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The Global Newspaper 
Edited in Paris 
Primed Simultaneously 
in Paris, London, Zurich. 
Hose Kong, Singapore, 

The Hague and Marseille 

WEATHER DATA APPEAR ON PAGE 22 



INTERNATIONAL 



(tribune 


Published 'With The New York Times and The Washington Post 


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No. 31,831 


ZURICH, MONDAY, JUNE 24, 1985 


ESTABUSHED 1887 


r>. 


Israel to Free 
31 Shii 
Move 

Toils 



. 


Raaoi 

■ f JERUSALEM — Israel an- 
. nounced Sunday that it would free 
31 Lebanese Suite Moslem detain- 
' ■ ees. But Defense Minis ter Yitzhak 
“‘-'i Rabin said the move was not con* 
uecled to 40 American hostages 
held by Shntes in Bdrui, and Shute 
representatives said they had no 
plans to respond. 

“We are releasing 31 Shiites, and 
: it is in accordance with the policy 


. Israel has been in a quandary 
*over how to respond to the Bei- 
rut 


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which was established in die past 
and announced in the past, an 
Israeli Army spokesman said. 

Israel is adding 766 Shiites and 
other Lebanese transferred in April, 
to Atlit prison from south Leba- 
non. Thor release has been de- 
manded in for the freeing 

of passengers and crew erf a hi- 
jacked Trims World Airimes plane: 

[In Washington, President Ron- 
ald Reagan said he had ruled out 
the use of a mifitaiy operation to 
gain the hostages* release, The As- 
sociated Press reported. He also 
»JlecHned to draw any connection 
between IsraeTs promise to free the 
3! Shiite prisoners and the hos- 
tages. 

[On the Israeli decision to release 
the Shiites, he said: “Fm not going 
to comment one way or anotho- on 
that, because we have avoided the 
idea of linkage there.*' Asked 
whether he had niled out a rmfitaiy 
response to grin tin hostages’ re- 
lease, Mr. Reagan answered: 
“Yes.”] 

In Beirut, a spokesman far the 
Shiite Amal militia said the release 
of the 31 prisoners would not 
change the hijackers* plans. ' 
r “So far there axe no plans to 
i^ease any of the hostages in re- 
turn," the spokesman said. 

[Nabih Bern, leader at Amal, 
sakL “I want the 700 plus," The 
Associated Press reported. Mr. 
Bern was speaking in an interview 
in Beirut with the CBS television 
network.] 

The 37 passengers and three 
crew members are being held in 
unknown locations in Beirut under 
the protection of Mr. Bari, tire 
Lebanese justice minister who 
heads AmaL 

“We had promised to release all 
ho stages tstren on the plane in re- 
turn for the release of the Atlit 
detainees," the militia sp okesm a n 
said. “Tins number is insufficient 
compared with that of the detain- 
ees." 


Iran Adopts 
Defensive 
War Tactics 


United Press International 

TEHRAN — Ayatollah Ruhol- 
{ah Khomeini has ordered his 
forces in the Gulf war with Iraq to 
wage & defensive war, in a tactical 
; switch from Iran's former “human 
wave" attacks across the boot 
lines, according to an Iranian offi- 
cial. 

Ali Reza Afshar, chid of staff erf 
Iran's Revolutionary Guards, said 
•fflurday that Ayatollah Kho m e in i 
had “issued an -overall Oder for a 
, defensive jihad." 

Mr. Afshar said the paramilitary 
Revolutionary Guards woe using 
special techniques similar to guer- 
rilla warfare. 

Observers said Iranian attacks in 
die last two weeks seem to have 
been rapid, small-scale operations, 
sometimes capturing territory or 
destroying a few Iraqi rnffittuy out- 
posts before returning to base. 

Five such attacks have been 
waged recently in the southern and 
central sectors of the frontline be- 
tween the two countries. 

The new technique varies greatly 
from the large-scale offensives 
launched since March 1982, where 
^ thousands of troops were sent in 
-Whitman waves“ across enemy lines, 
resulting in heavy casualties. 

Mr. Afshar’s disclosure was the 
second indication in the last week 
that Iran may be earing its hard- 
line stance in prosecuting the five- 
year-old Gulf war. 

Last Wednesday. Iran proposed 
that an international court be cre- 
ated to resolve the war. The pro- 
posal did not mention the usnal 
Iranian condition for a settlement 
— the removal erf Iraq's president, 
Saddam Hussein. 

5 Injured in Explosion 
1 Five persons woe injured Satur- 
day when a car bomb exploded in 
Tehrap, according to IRNA, tire 

(Couftmdd oa Page 2, CoL 7) 


The Israeli announcement, on 
the 10th day of a crisis that began 
when a Boeing 727 was hqaeked 
over Greece on June 14, came amid 
the firs t eig m of movement in the 
hostage crisis since the middle of 
Last week. There were reports earli- 
er in Beirut of a plan to resolve the 
problem and of Swiss contacts with 
the Suites and -Israeli and Ameri- 
can officials. 

Israeli leaders have said the de- 
tainees eventually would.be freed 
depending oa the level of guerrilla 
activity inride Israel's self-declared 
security zone in south Lebanon. 

The latest release erf Shiites “is 
not linked whatsoever to the prob- 
lem the VS. and Israel and the 
whole world are facing today with 
the hostages inBeirat," Mr. Rabin 
said in an interview with CBS. 

Mr. Rabin said theUmted Stales 
had not asked Israel to free the men 
and that they were bong released 
after they appealed against their 
detention to a. special committee 
headed by an Israeli district court 



329 Are Feared Dead 
In Indian J et’s Crash 
At Sea; Blast Suspected 


7ti a Amoa&ad Frea 

Firemen look at damage at Tokyo International Airport in Narita after a suitcase taken off 
a Canadian Pacific pfcnte exploded, kBIing two baggage handlers and injuring four persons. 

Explosion at Tokyo Airport Kills 2 




forte of tire prisoners has been 
charged with any crime and the 
International Committee of tire 
Red Cross has ralfcri their transfer 
to Israel illegal 

In Washington, Secretary of 
Stale George P. Shultz also played 
down tire Israeli move, saying it 
(Cootumed on Page 2, CoL 5) 


Washington Past Service 

TOKYO — A powerful bomb 
exploded Sunday at Tokyo's inter- 
national airport in baggage taken 
off a Canadian Pacific Airlines 
plane tha t bad b egun its f light in 
Toronto, the same city from which 
an Air India airliner took off before 
crashing off Ireland, (lie-apparent 
victim of a bomb. 

The suitcase bomb at Tokyo’s 
airport killed two baggage handlers 
and injured four persons when it 


exploded in a work room about 45 
minutes after Canadian Pacific 
Flight 003, a Boeing 747. bad land- 
ed. 

The plane had begun its flight at 
Toronto, stopped al Vancouver, 
«nd then took off Saturday after- 
noon for Tokyo, carrying 374 pas- 
sengers, Japanese police mid 

The airliner arrived about 15 
mrnntgs ahead of schedule, police 
reported. There was speculation 
i hat the bomb had been intended to 


explode during the flight but had 
faded to go off an schedule. 

Aviation specialists in Tokyo 
also speculated th»r the Canadian 
Purifk*. and Air India inci d e nts 
were the work of the same person 
or persons. However, investigators 
have released no evidence directly 
establishing mrii a connection. 

A Canadian Pacific nffirinl here 
said that company rules did not 
require «he search of baggage that 
is carried in the cargo 


The Associated Press 

SHANNON, Ireland — An Air 
India jumbo jet crashed into the 
Atlantic Ocean sooth of Ireland on 
Sunday, and all 329 people aboard 
were reared dead. Indian officials 
said they suspected an explosion 
had caused one of the worst disas- 
ters in aviation history. 

Irish officials said the Boeing 747 
had vanished from their radar 
screens without sending a call for 
help. Search aircraft ana boats sent 
to the crash rite found debris and 
bodies strewn across several miles 
of ocean. 

In New Delhi, India’s minister of 
state for civil aviation, Ashok Geh- 
lot, said, “Explosion is considered a 
possibility in view of the fact that 
the wreckage is spread over -a wide 
area." He added, “Sabotage is a 
distinct possibility." 

Francis Dagama. a regional di- 
rector for Air India, said in London 
that the carrier had received “over 
the past few months threats of hi- 
jack, etcetera, from Indian groups, 
all political" He did not cite any 
specific group. 

But a spokesman for the Canadi- 
an Foreign Ministry, Reynold 
Demon, said the department had 
no confirmation that a bomb was 
involved. “As far as we know, no 
daim whatsoever has been made by 
any individuals or groups," he said. 

Flight 182 was the first commer- 
cial jet to crash on the trans-Atlan- 
tic route, according to the Interna- 
tional Air Transport Association in 



Francis Dagama, an Air In- 
dia official in London, said 
the aiifine received threats 
“over the past months." 

Geneva. An Air India statement 
released in New York said there 
were 307 passengers and 22 crew 
members aboard. 

Derek Menezes, Air India's man- 
ager in Montreal, said 278 passen- 
gers were Canadians. In New Del- 
hi, Air India officials said that 
many of tbe Canadian citizens were 
of Indian origin, and that the pas- 
sengers included 77 chfldren and 
two infants. 


took on passengers in Montreal 
and was to refuel in London before 
flying to New Delhi and Bombay. 

At Narita Airport near Tokyo on 
Sunday, a bomb exploded in bag- 
gage taken off a Canadian Pacific 
Airlines jet whose flight had origi- 
nated in Toronto. It was not dear 
whether the two bombings were re- 
lated. 

In MontreaL police removed 
three suspidous pieces of luggage 
from the Air India jet before the 
flight look, off, a spokeswoman Tor 
the Transport Ministry said. She 
said dogs trained to sniff out explo- 
sives had barked at the luggage, 
and it had triggered metal detec- 
tors. 

But when the bags were checked 
several hours after the crash, no 
explosives or weapons were found 
m them, said Rubin Ginzburg, gen- 
eral manager of airports. 

The United Stales, Britain, Ire- 
land and Iceland sent scores of 
ships, planes and helicopters to the 
crash rite of the Air India jet, 120 
miles (1 94 kilometers) southwest of 
the Irish coast 

By mid-afternoon. 57 bodies had 
been pulled from the sea and were 
being flown to Cork Airport. Irish 
officials said 

Debris, in chunks no bigger than 
10 feet square, was strewn in an 
oval several miles wide, according 
to a British rescue helicopter pilot 


Flight 182 originated in Toronto, (Continued on Page 2, CoL 7) 


Experts Criticize Airport Security in Athens, Beirut, Third World Nations 


By Constance Rosenblum 

New York Tunes Service 

NEW YORK — Airport security var- 
ies widely around the world, but a review 
of procedures shows that in general die 
methods practiced in developing coun- 
tries tend 'to be lax wh3e those in North 
. America aifo the Communist bloc tend to 
be stringent 

In Europe, the review shows, the major 
airports usually follow a high standard of 
security. A notable exception is Athens, 
where hijackers on Jane 14 seized a TWA 
plane, some of whose passengers me still 
bdd hostage in Beirat 

The review was conducted by corre- 
spondents for The New York limes and 
supplemented by interviews with State 
Department officials and representatives 
of the International Air Transport Asso- 
ciation and the International Federation 
of Airline Pilots Association. Officials of 
the Federal Aviation Administration and 
the Central Intelligence Agency declined 
to be interviewed. 

In arriving at an assessment of what is 
and is sot a safe airport, the experts 
stressed that the quality of the equipment 


in use is not always tbe determining fac- 
tor. Equally important, they noted, are 
the training and attentiveness of the per- 
sonnel and the efficiency with which they 
conduct security checks and use such 
things as hijacker profiles to recognize 
security threats. 

Referring often to Athens, they also 
emphasized tbe importance of airport de- 
sign, particularly the way passengers arc 
routed through a building and how tight- 
ly access to airstrips is am trolled. 

The review showed that safety proce- 
dures lagged in much of Latin America, 
particularly Rio de Janeiro, Mexico City, 
and Lima, Pern, as well as in parts of 
Africa and the Middle East. 

Among airports reedring high marks 
for safely were those in Tokyo, Tel Aviv, 
Zurich, Loudon, and most of Western 
Europe. Airports in the United Stales and 
Canada are also considered highly secure. 

Some of the most rigorous airport secu- 
rity is in the Soviet Union, China, Viet- 
nam and Poland. Security was also de- 
scribed as high in Bangkok, Singapore, 


seen as focusing on preventing drug 
smngghng rather than hijackings. 

In tbe Middle East, Beirut is consid- 
ered a major and persistent trouble spot, 
while Cairo and Amman, Jordan, are re- 
garded as unusually stringent in security. 

In general representatives ffipnx the pi- 


interview with news agencies that tbe 
treatment the Athens airport was gating 
now was unjust. He said that among 211 
hijackers around the world from 1S?78 to 
1984, two had been on flights leaving 
Greece while 43 had started in tbe rest# 
Europe.] 


Among airports receiving high marks for safely 
were those in Tokyo, Tel Aviv, Zurich, London and 
most of Western Europe. 


and Kuala Lumpur, but the emphasis was 


lots and airlines oqnnfrations agreed 
with the findings of the review, particu- 
larly tbe assessment of Beirut and Athens. 

“There are a very small handful of 
airports, perhaps had adeem, that are of 
serious concern for ns worldwide, not all 
of them in the Middle East," said Harry 
■Atterton, director of pobbe relations for 
the International Air Transport Associa- 
tion. 

[Evangel os Koulonmbis, a Greek gov- 
ernment spokesman, said last week in an 


Mr. Attertoo, whose organization is the 
trade group for airlines that fly interna- 
tional routes, declined [© identify specific 
problem airports. 

But he said there were “one or two in 
Africa and in South America," adding 
that airports near or linked by air routes 
to known trouble spots were in greatest 
danger. 

As for airports with tight security, Mr. 
Atterton angled ont Tokyo, whidi he 
described as “incredibly thorough," and 


Tel Aviv, winch he said had by necessity 
become expert in this area. 

Rodney Wallis, the inter national asso- 
ciation's security chief, said that in such 
regions as Southeast Asia, preventing hi- 
jacking must compete with efforts to con- 
trol drug s muggling 

~ “Tbe potential exists for attention to 
smuggling to detract from attention 1© 
preventing hijackings," he said. “We 
musn’t allow that to 

Tbe association regularly receives re- 
ports from its member airlines on tbe 
safety of airports. When problems are 
indicated, Mr. Wallis said, the organiza- 
tion recommends improvements to the 

it Thai, 


IT improvements are not forthcoming, in- 
dividual airlines might take steps to 
strengthen their own security, as was the 
case with TWA at Athens. 

Erwin von den Steinen, of the depart- 
ment’s Office of Aviation, praised Euro- 
pean airports as having “a fairly consis- 
tent level of concern." 

But he described Athens as having 
been “a trouble spot for years" and char- 
acterized Rome as having had sporadic 


problems related to the ease with which 
people can get aboard an aircraft. 

Accenting to Captain Laurie Taylor, 
executive secretary of the International 
Federation of Airline Pilots Association, 
airport security is better is those coun- 
tries in which government and industry 
cooperate on airport safety, sucb as the 
United States, France and Britain. 

In parts of Larin America and Asia, 
where tbe level of screening may depend 
on whether a flight is international or 
regional the degree of security varies 
enormously, he said. He specifically said 
of the airports in Colombia that there was 
‘trust virtually no security at all 
“A year or two ago they had three 
hijackings in one day, he said. 

Following are details from the review 
of security at major airports: 


Europe 


LONDON — Heathrow Airport is 
consistently cited by travelers and offi- 
cials as one of tbe roost security conscious 
in the workL Though British officials 

(Continued on Page 5, CoL 1) 



Crew holds a news conference on Discovery. Front from 
left, John O. Creighton, Shannon W. Ladd and Daniel 


C. Briandenstem; rear. Prince Sititan Safanan al-Saud, 
Steven R. Nagel, John M. Fabian and Patrick Baudry. 


Discovery Retrieves Satellite, Prepares to Land 


By Lee Dye 

la Angles Times Service 

HOUSTON — The space shuttle Discov- 
ery retrieved an observatory satellite from 
orbit, accomplishing the final maw opera- 
turn of its flight, and the two noa-U-S. astro- 
nauts in 'the crew took their countrymen on 
televised tours of their living and working 
areas. 

Prince Sultan Satimm al-Saud of Saudi 
Arabia described the view from a hatch on 
Saturday and said, “It only shows God’s 
might in creating all of this." 

The prince fold his countrymen, “When I 
do my prayers, Tm not able to do a complete 
Svjaod, became it may cause sickness." The 
Sujood is one of four Moslem prayer posi- 
tions,m whfchforebead and nose are toadied 
to the /loot - 

The prince said his first two days in space 
last Monday and Tuesday “were not easy" 


because, like half of all astronauts, he had 
difficulty adjusting to weightlessness. 

Patrick Baudry, a French test pilot, showed 
French audiences Discovery’s kitchen and 
the special rations, inriuHrng canned lobster, 
that he tix' 


Hand fare that 


a space 
UA as 


astronauts eat- 


in Houston, Larry Bourgeois, a flight di- 
rector at mission control said Discovery’s 
crew had “completed 100 perce n t of our 
major objectives" for the mission. These in- 
cluded the launching of three communica- 
tions satellites, all of which were working 
properly. 

The only impcoiani error of the flight came- 
Thursday, when the Shuttle was in the w rong 
position as it passed over a Hawaiian laser 
tracking station for an experiment that was 
part of U-S. research for a space-based mis- 
sile defense. 

The experiment was repealed Friday and 


the results were so satisfactory that the U.SL 
Air Force passed up an opportunity to do it 
a gain Satur day. 

The main operations of the flight ended 
Saturday with the retrieval of Spartan, a 
compact X-ray observatory that Discovery 
had dropped off Thursday 220 miles (354 
kilometers) above Earth. 

The self-contained unit, about the size erf a 
telephone booth, recorded data from several 
instruments in an effort to learn more about 
the violent activity at the center of dusters of 
galaxies, and possibly about the black bole 
that is believed to be al tbe center of tbe 
Milky Way. A black bole is an extremely 
dense object with gravity so powerful that 
even tight cannot escape its gravity. 

Discovery, commanded by Daniel C Bran- 
den stein, 42, spent most erf Sunday getting 
ready for Monday's landing at Edwards Air 
Force Base in California. The landing is set 
for 6:14 AM. 


West Germany to Support France 
On Technology Plan at EC Summit 


By Henry Tanner 

International Herald Tribune 

BONN — The government of 
Chancellor Helmut Kohl ending 
several months of hesitation, has 
decided to take a leading role in 
favor of Eureka, tbe French-spon- 
sored project for European techno- 
logical cooperation, at the Europe- 
an summit meeting tins week in 
Milan, according to West Goman 
officials. 

The officials said Mr. Kohl 
would urge the European Commu- 
nity partners to seek agreements on 
specific projects in such fields as 
high-speed computers and micro- 
electronics. This would allow EC 
leaders to give instructions to fi- 
nance and research ministers to 
take initial steps. 

West Germany is ready to set 
aside significant amounts of funds 
if concrete agreement emerges in 
Milan, the officials indicated. The 
Milan summit meeting will take 
place Friday and Saturday. 

Tbe government derision in fa- 
vor of Eureka, made Friday at a 
cabinet meeting, came shortly after 
a West German delegation re- 
turned from talks in the United 
Slates on American research into 
missile defenses. The delegation 
was headed by Horst Teltschik, Mr. 
Kohl's chief adviser on foreign and 
security affairs. 

The goal of the delation, which 
included representatives erf hi g h, 
technology industries as well as 
government experts, was to explore 
the possibilities of West Goman 
government participation in* tbe 
U.S. research. The U.S. administra- 
tion has named the program the 
Strategic Defense Initiative, or 
SDL 

Mr. Teltschik submitted a pre- 
liminary report to the government 
Wednesday. Leading West Ger- 
man newspapers reported that the 


support from European govern- 
ments for SDL but that they had 
tittle interest in any other European 
government involvement, accord- 
ing to the reports. 

The Americans, the reports said, 
bad only vague answers to what 
was a key question for many Euro- 
peans, the transfer back to Europe 
of technological expertise gained 
through collaboration in SDL 

The reports about Mr. Tdts- 
chxk's impressions have not been 
officially denied. 

On the contrary, the government 
appears to be encouraging the im- 
pression that it is no longer consid- 
ering SDL and indeed that it has 
derided to help fund European ef- 
forts in weapons development as 


insive and disappointing. 
Mr. Teltschik and the experts 
found that VS. officials wanted 


INSIDE 

■ SfaSte Moslem forces ended 

their siege of two Palestinian 
refugee camp s in the Beirut 
area. Page 2. 

■ President Reagan pledged to 
avenge the deaths of fan ma- 
rines in£an Salvador. Page 4. 

■ Israel asked to examine the 

evidence of Dr. Josef Mengele’s 
death before deriding on dos- 
ing the case. Page 5. 

BUSINESS/FINANCE 

■ Japan is studying whether to 

allow West German h anks to 
stan trading in its securities 
market Page 7. 

■ Riqiect Murdoch is now the 

sole buyer of Metromedia Inc.’s 
television stations. Page 7. 

SPECIAL REPORT 

■ Laxembotog’s steel industry 

surges ahead, but banking en- 
ters a flatter stretch. Page 9. 


well as in the peaceful high-tech- 
nology objectives of Eureka. 

It has been taken for granted, 
however, that several leading West 
German industrial companies 
would participate in SDI research 
as well as in Eureka or other Euro- 
pean projects. 

An emphatic West German en- 
dorsement of Eureka would be a 
victory for Foreign Minister Hans- 
Dietrich Genscher, who had sup- 
ported the plan from tie be ginning 
and had warned against the strate- 
gic and technological implications' 
of SDI. 

Mr. Teltschik, the leading figure 
on foreign policy in Mr. Kohl's 
administration, had been regarded, 
as one of the chief advocates of SDI ' 
before his return from the United 
States. 

Officials stressed over the week- 
aid that the government now was 
united in its stand on Eureka. 

The French, while continuing to 
stress that Eureka was never meant 
as a substitute for SDL me clearly 
pleased that government interest in 
Europe has shifted to their propos- 
aL 

The external relations minister, 
Roland Dumas, put the Eureka 
plan forward in April clearly be- 
fore the project had been fully dab- 

orated. It is now conceded in 
France that the reason for tbe hur- 
ry was to prevent SDI from being 
the only major project for interna- 
tional technological cooperation. 

The French tactic seems to have 
worked to the extent that Fnn>y a 
provided an indispensable alterna- 
tive for Mr. Genscher and others in 
European governments, who 
doubted the wisdom of SDL 

In spile of repeated declarations 
that Eureka was meant as a purely 
rivflian research program, it has 
become clear that West Goman 
and French officials also are pa gp r 
to move forward, probably sepa- 
rately of Eureka, in industrial and 
research cooperation for the devel- 
opment erf mililary weapons. 


S r*' * 


■f,- - 





Page 2 


EVTERNATIOIVAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Quandary 


WORLD BRIEFS 


By Thomas L Friedman 

Jin York Tima Service 

JERUSALEM • — Load has been in a i, 

how to respond in the Bonn hratay arsis, 
experts on terrorism believe it is an indirect result of 
the government's decision last month to trade 1,150 
prisoners, most of them Pales tinians for three Israeli 
prisoners of war. 

The experts say that by giving in last month to the 
demands of a Palestinian guerrilla leader, Ahmed 
Jebril a move widely viewed here as a blunder, Israel 
helped to create the atmosphere in which the Beirut 
hijacking took place. 

Now, the experts contend, Israel has been trying to 
compensate for this by refusing to concede to the 
hijackers' demands for the release of 766 detainees 
unless the United States formally appeals to the Israeli 
government to. in effect, “cave" iirto the hijackers’ 
demands. 

This has created a great deal of strain between 
Jerusalem and Washington, and officials hoe ac- 
knowledge that coordination between the two govern* 
merits has been inconsistent and generally misman- 
aged by both sides. 

The result, said Zeev Schiff, the military editor of 
the daily newspaper Ha’aretz, is that the hijackers 
have already won a major victory: Israel and the 
United States, instead of fighting the terrorists jointly, 
have been at odds with each other. 

The connection between the Beirut hijacking and 
the Israeli -Palestinian prisoner e xchange last month is 
multifold, the experts say. 

To begin with, said Ariel Merari, a leading Israeli 


expert on terrorism, there is the price the hq ackers won't admit it, we lost a certain standing in the Entebbe Airport in Uganda, has dearly been stung by p R^ncaorfc Plan tn flncp Rabag 

have demanded. Internationa] community. Hie hijackers know this." having been cast m news reports as the one who gave vTCcCC RCdSWna r MU lU uwc 


This is not the first time Shiites have hijacked an 
airplane, be noted, but this is the first time they have 
rn pdf demands on Israel that are so enormous. The 
hijacker s requested not only the return of 766 Leba- 

NEVS ANALYSIS 

nese and Palestinians held in an Israeli prison, but also 
aband o nment of Israel's effort to maintain a "security 
zone" in southern Lebanon, as well as an end to Israeli 
support for the largely Christian militia called the 
South Lebanon Army. 

“Israel has proven that it is willing to pay under 
pressure a price that previously would have seemed 
incredible," Mr. Merari said of the Palest mian-Israeli 
“Now. even if you just take Nabih Bern's 
for the return of the 766, it is still a much 
higher price than ever demanded by the Shiites. Not 
only can one see a link between the prioe demanded by 


However, Prime Minister Shimon Peres maintained 
Friday that the price being demanded by the Shiite 
hijackers cannot be linked with the Palestinian- Israeli 
exchange. 

|ThIs is the eighth hjjadting perpetrated by the 
Shiites," said Mr. Peres. ‘The seven previous hijack- 
ings occurred before the release of the convicts from 
our prisons. Did this prevent the hijaddnE of ptaaeST 


in on releasing the 1,150. 

“Rabin was trapped by the decision of the Shamir 
cabinet to begin the negotiations under certain very 
bad conditions,” said Mr. Schiff. “He knows that as a 
result he lost die special status he had as the man who 
initiated Entebbe. The hero of Entebbe was trapped 
and wants to go back to the old days. 

“As a result he has become super sens live about 


ATHENS (API — Prime Minister Andreas Papandreou has an- 
ti chi need to parliament that his government Is determined to have four 
U.S. military bases removed from Greece by the end of 1388. 

He was presenting his government’s program Saturday to the 300- 
member parliament following the June 2 election victory of his Panhd- 
lenic Socialist Movement. His government signed a renewable five-year 
agreement on the bases with the United Slates in September 1983. The 
agreement allows the United Stales to maintain four military bases ir> 


Ti 7 i . . ■ , ... f . r — - - rw a tuiui uw uho aupvi aglWJliwui v*m»w wmawm iw 

Me aaaed tnat.tne planning for this hijacking, so far ihi< whole issue, saying that the terrorists will not push Greece and about 20 smaller installations. It can be terminated by eitbe- 
• phM* “before we released the m around and that if the Americans want us to make side. 


as we know," took place' 
prisoners from our jails, so there is no co nn ection 
between them." 

Whether there is a direct connection or not, the 
Israeli public and leadership dearly believe lhal there 
is at least the appearance ofa possible connection, and 
ibis has very much influenced their handling of the 
crisis, experts here say. 

“The public repercussions of the release of the 1.150 
were so unpleasant for the government that it has 


only can one see a unx Between ipepnreu raa aatieuoy were so unpleasant tor me government that it has 
the Shiites and the previous prisoner exchange for the turned 180 degrees." said Mr. Merari. “Now it is 


1.150. but also the 


ition for their ful fillmen t. 1 


leexpectai 

If Israel freed 1,150 Palestinian and other prisoners 
for three Israelis, said Mr. Merari, then “Bern can at 
least expect to get back 766 of his men whom Israel 
was planning to release anyway for nothing. Beni is 
saying to us and to the American public: ‘Surely if 
Israel was ready to release so many Palestinians it 
could release a fewer number of our guys to save the 
Americans.' " 

Added Mr. Schiff: “Most people fed that even if we 
had no other choice, by releasing the 1,150 we crossed 
a certain threshold. Although many people here still 


posing as the tough 
weak, those were 
This attitude 
Defense Minister 


saying we are not always 
drcumstances." 
to be particularly strong in 
uzhak Rabin, who is responsible 
for Israel's dealings in the hostage affair. Mr. Rabin 
was the focus of much of the eriridCTn over the release 
of the 1,150, even though the entire cabinet voted for it 
and the unfavorable negotiating conditions had been 
the work of the previous Likud government, led by 
Yitzhak Shamir. 

Mr. Rabin, who as prime minisier in 1976 ordered 
Israel's daring strike to free hijacked passengers at 


concessions they will have to come to uS and say so out Mr. Papandreou also reasserted his intention to keep Greece out of 
loud In a sense Rabin is trying to return to the North Atlantic Treaty Organization militar y exercises. He said the 
position he had before he had to yield the 1,150," Mr. alliance has continued to ignore Greece's problems with Turkey, also a 
Schiff said NATO member. 

Some Israeli analysts believe, however, that Israel 
has choseu the wrong issue on which to try to win back 
its reputation for not giving in to terrorism. Rather 
than making life difficult for the Americans, they 
contend, Israel should be looking for every chance to 
coordinate with Washington to resolve this crisis in a 

way that will min inure the gain for tbe hijackers and 
maxirnm the credibility of American and Israeli 
counterterror policies, as well as of their alliance. 

“I don’t think it is very smart to make the United 
Slates have to beg or tell it to go handle its own 
problems,” said an expert on tenor. “This situation is 
not worth jeopardizing American- Israeli relations 
over, because our two countries are going to have to 
stand shoulder- ro-should er a gain many times in the 
future. Tbe next time, it may be us who needs the 
Americans.” 


Cossiga Backed for Italian President 

ROME (AP) — - Leaden of the dominant Christian Democratic Party 
announced Sunday that they were unanimously proposing for president 
of Italy Francesco Cossiga, a former prime minister and now Senate 
president. 

The recommendation by the party's ruling council was expected to be 
approved later in the day when the 365 “great electors from the 
Christian Democrats voted by secret ballot on the party's nomination. 

Italy's president is elected to a seven-year term by 1.011 “great' 
electors," members of the Senate, Chamber of Deputies and represraia- " 
lives from the country's 20 regions. President Sandro Perrin i. 88, a 
Socialist, said he did not wont to serve another term. 

Leader of Canary Islands Resigns 

LAS PALMAS, Canary Islands (Reuters) — The head of the Socialist 


Shiite Forces End Siege 
Of 2 Palestinian Camps 


Complied bv Our Staff From Dispatches 

BEIRUT — Shiite Moslem 
forces lifted their siege or two Pal- 
estinian refugee camps over the 
weekend after fighting to drive out 
their defenders for more than a 
month. 

Members of the Shiite Amal mi- 
litia ended Sunday their blockade 
of West Beirut's Chatila camp. A 
siege on the suburban camp of 
Borge Barajni was lifted Saturday. 

A Syrian-sponsored mice an- 
nounced lost week halted hostilities 
at the two camps. Nearly 600 peo- 
ple have died and more than £500 
have been wounded since the Amal 
militia attacked the camps or Cha- 
tila. Borge Barajni and Sabra on 
May 19. 

The militia, backed by the most- 
ly Shiite Moslem troops of the Leb- 
anese Army's 6th Brigade, had be- 
seged the camps in an effort to 
prevent the Palestine Liberation 
Organization from rebuilding the 
power base it lost when Israel in- 
vaded Lebanon in 1982. 

Bulldozers cleared the main 
street in Chatila of sandbagged po- 
sitions and earth barricades Sun- 
day. and witnesses said three truck- 
loads of food donated by tbe UN 
Relief and Works Agency were 
moved into the camp. 


Tbe operation was supervised by 
representatives of Palestinian fac- 
tions, tbe Amal and the Druze Pro- 
gressive Socialist Party militias and 
two Syrian observers. 

The scene was one of utter de- 
struction. In tire maze of alleyways 
and low concrete buildings that 
make up the camps, entire streets 
were wrecked and spent cartridges, 
ammunition clips and shrapnel lit- 
tered the ground. 

In other developments, Israeli 
planes drew anti-aircraft ground 
fire od Sunday as they flew recon- 
naissance runs over eastern Leba- 
non, but no hits were reported, ac- 
cording to radio reports. 

In southern Lebanon, members 
of tbe Israeli-backed South Leba- 
non Army militia shelled two Shiite 
Moslem villages in the security 
zone established during the Israeli 
withdrawal and clashed heavily 
with Moslem forces east of Si don, 
security sources said. 

Israeli trays ringed the Leba- 
nese border village of d-Tireh dur- 
ing the fighting and ordered resi- 
dents to hand over 15 men 
suspected of rocket attacks on the 
South Lebanon Army, they added. 

(AP, Reuters) 



, .'V- . 

Ihltaoc 

Nepalese police dressed in riot gear patrolling the main street of Katmandu after the bomb explosions. 

Nepal Officials Suspect a 'Foreign Hand’ in Bombings 


The Asso ci at e d Pros 

KATMANDU, Nepal — Authorities in- 
vestigating bomb explosions that killed seven 
persons in Nepal have found clues indicating 
possible foreign involvement, a government 
spokesman said. 

“A foreign hand cannot be ruled out," 
Chiran S. Ibapa. press secretary at the palace 
of King Birendra, said Saturday. He said it 
was felt that the planning of the bombings 
was “probably beyond tbe capability of any 
Nepali group or persons.'’ 

Authorities said Sunday that 130 persons 


had been detained for interrogation about the 
blasts that killed seven persons and injured 
27 last week in Katmandu and three towns 
along the border with India. 

Among those arrested was an In dian, Ra- 
jinder Singh, who police said was stopped in 
the border town 'of Bhadrapur while carrying 
three bombs, fuses and batteries. Another 
man, a Nepalese identified as Niraj Kumar 
Gupta, was arrested near the border town of 
Janakpurdham with 56 explosive devices. Po- 
lice said he confessed to bong a courier for an 
Indian in Uttar Pradesh state. 


Indian intelligence agencies were investi- 
gating whether Sikh terrorists helped Nepa- 
lese political extremists in making the explo- 
sives and planning the coordinated, 
bombings, according to The Hindu newspa- 
per of Madras, India. 

A group calling itself the Jan wadi Moncha, 
or Revolutionary Front, claimed responsibil- 
ity for the attacks in a statement delivered to 
an Indian newspaper, The Telegraph. The 
statement said [he organization seeks to over- 
throw the monarchy and establish a demo- 
cratic republic in Nepal. 



They said Jeronimo Saavedra Acevedo, president of the regional 
government, resigned Saturday after the Canary Islands parliament 
voted, 30-27, against the accession treaty signed in Madrid on June 12, on 
the around that it would damage tbe islands' economy. 

’ " ■ • -*- L wsiedini 

h preserve their free-porr 1 ' 
ich market produce as if it 


of farmers in the islands have protested in recent months ar 
-the conditions negotiated for the islands, which preser 
status and other fiscal privileges but treat their rii 
came from a non-EC country. 


For the Record 

An East Enopean refugee, believed to be a Czechoslovak citizen, was 
shot and killed Sunday by Yugoslav border guards as he tried to cross the 
Yugoslav- Austrian border, police said in Graz, Austria. (AP) 

Trafcish Cypriots voted Sunday in elections for a 50-member parlia- 
ment in tbe northern third of Cyprus. (AP) 

Pope John Paul beatified a Goman monk, Peter Friedhofen, and an 
I talian monk, Benedetto MennL Sunday at a ceremony in St- Peter’s 
Basilica. (Reuters) 

The Parti Qu£b£cois on Sunday set SepL 29 as the date for an election 
to choose a successor to Premier Rene Levesque, who has announced his 
resignation as head of Quebec's ruling party. (Reuters) 


329 Feared Dead in Jet Crash 


(Continued from Page 1) 
oil slick snaked through 



SPAIN 


* 


AN ENTIRE 
COUNTRY 

BEHIND 


In Span. TELEFONICA has for sixty years been 
making the telephone somethng more than ;usi a 
cammunfcjlJt’n instrument. Recently TELEFONICA 
and its group of companies" have made an enormous 
effort n rewar-ih and tedvwkjgKal developments 
TFvs has pad handsome dividends. Today every 
business sector r Spar benefits from TELEFONJCA's 
advances n tetecommunrcalons 


THE 


The telephone is a powerful force for progress 
and TELEFONICA s already loo lung to the 
needs of the next century. TELEFONICA 
ps now also present m the major tnfcematicna! 
stock markets. Every step TELEFONICA takes 
in Spam is a giant leap for the progress of its 
society. Thai s why ai Spam there s an entire 
country behind the telephone. 


TELEPHONE 



Telefonica 


TELEFONICA CROUP* Amper ■ Cables de Comunraocnes . Eieardrxo 

|i ’*eS r **o (THM) EUm • Enrd Grafitur Hupino Manwna MdeSec trasSa ■ Seccrtsa ■ 
S«e( Tetefcncj Iruemacoial • Tetettra Espariob ■ Star-danl E«trxa • Tdekmia y Daws • 
TekioTrij'ncaiJOncs Mamas 


Younger Chinese Named 
To Shanghai , Army Jobs 

By John F. Bums the men they replace. The an- 
Mw York Tuna Service nouucement noted that in addition 

BELTING — Deng Xiaoping’s to their youth, those promoted 
campaign to rejuvenate China’s bu- were military academy graduates, 
reaucracy has been stepped up with He Qizoug becomes a deputy 
the naming of a new Shanghai par- chief of the general staff, Zhou 
ty chief and the promotion of three Wenyuan becomes a deputy direo- 
42-year-oId officers to top military tor of the general political depart- 
posts. meat, and Zong Shunliu becomes a 

The change in Shanghai, the deputy director of the logistics de- 
country’s largest city and its indus- partment. 
trial and commercial center, ap- The government announced last 
peared to stem partly from dissalis- week the appointment of nine offr- 
tamon in Beijing with the pace ai cutis to head ministries that play a 
which the city has pm into effect crucial role in Mr. Deng's modern- 
the market-onrated policies at the ization drive. At the same time, he 
heart of Mr. Deng s program. has been pressing ahead with a 
The new party secretary in the shakeout of regional military com- 
aty. Rui Xingwen, was previously manders and top Communist Party 
minister of urban and rural con- and government officials in the 
sanction and environmental pro- provinces, 
lection, which has played a major _ , . , 

role in the large building program latest changes are pan of a 
that has accompanied tbe econom- P 100255 dtat began at least three 
ic growth of recent yean. He re- ^ 380 lev ™ ? f ■ the 

places Chen Guodong. bureuicracy. Mr. Deng, 80. instst- 

Other reports confirmed the ap- fd that the retention of power at aU 
point meat of a new party secretary, ^ P°? r Y edited 

Chen Huiguang, 46, who is an engi- o^crals who began thar careens in 
neer, in the Guangxi-Zhuang Au- the revolutionary period was a raa- 
tonomous Region bordering Viet- obsLlde 10 economic and social 
nam. Changes in top posts had “ an ^ e 

previously been announced for the He started a drive to ease these 
provinces of Sichuan, Shandong, officials aside, some of them into 
Jilin, Guizhou, Hebei, Jiangxi and retirement and others into advisory 
Tibet. Most of the new appointees positions. By the end of last year, 
are in their 40s and 50s. about 900,000 party and govern- 

The military appointments in- mem officials had been sent into 
volve positions on the general staff compulsory retirement, and a pro- 
in Beijing At 42, the new generals cess to weed out the armed forces’ 
are at least 20 years younger than officer corps had begun. 


the 


Joe Kerin, chief controller of Ire- 
land's Marine Rescue Coordina- 
tion Center, said that the jet's flight 
data recorder, or “black box," had 
been located. He said it was under 
2,200 feet (668 meters) of water, 
but there “shouldn’t be any prob- 
lem” in recovering it. 

The flight was cruising normally 
at 31,000 feet (9.4 kilometers} and 
was one hour, 40 minutes away 
from London's Heathrow Airport 
when air controllers in S hann on 
lost sight of it on radar. The local 
time was 8:13 A.M. 

Minutes later, two jets nearby 
picked up an electronic distress sig- 
nal of the type that is triggered 
automatically when a plane hits 
water. 

Hiigh O'Connor, spokesman for 
the Shannon regional traffic con- 
trol center, said Flight 182 had 
checked in six minutes earlier and 
was given clearance to proceed to 
London. “There was no indication 
that anything was wrong" he said. 

Then, Mr. O’Connor said, “He 
just vanished off the scope. Imme- 
diately he was called ana there was 
no reply." 

Pilots of two other jetliners 
above the Air India plane were told 
to look out their windows. But nei- 
ther could see any sign of the plane, 
controllers said. 


31,000 feet, it would be able to 
glide for a half-hour before crash- 
ing he said in a British Broadcast- 
ing Corp. interview. 

He trad the BBC that principal 
evidence for an explosion having 
caused the crash was the fact that 
the pilot, H. Sl Narendra, 57, had 
not radioed a mayday call. 

The pilot can do that either by 
voice or with a button under his 
thumb on the control column, even 
if aD generator power is out, Mr. - 
Learmount said 

“A bomb happens to answer si 
the questions," he said “It answm 
why the crew didn't have time to 
radio a distress signal. It answers 
the question why the wreckage is . 
spread so widely because the air- 
craft obviously broke up before if 
hit the sea.” 

Sunday's crash was the third 
deadliest air disaster. 

Tbe worst crash was in March 
1977, when two 747s collided an 
the runway of the airport at Tener- 
ife on Spam's Canary Islands, kitt- 
ing 582 people. In March 1974, 346 
people were killed when a T urkis h 
DC-10 crashed northeast of Paris. 


Rettten 

VATICAN CITY — An Italian 
man stripped off his clothes F 
and threw himself from the „ 

altar in St Peter's Basilica to 

The Boeing 747, considered one shrine four meters (13 feet) bdo*^- 
of the safest planes, can ernise with breaking an arm and a leg police 
just one engine, said David Lear- said Saturday. The man, Antonio 
mount, air transport editor of Grippo, 37, was taken to a hospital, 
Flight International Magazine. At where he said: “I wanted to fly." 

Iran Changes Tactics in War 


(Co nt i n ued from Page 1) 
Iranian news agency. The Associat- 
ed Press reported from Nicosia. 

Tbe agency, monitored in Cy- 
prus, said several people were ar- 
rested in connection with the ex- 
plosion. 

■ Iran Detains Freighter 
Kuwait has demanded that Iran 
release a Kuwaiti-registered 
freighter from detention, officials 
said Sunday, The Associated Press 
reported from KuwaiL 
They said that Foreign Ministry 


officials asked the Iranian Embassy 
in Kuwait to communicate to Teh- 
ran their demand for the release of 
the 23,800-ton Al Muharraq. 

The freighter was intercepted, 
boarded, searched and seized by 
the Iranian Navy in the Gulf of 
Oman oil the Strait of Hormuz last 
Thursday. 

It was carrying a load of genov 
cargo from Europe when it was 
taken to an unknown Ir anian port 
rai the Gulf, shipping sources in 
Kuwait reported. 


Israel to Free 31 Shiites, Denies Lank to U.S. Hostages 


(Continued from Page 1) 
would not affect the American hos- 
tages. 

Negotiations on the release of 
the Americans had broken down 
over tbe issue of the 766 prisoners 
held in Israel since April. 

The Israeli government bad said 
it long planned to release Lhe pris- 
oners but would not do so in ex- 
change for the American 
without a direct request from 
White House. 

The United States has said any 
request would be a capitulation to 
terrorism. 

An International Red Cross 
spokesman in Beirut said be ex- 



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For Work, Aowbmlc, Ub Exparim. 
Send detailed resume 
for free evaluation. 

PACIFIC WESTERN UNIVERSITY 

MO N. Sepulveda Bh/tL, 

Las Aneetas, California 
90W9, Dept. 23, U^A. 


peeled the prisoners to be freed 
Monday on tbe coast road between 
the Israeli frontier and tbe south 
Lebanese port city of Tyre. 

Amal says Israel originally 
promised to free all the prisoners 
by the time its army left south Leb- 
anon. It announced completion of 
the pullout earlier this month, but 
766 of 1,200 prisoners earlier de- 
ported to Israel were not freed. 

Of the 1,200 detainees brought to 
Atlit, Israel released 30 cal April 11, 
37 on April 18. 150 on May 20 and 
249 on May 29. 

Mr. Rabin's announcement 
came amid signs of movement in 
tbe hostage crisis, including a re- 
port of a four-point plan for a solu- 
tion and Swiss contacts with Israel 
to brief it cm talks Swiss officials 
have had with Mr. Beni 

In his interview, Mr. Rabin 
would not say whether additional 
prisoners would be released, but 
said Israel would not undermine 
the U.S. policy of “standing firm 
against terrorism." 

“If Israel would come out and do 
it voluntarily we practically would 
tmdeimme the American policy of 
standing firm,” he said. “No one 


would believe that Israel has done 
it voluntarily without being asked 
by the U.S. to do it,” 

The State Department earlier 
Sunday described news reports 
from Lebanon that the U.S. ambas- 
sador in Beirut had forwarded to 
Washington a four-point proposal 
aimed at breaking the deadlock 
were “purely fictitious." 


while, said the militia hud accepted 
a Swiss offer to help end the drama. 
Switzerland said Saturday that 

Mr. Bern had told the Swiss foreign 
mini ster. Pierre Aubert, that he 
would be ready to take the hfwjinpgs 
to Switzerland. But the senior 
Amal official, Ghassan Siblani, dc^ 
dined to confirm ~ 


— puicijr Aiwuumis, , . „ — Sunday that 

_ _ , „ . Amal was ready to move »H<*m to A 

The respected Burnt daily An Swiss territory. * 

Nahar said the plan included “the 
U.S. hostages, fol- 


rdease of all _ 

lowed by a Washington statement 
condemning all violations of inter- 
national law. including of Leba- 
nese prisoners in Israel" 

An Nahar did not say who draft- 
ed the proposals, which it said also 
called far the International Red 
Cross to begin talks for the release 
of the Lebanese prisoners in Israel 
a week after the hostages were re- 
leased. 


■ Former Leaders Back U5. 

Former President Gerald Fold 
and four other former Weston 
leaders voiced support Saturday 
f or th e U.S. refusal to bend to the 
demands of guerrillas ho lding the 
hostages. United Press Internation- 
al reported from Colorado. 

Mr. Ford, the chairman of a 
ptbering of political and business 
. ders for discussion of interna- 
tional wents, joined former Prcsi- 
Valfity Giscard d'Estaing ofi 
- .. France, framer Chancrilo r H pfcnnt ■ 

^ fT l ty ]a *? cnl Schmidt of West Germany mdfar- 

than and hold talks mt£ mamas mer Prime Ministers James Calb- 
aunad at .prwenung its being used Shan of BritXaSMaKnE^ 
for hijacks, the paper aid. ser of AustralifStTlSS 

omaal of AmaL mean- supporting President Reagan. 


Lebanon would impose strict se- 
curity at Beirut International Air- 


A senior . 




INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 





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AMERICAN TOPICS 


Bishops 9 Document 
Is No Dead Letter 

The Roman Catholic Bidi- 
ops' pastoral letter oa the 
American economy, whose first 
draft released Last November 
was criticized by conservative 
Catholic laymen as an attack on 
free enterprise, is sUH an issue. 
The letter, which proposes more 
help for the poor, mefariing a 
revamped welfare system, was 
discussed at the national bish- 
ops' conference in CoDegewlle, 
Minnesota, this month. The 
New York limes reports. 

Cardinal John J. O'Connor 
of New York, himself a favorite 
of conservatives, said he wished 
the business community could 
have attended. “They’d be re- 
lieved to see the integrity of the 
process," he said. 

A final version of “The Pas- 
toral Letter on Catholic Social 
Teaching and the US. Econo- 
my” is expected to be voted act 
next year. 


Short Takes 

Arkansas stocked muskrats 
decades ago for their valuable 
pelts. In the 1970k, the market 
faded and the muskrats prohf- 

dy drained 1 ^ 

fields. So alligators were 
stocked to eat the muskrats. 
Now the affigaior population is 
soaring. TB Idlyou what con- 
cerns me," arid Howard Ham- 
mans, a rice fanner in Stuttgart 
“What are they going to bring 
in lo eat the amgatorST’ 

Colleges and unrrcssitk$ are 
turning away from the “grade 
inflation" brought on in the 
1960s by student demonstra- 
tions and by young men facing 
the draft who pressed for better 
grades so ~iheg could stay in 
school and avrad going to Viet- 
nam. According to a survey of 
1,600 institutions by Washing- 
ton Stale Umvemty, “we’re 
heading bade to pre-1965 grad- 
ing standards." 


opening 
the 


Atlantic Gty 
new casino holds, 

10 already in business report a 
loss of J157,000.for the fast 

quarter erf this year on revenues 
of S506 Tnfflirei This compared 
to a first-quarter profit last year 
of $24.9 nrilfion on revenues of 
$489 million. Expanding be- 
yond the day-trip marke t of 
people living within 150 nriles 
(about 240 kilometers) is diffi- 
cult because the city lacks 
scheduled air service and an ad- 
equate convention center. 


Baltimore is taking its 
tT who offer nn- 


at traffic light*, off the streets 
and putting them in “squeegee 
stations" set up in vacant lots. 
In Wilmington, Delaware, 
meanwhile, “gas lads" offer to 
pomp gftsnKn* far patrons of 
self-service stations. Winter is 
the most profitable time, when 
motorists like to i ptnj ' 11 in their 
cars. Bat some people are con- 
cerned about the hazards of 
spiDed gasoline. 


Notes About People 


Robanfe Jr. first 
.of Hickey, the 
in Eugene 



Jason Robards Jr. 


CyNeflTs “The Iceman Com- 
eth,** off-Broadway in 1956, he 
was 33 bat was made up to look 
crider. He w3l play the rale 
again in a Washington revival 
in August. Now 62, the actor 
said. “Tm a little old for it, but I 
think if I tuck in my chin. lean 
get away with it." 

SanmyDam Jr., the enter- 
tamer, sayy that iris neariy dy- 
ing from aknbotaelated liver 
disease two years ago inspired 
him to “give op booze." Now he 
is sponsoring the Sammy Davis 
Jr. National Liver Institute at ■ 
the University of Medicine and 
Dentistry of New Jersey. 

Todd D uncan, the original 
Rugy in the 1935 prem iere of 
George Gershwin’s folk opera 
“Porgy and Bess” and now a 
prominent Washington music 
teacher, has been named the 
first winner of the Paul Hne 
Award, named for the music 
critic emeritus of The Washing- 
ton Post 


ARTHUR 




Soviet Embassy in Mexico Called 'Safe Haven’ for Spying on U.S. 


By Joel Brinkley 
and Robert Lindsey 

New York Times Service 

MEXICO CITY — Uix officials say the 
Soviet Embassy here is increasingly being 
used to mount espionage operations 
against the United States and that it has 
become a major conduit for the illegal 
diversion of advanced technology to the 
Communist world. 

Soviet in indigence officers “in essence 
have a safe haven here,” John Gavin, the 
U-Su ambassador to Mexico, said last week. 

A senior Mexican go v e rnm ent officia l 
acknowledged that there were espionage 
operations in Mexico Gty. But he de- 
fended Mexico’s pcticy of permitting one 
of the largest overseas contingents <rf the 
Soviet intelligence and internal security 
age ncy, t he KGB, to operate with virtual 
imn nimy 

Mexico, he said, is “an open country," 
and any country is allowed lo .have as many 
diplomats stationed in Mexico Gty as it 


New attention has been focused on Mex- 
ico Gty because erf the arrest of John A. 
Walker JL, who is a**™***! of running an 
extensive spy ring fas the Soviet Union. 

Agents sear c h ing Mr. Walker’s in 
Norfolk, Virginia, found receipts Iran a 


trip Ik apparently made to Mexico in 1975, 
and a senior US. official said the CIA and 
the FBI were trying to determine what role 
the Soviet Embassy may have played in 
Mr. Walker’s activities. 

So far, the official said, agents have 
found nothing conclusive. But they know 
that numerous Americans accused or spy- 
ing for the Russians have acknowledged 
usmg tile Soviet Embassy here to meet their 
Soviet contacts. 

Diplomats at the Soviet Embassy do- 
dined to be interviewed for this article. 

Mexican government officials declined 
lo offer official comment on questions con- 
cerning the Soviet presence, although some 
were willin g to discuss the matter on the 
conditioatnai their names not be used. 

U.S. conaterin tdBgcace specialists esti- 
mate that at least 150 KGB officers are 
working out of the embassy under cover as 
diplomats, cterics. chauffeurs, jour nalis ts 
and in other jobs. 

Increasingly, these specialists say, the 
KGB officers assigned to Mexico Gty have 
received training so that they can 

manage Soviet efforts to steal American 
militar y pnd industrial SCCTCtS. 

They add that such officers nse not only 
American agents, but also what Mr. Gavin 

called “dummy companies’* set up in Moti- 


co to buy advanced American technology 
and then «mce») its ultimate destination: 
the Soviet Union or Soviet bloc nations. 

Many UJk officials say they can not 
fuDy contain the Russian spy problem as 
long as the Soviet Unk» maintains a large, 
unrestricted espionage operation in Mexi- 
co City, less than 700 miles (1,128 kilome- 
ters) from the United States, 


Mexico is an 'open 
country 9 where any 
nation may have as man y 
diplomats as it chooses. 

-—Senior Mexican official 


American and Mexican officials say the 
Mexican government allows Soviet agents 
to work here virtually without restraint as 
long as their target is the United States, not 
Mexico. 

Although the QA maintains a large sta- 
tion, a senior American official said the 
CIA officers could not effectively monitor 


Soviet activities because they were far out- 
numbered by agems of the KGB and other 
Eastern bloc nations that main lain embas- 
sies here- 

Under a longstanding cooperative ef- 
fort, the Mexican authorities record e»n<i to 
and from ihe Soviet Embassy, and tran- 
scripts of the conversations are given lo the 
CIA, according to sources in the Mexican 

gove rn men L 

But American officials say they cannot 
rely entirely on cooperation from the Mexi- 
can authorities. After a recent scandal in- 

and drug 
derate, 
tare worried 
that the directorate has been penetrated by 
the KGB. 

A senior Mexican official called that 
charge “preposterous.” 

Mexico has fewer than 50 people sta- 
tioned at its embassy in Moscow. But the 
Soviet Embassy here, with more than 300 
people, is one of the largest Soviet diplo- 
matic missions in the world, even though 
Moscow has few official dealings with 
Mexico. Less than 1 percent of Mexican 
exports are sold to the Soviet Union. 

The fundamental problem, U.S. officials 
say. is the Mexican acquiescence in the 
Swiet spying. 


“We have a very clear idea of what our 

arenot wththeSoviet Union,” an Interim 
Ministry official said. 

Bui Mexican and U.S. officials say anti- 
Americanism is such a centra] part ot Mex- 
ican political life that Mexico tolerates the 
Soviet espionage precisely because it irri- 
tates the united States. 

Mexico has long had cordial relations 
with the Soviet Union. And Mexican and 
American offidals said the Mexican gov- 
ernment believed that if it tolerated a large 
Soviet and Cuban presence, the Commu- 
nist countries would not interfere in Mexi- 
can affairs. 

US. officials say Mexico could ask the 
Soviet Union to maintain an embassy no 
larger than is actually needed for its diplo- 
matic mission in Mexico. 

But the United States has never asked 
the Mexicans to order the Soviet Union to 
reduce its embassy staff, several American 
officials said. 

Richard Helms, a former director of the 
CIA, said such a request would be counter- 
productive because “the Soviets would 
then ask the Mexicans to order us to reduce 
the size of our embassy, and you'd just end 
up with bash.” 


Reagan Pledges to Avenge Marines 

PreddentVom to BringSahador 'Jackals’ to \ Justice 9 


disappe ar ed into the aty 
bat l pledge to you today 
ill not evade justice on Earth 


By Gerald M. Boyd 

New York Tima Service 

WASHINGTON — President 
Ronald Reagan, in a ceremony 

IriBed four US. ma r i nes Wednes- 
day in San Salvador. 

“They say the men who mur- 
dered these sons of America es- 
caped, 
streets, 

they will not evade justice < 
any more than they can escape the 
judgment of God," Mr. Reagan 
said. “We and tbe Salvadoran lead- 
ers win move any mountain and 
ford any river to find the jackals 

ai yt b ring them and then- col- 
leagues in tenor to justice." 

He was speaking at a short cere- 
mony as the bodies of the marines 
arrived Saturday at Andrews Air 
Base outside Washing ton. The base 
was crowded with a mixture of 
families, ad ahatn iioD officials 
and a US. Marine honor guard and 
band. 

Among those present were Vice 
President George Bush, Secretary 
of State George P. Shultz, Defense 
Secretary Caspar W. Wdnboger 
and the national security adviser, 
Robert G McFadane. 

The coffins of die marines, cov- 
ered with U.S. flags, were carried 
me at a time by three marine* on 
each side: The coffins went thnragh 
a corridor of marines and were 


placed on separate platforms cov- 
ered with black doth. 

The marines, who were off duty 
at the time, wore kilkd by men 

fe r ryin g aninmartr rifles in an ont- 

door cafi in an affineni section of 
San Salvador. Seven T^tin Ameri- 
cans and two U.S. businessmen 
were also IriBed. 

Mr. Reagan, who read from a 
prepared statement, appeared to 
fight back tears as he said: 

“Now today we grieve for four 
young men taken from us too soon. 
And we receive them in death as 
they were in the last night of their 
lives — together, and tallowing a 
radiant light — foDowingit toward 
heaven, toward home." 

After bis remarks, Ml Reagan 
pwwnri Purple Heart on 

each coffin and greeted family 
membere. Mrs. Reagan, who also 
greeted tbe relatives, embraced sev- 
eral of them. 

Mr. Reagan did not specify what 

r etaliatory piq| SUriS h e might mire. 

He talked with President Jos& Na- 
polerin Duarte of El Salvador on 
Friday and pledged to work “in 
pursuit of the common goals we 
share;” a White House spokesman 
saidlaier. 

The spokesman said Mr. Reagan 
had urged Mr. Duarte to start a 
special Salvadoran investigative 
unit trained by the United States to 
examine such incidents. Mr. 
Duarte should “do everything he 


could to get the unit into action, 

Mr. Reagan was quoted as raying. ($!!&§ 

Mr. Reagan announced Turns- 
day that be was approving an emer- ~ ' 
gency shipment <rf military supplies 
to El Salvador and would begin an 
administration review ot ways to 
combat terrorism. 

■ Assailants’ Unit Named 

Robert J. McCartney of The 
Washington Post reported from San 
Salvador 

The commandos who carried out 
the attack on ihc’marines belonged 
to a unit of 75 guerrillas who spe- 
cialize in urban paramilitary at- 
tacks and sabotage, according to a 
Salvadoran armed forces docu- 
ment. 

Tbe unit was formed last year 
and was named after a dead gue- 
rilla leader, Mardoqueo Cruz, the 
document said. The unit rlaimeri 
responsibility for the attack in a 
communique released Friday. The 
statement and was endorsed and 
broadcast Saturday by Radio Ven- 
ceremos, the radio of El Salvador's 
main guenffla organization, the 
Farabundo Marti National Libera- 
tion Front 

The unit is tbe urban organiza- 
tion of the Central American Revo- 
lutionary Workers' Party, which is 
one of the smaller guerrilla forces 
in the front 

* “Did Ronald Reagan think that 
be would come to make war m El 



Mr. Reagan at the ceremony. 

Salvador and that his soldiers were 
not going to die?” said the radio, 
which is based in a guerrilla strong- 
hold in tbe mountainous northeast- 
ern province of Morazfin. “Urban 
gncnillas of foe FMLN, we salute 
you from this anti-imperialist 
trench," it said, using the front’s 
SpamsHanguage initials " 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Amid Africa Failures, U.S. Shifts Policy on Its Aid 


Si'.V.X 


By Norman Kempscer 

Las Angeles Times Service 

WASHINGTON — When Julie 
Da Vanzo. a senior economist at 
Rand Corp.. visited a goveinment- 
run hospital in Gambia that is de- 
pendent on foreign aid from China 
and Britain, she found a babble of 
voices and a jumble of priorities. 

Most of the doctors were sup- 
plied by a Chinese government aid 
program; they spoke only Chinese. 
Most nurses were locally trained 
and spoke English. Most patients 
spoke only their own West African 
tribal languages. 

A kitchen and a laundry, both 
built by the British, were spotless 
and antiseptic — and apparently 
seldom used. Adjoining them was 
an intensive-care ward so filthy, 
Ms. Da Vanzo said, that “you 
wanted to move the really sick pa- 
tients to the laundry or the kitch- 
en.'' 

The Gambian hospital is just one 
of a bewildering variety of pro- 
grams that the world's more afflu- 
ent nations have used in developing 
countries, mostly in Africa, in an 
effort to lift the poorest of the 


world's poor out of thdrjpoverty. lt 
is also a microcosm of foreign aid 
projects where good intentions 
have gone awry. 

The more affluent countries have 
spent billions of dollars in pursuit 

of noble goals over the past decade, 
chiefly in Africa. But Africa ap- 
pears in worse shape than before. 
When the rains failed, people 
starved to death by the hundreds of 
thousands throughout sub-Saharan 
Africa, with Ethiopia and Sudan 
hit the hardest. 

“It is dearly true that conditions 
in Africa are not better than they 
were 20 years ago," said Richard 
Derham, assistant a dminis trator of 
the U.S. Agency for International 
Development, or AID. “It's not 
just the weather. There was a 
steady decline in per capita food 
production even before the recent 
drought-** 

Some specialists, such as Elliot 
Beig. an economist who heads a 
consulting Qrm specializing in in- 
ternational development, are not 

sure that any approach to foreign 
aid will surmount the formidable 


country’s economy, and directs its India bis become a net exporter of 
aid to countries that are prepared gr ain 
to substitute private enterprise for But because the results of the 
government programs. U.S. aid were neither dramatic nor 

U.S. officials and some experts immediate, disillusionment began 
outside the government said that W set jn* 
foreign aid may be starting to work So, in 1973, Congress ordered a 

in Africa. And they pointed to re- complete change of direction. The 
markable successes in Asia as proof United States began emp hasizin g 
that foreign aid can be effective if. programs for the poorest of the 
as was the case in Asia in the 1950s pow, mostly in remote rural areas, 
and 1960s, it is tailored to local raosI ty in Africa, 
economic conditions and if the do- The World Bank and some do- 
nors wait patiently for results. nor n a t i on s followed the Uj. lead, 

In those yeais, the United States 

poverty, he argued, led to a prolif- “dividual villages. According to 

eration of programs. The benefits l0CaI **“ budding m 3^2 international missions 

of these were outweighed bv die roads, damsand other key econom- a ^gie African country in 

ic and structural dements. one year ro plan assistance pro- 

“We can now see m Asia that all jects, leaving the country’s limited 
of that foreign aid in the '50s unit number of managers little time to 
early '60s was a success, even if it do much more than meet with all 
was not perceived as such at the the foreigners. 
time , 11 said John W. Mdlor, an ag- The result, it has been generally 
riculture research economist and agreed, was a disaster, 
director of the International Food “We took an absolutely wrong 
Policy Research Institute. South turn in foreign aid in the ’70s,” said 
Korea is prospering, Bangladesh Mr. Mehor of the International 
has shown some economic im- Food Policy Research Institute. “I 
prove mail in the past decade, and think that Africa has suffered sig- 


problems of the world's poorest 
countries. 

“My own view,” Mr. Berg said, 
“is that the game is too tough for 
us.” 

After years of frustration, how- 
ever, the United States is changing 
its approach, and there are some 
new signs of success. 

The AID administrator. M. Pe- 
ter McPherson, stud Reagan ad- 
ministration officials have deter- 
mined that foreign aid should not 
attempt to be “international wel- 
fare." 

The emphasis on eradicating 


way they forced recipient countries 
to waste the time of their few 
trained officials, who ended np at- 
tending meetings and shuffling pa- 
per. 

Now, the United States concen- 
trates on training local specialists 
and running programs to adapt 
modern technology to the needs of 
the recipient countries. It also 
places new emphasis on building 
up the private sector of a given 



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mficantly from foreign aid over the 
Iasi decade.'’ 

In the view of some critics, some 
foreign assistance programs deliv- 
ered resources lo the least produc- 
tive dements of society. Irrigating 
the land of poor farmers in villa g es 
with marginal rainfall, they said, 
amounted to little more than turn- 
ing a garden hose on the desert. 

At the same time, said Raymond 
Love, deputy assistant administra- 
tor of Ail/s Africa bureau, the 
continent was receiving complex 
rural development projects when it 
needed roads and other basic facili- 
ties. 

But now, the economic turn- 
around so evident in Asia today 
may be beginning to happen in 
" a. Officials said that aid-sup- 
d research has produced high- 
drought-resistant sorghum 
that could reduce Africa's grain 


The ranks of international donor 


France, West Germany, 


But the United Stales, which pio- 
neered modem foreign aid with the 
Marshall Plan that helped rebuild 
Western Europe after World War 
n, r emains the largest single source 
of such aid. 

The United States continues to 
set the terms of international aid 
and, with President Ronald Rea- 
gan's emphasis on aiding the pri- 
vate sector of developing nations, 
those terms have changed. 


Tta AoogMd fan 

The pope gesturing during an audience with Stefan Olszowski, the Polish foreign rainisAer. 

Pope , Polish Minister Hold Talks; 
Meeting Is Described as f Rather Cool 9 


By EJ. Dionne Jr. 

Nm York Times Service 

ROME — POpe John Paul II has 
met with the Polish foreign minis- 
ter in an atmosphere that one Vati- 
can official described as “r ather 
cooL” 

Officials said Saturday that the 
Polish-bom pope had expressed his 
concern over charges brought 
against Solidarity activists by the 
Polish government and that John 
Paul effectively dosed off the im- 
mediate possibility of improved re- 
lations between Poland's Commu- 
nist government and the Holy See. 

The Vatican also announced that 
its secretary of state would go to 
Czechoslovakia and Yugoslavia 
next month on behalf of tne pope. 

The Polish foreign minist er, Ste- 
fan Olszowsld, described the talks 
as “frank and constructive.'' He 
said at a news conference that he 
did not believe the discussions had 
suffered from the trial of three dis- 
sidents in Gdansk. 

The dissidents were charged with 
caning for a strike and were given 
sentences ranging from two to 
three and a half years earlier this 
month. 

John Paul had expressed his an- 
ger over the trial saying that “what 
is regarded in Italy and some coun- 
tries as a right is in other places 
considered and punished as a 
crime." 

Mr. Olszowsld had been sched- 
uled to meet earlier with the Italian 


prime minister, Bettino CraxL But 
Mr. Cnuri canceled the meeting to 
protest the jailing of the Solidarity 
activists. 

The visit to Czechoslovakia by 
Cardinal Agostino Casaioli, the 
Vatican secretary of state, is signifi- 
cant because church-stale relations 
there are among the worst in East- 
ern Europe. 

Cardinal Framisek Tomasek of 
Prague, 85, said earlier this year 
fhnr the situation of the Roman 
Catholic Church was growing 
steadily worse and that Catholics 
were being “hindered, pursued and 
controlled.” 

The pope had accepted Cardinal 
Tomasers invitation to attend cel- 
ebrations in Czechoslovakia for the 
1 , 100 th anniversary of the death of 
Saint Methodius. But die Czecho- 
slovak authorities vetoed the 
pope’s visit 

Saint Methodius and his brother 
Saint Cyril (nought Christianity to 
the Slavic countries and are espe- 
cially revered by John Paul 

The announcement of Cardinal 


UNESCO Board Votes 
For Limited Reforms 


Stibune!^ 

Leaders Vow to Push 
an Economic Recovery 



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By Paul Lewis 

New York Times Service 

PARIS — UNESCO's executive 
board has adopted a modest set of 
changes for the organization, 
promising a limited reduction in 


politically controversial activities cept France warned that this ap- 
that led the United States to with- peared illegal under UNESCO 
draw at the end of last year. rules, but agreed that the general 

The proposals for chan g in g the conference would make afmalrul- 
United Nations Educational, Sri- ing in October, 
entific and Cultural Organization During the meeting, Denmark 
were u nanimo usly approved Fri- became the most recent Western 
day after seven weeks of difficult government to submit a strongly 
negotiations. But many Western worded letter to Mr. MT3ow ex- 
governments immediately cau- 
tioned that the agreement repre- 
sented only a first step toward the 
kind of changes they want to see. 

Those governments said they 
hoped that the proposals would be 
strengthened in October when they 


the 


pressing dissatisfaction with 
way the organization is run. 

Britain, which has threatened to 
withdraw from the body at the end 
at this year unless there were far- 
reaching chang es , made it dear at 
-. , , the end of the session that it wanted 

are to be presented to UNESCO's additional c hanges approved at the 
full membershm at the meeting of meeting in Sofia. 
iis general conference in Sofia. The British delegate, W illiam 
Although the accord was greeted Dodd, emphasized the need for 
with relief Friday night by dde- greater “program concentration.” 
gates, the dosing stages of the The code phrase refers to Westers 
meeting were marred by several in- members’ belief that UNESCO, in 
adeots r emin iscent of the practices cutting costs to make up the loss of 
that led the United States to have, the VJS. share of its budget, should 
Against^ Western opposition, eliminate politically controversial 

programs. 

Those programs indude plans 
which critics have described as at- 
tempts to restrict press freedom 
and to promote governmental 
rights over the rights of individuals, 
as well as the agency’s stance on 
disarmament questions. 

Kari Moersch. the West German 
delegate to UNESCO, said that bis 
government also would like to see 


members from developing coun- 
tries and the Soviet bloc forced 
through two resolutions critical of 
Israel, one at tanking Israeli archae- 
ological excavations in Jerusalem 
and the other charging sup pre ssion 
of the cultural and educational 
rights of Arabs living an the occu- 
pied West Bank. 

UNESCO’s director-general, 
Amadou Mahtar M’Bow of Sene- 
gal, also dashed with Western 


greater program concentration’' 


members of the board, announcing approved in Sofia. 


Mafia Suspects Arrested? 
In Rome , Sicily Sweeps 


New York Times Service 

ROME — Italian police arrested 
106 Mafia suspects in an operation 
tha t be gan Friday and continued 
Saturday in and around Me ssina. 
Sicily. 

The Sicilian operation, which in- 


ti ting rackets, trafficking and ped- 
dling drugs and homicide, with a 
preference for using firearms and 
explosive materials.’’ 

