish t 


C u rren c y per UAA 
Fbu markka US 
Greek drnc. 132J0 
Hoag Kong S 7JS7 
laOmneer 11J7B5 
iDdO. rutNab 1.1100 

Irtota S D.9174 

hraefl UM. M7L00 
Kowoltl «nar 0 J 012 


Curreow ger USA Currencr Per USA 

Malay. ring. 2MB S.Ker.wva 909 jn 

Max. peso 3000 Spaa, peseta M4J0 

Nerw. krone &22 SwMLknwo UK 

raims 17J41 Tahml «US 

PerLeacute 1*7 Jo ThalkeW MASS 

Sesifi rival 3A517 TipUskHra 53045 

SI eg. 5 2 JWS UAEOrkoai 1473* 

V ATT. rood 24513 Vonez. bo»v. 14.15 


- }to«3. Banave du Bonotux I Brussels); Banco Commercial ItaHano I Milan); Bomur M> 
t.Jfonab, Os Ports (Parts); Sank of Tokyo < Tokyo); IMF (SDR); BA 1 1 (diner, rival. cSrtxun). 

i Other ototo from Reuters a» AP. 


faterestRafes 


Karofrrpfley Peptri te 


-m ’ 


L 

Denar 

D-*lartt 

swtsa 

Franc 

Sterling 

Franck 

Franc 

ECU 

SDR 

1 nuutn, 

7!V8 


5 v5«. 

T3Vj-17fe 

9 -VIM* 

l«4lw 

7* 

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.. iJ«W! «ww» Guaranty lOMIar. DM. SF, Pound. FF): Lloyds Bonk (EClMl Routers j 
\(SDri. Rates ooollcotuo to Interbank deposits at SI million minimum (or eaufvatent). 




tfUMBfSMWK 

OHUratkoti 

*««fafPkodi 

wimeRoie 
Wafer La* r«, 

Corn Paper am eon 

*^r mTr «wnrMI* 
r cm mi 

' jWMMffan 

tewtiert Hats 
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■ *«Bti» laleraank 
N*Btt M ler be to 


^fcrwmfien Rnft Tfe 9H 

• Money f 1VU ?H 

Wmaott jetertoel flint flint 

*mon imerBoM vu w, 

kiftramk 9ii.i* vii/i* 

Base Raw II |j 

“•"*» NJL life 

. hffMk* Tnesarr Bill - !1 »fJi 

-meniiaicrBMk — ns.ls 


Close Prey. 

. Trt 79» 

7fe 7W 

9»j m 

SYS S1>**I 
7J6 743 

7JB 7.TB 

737 738 

7J5 7 3S 

740 740 


wo wo 

us 4.n 
530 530 

MO MO 
5 JO 5J0 


A*b» Polar D gp ori te 

Jolrto 


1 mootti 7 

I Months 7 

Smooths 
& months B 

lyeor B 

Source: (teuton. 


ILS. IMkn+y Market Friris 

JefyM 

Merrill Lynch Aetov AneH 
16 day Bwerope vieU: m 6M 

Tolerate IrdonsS Rate Into*; 7.739 
Source; Merrill Lynch AP 


Gold 


, ,[£ 'buaw Ask j s 

... Money b>i *-y 

' , •**' .)*** Inttrtoufc ft 

■'" y . «!*■— — 

*«•«». Brunei. Conunrmont Credit 
mbiois LHnSt Bent. BOM at Tokyo. 


AM. PM. CBVe 

Hem Kang 31935 31*50 - L» 

L mw i kw iy 3I&SI — — 1J5 

Part* Cl 25 » Bel 317* 3U» ~[J2 

Zurich J19J0 31745 -050 

London 11740 no.95 -045 

New York - HUB +158 

Lose labour g. Paris ana London orrfcKH W* - 
km: Hoag Kong and Zirrtcfl ooenkig and 
dosing prices. New York. Comes current 
contract. All prices In U.S 5 per ounce. 
Source; Reuters 


IP 


JU~ 


Hcralb^gribttnc. 

BUSINESS /FINANCE 


** 


Ford Has 
23% Fall 
In Profit 

But Result 1$ 
Best of Big 3 

The Associated Press 

DETROIT — Ford Motor Co, 
said Friday its second-qoaner 
earnings were 23 percent bdow 
those in the year-earlier period, but 
snD were the best results of the 
three major U^. automakers, all 
suffering from a down year. 

Ford's net income totaled $698.7 
million, or $3.75 a share, compared 
with 5909.1 million, or 54,95 a 
share, a year earlier. Sales totaled 
S13.S iril&wt, down 2 percent from 
514.1 billion. 

First-half earnings totaled $1.48 
bfflion, or $7.95 a share, down 18 
percent from 51.81 billion, or 59.85 
a share, in tteyear-eariier period. 
Sales totaled $27.05 billion, down 
slightly from the $27.1 billion. 

General Motors Corp. earher re- 
poned that its second-quarter earn- 
ings were down 28 percent from the 
year-earlier figure, wink Chrysler 
Corp. earning? declined 25 percent. 

*T think [Ford’s] mix might be 
better right now is term* of more 
Humderbird and Mustangs and 
[Lincoln] Town Cars,” said Joseph 
PhiQippx, automotive analyst with 
the New York brokerage house, 
ILF. Hutton. Ford did well because 
“if you're setting big cars, and if the 
option mix is right, you're going to 
be doing better, he said. 

He added that CM'S figures 
showed no increase in the number 
of dollars earned from each car, a 
fact attributed by analysts to a 
heavier emphasis on cars. 

DonaldE. Petersen, Ford chair- 
man, and Harold A Poling presi- 
dent, said the earnings decline was 
accounted for by higher (axes and 
increased marketing and product 
development costs. They said im- 
proved productivity and higher 
earnings from Ford’s finance and 
insurance operations partially off- 
set the negative factors. 


U.S. Stocks 

Report, Page 8 

Page 15 


Admissions 
Number of 
annual paid 
admissions, 
in millions 


Movie Screens 

1 1 ,200 Number of movie screens 

in operation, in thousands 



China Increases 
Interest Rates to 
Restrict Growth 


'80 '81 ’82 ’83 '84 *4® *80 *81 '82 ^83 

Source: Motion Picture Association ot America 


DyNnYol lion 


U.S. Movie- Theater Owners Bullish 
Despite Boom in Video, Pay TV 


By Geraldine Fabrikanc 

Nr* Ttrk Times Service 

NEW YORK — When Manhattan moviegoers 
arrived at the Loews Tower East theater on Memo- 
rial Day weekend, they found the price of a ticket 
hadjmnped to 56, from 55. A comparable surprise 
awaited audiences at the RXO theaters on the 
Upper West Side. 

So far, theprice increase does not appear to have 
hurt box-office attendance, and other New York 
theater chains may soon follow suit. “We will look 
at the question by the end of the yea r." said 

Sheldon Gumberg, chairman of the Walter fteade 
Organization, vriucb owns 13 screens in New York. 

The price rise in New York was just one of the 
signs of a general feeling of bullishness among 
theater owners nationally about their long-term 
prospects. Despite the spread of pay Idevirioa and 
video cassette players, which many observers 
thought would cripple the theater business, theater 
owners around the United States “are building like 
mad.” said Joseph Altennan, executive vice presi- 
dent of the National Association of Theater Own- 
ers. 

Mr. Altennan expects the number of screens to 
jump to about 21,500 this year from 20,200, or 
about 65 percent. In an age of multi-screen the- 
aters, the size of the industry is most accurately 
measured by the number of screens.. 

Some theater owners doubt that the expansion is 
healthy, however. They foresee problems if the 
movie studios cut back on film production, which 
is now on the increase, and there are not enough 


new films — or audiences — fra all the theaters 
being built 

Nevertheless, executives at most major US. 
chains seem determined to cement their share of 
the market by expanding. The Genera! Cinema 
Corp., for example, the largest U.S. theater circuit 
with more than 1,100 screens, is spending $22 
million this year to build 125 new screens. 

Certainly 1 984 was a good year for movies, with 
such box-office hits as “Ghost busters,” “Grem- 
lins,” “The Karate Kid” and “Indiana Jones and 
the Temple of Doom.” While the number erf* tickets 
sold increased by less than 1 percent, to 1.199 
billion, box-office receipts rose 7 percent, to $4 
bOfion. 

So far this year, however, the studios have failed 
to oome up with comparably strong pictures, and 
the number of tickets sold is down about 12 per- 
cent. 

Nevertheless, exhibitors have been encouraged 
by the boom in film production — attributable in 
part to the rise of pay-TV and cassette players. 

“The irony is that the new media may have hurt 
box-office attendance on (be one hand, but on the 
other, it has encouraged the movie companies to 
produce more films, so that we have benefited 
from an increased supply." said Sumner Redstone, 
president of National Amusements Inc, which 
owns 325 screens. 

Seven years ago. the major distributors released 
121 films. Last year, they released 167, and no 
slowdown is yet apparent. 

That has given the exhibitors more power in 
(Continued on Rage 18, CoL 1} 


Compiled fy Otr Staff From Dispnt.-hes 

BELJING — China announced 
on Friday a sharp increase in inter- 
est rates to try to restrain economic 
growth, which is destabilizing the 
economy as it opens up further to 
tbe omside: 

China's central bank, the Peo- 
ple's Bank of China, has also told 
local branches to cut down on 
loans, which have exacerbated tbe 
problem. 

Hie bank said it would raise in- 
terest rates on most individual de- 
posits and on loans for capital in- 
vestment in urban areas beginning 
Aug. 1. 

It is die second increase this year 
and reflects the rising cost of living 
under economic reforms aimed at 
giving China a market-oriented 
economy and dismantling the sub- 
sidy system that has kept costs arti- 
ficially low. 

Xinhua news agency said annual 
interest rales for six-month savings 
deposits held by individuals will 
rise to 6.12 percent from 5.40 per- 
cent, while 12 -month savings de- 
posits rates will rise to 7.2 percent 
from 6.84 percent. 

Interest rales on some types of 
loans for fixed-asset investment by 
state and collective enterprises and 
for production equipment for rural 
enterprises will also rise. 

One-year loan interest rates will 
rise to 7.92 percent from 5.04 per- 
cent; one-to-ihret-ycar loans to 
8.64 percent from 5.76 percent; 
three to fire years to 9.36 percent 
from 6.48 percent; five to 10 years 
to 10.08 percent from 7.20 percent, 
and minimum 10 -year loans to 
10.80 percent from 7.92 percent 

The Economic Daily quoted the 
People’s Bank president then Mu- 
hua, as saying the government was 
using interest rates and other ad- 
ministrative measures to curb 
fixed-asset investments. 

“All banks must give loans only 
according to the state plan. Any 
that go outside the plan will be 


investigated and must bear the re- 
sponsibility.” she said. 

The government tried to cool the 
overheated economy by clamping 
down on bank loans earlier this 
year, but the latest official statistics 
for economic growth and hanlc 
loans still show- big increases in the 
lint half of the year. 

Imports in die first half soared 
by more than 70 percent, lading to 
a trade deficit of S3.16 billion, seri- 
ous congestion at China's major 
ports and a sharp drop in foreign 
exchange reserves. 

Tbe government has placed tight 
controls on imports, especially of 
consumer goods, and has promised 
to slow economic development. 

But senior officials have stressed 
that the basic policy of reform and 
opening up to the rest of the world 
would not change. (Return. AP) 


Germany Posts 
Trade Deficit 

Reuters 

WIESBADEN, West Germa- 
ny —West Germany reported a 
deficit on its current account of 
600 million Deutsche marks 
<5209.8 million; in June, com- 
pared with an upward-revised 
surplus of 6.1 billion DM in 
May, the Federal Statistics Of- 
fice said Friday. 

In June last year, the currrnt 
account, which measures trade 
in goods and services as well as 
interest, dividends and certain 
transfers, showed a 17-biIlion- 
DM deficit. 

The surplus on merchandise 
trade narrowed to a provisional 
5.5 billion DM in June from an 
upward revised 7 5 billion- DM 
surplus in May. tbe office said. 
In June 1984 the trade surplus 
was 1.3 billion DM. 


Pessimism Surrounds Efforts by Venezuela to Attract Foreign Investment 


Bp Tvter Mr. Lusinchi, who took office in GNP measures the total value of 

Wasidmtum PaasISr February 1984, hopes foreign in- goods and services, including in- 

r*D*rTc \t— l ' vestment wffl return to the levels of come from foreign investements. 

** 19605 1970s. when funds Mr. Lusinchi's effort ro 

««« attracted here by political sta- years of government policies 
rifk bihty and a rapidly growing econo- tile to investment by forei] 

President JaimeLusinchi of Ven- Increased foreign investment j? blrinS 

ezuela traveled to the United States would boost growth and diversify bSSf 

in April to extol business opportu- the OS-dependent economy. Ofl «nctiy regulated a m others. 


the 1960s and 1970s, when funds Mr. Lusinchi’s effort reverses However, businessmen remain country to plummet, leading net- changes. 


Venezuela has a 535-billion am- economic slump and the debt crisis, 
bined public- and private-sector Falling oil prices irr the early 
foreign debt. 1980s caused confidence in tbe 


economic slump and the debt crisis. Businessmen have applauded the 

Falling oil prices in the early government's pro-investment rhet- 
1980s caused confidence in tbe oiic and the thrust of tbe June rules 


were attracted here by political sta- years of government policies hos- 
bility and a rapidly growing econo- tile to investment by foreigners, 
my fueled by ofl revenue. Venezuela bad enacted a senes of 

Increased foreign investment ZS***? 1 SgL ViJSSF ^ 

vestment in some industries and 


wary of Venezuela’s new interest in vous investors to scad billions of They also praised Mr. Lusinchi 


“The foreign investment climate 

is at rock bottom." said R. Foster ^ enc * **“ Mlv » m Fcbnjai >' 


nines here. In June, his administra- 
tion issued long-awaited rules re- 


provides two-thirds of goveameu 


But the government has decided, iary. “1 don’t see any new in vest- 


revenue, accounts for 25 percent of as Finance Minister Manuel Az- ment coming bore.” 


taxing controls on foreign gross national product and brings puma says, that “foreign in vest- 
investment. in 90 percent of export earnings, ment is better than foreign debt-" 


Japan Steps Up Its Investment in U.S L Business 


— ssu* nuo- mu* 

17.93 tun 2*27 • 

*XM* USA- 13240* L» * 
451 M135 329 3tAi5 

SOM 3241 tU3B I4W 


By Peter T. Kilbom 

New York Times Senior 


annually that they had spent in tbe Robert D. Honnats, an economist of course American investors can control about 350 businesses in the 
preceding five years. Direct invest- at Goldman, Sachs & Co. and a also share in the profits by buying United States, accenting to the Ja- 
nsen! includes outright ownership former senior State Department of- stock in the companies that are pan Economic Institute in Wash- 
of factories or the ownership of 10 ficiaL “What we’re seeing now is listed on U.S. exchanges. ington, an agency of the Japanese 


WAQwrvrTnw tw* mem includes outright ownership former senior State Department of- stock in the companies that are pan Economic Insulate in wash- 

mJmrXZowwuw?* k., of factories or the ownership of 10 ficiaL “What we’re seeing now is listed on U.S. exchanges. ington, an agency of the Japanese 

percent or more of a U.S. enter- the result of a number of judgments Despite its multibillion-doilar government, 

prise- made by Japanese over a number of dimensions, Japanese direct invest- ^ „ d N£C ^ 

Japan * ^ 1>dlind ^t- years, starting in the mid-seven- ment is still a minuscule part of television sets and many other 
»nTS CufdUn in«l- £- VS .busm®. L» .«*. for lELJaSalE 

tbSs&ziis&EtsS: **»> 


percent. 


lTrmr^rTthri^ arnrfmnn^tTr T surpassed West Germany and tbe stepped-up investment in tbe Unit- United States came to S263 billion, 

Netherlands and is climbing fast, ed States is that it is the only major according to the Commerce Dc- 
mg to apanese officials and econo- ^ tlxree months of this country with an economy nearly as partmem, with Japanese compa- 

rT. mnn. th.w * jo. ^ department said, Japan healthy as Japan’s — and it is a nies accounting for well under 1 

more into such bigger one as W percent. 

rS,^ S ^SSrl°*? e rT? n ;n , rfSrt 7 ? assets. “Generally speaking," said a in any case, such investment is The automobile companies arc 

^“P® 065 ® officer o[ the Bank of stirring Far less apprehension than becoming Japan’s biggest investors 

wtih thi ciiTw* in inwstnvnt a conung, Tney re buying access to the first, in Ohio, then Nissan, m Ten- 

counnrthaTL b£HLt ron , * ft? ?««• ^ J? **.«?««? 5000 


luring mvestmenL dollars abroad. This forced the gov- for cutting government spending. 

“The foreign investment climate enuncnl to L d ^ah»e the lutioo’s But businessmen say the coun- 
at rock bottom." said R. Foster currency, the bolivar, in February try’s dismal economic numb« 

Try. president of U.S.-based Te- 1983 make . th JL s ^ rnmeni 5 effons 

iyne Corp.’s Venezuelan subsid- Economic growth has fallen 5 e ^H, t naoequa<e. _ 
ry. “I don’t see any new invest- sharply since 1983. Unemployment , Vr ^ VCT !k TM T 1 S 
mi coming here" has dimbed to an estimated 20 per- helpful butthe key nwmsed 

Foreign investors Name their cent and living standards have tall- foreign 

:k of enthusiasm on Venezuela’s en to 1973 levels. E? i AftS.CSS 53,(1 Johfl 

rate; a Caracas lawyer. 

Few are optimistic about future 

— _ ^ economic growth. Venezuela’s 

# f / W J-cyjovM/yop economy wifi remain flat as long as 

t alj« JLliWilttyOO **« tnleroatiottal oil market stays 

weak, analysts say, adding that oil 
. _ .... . . , prices are unlikely to rise in the 

course Amen can investors can control about 350 businesses in toe ycais. 

>o share in the profits by buying United States, according to the Ja- “Foreign investors’ confidence 
xk in the companies that arc pan Economic Institute in wash- ^ ^ is still low " said 

ted on U.S. exchanges. ington, an agency of the Japanese Paul Bosch, president of Paul 

Despite its multibillion-doilar government. Bosch Associates, a Caracas con- 

menaons, Japanese direct invest- Hitachi. Sony and NEC make suiting firm, 

ait is still a minuscule pan of television sets and many other By adhering to the price levels of 
S. business. Last year. For exam- pro j U rts m the United States. To- the Organization of Petroleum Ex- 
s, the profits of all industry in the has joined with Westing- porting Countries, of which it is a 

sited States came to S263 billion, 50 ^ iu si(XJ million to founding member, Venezuela has 

cording to the Commerce De- rehabilitate a television tube plant lost markets recently to compcti- 
rtroem, with Japanese comp*- near Flmir a New York. Komatsu, tors. Exports of heavy crude oil are 
» accounting for wefl under 1 ^p^ned $300 million in 300,000 barrels a day lower today 

ictuL heavy construction equipment to than in March, a decrease that has 


numi is sun a mmurcuie pan or teie^ioo sets and many other 
US. business. Last yew, for exam- produrts ^ ^ United States. To- 
pte’tbe profits of allindwffymtbc ^ba has joined with Westing- 
U rated States cameto $263 billion, jj^nse in spending $100 million to 
according to the Commerce De- rehabilitate a television tube plant 
partmem, with Japanese compa- near Hmira. New York. Komatsu, 
mes accounting for wefl under 1 exported $300 million in 

P 01 ** 111 - heavy construction equipment to 


The automobile companies arc ^ United States last year, is tak- cost the government 5600 million, 
becoming Japan’s biggest investors [no over an abandoned crane man- Venezuela, however, still is in 


With the 


m invest ment, a 
been most con- 


Doconnng japan > oiggrai uivoiw ing over an abandoned crane man- Ven ezue l a , nuwever, urn is in 
in the United States. Honda came ufacruring plant in Chattanooga, better shape than its neighbors, 
first, in Ohio, then Nissan, in Ten- Tennessee. The country has $13 billion in for- 

oessee. They will be followed soon ..... B . . eign reserves and should sign an 

by Mazda, Mitsubishi and now In just three years, Bridgestone, accord this vear with foreign banks 
Toyota. a Japanese «>nipany. has become a u, reschedule m SINbillionpubbc- 


is now becoming conspicuous as 
wdj for the goods it makes in the 
country. 

Last year, according to tbe Com- 
merce Department. Japanese com- 
panies ana their affiliates in the 
United Slates poured $1.7 bflhon 
into U.S. businesses in so-called 
direct investment, more than three 
times the average of $490 million 


77n factones m the united Mates, ja- subcommittee or ute Mouse for- n u . 4 wm«s of other J; 
%$££££ pan can insulate itself from the rign Affairs Commhtee. “Wtfve ^se 

U ui uu: un/fs, surcharge and oth- been do mg cbe same thing in Eu- have beewne famiiier to At 

tog to the Com- » tamers to imports from Japan rope.” consumers, have also m 

. Japanese com- du 1 ^an angry Congress keeps Although some critics worry that roads. Japanese companii 

iffiStesin the threatemn 8 t0 Japanese investors, rather than. 

red $1.7 billion The Japanese “have understood American stockholders, will reap 


lUJVUfe , | 1 - ' | J* I W IIKTVUVVUHi IU MI-VUUVU IIOVUV 

SltisaSsss 

roads. Japanese companies now (Contmoed on Page 19, CoL 8 ) al Monetary Fund. 


On the French Riviera 

THE ONLY FRENCH 
CASINO WITH A F11.I. 
COMPLEMENT OF 
FF.MA1.F. DRAI.F.RS 


that in (belong run. the best way to the profits, others view the invest- 
iraprove their situation in the Unit- menu as a way to keep factories 
ed States was to invest here,” said open and workers employed. And 


HARRY WINSTON 



■m 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


fridass 

NISEI 

Closing 


12 Month 
HWlLow Slock 


Sit. Oaie 

ItBsHMlLcw Quot-ChOe 


DMonai 

Utah Low Sleek 


iHtattiw QBQi.Cn o« 


Tables Include the ratlonwlde prices . 
up lo the dosing on Wall Street 
and dc not reflect late trades elsewhere. 


T3 Month 
H lutiUw Stock 


Sb. 

Phi. YM. PE lOOSHWlUw QuotOiDf 


(Continued from Page 8) 


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10 

+69 

20ft 18ft 

20% 

S3 

U 

10 

W 

141* 14% 

14% + ft 

.96 

33 

1? 

244 

31 30ft 

30ft- ft 

148 

13 

10 

3 

32ft 32ft 

32ft — to 

MOaltJ 


42 

11 10ft 

ioft — to 

.12 

40 


30 

3to 3 

3 

Ji 

19 

10 

4 

19% 19ft 

19ft 

Jt 

65 

10 

15 

lift Uft 

lift + to 

IJ0 

34 

13 

870 

Jlft 31ft 

31ft 

130 

X4 

13 

299 

22% 22to 

22to— to 

158 

5,9 

17 

27 

28ft 28ft 

28ft 

140 

fi.fr 


isos lift ii 

lift + ft 

150 

3L7 

9 

6 

42ft 42% 

43ft— to 

50 

24 

14 

290 

30ft SOto 

30ft— to 

1.10 

25 

9 

289 

43ft 43 

43%— % 

1.92 

« 

14 

103 

20ft 20 V, 

70ft— ft 




968 

2% 2ft 

2ft— ft 


2H 2JIV p*c 243"* 2J6V 131V 134 A J0V 

3.18 2J9% MOT 7.41V 244V 241% 242V +.Wi 

121V 143% MOr 246% 249 146V 247 +J0V 

. 214 244V Jul 147V 549V t JST • TjtTi -+J0C, ? 

T| 2jfr% 2J01* SM 132% 2J6% 7JT» 7J4 +JI'i 

J*2Tir[ 2JF<4 120% DOC 123 .277% 123 226V +J»% 

S* t ?1 est ■ S 01 ** Preu. Sales 2*497 

51. + Vi Prev. Day Open lM.116,792 SPL737 


COFFEE C(NYCSCE) 

13125 134 JO 1223 1J4.17 +U 
1*040 129 JS Dec US -50 136.90 13S3 13656 *83 

M9J5 12150 Mar 13700 13800 13650 lg.JJ +72 

lius QUO May 13750 137 JO 13750 13856 *J» 

14800 I MJO Jul _ 138-2 +5 

147 JO 13275 Sen WOO WOO WOO WOO +100 

13800 13100 Dec 1403 +100 

E51. Sales IM Prev Sales IJ77 
Prev. Day Open Int. 11 JW BH3I9 

SUGAR WORLD II (NYCSCC) 

112400 my- emit per lb. 


92.78 

esoo 

5+0 

•207 

pt m 

9ty> 



B5J4 

3<C 

*:p0 

9.-S: 

9150 


9! 7$ 

8*5+ 

we- 

*1.13 

*»:J 

95.13 


9140 

8**1 

Jun 





91.15 

1746 

Srs 





«033 

88J4 

Dec 





89.91 

bo n> 

Vcr 







Prr» 3w*s 

IH 




P*ev Dov Oaen ini L-*C1 pfiJS 

EURODOLLARS tIMMI 
SI Millipn-pftai 100 Od 


945 

2.74 

OC1 

450 

405 

4X1 

4.16 

+53 

7.75 

340 


Ul 

407 

450 

407 

+40 

943 

X34 

Mor 

540 

5.19 

405 

5.19 

+40 

ns 

258 


S.U 

5J2 

S 02 

5J7 

+40 

M9 

179 

Jus 

5J5 

545 

570 

Xil 

+.4* 

US 

*47 

OC 

150 

X7S 

540 

575 

+40 

Esi. Sale* 


Prrv.Seln 19.941 





92*5 

84 63 


91.75 

91 7’ 

9240 

»03 

D+C 

9IJ7 

9IJ3 

«1J< 

M.!: 

■’Mr 

9009 

9009 

91.15 


Jan 

*0.4* 

•0.49 

«O04 

.17 It 

S*P 

90.15 

RM7 

9043 

8?.a 

DK 

89 jo 

89 7D 

90 74 

8764 

Vcr 

I9 60 

8° 40 


mis 

Jun 

f».H 

89 12 

Est. Sam 


Prc» Sain 7* 183 


»iJ9 9171 -a 
•1J2 9IJ2 -ij 
9076 *078 _ A ■ 

9354 WH -,j. 


19% 17% UnElec 184 9.7 6 17*3 19% 


34% 24% UnElpfMLOO 116 
72 49% UEI ML &JB9 111 

20 18% UnElat 198 II J 


1501 87V 
76 igv 


JO 4J 43 124 19% 

6 5% 


31 22 Phi IE pf 3JK 12J 

J7% 25% PhllEpt 448 110 
56 40 PhllEpf 7J0 111 

SPA 50% PMIE Pi BJS 116 
11% 9V PhllEpf 141 141 
10% 7V. PhllE pi 1 J3 1U 

60V 43 PhllEpf 7J5 115 
10 V 6% PhllEpf 1J8 13J 
126 99 Phil Pf 17.12 119 

115 07 PhllE PM5JS 117 

74 51 PhllE Pf 9J0 134 

60% 44 PhllE of 7 JO 117 
40 43% PhllEpf 7J5 115 


100Z 30 30 30 +1 

5D0z 36 36 36 

looz 53% 53% 53% +1 
502 M% 64% M%— % 
166 10% 10 10 — % 
117 10% *% 9H— % 
1002 50 $0 58 

77 10 *% 9% 

610X123 120 123 +1to 

30x111% 110 111% +1% 

10QX 6*% 69% 69% +2 
170s 57 S7 57 — % 
80S 57% 57% 57% +1 


48 1J 10 10 36% 

20 10 % 
130 4J 10 687 48% 

2JS 2J 7 99% 

1 JO 17 13 355 48% 

5a 841 64* 


205 37% 
76 U 17 742 0% 


1 20V 

40 1J M 186 46% 


70 57 16 54 15% 

UM 6J 11 233 17% 

20 1 15V 

1-92 11 IS 762 62% 

M J 17 68 39% 


87 — % 
18% 

19 % + to 
5 

36% + to 
10 % 

48V 

99% — M 
48V— V 
6V 

36% — % 
39V— V 
20V 

45V— V 
15V — % 
17V* + % 
15V 

62 — V 
39V + % 


23% 15V PhllSub 142 4.9 11 177 19 18V 19 — V 

95% 67V PhllMr 440 48 10 4152 83% 82V 82V— % 

25% 10% Phllpln 40 25 14 139 24% 24V 24V— to 

ibv in* PhiiPts ija 7j 82*900 nv 13 tsv + v 

23V 27V PhIPtpf 505 23% 23% 23V 

fflrt lAV PtillVH 40 14 11 51 25% 25 25 — V 


23V 27V PhIPtpf 505 23% 23% 23V 

fflrt lbV PhllVH 40 14 11 51 25% 35 25 — V 

35% 23% PledAS Jfl J 10 153 33% 33% 33V— V 

34 23V PlBNG 132 7J 9 18 32 31V 32 

25% 14% Fieri 16 224 24to 23% 24 — V 


50V 31% TDK 
36% 26% TECO 
12% 7% TGIF 

21% 11% TNP 
26% 17% TRE 
81% *2to TRW 
7% 1% TdCBoat 


J6e J 59 32% 31V 32% + % 
Z36 7J 9 538x 32% 31% 31% - % 
15 ISO 10V 10% 10% 

IJS 68 9 71 19 10V 18% — % 

SJH3J 17 86 26% 25V, 26% + V 
MB M II 417 78 77V 77%—% 

76 2V 2% 2V 


26% 20% UnEI Pt 2J2 lOJ 31 

68 47 UnEI Pf 744 114 ISfiSj 

UnCxon 4807 

UnPec 1J0 34 13 2639 

Unlrayl .18 J M 3*35 

urary Ini LOO 135 ISO: 

Unltpr 17 

UnBmd 13 172 

UBrdPf 22 

UCbTV s 71 M 

UnEfiro 248 OJ 22 9244 

Uinum 200 lao 4 i« 

Ullruof 197 117 |7 

Utilusr UD 111 mi 

UlllUPf 4JMJ 114 0 

Uinupf 1.90 134 36 

Unitind 40 24 9 33 

UiKIlnn JZ J 36 2 

UJtrSk 1.54 24 10 S3 

UMIUM II 17 

UPkJIAn ■ 1 90 

UtalrG .17 J 8 1013 

USHom 1507 

USLaas Jt U 11 6 

USShoe J* 13 14 311 

UBS tea I u» 34 21 8257 

ussrtpf 6-41 ell J 19 

U55tlprll75 94 621 

U&Snpf 225 74 1762 

USToh 1.72 AJ 12 1001 

USWesf 5J2 74 8 2479 

UnSICk 22 17 

UnToCh 140 3J II 5486 

UTchpf 2J5 7J 5H5 

UnTfel Ml U B 438* 

UWRS US *7 12 26 

Unltrde JO J 17 Ida 

Uni war jo 4.1 7 17 

UntoFd 1.13 43 lo sw 

UnLeaf lJM 44 s 261 

Unocal MO 38 815393 
Upjohn 256 23 21 1009 

USL1FE 104 ZJ IQ 874 

USLFpl 3J3 lfi.0 3 

utniaPd rjviai s 

UlaPL 2J2 9-7 13 787 

UtPLPf 2JB0 1Q.7 14 

UIPLpf 2.90 104 2 

UIPLcf 136 104 6 

UtPLpt 204 105 5 

UlfllCo 1-32D 53 8 45 

UMI Co pf 244 104 « 

UtilCO pr241 1QJ 4 


]?5 + % SOYBEANS CCBTI 

j.* * -J 5JOObu minimum- dottory per brnhei 


Pre«. Day Corn int. 09J2S off 0.930 


6AV— V 
2*1* + to 
19V 

2S%— % 

64 — 1% 

22 

52% +1 

2m 

57% + % 
3% + 9* 


746 

5J7 

Aug 

SJOto 

X44ft 

5J8 

5J0to 

—02 

6^1 

5JI 1 * 

seo 

SJe 

550ft 

5J3% 

833ft 

-.02 


SJ4% 





5J*’T 



5M"» 


559 

544% 

556 

5 46 to 

— 03 

753 

545% 

mot 

950 

X65 

547 

£57 

-02% 


553 



5L72 

554-i 


648 

457 

Jul 

459% 

555% 

5.73ft 

566 

506% — 03"'a 

67* 

454 

Auo 

S57 

550 

550 

—45% 

628 

554 

Sep 

558 

558 

557 

557 

+0! 

