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The Global Newspaper 
Edited in Paris 
Printed Simultaneously 
in Paris, London, Zurich, 
How Kong, Singapore, 
The Hague and Marseille 


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INTERNATIONAL 




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No. 31,742 


ZURICH, MONDAY, MARCH 11, 1985 


ESTABLISHED 1887 


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Reagan’s Vision of 'Star Wars’ 
Is Reshaping Nuclear Doctrine 


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By Leslie K Gelb 

New York Timet Service 


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- WASHINGTON — President 
■■ Ronald Reagan's vision of defen- 
sive systems to render nuclear 
V weapons “impotent and obsolete" 
. . v (j, moving strategic thinking and 

- - j -7^' ■' nuclear ccunpethion toward a new 

- . . era. 

'■• , v Mr. Reagan’s vision has done 
aothinft less than to assault the oorc 
U>i T of unclear philosophy, namely de- 
- •• •- vO terrence based on the threat of re- 
4' taliation. He and his senior aides 
r * are saying that the 40 years of no- 
•■V; dear peace buili on that threat can- 
’ • j.J> w>t last and is, in any event, im- 
f^moraL 

’ : *<.j; Most experts say they tbinlc that 
' * ^-.. .pertj^)s d«ades<M resfarth win be 
■ " required before they know with 

confidence whether (he vision can 
l '>. : ' be translated into workable tech- 

• • -f' ‘ oology. 

Yet proponents and critics alike 
’ are well aware that the vision itself, 
■*? p kdS.~ along with accelerated research 
r * /. programs and the attending de- 
• '' -" -V' bates, is shaking the foundations of 
; military policy — strategic 

■'* 7 doctrine, the shape of mflilary 


spending, albancc relations and 
amis control 

Natimal attention is focusing 
more and more sharply on the plan 
as the two superpowers prepare to 
resume arms talks in Geneva oo 
Tuesday, as current research and 
testing proceeds apace, as congres- 
sional debate gets under way an 
proposed spading for such rc- 

Weapons in Space 

The 'Star Wars’ ju*, 

Controversy 



search and more and more techni- 
cal and doctrinal questions emerge. 

The president’s ideal is a defen- 
sive system that saves lives. But the 
reality could be new and more pow- 
erful offensive and defensive ca- 
des that could be used for a 
nuclear first strike. Thus, 
the debate centers on how far the 
reality is from the ideal: Is the 
president's so-called Strategic De- 
fense Initiative, more popularly 
known as “star wars,” well con- 
ceived to save countless lives and 


u 


Allies Appear to Temper 
Criticism of US. System 


\; 


By John Vinocur 

New York Tima Service 


V~ 

v .•'7 PARIS — For. a long time, the 
" allies of the United States 


WM IsUlt 

tint • 


r m looked at President Ronald Rea- 
J‘. ~gan's Strategic Defense Initiative 
with reluctance, dreptirism, and 
? 1 '.''confusiou. h was called infeasible, 
. '- •or a new round in the arms race, or 
“ another case of throwing tedmd- 
■ ■' ogy at a problem when political 


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■ ingenuity 

But with Tuesday’s start oT ILS.- 
: Soviet arms talks in Geneva — an 
7 important time for allied solidarity 
— - — a less critical attitude toward the 
^^Jace-based drfense system seems 
^..C.-tobeancrgpig. 
n ;'4 1 The mocking talk of Washing- 
1 ’p- ' ton’s srience-Sction dreams of in- 
. 7 . ^vulnerability, going back to Mr. 
- ’Reagan’s announcement of rite 
(Jan two years ago, is rece ding . 

• replaced in Europe by discussions 
Z=pt the shared tcchmdc^y and in- 
-^dnsmal development to come out 

^ of research an the defense system. 

• ■ The British, French and West 
r * .German positions on the initiative 
known as “star wars" are increas- 

• tngly similar. The allies wony 
.about the chance that the proposed 


defense system could violate the 
Anti-Ballistic Missile Treaty, about 
the (dan’s potentially negative ef- 
fect an conventional defense in Eu- 
rope, and its effects on U.S. rela- 
tionships both with the allies and 
with t& Soviet Union. 

But without committing them- 
selves to the more difficult matters 
of testing and deployment, the 
three countries have come, more or 
less, to accept the research phase of 
the missile defense program. 

The support is explicit from 
Prime Minister Margaret Tha tc her 
of Britain, who reiterated it in 
Washington last month in a speech 
to a joint meeting of Congress. 

The research program is neces- 
sary “if we are to maintain deter- 
rence,” she said. “Indeed, I hope 
that our own sdenti^.wtil rikre m 
this research. The United" States : 
must not fall behind thework being 
done by the Soviet UnkftL” 

Chancellor Helmut Kohl of 
West Germany has also voiced his 
support, although in somewhat 
more qualified terms. 

Speaking in a Munich seminar 
on defense issues last month, Mr. 
Kohl said the program “demands 


enhance deterrence, or is it more 
likely to lead to an ever more pre- 
carious nuclear balance? 

For the next five years, planned 
spending is about S30 billion out of 
more I ban $1 triflttm in militar y 
budgets. If the program gathers 
momentum thereafter, it could be- 
come a do minant elemen t of that 
budget. 

Publicly, UA allies are support- 
ing research. Privately, they contin- 
ue to express the deepest fears that 
the program will bring a space aims 
race that will reduce or eliminate 
the links between UB- security and 
their own. 

Adnnmstration officials assert 
that the Strategic Defense Initia- 
tive brought the Soviet Union back 
to arms talks and will lead to real 
reductions in offensive arms. But 
Soviet leaders insist they will make 
no such reductions until the- pro- 
gram is reined in. 

And Mr. Reagan said in a recent 
interview that he would not limit 
his initiative, even if Moscow 
agreed to deep reductions in mis- 
siles and even if all nuclear forces 
were eliminated. Administration 
officials also say he has put aside 
his earlier offer to share defensive 
technologies with Moscow. 

Publicly, the administration says 
the Soviet Union already has the 
jump in miccile defense, both in a 
deployed anti-ballistic missOe sys- 
tem and in development of new 
technologies. Indeed, no one dis- 
putes that the Russians have a 
small ABM system around Mos- 
cow and that die United States has 
not deployed a system. Privately, 
however, the weight of opinion m 
the administration is that hard U.S. 
knowledge of Soviet research in 
this area is negligible and that the 
United Stain leads in most if not 
all areas of research. 

All of the agonizing decisions 
and judgments mat will have to be 
made in years to come on dcvelop- 

most futSsT tedmologies will 
have to be done without ever test- 
ing them against a full-scale attack. 
And to fulfill their gpal as former 
Defense Secretary Harold S. 
Brown has written, they wxQ have 
to work perfectly “the first time.” 

The unanswered questions now 
seem legion. Has the momentum 
for tic proposed program' already 
made it unstoppable? what, in fact, 
is die Soviet technical ability? Can 
It oltimaidy be made to work? Can 
these defensive abilities also be 
used as potent offensive weapons? 

What is perhaps most striking 
about a series of recent interviews 
with officials throughout the ad- 
ministration is that hard questions 


(Continued on Page 8, Col 1) (Continued ou Page 8, CoL 1} 


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The Associated Press 

ATHENS — President Constan- 
tine Caramanlis resigned Sunday 
as Greece's bead of state after the 
Socialist government refused to 
bade him far reflection in this 
week’s presidential balloting, 

“From today I cease to exercise 
my duties as president of the re- 
public and am ■ resigning die re- 
mainder of my term, in view of 
developments outlined that I can- 
not cooperate in," Mr. Ca r amanli s, 
78, said in a letter to the speaker of 
Parliament. 

In a decision that took the coun- 
ryby surprise, Prime Minister An- 
'ireas Papandreou’s governing Pan- 
leHenic Socialist Movement 
withheld support for the consem- 
ive president and chose a political 
- icwcomer to run for head of state. 
Vtr. Papandreou had earlier said 
hat he personally favored Mr. Car- 
imanlis’s rejection. 

» i one-hour meeting Sat- 
een tral committee of 
Vb. Papandrcou’s party also voted 
opush through Parliament a series 
rf constitutional amendments to 
airtail the president's executive au- 
hority, opening the way for the 



C o ns tantine r!a rnmanlis 

prime minister to assume more 
power. 

The Socialists’ 140-member cen- 
tral committee voted unanimously 
Saturday in favor of baking Chris- 
tos Sanzetakis, 56. a Supreme 
Court judge, for the presidency. 

The action was seen as a step to 
the left. 

Under the constitution, the 
speaker, Yianms Alevras, a Social- 
ist deputy, succeeds Mr. Caraman- 
hs and becomes interim president. 

(Cootmoed on Page 2, CoL 4) 


French Right 
Takes Lead in 
Local Voting 

By Joseph Ktchert 

ini emotional Herald Tribune 

PARIS — France's governing 
Socialist Party ran far behind con- 
servative political parties in nation- 
wide local elections Sunday. Initial 
computer projections showed con- 
servative parties winning nearly 60 
percent of the vote. 

The outcome of the vote, which 
is the last major ballot before na- 
tional parliamentary elections next 
year, confirmed the rightist swing 
in polls and local elections since 
President Francois Mitterrand led 
the Socialists ito victory in presidm- 
tial and par liamentar y elections in 
1981. 

The vote, whole strongly influ- 
enced by local issues in some con- 
stituencies, was widely seen as a 
test of the popularity of national 
political parties. Half of France’s 
local districts were up for re-elec- 
tion. 

Leaders - of the Socialist Party, 
faced with forecasts of heavy 
losses, said in advance that they 
expected the elections to be in part 
a protest vote against their eco- 
nomic austerity policies. By next 

(Continued oo Page 2, CoL 4) 



Explosion Kills 
9 Israeli Soldiers 
In Convoy Near 
Lebanon Border 


Officials examine the wreckage of one of the vehicles destroyed in the car bombing near 
the Israeli- Lebanon border, top, and the crater the explosion made. The chief of staff. 
Lieutenant General Moshe Levy is at right; Defense Minister Yitzhak Rabin, is 
torn, in long coot Military censors blacked out the face of the man near Mr. 


Compiled by Our Suff From Dtsptndta 

BEIRUT — A car laden with 
explosives was driven into an Israe- 
li convoy at the Lebanese-Isradi 
border Sunday and blown up in 
what was said to be retaliation for 
the explosion Friday near a West 
Beirut mosque that killed 75 peo- 
ple. Military sources in Israel said 
nine Israeli soldiers were killed and 
11 were wounded. 

Lebanon’s state radio put casual- 
ties at 12 Israelis dead and 20 in- 
jured. 

An anonymous caDer to a leftist 
Lebanese radio station, Voice of 
Arab Lebanon, about an hour after 
the explosion said (he car bomb 
was driven by a member of the 
Lebanese “National Resistance" in 
retaliation for the Beirut car bomb- 
ing. 

Lebanese officials and Shiite 
Moslem leaders have blamed Israel 
for the Beirut bombing. The Israe- 
lis have denied the charge. 

The Christian-owned Voice of 
Lebanon said the incident occurred 
about 3 P.M. near the Lebanese 
town, of Khiam, just north of the 
Israeli border town of Metullah. It 
said the driver of the car was killed 
instantly. The Israeli Army sealed 
off the area immediately, the report 
added. 

It was the worst attack on Isra- 


Iran Reports Iraqi Raid on 2drLargest City 


Reuters 

TEHRAN — Iraqi planes at- 
tacked Isfahan, Iran's second laig- 
est city, on Sunday in their deepest 
air raid into Iran since the two 
countries resinned attacking each 
other’s towns and cities last Mon- 
day, official Iranian gove rnmen t 
media reported. 

Radio Tehran and the Iranian'' 
natio nal news agency said that Is- 
fahan, the ancient royal capital of 
Persia, was one of right Iranian 
cities or towns bombed by Iraqi 
planes or hit by long-range mis- 
sies. 

The Iranian agency said the 
death toll from the Iraqi attacks 
Sunday was at least 13Q, bib 
the total since last Monday to 

Iran also said its aircraft irflicted 
heavy damage and casualties on 
Iraqi installations in Margasur, a 
small Kurdish town near the Irani- 
an. Iraqi and Turkish borders, and 
also attacked Maydan in Iraq. 

The highest death toll was in 
Maxim, in Iran's northwestern 
province of Kurdistan, where 80 
people were reported kiTlftd- 

An Iraqi attack on the Iranian 
town of Baneh last June killing 



'T «tfwiur 


SAUDI ARABIA 

QMAJK 

I UMTfDMtAl EMMIES' 


about 40, led to a partial ceasefire, 
negotiated by the United Nations, 
that banned attacks on civilian cen- 
tos. The new attacks shattered that 
agreement 

Tehran Radio said that two Iraqi 
aircraft were intercepted over west- 
ern Iran and one of them was shot 
down. 

[Iraq said its warplanes hit a na- 
val target in the Gulf, a term usual- 
ly used to mean a ship, but made no 
mention of attacks on Iranian 
towns. The Iraqi news agency, 
however, quoted a military source 


as denying that hn Iraqi warplane 
was shot down over Iran.] 

The I ranian news agency said 
Iraqi planes ini two areas erf Isfa- 
han with rockets, wounding at least 
15 persons. 

Is fahan, about 260 miles (420 
kilometers) east of the Iraqi border, 
is one of the country’s most pictur- 
esque cities, famed for its mosques, 
bazaarand fine carpets. It is also an 
industrial center, housing a major 
sted-maixnfacturing complex. 

Abadan, only a few miles from 
Iraq and a bustling oil refinery cen- 
ter before the war, was bombed 
three times Sunday by Iraqi planes, 
destroying many buildings and 
starting foes, the Iranian agency 
reported. The Iraqis also pounded 
the city with artillery, it added. 

Residents reached by telephone 
in towns in southern Iran within 
range of Iraq’s surface-to-surface 
missiles aud its bombers said 
bouses were emptied by nightfall. 

Khorramabad. 135 miles from 
the Iraqi border, was described as a 
ghost town at night. Iran says that 
120 people died m a missile attack 
on the town Saturday. 

Residents of the steel and oil dty 
of Ahwaz said many people moved 


city 

pitched tents for the nighL.The 
town is one of 30 Iraq has threat- 
ened to attack. 

Iraq appears to have switched 
from night raids to daylight attacks 
to catch residents after they return 
to work in urban centers. 

Revolutionary and spiritual 
leader Ayatollah RuhoUab Kho- 
meini said Saturday that Iraqi at- 
tacks would have no effect on the 
will of Iranians to continue dm war. 
Even as they dragged their children 
from the rabble, mothers and fa- 
thers shouted “War, war until vic- 
tory,” Khomeini said, according to 
Tehran Radio. 

■ Basra Bailie Scene 

Basra, Iraq's main port until the 
Gulf war with lean broke out in 
September 1980, is now hardened 
by battle, a Reuter correspondent 
reported from the southern Iraqi 
city. 

The authorities imposed a one- 
day, round-the-clock curfew 
Thursday, causing residents to 
huddle in basements and shelters. 

On Thursday alone, shells 
crashed into the dty for more than 
1 1 hours, sometimes landing at the 
rue of one every 20 


Italy Arrests a US. Tax Consultant 


By EJ. Dionne Jr. 

New York Tima Service 

• ROME — I talian offi cials have 
arrested a US. lawyer f or fraud 
and tax evasion in a case that 
American and Italian officials say 
could have wide repercussions. 

Robert Kobe!, a spokesman for 
the foreign operations division of 
the Internal Revenue Service in 
Washington, said in a telephone 
interview that the case would make 
the pcant that Americans overseas 
were liable to U.S. income taxes. 

In addition, be said that promi- 
nent people were involved. “It’s go- 
ing to blossom forth in a modi 
wider way,” he said. 

The case is also significant, Ital- 
ian and American officials said, be- 
cause it marked a new level of co- 
operation between the U.S. 
Internal Revenue Service and Ital- 
ian tax authorities as part of an 


agreement that went into effect on 
Jan. 1 of this year. 

The man arrested Friday, Rich- 
ard Heller, is a lawyer whose spe- 
cialties included tax advice to 
Americans living in Italy. His ch- 
eats have included many American 
journalists living in Rome. 

Judge Giorgio Santa Croce said 
Mr. Heller had been arrested on 
charges of fraud that involved. 


dummy companies designed as 
“fiscal havens” to foster tax eva- 
sion. 

Mr. Kobel, while affirming that 
same of those under investigation 
were U.S. journalists, declined to 
say whether UK government offi- 
cials in Rome were also under in- 
vestigation. 

Colonel Osvaldo Cocuzza, an of- 
ficial of the Italian tax and customs 
police, said the investigation was 
continuing and that it involved 


“many people, including very im- 
portant people.” 

In all, more than 150 taxpayer 
files were bring investigated here, 
though apparently many of these 
taxpayers are not themsrives under 
suspicion, according to officials. 

Judge Santa Croce said that one 
of the things officials were dying to 
determine was whether taxpayers 
whom Mr. Heller represented were 
involved in his alleged tax evasion 
schemes; and if they were, whether 
the cheats willingly cooperated 
with schemes they knew were ille- 
gaL 

Allegations in the case include 
embezzlement, forgery and diver- 
son of iimds, UJS. officials said. 

Mr. Heller was well-known in 
segments of the U.S. expatriate 
community as a lawyer who made 
out tax form&destined for both the 
U.S. Internal Revenue Service and 
(Continued on Page 2, CoL 6) 


INSIDE 


■ The New Yorker magazine 
will be sold to the Newhouse 
chain of publications. Page 3. 

■ The toxic waste problem is 
more serious than Washington 
has estimated, two agencies 
have concluded. Page 4. 


are set- 
ibo at the 
Page 7. 


■ Cambodian 
ding into a new 
Thai bonier. 


BUSINESS/FINANCE 

■The Fed disclosed recent in- 
tervention in tite foreign-ex- 
change markets. Page 15. 

■A SSOO-ndfion loan to East 
Germany has been timed by 
Western banks. Page 15. 

Pasopfll foresting 

■ One popriar bond with inves- 
tors does not earn coupon inter- 
est. • Page li- 


d’s occupation force in southern 
Lebanon since Nov. 4. 1983, when 
28 Israeli servicemen and 35 Leba- 
nese and Palestinians were lulled 
by a suicide car-bomber. 

The explosion occurred near a 
gate between Israel and Lebanon at 
the same place where two Israeli 
soldiers were killed in an explosion 
on Feb. 10, the military command 
in Tel Aviv said. 

Military sources said Israeli 
troops were “relatively relaxed" in 
the area, which they regarded as 
“safe" compared with the area far- 
ther north where they are the tar- 
gets to almost daily attacks from 
Shiite Moslem guerrillas. 

Lebanon's minister for southern 
Lebanon, Nabih Beni, said on Feb. 
6 that his Shiite Amal militia had 
43 suicide drivers ready to attack 
Israel's estimated 10,000 troops in 
southern Lebanon. 

Aina Belsky, manager of Metul- 
1 all’s Antrim Hold, near the explo- 
sion site, said in a telephone inter- 
view, “The explosion w as 
terrifying. There was a giant fire 
and then black smoke shot up." 

Prime Minister Shimon Peres 
was quoted as telling a meeting in 
Jerusalem of women from Bum 
B’rith: “We had a very bad day 
today. Nine of our soldiers were 
killed." 

The Lebanese state-run radio 
quoted police and other sources as 
saying that a Mercedes-Benz c&r 
with one occupant drove into The 
Israeli convoy on the Tal el-Enhass 
road about 100 yards (90 meters) 
from the border gate. 

It said the car Mt a truck carrying 
Israeli soldiers, and the explosion 
set fire to a number of Israeli vehi- 
cles. 

Machine-pin fire could be heard 
as the surviving Israelis reacted to 
the attack. Helicopters were used to 
quickly remove the dead and in- 
jured, residents told state radio. 

Seven Israeli soldiers, all with 
severe burns, woe brought to Ram- 
bam Hospital in the northern Israe- 
li port anr of Haifa, according to 
Dr. Ben Ishai, a hospital spokes- 
man. Four others were hospitalized 
in Safed Hospital about 18 miles 
(30 kilometers) south of Metullah, 
said the hospital’s director. Dr. 
Gideon Mannor. One was in criti- 
cal condition, one was in serious 
condition and two had less serious 
injuries, he said. 

Both Sunday’s explosion and the 
Feb. 10 attack occurred on territo- 
ry controlled by a pro-Israeti Chris- 
tian militia before the Israeli inva- 
sion of Lebanon in June 1982. 
Israeli soldiers have not been killed 
that close to the border since 1981. 

The caller representing the resis- 
tance front referred to Mr. Peres 
and said, “We shall reply to his use 
of the iron fist against our people 
with the victorious and faithful fist 
of the Hussehriya” or Shiiite reli- 
gious school referring to the Shi- 
ites’ preparedness for martyrdom. 

Anti-Israeli and anti-American 
sentiment ran high in Beirut’s 
crowded Shiite shuns over the 
weekend. A banner saying “Made 
in USA" was draped across the 
collapsed wall of one of the build- 
ings hit by the explosion Friday. 
Another banner carried by youths 
read: “America: the greatest Satan; 
Israel: Enemy of God." 

On Friday, UJS. officials said the 
aircraft carrier Eisenhower left the 
Mediterranean island of Majorca 
to be in position to evacuate Amer- 
icans from Lebanon. 

The worst suicide bombings in 
Lebanon occurred Oct 23, 1983, 
when 241 UJL troops were killed in 
an attack on the UJ3. peacekeeping 
mission, then in Beirut, and 58 
French soldiers were killed at the 
French military installation in Bei- 
rut (AP. WP t UPI\ 



Caribou Loses to Quiche in a Canadian Backwater 


Pedestrians do not atwavs waif for the tight to change when crossing the street in Yefloffkmfe, Northwest Territories. 


By Christopher S. Wien 

New York Times Service 

YELLOWKNIFE, Northwest Territories — 
It’s enough to make a grizzled prospector choke 
oo his caribou steak. They’re peddling cappuc- 
cino and bagels to customers down at the Float 
Base Cafe. 

There is a health food store in Yellowknife, 
too, and visiting ballet at a performing arts 
center that opened last year. The Trapline Bar 
took down the snowshoes and animal traps 
from its walls and hired a rock musk band. 

Yeflowknife’s film society serves wine and 
cheese al its screenings of foreign movies. And if 
sourdoughs do not eat quiche, it is probably 
because they cannot afford it Quiche with a 
tossed salad on the side goes for about $5 at the 
Yellowknife Inn. 

“There’s alfalfa sprouts all over the place." 
said Janet ThorsOT, the editor of a weekly news- 
paper called News North. 

YeDowknife has come a long way from its 
origins in 1934,-when gold was discovered near 


the Great Slave Lake: In those boom-town days, 
the old Slopes Hotel served booze in abundance 
to slake the thirst of males only. The Rex Cafe 
sold bootleg liquor cm its second floor and ran a 
nonstop poker game that the Royal Canadian 
Mounted Police tried to raid ail east once a year. 

Even after the Yellowknife Inn opened, “if 
you didn’t see at least a fight or two a night you 
were pretty disappointed,” said Robert Pilot, a 
former Mountie who has become deputy minis- 
ter of the territorial Executive Council. “It was a 
pretty rough place." 

Two gold mines are still operating, prompting 
a local song to limn Yellowknife as a place 
where “die gold is paved with streets." But the 
Slopes Hold and Rex Cafe are tong gone and 
the^ Yellowknife Inn accepts credit cards from a 
classier cEemde of businessmen and govern- 
ment officials. 

Residents say Yellowknife’s decline into ur- 
banism began in 1967. That wa$ when the terri- 
torial government was moved here from Ottawa 
on the logic that the Northwest Territories, 


sKghtly larger than India, could be run more 
easily firm within than from 3,022 miles (4,900 
kilometers) away. 

“Back in the 1950s and early 1960s, it was 
your typical friendly mining community," said 
Don Sian, the mayor of Yellowknife. “As a 
result of the government movin g up here, it's 
changed from a mining community to more erf a 
cosmopolitan center, with an influx of 3,000 
people." 

Simte the dvil savants descendedonYdlow- 
knife; the population has grown to about 12,000, 
land prices have soared and the housing vacancy 
rate has dwindled to zero: 

New arrivals often double up, Kve in trailers 
Or even house-sit for residents on vacation. 

The climate has stopped Yellowknife from 
growing too soft. U hit 40 below zero centigrade 
(minus 40 Fahrenheit ) the other day. still warm- 
er than the stretch of 60 below five years ago, 

Yellowlcnifers, meaning everyone who knows 
better than to wear leather shoes instead of 
(Continued on Page 2. CoL 7) 







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Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


In Geneva, Both Sides Pledge 
To Seek an End to Arms Race 


Ream 

GENEVA —The Soviet Union’s 
arms control negotiators arrived in 
Geneva on Sunday and pledged to 
work Tor a fair deal in new talks 
with the United States on curbing 
space and nuclear weapons. 

The U.S. delegation, led by Max 
M. Kampdman. arrived Saturday. 

A special Tu-154 airliner 
brought the Soviet delegation chief, 
Viktor P. Karpov, and the two oth- 
er niam negotiators, Yuli A. Kvii- 
anricy and Alexei A. Obukhov, 
from Moscow two days before the 
talks are to open. 

At the airport, Mr. Karpov said 
he h ari a mandat from the Krem- 
lin “to ne gotiate in a businesslike 
and constructive manner, seeking 
effective solutions.” 

“In dong so,” he added, “this 
delegation will be consistently 
guided by the principle of equality 
and equal security." 

Mr. Karpov said the framework 
for the talks, linking space weapons 
to nuclear arms, “affords an oppor- 
tunity for productive work and 
reaching solutions aimed at pre- 
venting an arms race in space and 
ending [arms competition] on 
Earth.” 

[The Soviet government newspa- 
per Izvestia criticized Sunday the 
UJ3. approach. The New York 
Times reported from Moscow. 

[The Soviet paper said that 
“Washington's maneuvering" 
showed that it “dearly aims to poi- 
son the atmosphere around negoti- 
ations.” It said the Reagan admin- 
istration wanted to use the talks to 



-weapons... 

r. Kvitsmsky will handle space 
weapons in the talks and Mr. 
Obukhov will be responsible for 
medium-range nudear weapons. 
Mr. Karpov wDl head the talks on 
strategic, or long-range, weapons. 

About 100 Soviet officials ac- 
companied the negotiators to Ge- 
neva. 

■ US. Says It Seeks Stability 

Earlier, Bill Keller of The New 
York Times reported from Gama: 

Mr. Kampdman, upon his arriv- 
al Saturday, portrayed the talks as 
a first step toward abolishing nu- 
dear weapons. 

“We are ready to build a bridge 
to a global environment of greater 


&ty through the taming, and 
then the elimination, of nudear 
weapons,” he said. 

But he acknowledged that “our 
differences on the issues of nudear 
arms are deep and deeply held.” 

“Il would be folly to expect them 
to be bridged overnight, he said. 

As Mr. Kamp elman read a brief 
statement, he was flanked by for- 
mer Senator John G. Tower, the 
negotiator on strategic arms, and 
Maynard W. Oilman, the negotia- 
tor on medium- range weapons. All 
three mm are new to their jobs. 

Two U.S. government jets 
brought an official party of 90 peo- 
ple to Geneva for the arms talks. 
The unusuall y large contingent re- 
flected the complexity of the talks. 

Besides resuming discussions on 
strategic nudear weapons and me- 


Reagan , in New Push for MX, 
Links Talks’ Success to Missile 


New York Times Service 

WASHINGTON — President 
Ronald Reagan, speaking on his 
weekly radio program, has stepped 
aphis effort to win support for the 


MX missile, linking the success of 
the Geneva arms talks in large mea- 
sure to the congressional votes this 
month on the weapons program. 

“If the Congress acts responsibly 
our negotiators will have a chance 
to succeed,” Mr. Reagan said Sat- 
urday as the American arms dele- 
gation arrived in Geneva for the 
talks with the Soviet Union, which 
begin Tuesday. 

He added: “But if we don't have 
the courage to modernize our land- 
based strategic missile systems, the 
Soviets will have little reason to 
negotiate meaningful reductions, 
and why should they? 

“We would be signaling to them 
that they can sain more through 
propaganda and stonewalling than 
through serious negotiations," Mr. 
Reagan said. 

He said the misspes protecting 
the United States were so old that 


“they’re sort of like a 1963 jalopy 
with some new parts.” 

The president's comments were 
plainly designed to increase pres- 
sure cm the House and Senate to 
endorse the administration’s re- 
quest to release SI-5 billion to pro- 
duce 21 MX missiles. 

White House officials said Satur- 
day that the Senate was expected to 
vote on the MX around March 20- 
21, and the House was expected to 
vote the following week. They said 
the vote was too dose to predict 

In a Democratic response to Mr. 
Reagan, Senator Gary Hart of Col- 
orado called the MX missile a weak 
and wasteful weapon. 

“Even if the MX were to be used 
as a bargaining drip, it wouldn't be 
a very good one,” Mr. Hart said. 
“C ur re n t plans would place the 
MX In existing missile subs, which 
are vulnerable to Soviet attack. The 
MX is a weak weapon, and weak 
weapons make weak bargaining 
chips.” 

Hie administration hopes even- 
tually to pat about 100 MX missiles 
in Minuteman missile silos. 


dium- range nudear forces in Eu- 
rope — both of which the Soviet 
Union broke off in 1983 —the two 
sides are to begin new discussi on s 
of space and defensive weapons. 

Mr. Kampdman, an ardent ad- 
vocate of the space-based defense 
program popularly known as “star 
wars.” is the chief negotiator in the 
working group that will deal with 
space and defensive weapons. 

American officials in Geneva 
said they expected the first meeting 
to place in a villa at the large, 
well-guarded Soviet diplomatic 
compound, with subsequent meet- 
ings to alternate between the Soviet 
quarters »"d the offices of the U.S. 
arms control delegation on the Av- 
enue de la Pabt. 

The officials predicted that the 
first round of talks would last 
about a month, and would consist 
of presenting, defending and prob- 
ing both sides' opening positions. 

Mr. Kampdman promised “to 
listen positively and patiently” to 
the Soviet proposals and “to thor- 
oughly ana responsibly explore all 
avenues” that would lead to peace. 

He quoted a statement last 
month by the Soviet foreign minis- 
ter, Andrei A. Gromyko, that “the 
remtp l ft tr elimination of nudear 
weapons should become the high- 
est goal of all states in the world.” 

Mr. Reagan’s national security, 
adviser, Robert G McFariane, said 
Friday that the president, in 12 
pages of instructi on s, had gjvai his 
negotiators wide latitude to negoti- 
ate tradeoffs in offensive weapons. 
He said that in the area of defensive 
and space weapons, the American 
delegates were not free to negotiate 
restrictions, but were to try to per- 
suade the Russians to join in the 
evolution to a superpower balance 
based on defense. 

The Soviet Union has insisted 
that an agreemen t reducing arse- 
nals of offensive weapons would be 
contingent on the United States's 
curtailing its space-related military 



WORLD BRIEFS 



Thi Aaodatad Pm 

Viktor P. Karpov, the chief Soviet delegate to flic UA-Sovkrt anos controltaiks, ^Iringa 
statement as he arrived Sunday at the Geneva axpurt He is darted by as two top 
assistants, Yuli A Kritsinsky, left, and Alexei A Obukhov. At far right is an interpreter. 


Rightists Take Large lead 
In French Local Elections 


The French 
who interest you 
read Le Point 


TTuy haoe a high income ~ and zodnt to spend it 
(in France and elsewhere) 

286,500 copies and more than 2 million 
readers in France, 42^300 copies abroad— 
Every Monday, such is the performance of 
Le Point, this French newsmagazine creat- 
ed in 1972, and which has since made spec- 
tacular progress inside and outside France. 
Two editions (national and international), 
but above all the most interesting reader- 
ship. Let’s judge- 

Readers of the national edition are ma- 
nagers or executives (56 %) with a high 
purchasing power (54 % earn more than 
120,000 FF/year); they are young (42 % are 
under 35) and live in big cities (58% are in 
towns of more than 100,000 inhabitants). 

People in charge, male (60%), who are 
defined by all surveys as enterprising and 
serious, but also great travellers, sports- 
men, music and cinema lovers™ extrovert- 
ed and extravagant 

All this is confirmed by the EBRS and 
the recent survey conducted amongst 
readers of the international edition of 
Le Point . All the moreso in that these 
readers have a still higher income (50% 
earn more that 25Q$00 FF/year). 

Every Monday, 

two editions of Le Point 


lepoinf 

r.ie* b» 




The munuujmal edition The national edition 
(O3J0O copies') (. 286,500 copies*) 

entirriy distributed outside France: distributed only 

Europe. Africa. USA, etc in metropolitan France 


(Continued from Page I) 
year, they said, their economic pois- 
des and opposition to the policies 
of conservatives could bolster their 
showing in the parliamentary elec- 
tions. 

The French Communist Party, 
tr aditionally holding nearly a fifth 
of the vote in local elections, ap- 
peared to score less than 15 percent 
Sunday. 

Gariy projections showed the So- 
- — 1 — • 27 percent of 


r „ „.. r ,. Li .. no one predicts that 
the first rotmd of talks will go much 
beyond an airing of differences, the 
tone of the first meetings is a seri- 
ous matter to both sides. 

The si gnals given off in the next 
few months may influence the way 
Congress treats Mr. Reagan's, mili- 
tary budget, especially provisions 
for the MX missile, which the presi- 
dent has made a test of congressio- 
nal support. Congress is to vote 
later this month on releasing $15 
billion for 21 missiles, and later this 
year on an additional S4 billion to 
produce 48 more MXs. 

The Russians, in turn, wQl be 
looking for clues that may influ- 
ence their next five-year weapons 
plan, which is expected to be pre- 
sented in the falL 
John D. Stembniner, a Soviet 
affairs expert who is director of 
foreign policy studies at the Brook- 
ings TnVitntifm in Washington, 
said last wedc “To have a plan, 
they must have assumptions — me 
■* in an arms race, or is it going 
to be restrained?" 

Officials in Geneva said much of 
the next week would be given over 
to the complicated logistics and 
protocol of deploying three sepa- 
rate negotiating groups. 

The American team will also 
spend a good deal of its first week 
in Europe trying to shoe up sup- 
port on its own side. The three chief 
negotiators will fly to Brussels on 
Monday for talks with members of 
the North Atlantic Treaty Organi- 
zation, and periodic briefings have 
been arranged for visiting groups 
of senators and representatives. 

■ Moscow Kochs Peace Rally 
Five members of an unofficial 
Soviet peace group were detained 
Saturday and prevented from dem- 
onstrating near the officially sanc- 
tioned peace committee's Moscow 
headquarters, group members told 
The Associated Press in Moscow. 


the vote! In tbe last local elections 
in 1982, they won more than 32 
percent 

Significantly, about 50 percent 
of the vote appeared to have been 
won by an affian ce of the two main 
rightist parties, tire neo-Gaullist 
Rally for the Republic, led by Jac- 
ques Chirac, tire mayor of Paris, 
and the Union for French Democ- 
racy, led by former President Valfr- 
ry Giscard d’Estaing, together with 
conservative nonaffiliated local 
politicians. 

Theoretically, a similar showing 
in parliamentary elections next 
year would enable the opposition 


parties to govern without having to 
rely on tire far-right party, the Na- 
tional Front, led ny Jean-Marie Le 
Pen. 

But Mr. Le Pen’s party, which 
has surged to national prominence 
in the last two years on a protest 
platform with racist undertones, 
seemed certain to gain a strong 
local power base. The National 
Front took about 8 percept of the 
vote while fielding candidates in 


only three-quarters of the constitu- 
encies, a result that confirmed the 
party’s na tional political impact 

The outcome Sunday also con- 
firmed the decline in recent years of 
the Communist Party. The Com- 
munists, who have opposed the So- 
cialists since leaving the govern- 
ment last summer, scored about 12 
percent, slightly more than in re- 
cent polls but less than their tradi- 
tional share of tire electorate. 

The voting was the first ballot in 
a two-stage election. In most dis- 
tricts no candidate won an absolute 
majority and run-off ballots will be 
bekl March 17. 

More than 10,000 candidates 
stood for 1,950 seats in the first- 
round vote. The outcome of next 
Sunday’s vote, for which parties 
form tactical alliances, will deter- 
mine the control of the country’s 
administr ative areas known as de- 
partments. 

Half of the country’s local repre- 
sentatives are elected every three 
years for six-year terms. 

Departmental governments, 
which were largely honorary posi- 
tions until 1983 when the Socialists 
gave them control over road-build- 
ing and other local budgets, are 
significant political stepping- 
stones. 

• For next year's legislative elec- 
tions, Mr.- Mitterrand, who does 
not face rejection until 1988, is 

considering electoral changes to in- 
troduce a measure of proportional 
representation. 


Winning Poll 
In Saarland . 

Compiled bf Oar Staff From Dtspatcha 

BONN — West Germany’s 
opposition Social Democrats 
wereJreading for a surprise vic- 
tory over the governing center- 
- r ight coahtipn in elections Sun- 
day for the Saarland state 
gn wmm mt, but the coalition 
appeared to have maintained 
control in West Berlin, West 
German television said. 

The projections gave the So- 
cial Democrats 48.4 percent of 
the votes in the Saarland 
against 37.6 percent far Chan- 
cellor Helmut Kohl’s Christian 
Democrats and 10.4 percent for 
his Free Democratic partners. 
The Greens party was taking 
2.6 percent of the votes. 

The leader of the Social 
Democrats in the Saarland is 
Oskar Lafontaine, the mayor of 
Saarbrflcken who supports the 
removal of West Germany from 
NATO’s mflitaiy structure. 

The projections showed the 
C hristian Democrats slipping 
6.8 percent from their perfor- 
mance in 1980. 

In West Berlin, computer 
projections showed that the 
Christian Democrats would win 
nearly 47 percent of the votes 
and the Free Democrats 7.3 
percent. The Social Democrats' 
score fell 53 points to 33.0 per- 
cent and the Greens’ rose 3.4 
points to 10.6 percent, accord- 
ing to tire projections. 

(Reuters, NTT) 


CammtmUsRm gnsmPrest^dmtofCk^^ 


le point 


‘OJD 83 


(Continued from Page 1) 

Mr. CaramanHs’s five-year term 
was to expire May 15. 

The 300-member Parliament is 
due Ip meet Friday to elect a new 
head of state. A candidate must 
receive a two-thixds majority an the 
first or second ballot, or 60 percent 
of the vote on the third ballot. No 
other party has proposed a candi- 
date for president. 

The Socialists control 165 seats 
in the single-chamber house and 
will need support from the 12 pro- 
Soviet Communist deputies and 
several independents to elect Mr. 
Sartzetakis. 

Mr. Caramanlis's New Democ- 
racy Party, which controls 112 seats 
in Parliament, is expected to vote 
against Mr. Sartzetakis. 

The Co mmunis ts said that they 
welcomed Mr. Sartzetakis’ s candi- 
dacy as “a positive response to the 
democratic feelings of the Greek 
people." Analysts predicted that 
several independents would likely 
back Mr. Sartzetakis. 



hMn 

Christos Sartzetakis 


Mr. Caramanlis. a former prime 
minis ter and a strong supporter rtf 
Greek membership in the North 
Atlantic Treaty Organization and 
the European Community, had 



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been expected to run unopposed 
for a second five-year term. 

In a statement, he said that he 
had been told by leaders of both 
“big parties,” especially thcSodah 
ist leader, “that my re-election was 
essential to smooth developments 
in our political fife and national 
unity.” 

Mr. Caramanlis was widely be- 
lieved to have restrained the Social- 
ists’ foreign policy initiatives, in- 
cluding their plans to leave NATO 
and to close U.S. bases in Greece. 

Mr. Caramanlis was prime min- 
ister between 1955 and 1963 and 
between 1974 and 1980. He had 
maintained good relations with the 
Socialists. 

Mr. Sartzetakis rose to promi- 
nence in 1963 as the magistrate 
who investigated the death of a 
leftist politician, Grigories Lam- 
brakis, who died in a traffic acci- 
dent allegedly set up by extreme 
rightists. The prize- winning film 
"27 was based on the case. 

Mr. Sartzetakis said: *T accept 
this exceptional honor knowing the 
responsibilities and that the presi- 
dency is above party politics." 

If Parliament fails to elect a pres- 
ident on the third ballot, general 
elections must follow. 


South Africa Bars Bail for 16 Activists 

JOHANNESBURG (NYT) —The South African authorities lave said 
16 prominent opponents of white minority rule detained last month win 
rret be granted bafibefrae or during their trial which is cxp«aed to last 18 
months. 

Michael Briber, attorney general of Natal province where the 16 are 
being held, said Friday he had issued orders under the Internal Security 
Act, a broad law designed to suppress d is s en t , barring the det a ine es from 

^ThS^are all members of or affiliated with the United Democratic 
Front, a multiracial alliance that claims a following of li million people - 
drawn from 600 associated political groups, trade mums, church bodies 
and local conxnumity organizations. The charges against them include 
treason. 

Hawke Affirms Alliance With U.S. 

CANBERRA, Australia (NYT) — Prime Minister Bob Hawke of ' ' 
Australia said Sunday that there was no possibility that his govwnraent 
would adopt the anti-nudear stance that led New Zealand to deny 
visiting privileges to U.S. warships. 

MrJAawkeraid he would resign rather than preside over a government 
that opposed either of the two elements he considered indispensable to 
Australia’s alliance with the United States. He said these were port entry . 
and the three mflitary bases in Australia that are ran by the two counmes. 

Mr Hawke said in an interview that his position was based mainly an 
his reading of Australian public opinion on his nation’s security interests, ' 
not from a seise of subservience to the United States. 

Vatican Operated at Deficit in 1984 

ROME (NYT) - The Vatican announced Saturday that it incurred a 

deficit last year of 58.4 bdfion lire ($27 5 mflfion). , . 

But the eovemment of Vatican City, the independent state occupied by 

the Vatican! had a surplus of 412 milfion lire. The figures were released - 

after a three-day meeting of cardinals charged with ovwseemg the _ 

Vatican’s finances. The meeting ended on Friday. ' 

It was the first such meeting since July, when the Vatican Bank, known 
as the Institute for Rdigtous Works, agreed to pay $241 million against , .. 
claims of more than Si.4 trillion after the collapse of the Banco Ambro- ■ 
siano, Italy’s largest private bank. 

5 Wounded in Attack in Basque Spain 

VITORIA, Spain (AP) — Attackers shot and wounded three police- 
men and two television tohnidans Sunday outside a sports arena where* 
basketball game was in progress, police said. 

' Tbe policemen had been guarding the mobile van of Spanish stale 
television in Vitoria, capital of the Basque country of northern Spam. . 

It was tbe third attack in five days in the Basque country. Tbe separatist 
orsanization Basque Homeland and Liberty claimed responsibility ^ 
thecar-bomb killing Thursday of the chief of tbe Basque regional police 
near Vitoria, and for a bombmg that caused no casualties the pmnous . 
day in the Spanish Navy’s regional headquarters at San Sebastian. 

U.S. Says 93,000 Farms Deep in Debt 

WASHINGTON (AP) — An imrdeased Agriculture Department _ 
report says 93, (WO U.S. farms, holding $47 billion m debt, are teduncafly ; 
insolvent or on the verge of gang broke. This is a 45-pcrcent increase 

from earlier figures. . ■ ' . . ■" 

The report by the department’s Economic Research Service rmerato 
data issued several months ago indicating that 386,000 of the 23 mutton 
U.S. farms, or nearly 1 8 percent, are likely to be suffering some financial ' 

5tl Tlie figures are in contrast with the number cited last week by Pr cadan t 
Ronald Reagan when he vetoed legislation intended to provide emergen- - 
cy credit to farmers suffering from declining asset values and insufficient - 
cash flow. He said about 4 percent of farmers needed immediate fin a n ci a l - 
help. 

For the Record 

The Urtffliayan pariiament has approved an amnesty for 260 political - 
prisoners jaded by the former mflitary government. Under the amnesty, * 
voted into law Saturday, the first prisoners wfli be freed early this wedc, ,_t_ 
government spokesman said. (Ratten) _ 

Vice President George Bush arrived Sunday in Geneva after a tour of' ‘ 
three nations in Africa that have been hurt by drought, and he called for a_ 
global effort to combat the “h uman tragedy in Africa. He will address a~ ' 
UN emergency conference on Africa on Monday. W . 

Pakistan’s 1973 coostitntkm was revived Sunday by General Moham- 
med Zia ul-Haq, who suspended It in a nrilitaiy coup eight years agn la 7 
Islamabad, he said, however, that fundamental rights would reman--- 
suspended while martial law remains in effect 



Quiche Reaches Yellowknife 


(Continued from Page 1) 
insulated boots in winter, often 
walk about with their mittens dan- 
gling from strings' like schoolchil- 
dren. Losing a mitten can mean 
frostbite. 

When the inquiring photogra- 
pher of the weakly Yeflowkmfer 
asked passersby if jaywalkers 
should be fined, a woman replied 
that she was not going to freeze her 
posterior waiting for the light to 
turn green if no cars were coming. 

Cars are plugged into electrical 
outlets to keep the engines from 
freezing, or are simply left running. 
At the Miner's Mess cafeteria, 
whose ambiance of uncollected 


clustered on Willow Flats, down 
where the bush pilots takeoff and 
land on the lake. The city wants to 
renovate the lakefront as a tourist 
attraction, and squatters in the old 
town have been asked to move off 
government land. 

Mayor Sian said that those who 
lived there before 1967 could stay 
on until they died or their shacks, 
fell down; the others must go. 

“Economics is the Urin g," said 
Fran Hurcomb, a photographer 
who has fixed up one of the old 
bouses on Willow Flats. “We’re not 
contributing to the economy, they 
figure.” 

Tbe Yellowknife 
meat is faring the 





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meat is facing tbe ovemaui 01 its 
“*** and cigarette butts pipes which were 

m iut-OT-misS fashion in the 
-hnn. Ins cr. *5 1 950 * Thews** must be heated to 


Italy Holds 
Consultant 

(CbotiBoed from Page 1) 
the Italian tax authorities. His rep- 
utation spread both by word of 
mouth, particularly among journal- 
ists, and through advertising. 

Americans living abroad often 
seek tax advice from lawyers or 
accounting firms to sort out their 
obligations to the U.S, and to gov- 
ernments in their host countries. 

Not only do laws vary from 
country to country, but so do tradi- 
tions of tax payment or evasion. A 
UJS. banker raid that Italian ac- 
counting firms often suggest that 
taxpayers under report their in- 
comes, ance the government does 
not usually expect a full disclosure 
and may thus overtax a person or 
company that files a full account- 
ing of income. 


griped about Iris car. “Below 35 
degrees, she starts to dunk, dunk, 
crank,” he said. “It’s those five de- 
grees that make a difference.” 

In winter, no one bothers to 
specify temperatures as being be- 
low zero. 

The roots of Yellowknife can be 
found in the log eahms and Bh«wV« 


flow, and when a pipe freezes and 
bursts, repair crews have to art 
through 6 feet ( 1.8 meters) of per- 
mafrost with a jackhammer to 
reach it 

■ “Nodoubt therds a lot of nostal- 
gia around, but you have to deal 
with reality, too,” Mr. Sian said. - 


Chadian Leader Starts Tonr 

Agaux Fnance-Prax 

SARH, Chad — President His- 
sfene Habxfe arrived here Saturday 
at the start of iris first tour of south 
era Chad since coming to power in 
Jane 1981 He invited rebel groups 
con ‘ *■’ " 

peace 


UNIVERSITY 



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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


Page 3 


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AMERICAN TOPICS 


IsaGoldWatch 
Enough After AM? 

Long* tom company loyally 
can be more of a fault than a 
virtue, according to a growing 
consensus in the US. business 
"'•'■community. 

“The sleepy solid citizen who 
. '-stays with the company for 30 
- years isn’t loyal," said Rosabetb 
Moss Kanter, professor of orga- 
nizadocal management ai Yale. 

»«** Allianz \\ 

1 * ' Rohrer, Hihler& Replete, a 

■" .„ , ' management 

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consulting firm. 


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dislikes taking risks, prefers 
■ routine tasks to formulating 
strategy and follows 
. policy even when it leads to 
. ; ‘1. disaster. The firm died a toy- 
. '-- 'company executive who, obey- 

ing a pro forma memo urging 
't-! cost-cutting, replaced heavy 
Vj metal hinges with cheap plastic 
ones, 

downs and damage, to the com- 

^ 1| Such blue-chip companies as 
.-^..International Business Ma- 
chines Carp, and Hewlett-Radr- 
ard Co„ however, seem to have 
^achieved both employee Ioo- 
: jgevity and independence. IBM 


. _ . about customer 

1 *“ Anj *‘‘ k ! » 1^!-“ 
*«* T faow nf rtffirv. nr 


__ -ous benetits for veteran workers 
t^Sbot gives its rewards and pro- 
^’motions to those who innovate 
‘ ' and who are conscientious 
about customer service. 

Hewlett- Pack- 
isckol, named man- 
.. tager of office productivity after 
VV ^devising a plan to automate 
'•^procedures, says: “If you have a 
. . good idea, the company wants 
.. --you to by it." 


a v 

a* jv 

I - . 

«f«U. J .*?■ !ftr : ; - 

A m h %r »’4vi i- 
H.vw»s' : 
fT»tfn*I*s . ’ f.- . 
a i %Hhtv.t 

With all the re-shuffling of 
UMMI M, 1 ,the White House staff, the be- 

I dnh I ’tTp IQ [setting fear is of being moved to 

* 

Office Building next door. A 
-'-■senior administration nffirigi, 
-' who asked not to be quoted by 
. name, said: ‘They call that 
v “ -death row over there.” 

Michael K. Deaver.tbcdepu- 
-ty chief of staff, saidhalf-whnn- 
sically from Ids secure perch 
' next to the Oval Office, “People 
-wifl kill to get an office in the 
; -West Wing,” near the presi- 
" '—dent’s woritmg quartets. 

“You’ll see people working in 


Ar 

i n>(.- 
9m tJ KHr-i 

IlfKW.Ji! • 

w«b* 

»ui- : 

ii 


^West Wing Qoset 
— Vs. Executive Suite 


ord 

Imbmh *»-. »{«•* 

■ ■. 

t • 

*m*A 


dosets, tucked bade in a comer, 
rather than taking a huge office 
with a fireplace m the EO.R, 
just so they can say they wodc in 
•the West Wing.” 


LT* 

■m***. a. 