Those arrested in Rome included 
at lost two policemen, a neo-Fas- 
rist former regional councilor and t 


US In- 


volved hundreds of police officers 

who set up roadblocks and con- < 5 P P °^ 

ducted house searches, followed £ mcm oigenned enme figure, 
roundups in Rome on Fridav in ^ 

which 107 persons were arrested. ” 

In all, 290 arrest warrants were 
issued in the Messina roundup 

against four organized crime fam- n . p -. 

ibes. The arrests were spurred by Allio ID Border Sh dlimr 

five Messina State prosecutors n e Associated Press 

whose investigations began in De- ' K!actaiedPrm 

cember. ISLAMABAD, Pakistan — A f- 

Of the 290 warrants, 144 were fciun government forces fired 20 
against persons already in prison. artdJery shells on the bonier town 
Charges in the cases involved mur- Chaman in Pakistan’s Balucfai- 
der, kidnapping, robbery, drug stnn province, killing thrce civilians 
trafficking and attempted exior- ^ destroying buildings. Paid- • 
tion and corruption. stan's Foreign Ministry said Sun- 

A statement issued by the state 4*7- Newspapers in Pakistan said 
prosecutor's office in Messina said shelling by tankc lasted 30 min- 

the suspects rounded up in the op- utes - 

^ alurda y, had “an oiga- The ministry said Afehanistim’«- 
mzational, structural and operating chare* d’affahrTSnc ^ - 

§k*235£" 

mdodmg extortion, robbery, gnm- rat oTTkSXL ” 


r 

p 

»i 

lu 1 ’ 


Casaroli's trip and the pope's meet- 
ing with the Polish foreign minister 
were part of a period of intense 
maneuvering in the Holy See’s relay 
dons with the Soviet bloc. ■ 

John Paul is planning to issue an 
encyclical next month expounding 
his views on Eastern Europe and on 
what he has refereed to as ^“arti- 
ficial” division of Europe. 

In describing the meeting Satur- 
day with Mr. Olszowsld, Vatican 
offi cials said the foreign minist er 
had said that the Polish govern- 
ment had allowed the construction 
of 1,000 churches and other reli- 
gious buildings in the past six 
years. But the pope sought to em- 
phasize, in the words of one offi- 
cial, “that the problem is not rela- 
tions between church and state, but 
between the state and Polish riviK- 
sodety.” ’■ 

Poland has also been seeking to 
establish diplomatic ties with the 
Vatican, but the Vatican has re- 
buffed the effort, saying the time is 
not yet ripe. 


b 


that he intended to use $10 million 
set aside as protection against m- - 
flation to help make up the loss C 
the United States' 25-percent share 
of the budget this year. 

Earlier, all Western members ex- 


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Bomb Blast 
Damages 
Bayer Office 
In Brussels 

7V^mrioicrf Pros 

BRUSSELS — A bomb dam- 
>aged the Belgian headquarters of 
1 Bayer AG, the West German chem- 
ical company. It caused no casual- 
ties. 

A previously unknown group 
calling itself the Peace Conquerors 
claimed responsibility for the ex- 
plosion on Saturday. 

The explosion left an 80-cemi- 
tnefcr (31-inch) hole in the brick 
wall separating Bayer's building 
from a neighboring one, shattered 
street-level windows and riamagpri 
pan of the entrance hall. 

Telephone calls to news organi- 
zations in Brussels daimed respon- 
sibility for the bombing on b ehalf 
, y of the Peace Conquerors and indi- 
cated that the action was aime d at 
protesting purported dumping by 
Bayer of chemical waste in the 
North Sea. 

In Paris, Agence France- Presse 
received a letter purporting to 
come from the Peace Conquerors, 
j which daimed responsibility for 
the bombing last Wednesday at 
Frankfurt airport. Three persons 
were killed and 42 injured in that 
explosion. 

The letter said the bombing was 
a warning. It also said that the 


lence becanse it is our ultimate and 
only solution," the letter stated. “It 
does not bother us if women and 
children are lolled. There are no 
innocents.*' 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 5 


- 













si 


A policeman in San Frandsco arrests a demonstrator 
protesting the University of California's decision to 


>?;A 4* 


hvanUntod P» b U m a h a nri 


review case by caseits hokfings in companies with South 
African operations, and not seO the stock outright. 


U.S. University Compromises Over South African Holdings 


Let Aitge/es Times Service 

SAN FRANCISCO — Rejecting pleas to 
sell tin University of California's holdings in 
companies linked to Smith Africa, a divided 
university board of regents has voted instead 
to set up a committee to conduct a case by 
case review of its stock portfolio. 


Under the compromise measure, drafted 
by the university’s president, David Gardner, 
the advisory panel will judge “the quality of 
corporate citizenship'* of U.S. companies that 
do business in Sooth Africa, using as a stan- 
dard policies that encourage “vigorous pro- 
motion of racial equality. 


The panel's findin g , announced Friday, 
would be forwarded to Mr. Gardner for pos- 
sible use in decisions on future university 
investments. Mr. Gardner said, however, that 
only three U.S. companies whose stock is 
among the university’s holdings would possi- 
bly fail the "corporate citizenship" test' 


Israel Delays Mengele Decision 

Case to Remain Open Pending Examination of Evidence 


Reusers 

JERUSALEM — Israel has- 
fii«ni«»rf the Brazilian authorities 
for the examination of a body said 
to be that of Josef Mengele, but it 
Sunday it wanted to examine 
the findings before concluding he 
was dead. 

A Justice Ministry spokesman 
said Israel was awaiting material 
from forensic expats who exam- 
ined the remains m Sdo Paulo and 
other evidence before closing the 
case. 

Scientists from Brazil, the Unit- 
ed States and West Germany said 
Friday that they were convinced 
that the corpse of a man who died 
in a swimming accident near S3o 
Paulo in 1979 was that of the Nazi 

war c riminal 

Menachem Russak, the top Nazi 
hunter for the Israeli police, said 
earlier in Brazil that he agreed with 
the findings. 

Dr. Mengele was sought because 
of his responsibility for the deaths 
of 400.000 people, mainly Jews, at 
Auschwitz during World War IL 

Israeli state radio said Saturday 
that Israeli expats had reports of 
him being seen alive since 1979. 

In Frankfurt, the West German 
public prosecutor’s office said it 
would not make a final ruling until 
it had examined reports from the 
experts who went to Brazil and 
compared them with evidence 
gathered in West Germany and 
Austria. 

[A former Israeli intelligence 
chief said Saturday that he was not 
convinced that Dr. Mengele was 
dead. The Associated Press report- 
ed. “We must wait to see the offi- 
cial findings and not be satisfied 


last 





The Auoc«rmi hen 

Romeu Turaa, the Brazilian police official in charge of the 
Josef Mengele investigation, surrounded by scientists and 
police agents, showing bow photos of the Nazi war criminal 
were matched with a skull unearthed near Sao Paulo. 


with the initial reports," said Isser 
Hard, former head of the Mossod, 
Israel's intelligence service. 

[Dr. Harel was responsible for 
the capture of another Nazi war 
c riminal, Adolf Fic hman n, in Ar- 
gentina in I960. Mr. Fic hmann was 
kidnapped and taken to Israel, 
where he was charged with bong 


responsible for the murders of mil- 
lions of Jews during World War II. 
He was convicted and executed. 

[Mr. Hard said that if Dr. Men- 
gde died in 197*5. he believed Dr. 
Mengele’ s family would have tried 
to prove it then “when the forensic 
evidence would have been easier to 
establish in a postmortem.”] 


Experts Criticize Security at Airports in Athens , Beirut 9 Many Third World Nations 


% i i I tiinl Vole, 
.if title d IlHonib 


(Continued from Page 1) 

iSSTHffS N.Y. Orchestra Cancels Greek Tour 

ers say X-ray machines are used for New Yorit Tima SerTict 

SwfrS! MADRID— The New York Philharmonic, on a European tour, 

canceled performances in Greece, scheduled to begin Sunday, be- 

and Icbs is Ctody control^ waning sgdnsl into Attau. 

The State Department issued the warning four days after two Shute 

StSSTw ^ taSST*- Wori[Ss ^ Alta> ^ 

^ - Zubin Mehta, the Philharmonic’s music director, and Albert K. 
larivon^tv n ^ U Webster, the general manager, said that the derision to cancel the trip 

PARIS - The essential element "■* rf . 1 **** 

i «h.» M i;~ members on the tour said they feared fra their safety. 

in atmirt ntTc^rn- In Athens, the Greek minis ter of culture, Melina Mercouri, assailed 

(he cancdlutai jBVn u^HenjOy act" and “an affront" to Eniqpe. 

,i Department travel advisory to that effect. Miss Mercouri spoke 

by poice officers, sometinS^^ Saturday night <rf“a campaign of intimidation directed against the 
ed bv hired security guards. The American .people. 

_■ bcedure is the same at Orly Air- — 

pbrt’s international area, but a re- 
cent passenger reported that there Some airlines re-check passes- SOVIET UNION — The strict 
were no X-ray machines and that gers at the airport as they prepare controls on passenger movements 
band baggage was individually to board their plane. There appears at Soviet airports would seem to 
scrutinized. to be no easy way of getting out discourage an piracy. But there 


scrutinized. 


MADRID— Security at Barajas onto the runway area without pass- have been at least 14 


International A 
in part because 


Airport is rigorous, ing by police and aid 
se the Spaniards are The perimeter of the j 


concerned about possible attacks sidered the weakest link in the air- airports, procedures are tight, 
by Basque terrorists. AH carry-on port’s security. Recent improve- though probably for reasons of na- 
luggage goes through X-ray ma- meats have been made is the tiornti security. AD luggage is X- 
chmes and passengers pass through fencing, and tighter security mea- rayed, all passengers gp through a 
metal detectors. The Guardia Civil, aires are planned. In view of the metal detector, and some are 


a highly disciplined force, freauent- airport's proximity to the Middle 
ly checks passengers with hand- East, many believe that security 
held detectors. Access to the pas- measures in Athens should be 
senger departure lounge is much tighter. 


controlled by barricades and other ROME — At the international 11110016 LB81 

SttpHSgr 

rare terminals, and arrivals and de- Sy SEitiS SS!»S S£ T 5 ’- 

panures are also wcD separated. and . tune-consiinnng procedures. 

\^WEST GERMANY — Security Sttfad?^«SSv^^oS- passengers we inter- 

^ taken SCTOusIy at the major mr- S^y iSIfbS 

ports m Frankfurt, Duessdttorf, G uardscanbe SS parrollmg If 

Hamburg. StnttgaiLaaJWestBa- jRiSSStmSSSSS 

A* & a . mo . aftTSSlsS^! is “ “ 

SOmeHm “ personae] are trained to 

asked to open briefcases even after . . recognize what are known as hi- 

ihev have been X-rayed. Body . ZURICH — Mr. Wallis of the jacker profiles. Access to the depar- 

“ m m. miwnafiArtil mriiiipc nrnstn rnortC. • i .t ■ _ 


searched. Pohce officers, soldiers, 
and plaindothes officers are very 
much in evidence. 

Middle East 

TEL AVIV —Ben Grnion Intcr- 


““rf Arriving passengers are inter- 
urity checks, par- by officers who examine 

== 

te airport is wel l gagg aje X^raySTPhysical searches 


ay. Trav-ders say they are routinely s^^ss. 

asked to open briefcases even after 

they have been X-rayed. Body . ZURIOI 


searches are common even after international airlines group charao mre loun^ and the nmway area is 
passengers walk through metal de- lcnz *~ ^ KkJten Air- strictly conirdkd. Domestic and 

rectors. In periods of particular P 011 m Zu nch as first rate. Pas- international flights are separated. 


rectors. In periods of particular pon in £imcn as nrstrate. ras- 
tension, passengers must identity sengers are checked with a 
their suitcases on the runway be- hand-held metal detector and 
fore boarding planes. frisking m routine. Hand-held bag- 


international flights are separated, 
as are international departures and 
arrivals. Police and security guards 


STOCKHOLM — At Arlanda gage is A-rayea, ana oas are gen- 
Airport. which has separate domes- inspected by hand. Armed 

tic and international tenmnals, all guards are in evidence, and ar- 
'*id baggage is X-rayed rat inter- ro°*ed are sraiemnes sta- 
ndtional flints mid security guards Q 0Ded on ^ Passenger 
m evidence. Access to the air- movements are well controlled, and 


it N* ■ 

firm * 


. ■ ^ in evidence. Access to the an- rpovemenBaieweuctMiiioiict^aiia 
. { ,'!■ field is carefully controlled, and the airport personnel, though polite, 

i • f \ 1 - stafr seems trained and profession- are atteauve, bu sin es slik e and 

^ highly professional. 

* L «’■'#■• ATHENS — At the intemation- WARSAW — AH passengers 

t * t » i 1 1 al terminal at the Athens airport, must pass through X-ray machines, 
i ' • ‘ hand baggage is X-rayed and pas- and security personnel are well 


airports abroad. 

AMMAN — Queen Alia Inter- 
national Airport, which opened in 
1982, was designed with air piracy 
in mind. Only ticketed passengers 
may enter the upper deck, where 
departure lounges lead directly to 
doddng gates. Tenmnals have at 
least two screening points, and 
armed police officers are coospicu- 


ai each station. On a recent visit, all troopers are sometimes in evidence ■ , 

posts were manned and workers in the airport and an the runway . ■” Security is extre mely 

seemed alert, but al other times area watching aircraft. Domestic tight at^ the two main terminals rf 
attention has been perfunctory, and international passengers use Ca * ro Inig nationai Airport. AD 
Physical searches seem rare. different tenmnals.^^ movercibOT^de!^^ areas 

rny and planes is by bus, and no pas- 

sengers may walk cm the runway 

. 600,000 U.S. Taxpayers S 3 S 55 

Stffl Owed Refunds by IRS MSSHB 

. , . h. p . , „ . physical search and the opening of 

l™ 4ngelev Tima Semce paid eveniuaHy, perhaps by the end carry-on inggage, occurs m the de- 

n! < CUTUflTOM 1. mam- ac T„ki J . — “ ’ , !■ 


Lm Angeles Tima Sente* 

WASHINGTON — As many as 
600.000 Americans have yet to re- 
ceive overdue tax refunds because 
ihe internal Revenue Service has 
been unable to find their fites_ in its 
new computer system, according to 
the head of the IRS. 

Taxpayers who have not received 
refunds should file duplicate re- 
• -/ns while the agency continues to 
. arch its computers. IRS Commis- 
sioner Roscoc L Egger Jr. said Fri- 
day at a hearing of the House Ways 
and Means oversight subcommit- 
tee. 

He said all refunds would be 


°f/“ty- parture lounge, where police offi- 

New computer equipment worth cers atmimd Aimed officos guard 
$103 million modernized IRS re- each aircraft day and night Mr. 
cord keeping this year, but it also Wallis praised “the high level of 
created problems. At one point last awareness about security." 
month, more than I.l million re- 
funds reportedly were unpaid. Afrfoa 

Mr. Egger said most of the com- 

purer problems plaguing tire IRS NAIROBI — At Jomo Reayaita 
this tax seasra have bem cured. He Airport, luggage is X-rayed, and 
denial charges by Rqircsentative attendants mm irapeo rany-oo 


JJ. Pickle, a Democrat from Texas luggage by band. A hand-held met- 
and chairman of the snbconfminee, al detector is also used on passen- 


that the tax returns were Iosl 
“They’re in the file somewhere,” 
Mr.Eggersaid. 


gers. Access to the departure 
lounge and the runway area is 
ctosdy controlled. PaKce officers 


have been at least 14 bracking at- 
tempts, usually by people trying to 
leave the country. At international 


are noticeable, and persoond tend 
to be strict 

Asia 

INDIA — All major Indian air- 
ports use X-ray machin es, and pas- 
seegers are searched upon entotug 
the departure lounge. Access to de- 
parture lounges u closely con- 
trolled, and metal detectors are 
used when passenger leave the 
transit area to board planes. Cany- 
on luggag e is searched, and en- 
trances to check-in areas are guard- 
ed by armed police. The New Delhi 
airport has separate buildings for 
international arrivals, in ternati onal 
de p a r t ur es, and domestic nighre 

BEUING — There is a single 
“choke pomt” between the check- 
in area and the aircraft through 
winch all departing passengers go. 
All band luggage is X-rayed md 
much of it is opaied. After passing 
through a mwal gate, passengers 
are often searched with a metal 
detector. Every flight carries securi- 
ty agents. 

TOKYO — Security at the new 
international airport at Narita is 
among the tightest in the world. 
About 1,500 police officers and 400 
civilian guards patrol die grounds. 
The airport is surrounded by 
barbed wires, sted barricades, and 
electrified fences, aimed not specif- 
ically at would-be hijackers but at 
local people who have protested the 
construction of the airport. Since it 
opened in 1978, there nave been no 
hijacking attempts. 

At the entrance to the ticket 
counters, officers ran hand-held 
metal detectors over baggage to be 
checked. This baggage is X-rayed 
again before bdngloaded onto the 
plane. After immigration checks, 
passengers must have their hand- 
held luggage X-rayed and most 
pass through metal detectors, and 
nearly everyone is physically 
searched. 

SEOUL — Kimpo International 
Airport is unusual m that even pas- 
sengers on arriving flights must 
walk through metal detectors and 
have their hand baggage X-rayed. 

BANGKOK — In Donmuang 
Airport, the busiest in Southeast 
Asia, security is unobtrusive but 
appears very efficient, although ac- 
tual searches are rare. In these re- 
spects, the airport is typical of oth- 
ers m the region. In the departure 
lounge, passengers go through X- 
ray and metal detector equipment 
when a flight is called, although 
passengers from several flights can 
mix in the areas beyond the detec- 
tors. Access on the' runway area is 
strictly controlled. Airport person- 
nel seem competent and alert. 

KUALA LUMPUR — The air- 
port in Malaysia's capital is alone 
in the region in X-raying all bag- 
gage of passengers entering the ter- 
minal building even before check- 
in. Hand baggage is X-rayed and 
subject to an additional search be- 
fore the passenger boards the 
plane: Domestic and international 
flights are strictly separated 

SINGAPORE — Only Singa- 
pore Airlines requires all baggage 
to be inspected on entering the 
building. Although access between 
arrivals and departures is easier 
here than in some other airports, 
detection devices are situated at the 
gate of each flight’s boarding 
lounge. The airport is spacious ana 
never crowded, so personnel can 
easily observe the proceedings. 

JAKARTA — In April, a new 
international airport opened at 
Cenkarenfr outside the dty. The 
layout, with a series of pavilions 
connected by open walkways, 
probably makes the airport vulner- 
able to unauthorized entry. Lug- 
gage is examined only once. 

Latin America 

RIO DE JANEIRO — At Ga- 
kao Airport security is lax. as it is 
in most of Latin America, although 
there have been almost no hijack- 
ings in the region in recent years. 


Individuals and hand luggage, are 
screened by X-ray devices on inter- 
national flig hts, but not fra domes- 
tic flights. The police presence is 
minimal in addition, although in- 
ternational and domestic departure 
lounges are different, it is easy to 
move from one to another. Mr. 
Taylor of the pilots* association 
said, “The level of security varies 
enormously.” 

LIMA — At Jorge Chavez Air- 
port. X-ray machines are used for 
international flights but not fra do- 


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mestic flights, despite Pen’s guer- 
rilla war. There is more of a mili- 
tary presence here than in Rio de 
Janeiro. As is true elsewhere in the 
region, drug smugglers are the 
main target of security. 

MEXICO CITY — At Benito 
Juarez airport, security is minimal, 
and o fficials allow almost anyone 
with a serious-looking credential to 
accompany departing passengers 
or await arrivals at the door of the 
plane. 

MANAGUA — Security proce- 
dures at Augnsto Cesar Sandino 
International Airport are much 
tighter than at other Central Amer- 
ican airports. Plaindothes police 
officers patrol waring areas. All 
b aggag e is searched. Armed sol- 
diers patrol the runway area. 

North America 

NEW YORK — “We have no 
questions about its safety whatso- 
ever,” Mr. Wallis said of Kennedy 
International Airport Along with 
the nsoal metal detectors and X-ray 
machines, there are alarm systems 
to detect intruders, and uniformed 
and plaindothes officers are in evi- 
dence. Special badges and license 

DOONESBURY 


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A banner in Ihe departure lounge at the Athens airport protests Ronald Reagan's advice to 
Americans to avoid using the airport becanse of what be said was inadequate security. 


plates are among the devices used 
to keep the airfield secure. 

MIAMI — At the international 
airport, passengers appear to be 
screened thoroughly by X-ray ma- 
chines and metal detectors, but 
they move quickly through the 
ebedepoint — at the rate of less 
than 20 seconds each. Security is 


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provided by private companies em- 
ployed by individual airlines and 
by Dade County, which has a 120- 
member police force covering the 
airport. Because of Miami's prox- 
imity to the Caribbean, the compa- 
nies give their personnel special- 
ized training, an airport official 
said. In the last 12 years ratty two 


hijackings have originated from 
Miami, he added. 

OTTAWA — Security at Cana- 
dian airports is virtually identical 
to that of the United Slates. X-ray 
machines are used to screen all car- 
ry-on luggage, and passengers must 
walk through a metal-detecting de- 
vice. Police are on duty. 


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Heralb 


INTERNATIONAL 



Srlbune ^ Fimdamenlalism: A New Force to Reckon With 


« 


PdrfMbed With n* New York Unto and The WasInaglMi Port 


Who Combats Hijacking? 


Tbe people who run the world's airlines and 
airports know very well bow to thwart hijack- 
ings. It has been done in America for 12 years, 
for the most part effectively and well within 
the tolerances of a free society. You X-ray all 
cany-on luggage. Yon walk all passengers 
through metal detectors. You credential and 
control all airline and airport employees. 

Hijackings still occur, there were five of 
U.S. commercial flights last year. One origi- 
nated in Haiti, another in the Virgin islands 
Those were the only two on which the hijack- 
ers turned out to have guns. The armed Hai- 
tian was an airport security guard; the hijacker 
from the Virgin Islands was a prison*? being 
brought to tbe United States. There were 1,632 
firearms detected at screening points in just 
the last half of last year, and 720 persons were 
arrested for carrying firearms. 

There is no known acceptable way to pre- 
vent hijackings entirely. It may well be harder 
to prevent them in some other places than in 
America. But is it that much harder? In some 
countries, at some airports, security is appar- 
ently weak because the authorities are indiffer- 
ent- That seems to be the case at the airport in 
Athens, the last stop of the TWA flight before 
it was hijacked by two men on June 14. 

Both men had guns . How the guns got on 
the plane is not known. The passengers had to 
go through two checkpoints before boarding 
the plane, one run by the airport and one by 


TW/l Experts say there is no way to move 
pint undetected through a checkpoint whose 
X-ray machine and metal detector are proper- 
ly functioning and properly manned 

The Athens airport is notorious for lax secu- 
rity. In a formal representation to the Greek 
government in February, the United Stales 
listed 26 ways in which the airport fell short of 
international security standards. President 
Reagan was right to say in his news conference 
this week that tbe Greeks bear responsibility. 
The U.S. Transportation Department is now 
deciding whether to do more than warn U.S. 
travelers not to use the Athens airport. It has 
the power to keep U.S. carriers from stopping 
there. Tbe department is also reviewing its 
judgment as to other dangerous airports. 

Meanwhile, in Congress there has been an- 
other rush to put armed marshals on airliners, 
as was done briefly in the early 1970s. A lot of 
experts wince at this. They do not oppose 
selective use of marshals on flights thought to 
be especially vulnerable, but they are leery of 
tbe idea of gunplay at 40,000 feet They imag- 
ine unarmed hijackers’ somehow threatening 
other passengers to make armed marshals turn 
over their guns. Their basic view is that the 
fewer guns in the air, the better. 

A limited number of marshals may help, but 
the main answer lies with the governments that 
run airports. The first responsibility is theirs. 

— THE WASHINGTON POST. 


Yes, a Procedural Error 


The “star wars” defense program has got off 
to a rocky start. Its first test on board the space 
shuttle sent the craft right through a mountain 
10.023 nautical miles (18,600 kilometers) high. 
That is a bad augury for a defense that must 
work perfectly the first time it is used. 

Luckily there are not too many 18.600-lrilo- 
meter-high mountains on Earth, and the shut- 
tle is still in free orbit. Mount Abrahamson, it 
might be called, after the “star wars' 1 director. 
Lieutenant General James Abrahamson. It is 
an imaginary construct, created by a comput- 
er's misinterpretation of a human order. 

The “star wars” command had planned to 
shine a laser beam from the Hawaiian island of 
Maul bouncing it off a mirror in a shuttle 
window. The goal, doubtless intended to influ- 
ence congressional handling of the “star wars" 
budget was to test a means of correcting the 
atmosphere's distortion of laser beams. That 
would let a ground laser zap a missil e in space 
— if the Russians refrained from attacking on 
a cloudy day. But the shuttle passed Maui with 
its mirror pointing up instead of down. 

The intrepid star warriors forgot that they 
had programmed the shuttle's computer to 


accept all units of distance as nautical miles. 
The shuttle had to point to a laser station that 
stands on a volcano 10,023 feet (3,033 meters) 
above sea level No one thought to convert that 
figure into nautical miles, so the shuttle's com- 
puter assumed that it had to point to a moun- 
tain 10,023 nautical miles high — far higher 
than the shuttle's orbit — and turned the craft 
mirror-upward. None of the crew realized in 
time that they had flipped wrong-side- up. “If 
your car doesn't Stan in tbe morning.” huffed 
General Abrahamson. “does that mean ‘star 
wars' isn't going to work? There's no logic to it. 
We had a small procedural error.” 

But there is a deep logic. The error that 
created Mount Abrahamson is exactly the sort 
that riddles complex computer codes and can 
take many trials lo eliminate. 

A “star wars” strategic defense system 
would depend on computer codes more com- 
plex than any yet written. But the system could 
never be fully tested, since it is impossible to 
mimic a full-scale Soviet strike. That is why the 
“star wars” concept is as solidly rooted in 
reality as the imaginary mountain. 

— THE NEW YORK TIMES. 


War on Narcotics Traffic 


A fundamental and distinctive rule in Amer- 
ican society is that the military should not be 
used to enforce the law. That limiting tradition 
is as important to the military as to citizens 
concerned with civil liberties. The few familiar 
exceptions come in times of great duress: to 
patrol after natural disasters, to pot down 
riots, the occasional use of troops in tbe 1930s 
and 1960s lo enforce civil rights. Now there is 
talk of a new exception: expanded use of the 
military to block drug traffic into the United 
States, particularly from Latin America. 

Admiral James D. Watkins, chief erf naval 
operations, reports that the Joint Chiefs of 
Staff have unanimously recommended iL If 
the producing countries were willing, the ser- 
vices would help them train teams and lead or 
sell them equipment to suppress production. 
U.S. planes and ships would also step up 
surveillance — the services already do some, as 
adjuncts to the Coast Guard — ’to block tbe 
shipment of drugs. “It could be a rallying point 
for this hemisphere,” tbe admiral said 

It is a tempting idea. Drugs are a curse, and 
law enforcement agencies lack the resources to 
do much more than nick the trade. U would 
help enormously to have the military — and 
foreign governments — actively on their side. 
The dollar cost to the military would be rela- 
tively low’. The surveillance would be good 


exercise; presumably it would not be allowed 
to detract from other military missi ons. 

The problem would be to keep it that sim- 
ple. Drug interdiction should not be inter- 
twined with other issues. Admiral Watkins 
suggested that the drug trade was helping to 
finance leftist insurgencies in the Western 
Hemisphere, making the trade “a national se- 
curity problem” and so a legitimate target for 
the military. There is no need for that kind of 
coloring; the drug trade is bad enough on its 
own. Whatever the military is asked to do 
about drugs ought to be kept separate from 
what it is asked to do in other areas. 

A second complication involves what the 
military would do. The chiefs would have the 
military act only as a kind of spotter fra law 
enforcement agencies. Others think the navy 
should actually stop, search and seize; a pend- 
ing amendment to the defense bill in the 
House would empower it to do so. 

That, too, is tempting, but the proposal has 
not been thought through. Against whom 
would the military use force, under what rules, 
in what places, on what legal grounds? Good 
answers are needed before Congress votes. The 
reason the amendment is attractive is that tbe 
military is so powerful. That is precisely the 
reason why the military is so sparingly used. 

— THE WASHINGTON POST. 


Other Opinion 


Turning a Blind Eye to Uganda 


Britain is now the only member of the Com- 
monwealth still wilting to keep a military train- 
ing mission in (Uganda). Of course, the North 
Koreans arc also instructing the Ugandan 
army; but their reputation for brutality gives 
little hope for improved treatment of innocent 
civilians. As tbe former colonial power we 
have a particular duty. (Foreign Secretary] Sir 


Geoffrey Howe should tell [President Milton] 
Obote that it is impossible any longer to turn a 
blind eye to so much evidence or torture, rape 
and murder. This message must not be diluted 
for mere commercial considerations. Unless 
Kampala offers an acceptable response, in- 
cluding a readiness to punish the known per- 
petrators of these atrocities, Britain should 
pull out its military mission and caned all aid. 

— The Observer (London). 


FROM OUR JUNE 24- PAGES, 75 AND 50 YEARS AGO 


1910: How New York Got Cocktails 
NEW YORK — Broadway and the Bowery 
haw welcomed Harry Johnson, who won fame 
many years ago by introducing New York to 
the cocktail and the mint julep. He is here from 
Berlin to visit relatives and friends. “Brandy, 
gin and Jamaica rum were (he popular drinks 
of the day when 1 opened the ‘Little Jumbo' in 
Grand Street back in the latter seventies,” 
Johnson said, “it was here that I first made the 
gin sour, the mint julep and the cocktails. 
Mixed drinks were unknown in New York 
then. It was in the little saloon there that ‘Boss' 
Tweed drank his first mint julep and Horace 
Greeley sipped his first cocktail." Mr. Johnson 
is now nearly seventy years old. 


1935: The Loch Ness Monster al Tea 


LONDON — In Tar ofF Inverness-shire the 
Loch Ness monster became active again [on 
June 23] to show his appreciation of the sum- 
mer weather. He was seen at Halfway House, 
near Imnermoriston, by sixteen persons, mostly 
tourists having tea at the time. George Suther- 
land of Edinburgh, one of the witnesses, said 
that the proprietress of Halfway House called 
out: “There’s the monster!” Everyone rushed 
out and saw part of the creature's back as it 
emerged from the bay and made its way across 
the lake. It moved about for twenty minutes 
before ii disappeared. “I can’t say what it 
was.” Sutherland said, “but it was a living 
creature. It was no hall urination.” 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-1982 


Katharine graham william s. paley, Arthur ochs Sulzberger 

Co-Chairmen 


PHILIP M. FOISIE 
WALTER WELLS 
SAMUEL AST 
ROBERT K. McCABE 
CARL GEWIRTZ 


LEE W. HUEBNER. PubhAtr 
Extanit Editor RENE BONDY 

Editor ALAIN LECOUR 

Depun Editor RICHARD H. MORGAN 

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A NN ARBOR, Michigan — Soon after 
. American hostages were taken at the U.S. 
Embassy in Tehran m 1979, President Carter 
summoned R.K. Ramazani, a professor at the 


By Robin Wright 


This is the fast of nco articles. 


University of Virginia and America’s leading 
m. Iranian foreign policy, to a meeting in 


expert on] 

the Oval Office. Repeatedly Mr. Carter empha- 
sized that the United States was not in conflict 
with Islam, only with the Iranians. 

Mr. Carter was right in recognizing the prob- 
lem, but events have shown that separating the 
two is not so easy. In Islam, politics and idigian 
are inseparable. And in the late 20th century 
the Islamic f undamentalism preached from 
Iran has become a potent force for discontent 
and revolution throughout the Middle East 

That force is behind the hijacking of TWA 
847, as well as the earlier bombings of the 
marines’ compound and two US. Embassy 
premises in Beirut and the American mission in 
Kuwait U.S. diplomats throughout the region 
now work behind tank traps and machine gun 
emplacements in diplomatic fortresses. U.S. 
citizens often live as red uses. 

Five months after the 1983 bombing of the 
mari nes' compound, Marvin Zonis, director of 
the Middle East Institute at the University of 
Chicago, spoke on “The Psychological Roots of 
Shiite Tenorism” at a State Department semi- 
nar. “The message from Iran — no matter how 
bizarre or trivial it sounds on first, second, 
fourth or 39th hearing — is in nw (minion tbe 
single most impressive political ideology which 
has been proposed in the 20th century smee tbe 
Bolshevik revolution,” he said. “This powerful 
message will be with us for a very long time, no 
matter what happens to Ayatollah T 


The killing last week of yet another American 
by Shiite fanatics was just one of many indica- 
tions that resolution of the immediate figaddng 
ordeal trill not mean the end of the VS, conflict 
with Shiit e militants in Lebanon or elsewhere. 

In effect, the United States is engaged in a 
the most trying, and unconveu- 


ent groups have received military training at 
mooRthcm 


war, 


it has ever face3. Tbe opposition 
is amorphous and diffuse, often without identi- 
fiable leaders, members or headquarters. 

It is tempting to want to strike back, to 
confront attackers with conventional military 
force. But the nature of this war is such that it is 
not against a state or an area with borders, 
against which it would be easy to launch air 
strikes or land assaults. America's foe is a 
religious movement whose foot soldiers are not 
confined to a single country or sea. 

Yet a state, Iran, is the locus of tbe acts that 
are so disturbing to the United States. 

In 1983 Washington officially labeled Iran a 
p rimar y sponsor of state-supported terrorism, 
ft is more accurate to call it stated-inspired, for 
the Islamic Republic's mam role is as a model 
SL Bu 


and catalyst But beyond the theological and 
intellectual ties, Shiite fanatics in Lebanon and 
elsewhere do have visible links with Iran. 

Several leading Lebanese mullahs travel reg- 
ularly to Tehran. The Iranian Revolutionary 
■Guards stationed in Lebanon's eastern Bekaa 
valley since 1982 have provided material and 
political support for the burgeoning extremist 
factions. Dozens of young fighters from differ- 


camps scattered throughout Iran. Among 
is tbe current military chief of Lebanon’s Amal 
movement, a youth who between 1979 and 1982 
hijacked six planes traveling to or from Libya. 

Yet neither the I ranian revolution nor the 
subsequent war would have happened if there 
had not been deep-seated antagonism toward 
the United States. Islamic fundamentalists fed 
they have not started the trouble but have 
responded lo an opponent who, they fed, start- 
ed iL Their extremism is not for love of vio- 
lence. Their revolution is against what they fed 
is foreign domination and encroachment in 
every aspect of their lives — symbolized most 
often by the United States. 

One point of consensus among the disparate 
Shiite groups, who are often in disagreement on 
other major issues and tactics, is that they see 
themselves as having lived under the hed of the 
United States Tor 40 years — since America 
became the main influence in the Middle EasL 

An oft died American intervention is the 
CIA assistance to the shah in 1933 in the 
overthrow of a nationalist movement led by 
Prime Minister Mohammed Mossadegh, who 
had been successfully undermining the royal 
family's then fragile position. Nationalists and 
Shiite fundamentalists came to share a common 
resentment of what they saw as the shah's 
servile attitude toward the United States. 

Tbe United States is criticized by militants 
for trying in the 1960s to manipulate coups in 


Syria and for backing a corrupt king to Libya. 
In the 1980s, U5. troops and warship, went on 
the offensive for the first time since Vietnam— 
against Modems. Firepower was used not be- 
cause American lives were endangered but lo 
protect a minority government in Lebanon, one 
of the Arab world* few democracies. 

America was implicated after a bombing in 
March near the home of one of Lebanon's most 
mllitnni Shiite clerics; more than SO people 
ched, but not the cleric. The bombers reportedly 
had ties to a group being trained by the CIA. 1 

The lone record of fears and suspicions about 
American intentions in the region was reflected 
in a manifesto of Lebanon’s Hezbollah, or Par- 
ty of God, released a month later: “Iman Kho- 
meini, the leader, has repeatedly stressed that 
America is the reason for all our catastrophes 
and the source of all mali c e. By fighting it we 
are only exercising our legitimate right to de- 
fend our Islam and the dignity of our nation. 


to 


America 
Is Usually 
Surprised 


By James Res ton 


W ASHINGTON — A surpris- 
ing thing about this revolu- 
tionary age is that the American 
people ana their government are so 
often surprised by events abroad. 
The seizure of an American airliner 
and 40 U.S. citizens by Lebanese 
Shiites brings merely the latest evi- 
dence that Americans are often out 
of touch with the violent forces 
that threaten their security and the 
order of the world 
Tbe record is dear. It was not 
conceivable even in the midst of 
the last world war that Japan 
would attack Pearl Harbor and 
sink most of tbe U.S. Pacific fleet 
at anchor. Even General George C. 
Marshall couldn't believe iL 
America was surprised again 
when China swept across the Yalu 
to meet General Douglas MacAr- 
thur's troops when they crossed the 
38th parallel in Korea and ap- 
proached the Chinese border. (It is 
seldom remembered that in that 
crisis President Truman seriously 
considered using atonic weapons 
to avoid a military disaster.) 

President Kennedy was not only 
surprised bat humiliated by his 
bungled attempt to overthrow tbe 
Castro government al the Bay of 
Pigs. Presidents Johnson and Nix- 
on were sure that although the 
Vietnamese Communists had ex- 
pelled the French they could not 
possibly hold out against the mod- 
em weapons of tbe United Suites. 

Nobcuy has ever questioned tbe 
valor or military genius of the 
American armies in their invasion 
of Europe or their strides from is- 



ty over humilia tion ana constant sue 
America and its allies.” 

A member of HezbaBah said in an interview 
shortly after the bombing or the second U.5. 
Embassy annex in Beirut last September “We 
aren't against die American people. We aro* 
against oppression and injustice. The fire of? 
Islam will bum those who ore responsible for 
these practices. We have been dominated by the 
U.S. government and others Tor too long.” 

UjS. foreign polity in the Middle East em- 
phasizing the security of Israel is also a major 
cause of the militan ts' wrath. But the militants' 
reaction to tbe United Stales is probably linked 
more to American policy on other Islamic is- 
sues over the past 40 years than to U.S. posi- 
tions on the Arab- Israeli dispute over Palestine. 

Indeed, for more than a month before the 
TWA hij ackin g, Shiite militiamen were en- 
gaged inbloody dashes with Palestinians. The 
Shiites’ desire for the return of historic Jerusa- 
lem is primarily because it contains the titirdf 
holiest site in Islam, and less because the Pales- 
tinians want a homeland. Settlement of the 


Palestinian question would probably not end 
the fundamentalists' anti-American crusade. 


Nor would dispatching troops or conquering 
territory aid the conflict Tbe extremists are 
now simply too spread out and too numerous 
for this war lo be aided by conventional means. 

But tbe hijadring of TWA 847 could serve as 
a turning point far U.S. policy to end a conflict 
that is taking a moun ting toll in American Kves. 
The Reagan administration must use extreme 
caution in analyzing which of three main policy 


options it adopts: force, sanctions or rap- 
prochement Otherwise the ' 


land to island in the conquest of 
Japan in the last world war, but 
since then the American record of 
dealing with nationalism, faction- 


alism and religious fanaticism in 
/odd has 


the Third World has been not only 
painful but embarrassing. 

Jimmy Carter, a deeply religious 
man, was stunned and finally de- 
feated by Ayatollah Khomeini and 
his religious thugs, who defied U.S. 
power and held U.S. diplomats 
Captive for more than 400 days. 

President Reagan, who con- 
demned -Mr. Carter for his pa- 
tience, has been astonished by the 
destruction of his embassy and the 
murder of hundreds of U.S. ma- 
rines in Beirut, and now by the 
capture of Americans in a dispute 
between land and the Shiites, for 
which he is not responable. 

Mr. Reagan deserves credit for 
holding his me so far in the face of 
this madness and mockery of the 
United States. In the most painful 
presidential news conference in re- 
cent memory, he had the courage 
to say that shooting back at terror- 


ists be could not identify, at the 
risk of killing innocent people, 
would by itself be an act of terror. 

Still, we have to wonder why, 

from admmic tratinn fn ariminis lra- 

tion of whatever party, the United 
Stales is constantly taken by sur- 
prise in a world it is toying to help 
but does not quite understand. 

Angered by a hijacking, Wash- 
ington is tiying to deal with a 
world it knows little about, think- 
ing it is dealing with the liberation 
of a plane and its passengers when 
it is up against not merely terrorists 
but a struggle feu- power in the 
Arab world and a clash of philoso- 
phy about nothing less man the 
meaning of life, here and hereafter. 

Stumbling into this, Americans 
even at the top of the government 
are startled. Americans are still 
innocents abroad, physically the 
most mobile people in the world 
but intellectually st£D longing for 
an isolationist world that is gone. 

Islam commands tbe allegiance 
of 67 countries and one-fifth of the 
world’s population, but in general 


the Weston democratic nations 
have managed to ignore it 

As for tie Shiites — a minority 
of about IS percent of the world’s 
Moslems, most of them tiring until 
recently in misery and meditation, 
refugees in their own countries — 
few members of the U.S. Congress, 
the Reagan cabinet or tbe press in 
Washington had anything but the 
vaguest notion of them until Aya- 
tollah Khomeini kicked Amenca 
out of Iran and provoked the Su- 
ites in Lebanon to violent resent- 
ment and terrorist action. 

This opposition in the Middle 
East is part envy and part fear of 
the materialism and sdf-indni- 
gence of the Western democracies, 
part anti-Semitism and hatred of 
Israel as an ally of America. Amer- 
icans are not fikdy to understand 
all these tangles unless they recog- 
nize that they are not the fault of 
“Jimmy Reagan,” as The Wall 
Street Journal mockingly calls him, 
but the result of centuries of hu- 
man conflict and stupidity. 

The New York Times. 


United States may 
face an escalation that will make the recent 
wave of bombings, kidnappings and hijackings 
seem small-scale by comparison. 

Since the attacks began. U.S. policy- makeri 
seem to have seen only the violence in the 
extreme fundamentalist movements, and not 
the political and soda! roots. And the Reagan 
a dminis t ratio n, perhaps backed by an angry 
public, now seems intent on sending a message 
to the militants and their sponsors by 
force — probably a quick, supposedly : 
strike after the hijacking is resolved. 

What has made Iran such a frustrating co- 
nundrum to American policy-makers is the 
perception that it acts on the basis of passion 
rather than thoughtful policy. Ironically, the 
Reagan adminis tration may be in grave danger 
of succumbing to the same emotionalism that it 
sees in the fundamentalists. 

Use of force, the first policy option, is likely 
to be catastrophic in the long run lor tbe United . 
States for three reasons. Contrary to pubk' 
hopes that it would cripple or discourage tic 
movement, use of force against (he Shiite cru- 
saders would fuel their resentment and commit- 
ment, providing new reasons for seeking re- 
venge against the “Great Satan,” as wen as 
creating an even more hostile anti-American 
atmosphere, thereby attracting new recruits. 

The Shiite extremist has become a Hydra. 
Kill one, and two appear in his place. 


The writ*, a former Bemucomqxndent farlhe 


SundayTma in London, is Ok author of “Sacred 

‘'SheamOib- 


Rage: The Crusade of Militant Islam 
used this common to The Washington Past. 


The f Contras 9 Are Losers 
In the New Nicaragua 


By Edgar Chamorro 

The writer left the rebel Nicaraguan Democratic Force last November. 


K EY BISCAYNE. Florida — 
U.S. policy toward Nicaragua 
has again failed at a critical junc- 
ture. Congress has voted S27 mil- 
lion in “humanitarian aid” tO the 
“contras.” This will not end the 
crisis but only make matters worse. 

Rather than engage itself fur- 
ther. economically or mili tarily, the 
best course for Washington is to 
stand back from the conflict, en- 
courage political dialogue and sup- 
port Latin American countries m 
their effort to prevent regional war. 

My experience as a former rebel 
leader has convinced me that the 
Nicaraguan Democratic Force 
cannot contribute to the democra- 
tization of Nicaragua. The rebels 
are in the hands offonner national 
guardsmen who control the “con- 
tra” army, stifle internal dissent 
and intimidate or murder those 
who dare oppose them. And the 
rebels have been subject to ma- 
nipulation by the CIA, which re- 
duced it to a front organization. 

For example, in January 1984 
after the CIA mined Nicaragua's 
harbors. I was awakened at 2 ajn. 
at my “safe bouse” in Tegucigalpa 
by an anxious CIA agent. He hand- 
ed me a press release written in 
perfect Spanish by CIA officials. I 
was surprised to read its claim that 
the Democratic Force had laid the 
mines. I was told to read this an- 
nouncement on our clandestine ra- 
dio station before the Sandinists 
broke the news. Of course we had 
no role in mining the harbors. 

Two months later, when a Soviet 
ship struck a mine, the same agent 
appeared. Out of fear of creating 

an international incident, he or- 
dered us to deny that one of “our” 
mines had done the damage. 

Yet President Reagan has per- 
suaded Congress to aid the “con- 
tras.” The message Congress sends 
is that a political solution is not 
possible and that the Sandinists 
will respond only to military pres- 
sure. The legislators who voted for 
the aid are mistaken. There is still 
time for a political resolution, bat 
not much. These steps are needed; 
■ A political dialogue is the first 


priority. Past proposals for dia- 
logue nav 


ave been delivered as ulti- 
matums and so were unacceptable. 
The first step toward national rec- 
onciliation and dialogue must be 
abolition of the “contra" army. 

By urging the rebels to lay down 
their guns, the United States could 


support a policy of national recon- 
ciliation that wot 


it would strengthen the 
moderates and pragmatists and 
weaken the extremists and ideo- 
logues on both sides. Moderate po- 
litical leaders should not be en- 
couraged to leave Nicaragua to 
join the “freedom-fighters. It is 
the moderates who are most capa- 
ble of engaging in dialogue. 

Military pressure inflicts suffer- 
ing on the people, leads to further 
political polarization and increases 
the danger of military escalation. 
The present policy of applying 
pressure to the Sandinists until 
they “cry unde” grossly underesti- 
mates Nicaraguan self-esteem. A 
revolution based on national pride 
and dignity will never “cry uncle.” 

• The Reagan administration 
should give more than lip service to 
the Contariora initiative, which 
still presents the best option for 
achieving a lasting political solu- 
tion. Nicaragua is a Latin problem 
best solved by Latin leaders. 

The funds voted by Congress are 
just another vehicle to prolong this 
war. Tbe only assistance worthy of 
the name “humanitarian aid” is 
help for victims on both sides. 

What we must do is recognize 
the good that has come from the 
revolution. It has brought a sense 


Israel Has Cause to Get Out of Lebanon 


J ERUSALEM — The TWA hi- 
jacking and an earlier hostage in- 
cident this month involving united 
Nations troops in southern Lebanon 
have a common backdrop — a con- 
tinued involvement north of the bor- 
der by an Israeli army that was offi- 
cially withdrawn from Lebanon. 

Israel’s determination to exercise 
military control over a piece of its 
northern neighbor’s territory, a so- 
called security zone extending up to 
10 miles (16 kilometers) beyond the 
border, has been controversial among 
Israelis from tbe start. 

It means supporting a Christian- 
dominated Lebanese militia as a 
proxy in the region, supplying it with 
money, arms and advisers although it 


By Dan Fisher 


tia, said Finnish UN1FIL soldiers 
had collaborated in the abduction of 
II of his men, although a UN spokes- 
man insisted that these men had de- 
fected to the rival Amal militia Gen- 
eral Lahad wanted the II returned. 

Details of tbe incident are still un- 
clear, but General Lahad, reportedly 
under Israeli pressure, released the 
last of his captives unharmed eigh t 
days after they were abducted. 

Israeli officials admit privately 
that the affair could have been ended 
much mane rapidly; but Israel did not 


of dignity and independence to the 

people. Tbe 1 


people, me Sandinists’ concern for 
the poor cannot be faulted. Like- 
wise, there are some democratic 
leaders associated with the “con- 
tras.” The challeng e is to bring 
together tbe good on both sides, 
with minimal foreign interference. 

Nicaraguans most find their 
own solution. We are the ones who 
ultimately must live together. But 
the Sandinists will not talk to the 
“contras” as long as they are per- 
ceived as Mr. Ragan’s array . 

77* New York Timex 


is despised by the Shis. Moslem ma- 
jority m the area. It means maintain- 

agents hnETzone. And it mcansfree 
movement of regular Israeli army pa- 
trols back and forth across the border 
as a reminder that, whatever the 
maps say, Israel regards the area as 
Israeli in the military security sense. 

Critics have argued that the securi- 
ty zone threatens to become a trap, 
drawing Israel back into Lebanon 5 
eyde of' violence. The TWA hijacking 
and the UN hostage incidents under- 
score the threat and show that it af- 
fects IsraeTs standing with friends. 

The key demand of the TWA hi- 
jackers has been for the release of 766 
Shia Moslem prisoners in Israel, most 
of whom were captured early this 
year in connection with “Operation 
Iron Fist” raids against southern 
Lebanese villages. The raids were in 
retaliation for guerrilla attacks 
against withdrawing Israeli troops, 
and Israel has consistently linked the 
release of the prisoners to the security 
situation in the area. 

The prisoners have not been con- 
victed of any crime. According to the 
United States and the lniamarinn.nl 
Red Cross, among others, their trans- 
fer to Israel last April was in violation 
of articles 49 and 76 of the 1949 
Geneva conventions that prohibit the 
forcible transfer of cxvOians to the 
territory of an occupying power. The 
Shiites are, in effect, Israeli hostages 
whose freedom is dependent on the 
good behavior of Israel’s Lebanese 
' ibors in the security zone. 

Tier this month the South Leba- 


want to be seen as undercut ting Gen- 
: itself in the 


era] Lahad- & Israel put 

position of appearing to condone 
kidnapping by its proxy army. 

The affair damaged Israeli- Finnish 


relations. And Norway's chief rabbi, 
r, told the Jousalem 


Michael Melchior, 

Post that thousands o f No rwegian 
soldiers serving with UNIFTL arrived 
in the region sympathetic to Israel 
but wfll leave “hating” it because or 
its backing for the Tjsham»n- militia 

The TWA hijacking put a strain on 
brad’s most important relationship 
— with the Umted States. Neither 
side wants to be seen as giv ing in to 
tezrorism, and each seems to fed that 
the other is being less than forthcom- 
ing in helping it to save face. 

No one in Jerusalem suggests th« 
brad’s problems in Lebanon would 


all disappear immediately if it gave 
up its security zone and truly with- 
drew. It understandably wants to put 
as mucb distance as possible between 
itself and the turmoil in Lebanon. 
Ultimately, however, the Shia Me* - 
lem majority in southern Lebanon if 
the group with which brad must cul- 
tivate some kind of nnderstandmg. 

Israel's argument when it invaded 
three years ago was with the Palestin- 
ians who had turned southern Leba- 
non into an aimed base. The occup&i 
don lasted long after the Palestinians 
were gone. The Shiites, who had wel- 
comed the invasion, turned against 
brad. Israeli officials say they have 
tried repeatedly to reach some agree- 
ment with the Shiites but that aD 
overtures get the same response: First 
pull out of Lebanon, then we’ll see. 

There is a strong argument that the 
risk is worth taking. The Shiites have 
proved to be as intent as the Israelis 
on keeping the Palestinians from re- 
turning to southern Lebanon. C; 

Israeli withdrawal would mean the 
risk of abandoning Lebanese Chris- 
tian militiamen friendly to brad. U 
would also assume the risk that the 
more moderate Shia Moslems affili- 
ated with Amal can hold their own 
against more radical elements. 

Balanced against those risks, how- 
ever, is evidence — the TWA and 
UNIF1L incidents — that the current 
policy is perilous indeed. 

Lor Angeles Tunes. 


LETTERS TO THE EDITOR 


Khans Before the Czars 


In response to ", Bulgaria Watches 
Its Image" (June I) by Flora Lewis: 

The official Bulgarian position, we 
read, is that “there are no Turks in 


it forcibly renames its Turkish and 
other non-Slavic citizens. 


MEHMET RAGIP DEVRES. 

IstanbuL f - 



Managua: Elected or Not? 

t_T_ * _ 


non Army nrilrtia^ backed bv Israel 
aimers 


took hostage 23 Finnish soldiers as- 
signed to the UN Interim Force in 
Lebanon and threatened to execute 
them at the rate erf one an hour until 
its demands were met General An- 
tome ijihad, commander of the mifc 


Two Bulgarian khanates, one on 
the Volga and the other on the Dan- 
ube. were founded by the Bulgars, a 
Turkic people. Today's Bulgaria is 
the successor state of the latter Its 
rulers bore the Turkic title of khan 
and had Turkic names until they em- 
braced Greek Orthodox Christianity 
and started to call themselves czars. 
Thus, long before the Ottoman em- 
pire absorbed the area at the end of 
tbe 1 4th century there were Turkic 
people in tbe region. 

Bulgaria might first change its 
Turkic national name, if U wants to 
create a totally Slavic state, before 


Has everyone forgotten that the 
elections in Nicaragua last Novem- 
ber, despite Arturo Jose Cruz's loud 
abstention, saw one-thud of the seats 
go to opposition parties? Since those 
pities are trying to work without 
mdiiaiy intervention and are on re- 
S?,i3 8 < £ cin8 againsi the “contras," 
should they not be given a chance? 

Of course there were elections to 
cneer about in Chile and Turkey — 
"henwas a, now? Just how does anC - 
SO aboil! dpnriina mfrte 



=-£EL«SS£Si5 

ELLEN SIMER. 
Zurich. 




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BUSINESS / FINANCE 


MONDAY, JUNE 24, 1985 


Page 7 


Vanishing Hope of Rate Cut 
Has Strong Market Impact 

By CABL GEWIRTZ 

International Herald Tribune 

P ARIS — The bottom fell out of the Eurobond market last 
week when expectations of an imminent decline in UJS. 
interest rates vanished. The latest Un economic statis- 
tics — showing much more rapid growth than had 
generally been expected, and a surge in the money supply — left 
the bond market convinced that this year's steady decline in 
interest rates is, at least temporarily, over. 

“In the wake of these developments, a further cut in the 
discount rate is now unlikely,” said Henry Kaufman, chief 
economist at Salomon Brothers. 

Short-term Eurodollar rates, which had dropped some ft-point 

. as the certitude of an im- — - . ■ ' ■ — — 

pending rate cut spread, re- 
gained all of that and then 
some — ending the week op 
to 14-point higher than a 
week earlier. 

Especially noteworthy was 
the widening cost of money 
between one-, three-, six- and 
1 2-month rates — re-estab- 
lishing the natural curve in 
yields. The curve had flat- 
tened quite sharply as longer- 
term rates dwrtini-ri and the 
shortest term rates held 
steadier, awaiting confirma- 
tion of a decrease from 

On * P ^ K f oretgn-exchange 
market, the dollar also fluc- 
tuated — dipping briefly be- 
low 3 Deutsche marks as in- 
terest rates sagged and recovering to 3.07 DM by week’s end. 
That gain was bad news for the nondollar sectors of the bond 


Eurobond Yields 

Far Mik Endtd Jane 19 

uas Is term. Inn hist. — . 
US* Ions term, hid. — — 
US* medium term, bid. - 

Con* medium term 

French Fr. short term — 
Sterling medium term — 

Yen medium term. Inn Inst. 
Yon to term. Inn Inst — 
ECU short term — 

ECU medium term 

ECU tone term 
EUA longterm 


LuxF mod term InTMnsf. 

LuxF medium term 

catadotadbr ttm L ma rab ou t s Stack Ex- 


10*2 % 
11*5 % 
10*7 % 
11JM % 
1237% 
11*6 % 
6*0 % 
6*7 % 
276 % 
9*8 % 
9*6 % 
9*2 % 
9*3 % 
9*6% 


Market Turnover 

For Week Ended June 20 


(Mllora at US. Dollars) 


Non enter 
Defer Sastatat 


Cede! 

Euroctaar 


17*73* 13*427 
31*521 27*661 


3*263 

3*92* 


K 


'■ v 


. i 


ed in DM and European currency units. 

T THE same time, the interest-rate moves that affected the 
exchange market undid the fixed-coupon sector of the 
dollar-bond market where yields have been set to antici- 
pate further rate declines. Underwriters sought to maintain 
double-digit coupons — deemed essential for institutional inves- 
tors who finance themselves in the short-term market — by 
extending maturities. Thus, the straight Eurodollar issues were 
> virtually all for 10 years and carried coupons of 10 to 1014 
: percent. 

There were two exceptions. A 5100-million, 10-year issue from 
John Laban LttL, a Canadian beer and food company, carried a 
coupon of IQfc percent The company’s ranudimi debt is rated 
double- A, but it is not known internationally and the issue is 
unsecured debt. As a result, it ended the week down 3ft points 
from the 9914 offering price. 

The other was a Norwegian government-guaranteed issue for 
LFS, which finances the Norwegian shipbuilding industry. Its 
55 0-million of Eve-year notes were paced at par carrying a 
coupon of 9% percent. 

Among the 10-year, 10-percent issues, the initial demand for 
Electricity de France’s paper was such that the amount was 
increased 5100 milli on to 57.25 milli on- But the increase was 
badly timed to coincide with the report of the disappointing 
economic statistics and die paper was dumped, endirigthe week 
at 95 — a whopping big loss for underwriters still holding the 
spaper- 

Eurofima, which tapped the market for 5100 mSlioQ, ended the 
week at 96. Procter A Gamble ($150 million) fdl to 96ft. 

Federated Department Stores, first of the week’s new issues, 
offered a coupon of 10ft percent but ended trading at 96ft. " 
Term Credit Bank of Japan also set a coupon of 10ft but fi 
. belter— ending the wed: at 99 —as the issue could be bought by 
Japanese institutional investors without regard to the prevailing 
constraints on their holdings of foreign-currency securities. 

Issues not providing such hidden attraction are of no interest 
to the Japanese — the biggest buyers of dollar paper. Bankers 
report the Japanese are now heavily buying long-tom, higb- 
‘ ' ferrmg theextra yield 


coupon Treasury paper in New York, prefi 
they pick mi 30-year bonds and the security 
can always be sold in the highly liquid Tro 


Gti * In! M ,;1[ 


jt • 


** 


ays oe sola in toe highly liquid Treasury market. 

New York investors, meanwhile, were big buyers of floating- 
rate notes now that the ft-point margin over the London inter- 
bank offered rate — the old market standard — has been re- 
established. 

This has been made possible by the new formula of maximum- 
coupon FRNs. The higher yield on the notes compensates inves- 
tors for the lid on how high the floating coupon can climb. At the 
same time, borrowers continue to get cheap money — some claim 
a toikh below the London interbank bid rate — thanks to their 
ability to sell the cap as an insurance policy to institutions 
/looking for such protection. 

The formula has become almost standard: In most cases it 
(Cottoned on Page 17, GoL 1) 



Si •. - 

Stock Indexes 

Money Bales 

\ 


..... _ . •- 

United States 


U^ed States » 

U*WL 

PmM. 

" • ' 

LostWk- 

PfwrJR. atee 

Dfoountrote — . 

TVa 

Tti 

: . - • 1 

DJ Indus — 1*14.15 

X300S6 +155% 

Federpl fundi rate— 

75/14 

75/16 


DJ Util 1*6*5 

166*0 +i 


Wi 

10 


DJ Trans.— 6495B 

636H +2JM% 




. •• -« • • 

S&P100 — 1B1W 

180.93 +152% 





S4P5W— W9S7 

«M8 +098% 


5 

5 


NYSE CP— 70953 

18856 +032% 


6Ml 

6 


Sum.PnMaOtMeStadaes. 

* 0 -dov Interbank- — 

6V. 

6% 

v *'" : 



West Germany 

6 

6 


FTSE 100 — US230 

1272* o —an* 

OwmigW., L 

5 

55/M 

. . 

FT 30 — «M0 

97030 —077% 

iHiwntti InterUonk — 

5Vi 

57/14 




Britate 






Bonk bow rate 

mb 

1216 


Hong Sens- 151613 

1*4137 +5.74% 

Coll money 

72VV 

111* 

'■ # * • 



3-monlh Interbank _ 

13Vi 

12% 


Japan 


DoBflT LMN6 PiSvJML 

cm 




BKEnuJ tectex— 16110 

16500 +006% 


WestGemnv 


Gold 





V37030 +610% 

London fun. fix. 5 371*5 

31825 

— 150% 


Soon*. Mum Ml Ok lM6k 

imaoegdmbtatmateitotm Jams CUM. 


Japan 
Considers 
Bonn Plea 

Bankers Want 
Securities Access 


Reuun 

TOKYO — The Japanese Fi- 
nance Ministry is to consider 
whether it can anew West German 
banks to enter Japan’* securities 
market without revising its securi- 
ties and ex c hange law. 

T omoaft su Oba, the vice minis- 
ter of finance, after meetings be- 
tween Japanese and West German 
monetary officials, said at a news 
conference Saturday that West 
German fyraifg wanting to launch 
securities trading will now start dis- 
cussions with the ministry’s securi- 
ties bureau. 

Hans Tietmeyec, the West Gor- 
man d eputy minister, s aid 

Japan’s Legal separation of banking 
and securities flOwitigg was (fag nw- 
jor issue at the talks. 

He said West Germany’s univer- 
sal banking system it diffi- 
cult fear Goman banks to meet Jap- 
anese iwgai requirements, so he has 
asked the Japanese F inance Minis- 
try to think erf ways to enable than 
to enter the securities market. 

Mr. Oba, who headed the Japa- 
nese dfifgatinn in the t»nr$ t ruled 

OUt a bilateral flftlnfwm such 85 that 

in a West Gennan-U.S. agreement 
that let German banks into the U.S. 

twiiriliwc miirte 

Ge r m an bank sub sidiaries m the 

U.S. securities market were already 
there before hanking and wiiririne 
activities in the United Stales woe 
separated, Mr. Oba said. He add- 
ed: “The case of German banks in 
Japan cannot compare with their 
historical U.&. position.” 

He said. hovteYO, that the minis- 
try would now discuss, an a case- 
by-case h»ag . the West German 
banks’ wishes to start trading secu- 
rities in Japan. 

“We want to study what we can 
do to meet the German request 
within the framework of the erist- 
- law,” Mr. Oba said. 

: first talks, to be followed by 
more in Bonn this fall, also dis- 
cussed Japan’s request for Japanese 

tmnlfg tO l^s ri-TTUmag E Fprnrmxrir 

bands, Mr. Oba and Mr. Uetmeyer 
said. 

Mr. Uetmeyer said the Bundes- 
bank in late April opened the wav 
for foreign bancs arm their subsid- 
iaries in West Germain to lead- 
manage such brads on the basis of 
“reciprocity” 

Because there is no such reci- 
procity yet in the Japanese market, 
Japanese banks have been exdud- 


inglaw 

The! 


■ US. Cafl oo Efedrurics 

The U.S. Semiconductor Indus- 
try Association has filed a petition 
with Michael R. Smith, deputy US. 
trade representative, asking Presi- 
dent RonaM Reagan to press Japan 
to ijimnimle b a rriers that limit 
sales of microchips, U.&. officials 
said in Tokyo. 

The officials said Friday that the 
United States has *1*0 asked Japan 
to pledge not to aid Japanese semi- 
con doctor makers that may hare 
overinvested during a slump in 
world demand for microchips. 

Negotiators, led by Mr. Smith, 
nosed the issue rt talks caz the elec- 
tronics trade in Tokyo on Tnesday. 
They said they had proposed that 
the Japanese government make a 
public statement that it would not 
bail out companies that overinvest- 
ed whoa they should have cut bark. 


Subdued Growth for Marine Motors 


Outboard Motors 
660 Total domestic sales of 

outboard motors. 

600 in thousands 

of units 
5S0 

SOD**!. 

sBISilBk 

350 


Stem Drive Motors 
Total domestic sales 
of stem drive inn 

motors. " ,uu 

in thousands. 
of units ® 



1984 

Outboard 

Motor 

Market Share 
Total sales: 
411.000 units 




72 '73, , 74 ’75 ’76 77 *7® *7® ’80 *81 *88 *83 *84 

Source: National Marine Manufacturers ' Association 


'indudes Yamaha. 
Suzuki. Honda, 
Baytiner Marine and 
EakaCo. 


Engine Maker Races to Stay Ahead 


Outboard Marine Faces U.S., Japanese Competition 

By Jeffrey A. Leib 

New York TU 


A. 

Times Sendee 

CHICAGO — Charles D. Strang’s love affair 
with outboard motors began in the 1930s, when he 
was a boy growing up on the South Shore of Long 
rdaruf , cheering on a local racer nanwi Benny 
Levy and bis mahogany boai, the Baby Sink. 

Mr. Strang, who set a record racing powerboats 
at university, is engaged in a race of a different sort 
y. As chairman and chief executive officer of 
Marine Crap., the world’s largest pro- 
ducer of outboard marine mginMi Mr. Strang 
finds other companies — in theTMted States ana 
overseas — in dose pursuit, introducing innovative 
engines and trying to undersell Outboard’s Evin- 
rade and Johnson. 

One strong source of competition has been 
Brunswick Corp.'s Mercury Marine division, 
which pioneered a line of inboard-outboard mo- 
tors known as a stern drive that are sold to boat 
builders for direct installation in new craft. Al- 
though the US. rnarVoa for outboard motors is 
four tirnrtt larger than that for stem drives today, 
the generally higher-priced stem drives are more 


profitable and their sales are expanding more rap- 


fercury has captured an estimated 60 percent 
of that market. But Outboard Marine, winch now 
claims a 25-percent share of the market, is count- 
ing on its own new powerful Cobra tine of stem 
drives, introduced this month, to help it catch up. 

Outboard Marine is also facing increased com- 
petition from foreign producers. About one quar- 
ter of the companys rales have traditionally come 
from outside the United States. But like many UJS. 
companies, it has suffered from the strong dollar’s 
continued drag on export business. 

The industry leader must also contend with the 
growing presence of foreign producers in the U.S. 
market Yamaha, for example, entered the United 
States two years ago, with a full line of outboard 
motors, from 2 horsepower to 220 horsepower. The 
Japanese company, which has 500 dealers com- 
pared with Outboard Marine’s 4,100, would not 
disclose its market share. But industry observers 
say that this year it will easily take third position, 
bound Outboard and Brunswick. Other Japanese 
(Cottoned on Page 21, CaL 6) 


Murdoch to Buy 
6 TV Stations 
Without Partner 


By Richard W. Stevenson 

New York Times Service 

NEW YORK — Rupert Mur- 
doch has become the only buyer in 
an agreement to acquire six televi- 
sion stations from Metromedia Inc. 
after Marvin Davis, the Denver oil- 
man, announced he was withdraw- 
ing. 

A spokesman for Mr. Murdoch 
said Mr. Davis's withdrawal would 
not stop the Australian publishing 
magnate from going ahead with the 
purchase, which was announced 
last month and which has a total 
value of about 52 billion. 

Mr. Murdoch expects to file an 
application for a change in owner- 
ship of the stations’ broadcast li- 
censes with the Federal Communi- 
cations Commission on Monday, 
the spokesman. Howard Ruben- 
stern. said. As ran of that filing, 
Mr. Murdoch wfll ask for a tempo- 
rary waiver, of up to two years, of 
regulations that would require him 
to sell the New York Post and the 
Chicago Sun-Times, be said. 

In a joint statement issued Fri- 
day. Mr. Davos stud he had chosen 
not to become an equal partner in 
the company being set up to buy 
the television stations. He indicat- 
ed (hat Iris equal partnership with 
Mr. Murdoch in 20th Century-Fox 
FBm Core, would not be affected 
by his withdrawal. 

“We have decided not to exercise 
our option” to buy a 50-percent 
interest in the stations, Mr. Davos 
said. “Instead, we will concentrate 


on the development of our other 
investments, including 20th Centu- 
ry-Fox, and consider other invest- 
ment opportunities." 

It had not previously been dis- 
closed that Mr. Davis's participa- 
tion in the transaction was subject 
to this option. Mr. Rubens Lein said 
that Mr. Murdoch alone had signed 
the contracts and that Mr. Davis 
had been given a chance to become 
an equal partner. 

Mr. Murdoch's control of the 
Metromedia stations, all of which 
are unaffiliated with the three ma- 
jor U.S. networks, has given rise to 
speculation that he would like to 
create a fourth network. The sta- 
tions are in New York, Los Ange- 
les. Chicago, Dallas, Washington 
and Houston. 

Mr. Murdoch and Mr. Davis an- 
nounced last month that they bad 
agreed to buy seven stations from 
Metromedia for about $650 million 
in cash and the assumption of 
about $1-35 billion in debt. They 
then said they would sell one of the 
stations, WCNB-TV in Boston, to 
Hears! Corp. for 5450 million. 

Analysts said that Mr. Davis's 
withdrawal might have been moti- 
vated by financial difficulty, but it 
was more likely that be had decided 
the stations were not worth the 
price. 

At about 15 times rash flow, the 
purchase price for the stations was 
said by analysts to be extremely 
high. 


Deficits Cast Shadow on Reagan’s Sunny View of Economy 


By John M. Berry 

Waskinguu Pen Service 

WASHINGTON — Late last 
month, President Ronald Reagan 
went before the annual meeting of 
the National Association of Manu- 
facturers proclaiming that the II £. 
economy had shown ‘’solid 
growth” for the last nine quarters, 
“creating new jobs al the rate of 
hundreds of thousands each 
month.” 

Hepointed proudly to a recovery 
in business investment, which he 
said had been the strongest in three 
decades, to rising productivity and 
to an inflation rate that was “at the 
lowest level in more than a de- 
cade.” 

Mr. R eagan ’s assessment comes 
at a time, however, when unprece- 
dented trade and budget deficits 
and the latest round of indicators 
have raised concerns about how 
long the US. economy wifi contin- 
ue to expand. 

Some senior administration offi- 
cials and many private economists 
worry about the way the trade defi- 
cit is dragging down growth. There 
is concern, too. about the fact that 
the United States, with a new reli- 
ance on imported capita! as weO as 
goods, soon will face the problem 
of how to pay interest on all the 
foreign money. 

But the pub b'c e mphasis is still 
on the brightness of the outlook, as 
it was last week when the Com- 
merce Department estimated that 
the gross national product, adjust- 
ed for inflation, was rising at a 3.1- 
peroent rate this quarter. GNP 
measures the value of goods and 
services, inducting income from 
foreign investments. 


ASEA, Volvo to Expand 
Into Financial Services 



Currency Rales 


iti.k- * 1 ' 


Cr«M Bates 
t 

M i iiH - aam ws 
Biuwtrio) *z.W5 

Frankfort 


June 2J 

f DLM. FJ=. ILL. OUT. SJV. SJF. fn 

TOH5» **»• aw — ssn m nan* uwsr 

79.15 30.15 MOTS 1197 * HJifl 2015 210375 * 

MM 31785 * 136 * 5 * 880 * 4 JW- TOJ 9 * 12 »* 


Raders 

STOCKHOLM —Two of Swe- 
den's most liquid companies, 
ASEA AB and AB Volvo, are set- 
ting up separate companies to han- 
dle financial services m a move that 
some bankers say will slow the 
growth of Swedish banks. 

