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The Global Newspaper 
Edited in Paris 
Printed Simultaneously 
in Park. London, Ziirich, 

Hong Koiig. Singapore, 

The Hague and Marseille 


WEATHER DATA APPEAR ON PAGE 1 8 


No. 31,819 


EYlS^TIONAL 



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Published With The New York Times and The Washington Post 


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ZURICH, MONDAY, JUNE 10, 1985 


ESTABLISHED 1887 


*•■ Kx 


Militia in Lebanon 
y Sets Free French 

Colonel in UN Unit : - " "Hr ^Iv-v. 


Soviet to Stress Offense 
Against SDI, Officer Says 


• The Associated Press 

. u ; >: METULLA, Israel — Mflitia- 

men in south Lebanon holding 21 
-1 Finnish soldiers as hostages re- 
-‘J' leased a French officer they had 
also taken captive, a ON spokes- - 
■' ,--.'^nan said Sunday. 

' i „ '** The spokesman, Timor Goksel 
. : ' said that Colonel Jean-Mi ch el 
^ Blemdjian had been held since Fri- 
, - ... day, but that the United Nations 

-■ v'; had only learned of his detention 
- on Sunday. Colonel Blemdjian 
' serves with the French unit of the 
UN forces in Lebanon. 

The Finnish troops were taken 
hostage by members of the Israeh- 
backed South Lebanon Anny in an 
"* !r.fa effort to secure the release of 11 
^ miiiiiflnwt held by Suite Moslem 
guerrillas. The commander of the 
* z^South Lebanon Army, Brigadier 
* .yjcncral Antoine Lahad, said he 
. had ordered his men to release the 

■ ■ Frenchman. 

The militia has freed fair of the 
25 Finns since the seizure of the 
troops on Friday. Tbe commander 
. *. • of the 490-man F innish battalion, 

h- Colonel Venni Hakala, was re- 


leased Friday. UN sources said he 
had been beaten np: . 

Three enlisted men were freed 
Saturday night in what Brigadier 
General Lahad called a “goodwill 
gesture/’ 

Mr. .Gflksd said that Colonel 
BJemdjian, the deputy chief of op- 
erations at the UN’s military head- 
quarters in the south Lebanon port 
of Naqoura, was. released in the 
village of Qantara, six miles (10 
kilometers) north of Israel's bor- 
der. Mr. G8ksd said the officer was 
unharmed. . . 

Briwdiw General T j*hnd said in 
Metufia, an Israeli border town, 
that be saw “a son of progress" in 
the nayrtiations to end the crisis. 
But UN sources said that the con- 
frontation did not appear dose to 
being resolved. 

The general stressed that “this 
regrettable affair will not be over 
nntii our men are released.” Lead- 
ers of the Shnte Amal mili tia hold- 
ing the II South Lebanon Army 
men, all Shiites, have refused to let 
them go. 










UN troops Mocked access to Qantara, Lebanon, vbere two of ?! hostages were being held. 


The soldiers of the 5,600-man 
UN Interim Fence in Lebanon, 
known as UNIFEL, have been 
caught in the cross fire between the 
mainly Ch riwinn South 
Army and the Amal militia Hying 
to dislodge diem from brad’s buff- 
er zone in southern Lebanon. 


Beirut newspapers speculated 
that the seizure was engi- 

neered by Israel to pressure the 10t 
nation UN force to withdraw from 
southern Lebanon. 

Israel has long insisted that the 
UN troops, which have patrolled 


south Lebanon since 1978, have 
“outlived'’ their usefulness. 

Because of the standoff, an Is- 
raeli military source said, military 
authorities restricted media access 
to south Lebanon and barred jour- 
(Coatinoed on Page 2, CoL 5) 


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Bad Dream at State Dept.: Agreement WiththePLD 


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By Bernard Gwertzman 

•. New York Times Service 

WASHINGTON — A -senior State Department official 

f id recently that his “nightmare” was that the Palestine 
beration Organization would agree to all the conditions set 
by the United Stales for recognition by Washmgtan, provok- 
- ing a new crisis in American relations with IsraeL . 

“What would happen then is that we’d have to do what we 
; promised and talk to the PLO, and Israd would probably go 

off the reservation," the expert an Middle East affairs said. 
“And instead of being able to concentrate on peace negotia- 
lions, we’d have to spend our time pacifying the Israelis. 
• £ That’s my personal mghtmare.” 

'■ So far. the PLO has not accepted unequivocally the U.S. 

conditions — reoc^nitiai of Israd’s right to exist and accep- 
at; tance of United Nations Security Council Resolutions 242 
and 338. 

. Yasser Arafat, the PLO leader, said in an interview in The 
'■ WaD Street Journal on Friday that he still was holding off on 


members of a joint delegation with Jordan to negptiahtpeace 
with Israel under the “umbrella” of anmtemational cbnfer- 


■ - ence. 


Even though the PLO had not yet confirmed Hussein’s 
statement, just the appearance of movement by the Arab 
side toward peace talk* has led to criticism in Israd of the 
United States, with the attacks coming most sharply from 

NEWS ANALYSIS 

the Likud bloc in (he national unity government, led by 
Foreign Minister Yitzhak Shamir. 

The Israelis were upset because Secretary of State George 
P. Shultz called Hussein’s visit an important step forward 
toward ending the Middle East diplomatic deadlock. 

Prime Minister Shimon Peres, the Labor Party leader, has 
not closed the door on peace talks, because he may decide to 
force a new election an that question next year to forestall 
handing his job over 10 Mf Shamir, as he is seh^dnlad to do 
in October 1986. But for the moment, he has chosen to be 
much less su ppor ti ve of the U.S. efforts than the Reagan 
fldminiwff ti on would h~Vr. 

In some of the hardiest words against the United States in 
the past two years, many Israeli officials have accused the 
. administration of being taken in by Hussein's words and of 
.being too eager to deal with Palestinians in the Palestine 
National Cmmrfl. which most Israelis regard as tantamount 
to talking to -the PLO. 


Since 1983, when Arab nations did not support the U.S.- 
negotiated accord b e tween Lebanon and IsraeL the Reagan 
administration had remained aloof f r om Middle East diplo- 
macy, contending that h was up to Jordan *nd the PLO to 
agree to negotiate directly with IsraeL That position fitted in 
weD with IsraeTs desires. 

Faced with an economic crisis at home and. having to end 
the occupation of Lebanon, the Israeli leaders made it 
known they were not looking far the additional burden of 
negotiations on the future of the Israeli-occupied West Bank 
and Gaza. Perhaps in 1986, Israeli officials said, but not 
now. 

Any negotiations involving Jordan and Palestinians would 
inevitably force Israel to face np to such difficult political 
issues as the delineation of Israel's borders, the future of 
Israeli settlem ents in the West Bank, the status of Jeru sal em 
and tiie kind of sdf-govemraeut that should be given Pales- 
tinians in the regio n 

On all these questions, Israd was sure to have significant 
differences with the United Stales. 

For the moment, there is to agreement on the format for 
negotiations between Israel and the Jordan-Palestinian 
(Continued on Page 2, CoL 6) 


By Jim Hoagiand 
and Dusko Dodcr 

Washinpon Pen Service 

MOSCOW — The Soviet Union 
will not attempt to match the Rea- 
gan administration's cosily mili- 
tary program in space but will in- 
stead concentrate on building 
cheaper offensive nuclear missiles 
that could overwhelm an American 
shield, one of the Soviet Union’s 
highest-ranking generals has as- 
serted in an interview. 

“We are not going to take the 
path that the U.S. administration is 
trying to force ns onto,” Colonel, 
General Nikolai Chervov said Fri- 
day. “We have made it dear that 
we will not ape the United Stales” 
in spending billions on a space sys- 
tem. 

In addition. Genera! Chervov 
suggested that Moscow had con- 
cluded that the arms control pro- 
cess that has governed U.S.-Soviet 
relations for two decades is on the 
verge of collapse despite the re- 
sumption of n^oiia lions between 
the two nations m Geneva. 

General Chervov is a senior de- 
partment head on the Soviet gener- 
al staff. He characterized his re- 
marks as personal views, but he is a 
central figure in Soviet strategic po- 
licy-making, and his views are 
thought to represent those of the 
Soviet military establishment. 

His r emar ks during a tWO-hour 
conversation with two American 
journalists also provided an au- 
thoritative Soviet view of the nego- 
tiating deadlock in the Geneva 
talks, which cover space weapons, 
strategic nuclear missiles and inter- 
mediate-range rockets stationed in 
Europe: 

General Chervov said that the 
U.S. negotiators were countering 
the Soviet Union's demand at Ge- 
neva for a total ban on the pro- 
posed Strategic Defense Initiative 
by “proposing to us that we agree 
about some rules of conduct for the 
arms race in space — that is, what 
particular weapons shall be devel- 
oped and at what time.” 

The Soviet Union “demands a 
complete ban on attack weapons in 
space,” be said. “We want to pre- 
vent an arms race in space altogeth- 
er. And we must ask what the Unit- 
ed States is proposing to prevent 
this.” 


Moscow has mounted a major 
campaign iu recent months to dis- 
credit the SDI, known popularly as 
“star wars,” accusing the United 
States of planning to put first- 
strike nuclear weapons into space. 

The United States has denied 
thk and General Chervov’s re- 
marks were evidently intended to 

Pravda accused the U.S. of try- 
ing to ‘wreck’ SALT-2. Page 5. 

provide a comprehensive response 
to U3. public statements. He reit- - 
era led the Soviet Union’s willing- 
ness to cut its intercontinental mis- 
sile force by 25 percent “or more” 
in return for a ban on the space 
defense system and an equal cut in 
U.S. long-range missiles. 

That proposal which was voiced 
by the Soviet leader, Mikhail S. 
Gorbachev, in a speech in Warsaw 
in late April, starts from the ceiling 
of 2,400 missile launchers penrril- 
ted under the strategic arms limita- 
tion treaty known as SALT-2, Gen- 
eral Chervov specified. 

U.S. officials said that the pro- 


posal had not been proposed for- 
mally in Geneva during the first 
round of talks, which ended April 
23 without any noticeable progress. 
It is not blown whether the Soviet 
negotiators have proposed it in the 
second round. 

General Chervov went to some 
lengths to establish at the begin- 
ning of the conversation that “the 
Soviet Union is not afraid of the 
SDL” 

“We are not afraid of some sort 
of technological breakthrough or 
that the United States will set a 
decisive advantage or superiority 
through superiority through die 
SDI.” he added. 

His comments seemed to suggest 
that Moscow had reached certain 
basic decisions about bow to pro- 
ceed with its strategic programs in 
case the aims control process col- 
lapsed. 

Many of the points he made had 
been articulated in a more oblique 
form recently by the defense minis- 
ter, Marshal Sergei L. Sokolov, and 
the chief of staff. Marshal Sergei F. 

(Continued mi Page 2, CoL 7) 


Most Americans in Poll 
Back Curbs on Imports 


By Clyde H. Farnsworth 

New York Times Service 

NEW YORK — Most Ameri- 
cans think that trade with other 
countries costs jobs in the United 
States, and they consider restric- 
tions on imports a good idea even if 
it means less choice among the 
products they want to law. accord- 
ing to a New York Times-CBS 
News PoIL 

In five Middle Western states 
whose factories have faced the 
strongest competition from import- 
ed goods, 75 percent of the resi- 
dents blame foreign trade ior the 
loss of jobs, the survey showed. 

However, even in Western states, 
where the conflict between imports 
and jobs has been less intense, 62 
percent link trade with job losses. 
Nationally, 69 percent felt that 
way. 


it.; ;*rS' 




: <M* — - 


U.S. Calls Walker a New Breed of Spy 

Money Motive, Nature of Damage Make Navy Case Unique 

By Joel Brinkley cal national security matters are unlike many prominent spies of the 

nL- York Tima Service spread among several offices so past, those who have been arrested 

WASHINGTON — In unravel- ““ l ahtmst no one has access to all seem to have been motivated by 

the FBI charges tat Mr. 


new breed of spy. 

Both the method of operation 
attributed to John A Walker Jr. 


to penetrate a variety of farili- spying, according to the Internal 
ties. Revenue Service. 

The intelligence source said the Federal officials say it is much 


■tea-- • 


«.*- * 3k rf- B - 


and the three men being held as his navy affair had “thcpotamal tobe nwrediffioilt to detect people who- 
accomplices and thekmd of dam- the nmstdainaging rase smceJu- are spying for money because greed 
age they may have caused, officials IwsmidBhd Rosfflbagwere.coii- ,s a widespread, untraceable moti- 

say, make this purported spy ring va U°J*-i * , , . 

imiikp anv other the Sonne! Umon plans for the A daily drama of disclosures and 




unlike any other. 

“.'. The FBI has charged in court 
'documents and interviews that Mr. 

Walker, 47, recruited friends and Walker case, 
relatives around the world and 
coached them on raying tech- — 
niques. Then, like a businessman rvllCC' 
visiting branch offices, he Hew -1.1. (Aoo. 
around in his own small plane to 
collect the classified material and A . A J 
sell it to the Soviet Union. zVl /V I 

But what concerns American of- 


ilans for the A daily drama of disclosures and 

arrests has unfolded since Mr. 
aspect of the Walker was arrested May 20 and 
i say, is that (Continued oa Page 2, CoL 5) 


Russians Break Siege 
At Afghan Border Town 

. o 


to were tattling Afehan rebels on 

Navy may haveenabled Mr. Walk- _ ISLAMABAD, Pakistan — A n^bymountaintOTS. 

er in break through the system that Soviet armored column broke Bankot is at the head of the 

the United Statuses to safeguard though the last guerrilla lines to KunarVaDeyanddosetothebor- 

£ most important secrets.. A{ S han 

“You protect information by townof Barifeot after two weeks of * besieged the town for months at a 
compartmentalizing," an intelli- fighting, rebel officials said. time over the past fomr years and tt 

-vice source said. Details of criti- They said that Soviet cornman- has bad to be resuppbed by air for 

the past year. 


The Atsodaud Press dos were battling Afghan rebels on 

- ISLAMABAD, Pakistan — A nearby mountaintops. 

Soviet armored column broke Bankot is at the bead of the 
through the last guerrilla lines to Kunar Valley and dose to the bor- 
rdieve the beriegai Af ghan border der with Pakistan. Guerrillas have 
town of Barikot after two weeks of ' besieged the town for months at a 
fighting, rebel officials said. time over the past four years and it 




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i ’ i '* ■ ■ 


, { . ' -er- . _ 


Gifts Stammer, who 
jk says she harbored Dr. 
Josef Mengefe, outside 
ber home near SSo Plau- 
lo after bemgqjuestioned 
by polite. Page 4. 


■ The btiaagnn rebels are ex- 
pected to issue a code of con- 
duct, m a hid to project a more 
demooatic image. Page 1 
M Swiss votes rqccted a consti- 
tutional amendment to ban 
mosLabartidnsw ... Page 2. 

1 Abou t 23 nBop jobs in 
manufacturing have' been lost 
in the XlniteoStates since 1980, 
utegoymnnentsaid Page 4 

BUSINESS/FtNANCE 

V Ronald Reagan’s tax plan: 
Some ecoobmists see a negative 
“Pact • ; ■: Page 13. 

■ Guif A Western agreed to sell 

its consumer and industrial 
products hmts to Wickes Cos. 
forSlbiDioiL Page 13. 

SPORTSv 

■ Wats WBander beat Ivan 
Lendl for the. Traich Open 
men’s tide; Chris Evert Lloyd 
lode the_ women's tide from 
Martina Navratilova. Page 19. 


Concern is em 
slowdown in ti 
A nadyeafftey 
stock markets. 


about the 
economy. 


the past year. 

A rebel official said Saturday 
that Soviet tanks and armored per- 
sonnel carriers readied Barikot on 
Friday night. The armor; be report- 
ed, led tbe way for a force of about 

10.000 Soviet troops that began an 
offensive three weeks ago to seize 
tbe Kunar and lift the siege at Bari- 
kot. 

“Bin we are not finished.” the 
rebel official said. “The mujahidin 
are still strong.” The mujahidin are 
Moslem guerrillas. 

Sonet troops entered Afghani- 
stan at tbe end of 1979 and presid- 
ed over the removal of one Marxist 
government and its replacement by 
another. The Kabul government 
now is supported by an estimated 

115.000 Soviet troops. The rebels 
operate from bases in Pakistan, 
bringing arms and supplies across 
the border. 

A guerrilla said, “It looks like a 
big victory for the Russians.” 
Thousands of villagers were fleeing 
the valley, trying to get across the 
mountains into Pakistan, the guer- 
rillas said. 

Pakistan has complained that 
Afghan planes attacked the Paki- 
stani village of Sweer across tbe 
border May 31. killing 12 persons 
and injuring 31. 

Pakistan s president. General 
Mohammed Zia ul-Haq toured 
Sweer on Saturday. He said Paki- 
stan would not continue to endure 
attacks and violations by Afghan 
planes and would strike back, 
“whatever the c onseq u en c es.” 


Bombs Explode Near Palace as Belaunde Meets Alfonsin 

A policeman stands in front of a car that exploded outside the p rcad e nlial palace in Lima an Saturday night as President RaMAlfonrin 
of Argentina and President Fernando Belaunde Terry of Peru were meeting at the palace. Two persons were killed and 18 injured after 
terrorists set off two car bombs in die capital, cut off dectridty to large parts of the nation and set fires at 10 shopping centers. The two 
dead apparently were killed by police. Pdice arrested more than 900 people. They blamed the violence cm Shining Path, a Maoist group. . 

Dry Clubs Toast TeenrAge Sobriety in U.S. 


By Dirk Johnson 

New York Tana Service 


FAIRFIELD, Connecticut — Since it opened 
earlier this year, the “Let’s Dance” discotheque 
has been packed on Friday and Saturday nights 
with hundreds of teen-agers dancing to rode 

The discotheque, winch does not serve any 
alcoholic drinks, trill expand to a four-night 
schedule during the summer and plans to open 
two branches. Similar clubs nave opened 
throughout the New York Gty region. 

The success of the dry dubs, many educators 
and students said, is among several signs that 
alcohol and drug use are starting to decline 
among teen-agers. Just a few years ago, dub 
owners said, teen-age discotheques would have 
flopped. Illegal use of alcohol was the center- 
piece of many soda! gatherings. 

To be sure, beer continues to flow at some 
suburban house parties, and many teen-agers 
continue to find a way to get into adult night- 
clubs. 

But at “Let’s Dance” one recent night, the 
teet^agersseemed comeaitwuh soft drinks. “It’s 
a choice between damang and drinking" said 
Nicole Paternoster, 17, of Fairfield, “and Td 
rather dance:”. 

W hile drinking and drug use remain preva- 
lent among some, abstinence has become an 
accepted, even esteemed, way of social -life far 
many teen-agera. Indeed, a youth temperance 
movement has emerged at high schools, ted by 
student groups opposed to drunken driring. 


“Ten years ago. a student couldn’t get elected 
if he wasn’t willing to have a beer," raid David 
Delgado, an adult adviser to tbe National Asso- 
ciation of Student Councils. ‘That’s certainly 
changed.” 

Peer pressure has began to cut both ways, he 
did Heavy drinkers are viewed as derelict as 
much as daring. “The aondrinkec have the 
upper hand now ” he said. 

A powerful desire fra success among young 
people, together with a prevailing social conser- 
vatism. have made excessive drinking unfash- 
ionable, counselors say. 

The taming point, Mr. Delgado and others 
said, came with the formation of groups such as 
Safe Rides and Students Against Drunk Driv- 
ing, which are part of a national movement to 
persuade youths not to drink and drive: 

Connecticut, joining several other states, vot- 
ed last month to raise (he legal drinking age 
from 20 to 21. Beyond safe driving, local student 
groups rach as Growing Up Sober and Peas 
Reaching Oat promote wholesome values gen- 
erally. 

At “La’s Dance,” a disk jockey opens each 
night’s enter tainmen t by asking, “Are you hav- 
ing funT* When the cheers die down, he adds, 
“See, yon can have fun without drinking." 

At onetime, soch encouragement might have 
drawn snickers. But inside urn dub, the teen- 
agers evidently did not equate partying with 
zBtoxieatioiL 

“When we went to the prom," said Kier 


Staiano. 27, a teacher ar Bridgeport Central 
High School, “we thought it was funny to get 
drunk and act stupid. These kids just think it’s 
stupid.” 

Miss Paternoster, who comes to the Fairfield 
dub every weekend, said she found beer parties 
“pretty boring.” Since the dance dub opened, 
she said, the number of house parties has de- 
creased. 

“This is where everybody goes,” she said, 
“even the ones who don't like to dance.” 

At “Let’s Dance;” young customers said they 
welcomed the strictly enforced dress code and 
presence of uniformed police. Both the chib and 
parking lot are patrolled, and dress rules are 
detailed in a sign at the entrance. It states: “No 
leather jackets or vests. T-shins, dirty or ragged 
jeans will be permitted. Only collared shirts will 
be allowed.” 

Most of the club’s 600 or so customers on 
Friday and Saturday nights are 16 to 18 years of 
age. 

When he opened the dub, Ron DeMatteo, the 
co-owner, expected teen-agers to sneak alcohol 
onto the premises. So far. however, be said, tbe 
dub has discovered only two empty beer cans in 
a washroom. 

“1‘ve got to think that drinking is less impor- 
tant to kids now,” he said. “There’s nothing so 
awesome about this place. If kids wanted to 
drink, they wouldn’t come here week after 
week.” 


At the same time, 53 percent of 
Americans, when asked simply 
whether trade helped the economy 
or not, replied that it did. an indica- 
tion of some uncertainty in the 
public attitude. 

Tbe pofl of 1309 adults, which 
was conducted just a few days be- 
fore the government reported a re- 
cord trade deficit of SI 1.85 billion 
in April, provided fresh evidence of 
rising protectionism. 

The findings are a backdrop to 
the demands in Washington for 
euros on Japanese automobiles, 
Korean shoes, Chinese shirts, Mex- 
ican cement, Canadian lumber, 
French wines and many other 
products. Moreover, the protec- 
tionist view is strongest among the 
small but vocal minority that re- 
' gards trade as more important than 
other problems, such as the budget 
deficit or arms control. 

“They show that the consensus 
for keeping the U.S. market open is 
beginning to erode,” said Rufus 
Yerxa, staff director of the House 
Ways and Means Committee’s 
trade subcommittee. 

The poll, which was conducted 
by telephone from May 29 to June 
2 and has a margin of sampling 
error of plus or minus three per- 
centage points, found that 70 per- 
cent of the population thought that 
trade restrictions were a good idea 
while 21 percent did not. 

Asked whether restrictions still 
would be a good idea if they result- 
ed in a narrower choice for con- 
sumers, 60 percent said yes. Then, 
asked if they would still be a good 
idea even if foreign countries retali- 
ated by curbing U.S. exports, 41 
percent stiD said yes. 

“These results don’t really sur- 
prise me,” said Isaiah Frank, inter- 
national economics professor at . 
Johns Hopkins School for Ad- 
vanced International Studies, an 
ardent free trader. 

“After aK” he said, “the advan- 
tages of trade, a more dynamic 
economy and higher standard of 
living for everyone, are generally 
taken for granted, while the disad- 
vantages are fell in a very personal 
way % friends, family, neighbors 
in the community. The negatives in 
this case overwhelm the positive.” 

Nearly a quarter of the respon- 
dents in the latest poll ranked trade 
as the first or second most impor- 
tant national issue, when asked to 
compare it with arms control, lax 
reform, the budget deficit and con- 
flicts in Central America. 

Several analysts suggested that 
the finding that a majority fell 
trade helped -the economy while 
hurting jobs betrayed a perception 
that trade was managed in a way 
that was unfair to the United 
States. 

Marie A. Anderson, a foreign 
trade analyst for the American 
Federation of Labor and Congress 
of Industrial Organizations, cited 
several examples: U.S. products* 
lack of access to many foreign mar- 
kets^ such as Japan or Mexico; 
heavily subsidized exports from a 
number of developed and devdop- 
ing countries, and other trade dislo- 
cations caused by the high value of 
the U.S. dollar, which brings in 
cheap imports and discourages ex-' 
ports because they are made mo tr 
costly. 

William D. Eberie, a former U3. 
trade representative, argued that 
another example of unfairness was 
that the United Slates took 64 per- 
cent of all the exports of developing 
countries, which is a far higher pro- 
portion t h a n other rich countries. 
The European Community tairac 
25 permit, Japan 8 percent and 
other countries 3 percent. 

Mr. Eberie and other analysts 
said that the poll results empha- 
sized the urgent need fra the Rea- 
gan administration to find a coher- 
ent strategy for dealing with the 
problems of unfairness in trade and 
of the dollar 









Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Nicaraguan Rebels Expected 
To Issue a Code of Conduct 


By Leslie H. Gelb 

New York Tima Service 

WASHINGTON —The Nicara- 
guan rebels, under prodding from 
the Reagan administration, are ex- 
pected to make a new effort this 
week to project a more democratic 
jpipff . according to administration 
officials and congressional sources. 

The officials raid that the rebels 
would issue a “constitution-like 
document" or code of conduct de- 
signed to ensure civilian control of 
their mili tary wing and to soften 
their identification with the regime 
of (he late Nicaraguan dictator. 
Anas tasio Somoza. 

The goal is to reduce the power 
and lower the profile of the rebels' 
military leaders, who generally had 
closer ties to the Somoza dictator- 
ship than did the rebels’ political 
leaders. 

According to administration of- 
ficials, the rebel document will call 
for the formation of a united oppo- 


sition committed to democratic 
principles and the raection of a 
military government. It will guar- 
antee numan rights, political plu- 
ralism, free elections, civilian con- 
trol of the armed forces and a 
program for national reconciliation 
and reconstruction, they said. . 

“We declare,” the document 
states, “that the cause of democra- 
cy in Nicaragua is as vital in Nica- 
ragua as for all free countries and 
particularly for Central America." 

Bosco Matammos, the rebels’ 
spokesman in Washington, came 
dose to confirming the preparation 
of a code of conduct- The rebels’ 
principles "are the same as before," 
he said. “but as the situation 
changes, a new mechanism is need- 
ed to implement them." 

But Edgar Chamorro, who has 
opposed the Nicaraguan govern- 
ment but was dismissed as a civil- 
ian director of the N i cara g ua n 
Democratic Force in November for 


the rebels, said 
changes were 


„ cntit 
that 

“not enough* 

'It will not help mud) because 


of the same group,” he said, 
is not the same as saying we should 
seek a political solution through 
negotiations." 

Reagan administration officials 
said the code of conduct would be 
issued not just by the Nicaraguan 
Democratic Force, which is the re- 
bel group with the closest previous 
ties to tire Somoza regime, but they 
. would not specify the other expect- 
ed signers. 


Enrique Bermudez, a former Na- 
tional Guardi 


In2-1 Vote, Swiss Reject 
Anti-Abortion Measure 


The Associated Press 

GENEVA — Swiss voters de- 
feated by a ratio of more than 2 to 1 

on Sunday a proposed constitu- 
tional amendment that would have 
sharply limited legal abortions and 
banned some contraceptives. 

The resolution was defeated by a 
popular vote of 1,002,245 to 
450,752, or 69 percent to 31 per- 
cent. according to official refills 
from Switzerland’s 26 cantons, ft 
was rejected in 19 cantons and ap- 
proved in seven. 

Under Swiss law, a constitution- 
al amendment must be approved 
by a majority of the cantons and of 
the population. 

The measure was aimed at ban- 
ning all abortions except those nec- 
essary to rave the life of the preg- 
nant woman and would nave 
barred the use of certain “abortive” 
contraceptives such as the intra- 
uterine device and “morning after” 
aifl, which is not sold in Switzer- 





UNIVERSITY 

DEGREE 


BAOfiOirS •MASIBTS • DOCTORATE 

Fov Mode, Acotkmfc, (Hi Bvariam 
Sand detailed resume 
for free evaluation. 

PAQRC WESTERN UNIVERSITY 

600 N. Sepulveda BIvcL, 

Las Angelas. California 
900*9, Dept. 23, U-SjA. 


The measure, written by a group 
of mainly Roman Catholic and 
conservative citizens, would have 
required federal authorities to en- 
sure legislative protection of the 
“right to life." 

Under Swiss law in effect since 
1942, abortions are legal to avert 
“grave damage" to a pregnant 
woman’s health. Over tune, the 
practice has become more liberal 

A group calling itself the “Swiss 
Action committee against the 
Right- to- Life Initiative" said the 
defeat was an indication that Swiss 
citizens were not prepared to 
“move backwards" on the issue of 
abortion. 

It said voters, by rejecting the 
initiative, recognized a woman’s 
right to choose whether to have an 
abortion. 

The anti-abortion movement has 
aigued that 95 percent of an esti- 
mated 15.000 abortions performed 
annually in Switzerland are done 
for nonmedical reasons. 

The proposed amendment bad 
collected a record 227,000 signa- 
tures, well over the 100.000 re- 
quired to force a referendum under 
Switzerland's system of direct de- 
mocracy. 

Hie proposal was backed by the 
Swiss Conference of Bishops, 
which usually does not take sides in 
referendum campaig n* and op- 
posed by Switzerlanosmain Prot- 
estant body, the Evangelical 
Church League. 


officer, is the military 
commander of the Nicaraguan 
Democratic Force, the largest rebel 

S , which is based in Honduras. 

o Calero is the president of 
the group's six-man political direc- 
torate. 

The two other major rebel 
groups are the Democratic Revolu- 
tionary Alliance, based in Costa 
Rica, and members of the MiskiU) 
and Rama I ndia" tribes in ««i*ni 
Nicaragua. 

■ Reagan Denies War Plan 
President Ronald Reagan, lob- 
bying the House of Representatives 
to resume aid to the anti-govern- 
ment rebels in Nicaragua, asserted 
Saturday in Washington that the 
United Stales does not have any 
plans to go to war in Central Amer- 
ica, the Los Angeles Tones report- 
ed. 

The Senate voted Thursday to 
approve a package of $38 million in 
nr w mili tary aid for rebels fighting 
the Sandinist government in Mana- 
gua. Urging the House to adopt a 
similar proposal to provide S27 
million. Mr. Reagan, in his weekly 
radio address, noted that some 
House members also “clam that 
the United States plans to become 
militarily involved in Central 
America." 

“Well" he added, “no such plan 
exists.” 

He said that the assertion was 
“simply a distraction from the two 
paramount questions that must be 
faced" by every House member 
“Will yon support those struggling 
for democracy — will you resist the 
Soviets' brazen attempt to impose 
communism on our doorstep — or 
won’t you?" 

House Democratic leaders are 
expected to bade an alternative that 
would funnd a reduced amount of 
nnnmili iary aid through the Inter- 
national Red Cross and the United 
Nations, instead of through the 
Reagan adminis tration Also, the 
Democratic proposal would retain, 
against administration wishes, the 
ban on arms aid to the rebels, 
which the Senate voted to repeal. 



WORLD BRIEFS 



Riots Over Quotas Kill 20 in hadia 

x . — ons were killed, including 14 

ay in Gqjarai state over job 


I T- 


NEW DELHI (Reutera) - Tjf V 
who burned to death, during ~ 

-,iSr.w£^^g-K«aias 

a^’s^sssssssa---- 

by the flames. . demonstrations against a # 

The violence was the latest in . mwenuncni jobs and ' 

government nSuU^wcre fewer 

SSs&asa: 

Damages Are Set for Klan Defendants 

WINSTON-SALEM, North Carolina (AP) ~AJ federi l urn -tea 
ordered eight Ku Klux Klansmen. Nazis and poheemen to pay MSW00 
to the widow- of one of five Communists shot to death m a 1979 Wti-Kian 
rally in Greensboro, North Carolina. . M 

fbe panel ruling Saturday at the end of a 13-week t”2lrfaS48-tmta 
dvil suit, found the eight liable Friday in the death of Mfchad Nathan. 

The pand rejected charges of conspiracy in the deaths. 

The six-member jury also ordered four of thedcf 


The six-mem Der jury *u»j v ~ 

S38.360 to one wounded demonstrator and two of them to pay SI 

1 ■ « a rJJ... 2 a (fuMArf fiuiv anon ttiw 


defendants to pay 

LSODto# 


oTMayTit found four Kfirn m I N« 
defendants liable in the assault and bar toy of Mr, Nathan and the two 
wounded demonstrators. 


EC Agrees to Talks With Comecon 

STRESAJtalv (Reuters) — Foreign ministers of the European 
xiiy agreed Saturday 10 open an informal dialogue wi‘ 
t bloc trade alliance, according to France’s mmi 


of the European Com- 
ic with Comecon. the 
minister of external 


Arab League Calls for Beirut Truce, 

Rejects PLO’s Call for Investigation K5.SS * 

* the Polish foreign minister. Stefan Olszewski, as CcBnecon’sennsraiyfor 

further discussions in Rome on June 20, the diplomats added. 


mum 

East 

relations. Roland Dumas. . . , 

Diplomats said that the ministers accepted in principle a request 
Italy, which currently holds the ECs rotating presidency, to respc,.- 
poa lively to a Comecon approach for new talks made by Mikhail S. 
Gorbachev, the Soviet leader. 


Reuters 

TUNIS — The Palestine Libera- 
tion Organization failed Sunday in 
an effort to obtain Arab League 
support for an inquiry into the 
fighting at three Palestinian refugee 
camps in Beirut and a condemna- 
tion of Syria's role there. 

A resolution approved at the end 


meet on June 24 to review 


is becoming more and 
more now in the Arab 

world," Mr. Kaddoumi said. 

He aHdftri that 10 out of the 21 
league members were in favor of an 
extraordinary Arab summit meet- 
ing, as proposed by the PLO’s lead- 


of a two-day emergency meeting of ex, Yasser Arafat When Mr. Arafat 
the 7 1 - nwrnhfT lea gue — a meeting made such a proposal^ Saturday's 


that the PLO had requested — 
called for an immediate cease-fire 
and withdrawal of forces besiegng 

ihecampiSL 

But it did not contain a PLO 
demand for a commission of inqui- 
ry into alleged massacres by the 
Syrian- backed Shiite Moslem mili- 
tia Amal or a provision for rebuk- 
ing Syria. 

The resolution, which was 
worked out during a meeting 
marked by dashes between Syria 
and the PLO, also called for the 
release of prisoners and for the au- 
thorizing of the International Red 
Cross to enter the camps to treat 
the wounded. 

Farouk Kaddoumi bead of the 
PLO's political department, said 
that, nevertheless, he regarded the 
meeting as a qualified success be- 
cause the other measures had. been 
adopted and because the resolution 
called for the league council to 


session, the Syrian delega- 
tion walked out 

Syria’s foreign minister. Farouk 
aJ-Sharaa, said it was out of order 
for Mr. Arafat, who in PLO terms 
is a head of state, to address the 
meeting. 

In an addendum at the end of 
Sunday’s final resolution, Syria ex- 
pressed its reservations about the 
text, describing it as interference in 
the internal affairs of Lebanon. 
Lebanon boycotted the session. 

The resolution also charged the 
league's secretary-general Cbedli 
Klibi, with contacting all the par- 
ties concerned in order to ensure 
that the cease-fire was respected 
and trim to report on the 
carrying out of the resolution at the 
June 24 council meeting. 


■ Fighting Continues 
Fi ghtin g broke out again Sunday 
at the Pales tinian ramps United 


Press International reported from 
Beirut. 

A three-bour early-morning gun 
battle in West Beirut and two later 
dashes erupted despite a security 
crackdown, • with scores of new 
roadblocks and increased- patrols 
around the capital by Amal mem- 
bers and allied militias. 

The battles pitted the Lebanese 
Army’s mostly Shiite 6 th Brigade 
against Pale stinian and Sunni Mos- 
lem forces. Syrian-mediated peace 
talks were deadlocked, with the 
Palestinians ref using to surrender 
a 0 their weapons. 

Since the fighting broke out May 
19. 534 people have been killed and 
2^60 have been wounded. 

On Saturday, the first successful 
mission to the besieged Boige Bar- 
ajni camp brought tons of food, 
water and medical supplies donat- 
ed by an Austrian relief agency. 

The Austrian ambassador. 
George Znidaric, who accompa- 
nied the seven-truck United Na- 
tions convoy, said that two mortar 
explosions in the camp of 20,000 
residents had killed five children 
and wounded eight other persons. 
Robert Gallagher, a Canadian who 
is director of the UN Relief and 
Works Agency’s efforts to aid Pal- 
estinian refugees, also accompa- 
nied the convoy. 


Fewer U.S. Homes Affected by Dime 

WASHINGTON (AP) — About one in four US. households were 


victims of violent crime or theft last year, and the proportion of home: 

id its lowest level since 1975, the Justice Depart- 


affected by crime reached i 
ment said Sunday. 

In a series of studies examining crime in the United States, the Bureau 
of Justice Statistics found that 22JS million households, or 26 percent, 
were “touched” by crime in 1984. This was about 800*000 fewer house- 
holds than in 1983'and about two million fewer than in 1982. A household 
is considered “touched" if there was a burglary, auto theft or household 
larceny, or if a household member was raped, robbed, assaulted or a 
victim of personal larceny. 

People living in high-income households, blacks and people living m 
central cities were victims more often than those, in middle-income" 
households, whites and people living in the suburbs and rural areas, the 
report said. The proportion of victimized households Ml to 26 percent of 
total households in 1984, compared with 27.4 percent m 1983. 


10 Injured in Gash at Golden Temple 


AMRITSAR. India (Reuters) — Ten persons were injured Sunday in 
fighting between militant and moderate Sikhs during a meeting at the 
Golden Temple in Amrirsar. 

The fighting, which went on for nearly 90 minutes in a hall crowded 
with 25.000 people, broke out when militants shouted slogans praising an 
extremist leader, Jarnail Singh Bhindranwale, who was killed directing 
the defense of the Golden Temple daring an assault by Indian troops a 
year ago. 

Guards at the meeting, organized by supporters of Harchand Singh 
Longowal. the moderate president of the main Sikh political party, Akali. 
Dal attacked the militants with wooden staves. The mHitams are led bm 
Mr. Bhindranwale’s father.-Joginder Singh. ~ 



P 


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French Colonel With UN Unit 

h Freed by Militia in Ijdxmon 


27 German Soccer Fans Arrested 



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( Contin u e d from Page I) 
nalisis from reaching the UN head- 
quarters at Naqoura. 

Mr. GOksd said that Colonel 
Blemdjian had been “conducting 
contacts” with the South Lebanon 
Army in Qantara. 

He said said Colonel Blemdjian, 
who was exhausted after 48 hours 
of mediation, requested he be re- 
placed “but when he tried to leave 
be was told he, too, was a hostage.” 

Meanwhile; seven Israeli Army 
officers went to Qantara to discuss 
the crisis with South Lebanon 
Army officers after Prime Minister 
Shimon Peres' cabinet said it would 
“do all in its power to ensure the 
safety" of the UN hostages. 

Two of the Finns were bring bdd 
near Qantara. The other 19, who 
were seized as they returned in a 
bus from furlough in Israel, are 
being held in a separate location. 
They include a major and two lieu- 
tenants. 

Mr. GOksd said the South Leba- 
non Army moved the 19 from the 
village of Adaisseh Sources said 
they had been taken to Maijayoun, 
the South Lebanon Army’s main 


base. Mr. Gdksel could not confirm 
that. 

The sources said the hostages are 
being held by about 50 South Leba- 
nese Army members. UN troops, 
including Finns, have ringed Qan- 
tara but have made no effort to 
move in on the army positions. 


HAMBURG (UPI) — West German soccer fans caused two separate' 
disturbances before and after professional club matches in Hamburg and 
near Berlin, police said Sunday. A total of 27 persons were arrested. 

Police made 23 arrests when they dispersed supporters of the Hamburg 
first division team and the Schalke team from Gelsenkirchen who fought 
in Hamburg's Sl Pauli district after Saturday’s game. 

Also Saturday, 60 West Berliners traveling through East Germany on a 
train to Brunswick to see the Brunswick team play Munich ripped out 
seats and terrorized other passengers, a police spokesman said. He said 
four of the rowdy fans were arrested when the train arrived in West 
Germany. 


For the Record 


Bad Dream 
At State 


U.S. Spy Case: 
One of a Kind 


(Continued from Page I) 
group, which Hussein wants in the 
context of an international confer- 
ence. 

The Reagan administration, 
which criticized the Carter admin- 
istration for being interested in 
1977 in reviving the Geneva confer- 
ence sponsored by the United 
States and the Soviet Union in 
1973. has inveighed for so long 
against having the Russians at such 
a meeting that it would be difficult 
for it to accept the Hussein plan. 

To make it easier for the king , 
the administration has agreed to 
meet soon with a Jordan- Palestin- 
ian delegation that would include 
some independent, non-PLO mem- 
bers of the Palestine National 
Council which serves as a Palestin- 
ian parliament If Mr. Arafat ac- 


The Sudanese authorities released on Sunday three former ministers 
who were detained after the military coup on April 6 , Egypt’s Middle 
East News Agency reported from Khartoum. Ali Shammu was informa- 
tion minister, Abdd-Salam Saleh Isa was health minister and Youssef 
Sotiman was minister of state for energy. (Roden) 

John Gtmther Dean, who has been the U.S. ambassador to Thailand for 
three years, left Bangkok last week saying he expected to become 
ambassador to India in the next few months. (NYV$ 

Indonesia will execute three Communists who were senienred to death 
in the 1970s for taking part in an abortive conp in 1965. despite appeals 
from the Australian and Dutch governments, Foreign Minis ter Mochtar 
Kusumaatmadja said Saturday. f Re uter s) 

Three men subjected of plotting to km Prime Minister Rajiv Gandhi of 
India were arrested Thursday as they entered Puerto Rico, officials said. 
They said that two Indians had flown from the Netherlands and a 
German had flown from Colombia. Mr. Gandhi is to arrive Tuesday in 
Washington. (AFP) 

Ohio State : University's trustees voted 6-3 on Friday to withdraw the 
institution s 510.8 million invested in companies operating in South 
Africa, the university announced. (Rouen) 

Two Soviet cosmonauts docked their Soyuz T-13 with the Salyul-7 
roace station Saturday, using a new distance-determining device in the 
first reported instance of a Soviet manual docking. Dockings are normal- 
iy done automatically under mission control in Moscow. (Reuters) 


(Continued from Page 1) 
charged with spying for the Soviet 
Union over the last two decades. 
Mr. Walker’s brother Arthur, 50, 
also a retired navy officer, his son 


S the U-S. terms explicitly and 
dy, the United States also 


publicly, the United 

would sit down with PLO mem- 
bers. 


Russians to Stress Offense 
Against SDI, General Says 

(Continued from Pane 1 ) mtiml at n ■ 


Michael, 22, a navy yeoman aboard 
the nuclear carrier Nimitz. ; 


fimitz. and his 

longtime friend, Jerry A. 
Whitworth, 45, a retired navy ra- 
dioman, have been arrested in con- 
nection with the case. 

Authorities said last .week that 
they could not predict how far the 
investigation would take them or 
how many more people they would 
arrest- A senior government official 
said that disclosures made so far 
represented “only the tip of the 
iceberg." 

The navy has assigned a high- 
level team to investigate how much 
damage the purported spy ring may 
have caused and what must be 
done to repair it 

So far John Walker has told the 
authorities little, aside from “a few 
offhand remarks" shortly aftff his 
arrest, an intelligence source said. 
The authorities say that the other 
three suspects have told them more 


At worst, analysts say, Mr. 
* ' athers may have 


Walker and the ot — 
given the Soviet Union enough in- 
formation to cripple the U.S. de- 
fense against Soviet nudear sub- 
marines and to make it easier for 
the Soviet mili tary to trade Ameri- 
can submarines. But many of those 

analysts say the damage is likely to 
be less severe. 


Kasparov Assails 
Choice of Venue 
For Chess Match 


A gem* Frtutce-Presse 

BELGRADE — The deci- 
sion to replay the world chess 
championship in Moscow is the 
“worst of all possibilities,” the 
challenger, Gary Kasparov, 
said in an interview published 
Sunday in the Yugoslav news- 
paper Sport 

However, Mr. Kasparov said 
[hat his chances of beating the 
titieholdcr, Anatoli Karpov, 
were much greater than at the 
start of the original champion- 
ship series in Moscow last Sep- 
tember. 

The tournament was halted 
five months later after a record 
48 games, to the annoyance of 
Mr. Kasparov, whose lead over 
his fellow Soviet dozen had 
been reduced from 5-0 to 5-3. 

“It has been Set up by the 
International Chess Federation 
and the Soviet federation for 
him to retain the title at any 
price," Mr. 
referring to Mr. 


(Continued from Page 1) 
Akhromeyev. But General Chervov 
was far more explicit. 

To counter U.S. efforts in space, 


cuss °ti. ®t Geneva, Gene r al Chff- 
vov said that the Reagan adminis* 
deliberations over 
whether to continuing observing 


I ^ -1. v w space, wuemer I0 continuing observing 

be said, “we will have both an m- the unratified SALT-2 aSfSwSt 
crease in offensive strategic weap- and Anti-Ballistic Missile Treatv 
ons, and corjKpondmgly we will “make it difficult to predict what 
late certain defensive measures", the future of arms confrSvSl be? 
By no tins that huilrlino nmr In disnicano >iu ^ 


_ — - - — VI umu VAJIIU Will DC. 

By noting that building new .In discussing the negotiations 

n offensive weannne m »«, ♦„ aimed at curbing Soviet SS-2Q and 

us iwh;n„.'i — i cruise missiles 

Chervov called 


-r , ■ — — .-■S.Pferahing-2an< 

“far cheaper, more economic” and Europe. General Chervov called 
by omitting any detailed discussion attention to a recent statement bv 
of the corresponding defensive Mr. Gorbachev repea ting that the 
measufKJ Graeral Chervov dearly Russians had instituiedamoratori- • - 
etabhaed the Sonet priority in deployment until No* 

responding to the space defense vexnber. 

nlan 


destroy mi 

arc launched “will be the cause of 
the breakdown of all treaties and 
agreements on arms control” he 
said. “The SDI can only move us 
closer to nuclear war.” 

The Reagan administration has 
said that it is prepared to discuss 
space weapons at Geneva but that 

option - aboar ^ 
in the future. U.S. officialsaccuse 0< 3ct y™** 

iKjans of having a secret pro- SlSK? 


Indian Engineer to Join 
Mission of U.S. Shuttle 


Reuters 

WASHINGTON - An Indian 
ragmeer will be aboard a S- 

yearfi. 


thel^V^ a C ” 

gram similar to the Slraiegjc De- 2, “ 

fease Initiative already in progress 

and of violating the terms of exist- win ^ s ^f sx mission 

mg arms agreements. offidally this 

On th. «■!,« , . .. we ex tnirinc the writ 


_ . orociaiiy this 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Page 3 




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t, - 


AMERICAN TOPICS 


Past and Present 
Clash in Houston 


Four years ago Kathy Whit- 
mire was decteamayor of Hoos- 
ton, defeating the incumbent, 
Louie Welch, who during his 10 
years in office had been criti- 
cized for failing to provide ade- 
quately for the city’s osplosive 
growth — refusing to raise sewer 
fees, for example, leaving the 
sewer system woefully inade- 
quate. 


Mrs. Whitmire, 36, has been 
criticized, in turn, for foiling to 
bring new businesses to the city 
at a rime of economic retrench- 
ment. She says she intends to run 
for a third two-year term in the 
November election. Hie New 
York Tunes reports that her an- 
nounced opponent is Mr. Welch, 
56, her predecessor, and head of 
the city’s chamber of commerce. 


Short Takes 


A drive to ratify a constitution- 
al amendment that would have 
given Washington, D.G, full 
congressional representation 
with two U.S. senators and one 
representative has failed. The 
seven-year deadline passed with 
only 16 of the necessary 38 states 
assenting. Now backer? are 
pushing to make the District of 
Colombia the 5 1st state, to be 
called New Columbia. This re- 
quires only a simple majority 
vote of Congress. Bnt it is subject 
to presidential veto, and Presi- 
dent Ronald Reagan is againstiL 


The Nautilus was launched in 
1954 as the world’s first nud ear- 
powered submarine. In 1958 it 
became the first vessel to sail 
beneath the Arctic ice cap over 
the North Pole. Decommis- 
sioned in 1980, it is en route 
under tow from Mare Island, 
California, to its final destina- 
tion as a naval museum exhibit 
in Groton, Connection. It is to 
arrive July 6. 


The state of ‘Taxadmsettf’ 
no longer exists, according to 
Governor Michad S. Dukakis of 
Massachusetts. In fact, the gov- 
ernor boasts, the tax burden in 
the state has fallen below the 
national average. He said he 
plans to keep it that way with a 
temporary tax cut this year and 
opposition to what he considers 
excessive increases proposed for 
teachers’ salaries anti welfare 
payments. 


-..J 


Shorter Takes: Salt Lake City 
has joined the list of U.S. metro- 
politan areas with a population 



Tltt /taoriotod Pros 

YOUNGEST ASTRONAUT — Tammy Jentigan, 26, 
met with reporters recently at Moffett Field in Moun- 
tain View, California, after she was named America’s 
youngest astronaut She is a graduate of Stanford Uni- 
versity and currently is working on a doctorate in 
astrophysics at the University of California at Berkeley. 


of mote than 2 mrllinn, brin g in g 
home of 


the total to 37 The home 

Franklin D. Roosevelt at Hyde 
ParlqNew York, has been large- 
ly reopened to the public three 
years after a serious tire. Recon- 
struction cost S2 million. 


Notes About People 


The United Stales, unlike Brit- 
ain, has no official poet laureate, 
bat each year a Poetry Consul- 
tant to tire Library of Congress, 
who draws a $35,000 stipend for 
hdpixffi the library, is named. 
The 1985-86 winner, desi gnated 
by Daniel J. Boorslin, thefibrari- 
an of Congress, is Gwendolyn 
Brooks, 67, of Chicago, most of 
whose verse concerns black ur- 
ban life. She won a Pulitzer prize 
in 1949. 


Gina Lo&obrigkEa, 57, the Ital- 
ian film star, was dining out in 
Manha ttan when, she said, she 


bit into a shrimp and dripped a 
tooth on a “brown, pebble-like 
substance." Last year she sued 
Westin Hotels, owner of the res- 
taurant, fnr £10 milli on, and now 

has settled for 550,000. Her at- 
torney said the dripped tooth 
cost her a contract for a fashion 
appearance in Italy. 


When You’ve Got 
It, Flaunt It 


Michael S. Berman, a former 
aide to Waiter F. Mondale, and 
his wife, Carol have tins message 
on their telephone recorder; 

. “Hello, this is CaroL Michael 
and I are not able to answer your 
call right now because we are out 
social climbing. Please leave 
your name, phone number, time 
of call and credentials so we can 
decide whether to respond.” 


— - Compiled by 

ARTHUR HIGBEE 


Fight Debt First, Latin American Officials Tell U.S. 


By John M. Goshko 

Washington Post Service 

WASHINGTON — Many Latin 
American leaders and diplomats 
say they believe that the Reagan 
administration’s preoccupation 1 
with B Salvador and Nicaragua 
could hinder the cause of democra- 
cy in the region's largest and richest 
countries. 

These leaders say that current 
U.S. policy, focused on thwarting 
what the administration sees as the 
threat of Communist-backed sub- 
version in Central America and the 
Caribbean, is a classic example of 
what one diplomat calls “the Unit- 
ed States chasing the wrong bounc- 
ing ball” in setting its Latin Ameri- 
can priorities. 

According to this view, the fu- 
ture political and economic direc- 
tion of Lalin America will be deter- 
mined not in Central America but 
in large countries such as Argenti- 
na and Mexico — countries that 
have the sire resources and influ- 
ence needed to make a major im- 
pact on the region, and perhaps 
ultimately to play an increasing 
role on the world stage. 

That point is made insistently by 
a cross section of Latin American 
politicians, bureaucrats and diplo- 
mats. It is echoed in the United 
States by academic experts on Lat- 
in America and by representatives 
of US. banks and businesses wbose 
interests depend increasingly on 
Latin America's economic health. 

But before the larger countries 
can provide real leadership for an 
emerging Latin America, they must 
grapple with formidable domestic 
problems that threaten to over- 
whelm the fragile trend toward de- 
mocracy in the region now. 

Domestic problems differ from 
one country to another, but almost 
all are rooted in the region's stag- 
gering harden of debt. Last year 
Latin America was forced to export 
$27.6 biUkm of its sparse financial 
resources in payments to foreign 
banks. 


Mr. Garda del Solar said. “In some 
countries, it could mean a return to 
military dictatorship.” 

Economic problems could en- 
courage leftist terrorism and draw 
governments into the conflict be- 
tween East and West, he added. In 
Andean countries such as Colom- 
bia, Peru and Bolivia, the ambassa- 


NEWS ANALYSIS 


Gove rnmen ts facing debt see 
that problem as a far greater threat 

10 inter- American and global Secu- 
rity than leftist revolutionaries in 
Central America. Those who have 
pleaded for U.S. help, however, see 
the response as sparse, sporadic 


and overly reliant on the austerity 
iaes of t' 


policies of the International Mone- 
tary Fund. 

Hie Latin Americans do credit 
Washington with reacting swiftly 
to financial anergenries in their 
countries. But Luck) Garcia del So- 
lar, the Argentine ambassador to 
the United States, warned that if 
the overall problem is not alleviat- 
ed, presidents of the pivotal demo- 
cratic countries “will be unable to 
counter the political consequences 
ofdebL” 

“They will be vulnerable to 
surges of populism pushing them 
toward the extreme rieht nr left/ 


dor said, “there literally is a danger 
of the narcotics traffic becoming so 
important a source of national rev- 
enues that entire governments will 
be corrupted and come under the 
control of local drug mafias.” 

Bui, Mr. Garda dd Solar said: 
“We are not getting this message 
across. The bottom line is that the 
US. government doesn't see the 
debt crisis as affecting the national 
security of the United States.” 

His assessment contrasts with 
the Reagan administration's opti- 
mistic view that Latin America is 
moving toward a new democratic 
stability. 

Latin American officials like Mr. 
Garda del Solar are appredative of 
U.S. rhetorical support for the 
spread of democracy. But they 
warn that Washington, through its 
actions in Central America and al- 
leged inaction on the debt question, 
is making cooperation difficult. 