* 


-■ 


. Notes About People 

Lee A. lacocca, chainnan of 
’ Chrysler Coip., has sent a con- 
ahaiory note to Representative 
" Robert T. Matsui of Calif ornia 
: aymg he intended no offense 
• ■n his speech at arecent meeting 
rf House Democrats. Accord- 
_,t^ to those present, Mr. la- 


cocca said Japan was “putting it 
to” the Uaited States and its 
$37-hBion trade surplus was 
“too big a ripoff, even for a 
friend.” Mr. Matsui, a third- 
generation Japanese- American, 
said be was satisfied. 

Lynda Johnson Robb, 41, 
wife of the governor of Virginia 
and daughter of President Lyn- 
don B. Johnson, recalls trying 
the late Alice Rooseveh Long- 
worth, renowned for her acerbic 
wit, on a private tour of the 



V ^ 


Lynda Jrrfmson Robb 

White House. 


_ in front 
of a portrait of President Wil- 
liam Howard Taft’s wife, Helen 
Herron Taft, looking uncharac- 
teristically svelte, Mrs. Long- 
worth remarked: They must 
have superimposed her head 
somebody dse's body.” 


on 


Join dark Gable. 23, rating- 
driver son of the film actor, has 
married Tracy LaRae Yarro, a 
beautician and Hanghter of a 
wealthy California real estate 
broker. Four months before the 
younger Gable was bom, his 
father died of a heart attack. 
His mother, Kay Williams 
Sprockets Gable, died in 1983. 


Leaving Them 
Speechless 

General Join W. Vessey Jr., 

chairman of the UJL Joint 

Chiefs of Staff, addressing a 
black-tie audience at the Chevy 
Chase Cl ub near Washington, 
quoted what he called the best 
speech he ever heard, delivered 
by General Qntis E. LeMay, 
former chief of the air force: 

T have a speech,” General 
Vessey quoted Genoa! LeMay 
^ssaymg. Tfs a good speech. It 
is written by a smart lieuten- 
it colonel who works forme, 
d 1 read it on the way here. 
How Fm going to put it in the 
library, and you can read it 
too.” 

End of speech. General Ves : 
sey then went mi to deliver Ins 
own speech, on national de- 
fense: 


ARTHUR 


Conwiledbv 

IREuGBEE 


New Yorker Magazine to Be Sold to Newhouse Chain 


Fctm-al THE P*'W»iw 

NEW YORKER 


Sew York Tuna Service 

NEW YORK — Directors trf 
The New Yorker magazine, a 
proudly independent arbitfcr of 
good fjte in fiction, reporting and 
humor for more than 60 years, have 
agreed to sefl the company to Sam- 
uti L Newhouse Jr. for $142 mil- 
lion. 

The directors announced Friday 
that they had voted unanimously to 
approve the sale to the Newhouse 
family’s company. Advance Publi- 
cations Inc 

The Newhouse publishing em- 
pire includes 26 newspapers, the 
Cond6 Nast magazines — Vogue, 
House & Garden, Vanity Fair, 
Glamour. Gourmet, Self, GQ, Ma- 
demoiselle — as until as Random 


Yorker, inri tiding William Shawn, all expectations spits out a 
the magazine's 76-year-old editor, zine each week This magazine 
objected strongly. would appall any student of maga- 

Mr. Shawn, in an emotional zine technique, somehow comes 
meeting with his staff Friday, said out, and sometimes it produces re- 
tire! “we were not asked for our markable things.” 


approval, and we did not give our 
approval” to the decision to sefl the 
magazine: 

The-editcrial staff was not a 
party to these negotiations.” he 
told the writers, editors and artists 
assembled in a hallway at the mag- 


Among the unusual editorial 
practices of the magazine, its writ- 
ers say, are its custom of depending 
upon writers to initiate aD story 
ideas, allowing them take as irwrh 
time as they want on virtually any 
article, and its lavish expenditure 
azine’s offices in Manhattan. “Not of editorial time and fact-checking 
were the views of the editorial staff cm every piece. 


solicited during these negotia- 
tions.” 

The tone of regret in Mr. 
Shawn’s statement was widely 


demoiselle — as well as Random shared by many at the meeti n g and 
House, a leading American book underscored a general belief that 


p nhHshmg rampawy 

The New Yorker’s directors said 
that the Newhouse interests had 
guaranteed tire continued editorial 
independence of the mng^vine and 
that present editors would be re- 
tained. 

But many employees of The New 


the sale was a betrayal of Mr. 
Shawn, a renowned figure in the 
New York literary World. 

Calvin Triffin, a New Yorker 
writer who specializes in ait, said: 
“One w«y to look ai Hu New 
Yodcer is as* quirky beast or Rube 
Goldbere which ^ganvtt 


A staff member at The New 
Yodcer said Friday that a group of 
employees, inducting Mr. Shawn, 
had met with a New York attorney 
to determine their ri ght* in the cur- 
rent situation. 

Despite the staff opposition, in- 
vestment banking sources dos e to 
the transaction said the sale was 
virtually assured. The New York- 
er's stockholders, who must still 
approve it, can lode forward to 
handsome if they do so. 

Before Newhouse first ap- 


proached the company last year. 
The New Yorkers mares were 
trading at about $130. His $2Q0-a- 
share bid, therefore, amounts to 
more than a SO percent premium. 

In January, Mr. Newhouse paid 
$26 nrilHm to purchase 17 percent 
of The New Yorker. On Friday, the 
magazine's directors approved a 
proposal by Mr. Newhouse to ac- 

r ‘ = the remaining 83 patent of 
company for $142 milli on, a 
5 14.1 -million increase over his 
offer, made a month ago. 
sale would mark the first 
time the publication has changed 
hands since its founding in 192*Cby 
Raoul Flcisc hmann of Fleisch- 
maxm’s Yeast His son, Peter F. 
Fleisdunann, is current 
of The New Yorker. 

In its early years. The New York- 
er, under its first editor, Harold 
Ross, published the first work of 
such writers as E. B. White, James 
Tburber and John O’Hara. 

Under Mr. Shawn, the magazine 
also became known for long non- 
fiction ankles that concern soda! 


issues: John Hersey’s article report- 
ing on the aftermath of the mudear 
bombing of Hiroshima; Rachel 
Carson’s study oF pes ti cides, “Si- 
lent Spring”; and, more recently, 
Jonathan Schell’s study of nuclear 
war, “The Fate of the Earth” — 
and many more. 

Other writers published in The 
New Yorker include J.D. Salinger, 
John Cheever, Hannah Areudt, 
James Baldwin and John McPhee, 
the naturahsL 

In addition, the magazine has 
long set standards with its car- 
toons. Its original stable included 
such artists as Saul Steinberg and 



plans to add the magazine to the 

Chaite Add vur. a “newts breed, -rnttitil^on-do^ famity empire. 

But mdusuy insiders did not be- 
lieve him; not to acquire The New 


who delight at poking fun at the 
magazine s intellectual and trendy 
readers, includes Ed Korea and 
WiBuon Hamilton. 

The magazine has a weekly cir- 
culation of about 500,750. 

Last November, when Mr. Ne- 
whouse first announced that his 
company sought to acquire a 17 
percent stake in The New Yorker, 
he declared tbaf there were no 


Yorker would have gone against 
tradition. 

“Every time Newhouse bought a 
stake in something, they might as 
well have said, Tm going io have it 
for myself soon,’ ” said Richard R 
Meeker, author of a biography 
■ about the late Samuel L Newhouse 
Sr., whose acf yiisiunns laid the 
foundation for the company. 


Ralph logersoU Dies; Founded PM 


New York Tima Service 

NEW YORK — Ralph M. In- 
gecsoO, 84, an American journalist, 
author and publisher who founded 
(he New York Gty newspaper PM 
in the 1940s and was an early guid- 
ing spirit behind Tbs New Yorker, 
Famine and Life magarinea, died 
Friday after a stroke in a hospital 
in Miami Beach. 

- For two decades until his setnire- 
tnemeat as head of Ingeisoll Publi- 
cations in 1975. he ran more than a 

SCOre of qnfl l t -l p-mg/ fyum- 

newspapers is the northeast United 
States. Since 1982, when he formal- 
ly ended Ins roie in the company, 
ins son, Ralph Tn ggrenti 2d, has 
been president of the newspaper 
ri^m 

A tall, slender man with a volu- 
minous memory, a combative spirit 
and an intense interest in the peo- 
ple «nri events rim* shaped his 
times, Mr. IngersoQ was educated 
as an engineer, but spent most of 
his life as an editor, writer and 
manager of newspapers and maga- 
zines. 

He wrote nine books, inducting 
two novels and nonfiction works 
on his experiences in World War n 
and on his career in journalism. He 
was managing editor of The New 



Ralph M. IngersoQ 

Yorker in the 1920s, the editor of 
Fortune and publisher of Time 
magazine in the 1930s, general 
manager of Time Inc. and one of 
the principal catalysts in founding 
Life magazine in 1936. 

But it was as founder and editor 
of PM that Mr. Ingersoll was per- 
best known. PM began pub- 
in 1940 and folded eight 
years later. It accepted no advertis- 
ing on the principle that it could 
best serve readers if it was not be- 
holden to advertisers. 


Nixon Urges Sinking Back at Terrorists 


The Antedated Prat 

WASHINGTON — Former 
President Richard M. Nixon, in a 
new bode, says that the United 
States should give terrorists only a 
single warning and then strike 
back, “even if there is some risk to 
innocent people.” 

Mr. Nixon, in “No More Vkt- 
nams,” says that civilized nations 
should act in unison when military 


tion, Mr. Nixon writes: “Repeated 
threats to retaliate that are not fol- 
lowed by action are counterpro- 
ductive. A president of the United 
States should warn only race:" 

“We were forced rat of Lebanon 
not by another country but by sui- 
cidal terrorist bands whom we 
barely could identify and whose 
sponsors remain out of oar reach,’ 
Mr. Nixon says. “If the United 


Mr. ingersoll eventually quit, in 
1946, when Marshall Field 2d, the 
primary owner, announced that 
PM would accept advertising in an 
attempt to reverse its long-standing 
losses. Two years later, PM was 
folded into a succession of other, 
papers that eventually died. 

PM was Mr. lngersoffs vision of 
an ideal newspaper. Besides reports 
on local national and fenigu news, 
it offered comprehensive articles 
oo business, labor, the arts, sports, 
entertainment and other fields. As 
a substitute for information found 
m advertisements, it also provided 
criticism of merchandise mid shop- 
ping, a forerunner of consumer- 
affairs articles. 

PM’s editorial policy was liberal, 
and it was the country’s first major 
newspaper to advocate UiL entry 
into World War H. Most of. these 
editorials were written by Mr. In- 
gersoll. who collected them in a 
book called “America Is Worth 
Fighting For.” 

Much of PM’s war coverage in 
Europe was provided by Mr. Inger- 
sdl as he moved among the front 
lines and later played a major role 
in executing a secret plan that de- 
cayed the Germans into believing 
the Allied invasion would strike at 
Galflis instead of the Normandy 
coast 

PM, whose early circulation had 
reached 372,000 copies, never 
made money. In fact, the $1-5 mil- 
lion seed money raised by Mr. In- 
gersofl in 1939 was gone after three 
months in 1940. Bui Mr. Field, one 
of a score of original investors, 
bought the others out and kept it 
going. 




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retaliation is appropriate, letting States wants to co ntinue to play & 
terrorists know “they will spaik the rde in the Third Worid, it must 
wrath of all nations.” attack terrorism at its source. We | 

In what could he taken as veiled must hold those who inspire it and 
criticism of the Reagan administra- pay for it accountable.” 


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W ASHINGTON — Flounder 
rushed into Bass’ office at 
tbe State Department and cried. 
”Tbe secretary wants a slide pres- 
entation on the elections in Enchi- 
lada to show to the American peo- 

ple \ • 

“I anticipated that,” said 
“I’ve been putting one together. St 
down. 

“This is the 
Garcia family, 
which lives in Mi- 
ami »nrf which fi- 
nanced the Liber- 
al Peasant Assas- 
sination 


time 
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Enchilada’s •C riminal of the Year.’ 
But be got 25 percent of the vote.” 

‘ “Wow, it’s going to be hard for 

us to support him.” 

“Not necessarily. We found a 

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W ASHINGTON— E 
Secretary of 

Caspar Weinberger goes abroad, I 
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I don’t mind 
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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH II, 1985 


niti" (t P 


2 Agencies of Congress 
Dispute EPA Estimates 
Of Toxic Waste Costs 


By Philip Shabccoff Subcommittee on Transportation 
Nm YorkTima Service and Tourism, Mflton J. Socolar, 

WASHINGTON — The threat special assistant to the head of the 
of toxic waste in the United States General Accounting Office, said 
is much more serious and will be toe environmental agency "has 
much more costly to resolve than placed relatively little emphasis on 
the government has esti mated , two *he identification of new sites.” In- 
congressional research agencies stead, be said, the agency has con- 
have concluded. centrated on "evaluating the haz- 

A report released Saturday by ards posed by known sites.” 


the Office of Technology Assess- 
ment found that there were more 
than 10,000 disposal sites for haz- 
ardous waste around the country 
that would require cleanup on a 
priority basis to protect public 
health. That is substantially more 
than the matimum of 2,500 the 
Environmental Protection Agency 
has estimated will have to be placed 
on its “national priority list” 

Such sites contain toxic chemi- 
cals, metals or other hazardous 
substances such as radioactive ma- 
terials. 

The technology office concluded 
that the total cost of cleaning up 
the rites could be as much as $100 
billion, not the $16 billion to $22 


The technology and accounting 
offices both concluded that while 
some progress had been made in 
getting the cleanup program fully 
under way since it was put into 
operation in 1981, the program had 
experienced serious problems and 
still faced them. 

The technology office said only 
30 percent of the 538 rites now on 
the agency’s priority list were re- 
ceiving “remedial cleanup atten- 
tion,” although $1 billion from the 
fjaamip f und , the SupGTfund, has 
been committed. 



Police Order Walesa Not to Leave 


His Home Gty Without Permission 


By Michael T. Kaufman 

New York Times Service 

WARSAW — Lech Walesa, the 
leader of the outlawed Solidarity 
movement, said that government 
prosecutors have ordered him not 
to leave Odanrir, his hone dty, 
without first obtaining permission 
from the police. 

This restriction, imposed Satur- 





• Yt 


day, is the Gist such formal curb on 
Mr. Walesa since he was released in 
1982 after 11 months of internment 
that began when Solidarity was 
suppressed under martial law. 

Mr. Walesa, who has been under 
police surveillance for three years, 
said he bad been notified of the 
restriction in Gdansk during an 
houriong interview with prosecu- 
tors. He said that the questioning 
was about a meeting held a month 
ago to discuss plans, which were 
later canceled, for a 15-minute 
strike to protest increases in food 
prices. 

Mr. Walesa said that be had not 
answered any of the prosecutors' 
questions. He said that he had giv- 
en officials a written statement de- 
ploring the seizure and detention of 
three of the seven activists who had 
joined him in the strategy session. 

The three, Wladyriaw Frasyn- 
iuk, Bogdan Lis ana Adam Mich- 
mk, are well-known dissidents who 
have often been imprisoned. They 
are being held until offfeiafa com- 
plete an investigation of whether 

fjiey liad tv»rp tnri tin g the patjpn tP 

unrest 

Mr. Walesa called the accusation 
absurd, saying he had invited the 
others to meet in order to discuss 
“die present situation in the conn- 
try.” 

“It is a right that no one can take 
away which is consistent not only 
with the Polish Constitution but 



“Initial actions and cleanups 
now emphasize the removal of 


President Raul Alfonsfn of Argentina congratulates General Teodoro Wahtner of the air 
force after he was sworn in as bead of the Joint Griefs of Staff In a military shake-up. 


bdHon estimated by the EPA *™cn tnemselves may become Su- 
With the amount of spending perfamd sites, or wastes are left on 
and other resources currently con- site." the technology office’s report 


Argentina Shakes Up Mthtary Chiefs 

perfund sues, or wastes are left on O IT J J ink, Bogdan Lis and Ac 


ana outer resources currently con- 04 *i# n its k J. ». r\ a j p 

templated by the govemmatt for said. “Current remedial cleanups AIlOUSlIl Reaffirms Authority OVCT Aimed I? OTCeS 
the cleanup program, it is “not tend co be impermanent. Some sites J 


technically possible to permanently 
dean up even 2,000 sites in less 


get worse, and repeated costs are 
almost inevitable. Environmental- 


than several decades,” the report h* risks are often transferred from 


By Jackson Diehl admirals and two air force briga- opposition to court cases against 
Wajhhtgion Past Service dier generals. miHtaiy officers for kidnappings, 

BUENOS AIRES A shake-up General Hector Rios Erenu, con- torture and murders during eight 

in the commands of Argentina's sidered a moderate supporter of years of military government 
armed forces has reaffirmed Preri- government policies, was named The changes came as the Radical 

dent Raiil Alfonsin’s political an- ann y commander, and Brigadier Party administration pnpred for 
tbority despite dong military dis- General Hondo Crespo became its long-delayed prosecution of far- 
content with hbadministration, chief of the air force. mer military commanders on 

according to political and military The command changes were the c ^ r § £ * °/ repression during nrili- 
sources. second ordered by Mr. Alfonsin in taiy rule from 1976 to 1983. 


concluded. " one community to another and to 

“Underestimating national ^ « Hma T" , 
cleanu p needs could result in envi- A statement issued by the EPA 
ronmentaf crisis years or drearies ssid its approach was “to dean up 
from now," it warned. the nation’s worst hazardous waste 

Earlier last week, officials of the s * tes ~ 

General Accounting Office testi- “To date we have assessed more 
Bed before a House subco mmi ttee that 12,000 potentially hazardous 
that there were potentially more rites and conducted fiad investiga- 
than 378.000 hazardous waste rites tions at over 4,000,” the agency 
that could be addressed under the said. “Nearly 800 sites posing long- 


A statement issued by the EPA dent Raiil Aifonsm’s political au- 
said its approach was “6 dean up tbority despite rising mSitaiy dis- 
the nation's worst hazardous waste content with Us administration. 


A weekkmg militar y crisis ap- tire last right months and resulted 




Nine former commanders-in- 
chief of various services, inclnHmg 
three former military presidents, 
are to go on trial next month in a 
civilian federal court despite strong 



law. Bring charges but never rtaB • 

S te; harass; question; by t ' 
te us in the eyes of them 

txm; rdease and then detain agrii 

Certainly, they are not likely t 
arrest Walesa since that is the nx* - 
provocative thing they could da” 
After his interview with the p ra 
ecu tar. Mr. Walesa also hinte 
broadly at the possibility of wider 
ing protests in connection wii - 


price increases introduced la:'. ' 
Monday and the continuing deter' - 
tion of nis colleagues. 


<■ r.4** 




Lech Walesa 


also with the most elementary hu- 
man and chic rights," Mr. Walesa 


of Item, if not most. nSght not the environment have been placed 

require priority attennalLThe EPA on the national priorities list. We <jcr Mr.Alfo mn s lS-monthold mc^mtK^ of the government 


^tels“iiany P I S»^to^i demoemtmgo^tnm mL among top mflita 

eventually get attention. for ^ 7 SS. 53 “ ffitgS 

“EPA is confident its approach army general, Julio Fernandez Tor- erals of the army, 
to identifying, assessing and dean- res, who retired along with the said, 
mg up hazardous rites under Su- army chief of staff. Gustavo Pianta, Thegovennnem 


has estimated that its inventory of estimate as many as 2,000 rites will 
potential h azar dous waste rites eventually get attention. 


among top military ranks 'and an 


would grow to a maximum of 
25,000. 


Testifying before the House Ea- mg up hazardous rites under Su- 
ergy and Commerce Committee’s perfund is the correct one.” 


perfund is the correct one.” 


The government also purged sev- 


rix other army generals, four navy era! navy admirals who have led 


TO REACH THE DECISIONS MAKERS 
IN FRENCH SPEAKING AFRICA 
THERE ARE NOT MANY SOLUTIONS 


ranks and an Political and military observers 
to Mr Alfon- “ Buenos Aires said Mr. Alfonsin 
ity by top gen- had used the shake-up to reaffirm 
outical sources government’s authority and 
democratic priorities shortly before 
Iso purged sev- the trials and a visit next week to 
who have led the United States. Mr. Alfonsin is 

scheduled to meet with President 

Ronald Reagan at Gamp David, 
Maryland, and to deliver-, an ad- 
dress to Co ngre ss. 

According to government offi- 
% dais, Mr. Alfansin’s derision to ro- 
te order the milit ary co mmands was 

* precipitated by a meeting of Gener- 

al Pianta, then arm y cmef of staff, 
and army generals 10 days ago. 
Some generals assailed General 
Pianta for failing to press military 
^ criticisms of the Alfonsin a dnrinis - 

? tration, according to these ac- 

■ counts. 


man and chic rights," Mr. Walesa 
said. 

“In this situation,” he added, 
“Polish government claims about 
the freedom of participation in 
public life are negated.” 

Mr. Walesa made his comments 
as West European delegates to the 
United Nations Commission on 
Unman Rights in Geneva derided 
not to introduce a resolution criti- 
cizing Poland’s record on human 
rights. This is the first time the 
commission has d on e this smee the 
martial law decree was imposed in 
December 1981. 

Diplomats attributed the deri- 
sion largely to pressure by West 
Germany, which contends that the 
conflict between the Palish stale 
and society has eased. 

With Poland asking Western 
creditors for debt relief as it seeks 
full acceptance in the International 
Monetary Fund, even Solidarity 
sources say the government of 


General Wqjriech Jaruzelski is un- 
likely to resort to sweeping arrests 
and repression of dissidents. 

Instead, several Solidarity 
sources and some Western diplo- 
mats view the detention of highly 
visible activists as tactical maneu- 
vers intended to ease the introduc- 
tion of price increases and to show 
Solidarity to be a spent force. 

The Solidarity sources acknowl- 
edge that their situation has been 
complicated by what seems to them 
a paradox: The Western nations 
that championed Solidarity’s calls 
for human and democratic rights 
are now, in their economic ana- 
lyses, supporting the Polish govern- 
ment’s efforts to end food subsidies 
through price increases — the in- 
creases that the union activists are 
opposing as a mobilizing cxy. 

“We do not think they will really 
bring anybody to trial" said a man 
dose to the banned labor move- 
ment. “Probably, they are likely to 
do what they did before martial 


Mr. Walesa, who withdrew fe ■ 
call for the 15-minute work slot' 
page after the government mod - 
lied its earlier price increases, n 
ported on his meeting with ■ - 
prosecutors at a news conference! ' 
a Gdansk church. 

As he spoke, some people cina 1 
lated copies of a statement by tf - 
temporary coordinating conn® . 
sion. the governing body erf d . 
clandestine leadership of ScAidar - 
tv. The statement demanded ag n j - 
icant wage increases to offset d 
greater expense of food staples, 
said that unless wages were a-'' 
creased. Solidarity organs woui 
plan national protests. Ml Wale 
neither read nor signed this star. ' 
menL 


. 1 .iMjgftE Ai 
181 


ca 


|W« 




The coordinating conumssfe; " 
said it would begin holding cons: - ’ 
tative meetings on tire economy i-'"' 
factories after working hours, *? i 
the implicit prospect that die -- 1 * 
could eventually be held during jLTffl fl 
workday. v 

Mr. Walesa said that one of d 
questions he was asked and did n 
answer was about whether he hi ' 
provided information to the Wet ' 
em press about plans for the gene - 
al strike that was later called ct ■ ' 

This week the general prosecutor 
office issued a warning to Poles n\. 
to cooperate with foreign organs ■ 
tions that the government regar , 
as subversive. 


vrb In 


- -«*** 


7 . 

» * ■ 

- »r MP i 


British Air Marshal Shot At 


.**■*» tol; 


On West German Highway 


The Associated Pros 

MORS. West Germany — The 
ocaroants of a passing car sprayed 
gunfire at the commander in chief 
of Britain’s air force in West Ger- 


many, but he was not injured, po- 
lice mid mili tary authorities said. 


The attackers fired three shots 
Saturday at Air Marshal Patrick 
Hine, 52, as he rode in his official 
car on an expressway near Mbrs, 
about 18 miles (30 kilometers) from 
air force headquarters in MOn- 
diengladbach, u West German po- 
lice spokesman said. 


Sir Patrick told Britain's Inde- he said. 


pendent Television News dm fl" . 
assaflant, in the back seal of fr 
other car, opened Gre from abor 
50 yards (45 meters) ahead of h . 
limousine, but the shots bit i 
ground. 

He said that when tbefbstsh' " 
was heard his bodyguard shoofe * 
“Down! Down!” and threw hir 
sdf upon the marshal to shiddhfr 

“At that stage they made ofl-' - 
the air marshal said. “We allonj--' 
them to open up space betire 
themselves and ourselves and t& -' 
we followed them 19 the autobri- 
and took the first exit to theridg^ 

h* A - 


•rift 


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11-3-85 


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jjMI No| INTERNATIONAL HERALD TRB 

jfcout I Vr fJ/icamguan Opposition Told to Avoid Cruz 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


Page 5 


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'* By Larry Rohcer . 

V. ; New York Tima Service 

J MANAGUA — Leaders of Nio- 
■ : "igua’s principal opposition coali- 
► :.;ti say they were summoned to 
:. ? <ie security headquarters during 
.■weekend and warned to cat ties 
sh an opposition leader, Arturo 
: , '‘iCruz. 

* .'iigbt leaders rtf the coalition, 
ichis known as the Democratic 
animator, said Saturday that 
y had bom told earlier in the 
- : • f by the director of state securi- 
: Latin Cema, that 'they would 
/ Ba the consequences* if they 
.. ; in tain ed contact with Mr. Cruz, 
'-dr. Cruz, a former member of 
; governing junta, was accused 
\ day by the Sandmens of taking 
;;1 in a ccuntaxevdtnionary plot 
J/' iced by the UR Central Intdli- 
ce Agency. 

'-Tie opposition leaden said secu- 
/ ■: officials rfahnerf to h&VQ dis- 
^ ■ ered an anti- Samti nifrt plot in- 
‘.‘ :: dng the UR government, Mr. 

■ ,z and the Democratic Coonfi- 

. ^aily*wrned t Mt to attend 
ring in Costa Rica with Mr. 

“ <z mat the officials said had 
//■ a “detected.” 

' ast year the Democratic Coor- 


was turned back at San Jbs6 Air- ■ Push Seen for ‘Contra’ Aid 





Arturo Jos6 Cruz 


several months in thf, U nited 

and Central American countries 
criticizing the Sandixdst govern- 
ment in increasingly sharp terms. 

On Jan. 2, Mr. Graz signed a 
“declaration of principles" m San 


Darid Hoffman of The Washin%- 
f0lbld ' um P m n^telfiL WashS&S: 

l5?sSst nnrepjpm pub- Rondd topn's «- 

pr; amKinnhim mor advisers have decidcdto move 

as aijft 

safasr •«— &vsJSrSssx 

Coordinator leaders, they were vis- 
ited at their homes Friday night by §/££ 

SSSSSBSSSSSSi* 

SS rt Sai^^^ yh£adqQarlCrS ^ agreemeot after a meeting on 

EgfotfS 1 sought eventually l^sMvestrat^thatMrRftagm 

met with cmrrirv ofgSak y should not now turn toother meth- 
mttwitni security otnoais. q^s ^ tipjpmp the rebels, as 

The Democratic Coordinator 

leaders denied any links with the S^SS2S fr 
armed counterrevolutionary ^ aid mto open assistance, 
groups fighting the Sandinists. An aide said that white House 
They thwi^ was a “civic Strug* officials had decided to devote 

gle” being conducted vrithin the their attention to a major political 
oditica] system offensive on behalf of the contras 


groups nghcrng the Sandinists. 
They said theiis was a “civic strug- 
gle” being conducted within the 
political system. 


“The Democratic Coordinator next mouth, after Congress votes 


;'.cred an anti-Sandimst plot in- On Jan. 2, Mr Cruz signed a ^ never planned a plot against on the MX nnssDc. 

-ring the UR government, Mr. “declaration of principlcs"mSan ^ .gove rnmen t, either mside or A senior White House official 

‘ .z and the Democratic Coordi- Josfe, Costa Rica, raffing qq the outside the country,” said Jaime . acknowledged that Mr. Reagan 

■<x. They said they had been spe- Sandinists lo begin a“nauonal dia- Chamono, editor of La Proosa. was 50 to 60 votes short in the 

V ally mined not to attend a logue” with (he opposition, both The opposition leaders said Mr. far his proposal to restart 

ring in Costa Rica with Mr. aimed and imarmeH O ther gj gfwn i Cruz had signed the San Jos£ deda- ^ to the contras, winch was Irmri- 
_ -;z that the officials said had of the document mriiiideH leaders ration in a private capacity and was uated last year. 

,/• n “detected.” of the Nicaraguan Democratic not acting in their name. But, they There have been suggestions in 

< ast year die Democratic Coot- Force and the Nicaraguan Demo- added, “He is a friend of ours and recent weeks that Mr. Reagpn 
'■-s'ltpr nominated Mr. Cruz as its cratic Revolutioiiaiy Alliance, the we dernot consider that he is en- might seek to aid the contras 
Jidate in presidential ejections two main guerrilla groups fighting gaged in armed struggle nor that he through indirect means, avoiding 


-'Jin November. But Ik withdrew 
smdidacy after saying that the 
: position was not being given a 
S -V chance. He has spent the last 


■- Cruz tried Thursday 


is a counterrevolutionary.’' 
Members of the group said they 


But the senior 


to Ely to Managua to discuss the viewed the government's summons vaQ on Capital HQ1 rather 
document with chnrch leaders, he as an effort to intimidate than. bun to other sources of help. 


S 

lubarak Seeks Increase in 1985 U.S. Aid 


. - - - : - By David B. Ottaway 

and John M.'- Goshko 

. . ^ • Washington Pott Service 

• •' “M . ASHINGTON — President 
^ • . .-:ai turn* of E&pt, aU, 

«sJUr%ft - - . .. .. ' :ake chantage oTfoiers de- 

mnare jd for an increase in UR aid, 

* 'is an extra $870 million in the 

ent fiscal year, according to 

~ >tian and State Department 

Air Marshal Sk^ uh “ i V 5 atun ^ r 

* l ' *twashrogtoo for a five-day visit 
- j v * r og winch he will meet with 

U Uenimn Himn? 1 ^ 

his aid needs as wdl as Us 
:iw ative to revive the Kfiddle East 

| armirtl x process, begirming with dis- 

**»«.# i# » - ■ ' ~ iOTS between a Jordanian-Pal- 

amtitjf, .1 ,'■■■ r ^-- - tian dd^ation and the UR 

*vMr >M ik * - * munenL 

' ^ he request for ibe S870 milli on 

V fiscal year, submitted last 

MuwniPM-. . 4 - t th by Foreign Minister Esmat 

ihnv Meguid, is in addition to an 

f-: ’ -easeof nearly $1 billion Egypt 

M pt '--dang for the 1986 fiscal year. It 

• : 70 trnlUon more than brad is 

- jeting in emcrgeocy assistance 

man ■ ye^- 

tmift*--'.- ■ -gypt if getting abort $1 bflHon 

j - - . sonomic aid and S I 2 billion in 

■ ■ -taiy assistance in the ament 
1 l l teai i ■. fiscal year. Congresrional and 

^ ministration - sources said that 

Jt was unlikely to cecrive more 
. $200 million, if that, in addi- 


I 

- ■ 


turn to the SI billion in economic 
aid already budgeted. 

The request is certain to shaipen 
the problem the Reagan adminis- 
tration faces in responding to the 
escalating economic of its 

two chief Middle East peace part- 
ners. Together, they want more 
than S3 nuHon above what they are 
scheduled to recdvBL The two ac- 
count for almost half of all UR 
foreign aid 

Yitzhak Modal, the Israeli fi- 
nance minister, who completed 
three days of talirs with senior UR 
officials Friday, indicated at a news 
conference that he expected the ad- 
ministration to ammnnrn soon an 
economic aid package for Israel 
that would came near the request 
for an immediate S800 million in 
emergency assistance. 

Adminis tration spokesmen have 
welcomed signs of movonent on 
the Arab sde in the peace process 
and an imp rov em ent in Egyptian- 
ZsraeG . relations. But they said 
many questions remained about 
both Mr. Mubarak’s proposal and 
the recently concluded accord be- 
tween King Hussein of Jordan and 
Yasser Arafat, the leader of the 
Palestine Liberation Organization, 
before the United States decided 
whether lo re-engage in the- peace 
process. 

Among the questions U.S. offi- 


cials ask is whether the Egyptian 
and Jordanian leaders are airing in 
tandem or on separate tracks in 
their peace initiatives and whether 
Hussein is ready to accept Ml Mu- 
barak’s proposal for eventual direct 
negotiations between Israel and a 
Jordanian- Palestinian d dMatio n. 

The agreement signed Feb. 11 by 
Hussein and Mr. Arafat calls for an 
international conference sponsored 
by the United Nations, rather than 
Arab-Isradi talks. Mr. Arafat has 
yet to comment on Mr. Mubarak’s 
proposal, but the FLO has con- 
demned it 

■ Israel Comments on Talks 

In Jerusalem,- Israeli offidaU ex- 
ited States would back Israel’s 
stand on peace talks in meetings 
with Mr. Mubarak, The Associated 
Press reposted. 

A senior Israeli official said 
Prime Minister Shimon Peres be- 
lieved President Reagan would re- 
ject Egypt’s request for a Jordam- 
an-Palestinian delegation to see 
UR officials before sitting down 
with Israel 

Mr. Peres said Saturday that ef- 
forts to begin Middle East talks 
faced great difficulties, including 
Israel's rejection of negotiations 
with the FIX). 

In a speech to members of the 


United Jewish Appeal, he reiterat- 
ed Israel's refusal to negotiate with 
the PLO, the main p oint of dis- 
agreement between Israel and Mr. 
Mubarak's peace proposals. 

Mr. Peres's chief rival in the bi- 
partisan government. Foreign Min- 
ister Yitzhak Shamir, was more 
critical of Mr. Mubarak’s initiative 
in an Israd radio interview Satur- 
day. He said Egypt was only trying 
to improve relations with Jordan 
and the PLO. 


Massachusetts Charter 
Is Found in Drag Raid 

Reuters 

BOSTON — A parchment page 
of a 1629 land-grant charter signed 
by King Charles I of England and 
stolen in August has been returned 
to the state archives here after be- 
ing seized in a drag raid. 

The parchment, part of the Mas- 
sachusetts Bay charter creating the 
Massachusetts Bay Colony, was 
thought at first to be a useless piece 
of dd sheepskin. District Attorney 
William Ddahunt said. It was 
found in a cupboard in a Boston 
apartment on Friday along with 
antique oriental rugs and some ngc 
guns. 


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Page 6 


MONDAY, MARCH 11, 1985 


Jteralb 


INTERNATIONAL 


Published With The V" York Times mi The Washington Port 


jnbune Jphy J s the SDI Being Taken So Seriously? 


The Choice in Geneva 


What are the Soviet Union and the United 
States prepared to negotiate? If they ate going 
to Geneva only to restrain this weapon or that, 
the arms control process is doomed. As the 
excitement over “star wars” shows, technology 
has outrun diplomacy. Even strict observance 
of today's weapons limit will not stop experi- 
ments that make tomorrow a nightmare. 

That is why the main thing to be negotiated 
now is a concept of stability: a shared vision of 
a balance of forces that ought be sustai n a b le. 

Stability requires sot identical weaponry 
but a comparable capacity to deter attack, and 
a mutual willingness to be deterred. It requires 
a shared confidence that nuclear war is unwin- 
nable, regardless of increases or improvements 
in weapons. And it requires constant commu- 
nication to dispel persistent suspicions. 

If the superpowers can agree on the meaning 
of stability, no disparity in weapons or imper- 
fection in verification should prevent achiev- 
ing iu If they cannot agree on what enhances 
stability, and what diminishes it, not even 
perfect parity in weapons would be safe. 

That is why a simple “freeze” cannot work. 
That is also why it is disheartening to read that 
President Reagan thinks this negotiation can 
be won or lost — “The one who loses is the one 
who gets tired first." Geneva is not a labor 
negotiation to snatch the last buck. It is a quest 
for rules of the road so that two competing, 
careening superpowers can gain some security. 

Attempts at arms control so far rest on a 
shared concept of stability, but one that is in 
danger of collapse. It amounted to a suicide 
pact, to make it impossible even to dream of 
winning nuclear war. It prohibited meaningful 
defense of miss iles or dries. And with the 


disarmed, it contemplated reduci n g 
the amnunt of offense needed for retaliation. 

The superpowers also agreed to let satellites 
spy on each other’s territory. To retard tech- 
nology, they tried to limit tests of warheads 
and missiles. They agreed to bar nuclear weap- 
ons from space. And they kept in touch to 
renew compliance and plan other agreements. 

Both si d e s have undermined these arrange- 
ments. The Russians built too much offense, 
thw^nwing some of America’s retaliatory mis- 
sies; and they began a new phase of experi- 
mentation with anti-satellite weapons. The 
United States led the way in packing many 
warheads into missiles; and it now proposes to 
erect a comprehensive defense in spaa. ' 
Both rides are moving toward a theoretical 
capacity to attack “only” military targets and 
thus to threaten a “limited” nuclear war that 
ymghf “win" a confrontation because neither 
dares to iftack major dries. Neither will ever 
such a nuclear gun at hs head. Even 
desirable defenses — of retaliatory missiles — 
are therefore unattainable without agreements 
that forbid an overpowering offense. And nei- 
ther ride will accept limits on offense without 
agreements that restrain defense. Other every- 
thing is negotiable or nothing is. 

Do we want arsenals of 15,000 warheads 
and then more, or 7,000 and gradually fewer? 
Spy satellites in orbit, or nuclear weapons? To 
hiwtgn or retard new weapons testing? To 
p yitinte about our fears or merely to act on 
them? The only choice is between an arms 
competition that respects a shared concept of 
deterrence and a race without rules that leaves 
both sides perpetually insecure. 

— THE NEW YORK TIMES. 


'Shurocracy’ in Pakistan 


President Zia of Pakistan is in many re- 
spects a typical Third World dictator. He 
seized power in 1977 and shows little inclina- 
tion to relinquish iL But he also wants respect, 
and therefore attempts to clothe his regime in 
democratic garb. like other strongmen he has 
invented a word for his political regimen: 
“shurocracy,” derived from the Arabic 
“shura,” meaning advice or consensus. He 
proposes to reach it cautiously in three stages. 

The fust was a plebiscite in December that 
brought him a “yes” for five more years. This 
month he allowed elections that chose mem- 
bers of the national and provincial assemblies 
— with noparty affiliations allowed. Only step 
three will test his fidelity to his own blueprint. 
He has promised to end martial rule within a 
few months, to appoint a civilian of stature as 
prime minister and to let the National Assem- 
bly decide whether to legalize political parties. 

These would be significant steps. Under 
martial law, politicians have been jailed, par- 
ties banned and newspapers “advised" as to 
what they can publish. Restoring the authority 
of civilian courts would restore the rule of law. 


an indispensable condition for more self-gov- 
ernment President Zia has often broken such 
promises. Still, he now seems shrewder, more 
assured than in his first years, when he execut- 
ed bis main rival and let mobs bum down the 
U-S. Embassy after an attack on the Great 
Mosque in Mecca. Only after Soviet troops 

moved into Af ghanistan and f nnriampnf al ism 

swept neighboring Iran did he move to repair 
Pakistan's American connection. 

The United Stales has ample strategic rea- 
sons for supplying arms and aid. General Zia’s 
Pakistan preserves access to Soviet-occupied 
Afghanistan and shelters minima of Afghan 
refugees. Bat tins help can be justified without 
pretending that he is a natural democrat. 

That there is a yearning for change was 
evident even in this month's circumscribed 
election. Seven members of President Zia’s 
cabinet were defeated. Scores of his known 
critics won seats but still- undefined power in 
the National Assembly. He can demonstrate 
new maturity If he lifts martial law and pro- 
vides oxygen for the newborn parliament. 

— THE NEW YORK TIMES 


Other Opinion 


Germans Prefer to Look Ahead 


In the 40 years since the end of World War 
II the German Federal Republic has devel- 
oped into a democratic state with impeccable 
credentials. In the Western alliance it bears a 
big share of the common defense burden. 
Without abandoning the ultimate aim of re- 
unification with the part of Germany under 
Communist domination, it has entered into 
normal relations with the Soviet Union and r 
the other East European regimes, including. 


up to a point. East Germany. It has assimilated 
millions of refugees from the East, established 
a critical opposition along democratic lines 
and maintained the freedom of the individual. 
In these circumstances, nobody can blame the 
Germans for preferring to keep their eyes on 
the future rather than dwell on anniversaries 
of past events like V-E day. 

— Neue Zurcher Zeitung (Zurich). 


on the Israeli army are stopped. Fine; but who 
attacked whom first? It was not the Lebanese 
Shias. against whom Israel so misguidcdly 
launched its invasion in 1982, but the Palestin- 
ian guerrillas wbo had made southern Leba- 
non into a virtually autonomous state within a 
state. At that time the Shias were as anti- 
Palestinian as the Israelis. Indeed, many of 
them greeted the advancing Israelis with rose 
petals as they roared through the countryside 
in their armored convoys on the way to BdruL 
It is too late to expect the Shias suddenly to 
become Israel's friends again. But there is still 
time, just, for Israel to put the glove back onto 
its ugly “iron fist” in the hope that by so doing 
it might lessen the risk that Shia attacks will 
follow its troops back across the border. After 
all, wasn’t the whole idea of the Lebanese 
invasion to bong “peace in Galilee"? 

— The Observer (London). 


IronfistedTeace in Galilee’ ? 


Idiosyncratic Under the Law 


The situation in southern Lebanon is be- 


coming daily more appalling. Gashes between 
the demoralized Israeli army and its Lebanese 


the demoralized Israeli army and its Lebanese 
equivalent are just the latest in a series of 
dangerous developments accompanying Isra- 
el's belated withdrawal from that unhappy 
country, nearly, the Israelis are entitled to 
defend their soldiers as they prepare to pull 
out. When shot at, they are right to shoot back. 
Bui the “iron fist" operation of the past two 
weeks b as gone far beyond that: It looks suspi- 
ciously like an all-out attempt to terrorize 
Lebanon's Shia Moslems into submission. 

Government spokesmen in Jerusalem have 
adopted the apparently blameless posture that 
Israeli operations will cease as soon as attacks 


After 35 years, I have finished a comprehen- 
sive study of European comparative law. 
After careful study of four legal systems in 
Germany, France, the Soviet Union and Italy, 
here are my conclusions: 

In Germany, under the law, everything is 
prohibited except that which is permitted. In 
France, under the law, everything is permitted 
except that which is prohibited. In the Soviet 
Union, under the law, everything is prohibited, 
including that which is permitted And in 
Italy, under the law, everything is permitted, 
especially that which is prohibited. 

— Newton Minow, former chairman of the 
Federal Communications Cormdsatm, speaking 
to the Association of American Lao Schools, 
as quoted in the Congressional Record. 


FROM OUR MARCH 1 1 PAGES, 75 AND 50 YEARS AGO 


1910: Turks Quell Albanian Rebels 
CONSTANTINOPLE — A new fight between 

Tllrlirk J a _ J 


" 

Turkish troops and Albanians is reported. The 
“Vardar," a newspaper published in Uskub. 
announces that fighting took place recently 
between Ottoman soldiers and Albanians in 
the village of Bdek. near Detchani. A certain 
number of Albanians, endeavoring to organize 
an uprising against the Constitutional regime, 
were in hiding in the village, and two battal- 
ions of infantry with guns were sent to capture 
them. The Albanians were surrounded, but 
refused to surrender, and perished in the ruins 
of their fortifications, which were destroyed 
by Turkish artillery. The Turkish troops had 
twelve killed and many wounded. 


1935: Babe Ruth Leaves the Yankees 
PARIS — The glamorous Babe Ruth is dis- 
carding the uniform of the New York Yankees. 
He is to go to Boston as executive and part- 
time player with the National League dab of 
that dry and his departure from New York has 
aroused mixed emotions among his admirers. 
He win be missed at the stadium and so will 
the threat that lurked in his mighty war dub. 
Some one has said that it is more thrilling to 
watch Ruth strike out than to watch another 
baD player hit a home run. No one who has 
ever felt the tremor that runs thro ugh the 
crowd when the Babe approaches the plate will 
question it, nor win any one wbo has witnessed 
the Homeric quality of his home run drives. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1953-1982 


KATHARINE GRAHAM. WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


LEE W. HUEBNER. PMuktr 

SKKSiySKF Executive Ed** RENEBONDY Depvy th&Uker 

unncoT ru^iDi: g®*’ ALAIN LECOUR Assoaau frMsher 

?S5mT^wr CCABE DtpmEihior RICHARD H_ MORGAN Assoaaie PubSsher 

JSWrkuSrr Deputy Ediarr STEPHAN W, CONAWAY - Orta* of Optretum 

CARL GEW1RTZ Asjxuk EJiior FRANCOIS DESMAISONS DueaarSo^don 

ROLF D. KRANEPUHL Director of Advertising Safa 
International Herdd Tribune. 181 Avenue Chartes-de-GaulIe. 92200 Neuffly-sm^ane, 

France. Telephone: 747-1265. Tdex: 612718 (Herald). Cables Herald 
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Rd. Hong Kong TeL 5-285618. Telex 61170. lEfT 
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v 1985, International Herald Tribune AO rights reserved. 




W ASHINGTON —The troubling feature of 
the political terrain as the Geneva talks 


YY the political terrain as the Geneva talks 
near is the way both Soviets and Americans have 
bid up the pnee of the Strategic Defense Initia- 
tive, President Reagan's plan for a nonnuclear 
tfc fcnm against n ndpflr rmwil rs in space. 

So far, after all, “star wars” is only a research 
program or, if you prefer, a fantasy. The question 
of whether it can ever feasibly perform the more 
ambitious tasks set for it has to be considered 
highly conjectural Yet in Moscow as well as 
Washington the operating premise is that it will 
work — in the sense of transforming the strategic 
scene and making defense a crucial factor, per- 
haps even more important than deterrence. 

We have known that is what Ronald Reagan 
thinks: Some years ago faith conquered whatever 
doubt may have been in his mind The other day 
some of us got an up-dose look at what the 
K remlin thnila. A Soviet general visiting in 
Washington came to The Washington Post for 
breakfast He thundered against the SDL sound- 
ing in his judgments just as certain as Mr. Rea- 
gan that it would ultimately come to be. 

Curiously, readiness to concede the eventual 
success of the SDI extends to some of the most 
pungent American critics of the way the adminis- 
tration approaches Geneva. Arnold Hordick, of 
Rand-UCLA, suggests in Foreign Affaire maga- 
zine that the prospect of ‘revolutionary break- 
throughs'* in defense is the greatest threat to 
arms control; he terms “impossible” the Reagan 
idea of negotiating offensedown and defense up. 
But that prospect offers the best hope of break- 
ing the stalemate, if the SDI is on the table. 

A strange irony is at play here. Deterrence is 
time-tested, road-tested, warrantied, the works 
— but deterrence still leaves many people scared 
and ske ptical Defense is new, remote, untested, 
far unlikdier — but defense has quickly won an 
elite corps of believers. East and West 

Is it tnat people crave certainty, even an illu- 
sory or fearful certainty, to satisfy a sense that 
they must know what their fate is. regardless of 
its terrors? Is it that the SDI satisfies America's 
sense of being a special place not subject to the 


By Stephen S. Rosenfeld 


to preserve an opening for the SDL It is going to 
Geneva prepared to forgo any possibility to limit 
the strategic and intermediate-range nuclear 
arms that have heretofore been the mutual U.S.- 
Soviet concern, if the cost is yielding the SDL 
The administration does not see it exactly that 
way. It expects the Soviets eventually to come to 
a “rational” conclusion that their national inter- 
est requires them to follow the American exam- 
ple and get out of nuclear offense and into 
aonnudear defense. The Soviets insist they will 
beef up their offense instead, and they are ex- 


Moscow, in giving voice to a tremendous alarm 
about the SDI, know what it is doing? 

To a certain swath of Americans, nothing 
confers value on an arguable project so much as 
the spectacle of the Kremlin’s hostile and per- 
haps disingenuous objection to iL The Soviet 
Union is fresh from a tremendous and costly 
misreading of Western opinion — its failed effort 
to balk deployment of new American intermedi- 
ate-range missil es in Europe, while its own de- 
ployments continued. Has it, in its ca mp aign 
agamst the SDL bundled into yet another fran- 


tic misreading of even greater potential cost? 

In. a democracy, where presidents are account- 


DCUCU W OJAJIU W. fc«w — “ — O * 

SDI in European and American opinion* but that 
is Mken by the administration as a tactical pro- 
gram that Americans most calmly wait out 
Does the administration, in declaring the SDI 
not negotiable and in mortgaging all of aims 
control and much of the course of U.S. -Soviet 
relations to the SDL know what it is doing? Does 


able to the people, defense agamst nuclear attack 
becomes, once it goes critical in public opinion, 


an extremely powerful idea — morally and per- 
haps politically irresistible. The dilemma arises 
from die pressures on Mb’. Reagan to move the 
idea toward reality, without knowing if it has 
reality or whether the process of finding out may 
overwhelm the fragile U-S.-Soviet enterprise 
The Washington Post. 


Something Better Than Another Button 


familiar mortal perils and limits on h uman en- 
deavor, and confirms for the Russians their sense 


deavor, and confirms for the Russians their sense 
of intrinsic UJL menace and superiority? Could 
the Russians know something about the SDTs 
feasibility, or about relative technological com- 
petence, that some Americans do not know? 

No matter. The administration appears intent 


rp HE starting point for any rational discourse 
X on the Strategic Defense Initiative is a large 
dose of modesty in predicting what science can 
offer in the future. How many times has hu man 
ingenuity overcome human expectations and 
even expert predictions? Thomas Edison, lot 
example, forecast: “Fooling around with alter- 
nating currents is just a waste of time. Nobody 
will use it, ever. It’s too dangerous.” This — and 
countless other examples — should be enough to 

raise questions about the so-called “expats” wbo 
say a strategic defense can never work. 

Nudear deterrence has worked, preventing 
both conventional and nuclear war for some 40 
years. For the past few decades, however, its 
success has hfng^d on mutual assured destruc- 
tion — the threat, in effect, to inflict unaccept- 
able damage on the Soviet Union in retaliation 
for aggression. Such a dreadful “balance of ter- 
ror” has naturally come under attack from peo- 
ple all across the ideological spectrum. Surely, if 
posable the president should nave options — not 
just the one button. If another button — to 
destroy incoming nudear weapons — ought be 
feasible, should we not look into that possibility? 


