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INTERNATIONAL 




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Published With The New York Times and Tiie Washington Post 


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PARIS, SATURDAY-SUNDAY, JUNE 22-23, 1985 


ESTABLISHED 1887 




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Experts 



Finance Minister Noboru Ti 


(Erector 
talks. 


Industrialized Nations Reject 
Change of Monetary System 


By Hobart Rowen 

Washington Past Service 
TOKYO — The finance minis- 





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u lm of a call by President Francois Mil- 
1 ^ Me terrand of France for a major imer- 


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Friday that the time is not right to 
“i change the current system of float- 
' " . iog exchange rales, which “remains 

..... "Uid and requires no major mstitu- 
.4 TidnaJ change." 

' '■“I In a nearly complete endorae- 
raent of a report on the internation- 
■r . , al monetary system by a committee 
of (heir deputies, (he ministers 
agreed that the floating-rale system 
*.■- had “also shown weaknesses” that 
required shoring up without aban- 
doning the system. 

~7, The 60- page report was the result 

fc?, *ta.ofacaH' " 

I' 1 

j?uational conference that would 

"turn the world toward a fixed-rate 

system. 

D05ESI" Instead, however, the talks pro- 
. a; *. reduced an endorsement of the exist- 
system of flexible rates. The 
.... ^-/Fftnch did not dissent from the 
*- - report, although they continued to 
maintain that extensive reforms of 
die system will eventually be neces- 
— sary. 

More strict surveillance by the 
international Monetary Fund, ac- 
. .. cording to the report, can encour- 

ii -v.V 


Test of Laser 
Is a Success, 
*■ U.S. Reports 

77i«? Associated Press 
CAPE CANAVERAL. Florida 
— A bluish-green laser beam origi- 
nating on a Hawaiian mountain 
^ccessfully tracked the space shul- 
■' k . tie Discover on Friday in an early 
test of President Ronald Reagan's 
plan to build a shield against mis- 
siles. 

The low-power argon laser was 
triggered by air force technicians 

The LLS. House voted $15 bil- 
lion for a space-based missile 
defense system. Page 3. 

on the island of Maui as the shuttle 
flew 220 miles (356 kilometers) 
overhead at 17.400 miles (28.280 
kilometers) an hour,- somewhat 
raster than a missile warhead. 

Air force officials called the ex- 
periment “very - successful" and 
, , ' * jd ihe lasertracked the shuttle for 
jT least two and a half minutes. 

7 For a laser to destroy a weapon, 
it must focus on ii long enough to 
; heat its interior. 

The target was a mirror, which 
bounced the beam back to Maui. 

The test originally was scheduled 
for Saturday but was reset for Fri- 
day to allow time for a third try in 
case of failure. A test Wednesday 
Tailed when incorrect figures were 
programmed into a computer. 

The lest gathered data on how 
much the laser beam diffused- To 
be effective a laser beam must re- 
main concentrated. 

The laser, which began as a 5- 
mm (.389-inch) point, expanded to 
a 30-foot (9-meter) circle. 

Search for Black Hole 
The shuttle crew used the craft's 
mechanical arm on Thursday to 
place in orbit an X-ray observatory 
satellite, called Spartan, that wifi 
search for a massive black hole at 
the center of the Milky Way. The 
New York Times reported from 
Cape Canaveral- 
Spartan. which cost about S3 
million, represents the first of a 
new class of retrievable satellites. 

Black holes are believed to be 
stars no dense that even light can- 
-u,\ escape iheir gravitational grip. 
iThe power of vast black holes is 
thought to be so great that nearby 
stars can be violently drawn into 
their depths, in the process CTiii- 
ting X-rays that scientists hope to 
detect with the observatory. 


age greater stability of exchange 
rates. The underlying theory is that 
surveillance will: encourage coun- 
tries to bring their baric economic 
policies closer together. But the 
IMF, acting as a monitor, cannot 
do the job alone; the report sug- 
gests. 

Attending the m atting were the 
finance mimstexs and central bank- 

Fed rfcajnmm Paul A, Voicker 
pubBdy scolded las vice chair- 
man, Preston Martin. Page 11. 

ers of the so-called Group of 10. 
The group actually has 11 mem- 
bers, with' Switzerland having 
joined last year. 

Nations attending were Switzer- 
land, Japan, the United States, Bel- 
gium, Britain, Canada, France. Ita- 
ly, the Netherlands, Sweden and 
West Germany. 

The committee that prepared the 
report was headed by the director 
general of Italy’s central bank. 
Lambexto Dial 

In an interview, Air. Dini said 
that “a key theme is that no mone- 
tary system can assure stability un- 
less it is backed by proper policies. 
And for that, you need political 
wOL” 

The committee said the weak- 
ness of tbe floating-rate system lies 


in its tendency to cause sbon-ierm 
volatility in exchange rates that can 
discourage trade and investment. 

For example, in his speech Fri- 
day to (he session. Treasury Secre- 
tary James A Baker 3d of the Unit- 
ed Stales noted the “painful” 
impact on the American manufac- 
turing sector of the high rate of the 
dollar. *> 

The unanimous view expressed 
in a ministerial rornmiiniq ne Fri- 
day was that greater stability in 
exchange and financial markets is 
highly desirable but that it is not 
achievable if the economic policies 
of major nations diverge: 

As expected, the ministers voted 
to lake a modest step toward great- 
er stability of exchange rates. They 
voted to take action through in- 
creased surveillance by the IMF of 
tbe economic policies of the mayor 
nations. 

Tbe French said th^ woe disap- 
pointed by the rejection of their, 
proposal to move toward setting 
“target zones’" Tor exchange fates. 
Tbe communique said tbe French 
suggestion was not practical under 
the present circumstances. 

The more precise and detailed 
Dini report added the phrase “un- 
desirable” in discussing the idea of 
target zones. 


Mengele 

A Group of 17 
Says Brasil Body 
Is Nasi Doctor 


Uniied Prea IntcrualtonaJ 

SAO PAULO — Forensic ex- 
perts from three countries said Fri- 
day that they have identified tbe 
body of a man who drowned in 
Brazil six years ago as that of Josef 
Mengefe. the Nazi war criminal. 

Seventeen Brazilian. U5. and 
West Goman forensic specialists 
met with the Brazilian federal po- 
lice chief. Romeu Tuma, and told 
him they had concluded that the 
man was Dr. Mengele. 

The experts had spent two weeks 
studying the skeleton, photo- 
graphs. hair and handwriting sam- 
ples of the man who, known as 
Wolfgang Gerhard, drowned in 
1979 aear SIo Paulo. 

Their findings were announced 
at a news conference in Sao Paulo. 

“There is no way this is not him.” 
said Dr. Lowell Levine, a Universi- 
ty of Maryland forensic anthropol- 
ogist who had been sent to Brazil 
by the U5. Justice Deparunenu 

“We looked at the totality of tbe 
evidmee," Dr. Levine said. “There 
are just so many consistencies — 
height, dental, age. sex. race, facial 
superimpositions.” 

Investigators at S§o Paulo's Le- 
gal Medical Institute, using a mi- 
crocomputer and video camera, 
found 24 similarities between the 
skull of tbe man who drowned in 
1979 and photographs taken of Dr. 
Mengele during World War II. 

‘There is no significant doubt on 
any point; tbe teeth gave a very 
good match. " Dr. Levmc said. 

Dr. Levine presented a report to 
Mr. Tuma that was signed by five 
U.S. forensic experts sent by the 
Justice Department and by tbe Los 
Angeles offices of Simon Wie- 
scnthal the Vienna-based Nazi 
hunter. 

“There was no difference 
amongst the team,” Dr. Levine 
said. “We are all scientists." 

The announcement came two 
weeks after officials exhumed. the 
re mains from a grave in a small 
cemetery in the town of Embu, out- 
side Sao Paulo. 

It apparently ended a worldwide 
search for Dr. Mengele, who was 
responsible for the deaths of 

(Continued on Page 2, CoL 2) 



Israelis guarding the Atfit prison, where 166 Lebanese Shiite Moslems, Palestinians and 
others are being detained. The hijackers of a TWA jetliner are demanding the release of 
these prisoners as a condition of freeing tbe remaining passengers and crew in Beirut. 

Peres Echoes U.S. on Hijack 

Israeli leader Attacks Terrorism by PLO, Shiite fladkals 

“Terrorism was adopted as a 
strategy by the PLO. and anyone 
who is ready to accept the PLO. 
even though the PLO continues to 
employ terrorism, is accepting in 
practice tbe exisienrc of terrorism, 
and isn't just granting recognition 
to the PLO, 

“Terrorism acts against those 
who act by terrorism, and we are 
also very sorry about the murder of 
Palestinians in Lebanon these days 
by members of other communities. 
Terrorism will not help solve the 
Palestinian problem; it will only 
distance a solution.” 

Tbe prime minister charged that 
the hijackers' ambitions were not 
confined to the release of the Shiite 


By Edward Walsh 

Washington Past Service 

JERUSALEM — Prime Minis- 
ter Shimon Peres, seeking to close 
ranks with the United States in the 
TWA airline hijacking case, called 
Friday for “organized and consis- 
tent inte rnational responsibility” 
to combat terrorism. 

In a speech to a meeting of the 
Zionist General Council Mr. Peres 
invoked themes rimflar to those 
sounded in recent days by Presi- 
dent Ronald Reagan, who has also 
called for stepped up efforts to 
fight international terrorism in re- 
sponse to the hijacking. 

Mr. Peres also sought to link the 
TWA hij acking to terrorism by tbe 
Palestine Liberation Organization 
and to what he called an attempt by 
radical Shiite Moslems “to trans- 
form Lebanon into a Shiite Mos- 
lem country, to transform the Mos- 
lem world into a Shiite world, to 
jolt the stability of the Arab world 
and to remove froro thdr^th any- 
one who doesn’t agree- with them 
100 percent" 

Nothing Mr. Peres said indicated 
any change in Israel's position not 
to free immediately tne approxi- 
mately 700 Shiite prisoners it holds, 
as demanded by the hijackers, un- 
less directly requested to do so by 


the Reagan administration. He said 
in a radio interview Friday that, 
while Israel has always planned to 
free the prisoners eventually, “Now 
we have another problem; not to 
make it look as if there were a son 
of generalized capitulation to the 
hijackers.” 

Both in his speech and the radio 
interview, Mr. Peres also suggested 
that Israel has information that the 

Fore May 20. 

1.150 Arab prisoners in exchange 
for three captive Israeli soldiera 
Mr. Fere§ denied any link between 
tbe wrchany and the hijacking. 

In recent days, signs of strain 
between tbe United States and Is- 
rael over the hijacking have begun 
to emerge Imre. Both countries are 
seeking to protect their rqmtations 
for not bending to terrorists. 

Israeli officials have praised the 
United States for not giving in, but 
there have also been complaints, 
most recently voiced by defense 
Minister Yitzhak Rabin, that the 
Reagan administration was quietly 
stepping up pressure on Israel to 
free the Shuie prisoners on its own. 

Mr. Peres, in his speech, said, 
“Terrorism is a form of war, a most 
cowardly form.” Linking the hi- 
jacking to the PLO. he added: 


prisoners and a final and complete 
Israeli withdrawal from Lebanon, 
but extended to a hope of achieving 
Shiite dominance of the Moslem 
and Arab worlds. 

What the hijackers represent, he 
said, “is liable to direct its greatest 
wrath against the Arab and Mos- 
-k-F world, against their leaders, 
against tbe stability of their re- 
gimes, against the attempt to ad- 
vance that world towards social 
progress and the establishment of 
peace.” 

Mr. Peres praised the United 

(Continued on Page 2, CoL 3) 


Jet Crisis 
Solvable, 
U.S. Hints 

Israel Would Free 
Prisoners After 
Hostage Release 

By Bernard Gwcrraman 

Sen I if A T £,muv 

WASHINGTON —The Reagan 

administration has told several 
friendly governments that if the 40 
American hostages are freed un- 
conditionally by the hijackers in 
Beirut. Israel will follow with the 


Profile of (he LIS. counferrer- 
rorivn force. Page 3. 

release of the 766 Lebanese detain- 
ees, administration officials have 
said. 

The administration told diplo- 
mats, however, that the United 
Slates would maintain its principle 
of not bargaining, or negotiating, 
or giving in to terrorist demands. 

Thus, the officials said, ii is liv- 
ing to convey through the foreign 
governments’ to Nabih Beni, & 
Lebanese Shiite leader, that tbe hi- 
jackers' demands can be met, but 
only if there is no attempt at formal 
linkage. 

The governments of Switzerland, 
Sweden and Austria, all of which 
had been approached bv Washing- 
ton, have said they were willing to 
help in the crisis. 

The Swiss government said 
Thursday it had conveyed to Mr. 
Benri through its embassy’ in Beirut 
its hope that he would free the 
Americans on humanitarian 
grounds and that Switzerland was 
prepared to lend its good offices to 
a solution. 

Mr. Beni has said that the hos- 
tages are in good shape and that 
they would be released at once if 
the United States gets Israel to give 
up the 766 in the Adit camp in 
Israel 

Israel said Thursday that of the 
766 detainees whose' release the 
Beirut hijackers are demanding, 
only 570 are Shiite Moslems. The 
Defense Ministry, issuing a full ac- 
counting of the prisoners in Atiit 
prison, said that 147 are Palestin- 
ians and 49 are others who include 
Diuze, Christians and Sunni Mos- 
lems. 

The 40 hostages are made up of 
57 male passengers on Flight o47, 

(Continued on Page 2, CoL 3) 


?&&• 
?0R & 


The Name Fit Once , but Don’t Call It 'BeanUmn ’ Anymore 


By Fox Butterfield 

, New York Tima Service 

BOSTON — There was a time when a turn-of-lhe- 
century doggerel said a lot about Boston. 

And this is good old Boston, 

The home of the bean and the cod 
Where the Lowells talk to the Cabots 
And the Cabots talk only to Gad 
Some Americans still think of Boston as Beam own. In 
the recent National Basketball Association championship 
series between the Boston Celtics and the Los Angeles 
Lakers, fans in California hdd up signs read i ng, “Good- 
night, Beantown.” 

That was not only insulting, it was anachronistic. 
Few Boston restaurants stilt serve baked beans. It is 
even harder to find Bostonians who eat baked beans 
regularly for Saturday night supper the way their ances- 
tors did for generations. 

Certainly not Louis W. Cabot, chairman of the Cabot 
Corporation, denizen of Beacon Rill, patron of the arts 
and descendant of tbe Cabot family that first made its 
money in the rum and slave trade and privateering during 
the American Revolution. 

“As a boy I used to eat baked beans every week." he 
said. But no longer. “One reason is that my wife has a 
sirongaveraon to what she calls brown-shoe customs." he 
said. Thai is “the tendency of Yankees to be the only 
people with the gall or shabbiness to wear brown shoes 
even when they wear dark blue suits." • 

Nor are baked beans on tbe menus of Boston's best new 
restaurams: “Baked beans is not the kind of t hi ngs we 
want to serve," said David Woodward, chef at Apl e/s in 


the Sheraton Hotel “We are an up-market, gourmet 
restaurant" 

Lydia Slier, head chef at the Seasons restaurant in tbe 
Bostonian Hotel described her culinary approach as 
“modem American eclectic" and said she does try to 
“incorporate New England products cooked in modem 
ways.” 

But baked beans? No. “We serve them only in tbe 
cafeteria every Saturday, for the employees, not the 
guests." 

One recent noontime. Thomas Haverty, a retired Bos- 
ton taxi driver, was seated as usual at one of Durgin-Paik’s 

It is hard to find Bostonians who 
eat baked beans regularly on 
Saturday the way their ancestors 
did lor generations. 

long communal tables. He ordered broiled scrod, or cod- 
fish, another Boston delicacy, but he did not order the 
baked beans. 

“They are too sweet." he said, “not the way my grand- 
mother used to make than every Saturday night when I 
was a boy." 

Until World War II, recalled Thomas H. O’Connor, a 
professor of history at Boston College, “everyone in Bos- 
ton ate baked beans and brown bread on Saturday night 
It was almost a ritual" 

Tbe earliest known reference to baked beans is in an 


1831 cookbook, “The American Frugal Housewife." by 
Lydia Maria Child, no relation to Julia Child, Boston s 
better known chef. According to Karen Hess, an authority 
on American culinary history, the Saturday baked bean 
supper dates back to the Puritans. 

For them it combined practicality, nutrition and reli- 
gion, Mrs. Hess said. It was practical because in the days 
of cooking in open hearths, the heat needed to bake the 
beans over a long period also warmed the house. It was 
nourishing, because tbe beans, especially when combined 
with salt pork, were high in protein and calories. And 
baked beans could be eaten again on Sunday without 
further cooking, avoiding the ban against wait on tbe 
Sabbath. 

Why the demise of baked beans? Moyle Evans, the 
author of the “American Heritage Cookbook." thinks tbe 
answer is simple. “Beans are heavy and we’re affluent," 
she said in a culinary history seminar last weekend at 
Radcliffe College. “Baked beans are anti what tbe whole 
trend is today — toward light food." 

Mrs. Hess, who also attended tbe seminar, assailed the 
trend. 

She recounted a passage from “Tbe Boston Cookbook," 
published in 1883 by Mary J. Lincoln, whose Boston 
Cooking School was made famous by Fanny Farmer. 

“In spite of the sluts against Boston baked beans," Mis, 
Lincoln wrote, “it is often remarked that strangers enjoy 
them as much as natives; and many a New England bean 
pm has been carried to the extreme South and West that 
people there might have baked beans in perfection. They 
afford a nutritious and cheap food for people who labor in 
the open air ” 


Marines Were Targeted 
In San Salvador Attack 


General Rogers Says Technology Can Offset NATO Austerity 




>h Fitchctt 

tmematUswl Herald Trthiiitc 
MO NS. Belgium — Publicly ac- 
knowledging that Western military 
spending is leveling off. General 
Bernard M. Rogers. NATO's com- 
mander in Europe, says that the 
alliance has adopted a’ strategy of 
conventional defense that can be 
effective despite austerity. 

“Assuming we're not going to gel 
any more resources.” General Rog- 
ers said in an interview, "we can get 
the defense we heed if sufficient 
priority is. given to adopting the 
right new technology for our weap- 
ons." 

His comments were the first pub- 
lic acknowledgment by a senior al- 
liance official that the goal of in- 
creasing military spending had 
become politically unrealistic for 
the foreseeable future. 

General Rogers's recommenda- 
tions are basal, on a war plan, 
adopted under his aegis, for using 
advanced technology to attack So- 
viet ranTorcements. before they 
reach the front.. ' • ■ 

Discussing the outlook for the 
alliance: General Rogers said it 
w<mld remove all its; atomic demo- 
lition mines and nuclear-warhead 



- Bernard M. Rogers 

air defense missiles from Europe as 
pan of UlS. cuts in nuclear stock- 
piles. 


Meanwhile, the general went on, 
the Soviet Union ts continuing to 
build bases for its SS-20s. so the 
number of those medium-range 
missiles will almost certainly sur- 
pass the figure of 378. the level 
stipulated by the Netherlands as 
the point at which it would agree in 
November to deploy U.S. cruise 
missiles. 

While the Western alliance has 
not officially abandoned its goal of 
increasing military budgets annual- 
ly by 3 percent above the rate of 
inflation. General Rogers focused 
heavily on getting more “output" 
from fixed spending. 

This would be achieved by great- 
er reliance on technology rather 
than increasingly expensive man- 
power and. above all, by more in- 
ternational cooperation in weapons 
develop mem and purchases. 

To help in this process. General 
Rogers's staff has worked out a 20- 
year forecast of Western military 
needs in an effort to give NATO 
member? a headstart in high-lech- 
nofugy ' weapons development — 
enough, they hope, to foster more 
cooperation in military research 
and joint procurement. 

General Rogers has repeatedly 


urged the alliance to strengthen its 
conventional forces because, he 
says, Soviet planners “must be 
skeptical” that Western leaders 
would resdft quickly to nuclear 
weapons in the event of conflict. 

The Western alliance seeks to 
deter Soviet attack in coming de- 
cades by developing sophisticated 
reconnaissance aircraft and elec- 
tronically guided missiles that 
could destroy bridges and airfields 
deep behind the Warsaw Pact front 
lines, and thereby hamper massed 
Soviet reinforcements from reach- 
ing the baulefidd- 

Cosl estimates for such technol- 
ogy over the next decade vaiy be- 
tween 510 billion and 530 billion, 
but General Rogers said: “NATO 
countries spent 5315 billion on de- 
fense last year, you can see lhat 
with very little, over ID years, we 
am easily get there." 

But to male this happen. Gener- 
al Rogers said he was pinning a 
great deal of hope on more joint 
military development, a goal so elu- 
sive that he fiinfeeir called it “a 
magic wand." 

"fl Europe constructed a de- 
fense-industrial base aiming ihe 
member nations, it could then com- 


pete. collectively and constructive- 
ly, with the United States." he said 
’ The. result, he said would be 
“much belter technology flows 
back and forth across the Atlantic 
and billions of dollars in savings by 
avoiding duplication and gelling 
economies of scale." 

On paper, the alliance is commit- 
ted to the new technology-bused 
strategy, officially known as “fol- 
low-on forces attack." And Gener- 
al Rogers’s “conceptual military 
framework” was adopted last May 
by alliance defense ministers. Bui 
these paper commitments will have 
to be translated in practical terms 
in each country's military planning. 

First among the indicators cited 
by General Rogers as ground for 
optimism is the conceptual frame- 
work. which projects Western de- 
fense needs to the year 2000. 

A prime mover in establishing 
this list of priorities was Manfred 
Womer. defense minister of West 
Germany. General Rogers said Mr. 
Warner had. told him he was "not 
going to get any more resources, so 
I need a list of priorities to apply 
best what Tve got" 

For the firsr lime. General Rtig- 

(Cootimifid on Page 5, CoL l) 


By Robert J. McCartney 

Washington Past Service 

SAN SALVADOR — The gun- 
men who lolled 13 persons at a row 
of sidewalk restaurants Wednesday 
night deliberately sought out the 
four U.S. Marines wbo were among 
the victims, according to witnesses. 

Two witnesses said the gunmen 
fired first at the table where the 
marines were silting, then fired in- 
discriminately at others. 

[A leftist guerrilla group claimed 
responsibility Friday for the attack, 
saying that it was aimed at the Tour 
marines. United Press Internation- 
al reported from San Salvador. The 
guerrillas said the other nine per- 
sons were killed in a cross fire when 
security forces shot at the attackers. 

[The" Central American Revolu- 
tionary Workers Party, one of fire 
armies in the Farabundo Marti Na- 
tional Liberation Front, made the 
claim in a communique sent to a 
Salvadoran radio station. The front 
has been battling the government 
for more than five years. 

[The statement warned lhat 
guerrillas would attack any build- 
ing occupied by Americans, and it 
warned Salvadorans to refrain 
from going to public establish- 
ments frequented by Salvadoran or 
American military personnel.] 

President Ronald Reagan and 
other American officials nave said 
thr United States will expand and 
accelerate aid to the Salvadoran 
government to help in the fight 
against the leftist rebels. 

Two American civilians, five Sal- 
vadorans. a Chilean and a Guate- 
malan also died in Wednesday’s 

attack. 

The four marines, who were 
guards at (he U.S. Embassy, were 
off duty, unarmed and in civilian 
clothes, the embassy said. The two 
other U.S. citizens killed were em- 
ployees of Wang Laboratories of 
Lowell Massachusetts, who were 
visiting El Salvador. 

A spokesman for the U.S. Em- 
bassy said it was not certain that 
the marines had been the main tar- 
get, although be noted that the kill- 
ers’ truck had stopped right in front 
of their table. Reynaldo Lopez 
Nuila. the Salvadoran deputy de- 
fense minister, said he believed the 
marines were the taigeL 

The two witnesses. Manuel Ar- 
gucla and Mario Orellana, said the 
gunmen fired their submachine 
guns and semi-automatic rifles first 
at the table where the marines were 
seated and afterward sprayed bul- 


lets indiscriminately. Both witness- 
es were wounded in the attack and 
were interviewed in their beds at 
the Policllnica hospital here. 

Mr. Aigueta said an unidentified 
young man had approached tbe 
marines shortly after they sat down 
at one cafe, chatted with them 
briefly, observed them for a few 
minutes from a distance, and then 
bicycled away. Ten minutes later. 
Mr Argueia said, the killers leaped 
out of a pickup truck directly in 
front of the marines' table. 

Both Mr. Argueia and Mr. Ord- 
(Con turned on Page 2, CoL 6) 


INSIDE 



Rene Levesque, premier 
of Quebec, announced 
his resignation. Page 2. 

■ Three more bombs exploded 

in Nepal. Pag* 2. 

■ Smith Africa seeks to °we 
credibility to die administration 
in South-West Africa. Page 5 . 

ARTS/LEISURE 

■ The best Chinese art has nev- 

er been so expensive. Sourcn 
Mclikian reports. Page (j. 

BUSiNESS/FINANCE 

■ Ted Turner received clear- 
ance from the SEC to proceed 
with his bid for CBS. Page 9. 

■ Tbe dollar was mixed in Eu- 
ropean trading Friday. Page 9 . 





L. 


( 


Page 2 


Military Men, Not Jews, 
Are Believed to Be Held 
Separately in Hijacking 



By Michael Getter 

Washington Past Service 

WASHINGTON — A number 
of toe passengers from the hijacked 
TWA jetliner bring held separately 
in Beirut from the rest of the hos- 
tages are believed to be UJS. mili- 
tary personnel and not. as has been 


Athens, and who murdered a U.S. 
Navy noncommissioned officer on 
board last Saturday, is now known 
to U.S. authorities. 

The sources said that informa- 
tion reaching Washington also in- 
dicated that both hijackers, plus a 
third accomplice who never actual- 


publicly suggested, a group with ly go 1 onto the plane and was ar- 
“Jewish-sounding names," accord- rested in Athens, have relatives 
ing to sources in Washington. 


The sources said there was no 

direct confirmation of this, but sev- 
eral factors being analyzed indicat- 
ed that about four of those in the 
separately sequestered group, 
thought to be five or six in all were 
carrying U.S. military identifica- 
tion cards. 

Indications are that this smaller 
group, as opposed to (he larger 
group of 30 or so other passengers, 
is being held by members of the 
extremist Islamic faction, known as 
Hezballah. or Party of God, that 
engineered the seizure of the jet 
June 14. 

They are being held separately, 
according to assessments here, be- 
cause the extremist group that car- 
ried out the hijacking does not fully 
trust the leader of the more moder- 
ate and mainstream Amal Shiite 
militia in Lebanon, Nabih Bern. 

Mr. Bern is seeking to negotiate 
an arrangement with the united 
States and Israel in which all 40 
Americans would be released in re- 
turn for 750 Lebanese Shiites bring 
held prisoner in Israel. 

There is also said to be some 
evidence that the identity of the 
original pair of Lebanese Shiite hi- 
jackers who took command of the 
jetliner shortly after take-off from 


U.S. Senate 
Backs Aid 
For Jordan 


New York Times Service 

WASHINGTON — The Senate 
has voted to authorize $250 million 
in economic aid for Jordan and has 
signaled that military aid might be 
considered if Jordan enters into di- 
rect peace negotiations with lsrad. 

The authorization was approved 
Thursday as pan of a $ 133-billion 
supplemental appropriations bill 
for 19S5. 

The Jordanian economic autho- 
rization would be stretched out 
over 27 mouths, a year longer than 
the 15 months requested by the 
Reagan administration. It was ap- 
proved on a voice vote. A second 
vote was required to appropriate 
the money. 

The administration, which had 
wanted new military sales to Jor- 
dan, sought the economic aid when 
it became clear that Congress 
would not approve the arms sales. 

The economic aid is seen as sig- 
nal of support to King Hussein and 
his efforts to get the peace process 
moving in the Middle East. Lan- 
guage in the authorization indicat- 
ed that the Senate might consider 
military aid if Jordan and Israel 
began direct peace talks. 

The supplemental appropria- 
tions bill, which provides money 
for many social and other pro- 
grams for the rest of this fiscal year, 
also is a catchall for initiatives, 
large and small, that members of 
Congress would be unable to get to 
ihc president's desk if they were 
considered as separate bills. 

The administration does support 
two elements of the bill: S38 mil- 
lion in non mill lory aid for the re- 
bels fighting (he Siuidimst govern- 
ment in Nicaragua and $13 billion 
in economic rid to Israel and S500 
million for Egypt 

The House erf Representatives 
has passed a S 13.5-billion supple- 
mental appropriations bill with 
some m3jor differences. It does not 
include any aid for Jordan. 

Iu> non military rid to the Nicara- 
guan rebels is $27 million, and its 
definition of that rid and its prohi- 
bition ou funding through the Cen- 
lral Intelligence Agency conflict 
with the Senate measure. These and 
other differences would have to be 
worked out in conference. 


among the Lebanese Shiites being 
detained by Israel in the Adit pris- 
on camp on the Israeli coast south 
of Haifa. 

The principal demand of the hi- 
jackers is that lsrad release these 
prisoners before the American hos- 
tages. including the three-man 
crew, that are stOI being held can be 
released. 

Sources said the other one or two 
passengers held in this small group 
are believed to be civilians, but that 
they also do not appear to have 
Jewish-sounding names. 

In effect, the smaller group are 
hostages within a larger hostage 
drama, but sources here said they 
would be included in any deaL Mr. 
Beni who acknowledged Thursday 
that it was the hijackers and not his 
militia that had control of these 
other passengers, has indicated 
they are safe. 

The sources said that the hijack- 
ers apparently decided to take a 
chance on Mr. Beni’s ability to 
arrange release of the Lebanese 
Shiites and in return pledged that 
they would not harm the smaller 
group of hostages. The smaller 
group was taken off the plane at the 
Beirut airport in the early morning 
darkness last Saturday. 

The initial suggestion that sever- 
al people with “Jewish-sounding 
000168 " were those that were re- 
moved from the plane came Sun- 
day night when a treed TWA purs- 
er. Uli Derickson, told how she had 
refused to cany out hijacker de- 
mands that she go through pass- 
ports and other identification gath- 
ered from the passengers and pick 
out “the passports of passengers 
with Jewish-sounding names." 

The assumption that those re- 
moved from the plane did have 
such names has persisted through- 
out the hijacking. 

The State Department said Tues- 
day said it had “no clear evidence” 
supporting such reports. Mr. Beni, 
in an interview Thursday with CBS 
television, said “it is not true that 
they took them because they have 
Jewish names." 


More Bombs ■ypRlD BKIEFg; f 

Rods Nepal; f rari );f urt Bombing Qfflm Di.Hrais*id 


Death Toll 
Reaches B 


U.S. Marines and Salvadorans stand honor guard for four marines killed in San Salvador. 


Marines Were Targeted in Salvador 


Reuters 

KATMANDU, Nepal — Three 
more bombs exploded in Nepal on 
Friday, killing another person and 
bringing the official death toll is a 
series of explosions this week to 
eight the official Nepalese news 
agency reported. 

The dead include a member of 
parliament who was among six 
persons killed Thursday, and a 
bomber who was killed late 
Wednesday night when an explo- 
sive he was carrying detonated pre- 
maturely at the western town of' 
Pokhara. 


BONN (WP) — West German police efismissed Friday a clann by-fte 
Arab Revolutionary Organization that it planted the b omb at Fraiufou 
International Airport on Wednesday that killed three pawns, apo^ 

spokesman said. 

The previously unknown group assumed responsibility -for tteexpfe- 
aon in a message passed to a foreign news agency ut 8®£rtj3njnday; 
night and published in the daily newspaper An-Nahar on Fnday.Ji tad 
theattack was carried out because West German intelligence agents^©* _ 

working with tool US. and Israeli counterparts to young - ■ - 

West Germany to assassinate leading figures among Arab figtyn 


organizations" in Lebanon. , , , . ..... . 

A commission investigating the bombing concluded that meclaanwas 


a hoax because the group had never been heard of oitd its statement 
tails. Police officials said they also rejected 'half a 


lacked sufficient details. _ t 

dozen telephone calls assuming responsibility tor the koto. 


A group calling itself the United nf c~. 
Liberation Torchbeareis claimed r -n^. 


Norwegian Seizes Plane, Surrenders 

OSLO (Reuters) — A young Norwegian who hijacked an Jtirfnm 
F riday on a flight from Trondheim to Oslo surrendered lhrec-and-frhag 
hours later. 

Witnesses at Oslo’s Foniebu Airport said the hijacker threw a pus* 
from the steps of the Boeing 727 as d walked down to waiting po&e 


(Continued from Page 1) 


lana said the gunmen, dressed in 
military fatigues, had walked 
among the overturned tables at the 
end of the 10-minute attack and 


singled out people to shoot again. 

' ifl. 22, 


Mr. Orellana. 22, an architecture 
student and office worker, said be 
thought he was shot because he is 
light-skinned and the killers mis - 
took him for an American. 

“I was lying with four or five 
friends in a row, but I was the only 
one picked,” he said. A thin, young 
gunmen “looked at me without ex- 
pression and shot a burst at me," he 
said. 

Mr. Argueta, 23, a restaurant se- 


curity guard, said he believes- be 
was shot twice in the legs because a 
gunman saw his pistol stuck in his 
belt as he lay face down on the 
floor. He also said be heard one of 
thf attackers’ leaders shout to an- 
other member of the gang. “Give it 
to him again, he’s not dead." The 
order was followed by the sound of 
a machine-gun burst, Mr. Argueta 

said 

The marines reportedly visited 
the restaurant frequently. An em- 
bassy spokesman noted, however, 
that Americans in San Salvador are 
advised “not to frequent the same 
place on a regular basis.” 

Six persons were seriously 
wounded in the attack, the Salva- 


doran armed forces said. Two of 
the wounded were released from 
the hospital after treatment 
Wednesday night. 

The attack came at a time when 
the leftist guerrillas have said they 
are stepping up urban warfare. The 
guerrillas contend that they would 
have won the war years ago except 
for Washington's support of the 
Salvadoran armed forces. 


responsibility for the blasts. Leaf- 
lets thrown Friday into streets of 


The plane had been towed from a remote part of the airport u>- 
-tion near the main terminal building, at the hijacker’s request, a£»-r* 
freed all 1 15 passengers. The five crew members were unharmed- 
The hijacking was the first in Norway and one of only a few in all q( 
Scandinavia. The hijacker had demanded to speak to Prime Minister 
Ka are WiHoch and Justice Minister Mona 


by leftist guerrillas, 
military personnel, have 


Katmandu suggested that they 
would strike again. 

“There is more to come, for our 
struggle will gp on until our objec- 
tion of the po^lO^d toe leaflets U.S. Has Afghan Plan, Paper Says 

from the previously unknown DELH1 t AP)--The Reagan administration is proposing the 

group. The leaflets wae simea oa- “FhihmdizaticHi" of Afghanistan as a solution to the country s cooflkt, 
myukia Muim Bahim, which nans- M Indian journalist reported Friday. 

laied from Nepali means m e unit- u.S. officials toid Prime Minister Rajiv Gandhi of India about the 
Torch v a ^«, proposal during bis visit to Washington last week. G.K. Reddy reported 
The Nepalese new agency “ad in The Hindu newspaper. Mr. Reddy, who is known forhisdow contacts 
that three blasts on Friday rooted a - Q j^dia's Foreign Ministry, reported that the United States comreyedtha 



sponse to the army’s improved per- 
formance in the countryside. 


Hostage Crisis Solvable, U.S. Hints 


(Continued from Page 1) 
which was hijacked a week ago Fri- 


day^and three crew members. 


■ Derickson Exonerated 

UU Derickson was wrongly pic- 
tured as helping the hijackers pick 
out hostages with Jewish-sounding 
names. Toe Associated Press in 
New York quoted the FBI and a 
leading Jewish spokesman as say- 
ing Friday. 

“We are persuaded that Uli Der- 
ickson has gotten a bum rap," said 
Rabbi March Tannenbaum of the 
American Jewish Committee, who 
reviewed the issue with representa- 
tives of other major Jewish groups. 

“Uli Derickson was found to 
have absolutely no complicity with 
the hijackers of TWA Flight 847,” 
the FBI said in a statement issued 
by William Baker, an assistant di- 
rector. The statement said she act- 
ed beroidy. 


State Department said it be- 
lieved the 37 were being held in 
several different groups around 
Beirut. 

A news conference was arranged 
Thursday at Beirut airport that was 
intended to demonstrate to news 
organizations that the hnstay* 
were being well-cared for. Bui only 
five of the Americans appeared. 

The session initially broke up in 
chaos before Allyn Con well, one of 
the hostages, could complete a 
statement calling again on Presi- 
dent Ronald Reagan not to try to 
free them by force. 

News agencies reported that 
there was scuffling between armed 
militiamen and the press. But the 
conference was allowed to resume, 
and Mr. Con well rod the names of 
the 37 passengers in custody. 

Mr. Conwell said he had met 
with the other 36 hostages and 
could verify that they were all “in 
good health." He called for a swift 
exchange of the detainess in lsrad 
for the Americans. 

He noted, as Mr. Beni has said 
previously, that if a deal could not 
be worked out along the terms de- 
manded by the hijackers, they 
would be returned to the direct 
control of the hijackers. 

“Let me say, based on experi- 
ence, that is something that I would 
find most unappealing," he said. “I 
do not wish to go back there, and I 
think my feBow hostages will agree 
with that." 


Mr. 


A White House spokesman, 
Robert Sims, denounced the news 
conference as ‘'a cynical exploita- 
tion that serves no real purpose." 

As part of the diplomatic effort 
to end the crisis, Mr. Reagan and 
Secretary of State George P. Shultz 
met with Alexander Hay. the presi- 
dent of the International Commit- 
tee of the Red Cross, who has been 
in Washington on a visit that was 
scheduled before the hostage prob- 
lem began. The main topic ot i 
Ha/s talks at the State 
ment has been how the Red 
could help resolve the crisis. 

[President Reagan did not ask 
toe International Committee of the 
Red Cross to intervene in the inci- 
dent, Agence France- Press quoted 
Mr. Hay as saying Friday after 
meeting with Mr. Reagan. 

[Mr. Hay said that his organiza- 
tion was ready to help, but that his 
meeting with Mr. Reagan had been 
scheduled before the hijacking took 
place. He declined to disclose de- 
tails of toe talks. 


The Globe said that toe daughter 
of one of the freed passengers 
quoted her father as saying that the 
mens' hands were empty’ when they 
ran down the aisle and entered the 
lavatories shortly after takeoff. 
They came ont armed with guns 
and grenades. 

“He said the guns and grenades 
had to have been planted in the 
lavatories." Tina Migos quoted her 
father, Minas Tbanos. os saying. 

Authorities in Athens had said 


fourth bomb in the town before it 
exploded, toe agency said. 

Nepal's main political group ear- 
lier called off a rivD disobedience 
rampatg n and issued a statement 
condemning the attacks, which in- 
cluded blasts Thursday at the pal- 
ace of King Birendra, parliament 
and the government’s administra- 
tive headquarters. 

Political parties have been 
banned in Nepal since 1960. Mem- 
bers of toe National Assembly are 
elected or appointed to parliament 
as individuals ou a so-called non- 
partisan basis. Several groups have 
been pressing for a return to party 
politics. 


insurgents, who have U.S. backing. 

Mr. Redd/s report said that Washington favored an arrangement that 

ing its special relationship with theSoviet Umom” There woukTheno 
other limit on the sovereignty, territorial integrity or nonaligned stains of 
Afghanistan, the report said. 


The home affairs minister, Jog 

, r .«t wu ». uw ^ Mehar Shrestha, said that between , 

that a third man who claimed to be 60 and 70 people had been detained 
an accomplice of the hijackers told for questioning in Thursday's " 1 ™ m 

bomb attacks in Katmandu and 


them toe weapons were wrapped in 
fiberglass, packed in a suitcase and 
moved undetected through the air- 
port security system. Other au- 
thorities have said that the fiber- 
glass would not have hidden the 
weapons from toe metal detectors. 


American Shot by Honduran Soldiers 

TEGUCIGALPA, Honduras (AP) — The U-S. Embassy said. Friday 
that an American was shot to death Wednesday by Honduran aokfim 
near the Salvadoran border. Embassy officials said be was a welder from 
New York City and that they did not know what he was doing -is toe 
border region. - / 

An embassy spokesman said Robert J. Reed, 41, entered Honduras®! 
June 12 from Guatemala and was shot by a 
Wednesday morning. The purpose of Mr. Reed's visit to 
still not known, the spokesman said. 

Honduran military officials said they were investigating the 
which occurred in an isolated area marked by Sail 

The officials said a six-man army patrol spotted 
two men near toe village of Cayaguanca, west of TeguagalpiThev 
ordered them to halt; the men tried to flee, and one man was shot ana 


killed. The other man escaped. 


[Mr. Sims said the president did 
ask for “whatever information toe 
Red Cross might obtain about toe 
health and welfare” of the Ameri- 
can hostages, but he insisted that 
this was Mr. Reagan’s only re- 
quest.! 

■ Weapons Reportedly Planted 
The two original hijackers 
boarded unarmed in Atoms but 
used weapons apparently planted 
for them m two lavatories aboard 
toe craft. United Press Internation- 
al quoted The Boston Globe as 
reporting Friday. 


■ Airport Demonstration 

Thousands of anti-American 
demonstrators went to the Beirut 
airport Friday, swarming onto the 
tarmac in a show of support for the 
Shiite hijackers. United Press In- 
ternational reported from Beirut. 
They chanted “Death to America, 
Death to Israel." 

As the crowd went through a 
gate, toe TWA jetliner was moved 
to a distant comer of toe complex. 
It was not dear if toe American 
captain, John Tesuake, was at toe 
controls when the aircraft taxied 
away. 

About 75 armed guards and 
Amal Shiite militiamen blocked the 
marchers way. The demonstrators 
dispersed after about two hours. 


three other towns. 

the latest victim was a mddte-aged U.S. Protests Soviet Embassy Delay 

Street WASHINGTON (Reuters) — The UJS. Senate has voted IQ deny the 
outade the customs office. Soviet Union the right to occupy its new embassy until toe Kremlin 

Birgunj is dose to the Indian agrees to pay the United States for construction delays at its new embassy 

in Moscow. 

Senator Lawton Chiles. Democrat of Florida, who sponsored toe 
embassy amendment, said the Soviet Union owed the United States more , 
than $20 million in damages due to delays since 1984. He said S <&*' 
and fuses had been arrested at the construction delays had increased toe cost of the U.S. Embassy to f **-- 
frontier between the two countries, million from the S75 million estimated in 1978. The amendment, to a HU 

to grant an additional $20.1 million for the U.S. Embassy project, was 
approved on a voice vote. 

The Soviet Union was 
on the UJ>. Embassy 
Construction of both 


border. In New Delhi, toe Press 
Trust of India news agency report- 
ed that an Indian national carrying 
a suitcase staffed with explosives 


He told police that he had been 
asked to cany the explosives to the 
Nepalese border in return for cash, 
toe Indian agency said. 

Police originally suspected the 
banned Nepali Congress Party, 
which has been calling for the re- 
vival of a democratic political sys- ^ n j 

tern in the Himalayan kingdom. On X OT the liCCOrd 
Friday, the party said it had noth- 
ing to do with the explosions and 
that its movement for the restora- 
tion of party politics had been sus- 
pended. 



completed construction of the Soviet Embassy complex in 1981, but rally 
an apartment block has been occupied. 


Specialists 
Identify Body 
Of Mengele 


CHURCH SERVICES 


PAW 

AMERICAN CATHEDRAL IN PARIS, 23 Aw 
Gwti-v, 72006 Peril. TS» Very tor*. 
Jama R. tao, Dmn. M rt o . G eor g a V or 
Abno-MorcMu. Sunday: 9 tun., II am. 


Churdt adtoal and nonary 1 1 ajn. Week- 
days: 12 noon. To).: 720.17.92. 


CENTRAL BAPTIST CHURCH. 13 Rim du 
Vieun-Colotabior, 75006 Pore. Metro St- 
Stdpieo. Sunday worship in English 9 : 45 
out. Row. A. SemmotviBo. ToL: 007.67.02. 


PARIS SUBURBS 

EMMANUEL BAPTIST CHURCH, Reu*Mot- 
mcMon. Engfah awaking. eU donomino- 
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Rue Bono R odim. Tel.: 749.15.29. 


MONTE CARLO 

InrT Mowihlpb 9 rim L Notari. Sunday 
Dtoto hr. (ofl ogot) 945 am. Worjhip 1 1 +6 
pm Tot. 255151/253115. 


EUROPE 

ItoBTARlAN-UhaVERSAllSr, won hip qnd 
ocHwE oi in Eurapo. Cornea EUU, Steve 
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NMhofioiKfc. Tel.: (4-311(0) 2152 55073. 


STOCKHOLM 

IMMANUEL CHURCH near city 

Fnoncfly eh ntf ic m MowiNp. Sunday 1 1 .■00 
Toll (OB) 316051, 151325. 


To plat* ait adMrtnement 
in this section 
pifast contact: 

Mo EUnbeth HER WOOD 
181 Aw. GL-dnCiBllc, 
92521 NettiOv Cede*. F* 

Teli Yl7.12.6S. 



(Continued from Page 1) 
4UU.000 people at toe Auschwitz 
concentration camp and for brutal 
genetic experiments. 

Rewards totaling 33.4 million 
had been offered for Dr. Mengde’s 
capture. 

Authorities believe Dr. Mengele 
had been using toe name Gerhard, 
that of an Austrian friend, when he 
died. The real Wolfgang Gerhard 
returned to Austria and died in 
1978. 

■ Letters Portray Bitter Man 

Earlier. James M. Markham of 
The New York Times reported from 
Munich. : 

Letters and notebooks said to 
have been written by Dr. Mengeie 
offer a picture of a grouchy, unhap- 
py and embittered old man, grum- 
bling to his son (hat he does not 
bear enough from him, spinning 
out Darwinian racial theories and 
muttering about Communism and 
toe decadence of West European 
societies. 

The documents, said to have 
been written by Dr. Mengele in his 
South American exile, were made 
available by Bunie for a 20-raxnute 
examination. The weekly magazine 
obtained them from Dr. Mengdc’s 
son. Rolf. 

The typewritten letters, hand- 
written diaries and autobiographi- 
cal musings were in a variety of 
school notebooks that bore Atgen- 
tine and Brazilian identification 
marks. 

A letter dated 1977 denounced 
Albert Speer, Hitler's architect, 
calling him an opportunist for be- 
traying Hitler in his memoirs. 
Speer, the letter said, did not realize 
that the Nazi era would be regard- 
ed by historians as one of toe most 
splendid since the time of Alexan- 
der the Great. 

An easily decipherable code 
identified the younger Mengele as 
Ro" in letters to Hans Sed tinder, 
an employee of toe Mengele Family 
business m Bavaria who is said to 
hare been a frequent visitor to Dr. 
Mengele in South .America. 

Bunie's editors have called in a 
□umber of ex pens to advise them 



Levesque Steps Down 
As Quebec’s Premier 


B razilian police released a picture of the man they believe 
was Josef Mengele, at center. The date of the photograph 
and the identities of the other persons were not given. 


on toe cache of documents that was 
delivered to them this month by 
Rolf Mengele. 

One of them, Norman Stone. 44. 
a Scottish professor of history at 
Worcester College, Oxford, talked 
Thursday at toe Bunie office about 
his impressions after more than a 
week's immersion in the Mengele 
archive. 

Like others who have seen the 
documents, Mr. Stone said be be- 
lieved them to be authentic. He 
said Rolf Mengele. 41, a Freiburg 
lawyer, was “a completely credible 
character" who “never identified 
with his father." 

A three- hour conversation with 
Mr. Mengde persuaded Mr. Stone, 
who speaks German, that the son 
had no particular bond to the per- 
son Mr. Stone called “this stupid, 
pedantic, humorless old man living 
in Brazil," whom Mr. Mengele re- 
portedly nut only twice in his life. 
Mr. Stone said Rolf Mengele 


The documents, the historian 
continued, suggested that a band of 
die-hard Nazis in the Austrian re- 
gion of Tirol helped spirit Dr. Men- 
gele to Genoa in 1949, from where 
he sailed to Argentina. Dr. Men- 
gele seems to have moved to Para- 
guay in 1959 and to Brazil in 1961 
or 1962, be said. 

In Brazil, according to Mr. 
Stone, Dr. Mengele was in touch 

cc " i 


with “a network of SS people," and 
small in col 


grew up in Freiburg regarding his 
tiler, toe second husband o! 


stepfat 

Dr. Mengde's first wife. Irene, as 
his father figure and role model 

Only at toe age of 15 did be learn 
that an “unde” he had met three 
years earlier on a Swiss ski vacation 
was his father, according to an arti- 
cle this week in Bunie. Irene Men- 
gde was estranged from Josef Men- 
gde before toe war ended, Mr. 
Stone said. 

“It was a rocky marriage." be 
said. 


supplemented his small income by 
buying and selling modest houses. 

Two couples who said 
tered him in Brazil Geza and Gitta 
Stammer. Hungarian immigrants, 
and Wolfram and IJsdotte Bos- 
sert, who are Austrian, seemed to 
have regarded Dr. Mengele with 
awe “as a figure of Renaissance 
capacities and guile." the professor 
said. 

The openness with which toe fig- 
ure identified as Dr. Mengele com- 
municated with his son and Mr. 
Sed Under has made something of a 
mockery of the global hunt mount- 
ed for Dr. Mengde since World 
War II. 

Mr. Sedlmeier received commu- 
nications in toe mail in toe Bavar- 
ian town of Gdnzburg. where toe 
Mengele family farm-machinery 
concern still operates. 

“It shows," Mr. Stone said, “that 
toe lesson is: When you’re running 
from the international police, hide 
in the obvious place.” 


By Douglas Martin 

.Vn» York Times Scrrice 

QUEBEC — Premier Rene 
Levesque, who tried and failed to 
bring political independence to the 
province of Quebec, resigned 
Thursday as head of the party he 
founded 17 years ago. 

He will remain premier until a 
successor is named as party leader, 
within 90 days under current party 
rules. 

His resignation followed a 
steady deterioration in toe standing 
of the Parti Quebecois during the 
last three years, leading last De- 
cember to the resignation of Seven 
cabinet ministers. Rumors of Mr. 
Levesque’s impending resignation 
have mounted recently. 

The Parti Qufebecols had fallen 
in polls, trailing opposition Liber- 
als in Quebec by a two-toone mar- 
gin. After suffering four defeats in 
by-elections on June 3. the party's 
margin of power in toe provincial 
assembly was reduced to one vote. 

The party won a no-confidence 
motion on Tuesday by a 6 1-to-57 
margin, partly because one Liberal 
was ill and one independent did not 
vote. There is one vacancy in the 
122-seat assembly. 

“You can put into action toe 
procedure to replace me as prea- 


a move- 


November 1967 to form 
ment that led to toe founding of the 
Parti Qu6b6cois. 

■ Candidates for Succession 

Mr. Levesque’s party is lflcdy to 
choose either Justice Minister 
Pierre-Marc Johnson or External 
Trade Minister Bernard Landry as 
its new leader. The Associated 
Press reported from Quebec. 

Whoever wins will be required to 
call an election by next ronng. The 
opposition liberals are led by for- 
mer Premier Robert Bourassa, who 
is far ahead in opinion polls and is 
committed to keeping Quebec part 
of Canada. 


The last of ttedtadn-comamhnted waste from an explosionmnej 
ago in Seveso, Italy, was destroyed Friday, a spokesman for 
AG, the Swiss chemicals group, said in Basel Gba-Gdgy indoaated l 
waste for Hoffmann-La Roche & Co., from whose factory thtduxin 
cscsipccL {jRxutt snj 

A British Royal Navy he&copter cradled Friday near Dundee, Scotland, 
killing one person ana injuring three, an official said. (UP!) 

The coot trying the Benigno S. Aquino, Jr. assassination case in 
Manila convicted Ltipino Lazaro, the prosecution lawyer, of conteovt 
Friday and fined him for critidzing the court in a newspaper article. f/LPj 
Nineteen of 25 students arrested for the seizure Iasi month of the UjS. 
Information Service library in Seoul were indicted Friday. Indictment 
was suspended for the other six. ■ (A f 


Juvenlus May Appeal Penally 
Imposed by Soccer Group 


Peres Echoes 
U.S. Stance 


(Continued From Page 1) 

Stales as one of the countries “that 
are determined not to submit to 
terrorism.” He added: “As far as I 
know, there has been no change in 
tins US. stand, nor has 4ellS. 
approached lsrad with a request 
that it take any action.” 

— - „r - W He said Israel understood from Juvemns was ordered to play its - 

shd- d ^ l - of P^ y ; L ? e fS! e ^ ^ experience ^ow unbenefi- next two borne European matches Party newspaper. 
sajdma message to toe head of toe oal it is to give advice or make in an emntv uarimrrTanH Th* (inar^v 


Reuters 

TURIN — Juvemus soccer dub 
offidals said Friday .that they may 
appeal sanctions imposed by the 
European Football Union after ri- 
ots last month at toe European Cup 
final against Liverpool in Brussels 
in which 38 persons died. 

The soccer union announced 
sanctums against Liverpool, Jovea- 
tus and toetr Belgian hosts after a 
meeting of its Control and Disci- 
plinary Committee in Zorich on 
Thursday. 

Among the sanctions was an 
edict banning Liverpool from Eu- 
ropean competition for three sea- 
sons after authorities lift an indefi- 
nite ban on all English dubs. The 
extra ban win apply only to those 
seasons when Liverpool qualifies 
for European competition. 

Liverpool fans were blamed for 
toe worst of the violence at toe 
match on May 29, in which 31 
Italians were killed. 


sion will we decide whether, as 
seems lflcdy to me, to appeal” 

Mr. Bomperti said he also' fefi 
that Liverpool had been too severe- 
ly punished. 

“It seems to me that three extra 
seasons of disqualification are an 
excessive punishment,” Mr. Boni- 

perti said. 

■ Prague Team Bars Alcohol; 

Sparta Prague, toe CzecbosloC- 
soccer champion, has banned dub 
flags and sales of alcohol at its 
stadium in an attempt to curb vio- 
lence at matches, Toe Associated 
Press, quotum official newspapers, 
reported Friday from Prague. 

The move foflowed vandalism on 
Wednesday on a train headed for 
toe first division final in Banska 
Bystrica, about 250 miles (400 kilo- 
meters) east of Prague. 

At least 30 persons were arrested 
and damage was estimated at 
500,000 korun ($72,000), according 
to Rude Pravo, the Communist 


party’s executive, Nadia Assimo- 
poulos. His letter gave no reason 
for his departure. 

Mr. Levesque. 63. founded toe 
Parti Quebcrois in 1968 to push for 
political independence for Quebec, 
under an arrangement in which 
economic ties would be maintained 
with the rest of Canada. He led toe 


party to power in 1976. Although • , . n - n , 

the province's voters turned down a den Rea S aB faN support and Mr. Boniperti said. “Only after ex- 

« _ TrtPft € _ QlCfHiraOHTVnf Thp — .» . a. ■ 


declarations in the midst of this 
struggle. It is for this reason That 
Israel is refraining f ran giving ad- 
vice or malting datiarations." 

■ Carter Urges Support 
Former President Timmy Carter 
broke a self-imposed silence on the 
Lebanon hostages and urged 
Americans on Friday to “give Ptes- 


3 stadium, and Belgium 
from hosting any Eu- 


m an 
was bannt 

ropean Cup or Cup Winners* Cup 
finals for 10 years. 

In Turin, the Juventus president, 
Giampiero Boniperti, said the club 
was likely to appeal the ruling. 

“At first sight, we maintain that 
there ts something unfair in toe 
punishment inflicted cm Juventus." 


separatist proposal in a 1980 refer- craxH tragemem." Tlte Associated a m i nrn g toe reasons for’ toe dea- 


endum, the Parti Quibecois was 
returned to office in 1981. 


Press reported from Atlanta, 
in a s t atem e nt, Mr. Carter, refer- 


The Sparta Sports Union said it 
would prohibit entrance to drunk 
fans and to those trying to bring in rf 
alcohol or club flags. . . t 

■ 2 Bulgarian Qnbs Disbanded 

The Central Commillee of toe 
Bulgarian Communist Party has 
disbanded the country's two top 
soccer dubs, LevsJti Spartak ana 
CSKA, after players for the two 
teams had fistfights in a Cup final. 
Reuters reported Friday from So- 
fia. 

Three players were sent off and 
five were cautioned during 
Wednesday’s game, in which play- 
ers traded punches and intimidated 
toe referee. 


As4adI ^ 1 2^ ietstay 

unjad with thor famito ” re ' MOSCOw”-” Th^l^adon 

lion, scores of companies and thou- jJ?: ® ^ ^ ai acMmpmied President Hafez 

CM 

toe Quebec legislature in June 960 fadna pping and prolonged holding no further explanation For Mr. As- witoS^recedent in tbeiwaSsS 

sad s decision to slay. Bulgarian soccer." 


An announcement by toe party t 
published in newspapers, said the 
match, played at Sofia’s Vasil 
Levski stadium, was a “scandalous. 


r: 


as a Liberal but left that parry in of innocent Americans." 



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AMERICAN TOPICS 


Nixon’s Campaign 
For Rehabilitation 

For some time now, Richard 
M- Nixon, from Ids estate in 
Saddle River, New Jersey, has 
been reaching toward Washing- 
ton in what associates say is a 
quiet but steady effort to con* 
struct an image as a wise adviser 
on current foreign and domestic 
issues, Gerald M. Boyd reports 
in The New York Tunes. 

Mr. Nixon, who resigned the 
presidency 1 1 years ago because 
of the Watergate scandals, is 
moving slowly, knowing that 
going too public or seeking a 
prominent national role would 
almost certainly bring on a 
b acklash and endanger what an 
associate called his “rehabilita- 
tion.” 

The former president talks on 
■the telephone with President 
Ronald Reagan at least once a 
month. He has held two quiet 
dinners for Washington jour- 
nalists and given several inter- 
views. 

A longtime associate said 
that his attitude is, “Tm here, if 
you want to ask for advice.” 