Except for President Jos£ Napo- 
lc6n Duane of El Salvador and 
President Roberto Suazo C6rdova 
of Honduras, both of whom are 
fearful of Nicaragua and depen- 
dent on the United States for their 
economic survival none of Latin 
America’s democratic leaders has 
supported the mam tenets of Presi- 
dent Ronald Reagan’s policies in 
Central America. 

Latin American leaders’ harshest 
condemnation has beat directed at 
such recent U.S. actions as the eco- 
nomic embargo against Nicaragua. 
Many of them have echoed Mexi- 
co’s contention that such moves are 
“economic coercion” incompatible 
with Latin American efforts to 
bring peace to Central America. 

Those nations argue that if the 
bigger countries in the region real- 
ized their potential to industrial- 
ization ana competitive exports, 
some of the resulting prosperity 
would spread to the tiny nations 
that are trouble spots in Central 
America. 

As the small er countries became 
more dependent on larger neigh- 
bors to their economic well-being, 
they would be more susceptible to 
their political influence, intimate- 


ly, that theory concludes, a strong 
democratic Mexico or Venezuela 
would be much more effective than 
U.S. -backed military solutions or 
embargoes in overcoming the ineq- 
uities that make Central America a 
target of subversion. 

But those goals cannot be ac- 
complished by countries whose 
economic bouses are in disarray. 

Even Mexico and Venezuela, 
cited by the United Slates as hav- 
ing made an effort to solve their 
financial problems, have debts of 
S96 billion and $35 billion. Many 
bankas doubt that the two nations 
will be able to mainta in unpopular 
austerity programs. 

Brazil the world’s largest debtor 
nation with a foreign debt of $100 
billion, and Argentina, whose debt 
is $47 billion, face a constant threat 
of losing the IMF's financial help 
because domestic political pres- 
sures have forced them out of com- 


pliance with the economic austerity 
programs to which they agreed. 

Chile, where a tough military 
dictatorship is able to ignore public 
pressure, has taken the steps man- 
dated by the IMF to overcome its 
debt of almost $20 billion, but its 
economy continues to worsen be- 
cause of depressed copper prices. 

Peru, with a $14-bilh'on debt, 
faces such serious economic and 
political problems that bankers are 
beginning to question whether it 
can ever recover. Alan Garcia Pe- 
rez. who is to take office as presi- 
dent of Peru on July 28, has threat- 
ened to bypass the IMF and seek 
joint action by the Latin American 
debtor countries to force a confron- 
tation with their U.S. creditors. 

Latin American leaders are 
smarting over the fact that for the 
second year in a row. their plea for 
argent attention to the debt crisis 
was ignored in economic summit 


talks of the West's seven major in- 
dustrial powers last month. 

While comprehensive relief ap- 
pears unlikely, the Latin Ameri- 
cans argue that it is vital that the 
United States help them with more 
limited steps. Those include greater 
access to the U.S. market for their 
exports; exploration of ways to 
subsidize the enormous interest on 
their debt; and efforts to persuade 
the World Bank to issue guarantees 
for borrowing from commercial 
banks, and to loan more money to 
countries seeking to make major 
changes in the structure of their 
economies. 

“Otherwise.” said Abraham F. 
Lowenthal professor of interna- 
tional relations at the University of 
Southern California, “whatever his 
intentions and his efforts. Ronald 
Reagan could go down in history as 
the president who lost Latin Amer- ■ 


ica. 


Beijing to Get Golf Courses 


The Associated Press 

TOKYO — A two-course golf 
confound, the biggest in China, is 
to be built in the suburbs of Beijing 
in a joint Chmese-Japanese ven- 
ture, the Chinese news agency Xin- 
hruiirennrteri SimHav 




X 


In Hong Kong 

we are in the Central Business District. 


And yet just minutes from Kowloon. 
You should be, too. 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Woman Says She Sheltered Mengele in Brazil Home 



By Richard House 

Washington Past Service 

SAO PAULO — Dr. Josef Men- 
gele, the Nazi war c riminal, hid in 
Brazil from 1961 until his death in 
1979 and so could not have spent 
more than two years in Paraguay, 
according to new testimony by one 
of the couples who claim to have 
sheltered him here. 

B razilian federal police released 
Saturday the transcript of testimo- 
ny given Friday night by Gitta 
Stammer. 65, a woman of Hungar- 
ian descent who said she and her 
husband sheltered Dr. Mengele on 
three small farms in the SSo Paulo 
area, before passing him on to an 
Austrian couple. Wolfram and Li- 
seloite BosserL 

The Austrians are the principal 
witnesses to Dr. Mengde’s pres- 
ence supposed in Brazil and death 
in 1979. 


his gruesome mariiral experiments, vealed his identity as that of Dr. 
He is reported to have sent hun- Mengele. 
dreds of thousands of prisoners to He was introduced to them by 
their deaths. Wolfgang Gerhard, the Austrian 

The search for Dr. Mengele took whose identity she said Dr. Men- 
on fresh impetus with the May 31 gele later took over, and who afleg- 
discovery by West German police edly threatened them to remain a- 
of letters leading to a grave ex- lent. 


burned Thursday containing re- 
mains that Brazilian police believe 
may be those of Dr. Mengele. 

Mrs. Stammer’s testimony led 
Sao Paulo’s federal police chief, 
Romeu Tuma, to say Saturday that 
“the evidence is loo convincing” 
that Dr. Mengele lived in Brazil. 

Mrs. Slammer testified Friday 
that in 1961 the couple was intro- 
duced to a Swiss dozen known as 
Peter Hochbichlet, who went to 
work for them without pay on their 
farm. By 1962, the man had re- 


Shesaid that Dr. Mengele, whom 
she an authoritarian and 

irascible farm manager who bullied 
employees and interfered in their 
family life, made three successive 
moves with them to small farms 
dose to Sao Paulo. She said rela- 
tions with him deteriorated steadi- 
ly. During this time, he scarcely left 
the property. 

When the Stammers threatened 
to eject him, they received two con- who owned a house at Estrada do 
dilatory visits from a man called Alvarenda, where Dr. Mengde was 


Mengele farm equipment factory in 
West Germany. 

She told police that Hans regu- 
larly brought large supplies of dol- 
lars, but she did not testify if this 
man was Hans Sedlmdcr, the for- 
mer Mengele company employee in 
Gflnzburg, from whose home po- 
lice found addresses that led them 
to Brazil 

Mrs. Stammer said that in 1969. 
the man who identified himself as 
Dr. Mengde first brought Wolfram 
Bossert to the farm, and thereafter 
Mr. Bossen, who worked at a near- 
by factory, would visit regularly 
and take Dr. Mengde to stay for 
the night at his bouse. 

In February 1975, the Stammers, 


Hans, who die said came from the 


The testimony conflicts^wth Suicides, Divorces Decrease in Japan 

le's activities compiled by United Press Imermtumtd 

TOKYO — More than 24,000 


much 
Menj 

Nazi hunters. 

Mis. Stammer’s account corrob- 
orated some details provided earli- 
er by the Bosserts. 

Dr. Mengde was known as the 
“Angel of Death” at the Auschwitz 
concentration camp in Poland be- 
cause he would decide which pris- 
oners were sent to the gas chamber 
and which would be kept alive for 


people committed suicide in Japan 
last year, slightly below the record 
level set in 1983, government statis- 
tics show. 

The new figures also showed that 
the Japanese divorce rate fell for 
the first time in 20 years. The num- 


showed that cancer was the No. 1 
fatal disease in the country, fol- 
lowed by strokes and heart prob- 
lems. 


bets, released Saturday by the Min- 
istry of Health and Welf; 


Suicides decreased slightly in 
1984, but still accounted for 33 
percent of the 742, 155 deaths in the 
country. A total of 24334 people 
killed themselves, a drop of 651 
are, also from the high recorded in 1983. 


to be housed, passed him on to the 
Bosserts. Later, the Bossens also 
became owners of the house, and 
the Stammers rarely saw him again. 

Mrs. Stammer said that, after he 
was confronted with published 
photographs and his identity un- 
covered. Dr. Mengele revealed that 
he had been at Auschwitz, where he 
had caught typhoid He avoided 
talking about the war. 

Mrs. Stammer said that ope of 
the man’s few pleasures was listen- 
ing to Mozart and that he was an 
intelligent and cultivated. 

She said thaL Dr. Mengele told 


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INTERNATIONAL CLASSIFIED 


(Continued From Back Page) 


AUTO SHIPPING 


HOW TO IMPOST A EUROPEAN 
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her that soon after World War II be 
had fled to Italy and then, on a 
French ship, to Buenos Aires. Af- 
terward he lived near Asundbn, 
Paraguay,' and came to Brazil 
around 1961. He also had spent a 
short tinw in Uruguay but never 
lived there. 

She said he bad contracted a 
tropical disease in Paraguay that 
caused crampc and swelling of one 
leg. He also had rheumatism and 
suffered from headaches. 

Mrs. Stammer confirmed the ac- 
count of Dr. Mengde’s death by 
drowning Feb. 7, 1979, ai Bertioga. 

She identified Dr. Mengele both 
from portrait photographs taken 
by Mr. Bossen and from false iden- 
tity documents in the name of 
Wolfgang Gerhard. 

The testimony led Mr. Tuma. the 
police chief, to say that be was now 
certain that Dr. Mengde had lived 
for years in Sao Paulo. 

Experts from the Medical Legal 
Institute are expected to take until 
the end of the month to complete 
forensic tests. They have tinned 
down offers of bdp from the Unit- 
ed States, West Germany and Isra- 
el Officials of these governments 
will be allowed, only to observe the 
process. 

■ Wiesenthal Changes Mind 

Simon Wiesenthal the Nazi 
hunter and concentration camp 
survivor, said Friday night in New 
York thpt be was now inclined to 
believe that the body exhumed in 
Brazil was that of Dr. Mengde. 
Reuters reported. 

Mr. Wiesenthal said that a link 
with an official of the Mengde 
family factory in West Germany 
had cp u s e d him to chang e his mind. 
Also, he said, ”1 have not known 
tha t the Germans had asked the 
B razilian government to look into 
this case." 

On Saturday, the West German 
prosecutor handling the case said 
mere was now M a certain probabili- 
ty” that Dr. Mengde had lived and 
perhaps died in S3o Paulo, but that 
he was awaiting the results of inves- 
tigations and tests, The New York 
Times reported in New York. 

The official. Hans-Eberhard 
Klein, said in a telephone interview 
that es tablishing Dr. Mengele’ s 
presence in S&o Paulo and his death 
there were two separate issues. He 
said that evidence so far seemed to 
show that Dr. Mengde had lived 
there, but that it was too early to 
verify accounts that he had 
drowned and been buried at a near- 
by cemetery. 



ISLAND-HOPPING —One of the longest suspension 
bridges in the world opened Saturday between the 
Japanese islands of Shikoku and Awaji. The Onaruto 
Bridge, which took nine years to build and cost $400 
million, is 1,770 yards long. By comparison, the Golden 
Gate Bridge in San Francisco is 1,392 yards long. 


Judges Cut # 

Repayment 
ForMeese 
Attorneys 

By Howard Kurt? 

WashU^Mt Aw SbTXf J 

WASHINGTON - A pmdflj w 
three federal judges has - 

$472,190 to Attorney V™? ™* 
win Mee* 3d for legal fees he m* • 
curred while under investigation, by 
a special prosecutor. His lawyers 
hadrSuesied $720^24. e - ■ 

Thejudws, from the U.S. Coat 
of Appeals for the District of Co* 
lumbia, said Friday chat Mr. 
Mcese’s lawyers could not be mm- 
buised for, among wter things, the 
time they spent deafing with the 
media. The principal ritorncys, 
Leonard Garment and E. BobWd- 
lach, have estimated that they spent 
10 to 15 percent of thdr tunc re- 


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India Turns Down 
Interim Aid Offer 
By Union Carbide 

Reiners 

NEW YORK — India has 
turned down an offer of SS million 
in emergency aid from Union Car- 
bide Carp, for the victims of the gas 
leak in Bhopal, India, attorneys for 
the Indian government said. 

The attorneys told a judge in 
U.S. District Court in New York 
on Friday that the government felt 
that detailed conditions in the cur- 
rent plan for distributing the mon- 
ey were too burdensome. They in- 
cluded giving the court the names 
of all the injured and thdr present 
conditions, as well as an account- 
ing of how the money was spent. 

In response to the Indian govern- 
ment’s action. Judge John F. 
Keenan asked the American Red 
Cross to devise an alternative plan 
for distributing the interim relief 
funds. 

An estimated 2,000 people (tied 
last December when methyl isocya- 
nate leaked from the Bhopal plmt, 
winch is owned by a local subsid- 
iary of the U.S. company. 


Mcese in ibe press. 

Under the Ethics m Govnmtcat 
Act, a federal official who comes 
under such an investigation but is 
cleared later is entitled to petition 
the government f or reimbursement 
of expenses. 

The prosecutor, Jacob A. Stria, 
concluded last September that no 
h uge existed for prosecuting Mr. 
Mcese for a variety of allegations. 
These induded charges that he had 
failed to properly disclose i 
SIS.OOO interest-free loan to his JL 
wife, Ursula, from a family friend” 
and that he had played a role in - 
obtaining federal jobs far persons 
who bad assisted him financially. 

Mr. Garment issued a one-sen* 
tence statement calling the court 
decision “thoughtful ana fair." The 
appellate panel ruled that his 
Washington law firm, Dickstrin, 
Shapiro & Moran, would receive 
5357.515 in fees mid $37,805 in 
expenses. The ftrra had asked Tor 
$533,327 in Tees and 545,034 m 
expenses. 

The judges awarded $76,870 in 
' legal fees to Mr. Walladi, a little 
more than half the 5142,562 that 
the San Francisco lawyer had re- v. 
quested. In a reference to Mr. Wal-jP 
lach, the judicial panel cited “the 
failure of one counsel to keep con- 
temporaneous records of lime 
spent." 

Friday before the Joint Economic — : . 

Committee of Congress. 

“There is a clear restructuring C/vplriYl ftO 
going on in tins country," she said. UUJl J MI I ^ — 

The study said that 35 : J 

the District 

recovered _ 

lost in the 1980-82 recession. 

ary 1980, the report said. L3 mil- “High-tech industries are gener- T T ft 

hon manufacturing jobs have ^ doing Mrs. Norwood- UlCS ill UeO* 
disappeared. In the same period, ^ but they are only "a small 
the department has said, jobs that proportion in terms of the workers 
supply services rather than prod- Uo are involved.” 
ucts have boomed. ^ noled ^ “the health of 

individual industries” could not be 
assessed solely from employment 
data. 


2.3 Million U.S. Jobs 
Lost in Manufacturing 

By Kenneth B. Noble This trend hail profound , irapor- 

New York Time, Service tance to U.S. workers, sad Janet L 

WASHINGTON — The Labor Nonrood, commissioner of labor 
Department has provided its first 5 F««tra, repomng on the Kudy 
detailed look at now far the U.S. 


economy has shifted away from 
manufacturing jobs since the reces- 
sion of the eariy 1980s. 

The study released Friday by the 
Bureau of Labor Statistics showed 
what experts said was a restructur- 
ing of the job market Since J ami- 


states and 


net of Columbia had not A 
d the manufacturing jobs f lUUUloU 

TrflOA (M / 


The study was requested by 
members of Congress concerned 
about a lack of data on the cost in 
manufacturing jobs from the shift 
toward services, a shift that has 
been documented since the eco- 
nomic recovery by private experts. 

It describes a turbulent labor ing along two paths. One path, 
market in which hundreds of thou- service-producing one, is growing, 


“It’s dear." she said, “that the 
data that we have been discusting 
show that the economy is develop- 
s. One path, the 


and growing fast. And there are 
lots of jobs. 


IMud Pm* Jmenmkmal 

MILWAUKEE — Leonard So; 
kin, 69, a classical violinist, 
Friday of cancer. ' 

Mr. Soritin was a founder of the 
Fine Arts Quartet, director of the 
University of Wtsconan-Milwau- 
koe Institute of Chamber Music 
and conductor of the Institute's or- 
chestra. 

He was bora in Chicago on Jan. 
12, 1916. Mr. Soritin studied with 
Mischa Mischakoff and joined the 
Chicago Symphony at age 18 and 


sands of workers have lost manu- 
facturing jobs. 

Some displaced workers in such 
highly paid industries as steel and 
automobiles eventually find jobs as 
executives, professionals and tech- 
nicians ana in other skilled jobs, 
the study suggested. Bat it indicat- 

work® 5 from manufacturing the University of Wisconsin-Mi 
to saviceindkaies profound wauiee from 1963 until his death. 

“ >m,c ctoa s a Vladimir Jankdevitdi, 81, 

intense debate has resulted over — 


"Hie otter path, die said, “is the remained with il until 1943, 

o w K In 1946, he and George Sopkin, 
^haS"been m trouble for a long tte principal cellist with iteW 

tnnt Symphony, founded the Fine Arts 

Employment experts say _ the quartet. Mr. Sorkin was professor 
movement of large numbers of jobs of violin and artist-in-residencc at 


seeking employment in indus- 
tries wterejotenn^ireviTretunL 
“Probably 90 percent of those 
jobs will never come back . — 
they’re gone for good," said Jay N. 
Woodworth, a senior economist for 
the Bankers Trust Co. in New York 
City. 


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such questions as whether a loss of 
relatively high-paying jobs in man- 
ufacturing will result in a smal l er 
middle dass and about the effects 
of deindustrialization on the work 
force. 

Mr. Woodworth said the Labor 
Department figures showed .that 
“we’re mal ti n g a transition as a 
country into the wildly fantasized 
post-industrial sodety. 


PbSosopher and Professor 

PARIS (AP) — Vladimir Janke- 
Icvitch, 81, philosopher, student of ; 
Henri Bergson, defender of humaifr 
rights and professor at the Sor- 
bonne, died Thursday, his family 
announced. 

He was bora Aira, 31, 1903, in 
Bourggs, the son of Russian Jews 
who had immigrated to France; 
Mr. Jankdevitdi was above all sus- 


of these jobs, 
it’s a traumatic experience,* be 
said. “But more times than not, 
almost everybody conies out a net 
winner, as people make die transi- 
tion to higher levels of job skills." 


ui-uxuu3uiai auuny, • a c .. _ V _ 

“Of course, for workers, for {ES* Hr 1°^ S ^ lcms -f 
some companies and the communi- 
ties where there has been an instan- 

taneous loss of some of these iobs. ^ about man s ahflity to find the 

lnitn. 

■ Other Deaths: 

Matsutaro Kawaguchi, 85, one of 
Japan’s most popular novelists, erf 
pneumonia in Tokyo on Sunday. 

Joseph Wakfing, 58, New Zea- 
Mnds high commissioner, or amd 
bassador, to Britain, Tuesday atf? 
hospital in London after ccilaps- 

Mark Hamnford, 60, a former 
J-ong Beach-area Democratic con- 
gressman from California who 
sponsored energy legislation dur- 
ing the oil crises of the 1970s. of 


JPaicA /or thia feature 
eoery. 

MONDAY, 
WEDNESDAY 
& FRIDAY 



UPI Says 2 Companies 
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Washington Post Seniee 

WASHINGTON —The manag- 
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Page 5 





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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Italian Vote Seen 

M|()i» h By EJ. Dionne Jr. 

* ifli Afru' York Times Service 

\*c ROME — Bv some accounts, ii 
is little more than a trivial issue, 

,• involving the equivalent of 50 cents 

-i% ' a day for the average worker. 

Bui the referendum Sunday and 
( ' Monday on Italy’s system of wage 

■ " indexing has become a mayor polit- 

ical test for the government and for 
the Communist opposition, led by 
1, Alessandro Natta, the party's sec- 
■ retary. Prime Minister Betlino 
Cram weal so far as to announce 
■ ' that he would resign in “one. ntin- 

! - ■ ute" if his side lost. 

The fight is over the Craxi gov- 
. . eminent's policy to cut back on 
m; fi automatic wage increases that Iial- 
ian workers gel under what is 
known as the scala mobile . or 
“moving staircase.” 

' ' Voters are being asked lo vote 
. “yes" or “no" cm a Communist 
-> ^proposal to restore four poin ts art 
‘ from the scale by Lbe Socialist-led 
and Christian Etemocmticrdoirur 
. nated government. 

In effect, workers are being 
asked to vote themselves a 


Agca’s Antics: Pressure on Judge and Legal System 


cent from 12 percent In addition, 
foreign investment is up, and de- 
spite some recent pessimistic fig- 
ures, Italy’s economy has been 
growing at a relatively healthy rate 
over the past year. 

The mms involved in the voting 
can look either trivial or large, de- 
pending on how they are calculat- 
ed. 

For the average Italian worker, 
tbe amount.-m question is about 
27,000 fire (nearly $14) a month. 
Enough to buy a cup of coffee a 
day, commenffid tbe Rome daily 
newspaper D Messaggero. 

But the General Confederation 
of Italian Industry, the employers’ 
association known as Confindus- 
tria, contends that a vote to restore 
the amount would increase overall 
arraual labor a»ts by about $4 bil- 
lion. The employers would like, if 
anything to cut back even further 
on die wage escalator. Thus, they 
helped scuttle a compromise that 
Gianni DeMichdis,the minister of 
labor, tried to arrange to avoid (he 
referendum entirely. . 

■. Craxi, Mr. De Michelis 


to vote themselves, a pay. Like Mr. Craxi, 

* ’■ *• raise, something tbe Communists is a Socialist, and tbe fight over the 

once thought would be an offer the Communists’ proposal has become 
■ voters could not refuse. For the more of a political battle than an 
7 Communists, it is a matter of wrial economic one. . 

-i! justice and preventing the fight Mr. -GraxTs government will be 
. , against inflati on from being an ex- {q power two years in Au gus t, and 
*.■/ c *®£ ve b urden 011 the average he is one of Itaiys longest-serving 
■ . worker. postwar prime ministers, His gov- 

For Mr. Craxi and bis five-party eminent straddles the center of the 
- i coalition, however, a victory for the political spectrum,' including (he 
'-^ TCommunist proposal wonld over- long-dominant Christian Demo- 
turn what they contend is a success- crats, the largest party in the coali- 

* \ ful economic policy. Cutting bade tion, bis own Socialists, the Social 

on the automatic wage increases Democrats, the Liberals and the 
- .. has helped (rim inflation to 9 per- Republicans.’ 


Alessandro Natta 

Initially, the referendum was 
pan of a two-step Communist 
strategy to try lo topple the govern- 
ment and force a political crisis 
that might bring the Communists a 
share of power. 

The hope was based on the Com- 
munists' showing in the electio ns 
for the European Parliament last 
year, when they became, briefly, 
Italy's most popular party, overtak- 
ing the Christian Democrats. 

But the strategy failed in its first 
real test last month, when the Com- 
munists lost ground in nationwide 
local elections. The Christian Dem- 
ocrats came in first again, getting 
35 percent of the vote to the Com- 
munists' 30 percent. The Socialists 
gained, as did the Republicans, aD 
adding up lo a solid 58-percent 
majority for the five-party coali- 
tion. 

The Communis is now hope for a 
referendum victory, but (he gov- 
ernment parties have been cam- 
paigning as a solid bloc for a “no" 
vote, and appear .confident that 
their majority will hold up a g ain 


By Michael Dobbs 

Washington Post Service 

ROME — There were times Fri- 
day, during the most dramatic ses- 
sion yet in the two-week-old. con- 
spiracy trial in the 1981 attack on 
Pope John Paul II, when it seemed 
as if Mehmct AH Agca, the pope's 
assailant, was playing with the 
judges like a cat with a mouse. 

Tantalizing details about his past 
career as a terrorist were interlaced 
with seemingly insane ran tings 
about being Jesus Christ and 
sweeping charges that his life was. 
threatened by the Soviet and Bul- 
garian secret services. 

Mr. Agca’s erratic behavior has , 
created enormous legal and moral 
problems for Judo? Severino San- 
liapkhi. one of Italy’s most re- 
spected judges, who is ultimately 
responsible for h priding whether 
there was a “Bulgarian connection" 
in the attack on the pope. 

In effect, the Italian state’s case 
against three accused Bulgarians 
rests on tbe pretrial testimony of a 
self-acknowledged perjurer who is 
now refusing to cooperate with tbe 
court. 

Throughout the session, Mr. 
Agca refused to give any evidence 
about tbe three Bulgarian officials 
whom he has nam ed as his accom- 
plices in the plot to short the pope. 

Apart from Mr. Agca. no witness 
has been found to confirm any of 
the numerous meetings that are al- 
leged to have taken place in Italy 
and in Bulgaria between the Turk- 
ish gunman and the three Bulgari- 
an officials on trial in Rome. 

Nor has there been any trace of 
the SI2 million that Mr. Agca says 
he and his Turkish accomplices 
were paid by Bulgaria to kill the 
pope. 

Among Judge SantiapichTs con- 


cerns are the da may that could be 
done to tiro reputation of the Ital- 
ian justice arstera if the state's case 
collapses. The three-year investiga- 
tion into Mr. Agca’s Haims of Sovi- 
et bloc involvement attracted in- 
tense media attention around the 

NEWS ANALYSIS 

world and, at one point, it ap- 
peared it would cause damage to 
the future of Easi-West relations. 

Unease about the case surfaced 
in Italian press commentaries Sat- 
urday. A columnist for La Stamps, 
the respected Turin daily, de- 
scribed Mr. Agca as “a person 
without scruples" who was trying 
to “ridicule the justice system of 
our country in the eyes erf the entire 
world.” 

Roberto Martin elli. the colum- 
nist, commented: “It is not easy 
now for our justice system to redi- 
rect a trial that has been so polluted 
and to restore credibility and au- 
thority to it If the possibility of 
recovery exists, it is not . through 
Agca. The pope's assailant has 
shown that he cannot lead the 
judges toward the truth.” 

In public comments Friday, 
Judge Santiapichi referred several 
times to his responsibility for see- 
ing that the trial was conducted in a 
proper manner. When Mr. 
announced, “Bulgaria is guilty, 
was admonished by Judge Santla- 
piefai, who said, “We are not judg- 
ing countries, we are judging indi- 
vidual people.” 

At another point, after specta- 
tors in the courtroom burst out 
laughing at Mr. Agca's antics, the 
judge remarked: “There's not 
much to laugh about but there is 
something to cry about" 


Pravda Says U.S. Wants to Wreck SALT-2 

T sitrrrrnfY m 

J m Sovu 


•' The Associated Press 

MOSCOW —Pravda called U$. 
arms control policy “deceitful and 
cynical” in an editorial Sunday and 
■■■- said that the Reagan administra- 
tion was “getting ready to wreck” 
- >he 1979 nudear arms treaty. 

- The Communist Party daily 
• newspaper renewed Soviet accusa- 
■ lions that the United States wanted 
lo avoid agreements limiting nude- 
— . ar weapons. 

“The present-day US. adminis- 
tration is the only U.S. government 
in quite a number of years which 
deliberately refuses to seek with the 
I , | , , Soviet Union mutually acceptable 

I \ itfimid accords in the field of security,” 

1 » It HUE pravda ^ 

“Now it is about to go even fur- 

V ! w i titer in pursuit of its dangerous nul- 
It ^ 111 l i.i itarist line.” it said. 

The editorial was referring to 
discussions in Washington about 


whether to continue to observe the 
toms of the second strategic aims 
limitation treaty, known as SALT- 
2 . 

The accord was never ratified by 
the United States, but both super- 
powers have agreed to observe its 
provisions as long as neither side 
violates them. 

Mr. Reagan was to submit a re- 
port lo Congress on Monday on tbe 
status of the unratified treaty. 

Sources in the -administration 
told The Washington Post on Fri- 
day that he would announce that 
the United States would continue 
to comply with the treaty while 
leaving the door open for “appro- 
priate responses” to Soviet viola- 
tions. 

Leading officials within the Rea- 
gan administration have been split 
ou the question of the treaty, with 


hard-liners such as Defense Secre- 
tary Caspar W. Weinberger ur ging 
the president to drop tbe accord 
because of Soviet violations. 

A decision on SALT-2 is being 
forced by the addition of a Trident 
missile-firing submarine this fall, 
which woula put the United States 
over the treaty limit unless older 
weapons were retired. 

Pravda charged that Washington 
“is getting ready to wreck the 
SALT-2 treaty, which has up to 
now served as a threshold contain- 
ing the escalation of rivalry in stra- 
tegic armaments." 

. “The UJS. leadership is treading 
a dangerous path. And it should be 
clear to it that if the U.S. adminis- 
tration steps over that threshold, it 
will incur grave responsibility for 
all the consequences of this step.” 

Pravda. accused the Reagan ad- 


ministration of using concerns 
about verification provisions to 
avoid reaching agreements on arms 
controls. “It is a deceitful and cyni- 
cal stand,” the newspaper said. 

{On Saturday, the official Soviet 
press agency, Tass, said that Wash- 
ington would abrogate the treaty in 
full or “step by step," United Press 
International repeated. Tass said 
that by discussing the status of the 
treaty. Washington was “destroy- 
ing the false front it has built to 
camouflage its politics.” 

[“The only point at issue is what 
method of scrapping the treaty 
would be less painful to the UJSLA. 
from the point of view of world 
public reaction,*’ Tass said. 
“Whether the commitments as- 
sumed by the UJkA. under the 
treaty should be abrogated openly 
and in full or whether this should 
be done creepingly, step by step."! 


Lagging in Soviet 

Reuters 

MOSCOW — Tbe drive by the 
Soviet leader, Mikhail S. Gorba- 
chev, to make Soviet industry more 
efficient has not yet produced re- 
sults, and figures for the first few 
months of this year are poor, ac- 
cording lo a Moscow newspaper. 

Tbe daily Sotsialistkheskaya ln- 
dustriya said that it appeared that 
many workers and factory manag- 
ers had failed to realize what was 
expected of them. “Far from aD 
enterprises and sectors have made a 
decisive turn to intensive methods 
of management,” the newspaper 
said Saturday. 

The papa singled out for criti- 
cism the coal, oil and chemical in- 
dustries, all of which it said had 
failed to perform as well as expect- 
ed in-the first four months of 1985. 


Under the Italian legal system, a 
judge has broad powers. In addi- 
tion to acting as an impartial arbi- 
ter, be conducts the interrogations 
of defendants and witnesses and 
plays a dominant role in the jury's 
consideration of a verdict, 

it is now up to Judge Santiapichi 
to decide how to deal with Mr. 
Agca when the trial resumes Tues- 
day. He outlined one posable ap- 
proach Friday when he asked the 
papal assailant if he were prepared 
to answer questions about three 
■Turkish rightists who are also de- 
fendants in the case: Oral Celik, 
Musa Serdar Cdebi and Omer 
BagcL 

In reply. Mr. Agca said he would 
have to consult his lawyer. 

Complicating the judge's task is 
that Mr. Agca is legally a co-defen- 
dant and not a witness. This status 
that allows him to conduct his de- 
fense as he wishes and puts him 


under no obligation to give testi- 
mony. Originally convicted in July 
1981 of attempting to murder the 
pope, Mr. Agpa is now being tried 
for the lesser charge of smuggling a 
weapon into Italy. 

Italian legal experts believe that 
the trial could continue even with- 
out the cooperation of Mr. Agca. 
with the court interrogating its list 
of more than 100 witnesses. Tbe 
case against the Turkish accused is 
less dependent on Mr. Agca's testi- 
mony than is the case against the 
Bulgarians because there are inde- 
pendent witnesses to describe the 
relations between Mr. Agca and the 
Turks. 

it is also possible that Mr. Agca. 
whose behavior under interroga- 
tion has been unpredictable, could 
change tack again and decide to 
give evidence against the Bulgari- 
ans. It would then be up to the 
court to decide whether his credi- 


bility, has been irrevocably jeopar- 
dized by the contradictions in his 
testimony. 

On Friday. Prosecutor Antonio 
Marini insisted that Mr. Agca's 
pretrial testimony against the'Bul- 
garians could be considered pan of 
the court record. 

The court’s treatment of Mr. 
Agca was criticized as "extraordi- 
narily tolerant" by a Bulgarian 
magistrate, Jordan Ormartkov. who 
is an observer at the trial. 

Frequently during Friday's ses- 
sion, Mr. Agca glanced around at 
the defense lawyers and spectators 
to catch their" reaction. He has 
clearly enjoyed the limelight and 
occasionally speaks directly to the 
television cameras rather than to 
the judges. 

Urged by American television 
crews to. “say something to us in 
English. AIL" Mr. Agca responded 
with a ritual, “l am Jesus Christ." 


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Page 6 


MONDAY, JUNE 10, 1985 



Heralh 


INTERNATIONAL 



eribmu'. 


Published With The New York Tunes and The Washington Post 


Nicaragua 
r . Backs hao 9 


Americans and Apartheid Neighbors 

Jt n m i .1 . 


The urge to punish South Africa for apart- 
heid is now palpable throughout the United 
States. Americans want to destroy this abhor- 
rent structure of racism or disown Its sponsors' 
claimed kinship with Western culture. Most 
Americans want to do business with South 
Africa only to the extent that this can under- 
mine the Afrikaners' hateful doctrines. 

It is the job of a president to give voice and 
shape to such a mood. President Reagan has 
failed to do so — whether or not be has been 
betrayed by die Afrikaners he tried to be- 
friend. That makes it not only right but neces- 
sary for Congress to HU the void, as it is now 
doing with admirable discretion. 

Two concerns have impeded America's as- 
saults on apartheid. One is that strong sanc- 
tions might hurt South Africa's blacks more 
than their oppressors. The other is the admin- 
istration's view that sanctions would harden 
the white re gim e without really hurting it. 

Yet the president’s alternative of "construc- 
tive engagement'’ has come up empty. The 
Afrikaners' only concessions are attributable 
either to the threat of foreign sanctions or to 
internal economic necessity. And none of the 
concessions move nearer to granting the black 
majority a political voice. 

As violence spreads, the administration has 
become the Afrikaners' apologist, exaggerat- 
ing their concessions ana mini miring their 
brutalities. American policy has not even end- 
ed South Africa's illegal occupation of South- 
West Africa, or Namibia, which was to have 
been Mr. Reagan's diplomatic prize for relax- 
ing the pressure imposed in the Carter years. 

Americans have therefore been struggling, 
incoherently, to create their own diplomacies, 
mostly demanding that state and city govern- 
ments, universities and pension funds sell off 
the stocks of companies operating in South 
Africa. But this has left America's largest cor- 
porations confused about the goal: Are they 
expected to work harder against apartheid in 
South Africa, as some have tried, or to aban- 
don all profit from such an abhorrent system? 

Local politicians and corporate directors are 
poorly placed to make this critical choice. 
Given the president's default, it is left to Con- 
gress to define a new national policy. The 
measures before it threaten a gradual with- 
drawal of business from South Africa, but they 
also set standards for relief and show due 


regard for the welfare of South Africa's blacks. 

The threat of disinvestment may be more 
potent than the fact The 300 American com- 
panies in South Africa can perhaps advance 
the careers of their 70,000 black employees. 
And though blacks generally share inade- 
quately in South African prosperity, economic 
growth tends to enlarge the whites' depen- 
dence on them. But if forced to leave, Ameri- 
can companies would be mostly replaced by 
investors from other countries, who are likely 
to be indifferent to apartheid. 

American disinvestment, in sum, would not 
greatly damage South Africa's economy. That 
insight gave rise in 1977 to the Sullivan princi- 
ples, a code of obligations to blacks by which 
200 American companies justify staying there. 
But even the Reverend Leon Sullivan, the 
code’s author, now despairs of the pace of 
change. He favors a law to make the code 
mandatory, with a total embargo to follow in 
two years if apartheid still stands. 

Coueres is moving slowly in the same direc- 
tion. The House of Representatives has voted 
to ban new loans and new investments, but 
would let existing investments stand. It would 
also prohibit importing gold coins from South 
Africa and exporting computers to its govern- 
ment- It would delay these sanctions if speci- 
fied apartheid measures were repealed. The 
Senate Foreign Relations Committee proposes 
enacting the Sullivan code plus lesser sanc- 
tions. combined with a warning Of a ban on 
new investment in 18 months. 

Thai such sanctions may not have great 
economic impact does not make them worth- 
less. On the contrary, they would deliver psy- 
chological and moral blows against the Afrika- 
ners without great damage to the economy on 
which blacks, too, depend. As the Afrikaners 
show with their energetic lobbying against 
sanctions, what they dread most is ostracism 
from the community of Western nations. 

The indicated House-Senate compromise on 
sanctions would serve notice that Americans 
no longer accept the apologias and pieties 
called “constructive engagement" If South 
Africa's rulers want to regain their standing in 
the culture led by Americans, they will teed 
this plea for gradual but real progress. If such 
earnest yet modest pressure fa us to move 
them, the chances are that nothing ever wQL 
— THE NEW YORK TIMES. 


Keeping a Nation’s Secrets 


Before World War II, the great object of 
espionage was war plans: to rind out whether 
or how a prospective enemy intended to at- 
tack. During the war, the focus necessarily 
shifted to codes and orders of battle, matters 
that could affect the course of the struggle. 
After the war, the urgency of the question of 
nuclear war or blackmail produced a new 
priority: the secrets related to the making and 
deploying of nuclear weapons. The backward- 
ness of Soviet science gave the Kremlin an 
extra incentive to pursue this mission, even as 
the openness of American society gave it an 
extra opportunity. In fact, the Soviet effort to 
steal nuclear secrets began when the two coun- 
tries were wartime allies. The Walker case is 
the latest evident sign of iL 
The nagging question remains: how to keep 
the secrets, there can be no single set of 
answers. The beginning of one set, however, is 
to recognize with whom the United States is 
dealing: not with highly educated, politicized 
elite figures of the sort familiar from British 
fiction and reality, and not with professional 
master spies of the Rudolph Abel mold, but 
with, essentially, ordinary servicemen and na- 
tional security workers. High-technology de- 
fense creates a requirement for large numbers 
of them to write rite programs, keep the logs, 
change the codes. There may be no better way 


to ensure their loyalty than the gritty and, yes, 
often intrusive attention to individual perfor- 
mance and vulnerability that is the classic 
routine — though it cannot be performed 
routinely — of counterintelligence. 

But whether this vital work can be conduct- 
ed with even minimal effectiveness in the exist- 
ing bureaucratic circumstances is uncertain. 
The one useful result of the Walker case may 
turn out to be to propel review of a hopelessly 
overgrown and encumbered security system, 
one that seems to distinguish poorly between 
necessary and less necessary secrets and 
among the different techniques needed to 
guard different kinds of secret s. 

The overall problem has to be broken down 
into parts. High technology, for instance, at 
once manufactures and dissolves secrets: the 
same interchange necessary to develop and 
apply them exposes them to being lost Surely, 
however, the joints at which leaks are likeliest 
can be better sealed. Reducing and rationaliz- 
ing the kinds of secrets to be kept and the 
numbers of people with access to them should 
not be beyond the wit of humankind. 

Meanwhile, the law must be vigorously en- 
forced against those caught in its cods. If 
personal gain is a motive for breaking security, 
personal loss should be confirmed as a price. 

— THE WASHINGTON POST. 


Other Opinion 


Pressuring the Sandinists 

Many Americans who once doubted the 
prudence of military aid to the democratic 
resistance in Nicaragua haw since been dis- 
gusted by the policies of the Sandinists. 

That tide or opinion turned on the Sandin- 
ists because they rejected a reasonable ofTer to 
talk. Their refusal reinforces the theory that 
only pressure has led to changes in the policies 
of the Sandinists. They could, of course, prove 
that theory wrong and initiate talks without 
seeming to be forced into them. That is what 
many would have them do. However, this 
stalemate is no excuse for avoiding the chal- 
lenge of making peace. President Reagan has 
accepted the challenge. He has asked Congress 
to give him the flexibility tku con lead to a 
negotiated peace in Nicaragua. .As he has said: 


This is not a call for the overthrow of the 
Sandinists; it is a call for democracy. 

— Langjhome A. Motley, forma- US assistant 
secretary of state for inter- American affairs, 
in the Los Angela Tones. 

Sanctions Won’t End Apartheid 

Considering how long it took the United 
Slates to do justice to its own negroes, one 
might expect that country to be understanding 
about South Africa's slow progress. The prob- 
lem for South Africa is incomparably more 
complex than ever it was in the United States. 
Congress should consider how it would have 
reacted if foreign countries had sought to ap- 
ply sanctions back when U.S. practices — 
lynching, etc. — shocked Europe's conscience. 

— The Sunday Telegraph f London). 


FROM OUR JUNE 10 PAGES, 75 AND 50 YEARS AGO 


1910: Is Diaz Buying U-S. Influence? 
WASHINGTON — Appearing before a com- 
mittee of the House or Representatives are two, 
authors of works on Mexico who have brought 
serious charges against President Porfirio Diaz 
and a number of American concessionaires. 
Mr. J.K. Turner charges President Diaz with 
granting concessions in Mexico to the value or 
S900.000.000 to American financiers in return 
for their influence at Washington for the pur- 
pose of keeping him in power. Sefior Guilerez 
de Lara, a Mexican author, supports this. The 
two authors declare that they have proof that 
President Diaz has greatly abused his position 
by persecuting his political enemies. The 
House committee is considering the creation 
of a committee to probe the scandal. 


1935: Greek Voters Snub Royalists 
ATHENS — First returns in the elections in 
Greece [on June 6] for the choice of members 
of the National Assembly to revise the Consti- 
tution indicate that the Royalists have sus- 
tained a serious check. The vote in Athens and 
other cities indicates that abstentions were 
numerous and this, with the poor showing of 
the list headed by General John Metaxas, 
partisans of a restoration, is taken to indicate 
that Greek opinion is much divided on ihe 
question of a change of regime. With the 
Republican parties abstaining, the struggle 
was between the Popular Party, led by Premier 
Panayoti Tsai dans and General George Kon- 
dylis, the war minister, on the one hand, and 
the Royalist Union of Meiaxas, on the other. 


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0 1985. International Herald Tribute. AB lights reserved 



By Richard Cohen 

W ASHINGTON — In the old 
joke, a Catholic priest is driv- 
ing along when he smashes into the 
car in front of him. A stereotypical 
Irish cop comes along, looks at the 
dam ag e and says to the priest, “Fa- 
iher, how fast was he going when he 
backed into you?” 

From the White House comes a 
bellicose condemnation of Nicaragua 
for what amounts to "backing into” 
both Honduras and Costa Rica. 
Larry Speakes, his master’s voice, 
went into his moral-outrage mode 
after Sandinist troops reportedly 
crossed into both countries: 

“The United States,” he said, 
“strongly condemns these actions 
and calls upon the government of 
Nicaragua to halt immediately any 
further action against its neighbors." 

Mr. Speakes did not mention that 
for some years Honduras has been 
used as a staging area for the “con- 
tras,” who have repeatedly entered 
Nicaragua, lulled troops and civil- 
ians, blown up installations end cre- 
ated as much mayhem as possible — 
and then retreated to their haven in 
Honduras. It was only a matter of 
time until the Nicaraguans would go 
into Honduras. This is what former 
Secretary of State Alexander Haig 
used to call “going to the source.” 

Costa Rica, loo, has sheltered anti- 
Sandinist rebels. The country has 
teen the prime base for guerrillas 
under Eden Pastora, the former 
Commander Zero, whose ties to the 
CIA are more tenuous than those of 
the Honduras-based contras. What is 
not dear is whether the government 
of Costa Rica, a democracy with no 
regular army, can control guerrillas 
operating within its borders. 

In legal terms, what is going on is 
entrapment. The Reagan administra- 
tion supports contras who use Costa 



Aid to the 'Contras’? # 

A CIA War Wffl Fail 


By McGeorge Bundy 


N ew YORK — President Rea- 
son has won the Senates sup; 

port fora renewal of “nommlitaiy 
aid, through the Central Intelligence 
" the Nicaraguan con- 


vert military and panunihiyy qpcffr 

be tot 2.5 *»««■£ 
clear. Characteristically, the cute 
who are willing to aoccpi money anti 
direction from «beC £«-»• i 


Agency, to the Nic^^n ^ dedicated detwems, 

tras." No one should be deceived py mwp im ^lA recruiters 4 

the word “nonmilitary. Ifjbe House Uan tens • >Itessl0Ba | s to en-'* 



C IMS. H*bbeL 


1 want more democracy in Nicaragua and I don’tuxait 
the opinions of those dam repremilatiues in Congress. 


ons and bullets, and the rest of ^ do not ordinarily 

SigsSSsr 


..lT.. ~e.A w.n«wi administrations. I ty to defeating it. 

anti-govemment forces mwbm » 
powerful incentive to moeased mat-gF 
tarization and domestic rcpreatoa, 

My judgment about the contras is 

_ . jrf I - Mf MHU» 

dulity to the arguments oT the eager entirely ina 
operatives who promoted what be* conclusion 
came the Bay of Pigs, and I did not ** 


Rica and Honduras to stage raids 
into Nicaragua, and then it cries foul 
when the Sandinists give chase. This 
is precisely what the United States 
did when Mexicans such as Pancho 
Villa had the effrontery to raid Texas 
border settlements. President Wood- 
row Wilson sent General John Per- 
shing into Mexico. 

Nicaragua's Sandinist leadership 
seems convinced that there is nothing 
i t can do short of suicide to p lease the 
Reagan administration and so it 
ought to just do what it wants to 
protect its own country. It seems 
equally convinced that the United 
States with its own troops will some- 
day invade Nicaragua. A Reagan ad- 
ministration military buildup in Cen- 
tral America — seven airfields in 
Honduras alnne — has left the Unit- 
ed States as ready as it ever will be to 
launch an invasion and, within cer- 
tain limits, to ensure its success. 

The Sandinist reading of the situa- 
tion may or may not be accurate. In 
Washington no one seems sure. 
House Speaker Thomas P. O’Neill is 


on record as saying that Ronald Rea- 
gan is determined to invade. Others 
say Mr. Reagan is playing a huge 
Muff, that he is making the Sandinists 
nervous, increasing pressure cm them, 
causing internal discontent and — 
a typically for a U.S. president — tak- 
ing the long view and playing things 
out slowly. In rime, with a little help 
from its enemies, the Sandinist re- 
gime will collapse. 

Maybe. Bur history teaches that 
events have a way of getting out of 
control. If so, the Washington debate 
about the president's intentions may 
be mooL Already the United States 
has reaffirmed its Rio Pact commit- 
ment to Honduras and assured that 

United Stales if attacked. Washing- 
ton has so rattled the cage of the 
Sandinis t leaders that they may con- 
dude that if they are going to go 
eventually, they might as well go on 
their own terms. To exhume a word 
from a previous era, things have a 
tendency to “escalate.” 

Washington Post Writers Group. 


nedy and Johnson administrations, 
was chairman of the committee of the 
executive branch charged with ap- 
proving or disapproving them. In 
1961, i listened with a beginner’s crc- 


entirely independent of M! 
usion about whether 


ty certain 
the Nica- 


carae the Bay ot Figs, ana i ora not ^uan reginKMSirrevo^^^mt 
know enough to ask the other side of ted to the cstabUshn^m^a totauua- 
the CIA — the “estimators” — for ian Marust-Lemtust rcgane 
their judgment. Through the next two export of violent rc^uj^^wlutl 


years and more. I watched with in- 
creasing skepticism as the Kennedy 
administration kepi the pressure on 
the CIA for more and better — if 
smaller — covert operations. 

1 think that eventually I played a 


do know is that coven action, with- 
out more, makes the worn result 
more, not less, likely. TTx very exis- 
tence of the contras plays into the 
hands of the hardest of the hard- 
liners in a government about which 


email part — his own learning from we have good reason to be wary. 1 
experience was much more important There is one other lesson Iromms-w^ 
— in President Kennedy's growing lory. Repeatedly* coven operation 
recognition that covert action simply 
did not work and caused more trou- 
ble than it was worth. It is just plain 
wrong for President Reagan to sug- 
gest, as be has repeatedly, that Presi- 
dent Kennedy's opposition to Cuban 
adventurism, which was indeed 
strong, would translate today into 
support for covert operations. 

The dismal historical record of co- 


Mixed Signs for an Improvement of U.S. -Indian Ties 


L AUSANNE, Switzerland — When Prime 
/ Minister JawahariaJ Nehru first visited 
Washington in 1949, great expectations were 
raised in American economic and political circles 
for close ties. Had not Roosevelt urged Churchill 
to accept Indian demands for freedom? When 
Mr. Nehru reacted rather coolly, the Truman 
administration’s altitude toward India stiffened. 

Hopes were raised when John F. Kennedy 
invited Mr. Nehru. Disappointment and a cer- 
tain estrangement followed their 1961 summit. 

But Prime Minister Indira Gandhi's meetings 
with Richard Nixon and later Ronald Reagan 
raised few expectations, and some good can be 
said to have come from them. Henry Kissinger 
has recorded bow disagreeable Mr. Nixon found 
her. He also recorded his impression that the lady 
was not one to be browbeaten by the Russians. 

Prime Minister Rajiv Gandhi represents a dif- 
ferent generation of Indians. They are more 
confident and more pragmatic They have been 
trying to breathe fresh air into the Indian politi- 
cal scene Change has also come in Washington: 
A lot of water has flowed down the Potomac 
since the Kennedy years. 

Here are some points that seem to me to favor 
unproved U-S.-Indian relations today — and 
other points that augur less welL 
• India is now less dependent on UJS. eco- 
nomic aid and totally independent of food aid. 
Complexes generated by the donor-recipient re- 
lationship are less evident 
• Than is now less suspicion in (he United 
Stales that India’s economic policy could one 
day take that large country into the Communist 
camp. The shift since the 1970s in Indian eco- 
nomic thinking — toward greater participation 
of the private sector and more liberalism — is 
gaining momentum under the new government 
and may be becoming irreversible. Leaders and 
administrators who came under the spell of Fabi- 
anism in the 1920s and *30s have well nigh 
disappeared. The deepening of the democratic 
process has increased the inQueoce of the masses 


By Narendra Singh 

on policy. Voters want results tomorrow, not at 
some distant date set by ideologues. 

• There is perhaps less touchiness on the 
Indian side in dealing with the Americans. This 
has come with the disappearance of Indian lead- 
ers and administrators educated in Britain before 
the war. Those Indians had imbibed the fashion- 
able English prejudices of the time against the 
Americans, without understanding that these 
stemmed partly from jealousy. 

• With the breakaway of Bangladesh from 
Pakistan, the latter became too small to be equat- 
ed with India. An American effort to balance 

Rajiv Gandhi represents a new 
generation of Indians. Change 
has come in Washington, too. 

India with Pakistan was the original cause of 
Indian alienation from the United States. The 
Reagan administration’s greater prudence in 
dealing with China has not gone unnoticed. 

• India's performance in the economic and 
political fields — in spite of continuing grave 
problems — has been belter than was expected in 
the United Slates a quarter century ago. Present- 
day India’s growing capacity and confidence 
make it a far more worthwhile partner. 

Working against closer ties are these factors: 

• The United Slates will have to convince Mr. 
Gandhi that it is willing to cooperate to curb the 
activities of Sikh extremists who operate from 
the United States. The Indian public is more 
concerned about this issue at the moment than 
almost any otter. 

• Misunderstandings can arise from the very 
economic reforms that have been applauded in 
the United States. India is bound to move cau- 


tiously in carrying out any major shifts because 
these must be based on a wide consensus. Ameri- 
can businessmen may be disappointed to find 
that India is unwilling to open tie door to foreign 
goods and capital, except in areas of high tech- 
nology and export-oriented industries. 

• If Mr. Gandhi is entirely to be judged by the 
amount of pressure he is willing to apply on the 
Soviet Union over Afghanistan. Indian opinion 
is bound to feel that President Reagan is not so 
much interested in bilateral accommodation as 
in playing the global game. People in India ask 
why those desiring shifts do not first work to 
improve India's security environment, which a 
fair Chmese-Indian border agreem e nt would cer- 
tainly promote. A stringent U.S. policy to isolate 
the Soviet Union would pose continuing prob- 
lems for U-S.-lndian relations. 

• Then there is danger from renewed U.S. 
entanglement with Pakistan. The supply of long- 
range sophisticated aircraft and radar systems to 
Pakistan, at a time when it is thought to be 
making every effort to produce a nuclear bomb, 
causes suspicion of U.S. policy. Indians are un- 
able to accept the argument that these arms are 
nothing but morale boosters or payoffs for a 
Pakistani regime wilting to lend a hand in the 
Afghanistan imbroglio. President Mohammed 
Zia ul-Haq is not going to drop bombs on Kabul 
or Moscow, people in Indian say. 

So the United States may prefer to play a 
waiting game before deciding truly to cooperate 
with the new Indian prime minister. 

After Mr. Gandhi became prime minister last 
year, an East European diplomat remarked that 
it is a curious world in which large countries are 
ruled by former actors and airline pilots. But that 
is what democracy is all about And the two 
leaders who will face each other this week both 
have the strength of immense mandates. 

The writer, a former Indian ambassador to 
France who retired recently, contributed this com- 
ment to the International Herald Tribune. 


haw been the consequence of a belief 
that no better instrument is available. 
This way of thinking is deeply wrong. 

Let us consider the two basic possi- 
bilities for the Nicaraguan govern- 
ment. It may well persist in an in- 
creasingly Marxist-Lcnimst course, 
with increasing reliance on Soviet 
and Cuban aid and an increasing 
commitment to the export of violent 
revolution. If that is the chosen 
course, the United States will have a 
deep national interest in taking fully 
effective means to reverse it. 

In my view, the most effective 
means, tor the Caribbean area, was 
defined by the U.S. experience in thijA 
Cuban missile crisis. It is U.S. controls 
of the seas that can defeat and reverse 
any such Nicaraguan choice. What 
Americans would require for the use 
of their sea power is regional support, 
which would in turn require a clarity 
of expression and purpose we hove 
not had front this administration. 

President Reagan seeks to frighten 
Americans with the specter of 100 
million enslaved by Moscow and of 
refugees assaulting the nation's bor- 
ders by the tens of millions. If the 
situation were this dangerous, surdy 
we would be more tikdy to prevent u 
with naval forces than with a group of 
fighters open to purchase by the uA. 