632 

3J0 


X40 

S53 

550 

550 

Eli. Sales 


Prev. Sales 31X33 




COCOA (KYC5CE) 
lometric f pm- sper tan 

B Mto Sep 
1945 Dee 
1955 Mar 
19*0 MOV 

ms jui 

2330 2023 StP 

2235 2055 DOC 


Prev. DOY Open lni.123-998 oiiftfi 
BRITISH POUND (IMMI 

1 Per pound- ipoiiupaiKUiMOOO) 

1.4150 I .one 5ra IW! 14143 1J945 1 4125 


I Eif. So its prev. sates 3J05 

I Pre* Dav DneninL 2U*o oH3J*3 


2145 2170 214S 2\5* +U 

2190 7703 2179 2185 +* 

2200 2M7 2198 STOP *i 

2212 2217 2212 2213 +3 

2225 —1 

2236 —2 

2263 -3 


1 4am 10730 Dsc ljrc 1.4050 1 3855 1 4035 -IM * 

IJ*li T«80 Mar 1.3810 14*25 1J8M I19ii «{? V 

1JJ9S I l«M Jun IMIS + {J| 4, 


1J79S I 1905 Jun 
Est. Sam Frev 5ohra 1C J85 

Prev Da/Dnenlni 41*13 usSM 


-S+% Prev. Dav Oaen Ini. 60J42 up 738 

20^ t V SOYBEAN MEAL {CUT) 

29 — % 100 tons- doUors Per ton 

ms, + V* ISOM 1WJM AuA mj» V24JM I21J0 12240 +40 

39V— % 17+50 122J0 S4V> 124-80 12640 124L70 12540 +40 

U 180-50 12100- OCt 12740 129J0 126J0 12740 —JO 

g«v* + V 18440 13340 Dec 13240 0440 1J1J0 131.90 —JO 

£2 + % I63A0 13280 J<u> 134J0 11170 13400 13540 +40 

mi, cn 
16150 
16740 
Esi. Sales 


39V— to 
M 

24% + V 
43V + V* 
43V— V 
M + % 
2% + V 
34 % + % 


ORANGE JUICE (NYCE) 

’iKLD'l 01 '’ iMJM^Seo I JUS UUS 13300 133-35 —.90 

18100 13145 NOV ua»0 130.70 129-50 12*40 —140 

IB0J35 12820 Jan 12625 137.75 12680 12L40 —140 

177-50 12880 MOT 12780 127 JO 125-85 1S85 -2.15 

\6Z50 13150 May «10 -uo 

157-50 14220 JW 125.10 —2.70 

Ess. Solas Prev. Salas 3Z1 

Prev. Dov Open int. 5817 off 21 


CANADIAN DOLLAR IIMM) 

Soar dir- 1 palm eauoltfOtnOl 
.7585 .m» Sea 7J8J :au »j»6 . 7399 4.M 

7566 70C6 Sac .7365 7385 73*5 7381 +J 

.7504 49BI V-ar .7348 7373 7348 J3*2 *>] 

JJtQ 7070 Jtm .734? 7347 . 7347 3242 «, 


JUO .707 0 Jun .734? 7347 .7347 7342 il 

Esi. Sain Prm Sale-. *00 

Prev Do* Open Int. 8J7* up 291 
FRENCH FRANC UMM) 

5 aer iranc- 1 oeini eauai* 50^)0001 

.11500 0*680 Seo .11330 11330 11300 11550 *lv 

.11405 0*670 Dec .:uc3 .11340 ti34Q .mas -aim 

Esi. Sales Prev Soirn 

Prev. Doy Open i«i J99 


137 JO MOT 13040 13*40 OTJO 13740 


7 %Z. ^ Prev. say Open Hit. 42886 off 1492 
3Mb 

36V — % SOYBEAN OIL CCBT) 

39% + % «UJOD IBs- donor* ear 100 lbs. . 


Mar 14240 14328 14L5D MIJO +40 

Jul 14640 14440 14580 14580 —JO 
Pnev. Sales 14416 


Metals 


54% + 16 31.95 

135V +2% 31.10 

30V + % M37 

^ £■£ 

77 — to 29.07 

9% + V MAO 

42 —1 2745 

36%- % 2S35 

21% — % 25.15 

19% — % 2445 

35V + to Est. Soles 


31.95 

2240 

Aug 

3622 

2650 

2X95 

2X98 

— J3 

31.10 

2240 

SCO 

2507 

2500 

2X35 


—37 

3037 

2250 

Od 

2X00 

2X29 

2+.90 

2400 

— J6 

2945 

2240 

Dec 

2405 

2400 

3455 

3458 

— JS 

290? 


Job 

2440 

2400 

2615 

26Z 1 

— Jl 


2600 

Mar 

24 JO 

2450 

2615 

24.18 

—22 

2755 

2X90 

May 

24J0 

2630 

2608 

3615 

—JO 

2X25 

2X95 

Jul 

34.10 

2420 


2X90 

—2 

25.15 

2X80 

Aug 

2X92 

21*2 

2300 

2306 

—.14 

2408 

2X75 

Seo 

2350 

2300 

2X50 

2301 

—24 


COPPER fCONUlM 
2S400HHU- cento per lb. 
B8_25 5740 Jul 

5940 5865 Add 

82.10 S7JO 9*p 

84J5 58-50 Dec 

MJO 5*40 Jon 

8040 5*40 Mar 

74.00 61.10 May 

7440 61 JO Jul 

70.90 6230 Sea 

7030 6175 Dee 


65J0 Jon 
6545 Mar 


Eat. Sales Prev. Sola 11.191 

19V ' Prev. Dav Open int. 49,163 aft 506 

26 — to 

■“*— £ OATStCBT) 

?! + % 5400 bummimum- dollar* per Dvihel 

W*— T £ 139 131 Sea 131% L31to 131 IJl 

*T + % -j^vj ljy^ Dec l^V 13* 135 135% 

Sf— 147% 137 Mar 137% 137% >37% 137% +80% 

’?*— S 143 13* May 138V +40% 


Jul 6285 6240 6385 6235 —.05 

Aug 6215 62.15 6215 6235 — 15 

Sea 6245 6340 4220 6290 —.10 

Dec 6340 6485 6025 6390 

Jon 64.15 +85 

Mar 6445 6440 6480 M45 +.05 

May 64.90 64.90 6435 6545 +45 

Jul 6535 6535 66.95 6545 +85 

Sea 6540 +45 

Dec 6680 *680 *680 66J5 +.05 

jan 6*3o +85 

Mar 6645 +.10 

May 6730 6730 6730 67 JO +.10 

Prev. Sales 0414 


GERMAN MARK (IMM> 

SBer moh-l semi envois SQOOOt 
im 29X Sen 3491 3554 348, JSif *U 

3610 2*71 Dec J519 J5I4 3515 J,?” 

3599 3040 Mar 3550 3560 JSJC J40* +57 

3633 3335 Jun 3A«e +53. 

Est. Sales Prev. Sales 77.730 

Prev. Dev Oaen Ini. 53404 off 736 


31 + V 

113% — 1% 
IT + to 
33V— V 
10 W— to 


+ to Esi. Sates Prev. Sale* 332 

Pro*. Day Open tni. 3852 up 43 


27V 

27V 

19% — % 
25 + % 
23 
24V 


Livestock 


56% 36 Pllttry IJ* XI 11 737x51V 50V SOW— IV 
34. 21% Pioneer 144 43 5 6009 26% 24% 20V +1% 


26% 13% PianrEl .l?r U 


169 14% 14% 14% + to 


45% 77V PlmyB 1 JO 24 12 930 42% 42V* 42% — % 
12V 9% Pltfshl 383 12% 12V 12% 


12V 9% Pltfshl 

15% 8% Plante 
13% 7 Ptamm 
13% o* Playtwv 
29. 19% PhntY 


383 12% 12V< 12% 

JO IJ 16 3Z7 14% 14% 14V + % 
.ltb 14 1* 1203 10V 10W 10% + to 


87V 52% TaflBrd 1.16 14 17 165 83 00% 01% +1M 

19% 12% Talley .toe J 15 130 J?V 18% 19 — to 

21% IS Tallev pt 1XB 43 19 21% 71 21'A + % 

81 50 Tombrd 3J0 4J 14 130 76% 75% 76 —IV* 

36 2JW Tandy 15 1726 31V 30V OT?t— % 


21V VF Cam 1.12 19 10 154 38V 37% 38 


CATTLE (CME) 
404001b*.- cent* per lb. 


isv 13% Trtdvctt 


1 14% 14% 74% 


68V 51% TeMmx 140 1A 14 982 63% 63V 63%— to 


, - IS % to 9V— % 

29 19% Plesev Ate 4J M 9 23 22% 22%— % 

22V 14% Poaopd 40 19 28 1521 15W 15 15% + V 

33% MV Petarfd 140 XI 123 441 32 31% 32 — to 

21% low Pamirs 40 J 27 96 12V 12% 12W + % 

21% 15 PoeTOl 40 4.1 1 19% 19% 19% 


Pamirs Mi J 27 96 12V 15% 12W + to 

21% 15 PoaTal 40 4.1 1 19% 19% 19% 

22% 14% Portec 40 14 82 641 22V 22 22V + V 

21% 14 PortGE 1.90 95 « 80S 20% 2D 20 — V 

24% 18% Ports Pf 240 107 6 24W 23V 24V + % 

35% 29W PorGPf 440 1X1 34 34 33% 33% — % 

34% 28% PorGPf 4J2 134 33 33V 331* 33V . 

38% 25V Potttcn 1-56 44 14 76 33% 33% 33% + % 
34 30V PofmEI X16 74 9 2347 30V 2BV 29V— IV 


46% 36 PatEI Pf 450 104 200z 45 45 45 —T 

25% 18% Preinls J6 14 17 33 23V 22V 22V— V 

40 25% Prlmrh 240 5J S 32 38V 38 38— V 


PrtmeC 
PrlmMi 49 




24V 17 PSvOri 240 94 
68% 53V PS Col pt 7.15 104 
21V 16V PSCOJPf X10 104 
into *% PSlnd 140 114 
at so psinof 34a 134 

9 6 PSln pf 1JM 124 

8% 6V PSln pf 140 124 
S3 37 PSIhpf 7.15 1X8 

71 51 PSln pf 944 135 


63 43% PSInpt 848 1X7 

7% 3% PSvNH 
15V 6V PSNH9 


bV PSHHpf 
7% PNHpfB 
0% PNHpfC 


IS 1441 19% 19U 19% + V 

49 4 3! 63V 34% 33% 34% + V 

240 45 14 1591 5BV 57V 57V— % 

45 24 22 193 17% 17 17% 

140 14 13. 27 41V 41 41% — V 

2-DO 94 5 1525 21% 21 V 21V— % 
7.15 13.4 SOX *8% 68% 68% 

110 104 24 20V 20H 20% — to 

1 40 114 9 543 Tto 8% 8% — % 

150 134 TOOK 25V 25V 2SV + V 

1JM 124 27Xte BW B B%— % 

148 124 130z BV BV BV + V 

7.15 1XB 250* 51V S1V 51V 

944 1X5 12Qi 70 69 70 +1 

848 1X7 320x62 61V 61V— V 

3 860 7V 7 7U 
ISOta 15 IS IS + V* 

11 16 ISA 16 + % 

24 20V MU 20V + V 

airas^t^' 


5U 2to Tatcom 7 258 3to 3% 3V + W 

302%22SW Tektyn 10 1 *9 262% 260% 260% — IU 

24 13% Telrole J2 1.9 23 272 17 17 17 

40V 24V Tefex 11 45T 43V 43V 43% + % 

40V 26 Tempin 44 14 10 686 '39% 39% 39V — % 

45V 32V Teftnca 192 65 14 1872 42V 41% 42V + w 

35V--: 2fl Terdvn 13 484 25V 24V 24V — Vt 

15 9V TeSOro 40 35 205 10ft 10V 10% 

27% 20% Tesorpf 116 9J 15 23V. 23 23W + V 

40V 31% Texaco 300 79 36 4468 38 37V 37% + to 

38V 31V TxABc 152 *8 9 1® 32% 31% 31ft— % 

46% W4 TexCm 156 4J 7 2003 33V 33% 33% 

39 26% TbXE*1 2J0 7.1 8 82S 31 30% 301* 

58V 52 TkETpf 6J9*11A 48 57V 57 57 — W 

34% 25 Texlnd JOB 27 14 66 29V 2*% 29V + V 

147V 86V Toxlrwf 100 1.9 10 2220 106V 105% 105%— to 
3V 1 Tewlnt 5430 3to 3% 3% + V 

34% 15% TexOGs ,10 1.1 11 0833 17W 17 17% + W 

36 28V TxPOC 40 IJ 16 22 30 29% 29ft— % 

31% 22% TcxUlfl 252 88 7 157B 20V 28% 20%—% 


14V 5ft Valero 

25 14 Vaierpf 344 UJ 

4% 2W vaievin 

28V 19 VwtDk-n .92 17 7 
3ft 2V Varca 

12 5% varca pr 

44% 26V Varlon J J IS 

13% 9% Vara 40 12 34 

25ft 17V Veeco 40 XB 16 

12 3% Venda 210 

11% 9 VegtSe 1J0O1X9 


6707 

5225 


S205 

5202 

5100 

5107 

— 1J0 

6X90 

55102 

Od 

5X28 

5X80 

5407 

5405 

—107 

6705 

57.10 

Dec 

57 JS 

5750 

5X*5 

5610 

— 1J0 

6755 

5708 

Feb 

5100 

58.10 

5665 

57J7 

—08 

4747 

9*00 

Aar 

5*05 

S90S 

88X9 

8857 

-J8 

6628 


Jun 

6000 

4000 

5*00 

59.10 

—M0 


453 I3U 125* 13 — to 3102 OCt 5570 SSj 

44 75 24U 25 + to 57-10 Dec 57J5 57^ 

10 2ft 2V ZW 6745 5755 Feb 5tHS 58 

21 2«! iS lift + V 2 : 

163 3% 3U 3% + V 66J5 *8« Jun 6A00 60j 

54 9to 9 9to— % EBLSole* 24JOJ Prev. Sale* 21J21 


Esi. Sales Prev. Soles 8414 

Prev, Dov Open inL OOiUl up 384 
ALUMINUM {COM EX) 

4A0OO lbs-- Cents par lb. 

5940 «LU Jul 4SJ0 

AMO 4540 

74J0 4350 Sep 46.10 46,10 44.95 4545 

7060 44.90 Dec 4450 46.10 4650 4640 

7650 51-75 JOtl 46.90 

7340 46J5 MOT 4750 47.00 4750 4755 

4675 5X95 MOV 4825 

6X45 4755 jul 4895 

5Z10 5150 SPP 4945 

Dec *070 

Jon 51.05 

Mar 5175 

May jut 

Eat. sola Pravi Sales U 

Prev. Day Open Int. 1729 up 52 
SILVER (COMBX) 

5JW irov at- cents per fray ox. 


JAPANESE YEN (IMHO 
spot vrn- lPOtnirauatsSOLOOTiOl 

00*268 503870 Seo 004184 004314 504107 004711 +25 

004350 503905 Dec 504208 50423$ 004206 004214 + s 

004107 504035 Mar 004750 +M 

Eat. Sates Prev. Sales 852* 

Prev. Day Ooen im. 304o7 off 494 
SWISS FRANC (IMM) 

Irtmc- 1 point rauai» *0 0001 

4830 J400 Sen 4271 4358 *757 4352 *n 

.4360 -3531 Dec 4307 4J93 4299 4389 +75 

4383 J83S Mar .030 4CS 4350 4417 tig 

E*f. Sales Prev. Sale* 134 80 

prev. Dav Ooen Inr. 31481 vp30+ 


Industrials 


LUMBER (CME) 

130500 bd. If.- SPer 1500 bd. II 

197-50 13X50 Sea 13770 14030 137J0 139.10 +.«Q 

186.10 13740 now 13860 141.40 13860 14050 +150 

18750 14440 Jan 1461a 14800 145.90 14750 +113 

195.00 15000 Mar 15450 154.90 15360 15430 +140 

17640 1535D May 11750 15900 15730 15**0 +2M 

18300 16300 Jul 14340 lA+Otr 1*350 1600 — 

17600 16650 S«P 16740 167 JO 167.00 16*70 +1*0 

E it. Sales 1J1D prev. Sales 2545 
Prev. Dev Often in). B446 OH103 


26 5 15 342 31% XI % 31% Prev.DavOoen Int. 49J56 up30* 

12 31 75 12% ms 12% 

40 25 16 67 19ft 19% Itok + % FEEDER CATTLE (CMS) 


51% 28% Viacom 48 15 21 1401 49% 49 


mp/» 11 — to I 


72% 54 VoEPpf 7J1 106 

79 67V VoEPpf 840 115 

73 35 VaEpfJ 7J2 105 

27% lift vuhays 1? 

45% 28% Vamod 12 

83*6 62 VuIcnM 250 34 13 


30 We 73 72% 73 +1 

79 78 70V + to 

7t0z 71V 71V 71V 
37 25 24W 25 — to 

7 43ft 43V 43V— ft 
92 82% 83 82% + % 


7170 

60*05 

AU0 

6008 

6050 

5X90 

5*00 

—1.17 

7X00 

4035 


6000 

40LS0 

5X95 

59.15 

— IJ7 

7X32 

6000 

Od 

4000 

4075 

S9J5 

89 JO 

—155 

73 JO 

6105 

Nov 

AMO 

4100 

60X0 

6050 

—150 

7*00 

6305 

Jon 

<380 

6X90 

62X0 

6200 

—M0 

7008 

6630 

Mar 

6625 

64X0 

42.90 

6X15 

-X20 

7005 

6450 


6455 

6455 

6X15 

6X15 

—US 

6X00 

6690 

MOV 

6600 

6400 

6355 

<355 

—1X9 


10485 

9455 

9405 

7*95 

7895 

770JJ 

7195 

Eal. Soles 


5625 JW 610-5 61X0 610JS 63X5 +173 

60X0 Aug 6270 +172 

5735 Sep 6115 6345 6105 631J +173 

5900 Dee 6235 6465 *223 6441 +172 

59X0 Jan 6485 +175 

6075 MOT 6375 6505 6373 6575 +175 

6215 MOV 4580 4580 6580 66X7 +17.9 

6335 JW 6575 6575 6575 6765 +1X1 

6415 SOP 6805 6800 6805 6875 +185 

4600 Dec ««4b 6945 694J* 7020 +180 

6795 Jon 7004 +195 

6775 Mor 71X0 7110 7155 7205 +19J 

6*35 May 71X0 mo 71X0 7325 +2X1 

Pre». Sales W>9S* 


COTTON 2 (NYCE 1 
50-000 lbs.- cents oer la. 

7730 5940 OCt *048 *049 *025 4023 - 49 

73-00 59.J® Dec bO-SO 6069 *070 *32* —42 

7X75 *000 Mar 6100 41.00 6070 eOJ7 —22 

7050 ff» JS MOV 6075 6060 *070 6067 — JJ ' 

7O0S 5*40 Jul 6O00 60.10 J9 90 ,990 —25 

6X50 5420. OCt 5530 55J0 5+ 75 54.7J -2$. 

5»-2S 533$ Dec 541S $5-10 5X75 SXB1 -34 

Eat. Sales Prev. Sales 1456 

Prev. Day Ooen Ini. IBOOIuPt 


HEATING OIL(NTMC) 


Prev. DarOnen int. 70543 op no 


EsI.Sale* 2348 Prev. Sales 2426 
Prev. Day Open int. 9265 OP 139 


4ft X Texfi m 

S9V 27 Textron 150 X2 14 

53 24V Textrpf 140 28 

11 V 5ft Tnacfc 111 

30W 14% ThermE 26 

4314. 2BVi ThmBet 1-36 X* 16 

19ft 13% Thomin 48b X7 10 


34% 13W ThmMea 
22ft 14to ThrlllV 40 XO 13 
24ft 13V Tldwtr .90 $4 $48 16% 14ft 16 +Ift 

10% 5% Tieerin 2063 6U 6 6% + to 

60% 34 Time 150 IJ 17 1940 57V 55V 57% +1% 

S3W 12to TtrjiPlx 18 136 20% 19% 19ft— to 

58% 34% TlmaM 15* X6 IS 750 53% S3 S3to + % 

SOto 46 TlmXen 150a 34 15 100 51 to 49% 49ft— 1W 

9W A* Titan 41 7W 7 7% 

11 TV Titan Pf 150 *4 5 10% 10% 10% 

ToaShP 152 35 8 664 34W 34 34 — W 

Takhms 48 26 11 56 18V 18% 18%— to 

TalEdlt 252 126 5 570 20 19ft 20 +to 

TolEapf 352 118 93 29% 38V 29 + to 

TOlEdPt 135 1X8 57 2*ft 29% »W + % 

TDlEflpf 347 1X9 4 27 27 27 

TOfEriPfAjS 130 6 33% 33 33 

TalEdpf 256 124 6 19to 1* 19V* 

TOIEdPl U1 115 4 18% 18to 18% + to 


7 716 

IS IS + to 

Ft*®® 

19% 

SS’K ?iS!S2IKSSS5ilS| 
Sw £ pflipf IS 115 wo* S £ S +i% 

20W 15 PSEGpf 117 11.1 5 1«% 19% 19% + to 

,239. 17 PSEGPf 243 105 4 23% 22% 23% 

108% **to PSEGpflX25 114 40zI07 107 107 +1 

73% 55% PSEGpf 750 ll.I 200*70 70 70 — 1 

< ss%Ksa ,w,,u ’ifa-st-a** 

15U 9to Pueblo .1* 1.1 13 13 U% 14ft 15 

I?., 3°* EL WJ ” > 1Jt 0 389 15% 15 15% + to 

2% 10% PufliHm .12 3 22 662 17V 17 I7»— ft 

32 22% Pur Wat 128 55 34 IBM 22W 21% 21% —IV. 

10W 5% pyro 0 $1 M* 8% 8% 


13 3% 3% 3ft 
50 X2 14 541 57U 56% 56ft 
40 Z8 2 50% 50ft 50ft +lft 

111 *1 11% 11 lift — W 

26 33 29% 29% 27ft— % 

56 34 1* 62 37% 37 37% + % 

46b 35 10 19$ 18% 1BW 10%— % 

40 24 10 45 15ft 15% 15% 


31% 23% WICOR 242 83 10 32 29% 29 29to— ft 

38ft 23% WOCtiv S 150 XO 10 232 33V 33U 33% + ft 

23% 16% WackM 40 2-9 11 01 20ft 21 + ft. 

10% 6to wainoc TO® 8% 8to 8% + to 

56% 37% WoUWrt J8 4 25 1260 50 49 49ta— to 

SOW 17W Walorn* 44 15 17 799 25ft 25% 2SW — % 


2Sft 15ft WkHRsglAO 
39% 36% WbICSv 45 IJ 18 
39% 32 WaltJm 140 19 7 
26% 17V Women 58 35 13 
32% 17% WraCin 
46% 29 to WamrL 148 35 14 
23% 15ft WOahGs 144 XI I 
28U 15ft WahNot 158 XI 8 


268 2Cft MV* 24 to— to 
S5 39ft 38V 39to + to 
35V— ft 


40 35 13 449 20% »to 2Cfto— ft 24% 16to WShWt 248 105 


S Titan 

Titan pf 150 94 
2*% TodShp 15 U 1 
14V Toknma 48 X* ll 
13V TolEdla 252 124 S 


WmCm 1305 

WnmrL T48 35 14 9116 

WaahG * 146 ' XI I 98 

WshNot 151 XI I 'MS 

. WihWt 248 195 8 208 

66ft 31ft Waste .92 15 19 1216 

28% 20W WtrtkJn 54 14 11 81 

13V 8% Wav Dos JO 25 10 3 

12% 416 Weonu S 

23ft 12% WfbbD JDt .9 11 273i 
46V 31 WebMk JS 17 16 16 

6316 33% WellSF 240 45 7 1280 

SO 41 WBlFpf 457# 95 3» 

09V. 23V* WelFM 280 1X2 11 137 

19% 12 wendya JT u 19 1158 

27to 16to WHtCa 44 14 14 46 

45% 34 wPenP pTLSO 104 SOi 
45 3g* WS1P1P MB XO IS *4 

8 2ft WnAin. 4 875 

2V V WtAIrwt 210 

WAIrpf 250 94 .10 

WAUpt XU 97 I 

WCNA 1222 

WCNAof7JS 204 08 

WPOCI 10 2 

WUntan 1940 

wnunpf 2 

WnUpfS 64 

WnUpfE 69 

WUDpfA __ 2 

WStgE 1J0 34 11 4627 

Wedvc M2 3J 9 1050 


24ft + % 
29to— to 


HOGS (CME) 

30000 lbs.- cents per lb. 

