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The Ol^pbal Newspaper 
Edited in Paris 
Printed Simultaneous]!' 
in Paris, London, Zurich, 
Hong Kong, Singapore, 
The Hague and Marseille 


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INTERNATIONAL 



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No. 31,820 



Mengele on 


By Richard House 

international Herald Tribune 

SAO PAULO — As Brazilian 
investigators prepared to begin 
major forensic work on remains 
alleged to be those of Josef Men- 
gele. the Nazi war cr iminal, the 
mas who claims to have sheltered 
him for the Iasi years of his -life 
has provided new details of what 
he said was Dr. Mengele's time in 
Brazil under an assumed identity. 

Wolfram Bossert, 59, and his 
wife, Liselotte, 57, in an interview 
Sunday at a secluded forest hut 
dun they said Dr. Mengde some- 
times vis ted, denied having been 
in contact with any international 
network of postwar Nan protec- 
tors. 

“If an organization of Nazis 
really exists, then they should be 
ashamed not to have found any 
other protection or shelter for 
Mengele than a Hungarian cou- 
ple or myself, who had nothing to 
do with iL I was 19 when the war 
ended," Mr. Bossert said He de- 
nied that any organization had 
contacted him during the period 
in which he claims to have pro- 
tected the war c riminal. 

The Bossens say they sheltered 
Dr. Mengde at their farm from 
1975 to rebruaiy 1979, when, 
they say, he drowned in a swim- 
ming acddenL They said Dr. 
Mengele disclosed his identity to 
them when he was certain that 
they would not give him away. 

The search for Dr. Mengele be- 
gan to focus on Brazil after "West 
German police found a cache of 
letters last month leading them to 
a grave exhumed Thursday out- 
side Sio Paulo. Officials have 
said that examination of the re- 
mains is expected to take as long 
as three weeks. 

Opimons of officials and pri- 
vate Nazi hunters about the new 
clues to Dr. Mengele's where- 
abouts in the 1960s and 1970s 
have varied, and extensive police 
work remains before the claims 
about the life and death in Brazil 
of the man alleged to have been 
Dr. Mengde can be verified. 

West German experts in Brazil 
said they believe the remains are 
those of Dr. Mengde, according 



ZURICH, TUESDAY, JUNE 11, 1985 


ESTABLISHED 1887 


u* 


Wolfram Bossert and his wife, liselotte, who say they 
harbored Josef Mengele, watch diggers exhume re- 
mains that they claim are those of the Nazi war criminaL 


He was a very intelligent man. He was an SS 
officer. When there was a news article about 
him, he’d sit thinking for hours. 9 

— Wolfram Bossert 


to a report Monday in a West 
German newspaper, but an Israe- 
li government spokesman said 

that Israel would continue efforts 
to catch him, news agencies re- 
ported. 

“Tve heard of the Odessa," Mr. 
Bossert said Sunday, referring to 
ureved to have 
take Nazis out of Europe 
after the war. "It probably exist- 
ed, because Mengde obviously 
left Germany with someone’s 


help. But I can guarantee that in 
our case there was no contact 
with anyone. I was alone with 
Mengele. 

“Perhaps that's the reason why 
be was never discovered. If the 
circle had been wider then be 
could have been found." 

Mr. Bossert said that Dr. Men- 
gele, who had assumed the identi- 
ty of an Austrian named Wolf- 
gang Gerhard, was paranoically 
shy and would never go out with- 


... 

oufwantog a hat%tfause be had 
told lint he fibd a very dis- 
tive fqreft$ad;-On the street he 
"t everyone was 

wasn’t so stupid to risk his 
life," Mr. Bossert said. "He was 
very cautious;. He was the most 
ught after man in the world.” 

“He had a tremendous will to 
live; that's why he survived so 
long. He used all means available 
to ensure his security and protec- 
tion," Mr. Bossert said. 

“He was a very intelligent man. 
Don’t forget he was an SS officer. 
Sometimes he’d sit and think 
about all the possibilities. When 
there was a news article about 
him, he'd sit thinking Tor hours, 
about where the news came from 
and if it was true or a police 
plant.” 

Dr. Mengde, who was known 
as the “Angd of Death," con- 
ducted gruesome medical experi- 
ments on inmates, particularly 
children and twins, at the Ausch- 
witz concentration camp in Po- 
land and sent hundreds of thou- 
sands of Jews, Poles, Gypsies and 
other prisoners to their deaths. 

Mr. Bossert said: "Once you 
know someone well and become 
friends, someone who likes na- 
ture, children, animals and is in- 
terested in literature and philoso- 
phy, it becomes very difficult to 
believe that this person could 
have committed such cruel 
crimes. The police tdl me that 
many criminals seem like angels, 
but I’m still in doubt” 

"It’s easy to say that knowing a 
criminal evay citizen has an obli- 
gation to denounce him. But if 
you know someone intimately 
even if he’s a wanted man — I just •• 
couldn’t do it” said Mr. Bossert 
who admitted that he had been a 
member of the Hitler Youth, but 
minimiz ed hs importance. 

Mrs. Bossert quickly interrupt- 
ed ho- husband, when he said that 
Dr. Mengde had lived so simply 
that be sometimes used tom or 
frayed dothes, to say that she had 
sewed for him. She said she had 
beat dismissed last week from 
her post as a teacher after the 
(Continued on Page 2, CoL 7) 


Strength of Dollar 
Threatens Global 
Upturn, BIS Says 


By Carl Gcwixtz 

International Herald Tribune 

■PARIS — The annual report of 
tire Bank for Internationa] Settle- 
ments, widely viewed as tire most 
forthright commentary about the 
-international economic scene, 
warned Monday that the “specula- 
tive bubble” that has driven the 
dollar to levels "substantially di- 
vorced” from reality is a menace to 
sustaining the upswing of world 
economic activity. 

Keeping up Inal economic mo- 
mentum, the report said, “is tire 
prerequisite for solving almost all 

The dollar dosed sharply higher 
in European trading. Page 13- 

other problems” — high unem- 
ployment in Weston Europe, con- 
trol over inflation, the debt crisis of 
the developing countries and sta- 
bility in exchange rates and in in- 
ternational financial markets. 

While tire International Mone- 


where, drawing in more imports 
than other countries da 

Bui “tire bulk of this deteriora- 
tion has been brought about by the 
appreciation of tire dollar, which 
has dramatically undermined the 
competitiveness of the entire inter- 
nationally traded goods sector of 
tire United States,” tire report said. 

Noting that "there is no parallel 
for this phenomenon of an ever- 
strengthening currency based on 
ever-increasing capital inflows, 
with the current external account 
steadily deteriorating.” the report 

"Even for the United States, 
however, there are limits to the cur- 
rent external deficits that can be 
run and tire deterioration of the 
international investment position 
that can occur without loss of con- 
fidence in the dollar.” it said 

Thus, the BIS oboes tire Inter- 
national Monetary Fund and the 
Organization for Economic Coop- 
eration and Development in u rgin g 



created the unbalances. Questions 
about whether tire imbalances are 


systemic — ■ requiring 
national i 


an over- 
haul of the international monetary 
system — are best delayed until 
national policies are better adjust- 
ed. 

While the BIS, like the other in- 
stitutions, believes official inter- 
vention in exchange markets can be 
useful — at the least just to remind 
speculators that rate movements 
tan go in both directions — it cau- 
tioned that recent intervention may 
have been responsible for the in- 
creased volatility in exchange rates. 

The intervention may have in- 
stilled a sense of caution when, fol- 
1 



Last of Israeli Units Leave Lebanon; 

s ... 

Peres Urges Peace Talks in 3 Months 


Reuters 

METULLA. Israel —The Israeli 
Army withdrew its last units from 
Lebanon on Monday but left mili- 

- tary advisers and plainclothes 
agents behind to watch over the 
southern bonier zone, generals at 
tire frontier said. 

In Jerusalem, Prime Minister 
Shimon Peres told parliament, "Is- 
rael is completing its departure 
from Lebanese Land and from Leb- 
anese politics. 

“In tire Arab world there were 
rumors that Israel had its eyes an 
Lebanese land or water from Leba- 
nese rivets or oa Lebanese poli- 
tics,” he said. “AH these rumors 

- have now proved to be baseless. 

"The departure of the Israel De- 
fense Forces from Lebanon not 
'tody ends our presence in Lebanon 
but also puts a halt to tire fears that 
our presence had raised,” he said. 

In his address to the Knesset, 
Mr. Peres also issued an Israeli 
plan for opening direct Middle 
East peace talks with Jordan and 
Palestinian delegates within three 
months. 

The plan for peace talks, which 
contained no sharp departures 
from previous policy, called for 
continuing conciliations among 
the United States, Israel Jordan, 


Egypt and Palestinians who are not 
members of the Palestine Libera- 
tion Organization. 

As tire final contingent of 30 
tanks rolled across the frontier, 
women soldiers rushed forward to 
embrace arriving troops and 
pinned paper . flowers with tire 
words "Welcome Home” on their 
uniforms. 

Generals said the army had now 
pulled out its last unit, ending a 
three-year occupation that cost Is- 
rael 654 dead and divided the coun- 
try as never before. 

Israel’s three-stage pullback be- 
gan in' Ftebnuay. It was due to have 
been completed last week on the 
third anniversary of the June 6, 
1982, Israeli invasion. 

No official reason was given for 
the delay. Western experts specu- 
lated Israel wanted more time to 
strengthen the Israeli-backed 
South Lebanon Army that is posi- 
tioned in a security strip in Leba- 
non just math of Israeli border. 

Israel has said it would turn over 
the security zone it has established, 
8 to 12 miles (about 12 to 20 kilo- 
meters) deep in places, to the South 
Lebanon Army. The Israelis say the 
mostly Christian force numbers 
about 2,000 men, but security 


sources say its fighting strength is 
closer to 500. 

An undisclosed number of Israe- 
li advisers and troops were expect- 
ed to remain in the zone to aid the 
Christian force. 

Hours before the last units 
pulled out Monday, two Katyusha 
rockets fired from Lebanon ex- 
ploded at Moshav Shomera, an ag- 
ricultural settlement on the border. 

The rockets, which caused no 
damage, were the first to land in 
Israel since tire withdrawal began. 

“No one who deals with Leba- 
non ever claimed that we should 
not anticipate Katyushas,” said Uri 
Lubrani, Israel’s coordinator for 
Lebanon. “The border cannot be 
sealed hermetically ” 

Army attack helicopters were 
sent into southern Lebanon in an 
effort to seek out the guerrillas re- 
sponsible for the attack, security 
sources said. 

The 1982 invasion was launched 
with the declared aim of driving 
Palestinian guerrillas out of rocket 
and artillery range of northern Is- 
rael and destroying their bases in 
southern Lebanon. 

Outlining his peace proposals in 
an address to parliament, Mr. Peres 
rejected the call by King Hussein of 
Jordan for an international confer- 



Comwo FVw 

Shimon Peres 

ence that would include the Soviet 
Union. 

He urged that tire direct talks 
open within three months and be 
attended by the United States. 

Palestinian delegates should rep- 
resent Arab residents of the Israe- 
li-occupied West Bank and Gaza 
Strip, be said, without going into 
detafi. Israel has already rejected 
participation of members of tire 
Palestine National Council, which 

(Continued on Page 2, CoL 1) 


tary Fund and tire Organization for speedy rectification of the U.S. - pch 
Economic Cooperation and Dev el- bey mismatch, particularly the Lax 
opmeot have sounded similar fiscal policy fostering a huge bud- 
wantings, neither has gone so far as get deficit and a relatively tight 
tire BIS in raising the specter of an monetary policy that keeps interest 
impending financial crisis. rates ana the dollar high. It is this 

The concent in official circles is mismatch, the BIS asserts, that has 
whether policies are adjusted to 
foster what is called a “soft land- 
ing” for the dollar or whether there 
is a "hard landing” that creates 
international turmoil. 

“The stakes are high,” tire BIS 
stated, “and it is the duty of policy- 
makers to do everything to avoid 

financial Hictnrha nr»»c ... even if 
no one can attach any degree of 
probability to such an occurrence. 

Preparing the way for an orderly 
unwinding of the UR. external im- 
balance should figure as a priority 
item on policy-making agendas.” 

The measure of this imbalance is 
tire U.S. current-account deficit — 
trade in merchandise and services 
— which is at an annual rate of 
$115 billion. Pan of this deficit 
results from the U.S. business re- 
covery bong stronger than else- 

Qraxi Wins 
Referendum 
Over Wages 

By EJ. Dionne 

Hew York Times Service 

ROME— Italian voters rejected 
Monday a referendum sponsored 
by the Communist Party designed 
to overturn a key clement of the 
government’s economic austerity 
program. 

Tire defeat for the Communists’ 
proposal was a victory for tbe So- 
cialist prime minister, Bettino 
Craxi, who said be would resign in 
"one minute” if tbe referendum 
were approved. With four-fifths of 
the voting districts counted, tire ref- 
erendum was turned down, 54 per- 
cent to 46 percent 

The balloting was cm a Commu- 
nist proposal to repeal the govern- 
ment’s derision to cut back on the 
automatic wage increases that 
workers get undo' Italy's scala mo- 
bile, or moving staircase, tire mech- 
anism that protects them against 
inflation. 

The proposal would have re- 
stored 4 percentage points in pay 
increases that the gewenunent cut 
out of the sale in an effort to 

(Continued oa Page 2, CoL 3) 


faith in the dollar became 
less strong. With no currency hav- 
ing replaced tire dollar, "the ex- 
change market has become rather 
directionless.” the report said. 

But the BIS added that “large 
daily exchange-rate movements 
with little overall change may be 
less harmful than unidirectional 
movements that cany rates to lev- 
els that are unsustainable in tbe 
long run.” 

Turning to the role that Japan, 
West Germany and Britain might 
play in relieving the United Stales 
of its role as locomotive of tbe 
economic revival by embarking on 
a policy of fiscal stimulus, the BIS 
noted that all three have so far 
refused to follow such a policy 
coarse. 

While accepting the logic of the 
refusal, the BIS advised: 

“Just as the best time horizon for 
successful domestic policies' is the 
medium or longer put — except in 
rases of an impending financial cri- 
sis — international policy coordi- 
nation should also be conceived 
within that time horizon.” 

It also urged these countries "to 
speed up. perhaps even radicalize, 
their efforts towards removing 
structural rigidities” as a means of 
improving their own growth pros- 
pects. 

But its major emphasis was on 
“tire great need for far-reaching 
changes in tire way prices and 
wages are set” to make both more 
flexible and responsive to changing 
conditions. 

"Quite bluntly, some tiling has 
gone basically wrong in tire way 
prices are set in many Western in-* 
dus trial countries, first and rore- 

(Coatiimed on Page 17, CoL 5) 


Claus von Billow 


Jury Finds 
Yon Bulow 
Not Guilty 
In 2d Trial 


77rr Associated Press 

PROVIDENCE Rhode Island 
— A jury found Claus von Bulow 
not guilty Monday of twice trying 
to murder his wife, an heiress, with 
insulin injections. 

The verdict ended a four-year 
ordeal for Mr. von Bulow, who had 
been convicted of tbe same charges 
at an earlier IrioL 

Cheers were heard in the crowd- 
ed courtroom as tbe verdict was 
announced, and prosecutors were 
booed by about 150 people outside 
the building as they left. 

Mr. von Bulow, who was indict- 
ed in July 1981 on the two charges 
of assault with intent to commit 
murder, dropped his head into his 
hands as the verdict was an- 
nounced. He then smiled, shook 
hands with his attorney and em- 
braced his lover, Andrea Reynolds, 
who was weeping, 

“I'm very relieved, and above all 
Fm grateful to my attorneys," Mr. 
von Bulow said later. He said be 
now would try to lead a quiet life. 

Mr. von Bulow said the most 
difficult pan of the trial was not 
taking tire stand in his own defense, 
but that he had to agree with his 
defense attorneys' approach that it 

(Continued oa Page 2, CoL 5) 


INSIDE 

■ UN officials began investigat- 

ing the deadlockal hostage dis- 
pute in Lebanon. Page 2. 

■ Outside aid to Salvadoran re- 

bels is reported to be on the 
wane since 1983. Page 4. 

■ Tibetan exiles in India face 

the dil emma of adapting to 
their new culture or clinging to 
Buddhist ways. Page 5. 

BUSINESS/FINANCE 

■ Tbe Supreme Court ruled 

that stales may join together to 
create regional banking sys- 
tems. Page 13. 

SPECIAL REPORT 

■ The smart card of electronic 

banking is on the eve of world- 
wide use. page 9. 


TOMORROW 

U.S. hospitals arc p! 
st rictions on organ transpl 
for foreign citizens. 


Reagan 
To Retain 
SALT-2 

He Says U.S . 
WiU Destroy 
A Submarine 


The Associated Press 

WASHINGTON — President 
Ronald Reagan told Congress 
Monday that the United Suites 
would 3d here to SALT-2, the un- 
ratified Strategic Anus Limi union 
Treaty, and he warned Mikhail S. 
Gorbachev, the Soviet leader, to 
correct Soviet violations of the ac- 
cord. . 

‘The United States has fully 
kept its part of the bargain, howev- 
er, the Soviets have not," Mr. Rea- 
gan said in a statement. 

To keep the United States under 
the limit of multiple- warhead mis- 
siles allowed by the accord. Presi- 
dent Reagan said he intended to 
order the dismantling of a Posei- 
don submarine when a new Trident 
submarine puts to sea this fall. 

But the national security adviser. 
Robert C. McFariane. who read 
Mr. Reagan's statement to report- 
ers. said the United Suites might 
rebuild and reconfigure the Posei- 
don for use as a training vessel “or 
for some other purpose” — as he 
said the Soviets have done in at 
least one case. 

Mr. Reagan cautioned the Soviet 
Union that any lapses on its part 
involving the strategic arms limits 
would prompot "proportionate re- 
sponses "■ from the United States. 
UR. officials said. 

The 1979 strategic arms limita- 
tion treaty, signed by President 
Jimmy Carter and Leonid I. Brezh- 
nev, was condemned by Mr. Rea- 
gan, before he won the presidency, 
as "fatally flawed.” Washington 
put off action to ratify the treaty 
after the Soviet Union intervened 
in Afghanistan in December 1979. 
The treaty expires at tire end of the 
year. 

The president’s decision on the 
aims pact, made over the weekend 
at his Camp David retreat in Mary- 
land. does not promise open-ended 
UR. adherence to tire ceilings the 
treaty places on intercontinental 
missiles based in ground silos or 
multiple warhead systems based on 
missiles or carried by submarines 
and bombers. 

Mr. Reagan’s action is designed 
to carry the United States past the 
□ext point of decision: scheduled 
sea Inals in September for a nucle- 
ar submarine, the Alaska, whose 24 
multiple-warhead missiles would 
take the United Slates over the 
1,200 limb set by the treaty. 

In his letter to Mr. Gorbachev. 
Mr. Reagan accused the Soviet 
Union of “extremely serious" vio- 
lations of the agreement but ex- 
pressed hope that negotiators now 
meeting in Geneva would produce 
a new accord, a UJS. official said. 

The decision was seen as a vic- 
tory for arms control advocates 
and a defeat for Secretary of De- 
fense Caspar W. Weinberger. 

Mr. Weinberger had urged the 
president to abandon the treaty, 
which tire defense secretary re- 
ferred to as a “pseudo” accord, said 
a Pentagon official who did not 
want to be identified. 

Mr. Reagan, in two reports to 
Congress, has accused the Soviet 
Union of a number of violations of 
the strategic arms treaty and of 
other arms control agreements. 

Specifically, he has charged that 
tire Soviet union tested two new 
intercontinental ballistic missiles, 
the SSX-24 and SSX-25. one more 
than tire treaty permits. 


Air Raids Alter Tehran Way of Life 

Many Commute Nightly to Countryside to Avoid Bombs 


1*, 


N L- 

*rv> 


By Pierre Taillefer 

A gencc France Press? 

TEHRAN — In the past two 
weeks, the war with Iraq has re- 
turned with a vengeance to Tehran, 
bringing a new type of commuter 
rush hour aimed at avoiding tire air 
raids now occurring nearly every 
night. 

The change in Tehran readenis’ 
way of fife has been caused by 23 
air raids since May 25, by the re- 
sulting casualties, by rumors fed by 
the authorities’ refusal to give offi- 
, rial figures about them and by the 
destroyed buddings. 
j Tehran is now divided between 
‘those who prefer hours of traffic 
jams in order to spend the night 
cramped in their cars and tbose 
who would rather take their 
chances in tire city. 

For those who leave, the process 
begins shortly after school, or 
work. From 5 P.M . to 6 P-ML* tens 
of thousands of people pack mat- 
tresses, blankets, rood and dothing 
into and onto their cars and then 
inch their way towand the foothills 
of the Elburz range, north of tire 
city, or to the orchards to the south. 

Latecomers arriving at their des- 
tination sometimes must travel fur- 
ther to find a roadside parking spot 
since the ribbon of cars can extend 
more than 20 to 25 miles (about 32 
w 40 kilometers). 


If the weather is good, the eve- 
ning can begin pleasantly. Shisb 
kebab sizzles on grills, lea samo- 
vars simmer over coals, chil dren 
play with new friends, adults con- 
verse qoietiy. 

But tire festive air disappears as 
twilight deepens. When Iraqi 
planes appear over Tehran, and as 
tire flash of anti-aircraft g uns punc- 
tuates the night sky, tire fear be- 
comes more palpable. 

The anxiety mixes with discom- 
fort as those without tents, or waiy 
of tire snakes. and" insects outside, 
try to sleep in their cars. By morn- 
ing,. the. evening's fan and the 
night’s anxiety have dissolved into 
irritability with the prospect of a 
slow, four- to five-hour drive back 
to the city. 

When the Iraqi planes arrive 
ova 1 . Tehran, the first warning 
comes byiadb: “Lights out, lights 
out" Cars stop, and streetlights are 
replaced by tire eerie glow of securi- 
ty forces* flashlights dimmed with 
blue-painted fillers. 

The security men scold those 
who keep their radios too loud, or 
their cigarettes lighted. 

The second wanting is accompa- 
nied by arensr”Attewion, atten- 
tion, red den. Go to tire shdiera." 

Some apartment dwellers leave 
their homes for wide streets, where 
they are. 'less fearful of falling 


shrapnel than of ft 
Others go to air raid shelters in 
their buddings although most Teh- 
. ran apartment buildings are flimsy 
and are likely to bury anyone in 
their cellars if they take a direct hit. 

Most who stay in tire city, wheth- 
er at home or in shelters, keep their 
money, jewels and identification 
papers with them and have a flash- 
light and radio at hand. . 

There have been 23 such raids in 
tbe past 16 days. They have created 
several new markets: for “ready- 
-made” shelters, for tranquillizers 
and sleeping pills, for mass trans; 
port lo the countryside and for sub- 

. let dwellings in the suburbs. 

The raids have also helped 
thieves who use the exodus to clean 
out homes abandoned for the 
nighL 

■ IVfissfie Strflte oa Baghdad 
Iran reported a long-range sur- 
face-to-surface missile strike on 
Monday on Baghdad, tire third 
such attack on the Iraqi capital 
since May 26. Reuters said. Iran’s 
rational news agency, 1RNA, mon- 
itored in London, said the attack 
was launched at sundown in retali- 
ation for Iraqi air raids. 

Baghdad residents reported a 
large explosion. There were no inF 
mediate reports of damage or casu- 
alties. 


Long-Range Problems Face U.S. Computer Industry 


Ad- 
a 


By Andrew Pollack 

New York Times Service 

SAN FRANCISCO — 
vanced Micro Devices Inc., _ 
maker of computer chips, cele- 
brated last Christmas with typical 
Silicon Valley flamboyance — a 
$700,000 employee Christmas 
party featuring entertainment by 
tire rock eroap Chicago and a 50- 
piece orchestra. 

Six months later. Advanced 
Micro is making its employees 
work long? boors for no extra 
pay and wm dose its factories for 
two weeks to cope with plunging 
earnings and possible losses. It 
bas introduced an austerity pro- 
gram called Staunch, which 
stands for "Stress Those Actions 
Urgently Needed to Check Hem- 
orrhaging." 

The computer industry, long 
considered one of the industrial 
bright spots in the United States, 
has plunged into a sudden, deep 
and unexpected slump that shows 
no signs of disappearing. 

The slowdown has proved a 
rode shock to an industry that has 
always believed in its own bound- 
less future. Some executives are 
be ginning to suggest that the old 
days of extravagance may Ire gone 

fora long time. 

“it’s the worst downturn in my 
experience," said WJ. Sanders 
3d. chairman and chief executive 


officer of Advanced Micro De- 
vices. 

Hardly a day passes without a 
company in the field announcing 
a temporary plant closedown or 
layoffs. In recent days. National 
Semiconductor Corp., another 
maker of computer chips, said it 
would lay of! 1 300 workers, while 
Wang Laboratories Inc., a pro- 
ducer of computers and word pro- 
cessors in Lowed, Massachusetts, 
announced 1,600 layoffs and said 
it would lose money for the first 
time. 

Slowdowns in the computer in- 
dustry have occurred before, but 
this mu* appears to be different 
What worries the industry and 
outsiders about this downturn is 
that it comes at a lime when the 
economy, while not robust, is not 
in a general recession. This sug- 
gests that other factors are at 
work that could be more penna- 
noiL 

This dump also seems more 
pervasive. The personal computer 
boom continued through the 
1981-82 recession, for instance. 
But no segment of the electronics 
business, with tire exception of 
military electronics and aero- 
space, has escaped this time. 

Such companies as Hewlett- 
Packard Co* Digital Equipment 
Corp, and Wang, once paragons 


f All that overdoing 
comes home to roost 
a lew years later. 9 

— Simon Ramo, 
Founder of TRW Corp. 



Simon Ranto 


of American technology, arc hav- 
ing difficulties. 

So are Apple Computer Inc. 
and Compuiervision Corp., which 
soared through the 1981-82 reces- 
sion. Even International Business 
Machines Corp. has seen its earn- 
ings slump. 

Never before, experts say, has it 
been, so hard to earn a profit in 
the computer industry. To find 
out why, executives and analysts 
who follow the industry were in- 
terviewed in the past lew days. 
Wbat they see is an industry rac- 
ing problems, many of them new. 
ihat may not be resolved soon. 


Industry executives differ as to 
the causes of the slump and about 
how long it will last. “We’re hav- 
ing a hard time correlating what’s 
going on ” said John A Young, 
the president of Hewlett-Packard. 
Some, like Mr. Young, think the 
technology industry will rebound 
eventually. Others think it is go- 
ing through a major restructuring 
and will never be the same. 

“There is danger here," said 
Andrew S. Grove, president of 
Intel Corp. “This is not another 
slowdown. It’s a shakeout. A 
whole lot of companies won’t 


come out of it anywhere near the 
way they went in." 

Many explanations of the 
problems are offered. Certainly 
tire strength of the U.S. dollar bas 
hurt exports of technology, and 
weakness in the manufacturing 
sector of the UJS. economy has 
slowed computer and semicon- 
ductor purchases. Some compa- 
nies are victims of their own mis- 
management or of competition 
from IBM, the largest computer 
company by far. 

The main problem appears to 
be not lack oi demand but over- 
supply of products and over- 
crowding of companies into the 
market. Also, foreign competition 
is taking its tdl on lT.S. computer 
companies. For the first time last 
year, the U.S. balance of trade in 
electronics showed a deficit. 

There is widespread agreement, 
too, that the computer industry is 
feeling the pain of its own ex- 
cesses. Too many companies spe- 
cializing in tbe same things have 
been formed, each lured by po- 
tential riches and each believing 
in its own success, Iu a time that 
has been widely hailed as the era 
of the entrepreneur, many people 
think the computer industry is 
suffering from the ill effects of the 
entrepreneurial spirit ran amok. 

“All that overdoing comes 

(Continued on Page 6, CoL 7) 







Pi 


« Page 2 


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I* 

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INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


UN Aides Begin Probe 



I Hostages in Lebanon 


By Edward Walsh 


JERUSALEM — United Na- 
tions officials began an investiga- 
tion Monday into the deadlocked 
hostage dispute that began Friday 
between the UN peacekeeping 
force in southern Lebanon and the 


Last of Units 
QuitLebanon 


Israeli-backed South Lebanon 
Army. 

A French brigadier general, Jean 
Po ns, who is tlK deputy command- 
er of the United Nations Interim 
Force is Lebanon, or UNIFIL, was 
put in charge of the invest ig ation 
mto the modem. More than 20 
Finnish soldiers from the UN fence 
were abducted by the South Leba- 
non Army. 

Hie militia, with the backing of 


its Israeli sponsors, was holding 21 
of the Firms and demanding that 


(Continued from Page 1) 
functions as a Palestinian parlia- 
ment in exile. 

Mr. Peres told parliament the 
plan entailed enlisting support 
from permanent members of the 
UN Security Council for direct 
piiir< among Israel, Jordan and the 
Palestinians. 

His move followed a Jordanian 
call for an international conference 
including die Soviet Union and the 
United States, as well as Britain, 
France and China. 

Israel and the United States op- 
pose such a conference. Mr. Peres' 
proposal to seek Security Council 
backing was an apparent response 
to King Hussein's call for an inter- 
national umbrella for the talks. 

“Despite the obstacles and the 
difficulties along the way. it is pos- 
sible to reach direct negotiations,” 
Mr. Peres said. 

He said Israel was willing to 
make “a major contribution.*’ 

“It is possible that there is a 
change in atmosphere in the Mid- 
dle East," Mr. Peres said. “It is 
posable that an opportunity has 
been presented, that it is forbidden 
to miss." 


the rival Shiite Moslem nnhtia 
a mu I release 11 Sooth Lebanon 
, militiainfli who were cap- 
. Friday. Israel and die South 
Lebanon Anny have charged that a 
Finnish unit of UNIFIL assisted 
Amal in the capture of the 11 mili- 
tiamen. 

[Finland condemned Monday 
the seizure of its troops in southern 
t rfumim and appeared to the UN 
and “relevant" governments to 
take urgent steps to release them. 




WORLD BRIEFS 


Mitterrand Warns on Farm Trader . 

p AR . s ml 


any 




. ? c . Fnral Council - - 


r , 

suus for ta, 

rural trade. ^ 

Bl ackmail Alleged in British Spy Case 




LONDON (AP) — Seven British senmxroen summ ed ta Cyprus 
svstematicallv fed top-seem military information to a foreign power 
SbSaih their hbnxsfluml activities WEd &e ex- 

sss 

agents of a foreign power some of this country s most 
Sets." said Michael Wright, a. prosecutor, 


Some of the Finnish members of the UN peacekeeping force who are being held hostage by the South Lebanon Anny. Episkopi miliraiy complex in southwestern Cyprus. 

Beiiing, Bonn Reach Nuclear Accord 

J O 7 _ . . , U^| W _ 


Reuters reported from Helsinki] 

Timor G&kseL the UNIFIL 


GOksel, the urvirit. BEIRUT — Unidentified gun- 

spokesman, said UN officials were men have seized a US. citizen who 
informed Monday that the 21 i$ a rtean at the American Universi- 
Finnish captives have been moved ^ of 3^^ in wfcat might have 
to the southern Lebanese townot been an attempt to capture the uni- 
Mag ayoun,where theSouth Leba- versity’s president. Calvin Plimp- 
ArmvnT AntameT-ahadbasit* ^ ^ M OU- 


Beirut Gunmen Seize U.S. Educator Von Bubw 

IsAcqui 


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non Army of Antoine Lahad has its 
headquarters. 

Mr. GOksd said that UNLFIL 
liflfsnn officers me! with an o ffi ci al , 
from the South Lebanon Anny on 
Monday in an attempt for UN 
medical teams to rain access to the 
Finnish soldiers. But he said that 
no ag r eemen t was reached because 
the militia was d emanding a meet- 
ing with the 11 men bring held by 
Amal. 

The problem is that they have 
our men but we don't have their 
men," be said. 


Mr. Gdksd described the investi- 
gation headed by General Pons as a 
“routine, in-house inguiiy" that is 
required after any serious incident. 
He denied widespread reports in 
Israel that it was ordered by the 
UN secretary-general Javier raez 
de Curilar. 

As the hostage dispute contin- 
ues, land apparently is hoping to 
use the incident to gain concessions 
from UNIFIL for the de facto rec- 
ognition of the South Lebanon 
Anny, which is trained, equipped 
and Bmmnwd by the Israelis 


day. 

Thomas Sutherland, 54, dean of 
the university's agricultural and 

food sciences faculty, was am- 
bushed Sunday on his way from the 
airport to his campus residence. 

Suggesting that the attackers 
may have mused their real target, a 
university source said: “Plimpton 
was supposed to be on the same 
flight but changed his mind at the 
last moment and canceled." 

After firing at the tires of the car, 
the gnnnwn, traveling in at least 
two vehicles, grabbed Professor 
Suthoiand but let his driver go, 
according to tire university spokes- 
man, Rad wan MawiawL 

Professor Sutherland had no 
bodyguard and “never let us fed he 
was afraid of anything." the 
spokesman said. 


The professor, who is from Fort 
Collins, Colorado, was the fourth 
Westerner on the university staff to 
be abducted in six mouths. 

Professor Sutherland, who was 
bom in Scotland, has a wife and 
children, all in the United States. 

No group has yet claimed re- 
sponsibility for the abduction. 

The seizure of the dean under- 
lined the insecurity in Bonn, where 
Shiite Moslem forces took their 


siege of Palestinian refugee camps 
ek. Also, 


into the fourth week. Also, there 
were dashes along the line dividing 
Moslem West Barnt from Chris- 
tian East Beirut 
As sporadic shooting and shell- 
ing continued around the camps, 
officials of the International Com- 
mittee of the Red Cross voiced con- 
cern that they had not been allowed 
to evacuate wounded from the Pal- 
estinians’ Boige Barajni refugge 
camp for more than a wedt 
“We have been cm stand-by for 
further rescue operations but we 
have not been given the necessary 
security guarantees," a Red Cross 

official s aid. 


The Red Cross has moved 93 
wounded from Borge Barajni in 
earlier evacuations, bat officials 
who accompanied a UN relief con- 
voy into the camp on Saturday said 
about 300 sick or wounded people 
were crowded in its only hospital 

Red Cross ambulances have 
been denied access 10 the ChatDa 
camp, where Palestinians say about 
180 wounded persons are trapped 
in a mosque. Long after fighting 
stopped at the nearby Sabra camp 
that was captured by Shiite Amal 
militia forces, the Red Cross was 
allowed in to remove 12 bodies. 

More than 520 people have been 
killed and 230 injured since the 
Shiites began their assault on the 
camps. Toe attacks are said to 
aimed at preventing the Palestin- 
ians from re gaining the power they 
had before the Israeli invasion of 
1982. 

In Kuwait, George Habash, a 
Pal estinian leader, said Monday 
that Syria was behind the Suite 
attacks on the refugee camps. Mr. 
Habash beads the Popular Front 
for the Liberation of Palestine. 


tr.xi 


In 2d Trial 


(Continued from Page 1) 
was a “medical case and there was 
no wrong done." 

The eight-woman, four-man jury 
deliberated about 14 hours over 
four days before reaching its ver- 
dict It had heard six weeks of testi- 
mony from 42 witnesses. 

“This is ajury who clearly hasn’t 
had any trouble coming to a deri- 
sion," Superior Court Judge Co- 
rirrne P. Grande said. 

Mr. von Bulow. 58, was charged 
with injecting Martha von Bulow, 
known as Sunny, with insulin and 
inducing the comas she suffered 


luang tne comas sne sunereo 
during Christmas vacations in 1979 


luring Chris' 
uid 1980 at 


the family's Newport 


and 

mansi on. 

Mrs. von Bulow recovered from 
the first coma, but doctors say the 
second is irreversible. 

In 1982, a jury deliberated 37 
hours over six days before finding 


BONN (Reuters) — China moved a step closer Monday 10 b uying o p 
10 four nuclear reactors from West Germany when it signed a memora- 
dum on long-term nudear energy cooperation with a leading reactor 

sunolier, Kxaftwerk Union AG. . , . ~ 

The document was signed at a ceremony attended by ChueeUnr 
Helmut Kohl and Prime Minister Zhao Ziyang of China, wlumhere on a • 
nine-day visit, after the two held talks lasting just under three hours.. 
rtiina and West Germany also signed- three ^rconents aimed u- . 
strengthening their already flourishing economic lies. 

The sale of four 1.000-mcgawatt pressurized water reactors which 
Kraftwerk hopes to chnch in the face of strong compeuuon would uwrfvc £ 
a wide-ranging transfer of German icchndogy enabling Cbm* to build ' 
eventually its own nuclear plants. 

Nicaragua Rebels Admit Lose of Bases 

MANAGUA (UPD — U.S.-badccd Nicaraguan jrebeb. raying they 
"badly need arms and ammunition." acknowledged that Nicaraguas 
army captured two of their major bases in an offensive that demand ihdr 
campaign to topple the government. . ' ~' n ~, 

A radjo broadcast Sunday by the Democratic Revolutionary Aflaoce 
was the first report about dishes with Nicaraguan iroopsin a jungle area 
150 miles (about 240 kilometers) southeast of ManaguiL The army began 
an offensive last year against alliance bases, driving large numbers of 
guerrillas into Costa Raca. . „ . ... , . ■ 

“The Sandinist .Army has taken our bases in El Castillo and La Ptaca, 
the alliance said ov er the radio. The camps are less than40 nuks apart, 
near the border with Costa Rica. "We continue to resisti bw we badly . 
tv rert arms and ammunition." the alliance said. “It has become difftcuU to 
supply our men in the continuing fight." 

For the Record 


Craxi Wins Referendum on Wage Indexing 


Mr. von Bulow guilty, but that ver- 
dict was overturned laj 



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(Continued fro m Page 1) 
control wage increases and thus in- 
flation. 

The government’s victory, how- 
ever, was unlikely to guarantee la- 
bor peace. Just as the polls dosed 
and before the results were known, 
the major national association of 
industrialists, Confindustria .an- 
nounced that it was pulling out of 
the wage indexing agreement when 
it expires in January. 

The move was immediately de- 
nounced not only by Communist 


trade union leaders, but also by 
union beads who had supported tire 
government in Monday’s voting 
and by officials of the centrist gov- 
erning coalition. 

A spokesman for the long-domi- 
nant Christian Democratic Party, 
for example, called die employers’ 
derision “negative." Mario Colom- 
bo, a leader of the Catholic trade 
union which opposed the referen- 
dum, said the Confindustria deri- 
sion was “an act of social terror- 


ism. 


The 46 percent vote in favor of 
the Communists' proposal while 
insufficient, was far higher than the 
30 percent the Communists drew in 
local voting last month and ap- 
peared 10 reflea a sizable protest 
against the government. 

The neo-fascist party, the Italian 
Social Movement, also campaigned 
in favor of the referendum, but the 
yes vote was substantially larger 
than even the Communist and neo- 
fascist vote in the May election 
combined. 



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@ 1985 AT&T Cammumeations 


ast year by the 
Rhode Island Supreme Court on 
state constitutional grounds. 

Mr. von Bulow's chief defense 
attorney, Thomas P. Pucdo, relied 
on nine medical experts in arguing 
that insulin injections did not cause 
thecomas. 

Mr. Pucdo maintained the co- 
mas were induced by Mrs. von Bit- 
low's abuse of drugs and alcohol. 

Assistant Attorney General 
Henry Gemma said he was “very 
disappointed." 

“This has been a complete and 
total commitment for the past six 
months. We gave it our all but 
after four days of deliberations, the 
jury said there was reasonable 
doubt," he said. 


The European Court has told Italy to abolish automobile registration 
rules ainwH at preventing Italians from importing cars from France, West 
Germany. Belgium and the Netherlands at prices below domestic teveb, 
court officials said Monday. . ; (Reum) 

Two leaders of a gang that carried out Britain s biggest cash robbery 
were sentenced Monday to 22 vears in prison, each. Tne judge said he 
regretted he could not recover the £63 million (then $103 million) they 
stole in 1983 from Security Express headquarters in London. (A Pi 
Prime Minister Laurent Fatihs of France arrived at Bast Berlin on 
Mondav for a two-day visit and conferred with Erich Hooecker, the East 
German leader. It narks the first official visit to East Germany by the 
head of government of one the city’s three Western occupation powers. 

(177) 


Dr. Mengele on the Run: 
A Protector Gives Details 


The prosecution was able to per- 
rlov- 


suade Mr. von Bulow's former 
er, Alexandra Isles, to return from 
Europe and repeat her 1982 testi- 
mony that rite had given him a 
deadline for divorcing bis wife 
shortly before the first coma. 

She also testified he told her of 
watching his wife suffer for hours 
during that coma before deriding 
he could not go through with let- 
ting her die. 

But the state was not allowed to 
allege again, as it had in 1982, that 
Mr. von Bulow wanted to inherit 
his $14 million share of his wife’s 
S75 million fortune for holdings in 
Pittsburgh utilities. 


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(Continued from Page I) 
revelations about the couple's al- 
leged connection with Dr. Men- 
gde. 

Mr. Bossert said that when he 
wrote to Germany advising Dr. 
Mengele's family of his death and 
burial on Feb. 8, 1979, “I said prob- 
ably they’d agree to maintain the 
secret They replied in a letter that 
naturally the case was much loo 
dangerous to be revealed and that 
much water would have to flow 
under the bridge before this could 
be exposed. So 1 kept the secret." 

“The contact was Hans Sedl- 
meier,” Mr. Bossert said. Mr. Sedl- 
meier is a former employee of the 
Mengele family company in Gunz- 
burg. West Germany, and the man 
who the Bosserts claim was Dr. 
Mengele reportedly had received 
sporadic payments of dollars from 

him. 

“Sedlmeier brought money once, 
but it was never a regular thing." he 
said. 

Part of this money had been in- 
vested in a small farm at Caieiras, 
where Dr. Mengele had lived with 
his first protectors in Brazil Geza 
and Gitta Stammer, the Hungarian 
couple. Mrs. Stammer’s testimony 
to pohee Friday corroborated some 
details provided earlier by the Bos- 
serts. 

The Bosserts said that Dr. Mea- 
gele was responsible for restoring 
farm buddings, and when the farm 
was sold the Stammers made regu- 
lar payments to Dr. Mengele forhL 
half share. They said that he didn’t 
spend anything, that he just 
worked for his food. 

The Bosserts were brought by. 
police to the farm near Joquitiba, 
50 miles (80 kilometers) outride 
SSo Paulo, where Wolfgang Ger- 
hard, the man whose identity the 
Bosserts say Dr. Mengele assumed, 
and his family had lived for eight 
years before returning to Austna, 
where he died. 

, 20-acre (8-hactarc) farm set 
in a remote wooded valley readied 
by an overgrown track, was visited 
twice yearly by Dr. Mengele, ac- 
cording to Mr. Bossert. 

“He was interested in books in 
Much he appeared and about the 
place where he’d worked," Mr 
Bossert raid. He said Dr. Memrde 
a!so received medical and.bio!oey 
textbooks from Germany. 

Mr. Bossert said the real Ger- 
hard, who had passed on his identi- 


said had been threatened to keep 
silent. 

In Tel Aviv, an Israeli govern- 
ment spokesman said that while the 
Brazilian tests are being conducted, 
Israel “would continue Us efforts W 
catch Mengele and bring him to 
justice in Israel" 

M enaction Ru&sek, head of an 
Israeli police detail charged with 
investigating Nazi war crimes, told 
Israeli radio that he believes tint 
Dr. Mengdc is behind the reports 
of his death in a desperate attempt 
to slop the worldwide manhunt lor 
him . 

The coroner who ocarained Ger- - 
hard after the drowning said he saw 
no reason to question the victim's 
age on his identity card — 54 — 
which would have made him 14^ 
years younger than Dr. Meugde 
would have been in 1979. 

The head of the SSo Paulo . 
morgue, Rubems Maluf, and the 
coroner, Jose Antonio de Mdo, 
said they plan to begin the forensic 


investigation by cleaning the bones 
and rebuilding the skeleton. 


Bat 

identification can 


the only positive 

come from 1938 dental records 
provided by West Germany. The 
remains exhumed Thursday con- 
tained seven natural teeth, two den- 
tures and a gold crown or cap. 

“If any of these teeth were treat- 
ed in Germany, then the records 
could be of great value," Mr. de 
Melo said. 

Brazilian authorities have i 
to allow U3. and West 
experts to work with them to deter- 
mine if the remains are those of Dr. 
Mengele. 

■ Family to Break Sfence 

Rolf Mengele, Dr. Meagde’s 
son, plans to break his family s si- ' 
with a statement in the next 
24 hours, his secretary said Mon- 
day, according to a Reuters report 
Mr. Mengele has a law practice in 
Freiburg, West Germany. 


C^formaPhms 

To Catch Condors 


Lax Angela Tima Service 

ni, L F S l^ G J E ^" TbeClIif0r ’ ■ 
ma Fish and Game Commission 

has voted. 5-0, to recommend that 

all remaining wild California con- 

dors be captured and placed in pro- 


ty documents to Dr. Mengele and CU5lod ^ ® jf® 0 *- There may 

^^asnmeofthebtrdslefiii 


1978 under what he caUed “funny -tv, _ - ■ , 

circumstances,” was a Nazi and -a tu TC , co, ® m ^ s ion s action, taken 

bit fanatic." He was a mSnW 0 f ST?* “ ««fli«s 

ik.ir..u.v , ““"Miiucr or with a nrnrwM U.. m. • 


Hiller Youth, he addST ^ 5X < X osa ' ^ 1« US. Fish 

“He spoilt of the HiderYoath f Bvl “ “ 

but evmone Parapeted in SuL »2rS'i for "“fogpur- 

had first introduced Mmro Dr and federal officia! 

Mengele, had been “very astute in M al£ ® n P t would be 

testing us out to see tfwe a*-. ,u_ summer lorcach a corn- 

kind of people on the ptenSe -nK condor 

□ounce someone. He soon fealimi 0<x ? dotting rap- 

that threats wouldn't wort ’dy ** Ms habitat is taken, over by 


i 




5?39- 











INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


Page 3 





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INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


INTERNATIONAL classified Help for Salvadoran Rebels Has Waned ^ 

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i new yock, young CARSBEAN withdraw some of its backing for 
Wt pa ““a**? **"!• mr- the Salvadoran rebels on several 
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I SSSritfAMttX I PARIS 562 0587 


77,9 SB wm SFGUKfaa occaripns.tolhbysusperaligain. 
urporti. Young. etegmT^iS nnuuUon shipments and by re- 
oduaed. 7 om / 12 pa. hfl tmeL stricting the actirities in Managua 
PAJB5 NOTE i TW mow AT ONCE of the rebcTs Farabuodo Marti Na- 
TrwsrW IP. Wy, travel yijera^ou From, according 

FRANKFURT. Youtg tody ooenponan. to these sources. 

EngfaMT***. 9 $? ? 5 P° t m - fae It was unclear from the docu- 
10^0^ 069 ^ 77 75, aKnis and other iofcKmadon how 

'SSJiplii 78^*^ TrMl much aid Nicaragua has been con- 
pahs young lady 34T 2i 7i tributing in recent months, but am- 
vip pa & bfcgpd wtorpreter. munition shipments appear to have 

HONGKONGjiwj 723 12 37 dropped substantially. The defee- 

Chommg . eimcrt PA. 

Inr a Frtrmv ru-vl i and milirarv 



■ 

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TRUSmjL IADY COMPANION 
Oixnng, eduentod, h-oveL 


.♦I ’ rfvJ !. ! ■H’RH. 

EHK2JE5ES 


723 12 37 dropped sutetandally. The ddfeo- . > " "i m 

^ lor, a former political and military’ ' " ■■■ ^ - v 

aTB"" commander, said he was aware of ' 1 " . \ 

— ,e2 *** only two deliveries this year. ■' ■ - ' ‘ ********* 

A U.S. military aihiser, left, instnicts a Costa Rican CiyA Guard in using a nmebfae gat 

gua was “enpooing revolution,” . 

and it used this charge to justify the ddegation at the peace talks in the cause more arms were not needed, 
organization and financing of the town of La Palma in October. because of U.S. pressure on Nwa- 
rebel force fighting to overthrow The rebel front has charged that ragua and because of the Hondu- 
ihe Sandinisi govemmenL the documents are forgeries. ran armed forces] breakup of much 

Salvadoran rebel leaders and According to the new sources, of the rebel front's clandestine sup- 
Nicaraguan officials hare offered leftist nations initially contributed port network in Honduras during 
cautious and sometimes conflicting 6.000 to 7,000 automatic rifles in 1982 and 19S3. 


& ^ 


VIP YOUNG IADY GUOE 
Educated, touaJiv e and trOnajcJ 
for dayi. uttorinni & Travri. 



rebel force fighting to overthrow 
the Sandinisi govemmenL 
Salvadoran rebel leaders and 
Nicaraguan officials hare offered 
cautious and sometimes conflicting 
responses to the U.S. charges. The 
Salvadoran rebels hare admitted, 


because of U.S. pressure on Nica- 
ragua and because of the Hondu- 
ran armed forces’ breakup of much 
of the rebel front’s clandestine sup- 
port network in Honduras during 
1982 and 1983. 


purchased on the inurnitiontl 
market, he said, most were supped , 
bv friendly governments. 

' Mr. Romero. 35, was held by the 
milium for several weeks after de- 
fecting before being made available 
to reporters. He is non said to be 


uui 1 - r " ‘ 


U LumULUUK O.UUVJ UJ (,UUU OUUJIIUUL. I UIQ IU IXOi diiu ■ 

charges. The addition to mortars and grenade The Sandinists also began to pull hvmg under the profeeQoa af tbe^ f L 
readmitted, launchers from 1980 to early 1983. back their welcome in Nicaragua in military. ... . 1 

iev smu ggl e These arms are described as havin® mid- 1983. according to the defec- . The guerrilla orauuzauon has ; 


n hi ^ 1 




for example, that they smuggle These arms are described as having mid- 1983. according to the del 
weapons and ammunition through arrived clandestinely from Nicara- tor. Napoleon Romero, who 
Nicaragua but have said they ob- gua, mostly in small planes or over- known by his nom de guerre, 1 


* PARIS 527 01 93 * 


PARIS BtUNGUAL ASSISTANT to 
buaneg eaqjtivei. 500 SB 17 


rained the arms on the internation- 
al market. Nicaragua has acknowl- 
edged giving diplomatic and moral 


land through Honduras. 
Cuba, the Soviet Us 


young lady lwuNGUAi viw'A Aitracfoto p&- support to the guerrillas while de- 


Cuba, the Soviet Union, Viet- 
nam, Bulgaria and East Germany 
have trained guerrilla leaders in 


known by his nom de guerre, Mi- 
guel Castellanos. At that time, the 
the rebel front general command 


is charged that Mr. Romero wi 
j. tured while in custody and & 


Mr. Romero's description of & 
source of the weapons was bol- 


as- 


was forced to t ransf er its meetings stered by a US. military ^inteffi- 
10 rebel-dominated territory in B gpnee survey of senal numbers of 


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92521 NeuAv Cedex. France 


Co* London (01] 629 6699. 


US / M.D. & photographer, m Athens. 
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• BUY YOUR TAX HB CAR • 
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pa. Td 923 7642 Ext 5. nying that it was shipping ammuni- military and political work, by this Salvador after Nicaragua was em- U.S. -made M- 16 automatic rifles 


HAMBURG -YOUNG IADY campon- lion, 
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Greece. Tel 4529571. 4529486. & Brtertainna Tel 01-381 6S52. London 381 9347. 


i Hq^^mi^7 79548 ^ 5jn ^ et r The newly available sources of- 
fer a broad portrayal of the history 
hong kong - i-fTfMVKt Young of external support for the Salva- 
lody lAston/Westam) cotnpcnrtti doran rebel from, 

Paris lady mterhstbl Travel The government and the U^ 
Embassy said the documents vrere 
^2^7^ ^ April 18 along with a promi- 


collective accounL The general barrassed by the murder of a senior captured from the guerrillas. The Lij-V 
command (A the rebels met regular- Salvadoran rebel commander in surveys raailis. made ayatftmrov ] l 
ly in Managua in the early 1980s. Managua in a factional dispute. U.S. officials, showed that jnat un- 
Since about two years ago, how- Mr. Romero said. der 25 percent of the niworiginal- 


1 

irJllK' ? 1 ’ V: 


NEW YORK. Young British ledy ccm- 
parmn. T A 212-807-7386 


PARIS YOUNG IADY, tourist gu*£ nenl rebeI commander. Nidia Diaz. 


who was a member of the guerrilla 


Since about two years ago. how- 
ever, foreign military assistance has 
consisted primarily of ammunition 
and explosives, and it increasingly 
has arrived by sea. 

Shipments appear to have 
dropped off for three reasons: be- 


He said that about 70 percent of ly were provided to the Satodoraji 
the the front’s automatic rifles Army and thus presumably hod 


came from abroad and that (he rest 
were captured from the Salvadoran 


been captured by the rebels. Of the. 
remaining rifles, the bulk were said 


armed forces. While some of the to have 


left in Vietnam by., 


foreign -supplied weapons were evacuating U.S. tnx^n in 1975. 


Greece. Tel 4529571, 4529486. TW & BrtertogxnB. Tel 01-381 6851 London 381 9847. 

s ss^5S GU " 3aMav 


AMERICAN GUtt, 20. Looting for a 
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bilha 

INTERNATIONAL HERALD TRIBUNE 


Independence Movement Grows in Guadeloupe 


By Edward J. Cody 

Hoiforun Post Service 


FRENCH HIGH FASHON MODS. 27. 
ffctory of Art ^aduefe, loob for 
buMws txxM vn m Altraaive, aiicu- 
kxe, weU-trawjfed. London bawd. Tef 
London 22503 68. 3 PM - 0 pm. 


YOUNG AMBBCAN WOMAN ex- 
lemwe odvertisng experience, fkienr 
Frwxrii, exoeilenl presen t at i o n seeks 
full / part-tane raaBlian. Tel 508 B5 66 
days, 707 35 69 eves. Part. 


By Phans Cel your local 1HT refiresarfative with yew text. You wffl be nfonnad of the cost u ntne di atoly, and once prepayment a mode yow ad vaU 
appear withfn 48 hours. 

Coeh The basic rwen$9J0 per Eno per day + local taxes. There are 25 letters, signs wid spaas m the first ine and 36 m the follower Ines. Miimum 
space « 2 lines. No abbreviations ac cept e d . 

Credit Cade: American Express. Diner's Chib, Euracmd. Afoeter Gnf, Access and Vita 


POINTE-A-PITRE. Guadc- a have attraned a following in 
loupe — Impressed by a violent local elections and that the island 


As an indication, offlrials pant hit a pair of police stations, another 
out that independence groups nev- restaurant and a truck, 
er have attracted a following in No one claimed responsibility 


HEAD OFFICE 


EDUCATIONAL 
POSITIONS AVAILABLE 
WANTED TOUCHERS mother ton 


WUBS: Fix France and ad cmxv 
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Charlevde Gaulle, 92521 
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SVWDM Mrs. Mn Felbom. 

Frfbcxn MaAeWig 6 Dninbu- 
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Triry Swed en . TeL 08 ntfl229. 


SPAIN: AlfiedD Undauff Sar 
if Mu . Ibarra Men 1 . 6 D. Pe- 


lf ANTED TEACHERS mother tongue I 
Engfsh. Write to: Mrs Abphot 8 Drs I 
rue de Traie, les Etarts. 77390, Ver- 1 
neuil l Etonn 


ifnlL . Ibena Mai 1. 6 D. Pe- 
dro Tern % Madrid 2BQ20. 
Tab 455 28 91-455 33 06. Thu 
47747 SUVA E. 


ECUADOR: laa lawec. P.O. 
Bo. 3COPbSaro. OmmoA 
Tel- 525461. S14SQ5 Tlx 3361 
PGCCYE 

PANAMA: Gdben B. 1 Sea*. 
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Baa 68646 B Dorado. Frxxx 


ma RnxbU: af Utom Tel- 
fflisnS (M2 X3MAD PA 

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toi*o. li mo-27, Pa«u. T«L 
gtt^4,7B53. Tlx: 20469 

VBCZLHA: Juan WUH. Iif . 
press Vanmvela. Apartado 
6111. Caracal 1010, Venaue- 
la. TeC-33 14 54. TV Venezue 
la 24500 SffRl VC 


DOMESTIC 

POSITIONS AVAILABLE 


AUSTWA A OBUWANY: Sgnd 
Knrvad, IX T, FnedndirtroSM 
15. D 6000 Franirfurr Tel.: 
RWl 72 67 55. Telex 416721. 


PBSONNB. RESEARCH ETT tearuih 
perfectly bAnqud secretaries, Engfah- 
rrendi, knowledge vrardprocessor 
appreoated. QJ Pans 233 19 04 


DOMESTIC 
POSITIONS WANTED 


GOVBNESS k> look afta young bshr 
of 7 yean aid - to feach her French & 
asnt in general education. Candidate 
shoidd be fiuert m Engksh. Eke sports 
& counfry We. Place of residence dur- 
ing asugnmerd: UK. France. Saud 
Arabia Job avrdoble now or in 
September. Please send C.V. A refer- 
ences tor Genesis, 7 rue des Alpes. 

1201 Geneva, Sgttgjand 

ALWAYS AVAOAB1E - AU PAIRS, 
cWdrcn s nermy, mum's helpers & al 
branches af Ifl doss kve-tn domestic 
help worldwide. CaB Slacne Bureau. 


BAUM A IUXEMKXJRO: A> 
dxa Mexx n ar, 6 be Lous tty- 
mans. IdW 3rut>«lt. Tef.-. 
343.1499. Txln, 23922 AMX. 
CRBCXA CYRUS: JC. Bmm- 
ton. Pindarau 34 Aihm. T«L 
361 B397/3602421. Talax, 
218344 BSCS. 

BRAH: Dan Batch. 92 UshMxi 
9rm. P.O Bea 11297. Td 
Avw ToL 45 55 39/45 91 37. 
Ik 34I118BXTVIL EXT 6376 
ITALY 

R06IE Anxnio Sanbnet Xx 55 
V<o dxfla Marcs do, 00 187 
tome. TW. 679JA37. Tdm 

620500 PPCSRA 
MRAN: Up 9 Koncox. 20090 
SaQraaMtanS.Fs6ct.Tanm 5. 
TaC 7531 445.Tal^3ll010 


SWITZERLAND; Guy Van 
TfxjynH and MaihcA Wdlw. 

To Vims-. 15Chenxn Davd. 
1009 Fully. lomomw. T#l.. 
10211 29.3a.94. relax; 
2S722GVTCH. 

U9BTBJ tONGOOM: & Odd. 
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WC2E9K Td_ 01 8364802. 
Tdax. 263009. 


iAMM Tadrsh Mon. Marta 
5da> Japan Inc, Wafa 
Brxiding. 3-3-14. Shmixnhi. 

WxwmAj, Tokyo IQS T.L 
504 1925. Trier 25666 
KOREA; Un~nrta Pbhicalxxa 
Agaacy Lid.. UFA Btrktnq. . 
OO 6c. 1380. 54 Kyonf 
Dona Ownqno-L/. SEOUL 
Td. 7aB77T Tlx. 73504 UN 

rua 

PHJUPPNES; Pan Copotato. 

M adia Erp.cvTT7tatr»a» Inc, 
Grxrlan Fbc». C m Vt a jl Plo- 
to. Pasco da Sma. Motan. 

Td- 817 07 49. Tit- 66112 
MBPN. 

SHGAP08E. MALAYSIA; Stov 


revolt half a world away, the people a* w ays has been more prosperous made any atiesii But determined 
or this Caribbean island have be- 111311 115 neighbors, chiefly because anti-independence French citizens 
gun to confront a previously un- *bc central goxenunent in France and separatists alike unofficially 
thinkable idea: independence from P 3 ^ 5 bllIs - added the bombings to a growing 

France But the New Caledonian revolt, list of incidents by underground 

Leaders of a vocal and some- “ which a S*™.* ^epend^a independena agitatora w the 

times violent independence move- l «*w5 1 3W» l _. , 

ment, watch ingWntsin the boldened mdqxnfciux According to ngbtiapolmcilac- 

French-adxninisiered South Pariflc i n “d broad- uvists and some French officials, 

island of New Caledonia, have audience among the is- pro-indepoidencc extramsts also 

pledged to organize strikes and £ nds black ttcouragement and 

tss£ 5 b piris - %Msar-3~: 


hit a pair of police stations, another denied any contact with Cuba and 
restaurant and a truck. said hisgrwp has not even received 

No one claimed responsibility support from the Goadetoupian 
for the blasts, and police have not Communist Party. . . - 
made any aiiesis. But determined Proadcnt Fidel Castro of Cuba, 
anti-independence French citizens addressing Caribbean writers last 
andseiraratists alike unoffidally MaSin SiTJ? Sl 
added the bombi^s to a growing Guadeloupians remain divided on 


independence and thus activists 
“should not be m a burry.” 


ley Ton, C>€f<Y 1 AN ASSO- 
OATS. 20 MeCaOum Sheer. 
17-01/02 Asa O taatrnn, Sov 


MBOUBOT 


Sandy OHxa, In 
rid Tnbun*, 8 


rid Trix™, 950 Thto Am, 
Mav. YoHl N.Y 10022. Td, 
21275230a Tain. 437 175. 
Geomtr Mortal. Mortal Mario. 
30tf Lombcxd S», Ari.3. So. 
Fronotca CA. 94133. Td^ 
£133624339. TIm 510 100 


•AHUM Barbara An. P/D. 
Bax 20489. Manama . Behan. 


game 0106. Tab 232 27 25 
Triei 3S983 CTAL. 

TAIWAN: Y. Oo« EPOCH 
FriAdiy Aganey. 9.0. Bc» 
1642. Tapti. feworv. Tal. 
752A4J25 Trias 25626. 

IHAILAM): 5um Coro. Grade 
l ukhfwng Ca Ixrxlad. 916/11 


Tali 346 301 Tlx_ 8655 (80 

KUWAIT: John Mundy. P.O. 
Box 2964. Sohnoh. Kui«ae. 
TaL- 561 Lias. TW: 4685B 


1A1M AMBUCA 


TaL 7581 445iTaiax: 31 1010. 
NETHERLANDS: Amid Tan 
XB/Atfm Gnm. Prof. Trip, 


ARCB4TMA: lot Pnrori. Av. Al- 
vaor 1891, DapL 317. Bunm 
Arm 1 129. TaL 41 4031 Dm*. 
312. Tdac 21930 ALPCH AlT 


TaL- 56144B5. Triex: 4685B 
AtZCO AT. 

IBANOM Wrrid As. Tomixiv 
P.O 11-688, Berot TaU 
Honao Offim, 341457. Tatau 
42244 LE 

QATAfc Adri Srixm. Don PUb- 
k Utara, P.O. Boa 3797. 
Doha. Oto. TaL 416535.' 
41 1 177. Hu 4BB4 DANArt DH 


Noting dial New Caledonian re- ^ ^ 
bels extracted concessions from n, e 

France in response to highJy pobU- zation. Popular Union for the Lib- are developing ~ and we have to ™ ^nrasicra nm oi souu 
cized violence, independence lead- eration of Guadeloupe, in April admit they are developing, even if ^ menca ’ •riand is a French 
as here also tovestartai to speak brought in militants from New Cal- they still are not numerous — it is v.^ c P 3rtmcnt r mle^al pan of 
^etdy of making sure that Guade- edorii Martinique. French Guia- bt^use they are b^supporftS Francc - 

and the Indian Ocean island of from outside by people witiuLmer- “We have been French since 
not be “victims of colonial repres- Reunion for what was billed as a ests in helping them." charged 1635. since Louis XIIL” declared 


men Out” — have multiplied on as a further destabilizing force in 


the walls of Pointe-J-Pitre. 

The main independence organi- 


the region should French rule end. 
“If the independence activists 


While President Francois Mi: a 
[errand's government has undertdT 
ken to loosen French role over the 
Pacific lerritory of New Caledonia, 
the situation is more complicated 
for Guadeloupe and France’s other 
major possessions in the Caribbe- 
an. Like the neighboring island of 
Martinique and French Guiana on 
the northeastern rim of South 


Sri TfiongW. SuUxnsri Soi SS. 
■ajutabiOlin PX3. Bar II. 
539. T«l , 390.06.57. 

Trie* 20777 CABO TH 


France. 

“We have been French since 
1635. since Louis XIIL” declared 


conference of “the last French col- Edouard Boulogne of the anti-in- Jean-Marc Hfanery, who works on 
However, even independence ac- omes.” dependence Association Guade- Mr. Boult^ne’s anti-independence 


nroof 17 lOlBGZAmMrrixn. 
Tal • 020-26 36 15. T«l«x. 
13133. 


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Cam Pariri 3099, CH> OiaJ 
Saa PaAx Tri- 852 1B9X Tke 
1124491 SOS Rl 
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U.S. Law Schools Worry H& dth Insurer 

J nu a 


As Applications Decline 


Finds Old Age 
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WASHINGTON — Declines in longer a tii 

ESCORTS & GUIDES first-year enrollment and applica- social mobility. Tuition approach- 
1/005 to U.S. law schools over the ing $12,000 a year may play a part. 
*i«Td:4miap^dTS[ lastihree years have set administra- . Tbedroj 

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iled in size in the Inst 25 
le taking its pick from 


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lawyers. It may mean, some spe- 
cialists fear, more unqualified law- 
yers in the long run. 