Now consider the other possibility^ 
that there is no inevitability in th^ 
future course of the Nicaraguan gov- 
ernment, that it may come to accept 
pluralism in its own country and re- 
spect the rights of its neighbors, that 
it can back away from the slippery 
slope of increasing dependence mi 
Havana and Moscow. Let us suppose 
also that Nicaragua's neighbors, in 
the region and the Contadora group, 
can exert their own substantial influ- 
ence in this direction. Is there not 
advantage in leaving this road open 
ratter than building roadblocks? 

I do not have a crystal bail to tell 
me which way the Sandinists will 
move. We must be prepared to make 
continuing judgments on their 
course, and we will be helped if we 
use diplomacy much more seriously. 

This coven enterprise, by itself, is 
doomed to failure. It will not bring 
the Sandinists to President Reagans 
feeL It wall confirm and not under- 
mine their Marxist-Leninist I 


In Lebanon, Might Was Neither Right Nor Smart 


N EW YORK — Three years after 
Israeli forces entered Lebanon, 
all but the willfully blind know that 
the war exacted a terrible price from 
both invaded and invaders. Lebanon 
paid in destruction, death, intensified 
communal chaos. Israel paid in heavy 
military casualties, economic drain, 
loss of national confidence. 

But there is a larger political point 
to be made about the invasion. It 
represented an extreme application 
of the view that military force can 
impose lasting political solutions in 
the I sradi - Palestinian conflict. And 
there one can see important lessons 
for the current effort to revive the 
Middle East peace process. 

The Israeli invasion was the second 
attempt to use Lebanon as a military 


By Anthony Lewis 


It will not fulfill the hopes of me. 
democrats among die contras. It wil? 1 
shed blood on all sides, and it will 
intensify polarization among Nicara- 
guans. It will discredit the American 
government among its friends. It will 
make constructive chang e in Nicara- 


re tiring after eight years of service as P 12 ' ess aud regional support 
IIS «nTui«fliW in lor any necessary stronger cnurw 


Fulcrum for political ends in the Is- 
raeli- Palestinian conflict. The first 
was made by the Palestine Liberation 
Organization, with its buildup of 
weapons and men in southern Leba- 
non up to the 1982 Israeli invasion. 

The PLO buildup never seemed to 
make sense. If the aim was a capabili- 
ty to engage Israel’s forces frontally, 
it was a delusion. Alternatively, an 
occasional rocket fired over the bor- 
der could cause stress in Galilee; but 
if pursued, that lactic would inevita- 
bly bring crushing Israeli retaliation. 

The emphasis on military buildup 
kept attention from what should have 
mattered to the PLO: politics. The 
inescapable fact for Palestinian real- 


ists, in the 1970s and 1980s, was that 
only by coming to terms with the 
existence of Israel could they hope to 
have a little piece of earth to call their 
own. Delusions of military conquest 
only made a political solution harder. 

Then it was Israel's turn to pursue 
a military Qhision in Lebanon. It was 
the illusion of Ariel Sharon, then the 
defense minister, who believed he 
could use a war against the PLO in 
Lebanon to crush the political hopes 
of Palestinian nationalism for good. 

The story of how Mr. Sharon bul- 
bed and deceived his cabinet col- 
leagues so he could have his war has 
been told. But a new account has 
come from Samuel W. Lewis, who is 


Vormegut in Poland: 'Spirit of Solidarity Lives ’ 


N EW YORK — Two American writers. Kurt Von- 
negut Jr. and William Styron, visited Poland in 
March. They met with dissident writers (including 
members of the disbanded PEN Club, or writers asso- 
ciation) and Solidarity leaders. Tygpdnik Mazowsze, 
an underground paper, interviewed Mr. VonneguL 
Questioner: Have you been following developments 
of recent years in Poland? 

Vonnegut: Yes, after all. Solidarity has caught the 
attention of the whole world. I can’t think of another 
social movement that is as unambiguous — in a posi- 
tive sense. Our interest in iL is selfish. The American 
government is interested in it htomw ji means that 
the Soviet Union has enemies here, but our selfish- 
ness is of a different kind. We would simply like to 
learn from Solidarity — to learn about the human 
condition, about men's possibilities and social conduct 
in conditions of danger. 

Q: What gave you the idea of coming to Poland? 
A: I had just finished a book and felt like going 
somewhere. I was curious about the situation of my 
Polish colleagues. Styron and I belong io the world 
organization of the PEN Club, and we do not like to be 
cut off from the writers in any country. We are interest- 
ed in literature. ... We are apolitical But we are also 
interested in the freedom of thought and speech. We 
have no power, and we cannot make the Poliki govern- 
ment reinstate the PEN Chib. All we can do is to 


tell on- Polish friends that we are on their side. 

Q: You have not met any officials, but you have 
talked to Solidarity chairman Lech Walesa and to a 
leader of the Solidarity underground, Zbigniew Bujak. 

A: When I meet a man, 1 become personally in- 
volved in the cause he represents. To a foreigner, Lech 
Walesa is like a Tibetan lama or Mother Teresa or 
Mahatma Gandhi I talked to Walesa about the ways 
people in Poland can be active nowadays. I ihfnir it 
very encouraging that it is here that Marx’s dream is 
bring fulfilled — his dream of the withering or ignored 
state. I believe people loseagreat deal of freedom when 
they begin to accept things from the government in- 
stead of from each other. Why? Because all govern- 
ments — those that really have power — treat their 
peoples badly. The Polish underground is creating a 
society that is able to dispense with the state. 

Q: Should ' 

A: Even ' 

fence, we still might fie lucky ancThave a beautiful day. 
One should enjoy this. 

Q; Is there anything else you would like to say to the 
readers of an underground Solidarity paper? 

A: The spirit of Solidarity lives on and affects the life 
of humanity. Nobody is completely successful in his 
life. What happened in Poland may not be a great 
success, but nobody has so far done any better. 

The New York Timex 


. we be optimistic? 


The writer, a professor of history at 
by the idea . , York University, served as na- 
tional security adviser to Presidents 
Kennedy and Johnson. He contributed 
this view to The New York Times. 

LETTER 
On Rating Airlines 

We read with interest your men- 
tion of some results of our member- 
ship survey m your Sped al Report on 
Aviation (May 31), which included 
Dsts of preferred and avoided air- 
lines. Unfortunately, the results 
quoted were taken out of context 
conducted among the 
100,000 worldwide members of the 
international Airline Passengers As- 
soa ^?’ ^ w* bdwve. the most 
comprehensive of its kind. The infor- 
mation you published was based on 
raw data from this survey and makes 
no allo wance for a key factor in de- 
twnmung preference or avoidance: 

^oeperim* of flying the airline. 

Analysts of preference or avoid- 


VJS. ambassador to IsraeL ‘ w ‘ necessary stronger course 

Mr. Lewis said that in December “ arder to obtain. It will do great 
1981, six months before the invasion, l3artn ’ and 11 simply wfll not wore. 
Mr. Sharon described his ambitious 
war plans to U.S. diplomats — who 
were “dumbfounded” by the 
and considered it “unthinkable. 

The history is highly relevant today 
because Aria Sharon is. One might 
have expected that he would fade 
from the political scene, but Mr. 

Sharon has not faded. And the phi- 
losophy he expounds, of force as a 
political solution, is very much alive. 

Right now the most important 
peace effort in years is under way. 

King Hussein is pressing his p lan for 
negotiations between a Jordaman- 
Palestinian team and Israel under in- 
ternational auspices. The U.S. secre- 
tary of stale, George Shultz, is taKng 
an active interest. 

But the enterprise faces a funda- 
mental obstacle. Among both Pales- 
tinians and Israelis there is deep divi- 
sion between those who think 
political negotiation can gain nation- 
al objectives and those who believe 
force is the only way. 

The division of Palestinians be- 
tween the hard men and those pro- 
pared to talk and live with Israel is 
obvious. There is sharp division in 


Israel, too — and Israel has the pres- fSSJ2. rda *j® n *° the respondent^#: 
«“e and the power to determine rev &tis a verf^ 

whether negotiations even start ™icrent picture from the one shown 

Mr. Sharon made the issues dear r F ? r ewmple. British 

in a comment on the Hussein plan. It 

jras tmaccajiable, he said, because lESSJ?! 11 d<*s not fig- 
Israel would not exchange occupied 
tfritory for peace. That is basically 
-the view of the Likud, the rightist 
partner m the national unity govern- 
ment It is diffioik to see how sub- 
stantive negotiations can occur while 
the Ukud is part of the government. 

, “ “ understandable that posses- 
sion and power should seem thconlv 
"V Uw ft* Ktier vears of ml 
uicL But Lebanon teaches that force 
can te a delusion: that both Israelis 


{he five most avoided ear- 
ners, though it topped your list 

«. COLIN EVANS. 
Settlor Vice President, IAPA. 

Irving, Texas. 


curity if they can ever talk. 
The New York Times. 


, Intended for pubBctaitm 

mm wain the writ-j. 
ers signature, name and full adW ! 

sh ^ dd he brief oimM 
ore subject to editing. We cannot 
* responsible for 

unsolicited manuscripts ** 






MONDAY, JUNE 10, 1985 


Page 7 


* 


A Monthly Report for the International Investor 


JieraliSESribune 


Monday. June 10, 1985 


PERSONAL INVESTING 


INVESTOR'S ==== 

Notebook 


London’s Junior Market 

London’s Unlisted Securities Market is con tinning its healthy 
growth, with more than 33 new issues since the first of the year. 
That brings the number of small companies registered on the 
juttior exchange to more than 280. - 

There have bent some disappointing showings, however, 
especially among a spate of entries in the food sector. Investors, 
jotted by a slump among USM technology issues, turned to the 
food-related sector as “new and emeigm&” explained Marian 
MacBryde of Hoare GovetL Then, “quite a number of poor 
results from the food companies” dampened the enthusiasm, 
she said. 

But new issues by consulting, public-relations and sales' 
promotion firms remain a bright spot, she reported. Holmes & 
M archant, a graphic design and safes-promotion company, was 
weQ received what it came to the market a few weeks ago. It is 
currently trading at about 28 (35 cents) pence a share, indicating 
a price/ earnings multiple of 21. Another entry was Moorgate, a 
financial public-relations firm.' The star of die sector r emains 
Valin Pollen, an advertising and public-relations company that 
is trading at about 40 pence a share. 


The Maple Leal Boom 

The U.S. House vote last week favoring sanctions against 
South Africa has accelerated the movement of gold coin inves- 
tors into the Canadian Maple Leaf at the expense of the South 
African Krugerrand. Alan Posnick of Manfra, Torddla and 
Brookes, a New York precious-metals dealer, said “people are 
obviously showing a growing concern that [an import] ban is 
coming closer to reality.” 

Usually, the Canadian and South African coins sell at about 
the same premium over spot gold prices. But after the House 
vote, the Maple Leaf was selling at about a 3-percenl premium 
versus a 23-percent premium for the Krugerrand, Mr. Posnick 
said. There has also been “much more swapping” of Kruger- 
rands for Maple Leafs, he said. 

Krugerrands used to outsell Maple Leafs by more than two to 
one in the New York market Mr. Posnick says rales of Maple 
Leafs and Krugerrands were about equal in the first four or five 
months of the year. 


On Money and Morals 

The renewed protest about investment in South Africa has 
also focused attention on “moral 1 * mutual fundi. These are U.S. 
funds that examine a company’s sense of social responsibility as 
well as its bottom line before making an investment in its stock. 
Managers of the more traditional rands have long viewed their 
high-minded colleagues with some skepticism. But a look at the 
recent performance of some of the moral funds raises questions 
about whether such an investment strategy is necessarily harm- 
ful to returns. 

The Calvert Social Investment Fund of Bethesda, Maryland, 
has been one of top moral fund performers this year. Founded 
two years ago, Calvert is a managed growth fund and money- 
market fund with combined assets of $63 milli on. In the five- 
month period ended May 23, the fund generated a return of 14.6 
percent, according, to Upper Analytical Securities. This is al- 
most two percentage points ahead of the Standard and Poor's 
500 average. 

Grace Parker, an assistant vice president at Calvert, said the 
fund is opposed to apartheid and will not invest in companies 
that do business with South Africa. The fund also shuns arms 
makers, companies that do not follow fair labor practices and 
even U.S. Treasury bonds. Treasury bends, explained Miss 
Parker, support military spending. 


The Merc Branches Out 

Two U.S. exchanges are closer to offering futures contracts cm 
Canadian and Japanese stock indexes. Three weeks ago, the 
Chicago Mercantile Exchange agreed with Nihon Ketzat Shim- 
bun to market the Japanese newspaper’s Nikkei composite 
_ average of 225 stocks traded cm the Tokyo Stock. Exchange and 
the broader Nikkei 500 index. Under a two-year licensing 
accord, the Merc can market the contract in North America and 
Asia, excluding Japan. 

William J. Brodsky, president of the Merc, said the contract 
would initially be offered cm the Singapore International Mone- 
tary Exchange because of the tune-zone difference. But Mr. 
Brodsky hopes that Nikkei averages trill eventually be offered in 
Chicago as part of the Merc's futures-trading link with Singa- 
pore. 

The Chicago Board of Trade, meanwhile, said it would seek 
approval from the Commodity Futures Trading Commission to 
trade a futures contract tied to the Montreal Exchange's Cana- 
dian market portfolio index. The CBOT wants to begin trading 
the index of 25 of Canada's biggest companies next year. 


COMMODITIES 



Gauging the Impact of Slower U.S. 



N O SOONER had investors learned to 
live with the nagging problems of the 
dollar’s strength and stubbornly high 
interest rates than another troubling de- 
velopment appeared on the horizon: the waning 
strength of the economic upturn. 

In interviews conducted by the International 
Herald Tribune with more than 30 portfolio strate- 
gists and economists in the major financial centers, 
a dear picture of concern emerges about the slow- 
down in the U.S. economy and the ramifications 
for Europe and Aria. 

This may be the single most important issue for 
investors in the second half of the year. Many 
analysts have been taking a second look at individ- 
ual markets, sometimes redefining prospects m the 
light of slower economic growth, as well as domes- 
tic influences. 

Such worries are not new. Debate about Lite 
durability of U.S. economic growth has been heard 
since the recovery got under way in earnest in 1983. 
But the anemic growth recorded in the United 
States in the first quarter of this year has height- 
ened concern. Late last month, the Reagan admin- 
istration said the economy grew at a 0.7 percent 
annual rate in the first three months of the year, 
about half the initial estimate. Although Washing- 
ton is sticking to its projections of 4- percent growth 
in 1985, the realization that rallies in Tokyo and to 
some degree in Europe have been tied to export 
growth has money managers fretting over the vital- 
ity of the U.S. economy. 


Growth 


Many U.S. analysts dismiss the current sluggish 
economic climate as a temporary setback. Michael 
Sherman, chief portfolio strategist at Shearson 
Lehman Brothers in New York, argues that the 
world economy is still building up momentum for 
what will be an unusually long recovery . “I've 
taken the altitude that this cycle we're in is not a 
normal cycle," he said. “When you look around the 
world Tor signs of growth, there just aren't a lot of 
examples. Europe is in stagnation. There isjust not 
a whole lot of thrust around. We're in the early 
stages of a long cycle." 

Last month's decision by the Federal Reserve to 
cut the discount rate by half a percentage point to 
74 percent is seen by most observers as a commit- 
ment to sustain economic growth at a slower, but 
acceptable, pace through the end or the year. Many 
experts expect the growth rate to average from 2 
percent to 3 percent in the second half. 

Already speculation is building about another 
slight reduction in interest rates. “1 see another cut 
in the discount rate in the next month, or month 
and a half, before the end of the summer," said 
George Collins, director of fixed-income research 
at T. Rowe Price, a mutual fund group. “The 
economy will pick up." 

While concern over the dollar and interest rates 
remain, it no longer appears as a dominant theme 
in investment circles. Most analysts do not foresee 
any major drop in U.S. or European interest rates 

(Continued on Page 81 


TOKYO: NEW YORK: LONDON: EUROPE: 


Spreading doubt 
about the outlook 


Faith in upturn 
remains strong 


Crucial factors: 
new issues and 


The funds flock 
to Milan market 


for exporters 

When Minoru Miura talks of Tokyo’s two-tier 
stock market, be is not alluding to the traditional 
segregation of big and small companies on the 
stock exchange. Instead, the senior research ana- 
lyst ai Nikko Securities is referring to the market's 
new fascination for domestic issues and its decid- 
edly bearish view of blue-chip exporters. 

In many ways, Mr. Mxuras view reflects a new 
reality in the Tokyo market, which has enjoyed 
nearly uninterrupted gains since 1974, thanks 
largely to Japan's export might. The prospects of 
slower growth in the United States and a worri- 
some trade conflict with Washington, analysts say, 
could mean a decline in the volume of sales to 
American consumers. 

Now, instead of Toyotas, Sony televisions and 
high-technology gadgets, Japanese analysts are 
looking to other symbols to portray the investment 
theme through the end of the year. Usually they are 
found in the less glamorous world of clothing 
stores, construction companies and fast-food 
chains. 

Market analysts are betting on strong domestic 
demand and are looking for consumer-related 
stocks that can benefit. Even the banking sector, a 
strong area in the past 12 months, is not expected 
to do as well. Tins greatly limits the choice of 
sectors with significant upside potential. 

“Basically, you can write off 50 percent of the 
market," sajd Nobumitsu Kagaml who heads No- 

(Coutiuued (mi Page 8) 



AfWdMrU 


Japanese cars on a New Jersey dock. 



APWkbwwid 


The crisis over savings 
and loan institutions m 
Ohio and Maryland bad 
just abated and the na- 
tion’s economy was 
showing signs of fatigue, 
but the Dow Jones in- 
dustrial index quietly 
stepped across a record 
1,300 mark last month, 
and it shows few rigns of 
giving up any ground. 

While it is true that 
Wall Street has made a 
habit of looking for sil- 
ver lfawnwt in economic 
clouds, the latestlharket 
confidence ■'reflects the 
belief that business ac- 
tivity will pick up in the 
next half and the reality Robert Salomon Jr. 
that stocks and bonds 

offer the best returns in a low-inflaiion environ- 
ment. 

Few analysts expect U.S. stocks to duplicate the 
bullish run of 1983 or even to keep up the pace so 
far this year. Instead, most market watchers expect 
steady, if unspectacular gains through the rest of 
the year, with a handful seeing the Dow at 1,400 by 
the end of the year. “We’ve had pretty good times 
in the first six mouths, 1 would be very surmised to 
match it,” said David Testa, who manages T. Rowe 
Price’s Growth Fund. 

The view among analysts in the United Slates is 
that the economic slowdown is cause for concern, 
not panic. Most expect activity to remain slow in 
the current quarter but have a more optimistic 
growth scenario for the second half. Thar confi- 
dence stems from a widely held view that the 
Federal Reserve has finally overcome its lingering 
misgivings about inflation and displayed willing- 
ness to accommodate the economic upturn through 
lower interest rales. 

Indeed, the gradual reduction in interest rates 
and expectations of further declines are behind the 
New York Stock Exchange’s recent good fortunes. 
Few on Wall Street talk of a steep drop in rates. 
Instead, most analysts anticipate a slow descent, 
just enough to nurture the lagging expansion. Even 
the nervous talk of the bulging federal deficit and 
its impact on rates, which was a common theme in 
1984, have waned as the Reagan adminis tration 



chief portfolio 


(Continued ou Page 8) 


Gold: Talk of Range, Not Rally 


By Bruce Hager 


New York 

I NVESTORS frustrated by the recent slug- 
gishness in the gold market will take bean 
from Charles Stahl. The publisher of 
Green's Commodity Market Comments has 
been following precious metals and currency mar- 
kets for more than 40 years, and be firmly believes 
a bull market is already in the works. 

The reason is cyclical factors. “Normally, there’s 
no exact timing in gold." said Mr. Stahl, woo tracks 
the markets from Princeton, New Jersey. “But 
then, normally, bull markets should last longer 
than bears." The last bull market ran from 1976 to 
1980, and the current bear market is wdl into its 
fifth year. What that means, Mr. Stahl says, is that 
investors should be prepared for a gold trading 
pike of $350 to 5380, sparked by a weaker dollar 
and higher inflation over the next rix months. 

A change would be welcome. Precious metals 
have been at a static stage snee a brief March rally 
boosted gold prices to almost S350 on the back of a 
weakening dollar and the news that Ohio savings 
and loan institutions were on the brink of collapse. 
Gold has since retreated to the S300-S320 range, 
while silver b3S sank to around S6 an ounce. 
Platinum has risen slightly to S26S. 

The main reasons for the price weakness, accord- 
ing to Mr. Stahl and other metal analysts, are the 
relative health of the U.S economy and the strength 
of the dollar. Both are key factors in any investor's 
decision to buy or seQ gold versus securities over a 
given period coupled with the current rate of 
inflation and interest rates. But with inflation in 


the low single digits and interest rates Tailing, some 
analysts believe the bear will die hard 

"The outlook is not particularly healthy for the 
short term," said Alan Davidson, a precious- metals 
analyst with Sheareon-Lehman/ American Express 
in London. “Physical buying has been improved 
below $300, but if the Deutsche mark went back to 
3.20 [from its current 3.07 to the dollar], then I 
couldn’t rule out a break below S300.” 

The dollar is not the only culprit, however. OS 
prices have been weak recently, and coupled with 
Norway's decision in May to cut crude quotes, 
speculators have begun to predict the trend will be 
toward steady or lower prices in the near term, 
leading to a deflationary climate. “We are going to 
see very little upside ability.” said Glenn Rosen- 
berg, a research analyst with Rudolf Wolff Futures 
Inc. "Gold has lost its credibility." 

To an extent. Analysts like to talk about “resis- 
tance points” or psychological barriers, and 5300 is 
the bottom line these days. When gold dips below 
that mark, big traders such as Middle East coun- 
tries and central banks rush in to consolidate or 
add to their positions. Another resistance point is 
$330, which ihcTtossians have found attractive to 
sell at to raise currency. 

That ceiling does not appear to daunt Michael 
Coulson. gold analyst at Phillips & Drew, the 
London broker. Mb. Coulson predicts prices could 
reach the $390 mark by November and breach 5400 
by early January cm fears of natural economic 
slowdowns. “1 am afraid it’s not going to last very 
long." Mr. Coulson warns. "People are then going 

(Continued cm Page 10) 


weak oil prices 

Global attention focused last week on the vote 
by the London Stock Exchange to begin deregulat- 
ing trading next year, but a more imm ediate con- 
cern to many analysts was whether the British 
market’s recent strength can be sustained through 
the end of the year. 

Few expect a major fall in share prices, but a 
number of analysts think that the market may not 
have mud] more room for growth, especially in 
view of falling oD prices and the weight of new 
issues envisioned under the Thatcher government's 
privatization proposals. 

Many stock pickers have decided on an ap- 
proach that emphasizes domestic-oriented issues. 
These are the least likdy to be hurt by thesuength- 
ening pound and could benefit from improving 
economic conditions. 

Kenneth Ingles, head of equity research at Phil- 
lips A Drew, admits the outlook for stocks is “a bit 
tricky,” especially with the manufacturing sector 
squeezed by the combined impact of sterling's 
gains on the dollar and high interest rates. Howev- 
er, he points to a “high-dividend culture" now 
being established in Britain that could help the 
market With dividends growing on average by 2 
percent to 3 percent in real terms, he says, investors 
are likely continue to buy equities. 

His choices include Habitat Mothercare. Grand 

(Continued on Page 8) 


Frankfurt may boast of 
record heights and Zurich 
its stability. But in the 
minds of many stock ana- 
lysts. the big attraction in 
Europe in the second half 
may have a surprisingly 
Italian flavor. 

Money managers 
around the globe are 
pouring funds into the 
tiny Milan bourse, where 
a reputation for insider 
trading and an erratic 
economy have traditional- 
ly gone hand in hand. 

Although there are 
signs of reform, the new 
fascination with Italian 
.... , stocks has less to do with a 

Milan exchange change in long-term fun- 
damentals than with 
short-term structural changes. Last year, the gov- 
ernment sanctioned the first domestic mutual 
funds, and Italian investors have been quick to 
jump in. 

More than 20 funds now exist, and their big 
investments in equities have propelled the Milan 
market to record levels. 

To avoid pushing share prices too far loo fast, 
the funds slowed equity purchases in the spring, 
but the buying is expected to continue through the 

(Continued ou Page 8) 



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THE BOURSES 



Slower U.S. Growth Forces Some Shift s in 

NEW YORK: 


(Continued from Page 7) 

before Lhe year's end. Those in the United States 
thinV interest rates will continue the gradual descent 
that hep?n last year, with the yield on long-term 
bonds dipping below 10 percent from the current 
HW percent. 

Consequently, the likelihood of a dramatic faD in 
the dollar appears slim. Currency experts see it 
trading in a narrow range of £90 to 3.10 Deutsche 
marks. Masahiro Yamada, who manages interna- 
tional investments for Nippon Life Insurance. Ja- 
pan's biggest corporation, sees a gradual deprecia- 
tion. with European currencies benefiting in the 
short term. But be sees no reason to lower his 
exposure to the dollar. “The emphasis is still on U.S. 
dollar investments," he said. 

With Jilde headway expected against high real 
interest rates and with inflation rales at relatively 
low levels, a num ber of global money managers have 
been *nla*p n g their portfolios of fixed-income in- 
struments, especially in light of the fact that slower 
growth may hurt corporate earnings. Government 
bonds in the United States, Britain, West Germany 
and the Netherlands r emain the favorites. The Euro- 
pean inammpms are es peciall y attractive if the 
dollar weakens in the second half. 

“For stocks to do well, bonds must do even 
better,” said Karl Van Horn, chairman of American 
Express Asset Management in London. Mr. Van 
Horn is so certain of ms convictions that 30 percent 
of his SI 50- million equity portfolio is invested in 
bonds, primarily UJ3. securities. 

While the variety of bonds with good potential in 
the second half may make the selection process 
easier for investors, the choice of equities is proving 
a lot trickier. 

In the of many, Japan is emerging as the 
Fust casualty of the U.S. slowdown. Scarcely a year 
ago. the Tokyo Stock Exchange was enjoying unri- 
valed success and international money managers 
continued to funnel investment dollars into the blue 
chips, that had led Japan’s export growth. Now, 
there are serious questions about whether trade 
levels can be sustained. The growing protectionist 
mood in Washington adds to the concern. 

“It's a UJ3. problem, bnt it's the major political 
issue for this market,” said Michael Connors, who 
heads Jardioe Fleming's research department in 
Tokyo. “Unto we have a better view of the U.S. 
economy and world economy, people will still be 
jittery about blue chips." 

N O ONE is suggesting that there will be a 
sharp correction in Tokyo, but doubts 
about whether the market can maintain 
its upward momentum are widespread. 
Tokyo’s stumble in March frightened many inves- 
tors and, several analysts say. pointed up the frailties 
of the market, where rallies are as much a product of 
speculation as fundamental factors. 

Apparently weary of the Tokyo market's unpre- 
dictable nature, some money managers in Europe 
and in the United States have decided to lower their 
positions in Japanese stocks in the second half. “The 
Japanese have been engaging in private speculations 
at the cost of foreign investors," declared Christo- 
pher P. Murphy, vice president in charge of portfo- 
lio investments for Citicorp Bank in Switzerland. 

European markets, which have enjoyed healthy 
rallies since the start of the year, are also seen as 
vulnerable to the slowdown in U.S. economic 
growth. In West Germany, where the economy de- 
pends heavily on exports, there are already signs of a 
shift in investment strategy in the Frankfurt market. 

Portfolio managers at the big Frankfurt merchant 
bank, BHF Bank, are selling stocks in export-orient- 
ed companies that have led the market recently and 
placing greater em phasis on und ervalued German 
blue chips and smaller companies. □ 





(Continued from Page 7) 

pi nra Investment Management Co„ a new division 
of Nomura Securities Co. that invests U.S. pension 
funds in the Pacific Basin. 

Mr. Ka gami who expects the Tokyo marker to be 
□at in coming months, admits to caution in Japan. 
Hitachi and Matsushita are among the Tew big 
exporters and electronic stocks be tikes. He favors 
retailers, food companies and restaurants. “But no- 
where would we make a big commitment," he said. 

Not surprisingly, Mr. Kagami and other money 
managers are looking elsewhere in the Far East, 
especially in Hong Kong where price/earning multi- 
ples are less than half those in Tokyo. “I find the 
Japanese market is difficult to deal with. Most 
people have had a tough time," said George Noble, 
who manages Fidelity's international fund. “I think 
the chips are stacked against a lot of Japanese 
stocks." 

Mr. Noble h as limited bis exposure in Japan to 10 
percent of his portfolio. By contrast. Hong Kong 
accounts for 20 percent of the S19 milli on be has 
under management. His picks included China Light 
& Power, Swire Pacific and Hutchison Whampoa. 

NLkko’s Mr. Miura is more optimistic. He expects 
Japanese economic growth to average about 5 per- 
cent this year and points to the recent rise in con- 
sumer spending and increase in housing starts as 
good si gns lor "the market He also notes that the 
increase in corporate earnings will probably filter 
down to Japanese cons umer s in the form of bonuses 
this summer. High on his buy lisi are Mitsubishi 
Estate, Japan’s largest builder, and Toldo Marine & 
Fire, a leading insurance company. 

Telsuhiro Miyake, institutional research manager 
for Nomura, ^"concentrating on rhe property and 
housing sectors. as well as specialty stores. “It’s a 
relatively defensive stance, and it doesn't differ 
much from our first-half choices. " he said. 

IBs current picks include Kriyo and Shixpachu, 
small chain stores that cater to the do-it-yourself 
crowd. Mr. Miyake also likes some of the smaller 
clothing c hains that are enjoying brisk sales. These 



(Continued front Pap? ^ • -r- 

strategist at Shearson Lehman Brcthcrx IbeF^ £ 

[irfuniom economy does not respond to oac 

"ttin^nily. analysis do ml 

cWfi in eutiiiv strategy m the next hair. Mftfl poroo- . 

SSl tamo* “£“"3: 

££££« anJ .merest-^smve oocto. 

as utilities arid banks. However, many 
stocks are no longer as cheap as they were 

J “tiTw-i«h prospects to 

growth, Robert J. Salomon, hod £ 

at Salomon Brothers, saw New y 

bargains on the basis of pnce/cara^ muUga . 

**W?re the cheapest major market ui JJ* W 

said Mr. Salomon, who sees 

rising to 1 1 to 12 by the end of the year, compared 

with the current range of 9.5 to IU. _• ... 

Unlike others. Mr. Salomon xx* tw ««nww Ca- 
nute of high interest rales and a strong dollar as n 
constructive transition period that is forcing compa- 
nies to cut costs, trim debt and tmprove«»^«iia»- 

ness in the face of imports. "Just Wk at fl gl wrre 

months." he said. “Profits have been disappointing, 
but the market has gone up — a dear indication that 
lhe market is being revalued." 

When it comes to picking stocks for the next lew 
months. Mr. Salomon prefers sectors that be outside 
“the eye of the storm." those that can show pricing , 
flexibility. This strategy rules out ba sic ind ustries. J* 
which are struggling to compete with foreign manu- 
facturers. He also dislikes the oil and mining areas. 

Instead, Mr. Salomon focuses his attention on 
purely domestic areas, such as media and property 
cas ualty insurance stocks. In the media sector, Mr. 
Salomon tikes Time-Life lnc„ Capital Cities Com- . 
muni cations, Knight-Ridder. The Washington For 
and The New York Times. General Reinsurance, 
Aetna Life & Casualty, American Express and 
Marsh & McLennan are among his picks in the 
insurance sector. 

In line with his broad view of the market, Mr. 
Salomon also likes looking for out 


APVMMrfd 


Nobwnitsu Kagami of Nomura 

indude Suzman, based in Nagoya, and two over- 
the-counter stocks, Taka Q and Cabin. 

The main problem. Mr. Miyake said, is whether 
the government will take measures, such as a lax cut, 
to boost consumption. Measures to stimulate im- 
ports will be announced in late July, but a decision 
on a tax cut is not expected before year’s end. 
“When we see an upturn in domestic consumption, 
then we can turn toward the large retailers, Ilo- 
Yokado, Iseian and Manii," be said. “For now its 
hard to justify their priced earning multiples." 

Up until a few weeks ago, Hisamichi Sawa. direc- 
tor of research at Piudetmal-Bache in Tokyo, went 
along with the accepted market view on exports. 
Since then, however, he has developed a contrary 
view. With high-technology exporters so out of fa- 
vor. Mr. Sawa reasons that “the best time to accu- 
mulate these shares is when they're unpopular." □ 


jaiuiiiuu uwv iiwvu H ~ T-_ 

ing or likely to undergo restructuring. Among his 
current picks are ITT. Rcxnord and Revlon. Howev- 
er. he acknowledges that there is a high risk in sch a 
strategy that the restructuring will go awry. “To 
some extent you have to be as early as possible, hot M 
you can be wrong," he said. . r 

In view of the market's gains so far this year, some 
commentators have begun to wonder whether the 
best performers have mud) more upside potential 
“U won't be anything as near as exciting as it was at 
the beginning of the year," said Fred Fraenkd, 
director of equity research at Prudential -Bathe. 

He still considers the consumer and service sec- 
tors to offer the best potential He like; such utilities 
as Florida Progress and Public Sendee Electric & 
Gas and regional telephone companies such as 
NYNEX ana Southwestern Bell USAir and AMR 
are on his bay list for airlines. Q 


This midyear review of major stock markets is 
ybased on. reporting try Colin Campbell in London, 
David Tinninm Zurich, Terry Tmaoin Tokyo and 
John Meehan in Nor. York.' , . 


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EUROPE: 


(Continued from Page 7) 
year. “The liquidity buildup is amazing," 
said George Noble, manager of Fidelity’s 
international fund in Boston. Montedison 
and IFI head Mr. Noble's buy list 

Aside from mutual-fund buying, Richard 
Overton, director of Aetna Montague Asset 
Management in London, which has £4 billion 
(about S5 billion) under management, said he 
also likes Italy’s recent political stability and 
points to improvements in economic condi- 
tions. Indeed, Italian inflation is heading 
lower and Consob, the regulatory agency for 
the securities industry, appears to be taking 
steps to strengthen financial reporting re- 
quirements. Mr. Overton's picks in Italy in- 
clude Fiat, Mediobanca and Olivetti. 

The new fascination with Italian stocks 
does not mean the experts have forsaken the 
bigger markets. Most generally r emain opti- 
mistic about further gains in equity markets 
in West Germany, Switzerland and France. 

The confident tone can be traced to a 
generally upbeat view of the economic recov- 
ery in Europe, although some analysts are 
concerned that a significant slowdown in the 
United Stales will harm Europe's export-led 
growth. Also contributing to the buoyant 
outlook for European markets is chronic con- 
cern about the dollar. A number of global 
money managers have placed limits on their 
dollar exposure, sometimes shifting assets to 


the continent where the Deutsche mark and 
Swiss franc are seen as likely beneficiaries of 
a drop in the dollar. 

The strategy in Frankfurt and Zurich is to 
identify the sleepers, those stocks that might 
have been overlooked in the first-half rally 
and that still offer attractive price/eanuqgs 
multiples. 

The chemical sector is one area of search in 
West Germany. Analysis like BASF, 
Hoechsi and Bayer whose P/Es range from 
7_5 to 9. Stin, no one is giving up on the Ing 
names. Mr. Overton likes Volkswagen, 
Daimler-Benz and Hypo Bank. The big three 
banks. Deutsche Bank, Commerzbank and 
Dresdner, also remain in favor. 

In Switzerland, Hans-Conrad Kessler, di- 
rector of investments and portfolio manage- 
ment at Sms Bank Coip., says the emphasis 
should remain on the export and financial 
sectors, as weD as capital goods and retail 
areas. He also likes the insurance sector, but 
warns that many insurance issues have al- 
ready had a sharp nm-up. The bank's buy list 
indudes: Gba-Gdgy. Roche, Nestlfc. Swiss 
Reinsurance and Soti6t& de Surveillance. 

Despite the possibility of a summer pause, 
the Paris bourse is also expected to put in a 
solid performance in the second half. Mr. 
Overton points out that France is one of 
latest participants in the recovery. BSN and 
MoSt Hennessy are high on his buy list. □ 


LONDON: 


(Continued from Page 7) 
Metropolitan, the hotels group “with a su- 
perb management record." and Courtaulds. 

Michael Hughes, partner and chief econo- 
mist at de Zoete & Bevan, also believes that 
the market's upside potential is limited. He 
contends that many British equities are 
“overvalued," although he agrees with other 
analysts and fund managers that some do- 
mestic stocks look promising. He tikes msur- 
aace companies, such as Commercial Union 
and Sun Alliance and recommends Blue Cir- 
cle and Redland, companies that sp ecialize in 
building materials. Among electronic issues, 
he likes GEC. ^ 

Despite such defensive views, many ana-' 
lysis still believe there is much upside poten- 
tial in London. “We see [the market] as still 
moving forward. There is very strong earn- 
ings and dividend growth." said Rj chard 
Williams, director of Hill Samuel Fund Man- 
agement He forecasts a dividend growth of 
about 10 percent next year, with jaelds of 5 
percent to 6 percent. 

With the economy in “quite good shap e" 
and the pound gaining ground against the 
dollar, Mr. Williams also targets domestic- 
on ented stocks. Hill Samuel partic ular ly fa- 
vors the retail sector, with Burton and Tesco 
named as good buys. Banks are also seen as 
being quite inexpensive, with Barclays fa- 
vored over the outer major institutions. □ 



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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


- .. 



Page. 9 


Bargain 



mong U.K. Investment Trusts 


By Lynne Curry 


D 


London 

EVELOPMENTS on the British finan- 
cial are mwKng investment trusts, 
whose U.S. counterparts are known as 
dosed-end foods, more attractive to In- 
vestors as an alternative to unit tru s ts and mutual 
funds. “Investment trusts have never looked as 
promising as they do now,” according to Ted Sdkra, 
an analyst at Lang & Crakfahank, a London stock- 
brokerage. 

Investment trusts share same positive paints with 
their “open-ended” cousins, unit trusts mutual 

management and an oppcrtumtyto spread^riSLln 
addition, the sales commissions on funds shaies-sre 
lower than the brokerage commissions that" would 
be charged to buy the underlying stock. 

The crucial difference is that investment trusts 
maintain a fj»*f number of shares outstanding and 
are traded much as the stock of a conventional 
company. By contrast, unit trusts and mutual foods 
continually issue new shares as money flows in and 
redeem the shares of investors who want to cadi in 
their beddings. These transactions, are done at j 
share net asset value, wteda is cakulaled by dJ 
a fund’s net assets by the number of shares. 

Because investment trusts hold their shares to a 
constant number, the fluctuation in the price of 
investment trust shares depends on the relative pres- 
ence of buyers and sellers. Shares can trade either at 
a discount to net asset value when seBere outnumber 
buyers, or at a premium to net asset value when 
there are more buyers than sellers. 

A main attraction of investment trusts rests in the 
opportunity to boy assets at a discount to (heir 
vahie. * 

“An investor is able to obtain income on a portfo- 
lio that's worth considerably more than be paid for 
it,” said Thomas J. Hexzfdd, president of a Miami, 
Florida, securities firm that specializes in. Uii. 
dosed-end funds. 


worth of stock with a 6-percent yield, "he will get 
$6,000 worth of income annually. However, if die 
investor purchased $100,000 worth of investment- 
trust shares (hat are selling at a 30-percent discount, 
he will actually be buying $142,000 worth of assets.. 
With the same 6-penxnl yield, he will be getting 
income on 5142,000, or about $8,500 minus the 
management fee. 

“That’s a very compelling argument for invest- 
ment trusts,” Mr. Henftid said. “Yon get more 
bang far your buck.” 

As investors bid mare aggressively for the shares 
of an investment trust, the discount can narrow as 
■the share price is driven upward, closer to net asset 
value. Occasionally, big profits can be realized when 
investment trusts with large discounts are taken over 
and their holdings sold to yidd their full asset value. 
Or the investment trust can be “unitized,” meaning 



Jah<5«al 

his converted into a unit mist and the shares sold at 
net asset value. 

Hie lure of deep discounts is one reason.British 
investment trusts are getting more attention than 
(heir American counterparts. Discounts of U5. 
dosed-end funds have virtually disappeared, and a 
few are setting at a premiu m. In the past 5 to 10 
years, discounts in tire United States have narrowed 
from over 25 percent to bdow 5 percent, compared 
with an average discount of 23 percent for the 
British trusts. Some British investment trusts are 
even trading at discounts of 30 percent to 40 per- 
cent. 

Because of the deeper discounts, Mr. Herzfdd, 
who had been an advocate of VS. dosed-end fends 
for years, recently shifted the majority of his firm’s 
money invested m dosed-end funds to British in- 
vestment trusts. His strategy is simpler “The same 


reasons that narrowed the discount in the U.S. have 
fallen into place in London:" 

In the United States, discounts narrowed on the 
strength of a bull market that seated enthusiasm 
among buyers of dosed-end funds, in a deregulated 
financial environment, investors then pushed to 
cash in cm their holdings. In addition, the end of 
fixed commissions for stock trades in 1975 put 
pressure on investment trusts because transaction 
costs became less of a factor in the investment 
equation. 

London is following a similar route. In the past 
two years, London's financial community has 
braced itself for the planned introduction of negoti- 
ated commissions. Meanwhile, as more companies 
build up powerful stakes in dosed-end funds, they 
are increasingly attempting to force them to “unit- 
ize” or take steps to insure that their discounts 
narrow. 

“Over the last two or three yean, particularly, 
there has been growing pressure on investment 
trusts to do something or wind up,” said Alan 
Rooke, a salesman at Phillips & Drew, a stockbro- 
irwray “ Managem ent has been put on its mettle.” 

Professionals wain that there is more to invest- 
ment-trust strategy than just findings fund with a 
deep discount “If an investor mistimes his deci- 
sion,” cautions Hannsh Buchan, a Wood, Macken- 
zie Co. analyst, the share price “could do even worse 
than the underlying asset.” 

Thus, investors should not just look for the possi- 
bility of narrowing discounts. Asset growth should 
also be considered. In some cases, the discount 
could re main the game nr widen, but the share price 
could also rise as the fund’s net asset value improves. 

For example, the share price of Foreign and 
Colonial , a diversified trust With £550 milli on (about 
5693 mill inn ) in assets, rose from 70 pence at the 


Inviting Discounts 


The share price, net asset value and discount at the end of the year for Mid Wind, a closed-end 
hind that specializes in small growth stocks world wide. The fund, with assets of £9.25 million, is 
managed by Baltlle Gifford Co. Share price and net asset values are in pence. 


Share Price 


Net Asset 
Value 


Discount 



end of 1982 to 109 pence in 1985 and 129 pence last 
year. At the same time, the fund's net asset value 
grew from 105.1 pence in 1982 to 176.3 pence in 
1 984, while the discount narrowed from 33.4 peroeni 
in 1982 to 23.1 percent in 1983 and widened slightly 
last year to 26.8 percent. 

“The narrowing of discounts is a bonus,” said Mr. 
Sellers erf Laing & Cmickshank. “The key is in 
looking to buy a trust with an unduly wide discount, 
but that is on top of the rise in the 'asset value.” 

“There should be some firm reason why h [the 
fund] is likely to outperform the market,” he said. 

The range of dunce in Britain remains wide. The 
industry today has 200 mists with assets of about 
£16 bflfion, which as a sector constitutes 5 J percent 
of tire market value of British registered equities. 
This is afar cry from the 20 funds that existed when 
investment trusts first appeared here over a century 
ago. The American closed-end fund industry is 
much smaller, with assets totaling S3 billion to 53.25 
hfllirm- 

With an array of mists to choose from, investors 
can sdect either a specialist fund, say. in oil stocks, 
or one with a broader, more internationally based 
portfolio. 

Two of the specialized funds that Mr. Herzfdd 
believes are potential winners are North Sea Assets 
and Viking Resources. Both are ofl-rdated funds, 
currently out of market favor, which Mr. Herzfdd 
believes could benefit from a triple play: a narrow- 
ing of the discount, an increase in the net asset value, 
and a stronger pound. Some of bis other favorites 
include 1928 Investment Trust, Brunner and Throg- 
morton. 

R. BUCHAN angled out two other, 
more general industrial trusts that have 
performed well: American Trust, which 
has invested 80 percent in North Amer- 
ica, «nH Continental and industri al, which has a 
international Spread Of shar es. Continental and In- 
dustrial has been the subject of speculation that 
Liberty Life, a South African insurance company, 
would mount a bid for it and convert it to a unit 
trust. 

One selling point of investment trusts is their 
management fees, which are generally lower than 
those of unit trusts. Annual management fees typi- 
cally ran up to 1 percent of (he value of the fund's 
assets. This fee comes out of the trust's income, 
meaning the dividends would be slightly higher if 
there were no fees. 

For tax reasons, investors should be aware of the 

Britisifmvestment tn^and^Anrerican dosed-end 
funds. In investment trusts, dividends are pa i d oat 
twice a year or quarterly. By law, capital gains must 
be reinvested in tire company. A shareholder bene- 
fits from the capital gams when tire trust’s net a ss et 
value rises and the share price is pushed up. In the 
United Stales, capital gains must be distributed 
wi thin a fixed period of time to the shareholders and 
dividends are usually distributed annually. □ 


M 




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Lintas Zorich SBV 38* 





-Page 10 



INTERNATIONAL HERALD TRI BUNE, MONDAY, JU NE 10* 1 985 

CHART TALK 


Ernest Kiehne Buys 
Stocks That Stumbled 


*/*■■■ s 


By John C Boland 


Baltimore, Maryland 

A MONG the old-school investors 
who shop for value among de- 
pressed stocks, the name Legg Ma- 
son Wood Walker Inc. has been 
gaining attention. The Baltimore Arm’s no- 
load mutual fund, since its inception in the 
spring of 1982, has turned in the best perfor- 
mance in the mutual-fund industry, accord- 
ing to Upper Analytical Services. As of two 
weeks ago, the Legg Mason Value Trust was 
up more than 160 percent. 

That return, about two-and-a-haif times 
the Standard & Poor’s 500 advance, has been 
earned without exceptional risk. Indeed, the 
current portfolio of more than 100 stocks 
sports many solid, well-known companies. 

But roost of them have one thing that 
attracts the fund's overseer, Ernest C. 
Kiehne: a blemish of some sort on the corpo- 
rate record —such as a temporary decline in 
earnings — that has put the shares out of 
favor. As a result. Mr. Kiehne, who is Legg’s 
director of investment policy, typically ac- 
quires the issues at less than their book value, 
at a lower price/ earnings ratio than the mar- 
ket’s average and at a fraction of the compa- 
nies’ revenue per share, fie also prefers that 
the companies carry only moderate debt 
compared with net worth, show growth of 8 
percent to 10 parent in revenue and generate 
surplus cash. 

That basic, conservative approach has led 
the 67-year-old Mr. Kiehne and his col- 
league. William Miller, the Arm’s 35-year-old 
director of investment management, to more 
than their share of companies (hat subse- 
quently have drawn takeover bids. The latest 
are Easco Corp. and Informatics General 
Corp. 

In recent weeks, it has led also to greater 
enthusiasm for international oO companies, 
which Mr. Kiehne noted “we missed in 1984 
and 1 985.” Because of strong cash flow, some 
of the oils are buying back their own stock 
faster than they are losing reserves, which 
means that reserves per share are rising. 
Among the oil stocks that Mr. Kiehne viewed 
as attractive at recent levels are British Petro- 
. leum. Royal Dutch Petroleum and Texaco. 
The Value Trust also holds a moderate posi- 
tion in Kerr-McGee. 

Mr. Kiehne, who worked at American 
Telephone & Telegraph for 23 years in jobs 
unrelated to the stock market, is something 
of a Legg Mason And himself. He was a 
longtime private investor with a trading ac- 
count at Legg Mason, which, in addition, to 
managing money, is a retail brokerage. His 
market successes and research savvy were 
such that Legg Mason hired him in 1967 to be 
its director of research. 

‘it always seemed logical to me to buy 
siocks that were improvable, where profit 
margins were unsatisfactory and had reason- 
able prospects to become satisfactory in sev- 
eral years," be said. 

NV Philips, the Dutch electronics compa- 
ny that trades over-the-counter in the United 


States, is a case in point. Philips could ring up 
sales equivalent to $80 a share this year 
(revenue grew 14 percent in the fourth quar- 
ter), and Mr. Kiehne expects that number tc 
grow to 5100 within two years. At S16, the 
stock trades at 20 percent of current sales per 
share. If profit margins reach 3 percent, earn- 
ings are likely to be about S2J0 a share this 
year. $180 next year and S3 in 1987, he 
reckons. That is the kind of progress that be 
hopes might double the stock price. Philips': 
book value is about $25, and research and 
development outlays, plus cash flow, are 
about SI I a share. 

Mr. Kiehne also looks favorably on Ameri- 
can Carrier Inc, a thinly traded over-the- 
counter issue that he bought aggressively in 
the March quarter. The Middle West-based 
trucking company is trading around $1250, 
with revenue that he expects to read) $100 a 
share next year. Noting that the industry 
averages 4 percent for after-tax profit mar- 
gins, Mr. Kiehne said: “If you could ears 2 Vi 
percent on revenue, that would be $2^0 a 
share.” American Carriers d eared $1.35 a 
share in 1984. and Mr. Kiehne looks for 


Tt always 
seemed logical 
to me to buy 
stocks that were 
improvable.’ 


about $1.60 this year, and a possible dou- 
bling of the stock price. 

It was similar analysis that brought Mr. 
Kiehne to SCM Corp- a diversified chemical, 
office-equipment and paper company that 
ranks as Value Trust's largest holding. The 
stock is trading around $48, versus the fund's 
average stock cost of S38.63. Revenue ex- 
ceeds $200 for each of SCM’s roughly 10 
million shares. "If it earned 4 percent. SCM 
could clear $9 a share.” Mr. Kiehne said, 
assuming some revenue growth. That ap- 
pears within reach in a couple of years, ne 
said. 

Among (he large-capitalization compa- 
nies, Mr.Kiehne likes Allied Corp.. which he 
bought as a chemical company but is happy 
to stay with now that the acquisitions of 
Bendix Corp. and Signal Cos. add a high- 
technology angle. With the stock down to $40 
from a $46 peak. Mr. Kiehne argued that 
earnings of $5 JO a share and a market- 
average' price-earnings ratio could lift the 
shares to $60 in two years. 

Mr. Kiehne was a buyer in the March 
quarter of regional bank stocks, which al- 
ready had performed well for the fund. Most 



J. Lem, 


Ernest C. Kiehne 


of t hem , he noted, are selling around sevea- 
and-a-half times Legs Mason’s estimates of 
1986 earnings- Most of the banks in the 
portfolio are earning less on their book value 
than tbe average for regional banks. Virtually 
all, he suggests, are potential targets far 
buyouts (the fund has had several earlier 
bank holdings taken over). During the quar- 
ter, Mr. Kiehne more than doubled his stake 
in Mercantile Bancoiporation Inc. of SL 
Louis. 

At tbe moment, Mr. Kiehne’s only real 
problem is an embarrassment of riches. Hie 
Value Trust has been attracting about $1 
million in new money each day, which has 
raised the total under management to well 
over $200 million. Largely because of that 
influx, the fund's cash reserves have climbed 
to 14 percent. Given current stock prices, Mr. 
Kiehne said he didn’t feel “too bad” about 
ha ving that much cash. 

Legg Mason is attracting so much new 
money that it hopes to start a second fund in 
about 90 days. That new offering wiE be a 
growth and income fund that might invest in 
braids as well as stocks. 

Mr. Kiehne is optimistic on the long-term 
prospects for the economy and the stock 
market, all the more so as it appears that the 
federal deficit might be t rimme d. A lower 
deficit, a lower dollar, a smaller trade gap, 
perhaps a slower economy: Those might be 
the ingredients of an extended business up- 
swing in 1986. he said. 

One way to piny ValucTrust's success is by 
buying the stock of the brokerage firm's 
parent, Legg Mason Inc. The holding compa- 
ny’s shares, which trade on the New York 
Stock Exchange, are about S15.75, compared 
with a 52-week low of 59. In its fiscal year 
ending March. Legg Mason earned 70 cents a 
share. With cash pouring in. Legg’s manage- 
ment and distribution tees from the Value 
Trust (and from the forthcoming growth and 
income fund) stand to rise sharply, and. its 
earnings this year could double. p 

01985 The Yo* T,n* 


Private 

Banking 

in 

Luxembourg 


Luxembourg has been steadily growing in impor- 
tance as a major international financial center And 
an account with RheinrSaar-Lux-LB holds numerous 
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An example: Active portfolio management 

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Investments in securities, in time deposits or in gold 
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Telephone: 475921-1. Telex: 1835 rpslu 


The Fed’s Gift to Wall Street 


T HE Federal Reserve 
Board stole center stage 
from the takeover talk 
that had been circulat- 
ing through U.S. equity markets in 
May by reducing the discount rate 
to its lowest level since August 
1978. 

The reduction of half a percent- 
age point inthe rate to percent, 
effective May 30, infused life into 
a generally listless market, boost- 
ing major indexes to record highs. 
Tbe Dow Jones Industrial index 
crossed the 1,300 mark on the first 
trading day after the announce- 
ment and dosed out the month at 
1315.41, up 57.35 points over 
April's finish. Standard and Foots 
Composite index rose 82 points to 
end the month at 18955. 

*T think you’d have to say that it 
was pretty exdtiqg,”sajd Hugh 
Johnson, a vice president and bead 
of investment strategy at First Al- 
bany Corp. ‘There were many 
people who foresaw a decline in 
interest rates but none of the fire- 
works." 

Issues that benefited most from 
the Fed’s discount-rate cut were 
the interest-sensitive stocks — 
utilities, insurance companies and 
banks. Tbe Dow Jones Utility in- 
dex, which market watchers say 
anticipates broad market trends, 
gained almost 10 points over the 
month to finish at 16332. 

But, according to Mr. Johnson, 
even the Fed’s move was not 
enough Co eha« away aO investor 
doubts. 

“There is a lot erf nervousness 
about the economy,” be said, 
printin g to “co ntinuin g signs of 
the fragility of the banking sys- 
tem," notably the brief dosings of 
savings and loan associations in 
Maryland, and a 03-percent de- 
cline in the latest leading econom- 
ic indicators. 

“We are at that point in the 
business cyde where you have to 
be on you toes." be added. 