Some recently expressed Nix- 
on views: relations most be im- 
proved between the superpow- 
ers to reduce the danger of war. 
Bui a get-acquainted meeting 
between Mr. Reagan and Mik- 
hail S. Gorbachev, the Soviet 
leader, would serve as little 
more than a “handshaking ex- 
ercise.” In domestic politics, he 
sees the Senate majority leader, 
Roben J. Dole of Kansas, as the 
smartest of the potentialpresi- 
dential candidates far 1988. 


Judge Commits 
Courtroom Robeiy 

Lawyers in the courtroom of 
Judge Richard Feder of Mi- 
ami's Dade County Circuit 
Court are wearing flowing, 
knee-length black robes, the 
Los Angeles Times reports. The 
robes cost the county 550 
apiece; the judge bade lawyers 
to “pick one out that fits.” He 
says he hopes his experiment 
win remind trial participants 
and spectators that they are in a 
serious environment. 

“When they walk into a Brit- 
ish courtroom, they’re hushed, 
reverent and respectful,” he 
said. “When they walk into an 
American courtroom, they are 
reading a newspaper, eating an 
apple. 

After aQ, Judge Feder said, a 
courtroom is “not a movie the- 
ater.” 

At first, lawyers inadvertent- 
ly swished papers to the floor 
with their voluminous sleeves 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 22-23, 1985 


U.S. House Votes Funds 
For Space Defense, but 
Cuts Reagan Request 


Page 3 



By Margaret Shapiro • During nearly a day of debate 
Washmpon Post Service Thursday in the House, critics of 

WASHINGTON — The House d* program, many of them liberal 
of Representatives has sharply re- « moderate Democrats, accused 
duced President Ronald Reagan's the administration of pushing the 


the program, many of them liberal 
or moderate Democrats, accused 


request for research into a space- program too fast. The House voted 
bp yd defense system, voting to Thursday to fund studies of the 
provide $2.5 billion instead of the program. 


They warned that the program 


provide 52.5 billion instead oi me 

$3.7 billion he had requested. They warned that the program 

The 256-150 vote occuntd after 
tltt Hou* rejected, -often by ner- 


“"■=JEn= S si™™ projects would violate the 

ST fagT itoS °^ P T^ wn A nti-Mlinic Missile Treaty. 

cut funding even more. 


components in space or in the at* 


The House figure still represents mosphere. 
a substantia] increase over this Supporters of the Strategic De- 


woold cost 


HEROINE — Mother Teresa, center, a winner of the 
Nobel Peace Prize, greeting President Ronald Reagan 
and bis wife at the White House, where sbe received the 
U-S. Medal of Freedom. Mr. Reagan called her *a 
heroine of oar time’ for her bumamtnrfan work in India. 


year’s $1.4 billion. The vote ap- fgnse Initiative acknowledged that 
peaxed to signal support for the the advanced technology it requires 
concept but concern about bow it (s in an experimental phase, but 
would work and how much it contended that the program is the 
would cost only hope for getting away from an 

The Senate has agreed to provide arms race that relies on the threat 
nearly $3 billion for Mr. Reagan's of mutual destruction to prevent a 
space initiative. Differences be- nuclear war. 

tween the two chambers must be 

worked out in a conference com- 
mittee. TV -m TV 



Tlv AwcU*dP>Mi 

CHILEAN MARCH — Police in Santiago arrested 76 persons who had staged a 
“hunger march” to protest recent price increases. Five persons were reported injured in 
tbe protest, the first since a seven-month period of martial law ended on Monday. The 
march cam e as bomb attacks on electrical installations cut power to nine million people. 


Me Delta Force: The U.S. Counterterrorist DeUiehment 


posed by the House Armed Ser- 
vices C ommi ttee in the 1986 de- 
fense authorization bill that the 
House has bees considering. 

The chairman of the House 


By Charles Mohr 

Near York Times Serrr, re 

WASHINGTON — If the Unh- 


and caught the hems on tbe 
arms of their charts when they 
stood up, but they have adjust- 
ed quickly. 

Guy Bailey, an attorney, said. 
“I wifi abide by any ru l i ng the 
courts impose, but I would pre- 
fer not to wear a powdered 
wig.” 

Short Takes 

In PfaOadefptria a house is not 
a home without a “stoop.” or 
outside front stairway. Most of 
the 61 dwellings destroyed in 
the fire May 13 that followed 
the police attack on terrorists 
had stoops. So when the Phila- 
delphia Redevelopment Au- 
thority produced a plan to re- 
place die burned-out houses 
calling for garage doors instead 
of stoops, the ouiay could be 
heard all the way across the 
Schuy Drill River. The final re- 
construction project is expected 
to include the traditional 
stoops. 


bronze. The Federal Republic 
of Germany is listed as tbe “Re- 
public of West Germany,” and 
another donor is listed as the 
“Fort Myer Officer's Wives.” 
The Post wondered, “Which of- 
ficer? How many wives?” 


Armed Services Committee, Les ed Slates were to attempt a military 
IC Aspin, a Wisconsin Democrat, said rescue of the Beirut hostages, ill has 
► Thursday that the votes showed “a * counterterrorism unit that might 
d lot of caution” about tile space de- be used. Its members are trained to 
ie fense system “because it’s a new force entry into and “clear a room 


subject” 


in less than seven seconds, usually 


Somebody -forgot to double- 
check the inscription on the do- 
nors' plaque in the reception 
hall of the new Bob Hope uSO 
Building in Washington, The 
Washington Post notes, and 
now tiie errors are cast in 


The U.S. Treasury is still 
studying ways of changing the 
currency to discourage counter- 
feiting, but has. dropped the 
idea of pastels or other colored 
money as ineffective. Green- 
backs will remain green. 

. Five years of record rains 
have hastened the erosion of tbe 
heights along the Mississippi 
River at Natchez. Mississippi, 
which boasts perhaps the best 
collection of pre-Civil War 
mansions in tbe South, most of 
them in the Greek Revival style 
Several of the city’s more than 
300 antebellum dwellings are 
endangered. One of them, Wey- 
mouth Hall, is eight feet (about 
15 meters) from tbe edge of a 
bluff 100 feet high. Both the 
U.S. Army Corps of Engineers 
and the National Park Service 
are conducting studies, but no 
dear solution has been found. 

. — Compiled bv 

ARTHUR HIGBEE 


, _ , i by putting two pistol bullets into 

A vote on Mr Reagan’s proposal S. 

315-104, with barely ^ Special Forces Operational 

^ ^ Detachment - Delta is trained to 

j»rting it. A Demoaanc ahern*- freeM d stun opposition with 
uve that would have provided $2. 1 credo is “surmise, speed, 

billion and restricted spending on ^ 

program, ttal might jtopardmt whclhe , success conld be 

“ “Jp* «“ «■ achieved ip the present hostage cri- 



Ranger units, other combat arms 
and specialized personnel. 


Colonel Beckwith said he had 
looked for "loners who could oper- 


Exccpl for the abortive Iran mis- a i c independently" hui who could 
sion. the Delta unit has never been follow strict constraints and endure 
used in a terrorism rescue attempt, monotony, men who could he “ex- 
although it has been moved into iremdv patient" and then "ex- 
position for possible use on several namely aggressive." 
occasions. It is not contemplated The operators are trained in. or 
that the relatively small number of already have, such unusual skills as 


about 100 “operators," as they call being able to drive a locomotive, to 
themselves, would in practice work hot-wire care and trucks, to pick 
alone. More likely, they would be locks, to “manage” hysterical nos- 
the core of a joint task force, such ia&es , ll3 medically Stabilise" a 
as those used in Iran and Grenada, wounded person tor 30 minutes 
Only a fraction of volunteers are and to refuel a jetliner or pose as 
selected for inclusion in the Delta airline food personnel. 

e i-v.i 1 D l.-.-'.t. . , . _ ii __ . .i_ i 


force. Colonel Beckwith required 


jeered, 221-195. 


as, or ft rescue even attempted, 


ting padded ladders, they have 
its first members to be fit enough lo repeatedly practiced Wowing their 
perform a 40-yard (36-roeter) in- way into parked aircraft and over- 
verted crawl in 25 seconds, 37 sit- whelming terrorists in seconds. 

ups and 33 push-ups in a minute 

each and a 110-yard swim fully ^ 
dressed with boots. The operators 1**“"™“' 
can climb and rappel. BADRUTTs 

Delia snipers, equipped with r\ A I A 
Remington Model 40 rifles and 12- I /A I r“ 

power telescopic sights, are re- I ‘SESS? YJ I — 

quircd lo hit all of their targets at HOTEL ST. MORITZ 


Mr. Reagan launched his Strata- would depend heavily on whether 
gic Defense Initiative, commonly the United States couid gather reli- 
known as “star wars,” in Marco able and detailed information on 
1983 as a long-term research effort where tbe hostages are held and on 
aimed al using lasers and other those guarding them. 


aimwi at using lasers atm other 
advanced technology to construct a 


those guarding them. 

The man who created, trained 


Colonel Charles A. Beckwith 


&ADRUTTs 


“shield” to protect the United and initially commanded the unit. Remington Model 40 rifles and 12- 

States from incoming nuclear mis- Colonel Charles A Beckwith, cow power telescopic sights, are re- 
siles. retired, wrote in his 1983 book sense as long as the hostages were quired to hit all of their targets at 

The Defense Department has “Delta Force” that the importance still on the plane, and the unit has 600 yards and 90 percent at 1,000 
funded laser and research of sound intelligence “cannot be practiced storming many models of yards. All personnel have “accur- 

for years- since 1983 the adminis- stressed enough.” It is, he added, airliners. Most of the hostages have izetf Colt .45-caliber semiauio- 
tration has requested vastly in- “the difference between humflia- since been removed from the Beirut malic pistols, and they shoot 
creased amounts for the research, don and pride, between losing lives airport. against realistic targets as much as 

F „ , im S M R and saving them.” A portrait of the countertenor four hours a day to practice shoot- 

<«nohi <C 1 R hiilirwv Conpre-tsmo- Tire experiences of Britain’s Spe- unit and how it is trained to operate ing terrorists in the head. 

5 X 5 ? ti 4 Kmirai * for cia! Air Services, on which Colonel is drawn from civilian and military A favorite weapon is the West 

S3 7 billion i n fiscal 1986 the Beckwith modeled his unit, as well experts, analysis of events in the German Heckler & Koch MF5 

i ‘ . rFcrarr>1 rtwirovTuni as of the West German Grcnzs- 1983 Grenada invasion and the 9mm submachine gun, which is 

nmS-i in hi* hndpf*i and chutzgnippe 9 and Israeli units, book by Colonel Beckwith, who led equipped with a silencer. CAR- 15 

fh? mi n io r* jfnn^^afiaid if seemtoshow that well-planned op- the Delta force on tbe failed mis- American rifles, shotguns and two 

‘ * ' son to rescue the hostages in Iran types of grenade launchers are also 


would seek 54.9 billion in the fol- 
lowing year. 


Discover the world of interRent... 


erations have a high rate of success, son to 
There have been press repeals, in 198C 
unconfirmed by the rentagon. that Des? 
the Delta unit was moved to the under 
Mediterranean, possibly Cyprus, army’s 
early in the current hijacking. part of 
Such a move would have made rets. It 


in 1980. 

Despite its name, the unit is not 


->cn the arsenal. 


Despite its name, the unit is not ' But troop quality is emphasized 
under operational control of tbe more than firepower, 
army’s Special Forces, and only a jjjg rigorous Delta selection pro- 
part of its personnel are Green Be- includes interviews with a psy- 



U.S Bars a Joint Trial 
Q! 4 Accused Navy Spies 


rets. It also draws volunteers from choiogjst but, more important, an 
‘ ‘ interview of several hours conduct- 

ed by a board of officers and ser- 
* x l geants. They subject volunteers to a 

3 1 11 1- X 1 IcU wide range of questions, some 

"with no right answers." and even 

I mT O • an interpretation of a passage from 

Naw Machiavelli. 


P41ACE 

HOTEL ST. MORTTZ 

Sommer iwifon 1985 
Jim? 27-Seplember 9 

RMaiuant-Anpuko Stuck Bar 
Halt with piano enwitiinmrat 
Kang'* Oub disco 

Filntu Center with pooh whirlpools, 
sauna, masupe. gym. eaush. 4 ten- 
nis courts v-iiii pro. inanor g off fit- 
nna program, bridge-room with 
tmtros. 

SoHMcmitH 

2nd Palace Tennis Veterans 
Opeai July 1421 
3rd Mare Bridge 
Townsmen t: Angus! 1-4 
HMAp i mnnH OsunpiooshitM] 
Angus! 14-17 

Gotb 

July 8- 12s Amateur Gold Cop 
August 26-30) Farstenberg 
Seniors Tournament. 

for mfurmaaoa nod mrrrattwu: 

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TeL: <082) 2.11.01 
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<Vr»- York Tima Service 

WASHINGTON — The four 
mien accused of spying h» the U.S. 
Navy for tbe Soviet Union will be 
prosecuted in three dues, the Jus- 
tice Department has announced, 
adding that prosecutors bad deter- 
mined that “there were three sepa- 
rate conspiracies.” 

A spokesman, John Russell, 
would not expand on the continent, 
made Thursday, but specialists 
speculated that the Justice Depart- 
ment decided that three of the men 
had dealt only with the fourth. 
John A. Walker Jr„ and did not 
know others were involved. 

On Thursday, the Senate nar- 
rowly defeated an attempt by Rob- 
ert C, Byrd, Democrat of West Vir- 
ginia. the minority leader, to create 
& commission on espionage and se- 
curity to review counterintelli- 
gence. 

Of the four charged with espio- 
nage. John Walker and his son. 
Michael, are to be tried in Balti- 
more; his older brother, Arthur J„ 
in Norfolk, Virginia, and a man 
described as h is closest friend. Jer- 
ry A Whitworth, in San Francisco. 

AH four have pleaded not guilty. 

Michael Walker was on active 
duty. The others had retired. 

John Walker has been described 
as the leader. Law enforcement of- 
ficials have hinted they believed 
sane of the three oLhers did not 
know of ihe involvement of anyone 
other than John Walker. 

Philip B. Heymann. a Harvard 
Law School professor who has di- 


criminal division, said a joint trial 
would have been difficult for that 
reason. 

But trying the cases in different 
cities, he noted, will mean that a 
large number of prosecutors will 
have to be trained in the handling 


of classified documents introduced 
as evidence. 

In the Senate, the amendment to 
create the espionage commission 
was defeated. 50 to 48. after Re- 
publican senators said its work 
would conflict with the duties of 
intelligence committees in the two 
bouses of Congress. 


Gunman Eludes 
U.S. Security , Kills 
State Dept Worker 

The Associate J Preu 

WASHINGTON — A man car- 
rying a folded rifle and a knife 
eluded heavy security at the State 
Department on Friday and shot to 
death a woman employee, who was 
apparently his mother, and then 
himself, about 100 feet from Secre- 
tary of State George P. Shultz’s 
offices, police said. 

Mr. Shultz was working in his 
office when the shootings occurred 
about noon. 

Neither police nor State Depart- 
ment officials could explain how 
the gunman could breach the de- 
partment’s strict security measures, 
including metal detectors at every 
public entrance to the building, 
and go to the same floor where Mr. 
Shult 2 ’s suite is situated. 

“Tbe police information to this 
point indicates that it was a family 
matter.” said Bernard Ka/b, a State 
Department spokesman. “The ind- 


rial business or the Slate Depart 
mem or any of its officials." 

“Al no time was there a threat lo 
the security of the State Depart- 
ment or any other senior officials of 
the department.” Mr. Kalb said. 
“This was not a lerrorist incident 


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• Page 4 


HerallQ&£Eribun* 

faUhlitd WhhTbc New Yorfc Ttra» and The Wahinpon Port 

Debt and Development 


The OECD's Development Center — 
where the rich come closest to the poor 
countries — looks at the present economic 
. crisis in the light of what happened in the 
1930s. Its latest publication highlights the 
; refusal, to date, of the Third World to de- 
fault on its debt and resort to economic 
autarky, in strong contrast to prewar behav- 
ior. With varying degress of reluctance, the 
debtors have sought to restore credit worthi- 
ness by domestic stabilization programs and 
promotion of exports. Argentina has just 
demonstrated this forcibly in the program 
worked out with the much maligned IMF. 

In Argentina's case it is the introduction 
of a new currency, the austral, that catches 
the eye, but this is only the tip of the iceberg. 
Knocking some noughts off the end of the 
price of a loaf will only make citizens respect 
their currency if more fundamental (and 
politically unpopular) things are done. The 
1958 “new franc" currency reform in France 
was followed by a shrinkage of inflationary 
psychology, but only because the govern- 
ment was persuaded to accompany it by 
rigorous budget and monetary policy. 

The solidity of the austral will similarly 
. depend on the ability of the government to 
persevere with the courageous austerity 
measures adopted. This will not be easy. 

- Any success will be won in the teeth of heavy 
opposition from the Peronist trade unions, 
who regard the government as a perpetual 

; milch cow. But it is only by a massive reduc- 

- tion of the present tidal wave of inflation 
• that Argentina can reverse the degradation 

- of its naturally rich and fertile country. The 
~ freezing or prices and wages may help roo- 

- mentarily. but only as a stopgap. 

The refusal, to date, of the debtor coun- 


tries to pursue the default option m akes 
sound economic sense. Whether or not de- 
fault led to global financial crisis, it would 
end any hope that renewed growth in the 
Third World would be buttressed by capital 
from the industrialized countries. Sugges- 
tions that they should now start to renege 
are less than helpful Such advice confuses 
the nature of the debt problem. In particu- 
lar, it does not distinguish enough between 
the obligation to pay interest and the obliga- 
tion to repay the debt itself. 

By and large, interest obligations have to 
be met if the source of lending is not to dry 
up. Leaders should be prepared, temporar- 
ily, to alleviate the burden by the partial 
transformation of interest obligations into 
capita] (stretching the debt out over time) 
when interest rates are very high, or by 
special aid when the export earnings of debt- 
ors are temporarily low. But it is hard to see 
how international capital markets could 
continue to function efficiently if interest 
payments fell repeatedly behind schedule. 

Repayment of the capital is a different 
matter. By and large, poor countries should 
not repay capital but refinance it when it 
falls due — and continue to incur debt to 
support worthwhile economic development. 

Whether the big debtors can continue to 
attract new capital will depend on the effi- 
ciency with which they use it to develop 
industries that strengthen their international 
trade position. Continued hyperinflation is 
the archenemy of efficient development. 
This is why the Alfonsln initiative is so 
important. Austerity and the austral will not 
give Argentina a triple A credit rating over- 
night. but it is the only credible route. 

INTERNATIONAL HERALD TRIBUNE 


Truman and Arms Fraud 


“Down at Curtiss-Wright at the airplane 
- plant in Ohio, they were putting defective 
; motors in planes, and the generals couldn’t 
•- seem to find anything wrong. So we went 
down, myself and a couple otter senators, and 
, we condemned more than four or five hundred 
of those engines. And 1 sent a couple of gener- 
' als who'd been approving, wbo'd okayed those 
engines, to Leavenworth, and I believe they are 
; still there. 1 certainly hope so." 

So Harry Truman described to his biogra- 
pher Merle Miller one of the many actions of 
‘ his Senate committee that monitored defense 
production during World War IL The group 

• made a major contribution by correcting fraud 
. by contractors and mis manag ement by the 

• War and Navy Departments. It saved 515 
billion, and the lives of many sailors and pilots 
who would otherwise have been sent into bat- 
tle with defective weapons. Its diligence and 
-evenhandedness thrust its c hairman into the 
prominence from which be was chosen as 
Franklin Roosevelt's vice president. 

Congress is again talking of the Truman 
committee. Not just from nostalgia but be- 
cause the military spending surge under Presi- 
dent Reagan has brought the same flaws. 

Fraud by defense suppliers is rampant. Of 
the Pentagon's 100 largest contractors, 45 are 
jinder criminal investigation. Improper billing 
is widespread. Overcharging is endemic to the 
weapon s-buying process, and flagrantly risible 
in the case of spare parts with civilian uses, like 
Grumman ’s S659 ashtray. Some Pentagon 
watchdogs bite their own side: Last week 
Charles Stared t, the head of the chief Penta- 
gon auditing agency, was ordered fired for 
harassing an auditor who did his job too welL 

The Pentagon gets quality as poor as the 
prices are high. Hughes Aircraft has supplied 
defective missiles for the army, the navy and 
the air force. McDonnell Douglas has provid- 
ed F-18 fighters with cracked tails. Within the 
Defense Department a surplus of procurement 


officials design excessive features into every 
new weapon, degrading overall performance 
and raising cost until like the Aqufla robot 
plane, it can hardly stagger off the drawing 
board. Realistic tests are often avoided; the 
new M-1 tank and Bradley personnel carrier 
have not been fully tested for flammability in 
the face of live Soviet weapons. Misconceived 
weapons like the Sergeant York gun fail re- 
peated tests yet cannot be stopped. 

Harry Truman would have recognized all 
these problems, and the folly and greed that 
engender them. “If you were listening in on the 
Senate committee hearings of your dad," he 
wrote to his daughter. Margaret, on Oct 1, 
1941, “you would understand why old Dioge- 
nes carried a lantern in the daytime in his 
search for an honest mao." 

Truman found inspectors who were ha- 
rassed for rejecting plane engines that leaked 
gasoline. He persuaded the navy not to reject 
out of hand a novel flying machine — Sikor- 
sky's helicopter. His committee found tanks, 
just like today’s, with weakness to flammabil- 
ity. and planes, just like today's, that carried 
no armor. He found that a contractor was 
knowingly making B-26 bombers with wings 
too short for stability, causing fatal crashes. 

These abuses were committed in the shadow 
of a terrible war. Today’s temptations are as 
great and the constraints on abuse are less 
pressing. Secretary of Defense Caspar Wein- 
berger inherited a flawed system, but in recog- 
nition of his failure to reform it the White 
House has appointed David Packard, a former 
deputy defense secretary, to head a blue-rib- 
bon commission. Mr. Packard is unlikely to 
disappoint, but it will take months for his 
commission, to report and act. Its work needs 
to be complemented by a congressional inqui- 
ry. There is every reason to welcome the bfll 
from Representative Timothy Wirth that 
would revive the Truman committee. 

— THE NEW YORK TIMES. 


Other Opinion 


A Principle Can Lose Relevance 

Presumably everyone agrees that the U.S. 
government has been pul in an intolerable 
position, and in that lies the huge if contempt- 
ible success the hijackers have already scored. 
There is no way out of the Beirut crisis which 
will not leave the Reagan administration open 
to criticism from one quarter or another. The 
added danger is that, haring taken some initial 
decisions on the hoof, it will find itself making 
the pavilion even worse. That could happen if 
the attachment to a principle should outweigh 
the relevance of the principle at stake. 

The theory, which the United States is in 
general right to uphold, is that one does not 


negotiate with blackmailers. In practice there 
3re exceptional occasions when the demand 
can be looked at in a cold light and the princi- 
ple suspended until a clcarei-cuv case for its 
application arises. This is such an occasion. 
The Shiite detainees in Israel are going back to 
Lebanon in any case. The question is when. 

— The Guardian (London). 

President Reagan has declined (o ask Israel 
to release its Shiite prisoners in appeasement 
of international terrorism. (However.) the Is- 
raelis are unfortunately guilty of state terror- 
ism that has become part of "a terrible vicious 
circle of violence in West .Asia. 

— The Indian Express (New Delhi). 


FROM OUR JUNE 22 PAGES, 75 AND 50 YEARS AGO 


SATURDAY-SUNDAY, JUNE 22-23, 1985 


Terrorism Deserves an Answer 


W ASHINGTON — Every hi- 
jacking is in a way a con- 
sequence of failure to deal with pre- 
vious hijackings. Six months ago 
Iran gave haven to terrorists who 
hijacked a Kuwaiti plane to Tehran 
and tortured and murdered Ameri- 
can passengers on board. The Rea- 
gan administration huffed and 
puffed, but after the ordeal it never 


By Charles Krauthammer 

become a biannual event America 
must respond, when this affair ends, 
with appropriate disproponion- 
• The first thing to do is destroy 
Beirut airport., now Shiite terrors 
angle most important military asset 
It is what turns just another Leba- 
nese gang into an international 
threat. The Shiites have turned Bei- 
rut airport imo Terror Intemation- 


When this affair ends, the first thing to dots 
destroy Beirut airport It's a pirate's haven. 


lifted a finger against Iran, the state 
that sponsored the crime. 

It is no surprise that Americans 
are now the preferred target of inter- 
national terror, since attacks on 
Americans can be conducted with 
impunity. The outrage over the hi- 
jacking of TWA fughi 84? may 
change that. America may finally be 
ready to retaliate. I propose a doc- 
trine 


tionaliiy. They 
ness, and proportionality is its car- 
dinal principle. An eye for an eye. 
No more, no less. The notion of 
doing unto otters as they do unto 
you comes with some authority. 

In foreign policy, however, it also 
has limits. Some were apparent in 
Vi etnam, where a policy of gradual 
escalation (“graduated response," it 
was called) produced not commen- 
surate restrain ton the other side but 
only stalemate at ever higher costs. 

Compare that with the classic 
demonstration of disproportionate 
force; in Poland, where a swift and 
overpowering show of forte (it hard- 
ly had to be used) crushed the 10- 
million-strong Solidarity movement 
in a week. The Soviets did the same 
in Czechoslovakia in 1968. 

The Reagan administration had 
experience with this kind of over- 
whelming force in Grenada. It had 
experience also with the otter kind 
in Beirut, where it deployed, with 
delicate and absurd proportionality, 
a garrison of “peacekeeping” ma- 
rines. The results are instructive. 

‘ In the state of nature that is the 
international arena, the principal re- 
straint on the more lawless players is 
the fear of retaliation. If they can 
count on it being no worse than any 
contemplated violation, they are 
handed not only an incentive to vio- 
late, but the initiative, too. For it is 
they who then choose the level of 
violence, who dictate the rules and 
the nature of the engagement. 

In general, proportionality is not 
a bad way to treat the world. But not 
when dealing with particularly law- 
less and nasty adversaries. 

TWA flight 847 brings us face to 
face with the nastiest: people who 
kidnap Americans by the planeload; 
who torture and murder a passenger 
for the shape of his (presumably 
military) crew cut; .who select, as 
last did the Nazis, other passengers 
for especially harsh treatment on the 
basis of their (presumably Jewish) 
surnames. Proportionality is no way 
to do business with such people. 

If the kidnapping and murder of 
American air passengers is not to 


ah a place where any hijacker can 
find reinforcements, protection, 
even (as was reported of one TWA 
hijacker) a night off for dinner with 
the family. It's a pirate's haven. Un- 
. til it is rendered unusable, no air- 
craft anywhere is safe. 

Then demonstrate to Iran that its 
arming, training and support for ter- 
ror has a heavy price. One demon- 
stration might t alc<* place at Iran’s 
most important economic asset, 
Kharg Island, an oil prat whose rev- 
enues Iran needs to carry on its war 


with Iraq. Another might be staged 
over Shiite terrorist bases in Beirut 
and in Lebanon's Bekaa valley. 

In 1969. Leonard Garment, a 
Nixon friend about to visit Moscow, 
was asked by Henry Kissinger to 
convey a message to the Soviet 
Americanologists he would be see- 
ing. The message: that the new pres- 
ident was an unpredictable man ca- 
pable. if the occasion demanded, of 
acting crazy. It was the madman 
theory. Mr. Kissinger, and Mr. Nix- 
on. too. knew how useful it was for 
the Soviets to think that the pres- 
cient. if sufficiently provoked, was 
liable to do just about anything. 

Today the world is convinced that 
there is much the United States am- 
ply will not do to defend itselL We 
could use a bit of the madman fac- 
tor, particularly in reply to terror. 
Here America's defense, such as it 
is. has been too measured by half. 

A doctrine of disproportionate re- 
sponse will not abolish terror, but it 
win make it very costly. The other 
way has been tried and we know the 
result. It tits on a Beirut nutway. 

Washington Pan Writers Group. 


You Don’t Outwit Thugs 
By Gratifying the Beast 

By Edwin M- Yoder Jr- 



W ashington— in the 1974 
movie “Death Wish," a witty 
exchange has Charles Bronson, 
playing upstanding citizen turned 
vigilante. posing a tough old ques- 
tion. What do you call it he asks 
angrily (he has just buried his mur- 
dered wife) when the law’s restraints 
play into the hands of thugs? “Civi- 
lization," his son-in-law answers. 

Civilization, which includes inno- 
cent passage among its basic values. 

Is there not a duty to be 
as crafty as terrorists? 

makes terrorism both possible and 
tempting. Terror, in turn, tempts 
cmuzauou to betray those values. 

The hijacking of flight 847 brings 
out the longing to hit back and hit 
back hard. It would gratify the beast 
in everyone to “make a crater of 
West Beirut” or of the Shiite “train- 
ing camps" in the Bekaa valley. But 


Washington Is Right to Keep Its Cool 


P ARIS — President Reagan ad- 
mits that he has pounded a few 
walls in frustration oyer the Beirut 
hos ta ge crisis. Sometimes nati onal 
frustration has to be endured for the 
sake - of lives, as the hostages are 
having to endure fury in silence. 

There is no use reminding Mr. 
Reagan of his campai gn dashes at 
President Carter at a similar time of 
national distress. Relieving pent-up 
feelings of impotence by attacking 
the leader who bears the burden of 
decision was wrong and harmful 
then, and it would be now. 

Those who presume to offer ad- 
vice are only compounding the diffi- 


By Flora Lewis 

His deputy leader of the Amal 
militia. Colonel Akef Haidar, has 
said that the hostages will not be 
delivered to the Red Cross because 
that would mean assembling them 
in one place and would make too 
easy a target for military interven- 
tion. Thai is patent nonsense. They 
can easily be delivered, one by one if 
necessary, if there is an intention to 
release them and solve the affair. 

Colonel Haidar went on to say 
that Amal “cannot guar antee their 
release before the U.S. accepts the 


President Reagan has had to learn and encourage 
patience and discretion. So must the rest of us. 


culties. One 


of the situation 


aspect 

that is like the Tehran embassy oc- 
cupation is the role of publicity. 

The real reason for the Iran hos- 
tage crisis was hidden maneuvering 
far control of the revolution, an in- 
ternal affair that exploited world- 
wide attention and disgust for the 
purposes of extremists worried lest 
the momentum of their movement 
dissipate. Something like that s*yr n& 
to be happening in Beirut. 

But Lebanon, with its myriad 
cliques and factions shifting alli- 
ances, and its habit of casual vio- 
lence, is enormously more complex. 

The Beirut hijacking cannot be 
called state terrorism because time 
is no state authority there worthy of 
the name. It seems just a bad joke 
that Nabih Beni’s official title is 
minister of justice. He said he ac- 
cepted responsibility for the safety 
of the hostages, but it is nor at all 
clear whether he is trying to protect 
them or to hijack the crime so as to 
strengthen his own position. 


conditions. If these discussions fail, 
we wfll have to say: ‘Goodbye, and 
now there's nothing else we can do. 
Go talk to the hijackers directly 
yourselves.'" That may be just 
as much nonsense. 

Release of Shiite prisoners held in 
Israel undoubtedly has less to do 
with the present affair than does the 
endless power struggle within Leba- 
non. Israel planned to release the 
prisoners anyway. It is out of char- 
acter for militant Shiites, who extol 
martyrdom and show tittle reluc- 
tance to take the lives of others, to 
be so concerned with the timing of 
theprisoners’ return. 

The cooperation and camaraderie 
at Amal militiam en at the airport 
with the hijackers compromise Mr. 
Beni's claim to be only an interme- 
diary. No one involved looks very 
clean, even those who had nothing 
to do with planning the crime. 

Greece is offended by President 
Reagan's suggestion that Americans 
stay away from the Athens airport 


until its authorities show serious in- 
terest in denying its use to terrorists. 
Of course this hurts the tourist 
trade. The Greek government midu 
have thought of that before. allowing 
Athens to become notorious as a 
place where terrorists can operate 
without mud) risk. 

The would-be hijacker who 
missed TWA flight 847 was prompt- 
ly exchanged for Grade passengers 
without any sign of care for others 
aboard, including American tour- 
ists, nor apparently any effort at 
interrogation that might have re- 
vealed the origin of the plot and 
helped find a way of dealing with iL 
But what remains is less to assign 
blame than to figure out what is 
possible, what might help unravd 
the secretive politics of those who 
expect to benefit, and what risks 
prolonging the crisis. 

In this there is a lesson to be 
learned from the Tehran ordeal and 
it concerns primarily the media. 

The press and television are made 
into accessories, unwitting but 
nonetheless important, when the 
main objective of the crime is to 
attract attention, humiliate and out- 
rage as many people as possible so 
as to claim pre-eminence among 
militants. Developments have to be 
reported, but it is vital to avoid 
dramatizing, exacerbating, provok- 
ing the very feelings that the perpe- 
trators of the plot seek to exploit. 

There is not much dse to be done. 
Mr. Reagan has had to learn and 
encourage a patience and discretion 
that be criticized five years ago. So 
must the rest of us. It is the hardest 
contribution to make toward an ac- 
ceptable solution and it is incum- 
bent most of all on those of us who 
distribute news and express (min- 
ions. Waxing wroth is easy, ana the 
hijackers count on iL 

The New York Tunes. 


visiting violence on a fuzzy target 
wouid'jbe a handsome tribute to ter- - 
tor. levied against civilization. , 

So the son-in-law was right about . 
the source of chit vulnerability to- 
thugs, urban or international. “Civi- ; 
tization" is a problem because it is a 
blessing. It demands trust, civility. - 
freedom of movenenL and it also; 
t lanandt measure, proportionality, 
and accuracy tn their de te nte. ■ 

The possible effect of the now--; 
apparently abandoned Reagan doc- -] 
trine of “swift and certain rctribu-. j 
lion" upon the terrorisl network is* : 
matter of speculation. Retribution 
might deter. It might also kill the : 
innocent with the guilty, incite 
worse acts, escalate the violence. 

All acts of terrorism and atrocity: 
arouse the "fight or flight"* instmCt,- 
a gi»nH»lar emanation from ite 
primitive brain stem. That instinct, 
begs for indulgence, in word if not 
in deed. President Reagan seems to 
be fi ghting it manfull y, winning a 
Tew and losing a few as do we alt 
Having said many sensible things . 
at his news conference Tuesday eve- :• 
ning, Mr. Reagan went out to Indi- 
ana the next day and declared that 
the United States would never "cave 
in" to the hijackers. The Jaycees _ 
waved flags, stomped their feet and", 
chanted. “USA! USA.'" 

What, if anything, did it mean? 
The identification of discussion or- 
tiatian, or even comororauerf 
ide me paint - ! 


llVs.l 






& 


r 


e point' 
ucally 



witn leaving in” is beside 
when one is dealing with 
enraged people who hold 
“Mindless is the word we 
(mindlessly) associate with iaTor-"_ v j 
ism. but it is a journalistic-political 
word, not case that flows from in- 
formed analysis of the thing itsetf. /l 
Terrorism is sometimes mindless, ' 
often noL Not only is il calibrated to 
play upon and exploit civilized vat. 
ues and vulnerabilities, it is ofteq, 
rooted in political or religious views 
that are mM mindless in the sense of 
being inumme to reason or analysis! 

The people who study terrorism 
professionally do not use the lenai'l . 
They view terrorism as a phenome- : - Jf _ 
non of this world about which, as 
about ail sorts of unpleasant things, 
there is much to be observed and 
learned, and to which than can be 
an artful response. 

Behind the scenes, there must be 
some negotiation. But in public we 
seem to fee demanding of the hijack- 
ers what they usually demand at 
first — “unconditional surrender.” 

It has been a troublesome idea 
ever since Ulysses S. Grant thought 
of it, m a Gvu War campaign about' 
a century and a quarter ago. “Uti* - 
conditional surrender” has not al- 
ways served civilization well. It may 
(repeat, may) have lengthened 
world War u in Europe by dis- p- 
heartening the an ti-Hi liar Germans ~ 

and letting the Red Army advance 
far deeper into Central Europe than, 
was strictly good for civilization. 

k there not a duty to be as crafty 
in defense of civilized values as ter- 
rorists are in assailing them? 

Washington Post Writers Group. • 


P olicy for an Evolving Poland Needs More Carrots Than Slicks 


N EW YORK — The sentencing 
last week of three Solidarity 
traders — Adam Michnik, Bogdan 
Lis and Wladyslaw Frasynink — to 
prison terms of two and a half to 
three and a half years for “disturbing 
the public order" has again called 
attention to the unresolved political 
situation in Poland The sentences 
raise difficult questions about policy 
toward Poland — about whether or 
not sanctions and other retaliatory 
measures should be applied 
But before the United States reacts 
with new retaliatory measures, it 
ought to step back ana assess its long- 
term interests in Poland. 

America has two basic interests in 
Poland: to encourage movement to- 
ward a more open and pluralistic 
society and to reduce Poland’s de- 
pendence on the Soviet Union. It 
should not shy away from an activist 
policy that is designed to further 
these ends, but the effort should be 
sophisticated and farsighted effort, 
with carrots as well as sticks. 

During the last 30 years American 
policy has played an important role 
in the liberalization of Polish society. 
Despite the crackdown in December 
1981. Poland remains a more open 


society than any country in the East- 
ern bloc except Hungary. 

General Wqjciech Jamzelski has 
outlawed Solidarity, but be has been 
unable to reverse the effort of its brief 
flowering on the consciousness of the 
nation. A counterculture thrives in 
Poland, supported by hundreds of 
underground journals, and the re- 
gime is powerless to stamp it ouL 
Even among supporters of the gov- 


By F. Stephen Larrabee 

emmem, there is debate about how to 
institutionalize the de facto pluralism 
that has emerged in recent years. 

Die population of Poland r emains 
strongly sympathetic to the United 
States, despite Warsaw’s propagan- 
da. (Recent Polish government polls 
show that' Ronald Reagan is the sec- 
ond most popular man in Poland, 
after Pope John Paul EL) Clearly it is 
important to avoid taking actions 


The Will to Resist Thrives in Poland 

W HAT is astonishing about Poland is that people who face arrest, prison. 

loss of employment and torture manage to sustain a spirit of resistance. 
After a Mass I attended recently, hundreds of churchgoers spontaneously 
began to sing and raise their hands in the forbidden “V" symbol of Solidarity. 
People freely telephone one another to keep up on news of the underground. 
Oppositionists hold regular soda] gatherings m their homes. 

As an American active in the peace movement, I was interested in the 
underground’s attitude toward the peace issue. For years the Polish opposition 
has been mistrustful often hostile, toward the Western peace movement, but 
recently there has been a noticeable thaw. There are still differences, but the 
underground press now publishes sympathetic articles about the Western 
peace movement and Solidarity writers nave made proposals, similar to those 
from the West European movement, for a demilitarized Central Europe. 

— Joanne Lundy, coc&reaor of the Campaign for Peace and Democracy, East 
and West, a New York-based organization, writing in The New York’ Tunes. 


that would undermine this sympathy 
or reduce American influence. 

Lech Walesa and church leaders 
have advised against imposing new 
sanctums, since these would hurt the 
Polish people more than the govern- 
ment. Thar words should be needed. 

Also to be avoided are actions that 
would reduce either the U.S. diplo- 
matic presence in Poland or scientific 
and cultural ties. These are among 
the few instruments that America has 
for exerting its influence and main- 
taining ties to important groups in 
the Polish population. Reducing such 
links between Poles and Americans 
would only play into the hands of 
hard-liners in Warsaw and Moscow. 
And once the links have been cut they 
can be hard to restore. 

Nor should Washington withdraw 
support for Poland's entry into the 
IMF. Polish membership would en- 
hance Western leverage and increase 
pressure for reform of the Polish 
economy — a clear prerequisite, 
among other things, for any long- 
tom solution to domestic political 
difficulties. It might also mam some 
of the difficult austerity measures re- 


quired for economic reform mote 
palatable to the Polish people. - .. . 

In short, the need is for a policy 
that includes incentives as weflas 
threats: The Jamzelski government 
must see that it has a choice. 

Economic levers, especially credits, 
can play a role. Warsaw desperately 
needs new credits to service its large 
foreign debt (estimated to be about .. . 
$24 billion) and prevent further ea> /. - 
nomic decline. Together with its WbT. •- 
European allies, tile United States 
should make dear that extension of 
new credits would be tied to a mean- 
ingful reform of the economy. Short 
of that, as Lech Walesa and ethos - 
have noted, the money will simply be 
wasted and do little to alleviate Po- 
land’s serious economic plight. - 

America’s ability to influence 
events in Poland is limited. But a 
policy that included carrots as weD as 
sticks would be most likely to encour- 
age the Jaruzelslci government to 
change course while preserving 
American ties to the Polish people 


The writer is vice president and direc- 
ta- of studies at the Institute for East- y 
West Security Studies. He amtributedtiL. 
das carmenx to The New York Times. / 


1910: Negro Burned by Dallas Mob 
NEW ORLEANS — A telegram from Dallas. 
Texas, states that a negro was burned at the 
stake there {on June 2 1 1 after confessing to the 
murder of a white girl. The sheriff with a 
number or soldiers was taking the man to the 
jail when 200 white people encountered the 
officers and succeeded in taking away the 
prisoner. The sheriff did not offer much resis- 
tance. but sent for reinforcements. Meanwhile 
the crowd had submitted the prisoner to excru- 
ciating torture and although he at first protest- 
ed his innocence, he afterwards confessed to 
the murder of Miss Maude Redding, a white 
girl. A stake was prepared and the prisoner 
was soaked in paraffin and burned. 


1935: Idolized Russian Scientist Dies 
PARIS — It is a fact comparatively ignored in 
recent years that Russia has produced scien- 
tists of great eminence and that many of them 
have continued (heir work unhampered by 
Russia's revolutions. .An example of this was 
Ivan Vladimirovich Nlichurin. who died two 
weeks ago. Micburin. 78 years old at his death, 
became a national figure more idolized by tbe 
Russians than Luther Burbank in America. 
During his more than sixty years of experi- 
mentation he is said to have developed more 
than 300 varieties of successful food plants. 
Scientific achievement such as Michurin's de- 
fies revolutions. Such work renders a whole 
nation grateful, whether it be red or white. 


INTERNATIONAL HERALD TRIBUNE 

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PHILIP M. FOIS1E 
WALTER WELLS 
SAMUEL ABT 
ROBERT K McCABE 
CARL GEW1RTZ 



Uruguay’s Jailers Won’t Be Forgotten 


W ASHINGTON — Writing in 
his prison ceO saved his san- 
ity, Hiber Conteris remembers. A 
journalist, professor of literature, 
former Methodist pastor and father 
of three children, he was a prisoner 
of conscience for eight years and 
four months in Uruguayan jails. 

Mr. Conteris was beaten and tor- 
tured after his arrest by the military 
government’s security police in De- 
cember 1976. He was hung from his 
wrists and tortured by repeated 
dunking imo water nuxed with 
vomit, urine and blood 
In March of this year be was 
released in a general amnesty grant- 
ed by Uruguay’s new civilian gov- 
ern mem. Last week he visited 
Washington as a free man, ecstati- 
cally embracing life's simple de- 
lights — a meal with friends, a walk 
on open avenues with no guarded 
looks Tor security police. 

Mr. Conteris came to thank per- 
sonally the coalition of protest — 
Z6 senators, 83 House members, 
human rights advocates and groups 
like the Committee to Protect Jour- 
nalists — ■ that kept up the pressure 
against his unjust imprisonment. 

His survival is tbe story of two 
forces: the moral force used by the 


By Column McCarthy 

victim, a student of Gandhi, to con- 
vince his jailers that his spirit could 
not be broken, and the political 
force marshaled by relatives to keep 
his plight from being forgotten. 

These are days —years, really — 
when human rights victories are 
rare. Amnesty International, which 
adopted Mr. Conteris as a prisoner 
or conscience, documented govern- 
mental torture in 98 countries last 
year. In many of than, torture is “a 
tool of state policy." 

It was that way in Uruguay in 
1976 when Mr. Conteris returned 
from a peace conference in Europe. 
Security policejammed a hood over 
bis head and look him from Monte- 
video airport to intelligence head- 
quarters. Under a “law of state se- 
curity and internal order" he was 
charged with such crimes as “illegal 
association" and “assault upon the 
Constitution." A military court sen- 
tenced him to IS years in prison. 

He had been marked by the gov- 
ernment because in the 1960s he 
was aligned with the Movement of 
National Liberation. The group be- 
gan as a nonviolent resistance force 


against the military dictatorship 
and had wide public support. When 
it turned to armed guerrilla tactics, 
Mr. Conteris was one of many who 
left That was in June 1970. Six 
years later, in retroactive harass- 
ment, the militaiy took him away. 

Last wed: in Washington he en- 
joyed a sunny afternoon to distance 
himself from the raw bate he en- 
dured for eight years. He is still thin 
from his imprisonment, but all else 
— his warm humor, scholarly mind 
and sheer gratefulness for merely 
being alive — are incarnations of 
the hope he never let die. 

A unique cruelty of prison life 
was the mental torture. Mr. Con- 
tois recalls that psychologists were 
employed to find ways of breaking 
inmates’ minds. One of 6,000 politi- 
cal prisoners during those years, he 
defended his sanity by writing. 

After a time he was allowed pa- 
per and pen and would write eight 
hours a day. On release in March he 
had produced four novels, a collec- 
tion of short stories and two plays. 
He is soon to meet American pub- 
lishers to get them into prinL The 
prison literature of the 20th century 
is about to get a stunning addition. 

Washington Pat Writers Group. 


dons, yet 1 have to confess that he 
seems to make a convincing case (in 
**7te U.S. Presidency: Republican fie 
Good T*. June 19) that the Republicans 
have taken over the White House for 
a long time, chiefly because the Dem- 
ocratic Party has lost the middle 
ground in national politics. 

But then I got out my copy of “The 
Parties: Republicans and Democrats 
in This Century," the 1978 book of 
another commentator, Henry Fairiie, 
who said the opposite. “The simple 
fact is that the ReooblicaA Party, in 


LETTERS TO THE EDITOR 

Bad News Getting Worse 

As a longtime subscriber, I recall 
the days of the early 1960s when I 
enjoyed reading your newspaper 
from first page to last In recent years 
its tidings have become more and 
more disturbing: wars, famine, pes- 
tilence, drug abuse, wanton murders, 
terrorism, “nmrianienMliCTn** around 
the world. I have learned to ignore 
the front page and console myself 
with the observations of Russell Bak- 
er. He does not observe often en«igh 
For bad news, your issue of June 
18, with the reports of the TWA hi- 
jacking, will be hand to beat Such 
lack of passenger and hand-luggage 
control is inconceivable. “Purser Re- 
lates Hijackers’ Search for Jews." 

And the indomitable White House 
rootesman, Lany Speakes, says Na- 
bih Bern certainly has control over 
the situation." Tbe White House, in 
any case, certainly does noL 
Washington blew it by failing to 

art when the plane landed in Altera. 

The simple tray to stamp out terror- 
ism is to take no prisoners. 

RAYMOND LIPSON. 

Lugano, Switzerland. 


- — ■ ■ m al oecwiu .u 

by Franklin Roosevelt, has shed ihe.r: 
character which it previously had, but 
found no other character which the 
majority of the people can smdl, fed, 
taste, know, enjoy. Trying to cam* 
muriate a picture of the Republican 
Party, Mr. F airiie wrote, was like try- 
ing" to breathe some animal life into 
a pile of bleached boms." 

Those bones put themselves back 
together into a pretty formidable 
piece of animal lire. Tmngs change 
ist in politics, which is a cyclical 
ting. The signs are now comma 


Presidency Up for Grabs 

Tom Wicker is a fine political com- 
mentator. I have been a delegate to 
the last three Democratic conveo- 


coming 

and fast mat the Reagan ma gic 
is fading, and with it the cement that 
restored the Republicans as a nation- 
al party. The White House in 1988 is 
up for grabs and the Republicans 
certainly have no lock an it 

FRANCIS MS. PEEL 
Geneva. • 


i * 





Wm 



... 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 22-23, 1985 


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By Alii star Sparks 

Wtnhwgion Past Service 

WINDHOEK. South-West Afri- 
ca — In an effort to win credibility 
among the black nugoiily in South- 
West Africa, the South African 
government has given the adminis- 
tration it installed here this week 
greater powers than its predecessor 
and included in it members with 
AT rican nationalist backgrounds. 

The new administration needs 
credibility to counter the popular 
liberationism image that SWAPO, 
the South-West African People’s 
Organization, has built op during a 
17-year guerrilla war for indepen- 
dence. South-West Africa is com- 
monly known as Namibia. 

To this end, .South Africa has 
given the new regime more power 
than a previous internal govern- 
ment beaded by Dirk Mudge, 
which President Pieter W. Botha of 
South Africa dissolved two years 
ago because he considered it a fail- 
ure. South Africa has occupied and 
controlled Namibia since World 
War I. ignoring since 1966 United 
Nations efforts to assure the coun- 
try's independence. 

South Africa is handing over to 
the new administration au powers 
of self -government except foreign 
affairs, defease and internal securi- 
ty. The administrator general, a 
South African official who has ran 
the country as a kind of viceroy, 
will retain a power of veto, but this 
is expected to be used with re- 
straint. 

Unlike Mr. Mudge's administra- 
tion, which was seen as South Afri- 
ca's puppet, the new one includes 
some members with authentic Afri- 
can nationalist backgrounds,' nota- 
bly Moses Karjiuongna, 43, leader 
of the South-West African Nation- 
al Union. 

The National Union has been in 
the independence struggle since be- 
fore SWAPO was formed but is less 
powerful because it is rooted in the 
Herero tribe, which makes up only 
6 percent of Namibia's population, 
while SWAPO's base is the 



Andreas Sinpanga 


Ovambo tribe, which makes up 53 
percent. 

Mr. Katjiuongua served a long 
radical apprenticeship in exile. 
much of it m Beijing. He appeared 
at the June 17 inauguration in a 
Mao suit, lending an incongruous 
touch. 

Andreas Shmanga, one of the 
founders of SwAPO who later fell 
out with its leader, Sam Nujoma, 
and formed his own breakaway 
party ratted the SWAPO- Demo- 
crats, is another leader in the new 

Both Mr. Katjiuongna and Mr. 
Shipanga say that they will be able 
to introduce important reforms 
and dismantle the segregationist 
system of apartheid that South Af- 
rica has extended to this former 
German colony during its 67 years 
of control. 

Mr. Katjraoogaa said that the 
initiative based on UN Resolution 
435 was stalled, adding “there is no 
prospect of it moving again in the 
near future.'' Resolution 435 estab- 
lished a mechanism for Namibian 
independence through internation- 
ally supervised free and open elec- 
tions. 

“We most try to find another 
road to independence, and I believe 
we can achieve enough to joft 
SWAPO into negotiating a settle- 
ment that Sooth Africa can ac- 
cept,” he said. 


SWAPO scoffs at the prospects 
of the strategy to force them into 
the government. They say there is 
□o chance of the organization as a 
whole, or any of its senior mem- 
bers, agreeing to participate in the 
new government. 

It will not be easy for the new 
administration to gam the credibil- 
ity it needs. It is unelected and 
unrepresentative of the population. 
South Africa is simply handing 
power to a loose alliance of six an u- 
SWAPO parties which are pre- 
pared to cooperate with it, the big- 
gest still being Mr. Madge's 
Democratic Tumhalle Alliance, 
which has been given three cabinet 
seats while the other parties get one 
each. 

The same ratio has been used to 
establish a wholly nominated Na- 
tional Assembly of 62 members. 
The result is lopsided, giving the 7 
percent while population two cabi- 
net ministers, the 6 percent Hereros 
two and the 53 permit Ovambos 
one. 

Western observers have said that 
the administration is just another 
effort by South Africa to sidestep a 
UN-approved independence plan 
and keep some control over the 
territory's affairs. 

Mr. Shipanga says he has no illu- 
sions about South Africa's inten- 
tions, but denies that be is allowing 
himself to be used. South Africa 


or Namibia 


would go its own way regardless of 
him, he said. 

“Our country is rotting internal- 
ly." he said. “It is being ran by 
South African colonial officers who 
have little real concent for our peo- 
ple and they are letting it rot. At 
least now we will be able to run the 
place ourselves and get a Few things 
done." 

■ South African Threat 

South Africa raised the possibili- 
ty Friday of further retaliation 
against Botswana and Angola un- 
less they expelled guerrillas trying 
to end while minority rule. Reuters 
reported from Johannesburg. 

At the United Nations Thursday 
night, the Security Council cen- 
sured Sooth Africa for a raid last 
month into Angola. 

South Africa's slate radio said 
Friday that Botswana and Angola 
were evidently not ready lo remove 
members African National Con- 
gress from their territories. The 
congress has been fighting a guer- 
rilla campaign against South Afri- 
ca. 

South African troops last week 
raided what Pretoria said were 
ANC bases in the Botswana capital 
of Gaborone, killing at least 12 
persons. 

The radio said that that neutral- 
izing the ANC “might also be done 
through negotiations between that 
body and the South African gov- 
ernment But until the ANC aban- 
dons violence as an instrument for 
achieving its political aims that 
door will remain dosed." 

The Security Council con- 
demned South Africa for its “act of 
aggression" against Angola in last 
month’s commando raid near the 
Gulf On installation at Cabinda. 

The unanimously approved reso- 
lution represented the second cen- 
sure of South Africa within 24 
hours. On Wednesday, the council 
condemned South Africa for with- 
holding independence for Namibia 
and served notice that this could 
result in economic sanctions. 


. I > 


?*■ : T - 1 


arrot* Than Stkl 




ECPkammg 

Retaliation 
In Pasta War 


Roam 

BRUSSELS — A new trade con- 
flict, centered on European-made 
pasta, has pitied the United States 
against the European Community, 
adding to the len gthening list of 
disputes in which each side accuses 
the other of protectionism. 

President Ronald Reagan im- 
posed higher tariffs on imports of 
pasta from the EC on Thursday in 
'■ retaliation for 'what he called "un- 
reasonable and discriminatory" 
tariffs on U.S. citrus fnriL 

WOly de Qereq, the EC commis- 
sioner in charge of foreign trade 
relations, issued & statement say- 
ing: “The community has no alter- 
native bat to take immediate retal- 
iatory measures." 

The pasta controversy follows 
disputes over West European Cere- 
al subsidies and steel sales to die 
United States that, have caused in- 
creasingly bitter exchanges. 

A UK official, said Mr. Reagan's 
move would raise the price of Euro- 
pean pasta products to the UK 
consumer by as much as 40 percent 
and “pretty much kill the trade.” 

The decision was made because 
the EC refused to reconsider pref- 
erential import agreements with 
such Mediterranean countries as 
Morocco and Israel that the admin- 
istration says cost UK lemon and 
orange growers $48 nriDion a year 
in lost exports. 

The 20-year dispute came to a 
bead at a time whm protectionist 
pressure in the United States has 
been fueled by moves to cot back 



Oslo Let Spy Have Secrets 
After He Became Suspect 


WiBy de aercq 


drastically on government aid to 
UK farmers, making them more 
reliant on exports, European ana- 
lysts said. 

The 10-nation community, 
which Spain and Portugal are to 
join next year, spends more than 
$20 billion a year on agriculture, 
much of it to subsidize exports of 
surplus cereals, batter, and meat 
that compete with UK produce on 
world markets. 

Trade conflicts have been wors- 
ened by a strong dollar, which has 
given European produce an edge 
over UK goods in the United 
Stares. T 

Washington wants to make the 
EC’s Common Agricultural Policy 
a central issue in a new round of 
global trade talks, which it hopes 
will start next year. 

The EC says it is prepared to 
discuss the application of ns subsi- 
dy system in the General Agree- 
ment mi Tariffs apd Trade. 

Mr. de Qereq described the UK 
move on pasta as without legal ba- 
sis and contrary to GATT rules. 


Roam 

OSLO — The Norwegian gov- 
ernment acknowledged Friday that 
Arne Treholl, jailed for 20 years as 
a Soviet spy, was suspected of espi- 
onage when it approved his appli- 
cation to study at a top-secret de- 
fense college. 

The former diplomat and junior 
government minuter said dial be 
would appeal the sentence, the 
maximum term under Norwegian 
law, handed down Thursday for 
what judges said was a grave be- 
trayal of military secrets. 

Prime Minister Kaare Willoch 
defended the top-level government 
decision to let Mr. Treho) t. 42, at- 
tend the Norwegian Defense Col- 
lege in 1982, where the court said 
he learned vital Norwegian and 
North Atlantic Treaty Organiza- 
tion secrets and passed them to the 
Soviet KGB intelligence service. 

“Refusing Treholt access to the 
college would have been the same 
as sending a message io the KGB, 
which would have made further in- 
vestigation impossible," Mr. Wil- 
loch said at a news conference. 

Mr. Treholt was convicted of 
spying for the KGB from 1974 to 
1984. The court said the most dam- 
aging information came from bis 
time at the college, where details of 
West European and UK security, 
troop assessments and concentra- 
tions, emergency plans and NATO 
nuclear strategy are discussed. 

Mr. Treholt was appointed sec- 
retary to a working group at the 
college, responsible for takin. 
notes of everything that happe 


and defense officials have de- 
scribed the damage to Western se- 
curity as critical. 

Mr. Willoch said Mr. Treholt 
was asked, while he was a counselor 
at the United Nations in New York 
and under surveillance by the Fed- 
eral Bureau of Investigation, to ap- 
ply for a place at the college. 

Alerting him to the fact that he 
was under suspicion could have 
ruined several years of investiga- 
tion. “We chose the better of two 
evils.” he said. 

Two of the more than 40 charges 
on which Mr. Treholt was convict- 
ed related to speeches at the college 
that explained NATO nuclear 
strategy and included details on the 
deterrent role or nuclear weapons, 
the lime for their use and the possi- 
ble reorganization of current strat- 
egy- 



NATO Chief Says Technology Is Key 



(Continued from Page 1) 
era said, this enables NATO gov- 
ernments to know their collective 
military priorities before each na- 
tion’s armed services and defense 
industries start their own pro- 
grams. 