5437 4455 Aug 4550 4550 4X67 4355 —M2 

31.75 4X07 Od 40L55 4053 39.15 3*.17 —148 

5085 417$ Dec 4X12 4X12 4042 4052 —1-50 

5047 . 4X12 Feb 4X25 4X25 41.75 41.77 —148 

4775 41.00 APT 41J7 4U7 3957 3957 — 1J0 

4955 4X25 Jun 4355 +375 . 4245 4X90 —.90 

4945 4450 Jut 44.10 +4.10 4X35 4X37 — L10 

5150 4550 Aug 4145 42A5 4X45 4X30 — LSO 

Ext- Solos X445 Prw. Solas 4539 



277 JO 27150 277 JO +450 
27X00 271 JO 27X90 +2.90 
28350 27600 28140 +X10 
287 JO 28150 28640 4X20 
28850 28X08 29170 +X20 
1541 


42000 gal. cents per eal 
7X50 *6X5 Aug 

70.15 

7005 

7Q0O 

7004 

7655 

66.00 

See 

71L*S 

71.90 

JOBS 

71.75 

77.10 

6705 

Oct 

71.95 

7205 

7MS 

>306 

7405 

6800 

Nov 

7X70 

73X5 

7X70 

7325 

78JS 

M.15 

Dec 

7X50 

7610 

7X39 

7X*3 

76.90 

6900 

Jen 

7305 

7450 

7100 

7423 

7X90 

7000 

Fab 

7340 

7340 

7340 

7300 

73.00 

7409 

Esi. Safes 

6800 

*800 

Mar 

Apr 

Mav 

prev. Sales 13X82 


71 JO 
*•59 
*940 


}£ Prev. Day Oaen int. 18553 off 755 


TalEdpf 272 1X8 

S TolEdpt 175 1X8 
TalEdpf 347 1X9 
25% TWEriPf 4J8 135 
14 TolEd pf 236 124 
1 3ft TalEdpf Ml 115 


34 34 — to 23 

18% W%- to 12 

19ft 20 + to rs> 

»P6 29 + to 34 

29V* 29W + V* « 3+ 

;s k! 


»% *v Tanka s 924826%2S%26+% 

53V 23% TOOIROI 48b 15 14 . 5 47% 46% 46V— V 
527* 23.. Tnchmk 150 XI 13 176 48% 40 48% 


110 94ft Trchpl 11.15*107 100 109 10* 109 +W 

17% 10 ToroCo 41 24 10 47 15V 15% 15ft— to 

.5. I 0 **® 411 4to 4to 4% + % 

191* IU Towle 28 11% 11% 11%— ft 

into 4 Towle pf 44 64 5 6ft Aft 6ft— to 

4] to 25U TayRU a 29 3662 38% 37% 38% +1% 


29% OuokOS 17+ 24 14 1205 48ft 4016 40ft + ft . 


90% QuoO pf 956 94 


300*103% 102 102 


QirakSO 50 34 20 172 23% 22to 22% — % 


10% 6% Quonex 22 

34V 23 Ouestor 140 65 10 

26% 14 OfcRell 74a .9 1* 


J4q .9 1* 
R 


70 9 8% 8ft— to 

M 32 31% 32 + % 

42 25% 25ft 25% 


20V 17% Truer s 32 14 13 1281 22ft 22U 22%— % 
22 Pk TWA 4180 21V 21ft 21V + V 

Wft 12ft TWAPf X25 145 186 15V 15ft 15% + % 

33ft 1SU TWAPfBX25 X9 78 32V 32% 32V + ft 

32ft 2116 Trxmam 146 55 14 1060 29V 2BU 291* + ft 

21ft 16V Tran Inc 222 10J 35 21 U 21% 21% 

If. IS! TARIhr 150 7J 48 9 1JU 13ft 13ft— U 

21% 181* TmCOa nl.12 57 8 128 19V 19% 19ft— to 


26M— to 
23 + to 
42 —to 
25% 

10 % 

616 + % 

S8=« 

27ft— V6 
17ft + % 
V + to 

44 —to 
7» 

2ft 


Guroncy Options 


PALLADIUM (NYMCI 

100 troy «■ dal ton per ex 

14175 9060 Sep 9450 *750 9450 9185 +140 

14150 9150 DOC 9475 9700 9440 9X10 +US 

127 JO 9170 Mar 9425 9650 94J5 9X60 +1JS 

11400 9150 Jan 9X8S +1JS 

Ejl. Sales Prev. Solas 151 . 

Prev. dov Open inL &491 off 29 
GOLD (CONU8X) 

TOO troy ox- dollars par trovaz. 


Prav. Dov Ooen Int. 2X115 uplS* 


CRUDE OIL (NYMR) 

UMObbL- dollars per bM. 

27 JO 2408 Sap 27J2 2742 27.15 7733 +U2 

VX 5445 Od 2X6T 7X78 2X58 2*71 —05- 

29 JO 2*M Nov 2671 2X71 7614 76 J* +08 

2960 2X90 Dec 2X98 2X99 2X90 2x20 +78 

2960 2438 Jan 2575 2X00 2S7S 25 95 +70 

2 94* 24JS Feb 2SJ0 2440 2SJO 2X74 +7* 


PHILADELPHIA EXCHANGE 
option* Stme 
Undertying Prick Calls— Last 

Sep Dec Mor 


_ Pttif-usa 
Sag Dec Mor 


32800 

30*00 

Jul 





+200 

48X00 

29100 

Aug 

31700 

322X0 

31X60 

+250 

320X0 

31X90 

Sag 





+240 

49300 

29700 

Oct 

33100 

32600 

32000 


4X50 

48900 

30100 

Dee 

32500 33000 

324JD 


+200 

+8X50 

30*00 

Feb 

32X70 

332X0 

32X70 

+X70 

49*00 

31470 

Apr 

33400 

33700 

33400 


+200 

+35.70 

32000 

Jun 





+290 

42850 

33100 

Aug 





+100 

398X0 

33X00 

Oct 





+X10 

39100 

34200 

Dee 





4X20 

37200 

35800 

apt 

36700 

36700 

36700 


+350 


2*45 24.13 Mar 2530 2X50 2X1$ 25.40 +JS 

2945 2X93 APT 2535 2635 2506 ISO* +.15 • 

27.96 7X65 May 2490 74.95 7470 7+77 +.» 

2X70 2X78 jun 245$ 7445 2460 24.7$ +70 

7750 2450 Sop 2480 2440 2480 2480 +4S 

Nov 76 

Esi. Sales Prev. Sale* 19J3I 

Prav. Day Open int. SUta 01(755 


1X580 Brtttsh Poaodsoots per unit. 
BPound 5 IE' 3MB . r 


Weyerti 1 JO 4+ » 1476 
Wevrof 280 +0 432 

wevrpr 4JD 84 8 

viWhPIt . 52 

vlWPlfPlB 3Slb 

vlWhPlt of 300z 

WWrJpl XJ» 4J> 10 Z7S 
White 1J0 44 311 


9ft 616 RBInd 
491* 30% RCA 154 2J 
40 29% RCA pf 340 95 

35ft 25% RCA of X12 *3 

37ft 30ft RCA pt 345 9.7 

9ft 6to RLC 

4V 3 RPC 

19% 12U RTE 
14 7 Radi co 


3 25ft S% S7J6 45% Transas X16b44 

- ^ , «% SOU TmsCPf 347 75 

I 25V 19% Tran Ex X36 108 

— — — " 13% 7V Transcn 

10 Bto Ito Oto — to 102 SB TrG of 1052 104 

75 45% 44ft +5Vi + ft 96 77ft TrGP Pf 844 9J 

Ittr 39 39 39 —1 25% 20 TrGPpf X50 9.9 

W Wkmiwi+ft 13% 6ft TmsOh 


54[ J 10 M M Oto— to 

154 2J 12 3875 45% 44ft 45to + ft 

340 95 10x 39 39 39 — 1 

X12 63 . 174 33ft 33ft 33ft +ft 

345 9.7 31 37V 37ft 37ft + M 

JO 15 14 139 BW 8 0 — to 

163 4ft 4to 4U— % 
56 24 10 10* 19V 19ft 19V + to 

10 34 13ft 13W 13ft 


36U 39% Tranwv 140 57 


128 19V 19% 19ft— to 
550 47 46ft 47 — Vk 
17 55% 55% 55% + to 
332 21ft 21ft 71ft 
84 9\6 9 9 —to 

lOz 9Bft 98ft 98ft 
290z 94% 94% 94% + to 
8 25% 25U 25V— to 
14 12W 17to 12to 
64 31ft 31% 31V— to 


White PfCLOO 74 2 

Whttehl 12 XI 

Whlttak 40 24 12 256 
WMMdt X7 1* 


4 — U 

35% + to 

7a “*! 

5 S? + ft , 

lOV-to! 


r 2X25 r 
15J0 H0O r 
1170 r r 
7 JO 940 1040 
433 X35 r 

MS 4X UI 
045 275 r 


35V + V 
40V + 16 
2916 

50ft ^ + to 


19% + % 
49V + to 
31 to— % 
43, — W 
31ft + ft 
25% + W 
iiv— to 
15 

27ft— ft 
4V + to 
6V + to 
37ft— to 


WIHrdn 

William 140 XD 
WlimEl 


+1% 25% Trmrld 40 IJ 13 644 38ft 38ft 38V 


23% *ft TwfdwtA 
3+ft 3* TwIOPt 240 XI 


10 21% 21% 21% — ft 
4 X 32V 3236— % 


WltthrO .10 14 14 27 

WlflDfx 174 44 14 277 

Wlnnbg JO 17 10 36$ 

VlUtner 204 107 

wmtorJ 18 


46ft 25V RxilaPur 140 24 14 271 Ox 42H 41V 42 — ft I 


wifi 

35% — % 
77V- to 
3SAL— Ito 
37% —IN 
17% — ft 
12% + to 
22% 

44V + to 
3ft 

81 + to i 

3 — to I 
13 —to 
19ft + ft | 


Oto 5% Romod 
21 to 18% RjontM 
7ft 2% BongrO 
71V 50 Roycm 
17to 9% Rovmk 


86 

44 44 10 


621 6ft 6V 6ft— % 
3 11% 18 l»to— to 
688 3% 3% 3ft 


Sales figures are unofficial. Yearly higtts and lorn reflect 
the prevlwa 52 weeks plui the current week, but not the latest 


4 35 231 71 u tow 71 + ft I Irodlno dav. Where a split or stack dividend omsuntlno to 25 


Rmyihn 140 XI 12 1022 Jlto 50V 51 to 


2 11* 11V iiv — to I percent or more has been paid, the years high-low range and 


21ft 16ft RdBofpf 2-12 117 5 llto ISto 18to— to 

16V ll R It Ref M2e 94 10 4 13% 13% 13% + to 

I7to 8ft ROCnEq 13 1707 12ft lift lift— V 

12% 7v» Redmn JO 14 17 68 BV Oft BV 

12ft 7ft Reece 25 8 II, 10V 10V— to 

i% ft Rwai 2i ft ft ft— to 

43to 24 RalchC 40 24 11 1485 41% 39% 39ft— 2 

10V 3ft RepAIr 784 9V 9ft 9to + to 

3 1% ROPAwt 322 2ft 2ft 2% + ft 

12V 5% RDGVPS JO 12 9 S3 9ft 9% 9ft 

49V 32 ROPNY 144 15 8 162 45ft 46% 46V 

27V 21ft RNY pfC X12 116 1 77ft 27ft 27ft 

34% 21% RPPDk 144 54 7 JOT 33 32ft33+to 

245* in* RShCai Jt |J 43 23ft 23% 23% 

32ft 2% Revco 40 3J 23 1303 24V 24% 24ft + U 

Uft 9ft vIRenrar 2 260 MW 14 1* 

44 32% Revlon 144 44 14 604 42% 41V 42 

MU 17V Rexhm 70 XI 15 42ic22V22W22ft + to 

17 lift Raxnrd M 24 10 190 15V 15% ISV + to 


natwcL rate* of dividends are annual disbursement* based on 

the latest dectaraffon. 

a — dividend also ejctra(sl J! 

b— annual rate of dividend plus stock dMdemL/i 

c — UoukJnting dlvkfamL/l 

cM— eolM/l 

d— new veorty low7l 

e— dividend declared or paid In preceding 12 monftix/i 
g — dividend In Canodlan funds. sublet* to 15% non-residence 
lax. 

I —dividend declared after soflt-UD or stock dividend. 

I — dividend paid this year, omitted, deferred, or no action 
taken at latest dividend meeting. 

k— dividend declared or aoM thb year, an accumukrftvv 
Issue with dlvuends In arrearx 


WlsCEP 248 74 8 1417 
WbEaf 775 104 150* 

WtocPL 274 77 9 203 

WI*cP3 246 77 9 417 

Wttco 148 34 10 125 

WofvrW 7+ 20 4 *32 

WoodPt 40 34 16 183 

WOlwth 240 45 10 4139k 

WrfdAr 3 

Wrlgy 140aM 15 58 

Wurttw 8 


WyleLb 72 25 15 104 
Wynni 40 11 8 67 


SUM CanmflanDollarxcents per anil. 

CDOllr 72 2jaa r r r 

n 1.1* r r r 
7408 74 044 r r ftJS 

62500 West German MurkKenti per ubIL 
DMork 30 570 5JQ r r 

S IS r ao2 a 

3X34 32 342 3JB r r 

3J34 33 &s xrn r US L 

3534 34 149 233 f « 

3534 35 1JH 170 r 038 17 

3534 3fi OSS 128 149 147 IJ 

3X34 37 OSD OB7 127 r 

-tMwo y Yen-lBffbs of a amf per nil. 
JYtm v r r r r 

cum 40 112 r r r 

4240 41 TJ3 153 r 822 

+24S 42 D.62 r r 056 

ADO 43 0J4 0J6 140 129 

■C0O, _ 44 r 038 072 221 

625*8 SwW Fraacs-cenfa per epfl. 

SFrime 36 640 r r r 

43J8 37 ui r r . r 

4MB 39 456 4J5 r r 

41OT 40 3J0 351 r 8.10 

43JJ +1- 24+ 330 r 070 04 

4278 42 158 ' r r 077 

£ 1£ 2.» r OM 

_«78 44 0.78 159 r r 

J«S*S5? W . L 'i? CaUopMlef. 

Tefal Put voL 65M Pot open bd. 

. »-No option offered. o-OM. 

Last te premium (purchase price). 

Source: AP, 


9.90 


9X33 

86JU 


*27* 

9200 

92J0 

*275 

-05 



9307 

8X77 


*244 

9256 

92J6 

*239 

-09 



9259 

8600 


9210 

*210 

9201 

9201 

—.11 



9228 

8701 

Jun 

9U0 

two 

9130 

9L6S 

— -U 

r 


9201 

nun 

Sea 

9153 

9153 

9IJ2 

91X2 

—.15 



*L7B 

8905 

Dee 

71.18- 

9L18 

*1.11 

9105 

—.15 



91X9 

8901 

Mar 




*000 

—.15 



*003 

90.93 





9007 

—.15 

0l15 

r 

Est Sales 


Prnv.5cdes 7030 





Est.Safea Prev. Sales 3X902 

Prev. Day Oaen lnf.U2.925 off 684 


Stock Indexes 


Finondat 


UST. BILLS (IMM) 
si miinwvpiioi impel. 


SP COMP. INDEX {CME} 
point* and cant* 

19X00 16040 s*p 192.70 19X45 192J0 19185 +45 

20085 17X70 DOC 19555 19620 19S.WI 19X60 +4$ 

20325 19010 Mar 19820 IftTS 19840 19X60 +0S 

20*50 20040 jun 2O1J0 20150 20055 301JS —20 

EsL Softs 49729 Prev. Sale* 5+J67 
Prev. Day Ooen Int. 60972 off 3*9 


VALUE LINE CKCBT) 
noin 1* and cent* 

21320 18575 Seo 20740 20770 20X90 20670 —.90 

21745 20000 Dec 71050 21080 20944 209 JO —.95 

Est.SMes Prev. Soft* 5455 

Prev. Dov Open Int. 1153* uH41l 


prev. Day Oaen Int. 37515 oh 269 
1 18 YU. TREASURY (CRT) 

SlOODOOprin-rts XSbKteol 100 pci 
88-21 73-18 Sep 8+4 84-20 8+4 84-12 

87-13 75-0 Dec 83-2 83-18 83-2 83-10 

BA-2 75-14 Mar 82-12 82-16 82-11 82-11 

85-7 7+30 Jun 81-16 

$+4 81-8 SOP 80-25 

83-11 80-19 Dec 80-3 

Est. sales Prev. Sales I2J51 
prev. Day Open Hit. MLV45 up 1760 
US TREASURY BONDS (CBT) 


NYSE COMP. INDEX (NYFEI 
points ond cente 

118JB 9175 Sep llj.ft 11270 II MO TIMS —45 

117J0 10170 Dec 11375 11445 11X45 11370 —4$ 

11875 10950 Mar 11575 11X60 11X35 11570 —.10 . 

12040 11650 Jun 11740 11740 1I7JXI 117.10 —.15 

Est. Sales 9.193 Prev. Sole* 11787 
Prev. Day Open Int. 1X213 up 327 


(8PCt41OO0BO«U & 32ndsof loopcf) 

W-25 

75-2 


79-13 

57-10 

sep 


75-11 


7V13 

57+ 

Dec 

73-7* 

7+16 

1X94 

74 

—11 

77-29 

57-2 

Mar 

72-2* 

73-9 

72-2* 

73-1 

—11 

76-6 

56-29 

Jun 

72-5 

72-11 

72-2 

72-5 

—11 

75-31 

56-29 

sop 

71-10 

71-17 

71-8 

71-12 

—11 

7+34 

56-25 

Dec 

70-11 

70-26 

70-11 

70-21 

—11 

7+15 

56-27 

Mar 

70 

70-6 

6939 

70 

—12 

74-26 

43-13 


69-17 

*9-19 

69-11 

69-13 

—13 

72-Z7 

63-4 


*8-28 

69-1 

66-26 

6837 

— 14 

72-18 

62-2* 

Dec 




68-10 


69-16 

<0-6 

Mor 

67-30 

M 

67-27 

67-27 

—15 

Est. Sales 


Prey.Safe»19L5B4 





Commodity Indexes 


Prev. Day Onen intJ2US3 up 5795 


Close 

Wa.90f 

RBUlgrs U94M 

D_). Futures _______ 115J0 

Com. Research Bur eou» n_a. 

MoodyS : Dom 100 ; Doc- 31, 1937. 

I p- pellmlnary; f- final 
Reuters : base 100 : Sen. 18, 1W1. 
Dow Janes : base 100 : Dec 31. 1774. 


Pnwloo* 
90070 « 
1JU6.90 ' 
11S.13 
22230 


33to Xerxw 340 U 22 1284 53% 

55 46% Xerox pf X45 9.9 19 55 

29 19 XT BA -64 25 10 10 25V 


53ft + ft 
55 


London 

Commodities 


Asian 

Commodities 


Commmlities 


Cash Prices 


10 25V 35% 25V + V 


50* 4& ZSSRSva w 7 "22 

4Tto 26to RpvMrt 100 27 9 709 37ft 37% 37ft + Vi wi" 1 me *rprT or rrooinu. 


»to 2+ft ZaleCp UJ 47 10 22 28ft 28% 29% — 1* 
21% 9ft Zonoft 44 84 an 1330* 10% 9ft 10 

57ft 25 Zavre* M 14 16 756 50V 49 50 

ZimHdE M . 12 2025 20to 20to 20% + to 

21ft ig* zeros 72 IJ 17 130 30ft 2D«. 20ft— to 

35ft 22V Zurnin M2 X9 it 99 33ft 33to 33ft— ft 


87 5«to RrvMof +J0 55 
38V 2SJ* RCtIVck 1A8X9 

29 17V. RJagolT 140 XI 29 72W 22U 22W r _ rltulflivf rtLw-ri iu ' .inM I.l „ _ 

33% 21 RtteAkt 50 1.9 17 707 27ft 26V 26V— % r— dividend declared or paid In preceding 12 m 

7ft 3ft RvrOk n 10 48 4to 4to <to «toi* dividend. 

3S% toSST \m X* 17 in ^ SSiS s--Nodksplir. Oivklond begins wlfh dote of spJH. 

1% 14 RochG 270 94 6 22ft »ft 22%—*% I— dividend paid in efoefc fn preceding 12 months. 


55 2 81V 81V 81V +1V nd — next day delivery. 

X9 12 Jig 37ft 37 37%— to I P/E — prior+wrnlnat ratio. 


-• July 26 

- rrl — - BT SS 

SlerllBe per metric foe 

» 11840 10340 11740 13040 10540 10*48 

12940 12740 H77C 11540 11560 AuS 

Dec 12940 11840 13040 13X00 11840 11940 Sep 
MOT 14140 12740 13940 139 JO 12840 12X40 Oct . 


SINGAPORE GOLD FUTURES 
UXlNremt 


SR % ^>1 & 
n:t: KiJ: SS SS 

.N-T.. N.T. SX70 32770 1 Oct 


May 14340 13140 14240.14240 13150 13250 I Dec ■ 


r— dividend declared or paid In preceding 13 months, plus 
stock dividend. 


rais lftJOO 14640 14S40146JB 13X20 13450 Volume: 100 lot* A 100 

Higns-ums || «LjKisaasr 14M0 ^ s^ssaar^ 


ffl-K Auo 
32770 oct 


WOAR High Low Bid Ask Ch’oe 

French froncs oer metric too 
OCt 1715 Mio M72 M95 +82 

Dec 1^5 1770 1712 1718 +92 

JWor 1780 1J05 U*5 1770 +116 

MOW M_T. N.T. IJ90 1410 +117 

AUO N.T. N.T. 1425 1455 +122 

OCt Si. N.T. 1455 1485 +112 


VOL.2.9S2 lot* of 50 tuns. Prev. actual 
ides: 859 m. Open {merest: 16481 


Jab 26 

Y(0T 

Commodity pte IMt Fri Aao 

Coffee 4 Scntcd-tb 145 146 

Frimduni 64/30 38 to. vd 050 076 

Sled bfllels {PHTJ. ton 47X00 47X00 

Iron 2 Fdry. FtiJla. ran 31X09 21X90 

stem scrap no 1 hw Pitt. _ 70.71 R4t ' 

LeodSoot,»— 19-21 JMt 

Cap per efed ^.R) <8-71 6+6S- 

Tln i^roftej.to-—^. ,67407 6JH4 

Hnce-StL. Baste, lb 641-47 651 

PgUodkimuo*. — 95-97 13+139 

UwrN.Y.a. 6715 699- 

SoorcerAP. 


24ft 12 Rabin* 

X47e 14 RacftG 2J0 97 
42% 27V RoChTI 244 64 


COCOA 

Slerung par metric h» 


I— dividend paid In stuck In preceding 12 months, estimated 


41% J?> ; R*ck>*l 1.12 £7 Itt 1353 41ft 41 - to 

71% «fl'l Matin H IJU 11 IJ 71 70V 50% 70Vi m 

sift U* Pom-'II 11 681 «2to f'.'v sift— 1'. 

17k'. *91 - b, J itr-n — - - — — — 


38% 37ft 38% — to I cash value on mo-dlvtdeM or ex-dlftrlbwtlM date. 


27>i *2'i RcJlCm 4r 15 33 


»to Bto. RrtUie* 47: J 31 471 35 
■ 2V +r* Roll li 15 4t xe 17 140 12 


4V* 7 Roflxon 

» 17% Rap+r 

37ft 36 Rarer 

13 /ft Powui 
47% 41% RoVlD 
17 9 Ray Ini* 


in*. 7 Vv u — new yeorlv high. 

181 *2% f’.'v 6ift— I'.l »— holltd. 

43 27V VU J7% + % vl— hi bankruptcy or reed verahla or being reorganized un- 
12 « 7?J?T .*1 BonltJVPlty Act, or securities assumed by sudi com- 

~ '+ lift )!/; + '.* I mmIm 


64 44 17 » if* 14ft 14V- % Wd— whenmstribufed 
17* 12 17 jm 3SV U W. vrt— wtienlsaumL 

*7ft 41% RoVlD 107 b X0 1749 62% 6?to 62^" + ft ^ ^'*^V”'T 0n>4 ' 

17 9 Roy Ini * 18 46 16 13% 16 +2 * — ex-<0vldend or ex-i 

55V 35% Rubrmd ,9a 15 18 739 53V 53% 53% — U jedte— ex-dtBhibutbm. 

76 _14V RuSSBr _ 13 40 20V 70% M%- % rw- without warrant* 


aanles. 

wd — when distributed, 
wi — when IMuwL 
ww — with warrants, 
x — ex-dhrtdend or ex-rfehls. 


20 15ft RusTbg .76 35 

31k, 19 RvenH 10C 3U 

30ft 19ft Ryder* 50 20 

29 12ft Ryland 5* 74 

3Dto 8% Rymor 
13ft 11% RvirMrpn.f7 95 


.. , JJ f® 70% 70% — % xw— wfitieut warrant*. 

00 3J 12 273 29% 29V 27ft— % ex-diywend and saias in I 



AmrepCPS 
CSX Cp 
CJuett Pea 
Dotoprif wl 
Echlln yrl 
GnMotr E* 
INCO Lid 
Kevsints 


OcdP I4pf 

Pennwoft 


RTe Cara 
UnPacCP 


BamteCo 

Chevron 

CiuefPeapf 

duPant 

Electrosps 

GIMorHek 

I no Rand 

LILCapfJ 

Medtronic 

OhPwiepfA 

Pennzoll 

PrtmeMBts 

RayrUDutch 

UCabITVs 


IJB 1-745 1JS5 1500 L750 
1JH 1J08 MOB 1^09 1597 


1,710 J594 1594 1595 1518 
1J16 1JB8 IJ® MH2 159* 


InSl 1* 

19050 19 


May 1>36 MOO Vm ijm IJll ijil .19350 1 

Jty U4S M35 1J34 L735 TJ27 1J2V Volume: 20 Ms. 

SM M45 M4S M45 MS5 M38 M40 S INGAPO RE RUBBER 
Volume: X*S2 tat* el 10 ton*. StagapereawtaperkUs 

COFFER .2°" 

Starling per metric ton ~,o , .JJB, u 


WeilsFudlof Wrfgley 


ler—trtrwu. ■« Art ^"SSk 

m a a a a wfe-ai i sa u « 
a a a 1 a a f « i h 1 e 


i Previous COCOA 

TMAn imMi Fran* franca per IN kg 

HI ^ a- a- aa ^ +s 

19X50 19X50 19X50 May H.T. N.T. X075 - +30 

_ Jly N.T. N.T. Z080 — +30 

■ SOP N.T. N.T. X0BS — +30 

le _ E*L voL; im tots of 10 Ions. Prav. actual 

i . Previous. sales: 45 lots. Open interest: 115 


Dividends 


Jab 26 /i) 

Per Amf Pay 


50 20 12 3089 30% 29% 27V— % VW — Held. 

5* 74 1| 137 38% 27ft 28 - % z-MletlnfvIL 

.17 95 78 12% 12% 12% — ft 


NEW LOWS 
Kyocera Purol 


j-ss m js m -SsiASSr s s 
15*1 ms ^ Sob isSSi i 

1J0D 1590 1J00 MTS MT0 l^O *°ALA LUMPUR PALM OIL 
>e: 5J61 lets of S tonx 6 *oHofsIop rwggteper 25 law 


50ft 35% 5 CM 

12% BftSLlnd .. 