ASEA Kapitatfoervaltning AB is 
to manage group liquidity and for- 
eign exchange and is a p ply ing for a 
dealer's license to act as an inde- 
pendent broker on the Swedish 
credit market. 

Volvo’s slightly less ambitious 
venture, AB Fortos, also was estab- 
lished to handle group foreign ex- 
change and make Volvo more ac- 
tive on the domestic credit market 

Jacob Pahnstierna, a director of 
Skandinaviska Enrialda Banken. 
said that the new companies do not 
a direct threat to Swedish 


1 **: ; 


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sKtr?” * ■ 
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- >"*- •* 


*«Mi«na: 13 SairWlf 

Sources! Banoae da JSeaetux (Brussetal; BOacn Cuamoraote itotaaa (MOeoJ; flnw Ate- 
UaaamdePntt tParial: 6a* at Tokyo {TokHBj; IMF (SORI: BAtJ (tMtar. rtVOL dtrtomi. 
oma data tram ftaotan ondtkp. 


“ASEA and Volvo are not going 
into competition with the banks on 
money transfers, political risk or 
foreign exchange," be said, “bat 
this development could slow down 
the banks' growth." 

The new companies probably 
would malre inroads only into the 
high-volume but low-margin busi- 
ness in which banks act as brokers 
in arranging Imw* between busi- 
nesses. 

Lars ThoneU, finance di rector 
for ASEA, said that a slowdown in 
bank growth was inevitable be- 
cause of the high liquidity of Swed- 
ish finns. 

ASEA, an eteorical and dec- 
troaks engineering group, 1ms cadi 
and marketable securities of nearly 
7 billion kronor (S800 atSKonX 
Volvo, an automotive energy and 


food group, has liquidity of 16.7 
Hfiion kronor. 

Total Swedish corporate liquid- 
ity is more than ISO billion kronor 
and because of Sweetish exchange 
controls, the funds cannot be used 
for foreign investment or repay- 
ment of foreign debts. 

Mr. Thunell said that ASEA’s 
huge capital resources would make 
it easier to handle funds on behalf 
of other clients as well as the parent 
company. But he said the company 
still supports a strong Swedish 
banking system. 

“Money transfers are a bank's 
business,” he said. “We will never 
match SE-Banken in foreign ex- 
change and we much prefer leaving 
political risk to banks.” 

When AB Fortos begins operat- 
ing later this summer, it will act as 
an internal bank for the group's 
foreign-exchange operations. 

Unlike ASEA’s new company, it 
will not compete with other brokets 
in the credit market although the 
group’s funds primarily win be in- 
vested there. ' 

Anders Janssen, head of money 
market operations at AB Fortos, 
said that the new venture was a 
decentralization or Volvo's finan- 
cial operations, not an expansion 
into hanking 

Curt G. dsson, chairman of SE- 
Banken, said recently that banks 
bad enccniraged thtir corporate di- 
ems to bypass the banking system. 

“To a certain extent we encour- 
aged this ourselves since we did not 
dare to cany such enormous liquid- 
ity on oar books,” he said in an 
interview with the magazincSvensk 
Export 


Because manufacturing and 

mining ue being pntmded by im- 
ports, GNP hadmereased at only a 
2J2-percent annual rate in the last 
three of the nfite quarters of which 
Mr. Reagan moke. Thai was little 
more than Imlf as fast as the admin- 
istration had forecast 
The higher estimate far this 
quarter does not hdp the average 
much. The fiat-quarter figure was 
revised downward from 0.7 to 03 
percent, leaving the current level of 
. ejjongtmc activity 23 pexcent higfa- 
etyBanayear ago. 
r /The slow growth has left the d- 
vilian unemployment rate stock 
near 73 percent for almost a year. 
And the number of production 


hours and i 
ces in non-faun businesses has ris- 
en faster rtinn output over the last 
year. That means productivity, 
contrary to Mr. Reagan’s assertion, 
has risen little if any since the sec- 
ond quarter of 1984. 

In manufacturing, nearly 
150,000 production workers — 
more than 1 percent of such work- 
era in the United States — had lost 
their jobs in the three months prior 
to the president’s speech. Total 
manufacturing output was no high- 
er than it had been 10 months earli- 
er. Another 28,000 such jobs were 
lost in May. 

The surge in business investment 
appears to be tapering off rapidly. 


The latest survey of investment in- 
tentions indicates that real spend- 
ing on new plant and equipment 
will rise at a 4.4-percent annual rate 

in ihfl third tpu ni pr nf ihw y wir and 

1 percent in the fourth. 

More important, the big increase 
in busness investment over the last 
two years appears unlikely to add 
as much lo future leads of UJS. 
national income as the large totals 
would seem to imply. 

First, the bulk of the growth oc- 
curred hr spending for computers 
mid busness automobiles, accord- 
ing to research by Bany Bosworth, 
an economist at Brookings Institu- 
tion. Because neither computers 


nor autos have very long useful 
lives, they must be replaced fairly 
quickly. 

Second, the income from last 
year’s surge in investment will have 
to be used to pay a return to for- 
eigners who invested or loaned a 
net of roughly $100 billion in the 
United States in 1984. 

Unpublished Commerce De- 
partment figures indicate that 
about three-fourths of last year's 
nonresidential investment went 
just to replace worn-out or obsolete 
plants and equipment. The remain- 
ing one-fourth, about $106 billion 
worth, represented the 1984 in- 

(Cottnmed on Page 17, CoL 6) 


, All these Bonds have been sold. This announcement appears as a matter of record only. 

NEW ISSUE June 12. 1985 


BACOB FINANCE N.V. 

{Incorporated with limited liability in The Netherlands) 

ECU 28,500,000 

934% 1985-1993 Guaranteed Bonds 

Unconditionally and irrevocably guaranteed on a subordinated basis 
as to payment of principal and interest by 

BA.C.-C.O.B. SAVINGS BANK 

(A co-operative company incorporated with limited liability in Belgium) 

B.A.C. Centrale Depositokas C.V./C.O.B. Caisse Centrale de Depots S.C. 


Kredietbank International Group 

B. A.C.-C.O.B. Savings Bank 
Credit Suisse First Boston Limited 

ASLK-CGER Bank Bank Brussel Lambert N.V 
Bank Mees & Hope NV Banque G6nerale du Luxembourg S. A. 

Banque Internationale a Luxembourg S.A. Caisse des Depots et Consignations 

Caisse d*Epargne de l’Etat du Grand-Duche de Luxembourg (Banque de I’Etat) 
Die Erste dsterreichische Spar-Casse-Bank Generale Bank 
Istituto Bancario San Paolo di Torino Merrill Lynch Capital Markets 

Mitsubishi Finance International Limited Morgan Guaranty Ltd 

Orion Royal Bank Limired Sparekassen SDS 
Tokai International Ltd. Westdeutsche Landes bank Girozentrale 


irmt- - ^ ~ -- - 



-U |V*i 


Page 8 


INTERNATIONAL HERALD TRIBUNE. MONDAY, JUNE 24, 1985 


International Bond Prices - Week of June 20 


rtaM 

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1 1SO NMMI <UU» KeCSSM U'|«I5» H3 MOT 


Provided by Credit Suisse First Boston Securities, London, Tel.s 01-623-1277 

Prices mav van according to market tonbiionis and other laciotv. 


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SHB Denmark 
1114 *'00 Denmark 

1643 SMO Denmark 

1672 ecu 75 Denmark 

KI3 *IW Demur* 

11.17 SIN Derenwk 

I 9 57 UN Denmark 

1122 *100 Denmark 

1127 *20000 Denmari 

1641 SIN Denmark 

1728 SHO Denmark 

ILK nkr 250 Denmark 

1170 5 TO Denmark 

HOT y 15000 Denmark 

1SJ7 SIN Denmark 

i*5i sis Cariabera-Tabare 

1449 SIS CeacnhaeanCHY 

1179 SIS Caaentamaiv 

1244 125 Caaenhaeen CHv 


13 taOa 1t*ra 1038 1121 

7n "90 Jan 88 1695 1224 L53 


7D 30 Jan 88 1695 

larataMor un iojd 

lira 90 Apr 103 (161 

11'.) taMay liura 1021 
lira 30 Jun IN'.) 1009 
nra 31 Mar 1041) 921 
12 31 Mar I OS") MJ3 
3 31 May HIM "WJU 
1 31 jm in iijh 
3ra 9i Sm nr.i 1641 
era ta Jan wra *jn 

U ta JCn IN 1227 

i?ra ta Feb ioira 12x3 

OVitaMar 97ft 106) 
lift 32 Apr 10«>t 10OT 
S'. taMOv 105 729 

12V. ta Dec W7V) 16*3 


cnS4B HudnraBay M 87 Nov 1C6V) 1*42 

ansx CanaXidaled-Battarei l7U.87Fen IN KW 

(MX Hociaaal Fmanoero 17ra37Mar IN (357 

CTO1N Ftder Business D«vBk 1768400 1146 1720 


> 87 Feb IN 1*90 


cto 100 Feder Business Dev Bk 1768400 1141* 1220 









nr: 






9 85 Od l» 021 L71 wn 
4 35 Nov 99 L44 LOT *66 


125 Caaenhaeen CHv 4') 87 Apr »* 95® 1020 4OT 

H5 Caneahooen County Aul 74.37 Feb 97 9 Jj I6X 7.99 

115 CopenmenTeieiftane 0ra86F« ta ion 1068 659 

I JD Copenhagen Telephone era 8* Apr 9T* 1615 ILI7 kta 


117 Mortgage Baik Denmark 414 84 Jan 98ft 681 LSI *25 


IF. 87 OcJ 97 924 1001 L51 


nra 88 Mar IK 1 . 925 
131(88 Jul Wt 953 
14'. "K Oct 1094. 1141 

114. 89 Mav IU4. 99* 
IS 1 , ta Ju> IT?) THAI 

lira 9joct roera 1623 

17 85 Set 102. 9.7* 


*25 Mortgage Baik Denmark 7ft 31 Jan 84 1693 

*18000 Mortgage Bank Denmerk 7 tartar 99 7.19 

SX Mortgage Bank Denmark 1] taJan 110 169* 

ecu« Privattanken Ufa ta Oct 104(7 900 

ecu 75 Prtvgtaanken 10 tartev 101ft 9 a* 


1693 120® *22 
7.1® 707 


art 45 Brn CelumbH) Murncip ITl.97Jito K7I 1155 1IOT 11*3 
art 7* Bril Cclumbia Vuiucip 10'. «9Mov 95 1694 102* 


cr*l^ Bril ColixTUso Piovinc 12 30 Aor 104'; 10.0 

cnllii' DriiCdkime.e Prj.iiK I) : VI Jul ICO 1 ; llj* 

art IK) Bi.1takjmeiaProv.nc l7>.31No* I0* 1 : 167 

art 125 BriiCaiumtMPioviiK I? 93 Dec 104’. 1117 

oriH Br.ICMjmlM Trieono 17ra885ea 108 1191 

ms .8 Bri'CoiumbuiTrlnJiHi nra 89 Feb 1034. 1690 

*»■) Conatlu.y 17:39 Nov 109ra 9.70 

1*5 Canadian InmviDl Bk 15'. "14 Jul M4<: L40 

1 16! Canadian Imperial Bk Is 87 Mar <!Fra 9OT 

artST C onod-op lmoenol Bk 14 1 : T Jun JM' j I1J7 

cn* '5 ConMumlmnenaiH) 154. 8» Jon 104': 1124 
-Tj k" Conodicn Iropef ml B* 131. 89 May 104 1027 

* - 4 CpnOdnsn impprigl 8x 11 UMoi IN 1098 

*1X1 CJMClm Imorfol BS lt4.9\0U 114 I7JJ 

Sts CBPMiOTNcimaiiMiy »raS6H0* ta'B 111 

arise Caiuxr.an Nall Railway S'b W .rtrr q IB 15 

1100 Canaa.anNali Banwa- IMeviDcc 114<i liji 

cm TO ronoduifi Ns'l Railway lmtaJun 1014.1103 

fl'-no CanadMn Na'I RariwOV 12)35 Apr HTrii Ilia 

.-and Caruc-aiCtcdBrlrOI ITN 39 Mar IW: HOT 


SIOO Finland 
S75 Finland 

SIN Finland 
150 Finland 
nkr TOO Finland 
viScoo Finland 
v 15000 Finland 
t*0 Finland 
*75 Finland 
(SO Emo-CwiNli 
IIS Flnnlft Export Credll 
ISO FIreilft Export Credit 
175 Finnish Export Credit 


9ft 84 Mar IOC 920 950 

154. "87 Apr ion. SM 1407 

11';88Jon 1844: 90 I1J» 

IK) « 5*0 ICO 16£3 1159 

1 14189 Jun UU'.; 9.93 10S9 

ID89 Nov IN 753 8.13 

.ira-SflAw 99 *09 *02 

04. taOct BSft 11111221 909 
12 fa 34 Nov 110V) 1648 11.12 

lift V5MOT IN 11*3 11.17 

lira 84 Apr IM 115 112? 

Ufa 36 Doc 10/ra 509 1173 

124.87 NOV 71144. 927 11.94 


10X30 May l*7t» 1069 1057 

nulOMay « 90* LOT 

74) 89 Mdr ta UOT Ul 

9faOTN6V 101 LM 9.14 

9U39HOV 9* 1161 964 

lift 30 Mw ID 1643 10OT 11.17 
17) 89 Nov ISift sa.H UOT 
12ft 890d IU 1005 112* 

W*80AW IM 9.1® 164* 

IlftlfMor 105ft 925 1694 

llfa 89 Jun 107ft 965 1650 

12ft8*Ocl 119ft 1601 112* 

lift 31 Nov ION) 951 1691 

|1ft35 DOC IN 11.10 Tftta HOT 

wra 30 Feb 103ft 9.97 1005 

UrataJtA 115 10OT 1107 

n 31 Dec HHft HUS 1127 

104) ta Joe IM 


SX NorptsKo n t u ucic Sha nk 

$75 Naroes Karornunoibank 
in Narotae 
850 Naroipe 
VrBI Norsk Data 
18 HcnkHvdra 
IX Norsk Hvaro 
IX Norsk Hydra 
I5D Norsk Hydra 
SOT Norsk Hydra 
*7200 Norsk Hydra 
*50 Norsk Hydro 
IMO Norsk Hydro 
ISO Norsk Hydra 
■Arras Oslo Oft 
*15 Oslo Civ 
HUB Oslo CHv 
SC OHoCIv 
At me OstoCIh 
Arm Oslo City 
*50 OstaChr 
*15 RoUal-5ui(M Kraft 
8100 MaHPI D*n Kasha 
two Staton Den Narsfce 
UN StataHDenNwike 


(38 Apr 8*1) IUI 1229 1007 
9fa 8* Apr 99ft 9OT 964 9X 
8ft 89 Mar « 164® 1121 964 



SfataNev 80ft 1633 
m -n Dec 101ft MN 
10>)3DMar lei ft uut 
7 ta Jan iura *21 
7 3D Jun 89 961 

114k ta Feb 101 fa HOT 
train Jun 109 152 

Ufa 30 Jaa IN 9*5 
tfataJun UU 800 
SV) 33 Jun 79 1623 

104k 87 Nov Ml ft 956 
» 80 Mm in 954 
II 89 Nov W 960 
13*4 31 Jun IMft 11.17 


8200 DuPonlO/iCaoHal 
SCO DuPanfO/iCaaltal 

is SSSJootcSS 


Ufa 87 MOV 108 L97 

141)88 Dec 102U 1155 


Du Ponl DOT Capital lift 89 Aim lOtft 1XN 

DuPmda'sCopiloi Ufa 35 Jan MMft 16M 
Duke Power O/l Flame 15ft 89 Aw 105ft 1151 


Ufa 89 Jan HQ IlM 
llh 33 Mm UO IUI 1 
9 85 Sep 110 LX LX 
1 8* Mar no 762 761 

I 8* Nov 94ft IU 137 

II 30 Fob MP4 M07 1 

Ufa 89 Juf 104 1121 1 

m* 8® Mav m iu* 1 

tfttals mn WOT i 

RWBrS&ttS ! 


1 O/s Finance Mi 
lO/sFUnacoNc 
DepfSIaros 
fFedMfcMoan 


UNITED KINGDOM 


WfaWDeC SU 90S UOT 
9ft 8* Ftb 39ft 161® 1611 IM 


lift 87 Jul 104ft 1107 1308 

12 30 Fern HOT. 1120 1124 

11X31 Mar W 11.10 11OT 

9 31 5en 93 1657 90S 

12 taOd rasra 1007 1610 1125 


K tartar 0] 96* 1671 9.14 

32 Nov 109ft 100* 1641 HOT 


I24i ta Nov 119ft 1084 1641 1IOT 
IfafiJon 93 10511161 965 

9fa8»Jon 99 IUI 905 
Hfa86Mw « 057 907 523 

714 87 MOT <2fa 1216 1108 762 
9 "SO Mar «* »J4 UOT 928 

IfataFeb VSft 1000 968 X20 
Ufa ta AUO 1 asra 960 10*4 

6D37NHV 04ft 11.10 1325 1026 
tfaTHOct 99 967 069 *21 

ta 83 A or lt*\) 925 112? 

IJftWJld llira *83 1267 

944 8? Aw imra 950 9OT 9J 


SOUTH AFRICA 


SIOO FlnntatiEraarf CrX/w Ufa 89 Nov laj 1634 


US FlnnWi Mwudna Loon 
815 Finnish Munktoa Loan 
SI* HetiMil CUv 
*X Ind Mtae Bank Finland 
*25 induslrl Fund-FInland 


8fa 87 Mar 95'.: 11.18 12J3 IM 
84. 8® Feb «1 1152 126* 90? 


<25 induslrl Funtf-FInland Ifa07 5ep 95 16H U2« BOT 
11* Martooee Bank Finland Sft86Fft 99 1609 9J9 S59 
11s Muriaaoe Bank Finland UfataNcv IN ll.X MOTILJJ 


-rt«j Can.VJBni'ofii.c 
irk U Caia2«u Poeil.c 
1VJ CdriM-an Pacific 
rik Canoe'S. Potiuc 
It csnoaor-'';:iiic 
*?S LJMIW r 3C'l'C 
*(M Conosw. txi'x 
Krtn (anasijn IH'falir* 

CTO 4a VI 1.1143 


1T*i 3® Mar IM': HOT 

HrajrNoy lOP: 12X 

Ufa 8* Aw ig7>: iu) — 

91. 8* May <7 10/3 1674 1005 

I ("era Mao IM 1077 HOT 

ir:3P0ri tdf'B 161* 1145 

lifataJixi 113'. 119] 110] 

10V 3} Jun IBl'l ID-3® 1655 


III50 Aeroowl De Paris 

I X AaHMn* Snea « wv .uu .j. 

11500 Berne Franc Com Ext lira 84/Aar IN UO? 

*799 Banaw Franc Cam Eii I* 84Nav 108') 9.15 

i» Bonaue Franc Can E»l lift 87 Jun 1B5 UOT 

150 Bcmooe FroneCom Exl Hi:88Mav IGQ-g 1127 


13 1 ! 87 Aug 1014. HID (125 12.90 
>9 85 No* IDO ®J0 909 1600 
,lu£ "“ l*M 

1*75 

lift 87 Jun 1 05 HOT 1281 

IU: 88 May IGSft 1127 1104 I 


87 Auo 109 1195 


IX Banaue Franc Com E.l ® 8®M or 94 1101 1218 ®J7 


. If. 3j Dec lltra 1198 132* 145® 

IK Csnaa.inikhral Benra 1!'* taDvC IU 1 ) 1024 IDE 

CTOW Chrysler C«rd'l Cor. 14 31 Oct 104') 12*3 111* 

CM (O C"»vUr- C>«f" Cun trie taMay Ml": 1T2I «jx 

CMC Cwul 'Odea Dpmur 51 IT'. IJFeo IN 1**0 1*T5 

SOT Cwuu-dJ'rd Boltons! 17': 80 Nov HO" 1 U2» 1291 1504 

*7* Cjnwitoawd Baiturs' 9 taOd lira 1155 HOT I0OT 


Sal ecu 100 Banaue Fronc Com E«! NitaJcto lCfa 9.14 


IS 89 May 112 1 . 1694 
IS’A 19AU0 III’. 1167 
14 31 Aim I OB’: il.w 
Ufa ta Sep ICJft 1636 


cr-SB CiMit ®3X rnmc Con ITii89An HJra 12.4? 


*» CWiie rerrjieum 13 r taMay 1C i 13.91 1117 

(» CtoroeFrtf.vRvin 10 34 Jul *0 1 11 1* 1218 (US 

IS co-nro.31 Brvrae ® >4 Jun Wj 16 jj 

410 Pu Beni CensSa (P. 31 Feb IM'. 1227 

cnSU tcntcYon City Ilk. "B* Aua 101 

IK Ci30.au N'UClear IJ'.OoMar 10] 

l'K E .peri Dr-vrioc Cao S’: (6 Jon 100’ I 
S'M t icyjrt OrurUpCoiu 13'. S’Cci Kjr'i 9 

Six F year I Develop Cjf B IlfaOTNOv TUfa ®07 

»(X c Develop Caro WfataJon ICe «X 

SIS E lorriPeyWooCora 10 "M Mar (01*. ®.’I 

UK 6. pert DevrUtoCorp Il'eWFeb Ufa 9 IT 

I 1 l .perl Dnelac Curp 7T 89 Nov 107fa »07 

c-ri'.OO C. BUI (ueurtoo k«i U'slAOec 101 fa 1*94 

4U0 C .ror ' Prietoo Cera lOfatauav 103 : (41 

011 7* r jmi Crrff.1 Corn 17. 30Sco 107 1003 

cllsd Xa-m^rMilLWa IT 1 ) 33 Mar 10*': 

*74 rjmnciyg.l Cm p IlfabJOul IM - ) 

IK *«ei Fusirgy -Dev B« C’.lSNov 101 9M 

Oil IM eraor BuimniDira B* I'VNOa 104'. IIJO 

O'* W Fr» BunncSS Cw Bk ir:8.'5*o IBf 1 10 12 

cnSOT Order Ptn.nnsDe« Bk Il'-rtaJul 101': 110® 

ortX Farfl kraut 1'ra.i Can SfaTMov 94*. IIJ] 

CtrtX Co: urlrcaj'<i3<n I’.taOci IIT' i 1372 

(TOOT fan: MetroocJ.’a.n M.jtaDrc IDS’- 1328 

cnlW rim klrt-rDcinair’ 13’-. taOcl 1C® 1113 

oSK Cwri ftwiiraei 9’ j"*a Fee w. 100] 
eTOW Cenrroi Werarv Acoror ID 84 Jun iw. 1125 

01*74 C*Mial Ms'orsAccfor I* 87 Jan ID* 12A 


* 100 Banaue inorour 
1*0 Banque Indosue 
ori 75 Banaue Indosue: 

*101 (townie Intouiu -w-» .uu 

*IM Bcrvnie Motional Pons UftWOa '19'. 169 

12*0 Banaue Notional Parts Ufa 30 May 199 1129 

H5 Banaue Narkmoi Porn llfttajor IU'. 1234 

entta Banaue Nature* Porn 13 taJun IDS': ILK 

ecu4i Cotoo Aide Eau Coed ll’.8|jm 107 

lino Caine Cenb C oop Ecu IS"*taJun 174ft 1671 



CV4J Cobw Aide Enu Coed Ufa 31 Jul 107 ®i7 

lino cmne Cenb Coop Ecu ISfa taJun 174ft >671 

.*15 CoriMtCtmlrCuopEco ITfataSep '» fa 1697 167) 1158 

5100 CglsseCMrrCaoa Eca Ilk. ta Dec iteft 1674 1054 IT J3 

SIX Colne Franc Mat teres 12JS"ft Nov Kcfa 1103 11K 

*7* Caljye Not Autaraulcs 9 84 Mar 97fa 707 967 


SfataMav 95k. HOT 
I’.taOci IIT'i 13 72 

MfataDK 105fa 1328 lift 

IJ-.taOtl It* HOT 12J9 

9'j84Frt: 99-, bU2 16*3 »S7 

ir. 84 Jun 1G4'. 1125 1523 

1) 87 Jun uu 1200 I IV 


puei Ceneral Matert. Accnw II 8 ? Ocr <63 fa 


cTOD C<n*rm IWp! ACCCDI 91.8*1^1 tafa '617 1629 907 


rtx SerorolYOTV, Acuta 16 : 89 Ft* IX 114- 


4W C-erolor 13 89 Jun (Jij 11*7 

S‘i Grin la' IP: 89 Del 110 1*17 

7-rirrXF F-nOOC-CUC.'' llfa 35 jun 9*7.1197 

*;ui Mi'iCoreUa UfataAw lUftllX 

I a h.iamko'krrMuirmas Wfa "04 Apr I6jra <a 

IH h.rw Wke> HOHPng* :» BoJlto ICt ®69 

t "5 wuont lAadrr Hai^ra 14 8® Mar IM 1119 

IS rapmrC'.i »>tMJuI 991: 1067 


1 75 Caine Not AutorouMs 
SM Colne NalAutorautn 
115 Caine Not Aularoufes 
S 75 Caiue Nal Aularauin 
S 75 Cateu Nal Autoroulon 
s 91 Calsse Net Autoroufcs 

* 135 Came Nat CreOAonc 
lioa Came Not Cred Agric 
SIB CofaseNtaCied Aerie 

* W0 Caine NOT Encrgn 
CTO50 CoJim N ot Eoerow 

IIS Came Nal Enerale 
ecuX Cabin Nat Eiiergte 
*20 Cabse Not reJocotmn 

* VM coma Not Tetocomoi 
*2 CdbsnNul Tcfecomm 
I TO caue Mat Telecrenm 

S lx Cabin Nor Telecomm 
ecvX Colne Mol Trtoaxnm 
ecu 75 Callao Hal Telecomm 
in Caine Noi Telecomm 
ecuB CaKseNol Teiecamm 
H400 Otarbonxton France 
CTO 40 Charoareuan Fratiw 
*7* CwBancamg 
sm cie Fin Do Paribas 
*tt On Nal Du Rhone 
IX Clmenl* Lafarge 


__ t'tUJui Ml: (607 1004 90S 

{TOOT Hihfsan-. B it- IS OTNov 1C* : M4T ItX 

oxta -.LMSCriBcv ICiTSAW ®i': 1201 1U5 ia®9 

rl*3 -*udictr. Do, ]7 ta Slay IBP: 1*30 

w*W w.dvroaay 14 -ta Jui 1C9fa 11.13 

S'* Hudicroto' l!':38Jun «5 i 1177 ITU 

SM MuawnsFun 10 3iF« K : UJ1 1117 hot 

»*: mev-j I5 :*tj» lUfa Hfl 1*53 

4 IX .nco • taCec *7 ir*7 ijjj 

CTOK nrrrntnvr Fax’ Line ITfataMOy <te 110* 110* 

errsa Iviiwa.-.mrri Itedii «.8iAPr n IU4 TUS 4«S 

*35 neConaaisn Fmreirr 9 S8JWI* IM 944 

rri75 invovadionFmaitc 10 a Auo q II 9* 

j-rtX LevoiC*. 1Jfa3IS« 10Pi IIU 

CltST? Layo: C-t. 10 36JU1 r 0147 

cTO» L:*UBt IT 1 PC Dec IS 11.14 

ISO Vjcriiila.iBJiWC*: 9 taFcb 87 1193 

*U .'«c-'.'bn Biwdrl t'«3jMar la's UtC 

j -4 uumuha Ora.mu * : ta Mo* *® 90C 

HU MoniloboFrayince IJfaVSra I Ufa 9ta 

4 175 wen-toba Province HLtanav U”. 

I ".K Mon 'iBKr P.-a» race 1C : 30 Jun lOT'i 

*:= ViiM.-M Frsw.nfe i:ra 34O/1 H3-* lor 

;*«* wiineTciL :ci IJvtaOci lie 11*3 

*’5 Wz4ir.--k'SVUf‘NM F : 3) Jun Li IJJ0 

l!< 'AOPllKlCif. 10 fa 87 Jul 100 I02J 

ufasincu 1 M* '-C ** (un 9* 10*4 

~S V ’Aptfrco) Cit) 13 ta Doc 1 03 11 as 

*■9 rtsatirallrlr lri’IMor itde (041 

rTO'C VUnllMIC.r* i;.8IKOy (M 112’ 

CTOOT WrlrtOlCj) IJ .TINov 1(3'.: HOT 

* S7 MriittMlCiN ISfata Mat IU HOT 

cnis Mkri'Odl Lctrool Count IP: 87 Feb IC9L 1449 

I "5 Mcnlirdi urban Cammun K taNov IDT 1144 

Jrt” Nc'csn Peaitv Carp IT*' 30FeO IUJ) HOT 

Nx-Ifnal Ban* CflnatJO «4's8IFea 18T-J 1105 

■|OT *nyBnx~wc*|lkirl I? W N J0^ 

II Nf«BiBn*iyttkEl«Jri 'fcJJJU ']2 IfS 

l "f urw Srurowkk fieftn JfaJJJMdr H67 


* !«Ud* IM 944 9J0 

10 aAua q l|9fci:i4 1C2J 


!4fa3l See wra 1251 1X77 

10 36 Jul r 1647 1031 

17:30 Dec IS 11.14 ||«o 

9 ta Feb 87 11911323 1024 

(fa 3J Mar fa' : UfiC 12X1649 




17: ta Jul H9fa 1638 
lift 33 Feb I tt« 102« 
SfataAor ID'.: 4.1S 
IV) ft Aue lOtfa 1613 
Ufa 84 Jan 1018 9*4 


llfa 31 Feb IllHi LOT 
Ufa 310K 104ft 923 
9ft a Aar «ft 1003 


» ; ta Mo> 49 906 

Ufa V Sep (Ufa 9 77 
iirawiuv 10". 93; 
1C: taJun IDTfa 97* 

i:ra 3iO:i ns*) nr 
ijvtaoci lie 11*; 

F : 91 Jun LI IIJO 

to fa 37 jui un 1021 

W talun 90 I0A4 

1; taD« 103 1145 


HIM Clmenr* Lalarge 

CTO 55 CrMil Eautwn Peiu m 17:taF» Itefa 112i 

1200 Credil Fonder Fr )/» IB'iblMov 10Ta 161) 

1200 Credo Fonder France — 
rcu 100 Credil Fancier Franco 
1*04 ecu IN Credil Fonder France 
ecu so Credit Fancier France 
IX Credil Katana! 

5(00 Credit Nauwai 
ecu SO Credil National 
rcu X Credit NaNonal 
1100 E lech Idle France 
130 Electrictte Francs 
IX Etectrfcjlt France 
1 'SO Eltctrtale France 
S >05 Eleetrteite France 
IIS Eftctriale France 
SIX Elfdrkito Franc X/w 
swa Ehxtr idle Franco 
jW Eieetrleile France 
tTODOO Eleclnale France 
* IX Ell Aauilolne 
IN) ErwilTOncel 
*3 FrancohePetrales 
190 CaiDe Frgncu 


Z ""it "J /ju 9J17 117 

®fa 31 *<a 91’. 112*1209 1614 IX 

I2fa 35 Mav KMfa 1155 IE®: SX 

IP. 84 Jun IIP) ITJ1 1*14 SU 

ISfataMor HS'e 1207 HOT 1325 >X 

Pi 37 Alar 14 ■: 1124 1220 1655 *» 

11 *. 30 jan IM'e 4 Li 1673 * W 0 

13 . 31 May HTfa J0J5 11.7® 5KO 

IV 1 31 Aw MB 16X3 16®* UN 

>7*. 31 Jan 107ft 1 6*3 1105 * (00 

U 93 Feb 107 1104 

UfafaSFeo iCCft HU4 I69T 1 SW0 

iifa 35 jui 119.11610 uu? in 

a 84 Mar Mfa 901 901 013 1100 

3 ft 84 Jun Wfa 92 T 4 

Lfa 89 Oct 9 Tn 1121 1113 4 
17ft WOd tfllfa 1191 122® 1 eeuM 

llfa 31 Jun IIP.j 1675 1 *'** 

17fa ta Jan IIJ *JR 

»fa ta Apt IN ».1J 

9 8JM0V BTi HI* 

"■)35AW 137ft 60S 

lira W Dec TCI ra 102= 11*7 1 7PDA , 

lifaVSJun ICV: 1144 
1J"l 30 Jun HO 11.14 

iifa 8® see icsramr 
Sfa8*0ct ta’ . 3614 L»1 , 

Ufa 84 Mot re loot 1061 EOT i 
,7*:87 Jul Oft 1141 1709 L47 I 

•*— IIJC AmerTOlB InH Grow 



HfataJOi IN 
lift 35 May 109 
(1 87 F(B 149 
11 87 Fob W4 
7ft 89 MO) 122 
7ft 89 May « 

13*4 89 Auo 109 
11 33 Jun uu 
12ft 34 Mav 172ft 
Ufa 34 AUO 114ft 
11 37 Nov IB* 

UK) 38 Aw 104ft 
15ft 87 Feb w» 

Ufa 89 Oct wra 
7fa 8*May 9* 

Pu 89 Mav 90 
0 88 Dec 97 
a 88 Dec ®3 
IS: 89 Oct 109 
*V. 84 Feb 95 
*'4 84 Feb V 
Ufa 30 MOV 109 
ni. 89 Jut 1089: 
lira 89 Aw Utft 
J5fa 89 Auo W 
lifa ta jon laift 

II 30 Mar lNfa 
U 30 Mw 105V. 
WfataJun HOfa 

13ft 30 Sep m 

Ufa 31 Jul 110 
□fa 31 Nov lilU 
IT 33 Dec 106 
Ufa 34 Mav 105 
llfafal Dec iron 
4fa 80 Fob UT 
*fa89F*b 87 
II 87Jai W.) 

11 87 Jon IMft 

5fa8SNov 119 
5fa 88Nav >7 1043 

JJkWJta IIS) 943 
10ft taMov IBTft 4.93 
IT": 91 Mav 118fa 959 
lflft 39 Fob ttfa 1004 
Ufa3*FU ta* 
llfa 88 Mar 104ft 
Ufa 8® Nov in 
llfa ta Jun 104 
tfaWMar W5 
*9)89 Star K 
5*189 Feb IM 
5fa89Fed 87 
7ft 89 Nov TO 
TfataNov 90ft 
4 89 Aw 04ft 
(SfaVDec lit 
KT-t II D»C 99 
r-noei wi 
TV. 81 Oct n 
lift 89 Dec IN 
lift 30 Aua 107ft 
Ufa ta Feb im 
T ift 89 Nov m>) 
lira 30 Jun 104*. 1024 

12 31 Fee 104ft 1029 
ufttajm mra 
lift 89 Aua IIS 

11 30 May 102*. 

12 30 Aug 108 
lift ta Nov M7fa 
II 31 Mav 106* 
17832 Jgn 101 fa 
Ufa ta Feb ram 


SS South Africa 
525 South Africa 
ecu 40 Saalh Africa 
1 40 South Africa 
$0 Anglo American Cara 
5» Escam Electr Supoiv 
575 Escam Electr Sunpir 
IU E*aun Eledr SUPPlv 
ecu 50 Exam Ehctr Suppiv 
*75 Escom Electr StaPlv 


I W Feb 94 1L7SIUI 823 
744 87 Doc 92ft 11 J2 1107 8J8 
Ufa 89 Mar Idira 1007 1167 

Uft "M Jul HOfa 11JI 1322 
7ft 87 Mar 94ft 929 KUO 727 
5ft 8* Da 98ft 908 XU LOT 
11 ft 88 Jun fSfa 1202 1105 

914 8® Mar « 11291209 404 

WfataMav INH. 1601 1640 

12V. 81 Feb W 1147 1227 


era 40 Part TWeentn Pretoria lira 87 Oct in 9te 1167 

SOUTH AMERICA 

** g rind, , Jfa WDec flft 1142 1504 967 

SX CatombJa Bfa80Feb 83ft 1*43 2123 408 

S5D Veneraeia BfataOct soft 1161 15.91 hut 

115 VBwzurtan Tetephone Ifat/Otc 84ft 1*231925 42a 

5PAIN 


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lift 8B Mav HQ 0124 407 11.17 
lift MOCI 101ft 1199 1125 

WfaWSep llSfa 964 1617 

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31 Jul 88 12.17 1222 1051 

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SHO Gmac 07* Flnanco 
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(Continued on Plage 18) 



West LB 


ZERO-COUPON BONDS 


,Pf« OfiereB 

Metortty Amt Yew Price Price 


1653 Aston Develop Bon) 

II Ji Aikmiic Richfield Os 

1009 Bauer infl Finawp 
tjG Beatrice FooaiO.i 
T64A Campbell Sousa's Fin 
1150 Cafercllkir Fa Sere 


SC: (0 Dec 90 9.9316)2 80? Cdl*rp.llar Fm Ser. 


6TA Cnttrusl Scvmes Bonk 
973 Dob CWmlcol 
40A Db Pen! O-sCapdol 


S’: "to Mav qfa ICE? 1683 Bol ! Ekscortfloans 


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LSI Eleririale France 
Euon Cacitn! 

IU£ Qoi Ot France 
409 Gw De Ranee 
1240 General ETetirc Cred 

1163 General Eladric Cred 

'SM Genera Electric Cred 
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1125 Genrrai E Irctn; Cred 
GewraJ.taihlK 


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*H* GarDa France 
USD# Goj De France 
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18 LeNKkef 
171 MKMVI 
sh Miarom 
IIB MUtoMui 
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122 Peugeot 
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10 34 Aug q 1163 1232 11.11 Peosco Capital 

91.88 SOD 97' J 12.15 IIS® 1060 Phil,o Marr.y 0«£i 


L5AW200I 1730 19954 1? 

JI Aug 3004 5 HOB 1934 10V; 

4 Feb tw? *509 19® J5V 

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15 FrOatS *138 WS3 1995 

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11 S*P 1994 SMB NSJ S3". 
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I? Feb 1991 S4X ISC OTJSB 
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2 Her H97 SXO 1493 3Q 
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SX EX Eurup Invacf 
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*40 ER> Euroo Invert 
575 Elb Euroo Invert Bert. 
SI5 Elb Euran lovesl 
SX .-ft:- won invest 
IS E3b Eurap lovesl 
I IX EM Euroo invert 
HITS Elb Eureo Invest 
SX EH Euroo Invert 
*75 Eib Eurao invert 


0 8S5SP 99ft LSI 80S 063 

Sfa-UJoi 99ft 956 90S 679 

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(fa 84 Aw 99ft 90* 907 U7 
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»£«« 9Ift 1101 1157 70S 

TV TO? M 9J1 16)0 7X 

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Eurobonds - DM Bonds • Schuldscheine 
for dealing prices call 


S1BB EH Eun» hensf Ben* m.8|Jor, W7 


SHO Elb Eureo Invert Rank 
>25 ElbEuroo Invert Book 
SUB Eta Eurap Invert 
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WiOTDec 94ft 1642 


3Ak eaiS8 Eft) Euroo Invert Bank Ufa W Jen I07fa ail 


PUSS ELD ORF 


SIX Eli Eurap Invert Bonk HftWMw ins 11*4 1093 


Ufa 8» Aor 103V, 1100 
9fa89M0y 97 HL72 
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7fttaF*b 91ft 904 1005 UB 

12ft 80 Apr ion M5 1)03 


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Ufa V 15*00 Era Eureo invert Bw* 

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518 sin Eli Eurap Invert Bank L3fa taMay HO. 12OT 

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TO *X EJbEunw I avert Bonk OfaflMw 94 HOT 


Lmd ™ ““"W* 


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IM Eft Euroo Invert Bonk n "eiJul liT.) 1L4Q HOT 1L7I 


7Aftv1«2 1(00 1995 «*, 


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9 85 Ore UB 079 679 *X 1 Pnjcnmt) Ready 5« 

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left 89MW HA 1073 


9ft 94 MOT <1 11621140 1048 


■ BraaM* Proven: IJfa 17 Aug HJl'1 MX 


If 700 Benaull 
HIM Proon-PoiHenc 
HIM Satnl-GaboInPlAtouro 
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fw 17 Mar ®ift use U« 
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Scare Oversea* 
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Sfaedfah EmriCrodl 


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12 Jul 19®6 5X0 1984 «ft 

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iFRbHQ IIS 19C Ml 
II Feb 1993 *U0 19J2 35ft 


WestLB IrternationBl SA. 32-34 boulevard tirantte-Duchessa Charing 

Luxembourg. Telephone 44741-43 ■ Tele* 1678 wuenesse Cnarlotte. 

Hong Kong 

Westdeutsche Landesbank. BATbwer, 36th HoorTs uomrew d^J* 

Hong Kong, Tdephone 5-8420288 ■ Telex 75142 HX R ° fl< *' 


chin ElbEurbp Invert Bonk Ufa 81 Dec W7ft 1*44 

SX E to Euno Invest Bonk HfttaJoi 102 I LOT 


& ISSIlSSlISgggft ^3^ = 


Sfata Apr If 11,13 
C* 82 Jib lQSe 72c 


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v 15000 Elb Eipealnvas) Book .m 

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tics Eib Eurae Invert Bank ISfttaJut iura nx 

IS E Ri Ewan liwart Bank — — - - 

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WAtaDec 93 tl.ll 
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s» E» Eureo UMertBdafe lBfaUMuy UOfa 1621 


4I> SHO EH Eurae Invert Bank (tktajip 91ft HOT HOT 9JI 

xfa 1147 Era Eurap HvesIBpa) HfataOd KBft HOT 1694 

2S» ecux Elb Eurwievea Bank lira taNov nra nx 162S 

TO® IX Eib Eureo invert Bonk l flft ta Jon MBft 9.15 M) 

Sift iculDfl Eib Erne invert Bank IDfataMor lOtft ex l&JK 


Markeimakers in Deutschmark BondsWGSt LB 

V\fe$tdeutsche Landesbank 
















oT 
























INTERNATIONAL 


MbMnblbWMItaiallWK 


BANKING AND FINANCE IN LUXEMBOURG 


A SPECIAL REPORT 


MONDAY, JUNE 24, 1985 



Scoring 
Top Points 
In Secrecy 
Debate 


By David B. 111111111 

■ * GENEVA — A ■ hot debate is 
growing between Europe’s two 
prime refuges for private capital.’ 

. Which has the mane effective bank- 

- mg secrecy laws — Switzerland or 
Luxembourg? 

To an increasing degree, the 
Luxerabourgers are insisting that , 
they are in fust place. Tbe mothra- 
• tion is simple: As more and more 
:• Luxembonig banks seek to attract 
private investors, the- bank execu- 
' lives are learning that tight coafi- 
dentiality rules impress potential 
. clients. Allbough no one wants to 
■]be identified by name, some Lux- 
embourg bankers readily admit 

- that they describe their laws as be- 

jng lighter and containing far fearer 

loopholes than riiose of Switzer- 
land. 

In addition, several prestigious 
Luxembourg lawyers are advising 
, possible depositors that Switzer- 

- land has given away a lot of its 
' secrecy safeguards in the past few 

years, notably in the mutual assis- 
tance treaty with the United States 
and a new Swiss federal law that 
obliges Swiss banks in some in- 
stances to cooperate with foreign 
fiscal and banking authorities. 

The Luxembourg claim to be 
.No. 1 has been buttressed by arti- 
cles in the international press that 
have described Switzerland as no 
longer the financial fortress of dd. 

Inadvertently, the Swiss have, 
hurt their own cause by engaging in 
a running public quarrel over tbe 
wisdom —or foolishness — of sev- 
eral recent federal practices that 
add to the cost and complexity of 
banking transactions in Switzer- 
land. A prime example is the 6- 
perceot sales tax on gold, a measure 
hurting Zurich’s role as one of the 

■ world’s leading gold markets. 

Swiss domestic politics also have 
been damaging. The challenge to 
the banking secrecy laws posed by 
. to Socialist Party of Switzerland, 

' ^nc of the country’s largest politi- 
cal groupings, continually causes 
anxiety abroad about the stability 
of Swiss banking secrecy. Actually, 
the Socialists were beaten in a na- 
tionwide referendum by such a 
massive 3 to 1 majority that for- 
eigners should have felt reassured 
about the solid Swiss support for a 
continuation of the status qua 
However, the concern persists. 

Ironically, it may have been 
helped by the much publicized ac- 
quisitions and moves abroad by the 
big Swiss banks whose actions have 
created the unsettling impression 
that maybe something really is 
wrong with Switzerland as a finan- 
cial bastion. 

Understandably, the Luxem- 
bourgers have charged through this 
psychological breech in Switzer- 
land’s king vaunted impregnabil- 
ity. 

'The Luxembourgers have a 
>£iund and wdl concaved banking 
taw to brag about Banking secrecy 
has. in fact, been a part of Luxem- 
bourg’s financial life for many de- 
cades. However, it was sot until 
1981 that the present low went into 
effect. This law codifies the role of 
banker as bring simil ar to that of 
clergy man or physician and binds 
him to keep secret the diem’s fi- 
nancial status from all third par- 
ties, except if the client commits a 
criminal offense. 

The 1981 law is highly innovative 
in providing what tile Loxem- 
bourgers caU ’’asymmetrical pro- 
tection." That means that tbe asset 
side erf the bank's balance sheet, 
including the big loans and expo- 
sures in Third World countries, can 
> disclosed both to Luxembourg 
banking authorities and to the 
home offices of banks (moating in 
Luxembourg. But it also means 
dial on the liabilities side of the 
ledger, where the deposits are en- 
tered. the names ana amounts of 
1 he account holders are closely 

^“TTte^Luxembourglaw fits nicely 
into the philosophy of the times,” 
declared Voker Burghagen, the 
managing director of Dresdner 
Bank International. “Tbe law en- 


. overall global exposure on a world- 
wide basis while at tbe same time 
guarding the depositors a g a in st 
prying official government agen- 

Cf£5i 

Alex Schmitt, a U.S.-trained 
Luxembourg lawyer, said be be- 
lieved tiiat “the Luxembourg law is 
as strong as and probably stronger 
than any other banking secrecy law 
in Europe.” . , 

Despite all the talk about rivalry, 
the Luxembourg law and its Swiss 
counterpart are remarkably simi- 
lar. In addition to the Luxembourg 
provision for asymmetrical protec- 
tion. there are only a few basic 
differences. Perhaps the most im- 
portant is that a depositor in a 
Luxembourg bank cannot waive 

t he right to secrecy even if heor she 
Tfcunis to. while a Swiss depositor 
can renounce the right if such an 
act would be helpful. An example 
would be the use of otherwise sc- 
(Continued on Page ID 


A Resurgence in Steel Industry 
As Banking Enters Flat Stretch 


1 


.c---,-. v.>*- j 


I3& 










ft'rtogqpte/JtOfrPmn fa j fc r j 


bobtf CnUbtW/HT 


Banking: In Search 
Of a Brand Image? 


By Vivian Lewis 

LUXEMBOURG — The num- 
ber of banks operating in Luxem- 
bourg has risen to a record level, 
with the opening of Sumitomo 
Trust’s subsidiary last month and 
the new Prudentxal-Bache Interna- 
tional Bank (separate from the bro- 
kerage house). 

Until the planned closure of 
Swiss Volks bank this summer, 
there will be 1 19 foreign bank sub- 
sidiaries in Luxembourg, as well as 
another 10 branches of other for- 
eign banks. 

I Yet, the first study of Luxera- 
I bourg’s image — undertaken by 
| Charles Barker. British consul - 
P tarns, 00 behalf of the Association 
U des Banques et Banquiers de Lux- 


duchy Jacks a “brand 
image.” Worse, the 
association’s presi- 
dent, Rimy Kroner 
of Banque Generate 
de Luxembourg, said 
at a news conference 
that Asians polled 
mixed up Luxem- 
bourg and Liechten- 
stein. 

While new banks 
continue to settle in 
Luxembourg, their 


prestige is lower. In the 1970s, Lux- 
embourg’s heyday, 10 world-scale 
banks pa year opened their doors 
in the grand duchy. Whatever the 
newly formed banJtiog arm of Pro 
dential-Bache may tuna out to be, it 
is unlikely to subs tan 
dally add to the vol- B|l|p|g 
itttv* of business in ■sassSeKsi® 
Luxembourg Euro- 

hanking 

As a Eurocenter. 
in fact, Luxembourg KUiKlHPj 
today is less impor- 
rant than it was a de- 
cade ago, now that 
Asian-dollar bank- ggfe isl|gl 
ing centers are com- 
peting, a range of fi- 
nanctal alternatives 

to straight bond pur- 
chases are being of 
Fered in London, and New York ' 
has its own offshore banking sys- 
tem. In 1984. less than a quarter of 
all Euro-underwritings were partic- 
ipated in by Luxembourg-based 
banks and only 57 percent erf Euro- 
bond issues were traded on the 
Luxembourg stock exchange. 
While these figures arc an improve- 
ment from 1983 levels (in part be- 
cause of the effect of a high dollar 
in 1984), they are far from the lev- 
els of a decade ago, according to 

(Continued on ftge 13) 


The Duchy Makes It Official: 
Letzebuergesch Spoken Here 


LUXEMBOURG — It was only 
in February 1984 that the first of 
the four languages most Luxem- 
bourgers speak was raised to offi- 
cial status. Tbe language is called 
Itetzebuergcsch, or Luxembour- 
gish, and is a dialect of German 


culture. In a country with 


under last year’s decree, which 
was written in French, this lan- 
guage was made the official nation- 
al language, but laws wflU continue 
to be published only in French- 
Then. too, Luxembourgers will 
continue to read newspapers large- 
ly in Goman, to be schooled large- 
ly in German and French, to wor- 
ship in their churches largely in 
Goman. In hi gh schools, students 
will have an hour of English studies 
pa day — and an hour of LSI ze- 
buagesch a week. This wQI help 
train them to be good Europeans 
and international bankers. 

The language is spoken by al- 
'mosi all the natives of this country. 
It has been used in printed form 
(although how to spdl it is still 
disputed) since the early 19th cen- 
tury. Luxembourgers, in their Ger- 
man or imported French newspa- 
pers, increasingly are using their 
own language for family advertise- 


pwwi 


deaths). And, in a proof of linguis- 
tic vitality, there is oca a Letze- 
buergesch censorship scandaL 

Josiaxte Karthriscr, a journalist 
and playwright, found her latest 
comedy, “Hirgottskanner,” 
banned freon tbe boards of the mu- 
nicipal TbMtre des Capucms. Tbe 
leftist writer, who works for the 
German-language newspaper Ta- 
geblatt, has some jokes about birth 
control and tbe pope’s visit to Lux- 
embourg in her play, which was 
scheduled to open before the papal 
visit in mid-May. To spare offense 
to “De PoopsC the aldermen of 
Luxembourg Gty -refused to pro- 
vide financing , or a site for tbe pro- 
duction despite earlier commit- 
ments to-do so. Miss Kaitheiser 
was rally formally notified of this 
12 days before (mating night, too 
late for another theater tobe rent- 
ed. 

However, censorship is hardly 
the biggest problem faring Luxem- 


269,000 natives and a total popular 
tion of 364.600, the real threat to 
tradition are the ‘Tittle Luxem- 
bourgers” who speak Italian or 
Portuguese at home, to cite the 
largest nnmbqof immigrant work- 
ers (the two groups account for 
51,600 people). In negotiations cm 
the entry of Spain and Portugal 
into the European Community, 
Luxembourg was very rductam to 
allow free movement of workers 
from these countries within the EC, 
and special restrictions were per- 


mitted for the grand duchy. 

Luxembourg hterati, who usual- 
ly have a second job, like Miss 
Kartheisa, are convinced that any 
new arrivals will eventually dis- 
solve m the national rod ting pot, 
just as earlier immigrants from Ita- 
ly have done. The government 
press spokesman. Lex Roth, who 
was instrumental in getting Letts- 
buergesch made offtetal, is optimis- 
tic. “Among third generation Ital- 
ians, most speak LStze b uergescb 


but can’t speak Italian." he noted. 
“Tbe same will happen with the 
Portuguese.” 

The immigrants come to Luxem- 
bourg because there is need for 
them here, precisely because of tbe 
problem Miss Kartheisa spoofed 
in ha play; depopulation. Mast 
Luxembourgers are not so devoted 
to their culture and lan guage, that 
they will produce babies to perpet- 
uate it and the result is a declining 
population of natives. 

The Laxsnbonrg slogan, “J Mir 
vfdHebldwe vent mir sin” (We want 
to remain what we are), still stands 
steadied on tbe walls of a caffc on 
the Rue de la Loge in the Old Gty. 
But behind the walls today, there is 
a Greek restaurant. 

Yet for a tiny country, cultural 
life is reasonably lively. There is a 
native pop star, even if “Buffalo 
Wing” sings countiy-and-westem 
muse in English. There is an En- 
glish-language weekly, The News 
(Gootimied on Page 12) 


J 



- "4 'T'yi '£ 



Message on a wall: “We want to remain what we are." 


By Michael Metcalfe 

LUXEMBOURG — Luxem- 
bourg is wdl into an era that may 
prove to be watershed years fra its 
economy and industry. 

Key economic indicators — 
growth, production, trade, infla- 
tion ana employment — either 
showed improvement where deteri- 
oration had been expected or accel- 
eration that was faster than had 
been forecast. 

Gross domestic product, which 
was expected to drop in 1984 for 
the fourth consecutive year — per- 
haps by as much as up to 1 percent 
when, banking sravices are excluded 
— actually returned to growth of 
about 4 percent, according to gov- 
ernment estimates. 

Steel, the mainstay of tbe grand 
duchy’s social and economic 
strength, moved ahead for tbe first 
time in 10 years during 1984 and 
into 1985. However, banking, for 
tbe past decade the keystone of 
state policy to grow and diversify 
away from a single product, was 
flatter. 

Political and economic continu- 
ity were assured by the return to 
power after national elections last 
June of Finance Minister and Pres- 
ident Jacques Santa’s conservative 
Christian Social Party, albeit in a 
coalition that brought in the oppo- 
sition Socialists at tbe expense of 
the Liberals. 

“The contours of government 
policy may have shifted slightly 
with tbe entry of the Socialists, but 
the main fines of economic and 
financial policy remain un- 
changed,” a government official 
said recently. 

Tbe election, which produced 
few surprise? except fra pushing 
the Liberals into opposition fra tbe 
first time in 15 years, reflected the 
tradition of consensus politics and 
negotiated compromise built up by 
Luxembourg over the past century. 

Propelled by more dynamic ex- 
tonal demand, a sharp resurgence 
in the steel sector gave the cutting 
edge 10 the economic recovery last 
year. 


Gross sted production jumped 
by 21 percent in 1984, after declin- 
ing 17.9 percent, 7.4 percent and 
6.2 percent in 1981, 1982 and 1983 
respectively. Government efforts to 
reshape the industry appear 10 be 
paying off; from 1974 to 1980 pro- 
duction capacity dropped by 15 
percent. 

ARB ED. still the country’s larg- 
est single employer and exporter 
and Europe’s fourth- largest steel 
producer fast year, has returned to 
the black fra the first time in a 
decade. Operating profits were up 
25 percent and sales up 18 percent 
at 10.5 billion and 56.7 billion Lux- 
embourg francs respectively. 

The government has cushioned 
the monolith against the worst of 
tbe international steel crisis by lop- 
ping up its capital resources with 
periodic injections of funds and 
share purchases, which have result- 
ed in the state raising its share in 
ARBED to 30.8 percent, making it 
the largest single shareholder. 

Financing earmarked ova the 
short term amounts to a little more 
than 9 billion francs. ARBED con- 
tinues to remain a charge on gov- 
ernment finances until it starts pay- 
ing taxes again once its debt 
burden is sizably reduced, govern- 
ment officials said. 

ARBED’s workforce has shrank 
to around 14,000, a drop of more 
tha n 4 0 percentf^apeak levels a 

ed to stabilize anxm^LW^by 
1987. 

The government is not pinning 
its hopes on the continuation of the 
brisk pace of the revival in steel 
during 1985, however. “There is a 
degree of uncertainty as to demand 
fra Luxembourg’s sted products; 
we believe it will be more subdued, 
so that the external contribution to 
growth will probably diminish,” an 
Economics Ministry official said. 

Official forecasts for real GDP 
growth this year call for expansion 
in the vicinity of 2 percent, an esti- 
mate broadly in line with projec- 
tions of the Paris-based Organiza- 


tion for Economic Cooperation 
and Development. 

According to the organization, 
unemployment in the grand duchy 
peaked at the beginning of 1984 at 
a little under 2 percent of the total 
workforce of la) ,000. 

Tbe government's manpower po- 
licy of retraining projects and en- 
couraging occupational mobility, 
coupled with an increase in indus- 
trial production, largely contribut- 
ed to the decline. 

Moreover, the government’s po- 
licy of finding a new job for every 
one lost in the sted sector has also 
played its role in ke ep in g unem- 
ployment levels down. 

Overall industrial production 
last year jumped by between 12 and 
14 percent, a sharp increase com- 
pared with 1983 levels when output 
in all sectors averaged a 43-percent 
rise. The export-oriented sectors of 
industry performed best, with con- 
struction lagging sharply. 

One of the biggest surprises in 
tbe genera] economic picture last 
year was the sharp deceleration in 
tbe pace of domestic inflation. 

The 1984 forecast by STATEC. 
the government statistics board, 
that inflation would “slow down 
ratly slightly, with a considerable 
risk of unexpected difficulties.” 
proved unfounded. In fact, the re- 
duction in inflation speeded up to 
bring the final rate down to 5.7 
percent from 8.6 percent in 1983. 

Measured against its European 
neighbors, Luxembourg was at the 
Iowa end of price increases in the 
European Community’s 10 mem- 
bra states during 1984, with Greece 
at the top with 183-percent infla- 
tion and West Germany at the bot- 
tom with 2.4 percent, according to 
Eurostat, the Common Market sta- 
tistics bureau. However, now that 
wage indexation has been resumed 
after being suspended in 1982, 
when a devaluation of the Bel gian 
and Luxembourg francs threatened 
a stampede in prices, the resulting 
automatic increases in wages aim 
salaries coaid boost householders’ 
(Continued on Next Page) 


INTERNATIONAL BANKERS 
INCORPORATED 




Societe Anonyme Luxembourgeoise 






Extract from the Audited Accounts 

for Twelve Months Ended 31 December 1984 


BALANCE SHEET (expressed in million US S) 1984 


Deposits with banks . 


Loans and advances 
secured 
unsecured 


182.9 


Total Assets 

428.7 

Bank Deposits 

218.9 


Customers deposits 


Subordinated loan 


Share capital 


Reserves and provisions 


INCOME STATEMENT (expressed in million US J) 


Net Operates income 


Operating, expenses 


Pre-tax profit 


Results for 1983 cover the period from commen- 
cement of business 3rd May 1983 to 31st December 
1983. The incorporation date was the 15th March 
1983. 

Reserves and Provisions include specific and 
general reserves in accordance with Luxembourg 
statutory and fiscal regulations. 

This report does not purport to be the Luxembourg 
statutory financial statements of the bank, estab- 
lished m accordance with the regulations of the 
Luxembourg regulatory authorities, which have 
been published in the Official Gazette 
("Memorial”) in Luxembourg. 

Auditors - Peat Marwick Mitchell & Co, 23 rue 
Beaumont, L-1219 Luxembourg Tel : 470271 
Telex: 2940. 

Copies of Complete financial statements and 
annual report can be obtained on application to 
the operations manager in Luxembourg. 


113.6 



n 


INTERNATIONAL 

BANKERS 

INCORPORATED S. A. 


41 Boulevard Prince Henri 

L-1724 Luxembourg 

Telephone 472855 Telex 2931 ibi lu 

Chairman of the Board 
Jean de Roquefort 
Executive Committee 

Raid J. Mommy Advisor to the Chairman and General Counsel 
Aymar Durant de Saint-Andr€ Executive Director 
Alain Field Executive Director 


IBI ASIA 
■ fL LIMITED 

■ w 

2705 Alexandra House, 27th Floor 
' Chater toad. Central, Hong Kong 
Telephone 261144 Telex 62878 ibi al hx 

Executive Management 

Louis C Louvet Managing Director 






Page 10 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


/ 




\\ ■» Vuir v.f3 f c-— ■--* • «■ - *- «V • 



L’w. ?■ ’ : -I- i'jja 


Increased international activities 


Banque Internationale a Luxembourg, Luxembourg S 
oldest and largest private commercial bank, has once 
again achieved good results in 1984. 

The balance sheet total amounted to 238 billion Frs 
(3.8 billion $ US), an increase of 10.1 % as compared to 
1983. 

Income from interest differentials and commissions 
improved considerably, so that cash flow showed a 
further growth up to 3,339 million Frs (52.9 million 
$ US) allowing the bank to constitute substantial pro- 
visions as well as to raise its profit results by a further 
14%. 

Internationally BIL performed again very successfully 
on the Eurobond market where the bank managed, 
resp. co-managed 70 issues of which 16 were in Can. 
dollars and 39 in ECU.The total volume of ECU bonds 
managed by BIL tripled within two years. 

On the secondary market the bank strengthened its 
market maker position by offering daily prices for 
more than 200 Eurobonds, including a broad range of 
ECU issues. 

Furthermore the bank increased its capabilities in 
Eurofinancing and on the foreign exchange markets. 

Next to the establishment and domiciliation of nu- 
merous holding companies, BIL was actively involved 
in the constitution of 5 new investment funds, bringing 
to 48 the number of fends now under the bank’s 
administration. 


continued to undertake far reaching initiatives in order 
to offer to a continuously i n creasing international clien- 
tele a tailor-made banking service. In line with that 
commitment, BIL’s range of specialist services in- 
cludes: private banking, portfolio management, 
constitution of off-shore or holding companies, gold, 
bonds, deposits in eurocurrencies. 


I f inancial Hiiihli^hts I 

- in Lfrs million - 

per 30.12.84 - 

Lfre 100 = ± 13853 US $ 


1982 

1983 

1984 

Net Profit 

405 

458 

522 

Distributed profit 

160 

206 

- 260 

Net dividend 
per share 

Lfrs. 225 

Lfrs. 250 

Lfrs. 280 

Cash Flow*) 

2,392 

2,886 

3,339 

Total Assets 

•199,495 

216,569 

238,440 

Loans and advances 

56,346 

56,934 

58,392 

Due from banks 

108,116 

120,942 

128,235 

Due to banks 

34,668 

38,735 

33,443 

Customers’ deposits 

143,451 

158,335 

182,744 

Own resources inch 
borrowed capital 

4,831 

6,196 

6,427 


The bank’s international operations were backed by its 
representative offices in Singapore, London and 
New-York. BIL (Asia) Ltd, Singapore, a wholly- 
owned subsidiary specialized in international financial 
and asset management showed for 1984 quite satis- 
factory results. 

During 1984 BIL became a fell member of ABECOR, 
the world's largest banking group of its kind. 

Based on the favourable prerequisites governing the 
financial centre of Luxembourg, both for institutional 
investors and for high net worth individuals, BIL 


*) Net profit plus allocation for depreciation and provisions after 
deduction of the released portion of the previous years. 

The itemized balance sheet and profit and loss account are published 
in the "Memorial- Recueil Special des Societes et Associations du 
Grand-Duchc de Luxembourg". 



societe anonym e ■ founded 1856 
Luxembourg - boulevard Royal 2 
Telephone: 4 79 II Telex: 3b2 b bil lu 


• i . 


r 

/ 


/ 


DGZ International. 


Your link to 


the Euromarkets. 


DGZ International in Luxembourg, a wholly-owned subsi- 
diary of Germany's Deutsche Girozentrale - Deutsche 
Kommunalbank has a team of Euromarket specialists com- 
plementing the financing capabilities of the parent bank. 
DGZ International mainly concentrates its activities on money 
market trading and money market related credit operations. 
Foreign exchange dealings round off a comprehensive Euro- 
market service spectrum. 

DGZ International has been operating in the Euromarket for 
more than ten years, and it is recognized as one of the 
leading wholesale banks in Luxembourg. 

The Frankfurt-based Deutsche Girozentrale - Deutsche 
Kommunalbank is one of Germany's major banks, the 
member institution on the federal level of Germany's 
Savings Banks Organization. 



Deutsche Girozentrale 
International SA 


16, Boulevard Royal 
P.O. Box 19 
L-2449 Luxembourg 
TeL: 42471, Telex: 2841 


A SPECIAL REPORT ON LUXEMBOURG 


Bank Regulations 
Being Tightened, 
But Discreetly 


are 


LUXEMBOURG — Ai a time 
when the world's central bankers 
_ the Deed for greater 
and balances in internation- 
al financial markets coupled with 
banking liberalization ana diversi- 
Gcation* Luxembourg is discreetly 
putting the finishing touches toils 
regulatory system. 

As the country with the greatest 
banking concentration in the Euro- 
pean Conmnmity, Luxembourg’s 
119 banks also enjoy the most 
banking freedom, although the 
grand duchy over the last 40 years 
has been at great pains to define the 
parameters of orderly market con- 
ditions and ban king business. 

“The fundamentals of the regu- 
latory framework prevailing in 
Luxembourg have been virtually 
brought to completion now," said 
Pierre Jaans, director-general of 
the Luxembourg Monetary Insti- 
tute, which supervises banking in 


thegrand duchy. 
The at 


authority, which celebrates 
its second a nni v e r sa ry this June, 
sprang out of the Banking Com- 
mission es tablishe d by grand dura l 
decree in 1945 to protect savings 
and ensure compliance with laws 
and regulations related to fwmnrinl 
institutions and their operations. 

Since 1945, the oommissioa, fol- 
lowed by the institute, has been 


delegated a broadly defined role in 


the supervision of Luxembourg's 
financial markets, embracing con- 
trol of the credit market and for- 
eign flvfharny, legislation in mone- 
tary matters and the registration of 
securities. 

Commercial bankers of all na- 
tionalities operating in the grand 
dochy feel comfortable with the 
monetary institute's aims and ac- 
tivities, holding the director in con- 
siderable esteem for the authority's 
ability to act quickly and derisively 
when the occasion warrants it 

One such occasion arose out of 
the problems associated with the 
Banco Ambrosiano episode in 
1982. When the Italian hank ’s Lux- 
embourg holding company baited 
payment, the parent bank m Milan 
did not step in on the affiliate' s 
behalf and the Italian central bank 
refused to intervene. 

Although bolding companies did 
not fall directly nitn the commis- 
sion’s orbit, the hanking commis- 
sioner, as Mr. Jaans was known at 
that time, promptly issued an ulti- 
matum to all Italian finanrial hold- 
ing companies operating in Luxem- 
bourg: either provide a letter of 
guarantee from the parent bank or 
leave. 

The action, decisive as it was, 
helped to forestall farther disrup- 
tion on the unsettled money mar- 
kets and pnhanrwt Luxembourg’s 
reputation as a finaniral center 
where orderly institutional and 
market conditions were regulatory 
priorities. 

“Luxembourg’s banking super- 
vision is certainly not lax; that is 
documented both by day-to-day 
practice and by the prompt and 
strong reactions in situations that 
threaten to endanger the banking 
center,” said Ekkehaid Stork, man- 
aging director of Deutsche Bank’s 
Luxembourg subsidiary, citing the 
Ambrosiano case. 

The German banker also told a 
seminar recently that efficient, 
stringent hanking super vision in 
Luxembourg could not by any 
means be said to conflict with the 
principles of Liberality or pragma- 
tism. 

The banks’ freedom of action is 
not restricted any more than neces- 
sary; wherever possible, recom- 
mendations and gentlemen’s agree- 
ments are given preference over 
codified regulations. The laws, de- 
crees, injunctions and recommen- 
dations are not one-sided edicts im- 
posed from above, they are 
generally issued after in-depth dis- 
cussions among all involved,” Mr. 
Stork added. 

Cooperation between superviso- 
ry authorities and commercial 
bankers over a number of years 
paved the way for the single-debtor 
role. 

The measure, which went into 
force from January this year, speci- 
fies that in an intermediate three- 
year period aggregate lending of 


one bank or financial institution to 
a single entity or economic group 
should not come to exceed 50 per- 
cent of rite bank’s own funds, with 
the limit falling to 30 percent in the 
next two years up to the end of 
1989. 

plaining the move, Mr. Jaans 
said a first round of discussions on 
rules Urnhmg knns to a single debt- 
or to a proportion of a bank’s capi- 
tal and reserves had taken place in 
1981. 

The 1983 crisis at Schroeder, 
Mnenchmeyer, Hengst, a German 
bank that overstretched itself in 
problem loans to a failing German 
construction group, taught bankers 
ffrr* financial institutions run the 
greatest risks when exposure to an- 
gle borrowers becomes excessively 
large, and when regulatory systems 
prove inadequate. 

Thus, the Luxembourg banking 
community was already beginning 
to take rcgnlatcry steps to limit 

single-debtor exposure wdl before 

the troubles at Schroeder, one of 
the 30 German Hanks re pres ented 
in Luxembourg, came to light. 

Mr. Jaans the Schroeder in- 
cident enhanced bankers' state of 
preparedness for the introduction 
of the single-debtor limit in Lux- 
embourg. z Whfle the measure was 
not specifically prompted by SMH, 
it proved to be in the interests of aU 


to expedite the ruling," be said. 
-* With Schroeder’s I 


Luxembourg 
subsidiary, once the storm broke, 
the Monetary Institute took swift 
action to ensure that the bail-out 
operation by West German banks 
also encompassed the Luxembourg 
uniL 

“SMH was not a typical case of a 
bank stumbling over du s te r risks, 
but an example of a very specific 
policy pursued to meet a certain 
end and which would be pursued 
even if stricter regulations apply.” 
Mr. Jaans observed 
German banks, and automatical- 


ly their Luxembourg affiliates, now 
have to contend wim 


consolidation 
a revised 
banking act, winch also 
limits Single-debtor landing , so that 
the Luxembourg ruling applies 
only to those Hanks not included in 
the consolidated figures of a for- 
eign parent. 

Wi th the moves toward greater 
deregulation, the opening up of 
new markets and innovative fi- 
nancing instruments s w eepin g fi- 
nancial centers like London/New 
York, Tokyo, Frankfort and Paris, 
the question arises whether Luxem- 
bourg should follow suiL 
According to commensal bank- 
ers and supervisory authorities in 
the grand duchy, calls for liberal- 
ization have not arisen in view of 
the country's prior policy of finan- 
cial flexibility and supervisory 


here are always 
applied very flexibly; certain ex- 
emptions are always possible, 
though understandably there must 
be justification," said Jean Krier, 
general manager at Banque Inter- 
nationale & Luxembourg, now in its 
129th year of operations in the 
grand duchy. 