With caution still in the air, 
takeovers accounted for the most 
d rama tic gains on the New York 
Slock Exchange. Houston Natural 
Gas. which agreed to be acquired 
by InterNonh pipeline, saw its 
stock rise on a S7 (Fa-share tender 
offer. Katy Industry, which sold 
its Missouri-Kansas-Texas rail- 
road to Union Pacific for S98 mil- 
lion, was May’s big loser. Some 
investors had hoped for the sale to 
bring almost five times that 
amount. 

London too felt the continued 
attraction of takeover targets, ac- 
cording Dennis Elliott, a director 
at Phillips & Drew. Mr. Elliott 
said that that British investors had 
ignored the conventional wisdom 


LOSERS 


Percent May 31 

Gain 


Price 


New York Stock Exchange: 

Complied by Media General Financial Senitaw. Price, h dollar. 

46 68.50 Katy industries 

40 
39 
33 
30 
29 
29 
28 
28 
26 


Houston Natural Gas 
CNA Financial 
Nabisco Brands 
UAL Inc. 

Continental Info. 
Ha/lig-Myers 
United Brands 
Called Inc. 

Upjohn Co. 
Erbamont 


54.00 

82.63 

53.63 
10-25 


Pioneer Electronic 
Unocal 
GCA Corp. 
Transohio 
28.00 McIntyre Mines 
1 6 88 Mesa Petroleum 

21 SO TDK Corp. 

107.25 H.H. Robertson 

1 3.88 Allied Products 


percent 

Loss 


33 
31 
28 
23 
20 
18 
IS 
1 ? 
1G 
lt'» 


American Stock Exchange: 

Forest Laboratories 52 

Greenman Brothers 45 

American Biltrite 43 

Moore Medical 42 

Lake Shore Mines 41 

Over the Counter. 

Tofu Time 82 

Waxman Industries 58 

Ctothestkne 55 

Communications (nd. 39 

Newport Pharm. 38 


27 25 Gross Telecasting 
34*00 RuddickCorp. 

11.25 PEC Israel 
1 7.50 Metrocare 
54.00 Tech-Sym 


25.25 

16.38 

20.50 
28.63 

10.50 


Continuum Co. 
Micom Systems 
Sym-Tek 
KuiickeA Sofia 
Entre Computer 


42 

16 

15 

14 

13 


32 

?8 

25 

23 

23 


May 31 

Poca 


.*3 38 
1375 
3.1 50 
18 50 
‘U 25 
29.13 
14 38 
3b' 75 
31 75 
18 25 


17 1 3 
24 25 
10 OO 
19 00 
1 6 38 


20.50 
16.25 
12 50 
17 75 
H 75 


London Stock Exchange: 

Compiled by Capital International. Prices In pence 


Debenhams 
United Scientific 
Burmah Oil 
Flsons 

Bank of Ireland ' 
Lucas Industries 
W.H. Smith 5 Son 
BOC Group 
Whitbread 
Guiness (Arthur) 


39 388 BSR International 

32 225 Plessey 

26 286 Standard Telephone 

20 361 Ferranti 

19 295 Inchcape (U.K.) 

19 302 Royal Bank Scotland 

1 7 248 Electrocomponents 

1 5 309 British Com. Shipping 

15 227 Rio Tin to Zinc 

15 277 Barratt Developments 


25 
25 
18 
1 1 
8 
8 
6 
7 
7 
7 


88 

142 

170 

130 

390 

262 

286 

263 

590 

BO 


Tokyo Stock Exchange: 

Complied by Capital International. Prices In yen 

Nagoya Railroad 
Mitsubishi Petroctiem. 

Mitsui Real Estate 
Chubu Electric 
Mitsubishi Estate 
Asahi Chemical 
Kinki Nippon Railway 
Kansai Electric 
All Nippon Airways 
Fuji Electric 


41 

305 

Pioneer Electronic 

32 

41 

429 

Tokyo Electron 

24 

29 

837 

Makino MWing 

IB 

27 

1.630 

Nippon Gakki 

18 

26 

779 

Ono Pharmaceutical 

16 

26 

1,100 

Mori Seiki 

16 

26 

336 

Kyocera 

16 

26 

1.770 

AlpsElectric 

15 

23 

550 

Amada 

15 

23 

400 

Sanko Steamship 

15 


“to sell in May and go away.” The 
Financial Times industrial index 
rose 31.1 points to finish the 
month at 1(X)15 
Leading the British issues was 
Debenhams. The retailer has been 
the object of a hostile takeover bid 
by Burton. United Scientific. Bur- 
ma!) Oil, and W.H. Smith also 


benefited from takeover rumors. 
Mr. Elliott said. BSR and Plessey. 
members of tbe beleaguered elec- 
tronics group that have struggled 
with earnings reductions abroad, 
topped the loser's list. 

After April's sharp setback, the 
Tokyo Stock Exchange regained 
some ground. The Nikket-Dow 


1.690 

3.390 

1.020 

1,460 

5.240 

2.060 

4.530 

1.570 

932 

100 


Jones index climb 332. 17 points to 
12.758.46. Analysts noted that do- 
mestic issues that were insulated 
from currency exchange fluctua- 
tions and international trade con- 
flicts were most attractive to inves- 
tors. Investors also sought out 
undervalued issues with Itiddet*. 
assets. fi 





A 

real 


sAJbt&t. 

ifr * 

r e 



Goldbugs 

(Continued from Page 7) 
to jump and say, ‘Well, that looks 
pretty exciting. 

James Kneafsey is more conser- 
vative. As the president of Cam- 
bridge Commodities Corp., a 
Cambridge, Massachusetts, re- 
search and advisory firm, Mr. 
Kneafsey recommends minimal 
purchases in the $300-5340 range 
because be does not see any sus- 
tained rally that would boost 
prices toward gold’s historic 1980 
high of $875 until there is firmer 
evidence on the direction of the 
US. economy. “We don't see a 
major run-up to $700 unless there 
is a major global crisis," he said. 

By then it might be too late, 
because the major wild card be- 
ades interest rates and economic 
health is the old doomsday scenar- 
io. Gold prices are certain to jump 
if the Soviet Union invades Iran or 
the rest of the Middle East coun- 
tries go to war over Beirut- But 
analysts discourage investors from 
reacting too quickly to crises as 
potential gold booms. 


>f Ranges, Not Rallies 


CoMPrtces ■ 

ot&ssjr price per ourioeW- 

“ V‘ • ■iJ.-Jii ■ 



'* 

-So aw: " 




The Daily 
Source far 
International 
Investors. 



There’s a danger for the man in 
the street to be too late for these 
kinds of things," says David Lin- 
nchan, senior metals analyst with 
Merrill Lynch Futures Inc. in New 
York. “By the time its hits the 
papers, the factors hare already 
been included in the price." 

To show bow quickly and errati- 
cally gold can react to news, Mir. 
Linnehan cites tbe example of the 
Federal Reserve's recent decision 
to cut the discount rate to T6. 
percent. That was Friday, May 17, 
when gold closed at S324 an 
ounce. On tbe following Monday 
morning, gold was up $3 before, as 
Mr. Linnehan said, it “promptly 
fell out of bed" to $312, while 
silver tumbled 52 cents to 56.08. 

The example shows how silver 
usually follows gold's lead, bul 


there are some exceptions. Since 
silver is an industrial commodity 
used in the making of film, it re- 
acts weO tp an uptick in economic 
health. But recent evidence of 

weakness in the U A economy has 

found silver struggling around $6 
an ounce, far removed from its 
historic 1980 high of $5035, which 
could be a retied blessing for in- 
vestors. 

“I like silver at $6,” says Ber- 
nard Savaiko, senior precious- 
metals analyst with Paine Webber 
Inc. in New York, who sees signs 
that prices have bottomed out 
The scraps supplies should dry 
up at current prices, and I don't 
^ ^ dramatic increase in supplies 
until $7." r 

Other analysts, reflecting a mar- 
ket consensus, are conservative in 
Jhar six-month estimates. Mr 
Lumdran believes silver prices 

rause of conservation efforts that 
rum and other industrial manufao- 
t^i^maeraapj in ihecarfy 
19WS. They're trying to get by. 
wth less stiver products and more 
ofMhoproducis.-beapUined 

With Stiver weak and gold hca- 

JJJh Pky appears to be 
platinum. The metal has come a 

* 1980 high 

$1,18930 an ounce. At $265 it 
offers a wide discount compared 
with gold, and Us use in caudytie 
omv^ters could spell a brorTtf 
Europeans go through with plans 
for stricter emissions controls! 


That was behind platinu 
surge in 1980," Mr. Kneafsey s 

All things considered, platu 
is a good buy. if you like goh 
$265 ^ * ove Pbrtinuin 

For the immediate term, ho* 
ec, most analysts recommend 
strain! for those investors ini 
on padding their portfolios v 
precious metals. Even Oku 
M ahL who believes gold is n a 
buy at $305 to $3 15 an ounce, s 
investors should reserve onb 
percent of their portfolios for' 
metaLAnd many analysts cont< 
that because of the strong l 
pou ncal climate and contirn 

owmflauon. there is mom m« 

SL 10 guaranteed seci 
bSLu!** “ Treasur y bills a 

“It boils down to whether 
® B tove confidence in 



But compound interest b a 

&E?" *** 

Correction 

total return ry 
m the May b Personal Inve 
in error. Total n 
on Japanese stocks in th< 

3 ?7 n52!? l . ln,oaa toms 
3.27 jrereau m dollar terms. 

German Stocks, it was 2 

SSS ■ ,I L 1< 5 al tems aQ d 

percent in dollar terms. 




a m.* . 


t r<< 


bonds 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Page II 


Ginnie Mae and the LYONs Variations On the Fixed-Income Theme 


Mortgage-backed 
Ginnie Maes offer 
i attractive yields 

By James Stemgold 


..it- ■ * a 


New York 

S INCE the postwar housing boom 
began in me United States, the 
mong a ge market has expanded to a 

Staggering S2 trilli on as Ameri cans 

pursued fear dreams of homeownership; 
Given this mammoth market, it is Hide wan- 
der that today’s aggressive Rnanrial install-, 
lions have found ways to bundle, repackage 
and reshape mortgages into new kinds of 

t securities. 

_ Advertisements' in U.S. financial publica- 
tions extol the high yield and, usually, great 
safety of mortgage-backed securities. What 
the ads often do not make dear, however, is 
that mortgaged-backed securities axe com- 
plex instruments. While appropriate for 
some investment situations, they can be dam- 
aging to investors who do not understand 
them. 

“From the start, there were all kinds of 
problems with these securities, and some ter- 
rible abuses,” said Robert Dali, an adviser to 
' Morgan Stanley & Co. who has been in- 
N volved with the latest generation of mort- 
gage-backed securities since their inception 
’ IS years ago. 

» “I don't think the problems were the reailt 
of misrepresentation, but of lack of knowl- 
. edge," he said. “These securities aren't mys- 
terious. They do require sane thinking, 
though, and time to understand." 

George Hester, a vice president of Paine 
Webber and a booster of mortgage-backed 
■■ securities, said he sometimes cringes when he 
bears the advertising. 

“Some of these brokers just tell you that 
you get these great yields of 12 percent or 
„ so,” he said. “But they don't really tell you 
that there is more to know about than. You 
have to exercise care and read that fine 
print." 

The federal government took the lead in 
creating investment securities from mort- 
gages. The idea was for the jgowsnmmt to 
f'bay mortgages from financial institutions 
that had actually the iwmt and then 
place similar mortgages in pools totaling mil- 
lions of dollars. 

Securities backed by these mortgages are 
then sold, with a return that reflects the 
interest rates that individual homeowners are 

I paying These “pass-through” securities have 
rite mu backing of the federal government 
The Government National Mortgage As- 
sociation, known as Gimhe Mae, is by far the 
leading issuer of such securities, with 5227 
billion worth outstanding. 

Two other government agencies, the Fed- 
eral National Mortgage Association, known 
as Fannie Mac, and the Federal Home Loan 
Mortgage Association, or Freddie Mac, also 
- issue mortgage-backed or mortgage-related 
* securities. These securities, however, aretaf- - 
lored principally for the institutional inves- 
tor. 

1 Another difference is that Ginnie Mae 
purchases only government-insured mOTt- 


gagss, which adds another layer of protection 
Tor those who invest in Ginnie Mae securi- 
ties. The two other agencies buy conventional 
mortgages, winch do not cany such insur- 
ance. 

Hie Ginnie Mae certificate has thus be- 
come the most popular form of mortgage- 
backed security. Its chief advantage is uatit 

offers the highest interest rate of any govern- 
ment security. An investor receives as safe an 
investment as a Treasury bond, but with a 
. better return. Ginnie Maes usually offer a 
yield of one-half percentage point to one 
percentage point higher than a comp ara ble 
Treasury bond. 

In many ways, Ginnie Maes are like a 
conventional fixed-income security. They are 
generally sold in maturities of 30 years and in 
minimum denominations of £25,000. Like 
bonds, the value of their principal rises 
falls inversely to the prevailing level of inter- 
est rates. 

. But there are significant and potentially 
mnfniang differences. 

Unlike most government hi ti re , which 
pay interest semiannually. Ginnie Maes 
make payments monthly, of both interest 
and part of the principal. Interest payments 
. fall throughout the life of the investment, as 
the amount of principal shrinks , it is thus 
known as a “wasting asset" 

“We haw to train our brokers carefully, 
and constantly, to gel this across to the inves- 
tor,” said Stephen D. Lrigbtman, first vice 
president and national sales manager of Pra- 
dential-Bache Securities. 

This payback of principal derives from the 
fact that some holders of the underlying 
mortgages repay them before maturity. And 
the rate of the payback on the Ginnie Maes is 
unpredictable, although there is a tendency 
to repay faster as the interest rates fall; 
homeowners prefer to refinance at lower 
rates. 

This payback stuaiion has potential draw- 
backs. If investors do not understand that 
part of the monthly check is principal, they 
could be mending what they believe to be 
income, only to find later that their principal 
has Htminwaiad Even those who do under- 
stand most decide what to do with that re- 
turned principal every month. 

B rokerages have introduced 

variations cn the Ginnie Mae to 
overcome some of these problems. 
Since many investors did not have 
the $25,000 nrniimnm for a Ginnie Mae, the 

first efforts wftn* directed at i WInrfng she. 
of die mtn'mmm investment. This resulted in 
the unit investment trust The trust consists 
of a pool of Giniric Maes in which shares, or 
units, are sold. One can invest as little as 
51,000, with $100 increments above that 
Next on the scene, and currently one of the 
hottest mortgage-backed products, is the mu- 
tual fund. The Ginnie Mae mutual fund is 
also a pool of securities in which the investor 
can, in effect, buy a share. But the advantage 
with mutual funds is that the principal paid 
bade to the investor by the Ginnie Maes, and 
even the monthly income, can be reinvested 
automatically. And the funds are actively 
mOTHgprf by the mutual' fund company 
through the use of various hedging strategies. 
Tins can produce additional income for the 
investor. ■ 

There is, however, a cost for this manage- 
ment expertise. The mutual funds' interest 
rate is usually about one-quarto - to one-half 
percentage point bdow that of a unit trust or 


Big Gains 

Taking into account both 
income and price 
changes, mortgage pass- 
through securities, as 
measured by the Salomon 
Brothers index, outper- 
formed other debt instru- 
ments over the eight years 
from January 1 977 to 
January 1 985. 

68 . 0 % 

64.4% H 


49.0% 


92.1% 


Treasuries High- 10-Year Mortgage 
Grade Treasuries Index 
Corporate 
Bonds 

Source: Satan on Brol/iers Inc. 


artimi Ginnie certificate. The value of 
the units in a unit trust or a mutual fund rises 
or falls with fluctuations in interest rates. Mr. 
Hester said that his broken are now seflmg a 
combination of these products. 

Sane income-oriented investors like to 
purchase Ginnie Mae certificates, and an 

adj oining fi mnw Mae twrntnal f und That 

way titty get the high yield and monthly 
payments of the certificate bat they can auto- 
matically reinvest the returned principal in 
the mutual fund. When the amount invested 
in the mutual fund rises to $25,000, another 
certificate can be bought 

The Ginnie Mae mutual fund pays an 
interest rate of about two to three percentage 
points higher than a typical money market 
fund. Mr. Hester said. 

Other mortgage-backed investment prod- 
ucts are also available from brokers. There is 
growing popularity, Mr. I-a ghtman says, of 
caflateraBzed mortgage obligations, know as 
CMOs. These are bonds, issued by corporate 
borrowers, that have as collateral Ginnie 
Maes or some other mortgage-backed instru- 
ment. The mortgages provide strong backing 
to the bonds. The boms provide certain ana 
regular income; the Ginnie Maes do not 

Such Harking mwms that corporate bor- 
rowers pay less than they would otherwise. 
But the investor still receives a better return, 
at higher rick, than the straight Ginnie Mae. 
Mr. Laghfman said that corporate CMOs 
pay from a quarter-paint to a half -pant 
higher rates, but cautioned that the market is 
not as liquid as that for Ginnie Maes. 

“What has made these accessible to the 
consumer now is that we’ve got than down to 

' denomwiarining nf.fl lYlfl m inimum,” Ha said 

“And you don't have the problem of princi- 
pal payback.” * P 

0 1985 The New York 7tmer 


Merrill’s LYON 
links zero coupon 
with a stock play 


By Edith Cohen 

New York 

I N THE scratching and clawing for 
investment dollars in the past few 
years, Wall Street has unleashed a 
menagerie of instruments with a dis- 
tinctly feline flair. Since 1982, when Merrill 
Lynch brought out a zero-coupon instrument 
dubbed TlGRs, for Treasury Income 
Growth Receipts, which was followed by 
Salomon Brothers’ CATS, or Certificates of 
Accrual on Treasury Securities, the market 
for such investments has grown to S100 bil- 
lion to S125 billion. 

Now, Merrill Lynch has unleashed its 
LYON, or Liquid Vidd Option Note, a com- 
plicated, hybrid security. The LYON com- 
bines the popular zero-coupon debt security 
with features of convertible bonds. Lee Cole, 
vice president of institutional sales, says the 
LYON was designed “for risk-averse inves- 
tors'’ who want to be able to participate in a 
rise in the issuing company’s stock out also 
have souk downside protection. 

The concept behind zoo-coupon bonds is 
now well-known by most investors. These 
deep-discount bonds pay no interest until 
they are redeemed or reach maturity. The 
difference between the gaffing price and the 
value at maturity of a zero-coupon instru- 
ment represents the accrued interest. 

The LYONs underwritten by Merrill 
Lynch in April are corporate zoo-coupon 
securities issued by Waste Management mix, 
a waste-disposal company in Oak Brook, 


Illinois, and Staley Continental, which con- 
trols AJL Staley Manufacturing Co., a food 
processor in Decatur, Illinois. The securities 
pay a compounded annual rate of 9 percent. 

The issues have two new twists. The inves- 
tor has the right to convert the zero-coupon 
corporate security into the common stock of 
the issuing company. In addition, the inves- 
tor gets the right after three years to “put," or 
sell baric, the security to the company for the 
accrued value. In the first three years re- 
demption in permitted but for lower yields. 

a sharp^^^kein'rahtt^ 'tfinten^meschmk 
This is important, because prices of zero- 
coupon-debt instruments are more much vol- 
atile than those of conventional bonds. 

Both the Waste Management and Staley 
issues were priced at 5250. and they will pay 
51.000 at maturity in 2001. Over the 16-year 
life of the securities, the investor has the 
option of converting the note into stock at a 
10-percent premium to the market price on 
the dale the issue’s terms were set. 

For Waste Management, which was trad- 
ing at $52,125 on April 12, the LYON was 
convertible at a rate of 55734 a share. This 
established a conversion rate for the Hfe of 
tUeTxmd of abouL 4.36 shares of common for 
<ehcfa note, calculated by dividing the $250 
sale price by the price of a single share. 

At any print in the life of the security, the 
- investor simply divides the accrued value of 
the note by 436 shares to determine the per- 


share cost of convening it into Waste Man- 
agement common stock. For Si airy, which 
was trading at 518.95, the LYON was con- 
vertible on the first day of the issue at 
520.625, or about 12.1 shares. 

Like other convertible securities, the 
LYON is, in effect, a way to hedge market 
movements. The investor accosts a rate of 
interest somewhat below that of securities or 
comparable risk and maturity for the right to 
participate in any surge in "the price of the 
stock of the issuing company. But should the 
stock fail to perform, the investor is guaran- 
teed a fixed return, whether the security is 
held to maturity or resold to the company. 
Hie LYON confers an added hedge by put- 
ting a floor under the value of the security 
should interest rates surge. 

The crucial question for the investor is 
whether the terms of the trade-off are attrac- 
tive. A key issue is whether the outlook for 
the company’s stock is sufficiently bright to 
justify the sacrifice of a few percentage 
points of yield. A look at the chart below 
gives an idea of how far and fast Waste 
Management’s shares would have to rise for 
the convertible option to remain attractive. 

Under the LYON formula, the effective 
conversion price rises with the accrued cash 
value of the instrument. Thus, on June 30, 
1988, when the accrued cash value will be 
5301.87, the LYON could be convened into 
the common stock of Waste Managemen t at 
56933 a share, or about 18 percent above its 
current market price. 

For W. Theodore Kuck, vice president and 
portfolio manager of Equitable Investment 
Management Co., the waste Management 
LYON seemed a reasonable play on the 
stock “The most important decision for any 
convertible issue is whether you'd be a buyer 
of that stock. We believe Waste Managemen t 
is an attractive stock,” tie said, and the 
LYON is “an attractive way to hold it." 

“The downside protection was recognized 
at the offering by everyone,” he said. “What 
they disagreed on was the upside perfor- 
mance pottstial of the convertible versus the 
upside performance of the common stock.” 


He dotes that Waste Management zeros have 
outperformed the market to date. 

But Mir. Kuck is far from being swept away 
by the LYON phenomenon. Slicking by his 
own rule of carefully evaluating the underly- 
ing stock in a convertible offering, he says, 
his firm did not participate in the Staley 
issue. "We didn’t like the fundamentals." 

Overall however, the market responded 
well to both the Waste Management and 
Staley offerings. It snapped up S187.5 million 
of the Waste Management issue, valued at 
5750 million at maturity, and 587 JS million of 
the Staley, valued at 5350 million at maturity, 
according w Mr. Cole of Merrill Lynch. He 
estimates that half was bought by institutions 
and half went to the retail market. 

B UT critics note a few aspects that 
may make a LYON less than the 
ideal household pet For one thing. 
Mr. Kuck notes that the company 
has the right to call the bonds for cash begin- 
ning in mid- 1987. Such call features typically 
make a debt instrument less attractive to 
investors who buy bonds in the first place to 
lock in an interest rate for a fixed period. For 
the first two years, the stock must exceed 586 
a share in Waste Management's case for the 
company to call it And the holder of the 
LYON has 15 days in which to decide wheth- 
er to convert it to slock. 

However. Mr. Kuck says Waste Manage- 
ment has little incentive to call the issue. 
Companies that issue zero-coupon debt are 
allowed a tax deduction on the implied inter- 
est as if it were a bond that paid semiannual 
interest In other words, the company re- 
ceives a break on its current taxes even 
though the interest on zero-coupon debt is 
not paid until maturity. 

The tax story can be different for the 
investor. In some jurisdictions, the imputed 
interest on zero-coupon bonds is taxed yearly 
as if the interest were being paid regularly 
rather than as a lump sum at maturity. Be- 
cause of this. LYONS, like other zero-cou- 
pon instruments, are best suited for tax- 
deferred holdings, such as offshore account* 
or tax-exempt retirement accounts. C 


Tracking a LYON 

The first three columns show the accrued cash value each year on June 30 of the 
Waste Management LYON issue If It were sold back to the company and the 
effective annual yield. The fourth column indicates the effective stock price H the 
instrument is converted Into common shares. 


Accrued 
Cash Value 


Effective 

Yield 



Stock Price 
Equivalent 
If Converted 


■ / ' 70-4SL 


!£-. 10 

f-:.-;. ^<;53>5A- 

■V- - 




SOMETHING DIFFERENT 


n., 

ini 


Hi 1 * 


The Rug Trade Is Seeing a Steady Qimb in Prices CfllUtdiail (<Uld Other) 


By Barbara Rosen 



London 

T WENTY years ago, re- 
called Peter Auckland, 
oriental rug shops in 
London routinely of- 
fered a free “Bduche” rug with 
every purchase. Dealers, he said, 
Mhought that giving away the 
Tsmall, hand-woven carpets from 
General Asia was a relatively inex- 
pensive way to bring in customers. 

Nowadays, such bonuses are 
unheard of. The prices of oriental 
rugs have risen dramatically in the 
past decade. Bduche rugs with 
geometric patterns and somber 
blues and reds are no exception. 

I Mr. Auckland, a rug specialist at 
the Vigo Carpet Gallery, has sev- 
eral in his shop that range in price 
„ from £240 to £1,800 (about 5300 
' to 52350). 

Mr. Auckland attributes the 
rapid appreciation to “rug schol- 
arship. The general public, he 
says, has woken vp to the detail 
‘ted craftsmanship of oriental 
$jgs. Prices have risen according- 
ly- 

Although the term is sometimes 
carelessly applied to a wide variety 
of carpets, oriental rugs are 
unique. They are hand-woven, 
usually of wool or silk and origi- 
nate from scattered provinces m 
the Far East, Middle East or the 
Balkans. Craftsman in each area 
or town usually have their own 
style and design, and the rugs are 
identified by region- Today, Iran, 
China, Turkey, India, Afghani- 
stan, Romania, Albania, Pakistan 
and Egypt are considered to be the 
major oriental rug-malting cen- 
ters. 

Rug dealers generally advise 
customers against buying rdaiive- 
f ‘y new carpets. Most only sell rugs 
that ore at least 50 years old and 


from the 1 


Richardson Savings & Loan 
Bank and Trust Company 

Cayman Islands West Indies 
cKenng 

11 % 

180 Day 
Eurodeposit 
amounts ewer 
5100,000 UJS. 

Memba 



■fy'X. 

y] ii 



Sotfwby't 

Kazoch Karatchoph rug 
recently sold for £15,400. 

is that antique rugs in good condi- 
tion offer the best bet for appreci- 
ation. In fact, Mr. Auckland can- 
not remember an example of an 
antique tug in good condition 
dropping in price m recent years. 
“If you buy at the top of the mar- 
ket, with some circumspection, 
you’re always safer and stand a 
good chance of getting a good re- 
turn." he said 

In shopping for a nig, David 
Franses or S. Franses, a rug and 


tapestry dealer, suggests that indi- 
viduals select the type of nig they 
want “and then follow that rug” 
until they find a dealer offering a 
competitive price. “Never buy 
from the first shop," he said. 
Given their popularity, it is not 

S lhat the definition of a 
iental rug has expanded. 
_ years, Vigo's Mr. Auck- 
land says, only the finest Persian 
rugs were in demand. These were 
usually made in cities by weavers 
working trader relatively good 
conditions. In many cases this 
meant a roof over their heads. 

But as the supply has dwindled 
in the past 20 years, the public has 
also been drawn to the look of 
other, sometimes coarser, rugs, Ik 
says. Many were made in villages. 
The coarseness or fineness of a nig 
is measured by the number oT 
knots it contains. A fine silk rug 
from the I ranian dty of Qum can 
contain 300 knots per square inch. 

These days, tribal rugs woven 
by nomads are begin nin g to move 
up the price scale. Even the fash- 
ion for tin; light-colored Persian 
Heriz rugs is coming to an end, 
according to Mr. Auckland. “Now 
it’s being recognized that you can 
find attractive pieces from almost 
any origin,” he said. 

Condition and design are very 
important in determining the price 
of a rug. When examining any 



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Payment in tool cOrrordM [BrttteH £54, French fr 738. SwteE fr 206. DM 2*0) 
■ml laquaMar Wormstion iftculd be directed id: Vefus Uns. AIL; Ataamdre 
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OouJMad by' Km RcyU Dutch AlrlmeG PuDlicsusn CMmDuwm Smuz 
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antique (mental rug, Mr. Franses 
says, look first at the weaver's 
style. “An elegant weaver would 
work out a design for himself," he 
said. The rug must also be made of 
good quality wool, with a weU-cut 
pfle. An antique rug, of course; can 
show some wear. 

The quality of the dye is also 
important. Chemical dyes used 
since World War L particularly 
chrome-based rates, are consid- 
ered precise and fast, but many 
dealers say the mellowing of dyes 
made from saffron, indigo or nut- 
shells adds something immeasur- 
able to a fine rug’s beauty. By 
contrast, dealers warn that early 
amline chemical dyes should be 
avoided since they fade into unat- 
tractive shades. 

The drop in supply that fol- 


lowed the Iranian revelation has 
been offset by increased output 
from other areas, especially fffimw 
Among the more recently pro- 
duced oriental rugs, same “are ab- 
solutely superb,” Mr. Auckland 
said, rail others are rally decora- 
tive and offer little investment val- 
ue. 

I ndeed, Jerry Habboo, director 
of A. Oimdjian Ltd, a rug whole- 
saler, saw he orders many rags 
from Pakistan and China to cer- 
tain specifications of cdor and de- 
sign to meet the tastes of his Euro- 
pean clients. 

The long-term prospects of oth- 
er recent rags also do not appear 
good, experts say. New Persian 
rugi from Iran are said to be over- 
priced and of poor quality. □ 




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May 1985 


1 HI. CANADA 

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Page 12 


UNTERNATIONAL HERALD TRIBUNE, MONDAY^ JUNE 10, 1985 



International Bond Prices - Week of June 6 


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

J .. . i . I-.- J 


Prices may vary raccortfag U> nmrkct conditkHM sod other factors- 


RECENT ISSUES 


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100* 102*110 


STRAIGHT BONDS 

All Currencies Except DM 


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119 Ontario Hydro 
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119 Orturio Hydro Aug 
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115 Quebec Hydro-Electric 
170 Quebec Hedroftodric 
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175 Quebec Hydro-Electric 
o*50 Quebec Province 
135 Quebec Province 
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110 Quebec Pravtnae 
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17 98 Mar IK UK 
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10* 99 Mar W 8X4 931 

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18* "91 Dec 41% 1158 1124 

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9 92 Feb P 10J4 11.11 939 
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11*99 NOV 108% 939 
10% 90 Mar 104% 958 
10% 12 Mar TO» 9L22 
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7 TJMav 115% 459 
14 91 Aug I1#% 1135 
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17*91 NOV ID* 1091 
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97 Apr m (064 
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1900 104% 1158 
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17 9400 TO 9S 

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DENMARK 


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Kin Denmut 
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175 Demsaii 
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□0 TOO Denmark 
131 Demnmk 
1108 Denmark 
SUO Dwamark 
SUM Denmark 
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ecu 71 Denmark 
SIN Denmark 
I TO Denmark 
ITOO Denmark 
sin Denmark 
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1100 Denmark 
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11% If Mar 182* HL43 1898 

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12 91 Mar IM* 10X9 
IX 91 May 110% 1054 
M 91 Jul 110% 1L52 
D%91Sap 110% 1034 
4%92 JOn 97* 7.15 
U 92 Jon 104 UK 
12%92FMi Ul 1234 
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11* 92 Apr 1(1J% HUB 
8% 92 May 114% 734 
12% 93 Dec 106% UM 
8% 14 Apr 
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1178 

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1231 

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731 

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4* 17 Apr 
7% 17 Feb 
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4% 18 Apr 
4% 14 Jan 
7* 91 Jan 
7 92 Mar 91% 728 
13 91 Jen TO 11X5 
11% 9100 W% 978 
to 91 May mb 934 


99 WWUN 834 
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98* 9/C 968 631 
92* ll.U 078 733 
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98* UB] IUI 863 
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115 Martgaw Bank Finland 
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12% 17 Nov 107% 1X5 1U0 

17% W NOe 187% 1068 1US 

5% w Mar 95* 1LU 12J2G 864 
8% 19 Fra 90*038 12.15 937 
8%14N0V 98 UKHK B5J 
I 17 Dec n* 1154 12X1 835 
8%V6CP 95 1179 lira 848 

8* 16 Fee 99 973 *32 859 

11% W Nov nilk ILH ILH 1160 
8% 16 Dec 44* 11X5 1268 937 


FRANCE 



u* 17 Aug un* rut ns ran 

10 15 Nor 99%U35UX4U03 

14* 18 Mar 103 US UK 

T4 18 Nw HI* 934 UK 

14*17 Jim ns* 1U3 1274 

11* 18 May TOO 1169 1 15# 

9 19 Mor 95* HAS IUI 967 


9% 97 Jon 103% 488 
U 19MOT 112% lOW 
15% WAis IU 1L17 
14 91 AIM 107% 12.12 
it* 92 Sen ns rm 
11*1900 118% U40 
14-A98MOV 108* 1L76 
1J*9) Jan 103% 1281 


965 

UK 

1X50 

1299 

11X9 

1224 

UN 

1108 

1137 

1078 

1274 


IMO cartel 

*15 . 

IK carte Hot/ 

IB Carte Not AutanwTO 
175 Colne NM Automata 
in arte Nat AMorautes 
ISO Carte NalAutanutas 


sm Carte Nat Crrt Aerie 
in carte Nat CradAoric 


ins cortiNal Oed Pane 
SIN cart* Nat Energto 
00K Carte Nat Enerota 
US Carte Nat Energto 
ecu 50 carte Hat Emmie 
*20 Carte Nat Tmecurom 
IWO Carte Nat Tetecanim 
175 Carta Hal Tetoamtm 


1 70 


- 103% 1124 

I Ik. 91 Jul US* 1008 

IS* 92 Jim 124% N78 _ 

12% 95 Sec 10% 1899 U74 1137 
11% 97 Dec 105% 1087 1U711.il 
1238 94 Nov HD 1133 115* 

9 14 May 99 10,15 939 

9% 91 Sen 92 1137 12X4 MK 

m 95 May 107% lira 1133 
15% 94 Jun 114% 1271 1U0 

15*97 Mar 114* 1XX2 1234 1135 
9% 77 Mar 86% UK 12X5 18K 
riUTOJOl mi 7flto IMO 
11% 91 May 112 >065 11JB 

II *97 Apr TO* 10X5 1091 

17% 91 Jui HI IlK 1224 
0 91 Feb 105% 1139 1235 

11% 95 Feb 187 1854 UN 

11% 95 Jot III* HUH HUS 

98* raw rara a.n 

*9* 1832 935 

91 UM 1238 «37 


SIN Carte Nat Teiccaim 
■cu 30 Carte Not Tetoamm 
ecuH carte Nafjeieawim 
ITS Carte Hal Telecomm 
own Carte Nat THecorttn 
H4N Omroannaaes Froncc 
a0ra ctw rt wnnaoes Fnpiai 


I 

9* 18 Jun 
8**700 
12*1900 
11% 91 Jun 
12% 91 Jan 
9% 97 Apr 
9 91 May 
9* 95 Apr 


TO* 1139 
IB 1029 
113% 434 

110% w 

88* 11X8 

tXI 


ITS OeBcnadf*' 

' iFhtDeParto 


IMP CJeFktDf f 

*M CtoNalDutaM 

ss SSL. 

*200 credit Fonder FrX/w 
IM Crecflf Fonder France 
ecu IN craui Feeder France 
coin CradB Fonder Fronee 
19 Credit Hottanol 
IM credb NaHenal 
ecu 30 Crwflf Noitonol 
ecus CredffMoflonoi 
i IN Etodrtette France 
820 Ssrsrldto France 
ISO Oedrietta France 
*159 E led ridle France 

im QeSridtoFranS 

STO EKCtrldta Franc Xrtr 
tin EtodridKFnnee 
1198 EiedrtQta France 
vKBN EtodrieUiFrua 
1158 EltAoBMBa 
188 Eroplfronai 
IK PranesrtFetrort 
IN GmDeFrenc* 
nkrtaO omDeFranre 
cm 75 Go; De France 
1179 Cm D» France 
H5H Gat De Franc* 
i« LmaraeCaepM 

IB LiNlcMf 

175 MkrtHn 
IH Mtohdki 
1125 AWMID 
IH MtdwlbiO/i 
125 Pectaiw 
112 Peuoeol 
3!2 Pegged -Citraan 
H 100 PonJ-A-MduBon 
140 PortAufrtrftte 
ecu 43 Rag Aide Tronsi Paris 
tf too Runrii 

HTOO RhanmPeuleae 

RIB smnMJqooln Pt Mams 
IK 5dr Dendkpj Beotonal 
IK SoctNof Qiemhii Far 
175 5n0Na>Otoailn5Far 
IK Snd ttti Chemlns Per 
11N SrKfNaiarnntosFer 
1M8 Snd Nat ChembH Fra 
IU Sn0NtdC3NffiimFar 


1238 

115* 

U93 

964 

U17 

934 

1X67 

lira 

1261 

Q7S 

831 


IF* IS Dec 101* 1067 
1I*90JV1 HI* 1161 
IX* 90 JlB ID ILIA 
UHWSra 108% 11.15 

8% 1400 10% 93) 

8% 14 MOT 99 lDJKtlBJB U8 

7* 17 Jul 0% UK 17X1 167 

12* 90 Ftb 104% 1L11 11*1 

HEkHatey mm UXA 1060 

12*92 Jul (0* H3Q UK 

11% 9] Feb H7* U22 1085 

11% 9* Aug 184 UW UK 
13% 14 Jon 101* 10X7 1X53 

8*14 De« 97 mm 1174 876 
11*91 Feb 111* 872 HUD 

WtJOec TO8W 9X4 978 

»%14 APT 99* 18-35 931 

875 B May 98* UK 1028 833 


8X5 

1134 

1271 

934 

I23S 

ion 

1034 

732 

n,w 

930 


SfcWJua 9» 1034 
I2%17O0 104% 960 
□ man raz% ii37 
» TO Jul 101% 96S 
HtaTRAor 111* 9JX 
11% 90 Mor 1BH 1150 

mvtiMsv io5% taw 

4* 95 Jen TO 7.14 

12 90 Nm 107% W.T7 

9%TONmi 9910 1038 
6 WOO 99% (A Ut 835 
llta 14 Jen in* 10X4 1U8 

13 17 Sen US* UH 12X2 

« 2S£. SEi ixauuuxj 

n%2May #A IDJ5 11.15 
ll%1HMar WA TL17 11X9 
IS* 19 Apr 111* 11.97 938 14JB 
9 TBNtay 90 2177 2132 1U0 
W. 14 Mor 99 UfilUSS 9X4 
TVSBFflb TO JTiaiUO 831 
» 94 Aug 87 1263 IU5 1169 

9% 18 See 92% 12X2 12X7 Wfll 
. 9X0 9X0 932 
TO 1113 1335 1X99 
97% UK 1177 4.97 
90 1339 1731 8X2 

H JIJO 1X54 H22 

10% 92 APT 104* 937 974 UK 
7% 17 Mgr 92 12691X60 7N 

7* 17 Apr 89* 14X81361 BK 
9% 18 Mm TO 12» 90S 

15*92 Apr W UD 1X31 1469, 
m»197Mv 780* IL33 >164 
» 91 F* 107 11X3 1831 1X15 
9 92 Dec 89*11.1112501034 

ra%92Dec W1* no* n.19 
11*93410- us* nue nut 
IK* 94 Mor 99% ua l»a 


ESS 

9 91 Nov 


Amt S erertta 


Mol Price MOV Lite On 


“MW"* 


Total ( 


H%94M0y 10* 932 
9% 17 Mor TO 11X7 


GERMANY 



llB 

UB 

.S3 


11% 17 Nov 102 JOB 
TOkVFab 98 U52 

n IB Mar im 964 

manat jn* uxt ubo u# 
TOhWJlB HI U6B 

7% 19 Pen « *34 55 

isiwoef ig rail 

10* 91 MOV TO 1139 
EM 19 00 MS lia 
11* 90 Jan Iffl IUJ 
II 91 MOT ,Wt raw 
7 TO Juri in 139 
7 VJim TO* UK 
a* UMOV 104 7X4 

IU93MOV B UJ8 
71*1700 M3 U» 

14% If Art IU 10X4 
13*19 SeP IM llfl 
4% 91 MOT 127 IK 
JUTIJMar 10X4 

11 90 Apr TOO 1898 

7%BFrt 93* 10351208 |2) 
- “ 737 


tua 

IS 

4J1 

7JD 

luo 


6% 19 Jul a UB 

8 93 Fib H*1BB 


4* 90 Art 14% HUB 
9 15 Dee TO UK U17 ».« 
7% 90 Mor Jl* 0X8 M 

| 93 Dee B4ft 1084 967 

7% IT May 98* UO UD 

9* 90 May in* 9X1 9X9 

H% 90 Dec 10* 1018 nxz 

10*9! Jan N8% RK Hit 


ICELAND 


810 

519 

IK 

ISO 


Iceland 

lartann 

lame 

iretand 


OH 18 Jan TO nix ran u; 
8 17F80 91* 12511X31 856 
» 17 FW 95 0371X71 )67 
D% 92 Dae TO raXOnXIOK 


IK 

IK 


Ireland 

Mtaae 


IRELAND 

8% V Feb 91* 11.15 1268 U2 
11 % 9* apt w ran njx 

KM-BJBl W U 934 


ITALY 


Crtsorzio DJ Credtto 
Crodlta Hadana 
EnlEnteNmWroair 
EnlEntoNB Wroair 
EnlEntaNMi aroatr 
Eid Enta Noe raruan- 
FerrovtoDenoStrao 
Olivetti Mil (Juri 
Turin aty 


7* 10 Jun TO U9S1J2S Eg 
9% 92 MOV 1B% 930 931 

TO rUlTlTO 737 


7 B Jan «8» 12X7 MA 737 


6%-HJtm 


9X4 


C% BNav 93* 9331069 7X3 


8% 14 Feb 91 1131 

9ft 15 Nov 98* 1234 
9 91 May 93* 1052 


131 7X2 


L* IB 

IP 934 
LJ7 OK 


JAPAN 



12X8 

U40 

IL15 

1DL32 

ran 

UB 

1250 

U71 

461 

175 

ran 

1231 


DJ2 


in Hen 
ta non 



tin ii sep ira% ran 

11 98 Apr 1IB% 9.96 

11*98 Dec 108* IBM 
UM 91 Feb H8% 9X6 
ix% 9) Jua m% ups 
10% 91 NOT 105% 967 
12% 93 Jon TOI 12X4 
11%95J0 185 1067 

5% 19 Mm 07* 1X0 

5%-SVMre 87 Ul? 

13V. 91 Aou 107* 1167 

t»i9Aue w* ran 

nil Dec 97* 11X0 IUI (XZ 
n% 9000 107 1064 1165 

73% 91 Jun 116 TOM 
10% 90 MOT Iffll 18X4 
7% 19 MOV TON U1S 
7% 19 Mar an 1US 
9% 19 Nov no 9X2 
9%«N0V 91* 1LB _ 
II* 90 Mar Ul* 1105 IDA 11X2 
12* 19 Nov TO 11.19 1U7 

12*1900 MS mss 
M*B6pr IS2tt 9X3 
llftlfiwr US 938 
n%19Jin n* 877 
in 1900 1TO 939 
TT*91N0v TOO* 1037 
U%9SDec »1% 11X1 1L2S 
19% 90 Fob rank Ull 

n%9iJoi na lira 

12 91 Dk HD% I1XS 
io% 92 ran inn mra 
10*95700 TO 10X1 
11* 95 MOT HT 1003 
II UFrtJ U3 1817D 


Ul 

9X5 


ILH 

82X7 

UK 

U40 

1178 

[m 

163 


9J7 

IU 

U72 

ran 


1231 

UK 

J0J9 

1064 

A55 

739 

U78 

467 

8X3 

tua 


U80 Juan Airlines 
154 jopoi A iribNi 



575 

IMO 

185 

1125 

ino 

two 

SIN 

INO 

SHO 

IK 

SH 

IUI 

IMO 

ITOO 

SIN 

SIN 

SIH 

S» 

in 

SUO 

IM 

in 

150 

SB 

SB 

IM 

SHO 

112 

ISB 

in 



11 17 Feb TO 
7*19Mav IU 
7VJ-0MOY TO 

ERiWArt 105 

11 93Jm M4 TOX4 1831 UK 

12* 94 Mar 112* 10X0 1LII 

I3*94AuO 118 11124 11X3 

II 97 Nov 101* 1076 ran TOM 

10% 98 Apr TO* 113911.1411X1 
IS* 17 Fob 107% 18.19 UK 

12V. 000 188% 9P9 

7k. 99 MOV 94 9JS- 

7% WMay 89 11X7 

8 IB Dec 161 459 

S 18 Dec 91 TUA 

12*000 104 1037 

8%0Feb 96 7X1 


6%0Feb 84* 1033 
“ ' 107 18X4 


Long-Term i 

Lung-Tl 

Long-Term I 

Lang-Term I 

Long-Term I 
Long-Term ■ 

Umu-Terml 

Marubeni Corn 
MinebeaCoW/w 
MlnebeaCoX/w 
Mitoubrti QieitUcW/M 
MitsubUd Oteadc X/w 
Mitoabrtl Core WA* 
MfltubbhlCprpX/w 
Mlhubbhl Corn 
MlrtblstoCarp 
MltubUd Caro 

MitsabUbiCaro 

MitauMsHCaro 

MitaubbM Estate 
Mltaubhld FMCnUxrt 
MlttabHlH Finance 

MHsubbWGasW/w 


MrtsubWd CtaXJr 

MttMtdsMMnlW 


IW/M 

MitsubrtlJMeWX/w 

Mttxubbhl MeM W/w 

Ml taubinri Metal XAr 

Mitsubishi Rayon 
Mltwl Enabtocrin Wfw 
Mitsui Enorteri n X/w 




Mltaul Trust Fin ihkf 
JA^^nrtFtalljk! 




31X8 
8X7 
871 
497 
079 
1179 
451 
721 
i?m 
1221 

US 

1164 
TON 
11X2 
18X1 

ran 

12K 
IlK 
11X4 
11X6 
U4 
7X7 
SM 
1X78 
5X8 
461 
lira 
1028 
TUI 

rail 

1032 
11X5 
IU7 
U99 
494 
738 
257 
459 
736 
890 
90 
9.14 
1073 
7X7 
B.U 
11X7 
11X3 
1201 
1131 
1L1S 
1168 
067 
1267 
1071 
1168 
. raw 
9X7 UK 
12% 92 Jan 101 1260 1275 

11% 91 Feb TO* 1854 U87 

litaTOSap 107 1137 12X7 

6% 19 Mar 170 8.13 277 

8%0MOT 88 1073 737 

13% 000 104 1160 12K 

ID* 92 Feb TO UM WX9 

IM 17 MOT 91% TSlXl 840 

N% TOJ4P1 MO 1039 I0K HLU 

11% 98 Feb 105 9X8 HUD 

17% 91 Auv 111% U09 


12% 90 Mm . 

13% 0 Jul HB* HL58 
11% W APT 105% 9X7 
15% W Aug 188% 1261 
11 % 90 J an 107% 10X2 

11 98 Mar 103% 9X5 

12 90 Mar rat 18X1 

HtalOJun 197% 19.15 
17*98501 M5 11.17 
13*91 Jul 110% 1U0 
12*91 Mm 110% 1154 
12 9] Dec TO 11X2 
11%91 Dec IN 11X4 
4% 19 Feb 121* 67 

8% 0Flb 86 1131 
11 VJan 118* 3432 
II VJan 182 9X8 

5% *88 NOv 10 297 

5*0 NOV D 10X9 
13% 19 Jul W U64 
18* 98 May TO* V86 
17* 91 MOV lie* 1008 
It* 92 F«b 104 934 

10* 95 Feb IB 931 
11*0 Mar TO* 10X2 
12*0 NOV TO 1139 
11*0 Jib TO* U44 
Aty 19 Mar TO 7.17 
6*0 Mar 87* UK 
5% 19 Feb 161 778 

$%0Feb 87% 9.99 
7% 19 Nov 181 7J0 

7%0NO* B* 11-25 
9 0APT ‘ 





I92W IN 




8*0 Fi 
4*0 Feb 87 
12*91 Dec 104 
B*NHav 144 

6 V. -» NOV Sfl 

7% 0 Apr 117* 


7*0 Apr 0 
4%0Apr 94 


1060 

11X7 

111 

HIM 

11.19 

£K 

1038 

32 


1161 

1031 

1262 


767 

1134 

4X4 

7.H 


4*0APT ,14 
m v apt rrt 
7* « Apr 90 


8X1 

735 

7X8 

UB 

1X3 


1167 
850 
ILK 

as 

r .. 10X7 

9*0 Jul M 967 *31 938 
6 0 Feb TZ* 864 869 

6 19 Feb RWi 1859 7JD 

11M0MOT Ul 11.19 1139 

17K0DK TO 77.13 1132 

12*0Ss> 104* 1LD 1134 

11% 0 Jan 105% 1039 1Q66 11X3 

11*97 Jun TO 1034 1175 

13*0 J0 N4 1137 1274 


MINT 91 
4*0 MPT 84 
11 17 Mar 101 
11 17 Dec in 
11% 0 Jan HO 
7%0APT 104 
7%0Apr B 
7*0 Apr ram 


9K 

1131 

1037 

1067 

11X1 

4X9 

1134 

.17 


,7*0 Apr 90 1031 

If* 97 Mar 103% 9J2 
15*0 Jul IU 1LN 
io%9a Jun lion raxi 
12% 91 MOT 109% 1034 
11*92 Mar ns* H3B 
« WMar » 937 

4%WMar 14 ULB 
8 0D*C T12* *35 
12% 97 Feb 181 12X4 

12 90 Dec 105 ■ 

1Z%0HW 105 
12% 0 Feb 104 
11*95 Mav TO 
4*0M«T 93 

4*WMar 87 
0*0 JUI 181 
0*94 Jul 117 10X4 

11*0 Jun 745 796* 

11*0 Jim 104% 835 
lev. 17 Mar l|D* 257 
lOUtVMar HD ULW 
1*W Mar 08 2.91 

6*0 Mar 87 1037 

11*91 Dec 184% 1U0 
77% 89 Apr ns 1 U0 


ran 

11.17 

UTS 

099 

871 


U54 


735 

739 

180 

T80 

11X1 

731 

831 

5X9 

8K 

UX4 

048 

1041 

1137 

1L1S 

834 

7X7 

7.11 

aa 

1163 
UM 
I LSI 
11.17 
60 
767 
1127 
1130 
40 
M.TO 
923 
KL2S 
4X1 
767 
10X1 
11X9 


LUXEMBOURG 


ibitiw/w 7* 90 May ia 4X1 

llnflx/w 7* 98 May 35*1130 

NatCradim HHireMay nr* 9X2 


4X0 

877 

»J1 


MEXICO 


IB 

g*.S 




STS 

.1 


8* 17 Mor 94* 

8% 91 Dec 82* 

a* 97 Jul 1W* 

Cumhkxi Fed Eleclrtc g VFeb 96* 

Camblon Fba Etodric U trim if* 

N udn ag l Ftaondora i7%0Mor iu 

PamexPitraiBsMadc is*t7Aw kb 


8*0 Sea 94* 

11*0 jui 94* 


IB 

IIS 

e»75 

l“ 


Pome* Petratun Mt*K 

MISCELLANEOUS 

BaaxHesDeGulme 3 90 Doc 0) 


1237 UU 899 

123* ’881 

1462 14X4 

HXI 13X2 867 

ara UV 

1U4 1475 

ram 1463 

13X2 15.71 

1U711I0 10 

1U91438 1117 


Dewlap BkStngmflrt 15*0 Aug in* 

Mewl Finance H* 95 Apr 


TnuSSSraPbignCO 

NETHERLANDS 


- - . . w*% 

nVHav 93 
6*000 TO 


2J7U34 IM 
1132 im 

962 9X8 

11.lt 13X1 Ul 
IM 838 457 


AfnevNv 


11*91 Feb US* 
{ 0Aug «5* 
u vim mom 
MUM «* 
8%0Jun 97 

8%WAU0 M 


i Dutdi Stale Mbits iFUtlMor mi* 


Breda Nv 
ttortndAADflBFhi 


Nwtorta nmeC a Bi re e 


PhlUpi GtaMfanto W/w 
Ptadnsf 




aoBj tonpX /w 


H3S 




TtrrssenBo 

Ure*M«r»v 

uoBmrNv 


15* 17 May in 
17% 91 Alar H4 

1 WTO Apr lfl 

11% 9800 HA 

11% 91 Mor IBM 

4% 9# JUi TO 

®% 90 Jill 88% 
9 9? May HI* 
ii 9i Mar ino* 

9*9SMur HI* 
I 14 Dec 97 
7* 17 Jan 94 
7% WMar 91* 
8% 90 FeD TO 
M*90Mar TO 
9% 17 Jul 91% 
t%*N Joi ft 


10X1 11X6 

1061 1238 Ul 
1068 1200 

ran ion 

93SHU1 851 
1IIK nuo 9.11 
loos n.n 

10X4 UX2 

IlK 11X8 

1034 IUJ 

HUD 10X4 

KUO 11C 

4K AS 

1034 731 

871 Ui 

UK 1092 

931 9 31 

loxo ran 8X5 
1U61063 731 
TK 735 

<0 BJV 

HU 1888 

930 936 

KUO 1412 931 


NEW ZEALAND 



NewZaak 
BartkDlNewZeeund 
NiFortiiPnwucn 
Nl Fur«l ProdutK 
OHthoro MHilno 


4* 16 Mor f7% 
■%«Dk 99* 
8%0DW 104 
10% 0 Apr 97* 
7*0540 1R% 
9% 10 jib IN 
9*92 Jun TO 
11% 93 Mor TO 
9 14 Mar 99* 
12%-BNOv HQ 
1VUDK 99* 


937 ua US 

im us 


451 

1164 

US 

9X5 

9J0 

1135 

9K 

1131 

90 


835 

hLTO 

763 

9X5 

961 

1149 

93$ 

1238 

8X9 


■ iLHl. 

Price Mat LHeOurr 


NORWAY 



11024. 