32V 19% SPSTec JO X* 14 

20 15 Sabine JM J 31 

21ft 16 SabnRv X5VelX5 

20ft lift SfodBs JO 15 17 

11% 5% SfgdSc 31 

2% IVSfgdSwf 
38% 21ft SafKlns 40 I.l 25 


4.1 13 165 49 48% 48ft + ft 

15 10 7 12ft 12% 12ft + % 

X* 14 9 3® s »'* + % 

J 31 212 15ft TSft 15ft 

54 121 16ft 16ft 16ft 

14 17 S3 19V* 18ft 19% + ft 

31 SO 11 10% 11 

44 2ft 2ft 2ft 

1.1 25 19 38 36ft 36% —1% 


34ft 24ft Safewy 150 50 10 555 32ft Jlft 32 — ft 

35% 2*% Sago J3 20 11 125+ ftft 7* 36% + ft 

23 16% STJoLP US 74 8 31 22% 22 22 — ft 

lift 9 SPaul 1J0 104 30 11% lift 11% + to 

9% 3ft vlSatam 387 4ft 4ft 4ft 

35V 24% SatlleM .16 £ 16 377 34*. 34 34%- ft 

28ft 18% SDIeGs 124 94 8 759 25ft JI4ft %>m 

9V 6ft SJuY.nB J2e 94 »1 141 9ft 9% 9ft + V* 

51 31 Sandr 46 15 10 1251 35ft 34ft 35ft +T 

TSft lflft SAnVtRI 151 75 13 68 24ft 24ft 24% + ft 

35ft 21 SFeSbP UK 10 14 1420 33% 32ft 32% 

46 28ft Sara Lav 14+ 14 12 330 42ft 41ft 42 

54% 50V SoroLDl X9Ie 75 695 51ft 51 Sift 

34% S» SgtYtfel 140 O 15 15 34% 36ft J+ft 

18% 14% SQUIRE a 1.1 47 6 1816 18V. 18ft 

22ft 15ft SavEiP 150 *2 7 112 20 19% 19ft— ft 

331* 16ft SavE A 1J4 L2 3 22% 71ft 21ft— V 

9% 5 Savin N IV 1* I* 

13ft eft Savin of 150 IU 2 12ft 17ft T25» + ft 

38% 18ft SCANA 2.16 84 9 371 3* 2$ft 25% — W 

52% 33 SChrPlo 158 XS 13 1759 49ft 47ft 48 - ft 

rfft 34VS SOrlmb UO X0 10 T380 39ft 38% 39% + ft 

Uft 7ft SciAtt .12 .9 20 838 13% 12ft 13 — % 


lift 9 SPaul 1-20 104 

91s 3ft vlSatam 
3Sft 24% SatHeM .16 4 16 
28ft 18% SDleG* Ui M I 
9ft Oft SJuanB 52e 94 11 
51 31 Sandr 46 15 10 


695 51% 51 51M 

15 34% 34ft 34ft 

* 1816 18V, 1816 

112 20 14% lift— to 

3 27% 3<ft 21ft— ft 

99 BV 7ft Bto 
2 12% lift 12ft + to 
371 2* 2SU. 25% — % 


HcralbiS&^Srihunc. 

BUSINESS / FINA NCE 

©fernR 


Jlr MOO 1590 M00 L715 1J10 l53 S” 
Vofume: 5J61 lots of 5 tons. ** Bfc 

GASOIL 

UJ. denars par mctrK fan Aug 

AM fflJS 22125 Z&5C 2227S 22X50 223JS Sep. 

Sep Zft-25 21940 22 0 25 22050 Bjl^ 22O50 00 - 

Od 321 JS 219.75 720-25 720.75 720J0 22100 Nay 

Nov 22X25 222JS 22275 22X35 22200 QUO Dec 

Dec 22U0 22X75 22+JS 22SJW 22340 2Z6J5 Jan. 

Jon N.T. N.T. 22+JM TJSJB mm wg Mar 

Fyh N.T. N.T. 22440 226JW 22X00 735® 

N-T. N.T, 21X00 271.75 21ZQ0 220JIO JIV - 
API N.T. N.T. 20X75 21BJ19 Mann Tiajo Vo 

Volume: 831 lots of 100 tons. Soar 

! ^\S^™ L ‘^ P * ,ntwaE *- r- 


aw oo m 

Seo- 8JD 910 

Oct— 870 910 

Nov - ua TO 

Oec ISO 890 

Jjm ; 849 HO 

Mor 840 880 

MOV — ■ 830 I7D 

Jly 830 880 

Vohtnw: o lots of 25 tonx 
Saorae; ReuMra, . 


COFFEE 

Freud* fnuws per 180 kg 
Jly N.T. N.T. 1590 U70 —70 

Sep U20 M9* 1410 1450 +7 

Nov 1450 USD ■ 1460 1490 — 15 

Ju» M.T. N.T. 14*0 — —48 

Mar N.T. N.T. 1.900 — —50 

MOV N.T. N.T. l.V* — — 15 

Jly N.T. N-T. 1470 — — 10 

Est, voir, w W8«l 5 tonx Prgv.advnl wtot i 
as lots, ooen interest: 345 
Source: Boone do Commerce. 


INCREASED 
Boncora Hawn 
Fs» Foal StL Mad. Q 

inatanascKs Water a 


Sealed Atr Cara 


London Metals 




Pan Am to Add 

Flights to Europe 



Options 


.aost 

ALUMIN UM *** 

i Sterling per metric ton 
Spot 72040 72240 


Uft 7V. SclAFf 


27% Sfflujlnd .76 24 16 151 31ft lift 31ft 


61% 48ft Sent Fel 11 

43% 26ft 5cotlP 1J4 19 ll 

16ft lift Scotty* 42 34 TO 

43‘5 20<« Scovjii 14 

+5 221* SeoCnt 42 la to 

13 9ft 5eacrpi 146 IU 

16ft 12ft SeaC piBliO 117 

16% 12ft SeaC pfC X10 I3J 

JP-i ir« Seautd AB 2.1 9 

S% 3% SeaCo 


. U TO 61 to 4lto *lto— ft 
1J+ X* 11 499 43 42ft 42ft 
42 34 ID 226 13ft 13% 13ft— ft 
14 II 41ft 41ft 41ft 

42 14 10 » 4Qto 40 40to + to 

T46 114 16 12ft 13% 12ft— ft 

2.10 1X2 17 16% 15ft 15ft 

2.10 I3J 23 I* 151* 15ft + to 

48 XI 9 136 23to eft 3% 

168 5 4ft 49||— % 


The Trib’s business section is now 
bigger and bettor than ever. 

And once a month look for the 
review of the world of investment: 


Mr 26 

Ja ^' 26 WaW 52*0? Mv Aog Skp^fl Ngy 

•s^ask sr-u ? % 

Hrtrb-. HE a •» » » Ml * 1 * 8 * 

mao Tajoo 71x00 mjo w w*2sn*« « «t U f‘ l* k 

74200 74340 .4140 74lS JS P 2% Sft ito 1% Sk 

MODES ChlBhGrtaiai W l/tt ft 11/H 1JT4 U - - 


I Per iDcfrK ton i tllu r*tQ uiftw 

IS?* IM wouo tmr^SSmlsuh 

fWword . 146440 14A540 14774Q UOTJJO ToSSySi'ojN 


ui * in* ft i* 
M* » 


isntni iiv 3 


Reuters 

NEW YORK — Pan American 
World Airways Inc. said Friday 
that it would expand its European 
operations next summo* with new , 
daily nonstop Chjcago-to-Paris 
and Los Angdes/San Frandsco- 
to-Paris services and nonstop 


3 

S JU W «• 

Q 40 8-23 ll.; 
a M 9-15 
e» J9 Ml 
Q .15 Ml 
s .10 W e+iv- 
oaz% in M; 

2 5 £3 

O AA 9.15 Wl?; 

O 44 f-ao tv-jf 

a ,i4 mm 

am** J±t ■ 

047 % mJv 

8 “JS 


ss2tss^s, m ^ r ' na «s.aass. 

;®8 Ifflffi tfflS iffl! omm,tu 

StarUag per metric Im ■ " 

as a P 3 as j DMFutures 

^■"issss— », I Options 

terv^rd J5M40 X63S40 355040 34«2 o | »■ tkrmmMnt-asMn^uAZptrnrt 
pence Per fray ounce 

5 01 — <2940 «nm .. Job 26 

fonvart 44540 465JW 4833 SS “Jee Cou+Wn# Pg»Ste 

TIN ISfoudann Fria Sep Dec Mar Sag SecArt' 

StarHng p«r metric tan H IS J 33 U? 831 ojo 

•pot 9,14140 9.14200 9.10040 9.KB40 « 138 6+9 0.T7 |S 

forward 9,12540 9,13740 94W40 949140 $ 25 ftB M M 


44to 30 Seagrm 40 14 13 1 153 43ft 43 43ft + ft 

21% 13% Seoaul 17 *1 17% 17 17% 

31 to SO SealAir M 14 11 96 30ft 30% 30ft + % 

32ft 21 to Seal IV 140 X8 B 349 2»ft 26% 26ft- to 

65% <3% SeorMG 140 15 18 3482 64% 6+to «A 

391* 29ft Scars M6 44 10 <633 36ft 3«to 36ft + ft 


391* 29ft Scars 


106% 07 s«an of 942* M 


31ft 19ft SecPaCS IJ4 54 6 1913 37ft 27 


H2 105% 105% 1 OS’ 1 * — % 


19ft lift SelaLl 32 18 18 18 ^ 

40 ZSftSveCP* 48 I J 18 164 38ft 38 38 — ft 

16% IlftStnkloe Jl 5J 21 307 13ft 13% lift + to 

26ft I2to SIM win 50 U 0 198 25ft 24ft 75ft- to 

39% 28% 5HHPT 2J7e XI 7 715 Mft 30% 38ft + ft 

30W lTto ShelGIO 40 34 6 60 27 26% 2#%— % 


PERSONAL 

INVESTING 


DM Futures 
Options 


715 Mft 30% 38ft + ft 
60 27 26% 26% — %( 


fool 9,14140 9; 

forward 9,12540 9; 

ZINC 

Sterttwg per metric ten 
■pot ‘53440 < 

forward 53200 j 

Source: AP. 


140 9,10540 I SP B'BS 

£ .a Jg !5 '» i« w 

a o-w 859 148 - . — H 

un jej jw te tf in iul vM. 7533 

M fSS Cate TW.Tti 2405 raw tel. 3*Jft 
■W SJW® Fote:Tbar.«#LlJ99aiMfli«iZU r D 

Source; CME. 


The airline sad it was having “a 
banner trans-Atlantic simmer sea- 
son" and predicted that Americans, 
would cominae to travel to Europe 
in record numbers* while travel to 
the United States by Europeans 
would blossom in 1986. 

Pan Am said the announcement JSS** 
was the second phase of its overall scum: dpi. 

1986 new trans-Atlantic schedule, j — rr - 
Earlier this month the airline an- | UV 
nounced new 1986 summer services LamHia 
between Ghfeegp and Frankfort, 

New York and Mdsn and New 
York and Brwsds, with additional 
flights between New York and hna 
R ome and Washington, and Lon- »■*' 
don. • 


h 

Q Jt 

S 371ft'- 

§ n s 

047% 

* ^ 

S 3 

O ,ft 
Q 48 
O .» 

Q » 

a 45 
0.13% 

Q 3* 

A-Apouo L MManfUfy; q OuHeriy ; fr*e«a+ 


IreasurvBak 





m "i 'm i i 

'-T/-' • .■ - -• .' v r ‘ ■ ■- '• 










'■'MS* 


>J 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 


Page 1' 


business roundup 


CURRENCY MARKETS 


a: 



51 1 

S’ 1 

*»7J 


I Site lor Saturn Plant 

T&r Aaaaawd Prat • - ■ Ibe (JAW executive board on 

DETROrr^Afeoncsscctown Friday, approved a contract to cov- 
nth a populati^'af about 1,100 ef workers at the Saturn plant The . 
as been sdec takas the site, for moon said the contract features job 
Motors^orp/s; Saram security and worker participation 
according to a ’"report in umon-managenwn! dedaon- 
making. 

“This agreement achieves our 
” said the UA^s president, 
ifiieber. 

Many states bad bid furioush 



amessee, about 30 
oiks (48 kfltimeters) south of 
Jashviiiejs <3M" s /oral choice, the 
Detroit Free Press reported. The 


'i ;|fc ,’jg .flper quoted umden^Sofficiais for the Saturn prqject and its 6, 
jg rmJvcd in the project who said jobs. Kalamazoo, Michi-*" 

^ Sat the ale decision would not site in Kentucky also 
:hangc and that it would be an- 
■j- 4 jounced within several days. 

% stanHaHaqiokcsmanforGM, 
aid be could neither confirm nor 
* icyitejmut. 

GM said it would wait until a 
’i»i abor contract was approved by 
1 ,w> -, S kaders of the United Auto Woric- 
S 3 before announcing the site. 


■: s c 


'in 




| U.S. Unit Closes 
(>]Honiia Thrift 




BGdJPrOj^ 

New Asian links 


Return 

HONG KONG — British 
Caledonian Airways Ltd, an- 
nounced Friday that its subsid- 
iary. Caledonian Far East Air- 
ways Ltd-, has applied for 
licenses to save a new n 
network linking Hong 
with several Asian cities. 

Alastair Pugh, vice chairman 
of British Caledonia, said Cale- 
donian Far East would negoti- 
ate with 10 countries about up 
services. The airline plans to 
stmt in late 1986 with four 
leased Boring 737 aircraft. He 
said British Caledonian saw a 
need for low-ffequeoqyn^oQal 
services using smaller planes. 

Hie new network will cover 
six dries in China, as well as 
japan, Malaysia, Brand. Ran- 
goon, South Korea, Katmandu, 
the Philippines. Indonesia and 
Taiwan. 


Bosch Denies Report 
Of Talks With Indesit 


Dollar Plunges in New York Trading 


rent raws), the nearly one-third of 
its 1984 sales of 320 billion lire. 


Arum 

ROME — West Germany’: 

Bosch-Scmeos AG denied Friday The company, curraiLly working 
that ifwasengagedjn talks about a at a third of its capacity, is not the 
rescue of the financially troubled Erst domestic appliance maker in 
Indesit SpA. Italy to suffer from the effects of 

A senior manager with Indesit in chronic overcapacity, 

Turin had said that a U-S. mer- Last year. Italy’s largest home 


emptied hr Our Staff Frun Dupouka 

NEW YORK — The dollar 
plummeted Friday to its lowest lev- 
el in New York since November, 
and some dealers said they saw 
link on the horizon to prevent ad- 
ditional selling next week. 

The dollar was higher in Europe 
against most major currencies amid 
speculation that a further realign- 
ment of the European Monetary 


COMPANY MOTES 




New Yak Times Service 
; WASHINGTON — U.S. regula- 
tors have dosed another large in- 
r ‘i > • solvent sayings and loan assoda- 

it*; ‘-5i **3 lion, citing the institution's 
; ^ excessive growth in recent years 

“ -• K ' through baa leading practices and 

_ direct investments in high-risk ven- 

JndjjstrfaTT^— --^.mres. 

The Bell Savings* Loan Assod- 
-- - fejon of San Mateo, California, 

• * * ®ji fith Si.7 hfflioa in assets, was shut 

l - . •*» iI?H i^^own Thnrsday by the Federal 

’ . ' - a $2 'gx ,'flrane Loan Bank Board. The thrift 
* ■' £2 institution had suffered a loss of 

! - -J6Q million m its latest quarter, 

which had effectively wiped out all 
of its net worth. 

^ -a The bank board formed a newly 
J - •. gg jg 'chartered institution with new 
j. Ss pnmageme nt to acquire Bell's a$- 

i'w £? jjj[ 'sets. The new institution, which 
“ -trilf also bear the name Bell Savings 
& Loan, is a mutual assoda lion 


lusly 
',000 
and a 
been 

mentioned as finalists. 

GM has said it must build the 
plant near a community that can 
absorb the 25,000-person increase 
in population that the Saturn jobs 
ana the jobs of supplier companies 
will brim. 

The Saturn complex will have 
two foundries, a plastics plant and 
other pans plants to feed a mam- 
moth assembly operation capable 
of eventually cranking out half a 
million cars a year — or double 

that of today’s most efficient _ 

pI ^ Sv _ .,_ w Apple Computer Inc.'s co- 

The Free Press sod GM officials founder and chairman Steven 
noted that the selection of Tomes- Jobs, will have no role in the opera- 
see would underscore the automak- 
er's commitment to competing with 
the Japanese auto companies, who 
have a S 2.000 cost advantage per 
car over domestic car makers. 

By putting its complex in Spring 
Hill, about 30 miles from a Nissan 
Motor Co. plant in Stoyma, Ten- 
nessee, GM would rnaici* a strong 
statement about Saturn as ah im- 
port fighter, the newspaper’s 
sources said. 

General Motors will design, 
build and market a fine of car s 



later in Munich. Boscb-Siemens de- Under Italian 


nied that it was considering such a have the authority, at the request of dollar fell to 8.6 French Francs, 
holding a company, to appoint cominis- from 8.735 Thursday, and to 2.825 
• “ ■ - Deutsche marks, from 1872. 

The dollar hit 2.885 DM after a 
large buy order around noon. 
“Then suddenly there were sev- 
has 7,500 employees, although commercial sell orders, the 
said he thought it was likely that more than two-thirds of t hem axe IMM [Chicago s currency futures 
Indesit would soon have logo into permanently laid off under a gov- market] slammed it and it never 
Spore kind of receivership to enable emmem-subsidried arrangement, stopped,- a New York dealer said, 
it to restructure its business. was planning to cut bade us work . “TTicre were rumors throughout 
In 1984. Indesit posted a loss of force and reduce capacity. Indesit 
(555 million at cm - : hopes eventually to be able to pro- 
— duoe 900,000 units with a work 
force of 1,400, be said. 


move and said it was not 
any talks with IndeaL riooers' to ran their affairs for up to 

Earlier the Indrisil manager said two years to allow recovery plans to 
that tire Italian company was hop- be put into effect 
mg to avoid receivership through The manag er said Isdesit, which 
the talks with Bosch- Siemens. He 


106 billion lire I 


tions 


liter 


under the Saturn 
ning in 1989 or 


Australian Bank Cots Prime 

Reuters 

MELBOURNE — National 
Australia Bank Ltd. said Friday 

>L_> HI 1 ■ ! t __ J* - 


of the _ 

\ its president, John 
ley, told a group of securities ana- 
lysts m Palo Alto. California. 

Bond Cocp. Holdings Lid. of 
Brisbane, Australia, said it now 
balds 17.55 percent of the 146.5 
mSEon issued shares of its takeover 
target, the brewer Castlemaine 
Tooheys Lid, after on-maxket pur- 
chases tins weric at prices iq> to 7.70 
Australian dollars (55.8). 

Cable & Wireless PLC made as 
good a start to the 1985-86 finan- 
te begin- rial year as in either of the two 
previous years, when the company 
reported record results, its chair- 
man, Eric Sharp told tire annual 
meeting in London. 

DebenhamsPLC, rejecting a bid 
from Button Group PLC said in 
the Gist 20 weeks of its current 


it increased its stake in Debenhams 
to 13.4 percent, from 12J5 percent. 

Ford Motor Co. in Detroit said a 
strike by members of theTeamsters 
union u rfty-lp - hanKnjt com- 
panies had virtually halted delivery 
of new cars and cracks to its US. 
dealers. 

Gninness PLC said in London it 
was extending the period of its of- 
fer for Arthur BcD & Sons PLC to 
Aug. 6, after receiving acceptances 


Broken EM 
Increases 
Net by 20 % 

Renters 

MELBOURNE — Broken Hill 


the day of an impending devalua- 
tion of the Spanish peseta and per- 
haps the French franc, although no 
one believes the French will do so,” 
the d ealer said. 

But Earl Johnson, vice president 
at Chicago's Harris Bank, said. 
“There was no particular news that 
would have triggered the selling. It 

EUROMARKETS 


Bonds Issued 


s\u& o, aiicr icuavmg acceptances jr j -m m 

of its offer, amounting to 5.22 per- Proprietary Co. said. Friday that m J IfCfr/f/l/vn 
cent of BdTs ordinary share cam- net earnings rose 20 percent to -d-MOi/l UW Ull 

L6 miffion 


taJL 


S75Z6 


percent 
Australian dollars 


UOU4H UUIUU^ -g-m 

Marriott Corp. has resumed dis- (5S26J millit)n) in the^ra r ^ttd<^ UollQTS otttT 


cussions aimed at a possible joint 
rlnns 


vithout any shareholder owner- that it will lower its prime lending financial year ending in Fi 


ship. The bank board said that no rate for large corporate loans to 
?» t? '.insured depositor’s funds were at 17.5 percent from 17.75 percent. 
vS '-ok. effective Monday. 

■I TK ' • 

J5 US . 

j; i» • 

nji , 


1986 


ctni year 
retafling 


prefits were 


May 31, from 6222 
acquisition, with Prime Motor lnns a year earlier. 
fiy t a New Jersey motel c hain, of The profit was above the figure 
the Howard Johnson motel and most analysts had forecast. Most 
restaurant chain from Imperial predictions were in the 720- md- 
Group of London. lion-dollar to 740-milUon-dollar 

Marathon Petroleum Co. of range. 

Findlay, Ohio, and the U.S. De- BHFs petroleum divisaoa posted 
partment of Energy have settled a a net profit of 484.73 mini on doL 


dispute 
ay’s 


the oil com' 
of 


nuDhmtocustamersdiiriiigthepe- 
last year. House of Fraser PLt said nod of federal price controls. 


lars, up 13 percent from 42638 
miDSon dollars a year earlier. This 
was the result mainly of higher 
crude oil sales volumes made possi- 


Reuters 

LONDON — The Australian- 
dollar sector dominated Eurobond 
market activity Friday as a record 
325 million Australian dollars in 
new bonds was launched, causing 
secondary-market prices in this 
sector to fall as much as one point 
during the day. dealers said 
The rush to the Australian -dollar 


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Revenue and profits. In millions, are In local currencies 
unless otherwise Indicated. 


sector underscored the popularity 
. of bonds denominated outside the 

^ VS - doUar - of uncertainty 

CO g^p? j-..— , over the outlook for the U A dollar. 


ii_ 

939-4 


1*8* 

lias 


Ml " 


Brotofa HID Ply o<»ar Share— ofllJI 

Vaar ISM 190 a: loss. Tffl* nets exclude gain 

RpvMwa Alltt sjrn - atSLsmluha. Results rested- 

Par Shared 073 049 

Delta Air Linas 


ittHofl 

Rpvenva 

Mot Inc. 

Par Sriara 


1984 

321 J) 
1431 

ua 


CoasoUdatcd-Batfturst 
MOW. ms 1984 
Ravanua— 40.1 4394 

Oder Mel 142 UB 

OparShara— 0L43 <L27 

UIHfflf ms 198* 

Revenue 8567 8317 

Opar Nat 05 247 

.Opar Shora— 077 aa 


1*M 

1*77 

ft* 

032 


OW Stood 
mow. ms 

Nat Inc. 562 

Per Share— Mi 

Rraui— 1JU. l.UO 2,^— ™ 

Net Inc 84.17 712 par Shara— U3 

Per Share— 111 1J0 — 

Year 1985 198* Outboard Marino 

Revenue __ 4jM0. 47*0- srt Qa or. 1985 1984 

99*1 Inc 2ffl^ 17S6 K- . 2*0 mi 

Per (hare— *42 Nat Inc __ 105 2479 

vaar note iocSude ootn at Per Short 0.97 Ml 


1984 

570 

071 

tfS4 

102 

128 


U9J mtUtoa m 86*7 motion, 
miuuuifi net excludes golo 
at-SISJ mitUen 



Patcaatarfdp* 

ms 

245.1 

ua 

036 

19*5 19*4 

46L4 35SJ* 

Prom _ . , 272 IO 

Per Share — 069 0*5 


Golf Canada 
or. ms 

Per Shore 032 

la* Mol* ms 

Ravenna 2430. 

Pram. — — T7i.fi 
Per snore — 02S 


DonaeUey (RJU 


Revam/* — 
net Inc — 
Per Shan— 


was 

<292 

17.15 

Ut2 


4715 

4123 

222 


Revenue — _ 
Nal inc — . 
POT Shore— 
istHoH 
Revenue — 
NO* Inc — 
Par Shura 


45*8 

329 

086 

1*05 

9006 

59JJ 

154 


1*04 

417.9 
302 
. 079 
198* 
19U 
514 
128 


Panhandle Eastern 

MONT. INS 1984 


navaoua-. 
Net lac _ 
Par shore. 
IV Mori 
Ravenna. 


V*4 

145 

021 

ms 

7-520. 


Dmaiectron 


63U 

332 

021 

M4 

229 


1984 

ra™- Net Inc 

030 
19W 


1HS 

i*ojn 

121 

O.V4 

ms 

30*74 

151 

8.19 


198* 

144 B 
121 
ou 
«!» 
0.17 


Husky OH 

r. 1905 

*53 

Oear Shore— 022 


2392 1994 ms. 

2*2 222 1st Half 


Wlasor industrial 
Vaar 1984 1903 

Profits 232.4 >403 

Par Share — 122 124 


R*vm» — 

Not Inc 

Par snort 

FtaWoeU Mills 
MOW. 1*85 1984 

Ravenoc 13L6 1272 

Nat inc 092 056 

1st Hair IMS 198* 

Revenue .2437 25*0 

Net inc. (aHU *2 

Par Short — 045 

a: lost. IMS a verier pel h- 
ctiKtosaoinofOJmJnlonorx} 
provision ot njmUllan. 


Horeco 


Nal inc 47/ 

Par Shore — 154 

Rldmrdson-Vlcltt' 

oieQear. ms m* 

Ravottlt 26X9 2906 

Not Inc 112 157 

Par Sheet 048 044 

Va or .1901 l*M 

RsvenU# 1220 1280 

Nat Inc 722 71 J 

PsrShora — . 3J71 193 

Robins t/LHJ 
aedOaor. 1901 

Revenue 1648 

Net inc 524 

Par Short 022 

1st Half 1985 

Re ve n ue 231.1 

Nal Inc 3521 

Per Short) — }M 

IMS hoH net IncSudts pain of 
MSmtltton. 


s Utah division earned 
14(15 million dollars in its first full 
year. It earned 9.9 milli on dollars in 
the final two months of the previ- 
ous year after the formal acquisi- 
tion of Utah Inte rnational Inc. 
from General Electric Co. on April 
1, 1984. 

Utah gained significant benefits 
from price rises for its U.S.-d6Har 
denominated export sales of 
Queensland coal, and higher ship- 
ments, BHP said. 

The steel division lifted net earn- 
ings by 33 percent to 128.79 million 
dollars bom 96.6 million because 
of cost cuts, improved productivity 
and increased export margins. 

Corporate items and investments 
showed an 872-nuIlioQ-doUar defi- 
cit against a 7.08-miUion-doUar 
deficit the previous year. The major 
influence on this item was the in- 
crease in net interest expense after 
the acquisition of Utah and other 
concerns. 

Additionally, the amount of in- 
terest capitalized was tower due to 
the completion of major construc- 
tion projects. 


Nestle Reports 
£ 52% Rise in Sales 


1984 

ion 

407 

0.14 


2021 

07* 


Citizen Watch 

roar T9M 1983 

For Shore Z7J4 


United Stales 
Alexander ft Alexander 
MQSW. IMS Ml 

Revenue t&QJ> W 

Nat me ra it 

Per Short) 038 0.10 

IP Half IMS jm 

Revenue—. 3096 

Mai Inc. 185 


Ravenua — 
Nat Inc 

Per Snare __ 

HSHaM 


Narine - — 

Per Share — 


3377 

1559 

AT* 

IMS 

6377 

24J9 

123 


2719 
10211 
a 51 
W84 
514.1 
1822 
093 


Show Industries 


vaor 

Ravanua 

Mat Inc 

PsrShora 


Jo h n so n ft Johnson 

2nd Oust. IMS 1984 

Rovonua 1570. 15*0. 

Net lf*C 1567 1205 

Per Shore — 085 063 

lit HOH IMS 1984 

Ravanua 3260 3JJ70. 

Narine. mo 2698 

Par Share — 179 181 


Leaser* Plott 


112 

043 


ParShara 

Amdahl 

sMQoar. ms 

Ravenua 2067 

Nal Inc — 5.18 

Per Share — 

UIHotf 
Revanue — 

N« inc 

Par Shore— 

Amor- Pres snt 
tad over. 1 JfjM 

R e venue __ 

Net Inc 

ParShara — . 

1*9 KaH mj 

Revenue 53*.9 

Nat lac 340 

Per Shore— 12* 


Ravenua. 
Oner I 



1*1 HoH 
Revenue . 
□oar Net . 


13*4 

62* 

065 

1985 

2368 

112 

1.17 


1D7J 


m* 

123 


i1M7 45420 

SliellerOlebe 

IMS 1984 

Revenue 24072 21755 

NOT inc 7028 77.) 

ParShara 12* 120 

9 Months 198S m* 

Revenue __ 71028 60927 

Nat Inc 2984 27 A 

Pm Shore — 3J8 , 287 

Southland 

MQvor. 1985 

Rhvanue _ IHL 

Net inc MJ 

Par Share— 181 
lit KaH IMS 

Ravenua 6.MB. 

Net me *97 

ParShara— 150 


m* 

US 

m* 

sm. 

a 


Reuters 

VEVEY, Switzerland — Nestle 
SA reported Friday that group 
sales rose S2 percent m the Cm half 
of 1985 to 22.4 billion Swiss francs 
(S9J billion). 