Total enrollment in the 174 


United Press International 
NEW YORK — Gains in 
longevity give 65-year-olds a 
“1 0-year grace period” and old 
age now starts at 75, according 


Rally Hears 
Reagan YieW* 
On Abortion 


to the president of Blue Cross 
and Blue Shield Association. 


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among the brightest applicants, ABA-iyproved law schools was 
does not face a promising future, 125.698 last falL down 33 percent 


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125,698 last falL down 33 percent 
over three years after rising steadily 
for decades. 

Total applicants for about 
41,000 openings fell from 72,946 in 
1982, to 64.078 in 1984 and to a 
preliminary estimate of about 
58,400 for next fall, according to 
the Law School Admission Coun- 
cil. 

“Somebody is clearly taking 
someone they wouldn’t have taken 
before,” said John C. Roberts, dean 


quality of their students, about °f Wayne State University Law 
shrinking in size, even about rlns- aAool in DetXOiL 


JASMINE 


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vwna HOME escort sawKt KwnT . jva’s Bcort Servo, sultant on legal education. jhat schools “may not admit it, 8 

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iefvtoe. Ataittngu^. 26T 4ia2 H ^S!^994^§ ON ESC0RT tions over three years is affecting 85 at or near open admissions.” 


HEATHROW / LONDON 

Em»< Sorviw. Tat: 01-381 1950 


HtwfltRRT + surroundings fe RAMtfivr -Trip'Tar’ ?T percent of the nation's 174 ABA- 
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chose not to lower to^C^Sof J 1 ™ 1 ^ 

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31S“-ragrai, . .... . -A3KMSE PS.-SSBS£St 

ow™ GS«VA Gride w AMSIM^M. vtsniNGOLRD T SomWiig al Spanish Manna same," he said. “But you have to Sthe iSf announcctt w i t quoted Rcagan ’ Mrs - Green said. 


simply a decline in the college-age 
population now that the baby- 
boom generation is graduating. 
Some experts, such as R. Paul 


Andy Cornblatt, assistant dean 
of admissions at Georgetown Uni- 
versity Law Center, agreed. 
“Schools will be very reluctant to 


and Blue Shield Association, 
which provides health insur- 
ance for about 90 million Amer- 
icans. 

Bernard R_ Tresnowski said 
in a report on aging, “To be 
sure, the Congress has moved 
the mandatory retirement age 
up to 70. But the problem of 
bringing our laws and our prac- 
tices in line with the reality — 
old age at 75, not 65 — are 
formidable, if not prohibitive.” 

“In 1935, when the Social Se- 
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gress, the average span of life in 
the United States was 64, Mr. 
Tresnowski said. “And it was 
accurate and sensible to consid- 
er that men and women of 65 
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ly.' 

...They aren’t anymore. The 
life span has risen by a decade 
—74.9 years is the figure I have 
seen most recently.” 


Los Angeles Times Service 

LOS ANGELES — Encouraged 
by a telephone pep talk from Presi- 
dent Ronald Reagan, several thou- 




sand people participated in a rally 
to start an right-month, 3,400-mile 


to start an right-mouth, 3,400-mile 
march on Washington by two min- 
isters. Sponsors hope the march 
win prompt U.S. legislation to re- 
strict abortion. 

The president called abortion 
“the most important issue facing 
this country today,” and said that, 
the rally had his simporL A 

His speech was broadcast from 
loudspeakers to the crowd, which 
police estimated at about 4,000. 


ili f j ■ j i j , j 


Rally sponsors predicted that 
they would gather hundreds of 
thousands of signatures as two 
Wisconsin ministers trek through ' 
II major cities in coming months, 
displaying at each stop preserved 

fetuses in tiny wooden coffins. 

The ministers, Norman Slone 
and Jerry Horn, posed for photos 
aunday 0 n each side of the open 

coffin of a fetus they call “baby 
choice. 

Most U.S. anti-abortion groups 
have endorsed the march, said Mel- 
ody Green, director of Texas-based 
Americans Against Abortion, 
sp°nsor of the march. They hope*, 
that a grass-roots show of oppoa^* 

tion tn alvtrfirtn nr ;ii r— ! 


J VtaUMri, B^lLWi. ■ . 

“Schools will be very reluctant to Lfimese Army Jq Be Cut 

contract,” he said. "That will mean n a m 

a glut of people who have no busi- **¥ *^ ne Million Men 
ness being in law school” and wiH 7 *e Associate* p^ 


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graduate majors away from pre-law 
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TRAMGW POLAND BCORT ser. i^wYORKCTTY - hfodemritaSe b- exploded Monday at a manna near of one-third. 

— ["f 069/63 41 Y>. cod Serna gi2) here. It was ptccoled by a warning The school had planned to hire 

LOMTON *MKJ BCORT Shvkb. HOLLMM Esmrtsbivice 020- from a caller claiming to speak for five new faculty members. Now it 
HAMWBg ' escort - fi 16 Basque_ separatist guerrilla will not be hiring new staff for the 


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G(m Ser ' l xj l ^r/^ E BawT w group ETA (Basque Hom^and and next several years. 

igNDON"cpiE b corTw GhecV-1 T^JkiBgijigcaiiMed ^Smalto lawschrok will be even 


nm ■ which a israsra T . ; 

Chinas pa ra 

mount leader and chairman oftfic TaIPeT t 

military commission, said last ord*Cii J 7 ^ government ha? 
month that China planned to cu SSS i i? CWSpaper 10 5US P cnd 
one million men fp«». ,u 1 Publication for one week hNinni.a 


Tri-. 370 7151. 


damage and no injunes. 


more hard pressed. 


one million men from the armv to MoS?? f °- r ?nC ^ banning 
for wonontiL- consinw^ 


Ziyang of China. 










INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


PageS 


Jl 



■vi 









Indians in New Delhi Protest the Practice of Bonded Labor 


Impoverished Indians held a demonstration Monday at the Taj Mahal Hold in New Delhi to protest the outlawed practice of bonded 
labor, under which workers pay off debts they or their ancestors have incurred. The protesters used dancing monkeys to contrast their 
cause with the Indian cahural festival held recently in Paris that featured dancing bears. Another festival is to be held in Washington, 
which Prime Minister Rajiv Gandhi is to open this week. The danonstration was organized by youths from the opposition Janata Party. 


Ethiopians, Heading Home, Face Famine 


By Blaine Harden 

Washington Post Senior 

NAIROBI — Africa's, largest 
tide of refugees has begun flooding 
back from Sudan into the Ethiopi- 
an highlands, where relief officials 
say there is little food, a rekindled 
civil war and a likelihood that 
many who return will die. 

For eight months, refugees in 
search of food streamed from Ethi- 
opia into Sudan at a rate of up to 
4,000 daily. Now. lured by rain in 
Hgre province, more than 50,000 
have abandoned refugee camps 
.along the Sudanese border in the 
past month to begin the three- to 
four-week walk back to their farms, 
according to a spokesman for the 
Office or the United Nations High 
Commissioner for Refugees. 

This is a spontaneous thing 
against the advice of relief workers, 
who are telling these people they 
are not fit to make this journey, 
that their children will die along the 
way. that there is no food when 
they return," said Hugh Hudson of 
the UN refugee office in Nairobi 

These people always told us 
they did not cone to Sudan to stay, 
only because they were desperate," 
Mr. Hudson mid- With the arrival 
of rain, he said. Their instinct is to 
go back for plowing." 

The refugees are returning to a 
no- man' s- land struck by .famine 
where rebels of the Tigre People’s 
Liberation Front and soldiers of 
the Ethiopian Army have been 
righting for more than a decade. 

The Ethiopian military, with 


weapons and aircraft provided by 
the Soviet Union, holds the region's 
cities and a few m^or roads, but 
the Tigrean guerrillas move freely 
through most of the countryside. ' 

A senior relief official in Addis 
Ababa said that the government 
had begun an offensive in Tigre. He 
added that “security consider- 
ations" there had limited the flow 
of relief aid into the region for 
months. 

Rebels, in a statement from Lon- 
don, said the rood situation in Ti- 
gre is becoming increasingly des- 
perate. The statement, which 
blamed the United Nations for fail- 
ure to move food north from Addis 
Ababa, said at least 68 peasants 
have died from eating dirt. 

But refugees returning to Tigre 
are willing to endure the renewed 
righting and the possibility' of star- 
vation because they no longer can 
tolerate living in Sudan, according 
to Mr. Hudson. 

“People think Africa is Africa, 
that all places are the same," he 
said. “That just isn’t tree. These 
Tigreans are mostly Christians 
from highland, temperate country. 
It is just as difficult for an Ethiopi- 
an in Sudan as it is for a European. 
These refugee camps are a living 
hell for the Tigreans." 

Daytime temperatures in the 
treeless desert along the Sudanese 
border, where six camps sprang up 
in the past half year to house 
235,000 Ethiopian refugees, rou- 
tinely go above Z10 degrees Fahr- 
enheit (43 degrees Celsius). In re- 


cent weeks there have been dust 
storms, one of which flattened half 
of the tents in a camp of 20.000 
refugees and destroyed six food 
warehouses. 

Like all feeding centers crowded 
with sick and malnourished people, 
the refugee camps are rife with dis- 
ease. Relief officials say there is an 
outbreak of cholera in Wad Kowii. 
a camp of about 30.000. Vitamin A 
deficiencies have caused an epi- 
demic of xerophthalmia, an eye dis- 
ease that dries up the eyeball and 
causes blindness. 

Vitamin C deficiencies have 
caused scurvy among refugees and 
are responsible for large numbers 
of slow-healing sores and abcesses. 

Christian Tigreans also have 
found themselves less welcome in 
the camps, situated in the Moslem 


pan of Sudan, than their compatri- 
ots from Eritrea, most of whom are 
Moslem and have chosen to re- 
main. 

When Tigreans say they are go- 
ing back. Mr. Hudson said, refugee 
workers give them as much food as 
they can cany, extra rations of vita- 
mins and a physical checkup to see 

if they hare “a minimal survival 
fitness." 

“Even when they are advised not 
to go. we are not able and not 
willing to physically prevent 
them,” he said. “Fathers take their 
children out of supplemental feed- 
ing programs. These people don't 
want to split up their families. They 
insist on staying together even if 
they have children die on their 
hands.” 


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Tibet Is a Dim Memory 
For Some Exiles in India 

Students Learn Hindi, Enjoy Filins 
But Keep Ancient Buddhist Values 


fclouw 


:[\U Hear 

rtiiiaii^' 

\n \borlit 


By William Claiborne 

Washington Post Service 

LEU, India — Janr 
was a young boy when 
through snow-covered Himalayan 
.mountain passes with his older 
^brother in 1972,- arriving in the 
- harsh hills of I-ariakh exhausted, 
dazed and overwhelmed by loneli- 
ness. 

His parents had been arrested by 
the People’s Liberation Army of 
China, ostensibly for failure to pay 
taxes. They have not been heard 
: from since. Mr. Dorgee said he is 
“pretty sure" that both are dead. 

Now a student at the Tibetan 
Children’s Village near here. Mr. 
Dorgee dreams of going to college 
in India, of becomi ng a physicist 
and of returning to Tibet But he 
admits that his memory of home is 

becoming dim. 

, , T’d luce to go back if I get a 
.fiance. Yes, I think I would if that 
e possible," he said, somewhat un- 
convincingly. 

For Mr. Dorgee and more than 
100.000 Tibetan refugees who have 
fie d to India, (he passage of time is 
distancing th em from their home- 
land. which on a dear day Is visible 
from many erf 1 Ladakh’s mountain 
peaks. 

H has been 26 years since thou- 
sands of Tibetan refugees followed 
their leader and god-long, the 14th 
Dalai Lama, on his find flight to 
exile in India in 1959 after the Chi- 
nese crashed a Tibetan uprising. 

Now more than ever before, the 
refugees face the dilemma of not 
knowing whether to assimilate into 
the society that has welcomed and 
sustained them, or to cling to their 
traditional culture in the hope that 
someday they will return to a Tibet 
that has undergone a vast transfor- 
mation under Chinese rule. 

For the most part, Tibetan refu- 
jbes have tried to do both. In their 
schools here and in refugee settle- 
ments in southern India, the Tibet- 
ans learn Hindi or the prevailing 
regional language as weQ as En- 

25 Independents 
Win in Hungary 

The Associated Press 

BUDAPEST — Independent 
candidates have scored their big- 
gest gain since the country came 
under Communist control at the 
end of World War n, vanning 25 
seats among the 387 in the Commu- 
nist-dominated parfiamenL 
" ^Results released Sunday showed 
dfc losers to unofficial candidates 
included Jen oe Fock, a former 
prime minister, and Bda Btszku, a 
former interior minister. Indepen- 
dents had been permitted to run 
since the 1970s but only one had 
previously been elected toparlia- 
roeni. 

The Saturday elections were the 
first since a 1983 law established 
that at least two persons had to ran 
Tor 352 of the seals. Thirty-five 
seats are reserved far top govern- 
ment or Communist Party officiak 
The Patriotic People’s. Front, the 
Communist organization that dom- 
inates Hungarian politics, nonri- 
naied two of its own candidates for 
most seats but voters nominated 
■tthers in 71 districts. 


glish, and they have become avid 
fans of popular Hindi films. 

Their food habits have changed 


with a growing preference for (he 
Indian staplesofjentfls and rice; in 
Tibet rice is cooked only for cere- 
monial purposes. The traditional 
Tibetan pigtail virtually has van- 
ished among refugee men, and their 
clothing styles have gradually 
adapted to unban norms, particu- 
larly in the hotter climates of south- 
ern India. 

But accordin' _ 
Teykhang, the Dalai Lama's chief 
talivc in Ladakh. Tibetan 
ugees have abandoned neither 
their ancient Buddhist cultural val- 
ues nor their collective dream of the 
liberation of Tibet. 

“Since 1959, we have hoped for 
independence for UbeL If we get it, 
everyone will want to go back. If we 
don’t, nobody will want to live un- 
der Communist rale,” Mr. Teyk- 
hang said. 

Refugee leaders acknowledged 
that to a large extent the refugees' 
cohesive will can be attributed to 
the organizational mastery of the 
Tibetan govemment-in-exile, situ- 
ated in Dharmsala in the hOls of 
Himachal Pradesh about 120 miles 
(193 kilomelezs) southwest of here. 

The Dalai Laima, as spiritual and 
temporal leader erf all Tibetans, 
heads a sprawling govemmen l bu- 
reaucracy there. With considerable 
assistance from the Indian govern- 
ment, it manages the welfare of the 
approximately 110,000 refugees 
scattered in more than 40 agricul- 
tural and agro-industrial settle- 
ments throughout 1 India. About 
8,000 refugees have not yet been 
resettled. 

Although the Dalai Lama's 
spokesmen sidestep the subject to 
avoid jeopardizing the Indian gov- 
ernment’s relations with China, ref- 
ugees still are trickling across the 
Chinese border to seek sanctnaiy in 
India. 

The exile government in Dharm- 
sala, Mr. Teykhang said, recruits 
virtually all college graduates from 
among the refugees to oversee an 
extensive welfare system. The sys- 
tem, with some exceptions, pro- 
vides Tibetan refugees with materi- 
al comforts superior to those in 
most refugee camps elsewhere in 
the world. 

The 510 boarding students in the 
Children's Village near Leh, for ex- 
ample, live in attractive, solar-heat- 
ed bungalows, and another 1,200 
day students will soon move into a 
sprawling new school 

Although they are poor even by 
Indian standards, the industrious 
Tibetans have built a thriving 
handicrafts industry that markets 
goods throughout India and Tor ex- 
port. Even in the alien dimales of 
Karnataka and Orissa in southern 
India, Tibetan farmers have man- 
aged wdl with land provided by the 
Indian gnv emmm l 

Tashi WangcG, the Dalai Lama's 
chief representative in New Delhi, 
said he doubted the refugees’ rela- 
tive comfort would lead to further 
asamilatioa and 'a diluting of their 
will to return to their homeland 

H I don’t think so. Maybe after a 
few generations, but not is the 
foreseeable ft] tare," he said. “I 
have relatives still in Tibet I can- 
not forget my brother.” 


SK/ 


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Page 6 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE II, 1985 


5 European Sports Ministers 
To Meet on Soccer Violence 

CtmpUcdby OarSuffFmxDispatcha minis ter 0 f Britain, France, West The tragedy occulted when sup- 
AMSTERDAM — Ministers of Germany, Belgium and the Netber- porters of England's Liverpool dob 
sport from five West European lands would be submitted to the charged fans of Italy’s inventus 
countries will meet hoe Tuesday to 21-nation Council of Europe in team before the game. Many of the 
try to agree on measures to combat Strasbourg, France. victims wwe crushed when a wall 

soccer hooliganism, Dutch officials In Brussels on Sunday, a Belgian collapsed or were trampled to 

said Monday. newspaper quoted an official re- death m the ensuing name. Juven- 

Thrir agenda was expected to port as saying that police adimt tuswon the match 1-(J. 
include ways to prevent consump- they made a series of mistakes in The police detachment on duty 
tion of alcohol inside stadiums, en- handling the soccer riot. was ad^uate to handle most inci- 
sure stricter allocation of tickets at La Iabre Belgique quoted the dent* General Beraaert rqiofted, 

major events and impose heavier commander of the police force, but ^most wot outside the stadunn 
fines for troublemakers. Lieutenant General Robert Ber- and those inside were too few whai 

The meeting, an initiative of naert, as raying in his report to toe riots broke ouL 
Joop van der Rriiden, the Dutch government and Parliament that The platoon leader at the stator 
sports minister, was convened after too few police were inside Heysd urn called for reinforcements but 
a riot blamed on rampaging Fn - Stadium, that officers did not real- his squadron commander did not 
pij gfr soccer fans lolled 38 persons ize fast enough what was happen- hear him because of toe noise, toe 
and injured more than 450 in Bins- ing, did not react in rime and did newspaper reported. The squadron 
sds on May 29 at the European not call for reinforcements. anranander later failed to call for 
Cup final between Liverpool and Some radio appeals from police- reinforcements. 

Juventus of Turin. men in the stadium also were not The section where people were 

A spokesman for toe Dutch Min- heard by their commanders be- trampled was to have been occu- 
istiy of Welfare, Health and Cul- cause of the deafening noise at the pied by neutral fans, but Italian 
ture said that measures recom- arena, it quoted General Bernaen and British supporters were al- 
mended here by the sports as saying. lowed there instead. (Reuters, AP) 



Marshal Ogarkov Reappears 
In Soviet With Military Book 


Rauf Deuktash 


By Dusko Doder ersfaip beaded by Mikhail S. Gor- Tj» L rc J3Se°lSreign Minister 

Washington Pan Service bachcv. . . . _ j ■ * Gromvko met in the 

•MOSCOW - Marshal Nikolai The new leaders art pausing toe House S Preside™ Ron* 

V. Ogarkov, who was removed last Reagan administration. c Reaoan. Subsequently, after 

September as the Soviet chief of though it has resumed Mr ofJSn won re-dection. Mi»- 

staff, returned to public life Sunday with the Soviet Umon *2®*’*' ‘ with Washington to rt* 

with a new book on strategic issues, of planning to destroy toe arms „ im ^^|r; eneva talks, which had 
The book, published by the Min- controlproces. _ „ „ ,„ v :, suc broken down after toe United 
istiy of Defense, stirred speculation j 0 I h? began to deploy enwse mis- 

that the 67-year-old marshal had of Pravda, toe Sj^SSLon df siles amPpershinS-^ m WcSterft 
been rchabihtated. Marshal Ogflr- newspaper, accusedWashmgtcm^ 

kov is noted for imdligence, poise, a 10 . vt-inhal Oaarkov was partieu- 

fcl® to 1979 but has M ajgh-ta ^ 

thc „ book ’ ‘The only point at issue is what ^ Chernenko modified toe po* 
History Tcacbcs Vieilaiicc. says J n^niv *.• w:- r. Yun V 


lowed there instead. (Reuters, AP) 


Dcrtfiftosh wiw- 

crease its economic and oeiense .i 

Wins North ZSSL 

rr HWiWIWt The review, prepared by toe fea- be dor 

y-y , Yy ture press agency Novosri, indi- 

I jvrmnf VfhtO cairs that Marshal Ogarkov’s book Marshal 0 
Lyimw r UIV echoes the propositions of a book ^Sfirst 
! B ' x he published in 1982, which called Sterf 0r sever 

Rnam for greater preparedness not only removed abru 

NICOSIA — Rauf Denktash, by toe armed forces and military of Konstantin 
toe Turkish Cypriot leader, has industries but also by all the sectors There is stQ 
won a landslide victory in presides- of toe nation's economy. ^ot, here a bo 

rial elections in toe breakaway state publication of toe book left dismissal. Bu 

that was proclaimed in northern j^dear whether this reflected a re- lievethat Mar 
CyP ms two years ago. vival of a hard line in the armed posed a deris 


lbC n btx ^’ The only point at issue is what Mr. Chernenko modified toe | 
History Teaches Vigilance, says methods 0 f Jcmpping the treaty ^qq of his predecessor, Yun 

iS- U “!? is? would be less DaiSto the United Andropov', and the result was 

nolicv and doctnne oose the mam . _ * X. ■ . .t talks 




Marshal Nikolai V 


poficy and docoiae P® ft ^ SSEi JfcC-M «*» ■ _ w '{ 5 

threat 10 pea c^ M arshat Og^ritov world public ra S,” Pravda as- my. In Wloainj waite, hl«IJg 

senad-Wh.Mtefemramiima.t5 mne mc™ieni diuffonri i <°«> Ac pegjtf 


In London 

there's a friendly hotel. 

You'll call it your club. 

THEPOKIMAN 
INTER • CONTINENTAL 


-a-—. , , a potential successor as deicnx unc « me ic» nw>«w»*fei 

should be done creepingly, step by been relieved “in can- marshal's turns m the press cane 

step." nectinn with transfer to other du- last December near the bottwa of a 

Marshal Ogarkov was chief of . „ other juries w-ere not list of official mourners alter we 
staff and first dqmty defense min- ( y sc j 0Se< j, death of Marshal Dn — 1 * 


death of Marshal Dmur.F'.US' 


A short dnre later, a Mri-» li»v. the 


of Konstantin U. Chernenko. 
There is stQi no reliable infonna- 


member, Grigori V. Romanov, sihl 
during a viai to Finland that Mar- 


1 nereis sou no rcunuiEuuuiuM- h DU i yj 

tion here about toe reason for the iSuv 


in its 1.800- word rcvjcw of Mar- 
shal Oearkw'v latest book. Nonmi . 
praisedit warmly. Acciwdhtttote 
reviewer. Colonel Madunir Moro- 
2ov. toe bvKik reveals "toe asset- - 


Cyprus two years ago. 

The counting of ballots was com- 


pMed late Sunday night. Mr shi f t withtotoe new Kremli 

Denktash received 70J percent of 

the vote, Alpay Durduran 92 per- 
cent and Ozker Cfegur 8.4 percenL m # 

Three minor candidates shared the 1 1 Vf fnyiflTtl 
remaining 1.9 percent. A L/X X VrX lOl IX 

Mr. Denktash told a jubilant 
crowd in toe center of northern T_. ITf 1 
Nicosia: The world will have to 111 Ijlj UuUlS 
respect toe republic founded with 
your good will and I promise you 

there will be no agreement in Cy- XxOxllOr A ttCl 
pros without the guarantee of Tur- 
key for your security.” Reuters 

He said in an interview that he . . rvrixooi ion t,,* 


non here aoout tne reason lor UK ”^T a W western military reviewer. Colonel Vladimir Mot 
The publication of toe book left dismissal But some analysts be- ai & e die book reveals "the ttat 

tdear whether this reflected a re- lieve that Marshal Ogarkov had op- m . h ,. „vc character of the United Se 

val of a hard line in the armed po«d a dacteioo by U» PoUlburo ™ S£S! Jlk-v a«l doettin^j 

forces or possibly a broader policy to relax its posinon op reaunmg S®~SV , ^ lilafV SS- its qucSit for military supenwhy, 

shift within toe new Kremlin lead- arms talks with toe United States, commandant of a miuiar\ auiue- w r- 


Solidarity Leaders Didn’t Call Strike ^ 
Walesa Testifies at Their Gdansk Trial 



Knrrlpr rai>t neAaowedP** After his court appearance. Mr. 

pros without tire SnS crfTn£ -tH^AQCx A SCI GDANSK, Poland — Lech Wa- Walesa signed a potion protesting 
key for your security.” lesa, waring a T-shirt bonn® toe "toe firet pditical tnal or three 

He smd in an interview that he , , ivru-nmnD n i name of toe outlawed Solidarity leaders of Sohdanty. . 

was stillwfllina to establish a feder- LUXEMK5U RG — Increased Qj^om defended the inno- The petition is to be circulated in 

a tion wito'cireek Cvoriots on the }° T ° n ^ n ^ nd have ^ three associates Monday major cities and factories, Solidari- 

W ^r r ^r. '-yp r, -° l ? blocked toe easing Of border con- in an » Gdansk tvSmmnrtare saito 


Reuters 

LUXEMBOURG — Increased 


island -“but onlv 0 n a basis of b'rckttl toe Rising of border con- ^ ^ appearance before a Gdansk ty supporters said. 

^and, nut only on a baas of Iswithm toe European Commu- provinSSaxirt. Mr. Walesa said toaL as he was 

Turkey invaded and occupied m Mi n rf 1 X- in The former Solidarity chairman having toe coiutroom, Mr. NUch- 

toe nortoern third of Cypr£in said the court asked him what he «k alWouL “Don't worry, Soh- 

1974 after an abortive Athens- kel am h , disnLw knew about a meeting he convened danty will wm anyway. A defense 

-backed coi®. Only Turkey recog- Sh.SSa^St^oSer“o«JS ^ February that was attended by ^wyer.spGdang ouls.de toecourt- 

the Turkish Republic of *** defendan ^ Adam Michnik. ^ durmg a break raid tire 

-tn rvnrt.c ttia Uirou S noul ¥“ tur0 P can k^mmu un«i.«i,» Pm. ludee ordered Mr. Michnik out of 


Monday from two poke witnesses ‘ 
who authenticated a tape itoorduig 
of an inlerrogation of Mr. Lb by 
two secret police officers in 
Gdansk in Luiuarv, according to 
relatives of the defendants who 
were in toe courtroom. Mr Us . 
claims toe tape was doctored to 
misrepresent his remarks. 

The police experts said the 
was original and had not been tarn" ■ 
pered with. They said il had one - 
break that occurred when Mr. Lb's 


Northern Cyprus. The intemation- Bogdan Lis, and Wladysiaw Fra- judge ordered Mr. Michnik out of interrogators handed him a copy of 

al community acknowledges only a pwtTH»m imlikHv hrran« nf sy™uk. The prosecution daims toe courtroom for the outtwrel. It an underground article he bid writ- 
f ^ "i n rv lr (T* tmrinf-nm ooudmtnMi agFCCmenl W3S y DCCE : rkau ilimireaJ eiUnr for n I C WQS tllC fotlfth tlinc Mr. Michnik r.« iK<«* Ku muiM Most iWftlAAr 


Cypriot-nm government f or jL « h securi- P Ians for a 15-min- ** tj^fourth tiiM Mr. Midmik ^ so that he could read portions 

at Spyros Kyprianon. ^ measures ^ ute strike to protest increases in ^ b** 0 removed for disturbing of i ( back to them. 

bI «'« P°Utal .leadm '^ d K [ ^ dtf “ dan,S taV ' lh Mr < WalKa^orc a while T-shirt 

j3^» a ~i!3 ^vsassA-M affjaawsBAS 

across internal borders without po- innocent people are string in toe . . . p h .j.i nhn deiwouml figures in January at 

Lice ch*fa and the is^nc oH SBfc _ 

cotmmmity-mde passport. Such sud^ tte OTrthmBe. ^ 3bouI binh of sdUari- Mr. Walesa denied in his ttsa- 
poUaa. Ihc>- sajd- would makelhe "^unoOT^awniiyinthe ^ #fln prile „ ^ monj that he called Ihemeelinglo 
concept of a united Western Eu- world m whidi one u unable to fj^ festival in 1981. discuss plans for a strike, according 

rope more relevant to ns citizens, meet with his friends. Chared bv a small eroim of sun- to a defense lawyer wbo reaniniS 


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the Greek Cypriol-nm government 
of President Spyros Kyprianon. 

■ EC Refuses Recognition 
The 10- member nations of the 
European Community said Mon- 
day that they will not recognize Mr. 
Denktash's election. United Press 
International reported from Rome. 

In a statement issued by Italy, 
the current president of toe com- 
munity, the EC members said they 
“do not recognize toe ‘Turkish Re- 


^Th^bloc’s political leaders f « x * ^ defen4 “ ls tave 


agreed a year ago to examine ways 

of allowing people to travel freely _ “I told them I know that three 
across internal borders without po- innocent people are sitting in toe 
lice checks and toe issuance of a defendants' bench." Mr. Walesa 
commnnity-wide passport. Such raid after leaving the courthouse. 


food prices. The defendants have the proceedings, 
pleaded not guilty. Mr - Walesa wore a white T-srurt 

«i 1 ,u.„ ,wr«. with a Solidarity logo and the 

I lol d thCT l^OT Ihal lucc ^-L-Hommedefe-orMan 

Slrtr- of iron, die French ullc of the film 


policies, they said, would make the “There is no civilized country in the 


by the Polish director Andrzej 
Wajda about toe birth of Soliduri- 


Diplomats attending the meeting Mr. Michnik, 38. Mr. Us. 33, 


Cheered by a small group of sup- 
porters as be entered toe court- 
house. Mr. Walesa said that he .was 
“eager 10 fight" and that he accept- 


to a defense lawyer who recounted 
the testimony cm the condition be ; 
not be identified by name: A 

‘‘Until the police cause in wf 


I op men [ on toe pan of northern 
Cyprus." 


the air and seaports. 


in connection with toe strike call. [ n c/tKi. nwtino 
tw. .z* .xf ing_ure mceung. 


personal responsibility for call- were not talkmg about anything 


Britain and Ireland favored re- The charge Carries a prison term of *^f KTSSJBm, to hide because wSw»f^i^h^rrivJr toe 
strictions at land borders only, but up to five yens but the sentence meeting ^ noI a secret one lawyer quoted Mr. Walesa as say* : 

most oth er states raid^they. were cy be increased byjialf for repeat- toe Sibers who look part m iiTninti) that moment vrc hid 




. 


MMmamm 


torw. <^j] ioi mats said. The strike was canceled after the to my apartment,” Mr. Walesa, 41. each other up to date "sincc-w? 

r—' “ ia pricc ^ ntwt m 








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Belgium, West Germany and 

France, had led to growing de- 
mands for controls to be reinforced fhuum Terns e 

at all boidas in certain cases. SJUeenjOUlS 

Ministers from West Germany, • TT If 

France, Belgium, toe Netherlands "JJ Of T Ul U.1L 

and Luxembourg are scheduled to rp up • £» • 

sign an agreement this month JLO MLVtCt jVnflTl 

aimed at abolishing border checks J 

between their five countries. Reiners 

France and West Germany abol- LONDON — Queen Qiza- 
ished routine passport and customs beth has joined an effort to 

controls at 32 crossing points along evict a Syrian diplomat alleged 

todr border for EC citizens in July, to be totally occupying a Brit- 

— ish family's apartment. Foreign 

Office officials said Monday. 

Russians Offered . They said Ahmed WalidRa- 

jab, invoking diplomatic immu- 

WnllpTlhpro Swan “ty, has ignored a court order 
ndUCimergDWdp, t0 Ieave toree-bedroom 

TT ft TnunrAMGnn. apartment, which he rented 

U.3- .Lawyer days from John Chaffey for. six 

Linked Press International months in 1982. Mr. Chaffey, 

ATiAFmccnr j^Kv 

— Raoul Wallenberg, the Swethsn boSta tonSSnJmeSi 
diploma! avm touamd, of Md ^ &SF5 

rfferiTSsvmi^^ ibeltoS pou jdsjiy mg to repossas tbc 

Union in a prisoner exchange in ^ „ 

1962, 15 years after he was *miH to O' finally wrote to 

have died, said a lawyer for his q neen - Officials said she 
brother and sister. asked the Foreign Office to act 

In an interview p ublish ed in toe remove Mr. Rajah, an advis- 
current issue of The Jewish Record, er on Arab League affairs at Lhe 
a weekly newspaper, Morris Wolff, Syrian Embassy, 
a Philadelphia lawyer, said that toe Officials said the Syrian am- 
trade fell through because Sweden bassador had been called to the 

tod not offer enough Soviet prison- Foreign Office and urged to re- 
ers in exchange. I solve the issue. 

[The Swedish Foreign Ministry | ■ 

denied Sunday that there had been 
any such Soviet offer.] 

Mr. Wolff has sued toe Soviet UJL Missile Protesters Held 
Union in U.S. District Court in 
Washington on behalf of Mr. Wal- Rentas 

leu berg's brother and sister, de- ALCONBURY, England— 77 


Long-Range Problems 
Face Computer Industry 


(Continued from Page 1) analyst with Robertson, Colraan & 
home to roost a few years later,” Stephens, 
said Simon Ramo, a founder and ^ osl tirnt money, it is now 
director of TRW Coro., a diversi- conced ,'*L went into companies 
lied manufacturer with interests in 11131 ^ advance technology 
computer services. hut merely offered variations of. 

On top of the overeupply has other companies* products. “It wrfP 
come a slowdown in the growth of a ver > huge waste of money.” Mr. 
demand for computers and other Downing said, 
electronic equipmenL For insLaace, According to Hambrecht & 

sales of personal computers, which an investment banking firm 
about doubled year after year for specializing in technology, toe 


several years, are expected to in- “““her of American companies 
crease no more than 30 percent this m aking microcomputers rose to 47 
year and may not increase at aDL aI beginning of 1985 from right 
Semiconductor sales are expected 10 1981. 
to drop al least 20 percent as inven- Microcomputer software compa- 
toiy excesses are worked off. nies increased to 280 from 34, pro- 
Some causes of toe slowdown in ducers of hard-disk drives, or lugh- 
demand are short- term. Customers capacity data storage devices, to 54 
may be waiting for new products ^ rom 1 \ and local area network 
that are planned but not yet avail- companies, which make the sys- 
able. Sales of mainframe comput- 100,5 that link computers at high 
ers are down because customers are speeds, to 61 from nine. 


awaiting ddiveiy of new IBM mod- 
els later this year. And personal 


Even more troublesome, boweij 
er, is foreign competition. This^y- 


computer buyers may be waiting particularly true m semk»ndoc- 
for new more powerful machines, “»*. where toe Japanese and now 
a>ch as IB NTs PC- AT and rumored South Koreans are mflkmg a 

v- iIuk, , determined effort. The Japanese 

ret , . ^ ^ °“ ier ’ “ore fuada- “ ave virtually captured the worid 


mental shifts as wdL For one. per- 

XMMePhHestoHeld ^^ , ^co^;{LS” ,10, >b - 

Reuters user population was like a 

„ Starving man skiing down al a ban- 

ALCONBURY, England — The quet, said Aaron Goldber** an an* 


toe South Koreans are mflkmg a 
determined effort. The Japanese 
have virtually captured the world 
market for dynamic RAM, or ran- 
dom access memory, chips, and 
U.S. manufacturers, frustrated al 
beiim unable to sell in the Japanese 
maiicet. are at a boiling point. 

i oe i u.S. semiconductor indus- 
try, whjch used to have only an 



I Ciiy/Stace/Zip 
| Telephone __ 


iumdiSg an aariundng of Mr. poU^d M^l^S iyst ^ lSSSS dS 

Wallenberg's whereabouts. 12 anti-nuclear protesters who C6ip^ a maiket ScaSS ZSA haV L2 lJ Ii5 

Mr. Wafienbera vanished when broke into an air base near Cam- ‘They’ve Teasted fOTWo poorly in torceTih!^ £? f0rme S 

taken into Soviet "proUKtrrecusto- bridge used by US. forces and now can’t eat any ^ Yea ^ ^ ^ Past four and 

dy” in Hungary in IMS. A Soviet painted slogans on British bomb, There is a growing 'realization ChZ , 
announcement in 1957 said that he era. Alconbury will be a support among computer comuMi^ihS P? 06 ® ^ plunged- The 

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INTERNATIONAL HERALD TRIRUNE, TUESDAY, JUNE 11, 1985 


Page 7 


ARTS /LEISURE 


British Rock’s New Countertenor: 7s That My Voice V 


By Michael Zwerin 

International Herald Tribune 

Ayf ONTREUX, Switzerland — 
lYl As a rock, groop of three 
working-class young men who 
made their homosexuality a public 
affair and ' die subject of their 
songs, Bronski Beat has sold 15 
million units, mclmting an LP and 
three hit singes on the British 
charts in a little over a year. 

Bronski Beat consists, or rather 
c onsiste d, of Steve Bronski and 
Larry Stein bachek on synthesizers, 
and Jimmy Somerville singin g 
Their performance here in May for 
the “Rose <TOr” festival was Bran- 
ski’s last beat 

The fact that they have already 
broken up as agroop is an example 
of how fast fame and fortune can 
arrive in British rode, and how 
traumatic that experience can be 
for young people whose previous 
working experience consisted of 
collecting unemployment benefits. 

Bui countertenors are very much 
the style nowadays — Michael 
Jackson and Prince, far example — 
and Bronslri’s self-taught vocalist 
Somerville has a potential to equal 
the grace and artistry of the famous 
baroque countertenor Alfred 
Deller, should he decide to work at 


developing his talent. Unfortunate- 
ly, this is rather unlflcdy— the pop 
music industry rewards image be- 
fore, and usually instead of, artist- 
ry. A dictum in the milieu goes, 
“Too good is no good." And Som- 
erville has a perfect hermaphroditic 
image for this year's trend. He has 
already signed a recording contract 
under bis own name. 

With the first flush of success, 
Bronski and Stembachek had pur- 
chased expensive living quarters in 
London, while Somerville, who still 
lives in two small rooms in a project 
in Kennmgton, reacted to stardom 
with “shame and disgust." “It came . 
too fast. When we signed a record-, 
ing contract we were still living in a 
Camberwell squat All of a sudden 
everything changed, it was all 
about money. It stopped bong 
fun.” 

All three insist there is no ani- 


anyone else. Perhaps we did not 
think enough about tbe price of 
honesty. Maybe it backfired." 

The fist of minimum legal ages 
for homosexual encounters in 
countries around the world on the 
jacket of their album, “Age of Con- 
sat,” was deleted from tbe U. S. 
release. 

"But it backfired in tbe sense 
that wc lost control of it." Somer- 
ville speaks with a Scottish brogue 
so thick it requires frequent trans- 
lation: “It was distorted into some- 
thing we didn't want it to become. 
The press and promotion people 
ma/V us out to be a gay band in- 
stead of gay members of a band. 
Not one article talked about my 
voice.” 

He has a natural, unforced voice, 
and an instinctive sense of phrasing 
and intonation. His triad Richard 
Coles, a schooled saxophonist from 
tbe Midlands with whom he is 


masity, that Lhe split was due lo the , . , 

pressure of “getting caught nnpre- fonn “8 °ew group, pointed 
- xyofsuccess,” proudly to Somerville and said: 


pared in the machinery 
as Somerville explains iL 
Although Somerville objects to 
the treatment be has received from 
the Fleet Street press, he asked for 
it, which he tacitly admits: “Our 
songs are very honest, very blatant 
We don’t pretend to ourselves or to 




*unslt Trit 


Marie Galbraith: Snow to July, Jeans at Rnngjs. 


* Envoy’s Wife in Paris: 
A Mutual Love Affair 


A Last Hurrah for Fools 
At Copenhagen Festival 


International ReraU Tribune 

F I ARIS — Before Marie Gal- 
braith came to Paris in 1981 as 
tbe wife of tbe U. S. ambassador to 
France, she had been — not neces- 
, sarily in this order — a social secrc- 
-5 tary, a f ashio n ma g^rine editor, an 
' ad director, a photographer, a real 
estate saleswoman, a free-lance 
fashion stylist and Peter Ustinov’s 
Girl Friday. 

All this, she feds, accounts for 
her ability to cope with being an 
ambassador’s wife; a job that has 
involved not only entertaining an 
average of 20,000 people a year but 


’< sblu'ill? 

■ hulii-tr 


Hebe Dorsey 

also keeping track of the artistic, 
literary and scientific worlds; rear- 
ing three children; redecorating the 
embassy residence {upstairs and 
•$Jownstairs); and publiriung a bode 
on the residence. The last was her 
final project before leaving' Paris. 
In July, her husband, Evan G. Gal- 
braith, returns to being an invest- 
ment banker. 

Life in an embassy can involve a 
crisis a minute, and Mrs. Galbraith 
became an expert at doing a thou- 
sand things once. For instance, 
during a recat interview she was 
also making sure that the tats in 
tbe garden (where she was having 
1,000 people that evening for the 
Paris Air Show) were set up cor- 
rectly, lining up her staff of 18 for 
some goodbye pictures (“This is 
our last chance. After that, every- 
body goes on vacation") and rear- 
ranging her children’s fives (one 
lives in England; the other two are 
with their parents). 

“But if you can produce snow in 
Catral Park in July," she said, 
referring to her fashion-editing 
«$ays, “you can do anything.” 

Despite considerable wear and 
tear, Mrs. Galbraith, an attractive, 
soft-spoken brunette, more than 
coped because; for one thing, die 
has been coming to France on and 
off since 19S3. 

“I love the French,” die said. “I 
feel so at borne here. From the day 
I came in 1953, 1 had a feeling of 
dej&vu — as if Tdbea here before. 
French and Americans make a 
wonderful combination. Each has 
something that the other one ap- 
preciates. The French have a sensi- 
bility and a sense of aesthetics 
which they express and it’s impor- 
tant to say that. Because it’s not 
that it doesn’t exist in America, but 
-^s not as articulated. 

Paper Airplane Champion 

Untied Press lntmaaonal 

SEATTLE — John .Vincent, 33 L 
won the World Indoor Paper Air- 
plane Championship when his en- 
try landed closest to the center of 
the Kingdoms stadium. Vincent, a 
Qantas Airways employee from 
Sydney, Australia, won a trip for 
four to Disney World Seattle. 


“Americans have this wonderful 
generosity and simpBdty. They are 
genuinely welcoming. It’s a won- 
derful marriage," die added, "be- 
cause French and Americans also 
have a lot in common. They’re both 
practical and outspoken." 

The French loved her bade. Hun- 
dreds at letters, both personal and 
professional, poured in after the 
announcement of the Galbraiths' 
departure The couple gave three 
grand dinner parties at which they 
effortlessly mixed members of the 
government and the opposition. At 
one of than. Prime Minister Lau- 
rent Fataus and the ambassador 
exchanged warm and friendly 
words that seemed to go far beyond 
the usual niceties said at such occa- 
sions. The Galbraiths, who were 
entertained by countless French 
tends, also had a small, private 
dinner for former President VaJ6ry 
Giscard d’Estaing. Then Mrs. Gal- 
braith’s favorite designer. Guy La- 
roche, gave a small owner party in 
his ldtcba-bistrot “with just us 
and the Chiracs, the Gregory 
Pecks, Line Retrain! and it was just 
wonderful.” 

Mrs. Galbraith also had a per- 
sonal rapport with small artisans, 
with whom she dealt one-to-one. 
Through redecorating the embassy, 
she got to know the carpenters, 
upholsterers and electricians. 
French friends took notice of the 
way she did things."! loved it when 
they came here and said something 
about the flowers or tbe decor. 
They took a personal interest in 
this house. They’d say things like; 
’You’re our ambassadress.* I also 
noticed that after they came here, 
next time, they’d have le pique-tu- 
que and not bullere with while 
gloves. 

“Things havechanged consider- 
ably since 1953," she said, recalling 
a period when tbe effects of World 
War H were still acutely fell in 
France. “Then, everybody was still 
on bicycles and you couldn’t get a 
hot hath. When I gave a cocktail 
party, I had to get pemrisson from 
the ccnmissaire ds police. Girls 
from good families had to go to the 
movies properly escorted by a 
chaperone, and young girls did not 
have jobs in Race.” 

Today, Mis. Galbraith believes 
in doing a lot of things herself. 
Touring the embassy’s residence, 
she said: “Hie first drag I did 
when I arrived here was to put era 
my jeans rad go to the Rnngis 
flows- market" 


By Gunilla Faringcr 

The Associated Press 

C OPENHAGEN — The Dan- 
ish capital was invaded by 
musicians, dancers, downs, street 
actors and acrobats Sunday for tbe 
of the fifth "Festival of 


able to see it all, but everyone a part 
of it." 

The organizers of the monthlong 
festival invited 33 experimental 
theater and dance troupes from 14 
countries. They will concentrate on 
innovative drama and nrmlti media 
shows. There will be "fools” all 
over town, and spectators will 
watch some dockside performances 
from sightseeing boats. 

A British gro up calling itself 
10U. made up of artists, sculptors, 
architects and musicians but not a 
angle actor, bro ught a wordless 
show of danre, puppets, mask, ma- 
chines and even railroad cars rntn 
the dock area. According to the 
group’s Louise Oliver, the aim was 
.to demonstrate what happens 
“when something well-known col- 
lides with something unknown." ■ 
An Australian known only as 
Stelare stages an “event" in which 
be dangles nnVwd, from hooks 

. ra . n piercing Ins body, in settings that 

At Hispanic Buyer Change firm performance to per- 
* " fonnanoe. 

Four exhibitions with the joint 


Eight hundred rnnstriarp; and 
singers, ranging from big bands to 
rock groups, turned the city into 
one tag concert hall in a spectacu- 
lar event called “Gty Waves," 
staged with bicycles, boats and bal- 
loons by tbe American composer 
Charlie Moitow. 

Morrow described the perfor- 
mance as “a reflection of the uni- 
versal consciousness, with no one 


Shopping Center 
la Houston Aims 


He’s got a range of almost four 
octaves — up to high C. Tbe insti- 
tute of Contemporary Arts offered 
hhn the role of the Queen of the 
Night in a production erf The Mag- 
ic Flute.’ 

Somerville shook his bead with 
the madness of it all: "Maybe in 10 
years. I’m not even a princess yet. 

You know 1 never listened to any- 
thing but (fiscal hear my tapes and 
say, ’Is that my voice?* It's slightly 
embarrassing.” 

Laving his parents’ home in 
Glasgow at the age of 18 (he is 23 
now), Somerville came to London, 
and: “The first thing I (fid was go to 
a gay bar in Earls Court. I'd never 
sea anything like all the sex shops 
and sleaze. It was very exciting. But 
1 was scared and lonely as welL" 

There is nothing blatant about 
Somerville’s appearance. He sang 

here in the same cardigan sweater smiles with and grace, and it is 
he wore on the street, his hair is at obvious that whatever that elusi ve 
working-class short, be does not charismatic “it” consists of, he has 
wear makeup. This lack of panache h. 

has nva buth to a new style in He and Coles are off to New 
London, a sort of lade of style. York this summer to record tbrir 
London gays are beginning to at new project, including originals 
their hair like his, to wear jeans and and some standards associated 
sweaters and avoid the outrageous with Billie Holiday. It seems fairly 
image of yesterday’s heroes like 



Omjfcon Bra 

Singer Somerville: “The price of honesty." 


obvious that his is a talent that has 
the potential to grow’ beyond the 
limited appeal to one group or in- 
clination be himself has temporar- 


ily imposed on it But in the mean- 
time, he still thinks of himself as a 
reflection of his media image: "It’s 
exciting to be England’s best- 
known gay." 


Boy George. Eva Boy George has 
cut his hair. 

Teen-age girls scream when 
Somerville sings, and Bronskfs au- 
dience had a large smattering of 
straight young males. On stage be- 
tween vocals Somerville moves and 


New York Times Serrice 
TTOUSTON — El Mercado dd 
XI Sol, a 17-acre (seven-hectare) 
shopping cater tailed as "the na- 
: tion’s largest Hispanic theme festi- 
val cater," has opened here. 

The cater advertises itself as “a 
short trip to Mexica” but it is not 
primarily a tourist attraction. 

Instead, it aims at the fast-grow- 
ing Spanish-speaking population, 
which has become a significant part 
of the economic, social and politi- 
cal life of Houston, the country’s 
fourth largest city. 

In Houston and surrounding 
Harris County, the number of resi- 
dents of Hispanic heritage is offi- 
cially estimated at just ova half a 
But other estimates put it 
at from 800,000 to 12 million. The 
total population of Houston’s met- 
ropolitan area is more than 3 mo- 
tion. 

Tbe Hispanic population con- 
sists of not only Mexican-Ameri- 
rftns but *lsn i m mmi grants from 
the Caribbean region and illegal 
aliens. They have shared in the re- 
cent prosperity common to the Sun 
Belt stales. 


name “People and Space” combine 
architecture, video, graphic art, 
photography and live perfor- 
mances in line with tbe festivals 
declared goal of crossing the bor- 
ders between forms of artistic ex- 
pression. 

A large part of the festival is 
devoted to modem dance and bal- 
let. Among the youthful, experi- 
mental groups is Bill T. Jones-Ar- 
nie Zane & Co„ an American 
troupe, which bases its choreogra- 
phy on black music and dance. Min 
Tanaka £ Mai-Juku from Japan 
offer their interpretation of Shake- 
speare’s Macbeth, including nude 
scenes. 

Hie festival, held after a two- 
year lapse, is dependent on ftmdinj 
from the city of Copenhagen am 
private sponsors. It attracted thou 
sands for the opening event, but its 
organizer, Trevor Davies, said it 
was tbe last festival of this type. 

This is the best, but also tbe 
last. Festival of Fools,” he said. 
“We cannot do it better, and there- 
fore have to find new, astonishing 


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Paged 


TUESDAY, JUNE 11, 1985 


Hcral 



PnbliAfd With Thr New Yack Times and The W«Uagion Post 


Srihltnc. Cutting Military Spending: It Can Be Done 

, The Washington Post O •/ X ^ _ 


W ashington — Hk mo- 
mentum of the Reagan ad- 
tration's military buildup fi- 


By Paul C. Warnke 


A New Chance With India 


When Rajiv Gandhi arrives in Washington 
. on Tuesday for his first visit as India's prime 
- minister, there will be ample reason for good 
wilL There are no real quarrels between the 

■ most populous and the most powerful of the 
world's democracies — do hard disputes over 
territory, trade or ideology. Vet a granule of 
sour suspicion will linger in the air, the legacy 
of a long-strained relationship. 

The time is right for a frank examination of 
those strains. Mr. Gandhi is the first Indian 
prime minister to come of political age after 
independence in 1947. Inheriting the office 

after his mother was murdered last October, he 

went on to earn it in an impressive landslide in 
December. He arrives when America's interest 

■ in India is at high tide, thanks to films, televi- 
sion and the coast-to-coasi cultural festival 

■' he came to inaugurate. 

This sympathy is reciprocal The Bhopal 
disaster did not ignite anti-American riots, 
.only lawsuits against Union Carbide Corp. 
Mr. Gandhi favors more American invest- 
mem, and his talks with President Reagan are 
expected to confirm an agreement to ease 
technology transfers. So why do countries that 
officially speak the same language so often talk 
at cross-purposes? 

The short answer is a different perception of 
what constitutes evenhandedness. The abiding 
Indian lament is that Washington repeatedly 
tilts to Pakistan, a dictatorship thirsting to 


match India's nuclear capability, an adversary 
suspected by Indians of abetting Sikh separat- 
ism in the Punjab. The abiding American la- 
ment is that India too often tilts to Moscow, as 
typified by Mr. Gandhi’s excuses for the Soviet 
invasion of Afghanistan. 

Both complaints have merit. In Us anxiety 
about Pakistan’s exposure to Soviet operations 
in Afghanistan, for example, Washington has 
favored it with a generous $32 billion aid 
package, including advanced aircraft that 
might one day be directed against India. But 
Prime Minister Gandhi did not invite sympa- 
thy when he recently repaid his Soviet hosts 
for their aid to him with the astonishing judg- 
ment that 120,000 Soviet troops were Afghani- 
stan’s “invited” guests. 

A true resolution of these reciprocal com- 
plaints would find India finally waging a sus- 
tained campaign for Soviet withdrawal from 
Afghanistan, in return for which the United 
States should indeed draw back from its sup- 
port for Pakistan. Both countries may be dug 
in too deep to realize such a bargain, and 
India’s affinity for the Soviet Union has its 
own. logic, no matter who is prime minister. 

But if these differences cannot be quickly 
resolved, Rajiv Gandhi addresses them with 
less impatience than his formidable mother. At 
the least, his visit should open a more equable 
chapter in a contentious book. 

— THE NEW YORK TIMES. 


Strings on Argentine Loans 


Argentina, struggling to cope with its for- 
eign debts, is now working out a new agree- 
ment with its lenders. These negotiations try to 

- strike a balance that has more to do with 
political values than with finance. Argentina is 

■ a democracy, but a recently re-established de- 
mocracy, one not yet as firmly rooted as its 

. friends hope it mil become. It is also a divided 
. society with a tradition of instability. The 
government needs new loans to help carry the 
interest on past debt and to maintain the flow 
of foreign trade oo which the country’s pros- 
. perity depends. What conditions ought to be 
- attached to those loans? 

The inflation rate in Argentina last month 
was about 25 percent for the month — which 

- works out to over 1,000 percent on a yearly 
basis. To lend unconditionally to a country 

. .with unrestrained inflation merely finances 
more consumption and more capital flight To 
■ raise standards of living and to reduce the debt 
remains impossible as long as the inflation rate 

■ continues at that level. Foreign lenders are 
■'justified in making their loans contingent on 
’ action by the Argentine government to lower 
> 'the inflation rate. The lendeis want to press 

hard enough to ensure visible progress. But 
" -they cannot press so hard that they damage the 

• 'government and the cause of democracy. 

• The key negotiator among the lenders is the 

- International Monetary Fund, for it sets the 
1 conditions. Governments and hanks will then 


make their loans contingent on the IMF agree- 
ment. At the end of last year a group of banks 
had undertaken to lend Argentina $42 billion, 
but disbursement halted in March when die 
IMF declared that Argentina was no longer 
complying with its earlier agreement. 

The current negotiations are another at- 
tempt to find a way to join economic necessity 
to political possibility. Why is it so hard? 
Much of it involves cutting die budget, which 
means cutting subsidies and social benefits. 
U.S. citizens do not have to go as far as 
Argentina to find an example of a democratic 
government that refuses to bring taxes and 
spending in line with each other. 

When Argentina and the IMF have arrived 
at their agreement, the United States will sup- 
port it with an immediate loan of perhaps $450 
mini on. That is a sensible and useful decision 
by the Treasury Department. To help Argenti- 
na avoid default serves both Argentine and 
U.S. interests. The impact of a default on the 
American banking system would be manage- 
able, but not without si gnifican t costs. 

The succession of negotiations, agreements 
and lapses is an accurate in dica tor of the 
strains on the indebted countries. The Latin 
debt crisis has by no m eans been resolved. The 
real hope lies in the resumption of steady 
economic growth throughout Latin America. 
That is why the IMF’s conditions are cruriaL 
— THE WASHINGTON POST. 


made clear that the o nce-sacrosanct 
defense budge! must bear a portion 
of the deficit-cutting burden. With 
the overall spending level chosen, 
the crucial process of deciding what 
and where to cut begins. How these 
reductions are made win affect the 
shape and direction of national se- 
curity for the rest of the century. 

Unfortunately, the easiest, least 
politically patnnil cuts win not cor* 
reel the buildup’s fundamental 
problem — buying too many weap- 
ons too quickly. Traditionally, Con- 
gress has shied away from canceling 
weapons systems in favor of reduc- 
ing the funds to man and maintain 
them. This yields savings more 
quickly because such funds are 
spent immediately, whereas weap- 
ons production costs are spread 
over several years. 

Yet because the Reagan program 
concentrates on arms procurement 
(spending has more than doubled in 
the last five years) genuine attempts 
to restrain military costs cannot 
succeed unless weapons programs 
are cut. Otherwise, like a sponge 
temporarily squeezed dry. the de- 
fense budget will grow hack to its 
o riginal o7<* as earlier commitments 
to purchase hardware come due. 

Ironically, debate fails to focus 
on the real alternative — the United 
States could have more capable 
forces at a substantially lower cost 
Investing in improved conventional 
capability to meet the most realistic 
threats, and thoroughly weeding out 
redundant or misdirected weapons 
programs, would provide better de- 
fense and significant savings. 

To demonstrate this, the Com- 
mitiee for National Security, a pub- 


from the current program. One is 
increased funding for the National 
Guard and aU military reserves. 
Without a return to the draft, they 
are the only source of manpower in 
the face of the continuing shortage 
of 18- to 22-year-olds. 

Second is a shift from buying 
cargo aircraft to buying fast trans- 
port planes. The administration's 
pr o gra mmed investment in airlift 
prepares the United States to re- 
spond quickly only to a crisis in 
Europe. Fast sealift could deliver 
more at lower cost, and enable the 
United Slates to meet simultaneous 
contingencies in Europe, the Mid- 
dle East and Korea. 

The committee also recommends 
restarting production of A-IQ air- 
craft. to give the army better close 
air support during a land battle's 
crucial early stages Even accepting 
the adminis tration's perfervid view 
of the external threat tie country 
faces, U.S. forces could be substan- 
tially better shaped and prepared. 

The savings would result from the 
concerted effort to restore order to 


the defense budget- Some ill-con- 
ceived or misdirected programs 
most be scaled back or canceled. 

Two examples are the overblown, 
oversold Strategic Defense Initia- 
tive that calls for a space-based 
anti-missile defense, and the 600- 
ship navy. Holding SDI funding to 
fiscal 1985 levels would ensure nec- 
essary research but avoid the risk of 
stimulating an offensive and defen- 
sive arms race that would leave the 
United Slates with more nuclear 
arms and less security than before. 

The navy has failed to make the 
case for expanding from 12 to 15 
aircraft carrier battle groups: 12 
provide ample means to protect sea 
lanes and, when advisable, topro- 
jea American power in the laird 
World. Over the next five years, 
injecting realism into these two pro- 
grams could save S83 billion from 
the administration’s proposals. 

Further savings would result 
from eliminating weapons systems 
with overlapping missions. Haunt- 
ed by its vision of awesome Soviet 
military might, the administration 


has concentrated on buying as 
many weapons as quickly as possi- 
ble. but has shown only minimal 
concern for whether these new sys- 
tems are rally necessary. 

The administration also appears 
enamored of the supposed symbolic 
value of a big defense budget to 
impress the Russians with VS re- 
solve. This apparently carries more 
weight than curbing the services 
penchant for each developing its 
own weapons for its own purposes, 
regardless of the resulting duplica- 
tion. From the numerous systems 
for North Atlantic Treaty Organi- 
zation air defenses to the midear 
programs for “hard target kill capa- 
bilities." the budget landscape is 
increasingly littered with r edun da n t 


biliues." the budget landscape is 
increasingly littered with redundant 

Canoeing the least effective of 
the duplicative systems would save 
billions and, more important, pro- 
vide the basis for a sound and sus- 
tainable military program. 

The writer, director of the U.S. 
Arms Control and Disarmament 
Agency in 1977 and 1978, contribute 
ed Ms view to The New York Times. 


tentative. using data complied by 
William Kaufmann of Harvard 
University, a defense budget advis- 
er to Republican and Democratic 
administrations since the 1960s, (he 
study offers an alternative five-year 
defense plan that would save bil- 
lions of dollars while enhancing 
military strength. 

Beefing up conventional forces 
requires two important changes 



'Let's see.. .Iron bcdL large, probly runaround 10 ffundcpiece 9 2feetof chain, 
heavy, at $3,500 afoot, one iron bracelet . . . How many of these units yrm need?’ 


Forgotten East Timor Deserves a Voice in Its Future 


L ONDON — Last week more than 400 parlia- 
/ mentations from democracies in many pans 
of the world published a declaration supporting 
the right of the people of East Timor to be repre- 
sented al talks being held between Portugal and 


Other Opinion 


Defense Waste; A Secret Weapon 

Scandals about defense contracts are hardy 
perennials in Washington political life. But 
recently there has been an unusual profits on 
of them. From the $600 ashtrays to troubles at 
General Dynamics, the underlying question is 
the same: How can the U.S. government re- 
gain control of what President Dwight Eisen- 
hower almost 25 years ago first called the 
mflitary-industrial complex? 

In the last resort, no amount of rigorous 
control procedures can have a reliable effect 
unless there is a method of knowing that 
$7,000 is too muds to pay for a coffee-making 
machine. There is such a method, it is tried and 
tested, and it is called competition. Only 
through competition can the Pentagon have a 
reasonable c h an ce of avoiding the scandals 
currently dogging the U.S. defease industry, 
and of surviving congressional budget-cutting 
without a loss or military security. 

— The Financial Times (London). 

Sri Lanka Peace Plan Is Needed 

. A week has passed since President Junius 
Jayawardene of Sri Lanka and Prime Minister 
Rajiv Gandhi of India announced agreement 
in New Delhi to take steps to ease tension in 
Sri Lanka caused by Tamil demands for a 
separate stale. But the Delhi communique 
failed to spell out ways in which peace could be 
restored to the troubled island nation. 

The mailer is both urgent and delicate: 
urgent because the bloodshed in Sri I -mica is 
slowly propelling that country toward a ruin- 
ous cml war and because it is damaging the 
economy; delicate because the conflict has 
affected Sri Lanka's relations with India. 


which ac c use d Colombo of discriminating 
against the Tamils. Sri Lanka, in return, has 
demanded that India stop Tamil separatist 
guerrillas from using secret bases in its south- 
ernmost slate as a springboard to attacks, 
something New Delhi claims is not happening. 

Any settlement is going to be extremely 
difficult because agreement would have to be 
reached among a host of diverse groups that 
are hostile to each other. And President 
Jayawardene knows full well that if he gives 
way on Tamil demands he will face a backlash 
from the Singhalese majority in his country. 

The most urgent task is to put a stop to the 
bloodshed. And if the meeting in New Delhi 
has paved the way for measures that will 
achieve an eventual cease-fire, then it will have 
marked a milestone in regional diplomacy and 
been truly worthwhile. 

— The Bangkok Post 


sented at talks being held between Portugal and 
Indonesia on the status of the island. 

Given a recent history of fading public support 
Tor the East Timorese, the declaration was timely. 

Indonesia invaded East Timor, a Portuguese 
colony in the Indonesia archipelago, on Deer?. 
1975. It was a huge invasion involving bombas, 
paratroops and marines. Tbe army wreaked havoc; 
there was indiscriminate killing and rape. 

Three months later the Indonesian vice governor 
admitted that 60,000 Timorese had been lolled — 
more than one-tenth of the population. 

While many Western nations complained about 
China’s invasion of Tibet, or supported British 
military action after Argentina’s attempted grab of 
the Falklands, protest over East Timor has been 
low key. Yet in contrast to China and Argentina, 
Indonesia is an invading power with no historic 
claim to the land it invaded. For 400 years East 
Timor was under Portuguese control. It was never 
part of the Dutch empire or of the archipelago’s 

S litical structure. The Indonesian claim is as 
fetched as would be a Cuban daim to Jamaica. 
As late as 1974. the Indonesian foreign minister. 
Adam Malik, said that “the independence of every 
country is the right of every nation, with no excep- 
tion for the people in Timor.” But events changed 
Indonesia’s mind. In 1974, the Salazar dictatorship 
in Portugal was overthrown. At the same time 
there were bitter internal struggles for power in 


By Jonathan Power 

East Timor, and the victor, tbe radical Revolution- 
ary From far an independent East Timor, or 
Fretilin, unilaterally declared independence. These 
were the triggers for Indonesia's invasion. 

In 1977. raced with significant resistance, the 
Indonesians launched a large-scale aerial bom- 
bardment of villages in the mountainous interior. 
Hundreds of thousands of villagers were forced 
out of their homes and down to the coastal plains 
where they were herded into “strategic camps.” 
Only after two years of persistent lobbying were 
international relief agencies allowed to provide aid 
and services in the camps, which by then had about 
300,000 inhabitants. 

Professor Leo Knper of the University of Cali- 
fornia at Los Angeles, who is considered a leading 
authority on mass killings, describes what hap- 
pened then as “genocide,” such was the degree of 
unbridled brutality and so large were the numbers 
who died — up to one-third of the population. 

The initial response at the United Nations 
seemed promising. A majority of General Assem- 
bly members voted against Indonesia’s takeover 
and demanded its withdrawal, saying East Timor 
was still legally part of Portugal and had a right to 
self-determination and independence. 

Over time, however, Western and Soviet-bloc 
enthusiasm for the resolution has waned. It is the 
Third World nations that have incurred the wrath 
of Jakarta by continuing to insist on tndniysiim 
withdrawal. But even they have become more di- 


vided: It has been three years since they have 
mustered a majority on the issue in UN votes. 

The United States and some West European 
countries supply arms to Indonesia and see its 
government as a force for pro- Western stability in 
a potentially volatile comer of the globe. Australia. 
300 miles (480 kilometers) to tbe smith of East 
Timor, has gone a step farther, recognizing the 
island as “part of Indonesia.” 

In 1979. Professor Kuper says, the Soviet bloc 
began to change its line. When the Russians and 
their allies were vainly trying that year to unseal 
the Cambodian representative at the United Na- 
tions in favor of the Vietnamese-sponsored Heag 
Sararin government, an attempt was made to woo 
the Indonesian vote with the promise (hat support 
for the East Timorese would be dropped. 