„ “We’re in from of the devdop- 
■ ment cycle,” he said. 

This does not guarantee, he ac- 
knowledged, that governments will 
push through the degree of interna- 
tional cooperation needed to per- 
suade parliaments that military 
spending is economical and worth 
maintaining. 

But, he said, allied commanders 
are putting increasing stress on os-* 
ing more sophisticated weapons al- 
ready on the market instead of de- 
veloping more expensive new ones, major incentive 

“The British, the Germans, the tree, depending 
French all have good runway bust- be theDntcfa c 
ers and reconnaissance systems 
ihai we could start using now, with- 
out waiting for what I call the 
‘Buck Rogers’ stuff,” he said. 

Britain, which also projects flat 
military spending, has wen stress- 
ing more use of current electronics 
in weaponry without waiting for 
new weaponry on the drawing 
board in the United States. 

The Pentagon has issued orders 
for the UK military to look more 
closely at NATO needs in planning 
weapons and . to shop m allied 
countries for weapons rather than 
always developing its own. 

Even the Reagan administration, 
he said, has been unable to sustain 
increased military spending. 

“It only lasted for a few yearn, 
then the pendulum swung bade, 
aided by concern about high costs 
and whether we were spending our 
money efficiently," he said. 

Another encoiuaging indicator, 
he said, was new vigor in. the Inde- 


pendent European Program 
Group, an in ter-go vemroen lal and 
industrial p lanning group, includ- 
ing France, developing joint weap- 
ons. 

He also cited a UK decision to 
give its allies access to sensitive 
guidance technology for the last 
stage of a rocket-launcher system 
known as MLRS, which is being 
jointly developed by the United 
Stales and three allies. 

Discussing the chances for East- 
West agreements to ease the need 
for mmtaiy spending. General 
Rogers indicated that he expected a 
deadlock for the rest of the year in 
the UK-Soviet talks in Geneva. 

To get the Soviet Union to nego- 
tiate seriously, he said, “The next 
major mcentive,'or major disincen- 
tive, depending on how it goes, will 
be the Dutch decision in Novem- 
ber." , 

He was alluding to the Nether- 
lands’s intention to decide this fall 
whether to go ahead and accept its 
scheduled contingent of cruise mis- 
siles. 

The Netherlands has indicated it 
will deploy tike missiles unless the 
Soviet Union aits its number of SS- 
20s bdow378. General Rogers said 
the count, correctly 414, is unlikely 
to drop since the figure is based on 
counting SS-2Q bases, not individ- 
ual launchers of the three-warhead 

migefles 

Even with the new NATO mis- 
siles, the Netherlands will have 
fewer nuclear, missions in the com- 
ing years because the alliance has 
decided to remove from Europe all 
300 of its atomic urin es ana 700 
nudear- warhead Nike-Hercules air 
defense missiles: Some of both 
types of weapons are presently in 
the Netherlands. - 

“Ihope theDntcfa give us credit 


for that," he said. Some Dutch poli- 
ticians have called for reducing nu- 
dear tasks in their country as a 
condition for. taking the cruise mis- 
siles. 

The cutback, part of the alli- 
ance's campaign to reduce its 
stockpile of battlefield nuclear 
weapons, will also include enough 
obsolete bombs and artillery 
rounds to . bring down the number 
of UK warheads in Europe to 
4,600 by 1988. In 1981, compari- 
son, the total was 7,000.' 

“It’s not one more warhead than 
we need, not one less than we need; 
this much is enough," General 
Rogers said, citing a three-year 
study by his staff to determine 
“how much is enough.” 

If the alliance members continue 
to modernize their nudear weap- 
ons, he said, the military could ac- 
cept still deeper cuts in the 1990s. 

“We are not trying to match the 
Soviet Union warhead for war- 
head," he said. “We’re trying to 
work out our own defensive needs 
and stay with that" 

* Reflecting concern about trends 
in public opinion. General Rogers 
said it was his opinion that the 
United States should, despite Pen- 
tagon opposition, regularly publish 
satellite photographs of Warsaw 
Pact forces to provide “evidence of 
their offensive character” and to 
persuade Western public opinion 
of the need for stronger forces. 

Public disclosure of such pic- 
tures is blocked, he said, by intelli- 
gence officers who fear that publi- 
cation would enable the Soviet 
Union to frustrate future U.S. sur- 
veillance. But without it. General 
Rogers said, NATO governments 
are being outmatched by the Soviet 
Union in efforts to influence West- 
ern public opinion. 


Tage Eriander 

Tage Erlander 
Dies; Was Swedish 
Prime Minister 

United Press liaertuaiomd 

STOCKHOLM — Tage Erfcm- 
der, 84, the former prime minister 
who was considered the father of 
Sweden’s extensive soda! welfare 
system, died Friday, doctors said 
They did not- give the cause of 
death. 

Mr. Erlander was named prime 
minister in 1946 and served until 
retirement in 1969. Under his lead- 
ership, the Social Democrats trans- 
formed Sweden by adopting com- 
prehensive health insurance, 
improved working benefits and 
pensions and instituting a variety 
of government allowances. 

Nearly one million suburban 
high rise apartments were built un- 
der the Erlander govemmenL The 
purpose was to get people into well- 
equipped, spacious housing. Bui 
the design was criticized for being 
sterile and causing social problems. 

Mr. Erlander maintained the 
country's tradition of neutrality 
and was a strong supporter of the 
United Nations. 

The current prime minister, Olof 
Palme, was a close associate of Mr. 
Erlander, serving as his personal 
secretary. 


MEMORIAL NOTICE 


In memory of 
Count Jean de BreteuI 
a mass will be celebrated on 
Tuesday, June 25 at 12:25 pjn. at 
the St. Pierre de ChaiHoi church, 
Paris 16®. 


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AUCTION 


DEVELOPER ORDERS IMMEDIATE SALE 
NEW TWO STORY PROFESSIONAL BUILDING 
46,176 SO- FT. ON 2 ACRES 

8080 NORTH STADIUM DRIVE — HOUSTON, TEXAS 
Superbty located within the Plaza Dei oro business development area m cose 
proximity to tn® Texas medical center and Downtown Houston, 
within a 3 block area of the subject prgpertv are many meoicaflv related 
businesses and institutions as well as me snefl on Ooa center, me Astrodome 
and various hotels. 

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me Class a duality constructed outtamg plus land nas a current reproduction 
cost appraisal of $3,452,000 wtm room for expansion. 

ABSOLUTE AUCTION 

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WEDNESDAY, JULY 17, 2:00 P.M. 

Sale On The Premises 

BROKER COOPERATION INVITED 
to obtain auction catalogue and terms of sale, call or write: 

NBchael W. Johnson 
WTERMARX REALTY C0MWWY 
3000 Weslayan, Suite 1TI, Houston. Texas 77027 
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Tel; 212-2604)725 
Cable Address: DOU.FUS-NY. 


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-v; •<*;. . .. . 






Amid Overestimates, Good Chinese Art Hitting Record Prices 




/nimKinontrf HerulJ Tribune 


HE extraordinary contrasts in 


performance that have charac- 
terized the market for Chinese art 
in the past three weeks may seem 
incomprehensible, but in fact they 
follow a logical pattern. Attempts 
to boost wares through averesti- 


SOUREN MELIKIAJN 


Shang wine vessel sold for $750,000. 


mating fail, while the best in Chi- 
nese art has never been so expen- 
sive. 

On June 3 in New York, Soth- 
eby's offered “Important Chinese 
■Sculpture Sold in the Benefit of the 
J. T. Tai Foundation." The luxuri- 
ous catalog was Alumina ted with 
color photographs. It started with 
the dust jacket, which shows a seat- 
ed Buddha of the 8th or 9th centu- 
ry, the drapery superbly carved, the 
face less so. Looking at it sideways. 


<me wonders if it has not been 
slightly gone over with a chisel to 
sharpen its features. Whatever the 
case, it was brilliantly sold for 
$220,000 to the William Rockhili 
Nelson Gallery of Art in Kansas 
City, Missouri, which is known for 
its Chinese collection. 

The rest of the auction was a 
disaster. The works actually sold 
amounted to S58 1.900, 63 percent 
of the knock-down total including 
pieces that faded to reach their re- 
serves and were bought in. 

The next day. the pendulum 
abruptly swung m the opposite di- 
rection. The Sotheby's catalog 
boasted “Important Chinese Ce- 
ramics from the J. M. Hu FamAy 
Collection." The total sold was 
S3.950.000 and the percentage of 
bought- in works a negligible 3 per- 
cent. Some unheard-of prices were 
reached. A squat wine jar and cover 
decorated with orange fish swim- 


ming among green, yellow and blue 
plants went up to $1.32 million, 
establishing a world record for the 
16th-century type of porcelain 
known as wucat A pair of Wue and 
white bow Is of the same period, the 
Jiajing, rose to a staggering 
S203300, twice the price one might 
have ex penal and one-third above 
Sotheby's high estimate. 

Three weeks earlier in Hong 


to a few very high prices. The most 
remarkable was the £418.000 paid 
for a pair of 18th-century vases 
decorated with shrubs and rockery. 
At that price the bottles are likely 
to hold the record for porcelain of 
the Qianlung reign ( 1736-1795} for 
quite a while. But the sale had an- 
other aspect: 70 lots out of 245 
failed to reach their reserves. 

Topping all this is the exhibition 


Kong, however, a sale of the J. T. of Chinese art pul together by Es- 
Tai Foundation collection of Chi- kenozi at 166 Piccadilly in London 
nese art had not gone well, with through July 11 Called “Twenty- 
more than one-third remaining un- five years."" it reminds the viewer 
sold. And Monday in London 48 that the leading gallery in Chinese 
percent of the total value of a Art in Western Europe opened a 
Christie’s sale represented bought- quarter-century ago. The 28 entries 
in items, with about two-thirds of range from Shang dynast} - bronzes 
the lots failing to find buyers. of the second millennium B.C. to 
The outcome of the latest sale of Blue and White porcelain of the 
Chinese an at Sotheby's. Tuesday 15th century A. D.. providing a 
in London, was inconclusive. The cross section of the main areas on 
total sold. £1.3 million iS1.6 mil- which the gallery has focused. Giu- 
lionk is a respectable figure thanks seppe Eskenazi^ the founder and 


owner, said that 10 of the 28 works 
were sold on the opening day. In 
the meantime, eight thore have 
been purchased. 

Some of. the prices seem quite 
extraordinary. Professional sources 
said an 11th-century B.C. wine 
vessel, decorated with the animal 
masks almost reduced to abstract 
pictograms that are the hallmark of 
Shang an. was sold to an American 
collector for S750.000. which would 
easily make it the most expensive 
Chinese bronze ever sold. Nor is 
this suprising: The vessel is argu- 
ably the most beautiful object of 
the early classical bronze 
China that has surfaced 
market since the early 1950s. 

Other gigantic pri«s quoted in 
collecting circles included 5400.000 
for a shallow dish on stand called 
pan in Chinese: S3 50.000 from an 
American collector for a bronze 
food vessel (fang ding) of the 12th 


- . c"£’ ■ 


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: fa-brodmre/ Parent Guide. 




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Tel. 022/53 1953 


Send for a free copy of the 

INTERNATIONAL EDUCATION GUIDE 


W rite to: Fran^oise Clement, International Herald Tribune, 
181 Avenue Charles-de-Gaulle, 92521 Neuilly Cedex, France 


THE AMERICAN MBA IN PARIS 


HARTFORD 

BUSINESS SCHOOL 



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to 1 1th century B. G: anti S 150,000 
offered hv a Ounce collector from'-; 
Hong Kong for another type ol : 
Shang food vessel, a so-eaued ft 
dmg. 

The Cleveland Museum of Air V’. 
acquired a gilt bronze butt, 7 cemir V 
meters (2.17 inches) long, which 
Eakenazi calls Tang on the basis 
its gilding and the modeling, dost : . . 
to that of the pay earthenware^ 
models of the preceding Sui dynas*. ■ 
ty (581-618). A source said the mu-/ 
swun paid S65JW0 for it. Thatprits j. 
would he breaihuking but, on the : 
uqca « cMhcrhand. the type is unrecorifed.' - 7' 
age tram The museum also bought a jafe; 1 -- 
l^on the pendani die 4th. centunt B. C. , -i 
with twisted fluting and the head d£ 
a snarling animaL both reflectkig . 
the influence of Achaemenid art - '/ 
from Iran. The object is marvetas; - 
so is the price reponedly paid, 
$47,000. 

The success of this exhibition ’ 
and of Sotheby’s sale of the Hu- ’-^' 
collection contrasts so strongly . 
with the failure of the Tai Founda- 
tion pieces as to seem at first ip 
make no sense. The Tunes of Ldm r. -. 
don commented that the illicit dig- - 
ging of the past two years or so bad '■■ .fi 
flooded the market for early ceram- 
ics and that the continuing drop in 
prices in this area of the Chinese 
market had affected all the others 
The paper concluded that “only llir.. . 
market for Chinese export porct- 
lain seems relatively unalfcaed." 

But neither the Chinese- taste por- 
cetain sold so brilliamly in Soih* 
eby's New York sale nor Eskenazfs . 
Shang bronzes fall into that cat ego- / ; 
or- 

Moreover, a good deal of eariy - 
pottery has beoi selling at huge 7 
prices. The £12.100 paid by Peter . 
Malone, a New York dealer, fora 




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PRIVATE SCHOOLS IN SWITZERLAND 

For all information please apply to our Educational 
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SCHOLASTIC SERVICE "TRANSWOnJXA" - GENEVA 

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GBUNANY 


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glazed figure of a Tong cametaf ; 

e Tuesday Ba 


Sotheby’s Loudon sale' 
generous price, given the diimst-'. 
ness of (he humps, the stiffness <£ 
the legs and the runny glaze. 

. A magnificent Longquan cela- 
don vase that sold for £27.500. be- : . 
low Sotheby's low estimate, seems *• 
cheap only because the estimate ^ : 
was absurdly high. The vase is 
ly potted but its glaze is too thin , 
and it has a craquelure, which; no - - 


!-J • 

.i. 




.■ i 


I'.m 

v-C- 1 
!i.-C • ' 


i; 1 


M. ■ 
V- : ‘ 


collector wants in Longquan ports- . 

for the jadelike 


lain, sought after 
smoothness of a pale green glaze 
that is supposed to be much thicker 
than on this piece. 

Clearly, the plague of the Chi- 
nese market, which is perhaps the * 
soundest of all existing markets, . , 
along with Impressionist ami 20th 
Century Masters, is not a surfeit of 
works. If it has a problem, it is 
overestimation, a tendency that haj . 
characterized the auction market ; . 
across the board in recent months.! 
That would seem to account for >. 
Sotheby’s performance on the Ta£l __ 
Foundation sculptures in New : ; 
York. A Buddha schist head of the 
6th century, knocked down at 
$50,000, failed to sell because Us 
nose had been recut at the base and 
surface damage was poorly con- 
cealed by fillings. It comes nowhere' 
near being worth Sotheby’s esti- 
mate of SStUXX) to $100,000. A top 
dealer gave up at $40,000, which 
would have bom a huge price: The 
previous lot, an Apsara .figirejif 
the Northern Qi dynasty, was 
bought in at $90,000. The first esti- 
mate by Sotheby’s experts was 
$150,000 to $300,000; in the caxa- 


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log, this was cut to $100,000 lb 
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not failures oF the art to appeal to 
collectors, but failures of the prof: ' 
fessionals involved to be realistic; 
matched by buyers’ reluctance to 
make fools of 






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Tech Fantasy: 
' Return to Os? 


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^ APSULE comments on films" 


-third,,, 


released recently in the United 
States: 


“ ‘Return to Oz’ is the work of 
ingenious technicians,” writes Ja^ 
net Maslin in The New York 
Times. “The living creatures takes - 


MOVIE MARQUEE 


distinct back seat to the film's elab- 
orately produced special effects, £- 
some of which are indeed wondes4t_ 
fnl. Claymation, a stop-motion am- ."' 
mation technique that allows rocks 
to speak, wink and develop faces 
whenever they fed like it. is used to 
remarkable effect here. -- 

•‘There’s a great deal to be said 
about the contrasting quality of 
children’s fantasies reflected in the . 
1939 MGM film “Wizard of Oz.' . 
with its dauntlessly optimistic at- 
tention to the characters’ moer- 
most frailties, and in ‘Return to 
Oz.’ a more outer-directed adven- 
ture that attempts a ‘Star Wats’ 
spirit. This Dorothy, who has noth- 
ing like the spunk and resourceful- ’ 
ness Judy Garland brought to the 
role, is nonetheless cast as a cob- ' 
quering adventuress in an alien em- 
pire: since she never stops to mar-, jtr 
vd at the mysteries of this new 
place, neither can you. And the 
effervescent helpfulness that united 
Dorothy and her friends in the ear- 
lier film has now become the mere 
sense of a shared mission. Oz itself, 
formerly a oever-oevcrland exist- 
ing somewhere in Dorothy’s and 
the audience’s shared imagina tion, 
now resembles any old extraterres- 
trial setting." 

Sheila Benson writes in the Los 
Angeles Times: “It must have tak- 
a tremendous strength of vision 
- resist duplicating the first film, 
but these vistas and characters are' V ^ 
not only breathtakingly faithful to 
the original spirit of Oz, they are . 
beautiful on their own. YcL'Rsturn 
Oz’ does not soar when it so 
dearly should." . . 


v. 




Oi 





INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 22-23, 1985 


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ARTS /LEISURE 


Sculpture Theme Maths 



By Mavis Gurnard 

I N the past 20 years, what is 
shown at the Tapestry Biennale 
in Lausanne, Switzerland, has 
*come a long way from the wall. The 
-heme of the 12th biannale is Tex- 
tile Sculpture and most of tie 
works are more sculpture than 
woven hangup , 

The definition of textile fibers 
has broadened from wool, hemp or 
cotton to include sea grass, sled, 
nylon, aluminum, plastic, even 
strips cut out of the National Geo- 
graphic magazine for a work called 
“National Geographies.” Two days 
before the show, its artist, Laurent 
Roberge of Montreal, was on his 
knees before it, packing each loose 
strip into place with tweezers. “I 
brought over- 120 kilos of precut 
.^paper in plastic garbage bags,” he 
’said. The effect was a solid, shim- 
mery mass. 

Paper is in evidence elsewhere: 
in Cas Holmes’s pleated fans, Kal- 
suhiro Fujimori's huge and omi- 
nous vases of corrugated card- 
board, Karen Suhlecker’s five 
weightless wings that fold out from 
the wall to catch and refract light. 

Dawn MacNutt’s tall, haunting 
figures are woven of copper wire 
and sea grass like giant hose. In- 
creasingly, though, weavers are lib- 
erating themselves from the loom: 
'gkClaire Zoster's hemp threads are 
'knotted, then cascade freely from 
one wall, while Britt Smdvaer 
hangs a colorful reminiscence of 
weave pattern from another waH 
Full-bodied sculptures are the 
exception. Bella Tabak Feldman, a 
professor of sculpture from Cali- 
fornia. groups a few figures of 
welded zinc wire; Ewa Kuiyluk of 
Poland paints portraits on white 
cloth and drapes them on chairs; 
Badanna Zack molds a doth pdt 
onto a Volkswagen Beetle. 

Most of the artists, such as Re- 
becca. Medd of California, prefer 
to enclose space in a light fiber 
construction, to net or package 
space, or even, as do Barbara 
VLayne and Gilles Morissette, 
achieve trotnpe Toed effects of sol- 
id mass. Several, among them Irene 
Waller, aim for architectural effects 
from their soft materials. 

More than a quarter of the selec- 
tions were from Japan. Latecomers 
to the art of fiber, the Jappese 
seem to impose their particular 
sense of rhythm and space. One 
awesome “rope” of manna hemp 2 
meters high was fashioned, glued. 


then sawed open by.Yoshiko Take- 
in ura “to show the energy inside.” 
She added- “I want to see what I 
cannot.” 

"Sculpture Textile : time Bien- 
nale Internationale de la Tapis- 
sene." Musee des Beaux Arts, 
through Sept IS. A related show oj 
paper sculpture undnonprecious jew- 
elry of fine design is at die Musee des 
Art Deconuijs, ViBamoni 4, during, 
the same period, and Lausanne gal- 
leries hate several other shows con- 
nected to the fiber arts. 


The Hermitage Foundation's 
opening exhibit in Lausanne Iasi 
year delighted visitors and denied 
the parquet. Bat the curator, Fran- 
cois Daulte, prefers to leave floors 
uncovered except for some Orien- 
tal rugs rather than change the feel- 
ing ola lived-in 19th-century man- 
son. This respect for the setting, 
added to the fresh flowers color- 
keyed to nearby paintings, gives 
each show special appeal 

Hung as carefully as in a private 
home, more than 100 paintings 
from Cfezanne to Picasso, lent for 
the summer by collectors in 
French-speaking Switzerland, are 
intended to offer a quick refresher 

course in .tbe.Post-m3P rc ssi°oisis. 

Nabis, Farrves, Pointillist es, up to 
the Ecole de Paris after World War 
I. Yet, as Doolie points out, “We 
cann ot be too rigid in our classifi- 
cation, for innovative artists like 
Bonnard, Signac, Matisse, Derain. 
Braque, Chagall or Picasso be- 
longed to all these movements, 
worked together, influenced each 
other, then went separate ways.” 

One piece by Louis Valtax. for 
instance, is worked in violent 
Fauve color and almo st a Pointil- 
Uste mann er, while Edouard Vuil- 
lard's “Couturi feres” is typically 
Naira in its flaty decorative surfaces 
but predicts the Fames' lore for 
pure color straight from the tube. 

The show begins with a strong 
self-portrait of Cfezanne at 44. 
Nearby, a contemporary portrait of 
Renoir by Albert Ahdrfe holds doc- 
umentary interest: It shows the 
piercing gaze of the old master and 
his scrupulously dean paleue. and 
dispels the legend that be painted 
with a brush tied to his arthritic 
fingers; the band holds the brush 
firmly. ! 

Among the works of Cezanne’s 
contemporaries is a Toulouse-Lau- 
trec portrait in an unexpectedly 



Indians Divided on Shows in France, U. S. 


Dawn MacNcrtfs “Kindred Spirits,” wire and sea grass. 

I 


soft mood and three works of Odi- 
lon Redon, including a dreamlike 
marine fantasy. Worts of the Na- 
bis, such as Paul Serusier. include 
an oil by Aristide Maillol, who 
painted along with the Nabis for a 
time, and a tiny statue tie interpret- 
ing the movement of a washerwom- 
an that be executed later. Farther 
along in the show are small studies 
of the sculptor’s more familiar full- 
bodied and sensual statues. 

Pdntillistes show up to best ad- 
vantage in the salon opening out to 
the ganlwic nnrt mo untains \ well- 
placed Paul Signac has captured 
the Venetian light in cool aqua 
tones while a meticulous little 
painting turns out to be a Georges 
Seurat study of a woman fishing, 
destined for a comer of “La Gran- 
de Jane.” 

Fondation de T Hermitage, 2 route 
de Signal through Oct 20. 


The Gianadda Foundation in 
Martiguy has overcome early grow- 
ing pains to present such top-notch 
exhibits as the Rodin show that 
attracted 170,000 visitors last sum- 
mer. . 

The site is spectacular A mod- 


ern bunker of a museum is built 
around the remains of a Roman 
chapel. In the mezzanine balcony 
chat surounds the chapel, 250 
works of Paul Klee are being shown 
this summer. Most are from his 
son, Felix, or from private and pub- 
lic Swiss collections. Many have 
never been shown before. 

Oils, watercolors, “colored 
sheets,” drawings and marion- 
nertes illustrate the variety of an 
artist who, as the art critic Andrfe 
Kuenzi put it in the catolog, “rein- 
vented all techniques in 10,000 
works and added a ten- of his own." 

Beginning in about 1907 with 
some childhood drawings, a few 
works of each year are shown, up ic 
an unfinished painting started be- 
fore the artist's death in 1940. 
Klee’s inventiveness was backed 
with a feeling for line and color and 
a sense of simplification. Especially 
in the drawings one can watch him 
develop an idea from a Tew joltings 
to a line sketch then an ultimate 
abstraction. 

Fondation Pierre Gianadda, Mar- 
tigny (Valais), through Nov. 3. 

• Mavis Guinard is a journalist 
based in Switzerland. 


By Seem a Sirolii 

The ItuHuiaJ Pms 

N EW DELHI — The festivals 
of India in the United States 
and France are being criticized at 
home as plundering sacred art 
pandering to the West and project- 
ing stereotypes of India as a land of 
snake charmers ’and rope tricks. 

The government-sponsored fes- 
tivals have led to tirades in Parlia- 
ment and furor over the selection of 
artists and exhibits and the risky 
export of priceless art that most 
Indians will never see. The festivals 
have also been criticized as waste- 
ful pageants of elephants, camels 
and dancing bears. In a recent ses- 
sion of Parliament a lawmaker 
termed blasphemous a festival 
booklet that described the Hindu 
god Shiva as an “erotic ascetic." 

‘‘Warring bureaucrats, designers, 
journalists, and performers have 
unleashed enough venom to fill up 
a snake piL” commented India To- 
day Magazine. “Kingsize egos and 
vainglorious power politics have 
gone a long way in converting the 
festival image into a cesspool of 
controversy at home.” 

Prime Minister Rajiv Gandhi 
opened the festivals in Paris and 
Washington this month with much 
publicity and a major diplomatic 
initiative to improve India's image. 

About 150 million Americans 
are expected to see the U. S. festival 
exhibits that will travel to 80 cities 
in 37 states in 18 months. The U. S. 
festival includes 1.500 exhibits, 
some dating from 1000 B.C.. as 


well as 200 artists, performers and 
designers and scores of academics, 
diplomats and officials. 

The cost of the U. S. festival is 
estimated at S12 million and the 
French festival at S5 million, with 
India's contributions being about 
$5 million and 52 million, respec- 
tivelv. and the balance paid by the 
U. S. and French governments. 

The festivals are the govern- 
ment's biggest public relations ex- 
ercise since the Festival of India in 
Britain in 19S1 Oiganizers hope to 
create a better and more realistic 
picture of India abroad and boost 
tourism. Indian films and exports 
of handicrafts and textiles. 

Many people, however, have 
questioned the cost and time in- 
volved. saying the scarce resources 
of a poor 'country' would be better 
spent on pure drinking water and 
improving the livelihood of 750 
million people. 40 percent of whom 
live below- the poverty line of S100 
in annual income. 

Many Indians question whether 
ancient culture should be exported 
to impress the West and whether 
folk dancers, acrobats and extra- 
vanganzas can remold India’s im- 
age abroad. “It panders to the 
Westerner's notion of the false ex- 
otic.” wrote an indignant reader to 
the Calcutta Telegraph newspaper. 
“The government seems bent upon 
projecting an image of India as the 
land of snake charmers, rope tricks 
and dancing girls." 

“Alas, they won’t hold a festival 
of India in India. ... We can’t 


see our riches because we are 
poor.” wrote a columnist in the 
Times of India. 

Opposition lawmakers' clamored 
for explanations from the govern- 
ing pony in Parliament on why 
ancient an was being reduced to 
“objects of exhibition." 

“Even the slightest damage to 
these art pieces would amount to 
incalculable loss.” said S. P. Mal- 
viya of the Masses Party. He com- 
plained of a “festival of sacrilege" 
despite government assurances that 
the treasures were insured for S% 
million and would be handled by 
professionals. 

The an critic Shan t a Serbjeet 
Singh, however, pointed out the 


“persistent and real vandalism of 
our art treasures going on in our 
own backyard about which no one 
has ever raised a voice.” 

A “counierfcstival” was cele- 
brated by poor people at a five-star 
hotel. About 500 bonded laborers, 
those enslaved by landlords to pay 
debts, invaded the hotel’s opulent 
marble lobby June 10. carrying 
placards anil shouting slogans. 
They condemned the government 
for spending money on the festivals 
when “we are broken anti exploited 
each day of our lives." 

Despite the controversy, most 
Indians are enthusiastic about the 
festivals and foreign media atten- 
tion the country is receiving. 


Met WiUDrop Its U. S. Tow 

Hew York Times Service 

N EW YORK —The Metropol- 
itan Opera has announced that 
it will abandon its national tour 
after next year, ending a tradition 
that dates' from the company's 
founding in 1883. 

Until recently, the tour account- 
ed for one-fif th’of the Met’s annual 
performances and one fourth of its 
audience. 

Bruce Crawford, president of the 
Metropolitan Opera Association, 
attributed the decision to rising 
costs, the increase in regional op- 
era, die growing difficulty in book- 
ing important singers for the tour 
and the company’s national visibil- 
ity through television. 


Detroit, a longtime tour city, 
withdrew from the 19 SO program 
last month, leaving only Atlanta. 
Minneapolis, Cleveland and Bos- 
ton for 19S6. Until recently the 
tour lasted seven or eight weeks 
and included Washington, Mem- 
phis and Dallas, as well as the other 
four cities and Detroit. 

“This is a step we have taken 
after much consideration, and with 
great reluctance, but it has become 
unavoidable,” said Crawford, who 
has been designated the company’s 
general manager. “The tour has 
been economically unsound for 
several years, and' has resulted in 
losses to the Metropolitan of well 
over SI million each vear.” 


Paris Exhibit: Jerusalem in Images and Objects 


V. • By Michael Gibson , . 

* International Herald Tribune 

P lARJS — Fragments of tire 
Dead Sea Scrolls, archaeological 
vestiges of the Temple of Jerusa- 
lem, countless images of Jerusalem 
itself as a mythic, mystic dty —a 
dazzling collection of more than 
300 singular and precious objects 
has been assembled in “From the 
Bible to the Present (Land of Israel, 
Dream and RealityX" part of the 
annual show of the Salon des Inde- 
pendents at the Grand Palais. 

The show is so ridnhatit is hard 
to do it justice, but fundamentally 
it has a threefold focus: the Bible, 
Jerusalem and the Temple, each of 
which is dealt with not only in the 
perspective of history and archae- 
ology but in those erf symbolism 
and fantasy. Hie archaeological 
vestiges are sometimes the bearers 
of a high-voltage mythic current: a 
minute pomegranate carved out of 
.jvory bears a terse inscription indi- 
cating that it was one of the objects 
used by the priests in Solomon's 


temple, which .was destroyed some 
28 centuries ago. Indeed this ob- 
ject, 43 centimeters (1.7 indies) 
high, is the only known vestige of 
that temple. 

"Elsewhere a stone with an in- 
scription in Greek, which somehow 
survived the destruction of Herod’s 
temple in 70 A. D-, advises the gen- 
tile viator that he must not go be- 
yond the point at which the stone is 
set, under pain of death. 

The repeated destruction of the 
temple and the ultimate exile of the 
Jews led to the sublimation of Jeru- 
salem as a mystic goal in the sym- 
bolism of : Judaism, Christianity 
and Islam. This sublimation or ide- 
ahzation is apparent in countless 
documents produced over the cen- 
turies by the three cultures, many 
of which are displayed in this show. 

The DeadSea Scrolls, discovered 
at the back of a cave in the Judean 
desert in 1947 by a young Bedouin 
shepherd named Mohammed Ad- 
Drb, are represented here by a frag- 


Chicago Abandons World’s Fair Plan 

skeptical state Legislature to ap- 
prove any more planning money. 

Fair pla nners had suggested the 
state provide about J49/rnillk)ti in 
cash and bonding authority, about 
half the fair’s ex p ected cost But 
House Speaker Michael Ma dig a n, 
a Ch i cago Democrat, said Thurs- 
day that he would not support fur- 

Phffip^O’fiomvor, chairman of a 
task force an fair financing, said 
the financial problems of the recent 
New Orleans world's fair cast a 
shadow on Chicago's plans. 


The Associated Press 

S PRINGFIELD, Mnois —Ou- 
cagn planners, acknowl 
stiff political opposition, sa 
will scrap plans for a Sl- 
world’s fair in 1992 to mark the 
500th anniversary of Columbus’s 
first landing in the Americas. 

The decision was announced af- 
ter Governor James R. Thompson, 
who had championed the event as 
an ecoinranic development tod and 
Showcase for the state, said he had 
given tip hope of persuading a. 


men t of. the book of Psalms, a brief 
legal document from the archives 
of a wo man named Babata who 
sought refuge in the Qumran caves 
.after the unsuccessful revolt ot Bar 
Kochba. a facsimile on parchment 
of the seven-meter-long scroll of 
the book of Isaiah, and one of the 
day jars in winch the manuscripts 
were preserved. 

The extraordinary fascination of 
such vestiges resides in the power 
of memory of which they are an 
expression- Indeed the whole sub- 
stance of any culture resides in the 
act of memorization: “If I forget 
thee, O Jerusalem ... let my 
tongue deave to the rod of my 
mouth.” It is memory that gives 
men and cultures their identity, 
and there is a peculiar poignancy in 
the intensity and durabliity of Jew- 
ish memory, materialized here by 
ofcgecls that attest to its high antiq- 
uity. 

The exhibition also indudes 
works of Western an that deal in 
fantasy with the Holy Land, such 
as a Veronese and several Rem- 
brandts. There are also other types 
of work by artists who went on the 
scene and did careful views of Jeru- 
salem and the holy places. Among 
these was Edward Lear, an excel- 
lent painter of such scenes who is 
belter known today for his limer- 
icks. 

Contemporary Israeli or Jewish 
artists are also included in the 



Ivory pomegranate dated 
from the 8tfa century B. C 

show. Among the most striking 
items is Dany Karavan’s environ- 
ment of white sand that assumes 
the shape of the crater of an extinct 
volcano. 

u De la Bible d nos Jours, " Salon 
des Independents, Grand Palais, 
Paris S. through July 28. 


DOONESBURY 

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AUCTION SALES 



CHRISTIES 

GENEVA 
Exhibition of 

Important Islamic 
Manuscripts and Miniatures 

at the Hotel Richemond, Geneva 
24-27 June 1985 from 11-19 hrs 


For Catalogues and Information: 
Christie’s Geneva 
8 Race de la Taconnerie, 1204 Geneva. 

Tel: (022) 28 25 44 

Christie’s London 

8 King Street, St. James’s, Loudon SW1Y 6QT 
Td: (0441) 839 9060 

Christie’s France 
17 rue de Lille, 75007 Paris 
Tel: (01) 261 1247 


INTERNATIONAL ART EXHIBITIONS 


PARIS 

— WALIZ FINDLAY = 

GALLERIES 

2, Avenue Matignon, Paris 8th - 225.70.74 
Hotel George-V, 31, Avenue George- V, Paris 8th - 723.54.00 

EXHIBITION 

ANDRE VIGNOLES 

From Florence to Lake Trasimeno 


The Moderns 
Nicola S EM BARI 
Zvonimir MIRANOV1C 
Bernard GANTNER 

The Earepeans 
Yolande ARDISSONE 
Philippe AUGE 
Andrt BODBREE 
Jean-Pierre CASSIGNEUL 
J.-C. CHAURAY 
Louis FABIEN 
Claude GAVEAU 
Fred JESSUP 
Jean KEIME 
Constantin KLUGE 
LEPHO 


MICH EL-HENRY 
GasLonSEBERE 
Andre VIGNOLES 

The Pefanrasts 
Pierre BOUDET 
Yvonne CANU 
pruning LESNE 
Luden NEUQUELMAN 
Jean VOLLET 

The Pest Imnressioirfgs 
Sazaime E2SEN DIECK 
GALL 

. HA1IBOURG 
Fernand HERBO 
Marie NESSI VALTAT 


Portraits by Alejo VIDALQUADRAS 

- -- FRENCH IMPRESSIONISTS 

POST-IMPRESSIONISTS AND MODERN MASTERS 
Mml-FYl, 10 ajiL-1 pro. - 2:30 pm-7 pro. 

New York Paris Chicago Pcim Beach BeveriyMI 


GALBUE MERMOZ 


PRE-COLUMBIAN ART 

_6, Rue JearvMermoz, 75008 PARIS. Tel.: 359.82^4 _ 




GALERIE FELIX VERCEL 

9, avenue Matignon - Paris 8 e 
tel. : 256.25.19 


VENARD 

, june 12- jufly 12 


GALERIE FRAMOND 

3. rue des Saints-Peres. VT - 260.74.78 

DESSIN ET COULEUR 

9 Mai-12 Juillet 


= GALERIE HOPKINS-THOMAS = 

4, Rue de Miromesnil, 75008 Paris - Tel.: 265.51.05 

RENOIR 

Drawings and watercolors 


Until June 29,1985.: 


LONDON 


ESKENAZI 

Oriental Art 25th Anniversary Exhibition 
12 June -12 July 1985 
Ancient Chinese Bronzes 
Gilt Bronzes 
Inlaid Bronzes 
Silver 
Jades 

Ceramics Fully inusirais o' caiabgue avai-at/e 

Foxglove House 1 66 Piccadilly London W1 V 9DE 

; oososte Old Bore Street) ■ elec-hone- O'. -493 5454 


AGNEW GALLERY 

A3 Old Bond St, W1. 

Ot ^29 6176 

VENETIAN PICTURES 
OF THE 18th CENTURY 

UwZ 19 Juty 

Mwvfri 9.30-5-30; Thn uril 6 JO 


MARLBOROUGH HNE ART 
(LONDON) LTD. 

6 Albemarle S f, WT. 0l-d29 5161 

FRANCIS 

BACON 

My 31, 1 999 

Moru-Fri. 10-5.30. Stria. 10-12:30. 


PARIS 


GALERIE SCHM3T 

396, rue Saint-Honor*, 75001 PARIS 260.36.36 

DE COROT A PICASSO 


exposition : jusqu'au 20 juillet 


Homage to MAYOUX 


presentation of her works until June 29 
Vernissage June 23, from 2 p.m. to midnight 
with a musical diversion far piano and voice from 9p.m. 
Cocktail at KARROS^, 1 2 rue Guisarde, 6th 
> Tel.: (1 ) 354.66.59 (parking St Sul pice] — — . 


250 

reasons 
to visit 

I LE LOUVRE 
V DES 
ANTIQIAIRES 

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

2. PLACE DU PALAIS-ROYAL 
75001 PARIS -TEL. (1)297 27 00 


-ROBERT FOUR TAPESTRIES' 
MONET, K1S, PICASSO, KAON, 
LEGES, LURCAT, CARZOU— 
AUBUSSON 
hendwoven TAPESTRIES 

Orijjnd prestigious hend-knotted 

SAVONNER1E CARPETS 

28 Rue Bonaparte, Paris 6th 
TeL 329 30 60 


P r esen t ExMbMon 

- aUtour DU PARFUM - 

DUXVT AU XlX*Sli=CLE 


GALERIE LOUISE LEIR1S 

47, rue de Monceou, 75008. 
TeL: 563 28 85/37 14 

HENRI 

LAURENS 

60 works— 1915-1954 

June 12 - July 20 

XmmtSoayojtcopI Sunday and Monday m m J 


MUSlE RODIN 


77, ma de Varerme, Paris (7*> - Metro Vorerme 

Rodin/ Five Contemporary photographers 

Tn NM&IivtN BUll, Bran JUKI, tanfetii 1WTU0, Hpr H&2S0L 

Daily (except Tuesday) 10 cum. - 11<30 am. and 2 p.m. - &45 pjn. 

ROM MAY, 3 to SEPTEMBER 30 


■GALERIE TRIFF' 

OLD KILIMS 


L 6, Rue de VUniversite - 75007 PARIS - Tel. 260.22.60, 



GALERIE Ren£ DROUET 


104 Fg Saint-Honorfe, Pans 8* - Tel. 266.67.25 

James 

ENSOR 

paintings 

— until July 31, 1 985 — 


BASEL 


June - September 1985 

MAX ERNST 

LANDSCAPES 

GALERIE BEYELER 

Baumleingaaae 9. Basel 
Tel: 061/23 54 12 

Opening hours: Tues., Fri. 9-12, 14-18 & Sat. 9-13. 


LAUSANNE 


12* BIENNALE INTERNATIONALE 
DE LA TAPISSERIE 

MUSEE CANTONAL DES BEAUX-ARTS 
LAUSANNE 

DU 15 JUIN AU 16 SEPTEMBRE 1365 


M tetojan 

iipgfcBfO MCTn d, KM? h m it II n 

CmtMHMnjl*bTi0aaBK ^aioiih-uiih 
4 MMAWm 

Qt-aniuH 
u nnitfinw 


SCULPTURE 



TEXTRE 


"ART EXHIBITIONS” 
"ANTIQUES” 
"AUCTION SALES” 

appear 
on Saturday 


Write to: 

Frnnqoisc ClJzMENT. 
International 
Herald Tribune. 

181 iAve. Charies-de-GnuUe, 
92521 Nanny Cedes, France. 














•U«‘ 


i.lK 


NYSE Most Actives 


AT&T 

or 

GnFds 

Hosocd 

Unrro 

IBM 

PtillaEI 

AHtsn 

FK-nr 

NVNCX 

Exxon 

CmwE 

CGrtin 

BrllSou 


vra. 

Hwh LOW Last 

aw. 

dSfl44 

24% 

23% 




30% 

30* 




47* 

4Sto 

47V. 


14825 

82* 

72 



13932 

48* 

re* 

44* 

23% 

47ft 

+ % 

13496 119* 

118% 

119* 


13352 

16% 

15* 



132*6 

11811 

39% 

17% 

34% 

17 

37% 

+2* 

11491 

M% 

87% 



1M1V 

S3 

51% 

a 


113*5 

31% 

31% 

31% 


1107 

7 

4* 



,0927 

42% 

41ft 

42% 

+1% 


Dow Jones Averages 


Open HWl LOW LJBf CM. 


Indus 1397 27 133533 139179 1334.15 + 2462 

Trans 03761 45169 434J5 649.58 + 1244 

Util 14450 14731 15157 14435 + 35 

Coma 334.11 54740 5343# 54444 + VJC 


NYSE index 


Campos) la 

industrials 

Tramp- 

Utilities 

Finance 


HUM 

KA 


low aau Cum 
NA 10M8 + ix 

— 174.14 +143 

— 104JI3 + 125 

— 4053 +043 

— liLTi + un 


[Dow Jones Bond Averages 


Bands 

Utilities 

KMbKirlois 


ansa 

8001 

7743 

R51 


art» 
— 012 
— 018 
— 005 


NYSE Diaries 


Class 


Advanced 
Declined 
unchanoed 
Total Issues 
New nr ohs 
Now Lows 
Volume up 
V olume down 


wra 

551 

450 


134 

34 

2J74XS 

U79J10 


714 

823 

487 

3024 

120 

31 


Odd-Lot Trading ?n N.Y. 


June 20 
June 19 
June 18 
June 17 
Juno 14 


included In me tales ftoures 


Buy Soles 
164.335 391478 
209,511 429,963 
206239 431X2 
210743 400360 
1B9J74 38S230 


■Stiff 
I >454 
2,117 
1278 


1490 


Fridays 

MSE 

Closing 


VoL Of 4 PJH_ 


12&2HUI0B 
87JK8H i 


Prev.4PJH.vol.- 
Prw coowlldoled dose 13739460 


Tables include the nationwide prices 
up to the daslno on wall Street and 
do not reflect late trades elsewhere. 
Via The Assodaud Press 


Advanced 
Deed nod 
Uncfumoed 
Total issues 
now Hints# 
Now LOW* 

volume wo 

Volume down 


299 

217 

255 

781 


16 

84230.174 

244553® 


234 

284 

2S4 

772 

29 

11 


Composite 

indusmoU 

Finance 

imuronco 

Utilities 

Bonks 

Tronm 


close Ch'oo Asa aoo 
288.71 +1J4 287.95 341.11 
29440 + <40 29543 77274 
37443 + 1.10 331,71 249.10 
mas + i.W jjgji 349.10 
4 Ml 27*56 20&50 
+ 049 rei.B3 19447 


259.73-045 262.94 206.78 


Standard & Poor's Index 


i ndustr ials 

Tramp. 

Utilities 

Finance 

ComamlK 


HUh U>W Clue OlfN 
308.95 02540 20186 +3.13 
U7J7 IHm laTJU + 4J1 
3845 8&90 8845 + 1 J8 
23.13 2179 TUI- + 077 
18946 11643 18941 +288 


AMEX Sales 


4 P.M, volume 
prev. 4 PA volume 
Prev. cons, volume 


44X000 

7X0000 

rjooxo 


* ^ Kl'*’ 



• l*t- 


AMEX Stock index 1 


HIM 

236.03 


Law 

mu 


One 

29547 


arat 

+1* 


I® 1 ’* -I h 

ilrl ’" 1 ' 


12 Month 
HWl Low 


SSL Close ,. 

Div. Yld. PE IHfcHlon Low QUOt. OlM 


48 


23Vj M AAR 
II* 9% AGS 

21 Vi in. AMF 40 

48 Vh 24W AMR 

?2to IBM AMR of UK 

Mto 74. A PL 

61ft *4% ASA 240- 

27 12% AVX 42 


24 14 16 IBM 184s 18% + VS 

12 155 14H 1» M + * 
73 56 1443 18% 18% 18% 

10 3033 45V. 44% 45VS + VS 
97 22 22% 22% 22% + ft 

10 8% B% »%— % 

44 221 X 49% SB + % 

15 10 XI 13% 12% 13 + % 

27 14 AZP 172 102 B 705 27 86% 28* 

57% 36% AW LOU 140 15 17 3086 57% 56% 57% + % 

25% 17% ActnWd sJO U 17 70 22VS 22% 22V6 — % 

24% 12% AoneC A0 16 

- - l .reel 1.1 

J2 1.9 7 
43,47 .8 

.12 14 

12 

244 S3 34 
&79el05 
140 15 14 


140 

40 


1920104 


17% 15 AOoEx 
X ms AdmMI 
19% 8% AdvSvs 

41% 22’+ AMO 
12% 4% AOVMl 

u% 9 Aornex 
47 27% AefnLt 

57% 52% AetLef 
37% 17% Alums 
3% 2% Alleen 

54 38% AlrPrd 

24% 13 AirbFrt 
2 1 AUAOOS 

28* 21 AloP Pi 
33% 26% AloP pt A 192 111 
8VS 6W AJoPdPt 47 11.1 
82 6114 AloP pf 940 114 

85 Vs 63V* AJoPpf 944 114 
74 57 AloP Pi 8.14 114 

71 54 AloPpt 848 114 

14V* 11% Mono 1JH 64 
2$U 9to AUkAIr .16 
18% M7s Alortos JB 
33% 23% Albtsns 
31% 23% AJcmi 
37V* 27V* AlcoStd 
X 17 AlexAU IJ» 

MV* 20% Ale* Or 
89V, 72% AllgCe 
28% ts% AlDlnr 


24 12 
34 H 


181 15% 15*6 15% + % 
45 17% 17 17% + % 

31 17 16% 17 +9* 

X 11% 11% 11%— % 
3961 24% 23% 24% + ft 
97 8% 8% BV* 

146 12% 12V> 12% 

455D 46% 45% 46% + % 
22 55% 55 0%— % 

838 35 34 34%—]% 

1 3 3 3 + V* 

517 54 53* 54 + % 

X 20V* 19% 20 
75 1% 1% 1% + Da 

618 a 27% 27% — % 
St 32% 32% 32%— % 
31 0 7% 7ft— % 

14602 7V 79 79 
6te« 82V* B7VJ— 1W 
300z 73 73 a +1 

4201 70% 69 78% + % 

21 15% 15% 15% + % 
273 23% 22ft 23V* 

142 17% 16% 17% + ft 
672 32 31% 33 + % 

44 12 15*0 25% 24% 25% + % 
34 12 49 35% 3*% 34ft— % 

34 293 29% 29% 29ft— V* 

21 123 23% 33V. 23%— % 

24AI 15 25 16 81% 88% 81 

IX 6.1 253 23% 22% 23% + % 


Ji 

140 

IX 


_ 9 
.7 10 
24 20 
24 13 


98 81% AtBl OK1 11 45 114 13 97% 97% 97% + V* 

34% 24% AUuPn, 270 50 10 1849 33ft 33ft 33% 


212 34 


144 

IX 

X 


64 9 


20ft 15% AlleoG 40b 34 14 
46% 28V. AII.JCP 140 43 8 
66 53ft AldCfl Pt 644 HU 
113% 99 AldCppfl200 104 
106% 100% AJdCPl 12410124 
23% 15* Alls* Pd 
59Vi *0% AlkJStr 
12ft 5ft AlltsCh 
34ft 24 AllsCpt 
28ft 20 ALLTL 
39% 29% Alcoa 
22* 14% Amm 
40 32V* Amm pt 340 

34 22% Am Has 1.10 

jL IU AmApr 
21V* 15% ABokr 
78 52ft A Brand 3.90 
29% 24% ABrdpf 245 
70% SB ABrdPl 247 
115 XI* ABdest 140 
26% 19% ABMM M 
271* 20* ABusPr 44 
58% 40% AmCon 2.90 
25% 211* AConpf 2J» 114 
51 37 A Can pt 340 64 

114 IX ACan pt 13.75 12-1 
20ft 16% A COP CM 240 104 
30ft 25% ACOPCV 251 r 87 
II 4ft ACentC 209 

56% 43% ACvon 
27V* 18% ADT 


219 10ft 1B% Iff*— U 
8773 42 41% 41H— % 

SO 64ft 64% 64ft + % 
12 111 110% 110% + ft 

1 102V- 1021* 1021* 

24 17ft 17% 17ft + ft 

2456 54% 55% 55ft 

IX 5ft 5ft 5%+ft 
10 MS 34% 34ft + % 

_ . X 27% 27 27 — % 

34 17 1702 33% 32% 33% +1 

IJ 1613 15 14ft 14ft 

84 4 33% 33% 33% — ft 

35 X 3389 27ft 26ft 27ft + ft 

72 1% Ift 1% 

9 X 21 20% 20% 

19 9 876 66 64ft 64 

9 A 134 29% 28ft 29% + % 

1 66 % 66 % 66 % — % 
373 113 112ft 112ft + ft 
89 27 26ft 26ft + ft 

7 24 % 24 24% + ft 

480 58% 58 58% + ft 

2 25 X X 

6 50% 50ft 50ft + ft 

12 114 113ft 114 + ft 

X 20% 20V* 20% 

20 29% 28ft 28ft — ft 

10 8ft 8% Bft 


14 17 

3JJ 1* 

24 14 
4.9 12 


1.90 19 12 3675 48% 48 48ft + ft 

22 AM 23 144 23% 22ft 23% + % 

24V* 16ft AElPw 126a 94 9 3245 23ft XV* 23ft 

47ft 25 AmExp IX 27 16 9091 47ft 46ft 47ft +11% 

22% 9% AFaml S .48 2J 14 5B7 20ft HI 30’* + ft 

351* l*ft AGnCP IX 2.9 10 2M> 341* 33*% 34% + ft 

15ft 6% AGnl wt 61 13ft 13% 13%— V* 

55% 51ft AGnl pfA 624e1 14 197 55 54% 54ft + ft 

96V* 58% AGnl pfB 5J7e 63 18 92V* 91V* 92V* 

75ft 44% AGnlpt 335 44 I 73V* 73ft 73ft +1% 

71% 40% AGn pfD 244 3.9 151 68ft 67% 68ft + % 

10ft 7ft AHolsI 120 10 9ft 10 

66ft 40% A Home 2X 44 13 1950 62ft 62% 42ft + ft 

ID 1213291 XV* 34ft 37 +2ft 

6J 9 5619 MV* 92ft 96ft +3ft 

J U 779 85 84ft 85 + ft 

4.1 10141 139ft Ml —1ft 

2.9 12 6183 25% 24ft 25% + % 
1170 3 2ft 3 

4 234 19 18% 19 + ft 

6 X 7ft 7% 7% + % 

25 14V* 14 14ft 

9 XI lift lift 11% + % 


X 26% A Hasp 1.12 
93ft 64% Am rich 640 
87% 52 AlnGrp 44 
144 112V* AIGnpf 545 
28ft 18ft AMI 72 
5ft 2ft AmMet 
X 16ft APrwd s .121 
13ft 5 ASLFIa 
18V* 12% ASLFIpf 2.19 155 
16 10ft ASJllP X 68 


35ft 23V* AmStd IX 5.1 ID 772 31ft 29% 31V* +lft 

66 27% Amstor M .9 12 1108 67ft 65% 67ft +1ft 

76ft 46ft AStrnfA 4J0 58 31 76ft 75% 76 — ft 

57% X ASfrplB 680 128 25 57 56ft 56ft— ft 

24ft 15ft AT&T IX 49 1865844 24ft 23ft 24ft + ft 


41ft Xft AT&T pi 164 
42 31ft AT&T Pt 37* 
27% ISft AWatr s IX 


12ft VS^ A Wat pf IX 108 


20ft m* Am Hall 240 109 
71ft 55% ATrPr 544 7J 
17 4ft ATrSe 
86 ft 60% ATrUn 544 64 
M 26ft Ameran IX 47 


X 22ft AmasDs x 

29ft 22ft Ametek X 34 12 


153* 41V* 40ft 41 — % 

540 41ft 41ft 41ft + % 

8 212 24% Xft 24%—% 
200* 12ft 11% 12ft + % 

9 97 22ft 21% 22 + % 

87 71V* 70% 71ft +1 

235 16 15ft 16 + ft 

5 87 86% 87 +11* 

8 13 34ft 34 

73 1097 48ft 48 


27ft 18ft Am lac 
16 6 V'j Amfesc 
69 50% Amoco 

MV* 26V, AMP 
24 11% Amoco 

20% 12ft Am rep » 
34ft 20% Am sib 
43ft 25ft Aimtod 
4% 1ft Anaane 
Ml* 16% Anton* 
30% 19% Anchor 



42ft 25% AnClar 


ITU 9ft AnarGr 
34ft 17 Anatrilc X 
31ft 20% AntMUSP 
65ft 47ft AnneuPt 3 X 
19% 13ft AnlxtT X 
16% Bft Anthem JM 
15% 10ft Anrtmv 
13 9% Apache 


952 24ft 23 

214 27ft 27% 

4 9 tPtm 6!l 

3Xb 54 8 4466 60% 59ft 60% +lft 

71 24 18 3146 38ft 29ft 30% + % 

25 16 46 12 11% 12 + ft 

8 18% 18% 18% 

H 34ft 34ft 34ft— ft 

257 41% 40% 41% +lft 

3061 2% 2ft 2ft + ft 

497 20ft 19% 20V* +1 

266 26% 2Sft 26ft + ft 

48 37% 37ft 37% + ft 

9 lift lift lift 

39 23ft 23ft 23ft + ft 

31% 


9 

41 « 
3.9 14 


18 

57 

15 X 
18 15 
26 13 

13 7214 32ft 


54 

15 16 
4 13 
44015 8 
X 27 10 


32ft + ft 


402 66ft 66 66ft +1% 
41 15 14% Ml*— ft 


2% ft AoctiPwl 
19** ISft APCftP UH2.10 11.1 

72 SSft ApPw pf 0.12 114 

34 27V. ApPwpf 4.11 123 

31 26 ApPwpf 3X I2J 

39V* 17% ApIDta 1 J6t 55 It 
15 B AnlMo 
23ft 15ft ArctiDn 
30ft 23ft ArtP pf 


m 

il 

181 

35 

300 


10% 10ft 10% + ft 
12ft 12% 12% — ft 
10ft 10% 10% 

1% 1ft 1% 

19ft 19 l« 

300* 71 71 71 —1 

t 34ft 34ft 34ft + ft 
4 31% 31 31% + % 

627 33ft 33 X 
167 13ft 13 U 
,14b 6 15 3095 22% Xft 22% 
3X12.1 14 Xft 29ft 29V* — ft 


102 79 AHPpf 1070 108 I10s99ft 99V* 99V* 

23ft 14 ArkBif X 18 8 59 21ft 21% 2I%— % 

24% 16 AHUO IX 5.9 18 1213 18ft 18% ISft— ft 

ft % ArinRI 261 -* ft ft— ft 

12% Ills Armada T lift lift lift— VS 

15% t% Armen 742 BV* Oft Bto 

24% 15ft Armcpf 2.10 1(U 8 20% 20ft 20% + % 

24V, ls% ArmsRO M 2.9 7 103 16ft 16ft 16ft + ft 

391* 23% ArmWIn 1J0 34638 1159 38V* 38 M% 

36 29'* ArmWpf 375 107 100:35 35 35 —1* 

34'.* 19 AtoCp IX 4.1 7 37 29% 28% 29 — % 

25% 12*S ArowE X 18 * 5 12% 12% 12% — ft 

38‘i 16 Artra X .7 149 59 X 29% 29ft + ft 

23ft 14ft Arvfn i X 19 8 “ ““ 

27% 17ft Avar cn 
33% 20% AlhlOll IX 48 

44% 33ft AafliO pf 4X 105 

4J'* 31«* Audio Pt 3.96 9J 

38 11 
4J 

7J 10 
&9 10 


46 AMDG 2X 
IIP 78 AsdOpf A 75 
24% 18ft Alhlone IX 
29% 20ft AfCvEI 258 
*4% 4P1i All Rich _1 
X XV* AHRcpf ITS 
IB 97 AURcpf 2X 
181* 10V* AllosCp 
32V, 18% Auual AD 
49 37*« A moot 

5 4% Avalon n 

29ft 15ft AVETIK 
39ft 24V ■ A verv 
ISft 10 Avloll n 
41 2~ Avne, 

SSft 17ft Avon 
30ft !#'• a yam 


305 21ft 20ft 201*— ft 
764 23ft 22ft 33V, + % 
480 33% 33 13ft — VS 
10 43% ejft 42»— 1ft 
8 43 43V* 42% — % 

247 68% 67 68% +lft 

35 MOV* 108% 110 +2 

4 211* 21ft 21ft— ft 
157 2+1 28ft 28ft— ft 


ADO 6.9 27 5080 57ft $71, 57ft + ft 


X 


2.00 


120: X 38 38 —1 

2 136ft 136V* 136V* + ft 
11* 10% HA* 16ft— % 

122 27% 211* 22% +1ft 

770 49% 48ft 49V, +1 

27 4% 4ft 4% 

37 28ft 28ft 28ft 

521 37 31ft 31ft— ft 

8 82 14 13ft 14 + ft 

18 15 432 27ft 27ft 27ft + V* 

98 10 4549 20% Xft 20% + ft 

II 318 In’* 16% 16** + V* 


18 19 
U 21 

I 

£1 14 
I.* 13 


18% 

10 BMC 



35% 

20 Balrrec j 

X 

1.7 

20% 

IS Bhrlnil 

.re 


74W 

2% 

10% Bofaor 
% viBaldU 

36 

16 

»% 

TOW Danes 

IX 


re* 

13% 

11% BallyMI 
7% BallvPfc 

.20 

IJ 

46% 

31% BaltOE 

360 

7J 

*4' a 

TV. Bolt pIB 

450 

97 

34% 

5% 

21% BncOne 
3'. Ban Tax 

1.10 

3J 


33 IK* 10% 10% 
118 301* 30% 30% 


A? 43ft Banctoa IX 28 12 

53% X BkBm 2.40 4^4 6 

S3'. *1 DABoipf A.«le 9J 

55 4V DkNEOP643el08 

46ft 14% BkNY 2.04 48 7 

31ft 16 BnkVai 1.12 3* IB _ _ 

22% 14'* BnkAm IX 8.1 10 4529 19 

47 40 DkAmnt 5.13C12J 492 42 

T 6ft to BVAmplU7llll 

16V* 11% Bk Am pf 2X 
Xft 23** BkARIv 7.AJ 68 12 
75ft 35 BankTr 2J0 19 7 

27 19ft Bi.Tr of 2X 94 
13 P* Bonner 83e 3 16 
X% 19 Bard .44 IJ 14 1601 

241* II Barn Go X 34 10 


41ft 3! Barnet* IX 
33ft IT BarvWr 40 
13ft 8% BASIX .121 
Bft 18ft Bowen .78 
18'* 11% BulTr JT 
251* 17ft BovFto X 
34% 22V1 BarSlG 240 
38% 29% Bearlno IX 
33 24% BeofCO IX 

60% 46>* Brat Pi MB 
15ft 12 Becor 44 
53% 36% BecfnD IX 

Bft 4 Baker 
II 6% Beherpt 1.70 23.1 
17ft 12ft BAIdnM .40 11 I 
SSft 22% BcIHwl X U 11 
35 22 BWHwpf 47 1.9 


101 19ft |«l* 19ft + v* 

745 1ft 1ft 1ft + ft 

150 S5V* 55 55V, 

739 16ft 16% 16ft— % 

190 10ft 10V, 10% + % 

689 46V* 44% 46V* + V* 

100: 451* 4SV* 45V] — ft 

151 33% 32% 33% + V. 