The company said two- thirds of 
the growth was accounted for by 
the acquisition of Carnation Co. 
Nestle said that most subsidiaries 
outside the United States had al- 
ready been merged into Nestifc 
companies. In the United States, 
Carnation continues to operate as 
an independent company. 

Currency rates worked in favor 
of safes in the first half. 


The uncertainty about the doUar. 
coupled with concern about the 
U.S. Treasury's upcoming refund- 
ing. left the dollar-siraight sector 
devoid of any new issues this week. 

Dealers said that with the dollar- 
straight and floating- rate-note sec- 
tors still weak on faded hopes of a 
US. discount-rate reduction, the 
market can expect to see further 
issues in the non-U^. -currency 
sectors. 

Among issues in the Euromar- 
kets Friday: 

Royal Insurance PLC made its 
debut in the international capital 
markets with 3 £60- million Euro- 
bond paying lOtt percent over sev- 
en years and priced at par, the sole 
lead manager. Baring Brothers & 
Co., said. 

The noncallable bond is avail- 
able in denominations of £5.000 
and will be listed in London. The 
payment date is Aug 15. The sell- 
ing concession is l'A percent while 
management pays V* percent and 
underwriting H percent. 

Chrysler Finance Corp. issued 75 
million European currency units of 
9 percent Eurobonds due Nov. 23, 
1992 with open pricing, the lead 
manager, Banquc Paribas Capita) 
Markets, said. 

The noncallable bonds will be 
priced at uo less than par and at no 
more than lOO'.i. 

Fees total i ft percent, with a I ft- 
percent selling concession, K per- 
cent for management fees ana ft 
percent for underwriting fees. 

New Zealand Forest Products Fi- 
nance NY issued 50 million Austra- 
lian dollars or 13 l 4 percent Euro- 
bonds due SepL 1, 1992, and priced 
at 100 H, the lead manager, Ham- 
bros Bank Ltd., said. 

Fees total 2 percent, with a J*i- 
percent selling concession and 
combined management and under- 
writing fees of ft percent. 


226 


Amerlwest Fin. 

_ orar. IMS 1984 

Not inc 1.95 182 

Per Shore 085 079 

Year IMS l«N 

Nal InC. 6 l04 SO 

Par Shore — 263 — 

{laker lnt*l 

3rd OW. 1915 »M 

Revenue — 4715 <6188 

Net me. aj» lyg 

Per Snare— 033 027 

9MMH» IW I9W 

R au a nue— i/US. '-82. 

Nat Inc. 6175 4558 

Per Share 088 065 

Bally Mfe 

IMS WS4 
Revenue— 37941 3911 

Net Inc 1083 727 

Per Shore — 040 037 

1st Halt INS 19M 

Revenue — 6428 6707 

Ret me » 

Per Share USB 028 

Brownlnv- Ferris Jrtfl. 
MO«ar. ms INI 

Revenue 25M 

Nef Inc. 37J . 257 

Par Share — 089 073 

9 Months TNS 1964 

Revenue— 83J7 72W 

Net inc 80J MJ 

Par Share 131 188 

me Cnwt/ft net includes 
charge at SSJ million. 

CopPerunW 

2 nd Qvar. INS 

.■noc — 97.7 nu 

Over Net — 077 197 

Opar Share— — 038 

Is* Half 1985 1984 

Revenue—. IJM *21 

Oner He* — lolO*5 6J5 

Oaer Shore— — 08* 

a: tost trm nets exclude 90*1 
otter mtfUon. Per share re- 
sults otter preferred diet- 


Martin Marietta 
2nd a BUT. ms 1*8* 

Oder Share— 209 121 

uiHait ms m* 

Revenue 2720. I860. 

Oner Nat — ifflj; 97l* 

Oaer Shara— 143 189 

me nets eeehete toes ot il.t 

mutton tnauorter a nd o oUt ot NalLeaa — 
SU million In half from dis- , 
continued eperotionx. Wttotf 

McOonnel Douglas 

19M 


Standard OU OMo 
tadQaar. IMS 19M 
Rev*»ia — wro. 1260. 

N«nnc 390J) 4588 

ParShara 184 184 

W Half INS 198* 

Revenue — ftg a 

Nal inc. 7338 B3*8 

ParShara— . 112 388 

Storage Tedmoloov 

tad QMT. ms W8* 

17283 247.11 

1584 484 


Reven ue , 
Natl 


33460 

2984 


Revenue — 

N«t InC 

Par Shore 


■ 6.1 

115 


1.94 

no* 

4574 

UU 

183 


IN* 

1305 

3J4 

<U3 

1*84 

US 

081 


w* 


WHOM tm 

Revenue— 5J06. 

Net me 1778 

Per Share 443 

MJnstar 

2 nd fluw. MS 

Ravonue 1728 

Oaer Net — . 5.M 

Osar Share— 135 
latHaK ms 
Ravenua— 3188 
Osar Nal — 886 

Opar Share— 066 
IM4 nets restated. 


Man Distillers diem 
U***»r. ins IN* 

Revenue 3012 5»8 

Oaer Net — 40 US 

Opar Share— 084 QJ9 

in Hon tm .m* 

Revenue W»L 1.130. 

Oaer Net — 245 518 

Oner Shorn— 087 183 

Nets exclude gain a* SSOCUXtO 

vg lea of ML 2 million bt 
auorrer and aatn cd SSXLCtn 
vs toss ef SJ7J million in half 
from discontinued opera- 
tions. Per Shore results after 
preferred dividends. 

Norttiem States Pwr 

MOW. tw 1H4 

Revenue 3249 3913 

Net inc 398 43.1 

Par Share—* 1.17 139 

Morton 

2Pd Qaer. JMJ 


Tamtam Computers 
3rd dear. MU AN* 
Ravanua— 1165 

Net Inc 139 

Per Shore OW 

9 Man Ihs ms 

Revenue 37U 

Refine— « 


119.1 

935 

OS 

JN4 

3188 

21J 

051 


1984 

8260 

273 

074 

INS 

use. 

S17 

184 


Textron 

it* 

Revenue — I860. 

Nat Inc JU 

Par Share 134 

tfflHatf INS 

ssms"— 

Per Share— 382 
IMS hoH net tnetudee pain o! 
31 cents per shore from oc- 
C ouattog change. 

Times Mirror 
and Bear. ms IN* 
Revenue 7468 

tad inc 708 

Per Share— 089 
lit NON ms IN* 

Ravenua 184& 1380 

K lnt 1U8 1322 

Shore 183 189 

/SSfnws Include pain ot SIM 
oid/bn from sold of unU. 

Vartan AssoclatoS 

WQaw. HU 19*4 


Revenue—. 238 


Rovcnua — 

Neilnc 

pw snore — 
Mt Halt 

Revenue 

Net Inc. 

Par Share — 


3017 

178 

060 

INS 

ffl?J 

269 

US 


HW 

3108 

,7J . 

089 

IN* 

4105 

324 

183 


Ooor Net 

Opar Shorn— 

f Months 

Revenue 

Opar Nat — 
Op er Share. 


0J1 

*S5 

as8 

7 J0 


2358 

188 

082 

1*84 

4578 

*M 

112 


tf$4 nets tnetude ootn a! S13 
million. 


Worn Laboratories 

1st He** lie 7984 

Revenue— 43U 713J 

Nal IHC (a) 109. 717 

Per Share — — 052 

KhH. 

H’rwl fiti niMj- 


Data General 
JMQaar. 11 

Revenue — ^ 

Oaer Net — tall 
Opar Share— 


Nacor 


1984 

3042 

188 

071 


tad Qaer. 
Revenue- 
Net Inc. — 
ParShara — 


084 


1984 

1698 

9.16 

IW6 


MSB 


Year 
Revonut. 
Praflb - 


1784 

STM. 

N8 


1983 


EWlMATIOm POSITION 


We are the world’s leading producer of Computer Conferen- 
ces and Exhibitions and we are expanding our activities In 
various high-technology areas for the European market. 

For our Parts office we seek an: 

OFFICE MANAGER (M/F) 

Managing the office, you will have complete responsibility of 
running the day to day In-house casks, sales support and coordi- 
nation with our European H.Q. fn Amsterdam. 

We offer excellent salaries and benefits. 

Please submit a resume fn confidence to: 



THE INTERFACE GROUP 

WWds leading Producer of Computer Conferences and 
ExpOSiirons 

Strawinskylaan 1245, 1077 XX AMSTERDAM 

The Netherlands 

Attn.: Personnel Department 


SOLICITOR / ATTORNEY 

To serve as European copyright litigation specialist for American 
film industry. To be based in London with extensive European 
travel Musi wrile and speak I)ue»t German and English (Dutch 
and Spanish a strong+). and ideally have some law firm or 
corporate international experience. Background in intellectual 
property field rccommcnded. 

Pkcee Send roune under the Box D 115. 

to the International Herald IMbane, 

181 Avenue OorMeCade, 92521 Notify Gedex, France, 


just gathered momentum as it went 
through chart points.” 

Mr. Johnson said the market vras 
waiting to see whether the US. 
economy shows continued signs of 
strength in the third quarter. Not- 
ing that there are no major eco- 
nomic reports next week, he said. 
“We don't haw much to trade on. 
and in the absence of any positive 
developments the dollar could test 
the 180-mark level next week." 

In Europe, the pound ended at 
SI -4075 in London, a drop from 
SI. 4105 Thursday. The dollar was 
traded at 8.7585 French francs in 
Paris, up from 8.7105, and at 
2.8792 DM in Frankfurt, up from 
1864S. 

Traders said they were worried 
that they could be caught off guard 
again after events last Friday and 
Saturday when the lira plunged al- 
most 20 percent against the dollar 
and EMS exchange rates were ad- 
justed Tor the first time in more 
than two years. 

Pressure on European currencies 
was triggered by market talk that 
the Bank of Spain was planning 
moves to let the peseta depreciate 
against the dollar. Thai quickly had 
an impact on the Portuguese escu- 
do and the Greek drachma. 

But the real focal points for con- 


cern on the foreign exchanges were 
the Belgian franc, with a general 
election due in October, and the 
French franc, after press reports in 
France this week of possible early 
legislative erections. 

A major adjustment to EMS cur- 
rency rates is seen as inevitable by 
most financial analysts as inflation 
in France has been funning at more 
than twice West Germany’s rate 
since the last comprehensive re- 
alignment in March PS.’. 

The gap between the stroneesl 
and weakest currencies in the EMS 
exchange- rate mechanism was 
stretched dose to its maximum per- 
muted 7.25 percent. 

The Belgian franc closed lower at 
4.95S DM per 100. compared with 
Thursday’s finish of 4.%9. The 
French franc was quoted at 31S35 
DM per lllO. down from .*-.905. 

i VP I, Ri'uicnl 


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! • ■ 




Page 18 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, JULY 27-28, 1985 


U.S. Movie-Theater Owners in Optimistic Mood 


(Continued from Page 15) 

negotiating contracts with movie 
distributors to play films. When 
there were fewer movies, as was the 
case in the mid-1970s, exhibitors 
had to bid aggressively for the right 
to play them. 

Now. with an expanded supply, 
only a few films still command 
large guarantees —a fixed sum that 
theater owners must pay distribu- 
tors in advance for the right to play 
films expected to be highly desir- 
able. If a film fails, a theater owner 
can lose at least a portion of his 
guarantee. 

“There were years when you felt 
you had to have a picture like 'The 
Empire Strikes Back.’ because 
there was nothing else," said I^ur- 
ence Gleason, president of Mann 
Theaters in Los Angeles. “Now if 
you don’t get the Bond films, you 
can play ‘Rambo’ or ‘Cocoon.’ 
There are more films perceived as 
big pictures." 

Nor are exhibitors forced to con- 
tinue playing poor films because 
they lack alternatives; now they 



audiences away from theaters, 
rushed to open all their films early. 

“You could have closed the sum- 
mer off after July I last year," said 
Joel Restrict chairman of AMC 
Entertainment Inc., a national the- 
ater chain. “This year. I’m not go- 
ing to cry and weep. This could be a 
very healthy summer." 

But some see langer-range prob- 
lems, saying that overbuilding will 
come to haunt the industry. 


Fridays 

AMEX 

Closing 


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To Wei include ttta aatto nwh le prices 
p» to the dosing on Wall street 
and do not reflect tom trades elsewhere- 
I'm The Associated Press 


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Phf.VH.PE MBiHtfiLo* Oust Otoe 


“The reason that everybody is 
building is a combination of unbri- 
dled ego. a piratical desire for pow- 
er and a shortage of common 
7T»N*«r<xt Tims sense," Mr. Redstone said. “In the 
t theater in Manhattan. Sun Belt, they are building across 
the street from each other. The con- 
rmmack, on Long Island, last s^ion of ttatters in some areas 

at which no t&atcr seated 

than m rvnnV creduhty. 


1I» tot Tim 

Moviegoers at Loews 84th Street theater in Manhattan. 


ed to showing films has been a in Commack, on Loig Island, last 

major factor in the eanrings perfor- year at which no theater seated i;3“ v ‘ wul “" a 

J r, N ° mancc of the major chains. For fewer than 350 people. and creduhty. 

you don t get the Bond films. yen example. Operating profits at Gen- “For the theater owner," Mr. The increasing supply of the- 
SLf « Tr? OT • C ? IL oral Cinema's film division rose ■ Redstone said, “the sophisticated alers, together with the prolifem- 
Tnere are more films permved as .bout 6 percent to $37.6 million multiplex eliminates the possibility tion of VCRs and pay-TV, have 
Dig pictures. last year, from 535J5 million, de- of cussing a major film. And ft "^de it tougher for theater owners 

Nor are exhibitors forced to con- spite a slight decline in revenue. becomes an entertainment center w raise ticket prices enough to keep 
tinue playing poor films because Theater owners contend that if to which audiences come back." He pace with inflation, 
they lack alternatives; now they they build large, technically sophis- added: “We have found that the New York prices may be among, 
can turnover films more quickly in ticaied theaters, which make mo- greater the number of screens at a the highest in the United States’ 
the hope of coming up with a prof- viegoing a dramatically different multiplex, the larger the per-screen but the 20-pcrcem increase at cep 
i table hit. experience from home viewing, au- gross. A hit does well anywhere, tain theaters here is the rust in 

“We are into a mini-glut,'’ said traces will respond. but the middle-range pictures ben- about five years. And on a percent- 

Richard Fox, president of Fox The- “We are building better theaters, e " t ’ to °- age basis. New York is playing 

a tens, which owns 77 screens. “You no more bowling alleys." Mr. Fox Despite the enthusiasm voiced, catch-up with the rest of the coun- 
always have another picture to turn said, referring to an earlier trend to so far 19S5 has not fulfilled exhibi- try, where the price of an average 
to. We played ‘Perfect* for three chop up large, older theaters into a tors’ hopes. They generally atlri- ticket has risen 25 percent, to 53.36, 
weeks. Three years ago we would so-called multiplex of small the- bute the soft business to an absence since 19S0. 


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example, operating profits at Gen- 
eral Cinema’s film division rose 


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The mcreasmg supply of the- wg£ 

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19. 9V, AJHWln AS AM 


can turn over films more quickly in 
the hone of coming ud with a prof- 


the hope of coming up wi 
i table hit 


“We are into a mini-glut." said 
Richard Fox, president of Fox The- 
aters, which owns 77 screens. “You 


New York prices may be among 
the highest in the United States, 
but the 20-percent increase at cer- 
tain theaters here is th? first in 
about five years. And on a percent- 
age basis. New York is playing 


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weeks. Three years ago we would 
have had to bold onto it longer.'' 
“Perfect,'* a drama about a Califor- 
nia health club starring John Tra- 
volta and Jamie Lee Curtis, has 
done poorly at the box office. 


54 54 54- 4 


aters with 200 to 250 seats each, of movie blockbusters. But they re- Few theater owners are forecast- 
Today multiplexes are still the rage, main optimistic because a rash of ing further dramatic price increases 
but and the individual theaters films are scheduled to open be- j£r the near future. “We want to 
house more than 300 seats each. tween now and Labor Day. maintain the nerceotion that this is 


14 ev. 64—4 


house more than 300 seats each. 
National Amusements, for ex- 


r een now ana UDOT uzy. maintain the perception th a t i< 

Last summer, the studios, wor- a cheap form of entertainment," 


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The reduction in expenses reiat- ample, built a 10-screen multiplex nod that the Olympics would hire Mr. Resnick of AMC said. 


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Action Urged iMlins Rejecting Debt Repudiation 

On the Dollar (Continued from Page 1) ’er in his offices in Havana. Visiting throwing the regime of F 


(Continued from Page 15) 
to protect the nation's economic 
security while the dollar was closer 
to its peak. 

It looks increasingly important 
for the United States, if possible 
with the cooperation of its part- 
ners, to take fiscal and monetary 
actions that would stabilize the dol- 
lar at a level consistent with elimi- 


( Continued from Page 1) 
cannot pay for essential imports. 
Peru’s debt is also in arrears. Dem- 
ocratically elected governments, 
such as that of Argentina's Radi 
Alfonsin. are resisting heavy pres- 
sure to break with their creditors. 

There is a strong sense among 
Latin American political and eco- 
nomic leaders that high interest 
rates and tough repayment terms 


’er in his offices in Havana. Visiting throwing the regime of Fulgendo 
politicians, union leaders and jour- Batista, Mr. Castro traveled to a 


nalisis are shown the printout, with regional economic conference in 
the pronouncement that the T-aiin Buenos Aires and demanded S20 


American debt “can never be billion in U.S. aid to Latin Ameri- 


ca. The Eisenhower administration 


The Cuban leader is to be host at rejected that proposal as anli- 
a meeting Tuesday in Havana on American grandstanding. 


bis debt-repudiation proposal. 
However, virtually no one who has 


™ a T- « K f 5iem ™ cunu - make the debt, owed primarily to 
nation of its balancwrf-paymrats ^ yaxc mlernalional ^nks, a ma- 


responsibtiity for debt decisions in 


losal. Two years later. President John 
o has F. Kennedy started the Alliance for 
ms in Progress, pledging $10' billion to 


Latin America is attending, and it Latin American over a decade. 


defidl cm cuitem account. That j or obstacle to economic recovery- 


equilibrium value is a moving tar- 
get. affected not only by inflation. 


apparently will be a low-levd de- 
bating exercise. 


In the 
Cuba has 


20 years, though, 
relatively isolated 


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Breaking with the creditors. President Bdisario Be tan cur of from Latin America, first by a 


interest rate differentials and other 

cial system, which provides credit 


though, would mean losing access Colombia, who has been in fro- U^. -sponsored political and eco- 


quent contaa with Mr. Castro over nomic embargo, and then by Cu- 
Central American issues, declined ba’s integration into theSoviet bloc 


laciore dul aisa as lhwihidc d. cfa] system, which provides credit Central American issues, declined ba’s integration into the Soviet bloc 
Krause of the Brookings mstitu- ^ commercial financing neces- an invitation to send an official economic system. 




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tion notes, by the accumulated net 
change in the nation's foreign as- 
sets and debts. The longer the Unit- 
ed States delays correcting its trade 
position, the bigger its foreign 
debts will grow. 


sary to maintain most foreign 
trade. That means the debt cannot 


representative to the Havana meet- 
ing. So did former President Alfon- 


Coba depends on Moscow for its 
oil and sells most of its export 


be written off as just a problem of so Ldpea Micfaelsen, of the Colom- crops, mainly sugar, to the Soviet 
the past: it would remain a prob- bian Liberal Party, which is in bloc. It eels industrial supplies 


the past: it would remain a prob- 
lem of the future. 

Mr. Castro has put much of the 


It will make all the difference in available data on the cost of the 
the world how the dollar moves debt service, interest rates and 


bian Liberal Party, which is in bloc. It gets industrial supplies 
opposition to Mr. Betancur. from Canada. Britain. France and 

This is not the first time that Mr. Spain, and occasionally has sought 


This is not the first time that Mr. Spain, and occasionally has sought 
Castro has adopted the pose of them in Argentina, bat has been 


down against the yen. 


speaking for Latin America. 


trade flows into a personal comput- In 1959, three months after over- change. 


limited by a lack of foreign ex-i 


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To-. SubscripSon Manager, Intemafional Herald Tribune, 1 81 , avenue Charles^Gaute, 
92521 NeufflyCedex, France. TeL 7470729. Telex: 61 2832. 

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PapitaReady. : 

TpS%nBflCfi>n Consafe* Financial Ui mzeenasrwi.uj 

nic Torfi Minp few.™ nance minister. agreed ihai the He bankmptc^of Salcn- 

UK l«ll iHWI€ ., .. CTnrvr holm —The financial problems bang Consafe fflusiraie invest had led io a agpifica.nl dc- 

“r-SS TlpsSi 

»*££&$ ss^s^ss Aim^k 

pua New Guinea will si gn a full SU te of the country s shipping in- said. . u ^ohT vessels built in Swedish 7 ... A ~ : * S ' V{;^v ^ 

XStSSfStSm < BtMM'h*ȣ sSaStlStKSC SbEKSmSHS iS^fcss 

ss,B»ss arssaifsss sassvsssi *a-- 

N ^s^rs r^it;es ^-?£52k I 

s&SiSW r^ahass- 1 

STm permit McnlteKb Unullion during iheViod. Tb= P '^?S. S S iht hSR re- P 

cfaafi AG and Degussa AG 7.5 Sioo: the mid-1970s. Sweden has ness has also t fJJJ- •. nefi for oro r lt « on g^o tax-free t • 

percent each and the West Ger- dosed three shipyards and laid on In Uqaor on board the big car ferries 

-nan Devdopmem Co. 5 per- .housands „f ™,rta. Company wtfitfftwmfftPA Sal^ ^ Sweden and Fin- & 

cenU - hope to keep the remaining ones in vest. “J • F*y ^ and the Continent. 

ne first st^e gold nunewiLv business by buildmg offshore phi- creditor . ifSSwSSJsMto’* to an effort to make Swedish K: 

shut down in February m a dis- forms. . . °IT Icia thp28th larzest ships more competitive, parliament fc:. 

puie over copper production at Severe competition from fleets merchant fleet was tbeJjto latg^t T£!- rotol die payroll lax- & 
ihe site, but in March, the gov- nving flags of convenience also has in the world last foramen. In addition, unions ££ 

SLem allowed they 5- Wes. duA a%harp fall in operating SifaS^ Sgistration of §* 

German and Australian pan- Swedish cargo vessels. down from a 10th ranking <hios chanRed to flag-of-conven- %■ 

tiers to continue operating Tor Consafe. battling against an years ago. 1 , Lena* countries. Sb 

four months pending a new overcapacity for ofWtore oil rigs. “We *“**•“•***. ^“ r , mrn m But shipowners say further K 

agreement . had a further setbac* last week share iand Pronged } EASELS union concessions were needed and p 

Official sources in Port when efforts to shore up tif com- the shl Pp m % bus ?“^ r J^ that companies must rationalize if 

Moresby confirmed that the pany’s finances. Creditors refused suom, SweSmorchani shipping is to 

agreement would be signed by to s iep in with more cash. Swedish Shipowners Association, nf i„ L 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, JULY 27-28, 1985 

iff in the Doldrums 1 1 ^ -PS 


Pape 19 


• M. • J. ' w . 

Consafe's Financial Crisis Seen as Part of Downward Trend 

J — MiUif . -.nmi ihm the He >aid the bankruptcy of Salci 


W~ . ’■ ' . ’‘def-rii : — 

" r-Y-."*? • ■ - : i -5i» ' ■ ; . . 

•••■ • ■•■" . ->£: - y 


. vV-Sri^ ; Japan Raises 

Stakes m 


4 5 

fn r 


. - • Return 

SYDNEY.—The three for- 
dign partners- in the Ok Tedi 


development by the end of the 
morith-rRoy Shipes, general 


;v. 4 &» S 1 ' . 

r - : a a 5- 

••*• j* - -. arc £*’ 

_ r JOSiC*- 


manager for Ok tedi Mining 
r^< _ UtL said Friday. 

O The partners arc the Papua 
O' New' Guinea governmenL with 
! ' 20 percent- Broken Hill Pty. 30 

! *2; A“ naccoi. Standard Oil of lndi- 
-j fe E* ana 30 percent. MetaligeseUs- 
■ cfaafi AGand Degussa AG 7.5 

pement each and the West Gcr- 
1; inan Devdopmem Co. 5 per- 

HSfiT cent? ■ . 

*'>*! ’ The first st^e gold mine was 
* ?- »'• shut down in February in a dis- 
•JJ - pute over copper production at 
\ iiS ihe site, but in March, the go*- 
5Npi* . cnuDcni allowed the U5- West 
— 3 German arid Australian pan- 

- tiers to continue operating Tor 
ij t^& e .- four months pending a new 

. agreemenu . n 

'■ ' J* 1 Official sources in Port 
> «J •. Matesby confirmed that the 
f* i r - agreement would be signed by 

- Aug.1. 







mm 

k- 


to step in with more cash. Swedi 

K-jdl-Olof Fddt. Sweden’s fi- said. 


stay afloat. 


An o3 rig made by Consafe is towed out to sea from Stockhom. 


V. f • 
1 2^ 


to Boost Flagging Economy 


ttssjcgg &5SZS& SSSSSK 


■Tit 

1 >W H 

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uv. 

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« Ii: 

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'■ l '< r. 


7 \ ?: By Moon Ihlwan created new credit guarantees for The SnJSndUi ex- the Korean economic research tn- 

iifg. • Re*™ small and mcdium-sizemdusmes ^NRSomh 'JJSLTioS pomto£ second half, when stiiute, said: “The government 

'• » S'-L SEOUL — South Korea is and offered more than 600 billion <*!«>??* S1?S5 toB wild Side is expected to pick up. should not be obsessed 1 with its UX- 
i '£ caught in the dilemma of how to won <5684 million) to exporters in the However. ChotKwan Sik, presi- gets and become more flexible. He 

... 2 if 'See its huge foreign debt while willing to invest mpknt facilities. - koS dent ofSMisnng Shipbuilding and said it was “paying the pnee Tor its 

!«£*• KucingiSerefgtionaryma- SStf ASiSSS «5 ^ toS? d saiTmore rigid price-stabilizaiion pohey. 

sures to bolster an economy hit by ^'^^^SOvcinMamt would eonsSSOTrecdiptsMd drastic measures, such as lower Economic planning officials, 

falling exports and investments, ^nln^eSoon^S increased debt payments took the bank rates and tax benefits, were however, said they were committed 

government officials and econo- K?«Sn?Sit deficit to w holding down^inflauonm pro- 


tvenunenl officials and econo- nrentof^wonm s^na^ SotoM currentMCOont deficit to needed to encourage exporter to holding down inflation to pro- 
i*ssay- . . fpr ... WS^taonpassmg the gov-’ improve international competitive- ^ hou^ »jg 

Deputy Prime Minister Shin T^ut^yat^Ti totfteooMr.omM ,/Soo million to ness. as a way of reducing foreign debL 

whirl Hvun tilled out any increase to a 5-5 5-percent drop in value this __ 1 “JeP* . Businessmen say that with inter- _ h wholBsale mice index 


‘ Deputy Prime Minister bnin ^^Turaet of 5500^ million to n«s. . u . . ^ a way of reducing foreign debL 

i! -ByongHyun tuled out any inaease roa 5.55-percent drop in value this “ ^*6i e year. Businessi^iaytMlvnih tniw- ^ S the wholesale price index 

“ni £• in economic growth that would year- . ,- ■ sn d against 1984's $1 4-billion def- est rates at 10 to 13 J percent, not ^^his year would be kept at 1 to 2 

5 ST worsen the bSance of paymtats But, after recent .g* ^ftora, mdagtunst ^ ^ make investments wtate the consider index 

: S: position, and the government has “ ?f t The firet-balf dedine in exports Mr. Choi noted there wasordya4- 2tmd3 percent, as against 

7Y SWSpffK Kgs**^*" 

5 h ?: sidcH* — ^assiyssssto. » s-h* - 

-asSS’’- ^ : 7?pS*nt ufSSl. account deep er into d eflat and m- son m GNP. govenunen gyong Corp. said^t if the gov- the official 1 Korea Devdopmenlln- 

■s: srs sranienMS ■~.« esa .»gs SSsssssjfc «ffSS5BS» 

tfe'SsSSSat aysar— ■*“ i a-arasuBs ssa. 