Interestingly, tbe Vatican has been a pillar of 
support for the island's people. It has resisted 
pressure from Jakarta to make the local church 
part of the Indonesian bishops’ conference 

But Indonesia is winning the war of attrition. 
Votes against it in tbe United Nations are falling 
off. The ball has been passed to tbe UN secretary- 
general, Javier Perez de Cuellar. He has been asked 
to chair talks between Portugal and Indonesia 
aimed at finding a settlement. These negotiations 
have dragged mi for more than a year now. 

This is why the declaration of the Western 
parliamentarians is important Without the partic- 
ipation of a representative of the East Timorese, 
the talks simply lade credibility. 

International Herald Tribune. 

All rights reserved. 


When Six Justices, and hhrnaeL See Harm in Silence 


The U.S. House of Representatives has ap- 
proved a series of economic sanctions against 
South Africa. Coming after the Senate Foreign 
Relations Committee adopted a amilar stance, 
the House move marks a brutal failure of 
President Reagan's policies. The efforts of the 
White House and Secretary of State George 
Shultz to defend “constructive engagement" 

— [diplomatic] support in exchange for pro- 
gressive dismantling of the apartheid system 

— failed to convince the congressmen, who 
showed they were responsive to public opin- 
ion. Americans believe the United States can 
no longer appear as the best friend of an 
unacceptable regime. 

— Le Monde (Paris). 


FROM OUR JUNE 11 PAGES, 75 AND 50 YEARS AGO 


1910: Western Union Named in Fraud 
. WASHINGTON — The Federal Grand Jury 
. investigating charges of alleged bucket-shop 
' frauds returned forty-two indictments against 
- : the Western Union Telegraph Co. [on June 
' 10]. Tbe indictments charge Western Union 
with having supplied the bucket-shops with a 
. rapid wire service which enabled some outside 
' brokers to obtain Stock Exchange prices be- 
•; lore brokers in good standing were supplied. 
Kin April, twenty members of firms [in various 
f U.S. cities] were arrested in connection with 
v these frauds. Attorney-General Wickersham 
I took this step in order to stop the immense 
r. business done illegally by bucket-shops, whose 
’-operations are of a gambling nature. 


1935: A New 'Gold Rush 9 in Canada 
OTTAWA — Canada has begun her latest 
“gold rush,” a scientific survey stretching from 
Nova Scotia to the Yukon, to find gold and 
other mineral deposits. The vanguard of an 
army of nearly 1.500 amateur and professional 
prospectors has left for tbe Yukon, famous for 
many gold “strikes." They are bring followed 
by about 200 other parties, who will survey the 
far comers of the country where white men 
have seldom trod, to map the mineral deposits. 
It is expected the search will last a year and 
cost $1,000,000. Canada is the second largest 
gold producer in the world, with an output of 
$100,000,000 annually. Officials believe the 
survey will enable this to be greatly expande d 


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© 1985. International Herald Tribune. All rights reserved ifiSiSi 


W ASHINGTON — Melville's 
“Moby Dick” is either — read- 
os differ — a great novel about God 
or a boring treatise about whaling. 
But Chapter 89 is about law and is 
relevant to the question of why to- 
day’s U.S. Supreme Court, which 
does not suffer in silence, suffers 
from an onerous work load. 

Lost week the court chewed yet 
again on the Fast Amendment's Es- 
tablishment Clause, that simple in- 
junction (“Congress shall make no 
law respecting an establishment of 
religion . . that the court has con- 
trived to make absurdly complicated. 

Melville praised the terseness of 
the whalers code, which could be 
engraved in a harpoon’s barb; “A 
fast-fish belongs to tbe party fast to 
iL” And: “A loose-fish is fair game 
for anybody who can soonest catch 
it” But such concision left room for 
ample contention. Was a whale 
“fast” (attached) when just bearing a 
symbol of possession? Was a whale 
“loose" if dragging an empty boat? 

The generalness of many of the 
Constitution’s provirions guarantees 
for the court a constant flow of work. 
The Constitution’s open-textured 
language has allowed it to suit both a 
simple agrarian and a complex indus- 
trial nation. But the court has kept 
busy . deciding, for example, what 
constitutes “inters tale commerce," or 
how the phrase "unreasonable 
searches” relates to electronic surveil- 
lance. The Establishment Clause, rea- 
sonably read, is devoid of complex- 
ity. It means government must not be 
partial to a particular religion or sect 
But last week a litigious Alabaman 
persuaded six justices to rule that 
Alabama ravished the Constitution 
with a law authorizing a minute of 
silence in public schools “for medita- 
tion or voluntary prayer." 

A moral objection to “voluntary 
spoken prayer in schools is that u 
be neither n 


By George F. Will 


lice — whose injury is the annoyance 
they feel about what might be in a 
child's mind, or a legislator's. 

Had Alabama deleted the last 
three words in the phrase “medita- 
tion or voluntary prayer," the court 
probably would have said the law 
passed constitutional muster. 

Indeed, tbe man who brought this 
suit (call him Ishmael, because that is 
his name) said he did so only because 
he detected a suggestion that prayer 
is the “preferred activity” during the 
silent minute. 

The justices could devote even 
more lime to complaining about their 
case load if they would just use Will’s 


candy enhance or hinder a sea — sq 
the practice is constitutional and the 
complaining parties should buzz off.” 

But in 1971, the court derided, 
contrary to tbe clear evidence of the' 
Framers' intentions, that the Estab- 
lishment Clause requires government 
to be punctiliously neutral, not be- 
tween religious sects but between re- 
ligion and secularism. So tbe court 
devised a rococo three-part test: 
Government action touching religion 
is presumptively unconstitutional un- 
less it has a secular purpose, and its 
primary effect neither advances nor 
inhibits religion, and it does not fos- 
ter excessive entanglement of govern- 


Generic Opinion. It is a one- sentence mem with religion. Given 
opinion applicable in 99.99 percent mula, the outcome of tbe Alabama 
of all contemporary cases arising case was, perhaps, predictable, 
from government action touching re- Still, Justice John Paul Stevens, 
ligion: “The practice in question does writing for the majorin’, took 23 
not do what the Establishment pages to explain that Alabama's pur- 
Clause was intended to prevent — pose was not pristinely secular and 
impose an official creed, or signifi- hence the law violates the convoluted 


misconstruction with which the court 
has replaced the unambiguous conci- 
sion of the Establishment Clause. 

The court’s previous triumphs re- 
garding the Establishment Clause in- 
dude a ruling that it is constitutional 
to use public funds to buy textbooks 
for religiously affiliated schools, but 
imoonstitutioiial to buy other instruc- 
tional material, such as maps. That 
harebrained hair-splitting caused 
Senator Darnel Patrick Moynihan to 
throw up his hands in Celtic elo- 
quence and ask: What about atlases? 

Tbe court has said le gislatur e may 
pay c h ap l ai n s, but now a suit is com- 
ing that seeks to prevent the use of 
public funds to print chaplains’ pray- 


Food for All f 

But Those 
Who Need It 

By Flora Lewis . 

P ARIS — The world r od w d £ 

an absurd impasse on i food sip- f* 
plies. Of all the crazy probtaw peo- 
ple have created for themselves, nod* 
mg seems so P«PC«sww» 
maldistribution of life 5 essentia*. 

Last year, taxpayers m the United - 
States and Europe pro vided S36M- 
lion in subsidies for farmers --$19 
billion in the Untied States and: $17 
billion in the European Canmnmty 
- accortiing w Maunce WtlhapB. 
head of theuN World Food Corned. 

Now the United Stales us gsmaw 
give Algeria a million-ton "bonus of 
grain in order, as AgrrajJtwc S«re» 
uuy John Block says, in “buy tbe 
markeL” Several other countries are^ 
being considered as beneficiaries ofT 
the U.S. program to regain its share 
of sales in competition with Europe. 

It is cheaper to ship rood than to 
store it Tbe United Slaws wants io 
cut its surplus and drive the Europe- 
ans to negotiate an end to su b sid ie s. 
Tbe fact ut that farmers in die United 
States and Western Europe produce 
too much more than the rest of the 
world can buy. so they Sell bad. 

Meanwhile, many millions, go 
hungry and infants die of diseases 
related to malnutrition. Food act to 
Africa has doubled in two yean, from 
32 million tons in 1983 to 7$ mfflion^ 
this year, because of famine. 

But while aid prevents immediate 
starvation, it otuv compounds the 
real trouble. Mr. Williams, who is 
directing the Food Council's ministe- 
rial meeting here this wedL said there 
was too much aid and !oo little atten- 
tion paid to stimulating African pro- 
duction. Every city on the continent 
lives on food imported from abroad, 
not on the output of its farmers. 

Per capita production of food in 
Africa has declined sharply 4$ popu- 
lation has soared. Some African 
countries have begun reforms urgent- 


V" 

\ll 


ly needed to improve their agriculture 
and motivate tanners. But virtually 
all African politicians refuse tocos-* 
sider that demography is a problem" 
and that they are producing. momhs a 
lot faster than food to put in them. 

A whole complex at measures to 
alleviate this distress has been 
thought out But there is not tbe coor- 
dination necessary , either within the 
Western world or among aid recipi- 
ents to make them work effectively. 
African nationsdonot have adequate 
management skills to organize the 
programs well, and outsiders either 
do not understand local conditions or 
are too concerned with besting rivals 
to ensure cooperation. 

International efforts to feed the . 
world and wipe out hunger have 
failed. This is all die more ironic 
because the terribly burdensome sutA 
pluses show success is possible. In- 
stead of a war on hunger, the United 
States and Europe are heading for a 
grain war while poorer parts of the 
world are less able to feed themselves. 

The crux erf the problem is pur- 
charing power. Tbe ones who have it 
cannot eat more titan they do and 
Western formers cannot sell to the 
indigent. But there is also an obstacle 
in attitudes and an outdated way of 


pled between 1950 and 1970. and it 
has doubled again since then. Still , 
countries think in Strictly national 
teems, concerned above all to protect 
their own farmers at the expense of 
competitors. There is not the recogni- 
tion of common interests in orderly 
trade patterns (something that did 
develop for industrial goods, though 
the undemanding is in ffangi-p be- 
cause of protectionist pressures). 


would “establish" religion. I hope 
such cases inundate the court until 
the justices fall on their knees (not on 
government property, of course) and 
pray for relief from the consequences 
of their cleverness. 


mt. mode's apt words. The way the 
good producers are going about try- 
ing to help themsdves risks disaster 
for all The spectacle of world impo- 
tence before this tain plague erf too 
much in some places aim too little in 
others is especially shocking; because 
it is man- mad e, not a fact of nature. 

The key to a solution is obviously 
incremental, a series of steps that 
would reduce incentives to noncom- 
petitive production in rich countries 
and increase incentives for output in 
poor ones. There also has to be a 
better sense of the purpose of aid. 

The World Food Council has 
drawn up recommendations. They 
are sound. But the political will toacA 
is lacking among the nations. The^ 
cannot be a quick breakthrough be- 
cause any drastic move would hurt 
too many. There can be a clear plan 
to reverse what is so evidentiya 
wrong direction and to move gradu- 


spoken prayer in schools is that u 
can be neither really prayer nor truly 
voluntary. It must be thin liturgical 
gruel to rive no offense to any sect 
and children will feel coercive peer 
pressure to participate But what in- 
jury does a moment erf silence do? 
The only “injury” is to a few litigious 
adults — self-appointed thought po- 


Violence in the Stands 

Reseeding the opinion column “ Soc- 
cer : The British as Europe's Bad Chil- 
dren" (June 6) by Anthony Burgess: 

As a Briton living abroad I too was 
shaken by the Liverpool supporters’ 
barbaric behavior in Belgium. I was 
equally stunned by Mr. Burgess’s hy- 
pocrisy. Having written the repulsive 
“Clockwork Orange,” he has contrib- 
uted more than his share to further 
the cause of mindless violence. 

PAULINE LECOUR. 

Paris. 

Mr. Burgess knows full well tbe 
difference between English and Brit- 
ish. So too, do the Welsh and the 
Scots. So too, fortunately, do the Eu- 
ropean authorities who banned En- 
glish dubs. Tbe English are British; 
not all British are English. 

T. CRAIG SINCLAIR. 

Brussels. 

Has no one considered that the 
fans' aggressive behavior might be 


hence the law violates the convoluted Washington Post Writers Group. 

UTTERS TO THE EDITOR 

linked to alcohol consumption? In nr, n . . . 

fact, one report said that tbe hostil- lvo, 7 *OW«r Babble 


ities in Brussels began with the 
throwing of beer cans. Is it conceiv- 
able that, on the day of an important 
match, local authorities might close 
pubs and liquor outlets, and stop the 
sale and import of alcohol in the 
stadium? The force of other contrib- 
uting factors — such as seating ar- 
rangements and “ideology” — might 
then be diluted to the benefit of all. 

ROBERT F. KESER. 

Singapore. 

Regarding the column “ One En- 
glishman r Reaction : Shame at the In- 
evitable” (May 31): 

I agree with sportswriter Rob 
Hughes when he says that British 
authorities have been too lenient with 
hooligans for too many years. 1 also 
applaud his commendable restraint 
in nor saying. “I told you so.” 

CHARI COANE. 

Milan. 


Regarding ”Forei\ 


e, v- r— 

wotiung is more basic to a stable 
world than a proper supply of food. 
Ewythmg is available, except lead- 
ms P iration > to reach it 
“trough international cooperation. 

The New York Times. 


Cultural differences have always 
wwi crucial sources of intellectual 


Of course foreign-born teachers 
nurst possess an adequate command 
of English to make themselves under- 
stood. But, as an American who has 
spent many years in institutions of 
higter learning, at both Harvard and 
the Massachusetts Institute of Tech- 
nology, l can assure you that foragn 
instructors do not hold a monopoly 
on pedagogical ineptitude. Native 
American professors can also be in- 


comprehensible authoritarian, and Flemis^^^ 

inadeanaie m thetr _ i \ ..Y~ un “ to 


««nua not now be treated as ofasta-? 
deL Qdnnl autarchy is no solution 
to America s problems. 

LEONARD C. GROOPMAN. 

Paris. 

Boom to End AU Booms 

*2 h ?- da y 38 1 W driving 
ft SA gg autorouie outsideoF 

Ste w* ^ f ° r a ,own 

(whlch ““MS “tree" in 


required to undergo training m be- ennes. m rioif 

come teachers, or be selected for the ThevdJm Sh?* raade L a mistake; 
laboratory rather than tl» classroom? Boom. The \5 h' C pul . U,e . "dssites in 
Ultimately, universities muSS wS»om £ 1^2 I** if 


as a scientist or a scholar, rather than 
on the basis of his Rationality. 


THERESE a. COLLINS. 

Brussels. 









J’.'i' 2 .. .■ '• 


"ii 



IfcrdbS&rniunc 

ELECTRONIC BANKING 


A SPECIAL REPORT 


TUESDAY, JUNE 11, 1985 


Page 9 


New Banks; 
Self-Service 



By Kathleen Hawk 


GAINESVILLE, Florida — The lobby has 
little in common. with a tra ditional bank branch. 
A few tellers share a counter with automated 
idler machines. Along the walls, enclosures 
shield customers as they open accounts, calcu- 
late loan schedules, pay bills, trade securities or 
conduct other business by touching the glass 
faces of dectronic terminals. Desks at the center 
of the room off er services such as insurance^ real 
estate and travel arrangements. 

Jointly developed by Bank One Corp. of Co- 
lumbus. Ohio, and Diebold, a supplier of bank 
systems, this automated branch wiQ open in 
October in an affluent suburb of Cohrmhus. 
Calling it a “new horizon," John Russell, the 
bank's marketing vice president, said the sys- 
tems were designed by ^people who understand 
the consumer and how tneyre going to react to 
interactive devices.” 

These new units arid Mr. Russell's comment 
illustrate a trend that links marketing goals with 
technology. Identified as the “third phase” of 
technology development by Touche Ross Inter- 
national in a recent 26-nation study, “The Im- 
pact of Technology on B anking, ” this move- 
ment involves “migration of service delivery 
into customers’ hands” and “personal and glob- 
al transaction and telecommunications net- 
works/’ 

Touche Ross International found that “a few 
countries, particularly theU-S. and sevoal larg- 
er European countries,” air leading this phase. 
The first two phases involved automation of 
back-office data processing arid then automated 
payment systems and branch functions. 

The technology offers challenges to the indus- 
try: (hi the “front end” that consumers see and 
use, there is high market sensitivity in design of 
both financial products and delivery systems, 
and, in the “backroom,” increased reliability 
and access to a broadening spectrum of data 
bases by the infrastructure of computers, soft- 
ware and communications systems. 

“There is a generation growing up that win 
view the banking t er min al as their bank,” ob- 
served John Morgridge, marketing vice presi- 
dent for Stratus Computer. “There will be a 
growing list of services and the terminal pmst 
always be available.” 

Ergonanrics, the science of making machines 
comfortable Tor people* is helping produce a 
(Continued on Next Page) f ■ ' 



' IkM CwMtouHM/IHT 


Automated payment in a Blois shop. 


The Smart Card Earns Its Credentials in a French City , 


By Mark Hunter 
BLOIS, France — In September 1982, (his 


began an experiment to lest the viabili- 
ty of the “smart card,” a credit card con tam- 
ing a computer chip. 

The" card’s backers, the postal authority 
arid the GIE Carte a Mfaroire, a consortium 
of French banks now regrouped as the GIE 
Carte Bancaire, hoped to discover if the cards 


“would work in the hands of the public,” said 
Andrt Michaud, who directed the experiment 
for the GIE Carte & Mfcmoire. At the same 
time, the card used at Blois, manufactured by 
Boll Group, would be compared with differ- 
ent cards made by Phillips and Flonic- 
Schlumberger, under test at Caen, in Nor- 
mandy. and Lyon. Bkss won the first step of 
the race. The card used there, the Bull model 
CP8, was selected as the national standard by 
the GIE Carte Bancaire in Inly 1984. 


“The experiment at Blois was absolutely a 
success,” aid Jean-Louis Marchand, a mem- 
ber of the post office’s smart-card team. “It 
showed (hat the techniques and equipment 
for a nati onal system, and our ability to 
provide them, are in place. And we settled on 
the mixed card. The mixed card combines (he 
magnetic stripe of a common credit card with 
a computer drip on (he card’s opposite face. 
It can be used with current electronic money 
(Continued on Next Page) 



The, EPSO smart card is used in a Blois pay telepbgpe booth. 


Why One Money Card 
Must Outstrip the Rest 


By Nancy L Ross 

WASHINGTON — The “smart card" — 
plastic money embedded with a micropr o cessor 
— is scheduled to make its American debut this 
summer in pilot programs initialed by Master- 
Card International. The test will help to deter- 
mine ultimately not only whether the card with 
the silicon chip can be a winner in the United 
Slates, but also which country's technology will 
set (Ik rules for the rest of the players in the 
global arena of electronic funds transfer. 

In Columbia, Maryland, outside Washington. 
50,000 program participants will receive plastic 
cards made by the French computer group Bull 
and marketed by its Dallas subsidiary. Micro 
Card Technologies Inc. In Palm Beach, Florida, 
a similar number of subjects will receive cards 
provided by Casio Microcard Carp, of Japan. 
Customers mil be able to use the cards to pay 
for goods and services at selected retail loca- 
tions. 

Both types of cards have encoded drips that 
have a customer’s password or secret number 
built in. In this way they permit cheap, quick 
verification of the Holder’s identity on the spot 
without the information having to be transmit- 
ted electronically to a centralized computer. 
Knee the card Has its own intelligence, it has 
been dubbed the cane a memoire in French and 
the “smart card” in English. The drips also have 
the capability of storing other means of identifi- 
cation such as the user's signature or fingerprint, 
as well as up to 200 transactions. However, the 
Japanese card contains two drips; the French 
version, one. Moreover, they are placed in dif- 
ferent locations on the card. 

Experts agree that standardization is essential 
if the as yet expensive and expoimental tech- 
nology is to succeed as a truly international 
payment mechanism. “We can’t have a Europe- 
an card that will be used in Europe, a Japanese 
one for Japan and an American card for the 
United States,” Russell Hogg, president of Mas- 
terCard, said in Paris a few months ago. 

The Japanese appear to have an edge at this 
point over the French, who invented the smart 
card. Last month, a New York working group of 
the International Standards Organization vot- 
ed, 4 to 2, in favor of the Japanese version while 
permitting the French version on an interim 
basis. Some years ago, the same group voted 
against the Japanese practice of putting the 
magnetic stripe on the front of their credit cards 
because it in terf erred with the printed informa- 
tion such as the bank’s logo. 

Another hurdle is reconciliation of the clear- 
ing-house function. Differing national laws gov- 


erning such things as reed pis, disclosure and 
currency exchange pose substantial challenges 
for software developers. 

The development of electronic funds transfer 
has occurred primarily within national borders. 
Not only does technology differ, but also deliv- 
er/ systems, marketing, existing alternatives, 
culture and commitment by government or pri- 
vate industry. The result is a checkerboard, with 
some European countries highly advanced and 
their neighbors showing minimal interest. Or. a 
country will have made outstanding progress in 
one aspect of electronic transfers, but ignored 
others. 

For example, France is the European leader 
in all facets of electronic transfers, whereas 
West Germany has shown little interest to date. 
Japan has wall-to-wall automated teller ma- 
chines yet no debit cards. There is a lack of 
activity in Latin America. 

How soon will there be a truly international 
electronic payment system? 

Colin Reeve is vice president for interactive 
services and international systems for American 
Express Travel Related Services, a company 
whose green card has become the symbol of 
universally accepted credit. As such, he is more 
sanguine than most about internationalization, 
predicting that within three years consumers 
will have the ability to draw caih from machine s 
in all developed countries. 

Last spring, Mr. Reeve conducted a survey of 
electronic fund transfer systems in 16 countries 
for American Express. He counted automated 
idler machines, point-of-sale terminals and 
debit cards worldwide. And just last month, 
statistics from the central banks of 11 developed 
countries were published by the Bank Adminis- 
tration Institute, with headquarters outside Chi- 
cago. Another survey has been regularly con- 
ducted by Spencer Nilsan. publisher of a credit 
card newsletter in Los Angeles. 

The figures differ, sometimes substantially, 
according to the definition of machines and 
functions ured by the survey organizers. For 
example, American Express fists 60,000 point- 
of-sale terminals in the United States, while the 
central banks, which define point-of-sale as the 
electronic direct debiting of the customers ac- 
count, list 800. So what follows are general 
conclusions drawn from these sources. 

On a per-capita basis, Japan has the largest 
number of automated teller machines, followed 
by the United States, Britain and France. Hong 
Kong has the most per acre. The idler machines 
dispense cash and, in some countries, also trans- 

( Continued on Next Page) 



on Nixdorf 


W fhen it comes to choosing Which computer 
company to work with, banks can take their 
pick. After ail, practically every computercompany 
in the world makes a computer that banks can use. 
So why do so many banks rely on Nixdorf? The 
answer goes far beyond hardware or system 
features. ' ^ 

True, Nixdorf computers havea well-deserved 
reputation for standing up to really tough usage, 
and thafs important when downtime is measured 
in millions oT pounds, marks, francs and dollars. 


But hardware alone never sold a banker anything. 
Bankers require computers that can operate as 
part of complete telecommunications systems. 
They require speed, and excruciating accuracy. 
They require ingenious programming to handle in- 
credibly complex transactions with hundreds of 
real-time variables. They require international 
capability, uncompromisabie security, and absol- 
ute dependability underail kinds of conditions. The 
sheer volume of transactions, and the interdepen- 
dence of those transactions requires a processing 


capability far beyond what is needed in most other 
industries. 

And the banking business is changing so rapidly 
that it’s not enough to have a computer system. 
Today’s needs require that there be a company 
standing behind that computer. A company with 
the size, the resources, the people, the technology, 
and the will to meet the specialized needs of the 
most demanding customer. Nixdorf. And every 
bank knows it. 

Now you do, too. 



Nixdorf Computer AG 
Furstenallee 7, 4790 Paderbom 
West Germany, Tel. 5251/5061 30 


NIXDORF 

COMPUTER 



'■ ?NivN5 


Page 10 

A SPECIAL REPORT ON ELECTRONIC RANKING 


The New Banks: 
Self-Service 
h AU the Way 

(Contimed From Previous Page) 

“friendlier" genera lion of hardware. An Omron 
automated teller machine, introduced last year 
in the United Slates and currently being re- 
engineered for European markets, lights up at a 
customer's approach, can help a customer 
through his transaction with voice prompts and 
animated graphics, and can print an interim 
statement. 

The market shows increasing variety as first- 
generation automated teller machines, some a 
decade old. are replaced. There are bigger but- 
tons. simple “1-2-3" instructions, drive-up units 
and “designer" models, like ATM ^ Tech ana- 
logy's slim unit. International Business Ma- 
chines introduced a check-cashing machine that 
gives exact change. SCI Systems unvdJed a four- 
sided. touch-sensitive, coin-dispensing device 
for busy lobbies. And other vendors, like Bur- 
roughs, have driven the cost of cash dispensers 
below $15,000, while increasing transaction 
speed and ease of servicing. 

But even innovative automated teller ma- 
chines are old news compared with other self- 
service terminals. Software Alliance is negotiat- 
ing a multinational contract for its 
touch-sensitive lobby terminal, programmable 
10 open accounts, order checks, model loans and 
mongages, and pre-qualify the customer. Since 
the system cannot actually sign the papers, it 
includes monitors for sales staff. 

Not all vendors are hanking on the avant- 
garde. Terminals that look reassuringly like 
automated teller machines now rap out interim 
statements with high-speed printers. Some lob- 
by units do nothing but provide a training tool 
io introduce customers to electronic banking. 

As technology minimizes routine work, 
branch employees are committed to the sale of 
bank services. Here again, automation is chang- 
ing the way banks deal with customers. Work 
stations and persona] computers in branches 
provide not only an efficient means of docu- 
mentation and bank servicing but a powerful 
selling tool. 

Bankers' complaints about lack of software 
indicate that marketing programs for stall work 
stations may be one of the growth areas of the 
next few years. Financial planning programs are 
particularly interesting today, because planning 
can be sold as a separate service, yet it provides 
a base for selling other products. 

Bank of America is testing planning programs 
in selected branches. Keyed to goals lute retire- 
ment security or children’s college education, 
the programs indicate the levels and types of 
investment needed, said Bruce Mapes, a Bank of 
America vice president. 

The trend toward terminal-based service puts 
.heavy demands on “backroom" support sys- i 
terns. Behind ail the terminals in hanlr^ on ' 
street comers and those linked to home b anking , 
and cash management services are huge infor- 
mation requirements. Retail-account balances, i 
corporate position reports, interest rates on : 
credit and investment products, marketing pro- 
grams that “model" payback schedules and re- 
turns, investment market information — the list : 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE II, 1985 




Architect’s 
drawing of the 
automated 
bank branch 
that will open 
in October ina 
suburb 
of Columbus, 
Ohio. 


grows with the ability of marketers to integrate 
information with service to produce fees.^ 
"Banks used to give information away" said 
Donald G. Long, IBM senior banking consul- 
tant. “In the future, information will become 
banking's most important product" 

The personal and global networks mentioned 
in the Touche Ross International report depend 
on the assumption that information files, even 
within a single bonk, can be crossed-linked. 
However, assimilating the names and numbers 
of various types of account relationships into a 
core file can mean years of work and millions of 
dollars, depending on the size of the institution. 

Off-the-shelf “integrated software" products 
have become more numerous and more inclu- 
sive. Companies tike Hogan, Logics, ACI and 









Anacomp have been working to complete these 
systems. The sheer bulk of the task recently 
caused Anacomp to set aside its project. Keven 
Scully, vice president of Logica's American Sub- 

Marketing programs for 
staff work stations maybe 
one of the growth areas of 
the next few years. 

si diary, described the development of a central- 
ized data bank for a Swiss bank as “the work of 
years, an astronomical commitment" 

Many major banks, whose various accounting 
programs were often devised independently of 
each other 10 years ago or more, nave not yet 
committed themselves to system integration. 
“The main problem is tint we have huge sys- 
tems built for efficiency, five million transac- 
tions a night- If you want to cross-cut, you have 
to invert the system," said Bart Bakker, innova- 
tion manager at Rabobank Nederland “No one 
wants to throw away what they have, or build 
anew. So you have to build an auxiliary system." 

“Auxiliary systems" built on microcomputers 
satisfy many problems of information access. 
The old systems “built for efficiency" are usual- 
ly batch-processed, running masses of accumu- 
lated data through (be mainframe at a designat- 
ed time for each application. In contrast, 
consumer-oriented systems demand instanta- 
neous information and completion. For these 
purposes, mini-computers can collect the latest 
account information from the mainframe and 
store “memos" about consumer transactions 
until the mainf rame processes them. 

Fault-tolerant computers are railing a grow- 
ing market share for these on-line transaction 


DATASTKEAM 




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you can find out from stand 43706 at TECHNOBANK 85, GENEVA, JUNE 11-14 

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systems. Pioneered by Tandem Computers 
more than 10 yean ago. they are engineered 
with paired components to keep one side run- 
ning if the other fails. Tandem gained in the 
banking industry for reliability in automated 
teller machines and other fund-transfer net- 
works and. more recently, it has been sold as a 
mainframe to support 'integrated software in 
banks in several countries. 

This year, fault tolerance was adopted by two 
giants in bank automation systems. After years 
of arguing lhai fault tolerance was no better 
than its own solution of backed-up standard 
processors. IBM signed a remarketing agree- 
ment with Stratus Computers, a four-year-old 
firm with a fault- tolerant design that was 
claimed to main lain processing capacity better 
than Tandem's. In addition, Nixdorf Computer, 
the leading European vendor of bank systems, 
introduced a product based on fauli-lderani 
hardware from Auragen System Coip. 

The final element in the information and 
transaction networks is the communications 
systems to move the data. NCR is developing a 
showpiece system for FeDesdata, the giant Nor- 
wegian service bureau. An extended hub-and- 
satellite configuration links the host to the 
branches, each branch to the point-of-sale ter- 
minals of its customers. Security systems are 
built into the network, which will support elec- 
ironic mail, archive and retrieval functions and 
a totally integrated system of intelligent termi- 
nals. 

In England, Midland Bank is linking 1,700 
branches with Midnet, primarily based on Nix- 
dorf equipment- In addition to “opening a lot of 
new horizons in connecting points within the 
bank," according to Edward Newman, assistant 
manager of Midnet, the network links Midland 
subsidiary Thomas Cook travel agencies to oth- 
er travel -oriented data bases. As a result, the 
system can be sold to other travel firms as a 
value-added network. 

But the prime example of Lhe “global net- 
work" that places the delivery service “in the 
customers' hands” may be the worldwide Mi- 
cros tar network built by Bank of America for 
multinational cash management business. Link- 
ing compatible mainframes around the world, 
MicroStar provides multi bank position reports, 
credit and investment information, and transac- 
tion power to terminals on the desks of corpo- 
rate cash managers on five continents. 

In summing up the “third phase," Colin KIT 
pen. vice president of Treasury Management 
Services, said, “We're moving functionally out 
of the backroom into the customer's office. 
They have control of the data. We also move 
costs to the customer, so it's beneficial for both 
of us." 


Question Is 
: When, Not If 

By Amid Komd 

NOTTINGHAM, England — In September 
1983, a small regional bank in Nottingham 
s attracted international attention by la unc hi n g 
• the first electronic home-banking service inBrit- 
r ain. But almost two years later, British home 
l banking is barely off the ground. 

I While expressing optimism about the long- 
term prospects of such systems, bankers and 
. analysts interviewed recently anticipate a slow 
i growth for wfaai was once considered one of the 
most promising facilities of the so-called dec- 
! ironic cottage. 

' Home banking in Britain is “very embryon- 
ic", said Karol Srii c bdnsV i, senior consultant at 
| Butler Cox & Farmers Ltd. an international 
L management consultancy in London. “We’re 
not talking about very many users." 

» Three banks are currently involved with home 
; banking in Britain. The Nottingham Building 
Society and the Bank of Scotland each offer an 
[ electronic home service to their customers. And 

■ Midland Bank, one of England’s largest, is run- 
i ning a pilot triaL 

i The banks are reluctant to talk about the 

- results of their experience. This reticence has 
, generally led to pessimistic speculation about 
, the systems’ success. The tales that they and 
. others tell suggest that the time is not yet right 

for home banking. 

i “For a very long time it win only appeal to 
; specific market segments." said Mr. Szlich- 
i rinski. “In the UJC. a high proportion of people 

■ don't even have bank accounts." 

“In my mind." said David Bayliss, manager 
; of electronic banking at Midland Bank, “there is 

- no question that home banking is a service that 

> will be required in the future." But he added: 

■ “The problem is that we’re not quite sore that 
[ there is a market now, nor how big it is." 

Developments in computing and telecom- 
munications technologies since the 1970s en- 
I ableri the wiring of homes and businesses for the 

■ reception of electronic information. 

f The growing enthusiasm for personal com- 
: puters and the electronic delivery of informa- 
[ non encouraged the development of systems for 
I piping electronic finandai services direct into 

- the home via the telephone. Bank executives 
: hoped to decrease personnel and building costs 
l by persuading customers to conduct their finan- 
cial business from home. 

> In Europe, efforts by national teiecommum- 
: cations authorities to promote use of their net- 

■ works spurred the development of videotex sys- 

■ terns that link computers and terminals over the 

- telephone line. The terminal is often no more 
, than a television set hooked up to a decoder and 
, keyboard. 

Growth of the Prestel videotex system in 

- Britain, Teletel in France, and Bildschirmtext in 
West Germany has been accompanied by the 

- development of electronic home banking.' The 
f first such service in Europe was offered by the 
t Hamburg-based Verbrauchcr Bank. Credit 

■ Commercial de France and Credit Lyonnais 
! have piggybacked their services on the growing 
i Teletel network. 

lc the United States, the development of 

- home hanking has been tied to personal-com- 
puter use. Chemical Bank and Chase Manhat- 
tan offer home banking to several thousand 
customers. 

Yet, many analysts and bankers are not opti- 
mistic about the prospects for rapid growth of 
home banking. “The proportion of households 
using such systems in the short term will be very 
small" said Mr. Szlicbrinski. “1 think that 
things will take a long time to catch on.” 

Consumer demand will be slow to develop, 
predicted Mr. Bayliss. “The question is not if it 
will become a service of the future, but how 
quickly," be said. “It wiD not be profitable in 
terms of the number of customers before 1990." 

“Home banking is not as immediate as some 
people are suggesting." said Alwyn James, 
spokesman for the Royal Bank of Scotland in 
Edinburgh- “There will be some time before Lhe 
public accepts it as an alternative to branch 
banking." 

The current systems offer such services as 
account statements, balance inquiries, transfer 
of funds between accounts, payment of standing 
bills and messaging between the customer and 
the bank. 

They also include assorted “frills" to make 
die package more attractive. Games, auctions 
and classified advertising are available an the 
Nottingham service. A stock-brokering facility 
will be launched at the end of June. 

Many banks do not sense an urgency for 
offering such electronic services directly to the 
home. “We see no benefit from being at the 
front of this particular movement," said Mr. 
James. 

“In terms of home banking in Europe," 
warned Michael Gallagher, manager of elec- 
trouic banking at Chase Manhattan in London, 
“it might still be a Hide early to be aggressive.” 

Britain's budding societies are rcgtortal banks i 
that offer financial services amilar to those , 
available at savings and loan institutions in the 
United States. They have few branch offices and 
often have been slow to introduce modem tech- 
nology. 

After deferring computerization for several 
years, the Nottingham Building Society leap- 
frogged its competitors in September 1983 by 
offering a homo-banking service called Home- 
link. 

It is difficult to gauge the system’s success. A 
si gn in the bank’s looby urges customers to 
subscribe to Homdink rather than wait for 
service at the cram ter. But judging from the size 
of the crowds lined up on a recent afternoon, the 
message is not getting across. 

The bank's executives refuse to divulge fig- 
ures on system use. Although they say there are 
“several thousand” Homdink customers, they 
minimfoe the importance of having a large num- 
ber of subscribers. “Being the size that we are," 
said Stuart Brandreth, deputy manager, “we 
don’t have to be as successful in the numbers 
game as, say, Barclays-” 

Experts disagree. “With most electronic ser- 
vices." said Mr. Szlichcinslri, “volume is way 
important- .. There are high fixed costs to pro- 
vide these sendees." 

Nottingham spent about £4 million ($52 mil- 
lion) to develop Homdink, according to Mr. 
Brandreth. Company records suggest that more 
than £1 million was spent between 1982 and 
1984 on computer equipment for the system. 
British Telecom, the privatized national tele- 
communications authority, and the Bank of 
gmiland also participated in development of 
theprqjecL 

In return for the investment, officials hope 
that the system w31 extend the bank's reach to 
other parts of Britain. “Our prize is that it’s 
turning a regional organization into a national 
organization," said Mr. Brandreth. “It’s a 
cheaper way to gel more customers than by 
opening a branch bank." 



* tf'iw 

I’o*’ 

Kl-' 1 ' 


* • 


■.l-.'w.'it':' 

A French couple checks banking transactions at home. 

Why One Money Card 
Must Outstrip the Rest 


(Continued From Previous Page) 

fer funds and answer balance inquiries. Al- 
though the United States has more point-of-sale 
terminals, France leads based on population. A 
terminal, located in a store or gas station, is 
connected electronically to a network. It cap- 
tures and sometimes transmits payment data 
electronically. Its chief functions are credit au- 
thorization and identification verification. 

However, if point-of-sale is defined as direct 
debit, France is lhe unconiested leader. This 
system means speedy payment for the mer- 
chant, who gets immediate access to a buyer’s 
bank account or credit tine. 

In an interview, Mr. Reeve supplied his theo- 
ries behind the numbers in his company's sur- 
vey. The old and new in Japan account for that 
country's love of teller machines: expertise in 
high technology and traditional culture, Japa- 
nese like to have enough money for any situa- 
tion as they do not like to lose face. Mr. Reeve 
said. So they will take money out of a teller 
machine in the morning and put ft back at night 
if unspent 

The teller machines, which developed slowly 
at first in the United States, caught on when 
banks found they were an artful dodge around 
restrictions against interstate banking. Soon 
they became almost a necessity in the highly 
competitive environment of .American banking. 

Unlike the United States, with its 14.000 
banks. Britain and France have but a relative 
handful of banks so the teller machines were 
seen as a logical way of expanding offices with- 
out the cost of bricks and mortar, and lengthen- 
ing hours without the expense of overtime. 

Among those listed by American Express as 
“undeveloped” with regard to teller machines 
are such countries as Malaysia, the Netherlands, 
West Germany, Italy and. Mexico. Mr. Reeve 
suggested that the small size of the Netherlands 
puts the Dutch within easy reach of banks. West 
Germany, on the other hand, pioneered the 
Eurocheque — paper guaranteed for small 
amounts that is cashable anywhere — so has 
scant need for cash machines. As for Italy, he 
cites as deterrents the fear of muggings and 
frequent changes of government that preclude a 


firm national policy of funds-transfer develop* 

mem, such as France enjoys. 

Other factors arc the effect of cold weather fflT 
machines in northern dimes and a hrgMtt* 
dence of vandalism, especially the use « super 
glue to seal drawers. 

According to American Express, whereas the - 


installations over a three- veur period to 1:-% 
will be 27 percent, point-of-salc terminals wffi 
grow by 62 percent. 

In French homes there are 350,000 Mirateh, 
or small video screens linked to information 
sources, that enable viewers to get letepoiaiu 
numbers or iheir hank balances. ^ 

American merchants, with the exception ioC 
service stations, remain unconvinced of toe util- 
ity of debit cards, given the start-up was in- 
volved for hardware. There are about 1.100 
direct debit terminals m the United States* K- - - 
cording to Bank Network News. Home banting 
and videotex are in embryonic stages, with ap- 
proximately 38,000 users. Recently, a joint ven- 
ture was announced that wiH offer subscribers . . 
computerized hanking, discount stock broker- . 
age and merchandise shopping At this juncture 
it is impossible to tell if or when these services 
will become popular and profitable. 

Spain, Mr. Reeve noted, got into the game 
fairly late, but he expects the number of point- 
of-sale terminals to accelerate, poshed by the 
government postal service. Again. Because of ^ . 
the postal service, he also expects a lot of pro- fr 
gross in Sweden in the next two years. However, 

"he added that Sweden was a difficult country in 


ne added that Sweden wash difficult country in 
which to do business because merchants there 
resist accepting credit cards, objecting to dis- 
counted payments. 

Around the world, the Asian finandai capital 
of Hong Kong shows a high density of idler 
machines and porai-of-sale terminals, but no 
debit cards. Mr. Reeve offers a cultural explana- 
tion for this. Chinese love to haggle over prices, 
and cash payments lead to higher discounts, 
than plastic cards, which create a record. 


How Smart Card Earned 
Credentials in a French Gty 


(Continued From Previous Page) 

distributors and point-of-sale terminals, as 
well as with the new equipment designed to 
accept smart cards. 

At filois, this equipment included 10 public 
telephones and 1,000 Minitd home video 
terminals with card “readers,” which, as of 
June, provide full borne banting services to 
users. In September, local hospitals wiD issue 
smart cards containing medical histories of 
expectant mothers and newborns in the 
chips' memories. 

Bui the Blois test showed that human fac- 
tors, especially among merchants and con- 
sumers, will play as large a role as technology 
in the smart cards’ future. At the start of the 
experiment, 160 local merchants installed 
readers of smart cards provided by local 
banks in their stores. Five thousand selected 
bank clients were issued “IPSO" cards, which 
carried a chip but no magnetic stripe. These 
cards were supplanted by mixed cards given 
to all Cane Bleue and Visa holders beginning 
in May 1984, and the number in circulation 
rose to 15,000 at the end of that year. 

Dominique Francois, a postal official who 
coordinated the experiment in Blois, said a 
post office study hid shown in advance that 
the IPSO cards would be underutilized, be- 
cause consumers “had fear of the technology, 
and of a card that would replace checks!" 
About 10 percent of IPSO cardholders used 
their cards one or more times per month, Mr. 
Michaud said. 

Consumers believed that purchases made 
with the IPSO card would be debited immedi- 
ately from their accounts, despite a note on a 
promotional flyer sent to them by the banks 
that the “float" on purchases would be “com- 
parable to those of checks.” 

The banks inadvertently added to this con- 
fusion. “When we put out the IPSO card, we 
used the term ‘electronic checking,’" said 
Guy Roussefle, diem relations manager for 
the Socifitfi Gentrale of Blois. “And people 
said, ‘We don't want to complicate our 
lives.' " 

The misconception stuck to the mixed 
card. “With the smart card, the money is 
taken out of your account immediately,’* said 
Pascal Di Laura a Carte Bleue holder inter- 
viewed in a Blois shopping mall. In fact, 
however, the new mixed Carte Bleue cards 
are billed exactly like the old ones. 

Unlike a magnetic card, the IPSO card 
could not he used for over-the-counter pur- 
chases without a personal four-digit validat- 
ing code. If an incorrect number is used three 
times in succession, the card is automatically 
blocked. The Carte Bleue mixed card's smart 
side has the same reamre. This trait of the 
card also inhibited consumers. 

“People are prudent . in their use of the i 


card, because they forget their code," said 
Jean-Marie Fenne. a participating merchant ^ 
“Often, we propose that they use the card, P 
and they say no." 

For other users of the smart caid. however, 
this built-in security is an attraction. Dany 
Prieur, strolling in the mall with his wife and 
baby, commented that his smart card “is 
much safer than checks." He said. “If you 
lose your checkbook, you’re in trouble. Mer- 
chants are more likely to take the card than a 
check." 

“All of us, banks and merchants, are 
agreed on one point: The smart card is a 
guarantee of payment, compared to a check 
or ordinary card,” said Jacques Couppe. a 
participating merchant and vice president of 
the Bias Union of Merchants and Artisans. 

The consumer is responsible for payment as 
proprietor of his persona] code 

But a sharp point of difference remains 
between the merchants and local banks. Each J“» 
payment on a smart-card terminal carries a r 
bank charge of 0.6 to 1.6 percent depending 
on the number of transactions per day with 
fewer transactions costing the merchant 
more. “W£re giving a service to the banks," 

to simpress checks, in the long tenn.^Each 
handling** 5 ttae writer's bariMpco 5 framsin 

® ul Mr ' 5? jo ? dded: is a very French 

ment and a guarantee of payment- for that 

b^-tH** 1 *’* “ d 

^ confiict between bankers and mer- U 

S&gBsaiSKass * 

<*anfs; the p3 ^ mer ' 









INTERNATIONAL HERALD TRIBUNE, TUESDAY. JUNE 11, 1985 


tax. 




. .. M 






What Banks Can Do 
-i To Guard Against 
81 Electronic Fraud 


: 



H^V 

*//ff 


Card 


By Pam da A. Murphy years ago. And the 

r 7 French are busv uut- 

WASHINGTON —With electronic technd- ^ ^ 0 ^ a m . 

ogies reshaping the way the business of banking Sonal electronic net- 
is bang conducted around the world, bankers wor ^ based on 
and industry observers aHtc are looking closely guart-card technol- 
at the protection of dectromc transactions from 

... , ° 8 “Onr feeling is: 

A Bank of /America executive vice president. where is the nod to 
Max Hopper, labels electronic banking fraud fc,*. a high-security 
one of my greatest fears,*’ particularly the ^ w? in , ^ ^,1 
potential for fraud on dectromc systems that wor j i if you have a 
handle small dollar consumer transactions. high-security card," 

“There is Smiled attention being foowed on Christian Loviton, chairman of Group Fa- 
sMuntym tins hj^^vohmtc area, Mr.Hoppa; «m, a Paris firm that specializes in dec&mic 
who oversees technology applications at Bank ^ cKr«n^ 0 .u_ 


7“ wi'cisccs K^nnoiogy appucaupus iu uanx banting and shopping services. ‘The card is tire 
of AmexTC^tddan mtmational gathering of ' fimievd of senni^tiiatwc wantto upgrade." 
bankets m Washington.. “We sometimes forget - ^ Warfel vd J a Francc ^ ^nation 
thm our mgor product is trust” where the mostaitention is being paid to dec 

The need to secure dectromc banking sys- tronic banking security, 
terns against fraud is not a new idea. “It has .. Mr. Loviton agrees. “France is the Cist coun- 
been on the minds of everybody smee the eve of try in the world to have a national [electronic 


EFT [electronic fund transfers], but practically fund transfer] system, so we have to take care of 
nobody has done anything about it,” according the security ” he said, 
to George Warfd, an dectromc security expat Aside from encrypting data, Mr. Loviton not- 
based in Menlo Park, California. For example, ^ ^ .^nan card also can track transaction 
Mr. Warfd said, “A very small percentage of the patterns, and, when a consumers shaping pal- 



interconnecting lines of interconnecting net- tem undergoes a sudden change, can alert a 
works are protected by encryption.’’ merchant to tire possibility that the card being 

Encryption entails the scrambling of data so used might be stolen, 
that it cannot easily be tampered with while Both the major international bank card orga- 
t raveling across high-speed c ommunic ations nbarinne are dabbling in smart card tedrndl- 
hnes. In the United States, where encryption is MasterCard International will be testing 
considered a norm, reportedly only a third of all about 100,000 smart cards in the United Stales 
on-line automated teller machine networks use this month. About half of those cards will be 
encr yP t j° rL supplied by Bull Group, the French firm that 

This bodes 01 for security-consdons bankers supplies most of the world’s smart cards; the 
like Mr. Hopper, who says his bank will not link other half will be smmlied bv Casio Microcard 


into any teller machine network that does not Cbrp., tire American sol 
use encryption security measures. of Tokyo, and a relatively 

Unlike small dollar consumer-oriented net- smart card marketplace, 
works, vitually every large dollar in terbankdeo- Meanwhile. Visa Inter 


reported incidents. 

One way of overcoming the risks of transac- 


KATHLEEN HAWK, a freelance journal- 
ist specializing in bank automation topics, is 
a former editor of Payment Systems Newslet- 
ter and a regular contributor to Scandal 
industry publications and general business 
magazines in the United States. 

MARK HUNTER is a PariSrbased 00 m-, 
; spoj^t. for. .V.& .and Eupjpw,fwbht*. 

;tiopi.l" '* V. ' 


miwmuroBS 


A MIRI. KORNEL, a Paris-based journal- 
ist who writs on technology, contributes to 
the International Herald Tribune. 

WILLIAM R. MORONEY is president 
and chief executive officer of the Electronic 
Funds Transfer Association, a Washington, 
jp.Q.- based organization that represents 
companies involved in the development and 


Meanwhile, Visa International’s French affH- 


tronic funds transfer network in tire world is iate. Carle Bleue, has been testing smart cards 


ty techniques. Of course, that is not to suggest Because the smart card technology currently 
that such large dollar networks are free oft be relies on personal identification numbers, which 
risks of fraud. However, there are far fewer easily can be discovered or revealed, they are 


not yet considered fool-proof. 

T don’t want to say [smart cards offer] the 


lions flowing unprotected across electronic net- best security, but it's the best security for the 
' works. Mr. Warfel and others believe, is through moment," Mr. Loviton says. 

' the use of “smart cards." A plastic card with a Looking ahead, security experts see biomet- 
corhputer chip embedded in it, the smart card tics providing the best method of protecting 
. j has the capability of encrypting data (such as consumer electronic transactions. Biometrics in- 
personal identification numbers) before it is volves the identification of a card user through 
even sent across telecommunications Hues. biological features that are determined at birth 
The smart card has been widely tested in and cannot be changed, such as voice tones, 
France, where it was first invented more than 10 eyeball patterns and signature dynamics. 


Page 11 


A SPECIAL REPORT ON ELECTRONIC BANKING 


Automated Gearing Houses Assure Payments 


“Adequately recorded, biometrics are as near 
fool-proof as we are going to get in this centu- 
ry," Mr. Warfel observes. 

According to Mr. Loviton, tire "dynamics" of 
a consumer's signature (the pressure and speed, 
for example) can easily be stored m the chip of a 
smart card. Then, g»rh lime a cardholder initi- 
ates a transaction, they simply sign their name 
on a special “pad," which records the dynamics 
of the signature being penned and comp ares 
those features against me data already stored in 
the chip. 

“The signature will be for one tune, and will 
be stored in the chip of the card,” Mr. Loviton 
said. 

Mr. Loviton expects market testing of smart 
cards storing signature information to begin, 
within tire next few months. 

With more than 150 automated idler ma- 
chine cards and several milli on point-of-sale 
debit cards circulating throughout the world, 
the consumer is considered the key to protecting 
electronic banking systems. Yet, consumers are 
also seen as being rather lax about protecting 
their personal identification numbers. 

A report recently released by the U.S. Depart- 
ment of Justice points to the need for going 
beyond personal identification numbers in pro- 
tecting debit cards. The report, "Electronic 
Fund Transfer Fraud," which describes tire 
finding!! of the U.S. government's first attempt 
at examining teller- machine fraud, suggests that 
most consumers (about three-quarters of those 
queried) record and keep identification num- 
bers cm or near their debit cards. Only about 15 
percent of the teQer- machine frauds studied by 
tire department involved consumers who had 
not written or stored their numbers someplace. 
This led officials to conclude that “a significant 
amount" of teher-machine fraud might be efimi- 
nated if cardholders memorized or were more 
careful about concealing their numbers. 


LONDON — Ever since King Hammurabi, 
founder of the Babylonian Empire, established 
a code of standards for banking practice in the 
I8ih century B.C, officials have sought to as- 
sure an orderly system of payments. 

The rapid growth or dectromc money over 
the last decade, due to a proliferation of data- 
procesang and teiecommunkatioos technol- 
ogies, has lent new urgency to the need for 
reliable and universal means of funds transfer. 

The increasingly large volumes of electronic 
money being moved among financial institu- 
tions worldwide have necessitated the creation 
of automated settlement and clearing organiza- 
tions. Called the "unsung success story of elec- 
tronic funds transfer” by one banking expert, 
the automated dealing house is essential to the 
smooth functioning of national and internation- 
al banking. 

Through tire systems, bulk and high-value 
payments can be made rapidly and securely 
throughout tire world. In 1983, the clearings in 
England and Wales done totaled over 33 bil- 
lion transactions. 

The art of electronically dealing large vol- 
umes of funds between banks has reached a new 
level of sophistication in Britain during the last 
year. The creation of a technologically advanced 
national system, CHAPS, and a massive review 
of all British payment-clearing systems has 
made London tire focus of attention in develop- 
ments of interbank money transfer. 

“Other countries' payment-clearing systems 
also need reform," said Denis Child, a director 
and deputy group chief executive of National 
Westminster Bank, at a recent international 
symposium on banking and payment services in 
Washington. “The ideas contained in our study 
and our condusions may provide a very useful 
starting point for others. 1 ' Mr. Child chaired the 
commission that reviewed the British dealing 
system In 1984. 

. In an effort to satisfy critirisms alleging secre- 
cy and a lack of consultation by tire clearing 
banks, the wide-ranging review was ordered by 


tire 10 members of the Bankers’ Clearing House. 
The report, published last December, urged a 
major restructuring of the organization, mem- 
bership and control of Britain’s payment-clear- 
ing systems. 

According to ihe report, the Association Tor 
Payment Gearing Services, an umbrella organi- 
zation. would oversee devdopment of the clear- 
ing system. Three operating companies would 
handle Britain's paper and elec ironic deanngs. 
Membership criteria in the companies were de- 
fined 10 permit participation by more financial 
institutions while maintaining the integrity and 
efficiency of the system. 

Delicate consultations concerning implemen- 
tation of the proposals are currently in progress. 
Observers close to the talks expect them to 
conclude by the end of the year. 

Although the Child report's proposals should 
not affect day-to-day operations of the clearing 
systems, they will have a major impact on orga- 
nizational structure. Consequently, they should 
exert considerable influence on future develop- 
ments. as wdl as on the financial community's 
confidence in the systems. 

CHAPS, the Gearing House Automated Pay- 
ment System, permits same-day authenticated 
payments between banks and other finandal 
institutions in pounds. It is the symbol and 
manifestation of British bankers' desire to make 
London the world's leading financial center. 
Bankers were motivated 10 act quickly by the 
growing success of New York's Gearing House 
Interbank Payment System, CHIPS. 

CHIPS is a same-day settlement service for 
interbank dollar payments. It is used by Ameri- 
can banks as well as the New York branches of 
many foreign banks. It is owned by 12 leading 
New York banks and has 86 members. The 
system processes about 90 percent of all U.S. 
dollar-denominated international transactions. 

After scrapping a first version that was based 
on tire centralized processing approach used in 
CHIPS, the London bankers developed CHAPS 


II. a technically ambitious system that links 
settlement banks over British Telecom's packet-" 
switching network. The system came into opera-. 
tion on in February 1984. 

Many banks boycotted the system initially- 
due to skepticism over its technical ambitions 
and dissatisfaction over the difficult of becom- 
ing a clearer. 

But tire Child report and ihe technical success 
or the system has helped dispel those concerns.:. 
There will be a “dramatic increase" in panicipa-.- 
tion us implementation of ihe report proceeds.-' 
predicted John Chappenden. manager of the. 
CHAPS team at Midland Bank. 

Both CHIPS and CHAPS are national ver- 
510115 of the international network of the Society 
for Worldwide Interbank Financial Telecom- 
munications. SWIFT. The SWIFT network; 
serves to process and transmit payment und- 
otber financial- transact ion instructions interna- 
tionally. Formed in May 1973 by 239 European- 
and North American hanks. SWIFT member- ' 
ship now encompasses more than 1.000 banka in-- 
over 50 countries. The network has played a key;, 
role in tire modernization of international bunk- 
ing. 

“SWIFT has pushed the need for the local ; 
clearing systems," said one U.S. banker. Bunks' 
are receiving enormous amounts of messaging 
from ihe network, he said. Developing national 
systems is ihe only way to keep up. 

A technical upgrade of the network, SWIFT 
11, is planned 10 progressively replace the pre- 
sent system by 1987. Similar to the London 
CHAPS II system, it will apply a decentralized 
design 10 transaction processing. 

These will not be the last of the improvements 
required in electronic payment clearing systems. 
“However good our current arrangements are or 
might be," said Mr. Child, “the world does not 
stand still. Technologist! and other innovation 
will be constantly needed in all tire main areas of 
payment systems activity." 

— AMIEL KORNEL 


Automated Payments: Opportunities Abound 


implementation of electronic funds transfer 
services and systems. 

PATRICIA A. MURPHY is a Washing- 
ton-based journalist who edits Corporate 
EFT Report and EFT Report 

NANCY L. ROSS is a. reporter on The 
Washington Post financial staff who covers 
banking. 


By William R. Moroney 

WASHINGTON — New automated pay- 
ments services are bursting on the marketplace 
in most of the world's developed nations at an 
extraordinary pace. 

While different types of electronic fund trans- 
fer systems are used in different countries, they 
are all variations on a common theme — new 
technologies have become a multi-industry tool 
that will be increasingly used to provide con- 
sumers and business with a broad range of 
finandal services. 

These technological innovations will be used 
by the provider to automate and streamline the 
delivery of finandal sendees and by the user to 
gain greater control over and benefit from these 
sendees. 

The new developments in services for individ- 
ual consumers include automated teller machine 


.William R. Moroney is president and chief 
executive officer of the Electronic Funds Transfer 
Association. 


networks, point-of-sale payment services in 
stores and videotex-based home banking. 

These consumer services hold more promise 
for business than just the obvious benefit of 
increased financial convenience for the busi- 
nessman. They are a foundation for the creation 
of new types of partnerships between banks and 
other financial-service providers. And they are 
the infrastructure through which these new part- 
nerships will jointly market and profit from the 
next generation of financial services. 

Two examples from the United Stales are the 
evolution of automated-teller networks into val- 
ue-added point-of-sale systems and the reorien- 
tation of videotex finandal services toward the 
business customer. 

The United States has more than 50,000 auto- 
mated idlers and each day more are linked to 
shared networks. As these regional and national 
networks grow, a system is created for the deliv- 
er/ of point-of-sale services to a wide variety of 
retailers. Eventually, consumers win ure tbeir 
debit cards as frequently at retail locations to- 
directly access their asset accounts as they now 
do at automated-teller locations. 


This added convenience for the consumer will . 
mean improved financial service for business 
participants as welL As point-of-sale systems 
evolve, many options are possible for the partic- 
ipating retailer, including the following: 

• Cash becomes a commodity that can be 
bought and sold just like razor blades or gaso-' 
line. Cash needs are better controlled, reducing 
most retailers' largest nonproductive asset, in- 
store cash. 

• Customer payment float is reduced, in- 1 ' 
creasing retailer access to and earnings opportu-' ■ 
nities from sales income. 

• Fraud losses are reduced through improved' ■ 
authorization systems that will be a part of the 
electronic networks. 

• Fund-transfer/poini-of-sale systems may- 
eventuaHy compete by offering the business . 
customer value-added services. 

A major issue in this development is the 
question of who pays and how much. The fees - 
that providers of electronic fund transfers 
charge each other is an issue that is being, 
decided by the free market, and the key appears ; 
to be finandal Investment in the system. 


ni Kii nu’il 

a |- rtnieli Ut} 


■ ' ' 




-A 


> ■ 



ONLY DIGITAL CAN MAKE 
ALL YOUR BANKING SYSTEMS 


. Nobody caninstai a fully integrated networking 
Corpon&ron (DEC). 

A flexible system theft finks your departments 
and branches tntemafly.natitxiafiy and internationally 

Sving your managers afl the informeaaon they 
need to gjvetfoer tautomers a better servtca. 

A system that is able to utilise your existing 
computers and can be increased and upgraded as 
your, needs change. 

■ Just give the Financelndustry Marketing Group 
a.ring on Geneva (022)933311 and they’ll arrange 
^demonstration ofthts-uraque, open system. 

V; f ^ $btir chance to see why Oigfcaf sets your 

tottery so you can firnagsie for tomorrow 


F‘etfij-tancyl.Geneva.0322) 9333H 



i q| ijt a 


«. * . . : • ■****''■ cf* 










O ' 1 




Page 12 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 



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Trading Is Light on the NYSE 


Untied Press Ituermuomii 

NEW YORK —The stock market was lower 
late Monday in light trading that analysis said 
was a reaction to last week’s unexpected U.S. 
economic figures. 

Hie Dow Jones industrial average was off 
0.22 to 1 , 316.19 at an hour before the dose. 
Declines led advances by a 3-2 ratio among the 
1,963 issues traded. 

Five-hour Big Board volume amounted to 
about 73 , 571,800 shares, compared with 
85 , 190,000 in the same period Friday. 

“The market is soil reacting to the surprise it 


Although prices in tables on these pages are from 
the 4 P.M. close in New York, for lime reasons, 
this article is based on the market at 3 P .M. 


78 


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had Friday in the employment increase,'’ said 
Monte Gordon, research director at Dreyfus 
Corp. “The increase tripped up the bond mar- 
ket and stocks were taken aback." 

Mr. Gordon said the market had counted on 
the Fed to aggressively drive interest rates 
down. When the May employment report dem- 
onstrated strength in service-sector employ- 
meat, the market concluded that the outlook is 
for continued sluggishness in corporate earn- 
ings, be said. 

With that in mind, the market backed off, 
Mr. Gordon said. “The market will very possi- 
bly weaken further if uncertainty on the econo- 
my persists," he said. “The Fed has decided to 
quietly contemplate its navel" while waiting to 
see whether its last cut in the discount rate 
stimulates some economic growth, he said. 

On the trading floor. San Diego Gas & Elec- 


tric was near the top of the active list and 
slightly lower. 

Coca-Cola was off in active trading. 

Litton was slightly higher. Massey Ferguson 
was off fractionally. 

Gulf & Western (ex-dividend) was off mod- 
estly. It plans to sell its Consumer and Industri- 
al Products Group for about SI billion to 
Widces Cos. 

National Semiconductor was slightly higher. 

TWA was off slightly. It is reportedly dose to 
being acquired by Resorts IntemarionaL Re- 
sorts International Class A and Class B were 
lower. 

UAL Inc^ parent company of United Air- 
lines. advanced. UAL said it planned to recap- 
ture the excess assets of its various employee 
p ensi on plans and estimated the value of those 
excess assets to be about $962 million. 


IBM was up slightly. Digital Equipment and 
-ay Research were lower. 


Cray 


General Motors, Ford and Chrysler were aD 
lower. 

AT&T. ITT and General Electric were lower. 
Westinghouse was up fractionally. 

American Express was up marginally. Merrill 
Lynch was off modestly. 

Citicorp. Chase Manhattan Bank and Manu- 
facturers Hanover were easier. BankAmerica 
was unchanged at 20 . 

Treasury Secretary James A. Baker 3 d said 
Monday that the Reagan administration is 
looking for a pickup in economic growth in the 
second half of the year as business conditions 
show the effects of recent moves by the Fed to 
encourage lower interest rates. 


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< 0(6 31 GtNNk 1 X 2 A 2 9 722 36(6 35 ft 36 %—% 

29*6 17 GIWFln aZ 119 103 I 2 B* 6 a 28 — ft 

19 ft 11(6 GMP 172 9.1 9 61 x 19 ft 15 ft lift— V 6 

30*6 18 ft Grerh la A 2 II 612 29 28*6 28 ft— % 

<7 37 ft GC*ytlpf 4 J 3 702 BDy 46 ft 46 % 46 % + *6 

6 % 2*6 Grafter 10 123 5 ft 5*6 5 ~ 

13 ft 8 ft GrowG) a 23 14 205 lift 10 ft 11 

12 ft 6*6 GrubEl a -3 16 882 x 11 % 11 11 - — (6 

38 % 24 Grutral 1 X 0 13 8 1007 30 ( 629 * 638 +% 
26*6 2*4 Gram Pf 2 a TOX 4 26*6 26 ft 26 % — (6 

0 % 4(6 Grunfol .16 2 X 18 5*6 5 ft 5*6 + to 

27 ft 20 Gufflrd M 33 ,9 10 33 ft 23*6 25 * 6 — ft 

41 % 25 % GffWsf 30 74 12 V 1 SS 3 X <2 40 % 40 ft— ft 

*6 57 OHWpf S 75 9 J 4 x 62 % 62 42 + % 

22*6 lift GulfRS IS 16 128 14 ft 14 ft 14 ft— to 

34 16 % GuHR pf 1.30 60 34 21 % 21 % 21 % 

Uto 10 GffilUl 1X4 107 7 5631 15% 15(6 15% + to 

30ft GtfSUpf 4XB IU TMQz 37* 37% 37ft + ft 


71(4 14 ft KoteG* 30 1.1 

19 15(6 KolCPf 1 J 7 U 

15 8 *) KaneB M A 5 

24 % 14 % KCtVPL 336 VLB 
36 » KCPLpf 4 J 5 IIX 

16*6 14 ft KCPLpf 330 11 J 

54 % 36 % KC 90 U IDO iO A 

14 % 10(4 K CSOPf UO 7 J 

19 ft 12 % KanGE ito 127 6 

KnnPLt 2 X 6 77 8 

22 % 18 KoPLBl 222 M 3 

22 % 17(6 KaPLPt Z 23 IU 
45 18 ft Kotyln 
715 49*6 Kotvpf 1 X 6 23 

20 10*6 KoufBr XO 2 X 5 

10 % 12 ft Kouf Pf IJO IX 

Kmrfpf 875 108 

59*6 29 ft KeOeOB 1 36 11 16 

' 22 Keltwd ia 32 7 

to Konol 

19 ft Kenad a 08 15 

20 % KrUtn 2 X 4 8 J 10 

16*6 9 ft KerrGI X 4 4 X 

26 % 17 % KerGPf 170 9 X 


66 18 17 ft M + ft 
2 MU Mft 16*6 + % 
liter 9 Bft 8ft + % 

5 302 22 21 ft 22 ft— to 
43 W) 37 ft JSft J 7 % + 1 * 

20 18*6 18 % 18*4 + ft 

8 212 51(6 SOU Mft— U 

170 ) 12 ft 12 ft T 7 ft— to 

6 641 IM* 17 17 % + % 

8 307 38*6 38 % 38 ft— % 

6 22ft 22% 22% 

17 22 21*4 21 * 4 — % 

4 M 19 ft 79(6 19 ( 4 — *6 

1 M SO SO 

5 17 17 16 ft 1 6 ft — V* 

4 17 % 17 % 17 % + to 

81 % nu 81 % — % 

58 57 % 57 (*—l 


21 % Mft 14 APCO UO 50 It 
33 % 20 NBOS 
23 12*6 NBt 

22 % 17 % HCH 
C 23 % NCNB 
SOU 30 ft NCR 
Mft m* ml bid 
36*6 29 % M(/l 
1% % MVF 

48 ft 33 % NWA 
81 Oft NoftacB 2 X 8 

28*4 21 % Mala* UO _. 