We envision the future of arms control in three 
phases. During the first phase, deterrence will 
ranrinne to rest almost exclusively on offensive 
m>rf<-ar retaliatory capabilities — but greatly 
reduced levels of nudear forces. This period 
could last ID or 15 years, or longer, depe nding 
largely on strategic defense research. During the 
frfyy>n d phase, of indefinite duration, we would 
begin to move toward an ever greater reliance on 
defense. The last period would bring the com- 
plete elimina tion of nudear arms. _ 

This evolution wOl depend critically on co- 
operation by Washington, in consultation with 
key and Moscow. This has begun and wiB 
restart in Geneva on Tuesday. Despite the pro- 
found differences between East and West, there 
is a shared opinion that we have to get on with 
reducing — and eventually eliminating — the 
n nrlf* 1 * threat- Getting back to basks, back to 
the offense-defense relationship, may be just the 
prescription for overcoming the impasse in aims 
control and paving the way for a far safer future. 

— Kenneth L Adebntm. director of the 
U.S. Arms Control and Disarmament Agency, 
writing in The New York Times. 


Reagan’s Nicaraguan Brothers Shoot at Newlyweds 


B OSTON — General Washington 
and his men. on an expedition in 


D and his men, on an expedition in 
Tory territory, came upon a wedding 
party. “ Fire when ready, ” Washington 
ordered, “and be sure not to miss the 
bride." — Parson Weems, “The life 
of George Washington,” as revised 
by Ronald Reagan. 

The Nicaraguan “contras” are the 
“moral equal of our Founding Fa- 
thers,” President Reagan has said. 
They are “our brothers.” They are 
“freedom fi ght ers struggling for lib- 
erty and democracy." 

On the day after Ghrisimas 1984. 
(hose “freedom fighters” attacked a 
wedding party on the way home from 
church in the Nicaraguan country- 


By Anthony Lewis 


“contras” have regularly murdered 
unarmed civilians, including women 
and children “who were fleeing-" 
They have kidnapped and raped ci- 
vilians. They have tortured, mutilat- 
ed and executed prisoners. They have 
made “deliberate use of tenor.” 

So there is a staggering gap be- 
tween Mr. Reagan’s metonc and the 
reality of the fighters’ character. And 
the same kind of departure from real- 
ity is evident in the Reagan adminis- 


tration’s demonology about the San- 
dims! government in Managua. • 
Nicaragua, Mr. Reagan says, is a 
“totalitarian Communist state.” It 
has “behind the Iron Curtain,” 
says Secretary of Slate George 
Shultz. No one who knows the Soviet 
Union could believe such nonsense. 
Opposition parties won 30 percent of 
the vote in the Nicaraguan election 
last year despite U.S. efforts to have 
it boycotted. The church and some 


labor unions are open opponents of 
the regime. Nicaragua's is largely a 
private-enterprise economy. 

A thir d area of unreason is the 
Reagan administration’s military 


they can make the Sandinists cry 
“unde." But General Paul F. Gor- 
man, retiring commander of U-S. 

forces in Central America and a hawk 
on the subject, says the “contras” are 


incapable of overthrowing the gov- 
ernment in “the foreseeable future.” 


side. They killed six people, including 
the bride Why did they do that? 


Numerous reports on their activities 
make the answer clean Their strategy 
is to terrorize the population. 

Among reports published last 
week, one by Americas Watch, a hu- 
man rights group based in New York, 
dealt with both the Nicaraguan army 
and the “contras.” Abuses by the 
former have sharply declined since 
1982, it found, but abuses by the 
latter are continuing and systematic. 

There are gruesome stories in the 
Americas Watch report, corroborat- 
ed by U.S. lawyers in interviews. The 



’ ^ m 


eminent in “the foreseeable . 
When political leaders di 


sharply from reality as Mr. 
has denarted on Nicaraeui 






It Is 47 Years Since the Anschluss . . . 


N EW YORK — Exactly 47 years 
ago, on March 1 1, 1938, my par- 


JLN ago.on March II, 1938. my par- 
ents, my brother and I sat in our 
living room in Vienna and heard 
Chancellor Kurt von Schusdwigg’s 
cry from the radio: “God protect 
Austral" It was the day Austria died. 
A few sentences earlier, he had said 
that German troops were crossing the 
border on the pretext of putting 
down Red riots throughout the city. 

My father turned off the seL There 
was silence in the street and around 
the table. He pointed toward the bed- 
room. I was a child, too young for 
politics, but we knew what be meanL 
The cook would come in soon to set 


By Frederic Morion 


out the dinner dishes, and she was no 
longer the cook. She was the Aryan in 
the apartment. We were no longer 
citizens at home but members of a 
cursed race. Jews must huddle in 
crevices until they could escape. 

In the crevice that the bedroom 
had just become, my father said we 
must be calm; the Anschluss, the an- 
nexation, was not the end of the 
world. He had business connections 
in Sweden. We had relatives in New 
York. My mother said she was calm, 
but she must shop for spring ward- 
robes for the children to be ready for 
emigration. My brother, a tot, looked 
calm, but he did what I had never 
seen him do during his tired hours at 
the end of the day. He began to play, 
hard, with his toy train. 

I resolved to be calm. I went to my 
room. Without quite knowing why I 
drew out the top drawer ol my bu- 
reau. Next to my marbles was a min- 
iature American “foothalT shaped 
like none I bad known — • “football” 
being an Austrian word for soccer, 
with its round baH This looked like 
an egg with ridges. It did not bounce 
like normal balls but jumped in way- 
ward angles. It had been given to me 
by a gum-chewing cousin visiting us 
from a place so far away and unique 
it was called the Bronx. 

Until 7 PAL, March 11, 1938, this 
little leather item bad beat a souve- 
nir. Then within a second it became a 
talisman. It spoke to me of a won- 
drously crazy world where football 


the mage baD through a hole in my 
pocket Yet I remembered it, the 
curve and texture of it when we ar- 
rived in New York in 1940. 1 remem- 
bered its shape and its mystery. 

As a high school kid in America I 
played a bit of handball, some base- 
bail, a lot of basketball, but never 
footbalL I never even managed to 
find out why the Giants punted on 
fourth down. I did not want to reduce 
that game to the ordinary reality of 
rooting or betting. I wanted to keep 
seeing it as a very special paradox 
that hid inside its caveman chaos the 
grace of a secret ballet That vision 
helped me presave the idea of the 
prodigal possibilities of America. 

The years went on. I became aware 
of America’s Vietnams, international 
and domestic. I could still march on 
the Pentagon without losing my ca- 
pacity to marvel at a nation that 
could mix violence and corruption 
with freedom and large-heartedness 
in ways as extraordinary as those that 
used a leather egg for a footbalL 

A couple of weeks ago that capaci- 


ty of mine gave out Maybe it was one 
White House statement too many, 
declaring that the United States bad 
“the moral duty” to change the gov- 


Maybe it was the fact that neither I 
nor anyone rise did murh marching 
against sit! 1 statements anymore. 
Maybe it was the realization that 
what I considered my tempered and 
sophisticated patriotism resembled a 


“good German’s" piety. 

Not that I see the United States as 


Not that I see the United States as 
simply, and simplistically, the New 
World's Third Reich. But I have be- 
come subject to another thought: that 
I am part of a great empire whose 
behavior is logically and routinely 
imperial toward the weak made and 
outside of hs borders. And today I 
remember that Anschluss moment 47 
years ago when I touched a tiny oval 
and experienced America as hope — 
fabulous, wild, uncompromised. 


The -Miter is author of * The Roth- 
schilds” aid “A Nervous Splendor.” His 
latest novel "The Forever Street,” deals 
with a Jewish family in Vtama. He con- 
tributed das to The New York Tunes. 


The New York Times. 


LETTERS TO THE EDITOR 


could be piaj 
gigantic stadi 
surdity of « 
save my famu 
ihai had Sudd 
And so lcl< 


with such things in 
l The powerful ab- 
haped balls would 


rurnea against us. 
my fingers around 


the amulet and carried it through 
many shivering days that followed. 

Somewhere in the turmoil between 
my father’s arrest by storm troopers 
and his release from Dachau. I lost 


On Pakistan’s Economy 

Here are a few observations in re- 
sponse to Jonathan Power’s opinion 
column “Zia Works a Little Miracle 
on Pakistan’s Economy” (Feb. 15). 

According to the latest inter- 
national financial statistics from the 
International Monetary Fund (De- 
cember 1984). with a few exceptions 
most of developing Asia achieved 
about (he same growth rate in the last 
seven years. Taking into account the 
foreign exchange resources that have 
been at its. disposal, Pakistan’s 
achiev emen t is rather modest 

Yearly remittances by Pakistanis 
working in the Middle East reached 
nearly S3 billion, not unhiding SI 
billion in prepaid imports brought in 
by them. Tins is about 12 percent of 
GDP and one-fifth more than annual 
exports. In addition, Pakistan went to 
the top of the list of countries favored 
by Western donors after the Soviet 
intervention in Afg h a n ista n . 

Remittances, aid, loans and so 
forth totaled more than S5 billion 
during the last year. With the lack of 
any Imaginative economic strategy, 
these resources are used to support a 


consumer-oriented society. Imports 
have mushroomed, and more than 70 

percent are manufactured consumer 
goods or industrial raw materials far 
consumer goods for the domestic 
market. In recent years Pakistan has 
spent more to import cooking oils 
than industrial machinery. 

The increasing trade deficit threat- 
ens to deteriorate further during the 
current year. In 1983-84 the trade 
imbalance increased from the preced- 
ing year’s $17 billion to more than $3 
bull on. The figures issued for the first 
half of 1984-85 show that Pakistan is 
heading for a record ddkit on its 


trade balance, caused by a 7-percent 
drop in exports coupled with a 15- 


drop in exports coupled with a 15- 
percent rise in imports. The latest 
projections indicate that by the end 
of tins decade the trade deficit will 
reach at least $5 billion and the gov- 
ernment will have to seek more and 
more foreign borrowing to fill the 
gap. At present it owes about $14 
billion — more than five years’ ex- 
ports at the current level. 

Last year was to see the launching 
of a new five-year development plan; 
$10 nnDi<» was spent in drawing up a 
vast plan that was revised downward 


No Strategy 
For Growth 


if* 


In Europe 


■•-*«*■ *#* 

40* 4 

I 

- ? -jf* 


By Hobart Bowen 


W ASHINGTON — Even after 
meaningful reduction of ; 


budget deficit, America would st 
look like a haven for forei gn . 
meat compared to Europe, ^ 

rope shook off its lethakgy and r 
suxned a better level of growth. 

There are early signs that Eorop 
after some painful decisions to 
welfare spending and force busing 
and labor to be more efficient, " 
regaining a measure of canfhfcoc '• 
Yet it is dear that it faces a la 
catching up process to match fl 
pace of North America and Japan. 

Europeans concede the size of t! 
problem. The main evidence is that 
the last decade, while America ati 
ed 18 miHion new jobs. Europe had 
set loss of a few million. In part th ' 
represented a massive labor shakeo -• 1 
that has boosted productivity rates - 
twice the rates in the United Stale 

Resultant high levels of unemplo ■ 
mem are “one of our black areas : 
rays the new secretary-general of d 
OECD, Jean-Gande Paye. Even wi . . • 
somewhat faster economic growth,! - 
warns that an upturn in unenqda 
mem is not yet on the horizon. 

The OECD reports that from 19r 
to 1981 spending for welfare pi 
grams in the industrial nations gn' 
at twice the rate of economic growl .... 
For the rest of the decade, accords 
to the study, there will be little roc' -• 
to expand the welfare state. 

Grudgingly, Europeans conco 
that America s more flexible, less re 
ulated labor and capital markets ha ■' . 
promoted the sort of entrepreneuri 
magic that creates jobs. Lower c 
rates and business incentives afln 
investment in the United States - 
capital that might otherwise have ; • 
nanced expansion in Europe. 

Slowly, European governments a -■ 
trying to make the atmosphere me / 
conducive to investment, hoping - 
replicate the American experiea . . 
Even Italy, where the scala mat 
produced an inflation rale during t -. 
1970s that was the highest in indust . \ 
al Europe, has been able lo hold s[ ■ 
nual wage increases to single digf_. 
Business profits have jumped. 

Yet, as New York economist Hi. v 
ry Kaufman suggests, the main dr - 
ing force in whatever growth Enro . • 
is achieving cranes from swelling i ' 
ports to the United States, indue;; 
by the cheap rates for European cr 
rendes. So tong as there is no “inr; 
pendent strategy for growth," k"’ 
Kaufman suggests, Europe is lihdy ; 
lag behind the United Stales. 

A more upbeat note comes hi 
Horst Schulmann. a former official 
the West German Finance Minis 


f . ) . < iHHUV 

. JSa 


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has departed on Nicaragua, when 
reason flees, it is important to try 
to understand why. As Shakespeare 
pul it, “Madness m great ones must 
not unwatch'd go.” 

An ideological fixation drives Mr. 
Reagan’s poOcy on Nicaragua, I am 
convinced. He came to office deter- 
mined to overcome what conserva- 
tives call the Vietnam syndrome, an 
unwillingness by the United States to 
use its military power. He must have 
an opportunity to use U.S. muscle. 
Nicaragua is the chosen place. 

As always when ideology is in the 
saddle, inconvenient facts are pushed 
aside — and so are counterproduc- 
tive results. Thus we see a U.S. prea- 


wbo said recently: ’‘Europe has coh ‘ - 
to realize that it cannot build its ; 


rare on smokestack industries, ir ^ 
even on yet-more-productive sm rf~‘ ‘ ‘ 
stack industries. And go veraflH 
indust rialis ts and bankas are <£j : . 
something about it” 1 hope V , 

S chulmann is right, for the wo ; . v '. 

needs a strong and vibrant Eurtp ' '■ 
Yet doubts remain. In the fare 
overgrown welfare-station, the h ft ^ 
that the OECD secretariat could n fTvj 
rare to put in its press release was d T \C* 
“through the end of the 1980s tb » 
wiUbeUttieornoroomfraincreaa ^ 
the scope and coverage of thcwdh : 'Bra . 
state." It said that the “essential! *5* 


^ 

; it 




dent inventing a Nicaragua that is 
not there, and supporting terrorism 
in the name of freedom. We see the 
policy pursued with frightening rigid- 
ity, in the teeth of political and mili- 
tary realities. And we see it helping 
the hard men among the Sandinists. 

The policy is unrealistic in still an- 
other sense. It runs against the deep 
instincts of the American people. A 
Washington Post-ABC News poll 
last month asked whether the United 
States should try to overthrow the 
Nicaraguan government. The result 
was 12 percent yes, 70 percent no. 

Given the irrational nature of the 
Reagan policy, it is straining to real- 
ize that Democrats are relatively sub- 
dued in their criticism of it Here is a 
policy based on fantasies, a policy 
carried out by murderers, a policy 
leading the United States into a Cen- 
tral American quagmire, a policy un- 
welcome to the public. Where are the 
voices of leadership making it the 
great issue it should oe, the dominant 
issue before the country? 

The United States is not threat- 
ened by Nicaragua, a country of fea- 


tures of the welfare state cangfepA^V 
served through to 1990.” *| ,i\ 

And Mr. Paye, not wishing .. \ \ , 
state Europe’s prospects, " V 

guess al a prospective Eurtc- 

growth rate over the next few yearf^i__ 

more than 3 percent, or a potent — 
growth rate above 4 percent, 

Farther eradication of structural- 
gidi ties is accomplished. : r . 

What it comes down to is that m.^. ' 



and war. It is threatened, in hs deep- 
est nature, by a jpolicy that allies the 
United States with terrorism. 


political leaders in Europe know C 
economic growth is a must, and t 
to get it, some antiquated custo JL*. 
must go. The technological gap V, 
tween Europe on the one hand i AJc 
the United States and Japan on, v 
other is appalling, as even Mr. Sdr ^ 
mann admits. One of the reasoC .. VI 
that there is a lack of venture 
in Europe, outside of BritaimjJpV^ 
European research-and- dg|| ,'»» 
mem spending is high, and Ericas V- V 
scientists collected the bulk bfxv.V 
year’s Nobel prizes, Mr. Schulmit ■ - 
points out. But can Europe capita. 
and commercialize what is devdot^ 
in scientific labs? It will tafcenjA • 
a dogged insistence on 
op timism.” As painful as the cats ym 
wages and we&are spending lAV 
beat, more may be nwded. Ova l* 
Europe needs the courage to » ' '• ; 
away from protectionism, and a ( 

Utica! leadership that will help /in 
some of the original promise o 
truly integrated Common Market 
Washington Post Writers Group. 


"f Nr-*? . 

* .. 



tuM ra 

: «. -vA? 




three times before it was approved. 
The government has scrapped it re- 
placing it with a mini-version of a 
three-year plan. It dawned on the 
planner that, although Pakistan is in 
a unique position of having most of 
the foreign exchange requirements, it 
does not nave the domestic resources 
to cany the plan through. 

Private and state consumption has 
risen steadily. In 1977 it was 90 per- 
cent of GDP; in 1983, 95 percent — 
leaving only 5 percent as savings to 
be invested. This is one of the lowest 
sayings rates in the world. Other 
Asian countries average 23 pcrcenL 

[Name and address supplied.] 


Europe and a Global St 


Discussion of President Reaa- 
Strategjc Defense Initiative cont^ 
an almost unchallenged premise; 
due course two strategic defense N 
terns (American and Soviet) wiUk 
ist, with components ending Eaj( 
Would not one such system oo?& 
Europe could take the 


creating one global __ 

aam. The aim of a joint 
European-Japanese program sbwg 
be investigation of the possibHiO^K 
development and, possibly 
ployment of a global nonnuclear fry 
tem that wraild render any prohibir^ 


S.^Tstr, 



The Same in Maine 

Charles Hil linger, in “Maine’s 


French- Americans; A Quiet Group 
Seeks Recognition” (Feb. IS), com- 
ments that “physically, French- 
Americans appear ... no different 
from the majority of residents of 
Maine.” Really, they don’t have two 
beads and three arms? 

M J. P1ATTEI.I 1 
Milan. 


military use of space impossible. 

Why coaid not Europe take 
initiati ve in creating a supranatioL 
organization to control this gk 1 
research and, possibly later, the 
velopmen: ana deployment of sac 
defensive system? Why could not , 
rope take the initiative in creai 
one global doctrine to replace , 

aJ wtnmnliY * 


sured destruction, we could ihcn b : 
globally pursued survival 

RENE van DRUENE? , 
Maastricht, The Netboiann.' i 




1 ism. 








INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


Page 


h 


At Thai Border, Cambodians Settle Into a New Limbo 


Bv Barbara Crosserce 

k 'fit* York Times Service 

U SURIN, Thailand —They call it 
'The Border.” 

Nobody has to specify which 
' T»fder. although there are four in 
\ j bailan d, none of than completely 

■ 'jMceful, because this particular 
-. ttrip of siaMCorchcd scrubland 

aring Cambodia is more than an 
ntemationa] boundary. It has be- 
VaMoe a separate void, a country 
vithin a countiy. 

. Life in the border area is domi- 
taied by armies; Thailand's, which 
. ‘ Mnirols its roads and issues its as- 
sess permits; Vietnam’s, whose 
. antes and artillery determine its 
.. moods, and a roster of irregular 
■. pierriUa bands, whose wars are 
■- vaged from its sanctuaries. 

Yet village fife goes on. Gustos 
r- »f small, weathered wooden bouses 
hi stilts are home to rural people 
dassified as “affected Tnais." 
(here are thought to be nearly 
' . MO, 000 of them along the hundred 
] ■ k so most vulnerable miles of fron- 
ier. Their lives axe punctuated by 
egular identity checks, intermit- 
‘ ent evacuations and occasional 
. ' baths in the ricefidds. 

' ' At Ban Song, where the. Thai 
“ Army has a temporary base, a 

* _ voman named Bun Peog said she 

iaH heard rha Vin t nrtmnan g u q c anf) 

; vasgbid the Thai troops had come. 
-1 bnng the soldiers mangoes and 
. -ocoquis and. sticky rice,'’ she said. 
Jiticky rice, a rice sweetened with 
~ ynro, is a specialty northeastern 
■'Tiaiiand. 

. : The people who most dominate 
' he border region now, giving it 
T 'Wlh its limbo-like atmosphere and 
; : ts distinctive economy — a blanket 
'rf international relief embroidered 
• iy makeshift free enterprise — are 
he refugees, hundreds of thou- 
■ands of them. 

■ For five years, the. cairns peo- 
Med by Cambodian guerrillas and 
-heir civilian foQowers.were season- 
- 1 phenomena in Thailand. 

• - They mushroomed in the winter 
"Iry season as HanoTs troops bom- 
- nutted villages in 

• rolled territory inside Cambodia. 
" Vhen the runs came in June or 
-iJy, and mud slowed the Vietnam- 
ese Army, the Thai camps were 
: bandoned and the resistance — 

aen, women, and children — 
■' ''rudged bade over the bonier into 

* lambodia to resume the war. 

' This year, the Vietnamese troops 

■ ave moved into the recently evac- 
' aied Cambodian guerrilla settle- 
ments, apparently to ■stay. 

The administrator at one of the 
hai refugee sites was asked how 
mg he thought his 20,000 Cambo- 
.Jan charges would remain this, 
ear. 

' “We’re planning on this being 

■ jennanent,’* he said. 

A Cambodian woman, pointing 


to the edge of the site, said, “Some- 
times we can hear the Vietnamese 
tanks rumbling over (here. This 
year, 1 don't think we will go bade” 

The refugees have few choices. 
Thailand does not want them to 
settle here. Most reject the Phnom 
Penh government's offers of am- 
nesty to return to Cambodia. Few, 
iT any, have a chance of being of- 
fered asylum in a third country. 

Journalists drive four hours 
from Bangkok to the border town 
of Aranyaprathet to cover the 
Cambodian war that can now be 
reported from only one side. A six- 
hour journey brings them to Sunn, 
in northeastern Thailand, the cen- 
ter of the most recent fighting 

Maps are not much use since 

place names and the plaCCS 

themselves appear and disappear 
with the ebb and flow of war. 

The guerrilla armies define the 
unofficial “provinces” in this area, 
as they move bade and forth across 
the border. South from Aranya- 
prathet to the Gulf of Siam is large- 
ly Khmer Rouge territory. To the 
north, as far as San Ro' Chang* 
the non -Communist Khmer ft 
pie's National Liberation Front is 
dominant. From there, farther east 
and north to Sirin, the followers of 
Prince Norodom Sihanouk have 


Hus civilian followers of (he 
guerriHa armies, most of them re- 
cently driven from strongholds in- 
side Cambodia , by a Vietnamese 
offensive; live in tent cities that 
soon become villages of (hatch and 
bamboo. 

The bamboo, like almost every- 
thing that sustains life in tne 
is brought in by the UN 
Rebel Operation, which 
was created in 1983 to oversee the 
distribution of World Food Pro- 
and other social and 
tilarnm accixtanrg to this re- 
gion. 

For the Khmer Rouge, who ruled 
Cambodia from 1975 to 1979 with 
a reign of terror that left at least 
one mflfion dead, this year is also 
Afferent For the first time, they 
a bandoned their mountain hide- 
outs of Phnom Malai and Pbum 
Thmey to Vietnamese forces, scat- 
tered their troops in small units 
inside Cambodia and sent their 
families in large numbers to Thai- 
land. 

The Khmer Rouge had been se- 
cretive and austere in opposition, 
barring outriders from their guer- 
rilla settlements and prohibiting a 
black market in consumer goods 
that would have eased living condi- 
tions in their camps. 

Now Khmer Rouge civilians, 
without the stem presence of their 
mflitaiy leadership, are Irving in 
relative freedom. 

At Khao Ta Ngoc, about 30 
miles (48 kilometers) south of 


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Aranyaprathet, a reporter and a 
photographer wandered through 
their new camp, which houses near- 
ly 40,000 displaced people, without 
hindrance or threat, talking until 
men and women through a fuuner- 
speakmgThai interpreter. Children 
came forward cautiously. Young 
men, who denied they were soldiers 
although some were wearing the 
Chines e-style uniforms of elite 
troops, came forward and an- 
swered questions. 

Rnk Jont, 35, saying that he had 
been a KJuncr Rouge soldier for 
more th«q a decade, brushed aside 
questions about Pol Pot, the guer- 
rillas’ leader. Instead, he conspicu- 
ously praised Prince Sihanouk as a 
“boo of the Khmer people.” 

■ Guerrilla Leader Killed 

A leading Cambodian guerrilla 
commander has been reported 
killed, and fighting on both sides of 
the Thai-Camboaian border was 


continuing, Reuters reported Sun- 
day from Bangkok. • 

General King Men was killed 
Friday when Vietnamese troops 
sheBed the Green H31 guerrilla 
base in Cambodia near the Thai 
border, authoritative sources said. 
Fighting- on both sides of the bor- 
der showed no signs of slackening, 
they added. 

Meanwhile, Thailand has reject- 
ed suggestions from Hanoi on end- 
ing the hostilities. The Vietnamese- 
suggestions were conveyed by the 
visiting Australian foreign minis- 
ter, Bill Hayden, who had been in 
Hanoi. The Thai foreign minister, 
Siddhi Savetsila, told Mr. Hayden 
that Thailand would not consider 
suggestions for a peaceful settle- 
ment of the Cambodian conflict 
until Vietnamese incursions into 
Thailand were ended. 

The Thai official said 3.000 Viet- 
namese troops intruded six miles 



into Thai territory last Tuesday 
and were reristing Thai attempts to 
push them bade. 


Uni Asooeted Pm 

Cambodian refugees resting near Sarin before being moved deeper into Thai territory. 


INTERNATIONAL EDUCATION DIRECTORY 



SWITZERLAND 

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ENGLAND 

35-acre country campus orrfy IB 
miles from central London and 

6 miles from Heathrow airport. 
Founded m 1976, offering Amencan 
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Coed, grades K-12 day; grades 7-12 
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*K-t3, Bax 81025, Ext 64, HffrPfOflasftLf 

CYPRUS 

The newest IAS1S campus, situated 
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offers dose proximity to the Middle 
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• British and American university preparation 

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• Business program 

• Excellent facilities and staffing 

• Labs/Conmuter/Languages (including EFL) 

• Sports/ Cultural excursions 

Summer Courses in Montreux and Gstaad 

during June, July, August 

Write to: 

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CH-1820 Montreux, Switzerland 
Tel.: 021763 53 41 - Telex: 453 267 ROSA CH 


INSTITUT MONTANA ZUGERBERG 

International boys' boarding school with rigorous UJS- college 
preparatory program for Americans. Grades 5-12 [Separate 
sections for French, German and ftahanspecking students}. 
Thorough practire of modem languages. HigWy qualified American 
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sports, excellent ski fociflKes. Travel Workshop during spring 
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Writ*: Dean of ff» Amerkui School, Instffut Montana 
6316 Zuawiiarfe Suritsoriond 


ITALY 


The American Overseas School of Rome 

Is now accepting applications for boarding students for the 
1 985 - 1 986 academic year. 

For details write to headmaster. 

American overseas school of Rome, via Gnria 81 1, DOT 89 Barnet ttaty- 


AUSTRfA 


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A-axducaikmai Amcricw boarding school a Europe’s most 
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Extensive travel, skiing and cultural programs. 

For catalog write. SIPS, Moosac HJ6-*. A-5G20 Salzburg, AUSTRIA 
Tel. 1662) 44485 & 46 S II 



The next Special 

EDUCATION DIRECTORY 

will be published on 

SATURDAY, APRIL 27, 1985. 

For information, please contact 
Franpoise CUment, International Herald TKkne, 
or your nearest 1ST represenzatire. 


HOTEL OPERATIONS 
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Page 8 


INTERNATIONAL HERALD TRIBUNE, MONDAY. MARCH II, 1985 


* / 


WEAPONS IN SPACE / The 'Star Wars’ Controversy 


Reagj 


;an 'Star Wars’ Vision 
Brings Strategic Doctrine, 
Alliances Into a New Era 


(Continued from Page 1) 
about the program are not getting much of a 
hearing in the Inner councils. By almost all 
accounts, support for the program has become 
the touchstone of loyalty to the president. 

In fact, whether some of these questions will 
be answered may depend on the purview of the 
debate. And that may depend on who defines its 
terms — the administration or its critics in 
Congress and the arms control field. 

Officials acknowledge that the administration 
wants the vision to dominate what they see as a 
narrow and practical debate about research into 
promising technologies. 

The critics want to cast the debate in tbe 
broadest posable terms now, before the pro- 
gram becomes enormous and politically unstop- 
pable. 

Officials and critics alike agree that some 
research is desirable, if only on the ground of 
prudence and as a check against Soviet projects. 

Moreover, it should be pointed out that nei- 
ther critics nor Soviet leaders who publicly ar- 
gue for limits on military research have put 
forward a plan for monitoring work that for the 
most part occurs in laboratories. 

Mr. Reagan opened the door to the larger 
debate when he unveiled his ideas on March 23, 

1983. In railin g on scientists to find ways to 
render nudear weapons “impotent and obso- 
lete,” he said, “My feflow Americans, tonight we 
are l aunching an effort which holds the purpose 
of chang ing the course of human history.” 

Mr. Reagan and his senior aides say by way of 
justification of tbe program that they want to 
escape the nuclear nightmare by going from 
deterrence based on offense or the threat of 
retaliation to deterrence resting on defense or 
the security of protection. On moral grounds, 
this is also consistent with positions on nuclear 
war recently taken by the Roman Catholic bish- 
ops of tbe united States. 

It is precisely the problem that Mr. Reagan’s 
predecessors from Lyndon B. Johnson on wres- 
tled with. They all said “no" to making the 
transition from mutual assured destruction to 
mutual assured defense, in which attacking mis- 
sies would be destroyed before they could reach 
the targets. Their objec- 
tions were based largely 
on the ground that such 
defensive systems were 

Reagan and The real fear is ihat Ae side 

Safn^this"”! that got to the optimal mix of 

changed. “Current tech- offensive and defense 
oology,” he said in un- 

veiling his plan, “has at- weapons first might reason 
tained a level of . , ° • 

sophistication where it is that it COdlu destroy DOOSt 01 

the other side’s forces in a 


reasonable for us to be- 
gin this effort It will 
take years, probably de- 
cades, of effort on many 
fronts." 

AD the worse, charged 


first strike and bhmt the 
retaliatory blow with 


a host of u.s. scientists, defenses. This, in theory, 
arms control specialists _ 

would make nuclear war 


and the Soviet Union. 

Rather than a more sta- . . ... . . , ,, 

ble and sensible peace, rationally thinkable, 
they argued, Mr. Rear 
gan’s vision would touch 
off a new and more dan- 
gerous arms race in 
space and succeed only in destroying prospects 
for arms control 


Soviet officials are saying publicly and pri- 

thrir 


vatdy that they will have to accelerate 
research program and keep open the option of 
malting more offensive nudear warheads to 
overcome prospective defenses. They also ex- 
press concern that once the research program 
gflfr is momentum, future U.S. preside nt s wBl 
find it difficult to stop. They argue that a system 
to defend populations will not work, but they do 
tend to think it might be possible to budd a 
limited system for the defense of missile sites. 
Still, they do not want to open this door either. 

As for feasibility and rendering nudear weap- 
ons obsolete, Mr. Brown, tbe defense secretary 
who is a nudear physicist, spoke tor scientists 
who are critics of the program when be wrote 
recently: “The combinations or limitations — 
unic, technological, systems engineering 


Lieutenant General James A Abramson Jr, 
the director of the Strategic Defense Initiative, 
disputed this in an interview, saying: “There is 
very little quest ion that we can bu3d a vexy 
highly effective against ballistic missies 
someday. The question is how soon and how 
affordable and what degree of effectiveness can 
initial su>ps allow us.” As for those who dis- 
agree, be suggested that it was “because for a 
lifetime they have been dedicated to another 
idea and they are not very willing to accept a 
new thought process.” 

“What is really happening," he said, “is that 
there are a large number of dedicated, t a l en te d 
people working mi this in government and in- 
dustry. And when they all have a goal to march 
to, and that’s what the president gave ns, yon 
just cannot stop the progress they are malting 
and that progress is what's happening.” 

Officials say Mr. Reagan's 1983 speech was 
inspired in part by bis monthly meetings with 
the Joint Chiefs of Staff, who proposed rethink- 
ing the idea of developing defenses to protect 
missil e sites. 

Mr. Reagan, in effect, enlarged this notion, 
and his speech was viewed by administration 
officials as essentially a way of telling them that 
this was one of his top priorities, perhaps his 
ultimate legacy. He few concrete decisions 
about the program other than to approve an 
increase in spending of about 30 percent over six 
years, an increase from about S20 billion to 
about 530 billion. 

His senior aides, many of whom acknowl- 
edged h«ng taken by surprise, proceeded to fill 
in the blanks and push their own views, often in 
contradictory ways. 

“It’s all things to all people," commented 
Paul C. Warlike, a director of the Anns Control 
and Disarmament Agency under President Jim- 
my Carter. “To the president, it is saving peo- 
ples’ lives. To Defense Secretary [Caspar W.] 
Weinberger, it is a technological stepping stone 
from missile defense to the president’s larger 
conception of immaculate defense. To others, it 
is simply a means of defending missiles. To 
some, it is a bargaining chip in aims control 
negotiations, while to others, including the pres- 
ident, it is untouchable." 

As matters stand, the 
administration is asking 
Congress to approve 
S3.7 billion this year, af- 
ter $1.4 billion last year, 
for research on what is 
envisaged as a three-tier 
defensive system. 

The first line of de- 
fense would be in the 
three- to five-minute 
“boost phase" as a mis- 
sile with its warheads is 
rising to leave the atmo- 
sphere. The second 
would be in the mid- 
coune flight in space of 
about 20 minim* when 
the warheads or re-entry 
vehicles separate from 
the missile. The terminal 
phase is the last two min- 
utes of flight as the war- 
heads re-enter the atmo- 
sphere. 

Broadly speaking, the 
technological innova- 
tions come for the most 
pm ratim Cm two phases. Here the administrar 
tion is looking at an array of possibilities: space- 
and ground-based lasers, magnetic rail guns that 
fire projectiles at amazing speeds and directed 
beams of subatomic particles. 

As the skeptics see it, this automatic and 
automated situation would require almost im- 
mediate reaction and could effectively remove 
the possibility of human decision — even by tbe 
president. And in the past, Of course, even the 
23-minute flight time of intercontinental mis- 
siles was regarded as short and always a matter 
or concern. 

The terminal phase of the defense would use 
existing and more conventional technologies of 
firing a missile at an incoming warhead. Advo- 
cates say this technology could be deployed 
within a decade. 

The administration remains divided on tbe 


saent 


costs — and especially the potential counter- 
measures make the prospect of a perfect or near- 
perfect defense negligibly low." 


feasibility and importance of the idea. At one 
end are the doctrinal purists such as Fred C. 


(Continued on Page 9, CoL 6) 


Allies Now Appear Less Critical 
Of Space-Based Defense Systems 


(Continued from Page 1) 
the closest and most confidential consultations 
because of its far-reaching implications for our 
security." 

He said tin: plan had helped to bring the 
Soviet Union back to arms negotiations, and 
noted that it “seeks to shift the balance from 
offensive nuclear weapons to defensive conven- 
tional weapons.” 

. As for the French, they remain publicly criti- 
cal of any defensive systems in space (which, in 
the long run, would make the French nudear 
force obsolete), but they have signaled privately 
that they are not going to oppose the research. 

Ai the same defense seminar in Munich, 
France's defense minister, Charles Hernu, said, 
“The strongest probability is still that the de- 
ployment of defensive systems would relaunch 
an offensive arms race.” 

But France's minister for external relations, 
Roland Dumas, said recently that the program 
“is a seductive philosophy; it can please public 
opinion. But we need to talk more about tins 
idea." 

The drift in France toward accepting the 
feasibility of the initiative was apparently re- 
flected last week in a call by a French general for 
Western Europe to develop its own space-based 
missile defense program. The general's remarks 
were coo tained m a front-page article published 
under a pseudonym in the newspaper Le 
Monde. 

Lord Carrington, secretary-general of the 
North Atlantic Treaty Organization, has also 
said he supports the research program. 

The support for the research has become firm 
at an important time. A number of analysts, 
including Thierry de Montbriai, director of the 
French Institute of International Relations, see 
the possibility of a Soviet attempt to mount a 
new psychological offensive aimed at Europe in 
connection with the Geneva talks. Mrs. Thatch- 
er, in Washington, said flatly, “We shall face 
such a move.” 

One Soviet gambit bring discussed would link 
a Soviet offer to drrsticalfy cut or eliminate the 
SS-20 missiles aimed at Western Europe in ex- 




•I 







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Research is betRg conducted on a 
U.S. space-based defense, right, 
that would attack strategic weap- 




ons 




■ ) Stg* ■ 






jectory. Such a defense is Gkdy to 
involve technologies tbat are more 


more expensive than tbe Soviet 
countermeasures, left that are 
considered ffledy to be deployed 
against it 






Low-angh 


trajectory 


missile 












; fi. 


hi 


y.y 






change for cancellation of the Strategic Defense 
Initiative and the removal of the Persh ing -2 and 
?niise missiles the NATO allies have deployed 
as a counterforce against the SS-20s. 

The likelihood of an official Western rejec- 
tion of such a proposal seems clear, since the 
Europeans have tacitly supported research on 
space-based systems and Mr. Reagan has specif- 
ically excluded research on the program from 
the Geneva bargaining. 

But a Soviet offer to trade SS-20s for a U.S. 
defensive system that may never succeed would 
tempt many Europeans, and test Mr. Kohl and 
Mrs. Thatcher. 

Over the last months, the European peace 
movement has been very quiet as the NATO 
deployment went forward without an increase 
in international tensions, and resumption of the 
arms control talks was announced. 

“Star wars” has been a difficult issue for the 
movement because the proposed system has few 
emotional hooks for tin public. Defensive, dis- 
embodied, and for the most part nonnuclear, it 
is stationed in space rather than Belgi u m or 
Britain. 

But the notion of a tradeoff offered by the 
Soviet Union could be a new rallying point. 
Frank Allaun. vice president of Britain's Cam- 
paign for Nudear Disarmament, has described 
reported Soviet hints about such an offer as 
sounding “generous -and sensible to me." 

To the extent that they are wilting to defend 
— or not oppose — the research on space-based 
missile defenses, the allies have made clear that 
their success in countering a political offensive 
will depend in part ot the Americans’ ability to 
present the plan in a consistent manner. 

So far, this has not been the case. The admin- 
istration seems to have had trouble making up 
its mind whether the goal is total protection 
from nudear attack, or a disincentive against 
preemptive first strikes. 

Under the rireumstances, the skepticism and 
uncertainty that the allies have frit from the 
start in relation to the missile plan has not 
dissipated. 




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Un Nm YqA Tim 




Arms Policy 


Soviet May Choose Countermecisures and More Missiles 

mrn_m VI- rtlnnd flATTUk lim 


By Charles Mohr 

New York Timer Service 

WASHINGTON — The Soviet Union is 
approximately equal to the United States in 
basic research on directed energy, tike lasers 
and beams of subatomic particles, that would 
be required for a broad land- and space- 
based missile defense system, according to 
Pentagon reports. 

But it is said to trail badly in tbe technol- 
ogy that would be needed to make such 
energy beans into workable weapons. 

High- ranking Reagan administration offi- 
cials now publicly express a belief that a U.S. 
drive to design a space-based defense against 
midear attack will eventually force tbe Sonet 
Union to give up its present reliance on 
offensive land-bared intercontinental ballis- 
tic missQes and btrild a similar defense system 
of its own. 

These officials say the result of the UJS. 
effort, made through its Strategic Defease 
Initiative, more commonly called “star wars," 
would be a more stable nudear stalemate. 

In the view of several other experts on 
Soviet policy and weapons technology, how- 
ever. the Soviet Union may instead multiply 
its present offensive missile force in the hope 
that it can saturate and overwhelm the pro- 
posed U.S. defensive shield. The Russians 
will also probably explore technologically 
simple and inexpensive methods of overcoat- - 
mg a “star wars" defense, the analysts say.r 

In private, some government authorities 
agree that both the Soviet development and : 
the U.S. Strategic Defense Initiative are more 
likely to reach a result opposite from that 
intended: encourage an offensive arms race, 
bring about the death of the 1972 treaty 
limiting anti- missil e defenses and prompt a 
shift toward a more hostile, hair-trigger rela- 
tionship between the two powers. 

A series of interviews with experts on the 
Soviet Union both in and outside the U.S. 
government and a review of their writings 
and public statements shows a general belief 
that, eventually at least, the Soviet Union 
may also seek to build a defensive umbrella 
against intercontinental missiles. 

In the next few years, however, according 
to some experts, the Soviet Union will proba- 
bly take few dramatic or visible military step 
to counter the professed intention of the 
Reagan administration to build a new and 
complex strategic nudear defense. 

The Russians already have by far the most 
extensive strategic, or long-range, defense, 
system in the world. But it is known to be 
porous. It includes an air defense of 10,000 
surface-to-air missiles and thousands of in- 
terceptor aircraft and a relatively primitive 
and rudimentary anti-ballistic missile defense 
in the Moscow area. 

Defense Department officials say they do 
not believe these defenses could prevent pen- 
etration of the Soviet Union by low-flying 
bombers and cruise missiles or prevent a 
crushing blow by nudear missiles. Nonethe- 
less, they say they are worried that the use of 
mobile radars and “upgraded" surface-to-air 
mimi cs could be used in an effort to provide 
a nationwide anti-missile network now pro- 
hibited by treaty. 

Speaking four days after President Ronald 
Reagan outlined his own hopes in March 
1983 for a defense that would render nuclear 
“impotent and obsolete," Yuri V. 
n, then the Soviet leader, said, 
this conceptual be translated into 
reality, it would in fact open tbe floodgates to 
a runaway race of all types, both offensive 
and defensive.” 

Sayre Stevens, a former Central Intelli- 
gence Agency deputy director and a consul- 
tant cm national security matters, said of the 
administration's goal of shifing from a strate- 
gy of deterrence based on retaliatory offen- 
sive power to one of defease, “I don't quite 
you get from here to there." He 


see 


predicted a period of strategic uncertainty. 

Stephen M. Meyer of the Massachusetts 
Institute of Technology, a Defense Depart- 
ment consultant on Soviet military policy, 
said, “It's not going to be a race between our 
‘star wars’ and their ‘star wars,’ but a race 
against our system and their efforts to over- 
whelm or neutralize it." 

An increasingly frequent administration 
contention is that the Soviet Union is “doing 
more than we are" in the exotic technologies 
needed for a nearly leak-proof advanced de- 
fense^ 

Richard D. DeLauer, a former undersecre- 
tary of defense for research and engineering, 
told Congress that although the Soviet Union 
“equals" the United Stales in directed enetgy 
research, it “lags in other technologies >hnt 
are crucial” for missile defense. 

He added, “We are ahead in computers, 
optics, automated control, electro-optical 
sensors, propulsion, radar, sofware, telecom- 
munications and guidance systems." 

Tbe area in which the Soviet Union leads 
the United States is in large rockets with great 
throw- weight — the capacity to lift and pro- 
pel great weight. But for lifting such things as 


fad and components for space battle star 
tions, the UiL space shuttle is regarded as 
more useful than large rockets. 

But, despite an inferior technology base, 
the Soviet Union has always managed to 
nwnrih any major U.S. weapon innovation 
from early fission bombs to multiple war- 
heads on missil es and high missile accuracy. 
Tbe catch-up period has usually been shorter 
than US. policy-makers expected. 

Statements regarding Soviet research and 
possible Soviet advantages are often difficult 
to double-cbeck. Much of what is known 
about Soviet programs involves extrapolation 
from photo reconnaissance and electronic 
surveillance by U.S. satellites. 

The Soviet Union has what is believed to 
be two large ground lasers at Saiy-Shagan in 
Kazakhstan, as well as a vigorous research 
program in parti de- beam acceleration. Al- 
most all experts, however, describe the lasers 
and programs as “baric" research and not 
active weapons development programs. Pen- 

S m documents speak only of “possible" 
tary applications. 

A half-dozen officials in the Pentagon and 
the Central Intelligence Agency said intdB- 
gence about Soviet efforts was scanty and 
ambiguous. 

Mr. Meyer and John E Pike, a space policy 
analyst of the Federation of American Scien- 
tists, a private groqp that stud policy prob- 
lems anting out of science, used identical 
l anguage in saying that American analysts 
tended to measure “input rather than out- 
put,” because they are forced to do so. “Tbe 
real question,” Mr. Meyer said, “is what the 
Soviets are getting out of it” 

The Soviet Union has been committed to a 
military doctrine called “damage limitation," 
which has not been embraced by UJS. offi- 
cials until now. 

A belief in the usefulness of limiting nude- 
ar damage has meant that tbe Soviet Union 
has historically been willing to put into place 
— and to expend large 
amounts of money 
and manpower for — 
marginally effective 

militaxy systems tbat 
dearly could not pro- 
tect tbe nation from 
nudear devasation. 

The Soviet anti-bal- 
listic missil e defense 
around Moscow is an 
example. Although 
Moscow was permit- 
ted by treaty to build 
100 ABM launchers, it 
constructed only 68. 

A wide range of US. 
government and non- 
government analysts 
say they believe the 
actual protection pro- 
vided against a huge 
US. strike is dose to 
zero, but the Soviet Union did not dismantle 
its system as the United States did in the 
1970s. 

According to intelligence reports, the Sovi- 
et Union is now upgrading tbe Moscow ABM 
network with rocket interceptors that are 
much faster than tbe original rockets, al- 
though still slower than UJS. Sprint rockets 
developed more than a decade agp. 

The increased speed of the interceptors 
would apparently permit them to engage US. 
warheads after the warheads had re-entered 
die atmosphere, which would strip away the 
doud of US. decoys. 

The Soviet Union has also made observ- 
able advances in phased array radars, which 
steered electronically. Mechanically 


Mr. Meyer stiried that “it won’t be an 
effective weapon," became tbe Soviet Union 
would still face tbe daunting problems of 
finding targets and pom ting and tracking, 
which are far from solution by superior UJS. 
technology. “But it will be a laser," he said, 
“and it will drive Congress and officials here 
crazy." 

Possible Soviet countermeasures against 
the US. Strategic Defense Initiative seem to 
raise more troubling questions for the short 
and middle term chan a race for the ultimate 
defense system. 

Indeed, it is the possibility of these mea- 
sures that lies behind much of the uncertainty 
about tbe feasibility and ultimate reliability 
of tbe “star wars" proposals. 

Paul H. Nitze, the administration’s senior 
anna-control adviser, said last month that at 
least two “demanding” conditions must be 

met before even a technically workable nucle- 
ar defense system would be deployed. 

He said that the components of the defense 
must be survivable against attack and that 
Soviet countermeasures must not be cheaper 
to put in place than tbe defective shield. If 
Soviet countermeasures were cheaper, de- 
vices to penetrate a defense could be built 
faster and on a scale larger than the planned 
defense. 

Experts outside the government, however, 
haveior two years expressed belief that plan- 
able countermeasures by the Soviet union 

not only are likely to be cheaper, but also will 

involve technologies that, on the whole, are 
considerably more simple than the d aun t ing 
problems of building an integrated, working 
defense. 

Even scientists critical of the workability 
and desirability of “star wars” say most of the 
baric scientific principles are posable. But 
the scientists contend that fashioning these 
principles into a large-scale, reliable defense 
may not be posable. 

The difficulties faced by the United Slates 
provide numerous ap- 


Tbe difficulties faced by the 
United States in fashioning 
physics principles into a 
large-scale, reliable defense 
pro vide numerous 
opportunities for Soviet 
strategic thinkers and 
scientists to counter the 
Strategic Defense Initiative. 


steered radars of tbe past are regarded as 
almost useless against a large swarm of war- 
heads. But tbe Russians sfiH trail in radar 
technology. 

One Pentagon fear is that comparable im- 
provements that permit tracking and engage- 
ment radars to pick up targets with low radar 
cross-sections — winch is to say, U-S. war- 
heads — and to make radars mobile or trans- 


nationwide ballistic missile defense. 

US. monitoring of the new generation SA- 
12 surface-to-air missile tests indicate that 
they have some potential anti-missile use, 
experts said, and could possibly be mcorport- 
ed into a defense system. 

Several other experts tend to agree with 
Mr. Meyer that Soviet polices regarding 
weapons development and deployment are 
different from those of the United States, and 
that if a true “race" develops the Russians are 
likely to be first into the field with rudimenta- 
ry weapons. 

“They have always been willing to field 
systems that did not work and then tinker 
with fhwn thro u g h model changes and design 
innovation,” Mr. Meyer said. 

He even predicts that if the Stragegic De- 
fense Imitative provokes imKmitfri competi- 
tion, the Russians “will be the fast in space 
with a later." 


portnnities for Soviet 
strategic thinkers and 
scientists to counter 
the Strategic Defense 
Initiative. 

The “boost phase” 
aspect of the U.S. sys- 
tem, for example, 
might use chemical la- 
sers that would de- 
stroy Soviet ICBMs in 
the first three to five 

minutes of tiU9J flight 

while the boost, or 
lifting, rockets were 
still burning. This 
would occur before 
the missiles had dis- 
persed multiple war- 
heads and before a 
cloud of decoys, chaff 
and aerosols could be 
raised that might thwart U.S. defenses. 

“One of the first things the Soviets could 
do,” Mr. Meyer said, “is to drag out all of the 

1.000 or more ICBM boosters they have lying 
around. They would not even need warheads 
or decoys.” 

He said launching such boosters along with 
irmwi miss iles would automatically increase 
the number of targets, complicating the task 
of the US. sensors and defensive weapons. 

And he said intelligence information indi- 
cated that the Soviet Union was continuing to 
produce about 130 modem boostos a year. 
By the time a UJS. system could be deployed, 
Mr. Meyer said, the Soviet ^threat cloud" 
would be wmeh larger than it is now. 

Alternatively, according to Richard L. 
Garwin and Kurt Gottfried, who are physi- 
cists and leaders of the Union of Concerned 
Scientists, an independent organization of 
scientists concerned about nudear war, the 
Soviet Union could seek to develop “fast- 
bum boosters” that would finish burning 
before leaving the atmosphere, where they are 

immune to present-day laser technology. 

In tbe somewhat longer ran. the Soviet 
Union could dearly increase its arsenal of 
actual ICBMs, fitted with both warheads and 
such “penetration rids” as decoys and chaff. 