103 3ft 3U 3ft 

18 OTV SSft 58ft— ft 
995* 54** 53ft set* +1ft 
27 51ft 51ft Sift 

10 54l„ 54V* 54V* + ft 

XI 45ft 44% 451*— ft 

261 31ft 11 31% 

18ft 18% — W 

41V* 41ft— ft 
1 *7 67 47 — ft 

66 15ft 15V* 15% 

21 31 30V, 30V* — ft 

494 69% 69 49 — % 

490 24% MV* 24Vi— % 

62 12 11% 12 

34 21ft 3Jft +2% 
22V* 22% 22ft + % 


AX 7J 


32 14 13 


93V* 67ft Be 1 1AM 
X 22ft BCE 0 
77% ion Beuind 

42ft 27% BallSou 
57 4iv* Beta+H 
X 21ft Semis 
45 1 1 24 BcntCo 
Xft 30% UenelBf *30 118 
22ft 17 Benef of 2 X 11.4 
19ft 17% Benoain 
6'* J - BanotB 87| 

8 3ft Berkev 76 

l$ft 10ft Best Pit 34 18 34 

"1ft 14% BeRlStt JO 2 A 

49ft jn, DcthStPfjX 12J 

21% 18ft BeftStnlSX 122 

37 23v* Bevcrir 32 .9 20 

2»ft 19ft BieTlw X W 17 

23 IJl* Btocfln IS 

Xft I7V-. BtockG M ' 

Xft X% BIckHP 1.92 


2 3 *36 39V* 27ft 38ft ♦ ft 

3J 12 142 11% 17V* 18% + % 

18 12 140 T2V, lift 12', + % 

28 18 1134 31ft m. 31% 

2J 66 9672 16% 14% ISft — % 

* 43 100 23ft 23% 23' 4 + ft 

78 10 18 34ft 34% 341* 

28 12 » 35% 15ft 351* 

58 6 6791 31ft 30ft 31 + ft 

&S U S69j s*t* ml, _ V, 

32 S3 836 13% 11V* lift + % 

28 IS IS12 54ft 53ft S4ft + ft 

215 4% 4ft 4% + V* 

52 7ft Vi. 7ft _ ft 

11 13< ■ 1] 13 

157 30 34ft 34% — ft 

1 34ft 34ft 34!; 

6466 92ft 91ft 92ft +1V6 

14 32V, lift 33% 

. HU left 19% 19% — % 

180 66 10 10927 42ft 41% 42ft +lft 

X M 27 136 SSft 55% 53% + ft 

IX 34 II 7? 29ft 29% »ft + % 

2X 4.7 11 614 411* 42ft 43 + V* 

» 39 38<m X + l* 

H*ta U 32 33 +1 

46 19ft 18% 18% — V* 

45 4% 4ft 4ft — ft 

137 7 6% Aft 

990 13ft 13 13ft + ft 
4827 16V* 16% 1#V>| + % 
64 Xft 40ft 40*i + % 
422 20'-: 20V* 201* + W 
774 1S% 35ft 35ft — % 
543 !4‘* 31ft Bft- ft 
64 2Il» Xft 21 — ft 

38 11 1878 1+* 19% 19ft— V* 
5.9 9 149 32% M% 12ft 


*0 14% BlfllrJn 86 38109 153 31ft 21ft 31ft + ft 

Sift Ml* Bid HR 2.40 4J 14 107 56ft 56 56 — V* 

47 77% Bar tops IX 15 18 4393 441* 41% AX*— ft 

49 321* BofteC 1.90 4.1 19 1304 4*64 48% 461* + ft 

61 4A fioMeC W5M 88 96 58'* 57ft 51 — % 

29ft 15ft BollBer ,10 A 36 67 34ft 23** 24ft + % 

X re Boraen | IX 19 11 1067 38ft 37% 38% +lft 

347* 16ft BaraWa .93 AD 10 1767 23 23ft 22 + ft 

ftft 4% Bormns 14 43 T* 7ft 7ft 4- % 

43 S'* braCd 124 7.6 B m 42-* 42ft 42% + V* 

■3 63 BmEpf 8X 1BJ 70i 81% 81% Blft— 1% 


Dow Average Jumps 24 Points 


. United Press International 

NEW YORK — Prices were up sharply at the 
dose of the New York Slock Exchange Friday 
in active trading. 

The Dow Jones industrial average, which 
gained 2J5 Thursday, gained 24.42 to 1,324.15. 

Advances led declines by a 5-3 margin among 
the 2,002 issues crossing the NYSE tape at 4 
P.M. Big Board volume amounted to about 
104,660,900 shares, compared with S7.SOO.OOO 
in the same period Thursday. 

Prices were higher in moderate trading of 
American Stock Exchange issues. 

Despite the sharply higher Dow Jones indus- 
trial average, analysts said Friday's action was 
not “overly significant." 

A sharply higher General Foods stock, up 
I0V* to S 144, inflated the Dow. said Philip Er- 
langer, an analyst with Ad vest. He said the 
market is not advancing as broadly as the Dow 
suggests. 

The expiration of stock-index futures and 
options contracts Friday is also likely to create 
activity atypical of most trading days, analysts 
said. 

"This is a strange day because or option 
expirations and with a lot of artificial trading 
programs unwinding, you are going to get some 
weird short-term action," Mr. Erlanger said 

Newton Zinder of E.F. Hutton said the mar- 
ket is in a consolidation phase after its advance 
in May and early June. He said this stage would 
be followed by another “upleg". but that mean- 
while trading "could be erratic." 

“The options expiration coinciding with the 


expiring stock index futures contracts makes 
this sort of a crazy day," said Eldon Grimm of 
Birr Wilson Co. He sard that although the move 
up is encouraging, "so many things happening 
at once that you can't necessarily say it's a 
trend" 

United Technologies was near the top of the 
active list and slightly higher. Santa Fe South- 
ern Pacific advanced, also in active trading. 

AT&T. Bell South and Commonwealth Edi- 
son were higher. 

RCA moved up on the view that following its- 
sale of Hertz Corp.. the company is a takeover 

ta ^Fechnology stocks recouped some ground 
LBM was up modestly. Digital Equipment ad- 
vanced. Cray Research, Data General and Hon- 
eywell were also up. 

Semiconductor issues fared welL After ad- 
vancing 3H over the previous two sessions, 
Texas Instruments was firmer. Advanced Micro 
Devices and National Semiconductor were up 
modestly. 

CBS luc. was up after the Securities and 
Exchange Commission Friday declared media 
entrepreneur Ted Turner's S5.4-b01ion bid to 
buy CBS to be effective. 

Occidental Petroleum was up slightly. 

General Motors was up modestly. Minnesota 
Mining & Manufacturing was off fractionally. 
Cooper Tire & Rubber Co. was higher. 

On the Amex, active issues included BAT. 
Industries, Consol Stores and Wang Laborato- 
ries Class B followed 


12 Month 
HWl Low 


Stock 


SbL Close 

Olw. Ytd. PE 1006 High Low Quot.ChllO 


12 Month 
H blft Low 


Stock 


Sift ClOM 

Dty.Yld.PE IflOiHtoh Low QuoL Qitoe 


29 


9 BOSE nr 

1.17 1IU 


a 

11 

11 

11 

+ 

* 

WT71 

10ft fkwEpr 

IX 106 


7 

13% 

13% 

l.TV, 



ft 

IS H 

14% Banatr 

32 3.1 

8 

509 

21 

72* 

23 




25% BrlpSt 

IX 57 

11 

214 

re* 

37* 

28* 



17* 

43% BrlstM 

IX il 

17 

7431 

61% 

<0* 

61ft 



46* 

31% BrllPI 

IXe 46 

7 


27W 

26% 

27ft 

+ 


36 

23 BrtT2pp 



9 

23* 

22% 

22% 

— 

ft 

19 


5ft 1ft Brack 
24ft 15% Srckwv |J3 55 23 

40ft 28 BkyUG 3.12 73 8 

37% 29 BkUG Pf 195 118 

26% 11 BwnSh 73 S 9 

29% 22% BrwnGp IX 48 19 

50% 26ft BrwnF IX 78 17 

40% 27V* Bmswk IX 28 8 

40ft 27% BrshWI 82 19 14 

19ft 13ft Burnt* X 45 9 

20 15ft BunkrH 2.16 11.1 

2U* 14% BurlnCr 12 

28% 23 Burllnd 184 64 /T 

59ft 35 BrlNftl 141 U I 

7ft 6V* BrlNOPf 85 &0 
22ft 19 BrINpf 2.12 94 

51% 44ft BHNpf SJiOllXI 

18% 11 Bumf* M X9 12 

66ft 48% Burrotl 

20ft 13ft Butirln 

7ft r% Buttos 
15 3ft Buies of 1X1 


93 3ft 3ft 3ft— ft 
463 24% 23% 24ft + % 
52 40ft 40ft 40% 

12 35% 35V* 35% 

M 21% 20% 21% + ft 
256 27% 28% 29% +1% 
697 49ft 48V* 49ft + ft 

744 36ft 35% 34ft — ft 

311 30 29V* 213 

10 ISft T7ft 17ft 

32 19ft 19% 19ft + ft 

92 16ft 16ft 16ft— ft 

298 25% 25% 25ft + ft 

3097 62ft S9ft 62ft 40ft 
5 6ft 6ft 6ft 
1 22ft 22ft 27V* 

666 51 50% 50% — ft 

_ 157 lift lift 11% + ft 

160 48 10 2906 S7% 55ft 57 +1 

82 27 98 258 20ft 19ft 19ft— ft 
71 2 1ft 2 

34 4ft 4% 4% 


1400 61 11 362 23% 22ft 22ft— % 
118% 121 




98 


48 9 


IX 32 


38 


25B 18 
.12 .9 


AO 

■16f 

280 

48 


32 13 


12 Bft C 

57% 27 CIGNA 
32% 23ft CIGnf 
51% 50ft CIGpf 
7ft 2% CLC 
54 21ft CNA Fn 
lift lift CNAI 
45 35ft CPC lilt 220 
23 Va 14ft CPNH IX 
22ft 19ft CRIIMI 207e 
27ft 18ft CSX 1.16 

£ 2 d& - 

14ft 8% Coenr 
25 lift CfllFod 48 
53ft 32% COlFdpf 4.75 
20ft 13ft COllhn 
17ft lift commi 
26ft 15% CRLko 
7ft 3 CmpRo 
76ft 56% COmSp 
15ft 9ft CdPoci _ 

22% 14% CtmPEo X 
228ft 150% COPCIIs X 
27ft ISft COP+tds 37 — 
109ft 1001* CO PH Pf 10878 98 
Mft 10 Carina B X 
40% 77ft Carlisle IX 3.1 10 
26% 15ft Cara FT X 13 11 
29ft 19% CarPW 280 68 8 
25ft 19ft CorPpf 247 10.9 
48 35ft CarTtC 210 57 9 
lift 7ft Carrol X 8 12 
45ft 33ft ConPIr IX 28 9 
30ft 18% CartHw IX 43 10 
40ft 20V* CartWI X IJ 14 
18ft 9ft CtracNG TX 64 9 

16ft 9ft COSlICk 
29 15% CstiCpf lXk 

40% 28ft COtraT 80 18 
27% 16 Ceca .76 12 12 
115V* 62% Celaoae 440 19 10 
44% 34 Colon pf 480 108 
15 7ft Censvn Me 4 23 
44ft 33% onto! 2X 54 10 
26ft 17 Canton n 12 

26V* 17ft Con SoW 283 78 I 
29% 17ft CeflHud 284 94 7 
26ft 20% CMudPf 287O10.9 
20% 14ft Oil IPS 144 B.1 10 
27% 17ft CflLaEI 2X 7.7 7 
36ft 29ft CLaEI Pf 4.18 118 
12ft 8% CeMPw IX 11.1 6 

Xft 13 CV1PS 1.90 94 6 

12ft 2ft CentrDt 
m* 7% CnfrvTI 
23V* 18% CenvNI 
28ft 15% erf-toed 
34ft 16ft CetSAlr 
24% 16ft CUmpIn 
27ft 19 OhtiI pf IX 4J 

54V* 43V* dimrot 440 07 

10 8 ChamSa 40 aa 13 

4V* 1 wlChrtC 

4i« 1ft vIChrtpf 
41 35ft Chose ID U I 
48V* 36ft chase pf SX 11.1 
56% 48 Chase Pt 64Ve)20 
57ft SI Chasa Pfl240e234 
21ft 15% Chelsaa -72 34 B 

34'.« 24ft Chenwd IX 5.1 14 

43 ’■* 23V* ChmNY 248 U 6 

O 24 ChNYpf IX 47 

56ft 48 ChNYof 4890 03 

39ft 11% ChtWk 184 17 

38% 3iv* chesPn 
J7ft 29% Chevm 
30% 16V* CNWst 
2S0 127 ChIMJw 

BOV. 53ft ChlMIpf 
16ft ChlPnT 
12 7U ChkFull 
54 26ft Ctn-lsCr 
lift 10% ChCflof IX 
13ft 5 Chrlstn 
13Ti W* Chroma 
54 42 Chrm Pt 

38ft 23% Ctwvslr IX 
741* 34% Chubb* 270 
50% Chubopf 485 
12ft Church* m 
27 19ft CllCOrp 2X 
49ft 35V* ClnBell 
!Bft 9ft ClnGE 
24 ClnGpt 
SO ClnGPf 
» ClrtGpf 
50 ClnGPf 
ISft CMMII 
23v* arOK 
16% ClrOtv 
14% Circus 
27V* Clllcrp 


3X 25 21 2338 121 118% 121 +2% 

IX |J 3 82% 82% 82% +2 

* 9 28 5% 5ft 5ft— ft 

IX 122 lOx 10% ia% 10% - ft 
240 48 71 180 58V* 56ft 58ft +lft 

27588 2B2 32V*31%B +W 

4.10 7.9 791 52% 51ft 52V* + ft 

135 2ft 2V* 2ft 
17 528 SAW 52ft Mft +3ft 

IX 109 11 Tift lift lift* ft 

ff '! ’S & 4Hf 

6,1 9 480 23V* Xft 23V* 

254 22 21% 21ft + ft 




39 32ft 31ft .... 

90 61 Bft 7ft 8ft + ft 

9 297 26% 26W 26ft + ft 
id 1605 Mft 14ft 14ft 
8 2356 23V* 22 22ft— ft 


26 

98 

6.3 

159 

946 


X 74 8 
240 118 9 

JO 28 13 
.40 18 19 
“ 17 


51W SOW 51 — ft 
17ft 16ft 16ft + ft 
13 13 13 — ft 

21ft 20ft 21ft + ft 
3ft 3ft Oft 
. 79 Mft 78ft +3 

514 15ft ISft 15% 

28 21ft 71ft 21ft— ft 
302 226 218 225% +7% 
38 10 1259 23% 22ft 23% + ft 
60 189ft 109ft 109ft— ft 
21 lift II II — ft 
96 33V* 33ft 33% — ft 
165 23% 23ft 23ft + ft 
2962 29% 28ft 29ft + ft 
2 24ft 24V* 24ft— ft 
IX 37 36 36% + ft 

80 Bft 8% 8%— ft 

7> 46ft 46ft 46%—% 
191 28ft 27ft 28% + ft 
290 40ft 39ft 39ft— ft 
IX 18ft 18 ISft + Va 
773 10ft 10% 10% 

30 231* Z3% Xft — ft 
2729 33ft Xft 33ft + ft 
M 24 24 24 

851 112 108ft 112 +3V* 

1 43 43 43 

266 8% Bft Bft 

S» 44ft 41% 44ft + ft 
154 2SW 25 25ft 

1927 26 25ft 26 
209 29V* 29ft 29ft + ft 
630 26ft 26% 26% + % 
465 20% 2DV* 20% + ft 
98 27% 27 27ft 
7 37 Mft 36ft + ft 
364 12% 12W 12ft 

60 20ft 20ft 20% 

07 Zft 2% 21* 

619 10ft 10V* 10% + ft 
24 20ft 20% 20% 

106 28 27V* 27W 

417 22ft 21ft 22 — % 
1875 73 22V* 22ft + ft 

2 25% 25% 2S% + % 
49 Xft 52% X — ft 

400 9% Oft 9ft + ft 

96 2% 2ft 2% + ft 

47 2ft 2ft Zft— ft 
70S 59% 58ft 59% +1% 
136 47% 47 47ft— % 

98 54 5JW 54 + % 

182 52% 52% 52ft + ft 
16 20 19% 20 +16 

10 29ft 29ft 29ft— ft 
1096 40 39V* 40 + % 

3 39ft 39ft 39ft 

350 55 54 ft 55 — ft 

61 34ft 31ft 33ft— ft 

1645 33ft 32 32ft— ft 


Xe 8 8 
■331 48206 


9.1 


171 


34'- 

72% 

58 


28 3 
2.9 17 
78 

25 IS 
IJ 10 
&4 ■ 

7 


112 

2.16 12.1 
AM 12J 
9X 138 
7.64 138 
9X 138 
X 17 22 
.74 2.1 14 
X J 13 
IS 

286 68 


48V* CIIIcp Pf 7.72* 98 


280 6.2 ... 

140 68 8 6751 36ft Mft 36ft + ft 
SO OH 19ft 19 I9ft + to 
64 33 132% 131 131% —11* 

20 64% 64ft 64ft— to 

25 Mft 25ft 26ft + V, 

13 8ft 8% 8W— to 

17 9% 52 52 — to 

1 MW 11 11 — W 

29 11 10% 10% — W 

580 10% 10ft 10% 

2 50% 50% 50% + W 

3532 35% 341* 35% + ft 

826 75 71 75 +4ft 

90 61 60 61 + ft 

357 17% 17V* 17% + % 

153 26% 26V* 26ft— ft 

18 49 48% 49 + % 

1081 18ft 17% 17ft — I* 

AMte 32V* 32V* 32ft— Ift 

Ml 71ft 71 W 71ft + ft 

2002 SO 57V. X%— % 

370* 74 73 73 —1 

949 19ft 18ft 19V* + ft 

276 35ft 34% 341* + ft 

400 24 23% 23% — % 

30 27% 27ft 27W 

3829 47 46% 47 

281 79 78% 7Bft 

244 35% 35% 15% + ft 
65 8W Bft Bft 

4M 28ft 27 38 — 1* 

291 79% Mft 29% + % 
IS 11% Mft 11% + % 
101 19% 19% 19V*— ft 
664 22W 22W 22ft 
IX lift 11 W 11 W— ft 
H 17V* 17 17% — ft 

40 16 15% 16 

810 37 35% 37 +1W 

195 WV* 24% 24%— ft 
380 31 23% 34 + ft 

8 31ft 21 Ziv* + ft 
. 270 law 13 13ft + ft 
IJ 12 1217 32% 31% 32ft + ft 

28 10 54 53ft 53ft— ft 

3A 3 54 S3W 54 

62 14 4899 69% 63% 69% +1'* 

3000 16ft 15% 16ft + 4* 

IX 38 19 101 31ft 30ft 31ft + % 

27% 20V* ColoPol 130 48 35 73*4 36% 26ft 36ft _ i* 

X% 14ft Col Aik s 84 25 8 460 2111 21F6 211* +11* 
73 11% ColFdl* .16 3 17 1448*23% X S’.* + % 

59V* 24ft Col Pen 1.40 5.1 9 60 27ft It 27% + ft 

63'* 39% Coltl no 2JD 48 10 — " - 

35 26% ColGCS 3.18 9.9 

S3 45ft COIGspI 5J9e1l8 

28'.* XW CSODf X4S 

» 1S1* csopf 242 11.1 

108V* Mft C50Pfo15X 14.1 

49V* 2 ?■« Comb In 2.16 66 9 

17** 2S% CrrttjEn 184 SJS 12 
X U 9 
M U 13 
3 


29% 

33 

16 

5S'f 


760c 
J2 l» 7 
.10 j4 46 
1.10 38 22 
12 

ix 5.1 a 

2X 11J 6 
X 5J 


43V. 33% Cllvlnv 

9% 6ft Cloolr 

5% ClolrSt 
23% CiarkE 
7 CTavHin 
17 CIvCH 
Xft 14% CtovEI 
16ft 10 Clewpk 
17V 13% CtVFkPf 223 128 

19 14% Clvpkpf IX 118 

»% 221* Cioro* 1J6 17 12 

25 14% ClubMn 

34ft 24 ClueflP 
21V* 16 ciuolpf 
21ft 12ft Coochm 
36% 15% COOSH 9 
60V* 34ft Clll pf 
U 241ft COlpf 
72 Vi 56V* CocoCI 
T9W 9H Catoca 
35W Colemn 


.iod a n 

IJ® 19 U 
IX 4J 
AO 38 13 
80 
1.19 

ua 

2.96 


8 CamdJi 
lift ComMM 
33% Bft conufre 
31% 22V 4 DIME 
31% X% CwE M 
18% 13 CwE Pf 
18% 13ft CwE Pi 
24% 18% CwEol 
34ft XT* CwEpf 
16% Mft Cwe Pf 
45% 46 CwE Pf 
79% 17% ComES 


3X 9 a 
183 4 J 
1.90 117 

ax IV 
2J7 9.9 
187 10.9 
&40 118 
7J4 11.1 
2J2 7.9 


341 « 61'.* 62% +1% 

820 X 31% 32 + % 

12 46ft 46' 3 46V* + ft 
i 27% 77% 27% — V* 
5 21% 21 21% +V„ 

2103108 1M 108 + V* 

148 47 46% 47 

802 33V* 22% 35% + H 
XI 13ft 12> 13% - ft 
39 ISV* 15% 15% + V* 
1258 7ft 8% 8%-ft 
711345 31% 31% 31% + % 
I 31ft 31V* Jlft 
19S IBW 17V* 17% — U 
38 18% 18% 18% 

5 24 24 24 

21 M% 36% 36%- ft 
IQOOx 74 74 74 — 2% 

17200: 65% Mi 65 Zft 
I 171 29% 29 29% 


IX 


Comp5c 


M 


22% ConAOS 
13% CmwE 
30 19Va ClinnlG 
15V* 10% Conroe 
37V* 24% CoraGd 140 
47 35 ConEPf 665 


87 

IX 

140 

X 


48 
14 16 
88 9 
&2 9 
m 6 
54 8 
98 


17 


49% 3BV* CmE nf Mffl 102 

36 20ft CnsFrt* 1.10 14 II 

47% 31 CnsNG 132 58 9 

7% 4ft ConsPw 
31 13 CnP pfA 4.16 119 

33ft 13V* CnPpffl 4J0 14.1 
X Xft CnP pfD 7.45 143 
Xft 25% CnPpfE 7.72 14 3 
S3V* 25 CnP PfG 736 168 
28% lift CnPprV 4X 116 
24% 9ft CnP PrtJ 160 153 
25ft 10ft CnP or T 178 15J 
56 25% CnP FfH 7X 162 

27 lift CnPprR AM 156 
36% 10% CnPprP 198 156 
Mft 10ft CnPprN 385 15J 
18ft 7*i CnPprMISO 1X9 
16% 7 CnPprL 223 166 

27 II CnPprS 602 1X5 

17% 7ft CnPprK 163 16J 


160 


47% 23V] CntICP 
10V* 4% Conti II 
4W % Coniilrt 
4ft % cniHdn 
12 4ft Cntlnto 
24% 18% ConlTef IX 

38% 24% CtOoffi 32 

33% 25ft Canwd 1.10 

3ft 1 vICookU 
35ft 27 Coopt 152 

M 30 Caopl pf 190 

20% 12% CoprTr M 

27 15 Coapvls X 

19V* 11% CapwM 64 __ 

25ft I9W CpwldPf 148 116 

27% 17% Centura 84 36 16 

15ft 10% Corel n 56 45 11 

42% 30% CornGl IX 12 17 1728 

48 24% CorBIk IX 13 634 


84 5 X 


77% 44W CoxCm 
10 4ft Cralo 
38V* 32 Crane 
83ft 41 cravRa 
19% 15ft CrckN Pf 2.18 115 
51% 49ft CrckN Pf 1X6 25 
23ft 18% CrmpK IX 56 II 
68 Mft CrwnCk IS 

447* 27% CTWZ6J IX 26 15 
50ft 43% CrZafPt 463 96 
65ft 50 CrZefPfC650 78 
30 20% Culbro X 25 9 

33% 17ft Cull net* 31 

Mft 59ft CumEn 28 U 1 
10% BU Currlnc I.i0ai06 
57ft 27ft Cyctora 1.10 28 10 


36 12 564 35ft 34% SSft + % 

8 26 1140 34ft 33% 34ft + ft 

26 8 9 251* 2SV. 35ft— ft 

525 17 Mft 17 + ft 

40U 13% 13 13% + ft 

526 35% 35ft 35ft + ft 

10 18ft 18ft 18ft + ft 

6 2916 28% 29ft + ft 

128 13ft 13 13ta— ft 

1698 37% 37 37% + % 

90Dz 47ft 65V* 47ft +1 

7 49ft 48% 49ft + ft 

592 Xft 31 32 +1 

417 44ft 43% 44ft +1V* 
90S 7% 7% 7% 

20z 30 30 30 

1901 32 32 32 

i mm a s 521* + ft 

330* 32V* 52V* 521* 

100Z 52ft 52ft 52ft + ft 
272 20ft 27V* 28ft + ft 
34 23ft 23 23ft + ft 
33 24% 14% 24to — % 
700i 56 56 56 +1 

30 2S% 2S% 25% — ft 
68 25% 25V* 25ft + ft 
1 25ft 2SW 25ft + ft 

21 18 17ft IB + % 

12 >9% 15ft 15ft— % 

13 24 25% 24 +% 

1® 17V* 17 17 —ft 

48 21 5043 63 42 43 + ft 

144 7ft 7% 7% 

345 1% 1% 1% + ft 

1452 >fc % 

& 264 U W% 11 + ft 

73 9 1412 23% 23% 23ft— V* 
28 1913 26 25ft 25% 

X2 13 1629 34% Mft 34% +2% 
55 1% 1ft 1% + ft 

43 16 1007 35% 34% 35% + % 
37% 36% 37% + % 

16% 15ft 16 - ft 

447 23% 23% 23% 

170 12ft 12ft 12ft 
74 21 21 21 - ft 

93 24ft 24 34ft + % 
lift II lift + ft 
40% 39% 40% + ft 
44V* 43W 66 + ft 

m re w 73 +% 

22 Mfa 

160b 46 10 336 34ft 33ft Mft + % 
17 1478 81% 80 81% +1% 

8 19 19 19 —ft 

492 50% 50% 50%— ft 

4 21ft 21ft 21ft + ft 
239 44% Xft 44% +lft 
38% 38 38% — ft 

40 47% SO + ft 

57% 57% — ft 
27% 27% — ft 

^ 23% 24% + ft 

1568 59% 58ft 58% — % 
' 10V* 10% 10% 

50ft 49ft 49ft— 1 


12 Moran 
HWl Low Bode 


Six ClOM 

Dtv. Ytd. PE HtoHMiLowQuot.Oi'BC I 


12 Moran 
HWl Low 


Stock 


Six Clow 

Dt*. Ytd. PE IQOvHHin Low QuoL Ch'ge 


1? Month 
HUB Low 


Stock 


cw Oon ‘ 

Dju via. PE lDOiHtan Low QUOL Ora* 


201* 11% EmrvA X 38 12 2231 14% 14W 14% + ft 

32W 2SVt Ernhorf 160b 48 W 2S0 29ft 28% 29 

22V* 15% Empo* IX 88 I ~ ““ 

5 3% Emppf 67 106 

9ft 7 Emppf 31 109 

ft EnCxc 

37% 32% EnsICp 33 28 10 
39% lift ElfUBu 66 16 14 


23 21% 21% 21% + V* | 
490* 4ft 4ft 4ft— ft 
200* 8% 1% 8%-ft 
333 ft ft ft 
335 Mft 23V* Mft + ft 
357 39ft 39ft 39% + % 


29% T7V* Ennrah U0 62 17 2V7D 26 25ft 26 + % 


56% Sift Ensch pf 6.15*118 
21% 20ft eiBExn 600 2.9 
2 % n* Ensro* 22 

17W 9% Entora 

X 15% EntkEn 260*1X3 
21% 16 E ntox to L30 78 11 
32% 17% EOUfXS 1.14 33 17 
Oft Zft Equimk 
Ift I* Equmk rt 
20ft lift Earn* pf 281 118 
49ft 28ft Eat Res 182 19 8 
16% 9ft Eouttca .12 8 II 

U% 9U Erbmnf 
28% 18% Etraejrt: 

31% 15% Estrtne 
24 10ft Ethyl* 

6 ft 1% vIEvOOP 
9ft 2U v | Even pt 
1 ZV* 3% viEvnpfB 
41% S3 ExCelO 1 32 46 10 
17ft 13% Escetir 184*11.1 


1300* 55% H% 54% + ft 
319 20% X 20% — ft 
201 2ft 2 2 

125 11 10% 10% 

177 Mft 17% 18ft + ft I 
239 18% Iflft 18% + ft 
24 30% 30ft 30% + ft 


735 4ft 3% 3% 

1731 lh 1% 1% + ft 


30 


26 U 
i U 13 
82 43 W 
M 22 13 


1721 ... 

49 19ft M 19V* +11* | 
1464 44ft 42ft 43% +1 
589 W** 15% 16ft + ft 
111 12ft T2W 12ft + ft 
14 25% 251* 25V*— ft 
451 17ft 16 14% + % 

766 23% 22% 23% + % 

76 2ft 2 2 

11 2ft 2ft 2% + 1* 

5 1% 3% 3% + to 

148 37 Mft 37 + ft 

73 16% 16% 14% 


6% 3% MemCa 5 6ft 6ft 4V* 

12% 11V* Htmlnc 183*158 4 121* l2'.b I2 L S 

J7W 27ft Hprcut* IX 46 10 M0S 34% 34% M% 

18% I0W HerUCi 80 25 131 10 17% H 

19% 16% ttormnn 16 45 19W 19% 11% — % 

49ft 29ft Mtnftr L40 19 14 1087 J? 45 49 +3 

— - - 11 «% 6% 4ft 

1 12 12 12 

X 6 M 7127 Mft 32ft Ml* +1ft 

M 26 14 m 25' “ti Mft MV* — 

X U 13 197 21% 21 21—% 

.17 U 9 44 ll'.i 11 lift + % 

64 28 13 99 23 Xft 23 

IX 28 14 871 65ft 63% 65ft +11* 

J3B 18 10 1589 28'* 20V* 28ft + ft 

IX 18 13 872 53% 51% S3 + % 

IX 16 17 25 72 71% 72 + % 

29 1419 14% 13% 14% + V* 
8 1303 25ft 25W 25V* 

32 9 8% 9 + W 

425 21% MW 34% + ft 


15 1»T« LpG*»I 64b 48 18 

38 ST. Lb Land lid 1! t 
2S’* 17 LaPac X6 3L7 41 
33' ■ 28*8 LaPL pf 400 147 


II 12V* 12 12 

558 31 29% 31 +1% 

487 21% 81% «%+% 
68 32ft 32% 32% + ft 




U% 5ft KiCtOn 
13ft 9 HatnPf 
44ft 31ft Howfpfc 
30 20% Hexed 

21% 12ft Hishear 
13% 8% HIV0I1 
26% 17% Mttnbnf 
73V* 43V* HBton 

37% 27V* Hitachi 

57% SSft Hottocry 
83% 55ft Holh-S 
27% 12 HomeO 
36% 11% HmPSO 
9ft 7 Hm*Gpf 1.10 128 
28 20V* Hnutka 20 8 58 


2$vi i6% loplpi iM m 22St& 

32% 22% LOUWG5 264 78 9 242 32% Mft 31% +■% 


50 36 Lows! 

3111* MW Lawn 
2S'i l*ft LubrH 
33>] 24 Luhvas 
22ft 15% LuCfcvS 
M 10W LutUHW 


2X 46 7 56 44V* 43% 44ft .+ ft 

M 16 15 3859 25% 34% 2S — 

5J 12 256 22 21% 21% + % 

18 » l» 51 30V» 31 +ft 

S2 12 1743 22V* 21% 22ft +-% 

36 10 12 U 0% 13% - 


1.16 

64 

1.16 


M 


Mft 38 Exxon 340 4 A 811419 53 51ft 53 +1H i 


II 6ft FH Ind .IX 16 3 24 10ft 9ft 10% + % 

68 44 FMC 280 13 40 377 65% 65W 65% + % 

04 57ft FMC pf 285 26 2 Blft 81ft Blft + ft 

24ft 17% FPL Op 186 76 9 2395 25% 25% 25% 

13% 9% FabCtr 20 24 24 91 10% 10V* 10% 

14% 9% Facet 7 10 12% 12% 12% 

20% 13% Falrchd 20 16 19M 13% 13ft 13%— ft 

39% 33ft Fa Ire pf 360 103 50 35W 34% 35 

16% 10 Falrfd .10 IJ 9 26 13% 13% 13% 

24% 12ft FaraDi sX 628 4125% Mft 25% +1 

30ft 21 FrWstF 4 6 29ft 29 29 

28ft 14% FarUl X 46 8 22 19ft 19V* 19% 

13 S% FavDra 80 2.1 17 79 9ft 9% 9ft 

4% 4% Factor* me A 0 mn 5% 5% 5% + ft 

40 29% FrdlCo IX 48 8 13 39% 39% 39% 

45% 31ft FMEXP 33 2315 43% 41% 43ft +lft 

4SV* 31% FdHmpf 100 34% 34% 34% — ft 

39 29ft FdMog 162 48 11 35 34% 34% 34% 

21 10% FfldNM .14 6 __ 

27 16% FedPQ s JO 36 7 

43 45 FPoppf IX 26 

2B 25% FPoppf 281 BJ 

23 16 FePRIt 164 68 13 

19% 13% FdSonl X 46 IS 

65% 44% FodDSt 264 AjO 9 

32 ZZft Ferro lJO 48 13 

36% 25ft FMcst LOO 36 12 

Mft 4 FtnCnA JBT 

5ft 3ft FlnCp pf X 116 
44% 14% FlnCopf 661*198 
6 2V* FnSBor 

22% 16V* Hratn X 36 10 

27ft 12% RAN 6 X 26 10 

40ft 21ft FtBkSy 160 AO 9 

371* 25% FBkFto 1.25 34 13 

79 MW FBort ZMa 26 12 __ 

27 18% FstCMc 182 56 26 1406 

Mft 44V* FChiopf583e118 
95% 86 FQitPfa047olU 


18 8% HltaiFn X 28 5 29 15W Iff* Iff*— ft 

40ft 43% Hondo 60*8 10 884 54% 83% 54% + ft 

46% 46ft Honwetl 1.90 38 II 4134 60 58 1 * « +1% 

31ft 19% H ran Bn L12 36 11 180 32 31% 31% + V* 

27ft 20 HrtBn pf 2.94*10.9 4 27 27 27 —ft 

7% 3% Horizon 20 4 4 4 +% 

ra% 36ft HOIOCD X U 1314799 48% 46% 47ft + % 

39% 22 Hotel In 2X 9J 13 3 30 27% 20 + % 

40W 23% HaugflM .96 24 15 IS 39% 39ft 39% — V* 

19% 13% HouFob X 34 10 

39% 24% Hnnlnt 183 *6 9 

86 S4ft Holnt pt 287 2B 

Blft 61 HMnlPf 485 78 

20% 18% Houlnd 264 96 7 

■' 2.12 3JJ 

189*198 
AO 22 21 
88 12 
38 9 
38 

16 II 


16 20 590 35ft M 
23 12 1194 50% 50 


U 


70 39% HouNG 

17% 8 HauOR 

23% 14% HowICp 
27% 20ft Kubbrd 
13% 9% Huffy 
17ft 12ft Hugtm 

23% 17ft HusflSP 

34ft 21% Human 

28 19V* Hunt Ml 

41% 33% HuttEF 
31% 18ft Hydral 


2 20 
A0 


Mft 13% 14 — ta 

1803 38% 38 38% + ft 

2 85 B3 85 + 1* 

377 80% BO HHi— % 

4007 27% 27% 27% — V* 

102 70 69ft 70 +% 

24 10% 10 10% + % 

38 17% 17V* lM* + W 

102 Ml* 25% M 

22 11 10% 10% — ft 

BOS 13% 12% 13% + ft 

8 20% Mft 20% 

2JJ 16 1977 33% 32% 33ft +1 

1.9 16 259 27% Mft Mft — % 

24 14 455 31% 33% 33% + % 

16 31% 31 31% + % 


2.4 8 404 


32 
X 
X 

X _ 

2X 44 ID 


IX 4.1 13 
J2e 16 


25 


98 

48 IS 
33 11 
43 9 


18ft 11% FIBTex IX 108 
M 35% FIBTxpf5LM*148 
24 10% FFadAz J0e 13 

rn 35% PFB 288 48 
|103ft 90% FfFId pfBI 82*113 
54% 30ft Ftntst* 260 44 
331* 21 Flntstpf 237 7.1 
11% 7ft FtMtoa 24 28 
Mft 16 PfNotnn 
7% 41* FstPo 
30ft 20ft FstPo pf 262 
31% 24ft FfUnRl 1.94 
Mft 15 RVoBk X 
38% 17ft FtWbc IX ._ 
55V* 45% FWlsc Pt 435 116 
53V* 29 Flactib IX 33388 
11% Bft FtohFd JSSe 6 

39ft 20ft FHFnGsIX 33 10 

28% 14% Fleet En 44 2.1 9 

39% 25% Remoo IX 24 14 

33ft 23% Flint IV X 24 14 

13% 10ft Flex I of 161 123 

28 14V* FtohtSft ■ 22 

31ft 14% FlootPt 14 

45% 29% FloEC .140 A 13 

2H6 18% FlorPra 2.16 73 10 

18% 11% FtaSfl 

4% 3ft FlwGen 

21 12 Flowr ■ 

20% Mft Fluor 
5Bft 47ft FootoC 
51% 34% FordM 
13ft 10ft FfDaor .... 

74% 52% FfHOwd IX 
15ft 10 . FostWh 64 
lift 4% FoxStP 
33% 25 Foxhra 
27 24 Foxmyr 

22% 21% FMEPn 
11% 7% FiWOG 
22% 13% F rot Me 
MH tlft Frlotm 
28% 19ft FruMits 


.40 28 15 


62 
40 
2 X 
260 




AD 12 
_ _ 53 3 
IX 105 

23 17 
33 13 
X 43 12 
IX 4.1 08 
M 


45M 19% 18% 19ft + % 

250 19ft 18% 19ft + % 
2 44ft 44ft 44%— 2ft 

274 27% 27ft 27% + ft 
50 21V* 21% 21% — % 
40 17% 17% 17% + ft 
1233 63% 61% 43% +2V* 
234 28ft 28 28%— l* 

U 24ft Mft Mft + ft , 
2201 7% 7% 7ft— % 

10 Sft 5ft 5ft + % 
111 Mft Mft 34% + ft 
161 5% 5% 5%— ft 

<24 21ft 20% Zl% + ft. 
901 26ft 24ft Mft— ft 
2S5 41J zm 40 

17 37ft 37 37ft 

511 78ft 771* 77% 

23 22ft 22% — % 

1 48 48 48 + ft ; 

100 92U 92ft 92ft— % 

251 11H* 12% 12% — % 

673 SSft 35 35ft— % 

2H7 24ft 23ft 23% 

34 59% 50% 59% 

30 104ft 104ft 104ft +4% 

1314 54% Mft 54% + % 

15 33ft 33% 33ft 

312 8% 8% 8% + % 

154 22% 21ft 22% + % 

442 4% 4% 4% + % 

US 27% 29W 29ft— % 

89 29% 28% 29% +%i 

177 24V* Mft Mft + ft 

37 30% 30ft 30% + % 

2002 54% 54 V* 54ft 

13 31 30% 31 + % 

175 10 9ft 9% + % 

144 39% 38% 39% +lft 
662 71% 20ft 21% 

238 38% 37% 37ft— % 

145 33 32% 33 + % 

16 13% 13ft 13W 

127 27% 77V* 27ft— ft 

160 25% M 35% — ft 

2 42ft 47V* 42ft + ft 

772 28ft 28 28 — ft 

43 13ft 13ft 13% + V* 

77 4% 4ft 4% 

345 18ft 171* 18ft + % 

11811 17V* 17 17ft 


261*250 


5 54ft Mft Mft— ft 
5437 45% 44% 45ft + % 
21 13% 13 13 — ft 

248 73 72 72% + % 

4M 13ft 13ft 13ft 
40 10% 10% 10ft + ft 
70 2SW 25% 2M* + % 
1M 25ft 25ft 25% — ft 
1M 22 21ft 21% 

302 9% 9% 9% + ft 


60 33 13 1442 IB% 1M* «% + ft 1 


31 17 410 28% 27ft 28% +1% 

- 26 5 374 23 22% 23 + ft 

32ft 25 FnftfPt 2X 7.1 50 58% 28 28 — ft 

36% 22% Fuqua A0 13 8 273 31% 30% 30% —IV* 


35% 22% 1C Ind 
19ft 15% ICMn 
11% 4ft ICN 
X 22ft ICN pf 
18ft 14 INAIn 
27ft 23 IPTTmn 
Mft Mft IRTPr 

34% 20% ITTCf . . 

43ft 40 ITTpfK 4X 40 
41ft 44ft ITT pfO 5J» 45 
44ft 28 ITT pfN 225 5.1 
65 42% ITT pH 4JSO 7 A 

21% 12ft lUInt IX 84 
23% 16% IdahoPi 9 

19% lift IdealB 
24ft 17% IllPowr 264 9.9 7 
21 Mft UPowpf 2.10 102 
19ft 15 UPowpf 231 113 
34% 25ft UPowpf 178 HO 
51% 50ft UPowpf 1.00*2.1 
43 37 llPowpf 433*102 

53% 45% llPowpf 503 116 
37ft 25ft UPowpf AOO 106 
Mft 21% ITW 32 23 12 
40ft 27ft JmnChm 209* 56 8 

lift 5% ImpICP 8 

14% BH IN CO X 16 
62 45 lnd(M pf 7X 110 

<8 49 IndIMpf 736 110 

19% M IndIMpf 2.15 116 
19% 14% IndIMpf 225 116 
30ft 23ft IndIMpf 363 123 
25% 20V* IndiM pf 235 11.1 
28ft 17ft IndKto s IX 76 6 
12% 5% Inaxco 071 
24% 13ft Inflate 
50% 351* I Direr R 
37V* 28 InaRpf 
23% 19% InMSH _ 

48ft 38% InldStpf 475 103 
71% MV* IrnllcD lOOb S3 11 
9 3% IiupRs 

24% 11% intoRsc 

28 19 InfpRpf 103 120 
51ft 42 intoRpf 4J3B1A5 
35% 25ft IntflRpf 435 129 
13V. 7V* VntRFn 
19% 16 I tens* 

70% 55 Inter co 

151% 130 utter pf 
13% 9% inirtst 

53% 41 intrlk 
14% 8ft i ntmed 
24% 14% IrrtAhj 
138ft 99 IBM 

29 15ft intern 

30ft 23% IntFlav 
lift 5V* intHarv 
_ 2% inmrwf 

23% IntMafC 
__ . 17ft IntHpfO 
43ft 32% irdMIn 260 
32ft 23 IntMult 136 
57ft 44 In! Poor 240 
17% 9ft IrrtRcj 
54% 32ft IntNrth 268 
43ft 28% IntpbGp IX 
19ft 10% intBakr 
21V* 15% InfSfPw 120 


980 35% 34% 35% +1% 
101 16 15ft 15ft— ft 
1U 1413 12ft 11% 11% 

270 93 44 29% 29 29% + % 

1.92 TOO 17 18 17ft 17ft— ft 

77# 22 227 24ft 24% MU — % 

IX 80 7 13 19V* 19ft 19% 

IX U 10 5445 31 30ft 31 
13 59W 58 Mft +1% 

2 59 59 5* 

1 43ft 43ft 43ft 

3 «P* 60V* 40% 

1379 14% 13ft M + U 

528 23 22% 22*.- . 

335 12 11 12 + % 

1080 24% 24V* 26ft 
10OQZ 201* 20V* 20V] — V* 
700z 19ft TPVi 19ft + W 
amt x MV* M% + % 
30 52 51ft 52 +1W 

3 42V* 42% 42% 

10 51 51 51 —21* 

3 37 77 27 +v* 

280 32 31 31 —1ft 

133 38W 37% 37% — ft 
389 10ft 10V* 10% — % 
3310 12% 13% 12ft 
600t 59ft 58ft 59ft 
Km 65V* 45% 451* 

10 18ft 18% 18ft 

2 19% 19% I9i*— ft 
2 29% 29% 29% + ft 

10 Mft 24Vt Mft — ft 
52 23ft 25% 25% — % 
178 5% 5% 5ft 
32 3737 Ml* 26% 26% + % 

240 53 16 444 49V* 48ft 48% + % 

235 « 6 MU 33ft MW + % 

X 23 ITS 22% 22W 22% 

13 46 44 44 

Ml 18% 18% 18% + % 
4708 5ft 4% 4%— ft 
18 1953 21ft 20ft 21ft + ft 
8 25% 2SU 25ft 
40 45 45 45 

303 33 32ft* 33 

59 11% 11% 11% + ft 
74 19ft 19% 19% — % 
IM 47ft 44% 67 + ft 

1 144 144 144 +3 

897 10% 10 IBft + Vk 
73 50ft 50 50ft + ft 
434 10 9Tk 10 +ft 
— ... . 19 18% 18% 18% + ft 

460 37 1313496 119ft 118% 119ft +1 

.40 - ‘ 


23V* 15% MACOM X 
59ft 3S>4 MCA X 
34% 14% MCorS IX 
14% 7% MDC 32 

37ft M MDU 266 
42 M MEI X . 

17% 9% MOMOr 64 24 42 

13% 9% MGMGT PU4 36 

151* 10 MGMUO X* 13 
4% 31* MGMuwr 

22 U 15 MBUB .711 
35ft M MOCmls X 
55U- 381* MOCV 1.16 
44 M Mocvpf 425 
IB ITW Mod Res 
42 24 MOPICI IX 

27 1 .* Ift MatAtf 18.00c 
23% 12U MOtihln JOb 2.1 
21% 13% ManhNt 32 20 
28 111* ManrCs .16 6 26 

42ft 22% MfrHan U 13 S 
56V* 41 MfrHPf +50*127 
51% « MfrHPf 567*121 
91* S’* vIMonvf 3 

27>* 18% wIMnvl pf 
3SV* 21 MAPCO IX 29 9 
5 3 Morals 

2% ** Morcct* 

38% 19ft MorMId IX 5.1 8 

39ft 16% Marten i 20 6 42 1274 

12% 8ft MarkC 32 32 89 

18% 13ft fMrkpf IX 
95lu 64% Morrs.i 64 
72ft 40 MrlbM 2X 
59 30% MartM IX 

40 20% MorM wt 

M 8% MorvK .12 
SSft 22% Masco 
151* B MmsMr 
20 15V* AtosM 

31* 1% MmevF 

29% 20% MasCp 
12V* Pk Maine 
51ft MafsuE 
7ft Mattel 
4ft Mats! wt 

91* MCDRKH 

SB Vk 36% MovDb 
55V* 36% Marts 


IJ 10 4567 low 17% I7%— % 

13 29 1076 56% Sft *6 14 +>«/ 
65 6 353 21% 21 M 
37 9 327 11% 1IH 11% : 

68 9 X 37% 36% CT* + VI 
13 14 274 37% 37 J7%— % ■ 


1*% 14% 14% 

12% 12ft 12%—% 
IS 14% U +% 
2% 2% Jft— £ 


189 
5 

819 

82 _ _ 

19 14% 14% 14% 


35 


46 

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12V. 

15% 


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IX 26 
IX 24 


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2.100107 
XS® A6 12 
775 56 
X 57 6 
2X 5.1 8 


32 34 9 


1.12 


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731 

64 

2 

13 

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23% 13ft Dana* M 
15ft 9ft DamortC X 
30% 21% DonaCp IX 
81* s% Oanahr 
15 8V* Daniel 

36% 23% DortKTS 
76 31 DotaGn 

23 11% Datpnt 

12ft 8% DtoDap 
20% 12% Davco 
45ft 29ft DovIHrf _ . ._ 

20% 11% DaytPL 2X 105 8 
43 45ft DPLpI 748 11.7 
42V* 45 DPL pf 7J7 1U 
103 79V* DPL pf 1250 124 

40% 21% DoonFd -54 14 19 
33% 24% Deere IX 33 29 
26% 17% DelmP 172 73 10 
4W4 27 Delta AT X 17 8 
7% <ft Deltona 
39% 19% DtxCh S 22 23 19 
28% 17W DenMft IX 45 M 


37% 26ft OeSato IX 
17ft 12% Del Ed IX 94 8 
80 59 DetEpf 932 123 

Oft 48 DetEpf 748 114 
65V* 46 DetE rt 7.45 124 
6*V> 46 DetEpf 736 121 
25% !9% DEpfF 275 113 
MU DEprR 3X 114 
27% 19% DEpfO 213 11.9 
2% 19V* DE pfP 112 117 
W* 30 DE PfB 275 109 
29% 21ft DE PfO 360 123 
2Wk 20ft DEpfM 362 123 
33% 24ft DE PH. 440 124 
34% 24% DE pfK 412 127 
1U% 94 DE plJ ISM 134 
108, 86 DErtl 12X126 

20% Oft DetE pr 228 116 
24 17ft Dexter X 34 11 
15% 9% DID tar M 41 

21% 15% DtomS 176 106 9 
38% MW DtaSh pt AOO 104 
59 37 DtobMg IX 25 10 

12S% 77ft Dtottol 
WV* 45W Disney 
26% 15 DEI I 
ift 3% otvrain 
12ft 6% Domes 

32ft 22% Doffllb 

21% 16 Donald 
61% 34 ft Darter 
M 23% Doner 
421* 32ft Dover 
34ft 25ft OtnvCh 
51% Mft DawJn 
13% 11 Drove 

21% 15ft Draw- 

liv* |4ft DraxB 
5BV* 25V* Dreyfus 
41% 43ft duPanl 
50 J9 duPrtpf 4X 9.1 
35% 23% DukeF 268 49 
64 Duke rt BJO 106 
80 ft 40% Duke of 8X UJ 
»ft 57 Duke rt 7.80 106 
27 21% Du kept 269 103 

28 Dukepl 345 114 
B4ft 64V* DukrtM 844 107 


33 9 13 17% 17% 17% 

14 106 10% 10% 10ft 

49 8 1104 24% 2S% 26 — ft 
19 225 7% 7% 7% + to 

.Mb 14 66 10ft 10V* 10ft 

12 5959 36% 35ft 36V* +1ft 
11 2170 35% 34ft 35% + ft 
974 11% UK 11% 

34 27 9 118 9 81* 8ft + ft 

xij ii 234 urn am aou + H 

74 17 14 3287 43 42ft 42% + % 

‘ 1233 19% 19% 19% — % 
348* 6* 43 64 44% 

31 Oz 63% 61% 63ft +1% 
UttHH 101 101 +1% 

177 38% 38% 38% + % 

1419 29% 29% 29% + % 

757 MV* M Mft— % 

1160 47% 46% 47ft — V* 

4 5to 5% 5% 

236 39ft 30% 39ft + ft 
12B 2 7 Mft- 26%— ft 
34 35 34ft 35 
4263 17% 17ft T7V* 

308* 76 76 76 —IV* 

28te«S 65 65 

900x 62 62 62 

60E61 61 61 —ft 

7 25% 25 25 — ft 

B 27V* 27ft 27% 

175 24% Mft 24ft + to 
22 26ft 26% 36% 

12 25% 25 25% — to 

56 2Bft 27ft 27ft — ft 
97 28U 27ft 28 

31 31% 31 31ft— to 

36 32ft 32% 32ft + ft 

3 111ft 113ft 113ft. 

1 103 103 103 —Ift 

21 20% M 20 —to 
IM 21 20% 20ft— to 

122 15% 15% 15V* + ft 
2305 14% MH 14% + M 
93 38 37% 37ft 

380 Xft 39ft Xft + ft 
11 6322 90% 87ft B9% +2ft 

IX 1 J 59 1016 90% 89% 89% + % 

7 265 M 25% 25%— % 
3 53 Sft Sft 5ft 

.12 I1V8 7ft 7% 7ft + to 

U1 U 1 MM 33% 32% 33% +1 

X XS 0 77 T7ft 17 17ft + W 

1.16 20 16 541 51% 57ft 58% + to 

1JO U 1A 107 32 31to 31% + % 

X 23 13 318 37 36ft 37 + ft 

IX 5.1 13 6894 35% 34% 35 + ft 

X M 24 922 48ft 47% 48ft + to 

SO 3.9 ire 12ft 12ft 12ft 
■|8 X7 14 1935 21% 21to 21V* + ft 

2X 93 5 21ft 21 21 

■40 13 15 365 99% 57ft 58ft +!ft 

3JOO U 12 4768 57ft 561* 57ft +1 

6 49V* XVS 49V* — ft 

1664 35% 35ft SSft + to 

Afffiteas 83V* 83to 

20B* X 79ft 79ft— to 

I50r 75 75 75 + to 

1 24% 26% M% — ft 

32 34V* 33% 34V* + ft 

30*03 83 83 —1ft 


SSft S5W DimBrd 2X 23 22 1354 70 75ft 78 +9 
17 lift DuqLI UA ]U 8 1024 16% Mft 16V* 


1BV* Ml* Duq PfA 2.10 IM 

16V* 12ft Dam pf 200 12J 

IB 12V* Duopf Z07 IU 

17% .12% DuqprK 2.10 11 3 
19V* 14% Duapr 231 1« 

2SV* 22 Duapr 2.75 I1J 

42V* 43% Duqpf 7 JO 11.9 

16V* BV* DVGOPI X 55 
Mto 17% DvnAm X 3 


TOOOz Iflto 17ft 18% + % 
, 47te 16V* 16ft 141k- ft 
ITOffite 18 17W 17W — ft 

33 17% 17 17ft + to 
850* 19% 19 19 — V* 

J30x 24% 34% Mft + to 
100* 60% 40V* 40%— V* 
M MBS 10ft IIRh 
22 22ft 22ft 22% 


Me 4 12 
IX 43 13 
9 

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3X 73 
2X 77 
2 A0 103 


2 A 21 
13 22 
41 18 
29 M 


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IX 

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93 
2 A 8 
19 12 
12 

13 

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35% 17V* GAF 
37to 25ft GATX 
34ft 15V* GCA 
78ft 48% GE ICO 

8 3ft GEO 
44V* 36to GTE 
26% Mft GTE pf 
Mft 19ft GTE pf 

9 3% GolHou 

43 38% Gannett IX 

Mto ISft Goplnc 20 
reft 9to GearM X 
21 13V* Gem so 

12ft 9% GetnllC 
J2to 10 Gemil 1 
51% 31ft GnCorp 
17ft 14ft GAInv 
44ft 29ft GnBadi 
MV* 21ft GOrans 
37V* 21V* GCnpfs 
21 10ft GnOato 
84 47 GnOyn 

65ft Xft Gen El 
73ft 53 GnFd* 

7ft 5ft GGftin 
9ft 5ft GnHme 
16 9ft GHarts 
14% Bto GnHous 
ZTft 14ft Gnlns) _ 

Mft 47ft GnMJIIS 234 18 36 
M 41 GMot iOOr 49 4 
SB ft. 16V* GMEl JJ58 .1 
43ft 34% GMot pf 3.75 U 
SSft 44% GMot pf 5X0 LB 
9 3% GNC .16 28 17 

Mft 8ft GPU 7 

B5ft Xft Gen Re IX 12 52 
Mft 5 GnRefr 7 

53% 40V* GnShnd IX 43 1, 
12ft 10% GTFfpf IX 103 
Bto 4 Gemca 17 

28ft 13ft GnRod .10 A Z7 
23% 15 Gersto IX 
23ft 16ft Git Pf ix 73 
34 25 GenuPt 

37ft 18 GaPac 


.12 J 12 


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18 


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X 25ft GaPwpf 134* 59 
30ft 22% GoPwpt 144 122 
31% 25ft GaPwpf 3J4 123 
23ft 17ft GaPwpf 236 114 
98ft 17 AnPw of 252 113 
Mft 21ft GaPwpf 5L75 113 
67% S3 GaPwpf 7X 113 
67V* 52 GaPW pf 7J2 119 
36% 20to GerbPd IX 39 13 
231* 12ft GerBSs 
12% 8ft GtantG 
Kto 5% GibrFn 
27 14% GlffHIII 

43ft 44 GIllelTr 
Mft llto GleasC 
M 4% GlenFd 
7% 1% GtoMM 

6to GlabMpf 1J5I 
8% Old Who 
1% GUN wi 
Mft 11 GklWF 
35,, 24ft Gdrtch 
30ft 23 Gaodyr 

S ft 13% Gordu 
ft 19 GauVd 
44V* 38V* Graco 
34% 24 Granors 14 

20% 8% GtAFst 4 U 11 

18% Mft GtAtPc 
Mft 27V* GILkln 
21% 15 GNIm 
Xft 31 GfNNk 
29% 17 GlWRn 
19% lift GMP 

30ft Mft Greyh 

48to 37V* Greyfl rt A75 TOO 
6ft 2% Grolier 
13% Bft Grows » X 10 
^ 6ft GnibEI X 3 
Mft 24 Gnimn lx 3.1 
27 24% Drum pf 220 104 

•to 4ft Grunlol .16 XO 
Z7ft 20 Gulllra X 29 
« 25% GffWsf X 

22ft 11% GuHRs 
— 16% GuHR Pf IX U 

10 GlfStUt IX 10A 
30% GlfSUpf A40 12.1 
31% 2* GlfSU PTLB5 1M 
27 GlfSU pr *M mi 
85 E9U GllSUrt BX 103 
1B% 12% GAere 
19M M Gut ton 


785 34% 33% 32ft— to 

298 28V* ffl 28% + % 

1996 171* 17 17ft— to 

47 76 75% 75% — V* 

IM 3ft 3% IV* — % 
4W8 42ft 41% 42% + 1* 
2 26% M M — % 
28 24V* 34ft 24V. 