29 ft 21*6 Nashua 7 247 UU 261 * 26 %— U 

18 % Mft NtCnvi 46 24 15 1690 13 ft 13 % Oft- to 

34 22*6 NafOftf 220 67 W 453 33 37 ft 32 U— % 

87 % 83 % NDtttpf 4 JS 5 j 0 10)85 U U + to 

19 ft 16 % NDtatPT IX M I 19 % 19 % 79 % + ft 

NafEda 14 98 15 % 15 IS%— V* 

6 J 7 83 29 ft 29*6 31 ft + U 

« 4 365 4 <ft 44 44 % — % 

, . 24P 4 U 41 * 4% + ft 

IX 62 1184 2H»6 3W4(S 
u 3 57 a a —i 
17 15 957 30 % 30 V* 30 % — ' 

<■1 11 94 26 V) 25 ft 25 %) — 3 P . 

„ 14 10374 11 ) 1 ) 1 * llft + 3 ^ 

32 12 154 30 ft Mft 30 ft + % 


i 41 




163 

177 


***#■ 8 =* 


** ft- 

a 21% 21% 21% 

230 27U 27% 27*6 + V 6 

a IL. »% Mft 

3 T9V6 187) 18ft— V* 


330 a% KerrMc 1.10 13 X 1140 30 29U 30 

28% 77V V KcrvB) ' IX 44 9 1*5 29% 28% 29% + U 

<ft 2% KeyCon 16 91 2*6 2*1 

5ft 12 Key Infs A4 34 177 14 Oft IN - % 

37% 26% Kkfd* UO 34 9 71 35W 35ft 35% — to 

S9to 3FU KlrnJjO 132 4J 11 577 58% .1 

39ft 23ft KnsfttRd 36 1S> 18 300 39 38% 30ft— *) 

_ 19* Kcper 2J0 &3 » 93 28V* 27% 2716— to 

29% 15% Kotmor 32 IX 16 135 17% 14ft 17 + % 

17 Kopers JO A5 34 H2 M 17ft 17ft*r- % 
104 96*6 Knppr pftOXO 9X 1 101(6 101(6 101(6— U 

16 12ft Korean 65 14% 14% MV. 

45% 31 Kraper ZOO AX .12 1180 43% 43to 43ft + ft 

22% 7% Kuhirns 15 -oo 19% 18ft Mft— 1*) 

67% 34% Kvacer 33* 3 14 9 ' 35U 35U 35% + U 

23V6 13 Kvrar JO 44 6 25 M 17ft 18 


llto 

9*6 18V) NatFGa ia 
45ft 27 NOIGVP ZOO 
4% 2% NIHom 

33ft 23ft Nil 35 

45 52% Nil pf SJOQ 

31 1 7ft NMedE 52 

29 22ft NtPrwt 1J6 

lift 9% NfSeoW 

JJto 22ft MIS vein ia 

W lift TtStend M 23 II 

M M Norton 64* 56 7 
31ft 23ft NeyPw ZM 19 10 

M 14ft NevPpf L74 10.1 

M 141* NevPpf 1X5 11 J 

12% Oto NevSvL JO A3 9 

44*6 31% N EDO El 3X0 BJ 7 

39 r 22ft NJRsC UO 76 » 

M6 Mto NYtiG Z44 9X 

2fl6 19*6 NYSpfA 2X9*1 U 
73% NYSp# Z12 IIX 
31% 9% NYS PfD 3X5 12.1 
19 13% Newell JD U W 

59% 32% Newhoi 9J8e17X 27 

18 UU NlwMI UO* SX 5 

W6 7% NtaMRa 2X0*304 9 

Mft 31 Nevpnt 1X8 33 48 
4to lft Nwpork 

an* in* niomp zob iox 7 

37% 23% NtaMpr 340 120 
3» 341* NfoMpf 190 TZO 
36% a NklMPf AM 11J 
41% 31 NIoMpf 4JS UX 
«ft 34 NIoMpf 533 116 
Wft 15 NtasSn 1X5*124 
M» 10ft N Ico let .12 9 M 

»ft 24ft NICOR 3X4 9J 
M 13% NobLAT 42b J 43 
«ft 480 NorfkSa UO U f 
31 13ft Non In 
S W S Norltr 2X0 54 9 

19 12 Nartefc JB J * 
43% NACom 1.10 Z1 7 

45% 28% NAPMI UO U 1 
2DJ* 13ft NEurO UBe 93 10 


l «. . 




1 I tZZ ‘<ft NEurtJ 

J I Mto ifoesfUt 


4 13ft 13*6 13*6 
42 lift III* 11%_ % 
U6 31% 30ft 31% + % 

6 17ft 17ft 17*6— ft 

,£ III? ,,V » Uto 

SJ SJ* — “ 

16x28% 28(6 28% 

** ™ IJto— to 
3 Bft Oto Ito— U 
22 44(6 44 44 — % 

232 1*6 lft 1^ * 

as* a* tfta 

uSS* ^ 

2U)40ft 40ft 40ft ” 

llPPl 

17% 17% m? * 


*M*h 







23 


X3t 34 


« 29 , a 
305 J4V6 M 
12 2 2 
1592 8to 7ft 
1 12 12 


9 +1 

14% + % 

8 — 1 * 
12 — % 


3X6 143 
335 140 
135 104 ■ 

21 
7 X 7 
17 


L70 


31 74 GIF5U PT US 123 

35 77 GlfSU pr A46 tu 

54 55% GlfSU Pf UO TtU 

18ft 12ft GAere J3* A7 9 

19ft 14 Gallon a AO 12 


a 31% 30*6 31% + ft 
15 34(6 a 34% + to 
14!’ £4 84 84 

3*3 17*6 17% 17ft— V) 

127 Mto 14*6 141* 


H 


29% 19ft HoflFB 1X0 
3716 a% HoflJtn ia 
lft *6 HoHwd JX 
lift 5*6 Helwdpf 46 

37*b 25% HsmPi 

ISto 11 % HonJS 
Bft toft HsnJI 
X MV* HateJI 1 
Bft 15 % HondH 
21 % 10*6 Haims 
64 W HorBrJ 
25 lft* HarindB 
12*6 7 ft Hamteft 
33% 1 <% HrpRw SO 
S 32 ft Hants JO 
lW Mft HarCrn 
9 19 Harsca ia 

39 ft 24 ft Hortmx ia 


a 

24 13 
13 13 
7 

AS 11 
84 II 


ia i<u 11 

1X4 6X 10 
XOe 23 5 
AO 14 15 
32 33 17 

38 


17% 13ft HottSe 
22% lift HowEI 
13to 4 HOVesA 

34ft 23V* HOttafn 

12% 9 HarLob 

33 13ft HHhAl 
231* 21 KHCrPn 
22ft Ml* HIT l/SA 
15ft 9to ll ed a 
15% 13% HecloM 
238) 14ft Hellmn 
30% 15ft H+Lte 
5SV) Mto Hotel 
X 12ft HdneC 
34ft 18 Metef 
£*6 3ft Hem Co . 

37% 27W Herwta 140 A7 10 

18ft 10% HertfCs X4I ,, 76 

33 19ft Herltcpfia 4J 


14 566 9ft 28ft 2nb + ftl 

U 11 1972 20ft 30% 30ft— V) 

6X IA 523 1ft 1% ]%— to 

S3 26 9ft 9ft 9% 

IX 17 11 «1 MV » 36ft + ft 
1X7018.1 47 14*6 Mft 14% 

1X40 9X 25 2R* 20ft 20ft— ft 
46 24 13 3S1 24% 27% 230—7*6 

M 34 19 37 Wb 18% Mto 

M Zt 23 M 18*6 lff*6 18% 

LOO 14 77 mi 63% 61 61 —2*6 

14 22 63 34% 331* 340— % 

" 976 9to 9ft 9ft— ft 

4 281* 28*6 28*) — ft 

612 27% 26*6 27% + ft 

TOO Mft 13% 1R6— to 

9 9 3816 38ft— % 

237 9% 37% 37% + % 

13x17 16*6 17 +% 

343 23ft 23% 33ft + ft 

10 10ft 18ft Mto 
287 3Sto 25% 25ft— to 

a ii« nu im + % 
269 23ft 22% 2Zto— ft 
433 23(6 23 23 — 1* 

278 11% 20*6 20*6— % 
120 M% 14ft 14ft— to 
337 16ft 16*6 W%— *6 
606 22 21% Bft— % 

55 28% 9% 38% 

423 54% M 34% + % 
ia 18ft 17% I Bft +11* 
IJ 22 2ia 19ft 19% 19%— % 
40 6ft 6*6 M 
748 34*6 341* 34ft— % 
251 Mto TS% 16% + % 


22ft LN Ho Z77* 94 11 
17% 12ft LLE RV Z1991SX 
4% 2 LLOCP 
Mft 7% LTV 
19 12 LTVA 

55 42% LTV pf 

an* 16 LTVpf 
69 42V6 LTVpf 

18% 10ft LTVpf 
17 10% LQotef 

29ft MIA LocKta 
19ft Sft Loforpi _ _. 

28% 23 LafTBPf 2X4 102 
Mto 916 Lemurs 34 Z5 12 

4% 1*6 LomSes 181 

14% 10*6 Lowtlnt a At 15 
25V. 13V, LearPt 30 IX 11 
au 20% LeorPpf 2J7 12X __ 

54% 38% LeatJg 100 X7 » 

21 M LOPfMl AO 2.1 14 
34% 25ft LswYTr 1J0 49 13 
41% 22 LeeEnt 52 2J 1? 

16% 9 LepMra 
21*6 15% LeoPfcrt 

4V6 2% LeflYaJ 

lift 13% L ehmn UBall.l 

15% 9ft Lteteor 30 IX 21 

24ft Mft LxucMS 3 

§U LOP^ 1* 3 " 

Sh rn UterCp *J 2 23 T 7 19 x 31 % 31 U 31 % 

*s *3 s ^ r g% ss= i st 

1J4 4.7 11 291 45 44% 44% — % 

Z24O10X 9 2» 22% 22%— % 

1X01 7311982 84ft 85% 86% + ft 

X5e U 9 MM 5JV6 50(6 5)1* + ft 

‘ 17 72 284 29% 29% 29% — % 

2X 13 10» H 49ft 49ft— ft 
4 19 .77 3M 33% 33% — % 
“ » !” SS Kto- % 


350 28 NSPwof tin me 8 ,IXSL 47Vi 48 — to 


IJ 23 
23 9 


2 41 % 41 % 41%— 1 
164 1 » 17 % 18*6 + ft 
191 43 ft 43*6 43 * 6 — I* 
7 lift lift 11*6 
384 Mto Mft 14 ft— 1 * 
28 23 V) 32 % 22 ft— V) 
12 7*6 3 % 7 ft + % 

2 23 % 231 ) 23 % + ft 
47 9 % 9 % 9 * 6 — to 

72 3 % 3 % 2 % 

55 lift lift 17 ft— % 
5 M 1 M) Mft Mft— ft 

73 23 % 23 230 — to 

326 54 % 53 % MM + *6 

1 m in Mft— % 
21 x 3716 30*6 30 ft— % 
» 41 40 H 40 %- % 

299 U 15*6 1516 

3 30*6 20 *) 20 ft— % 

189 3 to 2 % 3 - % 
249 K% 14 14(6 

43 14(6 14 % 14 * 6 — to 

>98 11 % 17*6 Mft— ft 
3 M K% 35 35 %- % 

59 47 % 47 47 

a. m, » 73% - u 


S L Sips e ■ ft £ ss 

S ■“ ^ ^ £% + to 

^ SSfa-StSSZi* ¥£ 2 -f 13 1212 50 * 4 ™* 3 U 

*to 30ft Norton 2X0 &5 12 -ml oSS JSP 

In* 1 I-* 4.9 l! 3S tasSS''* 1 * 

Sj . <££ K^p* *J 7 eiix S Si SJ + to 
®6 Mto Nova XjtoX13 

8 ™ 






J 

89 60 


Nucor 

Nulrtt 

NYNEX 6x0 


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5% 11* Oaklnd 
36 23% OakJTeP ijh 


1478 

3f* Sto BidpSr Z5D U i'o JJ £ * 
is 91* Oeetaiit 18 -«7B Dh o 

« Ocappf 140 K ’? 14 !») 14 —'ft 

SS ?KS?^E ?!?30 MX 1 1 SS , K& 1 SSiS-«b 



27 

sn* 


a ix 
a u a 
X8b 22 M 
AO U 15 
1X0 29 14 

a 

34 


190 76% Herman 
tm 39ft Hershv 7.40 
10% 5% Hewhte 

13% * Hestn pf 


IX 
XI 13 


2 33V. 33 V. 33(6 


693 19% 18ft 18*6 + to 
198 46% 45% 45ft . 

3 6ta 6*6 6%— (* 

. S 12% 12 12% + % I 


90% 53 L MT 
50% 17ft Limited 
46% 26% UneNtt 
23% lift UacPI 
Uto 61*6 Litton 
53% 34% Locate 
42% 27 Lodfte a 
Sift 25% Loews s in 
21 Loefcon 30 
36*6 71 LnmFta LI* 

27V6 lift LerflMtS 2X4 
3% 2 LOflSMtat 

17% LnSter ia 73 f 
44 LsneSPf 5J7 M7 
2ft UUCo 2 

16 LILp» 

14% LILpfE 
21% LILPfJ 
Bft LILpfK 
«% LtLPfX 
9 ULpfW 
vn ulptv 

11% LILPfU 
8% LILpfT 
61ft 27% ULpH 
16ft 6 LILpfP 
19ft 7 LI L PfO 
29% 17ft LoteOS 32 IS IS 
33(6 22% Leral 

15 io% LoGenr 

a 27A La Land 1X0 3J X 
25V) 17 LofftC JOB 07 41 
32% 28% LO PL Pf 4JP1A9 

an* i6ft lbplpi Ii* 131 _ 

71ft aft LOUVQS 2X4 73 8 
a 26 Lovref 2X0 <5 7 
311* Iito. Lewes 46 13 17 
25% 19)6 moral 1.16 53 13 
Bto 2* u*mt Si IX 20 


i S£ t SI* 2 S 1 £LW^ub 


at 


• »5 + ft 






77 

25 

44 

44 

•n 

22 

21 % 


21 


VX 11 772 27to 26% 27 + % 

401 3% 3 JV) 

Ml 24% 24*) 24*6— ft 

s»- to 

’SSL JP 4 J* 

300130 70 30 +3 

SO) 36 a 26 +1 

1KX45 46 *5 +1 

M2 <7 47 47 +3 

*4 Jtft 19% I9%— U 
8 19*6 19% 19% — ft 

73 B 19M 19(6 % 

17 23ft 33% Bft + to 

111* 18% 18*6— ft 

22 61 «l *} +| 

12 15% 15 15(4 —% 

■£ 35 14 IS 

Z74 39 27% >Bft 4 u 

., IX n .173 31% 31 Bto — ft 
XfbATlO ^ 


S%BPvsia'i , Sn=t 
PBBaiS ‘%SL§4» 

SPrS^IS 

63*6 2 


\>7 

•V. 


37 

57 

2 ^ 

a 

31 


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*1 9 *Ji 2 Pf 73 * 133 
43 OhEdpf 736 1 Z 1 ' 
<5 OhEdpf sa 1 X 6 
> 8(6 on Ed pf 3a izx 

BsTAB 

Im* 

S 1 * J) onppfc 2 |.« 

seSSHiB 




)PTS^ ?L. 87 + 1 % 


2*1 


16 12 11% u%_ 7 
W Bft 30ft 31ft + SS 


mSL ,MI IB* 13% V 
lOOQr 64% rsj~ ft 
4S ibh IL / mm ^ 

“Jg Jj% oitiocB zoo 'u in 25* nft nv) * & 

S"3*5&$ r8 

wav taWfcOK 2X6 7X (B 12.^ 13% 13V) _ U. 

!lS!s>lsSa‘l 


't, 


. V 


“m Su 25 a*- 

*7 32 m + (a 

» sm W) Sto 

531 30% 30% aoft j_ 7 
T9x 44ft mZ Mto + 2 
990 29to 38ft 29% + S 
Jl* »to S) Sto ^ 
21 30% 30 MO- ft 


•Jft OrtonC 
■ft Orloftp 

■"% 24 OhSS ,-2 tj 

as 9 d 

U Jf 4 gvniTr n 23 

* at ,3 a 


66* 26ft 


V 


5 » «% s% 


2 


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* - 3 .% 2 »T 


”» + to 


a? 

{Conti aued on Pag® 14 ) 


'Mi lift' 


*1 


[ M * 


MNfi, 


i 




W:\. :~Jy l •?: 






















Statistics Index 


IcralbS&nbunc. 


AMEX pncn P.T7 Eontinos resorts P.14 
AMEX NOtK/towMMT FlM Wft OOftt P.16 

ntse pica P.rc GaM mortals p.13 
nyse umb/ims p.i 4 in i f rgj ratal p.13 
J CnoduiMii p.11 Mertot swwnerv P.tz 
- Cummer rate p.13 OpHocb P.M 
CanRnxHHa P.M OTC stock P.M 
PfrMends p.U Other markets P.M 


BUSINESS/FINANCE 


U.S. Stocks 

Report, Page 12. 


TUESDAY, JUNE 11, 1985 


Page 13 



S 


FUTURESMIDOniOIjS 

F oreign-Currency Markets 
Fail to Shed Nervous Mood 

By HJ. MAIDENBEBG 

New York Tima Service 

N EW YORK. — An iTnngurt nervousness has recently 
gripped Lhe fordgn-cnrrency cash, futures and options 

markets. Whether this development was caused fay or 
was the result of recent actions by major global finan- 
cial houses to sharply Hnilt their exposure in foreagn-cxchange 
dealings is not dear, according to market analysts. 

Some foreign-exchange traders believe that the behavior of the 
market strongly indicates that a maj or move in the dollar’s value 
may be at hand. But because no one seems to know when this may 
happen, and what direction the dollar may take, traders react to 
any move as the possible start of a trend. 

Last week, for instance, the dollar rose strongly again st aD key 
foreign currencies except the — 

"Currency values are 

the best barometers 

of a country’s 

e cono mic climate.” 


- 


:*» 


Japanese yen, despite 
lower yields on domestic Trea- 
sury and other instruments. 

The week before, the dollar 
posted equally large losses 
against these currencies. 

“There is no question that 

the markets axe nervous be- * : 

cause there is no unif orm 

school of thought today among currency traders on which way 
the dollar is going to jump,” said Irwin L. Kellner, chief econo- 
mist at Manufacturers Hanover Trust Co. “Besides, traders have 
to react to the situation at hand, regardless of what their views 
are.” 

In his view, however, the dollar will not soar or plunge in the 
foreseeable future fra: several reasons. “Fra one, the economy is 
in fairly good shape,” he noted, “and the Federal Reserve will not 
allow it to deteriorate or let interest rates decline much further. 
This means the dollar will continue to attract foreign investors.” 


J OHN M. Blin, director of foreign-exchange and financial- 
options trading at Lasser Marshall Inc*, a unit of the 
Mercantile House Group of London, the biggest interna- 
tional money broker, offered another view: “One reason the 
foreign-exchange mark ets are acting in so odd a manner is that 
their options prices, which are the cutting edge of this extremely 
sensitive market, ate behaving even more erratically. Fra in- 
stance, volatility, the key factor in options, has largely dried up, 
while their premiums, or prices, can neither be described as too 
rich nor too cheap.” • 

The premiums paid to buy options axe considered the most 
sensitive indicator of market sentiment in the vastly larger cash- 
forward market in foreign exchange. Also, the call (buy) and put 
(sefl) premiums that result from the continual auction process on 
option exchanges are usually a better indicator of value than the 
one-on-one currency deals made by the financial institutions. 

Another reason, Mr. Min said, was that “currency values are 
the bottom line because they are the best barometers of a 
country’s economic, social and political donates. Today, foreign 
investors believe our country has the best of these donates.” 

Still another reason is that many foreign-exchange deals today, 
unlike those in options, involve various kinds of swaps between 
traders, rather than straight-forward purchases or sales of curren- 
cies. 

Because options axe a wasting asset in that they have a fixed 
lifetime, investors in this market largely depend on volatility to 
help them obtain a profit. Normally, if the market is dormant, as 
it has been of late, the chances of achieving a gain dinriirish each 
• day, and, consequently, so do the prices, or premimns- 

While this situation is most profitable forthose'wbo grant; or 
‘ write, options that wffl never be exercised, it is a losing proposi- 
tion fra buyers. 

But as Mr. Rim, a former economics professor at Northwestern, 
University, noted, the prices of foreign-exchange options have 
been stable, despite the wild fluctuations in the cash marke t s . 

(Cootimed on Page 17, CoL 9 


j Currency Rates 


J WM 



1 

c 

AM. 

FF. 

IU- 

GW. 

ILF. 

SLF. 

Yen 

•■*. Amtardua 

sm 

Aim 

11271* 

3AM5* 

11. 177* 

— 

5J51* 

mn* 

13250* 

" InmtHh) 


TUB 

20.1515 

UMS 

1144 * 

17377 

■ 

211155 

2«H* 

FroBklart 


U07 

— 

3JJB5- 

1305k 

1572* 

4JC2* 

115125* 

2230* 

' Lands* (M 

10575 

— 

UN 

113775 

M71V 

43735 

75575 

U0SI 

31415 

•• Milan 

VHJI 

&OUB 

<37.11 

2flU* 

— 

51540 

31405 

75774 

7J07 

MvYorktO 

— 

07VT5* 

10T23 

73275 

imm 

SM 

<279 

2405 

250.17 

Part* 

VMSS 

1U15 

3JM6 

— 

47525k 

23547 

urn* 

34718 

27743* 

' Tokyo 

vm 

3MJ4 

M 

2651 

071* 

7U0 

48UB* 

7557 

— 

\ Zurich 

m 

amn 

K125* 

3737S- 

5.1322* 

7405* 

4.141 • 

— 

14408" 

1 ECU 

unsi 

ASMS 

12412 

6JB7 

lean 

IBW 

45718 

UM 

18UM7 

. I SDR 

L9V2W 

075703 

U7B 

U73S2 

135546 

24451 

07235 

25576 

MUD 




AotaraLS 


. ■ CknJnas in London andZiaictt. ftx/nas In other Farvpean canters. New York rotes at 3 PM. 
(a) Commercial franc fb) Amounts iwtdoC to buy c*w pound IcJ Amounts nemtiKl to buy one 
‘ , .donor (•) IMti of 100 lx) Units of LOOO ry; Units of maOON.Q.: not quoted; HA.: not available. 
t*> To Oar a— powptf.- WIA134H 

B ellar Vabes 

Cmiwkt pbt list C u ii— c t my USA Comwcy per uu Corrtncy per list 
63377 Fla. manta 427 IMn.lta. 74705 5. Kor. won 57545 

LSDM OnwftOrac. 1J&25 ■ mrnh 2 MJB tanwM TJSJa 

21 AS HmKowt 77713 Hano-km* M07 Swad-krono 5934 

Baft.fla.fr'- 4234 teflon ronoe 1Z4S PMLiNOT USB TBhwnS VJ7 

Brazil on 5J60DU Ms-rwUi 1,1174)0 Fertwcaata 175JM UnltaM 27415 

n 1473) lmac 0.903 SMMflrtvoi ass nvtMi flra sz74s 

1140 UraallshaK. 149040 flog.1 1220 UAEdMom 34725 

Egypt. pooad 07463 KuwBldftnr U031 K Mr. rat* UW VaoB.Mfr. 1X10 

csterSao: laws Irian c 

Sources: Banaue du Bene tax (Brussels); Banco QmmercMe nadam (Milan )i Chemical 
Bar * f«*w York)} Banaue NoHpnaft ta Parts t Paris); Bonk of Tokyo (TaXw); IMF (SDR): 
BAH (tenor. rival dhrltam). Ottrnr data from Reuters ondAP. 



Bv«e 

snmem 

EyBepoilto 


June 10 




Swtan 






D-Mark 

Franc 

Stem** Franc 

ECU 

SDR 

f nwn 

7ft-7fe 

5U-S* 

5- 5ft 

12*-12W lOft-WW 

TUi-tft 

7*i 

2 mantfta 


SVWft 

SMrjft 

fflh-TM flJft-Wft 

7U4W 

7ft 

1 months 

7ew-7n, 

5V*SVi 

SHr-Sft 

I2ft-izft ie vw-io*. 


7ft 

« months 

77W 

5MV, 

5ft-5V> 

12K-72 ft H ft- ION. 

VUi-M 

7ft 

l veer 

BHrOlk 

fu. rtf 

J 7ft! 

5ft«V> 

TM2U- IBMr-lOft 

OttrOft 

8ft 


Sources: Maryan Guaranty (donor. DM. SF. Pound. FF): Uoyds Brute (ECU); Reuters 
(SDR). Ratos analknm la JnttrOan* Omwetts of SI mm n mbmom fororadvatont). 


■Ley Matey Rates jm io 

usftasfttat cm* m*. 

Dbcnonr Ron TO TO 

711/14 79/M 
19 » 

BWft M 
r 70-177 daw 745 741 

j iiw a ff iTty uw r BflH 7,14 . 7.U 

I ■wam Tfmurr BMta ' 745 747 

CPlSMfdm 7.15 ASS 

COYIMfdm 740 645 

weaCcnaaBY 

uaktaftta <ja ud 

oweraftitfntt SSI i» 

- 540 US 

SJO STD 
5J3 175 


IM W* 
103/M MM 
IBM 10ft 
KM IM 
» TO 


Oil Moon 

omm c wwn 

moBta mftftaftt 


BrtMin 

Book Bast Raft IJfrUWJfr 

19ft 

CaDMOOmr IW IM 

p4*v TrMarv 519 1131/321115/14 

y^eathlatenaaS Oft ufc 


5 S 
tft 63/16 
45/M iS/H 


coN Maori 
. ^udavnftrtaah 


Sources: Raders. Cammentank, CriUt 
'iiimmit f immi ffr-fri ffrrtt rflrltm 


AduMDerBerwdte 

Jane 10 



1JJS. M—y Marito Funds 

Jane 10 

*MY«MritclilMYAsnft 
JOdormrmrftM: 043 

Toftroft latamt Raft Lodcx; 7405 
Source: Morris lurch AP 


Jane 10 


j Gold 


-AML WM. 

mss sms - 2 * 

SttSS — —245 

patamskM 3i*B6 mm —320 

Zftrtai . . 3CUS - * 3Qm —125 

U nio n ■: DUS 3000 —240 

meYedk - . • 3U.10 -140 

iMotnBoun. Parts and Lmbo oatctol fbn 

Mfc'.Hfti Koaa aXt Zurich opening and 
am** Prtctot.Hsw York Comex current 
unmet AH prices fr> Ui Sper ounce. 
Source: Heaters. 


Markets Closed 

Most Australian financial markets were dosed Monday for a holiday. 


Dollar 

Advances 

Strongly 

Interest Rates 
In U.S. Cited 


detailed by Our Siaff From Dtipatcha 

LONDON — The U.S. dollar 
rose markedly against aD major Eu- 
ropean currencies Monday, thanks 
mainly to a modest advance in U.S. 
interest rales, foreign exchange 
dealers said. 

The currency traders said the 
dollar was bnoyed by three factors: 
increases in the deposit rates fra 
Eurodollars; rising interest rates in 
the United States; and expecta- 
tions that U.S. economic growth 
was accelerating from its disap- 
pointing 0.7-percent registered 
growth in the first quarter of the 
year. 

Dealers said the market was thin 
and remained highly susceptible to 
angle large corporate transactions, 
but that the dollar appeared to be 
staging a gradual advance although 
fluctuating to achieve it 

In Loudon, one British pound 
cost $ 1 -2575 in late trading, down 
from Friday’s SI 2685. 

Other late rates for the dollar 
Monday against Friday’s late rates 
were: 3.0972 Deutsche marks, up 
from 3X1615; 2.61 Swiss francs, up 
from 2.59, and 9.4455 French 
francs, up from 9.337. 

In Tokyo, the dollar dosed at 
249.80 Japanese yen, up from 
248.15. 

Brfore reaching its late levels 
Monday, the dollar had hit peaks 
that saw it breach an upside resis- 
tance line of 3.1050 DM, dealers 
said. 

They said the mood of the mar- 
ket appeared to have changed in 
the dollar’s favor in the absence of 
any new indicators as to how the 
UJL economy was performing The 
next major indicator, retail sales fra 
May, is due Thursday. 

(AiP, Ratters ) 


After Austerity, Mexico’s Economy 
Now Suffers From Growing Pains 


By Richard J. Mdslin 

New York Tima Service 

MEXICO CITY — After the near-collapse of its 
economy in 1982 followed by two years of auster- 
ity designed to bring its finances into balance, 
Mexico is being plagued by a new problem: 
growth. 

A burst of economic activity that began late last 
year has brought with it a rise in imports and a 
continuation of serious, although declining, infla- 
tion — 216 percent for the first five months of this 
year, according to the central bank. 

After two years of decline, Mexico's economy 
grew 33 percent last year — nearly all in the 
second half of the year. As soon as the economy 
showed signs of Me, imports shot up, reaching 
$437 billion in (he fust four months of this year, a 
38-percent rise from a year earlier. 

Export income, meanwhile, dropped. The lower 
price of oil, Mexico's major export, cut petroleum 
receipts by 63 percenHn the first four months of 
the year. Non-oil exports, hurt by an overvalued 
peso, declined 153 percent. 

With stflHower oil prices believed to be on the 
horizon, Mexico’s deliveries in June have lagged to 
an average of 850,000 barrels a day, according to 
petroleum analysts here. This figure is sharply 
below the 1 3 million bands a day m the country’s 
economic projections, and the trend is expected to 
cause further harm to export earnings. 

What seemed to be a loosening of the economic 
reins has concerned foreign bankers and econo- 
mists in Mexico. The question, one econonast said, 
is this: “Is the government saying, ‘Look, we have 
suffered enough*?” 

But Mexican officials have sought in recent days 
to dispel any idea that the country is about to relax 
its austerity program, which has been praised by 
the international economic community, if not by 
workers who have seen their standard of living 
Arihw 

“There is an indisputable necessity to reaffirm 
control of public finance and the abatement of 
inflation,” said Francisco Suarez Davila, an under- 
secretary of the treasury. Inflation had run at 100 
percent in 1982 before de dining steadily to 80 
per c en t in 1983 and around 60 percent in 1984. 

President Miguel de la Madrid, in a speech to 
businessmen, said that “we cannot accept a relapse 
and we are not going to permit it.” 

The government announced a few days ago that 
h had prepared another $135 billion in cuts from 
its $77-binion budget, which has already been 
trimmed by $13 billion this year. Despite potitical 
pressures from hard-pressed workers, it also held 
wage increases for the first half of the year to 18 
percent 



Miguel de la Madrid 


NTT 


Inflation, dropping oil prices and resulting un- 
certainty about Mexico's short-term economic fu- 
ture have pul serious pressure on the battered peso. 
* "y valued at 240 to the dollar, it has 
as low as 300 in recent days in some cities 
on the border with the United States. 

While most economists in Mexico believe some 
adjustment in the peso is necessary, (here is doubt 
this win come before elections in July. “There are 
several things that can be done," said one Mexican 
finance official. “The problem is that everything 
seems to be paralyzed because of the elections." 

The balaitcing of Mexico's economic recovery 
against its political stability has become an subject 
of mowing concern. 

The government has shown increasing signs of 
awareness recently of the toll that more; than two 
years of austerity programs could be taking on 
Mexico's social stability — particularly among the 
poor. 

President de la Madrid, in announcing a $5- 
bfflion rural development program in May, warned 
that continued social inequality could not be toler- 
ated because it could generate new conflicts “that 
sooner or later would rupture the social peace.” 

Not all the news is bad. Some private economists 
view the increase in imports as a healthy sign that 

(Continued on Page 17, CoL 8) 


U.S. Court Says 
States May Fom 
Regional Banks 


The Asso c iat e d Press 

WASHINGTON — The Su- 
preme Court ruled Monday that 
states may band together to create 
regional banking systems, opening 
the way for a significant restructur- 
ing of the U3. banking industry. 

The court voted S-Uh) to uphold 
regional banking laws in Connecti- 
cut and Massachusetts. Similar 
laws have been adopted in the 
Southeast and are under consider- 
ation elsewhere. 

Such laws are designed primarily 
to exclude big banks with head- 
quarters in states such as New 
York, Texas and California by al- 
lowing interstate mergers among 
banks within a region while ban- 
ning all others. 

Justice William H. Rehnquist, in 
his opinion for the court, said that 
the regional banking systems do 
not violate the Constitution’s guar- 
antee of equal protection under the 
laws. 

“Massachusetts and Connecticut 
are not favoring local corporations 
at the expense of out-of-state cor- 
porations,” Justice Rehnquist said. 
“They are favoring out-of-state 
corporations domiciled within the 
New England region over out-of- 
state corporations from other parts 
of the country." 

Justice Rehnquist said that such 
laws are in keeping with the U3. 
tradition of favoring “widely dis- 
persed control of banking." Pro- 
tecting the independence and local 
control of hanks is a legitimate 
stale activity, he added. 

Federal law generally prohibits a 
bank bolding company based in 
one state from acquiring a bank in 
another state. But the federal law 
allows stale legislatures to make 
exceptions and authorize acquisi- 
tions by out-of-state holding com- 
panies. 


The Massachusetts taw, enacted 
in 1982, and the Connecticut taw, 
passed in 1983. both permit inter- 
state takeovers if the acquiring 
company is located in the other 
state or in Maine, New Hampshire. 
Rhode Island or Vermont. 

The Supreme Court's action like- 
ly will prompt similar regional 
pacts elsewhere in the country, said 
John B. Moore Jr„ a banking ana- 
lyst at the investment firm of Rob- 
inson Humphrey Co. in Atlanta. 

The Federal Reserve Board had 
said that “a significant restructur- 
ing” of the nation’s banking indus- 
try was at stake in the case. 

The regional system was chal- 
lenged by Citicorp of New York, 
and Northeast Bancorp of New 
Haven, Connecticut, which agreed 
two years ago to be acquired by 
Bank of New York Corp. but has so 
far been precluded from complet- 
ing the merger. 

The acquisition requires a 
change of law either by Connecti- 
on's legislature. or Congress, in ad- 
dition to approval by the Fed. 
“We’re very disappointed.” said 
Scott Peterson, a spokesman for 
Bank of New York. 

Prices for regional bunking 
slocks surged on the New York 
Stock Exchange Monday, includ- 
ing shares in two banks involved in 
regional interstate mergers. 


Bank Failure Renews Calls for Financial Reform in Hong Kong 


By Dinah Lee 

Washington Past Service 

HONG KONG — The collapse 
at Overseas Trust Bank Ltd. ami 
subsequent rescue last week by the 
Hong Kong government could not 
have come at a better time for those 
in the British colony pressing fra 
belated ref ram erf financial supervi- 


se the Legislative Council 
passed an emergency bill Friday 
givingthe government ownership 
of OTB, recommendations for 
tightening control of lending and 
bank capitalization were under re- 
view in the offices of Banking 
Commissioner Robert FdL 

Among the suggestions have 
been the establishment of a deposi- 
tots' insurance program ana the 
improvement of the bank reporting 
system. 

But observers wondered if these 
or other measures could have had 
any effect ou the circumstances 
that led to OTB's failure. The fi- 
nancial secretary. Sir John H. 
Bremridge, said the collapse fol- 
lowed an intensive, two-month au- 
dit of the bank’s books and ap- 
peared to be the result of a major 
fraud. 

Four OTB employees, including 
the managing director, have been 
charged with banking-law viola- 
tions since the failure. 

The reluctance with which offi- 

paWe!?egid 2 tive councilor voiced 
concern that passing the rescue bill 
would give other banks the impres- 
sion that they could rely an similar 
help. 

“We cannot possibly bail oat all 
lame ducks as they go tame,” Carl 
Tnng, a legislative councilor, said 
during Friday’s debate on the OTB 
rescue. “Surdy the system of safe- 
guards must be change H- How is it 
that after two dose months of ex- 
aminations by our bank examiners, 
action was apparently taken only al 
the 11th hour when the chairman of 
the bank wrote to advise the au- 
thorities of the bank’s insolvency?” 

Sir John said he recommended 
the baO-out only because the local 
bank’s problems were not the result 
of mismanagement or “the lack of 
prudential supervision by the 
Ranking Commission.” 

Sir John said he feared that if 
OTB was not rescued, foreign 
b anks would pull their funds from 
other local institutions, endanger- 
ing the local banking system. He 
said later that he could name at 
least eight banks that conld have 


Bank Reopens 
InHohgKong 

Reuters 

. HONG KONG — Overseas 
Trust Bank Ltd. reopened Monday 
with new management and govern- 
ment deposit guarantees after de- 
claring itself insolvent and dosing 
last trade. 

The colony’s fmandal markets 
were calmer Monday and the Hang 
Seng stock index rebounded 2932 
points, to 1,571.87. The index had 
rambled 86.95 points Friday amid 
conceals for Houg Kong's banking 
system. 

Meanwhile Monday, the former 
head of OTB’s credit-card opera- 
tion was charged in court with con- 
spiracy to defraud. Leow Tshun- 
Un, 35, was the fourth OTB official 
to be charged since Friday with 
viola t i o ns of banking taws. 


collapsed if depositors moved then- 
capital to “quality” b anks. 

H e said he also reared the deteri- 
oration of Hong Kang’s reputation 
as a credible financial center. 

The colony has 141 banks. 33 
licensed deposit-taking companies, 
307 registered deposit-taking com- 
panies, and 119 representative 
banking offices. It has grown into 
the world’s third-Largesi financial 
center, after New York and Lon- 
don, by virtue of flourishing lais- 
sez-faire financial policies. 

Ironically, it was one of the chief 
architects of Hong Kong’s non-in- 
terventionist policies. Chief Secre- 
tary Sr Philip Haddon-Cave, who 
presided over the emergency legis- 
lative session that resoaed OTB 
Friday. Only 24 brans away from 
his retirement. Sir Philip’s last offi- 
cial act was to oversee passage of a 
bill that, in effect, made the govern- 
ment one of Hong Kong's largest 
commercial-bank operators. 

And it is government interven- 
tion in the past two years that may 
be changing Hong Kong’s free- 
wheeling image. 

In October 1983, dnrir^; a period 


of political uncertainly about the 
colony’s future when it returns to 
Chinese sovereignty in 1997, the 
government linked its currency to 
that of the United States. The ex- 
change rate now is limited to 7.7 to 
7.8 Hong Kong dollars per $1. 

A month earlier, Sir John orches- 
trated the rescue of the Hang Lung 
Bank, the first time that the govern- 
ment had. assumed responsibility 
for a financial institution. A large 
local bank with 28 branches, the 
Hang Lung had been the subject or 
a bank run in 1982, and bad been 
linked with a failed registered de- 
posit-taking company. Dollar 
Credit & Financing. 

These factors, among others, led 
the government in 1983 to begin 
(he current review of its financial 
supervisor and banking practices 
— a review that should result later 
this year in proposals from Mr. Fdl 
for legislative ch anges. 

Mr. Fell said' Friday that al- 
though the Hang U’lg and OTB 
rescues were separate, “there are 
possible strings that go throu; ' 
several failures in Hong Kong, 
the end of the day, so much of the 
problem cranes back to the banking 
boom and bust." 

The banking commissioner was 


which had a loss of more than $1 
billion. 

Mr. Fell said that OTB’s prob- 
lems could be traced to a senes of 
loans made by OTB to Simon Yip, 
a Hong Kong businessman who 
acted as the Dominican Republic's 
honorary consul in Hong Kong. 

Mr. Yip’s deposit-taking compa- 
ny, Dommican Finance, was dosed 
down by Hong Kong authorities in 
April, following investigations by 
Dominican Republic authorities. 


Mr. Fell said that Mr. Yip’s 
loans from OTB were “consider- 
able sums made in the 1981-1982 
period.” 

The banking commissioner said 
his office was specifically aware of 
prohlems with OTB about a year 
ago. 

The government has been criti- 
cized fra not moving sooner against 
OTB, Hong Kong!s fourlh-targest 
local bank with assets at 10 bflhon 
•Hong Kong dollars ($129 billion). 


W, German GNP 
DecUnesbyl% 

Reurea 

WIESBADEN. West Germa- 
ny — Gross national product in 
West Germany provisionally 
feD 1 percent in the first quarter 
of 1 985 from the fourth quarter 
of 1984, the federal statistics 
office said Monday. The figures 
are adjusted for inflation and 
seasonal variables. 

GNP for the quarter in- 
creased an inflation-adjusted 
0.4 percent from the same peri- 
od of 1984. In the fourth quar- 
ter last year, GNP rose 1.5 per- 
cent against the third quarter, 
which had been 23 percent 
higher than the second quarter. 

The second quarter of 1984 
saw GNP contract by just un- 
der 13 percent from the first 
quarter because of industrial 
disputes. Fra 1984 as a whole, 
GNP rose 2.6 percent GNP is 
the broadest measure of a na- 
tion’s output of goods and ser- 
vices. 


credit boom of 1979-82 that led to 
lhe eventual collapse of a number 
of property companies, the most 
notable bemg the Carrion Group, 


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' Page 14 



WHEAT (CBT) 

r&OOetM minimum- dollars dot bushel 
190 072% Jul 1I9U 122 


176% 

UM 


115 

11B 


sep izjvi im 
Ok 02*% 131 U 


174ft 127V. Mar UM 132 

-.4J» IM Mav 121 ia 

172ft 195 Jul 108 109 

/Sat. Saha Prev. Soto 1435 

Prev. Day Open Int: 38705 off 321 

CORN (CRT} ___ „ 

■UOObu mlnlmiim- dollars Per bushel 
131 172 Jul 17746 278 


118% 12146 +JJ2% 
120ft 123 +-01U 

129 130ft +JXM 

130 131ft +0014 

121 12146 +01 

307 108 +OOft 


121ft 

195 

1W 2JO 
.121*4 
206 


19546 SOP 202ft 24314 
151 Doc 157 ISO 
160 Mar 167 16746 

244ft MOV Z72 172 

204ft Jul 171 271 


206ft 15144 Sap 20714 IB 

E st. 5a la Prov.5oto.3U5i 

Prev. Day Open IntlOUTO 0)5*0 
SOYBEANS {CBTI t . 

SXObu minimum- dot ion per burinl 
. 7.99 156ft Jul 506 &» 


; 746 
471 
««■ 

-679 

702 509 

779 577 

6JB 182 

ESI. Sola 


18000 

17900 

1B960 


502ft AUO S3* 500 

566ft San 572 575 

569ft NOV 577 MO 
15046 Jan 500 500 

Mar 490ft 500ft 
May 606ft 406ft 
Jul 412 412ft 

Prev. Sales 5*336 
Prev. Dav Open Int- 67096 up 70S 

SOYBEAN MEAL (CRT) 

DM) mm- do) Ion per hm 
19450 11760 Jul 12370 T2150 

12060 Aim 12410 «4M 

13360 Sap 1»X 139.50 

12450 O a 131-2! JS8 

13150 Dee 13700 13700 

.16300 13450 Jan MMO 1*00 

20650 13910 Mar IJAJg 

16150 mffii Mav inn UUB 

16700 14750 Jul 

Est. States Prey. Sato 0317 

Prrv. Dav Open Inf. 5171* iM«tt 

SOYBEAN OIL (CBTI 

eaooo ibs- aoiftniPK mo Rn. 

. 3272 2230 Jul 31.15 310* 

31.95 2150 Aus 2950 *UH 

31.10 2150 S« 2805 aw 

30J7 22.90 Ocl 77-90 27.90 

»05 2190 Dec 26M 2*« 

■ 2907 TIM Jan 3425 2430 

24* Mar 2500 2500 

2420 May 2S22 2522 

2*15 2X93 Jul 2495 X* 

Aim 2470 2470 

cn soles Prov. Sato 25044 

Prm^DavOpenllrt. 57052 oH 2009 
OATS (CBTI 

5X0 hu minimum- danarapu- bwhel 
178ft 1*7% Jul 1-53 \M 

179 167ft 5en J-51 lX 

|02ft 1.52V4 Doc 10514 165ft 

16TV* 168ft Mar 

163 160 MOT, w 

Est- Sales Prev. Soto _ 336 

PrevJDavOnen int. 2044 all 27 


176ft 

201ft 

157 

266ft 

170ft 

17014 

157 


57916 

5741K 

509ft 

574 

503 

503 

600 

406 


122.10 

12480 

12770 

13060 

134X0 

13900 


14950 


177 —03 

26?* — Ol*. 
25816 — Olft 
367ft —0114 
271ft -Olft 
170ft —Olft 
157 —73 


560* —.12 

5J7% -09ft 
577ft — Wft 
577ft -v£7% 
367 —0714 

507 —07 

60S —07 

410 — <07W 


13300 —160 
12400 —MB 
12800 —l^ 
13170 — 100 
137.10 —150 
13970 — 60 

14520 -^JO 
14830 —1-30 
15060 —160 


31 JS 31-20 —78 

2960 2964 -J6 

2870 2869 —33 

2765 2770 —JO 
2460 2672 —35 

2405 2417 —38 

2S55 2S65 —75 

2500 2503 -^O 

2460 2450 —63 

2470 2450 


162 167ft — vOlft 

160 16014 -6144 

164 164ft — J12ft 

168ft —JO 
161 


Livestock 


CATTLE (CMHI 

«uno nm-oenttpar lb. „„ „ „ 

6960 5862 Jun 6IJS 6167 

6767 4065 AM 6375 6375 

4570 60.10 Od 4365 6365 

<785 6160 Dec 6437 64^ 

4765 42.10 Feb 6470 6475 

4767 KJO Anr 6565 6575 

4425 652S _Jun . . . . 

EsS.Sato Prev.Scto 14802 

Prau. Day Onen Int. 49699 up 129 
FEEDER CATTLE (CUE) 

44000 lbs.- cents oer Ux 
7X70 6467 Aim 6880 4880 

7100 Mj5» Sato 68X fi&28 

7132 6425 Oct 4875 6820 

7370 4A.7S Now 69.15 49.15 

7960 6660 Jan 

. 7020 46.10 Mar 7025 7025 

70-00 7080 Aar 

Ert. Sato _ Prey. Sales 839 

Prev. Dov Open lift. 8614 up 139 
H065ICME7 
30800 to.- cents per lb. 

5560 44* Jun 4780 4860 

5577 47X5 Jul 5090 SJ.T2 

5437 4727 AuO 5080 5090 

5175 45JI0 Oct 47 25 4767 

5085 M Dec 4880 4ILBS 

Sftlffl 4675 Feb 4962 4PJS 

4725 4460 APT 4572 46.15 

- 49JB5 4490 Jim 4850 4860 

4975 4775 Jul 49 JO 4920 

Est. Sales Prev.Scto 5866 

Prrv. Day Open Int. 22658 UP 125 
PORK BELLIES (CME) 

JSMfflOlbS^ 

8267 
0065 
7 620 
7580 
75 M 
7400 

Est Sales . 

Prev. Day Open Int. 11614 off 391 


An m 
tin 

6270 

6165 

64JH 

6580 


6885 

6780 

6770 

<866 

7035 


4780 

5052 

50.17 

47.15 

4825 

4920 

4572 

4850 

*70 


6067 

6267 

6275 

<367 

<415 

6525 

<560 


6807 

6762 

6767 

6860 

<985 

6985 

RUM 


48.10 

5075 

5045 

4722 

4860 

*25 

4590 

4820 

49J0 


+48 

+81 

+87 
+.» 
— 85 
+60 
—.10 
+.15 


ants Perth. 
41.12 Jul 

6VX 

78JJ7 

<795 

4870 

—57 

in jn 

Aug 

48*5 

49.10 

6775 

<792 

—Jo 

63.15 

Feta 

74X 

74*5 

7390 

7372 

4400 

Mar 

7475 

7425 

7370 

7290 

—1.10 

70.10 

May 

7290 

7390 

7390 

7490 

— 90 

UJ0 

Jul 




74*0 

— X 

Prov. Salas 8717 





Food 


COFFEE C(NYCSCE) 

37«SD0 Bba+r CSntl PBT lb. • 

14940 12180 Jul 14700 M7.15 14565 147JQ — 1.99 

14882 12780 Sep 14650 14828 14650 14888 —74 

14882 12975 Dec 14675 14825 14660 W7J7 —X 

147.95 12860 Mar 14550 14780 14550 14692 —183 

14713 13180 May 14565 — 123 

14380 13550 Jul 14580 14580 14580 14373 —175 

14280 13275 Sep 14380 14X00 14380 14175 — 175 

Est. Sato Prew. Sales 6841 

Prav.DavOpen Int 11242 up 351 
SllGARWORLD 11CNYCSCE) 






277 

—02 




280 

292 




Sop 

294 

295 

285 





Oct 

082 

003 

294 

2 99 

—SO. 




3*6 

3*4 

3*4 

OX 

—at 




OX 

OX 

376 

377 



406 


+10 

+10 

490 

4JD2 

—as 




473 

493 

472 

473 

—07 








—08 


4*0 

Oct 

4J9 

4*» 

453 


—m 

Est. Sato 


Prov. Sales 12772 





Prov. Dav Open int. 92,944 off 1641 

COCOA (NYCSCE1 
lO^rlcton^Mrg 

.SS S&Sil 

2190 1955 Mar 3025 2025 2015 

2130 i960 May 

2110 1960 Jul _ . 

Est. Sato Prew. Sato IJBfl 

Prev, Day Open Int. 20828 off 19 

ORANGE JUICE (NYCEI 
15800 Ibsn cents per lb. 

13870 Jul 14580 14640 14460 14460 


3084 

2040 

2026 

2024 

2024 


JS 


Season Season 


High 

LOW 


18290 

13+30 

BOP 

18190 

13490 

NOV 

loan 

1 3690 

Jan 

17750 

13*90 

Mar 

162*0 

13*30 

May 

157 JO 

14220 

Jul 

18050 

17973 

sop 


Now 


Open HU* Law Cwse Cne. 


13965 

13965 

13965 

139.95 


+45 

+60 

+75 

+28 

+25 

+25 

+25 

+25 


Est. Sato . Pmw-Sato 365 

Preu. Dav Ooen int. 5872 w i 


Metals 


COPPER tCOMEXJ 
25JM0 1 W,- cents oer Ito 


6558 

8875 

5980 

82.10 

8475 

8420 

8880 

7480 

7440 

ra*o 

7020 

7870 

1 6780 H 
Est. Soles 


6025 

5780 

5980 

5760 

5150 

5*40 

5940 

51.10 

6120 

6220 

5480 

5520 


Jun 

jul 

AM 

Sep 

Dee 

Jon 

Mar 


59.90 6065 59.90 


5085 

<1.95 

8185 

*335 

<380 


6140 

<240 

6300 

<325 

5385 


4545 4595 4585 

4630 4680 4620 


JM 
Sop 
D ee 
Jan 

esi n. ProiSato 10460 
PrevJDw Open im. B241B up 1854 

ALUMINUM (COMEX) 

f&^ssrfc 

5940 4*75 Jul 

AUS 

7*30 4650 Sep 

7U6C 4743 Dee 

7560 SITS Jan 

7340 4870 Mar 

M75 5195 MOV 

4U5 5*50 Jul 

52.10 5188 Sop 

Dk 
J an 
Mar 

Esi.Sato , 

prev. Day Open Int. 1272 ups 

SILVER [COMEX} 

5000 tray ab- cents per trav n. 


5070 

6125 

6275 

6115 


186 


6615 

14618 


5*88 

5628 


5738 

5908 

5940 

<078 

6218 

6358 

<418 

6678 

7258 

7068 


Jun 

jm 

AM 

Sep 

Dec 

Jan 

Mar 

May 

JUl 

Sep 


6128 

6105 


5128 

<198 


6128 

5098 


5300 

<388 

5478 


6378 

63B.0 

<388 

<*5 


<172 

692 

6388 

64*5 


XX 

(050 

60-95 

6140 

<240 

6Z6S 

63.10 

6355 

6*oa 

6*45 

<525 

6525 

AAA4 


4550 
4578 
4605 
4645 
4750 
47X 
4855 
4*25 
*85 
5045 
51 JS 
33.10 
nm 


6152 

6175 

6217 

<254 

5375 

6428 

6502 

6892 

4688 

<798 

<942 

6*97 

7107 


—JO 

-JO 

—70 


— -IS 
—.15 


-JD 

—JO 


—25 


—20 

—JO 


+17 

+15 

+14 

+14 

+17 

+17 

+17 

+17 

+17 

+17 

+17 

+17 

+17 


11832 
12302 
12158 
11*38 
10488 
9*52 
9402 

7892 725 2 JM 

7702 7062 Mar 

Est Sales Prev. Sales 14527 

Prev. Dav Open IM- 7E2S2 oH276 
PLATINUM (NYME) 

i“fT| ii H ii 31 

M S3 SS SSS gffi %% S3 

m Qalm Prev. Soles 131 

Ftov/Dav Open Int. 12J36 oH345 
PALLADIUM (WYMHJ 

Iflillii 

1U* 9*80 JW...M88 9*0° 9*00 

Esi.Sato Prev. Sato *6 

Prev. Day Open int. 6374 afl 168 
GOLD (COMEX] 

100 troy az-doHars iwr ftw at 


9545 —120 


51080 


48580 

4*380 

48950 

48550 

4*680 

43570 


28780 

31350 

2*120 

2*720 

30150 


39570 
3*100 
36*20 
Est. Sato 


31*70 

32050 

33120 

33580 

Him 

36220 


Prw. Day Open lnt.125698 nftn* 


Jun 31150 31*90 30920 31*10 

•ill 31&7D 

AM 31450 31750 31JB 31720 

Oct 31850 njnen 31620 32080 

Die 32280 32530 DU 0 WflO 

Fob WM 32*20 32*80 33980 

3 S3 34820 34020 3g40 

Dk 14&50 34850 34850 35260 

Apr 36280 36X10 36220 36370 

Prev. Sato 17447 


— 40 
—40 
—40 


—70 


Financial 


US T. BILLS (I MM) 

SI million- ptsof 100 pet 
9X11 86*4 Sep 

*279 8577 DK 

*249 8640 Mar 

9X19 8721 Jun 

91.91 8820 Sep 

9145 OT2S DK 

*129 8950 Mar 

Est. Sales Prev. Sato 11170 

Prev. Dav Open Int. 31321 up 1275 

10 YR. TREASURY (CBTI 
Sl0M»erln-Pts*32nd*anD0pet 
89-18 70-9 Jun 86-12 87-J5 

88-21 75-18 Sea 863 86-15 

67-13 75-13 DK 8S-1 85-15 

85-31 75-14 Mar 

85-7 74-30 Jun 83-10 83-26 

Esi.Sato Prev. Salas 29296 

Prev. Day Open Int. 52731 up 1784 
U5 TREASURY BONDS (CBTI 


9273 

9277 

*26* 

*271 

—m 

9279 

92*3 

9201 

*206 

—04 

*210 

92.10 

7197 

9290 

at 

*175 

*173 

91*6 

9170 

—JSt 

*1X 

91*4 

91*3 

91*4 

— OB 


9173 

—98 




*1X 

—m 


86-10 

85-2* 

85-1 

832 


87-15 

86-15 

85- 15 

86- 18 
83-26 


(8 nct-SlOaXO-PtsA Xndsof 1 X pctl 

77-13 

77-31 

+10 




77-23 




Sep 

7+25 

77-2 

7+14 

77-1 


78-13 

57-8 


75-26 

7+2 

75-15 

7+1 





7+27 

75-3 

7+10 






7330 

7+4 

73-18 

7+4 



5+29 


73-1 

73-11 

72-29 

73-9 



5+75 

Dk 

72-6 

72-17 

72-1 



7+15 

73-11 

5+27 

43-12 

Mar 

71-15 

71 -X 

71-15 

71-1 

+11 

72-27 

72-18 

Est.Sales 

43-4 

62-24 

SflP 7M 70-11 
DK 

Prev.Sato25A07S 

70 

70-7 

69-22 

•ffl 

+12 


Prev. Day Ocen lnt2iL24* up 3414 
GNMA (CBTI 

SI 00200 prtn- Pts & 32nds of 100 Pd 
77-4 57-17 Jun 75-15 75-36 

76-16 59-13 Sep 74-31 75-7 

75-25 SW Dec 7+15 7+16 

754 5S-2S Mar 

7+23 58-25 Jun 

68-31 66 SOP 

Est. Sato Prev. Sales 564 

Prev. Day open Int. *387 ottllS 

CERT. DEPOSIT (IMM) 


75-13 

7+32 

7+15 


75-25 

755 

7+15 

73-29 

73-14 

73-3 


Si million- pts of 100 pet 



9248 

9253 

92X 

8SL30 

Jun 

*253 

9253 




*212 

9214 

92X 



BS34 


*1X 

91*4 

*1X 



8*56 

Mar 

9101 

*121 










9198 

SIM 


*054 

9054 

9054 

9051 

889* 

8804 

Dec 





EeL Sales 


Prov. Sain 

260 




+2 

+3 

— 1 
—I 
— 1 


+23 

+22 

+21 

—21 

—22 


Prev. Day Open Int. 4274 att92 
EURODOLLARS (IMM) 

Si mull 
*229 

33 

9142 
*127 
9078 
9033 

Est. Sales Prey. Sato 5*782 

Prrv. Day Open I ivLI 28864 up 11 41 


82*9 

Jun 

9293 

9204 

9218 

9223 


8453 

Sep 

91X 

*1 03 

91J4 

*IX 

+x 

84X 

Dec 

903 

905 

*103 

*1X 

+jn 

8*10 

Mar 

90.91 

90*1 

9082 

9085 

+51 

8*73 

Jun 

9056 

9054 

90*3 

90*8 


mat 

Sep 

9002 

9003 

9000 

fan 

—01 

87.28 

DK 

XX 

B9S4 

W54 

XX 

-■H 

87*4 

Mar 

89*7 

X57 

XX 

XX 

—Ml 



INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE U, 1985 


'Open 


Season Season 
HMh Low 
BRITISH FOUND CIMMI ^-. 