The abolition of wi thholding tax 
by countries like tbe United States, 
West Germany and France last 
year has faded to drive business 
away from Luxembourg. On the 
contrary, the move has brought 
more private customer b anking 
into the grand duchy. 

The growing diversification of 
Luxembourg banking away from 
an overriding dependence on 
wholesale business — particularly 
in the Euromarkets — mto private 
customer and commission busi- 
ness, has brought with it the need 
to clarify and augment existing reg- 
ulations. 

The mushrooming growth in 
banks' fiduciary and other off-bal- 
ance-sheet business has led to a 
clarification of the legal status sur- 
rounding such transactions, first in 
1982 and later in 1983, setting 
guidelines for the proper handling 
of fiduciary deposits. 

“Whereas it is quite dear that 
fiduciary business does not pose an 
insolvency risk to banks, there is a 
question of Handling nsje. a bank 
may be liable to mrshandlmg and 




rt.i.S .NT.* '■ 

Jjyr 



A H nmiHil in the the capital, above, Bekw, two views 
of centra! Luxembourg. 







/ . ..<* * 
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111 


1 


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fr.-’. 

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that risk we wish to avoid," Mr. 
Jaans said. 

While the growth in off-balance- 
sheet business has accelerated in 
recent years, spurred by (he prom- 
ise of increased commissions at a 
time when interest mar gins on Eur- 
omarket and other on-balance- 
sheet wholesale business grow slim- 
mer by the day, the expansion as 
yet has not proved of major con- 
cern to tbe Luxembourg authori- 
ties, Mr. Jaans said. 

The plethora of investment 
funds set up in the grand duchy 
after the law on bolding comi 
was changed in 1983, numl 

1 32 at the end of 1984 and exr. 

to reach 1 80 by tbe end of this year, 
is a phenomenon viewed by the 
Monetary Institute as providing 
good business to banks and, indi- 
rectly, to Luxembourg. 

The development, though brisk, 
is to be seen as another logical 
move toward diversification mto 
other banking areas," Mr. Jaans 
said. 

Other regulatory and deregula- 

tory provisions, such as a strength- 
ening of bank secrecy laws enacted 


in 1981. the removal of value-add- 
ed tax on gold and the absence of a 
withholding tax on nonresident de- 
posits, hove in their turn encour- 
aged the growth of private banking. 

Illustrating this development, 
Mr. Jaans noted that the ratio of 
private to bank liabilities has risen 
from 1 : 8 at the end of 1979 to 1 :4 aLf- 
the end of 1984. “It shows thar 
banks appear to have been success- 
ful in efforts to become less depen- 
dent on the interbank market and 
to diversify their funding struc- 
ture,” he said. 

“Such efforts are to be welcomed 
as contributing to a healthy and 
stable banking environment," Mr. 
Jaans said. 

Moreover, in a banking environ- 
ment where there are no minimum 
reserve requirements and where the 
solvency ratio between capital re- 
sources and aggregate liabilities is a 
low minimnmj percent but nearer 
4 percent in practice, the financial 
community nas sound reasons to 


fed at ease with the present liberal.,- 
riihout 


state of supervisory control wit 
daring to abuse it 

—MICHAEL METCALFE 


D 


a 


V 


Steel Recovers, Banking in Flat Stretch 


(Continued From Previous Page) 
purchasing power and in turn rekindle inflation. 
The mechanism, despite its inflationary tenden- 
cies, should hdp to speed up recovery in sectors 
closely related to growth in domestic demand, 
such as housing construction and consumer 
goods, areas that have been sluggish during the 
recession. 

The growth in e xp o r t in g sectors helped Lux- 
embourg to reduce its trade deficit slightly in 
1984 to about 22 billion francs from 1983 levels, 
winch had dropped to 24.7 billion from 22 & 
billion in 1982. 


Diversification into new markets and institu- 
tions has played its part in consolidating bank- 
ing activities, although with a share erf more 
thin 26 percent in gross domestic product, 
banking, insurance and finance combined al- 
most rival that of industry’s 293-percent share. 


Bank profits before provisions, after climbing 
.v •- peaking b 1983 at 68.7 billion 


This trading balance, which has been negative 
since 1975, continued, however, to be tilted in its 
favor by a hefty surplus in the services sector, 
primarily from placement and investment in- 
come generated by Luxembourg’s many banks. 

As well as banking, tourism tends to compen- 
sate for the trade deficit, and Luxembourg usu- 
ally notches up a healthy surplus on its current- 
account balance of payments. Last year was no 
exception, and the surplus in 1985 is forecast by 
the OECD to remain at around 25 percent of 
gross domestic product. 

Banking-sector activity, while remaining a 
key plank in the government’s platform erf eco- 
nomic redeployment, is beginning to show signs 
of flattening out The period of sta ggering 
growth, which, according to tbe OECD, aver- 
aged an annual 16-5 percent expansion in vol- 
ume between tbe 1970s and 1981, has slowed. 


in tbe early 1980s, 
francs and dropping to 67.9 billion in 1984, still 
account for a sizable chunk in tax revenue to tbe 
Luxembourg authorities, without which the Fi- 
nance Ministry would find it harder to balance 
income and expenditure. 

Moreover, as Banque Internationale a Lux- 


embourg noted in its 1984 annual report: “Hie 
s of the Lux- 


partial redirection of the activities 
embourg financial center has benefited employ- 
ment in the banking sector, which increased 
once again in 1984, going up by 358 to rear* a 
total of 9,382 persons employed in December." 

The numbers employed in the banking sector 
represent almost six percent of the grand 
duchy's total employment, compared with just 
3.7 percent in 1974. 


Curbing unemployment and bailing out the 
steel industry have left their dents in the grand 
duchy’s public finances. As government offi- 
cials concede, the rescue 
reason behind the budget 
years. 


is the principal 
iciis seen \n recent 


“Had it not been for additional expenditure 
pumped into restructuring the steel sector, the 


final 1983 budget might even have shown a 3- 
bfllion-franc surplus instead of the 2 -billion 
deficit that turned out," a Finance . Ministry 
official said. In fact, the 1984 budget returned a 
slight surplus. 

Stria budgetary control has been one of the 
watchwords of the former government, and the 
present a dmi nistration, under the continued 
stewardship of Mr. Santer, is maintaining this 
coiuse. submitting a draft 1985 budget (hat 
projects a small surplus of just imd«-r ] billion 
francs. 

The government will need all the revenue it 
can get in tbe future, committed as it is to a 
policy of industrial diversification without sell- 
ing out the steel industry. To achieve this, it is 
maintaining temporary indirect and direct taxes 

first imposed in 1983 until the steel sector is 
back on the right tracks. 

Since 1976, the grand duchy has followed an 
ambitious program to attract new industries in 
sectois ranging from high technology to ahuni- 
!““• As of the end of 1984, nearly 4,000 new 
jobs had been created by sane 58 firms ’ 
advantage of tax breaks and good inn, 
locations to set up plant in Luxembourg. 

The figures, although s mall in relative terms, i .. ' 
count for much in a small country of 999 square ‘ “ “ 
nnks (2^88 square kflometexs), where about 
2,780 unemployed make up 1.7 percent of the 
labor force and where “smallness" has never 
proved a handicap in coming to grips with 
pressing economic and industrial problems. 


i • 





r 




INTERNATIONAL HERALD TRIBUNE, MONDAY, JUINE 24, 1985 


Page II 


Do Funds Prefer 
Home-Style Haven 
In Grand Duchy? 



EDINBURGH’ — When inter- 
national food managers or Inves- 
tors arc comparing havens, Luxem- 
bourg can lose oat despite the 
strength erf its bank secrecy laws. 
Other factors — ran ging from a 
slow administration tn frig h fees, 
from differences In legal systems to 
memories of past scandal — often 
get in the way of Luxembourg's 
attractions. 

To quote one fond manager, 
whose group has danridkd several 
lands w faraway Caribbean Is- 
lands, he has rejected Luxembourg 
because “all I get Is harassment. 
They are nitpickers and make Hfe 
miserable because they warn Lux- 
embourg to be taken seriously, aid 
not just to be treated as a tax- 
haven. Yet when we really needed 
authorities, as in the Ambrosiano 
case, they were cot there, and told 
us Ve are only a haven.’ ” 

While this fund manager jj per- 
haps harshest of all about Luxem- 
bourg, other British managers 
funds also have bad difficulties 
with Luxembourg. John Wood, 
lawyer fee the fast-growing Dun- 
ay in 



Edinburgh, explained why his 
group’s offshore preferences are 
Bermuda and Guernsey: “They are 
reasonably dose to onr standards 
because the legal systems follow 
ours. You can’t even have a *urdt 
trust 1 in Switzerland ami I am not 
sure we would find a Luxembourg 
SICAV as attractive.” A SICAV is 
a closed-end fund which is publicly 
quoted in Luxembourg, hot, nnlflre 
British investment busts, it is re- 
deemable at asset value, not the 
quoted price. 

Another problem Mr. Wood 
cited is the “sheer legal costs, costs 
of mam taming a quote, COStS of 
prospectuses.” 

Mark Adam Parian, whose For- 
eign & Colonial Management 
Group is the oldest operator of 
investment trusts in the world, has 
three offshore funds — for Europe, 
Asia and America — operating out 
of Luxembourg. Yet Mr. Parian’s 
group decided not to use Luxem- 
bourg as the domicile for its new 
money-market and bond funds, 
and set up in Jersey instead. These 
funds allow investors to switch 
from one cmzeacy to ■nodyr and 
from long- to short-term. “Luxem- 
bourg couldn't do a nwltiriass 
share structure because under their 
country law H meant a long, drawn- 
oat affair, we were told by our 
Jawyere therc(Etvinger ^8: HossJ," 


Mr. Parkin said. “Our attitude is 
that if it was going to be that diffi- 
cult, we didn’t want to bother.” 

Another British fund manage 
said he thought that “getting a list- 
ing on the London stock exchange 
is easier to achieve than a listing in 
Luxembourg and means more to 
me.” fhi»mirf Islands funds allow 
British corporate tax refunds to be 
Hamu»d -Being a- telephone 
away means that local staff can be 
kept to a m i nimum, anting costs. 
Mr. Parkin said that he also feds 
that the secrecy and beater shares 
of Luxembourg create a problem 
far food managers who *do not 
know who- the shareholders are.” 
Not 'only is there danger of prob- 
lems with the-UJL Treasury over 
the bond fond — which can only be 
sold to non-Americans — but also 
“we can’: use the share register as a 
marketing tod.” To Mr. Parkin, 
too, “it is an undear grey area if 
Luxembourg counts as a recog- 
nized stock exchange if we want to 
market fords in Britain." 

Yet, for others, the Luxembourg 
tradition of bearer shares and its 
recent secrecy law are an attrac- 
tion. And because Luxembourg is 
in the Common Market — winch 
the CTtannri Islands are not, Japa- 
nese institutional investors may 
buy Luxembourg funds, but not 
Jersey or Guernsey ones. 

When Capital Preservation 
Fund was going international from 
its Palo AfroTCdifomia. home, it 
decided to put the offshore fund in 
Luxembourg to tap the Japanese 

instituti onal market And for mar- 

ensprcf erred tobs within the 
for its Capital Preservation Fund 
Inte rnational 

Luxembourg has a better ima ge 
than most island havens. “Luxem- 
bourg is the only EC tax haven,” 
to Seth Bernstein of 
serration. 

hen Credit Chimique of 
France was. seeking a site for its 
innovative open-ended mutual 
fund (denominated in European 
Currency Units, or ECUs), Luxem- 
bourg, which is an important mar- 
ket for the composite cunency, was 
considered. Bat, according to fund 
manager Xavier de Bayser of the 
Paris bank, another advantage of 
Luxembourg was that tuntike Jer- 
sey, we could set up a SICAV in 
Luxembourg. In Jersey we would 
have had to set up a mutual fund.” 

By n$mg the SfCAV model, the 
operators of the ECU-denominat- 



A SPECIAL REPORT ON LUXEMBOURG 


The Incentive System: More to Come 


Capital 

Whe 


ed fund, which is rei Hfri Monceau- 
Europe, can opt whether or not to 
redistribute income: if it is not dis- 
tributed to shareholders it can be 
reinvested automatically, thereby 
giving the fund an assured rale erf 
growth as long as it performs wefl. 
Then too, as Mr. de Bayser ex- 
plained, “it is possible to have a 
client in overdraft with the SI- 
CAV” In effect, the fund, which is 
aimed at corporate treasury and 
invitational accounts, will lend to 
shareholders who may have a 
short-term deficit in their accounts. 
Many U.S. money market funds 
also offer this option. 

Another French fund 5kes Lux- 
embourg precisely because erf its 
stock market tin k. UJ5L or ILK. 
authorities do not allow prices of 
funds to be set by the managers — 
on the baas of net asset value — at 
the sanre Hma supply and demand 
are wodripg. Unoer US. or British 
law, closed-end quota! funds often 
are quoted at a discount because 
fund managers cannot themselves 
operate to regulate the fisted price, 
as they do m Luxembourg. Still, 
bring quoted is a minkrting tool 

“Individuals cannot be solicited 
to invest in our fond in Belgium or 
in Germany,” said Jean Pierson, 
fund manag er of Coriexa, Interna- 
tional, a Luxembourg fund ran by 
France’s Paribas group. “But quo- 
tation gives us access to onr actual 
and potential clients in those coun- 
tries.” His group considered setting 
up in Switzerland rather than Lux- 
embourg when the fund was set up 
in 1980: “What we did in three 
month* would have taken US two 
years in Switzerland,” he said. 

Another Luxembourg advantage 
is that Luxembourg co mp anies or 


holdings are “a collateral base 
which you can borrow against,” ac- 
cording to Gilbert de Boiton, chair- 
manof Global Asset Management, 
winch has yet to benefit from that 
advantage. “This is not the case for 
holdings in Liberia or P anama. " 
GAM has three foods each in Ber- 
muda, Bahama and Curaqao, p fas 
six British funds, but none so far in 
Luxembourg. 

British Investment Trusts may 
and do borrow to provide capital to 
increase investments for their 
shareholders. 

Legally, U.S. citizens cannot 
seek Luxembourg fund ownership. 
Americans are not allowed to pur- 
chase funds whose prospectuses 
have not been approved by the U.S. 
Securities and Exchange Commis- 
sion. However, most Luxembourg 
funds will accept such investments, 
on condition that the paper trail is 
not direct; that means a check from 
a non-U-S. bank, a foreign address, 
a cut-out The only exceptions are 
funds rnnwt specifically at foreign 
purchasers of Treasury bids, like 
the Luxembourg Capital Preserva- 
tion Fund, or, for that matter, the 
Jersey Foreign & Colonial Reserve 
Asset Fond Ltd. 

Fra* Americans to bold such 
Treasury-bill funds not only vio- 
lates securities laws, it also is tax 
evasion — an even more serious 
offense when the funds are baying 
U.S- Treasury paper. Tax evasion, 
however, is why many investors go 
offshore in the fust place, so tor 
more widely-invested funds, there 
is a tendency to not question the 
investor too closely on nis national- 
ity- , , 

—VIVIAN LEWIS 


LUXEMBOURG — With its secure position 
among the wold’s leading financial centers, 
Luxembourg has learned to fine-tune its incen- 
tives to the rapid shifts in global borrowing and 
lending patterns. 

' With new investment instruments springing 
up through deregulation and liberalization, the 

S ind duchy’s 117 banks cannot afford to fall 
hind in the race to offer customers the best 
terms. 

“Our policy is, and must be. to develop spe- 
cial opportunities and to find special niches,” 
said Jean Krier, general at Banque 

Internationale k Luxembourg, one of the coun- 
try's three big domestic banks. 

The escalation in the number of new invest- 
ment vehicles, wMe offering clients a wider 
spectrum of funding possibilities, also has its 
inherent dangers in the threat of overshadowing 
more orthodox but tried and tested instruments. 

Luxembourg-based bankers, in recent inter- 
views, insisted that the general policy of banks 
oper ating in the grand duchy lies in fashioning 
an alliance between the more traditional finan- 
cial incentives av ailab le to customers and the 
dcw instruments emerging on the world’s finan- 
cial markets. 

In Luxembourg’s special case, the key ele- 
ment of its emgTgpnrg as an international finan- 
cial center was the ability to mold its market 
place to suit the shape of the forming Eurobond 
market and Euromarket during the early 1960s. 

In fact the name of Luxembourg became 
synonymous with Eurobonds. 

“As far as, at least, the initial stage of devel- 
opment of this banking center is concerned, I 


believe that it is intimately tied to the birth of 
the Euromarket and. particularly, the Eurobond 
market,” Edmond Israel, executive board mem- 
ber of Banque Internationale 4 Luxembourg, 
said. 

The incentives for Eurobonds were already in 
place in the grand duchy: the absence of any 
withholding tax on interest paid on foreign 
bonds out of Luxembourg; a stock exchange 
desisted from its creation in 1929 as a vehicle 
for the listing and trading of international secu- 
rities; and the presence of a number of banks 
with the expertise to act as paying agency and 
safe custodian of international securities. 

The incentives were in part responsible for 
the development of the Eurobond market from 
a total issue volume of barely 5300 million by 
1963 to a cumulative total of nearly S300 billion 
by the end of 1984. 

The compulsion to move with the times and 
to keep abreast of new developments by con- 
stantly ensuring that the right incentives remain 
in place has helped to keep Luxembourg in the 
top league of players in the Eurobond market. 

However, the task is arduous. Luxembourg’s 
market share in Eurobond issues, after slipping 
to I6J percent in 1982, has regained a firmer 
footing over the past two years, rising to 24 
percent in 1983 and 21 percent at the end of 
1984. 

In terms of total deposit volume in Eurocur- 
rencies, Luxembourg’s market share has shrunk 
from a peak of 11.4 percent in 1979 to a present 
8 perc e nt, though the rapid rise of the dollar 
against the Deutscbemark — in which almost 40 
percent of Euroloans extended by Luxembourg 


banks are denominated — has played its part in 
whittling down the proportion, bankers said. 

A potential threat to the incentives offered by 
Luxembourg in its role as a Eurobond market 
player — the abolition by the United States last 
year of withholding tax" at source on interest 
payments to U.S. nonresidents on securities — 
in fact failed to materialize. 

Whereas the American regulations required 
U.S. securities to be issued iu the name of the 
holder, Luxembourg’s strict bank secrecy laws 
continued to ensure that European investors 
enjoyed anonymity in their transactions, often a 
vital ingredient and powerful incentive in in- 
vestment portfolio management. 

The absence of any noticeable funds moving 
out of the grand duchy following the U.S. relax- 
ation, which was quickly followed by similar 
moves in West Germany and France, appears to 
suggest that the incentives Luxembourg offers 
in its handling of Eurobond business ore strong 
enough to withstand the pressures of officially 
sponsored liberalization and bank deregulation 
sweeping the major financial centers. 

Incentives, apart from the official tone of 
liberal banking prevailing in Luxembourg, also 
embrace the policies individual grand duchy 
banks pursue to win and mainmin customer 
confidence in the attractions of using Luxem- 
bourg for placement and funding purposes. 

For example, the growth or the European 
Currency Unit and the Luxembourg franc into 
major investment vehicles over the past two 
years has been the result of a concerted effort by 
(Continued on Next Page) 


Scoring Top Points in Secrecy Debate 

(Continued From Page 9) 

cret bank records in a civil law saiL 
Similarities outweigh differ- 
ences. Both codes are the only on<y 
in Europe that provide punishment 
by prison ana fine to any bank 


divulges information about a 
posit. In Switzerland, the penalty is 
six months prison and a fine erf 
50,000 Swiss francs for a knowing 
breach and 30,000 for an inadver- 
tent disclosure. In Luxembourg, it 
is right days to six months in prison 
and a fine up to the equivalent of 
50,000 Swiss francs. In both coun- 
tries, the offended depositor may 
also seek damage s in a civil suit 
against the offending hank employ- 
ees. 

In twnnvrrial disputes under 
civil law, whether conducted in 
Luxembourg or abroad, the Lux- 
embourg barit-c are under no obli- 
gation to provide information on 
clients except in cases of bankrupt- 
cy and attachment In Switzerland, 
much the same procedures apply, 
although different cantons have 
varying obligations for providing 
information in civil suits. In mat- 
ters of death and inheritance, the 
Luxembourg banks are not com- 


pelled to disclose the value of for- 
rign-beld accounts to survivors. In 
Switzerland, by comparison, the 
banks are compelled to give an ac- 
counting to the lawful heirs. 

Criminal procedure is almost 
identical in both countries. If the 
depositor has been charged with a 
felony, either in a local or foreign 
court, the banks can be command- 
ed to lift all secrecy from the ac- 
count of the accused. In the event 
of proceedings in foreign countries, 
however, both Swiss and Luxem- 
bourgers reserve the right to deter- 
mine whether the proceedings stem 
from a truly criminal act or wheth- 
er political motivations are deci- 
sive. In the latter event, both coun- 
tries reserve the right to refuse to 
allow their banks to cooperate. 

In tax matters, Luxemboinger 
and Swiss practices part company. 
In principle, both countries seek to 
resist the intrusions of foreign tax 
authorities and recognize only seri- 
ous tax fraud, and not mere tax 
evasion, as a p unishabl e nffma 
However, while Luxembourg re- 
mains undisturbed by pressures 
from foreign tax authorities, Swit- 
zerland for years was subjected to 


access to its banks to tax evaders 
and purveyors of night capitaL 
These pressures reached such cre- 
scendos with the United States in 
the late 1970s that Washington au- 
thorities were threatening to dose 
down Swiss banking operations in 
the United Stales unless the Swiss 
cooperated with UJ>. tax authori- 
ties. 

Faced with such penalties, the 
Swiss prudently decided to negoti- 
ate a treaty on mutual assistance in 
cr iminal matters with the United 
Slates. The pact went into effect in 
1977. Since then, the Swiss have 
taken a whole range of legal actions 
that, in effect, authorize Swiss 
banks to cooperate with foreign 
banking and legal authorities in 
combatting the misuse of Swiss 
banking by criminal elements 
abroad. One part of this movement 
has been an agreement among 
Swiss banks to refrain from accept- 
ing money either from a depositor 
or a fiduciary agent unless the bank 
can determine the true origins erf 
the funds and the actual beneficia- 
ry of the deposited money. 

Swiss bankers contend that these 
measures by no means represent a 
dismantlement of Swiss banking 
secrecy. Instead, they argue, such 


measures are a guarantee that Swiss 
secrecy will remain strong and du- 
rable. Their explanation is that if 
Swiss banks allow their rules on 
confidentiality to be used by crimi- 
nals and tax fraud perpetrators, 
both the Swiss populace and the 
international banking community 
will become so distrustful and en- 
raged at Swiss banks that they 
would lose their position erf trust 
both at home and abroad. 

And in that case, what mil be the 
value of banking secrecy? The an- 
swer. of course, is none. Although 
Swiss bankers are far too discrete 
to allow themselves to be quoted on 
the issue of Luxembourg’s claims, 
they do say, off the record, that 
Luxembourg can indulge in the 
luxury of crowing about its secrecy 
only because it is a relatively small 
financial center that has not come 
under the same stresses as Switzer- 
land. 

Furthermore, they point out that 
the crucial difference between 
Swiss and Luxembourg!? banking 
secrecy law is that Luxembourg law 
has not yet been challenged. If put 
to severe tests, the Swiss suggest, 
the Luxembourgeis might also be 
compelled to come to compro- 


A N 


ESTABLISHED 

COMPETENCE 


D 


eviating from the norm to achieve 
the exceptional. 



Behavioral scientists constantly 
confront the infinite diversity 
of human capabilities, lb test 
abilities and aptitudes, scien- 
tists rely on the normal curve 
and its most important prop- 
erty, the standard deviation. 

At Nikko, our experience 
indicates that the curve for 
international investment bank- 
ing shows a large standard 
deviation, depicting great dis- 
persion and heterogeneity of 
abilities. And we believe our 
capabilities place us at least 
two or three standard devia- 
tions to the right of the 
mean.’ 

\Gfe are a leading underwriter 
of corporate debt and equity 


securities in Japan, 
managing or comanaging 
more than V2.3 trillion in 
financings during the past 
year. 

are a prominent par- 
ticipant in the Tokyo capital 
market, managing or co- 
managing 4^ yen bonds issued 
for international entities 


amounting to ¥690 billion 
during the past year. 

\X-fe are a leader in the 
growing market for govern- 
ment securities in Japan, 
functioning as an underwriter 
and providing liquidity for 
investors worldwide. 

And we are gaining 
access to international 
capital markets for 

Japanese companies both 
large and small, managing or 
comanaging 106 securities 
offerings during the past year 
that raised far more than 
$4 billion. 

Nikko, an established 
competence in international 
investment banking. 


j 


NIKKO 

Nikko Securities 

S hin Tokyo B uilding . M, Miuunouchi 

3-chome, Chiyoda-ku, Tokyo 100, Japan 

The Nikko (Luxembourg) S.A. 

16, Boulevard Royal, Luxembourg, Grand-Duchy of Luxembourg 

TOKYO LONDON ZURICH GENEVA FRANKFURT PARIS COPENHAGEN BAHRAIN NEW YORK SAN FRANCISCO 
LOS ANGELES CHICAGO TORONTO HONGKONG SINGAPORE SYDNEY SEOUL 


Luxembourg - 
Eurobanking center 


The Euromarkets provide flexible means of financing to Trade, 
Industry and State entities. From Luxembourg, we offer our 
clients access to the international money and capital markets. 

Our experience in all sectors of Euro-financing, particularly 
with short- and longer-term loans in the major currencies as 
well as in deposit dealing and DM-bond trading, will help you 
carry out your projects. 

Financial highlights after more than fourteen business years of 
sustained growth. 

• Balance sheet total c. US$ 10 billion 

• Balances with banks from money-market transactions 
US$ 1.1 billion 

• Credit volume US$ 8 billion 

• Capital and reserves US$ 150 million 



Deutsche Bank 

Compagnie Financiers Luxembourg 

25, Boulevard Royal ■ Luxembourg 
Telephone: 464411 - Telex 27 48 

- a wholly-owned subsidiary of Deutsche Bank AG, Frankfurt/Main - 




•Page 12 


/ 


Cedel 

the dearing system 
meeting the needs 
of the international 
securities markets 



highly specialised computer 
technology 

• finance facilities, 
long and short-term 

• securities lending and 

borrowing service 

• primary and secondary 

market operations 

settlement in 26 currencies 
including ECU 



LUXEMBOURG 

67, Bd. Grande-Ducbesse Charlotte 


LUXEMBOURG- V1L LE 
B.P. 1006 
Tel.: 475931-1 
Teles: 2791/2/3/4 In 


LONDON 

REPRESENTATIVE OFFICE 


77. London Wall 
GB-LONDON EC2N IBU 
Tel.: (01) 628 0642 
Telex: 894 628 


NEW YORK 

REPRESENTATIVE OFFICE 


One World Trade Center-Suite 8351 
NEW YORK. N.Y. 10048 
Tel.: (212) 775 1900 
Telex: 324 172 


Founded bv the Market tor the Market 



HIGHEST BANK! 
EXPERTISE AT T 
SERVICE OF AN 
ITERNATIONAL CLIENTELE 


jtfou may place your confidence In a bank without; 
• a particular reason. But you may also,. when'. ’• 
choosing a^fnk, take the time to consider your.;; 
£ precise objectives. 



Accustomeflfe operating at an international level ' 9 . 
and profitirwrom Its establishment jflBice on 
the Africafll&ntinent, Banque Conti^Hle du 
Luxembourg opens vistas of many.aj^Bilities 
to private investors as well as to kj^Bional 
corporations.. .. 


Be it for private investments or fog 
credits, Banque Continentale du Li 
always in a position to propose art 
personalized solution 



Banque Continentale du Luxembourg, 
today's world complexity, makes it a poin* 
always take time to listen to you and find the; 
response to meet your needs. Banque Cohtii 
tale du Luxembourg welcomes a dialogue!;? 


We are ready to put our competence and nrv 
ir service. 




Banque Continent 
du Luxembourg S, 

2, Boulevard E.Servais, 1014 LuxemtH 
Telephone: 47 44 91 


The bank 




e-to-order flexibility. 


A SPECIAL REPORT ON LUXEMBOURG 



Wide Diversification of Funds 


LUXEMBOURG— Spurred by 
deregulation and competition in 
the world's major financial mar- 
kets, traders and dealers operating 
out of Luxembourg are not alone in 
learning that earning a living by 
iiahtrung reflexes and razor-sharp 
wits no longer suffices to stay one 


terns vary from bank to bank in 
Luxembourg, they have in common 
the aim to improve, diversify and 


step ahead. 
Deali 


ing in different time zones, 
swapping in and out of currencies 
at the mop of a dime, covering 
forwards and hedging spots, con- 
cocting currency cocktails and fix- 
ing bond prices at a moment's no- 
tice for the right customer at the 
right time — dealers are the life- 
blood of banks. 

But they also need arteries along 
which to flow. The Luxembourg 
market, like its counterparts in 
New York, London, Zurich and 
Frankfurt, has become aware of the 
need for electronic and computer- 
ized trading systems us act as con- 
duits for the efficient channeling of 
funds. 

Euroclear and Cedel, the two in- 
ternational clearing houses for Eu- 


Speed, refinement and diversifi- 
cation are the essential elements in 
the picture making up Luxem- 
bourg's rapidly changing trading 
patterns. 

Bursting out of its traditional 
mold as a purely Euromarket cen- 
ter, where commercial banks main- 
ly went about the business of ar- 
ranging syndicated credits. 
Eurobrads and traditional inter- 
bank transactions, Luxembourg 


que Internationale i Luxembourg. 
Now in its 129th year of opera- 
tions, it has built up an established 
track record in all tbc 
markets on tap in Lt 


first 


It participated as agent for the 
st Eurobond issue, a 53-percent, 


SI 5-million bond issue for Italy's 
i the 


robond trading, are well and long 
established in the; 


art of using high- 
powered centralized computers to 
process clients' transactions and 
communicate directly with trading 
rooms. 

Now individual banks are gear- 
ing their technical resources in- 
creasingly to the concept of an inte- 
grated electronic trading room, 
where information systems, com- 
munication modules, data flow and 
trading instruments combine in a 
single package for the dealers. 

Skandinaviska Enskilda Banken 
(Luxembourg), the Luxembourg 
subsidiary or the Swedish parent, is 
the lateslin a line of Luxembourg- 
based banks to introduce a fully 
computerized in-house system to 
combine all its electronic resources 
at the disposal of its trading opera- 
tions. 

As well as linking access to a 
continuous flow’ of instantly updat- 
ed information and news from such 
outlets as Reuters and Teiernte, the 
two computers at Skandinaviska 
calculate, process and amend in 
split seconds complex arbitrage, 
spot and forward quotations of all 
major trading currencies and their 
counterparts on the Euromarkets. 

The Luxembourg system is also 
linked to the major computer net- 
work at Skandinaviska s Stock- 
holm headquarters, providing in- 
stant communication with its 
central trading room. 

'We’re happy with the system as 
it provides us with a fast and effi- 
cient means to best service our in- 
ternational clients," said Guntur 


Die Luxembourg 
market has become 
aware of the need for 
computerized 
trading systems to 
act as conduits for 
the efficient 
channeling of funds. 


Autos trade, which launched 
Eurobond market in 1963, now 
grown to reach a record new issue 
volume of S77.1 billion equivalent 
at the end of 1984. 

It has also been prominent in the 
emerging ECU and Luxembourg- 
franc markets, with the bank's gen- 
eral manager, Jean Krier, noting 
that one of Banque Internationale's 
prime aims was to increase the pro- 
portion of the bank's management, 
either as lead manager or co- man- 
ager, in the Eurobond sector, par- 
ticularly in the ECU market 

Commenting on the Eurobond 
market in 1984. the bank's annual 
report for last year stated: “As in 
the two preceding years, we ob- 
tained our best results in the ECU 


has sought to diversify more into 
the fields of private Hanking . 

With this development a shift in 
emphasis has also taken place on 
the trading-room floor. Instead of 
focusing resources primarily on in- 
terbank market transactions, act- 
ing on behalf of large corporate 
clients, sovereign borrowers and in- 
stitutional investors, banks are also 


offering trading services for the in- 


dividual clients. 

A multitude of trading instru- 
ments are available Tor Luxem- 
bourg banks — and indirectly their 
clients — to choose from. 

The spectrum ranges from ortho- 
dox currency- related vehicles such 
as floating-rate Eurodollars. Euro- 
pean Currency Unit, certificates of 
deposit and deutscheraark-denom- 
inated Eurobonds, to more com- 
plex deals on lire commodities and 
precious-metals markets, as well as 
in the options and financial futures 
areas. 

As one dealer at a West German 
bank in Luxembourg commented: 
“If it moves, trade it" 

The escalation of the number of 
trading vehicles has opened up new 
financial possibilities, often blur- 
ring (he traditional contours of 
banking and merging to entice the 
borrower and lender to take or 
place funds. 

“While the benefits to the indi- 
vidual customer are numerous, it 


sector. 

“Luxembourg bonks have partic- 
ipated more and more actively in 
the arrangement, and in the man- 
agement, of ECU issues.'' Mr. 
Krier noted in a recent interview, 
citing as an example Banque Inter- 
nationale’s lead management of a 
35- mini on -ECU eight-year issue at 
9 percent for the international fi- 
nance arm of Philips, the Dutch 
electronics firm. This was the first 
of its kind for a large European 
industrial company. 

On the Luxembourg-franc bond 
market. Banque Internationale 
managed five public issues and. in 
addition, was joint lead manager 
for five other issues, as well as ar- 


ranging three private placements, 
of Eui 


The list of Euroissues in which 
Banque Internationale held a mar- 
ket increased to 208 in 1984, com- 
prising 1 IS issues in dollars and 90 
issues in ECUs. 

It together with the olher do- 
mestic Luxembourg banks, also in- 
creased its activity in the secondary 
markets of the Eurobond sector, 
engaging in the underwriting and 
placement of these bonds as well as 
trading of these securities on the 
secondary market. 

The Luxembourg stock market 
also provides a forum for trading in 
Luxembourg In 1984, it had hith- 
erto unmatched intense activity, in 


particular on the primary market. 
According to officii ‘ 


Oteson, managing director of Skan- 
dinaviska’s Luxembourg opera- 


has become a difficult task simply 
trading 


uons. 


Although the computerized sys- 


to choose from one menu of trading 
delicacies now on offer," a Luxem- 
bourg banka- said. " - 

One of the leading players in the 
Luxembourg trading arena is Ban- 


ficial figures, the 
number of admitted quotations 
reached 519 last year, compared 
with 351 in 1983, including 469 
loans, 36 investment funds and 14 
stocks. 

Trading volume grew by a total 
18 percent in 1984, with Fixed-re- 
turn securities up 17.3 percent on 
1983 levels, while turnover in 


The Incentive System: More Is to Come 


(Continued From Previous Page) 
Luxembourg-based banks to ac- 
tively promote the two currencies 
in die field of private banking. 

The European Currency Unit 
has rapidly emerged as much more 
than a mere artificial accounting 
unit, finding its way into a thriving 
interbank market made up of about 
200 commercial banks and volume 
estimated at around 10 billion 
ECUs by the end of 1984. More- 
over. short-, medium- and long- 
term ECU loan markets have 


cies, with the aim of reducing the 
possible repercussions that the 
movement in the value of a single 
national currency could have on 
the well-being of the Eurobond 
market overall. . 

Such composite currencies in- 


cluded Special Drawing Rights, 


corporate and government fixed- 
rate bonds to floating rate notes, 
convertible bonds and common 
stock, is viewed among bankets as 
an increasingly popular induce- 
ment to draw private investors to| 
the Luxembourg market. 


European Composite Units and 
European Units of Account, all of 


raa! 


The development of portfolio 


turopean Units of Account, all of 
which found a specialized niche but 
failed to gain tne prominence that 


sprung up. 

Public issues of ECU-denomi- 
nated Eurobonds have swelled 
from a total issue volume of S207.7 
million equivalent in 1981 to more 


than S2 billion issued in 1984. 


“The background to all this: is 
that to develop a new investment 
instrument a lot depends on the 
r icy that is followed by the banks 
and that is applied to the market." 
Mr. Krier said. 


gam tne prominence 
ECUs have won in European inves- 
tors' portfolios. 

Another incentive to trading in 
these basket currencies is that al- 
most all the issues in one or another 
of these units are quoted on the 
Luxembourg stock market, en- 
hancing its role as an exchange for 
internationally traded securities. 


itnent, as well as the brisk 
in investment funds, reflect 
another logical move by banks to- 
ward diversification into olher 
banking areas and can only be wel- 
comed as providing another incen- 
tive to attract investors to Luxem- 
bourg," said Pierre Jaans, director 
genera] of the supervisory Luxem- 
bourg Monetary Institute, in a re- 
cent interview. 

On the official side, the strength- 


Wiih ihe intention of providing a 
further inducement to tne diversifi- 


ening of bank secrecy laws enacted 
emoval of value- add- 


“If. for instance, the banks pro- 
mote with their customers a formu- 
la like the ECU. then we have no- 
ticed from our own experience that 
there is a very large potential 
growth, and Luxembourg banks, in 
particular, over the years have con- 
siderably promoted' the ECU with 
their customers, with growing and 
considerable success." the banker 
added. 


cation of the ECU market, Banque 
Internationale a Luxembourg in 
February last year launched certifi- 
cates of deposit with relatively low- 
issue unit values to attract private 
customers. 


in 1981, the rem 
ed tax on gold trading and the 
absence of a withholding tax on 
nonresident deposits, have also 
provided important incentives to 
draw funds. 


The incentive on the part of Lux- 
embourg banks to promote the 
ECU and the Luxembourg franc 
has found tangible expression in 
ihe growing numbers or fees and 
commissions flowing in from pri- 
vate and institutional investors in 
Switzerland. West Germany and 
France, whereas past investor in- 
terest was largely confined to the 
Benelux area. 

As part of its incentive policy. 
Luxembourg as a financial center 
has played a major role in creating 
and fostering new monetary units 
running parallel to national curren- 


“These certificates were made as 
flexible as possible, our bank hav- 
ing undertaken on the one hand to 
buy these securities at any time at 
the day's rale and on the other 
hand to offer the possibility of re- 
demption at due date for instal- 
ments due before final maturity," 
Banque Internationale said in its 
1984 annual report. 

Moreover, this year the bank will 
offer its diems the first travelers’ 
checks in ECUs. This, together 
with the fact that the unit is now 
officially quoted in Paris. Brussels. 
Rome, Milan and Copenhagen, 
suggests that the ECU is rapidly 
assuming the role of a genuine and 
widely used European currency. 

In the other areas of incentives, a 
number of financial arrangements 
await the investor. The presence of 
portfolio management resources, 
covering anything from short-term 
deposits, certificates of deposit. 


Moreover, legislation permitting 
banks to carry fiduciary deposits 
from large customers on an off- 
balance-sheet basis serves as an in- 
centive for Luxembourg banks to 
buQd up their business in this field 
and compete with Swiss counter- 
parts, which have had massive fidu- 
ciary deposit inflows swell their 
off-balance- sheet transactions in 


recent years. 


Interest and currency swaps, 
which allow borrowers the flexibili- 
ty of raising fixed-rate funds to 
swap debt with other borrowers 
raising floating rate money, often 
involving several currencies and in- 
terest rate permutations, as yet 
have not proved a specialty of the 
Luxembourg market. 

However, hankers added that 


these swaps and the burgeoning 
market inEuronoie issuance facili- 


ties should prove further incentives 
assuring Luxembourg's future as a 
major financial market plac e. 

— MICHAEL METCALFE 


/' 


■ & 


stocks, investment funds and share 
certificates rose 20.7 percenL 

The official Luxembourg stock- 
market quotation comprised 2,712 
securities at the end of 1984. com- 
pared with 2,070 at the end of 1983, 
representing more than 1.000 issu- 
ers from 70 countries, and the fig- 
ure of 3,000 listings in securities is 
expected to be exceeded during this 
year, share analysts forecast 

New Lux em bourg-franc bond is- 
sues admitted for quotation last 
year totaled 14, amounting to I \2 
billion francs, the highest total 
ever. 

Trading in Luxembourg, then. 


has broadened and deepened its 
range of activities, particularly as 
the diversification into private 
hankin g has grown to open up new 
horizons in bank strategy and man- 
agement 

Bonds, for example, can either 
be viewed as a long-term invest- 
ment resting in the books of banks 
on behalf of individual clients, or 
they can be placed in the trading 
portfolio of the individual bank! 
trading on a regular basis on the 
secondary markets available in 
Luxembourg. 

Portfolio management covering 
any thing from short-term deposits. 


certificates of deposit, corporate 
and government fixed-interest 
bonds to floating-rate notes, con- 
vertible bonds and common stock, 
can be geared to meet the individ- 
ual customer's needs by trading the 
investments on all the major stock f 
exchanges, including that of Lux- : 
erabourg. 

By switching the funds generated 
by the investments from one mar- 
ket to the other, not only is the rate 
of return assured for the investor in 
most cases, hut also the bank tran- 
sacting the trading stands to gam in 
commission and fees. 

— MICHAEL METCALFE 




The Duchy Makes Letzebuergesch Official 


(Continued From Page 9) 
Digest, and a j unior-y ear-abroad 
program run by Miami University 
at Oxford, Ohio. And there is a 
“proletarian novelist," Guy Reven- 
ing, according to a promoter of 
Luxembourg culture and language, 
Jul Christopheiy, the National Li- 
brary director. About 250 bodes 
are published each year in the 
grand duchy (not counting EC pa- 
perwork) and about 15 or 16 each 
year are in Letzebuergesch. 

One of Mr. Christ ophaVs own 
articles, republished in 197 b in his 
collection of essays. The Luxem- 
bourgers in Their Own Words," at- 
tempted to show the affinities be- 
tween Lfitzebuergesch and En g lish, 
which occur often where a corre- 
sponding New High German word 
does not exist Cap, h*m, plow, 
oats and cabbage hod, daw and 
wick (more or las) sound the mme 
in LStzebuergesch. 

Other English borrowings in- 


clude Gillette (for a nonelectric 
shaver) and buggy (for a railroad 
car). Yet as Mr. Chirurtophery ad- 
mits, these gmnari ties are not 
proof of a common linguistic heri- 
tage so much as accidents. 

In areas formdy ruled by the 
grand duchy, and stripped away by 
avaricious neighbors (like Louis 
XIV or Leopold I of Belgium), dia- 
lects related to Lfitzebuergcsch are 


Chancellor Helmut Kohl but 
known, they could have opted to 
avoid via ting Bitsburg’s now-nmo 
nous cemetery' f° r fear, not of SS 

graves, but of offending Luxem- 
bourg irredentists. 




still spoken in the countryside to- 
day. hi Thio 


To quote the Lfitzet 
epic, “Renert," by Michd I 
(published in 1872). most Luxrn- 
bourgers would not want to trouble 
their neighbors: 


ThionviUe, France, a group 
of parents have chosen to educate 
char children in something they 
call frandque, which they are the 
first to admit is nothing but Lfctze- 
buergesch. Half of the Belgian 
province of Luxembourg still con- 
tains people who speak Litzebuer- 
gesch. 

The German natives of Rhine- 
land-WestfaHa, to a point some- 
where to the east of Bitburg, also 
speak a variant of Letzebuergesch. 
Had President Ronald Reagan and 


Blaus dot, wat brenff at Nofzat, 


dai hale mir fir weis; 

1 och beim Champagner, 


Fransous 

beim Rh&inwOln si mer finis. 

Or, in Mr. Christopbery’s trans- 
lation: 

Only that which increases our 
stock 

We do dunk wise and humane: t 

Although French when sipping 
champagne, 

Germans we are when tasting 
hock. 


Lr.r 
•x: 
s if 


* —VIVIAN LEWIS 



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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 13 


A SPECIAL REPORT ON LUXEMBOURG 


The Crown Prince Is Also 
A 'Financial Ambassador’ 


LUXEMBOURG — Prince 
Henri, crown prince of Luxem- 
bourg and duke of Nassau, is 
the grand duchy’s financial am- 
bassador. 

The prince, as chairman of the 
12-member Board of Economic 
Development for the past two 
years, promotes Luxembourg's 
business and banking attractions 
abroad. 

“ft is difficult for a smali coun- 
try like ours because we are sm a l l 
and can’t be present everywhere, 
so we need the help of local 
friends,’* Prince Henn said in an 
interview. 

He said Luxembourg was 
“aiming mainly at two countries, 
the United States and Japan." He 
recently visited the United States, 
Japan and Sweden. The board 
has offices in'New York and To- 
kyo. 

‘The second U.S. office will be 
in California, because Calif ornia 
is a place where business is being 


done.” he said. “We haven’t de- 
cided yet if it will be in Los Ange- 
les or San Francisco.” 

The board aims to bring new 
diversified investment to Luxem- 
bourg. “We are interested in fi- 
nancial investment." the prince 
said. “Luxembourg is known as a 
financial center. But, we can’t be 
totally dependent on finance, just 
as before the 1970’s we were to- 
tally dependent on steel So, we 
are trying to diversify, in attract- 
ing industries also.” 

“We are trying to attract small- 
er high-tech and even low-tech 
industries^ . .Weare seeking elec- 
tronics and biotechnology com- 
panies both in the United States 
u nd Japan.” 

The prince, who is 30, graduat- 
ed with honors in political science 
and economics from the Univer- 
sity of Geneva. 

“There is nothing unusual 
about my role because many oth- 
er monarchies are doing the same 
thing,” he said. “1 am thinking of 



Prince Henri of Lux e m bourg 


FovAxd 


Albert of Belgium or Henrik of 
Denmark. It is normal that I 
should play a more active role in 
promoting my country. And be- 


ing royal opens doors. After all 
people are interested in seeing 
what a prince is like." 

— VIVIAN LEWIS 


Time Off: Vianden ’s Window on History 


VIANDEN — “Before long, the 
whole of Europe will visit Vianden. 
this jewel set in its splendid scen- 
ery, characterized by two, both 
comforting magnificent de- 
ments: the sinister nuns of its for- 
tress and its cheerful breed of 
men,” Victor Hugo wrote in 1871. 

An international banker visiting 
Luxembourg, with a few hours* re- 
spite w31 find it easy to hire a car 
and make the 30-kuometer (19.6- 
mtie) trip to Vianden. 

The proximity of this tittle town. 


Taking One’s Time With the Local Cuisine 


! ./ ; . LUXEMBOURG — A Luxem- 

bourg proverb notes that “Good 
. j J c ; cuisine is quickly eaten up, a tod 

” x ' “• • one even more rapidly." With their 

food, the Luxemburgers know how 

- - to take their time. 

■■ - At the confluence of two cul- 

tures, French and German, Luxem- 
- bourg cuisine combines the finesse 

of French cooking with the ample 

— • portions of German fare. 

• — Visiting businessmen and inter- 
national bankers coming to Lux- 
aUiiJin l if, erabourg like to frequent three of 

* Idfl 1 till ’^I'h i |h. the grand duchy’s main restaurants 
“° **1 — Saint Michel Clairefontaine 

....... and Au Gourmet 

All of them share the attraction 
of good wine cellars, collected over 
^ several decades, and a cuisine that 
1 hold its own with some of the best 
in neighboring France, Belgium 
and Germany. 

The ambience at these restau- 
rants. especially at lunchtime, is 

; conducive to bankers' banter; the 
surroundings are tranquil but the 
service is speedy, efficient and un- 
obtrusive. Although a large propor- 
, don of their clientele is made up of 

bankers in transit, the restaurants 
are also frequented by resident 
Luxembourgers and the large inter- 
. . national communi ty from the mul- 

tinational o rganizatio ns that are 
based there. 

The menu, particularly those ca- 
■ -Bering to the lunchtime business 


it- : 


W-; 


crowd, is light but substantial, with 
heavy sauces and filling dishes kept 
10 a minim um. 

According to Gault MTU an , the 
magazine on French cuisine. Lux- 
on bourg fare is “sturdy, honorable 
and just a little on die conventional 
ado” 

If there are national dishes of 
Luxembourg just as snails and coq 
au vin are associated with France, 
steak and kidney pie with Britain 
and schnitzel with Germany, then a 
good place to find them are at Res- 
taurant du Commerce in the old 
section of the city of Luxembourg. 

Located on the leafy Place 
d'Annes, where brass bands play 
and Luxemburgers promenade, the 
restaurant is full to overflowing at 
liinrfitimg. Smoke and the smeu of 
pork cooking hang heavy, while 
sturdy and burly locals dine. 

The portions are huge and leave 
little room for deliciously light 
pastries and quetsch tans. Special- 
ties of the boose are pork dishes, 
certainly the natio nal meat of the 

grand dochy. 

Official statistics show that the 
Luxembomger consumes lyeaxfy an j 
avenge of 15 kflos (165 pounds) 
of butter, 85 titers (22.1 gallons) of t 
milk, 57 kflos of bread, 29.2 kilos of t 
beef, 6 kflos of veal 42-5 kilos of 
pork, 129 liters of beer and 41.3 
titers of wine. 

One of the country's fish special- 


ties is unite fared e Grand- Du- 
chesse, stuffed trout in a wine 
cream sauce; served with a dry Lux- 
embourg while wine, such as a 1 982 
WormeMangc Nussbanm nesting. 

Saini-Michd run by Pienick 
and Lysiane GinDou, carries the 
distinction of being the only Lux- 
embourg restaurant awarded two 
stars in the French Michetin 
guides, with no one Luxembourg 
«aiing place »<radaded the maxi- 
mum three stare. 

Located on a bend in the narrow, 
win ding Rue de T Fau, Sainl-ML 
chd offers excellent turbot and 
salmon more in the tradition of 
French cuisine than that erf Luxem- 
bourg fare. 

The same applies to Margot and 
Tony Tintiugeris Qairefontame, 
which opened last November in a 
restored and refurbished former 
merchant’s house faring Notre- 
-Dame Cathedral- Their Osh speci- 
alities include trout and sole. 

The third establishment, run by 
Mrs. Jules Werner, is a more tradi- 
tional restaurant in a house dating 
to 1673, located just behind the 
Place d’Armes. 

Furnished with dark oak panel- 
ing and plush dam-red velvet, Au 
Gourmet over the past 40 years has 
offered its clients a sedate setting 
for a seasonal blend of domestic 
and French-inspired dishes, rang- 
ing from local jellied pigs trotters to 


Burgundy sriaflu, from truite aux 
herbes fraiches to l'entrecote au 
Roquefort. 

The trout, clean and white- 
-fleshed, is served an a bed of green 
herbs, in rinding parsley and cher- 
vil 

A crisp white local wine, either of 
the Elblmg or Rivaner variety, pro- 
vides a natural complement to the 
dish 

According to Pol Touscb’s code- 
book, “Le Lwre de la Cuisine Lnx- 
embourgeoise,” published in 
French and Genian by Verlag 
Wolfgang Hoelker in 1980, pike is 
also ascribed a worthy place in 
Luxembourg cooking. 

Tradition has it that in the first 
half of the 18th century, Grtgoire 
Schouppe, Abbot of Ecflicmacn on 
the Luxo- German border, dis- 
patched two of his monks on a 
spying mission to the monastery at 
Orval which had gained a name for 
superb fish recipes, according to 
Mr. Tonsch’5 bode. 

Pike was also used ground up 
and added to warm beer to cure 
fever among the sick, the author 
adds. 

If all this does not strike your 
fancy, Luxembourg also offers red 
mept including jugged hare during 
the hunting season, and calf s liver 
dumplings served with sauerkraut 
and potatoes. 

—MICHAEL METCALFE 


made famous by Hugo, who was 
exiled there, lends itself readily to 
the kind of excursion that a tight- 
scheduled burin ess trip could al- 
low. 

The house where Hugo lived 
from June 8 to August 22 still 
stands, housing the poet’s furni- 
ture, letters, documents and sketch- 
es of dmi tmre 

Even if this town of 1.500 inhab- 
itants cannot boast the whole of 
Europe on its doorstep, it has its 
fair snare of viators, proving one ol 
the biggest tourist attractions in the 
grandduchy. 

Nestling on a bend in the river 
Our, looking out on valley slopes 
speckled with vacation cottages to- 
ward the border with West Germa- 
ny, Vianden rests comfortably in 
the lap of the forested Ardeanes- 
Eifri region. 

Despite the «m»H electronics 
companies and a huge hydroelec- 
tric power station complex on its 
outskirts, tire 1,000-year-rid town’s 
largest single source of income is 
tourism. 

The lack of large-scale industrial 
development has preserved the 
charm of the rite, studded with me- 
dieval bouses and churches in hnes 
of brown and yellow. 

Spring is a good time to stroll 


with its wooden altar carved in 
1758 by three local artisans. 

Other attractions in tire old town 
include a former plague chape] now 
used as a sacristy and the Church of 
Saint Nicholas with its fine ba- 
roque altar and cross-ribbed vault 
of late Gothic design. 

A reminder of less peaceful times 
is the town’s new bridge across the 
Our. built in 1949 to replace the old 
stone bridge blown up by German 
troops as that retreated from Gen- 
eral George S. Patton's U.S. Third 
Army in tire closing stages of 
World War U. 

Now, 40 years later, small groups 
of American and German veterans 
strolled through the streets of Vian- 
den, reliving past campaigns, de- 
feats and victories over krugs of 
local beer and beakers of ice- 
cream. 

But it is the castle at Vianden 
that overshadows a£L The largest 
and best-restored of Luxembourg's 
myriad medieval fortresses, the 
stronghold’s oldest pans date to 
the 10th century. 

During its 1,000-year history, the 
castle has witnessed wars, fires and 



The castle at Vianden. 


earthquakes, exchanging hands nu- 
merous times until 1820, when its 
then owner, William L King of the 
Netherlands and Grand Duke of 
Luxembourg, pm it up for public 
auction, seven years later to be clas- 
sified as a min. 

It was ceded to the state by tire 


present Grand Duke Jean in 1978, 
and systematic reconstruction has 
restored a large measure of the cas- 
tle's former austere splendor, while 
bringing it up to date with facilities 
such as a concert hall, conference 
center and exhibition area. 

— MICHAEL METCALFE 


Banking: In Search of Brand Image? 



town. 

Below tire fortress is the Squat 
Tower, its enunbting battlements 
dating to the 12th century, and be- 
low that winds the Grand’Rue, the 
■main artery of Vianden's historic 
rid town, lined by a croaked row of 
houses once owned by the local 
nobility. 

The town hall dating from 1469, 
is one of the oldest of these bouses 
still standing, while annth^- houses 
V iand en Museum, displaying fur- 
niture, utensils, tools, ornate chim- 
ney-pieces cast in the 16 th and 17 th 
centuries. 

The Grand’Rnc also has an 
apothecary shop of 1475, lined with 
stone mortars and pestles, scales, 
burners and bellows used to con- 
coct Medieval brews. 

.. On this street there is also the 
Qunch of the Holy Trinity, which, 
in.ftie early Gothic style of 1248, 


(Continued From Page 9) 
data from the Institut Moneiaire 
Luxembourgeois. 

Even the European currency 
unit, an instrument invented in 
Luxembourg, is beginning to out- 
grow this marketplace. Last month, 
an institution not even present in 
Luxembourg, Credit Suisse-First 
Boston, lean managed its first ECU 
band, 200 million for New Zea- 
land. Paribas placed an ECU issue 
for an Australian bank with Japa- 
nese investors through its Hong 
Kong office. Credit Suisse's Lon- 
don branch, the fastest-growing 
ECU dealer, has lured away the 
chief ECU bond dealer of the lead- 
ing Luxembourg ECU house. Leon 
Kirps of Kreoietbank Luxem- 
bourg. In 1985, Luxembourg will 
not match its 1984 success with the 
ECU — its bank bong in the syndi- 
cation of every issue in tire compos- 
ite currency, its stock market listing 
every single new public issue. 

To make up far its sinking share 
of Eurobond business, the authori- 
ties are trying to make this a fund- 
management center. Under a two- 
year-old law, there are 132 
Luxembourg mutual hinds, with 
just under 400 billion Luxembourg 
francs under management. Luxem- 
bourg has twice as much mutual 
funds money now as two yean ago, 
before the taw was passed — and 
mutual funds had to be incorporat- 


ed under the old holding company 
law. 

Yet, the largest Luxembourg 
funds are losing place to competi- 
tion from their home market. The 
dominant mutual funds here are 
Italian, and under a new law, Ital- 
ian investors can buy mutual shares 
at home, something they are doing 
in overwhelming numbers. Accord- 
ing to Sole 24 Ore, a Milan publica- 
tion, Italians had already invested 
1.165 trillion tire in 25 newly estab- 
lished domestic mutual funds by 
the dose of 1984. Since then, 
through the end of April the Ital- 
ian investment in domestic mutual 
funds has increased fivefold in four 
months, to top 6.663 trillion lire. 

The effect has been to diminis h 
the amounts available from Italy 
for investment in Luxembourg 
funds The leading mutual fund 
group from Italy in Luxembourg, 
operated by Islituto Mobiliare Ita- 
liano, managers of Fonditalia and 
Interfund, alone accounts for half 
the total invested in Luxembourg 
mutual funds, 51.2. billion at the 
dose of 1984. Since then, with the 
rush to invest in domestic funds, 
the Mobfliare’s Luxembourg mutu- 
al funds have actually had a decline 
in their volume of managed funds. 

But for the Mobiliare’s funds, as 
for most other “money managers” 
in Luxembourg what is happening 
in the grand duchy ix mostly ad- 
ministration. Research and deri- 


sions on where to invest mooc>- are 
done at home or in a third country 
with the investment analysts that 
Luxembourg lacks. 

Yet. while active portfolio man- 
agers are still thin on tire ground in 
Luxembourg, there are some signs 
•hat some of the personalities you 
expect in an international banking 
center are coming to the mini- 
country. Although regulation is 
still handled with a light touch by 
the Institut Moneiaire Luxembour- 
geois — a sort of combination of 
the U.S. Federal Reserve, the 
Comptroller of the Currency’ and 
the Securities Exchange Commis- 
sion — that body is growing. 

Now that Luxembourg has hired 
opinion pollsters, their findings are 
to result in a public-relations pro- 
motion campaign by the Bankers’ 
Association to try to make Luxem- 
bourg better known and to improve 
its image. 

All eight of the leading interna- 
tional auditing firms are now in 
Luxembourg. Native-born lawyers 
these days are turning out Euro- 
prospectuses as obscure as those 
written by En glish or American- 
trained lawyers. And as the bank- 
ing community grows denser, Lux- 
embourg is converting more 
residential apartments and town- 
houses to banks and offices — and 
developing a nasty international- 
style real estate mentality to match. 












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German Banking Presence 
Is Expected to Continue 


: LUXEMBOURG — The gover- 
nor of the Bundesbank, the West 
German central bank, used the oc- 
casion of the 300th anniversary of 
the Berlin Stock Exchange to 
squelch rumors that he would allow 
Germans to have U.S.-type Inter* 
national Banking Facilities, similar 
to offshore banking units, in their 
own country. 

The May 7 remarks of Karl Otto 
POhl led to a Frankfurter AHge- 
mejne Zeituog headline summing 
up bankers' disappointment: “Lux- 


hanking in Frankfurt, as well as 
Berlin. 

“Innovation in financial markets 
based on foreign models must be 
3hded wherever it could lead to 
weakening of the effectiveness of 
monetary policy, which in my view 
would happen were we to give into 
the pressure for creating a ‘free 
trade zone’ for banking," Mr. POhl 
said. “ We cannot lightly undertake 
liberalization that risks endanger- 
ing our most vital monetary policy 
instruments." 

Germany, therefore, is not; 
to allow domestic intemauc 
banking centers such as exist in 
New York or London. 

Among those disappointed are 
advocates or a homecoming of the 
German banks from the Euromar- 


kets like Walter Siepp, head of 
Commerzbank. Ana Mr. PdhJ 
turned down the arguments by 
Rainer Scb&ffer, of Dnesdner Bank, 
who wrote an article concluding 
that H a free zone for foreign money 
(Hi Federal Republic soil has only 
advantages ana no disadvantages." 

As a result, the representatives of 
the 28 German banks in Luxem- 
bourg have unpacked their bag- 
gage. Real-estate agents in the 
banking belt in the Tamms moun- 
tains. outside of Frankfurt, will not 
be able to raise their prices. Twenty 
years of tradition for German 
banking in Luxembourg will not 
end. 

This is a relief for Luxembourg 
since German banks dominate its 
banking sector, both in numbers 
and volume, and account for about 
half the aggregate balance sheet to- 
tals. The mare is the currency of 
dearly 40 percent of all bank claims 
in Luxembourg, whereas it is only 8 
percent of the business of banks 
worldwide reporting to the Basel- 
based Bank of International Settle- 
ments. 

Most German banks in Luxem- 
bourg do wholesale banking, al- 
though like other banks, they are 
increasing their services to retail 
customers. In their Euromarket 
business, German hanlrg are taking 
up notions and vehicles and instru- 


ments developed in other Euro- 
centers. 

In fact, Mr. POhl’s negativism 
about offshore banking in Germa- 
ny is parity a reflection of his dis- 
like of thee new instruments. He 
has stated reservations about vari- 
able rate notes, swaps, zero-coupon 
bonds and other tactics for banks 
to Ond a way of getting their inter- 
est-rate risk off their balance 
sheets. His distaste, he has said, is 
based on potential interference 
with monetary policy — and ap- 
parently on prudence. But to the 
extent that risky instruments are 
confined to Luxembourg, while 
subject to Goman consolidation 
and banking ratios, Mr. P6hl may 
tolerate them. 

Leaving German banks the off- 
shore opuon may be a tactic to 
prevent “contamination" of the 
German system by “technique? 
and operations of a different psy- 
chology," said Volker Burghagen. 
ray- managing director of Dresdner 
Bank in Luxembourg. 

“The Bundesbank has not yet 
reacted to undrawn lines and li- 
quidity guarantees" and other off- 
sheet financing, according to Ekke- 
hard Storcfc of Deutsche Bank. “It 
is not clear what percentage you 
should include in your capital ratio 
for consolidation" under either 
Luxembourg or German rules, he 
added. “My concern is not Jaans 



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[bead of the Institut Monfetaire 
Laxembourgeoisel; the first danger 
is FdhL" 

But tbe most important forbid- 
den games German hankers {day in 
Luxembourg is dealing in the Euro- 
pean Currency Unit. “German in- 
terest is actually stimulated be- 
cause it is verbatim," according to 
Wolfgang Spehr, managing direc- 
tor of the Westdeutscbe Landes- 
bank subsidiary. “The more the 
Bundesbank talks down the ECU, 
the more German curiosity in- 
creases." 

Yet the excitement about tbe 
possible repatriation of German 
banks to their homeland is not 
without importance in the country 
where they are staying. “Talk about 
an International Banking Facility 
in Germany, which I don't expect 


to happen, has made the tax au- 
thorities here think," Mr. Bargha- 
gpn said. “It wQ] mean no tax pres- 
sure on loan provisions.” 

Mr. Storck, whose Deutsche 
Bank pioneered the no-profit tactic 
in 1979-1980. thinks all the rumors 
have helped the authorities in Lux- 
embourg to become “pragmatic." 
While admitting that Deutsche 
Bank is provisioning champion in 
Luxembourg, he insisted that “we 
would follow the same policy in 
Germany." 

While German banks have used 
provisions to cut corporate profits 
and taxes, they have not done ev- 
erything they might have to take 
advantage of all Luxembourg tax 
loopholes, in the view of one Ger- 
man banker, Jflrgen Fdrsier of 
Warburg. Brinckmann. The rule al- 


lows banks to switch to their borne 
currency from Luxembourg francs 
without taxation of the paper prof- 
its from the switch. In his view, 
there is no risk that the German 
mark will ever fall against the Lux- 
embourg franc, which is not the 
case for other currencies like the 
dollar. German that have 

been in the grand duchy 20 years 
could switch their accounting cur- 
rency and turn papa profits into 
reserves or capital without taxes. 
But they have not all done so — the 
way Warburg, Brinckmann ba& 

Among the German banks still 
accounting in Luxembourg francs 
are Berliner Handels- und Frank- 
furter, Bank fur Gemeinwirtschaft, 
Deutsche aud Dresdner. 

—VIVIAN LEWIS 


LUXEMBOURG — About 6 
percent of Luxembourg’s P9P“?‘ 
non, including foreigners, work in 
the credit sector, a rise of 50 per- 
cent from the levels of a doadc 
ago. And leading this growth is the 
number of women managers. 

Luxembourgeoise managers or 
credit institutions numbered only 
10 a decade ago* and today there 
are 41; Foreign women managers, 
who had five top jobs a decade ago. 
today number 43. (The total num- 
ber of managers is 1.100, just under 
700 of whom are foreigners.) 

The woman with the highest 
number of people working under 
her is probably Kaye Wiltshire, 
vice president and general manager 
of Merrill Lynch Europe's branch 
in Luxembourg, with a Stan 1 of 16. 
A close second is Alix Moris, a 
Luxembourgeoise, who represents 
the Istinito Mobiliare Italiano mu- 
tual funds in Luxembourg, with a 
staff of nine. 

Not surprisingly, both women 
are in investment banking, the fast- 
est-growing part of the financial 
sector in Luxembourg, far outstrip- 
ping the Eurobond market The 
very name of Merrill Lynch makes 
one think of Wall Street invest- 


Nordic Bonks Carve Eurobanking Niche 


LUXEMBOURG — Nordic 
banks, which with 16 subsidiaries 
in Luxembourg form the second 
largest regional contingent after 
the West Germans, have proved 
adept in carving out a niche in the 
world of Eurobanking. 

Rather than taking on larger and 
more powerful banks in the scram- 
ble to gain footbolds in evenr as- 
pect of the rapidly changing ftnan- 
dal markets, banks from Denmark. 
Finland, Norway and Sweden have 
tailored their corporate polides to 
meet a specialized customer de- 
mand. 

The strategies vary from bank to 
bank. In Luxembourg, they contin- 
ue to go it alone, becoming increas- 
ingly well-equipped to reap the re- 
wards from whatever custom-made 
business they have built up. 

The factors behind the policy 
shift toward banking specialization 
are two-fold and go a long way 
toward explaining why the Nordic 
banks steadily have built up their 
presence in the grand duchy ova 
the past decade. 

Firstly, most Nordic countries 
during the 1970s prohibited domes- 
tic banks from extending foreign- 
currency loans to domestic corpo- 
rations. With the growth of the 
Nordic region as an economic enti- 
ty, fuded by cal riches in Norway’s 
case and by Sweden’s rapidly 
emerging multinationals, banks felt 
compelled to set up Luxembourg 
units to book such loans. 

With the onset of bank deregula- 
tion and financial-market liberal- 
ization, which swept all the Nordic 
countries during the first half of the 
1980s, the rules have mainly been 
removed, compelling the Luxem- 
bourg subsidiaries to look for other 
areas of business. 

"Tbe initial reasons why we 
came to Luxembourg no longer ex- 
ist and there was a need to find new 
business," said Gunnar Olsson, 
managing director of Skandina- 
viska Enskilda Banken (Luxem- 
bourg), the Luxembourg subsidiary 
of the Swedish parent. 

As long as no short-term com- 


press for new loans* Skandinaviska 
embarked on a new phase in its 
Luxembourg operations. 

It fine-tuned its customer base to 
the Benelux area, which ranks fifth 
to sixth in terms of Swedish ex- 
ports. concentrating its resources 
on servicing the financial needs of 
the 150 Swedish subsidiaries in the 
Netherlands and the 100 in Bel- 
gium. 

“We can offer them medium- 
term credit lines, guarantees and 
short-term business on very com- 
petitive terms,” Mr. Olsson noted. 

In addition to this vital facet of 
Skandinaviska’s operations, it has 
also come to gear its resources to 


Changes in Euromarket patterns, the move 
into new investment instruments and the 
progress made by the Luxembourg center 
at large to shift its emphasis on wholesale 
hawlnng more toward private-customer 
business, have helped Nordic banks force 
the pace of their restructuring. 


onto its books 
trade and corpo- 


office, 
strai, 

rate loans. 

As the regulatory climate 
changed in Sweden, and as Swedish 
corporations, after two years or ex- 
cellent profits, became highly liq- 
uid and no longer felt the need to 


Danish nonresidents living off their 
invested income. 

With deposits of amounts as low 
as $4,000, assets placed with Privat- 
banken in Luxembourg, for exam- 
ple, are free from income tax, with- 
holding tax, inheritance and wealth 
duties, capital-gains tax and other 
taxation. 

The first Danish bank to start 
operations in Luxembourg, in 
1976. Privatbanken also offers time 
deposits in most of the major cur- 
rencies, investment in securities! 
and predous metals as well as fidu-j 
riary transactions. 

Danish banks' Luxembourg 
units are also finding the growing 
interest in mutual investment funds 
a lucrative source of income in the 
private banking field. 

Provi as banken International 
The second factor behind tbe (Luxembourg), the wholly owned 
general policy shift toward banking subsidiary of one of Denmark’s 

Dazuke Pro- 
custodian bank to 
investment fund 

group. 

The Norwegian banks in Luxem- 
bourg have also found it profitable 
to branch out into private areas, 
although servicing corporate needs 
still remains an important part of 


the Luxembourg capital market, 
participating in a number of pri- 
vate placements and public bond 
issues denominated in Luxem- 
bourg francs. 

The Luxembourg unit, together 
with the European Currency Unit, 
are emerging as key currencies in 
the plethora of funding instru- 
ments that make up the Euromar- 
ket picture in the grand duchy. 

Beside these aspects, Skandina- 
viska also engages m the traditional 
funding vehicles for its credit port- 
folio, such as foreign-exchange 
trading and arbitrage. “Our policy 
is to try to be the most professional 
bank in Swedish-related trade, and 
cow that our network is bull up, 
our aim is to service clients on an 
international basis,” Mr. Olsson 
said. 


Nordic hank force tbe pace of ibe first bank in tbe Nordic area to 
their restructuring. set up a wholly owned subsidiary in 

Of the five Nordic countries, Luxembourg, opening up Chris ti- 
Denmark and Norway have pa- ania Bank L u xe m bourg in May 
haps proved the most active in re- 1573- , „ , , . 

structu ring their Luxembourg affil- The three Norwegian banks in 
hues to iafr<* adv antage of the Luxembourg, Christiania, Den 
changing conditions in the interna- Norske Crediibank and Bergen 
i inn a I finanri.il markets over the Bank, were joined by a fourth earli- 
past two years. er this year, when FeUesbanken 

Privatbanken, Denmark’s oldest (Union Bank of Norway) set up a 
commercial bank, has found it wh °Ily owned subsidiary, 
more compelling than before to fo- Before it decided to strike out 
cus much of the activity of its Lux- alone. Union Bank was a share- 
embourg subsidiary on servicing holder in the Luxembourg-based 
the financial needs of private cli- join* ven * ure Banque Nordcuropc, 
cuts, including large numbers of which offers Nordic and northern 

European clients a range of fund- 
ing. 