The Defensive Technologies Studies Team 
that examined the “star wars” prospects for 
the adminis tration in 1983 anticipated a pos- 
sible expansion of the Soviet strategic arse- 
nal postulating that an actual U.S. defense 
should be able to deal with about 30,000 
hostile warheads, more than three times the 
number now in the Soviet strategic arsenaL 

This should not have been surprising. 
When the Soviet Union began buflamg the 
relatively impotent anti-ballistic missile de- 
fense permitted under the 1972 ABM treaty, 
the United States increased its inventory of 
nuclear warheads from about 2,000 to about 

7.000 in nine years. Most of these were multi- 
ple independently targetable re-entry vehi- 
cles, or MIRVs, which were developed in 
large part as a means of overcoming the 
limited Soviet defense. 

While the availability and production of 


fissionable materials place some limits on tbe 
growth of warheads, they are much cheaper 
than space battle stations and much faster to 
bufld, according to weapon technologists. 

“Fractionation," or increasing the number 
of MIRVs carried by each missile, is posable, 
and it is easier for the Soviet Union became 
its large missiles have greater payloads. The 
Joint Chiefs of Staff told Congress that Soviet 
SS-18 ICBMs could be fitted with 30 wa r- 
heads ea ch instead of the 10 now permitted 



by an unratified arms treaty. 

The Russians are also expected 


id by most J 
experts to step up the development — already [ i 
way — of cruise missiles and of air- 
planes and submarines with which to launch 

them 

Another Soviet countermeasure much dis- 
cussed by weapons experts and strategic ana- 
lysis involves firing ballistic missiles from 
offshore submarines on “depressed" or low- r 
angle trajectories. 

The use of such low-angle trajectories - 
would mean that boosters and warheads. • 
would spend much less time in space outside 
the atmosphere and that tbe elapsed, time .... 
from launching to target would be rigrifi- .v 
cantly less. These factors would conriderably 
complicate nuclear defense. 

“Precursor attacks" are another possible.. 
Soviet ploy, and in the view of some weapons -. 
experts, one of the most likely. In simple-.: 
terms, they would involve detonating i mdcar ; .- - 
weapons in space to blind, cripple or destroy , 
the defensive armada or rise attacking die; _ 
relatively ddkate ground stations in the . 
United States that will rday battle data to 
and from tbe defensive weapons. 

Direct attack of the defense by anti-satd- - . 
Etc weapons is another possibility. Mr. De-- 
Lauer told Congress in 1983 that it would be- .' . 
virtually impossible to install a space defense-." 
if tbe Soviet .Union took military action lo~_ 


Vuth to 





-art 


oppose that step. 
“Spac 


Space mines' are another widely da- r_ 
cussed ploy. These would be satellites parted . 
in orbit near U.S. warning sensors or space- * 
based defensive devices. The explosive ~ 
ch a rg es in such mines could be detonated by 
radio before, or during, an attack. 

Or, experts said, missile boosters could bc _- 
spun at several revolutions per minute. Tta /-- 
would require a large increase in the power rf; 
defensive lasers, since the beam could dwell -- 
cm an area of the rocket for only a short time. ^ 

Easier still would be an increase in Soviet 
measures for “passive defense,” such as for- - ' 
ther reinforcement or hardening of nrissfle-'- 
silos, dispersal of vital facilities — everythaig - . 
from industry to command-and-control boo- ' 
kens to transportation — and cirfl defense. 

No one professes to know which, if any, - . 

the more plausible countermeasures the Sow- ; _ 
et Union might seek to employ. But, in parto - 
this uncertainty grows out of uncertainly " 
about the UJ3. intentions. 

In the Reagan administration, officials, 
have made some ambiguous and cautrsdiG-.- '-. .- 
toiy signals as to the actual goal of the Straw-. -. 
gjc Defense Initiative. They have alternated ' *. : 
between describing it as a “thoroughly rdt- 
able” system to protect the UJ5. dvflppprifr-'..- 
tion and the easier-to- achieve protection of- ~ ^ 
missile silos and command posts. 

In any case, some analysts say they doubt. 
tbe program will have the desired strategic ■; 
and political effect on Soviet leaders, and ate; \~- 
Soviet statements to underline this doubt 

Roald Z. Sagdeyev, director of the Institute, ' 
for Space Resmrch of the Soviet Academy a ' 
Science, said recently that *Ht is plainly in» ; 
tional to build up defensive systems ana-: 
expect the other side to limit offensive weap- ’ 
ons." 

A senior member of the Soviet Politburo 

Vladimir V. Shcfacrbitsky, told Presidcni 

Reagan in a m a ting Thursday that Moscow 
would respond with “both offenave and do, 
feushre” measures if tbe United States weny 
ahead with the Strategic Defense Initiative,' 

Some analysts say they fear the worst effect 
of the U.S. defense initiative may be w- 
Soviet nudear strategy and planning, rather ■ 
than on technological innovations. 

A report on theStrategic Defense Initiative^ 
written by a commissitm of which Mr. Safr . 

deyev was co-chairman said that “although te. 

cannot be regarded as an effective means of 
defense against a massive first strike, it nut) 
create illusions about possible defense 
against the retaliatory stnke.” 

This conclusion is in dose agreement with . 
the opinion of several US. scientists and . 
Soviet affairs analysts, who say they bdievt' 
that while a defensive $hirid is under cm- - 
struction or even when completed, it wffl.bt 
seen by both sdes as more usriul in handl ing 
what is called a “ragged response" by a ■ 
tkm whose nudear forces have been badij • 
damaged in a first strike. 

Such thinkers therefore bdieve tbat missik ' 
defense would be seen in both Moscow sue 
Washington as encouraging first-strike stra 
tegiepouetes and wouldhun rather than hdf. 
deterrence. 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


Page 9 




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WEAPONS EV SPACE / The 'Star Wars’ Controversy 



SURVEILLANCE SATELLITE 
I gives earty warning of launch 


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/ V 


SPACE-BASED 
RELAY MIRROR 
reflects laser 
beam from ground 


SPACE-BASED SENSOR 
tracks ICBMs and RVs; gives 
aiming information to battle 
stations and mirrors 


SPACE-BASED 
BATTLE STATION 
neutral particle beam 


ti 


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/ 


STAGE III 
Midcourse 
Phase 


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Wore Missile, 



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Busing 
Phase 


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BATTLE STATION 
chemical laser 



)F SOVIET ICBMs %.X X 

j include 1,000 or .\\i 

icrilnr at rmra ^ 



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LAUNCH OF SOVIET 
attack could include l, 1 
more missiles at once 


CHINA 


Decoys and 
warheads (RVs) 



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CD- 


STAGE IV 
Terminal 
Phase 


ABMs 

anb-balltAic missiles similar 
to those developed in 1960s 





“SMART ROCK" 
small homing device launched 
by air-to- space rocket from Jet 


Tba Wtatfnglon tat 


For U.S., Path to f Star Wars 9 Is Strewn With Engineering Obstacles 


By Wayne Biddle 

Nov York Times Service 
WASHINGTON — Hidden in the rocky 
canyons of the Santa Snsana Mountains out- 
‘ 'side Los Angeles is the nearest thing to a “star 
wars” laser base anywhere in the Weston 
world. Its code name is Sigma Tau. 

“This is as dose to weaponization and as 
far from the laboratory as you’re goin§ to see 
without full-scale development,'’ said Bill 
Robinson, director of laser programs for the 
Rockwell International Corp_ which began 
Sigma Tan secretly for the Air Force in 1976. 

Two years earlier on the same ate, Rock- 
well usecfxts own money to start bmkfing a 
high-energy laser called Rachel, which the 
corporation describes as the forerunner tQ the 
‘ ' Strategic Defense Initiative, popularly called 
• “starwars,” winch the goverameat is propos- 
ing to spend S30billi£Mi in the next five yikrs. 
Until Mr. Robinson led a reporter an a 

- tour recently, no one outside military drdes 
had been permitted to examine the huge 
mountain top site of Sigma Tan. 

Pan of Rockwell International's mission is 
: to demonstrate how to build lasers whose 
r resonators — a component that helps extract 1 
intense beams of light from chemical reac- 

- tions — are compact cylinders instead of 
long, narrow tubes. The goal is to find ways 
of someday packaging such objects into as 
small a volume as posable, Mr. Robinson 

, . said, with the mace shuttle cargo bay a con- 
. venieut unit of measure. 

lifting the curtain of-secrecy around Sigma 
. .. Tau was part of access to “star wars" work at 
- the commercial level recently granted by the 
Pentagon’s SDI office and the military ser- 
vice brandies. In interviews with engineers in 
. the military industry across the country, all of 
.whom were allowed to speak publicly for the 
first time about their work, these were among 
the major points: 

• The Reagan, administration’s op timism 
about developing a defense against nuckai 

' missiles is supported, in part, by years of 
industrial research and actual weapons- 
building. But the industry has only the most 
ru dim entary engineering ability in many cru- 
cial areas. 

• Assuming that the primary components 
of an effective anti-missile system — lasers, 
rocket interceptors, sensors, computers, and 
power supplies — can be reliably manufac- 
tured, putting much of this equipment into 
orbit around the Earth and maintaining it 
there year after year represent additional 

■ challeng es of tmenarted Himengnns- 

From Bethpage, New York, where engi- 
neers for the Grumman Corp. have bon 
studying space-based radars for a dozen 
years, to Orlando, Florida, where the Martin 
Marietta COrp. is trying to push its 1960s- 
vintage missile interceptors into the next cen- 
tury, to the West Coast, where companies like 
Rockwell, TRW, and the Boeing Corp. have 
been building lasers, power supplies, and 
sensor devices for more than a d eca d e, there 
is no doubt that “star wars" is far more than 
fantasy, or at least more than the political 
gambit that some have suggested h is. 

Unlike iherr scientific colleagues at nation- 
al laboratories like Los Alamos and Law- 
rence Livermore, however, the engineers are 

- faced with having to make business derisions. 
At a time when activity on conventional mflir 
taiy programs is already booming and highly 
trained technologists are in short supply, cap- 
italism has lent a sobering dose of reality to 
the science-fictional promise of "star wars." 

At Grumman, where profits have custom- 
arily came from building warplanes for the 
navy, a small group of engineers has been 
steadily working on a type of radar antenna, 
called “space-fed,” that might offer the size 
and weight advantages necessary for opera- 
tion m space. In the last decade, the govern- 
ment has spent about S15 million on Grum- 
man’s work on space-based radar, with the 
company also investing some money. 

Although less glamorous than the big la- 
sers that have given the SDI its popular 
sobriquet, radars that operate from satellites 
and that can create detailed images of thou- 
sands of targets simultaneously at great dis- 
tances are a linchpin of any future anti- 
missile system. Existing ground-based radars 
such as the elaborate network operated by the 
North American Air Defmsc Command have 
little technical relevance for such systems. 

While conventional radars rdy on a reflec- 
tor dish or labyrinthine cable tubing to trans- 


mit and receive electronic signals , Gram- 
man's space-fed array uses a flexible plastic 
membrane, embedded with many tiny anten- 
nas, that can be unfurled like a window 
shad e. These an tennas r adiate radar energy 
from a solar- or perhaps nuclear-powered 
source at the end of an extended mast over 
the membrane, hence the term space-fed. 

“This type of antenna is an order of magni- 
tude less sensitive to structural deforma- 
tions” titan radars like the powerful Aegis 
array developed by the navy for ship defense; 
said Robert Mantus, a Gr umman radar engi- 
neer. “It’s very lightweight, but it isn’t deb- 
cate” - 

Low mass would be a crucial advantage in 
enabling aradar satellite to perform evasive 
maneuvers in a combat situation, and the 
ability to withstand forces that could bend or 
damage jy and still produce accurate agnuk i< 
important for such antranas that must create 
precise images of targets as small as mirfwir 
warheads. 

“I don’t think it’s unreasonable that in 10 
years you could" put an operational space- 
fed antenna in mbit, said John Digho, direc- 
tor of the company’s space-based radar pro- 
gram. “Technology-wise, many of the key 
points have been demonstrated.” 

But the Grumman antenna, be said, would 
have to be the size of several football Grids to 
provide the resolution needed to track war- 
heads. The largest device buflt and tested so 
far is mily 10 feet (three meters) square. 

“To say it's simple would be incorrect,” 
said Mr. Diglio, of expanding the model to a 
foil-sized “star wars” antenna. “One could go 
out and build just an antenna — it wouldn’t 
be much of a problem. But one wants to 
develop a whole satellite that deploys, pos- 
sesses all the structural and survivable prop- 
erties.'' 

As in other areas of space weaponry devel- 
opment, it is tins process of scalingup that 
remains an engineering quandary. The aca- 
demic science and technology needed to con- 
ceive a prototype may exist, but the path 
toward real-fife hardware is for the most part, 
unexplored. 

At Martin Marietta, engineers hold the 
advantage of a corporate history that in- 
cludes having actually built and toted a full- 
scale anti-missile in- 
terceptor for the 
army. 

Called Sprint, after its 
ability to reach high- 
altitude targets only 
seconds after launch- 
ing, the missile was 
first launched success- 
fully in 1965, less than 
three years after de- 
sign studies began. It 
was retired by the 
mid-1970s, however, 
along with the rest of 
the nation’s Safeguard 
anti-missile system, 
which was judged to 
be too costly and inef- 
fective. 

“We have just com- 
pleted a seven-month concept definition” erf 
new interceptors, said Jod Strickland, techni- 
cal director of Martin Marietta's effort to win 
an army contract Tor interceptor develop- 
ment. 

“We approached it with a little bit of the 
camp fear and trembling that was in the 
introduction to Sprint,” he said. 

“The real nut," he added, “is nomradear 
engagement,’* 

By nonnuclear en gagem ent, Mr. Strickland 
referred to the fact that unlike Sprint, whkh 
carried a neutron bomb to destroy incoming 
targets within the Earth’s atmosphere, the 
proposed Strategic Defense Initiative inter- 
ceptor, a sdf-propdled rocket, would rdy on 
a conventional explosive so as not to black 
out its tracking radara. 

The difference in guidance accuracy is for- 
midable: Sprint needed only to arrive several 
thousand feet, about a kilometer, away from 
its target, but the new interceptor must ap- 
proach within several yards, or meters. 

“That has yet to be demonstrated," Mr. 
Strickland said, “and there are people who 
won't believe it until it is." 

Martin Marietta’s Orlando division is also 
drawing upon its experience in building so- 


Attackers Could Bypass Shield 


By Joseph Firchctt 

International Herald Tribune 

PARIS — The defense ini dative known as 
“star wars” is intended to defend against a 
strike by strategic missiles, but It is not a 
perfect shield a gains t endear attack. 

For example, it will not protect a U.S. dty 
against a nuclear bomb carried in a suitcase, 
which weapons technology posa- 

ble. And a much more serious threat is 
posed by low-flying cruise missiles, whkh 
could slip through planned U.S. strategic 
defenses. 

A bomber is a problem of terrorism, not 
nudear strategy. The usual antidotes apply: 
preventive intelligence, anti- terrorist mea- 
sures including teams trained in bomb dis- 
posal and other special tactics, and the 
threat of reprisal 

As a strategic option, nudear terrorism is 
considered improbable. It is considered im- 
possible to smuggle large numbers of nucle- 
ar devices into military areas of the United 
States or of the Soviet Union. So even a 
government that resorted to a wave of suit- 
case bombs would face massive reprisals. 

A much more considerable problem in- 
volves cruise niisilw, ^m^ii and maneuver- 
able rockets that could be launched in 


lilfg the Copperhead 
3jectfles, which 


called “smart rocks,’ 
guided cannon shell. These prqjr 
can theoretically home in on their targets — 
with the aid of sophisticated heat sensors, for 
example, instead of just being lobbed like 



Research under way at U.S. 
government laboratories and 
military contractors leaves no 
doubt that "star wars" is far 
more than fantasy, or at least 
more than die political 
gambit that some have 
suggested it is. 


St rate gi c 

The device most frequently mentioned for 
shooting smart prqj ectifes is called an electro- 
magnetic rail gun, which so far exists only in 

a dwmicaf^^^^n to fire shells, therm! 
gun would use tremendously strong magnetic 
fields 10 fHng them along metal gnidat and 
out through fric- 
tionless space. 

“You have to accel- 
erate greater than any 
other weapon pro- 
duced in this country, 
on the order erf hun- 
dreds of thrwxandc of 
times greater than the 
force of gravity,” said 
Joseph Casalese, who 
is studying smart pro- 
jectiles and ways to 

launch tfwpi for Mar- 

.tin Marietta. The 
Copperhead sbdl, by 
comparison, can with- 
stand forces of only 
about 9,000 times 
gravity. 

“There are some 
basic physics of materials that yon may get 
into when you start talking about a coitplc of 
hundred thousand Gs at launch,” Mr. Casa- 
lese said, adding that the shell's mkromima- 
turized electronics would also have to with- 
stand the intense magnetic fields, which 
could induce damaging johs of electrical cur- 
rent. 

Yet with all its uncertainties, the smart 
projectile could be the easiest part of a rafi- 
gtm system to develop, he said, compared 
with the lamtcher itself, for winch there are 
no workable military precedents. 

The University of Texas has built an ex* 
perimen tal rail gun that, while hardly a weap- 
on, is a hint of what might come in the future. 
A few dozen feet long and less than an inch 
(25 nnhimeters) in diaineler, it can fire pdlets 
85 grams to high velocities, bat not 
y. Smart projectiles foreseen by 
Martin Marietta eng meets, by comparison, 
would weigh several thousand grams. 

With new financing from the ntifilary, the 
Texas researchers are getting ready a new 
launcher in a new ssven-stoiy budding. All 
together, with its special detectors and eqnip- 
mm t to measure the speed and chatacicns- 
tics of projectiles, die new “gun” will measure 
over 130 feet tot®. 


“swarms” from, low-flying bombers at U5L 
cities or nudear bases. 

Disguised by “stealth technology” to hide 
than from radar detection, cruise missiles, 
following the terrain closely as they maneu- 
ver toward their targets, could theoretically 
slip in unrfw the “star wars” shield 

Space-based defenses are intended to in- 
tercept ballistic missiles, which arc through 
space on their trajectories. Short-range sys- 
tems. such as cruise missiles, or even oude- 
ar-tipped battlefield weapons, such as the 
French-made Exocet missile, that could be 
launched from submarines in coastal waters, 
are much , harder to intercept and destroy 
during their short flight times. 

This could only be accomplished by de- 
veloping a new form of the continental air 
defenses dismantled by the United States in 
the 1960s. These defenses included a dense 
nationwide network of radars, missiles and 
interceptor aircraft, and tbe expense of re- 
placing them has been estimated at $50 
billion a year. 

But these smaller missiles, even though 
they could pose a devastating threat to rivfl- 

JoaJTto threaten either superpowers’ nucle- 
ar strike force and decisively upset mutual 
deterrence. 


Of all tbe contractors at work on anti- 
missile weapons technology, Rockwell's 
Rocketdyne division in Los Angeles is among 
the most deeply involved. Over all, the corpo- 
ration’s work for the Strategic Defense Initia- 
tive was wrath about $50 million last year, 
most of that money coming from government 
contracts. 

“ ‘Star wars’ didn’t all of a sudden cook 
upon ns,” said RJ>. Paster, Rocketdyne’s 
vice president of advanced programs. 
“Rocketdyne has been involved m technol- 
ogy in that area for over 10 years. 

Mr. Paster said that from an engineering 
standpoint, “we probably know more about 
bow to do the job with electromagnetic 
launchers and can foresee the types of prob- 
lems well have than we can with a directed 
energy system.” 

He noted that directed-energy devices, in- 
cluding lasers, “still have a lot of physics to 
work out” 

Chemical lasers, like Sigma Tan, get their 
energy from combustion of fuels similar to 
those used in rocket engines. Large portions 
of tbe energy produced by these chemical 
reactions are lost as beat. But significant 
amounts can be extracted in concentrated 
beams (rf “coherent” light, using a system erf 
minors and resonant chambers. 

Lasers are envisioned mostly for use in 
space, since the atmosphere can absorb their 
energy or disrupt the light beams in various 
ways. Another proposal is to keep tbe laser 
sad its fud supply on the ground, and reflect 
its beam from a series of mirrors in space to 
the taigeL 

Sigma Tan’s fuel produces relatively low- 
energy infrared beams, compared with what 
would be needed to destroy enemy missiles. 

chemicals that would create the high- 
enogy beams needed for weaponry are as yet 
unproven, though Mr. Robinson said that 
tins “Holy Grail is almost here." 

Rockwell is also developing a source of 
electrical power fra use in space, one of the 
most critical yet little discussed aspects of the 
“star wars” dream. 

“We're in a situation where you might have 
40 spacecraft, different types that you would 
want to join to,and it’s got to meet the special 
needs of each one,” said Bob Anderson, pro- 
gram manager for Space nnrlcar power. 

Weapons generally require huge pulses of 
electricity, whereas radars or computers run 
steadily at a lower levd, rather like home 
appliances. 

“Power is definitely an enabling technol- 
ogy for many erf tbe weapons," Mr. Anderson 
said. "The total power area is not solved by 
any means, especially in the very high powers 
and high currents. There we’re not yet into as 
many engineering decisions as we are in what 
we call ‘hotel power,’ which keeps aO the 
backup capability going — data processing. 


cooling, et cetera. That area is very touchy.” 
■ To help solve the power problem, the Pen- 
tagon has announced the c reatio n of a $19 
million, four-year research program atacon- 
- sortium of five universities. Lieutenant Gen- 
eral James A. Abramson of the Air Force, 
director of the SDL said tbe group would 
“address critical problems associated with 
the issues of nonnuclear space power." 

Rockwell's mam competitor in the chemi- 
cal laser field is the TRW Corp.. which is 
working on two large derices of tbe same 
class as Sigma Tau. One, called Mirad, was 
the first laser to produce more than a mega- 
watt of light energy. -In theoretical discus- 
sions, laser weapons of about 25 megawatts 
• output are assumed. _ 

The other device, known as Alpha, is only 
six months past the ground-breaking stage of 
construction, according to Bob Walquist, 
TRW vice president and program executive 
oo SDI projects. 

The X-ray laser, which was developed at 
the Lawrence Livermore National Laborato- 
ry in California and which is triggered by a 
nudear explosion in space, was the device 
that initially gave scientists confidence that a 
missile defense system could be deployed in 
space. 

One proposal is to deploy X-ray lasers- 
aboard U.S. submarines, from which they 
would “pop up” upon wanting of a nudear 
attack. They would strike Soviet missiles just 
as they emerged from the atmosphere in the 
“busing phase” of their flight and released a 
“bus” or warheads and decoys. 

The Reagan administration, however, in 
recent months has wn phncfonH the nonnucle- 
ar nature of its proposed defense system. In 
part because of the necessary’ nudear explo- 
sion, the X-ray laser has fallen out of favor as 
tbe laser of choice. 

Particle beams are also often mentioned in 
(he directed energy category of posable 
weaponry in the Strategic Defense Initiative. 
These are not lasers. Instead of s ending in- 
tense light energy toward a target, they would 
fire streams of atoms or subatomic particles 
at nearly tbe speed of light. In contrast to a 
laser, which destroys or damages its target by 

irr adiating its surface with light, partide 
streams would actually penetrate a target, 
disrupting its dectroaic circuits, inflicting 
structural damage, or perhaps detonating 
chemical explosives meant to trigger atomic 
reactions in a warhead. 

Partide-beam technology is generally re- 
garded as even more rudimentary than laser 
weaponry, and most of its derign is being 
undertaken not by industry but by govern- 
ment laboratories. At Lawrence Livermore, 
scientists are at weak on a 550-million ma- 
chinecalied tbe Advanced Technology Accel- 
erator, which stretches for hundreds of yards. 

In addition, tbe Los Alamos lab in New 
Mexico is bidding a partide-beam accelera- 
tor known as White Horse, and tbe Sandia 
National Laboratory in New Mexico is using 
particle technology developed in the search 
for fusion energy in an attempt to create 
particle beam weapons. 

Perfection of new supercomputers is an- 
other requirement of the Strategic Defense 
Initiative. Vast, elaborate, and secern d-by- 
secoud tracking, aiming, firing, and coordi- 
nation of various phases of the whole system 
would, of necessity be handled by the most 
sophisticated of computers. To do the job; 
computer software containing on toe order of 
10 million instructions would! have to operate 
flawlessly. By comparison, the final nine mm . 
utes of a space-shuttle lanndnng, when all 
operations are under automatic computer 
control, take about 88,000 instructions. 

TRW is involved in this area, along with 
such well-known compute 1 companies as 
IBM and Honeywell, m studying how to 
command and control avast anti-missile net- 
work whose entire battle engagement would 
last less than 30 minutes. “The 10 minion 
lines of code is something that 10 years ago 
would have been impossible, today is imprac- 
tical, but tomorrow with tbe development of 
programming aides is going to be within the 
realm of possibility,” Mr. Walquist said. . 

As fra toe overall system, however, he was 
not as optimistic. “Right now ” he said, “I 
think the whole area of what is gang to be 
done in response to SDI is still really up in the 
air." 



Defense Flan 
Raises Doubts 
About Keeping 
Nudear Balance 


(Continued from Page 8) 

Ikle, undersecretary of defense fra policy, who 
said recently: “The Strategic Defense Initiative 
is not an optional program, at the margin of the 
defense effort. It’s central, at the very core of 
our long-term policy fra reducing the risk of 
nudear war.” 

like the technological optimists such as Gen- 
eral Abramson, they believe not only that it can 
be done, but also that it must be done. 

There are also those who would wait and see. 
such as Paul H. Nitzc, toe primary arms control 
adviser to Secretary of Stale George P. Shultz. 
In a recent speech. Mr. Nitre stated. “Quite 
frankly, it may prove impossible to obtain." 

No longer is any official saying publicly what 
Richard D. DeLauer, former undersecretary of 
defense for research and engin eering, said in 
1983. “This is a multiple of Apollo programs" in 
terms of toe technological advances required, he 
said, and if it is deployed. Congress will be 
“staggered at toe cost Still, some officials 
privately believe this to be toe case. 

The basic doctrine behind the administra- 
tion's position is that the United States cannot 
be sure mutual assured destruction will work 
into the next century and that it must be re- . 
placed by mutual assured defense. 

Tbe centerpiece of the nation's strategic 
thinking until now has been toe Ami-Ballistic 
Missile Treaty of 1972, and for now it continues 
to be. This limited the superpowers to no more 
than loo defensive mioaigg, all defending one 
site. It was taken by Washington to mean that, 
both sides accepted the doctrine of mutual do- ’ 
terrenes through retaliation and that neither 
would do anything to take away the other’s 
ability to retaliate devastatingly. 

The administration is saying that quantitative 
and qualitative improvements in offensive 
weapons, particularly in toe powerful and accu- 
rate Soviet land-based missiles, are threatening 
to neutralize the U.S. retaliatory capacity. 

Thus, their argument runs, Washington must 
build better offensive systems or defensive sys- 
tems or both. 

The administration is proposing to do both. It 
is building offensive weapons such as the Tri- 
dent-2 and cruise missiles, which would have the 
accuracy to strike hardened targets such as mis- 
sile silos and command centers, not just cities. 

The United Slates is pushing these programs 
even though, toe president’s Commission on 
Strategic Forces said the so-called window of 
vulnerability that they were designed to over- 
come Had been overestimated. And the Penta- 
gon recently accepted the validity of toe “nucle- 
ar winter” theory that says tbe smoke and dust 
from even relatively few nuclear explosions 
might tout out enough sunlight to end human . 
life on the planeL 

Whatever the reality of the strategic balance 
toe new offensive weapons produce, officials 
say, the perception of Soviet superiority will 
remain because of the powerful land-based mis- 
siles. This perception, they contend, would pul 
presidents in a weak position in future crises. 

The officials aigue that greater and greater, 
offensive power wifl only make the nudear. 
balance more unstable. Thus, to them, defense 
against attacks on missiles — from small or 
accidental attacks to aB-orat attacks — is the; 
only moral and practical answer. 

The real fear felt by critics is thatthe side that ; 
got to tbe optimal mix first might reason that it 
could destroy most of the other ride’s forces in a 
first strike and blunt the retaliatory blow with 
defenses. This, in theory, would make nudear 
war “rationally” thinkable for the first time. 

Mr. Reagan anH others say the transition 
amid be managed through anus control negoti- 
ations by agreeing on what to deploy and when. 
Officials say be no longer is willing to share toe 
technology with Moscow because it could be put 
to many other military and civilian uses. Critics 
argne that such negotiations would be far more 
Himntlt than anything yet undertaken with 
Moscow. 

Whfle critics take the administration's line to 
mean that a change in doctrine has already 
occurred, officials say otherwise. Richard N. 
Perie, assistant secretary of defense for policy, 
said -in a recent interview: “It is not true that 
we’ve already made toe decision to abandon 
mutual assured deterrence or toe policy that 
seeks to achieve security by the threat of retalia- 
tion. That will still be with us for years.” 

There is also concern that uncertainty about 
U.S- defense plans will complicate and perhaps 
undermine the chances for progress on aims 
control. 

Ad mini st r ation o fficials maintain that Mr. 
Reagan’s defense initiative brought Moscow.' 
bade to toe bargaining table it left in late 1983 
when the first LI 5. medium-range missiles were 
deployed in Europe. They also argue that the 
specter of competing with toe United States in 
this area will drive Moscow toward concessions 
on reducing offensive forces. 

The officials have said that when Soviet and 
American negotiating teams convene in Geneva' 
on Tuesday, the Americans will try to persuade 
the Russians to accept a three-stage approach: 
radical reductions in offensive forces, then a 
transition to a mix of offenrive and defensive 
weapons and finally toe total damnation of 
midear weapons and deployment of full- 
fledged defenses. 

As explained by the administration, bargain- 
ing leverage would be derived from Moscow’s 
fear of engaging in an all-oat technology race 
with Washington. At the same time, the officials 
acknowledge that this leverage depends on bow 

— IniSreanf^h® 

missile in particular — and that congressional _ 
support depends on the sense that the adminis- • 
nation is negotiating in good faith. 

So far, Moscow has totally rejected the ad- 
ministration's approach. The Soviet position is 
that Moscow wul not commit itself to a radical 
red action in offenrive forces until it knows that 
defenses will be limited. 

There matters stand on arms negotiations, 
with neither UJS. nor Soviet officials evincing 
mud) optimism that they will be able to solve' 
these problems through negotiations. 

The prevailing view in toe a dminis tration is 
that whatever e&ects defensive prospects ulti- 
mately have on negotiations, the immediate ef- 
fect has been to create a deadlock 


Tuesday 

Members erf Congress and experts outride th 
government are asking whether toe Strategj 
Defease Initiative is setting the nation on a ne 
strategic course before toe future implicatioi 
can be fully conridoed. One question is whetht 
the dements of toe plan could readily be use 
for offensive warfare. 

































































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Notebook 

Interest-Rate Scenario 

Economists at Dean Witter Reynolds see the latest UR 
, interest-rate rise as a temporary phenomenom. Between now 
and the end of the third quarter, they expect the rate increase to 
be propelled by a strong economy ana increased demand far 
credit. For the nest six months they also expect a tightening of 
' Fed policy, an easing ctf consumer spending and corporate cash 
flew, and the becomings of a weaker dollar.. 

By the end d the third quarter, however, the Dean Witter 
economists expect the UR deficit problem to be dealt with in a 
significant maimer — a trimming of $40 btflioii to $50 billion a 
'year for the next three years. When that happens, they say, 
-interest rates will drop and will continue dropping. 

Stew Slifer, senior vice president of Ldiroan Government 
Securities, sees a similar move- 
meat, bttt ptttS more emphasis 
on consumer (pending. He ex- 
pects interest rates for the first 
■ half to be zdativdy unchang ed 
.or, at most, to inch up slightly. 

;But he expects interest rates to 
drop after that 

“I can't see the consumer 
continuing to mod as heavily 
as he has been,* he says. By thie 
third quarter or later, he pre- 
dicts, toe consumer will begin to 
borrow less, cutting into gross 
.national product and money- 
.supply growth. As money-sup- 

;OTS target, he says, the 
Fed will ease credit and interest 
rates will slide. 


The Platinum Play 

Among platinum's traits, notes Bette Raptoooulos, senior 

ties in New Y 



volatility. ^Ifcan be said to outperform goto," she says, with 
deeper declines and steeper rises. Another difference is that 
platinum has more industrial uses than gold. But platinum 
shares gold’s tendency to move inversely to the dollar. 

This bundle of traits makes h likely that platinum will move 
up faster than gold if, as Ms. Raptopoulos expects, the dollar 
eases and gold begins to rise. Bnt before that happens, she says, 
pifltimtm , now trading at around $244 an could slide to 

about S20O. Sim then sees platinum Ti$mg m the balance of the 
year to around 1300 or 1350. 

One of platinum’s chief industrial uses is in. catalytic convert- 
ers, which are used to control auto-emissioa pollutants. Lang 
required in the United States, such controls are. now bong 
'adopted in Japan, and are being cousidaed for use in West 
Germany in 1986; The metal is also 1 used as a catalyst in oil 
refining and is popular in jewelry, particularly in Japan. 


dosing a Tax Dodge 

; The Reagan administration is proceeding with apian that will • 

■ ' require foreign investors in UR stocks and bonds to furnish 
residency certification from their governments. 

Several European banks, concerned about violating secrecy 
; laws, have objected to the proposal But a spokesman for the 
j m Internal Revenue Service said he does not expect the opposi tion 
}■ to result in substantial changes to the plan, which was first 

• proposed last September. 

under the plan, foreign investors would be required to obtain 
, . a certificate of residency from their local tax authority to qualify 
for lower withholding rates in the United States. Under current 

• procedures, investors in countries where the URhas a tax : treaty 
can avoid paying the 30-jxxcent withholding tax by providing a 
foreign address and stating that they are not UR citizens. 

; “ US tax: authorities suspect the regulations are bring abused 
- by U.S. residents using foreign banks as a tax dodge, and by 
- residents of nontreaty countries. 


A Tale of Two Markets 

The Chicago Board of Trade’s plan to offer a ftitures contract 
cm the Financial Tnnes-100 share index presents “a very inter- 
i scenario” for UR investors, says John Wolff, senior vice 
lent at Donaldson, Lufkin & Jearette. For the past few 
, the UR stock marke t “has become almost a currency 
j for foreigners,*' be says. Now, the coin is about to flip, 
uw notes that with the dollar as high as it has been, foreign 
stocks have become extremely undervalued relative to the UR 
currency. Formes in foreign-stock indexes, Mr. Wolff says, thus 
represent a good investment vehicle by enabling Americans to 
invest their very strong dollar in an imdervalu 


Why Stock Analysis Bears Analyzing 


I 


By Lynne Carry and Terry Gross 

S IBM still a good buy? Are growth stocks stowing signs of 
age? What atout the dollar? For most investors, these are 
some of the routine questions that come to mind when trying 

: list of 


to decide whether to buy or sell a stock. And while the list i 
queries may be long, the supply of answers appears inexhaustible. 

Each day, thousands of securities analysts in such financial 
centers as London, Tokyo and New York churn out a stream of 
tables, graphs and written opinions. Only a fraction of this research 
ends up in the hands erf the individual investor, but brokers depend 
on it heavily when recommending stocks to clients. ■ 

The extensiveness of the effort is by no means a guarantee of its 
quality, however. Analysts are routinely caught off guard by devel- 
opments in ctwwpanity an d industries they follow. 

One recent example of a major stumble was last month’s an- 
nouncement by Data General Corp^, a mgjor minicomputer manu- 
factnrer, that tt expects a flat quarter. The disclosure, which went 


lop analysts, stunned the market Data General's share price fell to 
$57 from $72 in one day. 

“People get blind-sided all the time,” acknowledged Thomas B. 
Stiles, research director at EF. Hutton. 

Still a knowledge of bow a firm approaches research, and an 
understanding of the subtle institutional influences that shade its 
judgments, can emahlp an investor to maintain a healthy ske pticism 
about analysts’ opinions.* 

“The major investor has more than one broker,” acknowledged 

Ehot M. Fried, chief investment officer for Shearson Lehman/ 
American Express. “Nobody has a comer on intelligence or recom- 
mendations.*’ 

Broadly speaking, most security analysts follow a single industry, 
such as metals, antos or banks, and divide their time tracking 
several companies within that sector. Keeping tabs on a major 
market-leader tike IBM, however, may be a full-time job at the 
major brokerages. 

The analysts goal is to determine how an individual stock win 
perform against the marirat jmd make a reco mm endatio n accord- 
ingly. A familiarity with c m re nt economic and political develop- 
ments and a sound background in a specific industry are some of 
the elements brought to the dedscm-makmg prooess. Before mak- 
ing an investment recommendation, the analyst will routinely visit a 
company, study its balance sheet, order flows and management 
strategy, and (hen take a hard look at its earning s and dividends. 

The accuracy of the analyst’s assessment, it goes without saying, 
is important: a reputation for picking winners generates cheats — 
and commission income. 

“We want to make money” said Wfifiam J. Kealy, director of 
research at Goldman Sachs. The only way we’re going to get the 
investor to come back is to make money.'’ 

In large firms, the company analyst is only one part of a much 
larger process. Paine Webber in the United States, for example, has 
(Continued on Page 12) 



Getting the 
Facts on 
Stocks 


■ When your broker recommends a 
stock, ask for the firm’s research 
material on toe company and a copy 
of the annual report. Analysts who 
prepare the research sometimes 
qualify their opinions. These nu- 
ances are not always passed along 
to the retail client. 

■To judge the reliability of your 
brokerage firm’s research, keep a 
detailed record of the performance 
of Its recommended stocks. Some 
brokerage firms make available a 
track record of their recommenda- 
tions. 

■ Find out the institutional owner- 
ship of a recommended stock. 

Some Investors steer clear of 
stocks with heavy institutional par- 
ticipation. Such stocks can be buf- 
feted by changes in sentiment 
among the institutions, who often 
enjoy direct access to analysts. 

■ Determine If there Is any relation- 
ship between the brokerage firm 
and toe company whose stock R is 
recommending. Most brokers rou- 
tinely disclose whether their firm 
has underwritten an Issue by a 
recommended company. 


APWidewOrid 

Eliot Fried, Shearson Lehman's invest- 
ment chief 3 amid stacks of research. 


The Enduring Popularity of the Zero Coupon 


By Barbara Rosen 


W HEN the fim big wave of zero-cou- 
pon bonds appeared nearly five 
years ago, many dismissed the new 
instruments as another caporate fi- 
nancing fad. But the allure of these deep-discount 
instruments has refused to fade, in no small part 
because of the strong market among individual 
investors. 

Investment houses, spurred on by the popularity 

a newbreed rf^S^ehistnimmte 
Treasury debt that bear such exotic names as 
CATS and T7GR. And last month, in a move that 
marked something of a milestone for the market, 
the UJS. Treasury issued its own zero instruments. 
“Demand for these things is burgeoning,” observes 
Ian Hassett, senior vice president for investment at 
Bacbe Securities in London. 

The demand has long been apparent in the 
Eurobond market, where dolkr-denommflted zero- 
coupon issues appear to have carved out a perma- 
nent niche. Brokers say there is now a better range 
of top-quality UR. industrial names available in 
the Eurobond market than in the UR domestic 
market 

The appeal of zmo-coupan bonds and other, 
similar instruments lies in their simplicity. Rather 
than paying coopon interest, these instruments are 
sold at a fraction of the face value they will pay 
when they mature. Unlike conventional bonds, the 
investor does not have to worry about reinvesting 
interest payments every six months, possibly at .a 
lower interest rate. The zero instrument effectively 
“locks in” an interest rate for the maturity. 

This feature is especially attractive to investors 
who know they will need a lump sum in a predeter- 
mined period of tune and who do not require die 
cash flow from regular coupon interest payments. 


For example, an executive planning his retirement 
in 20 years could have; purchased several recent 
UR Treasury zero bonds maturing in 2005 for 
$105 each At maturity, he would receive the face 
amount of the bonds, $1,000 each, for an indicated 
yield to maturity of 1 1J8 percent. 

A grander example is offered by Peter JenJdn- 
soo, senior international officer at the London 
brokerage of Kitcat & Aitken. He tells of one 
offshore client who bought zero-coupon bonds for 
each of his eight grand-children, at maturity dates 
scheduled to give each grandchild $1 million when 
they tom 40 years old. 

Modi of the zero-coupon market has been 
among offshore investors and those with tax-de- 
ferred, sdf-admiiristerrd pension plans, such as the 
Individual Retirement Account popular with U.S. 
taxpayers. This, in part, is because the domestic tax 


V S*7TC 1 '■‘l " T* TT ' •’< 

” • : ‘.a. ' 


situation in some countries can greatly dimmis h 
the attraction of these instruments. Obtaining 
some tax guidance is a wise move before purchas- 
ing any decp-discount instrument 
Indeed, the market for zero-coupon instruments 
is undergoing some changes in the wake of the 
Treasury's direct entry last month. The Treasury 
issue competes for investor attention with the 
many so-called “stripped” bond products that UR 
investment houses created to keep up with the 
demand for zero-like instruments. An estimated 
$ 1 25 billion faro amount of there stripped products 
has already been sold. They include Salomon 
Brothers' CATS (Certificates of Accrual on Trea- 


sury Securities) and Merrill Lynch’s TIGRs (Trea- 
sury Investment Growth Receipts). 

The stripped investments are constructed from 
U.S. Treasury bonds. The investment firm beys a 
regular; interest-bearing government bond and 
’’strips” the principal or corpus, from the interest 
coupons. Each pit is then offered for sale as a 
discounted, non-interest-paying instrument. Those 
backed by the comas mature at the date set on the 
Treasury bond. Those backed by interest coupons 
mature on the day the interest is due to be paid. 

In its Feb. 15 auction, the Treasury entered the 
fray, offering an issue of STRIPS (Separate Trad- 
(Contmued on Page 14) 




leassessing Japanese Specialty Funds 


By Terry Trucco 



A FTER two years of stunning returns, offshore 
funds that specialize in Japan's small compa- 
Jm tries are showing signs of fatigue. Today’s vda- 
-m_ tile mood on. the Tokyo Stock E xch a n ge and the 
rket's renewed fascination with bigger companies, ana- 
' is say, are partly to blame. There is also a feeling that 
ay of the smaller concerns will not be able to duplicate 
kind of growth that drew the funds in the first place, 
■face 1980 there has been a proliferation of s paaaity 
ds allowing foreigners to invest in certain growth areas 
lapan's mature economy. Initially, most fund manag er s 
n: attracted to lesser-known technology comjjanies, but 
y have rinre b ranche d out into phaxuiaccuticals, new 
terials and other areas. 

‘We recognized that this is where we can make the most 
lapan,” says Peter Key ddl-Bouverie of Grievson Grant 
Co. in London, which Inst year initiated a new small 
tanesefund. 

Capitalized at just £7.5 millio n ($7,9 naUion), the fund's 

uegy is to identify small companies with growth potm- 

as well as spot undervalued shares “so out of the 
rket they’re hardly talked about," such os nonferrous 
tals, says Mr. Pleyddl-Bouvcrie. 

Hie more aggressive general funds dip into second-tier 
n panics from time to time. Fidelity International s 
udon -based Japan fund, which has finished at the top 
the company's trusts for three years, invested heavily in 
ood- section nocks in 1983, tot switched last year to 
technology and pharmaceuticals. 


Another approach to the specialty sectors is pursued by 
G.T. Honshu Pathfinder Fund. Launched in 1982, it 
hopes to capitalize c® the prevailing trend towards diversi- 
fication into new products and new markets in existing 
companies. 

Small companies can have big potential Ando Electric, 


winch makes testing equipment for uiiegrated circuits, 
climbed to 12,000 yen ($45.90) a share on the Tokyo Stock 
Exchange last year, although it has recently slipped to 
about 10000 yen. It traded at 674 yen in 1979. 

On average, the p e r f nrmanfiB of the funds has been 
(Continued on Page 14) 



Next Month 


An engraving, of Shakespeare on 
a folio of plays to be auctioned by 
Sotheby’s New York in April 


The revival of world stockmark£ts has brought a surge in lhe 
variety of funds amiable to the iniemmimal investor, white the 
growih in the number of funds has given investors access to a nider 
rang? of ntarkm, h has also complicaled the task of selection. The 
next Personal Investing to be published April 8, boh at the key 
decisions in choosing a fund and some of the common pitfalls. The 
report will include a look at Hong Kong-based funds. Also coming 
nexs month: 

■ With the American Telephone & Telegraph efoestiture more 
than 14 months old, the spun-aff operating companies hose devd* 
qped clearer identities. Some hate emerged asexdting truwmars, 
analysts my. 

■ for the bibliophile, a report on the rare book market and 
sane important sales coming up. 

Personal Investing is published the second Monday of each 
month. Readers are urged to make the appropriate inquiries before 
investing. 


Your partner 
in managing your 
personal assets 
around the world. 





PrivateBanking 

International 


For information on onr worldwide 
PrivateBanking services, call or write; 

Mr. Barry Gdler 

Chase Manhattan Bank (Switzerland) 

63 Rue do Rhone 
1204 Geneva. Switzerland 
Tel. (4122)35-35-55 


Mr. Paul Lakers 

The Chase Manhattan Bank, N. A,. 

Woolgaie House, Coleman Street 
London EC2P 2HD, England 
Tel. (44 1)726 53 10 


Europe; Geneva. Amsterdam, Frankfurt. Jersey. London. Luxembourg, 

Monaco. Munich, Paris. Zorich. Western Hemisphere: New York, Miami. 
Houston. Los Angeles. San Francisco. Vancouver; Montevideo. Nassau, panama. 
Puerto Rico Asla/Padfic Hong Kong, Singapore. Middle East: Bahrain. 














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Page 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


PROFIT FROM GROWTH 


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IRAs: Often Less Shelter for the Expatriate 


By William McBride 


F 


EW tax breaks have proved as 
with the American taxpayer as the j 
□al Retirement AccoonL By one estimate, 
Americans had $140 billion invested in 
these accounts at the end of 1984. 

Hie program, which started three years ago, al- 
lows an individual taxpayer to shield 19 to 52,000 a 
year (more if married) from taxes by placing the 
money in an IRA, winch are offered by banks, 
brokerage firms and mutual funds. The mosey in 
the account can be invested in a wide range of 
instruments, including money-market funds, com- 
mon stocks, bonds or real estate limited partner- 
ships. Taxes on any income and capital gains are 
deferred until retirement. 

Funds cannot be withdrawn without penalty be- 
fore age 59ft, however, and must be withdrawn by 
age 7054, by which time the taxpayer presumably 
mil be in a lower tax bracket. Any money with- 
drawn before age 59Vi is subject to income tax in the 
year of withdrawal and to a 10-perccnl penally. 

For Americans livin g in the United Stales, the 
IRA is simplicity itself. Millions of taxpayers wfli 
pot money into the accounts before the April 15 
Headline to qualify for a reduction in then 1984 
taxes. 

The shelters are not such a simple issue for the 
American taxpayer based abroad, however. Deter- 
mining whether an IRA is appropriate for the expa- 


For U.S. taxpayers 
abroad, the issue 
can be complicated. 


triate can be a daunting task requiring some profes- 
sional advice. 

There are no hard and fast guidelines," cautions 
Rich Walsh of Coopers & Lybrand, the accounting 
firm. “Sometimes it’s strictly a cash-flow derision. 

The conmlkarions arise in large pan from the 

58Q.QOO-«dusjon on foreign earned income allowed 
UJS. taxpayers residing abroad. If a US. taxpayer 
abroad opts for the $80,000 exclusion, the amount of 
foreign ir K wng must exceed die $80,000 exemption 
plus any exclusion ta ken for housing costs for an 
IRA to make much sense. 

In other words, the taxpayer must have a tax 
■liability in the United States that can be offset by 
depositing money in an IRA. For example, an exec- 
utive who earned 595,000 abroad in 1984-and took 
the exclusion of $80,000 plus 53,000 Tor housing 
costs would have $12,000 left in U.S. tax liability. In 


such a case, he could reduce his taxable income to 
$10,000 by depositing $2,000 in an IRA. 

But US. tax liability also can be established by 
working in the United States for pan of the year. 
Take the situation of an employee of a US. compa- 
ny who is stationed abroad but who spends two 
weeks of each year at corporate headquarters in 
New York. If she earns 552,000 a year, the 580,000 
exclusion w31 more than cover her foreign earnings. 
But her two weeks in New York give her $2,000 of 
US. earnings not covered tty the exclusion. She 
could reduce her taxable income to zero by deposit- 
ing $2,000 in an IRA. 

A general rale about IRAs is that the higher the • 
tax bracket, cbe more the benefit A person in the 50- 
percent bracket can save 51,000 in current taxes by 
foregoing $2,000 of current income and placing the 
matey in an IRA.A person in a lower tax bracket, 
say 40 percent, would save only $800 of current 
taxes with a 52,000 IRA deposit. 

But because (he $80,000 exclusion puts most US. 
taxpayers abroad into lower brackets than they 
would be in the United Stales, IRAs tend to be less 
beneficial to them than to American taxpayers 
working at home. Still, some tax specialists say 
Americans abroad tend to look favorably on IRAs 
despite the diminished impact on their tax situation- 

“Some people just like the feeling of socking it 
away for retirement, even if the tax savings are 
comparatively meager," says one accountant He 
also notes that the US. taxpayer abroad still enjoys 


the benefit of having no taxes on 
IRA investments. 

However, IRAs are of little help to one partial' 
group of US. taxpayers abroad —employees wotf 
mg under US. corporate “tax-onuafization*’ plan; 1 
Thisc programs are part of an effort by US. comM l 
rations to make the tax burden on the employ*]' 
abroad and at home equal ■ 

In most equalization schemes, the US.compan- 
agrees to pay all the taxes, U.S. and foreign, inaint ; 
by the employee while abroad. The employee, i 
turn, fills oat a “theoretical" tax return as if fie**,' 
in the United States. Tbe company then withhaft 
amounts equal to what the employee would pa£i 
taxes if he or she were in the United States. J 

These plans have the effect of shifting to >tfc 
company any tax advantage — or disadvantage , 
the foreign-based employee would have compare 
with colleagues in the United Stales. 

Steve Kates, of Arthur Young, the accounting^ 
advisory firm, says “many companies don't gjy e s •' 
IRA contribution in the theoretical tax FormnTbt 
American employees covered by an equalizatia 
plan usually derive no tax beodiL from these at 
counts. 

Mr. Kates also notes that IRAs are tittle hdpi 

such as thc^Midtflc'^ast, where local taxes at 
extremely low by US. standards. In some rircun 
stances, UJS. taxpayers in these situation may ^ 
to consider the purchase of tax-deferred annuity 
rather than an IRA, he said. f 




] 


Why Analysis 


Bears Analyzing 


(Continued from Page 11) 

three separate research staffs j-Ouc 
tracks individual companies. An- 
other studies the economic cli- 
mate. The third is made up of 
tcchmrians who crank a compa- 


Mr. 


hardgmrig of the arteries," 
Haiherfy sritl bluntly. 