IC'Is'lTiFiss w m 

HS2 Sc 12400 IJ300 LOTS 

]££ JS SS lSw U300 12100 ^^^s 

Prev. Day Open int. ^298 aft*29 
CANADIAN DDLLARUMM 

* p 7OT r ' 1 xg S 2 5g 

■££: iS 7245 7252 TOT 7250 

i a sjj.li as 

Est.SolM Ptev-Sato wso 

prey. Day Open Int. 11404 wP 71 


+7 

+6 


+7 


FRENCH FRANC (IMM) 

speMranfrli^iJwBD*^],,^ .ioWO .IMM 


J236 

2256 

2295 


.10545 

.10490 


2360 

227* 

2305 


.11020 29*10 

.10940 mm s» 

.10615 29*70 DK 

EsLSato rf»a 

prev. Day Open mt. 746 ofl2 

S S g g B 

a 1 ! £3 as 33 s 

JAPANESE YEN 

wmISmbsb 

s® ss D ^S, j sr" iwjo *" 

SWISS PRANC(IMM> 
Spertonc-lhgjnftojl*^ ^ 

■* J« sen JgJ 

JST1 DK 2895 28*8 


+S 


—1 

-fl 


JB3D 

m o 


2824 

JOT 

2875 


* m 

Est.SrSes 


PrJv^Soles T1M9 


2844 

2871 

2895 

-2930 


prev. Day Open In* 32237 affLSH 


industrials 


13720 


18610 
IB7X0 
19S20 1 5U20 

i76.« jnxo 
1838° 17340 

Est Sato 


■JO 


LUMBER (CME) 

1 35fS M ' t rao^r rl Jul >b Mlj8 16120 15*78 16120 
ml SM 16220 16*00 16120 U290 

1*720 1^80 16340 16U70 16220 

j™ Jus 167.10 1663# 16*20 —120 

AWr 17010 17120 17080 T70M -140 

MOV 1W20 175.OT 173.ro JJ*50 —180 

Jul 17*20 77*20 17*20 WL90 

prev. Sato 2845 


Frawl M Open lilt. 10400 «P 160 


< 2*0 

6170 

6340 

6340 


< 2*0 

6180 

<040 

6340 


COTTON 2(NYCE) 

50000 lbs.- eanb per Ux 
7985 6020 Jul 

77.50 6002 Od 

7380 6048 Dk 

7675 6140 MOT 

7080 618ft Mav __ 

RUB 6285 Jul 082 0*8 

655° 5*20 Od 6°70 W70 

Eat Sato Prov- Sal** 1291 

M^DwOpenlnt 162*8 off 37 

HEATING OIL(NYME) 

42800 ual- conta per aa 
7520 6635 

7550 G7JDQ 

7645 6720 

S55 

7825 2*0 

76*0 7240 

7190 72JS 

7380 7X20 

NffffihB 74M Prov. Soto 724* 
Prev. Dav Open Int. 1**64 UP 383 
CRUDE OIL (NY ME] 
UWObbL-Uoltaroi — 

298* 2*10 

2927 2425 

2920 2*08 

2920 2*65 

2920 2440 

2920 2X90 

2920 2*85 

3946 2643 

2945 2*22 

2945 2*22 

27.96 24*2 

2670 2470 

2780 2575 

Esi.Sato Prev. Sato 21^10 

Prev. Dav Open mt. 61807 up 30 


<245 


—39 

61X 

£1*5 

— 25 

62.15 

<21* 

—SI 

6300 

<221 

—39 


6359 

—51 

63*0 

63.92 

—1.10 

4030 

<055 

— .15 



<700 

68.15 

6705 

OM 

—CD 


aso 

<750 

4*40 

4*77 

—JS 


4805 

4850 

<7.10 

47-26 

—1X0 


69-05 

XX 

XX 

6754 

— Lll 



7030 

48*0 

66*5 

— L20 



70*5 

XX 


—155 


71*0 

71*0 

7030 

7025 

-IX 





70*5 

-IX 





XX 

—IX 

Apr 




4855 

—XX 



X82 

2AX 

2*70 

rm 

—.11 


7604 

26.15 

2555 

t-H7l 

—Ctf 



2181 

25*7 

2554 

—30 


2557 

2545 

2535 

2538 

—SI 


25*4 

25*4 

2521 

1*1 

—30 



2539 


IH3 




25*0 

2*85 

34*0 

—M 


34*0 

24*0 

2465 

1 ,F 1 

—JO 





J-fi • 







—JO 






-JO 






— 20 

Sep 





— JS 


Stock Indexes 


(Indexes compiled sliartty before market dose) 
SP COMP. INDEX (CME) 

p^nhondCtorts ^ 

195.48 16080 Sea 19180 1*190 19X30 19151 

twi 17S*S DK WTO 19610 19645 

yrry-K 19110 Mar 20080 20B4O 20080 200.10 

E it. Sato Prey. Sato 66*32 

Prov. Day Open Int. 79863 aHM 

VALUE LINEDCCDT) 

Jun 19915 1*9 45 1NJJ 19*75 
21270 IBS75 Sea 28345 20360 20X50 OT45 

21100 20Q1I0 DK 20670 20770 20670 20770 

Est. Sales Prev. Sato 5J13 

prev. Dav Ooen Int. 841* up 256 
NYSE CO MP. I NDEX (MYFEI 

B ni?w‘ WdC S5S Jun 10*70 109*0 10*40 W9JB 
11160 9185 Sep 11120 11285 11185 11X15 

11580 10170 Dk 11320 11*15 11170 11*15 

11770 10*S Nto 115.95 11595 11595 115*5 

Esi.Sato Prev.Scto 12581 

Prev. Day Open Int. 148H 


+J0S 

+J5 


— 40 
— 25 


— 85 

—JO 


Mondays 




Closing 


Tobins inctode ttie nationwide prices 
bp to tin dosing an Wan Street 
and da not reflect lobe trudes elsewhere. 


l3Momb 


Dtv. YMPE 


Sbk 

NOS HlQB Lew 


duet OP* 


(Continued from Page 12) 


M Uft PHH JM 13 13 

41ft 27 PPG IN U 9 

29ft 15 PSA 40 XI 63 

21ft 13ft PSA dpt 1*0 88 

18ft lift PacAS 1*4 118 


fl 32ft 32ft 32ft— ft 

726 41ft 41 41 — ft 

75 2Bft 28ft 28ft „ 

128 21M 21ft 21ft — ft 

_ 35 Mft 13ft M _ 

2Dft 13 PacGC 184 W 114511 20 WJ 1*ft— ft 

85ft 30ft PBdJB 132 7* 12 463 Mft *3ft 4* — ft 

3* 21ft PcLum 170 *1 15 206 25ft Wft 3OT— ft 

IB 5ft PocRea Mr A 26 35 Bft Oft 8ft— ft 

i*ft m, neRsprxoo joj u Jf* JS + 5 

17V9 12 Pacscl 8 1711 2134x15 Mft V<ft— ft 
77ft 54 PBCTd* 572 74 9 RJ1 76 gft 75ft- ft 

29ft 21ft PoctfCP Z32 50 8 *15 » »« » +» 

33ft 27ft Padfpf *07 1X7 «l Bit E Mft— ft 

43ft 25 PoMWB 40 US 4« 37 36ft W 

34ft 21ft PablWpf275 77 43 31ft 31 31ft 

3* 27 PalrnBe lJO 15 15 63 34ft 34ft 34ft— ft 

^T'sssr ■” ” •«§ % « 

oT Uft p£dftn JO 17 21 m Uft 16ft Trt + ft 

4TW 31 FonhEC uo +1 11 OT 38 MW 37ft— ft 

^ 3 « iS5iSSiS!=ft 

.16 3* 2** 5ft 5ft 5ft— ft 

L12 37 10 775 30ft 30ft 30ft + ft 

82 2* 57 1« Uft 17ft 18ft + ft 

4 219 3ft 2ft 2ft 

40 *1 13 43* 14ft Uft Uft + ft 

.16 7 19 15*5 21ft 21ft 21ft + ft 

70 11 23 275* 9ft m W + ft 

46 ft ft ft 

11 702 Sft 55ft 55ft— ft 

X36 *7 9 959 51ft 50ft 50ft— ft 
133* 26ft Wft 26ft + ft 
«CZ40 39 3* 

2B0z 39 37ft 39 +lft 
530*73 72ft 73ft + ft 
15 3Bft 38ft 3OT + ft 
3 25ft 25ft 25ft 
l«b71 71 71 

53 28 27ft 27ft 
37 30ft 30 30ft 
4CK 86ft 86ft Hft 
1201 94ft 94Vl Wft . 
300*103 102 103 +1 

inot *7Vt 67ft Oft— ft 
I50* 72ft 71ft 71ft + ft 
136 36ft 36ft 3646 
56 23 22ft 22ft 
557 53ft 52ft SZft— Jf 
_ 7 SEN 18ft 17ft 17ft— ft 
LB II 17 81ft 81ft 81ft 
3* 25 1645 k 59ft 58ft 5*ft 


Ifft 13ft POBK» 
18ft 9ft Pordyn 
21ft lift PorkEs 
10ft 5ft POTKDrl 
39ft 25ft ParkH 
19ft 13ft ParkPn 
3ft 1ft POtPtrl 
17ft lift PayNP 
33ft Uft PavCsb 
10ft 416 Peabdy 
1ft Penae 
58ft 8ift PenCea 


27ft 20ft PoPL 25* 97 8 
39 30ft PaPLpf *40 UJ 
38ft » PaPLpf *50 115 
78 Ut 57ft PaPLuf 850 1U 
38ft 23ft PnPLdptXa 1X0 
27ft 2D PaPLOndfO 114 
71 56ft POPLPT 840 116 
38ft 32ft PaPLderX2S IL7 
30ft 25ft PoPLdprSJS 1X4 
90 66 POPUP! 984 *07 

98ft 81ft POPLPT11J00 118 
103ft 94ft PoPLPrnXD 128 
70ft 34ft PaPLPr 600 11.9 
71ft 58ft PaPLpr 870 123 
40ft 31ft PenwR 230 +0 Q 
35ft 20 Penwpl 180 78 
54ft 3S% Perpxzni X20 *2 24 
18ft 9ft PeaaEn L» 

88 38ft PopBov 40 

tOft 39ft PepsiCo 178 — — Siir . „ 

“'" wa 8LB a TiMS%TSt6 


10 7ft Prmton uiei*0 
22ft D* PtfYOr 78 14 15 
88 30 Petrie 140 14 16 

38ft 24ft PetRs 372*1*1 
17 14 Pol Rapt 157 *8 

7ft 8 Ptrtnv 180*3*2 
SBft 29ft Pfteer 148 
33ft 12ft PbeloO 


312 TOft 19ft 20 + ft 

VOX 81ft 80ft 40ft— ft 
44 36ft 25ft 26ft + ft 
11 16ft Uft Uft— ft 
11 4ft 4ft 4M 

38 15 3>S9 49ft 81 8* + ft 

** 350 U* Uft Tift- * 

51 34 PtwtPPT 500 105 93 47ft «ft 47ft— ft 

43 .4 20ft PTUbrt 54 1J 36 2367 41ft 4Tft 41ft 

16ft 9 PM tC El 270 1*7 * 1787 15 18ft 15 


39ft 22 PMIgpf 380 1X3 

35 25 PURE pt 440 12* 

36 2Sft POKE pf *66 1X3 
Mft S0V. Piffle pi 875 134 
lift 9ft PtlBEpf 141 CL1 
18ft Aft PbHEpr 183 UO 
59ft 43 PMIEpf 785 UJ 
10ft 6ft PURE pf 178 111 

132 97 PMI pf 17.13 13* 

110 |7 PM IE Of 15*5 U* 

71ft 51 PMIEpf *50 135 


iOTO: 29 28ft 2Kb 
150x 34 38 34 

5001 XSft 34ft 35ft + JJ 
23CB 66 65ft 65ft— lft 
80 lift 10ft 10ft— ft 
2SS 10ft 10ft 10ft— ft 
lD80x 40 59 59 — ft 

200 TO 9ft 9ft + ft 
700H21 123 123 +1 

lOCtlOWj 109ft 109ft +lft 
390X 708k 7Dft 70ft + ft 
1001 <0 59 59 — ft 


40 ._ 

71 J TO 
2J3 78 10 
13 

156 28 13 
174 47 A 
.17r 1.1 
UO 27 13 

71 M It 
.16018 14 


Commodity Indexes 


25ft 18ft Premls — — ~ 

38ft 25 Prtork 280 5J B 5* 37ft lift 373*— ft 

LjDft Uft PTlfflAC U IMS JM* Uft IgJ + 

13ft PrhnMs M J 38 486 3Tft 30ft 3MJ + ft 

59ft 4*ftProdG MS HI? HS S 8 * Sn ’ t + 1 * 

lAft 7ft PrnRSh 72 28 31 145 Uft 
47V. 3ift Prater 140 34 * 


Moody'S- 
Reuters - 
DJ. Futures. 


Close Frevimis 

N-A-f 908JOf 

1,774.70 U6M0 

N JL 12TJ5 

Corfx Rasecrch Bureau. NA 23180 

Moody’s : base 100 :_Dec. 31. 1931. 
p- preliminary; f- final 
Reuters : baselOOjSeP^JS. 1W1. 

Dow Jones : base TOO ; Dec. 31, 1974. 


Market Guide 


CBT: CMCOBa Board of Trade 

CME: arteww Mercantile Exctonoe 

IMM: Irrternatlonel Monetary M nrfcet 

Ot Chi coon Mercantile EeUnrae 

NY CSCE; New York Cocoa. Swear. Coffee Exchange 

NYCE: New Vark Cotton Exchaner 

COMEX: CemmodHy. E xchang e, jf ew YorV 

NYME: New York Mercantile Exchange 

KCBT: Romm City Board of Trade 

HYFE: New York Futures Exchange 


London Commodities 

June 10 


Ctoe Prev loos 

Km Lew Bid Ask Bid Aik 

SUGAR 

Starting per metric ton 
AOO 8970 8740 8780 B8JD0 8BA0 8980 

Od 9180 WBO 9040 9088 91.40 9180 

DK 9780 9788 9680 9740 *780 ,9880 

Mar 1 1780 10880 10840 1M80 11070 11040 

Mav 11580 11340 11380 11160 11580 11570 

AH 72140 13080 12080 12040 12140 122B0 

Oct 12580 13580 13*00 12540 12680 12780 

Volume: 1409 lots of 50 tons. 


COCOA 

Sterling per metric ton 
Jly 1785 1739 1783 


1786 


DK 1751 1743 1,748 1749 

MOT 1.7M 1754 1,758 1759 

MOV 1.7W um 176* J774 

Jhr NT. N.T. 1.770 1.784 

Sep N.T. N.T. 17AA 1*05 

Volume: 1*07 ion of ID Ians. 

COFFEE 

Sterling per metric too 
Jly XUO 2865 2870 

sen xiflO Z105 X12I 

Nov 1194 1140 2155 


Volume: 4885 tots of 5 Ions. 

GASOIL _ _ 

U*. Milan per metric Nn 
Jun 21150 31B7S Eu. EXP. 31080 21X75 
Jhr 711.73 20975 21075 2W.7S 210X ^OJ5 
Ah 31280 20975 209*0 20975 71075 31 IX 

ocl 21580 21580 21340 71480 21340 21*80 
NOV NT. NT. 31580 21780 21580 Z2D80 

DK N T NT. 31980 225X 21980 32380 

M NTl NT. 21580 22580 21980 D480 

Feb N.T. N.T. 21580 22580 21780 33080 

Volume: 1*90 loti at IX Ians. 

Sources: Routers and London Petroleum Ex- 
change leasotll. 




Jly 

N.T. 

N.T. 

9/em 

2X0 

llndi 



Sen 

2*72 

2X0 

2X5 

2*70 

+ 12 

1774 

1775 

DK 

N.T. 

N.T. 

2*20 

2*30 

— 1 

1746 

1747 

Mar 

N.T. 

N.T. 

2*40 

2X* 

Unch. 

1743 

'■ZS! 

Mav 

N.T. 

N.T. 

#jns 


— 10 

1751 

1753 

Jly 

N.T. 

N.T. 

2*40 

_ 

— 10 

1760 

1770 

Sap 

N.T. 

N.T. 

2X0 

_ 

— 10 

1770 

1785 

Est. 

val.: 14 lots of 10 Ians. Prov. 

actual 

1770 

1X0 

sales: *4 tots. Open interesl; 701 







Jly 

2*73 

2*75 

— 

2*70 

+ 30 

Malaysian cents per kilo 






Sop 

1550 

1505 

1503 

1507 

+ 5 




2*75 

2*92 

MM 

Nov 

2*95 

2*75 

1546 

1575 

+ 25 


Bid 

Ask 

Bid 


2,123 


1127 

Jan 

2*90 

1590 

2X0 

1590 

+ 25 

Jly 

194X 

19675 

194*0 


1158 

1155 

1160 

Mar 

M.T. 

N.T. 

1555 

1590 

+ 12 


19450 

195*0 

19350 


1189 

1176 

1180 

Mav 

N.T. 

N.T. 

1557 

15ft 

+ 12 

Sea 





2,185 

1165 

1175 

Jly 


N.T. 

1550 

15*0 

+ 20 


197*0 




1185 

1170 

1180 

E9l. vol.: 112 lots or 5 lam 

Prev. 

actual 






un 

1160 

nee 

solos' 

32 lots. Own Interest: 303 


Dec 

202*0 

20400 

— 

— 


Sox’ offering 

CBOT 


BOND 

FUTURES 


1 & 


■’.'.kjJ 


FUTURES 

OPTIONS 

Also Futures and 

Futures Options on 

COMEX-GOLD & SILVER 
IMM-CURRENCI&5 


LorC* 


*15 


ROUND TL AN 
IttV AND 
•.IVKRNUjHT 


' ,\pp tin ng/r hi trades 
ramrrfm c j^naattntcaper 
eak-mf/tr mtutin FtntJWi 
pmfraft S-t rtwifirf turn 

Cull ttncnf tun- pmfessimals: 

2 12-22 1-7 13S 

REPUBLIC CLEARING 
CORPORATION 

,«KT IUB 


lepoUe Ratfamal lank of »mr fck 

6 i I i lull, m Owranaval 


Paris Commodities 

June 10 



High 

Lew 

Bid 

Ask 

Cb-ge 

SUGAR 






French Irenes oar metric ion 




UTS 

1757 

1789 

1769 

— 3 

00 

1*75 

1770 


1778 


0 k 

17 JS 

1775 

1770 

1777 

-15 


1*35 

1*1* 

1*22 

1*26 

— 12 


1X5 

1*48 

1*58 

1X7 

— 15 


1*48 

1*45 

1*45 

IJS5 

— IS 

Est. val 

: 1X0 tots of 50 tons. Prev. actual 


sales: 1,971 lots. Open Interest: 11*20 
COCOA 

French francs per too kg 


COFFEE 

French fra n c s Per 100 kg 


Source: Bourse du Commerce. 


London Metals 

June 10 


Prey Ions 
Bid Ask 


83180 

Hxian 


Ctoe 

Bid Ask 

ALUMINUM 
Storting per ntorfc ton 
SJJS8 B5SJW wm 83080 

forward 84940 85080 85280 

COPPER CATHODES (High Grade) 

SterHng per metric ton 
s»t 1,12380 1,12*00 1,11100 1.11*00 

forward 1.143*0 1.1 4350 1.129*0 1.13080 

COPPER CATHODES (Standard) 

SSt ltaSPe, ' ! Ul l S&M.U780 l.UXLOa 1.105J10 
taramnl 1.12780 1.12980 1.11280 1.11580 
LEAP 

Sfvrtlac ucr metric ton 
Mel 301180 Sflfl-38 22880 23980 

tonmrd 38280 30150 30850 XI 80 

NICKEL , 

^^■aoS&^lMO *36080 *36580 
forward 4J8OJO *39080 

SILVER 

Ponce pcrtrw<umee 
WJOI 481*0 483*0 

fSSmrd 49780 49080 

TIN (Staidanll , 

25"“" ^ W4®MS!80 *40080 *40580 
tonwird 9*Sj» ***580 9*2580 9*3880 

ZINC 

sterilm pot narijrlc too 

spot sss S S?S 

forward 59280 5*18 

Source: AP. 


481*0 

49780 


58X00 

59480 


482*0 

49740 


58480 

59580 


I SAP 100 Index Options 

Jtme7 


1 Jn Jir Aeg MP 


Rtfti 

Jir 

M0 2Sft»-- 

in M IM UM 17 

ns n on m ii 

in 419 m 7 m 

« 1 2ft m nt 

” n 1 lft ru 


muna 

im JH An 5® 


UM 1/M 1/16 - 
1/16 I/M 1/M 5A}, 
1/16 3/M VS 11/16 
V, 15/16 IVs 1ft 

» 1 n » 

6ft H 6ft A 


m um + n/M in J- - lift 

rddcMvckme KW 
nuerte*MM.iou54 
TOM to »BtoH 

AWM mmIN.»M57 

WMBU2 Lnr«5( O«aUU*-U0 
Sma.-CWU. 


Asian Commodities 

June 10 


HONG-KONG GOLD FUTURES 
UJ4 per ounce _ . 

nmn prevtom 
High Low Bid Ask BM Ask 
Jun _ N.T. N.T. 31280 314jW 355.88 
Jly _ N.T. N.T. 31100 31580 31680 31880 
Aug - 31680 31680 31580 31780 31880 32080 
Oct _ NT. NT, 31B80 33080 32X00 32*50 
DK - NT. NT. 32280 32*80 32680 32880 
Feb - 32880 32880 326JU 32880 32980 33180 
Apt — N.T. N.T. 33180 33380 33480 33680 
Volume: 23 tots of IX ox 

SINGAPORE GOLD FUTURES 
U** per ounoa 


Settle 

315.10 

31B.70 

32040 

32X50 




Prev. 



High 

Law 

Settle 

Jun 

N.T. 

N.T. 

312X 


317.10 

315X 

315X 

Sen 

N.T. 

N.T. 

31*40 

00 

N.T, 

N.T. 

319X 

Volume: 118 kite of 100 OX. 



KUALA LUMPUR RUBBER 


Volume: 49 tots. 


SINGAPORE RUBBER 
Singnmre cents per kite 


RSS 1 Jly 

RSS 1 Aug- 

R55 2 Jly 

RSS J Jly— 
RSS 4 Jly _ 
RSS 5 Jly 


Bid 

17380 

1/B80 

17080 

leaoo 

16*00 

15*80 


17480 

17040 

17180 

16980 

16680 

16180 


PrevImH 
Bid Ask 
16975 17075 

New New 


KUALA LUMPUR PALM OIL 
Malaytlan ringgits per X teas 
Close 

Bid Ask 

Jun 1750 L300 

Jly 1,190 1740 

Aug 1,100 1,150 

SOP 1870 1.120 

OCI I860 1.1 DO 

Nov 1840 1880 

Jon , 1*30 187* 

Mar 18X 1870 

MOV 1820 I860 

Volume : 0 tots at 25 tons. 
Source: Reuters. 


Prev toes 
Bid Ask 


1750 

1,190 

1.100 

1870 

1860 

1840 

1830 

1*30 

1*20 


1X0 

U4D 

1.150 

1,120 

1.100 

1800 

1*70 

IJWfl 

1860 


UJ5. Treasury Bill Rales 

June 7 


Offer BM YkM YleM 


3-flMMtl 
tenrin 
Ow veer 


7.15 

7X 

745 


7.13 

7a 

743 


7a 

748 

Ml 


7a 

7J6 

747 


ferpt.’ SfUwnot) Bnthtn 


Cash Prices June 10 




Cornmeoiry oed Unit 
Coffee 4 Santos. H»_ 


Piinldatti 64^0 X ft, yd _ 

Steel billets (Pltt.l. Ian 

Iran 2 Fary. Phila. Ion 

Steel scran No 1 hw Pitt. _ 

Lead Spot. 31 

Capper elect, fb 

Tin (Slraitsl.lb. 


Zinc. E. SL L. Basis, lb . 
Palladium, « ■■ 


Silver N.Y.az. 
Source: AP. 



Year 

Mon 

Ago 

IX 

IX 

cue 

076U 

473*0 

453JJ0 

213*0 

213*0 

79-80 

100-1 01 

1+21 

2+28 

67-71 

6*%-72 

NA. 

6*954 

0*+*7 

BS2-J3 


98-1X1S5- 


156 ri 
8*0 


Company 

Earnings 


Revenue and profits, in milfions, 
are in local currencies unless 


| otherwise indicated 

Canada 



Seagram 


1st Owe. 

1985 

1964 

Revenue 

6047 

6257 

3per Net 

377 

33* 

3 per Shore 

0*8 

056 

United Slates 


West Point Peppered 

3rd Quar. 

1985 

1984 

Revenue 

307.9 

356,2 

Met Income 

11.13 

1676 


IX 

172 

9 Months 

1*85 

1954 

Revenue 

88U 

1710. 

Vet income 

1971 

44.90 

Per Sharp 

177 

475 


DM Futures Options 

Jane 10 

W. Gcrsm Mafc42SlB0 imts certs per nsrt 


Catts-JetUe 


Strfte 
Pr* 

X 

31 

32 

n 

34 

35 


EtHmeM total vffl, 2481 

ML 27X0 

Puts : FrL «eL 1760 optn lot. 17*19 
Source: 014 £ 


Sep 

Dee 

Mor 

tag 

Dk 

Mxr 

2J4 

3.15 

— — 

835 

049 


2*2 

248 

— 

846 

0J7 


IX 

LM 

— 

811 

1.14 


0.91 

IX 

— 

IX 

IX 



057 

IX 

ra 

1.9S 

238 

, 

834 

835 

— 

259 

286 

— 


The Daily Source for 
International Investors. 



56ft 334k PWlPet 380 
Ifft lift PblIPwl 
23ft 23 PfUPTPt 
28ft 16ft PMIVH 
lift 23ft PtedAs 
34 23ft PtoHG 
727* 14ft Pier I 
56ft 34ft Plbtarv 
34 21ft Pioneer 
26ft 13ft PhnrS 
44ft 27ft PlfnrB 
13 9ft Pittstn 
15ft 8ft PtolRs 
13ft T Plontm 
13ft 8ft Ptayhov 
22ft 15ft PouaPd 
ZFA 24ft Potarid 
71ft lift Pondrs 
71ft IS PopTol 
i*ft lift Pome 
21ft 13ft PortGE .... - 
24ft T7*A PorGPt 240 118 
Sift 28ft PorGpf 440 127 
3ift 28"* Parent *32 127 
38ft 2SU Patdch 146 *5 12 
3T« 19ft PWiflH Z16 A* 10 
45ft 36 PatEInf 440 1118 
40 31 PutElpf 484 107 


40 

IX 

40 

JO 

43 

190 


B 34ft 39 38ft 3Rk— ft 
17*7 lift Uft lift 
2085 23ft 23 23ft— ft 

I J II 146 Zlft 23ft ZJft + ft 
824 34 33 34 + ft 

11 33ft 33ft 331* + IA 
98 21ft 21ft 71ft 
*59 55ft 55% 55V.— ft 
3M 27ft 26ft 26ft— ft 
3 14 Mft 15 + ft 

375 44ft 44 Mft + ft 
XI lift Uft Uft 
IT 13ft 12ft 13ft— ft 
148 9ft 6ft Vft— ft 
62 Mft 10 TOft— ft 
55 16ft Uft Mft + ft 
80S lift 30ft 31ft 
390 lift 11 lift— ft 
17 28ft » 20V. 

SO 17 17 17 —ft 

236 21ft 21ft 21ft + ft 
13 24ft 23ft 239b— ft 
X Sift 34ft 34ft + ft 
30 34ft 32ft 34 + ft 

3 35 34ft— ft 

xIrsBrTS 


3* 31 
XI 187 
* 2S 
48 

14 61 

u a 


23 Mft PSvCof 180 8.9 
66 52 PSCdl pi 7.15 TO* 

20ft 16’i PSColPf 2.10 HO 
9ft 6ft PSIPd IX 127 
a ft 6 PSlnPf IX 138 
8 6ft PSinpt IX 144 
47 37 PSinpt 7.15 15.T 

63ft 30 PSInpf 944 JS2 
SS 44ft PSinpt 852 IS* 
St 46V* PSlnPf 876 1*9 
5ft 1ft PSvNH 
lift 6ft PSNHpt 

12 7ft PNH pfB 
17V# TOft PNHpfC 
15 8ft PNH p ffi 
TOft 9 PNH PIE 

13 7ft PNH pfF 

14 7ft PNH pfG 

27ft 19ft PSvNM 2*8 104 
31ft 21 PSvEG 284 U 
14 10ft PSEGpf 140 TO* 
X 28ft PSEGPf +18 11* 
45ft 33ft PSEGpf 585 112 
20ft IS PSEGpf 2.17 1U 
<1 46ft PSBG Pf +00 11.1 
22ft Mft PSEGpf 243 118 
71 SS PSEGpf 7X 118 
67ft 51ft PSEGpf 74B 114 
67V, 51 PSEGpf 740 1U 
4ft 2ft PubWck 
13ft *ft Puewo .W 14 
*ft 6 PR Cora 
TOft 9ft PuoetP 176 114 
21ft TOft Pum«m .12 7 

35ft 22ft Puralat IX 4* 
TOft 5ft Pyra 



»=# 

— ft 

— ft 
—ft 

7ft 7ft + ft 

£ 

RV'TS*** 

40QzS5ft 45 55 

1008 60 60 60 +1 

251 4ft 4 V. 4ft 
2021b TOft Wft 18ft „ 
24 lift Uft lift— ft 
46 Mft 16 16 —ft 

21 lift 14ft Mft + ft 
a Mft 14ft Mft — ft 
18 12* 12ft 12ft + ft 
30 13ft 13 1314. + ft 

*34 27ft 27 27ft— ft 

2612 3*ft 30ft 30ft 
13 13ft 13 13 — ft 

Mb Mft 36ft 36ft— ft 
7002 45 43 *S 

286 Wft l*ft l*ft— 1 
rat 61 61 61 

7 71ft 21ft 21ft— ft 
101 TOft 70ft TOft + ft 
1002 *5 65 65 + ft 

580x47 66 46ft— ft 

X 2ft 2ft 2ft— ft 
97 lift IT Uft— ft 

10 6ft 6ft 6ft 
1477 15ft TOft 15V# + ft 
159x17ft 17ft 17ft .. 
617 29ft 2>H 28ft— 1ft 
262 7ft 7ft 7ft— ft 


51ft 29V# QuakOS 1 -2} « JJ 

22ft 15 QuafcSO X IS 24 

lift <ft Guam 20 

34ft 23 Questar IX 58 TO 

35ft 14 QfcRell 74a 1.1 M 


254 49ft 48ft 49ft + 
143 20ft 20ft Sgk — 
101 0 7ft 7ft— Ik 

154 32ft 32 32ft 
432 22ft 21ft 71ft— 1ft 


14ft 6ft RBlnd 
46ft 29ft RCA 
39V3 29 RCAPf 
104 71 RCApf 

34 24ft RCApf 
37V# 2fft RCA Of 
9ft 6ft RLC 

lift 12ft RTE 56 38 10 
nVk 7 RarflCB “ 

2 » RtoPur 1*0 12 M 2OT 

JS dS S " 

66* Rayon M 

17ft SV 2 Raymk 

4854 35 Rmdtvi 1*0 

12ft 7ft ReaGBt , X 


1*0 M 17 



lift 28ft RoWPJ 
34ft 12 Rotto 
33ft 13ft »>OlG 
39ft 27ft RtoiTI 
3*Vk Mft ReOTwl, 
71ft 48ft ROhmH 
S5ft 32ft Kobrin 

35ft TOft RamCtn 
2Ht Bft RadnE a 
13ft 6ft geilto 
4ft 2 Roocn 
i* int Roger 
24 Rarer 
13 8ft Rowan 
60ft 41ft Reyns 
23 13ft Ray ml* 
Sift 35ft Ruormd 
26 14ft RunBr 
19ft 15ft Rueiba 
28ft 17ft RyanH 
28ft 19ft Ryder* 
2tft 12ft Rytoad 
16ft Bft Rymer 


SOft 3SVh SCM 280 42 13 
121ft 8ft SL Hid 82 W ]0 
31ft Ifft 5PSTK X 26 15 
21ft 15 Sabine 84 J 3B 
21ft 16 50bnRy T^ielSJ „ 
MW Uft StedBs JO i* is 
10 5ft SfotSS 27 

2ft lft SlBdSwt _ 

34ft Zlft SoflOnl M 18 » 


53ft 2W» iH XI 

srs f “ u 

s£^r>:” 

28ft l»*» 

|»ft J*| jjS IM 


iSBsjstli- 5 

*4 &4 ft 

’I SS MB- » . _ ... 

1 h as as h „ £ 


■srr r-» 

- d 5- «2 i"* 

n 3358 ***• 

172 

+ ft: 



?88«=s 


vu 30 titwotj 
" ft fft K22? A X» 63 

Mft 24 Mjgf tS ita 


47V# 47*4 — Vi TOW T V««f 18 

itSiis-j? SK^TSyp* fit.;? 


S iift Mft 3Hk + * ^ rlK*. JW 

* i™ h i:s a» r H 


J 30 


XI * 65 BVi ffft »ft . 

184 13 13 714t 44ft 4«ft 44ft + ft 
381 ** 50 y 37 37 37 + ft 

*00 3* • 3*01 Mi MOV# TOTJk +lft 

XT2 6* 203x32K> 31ft 32» + 

3*5 10J 7x36ft 36 36ft + 

JO 17 11 143 7Wi 7ft 71k 

1468 31k 3ft 3ft — 

137 18V# 181k 181k + 

208 lift 11 lift +. 

45 44ft 45 —I 

6ft 6ft 4ft— ft 

4 18ft 18ft 18ft + ft 

229 3Vk 3ft 3ft 

IM «2ft 41ft 62ft + ft 

3 94# 9ft Vft— ft 

3J 16 1424 48ft 47ft 48ft +1 . 
*9 X9x 8ft 8 8ft— ft 

fi r VflLv i? ’S IT 

Si ototS S S g 8— 

9ft 7ft Reece 31 ™ ft * 

43ft 72* RrtSlc X IS 1J 2MB 4M4 41ft 41ft-lft 

r ^ ,o SS Mt + ft 

12ft 4ft toGvpa 30 30 10 92 Vft Vft 7ft 

49ft 31ft RaplSy 1*4 37 ■ 72x 44ft 44ft 44ft— ft 

27ft 20ft RNYPKX12 11* 27ft Mft 26ft + ft 

57ft 52 RNY pfA6*lell* IS* SS 5SS t'S 

Mft 21ft RepBk 1*4 58 7 1*7 Wft ^ OTb + ft 

SftSSSSS^S 406 32 3* + £ 

401b 3Zft Revlon 1*4 *6 13 S99Vx T&V, 3W* ft 

i * w, ?Sb_ v. 

m ctC SSm 3X4* 7 2054 7*ft TOft 7* +ft 
32 29ft Revmwl 
so 466k Ravin pf +10 13 

113ft 100ft R+ylnpf . 

41ft X RvyMtl 1*0 2* 6 

35 JS RchVdc 1*8 4* 11 

g Uft RleaelT LM M „ 

33V# 18ft RttwWd JO v 

7ft 3ft RvrtMin 10 

36ft 27ft Rotahw 1.12 56 7 


215 32ft 31ft 3Tft + ft 

57 48V> 481k 48ft 

MB 109ft 109ft W*ft + ft 

137 34ft 33ft 34Jb + ft 

629 33ft 33U. 33ft— ft 

2 20ft 20ft 20ft— ft 

610 291k VV, 29 ft— ft 

6* 4ft 4 4 + ft 

116 31 30ft 30ft— ft 


^urrencyOptioM 


PHILADELPHIAEXCHANGe 

UMMririne Price 

lax* ertmi. r 

■W 1 M 5 5 

127.10 W 5159 
Jm C onodlKDallrawate per eoH. 

•*? o*s ? 

^«‘ c -5r*s s^^^ooi 


Puts— Last 
a leg Dec 


8*5 

5*5 

3*5 

2.10 


7X 

r 


0*0 

r 

r 

0J2 

1.10 


DMar* 

32*3 

32*3 

32*3 

32*3 

32*3 


£T 3*5 2.96 

31 1*7 111 156 __r 

32 (L51 152 JJ 

33 088 0*4 153 

M 081 0*1 r 

35 r._ 057 . r 


an 

0*3 

152 


FFrane W 'S r 02S 


IX 

225 

SJQ 


187 


ax 

ox 

086 

IX 

r 

173 


r 

ax 


F Prune 
186*3 v 

106*3 ll— 


jVen X 

4084 » . ■ 

4084 40 121 -■ 

4084 41 r «*» 

4084 42 r OJ* 

13X8 Swiss Francxxflts *er DiB, 

S Franc 3& 2*7 r 

38*0 33 r T 

u m Sfl 070 r 

»X 3V 0.16 IX 

£*a 40 082 DJfi 

3&X 41 <M» 0*0 

Total coll «aLS*S8 

Iradea^- No opt i on offe red, o— OM. 
lost Is premium (purchase price) 

Source: AP. 


\S> 


182 

0*8 

r 

1*2 

139 

154 

1*9 

1.10 


0*8 

m 

r 


0*3 


r ox 
an lx 

0*4 r 
r r 
r r 

Can aeon M.m» 

pat open bat. 176*69 


373 16ft 16ft 1JW 
a ft M m 

9 » rS: 

484 33W Mft + 


frja* ’J « JJ 

*5* A? ” 

X K 10 
JO 17 


OT* 

Aft 4 Trlcmr 
•ft *ftJ2S 


j£? TOft ipk-ft 

sc jrr-is 

lift im 

ui. M 16ft— ft 
!? »A Jf 

jf’5SBS?8 


<> S 3 R= s 

9I »» as s* 1 

11# 2JW 31ft * T J* 


SB sag?*' & a g " « 

SEiSEL p 7 *8 ™ fe RSitt « ®15s3 ilS % >o 


lift * SPnui IX 105 
Xft ml SDMGs 234 85 


« lift lift IH?* 

TO SV. SVb SWi . 
149 U 32ft Mft— I? 

AS M S 
918361 TO 37ft 28 


— V# 
— ft 

Bft IH ISmRt IM 7i U B 24ft 24ft 24ft- ft 


41ft TO* Tu^EP “J g 

isft *ft M5U x +? 10 

•? £ rv«S I y »o 

17ft nv# TrW» ■* 


"v * 

’S&r Sts 

2’^ 't£> X* 

47 


Mft 14ft IOT 


31ft asm sFeSoP uo uu w » 


29ft 2*ft— S 1 


•Oft a Soretii* 1*4 15 12 TOW *' i!S~* ** Mft 2^ UAWm — ,7 74 »•* "» 

V& ^ ^ « wtSSSS-* tovS iS# uGt EL w “ ,a 2 S **2 

uw fit Savin pf IX 125 _ I Mft JOT 39ft 22ft U?®» 1 "S8 ii if ^ 15ft W* 15* . 


UU MW UAL 15H H 
36*# 24ft UAL Pf 2.40 66 


e 13041 10*6 9 

™ssas 


4ft Savin 

9ft savin of IX 125 
_ 17ft SCANA 
47ft » ScnrPto 
SOft 34ft 5chlmb 
13ft 7ft SdAtl 
32ft 22ft Seoafnd 
60ft 49ft ScotFet 
40ft 25ft 5C64IP 
Mft lift SCoftVU 
43V, 20ft ScuvUI 

45 21ft SgaCnt - - ... 
13ft Wk SeaCIPf 1*6 1U 
16ft 12ft S6OCpfB2.10 119 
Mft 121b SeaCPtClTO 1Z9 
271k 14ft SaaLnd JO 2* 
5ft 31k SeaCa 
44ft 30 Seagrr 
Zlft 12ft Seagm 



10 

184 XI 10 

* “IS 

X LI * 


78 5Mb W* »2- » 
2M iKb Wft i»— ?• 


I 41ft 41ft 41ft— Jk 

571 1ft IOT tPft 

II 4ft 4ft 4ft — U 
25 W 1268 40ft 3*ft 4«b— J* 

17 247 17ft 17 17_ 


— ft 

— ft 


.. „ — ft 

#n Tlnnl A lr JO 1+ 14 48 TO 2SU 25ft— ft 

32ft "ft SMlPw LOO 38 6 OT 3OT 26U 26ft_, % 

IS? 6 #2 13 “ oS Mu- * 

St W* SccPactlJi 4* 7 1118 29ft TOft JOT— ft 

so Uft sataLt 11 17ft 17 17 — ft 

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171 m HOT SwtGoi 
82ft 55V# SwBaU 
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24V# 17U SwtPS 
17ft 11U Soorton 
27ft 15ft SoectP 
56ft 33ft Sparry 
x SOU Serine* 

439b 311b SouarO 
64H 41 saulbb 
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22ft Mft SIBPnt 
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16ft Uft StandH S3 35 * 
31 19ft StanWk .96 11 12 
35ft 23ft Starrett IX 11 10 

11 8ft staMSe IXalU 
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53ft 38ft STOPSHP 1.10 22 11 
21ft 15ft StorEa IX 89 IS 
12ft 2 vlSturT 
7*ft 36ft Starer 
21ft Mft 5trUWtn 
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7ft 3ft StMvSh 
36ft 23ft SunBks 
38ft 25ft Suita 
M 6ft San El 

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m 90ft suaCnf lx 
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7 3782 MU Zlft 21ft— ft 
147 TOft 25ft TO + ft 
154 42 41ft 41ft— U 
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752 3Stk 3SU, 35ft— U 
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501 7U 7U 7ft— ft 

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733 2Hh TOft TOft 
<87 lift 12ft Mb + ft 

7J 8 173 17ft Mft 17 

7* 8 1158 Uft 80ft Mft- ft 
10 11 47 26ft 76U 26U 

78 9 435 34ft Mft 24W 
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86 17 Mft 16ft— ft 
35 11 10243 54ft 53ft 55 + ft 

4* 18 30x35 SOT Bft „ 

4* 11 1*82 40 lift 39ft— ft 
754 61 X MU— ft 
303 Mft 21U 21ft- U 
464 22ft 22U 22ft + ft 
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1566 46ft 46ft 46ft + ft 

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59 3ft 3ft OT— ft 
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356 TO 2SU. 25ft— 

333 49ft t0 49ft — 
200 2Bft 20ft SOft— Ml 
510 2ft >ft 39b 

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152 19ft If If -TO 
420 17ft Mft 16ft— U 

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110 47 46U 44ft— TO 

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35 16 1051 44V, 43ft 64ft + ft 
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33U X TECO 256 7J 9 

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1* UU TNP IX A9 • 

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177ft IX TRWPt 4*0 25 

150 110 TRWPT 4*0 U 

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77ft STM ToftBrd 1.12 IS 14 
TOft 12U Talley .IDe A 14 
V 49* Tambrt 3X 43 M 
35ft Xft TWaty 
15ft 12ft Tndycft 


68ft 51 Vk Tefctm IX 
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im* 205 Trrtdvn 
X 13V# Tetratc 33. 
48U 22ft TeJex 
3VU 25U T ampin M 
4SU 32ft Temcn 292 
83 66 Toncpr 7*0 

35ft 20 Terdvn 
18ft Vft Tfsoru JO 
3Zft TOft Tesoret 2.16 
40ft 3IU Texaco 3J» 
38% 31 Vk TxABc 1J2 
46TO 3ITO TeaCffl IX 
X 26ft TaxEat 


51 379b XU Xft + TO 

650 33 32% 33 + TO 

X lift 11 uu 

58 1BU 18 18ft + lb 

384 34TO 24ft 24ft + ft 

357 72ft 71H 72U + U 

1 158ft 158ft 158ft + S 
1 134ft 134ft 134TO + TO 
143 3 2ft OT + ft 

145 76 TOT 7OT— ft 
X 17ft 17ft JOT— ft 
IX 74 73ft 73ft— TO 
16 2792 34ft 34 34ft— ft 

12 W IOT 12ft 12% — U 


57 52 TxET pf *5*811* 

34ft 25 TexJnd SOI 
147% BAU Texinst 2X 
3ft 1 Texlnt 
26ft 16% TexOGa .18 
X 28% TxPac JO 
29V# 20% TexUM 252 
5 2 Taxfl In 

S2U 2<U Textron IX 
57% 38* Textrpf 2XB 39 
10ft OT Thack 98 


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7 44 3* 3ft OT— ft 

10 51 256ft 255% 2S5TO— TO 

19 23 881 17ft 14% 17ft— ft 
18 1539 38U 38ft 3816— U 
15 8 1*5 36% 35% 35ft— ft 

65 13 1001 43 42% <3 + % 

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10 1553 22% 21 22% +1 

+1 285 10 Wb fft— ft 

9* 34 23 22ft 22ft— U 

U> 35 2261 37ft 37 37ft + % 
45 8 63x32 31% 31% + ft 

A3 7 238x33% 331b 33ft + ft 
9 567 34% 33ft 34% 


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18ft 12ft Thomln *8b 4* 9 

25ft 13% TlunltAed JO U B 

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26ft 15ft Tktwtr X S3 

10U 5ft TJoerSn 


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29 13 42 2OT 27ft 27U — TO 

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85 7 1352 38ft 28% 28% + Vb 

173 4U 3ft 4 — U 

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W*U 60ft Tim! pfB IX I* 

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58ft 47ft Timken 190a 12 15 

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l«ft 13ft ToiEdln 2*3 US 5 

27% 24ft TolEdpf 372 13* 

28% 33 TolEdpf 375 XV 

26% 20 TolEdpf 3*7 135 

31ft 251k TolEdpf <28 139 

Wft 14 ToiedPf 256 125 

18% I3U TPlEdPf 271 127 _ 

45% IOT Tanka i -20 * 7 


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713 16 15ft 15TO— TO 
34 15U 13% 15ft— U 
307 21% 20% 21% + ft 
28(4 15ft 15 15% 

2*3 7* 7U 7% 


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1 IQS 105 1Q5 — 1% 
X 17% 16% 14ft— % 

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457 8% 7ft 7%— U 

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253 17ft 17% 171k 

578* 18% 18 18 — % 

39 27% 27 27 — % 

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5a las figures ora unofficial. Y carry Mgtw and kiwi retted 
me previous S3 waeks phn the currant week, but nafltie latest 
trading dmr. Where a bpW or stock dividend amounting to 25 
percent or more has bean paid, th* veart NoMow range end 
dividend are tom tor the new stock only. Unless otherwise 
noted, rates ot dividends are annual disbursements band on 
the latest decki rattan, 
o — dividend aUO ftttroU) J1 
b —aimaal rate of dtvidand plus stock dtvfdencL/l 
c — liauMating dhrfdena/l 
eld — cottocL/l 
d — new veerty lowJI 

e— dividend declared or paM m preceding 12 manttisTJ 
a — dividend In Canadian Fund9.suMoct to 15% tan-residence 
rax. 

l —dividend aedarad otter spIIMjp or stock aiwtaena. 

I — dividend paid thlc year, emitted, deferred, or no action 
taken at latest dividend megfing. 

k— dividend derived or paid ttib year, an accumulative 
Issue with dividends In arrears. 

n — new Issue In the past SwkTO The hlgMaw range begins 
wltn th* start of rrodlno. 
nd — next ctov deHuery- 
P/E— priced onikiua ratio. 

r— dividend declared or paid In preceding 12 months, ptui 
stock dividend. 

s— stack split, dividend begins with date ofspru. 
sis— Bales. 

t— dividend paid In stack In pracedtag 72 months, estimated 
cash value on ea-dtvidwid or eullslributlon data, 
u— new yearly won. 
v — trading IMltML 

vl — In bankruptcy or recoivgrsftip or bring reorganized un- 
der the Bankruptcy AcLkskutIIM assumed by such com- 
panies. 

wd — when distributed, 
wi— wnen Issued, 
ww—wilh warrants, 
a — ee-dMdend or ex-rjetiK. 
jufls— «MJJ*frtoutton. 
xw— without wrront*. 

y-ex-dtvhfcnd end soles In full. 
vM— yield, 
i— satolnhilL 


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24 30 WayGpf IX 79 

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7 2H WnAirt. 84 

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INTERNATIONAL HERALD TRIBUNE, TUfeSDAY, JUNE II, 1985 


Page 15 


BNP Issues $ 600 -Mfllion Notes With New Twist 


By Carl Gewinz 

I ntenunioapl herald Tribune 

PARIS — Banque Nationale de 
Pam launched Monday $600 coil- 
lion of floating- rale notes with a 
new iwisL 

The purpose of the operation is 
to secure for the bank a $500- mil- 
lion line of credit that other banks 
are committed to provide over the 
next 10 years. The difference, how- 
ever. between this credit line and 
standard backup credits is that the 
lenders will have a listed security 
which they can keep on their own 
books or sell in the market 

In contrast standard backups 
are commitments that banks can- 
not get rid of. This “securitization” 
of the backup credit is an impor- 
tant development since banking 
authorities in all the major indus- 
trialized countries have let it be 


known that they are studying the 
proliferation of such credits with 
the aim h ang to oblige banks to 
account for l£ese potential loans. 

todnij K do not show up on the 
balance sheets of banks until the 
line is actually drawn. Supervisors 
are concerned that in a crisis all 
lines could be called on — at exact- 
ly the time when banks would be 
most hard pressed to provide them. 

Under the BNP formula, banks 
will still have to supply the cash if 
called on to do so, but they will 
have a security which, if necessary, 
could be sdd. 

Tfae other significant aspect of 
the operation is that the cost of the 
backup is lower for BNP than a 
traditional syndicated backup 
credit. 

Both UR rating agencies have 
said they wiB accept me BNP for- 


mula as backups for the sale of 
commercial paper in New York. In 
general, these standby facilities 
have been arranged to lick the sale 
of short-term notes in the 
New York commercial-paper mar- 
ket Of the budding Euroconuner- 
cial-paper market. 

Under the BNP formula, the 
French bank is marketing 5600 mil- 
lion of 10-year notes of which only 
$100 million will be initially of. 
fercd. These will be registered secu- 
rities in large denominations of 
SI .5 million each, for which Hanks 
will be required to pul up only 20 
percent of the face value — or 
5250,000. 

These registered securities can be 
sold, but only to other banks — the 
250 largest banks in the world — 
which BNP has put on its approved 
list. 


Plans for Global Trade Talks Progress 


of i be General Agreement cm Tar- 
iffs and Trade. 

One minis ter said that the way 
was cleared for a greement fay a 
compromise proposal submitted by 


By Axel Krause Brazil to separate the trade negptia- 

lniernational Herald Tribune tions into major Sectors goods 

STOCKHOLM —Trade and fi- and services— which drew the sup- 
nance ministers of 21 nations port of many min isters, 
agreed Monday to organize a meet- The hurl ihrwiipnwi to be a 
uig in the next three months aimed nndor obstacle to progress at the 
a t begi n n in g new world trade negp- conference: Twenty- three develop- 
_ . . ingnations. led by Brazil and India, 

. Mats HallstrOm, Sweden s mm- want any. new trade t alks to focus 
isier for foreign trade and host erf on g oo ds, wfaDesom e indust rialized 
the three-day conference, termed countries, including the United 
the agreement “a significant break- stales, Japan and members or the 
through" in beginning new talks. European Community, want nego- 
miners agreed that senior Uations to indude trade in services 
trade officials would meet some and high technology. 

time before the end of Septemba- _ _ . , „ ... 

to “invigorate a process of negotia- Micnad. B. Smith, the acting 

tions" to follow, he said. The orga- u - s - t™ 5 ? representative, said that 
nizatin nal nwtfng expected m jy* "substa ntial progress" had been 
held in Genevaumlertbe auspices made here toward the Reagan ad- 
ministration’s goal of starting ner 
gotia tions between industrialized 
and developing countries belong- 
ing to GATT in 1986. 

Ninety-two nations belong to the 


Geneva-based agency and about 35 
apply its rules to trading. 

Delegates to the organizational 
meeting would evaluate papers 
from partidpants outlining their 
priorities and goals for the negotia- 
tions and which would be submit- 
ted to GATT prior to the meeting 
itself, Mr. HallstrOm said. Several 
ministers said that they betieved 
position papers could be submitted 
in the next several weeks. 

“We know that 23 developing 
countries are ready, the U.S. is 
ready and we are ready" to begin 
preparations for the round, said 
Willy de Qercq, the EC commis- 
sioner for external relations and 
trade. 

"It is not a great breakthrough 
but it is progress toward clarifying 
positions on trade," said Edith 
Cresson, France's minis ter of in- 
dustry and foreign trade. 


If and when BNP wants to call 
on some or all of the remainder, it 
is committed to draw not less than 
5100 rafllion initially and not less 
than 530 million m subsequent 
drawings. These all will be stan- 
dard "bearer securities of floating 
rate notes which may be resold in 
the FRN market By setting the size 
on subsequent drawings, BNP as- 
sures that the public issue will be 
large enough for there to be a liquid 
secondary market. 

If and when the entire 3500-mil- 
lion backup has been called on, ibe 
initial 5100 million now being mar- 
keted will cease to be registered 
securities and will form part of the 
3600-million bearer-note issue. 

Interest an the notes is set at 5 
basis points over the London inter- 
bank offered rate, the standard 
measure for FKNs. Banks taking 
the $100 million of registered notes 
will be paid interest on the full 5600 
million, meaning they actually win 
be earning 30 baas points over Li- 
bor. 

The remaining notes will be of- 
fered to hanks at a discount, start- 
ing at 99 percent of face value the 
first year and rising to 99.10 per- 
cent next year and by 10 basis 
points in each subsequent year. 
This sliding Hi<yyw ini will give 
hanks an additi onal earning of 10 
basis points mi all subsequent 
drawings. 

In all, BNP is paying commis- 
sions of 27.5 basis points with five 
held by lead manager Credit Suisse 
First Boston ana 22.5 divided 
among all the managers. 

The basic charges — a margin of 
5 basis points over Libor plus the 
front-end fee — amounts to an an- 
nual cost of 7.75 basis points over 
Libor. By way of comparison, Elec- 
tricity de France recently paid 8.75 
baas paints on its 5750-miUion 
multi-option facility against which 
it call sell commercial paper. 
(Banks normally pay more for 
back-ups than other borrowers.) 


Japan Raises 
Auto Exports 
To the US., 
And Surplus 

The Associated Tress 

TOKYO — Japanese auto ex- 
ports to the United States contin- 
ued to soar on an annualized basis 
for a second consecutive month in 
May, and Japan posted its second 
highest monthly surplus in U.S. 
trade, ibe Finance Ministry report- 
ed Monday. 

Japan exported goods worth 
55.69 billion to the United States in 
May, and imparted U.S. goods 
worth $228 billion, leaving a Japa- 
nese surplus of 33.41 billion, sec- 
ond only to the $3.46-b3hon sur- 
plus in ApriL 

Before that, the previous high 
was 33 J I billion last September. 

Japan’s surplus in U.S. trade to- 
taled nearly 537 billion for all of 
1984, and American government 
officials have forecast a S 50-billion 
surplus this year. 

The ministry said car exports to 
the United States in May readied 
51.79 billion, down from $2.09 bil- 
lion in April but up 233 percent 
Tram May. 1984. 

The April figure was up 2Q.5 per- 
cent from April, 1984. 

In trade with the European 
Community in May, Japanese ex- 
ports fell 9.7 percent from a year! 
earlier to $1.42 billion and imports' 
dropped 1 9.6 percent to 3724.8 mil- 
lion, leaving a Japanese surplus of 
$696.6 million. 

For aD of 1984, Japan’s surplus 
with the EC was about 510 billion. 

Japan’s exports to China in May 
rose 1 18.7 percent to $1.09 billion, 
while imports from C hina climbed 
82 percent to $580 million, leaving 
a Japanese surplus of $506 million- 



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— ADVERTISEMENT — 

INTERNATIONAL FUNDS 

Quotations Supplied by Fuads Listed 
10 June 1985 


AL MAL MANAGEMENT 
Iw) AKMal Trust S A 


— +(«) Lloyds Inrt Pacific. 5F I36.ro 

S 157X7 — HWJ Lloyds InfL Smaller Cos.- SUM 


BANK JULIUS BAERS. CaUd. NIMARSEN 

— Id ) BaerUond SF M2J0 — id j Closs A 

— 10 j Cantor SF IZUjOO — (w) Ckm B- U.S.— 

—Id ) EooJtxwf America S 1 177 HO — |w) Class C - Japan. 

— Id 1 Eautooer Europe— SF 12MJJ0 

— (d I Equibaer Poclflc. SF 17111* 2St! stSuiliSEE 0 

-Id 1 G rotor SF 10SUJ0 ~ MuRlPrrreney 

—Id ) Slock tar. — . 


BANQUE INDOSUEZ — iw) Jopon^Y«n 

-Id ) Aston Growth Fund SRL79 —fw) Pound Sterling— 

-<*) Oivertwnd SF&L35 —4w) Deutsche Mark, 

— <•) FIF — America S llLtt — Iw) Dutch Florin 

“t»l SI1-S -<»> Swiss Prune 

—fa! mmSSSSsssssncz^ IJS 

—Id I Indosuaz Muftibands B SI51JI7 

BRITANNIAJ>OB271. St. Heller. Jersey 


PARISBAS— GROUP 
— (d ) Cartera Internal 

— Iw) OBLI-OM 

— (w) OBLIGESTION- 


"m Vimj — IW) OBLI-DOLLAR 

— iw! OBLI-YEN 

FU . J ixn — jw) OBU-GULDEN — — 


Id I PAHOIL -FUND- 


ti tJH 

_ SF W-50 
_ S 1.177 JO 

Y TU1RS3J* 
FL 1H7ZM 

mB 

I11UJ 

SI WSJ 


— tw) BrltJDollar Income SOJJfi- ^ 

-iw) BrIU Motob-Cutt 1 9.18 “£} Cartera rrJorTtcrftorKil MU1 

—Id ) BrR. iniLS Mana&nartf S1JH1 HS recrSE DM C V”^ 

—Id > Brit. intti MonooJ'artf 1 1.177* “W 92h SKvSS 

— («) Brit. Am. Inc. & Fd Ltd Si JIM HSl Sni L '9pt L>R ~ vSn'ISm 

— Iw) Brlt.Gaid Fund SU17 “ft! SShtenfficS Y c?VS5q5 

-iw) BHIManoaCumsncy *14.17 

—Id > Brit. Jam Dir Peri. Fd Sa«a -« } g**OjL-FUJjO_ 

-Iw) Bril Jersey Gilt Fund 1 0228* “« Sab'u JlSSlftSsSr I 

-Id J Brit. World Lris.Fond___ S7.T14 — « I PAR US Trraury Bond S1SM1 

—Id ) BriL Worm Teriin. Fuad— SR730- rqyaL B. 

CAPITAL INTERNATIONAL liS! S5f 

tss 5I2IH 

-MU ) RBC 

-Hwl RBC . _ 

SKANDIFOND INTL FUND (4&4-2U27Q) 

—IwJ Inc: Bid S5L2T Offer &»■ 

— IwlAcc; BW 02* Offer SSA3 

SVENSKA INTERNATIONAL LTD. 

17 Devonshire SaAxndravm-377-aMO ^ 

— lb )SHB Bond Fund S2233 

— tw» SUB inH Growth Fund SHIM 

SWISS 
— Id> 

-Id I 

32! 

— Id) 

—Id J 

!C —id) 

— (dl 

mo? 321 

S21A6 —id) 

vaS “‘ d) 

1)232 UNION BANKOF SWITZERLAND 

(wl Worldwide Securities S/S 3Vj_ MASS -Id Amca UjS.SlL SF 41^ 

Iw) WorldMM Saedol S/STVi. siJxti7 — td B ond-lnvwt— «= UJS 

OIT IN 1 VESTMENT FFM —Id Japan- Invest ' SF92AC0 

-+ld » ContwitTB—— DAgB-iH SaIR South Afr. SlL SF48M0 

—fid t Infl R e nte nl ond— - DMV5X1 — id Sima [Mock Price) SF I9&50 

OynB Mefigt * Uqyd Gwwoa. Bn»uria_ UNION INVESTMENT Fnrtrturt _ 
— 1ml D&H Commodity Pool— S3Z7.1T —in i iinimitn nun W 

-lmlO«^&Go«fpool_SlSA6“: 3d J DM 24 JO 


"V ' 


Other Funds 



X 








HOW MUCH LONGER CAN THE DOLLAR 
REMAIN IN THE WORLDS FINANCIAL SADDLE? 

The “Almighty nollar" is once again almighty. 
Almiist daily, il breaks new records in the international 
foreign exchange markets. ^et just, a few short years ago - 
1980 in Ik? pra ise - the “grtx'n hark" was flat cm its hark- 
One of the weakest currencies in the world. 

What lias given the dollar surh a stnmg now life: 
The buoyant U.S.eninnmy?Orartifieially high Ameriisui 
interest rates, .supjioried i»y mind-lrnggiing national 
tHidget defieiLs? 

fSeonomlsts an* divided. But they sei-m In agni* 
on one t hing: the 1 15. rurnury is pntiahly «vt*r\-dlu«l 
and il is likely (4i(l(vline.[\*riiajisgratiiialIy.Pt‘rha|js 
pniipitiilely. 

GOLD CAN CUSHION THE FALL 

Gold is mi unparalleled pmtatiim if their 
fimliet inns are realized. Why gold? 

Because ail eurn*neii*s - i*wn the U5.<lnl!ur- 
mv simply jwsvsof ixijxt. T heir value isasslmng.nrwi^ik, 
as the nnirit ry wliirfti stands behind UK*m.Wfii< li jw|»*r 
iiirn‘iH-y would you ehnnseasa refuge from the dollar? 

By nmtnLsl.guld is a metal. A pnt icmji nirfal. Its 
vajiiedeiK'ii<!soMiKiiiulion.on iiominnuiy.Tlie value of 
gukl is iiiirinsiiMUKl llien^ire mist worthy. MunsiviT.il is 
ejLsy in slon ‘.easy to IraiLSfMni. And instantly rts ngnizisl 


for the treasure it is, virtually anywhere in the world. ■ 

Today'sguld price is still relatively low, and the 
historical trend has always been up. Financial counsellors 
recommend putiingat least 20-15’b of investment assets 
in to gold, as insurance for the inerlium to long term. 

KRUGERRANDS - GOLD IN ITS MOST 
PRACTICAL FORM. 

The most convenient and safest form of gold is 
Krugerrand gold hullion coins. Krugerrands are genuine 
legal tender The over 40 million Krugerrands in circula- 
tion are more than ail other modem gold hullion coins 
combined. Each Krugerrand coin contains exactly 1 troy 
ounce, 1/2 oz, l/4oz.or 1/lDnznf pure gold; therefore, you 
can acquire them in either small or huge quantities. 

Krugerrands sell at t hr daily gold price pi ns a very 
small premium for minting and distribution. To make 
Kntgerrands an even mure pnd tiring investment, each 
coin is [jure gold... pi us just a touch of alloy. That is 
why they are liarder, more durable than unalloyt'd 
gold coins. 

HOW DO YOU INVEST IN KRUGERRANDS? 

Not hing could be simpler. Yon may buy a single 
coin or any quantity - in complete confidence and 
complete discretion - ill rough most lianks.sliK-k brokers 
and bullion min dealers. And you may resell them just ;is 


easily. Any time. .Inst about anywhere in the world. At a 
moment’s notice. 

.Ask your bank or local Knigerrand dealer. If you 
n*quire flirt iierguit lance, write for your fret* o »i n of t lie 5t» 
l>agt’ Ivmklet “Eurripean Guide to Gold and Knigerntmis" 
tie Internal innal GulilCnqwmitkin Coin Division 
l.Ruede la RoiissericCH-1204 Gerunu Switzerland 




KRUGERRAND 

Money you can trust 










Page 16 


Over-the-counter 

NASDAQ National Market Prices 


international herald tribune, Tuesday, sure 11, i98S 


June 10 


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JS.2«. 2! in " FlaFdl 


FOREIGN & COLONIAL 
RESERVE ASSET FUND 
PBCB AT 5A85: 
A; US DCXLAR CASH $1050 

B: MULUCURSENCV CASH $10J6 

C. DOLLAR BONDS $1151 

D -. MULTICURRENCY BONDS $10.97 

E STB9JNG ASSET ElOBS 

fORBGN & COLONIAL 
MANAGE MENT f/ BBSEV] 1MTH) 

U MULCAS1BI STREET.STJfilBUBBEY.CJ. 
TEL 053427351 TELEX: 4193063 

FQK OTHER FAC HJNDS, SS£ 
IMBtNATIONAL FUNDS UST 


OptiOllS (price* In S/oz-L 


3U) 155OV0B 

3® W2511.75 IB50-2000 

330 631 UB 1400153, 70353235 

340 375 525 KU5H75 17UM&50 

39S 275 425 737 900 0501500 , 

M 125-233 150 73) I025HJ5 

SO 1 400 550 I flgLggL 

Gold 31175 3025 

VikmWUteWeU&A. 

I, Qud da Mont-BUne 
1211 Gw*i I. StAMfM 
TcL 310251 - Trie* 28305 


STOCK USS USS 

PeVoe- Holbein 

Inlmadonal bv 5% 6% 

Gty-Gock 

International nv 2H 3V4 

(Quotes xt df: June 10, 1985 

[nvffiure seeking above average 

capital gams in global stock 
markets can simply write us a 
note and the weekly 
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Tele*'- 14507 firco nl 


CmnOt JB J 
CPtEnt 
CmotH 
Cmpldn 

CmpCR .12 XO 

CmptM 

CmsPds 

CmTlks 

Cmputn 

Cnlcft 

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Cmjrvti 

Canuhr 

Comstk 

Comic h 

Concntl 

Contfri MM 40 
ConnWt 148 72 


2061Gb 9% U „ c [ mf I s 

15024 23 21ft— b 

52 Aft 5ft 6 — ft tSSS 
4610b 10 10 — b ™2“ 

55 Aft Sft Aft— ft Ef5SC A na 

4 ?Sft Sft SS-ft S?"® " 

J. Jft *" Jft ™ Far Am 

afa g k-S '5S? 

3714ft 14 14 — ft pStnS 

71 6% 6b 6b — b EJJJS 
1 3b 3« 3b + ft rn^r 
4 1 B B — ft pmkCp 
49 4 3ft 4 FmkEI 

9 _?b .8ft .Bft — b EfSCSi 


—1 LaaDto 
i + ft Minor 

— b Lesco 

L*wtaP 
, Lexicon 

— ft Laxldta 

, UbUBS 


Fl$KC 1.10 45 16724% 24ft 24ft— ft LnrnRs 

?JmmT u- li 1114% 14b 14b LomaT M 55 

Xi "m* ,*2“ ^ob— ft Lanant 48 XI 

FTOTNt M0 44 63J6ft 36b 36ft— b Lances 32 X2 

FtuScs 122 25 568 40* 44 44ft- ft LdLnSL 37 32 

FtValVl UM XI 56OT4 Mb OTA-b XndBF M M 

FtVtFn 128a 4J 8927b 27V. 77b LmU 22 1* 

FfWFn 20 34 15 Sft Sft 5ft — b [Jiraen J* >-■ 

Flraw 621 21 21 +% Low>« 33 1J 

^ M 261ZV, M fzft+’ft taSP 

B 48 32 *?il^,S lS -* tSSp 28*33 
FWMIn 10 3b 3b 3b Lrx ccri 

ns sr ^fs fvb- w 

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FLlon B JX7 A 3317% 17ft 17% LHlrtljl 20 M 

For Am 36 XI 17231b 31b 31b— b Lb}Brd 

FortBtO UD0 S4 94 18ft lBft TBV? — ft LjP Cjf X20 65 

ForSi 12 8b Bb Bb- b Ur^ro .16 32 

FortnF 22022b 21b 22b UnjrCp 

FortnS Ub lft lft 'ft— ft P* 0 ?* M 3 

Forum -06 -6 BgHb 9ft 14. * 

Foster .10 XI S S 49k 4ft LocalF .lse 9 

i FmkCn liSe 92 613 13 13 - ft LoodnH 

FmkEI 56 32 , 116b 16% Ub + ft LWWF 128 54 

I FmhRa 14440ft 39 40 + b Lotus 

FreeFdl 2 Bft Oft Bft LaOnCTl 40 XS 


19 B 
10 7ft 
51 13ft 
5018ft 
1131 13 
10 12b 
15015ft 
40 12 5644ft 

25o 12 11*, 

.12a J 0910ft 

.16 9 5317ft 

.16 M 99 9ft 

21 9b 
JO 35 19 Uft 

48 XI 11916b 
52 X2 2S2f 

22 32 21 10 

40 32 349618ft 
32 1J 31351 


22 UO 940 

28 1-0 B27ft 

170 5% 
Blllft 
2010b 
■28b 33 107 Bb 


ForastO MO 54 
Forscti 
FortnF 
FortnS 

Forum M 4 

Fester .10 XI 

FmkCn 12Dn 92 

FmkEI 56 32 


tram — “ l FmkRs 14440ft 39 40 + ft conn 

1712ft 12ft 12ft- b fSfOI 2 Bft Bft Bft LaOnC* 

Sri ssft 48 ,J MSA'#** 

.SBlfe+a EK * u ^u^’ift-ft izz 


154 Ilk 
90 2ft 
1735 
11B27 
£7 4 8219 

24 5 11 45ft 

76 5U 
M 2-9 16 13b 

20 14 36319ft 

176731% 
20 65 4 34 

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104 5% 
26 a 12424Tb 

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T 7% 

28 54 5534 

120027 

40 XS 12218b 
1 25% 
34922% 


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Cncapl 1400 U t DM Bft 17b IBb- ’A gr LI 


CCapR 140Q10J 
CCOPS 3-00 1X5 

CnPoWS 146 IB 
cansFd JM 1.T 
Consul 

ConsFn j05o 1.1 
Conwts 140 XB 
CntlBcP ZJ04b54 
CttGon 
CIIHI16 
CtIHItC 

ContStl „ , 

Cant Ins -08 A 
CtLasr 

ConvFd 260 45 
Convat 
Canvrae 
coprBio 

Caw Lit _ _ 


14BDI0J 3646ft IS, 15ft 

XOO 1X5 242*2ft 21% 22% 

148 XB 3948b 48 48b + b 

£0 1.9 13 4b 4ft 4b + ft 

58 4ft 4ft 4ft — b 
£50 1.1 65 4ft 4ft 4% + b 

140 AM 529% 78% 27b ♦ ft 

2£4b 54 1 36% 36% 36b + b 

114 14 14 4-b 

31915b 15ft I Sft— ft 


395 7% 6b 6ft— ft 
61 15b 15 15ft — ft 
3 4ft 4ft 4ft + ft 


b + b • 

7ft 

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IBb— b 
13 + ft 

12b— b 
15ft 
44b 

19 + ft 

18ft — ft 
17ft 

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29 + b 

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26ft— ft 
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Sr* I Flo: 

47b— lft ■ •*■ 1WI 

16 — b • 

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7%— ft | 

23ft— ft 

26b — ft | 

IB +1 
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21ft— ft iwoer/Mat. 