Bank of America to Greatly Reduce 
Its Operations in Latin America 

Lm Angela Times Service 

LOS ANGELES — Bank of America has announced that it will 
substantially reduce its operations in Latin America as part of global 

re toTyTSiem released Thursday, it su«sed that it was n<* PfUnjB 
out of the ration, although it plans to dose 10 us \ 5 oT its 34 Laun 
American offices. It also owns an Argentine subsidiary bank. Bank of 

America SA, with 65 branches. _ . 

The move is part of a larger strategy to tran unprofitable operaaons 
from the bankY world banking dmaon. The region covering Laun 
Africa and the Caribbean has been Bank of America s least profit- 

^Afier thelo ^15 offices are pared from the bank’s Latin opera- 
tions. Bank of America will have only about half as many total units 
in ihe retd on as it had at its peak in 1981. ^ 

Worldwide, the bank has dosed 76 offices and sold interests in 30 
affiliates during a three-year restructuring. -, 

Want- A merica, the bank’s parent company. Iasi week report“3 
stt^qSnerloss of $338 million, the second-largest quarterly loss 

10 Bank has been one of the chief US. lenders w lJJ 
America and thus was hit hard when loans to such nations as Brazil. 
Bolivia, Mexico and Nicaragua went sour. 


Slakes in 
U.S. Business 

(Continued from Page 15) 
American television, is often traced 
to Japanese imports. 

The Japanese, for example, have 
bought large positions in two big 
steefcompanies --a 50- percent in- 
terest in National Steel and 10 per- 
cent in Wheeling- Pittsburgh. 
Wheding-Pittsburgh. which is cur- 
rently strikebound and seeking 
protection under the bankruptcy 
laws, could prove j tough test of 
Japan's vaunted management 
skills. 

To a large extent, grow th of Jap- 
anese investment m the United 
States represents the bountiful rev- 
enues that Japan amasses from ex- 
ports, including the S37-bi!lion 
trade surplus with the United 
Stales that the Japanese recorded 
last Year. 

Much of the investment has 
poured into the bills and bonds 
that the U.S. Treasury issues to 
finance budget deficits! 

Most of such “portfolio” invest- 
ment helps keep the dollar strong 
and interest rates from climbing 
higher, but it is volatile. Foreigners 
could sell the investments the mo- 
ment that their appeal falls short of 
the return investors can get in other 
countries, and widespread selling 
could cause the dollar to plunge. 

However, a rapidly growing 
share — currently about 25 percent 
— of the Japanese money is in the 

direct, brick-and-moriar invest- 
ment. which is much less volatile. 

Economists, in fact, predict that 
further erosion of American inter- 
est rates, and hence of the value of 
the dollar, is likely io foster even 
more direct investment because a 
chi-'ippr dollar would lower the cost 
of building and buving American 
companies. 

“You would see an acceleration 
of direct in vestment.'’ said Kiyo- 
hiko Fukushima. chief economist 
here for the Nomura Research In- 
stitute. a part of Japan's large No- 
mura investment firm. Besides. Mr. 
Fukushima added. “when corpora- 
tions make an investment they have 
already written off exchange rate 
risks. They're looking five. IU years 
ahead.” 


nap uom Dusu*ca»M**i ■ -r — ■ — - 

creased export-financing loans, debt worldwide. 


firidayV 


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30>« 29 Xl« +■ % 
17ft 37 IP. + ft I 
2tPs 20 20 I 

lib lift 11H + ft 
78b 29 58% - ]* 

Mft »’■ 11 - • 

7b 7% 7'.* + % 

ira 13% 13 1 , + % 
lift Ii 16* I 
24* a% 34% *1 

7 i'l 7 + *4 

15b 15b If: + % 

13 12ft U 

17ft 17ft 17% 

Bft Bft 9«. + ft 
3 5% 3 + '■ 

47ft 47% 47ft 4 b 

18 17ft If* - *■ 

B"t 8 ■ 

ISb **t JSft 
J7% 27 1 . 77ft — * 
■yj 21% 22% + % 
«b 4ft 4b + ft 
Bft 25% 35ft ♦ % 
17' I 16% lift 
j 6% ift + '■ 
AS 43% 43% —1ft 
IB 17% 17% — % 
Mft a 33 — ft 
Tft 7% 7ft , 

5ft 4*. 5>- + 1» 1 


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1 

.40 JJ 72 
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904 
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71,, 12% woootw J# *+ 

29ft IVo WirtOO J* 7- « 

9b 6% writer Uc l.J <0 

31 ft 21% Wvmwi » ?9 30 


JI% 22% 23% 

23': 23% S% 

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16 15ft li*»- ft 
18* 10% 19% 

27% 27% 2T- — ft 
100 99 W 

2J% 23ft 22'.— * 
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27b 27ft 27ft 
Bft 8 8ft * » 
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Uft lift 13'* + % 

12't 12 12 — '■ 

3b 3% 3% — « 
28 271. M 

1ft 3ft 3% + % 
2ft 3ft 2ft 
31 29 30 — - 

4% 4'* 4ft 
19b IP: 19b 
37 3o' : 17 + ft 

22ft 3l»» 51b— b 
24% 24 24 

43». 43ft 43' j — ft 
19% 19% 19ft » % 
19' 1 18% 18% — 
10% 10 ft 10ft — •• 
5b 5b Sb- % 


11% 13% — ft 


17 iib lib— “• 

Jt% 16% » 

22% 33' m 22ft — ' : 
15ft 14 15' r fib 

Tft Tft 7':— % 
4 3b 3', ♦ ft 
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19* IB'. 19% 


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lift 13% 13% . 

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13b Uft 13' : — 
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12ft 12 12 — ' 

14ft U’ 1 14* *. 
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The Daily Soarcefbr 
Xiemational Investors. 

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Page 20 


IWTERNATIOWAt HERALD TRIBUNE, SATURDAY-SUNPAY, JULY 27-28, 1985 


ACROSS 


ACROSS 


ACROSS 


ISawbuck 
4 Late Chinese 
leader 

7Shoshonean 

group 

13 Senegal’s 
capital 

18 A former 
capital of 
Burma 

19 Land unit 

21 Records 

22 Race: Comb. 

form 

23 Kind of service 


45 Blotter 
keepers 
47Siamangs 


24 Montana 

eatery sign 

27 Like divorce 
lawyers 

29 Dancer 
Carmen 

30 Hindu life 

principles 

31 Pacino and 
Smith 

32Magnon 

preceder 

33 Some primary 
colors: Abbr. 

35 More 

pseudoesthetic 

ag" how!” 

SOTatami 

40 Kentish 
freedman 

41 Utter 


48 Not in the dark 

49 Genus of , 

shrubs named 
for an 
astronomer 
S§ Anatomical 
duct 

51 Advice to an 
ecdysiast 
54 “Craning 
Tower” foita. 

57 Big Apple 
subway 

58 Galley prop 

SOCompiigne's 

river 

M Igloo knife 

81 Musical dir. 

82 Documentary 
on chalets 

SORoscoe 
78 Debussy's sea 

71 Rough edge 

72 Carp. abbr. 

73 Hondtu resort 

74 Cuistnier’s 
pinch 

75 Shape ofa 
beauty queen 

81 Pro 


88 Gets back 

88 Hits the klaxon 

89 Catlike 
mamm al 

SOUkeYol 

91 Incarnadine 

92 "Touchy** 
game 

83 Guiding beliefs 

94 Suffix with 
Bronx 

95 Operated 

98“LeCoq *’ 

■ 97 Breastbone: 
Comb, form 


'Tunorama” 


1 

2 

3 

18 



23 



27 




BY UOUtS BARON 


IN “ — this too 
too solid flesh 


182 Like many a 
squirrel 

187 T. Wolfe’s 
“Toper's 
Diary” 

IN Sternberg or 
Stroheim 

119 Gossip 

111 Loose overcoat 

112 Get shot 

U3 Jehosbaphat's 
father 


42 Emulates 
Heideo 


82 Me-firster 
84 Lunar valley 

RSIMaft" 


85 Uris’s 
18 


114 “...a poem 

lovely as ’ 

115 Candy 

116“ Now or 

Never,*’ 
Presley hit 
117 Catch 


DOWN 


DOWN 


DOWN 



1 Dusting 
powder 

2 Old Nick’s 


3 Western wine 
dor 

4 Lyrical mother 

5 Node- 

(Sugar Loaf 
Mountain ) 

8 Hairy creature 
in “The Jungle 
Books” 
7Boisde 
Boulogne, e.g. - 
8 Gandhi and 
Sitting Bull 
• Still in stock 


19 Ankle 


11 Greek W. W. n 
group 

12 Federal draft 
agcy- 

13 Bond: Comb. 

form 

14 •* boy I” 

15 Shortened 
Persian 
version ofa 

Muni film 

16 Joanna 
Winmfrith’s 
screenname 

17 Curtain fixture 
29 Sicily's erupter 

25 Xiang 
2C Composer of 
“TbeDevfl’s 

thu” 


28 Unfriendly 
observers 
32 Tranquil, in 
Tours 


DOWN 


34 RR Stop 

35 Reversions of a 
sort 

36 Witty 
exchange 

37 Movie mogul’s 
downfall 

38 Word of 
emphasis 

39 Island near 
Tahiti 

49 Rocketeer 
Willy 

42 Eddy 

43 Ruddy’s 
antithesis 


44 General Eater 

45 Green quartz 

46 This, to 
TancrMe 

48 Caspian's 
eastern 
neighbor 


51 Gazelieof 
Tibet 

52 River in Spain 
ami Portugal 


DOWN 

83 Treated 
shabbQy 

64 Lancaster and 
Reynolds 

65 Pay dirt 

66 Small bottles 

67 Suffix for 
confer 


C Nao York Times, edited by Eugene JAaleska .. 

DOWN DOWN 


83 Elec- 


53 Small role 

55 Minute, 
flattened body 

56 Coin-slot 
cafeterias 


68 Part of PS. 

75 Gallic faith 

76 Reemphasize 

77 Bestowed 

78 Poe’s “Hop- 


79 Affix 
M Wawaskeesb 


85 A.F.B.. 

NJ>. 

86 Diamond stac. 
87“... thou shaft 

not Gen. 

2:17 

88 Construction 
worker 

89 Cores, in 
Chichester 

12 Play the flute 
93 Most accurate 
95 (Jidda's real 
name 
MDuck 


•7 Tarzan pro- 
ducer Lesser 

98 Stumble - 

99 Poem closer 

191 Busy place 

192 Nibble's cousin 

193 Marshy areas 

194 Pavlov 

IN "Gandle Fol- 
lows His 

H. Broun 

lMNb-see-um 

197 Explorer John- 
son 

IN gratia 

artis 


JUSTICE: The Memoirs of Attorney 
General Richard Klemdienst 

By Richard G. Kldndienst 247 pages. $ 16.95. 
Jameson Books, 772 Columbus Street, Ottawa, 
IlL 61350. 

Reviewed by J. Anthony Lukas 


BOOKS 


TT WAS, as John Dean recalled it, the first major 
A caucus of the Watergate cover-up. At 9 AM. on 
June 20, 1972 — barely 79 hours after the break-in 
at the Democratic National Committee — there 
they all were, the men who were soon to play leading 
roles in the great national melodrama. 

There was John Mitchell, chief of the Committee 
to Re-elect the President, puffing gloomily on his 
pipe; the presidential assistant, John Bnhcbman, 
scowling under his beetle brows; the White House 
duel of staff. Bob Haldeman, his face deeply tanned 
from a weekend at Key Biscayne; fresh-faced, defer- 
ential John Dean, counsel to the president; and the 
new attorney general of the United States, Richard 
G. Klemdienst. 

As Dean remembers it, this august assemblage in 
Ehriicbman’s office seemed primarily concerned 


in 


the FBI took over. After the meeting. Dean says, he 
rode with Klemdienst to the Justice Department. 

Now Klemdienst says he was never at this meet- 
ing. Moreover, he says John Mitchell told him he 
wasn't there. He says he was never at any White 
House conference with Fhriirhman Haldeman and 
Dean together He thus suggests the June 20 confer- 
ence was largely Dean's fabrication. _ 

Why has he waited all this time to raise the point? 
He says that because of the “sorrow” always evoked 
by memories of that time he long declined to read 
any of the Watergate memoirs, so, not until he 
glanced through Dean's "Blind Ambition” while 
preparing bis own book did he stumble across (he 
account of the Jane 20 meeting. 


It scarcely seems possible that Klemdienst could 
have missed accounts of the June 20 meeting, which 
had been part of the conventional wisdom about 
Watergate a full three years before Dean's book 
appeared in 1976 and had been amply discussed in 


There is another explanation for his tardiness in 
setting the record straight. As be puts it, “I knew I 
would be powerless, anyway, in that period of 
Jacobin fever, to correct any inaccuracies.'’ Clearly, 
he now believes the dimate has changed suffidaiify 
to dear his name, which he feels was besmirched by 
inaccurate press accounts, self-serving memoirs, 
vindictive prosecutors, and — worst of aQ — his 
conviction for faffing to respond fully to questions 
at a congressional bearing, which brought him a 
1 jail sentence and a $100 fine, 
enst reviews th e eve nts that led to that 
conviction, the so-called 'TIT affair,” in which the 
White House apparently intervened to water down 
the antitrust action against the multinational con- 
glomerate. Although Richard M. Nixon caTtori 
Kkandieasl on Aug. 19, 1971, to order him to hah 
tbeTTT prosecution, Klemdienst told the Senate 
Judiciary Committee, “I was not interfered with ! 


Judiciary Committee, “I was not interfered with by 
anybody at the White House. I was not importuned 
I was not pressured. I was not directed.'' 


with the public-relations aspects of the Watergate 
. Dean recalls that Ehriichman asked who 


thepress and Congress. 
Inis is 


incident. 


was leaking to the press. Kldndienst said it was the 


„ e press. 

city police but the leaks would be plugged as soon as 


not to suggest that Kldndienst is con- 
sciously lying. IndeedTthereis something so earnest, 
so heartfelt about this book that it is difficult not to 
believe in the attorney general's sincerity. 


DENNIS THE MENACE 


Solution to Last Week’s Puzzle . 



□ □□□□ GULf □□□ □□□ OQU 

□□ana □□□□□□□ aacaanp 
auaanEuoauauu janaunu 
□□□anoan unaandauanuu 

nuaa aau Liao cnutio 
unauau □□□ □□□ uun 
□nan □□□□ □□□□□ □□□□ 

uaaa □□□□□□□□«□□□ aaa 
uunaa nanua ubblid uua 

□ □D □□□MU □□□□ □□□ 

□□□anna uaaua uuouaun 
□ua □□□□ □□□□□ ana 
aua Dnauu □□□□□ □□□□□, 
□□a □uaauaaauuaQ duod 
□□aa uaaaa □□□□ uanu 
uaa □□□ □□□ aoauaci 
nuaao □□□ □□□ aonn 
HBaaaDaaanaa □□□□□□ho 
□□□hods □□□□□□□□□□□□□ 
□□□□□oh □□□□□□□ □□□□□ 
□□□ □□□ DUD □□□ □□□□□! 


In defense of his position, KleindiaiSt argues that 
he refused to follow the preside nt's o rder and that 
the subsequent settlement of the ITT suit stemmed 
from quite different events. Yet S' fight of that 
April 19 call, it is hard to sedhowh£ could tell the 
committee he was not “pressured” by anyone at the 
White House. v 

Elsewhere, Klemdienst vigorously defends Nix- 
on's attempt to put Clement Haynswonh on the 
Supreme Court, argues that Archibald Cox was too 
partisan to. serve as Watergate special prosecutor, 
and settles 'some old scores with John Ehriichman. 

Old scores, indeed. Whatever reason Kldndienst 
may have had for delaying this rebuttal, few readers 
are likely to care much about the minutiae of events 

That is too bad. There STrough-hewn*!^ of 
honor about the man that sets him apart from the 


somewhat better than, be has 
( at the hands of history — but, at this 
remove, it wifi be hard to set the record straight 


J. Anthony Lukas is a Pulitzer Prize-winmns 
naUn whose next book, "Common Ground A J 
lent Decade in the Um of Three American FamiHes,” 
is scheduled to be published this falL He wrote Otis 
review for The Washington Post 



* IF' ft IMIltfr WAKTTO HEART8AT ANSWER : TOU 
SHOULDSt HAVE ASKED THKT QUESTION." 


WEATHER 


EUROPE high 
C F 

Algarve 21 62 

Amsterdam 2? 70 

AltMM 34 93 

Barcelona 30 B6 

—tr ad e 31 86 

Bemn 23 73 

Brawls 25 77 

31 8B 
29 Si 

23 73 

Casta Del Sal » «* 

Dublin 20 M 

Edinburgh IS 59 

Florence 37 99 

Fraakfnrr 26 79 

Geneva 31 BB 

HflbMU IS <4 

Istanbul 26 B2 

Lea Faunas 25 77 

25 77 
18 64 

33 91 

Milan 32 90 

Moscow 17 63 

Mr** 31 n 

nice 21 82 

Oslo 23 73 

Parti 25 77 

Pram 25 77 

RavWavU 15 59 

Room 31 IB 

StedkMUD 21 Jo 

Strasbourg 31 86 

VMa 31 M 

Vi— . 29 84 
Warsaw 22 72 

Zortcfe 32 M 

MIDDLE EAST 


LOW 

e f 

18 64 

17 63 
24 75 

18 6* 
1$ 59 
13 55 

18 64 
13 55 

15 59 

11 52 

19 66 

13 55 

12 54 
19 66 

16 61 
16 61 

10 SO 
17 63 
21 70 

17 a 

18 64 

21 70 
21 TO 
12 54 

14 57 
73 73 
12 54 
21 W 

12 54 
' 8 46 

21 70 

13 55 

15 59 

22 72 

16 61 

11 S2 
15 59 


Ankara 
ftdrvt 
PamoKas 
Jargeaiem 
Tel Aviv 


24 75 6 43 

30 86 23 73 


28 82 18 64 
31 88 21 70 


OCEANIA 


Stabler 


12 54 
16 61 


9 48 
9 4S 


d-doudv; lb-foggy; fr-fplr; Mall; 
ElvstMams; sw-snow; BFSterrnv. 


ASIA 

HUSH 

LOW 



C F 

c 

F 


BOEekok 

28 82 

25 

77 

sb 

861110* 

29 84 

22 

72 

a 

Hon* Kane 

29 84 

26 

79 


Ntaalla 

32 » 

25 

77 

t 

WVMN 

30 U 

27 

51 


560UJ 

32 90 

26 

79 

St 

SMmsSwl 

X 86 

24 

74 

St 

Smeauwe 

X 82 

25 

7/ 


Tateal 

29 84 

25 

77 

Cl 

Tokyo 

33 91 

2* 

79 

fr 

AFRICA 





Ale Ian 

34 93 

20 

u 

fr 

Cairo 

34 93 

22 

71 

<3 

cam Town 

24 75 

14 

57 

r 

rflttWiiqffi 

» 75 

21 

70 

ri 

Hdrare 

23 73 

12 

54 

fr 

Leges 

— 

« 

_• 


Mtuma 

— — 

— 

_ 


Tunis 

35 95 

18 

64 

fr 

LATIN AMERICA 



Buenos Aires 

16 61 

14 

57 


Caracas 

1» 66 

19 

66 

r 

Lima 

18 64 

16 

41 


Mexico City 

25 77 

14 

57 

d 

Mode Janeiro 

21 70 

17 

63 

fr 

NORTH AMERICA 



Anchorage 

fi TO 

TO 

90 

ft 

Atlanta 

38 86 

21 

70 


Bosnia 

29 84 

72 

72 

sff 

Chicago 

28 82 

18 

64 

fr 

Denver 

29 84 

14 

57 

fr 

Detroit 

27 81 

17 

63 


Howneid 

31 88 

23 

73 

cl 

Houston 

35 95 

74 

75 


Los Angeles 

31 88 

70 

68 


Miami • 

31 M 

26 

79 


WsneaueBs 

» U 

TO 

57 

ir 

Moetreal 

32 90 

16 

61 

fr 

Nussaa 

» B6 

23 

73 

fr 

New York 

% 79 

22 

72 

SI 

San Fmctsco 

31 70 

13 

55 


Seattle 

25 77 

13 

55 

fr 

Tomato 

31 88 

30 

68 

fr 

WoriilAglon 

30 £6 

1* 

66 

01 


bovaraas; pc-oarttv cloudy; r-roJn; 


SATURDAY'S FOHECAST— ; CHANNEL: Mods raid, FRANKFURT: Variable. 


• 59l_. BANGKOK:" Rain. T«r»e. J3 — 2S f»V— 77>T'N6iiir' kono: 


Thunderstorms. Tomst. 31—27 (88 — 81 J. MANILA: Shi 

ftSEra 


Temu.33— 25(91—77). 


Wirld Stock Markets 


Via Agence France-Presse July 26 

Posing prices in local currencies unless otherwise indicated. 


ABN 

ACF Holding 

AEGON 

AKZO 

AtwJd 

AMBV 

A Dam Rubber 
Amro Bank 
BVG 

Baohrmonn T 


COland Hkfo 
NDU 


EIsevler-Nt 
Fokkar 
Glsl Brocades 
Hobiefcon 
n ooacve n s 
KLM 



NOt Madder 
Nedltovd 
Oco VanderG 
Pokhoed 
Phinps 

T-> - W- 

ftUBfvD 

Rodamco 
Rallnco 
R oranto 
_ Duma 


Royal Dm 
Unilever 


Von O mm eren 
VMF Stork 
VNU 


6559 67 JO 
4150 61 

48J0 49 

7750 77.10 
17250 17450 
349 34950 
45J0 6450 

4&2D 4B5D 
7450 743S 

132J0 13150 
49 J8 49J0 
. 46 4550 

19850 ITeJO 
353 OSifll 
2840 

239 24050 
21259 21550 


A BM W Goal Index : 11951 
PrWleas : 31944 


Arbad 

Bekaart 

Cockemi 

Cabana 

EBES 

GBL 

Gevaert 

Hoboken 

Intercom 

Kiftdtattm* 
Petraflna 
Soc Generate 
Sonus 

Sorvav 

Traction Elec 

UCB 

Unera 

VMIIe Montagna 


1650 1660 
5690 5700 
204 205 

3290 3240 
2915 2920 
STUB 3718 
1855 1835 
4000 4000 
3470 5440 
2285 2285 

53 £3 

IBM 1800 
7210 7200 
4490 4460 
3710 J7W 
5020 SOX 
1735 1735 
6780 6090 


Current Stock Index : 02240 
Previous : 23 iim 


AEG-TefetunkM 

Aliwavar* 


Altana 

BASF 


Boyar 
Bov Hvpo Bank 
Bay VaraliBbank 
BBC _ 
BHF.Bank 
BMW 

Commenbonk 


ContGummi 
ilar-Benz 


Dalni 
Deaufw 
DautsUie BfdXsdi 
Deuisdie Bank 
Dresdrwr Bank 


124-50 12750 
1373 1370 
»50 359 
21550 Z15 

21450 215 

358 356 

3*8 39450 
mm 230 
320 323 

406 *02 

2175021450 
US 14550 
B30B3150 
361 366 

154 135 
54150 561 

27450 269 


Hoesch 
Harlan 
Hu aee l 
IWKA 
Kdi+Satt 
Korstadt 
Kmrthaf 
KtaaduwrHO 
Klaecknar Waiice 


Know Stahl 
Unde 
Lufthansa 
MAN 

Mamunom 
MUMKII ROOtir 

NbaJorf 

PHI 

Porjeha 

Preussag 

PWA 

RWE 

Rbebimefoll 

nr” 

Stamens 
Thvssen 
Vebg 


303 29S5D 

418 405 

?££££ 
U4 101 
312 312 

270 274 

nOM 785 
25350 233 

257 
2B3 281 

.4S.6Z2B 


1M.18 1T(L20 
4*250 487 

. 217 219 
14U0 166511 
191 IBS 
TO? 52050 
624 622 

12S> 1285 
273 273 

140JO 13950 
176J0 in 
300 293 

. 44044070 

341 

S3050 530.10 

^ijsso 


750 22450 


Volkswegenwerk 29Z90 29150 
Vvello 576 573 


Comm enbank index : 137938 
Previous : 13M.W 


Bk East Asia 
Owuio Kong 
Chino Light 
Green island 
Hono Satis Bank 

Handarsan 
Oi fata Gas 
HK Electric 
HK Realty A 
HK Hotels 
HK Land 
HKShang Bank 
HKTaJwJhcne 


2350 23 

1750 1830 
14J0 1650 
440 859 
47 JS 442 
Zf3S ZiS 
1131 11J0 
850 850 


12 12.18 
150 3750 


HKYuwnatal 
Wharf 


HK 1 

Hutch Wftornpeo 
intiaty 

J online 
JardlnaSac 
Ksartaan Meter 
Miramar Hotel 
Now World 
Orient Oversros 
SHKRraos 
SMw 

Swire Fadflc A 
Tol Cheung 
Wo+i Kwong 
WhaaieckA 
Wing On Co 
Wnaor 

inl*l 


ix oi 

655 '460 
7J5 7S 
18 ID 
190 175 
LBS 455 
27 2736 
um n xx 

053 057 
1258 1330 
1530 1550 
870 880 

7.90 7^ 
115 115 
Tin 1130 
255 255 

20 

054 052 
SfHff. — 

158 155 
5.13 5415 
230 235 


Haua Sang ladox : 1483J8 
Previous ; iffUi 


AECI 


Angle Amarkrn 
Am Gold 


830 840 


Ando Am Get 
BOrla«W 
Biwoar 
Buffets , 
DeBoers 


2710 .2775 


14800 

1110 T11S 
IU5 IMS 
6000 5850 
980 980 


DrfaMmofn 


GFSA 
H ar mony 
HlvaM Steal 
Kloof 


JlNl 
Ruapiat 
SABraim 
a Helena 


Chn n»* 
>725 

2700 x700 
2775 7B2S 
SX S35 
6725 6708 
1440 1455 


WastHoMng 


1400 1575 
.793 135 
7996 2900 
650 668 


Pravieas : 188BJV 


AACarp 

Alited-Lyons .. . 

Anuta Am Gold S75fti 
Aw Brh 'Foods 214 
ASSDcIrfOS 


RM 813ft 
378 218 


140 


BAT- 

O aaetw r m 

BICC 

Bl_ 

Blue curia 
OOC Grew 
Boats 

BOj*«tar Indus 

Bilt Heme ST 
Bril Talacam 
Brn ai 
Brllali 
BTR 
Burmah 
CaUawimasi 
Ccdburv Schw 

Charter Cons 
Cammameiu 

Cora Sota 

Cewtoytds 
Datoetv 


534 

395 


190 

34 

525 


*77 

212 

134 

379 

527 

315 

190 

34 


104 

SSI 

516 

211 

1S4 

318 




515 

144 


. liars 
Ortetatftin 
Flsons 
Free SI Gad 

iSfAcddam 

GKN 

Gtaxas 

Grand Mat 

GRE 

Guinness 

GUS 

Hfenan 

Hawker 

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Imaarfal Grow 
Jaguar 

Land Securities 
Legal General 
UevdsBank 
LOnrho 

Marks and So 
Metal Box 
Midland Bank 
nos west Bank 
Pond O 
PUklnglon 


393 

IS 

sz _ 

520V. 82DW 
172 168 

613 610 

703 304 

1219/64 125/64 


% 

£ 

520 

145 

111 

% 

£ 

SOS 

im 


PrudenlM 
Roeai Elect 



Rank 
Read ion 

Raral Dutch S 4377/64 43 57*4 
RTZ 539 5ft 

Soottfll 645 

SalnsBurv * 316 . I 


SemHaifllnes MM. 93 

Shel! 674 671 

stc « as 

SMg wrtora d 449 442 

Swi Afflonat 458 413 

Tate and Lvle • 441 457 

Telco 253 2M 

Thorn EMI 319 

T J. Groue 335 330 

jn*WVHn 361 340 

T HF 124 nt 

Ultramar 2t3 208 

JBfcWC 1021/3210 45/44 
UMSMBIscuitS W % 

448 433 


F.T.M la dax : BUI 
Previo u s : 91188 
grXRjlW fedn ; 123978 
rraviuue x mui 


Banco Comm 
Centro! « 



Close Pr«v. 