8 VAST 97 

8% 14 NS 99 

U 10 Mar IN 1® >234 

n%0Mav 99% 1132 IL29 
UK. 15 Ore W in HUS 

li% 16 Jan H8* MK IUJ 

9 14 $4P TO 930 HL83 IM 

11% re jot un* ran iui 

9*0A6 no* 961 933 «ra 

13V. XT Sen 104% U8 BK 

12 0Jan Wb 18X9 IlK 

UtaVMOv 105 0X71101331 

TOkTOFab 99% W? *35 

n* to Nov rm* urn ran 

10% 92 ton HTA 9JI IM7 

!l%TOMpr HM UK JOB 

10* It Apr H0% 103MB3IH67 
7* 97 Feb W 11321231 70 
7* ID Dec 64 1801X31 80 
finfibec TO* TOlS 6 IIK90 
8*92 MOV II HLT41U1 9X4 
9% 98 Aar BttalUtltiUlS 
TAVApr TO 110 IlK 964 
1*0 Mo- 91 1135 061 934 

10% 19 Sac 183 90 106* 

I* IS FBI TO* 1131 1130 9A4 
UftWJid » 1137 IJK 

12 TO Fob HB* 11X4 IUI 

ii* 9i mot m ran tub 
9 TOSrt 99 IU* OK 
D 9100 HB% TOK 10.12 110 
(A 92 Bier TO 954 HU* 9.U 
12% to No* rang MJ6 »84 mt 
9% 94 Jan 13 1150 IU0 90 
9% 16 Jan 99* IlK »K 
i%»ABr « raovran bk 

7% re rear n%uj»m?7jj 
i re HUT TO 10J21137 9K 
10% HI Feb IN* nun 90 HU? 
11% 91 Art 106 90 1841 

1% 97 Nov 83* IU8 m» UK 
6% *00 )■% 947 9K 6JJ 

12 II Apr 114% Ul 1139 

an « jui in* ?.» ns? 

9% -raw 100* 937 932 961 


SOUTH AFRICA 


3 *7 Feb 
7% ® D«C TO 
11%«Mnr TO 

n*~ 


95* IU4IZ34 Ul 


MU0 

am iui 


3*19 Jol HB* 1232 1764 

7* 17 Mar 98* 9X41862 7X7 


HbgDrt 


97* HLX 11.10 1X2 

nan jun 97*055 ilk 

tavnor TO* 1I0I2J6 «X9 
10% TO May W 934 1061 

Q%9iFte 19% ara tut 

iiranod w% ran IlK 


SOUTH AMERICA 


IB 

130 

SK 

SIS 


Brazil 
OUontUa 
veraaicki 

Vwwroebut Telepbone 1% 
SPAIN 


8%VDec 

Ml 18 Feb 




86*836,0 


99* 

U MX* 19X4 
80 Ul? 1437 1034 
81* 1LI1 28K 176 


sno 

SB 

;I 




15% 17 Apr H9 1833 *68 

7 UM 97 8631037 7X2 

100 99* 821 8X4 U4 

] Dec 97 HK 1134 876 
I Jan TO TB61 12X7 834 


I BJ 

hi! 


SUPRANATIONAL 



10% 19 Dec Ml f.ll 
m*9iDec mt ix» 
ttaUAua 9f% 90 
mil Sap 98 864 

R. 11 Are- t03ft 7K 


9.94 

1022 

IK 

537 

70 


1011 

asssiss 

Ea Euro Cool 8 Stare 

gsessi&s 

gsisassa 

EaEoRiCaaiASNef 
Ea Euro ceat & SIM 
Ea Euro cnaiSi Steel 
Ea Euro Cad MtW 
Ea Euro Cool 8 Steal 
Ea Euro Coal 8 Deal 
Eo£irpCe*35fcri 
Ea Euro Cool 8 Steel 
EaEaro Cad & Steel 
Ea Euro Cbal 8 Stool 
Ea Euro Cool A Steel 
Ea Euro Coat 8 Stgei 
Ea Euro CtKdl Steel 
Ea Euro Cedi Steel 
Ea Eon Cad 8 Sleet 


ttaTOAwa ms* 7ii 819 

11%-UNav U7 HL44 10.0 
7%TOFeb WH 7.15 70 

n TOMar an* hm lari 

men Mar mo 110 hk 
rm w Mar 111 <0 8M tara 

9% 16 Jon HD 9K 938 9X5 
6* UJun 97* 9.151134 447 
MSl4Dec 95* wnto 431 
4*57 MX TO* S8.06 1135 438 
IftVW K>* 934 115) 

4% 17 Oct 97* HU9U67 7.1* 


11*18 Mm no* HUl »6mn 

13*1800 rank 


.IMS 

10 % it sop net 80 rau 

8% 1900 TO 110 1134 9.17 
9% 19 Dec 93% 1164 IlK 100 
111 TOADS HD* 933 IUB 
*%' n jui fi iLsmnraio 
9 "73 Apr 86 111312.191067 

11% 14 Sep HD* 10 1067 

) 95 Jun 84 1130 12X4 WJ1 

f "94 May 85 1167 1ZX4 HLS9 

8% 1700 79 HH 12X3 1131 

TUTOApr 12 1207 1253 110 

9 Direr B* 110 12011.18 


-HIGHEST YIELDS- 


to Average Life Below 5 Years 


123 

SIS 

S3 

115 

S» 

550 

M3 

130 

SH 

hioo 
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BawitoiDe Gurnee 
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darter Consild 07* 
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Denmark 


9 14 wm 
Mi 17 Dec 
8% II Feb 
» « 140V 
8% 1800 
BLTOOd 
4%VJ0 
B TO Dec 
6% TOFeb 
r.ifloct 
nvka 
TfiVM 
7*0 Apr 
r-T 17 s*p 


TO 21X72132 UN 
J«* 18)1 3048 Ml 
86 140 19.14 939 

73 1874 1854 7K 

IS 1*52 1849 18.15 
N 1X12 1437 1ILH 
91* 1158 IMS Z_ 
13 1X01501 934 

83 14X4 MK 753 

82* n.19 HJ9 939 
TO 039 1751 10 
18* UX8 170 (67 
89* 1*28 1563 851 
19% 037 1537 IK 


-HIGHEST YIELDS- 


to Average Life Above 5 Years 


Hudsons Bov 
MKheQn 

Eib Euro* invest Bank 
wesaere Miricg Ccro 
Ea Euro Core 8 Sued 
Ecs Ears Cedi Sfeet 
Dane Ptfrottuni 
Carte HotAuteraatB 

Noroes Kammunaieank 

CanacSan Utilities 
ftittaotutdiiwHcidffl 

EU Eutob Invest Bank 

bidusr Bank Japan Fhi 

CUtcnro Oft Finance 


K 14 FCb 
10 dtiw 
Stale Dec 

9 9200 
9 TOMar 
AkTTOd 
» 94 Jul 
15% 97 Mar 
1* TO Apr 
17 TO Dec 
14* TO tor 
n it Jui 
11*9S Dec 

10 TOMar 


87* 1261 
V 1261 
14 1162 

SI 1241 
* 1167 

71 1210 

TO* 1114 
114% 032 
It* 1161 
116* 1199 
IM 7281 
101 110 
101% 1131 
95* MB? 


13K IlK 
120 11 K 
Ultras? 
UK 0711 
12X6 1859 
12X3 1138I 
1237 1101 
11284 130 


rag to* 


■rif 
ran uKi 
i uo lira 
UK 1163 
11.19 HM? 


-HIGHEST CURRENT YIELDS— 


tuna 

Narirtni Indiana Pud 
BrT Catumba Mudcip 
□lies Service Oft 
FmnMnW/UBic 
Com prsductiuc 
Transcaocda Pipelines 
Elb Cures ImesI Bart. 
Gulf Start a. s Finan 
Gcncrd Motcrs64xed 
HudunsBOV 
Owdirtotrt-Batteini 
Feder Business Dev Bk 
Nudond Flnaoctora 


Br*97jd 

17% noa 
n redo 
1? reseo 

IT* TO Nov 
UtaTOSep 
17% 18 00 
14* *88 Sep 
17*18 00 
U 1700 
18 17I9PV 
17% 17 Feb 
J7% 1*00 
17% 17 MOT 


IB* 146? 
urr* 15X1 
TO* 9X7 

ion. i5X4 

104* 1231 

ran. ura 

109 1437 

KB* 1537 
ID? 1334 
TO 1872 
HB* UK 

in MH 
in R61 
in hm 


14X4 

1837 

189 

1851 

1663 


14K 

1810 

1806 

1TH 

MM 

1875 

MXS 

1875 


S35D Eec Europ Eamern Can 
ecu BO EKEuraPEcanamCan 


Eec Europ I 
cEaropEconamCem 




183% 931 
104* 871 
UT 10 


1862 

HUB 

1832 


mi* lira hk 110 

941 KL74 


MB IMP 9. _ 

t»H n SB »3) IlK 

IH* 964 UK 

TO* M? 8M 1037 

W* KL2I TI0 

m* 1L5 _ ii0 

n TOOK 1MFA 99 10NL14 

i? took m io a iiK 

11% 94 Feb r 


12 9300 
11* V - ■ 


IS 

:s ie 

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125 Elb Europ 
SK Elb grid 

STO EtaluropimMBaril 

■■‘5 IKiSSlSSSSS 

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11*95 Jan 105% 1058 UU2 180 
IMar B 1163 110 110 


:« mss 

130 Eta Eutop Invest Bank 

1 lisl 

r S I1ES 


J0%93Mar „ 

11 TOMar TO* 1061 HUB 1061 
11 TO Aua IH 10M 1037 110 
4 ZSfP » Ml Ul 631 
RkTOJan 99% 457 90 832 
9* TO Mar IT* 100 _ 90 

RITOApr 99* »32 932 8X9 
I* 14 Mar 99 933 9K 89 

6* 14 Art 91* 70 887 MB 
1% 17 Anr 9f% 90 BK 
6* 17 Jun 99 734 T.H 457 

99417 Jul UH* 964 90 

7% TO Art W* 1134 130 734 
78.1700 9* 9.17 HUB 755 

JL Vine 92* H69 mu 79 
— TOJOl Wk IK 120 
Fib 97% 968 80 

IL14 1144 HUB 
90 H71 

^ lun 931 

14* 18 Sep UB* 1537 18H 

MTODK 97* 90 BK 
16% 19 Jan 107* 80 90 

IS* 19 Mor IU 11K1U5U72 


inmiBar* I* 15 Fra 97* 

invest Bank 9% IS Feb 9Hk 

Invest Ba* 11 re Jun 102% 
Imres Book StaTOSep M 


5iS , 

4% 19 Anr 183* 1153 1232 

WkWMay 94* W0 ILH 

T0 19 Sep mi* 731 764 


iisss 



?1* 90 1082 80 


95- 
1140 
IlK 
_ . LI? 

„ UN 731 

11* 90 Dec 105% HUM 
9% 91 Feb H 1L59 
13 


3 9IMre W2 1265 
i 91 Mor 103% ran 
TO TO Mm III* 9.18 



'4i gSe 

IS SSSSSSSI 
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9* TO Jut 91* 
11*9300 188% 
11*93 NOV ~ 


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rr«H curcuma 

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10 Euroflmo 
yima Euraflma 


%2S Ea ro ta na 
in Eurofima 
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SS5 toter-Ameriaei Duv Bk 
140 (nter-Ameiiean Bk 
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S15D later. American Dev Bk 
SHO mtar-Amerlam Dev Bk 
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173 tator- American Dev Bk 
flkrl 

IN Nordic I 
175 Monde I 


_ . BUS 

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18*94.101 IU* U 95< 

W*94Mrc HMk 953 HLV 

IS* 94 Apr IIM HK 1L33 

It* 94 00 109% 968 1025 

«k 95 Apr 183% 923 964 

8 95 Apr 108* 1Q54 . IUI 

94 Art IHRb 11X1108311X2 
MTODK 84 1161 1284 1157 

TO -07 Mov 97% 11X7 HD 
11% 9] Apr M7* HL1B 984 HL81 

lb 34 Apr MO 4X7 60 

SK-MJan K 116? 135 
7* IS FSl 93 105812X5 IK 

‘ “1N0V TO 769 850 

1855 UK 934 




110 

IUJ 

1169 

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7X3 

1175 

1155 

80 

hk 


nkr 


SK Noraic 
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SHO HbridBank 

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SSN World Bank 



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IlH World Bui* 
SHO WaridQank 

“sS 3SE&S 


. ji9O0 in?* ran 
» ■si Mor m IUJ 
17*91 May 108% HL43 
11 TO Jul TO 9K 
7% 94 Mur 181% 70 
IS* 17 me 111 MJ7 
11%91 Mar 98* UXJ 
8*91 Nov 106* 754 
12% 91 Nbv 109* MK 

II TOOK 97*110110110 

to TOApr 101* 90 LSI 

7*93 NOv 182% 761 

11% 95 Mav «f* 110 
HtlWApr W* Ul 

11* 17 Dee HH* 957 

10Vi*Fra 101% 964 

8%KMur fi IUI 
17% 90 JU 104% M0 ULU I1J1 
11% 90 Nov 101% 109 11X2 

M 16 Air UI 7&H 

HTOJd 99 957 864 

14% 14 Jut TO* 80 110 

11*14 Sea Hf* 867 K37 

M%17MOV 1HV» 963 . Ull 

TV. 17 Jan 94* 14591110 767 

lOMITJrt 102% 90 MB* 

Ii 17 flu 110* 967 Mil 

ln.1700 HM 90 1254 

IStaWMor 112% IS 1151 

HM 18 Anr ID* *31 HL12 

16 18 Mav HHfc 120 MH U0 


764 

110 

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ran 

18.12 

961 


filar Id Bank 
World Bank 
. World Bank 
v 20000 World Bank 
ITS Wori d Brei k 
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IS 18 Art l|M 953 
11% HAW MS* f.U 
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14*18 Sep lit* IK 
ra%TONOv HD LIT 
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B5£ iSSti 
ISSreSf AS 

11* TO Art 104 93f 

13*9000 MS* 10X5 
11*9800 VMM DUS 
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11% 91 MOT HI 1LD 
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II 92 F0I 181% It. 15 
8% 92 Mar m 7X4 
■ 93M0T 181% 7X3 
18% 91 Apr mi 1888 
1? TO See 109% W39 
7% 93 Nov 107% 7X2 
11 TO NOW US'* 954 


1821 

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1392 

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11 TOt« 91*1134 


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99 1162 
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uu 70 114? 

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520 Ericsson Ln 
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line 19 Apt 

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9 1400 
mil Dec 
13% 17 Jui 


II 110 1 
9? 1131 
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93* 1160 


ra "to few Hi ran 
[ft V Mor 80* 1267 
iftieApr 99 
9 HAW 


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123* l* 
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TO 10791239 TM 
92 na rare 90 

97ft 10,99 90 

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HU -93 JIM 101% .93* 9*8 


italic 


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gfi 1452 1869 lLIS 

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103% 9.90 ILg 
91» TU712M TK 
95* 11.13 1161 U 

n ran ilk fra 

95* 1L771U2 9.U 
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EM W Feb 112 1163 1LU 
TO-wItw 92* 110 1267 _|K 
Hta-HMiW WO* ,964 
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IMkWJut 103R- JIJO 

nuresra 104% rac 

ii* if Ftb rank 9JO 


in WMar raw. HM 


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7 TO Jun 104ft 568 
7 TO Jun 87* 1IL33 
11% TO Feb Ml* 1139 
4%VJun H9 10 
VKTOjan IN NL22 
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n to Mm ft* nniui »d 

9 HAW •<* 963 967 TjK 

nreoa % ramus «.n 

IMTOlUr 97ft RL92 1137 1051 
mil Feb IN IU9 1163 
8% 16 Dec 91 90 WK 80 

1ft TO 560 84* ILK TOD 

7ft tT Aua 90ft 1271 1451 8X9 
7ft 17 Mav 10ft 72.17 13X6 1X7 
II TO Dec ID HL70 UK 
18% 11 Dec 99% WX5 «L7* 
IMTOFtf 99 L» LIS (37 
7%VFra 97 9.MA46 M9 

9% 14 Jul TOD 9X1 9X3 

9% TOMar « 1161 ILH UK 

8 17 Nm 95 1041 1157 842 

78% 18 Jui 98 11X7 ran 
ii% ii Mav rank iun ruf 
10% TO Jon 94 110 UXO 
me TO Fee ram rasa ran 

H%TOSeo 97ft IUJ 11JO 

7 TOMar nm 450 897 

(%W Jan 95* ULM U» 933 
IltaTOOct 784% 7860 1U7 

7% food a rannxo 831 

9 28 Mav 95 rail I2K 967 

fftTODec 97 «K 11X4 9X9 
7ft 17 Oct Oft 17.19 18J9 939 
8ft 14 Dec ttft 9X3 M» 863 
91*1500 99ft NL57 KLJl tX 
9% 19 Dec 94% 1064 1032 1131 
11*1200 »»% 964 IU3 

91k II APT 95 UK 11.14 9X4 
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11 18 Feb IN UN 110 

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12ft V Jal TO ILK 1181 025 

151i TO Jul IH 11.99 1 164 

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4% TO Art 17 llXOOKUK 
tl TOMOV 98% IIJ1 1131 ILM 
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91* TO Jan 19* 9.99 999 930 
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i ■» jui « maun ui 

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9* TO APT 95 11.15 1 Lfl UN 

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17 19 Dec m 1137 7)0 

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111 16 Nov 98 Lfl ran 16) 
9ft TO J* ■ 1264 035 KUO 

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lift TO Sep 90% 1144 110 

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sr 


lift 

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9 86 Jun TO 
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_ 8% 14 NOV 99* L07 


II 12 Apr TO 
9ft TO Mar 93 
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11 13 Jun 

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HcralftSKeribimc, 

BUSINESS/FINANCE 


MONDAY, JUNE 10, 1985 


EUROBONDS 


Guessing Game on U.S. Rate 
Unsettles Eurodollar Market 


Eurobond Yields 

For Weak BrM June 5 

U.5A is term. Inn Inst — 1063 % 

UJLS Ions term, Ind. 11.39 % 

U.&S medium term, IncL - 1030 % 

COtlS medium term 11.26 % 

French Fr. short term — 11-40 % 

Sterling mcdluni term — 11J6 % 

Yen medium term. Inf I list. 639 % 
Yen tg term. Inti Inst. _ 7JK % 

ECU short term 068 % 

ECU medium term 933 % 

ECU Ions term 935 % 

EUA long term .... 8.99 % 

LhxF mad term Inti inst. 974 % 
LuxF medium term _ — . 932 % 

. Co/aHated fry ®# Luxembourg Stoat ex- 
change. 

Market Turnover 

Foe Week Ended Jam 6 

(Miltons at UJ0 Dollars) 

NHMtaoar 
TDM DoOor equivalent 

Cedel 154H7.7 113507 . 4337. 

Eurodear 29,759.3 263224 2.9367 


By CARL GEWIKTZ 

International Herald Tribune 

V. ARIS — Those who believe U.S. interest rates will decline 

L# further were baying Eurodollar bonds last week, those 
I who do not were not, and those who hare given np 
r 1 guessing were willing to follow the prevailing trend Until 

f . late Pjiday. the trend favored dollar bonds. New York prices 
rallied sharply during the week and Eurobond prices were 
- ' marked up by dealers as sborMenn rates eased and conviction 
. mounted that a cut in the Federal Reserve's discount rate was 
i. i imminent. 

v 1 Those hopes were dashed by the May employment figures, 
which increased. This owning on top of Thursday’s report of a 
\\ renewed bulge in the growth 
■. of the basic money-supply Eurobond Yields 

measure sent short-term Fur Weak Ended Mum 5 

rales up, with one-year funds Jiff S^U^LL ns, ‘ “ If* 5 

,, "Sing a sharp ra-pomt to 8% U-SJ( n^um term. IncL - laaj % 

percenL cons medium term 1176 % 

As a result, the new issues Fnmdi Fr. short term — ,U40 % 

; : Vaonched ofty Friday in an- SSySKJffiiZ '$5 

- tuapatwn of further rate dc- yen tg term, inn Inst. — 7« % 

* creases, were left adrift. Elec- ecu short term 838% 

* . tricitfe de France’s $125 feu madiumi w «3 % 

: ™Hj on ^ ISX £S K s.» % 

sued at 99ft, fell 2ft points as LhxF mad term Inn inst. 974 % 

did Seagram Co.'s $100 mil- luxf medium term — v_sa % 

•' lion of 10-year, 10-percect atonuM * m un*mt»un sm 
bonds, offered at par. EdF is T T°* . - 

:* c using the proceeds of its issue Market Turnover 

: ■ to prepay iu 13-percent * 

notes of 1988 launched m ■ 

1981 and currently callable uJSS 

, at a price of 101. Eurodear 29,759.3 263224 1936 S 

International Business 

•e . Machines Corp. announced it will call its I3%s of 1987 issued in 
?? 1982. The paper is callable as of Aug. 1 8 at a pike of 101%. IBM 

is refinancing the issue in the New York market, whereit is selling 
’• . £200 million of three-year, 9-percent notes and $200 rntOion of 

five-year, 9%-percent notes. (On a Eurobond bass, the latter 
issue yields 9.86 percent) 

iv T HTTP, the eariy-week rise in New Yoric was much 
\kf sharper than the Eurobond rally, the New York decline 
Tv was also much steeper. This meant that EdF and Sea- 
gram, which were priced at about 15 basis points over yields on 
U.S. Treasury paper, ended the week yielding less than Treasury 
bonds. 

• . A major distinction that bankers make between the perfor- 

mance of the New York and Eurobond markets is that the New 
York rally was fueled by retail investors rushing to buy papa- and 
the decline by those investors pulling bade. The market in 
Europe, by contrast, is marked by a near-absence of retail 
demand. 

The thrust behind last week’s Eurodollar issuing activity was 
the continuing shift of doDar-based institutional investors either 
out of low-yielding deposits into short-dated securities or oat of 
medium-term holdings into longer-term paper to grab a return of 
10 percent or more while it is still available. 

However, the Eurodollar market has lost a major source of 
support as bankers report that Japanese investors have shifted 
their buying activity to the Treasury market in New York. 
Bankers say the Japanese are riot wflfing to take a view on the 
development of interest or exchange rates and — although they 
■ continue to purchase dollar securities —want the comfort of the 
vast liquidity of the Treasury market where they can dump their 
holdings at a moment’s notice with minimum impact on prices. 

Some analysts argue that the traditional retail demand fra 
Eurobonds is not Hkdy to soon reappear as portfolios are bulging 
with bonds and investors are increasingly turning to shares as 
yields on new bond issues drop to levels that are no longer 
compelling. 

Meanwhile, wilhfinanring costs well below the coupon levels, 
underwriters remain willing to take on new commitments — 
although by the end of last week, not all of these were still 
showing a profit. 

Ford Motor Credit Ox, which broke the 10-percent barrier on 
five-year papa, set a coupon of 9 ft percent on its notes and an 
issue price of 99%. But by the end of the week the notes were 
quoted at a discount of 3ft points for a yield of 10.46 percent. 

Atlantic Richfield Co. ended with a discount of 3%points on 
its $ 250-million, 15-year issue which was offered at 99% with a 
coupon of 10% percenL 

Escom, South Africa's Electricity Supply Commission, tapped 
the market for $100 million, offering six-year notes at par bearing 
a coupon of 1 1 ft percenL The appetite for South African paper is 
limited and the coupon reflects this. 

Denmark structured its $100 million of seven-year notes to 

(Cbntinued on Page 15, CoL 1) 


G&W Sale 
Of Units 
Planned 

Wickes Is 2o Pay 
About $ 1 BUUm 

International Herald Tribune 

NEW YORK —Gulf & Western 
Industries Inc, the entertainment 
and consumer-products company, 
said Sunday it had agreed in princi- 
ple to sell its consumer and rndus- 
trial products groups to Wickes 
Companies Inc. fra about $1 bil- 
lion and the assumption of about 
$90 millio n in long-term debt. 

Martin S. Davis, G&Ws chair- 
man and chief executive officer, 
said the sale “substantially com- 
pletes” the sweeping restructuring 
program he began in 1983 after 
taking the helm of the company. 

The latest sale “reflects our con- 
tinuing commitment to sharpen the 
focus of Gulf & Western,*' he said 
in a statement 

The divestiture includes two 
companies with widely recognized 
brand names — Kayser-Roth, 
winch makes apparel and hosiery, 

ami Simmnni, which malras bed- 
ding and home furnishings. 

A.P.SL, an automotive parts dis- 
tributor, and G&W Manufactur- 
ing, a maker of automotive, elec- 
tronic and construction products, 
make up the rest of the properties 
to be sold to Wickes. 

The wwimaniB! are expected to 
report combined sales in the cur- 
rent fiscal year, which ends July 31, 
of $2.7 billion and operating in- 
come, before corporate expenses, 
of slightly ova $200 nuUkm. 

G&W said it expected to realize 
a substantial gain from the sale. 

Wickes, a Santa Monica, Califor- 
nia-based company whose main 
businesses has been in lumber and 
building supplies, said it would fi- 
nance the purchase through bank 
borrowings, a private placement of 
debentures and convertible pre- 
ferred shares, and proceeds from a 
recent S533-nnllion common stock 
offering. 

Over the last 16 months, G&W 
has made several acquisitions 
aimer! at bolstering the company’s 
presence in publishing and related 


The acquisitions included Es- 
quire Iso, a magarinr publisher, 
and Pfcntice-HaD and Gmn & Co, 
Much both publish textbooks and 
other educational. material. Among 
G&Ws other holdings are Simon & 
Schuster, the publishing house. 
Paramount Pictures and Madison 
Square Garden Corp. 

As part of the restructuring pro- 
gram, the company has shea its 
holdings in sugar, zinc, chemicals, 
■building products, energy, race- 
tracks and manufacturing. 

Last October, G&W reported 
that operating net totaled $742 
million, up 13 percent from $65.6 
million in the previous year. The 
group’s sales amounted to $1.13 
billion, up 19 percent. 

But more recently, G&W posted 
a M in 1985 first-half net to S103JZ 
million, 31 percent down on the 
$149.6 million posted in the year- 
earlier period. Sales totaled $2.1 
billion, 5 percent up from 2.0 bil- 
lion the previous year. 

Wickes had net of $9.7 million 
last year, on sales of $3.03 billion. 


Singapore Is World’s Busiest Port 

Harbor Now Attracts More Shipping Th an Rotterdam 





ir— garrim* 




mmm 






AfVSngopofe Mmtry of Ci*i» 

Singapore’s rise as a port Is parity attributed to Prime Minister Lee Kuan Yew’s policies. 


United Prm International 

SINGAPORE — Singapore has overtaken Rot- 
terdam as the world’s basest port in terms of 
shipping and is making a sustained effort to attract 
more cargo traffic, officials say. 

The Prat of Singapore Authority declines com- 
ment on its status. But officials said a comparative 
study of statistics from both prats confirms that 
Singapore now hosts more shipping than any other 
prat in the world. 

Last year, the statistics show, ships totaling 527 
miTKo n gross registered tom called at Singapore, 
compared with 421.6 milli on tons at Rotter dam. 

Yokohama in Japan assumed third position with 
more than 350 million tons. Fourth place was held 
by New York City. 

A spokesman for the Netherlands Embassy in 
Singapore confirmed that Singapore was the 
world's busiest port in tonnage, but said that 
Rotterdam still handled more cargo annually. 

Hie Dutch port handled 243.4 millio n tons of 
caigo last year compared with Singapore’s 111.9 
rnfflion urns. 

The spokesman said Rotterdam's principal car- 
go was crude oil, with an average annual tonnage 
ofl 10 mOlirai in the 1 980s. Others include ores and 
metals, solid fuels, mineral oils, animal fodder, 
chemicals, oQ seeds, edible oils and cereals. 

Singapore's improved performance was largely 
due to the economic recovery in the United States 
that caused an increase in con tainerized cargo, 
which grew by 18 percent to 22.1 million tons last 
year. 

Other cargo handled by the prat is mainly grain, 
vegetable oil and cement. 


Lhn Kim San, chairman of the port authority, 
said that ova the next few years, “we wQl concen- 
trate on maintainin g our position as a major world 
port by the use of computer technology and the 
automation of port operations.” 

He said: “Some of our productive gains will be 
passed to port users through competitive pricing of 
port services. 

“Towards this end, adjustments will be made to 
our port tariff in 1985 to make ft even more 
attractive for shipping lines to call here.* 1 

Singapore already has the third largest oil-refin- 
ing and distribution centos in the world after 
Rotterdam and Houston. It houses the world's 
third -largest ^upbuilding and ship-repairing in- 
dustries. 

The port, which covers 36 square miles (93 
square kilometers) has nine container berth s. 
Based on present trends in cargo growth, there will 
be sufficient capacity in its terminals to meet 
anticipated demand until the 1990s. 

Unlike Rotterdam, Singapore does not enjoy the 
foil benefits of its hinterland. 

The spokesman for the Netherlands Embassy 
said Rotterdam was deepening^ its 30-mile (48- 
kilometer) channel to receive bigger vessels and 
was engaged in other projects to extend its services 
to vessels calling at the port 

The Singapore port has budgeted S128-S milli on 
for capital expenditure this year. In addition, an 
imposing S12>- million port building is bring erect- 
ed and will be ready fra use next year. 

The modern-day settlement of Singapore dales 
from 1819, when Sir Stamford Raffles landed on 

(Continued on Page 17, CoL 6) 


Page 13; 


Reagan Tax Plan 
Is Seen Having 
Negative Impact 


By James Sremgold 

New York Tima Service 

NEW YORK — Economic fore- 
casters examining President Ron- 
ald Reagan's tax proposals have 
drawn far less optimistic conclu- 
sions about the plan's potential im- 
pact on the economy than the 
White House has suggested. 

Based on their prehminaiy com- 
puter runs, several leading forecast- 
ing companies have concluded that 
economic activity could fall by one 
percentage point in the first year, a 
significant drop for an economy 
that some expect to grow by only 2 
to 3 percenL The growth rate is 
expected to revive m lata years, 
but, at best, the tax plan is seen as 
neither helping nor hindering the 
economy overall. 

Treasury Secretary James A. 
Baker 3d said last week that the 
proposals would increase the gross 
national product a measure of the 
economy's total output by \Vi per- 
cent by ’1995, but did not indicate 
what might happen between now 
and then. Although Mr. Baker is to 
appear Tuesday before the Senate 
Finance Committee, the Treasury 
is not expected to provide more 
extensive forecasts for several 

weeks. 

The biggest drag on growth, ac- 
cording to the forecasters, is the 
large increase in corporate taxes in 
the president's plan and the remov- 
al of some major investment incen- 
tives. The corporate tax increase 
stands in contrast to the personal 
tax Ctrl the plan would hand Ameri- 
cans. The Treasury es timat es that 
corporations would pay $26.1 bil- 
lion more in federal taxes in 1987, 
fra example, while individuals will 
find their aggregate lax biB cut by 
$26 billion. 

That biteout of corporate profits 
and the crimp that toe proposals 
would put on investment are likely 
to put a damper on the general 
economy, the economists said, only 
partly countered by an expected 
increase in consumer spending. 

Their models show that gains in 
economic efficiency would improve 
the growth prospects in lata years. 


Falling Loan Charges Benefit Eastern Europe 


By Carl Gewinz 
International Herald Tribune 

PARIS — International banks 
demonstrated afresh last week that 
their leafing capacity far exceeds 
demand fra loans, resulting in a 

SYNDICATED LOANS 

continued narrowing of loan 
charges. 

The Eastern Woe is the latest 
beneficiary of this trend. Although 
charges have fallen sharply, they 
still are more generous than those 
paid by the mdustrialized countries 
and lenders are clamoring to gel in 
cm the deals. 

But even the low-cost loans of 
the Western countries are being 
squeezed. Sweden, for example, is 


renegotiating Iowa the terms on a 
$13-biDirai deferred notes pur- 
chase facility arranged last year. 
That facility was desgned to back 

3 > the sale of floating-rate notes in 
ew York wind) gave investors the 
right to request redemption after 
rate year. 

Almost none of that papa has 
been redeemed, so Sweden is wid- 
ening the scope of the facility to a 
general purposes backup credit at 
the same time it is readjusting the 
cost 

The new structure will enable 
Sweden to use it to back the sale of 
commercial paper in New York by 
providing a so-called swing line al- 
lowing same-day drawings. In ad- 
dition, two tender panels will be 
created to bid for short-term Eur- 
onotes. 


One will be a general panel, in- 
vited to bid for one-, three- or six- 
monih notes. The otha is a special- 
ized panel, which can propose odd 
maturities starting with seven days 
or longer. In this case, banks can 
propose a specified rale of interest 
rather than linkin g the cost to the 
London interbank Tates. 

The commitment fee Sweden 
will pay banks for standing ready 
to lend has been halved to V* per- 
cent, or 625 basis prints, from the 
Vi-percent charged on the original 
seven-year facility. The maturity is 
unchanged, meaning the new toms 
will run for six years. 

Pricing on the original credit was 
pitched to appeal to banks operat- 
ing in the united States with Swe- 
den paying 60 bags points ova the 


rate for certificates of deposit. The 
new structure is expected to appeal 
to a wider group of lenders as the 
pricing opens the way fra banks 
who fund themselves in the Euro- 
dollar markeL 

Lenders are given the option of 
charging Sweden 35 basis points 
ova the rate for certificates of de- 
posit, subject to a floor of Libor 
phis 20 basis points, or 22.5 basis 
points ova Libor. The charge on 
the swingline, which can be drawn 
for up to 10 days, is set at %-prini 
ova the New York interbank of- 
fered rate, or 55 basis points ova 
the CD rate, or the prime rate of 
Chase Manhattan, which is orga- 
nizing the renegotiation. 

Overall, the fees are modestly 

(Continued on Page 15, CoL 2) 


but they say tiuu even then the 
improvements will be far from dra- 
matic. Thus, they say, the prospect 
is for an economy with the balance 
shifting toward service industries 
From more capital-intensive indus- 
tries, but with little change in ex- 
pected growth rates. 

Some economists also fear that 
by removing the incentives Tor 
heavy industries — such as steel, 
autos and petrochemicals — to in- 
vest iu new plants and machinery, 
the tax plan could erode the al- 
ready waning international com- 
petitiveness of major industries. 
This would force unemployment 
higher. 

“Whether the proposals would 
generate more economic growth is 
questionable." concluded Allen Si- 
nai. chid 1 economist for Shearson 
Lehman Brothers Inc. “Though 
difficult to fully detail yet, the net 
result is probably a ‘growth neutral* 
set of tax proposals — more posi- 
tive than the anti-growth lone of 
the original Trcasuiy plan, but not 
likdy to produce the ‘millions’ in- 
crease in employment referred to 
by the president” 

Chase Econometrics projects a 
GNP growth rate of 24 percent in 
1986 without the plan, and says 
that would fall to only 1.3 percent 
with the proposal in effect That 
view is echoed by Michael Evans, 
president of Evans Economics, 
who said that be foresees the 
growth rale falling to 1 percent 
from mid- 1986 to mid-1987 if the 
plan were enacted, compared with 
2 percent without it 

A side-effect of this contraction, 
they said, would be a small rise in 
the 'unemployment rate. Lata, 
however, growth would pick up. 

“Our early work suggests that, in 
terms of real economic growth, the 
proposals are a net wash, neither 
helping nor hurting overall,*’ said 
George Schink, vice president of 
research and development for 
Wharton Econometric Forecasting 
in Philadelphia. “But it does pose 
some serious potential problems, 
which made our overall conclusion 
slightly negative." 


U.K. Airline 
Cancels Airbus 


LONDON — British Cale- 
donian Airways plans to sell its 
two new European A-310 air- 
buses and has canceled an onter 
for a third, a company spokes- 
man said Sunday. 

In addition, the company wifi 
not be taking up the option it 
had on three otha A-310s. But 
the spokesman said there was 
no question of a separate order 
for seven A-320 short-haul Air- 
buses being canceled. 

The A-310 is built by Airbus 
Industrie, a consortium ofj 
French, West German, British 
and Spanish companies. The 
spokesman said the airline had 
no complaints about the air- 
craft's performance. 


Last Week’s Markets 

Att fbona an an of dote aftradkmFrtdar 


Stock Indexes 


United States 

" LactWk. Prav.Wk. Oft* 

DJ Indus 131642 131541 +176*. 

DJ U1II-— U338 16X32 +0.18% 

DJ Trans — . 65345 645.16 +170% 

S&P1W— 18348 1840B —021 % 

SS.P500 18947 189.55 +006% 

NYSE CP— W9-97 10943 +027% 

Some: PnOaaU/Butlie SeottBeL 


Money Dales 

United Stales 


Discount ride TVx 

Fadara! funds rote— 79/16 

Prtanarote W 


Lntm. PtmjMl 


FT5E1Q0— 121040 U1B9Q —042% 
FT 30 140140 99820 +024% 


Mono Seng. 144245 141347 -443% 


NlkkalDJ— T27UL59 1225846 —023% 


Cotnmerzbk 126340 14ZUD +117% 
Snm: JomCMtQt. Latin 


Discount— __ 5 5 

CnU montv — ....... 63/16 61/16 

40-day IntarUonk 6% 6% 

West Germany 

Lombard 6 6 

Owwmlotit — 550 570 

1-tnontfi Interbank— 540 550 

Britain 

Bank ban rate 12M 12fe 

CaUmanav — OK 11 

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Bfc Engl Index __ HA. MUD — % 

Gold 

London pm. Oils 31420 3UOO +009% 


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Judge Stops AH Withdrawals 
At Troubled Old Court Thrift 


Proposal for New Global Trade Talks Meets Snags 


United Press International 
ANNAPOLIS, Maty land — A 
Baltimore judge has blocked with- 
drawals from Old Court Savings & 
Loan for 90 days and lowraed all 
interest rates to percent to stave 
off the possible failure of the insti- 
tution- 

circuit Judge Joseph H.H. Ka- 

S lan also directed Chevy Chase 
avings & Loan, with $22 billion 
in assets, to direct Old Cram’s day- 
to-day operations and to send in a 
management team to evaluate the 
thrift's assets. 

Judge Kaplan acted Friday at an 
emergency hearing called when it 
became apparent that Old Court 
could lose $25 million to S55 mil- 
lion in cash outflows in the next 30 
days. The privately held institution 
has no way to raise funds. 

The announcement last month 
of serious management problems ai 
Okl Court sparked a run on Mary- 
land’s 102 privately insured thrifts.. 
Governor Harry Hughes declared a 
slate of financial emergency and 
limited withdrawals to $1,000 a 
month. 

John Faulkner, the court-ap- 
pointed conservator for Old Court, 
testified that the withdrawal limit 
would have to be tightened in order 
to protect the thrift's 72,000 ac- 
count holders. 


SELECTS) BiJLATJL BUTJffKDtS 


BID ASK 

Apollo Corap. 18% 79 

Mr Gasket 11 11% 

Bitter Corp. 2% 3 

Modukvre 8% 9 

todhna m 9% 

WITH COMPLIMENTS OF 

CDFfflNENTAL AMERICAN 


Mr. Faulkner also said that the 
newly created Maryland Deposit 
Insurance Fund had already lent 
Old Court $60 million and that the 
savings and loon had very little 
collateral left The Federal Reserve 
Board also has been shoring up Old 
Conn, 

“There is little or no ability for 
Old Court to get funds from any 
otha source,*’ Judge Kaplan said 
in. issuing the onter. “We need to 
know exactly the status of Old 
CourL There isn't any question the 
records there are in poor shape.” 

David Freishtat, an attorney rep- 
resenting Jeffrey A. Levitt — who 
owns 41 percent of Old Conn — 
argued that appointing Chevy 
Chase to evaluate Old Court's as- 
sets and properties would consti- 
tute a conflict of interest 

Judge Kaplan rejected that argu- 
ment, saying dial since Old Court 
was in conservatorship, it was not 
in competition with Chevy Chase. 


■Ihmrehiri 


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INFORMATION 

211-387950 


By Axel Krause 

International Herald Tribune 

STOCKHOLM — Trade and fi- 
nance ministers from about 20 in- 
dustrialized and developing na- 
tions met here Sunday to discuss 
the organization of new global 
trade negotiations, but were report- 
ed to have made scant progress. 

O fficials sai d that the minister s 
had failed to agree on issues to be 
placed on the agenda of a prepara- 
tray meeting that could be held 
some time this year. The main ne- 
gotiations, which would be held un- 
da the auspices of the General 
Agreement on Tariffs and Trade, 
would be held in 1986. 

But one European minister said 
that there had been “rapproche- 


ment" between industrialized 
countries and some developing na- 
tions, particularly with regard to 
organizing a meeting of senior 
trade officials to prepare the nego- 
tiations. 

Mats Hellstrfim, Sweden's minis- 
ter for foreign trade and host of the 
two-day meeting, said that the 
meeting had been “non-confron ra- 
tional.” But he refused to comment 
on Sunday’s progress, saying that 
he was still trying to "build 
bridges.” 

India’s minister of finance, Vish- 
wanath Pratap Singh, said that his 
nation and 22 otha developing 
countries who belong to GATT 
would continue to resist placing 


liberalization of services on the 


Japan Pacific Fund 

Socieit Arxjnyroe^rrvestissemeTU 
Luxembourg. 37. rue Notre-Damc 
R.C. Luxembourg B 8.340 

Avis de Convocation 

Messieurs les AcUomuires sont coovoques par le present avis k 
fAssemblee Generate Siatuuire qui aura lieu le 19 juin 1985 a 15.30 
Insures dans les bureaux de la Kredietbank S.A. Luxembouigeoiae. 43. 
boulevard RoyaL Luxembourg, avec I'ordre du jour suivant: 

Ordre du jour 

1. Rapportsdu Coaseil d'Ad ministration et du Corn mk saire mr Texer- 
cicecksle 31 mars 1985. 

2. Approbation des comptes de rexercice. Affectation des nauhais. 

Divtdendc. , . 

3. D6charge aux admmisfraieuis « au comnussaire. 

4. Nomination (Tun admmistrateuc 

5. Modification deTaniele 2 des slatuts en vuede pioroger la dimfie 
de la socifcit pour une nouyelle periode de 30 ans 6 compter de b 

dale de rassemWfeedu 19 juin 1985. 

6. Modification des staiuts en vue de les conformer aux prescriptions 
de b toi du 25 aoul 1983 sur les or ganwmes de placemen! coUecrif. 

7. Renouve Dement de rauiorisatk* domtee an Conseil fAdminiarft- 
tion demenre des actions dans les Emiles du capital amorist pour 
une periods eiptrani a la date de Tassembtee s£n6raJe statuiaire 
del W0. 

Aucun quorum n'est reqtris pour les points 12 J. et 4. figurant £ 
ronlre du jouc 

Las resolutions & prendre coflcenunt les points 5.6. et 7. reqpierent 
nn quorum de 50% xu moins des actions faniseset en circulation cLpour ; 
«Hre valables, les resolutions y relatives devront reunir au mans 2/3 des . 
voix daacfioMMifes presents a eeoe assemble. 

Le Consdl d* Administration I 


The United States, Japan and 
members of the European Commu- 
nity have sought to nave trade in 
services and high technology 
placed on the agenda. But the de- 
veloping nations have said those 
areas benefit only industrialized 
nations and they want the talks to 
focus on goods. 

In a papa submitted to GATT 


last week in Geneva, a group led by 
Brazil and India said it was skepti- 
cal about starting new trade talks 
unless industrialized nations first 
made suong commitments to re^ 
duce their trade barriers to Third 
World products such as textiles. 

“1 do not think that much will 
come out erf 1 this meeting, given the 
current divisions,” said James Kd- 
leher, Canada’s minister of interna- 
tional trade. > 


SCI/TECH 

Socials Anonym* 

Registered Office: 2, boulevard Rayed - Luxembourg 

RX- Lmtrmhwarg B-“gQOS8 


Sharebaideis are hereby convened lo the j 

ANNUAL GENERAL MEETING ’ 

or shareholder of SO /TECH SLA. to be bdd at the head office of Bauque ‘ 
Internationale £ Luxembourg, Sodete Anonyme. 2, boulevard RoyaL ■ 
Luxembourg, on June 2fth. 1985 at 2fc00 pjm. with the following agenda: : 
L Submittal of the reports of the Board of Directors and of the Statutory j 
Auditor. - 

2. Approval of the Balance Sheet and of the Profit and Loss statements as at ' 
Marat 31. 1985; appropriation of the prafiis- 

3. Discharge of the Directors and of the btaintory Auditor. 

4. Ratification of the co-Optatioa of a director. 

S Receipted and action on nomination of the Directors and of the Statutory - 
Auditor. » 

6. Miscellaneous. ’ 

The shareholders are advised that no quorum a required for the items of the 
agenda of the annual general meeting and that decisions vrifl be at the 
simple majority of the shares present nr represe n ted at the meeting with the T 
restriction ihal no shareholder, neither by himself nor by proxy, aux vote . 
for a number at shares in excess of one filth of the outstanding shares or two ’ 
fifths of the shares present or represented at the moating . 

In order to attend the meeting of June 28th, 198S the owners of bearer 
shares mil have to deposit their shares five clear days before the meeting at 
the registered office of die Company or with the following l»nV r 6 

— Bauque Internationale & Luxembourg 5 jL 1 

2, boulevard Royal - LUXEMBOURG 

— Bank Mees & Hope N.V. 

Hereagracht 548 

NL- AMSTERDAM 

— Lombard Odier & Qe 
11, roe de la Comauaie 
CH - 1204 GENEVE 

THE BOARD OF DIRECTORS 


.. -V r 




IOTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


International Bond Prices - Week of June 6 


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Priced may vary according to market conditions aod <*“«• tactora. 


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fta'SS’ SSA vJ. !2 


r.fSJun tw-1 -j! 

» .SF' ts? 


dm SO Iceland 
dm 75 icefcnf 


«H 641 7.U 408 
04 <S 751 


103b Wg 
US 7^ 
ms* in 
mb m 
rat, 73a 


ifcssr]s ,u, ii sisegss 

1 Trtmjcn Inn uu. ia Dec lilft 1441 lSJS dml"" «>>Ji»e Pnarincn 

(KM 9ft, HUB 1BII 155 dml 
R V6MOT w 956 * JR BOB dm?_ ... _ . 


19 Tratocoinli 
IX TnasoctoaCuliOi 
IX TronsoceonGuHOU 

tie T rmnocaon Cuff Off 
• UM Tneinc 

IX Tnro/i Finance 
19 Uei-O/i FlnoncB 


7 M 07 J* sl *£»= m I SS 25 E 5 SS 5 


BbWOd Wft *90 1054 UB din TOO Quebec Prevjn 

SIS BSjraSSQKFmano nSraSS IS** SS jS -*" 1 " «—»«»*« 

,UB UiUno Cortideors W KU1 % dmISI B(rt«Qihw 

I IK 12 Apr rat* IBM JI5 
11* W Sen M2 11.18 1U2 

^ Sg ux’g I dm TOO Dgmari 

six MMlDHnevPraducna iT^tuOct im* *J4 1U6 I amHO 

AEb» eiecs-bIeIb 

13*1! SCO IBM 1IX 
17*11 Dec 101b 1250 

15 rasea 101Kb <51 „ 


it «s“a 

SIS *2 

ssiis IIS is g „ J 

^-oeepn-mra 'Swi 6U 6M 

71,11 Aar HDb 6J0 56 

Un.11 Sen 114b 747 57 

ra*V7FBb »2« 7-70 9JH 

7*13 F*b M31, 7.11 TJ7 

7b 10 All, IfXft 7.14 756 


dram intend 
dm HO Ireland 
dm MO inland 
mist trriand 
dm in inland 
drain Ireland 
dm 19 intend 
dram inland 
dm 19 inland 


ICELAND 

7WS7AOT ion, 742 751 751 SS™ 

Mrajmr 107b 7M uz %% SSSSSSS 

IRELAND g» {Effig 

MlLriirW IGA Ad 9 AJ 6JBTI Ot irawUHMJ 


KM ft Dec MS 452 
fft-87Seo US 7J02 

DblOJul '«W 7 -l* 

I* VJ34P UM 753 
■bit Dec 103 743 

M-92MOV Ml 75S 
g 14 Oct ICZb 744 
TbUP* 97ft 7J4 
7b 17 MOT HI 742 


944 "" 

VS NORWAY 

SS dm 9 AnWOaSuandalVmfc n 17 Dec M3 634 

§ asKST""*' %5afflts 


{ VHH 181 79 

» , " w HS K 1M 

1 filer HO 756 '* 

»*•& 2 . 666 
7b W AM 181 4» 

MB Eg g 

mil 00 wn 

9b 11 ABT 1M 754 
916 12 Ah) KBb 7 
*ta12N0» SL 

lb 13 Jun M5b 751- 7JN 

n, 13 nov ns* 7 j« in 

TbHAar UHb 756 

t iiSm 1W*. 79 47f 1 «nm wan*"" 

7b 17 Aar MOW 74* [.71 ^jpo wertdBg* 

UkVHn Jf 446 49 65j I <sn300 TCrMBHR 


|N I dm 260 WWW go* 


dai29 WBrUta* 
dram WBrWBWh 


HkVKn Jf 
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7 rajui ran* 


dm HO hwM 




dm IX c--.Eum 

s si £££&"“** agj s 445 S3 sisssajss 

I 9 £s DentmSe hMterima, 6b«JM fft, UB 655 451 

ZB dm 135 Dca Mardra tndMMbk 6 ran or W* 6M 7JB 4U «"«" I™iS2 

V& onto NenHumeMdaraota 7bvnev too 754 wa 755 2^}“ ISlSS 


drain ouobec PiwHnce 
mm ooeiiec Pnrtnce 
■Hi Quebec PmrUKe 


ITALY 

dram Atiendo Nados-Stnm* BblOJun 
dmUB CamoratoDTCrSlto onra"! 


w teS 
j dm» 


Ml 


IMHO Crodap CraHtupperc 8 rajon m 7^ 756 750 

dm 19 FerroirfeDenoSlatd S&WMor ^ 7^ 40 

dm HO FenarieDrfosiBta J. "gb 759 759 E{5 

Main OPvtffl InttUtnl IbllJm HH 490 W» SJJfS 


757 745 B31 22 {2 „, m , a— 

M 7J * 52 SSS KSSSSSSSS 7 m5S ffl 


7b 17 MOV no 754 750 755 *"]“ 

19 Hov 97b 659 7J» 614 JniJg EagW 

vnvb am lb tii dm ISO Ea euro . 

h«2S- mh, tm uj 5£ 2" « isiisasigs 

tHVJcn 99 656 673 651 2®JS SSlES&SS 52f! 


*" 9W " " S5 in 419 ran 300 WafNin* 

US up of* am ago worm Bor* 

tes&irSLjg rssss 

a*»*»aS3 £ia£W 
f-ns; IL a is » as ss 

W6110O Mfb t« 74J dm«0 WBrW ggg 

H 12 Feb Ul M 743 J-W ran 900 World Bock 
lb 12 Jim 104* 754 751 6M mnXB Worldto* 
I TTJOi MO 741 777 

Ibrame m 74t 154 u* 
nvrtb HB 751 742 7,72 
f*13Ju( IOI JJ7 TAJ 
K 13 NOB mb 7 JO 79 759 
BbKPW WKi Wl 746 7JJ 
7ft K D*C lOBb 745 746.79 
7ft IS MOT HBb 246 79 74* 

7ft St Mar HI 4M 650 7M 

KbHIOCt HBft 739 JS 7JJ 

9b V Jan HM 711 93 

MU IBB 649 64» 69 
7 Him Ul 654 63 4R 
RftHAar 99* 614 671 69 
6 HMN *8* 652 6U 
7b M Nov Ulft 422 551 742 
fft-HDK HO* 619 7.10 9.16 

sate ’s j-s u, is 


r*i«A« m. IS » 

I'iiSu? Sra g • tl 

J5 ?g * iS 

-’S& L « ts 

KSSTr *5 if 

’j*sss r :S a 

tkSS N» 2 j; 2 

KSiS. g i»- g 

r*;ss? r fu J 

8 i*f« m ,2 i“ 

S5SR »; | a 

nSlSJno ra* * jS 

;iSSJ? E « 


S 3 M 

ran ns ImM 


671 AS ran no Ertaam.iJ F „ 

sss sss^sssr 

am 75 smd>-5canla 
dmUB sWArti , 
dmH MmakoCedWogi . 


mfOAOT 96 UW W am" 

8 16 Alia HHft AM 746 dram SwW HftW «0* 

H 11 Mw Bffb 134 752 93* an HO gvefky mv w iBonk 

7 H Apr 9fb 7JK 7JJ7 702 Ora MO Stu tf jib gawiOig 


(ftiZJai W2 734 W 79 Iranix MraMi GriWf Cntft 


mVAoa S' 4 5S ?S S 

6 bfOec Mb 638 661 6S 


■B UriMTfdraoiMa 
l in united Tocmiagles 
vsmo UniM TBriaoMles 
rise Untied TecfmolOfllM 
IX Utah Inn Flrmco 




dm IX Denmark 
ran wo Demrt 
dm KB Denmork 


lid Wbrner-kaaMn lim 
,100 VMhFaraaCo 
,no weU»Foraoco 

,75 writs Faroe inti Ffeo 

. *75 writs Faroe mil Rna iS^WMor \ta W* 
1» wenrtiownerC opiW S 9 Iffi 

160 Wmrrtioeu5er Conliol Jftrajtov MJ J“6 « 

1150 WenrtnuerCo neb MOT IF71 

l IX Xerox Fmam M H7 aub rail. 1196 iui 

FOREIGNTARGETED BONDS OP TOE US 

TREASURY AND OF ITS AGENCI ES 


SUM Us Treasury 
Iim usTmurv 


TZ& R 83 


1200 Fed Heme Lean Banks II WDec ID, HD4 
1X0 Fed National Mat Am t'SSSK 'S? ^ 
vsmo Fed Nanamr Atari Asi 6*WFeD J” 

v250ae Student Loral mark Ass i*12Jen <7* 7.13 


DM STRAIGHT BONDS 


nun ran HO Denmark 

1731 dm 130 Denmark 

H47 ran 19 Denmark 

U7B dm MO Denmork 

UjU MW DemNir* 

IS* An MB Denmork 

,rS dm in Denramk 

UJ5 gw DmimJ 

1U ‘ SSSSLmy 

_ iTS Coaenhaoenaiv 

i dm» CaneiMaenCHv 
dm Mo C oaoriioaan Cjtv 
dm UP S eradjQBengjw 
dmX (MMifl Tetedione 
dm n Canenimeeri Trieshene 
CaaeaMMn TeWenane 
CcewrioMirTeirattem 

Den DonAis Bar* 

dm 40 Jutland TdaMM 
dm 40 JaHand Teteehone 
Jutland Teieetioni 


CHINA 

7 12JW1 99* 7.1J 744 

DENMARK 

nhltFH IDO* AX 742 

7U.17Mav 102 612 7.11 

IbVDvc ns* 661 AS ATI 

6 WFrij 9914 658 60S 

H WMar HM* 732 956 

7braMaV M2 657 752 

6ft 19 Fab 98* 7JB 641 

tuWMer ran ua us ah 

7*19 Am 1BT* 7JX 749 

7* W No* Mitt 695 757 

ft, 10 MOV ns 133 BBS 

lb 12 Feb ran 7jg isi 

10* 12 Mar 111* 7» *46 

I new TOJfe 746 736 

7*14 Apr 102 7J5 732 

7H. 14 Hov 101ft 751 744 



JAPAN 

8*17 Juti Ml 7Jn 
• 716 T® Feb 101 6*0 

Ift-MAm 1U -M 
7b 12 FeD nr* 728 
nraAtar iwb IX 

MIIMUr 87ft 649 
7ft 19 Fob HQ 605 
8*17 Nov 1t2ft m 
79% 17 Sep in 641 
7ft 10 Jut HQft 646 
79k 11 Jill 103 7B0 

AXCra MO 1159 


4 HAW 99ft ATI 419 603 
7b II Jul tern 752 60 7J4 


ix “?S! 