7 7ft 
59ft 60ft + ft 

10ft 10ft— ft 
45ft 45ft— b 
10ft 10ft— ft 
19 19 — ft 

12ft 13 + ft 

Bft 6% + ft 
9 9 — ft 

3 3ft 

8 B 

20ft 21b + ft 
10ft 19, +,ft 
Uft Uft— lft 
14ft 14ft— b 
36ft 36M -Hft 
14b 14b 
21b 21b 
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3b 3b— b 
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29ft 31 +1 

37 38 + ft 

22ft 22% + ft 
lib lib — b 
IBb 18b— b 
23b 23b 


6716b Uft Uft— ft 
Mil 10ft 11 + ft 

”»b 73b »b + ft 

?ss:s%sr; 

oa 6b 6ft 6ft— ft 
M 3b 3ft 3%- ft 
2923b 23ft 33ft + b 


294 9b 9b 9b + b 
402 6ft 6b 6b — b 
310% 10% 10% — b 
37 lb lft lft- W 
4910b Tb *b— % 
243630% 30ft 20ft— ft 
16 3ft 3b 3ft 
13 6b 6b «b 
1310 10 10 ■ 

157411ft H9H 10b— b 


me .1 62 B% Oft 0% + ft 

L48 X2 10159ft 56 5Jft « 

46° 2£ Sl» 27ft 21b + % 
- “ 

n'ft ’ss ’E+s 

43 5ft 5% Sb- ft 

1£0 U 193220ft 27% 28ft 

34 3J ^5 6ft 6ft 6b— ft 
!n XT 644V, Mb 24b + ft 
M 15 WlSb Uft 16ft 
40 Wi* 19 Wb 

128 “ JJ IT % ’SS 

- “ « «=5t 

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20 U 28 6 Sft 6 + ft 

J 415b 15% 15b- b 
544 9 Bft 9 

£3* J 1144 4% 4ft 4b 

716 Sb 5 Sb- b 
18 3ft 3 3 

110 4ft 3% 3% — ft 
6622b 22% 72b- b 
ii cn 2S4 9 6% B% — ft 

M4W% Wft 19V?- ft 
£2a 12 340b 10 10 

3 3b 3% 3b— V* 

10 1% 1% 1% + ft 
£M .4 3017 16% 17 + b 

20 15% 14% IS —% 

■£'i 

’■«" J SS , ^ , S2 1 5f*' fc 

1X4 XI 12739ft 39 Wft „ 

* w sra t «*e 

3W% 18% 18% 

2JM X5 1257ft 57 57 

114 2b 2ft 2ft 
JO S3 11415% 15ft 15% 

1£0 X3 *% i2% 

J,’ 4 SfiKiKiSS-ft 

r issr^s 

,4 ‘ 

£, sj mii% i”; «”j + Ui 

J8a 13 7*3 23 23 + ft 

JBo 13 65*4 23 34 +lft 

JO M £17b 17b 17b 
130 X6 «*4 Uft 23ft 

■’ ao,4 s,s w ,??iig 

1217ft Ub 17ft + b 
818b U 18b 


10 U ♦ % 

15 U% 15 — % 

12b 11b lib— ft 
17% 17b 17ft 
8% 8b Bb— b 
17b 17% 17b + ft 
IT 10% 19 — ft 
8% 8% ■%- ft 
27 26% 27 — ft 

18% 18b lift + % I 
42% 42ft 42% * ■ — 

22% 22b 22% + ft USLICs 
26b 2SM 26b +lb U5T 
12V? 12ft- ft UTL 
70ft 70ft 

Jb 8S + b 

lT« l?f— ft ’ pi ■ 

7ft 7ft— % Urn 

SbSv-ft n . 

Bus 

8b 8% + ft 
13b 13b— b 
lift 11b— ft RF| 


„ 1821% Mft SSZ uvaBB l-* 4 *■ 

U «»» ^ ^ + ft “ nw EIT 

lots 76 7 jfrJ" UlwHIl 

i “*IPifeSlHR - j 

£6 13 *SS S5 + » U® 2 " U 

& “ febRSmig I. i— 

48 £l=s^»» 

1* 1.1 1 u 14 U + % va.NI, 130 W Sn 26ft 

■™ 1710 9% *%— b vaiutah 1« XI Wft {• |f 

72215% U% + ^ vwmnr Ak 13 gljb '* * 

l 3134V? 33?“ 34" Valtek J»* w M 6rt _e . * 

7932% “2 4. % VWLn A0 13 

1223 22 22% + % von Du* -* M 

35 1.1 □ 4ft 4ft 4" VoaShk 

IjS 13 4J43 141ft 142ft ft VOnzatt 


■ielH "fit 

fi 6033% »ft -ll4 


'8 3 a¥ , S 


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1 jSiib »» ijjr 

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jw -‘ vl 

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43)43 141ft 142ft- 


ValoSdS 

Vaatrtx 

VtraaT 

veto 

VleonP 

vieon? 

Victor 


« 43 3172b 22% 22% 

nL 3 42312b 12 13}%— % 

4"* J ^5J ,*U 1% V* 

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U0 U 1 421‘j 42ft— ft VledeFr 3» X4 70 9b » 17 — tk 

^14 J 2221ft 20% 21ft VI rate k , # ij|— ft 

12QM2J 34 9% Jb JJ* . ^ VoBoCh 34 M S *S **, 'i 

232 3ft 3b 3b + % VhTBCti m2 to%- ft 

sa&SbStzs M 7 * u ’U 6b- v 


»I2H% «■- SI? ♦ ft 
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^ ,2 V M b-ft 

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4S ,7 M.“3 ,7 b-% 

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U*3 33 33 

*5 s a g 

^7 * ,? £-% 

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423 10% 101k 10ft — % 

4^iSSigig-b f — 

4B 39k 3% J%— ft 0 — — ■ 

7016ft Ub 16% WO 40 JO 4£ 

2024 25V. 26 „ WaibCi 

18 5ft Sft 5ik-b WlkrTs, „ 

17 Sft 8b 8b— ft VWshE 1-76 7J 
726 OH 7b 81% +1b WF5L6 JOO X4 
3497% 21b 21b— % WM.U 


WM&B .. 

W * h «f ■!? e-i 

wuir.ri -11 3-i 

VVDUSFP A0 X» 
Whit M X2 


<511% 11% 11% — b Waver 
3622b 21% 21% — % WKMtk 
in % n mom 
2 7ft Tft Tft VftWl • 

26 9 Bft 8ft — ft TMIflTr 

15411% 11% 11%— % WMIM 
88 5% 5% 5% WtHOC 

2321181% 17% 18ft + ft WMKl 
1030 4% 4% 4% + ft WMTFn 

24 Ob 8% Bb — ft WSlDn? 

9 8% 8% 8% WnCmc 

43 6% Aft «%- % WMFSL 

47914b 13% U%-% WBUCTC 
72333b 32% 32%—% WMKr 
515 9% 91% Tft— ft WSILfe 

8915b 15 15 WtTlAS 

12615% 15ft 15ft— b VUtnorC 


18436 25ft 25% 

49 2ft 2% 3% 

2115% 15ft 15ft 
36130ft 20% 30ft 


3S> 7ft Tft 7% + ft Wldcom 
B 2ft 3 2 ftU*M 

10121ft 21 21 —ft Wlttmt 

S 3* 2% I%- ft WD1AL 

i TV? 7b wusmi 

2ft ft ft + ft WHWtF 


j* «£ 2621% 31b jl% 6 % 

16113b 1 2ft 13 1 - ft 

176 78 g%- *- 

SSSSS'. a 

JS ;? iK i s »: , 

S d ™.iw “» B"=2 t 

3 U 213ft «h lMTh 

3 X0 31217 tltt tri * ft 

JM t* 4* *% *% *ft . „ 

■n ug 4| 8 7% 8 6 b 

M13% U% J3%- ft 
10 1 Jft 13b 12ft 
9 JM 3A* 3 fed 

10*14 131k Uft - b 

20 7b 7b 7b * b 
30 7ft 7ft Tft — ft 
M 33 5 12ft 12V? 12ft ♦ W 

3IJ2 21% 23 

.40 X4 31 17 U% U% 

WlhWO .«• J 1» “ A Hi 

WsNvdC 38179ft 29b 2*% * ft 

WMM JB 33 &*!*%*?!- ft 

WICQt 50 4 Sft J'V— ft 

636 MB 8ft 8ft 

a Tft 7ft 71* + % 

IJS 44 MIMb 37% JMe- % 
10*3 Oft I* 12 
i. 10 10 ♦ ft 

3*2 Bft 7% 7ft + % 


41 


15b lf% ♦ b ftKamr J7 i£ UB**% *w ^ 


’2u^ 13% iS^ + b jjgign ' 4J J* 

- « fflu* t srre ws 5 g 

2013 lift lift- ft Woofflft 40 44 


WwiEn 
-6 ft Wlwtl 
♦lft Wahdut 


in •% •% «% 

48319% 79ft 19ft- % 
79 7 *% Me— % 

1*713 Tft 7ft 


219 9% tft Tft— ft Worth* 

1 Mj 17b 14% 17b + tt. WroniW 
1660 6b 4» 6% + ft WW 
s ib tb 8%— % Wvman 

* sSttattdS™ 

25723b 23b 22%- % XJB« 

« " Sr^SS-b s 
, t’SS 'm ’SSift I 

415% .5% 15% ♦% 

1*6 2ft 3ft 2ft .. -rwtiFd 
130 6ft 4b 6 b — ft - • 

17 5ft 5% 5* . , | 

60 3% 3 b J% + % - ■ 

202 1% 1% n* „ 325 1 ?! 

.10 L2 7 Oft 8% 0ft + ft 
48 ,J 4327b 3*b 37b + ft gmm 
1J0 XB 469438b 35% JS%— 3b 

89 % TV. % + J SjSn 
io uft wft i*ft— ft 55^5" 
JM 4 14720 19% 19% + ft £“2. 


64 X4 37726% 
JO XB 243ft 


52* 23ft 23ft— W - 
14819 9ft 9ft 9b — ft 


234 4ft 3% Jft— ft 
10B2 Bft 61k 6% Hr M 
70013b Wft *3*6— w 



YIOwFI 1J» M IJJJgk »» W% ♦ % 
VortFd 40 Xfl 1915ft 15 -13 — ft 


24 Sft lft 3ft- ft 
30041% 40ft 40% — 1 
63 27616% 16% 16ft— ft 
5 3ft 2% Tft 
16 41 34% 34ft 34% — W 

19 2ft 2b Tft— ft 
92 Sft 4ft 5 
J 101 KR* Wft 10ft— ft 
63514, 12% 13 — 1 

707 3ft 2ft 3 ♦ ft 


2121% 21% 21% 
726% Kb U% 

7023 22% H + b 


Chinese Minister Cites 


Aqnmo Unseam in U.S. 

The Associated Press 

NEWTON, Massachusetts — 
The house where Benigno S. 


Businesses Evading Tax 

Agmce From*- Prase returned in 1983 to Manila, where 

BEUING — About 40 percent he was assassinated, will become a 


* tI 5 + fS the country’s justice minister. Zou 
ub 39 + ft Yu, said Sunday in an interview 
r Sb- ft carried by the offidal Xinhua news 

Uft 14ft— ft aopnm 

33ft 33ft- b UgCnCJ- ... . . 

” S Mr. Zou attributed this to a lack 


33ft 33ft- b 
19 19 — ft 

24% 25 + ft 

2b 2b + ft 
2b 2ft 
21 ft 21ft 


of knowledge about economic reg- 
ulations, the report said. 


KEEP UP 13 DATE wnx 
BUSR4E5S PEOPLE 
APPE«a«lG EACH WEDNESDAY 
ANDWOWIN1HEIH T 


Floating Rate Notes 


*2% \ % + * 
4221ft 31 21 

28 5b 4% 4ft— % 

u a a a — ft 

2046 6ft 6ft 6% 

6915% 15ft 15ft 
979 2% 3b 7ft— % 
76 6ft 5V. 6ft 


CoorsB 40 U 296918% 18% 18ft 


rgpyjgl 9919 18b 18V? i 

cSfl 20 B 7ft 8 + ft 

CiSs 99 tb 8b Bft 1 

SSw 2£8 19 JBS4 53ft 54 + ft 

Corvul 220 2Vfe 13 ■ — V# 

S35? 132 4ft 4% 4ft 

cSurDU 12 6b 6b tb- ft 

Sp» 40 1.9 «31 21 21 - ft 

crkSr! .14 ui ^5513 12 % 12 % -ft 

™ » 17 fSb^’Sb-b 

^ 1ft 
SOS'S Ub Uft 
CnaTf -B0 2J W» »k 28% 

CnAulS IX.iS ,3a 1 itS 

CwnBK 3013% JJ” 

SSl^r « X9 iSg 

Sr s ” r s 

ass J0,u i?iis i% »5S-« 


DEPB 
DLltnl 

ONAPI 

DOCH 

D5cm 
Dahlbra 
DfdrMi 
DalsvSv 
DaktsF 
DnmB la 
□aw3| 
Doric*' 
Datcnt i 
DtaiOM 


□ancp 

Dtaatt? 

Datum 
Dauahn 1.96 5£ 
Ooviws 


»!4ft 16 16ft + % 

OM1IJ Mb 

4 10 10 10 — ft 

43611ft Wk lib ■*■ * 

313 0% 0% 8ft 
16 6 6 

328018% 18b 18% — % 

54 7b 6% 7b + % 

» 3112 11% U% 

59423% 23b 23ft- % 

9328% 28% 38% + b 
94 Aft 6% Aft ■ ■■ ■ ■■— 

.M* U 213b lib Wft— 1 . I 

.U A £05 105 105 +lft TTT 

25120 196k 19ft — ft HBO 

35811ft Uft lib— ft HCW 

304 46k 4% 4%— % HEI Tx 

6619 18ft 19 + b HEI 

7 36k 36k 3% 

22 tft 6 4 — ft JS5 Br 

l.M 5£ 3539ft 39 39ft + ft Hodco 

1 514% Ub 14% + b ModS*n 


Jtb 1.9 IMS 14% 14% MPSI 6 

59 7b 7% 76k— ft MTS 6 

80313ft 13 13 — ft MTV, 

JB J 33 44% 44 44% + 6k ModlTC 

3310b 9% 10b + ft 5K2.Tr 

.10 1.1 IB 9% Tft Tft— b MoOGE 230 BJ 
95 7 Aft 7 MagmP 

KB Jft 2*fi 2ft + ft 55^5^ „ ,, 

23848b <7b 47ft— 1 MauGO 48 U 

J4 X3 2415% 15 15ft ♦ b MahwN 1 JO 10 

.10» 4 B 28 25 23 —2., MaRI „ 

£5e 4 20111ft lib lift + b IbalrltB £1* 

1011 10% 11 — b NfttScI 
JSr 65 23 16b Ub 16b „ Atonltw JO U 

243 lft 1% 1% + ft 

14 3ft 3% 3%— ft .. „ . . 

50GB 7% B + ft MorcUB Mt 14 

.10 1 645ft 44 45b +lft fltoWK 

655 Sft 5 5%— ft MmtiC* 140 43 

.10* 1J 13 5% 5% 5% MTkrai JO XI 

£Se 1£ 2 5 5 5 MLlPct 40 34 

14814ft Uft 14ft + ft Moral 

£8 1£ 110 Bft 7% 8ft + b MorsS* „ __ 

JB 2£ 5 U 13% 14 + b MarahS 4B X9 

J4 1J 89420% 20ft 20% 25ES 11 JS! H 

4,6% 16% 16% MrWNi ]£0 33 

1J0 61 128 IB 38 — % MOSCOW 

J2 23 23 lBft 17ft T7ft— ft Atecoln 

43e 43 5013 Uft 12% + b MauJtof 

J4 ,J 120ft 20b 20b + ft M ClWltU 

32 ft % ft + K MalrxS .10 4 

19614% Hft 14% Maxcn 

4413 17ft 13 Maxwol 

J6 X5 51 17% 17 17 — % MavPt , 


2420 19M 20 + b ADM Irish 87 

6859 0b Bft Bft «l»c!! r h*P»p 

7 7b 7 7b AiaaBks Cure *1/96 

21 5ft Sb 5b— % Atlantic FlnBWW 

10 4b 4b 4b— b AutaflWOlK 

3 4 13 7510 19% X +b BcaConun ltalTt 

14 26 26 26 — b Bm HazLawreTl 

9 6b 6 6b Bee 01 RflfnoBWTl 

549511 10b 10% Ba?Dl ReaiaTS 

230 BJ 4926b 26ft 26ft BcaSoneSeMloTl 

14310% 10b 10b— ft Bartfadc Bk (BOD OB 
4571 20V, Wb— % Boa Can? 97 

48 53 7413 12% 13 + % BfcGsicCtfim 

130 10 5040b 37 39% +3% BkGn»aof3A7 

704 8% Bft Bft 8k I retract I? 

£le !5*17b 17 17 — % Bkli«land«2 

15114b Ub 14b— ft BkMantreaiM 

JO 15 W523 22% 22% - b BkMantraOiH 

8913 1» 12ft Bk Montreal 91 

ZOO 3 A 11758ft 57% SB BkNw YorkH _ 


Bee 01 RomoBWTl 
BcdDI Rama 92 
Bca SanteJMrJhli 


Bk Montreal 91 
Bk New Yof* 96 


MarahS 48 X9 
Morshll X24 BJ 


517ft 17ft 17ft— Mi Bk Novo Scotia BB^3 
7 7b Hi Novo SaittaW 

3843b 32 32b— 3 BkTokvo93 

119% 19% 19% Bk Tokyo B9 

517b 17b 17b Bk Tokyo B7 

4110% left 10% Bk Tokyo FoMS/91 

14616ft 16b 16b— ft Bk Tokyo DecBS/TT 
2116ft 16ft 16ft + b BonkimMffcaO/5% 
3541ft 40% W%— % BonhenTrasIDa 


MrMNs 1£0 33 473J0b 39ft 30b + b Bankers Trad W 
■ SO 6 3% A + % BtICflritalH 

16760ft 59b 60b + b Ball Fin 87/91 
1296 2% 2b 2% + ft BU95 
UG12b 12 12b BUWI99 

MalrxS .10 4 126b 26ft 26b BHimTS _ 

61979ft 39ft 29% — b BO Mamet 8! 


20 14% M 14 
1254 4ft 4ft 4% 


13% 13 — % | MavSu A 30a A 122% 22% 22%— ft [ Bto» 


Balnd«uez99 

BoclR 


23 Tft 7b 7ft — ft MovnOI 
89 Bb 7ft Tft— M MOVU 
8314% 14% 14ft— b McCrm 
10AA A% Sft Sft— ft Me Ffld 
A 7b 7b 7b — b Me FOrl 
13212b 12% 12b + b Meditra 
831% 28% 30% MQdoM 

6011 10% 11 +b MadcoC 

12 Ab A% Ab + b 
560 22% 22 22ft— b 

983 183 182 —7 
20 6% 5% 5b - b 
37313b 12% 12% — ft 
91 Ab 5% 5ft— U 
4 17 16 17 + b 

208 Uft 13b 14b — ft , , 

1115b 15b ISft + M JtantrS 
I 7b 7 7 MareBc 

7215b 15b 15b MareSk 

23 lft lft lft + ft MorBCa 
1513b 12b 12b— b MerBPa 


129 4ft 4 4 BkxOdH 

7 Sft Bft Bft— b Bin Jan B 
JB 24 13237b 37V. 37ft— b BfCtW 

2311!% 10b 10ft— b b»9S 

41 12b 12 12b + b BnpBSM 

1113b n 13b— b BnpB6/96 

30o 1J 11211% 11 Ub Bno 99 

2024% 24b 24b— % Bn* 8* 

£5 4 47 9 8% 9 + ft BaeN/91 

575 5% 5b 5%+tt BiW-tuM 
1011% II 11% Boa 05 

39124b 23b 34b + ft BoPoriBasPmi 


5 BaWonraEWT* 

25% + % I Borders O/S 2 


MantriS 
MarcBe M2 53 
MareSk MB X3 
MerBCa 

MerBPa 130 3J 
Mem v un 13 
McraiN 130 73 


22121% lift 21% — b MrdBBf XSO 73 
is 6 5% 5% MarlBi 

40 14 U 14 — b Mori me 
1 5% 5% 5% + b “ ~ 

54913ft 12ft 12% 

5019 18b 19, 

7 Aft 4 4ft — - 

91 2b 7% 2%— ft Met Air* 


26 4% 4ft 4ft— % MtdemO/sn 
240717ft 16b 17ft— ft BBTtonOAPCTP 
45223b 23b 23b + ft Hardm*0/SW 
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INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


BUSINESS ROUNDUP 


Hanson Aims to Raise $638 Million 


Sniin 

LONDON — Hanson Trust 
PLC, a British diversified industri- 
'• al holding company, said Monday 
*■ *r is raising £503 million (S638.8 
v million) through an issue of ordi- 
* nary shares and an issue of convcrt- 
■ ible preference shares. 

The issue terms are one new or- 

- dinary share for every six ordinary 
shares held at 185 pence each. 

• , Also, ordinary shareholders and 

holders of Hanson &-percent con- 
, vertible unsecured loan stock dated 
y 2004 to 2009 will be offered Han- 
\ son 5.75-percent convertible re- 
„ deemable £1 preference shares. 

The convertible preference 
>: shares are bang issued at 100 pence 
, each, Hanson said. 

The company is raising aboat 
£359 million, net of expenses from 
the one-for-six rights issue, and 

- about £144 million net from the 
'• issue of convertible preference 
; shares. 

- The 185-pence rights subscrip- 


tion is payable as to 100 pence by 
July 4 arid the final 85 pence by 
Sept, 27, 1985: The convertible 
preference share issue wiD also be 
Lilly paid, with 50 pence due by 
Jy 4 and the final 50 pence by 
Aug. 30, 1985. 

Hanson said it expects to pay a 
final dividend for fiscal 1984/85 
en din g SepL 30 of 2.7 pence an 
ordinary mare, making 4 2 pence 
against 3.33 pence the previous 
year. 

Holders of the newly issued ordi- 
nary shares will be entitled to the 
final dividend. 

The 5.75-percent convertible 
preference snares will pay divi- 
dends on April I and OcL 1. The 
shares will be convertible at the 
rate .of one ordinary -shares for ev- 
ery 2.4 convertible preference 
shares on Feb. 28 in any year from 
1988. The redemption date is Ocl 
3, 2005. 

... Hanson said its board believes 
the combination of ordinary shares 


offered at a discount to market 
price and convertible preference 
shares with an attractive yield gives 
shareholders an opportunity to in- 
crease ihrir investment in the com- 
pany on advantageous terms. 

Hanson ordinary shares on the 
London Stock Exchange were last 
quoted Monday at 219 peace, 
down from 222 pence tele Friday. 

The company said the funding 
exercise will enable it to take great- 
er advantage of opportunities and 
provide a strong stable platform for 
internal growth and possible fur- 
ther major acquisitions. 

In die short-term, the proceeds 
will significantly reduce Hanson's 
borrowings. Cash spending on ac- 
quisitions since 1981 has totaled 
some £646 mfllioa. 

Last week, Hanson reported pre- 
tax profit of £106.1 minion, up 
from £64.4 milli on, for the six 
months ended March 31. Sales rase 
to £1.48 billion from £900.4 mil- 
lion. 


NIT, IBM Plan 
Computer Link 

The Associated Press 

TOKYO - Nippon Tele- 
graph & Telephone Corp. and 
International Business Ma- 
chines Cop. are jointly devd- 
that wot 


_ a system that would en- 
able 'users of Japan’s domestic 
communications network to 
oonnect with IBM's computer 
network abroad, NTT and IBM 
Japan spokesmen said Monday. 

The two companies have 
completed basic research on 
providing such a link for do- 
mestic computer users, 

Asahi Sttimbun, the Japanese 
newspaper, reported Sunday 
that tne aim of a tie-up between 
NTT and IBM would be to 
compete with a worldwide com- 
munications network planned 
American Telephone & 
elegraph Co. 


& 


Dollar’s Rise Seen as Economic Threat Mexico Has 

Growth Pains 


AMC May Leave 
U.S. Plant Open 

Cdiyrded tv Our Staff Prom Dispatches 
DETROIT — The president 
of American Motors Corp., in a 
interview put’ " 


here, has left open thepossibffi- 
ty that the company’s only LLS. 
assembly plant could continue 
to operate if unio n fast workers 
make concessions on wages and 
benefits. 

The executive, Jose J. De- 
deurwaerder. was quoted by 
The Detroit News on Sunday as 
saying AMC would build small 
cars overseas to replace the pro- 
duction from the plant at Keno- 
sha, Wisconsin, if negotiations 
with the United Auto Workers 
aimed at reducing labor costs 
were unsuccessful. Negotia- 
tions were to resume Monday. 

AMC, which is 46. 4-percent 
owned by Renault, the French 
state-controlled automaker, 
filed legal notices last month 
with the state of Wisconsin and 
with more than 5,500 hourly 
employees of its intent to dose 
the Kenosha plant by July 1, 
1986. (Reuters. 1HT). 


COMPANY NOTES 


Hitachi Ltd plans to double its 
production of very large scale inte- 
grated chips at its factory in D allas 
to 2.4 human drips in 1986; a com- 
pany vice president said in Tokyo. 

intemortfi Inc, said it completed 
its S70-per-share tender offer last 
Friday for Houston Natural Gas 
Corp-* receiving 31,170,888 shares, 
or 96.4 percent of the company’s 
outstanding stock. 

KenSworth Systems Corp. said it 
was released from Chapter ] 1 pro- 
ceedings under the UJ>. bankrupt- 
cy code and would begin reorgani- 
zation immediately. Kenilworth 
wiD issue 1,961,505 common shares 
in full settlement of all creditors’ 
claims and legal proceedings. 1 1 will 
also pay $515,000 cash to govern- 
mental and other priority obliga- 
tions. 

Landis A Gyr AG of Zug, Swit- 
zerland, said incoming orders in 
the first half of the fiscal year end- 
ing SepL 30, 1985, rose 13 percent 
to 807 miTHrvn Swiss francs (S3 13.8 
million). It said invoiced sales rose 
20 percent to 744 mfllion francs 
and production was up 16 percent 
at 768 million francs. 

Peugeot SA has scrapped plans 


to build 4,000 luxury sports cars 
annually in Michigan with the 
coachbuilder Cars & Concepts, ac- 
cording to Automotive News, a 
trade newspaper in DetrraL 

Ralston Ptsina Co. and Forst- 
mann Little & Co. said they termi- 
nated their agreement signed last 
month under which Farstmaim 
would have bought a Ralston unit, 
Foodmaker Inn, for S500 million. 
The two companies cited falling 
sales in the fast-food industry and a 
decline in earnings of Foodmaker, 
which includes the former Jack- 
in the- Box restaurant chain. 

lino, Calif ornia^said it woSd^in- 
troduce in lie third quarter of 1 985 
five new products that would allow 
customers to use Tandem networks 
to provide company-wide informa- 
tion systems. These systems would 
link users of a variety of incompati- 
ble personal comparers, work sta- 
tions, te rminal^ facsimile devices 
and local area networks. 

Trio Kenwood Conk plans a 
1 -For- 10 or a l-for-20 bonus stock 
issue to shareholders registered mi 
May 20, 1986, a company spokes- 
man said in Tokyo. 


Fed Interventions 
Cost $580 Million 

The Associated Pros 

NEW YORK — The United 
Stares intervened on six occasions 
in currency markets in February 
and March, buying $580.2 millio n 
of Deutsche marks, Japanese yen 
and British pounds, tne Federal 
Reserve Bank of New York said. 

UJL authorities had acknowl- 
edged in early March that they had 
intervened, but details of the opera- 
tion were made public Friday in a 
report from the New York Fed. 

1l was the largest bout of U.S. 
intervention for any quarter since 
the Febmaxy-April period in 1981,' 
when $778 mil li nn worth of DM 
were purchased and $74.4 milli on 
in DM were sold by the United 
States. 

Norway Oil Field Approved 

Reuters 

OSLO — 
plans to devdi 


(Continued from Page 1) 
most in the labor market but also 
elsewhere,” the report said. “The 
sad conclusion is that given the 
existing characteristics of Labor and 
product markets, there is no macro- 
economic policy of any shape or 
combination capable, by itself, of 
leading simultaneously to full em- 
ployment and price stability. 

"Or, to put it more positively: 
The precondition for restoring the 
effectiveness of macroeconomic 
policies is a much greater flexibility 
of markets.” 

The report suggested, for exam- 
ple, that wage indexation based on 
price indexes be replaced by link- 
ing remuneration — at least in part 
— to the changin g profitability of 
individual firms “somewhat along 
the lines of the bonus and overtime 
provisions applying in Japan, 
where fluctuations in labor income 
have gone hand in hand with rela- 
tive job security.” 

“Only such a major departure 
from current practice could make it 
possible for labor to be priced into 


the market and for unemployment 
to be gradually swept away," the 
report said. 

The BIS also expressed consider- 
able disquiet about the speed and 
breadth of deregulation, innova- 
tion and despedalizatioo that is 
transforming the international fi- 
nancial marketplace. This process, 
it said, “must be kept firmly under 
control, so as to ensure that it pro- 
ceeds in an orderly and balanced 
way without suddenly exposing 
whole categories of financial inter- 
mediary to disruptive pressure." 

The BIS is concerned that the 
operative efficient of central 
banks' monetary policy may be un- 
dermined, that the “transparency” 
of markets and of the operations of 
individual institutions may become 
clouded. 

Jean Godeaux, head of the Bel- 
gian central bank and cha irman of - 
the BIS, said in his personal com- 
ments to reporters that the com- 
plexity of the new hed g in g devices, 
such as interest rate and currency 
swaps, and the number of institu- 


tions 
make it 


Futures Markets Are Nervous 


o develop the second phase 
of the North Sea Gullfaks field 
which will produce 200,000 bands 
of crude oil per day from 1990. The 
S4-5-biUion development is aimed 
at offsetting a threatened invest- 
ment loss'. 


(Continued from Page 13) 
Why? “The consensus in the trade 
at this time," he said “is that op- 
tions writers and buyers are equally 
convinced that something is going 
to give; that sooner or later either 
the dollar is going to retrace its 
advance of recent years, or h is 
going to weaken substantially. 
When? We don't know. But we do 
know markets abhor standoffs.” 

As for the economic influences 
on the dollar, such as the national 
budget and trade deficits, Mr. Blin 
said: “While all economic factors 
influence a currency’s value, the 
biggest influence is the flow of cap- 
ital between countries. As long as 
foreign investors look upon this 
country as the safest depository for 
their savings, many will continue to 
buy dollars for investment here." 

But he noted that the over- 


ers follow technical indicators, and 
last week most were buying calls on 
the major European currencies. 

Indeed, Edward GotLhdf and his 
son, Philip, who operate Commo- 
dex, one of the oldest technical 


market services, said their comput- 
ers were signaling “buy and bold” 
on most foreign currencies. The or- 
ganization in Guitenbeig, New Jer- 
sey, which supplies technical data 
for brokerage bouses and traders, 
uses a formula based on price and 
volume. 

Saudis Devalue; link 
Seen With Oil Earnings 

Reuters 

MANAMA, Bahrain — Saudi 
Arabia devalued its currency Mon- 
day for the third time this year, in 
what may be an attempt lo com- 
pensate for falling ofl revenues (hat 
are denominated in dollars, for- 
rign -exchange dealers said. 

The Saudi Arabian Monetary 
Agency adjusted the rate at which 
it sells dollars to commercial banks 
in Saudi Arabia, to 3.65 riyals to 
the dollar from 3.61. It was the 
largest shift in at least four years 
and took the riyal to levels against 
the dollar not seen since 1973, deal- 
ers said. 


aged in the business “may 
maxc it uard for individual panici- 
pants fully to understand the risks 
involved in them, and may also 
diminish the transparency of the 
international markets ” 

Mr. Godeaux and the annual re- 
written by Alexandre Lamfa- 
[, general manager of the BIS, 
’ the need for banking 
authorities “to adjust the supervi- 
sory framework to this highly inno- 
vative and more competitive envi- 
ronment” and to coordinate these 
efforts internationally. 

Producer Prices 
Rise in Britain 

Reuters 

LONDON — British producer 
prices rose 02 percent in May, after 
April's rise was revised to 1 2 per- 
cent from 1.1 percent, the govern- 
ment reported Monday. 

Manufacturers' costs fell 1.1 per- 
cent in May after April's fall was 
revised to 32 percent from 23 per- 
cent. The year-on-year increase 
slowed to 3.6 percent from a re- 
vised 52 percent in April 

In another report, the govern- 
ment said retail sates rose a season- 
ally adjusted and provisional 1 per- 
cent in May. after April’s 
02-percent increase. 

US. Refuses to Halt 
Icahn Bid for TWA 

The Associated Press 

WASHINGTON — The De- 
partment of Transportation re- 
fused Monday to intervene in Carl 
G Icahn's attempted takeover of 
Trans World Airlines Inc M saying 
that the government should not be 
“drawn into takeover attempts or 
other management disputes.” 

The department denied a TWA 
request to order a halt in Mr. 
Icahn's attempt to control the air- 
line or begin an investigation into 
whether the New York financier is 
fit to operate an airline. 

Mr. Icahn has purchased nearly 
one- third of TWA’s 34J million 
common shares and has said he 
wants lo buy the rest as soon as 
possible at $18 a share. 


(Con tinned from Page 13) 

the economy is starting to rebound 
and as an indication that the gov-, 
eminent is serious in reducing the 
protection of domestic industry,' 
both lowering prices at home and 
making Mexican manufactured 
goods more attractive abroad. The' 
largest gains were registered io 
semifinished goods and capital 
equipment, although consumer Lmr 
ports also jumped 22 percent. . 

Mexico's in-bond manufacturing- 
industry —which gives tax advan-! 
tages to foreign companies that as- 
semble goods here for export — 

also is continuing to grow at a sig- 
nificant pace, according to Banco! 
Nacional de Mexico SA. 

Lower interest rates in the Unit- 
ed Slates stand to help Mexico in- 
two ways, according to government 
officials and private economists. 

They have reduced by about SV 
billion the estimated S1G billion 
that Mexico was going io have to 
pay on its foreign debt this year. 

In addition, officials hope that 
the low raies in the United Slates 
will reduce the flight of capital 
from Mexico, which some non-gpv- 
ernmenl economists estimate 
reached $2 billion in the last half of 
1984 — considerably more than the 
government has acknowledged. 

Even though the peso is current- 
ly being devalued at a rate of 25 
percent a year, the rales being paid 1 
by Mexican banks and treasury is- 
sues — some in excess of 60 percent 
a year — now give a substantial 
advantage to those who keep and 
spend their money in Mexico. 

The high rotes, white discourag- 
ing to business, are also an ‘indica- 
tion of progress: the result of a new 
law that prevents the government 
from mating up its deficits by sim- 
ply forcing the central bank to 
print money, and requires it to seek 
its funds in the public credit mar- 
kets. 

“Little by little, we are coming 
out of iL” one Mexican treasury; 
official said of the crisis, “but it is a' 
very slow process." 


Mondag& 

m 

Closing 



Tables include the oanonwide prices 
up to ttw dosing on wall Street 
and do not refted-lafe trades etsewtier* 

Via The Asso c iated Press 


PtVLVM.PE WOtMrtUw 


teSoiUt 


7ft 

3% ADIn 



X 

4 

5 

5 

5 — » 

20ft 

Bft AULab 

JO 

U 

17 

112 

X 

19% 

X — H 

22% 

12 AMCn 

.12 

5 

U 

113 

19% 

19 

19 — W 

5% 

TO AMlRtl 




Ato 

4% 

4% 

4ft— M 

05% 


SJToAJi 


1/D 

X 

84ft 

84ft — * 

A 





S 

3 

3 

3 

13M 

1 ij tin! 

J2 

3J 

19 

6 

lull 

MM 

ito + ft 

Uft 

9% Action 



X 

252 

Itl.j 

11% 

TO 







ZH 

31k- U 

3% 

IM AdmR» 



3 

75 

2M 

2 


30ft 

17% A5RwlI 

.u 

S 

20 

45 

28% 

28% 

to%i 

U Adoba 

JO 

15 

12 

286 

UJ 

17% 

8% 

4% Aerunc 



54 

*0 

4M 

4ft 

4ft + ft 
58% +1 

50 

20% AflIPbt 

50 

1J 

32 

69 

50% 

48ft 

TO 

5ft AlrExP 




A 

TO 

64k 

6% 

10M 

S% AlrCol 



15 

<1 

9% 

9ft 

9% 

12% 

9% ArCUpt 




2V 

UK 

12 

T2 —14 

4tk 

1 Ahum 



25 

75 

1% 

1 

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WI 

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9 

5 

9!lft 

91* 

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9% 

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37 

Kl 


7ft 

7ft 

8M 

5% Aloha 




0 

mm 

Aft 

7 + K 


9M Alpha In 
M Alton 

55 

5 

24 

769 

95 


12ft 12*-* 

20% 

11 AbaCa 



45 

M3 

25 

24ft 

25 +% 

18% 


JB 

15 

IS 

1192 

12% 

12% 


15M 

AM AiTOdm 

JO 

U 


Sii 

Aft 

6% 

12% 

4% Am Sl» 

.u 

IJ 

7 

169 

li.l 

12% 

121k + * 

7% 

4 AmCap 



17 

24 

8 ■ 

7ft 

7% + * 

44% 

34% ACoctM 

1JB 

2J 

13 

49 

riiij 

44 


40 

12ft AExawt 




IX 

rtl 

X 

9 

5% A Five A 



12394001 

■Tl 

AM 


9 

Sft AFlUC B 



11121001 

A 

5% 


12ft 

7ft AHUbM 



11 

92 

Bft 

BM 


■ 

4 Alvm 



2 

/ 

AH 

Kyi 


*' 19% 


S2 

35 

X 

W 

1 .rl 

Ej 

15ft — N 

^ 18% 

LI . ■ 

EJ 

38 

30 

A 

L4 

U% 


T 2% 

■lt. . ■ 




IX 

TO 

m 

3 Am OH 



IS 

32 

m 

3% 

oS 

A2M 

53M APotl 

3JB 

58 

Zl 




3M 

% AmPWv 




1 


ft 



IrJvT-WTm 

J4b 15 

u 

1 


14ft 

8% 




3 

5 


6% 

4% 

1AM 

11% ARavin 

Jfe2J 


386 



M . 


AVx 

JVl 


15* 

MW 

24k 

9% 

7* 

11% 

11 % 

12* 

ink 

nv, 

39s 

2 

7% 


3 ASdE 

IV Ampul 
Al Andoi 

2Vj AikUdi 

V Andrea 
5*1 Anstea 

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3Vk AfpoPI 
JW Artevn 
6% Aimtm 
7V, Aimed 

7% ArrawA 

Ms Asm re 
8 Vi A»tn» 

1 Astrotc 
M AlfoCM 
2% Alton wt 

2 


m n Mtit 

JJ 2K 214 2ft + Ik 

M » W SVd 

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s in m im + v% 
38 m Vh Mk— Mi 

1*1 21k Ilk 2 • 

82 414 414 Aft 

7 6% AM 4Vk — Ik 

6 «H 6% 4*k— Ik 


JO 2 S 
.15 20 


15 120 Mk 

23 W 

54 7M 
18 lift 

■8 X 

1 2ft 

2 314 


*14 9% 

Btk (ft— ft 
714 71k 
lift lift— ft 

2 ft aft— ft 

314 3W 


41k 
23ft 
3ft 
. 14ft 
" Wft 

fg 

-41k 

» 

7V. 

9* 

41k 

WM 

Mk 

13ft 

9* 

32ft 

2*ft 

3K 

12ft 

24 

2414 

24ft 

24ft 

2ft 

19* 

l«ft 

45ft 

lift 

10ft 

4ft 

1* 

24ft 

17ft 

33ft 

35ft 

«!k 

5 

5ft 

,34ft 

13(4 


2ft 

12ft 

lft 

10% 

7ft 

TVk 

7M 

2ft 

21 

4ft 

AM 

aw 

7ft 

4 

1DU 

4ft 

lift 

I* 

21ft 

*U 

19ft 

14 

T4M 

im 

ft 

m 

1ZY4 

221k 

lift 

9% 

TVS 

17ft 

1*U 

lift 

22ft 

21ft 

■3M 

2ft 

3ft 

22* 

9 


BAT In .134 U 

SDMI 

BRT 

BSNwf 

Bodur M 4.1 
Bofcor 

BoMwO 32a 33 
BcrirMwt 
BanFd £78*11.1 
BoMtro 

BrtcBJd MO 4 A 
Bom Eli 

BonwH JO 57 
EKnvRG 

Baruch J4t 2J 
B*arri 

BeMBflc MO U5 
BentBr M U 
BJcCp J1 27 
BlaV M 24 
BlnkMf MO 4LS 
BtaRB 
HoRA ■ 
Bissnos . 40 23 
BlDCkE 

Blount A AS SB 
BkMnfB 40 24 
BOtarP SB .1 
BoWVai JO 
BouriAa 44 4J 
Bownnr 

Bowna 4* 24 
Brens 140 
Brauns 

BmFA U» 11 
BmFB MO IS 
BmFpt 41 187 
Buckhn 

BuCMl of JO M 
Bu*n 40 2.1 
Burt n 


A 2754 4ft 
27 U* 23ft 
I S3 S 
10 11M 
10 12 10 

21 7 14M 

5 W 

27 3M 
A 25ft 
- S3 71k 
U » M 
20 21 Mk 

1 TO 
75 Aft 

3) 2 T2M 

99 fltk 

3 121k 
>7 -2* 28ft 

■ 37 27ft 

22 2 » 

11 12 22ft 

73 1 2Zft 

23 - 11 22ft 
10 2D 21 

38 1ft 

I U9x lift 

a 4 * 13 % 

2* S » 
38 12 

10 -2 10ft 

20 33 4ft 

17 330*17 
79 21ft 
10 325 TK 

10 - 10 321k 

II IS 34ft 

2 3ft 

4 3ft 
IT M 

6 S 20ft 
a 4i to 


4h 4ft 
23 23ft + ft 
2ft - 3 + ft 

11 11 — ft 

9ft *ft— ft 

14 14 — M 

TO TO 4- ft 
3ft 3ft— Hi 
25ft 251k 
Aft 71k + M 
8ft S9 + ft 
3ft 3ft 
TO . TO - 
Aft HA— ft 
131k 12ft 
Oft Oft 

12 12ft + ft 
28ft 

2Sft 2TO + ft 
lift Uft_ ft 
22ft 22ft 
22ft 22ft— ft 
22 22ft + M 
25ft 25ft— ft 
1M 1ft 
15M 15ft— ft 
15ft lift 
-38U 38ft + M 
lift lift— ft 
10ft 10ft 
4» 4ft + ft 



20ft 28ft— ft 
9ft *ft + ft 


31ft 

9ft 

4Vk 

l*ft 

19ft 

14ft 

toft 

4W 

Ift 

IBM 

IO* 

3ft 

27*1 

3ft 

35ft 

13 

4tk 

lift 

lift 

44ft 

Aft 

32ft 
* ■■7ft 
4 1ft 
TV, 

■2TO 

14M 

9H 

Aft 

17ft 

27ft 

28 

Aft 

13ft 


4 

17 

.J4 M 15 
It 

128 *2 11 
40 24 31 


4Dt 102 4 
.32 22 11 


lift CDI ■ . 

5ft CM! Co 
1ft CMXCp 
13ft CRS 
to CoasNj 
10 CflIRE 
IBM Cahnln 
3ft CaNmn 

Ik CallnM 
TO CfltPtoP 
9ft Comm 
lft Caron! 

13V, Cmctcb JO 
IBM CdnOcc 44 
Mft CWkw * 

4 VI ConJHf no 

1ft CortUI 

7M CareB J4 

Sft CarMEn 17 

to CarePpl5Nm7 
3Vi Cartton 44tus v 
iSftCasnA _J0b<i io 
25ft Ca*M U0q 74 
3ft Cosflnd 

ft Centanl 33 

1U 

*ft CanlS* -MOslU 
AM C*»c BUI 
2W ChroH ; M 

12ft ClvnnP Jj l O 
is Olt AAA I .14 4 21 

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1 
19 
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21 
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m 
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TO 9 
2ft no 
mo mo 

12ft 12M 
M 13ft 
VM 24ft 
Stk SVt 
ft ft 
7ft 7ft 
W lAVb Uft 
7 2ft Ift 
30 Uft Uft 
7 2Dft 20ft 
1 29 29 

• 2 9ft 9ft 
19 Ift 1ft 
4 12ft lift 
« 10ft 10ft 
m 4Aft 4M 
47 4ft 4ft 

a;i7ft ito 

3 31H 31ft 


19ft + ft 

SM 

Uft + ft 
12ft ■ 
13ft— ft 
Uft + ft 

S-ifc 


— m 


m 

12M + ft 


ja 


.41 t 
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40e 2tft 30ft 
a 12ft 12ft 

22 Oft A 
311 2W 2ft 
U Uft U 
331 ,37ft 27 
4 27ft 27ft 
3 Aft. Aft 
379 8ft 8ft 


Aft 
17ft— ft 
31ft 4- ft 

r 

in. 

Sift— ft 
12ft •• 
o — ft 

• 3ft 

1410 + ft 
27ft- ft 
27ft + ft 
Aft - 
Sft— ft 


12 Month 
HU Low Stock 


i tort uw tear, am 


32ft 

27ft 

2Sft 

4Zft 

12ft 

45 


Wft 

TO 

19 

lift 

ITO 

Wft 

12 

34 

Wft 

Sft 

,D fc 

12ft 

15ft 

2AM 

fft 

'X 

12ft 

34ft 

37ft 

Wft 

15ft 

9ft 

T7ft 

3 

lift 

23ft 


12 CMHns 
lift Citadel 
l«n CWFst 
17 CtvGas 
28ft CJormt 
Aft ClarkC 
2 lft Ctanat 
Uft aaway> 

Wt Coonlfr 
Aft ColM JO U 
TSh CalFwts 
8 Canifed 
Aft Cornpo 
Aft CroCn 
SM CmpFct 
4ft GOnMv 
12 CannCo 
TO Corns! 
ift Camwt 
7ft CotuOG 
M ConOGkrt 
. Aft vlContA 
A vtCntAwf 
Uft CMrtMtl 
ft Canaflan 
2M CasCrn 
ft CosCrwt 
Sft CntCnJ .13 r 14 
lft Courtld Me 3 A 
7ft CrstFo -I5e L7 
33ft Cron 1J2 34 
21ft CrawIM MOD 24 
TO CmCP 
7ft CrCPB 

Aft cmrac 
8ft Crawnl 

ft CrutcR 

Ift Cmto 
13ft CwMc 


25 M 
W 256 


J07I 


21ft Curtice 
fk CustEn 



3 

1% DWG 

•1» AS 

S 

AS 

2 

1% 

27M 

19 DatoEn 

32 

1J 

9 

2 

toft 

27% 

8ft 

5ft DanmC 




1 

IK 

Bft 

15* 

12M DamEA 

200 US 


110 

Uft 

13* 

Wft 

13M DamEB 

230 no 


301 

13% 

13* 

7% 

3% Dameon 



2 

71 

4 

3% 

rTi 

19ft Dam. pf 3J5 1«J 


M 

28% 

20 



M 

15 

9 

2AM 

11% 

11% 






51 

4* 

4M 

8% 

3ft DaRosa 




A 

4% 

4% 

WV> 




X 

1 

3% 

3% 


r’Tl ■ “Ti f^*Tl 

SI 

15 

ID 

5 

33* 

33% 

Iff/ 

iVl 

150 11.1 

9 

9 

15% 

14% 

Wi' 

It i o ,1 m* T 




291 

3 

2* 

7 


J3t 48 

11 

12 

4% 

4* 

IBM 

7M DMSnt 

J2J11J 

11 

11 

8% 

0% 

16 

10* DovICp 



to 

11 

12% 

12% 

18* 

5% Dkw A 



30 

4 

4% 

AM 

10 

5* Dtoo B 



» 

2 

6* 

6* 

IBM 

8% DtoBttl 

JO 

U 

17 

36 

U 

17% 

76* 

25 Dll kps 

JO 

J 

19 

55 

73* 

73ft 

AK 

3K Dloctes 



7 

11 

3% 

2% 

9M 

A Dir Act n 



1 

5* 

7ft 

A* 

TO 

3% Dtxkn 

. 10 a 1 J 

10 

35 

10 

W 

2% 

lft DamaP 




1069 

2ft 

2% 

ft 




355 



29* 





10 

26* 

26% 

ITZ1 




4 

335 

19 

17% 

2% 

1M DrUter 




8 

1* 

>* 

n% 

* DH«Hl 



23 

5 

12% 

ITO 

39 

1 

25% Ducom 

M Dunlop 

M 

29 

11 

49 

306 

27ft 

% 


17% 

13 DurTst 

A DO 25 

U 

33 

16 

15% 

IM 

9* Dvnld 

J7i 15 

12 

563 

15% 

14M 



50 

37 

10 

1 

31M 

211k 


Whs— ft 
8M— Ik 
Uft — ft 
13ft— M 
A 

2TO+ ft 
lift + M 
41k— ft 
Aft 
3ft 

33ft + ft 
15M + » 
3 + ft 

4H 

no 

12ft 

Sft— ft 

Sft + ft 
18 

IZ-l 

Aft— ft 

’k-ft 


| 

" 




E 





3 

9% 

AH 

ntH 

50 

55 


22 

Oft 

7% 

B — 

% 

U% 



32 

12 

X 

X 

Uft 

14 



79s 





16 

54 

5% 

5% 

5% 


' 2* 

2% 




14 

45 

TO 

TO 

TO 



toft 


AJMelOJ 

3 

32 

37* 

37ft 

37ft + Vk 

12* 

AM 

EchoBo 

.12 



592x10* 

MM 

W* + M 

3 

1% 





46 

1* 



23ft 

13% 


150 

03 

11 

13 

22ft 

22 


5% 

7* 





16 

4ft 

4% 







53 

■1 

6% 

A* 

6% 


S 

% 

2% 

ft 

EnrCur 

EnuMst 



M 

9 

12 


\ 



3 






2 

ft 

% 

ft 






9 

51 

12% 

13* 

12* + M 

12* 





M 

X 

12% 

11% 

lift— 

M 

32M 



50 

17 

8 

10 

toft 

20% 



' 5% 






to 

1* 

1% 

1* 


35M 

29% 

ExqRd 

72a 2.1 

X 

to 

36 

34% 

35 + M 

36* 





441 

14 

31% 

30% 



M 




IS 

65 

10 




3 

MVS 




11 

65 

348 

AM 



-TO 

7 


50b SJ 

0 

X 

7% 

7ft 


AM 

2ft 

ExpISv 



11 


TO 









F 





3 







to 

11 

10% 

MH— 

% 

22* 

16% 


50 

21 

7 

2 

1VM 

19% 

WM 


SM 






13 

TO 




11% 






75 

TO 






PtCOHI 

150a A5 

8 

A 

11% 

11% 

11% 


14 




51 

11 

5 

Uft 





toft 

11% 

fttapn 

FliehP 

501 5.1 

7 

9 

71 

X 

13* 

13* 

IM— 

% 

■rii 


irrr^T* 




X 


Wh 







7 

24 



liv. 


Fluka 

IJtt 5J 

10 

10 

47 

11 

2AM 

H* 

25% 

10* 

2fiVk + M 
IS*— ft 

Bt 


r^rr^i 



21 

124 

•* 

•ft 



15 

FOOtC A 

.15 

7 

■9 

1 

ZiM 

»M 


■9 




59 


88 

5 


22 



■ w 

lift 



39 

91 

29ft 

30% 



i 

% 





143 

1* 

IM 

IM— 


7% 

26 - 

4ft 

FrdHty 



16 

5 

7 

A 

20ft 

20ft 

20* + Ik 

10M 

7% 

FrMdm 

JBb 35 

M 

2 

7% 

m 

7% 


11- 






LJ 





If 





15 

7 

18* 

18* 


M 

JSM 

13 


72 

15 

X 

10 


83% 

23% — 

UM 

9 

PrnfHd 




X 


UM 


7ft 

4ft 


.171 25 




6 


24M 

10* 

FarVttn 



23 

18 





| 





G 





3 


tt Monte 


SU. 



□tow 

Wuh Low Start 

Mv. YU. PE 

lak Hhte Low 

teat CUrt 

12 

4ft Grabwr 

13 

to 

lift 

MH 

lift 4- % 

Uft 

8% GnfOi 

JOb 4J M 

5 

11% 

11% 

11M— M 

15% 

10% OHCdB 

-52 

427 

12% 

12ft 

ITO— ft 

3A* 

22% Gffstr 

to U M 

82 

33% 

33% 

33% 

c 


H 




1 

MH 

Aft HAL 

.1D» 1.1 23 

79 

9% 

9ft 

9% + % 

14ft 

UM HMG 

58 53 

7X11% 

11% 

11% 4- ft 

18 

9ft HI1BC 

50a 35 11 

35 

16* 

UM 

U* 

TOM 


73111.1 S 

a* bh 

8% 

5ft + ft 

■mi 


58 23 13 

27k 29* 


2TO— ft 

TVs 

* Harvey 

47 

1% 

1 

1 — ft 

38% 

U Ha-.YIT* 

.15 A 13 

157 




42M 


22 

40% 

EH3 

40 — * 

46ft 

i aL'./n 

50a IJ A 

X 

32 

22 

32 + ft 

24 

13 HtmCre 

2M» 90 9 

as 

23% 

22% 

22 — ft 

TO 

SM HtthCh 

20 

186 

9ft 



19% 

Bft HttflEx 

to 

112 

9% 

t 

9ta — ftc 

9% 


JOa 23 10 

A 

8% 

8% 

TO— ft 

17% 


.10 5 11 

77 

16* 

M% 

16* + ft 

5 

TO HaMor 

100 

17 

3 

3 

3 

Uft 

2ft 

3% Hal loot 
ft HotmR 


35 

70 


X ^ +v% 

7* 

4ft HarrtO 

31 

IA 

5 

5 

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91 

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2M 1PM 

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79 

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211k ITO PGEpfV 232 115 
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23ft 17ft PGEpfS 252 109 
Wft 7ft PGEpfM 1.12 107 
221k UM PGEpfR 237 109 
19(4 13ft PGEpfP 205 115 
19 13ft PGEpfO 250 108 
Uft 1310 PGEpfM 196 115 

ITO 13ft PGEpfK 254 109 

21ft 15ft PGEpfJ 232 I1J 
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24ft 15ft PancCh 
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lift 7ft PelLepr 2J8 2&3 
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21ft Uft Pot etC 234 1U 
34 27 Put P(E 07 115 

21M 15ft Pot pfO 234 11 J 
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41 29ft 27ft 29ft 
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25 21 20ft 21 
83 toft 21 23M 

9 24 23H 34 

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502 2M TO TO u 
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22x 7 «M AM— ft 
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104 Sft TO TO— ft 
SI 5ft S 5 — M 

38 TO Aft 4ft— M 

39 5ft Sft 5ft 

3 12M TTO 12M + ft 

7 • 7ft 7ft— M 

73 17ft I7M ITO— M 
43 15ft 15ft 15M 
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29 9 Sft 9 

182 13ft Uft 13ft — ft 
32 28 27ft 28 — ft 
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2 7ft 7ft 7ft— Vk 
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50 11M lift lift 
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40 toft toft toft + ft 
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5 20% 20% 20ft— Ik 

24 33% 33M 33ft— M 

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3 TO TO TO 


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12 

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7 

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k i { /I 777711 -TffiP '1 k»1 


1 

UM 

14M 

14% — M 


n:i T ro 


11 

1 

lift 

ITO 

15*— vk 

im 



12 

83 

24 

29ft 

1 

■* 

Ti« 

lEIJ 

6% Sualnd 

Xa 1 J 

U 

31 

15% 

15% 

ISM 

17* 

11M SuprSr 

JA 22 

II 

X 

IA* 

1AM 

16% 

A% 

4ft SusteJfflSt 


h 

X 




X 

19M Swtftln 

IX 55 

72 

62 

22 

toft 

toft— lft 

Oft 

4ft Synaiav 



11 

AVs 

4ft 

4ft — % 

Uft 


.10 IJ 

10 

95 

8M 

Bft 

t%— M 

1 



■■ 

■■ 


mmwi 


r~ 

Q 

1 

x% la Ouabai M 


20 29 28% 28M— % 

CL. 

R 

1 


TO 

5% 

IBM 

a 

3% 

14ft 

TO 

19ft 

15% 

5TO 

Bft 

4% 

14 

18ft 

3M 

Sft 

7 

» 

DM 

7% 

16M 

34ft 


S RAI 
3ft RMS El 
ITO Raoan 
ITO Ranrta 
ft Raftttf 
mk Raven 
* RMncT 
ITO Ritsoun 
TO Redtow 
UM RepalB 

toft Retrt A 

*M Resit B 
5ft RestAac 
TO RexNar 
TO RBHetP 
10J0 RMAlB 
. "• fttoGDr 
U Rckwv 
20M Ream 
2 RoenPn 
.TO RoyPltn 
23% Rudcfcpf 
4 ROW 
lift Mnw II 
lift ftvfcoff 


Jfl &5 12 


.12 5 24 

X 45543 


52 as 


50b AS 10 


18 

.188 25 13 
JO 1.9 » 
50 35 

SA If a 
.12 5 U 


JO U 11 
SB 2.1 14 


15 Aft Aft 
5 Sft Sft 
5 1A 1A 
3S2 1AM 1AK 
20 1 1 
10 12 12 

1 M I 

10 IBM 18 
1A TO 3ft 

2 13 13 

1141 43M 42H 

400z 47 47 

a Sft Sft 
9 4ft 4M 
IM 10ft Wft 

'1 ’‘ft 
133 30 29ft 
57 3BM 28ft 
UA 2ft 2ft 
31 Sft 5M 
1x24 24 

11 AM AH 
51 I Aft ITO 
170 24ft 24ft 


AH 

Sft— M 
16 

1AU— ft 
1 

12 

BM + ft 
10 
3ft 
13 

42ft— % 
47 — IM 
8ft + M 
4K 

10ft — ft 
38 

28M— Ik 
2M + M 
5ft 

26 + ft 

AM 

1A — ft 
24H— M 


Bft 

BM 

lift 

TO 

■ft 

Bft 

57ft 

65ft 

23ft 

F 


4HSFM 
.7 SFNplA 
7 Sage 
, 5 Smart) 
ft SCorta 
*«■ SOWBi 
TO SOBOot 
£ft SDaenf 
49 SDeepf 
I7)U SDBOPf 
31M SDsoef 
JOJk SDgopf 
34M EaoJW 
23M Stmagt* 


Me IS 1 

SB 105 
SO 10J 
954 IIJ 
7 20 115 
257 IDS 
455 115 
288 IDS 
2.90 44 U 
50 13 7 


11 7ft 
IBS B(k 

34 7M 
9 TO 

12 lft 
5Bx Bft 

taw b% 
200z srn 
2502 A4 

13 23M 
19 39ft 

7 24% 
A A3ft 
3 24% 


7ft 

7% 

7 

5ft 

IK 

• 

■ft 
BA 
A3 Vi 
23ft 

am 

24ft 

A3M 

24M 


7ft 

BM + M 
7 

TO 

lft 

Oft + ft 
Bft + ft 
BTM +2M 
A3K —1ft 
23ft + M 
39M 

34% + Ik 
43% + ft 
MM— V. 


DMontti 
HtabLow Start 


Sis. 

IHk Htok Low 


teoLCSibe 


l2Monbi 
Had Low Start 


Otv. YkL PE 


nos 


tort low OuoLQrtft 


Aft Sft TrIHrno V 

45% AM Trldox 25 

4 2M TubMex 2 

31ft 31 TurnrC U0 19 10 

3ft lft Tvlrwts 


48 4% 4% 4%— Vk 

10 AM TO TO— Vk 
247 Sft 3% 3ft + M 
19 30% 30 Vh 38% — M 
174 2 1% 1%— M 


731 SJ 20 
.16 1J 22 


JO 


30 
T.T 12 


11% A T Bor 
13ft 71k TEC 
15% 5 TIE 

14% Aft Til 
18ft 13 TobPrf 
UM 6ft TondtSr 
ISM 9% Tttrtv 
51k 2% Team 

4% 1% TchAm 

22% 13M TchSvm 
40% 33M TechOp 
7ft 3% TcctlTn 
20 u. tm Tectorl 
(-214ft 78 TefanR 
5% 2 Tnlocoa 

31ft toft Tel flex 
11% Bft TulDto 

16ft 7M Tend 

Aft 2ft Tetoseb 

6% 3% Teimev 

Wft Aft Tensor 

15 5% ToxAIr 

UM 5M TWAE _ . _. 

22M 16M TexAE pf2J57 125 
12M 2M Tuscan 48 

Sft 2 ThorEn 16 

7 3M ThrO B 56 15 13 

Aft 3ft TlHtJ A .10 25 U 

Sft TVs TMwan 

toft 24ft TolEdPf 4JS 135 
61 47 TolEdpf 832 VLB 

72M 56% TolEdpnOJlO 143 
9ft A T octal J9I A.9 

12% 7ft TotlPtO M 

lft MTotPtwt 
toft 22 TotPtPt 258 115 
U 8% TfnsLx jBr 5 13 
19ft lift TrraTK 44 37 ID 
IBM Uft Tronzon 50 24 7 
10% 7ft TT1SM 508 43 

lift 6ft TrfetCP 891 AS 


50 35 12 


14 

13 

11 

JO 2.1 0 
JOe .1325 

54 IS 14 
JbnSJ 14 
28 

13 


J9t 6.9 21 


27 TO 
1 12% 
541 5% 

2* 9ft 
II IM 
57 AM 
8 13% 
A 3% 
141 2ft 
250 1AM 
5 57 
30 4 

03 15ft 


28 TO 

1 29ft 
104x11ft 

1A 8ft 
227 4% 

2 4% 

9 7 
104 14ft 

52 TO 

10 20 % 

99 2% 

A 2% 
26 Aft 
48 Aft 
to 2ft 
Wto 31 V? 

-SOI 40 
lOOz 70 
403 6% 

33 lift 
AO I 
2 24M 
II 12ft 
51 17ft 

21 Uft 

5X 910 
10 10ft 


Aft Aft — M 
ITO 12M + lk 
5ft 5ft— M 
9ft 9ft 
ISM ISM— M 
TO TO + M 
13% 1JM— ft 
3ft 3ft— M 
T% 2 — Vk 
16ft 16ft — ft 
56ft 56ft— M 
3% 4 

14M Uft— IM 
205 203 — IM 
2ft 2ft 1 
29ft 29ft 
10ft 11 — ft 
SM BH + ft 
410 4% 

4% 4% 

6% 7 
M Uft 
5M TO— % 
20 20 — M 

2ft TO + M 
3ft 3% + M 
4 410 + % 

4M Aft + % 
2% 2% — % 
to 31M + M 
59M 99% + M 
70 78 +1 

SM 5%— 2ft 
11M TIM— ft 
1 1 
24M 24M 
12% 12% — % 
16% 17% + % 
15ft 15ft— ft 
9ft 910— Vk 
Wt 18% + ft 


4% 

24% 

% 

15ft 

lift 

to 

3 

3 

Uft 

23% 

8% 

19% 

14M 

10% 

15ft 


2 USRInd 
■ft Ultmto 
M Uni con« 
11M Unlcppf 
Eft Unlmr n 
14ft UAIrPd 
1% URxwJA 
lft UFootJB 
MM UtMed 
MM USAGwt 
9ft Untfetv 
UM Uitttlln 
8% UnvCm 
5% UnhrRs 
9% UmrPrt 


I 

J5 M 
■91e 88 
54b 24 11 
.10 03 IA 

15 

541157 31 

II 


4 TO 
IX 11% 
111 ft 

33x14 
17A 10% 
7 19% 

33 1ft 

5 1% 
151 14% 

U 2DM 
18 AM 
1 19M 
3 12% 

34 6% 
27 13% 


TO TO 

"* + fc 

13% 14 + ft, 

10% 18% + Ik" 
19% 19M + M 
1% 1H— ft 
1% 1% 

14M UM— % 
20ft 20M + ft 
5% A + ft 
19M 19M + H 
12ft ITO— M 
Aft 6% 

13% ITO— M 


MH 

18ft 

27% 

11% 

7M 

23% 

AM 

U% 

7M 

10% 

9 

10% 

9% 

I2M 

19% 


9% VSTn JOe 
IBM VanyRs 158 
17ft Valwrs 54 
4% VerWip 
3% Wit 

14% VtAmC 50b 
3% VtRsh 
91k VmUt 
3% vertBle 
4% Vtatech 
5M VKsn 
n Vires 
Aft VlsuaiG 
l Vaetex 
I3M ViiKCp 


27 

7J 14 
1J M 


Mr 

JO 

JA 


IS 11 
XI 

10 
J 17 
35 13 
X3 13 
45 10 


IX 1PM 
5 18ft 
TO 75 
88 7M 
34 7M 
23 10 
31 4 

113 10% 
Al 3M 
3 9M 
X 7ft 
7 14% 
13 9 
17 11% 
1 17% 


10ft 10M 
18M Uft 
24% 24% 
7% 7% 
TO TO 
17% 10 
3% 3% 
10% 18% 
3% 3ft 
9 9 

7 7 

14% 14% 
■ft 8ft 
11 II 
17% 17% 


3 

+ %; 

— j. 

— %■ 

Zt 
— %•. 