Finnish banks are also well rep- 
resented in the grand duchy, in- 
cluding subsidiaries of Kansallis- 
Osake-Pankki and Union Bank of 
Finland, which primarily serve 
Finnish corporate clients expand- 
ing their activities overseas but 
which also participate actively in 
the Eurobond markets. 

For the Swedish banks, includ- 
ing Skandinaviska, Svenska Han- 
delsbanken and PKbanken, main- 
taining subsidiaries in Luxembourg 
means primarily meeting the fi- 
nancing requirements of Swedish 
companies and their network of 
subsidiaries abroad. 

As Skandinaviska's Mr. Olsson 
noted, this can take the form of 
acting on behalf of Swedish compa- 
nies as co-lead managers of private 
placements and pubhc bond issues 
denominated in Luxembourg 
francs or European Currency 
Units, as wdl as trade financing 
and credit lines. 

—MICHAEL METCALFE 


mem, and the Milan Firm's Luxem- > ; 
bourg mutual funds are 40 percent 
to SO percent invested in equities. 

Unlike classic bonking and the 
narrow world of bond-dealing, U is 
probably easier for women to oper- 
ate in the less stuffy world oT shares 
and options, of portfoUo-buiidiflg. 

Miss Moris is, in fact, a super- 
administrator, moving funds in and 
out of currencies at dizzying speed 
But rite admits that Istituto Mobi- 
liare Italiano in Luxembourg is a 
hit of a sham. 

“Officially, all investments art 
done here, all telexes to buy and 
sell an from here," she said. "The T . 
head has to be in Luxembourg for 
tax reasons and the board of direc- 
tors must meet here." 

Miss Wiltshire also heads an op- 
eration that handles more adminis- 
trative detail than risks. “Our ana- 
lysis are in New York," she said. 

The Luxembourg Merrill office 
acts as a liaison with local banks, a 
transmission belt for ideas and or- 
ders between Luxembourg and the 
markets of the rest of the world. 

"I came here with a specific job, 
to serve institutions with equity 
and bond sales,” she explained 
“The bulk of our business is in 
shares." She feels, too. that “the 
Luxembourg banks appreciate us. 

They are happy to nave a local 
office with updated information." 

Aagaoftne success of the Wilt- 
shire approach has been the growth 
in the number of people waking 
under ha since she set the office up 
three years ago. Miss Withshhe. 
who is British, was moved from the 
Merrill Brussels office to run a staff 
of five; today, there are 16 persons 
in the office and presumably a vol- 
ume of business to justify 1 the num- 
bers. She feels that the trend to 
bigger volumes will continue. “Tbe 
banks made their business with de- > 
posits, but as rales of interest fall, C- 
they will have to move into the 
equity's market” she said. 

When Merrill opened its office, it 
was the only brokerage house in (he 
grand duchy, apart from what Miss 
Wiltshire described as “a one-mm 
office with a secretary linked to 
Bear Steams." But since then, an- 
other American brokerage house, 
Pnideatial-Bache, has opened in 
the Old Gty and it recently got 
permission from the authorities to 
add a separately incorporated bank 
to its Luxembourg presence. 

Miss Wiltshire has problems get- 
ting banks to use new instruments. 
“Getting a futures account past the 
directors of one or another of thes*/’- __ 
banks may lake months — but they 
are accepting options. They will 
buy OEX stock index puts.” 

An innovation in the Merrill 
Lynch office has been the amal- 
gamation of the “back. office" with 
sales. Because of problems with li- 
aison between sales-supporl per- 
sonnel and the actual brokers, die 
Merrill system tries to avoid a gap 
by having an administrative person 
ritting next to every sales person. 

Knee here as elsewhere the former 
are usually women and the laser., 
men, the office has a nicely inte- 
grated look. 

— VIVIAN LEWIS 


i i 


a" 

Sr" • 
Hi.-' 

«‘. 
iir 
!'•: ’ 


A?,' 

fcROK. - 

fLIL.i- 

x 



in the grand duchy in particular. 

Changes in Euromarket pat- 
terns, the move into new invest- 
ment instruments and the progress 
made by tbe Luxembourg center at 
large to shift its emphasis on whole- 
sale banking more toward private- 
customer business, have helped 


their operations. 

Christiania Bank of Norway was I 


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and there is no with- 
holding tax on interest 
or dividends. 

4. Luxembourg is a stable 
prosperous financial 
cqntre in the heart of 
European Economic 
Community. 


.1 


Mail thncMoan lor yaurnuL- 

gwi * international and ^ 

fessoai Banking bi Luxembourg" to m 

^ REDIT and Commerce 
I NTCRNATION AL S.A. &SS5 ffiBUMS 


A Subsidiary of Prudential-Bache Trade Corporation 
Wholly owned by The Prudential Insurance Company of America 


Name- 


Address. 


Phone 

IHT24/6 








INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 15 


■I’Piiit s 


A SPECIAL REPORT ON LUXEMBOURG 


ro^ Duchy Seeks Wider European Broadcasting Bole 


By Amici Komel 


kin 


■ - - - 


. . 

_ ; 


LUXEMBOURG — Eager to 
expand its broadcasting activities, 
Luxembourg's media giant, the 
Compagnie Lux em bourgecrise de 
Telediffusion. or CLT, has pro- 
. posed taking over the operation of 
France's national private television 
channel. Canal Plus. 

The company's interest in Canal 
Plus, already widely rumored, was 
officially confirmed in recent inter- 
views with top officials. The CLT*s 
readiness to join forces with the 
struggling French pay-TV station 
underscores Luxembourg's wish to 
be a dominant force in European 
television broadcasting; Canal 
Plus's emitters will cover 90 percent 
of France by the end of the year, 
more than any of the three national 
television networks. 

“We at the CLT believe we could 
be an operator of Canal Phis, a 
partner in the future," said Gnst 
Graas. the managing director of the 
Compagnie Luxembourgeoise de 
T&ledimision. “It could be a sdu- 
* lion for us and for Canal Plus." 

Canal Plus, launched by Havas 
ConseiJ last year, has had difficulty 
■ attracting subscribers. It is 
, France's first privately owned lele- 
. vision station. 

Mr. Graas stressed that the pro- 
. posal was “only a hypothesis” and 
that the Luxembourg company had 
not yet entered into negotiations 
. ' with Canal Plus on the subject. 

The development is the latest 
. episode in Luxembourg’s struggle 
to expand its television activities. 
Luxembourg wants to be a “Euro- 
pean pole" of broadcasting, said 
. Raymond Kirsch, director of the 
. Treasury and president of the So- 
dttfi Natiooale de Credit et Inves- 
tissemenL 

Concerned by the economy's re- 
liance on international banking, of- 
ficials are seeking to buttress the 
country's position as a communica- 
’ lions center. “The banks could 
leave tomorrow," commented Lu- 
den ThilL editor of the D’Letze- 
burger Land, a weekly newspaper. 
“So we have to find another mar- 
ket, and that market is the new 
media." 

The Luxembourg economy 
needs “a second leg” to stand on, 
he said. The country’s overreliance 
on the steel industry in the 1970s 
taught it about the need for eco- 
nomic diversification, he said. 

The Compagnie Luxembour- 
geoise de Telediffusion, most coro- 
. monly known by its trade name, 
. Radio-Tele- Luxembourg, or RTL, 
has earned considerable revenue 
for Luxembourg over the past 20 
years. In 1984, the company earned 
- 1.01 billion Luxembourg francs in 
profits and paid 1.78 billion Lux- 
embourg francs directly to the state 
L’p the form of taxes and licensing 
aces. This figure, 2.4 percent of the 
government’s revenues, makes the 
CLT Luxembourg’s No. 1 taxpay- 
er. 

Earnings grew by 11.9 percent in 


1984 to 10.78 billion Luxembourg France, they could not earn enough 

\e their 


francs. Annual profits regularly ex- to make their television efforts 
ceed 10 percent of revenue, a figure profitable, 
in tine vmh the earnings ratio of the Apparently, the Canal Hus pro- 

major U-S- media groups. posal could answer those concerns. 

So far. most revenue has come 
from radio advertising. But recent- 
ly RTL began aggressively develop- 
ing its television broadcasting ac- 
tivities. Four million viewers watch 
programs daily in eastern France, 

Luxembourg and Belgium, accord- 
ing to company figures. 

In late August. RTL Plus, oper- 
ating in a joint venture with the 
German publishing group Bertels- 
mann, will begin transmitting via 
the European communications sat- 
ellite to German households. 


Bui to succeed in European tele- 
vision the CLT most rapidly extend 

Concerned by the 
economy’s reliance 
on international 
banking, officials are 
seeking to buttress 
die country’s 
position as -a 
communications 
center. 

its coverage further, officials said. 
‘Television is the future," said Mr. 
Graas. He said that potential reve- 
nue from television is much greater 
than that offered by radio. 

For political and economic rea- 
sons, France is the biggest and 
most important partner that the 
CLT must woo. French companies 
control a majority of CLT shares. 
The company's biggest shareholder 
is Havas Consol, which is 51 -per- 
cent owned by the French govern- 
ment. Malta. Schhnnberger, and 
the Banque de Paris et Pays Bas, aD 
French, also have important shares 
in CLT. 

What is more, tbe French market 
could represent 1.5 billion francs of 
potential revenue, according to 
CLT officials. Due to a penury of 
audiovisual media in the past, 
French television advertising ac- 
counts for only 17 J percent of ad- 
vertising spending, co mp ared to 30 
percent in Britain and 42 percent in 
Italy. Money-making opportunities 
will abound as French projects to 
expand the country's communica- 
tions infrastructure through cable 
and satellites develop. 

The proposal of a rapproche- 
ment with Canal Phis was motivat- 
ed largely by a recently released 
report on the French audiovisual 
industry. The so-called Bredin re- 
port, commissioned by the French 
government, proposes the creation 
of two national private television 
stations in France. Luxembourg of- 
ficials fear that faced with compet- 
itors for advertising revenue in 


“Canal Plus is the key to audiovisu- 
al broadcasting in France," said 
Mr. Graas. 

There are good reasons why tbe 
French might be motivated to ac- 
cept a partnership with CLT. Canal 
Plus is losing money. The Havas 
link in both companies assures con- 
tinued French control of the sta- 
tion, while putting it into the hands 
of Europe's most successful broad- 
casters. 

Yet complications remain. CLT 
does not want to get involved with 
a pay-TV station. Any agreement 
would have to transform Caml 
Plus into a direct competitor of the 
national slate-owned television sta- 
tions. 

Officials also are wary of an ar- 
rangement LhaL might leave most 
advertising revenue on the French 
side of the border. 

“If the CLT becomes involved 
with Canal Plus," Mr. Kirsch said, 
“it most be careful not to block the 
future. There are schemes whereby 
revenue could be kept in France." 

Negotiations with the French 
government, cut off in November, 
are expected to resume “very 
soon,” Mr. Graas said. 

Tbe Canal Hus proposal is only 
the latest episode in Luxembourg’s 
struggle to expand its television ac- 
tivities. 

In 1981, the government of 
Pierre Werner shocked France and 
the CLT with the announcement of 
the GDL satellite project. The 
grand duchy hftgpm examining the 
feasibility of launching a satellite 
that would broadcast television di- 
rectly to European homes equipped 
with receiving dishes. A concession 
to develop the project was granted 
to Coronet a company run by an 
American, Clay Whitehead, which 
included U.S. companies as minor- 
ity shareholders. 

Fears of a “Yankee menace” 
rocked French officialdom, and the 
project was quickly dubbed the 
“Coca-Cola satellite." Political re- 
sistance took its toll and Coronet 
was dosed down in Febniary, os- 
tensibly due to a lack of investors. 

Luxembourg eventually was 
constrained to sign an agreement to 
lease two transponders on France's 
TDF1 satellite, scheduled for 
launch in July 1986. The agreement 
was viewed as crucial to the surviv- 
al of the French sateffite, which had 
come under attack due to its high 

OOSL 

But Luxembourg has not aban- 
doned the idea of launching its own 
satellite. A new company, the So- 
dfete EuropAene des Satellites, SES, 
was formed March 1 to explore' the 
project’s posabQilies. 

Some observers doubt that Lux- 
embourg ever plans to follow 
through on the project. “I don't 
believe in a Luxembourg separate 


system," said Andrea Caruso, sec- 
retary genera] of Paris-based Emd- 
sat, the European letecomraunica- 
tions satellite organization that is 
run by the post offices. “It is one 
ihing to talk about a satellite and it 
is another thing to implement it. 
The difference is about 350 million 
[French] francs." 

“There are games being played,” 
Mr. Caruso said. “Some are jnst 
paper satellites, maneuvering 
tools.” 

The GDL project, countered 
Corneille Brock, president of the 
cTEpargne de i'Etat and 


idem of SES. “was conceived 
from the beginning as a reality and 
it remains a reality." 

. “! can assure you formally," said 
Mr. Kirsch. who was the govern- 
ment liaison for Coronet, the earli- 
er GDL version, “that it was not 
the conception of the government" 
to use the satellite as a bar g a inin g 
tool in negotiations with the 
French. 

Nevertheless, Mr. Brock ac- 
knowledged that “as long as you 
have a Luxembourg project you are 
in a position of force. ...Otherwise 
the others dictate the terms." 



'H i • --V‘ ‘ •• 


ft sH the adYant$j 
1 bank account in ^ 
(EMB0URG wi* 

natty bt^ng 



JtatJkfTt PoxfcnJ 


Street map shows the capital and smTOtawfing areas. 


BAYERISCHE LANDESBANK 
AGAIN A STRONG PERFORMANCE 



• Balance Sheet Total rises to DM 104.8 billion 
• Operating results reach new record level 
Net Profit up again 

• Foreign bond syndications double 
London,- New York and Singapore branches strengthen 
their position 
• Broad commercial paper activity in New York 
Bayernlux Balance Sheet Total: DM 9.1 billion 




Highlights from the Balance Sheet as of December 31,1984 


Assets 

(in DM million) 

Liabilities 

(in DM million) 

Cash 

758.3 

Due to banks 

26,466.4 

Bills 

306.6 

Other creditors 

10,437.9 

Due from banks 

29,115.1 

Outstanding debentures 

42,247.4 

Treasury bills and other securities 

3,671.4 

Loans on a trust basis at third-party risk 

11,441.3 

Due from customers 

47,842.4 

Provisions 

660.1 

Loans on a trust basis at third-party-risk 

11,441.3 

Nominal capital 

850.0 

Participations 

517.5 

Published reserves 

1,626.0 

Land and buildings 

546.8 

Profit 

59.5 

Other assets 

2,143.5 

Other liabilities 

2,869.4 

Assets of Landesbausparkasse 
(Building and Loan Association) 

8,482.0 

Liabilities of Landesbausparkasse 
(Building and Loan Association) 

8,166.9 

Total 

104,824.9 

Total 

104,824.9 


Head Office: Bnenner Strasse 20, 8000 Munchen 2 


Tel.: (89) 21 71 -Ol.Telex: 5286270, Cables: Bayembank Munich 
Branches: London, TeL: 7 26-6022; 


Singapore, Tel.: 2 22 69 25; New York, Tel.: 310 -9800 
Subsidiary : Bayensche Landes bank International S. A 


(Bayernlux). Luxembourg, Tel.: 47 5911-1 
Vienna, TeL: 6631 41; Johannesburg, Tel.: 8381613 




Bayerische Landesbank 

International Banking with Bavarian Drive and Friendliness 


Banque Indosuez 
in Luxemburg. 


/> 


f. . ^ 

* .* • - '• 


Banque Indosuez Luxembourg has been esta- 
blished in Luxemburg since 1970. 

This subsidiary is part of the bank's comprehen- 
sive international network now covering 65 countries: 


as 


Western Europe, North America, Asia- Australasia, the 
Middle East... Banque Indosuez is present in all the 
major international financial centers to give you the 
green light for business. 


BANQUE INDOSUEZ 

Head office; 96 boulevard Haussmann, 75008 Rails. Luxemburg : 39 aHee Scheffer - LuKemburg TeL 47.67.1 -Telex 1254 SUEZ LU. 



. ■ L , J gC 








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Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


A SPECIAL REPORT ON LUXEMBOURG 


Statistics on Bank Earnings Reflect Slight Profit 


LUXEMBOURG — Last win- 
ter, for the first time, Luxembourg 
authorities published statistics chi 
global bank profits. The figures re- 
vealed what observers of the grand 
duchy have long suspected: if you 
confine your aueation to the bot- 
tom line and the taxes paid on 
profit, banking in Luxembourg 
barely pays. 

Luxembourg banks earned gross 
margins of just under 1 percent in 
1984. according to a report pub- 
lished by the Instiiut Monetaire 
Luxem bourgeois. The report was 
based on 1984 data and on results 


for 92 percent of all Luxembourg- 
banks. 


based 

Net profits were 0.26 percent of 
their total footings — after provi- 
sions but before taxes — in 1983, 
rhe last year for which data were 


available And. the before-taxes 
profitability of banks is sinking, 
and in 1983 amounted to half of tbe 
relative level of 1979 and one-third 
that of 1977. The corporate taxes 
that banks have been paying also 
has declined, and in 1983 amount- 
ed to 8.2 billion francs — a level 
unchanged for three years despite 
the volume increase in the same 
period. 

For their parent banks and the 
tax collector, it would seem, the 
banking business in Luxembourg 
does not pay. Why then, do banks 

rush to set up in Luxembourg? 

In facL the low net profits of 
banking in Luxembourg do not 
have anything to do with poor 
banking margins or high intermedi- 
ation costs. Rather, they reflect the 
banks’ right under Luxembourg 


law to put away large sums of mon- 


ey for loan-loss provisions, thereby 
cutting both profits and taxes. 
These sums can be invested for a 
nice yield and are only taxable — 
without penalty — when die loans 
they cover finally are repaid. 

Using provisions, banks cut tax- 
able profits. Tbe rate of net new 
provisions in 1983 was 52.6 billion, 
while net profits came to only 7.9 
billion — all perfectly legal in the 
grand duchy. Among German 
hanks, like Cie. Finanriere Luxem- 
bourg de la Deutsche Bank or Ce. 
Luxembourg eoise de Dresdner 
Bank, it has become something of a 
tradition to show no net profits at 
all by the simple device of putting 
all available profits into the provi- 
sions covering international credit 
risks. 


When you reach a certain 
point in life, you need a personal 
bank account in Luxembourg. 


There are substantial advantages in having a bank account in the Grand 
Duchy of Luxembourg. .Advantages of which you may not yet be aware. Advantages 
which could prove extremely useful to you. Luxembourg has developed into a 
major financial centre. It has the reputation for political stability and economic 
prosperity. The Luxembourg branch of The First National Bank of Boston (one of 
the top 20 U.S. banks) has recendy produced a brochure with the aim of making 
these advantages known to you. Its potential value cannot be calculated. 

Send for it today. 


PRIVATE 


BANKING N USHENIBCUnG 


•ACS 


PRIVACY: Confidentiality enforced by Luxembourg law. Page 2. 
TAX ADVANTAGES: Luxembourg is tax free for non-resident 
depositors and investors. Page 2. 

PERSONAL ATTENTION : Multilingual staff. You will know the 
name of the officer directly responsible for your account. Page 3. 
ACCOUNT SERVICES: Interest bearing Currency Accounts. 
Checking Accounts. Special Call Accounts and Time 
Deposits in various currencies. Interest is linked to money 
market rates. Page 3. 

SECURED LENDING: Cash loans on demand and Leveraged 
Loans agains deposits or securities held by the Bank. Page 4. 
REMITTANCES: may be made by cheque, bank transferor 
mail. Page 5. 

CUSTODY & INVESTMENT ACCOUNTS: including Portfolio 
Management, Precious Metals. Pages 6'7. 

SIMPLE ACCOUNT OPENING PROCEDURES: complete 
application forms enclosed with brochure. 


Post this coupon (or your free copy of 'Private Banking in Luxembourg! 


PB 141 


Name. 


Address. 



BANK OF BOSTON 

THE FIRST NATIONAL BANK OF BOSTON 


PO Box 209, 41 Boulevard Royal. Luxembourg City, Luxembourg 
Telephone: 477 9251. Cable: The Frrst Boston. Telex: 2597. 


One German banker, whose 
bank does pay some taxes in Lux- 
embourg; said that some erf his 
countrymen were overdoing 
things: tl Tbeysay, as long as we are 
allowed to do so, why not make 100 
percent provisions for Third World 
loans, or whatever we make let us 
put into reserves." 

At least one non-German banker 
admitted that his institution had 
provisioned nearly two-thirds of its 
risky loans and will have to face a 
tax bite eventually. Once loans are 
totally covered by provisions, 
banks cannot to the sums they 
have put away. For at least one 

other bank, the 100- percent-cov- 
ered level will be reached in two 
years’ time. 

Of course, Luxembourg does get 
something out of all those banks 
operating on its hilltop, even if they 
do not pay corporate taxes. Person- 
al income tax levels are high, and 
the indirect payback of bank busi- 
ness — ranging from employment 
to notoriety from the balance of 
payments inflow to an increase in 
Luxembourg’s clout in European 
Community politics — may make i t 
all worthwhile. Tbe publication of 
the institute's data on profits and 
taxes of h anks has not resulted in 
popular clamor for a crackdown on 
banking tax evasions. 

The tax break given banks in 
Luxembourg is not the only way 

the country’s authorities make it 
attractive to investors. There is no 
withholding at source for interest 
on bonds issued, and no stamp 
duty on bonds or certificates of 
deposit. Mutual funds, which dis- 
tribute or reinvest their «-flmingy 
can avoid having them taxed. For- 
eigners are not subject to grand 
duchy inheritance taxes. Gold trad- 
ing is free of the value-added taxes 
applying in most of the rest of Eu- 
rope. Establishing a holding com- 
pany, a company or bank costs a 
minimum of 1 percent of the capi- 
laL 

In addition to these already 
available tax breaks, banks are 
seeking even better treatment from 
the authorities. Another aspect is 
the high level — nearly 60 percent 
— of personal taxes in Luxem- 
bourg, and tbe 0.5-percent tax — a 
wealth tax — on the net worth of 
residents. Bankers also want taxes 
on dividends they receive from 
shareholdings to be eased. Current- 
ly. taxes are payable on dividends 
from companies not controlled at 
the 23-percent level; the bankers 
want the dividends to be tax ex- 
empt even on shareholdings of IQ 
to 15 percent And a major battle is 
brewing over attempts by Luxem- 
bourg tax officials to take a bite 
from allowances for housing, edu- 
cation. moving expenses, or trans- 


portation paid to foreigners seat to 
Luxi 


Luxembourg by their banks 
firms. 

However, as even greedy tax au- 
thorities, in countries like the Unit- 
ed States. Germany and France, 
are allowing bonds to be sbkl to 
non-residents with no withholding 
taxes payable on future interest 
payments — benefits similar to 
those offered by Luxembourg, tax 
officials in the grand duchy are 
looking at new breaks for banks, 
particularly when they reach 100 
percent provision levels. Some con- 
cessions may be made to how 
banks provision for other risks: in- 
flation, foreign exchange, fall in 
market value of securities. 

What the Luxembourg authori- 
ties keep in mind is that although 


corporate tax receipts are only a 
i of what this 


small part of what this country gets 
out of tong a banking center, oper- 
ating costs and taxes together, 
nonetheless, cover 135 percent of 
[he Luxembourg balance of pay- 
ments deficit. Nearly 6 percent of 
ail employed persons in the country 
work for a bank. Banks account for 
14 percent of tbe country's gross 
national product. So why squabble 
about a few centimes in taxes? 

— VIVIAN LEWIS 


Kredietbank 


S. A. Luxembourgeoise 


\bur private 
banking partner 
in one of 

Europe's most attractive 
investment centres 


Please send us your visiting card 
or call us for further information: 
Private Banking Division 
Tel. 47971 , ext. 884 - Tlx.341 8 


KREDIETBANK 



New Laws 
Put Insurers 
Inline 

With EC 


By Chris Morrison 


LONDON — Recent revisions 
to the Luxembourg insurance laws 
have brought the grand duchy into 
line with European Community re- 
quirements. They have also opened 
the prospect of adding internation- 
al risk operations to hs consider- 
able financial services industry. 

The law differentiates for the 
first time between the purely do- 
mestic insurance market and the 
world of offshore co mmer cial in- 
surance business. 

But to dale, despite numerous 
international inquiries, there is lit- 
tle sign that Luxembourg will turn 
into a major offshore insurance 
center to rival those of Bermuda 
and the Cayman Islands. 

Few companies have set up shop 
in Luxembourg, and those that 
have come have been promoted 
mainl y by the large Swedish insur- 
ance group, Skandia. Proponents, 
however, suggest that develop- 
ments are yet to come. 

■ On the domestic front, the new 
law, which was introduced in 
March last year, tidied up the coun- 
try’s commitments to a number of 
EC directives and permitted for the 
first time the operation of indepen- 
dent insurance brokers. Although 
the brokers’ scope for action is se- 
verely restricted, their existence 
adds a new dimension to the local 
market. Tbe local market previous- 
ly had relied on the sales generated 
by an army of agents to individual 
insurance companies. 

Tbe country has about 40 autho- 
rized insurers. In 1983, they pro- 
duced about 5.5 billion Luxem- 
bourg francs in premiums. But 
although the local marke t is small, 

it is not without its attractions, a 
point demonstrated by the pur- 
chase earher this year ofacme- third 
stake in the leading Luxembourg 
insurer, Le Foyer, by the giant 



UJL insurance company, Guard- 
ian Royal Exchange. 

Tbe Luxembourg bid to attract 
international insurance business, 
meanwhile, comes at a time when it 
has suffered a major derfjn e in its 
traditional steel industries and a 
tailing off in the banking sector. It 
has sought therefore, to lay down a 
welcome mat — right in the heart 
of Europe — for die international 
insurance community 

The availability of such offshore 
locations is attractive to both large 
multinational companies inter- 
national insurance companies. 
Over the last decade, multination- 
als have sought to maximize re- 
turns by retaining many of their 
own risks rather than pmdiasicg 


CONTRIBUTORS 


AMIELKORNEL is European editor for Cranputerworid Commu- 
nications, an international publisher of computer-related newspapers 
and magazines. 


VIVIAN LEWIS and MICHAEL METCALFE are Paris-based 
financial and economic journalists. 


CHRIS MORRISON is editor of the RE Report, a specialist 
newsletter dealing with international insurance affairs. 


expensive insurance cover from 
outride insurance companies. To 
do this they have formed their own 
“captive" insurance companies and 
located them in areas with conge- 
nial tax requirements. 

These offshore locations also 
have become a center for reinsur- 
ance, a form of insurance that 
arises as insurance operations lay 
off part of their exposures with 
other insurers to balance their port- 
folios and limit heavy concentra- 
tions of risk. 

Hris creates a pool of business 
attractive to specialist reinsurance 
companies ana captives alike. The 
latter also have looked outride 
business in recent years because of 
a number of lax requirements par- 
ticularly affecting operations 
whose parent company is located in 
the United States. 

The enactment of the new insur- 
ance rules in Luxembourg and the 
formation of a new insurance com- 
missioner’s office determined the 
details of minimum capital require- 
ments for reinsurance and captive 
companies and set guidelines for 
such matters as the ethical and pro- 
fessional qualities of their manag- 
ers. 


However, this capital require- 
ment can be as little as 6 imffion 
Luxembourg (rants for a captive 
insurance company that limits its 
business to parent-company risks. 


Mb u-.r 


8XinT4fttE 


ljci . 


Further rales govern the resaves 
that companies must hold to cover 
their liabilities — higher again for 
third-party reinsurers, Iowa for 
purely captive business. 

The real attraction, however, for 
reinsurers is likely to be the offer of 
a 10-year tax holiday for a compa- 
ny’s operation, provided no divi- 
dend remittances are made. De- 
spite some initial uncertainty it 
would appear that this holiday, 
which can be used to build up a 
company’s capital base, will apply 
to all the reinsurers operations,® - 
chiding underwriting and invest- 
meat. r 



^OfR, 


111 f 


These operations are required to 
he Ministry 


JEAN-PIERRE PAVIULARD is a photographer based id Paris. 


DAVID B. TDVNIN is a Geneva- based financial journalist who 
contributes frequently to the International Herald Tribune. 


obtain a license from the 

of Finance, which they receive only 
upon adopting the form of a “socife- 
t£ anonyme,” or limited company, 
and providing a fully paid-up capi- 
tal of 50 million Luxembourg 
francs. 



VVestLB 


Further initial doubts about tbe 
management erf such operations 
also appear to have been resolved. 
At first il was thought that each 
operation would be required to em- 
ploy its own manager, who would 
have to prove his honesty and com- 
petence in tbe business of reinsur- 
ance. Such a requirement would 
have proved expensive since many 
captives in other locations are oper- 
ated by specialist manag ement 
companies offering their services to 
a number of different parties. Such 
companies are now permitted to 
operate and at least two are said to 
be active. 

£ 




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■grs 


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* 




International S.A. 



>4iV; 

■ • ■ 




Condensed 
Balance Sheet 
as per 

December 31, 
1984 


ASSETS 




in millions of DM 


Amounts due from banks 
Loans and advances to customers 
Securities 
Other assets 


previous year 


afc.:--. 


3,638.8 

6,464.2 

464.9 

418.7 


3,581.5 

6,611.1 

391.7 

337.9 


ijtV- 


<i : 




10,986.6 10.922.2 


'H 

Ss- ; : 


LIABILITIES 


WestLB International S.A. 
32-34. boulevard 
Grande-Ouchesse Charlotte 
P.O. Box 420 
L-2014 Luxembourg 
Telephone: 447411 


Subsidiary of 

Westdeutsche Landesbank 

Girozentrale. 

Dusseldorf/Munster 


Amounts due to banks 
Current deposits and other accounts 
Other liabilities 
Share capital 
Reserves 
Provisions 
Profit 


in millions of DM previous year 


iSf-- 


9,228.2 

723.3 
277.6 
125.5 

214.3 
405.1 

12.6 


9.436.1 

563.6 

275.6 
125.5 
199.0 

309.7 
12.7 


* 


tv::- 


10,986.6 10,922.2 


str 


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The unabridged annual suiement as well as the nmfir i™. 

'MEMORIAL AmtsbJatt cte$ Gussherogtums Pushed in the 

Grand Duchy of Luxembourg, edition Cl. moutg. Ausgabe C (Official Gazet of Ihe 



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, te-. 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 17 



New Eurobond Issues 



Issuer 

Amount 

(millions} 

Mat. 

Coup. 

% 

Price 

Price 

end 

■umL 

wquF) 

Terms 

FLOATING RATE NOTES 

Allied Irish Banks 

$100 

perpt 

ft 

100 

9775 

Oxer 3-mtwh Libor, maxjmum 13* far first 12 yearj. 
Cdable at par in 1977. Fmk IV 

Bank fur 

Gemeinwirtschaft 

$100 

1992 

% 

100 

99.56 

Over 6-morth libid. monomial 13%. Noncofabie. Feu 
055%. 

Belgium 

$400 

2006 

libid 

100 

99.60 

SemianruiQi wi« be tbc trf Lbid or of 

the overage of 1 -month Libor rates. Gafcfcle or par m 1967. 
fieexOLOCSX. Denominations $250,000, 

BNP 

$250 

1997 

% 

100 

99.94 

035%. Denomination! SI 0O000. 

Citicorp Banking 

$250 

1997 

3/16 

100 

99.50 

Over Libid: Borrower to deade whether interest wif bepxrer 
t-,3- or 6-month rale. Rat coupon k> be ow 6-mondt rale. 

Crediop 

$150 

1993 

Bmean 100 

99.62 

Semannual interest wfll be Ihe higher of 6-fnonth Umean, set 
monthly, or of the average of 1 -month Libor rates. Cdlobta 
at par an arty intent payment date. Fees 045%. 

Cnkfit Lyormas 

$250 

1997 

Vt 

100 

9975 

Over Smooth Libor, meseimum 1ZMX. NoncoBable. Fees 
0375%. 

KansdGs Osaka 

Panldri 

$100 

1997 

% 

100 

99.60 

Over 3-monih Libid, mawmura 13%. Nancefable. fives 

0.50%. DtnocninuliuB $ 10 , 000 . 

Mitsui Balk 

$150 

1997 

% 

100 

99.90 

Over Smooth Ubd. maximum 12%%, Fees 0375%. 

Republic of New York 
Corp. 

$100 

2010 

ft 

100 

99.35 

Over 3-month Lbor. CaSobte at par in 1990. Fees 0L65X. 

Swedbank 

$75 

19?7 

% 

100 

' — 

Over 3-month Lfed. maximum 13%. Nonarfttto. Fees 
050% 

Westpac Banking 

$150 

1997 

% 

100 

9970 

Ow 6-nxjrth Libor, maxim urn 13% NoncaJUble. Pees 
040% 

Cooperative Bank 

£75 

2000 

ft 

100 

99.60 

Owr 3«Kxdh Libor. CnBr^in at par in 1990. Fees 030% 

Korea Development 
Bank 

ECU 50 

1992 

ft 

100 

' — 

Over 6-tnotith Lbor. Ccflabh at par in 1968 and redeemable 
at par in 1990. Iras 1.125% 

FIXED-COUPON 

EdF 

$225 

1995 

10 

99ft 

9475 

CoBohle at 101 in 199Z Increased Iron S125 mflkm. 

Eurofima 

SI 00 

1995 

10 

100 

9638 

CaBofale at 100* in 1992. 

Florida Federal 

Savings & Loans 

$160 

1995 

zero 

36.15 

34.05 

Yield 1071% Proceeds $57 raBkm. Backed by cash and 
manties. 

John Labaft 

$100 

1995 

10ft 

99ft 

96.13 

NonarfabSe. 

Looneinsrttuttet for 
Slapsbyggeriene 

$50 

1990 

9% 

100 

98.00 

Noncufloble. 

LTCB 

$150 

1995 

10ft 

100ft 

98.88 

Nonoaflable. Oenomi notions SIQjODQ. 

Procter & Gamble 

$150 

1995 

10 

100 

96.13 

CaBeble at 101 in 1992. 

IADB 

DM250 

1995 

7ft 

100 

9150 

Nancolafale. 

Posts & 

Telecommunications 
of South Africa 

DM 100 

1990 

7% 

99% 

98.00 

-« toll 

rtoneoanom. 

Posh & 

Telecommunications 
f of South Africa 

DM 100 

1993 

8 

100 

98.00 

Nonoalabla. 

All Nppon Airways 

ECU 130 

1995 

9 

100ft 

97.88 

Noncaflabie. 

Bank Mees & Hope 

ECU 50 

1992 

9 

100ft 

99.38 

Noncdbbkt. 

CHoh 

ecu 60 

1992 

8ft 

100 

98.00 

NonaAable. 

Fiat Finance & Trade 

ECU55JS 

1990 

8ft 

100 

9R00 

Noncafabie. Serial redemption starting fa 1 939 to produce a 
4-yr averse life. 

Motorola 

ECU 50 

1992 

8ft 

99% 

97-38 

NonadUfc. 

Union Bank of Ftnlcnd 

ECU 15 

1992 

9ft 

open 

98.50 

NonaJable. Prim to be ms June 28. 

Hamilton Wentworth 

C$25 

1995 

10% 

99% 

9775 

NoncdUtle. 

Werddhave 

Df 75 

1990 

7ft 

100 

— 

Nonoalbbie private placement. 

Commooweoitb Bonk 
of Australia 

amSIOO 

1990 

12ft 

100ft 

9&63 

htoncalofale. 

Erste Oesterretchische 
Spar-Cassa Bank 

Am$40 

1990 

13ft 

100ft 

9975 

Nonodbble. 

"DG Bank 

NZ$50 

1990 

16ft 

100ft 

— 

Noncalabte. 

Sweden 

f500 

2000 

11 

100 

98JS0 

Cdlable and redeemable at pa- ini 990 cmd 1995 when new 
lenrowSbesor. 

Norsk Hydro 

DK250 

1992 

Tift 

100 

— 

Cribble at 101 in 1990. 

EQUITY-LINKED 

Kyotaru 

$30 

1995 

open 

100 

98.13 

Semiannual coupon tndkriad at 3M% Cobble ot 102H in 
1988. Conwtibw at cm expected 5% premium. Terms la be 
set Juno 26. 

Sandoz Holdings 
Nederland 

$100 

1997 

open 

100 

9850 

Coupon indicated at 4%/4K% Cribble at 10316 in 199a 
Gamarlible into partiapatior certificates at an expected 1 0% 
premium. 

Tokyu Department 
Stores 

$50 

1990 

7ft 

100 

100.00 Nowrfobh. Ecd> $5|0M note oew iwrrail ewsqwUs 
into ihatt at an expected 256* pratnum. Terra to be tet 
June 27. 

Viacom Wl 

$50 

2000 

open 

700 

96J» 

Cation mricsttad ri 7/7H% Canvsvtible at an espeeted 15- 
16* premium Terms to be sri June 25b 

Pabetfima 

ECU 20 

1995 

7 

100 

99.50 

Noncalable. Ecxh ljOOOecu note with ifat 5-yr tMorrcms 
exerdsribb into shares of PopeSeries de Belgique ri a 849% 
premium. 


yLack of Rate Cut Unsettles Market 

(Continued from Page 7) 
indudes a maxim um coupon of 13 
percent with the rate of interest set 
at ft-pcint over Libtd. Normally, 


there is a ft-pomt difference be- 
tween the bid-offered rate, which 
means that ft over Libid is the same 
thing as 14-point over Libor. 

The advantage to the borrower 
by basing the rate on Libid is that 
in the event of a crisis in the inter- 
bank market — which in the past 
has resulted in a substantial widen- 
ing between bid-offered quotes — 
there could be a substantial saving 
over having set Libor as the base. 

In alL $1,175 billion worth of 
•topped FRNs were issued last 
week. And with short-term interest 
rates beginning to rise ag ain, hank- 
ers were warning that the demand 
for capped paper was not keeping 
pace with the ever increasing sup- 
ply- . t 

There woe also complaints that 
too much French bank paper was 
coming to the market Indo-Suez 
and Banque Fran^aise du Com- 
merce Exterieurc were the first to 
tap the market and last week were 
followed by Banque Nationals de 
Paris and Credit Lyonnais. 

Credit Lyonnais antagonized the 
market by setting a cap erf 12% 
percent as did Mitsui B a nk . The 
French bank attempted to compen- 
sate holders of its 12-year paper by 
.idling its interest at U-point over 
tibor while Mitsui set 14-point 
margin over Libid on its 12-year 
issue. Despite the slightly better 
conditions on the Credit Lyo nn ai s 
paper, the Mitsui issue traded bet- 
ter — down 10 basis points from 
the offering price, compared with 
down 25 basis points for Cr&ht 
Lyonnais. 

'The worst received was Allied 
Irish Bank’s SI 00 million of 
capped, perpetual bonds. The mut- 
ing of these two special dements 
was not fortuitous. In addition, 
hoth Allied Irish and Republic of 



_ _ Libor) 

from having had previous FRNs 
trade poorly, leaving investors with 
bad feelings about both names. 


ish set its coupon 
point over three-month Libor with 
the cap of 13 percent to run for the 
first 12 years. Gmumsaaas paid to 
underwriters totaled 1 percent and 
the notes ended the week at 97% — 
a stiff 1 14-paint loss far banks par- 
ticipating m the deal 

Citicorp also failed to find favor 
with its innovation of retaining the 
option to set the interest period at 
whichever rate is more favorable to 
itself. It will pay interest of 3/16- 
point over the one-, three-, or sx- 
momh libid for its S250 miflioo. 
The first coupon period will be set 
over the six-month rate, which cur- 
rently is the highest of the three 
options. But holders are offered no 
security that Citicorp will always 
choose the highest rate during the 
12-year life of this issue. The notes 
traded at 9914, a slight loss for un- 
derwriters who bought the paper at 
99.60. 

Belgium lapped the market for 
$400 million using the currently 
unpopular nris-match formula- In- 
terest on the 20-year notes will be 
set at one-month Libor or six- 
month Libid, whichever is higher. 
This protects banks against an in- 
version of the yield curve and en- 
ables thwn to ftnanffp. their hold- 
ings by borrowing one-month 
money at 7 11/16 percent and earn- 
ing the six-month Libid rale of S 
percent 

The ECU market suffered last 
week as coupon levels on most new 
issues — ranging from 854 to 9 
percent — trad the 9M-to-9ft-per- 
cent borrowing costs banks need to 
pay to finance their underwritings. 
As a result, these issues were trad- 
ing at discounts of around 2 per- 
cent 

Breaking this trend was Union 
Bank of Finland, which set a cou- 
pon of 9% percent emits seven-war 
issue of 15 million ECU. The offer- 
ing price will be set June 28, but the 
notes were trading at a discount of 
IK points. 

The Belgian MPa' company Pa- 
bdfima offered the first equity- 
linked ECU issue. It is selling 20 
millio n ECU of 10-year bonds 
bearing a coupon of 7 percent 


Each bond carries warrants to buy 
1 8 shares of Papeteries de Belgique, 
the parent company, at a pnee of 
2,500 Belgian francs. The shares 
currently are trading at 2^00 
francs. The warrants can be exer- 
cised between next January and 
Dec. 31, 199a 

The New Zealand dollar market 
was also hard hit by high finance 
charges forcing underwriters who 
could not find buyers to dump their 
holdings. Bankers reported that nth 
derwriLers without access to retail 
clients were dumping paper at dis- 
counts erf up to 4 points. This was 
being taken up by retail-oriented 
banks who were offering paper to 
their clients at only modest dis- 
counts. 

The to tap this market is 
DG Bank, which is offering 50 mil- 
lion dollars of five-year, 16 K-t 
cent notes at a price of 100%. Tc 
high coupons appeal to investors in 
the Benelux countries and Switzer- 
land, but banks who face financing 
charges of more t han 20 percent or 
run an exchange risk by financing 
in U.S. dollars are not eager to 
warehouse paper that is riot quickly 
sold. 


Shell Will Buy 
400 Arco Stations 

La f Angela Tima Semen 

LOS ANGELES — Atlantic 
Richfield Co. has agreed to seO 
about 400 gasoline stations in east- 
ern states to Shell OO Ox, which 
will make Shell the biggest U.S. 
retailer. The price was not given. 

Analysis said the sale would sig- 
nificantly strengthen Shell's posi- 
tion on the East Coast, where it is 
the second biggest gasoline retailer 
with 10.5 percent of the market, 
behind Amoco with 19.9 percent 

Arco previously announced 
plans to sdl assets east of the Mis- 
sissippi and concentrate an West 
Coast retailing. The 400 stations 
are in Connecticut, Delaware. 
Maryland, Massachusetts, New 
Hampshire, New Jersey, Rhode Is- 
land, Virginia and Washington. 


Coke Taps 

Market for 
$365-M3Uon 
Note Facility 

By Carl Gcwirtz 

International Heratd Tribune 

PARIS — With banks rushing to 
turn (heir assets into marketable 
securities it was inevitable that cor- 
poration s would ultimately do the 
same. The first company to use the 
Euromarket in this way is Coca- 
Cola Co. 

It has created a special-purpose 
company. BBS Financial Carp., 
which is arranging a $365-miflion 
note issuance facility. The money 

SYNDICATED LOANS 

raised by EBS will be paid to Coke 
in exchange for receivables it is 
owed from theater distributors via 
its subsidiary Columbia Pictures 
Industries Ioc. 

Coca-Cola is not directly guar- 
anteeing EBS but is providing as- 
surance that the receivables wfll be 
raid. These payments will provide 
EBS the income to service the note 

facility. 

For Coke, the operation means a 
lightening, albeit only by a pit- 
tance, of its balance 
increase in its working capital. 

Annual payment of the receipts 
means that tlie amount of die four- 
year facility outstanding each year 
will be reduced, producing an aver- 
age life of only 1% years 

Underwriters of the facility will 
earn an annual fee of 1/16 percent, 
or 6J25 basis points Banks win be 
invited to bid for the notes but the 
underwriters also stand ready to 
accept the notes at a maximum 
charge of ft-point over the London 
interbank offered rate. If under- 
writer; wind up taking more than 
half of the total, they will earn an 
additional ft-poinL 

Assuming the worst case, in 
which underwriters take aD the pa- 
per, Coke would pay 25 basis 
points on the interest, plus an an- 
nual 6.25 basis points, phis a front- 
end fee of 9 basts points — or 225 a 
year — for a total cost of 33 .5 baas 
points. The annual faeffity fee in- 
creases to 15 basis points as the 
amount outstanding decreases 
through amortization. 

Crediop, the Italian state-owned 
medium-term credit agency, is also 
tapping the market through a spe- 
cial purpose company, Prism Bond 
GmbH, set up by Merrill Lynch 
and the Law Debenture Society. 
This is a conduit company de- 
signed to provide the loan via West 
Germany so that Crediop can ben- 
efit from the Italian-German tax 
treaty to escape payment of the 
Italian withholding tax on interest 
payments. 

This is shnflar to the operation 
conducted a week earlier by Bank- 
ers Trust Co. for Isvamer, Italy’s 
regional development agency. 
While Prism will be the actual issu- 
er of $150 million of eight-year 
floating-rate notes. Prism’s sole as- 
set is the loan to Crediop and thus 
it is a Crediop risk that purchasers 
of the FRN will be buying. 

Interest on the FRN is based on 
the mismatch fannula with Cre- 
diop paying the average of the six- 
month London interbank bid-of- 
fered rate or one-month Libor, 
whichever is higher. 

Canada Permanent Mortgage 
Carp, is arranging a $75-mtUion 
transferable loan facility — a syn- 
dicated credit that lenders can sdl 
to other institutions. Interest on the 
six-year facility will be set at 30 
basis points over six-month Libor. 
Front-end fees total 10 basis points 
and a commitment fee of ft-perceat 
will be charged on any undrawn 
amount 

Syndication of the 5 1.5-billion 
note facility for Sweden has been 
completed with subscriptions of 
SLS billion. No decision has been 
made on whether to increase the 
amount 

Elsewhere, two Spanish borrow- 
ers are renegotiating outstanding 
credits to take advantage of the 
reduced charges now available. 
ICO. the state credit agency, is re- 
negotiating a. 5200-million, 10-year 
credit arranged in 1981 on which it 
was paying ft-point over Libor. 

The new 10-year loan trf $180 
mini on will be split with half priced 
at ft-point over Libor for the first 
two years and ft-point over for the 
remainder. Pricing mi the other 
half will be set for the first two 
years at 37.5 baas points over the 
90-day reserve adjusted rate for 
certificates of deposit and 50 basis 
points over for the final eight years. 

Iberduero, Spain’s largest pri- 
vate electric utility, is renegotiating 
a five-year, S90-million loan signed 
in 1983 on which it was paying ft- 
point over the prime rate or 155 
baas points over the adjusted CD 
rate, whichever was lower. Its new 
10-year, S90-m31ion loan will be 
priced either at ft-poinr over Libor 
or at the lower of 15 basis points 
over the prime rate, or 11 
points over the CD rate. 


Prices of Bonds Decrease Sharply 
As Discount Cut Appears Less Likely 


By Phillip H. Wiggins * 

New York Timer Service 

NEW YORK — Frustrated ex- 
pectations of a cut in the Federal 
Reserve's discount rate have 
pushed down bond prices sharply. 

Early on Friday, the credit mar- 
kets continued to react negatively 
to the unexpectedly sharp jump erf 
54.8 billion in the basic ILS. money 
supply. M-l, reported late Thurs- 
day. But the sating waned after 
lunch, when sporadic bargain- 
hunting appeared. 

M-l includes currency in circula- 
tion, travelers checks and checking 
deposits. 

Bond prices last rose on Tues- 
day, after several major banks low- 
ered their prime lending rates to 95 
percent from 10 percent. On 
Wednesday bond prices moved 
lower and that trend picked up 
Thursday, because of the govern- 
ment's estimate of stronger growth 
in the current quarter and then the 
money-supply report. 

Gary Cumnero, chief economist 
at Fleet F inancial Group in Provi- 
dence, Rhode Island, said the 


week’s gyrations reflected a sober- 
ing of overly optimistic expecta- 
tions. “Especially disappointing to 
a market that expected weak eco- 
nomic growth ana further Fed eas- 
ing were stronger economic figures 

U.S. CREDIT MARKETS 

and the failure of the Fed to cut the 
discount rate another half a per- 
point, to 7 percents he 


Dennis J. McDonnell, senior 
vice president of Van Kampen 
Merritt, an investment banking 
firm based in Naperville, Illinois, 
said the bond market could still 
move lower in the long term. 

He cited a variety of factors, ia- 
duding “pressure on commodities, 
a slowdown in the growth of pri- 
vate credit demand, and the effects 
of the continued strength of the 
dollar on prices and output." 

On Friday, short- term Treasury 
bfll rates were slightly higher with 
the three-month issue bid at 7.05 
percent, np from 6.79 percent. 


while the six-month issue finished 
at 7.25 percent, up from 7.12 per- 
cent- 

la the intermediate sector, prices 
of Treasury notes slipped, with the 
oew 8 j-perceni, two-year issue 
falling 8/32. to 99*14/32. 

At the longer end of the govern- 
ment debt market, the price of the 
Treasury's key 30-year, 1 1 '/4 -per- 
cent bond was off as much as half a 
percentage point Friday, before 
late buying cut the loss in half. At 
the dose the yield was 10.58 per- 
cent, up from 10.48 percent on 
Thursday, when the bond dropped 
as much as Jft points. 


U.5. Consumer Rates 

Far Week Ended June 21 

Passbook Savinas — 

- 5-50 % 

Tax Exempt Bands 

Band Buyer 2D- Band Index 

_ &A9 % 

Money Market Funds 

Oonoohue's 7-Day Average 

_ 7.52 it 

Bank Money Market Accounts 
Bank Rote Monitor Index 

_ 7J» % 

Home Mix lunge 

-13.70 


35 “^ US. Indicts 14 in Sugar-Import Fraud 

ce sheet and an C7 M. 


FDIC Is Named 
As the Receiver 
For NY. Bank 

United Press Imenmumal 

NEW YORK— Anxious de- 
positors gathered on the week- 
end outside the Golden Pacific 
National Bank in New York's 
Chinatown district, after the 
Federal Deposit Insurance 
Corp. announced the bank had 
been closed Friday. 

FDfC officials spent Satur- 
day in the bank's offices, where 
a notice posted by the Control- 
ler of the Currency's Office said 
the FDIC had bom appointed 
as receiver. A spokesman for 
the bank, with deposits totaling 
5150 million, was not available 
for comment. 

An FDIC spokesman said 
deposits of up to 5100,000 were 
insured by the federal govern- 
ment, but it was not known how 
many of the bank's deposits 
were for amounts greater than 
that. 

The bank's closure was an- 
nounced late Friday by the 
FD1G Such a late announce- 
ment is relatively rare, accord- 
ing to industry observers. Bonk 
closure announcements usually 
are made just after 4 P.M. on 
Fridays, shortly after the dos- 
ing of financial markets. 


By Mary Thornton 

Woihingum Poet Service 

WASHINGTON — A federal 
grand jury has indicted 14 persons 
and 13 businesses in the first phase 
of a U.S. Customs Service investi- 
gation of the sugar industry. 

Customs officials said the inves- 
tigation could eventually lead to $1 
billion in fines and restitution pay- 
ments. They said the investigation 
has found widespread evidence 
that sugar dealers have evaded sug- 
ar-import quotas and simulta- 
neously defrauded the government 
of import duties. 

The investigation comes at an 
inopportune time for the U.S. sugar 
industry. Congress is co nsidering 
this year whether to continue sugar 
price supports established in 1982. 
Proponents argue that the supports 
protect U.S. producers ana con- 
sumers .from wide price fluctua- 
tions; opponents say the supports 
prodoceJngher costs to consumers. 

Customs officials said Friday 
that as much as 500 million pounds 
(225 million kilograms) of sugar a 
year has been illegally entering the 
U.S. market. Lost import duties 
over several years were estimated at 
$50 million. 

A 1983 change in Agriculture 
Department rules allows specially 
licensed importers to bring foreign 
sugar into the United States for 
refining, then lo export it within 90 
days far sak abroad. Importers pay 
duty of 2.8 cents a pound when the 
sugar comes into the United States 
but receive a “drawback” — or 
refund — of 99 percent when the 
refined product is exported. 

The dealers indicted Friday al- 


legedly imported the sugar, 
the proper duties and then 
fraudulent forms to indicate that 
the refined sugar had been export- 
ed, allowing them not only to claim 
the drawback but to sdl the sugar 
illegally in the United States. 

Those named in the indictments 
included sugar brokerage, storage 
and transportation companies and 


their owners and officials. Customs 
sources said all but one are expect- 
ed to enter into a plea-bargaining 
arrangement. 

The remaining defendant. Jos£ 
id Arago, 38, a Miami sugar 
r, was described as the opera- 
tion's “kingpin.” Customs officials 
said Mr. Arago is believed to be 
vacationing in the Bahamas. 


Clouds Over U.S. Economy 


(Continued from Page 7) 
crease in the stock of capital assets 
owned by business. 

Some foreign investors helped 
pay for those assets directly by 
buying shares in UiL com panies, 
or joining limited partnerships to 
build or buy real estate, for exam- 
ple. In other cases, the foreigners 
bought UjS. government securities 
issued by the Treasury to help fi- 
nance the budget deficit. 

Allen Smai, economist of Shear- 
son Lehman Brothers, said the long 
suing of huge U.S. budget deficits 
had stimulated growth and raised 
interest rates, stren gthening the 
dollar. “Imports increase and the 
pace of exports decreases. A wors- 
ening trade deficit and an increased 
trade debt result," he said. 

“So long as the huge federal bud- 
get deficits remain, the process 
continues until the trade sector be- 
comes so weak that economic 
growth slows, interest rates drop, 
the dollar decline s and the process 
is reversed,” Mr. Sinai added. 

Concerned about the condition 
of financial institutions, the value 
of the dollar and the plight of the 


ng and 

sectors, the Federal Reserve has 
been pumping large amounts of 
money and credit into the econo- 
my. In the process, the central bank 
has had to ignore its targets for 
growth of M-l, which includes cash 
and checkin g accounts. 

Meanwhile, the U.S. government 
continues to sop up money from 
the capita] markets like a sponge. 
The budget deficit for fiscal 1985, 
which ends Sept. 30, wfll be more 
than $200 billion, probably about 
$206 Trillion. That means that K06 
billion would have been added to 
the national debt in the five years 
of the Reagan presidency, poshing 
the total to about $1,825 trillion at 
the end erf the year. 

A portion of the federal deficit is 
being offset by surpluses of $50 
billion to $55 trillion at the state 
and local government level. Bui 
taken together, the total govern- 
ment deficit trill still amount to 
about 3.8 percent of GNP. 

Once the federal government has 
financed its deficit, about 3.1 per- 
cent of GNP is left to support all 
net investment 


EXECUTIVE PROTECTION 

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BULLET PROOF CABS 



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As ilhuanncJ in IkvpU- Ma/^diie 
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Krafielhix Indices 

(Bma 100 turn 1.1977) 

Industrials. US SLT 

Mil lnsMutlon»USSI_T 

US Imodium farm. 


Conodtons medium farm 
ECU medium term 

uc« 

DM 


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F Lira medium term 

inn lad. Yon Iona farm . 

ECU start term 

ECU Iona term 


June 21 


101 M3 
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Forbes. 

The most efficient way 
of reaching Americas 

most influential 

executives. 


A glance at the graph will tell you what a 
study by a leading independent researcher. 
Market Facts, Inc., told us: That Forbes is 
preferred reading by more corporate officers in 
1,000 of America's largest service and industrial 
companies. In comparison with Fortune and 


Maga/ro es read regnlariy by cor porat e officers 
m 1,000 of America's largest companies.* 


Forbes 

68.3% 


61.8% 


FORTUME 

48.4% 


* Market Facts, Inc. 1984 


Cost per Thousand Circulation 


Forbes 

4C Pape S46.89 


BWPagfcS3085 


4C Page $52.79 


BW Rage $34.72: 


4C Page $56.39 


BWPageS3ii8S 


For further information, please contact Peter M. Schoff, Director of 
Internationa] Advertising, Forbes Magazine, 50 PaD Mall. London 
SWl Y 5IQ, England, Tel: (01 J93B0161/2. 


Business Week, Forbes was judged to be overall 
favorite by 44%, versus 29% for Business Week 
and 19% for Fortune. 

When regular readers were asked which of the 
three reflects best the excitement of business, 
Forbes had twice the scores of the other two. 
And when asked which of the three stands for 
“free enterprise," 71% named Forbes, compared 
with 13% for Fortune and 7% for Business Week. 

These results confirm surveys done over the 
past fifteen years showing that more officers in 
big business read Forbes regularly than either 
Fortune or Business Week. 

As the graphs so eloquently show, Forbes is 
the most cost-effective business magazine for 
reaching America's most 
effective executives. If you 
want to reach this elite, 
not only is it good busi- 
ness for you to put your 
advertising in Forbes, 
it's bound to be good 
for your business. 




Forbes 

Forbes Magazine— 60 Fifth Ave.. N. Y.. ny iooii 















International Bond Prices - Week of June 20 

Provided by Credit Soisse First Boston Securities, London, Tel.: 01-623-1277 

Prices may vary according to market conditions and other factors. 


DM STRAIGHT BONDS 


(Continued from Pago 8) 


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Flv 30 ft r 

nltd IS 15 r 

l*ft 40 10 r 

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Terat VMome: 377; 
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Explanation of Symbols 

Y** S* 301 h^ftwino Wb«» 
l^ 8,A “ $ 

PF Prtndi Franc 


g« Conadlan Doltar 

p ip 5 ^ 

Sun geH$*eMqrti 
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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


4c 



Compagnie frangaise des petroles, 

the parent company of the TOTAL group, is changing its name to 
TOTAL COMPAGNIE FRANQAISE DES PETROLES. 


A great French and international oil company 

TOTAL Compagnie frangaise des petroles has been producing and selling ofl 
and oil products for 50 years. TOTAL has 45000 men and women working for it 
on the 5 continents and in 75 countries. 


TOTAL is concerned with all sources of energy 

TOTAL Compagnie frangaise des petroles is also a multienergy group concerned 
with all the major forms of energy. Thanks to its highly skilled teams, it is able to 
adapt to every type of situation, and to offer solutions for every type of energy 
problem, wherever it occurs and whether it be in an individual, institutional or 
national framework. 


and is preparing for the future 

TOTAL Compagnie frangaise des petroles is a group with long-term aims, a group 
that is preparing for the changes of tomorrow. The innovative capacity of its specialist 
teams, the positions it has established in advanced technology, its willingness to take 
risks and the precision of its economic decision-making mean that it can command 
the future 

TOTAL is not dreaming of the future, but building it. 


TOTAL COMPAGNIE FRANQAISE DES PETROLES 





Soles In Net 

1005 High Low Close ChW 


1.00 

M 


M 


ABM Fd 
ADC Tl 
AEC 
AELs 
AFC 
A5K 
AST 
AT&E 
ATE 
AOfrtRt 
Abrams 
Atodin 
AcopRs 
A ceirtn 
AcyRav 

Acetos 
ACWAT 
Aqtvan 
Actmas 
AdocLD 
Adobe 
AdJsnW 
Adfo 
AdvCir 
Ad Cot 
AdvEns 
AdvGan 
AdvSem 
AdvTd 
Arqutrn 
AerSrsi 
AfIBCP 

Atiash 
AgcvRf 
AidAUt 
Air Caro 
AlrMd 

AlrWlSC 
AlikDc 

AlikJWr 

AKKNI 
AfekPc 

AlexB 

Alfin 

Aloorox 
Allen In 
AlepWI 
AIMBv 
AlmOr s 
AlldBn 
AlldCco 
AildRso 
Allnal 
AllvCar 
AlpMiC 
AipnGo 

Aitmcr 
Alias 

Allron 
Am CO si 

Amiini 

AWAIrl 
AtnAdv 
AEhAP 
AB&CI 3 
ABnkr 
AmCarr 
AConii 
AmEcol 
JE«pi 
AFdSL 
AFillrn 
Am Fret 
AFMICt 
AFurn 
ACrecI 
AminU 
AlndF 
Ainlee 3 
AlnvLf 
AmLlSt 

Amlock 

A Moon I 
AMS 
AM05v 
AAMdl 

AN I Hid 
ANtins 
APh*G 
AQuOStl 
askCp 
A m5» s 

ASolor 

ASiKV 

AWllCl) I 
Amrilrv IA0 
Amrwsl 
Amgen 

Amistor 

AmsKB 
Amos* 
Amnods 
Anadlle 
Aoloujlc 
Analv I 
Anarerl 
AnarGr 
Andavr 
Andrew 
Andros 
Anlmcds 
Aneco 
Apogee 
AaoleC 
AndeC 
Apia las 
ApidCm 
AnlOMI 
ApidSIr 
AraoSh 
Archive 
ArooSv 
An:B 

ArawB 

Arid 
Ashton 
AsdBco 
AssdCo 
AsOHst 
AstroM 
Aslrcm 
As Irons 
Aslrasv 
A) Mr 
Atfievs 
AllcoFn 
AHGsU 
AHAm 
AitntBc 

AllnFd 

AIIFin 

AllPrm 
AIIReS 
AtScAr s 
Audvie 
Ausiron 
AtwdOc 
AutTrT 
AutMed 
AulaSv 
Autml* 
AuloCo 
Aunion 
Avacre 
AvnrGr 
Avntek 
Aval or 
AvIoiGp 
A.-ICM 
Arlch 


M 9 


54 6 Sta 5ft — 
241 17% 16H 14%. - ta 
52 lOto TV lOto + W 
61 2* 33 23 

107031 TO 3 * 20W — % 
2934 llto 10Va I1U + % 
440714% 13% 14% 4 
1254 10% 9to 914 * to 
4 3% 3% 3H- to 

334 33 'A 91 
26 ito 6% 

A* 

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1 

22 


21% — H 
ito — l| 
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15'i + to 

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13% - 'i 
2%- % 
6ft + % 

30% 


5J 


.me X 


33 

IS 1004 7% 

150 tv, 

A1A 3% 

75423% 

23315% 14% 

8 8% 8% 

1841 1 It 
2«19H 13% 

2324 3% JVj 
344 7 AW 
4433IH* 30 . 

454 31 13% 20% — 

3473 8% 8% 8% + ta 
14 311 3% 3% — 

444 % '* 

18*0 4% 3W 4W + H 
28010% 10 10% + % 
424 5ta Sto Sto — % 
203 4% 4% *% — % 

1314 2Vi 1% 7ta + W 
3819to 17% 19 
4.7 1478 17% 14% H — % 
107V 33% 32% 33W— W 

2 SW 5% 5% 

458 5% 4% 5 — to 
2483 13 12% 12% — % 

311014% 14% I4ta— 1% 
71 (to SW 4W + W 
294 14 15% 14 + % 

22414% 14% 14% 

452 27% 24% 24% — % 
714 34% 33% 33% — % 
152? 18% 14 14% —Ito 

008 SH 4H S — to 
6043% SB sa — 4 
51123% 25% 22% —1 
425)3% I5W IBW — to 
2332 30% 31 ’to +1% 

At 3 A 8417 23 2IHJ2W — % 
100a 47 40 21% 21% 21% 

758 5% 4% 

757 3% 2% 

243 11% II 
414 4% Fa 
321 4 3ft 
788 8 7% 

741? *ta *% 

24710ft 10 
.40 24 113414 15 

J)7e 14 173 4ft 4 

981311ft 9ft 11% -Hft 
< 40240ft 10 10% — 111 

1 58 8% 7% 7% + ft 

41 23% 22 22% 

?A8 13% 12ft 13% +1 
240111* lift lift— ft 
1420 7% 4% 7% + ft 

2013 34ft 27% — ft 
144 5ft 4ft 4^1— ft 

3X 27914% 15% 14 + % 

4J AB 31% 30% 30% +1 
74 8% 7ft 7ft — 1* 

2.9 241127% 25ta 37ft +1 


JSe 14 
I 

Jib 1.1 
140 t_2 


J0a 4 
XSc j 
.40 21 
3i A 


5% ■+• 't 
3ft 

11 % — % 
4 — % 

3’V + ft 
7%— ft 
9% '» 

10 

IS%— ft 
4ft 


4 S 
3A 


job 14 


07e 3 


17ft - ft 
5ft — ft 
8% 

10 


14 


23 +1’. 

ms- ft 
4ft 


28 ZA 342 12ft 10% 10ft— 1ft 
M 14 10473 37ft 34ft 35% — 1% 
.40 30 198313'-: 12% 13% + % 
.12 5J 524 21'.: 20’* 71'* + % 
141317ft 17 
48 4 5ft 
9 S'* 8% 

34 11 10 

143 B 7% 

41017 14 

.9 117417ft 17 
1914 '■* '* 

1.14 5J> 53 23W 51% 

U38 3 A 1453 32% 32 
597 4ft 4W 
1045 S . 

1JJ2 3A 1814 MW 2b 
1053 13 12 

3409 2ft 1ft 
444 ft % 

I 149 T* 4% 7 

44 2137 37% 3S“a 34% — '■= 
1145 20% I? 20ft +lft 
1084 7ft 7-a Trt + ft 
248 4% 

1A0 1A 147977 
IJOa 11 2738ft 

M 24 29M4'* 

1.9 1328 5% 

2)281? 

1258 10'.. 


24'-* + ft 

1J +1 
2ft— ft 
% — ft 


.10 


.15 


5% 5% — % 

54% 54ft +1% 
38 38’T— Ift 

15% 15ft— ft 
4 J o 5'* + ': 
11% lift + ft 

9% «%— % 

231 lift II lift + '•» 
50013% 11% 15% — ft 
315 7"i b% 7 
141320% 19% 20ft + •: 
335 5ft 4ft 5ft +1 
1197 12% lift lift — ft 
5445 I ft ft 
1 j 4 339 9'n 8ft 8ft— ft 

34443 1BW 1411 17ft + ft 
4400414'.: 14ft 14's +Ift 
715125ft 22ft 23 —3 
78314 12ft 14 +1% 

216522% 20% 25% +2% 
27 9% 9% 9% — % 

44 5 4ft 4ft— ft 
10*9 S»s 4ft 5% + '4 
33719% 19 19% — ft 

400 24 3459 31ft 77% lift +3ft 
2.13b 4J 9 49 48 49 

491 8ft 8 1% + 

2445 9ft 8% « — % 
AO 23 45 32ft 31'.* 32 w +1'1 

8 4% 6% 4% — ft 

.12 1A 148812% 

102 9% 

129 4ft 
3010ft 
403 7ft 
39847 


■44 U 


232 8.1 
.400 13 
30 


A4e J 


30 43 


lift 12ft + 

9ft ?ft 
3ft 4ft- ft 
9% 10% — % 
6 ft 6%— V* 
16% 1A%- 'i 
544 14% 12% IP i -*. % 
415 9% 7% 8% + % 

948 31% 391.1 31% +lft 
283 M 24% 35-.1 + ft 
24 810140ft 35% 39% +4ft 
55513 lift 12ft — 1 
SS211 10ft 10%—% 
25 B'i Tl 8% + % 
49735ft 34ft 35ft 
418214ft 15% 15ft— I 
3888 34% 53ft 2311— % 
S3 4 3% 3-1 - ft 

348 14% IS% 16 — ft 

334 4% 4ft 

335 4% 1ft 
492 9% 8% 

843 7% 6% 

248 9 B% 

433 4ft 4 

97 4>.a 3ft 
784 7 4 

301419% 19% .. _ 
40318% 18ft 1BW 
774 16ft 15% 14ft + ft 
103 4% 4% 4ft— ft 
73 2 2 2 — ft 


6% + % 
4% + % 
9 — % 

7 - ft 

S%- % 
Aft — ft 
4ft + ft 
Aft— % 
19ft + ft 


B 


BBDO 
BGS 
BlWCb 
BPI Sr 

BRCom 

BalrdC 

BakrFn 

Bailed s 

Ball BCR 

BnPortc 

BancPs 

Banco* l 

BcpHw 

Bander 

BonoH 

BdDelS 

BdGran 


3 JO 4A 


97249% 48% <9ft + 
332 8% 7% 8ft + ft 

A% Tz + *i 
2ft 2 p n 
7*1 6 + % 

4'* 4ft 
34’ j 34*:— ft 
B 9 + % 


.10a 1J 289 7% 

410 2T. 