M 4V. 4to 4ft + to 

4a 10ft 9% 9ft 
392 IV 181* 19 + ft 
153 lift 10% 11 — ft 
220 12% 12ft 12ft— V* 
442 49ft 48% 49ft + ft 

127 17 14ft 14% 

61 41% 41 41% — I* 

263 38ft 37ft 38% + ft 

4 37% 37 37 

. 274 12% 11% 12% 

IX 13 9 542 74ft 73ft 74ft + ft 

220 16 12 4484 60ft 59ft 60ft + ft , 
2J0 33 12M875 82% 72 82% +I0V* 

600 86 11037 7 6% 7 — to 

13 72 4ft 4ft 4% 

3 288 ISft 15% 15ft 

2S 10ft 10ft 10ft— % 

1123 16H 16% 14% + ft 

1557 39ft 58% 59ft +11* 

7337 72% 71% 72% +1% 

570 37ft 37% 37ft— I* 

5 43% 43ft 43ft— % 

10 57V* 57 57 —ft 

X 5% 5ft 5ft— to 

in 13% 13ft 1314 — % 
903 Kto 81 83V* + ft 

157 13ft 13 13% — to 
B53 42ft 41% 42% + ft 
27D0Z 12ft 12ft 1 2ft — ft 
215 4% 4ft 4% + % 

162 left 14% 16ft— to 
244 23ft reft 23ft— % 

1.U fl Bim Mft mt Mft +2* 

X IS 24 1731 33 22ft 23 + ft 


lift W* lowaEI 1.90 
32ft 22ft I owl IS 234 
87W 25 lowalft SX 
37ft 24V* I PO ICO 334 
13ft 9 ft IpcaCP 34 
40ft 23% IrvBfci 1.94 . 

S3 42ft irvBkpf 5.1 le 93 


u 

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611 16% 15% 16 — % 

31 <3 43 43 

133 11* II |1* + ft 

630 13ft 13% 13* + ft 

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31 13* HttfiAi 

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60Z72 72 73 —1 

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200 35* 34 35* +1* 

573 9ft 9% 9ft + % 
115 25ft 25% 25* 

97 25ft 25% 25% 

28 28 27* 27ft 

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60 24 23ft 24 
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F 



(Coo turned on Page 10) 










Statistics Index 


amex prieu 

P.10 

Beurnnn reports P.n 

amex niohs/lamFM 

Ffme rale noun 

P.U 

NYSE Brices 

P.8 

Can markets 

P. 9 

NYSE htohbtan P.10 

interest ram 

P 1 

Canadian stocks 

P.U 

Market summary P. 8 

Currency rates 

P. * 

Options 

P.1J 


p.n 

Qic no* 

P.12 


p.ii 

Other markets 

P.I4 


HeraliuaS* (tribune. 

BUSINESS / FINANCE 


SATURDAY-SUNDAY, JUNE 22 - 23, 1985 

ECONOMIC SCENE 

i 

Recovery: Supply-Side Policy 
Or Budget-Deficit Stimulus? 


^ By LEONARD SILK 

.\*li Y'irk r iiim-x .SVrv«V 

N EW YORK — Was* the economic recovery of 1 98 J-84 
ihe result or the Reagan administration's supply-side 
policies or of the Keynesian stimulus resulting from big 
budget deficits? Wallace C. Peterson and Paul S. Es- 
icii*on of the University of Nebraska contend that, despite its 
- -supply-side rhetoric, the substantive economic policies of the 
■ administration became Keynesian after the de^p recession of 
1 98 T -82. which threatened President Ronald Reagan with out- 
"■ right failure on the economic from. . - 

Writing in the summer issue of. the Journal of Post-Kevnesian 
Economics, the Nebraska economists maintain that “substantive 
.•^Reaganomics." by cutting taxes and sharply increasing 
■■ government .spending, “look . 


■■ ■ •government .spending, “look . 

■. tel? f.ird'SSSp'S: the economists found 

- evidence that favors 

• ty. Tax cuts and climbing the Keynesian view 

«. military outlays, they say. led J 

first 10 increased consumption of the 1983 reboimd. 

.• and then to an investment - : 

_ : : surge. They insist that it was 

- *'■' < not an investment-led recovery, as the supply-siders maintain. 

. In the first quarter of the 1983 recovery, they calculate. 

* ; nonresidential fixed investment actually retarded the recovery of 
' the gross national product by 6.38 percenu While this was a less 

■■ severe restraint on growth than during the average recovery, they 
... ,'■* . -sJeny that a negative effect of investment can be described as an 
investment-led recovery; consumption and housing expendi- 

* j ; lures, aided by declining interest rates, provided the lead and 

business investment followed. 

^ *' The major factor in the recovery, rhey araue, was fiscal stimu- 
2 lux. as measured by the so-called high-empToymen’t budget defi- 
? cil. That concept is used by economists as a measure of what the 
-■ -*•» budget deficit would be if the economy .were operating at a 
i ' standardized level of output and employment or unemploymenL 
As now used by the Commerce Department, the standardized 
. , level of unemployment is set at 6 percent of the labor force. A 

- S bigger high-employment deficit implies greater fiscal stimulus; a 

lower deficit or surplus implies less stimulus or greater restraint. 

* \ *T N THE first quarter of 1981. the high-employment budget 
. ; ; I deficit was $21.2 billion. It varied in succeeding quarters but 

- - -L was still only $263 billion in the second quarto- of 1982. 

* Then, as the Reagan tax cuts took effect, it soared to $106.1 
' pillion by the fourth quarter of 1982. Mr. Peterson and Mr. 
~ - Es ten son find that the behavior of the high-employment deficit 

" m% •• during the recovery “provides evidence which strongly favors a 
Keynesian interpretation of the rebound from recession.” 

Despite the recovery, however, the high-employment deficit 
has continued to climb. It reached $155.7 billion in the last 

* • quarter of 1984. This, the authors note, should not have happened 

. if the Laffer curve had worked and lower tax rates hod increased 

. national income and tax revenues enough to shrink the deficit. 
.... The high-employment deficit hit a postwar peak annual rate of 

: . S 156.6 billion in the first quarter of 1 985. The Bureau of Econom- 
’ ic Analysis of the Commerce Department, using the administra- 
. lion's budget projections, estimated that the high-employment 
. ' deficit will decline to $133.6 billion in the fourth quarter of this 

" : .; year and to S129.9 billion — the last quarter for which it has 

* * published an estimate — in the third quarter of 1986. Does this 

imply a drag on the economy or simply a moderate reduction in 
s ube degree of fiscal stimulus? 

: • *7 The answer appears to be the latter, with high-employment 
budget deficits above $100 billion still in prospect for the next 
three years even if- the administration and Congress get the 
budget cuts they are seeking, and if the changes in the tax laws 

• now being debated do not result m further tax cuts. • 

Does the persistence of high-employment deficits insure 
. against another recession? That seems unlikely. The deficits 
(Continued on Page 13, Cot 5) 


Currency Rales 


f 

DM. 

PS. 

ILL. 

(Mr. 


June SI 
SJF. Yen 

UM 

111745 • 

34J75* 

0.17*7- 

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5377* 

0483* 

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50.15 

64075 

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14535 

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^CommercM troectM Amounts rmdtd to bur me Bound (ciAmoantanemltd to buy me 
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t = ; To Oorot* round: SUL5U 207 

Other INriUwr Values 

Currency Mr USX Correncv Mr UAJ Currency pm* UAI Cunency per U33 

MUMLOWtm an Fm. markka 427 MahJY.rVw. IAU S.KM-.MM 87630 

Antral. 0 15214 Gmndroc. 13CBS mox-mso 27UD Spaa, peseta 17540 

Autfr. scfiW, SIM NonsKoml 7.7HS Man*. krone Uffl ' SwaAkmm AM 

Beie.fin.fr. 4135 tadlannipee 15*4 WLiw 1W TanmaS »JB 

Braxli crux. 575580 Ittda, raptoh 1.117.00 Pert, escudo 17100 Thai baht 2X385 

Capadkni S 1J3A5S irtsbc 0.9MM Saadi rival 33SI TurkMi Bre 527*5 

Danish krone 1UMS Israeli CbeK. 1.HIJD Sue.* IXM UAEdfrtora 1472 5 

EflypLPOMd (L75T9 KawaW «Haar 03031 S.AJr.rand VMM Vemsz. bofiv. 1100 


Currency per U5J 
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mix. peso 2WJJ0 
Nonw krone AM 
PMLPHa IW 
PerLesaxto 17100 
Saadi rival MSI 
SHM.C 12343 

5. Air. rand VMM 


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HrHtknm 

TahMaS 
Thai baht 
T iirUsb Ora 
UAEdfeftam 
Venez. bofiv. 


i Sferlbia: 12543 Irtant 

Source: Borne du Bonotur (Brussels); Boko CumnarOola ttaftona tMBaal; Bans# No- 
tiocate da Ports (Ports); Bonk of Tokyo (Tokyo); IMF (SDH); BAH (Mnoc. rlrol tUrhaml. 
onter dote from Ranters and AP. 


Interest Rates 


r Deposits 


Frtacil 

FrOOC 

Soar 21 

D-Mark 

Swiss 

Franc 

stamm 

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SDR 


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sources: Meroot Guaranty Manor. DM SF. Pound. FF); Lloyds Book tSCU); Reuters 

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Key Mom? Kbacvt Mr if 


UeHedStaw 
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P rime Oft 
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Britam 

Bah fete Rate 
Cali Money 
» i^oy Treawry »** 
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US 540 
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5 J 5 A 70 


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Merrill Lynch Ready Assets 
sanayaveraM vWd: 1.13 

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S ourer. Merrill LyndLAP 



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— 

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334.17 


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' 31550 

31571 



London 

31535 

stxa 

1 

I 

New York 

— 

3UJ0 


Turner 
Geared 
By SEC 

CBS Bid Needs 
FCC Approval 

Compiled by Oar Staff From Dtspairfcs 

WASHINGTON —The Securi- 
ties and Exchange Commission on 
Friday cleared Ted Turner's offer 
to buy CBS Incv, but the Atlanta 
broadcasting entrepreneur must 
jump other legal hurdles before 
completing his takeover. 

Turner Broadcasting System Inc. 
said in a statement from its Atlanta 
headquarters that the company 
would soon begin mailing copies of 
its bid to CBS shareholders. 

The SECs staff declared effec- 
tive Mr. Turner's offer to give CBS 
stockholders high-interest securi- 
ties called junk bonds, in return for 
their shares of CBS stock valued at 
S5.4 billion. The staff determined 
that his prospectus -was in compli- 
ance with SEC regulations govern- 
ing securities offerings. 

But the bid must also be ap- 
proved by the Federal Communi- 
cations Commission because it in- 
volves die change of ownership of 
broadcast licenses of local televi- 
sion and radio stations owned by 
CBS. 

And the Justice Department's 
antitrust division must decide 
whether merging CBS with Turner 
Broadcasting would comply with 
antitrust laws.' 

Mr. Turner, who wants control 
of 67 percent of CBS stock, has said 
he will not buy any shares until he 
obtains FCC approval to acquire 
CSS's local stations. 

The CBS management, which 
opposes the takeover, has asked ihe 
FCC to conduct a hearing at which 
documents and witnesses can be 
subpoenaed before making a deri- 
sion, 

CBS's stock closed Friday on the 
New York Stack Exchange at 5122, 
up 52.125 a share from Thursday’s 
close. 

In his petition with the FCC, Mr. 
Tomer said his plans to sell CBS’s 
18 radio stations, its two radio net- 
works, WCAU-TV in Philadelphia 
and the publishing division would 
increase the diversity of informa- 
tion available to the public. . 

Mr. Turner, whose holdings in- 
clude Cable News Network, con- 
tended that a merger would not 
diminish competition either in At- 
lanta, with his WTBS, or national- 
ly. 

His comments set out a financial 
forecast for the merged companies 
over a nine-year penod beginning 
in 1986. The forecast, developed by 
William C. Bevins Jr M rice presi- 
dent erf finance for Turner Broad- 
casting. predicts that the merged 
company would have a “cash sur- 
plus” of 5477.7 millioo in the first 
year, and surpluses ranging from 
$2.1 bdlioa in the second year to 
5283 million in 1994. 

Those surpluses, Mr. Bevins 
maintained would occur after op- 
erating expenses — investments m 
news, sports and entertainment — 
increased at a rate of at least 8 
percent a year, and after all existing 
debt ana debt incurred by the 
transaction was paid off. 

(AP, NYT) 


Dottar Trading 
Is Mixed in US. 9 
Europe Markets 

United Pros International 

NEW YORK — The dollar 
drifted generally lower Friday 
despite an unexpected rise in 
the U.S. money supply, when 
dealers evened out their posi- 
tions ahead of the weekend. 

Traders said business was 
light after the close of the mar- 
kets in Europe. “There was 
profit- taking as a very tired 
market squared up their posi- 
tions,” said a New York bank 
dealer. 

In Europe, the dollar was 
mixed as market expectations 
of a cut in the US. discount rate 
— the fee charged by the Feder- 
al Reserve on loans to member 
commercial banks — faded and 
a wave of selling by profit-tak- 
ers undermined Thursday's 
gains. 

In New York, the British 
pound ended at SI .2870. up 
from $12765 chi Thursday. The 
U5L unit ended at 3.0630 Deut- 
sche marks, down from 3.0720 
DM previously; at 9.3350 
French francs, down from 
9.3700; and at 23610 Swiss 
Francs, up from 23485. 

Ic London, the pound closed 
at SI .2880, up Tram SU780 
previously. In Frankfurt, the 
dollar ended at 3.0844 Deut- 
sche marks, up from 3.0365 
DM. . In Paris, the U3. unit 
closed at 9.405 French francs, 
up from 9.268 francs.. 


ffhm at 
A'jOwpn. I>* 




•>» 41.1a 

6 S- It 4 Silt 


Smirrm ’ Qtvttn. Cmmeneor*. Crtdd 
L.KMB BOOS, sank Ot 


Luxembourg, ports end London o tt’ cidl Ha- | 

3?tB. Horn Hood OOd lunch apenlno and \ 
ctosine orient; near York Cornea atmai 
coatrotl. AO prices la US. Spertsaace. 
Soaree: RnUnL I 


<mx£k&: 

HbuseofBeef®' * 

A-ltuMri 6- !>W I 

- ■ Ol )R MS h YEASl. - S 


Sliding Oil Prices Are Jeopardizing 
Mexico’s Economic Recovery Plans 


By William A. Ormc Jr. 

. H 'uxhiH£lim i'.nl Sen in- 

MEXICO CITY — Falling 
world oil prices are disrupting 
Mexico's delicately balanced 
economic recover}’ plans, push- 
ing inflation up and the 1 peso 
down while forcing the govern- 
ment to impose emergency 
spending cuts. 

If oil prices continue to slide, 
experts here predict. Mexico and 
its creditors will be forced to re- 
turn to the bargaining table to 
lighten the country's debt-servic- 
ing load. The debt problem has 
retreated into the background 
since Mexico and its banks 
agreed on a $48-billion. 14-yeur 
rescheduling last March. 

in a statement issued last 
weekend, the government point- 
edly ndied that for “some heavily 
indebted exporting countries like 
Mexico, an abrupt drop in oil 
prices would have serious reper- 
cussion s on their capacity to pay 
and therefore, on international 
finances as a whole." 

Mexico surrendered to pres- 
sure from clients this week and 
cut its heavy-oil price for June by 
$130 a barrel a reduction that 
the government said will cut 
S290 million from its “budgeted 
income” this year. International 
oil company executives, while 
welcoming ihe reduction, termed 
it “an intermediate step” toward 
further expected price cuts. “If 
Pemex wants to stay competitive 
in Europe and Japan, they will 
have to come down $2.50 or S3 a 
barrel” one executive said of the 
stale oil concern. 

The government, which has 
not published export figures 
since April said that its oil reve- 
nue from January to May was 
$330 million less than anticipat- 
ed. Independent analysis, how- 



OO pipeline workers at the Mexican port of Pajaritos. 


ever, contend the shortfall was 
substantially greater. 

Exports slowed to 1.3 million 
barrels a day in May and fell 
below a million bands daily in 
the first half of June, industry 
sources estimate. This brings the 
average for this year to about 
1 36 million barrels a day. That is 
about 200.000 barrels a day less 
than the 136 million-barrel aver- 
age of the first half of 1984. 

Representing a potential in- 
come or more than $900 million, 
an export- volume drop of that 
magnitude would have effective- 
ly erased the bakmce-of -pay- 
ments benefits to Mexico of the 
decline in dollar interest rates 


during the first half of this year, 
analysts note. 

To compensate for loading in- 
terruptions in autumn — the sea- 
son for gales in the Gulf of Mexi- 
co — the country usually exports 
more oil in the first half of. the 
year than it does in the second. 
“There are customers who will 
make up their reductions with 
bigger purchases down the line, 
but some of that volume will be 
gone forever." one U.S. oil buyer 
said. 

Mexico's dependence on oil 
revenue has not diminished de- 
spite government efforts to di- 
versify export earnings. Foreign. 

(Continued a a Page U. CoL 5 } 


Chinese Reform Plan Cuts Revenue 


Return 

BEIJING — China's ambitious 
economic reform program is being 
threatened by a loss erf government 
revenue caused by freeing state en- 
terprises from control by the na- 
tional government and making 
them responsible for their own 
profits and losses, according to 
Western economists. 

Since the government no longer 
receives much of the income from 
the enterprises, the state has be- 
come increasingly dependent on 
taxes for revenue; economists say. 

The stale expects to receive 88 
percent of its income from taxes in 
1985, based on the Finance Minis- 
try’s estimate of real receipts of 
284.46 billion yuan ($64.79 bfllionl 
conmared with about 64 percent of 
tbtal revenue erf 1463 billion yuan 
in 1984. 

The economists noted that bud- 
get policies call for several costly 
nonrecurring items which make it 
more critical to meta revenue tar- 
gets. Measures to write off state 
responsibility for depredation 
funds, rises in payroll and tax 
breaks on investment to retool 
plant also will cost money. 

Finance Minister Wang Bing- 
qian says the country’s financial 


problems center on uncontrolled 
expenditures which trigger deficits. 
“It we do not remain prudent and 
properly control spending follow- 
ing a considerable increase in reve- 
nue, we shall suffer a financial defi- 
dt all the same,” he said in his 1985 
budget speech. 

Prime Minister Zhao Ziyang has 
made dear in speeches that relax- 
ation erf direct management con- 
trols has created problems in keep- 
ing" a check on revenue and 
expenditure through still inade- 
quate fiscal and monetary mecha- 
nisms at the state's disposal 

Tax evasion has become a seri- 
ous problem, and 30 years of reli- 
ance on state backing has made 
many managers incapable of inde- 
pendent management. 

The new national auditing office 
has been uncovering billions of 
yuan in tax evasion, not only by 
small local firms but by whole dries 
and ministries. According to offi- 
cials. it has reported tax evasion 
valued at 410 million yuan. 

A recent internal circular from 
the state commercial and industrial 
bank showed that many firms open 
personal accounts to deposit prof- 
its and capital funds. This has not 
only cut into central revenue bat 
distorted savings deposit figures. 


Hopes Dim for Discount-Rate Cut 


The /UwNMJittt Pnt\ 

NEW YORK — Continued rap 
id growth of the money supply and 
signs of renewed economic growth 
have dampened investors' hopes 
that the Federal Reserve Board will 
cut the discount rate again, finan- 
cial economists say. 

Open-market interest rales 
turned higher Thursday after the 
Commerce Department estimated 
that the grass national product was 
expanding at an annual rate erf 3. 1 
parent in the current quarter. The 
GNP. the torn] U.S. output of 
goods and services, had risen a re- 
vised 0.3 percent in the first quar- 
ter. 

Laier on Thursday, rates in- 
creased again after the Fed report- 
ed a $4.8-billion surge in M-l. the 
narrowest measure of the money 
supply. That left funds readily 
available for spending substantial- 
ly above levels the Fea has set in its 
atrempt to support growth without 
rekindling inflation. 


“The money-supply numbers, 
coupled with the GNP figures earli- 
er in the day. preclude a discount- 
rale cut in the foreseeable future.” 
Elliott Platt, on economist at Don- 
aldson. Lufkin & Jenretie, a New 
York securities firm, said Thurs- 
day. 

The discount rale. imeresL on 
Fed loans to financial institutions, 
was lowered a month agp to 73 
percent from S percent 

The Fed said M-I rose to a sea- 
sonally adjusted $590.6 billion in 
the week ended June 10 from 
$585.8 billion the previous week. 
M-l includes cash in circulation, 
deposits in checking accounts and 
non bank traveler's checks. 

For the latest 13 weeks. M-l av- 
eraged $5783 billion, a 9.1-percent 
seasonally adjusted annual rate of 
gain from the previous 13 weeks. 

The Fed has said it would like to 
see M-l grow between 4 percent 
and 7 percent from the fourth quar- 


ter erf 1984 through the fourth quar- 
ter of 1985. 

In credit markets, yields on one- 
year Treasury ‘bonds shot up to 
7.31 percent from 7.16 percent af- 
ter ihe M-l figures were released 
Thursday. Prices of 30-year Trea- 
sury bonds, which move in the op- 
posite direction of interest rates, 
fell $6.25 for each $1,000 in face 
value after the report 

“The market's reassessing the 
probability of a discount-rale cut in 
(he very near future." said Jeffrey 
Leeds, an economist at Chemical 
Bank in New York. 

Mr. Leeds said the economy's 
renewed growth and the rapid rise 
in money supply suggest dial “the 
Fed may elect to stand pat with 
policy rather than push rates down 
further." 


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U.S. Stocks Up 
24 Points. Page 8. 


Page 9 


Baxter Travenol 
Bids $3.7 Billion 
For Supply Firm 


The economists said one prob- 
lem is government inability to pun- 
ish offenders, partly due to local 
vested interests and partly to a lack 
of essential laws, such as provirions 
which would allow it to stop subsi- 
dizing continual loss-makers. 

Meanwhile, the state's attempts 
to iron out distorted pricing poli- 
cies and transport problems have 
increased production costs, the 
economists said. 

The government is trying to 
a h^ice up the banking system and 
tighten wage policies to alleviate 
some of the problems. 

Mr. Zhao has laid much of the 
blame for the problems on the gov- 
ernment, citing a bi± of experience 
in restructuring an entire economy. 

“Our coontiy is starting from a 
poor foundation,” he told the Na- 
tional People's Congress. “Its eco- 
nomic and financial resources are 
limited and the various sectors are 
not able to withstand heavy 
strains.” 

In 1984 the government forecast 
a 20 percent rise in revenue but the 
actual increase was 14 percent. 
There has been no official 1985 
estimate but the Finance Ministry 
has said it expects revenue to rise 
by 10 percent 


Compiled bt- Our Staff Firm Dispatches 

EVANSTON, Illinois — In an 
apparent upset of a merger plan 
announced in April Baxter Tra- 
venol Laboratories Inc. offered 
Friday to acquire American Hospi- 
tal Supply Lorp-. the largest U.S. 
distributor of hospital supplies, in a 
transaction worth an indicated $3.7 
billion. 

American Hospital said it re- 
ceived a letter from Baxter Tra- 
venol a major U.S. pharmaceuti- 
cals concern, proposing the merger. 

The Baxter offer comes nearly 
three months after American 
readied a definitive agreement to 
merge with Hospital Corporation 
of America, based in Nashville, 
Tennessee, in a move that would 
create the largest health care com- 
pany in the nation. 

HCA had no immediate com- 
ment of the Baxter proposal but a 
spokesman pointed out that, “We 
do have a definitive agreement to 
merge” with American Hospital 

American said it was not dear 
how Baxter’s offer would be affect- 
ed if American and HCA were to 
proceed with their planned merger. 

The announcement Friday came 
several hours after American Hos- 
pital asked that trading in its stock 
on the New York Stock Exchange 
be suspended. Trading was later 
resumed and American Hospital 
shares dosed up $1625. at $37. 
Baxter Travenol shares lost 75 
cents, to dose at $15,875, while 
Hospital Cora shares gained 8716 
cents, to $47.50. 

Kail D. Bays, chairman and 
chief executive officer of American 
Hospital, said the merger proposal 
came in a letter from Vernon R. 
Lauds, president and chief execu- 
tive officer of Baxter Travenol 
which is based in Deerfield, IHi- 

Dois. 

He said Baxter Travenol has of- 
fered to swap 3.01 shares of its 
common stock for one share of 
American Hospital involving one 
half of American's common stock, 
and $50 cash a share for the re- 
maining American stock. 

There are 716 million American 
Hospital shares outstanding. 

Hospital Coup, is the largest U3. 


hospital management chain. A 
merger with American Hospital 
would give the combined compa- 
nies a market value of $6.6 billion. 

Under the earlier merger plan, 
the status of which was uncertain 
late Friday following Baxter Tra- 
venofs move, each outstanding 
American Hospital share would be 
converted into 0.75 share or the 
holding company and each out- 
standing Hospital Corp. share 
would represent one share of hold- 


ing company stock. 

The earlier agreement provides 
for an exchange of shares between 
American Hospital and Hospital 
Corp. if a proposal by a third party 
resulted in a business combination 
involving either American Hospital 
Supply or Hospital Corp. 

In that event, either parry could 
order American Hospital to issue 
to Hospital Corp. 39 million of its 
common shares, or 35 percent of its 
outstanding stock, in exchange for 
29.5 million newly issued Hospital . 
Corp. shares, or '25 percent erf its 
stock. 

If the American-Hospiial Cotp- 
exchange goes through and the 3.01 
exchange ratio remains unchanged, ■ 
Baxter would issue 168 million 
shares in the proposed merger or 
115 percent erf Baxter’s common' 
shares currently outstanding, 
American said. 

According to its terms, the Bax-' 
ter proposal will remain open for 
consideration by American Hospi- 
tal until July 5. 1985 and is subject; 
to approval by its board of direc-. 
tors. 

The announcement cranes in a 
climate of increasing consolidation 
in the $400-biUion-a-year health' 
care industry in the United States. 
Since 1980 more than 400 of the 
6,800 U.S. hospitals have joined 
larger chains, and multi-hospital 
chains now account for more than 
30 percent of all hospitals. 

Hospital Corp had revenues of 
$4.1 billion and earnings of $297 
million last year. 

Baxter Travenol posted 1984 in- 
come of $20.1 million, or 21 cents a 
share, on sales of $1.8 billion. 

American Hospital had 1984 
revenues of $3.45 billion 


General Foods Stock Up 
As Takeover Is Rumored 


The Associated Pros 

NEW YORK — General Foods 
Corp.’s stock soared in heavy trad- 
ing Friday anrid Tumors that Philip 
Morris Inc. might be trying to take 
over the leading U3. producer of 
packaged foods. 

General Foods said it knew of no 
reason for the surge in its stock, 
and Philip Morris said it did not 
comment on rumors. 

General Foods' stock shot up 
$10,125 a share, to $81.75, on the 
New York Stock Exchange, with 
2.5 million shares trading hands. 

In Rye Brook, New York, the 
treasurer of General Foods, Robert 
Hiller, said: “The market activity 
was just as much as surprise to us as 
it was to other people. We have no 
knowledge of what the reason 
might be.” 

Thomas Ricke, a spokesman for 
Philip. Morris, which is based in 
New York, said, “We never com- 
ment on rumors or acquisitions or 
mergers." 

Philip Morris stock feD SI-25 a 
share, to S&5.62M! on the NYSE. 

Speculation on Wall Street about 
possible acquisitions in the con- 
sumer-product sector has increased 
since June 2, when RJ. Reynolds 
Industries Inc. announced an 
agreement to acquire Nabisco 
Brands Ina for $4.9 billion in cash 
and securities. 


General Foods had a profit of 
$317 miffion on sales of $8.6 billion 
last year. 

Philip Morris, which is a leading 
maker of cigarettes and owns 
Miller Brewing and Seven-Up soft 
drinks, had an $889 million profit 
on revenues of $10.1 billion. 

■ Ford Seeks DivenaficatioD 

The chairman of Ford Motor Co. 
said the company remains interest- 
ed in acquisitions to diversify its 
auto business, but hostile takeovers 
are “not Ford’s style,” Reuters re- 
ported Friday from Dearborn, 
Michigan. 

Responding to rumors that Ford 
may be interested in acquiring Tex- 
as Instruments Corp., the chair- 
man. Donald Petersen, said Thurs- 
day that a hostile takeover would 
conflict with the automaker's 
method of doing business. He de- 
clined to comment on rumors that 
Texas Instruments is a buyout can- 
didate. 

Texas Instruments earlier denied 
the rumors and said it would fight 
any unfriendly takeover bid. 

Sperry Corp. had been regarded 
previously by analysts as a poten- 
tial takeover candidate for Ford. 
Bui sources said the recent unsuc- 
cessful merger talks between Sper- 
ry and Burroughs Corp. had soured 
Ford management's view of a pos- 
sible bid for Sperry. 


The Value Line brings you \figy'' 

HARD FACTS ON V 
1700 AMERICAN STOCKS 

Trie Vtekie Une Investment Survey covers more than 1700 
American stocks, which account for over 90% of an dollar 
trading volume in U.S. equity markets. With The Value Line 
Survey, you have objective evaluations— updated every 
week— of just about any American stock that’s likely to 
come to your attention. 

Every three months, on a regular schedule, Value Line 
presents a new full-page report on each stock, packed with 
vftaJ data, including 22 series of toy operating and financial 
statistics going back 15 years and estimated 3 to $ years 
ahead. Then, Tor each stock — eveo' single week — f Value 
Line updates the Price, Mure Performance and Safety 
ranks. Appreciation Potential, Yield, and estimated Earn- 
ings and Dividends. 

This information will enable you to assess a stock's pros- 
pects based on hard financial facts. As a special mtru- 

A iwt Ara i Affor i(mi >4*31 — — * «*X l M. • • I T _ 


1700 stocks, together with the 72-page booklet, ‘A Sub- 
scriber’s Guide. Send payment (no cash please) along 
with name and address together with this ad to Dep$. 

THE VALUE UNE 5,3KM 

711 Third Avmua. New York, N.Y. 10017. U.SA 
PBy»n^^l^ajiTOncies(HmiEhEM,FrBnchfr738Sw488h2t35,DM3<3.nd 

raquuts for informotten should be directed to: VaJu» Lin# At r ■Atmmrttm rfl 
Seint-Plulte. 2 Awe. da ViU«. 75007 F^(TbJ. ' AJexMndn ^ 

OtmOHMd by KLM Royal Dutch AMneo Publication thunbutlon Service 
A*** weelm lor fleuvery 






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Tobias kidude ft» not tonwfde prices 
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and do not reflect late trades elsewhere. 

Via The .Associated Press 





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26b + b 
18* + * 
Bb 

IT* + * 
39V* + b 
32* + b 
11*— b 
10*— * 
13 — * 
33*- b 


22* 12* 
19b 8b 
urn IB 
17b 12* 
26b 10b 


86b 52 
18b 12* 
9* 5* 
20 * 8 * 


1 2 

8* 

8* 

B* 


6 

11* 

11 

11 — 

* 

I 24 

16* 

16* 

16* + 

* 

15 

29* 

29* 

29* + 

* 

] 6 

29* 

29* 

29* + 

b 

44 

lb 

lb 

lb 


2 793 

34* 

33* 

34b + 

* 

52 

38b 

37* 

38b + 

* 

> 45 

23* 

22* 

23W + 

b 

» SO 

9* 

9* 

9* 


1 15 

9* 

9 

9 — 

* 

9 10 

12 ■ 

11* 

12 + 

b 

7 5 

8* 

8* 

B* + 

* 

I 22 

15* 

15b 

15b 


1 33 

2* 

2b 

2b — 

w 

293 

19 

5b 

b 

* 

5 

b 


1 22 

4* 

4* 

4* + 

w 

1 14 

14 

13* 

14 


3 

2* 

2* 

2* + 

ta i 

i feS 

13* 

13* 

13* + 

* 

1 8 

32b 

32* 

32*- 

b 

r 137 

9* 

9b 

9b — 

b 

16 

2* 

2b 

7* + 

* 

1 172 

19b 

19* 

19* + 

* 

102 

6* 

6W 

6* + 

* 

* 

3* 

3b 

3* 


1 41 

14* 

14* 

14b 


i 9 

10* 

10* 

10* + 

* 

! 7 

41* 

41b 

41b — 

* 

14 

Mb 

55 

55b — 

* 

1 5 

IBM 

18* 

18* — 

* 

32 

7* 

6* 

7 + 

* 

1 


20* lib 
25 liVj 
8* 4* 
12 8* 

9* 7* 
28* IS* 
10* 5* 
17* 10* 
17* 10* 
17* 16 
4* 3b 
19* 12* 
lb 4* 
6* 2* 
9* <b 
9b 3* 

2b *i 


Matrbtl .12 9 II 

PWalScn 8 

Matrix s 21 

MovEno ZOO 1Z1 15 
Moyfll JOB ZB 10 
UCCOG Z00e332 
McDow 2J 
McRae A .IDe *3 
Media 1.16 IJ 16 
Medio JO 13 16 
MercSL J7I 1? IS 
MetPro .15 J248 

Mete, a 7 

MetroC 31 

MchGn 16 


49 13* 
113 16* 
131 24* 
31 15b 
225 21* 
14 8* 

14 4* 

2 2 * 
33 83b 
12 17b 


13* 13* + * 
16* 16b + * 
14b 24b — b 


14b I5b + * 
21 21* + * 
8* S* 

4* 4* 

2* 2* 

03* 83*—* 
17 17b + * 

8* 9W + W 
19b 19* + * 
11* 11* 

19* 19* . 

4* 4b— b 
10 * 10 * + * 
26b 26b + * 
83* 83*— 1 

12* 13* + * 
10* 10b + b 
15* 15*— * 
15* Ub + b 
15* 15*— * 
3* 3* + M 
IB* IB* 

1 * 1 * 

4* 4* 

AW. 8* + * 

* + * 


133 9* 
25 19* 


MWAm J4 4.1 13 


16 lib 
3 19* 
170 4b 


JO IJ 8 


Mlnfipf & 90 107 
MISMlW J4e 3J 13 

MtefilE R U 22 

MmiMa JD U 7 

MooaB 3d U 16 

MaosA 20 IJ 16 


MaaoB 30 U 16 
MoasA 20 IJ 16 
MMedn 
MtgRiwt 

MtoGttl 136 8J 7 
Morfra 

Ml Med 14 

Movie L 

MuseAr 

Mirsewl 


6 10* 

1 36V, 
10x83* 

10 B 
174 13* 

4 10b 

2 15* 
179 15* 

6 16 

11 3* 

218 18b 

30 1* 

20 4b 
6 8b 

^ ns 


3* b 
Bb 6 
19* 17* 
4* 1* 
15 * 10 * 
50b 27* 
8* 5* 

14 9* 

9* 4 
31* 16 
30b 20* 
7 lb 
6* 3* 
34 24 

33* 23* 
7* 4 


17b MU 
34b 12 


Ratliff 

RflncT 

RltSovn 

Reokiw 

RegalB 
Rest A 
Rest Ax 
REMetP 

RChTPfw 

RckwY 

Rogers 

RaanPn 

RovPhn 

Rudlck 

RudcJl Pf 
RBW 
Russell 
RyBoff 


JO w 19 


J6 IJ 25 
.12 S 12 


JO 13 13 
JO 3J 13 


2 1 
3 Bb 
14 18* 
• 11 M 
6 12* 
59 43* 
8 8* 
6 im 
12 3* 
67 32* 
3 25* 
50 2* 

58 6* 
16 24* 
31 23* 
41 7 

648 17* 
SO* 23 


1 1 

Bb lb— * 
18 18 — * 
3* 3* 

12b 12* 

43* 43* + * 
8b 8b 
10* 10*—* 
3* 3*— 1 
31* 32* +1 
24* 25* + * 

2 2 — * 

5* 5*— b 

24* 24*— * 
22b 23*— * 
6* 7 + U 

16* 17* + b 
22* 23 



162 

16* 

15b 

16 + * 

11 

8* 

8* 

8* + * 

0 18 

13* 

12* 

13* 

352 

14* 

14b 

14*— b 

12 

2TW 

21* 

21* + * 

17 

IS* 

15* 

15*— * 

134 

19b 

19* 

19*— * 

485 

47b 

46* 

47b +ib 

23 

5* 

5b 

5b— * 

1 

11* 

lib 

Mb 

47 

17* 

17* 

17* + * 

79 

6* 

6* 

6* 

B 

13* 

13* 

13* + * 

14 

lb 

lb 

ib 

40 

2* 

2* 

2* 

211 

Mb 

10b 

Mb + * 

4 

14* 

14* 

14*- * 

SS8x 

37 

35b 

36* +lb 

21 

3 

2* 

Z* 

63 

7 

6b 

7 +* 

64 

8* 

8* 

8* + U 


24b 

16b GEA 



12 

6 

19b 

19* 

19*— b 

22* 

14V* Oaftwd 

JHb 

A 

12 

45 

19 

18b 

IBb + * 

12 

4 OdctAn 



31 

6 

6b 

6b 

6b + M 

16* 

4* OdetBs 



51 

7 

10b 

18b 

iob— b 

18* 

10* OhArt 

■24 

18 


2 

13* 

13* 

19*— «. 

20* 

17W O Hal rid 

JO 

Zl 

14 

11 

IBb 

IBb 

18b— u 

22* 

10* Olsten] 

44 

1.1 

19 

114 

22* 

21b 

22* +1 

7* 

J* OOfclep 




1 

4* 

4* 

4* 

7* 

3b Openfin 

jOSe 

8 

66 

4 

6* 

6* 

6* 

8 

5b OrtalHA 

.15 

27 188 

3 

S* 

5* 

5* 

7* 

5* OrkrtHB 

JO 

38 188 

4 

5* 

5* 

9* 

2b 

1 Ormana 




19 

1* 

1* 

1* 

25b 

15b OSutvne 

A3 

18 

16 

3 

23Vi 

23* 

23*— *1 

13* 

A* OxfrtF 

JOt 

78 

9 

■ IB 

10* 

10b 

10* i 

11 

7* OzarkH 

20 

Zl 

9 

84 

9* 

9* 

•* + *, 


(* 

3* 

3* 

4* 

12* 

ib 

29b 29* 29* 

37 36* 26b 

12b 12* 12b 
22 21b 22 

25 24* 24* 

24b B* 34'- 
1 * 
15* 
15b 
39* 


17b 12* J ocfvn JOB 3J 9 

7b 5* JOCOOa 

5* 2b Jet Am 6 

2 * Jar Awl 

9* 4b Jatroo J1I 7J 17 

6* 2* JatutPd 

11* 7b JohnAm JO 33 13 

II* 4* jotmind 3 

7b m Jmpjkn 4 


II 13* 13* 13* 

40 6* 6b 4b — U 

5» 3 2* 3 

1 * * * 

171 M I 9W 

117 M. 3* n%— * 

174 9 8* 9 + * 

41 7b 7 7 — * 

27 3* 3* 3* — b 


Joe 3J 
JO ZO 16 


mop as » 

JO U 13 
9 

M S3 9 


70 17 1 
T JOT SL5 10 

s 


16 

J8B3J II 


9 10b 
10 2 * 

45 PS 

12 lib 
14 13b 
29 366. 
78 13b 
10 8 * 

2 26W 
16 V 

46 40b 
34 25* 
31 11* 
11 8* 
ii a* 

570x 99b 
327 29b 

93 IH 

13 5*. 

16 21b 
13 7* 

94 10b 
13 34* 
51 14b 

1 5* 

80 22b 


i 2* 
i SW— * 
I 11b + * 
> 13b + * 
26 +lb 
13 
Bb 
26b 

40 b + * 

25V* + * 

i 111 * + b 

B* 

B* 

98 -I 
29* ♦!* 
1* 

5* 

21b—* 
7M— * 
10*— * 
24* + * 
14*— * 
5 * + b 
32*— * 


1* KopokC 5 

10 KayCP JO IJ 17 
10b KavJn .100 3 
,?b KearN n M 12 14 
10* Ketdim J» 26 
Sb Korea JOe 3J 
8 KeyPti JO ZO 18 
5b Korea 8 

7 KevCaun 
2b Kidde wt 
m Kbnrk 
2* Kirby 

2 KtoerV JBr J 
J* Knooa 15 

B* Knoll 15 

21 KOoerC Z33 Zl 96 


3b 

13*— * 
10* + * 
12 * + * 
22 *— * 
9* 

9* 


4 5* 

3 7 

81 4U 
15 4* 

59 3* 

54 2* 

223 13* 
9 13b 
159 29* 


5*— * 
7 

4b + * 
4* 

3* + * 
2 *— * 
13* — b 
13b + b 
28*—* 


34 1* 

1* 

1* 


2 3* 

2* 

3* 


33 lb 

3* 

3b 

— b 

39 Mb 

53b 

54 

+ b 

110 16b 

It 

16* 

+ * 

16 lib 

11 

12 

— b 

3 4* 

4* 

4* 

— * 

28x22* 

23* 

23b 

+ * 

822 5* 

4b 

5* 

+ * 

16 29b 

28b 

29b 

+ * 

89 5b 

5* 

5* 


5 6W 

6* 

6W 

— * 

230 23V. 

21* 

23* 

+TV. 

41 2* 

2* 

2* 

— * 

10 2* 

2* 

2* 

.71 J 

lb 

1b 

— * 

166 36* 

36* 

36b 

+ b 

IBS 16 

15* 

la 

+ b 

30 13 

12* 

13 

+ b 

31 10* 

10* 

ia* 

+ * 

1 13* 

13* 

13*— * 

624 24b 

22b 

22*— 1* 

3 9* 

9* 

9* 






206 

5* 

2* 

2* 

— 



24 


4b 






33 

3-V 

J* 

2* 







14 




JO 




3* 




4J 

10 

114 

27* 

27* 

27V) 





22 

10 

Pm 






5 

13* 

Wb 

12* 






3* 




>n 



353 

17 

16* 

16* 





12 

4* 








>5* 

15* 

15* 


JO 

1.9 

12 


4W 




1 

iob 

'!0b 

18b 






in. 

12* 

12* 

+ 

80 

ZS 



3* 






13 

11* 







19* 

19* 

19* 



14* 12 
3* 1* 
9* 7* 
1 * T 
16* 6* 
4* 3 
lib 7 
17* 8* 

7U b 

18b 10M 
31b 10W 
IJVfl 3* 
22* 21b 
21* 15* 
30b 9* 

18 * 8 * 
0% 5 


MoeMl ,16 1.1 24 
Mo euxi 

MePS JS 2J 2 


Me PS JS 2 J 

Mangd 

MrhlVs 

Mormpf Z35 109 

Mrshln 

MartPr 

Ma6lnd ,20 b IJ 
Mo lee 


88 13* » I] 

18 lb 1* |* 

J *5* f* 9W— V. 

3 Ii* ib— * 

P « 6b— M 

,5 3* jw + * 

248 14b 13* 14W + * 

IBS 14* 14* 14* — * 
60 I* 1 l* + * 

Ii If* JS* ’«> + * 

13 16 15l*a 16 + * 

14 10* 10 10 - b 

1 ai* 9i* zi*— * 
51 16b 16b 16b — * 
36 28b 27* 27* + * 
116 16* 16b 16*— * 

2 6b 6b 6b 



£9 Sam J 
Prp. Cr 


•“» IJ 30 
JO 4J 5 


Earnings 


Revenue and prafllx in millions, ore In local currencies 
unless othervrise indicated. 


4* 2 USR ind 

24* s* urrmle V 

* * Unicorn 7 

IS* 11* Unlcnpf J5 5J 
Mb Ob Unlmrn Jlo 9.1 
21 14b UAJrPd J4b Z7 11 

23 16* UitOwF S JO Z7 11 

3 1* UFeodA .10 13 

3 lb U Foodfi 
16b 10* UtMed 15 

22* 10* USAGwt 
8* 5b UnltnlV .941145 23 
19* 14* umm n JOe zfl 
14* b* UnwCm 14 

10* 5* UnlvR* 19 

23* 15* Uni V Hu J0O4J 12 
15b 9* Unv Par 

10* 9*VSTn JOeZf 

’55S ’SI2 Va*R» 1 JO 73 9 

7* 2* vent 

23* 14* VfAmC JOB 2J 8 
6* 3* VIRsh 
1* * vema 


14* wy Vomit 


7 2b Vertpfe 

9 s* vicon 10 

5* 2b vinlge 

64* 53* Valnti 
,9b 6W VlxuaKS JO 3J 10 

12* 8 Vopie* J6 32 13 

19* 13* Vulccp JO 44 ID 


2 2* 
1°6 116 
1513 * 

15 

311 low 

21 2D 

5 18* 
M 1* 
9 1* 

65 14* 
5 18b 
10 6* 
2 20 

22 12 
in ?• 

35 16* 
234 14* 
185 10* 
51 18b 
21 6 * 
13 18 

4 3b 
1 * 

7 9* 

25 4* 

63 6b 

5 3* 

1 63* 

3 8* 

■6 11W 
5 18 


(* 2 * 2 H - 

* ”3 "ttifc 

14* 15 +1* 
9b- 18 — b 
19b 19b> * 


18* 18* 

1* -1* • 
I* -J*. 

T4W 14* +■<* 
IBM. 18b +b 
8* «* + * 
20 28 + * 
II* 12 
m 7 

16* 16* + * 
13b 14* -ft 
W* 10* •- 

18* 18b +.* 
6* 6b V 
17b 17b * • 

3* K 


3* 3* - ■ 

= 1 . 

11* II* 

18 IB 


AMEX HigIMjows 


30* IQ Quebos 46 


B 28* 28* 28*+ * 


2? 5 Wl 
.7* l* htc 
18b 16 RMtm 
M 12'1 pansbo 


J» 5J 13 126 6b 6* 6b + * 

■«2 J 44 3 15b 15* 15b 

.75 4J Jl 68 It* 16 16 — b 


i: 




Kev- 





































































INTERNATIONAL HERALD TRIBI NE, SATVKDAY-SUNlf AY. JUNE 22 - 23 . 1985 


Page 1 1 


LIS. Ititiires . 

-* L — - — J 


*mon Season 

Utah Loir 


Jum _!7 

Ofloit hutn Low close dm. 


Grains 


WHEAT TCBT) 

xooobu minimum- dot tars err bushel 

i-!9. -M2L. Ju| U9«> I29v 

3*K2 LIS Sn 330 UBta 

Jgw J-i# Dec 33* 3J*to 

3J7V. MOT 133 J3SV» 

XI* MQv 372U JUS 

1*5 Jul 145 XSS 

Esi. Soles Prev.Sales 8474 

«. Dav Oaen int. «UU up 30 
M(CBT) 

bu minimum- dollars oef fennel 
i XTrt. 


UA'.I 33*ta —43 

X27Vj —m 
3JS 3J2V. — jMVj 
331 331 — JMto 

MB 1» — jnu 

us** rum. — j>n. 


Jul v*v» 

Sep 136 1ST 
Dec xstw. is* 
taw ZSrva 163 

wav 2*3 fcMVt 

Jul ZX2to 16*to 
Sep X49 Ulto 
Prev. Sates XMn 


r bushel 


lb ^ 

S.«S )B h 

XIO U9* 

ui‘. isavs 

J* 162W. 

2-8*W 2X7 

ESI. Sales t.hiic:. nr-i- 

Prev. Dav Open InLIOCMI off 717 

' ISIS 6 *? 1 * WBT> 

£400 bu minimum- dollars i 

fSb 
0.71 
axe 
6-79 
7X3 
. 7.79 
- -OJB 

EsI. Salas Prev. Salem 3X224 

Prey. Dav Open inL 66JS7 ott 1X11 

• MEAL icon 

1 colons- dollars per ton 
'**•» 117X0 Jul 121.50 72110 


UK 

2.56 

2S0U. 

X59VM 

2X3W 

243V. 

2X9 


174 — JKWi 

1MVS +JQ 
253* +421. 
26217 +4214 
24616 +JD1II 

266 +m* 

149U +01*. 


*56to 

JUI 

sjmo 

U6K 

5,70 

533*1 

+02V. 


Auo 

545 

S.72V. 

545 

549to 

+43V. 

5+6 to 


557 

1C w 

557 

55W) +43to 


Nov 

540 

549 

540 

566 

+J04W 

55814 

Jon 

531 

SL7B 

530 

536 

+JMto 

569 


CflOto 

S47V2 

5J0to 

546 

+JMto 


May 54? 

&9Sto 

SJttto 

554 

+34to 

542 

JW 

55* 

601 

US 

559to 

+JMto 


18040 

?J0 


163-00 
20L50 
162 JO 
1*7 40 
E»l. Sales 


13060 

12360 

176-50 

131.50 

13X50 

U9.1B 

14100 

147.90 


Aug 12460 12530 
Sep 124.90 128X0 
Ott 12940 H06O 
Dec 13420 13400 
Jan 137JD 13420 
Mar 14160 14150 
May 
Jut 

Prev. Sales 11200 


12160 12100 
12430 12560 
12490 12860 
12940 13060 
13X00 13558 
13760 13750 
141 JD 14120 
14430 
15040 


+40- 

+50 

+120 

+40 

+140 

+140 

+20 

+160 

+40 





Prev. Dav open int. 31.170 off 3S3 
SOYBEAN OIL (CBT) 

604po»s. aaltqrsper too Ha*. 

3172 
21.95 
31.10 
30-37 
3955 
2947 
2860 
2765 
2425 
2415 

Eat. Solos Prev. sales MJ0B 

Prev. Day Open ml. 41.923 up 337 
OATS (CBT) 

4000 bu minimum- duian Mr bushel 
I.TBVi 


223* 

JW 

2945 

2»3S 

2940 

3966 

+33 

2250 


2842 

2035 

2BJ2 

2830 

+37 

2250 

Sen 

2746 

37.90 

2745 

2747 

+30 

2290 


2 655 

2743 

2655 

4645 

+35 

2290 

Dec 

2540 

2639 

2535 

26.13 

+38 



2540 

2530 

2540 

2530 

+35 

2440 

Mar 

2535 

2545 

2545 

2545 

+30 

2430 


2540 

2530 

2444 

25.17 

+.17 

2295 

Jul 

2*35 

2435 

3630 

2*33 

+41 

3430 

Auo 




2443 

+45 


14746 

JW 

lJDto 

162 

15016 

151 

+00to 

1.43 to 

Sep 

145 

I45to 

I43M 

144 

-an 

167 to 

Dec 

L48 . 

14816 

147 

147 

— vOM4 

15016 


150 

TJDto 

150 

I4yto —Jim 

153 

Mav 




15146 — 4116 


163 

Esi. Sales Prev. Sates 379 

Prev. Dav Open Ini. 3462 up 17 


Livestock 


CATTLE (CME) 

40400 lbs.- cents par Ibk 
6767 99.37 Avs S95S 59 JS 

4490 <0.10 Oct <055 *152 

6745 61J0 Dec <225 <255 

6765 62.10 Fob- 6170 6340 

6747 6340 Apr 6340' 6420 

6425 642S Jun 6450 6450 

Est. Salas 14486 Prev. Sales 19.229 
Prev. Dev Open InL 67435 up 139 

FEEDER CATTLE (CMS) 


59.10 

ss 

as 

6450 


SMB 

6142 

<227 

6112 

6445 


+43 

+62 

+70 

+72 

—.14 

+40 


44400 Ibi- cents per Ite 

66LS 

6650 

SS 

6640 

+33 

7340 

6460 

Sop 

66.10 

6640 

6637 

+42 

7232 


Ott 

66.15 

6635 

4550 

6632 

+50 

7330 

6535 

Nov 

6635 

5730 

6640 

67 sa 

+56 

7960 

6660 


6850 

6840 

6850 

684S 


7055 

*6.19 

Mm- 

6940 

6940 


6930 


7065 

6932 

Apt 

8940 

8940 




EsI. Soles 2423 Prev.Satae 1.911 
v MV- Day open ML 6489 UPl 

HOGS (CME) 

30400 lbs.- cents per lb. 

5477 4745 Jul 5B3D 9040 

54.37 4737 AlHT 49.15 4945 

51-75 6100 Ott 4455 46X5 

S06S **sn Dec 6745 4747 

5067 4625 Feb 49.30 49.15 

6735 44JM AW 4577 4&B9 

49 JH 46.90 Jim 40® -SSJJ5 

4943 6775 Jul <190 4SJ0 

Est. Sales 7427 Prev. Salas 12645 
Prev. Day Open InL 24206 up 1401 

PORK BELLIES (CME) 

38400 lbs.- cants per lb. 


4940 
47 JO 
4537 
4760 
4175 
4545 
.6745 
4840 


4960 —75 

4802 —98 

4547 —28 

4760 —15 

4838 

4525 —52 

6735 —43 

6110 —18 


8247 

<1.12 

Jul 

6635 

£7.10 

66.10 

6645 

8045 

6030 


6650 

6650 

6555 

6550 


63.15 

Feb 

7340 

7330 

7230 

7235 

7540 

6400 

Mar 

7340 

7340 

7230 

7237 








7640 

6930 

Jul 

7350 

7375 

7342 

733S 


Eat. Scrim 5483 Prev. Sates 7689 
Prev. Day Open InL 11497 Off 225 


Currency Options 


PHILADELPHIA EXCHANGE 
Option A Strike 
UMterfrkw 


June 21 


r DAS 
1.10 240 

ZOO 430 
WO t 
r r 
r r 


Cans— Last Peis— Lost 

Jun Sep Dec Jon Sep D«C 
12300 British Pejmds-cents perpniL 
BPound 105 * 2300 217®. * 

12168 IIS t r r • 

2*48 m s 9J0 >45 S 

12148 125 s <L2S r S 

S 1M * r 5.4B 5 

SS 135 s 5J0 S 

soooo Canodion DonorvernH per unH. 

CDoiir 71 * y r s 

7122 74 1 r r 6 

6U80 West German Martoceeti perMUf. 

Dtaerk M » r t s 

wci 30 i r f • 

HA3 31 * 8.13 r S 

SzS 31 6 163 r s 

nti 33 $ 5 r 

J2X3 34 s 0J3 r S 1 M 

3163 35 » 0-3* • 1 - 5J 

12*400 Preach JPrenca-TWH W a cert per unlL 
FFranc 105 9 XM r % T 

107 JOS 110 s 140 f _* r 

6MM«japWYl»-^gO«n1l>*rutUL __ 

JY«i 37 i 335 r » 

*037 38 |ffl 

S5 40 6 1.07 165 6 

4H3J 41 » 060 r & 

*032 42 » 030,. r * 

<2300 SWU* FrWCKWltl PBT Mir. 

*W S S r 

3S 3 ! 1.77 » 

ss s ; 1 ^ • f i 

VjmmSStlBt * C p"i°SSa l taL 9 ^ 

C-Moi Traded. v-Noaollnn ottared. u-Gid- 
L&I IS premium (purchase price!. 

Source: ap. 


r 058 

162 r 

007 r 

0.17 065 

837 0A6 

OAI r 

r r 

r 
r 

r 
r 


1.12 


076 


1.12 


woven 5+rwn 
Hiah uaiv 


Open Htar- Low CtOM Chft. 


Swum Season 

M^jh L'oh 


Open High low Cl me Chg. 