— %' 
+ % 
— %■ 

- % 


w 


Bft 

1AM 

31% 

3ZM 

2% 

11% 

130 

2AM 

10% 

11% 

6% 

4M 

5% 

17% 

AM 

14 

10 % 

4% 

toft 


13ft 

14% 

19ft 

20ft 

38% 

38ft 

5% 

13M 

11% 

3 

23% 

Aft 

15% 

SM 

17% 

34 

21ft 

It 


TO WTC 

IBM Wales 
IS WanoB 
ITO WM0C 
M WmCet 
3% WShHs 

74ft WshPst 

17ft WRIT 
Aft WalxA 
A% WatSCB 

2% Wthtrd 

IM Webeor 
3M Wsdca 
11% Wedlcn 
3% mum .14 
Aft WMMrn 
TO Wei loo 

2ft WMGrd 

ITO 

ft Wexncp 
31% WTex pi 
Oft WBtbro 
5% WtMoHI 
7ft WtHIflllt 
14% WIRET 
17 WstnSL 
10ft WtlEnfS 
2ft Wlctilto 

Wft wiener n 

7Vk WtllocG 
1 WlbnB 
19% Wlntln 
2ft WaHHB 

11 WkWear 
2ft WwdeE 
13% WWtfeaf 
17 WOrltM 

12 Wratlw 
Stk WtortHg 


X 

JH 9 
■IA U 12 
.11 3 II 

7 

.96 J 17 
1JA 09 U 
JO X0 A 
.16 15 0 


11 
.1 IA 
27 A 
11 


WHC0 52 25 7 


450 11.1 
30 12 

1* 
17 

154 77 IA 
tote 1J U 
73 

50 12 I 


224 95 
.10e 3J) 24 

-52 38 7 

206 

UO IIJ 

2 j 

.OSe X 


111 7V. Aft 7 j 

20 16 16 16 

7BSS 16% 16 1AU + ft. 

41 'X “% K 

24 10K MM 10M— M 

17 12AM 125 125W— lft 
13 25ft 25M 25% 

7 TOM 9% 10M + % 
3 lift UK lift 4- M 

11 » io n 

1 1ft lft lft + M 
3 3ft 3ft Sft 

1U 13ft 13% 13M— % 

2 5M 5M 5M 

25 10% 10% IBM- K 

12 9 S% B%— Vk 

46 2% 2ft 2ft 

19 25% 25ft 25% — M 
45 IM 1 Ilk + % 
200(39% 39 39M— W 

T7 10% MM 10% 

1820 12Vk 13% 12% 

39 ISM ISM ISM 

23 19% 19ft 19% . 

157X 38% 36ft 37% —1 ■ 
282 29U 28ft 28ft— %'. 
* 2% 2% 2H— M 

19 ITO 12% ITO— % 

73 10 9% 10 + M 

21 lft I lft + M 

7 23% 23% 23% 

1 3% 3% 3% 

15 UM ITO 14M + ft 
177 4% 4 4M + M 

IA 15% 15ft 15ft — M 

2 19% 19ft 19ft 

25 19% !*ft 19% 

110 9ft *M 9M — Vk 


1 Y 

ft 

IT* 5* YanbCo 13 

26 7 7 7 

■ I 

V 

10ft 5% Timer .10 17 

116 Alb A A 

J AMEX Highs-Lows 

Jane 10 


MEW HIGHS O 

AfltPubls AmBlltrn AmCocCo 

OtvGosPla Camfad5v CrassAT 

DMineySL EmpIreCoro PGE 125 p«: 

PGE2A2PU PGE ItOptl PUtafflSpf 

RnvPatmGol SellnmnAac SCE22lpf 

Uni til n VM9ShTnmn wintttrapin 

NEW LOWS 13 

ACtanCp Cotec Carp ConsOG mi 

EverJn B Ever Jn B Firxtcorp n 

MicMEna PlonaerS* SoencarCK 

Vbrtlpiie 


EDM Inti . 
CrwhyMn i 
pGEiaaopty 
Per bill nvpf. 
TolEd 42Spt . 


DaroEnsvB 

HMGPropty. 

Torfel 



OL^MOSEy 

INIHE 

nus. 




IiMX^OCTO^R 24^5,^85. 

sixth armnal International Herald Tribune/ 


OflD; 


Eighties” wOl take place on October 24 and 25 in London. 

Hie theme of this year's conference is^ “Surviving in a 
Competitive Em^nment”. The program, designed for all 
senior executives in energy andrelaled fields, will address the 
key Issues affecting the current energy atuationand assess 
future trends ami strategies. 

For full details, please contact the International Herald 
Tribune Conference Office, 181 Avenue Charies-de-Gaulle, 
92521 Netrilly Cedex, France. 

Telephone : (33-1) 747-12-65. Ext 4568. Telex: 613595. 














































-to*.- 


Page 18 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 




PEANUTS 


LOOK AT THAT POOR. 
COOJ 5TANWNG OUT 
THERE IN THE RAIN™ 


SOMBJAV THEY RE 
GOING TO MAKE A 
PAIR OF B00T5 OUT 


ACROSS 

1 Garage or yard 
event 

5 Name mean- 
• jug “I mist" 


9 TV's Hawkeye 
Pierce 

13 Hebrew 
prophet 

14 Pizzeria 
fixture 

15 Net 

16 U.S. poet: 189&- 

' 1932 

18 Airborne 

19 Adjectival 

suffix 

20 Holy season 

21 Takes away 
forcibly 

22 Diminutive 

24 Plant spray 

26 Sector 

28 Fresh 
outbreak 

32 Old-time tap 
dance 

36 Put on years 

37 Medicinal 
plant 

38 County pros- 
ecutors: Abbr. 

39 Abend 

40 Australian 
ranch: Abbr. 


41 Close-fitting 
cap 

45 One of the ants 
47 Abominable 
Snowman 


48 Better’s 
antithesis 
50 Peers 

54 Expeditious 
57 Wander idly 
59 Pierrot of song 
SO Dish out 

61 Dances 

attendance on 
63 Seed coverings 

64“ II. 

Romantic? 

65 Musical 
Fountain 

66 Ex-service- 
men 

67 Mrs- Truman 

68 Dispatched 

DOWN 

1 Indian term of 
respect 

2 Communal 
colony in Iowa 

3 Actress Sophia 

4 Mind-training 
system 

5 Overseers 
6Netman Lendl 

7 Fender-bender 
results 

8 Wedded 

9 Assert without 

proof 

10 papal names 
(13, in all) 

11 Silly 

12 Learned skills 
15 Compassion- 
ate 

17 Barton or 
Maass 


■ft Ynrlr Times, edited br Eugene 


8/H/S5 

21 Britis h nava l 
servicewoman 

23 Gate receipts 

25 Affectedly nice 

27 Common 
wipers 

29 Airing 

30 Malarial fever 

31 Sly glance 

32 Large- 
mouthed 
game fish 

33 Of the 
preceding mo. 

34 Newcastle's 
surfeit 

35 “The of 

the Worlds": 
Wells 

39 Smooth- 
tongued 

41 Radio tubes 

42 Unearthly 

43 They pay to 
stay 

44 Molecule 
constituents 

46 Lingers over, 
with “on" 

49 Expunge 

51 Place fora 
boutonniere 

52 Overact 

53 Strength 

54 Croat or 
Slovene 

55 Whittle 

56 Do a magazine 
job 

58 Confesses, 
with “up" 

61 Tallish tale 

62 Raises 

Maleska. 




BOOKS 


THE HOUSE OF'THE SPOUTS 

By Isabel AUende ; translated from the 
Spanish by Magda Bogin. 368 pages. 
$17.95. 

Alfred A. Knopf, 201 East 40th Street, 

New York, N. Y. 10022 . 

Reviewed by Jonathan Yardley 

rp HIS FIRST novel by a Chllesm 
I comes io the United Suites after a great 
success, both commercial and critical, in cw 
rope. At first glance it is tempting to sug^J 

that this is explained by a ^« S A Ek 
celebrity — she is a niece of Salvador AUende 
GossenI the leftist president of Oule who wg 
ousted in 1973 by a military junta that de- 
scribed his subsequemdrath as a ^ 

the novel itself indicates oihemse. in* 
House of the Spirits" do* conmin a certam 
amount of rather predictable politics, bul 
only cause it wholly embraces is lhat of hu- 
manity, and it does so with such passon, 
humor and wisdom that in the aid it tran- 
scends politics. It is also a genuine rarity, a 
work of fiction that is both an impressive 

literary accomplishment and a mesmerizing 

story fully accessible to a general readership; 

Like so many other writers now at wore m 
Latin America and elsewhere in ^the Third 
World, Isabel AUende is very much under toe 
influence of Gabriel Garcia 1^““- hut she 
is scarcely an imitator. Like Garda Marque, 
she has created a world that interweaves the 
real and the fantastic, she has devised a color- 
ful, ironic language with which to describe it, 
and she has addressed herself to the contempo- 
rary Latin American political and social situa- 
tion, But her narrative method is more conven- 
tional her prose is less flamboyant, and her 


anhes. a “half-U^gW 1 ^ .. UHl 


irophes." a “hatf-tagoji£ • UHl • 

anywhere Lai m ^ mvMcn of 

sag n 

into open conflict- lhc family of 

The vere nch m this Ul uiul man : 

Bteban Tfiwba- “ n his mreviinns 

whose “most salreni ire* . alU j kne h» 
and a tendency to a ho farm 


and a tendency 
head'*: thevery 

his lavish estate in the ^ 


his lavish estate in .m ■ . {hfiugh! ** 

lime was measured m sc ^‘ lauK ht hy hard 

generations.” who 

I " 


Solution to Previous Puzzle 



SSasaES** 
ssSsagi" 

Ktoordiruo- 

SSsprssff^.SS- 

Sd recogmre people's «««««»** and tm 
objects without touching them. 

What Esteban com* to undewwnill A id*. 

«id of his days is not that one side or tin. other 
SSSSt iwrely that nothing isunmuw- 
bk*. that “a world he had thought was 
SlmMed at his feet.” Altcn^has fed* ^ 
ance and the wisdom to ^ de ^ d _„ 
is lamentable human loss 
crumbles, even if n was 

cantankerous Esteban emerges at last as a 

deeply sympathetic figure. 

“The House of the Spirits” rises abovcits ; 
evanescent political concerns. It is not about 
ideas or ramies, but about people, who twwe 
“down through the centuries man unradfflg 
tale of sorrow, blood and love. Alkmdc has 
created a world out of tire reahty of Laun 

AmericaandthefecundityofherowninMguM” 

lion. The result is a novel of force and immedi- 
acy, compassion and charm, spaciousness tutu 
vigor. 


8H1/85 


Jonathan Yardley ■ don the staff uf The Wash- 
ington Post. 


CHESS 


Bv Robert Bvme 


Black 

IS 


could not play 


<5 IWCE MR. MARLCM/E5 
SECRETARY COULD WOT &IVE ME A 
SPECIFIC TIME WHEW HE’D BE AVAILABLE, I 
TDLD HER It? GO BACK TO MY HOTEL AMD 
WAIT FOR A CALL THERE f I HAD ^ RENTAL 
CAR AMD COULD BE BACK lMTWEmV — 


YES — MINUTES AFTER I LETT/ THE DESK 
CLERK TOLD ME 1 WAS TO CALL HER, WHICH 
ID©# I MUST ADMIT THAT I WAS AWNOVEO 
--BUT I DIDN'T SHOW IT' 


APPARENTLY 
YOU DID-' WE LOST . 
A 450,000 SALE': 



u . . . QxP: since 16 P-$RA, 

T HIS year’s running of the Q.R4; 17 N-K2. N-K5: 18 B- 
tradidonal Saijcvo Interna- B4 wins a piece, 
tional Tournament in Yugosla- Velimirovic’s clever 
via was won by Smbat Lpuiiao. 25 . . . B-B4!? was an attempt 
a 27-year-old Soviet grandmas- w lure Lputian into trapping 
ter. With a 10’>4!i score. Lpu- ihe Hack queen with 26 P-N3. 
tian surpassed Ulf Andcrsson. QxR; 27 PxQ. BxB. which gives 
a 33-year-old Swedish grand- Black some chance for obscure 
master, by a half-point. complications^ after JS8 R-N6, 


UULCl, UJP U iwu-pviiu. LVUlfilluuiuus •* 

The Hungarian grandmaster. B-K5; 29 N-Q2, BxQP. 30 P- 
ZoltanRibli came in third with B4, B-K3. However. Lputian 


9 u- 5 «a. preferred to follow his own 

In the I2th round, Lputian plan for winning, 
won a sharp encounter with the with 29 . . . R-Q2, Veil* 
Yugoslav grandmaster Dragol- miroyic threatened to tccouc 



j recoup 

jubVelinurovic. . the vital pawn with 30 . . . Q- 

However, it began inauspi- R2, yet Lp 


inauspi- R2, yet lputian discovered & 
re of the sharp rebuff in 30 R-K2! How, 


GARFIELD 


*1 UKEO THIS STUFF BETTER LAST WEEK 
WHEN IT WAS NEW.* 


| THAT SCRAMBLED WORD GAME 
by Henri Arnold and Bob Lea 


Unscramble them tour Jumbles, 
one tatter to each square, to twm 
tour oninaiy wonts. 



■•I 



1 AFTEC 1 


n~n 



. KRILLE . 

b n m 


PELPIN 


xni 

JL 




STDFF?/FOOKY ISNT STOFFi 

HE'S A REAL. LIVE, FEELING, 




ciously when, in place of the sharp — 

two-edged 9 BPxP. Lputian a defense by 30 . . . Q-QK; 
played the quiet 9 KPxP. which 31 R-R2, QxQP; 32 R-R8!, R- 
airas to use White’s advantage QI (32 . . . RxR?; 33 
in space without allowing de- PxR/Qch, QxQ; 34 R-N8ch 
man ding counterplay. wins the queen); 33 RxR, RxR; 

Thisdid not stop Vdimiroyic 34Q-R1,Q-K3(34 . . . RxP?, 
from offering a pawn with 35 Q-Rgcb); 35 Q-R7, Q-Kl 
1! . . . P-QN4?!; 12 PxP, B- would not hold up Mamst a- 
N2 (12 . . . QNxQP?; 13 ther 36 RxP or 36 R r B6. 

NxN. NxN; 14 B-Q4, wins the Accordingly, Velimirovic 
pinned knight); 13 B-QB4, P- chose 30 . . . BxP with the 
QR3. Rather than concede dy- idea of sacrificing a rook by 
namic play to Black by 14 PxP, 35 . . . RxP to obtain perpet- 
BxRP; 15 BxB, RxB; 16 Q-Q3, ual check But it was not in the 
Q-Ri; H R-Ql. R-Nl, Lputian position, 
ventured 14 P-N6!? On 42 P-N3, there was no 

One point was that after hope for Black in 
' N-N4; 15 Q-N3!, 42 . . . QxBP; 43 R-B7!. 


QxP; 44 RxPch. K-N4; 45N- 
B3ch. K-R4; 46 R-B5chl PxR; 
47 QxBPicIl 

After 45 Q-R8ch!, Vdimiro* 
\icrradizeddiat45 . . . K-B4; 
46 Q-N2 denies perpetual 
check, so he gave up. 



Now arrange the circled tetters to 
form the surprise answer, as sue- 
nested by the above cartoon. 


Answer. M r X T I ^ XXXl 


Yesterdays 


(Answers tomorrow) 
Jumbles: BEIGE PEONY DISCUS FORGET 


ABN 

ACF HoWI 00 


Answer What a murk^fog gives drivers— 


THE “CHE 


WEATHER 


EUROPE 


Atow-vs 

Amsterdam 

Atkan 

Barcelona 

Betarado 

Berlla 

Bnruels 


Bodasm 

Coocntm otn 

Costa Del Sal 

PuMhi 

EdUUwryti 


Frank tort 


HIGH 
C F 
25 77 

15 » 
31 Bfl 

22 72 

20 68 

16 61 

13 55 

25 77 

21 70 
U S7 

23 75 
10 57 
It 61 

24 75 

14 57 
14 57 
17 63 

n 86 

26 W 

25 77 


LOW 
C F 
17 63 


ASIA 


22 72 

16 61 

9 48 
11 53 

10 SO 

14 57 

6 43 


10 S) 
17 63 


BanWmk 

Bell too 

tttaaKMM 

Manila 

New Delhi 

Seoul 

StemaBal 

siaoawre 

Taipei 

Tokyo 


HIGH 
C 


LOW 
C F 


33 01 24 TO 

32 90 16 61 

28 02 24 75 

33 91 M 74 
37 99 26 79 

27 81 18 M 

28 82 20 68 
32 90 25 77 

29 84 25 77 

B 72 17 63 


43 3h 
45 Sh 


AFRICA 


15 59 
2 77 


2 72 
15 59 


15 » 
2 73 


Helsi nKl 
Istanbul 
Lbs Pal am 
Lisbon 
London 
Madrid 
Mila 

MOSCOW 

Munldi 
Nico 
Oslo 
Paris 

Prague 

RwrWavtk 
Rome 
Slockiwlm 
StrasBouro 
Vontco 
Vienna 
Warsaw 
Ziirldl 

MIDDLE EAST 

29 84 10 


20 68 

a u 

15 59 

9 48 


Ate 
Cairo 
Capo Town 
Casablanca 
Harare 


Nairobi 

Tools 


2t 79 M 61 
35 95 20 68 
17 61 13 55 

24 -75 15 59 
31 70 10 50 
29 84 25 77 

25 77 U 57 

26 79 18 64 


13 55 
15 59 

15 59 
10 50 
73 73 

16 61 
13 55 

20 68 

21 70 
17 63 
15 59 


LATIN AMERICA 

7 45 


Buonot Aires _ 

S” 1 si 5 M « 

Mexico City 25 77 10 50 

Rialto Janeiro 2S 77 10 50 


NORTH AMERICA 


16 61 
8 46 
11 52 
14 57 

10 50 
6 43 

11 52 


Ankara 

Beirut 


— — — — no 


Tel AvI* 


27 Bl 16 61 

29 84 15 59 


OCEANIA 


Auekland 

Sydney 


II 64 6 43 fr 
20 6B 9 48 cl 
cKioudv; fo-toBBv; tr-K Hr; im all, 

siLstiQwerstsw-snaw; &t -stormy. 


Ancfieraoo 17 

Alhurta 33 

Batfoa ® 

aUcnao 25 

Denver 26 

Detroit 25 

Honololu M 

Koastea 34 

Los Anoetee 28 

Miami . 33 

MimwamlU 31 

Moatroal 30 

Nassau 31 

Hew York, 29 

Son Francisco 24 

Se a t tle 25 

Toronto 24 

WosMoofea 31 

twjwcrcast; pc«artly 


63 6 

91 21 
84 16 
77 12 
79 13 
77 14 
86 21 
93 24 
82 18 
91 23 
70 8 

68 13 
S8 26 
84 18 
75 12 
77 10 
7S 15 
88 17 
ciaudvi 


75 pc 
64 fr 
73 fr 
46 d 
55 DC 
7S pc 
64 fr 
54 lr 
50 tr 
59 Cl 
63 fr 
rnuln. 


TUESDAYS FORECAST — CHANNEL: Rough. FRANK PU RT:_Q Wklv JWTIP. 
16-8 161- M) LONDON: Rala TemP JW-SBI. *MDRH»: Clwgr. 

Toma. 26— 10 179 — 5DI. NEW YORK: Fair. Tem p. 25 — .15 IW— 5*1- P»*g* 

f»— 791. TOKYO: FbbOV. Temn 21 — 17 ito— 631. 


Wbrld Stock Markets 


Via Agence France-Presse June 10 

doling prices in local aurmeus uniea otherwise indicated. 


Clow Free. 
Deutsche Babcock 161 164 
Deutsche Bank 547 5?2 


Aicza 

Ahold 

AMEV 

Axiom Rubber 
Amro Bank 
BVC 

Buehrmann T 

Caland HMa 

ElsevterJJDU 

Pokker 

Gill Brocades 

Helneken 

Hooaavnns 
KLM 
Naarden 
Nat Header 
Nndlkiyd 
Oce Vander G 
Pakhoed 
Philips 


452 

21250 

197 JO 

11080 

731 

24&40 

nso 


Rodamco 

Rollncu 
Rorento 
Royal Dutch 
Unilever 
Van Ommeren 
vmf Stork 
VNU 

amp. CBS General lubes 
Prev ious ; 2K58 


201 JO 
96 
37 JB 
121 
129 JO 
109 JO 
149 

60.90 
63J0 

50 
6&40 
163 
12350 
64 
5640 
7500 
139 JO 

69.90 
4620 
19170 
34630 

2920 

199 

206 


45750 

21050 

19X50 

111.® 

23250 

252 

SJ0 

81-30 

201 

H 


12X30 

iaso 

19050 
T48JD 
61.10 
toil i 

a 

6750 
16350 
325 
6450 
5650 
7550 
139 JO 
6950 
4620 
196.10 
34630 
2950 
201 
20650 


Dmckier Bank 

GHH 

Haruener 

Hochtief 

Hoechst 

Heeech 

Harlan 

Hussel 

IWKA 

knU X Sate 

Korstadt 

Kaufhaf 

Kloeekner l+O 

Ktoedmar Werke 

Kruoo Stahl 

Unde 

Lufthansa 

MAN 

Mcmnesmann 
Muench Rueck 
Nbcdort 
PKI 

Porsche 

Preussaa 

PWA 

RWE 

Rhelnmetall 

scfterlno 

SEL 

Siemens 

Thvsean 

Veto 


121350 


Br ussel s 


Arbed 
Bekoerl 
Cockerill 
CoDupo 
E flES 

GB-tnno-BM 
GBL 
Gevaert 
Hoboken 
Intercom . 
KredteTbank 
PetroHna 
SoCGenerole 
Safina 
Solvov 

TraCtMn Elte 
UCB 
Unerg 

Vlelll* Montana 

CuiTiat StocSt laaex 

Prevkws : 238354 


1750 1760 
6220 6200 
233 236 

3230 3220 
3055 3095 
3830 3890 
1900 1920 
3880 3900 
5600 5610 
2260 2340 
VI DO 7150 
am torn 
1930 1770 
7200 72S0 
4670 4650 
3885 4060 
5550 SH 
1720 1720 
6910 6850 


: 2369.76 


Prankfant 


AEG-Teletunken 
Alllonz Vera 
Altana 
BASF 
Bover 

Bay Hype B ank. 

Bay Venal nstmk 

BBC 

BHF-Bank 

BMW 

Commerzbank 
Canl Gum ml 
Ddmicr-Betu 
Depussa 


133 13250 
1290 1315 
344 345 

221.90 SASO 
230 23350 

351 JO » 

378 304 

217 21650 
320 334 

38650 304 

20521150 
148 156.40 
809 818 

340 141 


22750 232 

15080 151 JO 
333 33650 
540 5S5 

221-30 225-30 
107 JO 109 JO 
182 184 

285.10 28620 
340 341 

257 259 

228 230 

238 240 

m wia 

48 69 

104 107.10 
482 487 

194 19950 
157 A0 15950 
17850 180JO 

1740 1780 
59150 59350 
585 603 

1243 1250 
28250 2BS 
14630 148 

16680 16B5D 
294 29650 
470 47020 
359 351 

56450 569 

106 107 

200 203 


Anuta Am Gold 
Barlows 

Blwdor 

Buffets 

Do Boers 

DrMdnteln 

Elands 

GFSA 

Harmony 

H Iveta SI eel 

Kloof 

Nedbank 

PreaSlevn 

Rusdiat 

SA Brews 

St Helena 


Volkswaoenveilc 27660 3? 

Wetta 585 592 

CvmmenBank Index : 1AS650 
Pmrioas: 1J61M 


Bk East ANa 
□tovnaKons 
CMnaUsM 

Green I stand 
Hong Sm Bank 
Henderson 
China Gas 
HK Electric 
HK Realty A 
HK Hotels 
hk Land _ 

HK Shana Bank 
HK T e lep hone 
HK YouRiatei 
HK Wharf 
Muteh Whampoa 
Hvscn 
Inti City 
JardOne 
JarxBneSec 
KOwlean Motor 
Miramar Hotel 
New World 
Orient Overseas 
SHK Prow 
Stelux 

Swire PadfleA 
Tol Cheung 
WbhKwana 
wlwatackA 
Wins On Co 
Wlnsar 
world lull 


2450 2640 
1650 16 

’*£ 

49: 


1530 


48 


ss 

11 1050 

515 505 

12 llJi 

3675 36 

550 550 
7J5 
90 95 

3J8 160 

625 620 
M23 23JJ8 

058 057 

0B3 051 

1150 1150 
11.90, 1260 
855* UM 
1750 


H 


36 
650 

no 

11 J0 1L50 
2578 275 
2270 2U0 
155 1J9 
US US 
7J5 7 OS 

2.15 
5.10 505 
2 1JS 


Hand Sena index : L57U7 
prevlm: L5CU5 


Jotonwtit 


AECI 

A no to American 


775 775 

2025 2910 


16830 17250 
1190 1240 
122S 1320 
7300 7500 
1060 1060 
4575 4730 
1650 172S 
3300 3300 
7574 2625 


Randfontoto 

Reedintl 

RwaTDuttii 8 
RTZ , 

SoatcW 

Salnstaunr 

Sura HokNngs 

Shell 

STC 

Std Chartered 
Sun AUtoocf. 
Tale amt L.vla 
TeflCO 
TRomEWi 

thp 

ultra mar 
unHevvc 


west Hotalno 


7425 7600 
1150 1390 

3100 5150 
1325 1560 
TBS 800 
3300 3425 
695 698 

5800 5900 


Campoflta Stodk I 
Previous : 111U 


index : NJL 


AACorp 

2141k 

2141ft 

Allled-LvanB 

197 

199 

Audio Am Gold 

58316 

58A*i 

Ass Brit Foods 

222 

222 

Ass Dairies 

158 

140 

Barclays 

382 

379 


544 

557 

BAT. 

323 

321 

Omduffl 

373 

373 

BICC 

225 

225 

BL 

33 

34. 

Blue Circle 

S3S 

528 

BOC Group 

302 

307 

Boots 

184 

180 

Bowater Indus 

298 

300 

BP 

516 

520 

Brit Home SI 

297 

3W 

Brit Telecom 

189 

193 

Brh Aerospace 

376 

J81 

Brltell 

218 

220 

BTR 

375 

383 

Burmah 

276 

282 

Cable Wlratoss 

Sffl 

545 

CaXiurvSchw 

163 

1M 


186 

184 

CommeratalM 

219 

223 

Cons Gold 

529 

534 

Courtmilds 

138 

141 

Dataety 

423 

423 

De Been* 

525 

533 

Dlstineri 

290 

292 

Drlefdntaln 

tarn 

save 

Hum 

365 

373 

Free Si Gud 

22m 

S2Ak 

GEC 

174 

178 

Gen Accident 

608 

m 

GKN 

230 

233 

Gknat 1261/64 

13 

Grand Met 

286 

293 

GRE 

710 

704 

Guinness 

280 

281 

GUS 

850 

850 

Hanson 

212 

222 

Hawker 

437 

439 

■ICI 

762 

764 

imperial Group 

m 

196 

Jaguar 

289 

292 

Land Securities 

284 

286 


748 

740 

Lloyds Bank 

589 

579 



172 


311 

3M 


136 

137 

Metal Box 


iff] 

Midland Bank 

352 

151 

Nal West Bonk 

659 

657 


363 

3ef 

PI Iking ton 

2B8 

291 


132 



716 

711 

Rural Eled 

184 



Unflod Blscalls 

Vlckera 

W p e t warth 



Asefl Index : BUI 
Prevtoue : 22ua 
CAC Index : 2307 
Prevlam :Z3U8 


F.T.Mlofknc: TJ- 31 


Cold Slorooa 
DBS „ 

Fraser Neove 
Haw Par 
Inchcome, 

Mai Banking 
OCBC 
OUB 
OUE , 
ShonariHo 
Si me Darbv 
SVareUmd 
S*par« Press 
S Steamship 
St Tradlno 
United Overseas 
HOB 


Banco Camm 

Centrata,. 

Ctaahoichi 

Creditai 

EridO BM. 

Furm W atta 

Flat 

FMbr 

Generali 

in „ 

Itatcementi 

5s 

Pirelli 

RA5 

Rinascenm 

SiP^ 

SME 
S nla . 

Standa 

Stet 


20446 moo 

SS2 ^ 

07M 0980 
2225 2210 
10000 1OO0O 
14300 141|0 
3261 . 


HIM 0W9Q 

95000 94600 
1443 U3G 
83770 am 

101 000 99400 
1721 1719 

2570 2577 
71200 70490 

2T80 S 


Prevtod* : l* 1 


: p~ Prarfai 


AirLlwMe 

AtsthomAh- 

AvDOkun 

Bonctdre 

BIC . 

Bongrota 

Bauvwes 

B5 N-CP 

correkwr 

Charaeura 

Club Med 

Darty 

Duma 

eS3s»Mb«a 


678 67J 

567 
2810 


1 


2375 

539 

1382 

708 


Gen EMM 
Hacttotto 
LdtoraeCoP 
Laarand 

Leetoar 

iXtrwt. 

Martetl 
Mated 
M artin. 
MKh elln ___ 
MoetHenrww 
Moultnek 
lOcddentoto 

W S3 Bfc 
PetrsSS* ***** 

Peuaaoi 
Pr In temps 
Rodioiectin 

SSSSTw- 

Scmolt 


1381 

19M 1995 
2313 2315 

oSS fffi 

1775 1785 

2S 

2005 2120 

’32 ISS 

1952 Mg 
0X40 « 

IS 1S& 

787 80S 

549 563 

247 251 

402 
707 290 

311 J0A5O 
1JW If09 
1697 l»5 
730 739 


152 149 

6.10 6JB 
£2S 5J0 

227 224 

ua 242 
A05 6.10 

920 925 

322 326 
NX1. — 
2J3 HJB. 
1J? 1J7 

N.Q. 228 
6.15 A10 

LIO 1.10 
442 442 

i ru ? 07 
All 4.14 


strain Times lad 
Previous : 809J2 


Index: 80121 


AGA 

Alio Laval 
Asea 
Astra 
Allas L 
Balkten 
Electrolux 
Ericsson 
Essefle 

Handel sbankan 

Pharmacia 

Snob-Soma 

Stmdvlk 

Skansko 

SKF 

SwcdWiMatch 

Volvo 


375 NA 
181 178 

335 335 

415 NA. 
105 lto 

ise iso 

^ ss 

385 385 

152 150 

189 189 

350 NA 
370 370 

Bl 8UD 
283 an 
198 198 

210 218 


Kyocera 
Matsu Elec In* 
Matsu Elec Works 
Mitsubishi Bank 
Mitsubishi Chem 
Mitsubishi Elec 
MHsubMd Heavy 
Mitsubishi Gora 
Mitsui and Co 
MUsuhaahl 

Mitsumi 

NEC 

NGK insulators 
NikkoSec 

Nippon Koaoku 

Nippon OH . 
Nippon Steel 
Nippon Yusen 
Nissan 
Nomura Sec 
Olympus 
Pioneer 
Rlah 
Sharp 

Shimmu 

Shlnetsu Oiemlcol 
Saav 

Sumitomo Bonk 
Sumitomo Chem 
Sumitomo Maim 

Sumitomo Mein! 

Toted Cora 

Tateha Marine 

TokedaChem 

TDK 

Tellln 

Tokyo Elec. Power 
Tokyo Marine 
TOPPan Pitnhno 
Toray Ind 
Toshiba 
Tayoto 

YomaicM Sec 


AHaeravoortden 

Previous : SM 


Index : 3692 


Tokyo ~] 


Akal 

AsohIChem 

SSS?5^vo 


4D5 410 
102B W10 
BK 870 


Canon 


Cltah 

Dal Nippon Print 

SSlS&kte 


Full Bonk 
Full Photo 
Fulltsu 
Hitachi 
HHotJii Cable 
Hondo 

japan Air Lines 
Kailma 
Koracri Power 
Kmmsokl Steel 
Kb-in Brewery 
Komatsu 
Kubota 


525 328 

1120 11« 
ISM 1580 
421 421 

lira 1190 

ss 

7950 7990 
U00 1600 
1820 1790 
1050 1DM 
730 — 

650 — 

1290 1290 
6850 6940 
328 3M 
1890 1920 
150 150 

70 701 

440 446 

333 330 


MkkeVDA index: 124*134 
Prevtaus : 12JWJ9 
N*W jBde x j UMJ8 
Prevto u * : IMUI 


Znrlek 


AfflO 

Alusuhoe 
Avt option 
Bonk Leu 
Brawn Boveri 


rihdGetov 
II Suisse 


Crudll 

Etaetrawolt 
Georg Ftedw 
HOtdertxmfc 
Inlerdiscount 
Jacob Suchont 
Jclmall 
Landis Gvr 
Moevenptak 
Nestle 
OerllkarvB 
Rocha Baby 
Sandaz 
Schindler 
Suiter 
SBC 

Starve! I ton ra 
Swissair 

Swtsa Reinsurance 
SwUsValksbank 
Union Bank 
Winterthur 
Zurich ins 


3050 3120 
801 ESS 
5250 5400 
3775 3800 
1700 1720 
3165 3210 
2665 fflffi 
2760 2770 
84S m 
745 745 

2240 2200 
6010 6050 
2280 2370 
1740 1735 
4500 £30 
6280 6305 
1505 1510 
9225 9425 
1385 ISO 
4300 4375 
357 397 

HP 412 
3925 3945 
1180 

W10 1900 
1630 1 
3960 3.^ 

5,00 ss 

2230 2260 


SBC Index : 4BJ8 
previaas : *67 A* 


Nfl.: not quoted; HA; nut 
available; xd: exta-vtoend. 


WHAT WOULD LIFE BE UKE 
WITHOUT IT? 

WEEKEND 

EACH FRIDAY IN THE IHT 


2090 AMI .Free 


351 Aeklands 
315 AOmco 1 


3407AaroindA 
Alt Enerav 


6725/ 

1U2S Also Cent 
11999 Aloomo St 
rn Altars WAf 
2B3SAraceri 


EE 


LowCtaMCboe 
sma w 19 — to 

S16 16 16 , 

S16lk 16* 16Jfc— » 
MV> 8 8 — V, 

520% 70V» 20V . — V. 

522 22 22 

523 2244 T&k— K 

525 244k 25 + Ml 

SI 7V. 171k 17Vk— to 
480 488 480 +5 

291k 9 9to 

S334k 321ft 32Wr— 1 
OTi » ». 

S139k 13to T31ft— to 
— 133 133 — T 


75DB Bra tome 


700BrendoM 
18360 BCFP 
54725 BC Rea 
26089 BC Phone 
MBOBruremfc 
i5DDBuddCan 
23340 CAE 
430DCOIStbB f 
5899 0*1 Frv 
554 C Nor West 
TSOCPackra. 
4920 Can Trust 


Af SITto 17to 17to — Vk 

to R 400 395 395 

ne 450 445 445 — 5 

ilea 519V. T9 19to + to 


11916 19 I?to + to 
29 BM 9 
19V9 916 916— Vk 

264 256 256 -5 

S24to 23to 23to— Vk 


1215 LLLac 
1771 LablawCa 
4W0MDSHA 
200 MICC 
1229S2 Mdan H X 
14692 Mertand E 
9342 Moteon A f 
osuMalsonB 
650 Murphy 
4922 NaMSCOL 
170454 Noronda 
51850 Norcen 
115836 Nva AHA t 
2042NawsoaW 
33721 NUWstsaA 

4500 Oakwood 

11750 Oehawo At 
300 Pomour 
2300 PanCan P 
3100 Pembina 
760 FhonU Oil 
660 Pine Paint 
6550 Place GOo 
S35D Plooer 
42860 Provtoe 


214 

230 


iOOqCTuna 

;i Bk Com 


AA4SMCI I 

300CdnNol Re* 
009400 cmre A I 
9300 Cora 
11325 Cetooeee 


“Ml 


4300 CDL _ 

7550 CTL Bmk 
BSOOConvantrs 

2600ConwSStA 
S175CasekaR 
1900 Conran A 
■0396 Crown* 
19200 Crar Rea 
10958 Dam Dev 
10068 Denison An 
8948 Denison Bf 
3350Dewfcon 
3712 EHCknsn A f 
lM2DldmsnB 
1500 Demon A 
17422 Dotaaco 
280 Du Pont A 

TWDYlcxA 
1726 EtathomX 
1615 Emeu 


7BOO Equity 5vr 
I FCA Inti 


1800 FC~ „ 
HOC Falcon C 
64275 PtaibrW 
T219 Pardy Re* 
3M0 Fed IndA 
28800 FCHyHn 
9101 Fraser 
1000 Gendte A 
170 Geae Comp 
15947 Geocrvde 
2900 Gibraltar 

3050 Geldeorp f 
UM Graft G 
4000 Grandma 
g»Grandue 
40284 GL Forest 
60 Gt Pacific 


13to T4 — Vk 

— 291k 30 + to 
S16to 161ft 1616— Hi 

261ft 6 V6 64k— Ik 

SISto 15 15 — to 

S27U 2216 2246 + Ik 
S29to 291ft 29to+to 

S371ft 37to 37to+ Ik 
si3to 1ZW 12to— Vk 
I35to 35 351ft— to 

29 28 29 —1 

tto 9J6 9to + Vk 
514to 14to 14to— to 
SM BVk Bto 
S6to 6to 6to— Ik 
S6Jft 6to 6to— Vk 
SllVk 11 11 

56% 61ft 6ik+ Vk 
9Vi 9Vk— Ik 
320 320 —15 

13 

„ 20to+ to 

195 195 —7 

— 390 390 —15 

S13fe 13 13to + to 
STZVk llto 12 

6to 6to 
tto . 6to 
*W 6 to— Vk 

— 225 

OW Wft 26to+ to 
SITto T74k 17to + to 
S44Vk 44 44 Vj + Vk 

Sfito J6k 5to— Vk 

sisto ioto iavk- vk 

.57% 71* 7Vb— to 
T9 W 

Hove » to 
IP 300 300 — S 

mk am 24ik+ to 
*134k 13 13 —4k 

SUM 1 244k 241ft + Vk 


S9to 

32S — 

SUto 13 

S' 4 “ 
200 
405 


CM 

S6to 

161* 

225 


219 

517 


S3 

sm 

S6to 


2500 Grsvhnd 

Group A 


1500 H 

jHHrdtao Af 
820 Hawker 
4S6T6 Hayes D 
2671 H Bov Ca 
«84S2lmosoa 
60S Indot 
300 malls 


7063 inkitel Gas 

MW Thom 


49750 

23041 inter Ptaa 
B66 ivocoB 
HOW Jonnocfc 
looo Kam Kotla 
3MKeteovH 
2964 Kerr Add 
18100 Labotl 
Stiuuetoiiie 
3SOT LOnt Cem 
3300 Locono 


*29to 2Vto 29 to 
*10 10 10 + Vk 

275 275 —5 

JS St* 

47 67 67—3 

S3 $3 S3 —2 

iTK ft Tim 20to— to 
531 31 31 

Wf 35to Kto 

SBto Sto 846 
la 162 163 -8 

23036 2K6 Ttni + u. 

*ii «» iK 

»to m*_ to 
«££ 37 Tk+ H 

SfSVk 15ft ITO + 1% 

^ 4^ 41toZlS 

S2- IS 'wt* 

gr- iir* ,ir*“ ^ 

Wl 17to+to 

n&to 28to 28'6 

12H 12to— to 


511 

Si 1'ft llto 11* 


low Due Sturo i 
n Pel 


263 614k 

S20lft 20 
51B IB 
350 350 

I14to 14to 
420 413 

2171ft 17to 
sirft i7Va 
223 23 

S27to 26W: 
S161A (Sto 
SUM ISto 
261ft 6to 
51946 lBVft 
45 43 

Sto 

S29 28to 

S8to Ilk 

S34V6 32 
517V. 17 
nift sto 
228 70 

1« 132 

524 2346 

S32lft 22V. 
I7D 370 


57V. 7V» 

27to 71ft 
S12V. 13 
52lto 31H 


185 

9to 

10 

36to 

Sto 

26to 

9to 


3000 Kam. .. 
moo Rov rock I 
4720 Redpalti 
42497RdStenhSA 
3033 Revn Prp A 
SNRuaersA 
1100 Roman 
400 Rothman 
4951 Sceptre 
12900 Scotia f 
5615 Sears Can 
23065 Shell Con 
35500 5 Merritt 
6232 Sou Him 
5000 31 Bradcst 
31255 Sidra A 
3721 Sutaire 

Kj!«aepR 
2005uncarpr 
51900 Sydney o 
.:!(« Talcorn 
2*00 Taro 

4WWTS*Bf A 

msTsxCon 
9524 Thom N A 
63661 Tor Dm Bk 

10W7T*rsta-Bf 

StSm*' 

j^KCMS 

aoTrtwcAf 
396950 TurtMf 
lOOUntaorpAf 
SSOUaCarbld 
aSWUEntarbe 
l»« Kona 

JOT Van Our 

3000 Vestg ran 
lOTWeldwod 
^WWestmln 
,.3MW«lon 
U746WoadwdA 

JBaVhBeor si* EE 

Total Soi«: lUfij«9M^s ^ 


3 

3M +20 
14to 
415 
17i.k 
I7V3 

23 - to 
371ft + to 
16 

Tito + Vk 

6to + to 

lm- vs 

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INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE II, 1985 


Page 19 




SPORTS 


Boyd Again Blanks 
Orioles for Red Sox 


Compiled by Our Staff From Dispatches 

BALTIMORE —Dennis Boyd 
shut out the Baltimore Orioles 
again Sunday, and this time it was a 
bit or overkBL 

Backed by 17 hits that included a 
home run by Jim Rice, Boyd 
pitched a three-hitter as the Boston 
Red Sox beat the Orioles, 12-0, for 
their seventh consecutive victory. 

“I love facing the Orioles.” said 


BASEBALL ROUNDUP 


Boyd. "Some of their guys come to 
bat and grit their teeth against me.” 

Baltimore, the last team in the 
major leagues to be shut out this 
. season, had not been blanked since 
■: Boyd turned the trick last Sept. 21. 

But while losing all three games 
of this series the Orioles batted 
only .172, and went 3-for-31 with 
runners on base. 

Mike Easier, batting .450 in his 
■ last 10 games, figured m three fios- 
: ton rallies with two doubles and a 
single. Marty Barrett also had three 
hits and drove in three runs. 


Rice, poked in the left eye when 
he collided will 


led with center fielder Steve 
Lyons while chasing a fly ball in the 
fifth, left the game in the seventh. 
The injury was not believed to be 
serious. 

Tigers 8, Bine Jays 3: In Toron- 
to, Nelson Simmons and Lon Whi- 
taker each hit wind-aided homers 
and Kirk Gibson drove in three 
runs as Detroit won. 

Mariners 10, Intfmns ft Ken 
Phelps, Phil Bradley and Jim Pres- 
ley each drove in three runs to help 
Seattle win in Cleveland. 

White Soot 5, Twins 1: In Minne- 
apolis, Tom Seaver scattered five 
hits for his 294th victory in the 
majors. 

Brewers 9, Vanina 4: In Mil- 
waukee, Jim Gantner and Ben Og- 
livie each hit two-run homers ami 
Pete Vuckovich stopped New York 
on three hits for 6 2/3 innings. 


Angefe l. Royals 0: Ron Roman- 
ic* and Donnie Moore hdd Kansas 
Gty to fri ght hits in Anaheim, Cali- 
fornia. and Boh Boone singled in a 
run in ti*t fourth inning as his team 
regained first place in the West. 

Rangers 8-5^ A*s 44: In Oak- 
land, California, Dave Kingman 
led off the bottom of the eighth 
with his 14th home run that gave 
the A’s a split of the double header. 
Gary Ward and Cliff Johnson each 
singled in rims during a five-run 
fifth as Texas wan the first game. 

Padres Reds 3: In the National 
i-gg git^ San Diego’s Andy Haw- 
kins scattered eight hits over seven 
innings in Cincinnati to run his 
record to 11-0 and teammate Graig 

manager, Pete Rose; went J-for-5, 
and now is 48 hits shy of breaking 
Ty Cobb’s record erf 4,191. 

Breves Hk Dodgers 3: Dale Mur- 
phy hit his NL-leading 14th homer 
and drove in three runs in Atlanta 
to help beat Los Angeles. 

Cubs 5, Pirates 1: Jody Daws 
drew a bases-loaded walk and 
Chris Spder hit a two-run single 
rlnring a four-inn sixth in Chicago 
that gave the Cabs a four-game 
sweep of Pittsburgh- The Pirates 
have lost ax straight. 

Pfafifies 4, Expos 1: In Philadel- 
phia, Glenn Wilson's three-run 
homer beat Montreal and ended a 
four-game losing streak. 

Astros 5, Giants 0: Joe Niekro’s 
two-hitter in Houston made him 
the winningest pitcher in Astros 
history — he has 138 victories with 
die tfr»m — and Mark Briley hit a 
three-run homer for a three-game 
sweep of San Francisco. 

Mels 6-2, Cards 1-8: In New 
York, George Foster and Rafael 
Santana each drove in two runs in 
in the first game but Sl Louis won 
the second on Terry Pendleton’s 
inside-lhe-park grand glam hnmur 
as Joaquin Andujar posted his 11th 
victory. (AP, UPI) 



Lakers Treasure Victory Long in Coming 

Abdul-Jabbar Calls It 'Historic" End to Years of Frustration Against Celtics 

By George Vecsey 

S’ev York Times Semce 


BOSTON — Karcem Abdul- 
Jabbar remembered it as if it were 
yesterday: “You always remember 
important things,** he 
He had just come home from the 
third grade to his family’s apart- 
ment in Manhattan, in to 
catch the sjnh inning of the sev- 
enth game of the World Series. 

"Gil McDougald was on base 
and Yogi hit one into the comer 
and Sandy Amoros turned it into a 


ill the great 

playe rs, including the No. 21 of the 


double play,” he recalled. ‘Then 
?. shut ’em down the rest of 


Johnny P. 
the way.” 

Although be lived in Manhattan, 
the young Lew A1 cindor, as be was 
named then, was a Brooklyn Dodg- 
ers fan, and he celebrated their vic- 
tory the best way he knew: “I yelled 
out the window.” 

He may not have celebrated that 
demonstratively again until Sun- 
day. when he came out erf the game 
-with 14 seconds remaining and 
waved both index fingers on cither 
side of a huge grin. He was cele- 
brating the first time the Los Ange- 
les Lakers bad beaten the Boston 
Celtics for the National Basketball 
Association title and he knew just 
how much that meant. 

“This is historic,” he said. “This 
is just like 1955." 


president. Bill Shannan, 
only served to remind the Lakers erf 
the images of the two teams: 

Boston: gritty, resourceful, 
proud. Los Angdes: flashy, bril- 
liant. frustrated. 

Every tune Abdul-Jabbar sky- 
booked over an exhausted Robert 
Parish, every time James Worthy 
soared home with a dunk, every 
time Magic Johnson slipped a 
quick pass inside, it eased the psy- 
chic stigma the Lakers carried. 

The victory over a weary five- 
man team with almost no healthy 
reserves cannot and should not 
obliterate the past: Shannan help- 
ing to sweep the old Minneapolis 
Lakers in 1959; Frank Selvy's shot 
hitting the rim in the seventh game 


in 1962; the charging foul against 
Elgin Baylor m the sixth game in 
1963; the injury to Baylor in the 
five-game rout in 1965; the 32 re- 
bounds by Bill Russell in the sev- 
enth game in 1966; the 25-point 
romp in the sixth game in 1968; the 
seventh-game loss in 1969 when the 
Lakers could not win with Jerry 
West, Baylor and Will Chamber- 
lain, and the seventh-game loss in 
the Garden last year. 

“Just think about Jerry," Abdul- 
Jabbar said, referring to’ West, the 
Lakers’ general manager. “He was 
in seven of them." 

The Lakers swept through the 
Western Conference playoffs, 
keeping their eye on Boston. They 
would not say it exactly this way. 
but the best championship of all 
would be over Bos Lon. 


Then they were “embarrassed, 
humiliated." in Abdul- Jabbar's 
words, in a 148-1 14 loss to open 
this series. But the Celtics’ huge 
margin of victory was illusory. 

After the fifth game, the Lakers 
knew the Celtics were staggering, 
but they could not count on having 
it easy in Boston Garden, where the 
stands rise close to the court and 
the fans scream ugly remarks at the 
visiting players. 

But now the Celtics' 26-year 
domination was over. 

And Abdul-Jabbar. the most 
valuable player in the series, reiter- 
ated that he would play only one 
more season, then retire. Because, 
he said, “There is a lime for every- 
thing, and l feel time running right 
up my back." 


For Celtics 9 Bird, the Pain Went Deep 


The Brooklyn Dodgers lost five 
t World S' 


Th* An ooteed Pren 

Kareem Abdul-Jabbar left no doubt winch team be 
was the best after the Lakers beat Celtics for NBA 


straight World Series to the New 
York Yankees and the Lakers bad 
tried eight times without beating 
the Celtics in the final round. 

“Boston has never lost one here." 
Abdul-Jabbar said. “Boston has 
never lost one to the Lakers. And 
Boston has never lost one to Kar- 
eem Abdul-Jabbar." 

He and the Lakers had won 
championships, but only when the 
Celtics had not made it to the fin- 
als. And try as they might to deny 
it. the Lakers carried the burden of 
history into Sunday's game. 

The championship banners 
hanging from the rafters, the rc- 


By Steve Springer 

Los Angeles Tima Service 

BOSTON — Those who thought 
Lany Bird was hurting before, with 
bone chips in his elbow and swell- 
ing in his right index finger, should 
have seen hnn Sunday. 

This time, the hurt went much 
deoier. Right to the heart. 

“When you lose, you’re a fail- 
ure," the Boston Celtics’ star for- 
ward told the army of reporters 
that advanced on his locker stall in 
seemingly endless waves. “We 
played like a bunch of guys who 
failed. It took us over 100 games to 
get here, and we let it slip away. 1 
feel bad for us. The crowd was 
there; the players were not. 

“But what can you say? When 
you shoot 35 percent" — actually 
36.5 percent —“it’s time to lock up 
the building for the summer.” 

All the fingers in that Boston 
locker room were pointing inward 
Sunday. It was equal parts humility 


mixed with admiration for the guys 
in the other locker room. All the 
talk of the Los Angeles Fakers, the 
quiche eaters versus the blue-collar 
guys and showtime versus the work 
ethic had dissipated. 

Bird also was critical of the new 


f When you lose, 
you’re a failure/ 


2-3-2 format for the championship 
series, a format that gives the team 
with the second-best regular-sea- 
son record the home coun for the 
middle three games. In the past, the 
format has been 2-2-J-l-I. 

“Next year, if they have a 2-3-2 
format," he said, “we may lay 
down and go to sleep. It’s not to 
our advantage. If it comes to that, I 
guarantee I will not be playing" at 
the end of the regular season. “I'll 
be resting." 


Bird, who made just 12 of 29 
shots Sunday, placed the major 
blame for his' team's failure square- 
ly on his own shoulders. 

“I thought I could cany the- 
team," he said, “bur 1 was just out 
there. I thought I was ready to plav. 

I thought it was my day. I couldn't, 
believe the shots would not go in. 1 
look 29 shots and every one that' 
missed, I said to myselL 'The next 
one is going in.’ But my shots were 
just falling short. I didn't play my 
game all day long. I've been the 
hero. You've got lo be the goat 
sometimes." 

Bird said the Lakers* Pat Riley is 
“an excellent coach. His strategy 
was very good. From game lo game ■ 
I had to keep changing whal 1 was 
doing. It was unbelievable the way 
he coached." 

He also thought about the Lak- 
ers’ Kareem Abdul-Jabbar and 
said: “I just hope he retires after 
next year.” 




i 

A 


if 


li 


* 

V 


Fmmthe Mouths 
Of Babes . * . . 


The Associated Press 

FORT WORTH, Texas —If 
a first-grade class had its way, 
baseball's Texas Rangers would 
not get paid until they pull out 
of dead last in the American 
League West Division. 




The team also should forgo 
television, late-night parties 
. and Gatorade, according to 
-./Tanglewood El emen t ary 

d 


v» i “.a 3 i V 


$ School students. 

Gass members have wan free 
Rangers tickets from the Fort 
Worth Star-Telegram newspa- 
per for that sage advice, in a 
contest called ^What’s Wrong 
With the Rangers." 

A sampling of oiheT 
Tanglewood entries: 

“Practice batting an a tee, 
like in tee-balL” Kelly Pugh. 

“Make the players do 200 
push-ups and sit-ins before 
each game." Tyler Monahan. 

“Give each one a four-leaf 
clover." David Hatley. 

“Use bigger balls and bigger 
bats.” Lara Wallentme. 


Evert Vs. Navratilova: Unparalleled Match in Tennis’ Greatest Rivalry 


By John Fein stein 

Washington Poet Service 

PARIS — This is the era of exaggeration in sports. Good is 
labeled great and great is labeled unparalleled. 

And yet, long alter Saturday's French Open women’s final, 
the ranswisu* rename d the same: Chris Evert Lloyd and 
Martina Navratilova had played a tennis match of unparalleled 
greatness. . 

The true wonder of Evert's marathon two hour and 52 
minu te, 6-3, 6-7 (4-7) 7-5 victory goes beyond the brilliance of 
the teimfc the two women produced. 


might happen to. women's tennis if they retired now, that they 
have discussed how long they should continue playing, how long 
it might be before worthy successors would emerge. 

Beyond that, each says the other's presence keeps her going. 


easily 

for.it: 


1 think it’s very hard to stay interested if you're winning 
all the time." Even said. “You need something to work 


Whal made the match sosperial was the nature of this rivahy. 


Evert and Navratilova have traveled the world together for 
years. -They have been friends and champions. First, Evert 
dominated, ihen Navratilova. 

Now, remarkably, just when it seemed the rivalry was over as 
a true competition. Evert has climbed back to make the two near 
equals a gain. She has wan the last two Grand Slam titles and, in 
1985, she and Navratilova have split their four matches. 

“She’s playing the best tennis of ha life,” Navratilova said. 
“She’s actually improved at the age of 30." 

Evert agreed. “I thmlc we’ve made each other better," she 
said. “I made ha improve her groundstrokes and ha discipline. 
Then, when she passed me, I became very conscious of physical 
fitness and strength. 

“Right now, 1 think we’re both at or right near our peak as 
players.” That was why the match “was so important to both of 
us. As many times as we’ve played, we’re still trying to prove to 
each other that we’re better." 

What is perhaps most striking about this rivalry is what it 
meonc not only to them but to their sport Evert admitted 
Thursday that she and Navratilova have talked about what 


for. Just winning and winning and winning easily can get boring 
after a while." 

Without Evert, Navratilova might have become bored long 
ago. Without Navratilova, Evert might have retired by now. 
Now, Evert, who never thought she would still be playing at 30 
— much less playing better, than ever — tafl&jrooui playing - 
another year after this one. 

Navratilova, who is 28. talks about the two of them exiting 
the game together. “1 hope Chris hangs around for another 


couple of years." she said, moments after suffering a major 
disappointment at Evert’s hands. Tm sure whenever she re- 
tires, HI follow shortly. The game won't be the same for me 
without ha.” 

Certainly the game will never be the same without these two. 
Evert has now won 17 Grand Slam titles. Navratilova 1 1. Most 
of the records Evert does not hold were broken by Navratilova. 
“This come at an interesting time for me,” Even said of ha 


victory. “1 have thought about retirement, whether to play just 
r another 


this year or play another year. This kind erf thing will make the 
rest of the year more fun and more exciting for me." 

* It also should give Navratilova something to shoot for. After 
winning six straight Grand Slam titles in 1983 and 1984, she has 
lost the last two. For the first time since 1982, Evert is dose 
behind her for the No. 1 spot in the women’s rankings. 


If Practice Makes Perfect, Wilander Prefers the Flaws 


Washington Past Service 

PARIS — Throughout the French Open, Mats Wilander 
was asked again and again whether he really wants to be the 
No- 1 player in the world. He is ranked No. 4 and Sunday's 
victory gave him four Grand Slam titles, two French, two 
Australian, at the age of 20. 

But some, including the top-ranked John McEnroe, have 
wandered aloud if Wilander wants a top ranking. Wilander 
admits he does not like to practice and often is brand by 
tennis. “Tm not going to practice eight boors a day ” be said. 
“1 want to win tournaments, especially big ones Hke tins, but I 
won’t practice eight hours a day.” 


Would he be willing to try a special diet. like the ones 
Martina Navratilova and Ivan Lendl have used, to get into 
better physical condition? 


“1 don’t think 1 want to do that,” be said, smiling. “Anyway, 
I think this tournament shows that maybe it’s not such a good 
idea, since both of them lost in the finals.” 


No diet. No debt hours a day. And what about Sunday 
night? “Tonight I have plans for. he said. “But nothing I can 
tdl you about" 


Truly an athlete with the right priorities. 

— Join Femstem 


More important, though, is the tennis the two have produced: 
The fact that each wants to beat the other so badly, even at a 
stage in their careers when they already have won everything 
there is to win, is a tribute to their competitiveness and to the 
respect each has for the other after so many years of battle. 

“It was the kind of match where you knew the winner was 
going to be the happiest person in the world and the loser the 
saddest." Evert said Sunday from London. "It’s amazing what 
winning a match like that does for you. I slept two hours last 
night and I've been working around our house all day. 1 don’t 
Teel a bit tired. 1 fed great." 

People will remember Evert and Navratilova long after they 
stop playing. People will remember this match, the length of the 
rivalry, the great play and the graciousness. 

“I'm proud I’ve been pan of something like that," Evert said 
Sunday. “I still remember the first time I played ha. It was in 
Akron. Ohio” in 1973, “I was 17 and she was 15. 1 had never 
heard of ha and I walked on court and there was this little 
overweight girl 

“But die was strong. I had trouble with ha save and we 
ended up in a tie breaker in the first set before I won, 7-6, 6-1. 
But 1 was shocked by ha. 1 thought then, If this girl eva gets 
into shape we're aD m trouble.' " 

They said that about Navratilova for years, until in 1981, 
several years after ba defection from Czechoslovakia, she 
txgan to reach ha potential. If she bad not done that. Evert' ' 
might have 25 Grand Siam titles. She might also be retired. And 
women's tennis would certainly not be the same. 

“No one is bigger than the game,” Evert said. "It went on 
without Court, without Billie Jean. It will go on when Martina 
and I retire. But I know our rivalry has made tennis a better 
game. That makes me feel good.” 


Baseball 


Basketball 


SPORTS BRIEFS 


Sunday’s Major League line Scores 


NATIONAL LEAGUE 

m (HUM 


7 « 

ffUICHfeflAla in M KM 4 8 

Heskettv St. Claire 14). Burk* (U and Bu- 
tora; Grass. Carman (81. Tsfcutv* (8) and 
Diaz. W-GnH. 5-4. L — Hexkath. 5-3. Sv— T*- 
kutvs (4). HR — Philadelphia. Wilson (5). 
slum is an m l » 

Hew York SM M Ua-4 > t 

[First Gams) 

Forsetu Horton 17), Campbell (7). Dcrytev 
Ml and Himt. Nieto (71; Gooden. Orosco 191 
<md Carter. W— Gooden, 9-3. L — Forsch. 4-L 
SLLeuis 201 MS 998—4 14 1 

New York 0W Ml 200—3 7 1 

(Second Game) 

Annular and Nieto; SdilroidLSamblto (4), 
Sisk (7). Gorman (0) and Carter. Hurdle (4). 
W— AndlHar/ 11-1. L— ScMratdL >1. HRS— SL 
Louis. Pendl et on 12). New York. Hurdle 11); 
Dteao 000 tm 040—5 * 0 

HI 100 000 002—3 12 0 

kins. Gosmbb (8) m Kennedy; Soto, 
Robinson (0). Pasfore (9) and Knteety. w— 
Hawkins. ll-O. L— Soto 04. HR— San Dtega. 
Netties (5). 

putsbereb OH 001 000-1 4 i 

CMcavo 000 004 W*-5 0 1 

Winn, hoi kind (41. Robinson' (4) and Pena; 
Ruttiven. BrustOar (71 and Davto W — Ruth- 
ven. 34. l— W inn. 1-1. Sv— Brumtor (1). 

Let Anodes W 000 380— 3 »S 

Atlanta 291 1)1 32X—T8 13 2 

Valenzuela Diaz (4), Howe (71 end Sdas- 
cta: stiMds, Forster |7i and Owen. W— 
Shields. I-OL L— 1 Vaiemuela. 54. Sv- Forster 
(1). HRs — U» Angeles. Marshall (ft, Ander- 
son 12). Atlanta Murphy (14). 

San Francisco 000 0M 000-0 2 I 

Houston BIB 103 HM 10 0 

LaPoint. Min tan (7). Garretts IS) and Tre- 


vino; Nlekra and Ashby. Balter (51. W— 
NWkra >4. L-UaPaWL *4. HR— Houston, 
Batter (3). 

AMERICAN LEAGUE 
Detroit 101 TM OH — I 11 1 

Toronto 101 001 000-3 t 1 

Babr.Schetrer (4). Itemonde z (8) and Par- 
rish: Clancy. Lamp (4). Acker (7). Mussct- 
manmcM Whitt. Martinez (7).W— Bair.VO. 
L— Clancy, 2-3. HRe-Oetrett. Whitaker (7). 
Simmons (31. 

NcwYotk 1M0M MO-4 9 0 

Mt t we m i o o 130 013 n»-t 13 0 

Nlekra Aim sl rone (B) and Wraesor; Vuck- 
ovich. searaet (7). Ladd (8) and Simmons, 
w — vuefcovtcn, 2-3. L — Nlekra 74. Sv— Ladd 
(U.HRsr— New York. Henderson (6). wutwou- 
kea Gantner (2). Ogltvta (2). Giles (1). 
Boston 010 320 SI 7 — 12 17 0 

Baltimore 800 000 000—0 3 1 

Bordond Sim; Davto SaeU (»L TJHorHmx 
(8). Paso <91, Oboon (SI and Ravtard. w— 
Boyd. 74: L— Davto M. HR— Bosfoa 
1111. 

Seattle 071 ISO 010—10 13 1 

C le veiow d TM 010 400— 4 9 3 

WUto Vanrie B«ra I7L Nunn (71 and Scott; 


Schulze. Clark (41. Thompson (81 aid WUlard. 
Band a (8). W— Wills. 1-0. L— Schulze. 34 Sv— 
Nunez (6). HRs— Seattle, Phelps 17). Presley 
( 12 ). 

on on no—5 it l 
101 ON 000—1 4 1 
r. Fallon ID. Nelson (9) and HIIL FBfc 
<81; Schrom. wardle (71. Eotemla (9) and 

Sedan W-Saaver.64.Li— Scfirom.44.HRs— 

Chioooa. Salazar (5). Boston (2). Minnesota 
Teutei (4). 

Kaaus Cltv 400 000 000-0 I O 

Co attorn la on in OOz— l 4 0 

Jackson and Wothon; Romani A. Moore 18) 
ond Soane. W— BotnontetoT-iL-Oodacn.*- 
X S*— Moore I Wi- 
lis 050 BOO-3 0 1 
003 N2 000— I W 2 
(First Game) 

Notes. Harris (01 and Bnantner; Krueger, 
warren IS) and Heath, w— Notes. 34 L— 
Krueger, 44 

Texas 010 N2 200— S I 0 

Oakteed 021 oil tlx— 4 10 2 

(Second Gama) 

Hooton. We te h (7) and SlauaW; McCarty, 
Kaiser (7). HaweU 17) and Teltteton. Heath 
(9). W— Howen.4-3. L— Weteh. &1. HRs— Tex- 
as. Har rati a). Oakland. Davis 04). Murphy 
18). Kingman |M>. BocMe (1). 


NBA Title Series 


Series GomposHe Box 


GAME 4 


20 27 37 39—111 
24 29 18 27— IN 


175 m 172 140-495 
m m 155175-47? 


Rambis 

worthy 


McAdeo 
Kupctmfc 
McGee 
Tom Rbnds 
Totals 


LOS ANGELES 
te too ft fto 
4 5 12 

11 IS 6 9 
13 21 3 4 

4 13 2 4 

5 1$ 4 4 

2 4 5 5 

1 5 0 0 

1 5 4' 4 

0 10 2 


r a pf Pts 
10 0 3 ? 


McHate 

Bird 


Kite 

Tam Rbnds 
Totote 


43 84 25 24 
BOSTON 
to tea ft (to 

11 18 10 13 

12 29 4 S 

5 H 4 4 
3 15 5. 6 
3 14 0 0 
2 3 2 2 

1 10 0 


3 3 
7 4 
5 3 
N) 14 
3 2 
1 1 
5 2 

o a 
18 

54 27 21 111 


AbdKJbbr 

Worthy 

E-totmai 

Scott 

Cooper 


Rambis 

KupcOmk 


Snrtoas 


r a pf Pts 
14 1 4 » 


Mevttt 
Tern Rbnds 
Totals 


LOS ANGELES 
ta fan It fto r 
67 III 2D 24 
sr ioi a 40 

41 83 27 31 
30 74 5 9 
20 34 19 21 
27 5? 5 7 
19 38 7 13 
11 20 9 14 

5 10 4 9 
4 10 2 4 
0 2 2 2 
0 0 12 


37 94 25 22 


10 3 

11 3 
7 4 
4 IT 
3 2 
3 8 
10 

44 M 27 IN 


3 28 

4 14 
17 

5 4 

3 7 

2 2 


Major League Statistical Leaders 


Pet. 