427 B 
216 7% 

1.D0O 17 171 37 

140 Oft 

.10e .« 7180 25ft 34ft 25ft +1 

124 4J 23*11: «»': 51ft +2 

JSa 12 104 n% 22*1 33ft + % 

.90 AJ 2D719' t 19 19ft— ft 

1J4 lb 1329)4 31% 34 +2ft 

401 B 7ft 7ft 
A0 8.4 1253 9*6 8' * 9' : +lft 

110 42 ' 

.44 1.7 


A8r 5 382 1 


CdPSwt 
CapFSL- 
CanCrb 
CardDis 
CaremP 
Cordis 
CarcerC 
Carlstw 

Cnralln 

Cartwrt i 
Cascade TMC 3.0 
Casern 


Cancers 

CnirBc 

Untcor 

CenBco 

CnBshS 

CFdBk l 

CJerBe 

CnPa5v 

CRsvLI 

CWisBn 

ConliW 

Cenluri 

CnhrPs 

Cerdvn 

Cerbra 

Cormifc 

Cetus 

ChadTh 

OimpPI 

ChncCP 

ChoDral 

ChaPEn 

Qiargll 

CharOi 

ChrmSs 

Chr* Fdl 

Cnarvo: 

ChalnM 

Crallm 

ChkPnl 

CTUTch 

ChLwn 

CJieme* 

cnFab 

cne rake 

CnrvE 

cnesiii 

email 

an Poes 

cnuis 

amend 

Cmxner 

Cftronr 

ChrOws 

Chvm s 

annFs 

CinJVUc 

Clnlas 

Ci erica 

Cireon 

ClzSou 

ClzSGa 

CKFId 

CKGIP 

CKUtA 

CRUIB 

CilvFed 

CirNCp 

OlrBCP 

ClarkJ 

OasIcC 

ClearOt 

CIPviRI 

CIRitmo 

Coos IF 

CoasIR 

Cslllnt 

CslSav 

CdSBsa 

CabeLb 

CocaBM 

Caeur 

Cwienlc 

Cahrni s 

ColabR 

Colaaen 

Col Fdl 

Cdlins 

ColABn 

CBceoA 


Sales in Nil 

tods Hien low Close Ovoe 

.149 J 14717% 17V| 17% 

JO 1A 104711 10 11 r + % 

1374 1ft 1% 1V«— W 

17% 14ft 17 + ft 

5554 10ft 9% 10ft + ft 
225 B 7% 8 
JU 52 8(8 3% 3ft 3ft— % 
47 8ft 8. 8,, 

507 1% l'* r* + ft 

3409 13ft 12ft 13ft + % 
344ft 44ft 44ft— ft 
34926% 26ft 24ft— W 
133 9W 8% ?'** 

I AO 4.* 51730% 30ft 38ft— % 
2001 14% 13ft 14% — 1% 
43345% 44% 45% + % 
60434% 32 34% +2% 

102227ft 24ft 27W— ft 
71 24% 24 24ft + ft 
71 13% 13 13% , 

42814ft 14ft 14ft— 3 
44 31 28ft 31 


Z05b (A 
152 4A 
U II 
1 JO 4.9 
AO 3J 
.18 1J 
A*b2 3 
80 20 


34940% 39% 40ft + ^ 


API A 


.12 IA 


.10 2A 


391 2ft 
2213 11V: 

52 % 
106 5ft 
255 Aft 
1448 2W 
1277 4to 
455 9% 


JO 


AOa 3A 
M 17 


JS 13 


»9 l '^ 1 VW 1ft 

2611ft II 11 — ft 
723 14ft 13% 14W + ft 
140 77b 7ft 7Ti + ft 

Ift Zft— ft 

10% 10ft— ft 
ft ft 
5ft 5ft 

5ft 6 

1% 191.— ft 

4W 4ft— ft 

8% Bft— lft 

4% T + ft 

Id 310549ft 18% 19V> 

1110% 9ft Oft— ft 
153 ISft 14 15*4 — % 

4821 20% 21 

9717% I7Vi 17% — % 
98120 18ft 19 —1 
348 10V 9ft 10 + 'A 

444 28% 28 28% — ft 

7503 Aft 4 4 — ft 

414 4 5% 5%— 1 

29817% lift 17% 4- ft 
8312 11% 1T%— % 

4525ft 24ft 24% 

8121 11 10ft llRb + ft 
15192*% 29 29ft + % 
14024% 24ft 24ft— ft 
384 22% 20ft 22% +2 
59031ft SOW SOW— 1ft 
1131 8% 0 8% + % 

90017% 17V» 17% + % 

.10b 1A 1298 7to 4% 7ft + % 

124 24 41248% 47% 48 — ft 

Air 767 18ft 17 18 — ft 

,12e J 10034% 35% 35ft + % 

1662215% 14% 15% 

I 1S8 7ft AW ift — ft 
380 SV 5W 5ft— % 

3A 53040% 3?% 40% +1 
3A 6993 22% 21 22 + ft 

32 44332% 31ft 37% +1% 

2 A 4518% 18ft IBft + ft 
40239% 38% 39 + % 

53 41 35 34% 34ft + % 

3 A 981212% 11 lift + ft 

11926% 25% MV* + ft 

2538 37 37 —1 

191 24 23 23 — ft 

111 7% ift ift — % 
14518% 17% 17% — ft 
TJX 10A 1*820% 19ft 20 + % 

2581 24 22% 2S% +3 

44314% 13% 14 — ft 

8 6 6 
IW 7ft 
616 16 
145 3 
1537 17 


I AO 


JS 2.1 


1J0 

.76 

1A4 


1.96 
40 
Att> 3-4 
IA4 2A 
AB IB 


CtodSra 

Ourlth 

Dwrtimi 128 

OuifrWl J6 

DurFll .18 

Dvaxn 

DvnRs 

Dynscn 

DvnlctiC 


174 24 23ft 23ft —| 

3319% 19% 19% 

3J 6339 38% 38% 

5.1 14711 111% 11 + % 

1.1 161117% M% 16% 

1 10% 10% 10% — % 

40 7ft ift 6ft + ft 
540 5% 4% 4W — % 
223524 22% 27ft— 1ft 


EH Int 

EILIrat 

EIP 

EMF 

EMPI 

EZEM 

EadCpt 

EaglTI 

Fart Col 

Eastern- 

EdtnF 

EamLb 

EdSauit 

EdCmo 

ElChlc 

El Pas 

Elan 

ElMla 

Ekos 

Elder B 

Eldon 

EJtforB 

EktrM 

ElecSlo 

ElCerths 

EleNud 

ElcRnl 

ElcSd 

ElcSens 

ECelsrl 

EICIMIs 

ElrpnEI 


149 1ft 
24 91b 
383 8% 
308 2ft 
368 ift 
29211 
1773 S 
2605 2% 
28 7ft 
725 


1% 

4ft 

7 

2ft 

ift 


Ift 

4ft 

7ft— % 
2ft + w 
8 +1% 


1A4 U 
1-40B BA 
Aft 3 


32 17 
33b 1J 
.16 9 


18ft 10% — 
ft ft - > 
2 2ft + ft 
7ft 7ft 
25 25 

4117% 12% 12% 
bits lift 31% + ft 
314ft 18ft 16ft 
30840 9ft 9ft— % 
182811ft 10% Tift + ft 
97 411715% 14ft 15ft + % 
38210*8 10% I Oft + to 
16210ft 10 10% - % 

65 T9ft 14% 19ft + % 
56 IBft 17% 18% + ft 
15517ft 16% 17ft + % 
II 5ft Sft 5ft 
210 S ift S + % 
1387 7W 618 6ft — ft 
258820% 16% 19ft +3% 
209615ft 13ft 15% +1ft 
19213ft 12ft 17ft— I 
57917% 14% 17% +1% 
19 5% Sft Sft 
7B13 12 17ft + ft 

63011% 10ft n%— % 
93511% 9% 9%— 1% 


I lUltlW 6 

Hawser 

Havrtv 

HawfcB 

HllhC5 s 

HIHiln 

Hlthdim 

HchoAs 

HehoBs 

HdstC 

HdanT 

Heiiv 

HenrdP 

HerifFd 

Heriey 

Metro 


EmnAIr 

EiYIulex 

Endta 

Endvco 

EndoLs 

End wlB 

Ensass 

Ena ntti 

EngCnv 

EnFacr 

EnsOII 8 

EnoRsv 

Engph % 

EntPub 

EntrCat 

Envrdri 

EnvSvs 

EnvrTs 

EnvrTst 

EluaBI 

Enslln 

Epecd 

Eauat 

Equton 

EatBcp 

EalwoB 

Eaton 

ErbLjn 

EHCT1 

Erleusc 


40 ft 
156 Bft 
3452 7ft 
540 3% 
147 6% 
1163611ft 
405 6% 


Bft— W 
7 — ft 
3 — % 

4W — % 
9ft— Ift 
4ft— Ift 


5.1 


JD 1J 


EvnSut 

Evrpd 

Exchlrrf 

Exovlr 


ft 

Sft 

7 

2ft 
A 
9 

318 

131314% 13% 14% +1 
5771 19% 71 +1% 

72619% 17% 18 — ft 

212 lift 10% 11 —W 

%% ^ 

105 16 IS 15ft + % 
30915ft 15% 15% 
52411% 8% 9% —Ift 

SIS Sft 5% Sft— K. 
729 IBft 15ft IBft +1% 
2810 9ft 9ft— % 
171127% 24ft 26ft +1% 
1201 13% 11% 17% —1 
675 Sft 8% 9% — % 

37 B% BH Bft— ft 
443215% 13% 15% 42% 

78S 5ft 4% 5 — ft 
40028% 27ft 27% — % 
14523V* 22ft 22ft— % 
449 7ft 4% 7ft— ft 
2422ft 21 21 

A5e 2A 207132% 32W 32% — ft 
7302 101 101 

38 4% 3% 4W + % 

953 15% 14ft 14% + % 
151 3% 2ft 3 — % 

5 14ft 14ft 14ft + ft 
494 9ft 7% 8%— % 


A4b 30 
12B 53 
JO 2A 


Hicham 

Hah Pro 

HtahlSu 

Hoaon 

HounD 

HmBen 

HmFATI 

HmFFI 

HmFRk 

HmFAi 

HmecH 

HmeSL 

Hanind 

Hoover 

HrznAIr 

Hanind 

HwBNJ 

HWTOB 

HunaTs 

HumjB 

HniaRs 

HwnfoB 

Hurco 

Hvbrltc 

HvaeAr 

Hyponx 

HvlakM 


A0e 25 

323 9ta 
23 1616 

8% 

15ta 

.BH 

SI 

2A 

15021% 

30% 

21M * to 

■Ml 


m 8H 

8 

1 — H 


11037 13ft 

I3ta 

lift 4- ft 

.76 

A 

883 3H 
3189 Jta 
5(9080 

2 

2ft 

lift 

Kw 

X8 

A 

336)19% 

unt 

T9 

.93 

L5 

20 8% 
981 4% 
713 MH 
56830 

8% 

3H 

23ta 

37H 

8%— ,% 
41k + W 
24ta 

lAOb +3 

Efl 

18% 

5H 

3% 

22% 

19 + % 

6 + % 
3 

23% + ta 


10 


Jfl 

1J0 


1A8 17 


22610% 10 
31 ift 4 4 + % 

9158 34% 20% 31% -1% 
18S2 4% 3% 3ft— ft 

317 26ft 25ft 25% — % 
18629ft 29 29 — W 

10 1* 14 14 —2 

327415% 14% 14ft— % 
41 13ft 12ft 13ft +1 
1707 20ft 19% 19% + % 
1511 9 e 0% 
17328% 27% 28% +1 
421 20ft 20ft 30ft + ft 
84327% 26% 27% + % 
in 4% Aft ift— % 
225 4% 4 4 

67923% 22ft 23 + ft 
13923% 22% 23% + ft 
301 4 ft 4% 4% 
104324% 23 24 — % 

19211% 10% 11% 
46446% 45ft 46 +ft 
451 4% 3U Aft— % 
116024% 23V* 23% 

338 6 5% 5ft 

8% 10ft +1W 
7% 7%— ft 


MeflOIlF 
McdJGl 
Model s 
MaadtA 
Mentor 
MfcitrG 
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304 4ft 4ft 4ft— ft 
208617ft 15% 16 —I J? 
795023% 22ft 23ft + % 
22137ft 36ft 34ft— ft 
145*4% 53ft 54% +1 
7 6% 6 6% _ 

14651ft 48ft 50 — ?ft 
1 84 84 >4+1 


13919ft IBS. I9ft +.ft 
am £4ft 53 sift +i 


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122 4ft 4 4ft— ft 
6218% 17ft 17ft 

16 16% + ft 
17ft 17% + % 

617ft 17 17 

929 34V. 31% 34 — V* 

1230 17ft 17ft irk — % 
26021 20ft 20% + ft 
434 9 0% 8ft 

273012ft lift MW- ft 
24 35 33ft 33ft 
885 14% lift 14ft + ft 
12514 15ft 15W 
A 1132 J0W 2*% 30 

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1385 2ft 1% 2W + U. 
495 40ft 39ft 39ft 


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35 19ft IBft 19 + % 

3A 22 58 57U 57% + V. 

2A 15379 75 75 —4 

25 190(41% 39ft 41ft +2 
16 141 13% 13% 1376 

2049 48% 48ft— ft 

150715% 13ft 14ft +1W 
JOTS 26ft 26ft 
35510% 10 10ft— % 

46 22V* 21% 22to— ft 
352 8% 8% Bft + ft 
15012% 11% lift— ft 
(730+ 30 30W — ft 

44* 2 1% 1ft 

1J 434728% 28ft 28ft — V. 
235 9ft 8% 9 

344 11V* 10% 10% 

)0SI 20ft 20 20ft 

15 8 7% 7% 

7379 Sft 7% Bft +1 

27510ft 9 9% — ft 

A0 1J 441131ft 30% 31ft + ft 
162 5ft 5 5ft + ft 

234 9 — - 

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US326 
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A 11110 
100 6 
210 9 
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2A 3502 6 
4630 4ft 
533 Bft 
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109 4% 

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1159 ift ift 
375 3ft 2ft 
9 8% 8 
806 3ft 3ft 
74 9 8% 

39717% 12% 

SIB 1% l£ 

553215% 10% 12ft — 3ft 
696 ift ift ift— ft 
1413V* 13% 13% 

1X0 18 25726% 26 26ft 
'■48 7J 199 20ft 20 20ft + ft 
100a 124 142724 29% 23% +1 

U0a BJ 34219 17% 10% + % 

lAOalOA 802 15ft 14% 15ft + % 
3X0 13J 148623% 11% 22ft + % 
34 7W 7 7 

1*8 30 1044 51% 49% 50 —1 
08 2A IIS 4% 4 4 — % 

235 35 35 

190 31ft 31 31 — % 

1692 3% 3ft 3ft— ft 

87 Sft 4ft 4ft — ft 

10629% 28ft 29% + % 
343 41 37ft 41 +3ft 

16 14ft 14% 14ft + ft 

1714 II 14 +1 

743 15ft 15% 15ft + % 
357 Aft Sft Sft— ft 

1184 ft ■% — ft 

542 22 19ft 191b — 2 


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2528 2ft 2 2H. — K 

3192 Sto Sft 


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184 4ft 4 4V* + % 

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50 900 19 lift 18to + ft 

23 111 72to 22to 23ft — % 

12 45 7 6ft Aft 

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23 145 9b, gi„ 4% 

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5219% 1« 19% + % 

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4401 


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5 0 8 0 

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13 Aft Aft—'. 


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43040% 38ft 3* 

230 3ft 31k 31a — % 

BBtlOft 9% lOto— % 
4S6MW llto nw_4* 
850 Bft 8% 8ft 
737 6', 5% S% — % 

29J44 17% 16% 171b + ft 

901 *to Tto Bto +1% 

1X71 9 J 74 11 101b i| + ft 

1034923ft 21ft 22’- + to 
10029 28ft 29 + ft 

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Me 14 S3 14V: 13V* l«t^ +1 

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393 Sft 4ft Sto + to 
2034 19 1/to 18 —1 

132311ft 10% 11 
4771 4ft 3ft 4ft + ft 
10 7% 7 7 — to 

23 Tto 2% 3% 

255 18 17 17% — % 

57 1% Jft Ift— ft 
>14 6 Sft 54% — to 
5039ft 39 39V/ + ft 

17745 13% IS 

145 5to 5ft SW + % 
1118 25ft 24% Sto + ft 
37T511 lOto lOto — ft 
125 3ft Jto Sto — ft 
.7? 3.1 1704 24% 23 to 23ft— Ito 
38 I J 984 10ft 1BW 18% — ft 
155 l‘. IW 1ft 
671 lift 10-to 
45 ift 4 

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2177 1ft Ift 
2100 8 7 

4 A 10*9*0 
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9% + ft 

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46 
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(to . . . _ 

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795 77k 7ft 7ft + 
n 9% 8% 

10 4 3ft 
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A0 18 7027ft 26% 27 

50*4 3ft 2% 7% — ft 
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M411% 10 10 -Ift 

1076 7 Aft ift + ft 
784 (to 4ft 4ft 
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Mi I SZ 10ft 9% 9% — to 
90336% 34 to 34ft— Ift 
79 4ft 4 4 — ft 

181 41b 4 4 — to 

3-0 2303 II 1 : lift lift 

50714ft 14 14% + ft 

4914 13% 13ft 

2S9 ffta 5% 5W + to 
A 13307* to 74 2A. + ft 

3.4 H963A 34 to 35ft +1ft 

43 5571% 21ft Sift— to 

IJ 6517% 16% 16% 

IS 74 14% 151l 15% — to 

35 1012 25% ?(% 2SW + % 


34 


JOe U 423 12ft 1ZV* 12ft— ft 
33912 lift 1? + to 

197316ft 73 to 28% +7% 
88711% 16% 17 
B02)«ft 1 9ft 19ft— % 
J2 70 35? IM* 16W 16ft + % 

ID 3% Jto Sft 
24 1.0 747 23 ft 23ft 23% - to 


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150 4.1 


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139 8% Bft Bft— to 
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155x7ft 7% 7ft 

257 Aft 59b ift 
26010ft M 10 — ft 
536 h 9, «— W 

2 3ft 3ft 3ft— ft 
92325ft 24ft 25 — ft 

731 16% 15% ISto— I 
570 4 3ft 3ft — ft 
A 37ft 37 37 

2A 223663 61ft Alto + ft 
20 99 12% 12 13 

ASH 10ft IBft 
408823ft 21% 21% —IV. 
964 Sto 4ft 5 
951 13H 12ft 12% — Ift 
401331 29W 30W + ft 

17852% 51ft 52to + ft 

37336% 25% 35% — % 
84921 20% 90% 

23316ft 15ft lift 
332x4 ft 3% 3ft — ft 
716 8 +1 

Aft Aft— to 
507 7 ift 6% — % 
12S1 12ft lift lift— Ift 
98228 27ft 27% 
2314ft 13% 14 
&?»34ft 33 34% +lft 

24 19ft 19 !9% + to 

696 9ft 9ft 9«> 
2013ft 13ft 13% t 1 
19929ft 2* 29 — ft 

3 3 281735 33ft 34% + ft 
53 6855 53ft 54 — ft 

81 16% lift 16ft — to 
20 Sft 5ft 5ft + to 
341 27% 25ft 27 + ft 

3537ft 35ft 37ft +3ft 
231 46ft 44 45% +tto 

107927ft 24ft 27ft + V. 
35039ft 38% 39V. + to 
8925 13ft 12ft 12ft — to 
3815% Mto 15% +1 
561819% 17ft 17Vk— Ito 
2S 20 19% 19% — ft 

2383 13 12 — ft 

59324 22ft 23ft + ft 
. . 25019ft 19 19 — ft 

IJ T21021 20ft 23 -Kft 
1740111k 9ft llto +lft 
3315ft ISto 15ft 
413 9% Bft 9to + ft 
272 9ft Bft 9ft + % 
_ 4913 12 12 — % 

Z9 153528% 26ft 27ft + % 
48187ft 17ft 17% 

M 1 90S 29ft 27ft 28ft +1% 
<J 17329ft 29 29ft 

183 IBft 17ft lBft+Ito 
37B21 19% 20ft + % 

19515ft 15 15ft + % 
33 33531 27 30 —1 

53 3344 33ft 33 33% + ft 

33 53830% 29% 30% + % 
71 41ft 41 W 41ft + ft 
297 13W 12ft 13ft- % 
95322% 21% 21ft + ft 
12 5 5 5 — to 

2B330 28ft 28ft— 1 
1432ft 32% 32ft— to 
8 7ft 7ft 7ft— ft 
5S4 34 35% 34 + % 

5 1% 1U Ito— to 
217323ft 22% 23ft + ft 
8018% 18 18 —ft 

14218 16 17ft +1 

41ft 44 + ft 

Bft Bft 
35ft 38% +3 
2(ft 24ft— 1 
8% 10 +% 
23ft 22% 

26 26 +2 


3J 


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Firsfer 

Floater 

Flolcav 

Flcxstl 

Fight In 

Florfxi 

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FlaFdl 

Fla Gulf 

FINFIs 

FWPUt 

Flows k 

Flurocb 

Fonor 

FUanA 

FLJonH 

Far Am 

ForestO 

Forteh 

FortnF 

Forms 

Forum 

Foliar 

FmkCn 

FmkEI 

FrnkRi 

FrmFdl 

FreaSL 

Fremnl 

FrznFd 

Fudrck 

FulrHB 

Funtme 


30 3* 


230 43 
33a IJ 


AB 3* 


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51 

12ft + ft 
Sft- to 
13to 
3ft 

2%— ft 
29ft +1 


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23 254639% 

33 45725ft 
41910 
1.10 4 A 74123 
Jib 19 11 26 __ _ 

-<4r 3X 149 14% 14% 14% + % 
126412% 10% lift +1% 
1*0 3X 253242% 39ft 41% +1% 
1.12 2J 1302344ft 39% 41% —2ft 
3A 389 19 19 +1ft 

481 35 32% 34% +lft 

4528ft 27ft 2Hft + % 
869 5ft Sft Sft— ft 
120 20 20 + ft 

5352 51 

712% 12 
1317 5% Sto 

28713ft 13% 

23 3ft I 

1055 Sto 2ft 

1529ft 28 

1.) 10255 19ft 18% IBft — ft 
37115% lift 14% — ft 

A0 2A 1354 41 39ft 40% +tft 

IJO AJ 15 IB 15 18 +3 

224915ft 13ft lift— 1ft 

52314% 13ft 14 

3210 4ft 3% 4ft + ft 
3 116217% lift lift— to 

* 47217ft 17 17 — ft 

3.1 102531ft 30ft 31 — ft 
5J 323 IBft 17ft 1 7ft — ft 
234 Bft 7% 7%— ft 

117222ft 21% 22ft + to 
2907 1ft 1ft 1% + to 

XAb * 2150 9ft 9ft 9ft— ft 

.10 23 1844 4% Ift ift — ft 

IJO* IX 1814 13 13ft + to 

34 JJ 46 15ft 14% 1 Sto + to 

77839% 32 38W +Sft 

122510ft 9 10ft +Ift 

50012 11% IJ + ft 

*8 IX 285825% 25ft 25% — ft 

J8 23 MO 12 lift 13 +ft 

_ _ 3041 ift 6 6%— ft 

32 22 581 IS 14% lift— ft 

X5r 1.1 21 4% 4% 4to + ft 


24 |J 


X? 

A7 

Xt 

1X0 


GKSvs 

GTS 

Galilee 

GahihA 

Galaab 

GamaB 

Gondii a 

Garcia 

Geneidt 

Go Bind 

GenCer 

GnMaa 

GnPiivs 

Gnsnal 

GeneiE 

GenelL 

Genets 

Geneva 

Cenex 

Genova 

Go!) no 

GaFBk 

GerMdi 

GermF 

Gitnon 

GlbttGl 

GlooTr 

GlltH-tA 

Gadlrvs 

GtdCorr 
GardE s 
GdToca 

Galon 

Gofl 

GeuMP 

Graco 

Grodco 

Grantra 

Graph) 

GrehAid 

GrehSc 

GrovCa 

GIAmC 

GAPrt 

GtLkFd 

GWFSO 

GfSoFd 

GtWesh 

GreenT 

Gre»Ad 

G rtfTch 

Gruman 

GwthFd 

Glech 

GuerFn 

GuorC 

GvmrNl 

GuardP 

Guests 

GullM 

GIIAsld 

GltBdc 

GIINuc 

Gull 


34 23 
.10* S 
X5e * 


103 15 13% 13% —Ito 

1534 S% 3% 4ft— Ift 

22913 12 12 —1 

15544% 43ft 44 — ft 

48610% Bto 10% +2 
635 Oft B% 9% 

1352 7% 6% 6ft — ft 

522 7ft 2ft 2ft— to 

156747ft 44ft ft +1% 
238 M% 14 14% — to 


21 -2ft 
lift + ft 
11 - to 

lift + ft 
ift— to 
3ft 

7ft— ft 
50 +1 

2ft — to 
5ft 
5 


xe .« 
J0o u 
30 7A 


120 6JB 
SI IS 
Mm SA 
J4 IJ 


21 33 
AOf 9.1 
.10* A 
AST 23 


304 7A 


3*0 IX 


40 17 


210 24% 21 
SI lift II 
5411ft II 
20646ft 16 

66 1ft 1ft 
165 4 Sto 

2059 7ft 6% 

6*0 4Bft 
4967 3 3to 
95 Sft 5ft 
7 5 5 

642717ft 15% 17% +146 
652 8% Bft Bft - ft 
1913ft 13ft 13%— V: 

25714% 13% 14% +1 
IJ 440420% 20 20ft + to 
3016% 15% 15% — 1 
139 29 28% 2Bto —1 

183 18% 17ft 17ft 
95 13 12% 12¥i— % 

299 20% 19ft 20 
276 ft ft *v— 
104014 13ft 13ft— % 
496 13to 12% 13% + % 
3?0 17% 14% 17 
163 13% 12to llto +1 
299 Bft 8 8% — to 

460 7% 7to 7% + to 
131 15 14ft 14ft + ft 
137 3ft 3 3ft + % 
10412 ift 5% 4ft + ft 
161 8% 7ft Bft + ft 
S9C0to 20% 20% 

1*3 ift 4% «ft + Vk 
1084 17ft 12ft 12ft + to 
69921% 20% 21 — % 

43912% 11% 11%— ft 
157 6% ito ift 
334923 21ft 22% +lto 
1488 182% IBB +3 

45 6V* 5% Sto— 1 

36 llto 13% 13% 

734 5ft 5% 5ft 

an i?ft 12ft in 

9ES 9% 8% * +1 

2522 3 22 + to 

m 5ft 5% 5% 

L7 11 llto 16 I4to— ft 
731 15 13to IS +1% 
63314ft Mto 14% 

L7 77 7% 7 7% + % 

257B9 ISto 14ft 15% 

67 1% IW 1% + ft 
* 107 12% 11% 12 — to 


IB1 

IEC 

115 

ILC 

IMS 3 

iPLSr 

ISC 

IVB Fn 
leaf 

IdleWld 

I malm 

Imirn wf 

Imunex 

Irrwfia 

IrmiBon 

inoemp 

IndBcp 

IndHIdo 

IndBnc 

indnoF 

IndIN 

IndiNpf 

Idpiwal 

inAcous 

IndEI 

lnertD s 

lmolnil 

InfoSc 

InfoRvc 

IntSolu 

Inftm 

Infra In 

InmcdC 

InsJtuE 

Inst It 

IraiNtw 

Inlech 

IrtlBcm 

llgCIrc 

intgDv 

IntvGen 

ISSCO 

InleaFn 

Intel 

InilSy 

InlrTel 

inIRad 

Intmd 

Inldyn h 

IntrfFIr 

Intrfac 

Inlgrtl s 

I nli man 

Inlmec 

Intrnwt 

InBWsh 

IBkWsA 

InCaoE 

InICIIn 

I Gam* 

IntHId 

IntKJna 

InlLse 

InMobll 

InIResh 

1RI5 

Int Ship 

IT CDS 

In) Total 

Inlahse 

InIPIp a 

lntrtrn 

invert 

InvstSL 

Iomega 

iwaSoU 

Isomax 

llei 

iter «t 

del of 


X 5e 1.1 


.16 


230 6J 


234 Sft 3ft 7ft 

2211 4ft 316 ift + ft 
325 5 ift 4%— % 
149 9% 9% 9ft— W 

453226% 24ft 25 — 1% 
88 1% Ift 1ft— % 
1614 10ft 10% 10ft + to 
21634% 34% 35% + % 
1034 5ft 5% Sft + % 
22 27 +]% 

2 Tto— to 
% ft— to 
Sft 6 + ft 

Sft 4 — ft 
2% 2ft- to 
3ft 4 — W 


1.40 U 


2*6 73 
JSe 4J 


JO IA 


70 Z7 
631 Tto 
40 % 

554 6U 
295 4% 

Sffl 7ft 
1B4 iTt 

1.92 4.9 426340% J9to 39% — % 
X5* * 221! 11 llto + to 

JOr CO 28x0ft 7% 7%— % 

77 i^k th 4% + f* 

58244 43U. 43ft + to 

10033 3214 33 + % 

81 34ft 33% 34% +1 

28 7 5% 6 

225 3 2ft 3 + to 

SB 4 3ft 4 — % 
24513ft 13to 13ft 
160 2 Ift 1ft 
90324% 23 23 — 1 

121 3% 3ft 2ft 
128819 17% 18 —to 

17 7% 7% 7% 
4212ft 12Vk 12% — to 
116810% 9 9ft— ft 

2162 7ft 
45129 
190 414 
8262 4% 

102 Aft 
2159 9% 

511 4 

111420% 16 
1Z7 7% 7 

46702 24% 22% 24 — % 

3085 6 5% 5ft— to 

1053 1ft Ift 1ft— ft 
134 7% 6 A —Ito 

10810% 10W 10ft 
391 ft Tto 7ft— % 
U 271114 10 1114— 2% 


f 


7ft 7ft— ft 
28 28% 

4 4% 

1ft 4to + to 
ift Aft + to 
Bft o — ft 
Jtk 3ft— to 
17% —2% 


.16 


1 


Jb 5.1 


IX3J 14.7 240 7% Aft 7 + ft 

S&JlXBto 26 27% 

1758 Bto 7% 7ft — % 
98216% 14% 14% —1ft 
124 8ft 8 8% 

613% 12% 13ft +1<A 

20813ft I] 13ft + ft 

133 ift 4 4 —ft 

3594 13% 12 13ft +1% 

2167 1QW B% 9ft— ft 
I 244 Mto 13% 13% — to 
1391 19 18% 18% 

76314to 19 19% + % 

1717 7% ift 7ft— ft 
230 7Vi 4ft 7 — W 
852 1 ft I 
2322% 22 22% 

118922 % 21 2I%— % 

880 7% 6% 7to + ft 

55 3to 3 3 — ft 

30 29ft 29W 29ft— to 
147 9ft 8ft 9% + ft 
2368 3% 

90S 6ft 
4773 Bft 
160 a* 13444 
29310 
1476 7% 

507 ift 
4035 


Mcrlmc 
MervGs 
MentLd 
MesbAv 
Melrtm 
Met AW 3 
MelrFn 
Kelrmi 
MichStr 
MJefiNtt 
MI com 
MIcrD 
MierMJt 

Mlcrdv 
MJcrTc 
Micron 
MJcnaro 
Micros 
MlcrSm 
MkarFil 
MltfABe 
MdANII 
MdPcA 
MdStFd *0 
Mdsxws 130 
Md’dCo 
MldlBk 1.12 
MdwAlr 
MtfwCm 1X0 
MdwFn 1J0 
MIIlHr *0 
Milllcm 
Ml I Her *8 

MJltoae 

Mlntecr 
Mine Ink 
Ml rat or 
Mischer 

MGosk Xle .1 
AMKul .lie J 
Manic a 
M ablCB 

MabGas 1X0 7J 
MOCON X2e 3 
Modlnes *8 17 
Molectr 

Malax X3 .1 
ManCa JH 
Moacor 

Mania 35a 2.1 
Manilr 
ManiLb 
MonAnt 

Monom 

MonuC 130 Cl 
MaareF lJtto 4* 
MaarcP AS 3J 
AtorFlo XI 
MorKa .16 U 
MCSB 


301 54% 53 54% 

296834% 34 34 — to 

3736 35 34 + W 

17717% 17% 17% — ft 
1315 lift lift — ft 
100018% 18ft 18ft + ft 
16214% 13% 14% + V* 
79 Tft Jto 3ft— + 
ISAM 1JW 14 +tft 
67815ft M M —1ft 
M0 U 2154H 15 15% + % 

305418% 18 IT* 

1*4? Sft Sft Sft — ft 
154529% 28% 2Sft— ft 
357617% 14% 17ft +2% 
602 3% 3W 3ft - ft 
322 Aft Sft 4 — % 
A6 IX 393 Sft Sft Sft 


607 Ift 


puw 
PNC 
FT Com 


.12 

233 


IJ 


1X0 43 
A0 63 

.me ta 


.12r 


.13 IJ 


*0 6* 


10760 e% 
730 7ft 
lift* ito 
94 3ft 
729 6ft 
132 4 


8% +1% 
6ft— % 

3ft + % 
6%— ft 


6W 
6ft 
1% 

3ft 
Aft 
3% 

181 22to 21ft 31% 

723 22 33 — % 

429 3W 2ft 3W 
IA 74923 21% 23% + % 

6J 12323% 23 23 — % 

A 15% 15% 15% +1 
28 772340 38% 39% + 

2949 Sft 4% 5ft- % 
21 3248 

72 35217% lift 16% — % 

1* 177538% 37 37ft + % 
477 3% 2ft 3% 

U 892443ft 38 to 38% -0% 
130 ISto 14% 15% + ft 
2328 Tk 2ft 2ft— ft 
4749 Bft 7Vi 7ft— 1 
3323 23 ft 20% 21% — 1% 
12114 13% 13% + % 

.1 761 10% 9 9ft — % 

3 10333% 28ft 33ft +3% 
326 lOto 9ft TO — 1A 
515510ft m 10ft— ft 

19*3% 13% 13ft + % 

402 7 Aft Aft— % 
47018% ink 18% + ft 
A86 7 6% 6%— % 

113430ft 29% 29% 
211644ft 42% 43% + to 
2359 1ft 1 Ift — ft 
IBS 18 16ft l+to— 1 
651 9W B% 8% 

73 4 Sft 4 + 

148 9 8% 9 

4853 lift 10% lift + ft 

22431% 31ft 3Tft 
32326% 25V* 2Sft— ft 
1524ft 23ft 23ft 
5319ft 19% 19% — to 

12972% 11% 12ft + "A 

10729ft 27% 29 +1% 

Morrsn *8 2* 218520 19ft 2D + ft 

Moseley 90S (ft 3% 3%— to 

Mralrwe J6 2J 22D13U 17ft 13% + ft 

MotClb JO 1.5 248 M 13V* ljft— ft 

Mueller 1.70 til 1022 21 21 

MultbkS *4 24 1048 27% 25ft 27% +lft 

Mulrmd *6 1.1 4632571k 567k 57ft + ft 

Mykmj AS 3 12841 25ft 23% 24ft— % 


N 


76 3A 


■13r * 


. 10 ] 


MBSC 
NCACB 
NEC 
NMS 
Naacol 
Naacas 
No^iFn 
NathF I 

NEW Tex A4 CO 
NICOPH JO* OX 
NCtvBn H0t 8X 
NUCtv 3X0 C4 
KICIyaf 37D 7A 
NCmBc *8 2J 


1X0 3* 


1*0 


Xle 3 
XAe IX 


3ft Ift— % 
5% 6ft + ft 
7% 7ft— % 
45V* 45ft— ft 
9ft 9%— ft 
7ft 7% + % 
4% 4ft + % 
34% 34% — % 


JBPsts 

JLG 

JPind 

Jackoai 

JackLIe 

J debar 

JomWlr 

JeftrGn 

JeHBsh 

JeflNLs 

JofSmrf 

JelMart 

Jerlca 

JhnsnE 

JaneVs 

Jonlcbt 

Janet A 

Jraphsn 
Judvs 
Junes 
Jus) In 


.16 

1.1 

1I8214H 
89 6% 
110317ft 
2705 8% 
306236% 

13H 

5W 

17 

7 

34 

1*W + H 
SH — % 
T7Vk + ft 
7*k +1 
36W +2 Vi 

NJNaf! 
NYAlri 
NY Awl 
NwCtry 
NwldBk 

XO 

IX 

20389 
57017% 
42 lfl% 

27W 

I6H 

17H 

28% — % 
17% — W 
I7H — H 

Neyrpl 

NewpEI 

NwnPh 

1A0 

dX 

8541% 

40% 

40%— ta 

Nicaig 

At 

LI 

233 21 

30% 

20H— % 

NIckOG 

AOa 

LI 

17219% 
260 AH 

18H 

ito 

19ft— % 
6ft— ft 

Nlca 

Nike H 

.12 

X 

3821 SOW 
221 A 

20% 

5H 

20% — V: 

Nobel 

.I0e 

Z2 

67 4W 

<R* 

4% 


t 


742 6ft 

6% 

6% 


t 


515 6% 
434 9ft 

6% 

Bta 

ito — to 

Nordstr 

NrskBs 

.12 

2J 

28 6 
83817% 

5% 

16 

5% 

16% —1 

Neman 

A0 

LI 

A3619H 

19to 

19% — ft 

NAIfln 


KLA % 

KMWSv 

KTron 

KVPhr 

Kaman 

Kamnsi 

Kappa 

Karchr 

Kasler 

Kay dan 

Koypro 

Keane 

ylKelyJ 

KellvSA 

KellvSB 

Kemp 

Kencap 

Ketlahi 

KyCnLf 

Keven 

Kevlln 

K owns 5 

KevTm 

KevsFn 

Klmbal 

Klmbrk 

Kincaid 

Kinders 

Kngwid 

KlOSVd 

Kretalr 

Krov 

Knwer 

Kulcfce 

KusiEi 




7430 Tito 


lift 

A 

+ 



2510% 

ID 

10ft 




89 4% 

ift 

4% 

+ to 



170 7 

SH 

6ta 

* w 

56 

IJ 

71431 ft 

30 

30 

—ift 



217 3 

Jta 

2ft 

— v. 



4 4H 

*ta 

(ta 

— % 



126614% 

I3H 

13ft 

— w 

-SOr 

13 

181016 

15W 

15% 




JIB 9% 

8H 

Bft 

+ ft 



686 2H 

Zft 

2ft 

— % 

JX 

1.1 

5717ta 
1950 % 

ITO 

fii 

17W 

H 

+ % 

at 

IS 

34142 

« 

42 

+2 

S2 

IJ 

9*2 

41W 


+7 

1X0 

11 

106059 

55ft 

S8H 

+2% 



117 3W 

3H 

JH 

— w 



18810% 

9H 

10 


JO 

L3 

664 0% 

« 

40 




223 AH 

6% 

6% 

- ft 


3A 

63 SW 

Sft 

5% 

— W 

A4 

3713H 

13 

13 




606 7% 

7H 

7% 


1X0 

4J 

20023W 

31% 

23 

+1% 

S4 

13 

lB&Blto 

31 

31 




54 4W 

4 

4W 

— ta 



180 8 

7% 

a 

+ ft 

A6 

J 

571320ft 

19% 

19% 

+ % 



30AJ3H 

32ta 

32ft 

+ % 



19 4ta 

4ta 

4ta 

- ft 



216 7ta 

7% 

;% 


A6 

IX 

2300 6 

44t 

5ft 

- w 

J2 

L2 

97416 

14ft 


~l% 

.14 

IJ 

315314% 

13 

13% 

- % 



207 6W 

6H 

6W 

— ft 


LCS x 

LDBmk 

LJN 

LSI Lla 

LSI Loa 

LTX 

La Pole a 

LoZ By 

LaddSt 

LodFm 

Laldlw 

LdITBk 

LomRs 

Lamar 

Lancast 

Lonces 

LdLnSL 

LndBF 

LdmkS 

LaneCo 

Lanalv 

Larsen 

Lawans 

Lee Dio 
Lai nor 


653 8 Aft 8 + % 
1242 7 6% ift — ft 

34413ft 13ft 13ft 
10S175S 17ft 17ft— to 
425313% 11% I3U +lft 
134617% 11% 17% +1% 
238315ft 15 15ft + to 
44 ft 


LcwJsP 

Lexicon 

Lexldto 

LblFGa 
LbtvH A 
LbtyH B 
LlbUB 5 

Llebrm 

Llebri 

Lfinvs 

LfeCom 

UliyA* 

UiyTui 

LlnBnj 

UncTel 

Undbra 

Liner Cd 

Lla Box 

LlqdAIr 

UltlArt 

UzClaa 

LaonA 

LOCOIF 

LortdnH 

LoneStr 

LonoF 

Lotus 

LaBncti 

Lvndm 

Lvphas 


1A0 

12 

77B44W 


J5e IX 

9818% 

lift 

■ I2t 

3 

91718% 

18 

.16 

S 

173618ft 

17ft 


IA 

7216 10H 

9H 



749 8H 

SH 





-68 

4J 

349 16H 

15ft 

.92 

LI 

31829ta 


-32 

LX 



A0 

LI 

6485 19H 

IBft 





-92 

IX 

93251% 

SOW 

JA 

I'-K 1 1 

7% 


1.9 

9939 



IX 

2016 27H 




17*2 (ta 




I7311H 

11 



12317H 


JBb JJ 

'» 

Bto 


IBft — to 


9ft 10ft + % 
' 8ft 


7ft + to 
38% + to 
27ft — ft 
ift— to 
11 — % 


321* ?'V» 2% 2% — % 

SI* 3U Ift 2ft + Vk 

1721% 20% 20% 

124 lift 11 11 — ft 

1411 10% 104* 

34 35% 34% 15ft +]ft 

11726 2Sft 25ft— ft 
99319 18% 18% + ft 

10)46 — - 




374 5% 



-ft 

Option & prV 



49013% 

UH 




J0 

u 

1741 19 






*99230% 

3Uft 

30% + ft 





34 ft 

35% +| 





*9h 







At 






59 Si 

54 

SS 






21 

31H 



-70 


1526 

24% 







0% 

46ft 






17 





3 

301 17 

lift 

17 













7H 






621*4ft 

23% 

24 






24 

2S’t 






17 







2SH 

25ft 





3345 22% 

20 

23% +2% 

Btcer 15 









M 


HHOilT 
HBO 
HCC 
HCW 
HEI Tk 
HEIMn 
HMOAir 
H ath Co 

I UJW 

Hadca 

Hod6*n 

HaieSvn 
Halffan 
Hdiml 
HamOii 
Haittnd 
HanvCc 
Hanvtn A6 
HorpG J4 
HrftNt 1X0 
HrtfSIs 1*0 
Horwins 


319 4% •% 44* + % 

JO 1X1637220% 18% SOft— W 

X6e * 5510ft HM 10ft + to 

•16 14 191 Sto 5 5%— ft 

404 14ft 13 13%—% 

9 5% 5ft 51) + ft 

1483124. 11% 17% + to 

8124 24% 26 -5W 

34919 - 

233 4ft 
491 ZVi 

807 % 

107 Sft 
2X29 1» 


3* .9 


T8to 19 
3ft 3%— ft 
Sft 2ft— ft 


X4e A 


.10 


5 5 — ft 

r % Kk— to 
J» 49216ft 15% 16 — ft 
10 * A 6 

6910ft 9 9% — ft 

IJ I60043to 47% 43 — % 
IJ 161429ft 28ft 28ft — % 
5.1 1256 3! II 31ft— ft 

3J 32547 46 46 —1 

54020ft 19% SOft + ft 


J4 IJ 


52 23 


230 8 J 


SJ 


Xle 


40 14 


MARC 
MCI 
M1W 
MMI 
MPSli 
MTS s 
MTV 
WOmfl 3 
MochTc 
MackTr 
MadGE 
MosmP 
MooBk 
MaaGp 
MaineN 
AMIRI 
italrlke 
MOtSd 
Manltw 
ManfHa 

MnH 2X0 3J 
Marcus J8e 1* 

Moruux 

Marne S 1*0 C4 
MTwan 40 CO 
Marqst JB* JS 
MorsSl 
Marshs .48 
Marsh II 2J4 
MrWNs I.U 
Mascmp 
Mscgln 
Mora for 
MatiiSx 
AtafrvS .10 
Mo* ere 

Mamvel 

MavPt 

MptSu A 10a 
MavnOI 
.MnysJ 

MeCnm AS 
Me Fad 
Me Fart 

MCGJII 1 40 C7 

McGrth 

MecMrs 

Madalsi jo 2* 
MedcaC 

Medex X5 * 

MedCre 

JlMddSI 


’SS 20ft + % 

S6OT9 8 7% 7%_ % 

159 7V* 7% 7ft 

74 5 4% 4ft— . ft 

•295 4% 4 4% + to 

142 20% 19ft 19ft 
204* 26to 25% 26 + ft 

55*5., 22ft —2ft 

201 6'i 6 6ft 

2939 104k 9% 10ft + to 

303 36% 26 26% + ft 

1095 lOto 10% 10ft— to 
25820% 30 20V* — ft 

20313 12% 13 

26 43 41% 42 + to 

1144 8% SV. t% 

213 17V. 16% 1*%— % 
5047 14% 14ft 14% + |b 
55523% 23ft 23ft- to 
71912ft 11 13ft 
32142ft 60ft 62ft +2 
8717% 17% llto— ft 
84 64. 6 ift — ft 

542 32ft 31% 32 — % 
3820ft 10% 30% 

990 10ft 9% 9% — ft 

.. 254520 17% 194. +2 ft 

3X IDO left 16 16 —to 

3* 169 61 to 61 61V, + % 

U *24038% 39% »to + % 
408 6 Sto 5ft_ % 
*3259% 55ft 56to— 2% 
1263 2% 1% 2to- fk 

. 3 ]!Il I’ 14 »% + ft 

* 1327% 26% 2e%— to 

495629% 29 29% 

«ISto 17ft 17% -l 
737 444 4% 4% 

A 11623% B 23% + % 
2045 4% 3% 4 + M 

83 9% « 9to + to 
724*5% 34% 35 -2 
343 10% 104* | Oft— ft 
10011% 10ft lff%— 1«k 
28 304k 30 30 

31* 8% B 8 — Vi 
2615% 14% 15 —U 

««I3 im 11%- % 

19527% 20% 27% +lto 
213 9 8 B%— % 

1841 SW 5ft Sli— to 
57012 10ft lift + to 


U 


NCmNJ 
NtCotr s 

NData 
NHords 
NHWiC 
NtHMO 
NtLuinb 
NMicrn 
NtiPenn 1X8 
NlIPza 

N I Pr op 
N Seel ns 
NTech 
NtwnLf 
NlnwdP 
NalrBN 
NtrSuns 
Nauaie 
NelsnT 
Nelson 
NwkSee 
NtwkSs 
NtwkEI 
Neulrgs 
NevNBC 
NBrunS 
NE Bui 
NwFPtg 
NHmpB 


4.1 

IJ 


58 20 19 20 

243 Sft 4'k 44* — ft 

7021% 1946 20ft— % 
tan s’* 54* $4* 
2015ft 1446 1446— to 
77613% 12ft 13% +1W 
20927ft 26ft 27% + % 
65 346 34k 34k— ft 

60021ft 20ft 21ft— % 
68 4ft 346 3ft— to 
29215ft 15 15ft + % 
96745% 44% 45% — % 
104 47ft 4646 47% — ft 
5829% 27 29% + ft 

11670 48 68% — 1 

561 17ft 164* 164k— to 
At 3J 42)313 114k 17 + W 

126 7% 7 ft 7ft 

ASe IJ 24V3S46 34% JS — ft 
143 7 6% Aft + V* 

44 5% 5ft Sft — % 
1953 3% 3 3% — ■ % 

3538% XX 38% +6% 

1856 10ft 9% ID + to 
1 Bft Bft 846— ft 
2 15ft 15ft 15ft + W 
258 3ft 3% 3to 
38515 
2398 5% 

204 3% 

35 4% 

1019 47k 
98 7 
1168 7% 

2514 9 


ZA 


JSOb SJ 
I 


JO 10 


X6 J 


I 


M 


NCarGs 

NoFrkB 

NIHHIII 

Nest Be 

NesISv 

NoAh- 

Nltnnvi 

NwNG 

NTOlPS 

NwTFn 5 

NwNLS 

NwslPS 

Mnrumr 
««• ifni 

Navmfx 

Navar 

NavoCp 

Maxell 

NucMei 

NucIPh 

Nud5pt 

Num rax 

Numeric 

NuhlF 

NuM8d5 


144k Mft + 4k 

4W 47* — 4k 

3ft 3% — to 

4 4 + ft 

4% 4ft + to 

4ft 6ft — % 

Aft Aft— % 

8ft 9 + % 

11608714k 19% 21% +1% 
244 4% 4% 4Vk — ft 

335304k 30 30% + % 

59 4% 4% 411 + to 

164212% lew lift +t 
S2 2A 1914 25% 23% 25% 

197 7*. S 6k 
A0 2X 1364 28 36 27to + W 

1.12b 39 117929% 274k 28ft +1% 
525 6 Sto Sto 

130 ft tk % 

1.10 7J 26816% 15 ISto— to 
3299 1446 14 14ft 

30122% 21ft 32 

144 4 3% Ift 

3506 lOto TOto 10% — ft 
7122 Sft 2to IW— 4k 
105 ft W 4k— Hi 
258518 15ft 17% +2 

3* 530711 10 11 + 46 

350 XO 531 10% 10 10% 

I 134 re Ato 7% + to 
M 73 2434% 23ft 24ft + % 

*6 3* 7761846 18% IBft— ft 
*4 .9 40094746 46% 47 — % 

85338% 36 37ft +1ft 

378 7% 7 7ft— % 

Xlr .1 38710 Ito Oft + to 

431 6V. 6 6% + % 

8025% 24ft 25 
205 36% 35% 36 + % 

270 3% 3 Ift— Hi 
IW 56% 54 SSto +1 

5000 13% 12 12to + 4b 

63 5% 5 Sto— to 
84 15 lift 1446 + % 
60919ft 19% 19% 

37 5% 5% 5% + 4k 

75132% 304* 30% —Ito 
3A 3842384k 264k 28% +1to 
9X 30923% 234k 23to— to 
2J 197 5% 5 Sto 

537 ift ito 4ft + % 
22318 17% 18 

334 3 24k 3to + to 

IJ 1524 55% 514k 55% +Jft 
4614 13% 13% — % 

1116 6to 6 6 — % 

136 19ft 18 ISto +1 
257 7% 74k 7ft + ft 

6977% 26% 27 — ft 
470 9 Bft Bto— ft 
235 1046 10ft 104* + to 


1X4 7 * 
IXOe 2A 


2*0 4J 


1*4 7* 
.161 3X 
XS 2J 


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OR5 

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Oceaner 

Ocfiias 

OfflLPO 

OgllGp 

Oglbay 

OhJoBc 

OhlaCa 

OIIDrl s 

Olloaor 

OWFNl 


300 1% I Ito 
1009 4% 3to 4 — y. 
381 34b 3to Ift 
250 3ft 2% 2ft 
253 16to 15% 15ft — to 
958 Ift 1ft 1ft + % 
1X8 2* 856 45% 444k 44to— to 
2.16 7.1 25231ft 30% 30ft 
Z32 5* 3048 <7 47 — 1% 

ZAO 4* 13436046 59ft 60% + ft 
7376846 17ft 18% — % 
IJOa 4* 527% 77% Z7% 

22 446 4% 4% 


OfdKnf* 1X0 3* 44329% 2Sto 294k + to 

OfflNB 5 2JD 15 14*7 55% Sift +1% 

OldRal 34 2.1 2912354k 34% 35% + % 

OMStne 2X8 73 125294k 20U 29 — ft 

CHdSolB 2*0 10A 6322% 71% 22% + % 

OldSptC 2*0 11.9 14521ft 21% 21ft + to 

OlsonF 1514 II 11—3 

OneBep J*e IJ IB467T% 20% 21 + to 


On Line 

Dnvx 

Op«cC 

Ootlc R 

Oofrtes 

Orbanc 

Ortkl 

OreaMi 

OrfaCo 

Orion R 

Oshmn 

Osmnca 

OttrTP 

OvrExp 

OwenM 


304 746 644 7ft +1 

7164 2ft 2 2H 

1155 14 hi 13ft 14V* — Ik 
24084346 41% 41ft + % 
51 15 1346 1344 — Vi 

2041644 16% 16ft 
679 64k ito 64*— to 

308 8ft 746 8 — to 

430 5% 44v 5%— % 

41817 16% 16% — % 

1 J SU 16 15ft 16 — ft 

72317% lift 16ft— to 

BJ 41633W 31to 33% +14* 

135013 12 12ft— % 

IX 119922 21% 21%— ft 


XSe 

AS* 


PDCFSl 
PcGaR 
PacTel 
POCWB 
PackSv 
Pocw*f 
PocaPti 
FaaeA 
Pnnfcti 
PoneMx 
Pens* 

PWPh» 

PorTen 
Portion 
Peru Cm 

PurkOli 

Pprti+rr 
PosadTe 
PnsFtlB 
P»FdA 
POtltHU 
Pattex 
Potrkl 
Potrtoi 
PaMfff 
PouRir 
PoulPt 
Paxton 
Parch* 

Pav cos 
PMkHC 
PearIH 
PeaGM 
Pwinva 
Penbcp 
PenoEn 
Pmlars 
PMMl 
PaaoEx 

PkaEpI ZU 1U 

PeoEPfSUO 8L5 
PeoBnC 1X0 ZA 
PeoPS 1 St 73 
PeOPRt 
Perceal 

PerpA 

PersCpt 

Mind 

PETCO 

1.12 A1 


I J 172 74* Bft 7 

3A 65461% 614* 414*— to 
* 3602 IBft 9to 104» + V 
2A 135644ft 414* 429* —34* 
358013ft 11% 134k +1 
67619ft 19 19 — % 

35313ft 12% 13 + % 

43 ito 6% 6% + to 

4 * 9 9 + % 

4718% 18 18 


363 12J* 12% 12to— % 


1X0 2.9 
UQ 53 
I 


JO 73 


Xil J 
ixoa U 
2X0 35 
130 S3 
*8 23 


Pfcnneia 

Ptjrmkf 

Phrm mti 

FSFS 

PhllGI 

PnnxAm 

PhatoCi 

Ptiysln 

PtcSaw 

FlcCnfe 

Pled Be 

PtedMg 

PtooFOl 

PhxiGe 

PtanHi 

Plan SB 

PionStk 

PlontrC 

PLcCBc 

Plenum 

PnFolk 

P Icy Mo 

Ponce F 

PppIBlRh 

Par ex 

Powell 

Powrtcs 

PwCanv 

Pratts 

PrecCst 

PfdFnel 

PfaIRsk 

PUSov 

PrpdLx 

PrasLts 

PrafnCp 


B7m 5 


Priam 

PrieCins 

PrlceCa 

Prlm/D 

Prtranx 

Prod lav 

ProdOP 

ProllfTV 

Profits 

ProgSva 

ProgCs 


36 


Prplnu 
ProotTr U0 
PnotLIs *6 
Protest 
Provln 
PrvLfl 
PrudBc 
PubcoC 
PB5NC 
PgSdBc 
Pul aa F 
Pullmn 
Putmwt 
PurtBn 


1368 1% IW ito 
633 3% 24* 31* — % 
519 I TV, 7ft 
2S9422 21 21ft 

7813384* 19 30% +1 

5517% 16% 17% +1 
237 IS 14% 14%— ft 
1536 36 38 — 1% 

681 14% 13% I Mb— ft 
321ft 21ft 314* 

170 4% 3to 34* — % 
214ft 144k 14ft— ft 
3144* 144* 144*— ft 
1454 7% 7 7% 

130 4 3% 4 

348311ft 10% 10% + % 
390 34% 32 34% +lft 

7043 39 42 +3 

185413 11 lift 

25611 10% 10% — % 

34 18ft 17ft lift + U 
638 Mto M 14% 

9018 17ft 17% — % 
145415ft 15ft 15% — ft 
285234% 234k 24 + ft 

2099. ■% 7to 8% + V. 
1T7S«9ft 40 48 —Ift 

10557 55 57 +2% 

34334ft 33ft 34ft +1 
19225ft 24% 25 + % 

63 1046 9ft 9% — ft 
208310% 9% 10 — ft 
BIT* » 19% — V. 

14630ft 29% 39% — 1% 
11037 35ft 36ft +1 
26819% 18 19 + % 

2457 to ft ft 
AM 7ft 7 7% 

255(22% 194* 19ft— Ift 
259 Bft 7to 7to 
45 4 3ft 4 + % 

429 2?k 3ft 2to + to 
581 28 21ft 27—46 
132 24k 2ft 2ft — to 
3327 6% 5% 44k— to 

2250-15% 15 15 — % 

342 4% 4 4%— M 

2D 3% 3% I%— % 

XSe J 1436910ft 10% 104k + U 
30* SJ 26449.15% Mto 15% + to 
IAS SU. 24k 3%— % 

53 7ft 7% 7%— ft 
Xil 199 SV. 41k 4’%— to 

505325% 25 254k + % 

*0 23 41323ft 224* 22ft— % 
.72 2J 3627 25 27 +1ft 

J6 IS 714% 14% 14% + to 

*5e 2A 11917 16 lift + % 

JO IX 25930% 20 20% 

32 23 324035 34% 34% — % 

3154 74* 74* 7% 

476 Bft 7ft 7ft— to 
10532% 31% 33% 

36 0% 6 ito + 4* 
18543 41% 43 +1% 

379 10H 99* lOto + % 

746722% 20ft 21%—% 
32 10W 9W 10W + % 
193 JU SV* SW + to 
74526ft 2SW 26ft +lto 
426 34* 3% IMi— % 
2*2 10% 9% 9% — % 

318 Bto 8% 8%— % 

7452 ]« » 1 
66533% 31% 321k— % 
151 6% Sto 6 + % 

2431 29% 30% — % 

323 7% 6% ito 
207 5ft 5 5% — % 

* 1)35 19ft 14 194* +34* 

SJ 1066 15% Mft 15% + % 
202 44* 44* 4% 

117B Sft 34* 3%— Yk 

1618 12% llto 13W + 4* 
250361% 58 61 + % 

2A 1927 4V< 0% Sft — ft 

1716 Oft 9 9% — % 

120 4 346 3% — % 

993 5 4% ift — % 

35 Mk Sto 5%— to 
451 1118 10% 10% — ft 
138 Sft Sto S4k + to 
657 33% 32% 32ft 
743 5% S% 54* + to 
200 4W 3% 3%— 4* 

_ 40613% 134k 13% + % 

3J 2(5720% 19% 20V, + % 
97 14* 14* 1% 

423174* 1646 174k + to 
13 4791 23 22% 22ft — W 

8711 10 10 — % 

3020 lit IV* 1% 

7.9 6823 22ft 22ft— % 

3X 144 38 34% 37% +2% 

Z2 532746 37 23 

5B07 ift 6% 6% — % 
183 Sto 34* Sto 
123 23% 29 23 — ft 


.12 IX 
■64 2X 
.10* IX 
.96 22 


JSr 2X 


.12 


A3 27 


.18 


.16 3 A 


A0 33 


8.9 


1 AO 
L12 
AO 


A0 IX 


1X0 


JO 

J4 


US 


OMSk 
Quodrx 
QuakCs 
OualSv 
Ontrnx 
Chxmtm 
Quorxi 
QuestM 
Questch 
Qu Intel 
Quixote 
Qualm 
RAX 
RIHT 
RJ Fin 
RLICo 
RPMs 
Rod5 vs 
RodtnT 
Rodion 
Ragan 

Ralnrs 

Ram Fin 1X5 
Ramlak 
Ranaolr 
Rauch 
Ravmda 
RayEn 
Reodng 
REIT i 
Recom 
RedknL 
Reeves 

n-im 

Kxnac 
RoevEI 
Reals s 
RetdAsh 
RetdLb 
Rellab 
Renal 
Repco 
RntCntr 
RpAuta 
RpHlItl 
RscPsn 
RSCPR2 
Reshlnc 
ResOM 
Res Exp 
RaPens 
Rest Mg 
Resfrtv 
Reuterl 
ReutrH 
RevorA 
Rexan 
RavRev 
Rhodes 
RIMIms 
RIchEli 
RlggsN 
RltZYS 
Rival A0 
RaadSv 1X0 
RabMvr 


JB 3.9 


7088 9V* 
701 7 
257 M 
202 Ito 
23410% 
413321 
48 546 
527 4 
32 9% 
108 64k 
103510% 


Bto 

6% 

9% 

Ito 

V% 

18 

5% 

34k 


B%— % 
6% — to 
94* — 4* 
1ft- % 
9U>— 1 
30ft +1% 
5%— % 
4 +to 
8ft 

6 6%— u 

9ft W 

1499711% 18% 11% + to 
JH* .1 750 846 7% B — to 

248 Cl 42100 584b 60 +1% 

.ICe M 124 946 Oft 846—1% 
X* 23 24928% Mft 24ft— 3% 
56 14 154316ft 15ft 16%— 46 
249010 9W 94*—% 
45213ft lift 12% + % 
177 Bft 7ft 8% — 

357 5% Sto 5% + to 
35 455039% 204* 3844— % 
O 36 25 23 25 

865 34* 2ft 31*— 46 
249 Aft AH Aft 
4 4% 4 4% 

30 4723 22% 23 

TA 20416ft 16% 16% 
20419ft IBft 19ft +1 
U 3361 15% 15 15% + to 

1515 8% 7 8 + H 

91538% 27% 38 +ft 
622913 10H 13 +14* 

359 9ft Bft 9% — % 
898 SH 5% Sto- % 
98245ft 15% 15)6 
682 7ft 7 7%— to 

1986 6% “ 

*2 in 

84 4% 


34 SA 


A4 23 


3 


X3e A 


At 55 


253* 9J 
U9e 8A 
J20 33 


-04* A 258 1 


■ISe IA 
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1A4 11.1 


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34 


RabNug 

RobUsn 

RCkwH 

RMUnd 

RkMIG 

Rank 

RosesSt 

RoaeSB 

Rcsp t ch 

Rouses 

RnweFr 

RpyPlm 

RorlRa 

RovlAIr 

Rulelnd 

RusfPel 

RwuiFs 


5% 6 + 44 

4% ift 
3 3 — % 

3ft (to + % 
41033% 31% 21to— ft 
258 84* 74* 8 - to 
618418% I7to 18 -% 
46Z7% 38% 37% +1 
34030% 19% 19% — % 
11910% 10 10 — % 

11 3 3 3 

*1 14* 1% 1%— % 

48 IBft 17ft 1846 +1 
" 17% 16 1846 + ft 

42615% 14% 15% 
58510% lOto 10ft 
55136% 34 34 —3% 

IBS 13 12% 13 + % 

131 6% 59k 6 

3J 210139% 38 39% + to 

IJ 89114% 13ft 13ft— 4* 

814 8% 746 Bto 
175184k IS 18 
IX 28559 55% 56%— % 

222 3% 2% 24k— Vk 
SA 1978 15ft 14 lift— ft 
3A 733229% 28 2B%— ft 

6713 12% 1346 

343 64* 6% 64* + to 

327134* 13 ISto— % 
40211% 10ft 11% + % 
3210% SB 10 
493 9ft 9% 9% — % 

17811ft 11% 17% — % 
18 74k 7% 7%— 1* 

11124% 22 34 — 1% 

29725% 22ft 22ft— » 
121 17% lift 17 — % 
A4 2J 104324 22ft 23% + ft 
,12d IA 182x8% Bft 8% 

1344124* lift 12% + to 
771 4ft 4% 4ft + ft 
186 9ft 9% 9ft + % 
209 4ft 44* 4% — to 

T44 17% 17 17 

2004 IB lift 17 —1 


200 


I 


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.141 


AB 53 


30a IJ 
J8a U 
A0 3J 


SABHas 
SAY ind 


124 llto 946 10% — ft 
371 1344 13% 13% + % 


SCI 5v 

SEI 

SF£ 

SP Drue 

SHI 

STV 

Sgtchii 

Safeco* 

Safeco 

SafHIlti 

Suae 

SUude 

StPoul 

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SanBar 

SteadChl 

safeks 

SoteiSv 

SavnF 

SavBco 

SvBkPS 

SaxanO 

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SconTr 

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591711% 10% ]»%> * J* 
19EI7W 16% I;- * % 
Ilk' IJ 774 9 7'« ,fi( + % 

- 5718 17% 17% 

290 ISLi 15ft 10% 

128 9% Bft 
106 2 , '( 27V. 

41% 

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a* 1.1 392311% 17 
19 IMOdft 41 

417 11% 21 - - - ■ 

qn. ra 572*% 25% 76' » * V* 
• 3B ° “* IMI MW 13'- 13ft-, = 
3X0 4J 663470% 4*ft 7®^ ** * 
1581 5% 5% 

81 9 •!* Sj i 2 

112 TW 7% 7% + ft 

188 1.4 r« , 

43 7% 6V* ito— 
10440 3Bto 3714— « 
610 23% Sh21 *;i 
56830ft 30% + 

3*48 w % 'o— :• 

310 M 13% U + U 
42911’- 10ft tnu— ’.a 
106318 17 17ft- 1 - 


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SdCnw 

Sdlncs 

SCIMIC 

SdSft 

ScJSvSv 

30 lex 

5crlnH 

SnGdl 

Seagate 

Seal Inc 

SeowFd 

ScNtBkl 

SecNH 

SecAFs 

SecBcp 

SecTog 

SEEQ 

Setbal 

Select 

Semtoi 

Sensor 

5rvmot 

SvcMer 

Svimta 

5ervloa 

SvcFrct 

SovOok 


JS 4.9 


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5% 

6% 

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5% 


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Sto- ■-* 
6ft- ft 
5 — ft 
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JO 7.1 


481 9 
31851 6 
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702 6 
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15 8ft 

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5ft Sft - 'a 

gn ta 1 : 17ft 18’ a + fa 

CDISft 14't !4'-b — 'a 

7735 34% - n 

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507 2l-» 2'i 2ft . , 
845 7i 1ft T o • 
420 » 1SW Wl£- r 

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t- tVi 7'- * ? — ■? 

1570 I ft + * 

510314% M% 14% 

SW1 34 l»ft W.-Jt 
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54 6 sva S': — >6 

.16 IJ 78184 13% 13ft 

ShrMcd A8 IA 2M9 29W 7»W 29ft— . 

Shwmls 1A0 4X 3885*9'- 37H J7W— « 

Shefliy i .16 .9 829 18ft 17H |8ft — - 

(37 10ft 10 10ft— ft 

377330ft !9'a » « + ft 

12713ft 13 H'k— W 
734 IV 
65066 ft 
1125 6 
74 4ft 

1416 r- 
1047 10ft 
218513ft 
498 17Vs i; 

951 Sft 4% 

2153 1 , . , 

1954 Mft W'b 14ft + ft 
26214% I ito Mto — 

267 MW lift lift + 

24 ift 3ft 4% — 

23723ft 32ft 23 — 

rmioto 9% toft 
no 3ft 3 a - -< 

58 717 
1879 ]% 

33910 

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CO 1 167 46ft 45ft 46'- + to 
2085194k 17ft |7Vi — 

176 Bft 71* 7% —% 

411516% 13 ISto +3to 
52711ft 10ft llto +tft 
2 22% 221: 3ZVa 
S7224to 34‘* 24%— to 
38572'! 21 ft 22 — 

36 20 IBft I9ft 
30734 23 73ft — % 

11724% Mft 24ft 
905 51* 5 5 - H 

A2 11 7084 244* 22 % 24% +2 
1X0 3A 225928ft Z7H 28W + to 

1JM 6A 526ft 26% 26% — ft 


Shokfl a 

Shonev s 

SbonSas 

Shpeml 

SfgmoA 

UomCs 

SlgmaR 

Sit Icon 

silicons 

SlllcVal 

SUIcnx 

5 litre 

StvSIMn 

SlmAW 

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Sleolna 

SNCp 

Slnltr 

Skipper 

SfcyExp 

SloonTc 

Smith L 

Smith F 

Snrt5m 

Sedetv 

SocfySv 

Sottech 

SottwA 

sttwPb 

5onem> 

SenocPi 

5onrFd 

SoMIcG 

SoScSC 

SCofWt 

SoHosp 

SltidFn 

Soutrsf 

SWEISw 


A0 .9 


3ft Dft + W 
64 M +1>- 
5ft Sft- ft 
4'-a 4W— ft 

AH 6ft — to 

9% 10ft — to 
lift 12ft + ft 
17ft — % 
Sto + to 


T%»W 
Tunb*W 
TimrC a 
TmeFib 
Tiprory 
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Toi«jr« i.«i 
TolTrnf i«U 
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1TJIW 31ft 311* + A 
46 4 )ft 4 ' 

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224 14'k 17ft 13 - fj 

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3ft 3% + ft 
1 4 Ift- 
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4303e*w Mto 3? - w 
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40.- SW Sft SH 

99 ft to * V 

163 Uft Mft 16 — K 
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9% 9ft 
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AO IX 


JOr IA 
1A7b 7.9 
JMb 36 
1X0 7A 


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Sovran 
Sovran 
SpcMIc 
S oanA 
SoecCm 
Speedy 
Spdran 
SdccCH 
Spctrm 
SpertID 
Sal re 
SlorSr a 

SlalBId JO 3A 

Stondy S 1.00 34 

SICTob AO 12 

StdMIC 

SIReaa 

SlanOun 

StanfdT 

sianhas IJO SX 
StaSIB 1X6 IA 
StataG .15b 3.1 

Steiger 

SlcmrL 

StewS tv 
Shy inf 37 
StswSn .15 
Stlfef 

SlckYle .16 
Stocks y 
Stratus 
Strwat 
Stryker 


SluDS 

SfuartH 

Subaru 

SubAIrl 

SubrB 

Sudbry 

SuffSB 

Sumlta 

suntmo 

SumtBs 


XS 

168 

XS 

1.92 


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1.16 


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SumBAaDJO 4X 
SumlHl X9e J 


SunCd 

Sunalr 

SunMed 

SunSL 

SunstFd 

Snatcrle 

Sunwsl 

SupRte 

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Suartex 

SuprEq 

SuraAt 

SurvTc 

Sykes 

Svmbln 

SvmbT 

Symtallc 

Syncor 

Svntect* 

Syntrex 

Syicon 

Svasoc 

SystXn 

5rsiittg 

SvstGn 

SvEtmt 

TBC 

TCACb 


J4 19 


IA 303J 6ft 6H 6H— 1 
3X 1 MM 46ft 44% 44ft -IW 
35 ito 1ft Ito— 1* 
151311% 9% II -1 
2 3V* 3% 3% 
89416% 15% 16% + to 
1689 26H 23 Mft +3' 
196 6H 6'k <W— 1 
15612ft lift 12ft + to 
IBS6 2H 2% 2% 
9014ft 141* lift 
310 7b 7 7Vi 4 ft 
795 ift 51* 5%— » 
S36 X 27ft 29% +1 
1023 21% 23 +l'a 

5089121* llto 12ft + 
30933% X 33% +1% 
187 7H 7% P.k— % 
6914% 13ft 13ft— 1ft 
74 24 23% 24 + ft 

59868ft 67% 68 — % 
308 4% 4ft J% 

578 Sto 5 X — % 

US 1H 7% Ift — ft 

636 13to nft 13% + ft 
8024 Sft 24 +1% 

33 3 2ft Sft — 

217 ift 6% 6ft 4 

S 14% lift 14"a + % 
320 9ft 9» 9ft — 
778915ft 13ft 15 +1 

36534ft Bft 3Jft— 1% 
40433ft 32% 32ft- H 
367 24 22% 24 

1.1 79 4% 4ft 4% 

IJ 46X44% 141% 144% +3% 
IX 409 5ft 4ft Sft + ft 

3.1 1092 6Sft 58 62ft +4% 

256 9ft 1% Oft + to 

.9 84320ft 19 20 9 ft 

7A 1115ft I5V> 15ft 

1218 3% 7ft 2% — 

230 Sft 73 S'! + ft 

848% 48% 48% 

3672 12% 12 12'* 

665 Ito Ito ' 

326 1ft 6 
Bft 
SW 
5% 


3X 

SA 


1.1 


40 9 
1481 7V, 
95 SH 


11* — to 
6% + 'k 
9 + ft. 