Bat condnsioos sometimes vary 
because analysts are looking for 
different things- in a company. 
Sane brokerage firms scour rite 
market for undervalued stocks or 


fly’s vital statistics into coupler “special situations.” Others prefer 


mathematical formulas in an ef- 
fort to detennine whether the 
stock is undervalued. The goal of 
Paine Webber’s analysts is to find 
stocks that outperform the market 
by at least 10 percenL 

Of the 800" stocks tracked by 
Paine Webber, says Edward M 
Kerschner, chief portfolio strate- 
gist, as few as 50 might qualify for 
the company’s recommended list 
A few of these, he admits, could 
turn out to be wrong. Tf not, 
we’re not taking enough risk," be 
said. 

While the three-pronged ap- 
proach to stock picking is com- 
mon. investment firms rarely 
come up with identical lists. And 
they occasionally disagree about 
the prospects for a certain issue. 

In January, James Capel & Co. 
of London changed its rating on 
Macks & Spencer, Britain's largest 
retail group, and rec omm ended 
the stock as a buy. Roy Macono 
chie, a Capel analyst, said the 
change of heart came after assess- 
ing Marks & Spencer’s new man- 
agement and an improvement in 
sales. 

Others are less enthusiastic. 
John Haiherfy, an analyst at Car 
pd-Cure Myers in London, has 
upgraded his recommendation on 
Marks & Spencer from “stDT to 
“hold." But he remains decidedly 
less enthusiastic than Mr. Macon- 
ochie. Marks & Spencer “is a big 
company that is experiencing 


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to evaluate the big-picture eco- 
nomic and market forces at work, 
and then evaluate individual com- 
panies in that fight 

Mr. Stiles of EJ. Hutton fol- 
lows the latter approach, which he 
refers to as a ‘‘top-down” ap- 
proach. “1 think that flies in the 
face of the tendency of a lot of 
people to do the exact reverse,” he 
said. “They wnk from the bottom 
up, looking for a name that is 
bong recommended.’' 

The scope and tone of research 
can also vary with geography. In- 
vestment firms in the United 
States, for example, are noted for 
elaborate research reports that 
brim with tabular material and ex- 
tensive written analysis. But the 
U.S. approach is often unappreci- 
ated in Britain, where brokerages 
take a less aggressive approach. 

“I look at the first paragraph 
from American repots and occa- 
sionally read them,” said Martin 
Sicilian, a financial consultant at 
Bishop Cavanagh in London, “but 
I rarely find an article engrossing. 
US. reports tend to ramble.” 

Roger Bull, an investment advi- 
sor at 'Aitken Hume Portfolio 
Management Ltd, in London, not- 
ed that the Japanese offer another 
example of how approaches to re- 
search can differ. 

Tbe Japanese, Mr. Bull says, are 
more factual and less in dined to 
provide an opinion than their 
Western counterparts. Moreover, 
analysts at Japanese brokerage 
firms tend to be generalists, rather 
than concentrating on a single in- 
dustry, he said. Consequently, Mr. 
Boll says, he prefers to use re- 
search material prepared by Euro- 
pean broken based in Tokyo. 

A major concern voiced by 
many investors is that analysts are 
optimists by nature, and that they 
commonly rate a stock “buy” or 


Sell: Seldo 

I 


i-Heard Word in Research 


m 


T may be couched in diplomatic jargon, hidden at 
the end of a market commentary or even avoided 
Regardless of the approach, it is dear that “sdl” is 
the kind of four-letter word, that brokers still find 
repugnant. 

“Analysts lack a little courage in this matter," ac- 
knowledged Kenneth Ingalls, research director at Phil- 
lips & Drews. 

“You have to find your own sdl signal" said Nicolas 
Krul, general manager of Gulf & Occidental Investment 
Co. in Geneva. “When the brokers come up with it, it’s 
too late." 

Heads of research departments say they are aware of 
the confusion and have taken steps to make it easier for 
retail customers to understand thkr vocabulary. Bur the 
effort has not always produced the expected results. 

In the United States, some major brokerages use a 
one- to- five rating system. One signifies an aggressive 
buy. Five means sell Confusion comes in the nether 
world between two and four. 

“Four is a signal to investors that a stock is no longer 
attractive," said Margot Alexander, research director at 

Paine Webber. “We’re frying to make our analysts be more 
aggressive about moving from two to four rather than from two to 
three.” 

Some brokerage firms, meanwhile, avoid such elaborate meth- 
ods. Shearson Lehman/ American Express has only three catego- 
ries: buy, hold and sdL Eliot M. Fried, executive vice president and 



¥ 

S 




4# 


•of 
. ft 
OM 


* 


chief investment officer, said the only category for a recommended 
1 stock off the recoin 


; off the recommended list, it’s 


stock is “buy." “When we take a: 

*seD,’"hesaid- 

Whatev«r method bused, an investor should understand the vast 


arsenal of euphemisms chat brokerage firms have developed to .. 
advise clients to sell a stock. A random sampling of London : 
brokerage firms uncovered the following: 

■ “The market has unrealistic expectations of the company”. 

— Robin Gilbert, head of research, James Capel A Co. ^ 

■ “The shares lode highly rated with normal multiples relative to ' 
the market accorded these shares.” 

— Howard Coates, partner, Zoete & Sevan. " 

■ “Long-tarn buy, they are fully valuea for tbe moment." . 

—Alan Izzard, private-diem director, Hoare Govett Lid. □ •. . 


h- 


“hold,” but only rarely give explic- 
. it advice to sell 

■ ■- To some extent, observers note, 
this tendency reflects a natural in- 
ebriation to pick winnss, not los- 
ers. But some observers believe 
that analysts sometimes hedge 
their calls to avoid offending the 
company being researched. They 
point out that analysts are depen- 
dent for information on the very 
company they are tracking — and 
that a downgrading or critical re- 
port could alienate management 
and shut off the flow of data. 

“Most analysts are led by man- 
agement,” said Jan Voute, deputy 
managing director (tf U.S. equity 
investment for Robeco in Rotter- 
dam. “They’re not doing that 
much miinfmcnerti research." 

Moreover, sane critics point 
out, many of the companies that 
investment firms routinely follow 
and rate are also some of their 
biggest customers far lucrative 
stock and debt underwritings. 
These underwriting relationships. 


which generate big profits for the 
investment firm, cast a cloud over 
the objectivity of die firms ’ re- 
search, the cntics say. 

Mr. Fried of Shearson Lehman, 
for example, believes that some 
companies have terminated un- 
derwriting relationships on the ba- 
sis of a poor rating from the firm’s 
research department “But,” he 
said, “you can never prove it” 

Investment firms vehemently 
deny suggestions that such under- 
writing links color the opinion erf 
their analysts. Echoing the view of 
other researchers, Mr. Fried said 
that wink the investment-bmJdng 
relationship can be helpful in pro- 
viding information about a com- 
pany in question, “our research is 
date completely independent” 

Indeed, to ensure indepen- 
dence, some research departments 
refuse to offer investment recom- 
mendations on diexit companies. 
Most major brokerages find this 
impractical however. 

“That’s fine if your client list 


reads like *Who’s Who 1 of no- 
txxfy,” said William J. Kealy, di- 
rector of research at Goldman 
Sachs. “But iT you have a client fist 
that includes a substantial list of 
America's finest companies, you 
can’t have a research department 
without covering them.” 

Hus does not mean that ana- 
lysts are immune to all outside 
pressures, however. Most, for ex- 
ample, cater almost exclusively to 
the needs (tf big institutional cus- 
tomers, who account for the big- 
gest trading profits. Examples of 
research prepared specifically for 
: are rare. 


“We start with a very 
attitude," said Mr. Stiles of 
Hutton. “We have (me product 
fine. If it's good enough for Ma- 


tt’s good enoug • - - 
tor me individual” f - 

That may be true, bat institr r 
tions often are better positioned * 

take advantage of research bt 
cause they customarily have dirtt 
access to analysts and are free 
quiz them on their findings. , 
tysts, in turn, are quick to not£ 
institutional clients of market-af t 
fecting news. In contrast. iufividMm ^ O ■ ■ ■ ■ ■■ 

uals typically learn of such dcFWWWC 1C UVBOPUi 
opments through their brokets- 
their newspapers. 

“The individual will 
through to tbe top dozen 
by accident," said Peter 
director of Gartmore Investraafi 
Management Co. “The private c& 
exit is about 119th on tbe Isi or: 
importance.” Cr 


.Jibe Line 

3SB5 




^2 


S .fc 




*■» y “4 M*< 

y- i.4fwiral 

■'■*> ** Ww 

ai»NW m 


OPPENHEIMER 
OFFERS YOUR IRA AN 
ALTERNATIVE 
TO GUARANTEED 
LOW RATES. 


F or IRA investors seeking the 
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For those investors more 
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The Oppenheimer Special Fund. 

Because over its life, the 
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So if you had been able to 
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been worth $104,570*** as of 
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average annual return of 21.5%. 

The Special Fund provides 
an IRA investment based on the 
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opportunity for a 
higher return is pref- 
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ty of a lower one. 



pTo M.Tucker Smith 
Oppenheimer & Qi. 62-64 Cannon St. London EC4N 6 AE England -- 
Telephone 01-236 6578 


11/3/as 


“1 


Please send me an IRA application and a Special Fund ^ 
cion, including all charges and expenses. Ill read it caret ul 
□ 18 like to open an IRA. O I'd life to switch mv IRA 


vnh more complete Informs. 
I invest or send money. 


Nunc 


Address 


Dry 


State 




Phone 


THE OPPENHEIMER SPECIAL FUND. 


© 1985 Oppenheimer Investor Services, Inc ’Bank IR V's are insured and generally have lived interest 

rates, whereas the Fundi net asset value fhraunics and mov be subject to loss. “March 15, 1'373-Dec ember 
31. 198*1 Upper Analytical Services, Inc. '““AiSumingaSZ.OOO investment on March 15. 1973 (inception 
of fund) and 52.000 annual investments on first business day of each year thereafter with all dividends and 
distributions reinvested. Rut performance is not an indication of future results In the period shown, 
s»<xk pTices fluctuated severely and ware generally higher at the end than at the beginning. 


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I DEPOSIT 
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Dept 594, 17 Bruton Streat, 
London W1A3DH, ENGLAND. 
Tat; 01-409 3434. (Ext 484). 


Please send without obtigatlo" 
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B 


Dopoatta hold In Staffing 
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ttfLOCKClSHmLS 1WSU V 

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In EngtandNo 337(104 Dtflar Lorr4»xlHoui».Cur20nStnj«. London 
A tnamber of ttre National Waahninatar Bank Group 
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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH II, 1985 


Page 13 


PROFILE 


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Hunting 

Profits at 
Graveside 

By John Median 



Bright Views on Europe’s Insurers 


F uk most investors, new issues and emerg- 
ing growth stocks seem to promise toe 
greatest opportunity for profit But for 
Mario J. Gabetii, the other end of the 
' -irporate life pyde offers the retums. 

. -anagement arm of the New York institutional 
*■■ ukerage that bears his name, Mr. GabelU cares 
"■ ■ tie about a company’s promising birth or robust 
- lolesoence when shopping for a stock. 

“I'm looking for something that will put it into the 
ave," he says. Death, in Gamco’s frame of refer- 
" ■ ice. comes in die form of a leveraged buyout, 
keover or liquidation — the kinds of te rminal 
factions that can generate big profits for share- 
iders. 

-..Indeed, Gamco clients are given a “Rest In 
■•-racer rosier of more than 50 of Mr. Gabdli’s 



& 


'-Cv^ 




Mario J. Gabelli 


d in Res 


\ pf 


.hi in profits for Gamco clients when it was taken 
ivatein 1984 by Kohlberg, Kravis, Roberts & Co„ 
e investment banking concern that specializes in 
veraged buyouts. 

[“Look at corporations from the cradle to the 
ave,” he advises. “When they go public, they’re 
Ding (stock) for more than its worth. Fm in the 
tsiness of looking for companies in their golden 


H E AND HIS STAFF routinely track 
between ISO and 200 companies and 
search for specific does that znay indi- 
cate a future takeover or buyout They 
comb reports looking for management stock repur- 
chases — a possible sign, Mr. Gabelli says, that 
company executives think shares arc undervalued. A 
company where the founder owns a huge block of 
stock but has no children also gets special attention. 
Such companies are likely prospects fm- a change in 


- By Warren Getter 

N OW that the gloom surrounding the interna- 
tional insurance business is lifting, investors 
are finding plenty of reasons to be encouraged 
about the prospects for some European insur- 
ers, especially Swiss firms. 

While analysts and money managers in Frankfort Zo- 
rich and London emphasize that the insurance business 
still suffers from intense price competition worldwide, 
they note three developments acting to bolster the share 
prices of major insurers: 

ft Underwriting ptemtams are finally shoving signs of a 
turnaround, indicating that the worst of the rate battle is 
over. 

■ Low in nati on and relatively steady interest rates 
seem likely to conrip"? 

■ The geographical diversification carried out by some 
major European insurers has positioned them in potential- 
ly profitable niches, particularly in the United States. 
There is a growing feeling among industry observers that 
the U.S. property -casualty business touched bottom m 
1984 and is set for an upswing, 

Swiss insurance companies, whose share prices have 
been in the doldrums over the past several years, are seen 
as the biggest beneficiaries of these trends and the best 
investment bets. Because of a tight domestic market, Swiss 
firms have had to seek oat markets abroad and cow enjoy 
a strong presence in the United States. They also have low 
price-earnings multiples relative to West German and 
British insurers. 

l uting Psrr & Co., the Zurich-based bank, is particular- 


:v..n" -'-"A 

# Winterthur 

f-.x'n- Stock price In 
Swiss franco 


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iril 1 At 42 years old, Mr. GabeflTs ability to foresee 
1 cb situations has earned him a reputation as one 

. the top money managers in the United States. Ifis 
ethod rests on idenn^ing companies selling for a 
.e*f action of their asset valuer “I ask myself: *What if I 

i* . d a group of peqpleinaroom that realty knew the 
» isinttS? Let’s say a group interested in a leveraged 
f * lyont. What wc«ld they be wiHing to pay for tins 
mpany?’ ” 

If the spread between the share price and the so- 
>. Bed “private market value” is attractive, and if 
. - V Gabelli thinks he can earn a 50 percent return 
. i his investment in two years, he btnfs. 
j it i> Since he founded Gamco in 1977, Mr. Gabelli has 
, .y /{rt eraged an annual return of almost 30 percent for 
J«f j individual and institutional clients. Last year 
'• ‘ J \cc other money managers straggled through a 

Cluster market in the United States, Mr. Gabdh 
^*"^^*aerated a return of 17 percent on the 5500 million 
der his manageme nt compared with a gain of 6 
rcent on the Standard & Foot’s- 500 Index. 

- Given Gamco's relativdy small aze, the firm 
ids to focus on certain industries like auto parts 
.d broadcasting, two sectors that Mr. Gabelli has 
. isdy followed since he began his career in the 
. '60s as an analyst at the former Loeb Rhoades & 
x 

Mr. Gabelli refuses to buy technology or oil and 
s stocks, both areas in whidihe lacks expertise. “If 
an't spell it, I won’t boy it,” is a common refrain 
and around his midtown Manhattan offices. 

— -He also eschews some of the traditional yardsticks 
id by portfolio managers when measuring eqni- 
s. Price/ earning multiples and capitalization do 
t enter into his calculations. Moreover, he does 
l shrink from bearish markets. In fact, Gamco 
ints do better when the market is down, he 
ms. “When everyone is baying stocks you can’t 
. the quantity or the price you want,” he said. 


Valuable underiying assets such as real estate or a 
hngc cadi hoard can also signal a future buyout. 
Diamond Crystal Salt, a current favorite of Mr. 
Gabelli, came to has attentio n when the company 
collected S32 million in damages from Texaco Inc. 
after the oil company inadvertently flooded one of 
its salt mines when drilling in f-nniriana. 

Gamco owns nearly 1 1 percent of Diamond Crvs- 
taL Mr. Gabelli began purchasing the stock at 512 
and places its current private market value at S3S. 

Rollins fVwnmnnicatTn ns also is included is the 
Gamco portfolio. Mr. Gabelli that the 

company has assets of $385 million from its opera- 
tions in broadcasting, cable television and outdoor 

advertising. With 14 J million shares ou tstanding , 
Mr. GabdE values Rollins at between $28 and $30 a 
share and estimates it could go as high as $45 in 
three to four years. 

Other stocks favored by Mr. GabelH include Hob- 
day Inna, the hotel group: Gencorp. the tires, plas- 
tics and chemicals group; Stoner Communi cations, a 
broadcasting company; and Eari Schieb, winch op- 
erates a chain of car- painting shops. 

If Mr. Gabelli likes a stock, he boys heavily. 
Gamco holds almost 31 percent in Brad Ragan IncL, 
an auto-pans distributor. Goodyear acquired 17 
percent of the company several years ago when the 
founder died, and Mr. Gabelli expects (he tire pant 
eventually to boy the rest 
Such commanding positions could give Mr. Ga- 
belli considerable influence over companies, but he 
says he never tries to interfere with management. In 
past buyouts, however, he has criticized company 
executives for what he considered inadequate terms 
and prices. Sometimes he has extracted a better deaL 
Still, Mr. Gabelli says he is not concerned about 
an occasional miscalculation. “There are just too 
may opportunities of overlooked, undervalued com- 
panies that are heading for the grave,” he said. “We 
are incredibly patient □ 


firms: Winterthur, Zfirich Insurance Co. and Swiss Rein- 
surance Co, all of which have P/E ratios of around 11. 

“We estimate a 1 0-percent riimh in share prices an the 
Zurich exchange, with a good chance of seeing the impor- 
tant insurance sector outperform the market,” says 
George Sellerberg, deputy research chief at Julius Baer. 

On the Zurich Stock Exchange Friday, Winterthur 
dosed at 4,160 Swiss francs (S 1,43450); Zurich Insurance 
at 20,550 francs, and Swiss Re at 9,500 francs. 

Phillips <& Drew, the London brokerage, shares that 
bullish outlook. Danielle Kadeyan, who follows Swiss 
insurers for the firm, says her chief recommendations are 
Win terthur and Ztirich Insurance. She rates the higher- 
price bearer shares of Swiss Re as a lurid.’ 

Winterthur can be counted among the firms with a 


So .. “ : -' ,****■ ■ 


strong presence in the U.S. property-insurance market 
through its acquisition of Republic Finance Services in 
1982 and its diversification efforts, Mrs. Kadeyan said. 
Winterthur, Switzerland's second largest insurer after Zu- 
rich Insurance, has two-thirds of its personnel working 
outside Switzerland. 

Zurich Insurance, another firm with a solid presence in 
the United States, is expected to take new initiatives in the 
reinsurance market there. With 43 percent of its premium 
income derived from Switzerland, as opposed to only 20 
percent in the United States, the company also stands to 
see its preminm-to-daims ratio benefit from the disinfla- 
tionary environment at borne. 

Phillips gt Drew estimates that Winterthor’s per-share 
earnings rose to 325 Swiss francs (51 12) in 1984 from 295 
francs m 1983, and sees them increasing to 370 francs in 
1985. Zurich Insurance’s earnings for last year are put at 
2350 francs per bearer share, up from 2100 francs in 1983, 
and are expected to climb to 2600 francs this year. Swiss 
Re, which posted per-share earnings of 680 francs in 1983, 
is expected to report profit of 750 francs per share for 1984 
and 850 this year. 

The companies are expected to report in May. 

But some analysts caution that Swiss and West German 
insurers could see their 1984 earnings squeezed by a freak 
hail storm that hit West Germany last summer. An ex- 
tremely ctrid January and February in Central Europe 


may also contribute to a significant rise in daims for the 
current year, though this should not i^ncd out gains from 
firming premium rates. 

West German insurance shares have been riding high, 
helped by investor enthusiasm for Allianz Voachertmgs. 
The insurance sector, climbing steadily for nearly two 
decades, was the top performer Last year on the Commerz- 
bank Branch Index, gaining 25.4 percent, compared with 
22 percent for electrical stocks ana 118 percent for banks. 

Allianz, winch is involved in a major restructuring 
-aimed at diversification into other financial services, has 
seen its share price soar to an historic high of 1,100 
Deutsche marks ($326) in December from around 750 
DM last spring. 

Behind the rise has been speculation that the company 
may be about to acquire a large insurer in the United 
Stares or Britain. Allianz says it is still sitting cm the 550 
million DM it made cm the sale of its shares in Britain's 
Eagle Star Holdings last year. The company said it used 
none of the proceeds in its purchase late last year of 
Riunione Adrian ca di Skurta, Italy’s second-largest insur- 
er, for more than 1 billion DM. 


Wolfgang Sikorelri, of Deutscher Investment Trust in 
Frankfurt, a portfolio manag ement group, recommends 
Allianz as a strong buy this year in tight of the Munich 
insurer’s steady profit growth and its planned expansion 
into other lucrative areas, presumably banking. But he 
notes that Swiss stocks have the edge when it comes to 
turnaround potential and P/E ratios. 

The outlook for British insurers is less dear cut than for 
their Swiss and German counterparts, analysts say. Wood 
Mackenzie expects the shares of composite insurers, which 
are active in both life and casualty business, to outperform 
the London stock market chiefly because of increased 
premium rates. It recommends Royal Insurance and 
Guardian Royal Exchange among the composite insurers 
and Prudential in the life-insurance sector. 

But Capd-Cure Meyers, another London broker, 
sounds a cantionary note about those British insurers with 
considerable exposure in the United States. 

All three U.S. -oriented composite insurers — Royal 
Insurance, Commercial Union and General Accident — 
are currently overvalued, the firm says. Their share prices 
are assuming a VS. underwriting recovery in 1986 that is 
unlikely to emerge to the ex ten tthat shares prices indicate, 
it warned in a recent newsletter. □ 


Confusing S ignals on U.S. Bank Stocks 


By Anise Wallace 

I NVESTORS can be forgiv- 
en if they find themselves 
confused about the pros- 
pects for U.S. bank stocks. 
The group has advanced .a torrid 
54 percent since its lows of last 
summer, but some analysts are 
now saying that they have moved 
too modi, too fast 
And three weds ago, in a move 
noted by Wall Street, Battery- 
march Financial Management in 
Boston, which mimag ea hfllinns of 
dollars in endowment funds, start- 
ed to sell its bank-stock holdings. 

Nonetheless, some profession- 
als say that banks represent some 
of the only bargains around. And 
they are expecting banks to report 
exceptionally strong first-quarter 


Many sell at 
only 5-times 
earnings 


earnings, which should buoy their 
share prices. One analyst acknowl- 
edged that bank stocks pose a di- 
lemma for investors, given their 
recent strong nm-np. “It’s a diffi- 
cult call,” he said. 


Should interest rales rise, as 
many economists believe they will 
in the n*x t three months, banks 
could be hart by having to pay 
more for their funds. Primarily for 
this reason, Lawrence W. Cohn, 
first vice president of Dean Witter 
Reynolds Inc„ last week down- 
graded his reo r Mn mendfltinns on 
two large money-center institu- 
tions, Citicorp mid Chemical New 
York. Farlter last month he had 
downg raded his i wcnmniavljitinug 

cm Bankers Trust New York, J J. 
Morgan Security Pacific. 

hi the argot of Wall Street. Mr. 
Cohn changed his recommenda- 
tion an all of these stocks from a 
strong buy to a “lukewarm’’ buy. 


“Long-term we really Hke the 
stocks,” be explained. But for the 
next three to sue months be expects 
these stocks will “hang around 
and do nothing for you.” 

Over the diort term, rising inter- 
est rates and international debt 
problems win keep bank stocks 
flat, Mr. Cohn says. His firm ex- 
pects interest rates on long-term 
Treasury bonds to climb to as high 
as 13 percent; in that kind of envi- 
ronment, he says, “bank stocks 
have a very tough time.” 

But Salomon Brothers’ top-rat- 
ed bank analyst, Thomas H. Han- 
ley, remans positive about the 
group while conceding that “the 
easy money has been made.” He is 


still recommending such money- 
center banks as Qticoip, Chase 
Manhattan, First nria^ n and 
Bank of Boston, despite the latter 
institution's troubles with Federal 
regulatory agencies. Among the 
regionals, Salomon tikes NBD 
Bancorp, First Interstate, NCNB 
Carp, and Security Pacific. 

And these stocks are still selling 
at lower-fhan-average price/ earn- 
ings multiples. Based on 1985 

ffammgc eerinutteji, many of fliea* 

stodts sell at a meager five or six 

'times wmrny )CSS than half the 

mnltiple of the Standard & Poor’s- 
400 index, which includes only in- 
dustrials. _ □ 

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Itk still rising. 


Over the last five years the Japanese 
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Obviously itfs been an excellent place 
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Page 14 




INTERNATIONAL HERALD TRIBUNE, MOXPAY. MARCH 11, 1985 


===== CHART TALK 


A Renewed 
Interest in 
Rare Stamps 


By John Meehan 


I F Old Masters and precious metals no 
taiip satisfy your appetite for tangi- 
ble investments, consider rare stamps. 
After three years of high interest rates 
and low inflation, rare stamp prices are at 
their lowest level in a decade. Not surprising- 
ly, contrarians in the United States, one of 
the world’s largest stamp markets, say that 
now is the time to shop for bargains. 

Indeed, one New York professional re- 
ports recent selling by European collectors/ 
looking for dollars. 

As with any collectible, rare stands are a 
useful hedge against possible economic ca- 
lamities, as the double-digit inflation of 
the late 1970s. But unlike bulky paintings 
and antique furniture, stamps are highly Sq- 
uid and can be nicked away in a bfluola. 

“It’s similar to buying insurance,” said 



The U.S. Graf Zeppelin series of J930, now valued at about $2,300. 


Bruce Stone, president of Stamp Portfolios 
Inc., a Stamford, Connecticut Dam that ad- 


Ina, a Stamford, Connecticut firm that ad- 
vises investors on the market. A typical diem 
may have a total investment portfolio of 
$200,000. of which about 5 percent will be 
invested in stamps, he said. 

On average, Mr. Stone said, US. rare 
stamps appreciate at twice the rate of infla- 
tion. And in the current low inflation envi- 
ronment, they may appreciate about SO per- 
cent above the inflation rate, he said. 

To realize the maximum gam, however, 
investors must be patient- The tastes of tradi- 
tional collectors— not investors —drive the 
market, so that prices fluctuate with their 
moods. 

"You can't go in today and sell tomor- 
row," said Robert Siegel, who operates the 
biggest stamp auction house in the United 


States. Robert Siegel Auction Galleries in 
New York. “At present price levels, you 
would have to bold on to stamps for 5 to 10 
years.” . 

The most recent flurry of investment inter- 
est in raze stamps came in the late 1970s, 
when rising inflation drove investors from 
financial instruments into tangible assets of 
every size and description. The bullish run. 
lasted until 1981, when rising rates and cod- 
ing inflation turned attention bade to stocks 
and bonds. 

Those heady years had a profound impact 
on the stamp market in the United States. 
Investor demand propelled prices sharply 
higher, often to the dismay of traditional 
collectors. 

Experts recall that it was not uncommon 
for relatively inexpensive rare stamps to dou- 
ble In price overnight The effect on rarer 
stamps was even more staggering: the British 
Guyana Magenta, for example, was valued at 
$1 milli on in 1982 compared with $200,000 a 
decade earlier. 

Many investors, however, unschooled in 
the fine art of philately, paid exhorbitant 
prices far stamps of poor value. The US. 
Graf Zeppelin is a case in point 

A set of this 2930s air- mail issue had been 
valued around $2,000 in the early 1970s, but 
shot up to $8,000 during the stamp boom. 


When investors abandoned the market, the 
price collapsed A set of Zeppelins now sells 
for about &300, Mr. State said. 

To avoid similar mistakes, professionals 
say investors should educate themselves 
about rare stamps through extensive readme 
and by ratting to reputable dealers. Most will 
track now many stamps of a particular issue 
were printed and are still in existence. They 
also keep trade of fires or otha misfortunes 
that destroy large collections. 

Rarity, however, is not just defined in 
terms of limited a vailabili ty — the «i«np 
must be in demand by collectors, as well. One 
test used by some investors is to count the 
number times a certain issue is brought to 
auction. At the same time, investors mould 
be suspicious of stamps that show up regular- 
ly on the auction bkrck, the experts advise. 

In general, experts r eco mm end that 20th- 
century stamps be avoided. Many are old, 
but few are rare, and investors will have 
better luck with 19th-century issues, they say. 
For example, the 1847 issue, the first U.S. 
federal postage stamp, is currently valued at 
about $825, a sevenfold increase over the last 
10 years. 

Mr. Stone says he narrows his selection to 
stands (hat are at least 50 years old. He then 
studies the price history of the stamp to 
determine . if it has a proven track record. □ 


Japan Specialty F un ds May Ease 


(Continued from Page 11) 
impressive. From the start of 1983 
to the ad of last December, G.T. 
Management’s Japan Small Com- 
panies fund increased 128 percent 
in dollar terms. During the same 
. period the Tokyo Stock Exchange 


Index inefeamd 54 percent, while 
the exchange’s second-section in- 
dex appreciated nearly 116 per- 
cent 


U.S. and international funds. 


showed that Japanese speciality 
funds were the world’s too capital-' 


A survey recently published by 
ipper Analytical Securities, a 


Upper Analytical Securities, a 
New York-based firm that tracks 


funds were the world’s top capital- 
growth performers between July 
1983 and November 1984. More 
recently, the gains have been con- 
siderably slower because of the 


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me vulnerability of the narrowly 
focused specialty funds. Many 
own shares in as few as 30 compa- 


Copies of l he latest audited 
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Resident Managing [director 


own shares in as few as 30 compa- 
nies and are not positioned to take 
advantage of gains in other sec- 
tors. 

More recently, the big strengths 
have been in financials, which are 
heavily capitalized, and pharma- 


ceuticals, which are highly specu- 
lative. By contrast, blue chip elec- 
tronics have declined, taking 
many of the small technology 
Dims with them. 

“You can’t really specialize in 
the sense that you could a couple 
of years ago,” said Peter Tasker, 
an analyst with Grievson Grant & 
Co. in Tokyo. 


800% PROFITS 
FACT, NOT FANTASY 


In March 1982, the world’s largest investment sendee published a roster of 67 stocks which 
they claimed would "underperform the market". C.GJ=L contradicted their pessimism, 
challenging theirthinking; urging, as contrarians, our readers to buy, not to selitheequities on the 
“sick* list We triumphed: all but a handful of the stocks advanced, some quadrupled False 
modesty is as misleading as excessive arrogance. Our success is predi dated upon simplistic 
fiscal gospel, the adage that Investors should emulate "Elitists", buying into weakness, selling 
Into strength, mocking prevailing opinion. C.G JR.’s analysts will "take .on" any market letter, 
regardless of size or reputation. Since late 1981, approximately 90% of the shares we 
recommended subsequently advanced and as a corollary, 92% of Issues castigated as "classic 
shorts' have buckled. 

When APPLE, COLECO, COMMODOREand TANDY were mesmerizing the “Street" at bloated 
Price Earning levels, we "attacked” the Quartet, characterizing APPLE S5 6, asalamon" Today's 
quote, S27. COLECO collapsed from $50 to $12, COMMODORE capsized from $52 to $14, 
TANDY, which C.G JL dissected at $54, is currently $32. 

As maverick s, we stu nned the "Street* in the summer of 1982, by predicting thatthe "DJI WILL 
TOUCH 1,000, BEFORE HITTING 750". The Bull ram paged, the rest is history. The sqme script was 
repeated when the DOW temporarily dipped below 1100. While the majority of pundits were 
cringing. C.GA noted- “BUY NOW - THE MARKET WILL ERUPT. VAPORIZING PROPHETS OF 
DOOM". Ourforth coming report reviews "Big Board” companies that predators may be coveting 
at premium prices. In addition, C.G. R. focuses upon a low-priced venture capital equity, with the 
dynamics to spiral, as did a recently recommended ‘special situation” that escalated 800% in six 
months. 

For your complimentary copy please write to, or telephone: 


Co. in Tokyo. 

Colin Armstrong, Tokyo man- 
ager of Jardine Fleming Securities, 
expects his firm’s Small Company 
Trust to “mark time this year until 
the market is concentrating on val- 
ue again." He said prospects are 
stronger for Jardine’s Japan Tech- 
nology Trust, which is not limited 

to small companies and nan t/tlr* 

advantage of market trends in 
pharmaceuticals, new materials, 
biotechnology and optical elec- 
tronics. 


In the m eantime, fund manag- 
ers say they are confident that in- 
terest in small companies will pick 
up. Masato Kawada, investment 
manager fra G.T. Management 
(Japan), pointed out that a wave in 
new company listings in both the 
second section and over-the- 
counter sectors is expected some- 
time next year or soon after. 0 



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A Lackluster Month for Markets^*?® 


yen's weakness against the dollar. 
Many of the funds are denominat- 
ed in dollars. 

The fundamentals that nour- 
ished the growth, however, are 
changing The current business en- 
vironment is a far cry from the 
boom of 1982-83 when the share 
prices in small companies in the 
technology sector rallied sharply 
in response to the initial boom in 
demand for video recorders and 
integrated circuits. 

That rise, which was linked to 
strong Japanese exports to the 
United States, peaked last spring. 
Even analysts who predict good 
returns for lag electronics compa- 
nies by the end of the yeawlo net r 
expect this to translate into the., 
same kind of boom fra compo- 
nent-makers. 

“Growth in those small compa- 
nies should be good, but not as' 
good as before," says Takashi Na- 
kayama, general manager of Aiwa 
Investment Trust. 

The prevailing climate in the 
stock market, observers say, is 
considerably less hospitable to 
smaller companies than it was a 
couple of years ago. 

Much to the dismay of fund 
managers, who traditionally have 
limited themselves to companies 
with capita] of around 50 billion 
yen or less, laige companies have 
outperformed smaller concerns 
since the middle of 1984. 

The shifting market sentiment 
away from certain electronics is- 
sues, which initially focused inter- 
est on small companies, and into 
other sectors has also underscored 
the vulnerability of the narrowly 


I N contrast to the uniform 
surge recorded in January, 
major world equity markets 
pot in a lackluster perfor- 
mance last month. 

The flurry of buying in New 
York that ignited January’s world- 
wide rally was conspicuously ab- 
sent last mon th- Same investors, 
however, delighted in the fact that 
a predicted wave of profit-taking 
did not materialize 
On the New York Stock Ex- 
change. the Standard and Poofs- 
500 Index rose less than 1 percent, 
to reach 181.18 at the dosing bell 
on Feb. 28. 

• John Connolly, chairman of the 
investment committee at Dean 

Witter Reynolds, said, the slight 
rise in the index was misleading 
because it did not demonstrate the 
shift in sentiment toward partiai- 
lar sectors. “The group rotation 
was amazing," he said. 

The big gainer cm the New York 
Stock Exchange was Texas Inter- 
national, whim struck ofl in west- 
ern Africa. Analysts say it is still 
too soon to determine the true 
wealth of the strike, which is now 
producing 6,000 barrels a day. 

General Growth Crap., a real 
estate investment concern in the 
Middle West, headed the losers 
list. The drop followed a decision 
by the company to sell ofl a major 
share of its assets. 

In London, concernTaboot the 
Thatcher government's budget, 
which will be released next week, 
dampened the spirit of both insti- 
tutional and individual investors, 
analysts said. The Financial Times 
Ordinary Share Index dosed out 
the month at 979.9, down 6 points 
from January. 

Hector Sants, a director at the 
London stockbrokerage of Phil- 
lips & Drew, said the dollar's re- 
cord sport List month also un- 
nerved investors in light of the 
pound's recent poor showing on 
foreign-exchange markets. U.S. 
investors, he said, were especially 
reluctant to buy British equities. 

The British market's big gainer 
was Dunlop Holdings, winch con- 
tinued to flm with a takeover offer 
from BTR PLC. Associate News- 
papers registered the second larg- 
est gain, largely on the strength of 
its North Sea oD holdings. 

The big loser was Lex, which 
controls the Volvo distributorship 
in Britain and owns an electronics 
company in the United States. The 
drop came after market analysts 
lowered their earnings estimate fra 
the industrial concern because of 
problems with its U.S. operations. 

Jn Tokyo, the Nikkei-Dow 
Jones Index gained almost 3 per- 
cent, breaking through the impor- 
tant 12,000-mark to dose out the 
month at 12321.920. Still, some 
observers expressed disappoint- 
■ ment in the market’s unbalanced 

performance. 

- Tokyo analysts said they could 
find no overriding theme during 
February. Blue-chip issues lan- . 
guished, while financial issues 
gained. The market also displayed 
a continued fascination far phar- 
marceutical and technological 
stocks, even though analysts think 
both sectors are overvalued. 

Last month's leading gainer. 
Green Cross, advanced on uncon- 
firmed reports that it is developing 
an anti-cancer drug. The major 
loser, Mochido, another pharma- 
ceutical concern, suffered heavily 
from profit-taking. □ 


Gainers and Losers 


The stocks on the New York. London and Tokyo exchanges that 
showed the largest percentage gains and losses In January. 


„ VliirWrt 

M , 


Percent Fab.28 

Gain Price 


Percent Feb.28 
Loss Price 


New York Stock Exchange: 

Compiled by Mecfie General Financial ServtaM. Price* In doltara 


■.IM 


Texas International 
Telecom Corp. 
Baldwin-United 

Valero Energy 
Bectronlc Associates 
Stauffer Chemical 
LLCCorp. 

Berg Enterprises 
Tonka Corp* 
Grollerlnc. 


2.13 General Growth Prop. 


4,00 First City Properties 
2.1 3 Towle Manufacturing 
10.75 SalantCorp. 

5.25 Chicago and Northwest 

27.50 Financial Corp. 

3.50 Chicago Milwaukee Corp* 

22.63 Amfeaco Industries 

58.50 RLCCorp- 

4.75 Data General 


78 8.88 

33 12.00 

27 11.88 

27 5.13 

25 20.75 

25 8.25 

23 152.50 

21 11.63 

21 7.50 

21 56.38 


American Stock Exchange: 

Odettes 95 

Custom Energy Services 73 

Cardiff Equities 70 

Buckhom Inc. 59 

Lee Pharmaceuticals 55 

13.38 

2.38 
8.50 

4.38 

7.38 

Aiamco 

Nu-Horizons Etectronkw 
Fitchburg Gas & Elect. 
Instrument Systems 
Teleconcepts 

31 

25 

25 

24 

22 

2.25 

3.38 

8.75 

2.00 

3.13 

Over the Counter: 






Verdlx 

136 

3.69 

Micron Technology 

52 

11.63 

ACS Industries 

124 

4.75 

SEEQTechnology 

47 

3.88 

Computer Usage 

100 

2.00 

Flight International 

40 

3.00 

Shelter Components 

82 

5.00 

OCGTach 

39 

2.00 

TSRlnc. 

80 

40.00 

Computer Store 

31 

2.13 


. _ TV ^ 




_ - t 

•«*> Sgwiifc 


yi.V**** 

, —A . 


London Stock Exchange: 

Complied by Capital International. Prices In pence 


Dunlop Holding 

Associated Newspapers 

Tootal 

Delta Group 

Marks and Spencer 

Courtaulds 

Guest Keen Nettiefolds 
Legal and General 
British Aerospace 
Rowntree Mackintosh 


Lex Services 
Standard Telephone 
United Scientific 
Habitat Moths rears 
Whitbread 
Electrocomponents 
British Elect. Traction 
Peninsula & Oriental 
BICC 
Mariey 


- 

*-te* 


Tokyo Stock Exchange: 

Compiled by Capital International. Prices In yen 


Green Cross 
NCR Japan 
Talyo Kobe Bank 
Mitsui Bank 
SanwaBank 
KyowaBank 
Industrial Bank Japan 
Long Term Credit Bank 
SankyoCo. 

Shizuoka Bank 


67 

2.750 

Mochkio Pharmaceuticals 

27 

10,020 - 

rK-Ma 

29 

1,670 

DaH chi Seiyaku 

15 

1,910 

V. ; 

28 

727 

Talaho Pharmaceuticals 

14 

1,090 

26 

1,200 

Nitto Electric 

13 

1.750 

■ • ■ 1 

26 

1,620 

FuJJsawa Pharmaceutics] 

11 

1,110 

-■ 

25 

609 

Fujlta Tourist 

10 

870 


26 

1,140 

Kyocera 

10 

6,270 

■ * . . _ .4 <a 1 

24 

6920 

Nippon Reizo 

9 

350 - 


23 

1,330 

Orient Finance 

9 

875 


21 

600 

Kikfcoman 

9 

875 

: : . - 


Eurocurrency Deposit Rates 


:<N4««4I 


interbank rates on deposits of $1 million or equivalent. Quotes offered on smaller 
amounts can vary substantially. Provided by Noonan Astley Pearce. New York 



90-DAY 


vm 

was 

i > i% 


Deutsche 

mark 


-+M * 

t-raktei 

H 

4,* 4 


:Vf Ml 


DEC. JAN. FEB. 


Total Return for 12 Months 


Total return measures both the changes In the prices of securities and the Income they provide, either 
Jn dividends or interest Gains and Josses were measured by comparing market Indexes at fhe end of 
January with their levels a year earlier. The chart does not take Into account taxes or Inflation. 


■ .1 rate 

! ' Tnm 

:~\l n tat 

: 1 ‘ ; 1 

■«#-« i 
***** 

■■ *'■••»:: m 

-* : : ' . ..4 * 


Stocks . _ Bonds 

J* J* ,-^VV ** V** ^ 4 *^ 


81 Markets 


' - r it 



KaIs* 


Total return far 1 2 months 
ended January In dollar terms 


! months Total return for 12 months 

dollar terms ended January In local currency 




Investors SHow an Affinity for Zeros 


- * * 


(Continued from Page 11) 
mg of Roistered Interest and 
Principal of Securities). These are 
10-year notes and 30-year bonds 
separately registered as principal 
and coupons. 

Some observers believe that the 
coming of STRIPS could reduce 
demand for CATS and TKjRs as 
investors flock to securities direct- 
ly backed by a U.S. government 
obligation. “We haven’t touched 
CATS and the like, purely becanse 
they’re second-name paper," says 
Mr. Jenkinsou of Kitcat & Aitkeo. 

But others contend that any dif- 
ference between STRIPS and the 
derivative zeros is more perceived 
than reaL ^Objectively, the ulti- 
mate security is identicaL," says 
Mr. Hassett at Bache. 

Still STRIPS have traded occa- 
sionally at yields as much as JO to 
20 basis pants, or hundredths of a 
percentage point, lower than those 
ira CATs and TIGRs, a sign that 


investor are willing to accept low- 
er yields for a direct Treasury obli- 
gation. But the prices should even- 
tually even out, brokers say. 

■ Zero-coupon bonds and similar 
instruments are sold differently 
than conventional bonds. Brokers 
do not quote a price and commis- 
sion, as with a conventional bond. 
Instead, the bnyer of a zero-cou- 
pon security is quoted a net price. 

Retailer brokers make money 
on the difference between the 
price at which they bought the 
bond and the price (hey charge 
their client For example, a zero- 


bonds concerned, so it can pay to investor could have profiled fr '■ •*„-. 
shop around. Last Wednesday, trading in zeros. A CATS z 
two firms in London were quoting maturing Ang IS, 2015. if P 
a General Electric zero that ma- chased near the issue date of A 
turns in 1993 at $388.75 per $1,000 IS. 1984. likely would have £ 1 


Haw** 


to J2JA, meaning the broker will 
buy it at $320 per $1,000 face 
value and sell it at 5325. In this 
case, the broker’s markup is 55 per 
bond, or L5 percent of the price 
the customer pays. 

The percentage markup can 
vary among dealers and according 
to the size of the erdra and the 


a General Electric zrao (hat ma- 
tures in 1993 at $388.75 per $1,000 
face, while a third firm gave a 
price of $387 JO. 

As with most securities, prices 
also can be affected tty the depth 
of the market Choosing an issue 
wiih a sufficiently active market is 
also important should the bond be 
sold before maturity. 

Another crucial factor is that 
zero bond prices move more dra- 
matically in response to rate 
changes man the prices of conven- 
tions bonds. As with convention- 
al bonds, price volatility also in- 
creases with the maturity of the 
bond. These are important points 
for the investor who may have to 
sell a zero before it matures. 

But there ia a useful side to 
zeros’ volatility. When rates woe 
■fulling late last year, an aggressive 




about $595. At the end of Januf 
an investor could have sold at ■. - 
bond’s high of about $735, tea. 
ing a gain of 23i percent- . <, 

The results would have been 1 ; * 
ferent had the investor bought * 
Treasury bond from which • ■■ 
CATS was derived. If purcha v 
near its issue, the I2^pe>\ 
Treasury bond maturing Aug. "* 
2015 would have cost about y 
$1,000. If the investor sold it ^ 
bond’s high in January, the ren »• 
including both capital gain \ \ 
interest payments, would ^ c 
been about 16 percent. 

But volatility “works b' 
ways,” cautions Mr. Hasseti; 
Bade. "Remember that they. 1 * 1 
down as well as up." ■.%' 


** 

V* 4 - ■***» 

’ * fi 




»«**• 

!*■«•* 4« 

***** 


1*9* Mu 

u 


****** 


!•. * * , -J 






licralhS^tbritmnc 


BUSINESS /FINANCE 


* * #*+ *&*#** 


)NDAY, MARCH 11, 1985 


Page 15 


EUROBONDS 


0, >! 


**>rf 

p - 

•#§?»».■*», », . . 
C-vHV 

f intern { c 

ssfer**-"* 4 


love to Higher Coupons 
fails to Reopen Market 




p 


Jwkfftws: 

**“'***»*£<"* l !■' 

iUi 4 i 

£lV**«ni 

rmpcfl.h:*,^ 


T. 


«*'»>* Tfc fctw* . 

sssvsr^ 


$4tvit*a 

^IkrtCMf 0 IfefajN- •■*•- 

■%9wW5niMr.!! 

irtsSV-Mf- ■■",• 

i*u**i*t ▼.«:»* 


Eurobond Yields 

far WmJc Ended March 6 

U.S3 la term, inn Inst. __ 

UJSJ. Ions term, Ind. 

UAS medium term, Ind. _ 

Cans medium term 

French Fr. medium farm 

Sterling medium term 

Yen medium term. Inn Inst. 

Yen Is term, Inf I Inst. 

ECU stwrt term 

ECU medium term .-- 
ECU long term 
EUA lone term 


FLx Is term, Infl Inst. 

FLx medium term 

Caladatmtl by tho Uaetnbauru Stock Ex- 


1243 % 
1240 % 

1244 % 
1272 % 
1U2 % 
11.10 % 

73 % 
7 JO % 
940 % 
10.11 % 
1020 % 

938 % 
1043 % 

93 9 % 


Market Turnover 

For Week Ended March 6 

(Minoru of UA. Dollars) 

Total Dollar Sautvalont 
Cede! 1&34340 12.995.10 234830 

EuTOCtear 31J03JD 29,12080 21B27D 


tort* y 



fetfNKt »^A-' ? . 
#*W P^ffrsc*^. . 

****** 

<w *W:«? 

fo*^* 

m* ****** 

*JW>*H** 


%M9 . '** * 

MM* ***■:• - 


rrtrt 


n» 


By CARL GEWIRTZ 

IruenuaionaJ Herald Tribune 

ARIS — Buyers went on strike last week, leaving under- 
writers sitting on yet more unsold fixed-coupon Euro- 
bonds. Tlie effort to reopen the market — by setting 
coupons at higher levels than had been seen recently — 
sw praise from the banking community, but obviously tailed to 
Tve investors. Expectations of higher interest rates and contin- 
d turbulence in the foreign-exchange market have investors 
jed to the sidelines. 

If that was not enough to stall the market, underwriters also 
id to put up with the seasonal shutdown of 
vestment demand from Ja- 
xl As Japanese financial 
rtitutions approach the end 
the fiscal year, closing at 
s end of tub month, they 
tditxonally withdraw from 
"e market. The Japanese 
ve recently been the big- 
st buyers of dollar securi- 
s, so their sudden absence 
keenly felt 

The move to a higher cou- 
m level was set by Canada, 
i offered $500 millan of 
e-year notes at par bearing 
xjupon of 1 1 Vx percent. By 
ntrast triplo-A-rated bor- 
wers were seffing five-y-ar 
per in mid-February with 
upons of 10% percent, 
icre was widespread agree- 

sut (rare these days) among professionals that Canada's terms 
an realistic. 

"If any name could attract investor interest, it should have 
cn Canada at these terms,” said a banker not in theunderwrit- 
l syndicate. 

EVERTHELESS, placement was not easy and the notes 
were quoted at a discount of 1% points. This was inside 
the 1%-percent c ommissio ns paid to market the issue, but 
ost analysts, believed that lead manag er Deutsche Bank was 
pportmg the price at that leveL 

At the ome of the launch, the notes (less the commissions) were 
iced at 1 8 basis points over comparable UJS. Treasury notes. By 
d-week, following further erosion of market conditions in New 
ark, the Canadian notes were trading at 11 basis points over 
easuiys. 

Long T era Credit Bank of Japan fared little better with its $75 
fllkm of five-year notes bearing a coupon of 12 percent. It 
ded the week at a discount of 1% points. 

Despite the shutdown of demand from Japan, Sumitomo 
ctal Industries tried marketing another of the “only-for-Japan” 
als. Its $100 million of seven-year paper were priced at 101 with 
xmponof 10% percent — terms that have no relatum to market 
ality. By week's end, no one — including lend manager Daiwa 
. .. r curities — was willing to quote a price for this papa. 

. , In Frankfurt, bankers agreed to re-open the Deatschc-mark 

dor after a three-week hiatus of straight-bond activity. They 
proved a new calendar erf six issues totaling 1.2 billion DM 
9(H3AY rough mid-April — a relatively modest volume by recent 
indards. 

But the first of the new issues, although marking a renewed rise 
coupon levds, failed to attract much support The Intcr- 
nerican Development Bank’s 250 million DM of eight-year 
■nds was priced at par bearing a coupon of 8 percent — an 
imated %-point rise from what it had been expecting to pay 
^ „ ^ en new-issue activity was halted in mid-February. 

^■^WThe papa traded at a discount of 1V4 points and was moving 
. > »wly as rumors circulated anew of an imminent increase in the 
- < indesbank’s discount and Lombard rates. 

j The market in European currency units fared little better 
^■^spite its higha level of interest rates and greater protection 
ainst currency movements. The IADB offered 100 million 
ZU of eight-year papa at par bearing a coupon of 10 percent 
d ended the week at a discount of 1% points. 