336 

330 

37J 

327 

323 

318 

315 

314 


Major League Standings 


•*» _ 
-pronto 

Sort (mar 


it (more 
Detroit 
Boston 
New verb 
Milwaukee 
Cleveland 


California 
aneoao 
Kansas Citv 
Oakland 
Seattle 


AMERICAN LEAGUE 
East DW fatten 
W L 
to U 
29 24 
29 24 
21 2S 
27 2S 
» 2$ 

19 34 

West DMsfan 

29 2S 

27 24 

28 25 
25 21 
25 30 


Pd. Gft 

067 .— 
347 6 VS 

SO 4Ki 
328 7M 
319 B 
3W Wk 
MS Ufe 




..H' 


Minnesota 23 30 

Te«H 21 S 

NATIONAL LEAGUE 
Bait Dtvlstoa 
W L 

Chicago 33 *9 ' 

New York 31 31 

it real » 32 

29 25 
19 34 
17 35 

West Dtvfctea 
32 21 

Cincinnati 39 25 

Houston 39 29 

Loo Angetas 37 28 

Atlanta 21 38 

FrondscA 39 33 


337 — 
329 » 

328 lb 
A 72 3ft 
ASS ■ 4ft 
334 5ft 
J89 8 


RIodeipMa 
Pittsburgh 


Pet. ~GB 
327 — 
304 1ft 
382 2 

327 4ft 
JSI W 
SB 15ft 


AMERICAN LEAGUE 

G AB R H 
Bradley Sea SS 220 33 74 

Cooper Mil « 194 23 44 

HoaderaonNY 39 153 39 50 

Whitaker Del 50' 199 40 45 
Godman Bm '40 144 28 53 

Buckner Ban 63 3M 25 48 

Davis Oak SO 178 43 54 

Molltor MH . 50 194 37 41 

Rons: R token, tammore^S; NUMvtoOefc- 
tand.43; Whitaker. DelroR.4Q; RXendermn. 
Now York. 39; Molltai-. Milwaukee. 37. 

RBtas Mattingly, New York. 44; EJWurraV. 
Battlmore.41; Baylor. New York. 40; KJSJh- 
son. Oetroft 39i > MDaufc, Oakland, 38. 

HIM: P-Bnxfwv, Seattle. 74; Buckner. Bas- 
km.40; Hatcti4r.MlniMsata.4B; Butter, Oeve- 
laM. 47; Puckett, Minnesota 87. 

Doubtaa- Butler, Cleveland, 17; Buckner. 
Beslan. Ur GaertL Mtoaesta 14; Mattingly, 
New York. 15; f'ronco. Ctevetond. 14. 

Trtpfat: WHsefw Kansas CHv, 10 ; Caoner. 
MJhvoukoe. 7; Puckett. Mtanewta. A; Butter, 
Oevetand, 4; P-Brodtey, Seattle. 4: pertto 
California 

Home Run: Annas, Boston, Ui Fhk, CW- 
ana W; Kfcnmaa Ookiud, U: mdoA 
Oakland. 14; Biunorafcy, Minnesota IX 

Stain Baer. P»Ws.C*fflfan*j.2S; Cotltm. 
Oofctana 19: RiteKtariaa Now York, 19; But- 
ter. Cleveland, U: Garda Toronto, is: Mo- 
sebv. Toronto. IS. 


Herr StL 
McGee StL 
Cru* Htn 
Murphy Aft 
Gwynri SO 
Parker Cbi 
WalUng Hln 
Rase cm 


304 - 
3J7 3ft 
3*7 3» 
jen 4 
A23 9ft 
377 13 


■ PITCHING 

■W»**uhnenta» Pct/EftA C5 ded- 
sioas); Atemndor, Toronto 7-1 .77ML99; Ro- 
manic*. California. 7-2. 771114; TarnlL De- 
moit M. XkUts HaaaMRwaukoa» Tt< 
242: CodtalL OaktaM.7-3. 38L 430. 

ShttHoete Morris. Detroit. H; Boyd, Bas- 
tea74; F_Benoto«r, Chicago, 68; Hough, Tez- 
as.43: BlvtevoariMNlBnaa.-Ctemons.Bos- 

Saves: BjteM.CNGogaB'DJMooraGal- 
Komte. »; J3toweaOoklandJ2; Hernandez. 
Detroit. 11; Quteenfatrry, Kansas Cltv. IL 


NATIONAL LEAGUE 

G AB R H Pei. 
53 201 38 74 379 

48 181 34 45 JS9 

44 147 23 55 329 

52 191 37 41 319 

53 214 34 68 3IB 

54 311 27 45 JN 

47 149 22 45 JQ2 

45 154 37 47 301 

Rons; Co lemon. 5t.Lnufa.41; Herr, st.Louto 

38; Murphy. Atlanta. 37; Gwyna San Dtesa 
36; McGea SLLPuto 36. 

KB Is: Herr, St. Lou Is, 50; XCIark. SLLouta 
44; Murphy, Atlanta 42; Porker, anemnan. 
29; mc Reynolds, Son Dtaga 24. 

HRs: Heir, SLLouto 74; Gwyna San Dteoa. 
68: McGee. St.Louto 45; Parker. Cincinnati. 
45; Garvey, Sat Dtoga 44. 

DaghtaR Parker. ChKtrmaiL 14; Gwyna 
San Diego. 15: Harr. SUM*. U; WMlocto 
Montreal, 14; JXJorfc. SLLovto 13; JJtavto 
Chicago. 13; Modteck. Pittsburgh. 11 
Trtptes: McGee. SI.Lauto 4; Raises. Mom 
l real, 5: C. Reynolds. Houston. 4; GtaddeaSan 
Frond sea 4; Gwyna San Oteoa.*: M-Wteon. 
Now York. U Samuel Philadelphia. 4. 

Homo Runs: Murehy. Artannu: c«y. CM- 
caga 11; A Cl ark. SLLcu ta . 11; 5gt»tr. Star 
Dtoga 9; Marshall. Las AnoetsS. 9; Porter. 
Cincinnati. 9. 

Stolen Bases; Coleman, Stl.nuto 41; 
McGeaSLLflutoP; GladdsaSanFraidsca 
ie; Dernier, Chicago, 18; Lopes. Chicago, IX 
PITCHING 

woe-LosVWtanlaa -PCL/CRA (5 ded- 
itaM): Hawkin. San Dtoga IWL 1300, 2J9; 
Andular, SLLovto 11-1. 317. 243; KngppW. 
HouWaa4-L357.345; Trout. Chicago. 6-1,357. 
139; Darllna. New York. 5-1, 322, 237; Her- 
shbar. Lift Ararioa 5-1. 333.241; McDaweB, 
New York. 5-L 3ft 241 
Strikeo ut s: Gooden, New York. IDS; Rwa 
Houston. 87; Valenzuela Las Anoeies. 81; 
J.DeLeoa Pittsburgh. 48; SataClndnnaiL79. 

Saves: Reardon. MantreaL 17; Gnsgrtaf. 
San Dtoga 13; LaSralth. Chi coun, 13; D3ailto 
Houston. ID: Sutler. Atlanta. 9. 


Three Point Goals: Wodman. TectaUcpte: 
Las Anoeies Coat* Riley. 

Attendaoco: 14890. 


McHato 
Bird 
Parish 
D. Jhnsn 

Atnov 

Wedman 

williams 

MazweJl 


Golf 


Kite 

Carr 

Clark 

Tem 


54 31 
27 19 
41 84 
23 15 
12 22 
18 5 

51 S 
20 4 

3 5 

7 6 

0 1 
0 0 
53 

278 5*2 131 178 381 192 
BOSTON 
fa 4ga tt fta 
58 97 40 55 44 
53 118 34 40 

38 79 27 35 

39 1IC » 71 
29 70 4 8 
32 34 5 9 

7 14 0 0 

3 6 7 10 

4 11 0 8 

4 9 12 

3 8 0 0 

1 2 3 2 


pf Pte 

27 154 
14 VC 

u no 
12 a 
16 61 
22 49 
14 45 
19 31 
5 19 
4 14 
I 2 
0 1 


19828 4 Pos ton Celtics 
T942-43— Boston Catties 
1M1-42— Bostan Celtics 
l MO-41 — Boston Celtics 
1959-48 — Boston Cattles 

1957-58 — St. Loots Hawks 
1954-67— Boston Cottles 
195566— Philadelphia Warriors 
1954-55— Syracuse Nationals 
195364— Minneapolis Lakers 
1953- 51 Mi nn ea p olis Lakers 
1951-52— Minneapolis Lakers 
195061— Rochester Royals 
1949-56 — Minneapolis Lakers 
< 9 4 8 4 9 M inneapolis Lakers 
W47-48— Baltimore Bullets 
1*44-47— Philadelphia warriors 


Maltbie Birdie Wins U.S. Golf Playoff 


HARRISON, New York fNYT) — Roger Maltbie sank a seven-foot 
(two- me ter) birdie putt on the fourth hole of a sudden-death playoff 
Sunday to beat George Burns and Ray Floyd in the Westchester Classic 
golf tournament. 

All three birdied the 18th hole of the final round to finish at uine- 
under-par 275 for 72 holes. Maltbie could have won on the second or 
third playoff holes but he missed the birdie putts. At the par-3 16th, 
Maltbie was the only one to hit his tee shot onto the green. Bums went 
into the left bunker and Floyd landed in deep rough near that bunker. 


Elliott Takes 6lh Grand National Race 


152 495 


i Pf Pte 
20 154 
14 143 
16 183 
13 94 


Transition 


BASEBALL 
Amort cor LAOOUt 

KANSAS CITY— Stoned Brian McRae. 
Ni ur t ilup »owde»zlBnedhlmtoSornootnofttip 
Guff Coast League. 

Motional Loagoo 

Philadelphia— D esisnatod Pat 

Zacnrv, pRimt, lor antanont. 

PITTSBUR GH fle e t! v al id Joe Oreuiak, 
outnei dor. Optioned Trench DovtooutfteJder, 
to Hawaii of the Pacific Coast League. 


LONG POND, Pennsylvania (AP) — Bill Elliott won his season’s sixth 
Grand National stock car race Sunday, taking advantage of a series of 
late caution flags in the Van Scoy 500 to charge into the lead 1 1 laps bom 
the end, then holding off Harry Gant 
Driving a Ford Thunderbird, Elliott crossed the finish line just .4 of a 
second ahead of Gant’s Chevrolet Monte Carlo SS. Darrell Waltrip was 
third in a Monte Carlo. 

Elliott, who at 29 is dominating Grand National racing, now has won 
at least once on each of the eight super-speedways on which the Grand . 
National circuit competes; he also has won eight of his last 13 races. 


243 SSI 1« 183 322 MS 131 479 


BRITISH MASTERS TOURNAMENT 
TOP ftattNHn fa the Brrttsi Masters G otf 
TsanKmiwiL «rbJdi ondaded Sanday hi Wa- 
bertv Enetaed: 

Lee Trrvtno, u& 7+«-4«7-z7B 

Radnor Davis. Australia. 73-67-48-73— !81 
HkX Feme. Britain. 72-7MW9-2B3 
Pam WBV. Britain. 7168-7567— 3B3 

Severiano Baltestre. Spain. 7V48-74-70— RS 
tan Bafcar-Rneh. Australia. 75-7^72-73-255 
Reeer Chapman. Britain, 7B68-7S72-485 
Hash BatocehL Sth Africa 7440-7369— 2M 
Vkento PrmdE, Argentina. 49-72-72-73— 284 
Brahnd Lanoer.w. Germany. 72-7*71.70-37 
E am no Darcy, IretaixL 74-71-69-71—287 
Gordon Brand, Britain,' 7769-44-75-287 


Ttaae Petat Goats: Los Anastas— McGee X 
Cooper 2. Scott 2, E- Johnson 1. Boston— Wed- 
man 7, Bird X A taw 2. Carr 1. Tedmtcats: 
Bostan-Ainge. O. Johnson. Bird. McHato 
vr imams (elected). Illegal deteRie.HeadCeo- 
tJiJonee 2 M«M). U» Anoetes— McAdoa. 
G-Jomen. Head Coach RUev 2. Utoaal de- 
ws»- Rambis. 


Soccer 


Trevino Takes Wing in British Masters 


WESTCHESTER CLASSIC 
Tep finiskt re awl ec r e ln M fa the Westoes- 
far GoE CVml c. ytelebcnpctedrd tenant on 


CELTICS-LAKERS CHAMPIONSHIPS 
■tantta In Prwtoes NBA Omniptootep sc- 
rtea to which tbs CeMcs and Laken bare met: 
1984-85— LJL Lakers deL Boston Celtics. 4-2 
190 3 - 8 4 Boston Celtics dot. LA. Lakers. *8 
1 9 6 8 4 9 P oston CetttCt Ctet. LA. Laker*, 
H4 T 48 dbHuh CMtks deL LA. Lakers. 44 
194 5 46 B ost on Celtics det LA. Ldcers, 4-3 
1 96 4- 6 5 Boston Celtics del. LA. Laker& 4-1 
1942-43— BoMon Celtta det. LA Lakers, 4-2 
1941- 42 Bo sto n Celtta det. LA Lakers. 40 
1954-59 Cottles del. Ml meapo I Is Lakers. 48 


WORLD COP QUALIFYING 
Saeth American Group one 
Argentine 3, Venezuela 0 
Pare a. Cotombta 0 

Paints Stoadtoes: Argentina 6; Colombia 
Peru 3; Venezuela a Nest Matches: June 16. 
Pvru vs. Venezuela Argentina vs. Colombia; 
June 72. Venezuela vs. Cotombta. Peru vs. 
Areantlna; June 30. Colombia vs. Venezuela, 
Argentina vi Peru. 

Saeth Ameriam Groep Three 
Parapuay X Bolivia O 
Points Staadtnas: Paraguay 3; Brazil 2; 
Bolivia 1. 


WOBURN. England (AP) — Lee Trevino, wiih an eagle 3 off what he ; 
called “probably the best shot 1 have hit in my life,” won the British i 
Masters Golf Tournament by three strokes Sunday. 

The shot was a three-wood approach to the last ode. The ball traveled : 
255 yards, cut back into the wind and came to a halt six inches from the 
hole. Trevino started the last two rounds, both played Sunday because ' 
Thursday’s was rained out. in ninth place and snot 69 and 6?. 



Football 


USFL Standings 


cub coarse fa Horrteoa Nav York (unm 

19B4«-LA8 AitMta* Lakers 

EASTERN CONFERENCE 


sadden dasah playoff): 


1983-84— BobJoti Celtics 


W 

L 

T 

PcL 

PF 

PA 

X- robot MaUbfeSRUm 


198583— Phttadetohla 7Sers 

z-Birmbniun 

12 

4 

0 

-730 

408 

274 

to Ftoyd.S44jBOO 

tP-TUHO-VS 

1981-83— Lh Angeles Lakare 

New Jersey 

10 

5 

0 

M7 

252 

305 

Gootbo Burnt *4*800 

4446-73-70-275 

wool Ooatan Celtics 

Memphis 

9 

7 

0 

J63 

359 

309 

Mark Wtebt, 52*000 

48-72^67-777 

1979-80— La* Angeles Lakers . 

Tampa Bar 

9 

7 

0 

J43 

377 

370 

wnn* wboi* S 2 DM 

7264.71-10— 379 

197B-79— Seattle SueerSamo 

Jacksonville 

8 

7 

8 

SB 

341 

334 

Peter JassbsHLSiajooQ 

74686969-200 

1977-78— WajUngton Bultets 

Bulttmore 

8 

7 

1 

J31 

209 

240 

Barry JaoekeL S15fiB3 

726969.71—251 

1974-tt— P urtiteto trail Blazers 

□rionao 

4 

12 

0 

■25D 

281 

433 

JjC. Ineoa BMB 

7868*72-71 — 281 

197566— Boston Celtics 

WESTERN CONFERENCE 


worn LavLSI&SP 

72-7165-71—281 

1974-75— Golden State Warriors 

(Oakland 

11 

4 

1 

J19 

408 

309 

Don Paotev.snaOD 

44-74-70-70— 2K 

1973*74— Boston Celtics 

x -Den war 

11 

5 

a 

688 

410 

324 

Tony SfttoSIim 

70-71-71-70—282 

1972-73— New York Kllleks 

Houston 

9 

7 

0 

.543 

474 

334 

JUs Goitagtwr. S09S 

7172-7163—303 

1971-73— Lm Angeles Lakers 

Arizona 

7 

9 

0 

>438 

327 

357 

Mike Smith. *8837 

7169-7278-283 

1970-71— Milwaukee Bocks 

Portland 

5 

11 

0 

J13 

239 

384 

David Graham. *8937 

73-68-72-70—283 

1944-70— New Yart Knlcks 

Sun Antonio 

4 

12 

0 

2» 

254 

374 

Craig Stadter. S8L07 

71-71-71-70—203 

1968 49 Boston Celtics 

Lot ArtMtes 

3 

13 

0 

-188 

244 

410 

Deante Hmnmeua 58.937 

756*6871 — 283 

1947 48 Beslan Cottles 

(x-clinawd ptavon berth) 




Mika MeCuRaagh. 58J37 

73-7068-73-283 

176647— PhUodHrViB 74ers 

SUNDAY'S RESULTS 



Jaw SlmWar. 58.937 

71 -7-46-76—203 

1945-44— Boston Cattles 

Denver to Houston 13 





Ctarenca Rase. S8937 

7864-70-77-203 

194665— Boston Celtics 

San Antonio 31, 

Los Angeles Z7 




Mexico’s national soccer team beat England, 1 - 0 , in an exhibition - 
match Sunday in Mexico City; it was the first Mexican goal and first 
Mexican victory over England in 26 years. (AP) 

Cabin Peete. a two-time winner this year on the U.S. pro golf tour, may 
have to withdraw from this week’s U.S. Open Championship because of 
chronic back trouble. (UPI) 

The CEnms Rating Board has documented 19 cases erf winning hones 
being doped with a potentially lethal narcotic; 10,000 tunes stronger than 
morphine; that is bong used to drug horses and fix races m harness tracks 

Bernard Hinault of Francewon the Tour oHialy on Sunday; it washis 
third triumph in the cycling race. A 401 

The PhfladdpKa 76ere refused Monday to give up a first-round draft 
choice, as demanded, as compensation to Lhe Detroit Pistons for hiring 
their coach. Chuck Daly. (AP) 

Bany McGugan, the new World Boxing Association featherw^fai 
champion, arrived home in Belfast, received a tumultuous greeting froma 
large crowd and said, “I am going to celebrate for a week and 1 hone 
everyone else does." (A p, 

promoters of a grand prix race in New York asked the imeraational- 
sanctionmg body to withdraw the September date and place it instead on ■ 
the 1986 racing calender. (AP) 




I 






Pag 


ten 


45 


l 
IG 
•' e 
SN 
• ii 


9T 

F 

13 b 
P 

14 F 
f 

15 f 

16 l 
‘ I 
18/ 
19/ 


201 

21 " 

J 

22 

24 

26 

28 


32 


36 

37 


38 


39 

40 


41 


45 

47 


D 


Page 20 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUNE 11, 1985 


ART BUCIWALD 



Tax Reform Made Easy 


W/ASHfNGTON — The mail 
W has been oourii 


has been pouring in on tax 
reform. 


Dear Sir, 

I keep reading in the newspaper 
that the only people who will bene- 
fit from tax reform arc the very rich 
and the very poor. How can the 
very poor benefit from a change in 
the tax laws? 

Larry of Lafayette Park 


Dear Sir. 

Why is the president so insistent 
that state and local taxes no longer 
be deducted from your federal tax- 
es? He keeps referring to ray state 
as a wasteful spender. 

Worried New Yorker 


Dear Larry, 

The very poor will gain in this 
way. Their capital gains taxes will 
be cut from 20 percent to 17.S. So. 
far example, if 
poor people sell 
a piece of invest- 
ment real estate 
or a block of 
stock, they will 
profit tremen- 
dously from the 
reduced rates. 

Secondly, while 
poor people may 

not be able to D . T , 

subtract the in- Buchwald 
leresi on their vacation homes, they 
will still be able to deduct the inter- 
est on their principal residences. 
Thirdly, even though poor people 
will be limited on deducting busi- 
ness travel and entertainment al- 
lowances. they will be able to keep 
more of their S3.S0-an-hour mini- 
mum wage. 


Dear Worried New Yorker, 

The president doesn’t like your 
state because you have a Demo- 
cratic governor, and if Mr. Reagan 
can make life miserable for him. 
Mr. Cuomo won’t be able to get his 
party's nomination in 1988. 



Dear Sir, 

How much revenue will Presi- 
dent Reagan's tax reform bill bring 
into die Treasury? 

Just Curious 


Dear Just. 

The president's tax amplifica- 
tion is “revenue neuiraL" which 
means that by the time the lobby- 
ists and Congress get through with 
it. there will be a lot less money 
coming in and the deficit mil grow 
even larger than it is now. 


Dear Sir. 

Then why is he doing it? 

Just Curious 


Dear Just, 

You already asked a question. 
Let someone else have a chance. 


Dear Sir. 

My company makes computer 
chips. We have a special box for the 
Dallas Cowboys home games 
where we entertain our customers. 
Under the new tax bill we will not 
be able to deduct the cost of the 
box. How con we sell chips if we 
can't take our clients to watch the 
Cowboys play? 

Horatio Alger IV 


Dear Sir. 

Why doesn’t President Reagan 
in his lax reform speeches mention 
that the real reason people are so 
mad at the present system is be- 
cause the Internal Revenue Service 
computers don't work, and the peo- 
ple who work for the IRS are al- 
ways trying to scare the hell out of 
us. 

Frightened Silly 


Dear Horatio, 

For starters you might make a 
computer chip that works. 


Book-Fair List Ig Approved 

New York Times Service 

NEW YORK — The Associa- 
tion or American Publishers, which 
two weeks ago repudiated its own 
committee over its selection of 
American books for an exhibit at 
the Moscow Book Fair in Septem- 
ber, has now decided that no 
changes are necessoiy in the 313 
books chosen. 


Dear Silly. 

When the president talks about 
tax abuse, he never likes to point 
the finger of blame at anybody. It's 
jusL not his style. 

Dear Sir. 

My brother and I are two people 
who believe that the more compli- 
cated the IRS tax forms are. the 
better it is for the American people. 
We say Washington should keep its 
cotton-picking hands off the Form 
1040. Could you please pass on this 
message to Mr. Reagan and the 
Congress? 

H&R Block 


Dear H& R. 
It’s done. 


New Cachet for an Old Drink in Japan 


By Clyde Haboman 

New York Times Semce 

K YOTO. Japan — Masuko 
Ito, who runs a anal! bar in 
Yokohama, had no intention of 
ever selling the stuff. “It did not 
fit our shop’s style," she said, her 
voice coated with a thin layer of 
hauteur. But customers kept in- 
sisting. and about a year ago Mrs. 
{to and her husband, Hiroshi, 
broke down and finally added it 
to their drink list. Now. she says, 
it accounts for about 60 percent 
of her business. 

The stuff is called shochu, a 
colorless, odorless but not always 
tasteless spirit distilled from rice, 
barley, potatoes, chestnuts or just 
about anything else that the mind 
can conceive and the stomach can 
bear. 

It is a centuries-old Japanese 
drink that seemed to be dying oat 
only a decade ago, dismissed by 
many newly affluent Japanese as 
unworthy rotguL Suddenly, as 
the Itos learned, shochu has be- 
come the honest drink in Japan. 

A government report last 
month revealed that, on the 
strength of its popularity among 
young people and a high-powered 
promotion campaign, shochu 
sales leaped in 1984 by 40 per- 
cent, on top of a 30-percent rise 
the year before. The 137 million 
gallons (5IS million liters; 
bought, and presumably drunk, 
last year were more than L5 times 
the shochu intake in 1976. 

Meanwhile, sales of whiskey, 
beer and sake have slumped bad- 
ly. Together, they still account for 
88 percent of all alcohol sales. 
But shochu, with 7.5 percent of 
the market, has moved past whis- 
key and now trails only beer and 
sake in popularity. 

Minoru Kukiia, president of 
the country’s leading shochu man- 
ufacturer, the Kyoto-based Ta- 
kara Shuzo Co- believes his suc- 
cess will last a while. Japan, he 
said, had joined a worldwide 
“white revolution.” a shift from 
traditional drinks associated with 
two-fisted types in favor of what 
are perceived to be lighter bever- 
ages such as while wine, vodka 
and gin. Kukita mentioned “the 
growth in American vodka con- 
sumption," which, until about 
1980, produced two decades of 
ever-increasing sales. “So maybe 
we'U have the same thing here for 
shochu.” Kukita said. 



Students drinking shochu at a party in Tokyo. 


Sonia KWtwxv Photo 3M*r Japan 


Some Japanese look upon the 
phenomenon with no less sur- 
prise than Americans might regis- 
ter if Spam suddenly were regard- 
ed as the ideal accompaniment to 
fine wine and cheese. Shochu, 
which ranges from 40 to 70 proof 
or higher, had been dismissed for 
years in some circles as lit only 
for fanners and fishermen. And 
in this country's postwar march 
toward prosperity, one tried to 
avoid drinking in public be- 
Death's one station. 

This is not to say that shochu 
had lost its appeal entirely. Many 
Japanese who regarded them- 
selves as paragons of good taste 
preferred it to other alcoholic 
beverages. Indeed, some enjoyed 
debating the relative merits of 
brands produced by the 800 or so 
small distilleries scattered across 
the country. 

Traditionalists like their shochu 
straight or cut with hot water. 
They lean toward a morepungem 
variety known genericaliy as ot- 
suruL This is distilled to a moder- 
ate level of purity; depending on 
its quality, it carries a flavor that 
at best is bracing and at worst 
gives the impression of having 
been filtered through old socks. 

The other main shochu type, 
korui, is spearheading the present 
surge- H has no taste and, like 
vodka, mixes weD with fruitjuices 
nr sweeteners. 


“I can drink it rather quickly, 
just Hke soft drinks," said Junto 
Hasegawa. 27, a Tokyo office 
worker. “I drink it at home before 
going to bed. It can taste like 
lemon soda, but it makes you 
sleepy at the same time." 

Takara Shuzo started the boom 
slowly in 1977 by marketing a 
highly distilled shochu called Jun, 
which means “purity." Then in 
1983, the company began mixing 
shochu's alcohol with fruit flavors 
and filing the results in cans un- 
der the name Can Chu-HL a 
merger of the second syllable of 
shochu and the first syllable of 
hi gh hall. 

Sales were helped mightily 
when the company gave Ctau-Hi 
the nickname Tokyo Drink — in 
English, since Japanese commer- 
cialism still relies on English odd- 
ments — and put John Travolta 
on television at his supple best. 
Travolta bumps a little here, 
minds a Hole there, bolds up a 
Chu-Hi can and says. “Tokyo 
Drink." which is as close os he 
comes to speaking Japanese. 

“Younger people don’t know 
thai it was regarded as a poor, 
lower-class, unacceptable drink," 
Kukita said. 


Even he, however, was sur- 
prised by the extent of shochu’ s 
following. In 1983, Kukita said, 
the company expected to sell 2 


million cases, or 48 million cans, 
of Can Chu-Hi; instead, it sold 
5.8 million cases. Sales have been 
helped by the government’s po- 
licy of taxing shochu at a rate 
much lower than the rates applied 
to other alcoholic beverages — a 
practice that reflects benign ne- 
glect of a drink that, until recent- 
ly, had not sold well. In Japan, 
pearly half the price of a bottle of 
beer goes to the lax collector. The 
government's take is 503 percent 
on a bottle of high-quality- whis- 
key and 40.1 percent for the best 
sake. But it is only 14.4 percent 
for korui shochu and 8.7 percent 
for otsund. 

Thus, a quart of shochu costs 
about $2.10, while a bottle of de- 
cent domestic whiskey is nearly 
$16. (Although its sales are grow- 
ing, wine still accounts for less 
than i percent of the market in 
Japan.) 

The government's interest in 
elbowing its way to Ihe bar is 
understandable. The Japanese 
drank a total 1.9 billion jgulons of 
alcoholic beverages last year, a 
33-percent drop from 1983 but 
still worth $20 billion. In 1983, 
according to the Japan Trade 
Center in New York, the per- 
capita consumption for Japanese 
adults was IS gallons (68 liters) of 
beer, slightly more than 41* gal- 
lons of sake and slightly more 
than a gallon of whiskey. 


people 

Super Concert for Him&y 

■M. a.kuM - n- iv.: 


Some of the biggs* tS J jfSwt 
the last two decades 
in concerts in London and PWa 
ddphia on July 13 «o raise money 
for Ethiopian famine victim*. OJEJ* 
nizers said Monday. ‘The dgj* » » 
have a global jukebox 
banner 'Live Aid. and BobW 
dof, leader of the specially fvwmcd 
famine-relief rock group Band Aid. 
which will stage the events. 
most important people m the muse 
world <T be past 20 years be 

taking pan and will be gpixn th«r 
sentaHrce.- said GeldoC tad 
singer for the Boofltfown Rats at a 
news conference. The 
be staged at Wembley Stadium in 
London and the John F. Kennedy 
Stadium in Philadelphia, seven 
telecommunication satellites 
beam the shows to an estimated 


atian Hector 8*he«0, 39/ The , 
main event of the IQ^lay fateiri' • 
was the world premiere of the ftPfr • 
ncse film "W (&«»* J«c now./ 
menu! movie, by the 
Akin Kurt***. in Mft 
century and based on ari dfe- . 
cngircV "King Lear, iKthtdikit ^ 

* ■ _ i . .. u ni itnt in 1 i 




;i 


StlSnllh « ■— —O * 

reviews, bunt was not meotapeti-r ft j|] 


tion. ' - The producer^iww; 
Steven SpMbetf* 
caved five “Saturn AvMdf&te- 
dav to lead all other films in ti* 
12th annual Science ncim Fw . 
tasv and Horror Fihnv presewa- 
nuhsin Los Angeles. It won awndi 
for best horror film, best direction, 
hat special effects, best music and 
best supporting actress. 'HThc 
Terminator” won ibr Wttd for 
best science fiction film,;, tut . 

-Ghnstbuswra" was wutf ftete. 


* 




viet Union and China. Stars per- for lus petfcmru^M 

nt—vu.. nuii mHtirit* “Starnun, and Ouyl t tu.JiAtt wo 
voted best actress for her mermaid 
in “Splash " 


vies wuiuu . .> , _ 

forming at Wembley wall include 
Adam Ant, Boomtown Rats, Dana 
Bowie, PhD Collins, Ebb CosteD* 
Dire Straits. 0ton John, Howard 
Jones, Nik Kershaw, The Pretend' 
era, Queen, Sade, Sang. 112. Uhra 

m. . tVL. (. ahmiIIv IV' 


Jacques Cousteau and his crew 


S. WW^WmltpedallY re- sailed hUj research Asp. 

the evenSand Paid up the Potomac River Saturday ' 
tnPhSdDtothecn- and docked at the -waterfront ffl-' 

r - rturfiR Duran. BiHv riverfront ichbv&L tft IB WSM \ • 

t£« l5 year.wrsdr^b^WMte- 

F^NeflYoi^ and Stevie Won- ion Bmy *<> £***» : 

d^GeldofsaWbe hoped the event waterway and tire effom toaap . 

" * - leasts'?- 5 -W- 

watch the Calypso puli into themer : 
with n fleet of tall ships behind. * ? 


for the Ethiopian victims. Band 
Aid has already raised $9 million. 

a 

The Japanese director SWatf So- 
mai won the first Tokyo Interna- 
tional Film Festival's young direc- 
tor contest Sunday for his 1*184 film 
“Typhoon Cub.” The contest, the 
only competitive section in the fes- 
tival. was open to directors under 
40. Somai, 37, won S750.000 to- 
ward the cost of his next film. An 
award for excellence worth 
$500,000 went to the 36-year-old 
Hungarian director Peter Gothar 
for “Time Stands SiilL“ made in 
198 1. The Turkish director Afi Oz- 
geniurk. 37. won the Oni Prize, a 
tribute to the Japanese director Ya- 
sufiro Ozn, and S250.000 for “The 
Horse.” Other films singled out for 
special jurv awards were “Jacques 
and November" (1984), by the Ca- 
nadian directors Ftanpob Bouvfer 
and Jean Beaudry, and “Kiss of the 
Spider Woman"(1985).by the Bra- 


il's hard to find Coke drinker* . 
who prefer the new. sweeter, weak; . 
ex Coke to the real thug, but the;. 
Coca-Cola Ca k maintaimngjt : 
good front. Its president, Brian Dy. 
son, says the company has received . 
40,000 telephone calls and letter^ 
most of them negative, since, the/, 
new taste was announced -five 
weeks ago. Nevertheless, he point- ; 
ed out, the negative response, fae 
been less than was anitdninfc, 
Pcpsi-Cda, meanwhile, is Jedingj. 
efTervescem. It reports May salad 
up 14 percent, the highest tor say 
month in the firm's S7-year history. 
Coke contends that the true rcsaltt; 
of its change, which was nude, in 


fend off the charging Pcpsi. won’t 
be kneram until 19M. after ks costly 


marketing program has had t l*.* 
chance to take effect. ... =._^ _ J V/Jf » / ; > » ^ * 


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REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


awm shis sne«x) vaiA in 

Ranee, (12 Km Geneva, 6 Km D>- 
vome] comprising 4 bed r ooms. 2 
baths, equipped btchsn, 2 aoraaes, 

I860 sqjn. b*± FiSdjjarwfSe: 

MONDMOMAHAM83. IS Av. des 
Alpes, 01210 FenxiyVottare. France, 


MCE FRANCK PILATTE, on sea Su- 
perb 200 sqjn.. Eving 90 sq^tL, 4 
bedrooms phis indesendent studo, 
magnificent teiTace. F4.20Q.000- Pro- 
motion Moxnrt, Mae. Plaoe Morort, 
06000 Nice, Prance. Tekt93lB7 0B 2D 


tmtOi RIVIERA: laooo Sqm 
fenced property - house 600 sqjn [8 
bed r ooms. B baths), force swimming 
pool, 15 mins, from Ncb Aiport. 
Sxak. BP. 114, 74120 Megeve. Teh 
33-50/21 02 B2. Tb 3093 ST 


Ht Sobaaiptiom DaprxbrMnt. 
1ST. Avamm CharWv^GadU. 


92200 NeuBy-sx'- S nina Front*. 
Or tab Paris 747-07-29 


M ASIA AND PACHtC 
cantad our t«d (Wrfeutor on 


bitanctiaid Hundd Tribune 
1005 Tai Sang Commardd BoUng 
24-34 Hmmw Road 
HONGKONG 
Tab M( 5-284726 


FATHER OF BELGIAN FAMILY seeks 
Pinson fomty for IS year olddough- 
fei, excellent educafton, for not yeor 
school term. [Ecole ESMOD/Styksne}- 
Faymenr of lodging to be agreed 
Won. Contna Rene Thonon. IS Bd. 
de la Sauwemere. 4000 Liege. Tef. 19- 
rjJ/33S3». 


PARIS ON THE RUN. See the worlds 
most beautiful aly in Ihe comfort of 
o»»n sboev For raging tours of 
Pons-Co* 567 12 57 


WimuEDON TICKETS ovoioble Se- 
rvs ’ Finals. Bool now. Gdl Ticket 
hndm UK 01 629 B633 ■ mobJeflB36 
rorro Tales: 261376 LOFBND G. 


AICOHOUC5 ANONYMOUS m 

Ernksh Pons (daJyl 634 » 65. Some 
676 03 20. 


HAVE A NKX DAYI BoW. Have a 
rPCB day! Bokel 


Sim. N.Y. TIME - Eu reset ddnery. 
i Koyici. POB 2. B1 00Q Bnnsels 


Wntcl 


THANK YOU MR BOKS. Yoa too. 

joe Powtvng 


BIRTH 


Lydie LE UX/ARN 

HA5 ARHVB)I 
Pm 1:10 pa 9/ 067 85 3.080 Uot 


MOVING 


ALLIED 

VAN UNES INTL 


OVBt 1000 AG84TS 
IN U^-A. - CANADA 
350 WORUMMDE 
FKB ESTIMATE 

PARIS Dtcbordbi hitomurtond 
(Oil 343 23 64 


FRANKFURT sJ*Lolm!2 


(0691 350066 
DUSSHDORF/ RAT1NGH4 
[02102)45023 f,*L5- 
MUNICH I.M.S. 

(089| 142244 

LONDON 

(01) 953 3636 
USA AMM VtmUtuKMTCorp 
(0101) 312-681-8100 


DEMEXPORT 


PARIS • LYON • MARSHUE 
Uli£ • NICE 

tntl moving by speoalisl from mmor 
Qfia in France to ol aha in Ihe worjo. 
Toll free ham France 16 (05) 24 10 82 
Fg&ESJWAra 


SUNNY DRAGWGNON Inea} 20 
miu St. Trppa. Chateau 200 yean 
aid, restorea, 19 roams, pool & pri- 
vate =oo, 35,000 sara. Hat green 
grounds on river. Gvicom 93-8710 15 


PAJUS & SUBURBS 


SUMPTUOUS MANSION 
1380 SQM., VERY 
RESIDENTIAL LOCATION 


ft has a double & rw advartoge of 
being sifuaMd 25 mini from 
Champs Bysees - route Paris West - & 
bataled in an exceptional beautiful 


parti of 17,140 sq.nL, pannvsan grant- 
ed for offices, porablity for drvwon 


port ground, jmmed hgh price for tut' 
cephonol offer. 

OTTlXiSCO 5660 rue de Prim 
93100 Boulogne: Tel: 604 64 28. 


TROCACBK3 CHARMING 
100 sqm Du p le* with ierrace»'f*xited 
garden on the same level 
OPEN VIEW 


2 bedropmSjJ? 


ffiGHOUAimr 

awxlable Hlunedtolely 

BATON: 704 55 55 

IBEX: BATON 630.855F 


NEUILLY - VICTOR HUGO 

ON GAROBf - (banning 


Living, drsng, 3 bediaams 
s. 130 IG 


2 bathrooms. 130"sam. + 200 tarn 
FZ 150, OOf 


gteden. 


SSone' 


. -omo 

747 08 30 


MONTAIGNE 


IDEAL PflB) ATBIRE 
68 iqjn, 2 roams. 380 26 08 
AGENCE DE rETOUE 


LUXEMBOURG near SORBONNE 24 

sqm. 2nd Boor ail comforts. 
rtOOOT. Veit 13 8. 14 June from 11 
an ■ 3 P-/n. 1 1 rue Tauter. 5th 


HA11ES. Duplex, 45 sqm., chcrm, very 

good concitionL 38? ^ 7 29 moromgs. 

SWITZERLAND 


VILLARS 

WINTER & SUMMER 
PARADISE, 20 MINUTES 
FROM LAKE GENEVA 

Ap urtn ilfc rang na from studko 
to 4 rooms. Available For 5« To 
Fonlasert. FarresK mw, h^t quali- 
ty, selected resdentid areas, races 
SF195D00 to SF635jlX» Mort- 
aages woBiwe of only fiJIb interest 

For tfifonnatan.' 

GLOBE PUN SA 

04-1005 Svntrerland 


COMWEX Castburfers »W«b 
worldwide - Air/Seo. Call Otari* 
381 78 PJftya /near Opera) Can too 


REAL ESTATE 
CONSULTANTS 


core D'AZUR, MCE tod Ertsfe 


AgenCy^bvtymg on uporttrart or a 


. i serious proUem vdio 

semsus company-. Protnqrion Mozart. 
Ask for our brochure 19 Am Aubet 
or Hotel Meriden, 06000 Mas. Td: 
pg S7 08 20 - 81 48 80 


AVAILABLE: COTTAGES FOR SALE 
or rent during summs- US. For more 
dotafe Agence Let me, B-P- 35.06220 
Gorfe 1*tl TM- tf» A3 54 95 


ITS YOUR DECISION 

In the famous diking and summer 
resorts DAVOS and Mtxiufoffi near 
ST. MORITZ as wel as on rtw world 
fanout LAKE UJCHME we offer becu^ 
hfid oparrmenK m typed Swiss styied 
houses. Best kxnncm. Tap quality. 
FVioM SFTlOOOOvptoSFl ndbn.Free 
for safe to forc^nen. Mortgages at law 
Swasmteres: rona 


EMERALD-HOME LTD 


DarErtr^ CH-8872 Weecen 
Tel: Qf-5 3-431778. 
Tbu 876062 TOME CH 


LAKE GENEVA - MONTREUX. Far 
t^e to fsrenun, 4 Halt, take view, 
drodiy from bulder. no sales cornmi*. 
nan. Ready My 1985. Eratenr nfe 
widud fmonana avodabie. Contact. JB 
IMMOBUE8 SA. rue de 8aurgl7 
1003 Lausanne. Switzerland. TS- (021) 
2091 W. Tbs 74453 BAi CR 


INTERNATIONAL CLASSIFIED 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


In the chaming mountain resort of 

LEYSIN: 

RESIDENCE UES FRENE5 

Overioalorq a ipfendU Alpne panora- 
ma. 30 mm. from Atentreux and Lake 
Geneva by ear. 

- you con own quality residences 

with indoor iwtmnng pool and 
fitness loci Sties in ai ideal 
environment for tenure aid sports 

- SF. rates 
up to 80% mortgages. 


Rea d m to * Frow n. 1854 Uydri 
SWTTZBLAND 

Tel;f025)34 11 55 The 456 120RLAICH 


USA RESIDENTIAL 


PALM BEACH FLORIDA 

MAGMRGNT PROPERTY 

Overlooking the Atkmlic, perfect for 
Miter tai n m g with (feed ococmfronf ay 
boro, mtiiptoto with sauna and deck: 
mailer wife with beauirfd wmo. pfw 2 

bertoemo- S895i»Q 

For further derads please contact: 

AGEDI 

26 bis Bd Pnnoeue Onviahe 
Manto Curia. MC 98000 Monaco 


Teh (93^50^6600 (Bd 155} 


REAL ESTATE 

FOR SALE 

REAL ESTATE 

TO RENT/SHARE 

REAL ESTATE 

TO RENT/ SHARE 

USA RESIDENTLU. 

FRENCH PROVINCES 

PARIS AREA FURNISHED 

MANHATTAN. NYC 

THE ULTIMATE IN 
CONDOMINIUM LIVING 
THUMP TOWER - on Fifth Avenue 
MANHATTAN fiACE - 1st Av & 38 St 
New, elegant, pestigma unts feature 
dstmctrve, secure and pnvae 2, 4, 5. 
bedrooms. (1500 to 3000 sq. ft) Avri- 
cdole directly from owners. 

Gortfach Mr. M. Pamass 

Envfca Mmsement Corp. 

118-35 Queens BtaL 

Forest Kt NY 11375 USA 

Tek 718397-4848 

core D’AZUR. lltsatnbrtM Vo). 

Owner rents hnuncus residence JJy 
or Aua 10 people. 220 sq.r-. perkrg, 
pool Shady renew, pungamic vww 
on Gulf of St. Ttepez. Jiartfed price 
F32,00a Tek 194)966? 07 

Embassy Service 

8 A*, de Mew me 

75008 Pari* 

Tee. 221696 F 

YOUR REAL STATE - 

AGfiMT IN PARIS 3 

562-7899 

RATS FOB BRIT 

SHOUT - LONG TRIM C 

HATS FOK SALS 

OFTKES FOR KENT/ SALE 

20KM. LOUSDB. Beautrful hs.se, 
250 sq.m, 5 bedroams, 5 barbs, 3 
dEningrooms, 2 Irvtnra. 2 aorrxes. 3ra 
part315007mortHTek j&2|552ti4Q. 
Umdt and dmerttme. 

COtE D'AZUR. [VmcaJ. Far rent July 
/August lovely v&t with pool. 4 bed- 
rooms + living ft 1,500 sam. garden. 
F35IB0 mcmlfiy. Tek fl)562 37 19. 

REAL ESTATE 

TO RENT/SHARE 

GREAT BRITAIN 

FRENCH PROVINCES 

BBECUTIVE SUITB MAYFAIR. W 
ly funmhed qxstiiwA newly deco- 
rated, fully serviced, wawarid/telex 
faclitun. £450/ £550 per week. 3 
months ta 2 years. Momtourian Marv 
ogement Lid London 01 491 2626 
tSex- 299185. 

HabHat Inti 1 

Has the pleasure to inform you that 
ill odnrities have been token aver by « 
ABP B.YSS5-CONCORDC * 

9 rue ifoyok, 75008 fforis 
ret (1) 266 1199. 7bc 640793 F 

5TE MAXIME / ST IHOPEL For rent 
in August. Overioobng the whofe vi- 
tage of St. Trapez end its no* • 
MraVtos-ii large v3a ■ 5 bertooms 
each with bath or shower - luge salt 
water pool with pool house surround- 
ed by expmive colorful gardens ■ 50 


ladakta for staff on mounds - Cofi 
often horn - Paris (1)747 16 17. 



PROVENCE. GBMAUa View an 
Goffe St Tropez. mas Pr evened, 330 
5qm.<knjbfo Irvmg + 5/6bedroom», 

AT HOME IN PARIS M 

PARIS PROMO 

APARTMENTS FOR RB4T OR SA1C □ 
25 Ave Hodte re? or en R 

75008 Rots 5W 25 60 ; 

ITALY 

rttkin and aqulpmenl, Jdy & Aug. ■ 
F40XD0 per month. Sept- F25.000. let 
m 544 44 45. 

FLOUNCE, ttstaric center USSSOO 
weekly. July 20 - August 2i 2 double 
bedrooms. Tel: 055/244456 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


81 AVEFOCH 

tOKoriou* ShK&a 


Van today V S’* S2 57. 


74 CHAMPS-ELYSEES 8th 


Studto, 2 or 3room apartment. 
On* month or mare. 

IE OARIDGE 359 67 97. 


from one week ill 
14 rue du ThMtre, 75015 Paris. Tel: 
575 62 20. Tbu 2ra21 1 F. 


2 rooms, comfom, F3000. 
Teh p} 633 9! 17 


hotel without 


aid more m Peris. SOEBiAt 80 rue 

de njniverutfi. Peril 7th; 544 


Mautnui 100 stun. 
i3.t9endSepl.3M0/ 
10491. 


International Business Message Center 


REAL ESTATE 

TO RENT/SHARE 

PARIS .AREA FURNISHED 

JULY SUBLET. PARES - MARAIS, 

2 bedrooms [1 n cWd'v 2 Wt beds 
bvmg room, dmmg roam, kitchen, 
bath, terrace aver private garden, 
n madsetva F10J)00:2729542eves. 

1 JAJtMN DB PLANTB. professor's 
chamw*g snail 2fo roams, superb to- 
caftan, qwet. bnght. Avork*te 1 year 
June 33 S50a References. 336 74 OB 

NQJKJLY on yeenery, very torrefy br- 
ing, efining. 2 bertooms, well for- 
ntsned & eqtnpped, porkmg FlljOOO- 
Td:720S9T 

POtnE MAILTOT. Ftovafe house, torn- 
atehar + 2 bedrooms, krtchen, both. 

PB41HOUSE AVE MONTAIGNE, 
near Champs Bysees, 120 sara. + 
large terrace; high daa- 727 97 04. 

ST. GSlMAiN DB PBS beauifuf sto- 
dto, character, kitchen, both. F4SXL 
Tel. 704 87 91 

9IH CHARMING CDHRALdstna. 2- 
room apartment, rfl cxxnftxtg, brico- 
rty, sunny, quel. Owner. 285 13 71 

14IH, 120 SOM. LOFT. 3 bedrooms. 

6TH. ST GSlMAiN DES PRES. Charm- 

equipped. F4200. Tek 720 37 99. 

7Ri ST DOMINIQUE. Charming dou- 
ble stodw, living + bedroom faggjn 
kMten. bath, sunny. F4200;?2QV99 

SHORT TBfM m Latin Quarter. 

No agents. Tek 329 38 B3. 

NEUILLY. Studio, krtchen, bath, 5th 
floor on golden. ■fOOOCk 525 3202. 


ATTRITION EXECUTIVES 


in the fcitot nuHto nof Haraid Tri- 
bona, where mm fhtm a third 
of a iriBon neadon tvarld- 
wkfe, amt at wham av a 
butumt and induttry, tr3f 
read it Just Max us (Pirn 


6l359SJJ*tani lOajru. an- 

'w* 


taring Mar wm eon Max you 
back, and yaur massage wB 
qpMcr witfiin 48 hours. The 
rata a U-S. $9.80 or had 
Mfunrofart par too. You must 
attJude e ant a ln im and m# 
able bitting ixStjrms. 


BUSINESS 

OPPORTUNITIES 


JUNE 17fh ISSUE 
ON SALE JUNE 10th 


BUSINESS WEEK 
INTERNATIONAL 


• What Tax Reform Really 
Means. 

• Japan: As The Trade Gap 
Widens, Tokyo May Be 
Calling Congress' Bluff. 

• The Politics Of The Seoul 
Olympics. 

• The Hard Driving Boss 
Who’s Turning Olivette 
Around. 


NOW ON SALE 
AT All INTERNATIONAL 
NEWSSTANDS. 


CCM. LTD 


Companies formed U.K. & weridwide 
inducing fate of Mon, Tarts & Own, 
Anguillc. Panama ad Liberia. 


Far further ^formation, ptease cordon 
us tx. ■ 5 Uppar Owdi Sf, Dougfaj. tde 
of fttan, vn Great Brtkai. tel D 
(06241 WSJ. U«: 627900 CCM II 


TRADE FINANCE AVAILABLE horn 
Swta bated comacny. Beae write** 
fVcomor SA 16 Place Ccmsvin, 
1211 Geneva 1. Trie* 289262 PER. 


BUSINESS 

OPPORTUNITIES 


CHINA 

MJNDONG HECTXIC PRODUCTS 

From Fuzhou, Fajfen 


Mndong Badnc Import & Export 
Trading Gorporonan in Fuzhou has 
done buwwsi with over 20 countries aR 
aver the world, 
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m Qwna. 

2 The YC Senes Single Phase Bednc 
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product 

1 Covering AC Bedric Motor, dtemo- 
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and other 
Mndong. 


tor. dtewd generating wi. power tool 
uedned fxoaucts Tran 


tMtotoi c tan & retaken are wekume ho 
eorfact us cA 

Min dong Electric 
Import & Export 
Trading Corporation 

15, Wb Shan Road. Fuzhou, Fuhon, 


Oww. CoWfc 8176 FUZHOU 
Telex: 92126 MOON CM. 


(Personal inquiries ore welcome). 


OFFSHORE & UK 
LTD COMPANIES 

incorporation mto maiogement ut UK, 


He of Man. Turks, Angudla. Onrnd, 
a, Libaria. Gforokar and 


blanch. Panama 

mad other offshore areas. 

■ Confidential advice 

• biunertate avadahily 

• Nomnn tervicBS 

• Bearer shares 

■ Boat registrat io ns 

• AcrouMna & odm u ustnmon 

• Mai, tfl lgphona & telex 
Free mmtooBtory booklet from: 

SQECT CdRPORATE 
5QIV1CES LTD 
Head Office 

Ml Ptorwant, Deudac, Ida of Mem 
Tel: Daeva [0624] 23718 
Telex 628554 SELECT G 
London fapraseuttve 
2 5 Old Bond sL Ionian W1 
Tel 01-493 4244. Th 2B247 SCSIDN G 


ffCTflWAnONAl BUSINESS operre- 
mg succenfuly worldwide for over 25 


gore^witlMwin office in tax hqwn. 


SFIj 6 rnSoa Tha mdudei 
dso krxwfmr. Cm be operaed 
ham afaiasf any part of rtw world, 
and is extendable. For mformotion 
write Kx Bat 2163 , IJtT, Fr i edridw. 
15. 6000 Frankfert/Moin 


PANAMA UBOIA. CORPORATIONS 
wu™, U^ 400 nvmbble now. Tel 
Telex: 628353 ELAM3 


BUSINESS 

OPPORTUNITIES 


OFFSHORE COMPANIES 
BANKS 

INSURANCE COMPANIES 


Mrfmg - Telephone ■ Tetex 
Ful secretarial services 
Wo of Man. Jersey. Guemesy. 
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London representative 


Aston Company Formabons 
Dep< T1 8 Vidana St Dowlas. 
Isle of Man. Tel: 062t 2&#I 
Telex 627091 SPIVA G 


BROKHS 

INVBTMHsrr ADVISORS 

Y«ir clients con invest m one of Ameri- 
ca's most existing technologic 
Ifeoughs in a txlton dcAv nut indu»y. 

30,00° trwet dreorfy Planted A 
IMridendt Paid, hhgh annid e a ni u fli 


red for mary, iriargr years. Geneir- 

i anil Bonus. 


... — _ — . — . — — Matoi- 

a avaiabta m EngEsh, French, German. 

GLOBE HAN SA. 

A* Mon-Kepa, 24, 

WflB Lcuanne, Switzerland 
Td: (Zl| 23 35 12 - Tfe 25 185 MEL1SCH 


OFFSHORE TAX SffiLTHt 

COMPANIES 

JAC, We of Mon, Turts, Channd WandL 
Ponarna, Libena ad mod offshore or- 
**■ support foafibeL Very 

dnd oonhanddity. 

fn* consultation: 

Roger Gnffir LLA. FDl 


Brodturt Corporate Mmo g emem Ud. 

Western Howe. Victoria Sirast 
Dougfat. hie of Mon, (0624) 2330&4. 
Triex 627389 COWAN G 


COMMISSION AGENTS 
•juried m most Mrfdle Bo sf. European 
& Afneai countries for USAs few* 
price & emergency vefede Sdif/tiren 
systems. Mrxmum investment of S2JOOO 
■eqww for samples as product muff 


berfd vio live demonsrahon to uting 

^SflWBGHTS KCS NOT APPLY 
Comoa Larry Stewart, 
Wheten Enaneemn/LN. Stewqrt & 
A ss oo atas . Awe Louse 368, Bu TIL 
1(150 Brussels, Belgwn. 


LADY TST CIA S5 references PR. feqfi 
levd contacts xi Mdde East, CcrfS- 
5* ossooaiB with eoa- 

Fttwri Serwus of- 

ferj only. Tefc Potj 238 4B 20. 


BUSINESS 

OPPORTUNITIES 


COMPUTER PORTRAITS 

T-SHIRT FOTOS 
NOW M FUU COLOR 
an alLcash busmen that can earn you 
$8000 -SI 0,0Q0/nionth. New ad used 
systems from $9500 - 526,500. 
um. Dept- J1 2, Pbstfach 170340. 

6000 Iraildurt/W. Germany. 

Tek 069747808 Tlx.- 412713 KtMA 


IMMIGRATION TO USA 
MADE EASY 

Busnessmenl Tanporary & permanent 
reedence wos; set up business in USA. 
tmfar key personal expond your ex- 
'ding bosmesL Write for free info to 
AttomeyDavd Hrson, 14795 leffroy 
Rd, #208. Irvine, CA 92714 USA 
714/ansm ifxlsjoiw. 


PEnpOEMICAL INDUS TRY, pla it 
engineering, construction axnpjmc 
cur new low voltage power toob of 
out i t c mdmg tedmotogicfll _ features. 


Looking for agents. Sole s Promotion 
Emorproe, POB 113. 3CW Bem,Swfr 
arfcxvL Tek 031 -5S 4087. Ito- 911 145 
Attn. Frumkm. . 


RETAIL STOW, EXCELLENT locrfnti 
m center at Zuridv good turnover, 
fob efficiency, low running costs, at- 
ten oppoftunrty to ow»» investors 
to poxtopate. Interest on loan guar- 
anteed or rtorthcUenJxp pccabit 

Ptease^y to Box 23?4, Hwold Tn- 


buw.1 


NwZy CtatH. France 


business services 


INTI 

BEAUTIFUL PEOPLE 

UNLIMITED INC. 
U^A. & WORLDWIDE 


A complete penand & btfentstiService 

irrivtduc* for at spool a 
promobond occcs ons. 
212-765-7793 
212-765-7794 
330 W. 56*t Sr, N.Y.C 10019 
^SenmEt 
Needed 


OFFSHORE SHSVICES 


tiX. non rtssidoit catYW*** W! *' 
J^nee dreaors. beam ami 
SSdentUbankacoBUriliWlJȣ^) 
Awppart servkK. 
eanpomn. first ftrie cpnhdertml 
professitxxd ierwom. 


HOWTO GCT a SewndFtowCro- 


Centrol, Hong Kong. 


BUSINESS SERVICES 


MVE5T 2 WEBS in Better Hedth. 
&Uer - Corcfoc ffisk Pr eventio n & 
Hocjnn mflondnianng Procrani mv. 
EiB0(vit mmnarL psacaful Surrey 
OJUntrysde, tighW qualified modicol 
superman Vats bean Mnbad Can- 

a^s'Jr*&. s, s5 

(0421 8792231 


TAX SERVICES 


FOB) YOUR IIS TAX RETURN? Pens 
based US CPA wa help, 359 63 Of 


COMMERCIAL 

PREMISES 


PARIS 1BTH. Pnvcto buftfcig. 1000 


high dau, 500 sqjn. offices. 


1 sqm warehouse with truck ere 


FINANCIAL 

INVESTMENTS 


CffllATHlAL avidetoto from Prime 
Banks. A eon^xtritmive service tor 
abitrage purposes. We supply / or- 


rengfc a) dam company shefo. hi 
mpom of oriMrage 


rtouimwli of purpose 

loots. 4 fiduciary baA accounts. 4 
cdetaol, el colateral natificatnn by 
telex a ha^ aim. Pteose antad our 
London affias - 01 244 9992 / 01 385 
549? / 01 930 8926, Tbt 8951622 
TARBCOG 


OFFICE SERVICES 


YOUR BEST SWISS 
BUSINESS BASE 
IN ZURICH 

FULLY WTEGRATH) 
BUSINESS SERVICES 
CLOSE TO fiNANGAL CENTER 
Furnished Offices / Conference Roams 
Tehpitana / Telia t Mri Services 
Word Processin g / T raratatfan 
Company Formation 
OVr&NATiONAL OffKX 


Teh 01 


32 Remwea OLSOOl Zurich 
/ 21461* l.Tbc 812656 INOF 


MEM89 WORUMMDE 

■ BUSINESS CBtiRES ■ 


YOUR OFFICE N PAB& THEX. 
ANSWBBNG SSMCE, snatUxy. 

' WVday. 


errands, tnaibca, five 
Tel. PAT: 609 9595. 


IMPETUS * ZURICH « 252 76 21. 

Wwne / telex / tntJbax. 


OFFICES FOR RENT 


CHAMPS ELYSSS 
Luxaious afficte 450 Him. 
Potebifity to tSvide 
General Cotirttge. TeL 267 0910 


St 12 ****** ariysed. D-gt SMALL RAMS CCMPANY nea Op- 
*5 Lyndhurtl Terrace. Ste. 501 1 wo teeta to ace due office/ phone/ 1 


leWpautoty secretory. 742 75 S3. 


7TH MV: 
tng. 


Jufy7/S±.&^ 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA UNFURNISHED 


FAST EXECUTIVE HOMPIMMNG- 
Pan& wbtrbL Kano/ icfen 55! 09431 


SWrrZEWAND 


SWITZERLAND 


VILLARS 


Only 75 irvns from Geneva Aepart 
tki • tems golf and am 


MAGNIFICENT CHALET 
FOR RENT 


with waoderfol view over ihe Alps. 
Private park of 15.000 cgm». 
Very hnmnaat: 12 bedroom. 

3 reception roams. 6 ban. 
Speaof rate farotongw periods 
fee he ui utu w oru 
bnatobKerw de Wat SA 
P.O. Bax 62. CH-1884 VWoa 
Tel: 25735 35 31 
Telega 456 213 GEM 


REAL ESTATE 
WANTED/EXCHANGE 


nuns ETOUt Quiet, new, fwmtfnd 

stucSa July & Aug. Exchange nme 
WarF4O0oi«W?Wh. 7270! 12 


5» 4-ROOM fiat with balcony, 

ttMXbttMX 


EMPLOYMENT 


EXECUTIVES AVAILABLE 


Arobto, seeks position in preiec} fi- 
nancing etthar in a benk or a pubic 
gg^^hare company. Tek Pore 


EMPLOYMENT 


GENERAL POSITIONS 

AYA&ABLE 


T ii ,i t 


- SALES 


Must tpwtk EngM & Getimn 
AH cketos tome to ta by oppomttee 
Autonav krgnt & MweU tWHtanr 
twort. You awtf hue o rirong o» cdl' 
«4w bodtgratmd. 

Mr Grii JtoOna Q6412 7021-Q 


WTl MAMOTO4D MANA08R. 
forlm1Bi m ee m AatXMfto«»3PutM>tc 
to ptan and eoplement CDnWXMm xrff 
nxai merta group uM end 
cooppnmotrom Murbeevpanenad, 
oeotow, dual arwitted, ochmet 
Based n Para and London. Write teH 
Trade Aw* 3J, Osm d Aetna, 


TABLEWARE SHOP 

reeks . . 

Young Safes Woman, ■ 
for lepiacemont Ally, Aug. & Sept. 
Preferably EngUt mother tongue. 


Le Club Porada de la Tabte. 38 me da 
Parade. 75010 Paris auatw 906T 


MOH SCHOOL GfiAD. Msfenatl 
Momtenance Tranee. Mud be US efr 
ran, age 17-34. No erponcrce » 
pr»ed.vri tram. Good pay. exarforf 
benefits. 5 youcjuofcfy.speQaledOca 
twn fund and op ta S3J500 bonus 3 at 
4 year ARMY enfajmert Cn» Hwdri- 
06221-13188. England 49*. 


i-. 


PAGE 4 
FOR MORE 
CLASSIFIEDS 


International Secretarial Positions 


SECRETARIAL 
POSITIONS AVAILABLE 


LARGE AUDITMG FffiM 
LA DH9GE 


EXFBUB4CH) 
SHORTHAND-TYPISTS 
BIUNGUAL ENGUSH 


These roponsfcfe leaetariajjsosifons 

d °* fi gures ato be able to trie 
■mono n both nngMjges. 

Young mhunationd oS rrosphwe. 
Cbmpcxiy restaurant. 

Variable hours. 


s " ,w feS? I iSSS^ ta 

Tour Mradwttan - Cedn x 21 
92095 HUNS LA DBBYSE 2 


ORD1NTER 

seeks 


HIGHLY 

QUALIFIED 

BILINGUAL 

SECRETARY 


EngBsh ihordund required, permnnent 

position QMolafafe, Iraming m ward 


proeMsinQ & we of oomputm. 
Temporary Ageney, eaB Pan 742 7^)7 


PART-TIME WORD PROCESSOR op. 
»c4w required mmedotety by tedv 

filSTOSBr 

t^dotos should be nedm Engfah 
Speaken with worlang papers, a 
ri humor and be utterly refi. 
ride. Good rewords for It* ' 


Write for The Bitar, GX$£ 
KflUCATlONS. 9 Aw. *£££. 


75016 Pan. 


AABHCAN LAW fiRMm Paris seeks 

arSft.iesvttfsS 

NeuAy Cednx. Fronce 


SEOtETARlAL 
POSITIONS AVAILABLE 


INSEAD 


__ EuapreAM wsmure 

(60 km South of Pari} 


seeks urgently 

EXECUTIVE SECRETARY 
PERSONAL ASSISTANT 
BIUNGUAL 


S 8 ??"** to one of the Institute's 
Dean s, the .appimte should be exr 
erroea, aid m adcfatroR pomess exasL... 
oroeta ncJ doSfe, should be abte to or- 
board 

"•nenngt ana write reports. 


esajst 01 *— 

>i»K?S:5rsSn« 

77305 K3NTAra£AU RUNCE 


MINSWE steijs.AWjttN 

Er^fijh, e-i-i " p AMSi 


secretaries, 

qurrad, - 


Victor 

727 


or German 
of French re- 
BingiKrf 


61 6^ 751,4 ^ M 


sanncE MTBtwi 
* GERMAN 

mother ~ 


SECRETARIAL 
POSITIONS AVAILABLE 


SECRETARIES 

aUAUND 
MULTUtGUAL JOB B4 PARS? 


\ Fin 

Win, 


PLUS 

international 


^ ^ tonoofoed tenyarary 

w r*m% 

''01 79. 


CHAUfiNGING JOB 

E? SEaffTAKY ASSISTANT 
S.ST'lW Amend* Co. 
matoro fe^ fevet Mcretory for 
VW»JWfenf «r Fans. Tbmaan- 


Fori*. Iheoarv 
nf booty ound# 
withm an Httlere 




S-S-sSI 




P^OWAMZAnoNse^expere 


‘“•nwtJnJo 

phtJo 1 ?* 
HM Jean 9 
75724 Pare Cadw 15. before 1 8 to. 


SECBKiAMEBAVAnAWV 




Kffiau-a 
tftsi ia* 


MiaWaqHAL.UW BRMmPms 


seeksEngfehroother wn^je 


mcriot^with twoeftmt ■ 




esS &SSS StSSSr. 


an 
m /Ar- 
ts 
Pt> 


Printed by gdz in Zurich (Switzerland) 


iSB 
^ 0 

"'fWww StfOBt s 

VVmt GeWy 


Gruere 


RANDSTAD 

*•*«*« AGfiNCY 


«^7S8 12 40 Tmp ° fa S f S 



WEB "y b*ly 


SitXX-* ss 

« an executive short- 


E S£2£,^S: A K r - ^ “»■ 

S^TABY M Frends shonfe. ^ , 

S ^ 10 

now. TriTftrn ; 


d»rts.Free 




Milan 




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