5% 

S% - ft 


714% 14% 14% 

3J 334944ft 43ft 44ft + % 
.7 20321ft 19ft 21ft +lft 


130S 128 


Bto- 
9H— ft 


3H + ft 


71b— to 
10 - % 
11% + % 
** ♦ .7 
3% + to 


J8 IX 


.12 A 


Inc 


AB 


TSRs 
Tncvtvs 
Tandem 
Tandon 
Tchncd* 
TchCaai 
TchEaC 
TcCam 
Tefllncs 
Tecum 
Telco 
TtonA 
Tel Plus 
Telertf 
Telecrd 
Tetamt 
Teleplct 
Tdvld 
TetatM 
TMxon 
Temca 
TmplE 
Temlex 
Tncrt-w 
Tennant .92 
TeraCa 
TermDt 
Tesdata 
Texan 

Textne 35 

TTterPr 

Ttirmda 

Thetfd 

ThrdNf L2B 

TCBYoi 

TMrln 

Thortac 

ThouTr 

3Com 


X3 A 
3J0a 3L0 


Xle 


302 9ft 8% 

731 9H SH 
618 3H Sft 
1S6 8% 7% 

5210ft 10 
4611% II 
1767 % % 

182 3% 3to 
45810ft 10% 10ft— ft 
544610% 9% 10ft + H 
242 ift Ta 4% + ft 
5080 12 10% 12 +1 

490 3H 3ft 3%— Ml 
60 16% Ifft 16 — W 

90326 23ft 23% — 2ft 
1436 Sft ito 5 + % 

119 Bto 7ft 7ft 
817 IH Bft Bft + % 
43921% 20to 21 — ft 
14111% 10% 10% — 1 
112322ft 32 72 — ft 

4 Sto SU 5ft „ 
132112ft 7H 12 +4W 

117 9ft 8% Bft + H 
133610% 9ft 9to— % 
204 5ft 5H 5% 

42713 lift MH lift + W 
11846 ift 4 ift — ft 
32 8% 7% 8 — % 
36 7 ito 6ft 
139 Tl 3S 21 +« 

88 9 Bft Oft - to 
IX 7 6% 7 + ft 

24006ft 103% 106 
46113% 13ft 13% 

6435 31 to 30% 3tt34i— H 
3519 9V* BH 9 — % 
24115ft Mto Mft— 1 
LI 2684 15 13% 15 + H 

3 5% 5% 5% + % 

278128% 24H 28 +3W 

1032 2% 2% Jto + ft 
79315% Mft 15 — % 
138221ft 20ft 21ft + Jb 
1507 Tto ift ito — H 
858 2ft 2% ?*» + to 
65 7% 7to 7% + % 
1676 4ft 3 Ito + ft 
C3 35721ft JOto 2 Ito 

127 3 24* 2to — h 

1135 6% S% Sto — % 
126 2% 1% 2. + V* 
333 to H 'i*— to 
IA 79 16% I6to Itto 

104810* 9H 10ft + H 
1094 14 T3H 14 + H 

34 9to 9% 9V» 

23 148447ft 45% 47% +lto 
928 19 17to IBft 
4812% lift Tift 
1095 9to 8% B%— IW 
10*00 lift 13% 14% — 2W 
1737 7ft ito 7W + % 


USLICi 
USP PI 
U3T 
UTL 
URrBCP 
U'lrSit 
Ungmn 
utubes 
Unlbcpl 1.53 
UMti 
Unitrc ) 

Unimex 
UnBcp IOO 
UnFcdi 
UnNdlla 1JR 
unPlnir 10«t 
UhTrBc 
UnAorn 
U4Cmi 

UBAr.'i 

UDAI4X 
UBkSF 
u Brush 
UnBkra 
UBCOI 

U Car Be 

uCnBsti 
UCWGs 
unOwn 
UnEdS 
UFnufV 

UFUFO 

UGrdn 
UMoBn 
UnNMx 
UnOkla 
UPresd 
US Ant 
U5 Bco 
US Can 
US (Man 
U5 Em 
TJSMC a 
U5HIII 
US Prcg 
US Shit 
USSur 
USTrfc 
USTn 
U5tatn 
UTelct 

UnTrtcv 
UnTole 
UnVIBn 
VJVoB* 

LfmrFrti 
UnvHtt 
UnvHid 
UFSBk 
UnvBTr 
UPRghf 
UPenP 
UraeCr 
u actrfe 
USBcPa 1A0 
V Band 
VLI 
VLSI 
VMX 
USE 
valULa 
Vallen 
VolvBc 
VOTF5L 
vaiFrg 
VINBC s 
VglNII 

voiuroh txe 

Volmnl 

volte* 

VaiLn 
VQnCH/3 

VanShk 
Vanxell 
verier s 
Varlen 
VeelrG 
VeteBds 
Ventre k 
vtFnet 
VerwtT 
Veto 
VIcanF 
Vlcarp 
Vic I Bn 
VklraS 
vidOisn 
VledeFr 
Viking 
VlrateV 
voBech 
vtsTech 
Vltrom 


S7I Z3% 21% 72 
on law u 


3. 


i jb l; 


«0 


J% 

1S357V4 »% 26% * % 
378 Xto 7T- 32 to- £ 
S3 Mto JJ*- Mft + w 
Me IX 3520 6W 4 4%— % 

453811'* 11H llto * S 
8414'% 15% lift + ft 
15 17 16% 17 4. h 

1 148 10 «"l 18 + ft 

MU IQto Mto — 5 
606 15 W M M — IW 
341 41 41 _ ft 

94711% )1% IP*- ft 
12825“: 24). K 
200926 23ft 25ft +1% 

843 76ft tfl 76 tf-. 

1 79911ft tO'b 1IW + £ 
1978 llto IJW Itto 


41 


2.40 22 


60 24 1173354. 24ft 25ft 41ft 
ISr IA 133 IDU «to «ft- 3 
IM 4'.* 3% 3Vj— 1 
16617ft 18ft WB + H 
Ml Mft 18% Mft 
530 Mft 25% 26% + ft 
3E30V. 29ft 30 — ft 
320 3-W 2H 3 + ft 

Ml 19% 19 W* -X 
9313% IS 11 —ft'* 
65 ift 41* 4% 

1377 7W 6% I +1* 
3094I9H 16 16ft— 3 


cj 294HW in* ti% _ ft 
29 XI Sft Mft 34% - W 
16 265HH 9ft 9ft- ft 
36 tl 7 6ft ift— ft 


13 12 lift lift- I* 
111 3% Sft IW— ft 
15 1584284* 27ft 28% + ft 
278 3% 3ft 3%— % 
1322 3% Ift 7%-S 
176 6% 4W 6ft + ft 
■HMXk'V 35-» 366! 

291 1016 9ft 10ft + W 
■T 74 ! 2 -ft 

•I2e Z7 5JO 4ft 4% 4H 
20e l.T .M/l l**k ir.b 17ft -M 
120 tan 35413ft 13 12 -to 

>20 3A 177334% 33% 34V, + ft 
TO IX 03331% 20W 30W-) 

583 SU 4(6 SU + ft 
75222ft XU 22W 
555 Bft 6ft 7ft— Ift 
.76 41 25 19% 18ft 18ft— ft 

164 16 147646V. 47 1* 68 + % ^ 


.10c A 
IJ 

LOO 93 


219 43 2005 51: 

336 
153 ?to 
2032 Kk 
43)0 ISto 
1142 SW 
.IM 19 148 * 

9431 8% 
3015 
6131 


1.D8 L5 


.12 1.9 
IJOa 3A 
20 


.14 

40 


A0 51 


IJOa 3.9 
JO IJ 




Vodavi 
VolfCp 
Vattlnt 
Vohm 
Vorlcc 
Vyqusl 
WD 40 
WalbCi 
WlkrTel 
WshE 
WF5LS 
wmsB 

WtJlSca 
Wairlst 
tUausPp 
waver 
Wavelk 
WUoxm s 
Webbs 
Wedatn 
WeioTr 
Wetblt s 
Wespac 
WDSPC2 
WAmBc 
WestFn 
WStCOD 
WnCtne 
WstFSL 
UVMicTc 

vomer 

WSILte 
wsieer 
wtTiA a 
WmgrC 
wsnwto 
WstwCs 
Utetlro 
Wevnbrg 1J6 
Wlcaf 
Widcom 
Wllond 


I 


73 


Wlllmt 
WIIJWW 
W1IIAL 
Wlllml 
WmsSn 
WlmgTr 2X0 
WlisnF 
Wllhm 

Wlndmr XT 
Wlnnen 
WIlSGs lA4b 4A 
WHserO 60 3J 
.16 ZA 
WolvTc JO 10 

Woodbd JJS 


166421% 20% SOW— ft 
6682 19ft 17% 19ft +IH 
329 5% 51k SW— W 

168112% 11% lift 
216% 16% MW 
343 SH 4ft (ft— ft 
8421% 20% 31% + I* 

I860 ift ito 4ft— ft 

4% 5 + ft 
35 36 + ft 

9 9% 

7W 7ft- ft 
11 12 + W 

5 SW 
BH Bft— ft 
7 7H— Ift 

Mto Mto— % 

X 31 -rt 

3403 Mto 17% 19 -Hta 
42 6% ito 4W- ft 
_ 645 43 42 

3J> 340640% Mto 48% +1ft 

3.9 106 28H ?T% X + ft 
32 295 19V, 18% 18% — W 

TJ 42 Sto * 6% + Ik 

1.7 WJ3L 32% 73ft + ft 

10 149 13W 12% 13to + ft 

67 9ft 9ft 9% + ft 
293 7% ift 7 - ft 
209 7% 6% ift— H 

61 llto lift lift— A 
301 « to 

410 9 8% 

7331 4% 3 396 . _ 

S2A1 X 30ft + ft 
4SI7W lift 17ft + ti 
3656 W to H 
308 3 2H 2W + ft 
099 A 1116251* 74% 2Sft +9* 
100 4A 6021W 22ft 39ft — lfe 
1343 Jto Sft 3% + ft 
79 ift 6H Ato— ft 
J70 L4 4653 9 815 9 + ft 

153 llto lift 13 +to 

655191b lift 19 -Mft 

277 BH 7ft Bto + to 

512 ft 
I 16 Sft 

2012 lOto 
55 4% . . 

170615ft 15 15 —ft 

AST 1.9 290036 34H 25% +Hh. 

J» J 7011 10% 10ft 

320 6% 6% 6%— to 
AS 4A 42321 19% X —1 

34 IX 25613% lift 13ft +1ft 
6U 7% 61* 7ft— to 
Ui BA 1380 S% Tito 21 to— H 
JOB 2.4 V81S33to 32 33to + lb 

5674 15 14ft MH + H 

.12 A 13634% 23ft 24% + % 

.11 LI 10 SH 5 ft 5ft — to 

A0 23 56115 13ft Mft + H>- 
44 U 119ft 19ft 19ft 
498 7'<* Aft ito 
522 MW 14% 16 +1ft 
308 13ft 13% I Jft— ft 

59 BW 7ft 7ft 

8012% 11H llH-to 

30330% 38ft 30% +2 

513 Tto 9ft Tto 
253 8 7H 7H— ft 

75 18 17% 18 + % 

64514ft UH Mto + H 
9188 MH 13H lift + % 

2 3ft 3ft Sft— ft 

B68MW 14 M — ft 
301 7 5ft 6% + to 

63 7% Aft Tto + ft 

5312% lift lift— to 
49 9ft 9 9 ■ 

061 24H 21ft J4H -*Tk 
37417ft 16 17 +to 

28231% »% llto +1% 

694 15 14to lift + to 
JJ 332537ft 77% 27% — to 
L2 780% 60% 60% + to 
775 4 3ft Ito 
3347 7ft 7H 7ft + ta 
7747 to n m 


J« 2-9 


H ft 
5W Sft— to 

J£ \=Z 


?-■ 
j - 


M 3 
■36 14 
IJteliA 
AO 3.4 


> +ftr- 

.. 


CV: 

a*: 


039 8A 
AO IDA 


.70 19 


19 

2J 




■>■/ 
Or,; 
itr ■ 
in\- 

■>-- 


■.i^. 


. .r 
r-F; . . 
VS'-- 


A0 L4 
-10e J 


A8 


tbtt ; 

Jy:~. 
iv ■■ 

Ct-. 

a-.. 




1A5 C4 2966 38 37to JTto + to 
56 SO 1 lift lift llto— to 
2033 124* 119* 12to + to 
169 9ft 9ft 9% 
2317% 17 17 — to 

19654% 53% 53% +% 
334 8 7H 8 + ft 

43 3% JH 2H— I* 
968 7 6H Aft— I* 
2438 1% 7H Sft + ft 
3M 31 31 

30319 IBft 18to— to 
1» ito AH 6W— to 
37 ito Aft Aft — H 
18613ft 13ft 13% 


IX 


WWIftg A4 13 3730 20% 26% 2fl% +1ft 


WrgfrtW 

Writer 

Wyman 

Wvse 

Xebec 

xicor 

Xtdex 

viowFI 

YpniFd 

Zehntel 

ZenLb* 

ZenNII 

Zcntec 

Ziegler 

ZionUI 

Xlei 

Ivod 

Zondvn 

Zvcad 

Zrgo 

Zvmes 

vlZyirv 


JS IX 
■ISe IX 
XO 34 


1X0 

XO 


A8a 4.1 
1J4 3A 


17? 13% ISto ISto— to , 
*90 8ft BH Bto- to A. 
43923ft aft MW— fcf- 
3624 Bto 7to BH— H* ■ 
20JO 3ft 3H Ito— to 
OTS 7H AW ift + » 
523412% lift UH + to 
L7 1663 374* 37W 57% — tl 
3.9 B8 16 15 15ft— H 

423 3ft 3W 3ft- 1* 
4742*3 ft 72 22% 

4.1 1083 16W 1S« M» + ft 
171 2% 2ft JW— to 
304 UH 11% UH + to 
20735 34ft 34U + Ik 
2% 2%- W 
Sft 4% + to 
9ft 9ft— H 
10% T4 +3W 
Sft IW n 
2to SH + Ri 
— to 


304 3 
873 4% 
56BI0W 
4262 14 
AS Bft 
1689 Sft 
1*78 


American Exchange Options 

For the Week Ending June 21, 1985 


Sep 


1-16 

1-16 

4H 


2to 

ta 

5-16 


7-16 

to 

2ft 


49% 


55 
45 
» 
55 

40 

S»ft 65 
OwmNY 40 


2 

5-14 

ft 

5ta 

2ft 

9-M 


59ft 

59ft 


Chrvm 30 
344* 35 

36ta 40 
Caosl 3D 
Mft 35 
Coado 13ft 
37H 21ft 
XP6 X 
37ft Sft 
32ft 36ft 
32ft 4 
Deem 25 
29to 30 


* % 
1-16 1 11-14 
r 6-16 


2ft 

ft 

3% 

IN 


Optior S. price Cadis 


PrtmeC IS 
lift 17% 
18W 20 

IBft 25 
5F«SP 20 


2ft Hk 
PH 1ft 
1-16 to 
r 1-14 
r IHb 
5ft 4M 
ft 15-H 
r 11-M 
IH 2to 


28ft 45 

30ft SO 

okra 3 

12 18 

12 t2to 

13 U 

wutkr 20 

21 22to 

23 25 

J4 Ocf 
aa <5 

|W SO 

Am cm 43 


Ift 9 

1ft 5 

r 23-16 
r V5-H 


IH 

7 


1-16 Ift 15-16 


ift 
1-16 11-16 


56 

61 

MEtfl 

47ft 35 
(7ft 4 
47ft 45 
47ft 56 
Am Ham B 
4 JH 60 

62ta 66 
ABOllO 15 
17ft 17% 

in* 


7H 7H 

7ft 3 H-H 
1-16 1 

r ft 

2ft r 

to m 

1-16 7-16 

-Ini Oct 
1ft Oft 

1-M ta 

3ft r 

ft lta 

1-16 ft 

r ta 

mi t 

12% r 

7H I 

7ft 4ta 

9-161 13-16 


ft 

2ta 

1-16 


7ft 


3ft 


Ito 4U 7-16 r 

7-16 1ft 7 15-16 r 

3 31* W 11-16 

lta 3H talO-14 

ft 15-16 3ft 1% 


2tw 

25 

r 

w 

r 

r 

AaMe 

14% 

3ft 

4ft 

r 

VM 

27W 

26 

EmnE 

65 

4% 

SH 

r 

r 

MW 

IS 

1+16 

2H 

34 

3-16 

UH 

27% 

m 

70 

1-U 

2W 

5 »14 

2M 

Mft 

17% 

H 

17-161 11-M 

aw 

27ft 

» 

69W 

7S 

r 

IS-U 

r 

r 

Mft 

36 

r 

11-M 

r 

r 

Lilly 

to 

G Tel 

35 

n* 

r 

r 

r 

BOUSLfll 30 

1+16 

7* 

r 

r 

85H 

70 

42H 

0 

3H 211-16 

r 

7-M 

BeUso 

30 

llto 

r 

r. 

r 

•SH 

15 

Oh 

0 

r 

W 

r 

r 

47ft 

SS 

7ft 

6H 

f 

r 

IS* 

88 

dM 

SD 

r 

r 

1-16 

r 

*2H 

0 

Jto 

7 7-M 

Ik 

i 

(SH 

06 

S9H 

S 

4H 

4H 

r 

r 

42ta 

46 

r 

to 

r 

r 

■5H 

to 

S9H 

•0 

1-16 

2to 

Vo 

r 

Burroft 

58 

7W 

r 

1-U 

11-16 

BSH 

*5 

Otaaur 

a 

r 

5 

314 

1 

57ft 

IS 

7ft 

ito 

u 

11-16 

MonHon a 

Heda 

is 

17-16 

3ft 

r 

44 

97H 

60 

7-16 

2 

TO 

r 

Wfc 

15 

16% 

17% 

r 

ta 

Qli 

r 

57ft 

65 

1-16 

11-U 

r 

r 

39ft 

0 

16% 

20 

r 

to 

St 

r 

Cl oher 

tt% 

r 

r 

14 

r 

39to 

45 

Heron 

IS 

1-T6 

Ift 

Ik 

IH 

15ft 

IS 

r 

r 

r 

IH 

Mirrtl 

25 

Karteb 

7% 

r 

13-M 

r 

r 

15ft 

17% 

r 

r 

TO 

Sft 

30% 

0 

BW 

n 

r 

ft 

714 

2W 

lift 

20 

r 

+W 

r 

r 

3»% 

JS 

LTV 

7% 

w 

ta 

r 

% 

ISta 

22% 

r 

w 

r 

r 

30% 

to 

7W 

ID 

r 

ft 

2*4 

r 

C Trt 

a 

r 

S-lt 

r 

r 

MmgPt 

u 

Tta 

15 

r 

ta 

r 

r 

Ceeeer 

a 

Sft 

r 

r 

r 


12% 

■ ■ 

MKT 

45 

5K 

r 

T-T6 

t 

asta 

a 

1% 

2 

r 

r 

I3H 

U 

sow 

» 

5-16 29-16 

W 

m 

CrtM 

8 

3% 

r 

5-16 

Ito 

13ta 

17% 

SWA 

35 

r 

W 

r 

r 

m 

0 

ta 

+16 

TO 

r 

13H 

30 

Fttnr 

« 

9 

9H 

r 

Vk 

an* 

0 

r 

7-14 

r 

r 

135* 

a 

(SH 

46 

4% 

5 

r 

14 

DSC 

IS 

2H 

r 

14 

r 

Mania 

75 

4FW 

SO 

1-M 1 15-16 

14 

2% 

17% 

ITW 

1 

2 1-U 

W* 

r 

J1H 

30 

49W 

56 

1 

+16 

s 

r 

17% 

a 

ft 

IW 

3 


31% 

a 

Ph Mar 

7S 

IM* 

r 

r 

44 

17% 

3216 

r 

+16 

r 

i r 

31H 

« 

OSH 

10 

Sto 

7H 

r 

IM* 

OVtK 

JBk 

3H 

IW 



Atytan 

20 

BSH 

85 

7-M 

*W 

M4 

TO 

36W 

36ft 

ft 

IH 

r 


34ft 

22% 

DO 

M 

r 

IH' 

4 

5V4 

36% 

M 

6 

r • 

r 

r 

Hft 

a 

BSta 

9$ 

r 

+M 

r 

6 

36% 

a 

lta 

3% 

r 


9*1* 

X 


Option & price Cotta 


J6to 
□ie Ea 


95 

WO 

w 

ns 


ISU 

7to 

5% 


120 

125 

10 

75 

SO 


2H 

Ift 

ta 


Ift 

Sft 

49k 

II 

15 

2DW 

25% 


du Pnt 
57ft 
57ft 
Gaadyr 


Orevtid 

29ft 

29H 

Howhl 

3SH 


U 
IBft 
Sft. 
90 1 

VS 13-16 

* c 

56 3 

60 to 

30 IB 

a 8 

38 9-16 

19 M6 

a (ft 

22% 7 

zs ft 

as ft 


lift 

i2to 

8H 


1-14 

3-16 

ft 

2% 

Sto 


ta 

7-14 


Sft 

IH 

5-li 


LU 

Mi 


2ft 

IH 

7-16 


9-16 

W 

Jta 

H 


lift 

Bft 

Infef 

34 

16 


35 15-14 

0 Ik 

(5 V-14 

22ft 2 

25 H 

30 r 


3H 

1% 

Sft 

216 

ta 

H 

Sft 

T» 

H 


3-14 

11-M 

Ito 


7-14 

24% 

Mto 


7W 

4ft 

2to 

ft 


Mi 

1-16 

ift 


9W 


3-16 


-(to 

H lta r 3 

r H t r 

5* iW to ta 

1 7-161 0-M 13-1*111-16 


>1-16 
M6 H 
JH SH 
ift Tto 
ta 13-14 
r ft 
l-M W 
1-U r 
r 7 
2ft 3% 
w iw 
M6 5-M 
4M. i 
ito Jto 
ILM2U-M 
lb IW 


(to 


ta 

1% 

(to 

*» 


ta 

31* 


lHSU-le 


Option 8. price Calls 


NetwSvlTM 
2116 S 
71ft 22ft 
Ftwte 15 
17ft 17% 
17H X 
17ft 22ft 
17ft 25 
Pltnev is 


IW 

lta 


9W 


44ft 

Pme G 
57 
57 

SMlM 

Sonat 

Mft 

Srbnon 

TRW 

Mft 

73ft 


*rt 


15-16 

Sft 

Ito 

1-M 

ft 


1-16 

to 

5ft 

2 

IW 


Ift 


lift 

Mft 

Mft 

Mft 

Tandy 

33ft 

Bft 

31ft 


12% 416 r 

U 71-14215-14 
17VJ 11-14 |U 

2D 3-16 15-16 

23% , 9-16 

23 Bft 9 

20 3ft 6ft 

35 11-14 2 

r % 


IH 33-16 
Ift 3% 
PI 


35 Jta 


aw 


11-M 


13H 


13-14 


Tto 

4ft 

IH 


Texaco 
37% 

Bto 

Thrffy u 

26ta TO 

28ft 23to 

u cara in 

Ota JS 

43ft to 
Oft 45 

43% SB 

US 51 25119-14 2% 

27ta 30 ft ft 

torn Lm 33 Bta Bto 

43% 0 3 V, 4W 

-**9 « 7-14 19-14 

tomdra » Bto Bft 

30 JH JH 

UW M 7-H 15-16 

Uta 0 , 

(0 Nov An 

**F IJ 3ft 

i6to i7% K, 

it% as % 

AMR 0 6 

«w « 3% 

(Sto 58 to 

ASA 0 r 


1-16 

IM 


11-16 

2ta 


to 

3% 


1*16 


7-16 r 
Nov 
r 1IS-U 

r 4ta 


7V. 

(to 

2ta 


Ito 


so 


50 

SO 

ifl 

so 

Am Con 
58H 
Ark la 
WH 
IB* 


0 


1SH 

in 

Avne, 

27ft 
77ft 
27ft 
Bally 
16H 
MH 
Mft 

emnrwiito 

l*ta 15 


SD 21-16 
IS 

66 

45 r 

SS 4 

*8 ta 

is it* 

17W 1 11-16 

20 ft 


ift 

Jto 


ft 1 13-14 
1>M 


. to 7-16 
+16 13-14 
Tto IW 


Sto 

I0>A 

isto 

w 


Mi 


Cafera 


2T1 
25 
25 
30 
» 

0 1-M 

10 4H 
15111-la 
ITW ft 

0 -3-16 
2% 
ta 


IM* 

13-1* 

7-14 


to 

ita , 

41b 


IH 

7-16 


w 

?h 

71* 


6% 

2ta 

iw 

9-16 


5-M 

IH 


*16 


4 Vi 

ta 

to 


1% 

AH 

IH 

% 


Option 8. price Colli 


Can Ed 35 
J7H 40 
Cowls 22% 
23ft 25 
DunBrd t5 
78 78 

78 75 

71 SO 
FIMtai Ifl 
Fires! 20 
21ft 22% 
21 % » 
Ftaelw IS 
21% 0 
7lv* 23% 
21% 25 

GCA IS 
ITW 17% 
17% a 
17ft 22% 
17ft 0 
GefdNfl ID 

i2 law 


2% 

to 

3 


iw 

3-U 

IW 

7-M 

ft 


IH 

11-16 


2ft 

1ft 

7-16 


ito ft 
lta 13-16 


1ft 


Jto » 


2H 


7-16 


IH 


3ft 

2H 

lta 

ft 

3ta 

lta 


1-M 
3ft 
ft 

_ J-16 

Grace H r 
)«ta 0 ta 
3*ta « ft 
HallFB 25 r 
Ln Pae » 25-16 
71 to 22% 13-14 
21ft 25 r 
MACOM 15 r 
17ta 17% ft 
17ft » ft 
l/ta 22% % 

17ta 25 1-U 

N DW 35 r 

SJ* » 

Bta 35 Mi 
N/WcdEn 25 5 

» to 31 1ft 
29ft 15 r 
N Semi 10 TV, 

• TS % 

IS ta 

Nwo 25 Sft 
30 X 1% 

30 35 Ik 

ODECO a r r 
p * rB %v SB 1% 13,1k 
SS 3-16 r 

U 2ft 3ft 

0 5-16 ILIA 


Vk 

116 


3-16 

H 

M 


r » 


2% 

+14 

sta 

w 

7-14 


546 

2 


X, 


2H 


50% 

PkllPt 

37% 

37ta 

Pllhby 

54 

5* 

Rrvco 

RovDul 

Seorte 


a »-(, 

SS 2% 
« 13-1* 
25 1 5-M 


r . 


+14 

M 

I 

to 

r 




54 

54 

Singer 

Starts 

31ft 

Etorer 

744* 

74H 

76H 

76ft 


VDrtan 

78 

Zenith 

19ft 


low 

»9H 


a 

ss 

0 

*5 

JS 

10 

23 

SS 

66 

50 

» 

80 

0 

JS 

JO 

JS 

17% 

18 

37% 

a 

a 


i% 

7-14 


Zft 

IH 

7-M 

3?ft 


3 

lta 

H 


tk 

2U 

4ta 


Ito 

3h 


2H 

1 


7ft 

lit 

7-16 


SU 

1% 


Mi 


14 t 

BH % 

SH 15-16 T 
Jto r r . 

3 HllMV:- 

\ W J * 
1 r r 

1 f A 

J. 

I r V* 

»M4 r . r 



Total Vntome: 22SJM 

oeen IntarKTi ZHB.rS6 
traced. 4— Non# offend. o-OW- 



.a - 7 





















INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 21 


Over-the-Counter 


Sates In Nat 

lads Htefi Low Lost Chtw 


Jto 

Jto 



1BU. 

101m 


m 



sv> 





t* 






Sto 

SH 



3*, 


3V> 

3H 



11VS 



316 

3Vk— Vk 



6to + to 


Mas In Net 

lOQa Hteh Low Lost Oi’se 

II 4V) 44 4to + 'it 

1022 tto IV. lto — 

S3 Ito 1% Ito 
200* 34 876 73 74„ +1 

3160 Ito t Ilk— S 
•Ml U 1473 36 34 to tm + 4 
■60 IU 171 446 4 4Vl— U. 

180 4W 4Ve 4to 

135 14M 141k 14to 
408 6 4 44—14 

11 34 3 34 


JMS 1M If 32 MM WH IStt 
JeifBep t 71 17 16 164 + to 

JaniRec 2S0 3to 3to 3to 

JcfAun 4 34 34 34 

Joslyn L40 43 23131 XH 31 


Lacans .I5e 
LadlMrpf 243 S3 
LllIT A e .14 13 
Lancer 
LntfIPV 

MP 

LnsetCp 

Loodbv Me 23 
Lfcine 

LfncFin 1J0 X6 
LlncLfe A8 16 
UncSv 

LouGSot 123 M 
LOuGpf 1X6 IU 
Luskin 

LyOnPIt 27a 40 
LvonMt 


?h 74 

§4 i^ + to 
11 II 
K 816 
V 84 + 4 
24 216 
SH BH 
16k n* 

466 466— 4 
50 50 

264 2616 + 4 
1*k 14 

13 1266 + 6k 
17 10 +1 

19V. 7816 


FlCopts 1-27 IX 
F tear In Jo 22 


466 5 — 4 

14 14 

414 42 +4 

3066 39 +66 

144 UVk— 4 

it i 2 t* 

12 % HM 
12U> 1216—16 
3016 314 +1 

15 1360 + 6* 


Mb 1%— 16 

IWi I DU 
674 68V +216 
3% 3to 
3T66 32 + % 

766 7% 

26k 266 

m. urn— 4 

124 1266 — 4 


Chileans Meet 
With Bankers 
On Plan for 
^ Refinancing 

^ United Pros International 

* _ NEW YORK — Chilean offi- 

* dais are meeting with a committee 


multiyear refinancing agreement 
that would include SI billion in 
new money. 

Chileans and the bankers are un- 
der pressure of a June 30 deadline, 
when a six-month extension expires 
on principal payments on Chile's 
SI9-biflion foreign debt and rough- 
ly $2 billion of audit lines. 

Hernan Somerville, Chile's for- 
eign -debt coordinator, and Enrique 
Tassara, president of the central 
bank, joined the meeting on Fri- 
day. The bankers had been meeting 
throughout last week. 

Sources said the principal topic 
under discussion was the request 
for$l billion in new money and the 
more than two-thirds of Chile’s pri- 
vate-sector debt that is not guaran- 
teed by tbe government 

The bankers reportedly are ask- 
ing for a guarantee from the repub- 
lic for tbe private-sector debt and 
the Chileans are holding out for a 
lower spread in return. 

Differences over bow to pay pri- 
vate-sector debt held up Venezue- 
la's negotiations for weeks. 

Chile is attempting a refinancing 
for roughly $ 6 ^Wioc in debt ma- 
turing in 1985 through 1987. 

Tbe country is to receive soon a 
S250-nrillion disbursement from a 
S7 50-million standby credit from 
the International Monetary Fund. 


Competitors Chase Outboard Marine 


Mutual Funds 


CMoioB Prices Jam 2V IMS 


371 144 134 1366 + 66 


8*k Bto 
10V6 1066 
24 24 
34 36k 

4% 

666 74 

Hi 9 
2% 266 
UU 16% 

m 

314 

34 34 
24 24 
163146k 144 164 
1793 2% 26k 2% 
72 5% 54 54 
203144 144 144 
71 16k IL 
122 64 6 64 

355 466 466 4% 
427 24 266 

742124 12V* 124 

04 


15V, 
64 
9V. 
25 
27to 

174 

§66 
10 % 
234 
764 
34 
2,4 

*?4 
116k 
% 
7 
7 

14 
IS 
74 
44 
3% 
% 

35 26k 26* 
2341 41 

32*3 
144 
ISO 
322 
521 
66 
1SS 
904 
661 
153 
64 
,78 


S4 24 74 24 
17 26k 2*» 2% + 4 


164 

64- to 
94 


174—1 
23 —4 

34 

2,4 

94 + * 
*14 

S 

7 

7-4 
14— 4 
154—1 
74— 4 
44 

34— 4 


VM Stt 

VaalRs 

VocOry 

VallAec 

Vowfpon 

VactAut 

Vetera 

VtFedl 

Vfcnm 

VlctMkt 

VtewMfi 

VnFat 

VbJaRs 

Vattfon 


• 896 174 174 
.2*1 32 5024 9*. 866 
145 7 64 

172*4 2866 
6k 4 

25 1 1 

.92 27 2934 32% 

5312 1166 

271 26k 2% 
60b 22 12718 164 

1QS9144 114 
.18e 17 61 6 5% 

79a 4 152*4 294 

44214 21 


294 + W 
4- 4 

1 


2*6- 4 
li +14 
114—34 
6 +4 

294 

21 —4 


73d IX 144 W 14—4 
t 499896k 19 194 

I 66 24 26k 26k 

2 966 94—4 

7S2 34 3& 3% + 4 
JM10I 45B 7% 74 74 + 4 

132 7 64 66k + 4 

290a 44 566464 476k 454 +24 
152 84 94 84 
3740104 400314 296k 304 +1% 
216104 9H lOto + * 
190 4 A 33 22V, 22 22V, 

SS 24 24 24 
-10» U 24 ■ 8 I 

17S » A A 
22534 A A ft + M 
1298 2% 24 2% 

1.10 4.1 91774 27 27 —4 

.99 X6 929 274 274— 4 
128 2% 24 26k + 4 
7 36k 364 J6k 


283126k 116k 114—1 


Fd Am 1028 1171 
GvSec 1198 1293 


Consolidated Trading 
Of NYSE Lasting 

Week ended June 71 


154 4% 4% 4% + 4 


184 566 56k 5% 

187 94 7*4 76k— 6k 


Treasury Bills 


B 

t 

182 Sto 

Sto 

8to — u 


Tcti 

tl 


387 3H 

36k 

36k 

A 


177 6to 

6 

6to l 

1 Cl 

A P un 

332 

9H 

9H 

u 

r 

1 El 

40 13 
34s 4 

44! 13J^ 

’as 

13 

SH + to 


laPc 


4? 64k 

6tk 

6to 


toTr 


84 7H 

7to 

7to 


Icov 


795 4lk 

4to 

4H— tk 


ttXHI 


68 6to 

6 

6to + to 


iM 


1177 Sto 

Sir. 

S6h + H 


>or wt 


155 3 

Mi 

3 + to 


•er 

.160 14)13469 5 

SH 

SH + 


risSv 


442 316 

lto 

2to * to 


□On 


3114 

14 

14 


,IM A 

130 

I7t 9V. 

9 

9 — to 


llMB 

130 

56 8S 

•to 

•to 


J 

16077 6Vk 

su 

SH 


Can 

relcn 

.98 67 

713to 

80 

un 

5 hi 

K 


kenA 


142 4H 

4tk 

«to 


henfl 


23 4« 

416 

4*k + to 


key 

33S 4 

1 11*6 

I3to 

Tito 


CRs 


77 IU 

1 

1 - li 


4Elc 


10 2te 

2to 

2to 


trio 

.10* 1.0 

13 SH 

Sto 

5to— to 


lun 


23716V. 

16 

16 — to 

’ T 
L 


SK 109 76k 71k 

SPIPhs 96 S 67513 9 

SoekAI J2D 17 1489 19 

* , Saoeorl 16 3% 3% 

2 StHIGd 193k 77 295886k 166k 


76* + 4 
13 +4 

19 


Consolidated Trading 
Of AMEX Listing 

Week ended June 21 


saara ujl/olu. mums 


Apollo Comp. 17 17V4 

Mr Gasket 9% 91* 

Bitter Cor pi 25* 3M 

Moduicnre 7H 7% 

Rodime 7*A 8 

WITH COMPLIMENTS OF 
KPS' CONTINENTAL AMBBCAN 


6- 27 

7- S 

Ml 

»M 

MS 

1 

9- 8 

9-15 

fl-22 

9- 29 

*-S 

M2 

9-19 

9-26 

10- 3 

10- W 

»n 

10-24 

10- 31 . .. . 

11- 7 

n-14 

11-71 . 

11- 78 

12- 8S 

SS 

»w 

2 M 6 

1- 23-1996 

2- 20 

M0 

4-17 

545 

Mt 

Sourca: Fkdarol I 


Nt Ask 
527 5.11 

*42 6M 
654 648 

6A5 643 

6- 46 679 

679 675 

6.94 *90 

672 688 

7.03 679 

703 *99 

7.W 708 

7.10 70S 

704 700 

695 691 

7.11 797 

7.10 706 

7.10 706 

7.15 709 

7.13 709 

7.16 7.12 

7.19 7.15 

771 7.J7 

773 7.19 

7- 23 7.19 

703 7.19 

742 700 

121 7.17 

707 743 

702 720 

704 700 

709 705 

7.41 7J7 

739 707 

a Bank 



Bid Aak 
unovtfl 


(Continued from Page 7) 

producers, including Suzuki and 
Honda, are in the market, but have 
not proved as aggressive as Ya- 
maha. 

Outboard Marine's executives 
are used to dealing with rough 
times, although their problems m 
the past tended to be somewhat 
different Tbe difficulties of marine 
engine sales over the last IS years 
have largely been due to the inter- 


la!ky*»jEB5EIEil 


piwlhip shortages, and raised fuel 
prices and the specter of a ban on 
weekend boating. 

From a peak of 585,000 out- 
boards sold in 1973, sales of tbe 
engines fell to a low of 293,000 
units in 1982. Sales rose to 411,000 
last year, but have been flat so far 
this year. 

Outboard Marine had expected 
to achieve sales of SI billion this 
year, but is now aiming lower. 
“That was our intention, but we hit 
a lull." Mr. Strang says. 

In fact, (he company's sales for 
the January-to-March quarter this 
year dropped about 1 1 percent, to 
$223.8 million, from the period a 
year ago. Net income for the quar- 
ter plunged 71 percent, to $4.3 mil- 
lion. In the fiscal year 1984, which 
ended last September, the compa- 
ny’s earnings rose 34 percent, to* 
$52.7 million, an a 17-percent in- 
crease in sties, to $921.6 million. 

Outboard Marine, formed in 
1935 by the merger erf the remnants 
of Evinrude Motors and Johnson 
Motors, still produces marine en- 
gines under those trade names. Ma- 
rine products accounted for nearly 
80 percent of Outboard Marine's 
sales and 91 percent of its operat- 
ing earnings in its most recent fiscal 
year. Tbe company also manufac- 
tures Lawn-Boy lawn mowers, 
fuchmHti light industrial vehicles 
and Ryan turf care equipment 


BM Aik 
Ineom unovoll 
Trst Sh umnoil 
ides mas 10.98 
Industry 647 NL 
IntflCOB r 1054 NL 
in> Invst 10.93 11.95 


Eoultv 

OvIPl 

HlYld 

Optn 

ITB Group: 
InvBoa 

HI Inca 
MaTF 
Inv Rash 
IsM 
IvyGttJ 
Ivyfnsf 
JP Grill 
JP Inco 
Jam Foot 
Fund n 
VaHja 
Ventur 


The company’s line of outboard 
motors runs the gamut from 2 
horsepower to abmit 300 horse- 
power, with lisi prices from 5650 to 
S 13.500. But it has been growth in 
tbe stern drive segment .that has 
particularly attracted the company. 

Industry observers say that 
many of today’s first-time boat 
buyers are more comfortable with 
the stem drives, which look and 
sound more like automobile en- 
gines and less like their outboard 


get aboard and turn the key," says 
Doug Schryver. executive editor of 
Boating magazine. 

Outboard Marine's stern drives 
cost from $4,700 to $8,800. 

The company, based in Wauke- 
gan. Illinois, produced about half 
of the outboard motors sold in the 
United States last year. But this 
year, it has been buffeted by a num- 
ber of market factors, including 
sluggish first-quarter economic 
growth. More recently. Outboard 
Marine has been troubled by over- 
stocked retail inventories. 

Normally. Outboard Marine and 
other manufacturers sell 60 percent 
of their output from February to 
June, as boaters prepare for sum- 
mer recreation. Now with that peri- 
od nearing an end. Outboard Ma- 
rine’s dealers appear to be largely 
selling from existing inventories. 

While Outboard Marine is hop- 
ing that strong laie-suramer buying 
by dealers replenishing inventories 
will lift tbe company’s performance 
tins year. Wall Street analysis are 
not banting on it. They have low- 
ered earlier earnings estimates for 
the company. 

Lee S. Isgur. with Paine Webber 
Inc„ is forecastinga 1985 decline in 
earnings to 5157 a share, from 
S3.02 last year. “This is an extreme- 
ly cyclical business." be says, while 
at the same time praising the “fine 
job" the company has done in par- 


ing costs, particularly to meet im- 
port competition. Mr. Isgur pre- 
dicts a rebound in earnings in fiscal 
1986 10 about 53.45 a shire. 

But Outboard Marine is mired in 
a dispute with the government that 
industry observers find troubling 
For seven years, the company has 
been battling with the Environ- 
mental Protection Agency over 
polychlorinated biphenyl, or PCB. 
pollution of Waukegan harbor. The 
agency charges that the company 


(500,000 kilograms) of the now- 
banned chemical into the harbor 
and surrounding land for 20 years 
until the mid-1970s. The EPA esii- 
maies that a cleanup would cost 
$27 million. The company said that 
the outcome of the dispute was 
unlikely to materially affect its fi- 
nancial position. 

Outboard Marine challenges the 
EPA’s claim that the diemical de- 
posits are harmful. 


U.S. Tool Orders 
Increase in Month 


WASHINGTON — U.S. ma- 
chine-tool orders rose 21.6 percent 
in May to $223.2 million from 
$183.5 million in April the Nation- 
al Machine Tool Builders Associa- 
tion has reported. 

In its monthly statistical survey, 
the U.S. tool-industry trade associ- 
ation said Saturday that May or- 
ders were down 30.2 percent from 
orders of S3 1 9.6 million in May last 
year. 

Tbe association said metal-form- 
ing tool orders fell 14.8 percent last 
month to $52.3 million from S61.4 
million in April, and fell 60.1 per- 
cent from SI 3 1.1 million in Mav. 
1984. 


BIO Ask 
Not SocarlNos: 

Baton 14D9 15.19 


1B77U.61 
1436 1548 
1135 16.17 
532 581 
1163 NL 
1-UJ6 NL 
72336 NL 
1466 1593, 
969 9+3 
1: 1 
1507 NL 1 
1165 NL 
2391 NL 


Bond 

CoT»E 

FkOSc 

Grwtti 

Prrtd 

Ineom 

ReaiE 

Stock 
To* Ex 
TolRe 
Falrfd 
NatTklB 


134 360 
11.961362 
1L73 1269 
8.41 967 
7.93 865 
665 7.17 
831 9J1 
9-00 9.79 
&M 966 
533 663 
969 9.93 
11.96 1197 


Price Fuads; 

Grwtti 1526 NL 

Gttllnc 1360 NL 

HlYld HL56 NL 


Bond unavuil 

Grwtti 1174 1193 
USGvF unova 1 1 

To* Ex 9-95 1062 
USGvT unovoll 

KOufmn 1.10 NL 
KkaMr Funds: 
OUT* 1366 1168 
Ineom 859 9.14 
Grow 1161 115* 
HI Yld 1064 1L41 
lltflFd 1517 14J9 
Min B 163 96* 
Odin 1899 1761 
Summ 2523 3767 
Tech 1160 176* 
Tot Rl 1451 1564 
US Gvt 9.10 96B 
Keystone Mass: 

Cm Blr mjvaJI 
Cus B2r unovoll 
Cm B4 r unovoll 
Cus Kir unovoll 
Cus K2r 666 NL 
CUE Sir 7045 NL 
Cus S3r 847 NL 
Cus S4r 562 NL 
Inti r 4.90 nl 
KPM r 13 -B NL 
TxFr r 512 NL 
KkJPea r 1578 NL 
LMH 2562 NL 
LeouAtos 7571 NL 
LktiCap 1767 NL 
Lahlnvd 1763 NL 
Lavra* 742 NL 
Lexington Gra: 

CLdr tr 1173 1568 
Golttfd 544 NL 
GNMA 761 NL 
Grow 961 NL 
Res* 1765 NL 
Liberty Group: 

Am Ldr 11-53 NL 
T* Fra 94* NL 
US Gvl unovoll 
LindDv 2367 NL 
Undnr 15*4 NL 
Loomis scries: 

Caolt 2140 NL 
A lot 1874 NL 
Lord Abbott; 

AHUM 9.9S 1873 

and <tb 1038 1144 

Dev Gt 74 9 767 

ineom 517 546 

TuuFr 968 1848 

TxNY 1071 1077 

VolAp 1066 1069 

Lutheran Bra: 

Fund 1567 1649 

Incam unovoll 

Muni 747 70S 

Mob Ftaond: 

MFI 1803 1081 

MFG unovoll 

MS NC 10471578 


Nationwide Fds: 

NOtFd 1134 124k 

NatGtti 592 964 
Noted *69 1037 
HEUfe Fund: 

Emit 

Grwtti 2526 2548 
ineom las* mo 
Rat Eq 20.93 2575 
Tax Ex 747 761 
Naubargor Barm: 
Enrov 1*47 NL 
Guard 4522 NL 
Limy 444 NL 
Mormt 768 NL 
portn 1742 NL 
NY Mun 1.14 NL 
Nowl Gt Z7.97 NL 
Newt Inc 860 NL 
Nicholas Group: 
Nlchol unovoll 

Nkti II unovoll 
N chine unavail 

NElnTr 1246 NL 
NE InGI 1342 NL 
North Star: 

APOIto 96* NL 
Band 9.97 NL 
Redon 1739 NL 
Stock 1300 NL 
NovcFd 1363 NL 
Nuvccn 767 NL 
OMDom 2264 2430 
Omaga 1243 ML 
Oppaaheimcr Fd: 
AIM 1510 Ik30 
Direct 1969 2144 
E9 Inc 740 862 
OPPM 963 1041 
Gold 669 753 
HI Y Id 174? 1867 
Prom 2818 2105 
R0CV 1127 14.50 
Sped 2834 2243 
Tor oat 166317.59 

T* Fra 867 867 
Tima 1595 1S4S 
OTC Sac 1638 1760 
PocAsr 1962 NL 
PcHlCal 12.91 NL 
Faina Webber: 


Allas 
Amor 
GNMA 
HlYld 
InvGd 
Olvme 
TaxEx 
Paxvyid 
P«w Sq 
P eon Mu 
PermPrt 
pmta 


1048 1145 
14.14 I5u45 
9.96 1060 
1043 1879 
HUH 1(165 
967 1035 
15161061 
1241 NL 
575 NL 
662 NL 
18*9 NL 
BM 946 


MS VA 
MIT 
MIG 
MID 
MOD 
MEG 
MFD 
MFB 
MMB 
MFH 
MMH 
MSF 
Mothers 
Mosehrt 


181410*5 

1165 1Z7B 
1161 1240 
9.71 1067 
1144 1264 
1437 I5H 

1166 1269 
1551 1437 
1800 1850 
664 730 
944 1043 
764 824 
2833 NL 
2568 NL 


Pbaaalx Series: 

Baton 1148 1267 

CvFd 1668 1861 

Grwtti 1535 1648 

HlYld 964 1515 

Stock 1265 14.15 

PCCp 1891 NL 

Pllurlin Grp: 

CaoFd 762 834 

GNMA 154416.40 
PAR 22.90 2325 

PUsHI 512 866 

Hnmir Fond: 

Band 9421508 
Fund 28*4 2269 

II Inc 1667 1822 

III Inc 1*82 1542 

Plltrnd 1247 NL 


Ineom m 2 NL 
Inti 1551 NL: 
N Era 1666 NL 1 
N Horb 1346 NL 
SIlTrB SO* NL 
TaFrl 575 NL 
TxFHY 1829 NL 
TxFrSI 5.12 NL 
PrlnPTE 962 96* 
Pro Services: 

MedT 1815 NL 
Fund 1875 NL 
locum 8*0 NL 
Prudential Bachs: 

Adi PM 2599 NL 
CalMu 1879 NL 
Eoullv 15651668 
GtoM r 11.99 NL 
GvPIu 1021 NL 
GtftSC >062 1033 
HlYld 1877 1881 
HYMU 1461 1563 
Mu NY 1064 NL 
NDec 1267 15*5 
OptoG 1647 1743 
Qtvlnc 1539 1*40 
Rsdl r 940 NL 
Utility 1245 1360 
Putnam Fuads: 

Conv 1429 1562 
CalTx 1418 1469 
Capll 687 NL 
CCArp 4865 492B 
CCOsb 49605826 
EnoRs 1161 1263 
InfoSc 1147 1232 
lot EQ 1669 1837 
Geara 1267 1519 
Gralnc 11341261 

Health 1570 2064 
HI Inca 1267 1264 
HI Yld 1567 1*39 
ineom 7.15 767 
InwKl 2871 tl.70 
NYTk 1569 1646 
Optn 1597 11.99 
Optnll 1160 1598 
Tax E* 2587 2401 
USGtd 1430 1542 
Wsia 1742 1862 
VOYOV 1765 1967 
Quasar 5558 NL 
Rolnbw 440 NL 
ReaGr 1549 1444 
RoefiTx 961 1042 

RaweTF unaval I 

Roycb 763 NL 
5 FT Eqt M44 1161 
Salaco Secur: 

Eautt 1037 NL 
Grvftn 1747 NL 
Inca 1347 NL 
Munlc 1263 NL 
scudder Fuads: 

OUT* I81B NL 
Dove! 9945 NL 
CopGI 1561 NL 
Grwln 1599 NL 
Incam unovoll 

Inti F« 2525 NL 
MMB 82* NL 
NYTox 18*9 NL 
TxFrt* IBM NL 
Security Funds: 

Action 068 
Bond 863 543 
Eautv 538 6.10 
Invest 869 9.72 
Ultra 861 961 
selected Fuads: 

Am Shs 1161 NL 
Sol Sha 15<0 NL 
SaHomoa Group: 
CapFd 1161 1591 
CmSttt 1257 1335 
Comun 561 961 
Growth 536 569 
I net 1561 1560 
MassTx 732 7M 

MldiT* 743 512 

MbinTx 767734 

Noirr* 766 502 


Bid Aik 
NY Tox 762 860 
OMoTx 760 737 
TxHY 436 645 
Sentiool Group: 

Baton 1874 11.74 
CaTxQ 425 634 
Bend 660 699 
Coin S 19.19 3897 
Grwm 14.19 1531 
Suauoia 41.95 NL 
Sentry 1131 1551 
Shearaoa Fends: 
ATIGI 7066 NL 


AurGr 
Apore 
CoiMu 
FdVal 
Global 
HlYld 
MoGvt 
MAAun 
NY Mu 
Sharm D 


1146 1135 
3026 2143 
1469 1566 
732 749 
3038 21.98 
1832 19.92 
13351574 
1433 1446 
1530 1549 
6M NL 


Sierra Gt 1044 NL 
5la ma FniMk: 

Contt 1542 1644 
Inco 519 595 
Invest 864 942 
5 pel n 761 832 
Trust 1240 1544 
Vent 1063 1161 
SaMM Bora s y: 

Eaut 1443 NL 
IncGro 937 1813 
US Gvt 1548 U40 
SoGen In 14.19 1436 
SthestGI 1045 NL 
Swlnlnc 4.93 NL 
! Saver In 2133 2266 
State Band Gra: 

Com Sf 569 630 
Divers 433 7.14 
Praars 541 9.19 
SlFrm Gt unavail 
StFrm Bl unavuil 
StStraet lav: 

Each 9334 NL 
Grwtti r 5559 NL 
Invst 7167 7504 
Headma n Funds: 

Am Ind 575 NL 
ASSOC 34 NL 
Invest 163 NL 
Ocean 547 NL 
Stem Roe Fds: 

Band 036 NL 
COP op 7143 NL 
Dbcv 9.95 NL 
sped 1623 NL 
Slock 1635 NL 
TaxEx 553 NL 
Tot Ret 2547 NL 
Untv 1742 NL 
Strategic Fuads: 
Csplf 666 74B 
Invst 600 664 
Sllvr 437 542 
Strata Dv 2562 NL 
Slrai Gta 1590 NL 
Sfranaln 1506 1524 
StmoT 17.19 1746 
TeilnSh 14.94 
Temptotoa Group: 
Fran 1163 1571 
Global I 3734 
Glob II 1135 062 
Grwth 1038 1132 
World 1344 1467 
Thomson McKinnon: 
Gwta 1247 NL 
Inco 1812 NL 
OOOT 1533 NL 
Tcxtr Fd 1967 NL 
Trust PorttoUa: 

EqGttl 938 NL 
Eqlnc 1161 NL 
201b Century: 

GW r 534 536 
Grwth 1434 NL 
Select 2460 NL 
Ultra r 7JD 743 
USGv 9940 NL 
Vista r 440 442 
USAA Group: 

Contain 1594 NL 
Gold 835 NL 


Bid Aik 
Grwtti 1467 NL 
Inco 1141 NL 
Sblt 1533 NL 
TxEH 1230 NL 
TxEII 1169 NL 
TxESh 1035 NL 
Unified Mount: 

Gonrl 517 NL 
Gwta 1963 NL 
Inco 1242 NL 
Indl 810 NL 
Mull 1448 NL 
UuRod Fundi: 

Accm 846 933 
Bond 569 642 
Gvtsee S3S S3 7 
IntGIh 564 616 
Con Inc 1668 1501 
HI me 1578 153* 
Ineom 1619 1551 
Muni 633 7.11 
NwCcpI 671515 
Retire 630 656 
ScEng 585 967 
Vann 5J1 624 
UM Sendees: 

GldShr S64 NL 
GBT 1442 NL 
Growth 765 NL 
Prspct 35 NL 
VMFro <062 NL 
VMM Line Fd: 

Band 1564 NL 
Fund 123S NL 
Ineom 672 NL 
Lev Gl 1967 NL 
MunBd 1050 NL 
Sal Sit 1596 NL 
VKmpM 1568 1646 
VK US 1532 1629 
Vtace Exchange: 
CnpEf 6S72 NL 
DBstl 4228 NL 
Over I 7556 NL 
ExFdt 10572 NL 
ExBsf 9631 NL 
FldEI 5847 NL 

Explr 3140 NL 
Gamin 7733 NL 
■ vest 174* NL 
Mora 1139 NL 
NaesT 3747 NL 


E«Jr ^3? NL 
Gem In 7733 NL 
■ vest 1744 NL 
Mora 1139 NL 
NaesT 3747 NL 
OOh# | 1862 NL 

QDtv II 520 NL 
QDvIll ZU2 NL 
STAR 1066 NL 
TC Int 2748 NL 
TCUso 3332 NL 
GNMA 936 NL 
HlYBd 877 NL 
iGBnd 5U NL 
ShrtTr HUB NL 
Ind Tr 2536 NL 
MuHY 96* NL 
Mu Int 1141 NL 
MuLo 9.96 NL 
MlfiLo 1068 NL 
MuShr 1545 NL 
VSPGd 730 NL 
VSPHIt 1521 NL 
VSPSv 1684 NL 
VSPTc 1810 NL 
wellsl 1434 NL. 
WOHtn 1346 NL 
. Wndkr 1525 NL 
Venture Advisers: 
ny von 841 9.19 

RPF Bd 748 NL 
IncPI W74 1144 
WPG ZI44 NL 
Walls I 747 863 
Wein Ea 1642 NL 
Wstard 1896 1146 
Wood smdherv: 
devea 3963 nl 
N fUW 2511 NL 
Pine 1594 NL 
YesFd 528 560 
NL— NO load 
(sales dmrvel 
f— Prav. day's quote 
r- Redemption charge 
may mnly. 
x— Ex dividend 


MerrlH Lynch: 

Basic 1541 1639 
Omit 2063 250* 
Enu Bd 1514 156S 
FedSc 9.91 1057 
FdTm 1261 NL 
Hllnc 820 554 
HI OH H32 1168 
InlHld 1030 1093 
inTrm law 11 . 1 * 
LJMot 935 9.9S 
MunHI 937 997 
AAunlln 747 768 
PacFtS 1637 1731 
Phnlx 11.71 1552 
SdTdl 579 961 
SPI Vel 1571 1339 
MM AM unovoll 
MWAH I unovoll 

MSB Fd 2034 NL 
Midwest Group: 

Bart b 1140 NL 
IntGv 1041 NL 
LG Gvt 1063 103* 
Mut Ben 1164 155D 
Mutual of Omaha: 
Amtr Wjn NL 
Grwth 631 63* 
Ineom 588 *65 
Tx Fra 1033 1123 
MHOuM 1550 NL 
Mul Stir 5628 NL 
Not Avia 1035 1140 
Natlnd 1146 NL 


4tk 4h 

6to 1534 
nu Mto 
5 41k 
2Sfc 11JU 
14 

2Vk 1%L 
m 2tu 
Ilk I 
nu mi 


Moet- Hennessy 


The Annual General Meeting at btarefeaXders, which wa in nans 
on June 13, 1985, with Mr. Alain Chevalier in the chair, approved 
[he financial statements and balance sheet for tbe year ended 
December 31, 1984. 

The meeting set the dividend for the year at FT 23 per share, to 
which » added tax credit of FF 11-50. giving a total dividend id 
FF3450. 

An interim dividend of FF 9 was declared oa February 4, 1985. 
Tbe balance outstanding. Le. FF will be made payable on July 
1, 1985, against presentation of coupon No. 41. 

At its subseouent meeting, tbe Board of Directors renewed 
Mr. Alain de PncomtaTs appointments as Depnty-Chamziaii and 
Managing Director. 

Tbe Chairman informed the Board that the Group bad performed 
satisfactorily in tbe first five months of the year, consolida t ed sales 
having risen 22%. 


of Shareholders, which met in Paris 


KNOEDLER - MODARCO S.A. 

Notice of Ordinary Meeting of Stockholders 
to be held on Jn!y 15, 1985 

Notice is hereby given of the Animal Meeting of Stockholders of Knoedler-Modarco S-A- on 
July 25, 1985 at M, Knoedler and Co. Inc., 20 East 70th Street, New York, New York at 
10 a.m. local time for the following agenda: 

1. Report on the activities of the company on fiscal year 1984; 

2. Auditor's report; 

3. Vote (u approval of the accounts and the Auditor’s report; 

4. Allocation of the net results of fiscal year 1984; 

5. Discharge of tbe Board of Directors; 

6. Election of Directors; 

7. Appointment of Auditors; 

8. Miscellaneous. 

Tbe 2984 annual report is at the disposal of Stockholders as of June 19. 1985, at the Banque 
Parisbas (Suisse) S-A.., Geneva (and its branches in Basle, Lugano and Zurich) where 
admission cards for the ordinary meeting can be withdrawn against common shares on 
deposit until July 9, 1985. 

By order oi the Board of Directors 
Dr. Annand Hammer 

fhaiTimin 


in 

Istituto Ftruws&ario Industriale 

Soctatt par Azioni 

Coqxxato offices: 25, vta Maranco. Turin. Italy 
Capital stock Lira 106.000000000 tuBy pam 
Turin rogttby of lha Gompames no. 327. file 2 370/27 

NOTICE TO SHAREHOLDERS 

The Extraordinary Shareholders Meeting held on June 3rd, 1985 has passed the 
resolution to increase the capital stock erf the compeay from 104 to 1235 bflTnn 
Lire in the following manner: 

— Through a stock clvidend of 3,25 nxton ordinary shares and 3,25 milBon 
preferred shoes of Lire 1,000 par vdue to be efistributed to the shareholders of 
the respective dost in the ratio of I new share for each 15 shores owned, with the 
dividend begmng to accrue on April 1st, 1985. 

— Through a rights offering of 65 million ordinary shows end 65 milEan 
preferred shares of Lire 1,000 par vdue to be subscribed to by the shareholders 
of the respective does in the ratio of 2 new shares for each 16 shoes owned (prior 
to the distribution of the stock-dividend] at a price of Lire 4,000 each, with the 
dividend beginning to accrue on April 1st, 1985. 

In order to implement the resolution of the extraordinary shareholders meeting, 
the cap i tal increase will be effected as fellows: 

STOCK DIVIDEND 

The right to receive the dock dividend wjH be exercisable from June 24, 1985 to 
July 26, 1985 (and to August 2, 1985 for residents abroad) at the offices of the 
c o mpany Via Marencc 25, Torino or at any of the bonks fisted hereunder (after 
the above mentioned terms such right will only be exercisable at the offices of the 
com p any) upon presentation erf the existing share certificate from which coupon 
No. 5 will be detached. 

RIGHTS OFFERING 

The ngfe to subscribe to the shores at Lire 4,000 each wi JJ be exercisable from 
June 24, 1985 to July 26, 1985 (end to August 2. 1985 for residents efcroad) at the 
offices ol the company in Torino, Via C Marenao 25, or eri any of the bania fated 
hereunder upon presentation of the exJstmg share certificate from which coupon 
No. 6 wa be detached and sim ul taneous payment of Lxe 4,000 for each share 
su b sc ri bed. After August 2. the unexerdsed rights wffl be offered an the stoclt- 
exchangs os prescribed by section No. 3 of Article 2441 of the Hafian Cvil Code. 

AUTHORIZED BANKS: 

In holy: Banco Brignone, Banco C o miner dale th^ana. Banco Crerfito Agrorio 
Bresaano, Boko C Steinhowlin & C, Banco d America a d'hote. Banco del 
Monte e£ Credrfo di Pavia, Banco Lorabcsda <£ Deposit! e Conti Gorrenb, Boren 
Nasanale delfAgn cottar a. Banco Ncaionale del Lavoro, B ere a P nprJy g ^ 
Ber g amo. Banco PopoJare (fi Nowarq, Banco Popolare di Sondrio, Banco 
Subripina, Bancs Tosama, Nuovo Banco Ambrosiano, Banco di Napoli, Bawo d 
Roma, Banco <£ Santa Spirito, Banco c£ Skill o, Cassa di Keparino deSe Provirm 
Lombmde, Cassa t£ RispCYimo cS Torino^ Credito Cammerdale, Crectto ttaBano, 
Istituto Bancano ItaEana. Istituto Bancario San Paolo A Torino, Monte dot Paschi 
efi Smna; 

In The Netherlands-. AnEterdcmvfiotterdam Bank N.V^ 

In the Federal Espubte of Ge r many: Commerzbank; 

In Switzerland-. C/fail Stxsse and SodM de Banque 
In Fmce Lazcrd Frfires & Go; 

In Great Britain: tx&ard Brothers and Co. and S.G. Wcxburg oadCo. Ltd. 

THE BOARD OF DIRECTORS 































































Page 22 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


flllll BBBB HHHH 


BBBBBBBBBB ■■■■ 


BBBBBB BHBBB I 
BIBB BBBB BBBBB] 


BBBB BBIBBIHHBa 


ACROSS 

1 David Low's 
colonel 
6 Pious 
insincerity 

10 Quick pokes 

14 Not express 

15 U.S.S.R. -China 
river boundary 

IS Doubly curved 
molding 

17 City S of 
Gainesville 

18 Actress 
Schneider 

19 Strongly 
alcoholic 

20 Police 
persuaders 

22 African river 

23 N.C. college 

24 Hide Lreater 

26 Full of lumps 

30 Sapid 

32 Pilate's 
"man" 

33 Schoolroom 
fixture 

35 Ghana's 
capital 

39 Changed a bill 

41 Fixes upon a 
stake 

43 Lustrous 
velvet 

44 Germ plasm 
element 

46 Odd notion 

47 Saudi neighbor 


49 Proficient ones 

51 Streisand 

54 Big blow 

56 Continually 

57 Fabricated 
flimsily 

63 Puerto 

64 Unwritten 

65 Subordinate 

66 This, in 
Valencia 

67 Sunder 

68 Diacritical 
mark. . 

69 Accepted 

70 Comprehends 

71 Porterhouse or 
sirloin 

DOWN 

1 Amorphous 
lump 

2 Places 

3 Suffix with 
myth or poet 

4 Stop complex 

5 Got in the 
game 

6 Producer 
Ponti 

7 Equals in 
effect, with 
"to” 

8 Anesthetized 

9 Furtive 
meetings 

10 Country corn 
bread 

11 On the other 
hand 


12 Comedian 
Milton 

13 Exodus feast 
21 Glasgow's 

river 

25Nipa 

26 Fellow 

27 Glen Gray's 

Casa 

Orchestra 

28 Prophetic sign 

29 Free-style 
fracas 

31 Basically alike 
34 Sharpness 

36 Very short film 

37 Lessee’s 
responsibility 

38 Fixes a price 
40 Doe and roe 
42 Farinaceous 
45 Etch 

48 Big leagues 
5© Career 
beginnings 
51 Special Forces 
headgear 


52 Dispatch boat 

53 Right-hand 
page 

55 City on the 
Rhone 
58 Lake port 
58 Military group 

60 Run in neutral 

61 Mother of 
Helen of Troy 

62 Tough trip 


© New York Time s, edited by Eugene Malabo. 


DENNIS THE MENACE 





“Mr. Wilson cut 'em for You. I told him kdu 
LIKE ROSES WARE JUST ABOUT TO HATCH." 


THAT SCRAMBLED WORD GAME 
9 by Hand Arnold and Bob Loa 


Unscramble these low Jumblm, RS 
one letter to each square, 1o farm I*.** 
lour ordinary words. I . * 


HOUTY 


YIPTE 


JCL 

□ 

□ 


ENBOCK 


SUFOAM 


WHAT TO 
EXERCISE WHEN 
YOU FEEL YOU’RE 
PUTTING ON WEIGHT. 


Now arrange ihe circled letters to 
form the surprise answer, as sug- 
gested by Ihe above cartoon. 


Print answer hero: 


(Answers tomorrow) 

Jumbles: ONION SOGGY VASSAL NEWEST 


WEATHER 


Belgrade 

BertJo 

Branelt 

hidnrM 

IntaNd 


W S SS . H, 6 H 

C F 

Mgne 53 73 

Amferdam 13 55 

Attiem a as 

B uiLe UHi ti a 72 

Belgrade 22 72 

Bcrtta It tl 

Brandt 17 53 

iwwtu a 72 

BedoaM 17 53 

C o twi wwt 17 63 

cewo mi sm an 

DoMin IS 9 

Eamuoraft u sr 

Ftomn 2 n 

Frankiun 22 n 

Oeneva 20 68 

NataloKt 24 75 

ftttmbol S3 77 

Lei Pol met 24 75 

Lima 22 72 

Landau 17 53 

Madrid 30 96 

Milan l« M 

MOSCOW 1* M 

Munich 13 55 

Mice 22 72 

Oslo tfl «4 

Parts 16 61 

Frgggg 15 5? 

RerhlavA 13 $5 

Mothi 25 77 

Stockholm 26 79 

Strashoory is 64 

Venice 21 70 

VltfMg 17 6) 

War sa w ?4 75 

Zorich 15 59 

MIDDLE EAST 


LOW 
C F 

17 63 lr 

11 s: in 

18 44 h- 

13 55 o 

14 57 el 

14 57 r 

IT 52 Cl 

11 52 cl 

14 57 r 

11 52 d 

21 70 fr 

* 48 o 

10 50 a 

15 51 Cl 

10 50 ct 

9 41 lr 

14 57 lr 

14 57 lr 

21 70 cl 

15 59 d 

11 S3 cl 

11 52 lr 

12 54 d 

1! 54 o 

10 50 Ml 

14 57 fr 


Mrttoo 
Hang Kean 
Manila 
Mew OefM 


HKM4 LOW 
C F C F 

32 W 24 79 o 

30 86 19 44 d 

33 90 29 84 r 

27 n 23 73 r 

42 108 31 9 fr 

27 11 21 70 o 

31 18 25 77 o 

20 86 25 77 a 

34 93 28 82 a 

28 82 32 72 di 


AFRICA 


33 90 17 03 lr 


Cane Town 


37 99 22 72 
15 il 5 41 
23 73 19 44 
II 44 8 45 

28 12 25 77 
22 73 6 43 

30 15 21 70 


Loom 28 n 25 77 d 

Nairobi 23 73 6 43 fr 

Tert* 38 86 21 70 fr 

LATIN AMERICA 

Bu rn t Aires 20 48 14 57 o 

Cnraan 28 82 21 70 d 

UlM 22 73 IS 99 cl 

MndOOCItV 24 75 14 S7 cl 

Rig de Janeiro 24 79 17 53 fr 


WORTH AMERICA 


Ankara 

Bekvr 
Danmcat 
JtrwMm 
TM A vie 


25 77 4 39 fr 

— — — — no 

— — — — na 

30 « 17 43 fcf 

21 83 SB 48 fr 


OCEANIA 


Aide load 14 57 n so sn 

Sydnor 15 59 * 43 fr 

d-dcudv; fo-fooor; Ir-foir; rvhdl 
jfnhcwera; iw-mm; sr-sjormv. 


Anc k orogt 17 

AHaafg 21 

Bniiag 29 

emcogo 30 

°*ntr 34 

Detroit 27 

Honolulu 31 

Heusffla 32 

Las Angela 2 5 

Miami X 

MUtneapaih 30 

Mew r t gi 25 

Hanoi X 

New York 29 

Sw PrtRtdtca 17 

Seattle 17 

Toronto 24 

Waafetogtoa X 

fMvarcatfi pc-portiv < 


MONDAY'S FORECAST — CHANNEL: Varr chooav. FRANKFURT! Stewara, 
Temp. 15-10 W»— 50). LONDON: RaM*. Term. 15—11 141 —521. MADRID: 
Fair. T«mp. X— 11 (14 — 52). NEW YORK: Mr. Temp. X — 20 (05 — 4U. 
PARIS: Showers. Temo. 18—13 tu— 94). ROME; Snownra. Tama. 19—17 
(46 — 63). TEL AVIV: Fair. Tamp. 39 —20 (84 — Ml. ZURICH; Shawtrg. Tamp. 
15 — 10 ISO— 50). BANOKOK: Not ovallobta. HONS KONO: Not avbUoMa. 
MANILA: Not avaha&N. SEOUL: Not avnliatjl*. HHOaMU; Net ovaUabig. 
TOKYO! Notovaliatrte- 


PEANLTS 


THE SIGH SAlP, NO 
EATING OR PRINKING 
INSIPE THE THEATER' 1 


50 RIGHT IN FRONT OF 
ME 15 THIS KIP 
EATING AN ORANGE ! 
AN ORAN 6E_ CAN 
VOU IMAGINE ?! ^ 


PH? V0U 5AV 
ANYTHING? > 


- - • 4-2* 



NO, i Hrr HIM bJOH 
. MY HOT POGi > 


BOOKS 


GERMANY TODAY: 
A Persons! Report 


man legions, has been tamed; one of its pain 
Attractions is a wildlife park called Saxariiand. 


attractions is a wildlife park - 

Hie transformation of urban life ha s pot no 
kss striking. City streets have more itt tomans 
with their counterparts elsewhere in Weweni 
Europe than with streets in the same dues 60 
years ago. Histone towns have changed char- 
acter — Gottingen, once known almost exclu- 
sively For its university, is now an important 
engineering center. And as industry shifts 
course, the old industrial heartlands are so 
longer whal they were. At Essen, only one coal 1 
mine is stifl operating, and Krupp has bees 
replaced as the city’s largest taxpayer by Coca- 
Cffla, which has its West German headquarters 
than. 