Cold Staraua 
DBS 

Fraser Naava 
Haw Par 


Md Booking 

OCBC 

OUB 

oue 

ShongrWa 
SimeDortnr 
Star* Land 
Skjore Press 
5 Steamship 

n Trading 
Unlled r 
UOB 



straits Times tad I 
Previous ; 77U4 . 


ndex:77L44 


AifUquMe 
Aisthom ATT. 
AvDoneun 
Boncolre 
BIC 

Bong re In 

bsSXd 5 

Cemtfour 

Chargours 

Clift Mad 

Dorty 
Dumaz 
EK-Aqoinrina 
Europe 1 
GanEaux 


613 


610 

28850 288 

1200 1Z10 


flf 


417 

591 

1770 

800 


2258 2250 

9 « 


541 544 

1410 1396 


778 780 

185 184.10 


749 750 

.646 646 


Lafarge csp 

Ugrwft 

Laslaur 

roreai 

Marten 

Matra 

Marlin 

MlChalln 

Med Honnessy 

Moulinex 

Ocddentate 

Pernod Ric 

Perrier 

Psu gert 

Prinfemet 

Rndtotaehn 

Redaute 

Roussel ueiof 

Sanott 

Skis Rossfanol 


Thomson CSF 
Tptol 


1460 1470 
540 538 

2238 2220 
566 SI 
2340 23ft 
1500 1492 
1668 1668 
1995 1970 
1138 1120 
1843 1841 

8&4Q 8550 
707 708 

714 710 

512 510 

38750 357 

274 332 

274 774 

1445 1400 
1838 1520 

700 704 

1408 1410 
2t» 2473 

526 SS6 
206 20$ 


Aoefi index :3Htf 
Prevfous : 2MJ4 
CAC ledn; 21180 

Previous : SIAM 


AGA 

Alfa Laval 


Astra 

AHosCePCD 

BoUdan 

Etactraiux 


IM 113 
IM 197 
320 318 

455 <45 

IDS 107 


^Mitsui and 
AUtsukashl 
«8feu« M 
NBC - 

NGK insuMocs 
NlkkaSec 
Nippon Keanku 
Nippon Oil 
Nippon Itaaf 

Nomura Sec 
Olympus 


Handatabonlan 
Phar 


249 


SKF 
SvndlshMatcTi 
Volvo 


167 

... 206 
NJO. 405 
KJO. 4M 
NA 87 
228 227 

197 195 
HA 22S 


Previous : 876.10 


: : 377.1« 




ACl 




BHI 
Raral 
Bougalnvflle 
Castle main* 
Cotes 
Camalco 
CRA 
CSR 

Dunlop . 
Elders ixi 
ra Australia 
Mope) Ion 
MIM 
Mrer 

Net Aust Bonk 
News Coro 
N Broken Hill 
Poseidon 
Old Cool Trust 
Softs 

Thornes Notion 
Western Mining 
Westnac BanMn 
Woocttlde 


ne 


178 176 

520 536 
*42 *66 
140 155 

2.13 220 

750 IM 
350 44)5 
2.12 21Q 

*22 *30 

X12 11* 
163 2.70 

3.14 3.15 
1U 106 
250 no 

183 190 

114 112 
458 *78 
*78 *BS 
278 US 
405 420 
173 173 

^ !£ 
470 437 
488 490 

179 ua 


OpnnertM. Index : 924J8 
Prsvieas : 9(198 


l Tvtaro 1 


Akm 
AagfiiCheni 


ASOhi Gl0S4 
at Tokyo 


Bank at 
Bridgestone 
Duion 
Casio 
ci ton 

Dai Ntooon Print 
Gahva House 

Dchwe securities 

rSBluc 
Pull Bonk 
Pull Pnohs 
Fwiltsu 
HHocM 


g a 

m ra 
USD 1360 
643 442 

1 I 

ss 

i«n ibs 
872 87fa 
694 MS 


Hitachi Coble 


>SSn 


Air Lines 


Power 
■U Steel 
Klrlrr Brewery 
Kooatta 
Kubota 
Kyocera 

Matsu Sec Inds,: 
Matsu Elec Works 
MUsuWsbl Bonk 
MHsablebl Chem 
Ml ts sb UM Efec - 
MUmbMil Heavy 


MUsubbbl Gjrg 


560 578 
1420 1410 
7660 7930 
,445 445 

1870 1890 
151 154 

£2 S 

528 532 

345 352 

3550 3600 
.ISO 1280 
760 745 

1770 1750 
443 445 

259 360 

343 143 

665 668 

434 422 

640 645 

680 659 

m 930 
488 701 

870 873 

893 915 

879 894 

173 171 

332 325 


* & 


Ricon 
Sharp • 

Shlmazu 

Shlnetsu Chemical 
Sony 

SumliomoBenk 
Sum Home Chetn 
Sumitomo Marine 
Sumiiamo Metal 

Tatart Corp 

Tofahe Marine 
TAedaOwro 

TDK 

Tallin 

Tokto Marine 

Tokyo Elec. Power 
Toppan Prfnrtng 
Toroy (nd 

Tosh) bo 


Toygfo 

Yamaktil 


Sec 


1330 
926 959 

1720 1690 
797 820 

7*2 780 

600 612 
-620 620 
3610 3610 
2080 2050 
248 245 

767 771 

758 157 

345 337 

680 682 
817 M0 
3700 3760 
443 450 

1000 1000 
2150 Z19 
795 106 

669 669 

345 351 

12D8 1200 
875 885 


HUftM/o-i. index : mttJD9 
Preview : 1246103 
New index : WM3 
Previous : imui 


Zurich 


Adfa 

Akisutae 
Autoshon 
Rank Leu 
Brawn Buverl 
QbaGaigy 
Credit smsse 

Efedranvatt 

HoWerbank 

interatsawit 

Jacob Suchard 

Jelmeil 

Lendls Gyr 

Meeveneick 

NesHa 

OertlfcwvB 

Roriw Baby 

Sandm 

Sets ndi*r 

Suiter 

SurvetHanca 

fwfe* Rs insurance 
Suite Voifcsbcflfc 
Union Bank 
WMemur 
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pr ev ious : MW 


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woHohfe; xd: ex-dfvWwxj. 


Hfen UvCHMOutA 


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July 26 


2013 AMI pree 
12Acklands 
24000 Asnl CO E 


634 Aura |nd A 
199Q3 Alt r 


... Energy 

8363 Alla Nat 
2MJ2 AJuoma St 
470 Araosn 
742DAh»lf 
19041 BP Canada 
9B36BonkBC 
58821 Bunk NS 
IlMQBarrVAo 
200 Baton Af . 

5920 Bonanza R 
400 Brofome 
SgqBramciea 
300 Brando M 
27995 BCFP 
2D800 BC Res 
1136B BC Ptwne 
1500 Brurawk 
7MO BoUO Con 
29800 CAE 
1HCCL6 

WMcStSlSul 

13971 C Nor West 

307m C l BkCom 
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3580 Lu monies 
27900 MdanHX 
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Page 21 



'■l-m'-'-r 




C Wo 



- '• •• . • • 

TlOm^WKAJJ} IMBUNE, SATURDAY-SUNDAY, JULY 27-28, 1985 




MTAGE POINT/ George Vecsey 


ose 


York Tima Scrtice , 

iW YORK would gp 
Equate GasteyFid^^ 

^ ' ^^OpXKai, and root for iheGmdih 

T V '‘ /'dy v r tf v&Jteds against aD comas, tea 

>•: the fatter would tom to 
. ’^sr^V^on and Watch the oU my 

-^^tfickLtwnttyou toplsyfite 

%V ^ oUr p| in right fidd -was . 

Eoos^dshcr Slaughter, 
^ \ \\ jibe sje^flggped ririmtng on 
r- \ v " v AaIl ffiS£'$&a to his position.- 
, . fto dift : dQgoat Ran tohome 


■ '} % 



he gcft haff a chance. 

— — ^befiqfetxy.m CSndtmati with 
*> ■ > ( , c „ p^co^-daikcye 1 and tbemop of 

a- 3-5 En T 1,%! followed te father's advice, 
^^'Ns inritated. tte man from the 

‘"'y^ y nided Cardinals. Six or seven 
w' i‘ jVfibm now, Pete Rxjse will fol- 

h s r -i 1 sErioS Staugfater into the Base- 

^ C, 1 Han of Pam* . 

y laughter's day arrives Sunday, 

sO V-ThT *nd the laIe ArJty 

\ M\Jfll^ianwi& be inducted into the 
- / \ A Q'sfl.'tin Cdoperstdwn, New Yack, 
w' y \ Hik TflWns their selection by base- 
^ fs okHrmas* committee last 

W^b3l."L°® ““*■ Hoyt Wil- 

Wf r " r 5 - - . who woe selected by the vote 
--^A he baseball writers, will also be 
— Ticted. 

( Sti^r^P 5 ®’ 8 ‘k** 10 Slaughter is one of 
V HE^Jefctter story Knes of basebaHas' 
t'" Au -0®S tries to catch another legend, 
v — — _7^Cobb, in total base hits. One of 
dOjTVoties oftaseball, with its cen- 
Sj Qa MM f-plns heritage of records and 
* o 5 lM$L cdoies. is tbc ovedappine een- 
of ancestors, an almost 


•• ' *<'■•:*• . ‘W.T^ve.*- i' 

•- », ■'5' “ ' 


r ■ 


"When Buddy Bdl was traded 
ne to Qocnmari last wed; he 
ydfed watching not only his own 
sfier, Gus, playing for'tte-Reds, 
Li later a gwajoterina home-ererwn 
tv Rose, first his role model, 


? JasffcalTs history of lobby-sh- 
* j >„ tram-riding, ctabhouse-waiL- 

. ... . . bevcfc^ockcyina, bleacher-at- 

; ' ui ; ; rand paper-reading brings the 
; C\'z i n?5 right Up to the present Billy 
' <w irtin lugs his ‘personal angst to 
manager's office, but he is also 
I, btodoct of his mentor, Casey 
riWd, winch also that lit— 
;'jtats and pieces of John J. 

A Gmr and Wilbert Robinson 

- — : ; "floatina around in Martin's 

- 

— / " , Sjjcmnes the influences are 

den away. Stcngd always as- 
‘~A Midtey Mantle, whom he 
nonaBy called “Ignatz,” had 
r riven much thought to being 
Khali player when he arrived 
; major leagues in 1951. Bdore 
inbftion game, Man tleseemed 
iscd when Stcngd tried to teH 
Jew to play the right-field wall 


Enos Slaagbter 

in abets Field, riot seeming to 
grasp that Stengel h»d once par 
trolled that field. 

Mantle was not quite as devoid 
of baseball background as it might 
have seemed. A few weeks ago at 
the Yankees’ old-timers’ day, Hril 
Rizzuto interviewed Stan Murial 
and Mantle, whose affability quo- 
tient has inmroved greatly smee he 
discovered he coida nudee a Bviog 
by being nice. 

Without much coaxing,- Mantle 
toki how his father. Mutt, had driv- 
en up from Commerce, Oklahoma, 
to Springfield. Missouri, to watch 
the fjwfinfllE 1 minor-league team 
in 1940. and how Mutt Mantle told 
his eight-year-old son, “Watch this 
fellow named MuriaL He’s going to 
be a major leaguer some day" Mu- 
rial made Iris debut in Sl Louis 
barely a year later, giving young. 
Mickey Mantle some incentive to 
roar mte a comet to the major 
leames at the age of 19. 

fbe dmfy winds of baseball for 
over aeentury have produced some 
emc cross-polJxnation. Mesial car- 
ries the nickname “Stan the Man" 
tarn fans in Brooklyn grown weary 
of watching him dnb the Dodgers 
into submission, and Rose proudly 
carries the nickname “Charley 
Hustle,” from the sultry Sunday 
afternoon in Tampa, Florida, in 
1963, when two Yantees watched 
bun run during an exhibrtipin. Ah, 
but the reader already knows that 
the two fat-cat Yan kres,gn ffawxng 


SPORTS BRIEFS 


?T TWS > 
rnuAv.;** > i 

at • 


- T -*s»w . . 

- : 6 


MIAMI (UP!) — Dan Marina the Miami Dolphins’ 
-led to attodpractice^ Thursday in a protest over his corn 
>«s. Marino stands to be fined S500 for every practice or 1 


l --misses, a 
• jfWeareq 


Montana, 




i to a Super Bowl victory over Miami in January. 


r.J tr ^tfmmennan Sues NFL Over Draft 

J IZI^^WaSHINGTON (A?) — Gary Zimmerman has filed suit in UA 
I, ii^-- ■rfrir-t Court here seeking to invalidate the National Football League's 


— ^Zimmerman, a two-rime all-USFL offensive lineman with the Los 
-■■^geJes Express, was chosen by the New York Giants in the NFL’s 
t * I, ippkoicnlal draft” last year. He has diarged the NFL, its management 
c- vJtncfl, the players association and the {crane's 29 teams with virrfadon 
the anti dust laws “in that it is an illegal conspiracy in that it 
icasonabiy restrains interstate trade and commerce in the professional 


£■ ■ lalbaD industry.’ 


•> i Zunmerman said the alleged co 
b-, j-ri with the team of his choice. 


ihim of his freedom to 
es of S10 millioix- 


/raves Agree, to Take Back Perez 

tTLANTA (AP) — Pascual Pena, missing from the Atlanta Braves 
ehaD team for five days, wiD rqoin the dub next Tuesday under an 
cement wodeed out Thursday in a meeting with Braves management. 
^ ;ta, who disappeared Sunday in New York, contacted dub officials 


| sire himself mentally, " said Wayne Minshew, a team spdeesman. 

■ : finshew said that Perez will “by toutual agreement” rqcan the Braves 
.s .Vn they return borne Tuesday to play the Padres. “He said he wfll 
j; ■ ; ‘ tome to his tea mma tes for laving die dub, and he wishes to redeem 
•r ietf to teammates and Braves fans," Minshew said. Perez loses about 
>: 00 in salary for every game he misses. 

*-T 1 - * . • ■ 

ance Backs Alps Site for Olympics 

j ARIS (Reuters) — The French government has decided to hy * the 
v: : of iheHantfi Savoie region in ibeFrench Alpsasa srieforthe 

i y '■ Winter Olympics, a statement from the prime nrimster's office pa id 
?;:» statement aid a tentative budget of Z93 biffioD femes {1335 
1 *3® e ®^ a 8 e i Tte government is already supporting a bid by 

j-'- . f°r the 1982 Summer Games. The International Olympic Comnrit- 

" it to annoonce the 1992 venues on Ota.17, 

?;»yd Takes Lead in Hartford Golf 

V «. jlOMWBLL, Connecticut (UFI) — Raymond Floyd, tmdergmng 
i therapy fa a backtajuiy, carded a 7-under-par 64 Thursday to take 


at the intense rookie, were Whitey 
Ford and Mantk. 

The Yankeesof tte postwar dy- 
nasty were professional about hns- 
ding from first to third on abase 
fait, but they were sot awed by 
exuberance. Stengel obtained 
Slaughter fa his hustle in 1954, 
and the tough old bird saved two 
hitches with the Yankees. Some of 
the old-anard Yankees would 
snicker when Slaughter raced to 
first base on a walk, but ibe (rid bey 
had earned his respect with the 
Gashouse Gang of Sl Louis more 
than a decade earistt. 

Slaughter had learned his lesson 
in the minor leagues when his man- 
ager, Fdrtir Dyer, asked him if he 
was weary because he had not run 
out a grounder to tbc infield. Jobs 
were scarce in the '30's, and 

jytumgfa /ff told th e motiagwr that he 
fellmst fine. 

fte told Billy Southworth he was 
just fine in 1941, when he ran into a 
concrete wall amd broke his coflar- 
boa* He finished the Bam* but 

they made him take a month off, 
until heazgued his way back into 
the lineup. He swung » hard at the 
first pitch that he (ore open the skin 
where the bone bad fractured, tinn- 
ing Ms- mwfanw 3S crimso n as the 
gfcturesqne redbird on the feoait of 

He nrid Dyer be was just fine in 
1946, when he look a pitch on the 
rMbtdbow during the fifth game of 
theWarid Series: He wouldn't rub 
dm injury (“wouldn’t give 'em the 
satisfaction," be arid) bat on the 
train back from Boston ttelmght. 
Dr. Robert F. Hyfam warned him 
not to risk his career by. playing 
with the bad tetris* 

“Doc, I thought you were 




Stieb Blanks Angels 
As Blue Jays Extend 
Winning Streak to 5 


The Chnfinals* WUHe McGee took a borne run away from Graig Nodes in San Diego, but 
Gary Carter suffered no such misfortune as he connected against the Astros in New York. 

Owners 9 Offer Angers Baseball Union ; 
Chances of Averting a Strike Diminish 


in the world do you .titink , I'm 
gonna miss this one? If I'm teeath- 
n% Tm an tight to phy.” - 
. Batting almost one-handed, 
Slau^ita drove in a key tun jn dm 
sixth game, and in toe seventh 
gam* with the score twd,he!ed off 
the eighth inning wife a bue hit 
He then raced home from fioLbase 
on the hit-and-run as Hany [Walker 
slapped a hit into kft-ccnicr, and 
Leon Culberson and Jmmyfesk? 
did not get the ball to thoplate in 
rim* The scorers gave Walker a 
double, but the reality is that 
Slaughter won a World Series by 
scoring from first on a sing!*; 

.Baseball players should mot 
make the Hall ofFame on the basis 
of one play, but Country Slaughter 
hustled like ihat for 19 seasons; and 
was barring an even 300 for his 
c ar eer wten'tiiey took away Iris 
umftem in 1959. Rose was in die 
major leagues four years later, and 
they’ll have to tear the uniform off 
hhnjoa-.: 


By Murray Grass 

New York Timex Service 

NEW YORK — Chances of 
averting a baseball strike Aug, 6, 
already a remote posflriHty, have 
seemed to dimmish even further. 

The owners' negotiators resub- 
mitted on Thursday a salary arbi- 
tration proposal that the union 
chief said was designed to anger the 
players and further frustrate efforts 
to reach an agreement. 

Another bargaining session was 
to interlace Friday, but there was 
no indication that either side ex- 
pected any progress to bemad* 

At Thursdays meeting, manage- 
ment representatives presented 
contract language dealing with sal- 
ary arbitration. The proposal, the 
same as the one made June 12, 
contained two dements in particu- 
lar that aroused the unions wrath 
— that efigrbifity be increased from 
two years of major league service to 
three and dial an arbitrator not be 
permitted to award a salary that 
was more than double the player’s 
pay the previous season. 

Labe&ra the ownere' action pro- 
vocative, Donald Fehr, the union 
leader, said: “At this stage in the 
negotiations, die owners are once 
again making a proposal that they 


know will make players angry, that 
they know Would be sevody re- 


gressive in reducing salaries. If 
there is interest in reaching agree- 
ment at this stage, you don’t do it 
this way. 

“If you waat to rognfce the fires 
that have been smoldering the past 
six months, you do exactly what 
they’ve don* They’re not stupid 
enough not to expect that this 
would make players angry, so I 
have to think they knew what they 
were doing. This does nothing but 
impede the chances of reaching an 
agreement-” 

Lee MacPhail, the owners’ labor 
spokesman, was surprised at Fete's 
reaction, pouting out that the sala- 
ry arbitration proposal had been 
made moe than six weeks aga 

Noting that the players’ proposal 
would have made more players efi- 
gjble for the procedure, he said: 
“Maybe they expected if they of- 
fered to drop that, we would drop 
ours. But salary arbitration is a 
very important issue to us. We have 
to do something to retard the in- 
crease in player salaries. You don't 
do that by saying it; you have to 
have a- system.” 

The players had rqected the sal- 
ary arbitration proposal when it 
was mad* along with the owners’ 
payroll plan, which would have 
..served as a salary cap. When Fehr 


was asked what he expected Thurs- 
day, he said: “Something other 
than a deliberate slap" 

He added: “Twelve days before a 
strike, I've got to tell all the young 
players, who axe overwhelmingly 
the majority of major league play- 
ers, that we won’t have salary arbi- 
tration as you know it and all the 
salaries wfll go down. That’s the 
price of an agreement I don't know 
who’s going to accept that They 
know I have to talk to the players 
so that apparently is what they're 
trying to achiev* If there's anyone 
on the other side interested in 
reaching an agreement. I haven’t 
seen or heard of them." 

MacPhail said that the owners 
were trying to negotiate an agree- 
ment to replace die one that ex- 
pired last Dec. 31 but that any 
agreement wonld have to provide a 
way far the owners to slow down 
the salary escalation. “Salary arbi- 
tration,” he said, “is an area I al- 
ways knew would be difficult for 
than, but ic*s part of the slowing 
process we’ve asked for." 

MacPhail also said the owners 
would continue to withhold a pro- 
posal on their contribution to the 
players’ pension and benefit plan 
until the players were prepared to 
address zbe “slowing process.” 


1/ineJ Press frtiemutumil 

TORONTO - Dave Stieb 

S Tched a seven-hitter and Damaso 
arcia. Willie Upshaw and Llovd 
Moseby each collected two hits and 
a pair of RBIs Thursday night to 
lead the Toronto Blue Jays to a 7-0 
victory over the California Angels. 

Stieb (10-6) struck out three and 
walked one while posting his sec- 
ond shutout and fifth complete 
game. In his past 14 games, the 2$- 
y ear-old right-hander has held the 

BASEBALL ROUNDUP 

opposition to two or fewer runs on 
12 occasions while lowering his 
league-leading Earned Run Aver- 
age to 1.95. 

“By far my won-loss record has 
never indicated how well I’ve 
pitched," Stieb said. “I don't know 
if it ever will I look around and see 
guys 14-3 and 1 feel I should be 
with them. I might nor win 20 
games. I might not even become the 
first Blue Jay to win 20 Karnes. And 
that means a lot to me. 

The Blue Jays’ fifth consecutive 
victory allowed the club to open a 
five-game lead over the New Yak 
Yankees in the American League 
East. 

Toronto took a 2-0 lead in the 
second off Mike Witt (8-7) who had 
a persona] five-game winning 
streak snapped. The Blue Jays 
loaded the bases on lead-off singles 
by A1 Oliver and Ernie Whitt and a 
one-out intentional walk to Jesse 
Barfield. Garda Lhen ripped a two- 
run single to make it 2-0. 

The Blue Jays stretched their 
lead to 4-0 with a pair of rum in the 
third. With one out. Ranee Muflin- 
tks singled and advanced to third 
when George Bell doubled. With 
two out, Upshaw singled in both 
runners. 

Toronto made it 5-0 in the fourth 
and 6-0 in the sixth on RBI singles 
by Moseby. Whiu hit his lath 
bonier in the eighth to give the Blue 
Jays a 7-0 lead. 

The Angels mounted their best 
scoring threat in the sixth. Jerry 
Narron and Dick Schofield singled 
with none out and Ruppen Jones 
followed with a sharp liner back to 
the box. Stieb snared the tell and 
fired to second to retire Narron for 
the third of four Toronto double 
plays. 

Orioles 5, White Sox t: Mike 
Flanagan pitched a three-hitter 
over *ght innings in Chicago, lift- 
ing Baltimore over the White Sox. 
Flanagan, making his second start 


since recuperating from a lorn 
A chillies’ tendon, opened with four 
perfect innings. Eddie Murray hit a 
grand slam home run in the eighth 
inning — his second this season — 
after Floyd Bannister loaded the 
bases with three walks. 

Red Sox 5, Mariners 3: Jim Rice 
drove in three runs as Bobhy Ojeda 
and (wo relievers teamed on a sev- 
en-hitter, pacing Boston to its fifth 
straight vicrcty. Wade Boggs sin- 
gled for the Red Sox to extend his 
hitting streak to 2S games. 

Tigers 7, Twins 2: Jack Morris 
burled a four-hitter and Barbara 
Garbo hit a home run and an RBI 
single to lead Detroit to victory in 
Minneapolis. Morris recorded his 
10th complete game and is now 6-0 
in the Melrodome and 1 4-4 lifetime 
against the Twins. 

A’s 1L Brewers 2: Bruce Boehie 
hit a three-run homer to cap a five- 
run sixth inning, and Dwayne Mur- 
phy hit a triple and drove in two 
runs to power the As in Milwau- 
kee. Tun Binsas pitched an eight- 
hitter for Oakland in his first ma- 
jor-league complete game. 

Mets 6, Astros 3: m the Nauonal 
League, Dwight Gooden scattered 
seven hits and struck out six to lead 
New York. Gooden increased his 
total strikeout* to 163, highest in 
the majors. He walked two m pitch- 
ing his ninth complete game. Gary 
Carter hit a three- run home run for 
the Mets. 

Cinfimh 9. Padres (k Vince 
Coleman ignited a five-run ninth 
off Rich Gtossage with an RBI sin- 
gle. pacing Sl Louis in San Dieeo. 
It was the fifth straight triumph for 
the Cardinals and the fifth consec- 
utive loss for (he Padres. 

Giants A Pirates 3: Chris Brown 
hit a two-iun single and Bob Bnmly 
hit a run-scoring double m the 
eighth inning to rally the Giants in 
San Francisco. 

Expos L Reds 0: Razor Shines’ 
pinch-bit single in the seventh 
scored Henn Winningbam to make 
the Expos triumphant. Bill Gulbck- 
son and JefT Reardon, who earned 
his 25th save, combined on a four- 
hitter. 

Braves 3, PfaflUes 2: Rafael Ra- 
mirez scored from second when the 
p hilKes committed on error Dying 
to turn a double play, lifting Atlan- 
ta in Philadelphia. 

Dodgers 7, Cobs 3: Pedro Guer- 
rero hit his 22d home ran and 
scored three times to lead the 
Dodgers over Chicago m Los An- 
geles. Fernando Valenzuela won 
his fifth straight game and Ken 
HoweD recorded his 10th save. 


for every practice or team meeting 


a way unit," said Joe Robbie, the team owner. Robbie 
*r “one <rf the most generous contracts in pro footbalL” He 



i££jmaa: 


4: “They are asking far a contract substantially greater than Joe 
Atana is currently getting.’ " 


to have a six-year contract worth $6 million, led San 


,> & 



KtanmvUvved nrnmmoacm 

Boris Becker, the. WimWedon champion, returning a shot 
to Francesco Cancellotti at the 1)5. Qay Court Champion- 
ships in Indianapolis. Becker took me match, 6-4, 6-2. 

Becker Draws Spotlight 
At U.S. Clay Court Event 


r u<h* r 




ufey, Hbhfe Green and Ron Street — were tied fa second at 66. 

iine8e to Play MI A Exhibitions 

ASHINGTON (UFI) — The Chinese Olympic basketball team has 
agreed to play several National Basketball Association teams 
utamn as part of a cultural agreement with the United States. The 
cafl tor scrimmages against NBA teams, and arrangements are 
madi» toplay exhibition gp*™* an official for the U.SL Information 
y raid. Tne Chinese are scheduled £o arrive in New York Sept 23. 

»lish dub Asks McEnroe to Quit 

4DON (UFI) —The Queens Teams Club in London has asked 
dcEnroe to resign his membership because of his unsportsmanlike 
a ata tournament last month. If McEnroe does not resign, be can 
efled, said Jonathan JEdwardes, membership secretary of the dob. 


By Roy S. Johnson 

New York Timex Service 

INDIANAPOLIS — Boris 
Becker revealed a lot about himself 
tins week. He said he likes rock, 
music.-esperialh' by Foreigner and 
The Police, btahe doesn’t tike ham- 
burgers a the nickname Boom- 
Boon. "My mother says to me, 
“Boris!,’ not Boom-Boom," he said. 
“Boom-Boom is not my name." 

Now, he is revealing a lot about 
what kind of tennis player he is, 
too. 

After struggling Tuesday night 
in his first match smee his stunning 
triumph at Wimbledon, the 17- 
year-old West Goman swept past 
Francesco Cancellotti of Italy on 
Thnrsday in just 1 hoar 8 minutes 
to move into the quarterfinals of 
the UJS. Clay Court Champion- 
daps. The third-seeded Becker 
rfiimnarwl his llth-sceded oppo- 
nent in straight sets, 6-4, 6-1 

“J played a day match today," 
he sai4 alluding to the difficulty he 
faced malting the transition front 
the fast, grass courts of Wimbledon 
to the stow surfaces -at (he India- 
napolis atom Center. .“The first 
day,- 1 didn’t, I made too many, 
mistakes." 

Becker’s strength is a searing 
serve, and that's how be kept Can- 


ceUotti, who is ranked 39th in the 
world, off balance. Bui that alone 
will not be dnough to hdp him win 
this tournament, which features 
several players who cUim day as 
their favonte smfac* 

His weaknesses — especially an 
erratic forehand — aside, Becker 
has captured the crowds here. They 
cheered wildly when he entered the 
stadium, then later sent him off 
with a standing ovation. And near 
tim end oT the match, when he re- 
acted to an emm shot by his oppo- 
nent with a dance r emini sce n t of 
The Twist, they buoyed him again 
with cheers. . 

'“t like to play when the crowd's 
tike that,” be said. “They were dap- 
ping hands fa both players. They 
were very fair." 