Food 


COFFEE ClNYCSCei 

37300 (be- cents per lb. _ __ 

lSxir 12140 Jul. 14130 147.70 

15020 12740 SOP 14436 14440 

lam 17725 Dec USAS 14660 

14935 178a Mm M6.I0 USAS 

148J0 131.00 MOV 14430 14430 

lS” 13*50 Jul 144 ID 14410 

16730 13175 SeP 

Esi usi Pm.Saltt 5307 

PwXlSsw. 11-750 OH 1356 
SUCA EWORLD 1 J (NYC5CB) 
113JM0lb%.- cents per lb. 

995 US Jl6 US 738 

925 2*8 SOP 740 241 

TUB 224 Ott 246 248 

715 *4* Jon Ut XIO 

933 334 Mar 3x7 331 

7.15 338 May 348 X73 

669 3.79 Jul 3.90 191 

496 4JH Ott 416 417 

Eyl Sales 12350 Prev.Sam 24767 
Prev. Day Open ML 88333 off 2.970 
COCOA (NYCSCEl 

10 metric tans- Spar Mn 
2400 1998 Jul 

2(15 1971 Sep 

2337 »45 D«C 

2IW IMS Mar 

- *130 I960 MOV 

2110 1960 Jul 

7330 2046 SeP 

EsI.Salss Prev. Sales 2471 

Prev.DavOpen Ini. 2M1S up 75 
ORAMCE JUICE (MYCE) 

164Q0 lbs.- centsper Ifa. 


14140 MI.10 
143.10 14116 
14475 14487 
M400 14430 
UX2S 14430 
UUS U243 
14238 


SlS 


3010 
2000 
1972 1982 

1980 1990 


270 

277 

241 

340 

34* 

360 

347 

413 


1989 

1965 

1954 

IM7 


221 

321 

242 

34» 

369 

171 

191 

416 


— 6S 
-147 
-39 
—M 
+37 
—1.17 


+.01 

+47 

+JD 

+JM 

+J2 

+.12 

+.10 

+46 


1994 

1978 
1966 

1979 
1989 
2006 
2023 


*£ 


Jul 14130 141x0 14025 14140 

Sec 13630 1 5840 135.70 13235 

NOV 13435 1 35.15 13325 13485 

Jon 13325 :3325 13325 13345 

Mar IM3S 13*30 13225 CUTS 

May 13415 

JUI 13415 

T792S Sep 13415 

M?v 134.15 

.Sal 06 500 Prev.5aiea 9H 

.Day Open ML 5476 off SO 


18445 
18240 
18140 
i saw 

17730 

1*230 

157a MZtt 
18030 


—25 

—32 

—32 


+60 

+35 

+65 

+35 

+35 

+35 

+35 

+35 


Metals 


6040 

Jun 

Jui 

6040 

6045 

5935 

6045 

6055 

5750 

Am 

Sop 

6030 

6155 

6045 

<140 

6145 



6135 


6135 

£250 

59-60 

5940 

Jon 

Mar 

6340 

63. TO 

6330 

6335 

6335 

6130 

May 

6835 

6350 

6336 

6330 


Jul 

6855 

6446 

6245 

64.15 

623* 

Sep 

6440 

4440 

6440 

6455 

6400 

Dec 

65.15 

45.15 

65-15 

6530 

6530 

6640 

Jan 

Mor 

6545 

4545 

6545 

<550 

653* 


4415 
4430 4425 

4455 
44J0 4440 
4580 4520 
4630 
4680 
4735 
482 3 
4885 
4935 
50.15 
5085 


COPPER (COMEX) 

25/306 lbs- cants per It 
6535 
8825 
9940 
8210 
8(23 
•420 
8040 
7440 
7460 
7UJO 
7030 
7020 

*780 

Ett. Sales Play, Sale* 12384 

Prev. Day Open int. BS364 up 1674 
ALUMINUM (COMEX) 

40080 lbs- evats per lb. 

4935 4635 Jun 

5960 ' 4460 Jul 4425 4660 

Aim 

7638 4525 Sop 4480 4630 

TOM 4*30 Dec 4*46 4646 

7*30 5125 Jan 

' 73*0 6780 taar 

<625 5385 May 

6361 5*30 Jlri 

52.10 5140 Sep 

or 
J au 

Eat. Sales Prev. Sales 399 

Prev. Day Open inf. 2.188 oH <8 
SILVER (COMEX) 

5400 trovae- cents per trovoz. 

. *623 
14614 

11834 
13304 

12154 
11934 
18-184 
9454 
9404 
7994 
7894 

7704 ... 

Est Sates Prev.Salee 31253 
Prev. Day Open InL 78,148 DH1A48 
PLATINUM [MY ME) 
so 'ftrov ou-ddiars per iney at 
28740 25140 Jun 26*30 3*630 26630 26*80 

449a 24140 Jul 26440 36841 362-50 2 C39 

27640 27580 - Aug 2673Q I*7_50 26740 267a 

38X00 25040 Ott 257a 27230 26740 27120 

37330 - 26000 Jan Z7240 27430 27240 27*48 

329a 27530 AW 27840 38ia 27740 281.90 

'3IELE0 217* Jul 287a 

Est. Salas 1373 Prev. Sales 330* 

Prev. Dav Open InL 1147* afflW 
PALLADIUM (KV ME) 

larmym.djjgmimrw 

UlS 9CL50 Sep 9775 9SM 9 700 WM 

14130 9340 ^ 97J5 9S.W M 9735 

127a 9430 Mar 97J5 97J5 97J5 9735 

11440 96JS0 Jon 97a 

Est Sales 438 Prev. Series 337 
Prev. Day Open tat 6AW afff2 
GOLD (COMEX) 

100 troy at- dollars per Irovaz. 

51840 2B7M Jun 312a 313a 3U5D 31620 

32*50 raas Jul _ 3UJC 

Mena 2*1 a Aug 31 Sa Ilia 314a 31*A0 

*ru» 297a Oct 3i9a szia 3i9a 32020 

689a aoia Dec 32320 32*20 mn 3=520 

jkh 30440 Feb 327a 328J0 326X0 328a 

49*a 314-70 Apr 33ia 33160 311X0 33250 

435-70 32050 Jun 33*a 33640 33*40 33740 

42860 33140 Aug 34200 

39540 33540 Ott 3tt^- 

3S3.OT 36240 Dec 351.58 

37240 3*240 APT _ 362® 

EnL Sales . Pmv.Safc*-42>19 , - 

Prev. Day Open IRLCM420 enBl* 


9M4 

Jun 

<140 

<154 

6144 

5624 

-tal 

Auo 

Sea 

<123 

6173 

6075 

5734 

<193 

6243 

<153 

SHU 

Dec 

<315 

6374 

6274 

3950 

Jan 

6364 

ran 

63M 

6073 

Mor 

6455 

6480 

6413 

6213 

Mav 




ran 

Jul 

6683 

M73 


6413 

Sea 

<733 

67S4 

£754 

6873 

Dec 

<873 

6920 

6854 

7075 

Jon 




7040 

Mar 

7063 

7083 

7063 


+25 

+25 

+25 

+23 

+25 

+25 

+a 

+JS 

+25 

+60 

+6S 

+65 

+30 


—50 

—a 

—S3 

—a 

—50 

-a 

—a 


+IA 

+13 

+1A 

+12 

+12 

+24 

+22 

+93 

+19 

+14 

488 

+44 

+42 


+3 a 
+380 
+80 
+380 
+180 
+180 
+380 


—45 

—05 


+a 

+n 

+a 

+a 

+80 

+L1 

+L> 


S 3 


Financial 


US T. BILLS(IMM) 
simlllkm-ptsodmpcL _ 

9320 B*M Sep no 9283 

92.91 8527 Dec *364 9X4* 

ns4 iu» tt«r sa ep 

9223 87a Jun 9121 912* 

9136 sas» Sep 9169 91a 

9120 »45 Dec 

9ia 88 _Mar 

Ett. Sales 1X368 prev. Saks UL80S 
prev. OavOpen InL 34.104 off I 
M YR. TREASURY (CBT1 
siBaa0Prtn-PtaA32ndaoM»Ptt 
18-21 75-1* Sec **_, 8+2 

87-13 75-13 Dec 84-29 84-29 

86-2 75-14 Mot *M 83-15 

IW . 74a Jun m-lB 

Dec 80-20 as 
Ell. Series Prev.Sales 10 lS29 

Prev. Day Open Ini. 54285 up 339 


92A5 9220 
*223 9735 
rj? 9282 
9121 912* 
9169 9181 

91a 

9L13 


aw 85-15 
8+4 8+U 

8M *3-14 

S 17 82-18 
19 »28 


—24 

—34 

—23 

—21 

—18 

—15 

—10 


—12 

—12 

—13 


(0pcl«QMO0«taB SZndstt U0 pel) M 

75-20 

76-4 

—30 



Dec 

75-16 

75-1* 

7+19 

753 

—39 

77-29 

57-2 


7+15 

7+19 

SS 

72-3 

7+5 

—37 

Urt 

JW 

pJWI 

73-1* 

72-22 

73-18 

72-22 

72-14 

-a* 



Dec 

71-29 

71-29 

71-9 

71-21 

—23 




71-1 

71 -* 

70-18 

70-29 

—23 

72-27 

£3-4 

Sunt 

69-22 

69-27 

49-11 

69-19 


72-1* 

<8-16. 

SWM 
• <3-1 

Doc 

.HOT. 

68-25 

68-25 

68-8 

§M 

4*16 

—17 


EaL Sales Pj*v,! 

Prev. Day Open InUtaa* up 5 
GNMA (CBT) 

si0Q400nrln-ats&32ndsol100ntt 
77-10 57-17 Jun 73-7 73-10 

76-24 5M3 SeP 75-6 75+ 

75-29 996 Dec 7+6 7+H 


73-3 73-10 

7*01 75-3 
74 7+11 


—13 

—13 


73-10 56 'A Mar 73-20 73-25 73-17 WO 

7*1 O' M 77-70 

E si. Sales Prev.Soi* v. 

Prei.DavOnetiini. +304 
CERT DEPOSIT II MM) 

SI million pis 01 illor»‘ • _ 

9289 - 8520 run 92a 92 i* 9285 W8S 

nji KM Sts nil 92.18 ■ .9243 9L06 

9224 85+4 Dec 9ia *1A2 91*1 91X1 

9125 «LS* Mar «21 

91X0 *663 JUO 904* 

9148 B7A6 SeP 90A0 

88.99 BS24 Dec »J4 

Est. Sales Prev. Sales _ 549 

Prev. Dor Open ml. MB) oHR 
EURODOLLARS f IMM1 

simiiilan-MaaHOOPcr. __ ,, 

9245 8483 SeP 9ia 9ia 9170 V\J7 

919* SAW CMC 9160 ' 916S 9123 9129 

Via Ifcta MOT -HLW «W 9084 90W 

91 15 B62] Jun V0A5 90 AS 90-53 9084 

9084 Sa Sep 58a *022 9027 9028 

9083 67a Dec 9045 904 

9034 S7A4 MOT B9JU 894 

Est. sain Prev. Sales *1.926 

Prev. Day Open Inl.IOSJPB up991 
BRITISH POUND (IMM) 

s per naund- 1 beta) eauahHLOOOl , , 

16450 14200 SeP 12100 12740 12595 12730 
13B70 \sma Dec 12500 12*58 12500 12625 


9041 9002 
8935 0937 


12540 

12475 


749 


3248 

3221 


12*00 14600 Mar 

T2M5 1.1905 Jun 

Est. Sales 9300 Prev.Sales 18653 
Prev. Dav Open I ni. 33859 elf 2463 
CANADIAN DOLLAR IIMM1 
seerdir- 1 point twoB *°40®i 
3565 3009 Sw 3W7 3295 3381 3289 

354* 3006 Dec 32*0 3260 32*0 3260 

3504 4981 Mar 

3350 3070 jun 

Est. Sales 668 Prev.Sales 
Prev. Dav Open int 7381 oH9 
FRENCH FRANC (IMM) 

S Per franc- 1 Bolnt eauab 5040001 
.109*0 49480 SOP 

.10710 49*70 Dec 

Esl. Salas Prev. Sola S 
Prev. Dev Open InL 397 olf20 

GERMAN MARKdMMJ __ 

SPermc 
2733 
2545 
2610 
2415 

Ett. Sales 17.134 PrVv.Sotes XI60B 
Prwv. Dev Open InL 47445 efliai 
JAPANESE YEN (IMAM 
Seer yen- lPMnteeuais *0400001 _ 

0041JD JBD870 Sep JNM034 mm so 40«n 40«*J 
004250 403905 Dec 404050 J3M069 4O4QS04gKffi« 

004160 404035 MW 1 fl0«90 

Ej). Soles 2652 Prev.Sales 6A62 
Prev. Dav Oaen Ini. 26X19 off 1673 
SWISS FRANC I MUM) _ 

S per - . -1C- 1 eatnt couoli SC-M0I , 

2480 Sep 2B96 2932 2893 JB1 
63&0 Si Dec 2919 2956 2919 ag 
MUS 2835 MOT 2977 

ESL Sales 1660 Prev. Sates 21267 
Prev. Dav Oaen ini. 25602 off 1644 


—a 

—3+ 

—33 

—30 

—.18 


—35 

=5 

—.18 

—.17 


+85 

+BS 

+85 


. sms 

Jun 

5135 

3335 

3335 

3335 


jnoa 

Sop 

5256 

3205 

3255 

32*0 

+11 

5971 

Dec 

3273 

3306 

3273 

3303 

+14 

JM 

MW 

jun 

J29fl 

5335 

3119 

5335 

3290 

3235 

3330 

3360 

+19 


+17 

+17 

+n 


Industrials 


LUMBER (CMS) 

uaao bd. fi.- s per 1400 bd. it. 

2308D 129a Jlri I4A30 U8J» 

ma i3i5o sep 147a una 

IB6.10 137a Nov uaao 153a 

187a 144a Jon 15*40 15968 

195a 150X0 Mar 16X70 1*4.90 

17660 ma Mcrv 1*9.10 17130 

10340 17340 Jlri 17540 17540 

Est Sates 2JI1 Prev.Sales 3853 
Prev. Dav Oben InL 9312 off 474 

COTTON 2 (NYCE) 

50400 lbs.- cents per lb. 

7>a 60» JUI *1JB «a 

*042 


77 sa 

73a 

7635 

7040 

7045 

*iS> 


Ott <090 6135 

Dec *130 *127 

6160 Mar *235 6238 

6146 May 6222 <222 
6245 Jill 62X8 62M 
WXO OCT 5920 5920 


5935 58X0 Dec 5820 5820 

Est. Sales 5200 Prev.Sales 2669 
Prev. Day Open I nr. 16.145 off 63 

HEATING OIL (NY ME) 

42ao pal- cents car Bol ^ 

7530 JUl 69a 7035 

7520 6625 Aug 68a 69a 

7665 6*50 SeP 69 JO 692S 

77.10 67a - Ott 69a 7040 

7455 6850 Nov 7060 7090 

7835 69.15 Dec 7140 7120 

7630 mm Jan 7ia na 

73a 7X75 Fobs 

3-3JH m Mar 

74M3 7440 AW 

Esi.Sales Prev. Seles 7.171 

Prev. Dav Open InL 20206 off 639 
CRUDE OIL (KYME) 

1400 bbL-datiare per bbL 
29a 2435 Aug 26X4 2*37 

2950 24M sep 3609 2*35 

79SB 24X5 Ott 2520 2SW 

29JB 2460 Nmr 3535 25X8 

29a 3190 Dee 3*58 2535 

29 JO 3438 Jan 24X9 2425 

2966 2425 Feb 2<XS 346ffl- 

2965 24.13 MW 3435 3460 

Est Sales Prev.Sales 22645 

prev. Day Open lot 63.127 off 2X59 


I48JV 146*0 
14*a 14820 

150.10 15160 
156*0 157a 
16330 16430 

169.10 17040 
T7340 17830 


uiw uim 
60.10 60*7 
60a 6145 

61X1 6X10 

6X15 6237 

49 9* 62a 
5940 58.90 
1830 an 


+ia 

—60 


-a 
— a 


—1-56 

—3B 

—M 

—J3 

—. 1 * 


— 66 


6935 69.90 
68X0 6931 
6830 69 J3 
69a 7041 
7045 70J0 

7QX0 7130 
7130 71 a 
7135 
7135 
7035 


26X3 2692 
2649 3575 

25X9 25*5 
25135 2560 
24*3 2538 
24M 2430 

24X0 24a 

2433 24a 


+JU 

+75 

+77 

+JO 

+M 

+;m 

+70 

+30 

+30 

+70 


+34 

+34 

:s 

+39 

+32 

+35 

+32 


Stock Indexes 


SP COMP - IND EX (CME) 
points and coals 

191*5 156.10 Jun mn 189 35 

195X0 16040 Sep I9U40 WHO 

197.1 D 17338 Dec W335 194.90 

9»PM 19010 Mdr 19830 19830 

Ett.Sotes Prev.Sales 6X732 

Prev. Dav Open Int. 76JMI off 3399 
VALUE LINS (KCBT) 
points and coats 

71V X0 17340 Jun 19&a 19*30 

21230 185.75 Sep 200X0 20X29 

21340 20040 DM 204*5 2DU0 

Est. Seles Prev.Sales 4.908 

Prev. Dav Open Int. 7449 off! 

NYSE COMP. INDEX (NY FE1 
point s an d cents 

111.15 9040 Jun 10865 Iff* 

ma 9135 sop 11063 ma 

lisa 1B13D Dec 11365 11X45 

17730 10950 Mar Jl£» U5M 

Est. Sates 16316 Prev. Sales, 10998 
Prev. Day Open InL 1X090 off 319 


18*30 18945 
18930 190*5 
192*0 19X90 

ma ma 


19635 197a 
20025 20130 
204*5 20X15 


10835 mas 
11030 11135 
11365 11335 • 
11X30 11X25 


+ +^ 

+60 

+a 


+J5 

+30 

+65 


+130 

+a 

+a 

+a 


Commodity Indexes 


Moody's 

Reuters — 

DJ. Futures. 


Close 

92040 f 

U6930 

119.10 

Com. Research Bureau- 229J0 
Moody's : base 100 : Dec 31. 1931. 
p - preliminary; t - final 
Reuters : base 100 : Sea. 18. 1931. 
Dow Jones : base 100 : Dec 31. 197*. 


Previous 
920.90 f 
1.747 JO 
119.10 
22SJB0 


Market guide 


CBT: CMcaoa Board of Trade 

CME: Chlcoao Mercantile Exttvmo* 

IMM: International Monetary Market 

Of arioso Merc a n t ile Exdmnos 
NY CSCE: New York Cocoa. Sugar. Coffae Exchange 

NYCE: Maw York Cotton Exchange 

COMEX: commodity Exchange. New York 

NYME: New York Mcrcantus Exchange 

KCBT; Kansas CITY Board of Trade 

HYFE: New York Futures Exttnme 


London # 
Commodities 


Jut* 21 

Close Prevfaoc 
High Lew BM Aik BW Ask 

SUGAR 

Sterling per mettle tea „ „ „ 

Auo 1630 84*0 8560 8X60 M60 8AM 

M70 8660 86X0 B5a BJJ 

PJJM KUO 9160 9240 B9.TO 89a 
10230 10040 102.00 1Q23Q 9960 Mil 
10&JW 144X0 10630 mso 103*0 104.00 

ma ma ma 111*0 jwa 
„ 116*0 nsa hub n*a 1123a 113a 

volume : Mil Ws of 50 tan* 

COCOA 

Sterlhte per metric ton 

Jly 1.789 1341 IJS0 

See >34* 1316 1318 

Dec 1311 1615 1607 

m 1323 1J00 1.701 

V. 


Ott 

Dec 

Mur 

MOV 

ABO 

Ott 


1352 1381 1382 
1320 1335 1326 
1X88 1305 1307 
1,702 1316 1317 




1.738 I3W Ln* 1317 13» 133] 
1J47 1.726 1.n8 1 .m 13M ]34l 
N.T. NT. 1.730 1.750 1347 1.748 
Volume: *xl* tote olio ions. 

COFFEE , , ^ 

Sterling per metric to" ____ 

JIv 2417 2400 2408 2409 2406 2408 

see 24*7 24*6 V4S4 2455 2457 24*0 

MH 5312 XWO lim 2.10* 2497 2.100 


5"ijS lijfl 2.133 7.131 X133 7.1 3S 
X140 £lS 1131 XI35 XIS 2.I3J 
MOV N-T. N T. 5.1*6 3.1M 5.1-50 3.1*5 

Jte N.T. N.T. 5.130 2J65 X130 X170 

volume: 1.763 ion of 'Stans. 

GASOIL 

us. tfaifari pc r metric ton _ M __ 

jly 518 55 516 JS 31740 21735 31640 l» 
5IA7S 212.75 2IA25 JIAM 511M 213» 
*•1175 7110Q 712.75 71100 211-25 21L50 

N r AT HIM XOJ1D ZltJDO 2Ua 
■j t nt' 717 0Q 727.00 215-00 319JM 
NY. NYi 21740 »340 2]A« 21040 
... N.T. N T. 21SOO moo 21040 21*00 
volume . 1.113 latent 100 tons. 

Sources: Reuters and Lonann Petroleum +*■ 
change (posoVL 


AUO 

Sea 

oa 

New 

arc 

Jan 

Feb 

MOf 




S&P 100 
htdex Options | 


Sir hr CoA-lari 
Pnce Jim J It *uf see 


- II s - 
i*-- It'- 
ll ; IJ-. 


ibu — •> t-26 

i*s - Hi :>i ii 

rgnl can rakwir U1UI 

tsMrallgwviBt VM 

7NWfisl iritnr Htt 
TMWBvt Mrnim.+'LttD 

Hkm III os Lwrir**: 
Source.- COOE. 


Jm w 

PonLod 

jw jit *•* 

II r» 

: U i la J >6 

I Is I 5 R 1 94 
1-14 !i 1*1%. 

fi"L i: 


j f 
tee 


SR 
11.16 
7 . 


Ckrw:ete«:B 



ImHm Bills 


IrngWH 
if monin 
Qnr irw 
F.nv.'P Soisrto* 


Otter 

M 

Jmr Jl 

Prev ! 

Yk« Y+.M 

’•JJ 



.’111 

771 

•t* 

■ 4h 

r* 

»)! 

li S 

•¥l 

'21 



Jot* 21 


close Previous 

Bid Aik' Bid Ask 
ALUMINUM _ 

Sterling per metric tun 
soot 79A50 79X50 80640 80740 

forward 81500 BliS K2740 82840 

COPPER CATHODES (High Gradg) 

S tuning per Ruble ton. 
goat L1I1D0 1.11100 1 . 12*00 1 , 12 X 00 

forward U2*a 1.127a 1.137a 1.13840 

COPPER CATHODES (Standard) 

Sterling per metrtc ton _ 

sota 149X00 LIOOlW .LWLSO 1,10X00 

forward 1,11X00 1,116a 1.12S40 1.127a 

LEAD 

SterUng per metric ton. „ 

spot 30643 -ULOO 3116a 30740 

terword 30400 30540 30640 307a 

NICKEL 

Sterling per metric ton 
Spot 435*00 4370.00 434040 435000 

terword 4J1O0Q 432040 +39500 +30040 

SILVER 

Pence per- trer oerice 

soot 47540 47700 Mia «CX0 

forward 489a 49140 49L50 497a 

TIN (Standard) 

Stott big per metric ton „ 

SMH 9X0040 9jmm 9X8040 9X9040 

terword 9X0000 9X1040 9X7000 9X8000 

ZINC 

Sterling per metric tea M 

mi s*»a 570.00 s*oa s*4*o 

terword 56050 569a 56200 5*340 

Seurat: AP. 



Jut* 21 


Strike 

Prtn 

See 

CuRs-Seme 

Oec Mor 

let 

Pute-scitie 
DK mm 


258 

257 

mm 

031 

864 

W 


140 

1.90 

mm 

061 

09B 

IIS 

ji 

047 

1A1 

lie 

197 

138 

w- 

34 

0J» 

101 

. 1*» 

168 

l?4 

mu- 

35 

026 

071 

106 

741 

360 

263 

it 

OH 

•47 

— 

125 

133 

120 


E ill mated total mL 5.932 
Coda-. Tiwwri.lCI6epwitt.M48S 
Pan: rnu.wri. Lftfweafcrf. IXNB 
Source. CME. 


Singapore Trade Deficit 
Rose Sharply in May 

fiikm 

SINGAPORE — Singdpore'h 
trade deficit widened sharply lo a 
preliminary 7719 milliun Suiga- 
pore dollars (S34A.S miJIion] in 
May From 423.7 million dollars in 
April and 7613 million dollars' in 
May -19X4. the government said 
Friday. 

Tlie ddkii in first five monih> of 
I lie year narrowed in 3.4 billion 
dollars rroni 4. i hiHion in (he same 
1 9K4 period. 




June 21 


Commoditr etui Unit 
Coffee 4 Santw.ib_; — _ — 
Prlntctetti 64/30 38 Ilk, yd _ 

Steel billets lPi«-r*ton 

iron 2 Fdrv. PWto- kw-— 
Steel scrap No 1 Iwy PIM- - 

Lead Soot, (b 

Capper elects » 

Tin (StraltKl. lb — 

Zinc. E. SL L. Bosa* lb 

Pauadlunwaz - ■ - 

Silver N.Y-W 

Source: AP. 


Fri 

M8 

060 

473a 

mn 

70-71 

19-21 

(7-70 

64451 

044-X7 

9648 

6.145 


Year 

Apo 

1X6 

076 

453a 

2VLB6 

100 

21 

*S I 

0X2 

153 

1X2 



Juar 2 t 

HONC-KOHO GOLD FUTURES 
UXJPtr oeoce 

Clare Previous 
High Law BU Ask Bid Ask 
Jun— N.T. N.T. 31X40 317a 322a 32440 
Jly — N.T. N.T. 31640 J1E0D 32300 72400 
auo - n.t. n.t. mm zaun 324a 320a 
Oct — T+iivi -ryifln mini 32440 raum.+aiHn 
Dec _ N.T. N.T. 32540 32740 33140 333a 

Feb ~ ma moo jz?a 331a mso 337a 
API _ H.T PLT. 334a 33440 33t» 34ia 
volume: 24 tots of 100 az. 

SINC6APORE COLD FUTURES 
UJLSper eaace 


High Low Settle Settle 
N.T. N.T. 31X50 32X20 

NJL 318.10 318.10 32S4D 

N.T. n.t. mio ma 

N.T. NT. 3Z2JQ 302a 


volume, ill tolsol 100 OL 


June 21 


Company Per 

Ant 

Pay 

Roc 

INITIAL 




Freeport-McMoron O 

35 

B-15 

6-20 

STOCK 




York Federal S & L 

5PC 

B-S 

7-15 


STOCK SPLIT 
Beaman Cara ~ 3-tor-l 
Savings Bank Puget Sauna — 2- tar- 1 
USUAL 


Air PdTACMm 
American Security 
Arthur D. Utile 

Aztec Mta 
Banks Ml i+Arnerica 
Cal T11 Examat Bds 
Citizens First Baca 
□wont Canada 

Excel Induslrlbs 
Fttedmon industries 
General dnema 

Gadtrev Ca 
House of Fabrics 

Lear petroleum 

Manor Care Inc 
McGraw-H Ryersan 
Manigamery Street 
Natl Balance Fd 
National Bond Fund 
Nail Fed Sec Trust 
Natl Sec Tx Exempt 
Non Total Return Fd 

Nttwm Indiana PS 

Rooer Cora 
SaattMast Bonking 
Tektronix me 

vol spar Cora 
York Federal S 8 L 

A-Aeaual; M-Maatttvj 

Annual. 

Source: UPl. 


S3 8-12 7-5 

I 75 to 7-12 6-28 

| .17 to 7- 
45 - 
. 75 

,«to 

.10 741 
.10 7-22 
47 8-16 

S u .10 741 

Q .13 8-1 

a .12 10 -? 

Q 45 8-26 

& 8-27 
75 8-8 

M .15 7-15 

Q 72 7-15 6-27 

Q 437 7-15 4-27 

Q .10 7-15 6-27 

Q 06 to 7-2 6-27 

Bffft 7-15 6-27 
Q .39 1-30 7-31 

Q .14 840 8-16 

Q JSO 7-12 7-1 

Q .25 8-5 7-19 

Q .11 7-15 7-1 

Q -IS 84 7-15 

Q-Goarterly; S-Senri- 


*-u <-a 

7-18 74 

7-J9 7-5 

7-16 7-1 

7- 2 6-27 

8- 1 6-29 
74 

7- 5 
7-12 
7-10 
7-15 

94 

8- 5 
0-15 

7-4 
7-5 


Beatrice Reports 
Drop in Earnings 

Return 

CHICAGO — Beatrice Cox re- 
ported lower first-quarter earn mgs 
Friday and attributed die decrease _ 
to expenses result? n| from ns at- i 
quisiuon of Esmark Inc. 

The company reported that earn- 
ings for the period ended May 31 
were S5R million, or 59 cents a 
share, compared 10 572 milliun, or 
76 cents a share, a vear ago. 

It said results for (he q inner 
"exceeded our expectations*' and 
the company is encouraged by Ihc 
positive trends in its businesses. Be- 
atrice. said its integration of busi- 
nesses from the Esmarl acquisition 
last year is now mure than RO-per- 
cem complete. 



Jut* 2! 

CtoM 

Htob Low Bid ASk CUR 

SUGAR 

French francs per metric ion 
Auo 1.1*5 LUO 1.1*0 !.m + 12 

Oct 1,175 1.165 1.173 UTS +18 

DK 1.190 1.190 M88 1.195 + 20 

MW L2» 1*20 1422 1.227 +6 

MOV 14*0 1460 1J2S5 1J70 Until 

Auo NT, N.T. 1*20 L3K Unco. 

EM vat.: 1-03 tote at SQ lam. Prev. actual 
votes' 4439 late. Ooea IntareM: 1841? 

COCOA 

French tram* per 108 ka 


Jty 

N.T 

N.T. 

2450 

2.100 

— IS 



2424 



— 29 


1495 

1.995 

l 990 

I.99J 

_ 17 

war 

N.T 


240(1 

2415 

— 15 

ucy 




— — 



N.T. 

N.T. 

2415 

— 

-20 

Sep 

N.T. 

NT. 

2470 

4^. 

-17 

Em. 

voL. 149 tote of 

10 tons. Prev 

actual 


sales-. 71 tats. Oaen mterm. 692 
COFFEE 

French (ram par «• kg 
JW 
Sep 
Nov 
Jon 
taar 
May 
JIv 


NT — 2J8S - 10 

2435 2425 2420 2429 -30 

1450 UM 2*50 2475 - 15 

N.T. N.T. 2480 2510 — '5 

N.T. N.T. 2480 4SW - 5 

N.T. (LT. 2485 2510 — •> 

NT M.T 2490 LS1B — :• 

Esa vol.: IP tote of J tofts. Prw. actual sate* 
30 lots. Oaei- wu-irst; 11? 

Source- Bourse Ou Commerce 


Voleker Scolds Fed’s Vice Chairman 
Over Remarks on Third World Debt 


By Robert A. Bennett 

Ln 1 urt. fiutc. Sent’ r 

NEW YORK — In a highh un- 
u>ual public enniroversy. Paul A. 
Voleker. chairman of the Federal 
Reserve Board. ha> chastised Pres- 
ton Martin, ihc hoard's vice chair- 
man. for remarks he made athiui 
Third World debt. 

Mr. Martin suggested u( a news 
meeting on Wednesday that con- 
sideration be given to a number of 
long-term proposals to help ease 
the dehi huiden of developing 
countries, including having banks 
convert part of their loans into 
equity investmems in Third World 
enterprises. 

Mr. Voleker. who is in Japan, 
said in telephoned remarks Thurs- 
day to the Federal Reserve Board 
in Washington: “I find his reported 
comments incomprehensible." He 
said the comments “unfortunately 
and unrealistically suggest there 
are unorthodox approaches to deal 
with the international debt prob- 
lem." 

Mr. Voleker added: “What is 
hopeful and promising is that so 
many countries are coming to grips 


with necvN-arv and difficult adjust- 
ment effiirtv One c.amp'c is the 
highK pr»>misfi.c erifrt currenriv 
under w.iv Jn Argentina " 

Mr. Martin «a» jpp.«inied U> the 
Fed bv President Ronjld Kcag.in. 
and many people heliev c he might 
be made chairman if Mr. \»-lck- 
were to leave office during the Re . 
gun administration. Analysts said 
the dispute could either' help 
hurt Mr. Manin's chances. 

it could help by propelling him 
into the spotlight and possibly by 
giving him an image of Iwing 
thoughtful and open on a difficult 
and sensitive issue. But it also 
could hurt his chances because or 
the high regard in which Mr. 
Voleker is held by decision-makers 
around the world. The Fed chief is 
given much of the credit for having 
rescued the world from the brink of 
economic collapse with his partici- 
palibn in the debt-crisis negotia- 
tions 

At Wednesday's news confer- 
ence. Mr. Marlin’ was asked wheth- 
er the remarks he had just made 
mighL. antagonize Mr. Voleker. In 
response. Mr. Mania said he 


ihoughi it was import am thai new 
ideas get :i hearing so that new 
funds would be channeled into Lat- 
in America. 

In comrjNt to Mr. Voleker. who 
insists that the ultimate success of 
(he debtor counlrie-- depends on 
ihcir ability to make their econo- 
mies more competitive and to re- 
duce inflation through traditional 
heli-iightening methods. Mr. Mar- 
lin said the idea he fa"or* would be 
for foreign banks to convert part of 
their loan- iniu equity investments 
in private and govemmeni-tiwned 
companies. 

He also vud that other ideas 
should be considered. >uch as plac- 
ing a “cap" on the rate of interest to 
be paicL with any jmouni above 
that added lo the principal and 
repaid over a number of years, and 
having banks swap one country's 
debt for that of another so thai a 
bank could concentrate on helping 
one country. 

The Fed’s vice chairman ac- 
knowledged that his suggestion was 
merely a trial balloon. He said he 
had not discussed it with the ad- 
ministration. 


Citieorj ) Chief 
Sees Payments 

m 

By Argentina 

A- 

Nl-W Y( IRK — The w.rn- 
mem of Arseni ir..i i% inni.ik.- .m 
addiiionji' p.ivment ol •s.-Zo 
million low.ird puJiJic-scu«*r in- 

leresi jrn.MT> iie\i week. Wil- 
liam Rhudite. v.-nh >r vice presi- 
dent of Citicorp, has *.nd. 

Mr. Kln<de% was speaking 
Thursday alter j meet ms ol the 
ll-mcnihcr tunk wurkuis e>>ni- 
mmee on Arseni ma m \c» 
York. As earlier reported. C.S. 
banks feared ih.il some of die 
recenily arranged s>4S?-miili.m 
bridging l.mn fur Areenin-.j 
may he used to cushion 1 he im- 
pact of an austerity program 
requia-U by ihc lnternjliiui.il 
Monetary Fund. Ciiicorpof the 
United Sutes beads the panel. 

Mr. Rhodes sjid ihcpayiiK-ni 
will he nude next week when 
dix:unienuiion for the aunmer- 
eial hank ponion of \rsemina\s 
1 4K4-S5 financing plan is sent 
10 its creditor hanks. 

Tlie payment will bring Ar- 
gentina's public-sector interest 
Davments current to Feb. ZS. 


Falling Price of Oil Threatens Mexico 9 s Recovery 


(Continued from Page 9) ' 
sales of Mexican manufactured 
goods, after increasing in 1984 by 
19 percent, have dropped by 10 
percent this year as inflation has 
driven up production costs and the 
domestic market has absorbed 
more output — “a worrisome phe- 
nomenon.’' according to Mexico's 
director of foreign trade, Manuel 
Armendariz. 

Even with its oil income declin- 
ing, Mexico expects petroleum rev- 
enue this year to continue to con- 
tribute two-thirds of its export 
earnings, economists report. 

But independent economists pre- 
dict Mexico's grass domestic prod- 
uct, or the total value of goods and 
services excluding income from 
foreign investments, will expand by 
a scant 2 percent this year instead 
of the 3 J to 4 percent forecast by 
the government. Inflation, stimu- 
lated by oil-provoked currency 
speculation, is expected to exceed 
the official 35-pcrcenl goal by as 
much as 20 percentage points. 

And Mexico's trade surplus, al- 
ready 41 percent smaller in the 
year's first four months than in the 
same period last year, is now ex- 
pected to drop below S10 billion in 
1985 from 5118 billion in 1984. 

Currency speculation prompted 
by the weak oil market drove the 
peso's exchange rate in unregulated 


U .S. border markets down to 320 to 
the dollar this week. By contrast, 
the official “controlled" exchange 
rate that Mexico uses for more than 
four-fifths of its dollar transactions 
was set this week at 225 to the 
dollar. 

The widening spread between 
the official and offshore peso rates 
encourages exchange-control 
cheating and capital flight, Mexi- 
can authorities admit. 

Oil prices have increased pres- 
sure on Mexico to abandon its 
abused dual-exchange-rate system. 
But paradoxically, central bank of- 
ficials say, the two-tier system is 
needed more than ever as 3 “dam 
holding back a capital-flight 
Hood," already estimated to have 
exceeded 53 billion this year do 
spite the legal obstacles hindering 
direct peso-dollar transactions. 

“If Iran and Iraq start fighting in 
earnest and oD goes up to S10Q a 
barrel, then we could institute a 
single exchange rate." one bank of- 
ficial sardonically remarked. 

The impact of the oQ price slide 
also has been fell on Mexico's do- 
mestic finances. The government 
announced June 5 what the finance 
minister. Jesus Silva-Heizog, called 
its “difficult, painful, bitter" deci- 
sion to cancel some 300 billion pe- 
sos ($133 billion at the controlled 


fi 


Marketing 


Director of Marketing, 
Middle East 

Geneva-based 


Allergan Pharmaceui teals' commitment Jo excellence trans- 
lates into market leadership in the eye and skm care indus- 
try .Our market extends into 65 countries with annual sales 
now topping the $240 million mark; our leadership trans- 
lates into on-going growth and expansion. 

Responsibilities of this highly visible position will be the 
planning, organizing and implementing of markeJing efforts 
in the Middle East and will include the coordination of 
regulatory, production, legal. QC, packaging and inventory 
efforts to assure optimal launch of new products. 

To qualify, you should possess a college education or 
equivalent with emphasis in management, marketing and 
sales. 4-5 years international sales and marketing expe- 
rience; administrative and analytical skills; and the ability to 
interface at all levels effectively. You must be able to travel 
extensively and thrive on a rigorous schedule. 

A career with Allergan translates into professional chal- 
lenge and an opportunity lor upward mobility. Please for- 
ward your resume/curriculum vitae to: E. MaiJanJan, 
Alsrgan Pham Inc, 8-10, Rue Muzy, P.O. 76, 1211 
Geneva 6, Switzerland. An equal opportunity employer. 



altoiN 

O 



We are a multi-million dollar international 
company with Headquarters in Europe 
manufacturing and distributing lop quality- 
specialised consumer products throughout 
Europe, North America and the Far East. 
We are now recruiting for our 25 million dollar 
East Coast USA operation a 


chief 

executive 

officer 

(and FUTURE PRESIDENT) 




This is a shirt-sleeve, bottom line importance 
position with about ISO people to manage. Ideally 
the right candidate would be a Business graduate 
wiib five to eight years experience in Finance 
(Controller. Financial Manager or similar). In 
addition to English, he musi be fluent in one of 
i he main European languages. 

Prior to assuming his responsibilities as CEO, he 
will receive a phasing in period of six to twelve 
months in one of our European companies. He 
is now or has been working in the USA and 
knows how io run a business in ihc States. 
Please send a detailed resume, salary history and 
a reveni photograph io our consultant who gua- 
rantees complete discretion. Send resume indi. 
eating ref. N" 3410-HT to Mamrtgies 3, rue 
dT-iaititfiillc - 75010 Paris - France 


99 


exchange rate) in long-planned in- 
frastructure expenditures. 

■ French Contracts Signed 

French officials said Friday that 
Mexico has moved to correct its 
trade balance with France by 
agreeing to boost imports by 
around $170 million, Reuters re- 
ported from Paris. 

The Mexican minister for trade 
and industrial development, Hec- 
tor HemAndez Cervantes, signed a 



780-million franc (SS4. S-mil lion) 
contract with his French counter- 
part. Edith Cresson. to import con- 
tainer ships from France. 

He signed further letters of in- 
tent to buy two dredgers for 400 
million francs, lo order 240 million 
francs worth of equipment to mod- 
ernize Mexico's telephone service 
and to spend 190 million francs on 
extending Mexico City's under- 
ground railway. 


■ADVERTISEMENT 


INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 


21 June 1985 

e mown below an inapllM Bv tlw Food* Httod with hm 


ThcnelasMt value qtn .. 

exoaptloa or ume funds whose quotes ar* based oa Issue prices. Tbs following 

marginal symbols indicate ImiMacy Of auataffoas supplied for fin IHT: 

(d)-danvj (w)- weekly; (M-M-mauiMv; (n-rtgutoriy; (O-frregu tarty. 


AL MAL MANAGEMENT 
(W) AhMal Trust. SLA 


— Hwl Lloyds ltt*l ... 

S 156*3 — Hwl LtovdslnfL Smaller Cos... smjb 


BANK JUUUS BAER BCD. Lid. NIMARBEN 

Hdl Boerband SF 94245 — (« ’Class A. 

—(d) Conbar SF 1237J» — (w) Class B- 

— <d 1 EauUmer America S 115100 — (w ) Class C - Japan. 


-U4.. 


— Id ) Equlbanr Europe. 

— d ) Enuitner Pacific 

— d) Grobar 

—fd > Slock bar 


SFiamSS 

|p 'KgjS w) DtttarMMBwn Term- 
3FT6MJH _!}„,) Dollar ldoo Term 


Jl 99.11 
178*6 


BANQUE INDOSUEZ 
—Id I Aslan Growth r 
—In) Dlverband—— 
— <w) FIF— America. 
— (w» FI F — Europe—. 


— (w) Japanese Yen. 
S1IL3S — (w> Pound Sterling. 


110** 
JS 10*7 

_siun 

_S1tL7Q 


(w) FIF— Pod tic- 


SF 8<*0 —<w) Deutscb* Matte 

ii7*3 — (w) Dutch Florin 

S UM — (w) Swiss Franc 

<9U9 ORANGE NASSAU GROUP 
sisitt PB 85518. Tlw Hague (OD46H70 
— (d 1 Boner Betegg ln aeril I 


1056 
.DM 10l31 


—id 1 indosuaMulffbondi i 
—id 1 lndORwz Muttlbaads B. 

BRITAN N I APOB 271> St. Htttar, Jersey «ADiaiAW»nup 

— <w> BrILOetfar income-—-, s 0*84* 

-iw) BrltS MonagXurr SVJOS* grtM totaternttl owol I. 

-JwlOBUGESTIOtL. 


-FL 1027 
.SF 9*4 


S33M 


— (d 1 Brit. Intis Manogportt. 
— (d ) BrtL IntU ManagJtartf. 


w) Bril. Am. Inc. 8. Fd Ud— 
w) BrtLCoid Fund, 


simo —iw) OBLI-OOLLAR, 


...J BttLMawgCummcv—. 

<d 1 Brtt Joann Dtr Pert. Fd . 

— <w) Brtt Jersey Gilt Fund— 
—td)BrtLWDttdL8ts.FuMl— 

—(d ) Brtt Wottd Tedm. Find. 

CAPITAL INTERNATIONAL 

— (w) Capital lim Fund. 

— (w> Capital I laUa! 

CREDIT SUISSE (ISSUE PRICES) 

~-(d ) Actions Sultaes SF 38*75 

— (d) Bond Volar Swf . . SFWHLiJ 


immZ — [WlOBLI-YEN 

* lim ~WI OBLHUiLOEN. 


S 84.92 

DM1JOL35 
_ SF93J0 
_ s 1.195*9 
Y 102*9*00 
FL lOBZto 

— S94J0 

— 891U2 

— 111070 


ana — <d ) PAROil-FUND— 

Sew -W I PAR INTER FUND. 

$1^ ^Md (PAR US Treasury & 

*0712 ROYAL B. OF CANADAPOB ZteGUERNSEY 
-Hw) RBC Canadian FmdLHL_ — . sn.ta 
-ttwl RBC For EadLPodflc Fd— . S 10*3 

-Mw) RBC tan Capital Fd.—. 121*1 

-Hwl RBC Inn income Fd — *1120* 

-Hd) RBC MaaCurrency Fd. *2347 

-Hw] RBC North Amor. Fd I9J9 


~+d Bond Vakr D^ norh Sm)M97 SKAMOIFOND INTLFUND (46^-236270) 

KSd vtt? usSolLAR—* lidS — (w)lnc: Bid 5530* Offer-— SSJJ7* 

—Id) Bond Valor Yon. Yen 1082100 — (wlAc&J B W . — .8 5 . 29 Offer- — 

H5lS n ^' W . or ?K , ==rTT'« SI E1J?!2 SVENSKA INTERNATIONAL LTD. 

— idl Oanvert vutor US-DOLLAR. S WL« T7 Devonshire SteUaidon-OT -377-8040 
— (digonotec— — SF0K00 —(blSHB Bond Fund *2203 


Md 1 CS FonA— Bonds C SF77^ — <w) SHB inff Gnwrlh Fund . 

— <d J CS Money MatttotFuod— *106900 SWIM BANK COiy. (ISSUE PRICES) . 
— (d 1 Ct Money Maricet Fund DMJWO00 ^j|J j Amort cohVotar, 


— (d> Energie— vaior. 

— <d) USSR 

—id i Europo v alor. 
I J Pacfflc —voter. 


— 1(51 


SF M10O — W 1 D-Mark Band Selection 
SF 96100 — fd I Doilor Band Setacffon— 
SF 155*0 1 — id 1 Florin Band Selection— 
SF 16150 — Id 1 Intervalor 

DREXEL B URNHAM LAMBERT INC ^jd ^^JlTSSselectfan- 

ySSSSSK iSWlSiffl? 1 " vtail -« > Swiss Foretan Bond SoC 

LONDON EC2 (01 '920OT7J 

Iwl Finsbury Grow Ltd. 


(ml Winchester DWenHtad' 

(m) Wtachestnr Financial 

(w) Winchester HcMim - 


— Id 1 Sw la wmlor New Bettes - 

: *.^3 -fd ) Universal Bond Select — 

“• 5SS — i 11 > Universal Fund 



FFTOAS -M B—at*Wlon 
_ S T224 UNION BANK OF SWITZERLAND 
[wl Worldwide Securities 5/S 3to~_ *009 — <d ( Ama> U*. Sh. SF410S 


(w) Worldwide Special S/5 2to» *1*0308 — {5 1 


DIT INVESTMENT FFta 

—hid 1 Cancmtro 

— +id ) mn Rententand — 


—Id > Foma Swiss Sh. — 
. ■ — (d I Japcn-lnvost— . 

— (d I Soft! South Afr.Sh.. 
DM9505 —id ) Simo (stock price). 


SF 6900 
SF 147*0 
SF927J0 
5F4980O 
SF 19900 


Dunn Si Horelff 6 Lloyd George. Brussels 

— (m) DAH Commrd fv Pool- 5327.19* 

— (ml Currency & Gold Pool S TH266*” — (d)Unffonds 

—ImlUAnrti I HaArt PmI ima™ m iiUmi, 


_ UNION INVESTMENT Frankfurt 

Pott- JB.19- — (d)Urrirenia DM 4540 


—id ) Unlrok. 

—id 1 UNIZIN5- 


Otber Funds 


.... Atttvett Inti 
m) Allied Ltd. 


X ) Arrtt Finance |J», 
(b) Arkme 


— (m) Which. LHeFut Pool— *59251 ' 

—(ml Trans World Fut. Poet- *829.1*' 

F&C MGMT. LTD. INV. ADVISERS 
1, Laurence Pountv Hilt, EC4. 0+623-4688 

— (W) FlrC Alkmtlc z SII0S 

—Iwl FAC European *1148 

—Iwl F&C Oriental— *2549 

FIDELITY POB SAX Hamilton Bermuda 

— (ml American Vtfues Common_ *9457 

— (ml MnarVMueeCMnPref *10154 

—Id l Fidelity Amer. Assets *69.31 

— (d ) FkMItv Australia Fund 58.19 

—(d) Fidelity Discovery Fond S 10.14 

— (d ) FktelHv Dir. Svgs.Tr * 12430 

— id » FldttHv Far Bm Fund *1901 

— « ) Fidelity Inti. Fund *41*6 

—Id ) Fidelity Orient Fund *2656 

— <d I Fidelity Frontier Fund *1854 

— <d) Fidelity Pacific Fund *131.72 

— (d) FktaHtvSncL Growth Fd— *1+5* 

—(d) Fidelity World Fund. *3258 

FORBES PO B8S7 GRAND CAYMAN 
London Agent 81-839-3013 
— In) Doilor Income *7.96 

— (er| Forte* Wail Inc. GIH Fd (IJ» 

— (w) Gold income S7JB 

— (w) Gold Appreciation *431 

— (ml Strategic Trading- ... S 1.17 

GE FI NOR FUNDS. . 

— Iwl East (ffvssfmcrJt Fun d S 33971 twi First Eagle FuM 


DM2540 
DM 77.10 
DM1T245 


— Iwl Scott Inti World Fund. 
— («ri Stall? Si. Amer ic an. 


turn 

_ *16471 

Captt-T rusLLtdLonAoent JH-CFI4ZJ0 
GLOBAL ASSET MANAGEMENT CORP. 
PB 119. SI Peter Pert. Guernsey. 04*1-28715 

(ml FulurGAMSJt *10839 

(mIGAM Arbitrage Ine * 12604 

(w) GAtaerlca Inc *13757 

(w) GAM Boston Inc *112.12 

<W1 GAM ErmlMoe — 81469 

iFrane+tt SF 10243 

S 11083 


(wt GAM 1 

(d ! GAM International mc_ 

(wl GAM North America Inc— 
(w) GAM N. America unit Trust. 

(wl GAM Pacific me 

(m)GAMrtni Com- 


*10454 


(wl GAM Stott. 8. toll Unit Trust, 
(ml GAM System* Inc . . 

(w) GAM Worldwide Inc. 


w| AcHbands Investments Fund. S 2L86 


S 1134 

. SIM 

w) Anulla International Fund _ *12552 


*178.97 

B ) Arkme *147893 

w) TrustcorlntlFd-IAEIFI 51020 

,«n BNP Interbond Fund — . s 11201 

w) Bondse ton-issue Pr SF 137.95 

ml Canada OW-Mortoope Fd * 93S 

d ) Capital Preserv. Fd. Inti *1139 

wrt citadel Fund *132 

d > CJ.R. Australia Fund *840 

d) CJJL Japan Fuad *1040 

mlCtevetond Offshore Fd. *2,11257 

w) Cohirnbio SecuttHeA— FL 11271 

B I COMETF — ( 79850 

w) Convert. Fd. Inti A Certs— *956 

w) Convert. Fd. Lnn B Cutty *2753 

W1D.G.C S 8545 


d) D. Witter Wld Wide ivtTst — *1042 
t> ) Drnkkar inveeLFuid N.V_ *1,11848 


d ) Drevfus America Fund . 
d > Dreyfus Fund IfltT. 


w) Dreyfus intercenttnant — 
w) The Establishment Trust- 
d I Europe Obnaaitons— 


b ) Fitly Stars LW. 


wl Fixed Income Trims, 
wj Fonsetex Issue Pr. — 


S 9.95 
*3856 
*3484 
5 7.16 


J 1479745 
*89578 

SWL40 


tv) Formula Selection Fd._ 
a ) FonditaUa. 


SF 21340 

*739 


d ) Oovernm. Sec Fund"— 
d I FronM-TruBf irrferzlns- 
w) Hounmann huso. N.V. 
Ml Hesfta Funas- 


SF 7135 
527.IP 
*9244 


DM42.95 
. S1I8J0 
, *10633 
S 1.19733 
SF 112.10 

- *948 

- *1447 

*30234 

* (d I Inform In ino Mut. Fd. a.'B'_ *48899 

[r ) inn Securities Fund *'iU» 


w) Horizon Fund— 

mi IBEX Holdings L«- 
b) I LA Inti Gold Bond- 
id ) r 


Iwl Intermarkel Fitad- 


(m) GAM TVche 8A. Class A 

G.T. MANAGEMENT (UK) Ltd. 
— (wl Berry Poc Fd. Ltd.. 


U 7 Invcsta DWS 

Ir 7 Invest Allanltaies 
* “5" (r 1 1 tal fortune Infl Fu 


—Id ) G.T. Anpiled Sctonce— 
—id 1 G.T. Alton HJC, GwttaFd — 

— (w| G.T. Alta Fuad— 

— (d ) G.T. Australia Fund- 
— (d 1 G.T. Europe Fund. 


*951 


und S 

(wj Japan Selection Fund . 

(wl Janan Pacific Fund 

[ml Jetfer Ptns. InfL Lid. 


] mrt fd ) Ktoinwsrt D e nso n Inf 


S1232 


*346 (wl Korea Growth Trust 


He) G.T. Euro. Small Cos. Fund— 

—VS 1 C-T. Doilor Funs — 

—Id 1 G.T. Bond Fund — 

—Id ) G.T. Global Technlgv Fd 

—Id ) G.T. Honshu Pdttif ln der 

—Id ) G.T. investment Fund 

—Id I G.T. Japan Small GoJ=imd — 


*2143 
*1038 
_ SI 153 
*154) 
*1134 


*1157 Id > MeaMenum Set. PtL. 

$2430 (b)Meteare. 

S18JD (wl NAAT *11631 

BUj (d ) Nlklm Growth Package Fd *842409 
*2433 (wi Nippon Fund ... *2952* 


*13.92 (m) NOST EC Portfolio *496067 

hill Samuel invest, mgmt. inti—sa. ;:i f »,gg 

Jersey. P.O. Box 63. Tel 0534 7602? ’ “ 

Beme. PA. Bax 2622. Tel 4131 224051 


ini) MSP F.LT, 


—id ) Crossbow I Far East) „ 
— id)C5P(Bafanataj- 
— id I inm. Bond Fund- 
— id ) Int. Currency U5-. 


—id 1 ITF Fd (Technoteoyl-—— 

— Id) erseas Ft) IN. AMERICA) _ 

EBC TRUST CO.t JERSEY) LTD. 

F3 Seale SL4t. Hefler;ia3+36331 

TRADED CURRENCY FUND. 

etdllnc.; Bid *946 Offer *956 

©filJCao.: BM *1064 Offer, _S1UM 

INTERNATIONAL INCOME FUND 
— {dlSherlTemi'A'tAccunil — * 1481C 

— <d 1 Short Term rolsfrj SL0H7 

— idj Short Term V (Accutnl *1.1533 

—(d) Short Term -B'IDtsir) *04*01 

— Iw) Lena Term . *2246 

JAROINE FLEMING. POB 70 GPO He 


— lb 1 J.F Hone Kong Trust. 
— (B I J.F Jmxel Truet. 


— ibJ J.F Japan Tecttnotoov 

—lb 1 J.F Pacific SecS.1 Accl __ 
— (b) JJ= AusiRilbL. 



w) Klefnwart Bens. Jap. 



w) Leverage Coo Hold 
;d > Liautbaer. 
w) Luxfund 

m) Magnafund K.V. 


SF 2417 P a NCURRLI"c. 
*9195 \r 
*2649 n> 

(w) PSCO Fund N.V.. 
*2842 (wl PSCOlntLN.V. 


Pacific Hartoen invt. Fd. 


Parfon Sw. R Est Geneva 

Permai value N.v 

P Modes. 


Quantum Fund N.V.. 
Renta Fund___ 
Rent Invest. 


_ *167.10 
_S 1,025.13 

- *1640 
SF 139750 
. *13*9.74 
, *100144 

- *132.72 

- *10546 
*6332 

*8*350 


. SX9S743 
LF 273000 

„ — LF1JU558 

Reserve Insuject Deposited. *108*48 




ecteSA 


SF T 07.70 


State 51. Bank Faulty HdosMu 59 J 6 
Strategy investm e n' Fund_ *2032 
_ SVftfax Ltd.-fChMe Al- S8.W 

W) Techno Growtb Fund SF BUe 

Ttttvo Poc Htta. (Seo) *9161 


Luxembourg *944 . 

Food N.V *72632 


Iwl Tokyo Poc Hobt N.V.. 


Y 19.718 Iw) TrenseodlK -und 
- ! if-S W > Turauttee Fund. 


*335 (wj Tweedv^rawne iwjCIobbA 


LLOYDS BANKINTL.POB438. Geneva II t*R t ^ftjy^Nrowne ilw X aassB 

8)1400 

uihuui w , UNICO Fund. 


r(«y) Ltards InH Doilor 

Mw) Ltavds inn EuraM — 5F 11830 IS)un!^?S=? 

FtwJ Lloyds Inn Growth SF 18430 !2 - i 0 "^ Fl " ,a 

— Hw) UovdS Inn income—, sf 32409 lD 


IK ass 1-nK ii*sss..nsai |y; 


*12*38 

- *79.11 
*105*7 

*1127.9* 

*150330 

sumuio 

DM8130 
*143054 
* 111955 
. *1154 

- S1U0 


SSLiniwInSft^ia^s^ -'swie» B F^Si o'^’Siedl'+^-oS nSira — mb 

Gras* Performance index May; * — Rettemut-Price- Ex-Couoon- ee . rn'n-n^riZ 
££?£?£ ” wwtel dw » : 


/v-. 


