Likewise, there was scant response to Philip Morris's £75 
Dion of 10-year bonds bearing a coupon, of 11% percent, which 
ded the week down 1% points. 

.Given the prevailing uncertainties, floating-rate notes re- 
lined in good demand. Credit Commercial de France offered 
0 million of 12-year notes, on which interest is set at the six- 
th London interbank bid rate but refixed monthly. Currently 
m is a I 5/ 16-point difference between the one-month in ta- 
nk rate and the six-month rate, giving institutional investors 
to finance themselves at the one-month rate a hefty margin. 
Bank fur Arbeit & Witschaft, the Austrian trade union bank, 
(Continued on Page 17, CoL 1) 


JOfcjftp aT^a 
4 !***•-: 


Last Week’s Markets 

All figures ora as of dose of trading Friday 


jck Indexes 


Money Rates 





ted States 


Unfed States 

loam. 

PrwJMk. 

LotfWK. 

PnprJMc. «ChW 


6 

ft 

MuSm— 

1,0946 

1J9W6 —229 

Federal funds rote— 

*Vj 

8V5 

IM. 

747.77 

14840 —069 

PiHma lYlto 

TOtt 

1 (M 

nsns._ 

675.15 

63530 —117 

KmhM| 

»U»_ 

17638 

181 JM —256 




*500_ 

17946 

18&23 —236 


S 

5 

-ECp — 

1 BU 1 

HNUM —210 

Cnllmonov — ~— 

s* 

Wi 

hmftHMM/aodtojKwflte 

MKkiv Interbank — 

635 

630 

ska 



WcstGenmqy 







600 

600 

eToo_ 

L 2 S 6 J 0 

135040 +247 


60S 

600 

0— — 1 

98549 

77100 +137 

l-montti Interbank • 

635 

6.10 




Britain 

Bonk bos* rote 

U 

14 

DSong. 

1395J7 

1401.15 —042 


143/16 

141ft 




3-month Interbank — 

1311/16 

13 15/16 



*«DJ_ 1234733 12412.14 —052 

< Gammy 

tnorzbk 1200.10 1.19040 +OS 6 

U MnsMn JmetOmUlOt. Uncta. 


LurwK. PravJWk. SOM 


Polar 

Bk Engl Index _ 15540 15430 +071 

Gold 

London run. fix.* 29130 2S7J2S +131 
UMmMtolmamtllmaJBamCUiiL 


Currency Rates 


] 


for A' 1 '"' 




Lots inter bonk rotes on March 8 , exdudng fees. 

Widal fixings for Amsterdam, Brussels, Frankfurt. Milan, Paris. New York rales at 
M. 


S3. YM 
13261 *14739 T 
2342 26339* 
11742 *UM5* 
3JM7 27946 
731SB 8.13 

2095 2A1J0 
15St MSS’ 

997B 

I.10» • 

IJ941 170521 


nr 

ILU 
227*5 

Mtss IMHeonToed 24111. 
um XKirWHDM tP49 
8409 )H.Mk ULH 

anas Mitm 9445 

ftMSi TnMOil 3939 
OD9 tMMIt 1U2S 
um ILAJLdMom 3473S 


austai 

«urt 


■YSrltle) — 


a 

a 


*. c#mw 

* AMraBant 
lAMrtWttMHlM 

SNUMHotranc 
> rnwHaas 

* OoUknM 

* FtaoUioaffeta 
, OrmkdnKkM 

* HhbKMS 


> 

8 

DM. 

*3. 

n.i_ 

OWr. 

IX 

ua 

4.105 

nous* 

3761 • 

01814 

— 

£63- 

OUTS 

7291 

20JJ975 

0575 

1226 * 

T7J7W 

- ■ 

142 

363S 


32W * 

1-604 X 

8838" 

467*- 

1JM63 

__ 

36358 

113828 

2367-88 

4116 

7251 

213&00 

236000 

63000 

20437 

— 

55130 

31309 

__ 

un 

3JW 

1037S 

ZOOM 

1847 

6835 

«U4i 

11 m 

10554 

.— 

4.905 X 

27009 

15366* 

216J3S 

27730 

7640 

2501 

1330* 

6748 

379.955 * 

MOB 

20893 

E5.U5* 

ttN* 

0.1362 

75275* 

43 *. 

06514 

06127 

22K5 

6398 

138739 

23171 

447T£I 

0.951177 down 

325309 

9.93145 WOQK 

167*5 



Per 
1US 
144* 
23J9 
4U0 
13H 
12X15 
7 AS 

uua 

7 JOS 


Dollar Values 

* r f 

cwrtf carrm 

unuims 
0A«n lirMIIMUl 

um XMoWd&w 

uhi Motor, rlmolt 
OUU NM-Kkraiw 
UM NK.NH 
OAOS4 Part-MOMM 
OATH S4*4irtv«J 


USA 

w»a 

TOSS 

UM 

MOB 

9JS5 

113715 

moo 

ita 


1 

uun. 

043SJ 


Berlin 
Gets Big 
Credit 

Agreement Put 
At$500MStion 

By Henry Tanner 

Imma&mat Herald Tribune 
LEIPZIG, East Germany — A 
newly signed, $500-miIIion credit 
to East G erman y by U.S. and West 
European banks was announced 
here Sunday as Erich Honecker, 
the East German head of state. 
mari^ his traditional o pening- day 
round of the Leipzig spring fair. 

Citicorp, Manufactures Hano- 
ver Trust Co. and Bank of America 
are the three lead banks in the cred- 
it, signed in London last Wednes- 
day, UJS. nffirink and businessmen 
said The pact is the third large 
credit given to the Honecker gov- 
ernment within three years. It is for 
a seven-year tenn at n of a percent- 
age point over the London inter- 
bank offered rate, sources said. 

"Between four and seven” other 
U.S. banks and 38 from Western 
Europe also were involved, but 
West German banks were not in- 
cluded in the credit, the officials 
said. A Weston official speculated 
that “West German banks had al- 
ready a crack at fMc business.” 

“It wiD make this fair more inter- 
esting than usual. People will spend 
the week looting for signals ou how 
the East Germans are going to 
spend the new money,” a UJS. offi- 
cial said. 

“My own expectation is that the 
Honecker regime will stay on the 
cautious road and win not signifi- 
cantly increase its imports from the 
West,” he said. But be added that 
some Western exhibitors expected 
a jump in East German imports 
designed to modernize industry. 

The East Germans started an ur- 
gently needed program to modern- 
ize industry several years ago. Pro- 
gress has been slow, but the 
country is keen to become more 
competitive with Western industri- 
al nations. 

In 1983 and 1984, West German 
banks gave East Germany two 
credits of nearly 100 millio n Deut- 
sche marks ($29 2 minion) each. 
Both were guaranteed by the right- 

(Contmued on Page 17, CoL 4) 



AX&T.*sPersonai Computers 

ifadirfesafc •••.;■ 

. MHHifiwtunBnOfivrti 

OporalifKf SyotMit: MS-DOS 


fntamai Manaory: MOIdtabylas* of krtemaL 
uwffiDiy,cpikjntilt>-TBeflabyte**fffitdtlteJfdrivo 
rjwy HM w ntilJJ*. ' 

TartirMteobomXoaxtBVareion ofUnfap, aMBy 
lopferfomi»Bviireto8teatonc»,bieicpens}v»toca! 
area nrt^rickicoswrawor tolncrMM speed and- 
poii«r 

Model 7300? ' 

M Ma^po ggnConwogart^igiiologlegtoc. 

OpOTatMgSy^mRUdxSyatemV ■■ 

Humbw ct fej.«5>:«poooa (Jam; 4-a 
..linraaiiBeinoirsraiffibt^asttfirdBnitf 
flwmoo'tsapimrfohloto S'BwgAytB^. 10- 
to 2C2 banKSaKdriae ■ . 

Uoteowprtbiowftb taw, ■ 
OOi»l=«rti(W:bufc4n«Bphonowehautomrtk; 
<ffmoforio»md dlal^.Woh^oBolutianaraptTfcs 
;■ aeriiarvafaB^'w rtatawnreprogranmat one tta» * 

tn ao p are te port}on»of Ihwcreen ■ 

; 1.000 Mtokorcreracwn 


Dm Naw York Ta 

James D. Edwards, president since October of AT&T’s oocnpnter systems emit. 

AT&T Hopes That Reorganization, 
New Computer Help It Against IBM 


By David E. Sanger 

New York Timet Service ■ 

NEW YORK. — After a rocky entry into the 
computer business last year, American Telephone 
& Telegraph Co. is lookmg to a new organization, a 
new executive and — lata this month — a distinc- 
tive new personal computer as it struggles to com- 
pete with International Business Machines Corp. 

AT&T has long been regarded as a major con- 
tender in the computer market because of its 
unparalleled telecommunications experience, its 
BeB Laboratories and its finandal resources. But 
AT&T executives interviewed recently concede 
that in iis first year, the drive to challenge IBM on 
its own territory largely failed. Only now, they say, 
is the compan y overcoming the internal chaos 
caused by AT&Ts split-up and misdirected mar- 
keting strategies. 

“I can't say that our execution last year met the 
expectations of outsiders, or even ourselves,” said 
James D. Edwards, the former IBM strategist who 
was installed as president of the compnter-systons 
group last October as part of a broader dtort to 
bring order to AT&T’s twice-reorganized Informa- 
tions Systems group. “But I think that our product 
plans are finally coming together. Everyone wiD 
see that soon.” 

Industry experts, however, say they need to be 
convinced. Most speak enthusiastically of the 44- 
year-old Mr. Edwards, who by all accounts has 
shaken up the telephone giant's computer opera- 
tion, giving it focus and a dear identity. But more 
than a few fear that the effort could falter. The 
company's problem, they contend, lies in its desire 


to live in an IBM-dommated world, yet develop 
computers that are distinctively its own. 

“AT&T is stuck in the ultimate rock-and-hand- 
place," said Richard Mallack, president of Info- 
corp, a California market-research concern. • 

The first indication of AT&Ts tough choices 
came last summer, when the company introduced 
its first personal computer, the IBM-compatible 
PC 6300. In the industry vernacular, it was a “me- 
too” machine; constructed to take advantage of the 
huge software base available fa IBM wiarhmea, 
but off sing little to distinguish itself from IBM's 
own PCs. 

AT&T officials said that following in IBM's 
wake was the only way to get into the market 

recently has it emerged^m^e “Oh^Si2Sy 
in monthly surveys of computer retail sales. 

Later this month, AT&T will announce an over- 
haul of the machine, company executiva said, that 
wiE make it more tike IBM's faster, more powerful 
PC-AT, along with a low-cost load area network, 
similar to Apple Computer Inc/s Appletalk, to 
connect the machines together. 

In addition, AT&T is introducing at long last a 
machine of its own design — the PC 7300. Bmlt by 
Convergent Technologies Inc, the 7300 is a 
speedy, innovative machine that allows four users 
to tap its powers at once, and nine users at once for 
tasks that do not spread its processing powers too 
thin. • 

Mr. Edwards calls the machine, which many 
(Continued on Page 17, CoL 1) 


Fed Discloses 
Recent Moves 
Against Dollar 


By Nicholas D. Kristof 

New York Times Service 

NEW YORK — The United 
States intervened seven times in 
foreign-exchange markets from 

eral Reserve Bank oTpiew York 
said. The Fed also confirmed that it 
had intervened since then, but it 
declined to give details. 

On each occasion, the Fed sold 
dollars and purchased Deutsche 
marks, the bank said Friday, in its 
semiannual report on foreign-ex- 
change operations. In all, it sold 
$373 million to boy marks, the 
most closely watched non- U.S. cur- 
rency. Such intervention has the 
effect of lowering the dollar's ex- 
change rate, not only against flu 
mark but against other currencies 
as wdL 

The dollar’s steep rise has be- 
come an increasingly political issue 
in the United Stales and abroad, as 
have efforts to quell the rise 
through government intervention. 

European central banks, espe- 
cially the Bundesbank of West Ger- 
many, have intervened very heavily 
in the markets; in the week ended 
March 2 they sold possibly $2 bil- 
lion. These central banks are wide- 
ly believed to have sought more 
cooperation from Washington, but 
the $373 million in dollar sales by 
the United States is in the same 
range as the total intervention in 
previous six-month periods, (he 
Fed said. 

The United Slates has a policy of 
refusing to say at the time whether 
it has intervened, but word usually 
spreads quickly through the mar- 
kets by way of the banks to which it 
sold dollars. The sales are conduct- 
ed by the Federal Reserve Bank of 
New York, after consultations be- 
tween the Federal Reserve System 
and the Treasury Department. 

Friday’s announcement was the 
first official record of intervention 
since August, although currency 
traders had said at the time that 
they detected it. Sam Y. Cross, an 
executive vice president of the New 
York Fed, also confirmed at a news 
conference that the bank had inter- 
vened “on a concerted basis” in die 
week ended March 2. But he de- 
clined to say anything further 


about the more recent intervention. 
The dollar tumbled in the week 
ended March 2, mostly because of 
massive European central bank in- 
tervention. Traders bad said that 
the Fed also intervened, though not 
as strongly as the European banks. 

According to the report, the Fed 
intervened one day in early Sep- 
tember, selling S50 milli on. Then it 
sold $229 mi I tinn on four days be- 
tween Sept. 24 and Ocl 17, after 
Bundesbank intervention already 
had sent the dollar reeling. When 
the dollar began to surge again in 
late January, the Fed intervened on 
two days, selling $94 minion. 

The criteria for intervention re- 
main nebulous. 


QalmOffidal 
Says OU Prices 
AreStabUizing 

Rtuiers 

CAIRO — Recent price cuts 
by the Organization of Petro- 
leum Exporting Countries have 
helped stabilize world prices of 
crude oO, Qatar’s oil minister 
was reported as saying Sunday. 

In an interview with the semi- 
official Cairo daily Al-Ahram, 
the oil minista, Sheikh Abdel 
Aziz bin Khalifa al Thani, com- 
mented on the OPEC decision 
in January to reduce the price 
gap between various grades: 

“The cuts were, in effect, 
aimed at making certain 
amendments to prices of differ- 
entials in order to bridge the 
competitive gap between heavy 
and light crudes and to achieve 
more stability on the market,** 
he said. 

He said that the OPEC mea- 
sures and other unspecified fac- 
tors had succeeded “in achiev- 
ing an i mpro vement on prices 
in the market” The measures 
had resulted in Britain main- 
taining the price of its North 
Sea ou and forced Norway to 
bring down its prices. 


Castle & Cooke Discusses 
f No-Premium’ Merger 


By Bruce Keppel 

Los Angeles Times Service 

LOS ANGELES — Castle & 
Cooke Ino, the UJSl food 
and distributor, says it is 
a merger with another company 
listed on New York Stock Ex- 
change. The merger would involve 
a payment to Castle & Cooke 
shareholders at less that) (he cur- 
rent market price tor their shares. 

However, (he company added in 
a statement Friday, that three is 
“no assurance” that an acceptable 
“no-premium” merger will be 
reached. Castle & Cooke common 
stock dosed at $13 a share m trad- 
ing Friday, up <&5 cents. 


bananas that has pushed prices so 
low that, at times, the company lost 
SI on each box of fruit it sold — 
and could not sdl afl the fruit h had 
available. 

In the first half of fiscal 1985, it 
reported a loss of $63.9 million, 
inauding a second-quarter operat- 
ing loss of $34.6 aamoa that was 
attributed to much Iowa selling 
prices for bananas and lettuce and 
higha interest charges, among oth- 
er factors. 

The company also canceled a 
previously declared preferred divi- 
dend of SZ3 million. 


To raise cadi, Castle&Cookein 
January agreed to sdl its Bumble 
Strapped for cash, Castle & Bee Seafoods divirion to a group of 
Cooke — known for its Dole-brand investors led by the divisioii’s man- 


and b ana nas — was 
forced to miss the March 1 interest 
payment due to holders of its 5%- 
percent convertible subordinated 
debentures and its 12-percent sub- 
ordinated notes. If payment is not 
made within 30 days, the debt will 
become immediately due and pay- 
able. 

In its announcement, the compa- 
ny said that it is discusring with its 
senior lenders a waiver enabling 
payment of the interest due March 
I. It is also seeking to reach a long- 
term restructuring of about S250 
mini on in debt. 

The company’s finandal plight 
stems, in part, from a global glut in 


agement, which borrowed a $40- 
mflHoa downpayment against the 
division’s inventory. The undis- 
closed balance is to be paid from 
profits ova the next five years. 

Charles E Hurwhz of Houston 

stake in Castk &Cboke andthreat- 
ened to buy more before selling his 
slock back; to the company for 
more than $70 million, realizing a 
profit estimated at $15 *wiT1mn 

More recently, Minneapolis in- 
vestor Irwin L. Jacobs led an inves- 
tor group that also acquired a 12- 
percent stake and disclosed that it 
might seek to take control of the 
company. 


ShcamuH Bank Says It Fcaled 
To Report Transfers of Cash 


By Fox Butterfield 

New York Times Service 

BOSTON — Shawm nl Bank of 
Boston, the dud-largest bank in 
Massachusetts, has disclosed that it 
failed to report international cash 


"W*;! 16a wan 

' kan,n *rcial hone (bl Aiootml] natOM to Bov om sound ld4m*infcB0Hi«l!BlHn> omdaNor ( a > 

■ of too {a,} Uqtfa oi IjoOO l»l Unite olMim 

■ ftortwij Wjk.: no tfwnJfebl*. . _ 

’***• taw ob OMrtn ttruMKJ.' Bom® Commen ta* ttoUonn t Mitan); Bata*# 
'•**»*■ dr norts tPerH); IMF ODHH BaaemArntm et IntmnatlonoM tTinvestaemem 
rival, atriKKn). Outer agio tnen fteoten end Aft 


some of its customers from ft 
currency-reporting regulations. 
Shawmnt Bank is a subsidiary of 
ShawmutCorp. 

In a written statement Friday, 
the bank said it discovered the er- 
rors last mouth after Bank of Bos* 
ton Corp. had pleaded guilty to 
fading to report $1.2 billion in cash 
transfers with Swiss banks and was 
fined SSOO^OOQ, a record amount 
Bank of Boston, whose major unit 
is First National Bank of Boston, 
has since also admitted that it im- 
properly exempted businesses of a 
local organized crime fanrify from 
the federal currency-reporting 
rules, helping the underworld 
group launder money. 

Shawmut Bank said it had faded 
to report $162 million in cash 
transfers since .1980 with seven for- 
eign banks, tnrlndmg hank* in 
Spain, Portugal, Ireland, Canada 


and Switzerland. The statement 
raid that a total of 27 customers, 
schools, churches, hospi- 
tals; airlines and commercial com- 
panies, had been improperly placed 
on the bank’s list of concerns ex- 
empted from the federal reporting 
rules. The bank woulduot identify 
them except to say they were long- 
time rJiffflf* 

Shawmut Bank said that it had 
met Feb. 19 with officials from 
both the Treasury Dep a rtment and 
the Office of the Comptroller of the 
Currency and had now filed all the 
necessary reports. The actions dis- 
closed Friday appeared designed to 
try to head off any prosecution of 
the bank similar to that which Bank 
of Boston underwent. 

Under a 1980 regulation, banks 
must report all cash transactions 
ova SIOJJOO to the Internal Reve- 
nne Sendee; mduding transfers 
with foreign banks. The rale was 
designed to help the government 
stop organized crime and narcotics 
dealers from humdermg money, 

Mcmey-Iaimdering is the moving- 
erf ffieply gained funds into chan- 
nels where they cannot be traced. 


NEW ISSUE These Debentures were offered and sold outside the United States. 

This announcement appears as a matter of record only. 

The Debentures, together with interest thereon, are not guaranteed by the United Suites 
and do not constitute a debt oroblig/uion of the United States or of any agency 
or instrumentality thereof other than the Federal National Mortgage Association. 


• DECEMBER 1984 


U.S. $300,000,000 


Federal National Mortgage Association 

( Chartered under an Act of the United States Congress ) 


11V2% Debentures Due 1991 


FannieMae 


Credit Suisse First Boston Limited 


Deutsche Bank Aktiengeseilschaft 


Goldman Sachs International Corp. 


Swiss Bank Corporation International Union Bank of Switzerland (Securities) 

Untiled Limited 


Merrill Lynch Capital Markets 


Nomura Internationa] Limited 


Amro International Limited 


Bank of Tokyo International Limited 


Banque Nationale de Paris 


County Bank Limited 


Morgan Stanley International 


Salomon Brothers Internationa] Limited 


BankAmerica Capita] Markets Group 
Banque Bruxelles Lambert S.A. 


Baring Brothers & Co., Limited 


Morgan Grenfell & Co. Limited 


S.G. Warburg & Co. Ltd. 


:*+• * " 






6 INTERNATIONAL HERAiP TRIBUNE, MONDAY, MARCH 11, 1985 

. i ora W ^TO ndWF ranta j^Soo" Tjto 7 .H Ul 

International Bond Prices - Week of March 7 || Egg II! I S . I 


t 


Provided by Credit Suisse First Boston Securities, London, Tel.: 01*4)23-1277 

Prices may «iy acrordiiig to mazket conditions ud other factors. 







- 6 % 




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AUSTRALIA 


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735 755 

Uf 1634 

753 7X1 

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I 72 Sn> 

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t 77 Jot 
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4 73 Dec 
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Z57 717 

657 7X4 

172 234 

7 JO 4X4 

71f 7B 7J0 
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117 US 

US 640 

424 44 

731 750 

7B 7X0 

IB 144 

7 Xf 441 

7.12 733 Ul 
145 310 

2 SS SB 

733 SB 

731 129 


n 


PHILIPPINES 

ebWAar 99» 1627 

SOUTH AFRICA 


757 

134 

7X4 

9.13 

750 131 

7.16 

7.15 

104 

750 

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754 

613 

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139 

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7X1 

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m 

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I 71 Mav 100 759 

714 77 Feb M .605 
7B 


Arsed ftnmee f vjm no 

SocCentr Muclealres 741 71 Nov 1744 

MEXICO 

IMadca 4 VApr 79% 

Mexico nntai 97% 

Boaco Nedsiaf Obrm a VNov m 

CeraWanFedBKtrta »»»* n% 

Comision Fed Electric «<1HAW 95to 

Nadnaal Hamden) II 71 Mar 104 
ParapfPetndDiHMvdc 7 7* Jan 99ft 

PemexPetraieosMexIc n TOFeb 110 
MISCELLANEOUS 
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Ind MUn Dev Bk Iran mrsmrr UO 

bid Minin Dev Bk Iran TOV-liH m 

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Meacd RmxiCT Hi 74 Jon Dm 

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Trans Enron NatHrCai 1 Tlltav Ml 
NETHERLANDS 


1731 4X1 

734 737 737 
4B 532 737 
UA2 1003 731 
6571612 7X7 
M3 MB 

a £ 


7X7 751 
737 737 750 
156 «B 7JS 
516 4B 
451 735 649 
754 754 611 
Ut 69 
7X3 732 752 


American 

Kxc 

hanffe C 

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>1 

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D J. 

For the Week Ending March 8, 1985 




Option 6 price Colts Puts Option & price Colls Puts 


f 70 Mav HBft 
TO 74 Fee 7714 
BftVSJon DM 
TOVAa* Wb 
■ 06 Dec HM 
HSDK 104 
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7ta740d TBVt 
477 17 Apr 9746 
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137 614 671 
737 7JI 

6U 444 644 
7JB 734 7 47 
717 732 754 
733 930 

XU M3 

733 SB 

7 M 734 

663 631 652 
6X7 456 671 


Option & prlca Colls 


Option A price Calls Puts 


Chicago Exchange Options 

For the . Week Ending March 8, 1985 


■ l 5-14 s 
I 176 76 IMS 

76 r r 

r Mi r 

r 27-14 U-16 r 


73 70 

73 25 

73 30 

C A 70 
a 25 

21 30 

a » 


NEW ZEALAND 
Ken Zealand MltMor Mb 

New Zealand 7% 14 Mew m 

He* Zealand TO 06 Max III 

New Zealand 5* man 77% 

New Zealand 7 WFeh ions 

New Zealand TOVJui 105 

NewZaaknd 746VSW 7K 

NewZeahnd 7b VJU ffiOta 

New Zealand RV.VOd ia» 

NewZeahn) «46VDec taro 

New Zealand TO VI Aw fib 

New Zealand TOilOd 71 

NORWAY 

ArdalDaSwxxlal vert 10 VDec M2 


641 SB 
5*4 436 735 

731 732 7 35 
653 4JV 
6*4 677 4Jt 
6» 1X1 

732 7.16 
7M 7X6 
7*3 107 
7W 7X7 
711 731 
7 *3 7B 


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BenwnCKv M«Mnv Mils 

BenwnCUv _ T0 19 Feb 1» 

Den Norske tndoltrvbk 444VJan V 


611 fB 
171 IMS 
52 31 114 
7X7 617 730 
7X2 733 4X2 




735 UO 
1122 340 
5137 
1551 
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1234 45) 
3674 231 
2717 241 
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244- 115 
inn 417 
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15XB 254 

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331 334 
451 331 
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1U8- 126 
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U73J 1M 
22*2 132 
15.17 132 
3631 336 
5U1 6M 
2131 162 
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1640 357 


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419 

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2fr 

r 

4b 

r 

r 


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X 

13-U 

1746 

X 

3-U 

la Dvn 

50 

17 

74*6 

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14 

74*6 

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74*6 

75 

5b 

7f*6 

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3% 

Iff* . 

05 

1*6 

74b 

90 

to 

Ma Ffl 

55 

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40% 

40 

TO 

larrte 

25 

r 

2M 

X 

Ito 

29*6 

» 

46 

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X 

4 

35% 

35 

2% 

3Sft 

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45 

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1 Inns 

45 

r 

50% 

55 

0-14 

lumen 

40 

4*6 

«to 

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70 

13-U 

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ft 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 


Page 17 



New Eurobond Issues 


i%!$ 
■■ ; ^ 

5. :* ■ - 

J't” **• 

I $ :3 

x i* ?.S 


■3*-- : 

• ,? . rt - V • 
**■ 1*6 ■ 1‘ * 

12 

i .. — i - 


ii:* ; : 


, Amount 

* asuar (millions) 

ftOATINO KATE NOTES 

’ ; Bank fur Arbeit & $100 

Wirtsetaff 

• ' Craft Commercial de $250 

.• France 

HXEP-COUPON 

f , Canada $500 

• LTCB Rnqnce $75 

' Sumitomo Metal $100 

Industries 

IADB DM250 

• Philip Morris Cretfit £75 

' ^•■ lADK ECU 100 

• ; EQUmr-UMB) 

Cadbury-Schweppes $80 

V. Kajima $40 

. Nswmoftf Mining $60 

^ ' •’ Toshiba Ceramics $5Q 

Dcuhinpan DM60 


Toyobo DM 60 

s 

Tsubddmoto Precision DM 60 

Product 

Zenchiku DM 35 


Mat. °^ p - Prii 


Price 
Price end 
weak 


2000 1/tt 100 


1997 Sad 100 


1990 lift 100 
1990 12 100 

1992 10» 101 

1993 8 100" 

1995 lift 100 
1993 10 100 

2000 open 100 

2000 m 100 


99.1Q 0«f &-morth Libor. fedoerwbe at sw in 1997 vd eAgblt 
of par in 1988. Fms IX. 


99.85 Wtfwj i 

mortHy. 


to £fliorrth bid rata tor EurodoSarc, tet 
t at par in 1987. Hot 0A3X. 


9835 Noncrfob h- 

9838 Ncradfabte. 

— Noacofcfck. 

— Monmflobh 

98.13 Co«oMe of 10W* in 199Z 
9875 Nancdfabto. 


99 JO Coupon i n tfcala d at B%. Cotoble pt lQ4in 1987. Convcrtfeto 
ah«* ten. 1986 a* on wpedwd 10% prerium. Tone to be irt 
MadiU. 

95 Seiriannudfy. Cefebfe erf 104 to 1988. Cbmwftie a* 290 
yen per share and at 261.85 yen per dolor. 


2010 8 Vt 10 0 — 

2000 open 100 ~ 

1990 open 100 ~ 

1990 m 100 ~ 

T 990 Wa 100 IT 

lm 314 Too ~ 

I 990 5?T "~ 100 ~ 


Galofaie aM06 in 1986. Convertible ho rixjres of Du Font aT 
{6ZH a ihn, a 1&3I% pnriun Snidng tint to start in 
1997 to produce a T97-yr iiwinye Eh. 

Coupon indented at 3%. Comerttole at cn expected 5% 
premium. Terms to be set Atach 19. 

Coupon indented at SSIflt Each 5XCO*t*rt bond «Mi 1 
immsnt ex er ris obto into shares at on e xp ected 2Wt premt- 
um. tenet to be set Mardt 19. 

N on c u B ufa ie. Each 5jOOO*narit bond with 1 sonant metros- 
able into does et 448 yen per share and c*7&65'yen per 
mark. 

NonooBabie. Each StODDmaric band tvifh 1 wametcuerds- 
cfeie «*o share ed 267 yen pn date. 

SemmuoBy. Nenodbfaie. Co nv er tU e at 1 ,505 ^0 yen per 
dura and at 77 JO yen per mark. 

NoncoBafaie. Each SjOOO-mai bond with one wenrant ew- 
anbie into dares at 295JO yen per shara and at 78Jd ten 
per nark. 


■5’«s 

• h i 

V % ? V - 

Is ■ Ct r 

LI 

* r* 

• f * * V *■ . 

S'* — • 

■ - • .Vi • * - . 

m if? i *«»■ 

B «v . * c.». 

1 it 

- «• -.w 

U 'et *.■ . - 

| If. MM. Wo 

|r — ■- 

• * • -» . 

fe tap ■ 4 ™ ■* 

I }S r - * • 

w m 

i-4 -r ; .. 

? *s *- * < • 


Eurobond Investors Shun IsiememhSaid 
IRe Lure of Higher Coupons To Court vs. 

(Condmed from Page 15 ) Toshiba Ceramic announced Medical Firm 


t ff * 

: to* w* - 


■A iw ~ 
< <* •.« 


(Con&ned from ftge 15) 

. ffered $100 nriB™ of classic 15- 
‘^ear notes with interest set ai 1/16- 
oint over su-mohth Libor. Inves* 
■ ns can request eariy icdenmdan 
-.11997. 

- Also attracting support were 
quity-linked issues. Cadbury 
■’ chweppes offered $80 ndSion of 
5-year bonds convertible into 
lares at a premium that is expect- 
d to be set at around 10 percent 

- he bonds are expected to bear a 
Dupon of 8 pcrcenL The bonds 

- •ere quoted at a modest discount 
f %-point 


Toshiba Ceramic announced 
plans for a SSO-nnUkm, 15-year 
convertible issue that is expected to 
bear a coupon of around 3 percent 
In the Deutsche mark market, 
Daisbinpan, a consumer-credit 
conqiany, joined the tang list of 
Japanese companies issuing equity* 
finked paper. Daishinpan, which 
carries the guarantee of Sanwa 
Bank, is raising 60 million DM 
through five-year notes carrying 
warrants to buy shares at an ac- 


cent The notes are expected to car- 
ry a coupon of 3H percent 


China Reports That Reforms 
— Boosted Economy in 1984 


..*? ♦ - 
1 £ 

•rti: 


Return 

BEUING — China’s eamomic 
rfonns boosted growth and pros- 
srityin 1984, but also faded mfla- 
on, the State Statistical Bureau 
rsregported. 

National income jumped 12 per- 
.-QL Total onqiutrose 14J percent 
1 a record 1^06Z7 bffljon yuan 

1 today. Nationafk^roe^com- 
irable with the West's measure of 
oss national product, a measure 
’ the total value of goods and 
rvices. 

“We are confident that we can 
rvelop our economy with a stable 
id high growth rate,” the spokes- 
au mid. But he admitted that 


long-standing problems of low ea- 
ergy growth, bad transportation 
and misplaced investment remain. 

Despite a rise in living standards, 
some prices, especially those of 
food, had started rising rapidly in 
1985, the spokesman said. Retail 
prices rose 18 percent in 1 984 bat 4 
percent in the last quarter. 

This partly offset rises in wages. 
Income of China's 800 million 
peasants rose 14.7 percent to the 
equivalent of S 120 a year while ur- 
ban dwellers earned $217 each, a 
153-percent list 

The government has the problem 
of trying to extricate itsaf bom 
paying large farm subsidies. 


International Herald Tribune 

FRANKFURT — Siemens 
AG, die West German electron- 
ics group, seeks to acquire Pace 
Setter Systems Inc., a Califor- 
nia-based maker of heart-pace- 
maker systems, industry 
sources say. Pace Setter has an- 
nual sales of about $100 mil- 
lion. 

Simwit, based in Munich, is 
a leader in m ^ioil engineeri ng 
and is known to be interested in 
ex panding its presence in the 
United States, which accounts 
for more than half of its medi- 
cal-engineering division's sales. 

In fiscal 1984, ended Sept 30, 
Siemens’ medical division post- 
ed revenue of 4 trillion Deut- 
sche marks ($1.18 billion at cur- 
rent rates), up 10 percent from a 
year earlier. • 

Talks between Sie m en s and 
Pace Setter Systems have been 
going on for some time, but no 
formal acquisition agreement 
has been reached, sources said. 

Siemens has been eyeing ex- 
pansion in the United States. It 
lost out to Rockwell Interna- 
tional Carp, in Jannaiy in bid- 
ding to take over Allen-Bradley 
Co, a Michigan maker of fac- 
tory-automation equipment. 
Semens, with total sales last 
year of 45.8 bflHon DM. is 
thonght to have bid $13 trillion 
for Allen-Bradley, against 
Rockwell’s offer of $1.65 bfl- 
lion. 


4T&T Revitalizes Bid to Catch IBM 


?!*> < 8 


*&*«*'■ 


(Continued from Page 15) 

.ve expected for months, “the in- 
istry’s worst-kept secret” AT&T 
Baals, trying to preserve the rem- 
nls ofa. 

sy have confirmed baric descrip- 
msof it 

The heart of the 7300 is Motoro- 
s super-fast 68010 microproces- 
r, not the Intel chips dial mark 
e ISM line and the first AT&T 
achme, buihby Olivetti SpA. The 
00 has a high-resolution graphics 
reen and wul come with 512,000 
araaers of internal memory, ex- 
mdable to 2 million. The base 
ice will be about 55,000. 

Users will see a screen that lodes 

ueb like the one on Apple's Mac- 
tosh, and they can point to pic* 
res known as icons to perform 
nain tasks. “It’s what the PC-AT 
ould have bear and it’s a lot 
ster,” said Jean Yates, who beads 
ues Ventures, a California con- 
king group. 

And will the 7300 feature a built- 
telephone, so that both the com- 
tter and its hitman users e*n com- 
anicaie? 

"Of course,” Mr. Edwards says, 
idling a broad grm. “We’re the 
one company.” 

But Mr. Edwards has staked Car 
ore on the new machine than the 
pc that its improved features will 
t AT&T onto office desk tops, 
ir the 7300 will become the Hag- 
ip machine in AT&Ts efforts to 
tablish its own operating system. 

^^XUed Unix, in the office market. 

, • 4 An operating system is a Com- 
te’s “traffic cop” — its most 
ada mental program, and one 
at is invisible to most users. Ua- 
£ MS-DOS, rSM’seperatingsys- 
% Unix is particularly adept at 
owing several users to share the 

. «er of a single processor — 
meriting that many personal 
mpuier users are beginning to 
maud. 

1 Until now, Unix has been popu- 
* among programmes and cbl- 
je students working on large 
^^mputers, but not among persetn- 
-computer users who rarely want 
" tinker with the machine’s in- 


nards. As a result, virtually none of 
the major applications programs 
written for personal computers — 


games and e mn mi mica fi rms pro- 
grams — currently run in what the 
industry cans a “Unix environ- 
ment.” 

Thus, despite their enthusiasm 
for the new computer, computer 
dealers and others in the industry 
fear that unless AT&T can make a 
host of such programs available as 
soon as the 7300 is announced, the 
computer may never become popu- 
lar. 

“We understand the problem,’' 
said William O’Shea ^-wtor of 
AT&T’s Unix development effort. 
“And we will have a lot of pro- 
grams available from day one. 

Just bow many, however, is un- 
dear. Some big names in software, 
such as Ashton-Tate, have signed 
up to announce versions of their 
programs for the machine. Others, 
like Lotus Devdopment Cotp-* 816 
uncertain. “Whether we do or do 
not write for Unix machines de* 
pends on the market acceptance,” 
said Jim P. Manzl Lotus’s presi- 
dent 

Such talk worries dealers, who 
say that Apple’s failure to make 
sophisticated business software 
available for its Macintosh ma- 
chine last year was one reason that 
major companies passed over the 
machine in favor of IBM models. 

“I just don't see it," said Antho- 
ny Morris, president of Morris De- 
cision Systems, one of the lamest 
microcomputer suppliers to Wall 
Street firms. “The folks we deal 
with say Unix, sbmoonix. They 
want spreadsheets and word pro- 
cessors. Unix alone is uninteresting 
to them." 

As AT&T executives themselves 
point otit, however, the company's 
strategic problems extend beyond 
making a new operating system 
palatable. 

“We had two major problems 
last year.” Mr. Edwatds said. “One 
was that the marketin g ride a nd the 
r*D side weren’t communicat- 
ing.” That led to a reorganization 
in September so thai earn division 


did its own development and mar- 
keting. 

The company’s second problem, 
marketing, extended to AT&Ts 
main line of computers, the 3B se- 
ries of minicomputsrs that has long 
been sold to telephone operating 
companksjor call-switching. Last 
d for the first 


year, AT&T attempted for the first 
rimto to sell the mariiin«fs commer- 
cially, bnt was unable to attract 
more than a handful of new cus- 
tomers. 

Mr. Edwards said the machines 
woe wrongly targeted and they are 
now being repositioned against 
IBM’s Systan-36. Bnt the success 
of the 3B line could depend on the 
success of the new 7300, a compati- 
ble syston that wifl make use of the 
3Bs as central machines to keep 
trade of large files and facilitate 
oo mnuiiucatiops. 

In torn, the old personal com- 
puter, the IBM-compalible 6300, 
wiD soon be given the power to run 
Xenix, aversion of Unix that IBM 
has also endorsed. In time, the 6300 
will be used in conjunction with the 

7300, AT&T officials hope, al- 
though the machines are now in- 
compatible. 

Company think that 

move wifi help increase sales of the 
6300, which by most estimates sdd 
a paltry 20,000 units in 1984. 

“We had never before tried sell- 
ing through retailers,” said John 
Boyd, vice prerident of sales for the 
computer mviriw, “and I think we 
did a pretty good job.” 

But Mr. Boyd said he quickly 
learned that simply signing up the 
major computer chains, such % 
Computerland. did not assure 
sales. Many franchisees, fearful of 
stodougyet another IBM-compati- 
ble computer, did not cany the 
marhfng, hurting sales throughout 
the faH 

“I guess we were a little naive," 
Mr. Boyd said. “We didn’t under- 
stand the complexities, or the fact 
that some independent dealers 
have power dis pro po r t i onate hi 

their numbers.” 

After a crash effort, however, 
AT&T now boasts more than ljOOO 
dealers — though it is undear how 
many will carry the new machine. 


E. Germany 
Gets Big Loan 
From West 

(Ccwthitied from Page 15) 
of-center West German govern- 
ment. 

Before the 1983 credit, special- 
ists said Sunday, East Germany 
had a severe credit squeeze after 
Western banks had become wor- 
ried about the debt situation of the 
entire East bloc and. as a result, 
withheld credits to East Germany. 
This was despite the fact that East 
Germany haH done better econom- 
ically than its East block allies. 

The turning point came with the 
1983 credit engineered by Premier 
Franz Josef Strauss of Bavaria, a 
conservative whose Christian So- 
ria! Union is a member of the gov- 
erning coalition of Chancellor Hel- 
mut Kohl, a Christian Democrat 

Since then, Germany has 
amassed “huge amounts of re- 
serves” by severe restrictions on 
imports and an export drive, an 
American economist said Sunday. 
“They are a good credit risk.” be 
said, expl aining the readiness of 
American and West European 
banks to step in now. 

In recent years, the Leipzig fair 
has often been regarded as a gangs 
of the state of political and eco- 
nomic relations between the two 
Germanys. 

Last year’s spring fair was held 
during a campaign by the two gov- 
ernments to improve >h«r ties as 
tension increased between the 
United States and the Soviet 
Union. An unprecedented number 
of West German politicians, in- 
cluding Mr. Strauss, vied with each 
other to shake Mr. Honedtes 
hand in than. 

Leipzig’s fair last fall was over- 
shadowed by Mr. Honedtes deci- 
sion to cancel his first scheduled 
visit to West Germany, in the face 
of pressure from his Soviet allies 
and polemics against him by con- 
servative Christian Democrats in 
West Germany. 

But West Germany is by far the 
largest Western trading partner of 
East Ger man y, and officials on 
both sides said that the new politi- 
cal coolness between them would 
not affect their economic relations. 

Economics Minister Martin 
Bangemann of West Germany will 
meet in East Berlin Monday with 
Mr. Honecker. and Gtinter Mi t tag, 
the Politburo member in charge of 
the economy. Mr. Bangemann will 
come to Leipzig Tuesday. 

In recent months, the East Ger- 
mans have been talking increasing- 
ly of their desire to create closer 
political ties with all West Europe- 
an countries and not just West Ger- 
many. 

Meanwhile, Foreign Minister 
Hans-Dietrich Genscner of West 
Germany has just returned from a 
visit to the Soviet Union, Poland 
and Bulgaria, where be apparently 
succeeded in warming Beam’s rela- 
tions with. Eastern Europe. These 
relations had been practically fro- 
zen since the Kohl government 
went through with its pledge to 
station US. Pershing-11 missiles in 
the fall of 1983. 

At the week-long fair, about 
9,000 exhibitors from about 100 
countries are represented. Scores of 
local officials and businessmen 
from West Germany are at the fair. 

The United States is represented 
by more than 60 companies, in 
addtition to many European sub- 
sidiaries of American companies. 

Tire US. pavillion was’ one of 
those visited by Mr. Honecker Sun- 
day morning. “We are here, and wc 
are here to do business,” he was 
told. Mr. Honecker smiled broadly 
and left after a few friendly words 
and wishes of success. 

Leipzig has been holding fairs 
since the 12ih century, when local 
princes began to give special pro- 
tection to merchants bringing their 
wares to the city. In the 16th centu- 
ry, such other cities in the region as 
Halle, Erfurt, Meissen, and Dres- 
den were forbidden to hold similar 
markets. 


S32.6-MHon Loss for Floor 

Lax Angela Tima Service 

IRVINE, California — Floor 
Coip- reported Friday a S 323-mil- 
lion loss for the first quarter of 
fiscal 1985, compared with a $163- 
nrifiion profit a year earlier. The 
constr u ction, engineering and nat- 
ural resources concern smd revenue 
fell 133 percent to $951 million in 
the quarter, ended Jan. 31. 


I Gold Options (ptatoS/taL). 


290 13004450 21752125 

300 275- 925 1 6X017 JO 23253175 

310 453- ££0 I12S-T275 U33U0 

320 2» I® 825 975 1*34575 

330 UO- 2M £75 725 11251275 

3*3 I 175 525 I 0351003 

Cato a». 2PID 

Vulesrs Wttte WcM SLA. 

L Qmi da Moat-Bboc 

121! Genera I. Swtaartend 

TtL 310251 - Telex 28365 


ADVERTISEMENT 

CASIO COMPUTER CO. LTD. 

(CDRa) 

The undersigned announces that the 
Semiannual Report for the sis months 
ended September 20th 1984 of Casio 
Computer Co-, Ltd. will be available 
in Amsterdam at 
Bank Me» & Hope NY, 

Alternate Bank Nederland W„ 
Amsterdam-Rotterdam Bank N.V„ 
Pinwn. Hekfring & Pierson N.V_ | 

Kas-Aasortaiie Y V. 

AMSTERDAM DEPOSITARY 
COMPANY N-V. . 

Amsterdam, March 7th, 1983. 


Norsk Hydro Note Plan Is Moving Euromarket 


By Cad Gewirtz 

International Herald Tribune 

PARIS — Norsk Hydro, the 
Norwegian state-owned industrial 
and energy company, is moving the 
Euromarket to new ground 
through its plan to issue an unspec- 
ified amount of short-term notes 
for an nnlimived duration. Need- 
less to add, banks are not being 
asked to underwrite this undefined 
facility. 

Rumors in the market are that 
Norsk Hydro aims to seek up to 
$500 miljkttL But a spokesman at 
Merrill Lynch, which along with 
Chase Manhattan has won the 
mandate to place the notes on a 
“best-efforts” basis, insisted that 
“there is no wmifnnm amount” 
He said that “it’s a tap program,” 
with notes to be offered m light of 
Norsk Hydro’s needs and the mar- 
ket's willingness to take paper at 
terms that the borrower is willing 
to pay. 

The notes will be offered with 
maturities ranging from pn g month 
to one year and the program will 
remain active for as long as Norsk 
Hydro wants. The reference point 
for the interest payments wul be 
the i-onHpn interbank bid rate. 
Norsk Hydro will presumably ex- 
pect to match Sweden, which has 
been selling short-term notes at 
prices ranging bran 15 to 4 bans 
points below Li bid. 

The Swedish program, however, 
is fully underwritten — which 


means that the banks (for a price) 
stand ready to take paper if inves- 
tors seek terms that Sweden is un- 
willing to pay. There have been a 
few non- underwritten loan facili- 
ties — for SL Gobain and Elf-Aq- 
uitaine — but the amounts were 
relatively modest 

Whether the notes are underwrit- 
ten or not is, in principle, a major 

SYWPICA.TO) L0£NS~~ 

concern fra* investors. An under- 
written facility assures note holders 
that the borrower will always have 
the cash to repay maturing paper 
—because the banks are obliged to 
take notes and the money bor- 
rowed from the banks can lie used 
to repay investors wanting their 
money back. 

For Norsk Hydro, SL Gobain or 
Elf, this is not a pressing issue be- 
cause all are government-owned 
and no one today fears that they 
could face a cash crisis making it 
impossible to redeem maturing pa- 
per. 

Nevertheless, the trend toward 
non-underwritten fatalities brings 
to the forefront a major difference 
between the highly developed U.S. 
commercial-paper market and tbe 
budding Euromarket equivalent. In 
the United States, all issuers are 
rated by private credit agencies 
whereas no such ratings exist in 
Europe. (Tbe ratings are a measure 


of the issuer’s ability to generate 
the cash needed to redeem out- 
standing paper.) 

As the fierce competition be- 
tween banks to win mandates for 
new business has driven borrowing 
charges totevds that many bankers 
consider absurdly low. some bank- 
ers worry that intense competition 
could result in a flood of non-uo- 
derwrittm note facilities from bor- 
rowers who do not merit such ac- 
cess to (he marker. Eliminating the 
underwriting saves money, up to JG 
peremt annually. 

Underwritten-note facilities are 
currently being organized for 
Sears, Roebuck ($500 million, five 
years). Associates Crap, of North 
America ($100 million, three 
years). Town & Country Building 
Society of Western Australia ($50 
million, three years), Adelaide 
Steamship ($80 million) and Nep- 
tune Orient Lines, 

Unilever is rumored to be shop- 
ping for terms on a S5GQ-mflfion 
note facility and Bangkok Bank for 
terms on a $75-nnUion fatality. 

Malaysia is also somufiog out the 
market, and bankers believe that if 
terms are favorable, the country 
will seek to rase up to 51 billion, 
with half the proceeds used to pre- 
pay older, more costly debt 

Greece is approaching bankers, 
testing reactions to terms on a 
$400- million syndicated loan. The 
Greeks want a split margin of 


point over the London interbank 
offered rate, and the still unsettled 
question is bow long a period than 
wifi be for the half-point spread. 
Previously, Greece paid ft-point 
over Libra to borrow. 

Banks that have underwritten a 
SI. 6-billion credit lo Coastal Corp. 
to finance its hostile takeover bid 
of American Natural Rcsrouces are 
currently salting other partici- 
pants in the two-year loan, which 
pays a split %-%-poini over Libor. 
Phillips Petroleum, which has just 
thwarted a hostile takeover, is seek- 
ing to raise a S750-nrilhoti credit 

Aumar. tbe Spanish highway 
agency, is seeking to renegotiate 
terms on $240 mfiHon of existing 
debt, offering point over Libor 
on the portion guaranteed by the 
government ana H-point over Li- 
bor on the unguaranteed portion 
(down sharply from 14-point over 
Libra paid previously). 

The Spanish state aircraft com- 
pany Ccoslructioaes Aeronanticas 
is in the market fra an eight-year 
syndicated credit of 25 million Eu- 
ropean Currency Units, offering a 
margin of ^j-point over the inter- 
bank rate for the first six years and 
%-potni thereafter. 

EN1 Ch emic al, a unit of the Ital- 
ian state bolding company, is seek- 
ing a 200- million- ECU credit, of- 
fering !4-poim over the interbank 
rate for the first two years and %- 
point over for the final six years. 


Indications of Slower Economy Give Bonds a Boost 


By Kenneth N. Gilpin 

Hew York Timex Serriee 

NEW YORK — U5. bond 
prices surged Friday, turning in 
their most impressive performance 
in more than a month. Trading was 
brisk. 

Tbe buying spree was prompted 
by indications that tbe U3. econo- 
my may not be expanding any- 
where near as rapidly as had been 

U.S. CREDIT MARKETS 

projected, a development that, if 
borne out by future events, would 
seem to preclude any need fra fur- 
ther tightening in monetary policy 
by the Federal Reserve. 

The rebound was felt across the 
maturity spectrum: Long-term 
beads with maturities of seven 
years and up all rtxe by a paint or 
more. And mort-tam interest rates 
feD sharply. 

Traders said the market, which 
shrugged off news that the narrow- 
est measure of the U.S. money sup- 
ply had expanded by an unexpect- 
edly large $3.6 billion in the latest 
week, opened higher on renewed 
interest from retail buyers. 

Bui the real push care a tittle 


later, when the Labor Department 
reported that in February non- 
farm employment and the length of 
the average workweek both fdL 
That suggested that industrial pro- 
duction last month may have also 
<wtm«»rf and that the economy 
may be growing at a much slower 

pace than man y anal ysts aie Cur- 
rently projecting. 

“The employment report had an 
important effect on the market,” 
said John D. Paul us, chief econo- 
mist at Morgan Stanley & Co. “1 1 is 
a weak report, but not as weak as it 
appears on the surface. Our gov- 
ernment contacts tell us that tbe 
week the survey was taken had tbe 
worst weather-related disruptions 
in history. A lot of production 
shifts were missed, and our con- 
tacts believe this played an impor- 
tant role in holding the workweek 
and employment down.” 