Jg ran in NmseeCas 

g SSKlSSo 

ts anna NerakHvrae 
» am no Monk Hydro 
jwj dm 80 OHoatV 

•a dm 70 OrieCrnr 

™ dmM OrioOIT 

TM dm 90 aria air 

t 5 ran roe moi 


TbllJuI Witt 732 60 
BUHDtC 113 731 752 

a rajun mi ft 70 70 


ran HM Bee Em Curd & Sleet 

dm ISO Ee» Euro K5 6 Steel 

dm 200 Ed Eure Cool ASM 
dmM Ece Enra Cool A SM 
Urn 380 Ees Eure Cool A Steel 


7b 12 See loift 7 
7 raDae m, 

7ft U Jon Ul 
7ft 93 Mot 101 
9b 14 Job m 
1 94 Hov HI 


dra TOO EecEmaEamoraCain I 92J0n 18* 

Eec Etna Eamom Cera IV. 92 Jim us* 754 70 

Eec Eon Eoanera Can 10ft 930a ton, 141 70 9X 


749 ranis AWodCMratenOA 
70 dram Bordanonimm 
955 dam HardoTSOri Ifniasi 


w —W- 1 » ;s 

s sss §1 | S- 

g ?*58f HM « •* 

: SSSS K 1 J 

g KraKsr |s ^ „ il 

SttroMM ESS l. SB 8 

3-F--00- asisr w' % 

EL- ' awBSnsS 

EffiSBS ;-liX >Si £3 S 

aiSss! KKK3!>«S 

'a 

Bank Cera wyw 3* 94 Dm: HUS »« 

UNITED KINGDOM 

Fft 94 Feb w) 1 * AM 7M 


* . ■ - A':’ < 


ebllUlM HB 0 ' *0 A 77 

kSs » is * 

It, 12 DCl W, l* 7* !* ¥ 


TUXIDec Ul 69B 63D 7JI 
7 19 Jul HM* 638 666 6» 

4b If Joo UO 639 631 U5 *n 


xi Kfssss: sis m Sum vs aaaaag 

Eec EurooEeanom C»«n 8 ItNoe 1BK> Jri 70 70 anMW^ 


796 16 MOV 111 655 654 747 

7b 16 Feb Ml 607 60S 747 

Jb-ttJui 99* 506 528 

6b 17 MOV 104 451 30 to 

6ft17Jtm 100 69 650 

mstoa m to jds 


SSSSSS^ 

dm 35 TnmdhrimCnv I 


Boraoter ran Ftnqnce 


Bunnanou^^W 

Courioetd* lull FtnW 

OMUwmHMd 


6ft -m itar 99* 60 650 60 I gig 

5b II Air *7* 614 740 501 [ ISfESteSSKS 


TMVJtm Ml* AM 


7ft 2 Sk UO* H H 8 ZE JPON BONDS ss 


7ft 14 Dec UO* 7.18 7J1 747 
4 10NBV 9Sb 6JJ 7X 630 

Itt-NJOn UM 755 70 B53 

7b 15 Fro 98 

TttVJcm M4 , 

7 VMor WOfc 6JB 66B 497 

4ft 18 Aar Vfft 6B4 699 654 

JbUJU H4 MS Ail 

8*16 Nov 11116 733 692 115 

fib 17 Mar 99* 6M 7JJ4 67B 

716 18 Feb 10316 5J7 529 7B2 
lift ia Feb 102* 745 SX 


750 60 

70 B33 secertfr 


104 4S1 UM PORTUGAL 

■1 60 TBS 80,150 Partueal 7b 12 MOV 102 

— SOUTH AFRICA 

dm HO JootnAJrkn 

JPON BONDS rs ass 

am2sa smdn Atrico 

Ftaal OrWoel Offertnas Mcrad drain Escwo EMrir Sowtv 
Me tem Ant Year Price Price dmUB EscranEieck-XKvfr 
dmUB Emu Eleclr 5umlr 
_ dm 100 Ewom EfcclrSucrtv 
g dm 150 Escora Eledr SeMv 
° am no Exnpuerasuarr 
H* ran 150 Escnn Eledr Socstr 
g* dm KX> Esenin BedrSunnlr 


Morteoae Bmk Denmark 7 10 Jul in 699 697 70 
Marigaw Bmk Demark IftKIJiH 1Kb 7 JR 619 


AUSTRALIA 


da HO Australia 
dm 200 Australia 
ran IX Australia 
dm 29 Aintndla 
ranZSO Austrnda 
dm 250 AastroUa 
dram AiratrcSia 
AnJOO AuslraKa 
dm 300 AMtrafia 
dm 200 Austral* 
noun Australia 
dm 50 Australian Ind Dev Ca 
dmX Camalco invna Europe 
am uo ttanterslev Iran Fin 
dm UB Mount lut Finance 
dm in Monti Isa Ftaoace 
am so Peaua New Cukm 
dm IBB QusenkM Abnuna 
admX Rural indurirteR Bank 


drain Mortgage Bonk Deranork n,90Jri 1Kb 79 
dram Mortorrifi Bieik Dennm FftllOcT HI* 741 
dm 100 MarFaaae Bank Dennwh HttllNav 111* ADt 


7 17 Feb 101* 615 591 691 drain Martoaoe Bank DMWt OttraFab M4b 745 

816 17 Oct 101ft 749 613 I dmUB Martoaoe Barit Denmark 7* 15 May IBM 748 


816 17 Oct 101ft 749 613 dmUB Morton! 

I 17 Dec 101 751 792 

4 ISSce » 634 6B6 . 

»I9Hov mi 591 Uf sm Rriand 

I* 90 Mar 104* 693 737 dm l* Ftatand 

9*11 F* HR* 734 655 *"3 gr*md 

9*11 Dec llOft 7X 148 dmM Fk*md 

7*12 Mov HBb ISO 747 dm IX Fjntand 

* *jU dm ISO Finland 

7JJ dm IX Finland 


fiftrajon HKRS 676 , .... 

nvtHov Hrifi 73) 733 dml» Fmtanfl 

fib 17 Hov 99* 67B MO 676 dm HO Finland 

7b1iJlM W1 667 667 747 dm2* F Mgnd 
fib 17 Jul 99* 681 646 676 drag MetrinU 

7*10 Mar inft 633 737 dm» lm °“" 

7b 12 APT HDft 7JH 749 dm6B IndMiOl 


FINLAND 

5b W Feb 99* 609 176 

1 Oft 16 MOV UMb 63S WB2 

8 16 Dec 10816 746 730 

7 17 Apr lKtt 493 619 6» 

7ftHMav Ul* 63* 7J6 

fb-XAer \m 7X 944 

B TBKCW HM 747 749 

TVtflAer H3* 640 73* 

7 12 Jm 9m 7X 7JM 

1*12 Jua t84tt 601 733 849 

I 17JW1 HBb 7X1 737 734 

B 16 Dec IBM 745 746 759 

7 17 Jul tOi 699 698 7JB 

SbVApr 97b 644 749 54B 

8 11 Sep 103* 7J0 734 

t UFU 97b 694 746 614 

6ft II Dec lift 698 73* 660 


fb-MAer HR* 740 
1 IONOV Mt 747 


676 dm* HetsUJ C«tv 

747 dm 7$ I matron Votmo 

749 dm* IndMtueBaik Finland 


fib 18 Jul 99 7.12 735 642 dm W ind Mtee Bank Finland 

8ft 13 Nov BJOft 7.K 744 84A j dm* RwtanilfdtiOV 


dml* Austria 
dm 180 Austria 
drain Austria 
dm HB Austria 
dml* Austria 
am H» Austria 
ran 3* Austria 
dm UO Austria 
ran IX Austria 


fftVAue 9916 686 7.15 655 dml* Rrai trawtd d Or 
AU ™WM« Ml* 627 635 745 SS 


BfttZMOT MS* 5.17 444 BK 
7* 19 Jut 704 647 7 33 

TblOAuu 101ft 7J8 


ran* Aorapart DeParis 


8*12 Dec in TJI 747 Ul 


744 I dm loo Baneue Franc Cam Em 7bV4m my> 646 


5b-9BND» «fc 63 695 596 dm «• Burnt Franc Com EM 7 WP* WO* 6* 646 699 

7ft n film lllft 718 jm dmUB Brnmue Franc Cam E*1 5* 18 Jon M 659 748 i® 

7 12 Feb 99ft 7JH 704 ran MO BaVUt F/mc Caen E XI 9V. 19 Aug 106ft 747 849 

mmim indh in vin am IB BravaueFtracComExl 116 IB Jul IDWi 7.13 7Jf 


drain* Austria 
dm 200 Austria 
dm IX Austrian Control Book 


8* 12 Jen 105* 737 741 I Pm IX Baratue Fame Com Ext 116 IB Jul IDS* 7.13 

W120d Xfl, 742 7. IB 749 gXJ B*W > F ran c Cwn Em H£2|jS 

8 13 Jul 184b 7X 744 «m Btraue F ra* C am Ex! mraJnn W* 744 

7*14 Mar 102ft 74* 746 I dmUB Banaue lndasoez_ Tbraiyir in 697 

11 IfiOct 100ft 1047 1095 dm IX BtmmMNotlonolParil TbIOMar HM *J3 


8*95 Jon H3* 744 746 » 
Tft ranter HU 697 752 

TbIOMar HM 673 745 



IGAL SIS 

Tb-HMW 102 7® 741 |£ |SS 1SS SS 

FftICA dram ElbEirai Invest Bank 

IT) IS Nov mb 196 401 845 «"» |*|rawtevi^Boi* 'mZ era 

»a ?5 7n S3 1 £ISS!SSb S i™ 55 

inraDK m 7* us *n20o EXEraimmwesiBraiV mil Aue njft U1 

SraSS Sb 7 * “ | »§X*i2SSS »» &2 

I it Mar wift 541 5J0 7X *"*» Eta Eurap Invest Bonk 

e'2ii7iras 99 673 7B9 6J1 dmH» EtbEiarw laveri 


TX I ran MO LravHFbMnei 


Abb IB 6X 701 612 dm no M etro p nt Essa 

hSt lD7ft 779 629 dnMO MkBandlBUF 

5ft 10 Mar H 634 628 1*7 ran HO HaHWtrimkWer Bank 




A 70 Oct 97K 65* 
sftfflOd mb TJ* 
fft TO Dec 186* l£ 


619 dm 725 Natl Wssteriasser FM| 
■■te ran no Bon Westminster F*j 
dm 75 RonkXtniFWti: ; 
ran MB ft—d InteroaHonalM 


9ft 17 Nov HB 731 


dm2* EtcomBeCtr Scanty 
5. dm no wear Iran Steel 

46* dm ids iicarlranStm 

» draw Ivor bon Steel 

fft dm no wear Iran steel 

■6 dm no ism iron Sleet 
Xft dm* Job— maun Cdv 

®. dmM Jobomesburo City 

U* dm iii? Job nn a ei bura Oty 

ran UO Pmt Trlmm Preinrta 9 1000 

SS dm IX Post Teieenm ftemria niuaz 

dm ICO SnuU. Atricn Rnilwoirs TftWJun 

® dmUB Soubi Africa Trunspar 7*12Nav 

X* SOUTH AMERICA 


7 18 MOV 99* 7J9 7X 144 

Ift-WAUr HD* 7X 121 J" 

PftfDJM) MBS Alt 9 4 fi 

I 92 ADC HI 7* 771 <2 

S'. 92 S*P 1BV6 BJB 615 g 

Fh 13 Aar HOft 615 U " 

Tbrajv 100ft 7X 731 731 *" 

7 17 Aar 99b 7.13 7.1* 7JB 

I -m fetar 99 J.w 741 7 AT 

e MMor tnvi is Ul 2 

01318 Nov 107 7JI 733 633 «" 

I *8* SeP UO* 7J2 731 73* •" 

ID 1600 HO 747 971 

i’-USes ?9 671 749 621 

* raoa mn, tu uo 

1* II JOB m*3 6X 623 

r, it Jua trn i *9 7X 754 

J* 12 Nov 97 616 74* 


Sjj dm MO ElbEunp mat 


E lb Emp invest 

Elb Euroo invest Bail 


dm 300 Eft Eutop invest Braskl 
dm 200 Elb Eurifttiwcst Bank 
arajoe Elb Eow invest Bonk 
m» Elb Eurap Invest Boat 
I dm a* Elb Eurap invest Bonn 


ran iso ffarEwaatavaraaratt 
dm SOB Eft Eurea Invest Bonk 
raoaoo EXEuran invest Beak 
I dm 300 CO) Eutop iavraf 


8 11 Dec mm 137 
n 12FMI M7* U9 
8*92 MOV nsu. 7 X 
9*93 Ana MH. 7 m 
1169200 10516 739 
1ft 12 Dec MS 7J5 
7ft 91 Fib mft 7.17 
TbUMor 102* >34 
Tttraum HB 7J4 

0 93*00 UM IS 
IB. 92 Sen MSft U7 

1 KM* HD* 7J7 
8 1 ajSBt 302S3 7J9 
SV.94AUU U5 747 


It, 92 Del W, F IM » ■ 

;3 

SS 5 S « 3 

Kvjw g g Jfi }§ 

MW Mm Hnb T S 19 

S?S 5 Si. g $ 

“ ts t£ 

7ft 92 Feb »4 7B .23 
Itt 90 Oct W 755 AU 
| nod Mti, 745 IX 7» 
)i iiocr «/ «| J4fl 

9* 12 Jon lUft •;« IN 
Jft93Apr HOI, IV 
7ft It Jon HOV. 63 IX 7ft 
7 W Feb 180 490 6« 760 

IHBJat 99 ‘ 691 6J7 

MVM 99ft 6H T» *» 


dmQS StaMraddurterMBk 61, W Jan 99 6W 

on HU rnstotear House FU fiftVOO 99ft kM 

UNITED STATES AMERICA 

dm7g AmerioM Exams bin SrtVJra M 6» 

ran too AvoiloBFMmcv 7ft 91 Feb Wk ijD 

dmix BraamratrioiQn jb90Mm file »«a 

dn« »S^. S? J2 


7* 94 Oct n, 7J7 
7ft 9i Dec ~ 


23ft dm IX Argentine 

12* dm IX Araentiat 

4* dm W Bratii 

65ft ranuo nrcRii 

59b amis Brazil 

48tt ran no Brss 

S8tt ran UO Brazil 

25ft doiSSO veowoeta 
X* an IX veoemeia 

40* drain Vtowur to 

57ft am US Bad teraftrimei 

O dm 200 Badelbratill 

41 dm 100 Bade ibrarlll 


25* 1 mix Coma Eoerg loop sob 


fiftWNov 95b 745 901 629 

77) 19 Mar 99 740 7.91 758 

!b IfiOct HBb SB7 741 |il 

7ft 17 Jan 97b 679 7X2 

1 17 Aue 99 650 60S 

fib 97 (W IX 673 671 67S 

kilim KJb 7.71 612 

6 WMar 94* BJ* 9X *Ji 

6".: 91 Nov 94V, 737 tU 44V 

fb.90 tiov Ml 677 64* 9X 

7ft 16 Mar 99b 754 737 

fib16MBT 99 LU *82 

6 . 7 87 Apr HI ft 75* 722 U7 

7 17 NOV <0lj 6U 666 7.11 


I dm X EuraHmp 
dm MB E n ro ll aw 
|dm SO EuraKraa 
dmX EuruHnw 
I dmM Euraflma 
am MO Etrotima 
dm MO EaraHma 
ran in Eerafima 
ran in Eurafinm 
dm MB Euroflmo 
*n IX Earoflma 

dm HQ EuroBma 
dmW Eorotitna 


7ft 94 Dec 99H 7X 
5b V MOV av. 654 
7b 93 Apr HB 7J7 
6U>f7S*B MI* US 


«n MB 

ran no 

ran 125 ■■■■ 
dm (X OtkarnO/i Fmsnce 
ran no ErabartlMCapaiill 

dn 53 Fort CrodrOW Flo 

WV smneots Ffta 
dm 7j Qmaa mit Finance 
dram QavM trat PMaicel 

«n HB InttUmiord Electri 

IX dm UO MtSowortEMcm 


9MV9MSV HTVt 737 


MI* &X 625 6l4 I dm Hi tint _ 

N 6B 671 6A 1 draw lit AaWcs 


xww wn '■»* *2 

6 91 Se« «t 684 m 625 
**90 A«e ram ijo ijs 

I 93 Jra> 1B4 7» lie 

tbWJtll IBM, AX 934 

7»»« X* 733 755 

iftUOa ni Ul 7fj 

t*WDK 1*4 »M m 

7* II MOV RH X 7X 

7*9*DK MJtt AW 141 

7b 9] Asa S. 7X 7X5 


■11 \ 

& 4 

1M T 


den Mir-AntrKniDntl 
dm MB inter -Ataerieoa Dev Bk 


6ft WMar Wift Ul 571 *42 ran 300 tttAMSN 

S WOct HQ 7X *39 744 ran WO IttComM 

SftWMav « 6J6 664 5*1 dm WO MatoeoMl 

4ft 19 Fib W* *86 611 *54 dmUB MCdOMfdS 

ran Wa Mcdomddt 

dm l» oecWtamH 
ran 350 PmmoIVs^H 
rantx PfiKWrHaiccn 
J «nW FtmoMraitcIMtlQD 
750 rati WO puffin MantkjnMCal 
HlX] ranns 


mm mov up, W 
eft si Aue fflik. >«s 


iS 


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FRENCH FRANC 300,000,000 


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11 1/4% 1985-1992 Bonds 


20000 FaaocLM 
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Date of Issue: May 14 , 1985 


Issue Price: 100 % 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Page 15 


New Eurobond Issues 


tSSSi 

FLOATING RATE NOTES 

Bardays Bank $400 

Banque IntTe Pour $ 50 

I’Afrique Ocridentde 

Christiana Bank $75 

Kreditkasse 

Comerica $75 


Copenhagen 

Hondebbonken 

Crfedjt Lyonnais 
Iceland 

Oesterreichtsche 

Volksbanken 

Ireland 

HXBXPUrON 

Atlantic Richfield 
Denmark 

^dF 

Escom 

Ford Motor Credit 
Marubeni Finance 

Nippon Cretfe Bank 

Nippon Kokon 

Seagram Ltd 

Sonat finance 

Raufoss 

Anmwngiontfabnk. 
GMAC U.K. Finance 

Creditanstalt 
Bankverein 

Crfedit National 

Mitsui Trust Finance 
BuhrmarntTetterode 

Australian Industry 
Development Corp. 

Chrysler Financial 

Finance Corp. of New 
Zealand 

Security Pacific 
Austrdio 

Danish Export 
Finance Credit 

Denmark 

KBIfima 

Swedish Export Credit 
Norsks IndusJribank 

EQUITY-UNKH) 


- . Price 

Price .end 

d® uipnji 


perpt ft TOO . 99.26 C>^64iK^ljnieaaCaIobfeaipcxh^ 

DanemratiaK SI 0.000. 

1995 W 100 — Owx (rrnxih Libor. Redeemable c* par ki 199Z Cnfabta et 

per in 1990i Fees OlBOX. 

1995 % 100 99.97 OverimoMhUbc*. CaMjfe at par pa any interest payirad 

dots after 1986. Fern VMt Denomnohom 510,000. $56 
. maon BBied now and $19 mflton reserve d for Icp. 

1997 ft 100 99.80 0«r 3^north Libor. Coflabte gj pgr an any mtereif poyrort 

dcXa <dter 1988. bdeemoUe at maturity in ash and/or 
“*"*>“* st«k or other capital securities, ariauuucf opts. 
; prior to June 1989. ter tad, redenyton. fw ttttt. 

2000 1/16 100 99.65 O* &*no«h ubar. Ca&ite at por in 198a. Fere 0JSX. 

2000 1/16 100 99.90 Ow Aoionjh tibor. Coflofate at par m 1990. to 3/16%. 

2000 ft 100 99.82 Owr 6m0fldi Ubar. fedesnoUe at por in 1995 oxt 1997. 

: CJabto at par in 1988. Fees 14%. 

1995 ft . 100 — Over 6-morrth Liber. CcDable ct par in 1987. Fee* 


1997 ft 100 

2000 ioft m~ 

1992 10ft 700ft 

1995 10 99ft~ 

1991 lift 100 
1990 9ft 99ft- 
7995 zero 39.15 

1995 10ft 100 
1990 10 TOQft 
1995 10 100 

1992 lift 100 
1995 7ft 99ft 


99.80 OMr&month Libor tar tint 8 yuan end 1/16 awr forth* 
rmandar. Cri a h l t at par in 1990: Fes 0.14%. 


CeSaUe at 101b m 1997. 

CoB uhle at por in 1990. 15KK payable on subscription and 
bdonce n Jiiy 1986. 

Caflcfete at 101 in 1992. 


Yield ?J53%. Nonenfiabte. Proceeds S38J rriSon. Denonino- 
Hans SlOjQOO. 


?9.88 Nonc ofa bte. 

?7J0 Cameo* 101 *1992. 

01.38 Caat^otioi bii99g 

— Coibbie at lOIMr in 1992. Private placement. 


£30 
ecu 67.5 


1990 10ft 100 ' ■ — ttorfdbb. 

1994 8ft 100ft 98^0 Nonc ufcii e. 

1995 8ft 100 9850 Nonodtabte. 

1993 8ft 100ft 9775 Norodtabie. 

1990 7ft 99ft 99.00 NoncafloMe private ptacemert. 

1988 12ft 100ft 99.13 Nonedbbb. 

1992 13ft 100ft 9775 Noncdfabte. 

1990 14 100ft ' — NanooHable. 


1995 13ft 100ft 98.25 Gdable and redeemable par n1990 when new tem* \«il 
beset. ■ 

1990 1 6ft 100 98.13 Nona**! 


1990 16 100 — NoncJabb. 

1990 16ft 100 98.13 NracaMfa. 

1990 16 100ft — Nonportable- 

1993 10 open — - Cafabbat ICTftinWO. 


Nippon Kangyo 
m \‘ Kakumaru Securities 

Nippon Mining • 


Thomson-CSF 


2000 3ft 100 
2000 open IQO" 


1990 open 100 


2000 open 100 


— Semiannual^. Caflcfcle at 103 in 1990. C onv ertib le at 614 
yen per sham. 

98.25 Coupan(ndnalBdat3X.Goa4)bc4l03ni1990LCanveniUa 
• at an expected 5% prenrnmv Terrar to be set June 13. 

100X0 Coupon inr fa oted at 7Vi%. No nad obb. E ach 55. 000 note 
with era warrant exerasabb elediea at an expected 
2W% premium Terras to be set Jura 13. 

— Coupon indented <4 0^7%. GJabie at 104 in 1988. 
ComertUe at an expected B-10% premium. Tenia to beset 
Jura 10. 


U.S. Rates Unsettle Eurodollar Trade 


(Continued from Page 13) 
appeal to investors who expect the 
dollar to decline by asking for only 
1 5ft percent of the purchase price 
to be paid immediately ana the 
balance in July, 1986. The notes are 
offered at a price of 100ft bearing a 
coupon of 10ft percent. 

Also tapping the market last 
week were Sonat Finance, guaran- 
teed by Southwest Natural Gas; 
Nippon Credit Bank LttL, and Nip- 
pon Kokan KJK. 

3 On Friday, Marubeni nuance 
NV, an o/fshore subsidiary of the 
big Japanese trading company, of- 
fered 5100 milli on m 10-year, zero- 
coupon bonds — the first from a 
Japanese-owned entity. Investors 
are asked to pay 39.15 percent of 
the face value, or S3 .91 5 for paper 
which will be redeemed at maturity 
for SI 0,000. This is the equivalent 
of earning 9.S3 percent a year. 

At the time the terms were set, 
that return was spot on the yield of 
U.S. Treasury paper. But as Trea- 
sury yields rose, the price on Maru- 
beni sank, ending the day down 2ft 
points. The bonds, guaranteed by 
Fuji Bank Ltd, are not readily sale- 
able in Japan as the issuing compa- 
ny is not Japanese. 

One of tbs striking events of last 
week was the rush of issues denom- 
inated in high-coupon Australian 
and New Zealand dollars. The high 
coupons appeal to speculators who 
are willing to bet that the inherent 
weakness of the currencies will be 
offset when the dollar gpes into its 
expected taflspin. 

An array of maturities was avail- 
able in Australian dollar paper. . 

Three-year notes (40 million dol- 
lars) were tittered by Australian In- 
dustry Development Cotp„ priced 
at 100ft With a coupon of 12ft per- 
cent Finance Corp. of New Zea- 
land, guaranteed by Briarly Invest- 
men ts Ltd. of New Zealand, 
_ offered 25 million dollars of five- 
* ear. 14-percent notes at a price of 
100ft. 

t Security Pacific Australia Ltd. 
offered 60 million dollars of 10- 
year bonds at 100ft bearing a cou- 
pon of I3ft percent. But for all 
practical purposes this is a five- 
year issue as it is callable by the 
issuer or redeemable by holders af- 
ter five years, at which- time the 
issuer can set new terms. (Both this 
issue and AlDC are payable in UjS. 
dollars at a rate to be set three days 
before payment. Interest and prm- 
j -jal payments by the issuers will 
■ 'u be converted to U.S. dollars as 
^ie issuers are Australian and sub- 
ject to domestic exchange con- 
trols.) 

Chrysler Financial Corp. offered 


45 million of severt-year notes at 
100ft bearing a coupon of 13ft per- 
cent However, the terms were 
viewed as loo aggressive, especially 
in light of the fact that the issue is 
subordinated debt. 

Overall, however, bankas ad- 
mitted that placement of the paper 
was made difficult by the over- 
abundant supply. 

For what rankers call “rate 
hogs,’* the New Zealand dollar Of- 
ferings — all with five-year maturi- 
ties — were more attractive as they 
bear coupons of 16 percent or 
more. Swedish Export Credit Corp. 
sold at 100ft, 50 million dollars of 
16-percent notes, Denmark offered 
75 million dollars with a coupon of 


Lower Loan Rates Benefit 
East European Borrowers 

IT 


(Continued from Page 13) 
lower than on Sweden’s existing $4- 
biffion note facility. 

Elsewhere, East Germany scored 
a big success enabling it to triple 
the amount of its syndicated bank 
credit to S600 milHnn from the 
$200 million initially announced. 
In addition, only a smal l fraction of 
about 13 percent, or $80 million, 
has been priced over die prime rate 
of 115. banks compared with the 
expected split of 60-percent Li- 
bor/40-pereeat prime. 

Few borrowers pay snch relative- 
ly high rates these days, even 
though for the East Germans the 
oofls represent a ft-pdnt cut from 
previous loans, which explains the 
great success. 

Hungary also scored big. De- 
mand to participate in its 3300- 
eight-year loan — a co- 
financing with the World Bank — 
was such a success that the over- 
flow is being packaged as a sepa- 
rate loan. This wasnecessary as the 
co-financed operation could not be 
increased. The parallel loan win 
cany identical terms, eight years at 
ft-poin t over Libor, mid is expected 
to total 3150 million. 

Both Hungary and Eire* Germa- 
ny arranged thrir terms before it 
became apparent that lending 
charges for tastem Europe were 
wuapsing. -This was node evident 
by Czechoslovalria’ssplit margin of 
ft-point over Libor for the first two 
years and ft-pouu over for the final 
ax years. That SlOO-mfflion loan 
was more than two times oversub- 
scribed, but will not be increased. 

Bulgaria also benefited from the 
downtrend, setting a margin of ft- 
point over Liborfor the first four 


years and ft-point over for the final 
three years. 

Czechoslovakia and Bulgaria 
benefited from having been out of 
the market for a long time and 
bang relatively light borrowers. In 
addition, these are believed to be 
their only borrowings for this year. 

Hungary and East Germany are 
bigger debtors and borrow larger 
sums, making more questionable 
bow much further the margins on 
their loans can be cul Neverthe- 
less. insiders say Hungary has been 
offered terms of ft-poml to ft-point 
over Libor. 

From the Mideast, A1 UBAF 
Arab International Bank in Bah- 
rain is lapping the market for a 
$30-miflion, three-year revolving 
underwriting facility. The bank 


pay an amnia! fee of IS basis points 
and underwriters agree to buy its 
CDs at a margin of 20 basis points 
over three- or six-month Libor. 

Credit Commercial de France is 
arranging a seven-year facility For 
as much as to $200 mflhoiL It is 
paying an annual fee of 10 basis 
points and underwriters agree to 
buy its CDs or provide short-term 
advances ai a price of 10 basis 
points over Libor. If less than one- 
third of the facility is used, CGF 
pays an additional utilization fee of 
10 basis points. This increases in 
five-point steps if as much as two- 
thirds is drawn and if as much as 
100 percent is used. 

A major development m the 


market is omened this week, when 
Banque Nationale de Paris 
launches an operation designed to 
turn the backup commitment of 
underwriting banks into market- 
able securities. 


16 percent, Danish Export Finance 
Credit offered 40 million dollars 
with a coupon of 16ft percent, and 
Kredietbank NY’s KJMfima, 50 
million with a coupon of -16ft per- 
cent. 

For more conservative investors, 
the European Currency Unit re- 
mained the preferred vehicle. Al- 
though coupon levds have been de- 
clining, the yields of 8ft percent on 
eight-to- 1 0-ycar paper are more at- 
tractive than the alternatives in 
Deutsche marks or guilders. Credi- 
tanstalt-Baokverem or Austria and 
Credit National of France were the 
best received, while Mitsui Trust 
Finance tradol outside its total 

<fl> minisgnns_ 


Jobs Figures 
Prompt Rise 
In Major 
Interest Fees 


By Michael Quint 

Nfur York Tima Service 

NEW YORK — Interest rales 
have risen sharply after the Com- 
merce Department announced a 
larger-than -expected increase in 
- the number of employed workers 
during May. 

Although many economists still 
said that Iowa rates woe likely this 

U.S. CREDfr MARKETS 

summer, the employment statistics 
reported on Friday punctured the 
ebullient mood of the credit mar- 
kets. 

Prices fell Friday by a point or 
more for all Treasury issues with 
maturities longer than five years, 
with 30-year band prices dropping 
by 2 points to raise yields to 10J3 
percent from ]0J2 percent. Trea- 
sury-bill rates rose more than a 
quarter of a percentage point in 
many cases. 

The employment statistics — 
particularly the increase of 345,000 
workers on non-farm payrolls — 
were seen as a sign that the econo- 
my was not so weak as expected, 
and that the Federal Reserve there- 
fore had less immeHiat* reason to 
ease monetary policy and encour- 
age lower interest rates. 

“It looks like we’re not going to 
get the discount rate cut as soon as 
some folks were betting but a lot of 
people are still going to get their 
profits from this rally and there as 
been a lot of unloading” by traders 
and other speculators, one govern- 
ment securities deafer said. 

Although the number of jobs in 
manufacturing derimpd lor the 
fourth consecutive month, econo- 
mists said ihe drop of 28.000 was 
not enough to offset the sharp gains 
in service employment. Analysts at 
R.HL Wrightson, a New York eco- 
nomic analysis firm, concluded 
that the employment data were 
“probably robust enough to keep 
Fed policy on hold awaiting further 
second-quarter data.” 

In the Treasury bond market, the 
bellwether lift-percent issue due 
in 2015 was offered at 106ft to yield 
10_53 percent, down from a peak 
price of 109 30-32 to yield 10.17 
percent in Wednesday morning’s 
feverish trading, but still well above 
a May 30 quote of about 104 30-32 
to yield 10.69 percent. On March 
14, when interest rates were at 
about their highest levels of this 
year, the 1 1 ft-percent bond was of- 
fered at 95ft to yield 11.83 percent 

Rates on Treasury bills rose 
sharply as traders decided that ' 
overnight interest rates were, not ; 
likely to fall immediately to 7ft 
percent or less. The overnight rale 
for bank loans was slightly over 7ft 
percent Friday, down from the 7.67 
percent average for the last two 
weeks, but that decline was of little 
importance to traders who estimate 
that bill rates must be well above 7 
percent as long as the overnight 
rate is above 7% percent. 

By late in the day, three-month 
Treasury bills were bid at 7.17, up 
from 6.99 percent, while the six- 
month bill was bid at 729 percent, 
up from 7.01 percent 


U.S. Consumer Rotes 

For Week Ended June 9 

Pa s sbook Savings ^5.50 

Tax Exempt Bonds 

Bond floyr tt-Bona Index , , - 84t 

Moray Martrt Funds 

Donoahue'e 7 -Pay Average 7Ji 

Bank Money Market Accounts 
Bank Rato Monitor index 7Z 


Consolidated Trading 
Of NYSE listing 

Week ended June 7 


Poll Finds Americans Distrust Business Executives 


Issues Treated In: 
AdMonom: 1J96 : 
unchanged: US 
New Mam: MS: i 


WB4 same week. 

rratooate 

TVHtoda* 

ins to date 


LOW 

22 mi 
MVS HU 
17* IS* 
OO 127 

45 * a 
20U in 

OTA U 
60* 59 

54* 49* 
W 23* 
31* 29* 
32% 31* 
7SV. 7B* 
34* 30* 
47* 46* 
56* 54 

42* 41 Vi 
H* SJ* 
39* 37* 
1255 

decHms: 764 


81* — * 
20 to— 1 
1J* +* 
16 —1* 
127* —1* 
45to +2 

23* +* 

*3 ** 

74 Vj +2* 
34 4-3* 
46* +* 
54* -t* 

41* 4-* 

51* +3 

37* — * 



Consoli dated Trading 
Of AMEX listing 

Week ended June 7 


BATto 7^Sb0 H & ^ L ^' 

35 SI « « £ £ 

CWaPd 7W^0 life TO* I1VS 

AM 642J00 4* 3* 4* 

TIE 54U0Q 6* 5* 5* 

AffldOU 54&2W 13* T2W.' 13* 

AMBId 474300 2* 2 2*. 

52“ '** n« 

AEXP 417.000 48 38* 3M 

Volume; 3M9MM snore* 

IS&SSSZS***" 

New Htobt; 137 ; new lows: 36 


Options 


bakes bS/ae.V 


std viiaiam 

320 11251275 195O2U0 

330 TS 875 14751425 7L752125 
340 425 S/S tlAU25D 17SVWCO 

350 am 450 Btt- 950 14071530 
an 13b vs 610- 7a IIOM230 

37P 43S.jft | MW 2S 

CsU 31500 -31530 

Vital WUteWeM&A. 

U QuN 4u Moet-Bwc 
I2it Cram L Swlauliid 
|T«L 318251 - Tdes 2836$ 


By Adam Clymcr 

Netr York Tima Service 

NEW YORK — For years, capi- 
talists have been trusted far less 
than the free enterprise system they 
run, but much of the public's dis- 
trust was based on the principle of 
caveat empLor, or let the buyer be- 
ware. 

Today, the distrust of corporate 
executives goes far deeper. The 
consensus is that most are not hon- 
est, that white-collar crime is fre- 
quent, that most such criminals get 
away with their crimes and that 
those who are convicted receive le- 
nient punishment. 

Those findings from the latest 
New Yak Times-CBS News Poll 
drew sharply conflicting reactions 
from business-watchers, both in- 
side and outside the corporate 
community. 

Richard Lesber, head of the 
Chamber of Commerce of the 
United States, shrugged off the 
findings, saying the press had over- 
played recent indictments and thus 
had “conditioned that reaction” 
from the public There are “12 mfl- 

Sweden Is to Let 
Foreign Banks 
Establish Units 

Return 

STOCKHOLM — The Swedish 
parliament has formally approved 
a bill which will enable foreign 
banks to start subsidiaries in the 
country from next year, a parlia- 
ment spokeswoman said. 

Under the terms of the law, over- 
seas banks will have to set up retafl- 
banking facilities and their Swedish 
subsidiaries must have a minimnm 
share capital of 25 million krona 
(J2.S mfltion). 

The law will permit foreign 
banks to deal in foreign exchange 
and securities and the government 
has said preference will be given to 
banks that have existing contacts 
with Sweden. 

The contents of the bill which 
was passed Friday by a big major- 
ity with only lbe communists dis- 
senting, were announced last 
March. 


Singapore Bank to Cat Rale 
SINGAPORE — Overseas 
Union Bank Ltd. of Singapore said 
Saturday it will cut its prime lend- 
ing rate to 8 percent from 8ft per- 
cent, effective Tuesday. 


lion corporations in the United 
States and a couple of dozen that 
are convicted of some kind ctf crim- 
inal activity" each year, he said. 

. But Rudolph W. Giuliani U.S- 
aitomey for the Southern District 
of New York, said he thought that 
“it's not unfair to come to the con- 
clusion" the public reached. “Even 
if most businessmen wouldn't com- 
mit the kind of serious crime we 
prosecute, a great many violate the 
law in minor ways and cut cor- 
ners.” he said. “There’s a serious 
ethical problem in American busi- 
ness." 

The poll of 1,509 adults found 
that only 32 percent of the public 
thinks most corporate executives 
are honest, whife.55 percent think 
most are dol The rest had no opin- 
ion. lbe telephone survey, con- 
ducted from May 29 through June 
2. has a margin of sampling error of 
pins or minus three percentage 
points. 

This finding was not uniform 
among all population, groups, but 
nowhere could a majority be found 
for the idea that most executives 
are honest The closest thing to a 
vote of confidence came from the 
groups most likely to contain many 
businessmen tbocoselves. Of re- 
spondents with family incomes of 
more than 550,000, 49 percent said 


that most businessmen were honest 
while 43 percent disagreed. College 
graduates divided 47 percent to 43 
percent for honesty. 

The groups most suspicious of 
businessmen were blacks, only 18 
percent of whom saw most execu- 
tives as honest with 62 percent 
disagreeing; Democrats, with 26 
percent seeing honesty and 59 per- 
cent perceiving dishonesty; and 
women, with 27 percent seeing 
honesty and 59 percent disagree- 
ing. 

There was far less variation on 
the other questions. A national 
consensus seems to surround the 
issue of white-collar crime. Fifty- 
nine percent of the public said ihat 
white-collar crime went on very of- 
ten, 34 percent thought it was an 
occasional occurrence, and 3 per- 
cent said hardly ever. Almost every 
population subgroup saw it pretty 
much the same way. 

Eighty-five percent of the public 
said that most white-collar crimi- 
nals get away with their crimes, 
while 1 1 percent thought most get 
caught. Just 23 percent thought the 
government was making enough of 
an effort to catch them, while 68 
percent disagreed. 

As to those who were convicted. 
65 percent of the public believed 


their punishment was too lenient,' 
24 parent thought it was about 
right, and 1 percent considered H 
too harsh. 

At least one other poIMaker said 
ihat be was greatly surprised by the 
blanket indictment of corporate ex- 
ecutives and the system for punish- 
ing them. “1 wouldn't have guessed 
those numbers within 20 to 25 per- 
centage points.” said Robert M 
Teeter, president of Market Opin- 
ion Research. 

E. Patrick McGuire, executive 
director for corporate relations re- 
search at the Conference Board, a 
New York business research orga- 
nization. contends that polls typi- 
cally find the public “misin- 
formed'' about business. The 
exaggerated public distrust of busi- 
ness honesty was thus “not particu- 
larly surprising." he said. 

Nearly all observers interviewed, 
however, said that, whether the 
public's opinions are fair ox not, 
corporate America would be wise 
to pay attention to them. The wide- 
spread mistrust, Mr. McGuire 
warned, could lead “to a regulatory 
environment that would be hostile 
io business.” To prevent that, he 
said, business should go out of its 
way to moke it clear to their own 
employees that unethical practices 
will not be tolerated. 


Successful International 
Businesses Make the Most 
of Every Opportunity 


iv&txv-'N 

... 

mj> 


Successful international executives need bankers 
who understand their business -who can explain 
the financial opportunities and prtlaHs in high-tech 
trading and manufacturing. 

IDB Bankholding Corporation is staffed with 
bankers who have mastered their craft. Its banking 
subsidiaries, within the Israel Discount Bank 
group, offer private and corporate clients a 
complete range of modem commercial banking 
services. Through IDB Development Corporation, 
and four affiliated investment banking concerns, it 
makes available a variety of unique investment and 
joint venture opportunities. 


New Issue 


IDB BANKHOLDING CORPORATION LIMITED. 


Tool Assets exceed U-S. 510 billion . Had Office: 27 Yehuda Halevi Street. 65 546 Tel Aviv. Israel. Tel: (03)637 1 1 1 

U.S.SIIBS1 DI AR Y : ISRAEL DISCOUNT BANK OF NEW YORK MainOfficcrSI (.Fifth Avenue .N.Y.TcU212)S5!-8500 
Ot h e r n d unBw y ban ks a n d offices; Buenos Aires/ Cayman/ Curasao/ London/ Los Angeles/ Luxembourg' 

Miami (2)/ Montevideo 13)/ Montreal/ N^^u/ Puma del Esic/ Rio dc Janeiro/ Santiago/ Sao Paulo/ Toronto . 


All the securities having been sold, this advertisement 
appears as a matter of record only. 


NATIONAL PATENT DEVELOPMENT 

CORPORATION 

New York, N.Y., U.S.A. 

Swiss Francs 50 000 000 

53/4% Convertible Bonds of 1985 due 1995 


BANQUE GUTZWILLER. KURZ, BUNGENER SJL 


BANK OF LANGNAU 

BANQUE SCANDINAVE EN SUISSE 

LTCB (SCHWEIZ) AG 


NIPPON KANGYO KAKUMARU (SUISSE) SA. 
SAMUEL MONTAGU (SUISSE) SA. 

J. HENRY SCHRODER BANK AG 


BANKERS TRUST AG 


BANGA Di CREDfTO COMMERCIALS E MOBIL! ARE SJV. 
BANK HEUSSER & CtE AG 
BANQUE CtAL (SUISSE) 

- Cr6dft Industrie! d'AIsace et de Lorraine SA - 
CREDIT LYONNAIS RNANZ AG ZORICH 
D AH CHI KANGYO BANK (SCHWEIZ) AG 
FINTER BANK ZURICH 


May 1985 


GREAT PACIFIC CAPITAL S A. 

E. GUTZWILLER & CIE 
HOTTING ER & CIE 

THE INDUSTRIAL BANK OF JAPAN (SCHWEIZ) AG 

MnSUI RNANZ (SCHWEIZ) AG 

RGEGG BANK LTD 

SANWA RNANZ (SCHWRZ) AG 


New Issue 


All these securities having been sold this advertisement 
appears as a matter of record only 

FGH hypotheekbank 

Utrecht, The Netherlands 
Swiss Francs 50,000,000 

5%% Swiss Franc Bonds of 1985 due 1997 

(interest rate to be refixed every four years) 

BANQUE GUTZWILLER, KURZ, BUNGENER S-A. 

CREdTT COMMERCIAL DE FRANCE (SUISSE) S.A. 

SAMUEL MONTAGU (SUISSE) SA. 

BANQUE NATIONALE DE PARIS (SWITZERLAND) LTD 
INTERNATIONALE GENOSSENSCHAFTSBANK AG 
J. HENRY SCHRODER BANK AG 


BANCA DI CREDfTO COMMERCIALS E MOBIUARE S.A. 
BANCA DEL S EM PI ONE 
BANCA SOLAR! & BLUM S.A. 

BANK IN HUTTW1L 

BANK IN INS 

BANK LANGENTHAL 

BANK OF LANGNAU 

BANK NEUMONSTER 

BANK ROHNER LTD 

BANQUE DE DEPOTS ET DE GESTION 

BANQUE LOUIS-DREYFUS EN SUISSE S-A. 


ALGEMENE BANK NEDERLAND (SWITZERLAND) 
AMRO BANK UND RNANZ 
BANK CANTRADE AG 

BANQUE INDOSUE Z. Suc cursales de Suisse 
CmCORP BANK (SWITZERLAND) 


COMMERCIAL BANK OF SOLEURE 
CREDIT LYONNAIS RNANZ AG ZORICH 
GRINDLAYS BANK p.U. 

E GUTZWILLER ft CIE 

OVERLAND TRUST BANCA 

R0EGG BANK LTD 

ST. GALL CREDfT BANK 

SOCIETA BANCARIA TICINESE 

SPAR- UND LHHKASSE SCHAFFHAUSEN 

VOLKSBANK WILLISAU AG 


CREDIT DES BERGUES 
KREDIETBANK (SUISSE) SA 
NEDERLANDSCHE MlDDENSTANDSBANK 
(SCHWEIZ) AG 

NIPPON KANGYO KAKUMARU (SUISSE) SA 
NORDRNANZ-BANK ZORICH 


April 1985 




NASDAQ National Market 


u (M im MM 1 M + n 

.11 IX Mb + *0 

ii m M 6*9— m 
1710 5 W <«0 JSiS 

\utm> 2 * Mi- 4 * 


Sain In Hit 

WO* HtBtl Law CtoH aro* 


Sola In Net 

ISOs High Law Owe OCao 


16*6 17 + <4 

» 29 % — 1 % 


35 % -WW 
20 * 9 - 1 % 


12Vi + II 

n + % 

liw— * 
% + Yk 

m 

h%- w 
□%— % 
649— *9 
11*6—3% 
624—1*0 
27(6 +1W 
UK— (0 

in 

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TRIBUNE, MONDAY, JUNE 10, 1985 


Page 17- 


Ford Is Seen Using Taiwan Plant 
For Cars to Be Sold in North America 


By John F. Lawrence 
and Sam Jameson 

Lea Angela Tima Serrice 

CHUNG LI. Taiwan — In the 
past Tour years, wages at Ford’s 70 
percent-owned Taiwan factory 
have increased 64 percent, vastly 
improving the living s tan dards of 
the 2,000 workers here! Yet the cost 
of production at this plant has 
dropped dramatically in the same 
period, thanVs to a 139-percent in- 
crease in productivity. 

John R_ Fenner, president of 
Ford Lio Ho Motor Co, believes 
that is the answer to those who 
believe that Taiwan is about to lose 
its competitive advantage now that 
its 53,000 per-capita gross national 
product has propelled it oat of the 
ranks of Asia's low-wage countries. 

In fact, Ford is so confident of 
Taiwan’s competitiveness that it is 
believed to be about to test this 
island nation's ability to produce 
cars for Canada and the United 
States. 


Mr. Fenner has an answer, too, 
to skeptics recalling Taiwan’s un- 
fortunate reputation for produc- 
tion of cheap goods, sometimes of 
questionable quality. 

Fend conducts an annual audit 
of ail of its pfantsaround the world, 
and Ford Lio Ho now ranks No. 1. 
Measured in toms of reduced fac- 
tory rejects, quality has improved 
795 percent in four years. 

Hungs are changi n g fast in Tai- 
wan, and the country’s experience 
says a good deal about bow many 
of the region’s emerging econo- 
mies, especially Sooth Korea, are 
coping with their new prosperity, 
rising . wage rates and growing in- 
ternational competition. 

“Taiwan has the potential to be a 
supplier of low-cost subcompacts 
to tbe world,” said John G. Parker, 
Ford Lio Ho's director of technical 
operations. “What is going on here 
now is an attempt-to prove it.” 

Ford, which has been a partner 
with Lio Ho, a large car dealer. 



since 1972, is investing S40 millioa 
to double capacity to 90,000 from 

45.000 motor vehicles while intro- 
ducing robots and higher technol- 
ogy. By next year, the company 
plans to begin exports of about 

30.000 passenger cars. 

Although Detroit's Big Three 

automakers have committal them- 
selves to buying Japanese-designed 
cars and have established or sought 
production bases fen- p ro cur e ment 
of subcompacts in South Korea, 
only Ford has taken a firm step in 
that direction in Taiwan. 

Mr. Fenner said that be has cop- 
ied from Mazda Motor Gx, Ford’s 
partner in Japan, its ‘'quality-con- 
trol codes,” where workers partici- 
pate in dedsi on-making. 

Chinese workers in Taiwan, Mr. 
Fenner said, are younger and better 
educated than workers at Ford’s 
factories in the United States. They 
have responded enthusiastically, 
making possible the impressive 
productivity gains. 


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U.S. Panel Posts 
Gain in Capital 
Appropriations 

United Press Intemmitmal 

NEW YORK -The Confer- 
ence Board reported Sunday 
that capital appropriations — a 
leading indicator of capital 
spending — continued to gain 
in the first quarter, but at a 
much slower pace than a year 
ago. 

Capital appropriations for 
the 1.000 largest manufacturers 
in the United Slates bit 530.5 
billion for the first quarter of 
1985, a 5-percent gain from the 
same period in 1984, tbe U-S. 
busin ess-research organization 
said. 

Durable-goods manufactur- 
ers had a 16-percent jump in 
appropriations, but manufac- 
turers of noo-durable goods 
posted a decline of 7 percent. 

And while appropriations 
wars up, actual capital spend- 
ing slowed. 


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in 24k 2ft 


Jamaica Reaches Loan Agreement With IMF 


Reuters 

KINGSTON, Jamaica — Prime 
Minister Edward Seaga has said 
that his government has reached 
agreement with the International 
Monetary Fund for a new $120- 
miUioo loan program to begin in 
August 

The 20-month program requires 
further cuts in the budget deficit, 
public spending cuts and tight con- 
trol on credit, Mr. Seaga said Fri- 
day in a debate on a 1985-86 bud- 
get of 4.7 billion Jamaican dollars 
($851 utQlionV 

The prime minister projected a 
3. 8- percent decline in Jamaica's 
gross domestic product in the 
1985/86 fiscal year compared with 
a 0.4-percent drop in the year just 
ended. 

He also promised to continue 
austere monetary policies, saying 
that any relaxation of those policies 
would lead to chaos. Critics of his 
government have proposed such 
measures as earing credit restric- 
tions. lowering interest rates and 
reintroducing import controls. 

Mr. Seaga said that man y public- 


Mutual Funds 


sector jobs would be lost this year 
following the reduction last year of 
6,000 jobs. But he said that tax- 
reform measures would be intro- 
duced to Parliament in 1986 to ease 
the burden. 

The prime minister said that tbe 
budget deficit had been cut to 7 2 
percent of GDP from 17 percent 
and that the government hoped to 
reduce it to 4.0 percent in the next 
three years. GDP measures the to- 
tal value of a nation's goods and 
services, excluding income from 
foreign investments. 


There was a balance of payments 
surplus of 265 million dollars in tbe 
last fiscal year, compared with a 
shortfall of 312 million dollars in 
tbe previous period, he said. 

Those positive economic perfor- 
mances, Mr. Seaga said, were due 
largely to increased government 
capital, mainly loans from the 
United Slates, to 3S7 million dol- 
lars from 164 million dollars in the 
1983-84 fiscal year. 

Additional private capital in- 
flows last year brought in 178 mil- 


Singapore Is the Busiest Port 


(Continued Irom Page 13) 
the island off the southern tip of 
the Malay Peninsula in search of a 
trading site. Singapore quickly be- 
came an important trading post for 
the East India Company and a ma- 
jor port 

The cargo traffic in the early 
days was mainly barter. It began 
with East lndiamen, opium dip- 
pers and Indian and Chinese junks 


and was followed by on assortment 
of Thais, Malays and Indochinese 
who dealt in spices and cloth from 
anchorages on tile Singapore River. 

Singaporeans today attribute the 
port's success to the liberal eco- 
nomic policies pursued by Prime 
Minister Lee Kuan Yew since inde- 
pendence from Britain in 1965. 

More than 55 shipping Vines use 
the port. 


3ft 

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31412ft 12 12 


BUI Art 
Cub S4r 576 NL 
Inti r 4.93 NL 

kpm r line nl 

YxFr r B.I6 NL 
Kid Pert r I4J0 NL 
LMH 25J» NL 

LcubMoe 23.91 NL 
LenCOP 18.19 NL 
LrttilnvU 1747 NL 
Lev roe 751 NL 
Lkxinotw) Bn; 

CLdr tr 12.90 1346 
Go Mid JJS NL 
GNMA 74* NL 
Grow 943 NL 
RHft 17.14 NL 
Liberty Creep: 

Am Ldr 1145 NL 
Tx Fre 94S NL 
US Gul 433 NL 
UndOV 2326 NL 
Lindnr 1842 NL 


VM Sft 

VooIR* 

VocOry 

VrtllABC 

Vbwtpun 

VectAut 

Velcro 

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17ft 17ft— ft 
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NL 
NL 
NL 
NL 
NL 
NL 

WridT 4.97 NL 

Fst Investors: 

Bnd Ap 1240 1340 

Disco 10-93 1240 

Govt 1 1-94 1247 

GfWttl 650 7.19 

Incam 6J2 

lntlSec 13.161448 
Not Res 5.17 545 
NYTF 1X94 1395 

9D-T0 1190 14.10 

CH»tn 5M NL 

Tax Ex *45 10.19 

RttxFd I0J1 NL 


44 WIEq 
44 Wall 
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445 449 
444 NL 
444 656 


Equity 1 
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lion dollars, reversing the prekious 
year's net outflow of 202 million 
dollars, he said. 