Page 12 


Over-the-Counter 

NASDAQ Notional Market Prices 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, JIHVE 22-23, 1985 


June 21 


Sales in Net 

ISOS HW LOW 3 PJM.CH IX 


IflroeCP 

iBmehC ijo 13 


MM Fd 

AEC J2 XI 

AELs 

AFC 

ASK 

AST 

AT&E 

AomRt 

a cod In jo 19 

AcaoRs 

Acelrtn 

AcuRav JO .9 

Acetos 

AcTvsn 

Acimds 

AeacLb 

Mpae 


— - — — ■ Branco 

as ft 5% ST, ~ l, BrliLM 

28 10* 9% UFA + <4 HrwfiRb 
♦ 33 23 23 BnrrTorn 

74421 XPi.2Bt.-v, Brunos 

42511* I Xto lit + to Buttton 

1349144, 13% 144, + V, Build Tr 

743101, 9% 10 4-4, Brnfim 

lft 21V, 21 2lto + VS Bumps 
ll 7 ft 1 , 4% BurrBr 

10 4* 4% 4% Bunit 

K W W W BMAS 

aoaa 2 n, o + * BminM 


*WBI IMi* 15* IS* 4- Vi ButirJ -Oie 3 

Actvsn 412 % to, ButirMI IJ2 4J 

Acimds 6717* 19* 19* — * 

ACocLb 323 2% 2 VS 2% + H I 

Adose S 7 W A 1 

AdlsnW JO 2J S1S30VS 30 304, CCB S it 2ft 

Adia X9e ft S20* 20* 20* 4- to C COR 

AduClr 489 a* at 8* 4- U CP Ri*n 

AdvEn S 122 * * * ' CBTBS A0 IJ 

AOvGen 773 44, 4 44, 4- H CCNB 1JM 13 

AdvSem 1910* MU 10*4-* CCXNI 

AdvTel 33 5* 5 VS SV,— V, CML 

Awnrtm IS 444 44, 4% + W CPI 

AerSyil 495 24, 2to 2V. + to CPT 

AlIBcp 1X0 5J 31* 19 19 CSP_ 

ARBVl M 4X 214 17* 144. 144ft—* CftbjTV 

AocvRt l 51033* 32* 33V,— V, Cocho 
AlrCora 119 S* 41, S CACI 

Ali-lMd .10e I 193 12* I2V« 12% + V, CbrySc SJ 

AlrWISC 40315* 14* 144,-4, Caller, 

35 ft* ftV, AV, Ca Iftmo 

J5e IA 80 1541 15* 154ft CdlFBK UB 5ft 

t 5 14* 14* 14*— * CaiMtc 

J0e 1.1 232ft* 344, 244, Co IS lv 9 _ 


Sales In Me* 

IMS HM> tow JPJft-Ch'S* 
B 13* IJ* l3l, 

I JO 3J 933*4, 3ft 3ft* — V* 
.12 3ft 4ft 4 M 4 + * 

90 9* 9* 94ft 

ID 144, 144, 144,— V, 
I 2774 1* 14, 1% 

.14 1ft 950 M 13* 13» + ^ 
305 1V5 14, 14,— 

13258ft 25* 2S* + «> 
JO IJ 17*174, 17 17 

213 74* 74, 74,— V, 

llft4ft Ift4ft 144ft— * 
t 447214, 17* 19* —2 
ft* 3ft 7 27* 27* 27*— % 

,00 TV. 7 7* + * 

ftfte J 23 194, 19 194, + * 

J2 49 43 264, 26* 2*46 


lftO 4J 16233% 33* 33*— VS ColWtrs 2A0 JJ 
13917 Ift 10* Cal Ion P 

Alearex 13 5* 5 5 + to Calny .1* ]J 

JOa ft 959 58 58 —1 CohjiW .14ft 1ft 

JHe J 48224, 22% 224, + * CanIRn 4ft0c 

AlleoBv .40 2.1 8818% Ift 3 , Ift* + * CcnonG 

AlettQr s 24 ft 4 32 32 32 + 4, Co non I Jlr IX 

AlldBn &4 3ft 4258 224ft 21* 22’*— 4, CapSwt -lie .9 

AlldCap 1.00a 4J 9 21* 21* 21* CapFSi. JO Ift 

AlldRsh 217 Sto 5V. 51* — * CaaCrb 

27 3* 3 3 — * CordOll ftftr ft 

4ft 5» 5% — * Carnnk 
103 4 34ft Hi — * Cards 

389 8 74ft 74ft CareerC 4181 2J 

292 9* 9* 94ft + * Corisba 


510 10 10 Carotin 

52 Ift 151* 15V. — * Carton 

3 4* 4* 4* + 4* Caseys 

2499114, 107, 111* + 4, Concurs 

4410* 10 I0tu— * CnhrBe 

4 74- 7V. 74, cenicor 

31 13 1 * 13 131* CenBCP 

42U* 11V. 11* CnBsnS 


CCB S it 2ft 1833* 33 33* 

CCOR 48 74* 7* 7% + * 

CP RhO .192 5% 5 5 — J, 

CBTBS 40 lj 1021* 19* 21 + * 

CCNB 1J8 U 10 39 30 30 +1 

CCXNI 41846 18* !«*— U 

CML 6510* 10% 10* + v, 

CPI 1275174* 171ft 174, + % 

CPT 295 4* 4’* 44, + * 

CSP 42 8* 84* 8*— '* 

CoblTV 73 4 346 34*- * 

Cache 415 2A» 24, 24»— * 

CACI 42 4 3* 3* — V, 

CbrySc A3 3J 52990 19* 19H- to 

Caller, 4 2V, 24, 2V,— 4, 

CalAirw 303 24* 24* 7N + H 

CdlFBK US 5ft 3 18* IS* 184, 

CaiMtc 238101* 9to 101ft 

CoISfVB 20 4* 4* dt 

ColWtrs 2ftfl JJ 944 451ft 44 +1 

CallonP 80 2* 24* 2 U. 

Calny .14 IJ 7012* 12* 13*—* 

Cahjiffl ,14ft 1ft 3 8 8 B 

CanlRn dftOc 4 ft* ft* ft*— * 

CananG 422 19^ 184a 19*—* 

Canon I Jlr Jft 24721*- 21* 21* +to 

CapSrrt .lie .9 81746 17* 174, 

CaoFSL JO tft 61011 10W 11 + * 

CoaCrb 197 I* 14, I* + V, 

CordOll JlSr ft 3 1746 17 1 7V. 

Camnk 50710* JOVi 10* + * 

Cards 22 8 7* 8 ■ 

CaraerC 081 ZJ IM 3* 3* 3* — * | 

Corlsdu 10 8 8 8 — * - H 

Carolln 29 I*- 1* 1% + \ |p L 7’ 

Corten I 320 13* 12% 13*—* E k lra 
Caaeys 3426* 26* 26* ELTe 

Cencers 2 9V. 9* 9V. 

CnhrBe lftO 5.9 43 304, 30* 30Vj— * ESgi 

Cenicar 144 MVft 14 id* + * 

CenBCP 2ft»4ft 49454* 45 45V.— * IS m 


safes bi Net 

180s HMk Law IPACtDi 
834 4* 3* 4V6 + * 

ft 18 17 17—46 

18 3* 3* 3»— h 

ft 5* 5* 5* 

1J4 5ft 739* 39 39* 

ftBI ft 41 15 14 15 +1 

4 tu - U, Ok_ 1£ j 

JO, ft 17825* 34* 25V. + * 
£10 10* 1016 10% — U 
10 2* 3* 2* 

73 XI 77034* 22* 23* -1 
28 1ft 11 IS* IB* 18*— U 
8 lV» I* 1* — » 
lft4 9 5 8811* 18% 11 

14 4 4 

44 1* 1 1 — * 

471 1% ]% l% — r, 

237 7* 7* 7* 

220 4 A 450 49* 50 + V, 

2 4* 4* 4* 

5 4* 4* 4* + V, 

120 OB 5031* 31* 31*—* 

78 7* 7* 7*— * 

2 9% 9% 9V4 + Vi 

3 4 3* 3* 

1513* 13* 13* + * 

m 3ft 4QJ7Y, 24* 27 — * 
875 m 2* 3% + % 
ftO 3 ft 623* 22* 22* 

910* 10 10 — * 

41 7 4* 4* + * 

22 4* 4* 4*— * 
221* 21* 21* + V. 
12134* 34* 34*— 1* 

8 4 4 4 

55 4* 4 4 — V. 

24 3ft 47011* 11* 11* 

51416 1414 14W 
1913* 13* 13* + 14 

119 ft* SV. 5V* + * 
JO ft 206 24% 24* 24ft + % 

120 3ft 86 35* 35* 35* + * 

IJa 43 2221* 21* 21* + V, 

X IJ 315* 14* 14*— * 

M 25 9t£* 15* IS* + * 

-88 3ft 3725V. 25 25 

.JOelft 23412* 13* 1ZH + Y, 

1912 11% 12 + * 

705 26’^ 25 24 + * 

44618 17 17 — * 

7519* If* 17* 

22 2ft 14316* 14* 16* + U 

24 1ft 18023% 23* 23*— V. 

3223* 23* 23* 

1419* 19* 19% 

128 32 438* 38* 38* 

-56 5-1 1111 10* 10* + * 

.18 1.1 271 17 16* 14*— * 

22 7* 4* 6* + * 

144 5 4% 4% + * 

92523* 22* 22*— * 


HrttSI v 1-60 3ft 
Harvln 5 


sales In Net 

1B8S HIM LOW 3P-M.afB* 

HBO JO 1ft 217730* >9* 20* + * MMPis 
HCW .10 Ift 7 5* 5* 5* + * Mo»« & 

HEITk 4213* 13* u*—* Mentor 

HE Mn 3 5* 5* 5*4-* MeitfrC 

HMOAm 34412* 12* 12* MereBe 

HoSr 2717 18* 19 MercBk 

Hatbon 14* 2W J* 2* “9^Cd 

HaMSvn 541 * * * 2*2?® 

HalttaA JMe ft 8 5 5 5 MrdtCa 

Hdrnl 231 2* 2* 2*— - MvetlN 

HamOli .10 ft «» 1|% 16 MrdBcj 

H ofti n l 5 6 6 6 MrdB pf 

Hanvln ft4 IJ 3943 43 43 — * MetlBs 

HnrpG 34 12 1328* 38% 28*-* Merime 

HrtfNI lftO 5.1 99 31 VS 31 31V. " * 

HrttSI s 1-60 3ft 246* 46 « -% 

Harvln 3 

Hatttws 7 8% 8* 8% 

Hauser ftOe 2ft 216% 14% 16* + vs 
Havrfy ft! 2ft 921* 30* 31% + * 

MawkS .141 101 8* 8 8 — * 

HhftCSs 30013* 13* 13* + V. 

Hlttiln 187 2* 2% 2Vs — % 

Himflyn 217 3 2% 2% 

HdsAs .U ft 4771 19* 19 19 — % 

HttoBt .08 ft 15219* 18* 18*— « 

HevenT 202 4* 4 4* + * 

Hell* 85424* 23% S3* + * 

HenrdP J2 2ft 51537* IT* 37* 

HerttFd 1319 18* 19 + * 

Her lev 191 4 5* 8 

HeTra 5 3 3 3 + * 

HlbcrCa IftOb 4ft 764 jvs zz* 23VS + * 

Hk*om 510 18 10 

HstiPtO 14 4* 4 4 

KfehlSu 144421% 20* 21% — vs 

Hoean 13? 4 3* 3* — % 

HfHmD lftO 19 1025* 25* 25* 

HmBart J8 3ft 2229 27 27 

HrnFFl 24414* 14% 14*— Vi 

HmFR, J0r 17 4 13» n% 13V, + * 

HmFAz 2220 19* 19*— V, 

Hmecft 10 8 vs bv, gvs 

HmaSL 5328* 28% 28* + * 

Hontnd 54 2ft 34 20% 20% 20% — * 

Haovwr I JO 44 4027% 2t* 27V, + * 

HrznAIr 21 6* 6% &*— % 

Horzlnd 47 4V, 4 4 

HwBNJ 7423% 22% 23 y % 

HwrdB I.I2B 441 2 23% 23% 23% 

Hurts To 17 4* 4* 4* 

HuntJB J5o J 324 24 24 +1 

HdoRl 1811% 10* 11% 

HuntsB 158 34 20946* 44 44% + % 

Hurca 19 4% 4 4V, — V, 

Hybrftc 8124% 23* 23% 

HydeAf 10 5% 5% 5% 

Hyoonx 174 10V» 10% 10%— 11 

HvtekM 70 7* 7% 7* + * 


MereBe 1J2 SJ 
MercBc lftO XI 

MtrBCd 

MerBPo I JO ia 
MrdiCa 

MeretiN 120 22 
MrdBcs 

MrdB PI 4 50 a J 


siesta Net Soles 

leos Klee Low 3 pal C m to* 

7524 25*7 34 + * Pooast .12r 3 

70 4% 4% 4% + % PoaoPh 

440 16’-? 15* 15* — * Pope* 

228423* 27* 2** + * Ppntet l 
SJ 71 37V, 36* 34*—* P °ncM » .U Ift 
XI 46 54% 54’i 54% — 

I 4* 4* 8* 

14 I! 50 SO SO — % ParTco 

59W* 18% 17* + * We an 

13 93 54.3 S5W 54V, + % 

39434% M 34 — % ParkOhi M 4ft 

6J T236 35% 36 * <* rtitolM 

617% T?VS I7VS— % Potto* 

415 14% 14% M** 1 


Sotosln 9tmt 

loos Hie, Lew SPALare* 


15*“ ** 

'S 'ttj- V SavflF 

^ 1*1* SouBcp 

S ? T{; SuBkPS 
21* + M 
17% 20% + % 

16VS I7W + V, ISEi 

»«* 'f- sSSS 

55- 1, fSn' 


t ales In ^ 

IMS Hhk LPW 3Pft».ai*e 

Ift 11 A* 4* 4*— * 

4ft ISM 37* 39*— % 

2ft I523VS 23 23 

2ft 8730* » »% „. 

88 7% 7 V* , 

1314 13% 13% — % 

2 17% 17% 17% — V, , 


UST J4 X4 
UTL 

uttmoj 1J8 it 


SaMK bi ^ 

100, HMB Uw IPALOrw 

JM m S! 4 

2S22 1 S 32> . 23% — % 
1 Jft IT - 4S34VW ]4 34% 6 % 


ft6« 1ft 288 4% 


15 * KnSh, IM Al 

liS 2i S5 35— fc I UnPtntr 1J9W 42 


'6 ift*— j, iPntrtot 


HlbcrCp lftOb O 7623V, 22 

Hlekoin 5 10 10 

HstiPtO 14 4% 4 

HbtllSu 164421% 20 

Hoean 13? 4 3 

HflfmD lftO 19 1025* 2S 

HmBart J8 3ft 22 29 29 

HmFFl 344 14* 14 

HruFRk JOT X7 4 13% 12 
HmFAz 2220 T9< 

Hmecft 10 a vs a 

HmoSL 5328* 28 

Hontnd 54 2ft 342ftVi 20 

Hoover 1J0 44 4027% 24 

HrznAIr 21 4* 4 

Horzlnd 47 4V, 4 

HwBNJ 76 23% 22 

HwrdB M2B Aft 2 23% 23 
HunpTa 17 4* 41 

Hunt J B JHe J 394 24 

HrtBRs 1811% Iff 

HuntoB 148 X6 20946% 44 
Hurca 19 4* 4 

Hybrftc 81 24% 23 


.12 1ft 231 7* 


4211% 11% 11% CnBsnS 152 44 10734% 34% 34% + Vs 5™.V', 

283 7% 7 7% + % CFdBkl ft4 XI 11726* 24* 26* + * ? ooo on 

45 27% 26* 27% + W CJerBC 120 4.9 3224* 24 24* + * ISv r M 


AFdSL ft) U 4016 15* 16 CnPaSv 

AFIlIrn IJ2 42 1631% 30* 31 + * CRsvLi 

AmFrst I 12 7* 7* 7* CWIsBa 

AFIetcs ftO 17 2H27* ZTm 77Vi Centnm 

24 2ft Mil* 10* 10*— I* Cenfurt 

58 1ft 2434 34* 34* 35%—* CntvPs 

40 3ft 200 13* 12* 13* + % Cerdvn 

1.12 U 721% 71% 21% Cert> r A 

448 17% 17% 17% — % Carmfk 

20b 14 6 5* 5* 5*— % Cetus 

.07, 7 4 10 ID 10 OimpPt 

33 a 7% a omcco 

.16 .9 22217% 17 17% Ctnpral 

477 *. * * Chooen 

ifta id snrr-i 32 32*— * cnoroit 


14 1% 1% 1%— * 

2 4* 4* 4*— % 

231 7* 7 TVS— * 

59 2* 2% 2* + * 

49 8% 8 8 — * 

1911 I0|s II 
187 * r» * 

181 2* 2% 2V«— * 

39 77b 7* 7* 

125 25 25 

412* 12* 12* + % 


'T* {& + E E can Lb Iftd X3 lo5if* 3,2 31V * 

EdCmp ftfe .7 43 7% 7* 9VS— % 


AFurn 
ACreel 

AmlnLt 40 3ft 208 13* 12* 13* + % Cerdvn 

AlndF 1.12 U 721% 71% 21% Cert) r A 

AiniPB s 448 17% 17% 17% — % Cermtk 

AinvLt 20b 3ft 85* 5* 5*— % Cetus 

AmLock .07, 7 4 10 10 10 OimnPf 

AMoont 32 8 7% 8 OincCP 

AMdSv 

AMIdl 

ANtlns lftfl 14 57732's 32 32*— * Choral! 

APhvG 21 4% 4% 4% — * OiorOi 

AOuasn 313 * * * ChrmS 3 

ASecCn 102 17 121524* 26 24 Ovarvoz 

Amstls 13512* 12% 12% + % ChattlM 

A Solar 479 2* 2* 2% — * ChkPflt 

ASura 51 * * lit— W ChkTcti 

AWstCP I Ml 7 4* 7 — % OlLwfl 

Amrttrs lftO 44 10234% 35% 34% + * Chemax 

Amrwst 4 20* 20 20* + % Cher c* e 

Amgen 141 7* 7* 7* ChrvE 

Amlsiar 35 6 5% 5*— % ChmUt 

AmskB lftO U 6826* 24% 26%—% ChtChf 

Ampads 40 24 94 16% 15% 15*— % ChIPoC S 

Anadlte .10 1.9 450 5% 5 5% + * Chills 

Anlook 7311* II* 11* amend 

Anal V I 23510* 7* 10 Cnomer 

AntfrCr 
Andovr 
Andrew 
Andros 
Anlmacf s 


22217% 17 17% Ot 

477 *■ * * Ch 

57732’s 32 32*— * Ch 

71 4% 4% 4% — * Chi 

313 * * * at 

121524* a 24 Ov 


CerbrA .12 15 

Cermtk 

Cetus 

OimpPt .10 2ft 

ChncCo 

Chopra, 

ChanCn 
Chora It 


1531 30* 31 +2* ggSH’ 

5540* 40 40* + ft I S* 

70 1* I* 1* + V. 

2411 11 11 — * I S. 

53714* 14 14* I?"* 

8 7* 7* 7* IJJg® 

30 2* 2* 2* + % 

21511 HP* 10* ISISL 
11 5* 5* 5* IS®” 

37 4 6 4 

59 2 1* 2 fteam 

345 4* 4* 4* + * IlSSr 

124 7 8% SIS ISiSL 

20 7 4* 7 + * iKSIlt 


CharCh 20 7 6* 7 + * 

ChrmS 3 20 1ft 73419* 17% 19*—* 

Chorvoz II 15% 15% 15% + % 


Chills 

CMtend lftO 4 a 
Chamer 


1212% 11* 12% + % Chroru- 

152 7 4* 7 — * a. rows 58 22 

70620* 19* 20* + * OrymS .10b 1-4 

45 5% 4* 5 + * CirmF S 124 2ft 

7012. II* 11*—% anMJc ftlr 

5W H H b antas .12, J 

79 7 8* 7 + % Cipher 

4438 18 17 IB + * a prlca 1 

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An Account for the Cautious Investor 
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INTERNATIONAL HERALD TRIBUNE, SATURDA Y-SUNDAY JUNE 22-23, 1985 


Page 13 


BUSINESS ROUNDUP 


Muzrge Dropped 
For 2 OTB Aides 

RfUhT\ 

. hong KONG — Hone 

Kong prosecutors withdrew 
Friday fraud charges against 
two officials of ihc collapsed 
Overseas Ttusi Bank. 

"Fhe two. Yeuh Eng-hua. 40. 
aod Peter Tai Ming-shan. 36. 

hud heen accused of falsi- 
fying books, were earlier re- 
leased on bail of SI 300 each. 
But two former senior officials 
of OTB. Patrick Chang Chen-t- 
song, 34 , and Leow Tshun-Un. 
35. who were charged on June 8 
with conspiracy to defraud 
shareholders and creditors. 
w"ere remanded in custody until 
June 28. 

OTB was taken over 'by the 
government on June 7 after it 
was declared insolvent Gov- 
ernment officials have alleged 
the bank was victim of a mas- 
sive fraud that could cost tax- 
t»yers $255 million. 


Schneider & Muenzing 
Proceedings Are Urged 


Awn 

MUNICH — West German 
bunking authorities have asked the 
courts to put Schneider & Muenz- 
ing. the private hank which they 
temporarily closed last month, into 
bankruptcy proceedings a spokes- 
man for the Federal Banking Su- 
pervisory Office said Friday. 

The spokesman said the office 
had rejected in the interest of the 
bank's creditors an application by 
the bank for a‘ court-supervised 
debt settlement But the official de- 
clined to give further details. 

On June 12. a spokesman for the 
off ice had said he expected the debt 
settlement application to be ap- 
proved shortly if no further repre- 
sentations were received. 

The bank was temporarily dosed 
on Mav 24 after an audit revealed 3 
20-million Deutsche mark (S 6 . 6 - 
nullion) shortfall in loss provisions. 

In addition, it had liable capital 


irf 30 million DM and customer 
deposits of around 316 million 
DM. 

Since then. Su Generate Alsa- 
cienne de Banque. or Sogenal 
which is partly owned by the 
French government, has been han- 
dling Schneider & Muenzing's cus- 
tomer deposits. 

Sogenal had originally wanted to 
take over the liabilities.' 

Bui it failed to reach agreement 
with the insurance fund of the As- 
sociation of West German banks. 

BASF lo Build Chinese Plants 

Reutm 

HONG KONG — BASF AG of 
West Germany has reached agree- 
ment with Chinese organizations to 
build a floppy-disk plant and a 
plant to makeTDl, a base for poly- 
urethane foam, in China. BASF 
China announced Friday. 


Developer to Buy 
fL4.0. Schwarz 

\Vn tiWi Sirrif,' 

NEW YORK — F.A.O. 
Schwarz, the retailer of lavish 
toys and games, is being ac- 
quired by Christiana Cos., a 
California real-estate developer 
and investment company. 
Christiana will be Schwarz’s 
. third owner in 1 1 years. 

The announcement on 
Thursday by Christiana and 
Franz Carl Weber Internation- 
al. parent of Schwarz, said their 
boards had approved the all- 
cash purchase. The amount was 
not disclosed. 

Christiana said it would ex- 
- mud the toy retailer. John S. 
Roberts, Christiana's chairman, 
also said that consideration 
may be given to dosing some of 
the 22 stores. The Schwarz 
chain was founded in 1862 by 
Frederick August Schwarz. 


Slower Profit Growth 
Is Seen for Japan Firms 


£ribuner’r#! 


Price Waterhouse, Partners company notes 
To Contest SEC Fraud Suit 


Vcir i'ari. Times Serene 

WASHINGTON — The Securi- 
■ ies and Exchange Commission has 
. 'barged the accounting Him of 
Tice Waterhouse and three of its 
Vainers with fraud by conspiring 
i-vnf!ate (he 1980 and 1981 sales 
md earnings of AM International. 

, i Chicago-based manufacturer of 
' iffice equipment. 

The civil complaint, filed Hairs- 
■lay in Federal District Court for 
he Southern District of New York, 
i Iso named seven former employ- 
; "es of AM International 
"" Four of the accused consented to 
court order agreeing not to vio- 
ue securities laws in the future, 
nil Price Waterhouse, its partners, 
nd three AM International em- 
■loyees refused to accept the settle- 
nent in favor of contesting the 
harges in court. 

The SEC concludes the vast ma- 
"vrv of its enforcement actions by 

t- 

Shareholders Drop Bid 
. For Control of Midway 

The Associated Press 

CHICAGO — A group of dissi- 
iem shareholders has abandoned 
ts attempt to take over Midway 
• Airlines, spokesmen said Friday. 
The parlies jointly announced 
hat the dissidents would not seek 

0 influence control of Midway for 
ive years. The group had launched 

1 campaign to oust Midway’s cur- 
eni directors and gain control of 
he airline. 


consent agreements, in which the 
defendants neither admit nor deny 
guilt, but agree not to violate U.S. 
securities laws in the future. 

The commission accused Price 
Waterhouse, one of the leading 
l/.S. accounting firms, and the oth- 
er defendants, of filing false finan- 
cial statements and giving a clean 
bill of health to statements they 
knew were false. 

In a statement, Joseph E Con- 
nor, chairman of Price Waterhouse, 
said, “The SEC is second-guessing 
a difficult audit made of a company 
with serious business problems and 
attempting to b lame the auditors 
for business judgments made by 
AM management”. 

The case is part- of the SECs 
continuing effort against what it 
conadersfinandal fraud cases, in- 
volving accounting practices. 

A major element of the SEC case 
involves AM International's treat- 
ment of equipment leases as sales. 

Certain long-term leases can be 
counted as sales, but according to 
the court documents, AM’s sales 
figures included “a material quan- 
tity of products subject to short- 
term. cancellable rental'* 

“This fact was not disclosed” by 
AM in its audited financial state- 
ment. the commission said, adding 
that the defendants therefore knew 
that the financial statements were 
“materially misleading" and that 
Price Waterhouse went along. As a 
result, the SEC charges, AM's 1980 
fiscal pretax earnings were over- 
stated by $22 million. 


concern, said it was selling 16 per- 
cent of its 65-percent stake in Dal- 
gety Farmers Ltd, a company ser- 
vicing Australian agriculture, for 
around £5 million ($63 million) in 
cash. The purchasers indude Aus- 
tralia’s ANZ banking group. 

Debeohams PLC, the British 
stores group, forecast a 47-percent 
rise in pretax profit, lo £60 million 
($73.8 million), for die fiscal year 
ending January. The estimate was 
contained in a circular rejecting a 
bid for the group by Bunon Group 
PLC. 

Fuji Photo F3m Co. of Japan 
said it and Nissho Iwai Corp. will 
supply Swatow . Photo Materials 
Factory of China with a plant to 
produce color film and paper in 
China's Guangdong province. The 
contract is worth more than 30 bil- 
lion yen ($1036 million). 

ifaipan fVi— wantfifliK 

Co. said it ordered two satellites 
worth* $300 million, including, 
launching costs, from Hughes 
Communications Inc. of the Unit- 
ed States. The Japanese concern 
has received approval from the 
posts and telecommunications 
ministr y to offer base communica- 
tions services. Japan's telecom- 
munications sector was opened to 
private companies on April 1. 

Norfolk Southern Corp. said it 
acquired the capital stock of North 
American Van Lines from PepsiCo 
Inc. for $369 millio n. The purchase 
of the Fort Wayne. Indiana-based 
freight concern includes $315 mil- 
lion plus an amount accrued at the 
prime rate from Jan. 1, 1984. Nor- 
folk Southern, Norfolk, Virginia, 


operates Norfolk & Western Rail- 
way and Southern Railway. 

■ Philippine Airlines Inc, the state- 
owned carrier, said it reached 
agreement in principle with 15 in- 
ternational banks to reschedule 
$158 million in sbon-term loans as 
part of a plan to r estruc ture its total 
foreign debt of S773 million. A 
spokesman declined to name the 
banks involved and would not say 
when a formal agreement is likely 
to be reached. 

Prudential Corp. PLC, the Brit- 
ish insurance concern, said it would 
buy the entire issued share capital 
of Insurance Corp. of Ireland (Life) 
Ltd, an independent subsidiary of 
Insurance Corp. of Ireland, for 273 
million Irish pounds ($24.7 mil- 
lion). 

RCA Corp. said it will build a 
5200-million plant in Camas. 
Washington with Sharp Corp. of 
Japan. The factor y will design and 
make advanced integrated circuits 
for many types of electronic equip- 
ment. RCA nas a 51-percent equity 
in the joint venture and Sharp has a 
49-percent stake. 

Siemens AG, the West German 
electronics concern, said it and 
Daisy Systems Corp. of the United 
States agreed to cooperate in devel- 
oping and marketing a computer 
system to design and test integrated 
circuits. The goal is to combine 
Daisy’s design technology with Sie- 
mens’s testing know-bow. 

Unilever PLC the British indus- 
trial conglomerate, plans to sell its 
Nairn International Ltd. unit to 
Forbo AG of Switzerland The 
move will not be referred to the 
Monopolies Commission. 


Return 

TOKYO —Growth in the prof- 
it?. of Japanese corporations is ex- 
pected to slow in the year ending 
March 31. 19S6. according to sur- 
veys hy two leading Japanese re- 
search organizations. 

Yamaichi Research, an affiliate 
of Yamaichi Securities Co. Ltd.. 
estimated Friday that profit growth 
would average 8.7 patent during 
the year, sharply down from 263 
percent in fiscul'1985. 

Daiwa Securities Research Insti- 
tute Ltd_ which is affiliated with 
Daiwa Securities Co., predicted 
that profit growth will average 5.4 
percent in fiscal 1986. sharply 
down from 27 percent last year. 

The Yamaichi survey covered 
415 companies in 28 industries but 
excluded insurance, gas and banks 
and other financial institutions. 

Yamaichi attributed the slower 
rale of profit growth to an antid- 

Beatrice Reports 
Drop in Earnings 

Reuters 

CHICAGO — Beatrice Cos. re- 
ported lower first-quarter earnings 
Friday and attributed the decrease 
to expenses resulting from its ac- 
quisition of E&mark Inc. 

The company reported that earn- 
ings Tor the period ended May 31 
were $58 million, or 59 cents a 
share, compared to $72 million, or 
76 cents a share, a year ago. 

It said results for the quarter 
“exceeded our expectations” and 
the company is encouraged by the 
positive trends in its businesses. Be- 
atrice said its integration of busi- 
nesses from the Esmaric acquisition 
last year is now more than 80-per- 
cent complete. Last July Beatrice 
began a divestiture program of 
companies not key to its business 
strategy. 


paled slowdown of the L .S. econo- 
my. increasing trade friction and 
reduced growth in electronics-re- 
lated industries. 

The profit growth rale in man»- 
facturing. according to the Yamai- 
chi survey, will fall to 9.7 percent' 
from the 42.7-perceni annual rise a [ 
vear earlier, while the steel indus- 
try's growth of profits will slow to 5 
percent from 168 percent. This is 
due io volunianr restrictions on 
U.S. exports, the’survey noted. 

Profit growth in the electronics 
and electrical-goods sector, which 
saw the fastest increase in profits 
last year, will decline to 8.8 percent 
from 38.3 percent on slow exports 
and Iowa- prices for semiconduc- 
tors and video-tape recorders. Ya- 
maichi said. 

The growth rate of profits in the 
auto industry will fall to 13.2 per- 
cent from 23.2 percent a year earli- 
er. Yamaichi said. 


Westland Drafts 
Survival Plan 

Aeemv France- Pm* c 

LONDON — Westland 
PLC, a major manufacturer of 
helicopters for Britain’s mili- 
tary, is drafting a survival plan 
that could include a cut in the 
work force, following with- 
drawal by Bristow Rotorcraft 
Ltd. of an £89 million ($114 
million) takeover bid, Ian 
Woodward, director of West- 
land, said Friday. 

Bristow had conditioned its 
bid on acceptance by 90 percent 
of the shareholders. and only 57 
percent indicated their accep- 
tance. 

A Bristow spokesman said 
Westland's finances were not as 
healthy as initially believed, 
particularly in stocks and debt 
to suppliers. 



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Keynesian View of Recovery 


(Condoned from Page 9) 

threaten to keep interest rates and 
the dollar hi g h, and to aggravate 
the huge trade deficit. 

Mr. Peterson and Mr. Estenson 
find that, as a remit of the chroni- 
cally big deficits, the US. economy 
is in “new and uncharted territo- 
ry.” They say the legacy of the 
administration's policies “has not 
only been a recovery from a devas- 
tating recession but a deficit which 
has reached unprecedented levels 
under high-employment condi- 
tions." 


They find h impossible to see 
how airy future administration of 
whatever political persuasion could 
use tax cuts or major spending in- 
creases as a way of coping with a 
new recession. Here they find what 
they call “(be supreme irony: unin- 
tended Keynesian consequences 
have shut the door on future 
Keynesian actions.” 

And that is why the main actor in 
the bid to keep the economy from 
sliding into recession is likely to be 
the Federal Reserve and its mane - , 
tary policy. 


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AUTO CONVERSION 


INTERNATIONAL CLASSIFIED 



AUTO CONVERSION 

EMISSION 

ENGINEERING 


(Continued From Back Page) 

ArrrnfiTAY i nure AUTOS TAX FREE ' | HOLIDAYS & TRAVEL | HOLIDAYS & TRAVElT COLLECTORS 


MOOUKATK3N Of 
CARS M GOOO 
CONDITION. 

MERCEDES 
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Page 14 


. . ■ • , - Vi-wr^w 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. JUNE 22- 23, 1985 


ACROSS 

10a 

(working well) 

8 Hines of the 88 

13 Twain’s Tom 
Canty 

18 Mad scramble 

20 Borne of 
Odysseus 

22 Chafe 

23 Hilton Head 
Island sights 

24 Titanic's 
resting place 

20 A relative 

27 Sked letters 

28 Once, in 
Dundee 

29 Outer limits 

30 “With — by 
his side. . 
Shak. 

31 Aix-en 

33 Entertainer 
Falana 

34 Classical 
contest 

35 Cougars 

38 Pilate’s 

"Look!'* 

39 Jutlander 

40 Express 
contempt 

41 Botanist’s 
angle 


ACROSS 


ACROSS 


42 Com media 

dell' 

43 Early invaders 
of Europe 

44 Convivial 

45 Garden of the 
Gods site 

47 Wyo. sidekick 

48 At. no. 92 

510kla.dry 

52 Mathematical 
quantity 

54 Memorabilia 

55 Fishbowl 
occupant 

50 Klondike 
hopeful 

57 Bind 

58 Velvety fabric 

61 Hawks 

02 “Twelfth 
Night" clown 

63 Mars: Comb. 

form 

64 sponges 

65Ha]fasawf»ck 

66 Hoad of tennis 


77 Teens, e.g. 

78 Role for Roz 

79 King mackerel 

80 Londoner's 

"billycock” 

82 Woodpile word 

83 Add spirits 

84Cracbeter’s 

measure 

85Nev.dty 

86 Spore clusters 

87 An aim of 
education 

89 Hebrides 
sobriquet 

90 Canterbury's 
county 

91 TV’s Anderson 


Spaces and Places byloussabm 


n n n m i 1 ' i 1 ' i' — 1 1 I" 1 in i 1 


1 13 1 14 1 15 hs 117 MI" 




92 Chipper or 
chopper 

93 Sumac of Pent 

96 What Lie once 

ted 


158 159 |60 


67 Cognomens 

68 Ukrainian city 
72 Retaliate 

74 River of Hesse 

75 Prescriptions 

76 Leakage 


99 Base figures 

191 Eye part 

192 Scrubs 

163 Trespass 

164 Root word 

165 Excellence or 
valor 

106 Sennacherib's 

empire 


[69 1 70 1 71 


|»3 |5M 1 95 


DOWN 


DOWN 


DOWN 


1 Waste 
compensation 

2 Mark's 
predecessor 

3 Roam finisher 


4 Bandeau, for 
short 

5 Van Gogh's 
“The Potato 


6 Chemist's 
comb, form 

7 National park 
in 45 Across 


8 Back, in a way 

9 In a trice 

10 card 

monte 

11 Skimmers or 
sailors 


12 Drat, Dresden 
style 

13 Majorca’s 
capital 

14 Down with, in 
Dijon 

15 Cafe vessel 

16 Chile- Argentina 
natives 

17 Publisher’s 
employee 

18 Late 

21 rod 

25 Favus 

31 Southwestern 
steed 

32 Outside: 

Comb, form 

33 Battlefield 
“plants" 

34 Erelong 


35 S .A. rodent 

36 Partner of a 
maritus 

37 Like a ciaro 

39 Brain envelope 

49 Tower 

42 Swiss river 

43 Depressions 

44 Rabbit 

46 Conquered a 
cayuse 

47 Fenced in 

48 Shosboneans 

49 Dyne or erg 

56 Tai triumph 

52 She wrote 
“Memories 
of a Star” 

53 Tolkien 
creatures 

56 Belted 


DOWN 


DOWN 


© New York Tones, edited by Eugene Maleska. 

DOWN DOWN 


57 Foster 
“Home" 

58 Oyster's feeler 

59 rug 

60 Tweed could be 
bought here 

61 Pretense 

62 Cannes display 

64 Lead the pack 

65 Masters' 
warning 

67 Not 
industrious 


68 Former Baltic 
Sea duchy 

69 Sheltered on 
the Sargasso 

70 Diverse: 
Comb, form 

71 Lots of time 
73 A Rockefeller 

nickname 
75 Cliff feature 

77 Trunk lines? 

78 “Desserte” 
artist 


86 Retiring 
81 Kite 


82 Directa 
helmsman 

83 Old World 
finch 

84 Detects 

86 One of the 
Maxwells 

87 Relaxed 


88 Neural conduc- 
tors 


DOWN 

96 Las Vegas pas- 
time 

91 “Billy 

1963 film 
93"! Wanna Be 

Man,” 

Beatles song 

94 2501, to Cato 

95 On the Java 

97 Actor Holt: 
1918-73 

98 Glee note 
160 Have a bawl 


ALL FALL DOWN: America's Tragic 
Encounter With Iran . 

By Gary Sick. 366 pages. SI 9.95. 

Random House, 201 East 50th Street, 

New York, N. Y. 10022. 


BOOKS 


right, and the system itself inhibited the flow of 
accurate information and hampered judgment'' 


But there are clearly some players, in Sick's view, 
bo had it less right than others. The most acrimo- 


AMERICAN HOSTAGES IN IRAN: 
The Conduct of a Crisis 


A Council on Foreign Relations Book. 443 
pages. S25. 

Yale University Press, 302 Temple Street, 
New Haven, Conn. 06520. 


Reviewed by Bernard Gwerczman 


I T IS now more than six years since the Shah of 
Iran fell and four years' since the American 


i Iran feO and four years' since the American 
hostage crisis ended. To the significant literature on 
Iran already published in recent yearn, two excellent 
books have been added. Gary Side's narrative about 
U. S. relations with Iran, "All Fall Down,” covers 
not only the hostage crisis but the flailing around in 
Washington and Tehran in the closing months of 


1978 as the shah's power began to slip. 

Sick, a Navy captain who was the Fran expert on 


sick. a Navy captain who was the Han expert on 
the National Security Council, has written a taut, 
dramatic account. His narrative moves easily 
through the debate over whether the shah should 


have been admitted to the United States, covers the 
seizure of the If. S. Embassy on Nov. 4, 1979, and 
concludes with the negotiations before the hostages 
were released on President Ronald Reagan's inau- 
guration day, Jan. 20. 1981. 

Because of the frustrations in dealing with Iran in 
1978-80, the normal differences within government 
were strained to breaking point. President J imm y 
Carters policies fluctuated between the "hard line” 
of Zbigniew Brzezinski, his national security advis- 
er. and the various approaches put forth by the State 
Department, led by Cyrus R. Vance. Sick was an 
intimate adviser and a friend of Brzezinski; not 
surprisingly, his judgments on most key issues sup- 
port Brzezinski more than they do his detractors. 

In "All Fall Down,” and in the chapter be con- 
tributes to the compendium of articles published by 
the Council on Foreign Relations, Sick endorses the 
rescue mission in April 1980. which was advocated 
by Brzezinski and led Vance to resign. 

"The rescue mission was a failure,” Sick con- 
cludes in "All Fall Down.” “but it was a failure of 
military execution, not of political judgment or 
command.” 


“As suggested by the title, this story has no 
heroes,” Sick writes in his preface: “No one had it 


who had it less right than otters. The most acrimo- 
nious debate over Iran in Washington has been 
whether anything could have been done to prevent 
the coming to power of the radical anti-American 
Ayatollah Ruhollah Khomeini; whether, for in- 
stance. the shah should have cracked down on his 
opponents in late 1978, as advocated by BrzezinskL 

Sick argues that William H. Sullivan, the last 
U. S. ambassador to Iran, was undermined not 
because of policy disagreements but because he had 
lost the confidence of the While House by his free- 
wheeling actions. 

The articles in “American Hostages in Iran,” 
which covers the hostage crisis alone, is invaluable 
for any historian dealing with the negotiations lead- 
ing up to the release of the Americans. It includes an 
e xaminati on of bow the Carter a dmin istration froze 
billions of dollars in I ranian funds that had been 
invested in U. S. banks and institutions, how the 
administration tried to impose a worldwide trade 
embargo on the Iranians and bow the assets were 
unfrozen in exchange for the hostages' release. 

This uneven book also includes two chapters by 
Harold H. Saunders, the senior Stale Department 
official involved with Iran throughout the period of 
the two books. Saunders was close to Vance, and if 
Sick gives a sympathetic portrayal of Brzezinski's 
views, Saunders does the same for Vance. Saunders 


DENNIS THE MENAGE 


Solution to Last Week’s Puzzle 


also describes the daily torment fdt in Washington 
by those in the State Department trying to free the 
hostages. 

“The issue for many of us was at its roots how 
nations — and the human beings who lead them — 
can most effectively deal with each other,” Saunders 
writes. “The two men reflected different approach- 
es. It was not mainly that Zbig Brzezinski was more 
concerned with national interest and honor, while 
Cy Vance emphasized humane values." 


Jo > 



I anna □□□□ anaa HoanaH 
acma saaa anna nnaaan 
□oaannaaaaaQaa □□□□□□ 
□□□□□ □□□□ annaaao 
anaanoa nana □□□□□a 
anaaa □□□□□ nna onnn 
unaa nnHaQaannaaD aati 
aaua unsn ana caaao 
ana □□□□□annua □□□□□□ 
naaauoan aana □□Baaaa 
□□□□□□ aaa □aanaa 
□□□nnna naaa □□□□□□an 
nnnaan nnanannanE aan 
□naan □□□ □□□□ □□□□ 

ana □aanaaanaaao nano 
□ana □□□ oanao nnocio 
□□□non aana aanaaon 
□□□□□□a □□□□ □□□□□ 
□□aann □aanaaaaaoaaaol 
aoHaao aaoB aaaa □□□□] 
□□□□□□ anaa □□□□ eiudci 


Rather, he says, was a difference between 
impatience with a crisis that dragged on and the 
determined perseverance of a marathon runner who 
set his sights and tried to maintain a balanced and 
steady course." 


Bernard Gwertzman is on the staff of The New 
York Times. 


W>rid Slock Markets 


Via .4gence France-Presse June 21 

Cosing prices in local currencies unless otherwise indicated. 


"That's what we use to iron the bread in. 



Horpencr 
Hochtief 
Hoe ctat 
Hoesch 


HussH 
IWKA 
Kali -I- SOU 
Korflofll 

KovftMX 
Kioeduier H4J 
Ktoeckner Werke 
Kruno SMil 
Unde 
UlftftOfHO 
MAN 

Monnesmonn 
Mumcti Rueck 
Nludocl 
PM 

Porsche 

Preussog 

PWA 

RWE 

Rhein metcrtl 

Scherino 

SEL 

S ieme ns 

ThYssen 

veoo 

Voikswauemnrk. 

weito 


3«m70 
557 557 

72AM 22180 
112 111 
186 184J0 
288 285 

3a 36i 
287 Vi 
m m m 
249 249 JO 
27* 26858 
71 S6.29 
104.90 102.10 
528 512 

210 200 
.165 165 

19060 lg7.su 
1950 1990 
574 645 

«2 602 
1441 1401 
299.00 282 

14&2C 147.40 

178 177 JO 
301.50 309 

si a -50 508 

360 348 


DeBeer* 
OrWonieta 
Elands 
CF3A 
Harmony 
HIveM Sleel 
Kloof 
Nedtrank 
Prei Stevn 
Rusolat 
SA Brews 
SI Helena 

Sosoi 

West Holding 


4950 *925 

17M 1740 
3300 2300 
7750 2490 
480 480 

8000 8000 
1490 14SS 
4950 5125 
1570 1560 


PEANITS 


CAMP'S over!! I | GOING HOME f 

EVBN0NE TO THE BUS! I I BELIEVE IT... 


PIC? Y0U "V UHATS^I I IT STOPPED Yl CAlfl 
NOTICE ft THAT? R RAlNINS.THE ( STAn&- 

J«V / 1 I 1 £iui b Uf 1 - 


SOMETHING? 



Sun just \ ft?;:, 
CAME our.. 




mm 


16-22 CWll w e fwi f iir Mi i K.| 


BLONDIE 


IS 5*kSVVOOS? > HffS JUST 

»ni5hins 

e«EAJCfifiST 


NOW HES WNG 
f A DRINK OP 
WATER 


mjw 




» HE HAS HIS GOLF J ; THAT'S J { NO,TH*T5 , 
©AS.. .AND HS36 J 1 SCARY > f fAfiJSSUASB 

twIcPliE 


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BEETLE BAILEY 


yc.on SOU V YOU CAN'T JUST 2 WHEREVER VDU HI PE WHV ARE VCXJ 

SBSe HOL.P A TVJiO t BlI 3 pS.TRYTO romUG WATER 

THE IRSA OF VOUR HA NR | BECOME PART OF I 

CAMOUFLAGE < | THE ENVIRONMENT ZEKO tLr^ ^ 


OVER YOUR HEAC? 
ZERO'i 1 




ANDY CAPP 



WIZARD ol ID 

\ 9 

I mrim I 

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tiMts 

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REX MORGAN 




MISS GALE* THIS IS BRADY 
BISHOP/ I'M JUST CALLING TO BE ’ 
CERTAIN THAT MY WIFE GOT THERE 
FOR HER APPOINTMENT/ ^ 


YES. SHE 
DID, MR. 
BISHOP/ 




OR. MORGAN HAS FINISHED THE i I DONT RNOW/ yOUlL 
PHYSICAL AND SHE'S NOW IN HIS * HAVE TO SPEAK TO THE 
^ OFFICE^QINGO^^HE 


3XTXE&* El 


jBc«|Ley 
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GARFIELD 


HAVE SOME 
LEMONADE, 
GARFIELD . 


REFRESHED? J ( VO l 








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& 1985 UntotJ Fttmrfl 5v*xBane.lnc 


Soatchl 

Close 

695 

Pray. 

710 

Samshurv 

312 

312 

Sears Holdings 

91 

93* 

Shell 

683 

Ml 

STC 

140 

146 

Sid Chartered 

469 

467 

Sun Alliance 

466 

471 

Tale and Lyle 

475 

430 

Tesco 

M 

250 

Thorn EMI 

429 

<3* 

TJ.GTOUO 

264 

270 

Trafalgar Hse 

345 

352 

THP 

133 

135 

. uuromar 

206 

306 

1 Unilever c 

11 5/32 

11’6 

United Bbdjlte 

184 

187 

Vickers 

275 

220 

Wool worth 

406 

408 


U:fCX28 

974.10 

Index :126ZM 
17762* 


2675 3550 
670 *70 
5950 5950 


Com polite stock lode* : 1126J8 
Previous : 11X20 


_ 115 11350 
711 JO 214 
328 


CommeretMAk Index : M27.1A 
Pravloe* : MI7J0 


Boned Comm 
Cemrafe 
CloohoteU 
Cred Itol 
Ertdemla 
Farm Hallo 

FW 

FlnsWer 

Generali 

IPI 

itaicementi 

I la loos 

ilalmebillen 

Mediafionai 

Montedlion 

Olivetti 

Pirelli 

RAS 

RJrracente 

SIP 

SME 

Sola 

Sftsnda 

Stef 


22300 22400 
3551 

10449 10099 


1 0290 *ono 
13780 13796 
3648 3610 

SOOT 50200 

4MM ^990 
1489 1489 
92500 9U50 1 
114500113450 
1930 1*95 
*071 60*0 
2659 2650 
76940 74200 
817 BSC 
2447 2448 
145D 1490 

3040 2995 
17900 18430 
3393 3440 


BjcEOSTAlto 

Ommo Kono 
OknoUoM 

Green Island 
Hone Song Bank 
Henderson 
China Got 


16.10 16.10 
15J0 1540 


HR Electric 
HK Reoihr A 
hk Hotels 
HK Land 
HKSbgng Bank 
HKTdegftoFW 
HK Yaumafel 
HK Whorl 
Hutch Whamoao 
Hyson 

mn City 
Jarfilne 
JardlneSec 

Kowteoti Motor 
Miramar Hotel 

||^_ 164 i-S 

nwHi 

Orient Overseas 
3HK Props 
SMIua 

Swire PoClNC A 
Tol Cheung 
Wan Kwona 
wmeeiocK A 
WinaOnCo 
wiRiar 
World Inn 


15J0 1540 
ran jm 
47 J5 44L50 
1075 2025 
1060 1030 
BJJS 7.90 

vieo n jo 
35 35 

5-70 5JD 
7X5 7 JO 
06 94 

X70 265 
^ 6 5.95 
2480 2*80 
057 057 

043 043 
1180 11J0 
1180 1180 
880 8*5 

3850 38 

7.10 785 
220 US 
12 11.90 
2J9 la) 
73 2120 
143 174 

I -25 140 

775 JJb 
1023 2 

*85 470 

1.96 147 


Hoag Seog Index : 1561.13 
Pmfoot : 15(2.15 


AECI 825 810 

Anglo American 2890 28*5 

Anglo Am Gold 17300 17250 

Borlovw 1185 1190 

Btwoer 1300 1310 

Buffets 7600 7675 


MIB OHTtnf index : 1466 
Pnrrkws : 1456 



Bougainville 

Castlemalne 

Coles 

Comalco 

CRA 

C5R 

Dunlo» 

Elders Ixl 
ici Australia 
Magellan 
M1M 
Myer 

NatAusI Bank 
News Corn 
N Broken Hill 
Poseidon 
Qtd Coal Trust 
Santos 

Thomas Nation 
Western Mining 
Wesfcae Banking 
Woods We 


251 251 

4*8 4.48 

6.18 6.18 
3J4 125 

2JM 112 
616 6 
371 167 

1.97 193 

544 592 

175 1B0 

2J6 126 
29S 193 

1.90 1.90 

135 125 

2JO ZBS 
1 77 222 

4.16 4.15 
72D 7 JO 

128 134 

150 157 

I5B 140 
SM 554 
1.90 1.91 

346 348 

3.96 197 

US IJ6 


All Ordinaries Index : 
Prevhht* : 854.18 


Altai 

Aswii Chem 

Asahl Gloss 

Bonk of Tokyo 

Bridgestone 

Canon 

Casio 

CJtOtl 

OM Nippon Print 
Dalwo House 
Dohuo Securities 

Fenue 

Full Bonk 
Full Photo 
Full I So 
Hitachi 
Hitachi Coble 
Honda 

JonpnAir Lines 
ligllma 
Ktmsat Power 
KuwOHHrl Sleei 
Klrir. Brewery 
fcouutyj 
Kaholo 
Kvocnre 


395 395 

991 999 

870 867 

*39 840 

5U 547 
low loss 
1SJ0 1510 
440 453 

I1C0 1100 
679 *77 

90S 936 

7360 7240 , 
yUA 16S0 
1820 I EE 
979 971. 

702 707 

600 603 

»330 1330 
7700 7B60 
315 391 

I860 1940 
152 153 

733 70S 

476 47 e 

AS 380 
3960 3°S0 


AdW 

Ahmnsse 

Aulaphon 

Bank Leu 

Brown Bcverl 

Cibo Getov ’ 

Credit Suisse 

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Interdlscounf 

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jelmoli 

Lcmdts Gvr 

Maevenpick 

Nestle 

Oerilkorv-B 

Roche Babv 

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Schlndlm- 

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Surveillance 

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Swiss Reinsurance 
Swiss VMkstnnk 
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Winterthur 
Zurich ins 


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800 BOO 
5550 5475 
3910 3940 
17*5 17*0 
3105 X45 
7730 7775 
2800 2795 
B70 895 

in thf 
2278 2200 
6075 6090 
2340 2355 
1830 1840 
4650 4675 
62*0 6220 
1510 15(0 
9150 9073 
1380 1380 
4600 4558 
384 383 

*30 429 

3950 3950 
1260 1260 
1240 18(0 
14»0 1490 
4000 4030 
4975 4975 
2170 2160 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. JUNE 22-23, 1985 


Page 15 


SPORTS 


W < 



One Parrot’s Sad Story Is Enough to Ruffle Another Man’s Feathers 


Umcd Proa htornttanof 

For some reason, do team has ever 
jacked the poor condor as its mascot 


By Tony Komhciscr 

li'iDA''t£ruM Pim Svnitv 

WASHINGTON — Jusi when you think you 
have made some sense of ibis sporting lift jusi 
when you think you have goi ii down to the 
essentials —heigh L weight, lime- for the 40 and 
drug of choice — something like this comes 
along. Something thai shakes you out of vour 
sporting reverie and causes you to reflect for just 
a moment on the universal brotherhood of man 
and the one truth that sports can teach us all: If 
you’ve got the lime, we ve goi the beer. 

Bear with me. friends, for I have a sad story to 
ten. 

Kevin Koch. 31. who had been the Pittsburgh 
Pirates' Parrot since 1979. quit his job recently. 

Joe O'Toole- a team vice president, said that 
Koch died personal reasons. “He said he feds 
that be has been the parrot for seven years and 
he said he didn’t want to be the parrot forever." 
O'Toole said. 

Seven years on the job and Koch was already, 
- legally, a common-law parrot. 

But he did not want to be the parrot forever. 

Of coarse he didn't. 

Who would? 

How many crackers can a man eat? 

Do you know how long parrots live? They live 
between IS and 80 years. Think of it? 80 years as 
a parrot. 

- Not even parrots want to be parrot* forever. 
They would rather be radio sports talk-show 
hosts, but that is another story. 

The leading candidates for the Pittsburefajob 
are said to be Lou Saban. who does anything for 


a day. and Earl Weaver, who i.s first in line for 
every job in baseball that opens up. But that, 
loo. is another story. 

Kevin Koch's poignant plight touches me to 
my soul. 

Alas, feather fatigue. 

A brilliant career over at 31. 

Bang a parrot is obviously a young man's 
game. (I am told that the beak is first to go.) 

But. friends, let me ask you something: Why 
did the Pittsburgh Pirates have a parrot for a 
mascot in the first place? 

The only connection I see is that in those 
pirate movies the pirates often have parrots on 
their shoulders. But what kind or reasoning is 
that? Who cares what is on a shoulder? Do we 
need mascots dressed as shoulder pads? Or 
shoulder bags? Or dandruff? 

Why not nave a Pirate? 

Or am J missing something, and is “parrot*’ 
the way they pronounce "pirate" in Pittsburgh? 

We have too many birds in sports as it is. 

Orioles. Blue Jays. Hawks. Seahawks. Jay- 
hawks. Falcons. Eagles. Cardinals. Gamecocks. 
Pengpins. Gobblers. Owls. Red Wings. Mud 
Hens. Fig hting Blue Hens. 

Larry. Doug. AveritL All Birds. 

Birdie Tebbetts. Otis Birdsong. Byrd Stadi- 
um. 

Mark (The Bird) Fidrych. Ron (The Penguin) 
Cey. Ted (The Mad Stork) Hendricks. 

John David Crow. Robin Yount. Nestor 
Chyiak. Craig Swan. Goose Gossage. Kristy 
Pigeon. Roty Sparrow. Ducky Medwick. Joe 
Don Looney. Rid: Partridge. 


Art Fowler. Mack Herron. Baron Bich. Elvis 
Peacock. John Hummer. Joey Jay. Sonny Dove. 
Jose Cardenal. Dave Nightingale. Chide Hearn. 
Hanhome Win«o. Connie Hawkins. 

Come to think of it. we have too many mas- 
cots. 

The Chicken was great when he started, but 
he must be pushing 40 by now. The rumor is he 
already has had his wings lifted. 

Will he know when it is time to go to that big 
oven in the sky. or will The Chicken pathetically 
molt away in the parking lot? 

And look at what he started. 

I will grant you that the Phillie Phanatic is 
good. But do we really need him? Or her as the 
case may be? (How could you tell?) 

By the way. do mascots have sex? Docs it 
make their fur shiny? When two of these mas- 
cots decide to get married, who performs the 
ceremony. Speedy Alka-Sdizer? Big Boy? Mr. 
Whipple? 

The Gorilla is thoroughly offensive. 

Dancing Barry, and his progenitor. Dancing 
Harry, are both twerps. 

I am told that New Jersey has -some good 
mascots. What do they wear, turnpike exit 
signs? 

1 shudder to think what the US. Football 
League — with such nicknames as Gunslingers. 
Invaders. Outlaws and Bandits — is planning in 
the way of mascots. Nuclear warheads? 

We have reached the stage where any geek 
can dress up like a garden vegetable and become 
a celebrity. 

The only standard is lots of fuzz. 



-iv -1 


Why, some might ask, has there never been a t eam called the Arizona Aardvarks? 


California Duel in a Pool 
U Pits Tudo of World’s Best 



By John Weylcr 

Las Angela Tima Service 


record-holders. Anything can hap- 
pen in sports., fm looking forward 


MISSION VIEJO, California— 10 „ , 

It could have been a scene straight Baumann agreed that Saturday’s 

out of a western movie. The friend- event carries special significance. 