Some traders attributed Friday’s 
rebound to technical factors, and 
many said the market had been 
oversold. Bnt a shift in perception 
about the economy’s overall 
strength bad been building, said 
GhaHes p. Smi th, a vice president 
at T. Rowe Price Associates in Bal- 
timore. “Over the past week, even 
with the market going down, there 


US. Consumer Rotes 

For Warn k Bitted Moth 8 

Passbook Savinas.— 5JC 

Tax Exempt Bonds 

Bond Buyer 2Moml lmta« 9Jj 

Manor Marfcet Funds 

OonoatiuaV 7-Qov Avaroat B.1.’ 

Bonk Moray Mortal Account* 

Bonk Rate Monitor ind»« 7.91 

Home Mortgage 

FHLB — — — — ”41 


were people saying that maybe the 
economy is just not that strong,” he 
said. “Basically, that’s what’s 

changed.” 

With the Treasury expected to 
announce March 19 that it intends 
to sell $17 billion in new 4- and 7- 
year notes and 20-year bonds, few 
analysts were willing to project that 
a rally would be long-lived. But 
further im provement is likely, they 
sad. 

“The market has overcompen- 
sated fra the possibility of the Fed 
firming and a (Federal) funds rate 
of more than 9 percent,” said Pidfip 
Braverman, chief economist at 
Briggs Schaedle, government-secu- 
rities dealers. “Over the next couple 


of weeks, there is a potential for 
yields to come down dose to half a 
percentage point." 

By late Friday, the government’s 
bellwether 30-year bond, the llM 
percent issue maturing in February 
2015, had risen by more than In 
points, or more than $15 fra each 
$1,000 face value of securities, to 
96%, to yield 11.68 percent. 

The Federal funds rate, the over- 
night rate for bank loans, softened 
Friday, allowing other short-term 
rates to plunge. Federal funds 
opened at 8 Vi percent and traded 
between that level and 8H percent 

alt day. 

In response to a lower funds rate 
and overall strength in the market. 
Treasury bill rates fell by 20 basis 
points or more. Late Friday, one- 
year bills were trading at 8.94 per- 
cent bid, down 23 basis points. 
Three-month bills fell by 20 baas 
points, to a bid of 837 percent A 
baas point is a hundredth of a 
percentage point 

The rise in government bonds 
spilled over into the corporate- 
bond market where traders said 
that prices were up by about a 
point Mumdpal-bond activity was 
very light 


V 


>Sk mr.> 

. v ;-i 



SoMPoslu Kttroxe (center). Director and General Manager of the London branch, wstiSt his senior staff members. 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH II, 1985 


THE EUROPEAN COMMUNITY 


EC Makes Progress in Search 
For Auto-Exhaust Standards 


M M M M 
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By Steven J. Dryden 

International Herald Tribune 

BRUSSELS — EC environment 
ministers made substantia} pro- 
gress in their search for an agree* 
ment on connmmjty-wide auto-ex- • 
haust standards last week. aM ma y 
reach an accord at a special meet- 
ing March 20, EC. officials say. 

In a session that began Thursday 
morning and lasted until dawn Fri- 
day, ministers came dose to agree- 
ment cm a EC Commission propos- 
al lor a three- tier schedule of 
deadlines for cars to meet cmierim 
standards, beginning in 1988 and 
ending in 1994. 

The proposal, to be the subject of 
informal negotiations before 
March 20, is intended to n vyr the 
conflicting demands of West Ger- 
many, on (me side, and other mem- 
ber states. Bonn wants strict emis- 
sion requirements to be brought 
into force by 1989, while otherEC 
countries are seeking later rising 

Bonn, under pressure from ecol- 
ogists and domestic automakers 
whose sales have been hurt by the 


uncertainty about the exhaust stan- 
dards, had said it would go ahead 
with its own deadlines if there was 
no EC agreement. Community offi- 
cials fear that such a move would 
disrupt the EC car market 

Under the proposal, which EC 
officials said was acceptable to 
West Germany, large cars, with en- 
gine sizes of 2,000 cubic centime- 
ters or more, would be required to 
meet new emfccrinn standards by 
1988-89. Cars of 1,400 to 2,000a: 
would have a target dale of 
1990-92. and autos of less than 
l,400cc would haw a two-stage 
schedule, 1990-91 and 1993-94. 

EC officials said Britain re- 
mained opposed to the commis- 
sion’s proposed date for jnedium- 
-sized cars, preferring 1994. 

The emission standards, accord- 
ing to the proposal, will be decided 
before June 30 and are to “have the 
effect on the European environ- 
ment ... equivalent to that pro- 
duced by U5. standards.” 

The commission has also pro- 
posed that tax incentives offered to 


encourage car owners to fit their 
vehicles with catalytic conveners 
not exceed the cost of the anti-pol- 
lution equipment. 

This is aimed at meeting the ob- 
jections to West Germany’s plans 
to introduce tax incentives July 1, 
which some community members 
believe would favor German car 
makers. 

Bi^rTeduwiogy Drive, 

Open Markets Is EC Aim 

The commission’s 1985 program, 
to be presented Tuesday to the Eu- 
ropean Parliament, stresses mea- 
sures to open up the community’s 
internal market and encourage the 
devdopmeat of European high-t- 
echnology. The goals outlined by 
the program indude the harmoni- 
zation of value-added tax and ex- 
cise-duty rates in all member states 
by 1992. The rates vary widely at 
present. 

The commission is proposing a 
freeze on current VAT and excise- 
duty rates. The program also calls 
for facilitating border crossings by 
EC nationals. 

In addition, the commission will 
also push lor the adoption of com- 
mon health and safety standards 
for community products. 


Page I9 J 


The program will “work to bring 
about a gamine European equity 
market on the basis of dose col-- , 
laboratioa between the stock ex-.: 
changes of member states.” On;, 
competition policy, the commis- * 
sion win seek to ensure “greater \ 
respect" for community rules by;: 
the imposition of “appropriate.' 
penalties" for uoncompliance, die. * 
program states. The commission 
will also propose the creation of aoT- 
administrative tribunal to hear ob- ; 
jections to its competition rulings..'; 

Trade Talks With Japan 
Are Called Disappointing: 

Community officials said they ; 
were disappointed by the first: > 
meeting of a special committee set' 
up to improve trade between the -' 
EC and Japan. 

The committee ended three days ' 
of talks in Tokyo March 1. 

The committee, set up following: 
an initiative by the Japanese two' 
years ago, is seen by community" 
officials as one way of putting pres- 
sure cm Tokyo to open upits mar-1 
kets to European goods. The EC** 
trade defirir with Japan remained ' 
unchanged between 1983 and 1984- 
at S10.8 billion. 



employment 


GENERAL 

POSITIONS WANTED 


INTERNATIONAL CLASSIFIED' 


(Continued From Back Page) 


SMOAPOIE INTT. GUDEfc G* Sin- 

raws 734 96 28. 


TOKYO 645 2741. Touring & *op-.: 


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223 W Si. 5*4—1 
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151 4 4 4 

1172 51b 414 41b— 1 


AUTO SHIPPING 




TRAMSCAR 20 iu U Swur. 75116 
Pen. Tot 500 03 04. hGra> 8^95 31 
Mtmrp: 233 99 65. Cm 39 43 44 


AUTOS TAX FREE 


AUTOS TAX FREE 


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Consolidated Trading 
Of NYSE listing 

Week ended March B 


TUESDAYS 

fa tm MT qmriTi.il S 




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Consolidated Trading 
Of AMEX listing 

Week ended March B 


NEW MERC&ES 

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AUTOMOBILES 


Law Lad I 

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441 744 

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1244 121ft 
4714 494* 
34* 414 

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Action 5B9JO0 1444 

Volume: 4S0AUM0 shares 
Y#Or to Dal#: 45100X000 5 
luu#» traded inTSH 
Aduaocas: 281 : dodlnw: 
UncSionocd: 151 
N#w Hfahs: 07 ; new low* 


Florida Conrt Freezes 
ESM Officers 9 Assets 

New York Times Semce 

FORT LAUDERDALE, Flori- 
da — A US. federal district court 
i has frozen the assets of the former 
officers and directors erf ESM Gov- 
ernment Securities Inc, which 
failed March I. 

The judge, Jose A. Gonzalez Jr., 
also ruled Friday that some of 
ESM*s customers, mostly munici- 
palities, be allowed to liquidate se- 
curities they bold as collateral for , 
loans made to ESM. He ordered 
Bradford Trust Co„ ESM’s princi- 
pal dealing agent, to hand over 
records of ESM security transac- 
tions. 


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* USA 6 TRANSWORLD 

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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH II, 1985 




I* IF I® i? la ir-mrrnrnrw 


PEANUTS 


r*n r» 


H 

80 




81 





83 





84 





88 





87 






SZ 

83 

94 










_ 

_ 



ACBOSS SSAccompaal- 26 Parsley 

1 Competent mentfor20 relate 

Across 27 Meistej 

SJSf 59 Lather maker Hans 

It Peak 61 Emulate W. J. 29 Small a 

14 State of mind r<, 30 Spheric 

15 Public-rela- H Ahbr. 

tlons concern 63 —> fh A 1 JL^. ve 32 EmuIa1 

18 Kind of chop Nazlmc 

N^es: 1808-15 pS^ 

19 

“'“ S -KST 

23 Haggard book Jane 37 Highly 

24 Bullring sound DOWN fuel:Al 

25 Ana ana Claus .-"T” . 

28 Answers 1 Gather 39 Foot mi 

2 Painter 48 Rhone 1 

substance, for aSSS™ 

short 3 Longest 46 TV box 

32 In progress .£2S£S_ 47 3*5?“ 

2MOnfl.tAMflHp 4 B0St OT FftTuCT Witch 

5-Jndtbe 48— -ro 

38 Second 58 QutStai 

Sast « Charm 52Hewro; 

42 Soho dandy 8 Mild oath AU^T 

43 (London 9 Examined SSHoUyw. 

theatre? a 8 am award 

44 “The Eve of St. 10 54 Tastele 

Keats , . 58 Part of 

45 Hot time in 11 Oblige 57Sitarist 

Paree 12 U.S.S.R. plane Shanka 

46 Dakar la its 13 Chemical 58Slowflc 

capital suffix 59 Musica 

49 More compact 21 Malory’s “Le syllabic 

51 Laugh, In Lvon d’Arthur” 60 Actress 

52 Romaue lettuce 22 Yak away Munsor 

<&1 New York Tones, edited by Eugene Moksha. 


68 C. Bronte's 
Jane 


1 Gather 

2 Painter 
Hieronymus 

3 Longest 
French river 

4 BestorFerber 
5 “Jack, be 

6 Charm 

7 Risk 

8 Mild oath 

9 Examined 
again 

10 Bring into 


11 Oblige 

12 U.S.S.R. plane 

13 Chemical 
suffix 

21 Malory's “Le 
d’Arthur” 


DENNIS THE MENACE 


m 





op | 

f 


* tJATJ SWS HE ALWAYS HAS TOO MUCH MONIH LEFT 
OVER ATTHE END OF HK /HONEY." 


THAT SCRAMBLED WORD GAME 
9 by Henri Arnold and Bab Lee 

r l wouldn't go out with a | 
Buy who looks like that I 


Unscramble these lour Jumbles, 
one letter to each square, to lotm 
four onSnary words. 


WORNC 


DISAT 


LEGBIT 


TELMAD 


Answer here: A 






m 





A MIDDLE -A©£ 
SPREAD l«S 
SIMPLY THIS- 

y 

Nov arrange (he circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


(Answers tomorrow] 

- - | JumbtaK LOOSE ELDER PERMIT TONGUE 
Answer What an Inhibited person usually is— 

TIED UP IN “NOTS" 


WEATHER 


EUROPE 


fcUKUrc H|OH low =£1= HIGH LOW 

CFCF CFCF 

Atoorv, 2) 48 10 50 fr 34 ra 2S 77 cl 

19 0 22 a B*|||bs 3 37 -7 19 a 

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Ertta i m -I 30 a Seoul 3 37 -6 21 tr 

ESal. 18 50 o 32 d gwwl I J 1 » r 

B-ctxmnl -f 30 -2 9 sw S M —sefW 32 90 24 79 a 

S££pa>} 7 3* a 33 O TalOfll 17 43 16 61 d 

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Flareace 11 52 7 65 Ct Cairo 21 70 10 50 o 

Fr aB Ol u rt 6 43 -3 27 fr Capa Town — — — — no 

Bcneva * f3 1 34 w CasaMooca H M t « fr 

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Istanbul J 46 3 27 fr LOOM 37 90 28 82 o 

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JS2S- -6 fj -13 « a ■£«* Aba. 18 6* IS 59 to 

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S£ 1 S -j 5 » S22i£," -re 27 61 21 70 ,2 

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Rayklovtk 2 36 -1 30 r 

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lairefsi e e act Hotulan 26 79 17 63 pc 

MIDDLE EAa LosAaoataS 20 68 II S3 d 

Ankara 6 43 -12 10 el Miami 27 81 20 68 ac 

Beta! as 6* 11 52 fr MfaMMWlla 11 S3 - 3 27 fr 

Damascus — ■ — - — — nc Mflfltnsl 3 37 0 32 d 

Jo^aaMra 17 63 4 43 d Wmaa 27 81 18 64 fr 

rSStSSr 25 77 10 SB Cl New York 13 55 2 36 fr 

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24 75 17 43 fr Wosblnaton 19 65 5 41 Ir 

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sh-Bhewtrs.- swaww; st«a*onnY. 

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tuniw-MrTtm 13^-2 (»—»». NEW YORK: Fair. Toms. 15—5 

c»-«V : tel ' iinf: 25 - « 

£-7 X-v hong kong: 

OtOnv. Tern* 19— IS I«6— 5». 

SEOULJ Roinv. Temp. 4; — 8 (19 — ; 18) - S , ’J® A .?? RE ■ Slaonv. Toms. B— 25 
190 — 771. TOKYO: Cloudy. Temp. 11 — A (52— 4Jf. 



THIS IS MV REPORT 
ON THE C0NCKT THEY 
DRAGGED US TO 
LAST WEBC- 



ma'am? 




BOOKS 


BLONDIE 


26 Parsley 
relative 

27 Meistersinger 
Hans 

29 Small amount 

30 Spherical: 
Ahbr. 

32 Emulated 
Nazim ova 

33 American 
organist-com- 
poser 

34 He wrote 
“La Vie 
parisianne” 

35 Switch word 
37 Highly volatile 

fuel: Abbr. 

39 Foot muscles 
46 Rhone feeder 
41 Flemish dty 

46 TV box 

47 She foiled a 
witch 

48 camp 

50 Outstanding 

52 He wrote 
"SalJyinOiir 

Alley" 

53 Hollywood 
award 

54 Tasteless 

56 Part of Q.E.D. 
57Sitarist 
Shankar 

58 Slow flow 

59 Musical 
syllable 

60 Actress 
Munson 



ANDY CAPP 


SOMEONE 
^ LOOKS ^ 
BUSY- ) 


IVM JUST TAKING IN THE . 
WASHING FOR FIjO.t — ' * 
MISSUS- IT ICOKS) 
LIKE RAIN , , ~y 


SHE'S A UXXY LASS 
TO HAVE A HU38AND 
VsfrO L&OS A l-AND 
ARDUNb. THE HOUSE. 

TSBMSBgSbl 


WIZARD of ID 

( mr£ rr m&e&H&A P&HC0- Y{ 
i TM1V&? in A KO& Serf? L\ 


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CEILING 




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MWot 

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REX MORGAN 


WHEN BRADY BISHOP, 
AN ECONOMICS 
PROFESSOR. PHONES 
HIS WIFE CLAUDIA. 

WHO IS ON A 
SALES TRIP FOR A 
COMPUTER SOFT- 
WARE COMPANY, HE 
TELLS HER ABOUT 
HIS APPOINTMENT 

WITH DR- REX 
MORGAN. 


GARFIELD 


I DONT UNDERSTAND, II 
BRADY- 7 DID YOU SAY THAT “ 
YOU WENT TO SEE THE DOCTOR 
. BECAUSE YOU'RE Y^ORRIED 
bsa ABOUT ME?. 1 — mrf 


B^ev] 

E06~6Sw[ 


YES, DARLING/ YOUVE LOST WEIGHT 
RECENTLY— AND YOU IVWENT HAD A 
O PHYSICAL IN YEARS / I MADE AN -t 
f APPOINTMENT FOR YOU TO SEE HIM J 
5 mm WHEN you get back! 



THE GREAT AMERICAN 
POPULAR SINGERS: 

Their lives. Careers & Art 

By Henry Pleasants. 384 pp. 

Illustrated. $19.95. 

Simon and Schuster, 1230 Avenue of the 
Americas, New York, N. Y. 10020. 

Reviewed by Michiko Kakucani 

I N such books as “The Agony of Modem 
Music- (1955), “Death of a Made?” ( 1961) 
and “Serious Music — and AD That Jazz" 
(1969), the critic Henry Pleasants laid out a 
theory of music history, regarded, at the time, 
by more conservative members of the critical 
establishment as highly nonconformist. The 
theory goes something hke this: The European 
tradition of class ical music has grown progres- 
sively decadent, and beginning in the early 
years of this century, the Afro-American idiom 
(of jazz, blues, soul and soon) replaced it as the 
source of real musical vitality. 

In “Great American Popular Singers- — 
which profiles 22 performers, including A1 Jol- 
son, Ethel Waters, Louis Armstrong. BiSie 
Holiday, FUa Fitzgerald, Frank Sinatra, Nat 
King Cole, Hank Williams, Elvis Presley, Judy 
Garland. B. B. King and Peggy Lee — Plea- 
sants develops this thesis further, arguing that 
s uch artists often unwittingly reinvoke the “ob- 
jectives, criteria and devices of the early Italian 
masters of opera.” Like the 17th and 18th 
century practitioners of bel canto; he believes. 

extension of speech- —That is,*!^ emphasize 
dear enunciation and conversational phrasing 
— and to achieve this effect, they employ the 
sunn* musical devices as their distinguished 
predecessors, including the appoggiatura, the 
turn, the slur and the rubato. 

Two other developments, Pleasants argues, 
have contributed to the ascendency of the 
American popular ringer. One, he possesses 
interpretive privileges denied ins classical 
counterpart — who has increasingly come un- 
der the domination of composer ana orchestra. 
And two, he has been able to use the micro- 
phone to restore much of the charm, intimacy 
and virtuosity that was lost in classical singing 
when “the emphasis swung from the rhetorical 
to the lyrical 1 ' 

Like Alec Wilder, the author of “Americas 
Popular Song” (a pioneering study' of such 
composers as Jerome Kent, Irving Berlin, 
George Gershwin, Cole Porter and Harold 
Arl<n). P leacitns is concerned with artists who 

Sotntion to Friday’s Puzzle 


□DEB Danon 
aDisaaQa 
□onnanna Enaniiaa 
□on HHansBa □□□ 
□DOQ HQGUDH 
□EQEa □□□ □□□□□ 
□GHGaaian Hanao 
□□□□□□□□a 

EQEQE □□□□□□□□ 

□□□□□ QBQ □□HQQ 

ee nc anasa deeq 

□□□ □□□□□□□ 0DE 
□EQEOQ3 □□□OBQ0 
□DQQHQ13 EnaEQH 

Ennius ssas 


cmne of age during the fast half of 
^5 famTin airfare to this new'ediUOiL he 
SmoUm diSaste for the Utesn generanon 

So^Sigas, amipk“ms that ihQ' ^ 

costimnng and 

^Sfklus, again like Wilder, approaches his 
subjects as a classically schooled musician^ but 
in his case, this occasionally results m ^ 
condescending tpae. For instan^Hgsa^s 

iug, the^lCT implications of his uflneoce 
upon the art of the ringer” — and apparently 
the same goes for Louis Armstrong « «*IL 

Such pp«"pfts, however, are rare. For uw 
most partj&ts, who cortgjW; 

on music to the International Herald Tribune, 
amply uses his command of classical cnucal 
criteria to fllmninaie the vocal tedmiques of 
his 22 subjects. And while some erf those sub- 
jects (most notably. Sinatra) are invoked pn- 
marilv as illustrations of ms theory, he tr^ 
hard not to become overly technical. Indeed 
most of his chapters give the lay reader a 
powerful feel for both the shape of a singer’s 
career — Bing Crosby’s slow maturation, say, 
or Smith’s gradual slide into bitterness 

and an appreciation of his or her distinctive 

musical gifts. 

He describes A1 Jolson as an orator who 
loved words so much that he smothered them 
with affection; Ray Charles, as a “master of 
sounds” — “stars, gides, turns, shneks, wails, 
breaks, shouts, screams and hollers, all won- 
derfully controlled,- and Ethel Merman, as a 
gifted stealer of time, who “could hold a note 
as long as the Chase National Bank.” 

Given all that has been written about pop 

stars in recent years; some <rf Pleasants’s obser- 
vations about the dynamics of succes now 
w-jr, — that Frank Sinatra’s wistful 
vulnerability awakened “the mother in young 
girls." or that Elvis Presley’s sexuality gave 
teen-agers a t^mnee “to thumb their noses at a 
complacent society." On the careers of less 
famous ringers, however, be can be both infor- 
mative ana moving. In trying to explain Bessie 
Smith’s gradual decline, he writes; “She had 
come North in the wake of a migration that 
brought hundreds of thousands of her own 
people to the big industrial and cultural cen- 
to's. To them she was a voice from back home, 

and-a peat voice. But to a'younger generation 
not rooted in the rural Sooth, or only too 
anxious to foiget its roots, she must have oqjun 
to seem dld-fasfaioiied.'' 

While Pleasants’s chapters on individual 
singers can certainty be read as separate esrayft, 
succinct and complete on their own, they also 
work together to form a narrative history — a 
history that traces the development of the 
Afro-American idiom, and the influence that 
key Made and white singers netted on (me 
another. Be ginning with Bessie Smith, Ethel 
Waters and Louis Armstrong — whom lie 
identifies as die “fountainhead of all that is 
finest and most distinctive in American papu- 
lar sin g in g " — Pleasants goes on to show how 
specific styles and techniques were handed 
dpwn through such assimilatore as Bing Cros- 
by; and finally, how Elvis Presley, “one small- 
town boy, bom at the right time; in the right 
place, in the ri ght environment and under the 
right drcumstances.” came to represent the 
convergence “of all the musical currents of 
America’s subcultures: bladt and while gospel 
country and western, and rhythm and blues.” 


Michiko Kokutani is on the staff of llte New 
3/9/as . York Times. 


By Alan Truscott 

O N the diagramed deal, 
West demonstrated cre- 
ative imagination. His oppo- 
nents used a forcing no-trump 
response en route to four 
hearts, and he led his ringleton. 

The declarer could not afford 
to draw trumps immediately. 
He Won with the dub queen in 
dummy and led a diamond to 
his king. West took his ace, led a 
spade to his partner’s ace and 
received the expected dub ruff. 

With the trumps lying favor- 
ably for the declarer it might 
seem that the rest would be sim- 
ple. However, a diamond was 
returned and after discarding 
his spade losers South led the 


BRIDGE 

heart ten to his queen. At this 
point West produced the jack, 
leaving the declarer with a 


leaving the declarer with a 
problem: If the jack was an 
honest card, the king was still 
guarded in the East hand. •' 

- After some thought South 
misguessd by trying to enter 
dummy with a dub lead. West 
ruffed and bis team gained a 
large swing because four hearts 
succeeded in the replay. 

There was a slight due for the 
declarer If West began with a 
doubletoc heart he would have 
been able to insure the defeat of 
the contract by forcing dummy 
to ruff a spade at the fifth trick. 

If one must decide whether 
West has made a delicate error 


or a tricky falsecard, the latter is 
the best assumption. L . 

NORTH 
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.♦AQ 10973 

WEST ........ EAST (D) 

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Boat Sooth Weal North 

Paw IV - Pan 1 N.T. 

Pan . 2 <7 Pan 4 * 

Fan Pan Pan 

Wen led the dab tin. 


FUOnv. Temp. 19- IS l«-59). 

SEOUL: Rdov. Tama. 4- — 8 D 9 —Hl.SJg®ftPpRE. Stormy. Tamo. 32—25 
190 — 771 . TOKYO: Cloudy. Temp. 11 — * IS* — * 31 - 


SPORTS BRIEFS 

Three Indoor Bests Set at U.S. Track Meet 

SYRACUSE, New York (AP) — Three world indoor bests were set here 
Saturday at the NCAA indoor track and field championships. 

Esmeralda Garda erf Florida State twice bettered her own mark in the women’s 
triple jump, winning at 44 feel. 4 indies (13-54 meters). She had come into the meet 
with a world-best 43-3Vi and improved that with a 43-7% before producing her 
winning effort. 

Willie Caldwell of Baylor sped to an indoor best of 1 minute, 124 seconds in the 
men’s 300-meter race, clipping two-hundredths of a second off the 1:01.26 sei this 
year by Mike Armour of Georgia Tech. 

VHlanova’s 3 ,200- meter women’s relay team of Kelly Toole, Debbie Grant, 
Joanne Kehs and Veronica McIntosh set another world best, lowering by more than 
six seconds the old indoor mark with a time of 8:33.60. 

Agreement Reported on Sale of NFL Eagles 

PHILADELPHIA (AP) — Leonard Tose, owner of the Philadelphia Eagles, said 
Saturday that he has reached an agreement to sell the National Football League 
team to Norman Braman. a Florida businessman. 

A statement issued by the team in Philadelphia said: “Leonard Tose announced 
today that he has entered into an agreement to sell the Philadelphia Eagles football 
dob to Norman Braman, a native Philadelphian.” Braman owns a number of 
automobile dealerships in southern Florida. 

Team spokesman Ron Howard said no other information about the agreement 
was available. Charles M. Golden, an attorney representing Braman, said earlier 
reports that Braman would pay S65 million for 100 percent of the team “are in the 
ballpark-” But be added: “it could have changed in subsequent drafts.” Braman 
reportedly has no plans to move the team from Philadelphia. 

Tose faces an April 1 deadline on a S 12-million loan from Crocker National Bank 
of San Francisco. The bank has refused to extend the loan and has threatened to 
foredose on the Eagles if Tose fads to pay. Tose paid about S16 million to acquire 
99 percent of the dub in 1969. Any agreement to sell the team would need approval 
from 21 of the 28 NFL team owners. 

ZoeQer, Strange Tied After 3d-Round Golf 

ORLANDO, Florida ( AP) — Fuzzy Zocller birdied five erf the Iasi six holes for a 
66 here Saturday, lifting him into a tie for the lead with Curtis Strange after the 
third round of the Bay Hill Classic. 

Zoeller and Strange completed 54 holes in 208. five shots under par. Strange, the 
winner of last week’s Honda Classic, bad a third-round 68. Two shots back, at 210, 
were Andy Bean, Andrew Magee. Larry Nelson and Tom Watson. Morris Hatalsky. 
the first-round leader with a 66. zoomed to subsequent rounds of 75 and 73. while 
midway leader Paul Azinger (72. 65) had a third-round 74 for a 21 1 total. 

ZoeQer, who won the U.S. Open in a playoff Iasi summer, twice was hospitalized 
with severe back problems later in ihe year, and in September underwent major 
suigety. He did noi swing a club until January and returned to competition only 
three weeks ago. 

“I played in pain so long —got so accustomed to pain — [hat the little aches and 
pains I have now, the pains of healing, don’t bother me," he said. “Listen, I’ve been 
hitting the bail welL It’s just the Utile mental errors 1 make. I know I’m gonna hit 
some bad shots, at least until I can get my mind to where I can concentrate for 18 
holes.” 


Anderson, Tigers May Just 'Hang Around Forever 9 


By Dave Anderson 

Sew York Tima Senice 

LAKELAND, Florida — Out- 
side the Detroit Tiger clubhouse, 
the World Series champions were 
posing for photographers. As each 
sat on a folding chair, he held near 
his belt a sheet of paper with his 
name on it That way there would 
be no mix-up of the faces with the 
names, no matter bow familiar and 
how famous the face was. 

Even Manager Sparky Anderson 
was holding a pink sheet erf paper 
with his name on it. 

“After last year, you still need to 
be identified?” be was asked. 

Anderson, the only manager in 
major-league history to win the Se- 
ries in both leagues, laughed at the 
thought that perhaps be really 
wasn’t quite so famous after a IL 
And then he remembered bong in 
Anaheim, Calif or nia, early l»<a sea- 
son when the Tigers were roaring to 
a 35-5 start that virtually ended the 
race in the American l^gignn East. 

“We were 33-5," he recalled, 
“and a man came over to me and 
told me he was from Dayton, Ohio, 
and that he remembered me when I 
was managing the Cincinnati Reds. 
Then be asked me, ‘Whal are you 
doing now?* I told him I was man- 
aging Detroit and be said, *Oh, I 
don t follow the American 
League.'” 

By now even that stranger from 
Dayton must be aware that Ander- 
son deserves to be listed with the 
best m a n a g ers in baseball history. 
His .580 winning percentage over 
the past IS seasons ranks seventh 
behind Joe McCarthy, Earl 
Weaver, Billy Soutbworth. Frank 
Chance, John McGraw and A1 Lo- 
pez. And despite his white hair, be 
is only 50 yean old: Witb three 
World Series championship rings. 


only five more years. But he has 
since reconsidered. 

“What would I do if I didn’t do 
this?” he asked. “Ibis isn't hard. 
You know what’s hard? AH that 
other stuff, all those luncheons and 
dinners in the off-season. I did too 
much of thaL On one plane from 
Los Angeles to Chicago, my hand 
started shaking when 1 picked up a 
cup erf coffee. I said to myself, 1 
hope the guy next to me didn't see 
that* 1 wouldn't touch coffee on a 
plane after that At home I even 
practiced picking up a cup of cof- 



Anderson hasjust begun to think 
When the tigers were pounding 
the San Diego Padres in last year's 
Series, the winning manager Calked 
wearily about staying in the dugout 



Sparky Anderson 

. . Coffee cups and JYnrax. 


But when Anderson picks up the 
Uncap card as the Tiger manager, 
his Hand never “We can 

hang around forever now after 
whal happened last year," he said. 

In addition to being the only 
manager to win the Senes with 
teams in both leagues, Anderson is 
also the only manag er to guide 
teams to more than. 100 victones in 
a season in both leagues. Counting 
the playoffs and World Series, his 
Tigers won 1 1 1 games last year. ‘ 

“Nobody jrfaces me with Gncin-' 
nati anymore — well, maybe that 
guy from Dayton," he said. Tm 
placed with Detroit now. The best 
part is m never be questioned 
again: *C an he win somewhere 
asdT I went somewhere else and I 

WOT.” 

Now, of coarse, there's another 
question: Can Anderson and the 
Tigers win again this season? • 

“Everybody ’is talking about To- 
ronto. They fed they can win the; 
divifflon,” he said. “Good, Jet them 
have some of the pressure. They've 
got Bifl Cturfffl an d Gary Lavdfein • 
their bullpen now; *b«t has to hdp 
them. rWin hasn’t ya pr o ve n 
that he’s a Stater, a Fingers or a . 
Gossage, but he’s a good one. And 
the Yankees: That's same batting 
order — Henderson, Randolph, 
Mattingly, Winfield and Bayior: 
But they need another guy in the 
bullpen to hdp Rigfaatt, and they 
need more depth in their starters. 

“Baltimore’s got Fred Lynn and 
Lee Lacy to help Ripken and Mur- 
ray, but they’ve lost Mike Flana- 
gan; that hurts. I'm btnkfing up all- 
four teams to take some of theheat 
off as. I read the odds in our divi- 
sion. We were 4- L, Toronto 5-1, the 
Yankees 6-1, Baltimore 8-1 . and 
Boston 25-1, If we were allowed ter . 
bet, Boston at 25-1 isagoodbet 
That’s a good.tcanL They’re' the. 
best Hitting team in either league,', 
but they’re counting on three see- 






m 

W- 



& 
r' . 


But as the defending World Se- 
ries champions, the Tigers remain 
die team to beat in the American 

league Ffl irf 

No mat ter how good the Tigers 
are^ if s inconceivable that they will t 

open with a 35-5 record. ‘ 

“If we’re 20-20 after 40 games, I 
won’t be disappointed,” Andersen 
said. “I just don’t want to get 
caught m the opposite I don't want 
to be 15-25, «nmrthrng Kim (hat, 
because yon can’t make it np in this 
division. Thu is the best di v is ion in 
buebaH ty far. Five teams in this 
division, if yonjrut ’em in airy other 
division, none of ’em would finish 
lower than, second.” 

’■ Just then WQlte Hernandez, the 
league’s most valuable player and 
c|y Young Award winner, trotted 
by. “Hey, Willie,” his manager 
called, ‘just remember we/re here 
to serve you, WiOie, you’re not hoc 
to serve ns.” 

The left-handed relief pitche r 
laughed, but he had a quizzical look 

on Iris face. 

“He’s not too sue what I mean, 
but that's good — keep ’em think- ^ 
ing,” Anderson said. “Nobody’ll ** 
ever do what Hernandez did last 

year, bta he won’t faB off fan He’s 

makin g a. ntiBkm now, but that’s 
notout of Kne.Wedon’t have any- - 

body out of Hoc, and we won’t lose 

Gihsoo when all is said and done. 

We got a good atmosphere here. 
Atmosphere keeps p&yexs. Oh, 
money keeps ’em, but so does al- 
mosphoe and treatment.” 

Anderson's tytaax is kssconfiis- - . 

mg. but he has succeeded Casey 
Stengd as basehaffs most enter- 
t antin g manager . “And down the 

jro “V J *** 100 •are I . tjL 

wouldnt do whal Casey (fid —eve V* 
yxjurnatnctathccadtohdp anoth- " 

"dub. bed** witluhe Mets 
those years with the Yari- 
t cc si j. r 

But aot in 1985. This year Ah- 
detson wants to show that his Tf, - 
gets can win -again. 


it- ’ .11 


i i'S 






icyx^ 














POKS 



INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH II, 1985 


Page 21 


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Witt Keeps Ice Tide 


Caapiltd by Oar Staff From Dispatches 

TOKYO — Katarina Witt of 
East Germany came from be- 
hind here Saturday to win her 
second consecutive world figure 
slating tide. Finishing second 
was Kira Ivanova of the Soviet 
Union, while American Tiffany 
Chin won the bronze despite a 
fan. 

Witt. 19, the Olympic gold 
medalist, was third entering the 
final event of the six-day cham- 
pionships. But she produced a 
dazzling performance in. her free- 
style program before a crowd of 
S,700 at Yoyogi Stadium to push 
Ivanova into second place and 

Chin into third. 

Win was the only skater to 
break the Soviet Union’s monop- 
oly on gold medals. The Russian 
squad earlier had won the pairs 
(Elena Valova and Oleg Vaa- 
liev), men’s singles (Alexander 
Fadeev) and the ice dancing (Na- 
talia Bestemianova and Andrei 
Bakin.) categories. 

The Soviet Union is only the 
fourth country ever to win three 
gold at a single champi- 


ons! 


hip. 

Vfox 


lafarina Witt in Tokyo 


A fourth gold was within reach 
Saturday, with Ivanova, 21, en- 
tering the final event in the lead. 

But Witt, who said she will 
aim for a third straight champi- 
onship next year, won near-per-- 
feet marks from the panel of nine 
judges. For artistic impression, 
she earned five 5.9s (6.0 is a per- 
fect score). 

Tm really happy” said Witt. 
“I think it u the best program 
ever in my skating fife Fd hate to 


lose when Fm already the world 
Champio n 1 * 

Witt said she knew the final 
competition was tight between 
hersdf, Ivanova and Chin. “AH 
three had a chance to win, so l 
tried my best,” said the champi- 
on. 

Witt was in third place after 
the compulsorics and remained 
in that position overall after win- 
ning the short program Thurs- 
day. She capped her come-from- 
behind victory with a routine 
that included four triple jumps. 
Witt opened with a combination 
triple toe-loop and a double toe- 
loop, followed by a triple sal- 
chow. After landing her last tri- 
ple — a toe-loop — she broke 
into a wide smfle. 

Ivanova skated a fairly solid 
yet hard)y inspiring free pro- 
gram, framing marVc ranging 
from 5.7 to 5.8 for technical mer- 
it and artistic impression. 

din, 17, skated last and said 
she was “generally happy” with, 
her performance because she 
“didn’t fed any pressure — it all 
went smoothly. But she admit- 
ted she was “a little disappoint- 
ed*’ that site had slipped fro ™ a 
second-place ma king to third af- 
ter the final event 

Anna Kondrashova of the So- 
viet Union was fourth and Amer- 
ican Debi Thomas fifth, after fal- 
tering on three jumps. Then 
came West German Claudia 
Ledstner, Natalia Lebedeva of 
the Soviet Union, Frenchwoman 
Agnes Gossetih and Canadians 
Efeabcth Manley and Cynthia 
CoolL (AP, UP I) 


Muller Wins Cup Downhill; Canadian Women Excel 


The Associated Press 
ASPEN, Colorado — Swiss vet- 
eran Peter MOller ended a three- 
year victory drought here Saturday 
by winning a World Cup downhill 


45.74 seconds, edging 
Kad Alpigx by 17 one-hundredths 
of a second and breaking his own 
course record of 1:4630, set in 
1982. Sepp Wfldgrubcr of West 


race in coarse-record time on As* was third in 1:46-58, and 


pen Mountain. 

MfiBer, 27, who posted consis- 
tently fast rimes in training runs 
here, was docked in 1 mmole. 


ing’s Basket Beats 76ers for Knicks 


IDtil 


rr - *! ip . 

vW* 'X. 
i*ST ir 

=V •» - 


rrikdbf Oir Staff Firm DUpatdta 
W YORK —The New York 
■is don't win often, and when 
io it’s almost always because 
.id King has done a little 
.'than usual. 

.i National Basketball Assod- 
-s scoring leader put in a re- 
. I with three seconds left in the 

NBA FOCUS 

d overtime here Saturday to 

- he Knicks a 131-129 victory 
he P hiladelp hia 76ers. 

: shot endea a five-game New 
losing streak. Before their eo- 
ontline — except for King — 

- nt with injuries, the Knicks 
. expected to be one of the 
’s better teams. Instead, it has 

their best efforts just to stay 
etitiva 

his one. New York needed a 
_Jnt performance from King, 
o needed rookie center Ken 
star to outscore Moses Ma- 
24-19. 

-ewbere Saturday h was De- 
ll 5, Atlanta 113; Seattle 93, 
ington 92; Houston 123, San 
no 117; Utah 111, Chicago 


105; Golden State 118, Phoenix 
1 IS; Denver 126, Indiana 1 1<L and 


sists in 52 minutes of playing time. 
It was the 12th time King has 


the Los Angeles Lakers 133, Oevt- topped the 40-point mark this sea- 
land 106. On Friday it was Boston son. “In dutch situations, fm sup- 


133, Dallas 122; Portland 128, New 
Jersey 110; Philadelphia 128, Seat- 
117, the Los Ange- 


to ddiver and I usually do,” 
said. “It really was intense out 
there, wasn’t it? Ill remember it for 
(AP, LAT) 




( ■? 

a j 

- • r 1 • 

:4 V - ' 

'LdgmgBni 

to I: -'.: 

a O 


, . The Associated Press 

:iar - 

rrON — Pittsburgh had 


in its drive for the playoffs, 
tenguia Coach Bob Berry 

f'K 1 . 

iyi 

' ’ that Saturday’s 6-5 overtime 

ijtart^ ii- • • • 

... 1 L-l ’ 


> NHL FOCUS # 


l A* ' 
’<£ > it-- 


Artmw 


i over the Bruins at Boston 
n win start his team's motor 
ig again, 

s struggled the last month 


r «: 

* 

«*-- : 



tie 114; Chicago 

les Gtitoers 101; Houston 125, In- a long time. 
diaim 105, and I^fitwaukee 127, 

Kansas City 1 14. 

The Knicks just missed winning 
m regulation and a gain in the first 
overtone. But with five seconds left 
in regulation, the 76exs’ Andrew 
Toney sank a three-point basket to „ 

tie it 11 1-1 11. And with 12 seconds DaVlfi Gm Results 
left in the first five-minute extra wa*uo enoup 

session, Maurice Cheeks sank two rmr romm 

free throws ta make it 120-120. uawswi*WBP«i 

» •g«5 d ^55“, {?* kw, fm SKISa ui. ^ 

staved off defeat again vriien Julius sntoyuiiiNMiiaofidStwagMSAaiiiat&jo- 

pon. fr-% 4-1. 

Aaron KrfeksMi UA. d» i. Kaorv Mor- 
wama Japan. H H. 

Eltot TiUkmt, UA. <M. Stans StiliatahL 
jemtau 

CMCtaHlnakla X Sovtat Italoa 1 
(At TMDsL Savtat UnlonJ 
Tomas Smtd, CzactiostoraWa. doL Altaton- 
dta Svarav. UXJLR. M, U M. 

Mllosfav Macir. Chechoslovakia, det. Kon- 
stantin Papavav. UAAR. AX, 6-2, 9-7. 

TMwn* and Swwt LMnvak dot Srnld and 
PbiMk, M. 4A 1HI M, 7*. 

MkIt M Zeciw. M.M.U.M. 
Pugavtvdst. Uhor Plinek. Czschaslovnkla, 
HM. 

MaS, Italy X 
(At Cafartta India) 

VUavAnutlnd.ifMfla.dsf. Ctoudto Panatta, 
Italy. *-J. HMHM 
Panatta and Gianni Octomo dst Anond 
Amrttrol and Sata Msnon, India AJL A-3, M. 

vaay AmrltraL India dsf. Francesca Can- 
celiattl, 5-7, AX. S-X BX. 

Panatta d^RomestiKrtatinaaliMflaM: 5- 

X.M. 

WMt Gsnnaar X Spate 1 
(At SlncMflnsefi, west Germany) 
Mt*o4 WestptwUwest Germany, det Ser- 
eb Carol, Spain, KM, M. 3X. 3*. AX. 

Saris Becker, West Germany, del Juan 
Aowttera. Spain, «t 54, 5X. 

Carol def. Becker, AX, 1^, 7-5. 

Backer and Andreas Maurer del Corots and 
EraiBo Sandies, xx. AJ. 1-4 «, 5X. 
AestraHe X YeaosMvia 1 
(At Split. Yuseslavia) 

Paul McNamee. Australia dal. Marto Os. 
tola, Yueosiavla, 54 3X, 104. 54. 

Stabadan Zivaikiawlc, Yugoslavia, de(. Pat 
Cash, Australia, 7*. 5-7, 1M. AX. 

Cash dsf. Ostota, 54 5a 5-2. r 

John raaersld and Cash del. Stobadan XW 
vadnovic and Goran PrpJc Yuoostavfa 7-5. 
TO-n, AX. AX, AX. 


aHiestn 

Peter Mffler 
forehead after FVi- 
day^ transit nn, but foe next 
afternoon he captured Us first 
Worid Of) race m foree years. 


Aostrian Helmut Hdflehner was 
fourth in 1:46.62. 

Meanwhile, in Banff, Albena, 
Laurie Graham capped one of the 
finest weekends ever for Canadian 
female downhillers by winning the 
final women’s cup downhill of the 
season. 

Graham, who finished third in 
the first of two successive down- 
hills Friday, started from well back 

VORIDCUPSKBNG 

in the pack — 20th — but won with 
a docking of 1 minute, 19.50 sec- 
onds down the 2,025-meta- (6,643- 
foot) course. 

Mkhda Figmi was second in 
1:19.89 and Swiss teammate Maria 
Walliser third in 1:20^8. Karen 
Stemnde of ramaria was fourth in 
1:21-85. 

“This is a real storybook ending, 
just unreal" said Graham, 24. “I 
didn’t know I had won at first 1 
was so psyebed, knowing it was the 
last downhill of the season.” 

Graham, who was on the verge 
of retiring at the end of the last 
season, had the fastest interval 
times. “I think it was my turn — 
and Canada’s tom — to be lucky.” 

Graham’s victory, coupled with 
Stemmle’s fourth-place finish and a 
]3th placing by Liisa Savijarvi, 
wrapped up a brilliant weekend for 
the Gan«dian« Graham and Savi- 
jarvi finish ed third and fourth Fri- 
day behind Walliser and FlginL 

The 21 -year-old Stemmle’s 
fourth-place finish was her best 
downhill result of the season. She 
was 23d Friday and fifth the previ- 
ous weekend in Vafl, Colorado, 
where Graham was fourth. 

Fi g ini, 18, concluded a brilliant 
downhill season. She took three 
World Cup races in that discipline 
en route to becoming the category’s 
runaway winner and also won the 
downhill tide al the world champi- 
onships. She holds a commanding 
lead in the overall Worid Cop 
standings. 


Tt wasn’t so perfect a run for place finish, enabling him to in- 
me,” said Hgim of her perfor- crease his World Cop overall stand- 
mance on Friday, which guaran- ings lead over Zuibriggen. 
teed her enough pomts to dutch the Hbfiehner said he was 

cup downhill title after only three pointed in winning the di 
years of competition. “But I am title with so better than a fourth- 
happy." place finish. *T had ‘a good feeling, 

Walliser, a five-year veteran of and I thought 1 would win the 
the cup circuit and last year’s race,” he said “But I was too slow 


downhill champion, flew down 
Banff's treacherous Great Divide 
in 1:21.05, just a half-second ahead 
of FigrnTs 1:21.36. “I can’t ay now 
that I’ve beat Michela," Walliser 
said. “It was the best race of the 
year for me.” 

MfiDer, whose last Worid Cup 
victories came on tins same coarse 
when be posted double triumphs in 
1982, bailed Alpiger by three- 
teaths of a second through the firet 
and- second intermediate points, 
bat caught his teammate over the 
final 30 seconds of his ran. 

“I won the race is the last four 
turns," said MQller. “It was snow- 
ing at the starting gate and I had a 
little trouble with visibility. T made 
a couple of mistakes on the top, but 
I pushed mysdf. I bad a fantastic 
tine through the last four turns.” 

“Tve finished second a lot of 
times this war, and it feels good to 
win again, he said. “1 had equip- 
ment problems before this year, but 
we've worked that out aha I'm in 
good form now.” 

Alpiger, a -23-year-old member 
of the Swiss B team who seems 
certain to be elevated to the top 
squad based on his solid results this 
season, said he “caught too much 
air on one of the jumps near the 
bottom — that may have been the 
difference. Otherwise 7 skied very 
well, certainly better than Friday.” 
In Friday’s final training run, Al- 
piger crashed and braised his left 

<hrn. 

Although Hfiflshoer added no 
points to Ms season-leading down- 
hill total on Saturday, he clinched 
the 1985 title in the discipline when 
his closest pursuer, Switzerland's 
Pirmin Zurtaiggcn, finished 22d. 

Luxembourg’s Marc Girardelti, 
a and giant slalom special- 

ist, scored his first points of (he 
season in downhill with a ninth- 


on the flats on top. I lost a second 


there, and you can’t make that up.” - 
Canadian Todd Brooker, who ; 
won here in 1983, finishe d 11th in 
1:47.02. Doug Lewis was the top ' 
American, winding up 15th in * 
1:47.53. Teammate BtU Johnson, ; 
the Olympic gold medalist and de- 
fending champion here who has ' 
suffered through a dismal season, 
was 21st in 1:48.12. 



McCrory Retains WBC Crown' 

Milton McCray, landing a left to the head, above, retained his World 
Boxing Council welterweight title Saturday night m Paris with a 12-round 
verdict over outclassed fellow American Pedro VxleQa. The judges scored 
it 118-112, 120-ll2andl20-113forMcCroiy,whoraisBdhisrecoidto26' 
0- 1 . Vilefla lost for the first time as a pro; he has wot 1 8 and drawn once. 


SCOREBOARD 

Tennis 

World Cnp Skiing 

Basketball 


Knicks, knowing 
the 76ers would converge on King, 
set up Roiy Sparrow to take the 
shot as time was running out Spar- 
row mossed, but King came up with 
the rebound in the lane and bis 
short jumper was the game-winner . 
Along with Ms 42 pants, King fin- 
ished with 10 rebounds and 13 asr 


■ V Amnttro 1 
(Al Buenos Al ml 

Andres Gomsz, Ecuador, dsf. Jose Liris 
Oerc ATMnttna. xx. AX. 13-11. 54. 

Martin Jolts. Arpmtftac, dtf. Raul Vlvar. 
Ecuador. AX. 5-7, 5-7. 52. 5l 

Paruuuoy X Francs 1 
(At Asuncion. Paraguay) 

Vidor PsccLFaraauav.dsL Yamlck Hoatu 
Francs, A*. 15-U 5-A, 8-A. lew. 

Francises Gonxataz. Wn ra UBy. eat Hsnrt 
LACTOta, Front*. 44. 44. y*. 54 4X. 

Noah and Laeonfedaf. Prod and Gonzalsz. 
5*. M. AX. 7-S, A-l 

EASTBRN ZONE 


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,3-15-1 in its previous 
1 Hockey League games, 
led unbeaten in overtime this 
i when Wayne Babych scored 
send gpal 1:06 into the extra 
3. Tib victory kept Pitts- 
tied with New Jersey for fifth 
in (he Patrick Division, 
where Saturday it was New 
8, Detroit 5; Minnesota 4. 
tris 1; the New York Island- 


ers 4, Toronto 2; Montreal 4, Hart- 
ford 3, the New York Rangers 3, 

Edmonton 3, and Quebec 2, Calga- 
ry 1 On Friday it was Buffalo 7, 

Chicago 2; Philadelphia 4, Wash- 
ington 2; Winnipeg 6, Quebec 3, 
and Vancouver 4, Los Augdes 3. 

Boston outshot Pittsburgh, 44- 
28, but Penguin goalie Brian Ford, 
playing only his third game of the 
season, was outstanding. “We got a 
little careless,” said Boston Coach 
Hany Sindeo. “I think the story of 
the game was the good goalkeeping 
they got” Ford had allowed 11 
goals in his first two games tins 
season. 

On the winning play, John Cha- emousk first division 
bot stopped an attempted, clearing cmw a sounwnotan 2 
pass by Boston defenseman Ray Cowenrrv »- °u«w» Ro«»re 0 

Bourque and Jed Gary Rissling on 
the left side of the Bruin zone. 

Rissling then passed to Babych, 
racing down the middle, and Ba- 
bych beat Pete Peeters with a 2&- 
footer for Ms 16th goal of the sea- 


Haw Zoo load A, To from i 

(At Auacland. Now Zeakmd) 
Rusroll stavron. Now Zialanct del Wu 
Owna-nma. Taiwan. 5-4. 5Z 54 
DavU Muitanl Now Zealand. Oat Hsu 
Huane-lOTe. Taiwan. 5-L. 5-1. 51. 