. Becker, said he will have to im- 
prove even more to defeat his next 
opponent, the litUe-ksown MDos- 
lav Medr of Czechoslovakia, who 
is seeded fifth. Medr has risen from 
60th to 13th in the rankings this 
year because of some suipmingty 
strong performances. In their only 
previous meeting, at an indoor 
tournament in Rotterdam in 
March, Mectr-wan in straight sets. 
On Thursday, be easily defeated 
unseeded Blaine Willenborg of 
Florida, 6-1, 6-4, to gain the quar- 
terfinals. 


Transition 


CHICAGO-^Acttvotad Ran ooWWd- 
•r. Sant Mark mat. outMdMV to BuHola 01 
ttw Amwtcnn AuocMkm. 

HottooM Ln MT 

ATLANTA— Suspmdad Poacoal Pom. 
pttdnr. end stacad n Im on tta rutridad ML 
CaiM on Joo Jobnaon. nttchar. from Rich- 
mond at ttw intantattanal Laaaua. 

NEW YORK— RacolM4flJ Latham, anch- 
or, from T M owotor at ttw i w tontaHomU 
UMW Ontkmd KoMn Cboornan, Mcond 
baaoman, to TMowotor. 

BASKETBALL 

MaHooal BoritolBaB inflntlw 

UA. LAKE RS— Siftnod Mlko McCOKBOanL 
torwarW to a fow-voar contract. 

FOOTBALL 

National Football Lo om i 

ATLANTA— Nmd Slaw BortkowxU. 
Quarterback, end Mkk LucMhhA kldior. 

BUFFALO — wotvod Emit EVOTOtt ICoBY 
Potter, and EroJOQ Sandtoz. Mdwre. Ao- 
nouncod that Mtko Toll Ivor, wUa racaivar, 
hod loft aura, 

Cincinnati— SM nad Tom Dtokaj, itpo- 
bockar. 

CLEVELAND— Ratoand Frad OiSonta 
running hock; Paul Maura. ouorMrbodcj 
ftofoJahmon and Anthony BJoIr.ivJdorocatv- 
ora. and Morto ShoHor. oHomlvo IkaiHA. 
SMnad Brian voat.dafaRiivo llnamov Stoned 
Orao Allan, ranidna fwck, loo aorfas of ona- 
voor coniracim. - 

DALLAS— Cut vincmt Boon and Smi Bur- 
rts, wlaa raethars; Mark Komwclv and LM 
Knowksa. Unobockori; Polo McCortrwy. co*»- 
tor; Darryl Uroorv, toefcto, and KOvfn Bum- 
ato. puntor. 

DENVER— Wowed Dwnnw Stonlay. Dor- 
rick Tov u»r, and MIchMl Brown, running 
bocks; jm Vaone. Robert Younger, Thomas 
Hurt, Dow onniwhom. ood Rlchora Undar- 
tioun, oflonshra Unemenj Kirk Powell, punt- 
er; Cflnten Travis and John Tnrftan. wide 
rocsivora: David Booth, Mike Brawn, Lee 
BMkonev. and John Holns. Hnebockers, end 
Ricky Graono.UjonwsCJork.RIrhonj Groov- 
er, ana Rod Brawn, defensive becks. 

DETROIT— Signed Stan Short and Gres 
RoBorM,BuartMndRt£kv Stamen end Mar 
shall Lmo wMo rocelvon. Traded Robbia 
Mortlivwldo racotver.to IndkmopoHs lor Al- 
vin Maora. rannlna bock. Ctalmed Dove 
Young, thdit and. <md Ronald Watson, sotaty, 
Irani waivers. Stoned Aiioeia Kim Hnabaek- 
•r. 

GREENBAY—WalvadMIkaMeCev.daftn' 
shra back. Stoned Budcy Scr1bnor.puntK.nad 
Rich Moran,. offonstvo itaoman. Cat Peter. 
daUan, StfanUtw lineman: Jiff Sterferd, 
detonstvo badland Andre Yeans. unabackar. 

HOUSTON — Waived Jeff Carter and Kant 
Jordan, itaht ends: Brian Hall and Avenck 
Walker, detenslv* backs, and Dannie Comp- 
bML quarterback. 

INDIANAPOLIS— -Waived Dave Yeung, 
Mpw end; PhflBaian, quarterback, nod Mick 
Crnkevtah, MM end. Stoned Barry Krona. 
Unabackar; Robe Stark, punter, aad Andre 
Young, strung safety. 

KANSAS CITY— Stoned Brad Budda. 
poem tv a works of ant-raor contrac* 

■ UL RAIDERS— Released Vince Gar- 
inocfie and NUebael Ward, otoceMcken. Cut 
Torn Saddle and Courtney Grttfln, running 
backs; Oreo Rutter. HoM and: Rax Bur- 
niashom. Handy Narvefle, Mark Petya and 
Steve watd, offensive linemen, and Elton 
CvMmtaMr Rotob Dome)], Lorenzo Ktaa, and 
Matthew Teague, defensive lineman. 

MIAMI— Cut Pate Lavtn end James TIxk- 
ton, deftmstve backs* «>vl Sam Floras. Ptoce- 
kWker. Mike Moera, oHeiwIw lineman, left 
fraMiwcamp. Placed Andra FrankttA ML 
bock; Erie Loasko. offensive tackle; BOD 
BiwtnlMwer, new tadUt, and A_L Dube, Rne- 
bocker, on phvsloojlv unabie to perform IlsL 

NEW ENGLAND— Sgned Ben ThamoLds- 
tensive and, ton two-year contract. 

N.Y. giants— A nnounced that Jock OIL 
wr.efkmsiwnfiernmihiB'BtunMdtBeomA, 

N.Y. JETS— Waived Grata Garrick, hKUti 
Scott Ntaetak,ttotdend.andM1keAu»u»tvn- 
tudbackratter talllno otiyalcal examina- 
tions. Wutved Tent Garner, canter, and Der- 
rick Gaffnev. wide toeUw. Phiaw NKk 
Bruckner, wide receiver; BraeeHarper.ron. 
new bock, end Bob Crable. itaebockar. en the 
pnvslcailv unable to per f orm IM. 

PITTSBURGH— Stoned MaTCUA Eltleft 

SAN DIEGO-Stonod Ralph MtlsMenka, 
outdee and MaeaWcker. 



line Scores 


NATIONAL LEAGUE 

pittwoiBb mewtne-s 4 ■ 

im Francisco . an m «xc— i n • 
Rhoden, Guont* (81 and Pena; Mammaker. 
Minton (|) and Trevino. Brenlv (It. W— Min- 
ton. 2- 1. L— GaardA 3-2.HR— Pfftsbarah, Mod- 
lock (6K 

M Louie m Ml US— » 11 I 

Cap Blew 010 K* *00—4 • 3 

KopeMre. Horten (51. Doyfev (Tl. Lahti IM 
aw Porter; Show. LeffOrta (71. Gn fsn pe (sj 
and Kennedy. W—Pavtav. ML L—G oe seuA 2- 
X SV— Lahtf (11). HRs-St. Lou* Clark 11*1. 
San Diape. Nemos (11). 

O ndimnw eee ooe eco-4 < a 

MeefraM see M tix—i 6 t 

McGoffleen. Hume (7) end Bltardeno, Von 
Carder (Sl; GutUckson, Raardan (I), and 
Fttraeraid. Butara (8). W— Guflictuon. KM. 
L— Hume. 1-3, Sv— Reardon (251. 

Houston IBMItt-3 7 i 

New York IM BN Wx-4 9 I 

Scott. Calhoun (7) end Boltov; Gooden ana 
Carter. W— Gooden. 1S-X L— Scon, d-x HRs— 
Houston. Dovts (A). Bailey (A). New York, 
Curler (12). 

Atlanta 2M MB Ml— 3 3 fl 

PMtadeMrio Oil DM 810—3 S 1 

Johnson. Sutter (II end Cerone. flawtev. 

Tefculve (*) and vi rail. W— Sutter, 6-4. 

Tekuivk **. HR— Aitanfa Homer (17). 
cmoooo eoi eee m— a 7 i 

Las Aneatea M 112 3fte-7 ill I 

Fentenef, Sorensen (7). Bruastor <BI omt 
Dovts; vefenxueto, Howell (H and Yeaner. 
W— VoAenzueta, IM. I — FonlenaL 3-5. Sv— 
Howell (lot. HR»-CMcaea Matthews (5). 
Las Ahgetes. Ouerrara (22). 

AMERICAN LEAGUE 
California MO M* 800—0 7 0 

Tonal* 033 W »U— 7 14 1 

Witt. Stolen (51 and Narron; Stieb end 
WWtt.W — Stieb, 104. L— W1M.S-7.H R— Toran- 
to* WMH (121. 

Seattle an MB s*2— J 1 l 

Bostoe IN DIB 21»-5 I 0 

SwIH. Venae Berg (71, R.Tt»»nas 17). Snv- 
der *B) and Kearney; Oleda. Crawford (7). 
Clear (*) and Gedman. W-Ofedn. 54. L— 
SwlK. 34. Sv-Ctoar 12). HR— Seattle. Cotes 
111 . 

BaMmaro Ml ON MO-4 4 ■ 

CMcaee eee W 008—1 3 2 

Ffanoacn, Stoworf 191 and Dempsey; Ban- 
nister end Hitt. W— Flanagan, l-L L— Bonnta- 
ter, M. HR — Bolt I more. Murray (16). 
Detroit IM 3M 103—7 I 1 

Minnesota M0 000 120-2 4 2 

Morris arm Camilla; viola Ward)* 19} ana 
Sales. W— Morris, 114. L-Vtoto. IM. HR»— 
DetraH. Garaev (S3. Mbmesata, Bush (9). 
DaktaM oh ees 101 — 1 n u o 

Mlfwmdieo 2M BOB IM— 3 I * 

S [rheas oner TetUMMi; Cocenower. Walls 
(41, Load 17) end Moore, w-einsas.74 L— 
Csamower, l-l. HR— Oakland, Bedite (6). 


Football 

CFL Standings 

EASTERN DIVISION 
W L T PF PA 


Major League Standings 


AMERICAN LEAGUE 
Roto QtvUtee 

W L 

Toronto S* 37 

New York 52 40 

Detroit Sl 42 

Boouo 51 41 

BolHmora at as 

Milwauke e M 52 

Clevetand M <3 

Wert DMstoa 

California S4 39 

Kansas Oty 4* 44 

Oakland 49 46 

Chicane 47 45 

Seaftte 44 51 

Minnesota 49 SO 

Tanas 37 51 

NATtOMAL LEAGUE 
BoP DtvtakM 

W L 

SL Louie 57 36 

New York 54 4B 

Montreal SS 41 

dlkOBO 50 44 

PfcftKMMtlo 43 S J 

Pittsburgh 31 52 

West DWtstoe 

Lei A n n ele s 54 it 

San Diego 52 44 

andflNM 49 44 

Houston 44 52 

Atlanta 42 52 

San Prancfsca 36 60 


Pet. GB 
All — 
■565 5 

jsa M 
SB TVs 
Sit TV) 
MS 17 
323 2717 

SB? — 
-527 6 

-516 7 

311 7Vj 
MS 12 
443 12 
Jit 19 


Per. GB 
A13 — 
SJi 3Vi 
SJ3 31b 
532 7V» 

M7 )5VJ 
J33 26 

JB1 - 
J42 31k 

-527 5 

ASS 111k 
AO 12ft 
J7S 191k 


UJL CLAY COURT CHAMPIONSHIPS 
(At ladlanopolbl 

MEN'S SINGLES 
THUS vtoend 

Iran Lend) (I). Crachostaraew. def. G or 
Forget 05). France. 6* 6-2. 

Mltoslav Medr (SI. Czadtestovakto. net 
Bkdne WUteonara. UA_ 4-1, 44 

Barts Becker (3). wait Germany, del 
Francesco CanOHIoM. Ill), ftofy. 4-4. 4-2 

Martin Jotte (U. Argentina, del. Guillermo 
vita*. (10). Argentina. 60, 6-1. 

Jara NauarattL bacnaslovakla. dot. Law- 
son Duncan. U&. 6-2. 7-5. 

WOMEerS SINGLES 
Ooorierftods 

Zina Garrison, 12). Uj.oet. Amo Ivon. U A. 
s-7 nan. 6-i. so. 

Kale Gomoert, U5. del. Menuaia Maleeva 
ID. Butearta. 

Andrea Tamaevarl (4). Hungary, del. Ra- 
tael la Reggl (141. Italy. 44, 7-e IB-4). 

WOMEN'S DOUBLES 

Penny Bara and Paula Smith, Ui (3). del. 
Karai Huebner and Kim Stelnmatz. UJL. 6-3.6- 
X 

Beth Herr and Terry Phelps US. (41. dot. 
Merceaes Par and Adriana VlUesroa Argen- 
tina (S). M.HW 

Manueta Malaeva and Katerina Moleeva. 
Batoarta. (Sl. aeL Zina Carr Hon end Lori 
AKNiU. US. (31, 64. 5-7. 4-X 

iva Budorava ana Mnrcale Skuherska. 
Czechoalavaklg.daL Kathy Horvatn.U*.and 
Anaroa Temesvarl. Hunoorv. (I), W. 6-1. 


BlancpaiN 



Montreal 7 0 0 77 4| 

Ottawa 1 l D 63 65 

Toronto 1 2 0 79 71 

Hamilton 9 2 0 19 M 

WESTERN DIVISION 
Brit Cunb SB 0 IM S 
Edmonton 2 2 0 T9 lit 

Winnipeg 2 2 0 U 97 

Saskotobwn 12 D S3 73 

Cotoary • 2 0 $2 41 

THURSDAY'S RESULT 
Edmonton 25. Winnipeg 21 


BOBBY KAUFMAN 
CALL HOME 

OR ROBERT SLAUGHTER 
AT 212 -^ 41-0260 
NOTHNG TQtMBLE. 
MOM AMD DAD. 



' HOROLOGISTS 

IB itow tend Sim Maytar UBdan Wl 
-• DI-4B3591B 


\ 


t 



Page 22 

RUSSIA POSTCARD 

'Hard Rain 9 in Moscow 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 27-28/1985 


PEOPLE 


By Cel es tine Bohlcn * e Sovta Union —his first here — 

Near York Tunes Service W» lOW-kev TO say the leaSL Even 

M OSCOW — Bob Dylan international poeoy reading in 
looked just a little out of ^ch te took part was barely ad- 
place up on the stage in a Moscow v «iised, and as far as anyone 
sports hall, seated amo ng a gm«p " ,ew i Dylans name never ap- 


venised, and as far as anyone 
knew, Dylan’s name never ap- 
peared on any billboard or in my 


2 Brothers Snared by Venus’s-FIytrap ^ r i r . Hemingway Fl 

Rv OEnrlw ; lillinfWT ^ 4 ' I *1 ft JK& IflHBUWMHHH i.i.a >k> nnih - o- v m/ 



>rts hall seated am 
international poets 


of potted geraniums and a table set ““PWfT: 


with mineral water. 

He was dressed in white from 


Ode of the organizers said there 
was concern that people would 


bead to foot, with dark glasses and knock down doors to get in, since 
the familiar mop of airly hair, ty coinadence the poetry reading 
Most of the other 26 poets wore was scheduled on_ the eve of the 
suits and ties, except for the Nica- l^th Youth Festival, as 20,000 
raguan cultural minima 1 in a safari y° un 8 p^opl® arrived In Moscow, 
jacket and beret and an Indian poet ® ut ^ Dylan is known in the 
in a flowing robe. Soviet Union, ft is less among the 


in a I lowing rooe. wvjci umuu, il i* ic» iuuung LUU 

And while the other literati redt- y° un 8 generation than among 
ed their poetry, Dylan sang his, those who remember him from the 


after ducking off stage forlO min- 1960s. “Those records I have.” said 
uics to nine his guitar. Twangs of the organic- 
“Blowin' in the WhuT and “Hard Actually, no one seems to rc- 
Rain’s Gonna Fall" wafted across robber whether his records were 
the sports arena at the Lenin stadi- offidaUy sold here. Dylan said 
urn complex, over the of a at the Soviet embassy in 

sparse audience seated in alumi- Washington told him be was best 
mini deck chairs lined up on the known for “Blowin in the Wind" 
gym floor. and “The Times They Are a- 

Dylan received applause, not Ch an ging.^,. . 

quite overwhelming but better than Shortly after he arrived Wednes- 
polite — more than had been given Dylan said he heard on the 


By Charles Hillinger 

Los Angeles Tana Service 

G reen swamp. North 

Carolina — The two broth- 
ers gingerly made their way 
through the forest of moss-cov- 
ered trees and dense underbrush, 
shrubs and wild plants, alert for 
rattlesnakes, water moccasins, 
copperheads, alligators and 
patches of squishy marsh. 

They were covered with ticks, 
buzzed by testy flies and mosqui- 
toes. An alligator surfaced near- 
by, then disappeared. 

But Stanley (Fly Trap) Rehder, 
63, and his brother, Henry, 74, 
(fid not mind. They enjoy the hos- 
tile environment. 

They gel out in it as often as 
they can, as they have ever since 
they were small boys taken into 
the woods and swamps of North 
Carolina by their father. 

Stanley is a leading authority 
on the venus's-flyirap, a plant 
that Charles Darwin described as 
the most unusual he had ever en- 
countered. 

The only place Venus’s-fly- 
traps grow naturally is on the 


to, say, the president oftheBi 
an Writers Union, or the Tf 
poet’s recital in Russian of a 
about the battle of Stafinara 


radio an instrumental he had once 
written. “It was the flip side of a 
single — ‘Wigwam,’ I think," he 
said. “Halfway through I thought 


about as much as was accorded This sounds f a m ili ar, and then I 


different, something unexpected 
for the assembled poetry lovers, 


The poetry reading was 
sored by the Soviet Writers' 


; Writers' 


most of whom seemed not to have but, according to one of iis mem- 
had a due that the famous idol of bers, this year was something of a 
the 1960s would be in their midst trial run. “You should come next 


Thursda 
“We : 


no idea," said one 


year," he said. 

Dylan was asked to come by So- 


young man as he left the hall after viet poet Yevgeny Yevtushenko 
Dylan finished his three-song act. three months ago, the American 
Here, where poetry is taken very said. “I told him I don't really read 
seriously and poets are regarded as my staff,” Dylan added. “He said it 
popular figures, (hoe was some do- would be nice if I could sing." 
bate as to whether Dylan was really Yevtushenko, who introduced 

a poet “More a singer-bard,” con- Dylan, described him as a “singing 
duded the young man poet." 

Dylan's appearance this week in Andrei Voznesensky, another 
— ■ — — - Soviet poet, who has came to know 

Garden-Gnome liberation ^ azs u of th . e , 

States, calls him a medal type of 
The Axroaated Press artist" But before the reading. 


AMSTERDAM — A drive to_ Voznesensky worried that the 


taws may liberate the garden non-Enelish-speaking audience 
gnome: Under proposed lqasla- “With him," Voznesensky said, 
tion, the universally ignored re- “the sense of the words is veiy 
quirement for a municipal permit important" J 


to adorn gardw m with th 
colored figures would be 


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Art Buchwald is an vacation. 


mington. North Carolina. 

He believes he has the only 
personalized license plate in the 
country that says FLY TRAP. “I 
don't know why anyone else 
would want it," said his brother. 

Henry is known by botanists 
for his work with pitcher plants, a 
carnivorous plant of the family 
Sarraceniaceae. One of the insect- 
eating plants he discovered and 
identified carries his name — 
Sarracertia rehdert 

There are five famili es of car- 
nivorous plants, so called because 
the plants trap and digest insec ts 

and small animats such 35 frogs 
and lizards. The other three car- 
nivorous plants are sundews, but- 
terworts and bladderworts. 

The widest selection of these 
rare and unusual plants in the 
United States is in the swamps of 
Wilmington. 

“Science writers have written 
many stories over the years about 
man-eating plants in places like 
the Philippines k Filing and swal- 
lowing humans. Not true," Stan- 
ley sai<L“But my father took a 
picture of a Venus’s-flytrap in the 
Green Swamp eating a frog, that 
appeared in Life magazine years 
ago. And that was true." 



iuse the plants blossom, with a 
cluster of small white flowers at 
the tip of an erect stem S to 12 
inches tall (20 to 30 centimeters). 
Each leaf on the flytrap has two 
jaw-like lobes hinged along a 
mkSine. The tops of the lobes are 
covered with teeth that mesh 
when dosed. On each lobe are 
three super-sensitive hairs. When 
two of the hairs are brushed by a 
moving insect, the leaf snaps, 
trapping its prey. 

. For 24 to 36 hours, the glands 
on the leaf secrete red sap that 
digests the protein from the body. 
Then the lobes open again, wait- 
ing for the next meal- 
Within minutes the two men 
came upon .hundreds of hollow 
mbular leaves shaped like tram- 


Fivc early «*hort stories by Enx*t uued exclusively of r.J 
Hemingway will 1* published for works. Copland un&dob jl" 
the first time this autumn ir. new ;y at the music soiled' 
biography of the writer. Prnfwor opened m 194G and Bn * 
Peter Griffin found the short *u> one of iii first studenti 
ries. an unfinished novel and teller*- « 


of Hemingway's in a stack of boxes 
donated bv the author's fourth wife 


Debra Winger was gj*. 

to the John F. Kennedy library in ttafftc tickets while drivia a ; ,i 
Dorchester. Massachusetts. Griffin Losuncntai war icasaj ■' 
said the stories were valuable he* _?* ^«>raska fry & 

cause they explored what would *”7** 10 • 

become major Hemingway themes * >e * n the acL>j 

and showed the the spare viyle that ^topped after radar imW 
was to be Hemingway's trademark. driving - 1 miles an h*. 
The stories were influenced by -nute-an aour rone. Herr 
Hemingway's unrequited !o\e for dnvers license hadi**, 
Agues won Kurowskv, a nurse Mav. m) a second 
whom he met in 1918 when rccov- MJe “: hatner said. “Tbe* E 
ering from a war injury in a Milan ^uiremBi! thecar tfuybca 
hospital Griffin said. The heroine Ct ? ^hen I ant in it. 334 ^ 
of “A Farewell to Arms” Gather- *"*** during 

ine Barkley, was based on Kur- Terms of crueanassr 
owskv. The biographv. "Along Q 

With 'Youth: Henungxay. the Ear- Do|ww R „ 

yS* ?S, v 1S5Ch 2? 1CdtOPCpaD ' tlu Communist Panv of s 
hshed m November. broke her collar bone m ££ 

□ vacation home in Gn». ^ 

Svetlana AOHineia. Josef Sta- new s agency ErE repo 

fin's daughter, who defected to the ibamin. whose party poia* 
United States in 1967 and returned honorary . wj» treated at a ha 
to the Soviet Union last year, is ^ reieasol Lntd this a m 
living on a hillside in Tbilisi over- loarnin nau spent her v acj^ 
looking the capital of Georgia, her I * 1e i Scv-C* Union, where bet 
father's homdand, and apparmsiiy ^Joiner re.atr.es live. Adc^ 
has found the privaev she claimed Spanish parhamem dm^, 
had eluded her in the West. "You Second Republic of 1931-36,] 
can see her taking her garbage out nip gained fame as “La ^ 
like any woman." reported one res- * u ’ u [ _ danng the 1936-39 Cm] 


vered and studied for 65 years by 
Henry Rehder. 

“Smdl them.” he instructed. 
“Detect the sweet aroma? Note 
the bright colors. The aroma and 
color is designed to attract nec- 
tar-seeking insects. Once inside 


m Ansrin Tl._ 

Hemry Rehder (left) and his brother, Stanley, in a field 
of insect-eating pitdier plants. Inset: Venns’s-flytrap. 


The 14,000-acre (5,650-hect- 
are) Green Swamp, 20 miles west 
of Wtimington, is protected as a 
sanctuary for blade bears and 
carnivorous plants. Venus's-fly- 
traps harvested on the edge of me 
swamps are sold throughout the 
world. “You can buy them in 
stores all across America," Stan- 
ley said “It’s really a rihanw* 
There's a danger of overharvest- 
ing flytraps. They were on the 
endangered species list until 
1979.” He is urging the North 
Carolina legislature to get. the 
plants back on the list. 

There is some element in the 
local soil that is essential for the 
growth of the plants and. so far, it 


bos been impossible to transplant 
them. One essential ingredient to 
keep the plants alive is a type of 
moss called Sphagnum, said 
Stanley. When he goes into the 
swamps to locate and study the 
Veaus’s-flytraps in their native 
habitat lie looks for Sphagnum. 

“One rather exotic explanation 
as to why flytraps are found here 
and nowhere die is that milli ons 
Of years ago this part of the coun- 
try was hit by a meteorite show- 
er." Stanley observed “Some be- 
lieve the plants originated in 
outer space. After all, they are 
named after a planet.” 

Stanley led his brother to a lush 
garden of Venus ’s-flytraps. In 


the mouth of the pitcher plant, 
the insects plunge into the throat, 
which contains thousands of tiny 
hairs, all pointed downward The 
insects struggle for freedom, but 
there is no escape. And at the 
bottom is a weO of liquid sub- 
stance, a mixture of digestive en- 
zymes and rainwater, where pro- 
tein from the insects is 
consumed.” 

Hemy operates a florist shop 
in Wilmington founded by the 
brothers’ great-grandmother. Jo- 
hanna Rehder, m I860. Their fa- 
ther, Will Rehder, spent his life- 
time studying the strange plants 
growing in or near the local 
swamps. 

The two sms give lectures to 
horticultural societies, universi- 
ties and other groups, and work 
closely with scientists. 

Stanley was a partner in the 
family business for 30 years. Now 
be is a Wilmington realtor. He 
was one of 800 survivors on the 
troop transport Leopoldville, car- 

E American soldiers from En- 
to France on Christmas 
1944; half the troops 
drowned when the ship was sunk 
by a Nazi sub. Henry is famous in 
Wilmington for his homemade 
pidded figs as weil as for his work 
with pitcher plants. 




- - - ,-ppn WWI 

of "Terms of Endearnot'* 
a ' 

Dolores IbamsL SS. pn$^ 
the Communist Panv of t 
broke her cellar bone in aifaB, 
vacation home in Gnon, g* 
nonal new s agency EFE m>n 
1 barren, whose panv pos^ 
honorary. wj» treated at a jv* 


the Soviet Union, where fa 
and other relatives live. Atfaa 
the Spanish parliament dm^ 
Second Republic of 1931-36J 
run gained fame as “La fa 
aria" during the 1936-39 Chi] 



idem who said he jogged by her her call to resist the foitai 
heme every dav. Her American- Franco. She went into rxifcjal 

- . . Ciaiai T -3 


bora daughter, Olga Peters, 14. is *** ^nion at the end of fe c 5 
with her, one resident said Olga J. af b “‘ burned to Madrid •/ 
was being tutored in the Russian *'“ an Cartov 1. who beu, 
and Georgian languages to help her w ;l |en Traacp 

in scbooL Georgian officials said d^crceQ a general amnesty fejj; 
Alliluyeva, 59, was working at the “«* considered the etressbori 
Georgia Institute of Foreign Lan- Franco regime, 
guages. She has turned doum all G 

requests for imerviews. even on her „ _ , 

role in expanding the collection 21 Juian&dat, widow of fteafc 
the Stalin musaim at Gori. his AmwSadalof EgyptiwiHjat 


Franco regime. 


requests iot uuemens. even on hct „ _ . , , , „ 

role in expanding the collection at Jihan Sadat, w idow Ptt*ifc 

the Stalin musdim at Gori. his AmwSaditiof Ee-pt.wiHjM, 
birthplace, 45 miles (72 kilometers) g™*? of Radford Vmvttm 
northwest of Tbilisi. Virgmia tius auti mm teaman 

week, school officials say. Wn c 
D dat. whose husband was usasriiL 

ed in October 1981, bonnes i 
The composer Aaron Copland firer member of the uajveohy’ii] 
went to the Tanglewood Music tinguished visiting prafeuad 
Center hi the Berkshire Mountain program. She now lives in Vb . 


The composer Aaron Gijdand first member of the umvesBy’ii] 
went to the Tanglewood Music tinguished visiting profeua^ 
Center hi the Berkshire Mountain program. She now lives in Vb 
town of Lmox, Massachusetts, to ington and has recently m fl a 
check in with one of his old stu- .American University there and 
dents, Leonard Bernstein. Cop- the University of South Carafe 
land, 84. had lunch with Bernstein. She will continue work on a data 
67, and students at the center. Lai- ate in English literature at Sn 
er he took in an evening concert. Carolina, and is expected fordo, 
conducted by Bernstein, that con- a book of memoirs soon. 


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