"■* rs. Iy rivals — the two fastest aSve — } m a 

__ _ sat across from rate another, calmly seriously 
“ — - planning the big showdown. m a ““ 
There was no discussion of ,44s rested a 


Tm approaching it a bit more 
seriously than you normally would 
in a meet Kke tins,” he said. Tve 
rested a bit m preparation and I 


fcsT.-.-- 

irjy&i; 

S&VvV- 

jfc'ljj 

| V 

Sr 


at high noon, though, when swim- nught even shave his body. “I 
mere Alex Baumann and Jens-Pe- don’t think anyone wffl be going 


ter Bemdt met while competing in 
- •■Montreal earlier this spring and de- 
cided when and where it would be. 
. This showdown would he precisely 
.' 400 meters — 100 meters of each of 


the four swimming strokes — dur- die Eastern bloc. He is, in fart, the 
mg the Speedo Swim Meet of new kid on the western block. And 
Champions at the Mission Vigo although his training schedule may 


inte rnational complex. be just 

That meet began Thursday and 
continues through Sunday, with the 


medley. Bemdt is the celebrated There are few douds on Beradt’s 

. V c “ -.,?»» East German defector and former horizon. He is more convinced than 
H. V T.* %JbM recortl-hdder in the same ever that he made the right move 
^ | dvent. when he slipped^ away from his 


r 


1 “Alex said to me, ‘Hev, Peter. friends and a privflcged —if some- 
' * what race can we do this sum- what restricted —life m East Ger- 
ruei?* ” Bemdt stud. “And I sue- ®auy. 

gested we race at Speedo. In Cani- It was m East g™n/s “boy- 
~ da, Alex was tired because he was S )ll , tT,als , m 

i training very heavy, and I was out Bemdt set tite wotIq record m the 
l-J of shape because the whole year 400 “dhridmil medley. It was a 
f had been pretty bad for me. SSnce record he had devoted a lifetime to 
» _ my defectum, the rhythm of my ac “ i ^ vin 2'. 


training was pretty bad. 
Bemdt, who walked i 


walked away from 


It lasted less than a month. 
Baumann broke it in the Canadi- 


his East Gennan teammates at the an Olympic trials, then established 
airport in Oklahoma Gw last Jan- the present mark a month lata m 
uary, enrolled at the University of ^ Angles dunng the Olympics. 
Alabama, went through a bitie ^00 tn a en when I 

with the NCAA over eligibility and warn m the Friendship Games, 
is spending the summer with a fam- “** Soviet blocks alternative 01 ym- 
ily in Mission Vigo while he trains P ics > ““ Moscow were faster than 
with the Mission Viejo Nadadores. Baumann.’s world-record pace." 

Neither swimmer is predicting a fondt Mid. “to I had nobody to 
world record, bm the times should ^ and I died badly m the last 


be more than respectable for this 
normally relaxed meet 


100 meters.” 

He expected plenty of fight Sat- 


- Still, the race could be memora- urday. for this is a rivalry built on 
'ole. If Baumann and Bemdt spend “umal respect 
too much rime worrying about each Onec/thefirstthingsBenidtdid 

other. Ricardo Prado, who won the after arriving in the United States 
Olympic silver for Brazil, or Rob was to get his left ear pierced, since 
Woodhouse. who took the brooze Baumann has worn an earring for a 
for Australia, could easily steal the number of years, 
show from the showdown. Bemdt also has no qualms about 

“It’s something very special. I admitting that Baumann is the best 
think." Bemdt said. "Anytime individual roedfy s wimm er ever, 
you've got the four top-ranked He also admits that he thinks of 
swimmers in the world in one race, Baumann as a role modeL 
it's exciting. Alex and I decided on He also thin Ira — make that 
this race as a showdown, but now knows — ■ be can beat him. 
you've got four medal winners or “I want to beat him when he is in 


SCOREBOARD 


Baseball 


Thursday's Major League Line Scores 


AMERICAN LEAGUE 
Oakland 309 m US— 12 H 0 

ctiicavo ,mq an m— 1 s 2 

Birisos. Ontiveros 191 and Ten Woo; 
<*ovcr. Fallen t7» and HIIL w-Blrtsos.4-1. 
L— Scover. t- 5. HRs— Oakland. Bocflte (2>. 
Sr ill in (2). Lunsford 49) 

California MS BOB 006—4 4 0 

Cleveland 090 080 MM 4 B 

Romanic* and Boon*. StSwU*. Eatferiv 
( 2 1 . Bark lev ( 21 . wadded 191 ond Willard. W— 
Pomonlck.B -1 L— Scfiulie. > 7 . HR— Califor- 
nia. Jackson IT 01. 


Major League Standings 

AMERICAN LEAGUE 
East OWKIOn 



W 

L 

Pet. 

1n< unto 

40 

25 

615 

' Pf'io-I 

36 

2o 

-5E1 

fuck-jiofi 

35 

79 

SO 

Baltimore 

13 

29 

J32 

New York 

32 

30 

Sift 

Milwaukee 

29 

32 

475 

Clcvrlond 

21 47 

kWl Dfvliwo 

S33 

Cnicaao 

34 

71 

S57 

California 

35 

29 

J47 

i;anWi C>lv 

33 

31 

5*6 

Oakland 

12 

r 

sea 

; came 

29 

36 

A46 


77 

35 

435 

T eras 

To 


MO 

N. 

East Divltfon 


wtr 

L 

Pet. 


Monlrcul 

Nrn 

III LDUi-> 
^n.cooo 
^pniiodrinnia 
RiUMxjj on 

San Dw 
moo ‘.I on 
C ■fiL m mil 
L.~ iiWks 
a Han la 

Sail IidiKi^o 


3 * 28 SJ 6 

it i» i 7 i 

36 ?« 571 

u a m 

:> a .vi 

31 40 iss 

mil bivnion 

IS 31 iU 

J 4 III ill 

j3 .a Sin 

J.' J" Sfo 


Sofon )«• 22B MO— 5 IB B 

Toronto Oo) B30 38*— 6 8 8 

Ofoda.SloniBV 47] andGodman; Alanonder. 
Ackor (71. LavedBtB), Coudtll (»l ond Marti- 
nez.wnm (91. W— Acver.4-1. 1. — Sian lev. 2-1 
Sv^-CaudiR mi. HRs— B obMA. Evans l«l. 
Buckner (7J. 

New York BB1 S8B 812 B— 9 II 3 

Detroit S4D BIB IBS 1—10 12 1 

Rasroasien. Barctt <21. Sbirlev 16). Fisner 
16). RtaMtti to). Anrarrano ( toi and Masse*. 
Morris, Schorrar (4). Lopez 481. Bair (10) and 
MoMiwCastCDo <U,wr— 8ofr,24>. L — RighatfL 
4-6. HR*— Now York. Hapsev (41. Henderson 
(71. Detroit. Wnttofcer Hu. 

886 018 811—11 28 2 
Toxos BIB 288 OOP— S 8 8 

Vovnft. R.Tnoau» 16), Bat (7) and Stoll. 
Kearney [71; Hoa4on,Roxafno (5), stewori iBl 
on* VMM. W— vouna. L— Hootan. 3-1 

Sv— Beat 44), HRB-SeottlebCowens (41. Pres 
lev (IS). ToaoN Harr oh m. 

Mfoneiofo VtJ 200 402—11 17 8 

Kansas ary • 181 4B2 090— 0 16 2 

BiHcher.Lvsander I4L WorWe [bi. EiAemla 
161. wtiiMiauso (81 and Laudner. Salas 17); 
Leforondt. LaCon 44], BeekvrtHi (71 ond 
Sundtero. W-Eiifom4a,im. l— eortwith. 1-4. 
5* — wmienouvr tl<- HR— Mtimctofo. 

Loudner (3). - 

NATIONAL LEAGUE 
CB 14090 B01 10B BIB— 1 s 1 

NOW York BOS BIB (to— 5 10 0 

FanfonoL Sorensen (S3. BmuJor is) ond 
Lake: Fenwndez. McDowell (7) ond Revn- 
olds. W— Fvrnondei. 2-A l— F ontenot, t-3 
Sv— McDowell |JL HRo-Nnv York. Foster 
19), CltTtSMnBOn [». - 1 

San Francisco 818 083 010-1 9 1 

Son Dleao. BBB.210 03s— 6 6 1 

Krvkow, Dav4s IB).OAd Brealr. Ho>l. Gos- 
naao (Vi ond Kemtadr.iw-Hovl.8-4. l-Do- 
vts.3-4.Sv— GasM9c(H).H«V'Sat Pronci*- 
ca, Leonora 2.(7). Son Dlew. Kennedr 471 
RinsteTdk IBB on 306—J » I 

Montreal / TBO OM 800—1 S 2 

Rttodcn. HaUnod (B) anoPeno: SctialM<fcr. 
Burke (Si. SLCrnre (6). Lucas (8) ond FiR- 
acroW. Nicosia 16). W-Rtuaea 5-7 L- 
SUtaiMder, M So— Haffond 45 J. 

Houston On 000 370-3 4 0 

Atlanta BOB BOB 000—0 * 8 



» in 4:17” — bis world recordis 4:17.41 
Jfo. — "but ift cpiiML lobe a grot race 
he, .... Kke tfis Oiyiupics with the 
iehj Eastern bloc there too.” 
j of Bemdt, of course, is no longer of 


Jens-Peter Bemdt 


; just getting back into shape, his 
a is already world d ass. 

"This is more fan than school,” 


400-meter individual medley, ®mdt ^ flashing a huge grin, 
showdown timft for Batrmnnn and jnst work out and then do 
Bemdt, to be held Satur day Bau- **** you wool I’ve goflen four or 



Alex Baumann 

good shape,” Bemdt said. "And I 
know he wants to show he is the 
best 1 won't be terribly disappoint- 
ed if I give my best and lose. And I 
will never lose my optimism that 1 
can beat him.” 

Baumann was only 4 years old 
when his Czechoslovakian parents, 
who happened to be out of the 
country when Soviet tanks rolled 
into Prague in 1968, decided to 
leave family and friends behind 
and start a new life in Canada. He 
was very young then, but be thinks 
he can understand what Bemdt is 
going through. 

“He doesn’t really have anyone 
here so f try to take the time to talk 
to him,” Baumann said. “We’ve be- 
come really good friends, too. 

“You knew, there’s not really 
that much at stake here. It’s not like 
this is the most important meet in 
the world," he said. “But this is 
definitely the best competition HI 
face this year. I might go faster in 
the Canadian nationals, but this is 
going to be a fun race. 

“I guess we both have something 
to prove.” 


Kneooer. Smltti 49) and Asnbv. Mahler, 
Forster (?) and Benedict W— Kneooer. 7-1 
L— Mahler. 10-4. Sv— ScnWi (12). HR— Hous- 
ton. Gamer (4). 

PfclladeteMa OM BOO OOB-B 9 2 

St Loot* 2B1 BIB BIx— 5 9 0 

KfiaOi Rucker (4), Rovrlev 171. Tekalvo 
(8) and Vlr9«i Cox and Niota W-Co*,»-i L— 
K.GDHS. 5-7. 


Mets Sweep Cubs on Grand Slam; Race Tightens 


Compiled bv Our Staff From Dispatches 

NEW YORK — In a season 
dominated by anomalies, the New 
York Mets have swept a series that 
just may put them bade on course. 

After a fast start put the Mets 
atop the National League East Di- 
vision standings, the relief pitching 
turned to heartburn, baiting aver- 
ages sank and eamed-ran averages 
rose. This misery culminated in 
three straight losses in Montreal 
last weekend that dropped the New 
Yorkers to fourth plan. 

Them it was bade home to Shea 
Stadium to play the Chicago Dibs 
in a four-game series. The same 
Cubs who won 12 of 18 games 
against the Mets last season. 

On Thursday night, Geoige Fos- 
terhit his 17th major league grand- 
slam home run in the third inning 
and rookie John Christensen fol- 
lowed with a bases-empty homer to 
give the Mets a 5-3 victory and a 
series sweep. The loss was the ninth 
straight for Chicago, its longest 
slump since dropping 13 straight in 
June 1981 

With division-leading Montreal 
also losing. New York and Sl 
L ods now are only a half-game oat 
of first with Chicago two games 
back. 

“A sweep is great after what the 
Cubs did to us last year,” said the 
Mets' manager. Dave Johnson. 
“This takes away the psychological 
edge the Cubs had.” 

The Cubs, who had scored just 
one run in the first three games of 
the series, again discovered that it 
only takes one mistake to lose a ball 
game. 

With two outs in the bottom of 
the third, Kelvin Chapman singled 
and Ray Knight — batting third 
and .155 — followed with a 
grounder that shortstop Chris 
Spcier hobbled for his third error of 
the series. Ray Fontenot walked 
Gary Carter on four pitches to load 



' '• ^ .. 




1 8 S 




■»■***. 




- "'•>2 
• > * 1* 




Refiever Roger McDowell blew babbies Thursday, but not 


the bases and Foster bomered over 
the right-center field fence. Three 
pitches later. Christensen — bat- 
ting. 198 — hit his. 

The Cubs played the series with- 
out starters Bob Dernier, on the 
disabled list; Gary Matthews, just 
off the list; and an ailing Jody Da- 
vis, who was limited to pinch hit- 
ting. 

“These are not the real Cubs.” 


said thor manager, Jim Frey. "Half 
onr real dub is laid up.” 

“1 don’t sympathize with the 
Cubs,” Johnson retorted. “We were 
just as (rippled as they were ” 

Pirates 2, Expos 1: In Montreal, 
Pittsburgh pitcher Ride Rhoden 
helped ms own cause by getting 
two hits and driving home the win- 
ning run. He also held the first- 


Did Reds lose Money? Two Tales Are Told 


The Associated Pros 

.CINCINNATI — Did the Cincinnati Reds lose 
$4.5 million last season or make a S5I.000 profit? 
The team’s president. Bob Howsam, and its owner. 
Marge Schott, appear to be at odds about it. 

Howsam. who is about to retire, said Thursday 
the Reds made 551.000 last season. Mrs. Schott 
conceded they did not lose die $4.5 million she had 
reported earlier, but claimed the team lost at least 
S3 million, according to The Cincinnati Post. 

“That come as a great surprise.” Mrs. Schott 
said of Howsam's remarks. “If he wants to be a 
hero. fine. But it’s just not true. This makes us look 
like lying fools.” 

She announced the pretax S4J miOioa loss at 


the end of last season and raised ticket prices. She 
also has told the Major League Baseball Players 
Association the Reds are losing money. 

Howsam said the deficit became an "operating 
plus” through adjustments to players' bonuses, tax 
amortization on the declining value of players and 
a settlement with the team's former president, 
Dick Wagner, who is guaranteed $250,000 a year 
through t985. 

Howsam said the $4.5 million figure was 
dropped to S3 million when signing bonuses of 
players were spread over the length of the contract 
instead of paying the entire bonus in 1984. Of the 
$3 million, $2.6 million went toward amortization 
of players. 


B— ■vUnnad ftan h to NAuml 

die Mets' lead on die Cobs. 

place Expos to three hits in seven 
innings. 

Cardinals 5, PMKes (fc Danny 
Cox scattered nine hits in SL Louis 
is pitching his second consecutive 
shutouL Willie McGee singled 
borne Vince Coleman in the first 
inning, scoring himself on Andy 
Van Slyke's doable, far all the runs 
Cox would need against Philadel- 
phia. 

The Cardinals’ Tommy Herr 
doubled twice and drove in a run to 
raise his league-leading batting av- 
erage to J53. 

Padres 6, Giants 5: Terry Kenne- 
dy's two-run double, capping a 
three-run eighth in San Diego, 
helped LaMarr Hoyt beat San 
Francisco for his seventh straight 
triumph. Kennedy, who earlier ho- 
raered, had been 0-for-16 against 
reliever Mark Davis before dou- 
bling, 

Astros 2, Braves 0: Phil Garner’s 
two-run homer in the eighth beat 
Houston in A llama. 

Tigers 10, Yankees 9: In the 
American League, seldom-used re- 
liever Mike Armstrong's wild pilch 
to the I Oth inning in Detroit al- 
lowed Lou Whitaker to trot home 


BASEBALL ROUNDIT 

from third with the winning run 
against New York. 

The Yankees, who had won four 
straight, held a 9-6 lead going into 
the bottom of the ninth. Bui reliev- 
er Dave Righetti walked two hat- 
ters with one out and on a poten- 
tially game-ending double play 
second baseman WQlie Randolph 
threw wildly to first for his second 
error of the contest. That allowed 
Kirk Gibson to score the tying run. 

"You don’t win those kinds of 
games,” said Detroit's manager. 
Sparky Anderson, “you lose them. 
Somebody makes a mistake.” 

A’s 12, White Sox 1: Alfredo 
Griffin hit a three-run homer, 
Bruce Bochte hit a two-run homer 
and Carney Lansford bomered 
with the bases empty as Oakland 
won in Chicago. 

Bine Jays 6, Red Sox 5: In To- 
ronto, Damaso Garda got three 
hits and four RBI, tripling in two 
runs during a three-run seventh 
that beat Boston. Bill Caudill's 
chib-record 11th save was his 100th 
in the majors. 

Angels 4, Indians 0: Reggie Jack- 
son hit his 513th major-league 
homer, a two-run blast during a 
four-run second, as California won 
inGevdand. 

Jackson, an 18-year veteran, 
moved past Ernie Banks and Eddie 
Mathews to take sole possession of 
10th place on the all-tune home run 
list Ahead are Ted Williams and 
Willie McCovey. each with 521. 

Mariners 11, Rangers 3: A1 
Cowens hit a three-run homer and 
drove in four nms as Seattle got a 
club record-tying 20 hits in ArHng- 
ton, Texas. 

Twins 1L Royals 8: In Kansas 
City, Missouri, Kirby Puckett 
drove in four runs with four hits as 
Minnesota overcame five RBI by 
George Brett and ended a three- 
game losing streak. (AP, UPI) 
■ Marshall Has Operation 

Outfielder Mike Marshall of the 
Los Angeles Dodgers underwent 
an emergency an appendectomy 
Thursday at Sl John's Hospital in 
Santa Monica, California, The As- 
sociated Press reported. 

Marshall is expected to be hospi- 
talized for four or five days and 
unable to play for two to three 
weeks, the Dodgers said, adding 
that he has been placed on the 15- 
day disabled list. 

Marshall, 25, complained of 
stomach pains before Wednesday 
night’s 5-1 victory over the San 
Diego Padres and was hospitalized 
early Thursday morning, the team 
said. He had two hits in the game. 


Tennis 


WOMEMra CHAMPIONSHIPS 
(A! Easttuume. EneJondl 
Quarterfinals 

Marline Navratilova (1). US. del. Bettina 
Sunae 041, West Gannanv. 7-4 03-17). *3; 
Hoiana Sokova (51. GaKtosiovoklo. def. Bar- 
bora Pal tar 4131. uS. frO. 7-4 r7-51 : WwxJv 
Turnbull (10). AmfraluL del. Poseote Para- 
dls. France. 34. 647-5; Mtrouela Maleeva (3), 
ButaRn&dvLKettnr Rinaldi ()2),UJL 6-1.64. 


Transition 


BASEBALL 
American Leoeue 

BOSTON— Placed Tony ArmtB. outtieidrr. 
an (tie 15-day dKaDled iisi.relroodivete June 
n. Recoiled Marc Sullivan, catcher, tram 
Pawtucket ot the internaiiml League. 

CLEVELAND— Sent Den Setwise. Mtemr. 
to Maine at the Internal awed League Re- 
called Carmen CasiiHa oulfiCder. tram 
Maine. 

TEXAS— Traded Frank Tanano. Ditcher, to 
Del roll far Duane James, pitcher. Assigned 
James to Tuho at ine Tesas Uasuc. placed 

Cl til Johnson, designated taller, on the iS^wv 
Orta Wed list, retroactive to Jooe 15. Readied 
Glen CaaA.iHtcAer. (ram Ot toaamo Civ of ine 
American Association. Purchased the con- 
■roclot Nick Coora. outfielder. trcRiQUano- 
mo Cltv. 

National Leagac 

CHICAGO— Aciirotad Cary Matthews. ixrt- 
llcktar. I corn The ddaMec list. Placed Brian 
Dared, outlie Wer. on the disabled Usl 

HOUSTON— Optioned Marti Roes. Ditcher, 
to Tucson at the Pacific Coast League lomafce 

room tar Jett cainoon, pitcher. «hosdhcdu*93 
return ham the iS-dav enabled fist Saturday. 

LOS ANGELES— PiaCHl M*e Marshall, 
outfielder, on foe 15-day disabled mt. 

SAN FRANCISCO — Signed 73)11 CtOrt-tirsl 
baseman, ond assigned him to Fresno ot die 
California League 

BASKETBALL 

Notional Basketball Association 

SEATTLE— Named Benue Blcltrsfafi 
Coach amt signed him ta mwli-year caniraca. 

U Tam — S igned Bob Hon ion. guard, locone- 
re or contract 


TO RONTO— Traded Emanuel 1 cdbert.slaf- 
bac*. and Darrell Nicholson, imeoocker. to 
Cat gory for Dan Rashovich. UnebOCker. 

National Football League 

DALLA S S igned Mel Laltony, wide ro- 
o tlvcr . 

INDIANAPOLIS— Slgnoe Toro Orosz. puni- 
er. 

NEW ENGLAND— Released Mika Kerrt- 
ecm. Quarterback. 

NEW ORLEANS— Stonod Eric Martin, 
wide receiver, and Tree Sonov. aeienslve 
boeL. 

HOCKEY 

Nattoaol Hockey League 

LOS ANGEL ES-Sfonad Glenn Healv.aoai- 
render. Re-signed Rick Locakite. dete n te 
man. and Mark Lottho uM . right winger. Re- 
leased Mike Stake and Dave Ross. 
goaUenderg; Al Sims. Siu Smith and Howie 
Scrutaa, defensemen; Carl Mokosak. toll 
winger, and Bab Miller and Bitty ODwver. 
enters Bought out the com rod of Russ An- 
dersgn, defensemen. 

H.Y. ISLANDERS— Sfoded Bab Bosaen. toff 
whig, aid Gary Johnson, eaa (tender, to multi- 
year contracts. 

VANCOUVER Na m e d Tom wan coach 
and assistant general manager and signed 
twn to a three year contract. 

COLLEGE 

CENTRAL MICHIGAN— Named Jim 
Knapp nock and field and er«eaunfrveae- 
CT. 

fairlEigh Dickinso n A nno u n c e d 
me rougacxmn oi Jim Ogle, Jr. sports Infer 
mot too director 


SPORTS BRIEFS 

Hurdler Moses Again Injures Knee 

LOS ANGELES (LAT) — Edwin Moses, the incomparable 400-meter 
hurdler and world record holder, reinjured his right knee in training last 
week and will not be ready to compete again until August, according to 
Gordon Baskin, his business manager. 

"Last week was the first time he has been able lo go over a hurdle this 
season, and be popped something in his knee.” Baskin said. "He has been 
able, though, to run on the flat. If he isn't careful, he could be out for the 
entire season.” 

Sonics Hire Bickerstaff as Coach 

SEATTLE (AP) — Bemie Bickerstaff signed a multiyear contract at 
undisclosed terms Thursday to coach the Seattle SuperSonics of the 
National Basketball Association. He replaced Lenny Wilkens. who was 
made general manager after the Sonics missed the playoffs last season 
with a dismal 31-51 record. 

BickerstalT has been an assistant coach with the Washington Bullets for 
12 years and has a reputation as a developer of young players. 

Henning Hired, Polano Fired in NHL 

BLOOMINGTON. Minnesota (AP) — Lome Henning. 33. became 
the youngest coach in the National Hockey League on Friday when he 
was hired by the Minnesota North Slats. Henning, who once played for 
the New York Islanders, spent last season coaching the Springfild. 
Massachusetts, team in the American Hockey League. 

In Detroit, the Red Wings fired Nick Polano. their coach for three 
seasons, and made him assistant general manager for player develop- 
ment. The team said it would pick a new coach by Monday. 

New Crosby Golf Format Announced 

SAN DIEGO (AP) — The Bing Crosby National Championship golf 
{‘•urmiment, to be played this year in North Carolina, will be limited to 
200 amateurs and celebrities who will play as iwo-man teams in two 
divisions for S2 million in prize money. 

Kathryn Crosby, wife of the late entertainer, said all the prize money 
will go u> charities. She severed the tournament's traditional association 
with Pebble Beach. California, earlier this year. 



Each day only eight watches assembled, pofished and finished by hand, 
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Page 16 




ART BUCHWALD 


Tennis , Love and Freud 


■^ASHINGTON — A voy re- 


t ▼ veairng book about tennis nas 
just crossed my desk. It's titled 
"Sex as a Sublimation for Tennis*' 
(Workman Press. $4.95) and was 
written by Theodor Saretsky, a 
Freudian specialist at Adelphi Uni- 
versity ana full-time tennis fanatic. 

Saretsky told me on the phone, 
"It was Freud who first wrote that 
‘all human bongs are motivated by 
a primal lust 



Bochwald 


which translates 
itself into the 
endless and 
fruitless search 
for an unused 
tennis court on 
the weekend.' " 

Saretsky said 
be lucked into 
all of Freud's 
writings on the 
subject when be 
bought a trunk at a tennis memora- 
bilia sale at Sotheby’s in 1980. The 
trunk contained some of the mas- 
ter’s greatest work, including “The 
Myth of the Sweet Spot," “Inter- 
pretation of Tennis Dreams.” “The 
Primitive Taboo of the Foot Fault" 
and “The Nightmare of the Can- 
celed Tennis Game: A Study in 
Obesity, Perversion and Suicide.” 

This year Saretsky decided to 
share this gold mine with the pub- 
lic. 


Saretsky says. “Freud took one 
of the great steps in modem analy- 
sis by stating categorically. The 
only way to know one's patients is 
to play tennis with them.’ ” 

1 don’t have the space here to 
reveal everything that Professor 
Saretsky says Freud said about ten- 
nis, but I can print a few highlights. 

One is that Freud observed that 
individuals who immerse them- 
selves in work and who stress fam- 
ily obligations and engage in exten- 
sive sexual activity, to the point 
where they are prevented from 
playing sufficient tennis, will suffer 
from severe tension anxiety and 
nosebleeds. 

Another is that oeoDle who are 


people 

constantly measuring the height of 


the net have a 
that the net is 
of the court. 


toidal delusion 
r on their side 


The professor said one of his 
most fascinating discoveries was 
that Freud lost interest in the sex 
act when he discovered that a ten- 
nis game lasted much longer. 

Saretsky has found Freud's theo- 
ries invaluable because more and 
more patients are coming to him 
with tennis problems rather than 
sexual ones. Up until recently ex- 
perts in the psychoanalytical pro- 
fession refused to accept tennis 
court mental cases because they 
were too difficult to cure. 

“The hardest thing for a patient 
with a tennis neurosis or psychosis 
is to find an analyst who will take 
the time to treat him.” Saretsky 
said. “Freud discovered the more a 
patient talked about his deep-seat- 
ed tennis problems the more anx- 
ious the analyst was to go out on 
the court and hit a few balls him- 
self. This attitude is diametrically 
opposed to how the analyst feels 
when he listens to a patient talk 
about sexual dysfunction." 


When a distinguished colleague, 
W.W. Wilner, after years of re- 
search. arrived at the conclusion 
that tennis spelled backwards was 
“sin-net” it confirmed Freud’s sci- 
entific theory that there are murky, 
mysterious forces buried alive in 
the human psyche. 

As soon as he checked it out. 
Freud ngected his own classical 
new of infant sexuality as the 
mainspring of the human condition 
and replaced it with the dictum that 
“t ennis truths lie everywhere: they 
are the essence of being.” 

This led him to devote the re- 
maining years of his life to studying 
the lingering fantasy of- the empty 
tennis can. 


Saretsky believes that Freud's 
tennis writings undermined all or- 
thodox thought in the Western 
world. The Viennese doctor ex- 
posed the offensive lob for what it 
really was. a sadistic underhanded 
shot of which be wrote, “The lob 
must be given its chance, but this is 
a disgusting stroke to use in mixed 
company if its sexual and exhibi- 
tionist roots are not honestly ac- 
knowledged and properly ana- 
lyzed.” 

In conclusion, if you buy only 
one book this summer, I would 
recommend “Sex as a Sublimation 
for Tennis.” If you don’t play the 
game yourself you could save the 
life of someone who does. 


A Poet’s 'Sound of Sobbing’ for Yietnai 


By Colin Campbell Blooming in p 

Now York Tima Service andcold. 


in prison, sickly, stoned 


N EW YORK — As a young 
man he wrote love poems. 
His friends used to borrow than 
to impress their sweethearts. 

But later he fell into what he 
calls a "swampland” of prisons 
and re-education camps in Viet- 
nam. And as other prisoners 
might practice yoga to survive, or 


they reek of damp and mold, look 
gray as mud 


scratch off the years on filthy 
Chi Thicn prac- 


walls, Nguyen 
ticed poetry and scratched his 
verses in his mind. 

According to Amnesty Interna- 
tional, International PEN and 
other rights groups and intellectu- 
als who have taken an interest in 


Thien. long an opponent of the 
Communist government in Viet- 
nam, is said to have become total- 
ly opposed to Communism while 
bring “re-educated.” In several 
poems he assails Marx and Ho 
Chi Mirth, the revolutionary lead- 
er. and cries out against what he 
sees as the hypocrisy of the gov- 
ernment. He shouts against suf- 
fering and almost urges revolt. 

Six years ago, Thien managed 
to get inside the British Embassy 
In Hanoi with a sheaf of poems 
like this one, also translated by 
Thong: 


After he fell into 
what he calls a 
"swampland'’* of 
prisons and re- 
education camps, 
Nguyen Chi Thien 
scratched his verses 
in his mind. 


My poeuy's not mere poetry, no, 
f sobbing from a 


bur it’s the sound of s 
life. 

the din of doors in a dark jail, 
the wheeze of two poor wasted 


his case, the 52-year-old poet, 
who has spent 23 years in jails and 
re-education camps since 1958, 
now lives in old Hoa Lo Prison in 
Hanoi the place once known to 
captured U. S. airmen as the Ha- 
noi Hilton. 

Nearly 400 of Thien’s poems, 
gathered in one volume titled 
“Flowers From Hell,” were 
brought mu of Vietnam in 1979 in 
manuscript form. The poems, 
translated into French and En- 
glish, have since been published 
in the West; some have been put 
to music. 

Ha Huyen Chi, a Vietnamese 
poet now living in Washington 
state, says he believes that Thien 
may rank among the leading Viet- 
namese poets of the century. 

A typical quatrain, translated 
by Huynh Sanh Thong, an editor 
at Yale University, describes the 
poems: 

Flowers from hell — real blood has 
watered them, 

blood mixed with animal sweat, 
with parting tears 


the thud of earth-tossed down to 
bury dreams, 

the clank of hoes that digup memo- 
ries, 

the dash of teeth all chartering 
from cold, 

the cry of hunger from a stomach 
wenching wild, 

the throb-throb of a heart that 
grieves, forlorn. 

the helpless voice before so many 
wrecks. 


A. 


■put* 


„ 



% - 


Nguyen Chi 
Thien, who has 
spent 23 years in 
Vietnamese camps 
and prisons since 
1958, and collec- 
tion of his verse. 


All sounds of life half lived, 
of death half died — no poetry, 


Tran Nhu, a friend and former 
fellow prisoner of Thien, said 
from his home in Kansas that 
Thien was bom in Hanoi in June 
1933. the youngest of five chil- 
dren. Thien’s father had been an 
engineer for the French before the 
victory of the Vietminh in 1954. 
The family thought of moving 
south. They got only as far as the 
ty of Haiphc 


air. One day Thien approached 
Haiphong’s cultural officials and 
asked permission to publish a 
journal that would be called VI 
Dan, or “For the People.” 

But the party’s mood had quiet- 
ly shifted since the campai gn had 
begun. He was told lo gQ home 
and await a decision. The next 
day, the police arrived, searched 
his house and seized his romantic 


poems. They were used as evi- 
hat Thien and his friends 


port aty of Haiphong. 

Thien’s friends knew him in the 
1940s and ’50s as bright, witty, 
shy with girls and loyal to his 
friends. He had, they said, an ex- 
traordinary memory for verse. 

In 1958 Thien and other young 
writers in Haiphong decided to 
start a literary magazine. North 
Vietnam's leaders had recently in- 
augurated a Chinese-5tyle “100 
flowers” campaign and more free 
expression than usual was in the 


dence that 

nurtured ideas that discredited 

rammiinlcm 

He was sentenced to two years’ 
hard labor in Yen Bay Province, 
north of Hanoi His camp there — 
and the camps that followed in 
the wilder regions of northern 
Vie tnam — became the hell of 
Thien’s poems. 

Released in early 1961, he 
joined an ama teurish anti-govern- 
ment group known as Doan Ket, 
or Union and Solidarity, accord- 
ing to Nhu, who was also a mem- 
ber. That November. Amnesty re- 
ports. Thien was declared an 
“underdeveloped citizen." He 
was seat to re-education camp. 


released a gain in September 1964, 
and sentenced again the following 
month. He lived in “the swamp- 
land” for the next 13 years. 

On April 2, 1979, during a brief 
period of freedom, be made a des- 
perate attempt to find a wider 
audience for his poems.' He was 
living in Hai phong . Having made 
up his mim f to send his poems 
abroad, he went to the British 
Embassy in Hanoi and handed 
copies of them to a British diplo- 
mat. An accompanying letter, in 
French, asked “on behalf of the 
mini ons of innocent victims of 
dictatorship, already fallen or dy- 
ing a slow and painf ul dwih in 
fommnniCT prisons” that the po- 


m unis L others were superb and, 
for Vietnamese vase, unprece- 
dented in their passion. 

Photocopies of the poems be- 
gan circulating in Europe and the 
United States. They were eventu- 
ally printed in Vietnamese, and a 
Vie tnamese folksingcr in Califor- 
nia. Pham Duy, set 20 to music. 
Two years ago Huynh Sanh 
Thong at Yale printed “Flowers 
From HeD” with his English 
translations. 

Pierre Emmanuel a member of 


the French Academy, and other 
literary tis 


epn 

The Vietnamese guards arrest- 
ed Thien immediately and he has 
been in prison ever since. 

the manuscripfaf “Flowers 
Hdi” to Patrick J. Honey, aschol- 
ar of Vietnamese at London Uni- 
versity’s School of Oriental and 
African studio. Honey read the 
poems and decided that although 
a few seemed coarsely anti-Com- 


pronrinent literary figures have 
lavished praise on Thien’s verses. 
Uopdd S. Sengbor, the forma 
president of Senegal who is also a 
memb er of the Academy and a 
distinguished poet, wrote to Viet- 
nam’s prime minister, Pham Van 
Dong, last November asking that 
Thien be granted amnesty. 

Senghor has not yet received an 
answer, according to PEN offi- 
cials. But several weeks after 
Senghor’s letter went out. Thien 
was reportedly transferred from a 
jailhouse in Haiphong to Hanoi’s 
Hoa Lo Prison. 


Tokyo Quartet to Play' 
On a Set bv Stradivari 


A set of instruments made by 
Antonio Stradhari will be played 
by the Tokyo String Quartet in Fin- 
land this summer, a spokesman for 
the group has announced. John 
Dudich said the performances 
would take place July 28. July 31 
and Aug. 1. with the third concert 
commemorating the 10th arinivr' 
saiy of the signing of the Hdairf 
accord. Dudich said the Stradivari? 
us violins, viola and cello were as- 
sembled by a dealer. Jacques Fran- 
cab. over a 20-year period for Dr. 
Herbert Axelrod, who has agreed to 
let them be played by the violinists 
Peter Oundjian and KBaid Ekrda, 
the violist Kazuhide Isoaufira and 
the cellist Sadao Hands, 




Prince Albert of Monaco has an- 
nounced a trans-Atlantic yacht 
race to be held in memory of his 
mother. Princess Grace. Thirl 
ships will depart Oct. 13 fror . 
Monte Carlo, with the winner dl- ' 
peered to pass the finish line, the 
Statue of- Liberty, in late October. 
"America has given Monaco one of 
its greatest gifts: my mother, Grace 
Kelly.” the prince said at a news 
conference with Mayor Edwant L 
Koch in New York. “We felt that a 
sea race bounded by our two coun- 
tries is a fitting tribute to her mem- 
ory.” Princess Grace died in a car 
crash in 1982. . ? ’ 

□ 

The French film star Co|acV . 
was sentenced Thursday in Paris ftr 
two months in jail for insulting 
police who were about to- tow his 
Cadillac car away, officials said. 
The actor and comedian, tried un- 
der his real name, Michel Coined 
was not in court to hear the sen- 
tence. which also included a.JJWO- 



. 


K..’“ ' 
-Ckl'"- . 
is- 1 - ” ’• 


| r ; J’* 


I 


j K-H'l ! '- 1 ' v ' 

i Iff fc.** ■■ 

1 rJl IrUJtf 


franc fine (about S320). The cqun 


heard that Coiucbe’s car was block- 
ing a bus lane outside his home and 
a policeman called him on his 
apartment interphone. When the' 
comedian appeared a few minutes 
later, the court heard, he insulted 
the police officer and urged a pass- 
ing bus driver to run the officer 
down. Coluche has 10 days in 
which to appeal the sentence. , f 


- 1 . ■%* " .-a 


William Styron, author of TSo- 
phie’s Choice,” has been named 
recipient of the 1985 Cino del Dues 
prize, worth 200,000 French francs 
(about $22,000). It will be present- 
ed in Paris in October. - :: 


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SWITZERLAND 

Foreigners cat txnr STUDIOS / APART- 
MENTS CHALETS. LAKE G9KVA - 


MQNTRBJX or m *M6 wprid femow 
resorts- CSANS-MQNTANA. 
MABLfiSTS, VHBJSJ. VELARS. 
JURA & rnan at G5TAAD From 
SF1 10.000 Mortgages 60% S 6'-Y% 
interest. 

REVACSJL 
FwrhrtHrnfinae 
52 ManibnSant. CH 1202 wLEVA. 
Tri. 022-341SR). Tele-. 22033 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


LAKE GENEVA - MONTRRJX. For 
sale to faretTcn, 4 flats, take view. 


sde to mtemn. 4 Mots, tow new, 
dredfy frombuMer. no sates catena- 
son body July I9fe. Becsfient mdi- 


wdud finrmdng available. Contads J B 


snaavi 

IMMOBIUSf £a, rue de Bourn 17. 


1 003 Lau&cmne, fivntiortcmd. T& 
20 91 07. Thu 24453 BAIL CH 


DtRECRY ON LAKE GOLEVA 30 
mn from arpart in beoutriui high 
dres readence. Korury flats, vnth per- 
mits for sde to non-residants. Jiffl 2 
left. Phone Swi tzerla nd 021/715282 
office or 021 /719370 eve Tls 458131. 


REAL ESTATE 
TO RENT/SHARE 


FRENCH PROVINCES 


CAWttS-MONTRHJRY. 


Sunny 


apartment, fu8y epu^ed^for 6 per- 


sons, p bedr o oms. 2 full baths), with 

terratt, beaurful B»den 8 
FreeJdy P 


/ 504 


from Bpm weekdays 


ST. TVOPEZ to rent fint dass 2-room 

fiat, an harbor, superb new. both. 


si JOO/mortfl. Tel: p3) 


Jufy/Aug/Se 


8EAUTUUL VUA hr rent July & Au- 
gust. 15 rains, from Camas, 3 bed- 
rooms, swmtflino pod. Contod 116- 
931 30 69 36 or 32 20 B5 


GREAT BRITAIN 


HAMPSTEAD. Unfurnished fiat with 

wews from private bdeony south to 
Surrey hits & w*h access to 3 acre 
gevdea 3 doubts bedrooms 20ft x 
TSlft eacK 3 en suie bathroorre, 20fr 
designer's techctv 2 mteroommuned- 

mg receptions 36ft « 15ft. Td- 01-499 

9ml. or 870 4703 ei 


EXECUTIVE SUHB MAYFAIR. Luxu- 

ry furrashed apartments, newly deco- 
rated. My serviced. seoetonaL'tele* 
faoWs. C450. E550 per weak. 3 

months » 2 yean. Mounfcunon Man- 

oaemern Lid. Imdon 01 491 2626 
rat 299185 


REAL ESTATE 

TO RENT/SHARE 

REAL ESTATE 

TO RENT/SHARE 

GREAT BRITAIN 

PARIS AREA FURNISHED 

pjfjgjSsq 

74 CHAMPS-B.YSES 8th 

5tucto, 2 or 3roam apartment 

One month or mare. 

IE OAHDGE 259 67 97. 

LONDON N16 Sbedroam house veth 
garden. EI00/wc-ak available August 
fc/ 86 Tel 01-249 7036 evm. 


HOLLAND 

Renthouse International 
020448751 (4 lines) 

Nederhoven 19-21, Amstodom 

AV. MONTAIGfE. JJy la Oct 15th. 
Spotfen, 1 bedoom ugartinent, (±r 
gray decor, 66 Kpn, efimmers, fire- 
pAres, laundry, housekeeper, etc. 9 
toll c*n or 7 fa 8 pm. Ttk 36 1597. 


SUH SEA, PHVATE To rent ronwrtie 
bee stand ng^ very luxurious house in 
^mondaan Zee. 1 00 m from ocean. 
20 mins from Aimtodmu Inducing 
sauna, sundedu Turtxh bath, fire- 
rhoe etc CoftOtva 31 JOZ31447. 


DUTCH HOUSING C94TRE B.V. 
Defeve iMlnk. Vdenusslr. 174, 
Amsterdam. 020621234 or KJT77) 




Infl Hoe ring Sendee lUnldi 
AirirtenfeenTiefc 020-768022. 

6TH TSAR LUXEMBOURG Gardens. 

dianwing 2-room. Al equipped- Avo3- 
able July 1 - Oct. l-TsTSflii 91 


ITALV 

When in Bomm 

PALAZZO At VRAIK) 

Unary apartmert haue with fumched 
fk*. ovaSafata for 1 week and mare 

Phone: 6794325. 6793450 

Write Vo driVelabio 16. 

00186 Rome. 


tiTCTrl; .i-vW] 



TU5CANY. 15lh century country home; 
new farrabause. Eosy day mj» to 
Song. Astra, Perugia, Florence. Rest 
aired vineyards & antiques- Law dofiy 
/ weekly / montoy rates. Cortona, 
evenings (0575) 677736. 


PARIS AREA UNFURNISHED 

HUB. TOWBt 3 days/ more, luxurv 

aus 1-4 room, wel £ Fufty moped, 

from F265/doy- Tel: (1) 306ft 7^ 


REAL ESTATE 
TO RENT/SHARE 


USA 


■sinner 

Jdy 1 - Ldtor 


redal 4 bethoesm, 3 

-abor Day. LA fOl) 351 


EMPLOYMENT 


LOOK UNDER 

nNTBMAllONAL POSmONS" 
PAGE 11 


EXECUTIVE 

POSITIONS AVAILABLE 


Senior Sales Technician 

London Offies 


oge of motor eetihAoral i rates- 
nbn y (no UJCaceourtd. 
dotes Tor the position of Senior 


cover 
tan m 
Cavfdate 


of option^ bonds 


QHu QCMSmirTtfH 

Au»Aru»on nd im 


nd 


etc) n essentiaL 


WoHana h n ostiedge of French re- 
tiered. Abiity to andyxe Ameriast Ji- 


rasod staler ueffls a o Jicd . 
CanAkUw should hove as 


re^sSrotans: 


Senes 7: Cegatorsd 
Series 63c ^Sue *y" 
Series 4- Registered Options , 
51 Murn 


Cenunweem vdl be an a commi ss i on 


Reply Bg» 41197. liLT, 63 long Acre, 
London WC2E 9JH, qudmg refer ance 


GK n. 


International Business Message Center 


ATTBtTtON EXECUT7VES 


of e orohort roodm tvorfft. 
wad* mot/ of h 6 m n in 
fan i n a ir and Indutliy. wriB 
rood H. Jusf Mu at fftrii 

613S9SJ baton lOajn , , mn- 

MwoiIWh/u 

onrf your merenpo wfl 

wiMt 48 ho w*. Tho 


noo U US. $9.80 
mq vh rc J t nf par flrsei You tnutf 

indodo eo m pia to tntd vo riH - 

ablo UBrng addnm. 


BUSINESS 

OPPORTUNITIES 


LOOKING FORA 
POTENTIAL PARTNER 
IN MIDDLE EAST 


A corporation established smx 15 


yeas with offices located in Europe, 


Mddh Eret end USA. hawna repesen- 

mtraaucoons in 


Wive S and vebabe 

Marti Afnco and fiVdtSe East, oamp as 

adreots an behalf of mqor Europem. 

USA and Icpanese c o mporaes m these 

aeas For ton-key preteos, owning 

some of the office locdiaas they pres- 
entfy operated from, wefa joint assoc- 
Orion with potenud busnessmon or firm 


date to brrig more renesefflcoons and 

’ AAdde £o9 to e*' 


■modudtons in the . . 

paid present aawiries as wdl to 3ft 
mvesrment of the actual assets owned. 


C 18-115262. Pubfaons, 
04-1211 Geneva 1 


BUSINESS 

OPPORTUNITIES 


JULY 1st ISSUE 

ON SALE JUNE 24th 


BUSINESS WEEK 


INTERNATIONAL 


• Splitting Up: It's The 
Opposite Of Merger 
Mania 

• Japan: Big Guns Aim At 
Small Retailers 

• Europe: No Computer 
Slump Here 

• The High-Stakes 
Wrangling Between Paris 
& Bonn 


NOW ON SALE 
AT ALL INTERNATIONAL 
NEWSSTANDS. 


COMPUTER PORTRAITS 


T-5HHT FOTOS 
NOW H RAL COLOR 
01 dkedi busmea tfxe can earn you 
$8000 - SlOflOa/morjh. New and toed 
ncems from $9500 - S26300. 

Kama, OtpL J12. Pastfoch 170340. 


no. Oept . .. .. .. 

itOB fronkfurt/W. G« 


Tel- 069-747808 R» : 41271 


many 

I3KEMA 


START YOUR OWN BUSINESS 


wMh CIOjOOO &eam £50,000. No mIQh 
J wppfei 


mvofred. Ready retail ouites . , 
PARAMOUNT. 34 Ivor Flare. LaSn 
NWl 6EA, Ttx 295441 Poromoutn. 


IOP ARAB INVESTOR ha coped to 

buy and invest in colalarab, ibds, 

produces, business wnlures, ted es- 
tate. Enquiries from lead world. 
Nomnd fee rwwed. Cdflrtr Shreifa 
052)481221 Hu 50143-UJ 


BUSINESS 

OPPORTUNITIES 


BROKERS 

(NVKTM0IT ADVISORS 

Your dients can invest in one of Araerv 
03 s mast mat rtc TeeTiiulojcd breaV- 
dvouahs m a bifibn doftor nut mdatry. 
30,000 hwM dready Planted l 
Ohndandi Pad Hgh ormud earnings 
assured for many, momryears. Oen er 
mm eomamdoM md Bonn. MaSeri- 
d a v d l d tta in Ens&sh, French, German. 

Cor*Xt: 

GIOBE PLAN S.A. 

Av Mjn-RepM 24, 

01-1005 Lausanne, Switzerland 
Td: (21)22 35 12- Tl* 25 105 ABE CH 


2M> PASSPORT 35 COUNTDes. 

GMC 26 Kieemenous St, 106 76 
Athens, Greece. 


BUSINESS SERVICES 


INTL 

BEAUTIFUL PEOPLE 

UNLIMITED INC 
UJJL i WORLDWIDf 


A compleie persond & bjsness service 

providng a urygue cdiedion of 
(dented, uenatse & mdhingud 
indviduak for dl social a 
promohond OCOSOK 
212-768-7793 
212-765-7794 
330 W. 56 lh SC N.YC 10019 
Service 
Needed J 


HOW TO GET A 2nd PASSPORT. 

12 countries gi ol y zed . De- 

Terrace. 


report - 12 countnes trofyied 

tST WMA. 45 Lyne&Mzt Ter 
Surte 503, Central. Howa Konp. 


HOW TO GET o Second Poaport, re- 

port. 12 countries emcfyisd. Detail; 

WMA, 45 LyndiuKt Tsrre*, Sure 

SCBCentrd. rtong to 


tong. 


FINANCIAL 

INVESTMENTS 


HAVE UX DOUAtS TO exchange 
for Swiss Froncs, Lira. W3I dso bar- 


row forge suno of 5F, 5 or 10 year. 
Prsraattry notes. Tel Switzer 


How 

land, Zurich 361 6500 or 056/471 362. 


FINANCIAL 

INVESTMENTS 


AMERICAN BUSM35WOMAN 
tootong For firarod boefcer. sibns 
T. Good reton on in ve st me nt. 


P* trier. Good return on invesrmenr. 
CoS between 7fnt • 4am US tune. Cal 
USA 919- 942-4681 E*a Beft. 


DIAMONDS 


DIAMONDS 

Your best buy. 

Hne danonds in aty price range 
of fewest whdeide prices 
dree from Antwerp 
center of the dfamand world. 
Fui guarantee. 

For free prior 1st write 
Joad&n C dd enef e n i 


StabiXed 1938 
PehLaonstroffl 62 B-201B Afflwvp 
Bddum - Tefcp? 31234 07 SI 
». 71779 fyl bi At thePianxwd Q 


T^. 7(779 tyf b. Ai fteTXonxnJ dub. 
Heart of Antwerp Diamon d industry 


Shopping in Europe? Visit 

DIAMONDLAND 

The largest showroom in 

Antwerp, Diamond CHy 

ApputototSr 33A. Tel: 323/2343612 


Sidiam Diamonds, Jewelry 

Btpart prices cSred from factory. 


Conke Internabond Rader. Hermes 
.264 Site 1509. 


Enfrance, PO Bat 1JU ,. 

1210 Breaeb. Tab 322 / 218 2883. 
open weekdays 9am-6pm. Sal. 2-4fm. 


OFFICE SERVICES 


ZURKH-ZURICH-ZURIOI 


■AWMOPSIRASSE 52 
YOUR OFFICE AWAY FROM HOME 

• Offire'Manogemnr Senses 

• Company Formations 

• How to do Blmnen n'or/ 

„ . . FROM SWITZEfOAND 

nuitoest Services rVwtoih Ccrp. 


EMPLOYMENT 

EXECUTIVE 
POSmONS AVAILABLE 

MTL MARKETING MANAGBL 
far Inti BurineB Acodotion & Publeher 
la plan end biriemert continuous kit'l 
direffl maft, mean, (youp safes and co- 
op promotions. Mat be expanenaed, 
creative, detail oriented, adiever. 
Breed in Parrs and London. Write lnt'1 
Trade Assn, 37 On d'Ai^oa. Pans. 

p >'oVI7T?;^fA7A il>V' 1 Jj 


p£||! 

GENERAL POSITIONS 
AVAILABLE 


| 3|11 




i« :».vt .v : :ri = > o t s -- ! 

GENERAL 

POSITIONS WANTED 


AMERICAN WOMAN 27, remain 

aienoger/intoprate/iMna purcho- 
ser/PR. far hotel n ItcAcm Ovanti 
region, experience ui Cafrfamiany tr» 
Imn wme mdretete^ seeks diJengpng 
pautian as bdSmi repL for US. enport 
company, hafian wine tows coorcino- 

ror or opportunity in wine trove) relat- 

ed work. WeS travefted fluent hv6an. 
pood French. Cento* K. Stelfey. c/o 





ttflWtuferwe 52_ p«022 Zurich. 
92 07. Ttc 813 062 


Tel : 01/211 


Imprimi par Offprint, 73 rue de rEvangile, 75018 Paris. 


nUNGUAL HSTtRS 3J/2L ted, 
vmrit for summer hokdovs C Gutfiar, 
10 Tool Rm. Uraverdry of Wanwdk, 
Ccnvemry CY4 7AL. Engfand. 


EMPLOYMENT 


GENERAL 

POSITIONS WANTED 


CA11FORMA NURSE IN RANGE, 
learning French for the summer, seek- 


en mtorestra empfoyment in Met or 

Pdis. Wetwled Buenr ! 


Sparash. 

Bax 2417, Heraid Tribune. 92521 
Neuflfy Coda*. France 


CHARMING PIANIST, fends, into. 

in First Oau 

1, herald Tri- 


ested in engogeiMnh in Hnt .Oau, 

luxury hotoL Box 243 




SECRETARIAL 
POSmONS AVAILABLE 


EDUCATIONAL 
POSITIONS AVAILABLE 



DOMESTIC 

POSITIONS AVAILABLE 

COUKE 

Mrei A wife. Houseman gardener, 
housekeeper, cook, drivw. To work an 
md watartrort estate on eretern 
share of Maryhnd, 00 mite from 
VWv DC Separate home, meak, cor, 
S1000 per morth plus bams far long 
lerai employment, 2 weeks paid vaca- 
tion A fare home. No chflAen. Send 
complete ^formation inducing pic- 

tines. Interview in London or Pmis. Box 
2033 Eceton. MD 21601 USA. 
employment Agnus Anenton. 


UVWN COUPLE Coofcmfl. wot at 

ISiihSS 

to- Sraaft family af adults A fimned 
ereertaiixueffl. Hope tofil position by 
5«- Pferee rgply with references Id 



Ml PAIR- Ft LreArdate, FL2dnldien 

9 & 11 Lghl housework, some En- 
gfeh. Top salary, photo & references 
atos.a Interviewing m Europe July A 
Aug- Sofld' 2QS30 iM_E. 20m CT: 

BjS*. ft 33179. 305-935*73 
or 937-4500. 


New Yorit ply area must 
flfi* and dnvt. If 


_ En- 
,P hou, 


?fl».«td indude phone number to: 

1,90 Vernon St. East 


Mrs Cynthia Edcri, ._ 

Norwich. New-Yoris, 17732 USA. 


EMPLOYMENT 


DOMBSTIC 

POSITIONS AVAILABLE 


AU PAIR- baht hounhMpHig £ cWd- 
core. 30 im. to NYC From Sept 1 - 


June 30. FandywMi 2 ch il dren ogm 7 
& 8 Nrewmoter. Mist speak firfhh 
• - S2tC ^ 

'USA. 


Uporine^QS. Court, Raefyn HagSs, 


AU PAIR GIRL Care of infant 
dearang. NYC suburb. En^sh ipW — _ 
mg. Dmmr'i kerne. Photo & refer- 
ences. 169 Mass 
pequn, NY 1175 


AU PAIR, SAN HANQSCO area. 2~ 
dddron, non4maker, drivers icMise. 

Send picture & resume to Marlene 


Cowqxv. Proto Shrp. 5940 Qfegt 
Ave, Oakland. CA 9d61* * — 


618. USA 


AU PAX- Toddler 8 5 year ddjtight 
housework. Mud jpe* Engfeh & 
drrve. Send references/ fhato JO fc 
Dreyer, 671 N.W. 118 A 

lion. Borido 33325 USA. 


AU PAIR/HOUSEKEB'BL Less that I 
hour from N.Y.C Oie 7 year dd gel 
Edwrod Pittar rii, 6 7 ftabey A*l, 
linoofi.NJ. 07738 USA 


AU PAIR WANUD W PH0B4X. 2- 


AU PAIR for 6 month old giri & house- 

wodc. Notvmoker. S Roborn^ floe 
6616. Bridgeport, CT 066K, USA 


DOMESTIC . 1 : 
POSITIONS WANTED 


YOUNG 4 MATURE FRENCH wanes. 

vifca 

En- 

W 


working au-pcir in an American tap* 
& be Ale to Mow Enj^sbeveij. 


dona; loyal chfltfrqn^-wji do :tfr 


smoSsatoy t 

Sne Bo’ 

77000 l 


roorn-8i 

Write to rtthe- 


Sne Bagunv, 7 Awe Choriei YUpf, 
00 AAdun. Frmxa. 


ALWAYS AVA1LABU • AU PAWL 
cWdron s nanny, mini helpers W 
branches of 1st dros Sve-m domedk 
help worldwide. CoU Sfcaaa flureoo. 


London 730 8122/5142 (24 fiouaj U- 
" 8950670SLOAIS6. 


CEMPAGY.Tlicf 


■^Adopis 

fleleniiiiv 

^ Tacti,.^ 


ABOVE AVERAGE POSITIONS fur 

above averoge staff. CaO Ao ft»r and 
Dameuic Appointments n UK -01 57? 
2040, tefex»924l INTREX a j&1 
fecrtetmenl Coroubanh) 


sfe-. 1 


Bureau, i 

/ 5142 licenced employment coency 
B4GUSHNAF6RB& Mothers t«ps 

hoe non. Nash Age ncy, 5 3 Qn«n 
Rood, Hove, UK, TeEfpfla 29Q44ZS 


STUDB4T leeks aapee pb, 
CoCforrvq.USVspeota EndA Sir^ 
ah. FreeSepi. 85. PorttraT®^ 


AUTOMOBILES 


. _ MERCEDB from EUROPE ... 
WE FH5KAUZE CABS TO MKT OS. 
SAfSTY STANDARDS 


rvc-- 


D.O.T. ft E.PA 


5 YEARS EXPS3K4CE 
, , J. FRANK INC • 
Intfianapob. tndiano 317-391-4106" 


WHTTE ROUS-ROYCE Creflidt elCo- 
bnotrtfsrfr tod brand new far iww- 
rfial* aefivery, left hand tfcfm 
brown marching feather tnm. 
SI 10,000 for sale. fWicra- 
taa Norreu.uf in Eraiotd (03221 
56446 Telex Nm BB614& 


TRIUMPH STAG "GabriofeA Leyton^ 
service raanager i car.WUJ ten, 

F 55 JOOO. PreoWHawhow. 


PAGE IS ) 
FOR MORE 
CLASSIFIEDS 


I 


- Mercedas and Poncba Gor&- 


CO-IMPORT /EXPORT 

Wodd Wide Tax-Free Cars From Europe 
Frans B3lm 

200 T Sp *£ d ^ * 5,odt - ‘“•Wtoficrfte DeHvery. 

Ttero Roar Showroom - Unique in Europe. 

c??c s an SL/C, 450 S7C, 280 

S^j^afisasa^^sasit? 1 : - J 

On n o f the gredest M e r c e d e s and Ponche an speddbts, far 

J Teteuc 39,876 (BRbarol. 

» Phon*,01 1 / 27.23.44- 27 ja. 91 - 27.24.66 - 272L32.