Mustard rod David Lowis dtL Lkl Ctama- 
hataa and HuortHunss A-X 51. AX. 

Uwk dot wu. 51. Ai 
Uudaf.SiRiasaa.5X. 5X, S* (ret). 

PM Rapines % Ttadland • 

(At Bangkok) 

(tad Raf ael, ptdilaalflev dal. ChorarocM 
Traltllaren- Ttvilamt AX. 51, 51 
Felbc Barrlrotas. PWlIaalMl. Oaf. Noooo- 
del Srtchararo. Ttarilond. 7-5. 12-10, 5A, 51. 

BuileuOa and Ravraaand Suarez, Piiillp- 
pIimh. deL vtfaya Sarnrel and SamtJiol Phu- 
karor. Thailand, 51 IX, 54. 52. 

Chtu 1 Hoot KM 1 
(At Banina) 

You Wei ddmu ML Mart BaHev. Hand 
-Kona, 9-7. 51, 5l 

Xle Zhao. CMaa. tkeL Coda Grant. Hand 
Kona. HMA4 51 
Bally and Grant, def. Zhang Fan and U 
SMtan. China. V5I1 51 104. 

AMERICAN ZONE 



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Leicester 3, ShoNtald Wednesday 1 
Norwich 2, Aston VUIo 2 
Nottingh am Forest O Ne w c as tle 0 
Sunderland % Areenai 0 
Pa i n t s standings: Everton Si; Tettanhom 
5*.- Manchester, Sovth am pton 4V; Liverpool 
JO; Arsenal 47; SheffleMWidnesdav.NontaB. 
taen 44; Chetoro 40; Astro Vllta, Norwicti 38; 
Newcastle XT; Leicester 34; West Bram. 
Queens Park Rangers 3S; West Ham 32; Cow- 
entry 31; Watford, Sunderland 30; loswfdb 
Luton 25; Stoke 12. 

WEST GERMAN FIRST DIVISION 
Sctailke I. Katsersiautera 1 
Stuttgart & Bayer Uenflnoon 2 
Cologne 0. Bayern Munich 2 
Bochum 4. Boraeela Dortmund 1 
Wakmof Mcmnhehn 1, Werdor Bremen 1 
nifracM Frankfurt 2. EiatractitBransedckO 
Portuna DOmldarf 1. Arminta Bielefeld 1 
Bantdla Moonehea 1. Bayer Leverkusen 1 
Homourg 0, KortksnsheO 
Points SMacBnas: Bayern Munich 31; 
Werder Bremen 20; Bayer llerdlnpm 2S; Bor- 
uota Moenchmladbach, Cologne 24; ShrtV 
gort XU Homburo, WWdhof Mannheim, Be- 
ctwm, eintracht Frankfurt 22; Sctaalka. 
Kotaersiautero 20; Bayer Leverkusen 19; 
Fortuaa DOaeidorf IB: Arm In Id BloitWa 
EkttracM BtunsetdL Kartcrahe u; BarusNa 
Dortmund 12. 


Colombia L Ureaoay 1 
{At Punta del Esta, Uruguay) 
Ajvora Jordan. Colatnbia. def . Maroki FV 
KpgM, Uruguay, 54 52. 53. 

Diego Perez, Uruguay, del lws Gonzalez. 
Colombia. 5L 54. 54 

Mexico 2, Fere t 
lAt Mexico aty) 

Carlas DILaura. Peru, dot. Jorge Lozano, 
Modco, 7-9, 44 54, 7-5. 

Francisco MxJeL Mexico, def. Pablo Ar- 
royo. Peru, 44 24 74 7-5. 

Feraando Perez Pascal and Leonardo Lo- 
valie. Mexlca def. r e r nendo Maynetfo and 
Jc4me Izoga. Peru 54, 34 51. >4. 44 
Canada Z Coesaiemeeaini Curlbbean t 
(At Chicoutimi, Quebec) 

Martin wtostenhotme, Canada. deL Roger 
Smim. Commonwealth COrttftm. 4457. 51 
Stenhane Bonwou. Canada, dot Robert 
Mole. Co m mon width Cortbbeon, 7-9.74 44 
AX. 

smith and Hale, del Derek Seaol and Josef 
Bratwaec Canada 54 74 54. 

Brazil Z Venezuela 0 
(Al Caracal) 

Marcos iiocev ar . Brazil, def. Carlos Cla- 
verte 54 U-15 54. 54 
Cassia Motto, BrodL deL AHanro Mora 51. 
51.74 


WOMEN’S DOWNHILL 
(Frtdoy at Bmtffc Atterta) 

1. Marla WdlUser, Switzerland. 1:21 JK. 

2. Mlcheta FlafnL Switzer land. 10136. 

3- Laurie Graham, Canada, l^ldS. 

X. Lltta levllinl Canada, 1:2201. 

. i Katrfn Gutensohn. Austria 1:2222. 

5 Elisabeth KlrcMor. Austria 1:2227. 

7. Otaa charvatova, Czochoslovidcia 

1^230. 

A Ariane Ehrat, Switzerland. lOlM. 

. JO-BiSgltte OerttL Switzerland. \-MJZ- 

10. Carotlne Attta France. 1:2227. 

IL Catherine Qutttef. Franca 1:2208. 

12. Holly Betti Flanders, US- VJ19J. 

U Ondy Oak. U4. 1 J2J8. 

lx ciaudfne Eawnet. France, and Marina 
KM, WOW Germany M2UO. 

WOMEITS DOWNHILL 
(Saturday at Banff} 

1. Grtdmm, 1:195a 
Z FWnL 1:1909. 

X Walliser. 1302L 

4. Karen Stammle, Canada 1:2X81 

3. Zorn Ham. Switzerland, 1:2098. 

L Emonet, 1:2104. 

7. OerttL 1:2104 

8. OebMe Armstrong, U0. 1:21.11. 

9. KSehL 1:2L1A 

10- Ftandere, 1^124 

11. Qtarwatova 1.-21J9. 

1 Z EhrOL 1:21X2. 

IX SavflarvL 1^1X4 

lLKeMWIesler.WtttGennonv.and Slgrtd 
Wolf. Austria 1:2109. 

WOMEITS OVERALL ETANDINOS 
1. FlohtL 2S4 points. 

I Walliser, 197. 

I OerttL 194 
L KlehLISL 

4 Chorvatova 157. 

5 KlrcMor. 154 

7. Erika Hess. Switzerland. 145. 

X Blanca r onemde z Ochoa. Spain. 108. 

9. Tamara McKinney, ILL. 107, 

IB. Ham, 102. 

FINAL DOWNHILL STANDINGS 
I, FftrfnL 11S points. 

Z Walliser. 81. 

Z OerttL 74 
4 Graham. 72 

6 Klrchler. 7L 
4 Gutensohn. 4X 
7. Kieht, 44 

4 Ehrab 45. 

9. Haas. 42. 

10. OuJftet. 31 


National Basketball Aseodation Standings 


■ASTERN CONFERENCE 
ABaatlc DtvWoe 



W L 

Pet. 

GB 

x-Boston 

50 

14 

JB1 

— 

x-PhlladefPhia 48 

14 

J50 

2 

New Jersey 

32 

31 

.503 

1710 

washlnetan 

32 

32 

000 

16 

New York 

21 

43 

-B8 

» 


eealrre otvtstaa 



Milwaukee 

43 

19 

0V 

— 

Detroit 

35 

28 

054 

B» 

Chicago 

30 

33 

XT6 

13to 

Aifanta 

25 

38 

J97 

iBW 

Ctavgtand 

25 

38 

J97 

I8» 

Indiona 

19 

44 

302 

Vffx 

WESTERN CONFERENCE 



Midwest Dhrfslee 



Danver 

42 

22 

056 

— 

Houston 

38 

34 

094 

4 

Dallas 

34 

29 

046 

TVS 

Scat Antonie 

32 

33 

092 

10 Vs 

Utah 

31 

33 

ASX 

11 

Kansu* city 

22 

41 

J49 

19to 


Pacific Dfvbdoa 



LA. Lahore 

45 

IS 

J14 

— 

Phoenix 

30 

34 

Ml 

15W 

Portland 

30 

34 

M> 

15W 

Seattle 

27 

37 

M2 

IBM 

LA- Cuppers 

22 

41 

349 

23 

Golden state 

17 

44 

-270 

38 

(■<1 inched playoff berth) 





FRIDAYS RESULTS 
22 48 X 

New Jersey 24 22 27 SS— 110 

vondeweohe 152t 5634 M-Thomoron 12-20 
0-024; DowKlns 512 510 24, Blnlrong 10-19 04 
XL B e boe wH: Porilond 54 (^Thompson 12); 
New Jersey 43 (Williams IS). Assists:. Porf- 


Football 


WOMENS INDOOR CHAMPIONSHIPS 
(At Princeton. New Jersey) 


Itnn— nieullRmiu riirlmsln inlrtn ff| itef 
Martina Navratilova, ui. (1) 74 54 
Catarina Lkidqwlst. Sweden, 141. deL Cath- 
erine Tanvfer. France, 51. 54 
Float 

MOWSUDVO deL LMawlsL 51 7-4 


MEN’S DOWNHILLL 
(At AieafL Colorado} 

1. Peter MflUer, SwHz P rtond. 1:4474 
l Kort Alpiger. Swltztriond. 1:4491. 
XSegpWlWeruber.WwtEermanv/l :4458. 
4 Helmut HAH etmer. Austria, 1:4442. 

4 Bruno Kernen. Switzerland, and Franz 
Hetmer. Swttzeriand, 1 :4UL 

7. RudoH Huber, Austria. 1:4474 

8. sifvono MelL Switzerland, 1:4494 

f. Marc Gtrardsttl. Luxamboura 1:4454 
la Peter Wlntsbereer, Austria, 1:4700. 

11. Todd Brocker, Canada, 1:4702. 

12. AWchael Mob> Italy. 1:4704 

IX Anton Stainer, Austria VMM. 

14 Daniel Mabrer, SwltzericMl 1 :47A 
14 Oeaa Lewta US. 1:47JEL 

MBITS OVERALL STANDINGS 
1. GtrardellL 2(7 points. 

X ZurbrtaOM 2B7. 

X Andre ui Wenzel Liec h tenstein. 172. 

4 MOttor 14X 
4 Hetnzer 134 

4 Thoms BOreier, S w i t ro rt u nd. 124 
7. ingamar Stenmoik, Sweden, 114 
X Hdflehner lli 

9. Wlmsfaerger 111. 

U. Aiotaer 100. 


USFL Standings 

EASTERN CONFERENCE 

W L T PCX PF PA 
Memphis 3 0 0 1000 65 34 

Birmingham 2 10 047 95 78 

Jacksonville 1 i 0 S* 34 38 

New Jersey 1 1 0 000 54 4B 

Tampa Bov 1 1 0 SCO 43 57 

Baltimore 0 2 1 .167 50 40 

Orlando 0 3 0 000 27 97 

WESTERN CONFERENCE 
2 0 0 1000 84 


tend 31 (Drexterlll. New Jersey 25 IRttnrd- 
ron 8). 

DaBas 25 18 31 35-422 

Boston M 27 38 28-m 

Bird T2-20 5532, McHata 11-175824 Vincent 
1522 55 34 Aguirre 13-21 5-5 32. RnBoOTds: 
Dallas 40 (Brwit. Vincent 8); Boston 48 (Bird 
15). Assists: Doited 23 (Harper 7); Boston 31 
(Bird 9). 

Seattle 24 29 31 28-114 

pWfadelpMa 30 41 22 35—128 

Malone 7-10 11-13 24 Cheeks 10-13 04) 20; 
Sabere 1517 54 24 5Hana 7-13 1510 24 Re- 
Made: Seattle 31 (McCormick 9); Philadel- 
phia 40 (Matone ill. Assists: Seattle 29 
(Sobers 161; Phltodelpnia 32 I Cheeks 11). 

31 21 28 30— Ml 
30 28 32 27-117 
Woo fridge 12-17 55 28. Jordan 7-13 11-14 26; 
SRtHh5177-«2XNUon5145514 Rebeeeds: 
la. Clippers 35 (CaM.Donaidson2); Oilcago 
21 CWoo tri dPfc Oldham 9J. Asststj; LA-CUo- 
pars 14 (MJohnson 9) ; Chicago X (Jordan 71. 
CItT 28 38 25 31—114 

38 31 21 24-127 
Monerlef 5157 24 Cummings 11-19 1-4 23; 
Woedsan 1517 2X23, Thorp* MO 54 IX Theus 
7-1554 u. Rebeeeds: Kansas aty 34 (ODssrd- 
ino 7); Milwaukee 51 (Ustor 12). ahMs: 
Kansas Ota 24 (Theus 4); Milwaukee 39 
(Monerlef 9). 

Indiana « 36 V J8-H5 

Houston 37 24 24 21-425 

HOilins 9-13 5-7 73. (Maluwon MS 57 ZL Stl- 
panortch 7-15 7-7 2L SMnsbUtV 7-10 55 17. 
Rebemdt: Indtoro S3 (Stlpawvlcli 10): 
Houston 55 (Olaluwon 171. Azetsts: Indiana 24 
(Stlpoeiovldi 4); Houston 33 (HoHln* 5). 

SATURDAY'S RESULTS 
PbOedoteHn M 19 21 35 9 9—129 
New Tore n 22 31 27 9 11—131 
King 13-25 1521 42, Bannister 10-12 4-5 24; 
Ervtna 517 1M2 24 Barictar 49 12-14 22. Re- 
hounds: Philadelphia 68 (Mafcxte 21); New 
York 54 (King 10). Assists: Ptnlode+pWa 23 
(Cheeks, Ervkte 5); New York 34 (Sparrow 
14). 


Detroit 22 17 35 31—115 

Atlanta 33 27 24 27-113 

Tripucka 518 510 2<. Thomas 518 57 23; 
Wilkins 1532 1514 48, WIRman 7-13 23 It 
RMtoueds; OetraH 59 (Udmbeer 13); Atlanta 
54 {Wilkins. Willis 9). Assists: Detroit 25 
(Thomas 14); Atlanta 25 (EJohnsan 9). 
Utah 17 22 37 39-111 

CktoBOO 14 18 25 28— m 

Griffith 1529511 40. BallflV5Zl 5523; Wooi- 
ridge 12-23 11-12 3S. Jordan 521 514 28. Re- 
bounds: Utah 44 (Eaton 12); Chicago 45 
(Wooiridao 14). Assists: Utah 21 (Stockton 
12); Chicago 21 (Woolridoe 5). 

Hoeetaw 25 25 M 28-WJ 

San Antonio 32 XI 27 27-117 

McCray 151951 24.Lloyd «H0 552L Same- 
son 151751 70; Mitchell 17-335339. Gilmore 
11-10 13-17 3S. Rebounds: Houston 44 (McCray 
11); Sat Antonio 45 [ Gilmore 14). Assists: 
Houston 31 (Hollins 7); Son Antonio 38 (Moore 
11). 

31 21 29 29—118 
six 21 » 28 39-112 

Short 1524 12-144L Floyd 7-185512; Adams 
15185524. Oa»rtt9-3Q 3X21. Rebounds: GoW- 
en State 44 (Smith 11); Phoenix 40 (Lucas 9). 
Assists: GaJden5Ktt*23(Ftovd7); Phoenix 32 
(Davtaei. 

22 32 22 17- 92 
33 II 14 25— 92 
Chambers 532 11-15 29, Wood 514 34 20; 
Matone 1522 s« 31. Williams 524 57 2L Re- 
bounds: Seattle 57 (Chambers 14); Wdshlno- 
tonX7 (Jane*. Roblraon 11 ). Assists: Seattle 1 6 
(Henderson 5); Washington 22 (Williams 9). 

21 25 24 34—114 
M 31 33 29-124 
English 11-21 l-l 21 Nott 7-11 5922; Themro 
1517 511 26. Williams 513 44 22. Rebodnds: 
Indfano 55 (Garnett 7); Denver 43 (Natl 8L 
Assists: Indiana 21 fwniiora B); Denver 35 
few 151. 

Cleveland 22 24 23 3S-H6 

LA. Lakers 28 39 29 37-133 

5c*rttl1-T7512LMcA4too7-1055 19; HIRSon 
7-1055 IX Turpin 7-11 44 15AntarBOO51054 
1*. Rabooeita: Ckvrknd 54 (Turpin 11); LA. 
Lokere 54 ( RamMs 10). Assists: Oevetand 23 
(Baa t«y 4); LA. Lakers 45 (Johnson 13). 


Selected U.S. College Scores 


Oohtond 

Arizona 


Portland 
San Antonio 
Las A ng el os 


J50 
JO 0 
-500 
JOB 
SOB 
.000 


Sat u rday ! Results 
Birmingham 3s. Orlando 16 
Memphis 21, Baltimore 19 • 


Baseball 


CONFERENCE TOURNAMENTS 
ATLANTIC COAST 
First Round 
Duke M, Maryland 73 
Georgia Tech 55, Virginia 48 
North Carolina 7Z Woke Forest 61. Oft 
N. Carolina St. 78, Cletnson S3 
lemlflnots 

Georgia Tech 75. Duke 44 
North Carolina 57, N. Carol too SL 5) 
ATLANTIC W 
iesWsdi 

Rutgers 78. Punues ne 53 
Temple 4X SL Joseph's 61 

Champioasldp 
Temple 59. Rutgers 51 

BIG EAST 
Se mHin a l s 
Georgetown 74. Syracuse 43 
SL Johns to, VI Banova 74 


Ch amp ionship 

Lorain, IIL 89. Oral Roberts 83 

PACIFIC COAST ATHELTtC 


Fullerton SL 54. Fresno SL 54 
Nev^Lro Vepos 45 Son Jose St. 59 
ChomplonsMp 

Novotna V sg os 79, Fuderton SL 51 
SOUTHEASTERN 
Seadflnds 

Atobiuno 74, Georgia 53 
Auburn 4X Florida 42 


Exhibition Scores 

Toronto 7. Chicago White Sox 1 
Detroit 7, Boston 2 
Mo n treal 4 . Atlanta 0 
Min neso ta 5 Houston I 
Oevetand & San Francisco 4 
Baltimore 5. New York Yankees 3 
Las Angeles 7, Samsung Lions 0 
Chicago Cube X Milwa uke e 2 


Hockey 



National Hockey League Standings 


American League 

CALIFORNIA— SMned Dick Schoftete, In- 
flakier, end Ron Roman! ck. pftchar. to Ono- 
yeor c ontracts. 

CHICAGO— Renewed the contract of Joel 
Skinner, catcher. 

CLEVELAND— Named Joe Klein vte* 
presktanhbcseboU op erations. Signed Sim* 
Farr, pitcher, and Carmen Costilla, ouffto U- 
er. 

TORONTO— Stoned Day* SHeb. pitcher, to 
an U-vw contract. 





CINCINNATI— Stoned Jay TRKH. John 
Franco cod Fred Tritw, ptlctiere. 10 0 oe- 
year contracts. 

ST. LOUIS— Signed Tam Htnr.wcmd Ban- 
man. to a four-year contract 
HOCKEY 


The Auoaotad ft*j» 


fc •- 

'• 

art -f Ar 

•a Vx*'- 


LEAGUE— Suspended Jim Kvta. detao*5 
man of WheUpes. far five names for a punch- 
ing Incident !no Fob. 77 game oootost Pitts- 
burgh. 

COLLEGE 

ALFRED— Announced that Som Senders. 
taaOB, reriened to become an assN- 


■ ick Sroith, ri gh t, and Washington’s Scott Stevens were 

feUed 1^ fftis first-period ran-m Friday, but Sntirfi went 

*^«^agoaIaiidanassistma4-2PlrifodeIpManctofy 

the twoteams tfed atop the NHL’s Patrick Diyisoii. 


WALES CONFERENCE 



Patrick Dtvhdoa 




W L 

T 

PH 

OF 

GA 

x-PMMdelphki 40 19 

7 

87 

280 

210 

x^Mshlnaten 

39 19 

9 

87 

275 

205 

N.Y. IStorutafT 34 28 

5 

73 

298 

240 

N.Y. Raooere 

22 34 

ID 

54 

252 

284 

New jeratv 

20 37 

» 

49 

225 

273 

Pittsburgh 

S 38 

5 

49 

228 

309 


Adams Dhrtsfoa 




Men! real 

34 33 

TO 

74 

W 

m 

Buffalo 

32 31 

12 

74 

240 

187 

Quebec 

22 25 

9 

75 

275 

242 

Boston 

a a 

1 

tt 

242 

227 

Hartford 

21 38 

7 

49 

223 

285 

CAMPBELL CONFERENCE 



Marts DteUiea 




X-SL Louis 

33 23 

11 

75 

252 

234 

x-emcooe 

32 31 

5 

69 

244 

341 

Detroit 

21 35 

n 

53 

255 

300 

Mtonesota 

21 34 

ii 

S3 

231 

371 

Toronto 

17 43 

7 

41 

211 

VO 


Sterne Dhrtsfoa 




x- Edmonton 

44 U 

8 

94 

333 

222 

x-Cotoerv 

34 24 

8 

74 

312 

34« 

x-wfnnipee 

34 27 

7 

75 

298 

395 

Us Angeles 

30 25 

11 

71 

291 

275 

VOncouvor 

2D 39 

8 

48 

232 

345 


effl fooffioti coach. 


(x<nncfted atowoff berth) 

FRIDAY’S RESULTS 

Chicago 8 1 1-3 

■aftaio 2 S 8—7 

Darts (Ul. Perreauti (24). Houstoy 031. 


■1221-4 

him 

Lemfeux 02). BTOVCll 2 (14). Bullard (2S). 
Hannte>2(3): Raid ( to). Bouraee (ML Goring 
tm. Stotaher (8). Middleton mi, StWhc ae 
goal: Pittsburgh (on Peetars) 515151—38; 
Boston (on Ford) 13-15124-44. 

S. Louis 8 0 1-1 

Ctccoretn 2 (13), Maruk (i5).B«rg)und (B); 
Anderson (8). Shota en goal: SL Louis (on 
MstoctM) 1450—31; Minnesota (on MU fen) 
1557—26. 

Toronto 1 8 W 

NLV. tenders S 8 V- 4 

jonszfli (U), Korifco (1). Henry n), Tenolll 
(34); Gavin (10). Doriaeo mt.Stwts oa no): 
Toronto Un smith) 7-15-19— fT; N.Y. (stand- 
ore (en Beiter, WregeeU 14-11-8-05. 
Mrttaed 1 1 1-4 

Montreal 1 0 2-4 

Niton (Ul.CMitos2 (tl.Monaw (171: Dfn- 
een 2 (T9). MncDermid (3). Shota on pool: 
Hartford (en Penney) 554-34; Montreal (an 
LMl 534—19. 

Que b ec 0 1 1 6-3 

catoarr 6 1 1 8—2 

Hunter (W), Ashton (27); BouAorts (2L 
PepUnskl 115). Aoti op goal: Quebec (on LP- 
metln) 151553—34; Catoory (on Serteny) 5 
11-74-30. 

N.V. Raeaere e 1 2 5-3 

Edm e nleo 1118-3 

Larauche (22). S und st ru ni at). Beck (7}l 
(17). Knar CDAetaenoeei; New jersey (on* Master (lexorecdcy lUi. Kurrl (43). Shell 
Stefan) 514-13-34; Detroit un Rcsctii 1511- eaaoal: N Y. Raneere (en Znntor) 4-6-U-V- 
5-30. 35; E d m onton (on Hanlon) 12-257-3— *A 


BuH 2 (71, Fenwes (I). Cvr 118); B. Murray 
C4).T. Murray (21 )Jhota oogoal; Chicago (on 
Sauve) 4-15)3—27; Buffato (on Barmermao, 
Cflftord) 11-124-31. 

Ou ebe r I 2 8— I 

wtartre* 0 « »-* 

Hawerchufc (Xt), MncLson (35), Multan 
(29), Steen 1241. Baultmanl (27); Goulet (44), 

A. Startov (34). Patamecit (15). Shota os BMI: 
Qu eb e c (on Hayward) 11-74—24; Wtontoeo 
(tn Bauriian)) 51513-31 
PMlod Sl Sh l e 2 I >— « 

W nihta et ue 1 a m 

Sloisato (2). Smith MS), Craven (27). Howe 
(17); Gartner 1423. Stevens (19). Shatx oa 
goal; PhUodetohia (an Rtoaln) U-ll-7— JL 
Washington (on Undberoh) 154-1S-3X 
Les Anecfas | 2 5-3 

Vaaeoaver . 3 1 e— 4 

Lantttor (3), Mae Adam (12). Suadstrom 
(22), Tantt OI)/ Taylor USl.Hakansron CM). 
Smite (19), MS on * 008 ; Los Anertes (on 
Coarfee) 515-7-31; Vmsuver (an El tel) 15 
W-14-XL 

SATURDAY’S RESULTS 
New Jersey 0 4 4—8 

Detroit 111—5 

verttaik 2 04). Lever (9), Bridonun (19), 
summon (221, Ludvio 111). HMm 05], Ad- 
ams (»: Ooradnldt 2 (44) Fester (U). Kisto 


Georgetown 92. SL John's 80 
BIG EIGHT 
SemHieaU 

lowo St. 75. Kansas 57 
OUtewmi isL Mtsaaurt 84 

anmptamMp 
OfcUiMne 7X Iowa SL 71 
•icsirr 
semlfkwu 

Nevada R eno 79. Boise SL 57 
Idaho St. to, 7L Arizona 84 

O komp tons k lp 
N evada- Rono R Idaho SL 43 
ECAC SOUTH 
Semlfineas 
Navy 89, william 5 Mary 13 
Richmond 77. George Mason 44 
Chomptoazftfp 
Navy 85. Richmond 74 

ECAC DIVISION III 
New BieMnd R e el mm ) 


Auburn 53, Atabama 49, OT 
SOUTHWEST 
First Round 
{Arkansas 66, Taxes 44 
So. Mettmflst 84. Houston 72 
Texas ASM 54. Texas Christian 52 
Texas Tech 83. Baylor 76 
Senffinata 

Arkansas 48, Sa Methodist 55 
Texas Tech 72. Texas A&M 43 

SOUTHWESTERN ATHLETIC 
Semifinals 

Alcorn SL 58, Texts Soutbem 54 
Southern U. 87. Mississippi Vat 82 


Southern U. B& Alcorn St. 7D 

WESTERN ATHLETIC 


San Dleao SL 95 New Mexico 84 
T*xas-Ei Paso BL Utah 71 OT 


Trinity, Conn. 48, Mass.-B05tan 50 
ECAC NORTH ATLANTIC 


Northeaetern 48. Boston U. 47 

METRO 

SsmMoeta 

Florida SL 75. Ctoctanatl 45 
Memphis ». SL Louisville 74 

CfeOiaptaMBie 

Memphis SL H. Florida SL 84, 0T 
Ml DJU4E RICAN 
SemUtoals 
Miami Ohio 91, Ball St. 70 
Onto U. 57. Kent SL 55 


Stei Diego SL 87, Texos-EI Paso 81 

HCAA DIVISION II BEOIONALS 
East 

Cbemptaashlp: C.W. Poll 71. Phlla. Textile 46 . 

CsasatotiM:MniersvIlltM.Cal[tornlo,Pa84 . 

Hew Erotami 
Setnifloali 

American Inft 45. Bemiev 49 
S. Dakota St. 71 Gannon. Pa M 
Sooth 

Champions big: Jaeksonvllie Sf.7L Tampa 41 ■■ 
CansolutlaezFta. Southern 10X Albany SLGa • 
88 


Ohio U.74, Miami Ohio 44 

MISSOURI VALLEY 


Wichita SL 84. Tulsa B 

MID-CONTINENT 
Ssmlfhiats 
E. Illinois 34, W. 1 01 nois 47 
SW Missouri SL 79, Oevetand SL 74 
MID-EASTERN 
SeaiHleats 
H waj 7X Delaware St. 59 
N. Carolina MT 97. Bettwn»Coakman 75 
MIDWESTERN CITY 

X i ite im tl 

Loyola. IIL 45. Xtrrior, Ohio 41 
Oral Roberts 74, Evmsvdle 49 


FRIDAY’S RESULTS 
EAST 

Columbia 54, Princeton 40 
Penn 74, Cornell 71 

SATURDAYS RESULTS 
EAST 

Columbia 70, Penn 55. OT 
Cornell 43, Princeton 3D 
Yale TIL Harvard 69 

SOUTH 

New Orttma 70, Pan American it 
MIDWEST 

'Illinois 8 Z Minnesota 54 
ManiueH* 48, DePaul 44 
Metre Dame n Dayton 71 SOT 
OMo SL 9a Mhftazi St. 79 
Purdue <a towg St 
Wisconsin 61, Nort h wester n S3 
SOUTHWEST 

Bartlesville Weslyn XL John Brawn 41 
FAR WEST 

Arizona 4a Arizona St. 48 
Call forma a. Washington SL 58 
Oregon St. <a Southern Cal 5a OT 
UCLA 7X Oregon 69 
weailingtM 67, Stanford 47 










fif. 


Page 22 


language 

If Not the President, Who? 


By William Safire 
TT7 ASHINGTON — To (he 
W Ramparts!" writes Ethel 
Hubbard of Williston Park, New 
York. “President Reagan, in his In- 
augural Address, said, ‘If not us, 
whoT For shame. He should have 
said, ‘If not we, who?* ** 

From Richard Hall at the Lovett 
School in Atlanta comes this dis- 
mayed reaction: “My colleagues 
and I spend a good bit of energy 
attending to details such as pro- 
noun case and agreement in stu- 
dents’ writing. It bothers me to see 
such a crass error coming horn the 
president on such an important oc- 
casion and. Further, to find no one 
calling him to task on it" 

The president’s rhetorical ques- 
tion, which he has been asking 
since his California governor days, 
involves an error in case. 

People hung up on Latin and 
Greek are case-hardened. You will 
hear them throwing around words 
like ablative, vocative, dative, nomi- 
nal ive and genitive as if they still 
meant something to modem En- 
glish. They do not. I don'L want to 
be accusative, but the case for case 
in the language we speak today is 
limited. Useful, but limited, to be 
defended in a narrow area. 

Grammatical case is the relation- 
ship between classes of words to 
indicate their functions in a sen- 
tence. When the two cases get to- 
gether, yon have dear relation- 
ships: I hit her. We clobbered him. 
They sued ur. When the two cases 
branch out to impose their owner- 
ship or lust to be possessed, they 
relate to the possessive case: I got 
mine. He’s got his. They got their or 
theirs. Who got whose. 

Let's play a little game to show 
how happy we can all be when we 
slick within our case-assigned rela- 
tionships: subjective gets possessive 
Tor the objective. Here goes: I got 
mine lor me. We got ours for us. He 
or she got his or hers for him or her. 
They got theirs for them. Who got 
whose for whom. 

That is the state of relationships 
in the perfect world, with every 
word knowing its case the way Vic- 
torians knew their places. Now that 
we have steeped ourselves in the 
meaning of case and accepted its 
simple and orderly scheme, I have 
troubling news: We live in an im- 
perfect world. 

One of the linguistic problems of 
the real world stems from our ten- 
dency to take verbal shortcuts. We 


leap from peak to peak and expect 
the listener to fill in the valleys. 
When we speak or write and omit 
words that we expect to be under- 
stood, we are engaging in elliptical 
construction, and that’s where much 
of the confusion about case lakes 
place. 

Take, for example, the presi- 
dent's catchy question: “If not us. 
who?" Let's assume he mean i “If 
we do not make the bard decision, 
then who wilfT In that case (using 
case in two meanings), what he 
meant to say- was “If not we. wfufT 

But wait. What if his elliptical 
construction were built this way: 
“If hard decisions are not made by 
us, then by whom will they be 
made?” In that case, be meant “If 
not us, whom?" 

The trick is to be consistent with- 
in (he case: If he goes subjective, it 
should be we/who: if he goes objec- 
tive, it should be us! wham. 

' “The president's question repre- 
sents a clear failure in pronoun- 
case agreement," charges Hall. He 
is correct; Reagan, to agree with 
himself, should have said either, “If 
not we, who?" or “If not us. 
whom?” 

In the real world, case has been 
takings bit of a buffeting in the last 
couple of generations. Today it is 
pedantry to insist on the subjective 
case (f. he, we) when the objective 
case falls more naturally on the ear. 
The English teacher who bears such 
permissiveness from a language 
maven need not be dismayed: “Us 
Tareyton smokers" ana “ them 
guys" still sound as unschooled as 
“Me Tarzan, you Jane," and “be- 
tween you and r is still incorrect 
Their students should be taught 
why such constructions make the 
speakers appear to be straining to 
be members of the underworld, or 
make writers seem condescending 
or illiterate. 

Put me down for quiet toleration 
of case-crossing in formal writing, 
open condonement in speech, 
when it comes to usage. President 
Reagan was fully aware that, even 
m an inaugural address, the formal 
“If not we, who?" or “If not us, 
whom?" would have seemed laugh- 
ably stilted. He chose the comfort- 
able “If not us, who?" which is 
why, in this matter, the legion of 
the rampart-dwellers would do well 
to get off his case. 

Ytwk Tima Service 


fNTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 11, 1985 

The Heir Apparent to Doctor Spock 


By Glenn Collins 

Sew York Times Service 

S EATTLE — He makes it clear 
right away that he hales being 
called “the new Dr. Spock." Dr. 
Michael B. Rothenberg under- 
stands why some people might 
want to call him that. He trained 
as a pediatrician and a psychia- 
trist, just as Dr. Benjamin Spock 
did. He is also an outspoken chil- 
dren’s advocate and peace activ- 
ist. And. ultimately, be will be- 
come the sole author of Spock's 
classic book, “Baby and Child 
Care.” 

“But 1 am not the new Dr. 
Spock,” Rothenberg said, stirring 
smoldering logs in his living- 
room fireplace to take the chill 
off a dank Puget Sound morning. 
“I’m still the same old Dr. Roth- 
enberg." He smiled. “And Fm 
getting older by the minute.” 

Maybe so, but if Rothenberg, 
58, radiates one quality, it is boy- 
ish enthusiasm. He loves babies. 
He loves the idea of stepping up 
to a national soapbox. He loves 
his new young wife. He is exuber- 
ant about the literary challenge 
awaiting him. 

His task is to guide the fate of 
one of the best-selling books in 
history, “ensuring that it be kept 
medically up-to-date, making 
sure that it continues to speak 
directiy and simply to parents,” 
Rothenberg said. A professor of 
pediatrics and psychiatry at the 
University of Washington School 
of Medicine, he is on the staff of 
Children's Orthopedic Hospital 
and Medical Center in Seattle. 

“Perhaps the best word for my 
role is ’stewardship,’ " be added. 
“Not unlike a living organism, 
the book must grow and develop 
— or it wfll die." 

Since June 1946. 30 million 
copies have been printed in 38 
languages. The book is now titled 
“Dr. Spock's Baby and Child 
Care” (Pocket Books, $4.95), and 
carries Spock's byline over Ro th- 
en berg's. They reworked more 
than half the 741 -page book, 
which bad gone since 1976 with- 
out a major revision. A hard-cov- 
er edition will be published this 
month by E. P. Dutton. 

“Dr. Rothenberg and I see eye- 
to-eye in virtually all respects." 
wrote Spock in a new introduc- 
tion. “As I neared my 80th birth- 
day, I realized this revision of 


f.k 







Dobs Wfaan/TJw Nmf fork Tmn 

Dr. Michael B. Rothenberg with Terren Buchan. 


’Baby and Child Care’ might be 
my last chance to work closely 
with a successor and insure a 
smooth transition." 

Spock, now 82, had considered 
nine people Tor the job — he has 
declined to reveal their names — 
and when he chose the Seattle 
pediatrician “it was as if God had 
called and was giving you an op- 
portunity to rewrite the Bible." 
Rothenberg said. 

He had seen little of Spock 
since the 1950s. As a 28-year-old 
pediatric resident in Geveland at 
Western Reserve University 
School of Medicine, as it was then 
called, Rothenberg met Spock in 
1955 when be came there to 
teach. Spock became his mentor, 
suggesting that Rothenberg train 
as a psychiatrist at the Albert 
Einstein College of Medicine in 
New York. 

There. Rothenberg became a 
pioneer in the medical movement 
to treat children not as isolated 
hospital patients but in the con- 
text of their families and commu- 
nities. Much of his career has 
been spent caring for dying chil- 
dren and training hospital staffs 
to be sensitive to their needs. ‘ 

Although Rothenberg saw his 
mentor at peace rallies after mov- 


ing to Seattle in 1967, they had 
only “peripheral" contact, be 
said. 

A charter member of Lhe Com- 
mittee for a Sane Nuclear Policy 
and Physicians for Social Re- 
sponsibility, Rothenberg “was 
weaned on the bottle of social 
conscience by my mother during 
the Depression" while growing 
up in Brookline, a Boston suburb. 
“In those days," he said of bis 
mother, “she might best be de- 
scribed as a ‘parlor pink’ — her 
radicalism was confined to our 
parlor. She was very intense 
about iL” 

She was also frequently DL “At 
the age of 5 I would tell anyone 
who asked that l wanted to be a 
doctor so 1 could cure my mother 
of her migraine headaches." 

As a Harvard undergraduate 
after World War II, he was “noto- 
rious,” he said, for helping issue a 
report “blasting the quota sys- 
tems of Ivy League universities 
for discriminating against Jews, 
blacks. Catholics, women — any- 
one who wasn’t a WASP." After 
graduation in 1948, he was reject- 
ed by 19 medical schools — pri- 
marily because of his activism, he 
believes. 

Rothenberg has been a tireless 
crusader for children. “These are 


bad, bad titties for children and 
families." lie said, charging that 
the Reagan administration had 
“cut to nbboas the programs that 
help women and children" while 
favoring plans like the “Star 
Wars" defense system — “which 
is not feasible, won't work and 
will bankrupt our country." Like 
Spock, he believes that “the 
greatest single threat to children 
and f amilies in the world today is 
the threat of nuclear war." 

The 18-month collaboration 
that resulted in the Spock book's 
fourth major revision was carried 
out by letter and telephone, and 
“was a wonderful private tutorial 
from Ben Spock," Rothenberg 
said. He said his wife or two 
years, Jo, ^played a critical role" 
in his revision of the book. Jo 
Rothenberg, 31, is a freelance edi- 
tor and writer. They live in a 
modest but handsomely restored 
77-year-old house near the uni- 
versity. He has three sons, aged 
32, 26 and 19, from his first mar- 
riage. 

Spock's first wife, Jane Cheney 
Spock, charged in a 1976 New 
York Times interview that her 
husband had qol given her proper 
credit for helping him with the 
book. In the revision that ap- 
peared that year, Spock added a 
page acknowledging her contri- 
bution; it also appears in the new 
edition. 

Jo Rothenberg, asked if she 
sympathized with the first Mis. 
Spock, said: “I prefer not to be 
quoted, because Fm a very pri- 
vate person" 

Rothenberg is contractually 
bound to update the book every 
six to eight years, he said. “If I 
live Jong enough to cany out ibe 
terms of the contract, by the age 
of 75, what I bow out. I'll have 
helped to train someone to cany 
the book forward." The arrange- 
ment will accord him what he 
said was “a small percent” of 
Spock's royalties: “It's not going 
to make me rich." 

And what will happen when 
the book comes out under his 
name? “No one knows,” Rothen- 
berg said, but be does not believe 
that the unique conjunction of 
Spock's book and the baby-boom 
of the 1940s and 1950s can be 
repeated. “But," he said, “I think 
I can carry the book forward the 
way Ben meant it to be — without 
bong the new Dr. Spock." 


nmnvF.N POSTCAR D 
The Wooden-Shoe Flop 


By Barbara Walton 
77 m» Associated Press 

D RUNEN, Netherlands — 
Dutch people who make tra- 
ditional wooden shoes are worried 
about the future of their craft be- 
cause of a government proposal to 
chop down 60 percent of the na- 
tion’s poplar trees, from which the 
shoes are made. 


use of domestically go wn w ood 
from the S percent to 25 peac hy 
2000. according to the Agriculture 

and Fisheries Ministry. 

About 8 percent of the Nether 
lands is forest The gp«3uma“ 
proposes adding more than 37.tw 
££*( 15,000 hectares) to wood cul- 
tivation on public lands. . 
poplar is the wood owwheim- 


Dutch Association of Wooden 
Shoe Makers. “Everyone in the 
world knows our clogs, and for this 
reason alone we must light for our ^on 
industry” sansoperare 

Wooden shoes are still widely 
used in the Netherlands, especially 
by gardeners working m muddy 
to tourists 

as souvenirs. ‘ , JL 

Gevers charged that the govern- ** “5” 

mem’s proposal to cut down the 
poplar trees does not indude ade- 
quate plans to replace them. The 
proposal is part of a reforestation 
program that would diversify the silocs 
ktaastf trees thm arc grown m the 
Netherlands. 

“The government avoids saying lce p 

when the replanting will take place 
and how they wfll finance it," Gevers. “The 
Gevers said at his home in Dninen. * 

“If they harvest without replanting *??, 

immediately, there will be a gap in 
the supply of wood and that will J 9® 

flatten ok" ahdlofadunj 

He said any major delay in re- 
planting could force manufacturers ^ 

to import timber, which he said boa! *™ 1 make 
would double the price of the 1 soft- t “ n 8 nmddy. 

wood shoes, currently about 25 

guilders (about $6.50) a pair. . 

“Thai, 1 am afraid, we can just DbYUI E 
as well dose our industry" said 
Gevers, a retired businessman who ^Hn nufl 
acts as secretary of the association v 

and self-appointed promoter of the The Ax 

industry. T ONDON - 

Frits Priflevitz, director of the JL-7 played Jr 
National Forestry Service, coo- and Cbc Own 


Aiu/n. . . 

With a yearly turnover of about 
$13 million, the industry’s 350 or so 
artisans produce about three mil- 
lion pairs a year. Most of the arti- 
sans operate automatic gouging 

Tparhtnes , which tUTU a block Ol 

wood into a wooden shoe in a Few 
minings Some of the craftsman 
however, still make the shoes by 
hand, with special chisds. 

For at least 500 years. Dutch 
farmers i»id workmen have worn 
wooden shoes because of the mud 
and the rfrin in the Netherlands, a ^ 
nation of man-made canals. The 
shoes are still routinely worn by j 

man y of Dutch fflTdenerS. I 

“Wooden shoes do noi restrict 
your feet, they breathe and thu£ 
reduce foot perspiration," sai$f 
Gevers. “The wood keeps the foot 
warm in the winter and cool io ihp- 


j 


summer, and they are so easy tog. 
walk out of at the back door. 

“Rubber boots," he added, “ai ; 
a hell of a thing to gel off your fee^> 
and they make problems with yourt 
wife when you go walking through 4 , 
the house, and make the whole! 




guilders (about $6.50) a pair. . __ 

“Thai, 1 am afraid, we can just DflYld EsSCX PulIlS 
as well close our industry," said m _ 

Gevers, a retired businessman who Tlnnnhr Mnsiml 
acts as secretary of the association JWUIU J tuuoiuu 

and self-appointed promoter of the the Axwdated Press 

industry. t ONDON — David Essex, who 

Frits Priflevitz, director of the A-/ played Jesus in “Gqdspefl" 
National Forestry Service, con- and Cbc Guevara in “Evita, has 
firmed plans to fell poplars now announced a July 11 opening at the 
s tanding in an attempt to vary the Piccadilly Theatre for “Mutiny!” a 
types of trees in Dutch forests, musical based on “Mutiny on the 
which are used for recreational pur- Bounty." 
poses. Esso, who wrote dm music for 

He dismissed Gevers's fears, and the £1 -milli on (about $1.06-mfl- 
said that, although no definitive Eton) production, will play Fletcher 
replanting schedule had been set, Chnman opposite Frank Finlay as- 
the government did plan to plan t Captain Rhgn ?■ 

an equal number of new poplars as * ~ 

the old ones are cut down. 

The long-term reforestation pro- 
posal is part of a plan to increase 


Glynn Christian, a descendant of 
Fletcher Christian, approved of the 
project and gave Essex a copper 
nafl from the Bounty. 


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BEAUTIFUL PEOPLE 

UNUMITED MC 
UAA. £ WOMDWDE 

A complete load & business service 
P'ovnfcig a unique ooBadion of 
talented, versorife & miASngud 
hxfivithiab far- 

FtahonOweneraoLfteti ft amotion s 
Convention-Trade 5hows-Pre» Portiei 
Spedd EwUvhnage Mohers-PR'i 
Sapid Hcets^Hostemes-Bniorhiners 
5odai Componiora-Tour guidm, etc 

212-765-7793 
212-765-7794 
330 W. 56rtt St. N.YX. 10019 
Senece Repesatiathaa 
Needed Woridwitfa. 


M1MNATI0NM. COMPANY 
FORMATION 

UK conpories from £75 LQXM. ftorano 
& o8 major off-shore centers. Full od- 
mnistralian, normnM services, powers 
of attofTiey, registered offices, acooun- 
taney, confidcn i id hank accomUs 

ne; qua .1 r I tjJ ■— L— -_l_ 

UeWwWI 

fox & nn Jn g la-vice. 

EBi United 

43 Gamely Street, trier po o l. LB 7NM 
Tet 051 709 1480. Tbt 6ffl6l3 BUSSBL 
Fax: 051 709 5757 
AsmdtMd Offices Worldwide. 


SECOND PASSPORT 

How to gat o ne R eport. 12 csMitriesi 
racriyzed. Detatis WMA, 45 Lyndhunt 
Tol Ste 503, Central, Hong Kong. 

OFFSHORE SERVIC ES 

UX. non re si d en t oompmess with 
nominee iSrecton. beurei shares and 
uoiriidaritW bark accounts. FuBbadt-up 
& s up port services. Panama & Liberian 
co mpu tes. Fest rate co tfidertid 
professional serviaei. 
J.PXJL 17 W dogate St. tendon 
E17HP. Tet 01 377 W4. Tta 893911 G 

OFFICE SERVICES 


WORLD-WIDE 
BUSINESS CENTRES 

FnmM»d Execuffva Offices 
Complete wBh Secnetartal, Tetax 
AdminWnrihre, Carpcnte 
I foprai e sdu lla n 1 Other ForiEHee 

AMSTERDAM fora Business Center 
Kccwrsar. 99. 1015 CH Amsterdam 
TeLBEWf 227635. Ttitau 16183 
ATHB6 Execute* Services, Athens 
Tower B, 5urte 506, Athens 610- 
TeL- POII 7796 m Telme 716343 
BOMBAY: Roheja Chamber^ 213 
Nariman Paint, Bombay 400 021. 
Tek 244949. Telex: 0H-6B97. 
BRUS5B5: A. Rue de la Ptese 
1000 Brunets. Tet 217 83 60 
Tefwo 25327 

DUBAI: P.a Bat 1515. DNATA 
AWne Centre Dubai, Ua£. 

Tet 714565 Tefex- «911 
LONDON: 110 The Strand, 

London WC2R OAA. 

Tet Dll 836 8918, The 24973 
MADUSi C/Orame N* 684, 

Madrid 28020. Tel 270 56 00 or 
270 66 W. Tele* 46647 
MBAPfc Vta Bo oco n ci n 7, 

20123 MBra. Tel 86 75 09/80 59 279 

Tefen 320343 

NEW YORK 575 Madison Avenue 
New York, NY 10022. Tet B12) 605- 
0200. Telex: 125864 / 237699 
PARIS: BOS. 15 Avotw Vidor Hugo 
75116 IW Te t 502 18 00 
Teh* 620B93F. 

ROME: Via Savoio 7ft I 00198 Rome. 
Tet 85 32 41 - 844 80 70. 

Telex- 613456 

i VOAPORE III North Bridge U. 
*11-04 AS Peninsula PWSTbre 
0617. Tet 3366577. The 36033. 
ruwai- Renmreg 32. 6001 Zurich 
Tet 01/214 6111 
Tefex; 81 2656/BI 2981. 


KSAL FOR SHORT TBM STAY. Paris 
iludfoi A 2 rooms, Acorated Cbittxf 
Sorefcnj 80 roe Unreerrite. Parts 7th. 
Tet (1) 544 39 40. 


RE ST. LOIRS. Magrificert duplex on 
Seim, yrad sritm, 2 tedrooie*, 2 
baths. beaurifoBy tarnished, very wee 
ny. fejOO. Tet 720 37 99 

ShtXT STAY band new, fc mg + 
bertoom. temsar, nemy, aAn. 
F7JOO neb Tel 229 52 9ft 

m WVA1DB. Vary nice Mng + 
haA nran both. EghL aM 

1 Wt BIA Very lovely double Evm, 
2 bedrootey ww henehedl nqgnfr 
cere vsew. surety. F9J0ft 720 3T99. 

SHORT THtM in brim Quarter. 
No agerev Teit 32? 38 83. 

CUM4MMO IHTl itedm or 2 rooms, 
beany, ai oondbrts. 764 05 29 


Send taB resume to: 

The General Manager, Cole de Bbera 

P-5, Puerto.Jase Bams, MahAs, Span 

GENERAL VOSmONS 
AVAILABLE 

EXHRRNOD MWX HMTOft for m- 
taiwliuutJ dafc parifian. B faflur^ . 
Sand coteaieie resutsia in confidence, 
to Boat 2H Henrid TrStena, 55 Via 
ctabMsnte^OONVfbata 


Ecanomicp* de rAmbassade de Mt»- 
kUe, 4ft Au.Befaer.7Sm Haris. 

GENERAL 

POSmONS WANTED 
DUTCH HOHKUU1RK T«f» 

ouv oi vap rmn i g tumoton Mn mtf 
tarerieiq work worldvride. Write Mrf *• 
fcpl hieuwstr.nft Bosfcoop, 


19 

FOR MOKE 
CLASSIFIES 


VAN ( I I I I & ARPELS 

— «ORI T> f \M()f S JEW El l ER' 

E\( I I 'I\E JEWFI.S A V, ATE.lt E> 

LONDON 

1.1:1 NL'S IK EM) 'THE! ) 

TEE.: 0 1 -l‘M l I or, l El i A: 26 <e2»»5 


mm 


YOUS LOMXM OfftQ 

a) rim 

CHE5HAM EXECUTIVE CBITRE 
Comprehensive nxige of servos 
150 ReoenT Street, Lotxfarr Wl. 
Tab [Off 439 60*9 lba SA1426 

PHESTTOIOUS PARIS AOORESS. On 
extforive Ave. Fodv for your private 
m business nteL owwxiiy reguira- 
lien, tranrioiiora, ovori a bte for a sa- 
ted few. Write Bax 18Sft Herald 
Tribune. 92571 NiuRy Cedex, Pneme 


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