Most of the trends Liqueur describes have 
parallels in other advanced industrial societies. 
For anyone worried about a specifically “Go- 
man problem” — as many Germans are —the 
picture he paints is basically reassuring. West 
German society as he depicts it is decent if 
rather doH; in spite of a few recent setbacks, its 






By Walter Laqueur ; 231 pp. $16.95. 

Little, Brown, 34 Beacon Street, Boston, 
Mass. 02106. 


Reviewed by John Gross 


BLOND IE 


ro LIKE A RNB OF ]VP s MV SIZE 
DESIGNS? JEANS ^ £ IS.. w 


WE don't go 

r 0 V REGUL AH 
B- 


YCXJ 

PONT? 


NO, WE WWE 
TIGHT, ©CTRA 

tight:.. r 






BEETLE BAILEY 

PACKAGE 1 MeW HeH' 
FROM HOME, / MOM'S SUCH 
BEETLE? A A KIPPER 



AMD ^ 
INTRAVENOUS 


F RANZ ALT is a well-known figure on 
West German television, one of a small 
group of political commentators who eqjoy a 


far wider following in the Federal Republic 
than any of their colleagues in the press. Some 
time ago, he brought out a book in support of 
the West German peace movement that, ac- 
cording to Walter Laqueur in “Germany To- 
day,” •'contained virtually nothing that had 
not been said many times before by other 
writers." Within a few months, however, it had 
sold more than 600.000 copies in hard cover, as 
the work of a television personality, it attracted 

greater Interest than the political writings of 
Heinrich BdU, Gflnter Grass or any of their 
fellow literati 

Yet how many of us have ever heard of 
Franz Alt? The fact that his name means virtu- 
ally nothing outside West Germany is a useful 
reminder of how relatively under-reported a 
country it is, and of how much we hove to team 
from a survey like Laqueur s — a shrewd, well- 
balanced blend of reportage and analysts that 
sets recent developments in perspective and 
provides a good deal of unfamiliar and often 
intriguing information. 

Laqueur, who has written many works of 
contemporary history, was bom in Silesia. 
Though he left Germany after the Nazis came 
to power, he brings to this book an intimate 
knowledge of German culture and society as 


m 


SHE SAW A 
. PRISON MOVfF 
'A HP JOKEP ABOUT 

V SENPING ME A 

V PILE/IVK^ 


1 

a UbLFffi 
? /"■' 



WITH A CAKE 

INS/PE IT 


ni7 


they once were; at almost every stage °* his 
inquiry he is conscious of change, of the extent 


ANDY CAPP 


OKHKX/n-en/VkE/ 
WHAT AVI I _ 
r GOING TO SMY..?t 


J rOMONjTHIMO 

TCH'/VTV MIND'S 

A BLANK.! NEVER 
(JS£b TO WAVE v 
TW IS TROUBLE-,? 

THBRPSNO^ 
EXCUSE FOR. 
STAGING OUT 
TILL THIS 

i 

1 

7 TIME OF \ 

\Z lGHT!! k 

s= O 

13 ' 


THANK'S. PET 1 
—I THOUGHT! 
VI W*S y-S 
f LOSING \ 
TOUCH I 


WIZARD of ID 


inquiry he is constious of change, of the extent 
to which prewar Germany and the traditions it 
preserved have gone forever. 

At the end of World War n, for example, a 
quarter of the German population worked on 
the land. Today the figure is 6 percent and 
dropping; farming has become heavily mecha- 
nized — Laqueur met a successful dairy fanner 
who did not know how to milk a cow by hand 
— and the old-style village has virtually disap- 
peared. The Lfineburg Heath, not lougagp soli 
the wild and largely uncultivated region cele- 
brated in popular ballads, now includes among 
its amenities an amusement park. The Teuto- 
burg Forest, sacred to generations of patriots 
as the place where Arminius defeated the Ro- 


cconomy is stul m good shape; democracy has 
token root as it never did during the Weimar 
Republic. “All things considered; there is now 
not only more freedom in Germany than ever 
before m her history, tail also more common.^ 
sense and moderation.'' be writes. 

Yet the old immoderation has not disap- 
peared entirely. Laqueur describes a meeting 
where he had a chance to watch some of the 
leading members of the Greens political alli- 
ance m action. They seemed to himto be gifted 
people, arguing their case pcisuasivdy, but 
what struck him most was “thdi excitement 
and shrillness; they seamed to be driven by 
some inner demons.” Here as elsewhere he was 
moved to meditate on the perfectionism and 
relentlessness that have been such a feature of 
German history, dm tendency to get carried 
away and look for extreme solutions. 

The most obvious recent manifestations of t' 

6L*. * 1- L.. - £• *I_ " » ■ 


this impulse have been on the fringes of youth 
culture and in intdtecmal life. Liqueurs two 
long chapters on “Young Germany" and on 
the intelligentsia are moods of dear-beaded 
diagnosis — all the more devastating, on the 
whole, far being soberly expressed. He dis- 
cusses movies (there are some particularly ea- 
tisbteoing comments on a prophetic film a the 
1960s, “Tattoamg"). upheavals in the educa- 
tion system, the spread of Cold War revisim- 
ism and the progress of violent protest move- 
ments, from the days of Rsdi Dutschke to the 
more recent “Spends” and “Autonomen,” 
loose-knit groups that have largely jettisoned 
organization and ideology, without taking 
such developments lightly, he insists mi the 
need to keep them in perspective, to see them 
far the limited affairs they are. . A 

One is left wondering whether extremism (. 
and excess can really remain the monopoly of 
the mare or less intellectual classes. In one of 


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Solution to Friday's PnzzfeS 


REX MORGAN 


AS DK. MORGAN DISCUSSES 
HIS FINDINGS OF THE PHYSICAL EXAMINATION, 
CLAUDIA BISHOP FINALLY TELLS HIM OF HER RECENT 
iMWiMi FAINTING SPELL ! raTffi T l I ff E jg J gj 


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FAINTED? I THINK 
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ASLEEP 1 — AND MY, 
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► DIFFICULTY p 
VWAKING ME ' A 


BUT YOU SAID THAT YOU 
FELT A LITTLE LIGHT- 
HEADED ! IS THAT WHY A 
YOU DECIDED TO LIE ^ 
DOWN - ? OR WAS IT THAT 1 
YOU WERE VERY TIRED"? A 


I CANT BE 
CERTAIN — 
BUT I WAS 
FINE WHEN 
1 WOKE UPf 


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his most v aluab le chapters, Laqueur analyzes 
the new mood of patriotism inwest Germany, 
and argues strongly against confusing it with 
the specter of a Nazi revival. As co-director of 
the Wiener Library, one of the world's fore- 
most centers of Holocaust documentation, he 
is not the man to be complacent on such a 
subject, and die reasons he gives are compel- 
ling. StiH, as be prams out, west Germany is 
the land of the Pied Piper — and after all the 
arguments and statistics, a tremor of unease 
lingers on. 


John Gross is on the staff of The New York 
Times. 




r| 

i f-jm 

V 0 7m 


BRIDGE 


EcbSS&ji 


By Alan Truscott 


O N the diagramed deal 
East is discreetly passed 


GARFIELD 


Hev, ALL VOU TORKEVS/ VOO 
WAVE TO GO TO WORK ^ 
n and I DON'T/ 



1 ! 


1 




c 


N 



SPARE TIME WOULD BE MORE 
FUN IF I MAR LESS TO SHARE 




v/ East is discreetly passed 
when both his opponents took 
action. He felt sure that his 
partner's hand was worthless 
and that there was no future in 
entering the proceedings. 

North-South began to go off 
the rails when North made a 
forward-going bid of two dia- 
monds. In the face of a misfit, 
a ample rebid of two spades or 
a preference to two hearts was 
indicated. As it was. South 
should have been content to 
bid two spades. Instead he 
went haywire with a jump to 
three hearts, suggesting a six- 
card heart suit and extra val- 
ues. He had neither of these, 


and as a result played in the 
wrong suit at too high a level 
Ea st found his voice with a 
double, in spite of his pooriy 
placed bean honors. When the 
spade ten was led to dummy’s 
queen and his ace, he could not 
be sure about the location of 
the missing spade. He there- 
fore returned the heart eight, 
and the declarer finessed the 


led a diamond, allowing East 
to take his red suit winners and 
score a club at the finish. 


west 

AW 

U7S2 
0 6343 
*87643 


NORTH 
* KtJ 6 5 4 2 
043 

0 K J 10 9 8 

INIIlil 


0 AO 

* A Ufl 5 


queen. 

This was a slight misjudg- 
ment, and South went from 
bad to worse. He led the dub 
icing, thro wing a diamond and 

allowing East to take the ace 
and lead the trump king. South 
could have saved a tittle by 
taking the ace and playing a 
third round of trumps, but he 
led a spade. West ruffed and 


SOUTH (D) 

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OH 
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W«« tod the spade ton. V 


Wimbledon: Rainy Other Drips, Traditional 


By John Feinstein 

H'anungtoa Pott Service 
LONDON — All was calm in 
the House of Commons on Friday, 
the business of British government 
being conducted in a quiet manner. 
Outside, one tour bus after an- 


Anawer Whal a philanderer thinks the world does— 
OWES HIM A LOVING 


other pulled up to the curb, spitting 
out camera-toting tourists. Several 


yards away, 


•toting, tc 
, traffic 


had slopped. 


Billowing black smoke was mixing 
with the rain and. as it cleared 


with the rain and. as it cleared 
slightly, one could see a small 
truck, its from end on fire. 

Many tourists on both sides of 
the street stopped and began taking 
pictures even as fire trucks fought 
their way through the chaos. As one 
bobby tried to shout the spectators 
back, he suddenly found a camera 
in his face. 

“They think this is part of the 
show or something.” he said angri- 
ly. “Every bloody June it’s the same 
thing." 

The fire was put oul The tourists 
got their pictures. The rain contin- 
ued. Big Ben read 1 1:42. 

London. Summer. Tourists. 
Rain. 

Wimbledon. 

At 1:05 P.M. Saturday, after a 
morning of rain and an hour of 
sunshine, the tarpaulin was re- 
moved at Centre Court of the Ail 
England Tennis and Croquet Chib. 
A lone mower was brought out to 
trim the court, on which there bad 
been no play since last July 8. 

Tradition holds that on the Sat- 
urday before the championships 
begin, exactly 48 hours before the 
first match, four female dub mem- 
bers test the coun with a set of 
doubles. Their match gets the *ra ss 
“patted down" for play Monday. 

Because of the rain, it was 2:52 
P.M when Mrs. 1. Hume and Mrs. 
H. MacPhersoo lock the court to 
play Mrs. AJL Mills and Mrs. B. 
Peerless. 

First names? “Not available," an 
official said. 


Martins Navra- 
tilova tried out 
some large 
glasses, but she 
will be the one 
getting long 
looks at Wim- 
bledon this 
week. Especial- 
ly after the 
publication of 
her new book. 


■' : ‘ J 



Saturday morning, one of the 
British tabloids, over a front-page 
picture of McEnroe at Heathrow 
Airport, ran a headline that read: 
“Mac the Miserable." 


SPORTS BRIEFS 

Frost, Edwards Lead U.S. Golf Toomament 


ATLANTA (UPI) — David Frost of South Africa shot a bogeyless 8-under-par 
64 Satuzday to tie Danny Edwards for the third-round lead in tfie 5500,000 Atlanta 
Golf Classic. 

Edwards shot 68. He and Frost, who joined the U-S. tour for the first time this 
year after three years on the European circuit, both dosed with birdies to stand at 
202 after 54 bote. That gave them a two-stroke lead over two-time PGA champion 
Ray Floyd and second-round leader Steve Pate. Floyd shot 68, Rate 71. 

Pate, with the two best rounds of his six-month pro career, hdd a one-stroke lead 
over Edwards on Friday by backing up an opening 67 with a 66. Last week’s U^r 
Open runner-up, Tze-Chung Chen of Taiwan, faded from the spotlight when Be- 
amed to 75 after an opening 68. 


As the women began their 
match, complete with chair umpire 
and ball boys, the 15,000 Centre 
Court seats were empty. The score- 
board kept score, the umpire called 
the points but no one was there — 
until at l -all. four reporters wan- 
dered in near the lop of the stands. 

At 2-all a young security guard 
climbed to where the reporters 
were seated. “Tm terribly sony," 
be said apologetically. “But this is a 
private game. Members only." 

Of course. Tradition. Wimble- 
don. Strawberries and cream. Rain. 
Private game on Saturday. 

Bulletin, as seen from an alley 
underneath the stands: At 6-6, it 
began to rain and the match was 
stopped. Not because the ladies 
were getting wet but because the 
court had to be kept dry. 

Tradition. Whether at Royal As- 
cot or at Buckingham Palace or at 
the All England Club, one simply 
does not tinker with tradition. Tra- 
dition makes this the premier ten- 
nis tournament in the world. Yet, 
because this is Wimbledon, many 
of the amenities players take for 
granted elsewhere do not east here. 


Most notable is the problem of 
practice time. There are only 17 
courts on the grounds, and Centre 
Court and Court 1 are never used 
for practice. A seeded player is 
granted — weather permitting — 
30 minutes to practice on an out- 
side court. If two seeds practice 
together, they can get 60 minutes. 

[f, as has been the case this year, 
there is little sunshine in the two 
weeks leading up to the tourna- 
ment, the courts almost always are 
covered and everyone must scram- 
ble to find practice courts. 

“I've driven 1,700 miles since we 
got here" two weeks ago “just look- 

lan Barclay, coach o? sixth-seeded 
Pat Cash, a semifinal fa t las t year. “I 
think we may have used every grass 
court in England.” 

One who stayed away, arriving 
only Friday evening, was three- 
time men's champion John McEn- 
roe. His late arrival had tittle to do 
with practice time, though. McEn- 
roe and tin British press have been 
at odds mice he first made the 
semifinals in 1977. 


Why was Mac deemed so Miser- 
able? “He refused,” the caption 
read, “to even reveal when girl- 
friend Tatum O'Neal would be ar- 
riving in London.” 

For the women, the week leading 
up to the championships is not so 
difficult Most play in a grass tour- 
nament at Eastbourne, about an 
hour outside Loudon. There, prac- 
tice courts are plentiful, the atmo- 
sphere counLry-likc and relaxed. 

“I love the week at Eastbourne,” 
said Martina Navratilova, who Sat- 
urday won the tournament for the 
sixth time. “I especially like it be- 
cause every time I’ve won it. I’ve 
gone on" — five times, including 
the last three — “to win Wimble- 
don. It's important to me.” 

This week may not be so easy for 
Navratilova. Undoubtedly, she will 
breeze through her matches as she 
always does the first week at Wim- 
bledon. But with her autobiogra- 
phy haying just hit the shops here, 
Navratilova will be questioned 
about the book, in which she talks 
about her bisexuality. 

Another tennis book is coming 
out this week, co-authored by Chris 
Evert Lloyd and husband John. 
Much of it is about their six years 
of marriage. Inducting last year’s 
much publicized, although tempo- 
rary, separation. 

They also were the subject of a 
huge piece in Sunday’s London 


Ueberroth Says Pirates Cannot Be Moved 


A -- J MUMJ “A Wl LlUyUt IVUftM** 

franchises not to raid outer communities'*’ 

“I would not approve the sale if outride groups want to move” the Pirates, be 
said. “We’re not going to use moving vans for baseball teams.” 


Pershing Square Sets Pacing Stakes Marks 


NEW YORK (AP) — Pershm 
neO, set stakes and track records 


Square, a 3-year-old colt driven by Bill ODon- 
Lturday night at Roosevelt Raceway in winning 
first of paring's Triple Crown. 


the S482J60 Messenger Slake, the fust ltt of pacing's Triple Crown. 

Pershing Square trailed Dragon's Lair, the 3-5 favorite driven by Michel 
LaChance. before winning a furious stretch dud by a head. The winner covered the 


0 -7 . . “■70—* ““ « “>WIS U1ITBU LfV IWUM 

LaChance. before wmnmg a furious stretch duel by a head. The winner covered the 
mile (Ij 6 ktiomelefs) in 1:52 2/S. 

For the Record 


Bmvy the new featherweight cfaampioti. was officially notified Friday 

by the world Boxing Association that he must defend his title too-ranked 
Bernard Taylor by ucl 8. f OFfl 

been zeschMiMd for Sept. 15, according to Beniie Ecclestone, president of the 
Formula One Constructors AnmaMnn ^ y . *mn 


Times, “The Lloyds of Wimble- 
don,” a much -bally hooed “teti-all” 
about their lives cm and off the 
tennis court 

Wimbledon. Rain. Strawberries 
and cream. Private game on Satur- 
day. Rain. 

Gossipy books? Ludicrous tab- 
loid headlines? 

Tradition. 


uuai y, accoramg 10 Benue Ecclestone, president of the 

Formula One Constructors Association. ^ H (UPI) 

Marco Lamia, 60, an Italian doctor, says he will bicycle the 1 J50 mfles to 
Ljverpod canving a message of friendship from Milan's mayor to the mayor of the, 
English aty whose soccer fans were blamed for the BrusseSnot. last mcstfL (Al£~’- 

Quotable 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


Page 23 


SPORTS 


NCAA Approves Crackdown 
On College Rules Violators 


By Gordon S. White Jr. 

New York Times Strike 

. NEW ORLEANS — The Na- 
' lional Collegiate Athletic Associa- 
tion has overwh elmin gly approved 
-the strangest sanctions it nas ever 
enacted against colleges and coach- 
es who violate rules governing re- 
cruiting, amateurism, academic 
standards *nH ethics. 

The sanctions, approved Friday 
by NCAA member institutions at a 
special convention, wiD take effect 
Sept. 1 . They include suspension 
--Tor an athletic team for as long as 
two seasons if it is found guilty of 
major infractions twice in a five- 
. year period. 

Faring what some convention 
delegates have described as an “in- 
„ tegrity crisis” in collegiate athletic 
- programs, the representatives also 
.‘.agreed to suspend or dismiss any 
=oach involved in major violations 

and to suspend the college's right to 
. recruit athletes in the sport A re- 
.peat offender would be prohibited 
. from awarding new athletic sohol- 

■ >rshjps in the sport for two years. 

The spcrial meeting — only the 

■ fifth the NCAA has held since its 
/'minding in 1906 — was called by 
.‘he association’s 44-member Presf- 
.ients’Comnnsrian, which was con- 
Vrerned about a series of athletic 
:*andals in recent years. The corn- 
emission, made up of university and 

college presidents and chancellors, 
fmbmitted 12 proposals at the 


meeting. Each was approved al- 
most unanimously by the 435 
schools represented at the conven- 
tion. 

“I do not believe 1 can overstate 
the level of concern that presidents 
and chancellors fed regarding the 
integrity crisis in college athletics," 
Dr. John W. Ryan, president of 
Indiana University and chairman 
of the commission, told the gather- 
ing. He said it was the purpose of 
both the convention and the com- 
mission “to do as much as legisla- 
tion win do to dinrinaie corruption 
in intercollegiate athletics " 

There are 797 member institu- 
tions in the NCAA. All 284 Divi- 
sion I members — those schools 
with major athletic programs — 
woe present, aware that the main 
thrust of the legislation was direct- 
ed at their programs. 

Among the delegates were a re- 
cord 198 college presidents and 
chancellors, who dominated the 
session. At the regular annual 
NCAA conventions athletic direc- 
tors and faculty representatives are 
more in evidence and often control 
the derisions on the Hoar. 

Since 1980, the -NCAA has 
placed at least 20 teams on proba- 
tion. Violations in recent years 
have occurred at such schools as 
Southern California, Southern 
Methodist, Florida, Arizona State 
andUOA. 

Some of the colleges cited gave 


SCOREBOARD 


Baseball 


Friday’s and Saturday's Major League line Scores 


■a m n— a ■ • 


FRIDAYS RESULTS 
NATIONAL LEAGUE 
(First Gonwl 

Atlanta 

-iiKiDootl MS SSI 

SMeids. Dedmon (6). Garber (71 and Owen; 
irownino, Power HI and Knlcsiv.W— Brown- 
' : no. ft-l L— Shields. 1-2. Sv— Power 19). HR— 
•_ Cincinnati. Parker (ID. 

(Second Gome) 

Utflnta 018 Ml an— 5 u 1 

. :inCJ!Mntl 218 MM 811-4 9 1 

Camp. Forster (8), Sutler (I) and Benedict : 
nubs. Hume (7). Franco (91 and VBn Gander, 
Cnlcel v (9). W— Crnnp. M. L — Tlfcbo.4-9. Sv— 
butter (10). HRe-Attanta Murphv (17). 
. Vattiinplan (7).’ 

-aiKaoe ON 888 213-1 118 

-AlMli 181 188 «■*— 7 18 1 

- Ecfcor**»y.&mlth(7).Frazier [71end Lake; 

. ^PNilra. Campbell (VI. Davley (9). Lntittm 
md Nieto. W — Ke»nhlre,4-S_ L — Eefcersley,7- 
. Sv — Lahtt 15). HR— Oiicono. Speler (3). 
eaalreal 080 883 080-3 8 t 

lew York D00 021 tlx— I 11 1 

Mahler, St. Claire (51. Lucas (7) and Bu> 
era; Apuiiera, Gorman (5). teach (5). Sisk 
7) and Carter. W— Slik. 24 L— Mahler. R 
tR— New York. Wilson U). 
toastoa oe# lie D00— 2 5 3 

-os Anaelas no D3 N*-7 9 1 

Sort, Dawtov (5). Sotano (5) and Ashby; 

-miser, Nledenfuer (8) and SeoSCkX W — 

- -k? miser 17-1); Lr-Scart 1S4L HR— Loe An- 
gles. Guerrero 115). 

‘Htsberrti 188 888 380 808 088 8-3 12 2 
■MtadeMlIa 880 180 882 880 808 1-8 13 1 

Rmischet Robinson (7). Holtml (01. Gurarte 
9). Scurry 112), Winn 04) and Pena: Denny, 
larman (0), Rowley |9), Tekulve (IQ), 
lucher (13), Anderson 05) and Vkvll Diaz. 
V-Andersan (2.2); L-Wbui (M). 

-an Fnwdsce IH 808 000—1 3 1 

an Dtaao 801 118 K*-5 U 2 

- Blue, wtiiioms (SI. Minton (5) and Brenty.- 
volna Stoddard (7), Lefferts (9) and Badly, 
y— Wtrina 04): L— Blue (S3). HRs— San 
Tandsco, Brenhr (B): San Dleno, Rovstor 
I). 

AMERICAN LEAGUE 
ipsten 080 188 081—3 I 0 

'■rente 181 m em-7 ■ i 

Hurst, Clear (A) and Sullivan; KevondMar- 
mez. w— Key .Si L— H ur*!7-7.H R— Toronto. 

I pshaw (7). 

lew York 183 080 8»-4 0 8 

retroll 808 ON UX-6 8 0 

Nlefcro. BardI IB) and Hassev; OTOeai, Her- 
andez (0) ana Parrish. W-OKeaL 2-1. L~ 
ilefcra 74. Sv— Hernandez (14). HRs— New 
,'ork. Henderean2 (9). Detroit. Whitaker (12), 
iHnan 1141. Evans (13). 
ditto™* 081 883 801—5 10 0 

c-dlcapo 002 008 000-3 7 I 

, McCasklli. dements (8), Moore (V) and 
■acme; Bannister, Nrteon 14) and FUk. W— 
teCaskin. 24 L— Bannister, 54. Sv Moore 
, 'll. HR- CalHomta. DeCbices (7). 
ibxas ON 801 100-3 5 0 


Housh and Staurtit : Schromond Salas, w— 
ctirem. *4. L— Houah, 5-0. HR— Texas. Par- 
ish (131. 

MMinare 501 ON 883— II 14 1 

rtlwaakee IN B» Otx— 13 IS 1 

Bod dicker. Stewart (41. TJUIartlnez 141. 
neli 14). Dima (8) and Dempsey; Htouera. 
_ocanower (I). Gfitoon (7) and Sdiroeder. 
' y— Cacanower. 14. L— Stewart. 3-1 Sv— GR>- 
on (4). HRs— Baltimore, Dempsey (5). 
— 'ouno (5). Rtaken ( 111 . 

-“'Seyrtand *H DM 000-1 4 0 

toWand •» 3M B2»-9 15 ■ 

B ene nna . Creel (4) and Bando; Sutton. Ontt- 
■rae (l) pnd Tettleton. W— Sutton (44); L— 
(enema <0-0. HR— Oakland. Kintman 477?. 
Seattle ot Kansas CRy, wml, rate). 


SATURDAY'S RESULTS 
NATIONAL LEAGUE 
Ulaata 841 011 180-3 4 2 

llncMMtl 002 >N 181— I 12 0 

Smith. Dedmcn (7). Forster (9) and Bene- 
■^LOwen (91 Price, Robinson (01 and Knloe- 
• » «V— RoWnson, 14. L— Fonder, 0-2. HRs— 
xtiania Horner 2 (V). 
ion Fraodsca 8N B10 BN— 1 2 0 

ion Dleoa 8N 3N HR— 2 4 • 

Laskev. Davis (0) and Brenlv; Show, Stad- 
i 1 sard 191 and Kennedy. W — Show. 6-4. L— Los- 
■ cv. 1-9. 5» — Stoddard (1). HR— San Fronds- 
» Davis 17). 5en Diem Garvey (1)1. 
>tttsbureh 3H ON 880-2 5 0 

muodettria ON IN m— 5 9 1 

McWilliams. Wobbts o n U). Candelarfa (9) 
• md Ortiz; Hudsea Carman (B) and Dlez.W_ 
larmtin. M. L— RoWneoiw 2-2. HRs— Pitts- 
uw. Rav (3). Philadelphia Samuel (61. 
Aentreal til 418 411 1-5 10 1 

tow York BN 808 NO 0—4 I 3 

Partner. Reardon (71. Burfce (71. St. Claire 
«. 9) and Nicosia; Darting. Orosco ULMcDow- 
*■» <9i and Carter. W— SL Claire, 2-1. L— Me- 
MwelL 5-2. HR, New York. Slaab ID. 
:ueooo in oil on o— I 3 s 

;ll«jIs on in in i-a to e 

Swidltfe, Smith (V) and Lake; Foraeh, Hor- 
an IS). Dor lev 19) and Nieto. W— Davtev. 1-& 
.—Smith, 5-2. 

touttofl ON IN 020—1 4 4 

0M IS8 00k— 4 I 1 


jym i, Calhoun (7) and BaOev; Valenzuela 
if« sc undo- w — Valenzuela, 7-3. L — Ryan. 8- 

AMBRICAN LEAGUE 

ON IN 110-4 8 1 
001 010 >10— I 7 • 

uuoo, Cllbutn (7) and Boone; Lottar, 
•plllnar (7) and Fisk. W— Luw.2-1. L— Collar, 
■■a. sv — Ciltxjm 121. HRs— CaH torn In. Brawn 
21. Ben UMiee (SI, Boone OLCMcooo. Walker 
ill. 

tow York too Ml 000-4 11 1 

Xtroll IN ON NO— 0 4 0 

Gu id rv and Hoeesv: Petty and Qasiina. W— 
Mitdry, 84. L — Petrv, 94. HR— New York, 
MVIar (13). 

Melon 110 ON BD— S f • 

raronto S10 2NNO-4 0 2 

Nipper. Crawford (5), Stanley (7) and Ged- 
nan; MusMlmoa, Acker (o), Layffle (Ol-Cau. 

v v (W. w— Stantoy.M. Le-Adkor ,44 HRS— 

ebon. Barrett (2). Taranto, Fernande z (2L 
Svetaw) BN OH 881 10—4 B 3 

MUMl OH 021 IM OB-4 H 2 

Runic. Thompson 17), Cork (IL WodM 
B), Easterly (V), Barklev (9) and WUtard, 
lando (91 .'MCCotty, Atherton U), HowoU (9) 
md Neath. W HowetL U L— Barklev, 0-1. 
«*— oakHMHL Heath (T). Umotprd (to). 


ON BN 020—3 4 0 
i CUT IN0NN1— 1 4 0 

Swift, (Aside Bern (9), Nunez (9) and Scott, 
Kearney (B); Seberhnaen, Qubanberrv (B) 
and Sundbera. W— Swift W. L— Saberhowa, 
7-4. Sv— Nunez (7). 

M0 IN NO-2 6 0 

IN 081 ww 8 8 

Moan, Rozama (61, Schmidt (B) md 
Siamtd; Viola. Davis (9) and Laudner. W— 
Viata. 04. L— Mason. 5-7. Sv— Davis (7). 
BaMmora BN Ml MM 13 I 

MOwoekee ill IN 010-4 0 1 

McGreoar. Aon (0) cmd Dempeey; Dorerin. 
McClure (4) and Moore. W-McGrooar. 64. 
L— Osrwtn.44. Sv—Aose (2). H R-MHwaukee, 
Simmons (2). 


Major League Standings 

AMERICAN LEAGUE 
EOOt DWtsfOP 



W 

L 

Pet 

GB 

Toronto 

41 

34 

412 

— 

Detroit 

37 

27 

STB 

2V5 

Barton 

34 

30 

MS 

4U 

Baltimore 

34 

38 

SSI 

5» 

New York 

» 

31 

J14 

6V> 

MttwaukM 

38 

33 

.476 

9 

Cleveland 

XI 

44 

J23 

19 


toft MvWon 



California 

37 

29 

-Ml 

— 

CNcoao 

34 

29 

-540 

lV* 

Oakland 

34 

32 

JT5 

3 

Kansas CflY 

33 

32 

JOB 

3W 

Seattle 

38 

34 

ASS 

7 

Minnesota 

•a 

35 

453 

7 

Te*a» 

38 

41 

JBS 

11W 


NATIONAL LEAGUE 
bit DIvNIen 



W 

L 

Pet 

SB 

St. Louis 

38 

27 

•585 

— 

Montreal 

39 

» 

J74 

K» 

Now York 

37 

28 

J69 

1 

CMcooo 

34 

38 

J31 

3% 

PMkKMpNa 

73 

38 

4)5 

11 

Pittsburgh 

& 42 

West Division 

344 

151b 

San Dtaao 

48 

27 

J97 

— 

Lob Anaetei 

34 

38 

.53) 

4H> 

Cincinnati 

34 

31 

J23 

5 

Houston 

34 

32 

J15 

SVl 

Atlanta 

28 

31 

424 

life 

San FrancfcKo 

24 

41 

JHB 

T4 


Football 


USFL Standings 


BASTERN CONFERENCE 



W 

L 

T 

pa. 

PF 

PA 

x-Birmlnahm 

12 

5 

0 

JM 

422 

293 

h'New Jersey 

11 

6 

D 

Ml 

412 

363 

x. Memphis 

11 

7 

0 

ill 

428 

337 

x-Tatnae Bay 

18 

7 

I 

J» 

394 

384 

■-Baltimore 

9 

7 

1 

J5V 

330 

250 

Jacksonville 

■ 

9 

0 

471 

34S 

396 

Orlando 

5 

13 

8 

J78 

308 

484 

WE ST IAN CONFERENCE 


x-Oakkmd 

12 

4 

1 

■735 

442 

338 

x-Denver 

11 

4 

0 

447 

427 

347 

x -Houston 

18 

7 

8 

JW 

SB 

357 

Arizona 

I 

18 

8 

444 

374 

405 

Portland 

4 

11 

0 

J53 

262 

401 

Son Antonio 

4 

13 

8 

J3S 

273 

423 

Los Angeles 3 IS 0 

(x-ctbietied Ptovoff berth) 

.1 0 

266 

454 


FrMnyk Result 
Orlando 17. Las Anoekn 10 


Mem p h i s 38. Arizona 28 


Tennis 


WOMENS CHAMPIONSHIPS 
(at Eastbourne Enaiand) 
SINGLES 
Sendfleak 

tibia Navnatflevo (T).UJS-det Manueia 


Maleeva (3). Bulgaria 6-L 6-L 
Helena Sukova (5). Cachoslavakla del. 
Wendy Turnbull (18). Australia *6 . 74 (7-3). 
6-4. 

Finals 

NavratHova del. SrtMve, 6-4. 64 
DOUBLES 


Martina Navra t Uawoond Pam Shrlver.U A. 
drt. Barbara Potter and Sharon Walsh-Pete. 
UA. 64 6-4. 

Kathy Jordan, ujl and Ebaboth Smvltea 
Australia del. Mono MandUkova Czechoslo- 
vakia, and Wendy Turnbull Austral las. 6-2. 5 
7.6-1. 


Navratilova and Shrtver drt. Jordan and 
Smvtto. 74. 64 


Transition 


MILWAUKEE— PIMM BID Setiroedar. 
coteswr. on the 15-dov tHiobied list with o 
strained right elbow. 

SEATTLE — Activated MDca Moore, pneh- 
er.trom the t5dav«sabled iM.Optkmed BtU 
WUk Insert, nttcher, tsCobory of the Paemc 
Coast Least*. 


NEW YORK— Recalled Terry Leach, pitch- 
er, from Tidewater at Bit International 
League. Optioned Joe Sambda pitcher, to 


Pittsburgh Announced ttyjj jeimnte 
LeMaster, lhertstoa, has been pot an the 15 - 
dav disabled list «Uti an inbred ankle- Re- 
called Sornrav Khalifa, thor tshw . from tbe 
Pad he coast League. 

FOOTBALL 


illegal inducements to athletes so 
they would attend that scbooL Tbe 
inducements often included cash, 
automobiles, jobs for friends of 
athletes, apartments and other 
items of material value. 

Many programs were also cited 
for violaOoos of NCAA academic 
regulations, such as chang in g class- 
room transcripts to make an athlete 
eligible to compete. 

Often athletes at cited schools 
had been assigned to summer 
school makeup courses in order to 
make them eligible. The athletes 
never attended those courses but 
were given pasting grades anyway. 

Southern California, for in- 
stance, admitted more than 300 
athletes during a 10-year period 
who did not irw rt nrn»mmn aca- 
demic standards for admission. 

In a more recent sram/faT mem- 
bers of the Tnlane University bas- 
ketball team were indicted on 
charges of shaving points. It has 
been charged that drugs and cash 
were used as payment to them. 

Ryan said the Presidents’ Crazi- 
mission will soon address such 
ilems as drags in coDcgiate alh- 


Among the actions fakwt by the 
convention were the foQcrwmg: 

• It ruled that the first major 
infraction in a five-year period 
would be penalized by a minimum 
two-year probation m the sport 
with a one-year moratorium an 
tdevisioa games and postseason 
competition- Coaches and other 
staff members will be subject to 
suspension without pay for one 
year and may not recruit fra a year. 

• It adopted a resolution calling 
for sanctions to be created for ath- 
letes who knowingly violate NCAA 
roles by such actions as accepting 
matpriwi benefits to attend a certain 
institution. This is the first attempt 
to include an athlete directly in the 
penalties handed out by the 
NCAA. It is expected that such a 

will be offered at tbe 
k’s regular annual conven- 
tion in January. 

■ It required that all Division I 
colleges submit an amrnaf report to 
the NCAA showing that entering 
freshmen athletes comply with aca- 
demic standards for entrance and 
showing the rate of graduation of 
senior athletes. 

• It tnadu it mandator y that an 

independent audit be conducted of 
a college’s athletic depaitnxmt fi- 
nances, addressing, in particular, 
the use of donations from booster 
or fan clubs. The college president 
or chancellor will be specifically 
responsible far these finances. 

The provisions of the repeat-of- 
fender rule are retroactive. If a 
school’s team sport had been cited 
for a violation m September 1983, 
for example, its pr ogr a m will be 
suspended for at least a year if it 
commits another major infraction 
by September 1988. 

In the past, toe were no specif- 
ic penalties set by the NCAA for 
violations. The NCAA Committee 
on Infractions derided the degree 
of severity of penalties. It could put 
a school on probation fra one, two 
or three years or longer. It could 
forbid television appearances, bowl 
games, and could wipe out vic- 
tories. Wichita State, Southern 
Methodist, Oklahoma and other in- 
stitutions have been pul on proba- 
tion in football or other sports 
twice within a five-year period, but 
their programs were not suspend- 
ed. 



Cards Hand Cubs 
11th Straight Loss, 
Move Into 1st Place 


Tun Hnlett and Chicago teammate Ozde Guillen nearly collided going for Bob Boone’s 
pop-np, but only thing that hat was ball and ground dining Saturday’s game against Angels. 


Compiled by Our Staff From Dispatcher 

ST. LOUIS — Curt Fori in bis 
first major-league at bat. drove in 
the winning run in the 10th inning 
Saturday night to give the SL Louis 
Cardinals a 2-1 victory over Chica- 
go, handin g the Cubs their 11th 
straight loss. 

The Cubs, who have the longest 
losing streak in the major leagues 
this season, managed only three 
bits. They have lost all five games 
against the Cardinals this s ea s on . 

The Cardinals' seventh victory in 
right games put them in first place 
in the National League East, one- 
half game ahead of Montreal. The 
Expos defeated the Mets, 5-4, in a 
10-inning thriller in New York. 

Ozzic Smith led off the home 
10th with a single to center and 
look second on a wild pitch by the 
Cubs* reliever, Lee Smith. After 
Tom Nieto struck out. Ford singled 
to score Smith. 

U I told him in tbe eighth innin g, 
‘You’re going to win the game for 
us,’ " said tbe Cardinals' manager. 
Whiley Herzog. 

Ford was called up from Louis- 
ville, Kentucky, of the American 
Association on Monday to replace 
Terry Pendleton, who was placed 
on the 15-day disabled list with a 
pulled hamstring. 

“No, 1 wasn't nervous," Ford 
mid. “I might be nervous twice tbe 
next time. 1 like to hit in situations 

like that every time 1 walk 

between tbe lines. 1 want to be a 
hero, the big shooter.” 

Willie McGee of the Cardinals 
had two hits in four at-bals, the 
sixth game in a row he has had two 
or more hits. 

In New York, second baseman 
Wally R ack man 's error on pinch- 
hitler Teny Francona’s ground baD 
allowed Dan Driessen to score 
from third base as the Expos ended 
the Mets' five-game winning 
streak. 

Driessen opened tbe 10th with a 
double and advanced to third on 
Hubie Brooks' ground out to first. 
After Tim Wallach was walked in- 


Twins Fire Gardner, Hire Miller to Manage 


Compiled by Our Staff From Dispatches 

MINNEAPOLIS — The Minne- 
sota Twins, straggling to stay out of 
the cellar in the American League 
West, fired their manager, Billy 
Gardner, Friday night and re- 
placed him with the Baltimore Ori- 
oles' pitching coach, Ray Miller. 
The Twins responded by winning, 
3-2, against the Texas Rangers. 

Miner, 40, had never managed in 
the mqor leagues, but helped the 
Orioles produce five 20-game win- 
ners and two Cy Young Award 
winners in Ins six years as then- 
pitching coach. 

Until their victory Friday night, 
the pitching-poor Twins had lost 19 
of 25 games. 

Gardner, 51, became the Twins’ 
manager on May 22, 1981, after a 
20-year playing career and 1 2 years 
as a manager in the minor leagues. 

This season, tbe Twins lost nine 
straight in May, then won 10 
straight before losing 10 in a row. 
During the winning streak, the 
Twins led the American League in 


FRIDAY BASEBALL 

batting. But the team eamed-nm 
average has ballooned to the worst 
in the league 

Miller has been with the Balti- 
more organization since 1971, fol- 
lowing a career as a minor league 
pitcher. 

NfiUer was replaced in Baltimore 
by Ken Rowe, 41, tbe club’s nrinor- 
leagoe pitching instructor since 
1980. 

In Miller’s first major-league 
gang as manager, the Twns* 

Salas hit a two-run single with two 
out in the bottom of the ninth to 
beat Texas. 

The Rangers' Charlie Hough had 
earned a six-hit shutout into the 
inning, but walked lead-off batter 
Tran Bnmansky. After Roy Smal- 
ley singled, Brunansky was forced 
at third on Gary GaritTs sacrifice 
bunt attempL 

Tim Teufel walked to load the 
bases, Smalley scored on pinch-hit- 


ter Randy Bush's ground out to 
make it 2-1 and Salas hit a 1-0 pitch 
to right to score Gaetti and Teufel. 

Tigera 6, Yankees 4: In Detroit, 
Lou Whitaker hit his third home 
run in as many games during a 
four-run sixth inning and Kirk 
Gibson clouted a mammoth homer 
in the seventh against New York. 
Rickey Henderson had two homers 
for the Yankees. 

Bine Jays 7, Red Sox 2: Jimmy 
Key pitched a five-hitter in Toron- 
to and Lloyd Moseby had three hits 
and two RBI to help beat Boston. 
Key recorded his fifth consecutive 
single with two triumph and second complete 
of the ninth to game in lowering bis ERA to 130. 

Angels 5, White Sax 2: In Chica- 
go, Nuke Brown hit a two-run triple 
and Joan Bemqoez collected four 
consecutive angles to lead the An- 
gels into first place in tbe AL WesL 
Brewers 13, Orioles 10 : Cecil 
Cooper drove in four runs with 
three hits and the Brewers sent 14 
batters to tbe plate in a nine-run 
sixth innin g in Milwaukee. Balti- 


Somalian Finds Winning Races Easiest Thing in U.S. 


By Sally Jenkins 

Washington Fast Service 

WASHINGTON — Abdi Bile 
Abdi is no longer pooled by the 
strange Aroencans with their taste 
for beer and the loathsome cheese 
and tomato stuff called pizza. Nor 
is he surprised when they call him 
by the wrong name, Abdi Abdi, 
which is often. 

He settled the matter of his name 
one day when he walked over to 
Geoige Mason University’s track 
coach, John Cook, smiled and dem- 
onstrated his excellent English. 
“Calling me that,” Cook recalled 
him saying, “is tike me callmg you 
Cook Cook.” 

The correct manner of address, 
should you happen to encounter 
the runner in the Somalian capital 
of Mogadishu, or the more likdy 
setting of the Seoul Olympics in 
1988, is Abdi Bile — the last name 
pronounced “BiEy” in Somalia. 

Recently, he became tbe NCAA 
champion in the 1,500 meters. 

Bile, a sophomore who carried 
the Somalian flag in tbe Los Ange- 
les Olympics last summer, was the 
first foreign track runner to be re- 
cruited by George Mason, which he 
chose because; among other rea- 
sons, it was near Washington and 
thus close to the Somalian embas- 
sy. Cook reomted him sight unseen 
on the advice of a Somalian runner 
at Faixieigh Dickinson University 
in Rutherford, New Jersey. 

If Bile had some trouble atijust- 



Abtfi Bile Abdi 


mg to his new surroundings, Cook 
has been equally confounded by his 
star athlete at times. Prior to his 
1J00 heat in Austin, Bile startled 
his coach by announcing that he 
was required by his Moslem faith 
to fast and could eat only between 
sunset and sunrise. 

They finally compromised. Bile 
are a meal and won the 1,500. The 
agreement was that he would re- 
tun to his fast after the champion- 


ships and forgo competition in any 
more races until the summer. 

“You don’t go crazy with Abdi,” 
Code said. “If! go to war with him, 
Td lose in tbe long run because I'd 
lose his trust- 1 said, ‘Hey, let’s just 
go through the NCAAs.' Now, ev- 
erybody wants him to run. 1 want 
him to run, too. It’s against my 
nature not ta But I teQ people who 
want him that i&'s not running 
now, he’s fasting." 

Bile has not always been com- 
fortable in the Uni led Stales, and 
frankly misses Somalia, where he 
plans to return and go into his 
family’s import-export business af- 
ter earning a business degree. The 
worst time was when be was a re- 
cent arrival and hying to leant the 
confusing business or being a col- 
lege freshman in the Unitrf States. 

“At first, I had culture shock,” 
be said. “The ctimate, the food, all 
that stuff. Everything was new. I 
was trying to learn the way of living 
in this cotmuy ” 

There are two other Somalian 
runners at George Mason now — 
freshmen Ibrahim Okash and Ah- 
med Ismail —both largely recruit- 
ed by Bile. Prior to their arrival, 
however. Cook was virtually Bile’s 
only dose acquaintance Serious 
about his faith. Bile was shocked by 
some of the goings-on in his dram, 
and took refuge with his coach. 

“There were a lot of things he 
saw that hurt him — let's face it, 
the drugs, the alcohol, tbe sex,” 


said Cook. “It’s a Friday night at 
college, can you imagine? But now 
I thunk he’s learned to take the 
good in us and leave the other 
things alone. He doesn’t get caught 
up in the societal habits.” 

Bile is training — while he is 
fasting — for two meets in Europe 
and Africa this summer, with the 
aim of competing in the World Cnp 
track meet in Australia in October. 
To him, his religion and r unning 
are not in conflict, which Cook 
gradually has realized. 

Until his NCAA championship. 
Bile’s career had been a strange and 
not always successful one. One 
concern for Cook has been that 
BOe is 6 feet 2 (1.8 meters) and 150 
pounds (68 kilograms). BDe puis in 


more had scored six runs in the 
first. 

A*s 9, Indians 1: In Oakland, 
California, Donnie Hill scored 
twice and had two RBI and Don 
Sutton recorded his 286th major 
league victory by beating Cleve- 
land. Dave Kin gman hit ins 17th 
homer of the year for Oakland. 

Mets 6, Expos 3: In Ihe National 
League, in New York, Mookie Wil- 
son homered and had four RBI and 
Rafael Santana drove in tbe go- 
ahead inn in the sixth as the Mrts 
beat Montreal 

Reds 44, Braves 2-5: Clauddl 
Washington tripled and hit a two- 
run homer as Atlanta wot the sec- 
ond game of a doubleheader in 
Cincinnati. In tbe opener, Dave 
Parker hit a threc-nm homer and 
Tom Browning scattered six hits 
over seven innings for the Reds. 

CanEnab 7, Cri» 5: In Sl Louis, 
Jack dark tripled with the bases 
loaded in the seventh inning to beat 
Chicago- Kurt Kepshire scattered 
10 hits over eight innings for the 
triumph, his second over tbe Cubs 
and Dennis Eckersley in less than a 
week. 

Padres 6, Giants 1: Kevin 
McReynolds had three hits and two 
RBI in San Diego and Jerry Roys- 
ter hit a grand slam against San 
Francisco. 

Dodgers 7, Astros 2: In Los An- 
geles. Pedro Guerrero got three 
hits, including his 15th home run 
this year, to help defeat Houston. 

PbSes 4, Pirates 3: Juan Samu- 
el’s one-out double in tbe bottom 
of the 16th scored Derrd Thomas 
from second base to beat Pitts- 
btngh in Philadelphia. (UP I, APJ 


SATURDAY BASEBALL 

teniionaUy, Fran conn hit a double- 
play ball to Bac kman , who hobbled 
it and allowed Driessen to score. 

The Mets had taken a 3-2 lead in 
the seventh on Rusty Siaub's 
pinch-hit three-run homer, his 94th 
as a pinch hitter putting him 12th 
on the all-time major (rogue lisL 
Tbe Mets scored their fourth run 
that inning on a walk to Keith 
Hernandez and singles by Gary 
Carter and Danny Heep. 

But the Expos got a run in the 
eighth, then lied the score in the 
ninth on Steve Nicosia's two-run 
double after Wallach opened with a 
double and pinch-hitter Skeeter 
Barnes singled. 

Reds 4, Braves 3: In Cincinnati, 
Dave Parker's third hit of the game, 
with one out in the ninth, scored 
Eddie Milner from third and beat 
Atlanta. 

Padres 2, Giants 1: Steve Garvey 
homered with one on in the fourth 
and Eric Show and Tim Stoddard 
held San Francisco to two hits be- 
fore 53.375, a San Diego record for 
a regular-season day game. 

PWt&es 5, Pirates 2: Juan Samuel 
hit his sixth homer, with two on 
and one out in the bottom of the 
ninth, to lift Philadelphia past 
Pittsburgh. 

Dodges A Astros 3: In Los An- 
Ken Landreaux and Mike 
Sciosda each drove in two runs 
against Houston and Fernando Va- 
lenzuela struck out a season-high 
14. New York's Dwight Gooden 
and Pittsbugh's Jose DeLeon have 
also fanned 14 this year. 

Red Sox 5, Blue Jays 3: In the 
American League, Bill Buckner 
singled home two runs in the eighth 
inning in Toronto as Boston rallied 
in a game delayed more than three 
hours by rain. Toronto's manager, 
Bobby Cox, was ejected during the 
fifth-inning rain delay for arguing 
that the game should be halted The 
Blue Jays led 3-2 at the time. 

Yankees 4, Tigers (h Roo Guidiy 
checked Detroit on four hits ana 
Don Baylor hit a two-run homer 
for visiting New York. Guidiy 
pitched his second straight shutout 
and did not allow Detroit more 
than one hit in any inning. 

Angels 6, White Sox 3: Califor- 
nia's Juan Beniquez tripled and hit 
a two-run homer and Mike Brown 
added a two-run homer in Chicago. 

A’s 6, Indians 4: Carney Lam- 
ford’s 10th homer, a two-run shot 
in the 1 1 th. beat Cleveland in Oak- 
land, California. 

Mariners 2, Royals 1: Bret Sa- 
berhagen pitched a perfect game 
for seven innings in Kansas Gty, 
Missouri, but balked home Seat- 
tle's Gorman Thomas with the go- 
ahead run in the eighth. 

Twins 3, Rangers 2: In Mume- 
" , Minnesota, Gary Gaetti sin- 
md Kent 


gled in one ran and Kent Hrbek 
doubled in two in the sixth to beat 
Texas. 

Orioles 3, Brewers 2: Cal Ripken 
singled home Lee Lacy with the 
winning ran in the sixth as Balti- 
more won in Milwaukee. (UP I, 
AP) 

U Carlton on Disabled list 

For the first time in his 20-year 
major-league career, Philadelphia 
Phillies left-hander Sieve Canton 
was placed on the disabled list Sat- 
urday because of an injury to his 
pitching shoulder. The Associated 
Press reported. 

Officials of the National I rogue 
team said the four-time Cy Young 
Award winner was pnt on the 21- 
day disabled list because of a strain 
of the left rotator cuff. 

Despite a 243 ERA in 77 2-3 
innings, Carlton, 40, is 1-7 this sea- 
son after starting 13 games. He has 
allowed 68 hits. 

Cari ton has not been throwing as 
hard as he has in previous ^ 
and he had some trouble wit 
left shoulder in spring training. 


HEW ENGLAND — Slftned Rick Danrirtiy. 

pynfQf, 

SAM Ol EGO-SHrtlMI T*Yy LtwU, NnW- 
DMfc. 

COUUWE . 

CREIGHTON— Named Tpav Barone bae- 
kertxxrcoocn. 


He Might Try Changing the Boat’s Name 


Lot Angeles Times Service 

LONDON — Maybe Ted Macnamara was not 
destined to cross the Atlantic, The intrepid British 
saBra made his fourth try last wedc and wound up 
in retreaL 

Macnamara. 65, an unemployed stone cleaner, 
set out from Campbeltown. Scotland, in a five-foot 
(l-S-meter) craft named Mannadnke Jinks TV. 

His outboard engine failed almost immediately, 
and he hoisted sau. But his boat started drifting 
backward, and he went to sleep. 


On waking, he had no idea where he was and, 
having no distress flares, he began flashing a band 
torch. This was jotted, and he was rescued by the 
Campbeltown coast guard. 

He bad traveled four miles — in the wrong 
direction. 

This was Macnamara’ s first attempt sinna loct 
year, when be set out from Land's F-tiri, Fn ^nrt t 
m a band. When he boarded the barrel, it cap- 
sized. 


do most of Ms counterparts be- 
cause he has been accident prone. 

At the NCAA meet last year, he 
was wanning for the final when he 
stepped on a switch ben and broke 
a Done in his foot. He missed most 
of the indoor season this year after 
be ruptured a vertebra lifting a 
paint bucket in a (heater class. He 
thought it was empty, but it was a 
full 50-gallon (52-liter) container. 

“Theater, right?” Cook said. 
“We thought it was a nice, safe 
class.” 

The most disappointing incident 
of his career, however, came during 
the Los Angeles Olympics. Bile ran 
well in the semifinal heat of the 
1 ,500, only to discover afterward he 
had been disqualified. A Br azilian 
had fallen during the race, and Bile 


was accused of bumping him. 

“The guy who fell down was run- 
ning behind me," he said. “How do 
you push someone when they are 
behind you? I just know that 1 
made die final, and it was tragic." 

Tbe incident makes the 1988 
Olympics all the more inviting. 
Cook contends he could be the fa- 
vorite. 

“I believe that with patience and 
a little luck, Abdi is going to be one 
of the great nailers in the world,” he 
said. “I knew all tbe time 1 had an 
athlete. It's just been a question of 
getting him to the starting line.” 



vi- HOROL^GlST5 

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0-48359$ 







Page 24- 


INTERNATIONAL HERALD TRIBUNE, MONDAY, JUNE 24, 1985 


New Research Portrays Nero as Ruthless but Less Baffling 


By Eric Pace 

\'<nv York Times Service 

T HE young Emperor Nero became known as 
one of the worst Roman rulers by ordering his 
mother’s death, persecuting Christians and Jews, 
and committing other cruel and bizarre deeds; it 
has been suggested that he declaimed poetry (not, 
as the popular saying has it, that he fiddled) while 
Rome was ablaze with a fire be bad caused. 

Nero's behavior has come under fresh scholarly 
discussion, nourished by recent study of ancient 
Roman chronicles, sculpture, ruins and coins. 


fin, piaimains Lfaat Nero suffered from a “lack of 
intellectual equipment to deal with the strains of 
the complex political system" of his day. 


Though he is still seen as profoundly ruthless, new 
moreundersi 


research makes him seem more understandable by 
emphasizing that his reign was shaped by hu 
serious love for the arts, among other personal 
traits, and by complicated political problems. 

Stepson of the Emperor Claudius, he was bora 
in A. L). 37, became emperor in 54 and reigned for 
14 years. Widely hated, and challenged by revolts, 
he committed suicide in A D. 68, ending a dynasty 
begun by the Emperor Augustus. 

A scholar at Oxford University. Miriam T. Grif- 


Grifftn, an American who is a tutor in ancient 
history and a fellow of Oxford’s Somerville Col- 
lege, is the author of a new book, "Nero: The End 
of a Dynasty." which weighs ancient writings 
about him It also details his- artistic enthusiasm, 
riling coins and products of the arts during his 
reign. Other experts say the book breaks new 
ground in the em phasis it puts on weaknesses in 
the Roman political system. 

Professor Glen Bowersock, who specializes in 
ancient history at the Institute for Advanced Study 
in Princeton, New Jersey, said earlier writings had 
“run the gamut from sensationalist accounts of the 
madman on the throne of the Caesars" to more 
balanced appraisals of a “policy-making ruler.' 1 


tore" and some of the emperor's deeds "were 
welcome to many people,” including "taking the 
Greeks out from the rule of the Roman Empire 
and making them a free people." 


Bowersock contended that at the b eginnin g of 
bis reign Nero “was already somewhat unbal- 
anced, and by the end he was a monomaniac with 
no regard for human life — a monster of the order 
of Idi Amin.” But Griffin, in a telephone interview 
from her Oxford home, took a somewhat less 
unfavorable view. "Nero was a man of taste, rather 
than in idled." she said, "and by the time of his 
death, I think, he was lotting his mental balance. 

"I don't think he was actually insane, but I think 
he was in a panic. He didn't respond very effective- 
ly” to a threatened rebellion “and tie tended to 
have feelings of persecution wen before it." 


“We’ve gone bade and forth over the decades 
and centuries,” said Bowersock. "The popular im- 
age of Nero has always been the much darker one, 
and I think that's much nearer the truth.* 1 Even so, 
be noted. Nero's reign was "a great time for litera- 


Drawing partly on recent scholarship about the 
coinage of Nero’s time, Griffin’s book emphasizes 
what she calls his "genuine passion for the visual, 
musical and literary arts.” Andrew Wallace- Ha- 
drill, a lecturer in ancient history at the University 
of Leicester. England, noted that Griffin's study, 
published in the United Slates and in Britain by 
Yale University Press, “lakes that side of him more 
seriously than earlier books.” 



Worcester Art AtoMon 

Bust of Nero when be was a teen-ager. 



Scholars have been trying to extract dues about 
Nero’s character from sculpture portraying him as 
a boy. Cornelius C. Venncule, curator of classical 
art at the Museum of Fine Arts in Boston, wrote in 
The American Journal of Archeology in 1982 that 


protect his political security." And PolHni empha- 
sized the power Agrippina wielded over her son. 

Five yearn later, in A. D. 64, fire laid waste to 
much of Rome. As Grinin puts it in her book, 
some an deni writers “imagine Nero indulging in 
an act of wanton and malicious destruction." One 
“in fact says that the pretext was Nero's distaste 
for the ugliness and chaos of old Rome." 


a depiction on a fragment of an ancient marble 


relief bad “something spoiled and petulant about 
the face." The Metropolitan Museum of An has a 
bronze portrait bust on display. The assistant cura- 
tor of Greek and Roman art Maxwell L Ander- 
son, noted that the sculptor had given his young 
subject a sober expression, as was the custom in 
almost all imperial portraits of that period. The 
portrait, be said, “doesn't seem to show any of the 
character that eventually revealed itself.” 


Pollini, emphasizing that influential ancient 
writers had a strong anti-Nero bias, said, "I don't 
believe at all that Nero had anything to do with the 
burning of Rome.” Grinin says “the rumors of 
arson" deserve skepticism, and she riles recent 
findings indicating that Nero was fond of some of 
his quartern that were damaged by the fire, because 
subsequent building was similar. 


A long-held view, buttressed by andent writ- 
ings, has been that Nero's reign started weQ, after 
his mother, Agrippina, had him made emperor. 
John Follmi, a professor of classical art and ar- 
chaeology at Johns Hopkins University, said: "The 
first few years were pretty good; Nero had good 
advisers, ret Bowersock noted that, within a year 
of taking power, Nero caused the death of Clau- 
dius's son Britannicus, who had been expected to 
become emperor. Bowersock argued that “what we 
see in the more sensational events of Nero's reign 
— the murder of Agrippina, the fire, the persecu- 
tion of the Christians — all of that was there from 
the beginning.” 


Ill feelings’ between Nero and his mother are 
presented in Griffin's book as involving Agrip- 
pina's jealousy of Acte — an imperial freed worn an 
with whom Nero had an affair — and of Poppaea 
Sabina, who became his second wife. 


Did Nero declaim while Rome burned? Scholars doubt it 


Wallace- Hadrill found this view unsatisfactory, 
seeing the killing of Agrippina as “part of a pattern 
of court intrigue, as a political move, an attempt to 


"The idea of his aesthetic glee" at the fire, 
Griffin writes, also seems to lie behind the story 
that Nero, "on bearing the news, recited the ‘Cap- 
ture of Ilium' as he watched the flames.” One 
andent author reported the story as rumor, she 
notes, and two others presented it as fact and said 
Nero gave the recital in public, dressed in stage 
costume. WaDace-Hadrill and Pollini agreed that 
the story was unlikely. 

In the end Nero could not overcome underlying 
political problems. What is new about Griffin’s 
account, Waflace-HadriU said, "is the greater em- 
phasis she puts on weaknesses inherent in the 
political system of the early Roman Empire in 
accounting for Nero's downfall — and the way she 
relates the weaknesses in ins character to the 
broader context of the weaknesses in the system." 

Bowersock said: "One of the points I would 
stress particularly, and I miss a little in Miriam's 
book, is the importance of the armies on the 
periphery of the empire. What really began to 
make the domination of Nero totter were the 
movements of Roman troops on the frontiers. In 
other words, this was a case where the periphery 
contributed to the overthrow of the center.” 


LANGUAGE 


It Ain’t Necessarily BBC 


By Henry Pleasants 

L ONDON — “It’S a formidable 
/ undertaking, illustrative of the 
problems associated with irrevoca- 
ble derisions, comparable to the 
lamentable and probably irrepara- 
ble consequences of chivalric be- 
havior inspired by despicable dis- 
criminatory attitudes, its 
implications applicable to many 
other problems arising from our 
electoral svslem.'' 

Don't try to make sense of it. 
Just read it aloud and see if you 
entertain any doubts about which 
should be the accented syllable in 
11 of those 40 words. 

As a longtime resident of Lon- 
don and a regular listener of BBC 
and the independent I TV, I have 
become fascinated with accents, 
not because of what they tell me 
about the speaker's geographical 
origin but because of where Lhe 
stress falls in multiple-syllable 
words. 

My fascination began, I think, 
the first time I heard a newsreader 
speak of a con/mversy. As a native 
of Philadelphia's Main Line. I was 
brought up to say controversy, the 
accent on the first syllable. 

More recently I have begun to 
make note of stressed syllables in 
other words that do not accord 
with what I have always assumed to 
be correct. I wince when I hear, as 1 
often do: aleatory, applicable, cen- 
trifugal, chivo/ric, comparable, de- 
sirable, discriminatory (the a as in 
may), distribute, distributed, elec- 
toral exemplary, formidable, illus- 


whom they spoke was not English 
pronunciation os laid down by the 
OED. Is than. I asked, no supervi- 
sion? Are there no guidelines? 


motive, intimidzrorv, irreparable, 
irrevocable, lamtWWe, 


pyramidal 
edit 


(the i as in sigh), urinal (ditto), etc. 

I thought fora time that these — 
to my ears — deviations might be 
just another example of such com- 
mon variances between American 
and British English as those en- 
countered in vocabulary: lift for 
elevator, bonnet for hood boot for 
shoe or trunk compartment, ring for 
phone or call, ana so on. all rosily 
accommodated by Britons ana 
Americans resident for any length 
or time in one another’s countries. 

Consultation with the Oxford 
English Dictionary indicated oth- 
erwise. Most if not all syllable 
stresses or accentuations given in 
the OED conform to what I was 
taught at home and at (he Mont- 
gomery County Day School in 
Wynnewood. Pennsylvania. What I 
was hearing weeLatter week from 
BBC and ITV staff and those with 


There are, indeed. BBC has a 
Pronunciation Unit to which pro- 
nunciation problems may be re- 
ferred, and tne Pronunciation Unit 
has at its collective elbow, as of 
1981, a 40-page booklet, "The Spo- 
ken Word — a BBC Guide." com- 
piled by no less on authority than 
Robert' Burchfield, chief editor of 
the Oxford English dictionaries. 
Judging by what we hear on BBC 
TV and radio, not much use is 
being made of either the Pronunci- 
ation Unit or Burchfield's guide. 

Under “Pronunciation” (as dis- 
tinct from ‘‘ Vocabulary") Burch- 
field lists more than 100 words, 
* those, as he puts it, “that give the 
most offence when pronounced 
otherwise than as indicated below,” 
and provides what he tolerantly 
designates "a preferred pronuncia- 
tion.” His preferences follow, hard- 
ly surprisingly, the stresses as- 
signed by the OED. 

There are surprises, however, for 
Americans and probably for many 
British, too. although rarely in the 
matter of stresses. I certainly had 
not expected to be told that ate 
should rhyme with bet, or that both 
trait and restaurant should be pro- 
nounced without sounding the fi- 
nal t. Nor have I heretofore pro- 
nounced homogeneous and 
homosexual with tne first syllable . 
rhyming with Tom. 

About stresses and accents 
Burchfield is aware that language is 
always changing, hence his lenient 
decision to prefer rather than to 
dictate or prescribe. And change is 
sometimes acknowledged and im- 
plicitly accepted, however reluc- 
tantly. as with, for example, maS- 
cine. He prefers two syllables, but 
adds in a footnote that the word “is 
so often pronounced as three sylla- 
bles, even by doctors, that the use 
of the three-syllable Term may go 
unnoticed if used consistently ” 

One admonition may come as a 
surprise to Americans. “Avoid," he 
says, “the American “ar‘ as in tern-* 
pororily and necessarily." V 

Would he rob us of “It Ain’t 
Necessarily So”? 


Henry Pleasants writes primarii 
about opera and music and is 
author of several books on these sA- 
jec is. William Safirc is on vacation. 


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5TH QUA! « WJNTHEOO. 

■Rrge fit- 


(ionrfy dmeho flat, very large 
mg, 1/2 bedrooms, winter garden, 
** KV ° rt 


F6.000. Tet ' 


REAL ESTATE 
WANTED/EXCHANGE 


ANBOCAN SfflO PURCHASE of . 

room fiat, 5875 nun. in Paris. Cod 
sale. Tel: >58 98»T 


EMPLOYMENT 


GENERAL POSmONS 
AVAILABLE 


TOUR OPH1ATOR. A uraque ogportu- 

^■incfivKluaFwSial 


nity ovaloble for at ii 
least 5 yuan travel experience, who 
has the cblty to range a ratal 

agency & operate a successful tour 


araanaorion from Paris to lhe South 
Western IK. 


. ISA. We ao one of the 

okkat & largest kxfopendentfy owned 

•ravel ravage com p aees in Texas 
Must be a drtafod oriented depend- 




tunny far advonownent. Must speak 
tffltah at a second language. Tdb 


Pent 204 37 PT. 


AMBBCAN SAUSGUL RS3UWB> 

fix & Stctole jab m pwfune 


GENERAL 

POSITIONS WANTED 



SECRETARIAL 
POSITIONS AVAILABLE 


WTT LAW RRM it Park seeks bitv 
hfo^y Odmi, France 


SECRETARIES AVAILABLE 


<M - LA CREME DE IA CREME 

rary help people in Paris 


EDUCATIONAL 
POSITIONS AVAILABLE 

ACAD6M1E DE MUSIQUE A PAHS 

icdwche pra faswt de piano. En. 
voyer cv. avec photo a Bax 2048 
Herald Irflnma. 9&21 NeuUycSS.’ 
iTonca 


LANGUAGE SCHOOL seeks £uS lime 
rafier-tanooe EngSsh teachers. Must 
have EEC ptmpari or vaEd woriira 

s mramum cont rop 6 numfo 

torques. caB Paris 747 12 80. 


BR 


LANGUAGE SCHOOL needs expert- 

en«^»^(miramun. agB 


DOMESTIC 

POSITIONS AVAILABLE 


«UBSHSANO.ra»_ 

RZZ&lSJStZjitb 

“meane for 4 yean, 1 yea- 





DOMESTIC 
POSITIONS WANTED 


MGUSH NANNB & Mtfher'i Helps 
No* Age ncy, 5 3 Church 
food. Hove, UX. Tefc|Q&3] 29044/5 


EMPLOYMENT 


DOMESTIC 
POSITIONS WANTED 


ALWAYS AVAflAMC - AU PARK, 
chadren's nanny, mum's hdpen & aS 
branches of 1st dm Sverin ttoramac 
help worldwidB. Coil Soone Bureau. 
London 730 81 22/51 <204 hours] li - 
CEMPAGY. Tlx: B9S30tSOAhCi?' 


ALWAYS AVARABUE LONDON 


1st dan dafly imad^T 


chauffeun. Sfoane Bureau, 730 8122 
/ 5143, licenced empigynient agericr 


EATON BUREAU NAPNE5 - & at 
profoseanal domesha avcdable now. 
tandem 7309566. 136 Socme St.SVVt 
Licenced UK DiwAtyment Aaency. 


AUTOMOBILES 


19U RANGE ROMBl UB, 4 doors, 
Spanish tourist plates. 1984Mtnoedes 
Bob 280 station wagon UfD..Ger- 
man tourist piatot Phone Gstaad 
SeibeW4i6ft 


PEUQEOT 1985.505 SR Station Wkm- 
meta- 


on,TBti00km.3s«4j.5speecti. 

fc paint, tweed interior, artrd lad, 
PSflOOW rna^beidd ta free to o 


1952 06 87. 


WANTED MONIIVERDI 4 door se- 
dan. Tin <2705 NY Tab 212 582795 


AUTO RENTALS 


CHAHC BENT A CAR. Prestige cars 


7203040. Telex 


Oxtrfon. 73 
Telex 63097 


FCHAROC 


AUTO SHIPPING ~ 

... s 1 


HOW TO IMPORT A BJRQPEHN 
„ CAR R4TO THE USA. 

This document aplaire fofly one 

rant do to.bnng a oar hUo lhe UX 

ly and legoey. It mdudes new A 

tom detwenae & shaping procedns 
as wri aefegd pains. Because or Ifae- 
strong doflar, you con saws Up >0 
LS$ia^>00wtien faying aMeraeda^a 
BMW m Europe & in^xtrtng it Id Ate 
SWes. To raoeivx ths menuaf, send 
US$ltL50|pdd US$1 .50 for postage) to: 
PJ- SdWdt, Fastfachliar^ 
7000 Stuttgart I, West Germany 


FRANKFURT/ MAWAV. G ram. H 

bermam GrnhH. Tet 069448371. 
Fickrup all ower Europe -ro/io-shpg. 


TRANSCAR 17 av de FriedaraL 75008 
Poris. Tet ffiS64 44. hfcw M9533. 
Antwerp: 233 99 85. Canties 39 43 44 


AUTO CONVERSION 


EMISSION 

BKSUWBUNG 


v. 


MOWHCATTCN OF NEW MOOB. 
CARS m GOO D RUWflNO 
OONOmON. MOST: 

MERCEDES $4,000 

BMW $4,000 

PORSCHE $4,000 

JAGUAR $4y500 

RSRRARI 308 $5,500 

TBTA ROSSA $6,000 

ON E OP TH E LARGEST CRflaS 
AU. WOBKCOMPIfla AT OUR 


WeTOUAUTY COMPCMN15 
^ATOTONGINj OUR OWN 
FEDERALLY IECOGN1ZH} 

lahoiiatory^^^ 

CUSTOMS BROKERAGE AI43 
BONDING AVMLAME 


USA (714) 898-2782;': 

11X 704356 FBAU COM UD ‘ 


* CONVHBKJN5 la U5. 


PAGE 4 
FOR MORE 
CLASSIFIEDS 


VAN CLEF.F & ARPELS 
LONDON 

133 NEW BOM) STREET. 

TEL.: 01 -IQ t 1103 OPEN SATURDAY- 


Printed by gdz In Zurich (Switzerland) 



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