Mr. Seaga said lost tax and ex- 
port income from the aluminum 
industry. largely reflecting the clo- 
sure ol operations by Aluminum 
Co. of America (Alcoa) and Reyn- 
olds Metals Co., had forced "the 
government to cut 13S million dol- 
lars from its jrnpon budget of more 
than 1.2 billion dollars. The result- 
this year, he said, was a decline in' 
GDP. 

France to Reduce Jobs 
In Military by 5 Percent 

Reuters 

PARIS — The French govern- 
ment will eliminate 37.500 military 
jobs over the next four years as part 
of its austerity program. Defense 
Minister Charles Herau said Sun- 
day. 

The measure will affeci 5 percent 
of France's military work force, 
Mr. Hemu told a television inter* 


Bln As* 

Glob N 1146 1363 

Grwtn ibid 10.96 

World 1316 1638 

Tbomwn mckIowki: 
Gwtti 1197 NL 
Inca 1049 NL 
Opor 1246 NL 
Tudr Fd 19.95 NL 
Trad PortMio: 
ErtGIB 9.98 NL 

Ealnc 1141 NL 

28tii Cenlorv: 

Gill r 543 545 
GfWttl 14J01 NL 
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Ultra r 741 744 
USGv toftfll NL 
Vista r 440 682 
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Cwrram 11*79 NL. 
Gold 749 NL 
Grwth 1673 NL 
luce 1144 NL 
SMt 1618 NL 
TxEH 1246 NL 
TxElt 1147 NL 
TxESh 1045 NL 
Unified Ms mat: 

Genrl 618 NL 
Gwltl 1941 NL 
Inco 12.19 NL" 
lndl 611 NL 

Mull 1664 NL 
United Funds: 

Aeon 630 9.07 
Bond 547 641 
GviSec 335 547- 

IntGth 543 615 
Con Inc 1666 1841 
HI Inc 1381 1546 
Incatn 1639 1373 
Mlinl 690 7.1* 
NwCcpt 689544 
Retire 549 655 
ScEns 848 940 
Vans 375 626 
UM Services; 

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vdw ubs Fd: 

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Leu Gl 1947 NL 
MunBd 1051 NL 
Srtl 5H 1325 NL 
VKmpM 1372 1650 
VK US 1541 1639' 
Vance Becftanoe: . 
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DB»f I 4317 NL 
Dvsrf 7640 NL~ 
ExFd f 11146 NL 
ExBlI 9643 NL 
Fid El 6041 NL 
ScFWI 660 NL 


627 9.041 Vaotroord 


639 9.17 
747 6381 


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Gem In 7695 NL‘ 
west 1747 NL' 
Mom 1147 NL- 
NrtesT 3621 NL 
QOIw I 1621 NL 
QOIv II 611 NLT 


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1147 NL' 
3621 NL 
1621 NL 


QDvIlI 2342 NL 
STAR 1045 NL 


MirtTr 1049 NL 

ind Tr 2245 NL 

MuHY 949 NL 


Steadman Funds: 
Am irtd 247 N 


Chicago Exchange Options 

For tbe Week Ending Jane 7, 15)85 


(Mian & price Coin 


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Ask Yld 
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r lft 
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r 26W X ft 1 r r. 

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3* 49 45 * r ft 1H. 

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to 40 r r X-U 

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7 Total Volume: 559092 r " 

2 - Open Intern) 5,154X35 

r ’—No, ironed. 5— None e-oio. 



















































Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 



10 

11 

12 

13 

18 


















PEANUTS 


THEIR COWS ARE 601146 
^TD SET ALL WET! 

H 

m 

t 


i II fl Tr 

W 

if 

. ilUN 

Ittt 


See 


ACROSS 
1 Entangles 
5 Highway 
stopover 

IB Thick piece 

14 Employs 

15 Macaw 

16 Western 
Indian 

17 Confusing 
situation 

26 Sundown, to 
Spenser 

21 L.A. problem 

22 Salary 
increase 

23 Shortly 

24 Jogged 

26 Female 

donkey 

29 Kin of sorrels 

30 Bus. school 
subject 

31 Chuckleheaded 

32 Once around 
the track 

35 Picnic event 

39 Turf 

40 City near 
Dayton, Ohio 

41 Prepare for 
printing 

42 Natives of 
Dundee 

43 Knights' 
horses 

45 Accomplishes 
a goal 

48 Property 
conveyance 


49Twlf 

50 Uncommon 

51 Permit 

54 Certain garb 
for men 

58 Physicists' 
particles 

59 Foreign 

60 Bristle 

61 " la vie” 

62 Past or present 

63 E. German 
river 

DOWN 

1 Silent 

2 Arthur of 
tennis 

3 Sea swallow 

4 Compass dir. 

5 Burrowing 
rodent 

6 Constellation 
east of Taurus 

7 Spicy taste 

8 Work unit 

9 Varnish 
ingredient 

10 Young 
herrings 

11 Lawful 

12 Entertain 

13 Founded 

18 Domestic 
slave of yore 

19 Smoothed over 

23 She of the 

"thousand 

days'* 


e/to/ss 


24 Kingdom in the 
Pacific 

25 Flatten a Soho 
flat 

26 Super Bowl 
winners in 1969 

27 Canyon 
phenomenon 

28 North, in Nice 

29 Actor Toomey 

31 Marks on old 
pots 

32 Take cm cargo 

33 Sour 

34 Dogs and cats, 
e.g. 

36 Arouse 

37 Trotsky 

38 Tall grass 

42 Most 
reasonable 

43 Unclouded 

44 Golf mounds 

45 Garret 

46 Lake near 
Reno 

47 Revolutions 

48 Small fishes 

50 Harness 
component 

51 Prevaricated 

52 Diminutive 
suffix 

53 Former 
Russian ruler 

55 Touch lightly 

56 de France 

57 Gp. serving the 
services 



books 


BEETLE BAILEY 



HOW? HE'S 
lazy ahp 

PUM& AMP 

DISRESPECTFUL 


Well, okay, POT 
he'll be around 
HERE 0U66IHGYOU 
FOREVER 


HE'S AMBITIOUS, 

INTELLIGENT 

RESPECTFUL.. 




ANDY CAPP 


WE MIGHT AS WELL MOKE 
UP A FOUR9a*E WITH 
^ THE LITTLE -«s 
DARUNGSjO-MUQE 





SHE'S A LASS WHO puts 
TWO AND TWO TOGETHER 

WHETHSS.THEY t 
ARE OR NOT 




WIZARD of ID 


© Netc York Tones, edited by Eugate Maleaka. 

DENNIS THE MENACE 


noupvou 

iumPFunHz 1! 




uipoHiHFWnai ]{ splat 

Wi'VZWfc At \ ft 
it! 




FUNNY MONEY 

By Mark Singer. 222 pages. S15.95. 

Alfred A. Knopf, \ 201 East 40th Street. 

New York, N. Y. 10022. 

Reviewed by 

Christopher Lehmann-Haupr 

HATCH and execute a successful di- 
1 ^agtpy demands a sustained leva <» 
competence and dependability that is. by deti- 
nition. unavailable to an average group at 
would-be conspirators. That is why 
calamities are rare achievements and why. no 
matter what many of us often insist on believ- 
ing, thieving conspiracies can almost never be 
built to last. Coincidence, meanwhile *— four 
vehicles without headlights, all traveling at 
difTepnt speeds, converging on an unmarked 
intersection at dusk — gets less credit than it 
deserves. Entropy, random natural chaos, in- 
nate stupidity — all are important sources and 
forces of destruction, and all are quite under- 
rated." 

With this rhetorical flourish, Mark Singer 
sums up the energy crisis created by OPEC 
nations m the 1970s and the consequent events 
recounted in his “Funny Money," the story of 
the rise and fall of Oklahoma City's ram 
Square Bank, whose eventual coQapse proved 
about as spectacular as any in the history of 
American finance. 

If 1 have my facts straight — and if 1 don' t 
it's not Singer's fault, for he makes a compli- 
cated tale of fiduciary chicanery seem as 
straightforward as “The Three Little Pigs" — 
ibe OPEC-inspired o3 price rise created huge 
foreign investments in u. S. banks that needed 
somehow to be loaned oul At the same time, 
the OPEC crisis fostered the Oluson in certain 
fevered minds that the price of energy was 
going to go up forever ana all that was needed 
to solve the problem profitably was money to 
drill energy out of the ground in the form of 
natural gas that surely existed in deep and 
abundant deposits beneath a sector of Oklaho- 
ma known as the Ana dark o Basin. 

The fat3l loop was completed in Oklahoma 
City when a smallish shopping- mill institution 
called the Penn Square Bank discovered that, 
given what was known as the deep-gas concept, 
and given the grandiosity of the Anadanto 
Basin visionaries, and given the crazy nature of 
oil-business financing, it was posable to give 
away money for nothing, mark these gifts 
down as bank assets and sell these assets Tip- 
scream" to the bigger banks that were dying to 
lend out their idling petrodollars. 


In the w bad irrcspw** 

employee-- luiteP ■ j * c favc bad 
able m bu * *r hud here 

iirespiwnbklcndcis.ru ^ 

and an: having w ' un „ [ vn the fuM Lane. 
in profusion. Scr and ihe iirttWW 

of the «■!**■* JSuuom* l Jk far ■ 

blc borrower. It ,■* f; . lllrr trtlt vrhcnvtt 


our 


Solution to Friday’s Puzzle 



□□□□ □□□□ 

G 

E 

□ns 

aaao aans 

Q 

G 

0 EJH 

□□□e □□□□ 

□ 

□ 

□ B 03 Q 

□□□□□a 

0 

□ 

nuanuan 

□ana 


whoisasiaffwnl^" ‘ wfe 

pans of Mi . I iffiScmmw* 

the tale with wonderful ' ^ rJ<M . 

irophe hi! an (ram Wit- 

These range in two rt vu# pcmiSauareifl 
liatn G. Pattenon w ^ 

jnd vhon 

S5s2S3SBSl 

•=SwSssjsS 5 ; 

SflioS’ dollars io bad debts and 
tanks. With the crash, the >p«n» & Snjiert 
story dies a little. It may aimph 
characters in his 5tM> arc*.' ext - 
sort of oeoole that most of ihc re«i i of us are 

not, thatwe get curious to kn ? r 

about them, and Singer never 

them. He only report* ihrtr hdmcinjUoot 

One of them had a dream m 

with a 2-by-4 for trying w J 0 i 5 n 55Sl Q rf 

Another was “not opposed to tte ulca « 

bombing the Panama Canal, u that swjg Ml 

would take to interrupt supplv routes. T can, 

bLb it." he said. “Ml uke them Mcueub j 

year to fix it" Wc never do get a firm grasp Qf- 

lh Or maybe it’s that “Funny Money" trails off 
somewhat inconclusively, with twoof the prin- 
cipals about to stand trial ut Chic.i fiv for 
cranes against the pocketbook of the k tuW . 
States that were dearly more than the fault m 
any two individuals. Or maybe going up is just 
a lot more fun than coming down. 

It doesn’t really matter. As long as the swinr 
die is alive and tne bubble is inflating. Singer s 
lan g ua g e swells appropriately. He has a salts- 
fving wt for mimicry and an amusing sense of . 
hyperbole. He speaks the American vernacu- 
lar. He makes comic poetry* of tprtpp* 9“ 
technology »nd the an of turning liabilities 
into assets. He puis himself into the story just 
enough to infect us with the fun he is obviously 
having. One comes away from “Funny Mon- 
ey” more intoxicated than hung over, and 
lodes forward to the Tuiure adventures that 
Singer will no doubt behaving. 


-.-A 


IRIS 


REX MORGAN 


QEdBBSi □ 

□□□ 

□ana E3Ennn 

□ 


WHEW THE PRESIDENT 
AND SALES DIRECTOR EXPRESS 
DISAPPOINTMENT OVER A RECENT SALESj 
EFFORT. CLAUDIA BISHOP IS ASKED FOR 
AN EXPLANATION/ 


DID HE TELL YOU 1 APPEARED AT 6=45 
. A.M. FOR A WINE OtLOCK APPOHsTTMENT, 
THAT HE DIDNT ARRIVE UNTIL ALMOST TENT 
THEN HIS SECRETARY SAID HE WOULDN'T BE 
ABLE TO SEE ME UNTIL ABOUT ELEVEN / 

then 

WHAT 

HAPPENED?! 


*Shhhh„.i'm widb asleep. 


Unscramble these tourJimbtas, 
one letter touch square, to fonn 
tow ordinary words. 


EGBIE 



JU 


YONPE 


Tx; 

□ 

□ 


DUSSIC 


nxx: 


□ 


GREFOT 


nn 

UL 



□ 

E 

EE 

□ 

D 

□E 

Q 

E 

□ 

□E 

E 

H 

□1 

DJ! 

□E 

□ 

E 

EE 

EE 

□ 

□ 

E 

B 


oa 

□ 

□1 

a 


a 

El 

□ 

a 

a 

a 

o 

a 

a 

a 

□ 

□ 

E 

0 


IO 

on 

□ 


IE 


a 

□ 

0 

□ 

□ 

a 

□ 

a 

a 

a 

a 

a 

□| 

a 

□ 

□ 

E 

E 3 


6/8/85 


Christopher Lehmann-Haupr is on the stuff of 
The New York Tunes. 


Big Ben Clock Is Unwrapped 

Thr AacaasrU rm> 

LONDON — After 21 months under scaT- 
fohiing, dw Iasi of the four dock faces on tine 
Big Ben clocktower was unwrapped Wednes- 
day. The neo-Gothic tower and the adjoining 
Houses of Parliament are undergoing a £9- 
million (about SI 1.4-oulIionl facelift The 
ckaning and restoration which began in July v 
1981, wul continue until 1990. 


** 


BRIDGE 


By Akn Truscort 

O N the diagramed deal the 
losers were too passive in 
the bidding, as shown. After 
West opened with three spades 
and North made a takeout 
double. East should have bid 
four spades. He was inhibited 
by his flat distribution, but a 
player whose partner opens 
with a three-bid should almost 
always raise with three-card 
support or better. 

The lead of the diamond 
deuce was a conspicuous sin- 
gleton. South woo in dummy, 
led the heart long and followed 
with the jack. When East 
played low, the declarer had 


some thinking to do. He even- 
tually played the ace for two 
good reasons. West was not 
likely to have two singletons. 
And, more important, the con- 
tract was now safe: South ran 
the diamond nine and was able 
to throw dubs on diamonds 
before the defense could score 
a club trick. 

A tramp finesse would have 
worked with the actual distri- 
bution but might have given 
the Hrfwisff a chance to estab- 
lish a club trick before the dia- 
mond queen was driven out 

In the replay East-West bid 
to four spades, which would 
have been unbeatable. This 
pushed North-South to five 


hearts, which failed by a trick, 
giving the North-South team 
10 points in the transaction. 

NORTH 

*X 

?KJIB7S 

0AKJU3 

• II 

WEST ff» ■ EAST 

AQJH874 + A83 

0 3 CQ82 

•3 • QS74 

+ K Q S 72 *1004. 

SOUTH 

• «sa • 

J OAS84 
Oil! 

• A 5 3 

NaMwrdto m vulnerable Tba 

ixuIm, 


3* DbL Paat 49 

P“ Prm Pan 

Wmc lad da diamond two. : “ 


WHAT A 
MURKY FOG 
GIVES LPRIVERS. 

k 

Now arrange the drcteO letters lo 
form the surprise answer, as suy- 
oested bjr trie above cartoon. 


Print answer here: THE “ (III I~I~T 


Friday's 


(Answers tomorrow) 

Jumbles: QUEST GAWKY DENOTE SURELY 

Answer. What lo wear when working outdoors— 

A "LAWN DRESS" 


WEATHER 


EUROPE 

HIOH 

LOW 


ASIA 

HIOH 

LOW 





C 

F 



G 

F 

C 

F 






A3 

h- 


32 

90 



o 



55 

9 

48 

r 

Balling 

27 

81 

17 







AI 

tr 

HMKOM 

29 

84 



a 



73 

13 

95 

W 

Mcmna 

31 

80 



a 



a 

17 

61 

a 

HawOofltl 

32 

90 



d 




8 

46 

a 

Aooail 








52 

5 

41 

r 

SteseBof 

27 




o 




14 

61 

cl 

Sktoopcn 





r 


M 

79 

12 

54 

IT 

Tatonl 

25 





COMBhOBM 

IS 

» 

0 

44 

Cl 

TOUT" 





r 

Cotfa Del Sal 
Dublin 

30 

M 

u 

St 

17 

8 

63 

44 

d 

d 

AFRICA 






EdlabarsiSl 

U 

ss 

7 

45 

r 



■1 

IB 

64 

o 

FtoralKc 

34 


14 




29 

84 

19 

44 

fr 

Rwiwi 

14 

59 

5 

41 

tr 


19 

44 

6 

43 

Cl 

Cue no 

15 

59 

4 


fr 


23 

73 

15 

59 

d 






r 



44 

4 

43 

fr 

IIKUIDUl 

V 

81 


44 

IT 


29 

84 

26 

79 

a 

Ln Pol mo » 

3 

77 

19 

AA 

d 



75 

15 

59 

fr 

LUboa 

2 

U 

24 

72 

61 

79 

M 

ID 

8 

S7 

tr 

Tools 

28 

82 

18 

64 

d 

MoUrM 

46 

tr 

LATIN AMERICA 



MJha 

24 

IS 

79 

99 

12 

9 

64 

48 

ir 

Bonn Aim 

14 

57 

4 

39 

fo 







Caracal 

24 











Umo 

23 

73 

77 









Mtxiacnr 

V 

81 


48 

d 

Port* 

14 

61 

9 

4 

o 

RNtfa-teadra 

34 

75 

15 


tr 

PmM 

RorUawlk 

17 

9 

63 

48 

5 

S 

41 

41 

0 

fr 

NORTH AMERICA 



Rome 

E 

77 

19 

44 

6 



97 

6 

43 

PC 

SissBrim 

14 

57 



r 


31 

88 

20 

48 

fr 

Strturxurs 

14 

57 

5 


fr 


27 

81 

14 

57 

fr 

vonlco 





sl 


29 

84 

20 

48 

d 

Vfnma 





r 


29 

84 

20 

88 

d 

Wanaw 

23 

73 

10 

50 

d 

pofrdt 

30 

84 

18 

64 

fr 

Zurich 

13 

SS 

9 


0 

Heoetufta 

31 

88 

22 

72 

fr 

MIDDLE EAST 




HomftM 

Los ABoeles 

33 

34 

95 

93 

25 

19 

77 

66 

It 

fr 

Ankara 

26 

19 

5 

41 

fr 


23 

91 

24 

n> 

fr 

Beirut 

23 

82 

19 

46 

fr 

MmmhPOIN 

25 

71 

18 

64 

oe 

DORMKMI 

32 

90 

22 

72 

fr 

MmSiwI 

32 

72 

12 

54 

d 

JgmMtffl 

29 

77 

17 

43 

It 

snut 

31 

88 

23 

73 

fr 

TOf A*l« 

27 

81 

17 

43 

fr 

Now Yarn 

29 

84 

16 

6l 

fr 

OCEANIA 






San FranGtsca 
Saaltk 

34 

23 

73 

73 

13 

10 

55 

50 

It 

d 

AacMaatf 

14 

61 

10 

58 

■ft 


20 

48 

10 

50 

fr 

3rd oar 

16 

«1 

11 

$2 

fr 

WatblashM 

34 

93 

20 


tr 


siMricmra; sw-vmw; sl-sformv. 


MONDAY'S FORECAST — CHANNEL: VnV OHW. FRANKFURT: CloudV. 
7am U—6 {57—431. LCHDOH: Portly cloudy. Temp. IB — W r*f— m 
MADRID: Fair. Tcnw. 34— IB m—SD). NEW VORK: Fair. Tanw. 79—17 
10* —HI. PARIS: Cloudy *»«» ■howare. Tam 14—4 (41 —d». ROME: Fair. 
Tamp. 24— IS (79— s»». TEL AVlv: Fair. Term 24— 14 09— j «h ZURICH: 
Ocwdv. Tam U-4 ISS-43). BANGKOK: Not ovtdjaMa. MOWS KOHO: Fair. 
Tam. 30 —24 {U— 79). MANILA: Ooudv. Tamp. 3) —23 (tt— 77). SEOUL: 
SnoMn. Tama. 25— IB (77— «4). SIHOAPORE: Stormy. Tam 28—24 
IH— 75). TOKYO: Showar*. Tam 20— 17 (40 — 43). 


Maltbie, Burns Tied in U.S. Golf Tourney 


HARRISON, New York (NYT) — Roger Maltbie sank a 4-foot birdie pun on 
tbe last hole Saturday to tie George Bums for the lead after three rounds of the 
Westchester Classic golf tournament. 

Bums has been tied for or alone in the lead through all three rounds. But 
Saturday he shot a 2-over-par 73 for a 54-hole total of 8-under 205. Maltbie carded 
a 1-over 72 for 205. Clarence Rose was a stroke back at 206. 

Maltbie had charged to within one stroke of the lead on Friday with an 8-under- 
par 63, one stroke off the course record. Bums shot a 66. 

Players in Drug Case likely to Be Called 

PITTSBURGH (NYT) — Baseball crept into court for a second time Friday as 
six defendants in the Pittsburgh drag case pleaded not guilty to charges involving 
cocaine sales over a five-year period. The seventh man indicted last week has not 
been scheduled for arraignment 

The trials in federal court are to bean July 8. and baseball players will likely be 
called to testify. More than a dozen players testified with immuni ty from prosecu- 
tion before a grand jury that returned the indictments covering 165 counts. 

Dale Shiffman. tbe only one of the seven who was held without bail after their 
arrests May 31. lost a second bid to be freed on bail Friday. 

Of the counts against Shiffman, tbe dates of 87 match every one of the 87 day s the 
Pirates were in Pittsburgh during the 1983 season. Nineteen others match Pirates’ 
home dates from tbe 1982 season. 

Master Willie Triumphs in Yonkers Trot 

YONKERS, New York (A F) — Jan Nordin drove Master Willie to victory 
Saturday night in the 5440,840 Yonkers Trot, first leg in trotting’ s Triple Crown, 
while his younger brother Ulf was second driving Mark Six. 

It was the second year a row that the Swedish-born brothers finished 1-2 in the 
classic for 3-year-olds. Thud was Another Miracle, driven by Mickey McNichoL 

Soccer Fans Arrested in West Germany 

HAMBURG (UFI) — Soccer fans caused disturbances Saturday in Hamburg 
and on a train headed for Brunswick, police said Sunday. Twenty-seven people 
were arrested. 

In Hamburg, police dispersed Hamburg and Schalke supporters who gathered in 
the city’s Sl Pauli district They prevented any serious dashes and took 23 people 
into custody, a police spokesman said. 

In tbe other incident, about 60 West Berliners traveling by train to Brunswick to 
see Eintracbt Brunswick play Bayern Munich damaged train seats. Four woe 
arrested when the train arrived in West Germany, police said. 

For the Record 

Steve rwirtiwi rode Oh So Sharp, the 6-4 favorite, to victory Saturday in the 
Epsom Oaks. Oh So Sharp finished six lengths ahead of Tryptych. (AP) 

Harvard beat Yale in their 120th crew regatta Saturday on the Thames River in 
New London, Connecticut, breaking a four-year Yale winning streak. (AP) 

A Chicago sports center may be built to house baseball, football, hockey and 
soccer teams. Mayor Harold Washington said Friday that a special counsel would 
meet with foundations, investment bankers and team owners. (AP) 



McGuigan Beats Pedroza 

ByJ. 

cw rot 


hutan 


Barry McGuigan knocked down Eu- 
sebio Pedroza in tbe seventh round. 


[o Thomas 

New York Times Service 

LONDON — Barry McGuigan. the pride of 
tbe Irish, won the World Boxing Association's 
featherweight title Saturday night in a unani- 
mous decision over Eusebio Pedroza, ceding the 
Panamanian's seven-year reign as champion. 

McGuigan set a ferocious pace at the outset 
of tbe match and maintained zt for all 15 rounds, 
knocking down Pedroza in the seventh round. 

Afterward, McGuigan, 24, revealed dial he 
had pulled a ligament in his left elbow while 
training last Monday. Tbe injury needed treat- 
mem twice a day, he said, and had affected his 
left jab. 

McGuigan said Pedroza, 32, had been train- 
ing to counter the left jab. When be nailed the 
Panamanian in the seventh, be said, it was with 
his right hand. 

After the decision was announced, the two 
fighters embraced. McGuigan said he told Pe- 
droza: “You’re a real champion. I'm glad I 
didn’t meet you a year ago” 

Pedroza had made 19 successful defenses, the 
longest string in the featherweight ranks since 
Abe Atteil won 21 in a row from 1906 to 1910. 

The first seven rounds watt fought at a furi- 
ous pace. In the seventh, McGuigan caught his 
opponent with a Left-right combination that sent 


Pedroza crashing into the ropes and onto l 
canvas. 

Pedroza recovered, but was staggered Again 
the ninth when he was hit with another com’ 
nation. 

The referee, Stanley Christodolou, warn 
Pedroza about keeping his punches above l 
belt, and be also warned McGuigan as the b 
fighters ended up in clinches again and a pair 
“We love you, Barry," the spectators^ 

gpttmg to thmr feet again and again, arms in t 

air, ttor bodies moving in what could only 
described as sort of a wild hula. Thousands 
Insh fans from north and south of the bore 
had jammed the Queen’s Park Rangers socc 
stadium lo cheer hours before thefifht beam 
The streets of Bdfast, where McGuigmTh! 
hoped to stage the fight, were virtually desert 

dU £2?,? C r,ghL Bm minutes dfrer 

ended; the streets were filled with jubilant pe 
pie dancing as horns blared. J ** 

■ House Catches Fire 
Fire broke out early Sunday at McGuigai 
family home in denies, Unitol Press iS 
tional reported from Dublin! 

McGmgan's mother, Katie, his sister, Rariw 
and an aunt were led to safety. No onew£5! 

was extensive. Police said fcvb 
Iieved the fire started accidentally. ^ D 


By Andrew Beyer 

Washington Post Service 

ELM0NT, New York — Long 
after the winner of tbe 117th Bel- 
mont Slakes has been largely for- 
gotten, racing people still will raar- 
vd at the feat of trainer Woody 
Stephens. 

Not only did Stephens, 71, win 
the Belmont on Saturday for the 
fourth consecutive year, but his 
two-horse entry ran one-two, as 
Creme Fraiche edged Stephan’s 
Odyssey by a half-length to become 
the first griding to win tbe race. 

Having won with Conquistador 
Cido in 1982, Caveat in 1983 and 
Swale in 1984, Stephens was 
blessed by good fortune this time 


Entry Finishes 1-2 in Belmont Stake! 

because Creme Fraiche imuroves X-ravs of the W were m h* a* . 


because Creme Fraiche improves 
dramatically on a muddy track Hke 
the one Saturday at Belmont 

Stephens was aided, too. by one 
of the hottest paces m the history of 
the Belmont, which took its loll on 
the front-runners and enabled 
Creme Fraiche and Stephan's Od- 
yssey to rally from next-to-bst and 
last place, respectively, and cover 
the 1 1-2 miles in a swift 2:27, the 
fourth-fastest Running time ever in 
ihe Belmont. 

They finished 4 Vi lengths ahead 
of the tiring favorite. Chief's 
Crown, iritb Fast Account fourth. 
Tank’s Prospect, the Preakness 
winner, polled right front suspen- 
sory ligaments during the stretch 
ran and finished lasL , 


X-rays of tbe kg were to be taken As the leaders bcean 

Sunday but Tank’s Prospect's from naming a m^St 

SS 0 ”- ^ the 0)11 1,35 C^dcrr™”, 

would be retired from raring. and surged on the 
Ev.uybody invoked 

mont knew that the surprise entry Both of StoW* s 
of speedy Eternal Princ2would£ XSflftoS? 

sore anhcmtpaee.^utuHipd squeeaed tL^rf, ^! 

out to be bbstenng when Purple Stephan's 0*^e V Tlhn 
Mountain outspnnted him id a bit of indfic^h cS, 

^^7 e t L ra “ gthefirs,M - “i 
Jod^ i^gd Cordero Jr. Wisely ihea,^5^° W ? ^ 
kept Chiefs Crown five or rix tatiSJC! 8 ^ 
Ifflgths behind the leaders. EdSe “A? fe d '“ d - h «ul 
Maple, aboard Creme Fraiche^md phemsriA-nS"? ^ 

Laffil f . on Stephan’s Od- totaVdSn l h ? U8hl K 

yssty, had Irak choicnThe styks winSer^M 1 *® 1 1>d 
of their mounts dictated that the? inctad Cfeme 

lay near the back of the pack. * 







. ^ -..— J . 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10, 1985 


Page 19 


fi v ■ v- 


K,l 


Lakers Beat Celtics 
By 111-100 to Win 
NBA Championship 


NBA titles, talrinj 
'*&c!es and five in 


four in Los An- steals. Then McHale made three 
dmneapolis. Bat straight shots for the Celtics, each 


this was the fust over the Celtics in tying the score. 


nine meetings since 1959. After Byron Scott and Danny 

For Boston, the defeat broke a Ainge traded jumper shots for a tie 
streak of never having lost a chain- at 12, the fifth de of the game, Los 
pionship series at home. The Celt- Angeles scored nine of the next 1 1 


ics are now 15-2 in NBA finals,-the points, 'Worthy gening four, for a 
only previous series loss coming in 21-14 advantage. That was the larg- 


195S at SL Louis. 


est lead for < 


team in the first 


The Celtics were trying to be- half. But the Celtics came right 


xst team to repeat as back with a 10-2 spurt, * 
ince they did it in 1969. free throws by McHale givi 
illy the third defending their first lead, 24-23. 


i come the first team to repeat as 
- champions since they did it in 1 969. 
' They were only the third defending 
v? champion in that span to make it 
< back to the finals. 


t, with two 
giving them 


Boston continued to shoot poor- 
ly in the second quarter but stayed 


?. Abdul-Jabbar, who scored 121 dose as the Lakers’ running game 
points in the Lakers' four victories, failed to cHck- Early in the period, 
got eight of his 29 points Sunday in the Lakers misfired on three 
die first minutes of the third straight fast-break opportunities. 


quarter. In that span, the Lakers then Abdul-Jabbar and Magic 
broke away from a tie at 57, the Johnson sal out the last 5:58 and 
20th tie of the came, for a 79-67 2J5 of the half, respectively, with 


‘ 20th tie of the game, for a 79-67 2J5 of the half, respectively, with 
lead. three fools each. , 

Bui just as the Celtics did in the At halftime it was 55-55, the 13 th 
. fifth game, when they cal Los An- tie of die second quarter and 19th 
■ gdes’ 18-point lead to four before of (he half, 
falling short, they rallied. The Ceil- □ 

ics had closed to 82-73 by the end Friday night. Worthy made 13 of 
; of the third periods, then outscored 17 shots and scored a career playoff 
the Lakers by 94 to start the fourth high of 33 points night as the Lak- 
period. , trimming (he margin to ers beat the Celtics. 120-111, in 
86-82 with 8:56 lot Inglewood, California. Abdul Jab- 

Two free throws each by Abdul- bar and J ohnso n joined Worthy 
ibbar and James Worthy, who with brilliant pafonnances, John- 


"iabbar and James 


who with brilliant performances, John- 


finished with with 28 points, and a son getting 26 points and 17 assists 
driving layup by Kurt Rambis re- while Abdul-Jabbar had 36 points 
built Los Angeles’ advantage to 92- and did a strong job defensively. 
82 with fewer than seven minutes After McHale scored 16 points 
left to play and Boston got no clos- in the first 13 minutes of the game, 
_ er than six the rest of the way. the Lakers’ coach, Pat Riley, 
Kevin McHale scored a career- switched Abdul-Jabbar to guarding 
playoff high 32 points for the Cdt- McHale and Boston's cenler-for- 
ics before fouling out with 5:21 left ward scored only eight more points 
Larry Bird added 28, bat had an- the rest of (he way. 

_ other frustrating shooting. . The switch pat 6-foot-8 (2.03- 


Abdnl-Jabbar. at 38 the oldest meter) Rambis and the 6-10 Bob 
player in the NBA climaxed his big McAdoo on the Celtics' 7-0 center, 
series with three straight baskets in Robert Parish, who went on to 
the final minutes to give the Lakera score 15 of iris team-high 26 points 
an insurmountable lead at 10947. in the second half. 

Then, after a foul, he and Earvin Parish and Bird, who scored IS 
jAa gic) Johnson embraced in the of his 20 paints in the second half, 
free throw lane, certain in the lead a rally that cut the Lakers’ 70- 
1 knowledge that the years off rostra- 52 lead to four points five times in 
lion, particularly last season’s sev- the fourth period. Bat the Lakers, 


SPORTS 




Wilander, Evert Win French Titles 


By William R. Barnard any other. Of thfrtwo other defend- 
Thr Associat'd Pros ’ ing cfaampiortsto reach the finals, 
BOSTON — The Los Angeles the Washington Bullets lost by 4-1 
Lakers, noth most valuable player to Seattle in 1979 and (he Lakers 
Kareem Abdul-Jabbar leading the lost by 4-0 by Philadelphia in 198 1. 
way as he did in every victory, end- McHale scored 13 points and 
ed v generation of futility against made five of his ax shots in the first 
the Boston Celtics with a 111-100 period, but the rest of the Celtics 
victory Sunday that gave them their were 4-for-I9 and Los Angeles led 
third National Basketball Assoda- by 26-26 at the end of the quarter. 
tion title since 1980. Boston missed seven of its fast 

The Lakers, who won this series eight shots, but stayed dose with 
4-games-to-2, now have won nine several offensive rebounds and 


*;■> I? 

pr"!' W ' > -'i! P] 


en-game defeat, had ended. 


vdio went scoreless in the first 3:43 


At the final burner, alter the sdl- of the final quarter, rediscovered 
out crowd of 14,890, which had their offense and scored every time 
exhorted the Cdtks all game, gave their advantage was cut to four. 


both teams an ovation, the Lakers 
quickly left the floor. 


After Bird’s two free throws 
made it 107-103 with 3:55 left. 


Of the 16 consecutive teams who Abdul-Jabbar sank three shots in a 
have not repealed as champions, 10-4 spurt that gave the Lakers a 


hr . ■» •. 


'■ 



Chris Evert Lloyd raised arms In jubflation after hitting 
winning shot in 6-3, 6-7, 7-5 defeat of Martina Navratilova. 


By Greg MacArthur 

The Associated Press 

PARIS — An aggressive Mats 
Wilander, taking the net at every 
■ chance, roared from behind Son- 
day to defeat defending champion 
Ivan Lendl 3-6. 6-4, 6-2, 6-2 and 
win the French Open men’s singles 
tennis champi onshi p. 

It was the Swede’s second title at 
Roland Garros in four years, hav- 
ing won the crown in 1982. 

When he defeated Argentina’s 
Guillermo Vilas three years ago. 
Wilander stayed on the baseline. 
Bui against Lendl, the 20-year-old 
Swede fought his way to the net 
repeatedly, putting away winning 
volleys. And when nc did stay back, 
he won most of the long-range ral- 
lies as he completely dominated the 
world’s No. 2-ranJted player. 

“I didn't play my ben tennis 
today," Wilander said. “But I 
played the right tennis on clay 
against Ivan. My tactics worked 
100 percent today." 

The strategy was to hit the ball 
deep and away from Lendl’s pun- 
ishing forehand and to go to the net 
at every chance. 

“I've been working really hand 
on my volley, and today it worked 
100 percent," Wilander said. 

“The problem,” Lendl conceded, 
“was that if I played steady from 
the back court, he was taking the 
shon balls and coming to the net. 
And when 1 tried to be aggressive, I 
was misting. So neither strategy 
look me where I wanted to geL" 

The last three sets were aD Wi- 
lander. Seeded fourth in this Grand 
Slam tournament, he attacked of- 
ten and wisely, sending borne vol- 
ley winners time and ag ain as 
Lendl stood helpless at the baseline 
or was caught going the wrong way 
at mid-court 

Wilander jumped out to a 2-0 
lead in the opening set, holding 
serve to begin the match at love, 
then breaking Lendl in the second 
game. But Lad! broke back in the 
third gamr, the final point coming 
when the Swede double-faulted. 

Lendl pulled ahead in the sev- 



Thc Auootffd Prm 


Mats Wilander rallied for his 3-6, 6-4, 6-2, 6-2 victory over Ivan Lendl in the French Open. 


eath game when be broke Wilander 
at 30 when the Swede netted a 
backhand. And, after holding his 
own serve at 30, Lendl broke Wi- 
lander at 15 to close out the set, 
having won the last three games. 

The two began the second set by 
trading service breaks. The Swede, 
however, attacking on almost every 


point, nearly broke Lendl’s service 
in the third game, then finally did 
in the fifth game. He then held his 
next three service games to knot the 
match at one set each. 

As he had in the first two sets, 
the Swede took an early lead in the 
third set, breaking Lendl in the first 
set at 15. Lendl complained when a 


Evert Triumphs in 'One of the Toughest Matches of My Life’ 


tbe Celtics have gone further than 


lead with 1:21 remaining. 


By Samuel Abr 

International Herald Tribune 

PARIS — Chris Evert Lloyd had 
not beaten Martina Navratilova in 
a Grand Slam tennis championship 
since 1982, bat she made op for 
that dismal record Saturday by 
winning the French Open angles 
final in what Evert called “one of 
the toughest of my life:” 

Evert, 30, who was seeded No. 2, 
defeated Navratilova, the No. 1 
seed and the defending champion, 
6-3, 6-7 (4-7), 7-5. Evert came from 
0-40 down on her serve, then broke 
Navratilova to win the last set 

"1110® are so many places I 
could point at and say, ‘If I had 
won this, if I had won that,’ "Nav- 
ratilova said ruefully. 

The most prominent was the 
game that gave Evert a 6-5 lead in 
the final set As the championship 


neared its third hour of play. Evert 
started her service by double fault- 
ing, Robbing the return of a passing 
shot, then Jutting into the neL 

At that point, Navratilova had 
won 11 of the last 13 points and 
seemed on the verge rtf the same 
comeback that let her win the sec- 
ond set tie breaker after she trailed, 
3-1 and 6-5. 

But Evert pulled to deuce with~_ 
the aid of a reflex return at the net - 
that Navratilova just missed hitting 
back. Next, Evert smashed a bark- 
hand into the right comer that 
Navratilova, could not reach, al- 


Navratilova netted a forehand. 
They battled to deuce in the next 

game before Navratilova hit a ball 
over the baseline and Evert put a 
passing shot down her left-hand 
une for the championship. 


“This was the closest, most sus- 
penseful final we’ve played,” said 
Navratilova, 28, of her long rivalry 
with Evert. That covers a lot rtf 
time and territory, tint* they now 
have competed in 66 matches. Nav- 
ratilova had won 34, and 17 of the 
19 title matches, before Saturday’s. 

. Evert's victory gave her tbe mod- 
-era record for women in the French 
championship, with six. She won 
“her first in 1774 and had shared tbe 
record of five with Margaret Court- 
Smith of Australia, although Su- 
zanne Lenglen of France won six in 
the 1920s. Navratilova has won the 
title twice, most recently last year 
when die beat Evert, 6-3, 6-1. 

“She blew me off the court last 
year,” Evert recalled. 

Neither player dominated this 
time. The match, although spectac- 
ular, was erratic, even sloppy in 


spots, as service was lost 17 times. 9 
by Navratilova. “We had game 
points aD over the place,” she ad- 
mitted. “Ether one of us could 
have won or we could have played 
forever, but you don’t have draws 
in tennis.” 

She said she had not played her 
best game before the capacity 
crowd of 16,000 at center court at 
Roland Garros Stadium. “I played 
on heart mostly because I didn’t 
play as well as 1 hoped for or as well 
as 1 can. 1 had so many shots on my 
racquet that if I had made them, it 
would have been a different story." 

The crisp, windy day alternated 
between hot when the sun was out 
and quire cod when it was covered 
by dark clouds, but neither player 
chafed overmuch about conditions 
on the red clay court. 

*T couldn't go too dose to the 
lines because of the wind.” said 


Navratilova, but she added that her 
problem had been her serve. “My 
serve failed me. I don't know where 
my serve is, but it's not here, it’s not 
in France. I can't lose my serve nine 
times and win a march." 

Had she lost, Evert said, “I 
would have been depressed about 
t ennis . Martina’s been so dominant 
and I’ve been thinking about retir- 
ing. so this victory came at a good 
time. 

“I was getting beat pretty badly 
by her last year and this year it's 
been doser. It all depends on your 
confidence.” 

Speaking of confidence, she said, 
“I wasn’t very confident when I 
was down 0-40. 1 kept idling my- 
self to hang in there because I 
sensed she was a little nervous too. 
Tm proud of how I hung in there. 
On paper, I lost the match." 


linesman called the final point 
wide. He walked to the spot where 
the ball had landed, apparently 
agreed with the coll, and continued 
walking off the court, apparently to 
go to the bathroom. 

Lendl broke right back, leveling 
the set at 1-1. but the 6-foot-l 
Czech right-hander never held his 
serve in the set as Wilander applied 
constant pressure. 

Down two service breaks. Lendl 
got one of them back in the sixth 
game when Wilander sailed a fore- 
hand long on the second break 
point. But in a 20-point game, the 
longest of the match. Wilander 
broke Lendl i gain — the fourth 
time in tbe set, then held to take a 
2-1 lead in sets. 

Lendl held at love to open tbe 
fourth seL the first time be had held 
his own service since the ninth 
game of the second set But Wi- 
lander broke the Czech's serve in 
the third game, then held at love to 
take a 3-1 lead. 

Lendl never could get back in the 
match, dropping his serve again in 
the fifth game. Wilander then 
dosed out die match at 30. 

It was Wilander’s fifth Grand 
Slam final and his fourth victory. 
He has won the Australian Open 
the last two years and could win a 
SI million bonus if he can capture 
the men’s singles crowns at Wim- 
bledon and the U.S. Open this year. 


T* 


Baseball 

Friday’s and Saturday’s Major League Lmescores Major League Standings 


i'oza 


AMERICAN LEAGUE 
Detroit 0M8N 388-CI 5 1 

r Toronto 1M MB OOx—f 13 1 

Terrell. Bartnmiar (51 and Ponton, MoMn 
' Ml; Sttofa. Lamp (71. Coodltl (Bl ond Whitt 
w— SlUKv 64. L— Torrell, 6-2. HRs— Toronto, 
jell (111. WMN (7). 

Seattle 838 OH 200—4 t 0 

Ctoveuwl no ON MS— « 7 3 

Snvder.SwHI (3). Nunez (7), Vnode Bom (VI 
and Kearney; Heaton. Thomason [71, Wort- 
doll (9) and Benton, wniort [61. W-Swm. 1-0. 
L— Hooton 4-5. Sv — vanfito Bern (2). HR— 
Seattle, Kearney (21. 

\ ancaao we m m—a 11 i 

Minnesota 221 Ml Mta-4 n • 

Damn. SoUlner (41, LoHor (7) and Rsk; 
Fllean and Salas. W— Fltaon.3-1 L—OoJaoa> 
4. HRs — Chicago, Kittle m.nttl 14). Salanr 
(4). Minnesota, Gaettl (83. 

Basina 2M M0 TOT— 4 14 1 

Baltimore 310 MB 000—4 C * 

Nipper, Stanley (VI end Gtdntan; Bod- 
dicker, Snell (II, Aase (71 and Dommev. W— 
Nipper. Ml L—Bodd taker, 6-5. HRs— Balti- 
more. aaiptov (t). Grom (61. 

Now York Oil BO 822 S — 9 H I 

Milwaukee 128 218 8H 1—18 13 1 

U8 imUneo) 

Gutary. Fisher (61, RHttmttl (B) and Haney, 
wmesar (B>; Co cono w . McClure (4). Glfr- 
-on (71, fi mere IS], Searuse (91 and Moore. 

• jj-SearoBOL 1-3. L-— (Uahetti, IS. HRs— MU- 
wrf-jfcee. Cooper (21. New York, Baylor (ID. 
WLnUeld 2 (71. Wvmflor ML 

Kansas aty 801 211 SOI-* II 1 

California 800 DM 808-4 7 I 

Sabortmaen, OutoentaorTV Ctl and Sund- 
oarai Witt. Lueo (71 and Boom. W— Saberho- 
oen.fra.L- Wilts*. H R s Ko n oot C it e. Bal- 
bonl 2 (181. While (81- 
Texas BN 000 200 3-4 8 ) 

Qpfclc m g IN 8M 818 8-2 7 1 

~ no Inninss) 

Tanana. Schmidt (VlandStaueM.BnuTHnor 
' ( ioj : Sutton. Atherton 171 . H ow ell (91 and 
Tettieton. Heath (V). w~ Schmidt 3-2. L— 
Howell. 3-3. HR— Oakland. Baker (61. 

NATIONAL LEAGUE 
Pittman* »oo M 000-0 s 8 

Ch tease 811 MOM-1 < 0 

DeLeon. Scurry 171 and Pena; Sutti llle and 

Dawk, w— Sirtd Ifte, fr*. L— DeLeon, Ht H R— 
aitcooo. Davis (4). 

Montreal 1M M BIO-3 7 I 

panadetPMa OH OBI 088-1 1 1 

Palmer, Burke m. Reardon (II and Fttx- 
BeraW.- Carlton, Andanw (8> and Vlrolt, W— 
e-imer. fr£ L — Cartton, 1-£. Sw— Rear d o n 

# i. 

Pto*0 884 800 MO— 0 12 1 

CindmaH M0 IS 800-3 5 1 

(Find Gomel 

Thurmond, DeLeon {*) and Bothy; Brown- 
ing. Postons C4>, AaMramn (6), S toper 18) and 
van Gordo r. w— Thurmond, 3-3. L— drown- 
ma 54 sv— OoLean (21. HRo-saa Diem, 
Martinez <81. Bevacaua (1). 

501 Diego 088 0M2M IV-3 15 1 

Cincinnati 188 OM 082 00-2 I 0 

(Second Gomel 

(11 toidm) 

Show.Gd*«8*(B).Lefrerisi10jBiidK8niie- 
ov; Tibbs. Pronto (VI, power < 10) and Krtce- 
Iv, w— LcfferfB. H L— Power. 04. HR— Son 
Dieoo. Gwvnn 0). 

SnProiKtota HO (00 108-1 7 0 

HouftM MB 828 88)6— 4 7 8 

. immaker. WTttJom* (7), Minton (71 and 
-ma; Scott. SmWi (*) and Bauey. w— 
,.4-2. l— H ammahMV 2-5, Sv— Smtth (9). 
M,K— 5on FrandHO, Trovtoo CU. 

51 LMlt B81 M8 8M MO fr-2 17 1 

New York MMMM 1— « 7 I 
(13 tantnwl 

Kepshlna Horton (S).Lahtt W.Qavtov (91, 
CamptMril (U) and NMa. Hunt (nil Darting, 
McDowell <t). Orosco (IlliSM (13) ondCor- 

icr.w—GsmaortLtl. L—5WL1-4.HR— Hew 

York. Heen (4L • 


Loo Angelos 181 812 828-7 f 1 

- Atlanta Ml OU 088-2 ■ 1 

Remo, Nlodonfusr (5). Castillo (81, Howell 
(91 and Sctosda, Yeager (9); Badraslan 
Camp M). Schuler (8) and Owen. W— N ledefi- 
luer, 2-2. 1 — Bedroitan, 2-5 HRs— Las Ange- 
las. Sdooda (3). Guerrero (7). Brock (71. 
SATURDAY'S RESULTS 
AMERICAN LEAGUE 
Detroit MS MS 280—11 IS 1 

Toronto MU DM BOO — 14 0 

O'Neal Scfterrar (8) and Ponm Mefvto 
<U; Lecri, Lamp 14). Musseiman (61, Caudill 
(9) and Whitt. Martina* <81. HRs— Detroit. 
Gibson (10), Lemon (21. 

T«*0» Mill UO-5 B 0 

Oefctand M«MM 9 I 

Hough, Hants (4). Wstdi (7). Stewart (8) 
and S taught; CadiroU Atherton (7) and 
Heolh. W - C oa i roO. 7-5 Lr—Houah. 5-5 Sy— 
Attierton HI. HRs— Texas, Staughl (4). Par- 
rish 1101. McDowell (II. Oakland, Heath (6). 
New York Mfl OH Ml OM 1— 2 7 8 

Milwaukee 8M IM 8W OH 8— 1 11 8 

n3 innings) 

Ratmunen. Fisher no), Rlghettl (121. 
Bordl (131 mid Wynegar. Hassey (9); Burris, 
Rngen (91. Gttwon (121 and Maore.^ W— Rlgh- 
4-5 L— Gtaev 5* Sv— Banfl (I). 
Chicago 2M 1M 888— 3 6 0 

M in n es o ta IM MB 880—] J 0 

Burns. James (71 and Fhk; Butcher and 
Lautowr. W— eunn.74. L — Butcher, 4-5 Sv— 
Jamas (121 -HR*— Chicago, worker (81. Kittle 
W. 

Seettto 3M 2M 210— 8 1C 1 

CtovBtoad Mi MB bsx— u M 1 

Beattta. R.Thotnas ffl . Long WLStanlon (71 
and Koarney; Bohonna. Bartoov (41. Eastartv 
(7). Thomason (7). Waddell (to and Willard, 
w— wadeh. 2-5 L— Stanton, l-l HRo—Seattle. 
Photos (to, Presley 111). Cleveland Tatoor 
( 21 . 

MMt NO 2M BOO-2 f I 

Baltimore ISO MO MO— 1 7 8 

Ktaon. Stanley In and Sax; McGregor. 
Stownrt (u and Rayford. W-KIson. M. L— 
McGregor, fr5 S v— S tmile y (71. 

Kancas aty 8W 2M WB-4 9 8 

CM**"* - "*" OM IM Ml— 1 5 • 

GuMcm. Qutaantwrry (9) and Sundbero; 
Stoton, Corbett (4), Moore (HI and Boon*. W— 
QuWcsa, 2-4. L—5laton, 4-4. Sv—Qu (sen berry 
IQ). 

NATIONAL LEAGUE 

» Louis - . . MD8M Ml — I 3 • 

■SewYarfc (MMS MO-4 3 8 

Tudor ang Nieto, - Lynch, Gorman (9) and 
Novnoidl. W— Tudor, -W. L-Gorman, 34 
HR— SL Louts. Herr (21. 
lw Angeles IM SOS 810—3 8 1 

AHanfn Ml m tPx 7 M 1 

Henh(Hr,Castfflo U), Dltt(7}imd5do>- 
eto; Mahlor.Suttarlto and Owen. W— Mahler, 
L— HersMssr, M. HRs- Los Angeles. 
fW- Atlanta Ramtnsz (31. 
PftSbeiRh •... 8M OM 838—3 12 2 
8M 820 *1X— 7 » 0 

McWHikxro, Robinson (to, scurry (71, 
Guanto (71 nd Pena; Trout Fnstor «), 
Smtth m and Dtotts. W— Trout. 8-T. L— 
^ HRs-Pmsfiuroft. AHm 
ai- Chtooga Setter (2). 

-8M8M 110-4 II 1 
ClodneoM ... 3M n iix— 7 7 0 
Drowflni, Stoddard. (S), Booker (71 and 
Batoiv. Kennedy (S); Price, Hume (6), France 
m and Kaictov. W-Pri c*. 2-a L-Orov«3ty, 
^sw-FronM m-Hi^ctoelonaiLCNtono 
(l). ' 

*“*4 M2 Ml MO-4. 5 1 

p yy M " ' tMIM 280-3 II I 
Smm. luobb (7L Roortao (8) and Pltzger- 
akL- Rewtov, Kooomgn (2), Rucker («), An- 
denen CD, Tetoex* (v)'aed virou, Diaz (fl. 

Wt L-Ragtoy. - 44 5 v- ■ R e ar d o n 
(17)- HR— Manlroat Dawson (to. 

S ag Pra ptfscg. 8MM8 810-1 4 1 
HWton • -min ite-4 5 • 

Ltaktor. NlDavte (8) and Trovtoo; Ryoa 
DIPIno (Mi D4mtthQU anil Banov. W— Ryan, 
84. L — Laektv, VA. Sv— aSmUh (10). 


AMERICAN LEAGUE 
East Division 



w 

L 

PcL 

GB 

Toronto 

36 

17 

.679 

— 

Baltimore 

29 

23 

.558 

SYj 

Detroit 

28 

M 

J38 

7Vj 

now York 

27 

24 

J29 

8 

wnmi 

27 

25 

sir 

M 

Mllwauhoo 

25 

25 

J€0 

9Vk 

Cleveland 

19 

35 

J52 

I7VS 


West Division 



Kansas City 

28 

24 

S38 



California 

28 

25 

S28 

to 

Chicago 

26 

24 

■520 

l 

Oakland 

25 

27 

-481 

3 

Seattle 

24 

30 

444 

5 

Minnesota 

23 

29 

.442 

5 

Texas 

20 

33 

xn 

Sto 

NATIONAL LEAGUE 




East DMstoa 




w 

L 

Pet 

GB 

Chicago 

31 

19 

JOS 

— 

New York 

30 

20 

Mtt 

1 

Montreal 

32 

22 

593 

1 

51. Louis 

28 

24 

-538 

4 

PMtodetotita 

18 

34 

546 

14 

PtttstHirgh 

17 

34 

533 

14to 


Utost Division 



Sai Dtago 

31 

21 

596 

— 

Cincinnati 

29 

24 

547 

2to 

Houston 

28 

25 

-528 

3to 

Las Angeles 

27 

27 

500 

S 

Atlanta 

21 

30 

.412 

9to 

Sen Francisco 

28 

32 

585 

11 


Soccer 


WEST GERMAN FIRST DIV15ION 
CHAMPIONSHIP 

Bayern Munich 1. Elidrodtf Brunswick 0 
other Results 

Borussia Dortmund 2. Werder Bremen 0 
BoruMa Moenchengtodbatfi 1 Elntracht 

Frankfurt 3 . 

VFL Bochum 1. Fortuna Duessektorf 0 
Bayer Leverkusen Z SV WOldhof Mam- 
helm 1 

SC Kiartsrvhe 1. VFB Stuttgart 1 
FC KoteenJoutem 6. FC Cologne 0 

Armkila BleMeid !. Bayer Uerdlnooo 0 
SV Hamburg 2. FC Scholko 0 

AUSTRIAN FIRST DIVISION 
Elnnslndt Z DSV A Urine 3 
Grazer AK X Rapid 3 
Austria Vienna A Sturm Graz 1 
5V SpIHuI L Admlro Wacker 1 
KJagenfurt Z Irewbruek 1 
Vienna 7, EoJzbvrg 3 
Vffener Soorlklub 0. LMk 3 
Vaset Linz 6, Fow AC 0 

SWISS FIRST DIVISION 
La Chaux-Oe- Foods t. Grasshoppers 4 
Aarau Z Young Bays 2 
Basel 3. Winterthur 1 
Lucerne Z Vevev 1 
Zurich & NeucftoM Xamau 1 
SJon ft, Wcttlngen 6 
Lausanne 1 SC Zug 0 
Servette 2. SI. Gan 0 


Tennis 


FRENCH OPEN 
MEN'S DOUBLES FINAL 
Mark Edmondson and Kimmiiwtck.Anslro- 
lta. A det Shtomo Gilckstota, Israel and Hao 
Slmonuon, Sweden. ML w. M (Ml. 6-3 
WOMENS DOUBLES FINAL 
Marti na Navratilova and PemShrlnr,ua, 
dcL Claudto tuhdo-Kllictv west Germany, 
and Helena Sukovn, czechMtoM)kkL44,frZ8- 
L 

MIXED DOUBLES FINAL 
Martina Npvratttoue. US, and Heinz Guntb- 
ardL Syritzerkind, def. Paula Smlttv US«and 
Frondiea Gonzalez, Paraguay, 3-6, 6-3, 6 - 2 . 


Transition 


BASEBkALL 
American League 

SEATTLE— Placed Mark Langston, Pitch- 
er. an f ho 71-dcrv disabled list CaUedupRab- 
ert Lanob ptteber. Iram Caigarv at the Pacific 
Coast 1 TlffflML 

TEXAS— Stoned Bobby wttt, pitcher, and 
assigned mm to Tulsa at the Teens Leogue. 
Na Wo o el League 

ATLANTA — Optioned Paul Zuwelta. totteW- 
er.ta Richmond of (he International League. 

Chicago— R eactivated Rick Suiciitto. 
pfletwr. Placed Lorry Gum. pitcher, on the 
destonoied-osstgament list 
HOUSTON — Reactivated shortstop Dickie 
Then from the disabled ItsL placed hflektor 
Bert Pena on the 21-day disabled list. 

PH ILADELPHI A— Reinstated pi ichor Jer- 
ry Koosman from ttm dha bled list and placed 
Pitcher Pat ZOchry an 10-dav notice. 

PITTSBURG^— Seal Roy Krawczyk, 

pi Ichor^o Hawaii ot the Pacific Coast League. 
Activated Larry McWilliams, pitcher. Stoned 
Barry Baade, Jell Cook. Page Ode, Anthony 
Mealy, autfleWers, Byron Gideon, Kyle Chan- 
nlno. William Sampen, Mark Obertioltzer, 
Lawrence Melton, pitchers. Kyle Todd, Juan 
McWilliams, third basemen. John Shouse, 
Robert Bepfcert. catchers. Raymond Gam- 
btna InfMdor. and Brian Shaurn stiorts to p. 
BASKETBALL 

National Basketball Assodaflan 
SACRAMENTO— (tamed Jerry Reynolds 
o a ste heri coach. 

Uiritod Slates Basketball League 
wi lowood— P laced Gary MeLata,guard, 
on the TO-day (SsaMed Ust. Stoned Stan Wit- 
Dams. tor word. 

FOOTBALL 

Nattoaal Football League 
BUFFALO— Named Ebert Dubonion 
scout 

□ALLAS— Signed Anthony Dickerson, line- 
backer. to a msiff-yoar can trod. 

HOCKEY 

Mottam ri Hockey Logout 
DETROIT — atoned Randy Hansen, goalie, 
and Tam Ntofcataa. center, to mutthyear con- 
tracts. 

(-A. KiNG5—Shpiod Lvte pbato. left wtna. 
COLLEGE 

ARIZONA STATE ■ Announced be resig- 
nation of Roger Kerr, women's track coach. 

BOISE STATE— Nomad Joe Altoni assis- 
tant football coach. 

IONA - Name d Donna MBbt woman's vol- 
leyball coach. 

mi NNESOTA-PULUTH— E xtended me 

contract of Mika Serttch, hockey coach, tor 

fi ve y ears. 


Football 

USFL Standings 

EASTERN CONFERENCE 



■-L. . ' 

' *{’■ — Mtttoft! 

5- 


Tim TeufeL. the Twins' second baseman, used Cartton 
Fisk’s bead for support after thwarting the White Sox 
catcher’s attempt at stealing base Saturday in Minneapolis. 


Herr’s Homer Gets 
Cardinals Past Mets 


NEW YORK — Tommy Hen 
hit a borne nm in the ninth inning 
Saturday, giving the Sl Louis Car- 
dinals a 1-f) victory over the New 
York Mets and earning extrava- 
gant praise from his manager. 

Hots second home nm of the 
season, and only his eighth in more 
than 2,100 at-bais, gave him 50 
RBI and broke up a brilliant pitch- 
ing battle. St Louis' John Tudor 
ana New York’s Ed Lynch baffled 
the hitlers through eight innings, 
with Tudor allowing only three hits 
and Lynch two. 

' But Lynch left for a pinch hitler 
in the eighth, and his replacement. 
Tom Gorman, threw a 3-and-l 
fastball that Herr drove over the 
left-field fence. 

“Herr is right now (he best play- 
er in baseball.” said his manager. 
Whitey Herzog. “He is an intelli- 
gent ballplayer who has always 
been underrated." 

Reds 7, Padres 4: In Gndnnali, 
aggressive base running by Gary 
Redus and a three-run home run by 
Cesar Cedeoo beat San Diego. Re- 
dus got two singles, stole second 


Cubs 9 Sutcliffe Returns With 5-Hitter 


W L 

•c-Birmlnshm U 4 

Now JtrstY 10 5 

Mcm p hU 9 7 

Tornoo Bay 9 7 

Jacksonville 8 7 

BatHman 8 7 

Orlando 4 12 


Pel. PF PA 
750 408 278 
-467 352 305 
SO 359 309 
363 277 370 

SO 311 Ot 
331 289 240 
281 433 


Compiled by Our Staff From Dapcacha 

CHICAGO - Rick Sutcliffe, 
making his first start in almost 
three weeks, pitched a five-hitler 
and struck out nine to lead the 
Chicago Cute to a 1-0 victoiy Fri- 
day over the Pittsburgh Pirates. 

Jose DeLeon matched Sutcliffe 
except for one pitch, the one Jody 
Davis hit for a home ran in the 
second inning . The loss was the 
Pirates’ fourth in a row. 

Sutcliffe came off the disabled 
list tixxtly before game time, hav- 
ing incurred a partial tear of his 


WESTERN CONFERENCE 
x-OoUand 11 4 1 J19 408 309 

Danmr » 5 0 A67 394 311 

Houston I I I 41 41 a 

Artwna 7 9 8 JM 327 357 

Portland 5 11 0 313 2)9 384 

Los Anatom 3 12 0 JM 219 387 

Sen Antonia i 12 0 SOt 223 347 

k-eaa e nua piovofl berth 

FRIDAYS RESULT 
Moments 4L Orlando 17 

SATURDAY'S RESULTS 
Bl r m to M b um M, BaUimgr* 7 
Perttead 37, Tampa Bay 34 
ArtiwH 28. Oakland 71 


hamstring on May 19. 

“It was kind of like opening day 
again fa me,” Sutcliffe said. “I 
didn't know wbat to expect. I was 
winded out there for a while, but I 
never fell any pain in the leg.” 

He added: “1 didn't really expect 
to do as well as I did.” 

Padres 9-3, Reds 3-2: San Diego 
swept a doubleheader in Cincinnati 
and took a three-and-a-half game 
lead-over the Reds in the WesL In 
the first game, Kurt Bevacqua hit a 
grand slam home run and Carmelo 
Martinez hit a three-mn homer. 


FRIDAY BASEBALL 

Tony Gwynn won the second game 
with a home run in the 1 1 th inning. 

Cardinals 7, Mels 2: Tommy 
Hot and Jack Clark each drove in 
two runs as Sl Linns scored six in 
the 13 th inning in New York. The 
teams had been tied since the fifth. 

Expos 3, Phillies 1: Tun Raines, 
who opened the season slowed by a 
hamstring injury, stole three bares 
and scored all three Montreal runs 
to help David Palmer win a pitch- 
ing battle with Steve Carlton in 
Philadelphia. 

Dodgers 7, Braves 2z Mike Sdos- 
ria bomered and drove in two runs 
as Los Angeles won in Atlanta. 

Astros 4, Giants 1: Phil Gainer 
drove in two runs to help beat San 
Francisco in Houston. 

Bine Jays 9, Tigos 2: In (Be 
American League, in Toronto, 
George Bell hit a two- run home run 
and singled in a third run against 
DetroiL 

Royals 6, Angels 0: Kansas Giy 
beat California but lost star third 
baseman. George Brett who pulled 


his right hamstring as be was run- 
ning the bases in the fifth inning in 
Anaheim, California. 

Mariners 6, Iotians 4: Seattle's 
Bill Swift, a member of the 1984 
U.S. Olympic team who was 
brought up from the Class AA mi- 
nors, pitched one-hit ball for five 
inning s in Cleveland. 

Twins 6, White Sox 3: Pete Fil- 
son pitched the first complete game 
of his major league career in Min- 
neapolis to give Minnesota its sec- 
ond victory in its last 14 games. 

Red Sox 8, (Moles 4: Dwight 
Evans drove in four runs and Rich 
Gedman went 4 for 4 in Baltimore 
as Boston won its fifth in a row and 
seventh in eight games. 

Brewers 10, Yankees 9; Despite 
four home runs, two by Dave win- 
field, New York fell a run short ‘in 
Milwaukee. The Brewers won it in 
the 10th with an RBI infield hit by 
Charlie Moore. 

Rangers 4, A's 2: Curtis Wilker- 
son hit a two-run triple in the sev- 
enth inning and scored the winning 
run in the 10th lo give Texas its 
victory in Oakland. (IAT, UPI) 


SATURDAY BASEBALL 

each time and each time was driven 
in by Dave Parker. 

Astros 4, Giants 1: Nolan Ryan 
pitched seven shutout innings in: 
Houston and widened his lead over 
Steve Carlton in career strikeouts, 
while beating San Francisco. Ryan 
struck out seven, for 3.96 1 to 3,905 
for Carlton. 

Cubs 7, Pirates 3: Chicago utility, 
infieider Chris Speier, playing sec- 
ond for injured Ryne Sandberg,’ 
drove in four runs to help the Cubs 
beat visiting Pittsburgh and take 
first place in tbe East. 

Expos 4, PtalBes 3: Andre Daw- 
son homered in the first inning in 
Philadelphia and Montreal went on 
to band the Phillies their fourth loss ~ 
in a row and their 1 2ih in 1 5 games. 

Braves 7, Dodgers 3c Rick Mah- 
ler pitched a seven-bitter and bat- - 
ted in two runs in eight innings as 
Atlanta, playing at home, beat Los 


Royals 4, Angeis 1: In the Ameri- - 
can League. Mark Gubicza and 
Dan Quisenberry pitched a five-\ 
hitler in Anaheim, California, put-i-> 
ting Kansas City one-half game' 
ahead of the Angels in the WesL ' 

nr= fit ni « v% . . t 


this year as rookie Randy O'Neal, . 
backed by 15 hits, gave up four hits; 
in seven innings in Toronto. 

Red Sox 2. Orioles 1: Bruce Ki-. 
son worked out of a first-inning 
jam with tile bases loaded and no - 
body out in Baltimore, giving up; 
only one run, and pitched Boston - 
to its sixth straight victory and', 
ninth in 10 games. - 

Indians 12, Mariners 8: Pat! 
Tabler drove in. six runs with a, - 
grand slam homer and two singles' 
to help beat Seattle in Cleveland. 

Wlnte Sox 3, Twins I; Chicago’s , 
Britt Bums hdd Minnesota to three! 
hits in 6% innings in Minneapolis.'; 
During one stretch. Bums retired'' 
13 consecutive batters, 

A]s 6, Rangers 5: In Oakland.- 
California, Bruce Bochre hit 
knuckleball from Charlie Hough 
[or a two-run single in the sixth to 
beat Texas. 

Yankees 2, Brewers 1: Dale Ber- 
*** fjngte m ^ 13th scored Dave 
Winfield from second base as New- 
York won in Milwaukee. Ray Bur- 

m to three hits 

until the ninth. (LAT. UPI. AP) 














" Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 10 > 1985 


LANGUAGE 


A Toast to 'White Bread 9 


By William Safirc 
W/ASHINGTON — Describ- 
W ing the effect of softened vio- 
lence in a movie called “The Dirty 
Dozen: Next Mission,” John 
Cony, a New York Times televi- 
sion critic, wrote, “It may be a 
white bread war . . 

Explaining his desire to reach a 
solid, middle-class audience for his 
revival of the musical play “The 
King and I," Larry Miller of Corin- 
thian Communications said: “We 
wanted while-bread Middle Ameri- 
ca." 

This new adjective has puzzled 
David Cole erf Norwalk, Connecti- 
cut: “It looks like these fellows are 
trying to enrich the language This 
use of while bread (with or without 
the hyphen) as an adjective sug- 
gests some variations: pita bread 
politics in Lebanon: pumpernickel 
styling of a Volkswagen; unleavened 
advice from an attorney. In all seri- 
ousness, from whence cometh white 
bread as a modifier?" 

Although whence means from 
where and does not take a redun- 
dant from, the question is otherwise 
well taken. The new adjective was 
launched in the 1960s. 

Maclean's magazine, in a 1968 
interview with Norman Mailer, 
quoted the novelist's distaste of a 
“white-bread mentality” he associ- 
ated with the baby-care ideas or 
Dr. Benjamin Spock. In 1977, 
Newsweek described the entertain- 
er Richard Pryor, who is black, as 
walking off the stage in Las Vegas 
“fed up with doing ‘white bread’ 
humor." A year later, the magazine 
praised Norman Lear's television 
series "All in the Family” for going 
“beyond what (he trade railed 
‘white bread and mayonnaise’ — 
and the customers happily lapped 
it up." 

The definition of the hyphenated 
compound adjective white-bread, 
from most of those usages, seems to 
be “bland.” The lexicographer Sol 
Steinmetz, however, takes it a cou- 
ple of layers deeper “Used figura- 
tively and chiefly as an adjective, 
white-bread is one of the most sub- 
tle and suggestive terms of dispar- 
agement to have appeared in recent 
years." Emphasizing that its core 
meaning is “belonging to or reflect- 
ing the values of American white 
society." S teinme tz points to the 
way the word suggests the soft, fla- 
vorless richness of the supermarket 
staple. “In slang, bread means 


‘money, affluence,’ and white-bread 
is also a pun on white -bred” 

The term has an earlier history in 

waiters' lingo: in a restaurant, white 
bread was long the code reference 
to the boss. When an employee 
whispered “Eighty-six on the free 
warts — white bread,” it meant “Be 
on your guard, do not dispense 
extra olives in the martinis, the 
owner is here." {Eighty-six was an 
American adaptation of cockney 
rhyming slang, rhyming with nix, 
and warts are olives.) 

A PEJORATIVE adjective 
slights, belittles, disparages and de- 
predates the noun it modifies. For 
example, weak is pejorative (from 
theOld English wac for "yielding" 
or “feeble"); nobody likes a weak 
president or weak coffee. 

The opposite of pejorative is ag- 
grandizing, extolling or laudatory. 
For example, strong is a laudatory 
word; we all admire strong leaders. 

What, then, do we do when 
strong becomes pejorative and 
weak is not all that bad? Consider 
the dollar. 

Senator Daniel Patrick Moym- 
han. Democrat of New York, was 
explaining the difficulties of a New 
York-based company, Kodak: 
“What it can't da” wrote the sena- 
tor in his newsletter to constituents, 
“is overcome the effect of the over- 
priced dollar ” He then shifted into 
a discussion of semantics: “Here 
there is a real problem with the 
words we use. We say strong dollar. 
Strong dollar, strong America, 
right? Wrong. But there you are 
Overpriced is a better way to put it. 
If the dollar is overpriced, Ameri- 
can exports are overpriced; imports 
are underpriced." 

The trouble with the Moynihan 
solution is that overpriced and un- 
derpriced are as value-laden as 
strong and weak", needed are words 
of comparison, neutral or at least 
fair-seeming, that describe the sta- 
tus of the dollar in relation to other 
currencies. 


The Deliverance 
Of James Dickey 


By Sam Hodges 

United Press Tntematmal 

C OLUMBIA, South Carolina 
—Most everyone here tells a 
James Dickey story. This is story- 
telling country, and Dickey, to 
say the least, is a character. For 
instance: 

Dickey returned to the Univer- 
sity of Smith Carolina one day 


dentials as poet, Dickey could 
probably pick his spot as writer- 
in-residence. But instead of the 
Ivy League he chose the Universi- 
ty of South Carolina, a school 
stru g glin g to improve its academ- 
ic reputation. He is in his 16th 


today, while rupees and zladniks 
soared." Unlike strong, the word 
high is not always unassailably 
good, and though low is not a good 
word for most moods, it is a happy 
de scri ption of tensions and tem- 
peratures. 

New York Times Service 


a desk and tried to concentrate on 
teaching his creative writing 
class. 

Suddenly his nose began to 
bleed. This was no trickle. This 
was, by nosebleed standards, a 
gusher. Dickey moved a hand up- 
ward and got it wet with blood 

A student recalls thinking the 
poet would surely reach for a 
handkerchief or leave the room to 
clean up. Instead Dickey took his 
other hand and rubbed hard 
around his nose. 'Then he held 
two red hands out to his cringing 
students. 

“Don’t say I never Wed for 
you." be yelled, triumphant. 

Dickey, 62, may not literally 
bleed for his students, but they 
speak admiringly of him. They 
concede his eccentricities. They 
concede his legendary ego. Nei- 
ther gets in the way of his teach- 
ing, they say. 

Dickey is perhaps the best- 
known contemporary American 
poeL who is regarded seriously by 
literary critics. He won the Na- 
tional Book Award for poetry in 
1966. Four years later he pub- 
lished “Deliverance.” a best-sefl- 
ing novel that became a popular 
film. He was twice named consul- 
tant in poetry to the Library of 
Congress. And he has written 
or iginal, provocative literary crit- 
icism in whaL is called the post- 
modernist tradition. 

He has also been something of 
a celebrity. He did guest spots on 
the Johnny Canon show, the Bill 
Buckley show, the Dick Cavetl 
show. He had a bit part as back- 
woods sheriff in the film of “De- 
liverance.” At Jimmy Carter’s re- 
quest, he wrote and read “The 
Strength of Fields" as a presiden- 
tial inaugural poem in 1977. 

With his notoriety and his cre- 


year here. 

“In James Dickey we have a 
world-class writer, a poet whan 
many judges regard as America's 
greatest living poet," said Mat- 
thew Broccoli, professor of En- 
glish at South Carolina and au- 
thor of books on F. Scott 
Fitzgerald, “It’s good for our stu- 
dents to be exposed to genius." 

Dickey cones to the campus 
twice a week to teach classes in 
poeuy and creative writing. He’s 
an impressive sight: as big as a 
linebacker, though the weight set- 
tled decades ago. To a recent 
glass he wore a floppy doth hat, a 
white jersey with yellow sleeves, a 
Northwestern University wind- 
breaker, faded blue jeans, two 
watches (one set at Greenwich 
time and one at Eastern time, to 
better determine his place in the 
cosmos), and, encased in dear 
plastic and hung around his neck, 
hawk feathers given him by a 
Montana Indian. 

His voice prompts attention, 
too. Brought up in Atlanta, be is 
drawl-iii tact Southern, prone to 
adding unnecessary vowels and 
dropping essential consonants. 
He says “y’all" often, and con- 
vincingly. 

Dickey is known for his self- 
confidence. On his office wall 
hangs a photograph of a water 
moccasin be says he killed with a 
blow dart. “Deliverance," partly 
autobiographical, concerns hunt- 
ing with a bow and canoeing 
through rapids. Dickey played 
football briefiy at Gemson, and 
flew bombing missions in the Ko- 
rean War and World War II. 

As for self-confidence, consid- 
er this: Dickey once wrote a 
knowing poem entitled “Adul- 
tery" and included it in a volume 
dedicated to his first wife. And 
here's Dickey on “Deliverance.” 

“I read it again the other day. 
Liked iL It’s very good." 

But Dickey rarely mentions in 
claw his wont or ms friendships 



MOSCOW POS TCARD j, 

'Brrreak 9 Dancing? Da 


***** -nmamm WaNu*on ft* 

Author Dickey: Bleeding for his students. 

with well-known writers. He gave boobytrapped wilh . 1 
a lecture recently on the late poet hesatd‘ 4 Eadionelias 5omeUuni 
W. H. Auden, and only after- different in it. TO walk by one 
wards, when questioned, did he them and maybe sit down ana 
concede he knew Auden “fairly work for 30 minutes. I door [sri 
well" in New York. hour after hour. The “"“i 

He has attracted several noted aspect of writing has never ap- 
viating writers to the campus, pealed to me. Tm an active per- 
The British poet Stephen Spender son." 

substituted for him one term. He's clearly invigorated by ms 

William Styron and Robert Penn ^ family. His first wife. Max- 
Warren both visited the campus „,e, died in 1979. He married 
at his request. Each year Dickey Deborah Dodson about two 
helps assemble a writers’ series months later and they have a 
that may not be, as he insists, “the four-year-old daughter. Bron- 
equal to any in the world," but is wetL 

impressive nonetheless. The Dc- Rjchanj Calhoun, professor of 
lion writers John Barth and Peter F * liQh ^ the author of two 
Taylor came this year. books on Dickey, said Dickey’s 

Dickey — who published his ulioQ ^ uterarv critics tie- 
first book at age 37. af ter a prom- w decline - m u,e 1970 s. Dick- 

isrng career m advertising — re- to experiment, Calhoun 

mains prolific. He wilts poems, said, writing longer pieces that 
essays and fiction. He wrote tee cooXmtaA with the shorter, more 
copy for two larae |lu 5 tratod lyTica i poems that caught the crit- 

ics’ attention initially. 

dren’s boot is scheduled for pub- “They’ve taken Dickey as a 
lication this fall. show-off. as an anU-mtelleciual. 

And then there’s the second which he’s not, Calhoun said, 
novel. “Alnilam." named after a “He’s never really been accepted 
star in the constellation Orion, is in New York^and Boston. Hes 
now at 1,050 pages. Dickey says not iheir type, 
he’s got another 350 pages to gp. No such bias against Dickey 
He admits his work habits are exists in Columbia. Here, Dickey 
peculiar. “The whole house is is a source of pride— and stones. 


Bv Andrew Rosenthal 

’ The AssniaU^ Pnrv 

M OSCOW — From the dim 

retaa of a dark ened 

torium, someone shouts bmrak 

b<*k 

throws himself w the sttg 
begins to spin, gyrate and flip head 
ovlr heels. Nearby, a guitartstJCTb 
his body in a senes erf mechanical, 
robot-like gestures. 

“Break dancing ana ireere 
dancing" — crazes that haw swept 
the West in recent years — made 
their public debut in Mosww re- 
cently to the wild applause of about 
4.000 concengoers. 

The evening also mduaefl Bea- 
ties songs, dearie jazz and num- 
bers by contemporary rock groups. 

The entire program was per- 
fonncdbylhepomlMtand;^- 

nal. whose middle-aged leader. 
Alexei Kozlov, is known for musi- 
cal innovation, despite occasional 
resistance from im enthusiastic ho- 
viet authorities. . , . 

Modem dance, music and cloth- 
ing styles are slow to gam official 
acceptance, but somehow seep into 
Soviet society through back chan- 
nels that include tapes, smuggled 
videos and incoming tounsls. 

So when Arsenal began its five- 
day engagement at the Druzhba 
(Friendship) Universal Hall of 
Sports, the audience recognized the 
tunes after just a few bars. 

Most people in the audience 
wore the characteristic drab Wue 
and brown of Soviet crowds, but a 
few teen-agers were dressed up m 
wrap-around sunglasses and gloves 
with the fingertips snipped off. 

No other Soviet group is known 
to have performed break or freeze 
ri-nnHng publidv. But the teats 
were adept at the steps, which they 
practiced in the street outside while 
waiting for the band to emerge af- 
ter the concert. . 

“People find out about music. 
Kozlov said in an interview. “They 
get the latest records by different 
flwgins, gather in small places that 
diplomats have never heard of and 
supply friends with tapes.” 

The evening began with Kozlov 
— a gpfluvri man in his late 40s — 
and his eight youthful musicians 
formally dressed in jackets and ties. 

They played jazz at ear-splitting 
volume, with Kozlov moving from 
saxophone to clarinet to keyboards 
while the others played on Western 
drums, synthesizers and guitars. 


The final number m the metf- 

ley of songs by the Beatles, drew 
loud cheers and 

After the intcrmivMon, the «eae 

d Kndo» «w ■* main-i-dnwj 
outorer and a M-*ba» «P „ 

StoUta f 

Pawl Btvun, was dressed entirety 

in vdlow". with . 

glasses that he pulled off one b> 
one as he danciu. 

As the buss guitar, drujusaad 

synthesizer tcxA up a throb^ . 

lack beat, the band began twir 
robotic steps, and H ****** 
like something, from a New York 
disco than a Soviet auditorium w a 
complex named nfi« • 

Arsenal went through d* paces 
to tunes by Men at Work. Giw 
Jones and more Beatles as the ftua- 

ence’s enthusiasm grew ^ 

At one point. Ntkolat Drycfla ^ 
emerged from behind his diwns 
and fcllto the fkHW - gyraf mgoB- 

his shoulders, flopping aroondlike - 
a fish, and spinning mi bended 
knees like a rock n tvlkrazed . 
Cossack. 

The crowd applauded and . 
cheered, stamping their feet m time 
to the music. But it was a reslMiood 
concert by Western standards, and 
after the concert, the mood quickly 
reverted to a more somber pitch. 

As the audienceleft the stands, a 
sweet, amplified woman’s vtwe 
said over and over “Good night a 
dear comrades. The workers of ihe"T ■ 
Druzhba sports hal! wish you 
health, successin lahor and a good 
journey home." 

'Vargas Girls’ Drawings 
Shown in San Franctsco _ . 

United Press Intcrniinnuil 

SAN FRANCISCO — The Var- 
gas girls, drawings of alluring beau- 
ties that graced Esquire. Playboy, 
calendars and Gl foot kickers, haw 
won recognition as art. 

An exhibit of about lt>0 onrnals 
by the Peruvian-horn artist Alfredo 
Vargas has opened at the San Fran-^i 
dsco Art Exchange. For American 
soldiers in the 1940s, the Vargas 
girls in Esquire and Playboy were - ’ 
the fantasy symbol of the sex and 
beauty awaiting than at hone. The 
exhibit of drawings, watercotors 
and Vargas memorabilia is the first., 
such display of the work of the 
artist, who died in 1981 


!/(<’ 


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HAVE A MQ DAY! BokeL Haw a 


INTERNATIONAL CLASSIFIED 


PERSONALS 


REUNION 

COMMUNTY SCHOOL TOMAN 
AUGUST 2-4, 1985 
Teachers, Graduate; 1945-1978 
Contact: Vicky Shohet Ezra 
213-4/5-8178 

or George Abrdiamcm 213774*3321 
or Irving Isaac Poui 212-319-0715 


MOVING 

ALLIED 


REAL ESTATE 
FOR SALE 

FRENCH PROVINCES 


VAN LINES INTL 

ova ux» AGBirs MONT-AGEL GOLF 

In trsX -CANADA o»r» 

350 woMP-wne suraaiY situated viua 

FStt tiiimA Its Offering s we ep ng views of the entire 

PARIS Dwfaorde. International PRINCIPALITY 

( 01 ) 343 23 64 __ uirMArn 

Ft? A MKTI IDT Ml Mowing OF MONACO 

-‘scao*- 

DUSSHDORF/ RATINGS) R* further <**£*** 

(02102) 45023 IMS. AGHM 

MEJMCH IMS 26 bis Bid Panc em? Ch arlotte 

...... Monte Cmb, MC 9*100 Monaco 

(089) 142244 . . TeL (93) 50 66 00 fad-lSfl 

London jtezz sitrSaL 1 

(01) 953 3636 S-AJi. Mbm - Tranco 

USA Affiod Van Lines InPI Carp 

mini i iin. 60 i.oinn I" 6 ? ^ ’ 


ROSALIE & BOB BECHT 

HAPPY 24TH ANNWKSAKY 
AB our low. MkL Sandy, Joame, 
Kcdry, Paul. Paul 2, ra. Front, Tommy. 
Michael & Dad loo. Enjoy. 

TO D. 

CALL HOME 


MOVING 


REAL ESTATE 
TO RENT/SHARE 

FRENCH PROVINCES 

CANNES n«r port, 3 ^oornOTrW> 
seaside, weet/ month. (1) Bra 43 1 

GREAT BRITAIN 


REAL ESTATE REAL ESTATE 

TO RENT/SHARE TO RENT/SHARE 

ITALY PARIS AREA FURNISHED 

SftpfflUiA ITALY luxumus wfla m PARIS IHT BANK at Notre Dame. 


Offering su mepng views of the entire EXECUTIVE SLATES MAYFAIR. Luut- 


PRINC1PALJTY 
OF MONACO 

with large privide garden date 
la the "Club House- 
Far further detaib please contact: 

AGED! 

26 bis Bid ftmeesat Charlotte 
Manta Colo, MC 98000 Monaco 
TeL (93) 50 66 00 fat.155] 
Telex 479417 MC or 
SAFA Anfita* - ftanen 


ry furnished aporfmerts, newly Up- 
rated, fuly serweei seerefuna/ielot 
fadShes, E45D/E550 per week. 3 
months »o 2 yean. Moumcwap Me» 
UMi e i t Ltd. London 01 491 2626 
iefax.- 299 IBS. 

LONDON. For the best furmshed Rats 
and houses Consult the Speriedists; 
Rvlps. Kay and lewis. TeL- Sout h o f 
Park 352 Mil. North of Pork 722 
5135. Telex 27B46 RESIDE G. 


PdhxmbatzQ GOSM Smerdda 5 » 
utes So Porta Ratondo. 20 rtxnutes to 
Porto Cento. 200 sgnt. + 100 scjja 
tentxe, 3 double roans each with 
own bdhroom. one mod's room + 
WQ bg living, fatchen, pnvate path 
to the sec. 2 fire time maxh with iheir 
own car. Price per week Jul y /August 
USS2.600. jutto-'Setfentber USS2200 


BeautifiAy remodeled hmhed pent- 
house. 260 so. m. 3 bedrooms. 4 
baths, large fatcherv dnmg. Sdtng 
rooms. Roof lenoce. S4 jOCTmertWy 
or $200 daiy. 1 week mnwnum. June 


wc Ixg hvirw. fatchen, pcuote path lSAuw. 31. June Dutton, Box 2150 METRO VRUBRJULY-AiiOMT. 
to the sec. 2 tob time moxb weh iheir Son franosco, CA 94126. 415433- Lcrae 2 rooms. F2500 chages mchxL 
cwn rar. Price per week Jete/ AunH t 0660 weekdoys 9-5. ecLLe : 522 32 12. 

USSZ60II June.'5eaw te USS 23?3p HEUU1Y, LUXURIOUS 2-roooi Rat. Ju- 

74 CHAMPS-H.YSHS 8th WMgBlagr^ 


D REAL ESTATE 

TO RENT/SHARE 

ISA 

REAL ESTATE Brooklyn hbghis aha-ntc 
TO RENT/SHARE Gor«o» 3 Say hatonc londuxxk 

— row house. AB amendus & from S 

PARIS AREA FURNISHED bodt gadem. S ubwa.04 Mock, 10 

FB4THOU5E AVI MONTAIGNE. &a!^Cc« N f- pi 
near Chnips Bysees, 120 sqm. 4- 

kxge terrace. Ngh dam. 7097 04. IpCTATP 

KITH. 3 room apartment. Ally and **™£*f^* f ^ 
August Oom la market and metra WANTED/EXCHANGE 

^ 5S( FURMSHED aportmeat far 5 

METRO VRUBR,JULY-AUGU5T. NY. July to 

t ^. 2 t9^ F 3 SMt * , “B e,inch ' d ' Sept. Teh Paris 361 44 74 early mam- 
ed. W: 522 S 12. mg after 7 pet ■ 

FEUU1Y, LUXURIOUS 2-roooi Rat, Ju- AM0BCAN SfflCS PURCHASE of 3 


EMPLOYMENT 

GENERAL POSITIONS 
AVAILABLE 


INTERDEAN 


WHO EUR FOR YOUR 
NEXT INTBINATIONAL MOVE 


FOR A FREE ESTIMATE CAM 


DIVORCE IN 24 HOURS 

Mutual or contested actions, low am. 

Hem or Done me an Repubkc For wfbr- BHEMtN: 
motion, send S3J5 fw 24poge booklet 
handling 10 Dr. F. Goiccfc. OOA, CADIZ: 
IB35 K Si NW, Washinrton DC 
TOO 06. USA teK 202-C3B331 


PAWS ON TW RUN. See ihe -arid’s 
mod beouOfu! Ply m Ihe comfort of 
yom own shew, fi* logging tours a f 

Pan. Can 56T 12 57. 

WIMHBX3N TIOCETS awri able. Se- 
ns - Finals Book now. Cal Ticket 
Fmdets UXOI-629 B633 . moble0636 
TO 771 Teln 201376 LCtfBNO G. 



(0101) 31 2-681 -8100 

FOUR WINDS 
INTERNATIONAL 

WHY USE AGENTS? 

TXw BmU Sena Awn Ihe 

■ n* — IS- — tJ- 

targmgi wwanawtam enovwr 
CAILPAIOS (3) 036 63 11 
LONDON (01) 578 66 IT 

DEMEXPORT 

PARS • LYON • MARSBUE 
Uli£ • NICE 

kil’l imMig by spedafat from major 
dries n France to aO aties m the worid. 
ToB free fr om F rance 16 |Q5) 24 10 82 
FOeeStlMATB 

CONTMX Castbustere to 300 aria 
worldwide . Air /Sea Col Chart* 
281 1881 Pans (near Opera) Cars too 


bedroonK. etfkpiwd Uchen, balcony, | 
large jnridng. Pro FI JOOflOO. Tefc 
(93f 48 14 58 evenings 



pq W U 3B eveungs ANSCOMBE 8 RJNGLAND with of- 

ITAI V in St Johns Wood & Kensington 

1TALY offer the best service in reedentid 

TUSCANY. Beautiful old fcnrfwuse. letang. Tefc 722 7101 (01). UK. 

totoky restored & furnished. Luxurious 

bdts, with annas, 22JOOO sqjn kmd. ITALY 

Esceplional view. Loosed near Pfaa. - 

BKmCO fPcrid 533 68 91, 

l Tver nww Kro 4m TOWER ON THE ADRIATIC Sea, 20 
TUSCANY, property rw Rsa,,^ u- beo*. Stems R berth- 


restored, rioely deco- 1 


PARIS & SUBURBS 


feet from the beach. Ste 
roams, dtowers. Free Ji 
Phone Rome 389089 - 5£ 


PARIS AREA FURNISHED 


Embassy Service 

8 Am de Menm* 
75008 ton 

Telex 231696 F 

YOUR REAL ESTATE 
AGENT IN PARIS 
562-7899 

OATS fOll KENT 
SHOBT - tONC TBtM 

HATS FOP SA1E 

omas roe bbh/sai* 


Stucfia 2 or 3-room upmtuient. 
One month or mae. 

I£ CURDGE 359 67 97. 

OWNOI RBIRL June 15th - Jdy 15th. 
then by month from September. Oily 


HLOOP/month. TeL 722 27 07, 
NEUU.Y. June 13 /.Sept. 1L bgh dass 
large studo. Modem fwntere. TeL 

747669't / 738 24B0. 

NBIU.Y 5 bedaomt, 3 baths, garden, 
mad. pariong. July 15 / Aug. 30. 
fmSblVni* Ml 0945 


ream flat. 50-75 sqj 
sole. Tefc ^58 9810. 


m Para. Cosh I 


HK3H SCNOa GRAD. Male V 
Mm SpecxAa Mod be US oWv«... . 

» (734 No evpmnaee reqwred i 
bain. Goad pay. excaMnt bwnS 

HettWfessQ 0623M318& extend 
001494-25098 

HIGH 504001 GRAD. Md Sunmyat 
Trainee. Mud be US aUm,-<W " 

34. hkghidioai grad No •wan 
required. wiB Been. Good flay, mat; 
lent benofei. If you quoHy. up te 
&500 bonus. 3 or Tywr ARMY 
erifatmedh CoS HeJeftsnffl 06221- 
13188. England 494-36098. 


EMPLOYMENT 

GESERAL POSITIONS 
AVAILABLE 


SHORT TBWt STAY. AduaMagm of a 
hotel without inconveniences, feel ctf 
home in nice stucios f one bedroom 
and more n Paris. 50KELIM: 80 rue 
de aWvmiitt, Paris 7th; 544 39 40 

unite OF PARIS lovely 4/5 rocm 
ofl equipped short term. Maximum 5 
momhs. F13DOO charges ndwled 
Teti524 6D91 

UJXUlflOUS FURNSHH3 FLAT. Jufy / 
August. 4 rooms. FI 6jQ00/ month. Tefc 
jtfS&O or offer 8pm: 539 55^. 


15th 2 BEDROOMS, double living, HtiH SCHOOL GRAD. Mechanical 
me. in perfect conation. For short AtonSerxeKe Trainee. Must be US ate 
flay. 5550/motith. Owner 557 0999. am, cgeJ7-34. JNn e«pc ncna:_rs»- 

’™iSS«^rL"SS 

Qoqeptad. 320 80 51 4 year ARMY enfattneni. Cal Hedd- 

SHORT IBM in Latin Quarter, berg 06221-13188. England 494- 
No ogants. Tefc JQ9 38 81 MWL 

PARES AREA UNFURNISHED *** ¥S AD * 




FOR RENT lowly Qpartmert, dl com- 
forts, 6 km MaraefltL Tel SO 85 83 


tiood pay, enconeut u e n e t its. it yaa 
quidify speciaf eduotdian had and up 
to HJEO W 3 or 4 year ARMY 
anfatment. CaD H ei de lber g 06221- 
13188. England 494-26098. 


HENRI MARTIN 

I 16th. exceptional suranr flat. 
260 sqm, affroty luxuriously rem 
| ed, woodedpanek. 380 26 08 


International Business Message Center 


GB'GL 

The Architects or Time 



,i,w '3£i , .v t ea 




IS cl Gold, Sfwt and 18 c» GoU, Sted,- wci« resiaont 30 m. Quartz, 
for information write EBEL 5 A, 2300 Lo C^oux-de^onds/Swriizerland. 


■ luxuriously renovat- 
k 380 26 08 
DE PETOIIE 


CHAMPS MARS 

Ideal ninny pwdorterra, 72 sqm, 
andent, 3 ream. 380 26 08 
AGENCE DE rETOlU 

« MINS. ETOttJL highly residentid 
detrict, wry oony en i en t I -lewd lie de 
France houie. 320 tq.m. 6 berfcooms, 
5 baths, sumylmng room. 1200 sqm 
garden. Year round cowered pool. 3 
ccr garage. Bceemert. Tefc 976 51 12 

SWnTERLAND 

SUNNY SOUTFBM SWTTTBdAND 

LAKE LUGANO 

LabsidB apartments in a ■wae 
beautafulpcxk (17.000 with swim- 
ming pool, pnvrfc manna and privoie 
beach 1st quaSty. Aportmena 80 sqm 
up to 190 sqm + terraces 24 - 47 
sqm Prices; SF453JXD ■ SH .123400 
or: The Enkknza Eridfago m Ihe South 
extra of the lake offers tyu rtiwirt s 
from 57 sqm to 130 sqm, overlooking 
the lake cud the mountans. Prices: 
SF210.450 - SF 485^50. Free (or sale to 
foregnen. Mort g ag es at law Swiss 


EMERALD - HOME LTD. 

Via a Carton 3, CH-6900 tugcau 
Tel: 01-91-542913 - 
The 73612 HOME CH 


VILLARS 

WINTS&SUMMK 
PARADISE, 20 MINUTES 
FROM LAKE GBCVA 

Apartments, ranging from studbs 
to 4 rooms. Avalofale For Soli Ta 
Foramen. Fanta st ic view, figh guaE. 

K . se l ected readentid areas. Prices 
am SFl 95,000 to SF635J300L Mon- 
gages ovo itable at only 65% briefest. 
Fot mfortnahm 

GLOBE PLAN SJL 
Air. Mon-Repos 24, 

CH-1005 LAUSANNE, Swmerlond 
Tefcp1J223512.ThralB5MBJ50L 
ErtaUUMdSnca 1970 


LAKE G0«VA/ LUGANO 

In these mnmtio mri regions, inducing 
Moraeigc wkxs, Gmad-VoBay & 
morn other famous mountain resort, 
we haw a wn big choice af momfi- 
0 *nt APART WJLAS/ CHALETS 
Very reasonafahi pnee d but aba the 
ben & ntoflexcunn. Price from about 


ATTENTION EXECUTIVES 
PiMsh jnow bBtmmtx manage 
fci the fctf er MTifi aiu W HartOd fri- 

fawMt wtervnoeAaiaHrd 
of a mRGan readers worid- 
wkI», amt af whom are in 
bveeNHS and Industry, wO 
nod A Jus I Max at (Paris 
A13S9SJ before 10 am, mv 
sweig that we amt Mew you 
back, and your massage w8t 
<ff> ear wUUa 48 hours. The 
rale is US. $ 9.80 or toco! 
egufwdewt per Rna. You must 
tndudo coatpUim mid vsrifi- 
ohto bfKng address 


BUSINESS 

OPPORTUNITIES 


JUNE 17 th ISSUE 
ON SALE JUNE 10th 

BUSINESS WEEK 
INTERNATIONAL 

• What Tax Reform Redly 
Means. 

• Japan: As The Trade Gap 
Widens, Tokyo May Be 
Calling Congress’ Bluff. 


BUSINESS 

OPPORTUNITIES 


BUSINESS 

OPPORTUNITIES 


BUSINESS 

OPPORTUNITIES 

CCM. LTD 


Gampaniai formed U.K. & worldwide | 
mduding fate of Mon, Turks & Careen, | 
AnguSa, Panama end Liberia 1 




CHINA C.CM. LTD 

CHINA WftftXWWflBS 

Angureo, ranarna ora Uucna. 

ARTS & CRAFTS 

■wSSSSwr 

now Generator. A goU medd wmer 

Whole a ratal arquhtes united for: F g. tMMIGRATWN TO USA 

ofalc. Shomnan Stone Carvmci aid Rd. f ww308 Irvine, CA 92714 USA. 

Seote- anon nr wt arved from Ihe Whotesoters & retain ora twfaume to 714/651-90^0; tic 590194. 
flone.Ainonalhem.nriMn«tprerioui oortad us d: — — . 

Mindong Secfric BUSINESS SERVICES 

b "P° rt 4 

TnxjingCorporeifion otcA.m^ar^t: 


DIAMONDS 

DIAMOND5 

Your best buy. 

Fine cEamonds m any price rtmge 
at lowmt wholesale prices 
deed from Anfwarp 
center of ihe dfamon d worid 
M &XX OtfM. 

Far free pn as fist write 


•*. amgie non wnairo- , ErtobSshed (929 

tor. A gold medd wmer PeMoanstraat 62, h 20 18 Antwerp 

. _ ^ „ IMMtGRATiaN TO USA ■ J 'W 3) 234 07 51 

STBS Single Phase Bednc MADE EASY Thu /i//y syi b. At the Dmond Chris. 

**flWy praised ryiaity Buana su nenl Tomporcry & permanent Heart or Antwerp Diamond extuflry 


TRANSLATING EDITOR, pariea bv 
gfeh, working French, C3« man. fittw* 
ad bodqyoimd Paper*. Bax 2371' . 
herald Tnowie, 92521 Nealy Cede*, 
France •• - 

■UNGUAL ANGLO-SAXON prad 
readers, power generating MdL Send 
CVta 1 . Bohm, 7 roe Fbg Mantanrftfl 
75009 Pons. 

FM STATION seeks American binged 
DJ with radio experience. Tekrorant 
Jacques OUCTCNE. SELECTION 13. 
Fora 562 13 II 

SS( young girl about 22, eveoeg 
traitress m restaurant, who oon pkw 
prano if posable Amenoonor Engfafi 
s pedbng French. Tel. 222 08 19 ftra. 

GENERAL 

. POSITIONS WANTED 

AMERICAN WOMAN M8A. copdtife 
& refiaUe, free to bowl fluent ftdxx^ 
w*nq to ham German, experiew 
with US Gowrnment , large Itcfcm 
holding company, managenieirt^on- 
sdlmghnom Europe. Amor fartn a for 
US cormxner good: company* Boh, 
seeks chdtenang praaon m Mndi 
or Mian. Write Tn»1 HeraU Tdsune. 

1 33, Torre 5 Mfano S. Feice, 
20090 Segrote. Itdy. 

DUTCH CptffXE, 40, bockary tech 
ndomt & nu vug mter “gsnamc 
avoiable immeckoety anywhene m. 
Ihe world. 14 years e w ierience m 
Africa. Write or phone AJL Soenn. 
107 Statanhoet 1506 VN Zaandam- 
/HoBond 7SiaaB. 

TOUCH HfGH FASHON MODEL 27, 
[tetary of Art graduate, looks for 
buBness apemngs. Altracriva, ana- 
kito. wet-trawled London Imed. Tel 
London 225-03 68, 3 PM . 8 pm. 

LADY SO YEARS, exalent references 
6 preiemtton, drrang kcena, can 
Jd» care af child dumg vocokon. 
Pteis 520 85 83 


YoBow Tran Stonw, which is more ex- 
pensive than gokL Other authentic Fuc- 


pensrro mwi goto, umer aumemc nut- 
hou Oris & oaf is indude Ihe famous 
Dehua Par ctf an, wDadoarwna rvory 
carving, brdaedgrass products 
and bu nri t oo produas. 


Dowd Hnon, 14795 Jeffrey 
B, Irvine. CA 92714 USA. 
W2a- Ac 590194. 


BUSINESS SERVICES 


Please co nta ct us at 
Moil Order Service Deportment 
China Nationd Arts 4 Crafts Import 
& Export Corporation, Fupxi Brcmdi, 
Fbreqyi Trade Center. wu S Road, 
Fuzhou, Fupon, Chrna. 

Cade ARrcRAFT FUZHOU. 

(Persand p u rdrataS weteome too) 


I WfTHN 30 DAYS • OR LESS 
You oon have your own businem- 
| _and p ock et men money m a day 
thrm med people Min mo week. Horn 


LCBling Longress Bluff. dm mad paapJe Mm no (week. How? 

_ -n_ n nm - ■ Eaiy. It’s not hard of ci when you own 

• The rofltlCS Of The Seoul a (am Computer fertrdt System. 

Olympics. I • Maa te ie p h ora &tek 

• The Hard Driving Boss howan^gucraram of Texas hstra- 1 ^^Stc3»cmati 

iiil i T menii,P«*wiodcofldKema.Andeadi 

Who S Turning Olivette bwnr% Customers come la you. No 
A 1 idfara.Nostrea.ltliHt(ifrond«se.Al 

Around, the mney and the profits are 100% 


hew and guaantort of Teras jnflra 
mens, PaMBomcand Kema. An iJ ea* 
buttress. Customer? came, la you. No 


15, Wu Shan Rood, Fuzhou, Fujian, 
CKra. Cabfe8l76 FUZHOti 
Telex: 92126 MOON CN. 
(Penond inquries are we l come}. 

OFFSHORE & UK 
LTDOOMPANIES 

Uandx, PcxxxncL^K^^Gisdtar cud 

most other onshore areas. 

• Confidenfad cxlvios 

• Immedcrie awailabiity 

• Naninse servkai 

• Bearer shares 

• Boat regbtraUaro 

• Aocounbra & adraistraMn 

• Mdl, tolephont & telex 
Free et mfaiaionr bodklef from: 

sSicr CORPORATE 
SERVKZS UD 
Head Office 


wn 

BEAUTIFUL PEOPLE 

UNLIMITED MC 
UJSJV. « WORLDWIDE 


A aaoqijete perunal & business seniai 
grmwfog ^unige^c o Berf o n o| 

■rxfividuds for <d 
promaDond occasions- 
212-765-7793 
212-765-7794 
330 W. 56th SL, N.Y.C 10019 

Service RepreMtaQiivef 


ydbg. No strasL It's nert q_fronchtwLAJ M» Woof Man EiyHp.fafcOl 377W 

HOWTO Gg n km 


OFFSHORE SBIVICES 

UX. non resided txxnpcnes with 
nominee dredars, bearer shoes and 
oonfidenftd bank aaxunls. FuB bod^up 
& support services. Panama & Liberian 
axnpc xxcs. Fytf ro te canfidenlid 


yours. Wool tar iwm unYtauae ar 

NOW ON SAlf xSwTEmi „ 

at All your present [di. With the Ketno system Td 01 -493 4244, Tlx 28247 SCSUWG 

AT ALL INTBINATIONAL £T&a m*™** jiowe with g r.v. 

NEWSSTANDS. ^ OH5HORE COMPANIES 

diucon run iLBvt the profit? rxqtil kid pmnrc 

stuff. The Kema system a avertable in BMPIIVa 


London I 
2-5 Old Bond 


HOW TO GET a Second Passport, re- I«Mror 
port. 12 cauttias mataed Detail* ,JW 
WMA, 45 Lyndhunt Terrace, Ste. 501, ACTE. 66 


NEWSSTANDS. 


BANKS 


Central, Hong Kong. 

TAX SERVICES 

US MCOME TAX raturat and tenth 

by profaaionols. Para 563 91 23. 


FINANCIAL 

tNVESTMENTS 

COLLAIHtAL awddtle from Prime 
Bata, A comprehmehm service for 
artorage pwpasefc We supply / ar- 
rmigfc oj deon co mpan y sheb. b| 
ftotemetai of purpose or arfahuue 
loon*, c) fiduciary bark oasunts, d) 
ctAtteroi. e} ooBnterd n dg ic cAu n by 
J™ <*■ hgd a»y. PlwaMMntoct our 
London offices- 01 244 9592 / 01 385 
SELL# 8926. The 8951622 

TAKKCO G 

OFFICE SERVICES 
PARIS 

new CHAMPS BYSEES 

RM 

YOUR OFFICE 

«a fwtctte* 

Tdo» le utd 620 183F.. 

YOUR OffiCE M PARS RIGHT ON 

THE CHAMPS aYSGES 

uixury ssnncsD ofrcb 

Telephone mewsing, Tetex, Fox 
^secrofunaf, nwefing roam 


PAGE 4 
FOR MORE 
CLASSIFIEDS 


COMMBSON AGENTS 

warned in mad Mdde East European tory. There ora 
i African countries faMJ$Ai finest Mxhng to be fl 

& emergency wehxle My/sren mJ ortterg* 
systems. Atewrum mvestmen S 2 i 000 slot dl US$9p 


insurano companies 

^,,mrS»ra.-n»»o« B y« reenV MoBing - Tetephon* - Tetex boseo US CPA ww help. 359 63 01 

(nrv. Thera ora Ihouiands of tooetam Ful Meretorid cervices 


«. The worid a yoirtenh 
e thousands or ktcotem 

fled ptes tremendous 

apioaMn. Sysnni pice? 
300 to US$26 ,500. 


cent APACTMENlWUAS/OtflETS systems. Nknimum irnwntmew ,s? 52,0^3 dut at US$9,500 to USS26J0a 
Very reawnobhr priced but afro Ihe reqwred tor sanptes as product must Kbokl Dept. J3S, Pbslfach 170340, 
bM & most exattwe- Price from about besoMvroSwdemonshationtousina 6000 Frankfurt / ’ W. Germany. 

U SS40.M0. Mortgages at 6h% BriwesL agenda. yy, 069 / 747KB the: 412713 KEMA 

Heose Star phem. UGHTWBGHTS NEBl NOT APPLY 

H. SBOLD SA 

TJir-gsti’R'g&reB’o. 10 . 

. ' n i- 7-— - 


Moling - Telephone - Tdw 
Fill leerefond services 
Me of Man, Jersey, Guemesy, 
Gimitar, Panama, lieu, 
Luxembourg, Anraes, UK. 
Ready made or spead. 

Free erp iona t or y booklet. 
Boor regpsnatnm 
London representative 
Awon Company Formations 
Dept Tl 8 Victoria $ , Dougkti. 
isle of Mai Tel OeJA 2tSf 1 
Tele. 627691 SPtVA G 


DIAMONDS 

Shopping in Europe? Visit 

DIAMONDLAND 

Ths largest showroom ui 

Antwerp, Diamond CHy 

AppeLnamir 33 a Tel: 3Z3 ‘23*3612 


tumorad w. 
^ from Uyrfon at 
a frocto t of Lond on cats. Seaetan- 
«. wDRi-praceBirig, telex, Fcb<_ pho- 
toawmfl etc Shan or long ^ 
fram tl Oper day. Brooke ftatefi kv- 
neu Centre. Market Square a vies. 

OFFICES FOR SALE 
^wrasais: 16th, Qtafiot ^ 

™«ono bwUng wry tegfl dasL 
Pjwfcssiond officM or at oportmenb 
wim work to be dam A oSek 92 
Sr WtJ«heraite, 

» ttrdfS 7,3 “■ 


VANCLEEF 

& 

ARPELS 

announce their 
SUMMER 
EXHIBITION 
4th/ l&h June 

On show will be 
their rare gems, 
latest collection of 
high jewellery and 
boutique pieces, 
with exclusive' 
'watches. 

t53 NEW BOND 
STREET. LONDON WI 
Td.:0l~m 1405 
Open ua Saturdays. 


PrV* 


j»Ra 

fljiv t ' 

. • i »?}}